The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Dv
OCT 4
COPYRIGHTED IN 1S37 3Y WILLIAM 8. DANA
COMPANY, NEW
VOL. 145.
YORK.
,"u'"wHKvr,Copy-
BROOKLYN
ENTERED AS SECOND-CLASS MATTER JUNE 23. 1879, ATTHE POST OFFICE AT
NEW YORK, OCTOBER 2, 1937
NEW YORK,
William
cor.
NEW YORK, UNDER THE ACT OF MARCH 3, 1373.
SpruSstt"'N^Sty
NO. 37714
TRUST
THE
CHASE
COMPANY
Chartered
1937
NATIONAL
1844
Kidder, Peadody
George V. McLaughlin
President
NEW
YORK
BOSTON
PHILADELPHIA
BROOKLYN
NEW YORK
Go.
&
OF
THE
CITY
The
OF
BANK
NEW
YORK
chase is
tra-
ditionally a bankers' bank.
For
Member Federal Deposit Insurance
many
years
Corporation
served
a
it
has
large number
of banks and bankers
as
New York correspondent
and
White, Weld & Co.
reserve
depository.
Members New York Stock Exchange
Member Federal
Boston
New York
Deposit Insurance Corporation
Public Utility
Amsterdam
London
Bonds
Correspondent
1
United States
Facilities Corporation
Quotations
Government
Paris
Securities
The
Hallgarten & Co.
FIRST BOSTON
Brown Harriman & Co.
Incorporated
CORPORATION
63 Wall
Established 1850
NEW
YORK
Street, New York
BOSTON
Telephone: BOwling Green 9-5000
CHICAGO
Y
NEW
YORK
PHILADELPHIA
AND OTHER
!,
San Francisco
Chicago
Washington
PRINCIPAL CITIES
Representatives in other leading Cities
London
Chicago
Philadelphia
Boston
SAN FRANCISCO
Wertheim & Co.
120
Broadway
State and
New York
London
Amsterdam
CARL M. LOEB & CO.
61
Berlin
Capital Funds
London
Municipal Bonds
Company
BROADWAY
NEW YORK
Amsterdam
New\orkTr u st
♦
.
$37,500,000
Barr Brothers & Co.
INC.
New York
Paris
ioo
Chicago
broadway
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
EDWARD B. SMITH & CO.
31 Nassau Street
PHILADELPHIA
European Representative's Office:
LONDON. E. C 4
„
CHICAGO
1888
HORNBLOWER
&
j
WEEKS
Established 1888
40
Correspondent
Edward B. Smith &
Banks and
BOSTON
LONDON
8 KING WILLIAM STREET
Minneapolis
to
Dealers since
New York
'
CLEVELAND
Service
NEW YORK
Co., Inc.
St. Loui«
*
Wall Street
NEW YORK
Members New
Member o f the Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
Cleveland,
York, Boston, Chicago,
Philadelphia and
Exchanges
Detroit Stock
v
Financial
II
Oct. 2,
Chronicle
1937
BAKER, WEEKS
Becker & Co.
G.
A.
J. &W.
&HARDEN
Incorporated
Seligman & Co.
Investment Securities
Established 1893
Members
New York Curb Exchange
Investment Securities
Wall
54
No.
New York Stock Exchange
NEW
Philadelphia Stock Exchange
Street
YORK
Chicago Board of Trade
Commercial Paper
52 WALL STREET, NEW
YORK
London
Graybar Building, New York
Chicago
New York
SELIGMAN
Buhl Building, Detroit
And
Correspondents
Commercial Trust Bldg., Philadelphia
Other Cities
BROTHERS
C. 2
6 Lothbury, London, E.
Bourse Building, Amsterdam
Foreign
Leading Out-of-Town
NATIONAL BANK OF NEW ZEALAND, Ltd.
Chief Office In New Zealand: Wellington
General Manager
Sir James Grose,
E. C. 2, Eng.
8 Moorgate, London,
Head Office:
£6,000,000
Subscribed Capital
NEWARK
BIRMINGHAM
1872
Established
Brokers
Investment Bankers and
Paid up
£2,000,000
Capital
...-.£1,000,000
Reserve Fund
£500,000
Currency Reserve........—
New Jersey
MARX & CO.
State & Municipal Bonds
,
The
Bank,
conducts
Newark Bank & Insurance
Stocks
of banking
description
every
New Zealand.
business connected with
Correspondents throughout the World
London Manager, A. O. Norwood
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
J. S. RIPPEL & CO
*8 Clinton
Australasia and New Zealand
Newark, N. J.
St.
BANK OF
DETROIT
NEW SOUTH WALES
HARTFORD
(ESTABLISHED 1817)
(With
which the
Australian Bank and The
Ltd., are amalgamated)
Western
Australian Bank of Commerce,
MICHIGAN MUNICIPALS
Specialists in Connecticut
and
Securities
CORPORATION
334
New York Curb. Assoc.
Chicago Stock Exch.
PUTNAM & CO.
Members New York Stock Exchange
6
CENTRAL
HARTFORD
ROW
A. T. T. Teletype—Hartford 35
Tel. 5-0151.
Aggregate Assets 30th Sept., 1936. £115,150,000
A. C. DAVIDSON, General Manager
780
BRANCHES AND AGENCIES in the
States, New Zealand,
Fiji, Papua,
Australian
Wool
Banking Business.
Produce Credits arranged.
tralasian
PALM
BEACH
AND
WEST
PALM
BEACH
Head
Offices:
29 Threadneedle
47
AND
UNLISTED
Specializing in
SECURITIES
Charles A. Parcells & Co.
Members of Detroit Stock Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
London.
of Aus¬
and other
George Street, SYDNEY
Office:
London
LISTED
8,780,000
Mandated Territory of New Guinea, and
The Bank transacts every description
DETROIT
BLDG.,
BUHL
6,150,000
-
of Proprietors-.
£23,710,000
Members
Detroit Stock Exchange
£8,780,000
-
Reserve Liability
BONDS
WATLING, LERCHEN & HAYES
New York Stock Exch.
Paid up Capital
Reserve Fund
Agency
Street, E.C.2
Berkeley Square, W.l
arrangements
the
with Banks
U.
S.
throughout
A.
FLORIDA BONDS
CARLBERG & COOK, INC.
Palm Beach—West Palm
Beach, Fla.
Teletype: W-Palm Beach No. 84
Bell System
NATIONAL BANK
of EGYPT
MIAMI
ST.
LOUIS
Head Office
FULLY
PAID CAPITAL
RESERVE
We
buy and sell for
own
Florida
Cairo
.
FUND
.
£3,000,000
3,000,000
....
our
account
Municipal Bonds
(JORKIGAN.^^R etio.
LONDON
Stix, * £o-
6 and
AGENCY
7, King William Street, E.
Branches in ah
SAINT LOUIS
C. 4
the
principal Towns in
0O9OUVE st
Ingraham Bldg., MIAMI
EGYPT and
the SUDAN
Bell System Teletype MMI 80
Members St. Louis Stock Exchange
MILWAUKEE
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
and Uganda
Missouri and Southwestern
WISCONSIN
Stocks and Bonds
Water Street,
Milwaukee, Wis.
in
Bishopsgate, London, E. C.
India,
Subscribed
Smith, Moore & Co.
EDGAR, RICKER& CO.
750 North
Branches
Burma,
}Ceylon, Kenya
Colony and Aden and Zanzibar
CORPORATION SECURITIES
Teletype—Milwaukee 92
Head Office: 26,
Kenya Colony
St.
The First Boston
Corp.
Wire
Louis
St. Louis Stock
Exchange
Paid
Capital
J. £4,000,000
Up Capital
£2,000,000
Reserve Fund—.....
£2,200,000
The Bank conducts every description of
and exchange business
banking
Trusteeships and Executorships also
undertaken
No. 3771.
OCTOBER 2, 1937
Vol. 145
CONTENTS
Editorials
page
2117
Financial Situation
_2129
President Roosevelt's Western Tour_.
Railroad
2131
_2133
Regulation—A Balance Sheet Needed
Light and Shadow in Europe and Asia
Comment and Review
Book Reviews—
The
2134
Interpretation of Financial Statements..
2135
World Finance
Foreign Exchange Rates and Comment
2121
2122
2126 & 2170
Course of the Bond Market
- -
We«k
on
the European
Stock Exchanges
Foreign Political and Economic Situation
—
Indications of Business Activity
Week
on
the New York Stock Exchange
Week
on
1
the New York Curb Exchange
2134
2136
2119
2169
News
Current Events and Discussions
2147
Bank and Trust Company Items
2168
2214
General Corporation
and Investment News
Dry Goods Trade
State and
2260
2261
-
Municipal Department
Stocks and Bonds
2170 & 2179
Foreign Stock Exchange Quotations
Dividends Declared.
..
__
Auction Sales
..
2173
2213
2180
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations ..2180 & 2190
2196
2200
Other Exchanges—Stock and Bond Quotations
2202
Canadian Markets—Stock and Bond Quotations
2207
Over-the-Counter Securities—Stock & Bond Quotations .2210
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Reports
Foreign Bank Statements
2125
Course of Bank Clearings
...2170
2177
Federal Reserve Bank Statements
General Corporation
and Investment News
....2214
Commodities
The Commercial Markets and the Crops
Cotton
Breadstuffs
2251
2254
.2258
Morning by the William B. Dana Company, 25 Spruce Street, New York City
Board and Editor: William Dana 8eibert, President and Treasurer: William D. Riggs. Business
Manager.
Other offices'
Chicago—In charge of Fred H. Gray, Western Representative. 208 South La 8alle8treet (Telephone
State 0613).
London—Edwards & Smith. 1 Drapers' Gardens. London. E. C.
Copyright 1937 by William B Dana
Entered aa second class matter June 23. 1879. at the post office at New York. N. Y.. under the Act of March 3. 1879.
Subscriptions
in United States and Possessions. $15.00 per year $9.00 for 6 months: In Dominion of Canada, $16.50 per year $9.76 for 6 months;
Sontb and Central America. Spain. Mexico and Cuba. $18.50 per year, $10.76 for 6 months: Great Britain
Continental Europe
(except Spain)
Asia. Australia and Africa. $20.00 per year, $lf 50 for 6 months
Transient display advertising matter, 46 cents
per agate line
Contract and card rates on request.
NOTE
On account of the fluctuation in the rates of exchange, remittances
Published Every Saturday
Herbert D. Seibert. Chairman of the
for
foreign subscriptions and advertisements must
be made in New York funds
Financial
VIII
This it not
an
Offering Prospectu*.
Thit issue, though
Chronicle
Oct.
The offer of these Bondt it made only by
registered, it not approved
which does not
pass on
or
meant
2, 1937
of the Offering Protpectut.
disapproved by the Securities and Exchange Commission,
any registered securities,
the merit* of
$8,500,000
Ohio Edison Company
First
Mortgage Bonds 4% Series of 193 7 due 1967
Dated September 1,1037
Due September 1,1967
Interest
'
payable March 1 and September 1 in New York City
Redeemable, at the option of the Cqmpany, as a whole at any time, or in part on any interest payment date, prior to maturity, on at
least 30 days' published notice, at the principal amount and accrued interest, together with the following premiums: 7%% of the
principal amount thereof, if redeemed on or before September 1, 1940; 7%, if redeemed thereafter and on or before September 1,
1943; the premium thereafter decreasing 1% on September 2, 1943 and on the 2nd dciy of September in each successive third
year thereafter to and including September 2, 1952 and in each successive fourth year thereafter to and including
September 2, 1964; and if redeemed on September 2, 1964 or thereafter, without any premium.
'
The following is merely a brief outline of certain information contained in the Offering Prospectus and is
Offering
must be
Prospectus and the Registration Statement, which include important information
subject to the more detailed statements in the
not outlined or indicated herein.
The Offering Prospectus, which
furnished to each purchaser, should be read prior to any purchase of these Bonds.
^
Ohio Edison Company, 100% of the voting stock of which is owned by The Commonwealth & Southern
THE COMPANY
Corporation ^Delaware),
was incorporated in Ohio on July 5, 1930, and is engaged principally in the generand sale in 224 communities in Ohio, as well as in rural areas, and in
municipalities and other electric companies in Ohio.
It also sells to Pennsylvania
Power Company, an affiliated company, the entire electric energy requirements of that company, but such requirements will be
reduced upon the completion in 1938 of that company's generating plant now under construction.
The principal places served
are Akron,
Youngstown and Springfield and surrounding communities.
The population of the territory served at retail i*
estimated to be in excess of 800,000.
The Company owns six electric generating plants with 313,450 kilowatts total rated in¬
stalled generator capacity (effective capacity 286,000 kilowatt*)> together with substations, transmission and distribution
lines, etc., serving 191,106 electric customers as of July 31,1937.
The Company is planning or has under construction additions
and improvements to its generating equipment which will increase its effective capacity by 64,000 kilowatts.
ation and purchase of electric energy and it* distribution
the sale of electric energy at wholesale to
■"■■'v■■
Outstanding ns of
July 31, 1937
CAPITALIZATION
First Mortgage Bonds
4% Series of 1935 due (November 1) 1965
First Mortgage Bonds 3%% Series of 1937 due (January 1) 1972
Preferred Stock, cumulative, without par value (various series) *
Common
Stock, without
par
.
$43,963,000
26,532,000
*
*
29,671,200
14,499,200
...
...
value (1,436,920 shares)
.i—,
*The slated value of the shares of outstanding
preferred stock is 4100 per share.
The outstanding shares are: $5.00 Series—1,867 shares',
$6.00 Series—198,747 shares', $6.60 keries—£8,498 shares; $7.00 k eries—69,004 shares', and $7.20 Series—4,096 shares.
PURPOSE
OF ISSUE"
The Company proposes to use the net proceeds, estimated after deducting expenses and exclusive of accrued
interest at $8,307,758, to reimburse its treasury in part for (i) $3,409,760 of net unfunded property additions, as
defined in the Mortgage
made and to be made
securing the Bonds, which it has made
to
July 31, 1937, and (it) net property additions
The Company proposes to issue under the Mortgage $2,557,000 principal
the basis of the net unfunded property additions to July 31, 1937 and $5,943,000 of the Bonds against
the deposit with Bankers Trust Company, as trustee under the Mortgage, of a like amount of cash.
It proposes to withdraw
such cash, from time to time, in accordance with the terms of the Mortgage to the extent of 75% of net property additions
amount
made
of the Bonds
subsequent
to
subsequent to July 31, 1937.
on
July 31, 1937.
summary of the Income Statements has been prepared by the Company from the financial state¬
ments certified by Arthur Andersen & Co. in the Offering Prospectus and is subject to the comments in the
Auditors' Certificate regarding depreciation and to the notes on such financial statements:
EARNINGS
The following
Years Ended
Total Gross
Gross
Interest On
Other Interest
Net
December 81
Revenue
Income*
Funded Debt
Charges, etc.
Income
1934
!
$15,345,735.44
15,942,175.26
17,785,487.44
$7,214,034.98
11,535,210.77
4,696,342.78
1935
1936
1937**
*
7,501,701.97
7,697,010.97
$3,721,694.19
3,826,844.72
3,282,176.67
$222,507.22
222,805.63
229,252.62
$3,269,833.57
3,452,051.62
4,185,581.68
1,689,933.80
<
168,790.16
2,837,618.82
After provision for taxes (including Federal taxes) and provision for retirem er t reset te cf $1 ,£CO,CCOfor 1984, $1,860,000 for 1986 and $1,600,000
for 1936 and provision for depreciation of $1,£76,000 for the seven morals ended July 81,1987. keeNotel to statement of income in the Offering
Prospectus for the Company's policy with respect to provisions for depreciation and for depreciation deductions in Federal income-lax returns.
**keven months ended July 81.
The annual Interest charges on the $78,995,000 principal amount of bonds to be outstanding upon the issuance
the $8,500,000 new Bonds will amount to $3,093,470.
NEW
4%
SERIES
The new 4% Series Bonds, the issuance and sale of which have been authorized by The Public Utilities
Commission of Ohio, Will, in the opinion of counsel for the Company, be secured, pari
BONDS
of all series
and franchises of the
The
and sale of
outstanding under the Mortgage, by
a
first lien
passu
with bonds
substantially all of the physical property
on
Company.
Mortgage permits, under certain conditions, the issuance of additional bonds thereunder, of the
new
4% Series
or
of
other^ series, which would rank pari
passu with bonds of all series outstanding under the Mortgage, and provides, under certain
conditions, for releases of ana substitutions for property covered by the mortgage without notice to bondholders.
The Mortgage provides that the Company will deposit with the trustee on or before May 1 and November 1 of each year,
commencing with May 1, 1936, as an Improvement and Sinking Fund, a sum in cash equal to at least % of 1% of the maximum
amount of bonds outstanding at any one time under the Mortgage.
From each such payment, $150,000 is to be applied to the
purchase of bonds issued under the mortgage at not more than the principal amount thereof and accrued interest.
All moneys
deposited in excess pf such $150,000 and any balance of such $150,000 not expended for the purchase of bonds within five months
after the date for the deposit may be used to reimburse the Company for certain types of expenditures, described in the
Offering Prospectus.
UNDERWRITING
Subject to certain terms and conditions, the Underwriters named below have severally agreed to purchase
these Bonds from the Company at 98%%, or a total of $8,351,250, plus accrued interest. Such Bonds are to be
offered to the public at 100%%, or a total of $8,542,500, plus accrued interest. The underwriting discounts are 2%%, or a total
of $191,250. Payment for and
delivery of the Bonds are to be made on or after October 6,1937, but not later than October 15,1937.
Price 100y2% and Accrued Interest
The Underwriters have agreed to
purchase these Bonds when, as and if issued, and subject to the approval of Messrs. Winthrop, Stimson, Putnam &
Roberts, counsel for the Underwriters, and to certain further conditions. It is expected that delivery of definitive coupon Bonds will be made at the office of
J. P. Morgan & Co. on or about October
6, 1937, against payment therefor in New York funds.
The Underwriters have authorized the
purchase and sale, in the open market or otherwise, of these Bonds for their several accounts, either for long or
short account, within the limits and
during the period set forth in certain agreements referred to in the Offering Prospectus.
Further information, particularly financial statements, is contained in the Registration Statement
with the Securities and Exchange Commission, and in the Offering Prospectus which must be
furnished to each purchaser and is obtainable from the undersigned.
MORGAN STANLEY & CO.
on
file
BONBRIGHT & COMPANY
Incorporated
Incorporated
BROWN HARRIMAN & CO.
Incorporated
EDWARD B. SMITH & CO.
THE FIRST BOSTON CORPORATION
LEE HIGGINSON CORPORATION
E.
W. CLARK & CO.
STONE & WEBSTER AND BLODGET
■
:
■
Dated September 29, 1937.
'
Incorporated "
Y
/
-
y
.
.
.
Y"'';
.
"
\l
The Financial Situation
•
T
'
Government
TWO should have served, to center the attention
EVENTS of the past week have served,
portions
of the
against their
or
business
community
One of
banking.
upon
and
was
was
own
of
f {
'
•
•
.
.
'
'
U.Uttil
■.
V'ii
'
i
SLi*?
i'
ii
.11;
.
«
r*
.
*
1
'
insignificant, pro¬
relatively
largely held by national banks
'
notes.
\
v
,
theni is the action taken by the Board of Governors
of
Federal
the
regulations
lying
resignation of Joseph A. Broderick from the
Mr. Broderick has given the
Act
Board of Governors.
public
of the
Board, and of
regulations
The 1939
issued
The
by the Board amply im¬
1935
in
according with the terms
of that
who
the
reader
The
Act.
regulations
new
of
details
the
scans
is
be
to
recent
years
whatever is
with
an
intelligent
the
practical experience of
Broderick must have
Mr.
many
way
in
man
misgivings about the
things have been going
Washington.
At
rate, it is high
any
time that
engrossed
the meaning
of
detail
other
lative
this, that,
enactment
ministrative
definite realization
distance
that,
or
It
us.
is
we
Most of them
can
are
plenty of other
Progress Administration.
Can
no
any
doing
placed
mercial
So it is with
the
in
essential
a
large number of other items
categories, including general
various
All that is needed is
the will to reduce, and all that is needed to
create that will in the politicians is for us to
demand reduction often and vigorously.
back
of
upon
the
expenditures.
World
record
upon
War,
bank
ultimate
be held in
gold
It
paper.
envisaged
is
or
reserves
a
of
the statute
the country
desiring
as
banking system in the true
Act
sense
system
the
com¬
a
of that
under which
country would
strictly short-term, self-liquidating
true
that
the framers of the
Act,
probably feeling it to be politically necessary, pro¬
vided that the Reserve banks might invest in
tions
that
of the
the
Act
Federal Government,
was
the
of
early
when
financing sales
combatants
rule
the
being
the
became
during the later years
that
of
means
to
were
and
the
of
years
War
sought,
be¬
during
conflict
when
we
found ourselves confronted
with the task of financing
both
our own
the
in
participation
the
and
struggle
larger part of the efforts
of the Allies.
Correspond¬
ing laxity in the loan poli¬
cies of member banks
same years
like
prevailed, but it
was
during the
wise
during the first
decade
that
post-war
more
even
changes
banks.
occurred
in
the
During this latter
period the law
to Reserve
as
it applied
bank operations
and, broadly speaking, to
the investment policies
mained
change.
without
material
By 1929 member
framed the
obliga¬
but at the time
debt of the
Federal
amounts of paper
eligible for rediscount.
loaned
sums
and
enormous
of
the Reserve banks re¬
banks had relatively
originally placed
eve
itself
The
term.
the
was
the
on
pronounced
essential.
When the Federal
Reserve Act
came
tendency
portfolios of member
30.
ize the forest with realistic
book
This
real injury to any one?
Loans and grants to States and municipali¬
ties ha'.e nearly reached the $50,000,000 mark
since the beginning of this fiscal year.
And
for
what?
Certainly little that is really
from the trees and scrutin¬
eyes.
Reserve
the
Act.
World
increasing
But there
Works
with without
after
step
now
the
of
framers
nature
a
sweeping and profound
fund
that
risk.
contemplated by the
reality, of
reasonable man in his
right mind suppose for a moment that these
expenditures could not be cut in half forth¬
another, these steps have
taken
own
less
June
of the
one
his
at
in
not
expensive than it was at one time
but it has already cost us $325,000,000 since
that
people have
many
so
of the law,
was
literal
reduce them.
is to
Take
It is
ad¬
policy
do
the
than
the time being.
legis¬
or
the
which, while
paper
requirements
items in the budget.
and the prob¬
able effect of
the
so
determining
in
in
Reserve
the
of
conforming to the technical
simply enough, given the will and
the courage required.
Of course, there are
such items as interest on public debt, and
some others which
are an outgrowth of past
commitments which cannot be disturbed for
de¬
it
We have been
serves,
the
the
intent
placing
by
banks
be reduced
dispassion¬
consideration
ate
is
difficult
tures
banking was given
the careful and
would
done
probably
more
the subject, that
gn
of
violate
to
portfolios
always is much
them, par¬
ticularly when the popular idea of the day
is that by large public expenditures a people
can find a way out of
its difficulties.
After
a certain stage has been reached, finding and
tapping new sources of revenue are about as
difficult
as
reducing expenditures.
There
is nothing new in all this, of course, but it
has always been impossible to convince the
economic planners of it.
After all, the only
way
to balance the
budget as it ought to be balanced is to reduce
expenditures, and the way to reduce expendi¬
banking practices, and one
said
Act
obtaining it.
Reducing expenditures
from sound commercial
must suppose,
Thursday
truth of the
matter.
From all appearances the Admin¬
istration
has not yet passed the stage of
wishing and hoping for budgetary improve¬
ment and searching for ways and means of
length of the road we have
in
on
planning, and that any reporter who
to predict what would or would
be
This
impressed with the
traveled
first
and
spirit
undertook
can
however,
fail,
be, almost from
a disposition
may
appeared
Budget
Secretary of the Treasury
now
not
hardly
under¬
Reserve
Indeed it has often been
But however that
quoted as saying to a member of the press
that "anybody who says anything about the
1939 budget is speaking out of turn."
It is probable that what the Secretary in¬
tended to imply was that no information was
as
yet available about the plans of the Ad¬
ministration respecting the budget that it
spirit fully
a
Federal
was
plement the Banking Act
of
the financial
even
the very
course
now
of
original
be questioned.
may
caused by the policies
way
the
of the
philosophy
questioned.
indication that his resignation was in any
no
rank and file
community fully understood and approved the
and the other
the Reserve banks to member banks,
is the
Whether the
and advances by
discounts
governing
Early Reserve Years
System in issuing revised
Reserve
to
small
They had
speculators in securities,
themselves so
lenders of
particularly security speculators. The old-
corporations
had
capitalized
liberally that in effect they had become
money,
fashioned commercial loan had become largely out¬
moded since most enterprises
in this way
from the banks.
had
no
need to borrow
Corporate bond holdings
by the banks had become enormous.
We were at
a "new era" in American banking.
the crest of
During these years, and particularly during
years
immediately following the
the
1929 debacle, it
2118
Finajicia^JZhronicle
became
popular to
Act
having created
as
banking
condemn the
however,
least in touch with the
not in
was
the
banking system outside it.
Of what avail, it was
asked,
Reserve
had
not
"kept pace" with modern
banking, and hence
was
not in a position to accept
which
from the
There
was
it to have
Federal
a
banking system the assets it actually owned?
of
was
The trouble
sound
course
was
logic in such reasoning,
that from this premise it was
by implication, if not expressly, that the
argued
proper way
coordinate the entire banking system was to bring
to
•the Reserve banks down to the level of the
member bank.
in
1933
ill-liquid
The New Deal upon its inauguration
proceeded with dispatch with the further
prostitution
of
both
the
Reserve
banks
and
the
member
banks, throwing the residue of centuries
banking experience callously into the discard and
undertaking to convert the banks of the
of
country
well
as
the
as
ments for
and
money
United States
giving effect to
managed
Treasury into instru-
vague
theories of managed
the
economy,
Oct. 2, 1937
What the Board Wants
Reserve
liquid central
relatively
a
system),which,
Federal
central
con-
Now there is
and
space
paper as
no
particular point in wasting time
a
discussion of the nature of such
wi{h
is specifically mentioned iif this statement
of the Board. Every one, whose knowledge of finan-
cial history is not grossly limited, is well enough
experience
that
aware
has
repeatedly
proved
long period that the creation of money or
deposits against such assets as these brings disasover
ter
a
later in its wake.
sooner or
Everyone familiar
with the present state of American banking knows
well enough also that, apart from holdings of United
State Government obligations, these assets
now
in
large part fill the portfolios of the commercial banks
of the country.
Shall
now
we
directly involve the
ultimate banking reserves of the country in this type
of
financing?
Evidently the Board of Governors
of the Federal Reserve
System
so
desires.
It
says:
"The issuance of the revised regulation at this time'
is
appropriate
an
of the system's recent
sequence
duction of discount rates.
The regulation
implements the system's policy of monetary
re-
further
ease
by
ception of which fcwas the_use_of credit to perform
liberalizing and consolidating the rules and meth-
economic miracles.
ods
The
The
net
Net
result of all
Result
this to date is
Not because the theories introduce
staggering,
anything into
a
previously existing situation which is not fully in
accord
with the accepted
banking doctrines of the
day and which, for that matter, is not the law of
the
affecting the lending function of the Federal
Reserve
land, but because they well illustrate the low
the
System.
by the Board will
communities
the
system
eligibility which have prevailed since
was
established.
eligible for discount
a
It
does, however, make
large amount of
mission merchants and finance
paper of com-
companies, including
paper drawn to finance instalment sales of
mercial
character.
"The
regulation lists specifically
classes of assets which
may
for advances
the following
be accepted
as
by Federal Reserve banks:
defined
ible
com-
collateral
securities
by the Comptroller of the Currency
for
investment
by national
as
elig-
banks, loans
on
stocks made in
compliance with the Board's Regulation U,
mortgages and loans insured under Title I or
II
of
the
National
bonds issued
Housing Act, debentures and
by Federal Home Loan banks
authority of the Federal Farm
and
revenue
other
Loan
bonds and warrants issued
political
or
under
Act, bills, notes,
by states
obligations issued for the
whether
Federal
This is
like it
we
decide.
In
or
Do
we
question,
a
want such
a
bank-
which,
moreover,
not,^ the people of the country
other
circumstances
it
might be
well simply to say that the question should be left,
or
largely left, to
men
banking community.
such
an
answer
of sound experience in the
There
why
are many reasons
is not adequate today.
The poli-
ticians with the tacit consent, if not the approval, of
the electorate have undertaken to
tion
in
down
the
affirmative.
one
legislative and administrative bar
after another designed to restrain the
some
no
the bankers.
among
means
more venture-
They have, however, by
stopped with such negative action.
have by various
purpose
the ques-
answer
They have proceeded to
means
They
reduced interest rates for the
of persuading all sorts of borrowers to ap-
ply at the banks for all sorts of loans. The Treasury
and the Reserve authorities have various
means
at
their disposal, which they have not hesitated to use,
for
bringing
which
we
pressure
have
a very
upon
individual bankers, of
large number, to make loans
Government, despairing of persuading the banks to
financing real estate, and
lend freely enough and with sufficiently small care,
has created numerous agencies to take the place of
purpose
of financing the
the banks
regulation provides further that, when in the
judgthe
they
or
"In addition to the
specified classes of assets, the
of
that
of all sorts most generously.
sale of goods on an instalment basis.
ment
services
or
subdivisions, obligations issued
drawn for the
purpose of
prac-
The People Must Decide
take
a
financial
The question is simply:
must
cal rules for
of need given to
the banks to give their
encourage
the
ing system?
System has this to say about them:
"The regulation makes few
changes in the techni-
case
require."
thought.
•
of support in
assurance
banking supervision has been entrusted) have
fallen, these new regulations are worthy of careful
Reserve
The Board believes that
.
tices comply with the minimum standards laid down
banking notions of the day (as
typified by the views of those to whom legislation
The Board of Governors of the Federal
.
member banks whose lending and investment
estate to which the
and
.
Reserve
bank
as
Further, the Federal
lenders of funds it in turn has
brought
into being through its policies of deficit financing
at the banks.
All told, it has
now
been made
ex-
circumstances
tremely difficult for the careful banker to continue
make it advisable to do
so, the banks may accept as
in business and make both ends meet. *Of late, the
security for
advance any assets
satisfactory to
the Federal Reserve Bank.
The regulation, therefore, bars no class of paper from use as collateral
an
for
advances, but merely indicates a preferred list
which covers all the principal fields of financing."
of paper
authorities have shown
crease
their
their
pressure
a
clear disposition to in-
upon
the banks to conform
practices to the doctrines enunciated at Wash-
ington.
Obviously only the people themselves
end to
this deliberate
can
put
an
undermining of the banking
VolumSl4S
Financial
system of the country. The rank and file
and often
may
well,
must, defer to the judgment of the man of
experience in
determining the wisdom of specific
2119
Chronicle
The additions once again are being immo¬
Sept. 29.
lated in the
Treasury's inactive fund, which exceeds
$1,200,000,000 despite the recent release of $366,The gold certificate holdings of the 12
provisions of banking law and supervision, but only
000,000.
the
Federal Reserve banks
rank
which
file
and
such
themselves
bring about
can
advice is accepted.
can
effectively
say
"Hands off the banks!" and
demand that the
and
situation in
a
Only the people
to the powers that be:
only they can effectively
general nature of the banking laws
regulations be made to accord with the judg¬
392,000,
gains
are
now
But
recorded in "other cash" and the note
were
redemption fund,
that total reserves moved up
so
Federal Reserve notes
$6,988,000 to $9,453,957,000.
in
reported at $9,127,
decline of $2,498,000 for the week.
a
actual circulation
dropped $6,888,000 to $4,246,-
The
268,000.
Total deposits with the regional banks in¬
banking problem of the day is to find a way to
creased
$9,354,000 to $7,542,096,000, with the ac¬
ment of those who know whereof
real
interest the average
business
convince him that his
and
banking system
cies
and
in banking and
managing
they
as
are
The Association of Reserve
dertaken to make
man
representatives at Washington
courting disaster in
are
they speak.
our
monetary
variations
count
bank
consisting of
gain in member '
a
deposits by $55,647,000 to $7,032,833,000; a
decline of the Treasury
general account balance by
$53,217,000 to $140,273,000; an increase of foreign
doing."
City Bankers has
un¬
bank
deposits by $6,046,000 to $243,378,000, and an
thorough study of banking poli¬
advance
of
Those who conduct the study
a
612,000.
The reserve ratio remained unchanged at
practices.
will doubtless find themselves under the
necessity of
other
deposits
$878,000 to $125,-
by
Discounts by the System fell $605,000 to
80.2%.
industrial
and
advances
down
giving consideration to many new and strange ideas
about the nature of banking and of sound banking
$23,590,000,
practice. They doubtless will have considerable mis¬
lacking,
sionary work to do, for what pass as modern ideas
ported at $3,026,000, while holdings of United States
about
Government securities remained at
from
banking (but which really come down to us
footing
themselves.
In
work to
sort
of
and to
among
other
some
of
words, they have their own
banking system the better informed ele¬
a
banking community themselves want,
persuade them (as far as persuasion is need¬
ed) to want the right kind of banking system. Along
with such
a
study there is needed another type of
effort, which should not be neglected if the study of
the Reserve
a
than
City bankers is to be of greatest use¬
That is the work of
fulness.
persuading the people
whole to want a much better
they
now
$2,526,190,000.
The New York Stock Market
bankers
our
do, namely, that of determining just what
ments in the
as
holdings of bankers' bills again are re¬
as
long ago for the most part) have gained a very
substantial
were
Open market changes were
$3,000 to $20,598,000.
banking system
have, and to demand it in no uncer¬
SMALL recoveries in stock prices on thethe obvious
New York
week,
market
to be noted this
are
aftermath of the severe decline
as
previously recorded.
Buying interest was stimulated by the low levels to
which
of
quotations dropped during the greater part
September,
it
but
not
was
of the sustained
A good deal of nervousness prevailed, caus-1
variety.
ing rapid upward and downward swings in single
sessions.
Commodity prices crashed, which added
Stock prices nevertheless were
to the unsettlement.
gradually higher in most sessions on the New
lifted
York Stock
Exchange.
The changes were small, and
important groups, such as the base metal shares,
tain terms.
failed
Federal Reserve Bank Statement
to
the
join
steadily from
Trading
recovery.
dwindled
than 2,060,600 shares in the
less than 1,000,060 yesterday. The
more
initial session to
BANKING statistics againthe $300,000,000 release
spreading influence of reflected this week the
market continued to
of
sharp recession that took place in
from the inactive fund of the Treasury.
gold
Since that
change in credit policy was effected the
Treasury has been able to rely entirely
its
upon
general account with the Reserve banks for ordinary
Together with
outlays.
recession of
a
currency
in
circulation, this factor tended to build up reserve
September, but
lacking.
Inroads
being made on corporate profits by the tax exactions
of government and by the higher wages now being
paid supply important reasons, of course, but many
other factors apparently enter into the matter as
satisfactory
balances of member banks and therefore the excess
In the week to Sept. 29 the excess re¬
The
well.
Wall
reserve
serves
total.
moved up
$40,000,000 and now are estimated
officially at $1,060,000,090.
tribution of the
The aim of a better dis¬
reserves
excess
also has been real¬
ized, since metropolitan banks now hold a handsome
percentage of the aggregate.
efforts
Meanwhile, further
being made to stimulate member bank
are
from
borrowing
the
regional
institutions.
Board of Governors of the Federal
announced last
lations
Monday
a
liberalization of the regu¬
covering the eligibility of the various types
of paper
for discount.
The changes, effective yester¬
day, bring into the eligible
paper
r
Gold continues to
stock,
classification additional
of commission merchants, finance companies
and others.
which
The
Reserve System
now
an
holds
move
toward the United States,
$12,734,000,000 in its monetary
increase of $40,000,000 for the week to
ponder the significance of the ^
answers
still
are
punitive attitude of Washington toward
unchanged. These important
Street remains
problems long have been recognized, however,
and
quarters the surmise is deepening that busi¬
recession is forecast by the stock decline.
As
in many
ness
yet it cannot be said
exists
crops
this point,
on
that any definite conviction
for it is realized that large
and good prices for agricultural products will
buying this autumn and perhaps
stimulate farmer
make for
good general business.
Trading last Saturday was
changes on the down
last week made
relief
was
felt
for
vailed in the brief
tional
a nervous
that
feverish, with most net
The collapse of prices
side.
and tense session, and
relative stability finally pre¬
period.
Most issues showed frac¬
recessions, although
some
gains also were
When trading was resumed, Monday,
optimism was the prevailing note. Prices
registered.
cautious
fell
sharply on several occasions, but
buying rapidly
Finm&cial
2120:
took
the slack and closing figures reflected ad-
up
of
vances
to three
one
Copper metal
points in the market leaders,
reduced in price to 13c. from 14c.,
was
and base metal shares tended to recede.
Dealings
Tuesday resulted in further advances in the
eral
to
list, although
and
good deal of
a
year.
But the tone improved
which
was
for
based
on
on an
upswing in rails,
that any wage
rumors
small
more
little
was
Closing levels
gains than losses in evidence.
day
ticular consequence.
into fair demand
lower levels.
their
In
the
tone
was
forward.
although
listed
market
tions in
a
generally toAvard betwere
absorbed
were
decidedly
Chicago.
sessions, owing to the favorable
of Avage negotia-
course
Other bonds with
fluctuated
to
cern
since the
On
Other
base metals also
agricultural commodities
a
NeAV
French
leading units did not
York
Avere
Stock
low levels.
new
and 386 stocks touched
New
York
new
Stock
on
Monday they
"day, 674,905 shares.
vary
Monday, 464,930
on
much
one
stock
while 641
new
high levels
un-
Exchange the sales at the
were
Avere
1,469,520
2,208,580 shares;
on
On the New York
shares;
were
on
Curb Ex-
409,740 shares;
Tuesday, 302,830
Wednesday, 300,265 shares;
on
on Thursday,
Friday, 153,990 shares.
Despite the uncertainty of the times and
pro-
during September
the New York stock market the present
week managed to reflect modest
gains.' On Saturon
as on
other days, experienced
was
prices
a
On Wednes-
some
liquida-
readily absorbed and prices at
the close of the session moved irregularly higher,
With the exception of
equities
on
ner as on
reduced trading volume,
a
Thursday acted in much the
Yesterday
a
spirit of dulness
trading operations and
modest recessions in most
the close
same man-
the day previous, and at closing showed
irregular changes.
pervaded
on
day's close
Friday,
Avere
a
stocks
suffered
instances, with
a
sprin-
As compared Avith
week ago, prices at yester-
mostly higher.
General Electric
against 29%; Columbia Gas & Elec. at 9% against 9;
Public Service of N. J. at 38 against 35%; J. I. Case
Threshing
Machine
at 130
against
129;
Interna-
tional Harvester at 93% against 87%; Sears, Roe-
buck & Co. at 75% against 73; Montgomery Ward &
Western Union closed yesterday at 33% against 30
on
Friday of last week; Allied Chemical & Dye at
against 23%; International Nickel at 51% against
50; National Dairy Products at 17%
against 17;
National Biscuit at 22% against 22%; Texas Gulf
Standard Brands at 10%
against 24%;
against 10%; Westing-
117% against 111%; Lorillard
at 19% against 19%; U.
25%
S. Industrial Alcohol at
Canada Dry at 16% against
14%; Schenley Distillers at 37% against 34, and
National Distillers at 27 against 26%.
Call loans
Exchange remained
nounced recessions in stock values
prices
start
maintained
day trading progressed in an uncertain fashion and
house Elec. & Mfg. at
year
low levels.
change the sales last Saturday
shares;
and
Sulphur at 33% against 33%; Continental Can at
On the NeAV York
Saturday last
on
198,695 shares, and
irregular
53% against 51; Eastman Kodak at 175 against 169;
Tuesday, 1,307,840 shares; on Wednesday, 1,353,930
shares; on Thursday, 1,046,398 shares, and on Fri-
on
better
to
steady tone the better part of the day.
The steel shares moved
along with the main body
of stocks and shoAv gains this week.
Steel closed
On the New York Stock
shares;
levels
ahead
but
changed at 1%.
half-day session
forged
con-
franc,
Exchange
Exchange three stocks touched
the
relatively
active.
high level for the
new
stocks touched
Curb
the
exchange controls
the
touched
an
144% against 140; National Cash Register at 25%
fully.
regarding
actual levels of the
Strength featured Tues-
day's market and after
of the loss when major producers
on
foreign exchange markets fresh
developed
closed at their best levels.
194 bid against 184; E. I. du Pont de Nemours at
Some of the
In the
After the second
strong upward tone developed, and stocks
41, and American Tel. & Tel. at 162 against 156%.
Commodity
likewise fell sharply, although others were
stable.
a
custom smelter sales,
follow
weak.
hour
Co. at 48% against 45%; Woolworth at 42% against
Copper fell from 14c. to 12c.
declined
after the first hour and
speculative
a
profound unsettlement at times,
but recovered part
overtook trading
wiped out all previous advances.
in line Avith the equity
Avidely,
markets reflected
nature
last Aveek; Consolidated Edison Co. of N. Y. at 30
Avere
offerings
two
to
a
kling of gains here and there.
generally cheerful
trend, but gains outnumbered losses.
Avere
Avere
also
one or
Foreign and do-
closed yesterday at 44% against 41% on Friday of
impression created by the
tinge
rapidly
merely dropped
Secondary railroad liens
readily.
better in
the day.
on
Monday stimulated the market
on
Quotations did not change
buying.
NeAV
managed to
many
and closed with losses reduced
less
or
fashion
number of issues
a
corporate bonds
much, but the variations
figures.
came
United States Govern-
ment securities and the best rated
ter
point
stocks,
gains also appeared.
some
the rule this week.
reflected slow
one
tion, although it
modestly
Fractional recessions
bond
to
erratic
very
low levels, although
new
some recovery
par-
The trend
was toward
the stock issues
weight.
own
numerous,
moved
yesterday
cases
touched
show
The
no
Gold mining stocks
Interest in the market waned
in most
and
There
Thursday.
Average compilations reflected
and
in the dull market
on
small and of
were
moderate advance.
very
irregular, with
were
change in the situation
fluctuations of the
on
increase
operating unions would be offset by advances of
freight rates.
of
nervousness,
fresh flock of record lows for the
a
a
large extent, and prices at the opening were up
from one to four points. Weakness of a pronounced
was
rally quite obviously lost its momentum
brought
in
1937
There
Wednesday, when early losses cut levels sharply
on
day dast prices moved
throughout the short session, and
2,
mestic buying
churning about, owing to the prevailing
a
gen-
Oct.
of the leading stocks failed
some
join the movement.
The market
on
Chronicle
United States
yesterday at 81% against 80%
on
Fri-
day of last Aveek; Inland Steel at 89% against 93%;
Bethlehem Steel at 69% against 67%, and Youngs-
town Sheet & Tube at 57% against 55%.
In the
motor group, Auburn Auto closed yesterday at 13%
against 12
at
on
Friday of last week; General Motors
49% against 47%; Chrysler at 91% against 89%,
and Hupp Motors at 3% against 3%.
group,
In the rubber
Goodyear Tire & Rubber closed yesterday at
30-% against 28%
on
Friday of last Aveek; United
States Rubber at 40 against 36%, and B. F. Good-
rich at 26% against 24%.
The railroad shares also
participated in the market's
higher
recovery and
reflect
a
Pennsylvania RR. closed yesterday at
29% against 28% on Friday of last week; Atchison
trend.
Volume
Financial
145
Chronicle
Topeka & Santa Fe at 57 against 55; New York
gyrations
Central at
European observers.
273,4 against 26%; Union Pacific at 105
2121
.
remain
here
mystifying
completely
against 102; Southern Pacific at 31% against 30%;
Wall Street
provided
Southern
ers
and relieved the pressure on
Railway at 19 against 18%, and Northern
Pacific at 20
against 18%.
Oil
Standard
against 55%
Oil at
of
N.
J.
Among the oil stocks,
closed
yesterday at 56%
Friday of last week; Shell Union
on
20% against 19%, and Atlantic Refining at
23% against 23.
In the copper group, Anaconda
overseas
national
sections
the London
cussions also
sions
the
of
Copper closed yesterday at 39% against 37% on Fri¬
diplomatic affairs
the
69%
against
68%,
Dodge
Phelps
and
32%
at
Trade and industrial
uncertain
for the
in
their
week
American
reports
somewhat
now are
Steel operations
implications.
ending today were estimated by the
Iron
Institute
Steel
and
at
74.4%
of
The
the inter¬
Com¬
markets.
disturbing influence
were a
In most other
felt in Paris.
are
ses¬
International
cheerful.
were
not especially comforting, for
tendency toward
Japanese goods
trade.
foreign
market, Wednesday, and the reper¬
were
day of last week; American Smelting & Refining at
against 32%.
the
conditions
latest
encouragement for trad¬
some
modity price recessions
on
to
The modest improvement in
means
decline in international
a
Spanish civil
general boycott of
a
war
situation seemed more
encouraging, however, owing to the apparent ^AngloFrench
determination
In the monetary sphere fresh uncer¬
insurgents.
tainty
for the
aid
Italian
halt
to
occasioned by the persistent weakness
was
The business situation remains
capacity against 76.1% last week and 75.4% at this
of the French franc.
time last year.
Production of electric energy for
fairly go^ in the leading European industrial coun¬
the week ended
Sept. 25 was reported by the Edison
tries/however, and this served to offset some of the
Institute
Electric
at
2,265,748,000 kilowatt hours
gloom
against 2,280,792,000
in the preceding week and
factors.
2,170,807,000 in the
loadings of
the
is
revenue
week of last year.
same
Car
freight continue to mount, and
aggregate of 840,446 for the week ended Sept. 25
the
highest reported
of
Association
so
American
far this year by the
Railroads.
This
was
a
gain of 13,881 cars over the previous week and of
33,203
As
cars over
the corresponding week of last year.
indicating the
December option for wheat in
the
kets,
closed
close
of the commodity mar¬
course
Chicago
yesterday at 107%c. as against 105%c. the
December corn at
Friday of last week.
on
occasioned by the
exchange
and
■
Prices
were
Stock
don
political
marked somewhat
higher
reports that no
hurried action toward taxation of
foreign security
Gilt-edged
holdings would be taken at Washington.
issues
steady and small gains appeared in most
were
industrial
The foreign
stocks.
section
States, while commodity shares remained uncertain.
Advances
again
in response
were numerous on
Tuesday, largely
to the favorable reports from New York.
British funds
were
firm and small
gains
Chicago closed yesterday at 63%c. as against 63%c.
the close
Chicago closed yesterday at 30%c. as against 31c.
section
The
Friday of last week.
on
spot price for cotton here in New York closed
yesterday at 8.55c. as against 8.53c. the close on
The. spot price for rubber
of last week.
Friday
yesterday was 17.68c. as against 18.25c. the close on
Domestic
Friday of last week.
Monday to 13c.
to
a
copper
declined
pound, down lc., and on Thursday
12c., but was advanced successively to 12%c. and
then to
12%c.
With the exception of one producer,
Thursday and Friday at
all the others held the rate
13c., with none available below 12%c.
the metal closed at 13c. as
Friday of last week.
In London the
19
on
13/16
metal
price of bar silver yesterday was
against 19 15/16 pence
yesterday at 44%c., the close on
Gilt-edged issues
the
matter
transfers
on
3.43%c.
as
exchanges, cable
London closed yesterday at
transfers
cable
foreign
Aose
oif
on
$4.95%
as
Friday of last week,
Paris closed yesterday at
against 3.42%c. the close on Friday of
firm, but most industrial
were
librium
on
copper,
market
stock
financial
times
on
centers.
the
Good
results
were
reported at
exchanges in London, Paris and Berlin,
but other sessions modified the
gains,' and the net
changes for the week were not important.
were
turned toward the New York
equi¬
its
Gilt-edged securities were well sup¬
that session.
ported, while fresh interest was manifested
and
stocks
in indus¬
Com¬
issues.
Anglo-American
upswing. In a
quiet session yesterday, gilt-edged issues were firm,
while small gains also were recorded in industrial
modity shares likewise joined in the
shares.
on
the Paris Bourse were slow and inde¬
cisive, Monday, with losses a little more prominent
than
gains.
Rentes were soft and almost all French
bank, industrial and utility stocks also lost
ground.
apprehensions engendered by the persistent de¬
cline of the franc were reflected in a general inquiry
The
foreign securities, which advanced rapidly.
The
Tuesday, despite a fall
in rentes which reflected the
IRREGULAR tendencies were principal this week
exchanges in the the rule European
on
recovered
Thursday, for the trend was upward in
tone was more cheerful on
European Stock Markets
lead, zinc, tin and
Anglo-American stocks were marked
London
The
lower.
for
last week.
caused unsettlement in
of the securities market.
Commodity issues fell drastically
the lower levels for
on
Dealings
the
of
against $4.95 1/16 the
and
receded.
other metals.
Friday of last week.
In
Wednesday was uncertain, as base
prices receded and
stocks
sharp rise
firm, with copper shares in good demand.
on
important departments
trial
Friday of last week, and spot silver in
closed
New York
on
*
pence per ounce as
per ounce on
Yesterday
against 14c. the close
was
trend
The
Anglo-Amer¬
The commodity
that followed the New York trend.
the close
regis¬
were
ican issues attracted keen interest on a
December oats at
Friday of last week.
stimu¬
was
by the encouraging reports from the United
lated
tered in most home industrial stocks.
on
the Lon¬
on
on
Exchange, Monday,
All
eyes
market, for the
prevailing uncertainty
budgetary outlook.
French equities were
as
to the
well
maintained,; while
mained in
on
good demand.
international
Trading
issues
was more
re¬
active
Wednesday, but levels were marked lower in that
session.
Rumors that
exchange dealings
a
limited control of foreign
might eventuate unsettled the
Bourse, and prices of rentes and French equities
,
/
Financial
2122
J
marked
were
in
were
sharply lower
inquiry.
A sharp stimulus
afforded, Thursday, by indications that the
was
Oct. 2, 1937
Rome-Berlin Axis
Gold mining issues
good demand, however, and other foreign
securities also reflected
Chronicle
T^ANFARE and demonstrations
scale seldom
on a
witnessed marked the visit to Germany by the
i
gov-
Italian dictator, Premier Benito Mussolini, but the
ernment
really is attempting to balance the budget,
practical results of the long conversations between
and
an
by
month-end
easy
at
4%%9
showed
sensa-
carryover
'
against 3%%
previously.
tional advances of
Rentes
V/2 to 2% francs, while French
equities and international securities likewise
Further sharp gains
buoyant.
were
were
recorded yester-
day, with rentes, equities and international issues
all in demand.
Little
Bqgr.se, Monday,
vailed
reported
was
as
the
^on
Berlin
spirit of cautiousness
a
pre-
pending the declarations by the two fascist
dictators in the
course
of their Berlin conversations,
Machine stocks
were
better, but heavy industrial,
chemical
and
other
figures.
Fixed-interest issues
German market
of the national
favorites held
closed
was
close
former
'The
Tuesday, in observance
holiday declared by the Nazi leaders
commemorate the visit to Berlin
to
to
steady.
were
by the Italian
A good impression was conveyed by the
dictator.
rere-
paid, in his visit from last Saturday to Wednesday,
the courtesy paid him several years ago by the Ger-
On
dictator.
man
the
current
occasion
every
attempt was made to impress upon the world the
strength and solidityt)f the tie that binds the two
r
business
II Duce and his host, Chancellor Adolf Hitler,
a matter of conjecture.
Signor Mussolini
main
The cheers of German millions
fascist countries.
greeted the Italian leader in Munich and Berlin,
The German capital was decorated impressively for
the
occasion, and
scale
were
German
army maneuvers on a
tremendous
held to demonstrate the might of the
The twin idols of
military establishment.
from the same platforms their
fascism discussed
mutual ideals, but the speeches
couched in
were
highly generalized terms and such statements are
by
usually
disregarded
nuances
of diplomacy.
accustomed
ears
to
the
It is significant that Paris
professions of peaceful intentions by Premier Musso-
and
lini
"parade of the dictators," despite the gains that
Chancellor
and
sponded
with
l little
on
Thursday
trading also
Boerse
more
active
Boerse
most
re-
equities,
points.
Move-
uncertain, with gains
than losses.
modest and
was
in
one or more
were
more numerous
the
a
The changes
was on a
were
small scale.
The
yesterday, and small gains
recorded.
were
London
were
.
Monetary Cooperation
J
greatly impressed
by
the
German preparations for the visit of the distin-
guished Italian were detailed and almost fantas-
Munich
tidily impressive.
rations
as
gay
deco-
thef German Fuehrer.
discussions with
initial
of
was a mass
Premier Mussolini arrived there for his
A
touch of the exotic was added by a reception to II
Duce, attended by
n
not
fascist boldness won during recent years.
chiefly fractional, but
were
few issues moved up
ments
and
gains
moderate
Advances
Wednesday.
a
Hitler,
hundreds
of beautiful German
Quite obviously, the meet-
film stars and actresses.
ing wag gtaged in Mllnich because German National-
THERE were discussions in Washington between responded was founded in thatcheers and the populace
Socialism with tumultuous city, as the two diemonetary indications over last week-end that
British and American
wide range.
Treasury experts took in
a
The conversations between Secretary
rode through
tators
resplendent
more
the
crowded
Even
streets.
the greeting accorded
was
the
Morgenthau and the British Under-Secretary of the
Italian dictator in Berlin last Sunday.
Treasury, Sir Frederick Phillips, continued all of
flags adorned the buildings along Unter den Linden,
last
week, and Mr. Morgenthau announced
day that
formal statement
no
would be made.
diate
It appears,
problem under
taxation of alien
as
million Germans lined the roadway to ap-
a
One
press
correspondent
suggested maliciously, but perhaps truthfully, that
that of reciprocal
these buntings were really designed to hide the Ber-
survey was
safekeeping
tripartite
where
plaud the passing leaders.
however, that the imme-
funds, with the intention of miti-
ket to another for
The
Mon-
to the conclusions
gating the transfers of "hot money" from
ment.
on
Sixty-foot
one mar-
temporary invest-
or
currency accord also was dis-
lin architecture, about
to
be
which Herr Hitler is known
quite sensitive.
Others suggested that the
demonstration was largely
popular
a
matter
of
But all admitted the effectiveness
official orders.
cussed, and in view of the steady decline of the
of
French
these demonstrations ended Premier Mussolini was
franc
delicate
this
question must be considered
a
one.
Many other international financial
are
similarly of joint Anglo-American in-
problems
terest, but in the Washington reports of the
ex-
changes between the Treasury experts of the two
countries
such
matters
received
little
attention,
Interest
was
of
agreement, which plainly would be
a
tax
focused
principally
sided affair at this time.
an
The
mere
outcry in London, where it
such
tax
British
a one-
was
caused in this
In all likelihood the
is
an
The
military might.
On Tuesday, both dictators ad-
dressed huge crowds
in
a
field adjoining the Olym-
pic stadium, near Berlin, and on the following day
Signor Mussolini took his departure for Rome,
The addresses delivered by the two
dictators
on
the general nature
country by the
Washington
only certainty
ways.
review of the
that afford an indication of German
pointed out that
so
flattered
the
of the comments.
other outrageously,
Each dictator
and
each dwelt
upon
the peaceful intentions of his own country,
sug-
Each
stressed the fact that the combined popula-
talks
tions
of
far indi-
exchange of tax information deemed
likely to be helpful both
games
Tuesday are characteristic and interesting, despite
largely preliminary, with definite conclusions
still to be reached.
whisked to northern Germany for a
army
When
discussion raised
penalties would be entirely contrary to
bation also
cated
was
the possibility
principles and traditions, and much pertur-
gestion.
were
on
displays and the'cheering crowds.
the
Germany
and
Italy number 115,000,000
souls, and this vast aggregate, whether free or in
concentration camps, was depicted as standing firm
and
united in
In both
support of fascist ideals and aims,
speeches the only
enemy
mentioned by
name
Volume
Financial
145
Bolshevism.
was
Chancellor
Hitler,
first, deplored in his accustomed vein the 15
German
democracy fhat
Nazism.
lumped
Democratic
fere with the
creeds
were
assurance
that
avail because of the innermost
no
115,000,000 people, who
manifestation of this very
determination of the two
to address
attempts to inter¬
understanding between Italy and the
Keich "will be of
ordinary
of
advent of
the
socialistic
and
years
elements of dissension, and Herr Hitler
as
concluded with the
desires of
preceded
spoke
who
united at the
are
hour, and because of the
who
men
standing here
are
Premier Mussolini declared that
you."
political
standards
insufficient
are
judge the importance of his trip to Germany.
terior motives and secret intentions
to
Ul¬
denied, and
were
sole outcome of the "unshakable" Rome-Berlin
the
axis
proclaimed
was
said
were
"peace."
as
Germany and Italy
by II Duce to share "the same elevated
Chronicle
of
the
2123
Mediterranean
solved
was
through the signing of
an
-on
Thursday
agreement in Paris which
allocates to the Italian navy
the TyrrhenianxSea and
the territorial
waters, as well as a strip alot\g the
Libyan Coast.
This leaves Great Britain and France
with the important sea lanes to protect, but appar-
ently the arrangement satisfies the Italian aspira¬
tion
to
be
Power.
It
German
recognized
seems
dictators
tudes toward the
cussions
great Mediterranean
a
their
discussed
Spanish
Berlin.
at
as
fairly obvious that the Italian and
respective
in the
war
Possibly in
course
answer
atti¬
of dis¬
to the
re¬
quirements thus developed, Italian spokesmen made
it evident that
drawal from
they might possibly consider the with¬
Spain of all their "volunteers."
As it
happens, however, the British and French Govern¬
ments took
joint stand for the limitation
a
drawal of Italian
or
with¬
support to the Spanish insurgents,
conception of life and history" and "the same policy
and the real situation thus is shrouded in
in the economic
The
nents
sphere."
scorned
were
The arguments of
oppo¬
by Sign or Mussolini, who de¬
clared that neither in
Germany
in Italy is there
nor
dictatorship, but rather "organizations which really
the
serve
ment
good of the people."
followed
wras
by the
This surprising
even
com¬
surprising
more
statement that "the
greatest and soundest democra¬
cies which exist in
the world
Germany."
After
forces that
the
comment
ominous reference to secret
an
world
a
of
(Spanish)
a
conflagration, II Duce echoed
about
host
his
115,000,000
souls
Interpretations of the Berlin conversations and
on
the significance of the
meeting between the German and Italian dictators
not
were
of
officials
in the
but
matters,
were
somewhat
the effect that
animates the two fascist
to
Italian
the
more
propaganda
On his arrival
active.
Reich, Premier Mussolini authorized a state¬
to
ment
In German circles little was said
lacking.
these
a
policy of
common
peace
regimes, and that his visit
Germany is "wholly a matter of the heart."
his
On
departure, there were authorized interpretations
which stated that
reached
"working agreement" had been
a
by the two dictators which may have far-
the future of Europe.
reaching effects
on
Mussolini
said
was
to
entertain
the
Premier
view
that
Europe necessarily must take a realistic view of the
situation
was
and
recognize that the Rome-Berlin axis
strengthened by the visit.
again,
as on
It
was
emphasized
several occasions in the past, that the
German-Italian accord is not an exclusive affair but
is open
ernment
note contained
ley
to the inclusion of other countries.
Some
loyalists, unless the Italian Gov¬
tempered its aid to the insurgents.
invitation for
an
Spain, and
on
"showdown"
a
The
three-Power par¬
a
was
considered
possible.
Insurgent forces under General Francisco Franco
continued to
pound at the strip of coast-line
on
the
Bay of Biscay, which they are obviously attempting
to control
entirely at the behest of Rome and Berlin.
Gijon is the objective of the drive, for that port is
the last
standing firm and united in support of fascism.
inspired commentaries
der to aid for the
Italy and
are
striving to transform
are
civil wariinto
today
mystery.
Anglo-French representations were said to be
based on a threat^ open the Franco-Spanish bor¬
to
important point to be conquered in order
bring the
area,
completely into
with its rich mineral resources,
insurgent
mountainous, however, and
control.
progress
The
area
is slow.
is
On the
Aragon front, not far from the Franco-Spanish bor¬
der, both sides reported gains at different times, and
it appears
that
new
that
a
The
area.
battle of sorts is being waged in
insurgents launched
attack in the Toledo sector,
on
Monday
a
southwest of Mad¬
rid, but the loyalists claimed that they were able
Madrid itself again
to hold the attackers in check.
was
on
subjected to intense shelling by the insurgants
Thursday, leading to the belief
major assault
on
that another
the capital may be developing.
In
general, however, all the armies were held to be
settling down to a struggle for positions that they
can
war
expect to occupy most of the winter, unless the
ends
some
by other than military means.
There is
possibility of a truce and a negotiated settle¬
ment, according to Paris dispatches, for General
Franco is held to be in communication with "quali¬
fied" persons
in Barcelona and Valencia who might
dispatches indicated, indeed, that revival of the idea
be able to exert influence for an
for
rible conflict.
a
four-Power
pact
the visit to the Reich.
German
were
sources
wTas one
of the main aims of
Comments
on
the visit from
brief and restrained.
Sino-Japanese War
Berlin
dispatches suggested merely that some time may
ALTHOUGH the Japanese
militarists continued
this week their bitter and uncivilized warfare
elapse before the inner significance of the occasion
is revealed and
ending of the ter¬
against both armed and civilian Chinese, there were
fully understood.
indications
Spanish Civil War
aspects
of
a
new
phase
in the
of the undeclared war.
continued to pour
in
upon
international
Official protests
Tokio from countries that
NO GREAT changes are to be noted this loyalists
fronts where the Spanish week on
object
and
defenceless
Chinese, far from military centers
objectives.
Such protests
the several
insurgents are contending for mastery of the
Iberian
ments
peninsula.
in
the
The more important develop¬
Spanish struggle plainly are taking
place in the international sphere.
Italian
The problem of
participation in the Nyon anti-piracy patrol
on
humanitarian grounds to the butchery of
were
or
invariably answered
briefly and none too courteously by the Japanese
authorities, who put
tion upon
a
decidedly broad interpreta¬
the phrase "military objectives."
Tokio
2124
Financial
"
denied
that
the
attacks
airplane
directed
were
against civilians, and when Foreign Office spokes¬
men
faced with evidence that non-combatants
were
miles from
military objective had been killed
any
Chronicle
stroyed
killing
Oct.
the $1,000,000 electric
kow, 000 miles
At Han¬
the Yangtze, another raid
up
with
out
1937
plant, while
power
estimated 200 Chinese civilians.
an
carried
2,
heavy
casualties.
Canton
they took refuge invariably in a convenient lack of
bombed, although it is far south of the battle
information.
and many
It
made clear in the Japanese
w^as
communications,
that the desperate air¬
moreover,
plane/bombings will continue.
such
stage this week that public opinion through¬
a
the
out
The matter reached
world
began to rebel against the tactics.
these incidents
horst had arrived there
fleet
of
Chinese
Japanese plainly not amenable to official
stroyed by
private citizens everywhere began to
junks with
ganize boycotts of Japanese
wares.
This movement
added
was
on
Monday
with 10
Japanese submarine.
a
make such
boycotts
highly important factor in the
a
eventual outcome of the
The official protests
ods
were
United
plain in
Government
had
made
its
bombings of undefended cities and towns.
thereafter the British
worded protest
ror"
felt
civilian
an
ominous
king
a
strongly-
Soviet Russia added
warning, last Sunday, that Japan would
Embassy^ in Nan¬
bombed, either intentionally
This note apparently
tally.
Two days
deplorable loss of life among the
responsible if the Soviet
were
opinion
to Tokio, which emphasized the "hor¬
the
at
Government sent
population of China.
be held
The
sources.
was
in
or
acciden¬
to
answer
Japanese intimation that the Chinese plotted
bomb the Soviet
into the
condemning
Monday adopted
on
League
Tuesday.
a
resolu¬
inexcusable the bombardment
as
by Japanese aircraft of
the
to
League of Nations Far Eastern
Advisory Committee
tion
a
Embassy in order to bring Russia
The
war.
Assembly
Secretary
open
towns in China, and
approved
Cordell
this
Hull
declaration
on
Tuesday
arrayed the United States with the League nations
that
expressed their disapproval in this matter.
French
protest
other nations also took similar
The
protests
numerous
caused
considerable
official reaction
the chosen
centers.
a
of
Tokio,
to
have
but
the
of stubborn adherence to
one
bombing all important Chinese
note delivered
States Ambassador
reported
in
on
as
the Japanese ship approached and fired
The Scharnhorst
clinging to wreckage in the
Japanese officials in Tokio claimed that the
sea.
complication
Fresh
Military
experts
Thursday to United
Joseph C. Grew, the Japanese
loom in the
now
and
informed
well
spondents in the Far East
struggle.
press
corre¬
of the opinion that
are
Japan is attempting by desperate tactics to gain
rapid victory in China.
making slow
are
pon
a
The land forces from Nip¬
at best, and it is
progress
hoped by the Japanese that the campaign of frightfulness
may
result in capitulation by the Chinese
Government.
Nanking is the symbol of Chinese
unity, and the attacks
that
on
that
a
city.
are
concentrated in good part
The Japanese, it is alleged,
long drawn
are
afraid
bring them quickly to
war may
the end of their resources,
and they
are
doubly
ap¬
prehensive of Russian support of the Chinese if the
war
Tokio and Moscow reports alike
drags out.
indicated this week that relations
than
at
Russian
strained
are more
time since the Japanese conquest of
any
Manchuria
in
started
armies
were
1931.
Huge Japanese and
massing
both sides of the
on
Siberian-Manchurian frontier, it was said.
accordingly,
considered
highly
It was,
significant
on
Wednesday when the Soviet Ambassador to China,
Dimitry Y. Bogomoloff, suddenly departed for Mos¬
in
cow
chartered
a
mission.
steps.
are
concern
was
course
In
A
reported late last week, and
was
11
were
reports could not be accurate.
note of Sept. 22, which protested the
a
survivors,
against the Japanese meth¬
and from varied
numerous
States
Sino-Japanese struggle.
There
aboard, and almost all perished, according to the
found the few survivors
well
may
a
than 300 men, women and children
more
The
foreign trade
re¬
survivors from
without warning or provocation.
on
To
horrible
fishing junks that had been de¬
with especial rapidity in England, and it also
found numerous adherents in the Unit^l States.
Japanese dependence
a
port from Hongkong that the German liner Scharn-
pressure,
grew
zones,
other Chinese centers also suffered.
With the
or¬
was
was
airplane, obviously
In most circles it
trip probably would
and
not cut off from
day,
a
terly, both
operations.
ern
are
the
sale
of the
war
caused
the
Ministry order, Wednes¬
of British
airplanes to
China.
military in nature, since the Chinese capital is
heavily fortified and is the central base of Chinese
course
British Air
permitting
Foreign Office maintained that bombing of Nanking
But the Chinese
supplies elsewhere, for the British
indignation at the
of
special
on a
assumed that the
shipments of airplanes
materials to China.
war
issuance
concern
was
was
neutral
Disregarding the evidence of
scores
of
observers, the note contended that the bomb¬
The land
Chinese
add to their
ings did not exceed the requirements of military
hai the
aims.
spite
and
Similar notes
tion of the
and
were
delivered to the British
French Ambassadors.
were
was
denied that any but military objec¬
bombed.
In Tokio
dispatches it
plain that the Japanese people
the
League condemna¬
bombings irritated the Japanese greatly,
again it
tives
The
were
was
made
mystified by
protests, since only the official Tokio versions
of the
airplane bombings
and these contain
no
civilians killed in the
Intentions of the
bombings.
carried
area
which the invaders
Japanese
enormous
were
At Shang¬
unable to make progress, de¬
preparations.
against the most
The lines to which
severe
held by
artillery and infantry
attacks, aided by Japanese airplane bombs and
chine guns.
of
of
ma¬
This situation is not without its touch
humor, for the Japanese apologists finally
out
bit¬
plainly aim to
puppet-State of Manchukuo.
the Chinese retired several weeks ago were
them
on
excuses
for
the
lack
of
progress
ran
by their
made known in Japan
armies.
They complained this week of the Chinese
lack of
military knowledge, which they said left the
are
attacks.
Japanese
defenders
were
a
Last Saturday
made plain not
continuance of the
a
squadron of 80
Japanese aircraft descended upon Nanking and de-
was
the Shanghai front and in the north¬
reference to the thousands of
only in the notes, but also in
mass
warfare, meanwhile,
on
a
retreat.
that
In northern
military strategy called for
China, however, considerable
was made by the invaders.
The City of
fell to the Japanese last Saturday, and
that point the
advancing forces moved toward
progress
Paoting
from
unaware
Volume
Financial
145
The invaders
Hopei and Shansi Province points.
apparently
this
are
receiving aid from Mongol tribes in
camgaign, and complaints are heard from Nan¬
Chronicle
deposits
£6>141,000 and other deposits decreased
rose
The latter consists of bankers accounts
£9,543,128.
decreased
which
king about the lack of Chinese unity in the north.
and
£10,479,062
which increased
The
£935,934.
other
accounts
;
proportion
reserve
dropped to 25.6% from 26.7% last week; a year ago
League Activities
it
39.80%.
was
off
Loans
HUMANITARIAN and of statisticalas endeavors
occupied the League
Nations
the usual
Other securities is
autumn
vances
drew
gatherings of the Assembly and Council
toward
their
termination.
these matters
In
League still retains some-effectiveness, despite
items with
Below
2% discount rate.
political misuse by Great Britain and France
mef1
Assembly of the League
first time in the
while
last Tuesday for the
The session
inexcusable the Japanese airplane
as
bombings of defenceless Chinese cities and towns.
is the sole
This
suggestion
called
so
far emanating from
Advisory Committee, which
the revived Far Eastern
was
to study the Japanese aggression
upon
Sep
.
29,
Sep
.
Oct.
30,
Oct. 3,
Oct. 4,
1934
2,
1935
1936
1933
488,470,000 449,395,969 403,033,339 380,816,183 373,711,831
9,520,421
13,703,066
21,804,000
49,714,324 25,452,723
132,301,183 101,667,479 120,009,408 144,172,988 154,934,937
80,874.574 107,040,458 108.627,073
Bankers' accounts.
60,718,519
95,122,308
40,948,960 39,134,834 37,132,530 46,307,864
Other accounts
37,178,875
Circulation
Public deposits
Other deposits
Securities
Reserve notes & coin
Coin and bullion
81,127,088
22,916,685
11,056,379
81,684,164
28,990,494
39.80%
36.09%
45.44%
2%
2%
2%
8,588,427
22,734.118
12,673,920
11,860,306
10,060,198
20,402,067
78,064,457
71.744,290
60,358,730
39,597,000
328,068,140 249,754,699 194,434,427 192,560.473 191,776,288
Proportion of reserve
to liabilities
Bank rate
47.46%
2%
Bank of France Statement
The Spanish war remains
study by the Assembly's Political Commis¬
82,519,999
28,848,520
17,251,788
11,596,732
52,401,088
80,323,337
26,958,962
6,190,550
20,768,412
2%
__
Disct. & advances.
105,838,000
25.6%
Government secure
Other securities
against China when the Assembly itself found the
question too delicate.
under
ENGLAND'S COMPARATIVE STATEMENT
1937
by the prompt adoption of a resolution
condemning
tabulated the different
huge new palace that was planned
hope for peace still prevailed.
marked
was
are
comparisons for previous years:
BANK OF
The
and securities which
No change was made in the
£872,617.
the
destroyed its general power for peace.
£109,902.
comprised of discounts and ad¬
which increased £982,519
decreased
the
that
Government securities fell
on
£1,029,000 and other securities rose
sion, where the British and French representatives
THE statement for the week of Sept. 23 showed
circulation of 194,000,000 francs,
strenuously opposed Spanish loyalist demands that
which
Italian and German intervention be
to
A technical committee
dealt with.
recognized and
appropriated
on
Wednesday 1,500,000 Swiss francs to combat epi¬
arising out of the war in China.
demics
Last Satur¬
day the Economic Committee took under
tion
some
Australian suggestions for
standards, depressions,
living
and tendencies
considera¬
inquiries into
agricultural credit
likely to influence monetary systems.
Discount Rates of
Foreign Central Banks
THEREdiscount rates of
have been no changes during the week in
the
of the foreign central
any
banks. Present rates at the
in the table
leading centers
are
shown
which follows:
DISCOUNT RATES OF
Effect
Argentina..
Date
vious
Established
Effect
July
counted
The Bank's gold hold¬
the total remaining at 55,805,022,113 francs.
Gold a year ago totaled 50,111,283,678 francs and the year before 71,951,997,688
74.72% the previous year.
ings showed no change,
francs.
Credit balances abroad, advances against se¬
curities
and temporary
4*4
Nov. 29 1935
3*4
for Week
Sept. 23, 1937
Sept. 25,1936
3
June 30 1932
3*4
Francs
Francs
Francs
Aug
1935
4*4
Italy..
7
3.29
Japan
«•«.
3
Chile
4
Jan.
24 1935
4*4
Java
Colombia..
4
July
18 1933
5
Jugoslavia
Aug
28 1935
May 18 1936
5
3.65
Jan.
4
Credit bals. abroad,
a
Feb.
1 1935
6*4
5*4
July
1 1936
6
.
5
1 1936
Jan.
3*4
Morocco
6*4
5
Norway
4
May 28 1935
Dec.
5 1936
5
Jan.
2 1937
4
Oct.
19 1936
3*4
England
2
June 30 1932
2*4
Portugal
Estonia
5
Sept. 25 1934
5*4
Rumania
Finland
4
Dec.
4 1934
4*4
France
3*4
Sept.
2 1937
4
4
Sept. 30 1932
6
Jan.
4 1937
No change
Gold holdings
6 1936
14 1937
Apr.
Lithuania..
Czechoslo¬
4*4
3*4
6
bills
discounted.,
abr'd
Adv. against secure.
Note circulation
Oct.
25 1933
4
Aug.
11 1937
4*4
Credit, current accts
Dec.
7 1934
6
c
South Africa
4*4
3*4
May
15 1933
4
Spain
5
July
10 1935
5*4
5
Sweden
3
Switzerland
2*4
1**
1933
7
Nov. 25 1936
Francs
•
55,805,022,113 50,111,283,687 71,951,997,688
7,913,412
11,327,105
12,252,768
+986,000,000
9,692,534,270
7,484,129,391
8,060,416,025
1,224.570,698
1,233,598,271
808,620,210
No change
—138,000,000 3,805,368,600 3,552,859,460 3,097.824,212
88,645,782,940 83,749,835,620 82,398.688,805
—194,000,000
8,339,220,178 13,898,900,734
+ 614,000,000 19,478,543.819
2
Poland
.
.
Dec.
1
Temp. advs. with¬
out Int. to State..
Propor'n of gold on
hand to sight llab.
—10,000,000 25,998,455,160 15,903,423,000
—0.20%
51.61%
54.42%
74.72%
b Includes bills discounted abroad, c Rep¬
resenting drafts on Treasury on 10-blllion-franc credit opened at Bank.
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.
Foreign Money Rates
Includes bills
of gold to
Bank of Germany Statement
were
months'
Friday of last week. Money
purchased In France,
the franc
IN LONDON open market discount rates9-16%. on
Friday
9-16% as against for short
on
—2,000,000
Sept. 27.1935
French commercial
b Bills bought
■
bills
COMPARATIVE STATEMENT
3
Mar. 11
.
BANK OF FRANCE'S
2*4
India
2 *4
.
for
previous years:
Ireland
6
Greece
furnish the various items with comparisons
Hungary...
Canada
4
francs, 138,000,000
respectively. Below
2*4
Bulgaria...
.
advances to State recorded
2,000,000
namely
decreases,
4*4
May
Germany
2 1936
Dec.
ratio is
reserve
4~
July
2
.
The
against 54.42% last year and
as
15 1935
15 1935
4
Danzig
51.61%,
at
10 1935
1 1935
3*
Belgium
3
986,000,000 francs and creditor current
614,000,000 francs.
accounts
now
Rate
2
ago
year
Changes
Batavla
vakia
rose
4
Austria
Denmark
vious
Established
Holland
1 1936
Mar.
Date
Oct. 1
Country
Rate
3*4
Pre¬
Rate in
a
French commercial bills dis¬
82,398,688,805 francs.
FOREIGN CENTRAL BANKS
Oct. 1
Circulation
88,645,782,940 francs.
aggregated 83,749,835,620 francs and two years ago
we
Country
brought the total of notes outstanding down
francs, and 10,000,000 francs,
Pre¬
Rate in
loss in note
a
Friday of last week, and 9-16% for three
bills
on
against 9-16% on
as
call at London
on
Friday
was
H%-
At Paris the
market rate remains at 3M% ar*d in Switzer¬
open
land at
1%. ~
Bank of
England Statement
THE statement for the week endednote circulation
expansion of £2,501,000 in Sept. 29 shows
an
which
was
partly offset by a gain of £36,517 in gold
decreased £2,464,000. The
Bank's gold is at another peak of £328,068,140 in
comparison with £249,754,699 a year ago.
Public
holdings and
so reserves
THE statement for the increase in gold holdings
tember showed another third quarter of Sep¬
of
81,000
marks, which brought the total up to
70,032,000 marks.
Gold holdings a year ago aggre¬
gated 64,970,000 marks and two years ago 94,742,000 marks.
A loss in note circulation of 96,000,000
marks,
marks reduced the total to 4,667,000,000
compared with 4,177,052,000 marks last
Decreases were also recorded in bills of
and checks, in advances and in other
year.
exchange
assets.
as
*
The Bank's
reserve
ratio is now at
against 1.69% a year ago
1.63%,
and 2.67% the year
2126
:
Financial
before.
Reserves
in
foreign^currency
silver and
271,000 marks,
other
coins
1
marks.
Below
Bid
Prime eligible bills.
•u
Asked
a
—30 Days
Bid
4
DELIVERY
Asked
Bid
»w
60 Days
•
Bid
Asked
4
.
FOR
Asked
%
Bid
Prime eligible bills.
—120 Days—
Bid
90 Days
furnish the various
we
——160 Days
Asked
H
ma¬
1937
DELIVERY
-180 Days
turing obligations 2,313,000 marks and other liabil¬
ities 8,687,000
Oct. 2,
SPOT
increased
20,596,000
marks, investments 18,000 marks, other daily
;
Chronicle
i«
DAYS
Eligible member banks
items with comparisons
for previous
years:
Eligible
non
Asked
,
H
WITHIN THIRTY
44% bid
member banks
1.111111111.
H % bid
REICHSBANK'S COMPARATIVE STATEMENT
Discount Rates of the Federal Reserve Banks
Changes
Sept. 23. 1937 Sept. 23. 1936 Sept. 23. 1935
for Week
Reichsmarks
Assets—
Gold and bullion....
...—...
—.—
Other assets
—...
.
Reichsmaiks
64.970.000
94.742.000
20.065.000
22.528.000
29.376.000
5.907.000
+271.000
5.685.000
6.618.000
—61.960.000 4.763.139.0(H) 4.299.285.000 3.643.137.000
209.342.000
206.883.000
+20 696 000
213.239.000
29.317.000
—3,68+000
39.855.000
44.556.000
Silver and other coin...
Investments
Reichsmarks
70.032.000
No change
Of which deitos. abr'd
Res've In fur'n currency
Bills of excb. and checks
Advances
Reichsmarks
+ 81.000
.
403.714.000
527.599.000
633.721.000
The following is the schedule of rates
for
the
classes
various
of
now
in effect
the
at
paper
different
Reserve banks:
697.727.000
..
no changes this week in the
of the Federal Reserve banks.
rates
668.182.000
762.807,000
+18.000
—33.608.000
THERE have been
rediscount
DISCOUNT RATES OF FEDERAL RESERVE
BANKS
Liabl Ules—
Notes In circulation
—96.000.000 4.667 000.000 4.177.052.000 3.803.691.000
651.723.000
+2.313.000
732.292.000
754 583.000
275.671.000
+ 8,687.000
245,094.000
244,481.000
Other dally matur. oblig.
Other liah lltles..
Rate in
Federal Reserve Bank
Date
clrcul'n.
curr. to note
1.63%
1.69%
2.67%
Oct.
Boston
New
Previous
Established
Rate
Effect on
1
Proj>or'n of gold A for'n
14
York
Sept.
2 1937
Aug. 27 1937
1
Philadelphia
14
New
rates
Market
occasioned
was
eral Reserve
tive
in all departments.
but this change
to former
levels, with
The
issue of
computed
for all
a
was
paper
fair degree of activity
were at
0.384%
average
a
fur¬
to
discount,
annual bank discount basis.
an
90
Call
Exchange held to 1%
transactions, while time loans
months'
yet of
as
commercial
$50,000,000 discount bills due in 273
on
maturities
made effec¬
reflection
and
the New York Stock
on
Some
Treasury sold last Monday
days, and awards
loans
no
Bankers' bills
in the latter.
ther
14
Aug. 21
1937
Chicago
14
14
14
14
Aug. 21
1937
fit.
I»Ul8
Kansas City
Dallas
Ban
days and 1%%
were
1 34% for
for four to six
Course of
Stock
detail with
call
loan rates
Exchange from day to day, 1%
and
continues
renewals.
quiet,
this week.
90
that
no
for
The
market
American
summer
are
movement of
with
has
the
2
2
on
on
fully effective.
Sterling-
equalization
funds.
Tourist
an
end.
In terms of all
sterling is firm and there is
a
marked
foreign funds to London seeking both
a
pared with
The range this week has been
for
time
new
money
paper
has been
this week.
Bankers'
Acceptances
a
a range
continues
unseasonably low and the market has
no
quiet
throughout
change in the rates.
the
week.
The official
issued by the Federal Reserve Bank of
futures.
situation
Paris
$4.95 9-16,
com¬
of between $4.94^ and $4,963^
There
can
be
doubt
no
that
Washington.
dispatches
on
:
v '
^
f ^;
Sept. 28 stated that quotations
on
the
Paris Bourse
temporarily discontinued by banks and
future discounts.
did
ment
action
the
*of the franc is causing anxiety in both
pound and dollar futures
as a
on
It is understood that the Govern¬
order the suspension,
not
rumored.
was
foreigi
result of the recent tension
It
seems
although such
that official
sources
suggested to foreign exchange dealers the temporary
suspension, and the exchange traders and the banks
acted
of
months, %% bid and 9-16% asked.
on
franc.
3^2% for bills
and
French franc, as is seen particularly in the action of
franc
and including 90 days are
lA% bid and 7-16% asked; for bills running for four
months, 9-16% bid and %% asked; for five and six
The bill-buying
$4.94 9-16
The most important factor affecting the
foreign
exchanges at present is the renewed weakness in the
New York for bills
up-to
rate of the New York Reserve Bank is
between
The range for cable transfers
week ago.
exchange dealers
WHILE the demand brisk the bankers'acceptances
fairly for prime supply of high class
comparatively
of
range
been between $4.94 9-16 and
were
as
pressure
now
safety and investment.
on
quotations
1937
3 1937
Sept.
virtually at
now
other currencies
unchanged at 1% for all maturities.
There has been
autumn
exchange
London and
been
31
Aug
requirements which strengthened sterling during the
Paper has been in good
supply and the demand has been brisk. Rates are
bills has been
2
3 1937
are held within
relatively narrow
through the cooperation of the British and
the
transactions having been reported
prime commercial
active and strong
2
2
Sept.
dollar fluctuations
limits
on
Rates continued nominal at
market
the
was
l%% up to
days and \lA% for four to six months' maturities.
The
2 1937
Aug. 24 1937
STERLING exchange is relatively firm considering
the pound
$4.96 7-16 last week.
ruling quotation all through the week for both
loans
2
Sterling Exchange
commercial account is
pared
EALING in
2
Sept.
14
14
Francisco
2
■+;'
between $4,943^ and $4,953^ for bankers' sight, com¬
datings.
New York Money Rates
D
Aug. 27 1937
by liberalization of the Fed¬
yesterday and there is
matter.
held
2
2
regulations governing the eligibility of
discountable paper,
the
4 1937
11 1935
Richmond
money
unchanged
were
interest
York
Sept.
May
Cleveland
CFTLE demand for accommodationthis week, and
was noted in
market
the
14
14
14
Atlanta
New York Money
v;
2
The
the suggestion.
Finance
Ministry
urges
banks to limit sales
foreign exchange to commercial
ments
of
a
as
a
measure
Officials
previous
running from 1 to 90 days; %% for 91- to 120-day
bills, and 1% for 121-to 180-day bills. The Federal
centers
Reserve^ank's
to check
or
travel require¬
speculation against the
designate the action merely
a
renewal
"request" to discourage speculators.
political.
changed at
quoting the
holdings of acceptances remain
$3,026,000.
same
rates
Open market dealers
as
those
reported
Federal Reserve Bank of New York.
open
market acceptances
N
are as
un¬
are
by the
The rates for
follows:
Financial quarters in Paris and in other
The
the
were
new
inclined to consider the step as
pressure on
tripartite
the franc makes it clear that
agreement
functioning
so
"continued
adherence"
far
as
European
essentially
of last fall is
no
the franc is concerned.
longer
French
to^fche agreement must
be
Volume 145
considered
the
as
French
Bank
Financial
of
diplomatic fiction.
a
The position of
Treasury and the gold holdings of the
France
longer permit of
no
active
par¬
2127
Chronicle
Gold
continues
United States in
the
flow to
to
large volume, but the daily gold reports from London
show
that
large
a
of the world production
part
ticipation in the original agreement. All that has
been gained
a result of the agreements of Septem¬
reaching London daily is finding permanent lodgment
ber and
are
Otrmber, 1936 is close cooperation between
British and American control authorities.
As
a
the franc,
Continental hoarders have been active in the London
gold
to
as
the best form of investment.
Their
eagerness
buy the metal has forced the London gold price
several
up
from
pence,
frequently
trading they have
premiums of
fixing hour, 11
have been
also
seeking, actively, in¬
form of
It is believed that the matter
during the
Washington
was
visit
currency
onerous
foreign balances and investments
in
^
United
that the
fear
authorities may impose some
on
States
taxation
this side.
on
recently discussed
Frederick
Sir
of
Phillips, Under Secretary of the British Treasury.
The
question involves the issue of so-called "hot
No official statement has been issued
money."
to
the
of the conversations,
nature
any
as
but it is clear
from London advices that the British authorities
opposed to
are
which interferes with the
measure
free inter-market movement
of funds.
be
of British
contrary to the spirit
Federation of British Industries convened
consider
to
industry.
as
think
circles
financial
such
legitimate
enterprise and
London's world-wide
object.
freedom
on
the
on
foreign capital." London regards the anxiety
in
Washington respecting foreign
as
merely another indication of the Administration's
the
on
money on
this side
bankers regard
British
control.
international
dangerous.
In the
flow
of
any
capital
as
/
early part of this
year
it
Such
$7,000,000,000.
believed to amount to
is
was
estimated that
holdings
are
been
felt
respect
to
the
"hot
concern
money"
Of the total of $8,000,000,000 bankers
problem.
believe
with
now
The belief
$8,000,000,000.
general in financial circles that undue
has
that
not
more
than
one-half
constitute
Sprague of Harvard declares:
significance
of foreign
money
in the
United States is that it tends to weaken the position
of the country
the
chief
the
Sept. 29
on
war
British
on
attended by
was
of
owners
repre¬
property in China
months' bills
Gold
reported to
the
in
have
£326.000,
£606,000,
London
market
£464,000,
was
avail¬
Tuesday
on
Thursday
on
Friday £1,062,000.
on
the week ended
by
entirely
Monday £401,000,
on
At the Port of New York the
Sept. 29,
Reserve Bank of New
as
York,
gold movement for
reported by the Federal
was as
NEW YORK,
MOVEMENT AT
follows:
SEPT. 23 SEPT. 29, INCL.
Imports
v
four-
week is
this
almost
On Saturday last there
Wednesday
on
£637,000, and
GOLD
9-16%,
are
been taken
foreign hoarders.
able
bills
19-32%, and six-months' bills 23-32%.
offer
on
bills is in supply at M%-
three-months'
jExports
6,467.000 from England
None
1
Net Change in
Gold Earmarked for Foreign Account
Decrease: $5,675,000
from which it comes."
cause
of
"security appreciation in the United States is greater
than in
;
.
$111,000 from Australia.
The
above
figures
yy.•y+
..y
.
for the week ended
are
On Thursday $5,310,400 of gold
Wednesday.
received of which $2,668,800 came from
There
$2,641,600 from Belgium.
the metal
or
account.
On
of which
$2,790,400
■' ;
on
was
Canada and
were no
exports of
change in gold held earmarked for foreign
Friday $4,467,000 of gold
from India and
came
received,
was
from Belgium, $1,256,600
$420,000 from England.
There we?e
exports of the metal but gold held earmarked for
foreign account decreased $1,125,200.
Gold held in the inactive fund, as indicated in the
daily Treasury statements issued during the week
ended last Wednesday, was as follows.
day changes
ouf
are
own
The day-to¬
calculations:
INACTIVEYnJND
GOLD HELD IN THE TREASURY'S
Daily Chang<
Amount
Date-—
+$18,099,99
$1,180,151,431
September 23.
—-
+5,562,104
1,185,713,535
1,185,795,399
+81,864
-
1,189,459,496
+3,664,097
—-
1,202,479,975
+ 13,020,479
——-
1,202,638,667
+158,692
September 27
,.1
September 28
September 29.....
...
Increase for the Week Ended Wednesday
And he finds
foreign investment here is that
"
that approximately $5,890,000 of gold
received at San Francisco of which $5,779,000 came from Japan, and
Note—We have been notified
September 25
Professor O, M. W.
chief
British
September 24
mobile funds.
"The
of
Call money against
and
Two-
no
foreign holdings in the United States totaled approxi¬
mately
effects
The conference
'hot money' problem is not
dealing and the absence of restrictions
restriction
ill
"The suggestion to
financial center is based
as a
passion for
a
$18,537,000 total
penalize
probably fail in its
of
as
Money continues cheap and abundant in Lombard
Street.
was
would
inflow of
+
it is located in the coastal cities.
arising in the United States
of solving the
London
reputation
the
1,127,000 from India
One London dispatch stated:
taxation
yy .VYy yy
conflict^between Japan and China. The
1,669.000 from Canada
tax investment income
approved.
v'YY'y y yy. y: y;1
is felt that losses will be suffered
concern
result of the
Such inter¬
banking and business,
as a means
'vy
$9,274,000 from Belgium
ference would
yy
some
>
industry continues active in all fields, but
£180,000,000, most of which is in danger
are
to
British
valued at
foreign funds to gold and
attributed
is
notes
most direct method.
French nationals
vestments in British and other bank notes.
The return of
higher and shipments from
of
London time.
hoarders
Japanese authorities
sentatives
especially conspicuous in the gold market
and French
that the
above the price set at the
pence
a. m.
18 to
occasions offered
numerous
on
few
a
Sept.
on
Besides, in the afternoon
6%d.
140s.
Id.
140s.
seem
sending gold directly to London, although
Japan to Pacific ports would be the cheapest and
resorting to
or more,
It would
now
the New York price is
result of the renewed pressure on
gold market in the past week
there.
$40,587,231
,
y
Canadian exchange during the week was relatively
steady. Montreal funds ranged between a discount of
European countries." In view of the opinion
of British and other bankers, it is not surprising to
learn that Treasury officials here now declare that
the question of "hot money" is not of immediate
concern and that no practical measures can be taken
price, and the price paid for gold by the United
at this time to alter the situation.
States:
1-64% and par.1
The
following
check rate
on
y y.■Y;Y
tables
show
;'Y.y:..
the
Paris, the London
y •
/
■y"
f
>.
mean
open
London
market gold
V;:y
Y /
Financial Chronicle
2128
MEAN LONDON CHECK RATE
ON PARIS
144.54
144.54
144.53
Friday,
144.75
144.60
Monday, Sept. 27
Tuesday, Sept. 28
Oct.
LONDON OPEN MARKET GOLD
Saturday, Sept. 25
Monday, Sept. 27
Tuesday, Sept. 28
140s. 4)^d.
140s. 6)4d.
BY THE UNITED
FOR GOLD
Monday,
_
$35.00
35.00
Saturday last
on
was
trading.
35.00
35.00
from
up
previous
Bankers' sight
close
Monday sterling
The
bankers'
a
to
in
ease
On
dull
a
$4.94)4@$4.95 5-16 for
was
sight and $4.94 13-16@$4.95)4 f°r cable
On
transfers.
in
inclined
was
range
in
$4.95 3-16®
was
$4.95)4; cable transfers, $4.95)4@$4.95 7-16.
market.
Tuesday sterling
very narrow
market.
Tuesday.
on
lowest
levels
These discounts
recorded
yet
by the
Evidently the French control
floating Bonnet franc.
has intervened to hold the spot rate
but finds it
impracticable
or
relatively steady,
impossible to support
forward francs.
Belgian
Referring to day-to-day rates, sterling exchange
limited
the
2, 1937
(FEDERAL
Wednesday, Sept. 29
Thursday,
Sept. 30
Friday,
Oct.
1-
Tuesday, Sept. 28-.w.—— 35.00
i
PRICE
constituted
BANK)
.$35.00
Sept. 27
1
STATES
RESERVE
Saturday, Sept. 25
144.58
Wednesday, Sept. 29-—140s. 7d.
Thursday,
Sept. 30_.- 140s. 7)4d.
Friday,
Oct.
l___140s. 7)4d.
140s. 6d.
PRICE PAID
points, against 19)4
Wednesday, Sept. 29
Thursday,
Sept. 30
Saturday, Sept. 25-.'
Oct.
inclined to
was
Bankers' sight
was
ease
$4.94)4
@$4.94)4; cable transfers, $4.94 9-16@$4.94)4*
On
week.
It
shows
currency
thought for
was
little
time
a
change
from
belga looked stronger, but the rate has since fallen
Sept. 28 30-day belgas have had
between
three.
and
1)4
In the
discount
discount
a
points,
prevailing only
and the
Sept. 24.
The
satis¬
weakness
present
the
in
unit
part to the severe crisis of the French franc.
$4.95 3-16; cable transfers, $4.94
9-16@$4.95)4y On
Thursday the pound continued steady.
$4.94J4@$4.95 3-16
was
The
bankers'
for
steady.
was
The
range
was
and
sight
$4.94 15-16@$4.95)4 for cable transfers.
sterling
range
On Friday
$4.95 1-16®
4.95)4 f°r bankers' sight and $4.9534@$4.95 9-16
for
cable
transfers.
Closing quotations
demand and
$4.95 7-16 for
were
transfers.
Commercial
on
Friday
showed
of
gold stocks of 3,511,900,000 belgas,
total liabilities of
week
of
69.44%.
been
have
German marks showed
conditions
documents
material
imports,
7-day grain bills at $4.94)4*
Cotton and grain for
payment closed at $4.9534*
FRENCH francs are under renewed pressure, as
strongly evident in the market
Tuesday
and
on
Wednesday.
On
a
few minutes
drawal of official support,
upon a
brief test with¬
but returned to 3.4234*
Future francs show extreme weakness.
On
Sept. 27 the Bank of France authorities in¬
stituted
rigid
"unofficial"
exchange transactions.
restrictions
meeting with representatives of
banks
private
"temporarily"
and
requested
forward
suspend
to
in
permitted to
a
forward
However,
dollar
indications of
new
Reich.
certain extent to limited actual
business.
The
request of the Bank of
France has the effect of law.
After the meeting of the
bankers
no
communique
generally believed that
cussed
of
was
ways
issued,
and
gold
or
nominal,
limited
around
mark
amounts
and
a reserve
The
selected
to
b France
ratio of
or
Holland
in
the
are
market
on
future.
5.26
22.96)4 to 22.97)*
68.06
55.22)4 to 55.30
5.26
to
5.26 J*
dis¬
to "float"
on
parity
32.67
40.20
(guilder)
New dollar
8.91
19.30
was
virtually suspended
definitely
Tuesday showed clearly
developments
as
June 30.
The London check rate
144.75, against 144.65
closed at
for
sight bills
cable
Paris closed
on
Friday
Friday of last week.
In
the French center finished
on
Friday of last week; cable
3.4334) against 3.4234*
Antwerp belgas
16.84)4 for bankers' sight and at 16.8434
transfers,
against
quotations for
bankers'
on
on
on
3.40, against 3.41)4
Final
The discount
3.43 H
16.822* to 16.85
it
at their extreme
entertained of adverse
16.95
Week
to
were
but
means
at most confined to the small volume of
The forward
3.35
before devaluation of the European currencies
between Sept. 25 and Oct. 3, 1936. b The franc cut from gold and allowed
a
known commercial needs.
that fears
not
Range
This
Parity
6.63
13.90
Switzerland (franc)
at
was
Old Dollar
a
3.92
Belgium (belga).
transfers at
business
does
1.63%.
(franc)
francs
as
It
sources.
The Reichsbank statement
Parity
New York
nominal
practically
are
European currencies to the United States dollar:
foreign bank notes which the French public has
again been buying.
The quotations for forward
were
40.13
following table shows the relation of the leading
in
lows
and sub¬
new
Sept. 23 showed total gold of 70,032,000 marks,
at
even
a
only 6,000,000 marks remain
year
represent a free market.
for
checking flight of capital from France,
but
foreign exchange
this exchange is strictly doled out in
as
speculation in the franc, and the growing business
declined sharply,
a
Current quotations for the so-called
Italy (lira)
commercial
raw
were
exportation of gold, with the result that of
and
transactions
in
For instance the trade report for August,
beginning of the
free
a
the leading Paris
them
Recent
increase
but German manufacturers
New Dollar
dealings
all
pound sterling exchange.
will be
on
The Bank of France held
to
146,000,000 marks of gold imported by Germany since
the
in the
Friday the franc declined almost 8 points to
3.3534 within
York
months.
large
a
though excellent in itself, divulged
stantial
was
witnessed
nonplussed by
shortage.
Continental and Other Foreign Exchange
New
important change from
no
during past
prevalent
have
(60 days) at $4.94)4, and
Most of this gold is
shipped to
support the currency.
months
payment
The statement of Sept. 23
63,200,000 belgas..
to
60-day bills at $4.94 7-16, 90-day bills at $4.94)4,
for
ratio
a
ratio of gold to
a
decrease in gold holdings from the previous
a
believed
In its
Sept. 23 the National Bank of Belgium
gold to notes of 80.01% and
showed
$4.95)4 for cable
sight bills finished at $4.95)4,
is
largely attributable to political disturbances and in
statement of
$4.9434®
was
a
more
every way
on
banking position of Belgium is in
factory
around
of between nine and 12, the
range
of
range
averaging
period 90-day belgas have had
same
discount
severe
four
Wednesday the foreign exchanges continued quiet,
Bankers' sight
to
16.84, which is just under the gold point for shipment
from Antwerp to New York.
Between Sept. 21 and
with sterling
steady.
last
Monday that the
on
16.8334
Berlin marks
and
were
16.83)4*
40.14 for
sight bills and 40.14 for cable transfers, in
comparison with 40.13 and 40.13.
Italian lire closed
at 5.26 for bankers'
sight bills and at 5.2634 for cable
francs increased to
transfers,
5.2634
that
schillings closed at 18.83, against 18.85; exchange
On
of
very
near
on
30-day
11)4 points on Monday, while
90-day francs widened to 1934 from 16)4*
Wednesday 30-day francs were bid at a discount
on
12
points under spot and 90-day francs at 23
against
Czechoslovakia at
arest
at
0.74,
and
5.2634*
3.50)4, against 3.49J4;
against
0.74;
on
Austrian
on
Poland at
on
Buch¬
18.92,
V
t
»
■
Volume
Financial
against 18.92; and
Finland at 2.20, against 2.20.
Greek exchange
on
that if the
—♦—
new
of recent weeks.
those
from
These units
move
in
harmony with sterling, though the Swiss franc and
the Dutch
of
to
guilder have certain independent features
strength. The strength in these units is due largely
the fact that both Holland and Switzerland
countries of
refuge for
uneasy money.
of funds into both countries
Swiss
of
ment
and
sight
55.30, against 55.30
transfers
sight
at
bills
closed at
55.30,
on
2d.
Is.
per
A few
yen.
$3,970,000 of gold
from
recently
was
days
of
approximately
ago
received in London directly
Unofficial private advices from Tokio
Japan.
to the effect that further shipments of
were
gold from Japan would be sent to England rather
than to the United States, because
country
Closing quotations for
28.86, against 28.83
Shanghai
shipments to this
"misunderstood" in the United States.
were
kong closed at
Friday at
Japanese
on
31.06@31%,
nominal
is
checks yesterday
yen
Friday of last week.
31.05@31%;
against
29.70@29 27-32,
at
were
Hong¬
against
Friday of last week; cable
on
29%@30 1-16; Manila closed at 50.15, against 50.20;
55.30; and commercial
Singapore at 58.25, against 58.20; Bombay at 37.42,
Swiss francs
against 37.40; and Calcutta at 37.42, against 37.40.
against
55.25.
against
55.24,
at
opportunities.
Amsterdam finished
on
decided
continue to be pegged to sterling at the rate
yen
largely offsets a move¬
Newr York in search of investment
Bankers'
are
The movement
funds into London and
Dutch
a
jbe expected. Dutch colonial exports are
already reflecting the impact of hostilities.
EXCHANGE on the countries neutral importance
presents
features of during the
no
fighting continues and widens,
setback must
closed at 0.90%, against 0.91.
war
2129
Chronicle
145
22.97% for checks and at 22.97% for cable
transfers, against 22.96% and 22.96%.
checks finished at 22.12 and cable transfers at 22.12,
and 22.10%.
against 22.10%
Gold Bullion in European
Copenhagen
Checks
Sweden
on
Banks
THE following table indicates the amounts of gold
(converted into pounds sterling at
bullion
par
closed at 25.55 and cable transfers at 25.55, against
of
25.53 and 25.53;
respective dates of most recent statements, reported
while checks
on
Norway finished at
24.90 and cable transfers at 24.90,
24.88.
Spanish pesetas
against 24.88 and
not quoted in New York.
are
to
exchange) in the principal European banks
by special cable yesterday (Friday); comparisons
us
shown for the
are
EXCHANGE firm. These American countries is
generally on the South units move in close
1937
Banks of—
the
South
American
countries
fluctuations.
All
have experienced
excellent
export
and
seasons
are
now
in¬
creasing their imports, which consist for the most
During the period from 1932
part of luxury goods.
1936 total
to
Latin American imports
increased by
The principal countries competing for these
13%.
Spain
Netherlands
Nat. Belg._
Switzerland.
Sweden....
Denmark
Great
Britain and Japan.
In 1936 the share of the United
States was 49.6%, compared with 48% in 1933.
Great Britain's share in 1936 dropped to 28.1% from
32.2% in 1933, while Germany's portion increased
from 17.4% in 1933 to 23.6% in 1936. Japan's share
in 1936 was 3.7%, against a peak of 4.7% in 1934. In
1936 Germany displaced the United States as the
principal foreign market of Brazil and Chile, but had
are
not made
United
the
States,
Germany,
corresponding gains in Argentina.
unofficial
or
pesos
paper
market
free
against 6.45@6.50.
closed
in
on
milreis is
6.20@6.25,
Chilean exchange is nominally
quoted at 5.19, against 5.19.
£
£
249,754,699
194,434,427
575,615.981
192,560,473
658.247,693
191,776.288
656.761,712
Peru is nominal at
25.25, against 25.75.
.
move
Undoubtedly foreign trade
has experienced more or less disturbance as a con¬
sequence of the conflict between China and Japan.
fluctuations.
British manufacturers
the
loss in trade
are
now
taking cognizance of
caused by the damage to
British
coastal cities of China.
According to Amsterdam dispatches Holland's com¬
property owned chiefly in the
mercial interests in the Far East,
siderable
magnitude,
which
believed in
of
con¬
have thus far suffered only
Nevertheless
foreign trade circles in Amsterdam
negligible adverse effects from the war.
it is
are
3,257,600
2.707.950
15,414,000
90,774,000
90,617,000
90,404,000
49,350,000
68,608,000
76.061,000
59,047,000
43,912,000
97,530,000
46,614,000
72,011,000
70.096.000
55,147,000
24,157,000
20,153,000
6.552,000
6,555,000
7,397.000
7,397,000
6,604,000
6,602,000
6,579,000
6.569,000
106,196,000
Pre v. week.
held
Amount
Dec.
Bank of Germany
are
77,311.000
66,351,000
61.583.000
15,535,000
14,044,000
31,
b Gold holdings of the
1936, latest figure available,
exclusive of gold held abroad, the amount of which Is now
£1,002,760.
reported at
76,157,000
1,064,994,632 1,041,041,968 1,134,798,008 1,256,771,116 1,267,417.000
1.066,181,065 1,058,949,214 1,135,793.199 1,254,738,667 1,263,153,065
Total week.
c
1, 1936, latest figure available
revalued on July 23, 1937, at 43 milligrams
Amount held Aug.
The gold of the Bank of France was
of gold, 0.9 fine, equal to one franc; this was the
second change In the gold's value
place on Sept. 26, 1936.
with
65.6 mgs. previously.
On the basis of 65.5 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs. about 165 francs equaled £1 sterling, and at
within
when
than
less
the gold
a
year,
the
previous revaluation took
given a value of 49 milligrams to the franc as compared
was
43 mgs., there are about 190 francs to £1.
President Roosevelt9s Western Tour
President Roosevelt's western tour
primarily
is, of
course,
political expedition.
a
tended to
Mixed with rest
will
begrudge, it is in¬
give him
an
no
one
opportunity to feel the public
pulse, take the political temperature, and find out
how
region into which
a
a very
large amount of
public money has been and is being poured feels
about
him
and
his
policies.
What is said in the
speeches which punctuate such a tour will, accord¬
ingly, be directed not only at matters of local or
regional interest but also at other matters in which
a
local
or
of
regional
response may
give
some
indica¬
general feeling or opinion throughout the
country.
EXCHANGE on the close Eastern countries con¬
in Far
sympathy with dollarsterling
2.027,000
88,092.000
42,575,000
6,602,000
Norway
tion
♦—
tinues to
400,890,269
and recreation which
Friday, official
quotations, at 33.03 for bankers' sight bills, against
33.00 on Friday of last week; cable transfers at 33.03,
against 33.00.
The unofficial or free market close
was
29.85@30.05, against 29.87@29.90.
Brazilian
milreis, official rates, were 8.85, against 8.84. The
Argentine
.
£
2,498,850
c87,323,000
825,232,000
105,490,000
102,145,000
81,401,000
25,975,000
6,549,000
Germany b.
a
imports
1933
£
328,068,140
293,710,642
France
Italy
several
1934
1935
1936
£
England
sterling-dollar
with
corresponding dates in the previous
four years:
♦
sympathy
of
as
It
is interesting
to
note
that,
in
the
speeches thus far made, no mention has appeared
of the
subject which it was generally expected would
be made
one
When the
of Mr. Roosevelt's principal concerns.
court-packing bill
was
defeated in the
Senate, there was a general expectation, strength¬
ened
by intimations gathered from the-White House,
that
Democratic members who had
the
of
bill would be made
political reprisal.
when Mr.
ton
on
voted
against
the subjects of some kind
The impression was deepened
Roosevelt, in his radio speech at Washing¬
Sept. 17, renewed his criticisms of the Con¬
stitution
as an
instrument whose interpretation by
Financial
2130
the
Federal
that
judiciary needed to be reformed.
speech, broadcast
dred and
fiftieth
Constitution
the day when the
on
In
hun¬
one
anniversary of the signing of the
being celebrated, Mr.
was
Roosevelt
elaborated the contention that the Constitution
"a
layman's
and
document, not
lawyer's contract,''
a
permitted himself the strange
ing that Madison,
not
declared,
of declar¬
error
"was
charter of general
a
principles—
Oct. 2,
.the present time.
his pur¬
get control of the Supreme Court, but if he
pose to
raises the court issue later in his tour,
ably be at
it will prob¬
point where the atmosphere is ad¬
some
judged to be
be in
1937
There is, unhappily, no reason to
believe that Mr. Roosevelt has abandoned
favorable than it has appeared to
more
Wyoming.
At other
of the principal framers, was
one
"This great layman's document," he
lawyer.
a
was
Chronicle
points Mr. Roosevelt's speeches show
intention
of
program.
At Marshalltown, Iowa, he told
modifying
any
essential part
no
of his
crowd
a
completely different from the 'whereases' and the
that assembled about his train that "one of the ob¬
'parties of the first part' and the fine print which
jectives of government"
lawyers put into leases and insurance policies and
prices."
instalment
that
agreements."
"You will find
no
justifi¬
This, he said,
have let slide this
we
cation in any
theless,
he
civilization must
of the language of the Constitution,"
continued, "for delay in the reforms which the
of
mass
.nearly
American
the
people
demand.
now
Yet
attempt to meet those demands
every
social and economic betterment has been
for
jeopardized
actually forbidden by those who have sought to
or
read into the Constitution
refused
ers
to
write
language which the fram¬
into
speech concluded with
the
Constitution."
The
appeal to the American
an
in
that
lished,
Roosevelt took
crop
interpreters."
tion is
was
seemed
a
clear,
mination
learned
challenge
Mr.
determined to
was
appeared
that
which
the
be
to
Roosevelt, it
press.
assured
The deter¬
it
when
presidential tour would include
Wyoming, the State of Senator O'Mahoney,
Deal supporter who had parted
company
President
the
on
was
a
New
believed to have had
a
was
large part in writing the Sen¬
ate
report in which the court bill had been scathing¬
ly condemned, and it seemed conclusive when it be¬
came
known that Senator
invited to
O'Mahoney had not been
join the presidential party
on
the journey
through Wyoming.
Yet the court proposal has as
yet not been mentioned in Mr. Roosevelt's speeches,
can
bankrupting the Govern¬
it
means
was
to be estab¬
to be maintained,
was
in
regard to subsidizing the cotton
is to be taken
as a
guide, the control of produc¬
essential part of the scheme.
an
Even Secre¬
tary WTallace, who has been backing and filling of
late in
regard to government support for the farm¬
does not appear to have abandoned the control
ers,
of acreage
and surpluses as necessary elements in
.the undertaking.
At
with the
court-packing proposal and
belief
indicated, but if the position which Mr.
fealty to the Constitution itself and not to its misHere
modern
own
which will stabilize prices
point stabilization
by what
or
his
was
was never¬
that
when the Government
come
means
crop
get for what they grow," and "that
At what
not
was
year," but it
"something
be done without
can
ment."
"the stability of
"one of the big things
solve," and it
and
ways
that farmers
people, "on this solemn anniversary," to "give their
,
opinion,
his
that "the time has
devise
was
was
Cheyenne and Casper, Wyoming, Mr. Roosevelt
praised the public works
who had been forced out of
drought
enabled to obtain land
which
a
especially the
program,
reclamation projects through
great
living. "It is
a
having spent for
on
which
areas
people
would be
they could make
better country," he declared, "for
a
few years
than
more
we
were
taking in in taxes; and do not let anybody deceive
you—the Government of the United States is not
nothing has been said about reprisals, and the Sen¬
going broke." Federal funds, however, of which Wyo¬
ator
actually appeared and had what,
ming had received $60,000,000 in the past four
face,
was a
on
the
sur¬
friendly meeting with the President
on
Wyoming soil.
Whether
the purpose
were
"not
in the next four years,
the
court
issue
has
been
dropped, for
the
as a
result of the
Roosevelt took
of the present tour,
ture for
master General
the
Farley, the latter of whom has pub¬
licly declared that there would be
reprisals by the
whether it has been temporarily
brought out later, or whether reports
Administration,
of
no
or
public opinion in the States which Mr. Roosevelt
has traversed made it advisable to
say
we are
doing it."
Wyoming with staunch loyalty to Senator O'Maho¬
and
willingness to concede his right to inde¬
pendent judgment and action. It may very well be
ney
that Mr.
a
Roosevelt, shrewdly "sizing up" the situa¬
In his judgment,
marked the first occasion, certainly since the
years
Civil War and
our
probably during the whole of the 150
government, that
we are
of the
marked lack of
Mr.
Casper hearers, "the past four
with Mr. Roosevelt have
a
that
unemployment relief is helping to balance
budget, "and
nothing about
it, is uncertain. Newspaper correspondents who are
reported
years,
as
because there is nothing like
thinking in national terms."
apparent interest in the subject, and have credited
fast
office, and the decrease in expendi¬
Mr. Roosevelt told his
of
as
unemployment today that existed" when
representations of Vice-President Garner and Post¬
shelved to be
going to be spent nearly
not only acting but
He
was
"pretty well
convinced," he continued, "that the rank and file
people of this country
of their Government.
.
.
.
approve
the objectives
Constitutional democ¬
in this country is succeeding, despite the ob¬
racy
stacles thrown in its way
by the few people who in
their hearts do not want to
The
see
democracy work."
first formal speech of the tour,
that at the
tion, has concluded that reprisals, if they are to be
attempted at all, may not safely be applied to a
Bonneville Dam, Oregon, on Tuesday, found its nat¬
Congress which will be back in Washington for
ernment.
other session
have to
are
before
long and with which he will
deal, and that he is confident that the people
with him whether the Senate is
over, as
Senator O'Mahoney's term
the next
Congress and there is
him in
an¬
1938, he is not
a
no
or
is not.
runs on
More¬
through
election to trouble
good subject for attack at
ural text in the power
the
What
effect which
have upon
was
policy of the Federal Gov¬
emphasized particularly
was
widespread electrification might
the geographical distribution of popula¬
tion.
Looking at "the Nation and the region fifty
years
from now," Mr. Roosevelt ventured the predic¬
tion "that
power
as
time passes we
will do everything in
our
to encourage the building up of the smaller
Volume
Financial
145
Chronicle
%
2131
That is
railroad in receivership than ever in the past, and
why it has been proposed in the Congress that re-
fewer major railroads are paying dividends to their
stockholders than at any time since Washington
became a principal factor in railroad administration. The Authority's recommendation impells one
to retrospection and inquiry. Why is it that more
than 50 years of active supervision of railroad rates
has not produced a rate-structure so demonstrably
and sufficiently satisfactory as not merely to obvi-
communities of the United States.
.
.
.
gional planning boards be set up for the purpose
of
coordinating the planning for the future in seven
The fear
eight natural geographical regions."
or
this
that
which
"would
would
set
all-powerful authorities
up
destroy State lines, take away local
government and make what people
tarian
authoritarian
or
or
some
call a totali-
other kind
of
a
dangerous national control" was declared to be unOn
founded.
the
contrary, the centralization pro-
posed would enable the President, the
tive
administra-
departments and Congress "to get from each
region
carefully worked out plan each year—a
a
plan based
on
future needs, a plan which will seek
withdiscriminating against any other." It will have the further
"great advantage" of aiding the President and Congress in determining the annual budget, "a budget
which, by the way," Mr. Roosevelt declared, "we
expect to have definitely balanced by the next fiscal
primarily to help all the people of the region
out
unduly favoring any one locality or
year."
Roosevelt is
Mr.
adept in
an
choosing for his
speeches subjects in which his hearers are
be
particularly interested, and in avoiding
tions which
ceived thus
his
might impair the popular force of his
The cordial reception which he has refar on his tour may well convince him
arguments.
that
popularity remains unshaken.
Administration does
a
the
Until his
good deal more than it has
expenditures and de-
done, however, to cut down
mobilize
likely to
specifica-
bureaucratic
army,
his
assurances
will be unconvincing. The findings of his own National Resources Committee, too, make it doubtful that the
Federal power projects will be able to furnish really
cheap power if the actual cost of the undertakings is
represented in the charges to consumers, and it will
not escape notice that most of the projects are located in regions where the outlook for important
industrial developments is far from clear.
Some-
about
an
early balancing of the budget
disclaimer will also be
that largescale regional planning is only part of a scheme of
nation-wide planning intended to bring agriculture,
industry and business, as well as various aspects of
social life, under direct Federal control. There is
hardly an informed student of the subject who will
thing more than a personal
needed to
dispel the well-grounded fear
ate the need for drastic overhauling but prevent the
constant renewal of disturbing suggestions that
radical measures are still desirable?
Can the
answer be that the whole plan of interference'
between the vendors of railroad transportation and
their patrons is artificial and therefore essentially
unstable, and controlled by no fundamental principles on which permanence might rest?
Federal supervision of railroads began, rather
tentatively,^feillhe effective date of the Cullom
Act, April 5,1887. There was a modest revision and
enlargement in 1889, and the continued interest of
Congress has been manifested in at least three extensive revisions: that of 1906, the Hepburn Act; that
of 1910, the Commerce Court Act; and that of 1920,
the Esch-Cummins Act—to say nothing of almost
annual changes that can scarcely be considered as
minor. ^;'i 'C;0:y'
The pattern has changed frequently. In 1903 it
was believed that suppression
of rebates and
promptness in the determination of controversies
carried to the courts were the chief essentials, and
the Elkins Act and the Expedition Act of that year
solved those problems, at least for the time. President Taft considered that a special court, with exelusive jurisdiction (subject to appeal to the Su:
preme Court) over cases arising under the Interstate Commerce Act was the great desideratum, and
the Commerce Court was created, only to prove an
almost complete disappointment and to be abolished
after two years. The 1910 Act went much farther
than Mr. Taft had intended, and probably its most
effective, and unfortunate, feature was the provision, rejected under the leadership of President
Theodore Roosevelt in 1906, permitting the Interstate Commerce Commission to suspend any change
in any rate or rates undertaken by any carrier. In
practice this means that during a long period in
which the value of standard money has declined
with scarcely any interruption, every substantial
not admit that national planning leads inescapably,
effort to offset compulsory advances in wages and
by the very nature of the requirements of its task,
prices of materials and supplies that enter into railto
centralized administration which is essentially
road expenses has been restrained by the Commisdictatorial.
Mr. Roosevelt's explanations and assion, and although about one-half of all the suswill not convince the country that a compended rate schedules have ultimately been declared
prehensive measure of Federal centralization, of
to be just and reasonable and allowed to become
which the proposed regional planning is only a
effective, the deferred adjustments have not prepart, is not in fact his ultimate hope and aim.
vented, nor compensated, severe losses occasioned by
the long delays incident to rate-making by lawsuit.
'
o V:From
his advent as a Senator of the United
Railroad Regulation
A Balance bneet
states, in 1906, Robert M. LaFollette, the elder, who
a
surances
_____
_
y
#y
.
Needed
Now
comes
the Tennessee
as
Valley Authority with
suggestions for revision of the
Interstate Commerce
law and radical
reconstruction of the railroad rate
structure of the
Nation—this when Federal regula-
tion under the Cullom Act
successive
amendatory
and
supplementary enact-
fifty-first year of its hiswhen, also, there are more miles of American
ments, is completing the
tory;
of Feb. 4, 1887, with its
a
member of Congress
in 1886 had opposed the;
indefatigable advocate of a
great inventory and valuation of all railroad property in the country. Only partly convinced, President Theodore Roosevelt agreed that such a valua¬
tion should be provided for, if it could be accomplished within two years and at a cost not exceeding
Cullom Act, was an
$2,000,000; As these conditions could not be
the project was postponed until 1913. By that
met,
time
2132
Senator
LaFollette had
attained
such
prominence
is taken for granted; evidence is not considered
or
legislative stage and his particular brand of
the
on
Financial
t -
desired; the fact of regulation exists and has
so
legislative cure-all had acquired such ascendancy in
long existed that it is supposed to be beyond chal-
the
lenge.
popular mind that he
able to obtain the
was
enactment of the Valuation
Act, which
subse-
was
quently incorporated in the Interstate Commerce
law
Section 19a.
as
which it
provided
organized
such
upon
scale that Professor
of
the
extravagant and grandiose
an
project, peremptorily declined to have
some
on
for
any
until,
many years
1150,000,900 had been wasted, the greater
portion of the Act
fad
The effort,
Henry C. Adams, the originator
part in it, dragged wearily
after
completed.
was
repealed, along with another
subsequently grafted
it, the futile Recap-
upon
ture Clause of the Esch-Cummins Act.
The 1920
revision, which bore the
sentative Esch and Senator
the House and Senate
of Repre-
names
committees, had
a
mine controversies with railroad
which
Interstate
Commerce
law, after
over
50
of amendment and administration,
now
re¬
quires radical revision,
thority
the Tennessee Valley Au-
as
it not be that the whole idea
proposes, may
of commission-control is
as
its prin-
standards
statutory
obligation
of
tives
on
this enactment and is sometimes called the
of
commission but,
a
the contrary, urged the
on
labor, which
making and the rigid prohibition of practices which
was
can v
he regarded
as
obnoxious to the public interest,
leaving enforcement to the ordinary
which
limited
insisted upon the creation of
also
imposed
could have
never
6%.
The
the Commission the duty,
upon
undertook to
never
railroad
aggregate
investment to the never-realized ratio of
which it
perform and probably
performed, to
conduct?
"father" of regulation, did not favor the creation
courts.
law
and
tion which culminated in the 1887 Act know that
consideration, and the "rule-of-rate-making"
the
be
Those who have examined the history of the agita-
receive
on
ought to
establishment of strict statutory standards of rate-
only the demands of employees
returns
and
wrong
abandoned in favor of the establishment of definite
tribunal to deter-
promptly repealed and replaced by the present law
under
If the
years
Judge Reagan, who led "the House of Representa-
Cummins, Chairmen of
cipal features the provision for
the human mind is trapped
means
prevented.
But the Federal valuation for
was never
By such
and deceived and progress is impeded when it is not
that the statu-
see
of the
processes
Senator Cullom and those who with him
commission endowed
a
with administrative discretion and empowered to
mitigate the rigors of the statutory restrictions
were
sharply criticized by Judge Reagan and his followers as
too favorable to the railroads and to capital,
tory "fair-return"
was
received, and the whole im-
and as inimical to the small shippers and to the
practicable edifice
was
supplemented by the absurd
farmers.
and
confiscatory Recapture Clause.
These expedi-
ents, too, were tried, found wanting after tedious
of experiment, and
years
were
repealed and repudi-
ated.
it has gone.
so
The regulative panacea that
has been the fad and favorite of
has become anathema
another
on
day
one
day
or
period, and has always been succeeded by
and
has
turn
or
period
for another
some
other
favorite, equally evanescent, which in its
always given place to
created.
was
has
been
the
seven
Hepburn
It began with five
enlarged
Committee
"the maximum
clared that before it
was
would like to try it
that
workable
members,
its Chairman,
considered
he
number," and
increased
for
11
to
years
to
even
de-
seven
he
while with four "able-
a
bodied and honest colleagues."
In the long period
of its existence the Commission has disclosed many
It is
and varying characteristics, but those strongest in
by trial and error,
but here there has been too much trial and too abun-
the defence of the system will not assert either that
often said
some
other.
and
although Judge Knapp, for 15
told
And
fad
The Commission
members
that all progress is
dant error,
and clear evidence of progress is wholly
absent.
Our
tious
ence,
suggestion is that it is time for
evalued, and
in suitable
A
ought to be cast, with the credits to
plainly written
a
upon
side and the debits
on one
the other side, all carefully
balance stated.
Of course, we mean
terms, not in dollars and cents.
In 50
just what has been achieved, and what has
been lost, and where
The
conscien-
Government to the people's railroads.
balance sheet
ings,
a
reappraisal, in the light of 50 years' experiof the entire subject of the relation of the
regulation plainly entered
years
actually does the balance lie?
generation that entered, with recorded misgivupon the vast and expanding experiment of
regulation, which it knew to be
long passed
upon
established
has
the
away,
an
scene seem to look upon
paternalism
as
experiment, has
and most of those
unquestionably normal and
existence in this country.
active
this expression of
permanent and inescapable condition
known to be
now
as
a
of economic
In other words, although
imperfect and the subject of constant
and innumerable
complaints, the system of railroad
regulation is regarded, subject to frequent modifications of both
form and
feature of the American
substance,
as
an
essential
plan of government.
This
definite
standards
adequate
plainly to guide the carriers in their rate-making
by which rates
Federal
as
it
to
ness so as
can
be tested
satisfy the public,
or
that it has to
the smallest extent diminished the volume of
plaints in which rates
are
unjustly discriminatory.
or
to their reasonable-
as
even
com-
alleged to be excessive
Nor is
any
or
competent and
fair observer likely to deny that its inevitable methods
hamper railroad managements in the develop-
ment of constructive experimentation,
continued
social
adaptation
conditions,
accounts
more
of rates
that
might
to
and in the
industrial
make
the
and
income
satisfactory and also advance the
practical utility of railroad facilities in the service
The Commission has to be considered
of business.
also
as a
perennial center of propaganda which, by
the inveterate law of its being, must continuously
seek
aggrandizement of its
own
It is this
powers.
which has made every failure of regulation, and every
extravagant promise made in its behalf that has
been proven
an
to be beyond its
powers
argument for further and
tion
of the
same
more
generic character
of fulfillment,
drastic legislaas
that which
experience has shown to be ineffective.
but
a
These
few of the considerations that lead
conclusion
that the
sheet of railroad
time for
statins
us
the
are
to the
balance
regulation has arrived and that the
Volume 14S
need for
Financial
determining
to be found is great
which side the balance is
on
and imminent.
Chronicle
2133
that excites
suspicion, is
produce
any moment
dent.
It
was
reported
sentatives of Great
Light and Shadow in Europe and Asia
One
two
or
European
awaited
the
war
light
have
gloom during the past week. The long-
bellicose
Chancellor, while accompanied by
military display, passed off without
declaration
ments made
side.
either
on
If
the
turn to Rome
face
and
on
value, both
are
an
any
state¬
by the two heads of States, supplement¬
by Premier Mussolini's pronouncement
Thursday,
are
his
on
re¬
to be taken at their
Germany and Italy desire
peace
prepared to exert themselves to maintain it.
No doubt the
meeting
opportunity for
gave
canvass¬
naval
public suggestions of the leadership which
the two Powers
ish
and
that
expected jointly to enjoy, but Brit¬
French
opinion
seems
to have concluded
cooperation will be confined, for the present at
least, to diplomacy and that reciprocal military aid
is
not
Hull
tions,
to
turn
the
toward peace
thoughts of the anxious nations
informed persons
which since the
moreover,
beginning of the Spanish
rejected the appeal with
prised Washington.
to
intervention, will widen the
that counsels of peace
There is
increasing
situation in
cial
has
sur¬
franc to
Power
low
new
of conflict than
area
will prevail.
concern,
France.
also,
over
the finan¬
With the decline of
exchange agreement
in
which
very
United
the
States, Great Britain and France joined is
working
the
levels, it is clear that the three-
no
,
longer
effectively in regard to the franc, and
of
rap-,
frankness which has
a
has
war
French pressure,
There is more likelihood that
well
in Anglo-Italian
or
League, by threatening action that would amount
ters about the future
progress
have fallen flat, as most
expected it would, and Portugal,
refused to submit to British
the
con¬
The effort of Secretary
given.
appears to
There have been renewed intima¬
planned.
repre¬
patrol, but approval by the governments
cerned has still to be
ing the possible fields of cooperation, and there were
the usual
Thursday that naval
on
Britain, France and Italy had
agreed upon a plan for joint participation in the
penetrated the
meeting between the Italian Premier and
German
elaborate
ed
of
rays
anomaly which may at
an
dangerous international inci¬
a
justified anxiety is apparent in financial
cen¬
of the franc if British
course
prochement, and the raising again of the question
and American
of
The
budget situation, in spite of the claims, hopes
and
appeals of M. Bonnet and Premier Chautemps,
four-Power
a
be included
ful
as a
hope¬
a
things, however,
are
European picture which
only the brighter spots
as a
creasingly dark and confused.
continues, of
course,
whole becomes in¬
The
there is
will
soon
real
no
war
in Spain
to be the center around which
most of the anxieties and fears of
and
to most
seems
sign.
These
in
agreement in which France would
should, perhaps, be set down
Europe revolve,
sign that that trouble center
be eliminated.
Neither
Germany
Italy,
nor
support is unable to cushion its fall.
foreign observers impossible of solu¬
tion without far
French
drastic economies than any
more
Ministry could initiate and survive, and the
subsidies which the Socialist
tended
to
drawn without
deal
more
Popular Front has
ex¬
industry and labor could not be with¬
danger of internal disorder. A good
than the increased
M. Bonnet
pleaded
production for which
'Thursday, in presenting his
on
apparently, is ready to pledge itself to withhold
budget, will be needed if expenditures are to con¬
further aid to the Franco
tinue
efforts that
of Nations and
will
the
forces, and the strenuous
being made to revitalize the League
are
it
use
as
an
instrument of pressure
hardly be welcomed by either country.
League scheme, drastic
as
Even
it is reported to be in
contemplation, has the inevitable string of delay at¬
tached
to
Geneva
is
already dead, if German and Italian aid to the
rebels is not
dropped, and to
the French border to the
tual
for
month
in
order
really be necessary.
der
approve
the opening of
Spanish loyalists, the
ac¬
application of the proposal would be deferred
a
to
pose
the
the
to
learn
whether
it
would
The opening of the French bor¬
Spanish loyalists would, of
course,
France to the charge of intervening
on
ex¬
the
the scale that
now
demands.
political and economic radi-
Politically and economically
position of France is one of very unstable equi¬
librium, and the uncertainties of the internal situa¬
tion react to
impair the influence of France in the
international controversies that are
Serious
it, for while it is proposed, according to
reports, to abandon non-intervention, which
on
calism
as
the
has been
ousness
appreciably overshadowed by the
growing tension in Asia.
has been
vexing Europe.
European outlook still is, its seri¬
In the mass of news that
coming daily from the Far East, with its
reports of fighting and stubborn Chinese resistance
at
Shanghai, slow but steady progress of Japan in
the
north, bombings, sinkings and diplomatic inter¬
changes, several things stand out. One is the rising
volume
and
of resentment and
Europe
over
the
protest in this country
apparently
indiscriminate
loyalist side, and for Italy and Germany to with¬
bombing of civilian areas in China by the Japanese.
draw while France intervenes would be an arrange¬
Another is the
ment
num¬
England, to express popular opposition to Japan by
called, is
boycotting Japanese goods. Still another is the pos¬
hardly to be tolerated.
Moreover, if the
ber of German and Italian volunteers, £0
anywdiere
near
as
large as has several times been
apparent disposition, most marked in
sibility, and in some quarters the fear, that Russia
reported, their immediate withdrawal would be a
may
virtually impossible task even if the German and
the
enter the war on the side of China. A
evident
determination
Governments exerted themselves to the ut¬
outside
most to
accomplish it.
to which a number
great
"pirate" hunt in the Mediterranean, and it is pos¬
sible that the
"pirates," awed by an imposing dis¬
play of naval force, have abandoned their activities,
Japan to
fourth is
brook
no
interference, notwithstanding the isolation
Italian
Not much has been heard of late about the
of
of nations seem disposed to con¬
sign it.
It is difficult to
determine, from the daily press
reports, how far the attacks upon
war areas are due to a
deliberate
civilians in the
purpose
on
the
part of Japan to terrorize Chinese
populations and
tionally large numbers of British and French war
break down their morale, and how
far they
vessels, impowered to sink at sight any submarine
inevitable and far too
but the continuance in the Mediterranean of excep¬
are
the
frequent accompanimerits of
-
2134
Financial
The
war.
Japanese disclaimers and denials must
also, for the present, be accepted with all due
What is clear is that such acts,
serve.
erate
ring
or
incidental,
are an
re¬
whether delib¬
important factor in stir¬
hostility to Japan in other countries and
up
depriving it of
litical ambitions
condemnation
moral sympathy which its po¬
any
might otherwise receive. The strong
expressed by Secretary Hull and the
Chronicle
followed
its
armor
Oct. 2, 1937
by forcible intervention. The weak spot in
is financial. Japan is not
economically a
self-sufficient
its
indefinitely,
hard
and
League of Nations undoubtedly voices what increas¬
is
no
ing numbers of people feel, and moral condemnation
tories will
The
proposal of
the other
nation
no
alization.
some
difficulties in its
Japan has been, and still is,
customer of the United States and
like the
moment
complaints
an
Europe, and at
a
present, when loud and insistent
trade
proposal to break off
a
connection
rather
than
doubtless get on
out
an
temporary
reflection.
fairly well, for
of the
some
suggests
mature
The
a
resentment
things that Japan exports, but it
which
Japan offers for cotton, leather,
steel
boycott
that
easily forego the profitable
and
materials.
war
lost to
Japan in
one
great difficulty be carried
and
Italy
with
iron
a
country could without
on
with another.
an
Ger¬
ally of Japan,
hardly be seriously out of sympathy
can
of Soviet Russia
menace
down
as
real
but
not
seems
entitled to be
immediate.
Sooner
or
found at war,
but Japan, which is credibly reported
to have made
a
tion before
in
China,
embarking
There is
Stalin
down
threaten, is not yet in
means
has
of
been
endeavoring to put
of wholesale executions, and the loy¬
alty of the army is
movement
position to
a
internal revolt in Russia which the
an
Government
by
its present enterprise
to have concluded that Russia,
appears
while it may
act.
study of the Russian situa¬
upon
war
none
too well assured.
against Japan,
moreover,
effect, and
war
on
seems
a
two fronts is
something
conclusion, therefore, that Russia,
while it may aid China
for the present
vention
is, of
in various ways, will not
take up arms.
The refusal of
investors and
any
outside inter¬
the position which
any
warlike
tives, should be expected to take. Foreign observers
agreed that Japan has shrewdly chosen
able moment for its
Great
lagging, is in
a
campaign. It is well
naval
war
and
no
favor¬
aware
with
its
the
other
that
program
side
of
the
wage
globe, that
nothing without Great Britain, and
that the Italian interest in
negligible.
rearmament
position to divide its fleet and
on
France will do
United
a
Britain, heavily involved in Europe and the
Mediterranean
China
or
the Pacific is
The only thing it has to fear from the
States is the
application of the Neutrality
Act, and the enforcement of the Act would not crip¬
ple Japan. As long
as
Japan is willing to suffer the
reprobation of other nations, it
that
may well conclude
diplomatic protests, however strong, will not be
of
financial
organization and
prac¬
tbe various items they contain.
Successive brief chapters
deal with balance sheets in general, debits and
credits, total
assets and liabilities, capital and
surplus,
property account,
depreciation
and depletion, non-current
investments, in¬
tangible assets, prepaid expenses and deferred charges, cur¬
rent assets and liabilities, working capital,
inventories, receivables, cash, notes payable,
value
ratio,
book
current
reserves,
equity and the ways in which it is calculated, book
stocks, other items in book value, liqui¬
dating value and net current asset value and earning power.
or
value of bonds and
Each
of these
subjects is illustrated by typical statements
cases by actual statements of leading
corporations, and typical public utility, industrial and rail¬
and in
road
number of
a
income
accounts
are
separately
discussed.
Further
chapters deal with the calculation of earnings, the mainte¬
nance
and depreciation factor, the safety of interest and
preferred dividends, price trends and the relation between
common stock prices and values.
A special analysis of a
balance
sheet
and
income
of
account
the
Bethlehem
given.
Steel
-vV: .V"Avv-
Throughout the book attention is called to the need of
looking beyond the surface of figures if hasty or incorrect
inferences are not to be drawn, as well as to the various
ways in which items may be presented and the practices of
in
accountants
criticisms
for
dealing
which
with
the
them.
authors
As
examples
occasionally
of
find
the
place,
what is said at page 68 of the "absurd but growing
tendency
in
recent
years"
to
make a heavy write-down of plant
give net earnings a better showing, and
"the accepted idea that a common stock
account in order to
at
74
page
should
can
of
sell at
be cited.
No
a
certain ratio to its current
who has to
one
earnings"
may
do with financial statements
fail to profit from a careful reading of this sensible and
useful-book.-
-
The Course of the Bond Market
After
lower-grade
bonds
receded
Monday, the market staged
a
to
the
1937
new
lows
on
substantial rally, closing on
Friday at levels comparable to those of
of bonds have participated' in
a
week
All
ago.
the rally, but chiefly
speculative rails have made notable advances.
United
States Governments have again undergone only minor fluc¬
;~V'\
High-grade railroad bonds
steadier.
were
nation, confident of its ability to attain its objec¬
are
students
tice, the nature and significance of financial statements and
tuations.
Japan to admit
course,
REVIEW
Interpretation of Financial Statements.
classes
safe
^
won.
This book is a skilfully planned and
admirably executed
attempt to explain, for the benefit of business men, bankers,
Any
which might well give the Soviet Government
pause.
It
be
By Ben¬
jamin Graham and Spencer B. Meredith.
122
Pages.
New York: Harper & Brothers.
$1.
would
automatically bring the German-Japanese alliance
into
prospect at the moment that such vic¬
soon
a compre¬
hensive list of definitions of financial terms and phrases is
later, in all probability, Japan and Russia will be
careful
substantial
so
Corp. by the ratio method is also included, and
Japan's desire for expansion.
The
set
scrap
Moreover, unless
it should be remembered, is
many,
market
large international scale, the trade
was on a
was
could
time at least, with¬
not
and
important
world
could
so
clear
BOOK
The
important
tional trade and the restrictive effects of economic
nationalism,
a
compel China to accept terms of peace. There
on
re¬
heard of the obstacles to interna¬
are
maintain
resources,
Its success, accordingly, ap¬
war.
afford to ignore.
can
boycott of Japanese goods,
a
hand, presents
own
to depend upon early victories
pears
to
something which
lamentably low. It cannot
are
from its
costly
as
is
nation, its gold supply is small, and
living standards
up
points.
1%;
Union Pacific 4s, 2008, at 107%
moved
higher
to
83 gained 8 points;
4.
have been generally
Chicago, Burlington & Quincy 4s, 1958, at 110%
Second-grade railroad bonds, enjoying
market,
up
as a group
Alleghany
levels.
1%
gained
active
a very
5s,
1944,
Illinois Central 4%s, 1966, at 52
at
were
Among the defaulted railroad bonds, Missouri Pacific
issues showed gains in
toward
the
acceptance
sympathy with
of
a
favorable attitude
reorganization plan
the
Interstate Commerce Commission.
The 5s,
by
the
1965, moved up
1% to 31%, while the 5s, 1977, at 31% gained 3% points.
The most interesting development
ket
has
been
grade issues.
the
recovery
among
in the utility bond
mar¬
speculative and medium-
American & Foreign Power 5s, 2030, advanced
6% points to 70; Gary Electric & Gas 5s, 1944, lost 3 at 92;
Twin
City Rapid
Transit 5%s,
1952, at 70
West Texas Utilities 5s, 1957, rose 1 to 88;
Telegraph 5s,
1951,
advanced
have been extremely firm.
11%
There
to 79.
was a
were
up
7%;
Western Union
Higher grades
resumption of
new
financing in the issuance of $8,500,000 Ohio Edison 4s, 1967.
Recent
volume
registrations
for coming
indicate
weeks.
a
substantial
increase
in
Financial
145
Volume
receding tendencies,
Most industrial bonds have displayed
although
have
There
sizable number of advances.
been fractional gains among the non-ferrous
amusements have declined, Warner
The
metals.
been a
have
there
low for the year,
85 they established a new
at
MOODY'S BOND
closing un¬
The steels have been generally soft, Gulf
4%s, 1961, closing at 95%, down 2%.
Packing
changed at 87.
States Steel
obligations have scored some advances, Wilson
y8 to 100%.
Foreign bonds continued to reflect the uncertainties
Co. 4s, 1955, rising
situation abroad.
Except for further
ness of Japanese issues, price movements have been
narrow limits, with a weak undercurrent noticeable
more
speculative groups of South American bonds.
the
political
{Based on Indiiidual Closing
U. 8.
AU
120 Domestic Corporate
120
Govt.
Daily
Bonds
All
120 Domestic
*
Corporate by Groups
by Ratings
Domes¬
tic
Aaa
Corp*
Averages
Dally
a.
Baa
Aa
120
R.
P.
U.
Indus
120 Domestic Corporate
Corp.
1
Aaa
Baa
Aa
3.53
4.12
4.13
5.40
4.67
4.01
3.58
3.53
5.43
4.69
4.01
4.11
4.15
5.45
4.73
4.01
3.59
4.11
3.31
3.55
4.14
5.45
4.73
4.02
3.59
4.12
3.31
3.55
4.14
5.48
4.75
4.02
3.60
3 54
4.13
5.46
4.72
4.02
3.59
3.54
4.11
5.41
4.69
4.00
3.58
3.51
4.08
5.32
4.63
3.97
3.65
4.07
5.31
4.62
3.97
3.54
4.07
5.29
4.61
3.96
3.55
4.07
5.29
4.61
3.97
3.55
3.50
4.05
5.26
4.59
3.97
3.52
3.50
4.06
5.23
4.58
3.97
3.52
3.53
99.83
Oct.
108.66
97.78
78.95
88.95
99 83
107.49
Sept .30..
98.11
113.27
108.27
97.45
78.70
88 36
99.83
107.49
29- 108.38
113.07
108.27
97.61
78.70
88.36
99.66
28-
98.11
107.49
108.36
97.95
113.07
108.27
97.61
78 33
88.07
99.66
107.30
27-
27- 108.31
108.46
97.78
78.58
88.51
99.P6
4.11
3.31
98.11
113.0/
25-
25- 108.35
108.46
98.11
79.20
88.95
100.00
4.09
3.30
113.27
24-
98.45
107.69
108.47
80.33
89.84
100.53
108.27
3.29
108.66
98.62
4.05
113.48
109.05
23-
99.14
98.80
80.45
89.99
108.46
4.04
3.51
109.05
3.28
113.68
22-
99.31
100.53
108.42
98.80
80.71
90.14
100.70
21-
3.50
109.24
3.28
113.68
4.04
99.31
108.27
21- 108.36
98.80
80.71
90.14
100.53
108 27
20-
4.04
3.30
3.51
109.05
90.44
100.53
108.85
18-
4.03
3.29
3.20
.
—
29-
5.42
3.59
3.55
89.25
113.48
22-
Indus.
3.30
79.32
98.28
23
*
U.
3.29
97.95
Sept.30.. 108.43
107.49
P.
3.29
108.66
24-
R.
4 10
113.48
28-
R.
4.09
98.45
107.69
108.36
1.
Oct.
120 Domestic
Corporate by Groups
tic
Averages
in the
Prices)
*
by Ratings
Domes
1937
*
of
heavi¬
within
(REVISED)
YIELD AVERAGES
BOND
MOODY'S
PRICES (REVISED)
(Based on Average Yields)
1937
&
company
Brothers
1V2 to *87. The oils have improved,
Empire Oil & Refining 5y2s, 1942, rallying 4 to 80.
In the
retail trade section United Drug 5s, 1953, continued weak;
6s, 1939, moving down
2135
Chronicle
20- 108.30
99.31
113.27
108.41
99.48
113.48
109.24
99.14
81.09
109.24
98.97
81.48
90.59
100.53
108 85
17-
4.02
100 53
108.66
4 03
3.30
4.06
4.58
90.59
5.24
81.35
3.50
98.97
16-
3.97
3.30
3 51
4.07
5.27
4.60
3.97
5.89
3.54
18-
17-
108.36
99.66
113.48
16-
108.30
99.48
113.27
109.24
99.31
109.05
98 80
80.96
90.29
108 46
15-
108.19
100.53
15-
113.27
4 04
3.30
4.60
3 98
3.54
90 29
5.28
80.84
4.07
98.80
3.51
109.05
4.04
113.27
14-
99.31
108.46
108.05
100.35
14-
4.05
4.07
4.62
3.99
3.54
89.99
100.18
5.30
80.58
3 52
108.85
98.80
3.31
113.07
13-
107.96
99.14
108.46
13-
98.97
3.31
3.55
109.24
4.03
99.48
108 27
11- 107.78
113 07
11-
3.96
100 70
4.58
90.59
4 06
5.24
81.35
3.50
4.56
3.54
107.78
74
90 90
5 21
81
4 05
99 14
3 50
109 24
3.30
113.27
4.02
99.66
108 46
10-
3.95
100.88
3 94
3 54
107 76
99.83
113.27
109.24
13
4.01
4 54
91.20
5.18
82
3.50
4.05
99.14
3 30
3 94
3.54
99.83
113.07
109.24
99.14
82.40
91 35
100.35
113.68
109.44
99.48
83.06
91.66
5.33
'
10
9
.
—
8
.
107.81
7- 107.85
108.46
9-
101.06
108.46
8-
4 01
101.4t
109.05
7-
3.98
101.06
3 31
3 50
4 05
5 16
4 53
3.28
3.49
4.03
5.11
4.51
3.92
3.51
3.97
3.28
3.48
4.02
5.08
4.48
3.50
4-
3.92
109.24
3.96
3.28
3 48
4.02
5.07
4.48
3.91
3.60
3-
3 91
3.60
3.50
6- Stock
Exchan ge f los ed
108.01
100.53
CIos
109.64
113.68
99.66
83.46
92.12
101.41
113.68
100.64
99.66
83.60
92.12
101.58
109.24
108.04
100.70
100.70
113.89
109.64
99.66
83.60
92.12
101.58
109.24
2- 108.11
100.70
113.89
109.64
99.66
83.87
92.43
101.58
109.24
108.31
108.28
100.70
113.89
10944
99.66
84.01
92.59
101.58
109.24
109.84
100 00
84.41
92.75
109.64
108.86
114.09
101.94
20-
101 06
101.76
114.93
110.63
100.88
84.83
94.01
110.24
109 12
102.30
13-
101.76
114.72
111.03
100 88
84.55
93.85
102.12
110.24
109.49
100.70
84.28
93.85
101.94
109.64
July 30-
3 91
3.23
101 76
109.24
23-
3.90
3.26
3.43
3.95
4.96
3.45
3.97
4.95
Stock
6
4
—
."".I-?-' 31-
Kxchan ge
Aug. 27
-
6-
5.28
2-
3.96
3.27
3.48
4.02
4.07
1-
3.96
3.27
3.48
4.02
5.05
4.46
3.91
3.49
4.02
6.04
4.45
5 28
3 27
3.50
3.96
3.91
27-
3.47
4.00
6.01
4.44
5.33
3 26
3.48
3.94
3.89
20
3.43
3.95
4 98
6 08
3.22
3 45
3.90
4.36
3.87
13-
•»
4.48
3 41
3 95
5 00
4 37
3 88
5.09
3 23
3 46
3.90
3.43
3.96
5.02
4.37
3.89
3.47
4.30
3.90
3.60
5.13
5.13
4 30
3.91
3.62
5.20
Weekly
Weekly—
5.3S
Aug
6
uiy 30-
109.52
101.58
114.72
110.63
23-
109.22
101.76
114.09
110.63
100.88
85.10
94.97
100.53
85.24
94.97
16-
3 27
113.89
110.24
3 91
101.58
108.85
108 90
101.58
16.
3 94
3.50
5.16
3.91
4.29
101.06
4.95
95.13
3.97
85.24
3.45
110 24
100 53
3 27
113 89
9-
108.59
101.58
109.24
9
3.63
5.17
100.38
113.68
2-
4.34
3.99
108.66
5.05
94.33
4.00
83.87
3.47
100.00
3.28
109.84
3 95
4.34
4.01
3.53
5.12
100.18
2
108.39
94.33
June 25—
4.01
93.87
3 48
109.64
99.83
3.29
113.48
3.96
iUO.70
108 66
108.36
99.83
25.
4.96
4.29
3 96
3.60
5.13
95.13
100.70
3.98
85 10
3.45
100.35
3.27
110.24
3 92
113.89
18-
108.44
101.41
109.24
18-
une
5.05
5.11
100.70
85 65
3 90
3 44
3.50
11-
3.96
109.24
4.24
100.88
4.92
95 95
3 96
109 05
3.91
3.46
3.98
4.92
4.27
100.70
3.29
3 61
4-
3.96
3 30
3.46
3.98
4.92
4.26
3 97
3.52
3.95
3 53
~5~27
11-
108.53
101.76
113.89
110.43
4.
108.59
101 58
113 48
110 24
100 35
85.65
95.46
110.04
100.35
85 65
95.62
100.53
108.85
May 28-
3.92
113 27
3.27
5.19
108.73
101.41
100.88
3 98
4.89
95.46
3.47
100.35
86.07
3.31
101.58
109.84
3.91
108 22
108 66
21-
113.07
21-
4.27
4.29
3.95
3.56
6.33
3 03
4.88
95.13
100 88
4 01
86 21
3.49
109.44
99.83
3 35
112.25
14-
107.97
101.23
108 27
14-
3.51
3.99
6.37
3 34
3 66
7-
3.91
3.93
108.08
4.25
101.23
4.81
95.78
3.55
4.03
4.86
3.96
Apr. 30—
3 96
4.30
106 92
3 39
3 62
4.03
4.83
4.28
3.96
3.64
5.31
3 #4
5.33
May 28.
5 41
108.03
101.58
112.45
109.05
100 18
107.59
7,
Apr. 30
23
87 21
100.70
111.43
108.27
99 48
86 50
94.97
100.70
99 48
86 92
95,29
100 70
106 54
23-
3.96
3 40
3.58
16-
3.41
4.03
4.26
100.70
106 54
4.81
95.62
3.57
87 21
3 96
3.96
3 61
4.09
4.92
4.33
4 04
3 70
5.33
107.17
16.
100.70
111.23
107 69
107.79
100.70
111 03
107.88
99.48
109 64
85.65
94 49
99.31
4 03
99.48
107 11
9-
107 23
105 41
9-
98.45
3 48
4.29
4.01
3.66
5.36
99.83
4.07
4.85
95.13
3.59
98 80
86.64
3 43
107 49
3.99
100.18
110.63
2-
107 19
106.17
2.
4.23
5.33
108 40
101.23
111.84
108 27
107 30
Mar. 25.
100.70
4.76
96.11
4.03
87 93
3 S3
99 48
3 37
3 60
3 93
3.96
Mar.25—
5.26
87.93
96.11
3.93
3.54
3 60
19-
4.23
3.95
107 30
4.76
100.88
4 05
3 50
3.98
5 36
12-
4.15
108.27
4.66
101.76
3.32
3.56
3.87
3.90
4.55
3.90
4.57
4.09
3.81
3.49
5 24
3 26
3 78
4.47
5.13
3 37
19.
109.32
101.23
111.84
108.46
99 14
12.
110 76
102.30
112.86
109 24
100 35
89 40
97.45
110.43
101 76
90.75
98.45
103.38
109.44
5-
3.79
103.93
109.84
3.78
3.23
3.88
4.58
98.62
3.42
90 59
Feb. 26-
4.08
3.42
3.86
4.55
4.06
3.77
5 13
3 25
3.49
3.77
3.84
4.52
4.02
3.76
3.46
5 18
3.43
5.19
5.
111 82
103.74
114.09
Feb. 26.
112 18
103.93
114.72
110.83
102 12
104.11
110.83
102.48
91 05
98.97
104.11
109 44
112 12
114 30
19-
99.66
104.30
110.04
11-
3.75
3.22
3.41
91.51
5-
3.18
3.37
3.81
4.51
4.00
110.63
3.72
3 72
3.80
4.52
4.00
3 72
3.39
6.34
3.36
5.39
5.41
19
11
112 20
104.48
114 93
111 03
102.84
5
112.34
105.04
115.78
111 84
103 38
91 66
1C0 00
105.04
103 56
91.51
100 00
105.04
111.43
105.79
112 05
29.
112 21
105.41
116 64
112.25
22.
112.39
106 17
117.72
113.27
104 30
92 38
101.23
112 53
118 16
113.48
104 48
92 28
101.23
106.17
112.25
15.
106 36
112 71
106 36
117 94
113.89
104 48
91.97
101 23
106.17
112 25
8
112 78
106 54
118 16
113 89
104 67
92 43
Low 1937 107.01
97.95
109.64
107.11
97.45
78.33
Jan.
eurbioa-
101
41
88.07
17
112 45
99.31
105.41
108
Yr. Ago
Oct. 1 *36 110.77
115.57
104.11
111.03
101.41
2 Yrs.Ago
Oct. 1 '35 106.72
ield averages, the
94.01
108.27
latter being the truer
'
World Finance,
New
No English
BOOK
1935-1937.
92.12
99.31
103.02
77.48
85.65
95.29
102.48
REVIEW
By Paul Einzig. 342 Pages.
Co. $3.
Dr. Einzig in his
Part of his success
possession of an unusually lively
but more to his skill in surrounding the
respect is due to his
informing account of the political events
which, in recent years at least, financial developments
story with an
with
have
The interest of his presenta¬
by the fact that a good many students
of the subject, especially those whose economic views are
commonly rearded as orthodox, dissent sharply from some
of his fundamental views and conclusions and oppose some
tion is not lessened
of
the
It is not necessary to
order to appreciate
of financial events
and his ability, in complicated situations, to
policies which he advocates.
with him at all points, however, in
the remarkable range of his knowledge
agree
am"
operations
keep main lines clear.
general theme of the present book is inflation and
period 1935-37 has shown for devaluation
of over-valued currencies.
The main outline deals with the
failure of deflation in the gold bloc countries, the successive
crises of the French franc, the Dutch and Swiss currency
The
the need which the
bloc, the economic policy
final devaluation of the
French franc, the tripartite agreement of the United States,
Great Britain and
France, and the financial aspects of
rearmament.
At the beginning of the period the gold blob
Is shown holding its own, although with little effective co¬
crises, reflation outside the gold
of sanctions and its effects, the
3 66
3.09
3.30
3 76
4.47
3.93
3.68
3.29
3 75
4.47
3.93
3 66
3.35
3 65
3.07
3 93
3 66
3.35
5.43
8..
Low
3.65
3.08
3.27
3 75
4.49
3 74
4.46
3.92
5.08
3.07
3.27
3.34
3 64
3 68
1937
5.48
4.75
4.04
3.70
5.43
High 1937
4.12
3.48
3.61
4.15
3.41
3.92
4.56
4.04
3.83
3.45
5.68
3.77
3.19
3.85
4.48
5.55
4.92
4.28
6.76
3.55
3.86
4.36
Yr. Ago
Oct. 1 '36
Oct. 1 *35
picture of the bond market
subject interesting.
inseparably connected.
3.14
2 Yrs.Ago
writer on finance surpasses
and attractive style,
been
110.24
York: The Macmillan
ability to make the
in this
102.66
90.90
3.70
15..
1
1
29..
22..
Jau.
3.35
operation among its members and no great influence upon
the general currency problem.
At the end of the period the
gold bloc is dead, the devaluation of the franc, far too long
delayed in Dr. Einzig's opinion, has been accomplished, the
tripartite agreement has
interposed obstacles to stabiliza¬
financial
tion, and rearmament dominates the European
situation with results which only in part can be foreseen.
Space forbids more than brief mention of some of the
principal topics which Dr. Einzig's sweeping survey illu¬
Confident as he is that the franc should have been
devalued long before it was, and insistent that no over¬
valued currency can long be maintained without disastrous
mines.
and economic consequences, Dr. Einzig makes a
criticism of the course of Laval and other
French leaders in stubbornly trying to bolster the franc, and
describes vividly the crisis of November, 1935, and the final
political
devastating
of devaluation in 1936.
The connection
problem and the German reoccupation of
the Rhinelarid is pointed out, and an interesting new flash
cf light is thrown upon the reasons for the refusal of the
Sarraut Government to order mobilization.
The skill with
which Dr. Schacht managed German currency operations is
recognized, but with searching criticism of the consequences
of the policy, and the "tragi-comedy" of sanctions is bril¬
liantly presented.
With these goes an instructive exposition
of the policy of Neville Chamberlain, Chancellor of the
Exchequer during the period, and his gradual departure
from orthodox views.
The Italian currency situation is also
accomplishment
between the franc
carefully examined,
Dr.
accord with some phases of
financial course, is severe in his treat¬
of the American attitude toward stabilization. "While
President Roosevelt's
ment
r
Einzig, while heartily in
Financial
2136
the French
view regarding the
rate of stabiligation of the
franc," he writes, "was inclined to err on the orthodox side,
the American attitude was in favor of perpetuating the
No criticism of this attitude
undervaluation of the dollar.
be too
can
It discloses
severe.
a
degree of short-sightedness
Chronicle
he
to foresee
seems
est
wholesale
national debts
scaling
down
can
be met,
longer
no
outright
repudiation will
be resorted to unless the pound is further devalued
have to
in
rise
a
2, 1937
ultimate situation in which the inter¬
an
mountainous
on
and
or
Oct.
world
or
prices, joined to increased
ability and
it persists, precludes the possibility of
Secretary Morgenthau
genuine international cooperation."
become here the "villain of the piece," although his policy,
willingness to pay taxes, makes the debt burden more bear¬
able.
To a
very
large extent, for most countries, the
Dr.
monetary unit, as such
which,
long
so
as
which the
United States has followed since the World War in erecting
Einzig
tariff
barriers
which
Mr.
international
to
the policy
only continues
declares,
trade—an
from
experience
Morgenthau and his supporters "appear to have
learned absolutely
nothing."
The tripartite agreement, with
Oct. 12,1936, "cannot be regarded,"
I>i
Einzig concludes, "as even a de facto stabilization," but
on the contrary was "a first-rate mistake even from a purely
economic point of view."
Dr. Einzig finds the present financial policies of Europe
the further agreement of
be
will
bill
rearmament
paid
through
depreciation of the
bills have been paid, with few ex¬
ceptions, throughout history.
'The question," Dr. Einzig
concludes, Vis, will the process be regulated scientifically,
or will the empiricism of statesmen, Treasury officials and
central bank governors lead to developments in which the
inevitable depreciation of the monetary unit takes place in
an utterly destructive way?
The choice lies between wellregulated and controlled reflation and spasms of reckless
inflation alternating with periods of artificial and uneasy
stability."
German
The book is most heartily to be commended for thoughtful
credit for rearmament
far, and these appears to be no immediate likelihood that
reading, entirely irrespective of whether the author's per¬
sistent emphasis upon inflation and devaluation is agree¬
able or not, for it is far and away the ablest discussion that
credit cannot be found to support the British
we
attuned
the
to
method
of
rearmament.
managing currency and
to him to be working with
% urposes seems
THE
of
demands
STATE
OF
The
some success
thus
but
program,
TRADE—COMMERCIAL
EPITOME
activity
Owing to
high rate.
further
is
a
than
more
maintaining
seasonal peak in
revised figure of 103.2 for the
activity
was
While waiting
orders from the automobile
industry to materialize within the next fortnight or so, steel
adjust production to the reduced
volume of new business, "Iron Age" states in Its current
makers are continuing to
The extreme
caution
shown
by steel customers
in placing orders is deplored by the entire industry as being
summary.
overdone,
the
declares, pointing out that steel
because of the slump in security
values, uncertainty over the Administration's policies, and
labor agitation.
According to "Iron Age," steel ingot pro¬
duction for the country as a whole is estimated at 74%
against 76% last week.
It is reported that steel scrap has
consumers
periodical
jittery
are
dropped $1 at Pittsburgh,
lar
reductions
Youngstown.
have
mark for the
at
Chicago,
United
that
second
this
and
time in history was made recently
manager
While
increase
of
the 5,000,000
pass
Vice-President and general
Manufacturers Association.
production
Cleveland
States production
and trucks in 1937 would
Reeves,
Automobile
occurred
Prediction
passenger cars
Alfred
top of $2 last week, and simi¬
on
by
of the
automobile
of
only 11%
1936, he states, export sales are exceeding last year's
more than 30%.
Factory sales of automobiles manu¬
year
represents
an
over
by
factured
in
United
the
States
for
August totaled
394,322
vehicles, of which 311,45G
were passenger cars and 82,866
trucks, according to the Bureau of the Census.
The
July total was 439,969, while the August, 1936, total was
271,274.
Production of electricity in the United States for
were
the week ended Sept. 25 totaled 2,265,748,000 kilowatt hours,
a
gain
of 4.4%
sponding week
Institute.
over
a
of 2,170,807,000 in
output
year ago,
under the
the
corre¬
according to the Edison Electric
Output for the latest week
watt hours
was
15,044,000 kilo¬
Bumper crops have
started a farm buying boom unprecedented since the World
War, Department of Agriculture economists reported re¬
cently.
Farmers, it is said, are buying more, and getting
more for their
produce, than at any time in the past 15
years.
000,000
buying records
are
$9,075,000,000,
being smashed.
was
increase
Cash income from farm
estimated
by the department at
of $1,000,000,000
over last year.
Contracts awarded during January through August, for all
types of construction in the New York area, were valued
an
at more than $315,000,000 in a summary of activities issued
today by the Dodge Reports Division of F. W. Dodge Corp.
The gain over the same period of last
year is far ahead of
that recorded for the 37
all
private and
level
stands
over
the
at
operating
Eastern
States.
In
a
grouping of
public contract
awards, the eight months'
That includes a gain of 49%
$315,192,000.
corresponding
average gain
1936
figure
of
$211,400,000.
was 16%.
throughout the Eastern States
income
of
137
Class
I
railroads
for
roads announced yesterday.
of
materials,
cars
the like 1936 week.
over
August exports over
according to the Department of
$31,988,000,
imports were
This export balance compared with a $14,098,000
Commerce.
of imports in the corresponding month a year ago.
Generally fair, cool weather prevailed in Eastern sections
excess
practically
the
entire
toward
occurred
the
week,
close.
although
Warm
scattered
weather,
showers
with
rather
widespread showers, occurred in the Great Plains and
some
Rocky Mountain sections from the 23d to the 25th, followed
by a reaction to cooler on the 25th and 26th, when a few
government stations reported sub-freezing weather.
Mini¬
temperatures were not unusually low for this time of
mum
the year as the line of
northern Great
with
only
freezing weather
Plains and
local
freezing
northern
areas
tures
favored
most
parts
weather
of
the
advance
elsewhere.
of
In
country.
confined to the
all
The
area,
generally
subnormal tempera¬
outside
the
operations in
Atlantic States the
generally ideal for harvesting operations until
was
the close, and gathering crops made excellent advance.
near
In
rapid
was
Rocky Mountain
fair weather and seasonable to slightly
most parts
of the West the weather continued favorable
for farm
work, although it was somewhat too cool in parts
of the Northwest.
In the New York City area the weather
during
the
Today it
ing
week
was
from
52
has
fair and
to 71
been
generally
warm
degrees.
clear and pleasant.
here, with temperatures rang¬
forecast was for partly
Not much change in tempera¬
it was 52 to 62 degrees; Balti¬
The
cloudy tonight and Saturday.
ture.
Overnight at Boston
50 to 72; Pittsburgh, 52 to 78; Portland, Me., 50 to 70;
Chicago, 64 to 82; Cincinnati, 56 to 86; Cleveland, 60 to 76;
Detroit, 62 to 74; Charleston, 64 to 72; Milwaukee, 66 to 78;
Savannah, 66 to 68; Dallas, 62 to 86; Kansas City, 66 to 88;
more,
Springfield, Mo., 60 to 82;
Oklahoma City, 60 to 86; Salt
City, 56 to 74; Seattle, 48 to 54; Montreal, 52 to 62,
and Winnipeg, 42 to 46.
Lake
Moody's Commodity Index Declines Sharply
Mody's Index of Staple Commodity Pices again declined
sharply, closing at 185.8 this Friday as compared with 189.2
a week ago.
A new low for 1937 was made on Wednesday,
at 185.4.
The main factors in this week's decline
were lower prices
and steel scrap. Silk, cocoa, hides, rubber, corn,
hoggs, lead, wool, coffee and sugar also declined. Wheat and
cotton advanced, and there was no change for silver.
The movement of the Index during the week, with com¬
parisons, is as follows:
for copper
Fri.
Sept.
Sept.
Sept.
Tues.
Sept.
Wed.
Sept.
Thurs. Sept.
Sat.
Mon.
Fri.
Net
Oct.
24
25
2728
.189.2
No Index
-.188.8
.187.6
29...
30
1
-.185.4
-
185.9
185.8
2 Weeks Ago, Sept.
17
Month Ago, Sept. 1
Year Ago, Oct. 1
1936 High—Dec. 28
Low—May 12
1937 High—April 5Low—Sept. 29
193.9
192.9
183.9
208.7
162.7
228.1
185-4
Rising costs of operation, in¬
supplies and fuel, and higher
of
0.1% in Wholesale Commodity Prices
During Week Ended Sept. 25 Reported by United
States Department of Labor
Increase
August
$50,307,881, a decrease of 22.2% from the cor¬
responding 1936 figures, the Association of American Rail¬
costs
33,203
The
amounted to
creased
Car loadings of revenue freight for the week ended
today.
previous week.
It is stated that they will have more than $9,000,to spend from this year's crops.
Long-standing
marketings this year
7% to 20%
was
1936 period, Dun & Bradstreet report
same
previous week in six years.
Latest week's loadings "repre¬
sent an increase of 13,881 cars over the previous week and
It is stated that auto¬
sharp decline.
the anticipated increase in
3% to 8% above last week and
better than the
compared with
as
about unchanged for the week, while
steel production registered a
for
its
rose
Sept. 25 spurted to 840,446 cars, the highest figure for any
preceding week and 98.3 for
the corresponding week of last year.
whole
season¬
which is not
ally adjusted, advanced last week to 103.9
motive
loadings and a
car
were
Association stated.
reached
recent
sharp increase in coal production, the "Journal of
Commerce" index of business activity,
a
its
years.
responsible for the decline in income,
Although fall buying had not yet
full stride, retail sales for the country as a
costs
wage
the
Friday Night, Oct. 1, 1937.
Business
have of the financial history of the past two
-
Wholesale commodity prices advanced
0.1% during the
week ended Sept. 25, according to an announcement made
Sept. 30 by the Bureau of Labor Statistics, United States
Volume
Financial
145
2137
Chronicle
Department of Labor.
The advance, the Bureau said,
brought the all-commodity index to 87.5% of the 1926
average, representing an increase of 1.2% over a month
ago and an increase of 8.0% over the corresponding week of
cars, or 4.1 %, from the total for the like week of 1936, and an
increase of 210,511 cars, or 33.4%, over the total loadings
for the corresponding week of 1935.
For the week ended
last year.
week of 1936 and 16.9% over those
week of 1935.
Loadings for the week
The Bureau added:
The rise of the
farm
composite index
Average
products.
prices
largely due to advancing prices of
was
of
foods,
fuel
materials,
lighting
and
building materials, and miscellaneous commodities also advanced slightly
durin; the
week.
Textile
and hides and leather
products
goods declined
housefurnishing
and
products, metals and metal products, and chemicals
and drugs remained unchanged at last week's level.
fct Wholesale prices of
raw materials rose
0.5% during the week to a point
1.7% above a month ago and 4.7% above a year ago.
Although semi¬
manufactured commodity prices declined 0.2% during the week, and are
1.3%
below the level of
month
a
the group index—85.4—is 12.4%
ago,
above the corresponding week of last
year.
tinued to advance,
reaching the
Finished product prices con¬
level
highest
current index for this
The
9.1%
1930.
May,
siace
group—89.5—is 1.4% above a month ago and
Sept. 18, 1937, loadings
showed
were
4.6% above those for the like
for the corresponding
ended Sept. 11, 1937,
gain of 1.7% when compared with 1936 and a rise
of 1.7% when comparison is made with the same week of
a
1935.
The first 18 major railroads to report for the week ended
Sept. 25, 1937, loaded a total of 385,146 cars of revenue
freight on their own lines, compared with 376,230 cars in
the preceding week and 3/1,569 cars in the seven days ended
Sept. 26, 1936.
A comparative table follows:
RECEIVED FROM CONNECTIONS
REVENUE FREIGHT LOADED AND
(Number of Cars)
higher than for the corresponding week of last year.
Both
the
products"
index
and
for
the
for
that
of
group
foods" remained unchanged at
farm
Loaded on Own Lines
farm
other than
commodities
"all
"all commodities other than
0.9% above the corresponding week of last month and 8.7% above that
of last year.
Industrial commodity prices, as indicated
all commodities other than farm
products and
month ago and
Largely
and
as
1.1%
7.8% above
grains,
in livestock and poultry prices
the week ended
farm-prod acts
the
Sept. 25.
cattle, hogs, sheep,
Higher prices
live poultry,
were
lower
were
for
reported for oats, rye, wheat,
and
hops, timothy seed, onions,
eggs,
apples
cotton
corn,
during
0.9%
advanced
group
white potatoes in the New York and Portland (Oregon)
tions
by the index for
foods," are 0.1% above a
a year ago.
result of increases of 2.9%
a
in
Seattle,
at
Quota¬
markets.
lemons,
oranges,
timothy hay, peanuts,flaxseed, sweet potatoes, white potatoes at Boston,
and wool.
This week's farm-products index—87.3—is 2.7% above a
and 5.1% above
ago
Seasonal
and
1937
26,429
36,305
36,182
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. P. & Pac. Ry_
Chicago & North Western Ry
26,320
25,857
coupled with rising prices for coke
and lighting materials group to ad-
12,406
10,252
12,734
8,758
11,619
1,618
1,511
2,357
2,271
2,881
6,527
Missouri Pacific RR
2,756
6,428
17,631
18,929
3,235
10,094
46,460
10,818
index
group
No
increase
to
such
materials
tionally lower.
45,770
gravel
as
changes
45,160
5,211
44,032
5,271
Norfolk & Western Ry
26,701
25,493
72,784
24,982
4,928
4,686
72,773
47,240
46,706
5,683
7,829
5,914
7,182
5,269
7,717
6,188
7,466
7,158
6,586
35,349
36,289
34,219
x9,324
x9,105
x8,648
6,029
5,958
5,939
8,910
8,491
8,133
Pennsylvania IIR
72,876
_
Pere Marquette Ry
6,370
Southern Pacific Lines
Wabash Ry
items for which
Paint
prepared
reported
were
materials
a
385,146 376,230 371,569 229,359 220,415 213,187
x
Excludes
cars
interchanged between 8. P. Co-Pacific Lines and
(Number of Cars)
Weeks Ended—
tile,
reported
were
post-depression
Individual food
butter, cheese, rye flour,
were
lard,
copra,
oleo
oil,
edible
and cocoanut
tallow,
lamb, mutton, fresh pork,
prunes,
28,387
Illlnols Central System
39,686
27,179
37,570
16,760
16,336
16,663
84,833
81,085
80,571
Louis-San Francisco Ry
St.
oil.
beans, pepper, raw
cocoa
Total
above the level of
a
The Association of American Railroads,
week ended Sept.
The current food
cottonseed, peanut, and soybean oils.
index—88 7—is 4.0%
month ago
and 7.5%
This was
an
Sharp declines in wholesale prices of cotton goods,
jute and sisal, result id in
This decline
group.
lowest
decrease of 0.i%
a
point
reached
brought the index for
this
Raw
year.
burlap, hemp, raw
the index for the textile
in
silk
textile products to
prices
furnishing
furniture
goods
index
declined
0.1%.
Average
wholesale
The index for the hides and leather products group
at
108.3.
Prices
for
skins
and
Declining prices for
whole.
a
steel, quicksilver, and plumbing and heating
scrap
It remained at
the metals
and metal
95.4% of the 1925 average.
products index
Wholesale prices
steady.
oils
and falling prices for acetic acid and calcium aceta e, the index for the
chemicals and drugs group remained unchanged at 81.2.
Average prices
for drugs and pharmaceuticals, fertilizer materials and mixed fertilizers
Notwithstanding
wide
variations
in
wholesale
prices
of fats and
remained at last week's level.
of the
index
on
of
Bureau
weighted according to their
and is based
the
r
Labor
Statistics
includes
781 price
the average for the year 1926 as 100.
The following table shows the index numbers for the main groups
commodities for the past
of
five weeks and for Sept. 26, 1936; Sept. 28, 1935;
Sept. 29. 1934, and Sept. 30, 1933:
(1926=100)
of merchandise
Loading
,
Sept.
25
Commodity Groups
18
Sept.
Grain and grain products
cars
above
the
loading for the
cars
above
the
11
4
Aug.
28
Sept.
26
Sept.
28
Sept.
29
Sept.
30
1937
1937
1937
1937
1937
1936
1935
1934
1933
87.5
87.4
86.8
86.4
86.5
81.0
81.0
77.2
71.1
►
87.3
86.5
84.5
84.6
85.0
88.7
88.6
86.6
85.7
_
<W|
83.1
80.9
72.8
58.0
85.3
82.5
86.6
76.0
64.9
Hides and leather products.. 108.3 108.3 108.5 108.6 108.7
76.1
75.8
75.1
75.5
74.5
Textile products
95.8
91.8
84.9
91.9
70.6
71.6
70.7
77.0
74.5
75.5
72.6
Farm
products
Foods
76.3
Fuel and lighting materials..
79.6
79.4
79.8
79.2
79.1
Metals and metal products..
96.4
96.4
96.4
96.4
95.5
85.9
86.2
85.7
82.0
Building materials
96.5
96.3
96.4
96.3
96.5
86.9
86.1
85.3
corresponding week in 1936.
loading totaled 36,180 cars, an increase
of 4,197
above the corresponding
and grain products
week of Sept. 18 totaled 25,076 cars, an increase of 2,478
preceding week and 3,978 cars above the corresponding
Western Districts alone, grain
week in 1936.
Live stock loading
above
the
of 4,826 cars
above the corresponding week
amounted to 19,033 cars, an increase
preceding week, and 295 cars
In the Western Districts alone,
in 1936.
loading of live stock for the
week
of 4,089 cars above the preced¬
ing week, but a decrease of 115 cars below the corresponding week in 1936.
Forest products loading totaled 39,636 cars, an increase of 5,892 cars
above the preceding week, and 4,184 cars above the corresponding week
of Sept.
18 totaled 15,288 cars, an increase
1936.
preceding
69,021 cars, a decrease of 2,568 cars
but an increase of 9,789
week,
cars
below the
above the corresponding
week in 1936.
of 1,238 cars above
the corresponding week in 1936.
All districts reported increases in the number of cars loaded with revenue
freight compared with the corresponding week in 1936.
All districts except
the Pocahontas, reported decreases compared with the corresponding week
Coke loading
All commodities
increase of 27,462 cars above
preceding week, and 3,112 cars
In the
1936.
week in
in
Sept.
1936.
and 8,683 cars above the
Ore loading amounted to
Sept.
above the preceding week, and
Coal loading amounted to 145,669 cars, an
the preceding week,
172,639
1,920 cars
carload lot freight totaled
less than
increase of 25,532 cars
an
48,687
above the corresponding
.
above the corresponding week in
series
lative importance in the country's markets
included Labor
totaled 333,722 cars, an increase of
preceding week, and 7,916 cars
1936.
in
cars,
for agricultural implements and motor vehicles w^re
fThe
above
week
for
and those
slightly.
fixtures did not affect the index for
as
remained unchanged
weakened
leather
upper
18 was an increase of
above the preceding week, which
Miscellaneous freight loading
stationary.
sole leather and shoes advanced
16.2%
Day holiday.
for
prices
week
13.2% below the same week
Loading of revenue freight for the week of Sept.
cars
were
a
115,266 cars or
bedding, the house-
119,745 cars or 16.9% above the same
decrease of 125,996 cars or
1930.
averaged higher.
Clothing, knit goods, and woolen and worsted goods remained firm.
Due to declining prices for furnishings, principally
but
1935,
in
ended Sept. 18 totaled 826,565
4.6% above the corresponding
increase of 36,708 cars or
week in 1936, and an increase of
in
in reviewing the
follows:
as
Loading of revenue freight for the week
above
cars.
I
18, reported
year ago.
the
25,694
38,214
Chicago Rock Island & Pacific Ry.
dried
prices were quoted for wheat flour, canned apples,
sugar, and corn,
products
Sept. 26, 1936
18, 1937
Sept.
Sept. 25, 1937
vegetables declined 4.5%; meats, 0.2%, and cereal products,
Lower
peaches and
a
Texas & New
CONNECTIONS
LOADINGS AND RECEIPTS FROM
TOTAL
other
and
of brick and
prices
in
1.1% increase in dairy products.
higher prices
veal,
Fruits and
5,011
averaged frac¬
roofing
hominy grits, canned string beans and tomatoes, fresh beef at New York,
0.1%.
10,317
Orleans RR. Co.
lumber caused the building
spruce
0.2%.
and
Wholesale food prices, with an advance of 0.1 %, reached a
peak, largely due to
pork,
9,745
43,126
10,356
4,814
44,438
9,059
New York Chicago & St. Louis Ry
42,574
5,518
New York Central Lines
cement, and structural steel.
cured
8,691
11,894
1,554
1,964
3,349
2,983
19,046
Missouri-Kaasas-Texas RR
11,543
9,074
9,238
9,120
steady.
were
Advancing prices for yellow pine and
building
18,578
Crude rubber declined
during the week.
Average wholesale prices for automobile tires and tubes and paper
materials
17,262
2,816
International Great Northern RR
Total
Cattle feed prices rose 5.7%
pulp
17,686
2,840
19,408
12,803
5,523
18,023
6,278
17,983
6,490
26,451
18,457
22,602
18,195
2,214
2,704
22,609
Gulf Coast Lines
0.3%.
2.1%.
18,379
23,320
1936
6,962
21,717
35,260
25,185
1937
1937
1936
19^7
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
Pittsburgh & Lake Erie RR
natural gasoline caused the fuel
vance
and
month
a year ago.
advances in prices of coal
Connections
Weeks Ended—
Sept. 25 Sept. 18 Sept. 26 Sept. 25 Sept. 18 Sept. 26
The index for the first
last week's level.
p*oup, reflecting the price movement of non-agricultural commodities,
is
Received from
■
Weeks Ended—
and
products
the preceding
in
amounted to 10,665 cars, an increase
week, and 809 cars above
1930.
83.2
Loading of revenue freight in
1937 compared with 1936 and
81.2
81.2
80.9
81.0
81.2
81.8
79.3
77.0
92.7
92.8
92.8
92.7
92.7
83.2
81.7
83.1
70.3
1935
2,974,553
4,246,552
3,506,899
3,515,733
3,618,960
4,593,449
3,718,983
4,475,391
3,752,048
79.4
65.1
1936
3,316,886
72.2
Chemicals and drugs
Housefurnishing goods
1930 follows:
1937
67.2
76.9
76.9
76.6
77.0
71.1
Raw materials
85.0
84.6
83.4
83.3
83.6
81.2
*
*
*
85.4
85.6
85.7
86.0
86.5
76.0
*
♦
*
Semi-manufactured articles..
*
#
*
77.1
Miscellaneous
89.5
All
\
t
commodities
other
commodities
88.9
88.4
88.3
82.0
87.6
87.2
86.8
86.8
80.6
than
farm products and foods..
78.1
73.9
Four weeks in
April
weeks in May
Four weeks in June
weeks in July
Five
85.9
85.9
86.0
85.9
85.8
79.7
78.2
78.4
76.6
2.778,255
3,003,498
2,955,241
3,897,704
2,976,522
3,812,088
March
Five
81.0
_
Four weeks in February
Four weeks in
than
other
farm products
All
89.4
87.6
Finished products
weeks in January —
Five
Four weeks in Augast
4
of Sept. 11
Week of Sept.
♦Not computed.
Week
.....
Week of Sept. 18
Revenue
Freight Car
Loadings Reach Total of 840,446
25
Cars in Week Ended Sept.
freight for the week ended Sept. 25,
This is a rise of 13,881 cars,
1.7%, from the preceding week; an increase of 33,203
Loadings of
revenue
1937, totaled 840,446 cars.
or
3,115,708
804,633
711,299
826,565
28,198,399
Total
2,512,137
2,415,147
2,543,651
3,351,564
2,786,742
3,572,849
2,954,522
765,131
856.649
700,147
789,857
965,813
25,366,300
34,203,038
952,561
undertake to show the loadings
'or separate roads and systems for the week ended Sept. 18.
During this period a total of 87 roads showed increases
when compared with the same week last year.
In
the
following
we
Financial
2138
REVENUE
FREIGHT LOADED AND RECEIVED
FROM
Total Revenue
from Connections
1937
1936
1937
4..
Southern
Central Indiana
Norfolk Southern
1,168
533
1,382
1,089
1,210
1,485
1,039
282
246
Piedmont Northern
396
406
394
8,529
8,145
9,431
9,962
Richmond Fred. <fc Potomac...
415
385
372
1,766
1,559
2,381
2,463
Seaboard Air Line
9,140
21,926
8,818
7,189
22,220
21,113
490
448
419
735
766
187
190
156
857
899
114,142
110,513
101,854
67,207
65,554
2.220
11,619
3.C41
8,758
1,874
10,938
618
18
48
1,416
Delaware & Hudson.
5,189
9,625
1,378
6,136
9,093
1,051
5,559
.
Delaware Lackawanna & West-
Detroit & Mackinac...
1,166
1,130
20
Central Vermont--.
112
9,573
94
1,805
2,001
7,158
6,196
7,351
6,125
422
424
323
129
2,154
2,357
1,229
282
281
2,966
13,797
3,671
14,069
13,237
3,132
183
180
14,930
7,193
1,804
1,677
8,849
3,040
4,702
2,468
44,032
10,928
1,196
5,271
7,719
6,188
1,628
1,623
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley..—
...
Maine Central
Monongahela
;
Montour.
New York Central Lines
N. Y. N. H. & Hartford
New York Ontario & Western.
N. Y. Chicago & St. Louis....
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North
Pittsburgh & West Virginia
Rutland...
'.
1,948
1,350
9,313
7,600
3,060
2,950
2,218
2,170
4,268
2,478
41,500
10,542
3,701
332
286
2,254
39,457
10,658
51
56
44,093
1,765
1,836
5,357
7,891
4,866
45,770
11,037
1,778
10,317
5,362
6,905
6.988
5,501
6,098
5,209
5,190
7,397
11,373
8,125
10,771
448
288
271
31
40
410
278
244
243
1,167
1,323
1,262
1,600
1,722
—
Belt Ry. of Chicago
743
870
656
20,402
2,659
18,535
2,441
20,986
4,094
Elgin Joliet & Eastern...
Ft. Dodge Des Moines & SouthGreat Northern
419
459
347
214
138
28,168
23,830
24,027
3,285
3,489
708
586
63C
593
471
3,283
2,171
7,973
13,225
2,866
2,522
1,919
6,281
09
103
2.221
2,597
2,546
11,728
4,322
....
& North Wrestern
Great Western
Miiw. St. P. & Pacific
St. P. Minn. <fc Omaha
Duluth Missabe & Northern.
Duluth South Shore & Atlantlc.
..
Green Bay & Western
Lake Superior & Ishpeming
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific..
694
692
707
853
953
6,220
5,648
8,491
8,653
Spokane International
4,380
4,096
3,872
3,576
Spokane Portland & Seattle...
158,418
155,870
145,740
164,887
164,641
Wheeling & Lake Erie
Total
984
22,196
3,041
21,965
4,450
19,219
1,590
8,689
Chicago
Chicago
Chicago
Chicago
5,958
5,030
Wabash..
3,894
15.091
Northwestern District—
6,820
1,176
8,075
377
.
.
4,101
15.106
15,904
3,174
198
Trunk Western
Total
2,938
2,593
-.
Erie
Winston-Salem Southbound
1,418
1,165
2,995
1,252
261
Southern System
Tennessee Central....
152
2,090
Detroit Toledo & Ironton
Detroit & Toledo Shore Line
22,482
4,061
17,552
1,086
7,689
1,745
6,487
11,884
3,299
8,298
3,941
3.890
231
391
9,480
918
519
409
6,177
8,120
5,383
1,932
3,705
293
370
273
472
2,255
1,815
1,721
1,612
139,862
127,219
112,829
54,058
48,062
25,185
3,304
21,978
3,340
21,021
3,291
6,490
2.663
6,037
2,515
544
351
275
139
76
18,023
Total.
306
1,652
17,549
1,684
12,704
16,229
1,129
12,041
2,765
1,034
3,439
9,238
8,661
878
892
9,002
8,296
2,696
1,743
3.730
1,547
3,673
Central Western District—
Allegheny District—
Akron Canton & Youngstown
461
504
488
938
872
36,182
6,384
35,424
6,595
31,517
3,709
18,578
17,704
2,910
3,130
408
Baltimore & Ohio..
Bessemer & Lake Erie
346
245
7
8
Gauley *
Cambria & Indiana
1,551
1,369
1,429
21
21
Central RR. of New Jersey..,
Cornwall
6,404
6,396
6,594
10,969
10,907
572
956
604
94
41
Cumberland & Pennsylvania.,
Ligonier Valley
Long Island
280
324
346
46
29
129
102
148
16
32
695
774
743
Penn-Readlng Seashore Lines
1,729
72,784
14,128
16,973
1,709
72,603
14,321
61,451
12,606
2,111
1,458
46,706
16,835
6,717
1,542
45,254
17,669
......
Pennsylvania System
Reading Co......
Union
1930
560
Chicago Indianapolis <fc Loulsv.
Buffalo Creek &
1937
1935
District—(Concl.)
1,306
8,236
1,973
w.*.
Bangor & Aroostook.
Boston & Maine
Grand
1936
Received
from Connection*
Freight Loaded
1936
1937
1935
2. 1927
Total Loads
Total Revenue
Railroads
Eastern District—
Ann Arbor.
Oct.
Total Loads Received
Freight Loaded
Railroads
Chronicle
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED SEPT. 18
(Pittsburgh)
West Virginia Northern......
Western Maryland
1,193
14,202
7,502
2,111
6,200
1
56
71
3,731
3,637
5,988
6,451
162,756
Total...
42
3,9.54
159,458
132,283
113,395
111,972
Atch. Top. & Santa Fe System
Alton
Bingham & Garfield-
Chicago
Chicago
Chicago
Chicago
Burlington & Quincy.
& Illinois Midland
2,095
Rock Island & Pacific
14,026
3,024
1,152
4,306
& Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
3,029
1,096
4,047
2,377
912
25
32
1,087
2,318
1,336
1,300
1,741
1,430
98
78
1,118
988
545
380
79
112
261
36
55
27,238
24,972
20,712
279
267
5.731
1,392
5,162
285
16,517
......
Nevada Northern
North Western Pacific
Peoria & Pekln Union
Southern Pacific (Pacific).....
Toledo Peoria & Western
Union Pacific System
Utah
966
1,093
2,253
1,741
1,034
15,660
14,510
10,534
9,823
1,002
1,251
2,129
1,961
Fort Worth <fc Denver City...
Illinois Terminal....
1,232
1,302
619
014
599
15
13
2,011
1,989
1,765
2,765
2,947
125,869
116,491
105,979
60,821
56,528
4,853
.....
Western Pacific
Pocahontas District—
Chesapeake <fc Ohio—
Norfolk <fc Western..
Norfolk & Portsmouth Belt Line
25,867
25,493
25,123
24,780
23,678
20,695
988
985
972
Virginian
4,804
4,506
55,394
11,715
19,646
18,370
Total....
4,666
1,099
890
3,911
57,142
12,406
4,686
1,665
49,256
Southwestern District-
Total..—.....
326
262
214
195
182
897
898
836
1,324
1,499
730
734
749
767
831
10,308
.
229
213
2,816
2,756
2,040
2,063
2,687
1,511
2,271
1,471
179
161
2,221
1,799
1,151
2,375
2,012
1,030
1,987
1,647
1,367
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
2,822
1,237
1,000
Louisiana Arkansas & Texas—
345
334
160
468
426
Litchfield <fc Madison
382
340
271
970
974
Midland Valley
Missouri & Arkansas
835
846
803
289
1,179
1,023
1,639
242
207
161
311
245
499
399
273
401
Missouri-Kansas-Texas Lines..
6,428
5,624
174
506
444
Missouri Pacific
17,631
18,658
2,983
9,059
3,319
189
5,493
16,802
448
390
Clinchfield
Columbus & Greenville.
1,555
1,341
442
172
Durham & Southern
Florida East Coast...
261
2,243
1,683
.
4,432
510
_
268
2,894
8,954
4,771
498
531
495
614
552
Natchez & Southern
36
9,387
42
29
51
286
.
31
33
44
142
133
87
Quanah Acme <fe Pacific
102
QK
118
120
122
974
.....
1,055
1,054
1,592
1,639
St. Louis-San Francisco
10,099
10,263
4,462
4,435
3,899
3,288
2,410
3,374
2,099
9,051
9,174
2,683
7,203
4,911
2,139
18,131
525
Gulf Mobile & Northern
Illinois Central System
586
530
523
418
1,983
25,813
25,094
2,300
25,293
22,908
2,040
23,037
20,706
1,140
12,868
5,274
12,007
5,317
219
...
Louisville & Nashville
241
242
394
Macon Dublin & Savannah
Mississippi Central
Mobile Jk Ohio......
Nashville Chattanoova A St. L.
Weekly
1,219
St. Louis Southwestern
Texas & New Orleans
2,799
2,649
454
Terminal RR. Assn. of St. Louis
Wichita Falls & Southern
7,754
5,145
2,434
311
220
231
58
70
Wetherford M. W. & N. W....
27
29
31
37
31
68,376
64,912
58.879
61,233
312
253
210
414
358
2,298
2,199
1,966
1,988
3.055
2,901
2,318
2.525
Texas & Pacific
5,795
...
3,785
3,771
18,275
1,893
2.802
Note—Previous year's figures revised.
"Annalist"
395
160
4,778
9,600
4,515
Gainesville Midland
Georgia
Georgia & Florida..
5,565
216
220
2,743
1,120
1,866
4,619
.
217
200
237
International-Great Northern.
Central of Georgia
Charleston & Western Carolina
...
292
280
Fort Smith & Western.....
Gulf Coast Lines
Atl. & W. P.—W. RR. of Ala..
Atlanta Birmingham & Coast..
Atlantic Coast Line....
268
Burlington-Rock Island
Southern District—
Alabama Tennessee & Northern
Alton & Southern
Index
Total
59,11
* Previous figures.
THE
Wholesale
of
"ANNALIST"
Commodity
MONTHLY
INDEX
OF WHOLESALE
COMMODITY PRICES
Prices Down 0.8 Point
During Week Ended Sept. 28
(1926=100)
—Average for September Advanced Slightly
N0|
point carried the "Annalist" Weekly Index
down to 94.0 on
Sept. 28 from 94.8 (revised) on Sept. 21,
it was announced
by the "Annalist" on Sept. 30.
It con¬
A loss of 0.8
tinued:
products
—
Food products
Textile
•
chiefly responsible, although losses in
cocoa,
and the nonferrous metals also
contributed.
their advance
was
THE
of their
eggs,
products
textiles, rubber
The grains were higher, but
insufficient to offset the losses elsewhere.
j
«***«*
Aug., 1937
Sept., 1936
99.6
100.4
89.5
88.2
Miscellaneous
66.4
90.0
r 89.7
85.9
79.4
68 6
94.4
—
70.4
79.4
Chemicals
89.1
109.1
69.9
Building materials
71.0
90.7
108.9
Metals..
81.4
74.3
p90.9
—
85.9
P70.4
products
Fuels..
Lower prices for hogs and other livestock and most
were
Sept., 1937
Farm
94.3
85.0
89.1
—
All commodities
"ANNALIST" WEEKLY INDEX OF WHOLESALE
p
COMMODITY PRICES
Preliminary,
r
Revised.
(1926=100)
Sept. 28,
Farm products
Food products..
Wholesale
1937 Sept. 29,
99.7
100.2
r89.3
71.4
P91.2
Preliminary,
90.0
85.9
79.3
69.2
94.0
r
66.4
79.0
All commodities
89.9
69.9
90.0
Miscellaneous
89.3
109.2
69.9
Chemicals
P90.7
108.1
Metals
Building materials
r94.8
85.0
Revised.
The "Annalist" also made available
on[Sept. 30 its monthly
showing the average for September advanced slightly.
issuing its index the "Annalist" said: ^
I
index
In
Reflecting the limited
spring,
the
range
in
monthly average for
which
the
index" has'moved since* last
September showed^ little change, rising
0.1 point to 94.4 from 94.3 in
August.
Ended
Commodity Prices Declined During Week
Sept. 25, According to National Fertilizer
80.6
r70.1
1936
89.8
87.7
P69.2
Textile products
Fuels..
p
1937 Sept. 21,
^
'
Association
Following advances in the two preceding weeks, the weekly
wholesale commodity price index, compiled by the National
Fertilizer Association,
declined during the week ended
Sept. 25.
Based on the 1926-28 average of 100%, the index
last week registered 87.1%, as compared with 87.6% in
the preceding week.
A month ago it stood at 86.7% and
a
year ago at 80.0%.
So far the highest point recorded by
the index this year is 88.8% in the middle of July.
The
Association's announcement, under date of Sept. 27, went
on
to say:
Of the 11 principal commodity groups included in the index five
last
week
and
one
advanced,
with
five
retraining
unchanged.
declined
Lower
quotations for meats and sugar were largely responsible for the downturn
Volume
Financial
145
in the index of food prices,
following the new high point for
quotations for livestock caused a small
prices combined with lower
week,
the
product prices; grains were higher
the index of farpi
in
turn
also
were
as
recorded
by
since last
the average
Prices of steel scrap and
the index of metal
October.
in
declined during the week and
advanced; in the preceding week there were 33 declines and 30 advances;
the second preceding week there were 26 declines and 25 advances.
WHOLESALE COMMODITY
WEEKLY
♦
Sales of Chain Stores in New York Federal
District 1.6% Below Year Ago—First De¬
crease in Total Sales Since April
August
Reserve
level reached this
result of the drop in lumber quotations.
Thirty price series included in the index
21
August level was indicated.
resulting in a small drop in
The building material index fell to the lowest
year as a
sales of the reporting department
York were 3% larger than in the
and at least the usual increase from the
of September
Metropolitan area of New
in the
corresponding period a year ago,
The textile price average continued
began during the spring, reaching the lowest level
tin were somewhat lower,
prices.
down¬
during the
first half
the
During
stores
and hay.
eggs
which
downturn
the recovery
Further weakness in spot cotton
period reached in the preceding week.
2139
Chronicle
PRICE INDEX
Compiled by the National Fertilizer Association.
(1926-1928=100)
York reported in its
"August sales of the re¬
porting chain store systems in the Second (New York) Dis¬
trict were 1.6% lower than last year, the first decrease to
be reported in total sales since last. April."
The Bank also
Reserve Bank of New
Federal
The
"Monthly Review" of Oct. 1 that
noted:
Per Cent
Latest
Preced'g
Month
Year
Each Group
Week
Week
Ago
Ago
Sept. 25, Sept.
Group
Bears to the
18, Aug. 28, Sept. 26
1937
1937
1937
1936
87.2
87.9
85.1
82.3
Fats and oils
70.6
70.7
69.9
80.2
Cottonseed Oil
69.0
70.7
73.5
98.0
Tota< Index
than
sales
Foods
25.3
79.7
85.1
85.5
84.0
Cotton
47.0
48.9
53.0
66.9
Grains
92.2
89.2
89.9
104.0
Livestock
Farm products
23.0
93.1
94.1
90.0
75.0
17.3
Fuels..
86.6
86.6
86.5
79.6
10.8
Miscellaneous commodities..
86.1
86.0
85.9
of
Sales
10-cent
the
a
Building materials
Chemica s and drugs.
70.7
73.4
106.0
106.1
previous.
year
87.8
87.5
1937. in the total number of stores in operation, reflecting reduc¬
in stores operated by the grocery and candy chains which exceeded
increases in 10-cent and variety, and shoe chain units.
Consequently,
August,
tions
small
sales
all chains combined
of
store
per
a
as
ago.
year
in Augufet were virtually the same
>
82.2
95.1
95.6
95.6
95.6
.3
Fertilizer materials
72.6
72.6
72.9
Fertilizers.
80.4
80.4
79.9
Farm machinery
96.4
96.4
96.4
92.6
87.1
87.6
86.7
80.0
All
100.0
Number
Total
Sales per
of Stores
Sales
Store
—4.5
—6.2
—1.7
Ten-cent and variety
+ 1.0
—0.4
Shoe
+0.6
—2.3
—3.2
—3.8
—14.8
—12.8
—1.5
—1.6
—0.1
'
Type of Store
Grocery
combined
groups
Candy
All types
Department Store Sales in New York Federal Reserve
District
During August
Reported 6.3% Above
1936—Increase also Noted in Sales in
Metropolitan Area of New York in First Half of
September
August,
department stores
5,3% higher than
last year, a somewhat larger advance than in July," accord¬
ing to the Federal Reserve Bank of New York.
The Bank
also had the following to say in its "Monthly Review" of
August total sales of the reporting
in the Second (New York) District were
Oct. 1:
and northern New Jersey department 6tores
The New York and Brooklyn,
by
reported
were
District
Sales
stores.
sales
increases in
Rochester,
the
last year, and small advances in
over
Syracuse, Bridgeport and Capital
and Stamford department stores
of the Westchester
unchanged from August, 1936, and in stores in
in
this district sales were smaller
than last
leading apparel stores were
sion than in the previous
the remaining locali¬
year.
Sales of the
2.3% lower than a year ago, a smaller reces¬
month.
merchandise on hand at the end of August
ago, though by a somewhat smaller per¬
centage than in any of the preceding six months, and the apparel stores
also continued to show a moderate increase in stocks. The rate of collec¬
tions averaged the same this year as in August, 1936, for the department
stores, but was higher than a year ago for the apparel stores.
store stocks of
Department
remained
than
higher
a
year
Percentage Change from
a
Per Cent
of
Accounts Out¬
Year Ago
standing July 31
Stock
Net Sales
Locality
Hand
on
Feb. to
1% in Sales of Wholesale Firms in August
Compared with Last Year Reported by New
Increase of
as
York Federal Reserve Bank
August
Month
"Monthly Review" of the Federal
According to the Oct. 1
York total sales of the reporting
wholesale firms in the Second (New York) District during
Bank
Reserve
of
New
August "averaged about 1% higher than last year, following
the decline reported for July."
The "Review" further said:
Cotton
largest increase in sales since last
reported the most substantial increase in three
the men's clothing, shoe, stationery and paper concerns all
goods
concerns
showed the
February, the jewelry firms
months,
and
reported
more
favorable year-to-year comparisons
of
ment
Commerce,
lines reporting inventories
Stocks of all
year ago,
reporting lines.
+ 16.5
41.0
+ 14.4
51.2
44.6
+ 1.4
+ 18.0
46.6
+ 14.4
35.3
37.0
+ 6.4
+9.8
+8.1
36.4
July 31
Collected in August
45.3
Rochester
Outstanding
August, 1936
41.6
+8.8
+6.1
37.6
Northern New Jersey.
+21.2
Commodity
Stock End
+ 10.2
+ 8.6
40.8
38.9
Groceries
+4.1
+0.1
33.8
32.4
Men's clothing.
Northern New York State.
—11.0
—2.3
Southern New York State.
——4.8
+4.8
Central New York State..
—1.4
Hudson River Valley Dist.
—0.5
Capital District
Westohester and Stamford.
+2.8
+5.2
+5.9
+3.1
0.0
—0.1
—4.8
+7.6
+5.3
+6.4
Niagara Falls
All department
stores
August Bales and stocks in
those of a year
....
....
....
....
'
....
....
......
....
....
....
....
+ 16.3
+6.2
40.3
40.3
37.1
34.9
the principal departments are compared
table:
with
Net Sales
August, 1936
goods.
+25.4
+9.5
+25.7
drugs
+9.0
—0.1
+8.6
+5.4
+27.1
+ 13.6
+24.8
+21.6
+32.4
+ 7.2
+ 13.0
+5.0
+ 16.0
+4.8
+30.9
+39.3
Musical instruments
Linens
.
+8.2
1
+ 7.6
Hosiery
Women's ready-to-wear
+6.9
accessories
+6.7
Men's and boys' wear
+5.5
Home furnishings
Books and stationery
Silverware and
jewelry
Men's furnishings
+3.3
+2.4
Furniture
Women's and misses'
ready-to-wear
+ 19.4
+2.1
Luggage and other
Silks and velvets
Woolen
+26.1
leather goods
goods
+32.1
—1.5
Cot* on goods
+ 15.3
—2.7
i
+0.7
—4.9
—0.2
Miscellaneous
+5,4
+ 7.5
the metropolitan area
York during the first half of September, is also
following, regarding sales in
New
from the
"Review":
34.3
—12.7
sundries—
+ 10.9
a+9.2
—0.4
a
+41.1
44~6
—1.7
+ 10.4
+ 11.9
Reported by
—m'
22.3
j
+0.9
♦Quantity figures reported by the National Federation
included in weighted average for total wholesale trade,
a
m
50.7
|18.3
58.6
Jewelry
Weighted average
4+0
mm —
58.8
+31.3
56.2
of Textiles, Ino., not
Department of Commerce.
Electric Production During Week Ended
Totals 2,265,748,000 Kwh.
Sept. 26
Institute, in its weekly statement,
production of electricity by the electric
light and power industry of the United States for the week
ended Sept. 25, 1937, totaled 2,265,748,000 kwh., or 4.4%
above, the 2,170,807,000 kwh. produced in the corresponding
week of 1936.
The Institute's statement follows:
The
Edison Electric
disclosed that the
PERCENTAGE INCREASE
Major Geographic
Regions
Week Ended
Sept. 25,
1937
OVER PREVIOUS YEAR
xWeet Ended
Sept. 18,1937
xWeel Ended
11, 1937
Sept.
Week Ended
1.8
0.6
2.0
6.7
Middle Atlantic......
3.0
3.9
5.0
10.0
Central Industrial
7.3
6.5
8.2
11.0
4.3
0.2
4.4
3.7
4.5
5.2
13.4
16.5
14.7
18.3
4.1
8.9
5.9
5.3
4.4
5.1
2.6
8.6
West Central
Southern States
Rocky Mountain
Total United States.
x
Adjusted to include holiday
5.3
'
'
conditions in both years.
j
Sept. 4, 1937|
New England
Pacific Coast
The
51.8
36.7
*+8.0
«^8.1
silk goods
+ 15.3
+9.1
Compared with
Aug. 31, 1936
and radio
and handkerchiefs
43.8
64.4
*
Stationery
Aug. 31. 1937
Shoes
_
Drugs and drug
Percentage Change
August, 1937
Compared with
Toilet articles and
Shoes
44.6
42.6
Stock on Hand
Percentage Change
Toys and sporting
Rayon and
88.4
44.8
■
Paper..
Diamonds...
previous in the following
Classification
goods
Cotton
1937
89.2
+5.5
+ 7.4
Hurriwaro,
+3.4
—2.3
Apparel stores.
......
1936
+ 18.5
—4.1
+0 J2
Elsewhere.
of Month
Net Sales
—1.3
Bridgeport
Accounts
August, 1937,
Compared with
1937
+6.0
+2 .2
Per Cent of
Percentage Change
1936
+ 6.6
Syracuse
reduction since that month.
continued to show increases over
which in the case of the hardware and diamond concerns were
quite large, but in most cases the inventories held at the end of August
were not
as
far above those held last year as at the end of July.
Col¬
lections continued to average lower than a year ago in the majority of
a
August
—0.7
-
Wholesale
an
showed the first material
concerns
grocery
showed
Collected in
Buffalo
New York
than in July.
collected and reported upon by the Depart¬
increase of about 11% over last year,
following a decline in the previous month.
On the other hand, yardage
sales of rayon and silk goods were below the previous year for the first
time in 12 months, and sales of the diamond concerns recorded the smallest
advance since May of last year.
The hardware firms, moreover, reported
the
first
year-to-year decrease in sales since January, 1936, and the
drug sales, data for which are
End of
August
—1.4
♦
"In
recorded moderate
1937,
Compared with August, 1936
74.0
.3
Percentage Change August,
67.4
.3
1.3
of
1936, and
decrease cf 1.5% between August,
There has. however, been a
85.0
86.3
Metals
6.1
ties
in several months,
smaller volume of
69.1
70.1
105.9
Textiles
7.1
were
systems
shoe store
the
77.7
8.2
sales
and
chains
variety
and
compared less favorably with those of a year ago than
and grocery and candy chains continued to report
a
6^5
2140
bATA
Financial
FOR
RECENT
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
Chronicle
Oct. 2, 1937
Monthly Business
Indexes of Board of
Federal Reserve System
Per Cent
The Board of Governors of the Federal Reserve
Change
Week Ended
1937
1936
1937
1935
1932
1929
from
1936
3.
July
2,238,268
2,096,266
2,029,639
10
17
1.956.230
+ 7.2
2,298,005
2,029,704
+ 13.2
July
July
July
July
24
2,258,776
31
2,256,335
Aug.
7
Aug.
14
2,261,725
2,300,547
Aug. 21........
Aug. 28
Sept.
Sept. 11
Sept. 18
+ 10.6
+ 10.0
2,135,598
+2.6
2,098,924
2,028,583
+ 12.4
2,170,807
+ 4.4
+ 7.6
FOR
RECENT
MONTHS
+8.0
1937
(1923-1925 average=100)
1,592,075
Adjusted for
1,431.910
1,792.131
1,777,854
1.819,276
OF
pll7
114
108
pi 15
114
110
PI 14
110
106
112
99
pl20
115
104
1935
1932
1929
March
May..,
—_
June
July
August
+ 13.0
+ 11.2
8,375,493
8,336,990
+ 18.3
7,500,566
+ 15.0
7,382,224
8,532,355
8,640,147
+ 13.7
7,544,845
7,404,174
9,163,490
9,275,973
+ 10.4
7,762,513
7,048,495
+ 13.6
November
9,262,845
9,670,229
9,237,905
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
December
9,850,317
8,521,021
September
October
Total
p65
Department
68
p84
P102 .3
P68
75
65
46
p41
45
46
87
75
p90
100
81
103.0
93.4 P102 .2
101.4
pi 03.7
100 4
93.5
83 5
79
80
76
81
82
77
p91
sales, value
store
62
44
p41
All other
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
7,585,334
6,850,855
7,380,263
7,285,359
7,486.635
7,220,279
94
86
P72.
65
68
141
140
120
138
130
118
pll5
111
rl20
pi 08
103
rll3
78
7,484,727
6,310,667
7,773,878
7,523,395
8,133,485
7,681,822
7,871,121
6,317,733
6,633,865
6,507,804
6,638,424
Textiles
70
96
70
67
Meat packing
Automobiles
107Q35 740
93,420,266 77,442,112 90,277,153
85
157
129
111
116
132
82
pi 09
115
115
pl21
113
128
159
Leather and shoes
164
147
170
178
158
Tobacco manufactures
Minerals—Bituminous coal
79
p78
Anthracite
76
72
p76
75
p37
47
51
p37
38
51
P181
174
149
pi 85
177
152
Iron Ore shipments
126
121
87
257
245
177
Zinc—
110
112
99
103
104
92
82
82
60
79
79
58
Petroleum. crude
Lead
Preliminary,
p
Revised.
carloadings,
r
Note—Production,
Total
106
Selected Production Indexes—
8,025,886
10,113,071
111
Construction contracts, value:
Freight -car loadings
1937
Aug.
1936
pll8
Manufactures—Iron and steel.
April
1937
pi 12
Factory employment..
Factory payrolls
8,664,110
9,791,969
8,926,760
9,908,259
9,584,251
9,703,394
9,818,888
July
1937
Manufactures
1936
February
Aug.
1936
Minerals
from
January
Aug.
1937
General Indexes—
Industrial production, total
KILOWATT-HOURS)
Cent
July
1937
1,761,594
1,674,588
1,806,259
Seasonal Adjustment
Aug.
1,733,110
1.750,056
1,436,440
1.464,700
1,423,977
1,476,442
1.490.863
1,499,459
1,506,219
Without
Seasonal Variation
1,723,031
1,724,728
1,729.667
Residential
(THOUSANDS
1936
BUSINESS INDEXES
1,723,428
Change
Month of
System
as follows, on
Sept. 27, its monthly indexes of industrial
production, factory employment, &c.
issued
1,711,625
1,727,225
1,415,122
1,839,815
1,809,716
1,752.066
1,827,513
1,851,541
1,857,470
1,863,483
+ 6.2
Per
1,456,961
1,341,730
1,415,704
1.433,993
1.440,386
1,426,986
1,823,521
1,821,398
1,819,371
1,832,695
2,157,278
2,169,442
9
DATA
+ 8.0
2,093,928
2.125,502
1,772,138
1,655,420
1,766,010
1,807,037
+ 8.8
2,079,149
2,304,032
Sept. 25
Oct.
2
Oct.
2,099,712
2,008,284
2,294,713
2,320,982
2,154,276
2,280,792
2,265,748
4
+ 10.3
2,079,137
Governors of
and
department
store
sales
Indexes
based
on
dally averages.
Construction contract indexes based on 3-month moving average of F. W. Dodge
data for 37 eastern States.
Employment Index,
without seasonal adjustment, and payrolls Index compiled
by Bureau of Labor statistics.
July Sales of Electricity to and Revenue From
FACTORY EMPLOYMENT AND PAYROLLS: INDEXES BY GROUPS AND
Ultimate Consumers
INDUSTRIES
The
following statistics, covering
light and
power
industry,
released
were
(1923-1925 average=100)
100% of the electric
on
Sept. 24 by the
Employment
Edison Electric Institute:
Adjusted for
Seasonal Varla'n
SOURCE
AND
DISPOSAL OF ENERGY
TO
AND
Payrolls
Without Sea¬
sonal Adjustm't
Without Sea¬
sonal
SALES
ULTIMATE CONSUMERS
Adjustm't
Aug.
July
Aug.
Aug.
July
Aug. Aug.
July
Aug.
1937
1937
1936
1937
1937
1936
1937
1936
93.4 102.2 101.4
93.5 103.7 100.4
83.5
85.7
84.7 104.1 100.7
77.0
105.4 106.2 101.8 106.6 104.1 102.8 103.1 100.0
91.8
108.9 108.3
95.3 108.9 107.6
95.3 120.6 113.5
131.1 131.5 105.3 130.0 129.9 104.4 137.7 133.6
93.9
121.6 123 5 100.9 112.0 119.9
81.0
Month of July
Total
102.3 103.0
-
1937
Percent
'
•
'
1937
Kilowatt-hours Generated
Change
Durable goods
99.4 100.1
Non-durable goods.
98.1
98.9
*(Net):
By fuel..
By water
1936
6,704,544,000
power
3,160,395,000
6,219,551,000
2,819,093,000
+7.8
+12.1
Durable Goods—
Iron and steel..
———
Machinery
Total kilowatt-hours generated
Additions to Supply—
Energy purchased from other
Net International imports
9,864,939,000
9,038,644,000
+ 9.1
285,518,000
112,108,000
167,875,000
112,526,000
+70.1
Transportation equipment
__
—0.4
86.8
132.8 135.8 109.2 119.5 130.4
Automobiles
sources
93.0 113.2 117.5
Railroad repair shops
...
No n ferrous metals
-—
98.3 116.8 123.6
62.3
64.4
58.7
62.0
63.8
116.3 115.4 101.1 113.2 111.5
63.5
57.7
98.4 109.6 105.3
82.9
58.4
66.9
83.4
Lumber and products
Total
397,626,000
280,401,000
+41.8
41,577,000
107,917,000
42,036,000
113,519,000
—1.1
149,494,000
155,555,000
9,163,490,000
1,644,387,000
7,519,103,000
—3.9
+12.5
1,159,479,000
+18.2
1,317,098,000
4,361,677,000
171,263,000
342,253,000
+13.7
140,262,000
332,544,000
100,488,000
98,843,000
+1.7
70,620,000
68,490,000
+3.1
8,455,768,000
Deductions from Supply—
Energy used in electric railway departments
Energy used in electric and other depts
7,519,103,000
$167,671,900
+ 12.5
+7.1
—4.9
71.2
72.9
65.1
72.9
72.9
66.6
71.2
67.3
58.9
Stone, clay and glass
70.4
70.4
66.4
72.0
71.7
68.0
70.6
66.1
58.3
Non-durable Goods—
Textiles and products
105.8 106.2 104.9 102.7 100.0 101.8
A.
Total
Total energy for distribution
10,113,071,000
Energy lost In transmission, distribution, &c 1,657,303,000
Kilowatt-hours sold to ultimate
Sales to Ultimate Consumers
consumers—
+ 10.4
+0.8
power
(retail).
Large light and power (wholesale)
Municipal street lighting
Railroads—Street and lnterurban
Electrified steam.
Municipal and miscellaneous
Total sales to ultimate consumers.
revenue from ultimate consumers
Total
100.8 102.0
Wearing apparel
114.7 113.1
Leather products
92.8
1,370,562,000
1,497,097,000
4,944,195,000
$179,637,400
—2.8
*
95.2
7.0
90.9
91.1
85.5
94.7
89.0
89.6
83.0
112.6 102.0 115.8
91.3
73.8
92.4
83.2
84.6
80.3
97.3
96.4
98.0
96.3
94.4
87.4
Food products
116.2 119.4 113.2 132.5 124.9 127.9 131.2 128.3 114.0
60.8
61.3
61.9
60.6
61.8
63.0
56.8
53.5
55.8
107.4 107 3 101.1 106.3 106.0 100.1 102.6 101.6
89.4
127.3 127.7 115.4 124.9 124.3 113.4 141.1 136.8 108.1
Chemicals & petroleum prod.
A. Cbem.
group,
except
petroleum
+ 13.4
—18.1
98.1
Tobacco products
Paper and printing
(Ktoh.)—
Domestic service
Commercial—Small light and
8,455,768,000
Fabrics
B.
refining.. 127.3 128.1 114.9 124.1 123.5 112.2 137.9 134.9 106.8
Petroleum refining
B.
127.1 126.2 117.1 128.4 127.5 118.3 151.3 143.1
Rubber products
99.6
93.9
96.6
97.7
96.2
92.2
96.4
96.8
112.2
90.8
Note—Indexes of factory employment and payrolls without seasonal adjustment
compiled by the Bureau of Labor Statistics. Index of factory employment adjusted
for seasonal variation compiled by F. R. Board of Governors.
Underlying figures
are for payroll period ending nearest middle of month and have been adjusted to the
Census of Manufactures through 1933. August. 1937, figures are preliminary.
12 Months Ended July 31
Percent
■
1937
Kilowatt-hours Generated *(Net):
By fuel...
1936
Change
The Federal Power
73,134,410,000 63,398,689,000
39,965,270,000 36,513,057,000
+15.4
113099,680000 99,911,746,000
4,031.117,000 3,262,641.000
"depts 2,122,676,000 2,179,842,000
Total energy for distribution
115008.121000 100994,545000
Energy lost In transmission, distribution, &c
17,918,945,000 16,797,410,000
Kilowatt-hours sold to ultimate consumers..
97,089,176,000 84,197,135,000
T-13.2
By water
power
Production of Electricity for Public Use During August
Reaches 10,334,024,000 Kwh.
,
+9.5
in the United States
use
Total kilowatt-hours generated
Purchased energy
Energy used in
(net)
electric railway & other
Total revenue from ultimate
consumers
Important Factors—
Per cent of energy generated
$2,146,336,800 $1,989,016,900
by water power
35.3%
Domestic Service (Residential
Use)—
Avge. ann. consumption per customer
(kwh.)
—2.6
+ 13.9
+6.7
+15.3
+7.9
36.5%
770
+9.8
4.84
$2.83
monthly electrical
during the month of August, 1937,
total 10,334,024,000 kwh.
This compares with 9,814,000,000 kwh. produced in August, 1936.
For the month of
July, 1937, output totaled 10,084,098,000 kwh.
Of the August, 1937, output a total of 3,227,247,000 kwh.,
was produced
by water power and 7,106,777,000 kwh. by
fuels.
The Survey's statement follows:
PRODUCTION
—6.8
$2.89
as of
701
4.51
Average revenue per kilowatt-hour
(cents)..
Average monthly bill per domestic customer
Basic Information
+23.6
Commission in its
report disclosed that the production of electricity for public
+2.1
OF
ELECTRICITY
STATES
FOR
PUBLIC
USE
IN
THE
UNITED
(IN KILOWATT HOURS)
Total by Water Power and Fuel
July 31
Division
June, 1937
1937
24,084,471
Water power
9,520,747
615,177
Internal combustion
24,062,100
9,011,800
499,400
Domestic service
area
area
Other ultimate consumers
(857,934)
(290.302)
(632,150)
(234,738)
22,090,401
3,779,743
562,803
509,072
69,726
61,781
25,707,223
''
power
—II—III—
Power Commission, with
not considered electric light and
power enterprises.
August, 1937
640.551,000
2,410,917,000
2,418,745,000
1,148.255,000
2,328,695,000
654,291,000
1,130,128,000
433,717,000
464,203,000
447.507,000
564,683,000
1,286,166,000
593,002,000
519,855,000
1,412,507,000
626,558,000
507,715.000
1.427,969,000
9,817,795,000
10,084,098,000
West North Central
690,556,000
.»
—
East South Central
Mountain
deductions for oertaln plants
498,530,000
Pacific
Total United 8tates
The
was
^ As reported to the Federal
2,362,418,000
2,216,728,000
609,761,000
2,371,656,000
667,892,000
1,186,170.000
21,356,627
3,845,280
-
East North Central
West South Central
(included with
domestic)
(Included with commercial, large)
Commercial—Small light and
Large light and power..1
33,563,300
26,568,210
Farms In Eastern
Farms in Western
34,220,395
616.742,000
Middle Atlantic
South Atlantic.
Total generating
capacity in kilowatts
Number of Customers—
July, 1937
1936
New England
Generating capacity (kw.)—Steam.
average
daily
production
333,356,000 kwh., 2.3%
July.
of electricity for public
more
10,334.024,000
in August
than the average daily production in
use
The normal change from July to August is @2.4%.
The production of electricity
of the total.
by
use
of water power in August
was
31%
Volume
Financial
145
banks
% Inc. % Inc. % Produced by
Inc.
x
1936
Over
Over
1936
1936
1937
1937
1936
11
39
36
15
39
34
1936
March
9.247,000,000
7
8,601,000.000
4
17.5
8,906,000,000
8,893,000,000
11
11
39
43
8
14
43
45
.
9,595,364,000
9,718,607,000
13.7
12.6
9.088,000.000
7
13
44
12.4
9,160,000,000
7
16
38
9.2
16
33
10.0
5
14
31
of
31
June
9,722,000,000
10,176,000,000
9,785,000,000
10,528.000.000
October
■
*
December.
.
Total
Special
x
y
comparison
between
15
commercial banks
than
98%
over
for respective periods,
above tables for the year 1937
are not exactly comparable with similar data for corresponding months of previous
years due to the following changes:
Beginning with the report for January. 1937,
the output and fuel consumption for street and interurban railways, electrified
steam railroads, and miscellaneous Federal, State and other plants were grouped
in separate tables.
Also, all manufacturing plants, which formerly produced some
electricity for public use but no longer produce any except for their own use, have
been eliminated.
The figures therefore, In the table for 1937 for the entire United
States are approximately 4.7% lower than they would be on the former basis.
The
percentage changes in output from corresponding months of the previous year have
been dropped as the electricity produced in any State varies with transfers of energy
from one State to another, with stream flow conditions and other factors, and Is
not necessarily an index of the consumption within the State.
and
Stocks
Consumption
of
Business
1937,
to 9,845,927
amounted
Sept. 1,
Electric
utility
160,176 tons were anthracite, increases of 4.8%
and 2.8%, respectively,
Production and
Volume
index, was 117%
level of 114%
in
production rose slightly further and was close to the
Union
steadily
through the summer at the highest levels since early 1930,
augmented by the most satisfactory agricultural results
since 1929, says the Sept. 20 "Business Outlook" of the Wells
Fargo Bank & Union Trust Co., San Francisco, which in
business activity in California has gone
General
part also said:
maintained
1923-25
1937
the
in
creases
offsetting
New
index
decline
building,
stood
bank
industrial
in
the shift to new model production.
Lumber output declined
period of increase.
In the non-durable goods industries output
in August, reflecting
chiefly increases at cotton and woolen
a
considerable
following
mills,
was
and
101.3,
respectively.
the resultant of statistical in¬
6ales,
department-store
and
debits,
production.
declined - somewhat in August and the first half of September.
for private residential
building showed little change and were
about the same volume as in the corresponding period of 1936, while
in
building
residential
publicly-financed
Improvement Reflected in Survey of Insured
Commercial Banks—Chairman Crowley of FDIC
on
in
rise
amount.
further,
while at automobile factories, railroad repair shops,
of
increased.
apparel
wearing
industries
were
real
on
increased $203,217,000,
estate, exclusive of farm land,
building^and land purchases and im¬
provements.
Loans in this classification totaled $3,080,036,000 on June 30,
as compared with
$2,876,819,000 a year ago.
2. Loans on
farm land increased from
$489,244,000 to $504,107,000.
Other
agricultural loans rose from $661,606,000 to $726,400,000, a gain of
$65,000,000.
3.
of
about
the June 30, 1936, total of $100,291,000.
Trade advances were reflected in the increase of outstanding
20%
4.
ances
a
and
bills of
accept¬
gain of more than 19%.,
5.
6.
which
from
brokers
to
other than members
$229,765,000 to $268,971,000, a gain
dealers
a
in
securities
increased
from
$1,371,-
also
reported
separately
on
of
Resources
totaled
831,000
less
June
in
than
30,
a
insured
on
banks
commercial
1937.
June 30,
1936.
in
the State
of
New
sales
order
deposits
on
the
latest
call
date amounted
to
Time deposits totaled $2,042,932,000.
reporting banks amounted to $5,267,994,000,
discounts of the
gain of $756,821,000 over the June 30,
leading crops is
and meats
smaller than
of livestock
department stores showed somewhat less
August. Freight car loadings
£nd sales at
usual seasonal increase from July to
continued
at
of the previous
the level
month.
Commodity Prices
prices declined considerably further from the middle ot August
September, and there were smaller decreases in cotton
Cotton
third week of
to the
and
livestock
scrap,
products,
livestock
copper scrap, and lumber.
Prices
after some decline in the latter part
the first week of September,
September.
and
August
of
steel
hides,
silk,
goods,
of
of
advanced sharply in the middle
Bank Credit
Excess
of
reserves
member
banks
increased'
in
the
five-Week
period
from $800,000,000 to $1,000,000,000 as the result of a
release of gold by the Treasury from its inactive account.
The bulk of
the
increase in excess reserves \vent to New York City banks and on
Sept.
ending
had
22
these banks
22
$50,000,000,
and
had excess reserves of $350,000,000, Chicago banks
banks elsewhere $600,000,000.
reporting member banks in 101 leading cities,
at
loans
seasonal demands, continued to increase substantially
ending Sept. 15, both in New York City and outside.
Holdings of United States Government obligations and of other securities
showed a further decrease, with the result that total loans and investments
reflecting
in
part
during the four weeks
declined
somewhat.
*
Money Rates
Rates
on
notes
0.71% early in Septem¬
yields on long-term Treasury
about 1%% to below 1%%.
nine-month Treasury bills declined from
ber to 0.44%
later in the month, and average
declined from
Employment and Payrolls in New York State Factories
Increased
from
July to August,According to
New York State Department of Labor
Employment in New York State factories in August was
up
the insured banks were listed as $13,856,313,000, a gain
over the
deposit total of $13,787,426,000 reported on
Demand
Output of
Supplies
•
than the
The amount was $113,-
1%
$9,124,562,000.
Loans and
752
than reported on June 30, 1936.
more
Deposits
the
$16,278,895,000
corn.
the
insured banks in each State. Regarding
the New York State banks, he had the following to say:
June 30 figures of
York
in
season.
gain of more than $195,000,000.
Chairman
FDIO
$9,024,538,000.
$7,792,591,000 to
and
037,000 to $1,566,436,000,
The
decrease
last
Distribution
National banks and State bank members of the Federal
commercial and industrial loans in a general loan classifica¬
rose
Loans
industrial loans listed by banks
Reserve increased from
$39,000,000.
tion,
and
Commercial
Reserve include
ot
a
than
larger
Commercial
$180,299,000 to $215,240,000,
exchange which rose from
most other
in
by the Department of Agriculture to continue
last year.
over
of the Federal
of
and
cotton
in
expected
are
Sept.
deposit June 30 totaled $120,922,000, an increase
Christmas savings on
employment
Agriculture
widespread advance in
a
in
of Agriculture crop estimates, based on Sept. 1 conditions,
the same as the estimates a month earlier, except for an
Crowley,
Loans
Changes
small.
Department
Mail
Chairman of the Federal Deposit Insurance
Corporation. The report supplements a statement issued on
Sept. 8, and referred to in our issue of Sept. 25, page 1995.
Mr. Crowley said that asset and liability statements of the
13,885 banks which reported on June 30 of this year disclose
the following changes since June 30, 1936:
and sawmills
employment declined.
In the textile industries employment in the produc¬
of fabrics decreased somewhat, while employment in the production
tion
June 30 Figures
Significant business improvement revealed in a survey of
insured commercial banks on Sept. 23 was reported by Leo
considerably
in
seasonal
were
Business
1.
was
which had increased in July, showed less than a
August.
Factory payrolls increased by about the usual
The number employed at steel mills increased somewhat
employment,
Factory
substantially
indicating
declined and
than last year.
volume
smaller
manufacturing
1936 figures.
corresponding
month.
Corp.,
increase
T.
preceding
Awards
the value of permits issued, declined
August; for Janu¬
($132,629,373) still show a 20% increase
ary-August, permits at 56 cities
Reports
the
in
petroleum production continued to expand.
Value of construction contracts awarded, as reported by the F. W. Dodge
during May, June, and July, then picked up slightly in
over
declines
packing establishments increased somewhat from an
extremely low level.
Shoe production showed less than the usual seasonal
rise.
At mines, output of coal increased less than seasonally, while crude
meat
at
by
measured
as
102.6,
102.3,
at
July to August
carloadings,
freight
a
of
level, July at 112.6, June at 113 ; a year ago, in the
from
increase
business activity running at 114.2%
shows August
average
months,
same
The
in
June.
in
output
seasonal
index
bank's
The
the
high level pre¬
Automobile production
considerably larger volume than is usual in the month
curtailed
strikes
before
vailing
increased
California in August at Highest
measured by the Board's seasonally
of the 1923-25 average in August as compared
June and July and 118% during the spring.
a
last 66 days
1930, According to Wells Fargo Bank &
Trust Co. (San Francisco)
summary,
Employment
as
with
textile
Business in
its
Steel
following
Levels Since
industrial production,
of
Activity
General
in
.
preceding
for 249 days' requirements.
and enough anthracite
which,
Board,
the
says
added:
was
consumption, there was enough bituminous coal on Sept. 1 to
of last
spring.
Early reports for September indicate a decline in
steel output and a seasonal decrease in the production of
which is calculated at the current rate of
supply,
of days'
terms
and
consumption in the preceding month.
when compared with
In
net tons of coal in
plants consumed 4,191,922
power
Of this amount 4,031,746 tons were bituminous coal
August, 1937.
preceding months and on a
basis was close to the volume
seasonally adjusted
adjusted
when compared with Aug. 1, 1937.
decreased 1.0%
of September,
August industrial activity ad¬
vanced from the level of the two
stocks
anthracite
and
that "in
stated
it
which
in
.
0.4%
increased
System
on
statistics for August and the first three weeks
This was an increase of 0.2%
Sept. 1,
net tons.
stocks
coal
Butiminous
States
United
Sept. 28, its monthly summary of general business
and financial conditions in the United States, based upon
1, 1937, and an increase of 43.8% over
the stocks on Aug.
Conditions in
Governors of the Federal Reserve
Board of
Tlie
issued,
automobiles,"
The total stocks of coal held by electric utility power plants on
1936.
total
by Board of Governors of Federal Reserve System
—August Volume of Industrial Activity Advanced
Above the Two Preceding Months
Note—The output and fuel consumption shown in
over
increase of $1,313,184,000 over
13,885 banks holding more
an
in
reposing
deposits
banks announced
Summary
comparable data
actual
increase
Compensated for extra Saturday in February, 1936.
Coal
1937,
The report covered
total.
commercial institutions.
deposits of $47,799,892,000,'a 2.5%
the June 30, 1936, total of $46,625,749,000.
of all
Reporting
36
throughout the country reported total resources
June 30,
on
1936,
30,
35
14
June
34
15
from other
30, 1936,
33
13
the June
1937, totaled $1,718,237,000 as compared with $1,907,981,000 on
$54,891,576,000
the
31
113602000,000
September..
November..
18
over
previous June date.
Insured
32
10.334,024.000
9,682,000,000
9,814,000,000
4
August
May
increase
an
guaranteed obligations of the United States Government listed
and
36
July
9,817,795,000
10,084,098,000
the
43
April
$4,470,169,000,
to
$3,805,287,000.
Direct
for June,
12.6
yll.7
9,849,712,000
8,965.323,000
9,957,310,000
February
of
by the New York banks amounted to $4,188,060,000 on June 30, 1937, as
compared with $5,302,267,000 on June 30, 1936.
Other securities listed
Kilowatt-Hrs.
Kilowatt-Hrs.
January
amounting
total
Water Power
1937
Over
1937
1937
30, 1937, the banks reported cash on hand and due
On June
PRODUCTION OF ELECTRICITY FOR PUBLIC USE
TOTAL MONTHLY
2141
Chronicle
1936, total.
about 1% from July.
Payrolls were approximately 1%%
higher, according'to a statement issued Sept. 13 by Indus¬
trial Commissioner Elmer F. Andrews.
These changes com¬
pare
favorably with the usual seasonal increases from July
August as shown by reports covering the last
said Commissioner Andrews, who added:
to
22 years,
Financial Chronicle
2142
Following
in
losses
and
in
many
cases
seasonal
with
for
The
Last
I
preliminary tabulations,
on
1925-1927
qt the years
average
of employment for
These reports
Dr.
E.
workers
B.
a
on
Districts
Three
Three
Employment and Payrolls
Report Increased
reported
textile mill and
one
facturers
July,
knit
of
offset
were
losses
Employment
employment
were
payrolls
in
lowered
The
whereas the machinery industry lowered
by the wool and knit
goods
losses
reported
Syracuse
their
show
to
offset
and
loss
reductions
appliances
stantial
in
plants.
both
in
of the
Most
in
The men's clothing
In
Binghamton
forces and
showed
July.
losses
in
distributed
were
whereas
and
losses
single
railway
employment.
generally
factories
groups
industry continued
(INCLUDING CHASSIS)
NUMBER OF VEHICLES
Canada (Production)
United Slates (Factory Sales)
Year and
Total (.AU
Passenger
Cars
Total (AU Pass'oer
Trucks,
Vehicles)
Month
&c.
Trucks
Cars
Vehicles)
*438.968
*360,403
*78,565
17,941
12,513
5,238
394,322
311.456
82,866
10.742
5,814
4.928
3,622,139
2,958,817
663,322
157.254
115,150
42,104
2,574
July
»
August
'
Total 8 mos. end. Aug
1936—
July
440,731
371,922
68,809
10,475
7,901
August
271,274
209,351
61,923
4,660
2,789
1,871
3,200,565
2,62,6,735
577,830
121,083
95,655
25,428
Total 8 mos. end. Aug
1935—
throughout
making
were
foundries and machine shops
wood
lower
products
the
iron
aluminum,
and
reductions.
sharp
Reports
mills,
steel
automobile
However,
many
Labor troubles reduced both
employment and payrolls in the meat packing industry.
9,371
3,817
7,675
6,003
2.672
2,302,901
484,863
132,136
103,775
28,361
World Wheat Stocks Likely to Be
These
also.
and
copper
expanding.
were
the
were
57,765
56.270
13,188
181,130
♦Revised.
after
The metal industry in Buffalo
274.344
2,787,764
Total 8 mos. end. Aug
instruments
August
higher in
Payrolls
the brass,
in
in
332,109
237,400
July
August
concern
one
manufacturers of
payrolls
and
severe
in the
reported as complete units
vehicles) for August, 1937.
Canadian production figures
have been supplied by the Dominion Bureau of Statistics.
Figures of automobile production in July, 1937, 1936 and
1935 appeared in the issue of the "Chronicle" of Aug. 28,
1937, page 1335.
sub¬
Shoe manufacturers reported decreases in both
their
payrolls.
Payrolls were
plants but lower in the chemical industry.
employment
Than
Ago
and
employment
employment, but increased payrolls in
reduced
increases
payrolls.
others.
in
in August 46% Greater
of
and
steel
and
forces
net
a
and
iron
201,418,000
1937—
sheet metal industries had especially
sharp cuts in their payrolls.
Payrolls were much higher in the furniture
factories and in one chemical plant.
Shoe factories and bakeries had
payrolls.
respectively,
payrolls.
reported
were
industries
orders
of the Census has issued the figures
The Bureau
Both the wool, cotton and knit goods
reducing their forces but raising payrolls.
However, increased
and
249,829,000
was
were,
received,
shipments
and
table below of factory sales of automobiles manufactured in
the United States (including foreign assemblies from parts
These
rose
equipment shops were busier,
both
Production
and payrolls
Albany-Schenectady-Troy district remained about
somewhat. Iron and steel mills and locomotive
the
in
feet,
Year
reductions in
Employment
13,649,000 feet.
was
239,078,000 feet.
In Utica, manu¬
sharp
made
mills.
goods
cotton
among
but payrolls
mills
metal
who had
(except silk)
goods
equipment shop.
week were
same
identical softwood mills
241,207,000
and
Automobile
considerably in the steam and hot water heating plants.
up
the same,
and
locomotive and
one
adding workers again in August and increasing payrolls.
were
gains
in
gains
Production
feet,
7,982.000
as
for the
made in the United States and
both employment and payrolls in
Seasonal expansion
August, namely, New York City, Rochester and Utica.
in women's clothing and millinery factories in New York City was largely
responsible for this district's sizable advances.
In Rochester, increased
employment was shown by all
industries except the leather industry,
where the reporting shoe factories were laying off workers.
Some, of the
larger chemical plants expanded both forces and payrolls considerably.
One cannery had greatly increased employment and payrolls, and likewise
districts
business
new
reported
as
it was 244.897,000 feet;
ago
feet
collected and
are
under the direction
Patton.
August's reporting factories were employing 405,299
total weekly payroll of $11,453,425.
analyzed in the Division of Statistics and Information,
of
and
feet
production of 467
year
a
209,286,000
was
100.
as
Shipments
29% below production.
or
week's
feet, and
89.3.
Reports from 1,729
representative factories throughout New York State were included.
The
corresponding payroll index was 86.4.
These indexes are based on the
August, based
mills give
hardwood
Identical Mill Reports
particularly high net increase in em¬
industry.
Seasonal curtailment
a
product industries.
Department of Labor's index
State
York
New
in
9,743,000 feet,
food
several
in
97
the millinery factories and
expansions in
and millinery
clothing
the
reported
from
42% below production.
or
July's
These
were
clothing plants, resulted
ployment
was
reported in August which offset
exceeded the forces at work in June.
increases
increases, combined
other
Reports
sharp drop in employment in the women's clothing industry
a
seasonal
July,
Oct. 2. 1937
World
stocks
wheat
of
Moderate Next Year,
Agricultural Economics
of
Bureau
next
be 50,000,000 bushels or more
probably will still
summer
below the
which pre¬
average
vailed prior to the accumulation of large stocks
Bureau
the
of
in 1929-33,
States De¬
United
Agricultural Economics,
portment of Agriculture, forecast on Sept. 23 in its monthly
review
July to August, 1937
City
Employment
New York City
[-7.5
Rochester
-3.0
Utica
-1.2
Albany-Schenectady-Troy
—0.1
+10.7
+3.1
+0.9
+0.7
Syracuse
—0.7
—1.2
Binghamton-Endlcott-Johnson City
-1.0
-2.4
the
issued
China,
are
estimated: to be
now
The
lumber
industry
during
the
week
1937, stood at 78% of the 1929 weekly
and 66% of average 1929
production
Week
Ended
ended
Sept.
18,
production
business booked and
20% heavier than reported shipments.
Recovery from the
Day holiday week
all items
over
orders
new
was
reflected in the increase in
the preceding week, reported
showing
ported production
greater
gains
than
production and
shipments.
slightly above output of the
was
Re¬
corre¬
sponding week of 1936, shipments and orders were consid¬
erably less than in that week. National production reported
for the week ended
Sept. 18, 1937, by 1% fewer mills was
11% more than the output (revised figure) of the preced¬
ing week; shipments were 7% above shipments of that
week; new orders were 16% above that week's orders, ac¬
cording to reports to the National Lumber Manufacturers
Carry-over
associations covering the opera¬
tions of important hardwood and softwood mills.
Produc¬
Sept. 18, 1937,
by soft¬
was shown
wood
mills reporting for both 1937 and 1936 as 2% above
output in corresponding week of 1936; shipments were 13%
below last year's shipments of the same
week; new orders
16% below orders of the 1936 week. The Association
further reported:
were
During the week ended Sept. 18, 1937, 553 mills produced 264,507,000
feet
of
hardwoods
and
softwoods
booked orders of 210,391,000
Mills,
were:
feet;
orders,
All
the
559
181,396,000
regions but
week ended
reported
1936;
Sept. 18.
hemlock
all
but
shipped
220,128,000
feet;
Revised figures for the preceding
238,097,000
feet;
On
All but
below
reported
shipments,
orders below
205,036,000
production
in
Southern cypress and Northern hemlock
output.
reported
Northern
hemlock
All
hemlock
regions
below
orders
those
reported
but
of
Northern
pine
corresponding
shipments
below
week
last
Lumber
orders
mills
the
mills
feet,
same
or
16%
reported
totaled
below
for
the
202,409,000
Shipments
as
week
feet,
ended
or
19%
reported for the
production.
Production
Sept.
was
18,
below the
Bame
week
1937,
by
in
Lkewise
still
however,
the
expected
by
1935-36.
Because
of
not be greatly different from
may
States from
Bureau said.
small.
200,000,000
near
of
prior
to
bushels,
so
and
than
1936-37,
in
be
may
other
importing
40,000,000
available
the
over¬
The
year.
the shift
result of
export basis.
an
on
which,
would
1929,
326,000,000
the basis of present world
100,000,000 bushels, the
bushels
be
although
above
the
average
considerably
below
the
average
during
the
five
years,
1930-34,
when
large.
Importing
flour
been
countries have
definite appraisal
Russian
stocks,
those of last
imports is mainly
import to
an
Exports of United States wheat and
more
next
Exports of this size would leave the United States carryover
existed
were
stocks
the
European imports from
Exports from the United States in 1937-38,
carryover
greatly
Imports into
the smaller quantity
supply estimates, may be expected to be close to
stocks
been
European
less
also
countries
the Danube Basin countries,
figure of non-European
July
than
crop.
should become
carryover
bushels
40,000,000
bring
situation
imports
net
non-European
to
estimated
more
stocks.
reserve
estimates,
that
have
countries
political
up
crop
be
may
imports by
the United
which
is
Total imports of this size, although less than last year, would
countries
next
larger than
are now
decrease
the low point.
near
or
not
are
appear
be above those of
smaller
of
present
would
export from
seas
importing
probably at
levels unless
1937-38
that
bushels less.
foi
European
now
of
it
of the size of
so
far this
postponing
have been
season
purchases,
awaiting
the Southern Hemisphere
crops
a
and
shipments, but it is probable that they will increase their purchases
before long.
In
of
the
Southern
Hemisphere
present indications
point
to
a
production
205,000,000 bushels for Argentina and 155,000,000 bushels for Australia.
This
represents
tries
compared
remain
largely
a
a
decrease
net
with
the crop of last
matter
bushels for those two
38,000,000
of
year.
Soviet grain
of conjecture, being
exports
as
coun¬
usual
dependent upon government
policy.
''Visible"
Coffee
Supply of United States Smallest in
Years, According to New York Coffee &
Sugar Exchange
Over Four
The
cludes
coffees
stands
at
474
210,385,000
250,858,000 feet.
basis
of
production of
were
are
and
year's
week, and all softwood regions but Western pine and Northern
pine reported
production below that of similar 1936 week.
softwood
the
information,
countries
stocks
this
year,
the
on
excluding Soviet Russia
year,
60,000,000 bushels
carryover
last
induce buying to build
to
as
than
less
in
1937-38,
in
July above present
tense
about
Although
bearing
week
feet.
Northern
shipments
Northern
combined;
feet.
production,
;
stocks
and
Association from regional
tion in the week ended
The announcement
270,000,000-bushel increase in the estimated world
a
Europe
The week's reported
new
Labor
by
bushels
diminished
average of
shipments.
26% greater than
was
210,000,000
offset
Lumber Movement,
Sept. 18, 1937
of
may
Prospective world supplies for the current
and
at
Report
and that the
be about the same
by the
the small supplies of 1936-37.
total
that
assumes
prospects
Department of Agriculture,
Bureau's review, continued:
—2.7
Weekly
This
situation.
wheat
the average of the past three years.
as
—3.3
Buffalo
of
supplies will approximate present
disappearance of wheat in 1937-38
Payrolls
United
States
"visible"
afloat
from
1,147,690 bags,
supply
Brazil
to
of coffee,
the
which
United
the smallest figure in
in¬
States,
over
four
since early 1933, the New York Coffee and Sugar
Exchange, Inc., announced on Sept. 22.
The decline in
years, or
supplies since July 1
Sept.
1,
reported:
249,290
bags,
has
said
totaled
347,842 bags, and
the Exchange,
which
since
further
-
•...
Volume
The
sharp
the
for
145
Financial
drop
purchases
in
decrease,
although
declining tendency,
of
Brazilian
stocks
of
other
coffees
accounts
growths
the exchange explained.
have
Stocks of
principally
also
Brazilian
shown
coffees
a
in
principal ports of the country stand today at 490,105 bags against 583,294
on
Sept. 1, while the total afloat from Brazil is now but 192,200 bags
against
bags
253,400
growths have
declined from
Based
present.
1,000,000
the
on
on
bags
of
515,286
average
the
bags
or
month.
on
consumption
month,
per
first
12,000,000
Sept.
the
in
Stocks
1
to
United
during the
of
all
465,385
States
other
bags at
about
of
"in
present
season,
sight" supplies
of small
resulted
Coffee
March
the
are equivalent to but about five weeks' supply.
The paradox
supplies in the United States against huge surpluses in Brazil has
in premiums on the "D" or Santos contract on the New York
and
Sugar
ruling
price
Brazilian
coffee,
market at
from
above
year,,
for
March,
Santos
11
of
to
nearly
lc.
for
the
spot
month
it
is
1938,
No.
4
ll%c.,
the Brazilian
estimated
the
over
y2c. premium for December, 1937, deliveries
a
deliveries.
grade,
is
The
offered
price which
is
on
in
a
that
the
the
cost
and freight
and in
par
product, trade circles hold.
that
the
world
will
need,
over
fact
quotations for similar coffee from other producing areas,
purchases of
hand,
Exchange
position and fully
But,
during the
typical
some
cases
has lessened
on
the other
current
crop
in the neighborhood of 12,000,000 bags of Brazilian coffee, of which
this country
will require at least half.
Petroleum
Holds
and
Its
Products—Oklahoma
Commission
600,000 Barrels—California Lifts
October Allowable—Thompson Shows Little Con¬
cern
Over Dip in Bottom-Hole Pressure in East
Texas—Daily Average Crude Output Drops—Far
East Buys More Crude Oil
The
Quota
at
Oklahoma Corporation
Commission, for the second
the recommendations of the
United States Bureau of Mines and set the daily crude oil
production quota below that suggested by the Federal agency
in its market forecast in its October allowable regulations.
The Commission fixed a daily average allowable of 600,000
barrels for October, the same total as ruled during the cur¬
consecutive
rent
month,
ignored
month but 29,200 barrels under the Bureau's recom¬
total.
In setting the September allowable, the
mended
Commission
set
it
at
600,000 barrels, against the Bureau
figure of 633,600 barrels.
The
allowables
for
most
fields
in
the
State will remain
unchanged except in the Fitts field. About 7,500 barrels
daily would be transferred from Upper Simpson to Hunton
Zone as a part of a program change from well-to-lease basis
operation, it was indicated by Commission officials.
The Central Committee of California Oil Producers fixed
the October quota at not more than 660,000 barrels
the same figure as recommended by the Bureau of
daily,
Mines
for the month.
The new schedule represents an increase of
21,800 barrels over the joint Federal-State recommended
total of 638,200 barrels effective during September.
Although admitting that the bottom-hole pressure of the
East Texas oil field has dropped 13 pounds during the past
month in contrast to a decline of only 54 pounds in over
four years, E. O. Thompson, member of the Texas Railroad
Commission and also Chairman of the Interstate Oil Com¬
pact Commission, evinced little
concern over
the rising rate
of decline in his address before the American Bar Association
at its annual convention in Kansas City.
Chronicle
Oklahoma production wa> off 8,700 barrels to 600,450
barrels, which compared with the State quota of 600,000
barrels and the Bureau's recommendation of 633,600 barrels.
California dipped 6,400 barrels to 687,800, against the joint
Federal-State recommendation of 638,200 barrels. Kansas,
at 193,000, was off 2,450 barrels and
compared with the'
State allowable of 196,250 barrels, and the Federal recom¬
mendation
...
check of bottom-hole pressures with the sole aim
in view of maintaining the pressure as
the end
that
the
nearly as we can to
greatest ultimate yield may be had by
flowing the wells under natural pressure.
"Over on the west side, which is the side of water intrussion, we have had cores made in wells that have been taken
by water after having produced many thousands of barrels
of oil, and we have had these cores
carefully checked at the
laboratories of the petroleum engineering
department of the
University.
I know you will be surprised when I tell you
that this checking revealed a saturation of
only 3 % of oil
left in the sands."
In
commenting
upon
production control
problems,
Thompson held that interstate cooperation rather than
"centralized dictation," was the sole logical answer. "There
are two methods of
meeting the problem of State lines," he
continued, "it is a choice between arbitration and conciliation
Mr.
on
the
one
hand and harsh
the other."
The
the
Railroad
Goldsmith
degress from
a
dictatorship
on
v
Commission has reduced the allowable in
field in Ector County 1,994 barrels from
10,000 barrels daily, effective Oct. 1, in response to request
of operators and the lack of market demand.
The Com¬
mission also received word from the Atlantic
Refining Co.
that it could not take the allotted 8,000 barrels of allowables
of the North and South Ward fields as its
storage is full and
there is no market for the full allotment.
Substantial declines in Oklahoma, California and Kansas
Texas and Arkansas and pared the net
compared
1,441,734 barrels and the Federal
1,413,600-barrel October market de¬
Louisiana rose 2,700 barrels to 264,000 barrels, in
mand.
estimated
contrast
its
to
State
quota of 265,495
and
the Bureau's
total of 247,900 barrels.
An increase of 351,000 barrels in stocks of domestic and
foreign crude oil during the week ended Sept. 18 lifted the
aggregate to 309,405,000 barrels, the Bureau of Mines re¬
ported on Sept. 29. The increase was comprised of gains of
173,000 barrels in stocks of domestic crude, and 178,000
barrels in holdings of imported crude. In the
previous week,
stocks
dropped 1,363,000 barrels.
Bureau of Mine
demand
officials characterized the rising export
"abnormal situation" arising from the sharp
spurt in purchases of American crude by Japan, and forecast
that it
as
an
probably would
far to offset the normal fall re¬
requirements.
Although records of shipments to China and Japan over
the past two months have not been
compiled as yet, Japan,
during the first six months of 1937, purchased 7,007,896
barrels of crude oil against 4,842,605
during the comparable
1936 period.
China does not import crude oil as it lacks
refining facilities.
:
7
Gasoline exports to Japan during the first half of the current
year rose to 593,657 barrels compared with 278,911 barrels
during the initial six months last year. China, however, took
less gasoline during the 1937 period than it did last
year,
purchasing only 71,090 barrels of motor fuel during the first
six months this year, contrasted with 207,468 a
year earlier.
Exports of gas oil and fuel oil to both Japan and China
broadened during the six months period.
Japan took 5,372,348 barrels, compared with 4,713,740 a
year ago with China
taking 360,198 barrels, against 95,447 last year.
There were no crude oil price changes posted.
go
cession in oil demand and
Prices of Typical Crudes
per
Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
...S2.60
Lime (Ohio Oil
Co.)....
Eldorado, Ark., 40
11.27
1.25
Rusk, Texas, 40 and over......... 1.35
Corulng, Pa
1.27
Darst Creek
Illinois
1.35
Central Field
Western Kentucky
1.40
Mid-Cont't, Okla., 40 and above.. 1.30
Sunburst, Mont
Huntington, Calif, 30 and
Rodessa, Ark., 40 and above...... 1.25
Bmackover, Ark., 24 and over..... 0.90
Petrol la. Canada....
REFINED
LEUM
DECLINE
—
BLAST
REFINERY
1.09
...........
Mich
1.42
...
over....
Kettlemau Hills, 39 and over......
PRODUCTS—NATIONAL
RETAILERS
.........
.......
ASSOCIATION
FTC—GASOLINE
OPERATIONS
GAIN
OF
1.22
1.21
1.30
2 10
PETRO¬
INVENTORIES
—
KEROSENE
PRICES OUT AT NASHVILLE
An
attack
the Federal Trade Commission as a
competition" by Robert M. Thomas,
Regional Vice-President of the National Association of
Petroleum Retailers, featured the annual convention of the
group held in Rochester, N. Y., this week.
In attacking the Commission for its failure to
approve the
marketing code for the petroleum industry submitted by a
committee representing all phases of the oil business, Mr.
Thomas referred to the Federal agency as "Hitleristie" in
"breeder
of
upon
unfair
its tendencies.
Charging that the code
pigeonholed in Washington
was handed down rejecting
it as "contrary to law and public interest," Mr. Thomas
raised the question of whether there is a "deal between two
Government branches whereby the Department of Justice
is free to prosecute branches of the oil industry under a
Hitleristie type of dictatorship." -';r:
7 ;77/:,
■"
Mr. Thomas' remarks concerning the "Hitleristie" tactics
were later
amplified and it was explained that he referred to
the current indictments returned by a Special Federal Jury
in Madison, Wis., against practically every major oil com¬
pany charging them with alleged conspiracy to rai^e prices
for 14 months before
a
was
decision
in violation of Federal anti-trust laws.
Stocks of finished and unfinished gasoline
dipped 437,000
during the week ended Sept. 25 to 65,620,000 barrels,
reported. Stocks of motor
fuel held at refineries gained 52,000 barrels while holdings at
bulk terminals dropped 365,000 barrels. Stocks of unfinished
gasoline were off 124,000 barrels.
■
Refinery operations were up fractionally to 85.3% of
capacity with refinery operations gaining 55,000 barrels to
3,455,000 barrels.
Inventories of gas and fuel oils rose
294,000 to 116,472,000 barrels. Daily average production
of cracked gasoline gained 5,000 barrels to 780,000 barrels.
Standard Oil of Louisiana on Sept. 28 advanced the tank
wagon quotation on the regular grade of kerosene Yi cent a
gallon to a new posting of 11F£ cents a gallon in Nashville,
barrels
the American Petroleum Institute
,
Tenn.
offset increases in
daily average crude oil production for the week ended
Sept. 28 by 4,900 barrels to 3,666,300 barrels, the American
200,900 barrels.
with the State quota of
agency's
out that the field's bottom-hole
pressure
constant
of
An increase of 6,150 barrels in the
daily average output
for Texas lifted the total to 1,496,550 barrels,
In his
speech before the convention, Mr. Thompson pointed
had dropped from
1,201 pounds in July, 1933 to 1,147 pounds at the present
time, during which period the field produced 670,000,000
barrels of oil.
4'Last month," he continued, "we produced
14,000,000 barrels of oil, with a decline in pressure of only
13 pounds.
This, I believe, is the demonstraiton of the
fair effort at conserving reservoir energy.
"We have found that the proper rate of flow in that field
for the whole reservoir is about 450,000 barrels
per day.
This gives each well about 20 barrels of oil
per day only.
We regulate the flow
by the maintenance of this
2143
Petroleum Institute reported. The total was 157,000 barrels
above the Bureau of Mines' estimate for October and 636,250
barrels in excess of actual production in the like 1936 period.
Representative price changes follow:
Sept. 28—Standard of Louisiana advanced tank wagon kerosene prices
H
cent to 11 lA cents
a
gallon in Nashville, Tenn.
Financial
2144
U. S. Gasoline (Above 65 Octane),
Tank Car Lots, F.O.B. Refinery
$.07*
08 *
Texas
Stand. OU N. J..$0.7J*
So cony-Vacuum..
.08
Gulf
Tide Water OU Co
.08 *
Shell Eastern
Richfield OIKCal.)
New
Car, F.O.B. Refinery
(Bayonne)
Fuel OU. F.O.B. Refinery or
v
I New Orleans C
$1.00-1.25 PhUa., Bunker C
$1.35
Gas OH, F.O.B. Refinery or
I
$.04*
27plus..
28-30 D
Brooklyn
■
$.1651
...
.18 I
I Newark
I Boston
19
$.02 *-.03
Oil Production During Week
Placed at 3,666,300 Barrels
Petroleum
American
Institute
that
estimates
the
Imports of petroleum for domestic use and receipts in bond at principal
for the week ended Sept. 25 totaled 950,000 barrels,
States ports
daily average of 135,714 barrels, compared with a daily average of 137,857
a
$1.75
.177
Buffalo
Chicago
barrels for the week ended Sept .
t'
sales tax.
Not Including 2% city
Sept. 25
1937
daily average gross crude oil production for the week ended
Sept. 25, 1937, was 3,666,300 barrels.
This was a decline of
4,900 barrels from the output of the previous week, and
the current week's figures remained above the 3,509,300
barrels calculated by the United States Department of tht,
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 Sept. 25, 1937, is
estimated at 3,668,100 barrels.
The daily average output
for the week ended Sept. 26, 1936, totaled 3,030,050 barrels.
Further details, as reported by the Institute, follow:
United
Tax Included
Gasoline, Service Station,
$.19
1.35
Terminal
I Tulsa
$.053 I
I Chicago—
N. Y. (Bayonne)—
New York
$.105
I
2.201
Diesel 28-30 D
■
Terminal
I California 24 plus D
N. Y. (Bayonne)—
Bunker C..
z
'
I New Orleana„$.05*-.05 *
| Tulsa
03*-.04
I North Texas..
$.04
$.05* | Los Angeles.. .03*-.05
Crude
Average
The
.05 *
.05 *-.05*
Oct. 2,
Ended
-.05 *
.06 *-.07
Orleans.
Gulf porta
Tulsa
.07*
Kerosene, 41-43 Water White, Tank
New York
$.05
Chicago
.07*
.07*
Warner-Qulnlan..
Daily
Other Cities—
New York—
New York—
Chronicle
weeks
18 and 164,821 barrels daily for the four
25.
ended Sept.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
25 totaled 243,000 barrels, a daily average of 34,714 barrels,
ended Sept.
Weekly Coal Production Statistics
18 929 barrels for the four weeks ended
and
Commission of the United
The National Bituminous Coal
of the Interior in its current weekly coal
report stated that the total production of soft coal for the
week ended Sept. 18 is estimated at 9,067,000 net tons.
This
is an increase of 628,000 tons from the output in the pre¬
ceding week.
The cumulative production of bituminous
coal for the calendar year 1937 to date is 317,366,000 tons.
This is 8.5% ahead of 1936.
The weekly anthracite report of the United States Bureau
of Mines disclosed that total production of Pennsylvania
anthracite during the week ended Sept. 18 is estimated at
743,000 tons.
Compared with the preceding week this shows
a jump of 154,000 tons, or 26.1 %.
The consolidated report
of both of the aforementioned organizations follows:
States Department
(IN
89.0% of the 4,159 000
Reports received from refining companies owning
estimated
barrel
potential
daily
refining capacity of the United States,
whole ran to stills, on a Bureau of Mines'
indicate that the industry as a
barrels of crude oil daily during the week, and that all
basis, 3,455 000
companies had in storage at refineries,
pipe lines as of the end of the week,
bulk terminals, in transit and in
65,620,000 barrels of finished and
116,472,000 barrels of gas and fuel oil.
unfinished gasoline and
production by companies owning 94.8% of the potential
Cracked gasoline
charging capacity of all cracking units indicates that the industry as a whole,
on a Bureau of Mines' basis, produced an average of 780,000 barrels daily
during the week.
.
CRUDE OIL PRODUCTION
DAILY AVERAGE
^^
(Figures in Barrels)
B. of
Four
M.,
Week
Dept. of
Slate
Week
Change
Weeks
Interior
Allowable
Ended
from
Ended
Ended
Calcu¬
COAL AND BEEHIVE
ESTIMATED UNITED STATES PRODUCTION OF
COKE
for the week ended Sept. 18
Sept. 25.
compared with a daily average of 16.143 barrels
Sept. 1
Sept. 25
Previous
Sept. 25
Sept. 26
1937
Week
1937
1936
NET TONS)
lations
{Sept.)
Sept. 11, 1937
Sept. 18, 1937
Week Ended—
Sept. 19, 1936
600,000
600,450
—8,700
613.400
580,55)
196,250
193,000
—2,450
192,350
170,900
Panhandle Texas...
78,230
+ 600
79,000
61,900
North Texas
64,250
—100
West Central Texas.
42,863
82,900
73,500
33,350
—150
74,100
33,600
27,300
+ 800
226,000
171,850
—650
Oklahoma.
Bituminous coal: a
633,600
200,900
Kansas
Total. Including mine fuel..
d9,067,000
e7,712,000
8,587,000
Dally average
dl,511,000
1,542,000
1,431,000
743,000
589,000
869,000
123,800
117,800
144,800
West Texas—
708,000
561,000
828,000
East Central Texas.
110,934
East Texas
475,308
58,400
59,200
40,100
9,733
9,867
6,683
Pennsylvania anthracite: b
Total, Including mine fuel
V
Dally average
Commercial production.!
—
Beehive coke:
United States total
Dally average
...
—
+ 1,250
119,650
476,250
435,900
270,150
+ 1,800
26/,000
160,400
218,700
245,534
202,749
+ 2,600
218,600
174,700
88,850
+ 750
88,000
80,850
175,150
+ 1,950
173,600
157,800
264,000
+ 2,700
261,600
238,650
38,700
137,100
53,800
+2,850
57,500
18,400
—200
36,8.50
139,100
51,650
57,700
18,150
North Louisiana
Coastal .Louisiana
377,286,000
292,577,000
317,366,000
Total, Including mine fuel
1,420,000
1,309,000
1,679,000
h34,625,000
h3-8.825.000
h48,931,000
226,000
Dslly average
Total, lucludlng mine fuel
v
159,900
Dally average
Commercial production. 1
179,300
Eastern..
Dally average
4,494
BY
.
>
40,400
5o,900
^
OF COAL,
New
Total east of Calif.
114,000
638,200
29,800
43,600
+ 50
4,600
15,900
4,900
—150
114,450
79,550
+ 350
+ 1,500 2,984,050 2,460,7.50
2,978,500
2,871,100
_
California
28,000
112,600
4,550
5,000
101,400
Mexico
—400
+ 1,300
114,450
18,200
Colorado
of historical comparison and statistical convenience the
production of lignite and anthracite and seml-anthraclte outside of Pennsylvania,
b Includes washery and dredge coal and coal shipped by truck from authorized
operations,
d Subject to revision,
e Revised,
f Sum of 36 full weeks ended
Sept. 18. 1937, and corresponding 38 weeks of 1936 and 1929.
Note that method
of computing the cumulation differs slightly from that used In previous reports
of this series
ft Comparable data not yet available,
h Bum of 37 weeks ended
Sept 11.
1 Excludes mine fuel.
WEEKLY AND MONTHLY PRODUCTION
_
Montana
Includes for purposes
ESTIMATED
.
Wyoming
4,953,900
22,215
1,002,200
2,525,600
11,326
.
_
Michigan
Beehive coke:
United States total
_
265,495
29,900
124,300
Arkansas.
H
fi
g
247,900
Louisiana
Total
Pennsylvania anthracite: b
64,100
+6,150 1,494,200 1,156,300
1,413,600 1,441,734 1,496,550
Total Texas
Bituminous coal: a
a
—
Texas
Coastal Texas....
1929
1936
1937
Calendar year to date f—
Southwest
60,150
224,500
115,450
478,000
221,866
x638,200
3,666.300
Total United States. 3,509,300
684,050
—6,400
687,800
569,300
—4,900 3,668,100 3,030,050
Recommendation of Central Committee of California Oil Producers.
x
Indicated above do not include any estimate of any oil which
Note—The figures
might have been surreptitiously produced.
STATES
UNFINISHED
SEPT. 25, 1937
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND
[In Thousands of Net Tons]
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED
(The currenty estimates are based on railroad carloadlngs and river shipments
and are subject to revision on rocelpt of monthly tonnage reports from district and
(Figures In thousands of barrels of 42 gallons each)
State Bources or of final annual returns from the operators )
Daily Refining
Week. Ended
Crude Runs
Capacity
to Stills
Monthly Production
Stocks of
Finished and
Unfinished Gasoline
Stocks
of
Stale
Sept. 11
1937 p
Sept. 4
Sept. 12 Sept. 14 Sept. 14
1936
1937 p
1929
1935
r
1923
Reporting
tial
■
t."
-
-.
Total
Rate
•
C.
Daily
P.
Alaska
,
2
2
3
3
Alabama
221
224
216
201
338
Gas
of
Terms., Nap'tha
and
88
59
82
123
96
East Coast..
214
Appalachian.
146
129
Ind.,111., Ky.
529
489
Oper¬
At Re¬
age
ated
fineries
&c.
Distil.
Fuel
Oil
406
57
C.
P.
Aver¬
Poten¬
e
V*.
Unfin'd
Finished
District
Avge.
Arkansas aud Oklahoma
Colorado
114
8
8
114
109
1
1
Illinois
815
955
744
876
1,143
1,587
Indiana
263
277
280
317
*
Georgia and North Carolina
*
156
226
8
8
Okla.,
.
1,302
15,262
552
82.5
88.4
112
86.8
907
92.4
454
92.8
5,953
84.7
307
80.2
3,398
1,137
5,663
2,224
199
370
3,718
1,730
249
1,789
10,141
3,170
669 100.0
669
5,337
11,991
1,499
3,555
211
926
730
7,158
Kan.,
451
343
550
452
383
47
45
58
71
90
117
Inland Texas
355
201
56.6
142
/0.6
Ka'isas and Missouri
111
110
106
143
140
168
Texas Gulf..
833
797
95.7
780
97.9
Kentucky—Eastern
699
790
748
789
965
713
La.
Gulf
174
168
96.6
131
795
604
350
141
163
140
165
287
248
No. La.-Ark.
91
58
63.7
45
77.6
246
81
73
89
62
69.7
51
82.3
1,168
821
746
90.9
582
78.0
7,795
2,276
3,702
89.0
3,156
85.3
32,399
2,530
22,678
Iowa
Western
Mo
24
27
32
38
52
40
Rocky
Mlchlgau
4
1
16
18
16
27
California
Montana
50
55
57
61
New Mexico
27
33
25
28
48
56
North and South Dakota
22
20
27
35
847
827
400
458
409
544
522
1,947
2,139
2,010
2,002
2,916
3,585
91
111
737
1,619
69,911
xEst.tot.U.S.
91
389
98
861
Maryland
Ohio
Pennsylvania
74
Mt_.
78.0
68
Reported
457
299
4,159
3,455
3,400
Estd.unrepd.
93
100
119
16
20
16
15
23
26
Sept.18 *37
Utah
73
71
71
56
110
4,159
4,119
Sept.25 "37
Texas
6,993 113,142
310
710
3,330
34,929 23,388
z34,877 z23,753
7,303 116,472
7,427 116,178
20.074
6,414 112,656
103
Tennessee
245
U.S. B. of M.
27
34
37
26
47
58
xSept.25 *36
1,693
1,802
1,781
1,879
2,230
1,474
498
Virginia..
526
505
526
774
857
108
98
121
166
165
86
84
11,814
265
Washington
West Virginia—Southern.a
Northern, b
234
277
236
265
'
Wvomlng
103
*
Other Western States.c
Total bituminous coal
*
1
♦
i
AJ1 coal
7,712
589
8,439
7,874
8,480
11,062
830
742
814
1,434
714
8,301
Pennsylvania anthracite.d
9,269
8,616
9,294
12,496
iX
z
12,528
Includes operations on the N. & W., C. &. O., Virginian. K. & M., B. C. &
G.,
on the
B. & O. In Kanawha, Mason, and Clay counties,
b Rest of State,
including the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
y3,029
California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from weekly anthracite and beehive coal report of the Bureau of Mines,
e
Represents
f Figures
are
Pennsylvania
liminary.
that
portion
comparable
as
defined
of
the
by
the
* Less than 1.000 tons.
State
not
Included
with records for 1935 and
NRA
in
cover
Sub-Divisional
Pennsylvania,
production of western
western
Code
Authority,
p
31,595
Estimated Bureau of Mines' basis. „ y September, 1936 daily average,
173,000 barrels transferred from refineries to terminals in East Coast.
Summary
Gas
of
ciation
gas
Company Statistics
July, 1937
for
Month
of
monthly summary of the American Gas Asso¬
The current
a
and
cludes Arizona,
4,119
showed that revenues of manufactured
and natural
utilities amounted to $54,349,000 in July, 1937, as com¬
pared with $50,977,900 for the corresponding month of 1936,
an
increase
mercial
of
users
6.6%.
rose
Pre¬
in
July,
1937,
a
from
gain
Revenues from industrial and com¬
$17,932,000 a year ago to $20,077,500
of
12%.
Revenues
from
domestic
Volume
Financial
145
uses such as cooking, water
heating, refrigeration, &c., were
$34,271,500 for July, 1937, as compared with $33,045,900 a
year ago, an increase of 3.7%.
The manufactured gas industry reported revenues of
increase of 2.9%
900,200 for the month,
an
month of the
year.
commercial
preceding
sales
of
The natural gas
for the
month,
or
15.8%, while
increased
Rev¬
than for the corre¬
more
1936.
utilities reported revenues of $26,442,800
10.8%
than for July, 1936.
more
Revenues
industrial purposes increased
sales for domestic purposes
sales of natural gas for
from
gained 7.2%.
gas
1.6%
uses were
sponding period of
the same
over
Revenues from industrial and
manufactured
from domestic
enues
$27,-
from
revenues
7.3%.-
•
Chronicle
Domestic Copper Sells at 12 Cents, Valley—Lead Price
Reduced—Zinc Sharply Lower
"Metal and Mineral Markets" in its issue of Sept. 30
reported that excitement ran high last week as prices for
all of the major non-ferrous metals were reduced sharply.
The continued weakness in Wall Street, brighter prospects
for a peaceful settlement of Europe's political troubles, and
the slackening in trade, making it apparent that production
has more than caught up with consumption, brought out
selling pressure in several directions.
Many in the industry
believe that producers will quickly adjust production down¬
ward to meet the changed conditions ana prices will soon
become stabilized.
In the meantime, buyers have become
cautious, both abroad and here.
The publication further
reported:
v.'-/--1?'--
United
cement
States
of
Bureau
in
Mines
its
After holding at
market
monthly
August, 1937, produced 11,894,000 barrels, shipped 12,291,had in stock at the end of
Production and shipments
of Portland cement in August, 1937, showed decreases of
5.6 and 2.6%, respectively, as compared with August, 1936.
Portland cement stocks at mills were 21.4% higher than a
year ago.
v."
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
August, 1936 and 1937.
at
was
first resisted
on
The 12 months ended
—
1937 May,
in
much
per pound.
SHIPMENTS
CEMENT.
52.8%
47.6%
47.8%
47.8%
STOCKS
AND
OF FINISHED
to
the
in
have
PORTLAND
1936
1937
720
754
782
1,544
1,219
1,349
1,234
Michigan
811
1,090
1,028
1,503
1,535
1,568
1,626
2,040
1,015
1,119
987
1,033
1,377
1,273
1,637
2,193
1,722
2,353
1,654
Va., Tenn., Ala., Ga., Fla., & La.
1,057
1,185
W. Mo., Neb., Kan., Okla. & Ark
891
869
904
1,530
Texas
581
662
509
626
587
Colo., Mont., Utah, Wyo. & Ida.
304
300
315
364
1,082
975
1,067
930
1,409
603
389
614
595
face
12,624
11,894
12,291
18,920
Toward the close
production
little
almost
are
immediately,
to
As
soon
as
stand ready to
consumers
resort
to
the price
stabilize
have become badly frightened
consumers
buying interest.
expected
confidence
take
I
\
"V;,'..'■
copper
the
unsettled
was
London
Metal
throughout
Exchange
week.
the
dropped
from
lost
15s.
from
Export
11.750c.
copper
to
quoted
was
12.250c
c.i.f.
,
of
general
3d. on
16s.
On the second call the
here
on
European
Sept.
29
at
SHIPMENTS, AND STOCKS OF FINISHED
CEMENT, BY MONTHS
decline
in
here and abroad.
both
prices
total of 1,163
a
V
buying lead during the week in the
Producers believe consumers' views
uncertainty
prices and
over
influenced by the
are
buying only for im¬
therefore,
are,
The volume
with 2,057 tons in the
tons compared
mediate requirements, as practically all of the tonnage sold was for prompt
delivery.
Requirements for October
are
estimated to be about 65% covered.
Lead prices abroad dropped to a level
and
22,973
on
prices
PORTLAND
that threatened imports of ore,
%c., to 6.25c., New York, and a
Sept. 24 the price here declined
also the contract settling basis of the American
were
Refining Co.
(In Thousands of Barrels)
.
\'
pressure in
22,686
Western
24,394
5,163
22,971
for
25.059
7,879
21,126
25,622
3,650
6,616
3,917
4,689
February
3,475
3,177
March
5,311
7,186
8,612
5,837
8,443
10,402
May
11,104
11,634
April
10,272
9,182
11,240
11,890
12,645
with
mixed
stand
On Sept. 29 one of the leading sellers offered Prime
prompt
and
forward
25,493
price structure became top-heavy.
19,281
a23,270
12,291
18,920
22,973
^
11,377
11,163
11,503
11,597
August
12,599
11,894
September
12,347
12,619
October
12.470
13,089
18,079
sharply reduced prices here during the week.
10,977
8,942
20,117
ferred buying for some time became
8.971
6,246
22,441
sellers
112.396
112,566
18,738
\
,
a
Revised.
■' (
v
,(V-'j,
by speculative selling,
booked
a
Consumers who have de¬
attracted by the pronounced drop and
good volume of business during the week.
the seven-day
The decline
period was from 59.375c. on Sept. 23, to 55.625c. on
Sept. 29, or 3.750c. for the week.
:
•
Chinese
Note—The statistics given above are
Tin
v,
Declining prices for tin in, London, influenced
for
Total
per
Supplies have been coming in from
-
June
December
6.50c
offerings increased to such an extent that the
July
November
basis of
The news was received
24,011
18,975
the
on
feelings, but before the day ended most operators took the
that the drop was inevitable.
25,747
20,571
20,431
shipment
reduction in the price of He.
a
abroad in good volume, and
12,237
12,521
11,823
12,624
zinc abroad, which resulted in offerings here at
6.35c., duty paid, finally brought about the expected readjustment in the
pound, St. Louis,
January
?",i
'
Zinc
domestic quotation.
1937
1936
1937
1936
1937
1936
Stocks at End of
Month
Shipments
Production
These
Smelting &
''I
'v.y
Continued
Month
prices
The severe
ports.
due to selling by speculators.
was
steady
a
standard
Spot
£51
further decline of He. to 6.00c., New York, occurred on Sept. 27.
PRODUCTION,
be
can
substantia
a
on
">
previous week.
765
Total
in
sold amounted to
1,402
442
...
there was
•%
Producers
quotation.
Lead
440
California
Sept. 29,
On
reduced the price to 12c.
first announced, at noon,
reduction in the price.
one-cent
Consumers took little interest in
751
261
Oregon and Washington
897
3,575
The decline did not
heavy.
.
on
ranging
4,934
1,785
2,966
2,161
Wis., 111., Ind., and Ky__
1,001
1,458
2,634
1,226
East. Mo., Iowa, Minn. & S. Dak
1,984
a2,370
2,094
same interest
was
week previous.
price
1937
805
a2,463
;
continued
tone
Sept. 23 to £47 15s. at the first session Sept. 29.
of Month
1,373
York and Maine
the
Domestic sales for the last week totaled 4,877 tons, against 5,257 tons
a
Ohio, western Pa. and W. Va
New
and
domestic
shown
Foreign
1936
The decline
great confusion in the market over the two successive one-cent
was
decline abroad
Eastern Pa., N. J., and Md
business
restored, it is believed,
Stocks at End
1937
14c. price until
The large mine producers and other custom smelters refused
curtailment
and
copper
1936
custom smelter
a
13c.
by the mine group, but before the day ended virtually
follow the second
1937
53.2%
47.9%
Shipments
by
further shading of the
no
there were two sellers at 12c.
(In Thousands of Barrels)
Production
was
buying interest whatever, but later in the day 1,500 tons sold at the
no
1936 AND 1937
BY DISTRICTS, IN AUGUST,
District
There
structure, as it is well known that
53.1%
Sept. 24, when one lot, consisting of
on
When the reduction
lower level.
tonnage.
PRODUCTION.
light
sharp break in London, the
a
to
1937 June,
to
the entire industry moved down to the lower level.
result
There
54.4%
56.2%
36.1%
came
13He., Valley.
Sept. 27, when another seller offered copper freely at
TO CAPACITY
Aug., 19:36 Aug., 1937 July,
finally
about one-half of the day's total business, was sold
revisions
The month
14c., Connecticut Valley, since April 29, the domestic
copper
signs of weakness
000 barrels from the mills, and
the month 22,973,000 barrels.
OF PRODUCTION
for
gave way to the bearish sentiment that has
developed because of the less optimistic outlook for business.
The first
report states that the Portland cement industry in
RATIO
:
Copper
August Production and Shipments of Portland Cement
The
2145
compiled from reports for July received by
tin,
99%,
was
Sept. 23 ,
nominally as follows:
56.475c.; 25. 56.250c.; 27, 56.125c.; 28, 56.250c.; 29 ,
57 875c; 24,
54.125c.
the Bureau of Mines from all manufacturing plants.
DAILY
Silver
Production
of
the
Electrolytic Copper
World
following accounting for silver production, which
by the American Bureau of Metal Statistics,
theoretically on the basis of commercial bars as actually
produced by the refineries.
Production of American re¬
fineries which treat a great deal of foreign material is split
up as to origin, although this cannot be done precisely.
The figures are in thousands of fine ounces.
issued
is
("E. & M. J." QUOTATIONS)
Straits
Dom,,Refy. Exp., Refy
The
was
PRICES OF METALS
Lead
Tin
Zinc
New York
New York.
St. Louis
St. Louis
Sept.
23
13.775
12.575
59.375
6.50
6.35
7.25
Sept.
24
25
27—.
13.775
12.525
57.975
6.25
6.10
7.25
13.775
12.525
57.750
6.25
6.10
7.25
12.775
12.500
57.625
6.00
5.85
28
29
12.775
12.450
57.750
6.00
5.85
7.25
11.775
11.700
55.625
6.00
5.85
6.50
13.046
12.379
57.683
6.167
6.017
7.125
Sept.
Sept.
Sept.
Sept.
Average.
_
7.25
Average prices for calendar week ended Sept. 25 are:
Canada
1,539
Mexico
6,684
a
a
Peru.
1,479
5,488
1,661
7,509
1,512
Domestic copper f.o.b,
refinery, 13.713c.; export copper, 12.588c.; Straits tin, 58.854c.; New York lead,
6.417c.; St. Louis lead, 6.267c.; St. Louis zinc, 7.250c., and silver, 44.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash. New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
1,400
10,272
Daily London Prices
Other America..
1,450
1,600
1,600
1,650
1,700
1,700
11,200
Europe
1,500
1,550
1,600
1,625
1,650
1,650
11,075
669
707
745
760
804
821
5,114
Copper, Std.
400
375
400
400
350
350
2,675
5,966
Spot
3M
(Bid)
Spot
23
5113,6
5113,6
57%
250%
259 ^
20%
Jan.''
''■■■
Feb.,
United States
Australia refined
Other
Australia
and
April,
May,
June,
July,
1937
1937
1937
1937
1937
1937
4,965
■
March,
1937
--
5,431
5,487
6,805
1,346
5,280
1,467
1,228
2,317
38,865
10,810
5,731
6,543
10,140
1,475
1,582
1,224
Japan
842
867
845
844
b850
b850
Burma, refined
530
525
520
520
510
520
Other Asia
325
Tin, Std.
315
300
310
310
310
3M
Lead
Spot
3M
Totals
57%
257
256%
209,6
95
88
90
630
Sept.
27
513,6
50%
513,6
87
50%
55%
252
251
20 %
365
400
450
450
2,655
Sept.
28
50%
50%
56
254%
253%
20%
60
60
60
60
60
420
Sept.
29.^
47%
47%
53
246
244 %
197,6
19%
20,849
Other Africa
24
93
350
20",6
20%
203,6
20%
60
Belgian Congo
Sept.
86
320
South Africa
Not yet reported,
Copper
22,612
20,505
21,536
24,851
b Conjectural.
Zinc
Electro
New
Zealand..
a
July,
3,650
2,195
Sept.
Spot
3M
207,6
203,6
1913,6
20"i6
19%
20
19 %
19%
207,6
201,6
Prices for lead and zinc are the official buyers' prices for the first session of the
Exchange; prices for copper and tin are the official closing buyers'
All are in pounds sterling per long ton (2,240 lbs.).
London Metal
prices.
Financial
2146
Steel
Production
Ingot
of
Drops Two
Capacity
Points
steel
the
of
allied
and
industry
units
to
volume of new business continues this week,
reduced
a
but a
busi¬
point of equilibrium between production and incoming
ness
be reached within the next two or three weeks,
may
automobile industry are
during which time orders from the
expected to increase materially as the motor p ants swing
into volume output of 1938 models.
The "Age" further
stated
:
Steel
for the country as a whole is estimated at 74%
Of the major producing districts, the drop at Pittsburgh
ingot production
week.
this
for
Chicago, the Valleys and
eastern Pennsylvania each off two points, the South 6%
points, and the
southern Ohio district 12 points.
A contra-trend advance of three points
occurred in the Cleveland-Lorain area, where operations now average 68%.
Further sharp price declines have marked the scrap situation as mills
refrain from buying and
in some instances hold up shipments of scrap
previously purchased.
Steel scrap has dropped $1 at Pittsburgh, on top of
$2 a week ago, and similar reductions have occurred at Chicago, Cleveland
and
Youngstown, with Philadelphia down 50c.
The "Iron Age" scrap
composite price is now $17.58, only 50c. a ton above the year's low of
the
is
late June.
shortage of coke,
$17.08
in
The
an
coke
the
off
laid
low
of
years
been
have
on
reduced operating
overtime, but in
plants men
in some smaller
while
Car builders have laid off men
seniority basis.
a
the
their remaining work over as long a period as
their customers is being overdone; they attribute
of confidence largely to the recent stock market slump, together
uncertainties as to Administration acts and policies and to labor
lack
the
agitation.
industry
of the
For example, the slowness of some of the principal units
automobile
in conformity with their prospective fall
buy steel
to
is attributed in part to fresh labor disturbances
and the failure of General Motors and the United Auto¬
manufacturing programs
Detroit
the
in
area
to reach
mobile Workers Union
demands
Labor's
railroad
largely
are
However,
buying.
railroad
the
a
a
final agreement.
instrumental
compromise
in the holding back of
also
the
between
settlement
wage
is momentarily expected, which,
brotherhoods
if
carriers
and
followed
shortly by the increase in freight rates the roads are seeking, may
the release of many railroad inquiries that have been
abeyance. Railroad buying has not stopped entirely, the Denver Rio
& Western having ordered 13,400 tons of rails from the Colorado
the
pave
held
in
Grande
The
of
ordered
cars
Steel
month.
In
has been
because present labor and material costs are too high for the
can
be obtained.
Structural steel lettings
this week were
district
York
abandoned
that
figures of the
the lowest of the year thus far,
were
158,228 tons
shipments of
New
some
the highest
were
speculative
for
residential
any
building
18,000 tons.
fresh
promise, although buyers
domestic
from
A
sale
at
less
of
price
tons
of
semi-finished
Pittsburgh,
steel
the domestic
Great Britain
to
price.
Recent
made
was
British
offers,
indicate the amount of the concession, were at $34, Pittsburgh.
Considerable
in Great
$37,
attempting to obtain concessions
are
which American mills have been quoting for export.
prices,
25,000
than
which may
the
the
indicated
Weekly
1936,
beginning
84.1%
Sept.
with
27 compared
month ago and 75.4% one
one
of
rates
steel
operations
7,
Sept.
since
follow:
1937—
1936—
im—
Dec.
28
28
Feb.
1
Nov.
2
74 .7%
Feb.
8
Nov.
9
74 .0%
Feb
15
74
Feb.
Oct,
5
Oct.
12
Oct.
19
Oct.
Nov. 16
•
1937—
Jan.
4
Jan.
11.
Jan.
18
Jan.
25
1%
Nov. 23
.74 3%
Mar.
Nov. 30
75 .9%
Mar.
Dec.
7
76 .6%
Mar.
Dec.
14
79 2%
Mar.
—
80.6%
77.9%
79.6%
80.6%
May
Well
on
Aug.
2
Aug.
9
7
82.5% June
1
85 8% June 14
8.....87.3% June 21
15
88 9% June 28
22
5
89.6% July
Aug. 16
Sept.
7
Sept. 13
76.2
81.6% May 31
82.7%
82 5%
84 3%
85 5%
84.6%
83 2%,
12
Sept 20
Sept. 27
Aug. 23
83.8%
84.1%
Aug. 30
71 6%
80.4%
76 1%
.
76.6%
74.4%
75 9%
75.0%
67.3%
of the iron and steel
Sept. 27 stated:
production over many weeks during which buying has
sustained
been at
26
91.0%
77 4%
17
May 24
"Steel" of Cleveland, in its summary
markets
19
July
91 0%
91 2%
90 0%,
10
May
July
91.3%
92 3%
3
May
July
89 9%
90.3%
22
.
1937—
90 7%
77.0% Mar. 29
5
77.0% Apr.
Apr. 12
79.4% Apr. 19
.78.8% Apr. 26
21
Dec.
68 •2%
72 •o%
74 .4%
75 .4%
75 .3%
75 -9%
74 2%
74 .3%
Sept. 7
Sept. 14
Sept 21
Sept 28
relatively low rate has brought steelmakers sufficiently close to
a
indicate a shortening of activity to match incoming
the end of backlogs to
Although the rate of buying shows an increase from the low point
midsummer
it
has not
with
viewed
situation is
of
sufficiently to match shipments and some
grown
curtailment of production
This
in spite of not
is necessary to meet current conditions.
equanimity by steel makers, as,
high and reason¬
equaling earlier expectations, the industry is producing at a
Well informed expectation is that for the remainder
ably profitable rate.
steelmaking will be at 70 to 80% of the rate prevailing for the
of the year
that consumers are faced by the psychological facts of the
It is recognized
decline in the stock market,
war scares
business
ideas of
probably will
the
Britain against
be negotiated
if American
mills meet
British, but American steel pays a 12 y2%
2y2% on steel from the Continent.
duty
THE "IRON AGE" COMPOSITE PRICES
Finished
Steel
Based on steel bars, beams, tank plates
Sept. 28. 1937, 2.605c. a Lb.
One week ago
2.605o.
wire, rails, black pipe, sheets and hot
One month ago
2.605c.
rolled strips.
One year ago..
2.197c.
85% of the United States output.
1937
After the unusually high rate of production over a year
to actual needs.
be wondered at.
past an adjustment downward is not to
There are not
has placed
has
1935
1934
1933
2.015c.
2
9
2.330c.
Mar.
2.330c.
Dec. 28
2.084c.
Mar. 10
2.130c.
Oct.
1
2.124c.
Jan.
8
2.199c.
Apr.
24
2.008c.
Jan.
2
Los Angeles
few reassuring facts in the week's news.
a
11,050 tons of plates for a water line, the Denver & Rio Grande
ordered
13.400 tons of rails from
Colorado
Iron Corp.,
Fuel &
the
has divided about
10,000 tons of steel, largely plates
and shapes, for car building and repair
and Ford Motor Co. is inquiring for
New York Central
In addition
15,000 tons of structural for a press shop.
Russia has placed an
These
before the decline
while able to offer
is understood
busy six to eight weeks.
enough to keep up production at the rate
tonnages are not
earlier months but
it
order for steel axles for cars and locomotives, suffi¬
cient to keep axle shops
of
Orders booked
in buying are by no means exhausted and sheet mills,
prompt delivery in some cases, have tonnage on books
they indicate activity in various lines
for active production through October.
As
a
lighter operations in important producing centers, due to
result of
4
points to
76%
lasVweek declined
11 points
Pittsburgh operations declined
of capacity.
73%. Chicago 3.5 points to 79.5, Wheeling 7 to 82 and Birmingham,
to
Ala., 8 to 83
As
a
to 64, Buffalo 4 to
no
partial offset to these losses Cleveland
advanced 1 point
74, Detroit 5 to 100 and Cincinnati 9 to 89. There was
change in Eastern Pennsylvania at 63. Youngstown, Ohio, at
70, New
England at 75 and St. Louis at 74.
week was a shade lower than the preceding
Automotive production last
14,000 cars,, compared
General Motors made
1.750.
with 13,700. Chrysler 3,075 compared with
with the Ford plant closed.
This is probably about the low mark for the
model
change season and Increased production may be expected to start
at any
time as the 1938 lines are put under way more intensively.
July.
Eastern
de¬
finitely out of the market.
A moderate sale to a steel mill in Pittsburgh
last week established a price $2 under the previous nominal quotation.
Closing of contracts with eastern scrap dealers for 250.000 tons of steelmaking grades for export to Europe presents an anomaly In an increase of
$2.50 per ton over a larger purchase six weeks earlier.
Absence of Japan
from the export market on account of exchange difficulties is giving the
European buyers a better opportunity to cover their needs.
A factor in
the increased export price is the fact that the lower freight rate to tide¬
Scrap is presenting an aspect of weakness similar to that shown in
With
a
drop of $1 at Chicago, $2 at Pittsburgh and 50 to 75 cents in
Pennsylvania the situation reflects the apathy of consumers, who are
water on export
Low
High
2.605c.
Mar.
1936
These products represent
the Far East and
in Europe and
political divagations at home, and naturally are keeping commitments close
period, with 28,030 units, compared wotb 30.150.
Export inquiry in large volume from Europe, principally Great Britain,
offers
of steel companies having 98%
industry will be 74.4% of
This represents a decrease of 1.7 points, or 2.2%
estimate
for the week ended Sept. 20,
1937.
year ago.
from
week
ago,
an¬
the
of
adjustment to light buying, the national operating rate
for fabricated structural
Orders
Construction.
117,612 tons in that month
although
rents
has
Institute of
American
the
Virginian
and is inquiring for 8,200 tons of rails.
building construction lag is shown by the August
1,000 coal
steel
has divided 5,000 tons among three
7,200 tons of steel for the repair of
York Central
New
the
The
mills.
for
way
while
mill,
capacity for the
76.1% one week
in the belief that the extreme caution
trade is virtually a unit
prevailing among
with
capacity
-
The steel
now
steel
Sept. 27
on
which it has received indi¬
first eight months.
possible.
the
of
effects
the elimination of
was
operations,
effort to spread out
an
feel the
to
adjustment
Institute
2, 1937
business.
hours have gone below the standard of 40 a week.
producers are attempting to stagger work, as they did
the large
of
during
beginning
is
first
The
departments
some
in
labor
mill
Steel
schedules.
Steel
and
cated that the operating rate
during the
bottlenecks
the
of
one
was
the Connellsville region.
in
ovens
Most
which
of maximum iron and steel production this year, has been relieved
extent that has permitted the shutting down of about 1,000 beehive
period
to
percentage points, with
three
sharpest,
Iron
nounced that telegraphic reports
of
adjustment
Oct.
American
The
74%
to
Age," in its issue of Sept. 30, reported that the
The "Iron
Chronicle
mateiial is to terminate Oct. 1, thus increasing transporta¬
tion charges.
Decided weakness in all markets has reduced "Steel's" composite
making scrap $1.25 from the preceding week, to
with $17.75 for the second week in July and
$17.83.
of steel-
This compares
$17 at the end of June, and is
3
1.867c.
Apr.
18
1932
1.977c.
Oct.
4
1.926c.
Feb.
2
1931
2.037c.
Jan.
13
1.945c.
Dec. 29
and
1930
...2.273c.
Jan.
7
2.018c.
Dec.
finished steel composite is unchanged at $61.70.
Oct.
Based on average of basic Iron at Valley
furnace and foundry irons at Chicago,
$23.25
One month ago
23.25
One year ago
18.73
Philadelphia,
.
Buffalo,
Valley,
and
Southern Iron at Cincinnati.
Low
High
1937
$23.25
9
$20.25
1936
19.73
Nov. 24
18.73
Aug. 11
1935
18.84
Nov.
5
17.83
May 14
1934
17.90
May
I
16.90
Jan.
16.90
1933
Mar.
Feb.
16
27
Dec.
5
13.56
Jan.
14.81
Jan.
5
13.56
Dec.
6
1931...
15.90
Jan.
6
14.79
Dec.
15
1930..
18.21
Jan.
7
15.90
Dec.
16
1932,-.
-
Steel
Based
$18 25-
One month ago
20.17
One year ago
3
and
on
No.
1
heavy
melting
The
further reports: '
United States Steel is estimated at 76%, against 85% in the
week before
credited with
77X%. compared with 78% in the preceding week and 80% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
and
78X%
two
weeks
Leading
ago.
independents
U. S. Steel
industry
Low
17.75
Dec. 21
12.67
13.42
Dec.
10
10.33
Apr. 23
1934
13.00
Mar. 13
9.50
Sept. 25
1933
12.25
1932
8.50
Jan.
1931
11.33
Jan.
1930
15.00
Feb.
Aug.
74 X
+1
1935
-r
1934
51X
24^
$17.08
1933
37X
8
6.75
Jan.
12
6.43
3
July
6
8.50
18
11.25
5
Dec. 29
Dec.
9
76
—4
1936
High
Mar. 30
$21.92
77
1937
1935
cents to $39.98.
Steel ingot production for the week ended Sept. 27 is
placed at about 77% of capacity, according to the "Wall
Street Journal" of Sept. 30.
This compares with 81% in
the previous week and 79lA% two weeks ago.
The "Journal"
steel
Chicago.
June 15
June
9
1936
Thp decline in scrap affected the iron
causing a decline of 21
composite also,
are
independents
quotations at Pittsburgh, Philadelphia
16.75
1937
steel
Sciap
Sept. 28, 1937, $17.58 a Gross Ton
One week ago
$4.25 below the high point in April.
t
Pig Iron
Sept. 28, 1937, $23.25 a Gross Ton
One week ago
9
70 X
—9
+
77X
X
77 X
61X
X
40
+1X
22
—2
37
—1
31
—1
26 X
65
—1
56 X
89 X
+4
+1
+2
81
17X
1931
28
1930
60
1929
85
+3
1928
85 X
+
1927
65
+1
X
86
68 X
+IX
+1X
26
+2
39
+1
—2X
17X
17X
1932
—
85
62
—1
+ X
+2
Volume 145
Financial
Chronicle
2147
Current Events and Discussions
The
Week
with
the
Federal
Banks
Reserve
During the week ended Sept. 29 member bank
securities
direct
reserve
balances increased $56,000,000.
Additions to member bank
reserves arose from decreases of
$9,000,000 in money in cir¬
culation,
$53,000,000
in
with Federal
deposits
Treasury
Reserve banks and $2,000,000 in Treasury cash other than
inactive gold and an increase of $3,000,000 in Treasury
currency, offset in part by an increase of $7,000,000 in nonmember deposits and other Federal Reserve accounts and a
decrease of $5,000,000 in Reserve bank credit.
Excess re¬
serves of member banks on
Sept. 29 were estimated to be
approximately $1,060,000,000, an increase of $40,000,000
for the week.
Inactive gold included in the gold stock and
Treasury cash amounted to $1,203,000,000 on Sept. 29,
\
$192,000,000
and
in
of
holdings
of
increase
an
United
$149,000,000
States
in
The statement in full for the week ended Sept.
29 in
balances
$7,000,000 in
New York City, $6,000,000 in the Chicago district and $20,000,000 at all
reporting
member banks.
Loans
brokers
to
and
$44,-
declined
dealers
000,000 in New York City and $50,000,000 at all reporting member banks.
Other
loans
for
purchasing
carrying
or
$8,000,000.
declined
securities
Loans to banks declined $9,000,000 in New York City.
Holdings
of
United
States
Government
obligations
direct
declined
$111,000,000 in New York City, $36,000,000 in the Richmond district,
and $192,000,000 at all reporting
Holdings of securities
member banks.
fully guaranteed by the United States Government declined $7,000,000
New
in
and
York
City and
$8,000,000
securities"
all
at
increased
Demand
com¬
Government
reserve
Commercial, industrial and agricultural loans increased
$9,000,000
increased
member
reporting
Richmond district
the
in
and
of
Holdings
banks.
"Other
$37,000,000 at
$47,000,000 in New York City and
all reporting member banks.
increase of $41,000,000 for the week.
^in
and
obligations;
with Federal Reserve banks.
V
deposits-adjusted
$37,000,000
increased
New York
in
City
$34,000,000 elsewhere in the New York district, and declined $37,-
parison with the preceding week and with the corresponding
000,000 in the Chicago district, $26,000,000 in the San Francisco district,
date last year will be found on pages
and $39,000,000 at all reporting member
2278 and 2279.
Changes in the amount of Reserve bank credit outstanding
and related items during the week and the year ended Sept.
29, 1937, were as follows:
Increase
(+)
(—)
Decrease
or
Since
Bills discounted
24,000,000
3,000,000
+ 15,000,000
2,626,000,000
Bills bought
U. S. Government securities
+96,000,000
Industrial
advances
(not Including
$15,000,000 commltm'ts—Sept. 29
—1,000,000
Gold stock
currency
—4,000,000
—3,000,000
2,573,000,000
12,734,000,000
2,596,000,000
Total Reserve bank credit
Treasury
—7,000,000
21,000,000
Other Reserve bank credit
Government deposits increased
district,
$6,000,000 in New York City and $24,000,000 at all reporting
banks.
member
—5,000,000
+40,000,000
Deposits
credited
Sept. 22,
;
reserve balances
7,033,000.000
Money In circulation
6,520,000,000
Treasury cash
3,575,000.000
Treasury deposits with F. R. bank..
140,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
+ 676,000,000
+56.000,000
—9,000,000
+253,000,000
—53,000,000
+ 1,117,000,000
—113,000,000
+7,000,000
all
;
Increase
(+)
Decrease
or
(—)
Since
Loans—total
—186,000,000
22,046,000,000
10,010,000,000
-
$
$
$
Loans and investments—total
Sept. 22, 1930
Sept. 15, 1937
Sept. 22, 1937
—39,000,000
—564,000,000
+1,362,000,000
Commercial, industrial, and agri¬
cultural loans:
On securities
635,000,000
in
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the
week and year ended Sept. 22, 1937, follows:
+139,000,000
+38.000.000
declined
banks
all reporting member banks
decrease of $2,000,000 for the week.
a
Assets—
Member bank
domestic
to
Borrowings of weekly reporting member banks amounted to $6,000,000
+100.000.000
+1,889,000,000
+84,000,000
+3,000,000
$10,000,000 in the San Francisco
the aggregate of the decreases at
being $62,000,000.
on
•
Time deposits increased
banks.
York City and $11,000,000 at all reporting member
New
banks.
districts,
Sept. 30,1936
Sept. 22, 1937
Sept. 29,1937
$8,000,000 in
Otherwise secured and unsec'd
Open market paper
594,000,000
4,184,000,000
470,000,000
—2,000,000
+22,000,000
+1,000,000
Loans to brokers and dealers in
Other
Chicago—Brokers' Loans
for
loans
Reserve
System for the New York City member
banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Loans to banks....
IN CENTRAL RESERVE CITIES
*
+21,000,000
+ 7,000,000
Other loans:
7,930,000,000
1,136,000,000
2,970,000,000
5,440,000,000
314,000,000
1,746,000,000
+ 8,000,000
+37,000,000
+149,000,000
+15,000,000
—29,000,000
—116,000,000
14,788,000,000
5,291,000,000
deposits
630,000,000
—39,000,000
+11,000,000
+24,000,000
—211,000,000
+273,000,000
—219,000,000
5,045,000,000
—62,000,000
+ 4,000,000
—790,000,000
U. S. Govt, direct obligations
Obligations
fully
+
+2,000,000
♦
+2,000,000
—192,000,000 —1,447.000.000
727,000,000
818,000,000
On securities
Otherwise secured and unsec'd
by
guaranteed
United States Government
Other securities
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
+101,000,000
—8,000,000
+1,000.000
—7,000,000
or
.
Real estate loans
banks and also for the Chicago member
Monday:
-50,000.000
674,000,000
1,165,000,000
102,000,000
purchasing
carrying securities
Below is the statement of the Board of Governors of the
Federal
1,276,000,000
securities
Returns of Member Banks in New York City and
Reserve with Fed. Res. banks
Cash in vault
Balances with domestic banks
—363,000,000
+539,000,000
—77,000,000
—556,000,000
(In Millions of Dollars)
Liabilities—
New York City
Sept. 29
Sept. 22
1937
1936
1937
$
$
$
1936
S
S
Loans and investments—total..
8,166
8,165
Loans—total....
3,981
4,000
Industrial,
1937
$
1937
Assets—
Commercial,
Chicago
Sept. 22 Sept. 30
Sept. 29
Sept SO
8,803
3,423
4
2,101
602
1,996
730
1,995
731
and
agricultural loans:
;
On securities
*
35
33
1,662
1,644
*
460
462
176
169
*
31
1,074
48
243
81
79
135
14
14
Open market paper...
Loans to brokers and dealers.
1,008
*
carrying securities
Real estate loans
Loans to banks
*
47
130
64
68
2
2
233
*
23
23
Otherwise secured & unsec'd
193
195
*
37
38
2,786
2,785
3,784
909
910
1,113
388
391
467
100
100
Other securities
1,011
989
Reserve with Fed. Res. banks..
Cash in vault
2,746
2,644
1,129
2,354
255
575
256
583
92
294
634
52
33
255
obligations
Obligations fully guaranteed by
United States Government
82
64
76
25
132
24
134
459
499
61
60
70
5,965
730
352
6,320
598
193
1,496
453
62
1,495
453
61
1,670
446
101
1,935
528
2,431
448
508
7
519
7
614
5
+">.
Demand deposits—adjusted
Time deposits
,
55
'l+.-v..-\r.
6,085
United States Govt, deposits
737
352
Inter-bank deposits:
1,920
Domestic banks
Foreign banks
...
523
Borrowings-*^
Other
"401
_403
"366
~~17
"l8
"~22
1,473
llabilltiesIIIII""II""I
Capital account
*
of Great Britain, France and Germany
Plan for Italy's Cooperation in AntiPiracy Patrol of Mediterranean
France and
454
59
,
"
1,474
1,428
245
244
235
Comparable figures not available.
Reserve
As
of Member Banks of the Federal
System for the Preceding Week
Returns
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¬
ing the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business Sept. 22:
The
condition
statement
Sept. 22:
of weekly reporting
member
banks in
101
week-ended
An Increase of $20,000,000 in commercial, Industrial and agri¬
leading cities shows
the following principal changes for the
cultural loans; decreases of
$50,000,000 in loans to brokers and dealers in
Great Britain,
by Italy in the
the anti-piracy patrol
Sept. 29, and the
signing of the agreement by the experts of the three nations
was reported on Sept. 30.
The plan is to be submitted to the
respective governments for approval, said Associated Press
accounts from Paris on Sept.. 30, which further stated:
Nyon (Switzerland) arrangements for
the
of
Mediterranean, was reached
The signatures were
on
affixed at a noon meeting in the headquarters of the
bringing to a close talks that had opened Monday
French Naval Ministry,
(Sept. 27).
:
" --C
+
Difficulties described
officially as "in the framing of the
text" caused
from last evening, following an announcement
that an agreement had been reached yesterday morning.
The plan, as explained yesterday, provided that each nation be confined
to protection of waters in which it is the most interested—with Italy allotted
the Tyrrhenian Sea around Sardinia as well as her own extensive coastline
postponement of the signing
and the coast of her
Complete
+145,000,000
—11,000,000
on
Agreement at Paris by naval experts of
Italy on a plan for participation
*
*
66
Balances with domestic banks
Liabilities—
—2,000,000
Comparable figures not available.
Agree
;.
U. S. Govt,
573,000,000
6,000,000
Naval Experts
15
5
234
Other assets—net
Domestic banks
Foreign banks
*
On securities
-
Xpk deposits:
* ■'%
Other loans for purchasing or
Other loans:
United States Government
*
134
.
-
*
1,030
31
48
249
Otherwise secured & unsec'd
239
•.
deposits—adjusted
Time deposits
Borrowings
I
-
,
239
Demand
Official quarters
would give
the
sea
African colony, Libya.
explained the patrol zones, as fixed by the
agreement,
Britain the area near Gibraltar, while the French would police
Mediterranean coast to Morocco, Algeria and
lanes from France's
Tunis.
East of the Italian
path between Sicily and North
British would divide the
Sea and France the Syrian
The
Africa, French and
patrol, with British ships taking over the Aegean
coast.
Nyon agreement was
referred to in these columns
to the
Sept. 18, page 1817; plans for the adherence of Italy
plan were noted in our Sept. 25 issue, page 1990.
League Subcommittee Adopts Resolution Providing for
End
of
International
Non-intervention Unless
Withdraws
Italy
France
and
Troops
Italy Agree
on
from Spain—Britain,
Joint Patrol of Medi¬
terranean
of the League of Nations on Sept. 30
resolution to end the activities of the International
A subcommittee
agreed
on a
Financial
2148
for Spain unless
Premier
withdraw Italian "volunteers"
from Spain.
Otherwise, it was reported, League members
had decided to open the French frontier to both armaments
and troops destined for the Spanish Loyalist Government.
Non-intervention
Mussolini
Committee
would
The resolution
Chronicle
to
agree
said to hold
was
the withdrawal of
that if
foreign combatants is not made effective within one month,
the signatories of the Non-intervention agreement are "in¬
vited to envisage" a return to policy based on international
law.
This would probably mean complete abandonment of
the entire non-intervention policy.
The resolution will
probably be submitted to the League Assembly for adoption
today (Oct. 2).
r:
Associated Press advices of Sept. 30 from Geneva described
the resolution adopted by the League subcommittee as
This
issued
Oct. 2,
Yarnell flatly
Admiral
denied, saying that Ambassador Johnson
such information, but instead told the
no
would
be
evacuated
Hankow
from
1937
and
the
Japanese that foreigners
surrounding
vicinity
after
September 26.
"The statement by a Japanese naval spokesman that Japanese authorities
been informed by Ambassador Johnson that evacuation of Americans
had
and
by
other
foreigners from Hahkow and the eabouts would be completed
September 26,
noon,
was
entirely in
error, as no such information had
been given out by the Ambassador," Admiral Yarnell stated.
"There
negotiations with Japanese authorities to withhold the bomb¬
were
ing of the Hankow-Canton railways until September 26 to permit three
small parties of Americans to reach Canton safely.
Notice
was
however, that there would be additional parties later.
"There
are
in the
sand of whom
are
given them,
V
Yangtze valley several thousand foreigners,
Americans.
one
thou¬
Many of these persons will wish to leave
China at various times and it is imperative that a safe route to reach
of the seaports
one
from the Yangtze valley be agreed upon."
follows:
The draft of the resolution contained 8 paragraphs, of which the following
unofficial summary;
wasan
rV
;-':VV:
"duty of
every
Spanish affairs."
5. Observers that the (league) council on May 29 termed the non-inter¬
vention agreement the "most effective remedy for a situation the gravity
of which, from the standpoint of general peace, it feels bound to emphasize.
6.
Earnestly
that
trusts
"diplomatic
Soviet
action
undertaken
recently
by
certain Powers will be successful in securing Immediate and complete with¬
drawal of non-Spanish combatants taking part in the struggle In Spain."
7. Appeals to "Governments which must all equally desire to see peace
maintained in Europe to undertake a new and earnest effort in this direc¬
tion" and observes that "if such a result could not be obtained in the near
future the assembly invites all States concerned which are members of the
non-intervention committee to envisage the end of the non-intervention
policy."
•"; ■"/
8. Requests the council to "follow attentively the development of the
situation in Spain, in view of provisions of Article II of the league covenant
and take any opportunity which may arise to seek a basis for pacific ending
of the conflict.
The decision of Great Britain and
France
withdraw
to
naval patrol of the Spanish coast was reported from London on
Sept. 17.
Patrol
established
was
last
of war ma¬
terials to Spain, said the London advices from Ferdinand
In
Lord
to
note
a
mittee, the two governments
"in
view
need
of
the
the
of
Non-intervention
advices
changed circumstances."
Specifically,
that
they assert
they
destroyers
now
being used on non-intervention patrol for the
important task" of preventing submarine piracy in the
"more urgent and
Mediterranean.
Thus
the
the
shred
last
scheme except
share
in
France
of
control
disappears
the
from
non-intervention
for the continued presence of international observers aboard
vessels bound
for
Spanish ports.
Germany and Italy abandoned their
the
naval patrol last June after the
Leipzig incident, while
Portugal promptly withdrew their observers along their land
and
frontiers.
League of Nations Fails
Council-—Turkey and
Re-elect Spain to League
Also Lose Seats
to
Chile
The failure of the League of Nations Assembly to reelect
the
Spanish Government to the League Council
known in press advices from Geneva
according to
made
was
Sept. 20.
on
The vote,
wireless message to the New York "Times,"
a
was
24 against and 23 for Spain,
the
necessary
two-thirds.
In
with 32 votes required for
the
part,
advices
the
to
"Times" also said:
The
vote
and
Peru
25
was
two-thirds.
Iran
to
against
was
Chile's
and
elected
seat
to
25
for
Turkey,
with
expected to win if she consents to
now
neutrals
in
Spain's
the
was
predicted
predicted her defeat.
Spain's
Latin
defeat
America
is
elect
always
a
a
surprise
last
.
night
.
the
The
as
of
to
Wednesday.
Belgium
Moslem
was
States,
hoped
to
aid
enemies
Turkey
delegations that believed it
some
plunged
on
who
Valencia's
of
into
a
principle
civil
war.
in
by
wrong
Then there
against reelection of
for
the
first
time
to the
since
the
Council.
League began
.
*
functioning
Spain has
and
as
diplomatic maneuvering.
said the defeat would not affect his
.
the
added,
note
that
"impossible
conditions
by the actions of Japanese military authorities
and
have
been
for the normal
Shanghai and the Consulate at Kalgan."
It
was likewise stated in the
press accounts from which we
quote that Russia's warning to Japan was believed to be in
response to a Chinese appeal asking Russia to "take meas¬
ures" which
would
helji end quickly such "barbarous and
as Japanese bombardments.
inhumane activities"
♦
Japanese
Government Orders Extended Service for All
Troops
Now
Mobilized—Continued Advances in
North China Meet with Renewed Resistance by
Chinese
Forces
at
Shanghai
Japanese troops this week continued advances in North
China, but met with renewed stiff resistance from the Chinese
defenders of Shanghai.
On Sept. 28 the Japanese Govern¬
ment adopted a decree ordering all soldiers mobilized at home
or abroad to remain in service until "further notification,"
but the edict did not provide for general mobilzation.
It was revealed on Sept. 29 that the British Air Ministry
had approved the sale of British airplanes to China.
Mean¬
while it was reported this week that a Japanese submarine
had sunk 11 of a fleet of twelve Chinese fishing junks, killing
almost 300 men, women and children.
This charge was
categorically denied by Japanese spokesmen, but the British
Government on Sept. 30 instructed its representatives in
Hongkong to report on the alleged attack.
The Sino-Japanese conflict was referred to in our issue of a
week ago, pages 1991-1992.
Elsewhere in these columns to¬
day reference is made to the resolution adopted by the
Assembly of the League of Nations on Sept. 20 condemning
the bombardment of open towns in China by Japanese air¬
craft.
China's greatest cities, except those under Japanese
occupation, were subjected on Sept. 25 to devastating bomb¬
ing by the Japanese air forces, ranging over nearly all the
eastern provinces of this invaded land it was indicated in As¬
sociated Press advices from Shanghai on Sept. 25, which in
part added:
Hundreds of Chinese non-combatants died.
of dollars.
Terror
and
anguish
Property damage ran into
ruled half
munities with populations approaching or passing
dozen great com¬
a
the million mark.
Nanking, the capital, was punished by five successive waves of Japanese
totaling 80 planes, who remained over the city
a
total of seven
Officials said the death toll in the bombings, part of Japan's an¬
hours.
nounced
campaign to destroy the center of Chinese military resistance,
would approach 200.
Hankow, Wuchang and Hanyang, the Wuhan cities of the middle Yangtse
Valley, suffered
a new
series of early morning raids, within a few hours of
that industrial area late
Chinese officials revised their estimates of the dead in yester¬
yesterday.
added when enemy planes again attacked Hankow,
the Spanish
delegation
Nanchang,
to
government's League policy.
Bombing of
Hankow and Hankow-Canton Ry.
Japanese Brings Protest From Admiral Yarnell
a
capital of Kiangsi
Province and Chinese aviation center,
heavily bombed, and Canton, the metropolis of the South, was subjected
series of minor raids.
With all this
by
F"The
Japanese fombing of Hankow and the HankowCanton Ry. on Sept. 25 brought from Rear Admiral
Harry
Yarnell, Commander of the United States Asiatic Fleet a
statement voicing criticism of the action, as to which we
quote the following from Associated Press accounts from
Shanghai Oct. 1:
A Japanese spokesman had said that the
Japanese Navy was informed
450 airline miles from
the coast, before dawn.
widespread activity, the Japanese air forces mustered other
planes to inflict heavy punishment
on
the Chinese battle lines northwest
of Shanghai.
Late tonight the Chinese air force struck back
a
raid on the Japanese
airfield in Yangtsepoo, at the eastern end of Shanghai's
International Settle¬
The attack
ment.
was
made
in
with
heavy darkness,
before the
Many incendiary and demolition bombs were dropped,
effect
was
warships
not
on
disclosed.
the
Japanese anti-aircraft g
Whangpoo river near
ns
but
moon
rose.
with
what
ashore and
on
the
Shanghai blazed away into the
darkness, apparently without effect.
Nanking's $1,000,000 power plant, on which some 1,000,000 persons de¬
pended for light, water and transportation facilities, was reduced to ruins
in
a
spectacular attack by
a
Japanese squadron leader, who made a vertical
by United States Ambassador Nelson T. Johnson that all Americans and
other foreigners had been evacuated from Hankow and
surrounding terri¬
dive to release his cargo of bombs directly on the
tory by noon of September 26.
forays.
and
fulfilment of their functions by the Soviet Consulates General at Tientsin
was
A member of
Soviet officials
that
"unlawful, contrary to generally recog¬
day's Wuhan raid upward to nearly 1,000 and said more casulaties had been
The defeat does
not
affect the Spanish Government's rights in the
League, and it will continue to sit in the Council when its own appeal is
being considered.
It does, however, weaken its position as regards recog¬
nition
Japanese suggestion
the terrible attack the Japanese airmen made on
non-permanent Council member.
Thus
the
Nanking
relations."
known,
created
are
any
Press accounts from
principles of international law" and "unprecedented in the history
is
millions
combination
a
rejected
international
It
Great Britain and other
mainly because the British delegation's
Spain's election after other experts had
delegations that vote
failed to be elected
note
Soviet citizens leave
nized
in Associated
contained
Sept. 27, which in part added:
air raiders,
together with
country while it
some
run,
.
attributed
and
eliminating Spain,
to
for
Spanish conflict request.
defeat
spokesman
required
by 46 of these votes.
The election to the Spanish, seat was deferred until
is
34
Turkey's seat by 48 out of 52 votes cast,
Its
on
were
Moscow
Com¬
that they have taken their decision
announce
Bombarding
Russia, in a note to the Japanese
Sept. 26, registered a "determined protest"
against any bombardment of the Soviet Embassy at Nanking,
and declared it would hold the Japanese Government re¬
sponsible for any damage resulting from such a bombard¬
ment.
Officials of the Embassy, the note declared, had
been instructed to remain at their posts.
The foregoing
"Times," which, in part, added:
Plymouth, Chairman
Japan Against
Nanking Embassy
the Non¬
spring by
Committee to check the shipment
Kuhn Jr. to the New York
Warns
The Government of Soviet
Government
..
intervention
Russia
v
State to respectThe territoriallntegrity
and political independence of other States."
2. Affirms that "every State is under obligation to refrain from inter¬
vening in the internal affairs of another State."
3. Recalls that "special undertakings" have been entered into "for the
purpose of limiting the Spanish conflict and thereby safeguarding the
general peace."
4. Regrets that the non-intervention committee "not only has failed to
secure
the withdrawal of non-Spanish combatants taking part in the
struggle in Spain, but that there now must be recognized the existence of a
veritable foreign army corps which represents foreign intervention in
Points out the
American
cameramen
recorded this episode, as
plant.
well
as most
of the Japanese
Volume
Financial
145
Under date of Sept. 27
Shanghai Associated Press accounts
stated:
unleashed
Japanese warplanes
cities
eastern
today
a
aerial
new
Japanese
as
of China's
bombardment
reinforcements rushed
the
to
Shanghai front to stem a Chinese counter-attack.
Rear Admiral
Japan massed reinforcements in the Shanghai region,
Tadao
Honda,
Japanese naval attache,
warned that Japanese bombard¬
of Chinese non-combatants "will be duly carried
ments
*
YY-YvY
Station
area,
and
series of terrific explosions,
a
believed to have
projectiles fell
near
Switzerland
27
Sept.
the British-guarded barricades on the
Y'Y'Y"
Shanghai Sept. 30 to the New York "Times"
stated that after having subjected Chapei to the most in¬
tensive aerial bombing that any section of Shanghai has
suffered during the hostilities there Japanese naval units
early Sept. 29 pushed swiftly westward in an effort to take
over Chapei by driving out the Chinese forces who had long
ernment
The effort failed said the advices,
which also stated:
was
the resistance that at only three advance
The advance carried only as far as the
Shanghai-Woosung railway line.
afternoon and
The three small advance units remained in their positions all
into the evening, and since they were
reinforcements and warships
intensive bombardment.
thesky.
unable to go farther, additional sailor
anchored in the Whangpoo River began an
Soon pillars of smoke rose and new fires
reddened
'vv:1/,v Vi 'YY;:Y' Y'vYY.
'Yv'.'
Y'-'YY'vY
.■
points were
Chapei.
'
other sections of the
the
duel.
»
>
From
Shanghai
on
Oct. 1 Associated Press accounts re¬
ported:
A
bitter
battle for Chapei,
Chinese section north of Shanghai's Inter¬
fc
with
no
apparent change
Sino-Japanese lines.
the
Japanese heavily bombarded the section and the north railway station
to the northeast of it
and contrary
f
of foreign houses
on
Range Road and the
Pantheon Theatre.
Terrific Japanese assaults on the Shanghai front failed to budge the en¬
trenched Chinese armies yesterday.
A Japanese spokesman admitted the
invading forces had made only slight gains.
Government
Japanese
States That
Indicates
in
Note
to^United
No Change Will Be Made in Bombing
Operations in China—Says However, That They
"Are Not Directed Indiscriminately at Non-Combatants
note in
answer
to the protest by the United
States to
bombing by the latter of Nanking, the
capital, was handed on Sept. 30 to Joseph C. Grew,
Japan against the
Chinese
Tokio.
United States Ambassador to Japan, at
The protest
of State Hull was referred to in these columns
of Secretary
a
1992. Japan, in its reply, says that "since
central base of Chinese military opera¬
it
is
unavoidable
that
military
week ago, page
is
Nanking
tions
.
.
the
.
.
.
operations "are not carried on beyond the scope mentioned,"
this seemingly being intended to indicate that the bombings
are intended to be restricted to military establishments, the
"it
stating
is
the question
China, ex¬
presses its profound distress at the loss of life caused to innocent civilians,
including great numbers of women and children, as a result of such bom¬
bardments, and declares that no excuse can be made for such acts, which
have aroused horror and indignation throughout the world, and solemnly
condemns them.
-Y-V"---"
YY YvY''
:v Y
of
in and
around Nanking should be bombed.
carried on beyond
the scope mentioned above.
It is unnecessary to say that they are not
directed indiscriminately at non-combatants.
The warning issued in advance
bombing
operations
non-combatants serves
as
of
Japanese forces are not
testimony to the above statement.
without 6aying that there is no change in the policy frequently
enunciated lately by the Japanese Government that it is earnestly solicitous
It
of
by Japanese aircraft
of open
Twenty-two nations voted in favor of
towns in
by Leland Harrison, United States Minister
did not vote.
In reporting the action of
United Press advices from Geneva on
The
committee
the resolution.
States, represented at the meeting of the
United
to Switzerland,
the Assembly,
Sept. 28 stated:
Aga Kahn, President of the Assem¬
bly and spiritual leader of millions of Indian Moslems, announced that
the Assembly had approved the resolution.
The Aga Kahn then called to the platform Wellington Koo, chief of the
Chinese
goes
the safety
delegation.
the
of
name
the
Chinese
"I
confident
am
that
and of the rights and interests as well as the lives
and prop¬
of third Powers, which it is our wish to respect to the
greatest extent possible.
Our request that officials and civilians and vessels of your Excellency's
erty of nationals
due to no other thought than our earnest desire to
prevent any untoward incident or misfortune befalling nationals of third
Powers, in spite of the utmost caution taken by the Japanese forces.
The Japanese. Government hopes the United States will fully understand
that the Japanese forces, though greatly handicapped by giving advance
notice requesting nationals of third countries to seek refuge, will be good
enough to cooperate with the measures taken by the Japanese Government.
country take refuge is
said Mr. Koo, "I wish to
of its prompt and unanimous
delegates,"
appreciation to the Assembly
adoption of the resolution before us.
my
express
this proof of
League of Nations devotion to
the
international law will be received
with satisfaction by the whole civilized world."
As the resolution was approved, it was said in reliable quarters that the
United States has intimated that it does not favor a conference on nations
interested in the Far East on the Chinese-Japanese war.
It was said that
the
United States
Government felt that not only countries with Far
Eastern interests but peace-loving countries throughout the world were
humanity and the principles of
of
cause
the Chinese-Japanese problem.
in
concerned
resolution
The
did not need approval of the
Assembly, but the Chinese-
Advisory Committee wished to get it on record.
Hence the
Assembly received the resolution by letter from the Advisory Committee
with the statement that the committee wished the Assembly to have the
Japanese
opportunity of stating its viewpoint.
There was no debate on the resolution.
:-Y.Y'-Y
'
Besides Dr. Koo, Julio Alvarez
Loyalist Spain, was the only speaker.
He said:
always appealed to the League Covenant not merely for
the peace of the world.
Spain has condemned all criminal
bombardments and against whomever they might have been directed.
We
del
Vayo,
has
"Spain
but for
herself
are
loyal to the great Chinese
struggle
as
is Spain."
the reported
of
Because
people, who are engaged in the same
hard
desire not to isolate consideration
meeting of Far Eastern Powers alone,
of the Advisory Committee would
American
Chinese-Japanese problem in a
of the
that a subcommittee
handle matters for the next few days.
it
expected
was
It
was
expected
would be to send a
and
cholera
that
the League's first concrete step in
health commission, including
aid of China
American experts, to fight
typhus in war areas.
+
Kingdom
of
Gold Bonds, Due
Nanking is the central base of Chinese military
lishments located
to
bombardment
$3,157,300
operations, with
unparalleled strong defenses, it is unavoidable for the 'purpose of attaining
the military aim of the Japanese forces that military organs and estab¬
The
urgent consideration
Committee, taking into
Advisory
aerial
to say that they are not
non-combatants." The reply of
Japanese Government follows:
Since
adopted at Geneva on Sept. 27 by the Ad¬
unnecessary
directed indiscriminately at
the
bombing
approved on Sept. 28
As adopted, the resolution,
according to wireless Geneva dispatches to the New York
"Times" from Clarence K. Streit, reads as follows:
.
and establishments located in and around Nanking
should be bombed."
It is further stated that the bombing
organs
note
general
by the Assembly of the League.
"In
Fierce fighting was in progress near the boundary of the International
Opposing Chinese and Japanese groups fought hand-to-hand
A
especially in this
any
The resolution
Settlement.
and with machine guns for a block
|
to the Japanese Gov¬
visory Committee of the League was
throughout the night.
The pounding by artillery later was augmented by aerial bombing.
l
:YY.
Y' Y Y'Y Y-;
Delegates burst into applause as the
national Settlement, entered the fourth day today
in
the League of Nations on the
forces of open towns in
government's note of Sept. 22,
of an extensive area wherein
a large populace engaged in peaceful pursuits is unwarranted
to principles of law and of humanity.
' '
that
view
there resides
Y 'Y5
and Shanghai's downtown business section and
International Settlement trembled from the force of
Chinese artillery replied,
of
by Japanese air
V:\Y;;YYY/YY":,.'YY, '
repeatedly and
the
The
So determined
the Japanese able to penetrate
Committee
Government, as has been set forth
American
holds
Advices from
the
of
text
Advisory
^
The
the
of
the
aerial bombardment
subject cf
northern
border of the International Settlement.
been barricaded there.
by
informed by the American Minister
resolution unanimously adopted
on
State has been
of
Department
China.
been caused by Japanese demolition bombs, rocked the city.
Several
The
to
;-YYV
Japanese warships and land batteries opened a heavy shelling here of the
North
*
follows:
out," regardless of
if necessary "by virtue of their residence near military objec¬
loss of life,
tives."
bombing of Nanking
1992, and to
the resolution adopted on Sept. 27 by the Far Eastern Ad¬
visory Committee of the League of Nations which con¬
demned "bombardment by Japanese aircraft of open towns
in
China."
The statement, Sept. 28, of
Secretary Hull
made by this country to the threatened
by Japan, noted in our issue of Sept. 25, page
crowded
As
2149
Chronicle
tion
Dec. 1,
of
Italy External
Loan 7%
Dec. 1, 1951, Drawn for
Redemp¬
1937
fund administrator, is noti¬
Italy external loan sinking fund
7% gold bonds, due Dec. 1, 1951, that $3,157,300 principal
amount of the bonds outstanding have been drawn by lot for
redemption at the principal'sum thereof on Dec. 1, 1937,
out of moneys in the sinking fund, it was announced on
Sept. 30.
The drawn bonds will be paid on and after the
redemption date upon presentation and surrender at the
office of the sinking fund administrator.
After Dec. 1, 1937
J. P. Morgan
& Co., as sinking
fying holders of Kingdom of
bonds will cease.
30 said that J. P. Morgan
& Co., call attention to the fact that on Sept. 28, last, $102,000 principal amount of the bonds of this issue previously
drawn were still unredeemed.
interest
The
on
the drawn
announcement of Sept.
Government Declines Invitation of League
Join Meeting of Far Eastern Advisory
Committee
on
Sino-Japanese Situation-—Japan
Convinced That Solution Can Be Found by Two
Japanese
of Nations to
Secretary of State Hull Declares Bombing of Civilians
ir China by Japan "Unwarranted and Contrary
Principles of Law"—Statement Follows Action
Advisory
Committee of League of
Nations
Condemning Bombardments
Countries
to
In
of
At
a
issued
press
a
conference, on Sept. 28, Secretary of State Hull
reiterating the views of the United
statement
the bombing by Japan in areas of China
civilians, declaring such practices "unwar¬
and contrary to principles of law and humanity."
statement Secretary Hull referred to both the protest
States regarding
occupied
ranted
In his
by
declining the invitation of the League
of Nations that
participate in the deliberations of the Far Eastern Ad¬
visory Committee relative to the Sino-Japanese dispute, the
Japanese Government on Sept. 25 advised the League that
it "is firmly convinced that a just, equitable and practical
solution of questions concerning Japan and China can be
it
found
by
the two countries."
League follows:
The reply of Japan to the
1*2150
To
the
Financial
Secretary General:
In
acknowledging
Imperial Government
"stamped,"
receipt
your' telegram
of
take part
to
of
maintenance
in
peace
Sept.
of
inviting
21
the
by
harmonious
has had
which
The
Chinese
and
to
Government,
anti-Japanese agitation
the
of
made
1,
opposition to
policy.
Government,
therefore
Japan
Acts of
and
realizing
the state of
the hope that the
express
affairs,
will
soon
change
As
has
settlement
stated
equitable and
be
can
on
so
found
the
of
present affair,
occasions,
many
solution
practical
the
line
the
conduct
in
the
Government,
that
concerning Japan
just,
a
and
has
it
League
of
hitherto
Nations,
The acceptance by the
it
that
be
visory Committee
with
that
regrets
reason
no
followed
to depart
regard
unable
it is
from
to
1935,
J. & W.
United States of the League's in¬
represented at the
noted in
was
our
meeting of the
Sept. 25 issue,
page
Ad¬
2004.
Seligman & Co., New York, fiscal agent of the
deposited funds sufficient to
pay 15% of the face amount
1, 1937 coupons on the $3,545,500 of secured 7%
sinking fund gold bonds of the bank due April 1, 1957, which
are
reported to be in circulation outside of Yugoslavia.
Payment will be made at the rate of $5.25 for each $35 coupon
and $2,625 for each $17.50 coupon to holders of such
coupons,
of all Oct.
part payment which will in
no way impair any rights
An announcement in the matter added:
of the holders.
The State Mortgage
Bank of Yugoslavia
expects in the near future to
has likewise advised
of interest and sinking fund charges
bonds due April
that
1,
1957,
the secured 7% sinking
on
the conclusion of negotiations
upon
under way between the Government of Yugoslavia and
representatives
of holders of external bonds of the Kingdom..
The New York Stock
Exchange announced on Sept. 30
adopted by its Committee
the following rulings on the bonds
on Securities:
NEW
YORK
STOCK
Foreign
Committee
1, 1937,
($5.25
on
on
$1,000 bond
will
15% of the interest due
be made
on
presentation
for
Securities rules that the bonds be quoted ex-interest
on
of transactions
made
beginning Oct.
delivery in
1, 1937, must carry the
ROBERT
L.
Bondholders Protective Council
27, 1937,
City Bank of New York, 55 Wall St., New York,
redemption date.
New
French Gold Bonds, Due 1949, and External
73^% Bonds, Due 1941, Adopted by New
York Stock Exchange
The
following announcement regarding rulings of1 the Comon Securities of the New York Stock
Exchange bearing
the Government of the French
Republic 25-yehr sinking
fund 7% gold bonds, due
mittee
on
1949, "stamped" and 20-year
gold loan 73^% bonds, due 1941, "stamped," was
issued by the Exchange on
Sept. 22:
STOCK
on
of
10%
deduction
upon
Doctors
sky,
French
"stamped"
on
Republic
and
a
decree dated Aug.
25,
25-year
gold
Colombia,
Lawrence
E.
certain
persons who together
the Manager of the Bank of
also
the
by
be
the
bondholders in the
Senate
nominated
committee
a
formed
of
the
Humberto Gomez Naranjo, Jorge ZawadGartner.
from
this
the
the
Government
by and
granted
recent
step by
the
concerted
action
the
of
adminis¬
present
only be
can
bondholders
by their
representatives.
of
from
this report that this authority does not
departments and municipalities, as such negotia¬
the
representatives
municipalities.
most
rights of American bondholders
evident
debts
and
and
the
that
through
departments
been
from
powers
Jorge
evident
constituted
will
tions
a
that
y
Colombia
fully protected
of
the
municipalities
with
the
National
could only
approval
The committee has
Government
be
of
undertaken
for
the
various
by the National
the respective
departments
and
knowledge of such authority having
the National Government by the respective departments
to
no
municipalities to date.
♦
Bondholder
Wins
Suit
in
Upon City of Cordoba
Feb.
Argentine
Courts
Pay 7% Rate
to
on
Calling
Defaulted
Coupons
in
suit
1
Argentine
favor of
Fred
Federal courts was recently decided
Young, head of the New York invest¬
J.
ment firm of
F. J. Young & Co., Inc., as a holder of a large
City of Cordoba 7% bonds, due Aug. 1, 1957, and
now
in default.
Under the ruling, it is said, the munici¬
pality is called upon to pay the Feb. 1,1937, coupons in their
amount of
full
United
States gold value; this is learned from a
pamphlet issued by the Young company on Sept. 15, present¬
ing certain general information regarding the City of Cor¬
doba.
The
firm
payment
In
in
explained
that
"took
the city
appeal
an
the
in
of
exhibited
appurtenant
loan
7%
gold
7\4%
bonds,
bonds,
due
due
1949,
1941,
to
of
the
in
1,
is
City
suit
of
court.
We
of
Sept
coupons
trenmendous
that
Cordoba.
the
9,
upon
However,
is
substantial
a
they
as
to
block
reprint of
1937,
it
is
be forwarded to
city,
recently forwarded
a
knowledge of affaire
our
remedy exists for the collection of
a
coupons
against
this pamphlet
chasers of these
The
the
detached from
1937,
of
confident
procedure that
Tribune"
Feb.
reprint
feel
bringing
Included
the
received
experience, and based
our
we
coupons
"Herald
all
light of
coupons
purpose
1937,
was
settlement, with the result
by us in New York, Sept. 7,
It added:
Argentina,
thereof and
sinking fund
external
be
in
1937, may also be exempted
presentation
Securities rules that transactions in Government of
20-year
will
tration
unpaid
for stamping, accompanied by
properly executed ownership cer¬
tificates in approved form to J. P.
Morgan & Co., 23 Wall Street, New
York City, or Morgan &
Cie., 14 Vendome, Paris, France, not later than
Dec. 31,1937.
The Committee
of
through
Eduardo Lopez Pumurego,
Moises Prieto
Argentine legal
coupons
the
"selected
who have
20-
bonds, due 1941, held in non-French bene¬
July 17, 1935, from the 10% deduction of payment of
imposed thereon, has been amended by
the
Republic
26,
The committee's announcement also said:
the
gold loan 714%
non-French beneficial ownership on
Sept. 1,
and
informed
are
1937."
1937, in accordance with which
unstamped bonds of the two loans held
from
recently
persons
We
...
coupons
for
Sept.
on
Minister of Finance,
exterior."
that
EXCHANGE
Securities
Sept. 22.1937.
Notice has been received that the decree of the
French Government dated
ficial ownership on
Committee
announced
from this judgment but effected a
July 16, 1935, which provided for the exemption of the Government of
French Republic
25-year sinking fund 7% gold bonds, due 1949, and
year external
Bondholders
York,
the external national debt of the Republic.
The two houses
of the Colombian Congress, the committee announced it was
in
Gold Loan
Committee
issue of Feb.
our
de S. Hoover, Executive Secretary, that it has been advised
of the formation of a committee
by the Colombian Congress
to conduct a study of
possible resumption of service on
A
♦
YORK
made in
National Debt
The
the
on
was
1359.
page
Republic of Colombia Forms Committee to Study
Possibility of Resumption of Service on External
It
Irish Free State' (Saorstat
Eireann) external
loan sinking fund 5% gold bonds due Nov.
1, 1960, are being
notified that $12,000 principal amount of this issue has
been
selected by lot for redemption on Nov.
1, 1937, at par.
Bonds so drawn will be paid at the head office of the
National
NEW
offered on these coupons
February should the present discussions not result in a
more favorable offer.
Reference to the proposal made by
the Government of Poland on Feb. 24 regarding the servicing
of the three interest
coupons on its public debt and also tha
announcement concerning the proposal issued
by the Foreign
include
Holders of
external
still obtain the 35% cash payments
legally
Drawing for Redemption Nov. 1 of $12,000 Irish Free
State External Loan Sinking Fund
5% Gold Bonds,
Due Nov. 1, 1960]
^
Eight Bond Issues
on
last
.FISHER, Secretary.
♦
on
Government
Servicing of Several
These discussions relate to the coupons
due Oct. 1,1937, and subsequently on all Polish dollar bonds.
The Council therefore said that it recommends to bondhold¬
ers not to cash their next due
coupons at present as they can
It
a
Oct. 1, 1937, ($5.25 paid), and subsequent coupons.
Rulings
Seeking Im¬
Polish
Foreign Bondholders Protective Council, Inc., New York,
announced on Sept. 30 that it is discussing with the Polish
authorities an improvement of the offer of Feb. 24, 1937, for
35% payment in cash on the then next three due coupons on
Oct. 1,1937;
That the bonds shall continue to be dealt in "flat" and to be
settlement
Council
by
representative of the National Control
Office will study the problem and listen to the propositions
stamping of coupons from State Mortgage Bank of Yugoslavia secured 7%
sinking fund gold bonds, due 1957:
The Committee
Protective
Offer Made
in
Last February with Regard to
the Republic,
Securities
SI .000 bond)
per
Bondholders
with the
Sept. 30,1937.
per
FISHER, Secretary.
announcement
an
provement
informed,
EXCHANGE
Notice having been received that payment of
$5.25
L.
by the French Government
on the bonds, issued
Sept. 20, was made in our issue of Sept.
25, page 1993.
it
make definitive arrangements with respect
now
Oct.
as
Polish dollar bonds.
State Mortgage Bank of Yugoslavia, announces that the bank
fund gold
1935,
16,
of Decree of July 16,
pursuance
ROBERT
Coupons
Mortgage Bank of Yugoslavia Remits 15% of
Oct.
1
Coupons on Secured 7% Sinking Fund
Gold Bonds Due April 1, 1957—New York Stock
Exchange Rules on Bonds
to payment
of July
amended."
as
accept
State
a
Decree
Coupons
"Foreign ownership certificate filed in
political
to
♦
has
of the
China
HIROTA, Minister for Foreign Affairs.
as
On
Advisory Committee's invitation.
vitation
of Article 3
pursuance
by the two countries.
of
activities
Imperial
firmly convinced
is
of questions
Consequently, the Japanese Government, seeing
the
in
Reference to
regards
it
1937,
amended."
its
sentiments.
as
Sept. 1, 1937:
on
provocation
territory, bringing about
only
can
fcreign.owntrship
"Ownership certificate filed showing foreign ownership of this bond Sept.
affair.
The Japanese Government,
Chinese
has
national
its
effort.
every
committed' throughout its
unhappy
present
devoted
however,
bases
continuously have been
it has
Sept. 1, 1937.
or on
On Bonds
is the aim which the Imperial Government always
it
July 17, 1935,
on
cooperation
between Japan and China
before
be settled by delivery either of bonds stamped to indicate
may
Note—The following are the legends appearing on the bonds stamped as
to
the following:
Asia
Eastern
Oct. 2, 1937
foreign ownership
in the work of the Advisory Committee,
I have the honor in reply to inform you of
The
Chronicle
an
of
to
all
be
Argentina
for the
physically
the Aug
1,
bonds.
article from the New York
concerning the action
and the settlement of
importance
under
necessary
Argentina
must
same.
taken
We feel
holders and
by
us
that
prospective
on
this
pur¬
bonds.
reprint
of
the
article
from
the
"Herald
Tribune"
follows, in part:
After
hearing the arguments, the Federal
ordered the
court for the Cordoba
district
municipality to meet the contract terms of the $4,669,000 bond
Volume
Financial
145
The
issue, which call for United States gold payments of the standard of weight
fineness
and
Rather
of
than
1927,
the loan
when
further
face
decision, Mr.
paid off not
only the peso equivalent of the 7% contract rate, but also an additional
sum.
The amount of the extra payment has not been disclosed.
.
.
.
Mr.
Young
.
filed a complaint in the Federal courts of the
Argentine Republic last March 31.
This document emphasized the gold
clause of the loan contract, and listed
the many resources pledged in
effected
Young
delay
through
appeals
in
April
will
jurisdiction,
since
the
principally
stipulated
contract
New York, while
in
the ground of lack
was
to be
on
Young were presented
the coupons held by Mr.
Cordoba.
in
This
beginning Oct.
been
received
surrender
on
of
that
the
coupon
6%% external sinking fund bonds of 1927, due 1957:
on
Securities rules that the bonds be quoted ex-interest
Brazil
$1,000 bond
per
settlement
of
Oct.
on
15,
1937;
last
month
handed
down
decision
a
"flat" and to be a delivery
shall continue to be dealt in
the bonds
the April
court
1937.
23,
$16.25 per $1,000 bond
due Oct. 15, 1937, from United
of
payment
transactions
made
Oct.
beginning
1937,
15,
must carry
15, 1938, and subsequent coupons.
argument was shown to be ineffectual under Argentine law, and the
Federal
1, 1937, must carry the
Committee
That
in
ex-interest
1937;
continue to be dealt in "flat" and to be a delivery
transactions made
having
of
$16.25
payment
that
1,
1938, and subsequent coupons.
be made
States
The
Cordoba authorities contested the suit,
ot
Oct.
on
be quoted
Sept.
payment.
made
1,
Notice
.
.
bond
the bonds shall
settlement of
rules that the bonds
Securities
on
$1,000
per
That
the
of
compromise whereby the City of Cordoba
a
Committee
$16.25
contracted.
was
2151
Chronicle
ROBERT L.
FISHER, Secretary.
"complete
requiring
payment of the principal claim, together with interest and costs."
Member
Trading on New York Stock and New York
Exchanges During Week Ended Sept. 4, as
Curb
Recent
Offer
of
Peru
Debt Held "Inade¬
Foreign
on
The
City, in
New York
Protective Council,
Foreign Bondholders
statement issued Sept. 24, said that "after careful
a
consideration" it found that the recent offer of the Republic
of Peru
three Peruvian external
on
pons
purchase and cancel the two oldest unpaid cou¬
to
entirely
issues "was
dollar bond
unacceptable."
and
inadequate
Reported by SEC
Bondholders
quate and Unacceptable" by Foreign
Protective Council
New York Stock
the New York
Sept. 4 trading by all members of the
Exchange (except odd-lot dealers) and of
Exchange for. their own account de¬
Curb
creased below the
preceding week, ended Aug. 28, in relation
total transactions
to
data issued
on
those
Exchanges, it
shown in
was
yesterday (Oct. 1) by the Securities and Exchange
Commission.
Council
The
In the week ended
During the week ended Sept. 4 trading on
ex¬
Exchange for the account of members (in round-lot
transactions) totaled 1,731,350 shares, which amount was
20.59% of total transactions on the Exchange of 4,204,380
shares.
This compares with member trading during the
previous week of 1,687,379 shares, or 20.99% of total
trading of 4,019,900 shares.
On the Curb Exchange member
trading during the week ended Sept. 4 amounted to 309,955
shares, or 17.30% of the total volume on that Exchange
of 896,005 shares; during the preceding week trading for the
account of Curb members of 325,505 shares was 18.31% of
total trading of 888,735 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 Stock
plained that it had made an unsuccessful attempt to secure
line
with
The
the
equities of the situation.
of Peru
offer
the
time
better and more in
investors terms that are
American
for
announced
was
Aug. 24, at which
on
$500,000
deposited
Republic
equivalent
(the
of
2,000,000 soles) for the purpose of purchasing and canceling
Reference to the offer was made in our issue
the coupons.
of
1342.
In its statement of Sept. 24 the
Bondholders Protective Council had the following
28, page
Aug.
Foreign
to say:
The
ward
.
resuming
some
service
offer.
The
a
step for¬
these bonds.
on
Council
feels,
That
is
a
point in
the
that
however,
favor of the
of funds
provision
the
Vz of
considered as an adequate service.
The Council further
4,000,000 soles, or approximately only 1% of the face value
be
cannot
if
feels that
of
taken
has
year's budget sufficient to pay interest of approximately only
one
1%
Government
recognizing the necessity after over six years' complete default for
Peruvian
in
the Peruvian
that
feels
Council
in
is «all
bonds,
willing
is
Peru
allocate
to
debt service
for
in the
budget of 1936, the whole amount should be paid on account of interest
and
that part of it should not be set aside for buying up the bonds
which
selling
are
depreciated
at
prices
because
of
the
failure
government to service its obligations.
the
of
v
!
week ended
the
Aug. 28
The figures
all
the
32J^% of Oct. 1 Cou¬
City of Rio de Janeiro 8% Bonds, Due
1946—Rulings on Bonds by New York Stock Ex¬
on
round-lot sales of stock effected on those Exchanges as
4,204,380 shares,
was 7.7%
larger than the volume reported on the ticker.
On the New
York Curb Exchange total round-lot volume In the same week, 896.005
shares, exceeded by 5.7% the ticker volume (exclusive of rights and
The
the City of Rio de Janeiro 25-year 8% sinking
fund bonds, due 1946, at the rate of 32^% of the dollar
face amount.
Coupons accordingly will be paid at this rate
upon presentation at the New York office of Dillon, Read &
Co., accompanied by a letter wherein the holder agrees to
accept such payment in full satisfaction and discharge of the
data
published
are
based upon reports filed with the
members.
These reports are
coupons.
on
as
the bonds by its Committee on Securities were
follows on Oct. 1 by the New York Stock
classified as follows:
New
YORK
NEW
STOCK
Committee
Curb
Exchange
1,073
869
197
Number ot reports received
104
Reports showing transactions,
As specialists *
Other than
as
specialists:
227
58
Initiated off floor
277
108
Reports showing no transactions
543
623
•Note—On the New York Curb Exchange the round-lot transactions of specialists
"In stocks In which registered" are not strictly comparable with data similarly desig¬
nated for the New York Stock Exchange, since specialists on the New York Curb
Exchange perform the functions of the New York Stock Exchange odd-lot dealer as
Initiated on floor
on
The
EXCHANGE
.-,
Oct. 1,
surrender of the coupon
1937.
of $13 per $1.000 bond is being
in the various classifications may
NEW
w
8TOCK EXCHANGE—TRANSACTIONS
IN
FOR ACCOUNT OF MEMBERS * (SHARES)
YORK
Week Ended Sept.
ALL
STOCKS
4,1937
Total for
$13 per $1,000 bond on Oct. 4. 1937.
Total volume of round-lot sales effected on
Per
Week
Securities rules that the bonds be quoted ex-interest
on
total more
received because, at times, a single report may
entries in more than one classification.
carry
1937, from City of Rio de
1,
of reports
sinking fund gold bonds, due 1946:
Janeiro 25-year 8%
The Committee
due Oct.
number
than the number pf reports
Securities
Notice having been received that payment
on
York
New
York
Stock
Exchange
well as those of the specialist.
Exchange:
made
New York
by their respective
Exchange and the New York Curb Exchange
Stock
coupons on
Rulings
distinguished
The total round-lot volume for
by the ticker.
the New York Stock Exchange,
warrants).
change
Dillon, Read & Co., acting as agent for the Federal Dis
trict of the United States of Brazil, announces that funds
have been remitted for the payment of the Oct. 1, 1937,
announced
York Stock
of
Curb Exchange represent the volume
York
New
the week ended Sept. 4 on
pons
data for the
given for total round-lot volume for the New
Exchange and
from the volume reported
Funds Remitted for Payment of
given in these columns of
were
Sept. 25, page 1994.
Id making available the
week ended Sept. 4 the Commission said:
Cent
4,204,380
the Exchange
That the bonds shall continue to be dealt in "flat" and to be a delivery in
settlement
made beginning Oct.
of transactions
4,
1937, must carry the
Round-lot
1.
Stock
Exchange
L.
FISHER, Secretary.
connection
Rules
on
notification
with the
Brazilian
fund
bonds
of
bonds
of
1927 that
1926 and
6%%
have
funds
been
t)f the Oct. 1 and Oct. 15 coupons,
at the rate
Stock
Round-lot
bonds
has
of
of the two issues.
Sept. 25, page 1994.
announced
as
respectively,
several
NEW
on
YORK
stocks
In
on
of odd-lot dealers
V
378,320
384,750
transactions
in stocks in which registered—Bought.-
Total
763,070
stocks In which
registered:
In round lots—Bought
240,170
-
99,940
-
340,110
Total
per
9,08
818,935
912,415
1,731,350
-
Transactions for account of odd-lot dealers In
Securities
that payment of $16.25
5.15
which
-
Sold
$1,000 bond
will be made on surrender of the coupon due Oct. 15, 1937, from United
States of Brazil 6%% external sinking fund bonds of 1926, due 1957:
received
In
Sold
1.
Sept. 23, 1937.
having been
specialists
STOCK EXCHANGE
Committee
Notice
of
Total round-lot transactions of members, except
The rulings of the Stock Exchange
23:
transactions
Total.---------------
rules
of the coupons was made in our issue
follows on Sept.
247,155
registered—Bought—--—
for payment
affecting the
Reference to the remitting of the
adopted
funds for the payment
were
remitted
6.36
186.285
433,440
Sold
sinking fund
254,330
280,510
534,840
-------
Total
the bonds
of 50% of the dollar face amount, the New York
Exchange
,—
*
Sold
6^%
recently sent by the
external
registered:
the floor—Bought
Total
United States of Brazil to holders of its 6%% external sink¬
ing
on
of
Initiated off the Door—Bought
External Bond Issues of 1926 and 1927
In
transactions
except
members
Sold
2.
York
Initiated
1937, inclusive.
ROBERT
New
of
specialists and odd-lot dealers in stocks in which
April 1, 1932, and subsequent coupons, with the exception of the coupons
due April 1, 1934, to Oct. 1,
transactions
2.
In odd lots (Including odd-lot transactions of specialists):
Bought
Sold
Total
-
-
-
-
-
——
—-
616,314
797,997
1,414,311
20.59
Financial
2152
NEW
YORK
CURB
EXCHANGE—TRANSACTIONS
FOR ACCOUNT
MEMBER8 •
OF
Week Ended Sept. 4,
ALL
IN
Chronicle
STOCKS
/or
registered for future issuance; and $1,480,000
were
After deducting the above amounts, there remained $181,631,000 of regis¬
Per
Week
2, 1937
registered for issuance against claims and miscellaneous assets.
were
Total
Total volume of round-lot sales effected on the Exchange.—
$1,328,000
securities;
(SHARES)
1937
Oct.
tered securities proposed to be offered
Cent
Of
trants.
890,005
for sale for the account of the regis¬
$171,701,000
securities,
these
represented
of already
issues
established enterprises, while $9,930,000 were to be the initial offerings of
Round-lot
transactions
of
members,
transactions
except
of
Initiated
on
the floor—Bought
the registrants estimated
20,500
24,950
Sold
that expenses of 5-4% would be incurred; 4.6%
for commissions and discounts to underwriters and agents (again reflecting
the increased proportion
Total
2.
45,450
Initiated off the floor—Bought
Sold
In connection with the sale of the securities,
newly organized companies
specialists In stocks In which registered:
1.
2.54
the registrants
28,905
estimated that they would retain,
expenses,
The issuers indicated that they proposed to apply $72,262,000
Total
Round-lot
52.935
transactions
of
In
specialists
stocks
In
2.95
of this amount
for "new
which
registered—Bought
and
98,395
113,175
Sold
$171,-
net proceeds,
as
in
expenses
After payment of such
788.000.
24,030
-
of stock issues), and 0.8% for other
connection with flotation and issuance
toward
of indebtedness; $60,268,000
repayment
(42.1%)
(35-0%)
money" purposes—$21,003,000 (12.2%) for plant and equipment
for
(22.8%)
$39,265,000
additional
working
capital;
$26,527,000
(15.4%) for the purchase of securities for investment; $10,929,000 (6.4%)
the retirement of preferred stock issues; and $1,802,000 (1.1%) for
for
Total
v
211,570
11.81
various other
Total round-lot transactions for accounts of all members:
Bought.
—
purposes.
Approximately 48.0% of the $181,631,000 of securities proposed for cash
147,800
162,155
—
Sold
Total
offering for the account of the registrants was underwritten, while 21.3%
was
309,955
17.30
to be offered
the
registrants
trant's
71,345
half
than
more
Odd-lot transactions of specialists In stocks In which registered:
Bought
Sold
own
by various selling agents and 30.7%
was to
be offered by
The registration statements indicated
themselves.
that
of the securities was to be offered to the regis¬
(50.7%)
security holders, while 46.1% was to be offered to the public
generally and 3.2% to special persons.
60,854
Among the large isses for which registration statements became effective
Total
1 The
term
during the month were: The Pure Oil Co. issue of 442,443 shares of 5%
132,199
"members"
Includes
all
Exchange members,
their firms
and
their
partners. Including special partners.
2 Percentage
of
members'
transactions
to
total
Exchange
In
calculating these percentages the total of members' transactions is compared with
twice the total Exchange volume for the reason that the total of members' trans¬
actions
Includes
both
purchases and
sales,
while
the
total
cumulative convertible preferred stock; the Ohio
Public Service Co
$28,-
900,000 first mortgage bonds, 4% series, due 1962; $1,600,000 serial notes,
transactions.
Exchange
volume
includes only sales.
3% to 4%, maturing annually 1938 to 1947, and 16,000 shares first
ferred
5Yi%
stock,
convertible sinking
4%
Shares, Inc
Allis-Chalmers Mfg
series;
debentures, due
fund
$25,321,500
Co
1952;
and
pre¬
15-year
Dividend
the
issue of 10,000,000 shares of capital stock.
,
T if PES OF NEW SECURITIES INCLUDED IN 48 REGISTRATION STATE¬
Odd-Lot Trading
MENTS THAT BECAME FULLY EFFECTIVE DURING AUGUST, 1937
New York Stock Exchange During
Sept. 25
on
Week Ended
A
summary for the week ended Sept. 25 of the daily
corrected figures on odd-lot transactions of odd-lot dealers
and
specialists in stocks, rights and warrants on the New
York Stock Exchange was made public on Sept. 30
by the
Securities and Exchange Commission, continuing a series
of the $171,547,000
$77,884,000
Approximately
other
securities
features.
convertible
having
On
issues
basis of securities
the
registered for purposes other than reserve for conversion, preferred and
stock issues aggregated 71.2%
mon
and debentures and
figures being published weekly by the Commission.
The figures for the week ended Sept. 18 were
given in these
columns of Sept. 25, page 1995.
The data published are based upon reports filed
daily with
the Commission by odd-lot dealers and
specialists.
The
figures for the week ended Sept. 25 follow:
com¬
of the total, against 25.8% for bonds
3.0% for certificates of participation, warrants, &c.
of current
ODD-LOT
stock
common
registered during the month were to be reserved against the conversion of
Percent of Total
Less Securities
Total Securities Registered
Reserved
for
Conversion
Type
of Security
No.
No.
of
Units of
Stocks, &c.
Issues Face Ami.
Bonds,
Gross
Aug.,
July,
Aug.,
Amount
of
1937
1937
1936
&c.
.
:■ 4
h
TRANSACTIONS
OF
ODD-LOT
DEALERS
AND
SPECIALISTS
IN STOCKS, RIGHTS AND WARRANTS ON THE NEW
YORK STOCK
EXCHANGE, WEEK ENDED
SEPT.
25,
47
20,540,313
Preferred
1937
Common stock
10
1,168,593
7
8,271,166
29,700,000
26,921,500
stock..
41.7
30.1
25.8
29.5
$171,547,167
66,194,200
41.2
13.4
Certificates of participa¬
tion,
SALES
PURCHASES
{Customers' Orders to Sell)
Date
No. Ord.
Shares
12,420
311,985
$12,155,552
6,975
175,759
146,049
7,101,408
5,464
146.551
3,989
113,941
2
4,732.256
6,696,350
3.0
12.4
30,452,625
13.6
14.6
17.6
27,452,858
12.2
1.7
41.4
$302,343,200
3
100.0
100.0
100.0
1.8
6,027,107
5,761,565
est, warrants, &c
Secured bonds
Debentures.
{Customers' Orders to Buy)
Trade
beneficial inter¬
Sept. 20
Sept.21
Sept. 22
5,839
Value
No. Ord.
Shares
7,814
Value
225,129
Short-term notes
$9,941,738
Sept.23
Sept. 24 and 25
7,706
186,465
7,403.897
5,067
137,719
733,352
24,114,530
21,435
630,415
21,188.799
Total for week
61,720
1,554,210
$56,538,952
43,769
1,253,755
Reorganization
6,108,053
28,780
69
Total
and
Exchange
Securities
$47,997,953
Registration
of
69
New
Issues
During August, 1937, no statements, exclusively registering reorganiza¬
tion or exchange securities, were declared
Totaling $302,343,000
During August
Sales
Under Securities Act Effective
Analysis of statements registered under the Securities Act
new securities
totaling $302,343,000
became fully effective during
August, which compares with
$266,886,000 in July and $286,022,000 in August, 1936, it
was announced on
Sept. 24 by the Securities and Exchange
of 1933 indicates that
Commission.
The
Commission
said
that
included
in
the
purposes other than cash
trants, approximately
as
sale for the account of the
regis¬
follows:
Announcement
was made on Sept. 26 by the Securities
Exchange Commission that the dollar value of sales on
all registered securities exchanges in August, 1937, amounted
to $1,277,538,486, a decrease of 9.8% from the value of sales
in July, and a decrease of 22.9% from August, 1936.
The
Commission's announcement said:
Stock sales (including rights and warrants) had a value of $1,119,357,535,
a
decrease of 9 9% from July.
decrease of
Total
August, 1937
vertible
August, 1936
$77,884,000
$61,497,000
3,655,000
10,512,000
1,328,000
24,741,000
$26,647,000
12,319,000
11,282,000
32,282*000
10,037,000
1,480,000
48,000
$77,384,000
claims, other assets,&c
following is also from the
announcement issued
was
features.
gross
common
reserve
stock issues registered
during August,
against conversion of other issues having
these securities from the totals, the
Excluding
proceeds
$224,459,000
of
the
securities
Approximately
registered
during
the
month
$138,214,000
(61.6%)
of
this
by manufacturing companies, $35,010,000
(15-6%) were registrations of the electric, gas and water
utility companies,
and $30,307,000
(13.5%) were registrations of the financial and invest¬
represented registrations
ment
companies.
common
stock issues registered during
issues reserved for conversion) totaled
$93,663,000
of the aggregate), and preferred stock issues totaled
$66,194,000
(29.5%)
Secured bonds aggregated only
$30,453,000 (13.6%); deben¬
tures $27,453,000
(12.2%); and certificates of participation, beneficial
(41 7%
interest and warrants totaled
$8,696,000
In all,
cash
August
(including rights
under July s total.
and
warrants)
were
Total principal amount of
decrease of 9.5% from July.
a
on
registered exchanges, 95-0%
of stock sales and 99.8%
of
sales.
crease
on
all exempt exchanges was $890,444, an in¬
of 9.2% over July.
approximately $120,712,000
during the month
offering for the
Corn—Fixes
tracts
were
account of
or
(3.0%).
39-9% of all the securities regis¬
intended for purposes other than immediate
registrants.
Of this total, about $77,884,000
as
stated earlier, were reserved for conversion of
other securities; $24,741,000
were registered "for the account of
others"; $3,655,000 were reserved for
the exercise of options;
$11,624,000 were
registered for exchange for other
at
Settlement
Price
for
Futures
Con¬
$1.10 3^ Per Bushel
all-night meeting, the Directors of the Chicago
on
Sept. 25, prior to the opening of the
market, suspended trading in September corn and ordered
that outstanding futures contracts be settled at a price of
$1.10H a bushel.
This was the closing price of September
Board
corn
an
of
on
Trade
Sept. 23.
stated to avert
it
The Directors of the market acted it is
threatened
"squeeze" which developed when
apparent that there was insufficient September
available to permit traders to make deliveries in accord¬
a
became
corn
The estimated gross proceeds of
August, 1937 (other than
tered
in
7-9%
The dollar value of sales
After
$77,884,000 of
registered for
convertible
estimated
total
bond
Sept.
by the SEC:
A total of
totaled
or
$187,458,075,
Chicago Board of Trade Suspends Trading in September
Total
1937,
was
7,452,000
951,000
$120,712,000 $114,376,000
a
The two leading New York exchanges accounted for 95.6% of the value
18,733,000
11,624,000
To be issued in
exchange for other securities
To be Issued against
24
of stock
sales
of all sales
features
Reserved for the exercise of options
Reserved for other subsequent issuance
Registered for the "account of others"
The
July, 1937
Bond sales were valued at $158,163,872,
8.9% from July.
38,563.248 shares
con¬
Exchange During August
Ago, According to SEC
and
bonds sold
Reserved for conversion of issues with
National Securities
on
Below Month and Year
amounts for
August and July this year and August 1936 are
securities which have been
registered but are intended for
fully effective.
ance
with their contracts.
Reference to the inquiry by the
Board of Trade into dealings into September corn was made
in our issue of Sept. 25, p. 2004, and Sept. 18, p. 1823.
We take the
following bearing on the action of the Directors
Trade of Sept. 25 from Chicago advices,
that day, to the New York "Herald-Tribune" of Sept. 26:
of the Board
of
The action of the Board of Trade in
such
case
since
Sept. 20, 1918, when
a
ordering the settlement—the first
$1.15H price
was
fixed
on
contracts—divided the membership into two schools of thought.
to the
September
One held
opinion that it would help bearish interests in the future in depressing
grain prices.
The other maintained that it would be helpful.
Volume
Financial
145
Bears in the grain
market, it was pointed out, can well maintain a stubborn
position if their losses are to be limited either by institutional or
have
that tight situations
Attention was called to the fact
authorities.
Federal
control
of
Committee
the
Exchange at
the special
indicated that the principal long held a
conduct
meeting of directors,
which
predominant interest in the Septem¬
the total open
interest, had steadily increased since the time the Business Conduct Com¬
ber
contract, the percentage of which, with relation to
corn
This
all contract markets to prevent manipu¬
being possible, Kenneth S. Templeton,
mittee first began its survey under the
explicitly makes it mandatory for
lation, no other
course
of action
Commodity Exchange Act.
"This crisis." he commented, "would not have risen
exhaustion of old
near
and this in
years,
domestic
corn
had it not been for
of previous
due to the drought
South African
ite of heavy importations of Argentine,
s
of fact to be determined according to
question
a
stances of each
and other foreign corn, which shortage
permitted the long interests to take
advantage of the situation."
must, under this rule, disclose to his customer
The rule does not require the nature or
be stated.
disclosure required
The
of
Bankers
The
Investment
by
Issued
Regulations
Rule MC6
Inc., at Washing¬
Investment Bankers Conference,
Sept. 28 sent to its members throughout the country
an
interpretation of the over-the-counter rules issued by the
Securities and Exchange Commission and which became
effective yesterday (Oct. 1).
The rules, which define prac¬
tices that are manipulative, deceptive or fraudulent in the
over-the-counter markets and thus are in violation of the
ton,
on
of 1934, were issued by the SEC in
August and were referred to in our issue of Aug. 7, page 850.
They apply to practices in the over-the-counter markets
affecting all types of securities, including those which are
registered, unregistered or exempted from registration on a
national securities exchange.
The Investment Bankers Conference is a national organi¬
Securities Exchange Act
zation which has been cooperating with the SEC, and its
membership includes most of the larger investment banking
houses as well as smaller ones in every section of the country .
Regarding the interpretation issuea by the Conference of
the rules of the SEC, we take the following from Washington
advices, Sept. 28, appearing in the New York "Times" of
Sept. 29:
The regulations
with
technical
a
by the SEC were prepared after consultation
committee of the conference and others interested in
issued
the over-the-counter market and are intended as the first step in a
They are separate from the fair-
for more effective control.
range program
long-
practice rules which the conference adopted voluntarily to guide its
members.
Dealing first with Rule MC 1 of the SEC regulations having to do with
"definitions," the conference's interpretation tells its members that it is
completion
disclosures required by some of the
important to understand just what is meant by the term "at the
of the transaction,"
because written
other rules must be made "at or before" the time the transaction is com¬
"disclosure of interest in
brokerage transactions, but only to those dealer transactions with
from whom the dealer is receiving a fee for investment counsel.
participation is not required to be
disclosed.
The disclosure required by this rule must be made in writing
at or before the completion of each transaction.
ail
to
persons
The nature or extent of the interest or
Discretionary Accounts
Discussing
"In the normal situation, where a customer
to
buys
a
security," the con¬
sells
when
security
the
the
to
a
security the completion
customer,
applicable to transactions for discretionary accounts.
Rule MC8 deals with "sales at the market" and
stated:
dealer
or
Thus,
broker.
Under this rule, a
time
a
similarly where
presented.
customer-purchaser
"A
In such
does not depend
of the customer but is at the will of the broker-dealer.
of completion is
further
.•
defined
as
Hence
the moment when the broker-dealer
by the
transfers the security from the account of the
V.C vA
U;
-A A. A'-"
Aa'''--- ;At:'A
or
(
.
is
contingency
provided
for,
namely, where a customer,
the security
after the transaction is effected, anticipates payment or delivers
to the broker-dealer in advance
In this class of
case
of the time when he is requested to do so.
the completion of the transaction occurs,
if the customer
buyer, when the broker-dealer delivers the security to the customer
is
a
or
into his account; and
if the customer is a seller, when the broker
makes payment to or into the account
■A
'V
'
AAAA A
Concerning
conference
In
Rule
dealer
of the customer."
MC2
covering
the
said:
disclosure and materiality provided in the
1934, it is important to
Securities Act of 1933 and the Exchange Act of
Conference
calls
attention
more
transactions than any
with
great care and all
to see that
to
the fact that
Rule MC4, covering
brokers and dealers and
of the other rules; that it should be examined
confirmation forms should be checked against it
they contain the disclosures
required.
broker or dealer at or
before the completion of each transaction to disclose to his customer the
capacity in which he is acting.
At the same time, if the broker-dealer is
acting as a broker for his customer or for both such customer and some other
person, he must disclose either the name of the person from whom the
security was purchased or to whom it was sold for such customer and the
date and time when such transaction took place, or the fact that such in¬
formation will be furnished upon the request of such customer, and the
source and amount of any commission or other remuneration received or
to be received by him in connection with the transaction."
"The rule,"
the Conference stated, "requires a
Uniform Reports Suggested
The Conference stated it was impossible at
this time for it to recom¬
comprehensive set of forms complying
with the rule, but suggests
a
uniform
legends to be used for eight types
of transactions.
"Disclosure of Control" the Con¬
that it applies only to brokers or dealers controlled by, con¬
Discussing Rule MC5 dealing with
ference states
question of solici¬
distribution of securities,
read:
financially
This rule prohibits any person, participating or otherwise
interested in the primary or secondary distribution of any security
issuer from paying any other person for soliciting purchases of that
other security of the same issuer on a national securities exchange.
of any
or any
It also
prohibits such a participant from paying any other person for effecting
purchases of any such security on a national securities exchange, except
for the account of the participant.
It likewise prohibits subsequent sales
of the security by any participant who has paid any other person to solicit
or effect purchases of such security on a national securities exchange.
However, under Section (2) (c) of this rule, a firm is not prevented from
paying
a
salary to a person in its regular employment, if such person's usual
the solicitation or execution of brokerage orders on an ex¬
duties include
change. If, however, any part of such salary is paid to such employee for
specifically soliciting brokerage orders in a security which his firm is dis¬
tributing, the rule applies.
(10)
"merely brings within the
(b) of the Securities Exchange
under Section 15 (c) of the Act.
V:'..a"'-
prohibi¬
Act the practices de¬
manipulative, deceptive or otherwise
fined and prohibited as
fraudulent
,
of Farm Popu¬
Developments During
Increase in Purchasing Power
Marked
One of Outstanding
lation
According to
Year,
York—Comments
on
Guaranty Trust Co. of New
Effects of Government's Farm
Program
developments of the year
occurred in the actual and
One of the outstanding business
is the marked increase that has
prospective purchasing power of the farm population, states
the Guaranty Trust Co. of New York in the "Guaranty
Survey," its monthly review of business and financial con¬
and abroad, published Sept. 27.
ditions in the United States
"Survey" observes that "this increase
The
combination of good crops
has
that
combination
a
is the result of a
and a favorable price situation—
rarely been witnessed in recent
years," and it adds:
"It promises to be one of the most
important influences tending to sustain the level of general
business activity over the next several months."
The "Sur¬
growing
prospects in general have
improved, rather than deteriorated, as the season has progressed.
From
the point of view of farm income, the important fact is that the favorable
crop outlook has not resulted in a sharp decline in prices, as has so often
outlook
and,
season;
been the
for
the
contrary
case
in
crops
has
been
favorable throughout the
to the usual experience,
the past.
.
at a higher average price level
cash income of farmers this year to the highest
figure since 1929.
Although the estimated total for this year is about 14%
below that of $10,479,000 reported for 1929, the relative amount of pur¬
chasing power represented is considerably greater than this comparison
would indicate because of the substantial net decline that has taken place
sale
The
in
of
a
larger aggregate output
expected to bring the
is
bills.
"Confirmation of Transactions," will affect more
mend
purchases on an exchange to facilitate a
the Conference's interpretation
The
"Fraud and Misrepresentation,"
keep in mind the provisions of Section (b) of this rule when preparing corre¬
spondence or literature designed to induce the purchase or sale of any
security other than commercial papers, bankers' acceptances or com¬
The
-"A- A
financially:■
vey" further notes:
Warning on Material Facts
view of the standards of
mercial
"a 'A
broker or dealer participating or otherwise
the primary or secondary
in
Dealing with Rule GB2, which covers the important
tation of
delivers the
bookkeeping entry of the payment of the purchase price
customer seller.
of this the Conference
•
distribution of securities not ad¬
mitted to trading on a national securities exchange may not represent to
a customer that the security is being offered 'at the market' or at a price
which is related to the market price unless he knows or has reasonable
grounds to believe that a market for the security exists other than that
made, created or controlled by himself or his associates.
Thus the rule
requires knowledge or reasonable grounds for belief that an independent
market exists other than that made, created or controlled by himself or
his associates as a prerequisite to making any representation that the price
of the security is "at the market" or at a price related to the market price.
the required disclosure should
the completion of the transaction, under this rule,
makes
;'A A-A -V■%A.: aAAA/; aV
interested
of the transaction normally
subsequent to the time of sale,
customer's funds or securities, a different situation is
the
accounts," the
V
hibits trading which is excessive either
for
the security he is buying or makes delivery of the security he is selling.
"If, before the transaction, the broker-dealer already has custody of his
upon any act
"discretionary
covers
the handling
with
financial resources and character of the account.
ordinarily be transmitted to the customer before he makes payment
case,
which
AAAA-
deals
rule
subsequent to the time of purchase, makes payment
the dealer or broker of any part of the purchase price;
customer
occurs
MC7,
of discretionary accounts and pro¬
in size or frequency in view of the
In trading for discretionary
accounts the broker or dealer is also required to make a record immediately
after effecting any transaction for such an account, which must include the
name of the customer, the name, amount and price of the security and the
date and time when the transaction took place.
Under Rule OA 1 records
must be preserved at least 12 months.
It should also be noted that the other over-the-counter rules are equally
This
tion of Section
"the completion of the transaction, under this rule, occurs
when the customer,
a
Rule
BULE GB3, the Conference stated,
ference says,
distributions" and of this the
A AAa
This rule, where applicable, requires disclosure to a customer of the fact
that a broker or dealer is participating or is otherwise financially interested
in the primary or secondary distribution of the security.
The rule applies
pleted.
On Payment or Delivery
be
before the time
completed."
covers
Conference says:
Inc.
Conference,
but if made orally it must
supplemented by written disclosure to the customer at or
the transaction is
of a
adds, "the broker or dealer
the existence of such control.
extent of such controlling interests
before entering into the contract
be made either orally or in writing,
may
SEC Over-the-Counter Rules Become Effective—Inter¬
pretation
involving the purchase or sale
security of such an issuer," the interpretation
to
the circum¬
particular case.
Conference interpretation says:
President, explained.
the
is
"Before entering into any contract
presented by the business
of securities, and that
trolling or under common control with, an issuer
been recurring in the last year under regulations.
The action was prompted by evidence
2153
Chronicle
general level of prices that
the
"The fact that
an
unusually
power
farmers must pay.
the condition of the crops
even
is good implies
distribution of agricultural
throughout the country," it is stated
purchasing
in the "Survey,"
which likewise says:
Many branches
the
improvement
of industry and trade are in a position to benefit from
in agriculture; in fact, practically all businesses are
likely to feel its effects directly or indirectly.
The effects of
larger farm output on the
branches
of business that
agricultural products apply to foreign, as well as domestic, trade.
One of the most encouraging aspects of recent developments in agriculture
is the opportunity that they provide for the recovery of some of the foreign
markets lost by this country in the last few years.
Cotton is the most
handle
example of this trend, although a similar tendency has been
farm products that enter into foreign trade on a large
including wheat, hogs, and some other commodities.
Unless domestic
conspicuous
evident
scale,
in other
Financial
2154
prices of these products
the coming year
artificially held at
are
level above world prices,
a
witness a pronounced gain in American agricultural
may
exports.
those
The
agriculture
in
improvement
planted this
last
few
for agriculture and
clearly
has
years
into account in
illustrated
the
any
voluntary cooperation by millions of individual
single
of
cause
and
climatic
regulated.
easily
other
any
at
time
a
of
be
can
neither
foreseen
in
nor
restriction
acreage
severe
can
and other necessary commodities but also by cutting off
thus
and
foreign
of
foreign
our
trade
Exposing
structure.
of our farm products to the constant risk of
consumers
failure
disorganizing
makes
supply
it
very
difficult
for
to
us
hold
abrupt
an
our
virtually
in
the
the
in
those that
remain
above
more
and
world
prices,
these
exportation
difficult to regain
very
of
foreign
our
inter¬
becomes
markets
exports of wheat have
our
remain, unless we can offer
in
domestic prices of
world
one-third
than
years,
few
be
these markets,
or
to hold
even
markets,
their
a
will
prices
depend
world
on
demand and
supply, and output restrictions will be largely ineffective in raising
domestic prices.
on
than
Clearing House Association
Sept. 15 insti¬
by members of not less
effective Sept. 20, a charge
on
$1.50 for each collection made in connection with the
delivery in Boston of securities received from
sources
side
new
of the
The charge is provided
city.
in
added by the Association to its Regulation
section
XIII.
section
This
new
securities
or
coupons)
dealer
collection,
not
less
received
from
any
bank
or
banker,
from
or
securities located outside the City of Boston,
in
either
than
with
without
or
draft
attached,
any
broker
or
for delivery against
members
shall
charge
The
be
(a)
Collections for a broker or dealer with whom the member has
a
broker's clear¬
ance agreement In any month in which the member receives compensation undjr
such agreement at least equal to the total minimum charges under this section for
similar services performed during such month;
(b)
bank
Collections In connection with deliveries of securities for
or
banker for its
own
or to a
correspondent
account, but not for the account of such bank
or
banker
acting in a fiduciary capacity;
(c)
or
or banker for Its own account,
a corre¬
but not for the account of such bank
banker acting in a fiduciary capacity;
(d) Collections in connection with allotment deliveries through Federal Reserve
on account of subscriptions to new Issues of securities of the United States.
banks
For
the
affiliated
purposes
or
of this
subsidiary
Section
the word
institution
having
"member" shall
its
place
of
include any
business
in
of
been considered by the Board since the
of the law permitting advances to member banks
of enabling them to meet seasonal
revised
the
regulation at this time is
In
a
methods affecting the lending function of
preface to the regulation, the Board states that the guiding principle
underlying the discount policy of the Federal Reserve banks is the ad¬
vancement of the
public interest and recognizes that the lending function
of the Federal Reserve banks is not automatic but is an instrumentality of
the
System's general credit policy.
The regulation makes
which have
few changes in the technical rules for eligibility
System was established.
prevailed since the
make eligible for discount a large amount of paper
Governing
Discounts
and
Advances
for
Broadened
by Board of Governors
Federal Reserve System—New
Types of Assets
Added to Eligible List—Instalment
Paper Inclusion
Approved by Finance Company Officials •.
The Board of Governors of the
on
Federal
Sept. 26 the issuance of
a
Reserve System
general revision,
effective yesterday (Oct. 1), of its
Regulation A, covering
discounts and advances by Federal Reserve banks for
member
banks, and at the same time stated that the revised
regulation "further implements the System's policy of
monetary ease by liberalizing and consolidating the rules and
methods affecting the lending function
of the Federal
Reserve System."
It added that issuance of the altered
regulations at this time "is an appropriate sequence of the
System's recent reduction of discount rates."
The new Regulation A, based
upon and issued pursuant
to various provisions of the Federal Reserve
Act, is ap¬
plicable to the following forms of borrowing from a Federal
Reserve Bank:
(1)
Discounts
including paper drawn to finance instalment sales
commercial character.
a
The regulation lists
specifically the following classes of assets which may
be accepted as collateral for advances by Federal Reserve banks: Securities
defined
by the Comptroller of the Currency
national
banks,
loans
stocks
on
Regulation U, mortgages and
in
made
as
eligible for investment by
member
banks
of
commercial,
agricultural
and
dustrial paper and bankers' acceptances;
(2) advances to member banks
their
own
Federal
notes
Reserve
secured
banks,
by
by
paper
eligible
obligations
of
for discount
the
United
or
purchase
States
or
in¬
by
certain
or by other security which is
satisfactory to the Federal Reserve Bank; and (3) discounts for Federal
Intermediate Credit banks.
As explained by the
Board, the regulation, in its revised
form, makes few changes in the technical rules which have
prevailed since the System was established, concerning the
eligibility of various types of paper for discount at the
Federal Reserve banks, but does,
however, "make eligible
for discount a large amount of
paper of commission merchants
and finance companies,
including paper drawn to finance
instalment sales of a commercial character."
The regulation
specifically lists several classes of assets which may be
accepted as collateral for advances by Federal Reserve banks
under Section 10b of the Reserve
Act, and sets forth that in
a
Reserve bank may, when circumstances warrant,
I
Board's
the
II of the
or
banks
under
or
authority of the Federal Farm Loan Act, bills, notes, and
bonds and warrants issued by
revenue
obligations issued
obligations
States
or
other political subdivisions,
drawn for the purpose of financing real estate, and
or
issued
for the
purpose
of financing the sale of goods on an
instalment basis.
addition
the
to
specified classes of assets,
the regulation provides
further that, when in the judgment of a Federal Reserve Bank circumstances
make it advisable to do so, the banks may accept as security for an advance
satisfactory
assets
any
therefore, bars
merely indicates
the
to
Federal
Bank.
The
regulation,
for advances but
preferred list of paper which ^covers all the principal
a
financing.
In order to encourage member
the Board in
acceptable
banks to have their real estate loans and
basis for advances at the Reserve banks,
as a
appendix to the regulation recommends certain minimum
an
standards for observance in making such
in
Reserve
class of paper from use as collateral
no
effect make
advances by
all
sound
assets
loans.
of member
In establishing rules which
banks
eligible
as
basis for
a
the Federal Reserve banks the Board had in mind the fact
recognized by Congress in the Banking Act of 1935. that under our banking
since these banks
and,
custodians of the funds representing the savings or
are
capital accumulation of the people, they properly invest a part of their
funds in long-time paper.
such
paper may
Consequently, provision should be made whereby
be used in
case
of need as
a
basis for advances from the
Federal Reserve banks.
The principles underlying the new regulation are the same as
modification
recent
of the
Federal
Reserve
those under¬
has
Experience
Act.
safeguarded by careful
ance
of the form that this paper takes, and that greater
ness
and less emphasis on form is a sound banking
was
also
guided
in
its
determination
recognition of the fact that at
a
emphasis
principle.
of eligibility requirements
time of
a
sound¬
on
The Board
by the
deflationary development it is
important for the Federal Reserve System to lend with the greatest freedom
consistent with
of
safety.
At such times technical limitations on the character
eligible paper endanger rather than protect the safety of the banking
structure.
By describing in the regulation the character of paper that will
first
claim
for
advances
banking practices.
the
At the
Board
same
hopes to encourage
time the Board
of support in case of need given to member
ance
investment
have
better and safer
believes that the assur¬
banks whose lending and
practices comply with the minimum standards laid down by
the Board will encourage
the banks to give their communities the financial
services that they require.
We
giving below portions of Regulation A as revised
and advances to
are
effective Oct. 1, pertaining to discounts for
member banks by Federal Reserve Banks:
Section
1.
Discount of Notes, Drafts
and Bills for Member Banks
a
Commercial, Agricultural and Industrial Paper—Any Federal Reserve
(a)
may
discount
for
of its
any
member
banks,
under authority of
Sections 13 and 13a of the Federal Reserve Act, any note,
draft,
or
bill of
exchange which meets the following requirements:
on
corporations owned by the United States,
addition
with
compliance
loans insured under Titles
National Housing Act, debentures and bonds issued by Federal Home Loan
Bank
for
It does, however,
of commission merchants
regard to the quality of the paper which they acquire than by strict observ¬
of
announced
appropriate
an
The Regulation
Reserve System.
demonstrated that the solvency of banks is better
Banks
other
or
consistent
are
System's policy of monetary ease by liberalizing
implements the
Federal
the
lying
Member
The
issued
was
Under these provisions of the law, Federal Reserve
and consolidating the rules and
the
City of Boston.
Regulations
revision
system member banks carry time deposits as well as demand deposits
Collections In connection with the receipt of securities for account of
spondent bank
previous
of the System's recent reduction of discount rates.
instalment paper
discretionary with the collecting bank:
the
given authority to make advances upon any sound assets of
issuance
further
Charges under this Section in respect of the following types of collections
shall
of Regulation A has
sound assets.
are
fields of
$1.50 for each such collection.
issued,
has
with the maintenance of sound credit conditions.
In
collection in connection with the delivery in the City of Boston
(not including the collection of matured or called securities
of
System
banks by Federal Reserve banks.
since
Congress
member banks for the purpose
follows:
For any
.
a
out¬
Reserve
requirements of commerce, industry and agriculture which
of
The Boston
Federal
the
of the Banking Act of 1935 which liberalized and made permanent
any
banks
Boston
tuted,
by
and finance companies,
Clearing House Association Orders $1.50 Charge
on all Collections
Appertaining
to
Delivery
of
Securities in City
collateral
incorporates into the Board's regulation various legislative
enacted
Revision
passage
for
practically
reasonably dependable supply at a
On the other hand, as long as our farm products
ccmpetitive world price.
world
level
a
of
loss
last
It will
ceased.
fix
attempt to
we
at
Following policies of this kind has been instrumental
impossible
causing
cotton
addition,
in
commodities
use as
general revision of Regulation A, governing dis¬
a
the emergency provisions
sequence
When,
from
paper
in 1930.
overseas
markets.
national
1937,
counts and advances for member
The greatest
is variation
output
of
Governors
of
of
weakness
farmers.
class of
no
following is the text of the Board's statement:
Board
provisions
the proportions of a national disaster, not only by threatening
assume
the supply of food
exports
that
conditions
natural
damage
in farm
fluctuations
year-to-year
Crop
The
The
revision formally
system of agricultural relief based on acreage restriction, arbitrary prices,
and
regulation bars
Experi¬
general business.
1937
for advances, but merely indicates a preferred list of paper
which covers all the principal fields of financing."
effective Oct. 1,
year.
the outlook
of
the
in
altered
not
possible effects of this program must be taken
consideration
ence
the
the farm program of the Federal Government.
way
Oct. 2,
accept as security for an advance "any assets satisfactory to
it."
Therefore, the Board's explanatory statement says,
"the
has
in any
The Depart¬
ment of Agriculture has submitted to farm leaders and State officials an
agricultural adjustment program for 1938 calling for strict adherence to a
set of maximum crop acreages that are, in most cases, considerably lower
Apparently
essential
than
Chronicle
It must be
negotiable note, draft, or bill of exchange, bearing the
indorsement of a member bank, which has been issued or drawn, or the
proceeds of which have been used or are to be used, in producing, purchas¬
ing, carrying or marketing goods b in one or more of the steps of the pro¬
cess
of production, manufacture, or distribution, or in meeting current
operating expenses of a commercial, agricultural or industrial business, or
for the purpose of carrying or trading in direct obligations of the United
States (i.e. bonds, notes,*Treasury bills or certificates of indebtedness of
(1)
a
the United States).
(2) It must not be a note, draft, or bill of exchange the proceeds of which
have been used or are to be used for permanent or fixed investments of any
kind, such
land, buildings
as
or
machinery, or for any other fixed capital
purpose.
a
Even though paper is not eligible for discount by a Federal Reserve
a member bank under the provisions of this regulation, it may
Bank for
be used
ber
as
bank
section
security for
under
the
an
advance by a Federal Reserve Bank to a mem¬
and conditions of subsection (c) and sub¬
terms
of Section 2 of this regulation if it constitutes security satis¬
factory to the Federal Reserve Bank.
In addition to the classes of paper
mentioned in Section 1 of this regulation a Federal Reserve Bank may
(d)
discount bankers' acceptances.
b As used
include
in
goods,
this
wares,
regulation the word "goods" shall be construed to
merchandise, or agricultural products, incl. livestock.
Volume
(3)
Financial
145
It must not be
which have been used
tive character
stocks,
or
bill of exchange the proceeds of
be used for transactions of a purely specula¬
drawn for the purpose of carrying or trading in
or are to
or
issued
or
other
bonds
draft,
note,
a
or
investment securities
the
United States
(i.e. bonds, notes,
indebtedness of the United States).
direct obligations of
bills or certificates of
except
Treasury
(4) It must have a maturity at the time of discount of not exceeding
90 days, exclusive of days of grace, except that agricultural paper as de¬
fined below in this section of this regulation may have a maturity of not
exceeding nine months, exclusive of days of grace; but this requirement is
not applicable with respect to bills of exchange payable at sight or on
demand of the kind described in subsection (b) of this section.
.
.
.
Section 2.
(a)
Advances
note of such member bank secured
bankers'
acceptances as
by such notes, drafts, bills of exchange,
by Federal
eligible for discount
are
Reserve
banks under the provisions of this regulation or for purchase by such
banks
under the provisions of Regulation B.
(b) Advances
on
Government Obligations—Any Federal Reserve Bank may
make advances, under authority of Section 13 of the
to
any
Federal Reserve Act,
of its member banks for periods not exceeding 115 days* on the
cipal of the loan will be amortized within a period of not more than 10 years
by means of substantially equal monthly, quarterly, semi-annual, or
payments on principal with interest added or on principal and
combined, and member banks should take reasonable steps to
satisfy themselves that the payments and other requirements of the obliga¬
annual
interest
tions will be met in accordance with their terms.
(3) There should be on file with the member bank with respect to such
obligations the following documents or properly certified or photostat
copies thereof:
bonds, notes, certificates of indebtedness,
States,
(2) by the deposit
or
estate, or (ii) if the member bank maintains a separate real estate depart¬
ment, by one or more officers or employees who are regularly assigned to
such department, who specialize in
real estate appraisals and who have no
direct or indirect, in the real estate, or (iii) by a committee
appointed by the board of directors and consisting of not less than two
members who are qualified for the purpose and have no interest, direct or
indirect, in the real estate, and which appraisal contains, in addition to
such other data as may be required by the member bank, statements as
to the purpose for which the real estate is used or is proposed to be used
and the nature and amount of the income received therefrom.
interest,
(b)
or
other such obliga¬
tions of Federal Intermediate Credit banks having maturities of not
ing six months from the date of the advance,
of
Federal
Farm
or
Mortgage Corporation bonds issued under the
Farm Mortgage Corporation Act and guaranteed both as to
interest
by the United States, or
Owners' Loan
(4)
exceed¬
(3) by the deposit or pledge
Federal
principal and
by the deposit or pledge of Home
Corporation bonds issued under the provisions of subsection
An adequate description of the real estate, incl. the imrpovements.
(c)
Treasury bills of the United
or
pledge of debentures
or
An appraisal of the value of the real estate which has been made
a reasonable time before the obligation was acquired by the member
bank (i) by one or more competent and experienced appraisers independent
of the member bank who have no interest, direct or indirect, in the real
within
promissory note of such member bank secured (1) by the deposit or pledge
of
Evidence of the title to the real estate in the form of a certificate of
of a competent attorney,
title company, a title insurance policy, an opinion
or other form satisfactory to the member bank.
a
(d) Satisfactory evidence that no taxes or assessments thereon are
delinquent and that adequate insurance is carried.
(e) Such other information and documents as the circumstances of the
case may render advisable.
Recommendations, of the
guaranteed both
as
amended, and
(c) Advances on Other Security
Under Section 10(6) of the Federal Reserve
Act—Subject to the provisions of subsection (d) of this section, any Federal
Reserve Bank may make advances, under authority of Section 10(b)
of the
Federal Reserve Act, to any of its member banks upon the latter's promis¬
secured to the satisfaction of such Federal Reserve Bank.
sory note
rate on advances made under the provisions of this subsection shall
The
in
of 1% per annum higher than the highest rate applic¬
event be less than
able to discounts tor member banks under the provisions of Sections 13
13a of the Federal
Such
an
no
Reserve Act in effect at such
and
Reserve Bank.
Federal
advance must be evidenced by the promissory note of such
member
bank payable either (1) on a definite date not more than four months after
the date of such advance, or (2) at the option of the holder on or
definite date not
more
before
a
than four months after the date of such advance.
While recognizing that requirements of
for the purpose
Kinds
of Collateral
Under Section
may
10(6)
May Be
Used
as
Security for Advances
of the Federal Reserve Act—A Federal Reserve Bank
accept as security for an advance made under the provisions of sub¬
section
which
of this section assets of
(c)
any
of the classes enumerated below
satisfactory to the Federal Reserve Bank,
are
assets of such
(1)
Which
or paper
secured by
Assets which
certain
be used
as
collateral security for advances under
(2)
Paper which would be eligible for discount
or
for purchase by Federal
Reserve banks except by reason of the fact that the period of its maturity
is greater than that permitted
for paper eligible for discount or purchase.
(3) Investment securities as defined by the Comptroller of the Currency
pursuant to Section 5136 of the Revised Statutes of the United States.
(4) Obligations evidencing loans upon the security of stock which are
made in conformity with the provisions of Regulation U.
(5) Obligations insured under the provisions of Title I or Title II of the
National Housing Act.
(6) Debentures, bonds, or other such obligations issued by Federal
Home Loan banks or issued under authority of the Federal Farm Loan
Act, without regard to the maturity of any such obligations.
(7) Bills, notes, revenue bonds, and warrants which constitute general
obligations of any State or of any political subdivision thereof.
(8) Obligations which are issued or drawn for the purpose of financing,
refinancing, or carrying real estate and which comply substantially with the
standards set forth in the recommendations relating to real estate loans in
the Appendix to this regulation.
(9) Obligations which are issued or drawn for the purpose of financing
or refinancing the sale of goods upon an instalment basis and which comply
substantially with the standards set forth in the recommendations relating
to loans upon an instalment basis in the Appendix to this regulation, and
obligations of businesses principally engaged in extending credit on such
basis and in substantial accordance with such
In
addition, when in the judgment of the
cumstances
make
it
advisable
to
do so,
the
assets other than those set forth above which are
Reserve
Bank may
(c) of this section any
satisfactory to the Federal
Bank.
of Governors of the
Reserve
System as to certain minimum standards for ob¬
servance by member banks in making loans on real estate
and instalment paper follow, as contained in an appendix to
Regulation A:
as
to
of the Board of Governors of the Federal Reserve System
Standards Which Should Be Observed by
Minimum
the
Member Banks in Making Loans Upon Real Estate
While recognizing that requirements
for the purpose
of individual banks in making loans
of financing or carrying real estate will vary according to
the circumstances of
observed.
Some
of these
with respect to loans of
standards
National banks.
of sound banking practice.
are
specifically required
Others
are
advisable
by law
as a matter
The examiners for the Federal Reserve banks
should take such standards into consideration in reviewing loans of State
member banks, and Federal Reserve
member
banks
banks in passing
for credit accommodations supported
should give preference to the acceptance as
these standards.
that
those
member
insured
upon
applications of
by real estate loans
under
Title
standards set forth below
II
as
or
collateral of such loans
as meet
of
acquiring real estate loans, other than
the
National
Housing
Act,
apply the
minimum requirements:
Obligations issued or drawn for the purpose of financing, refinancing,
carrying real estate should be secured by first lien, evidenced by mort¬
trust deed, or other such instrument, upon improved real estate,
including improved farm land and improved business and residential
properties.
(2) The amount of the loan or loans evidenced by such obligations should
(1)
basis should give
loans
as
50% of the appraised value of the real estate securing such loan
no such loan should be for a longer term than five years, except
loans and
meet
these
or
However, under the provisions of the last paragraph of Section 13 of
Reserve Act, any Federal Reserve Bank may make advances
for periods not exceeding 90 days to individuals, partnerships, or corpora¬
tions (incl. banks) on their promissory notes secured by direct obligations
matter
of sound
obligations issued or drawn
standards.
With
these
considerations in mind, the
standards set forth
the
below be applied by all
minimum requirements in making or acquiring
as
such loans:
(1) Obligations which are issued or drawn for the purpose of financing or
refinancing the sale of goods upon an instalment basis should be secured
by first lien upon or retention of title to such goods through a chattel
mortgage, conditional sales contract, bailment lease, or other similar
instrument, insuring at all times the continuance of an effective and lawful
lien or retention of title in favor of the holder of such obligations.
The goods should be of such nature and the terms of the obligations
be such that in the event of the resale of the goods at any time
should
during the life of the obligations it may reasonably be expected that the
sum realized will be substantially greater than that necessary to liquidate
the amount of the obligations then unpaid, including interest and all charges.
(3) Member banks should take reasonable steps to satisfy themselves
that the payments and other requirements of the obligations will be met
in accordance with their terms.
In advices from
Washington, Sept. 26, to the New York
"Journal of Commerce" of Sept. 27, Clarence L. Linz com¬
mented as follows on the types of paper which were eligible
for discount in the past:
Prior to 1932, the
90-day
commercial
maturities being
banks
ing
were
only paper that a member bank could discount was
and nine months'
paper
agricultural paper, longer
It was explained tonight that a good many
unacceptable.
forced to close their doors during the depression, although hav¬
lot of good paper not included in these categories.
a
The Bank Act of
liberalized the practice to the extent of making available "ad¬
vances" on notes of member banks, backed by acceptable collateral of a
that
year
type not eligible'otherwise, but at a
count rate and
penalty rate of 1M% above the dis¬
subject also to approval by the Board.
Provisions of Act
The
1935 law made this emergency aid
banks
are
authority to make advances upon any
given
member banks for the purpose
with
It
maintenance
was
available at all times, with a
Under provisions of that Act, Federal Reserve
penalty rate of but Yt %.
and agriculture which are consistent
credit conditions.
of sound
member banks do not want again to find
further explained that
they faced in the depression days, unable
perfectly sound assets.
to obtain advances on. their
Senator Carter
sound assets of
of enabling them to meet seasonal and other
themselves in the predicament
Glass has never approved departure
from the old eligi¬
his aid to the enactment of
the 1932 law because of the White House desire to bring relief to the banks.
It is said he was largely responsibile for the high penalty rate which had a
tendency to deter banks from taking advantage of the liberalized provisions.
He held that banks should only lend money in connection with the creation
bility rules and it was felt that he only gave
of
new
wealth
on
short term paper
related to some commercial or agri¬
cultural process.
This view is not shared by
times have changed since
Federal Reserve officials who pointed out that
creation of the system and no longer is there a
technically was eligible paper.
Modificar-
sufficient amount of what then
tion of the old law in this respect was
S. Eccles during
actively sought by Governor Marriner
consideration of the 1935 legislation.
new Regulation A has met the approval of finance
officials was reported in the New York "HeraldTribune" of Sept. 28, which said:
That the
company
accorded finance paper by the Reserve banks
The new treatment to be
constituted, in the view of Edwin C.
Committee of Commercial Investment
tion of the fact that under
credit occupies a
Vogel, Chairman of the Executive
Trust Corp., "a gratifying recogni¬
modern trade and social conditions instalment
sound and necessary place in the Nation's credit structure.
Reserve authorities by definition limited eligi ility to
"Heretofore the
paper
that was credited 'in the first instance* in the processes of production,
or distribution.
The new definition constitutes an official
manufacture
recognition
of our function
The finance companies
their capital and credit unim¬
proved to be the surest asset in
in these processes.
generally came through the depression with
the
the Federal
of the United States at rates fixed for the purpose.
a
refinancing the sale of goods upon an instal¬
paired, and in many instances their paper
*
of particular transac¬
as
preference to the acceptance as collateral of such
recommends that
Board
gage,
or
of financing
ment
or
not exceed
observed
banks for credit accommodations supported by
for the purpose
With these considerations in mind the Board recommends
banks in making
be
banks, and Federal Reserve banks in passing upon applications of member
particular transactions, the Board of Governors of the
Federal Reserve System believes that certain minimum standards should
be
should
requirements of commerce, industry
*
The recommendations of the Board
Recommendations
standards
minimum
standards.
Federal
individual banks in making loans
refinancing the sale of goods upon an instal¬
The examiners for the Federal Reserve banks should
take such standards into consideration in reviewing loans of State member
Federal Reserve Bank cir¬
accept as security for an advance under subsection
Reserve
or
banking practice.
(2)
may
of financing
Used as
Member Banks
tions, the Board of Governors of the Federal Reserve System believes that
classes:
subsection (a) of this section, entitled "Advances on eligible paper," or sub¬
section (b) of this section, entitled "Advances on Government obligations."
of the Federal Reserve System
Instalment Paper
basis will vary according to the circumstances
ment
member banks
(d)
Standards for
Collateral Security for Advances to
principal and interest by the United States.
as to
Board of Governors
Minimum
the
to
as
(c) of Section 4 of the Home Owners' Loan Act of 1933,
of the appraised
not longer than
10 years if the loan Is secured by an amortized mortgage, deed of trust, or
other such instrument under the terms of which 40% or more of the prin¬
(a)
advances, under authority of Section 13 of the Federal Reserve Act, to
any of its member banks for periods not exceeding 90 days on the promissory
or
that any such loan may be in an amount not exceeding 60 %
value of the real estate securing such loan and for a term
Advances to Member Banks
Eligible Paper—Any Federal Reserve Bank may make
on
2155
Chronicle
portfolios of the banks."
To
H.
L.
Wynegar, President of Commercial
action was "an acknowledgement
a
sound basis for collateral."
Credit Co., the board's
of the worth of good instalment paper as
Financial
2156
"It Is evident and very likely,"
said Mr. Wynegar, "that out of this new
will grow a stronger desire on the
regulation of the Federal Reserve Board
companies to make and keep their terms and financing
requirements of a sound and sane character in order that their obligations
will not be discredited in the matter of eligibility for rediscount.
It is my
tions upon a
the gold dollar.
e
,
Includes $59,300,000 lawful
deposited
money
as a reserve
for Postal Savings
deposits.
and silver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held in the Treasury
to arrive at the total amount of money In the United States.
f The amount of gold
held by the Cuban agency of the Federal Reserve Bank of
& Includes money
sound and proper basis."
1937
2,
$1,335,693,934 Inactive
gold, and $141,005,818 balance of Increment resulting from reduction In weight of
$1,800,000,000 Exchange Stabilization Fund;
d Includes
part of finance
judgment that, considering the new regulation from this standpoint, its
effect will be far-reaching and most salutary in keeping financing opera¬
Oct.
Chronicle
Atlanta.
';v
in circulation includes any
h The money
outside the con¬
paper currency held
tinental limits of the United States.
Stock of Money in
the Country
notes
The Treasury
for United States
and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for
Note—There is maintained in
Department at Washington has issued the
as a reserve
1890—an equal dollar amount in standard silver dollars (these
Treasury notes of
notes
showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
the Treasury—(i)
being canceled and retired on receipt); (ill) as security for outstanding
are
customary monthly statement
3llver certificates—silver in bullion
Federal Reserve banks and agents.
equal to the face amount of such silver certificates; and (iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve
notes are secured by the deposit with Federal Reserve agents of a like amount of
The figures this time
for Aug. 31, 1937, and show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
are
$6,523,901,587, as against $6,459,804,383 on July 31, 1937,
and $6,226,735,827 on Aug. 31, 1936, and comparing with
$5,698,214,612
Just before the outbreak
Oct. 31, 1920.
on
and standard silver dollars of a monetary value
gold certificates or of gold certificates ana such discounted or purchased paper as is
eligible under the terms of the Federal Reserve Act. or,
until June 30, 1939, of
United States if so authorized by a majority vo'e of the
System
Federal Reserve ba k- must
maintain a reserve in gold certificates of at least 40%, including the redemption fund
which must be deposited with the Treasurer of the United States, against Federal
Reserve notes in actual circulation.
"Gold certificates" as herein used includes
credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve bank notes and National bank notes are in process of retirement.
direct obligations of the
Board of Governors of the Federal Reserve
of the World War, that is, on June 30, 1914, the total was
The following is the full statement:
only $3,459,434,174.
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to
$500,000,
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$1,000,000
and
considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal
on
places,
e. g.
99.125.
of 10%
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discount basis to
bidders, will be dated Oct. 6, 1937, and will
July 6, 1938.
On the maturity date the face
amount of the bills will be payable without interest.
An
issue of $50,125,000 of similar securities will mature on Oct. 6.
The following is from Secretary Morgenthau's announcement
of Sept. 30 bearing on the new offering of bills:
the highest
mature
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the Treasury Department, Washington.
The new bills, which will be sold on a
denominations
0
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3
Secretary of the Treasury Henry Morgenthau Jr. Tenders,
Secretary Morgenthau said, will be received at the Federal
Reserve banks, or the branches thereof, up to 2 p. m.,
Eastern Standard Time, Oct. 4, but will not be received at
They (the bills) will be issued in bearer form only, and in amounts or
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or Thereabouts—To Be Dated Oct. 6,
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of the face amount of Treasury bills applied for, unless the tenders
accompanied by an
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guaranty of payment by an incorporated
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Immediately after the closing hour for receipt of tenders on Oct. 4, 1937,
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all tenders received at the
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closing hour will be opened and public announcement of the acceptable
all tenders or parts of tenders, and to allot less than the
applied for, and his action in any such respect shall be final.
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of tlie Treasury Henry Morgenthau Jr. an¬
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T3 *d
-u
^
5
o
*o
is
h
fl o o rt
|3 PM fe ^
•
ard
Time, Sept. 27.
to
received at the Federal Reserve
Eastern Stand¬
The Treasury bills are dated Sept. 29,
on
June 29, 1938.
accepted bids
say:
q
^
CD
tf sl- 3
"<
•I
1-,
Total
applied for
$120,959,000
.
8
99.697.
Low—
Average price—99.709.
Total accepted
$50,116,000
Equivalent rate approximately 0.330%.
Equivalent rate approximately 0.400%.
Equivalent rate approximately 0.384%.
(70% of the amount bid for at the low price was accepted.)
1-5
Does not include gold other than that held by the
Treasury.
Treasury
Security for
since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 is included
under gold, standard silver dollars, and silver
bullion, respectively.
mittee
Dec.
15
of
Treasury
Reserve
with Executive Com¬
Market Committee—To
Bills
Open
Meet Again Oct. 6
This total includes credits with the Treasurer of the United States
payable in
certificates in (1) the Gold Certificate Fund-Board of Governors, Federal
Reserve System, in the amount of $6,015,942,437 and
(2)t he redemption fund for
Federal Reserve notes in the amount of $8,948,462.
Plans No Large Financing Prior to
Secretary Morgenthau Says—Discusses Substitute
b These amounts are not included in the
total,
the
Range—High—99,750.
CO
Revised figures.
a
were
b
©
©
"3
gold
offering
to the offering, Secretary
Morgenthau's announcement of Sept. 27 had the following
CO
1
thereabouts, of 273-day Treasury
banks and the branches thereof up to 2 p. m.,
Regarding
a
or
totaled $120,959,000, of which $50,116,000 were ac¬
cepted.
As noted in our issue of Sept. 25, page 1995, the
bills,
1937, and will mature
b
ft)
'i.
©
q ©
co
i
of
;V'.
000,000 of 273-Day Treasury Bills Dated Sept. 29-—
$50,116,000 Accepted at Average Rate of 0.384%
last week of
Ol
amended, and this notice
■?-v
Tenders
IN
.CO.
q 00 <n 00
°
as
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
©
q q oo ifi
©* IN* -^* o* ©" o"
oo
N
b"
-
rl
c
a
IN
us
OON
O
be exempt, from
(Attention is invited to
hereafter imposed by the United States or any of its pos¬
oc*
IO00H
I
H
H
(N
I
b. CO IN
and interest, and any
sessions.
©
us
N
00
q
©
inheritance taxes.
No loss from the sale
any tax now or
©^ © q q q
eo* oo* oo" .-,* b* i-T
i
other immediately available funds
©
q q q ©_ q b
US H T^* H* oo IN
I «tf* us"
or
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
shall be allowed as
00
cash
gain from the sale or other disposition thereof will also
gift tax.)
o
Reserve banks in
1937.
6,
The Treasury bills will be exempt, as to principal
It
was
revealed by
Morgenthau Jr. at his
Secretary of the Treasury Henry
conference Sept. 30 that there
press
Volume
will be
no
Chronicle
Financial
145
advices, Sept. 27, to the New York
28, had the following to say:
Secretary of the Treasury said that the negotiations were ended,
and he
would
see
Sir Frederick again
"just to say good bye."
Even
though there was no formal announcement, it is believed that the British
and American governments have paved
the way for renewed cooperation
under the tripartite currency stabilization agreement, with particular rela¬
"Herald Tribune" of Sept.
Dec. 15 financing date.
The Secretary also said that he will
meet with the Executive Committee of the Open Market
Committee of the Federal Reserve
tinue discussions
The
on Oct. 6 to con¬
Treasury financing.
System
future short-term
on
Secretary Morgenthau met with the Executive Committee
Open Market Committee on Sept. 29 at which meeting
consideration was given to the question of the advisability
of substituting another type of security for the 273-day
Treasury discount bills, now being sold weekly.
It was indi¬
cated that a security probably carrying a fixed rate of interest
and of longer maturity then the bills was considered.
Ad¬
vices from Washington, Sept. 30, to the New York "Journal
of Commerce"-of Oct. 1, commented as follows on Secretary
Morgenthau's press conference:
of the
Secretary Morgenthau set at rest rumors that
enter the money
market with
a new
the Government would
the mid-Decem-
long term issue prior to
ber refinancing and in stressing this left the way open
term
securities
to an additional
the
of
Treasury
_
issue
Representatives
individual bankers,
the most
the questions involved being maturity
holders want money for other purposes.
following also bearing on the press conferences is from
Washington dispatch, Sept. 30, appearing in the New
York
"Hearld-Tribune" of Oct. 1:
mestic silver purchase program
pira.ion date, or whether the London silver agreement,
exerted
on
the Treasury to continue the silver
Secretary of the Treasury said that
The
taxes.
he
Again
which also expires
He said that "surprising little pressure" had been
then, should be renewed.
refused
program.!
he remained uncommitted on
prophecy a
to
balancing of the Federal
Asked if the budget was to be balanced during this
budget.
fiscal year, end¬
Expedite Tax Collec¬
N.
Graves,
Treasury's Ad¬
Expert, to Bureau of Internal Revenue
Secretary Morgenthau
tions—Assigns
H.
ministrative
to
It
Acts
to
Simplify Operations
was
made
known
on
Sept.
19
that
of the Treasury Morgenthau has assigned Harold
Treasury's administrative expert, to revise
the Bureau of Internal Revenue.
Mr. Graves, who for the
Secretar y
past two years has been correlating law enforcement agencies
of the Treasury, will seek to facilitate and simplify the work
adjusting differences with taxpayers to speed
and will institute corrective methods to
prevent tax evasion. 'The following is also from a Washington
dispatch, Sept. 19, to the New York "Herald Tribune" of
Sept. 20:
of the Bureau in
collections,
Mr.
Graves
is
being
nominally
transferred
at
the request of Under
T. Heivering, Commissioner of Internal
believe the transfer indicates that the Treasury
Secretary Roswell Magill and Guy
Revenue, but reliable sources
of the bureau.
Secretary Morgenthau is said to be dissatisfied with red tape surrounding
plans a significant revamping
claims of the Bureau that taxpayers
have paid less than their proper taxes.
reported to desire that procedure relating to such Bureau
The Secretary was
allegations be speeded up in order
be faced with prolonged
that affected taxpayers might no longer
delays between the filing of their tax returns and
the amounts of taxes paid,
notice of the Bureau's complaints on
fci Elmer L. Irey. Chief of the Intelligence Unit of the Bureau, will take
the place of Mr. Graves as the person chiefly responsible to the Secretary
for co-ordination of the law enforcement agencies of the Treasury.
He will
replace Mr. Graves as Chairman of the
weekly co-ordination meetings of
the officials of those agencies.
♦
with
Conferences
Secretary
Talks Not
British
Treasury
Officials
Ended,
Announces—Outcome of
Divulged—Sir Frederick Phillips Making
Morgenthau
Brief Tour of Country
the
project, and he added:
That
is
and
tributaries,
its
of
transmission
great
and
electricity from this Bonneville Dam, from
dams to be built on the Columbia
from other
the policy
electricity
visualize
well
can
developing
why in
Coulee Dam
the Grand
date,
a
not
widest
of the
is making
use
The
ought to prevail.
such scientific strides today that we
far distant, when every community
in this
will be wholly electrified.
area
has pre¬
which is made in the
pending bill of Senator George W. Norris of Nebraska, was
viously advocated, and provision for
in
made
him
a
press
chequer, relating to monetary and tax co-operation between
the United States and England have been concluded.
The
Secretary made known that there will be "no
the outcome of the conversations.
Sir
on
announcement"
Frederick had
for a week with Secretary Morgenthau, Un¬
been conferring
C. Magill, and other Treasury offi¬
Previous reference to the conversations was made in
der-Secretary Roswell
cials'.
issue of
Secretary Morgenthau revealed on
return
to
Sept. 27 that Sir Fred¬
brief automobile tour of the country, and
Washington for
business will
be transacted.
address,
and
reference
was
"misleading and utterly untrue state¬
that this proposed legislation would set up
to
.
.
.
President's
the
all-powerful authorities which would destroy State lines,
take away local government, and make what people call a
other kind of a danger¬
"Most people," he went
totalitarian or authoritarian or some
ous
national
centralized control."
"realize that the exact opposite is the truth; that
to say,
on
respective regions than a system of plans which originates
in the Capital of the Nation."
In citing "a great advantage"
which "will be served by this process of planning from the
bottom
up," the President stated that "under our laws the
submits to the Congress an annual budget—a
we expect to have definitely
year."
Venturing the prophecy that "as time passes we will do
everything in our power to encourage the building up of
the smaller communities of the United States," the Presi¬
dent added that "today many people are beginning to realize
that there is inherent weakness in cities which become too
large and inherent strength in a wider geographical dis¬
tribution of population."
"There is doubtless a reasonable
balance in all this," he said, "and it is a balance which
ought to be given more and more study."
Observing that
the watershed of the Columbia River" covers the greater
budget
another brief meeting, but
In reporting the press con¬
by
which,
the way,
by the next fiscal
balanced
part of the States of Oregon, Washington, Idaho and a part
of Montana," the President declared that "it is increasingly
think of that region as a unit, and
whole population of that area as
it is today and as we expect it will be 50 and even 100
years from now."
The President noted that the dam "was
built by engineers of the War Department, and when fully
completed with part of its power installations will cost
$51,000,000."
The fact that • the President had inspected
construction of the dam nearly three years ago was com¬
mented upon by him in his remarks the current week; his
earlier speech was given in these columns Aug. 11, 1934,
page 801.
The Bonneville project is being financed by the
important
that we
especially in terms of the
Public
Works Administration.
Stating
that
Seattle after
an
the
President's
special
train
halted
at
over-night run from Ontario, Ore., Seattle
New York "Herald Tribune" from
Ernest K. Lindley, in part said:
Before leaving the train the President received a host of visitors, includ¬
ing Senator Charles L. McNary of Oregon, minority leader of the Senate;
Senators Homer T. Bone and Lewis B. Schwellenbach, Democrats of Wash¬
ington ; Governor Charles H.
Martin, Democrat of Oregon, and MajorGeneral Edward Markham, Chief of Army Engineers.
The two Democrats
among the three Oregon Representatives—Walter Pierce and Mrs. Van Wood
Honeyman—and several
other prominent Oregon Democrats, including
Howard Latourette, national committeeman, joined the President's party
advices, Sept. 29, to the
a!;
staff correspondent,
various
points yesterday and
last night.
referred
An address at Timberline Lodge, Mt. Hood, Ore., on Sept. 28, is given elsewhere
in this issue, in an item bearing on other addresses which
have featured his trip.
The President's speech at Bonne¬
The
to in
Sept. 25, page 2004.
erick is making a
by
ments
its
conference Sept. 27 Secretary of the Treasury
Henry Morgenthau Jr. said that the conferences with Sir
Frederick Phillips, Under Secretary of the British
Ex¬
At
will
by an
President
Washington
in
N. Graves, the
no
of the dam was preceded
by him in which he indicated that he has no doubt
ultimate development of the St. Lawrence River
address
of
of the President in thus bringing
The action
the workings
regional commissions will be far more closely in touch with
the needs of all the localities and all the people in their
June 30, 1938, he said: "I don't go much for hopes."
our
Planning—Expects Ultimate
Lawrence Project—Predicts
pressing of a button by President Roosevelt, on
With the
discussed
whether the do¬
should be continued after Dec. 31, the ex-
Morgenthau said that he had not begun to study
Mr.
up
Wholly Electrified—Speaks in
Sept. 28, the first production of power from auxiliary equip¬
ment of the Bonneville Dam, on the Columbia River, Ore.,
motion
that a switch to certificates of
on
When
Time
to
Regional planning agencies which the President
The
ing
and
Bonneville Dam
Forward
Looks
River
Support of Regional
Development of St.
Balanced Budget
started.
banks.
new
tripartite currency stabilization agreement
Area There Will Be
,
into
the rate, economic or political situation
indebtedness with fixed
price and a fixed rate of interest, even though slightly more costly to the
Government than the present Treasury bills, will be well received.
Re¬
gardless of what form of securities the Treasury may adopt for its short
term financing, it is felt they will be well received by large metropolitan
a
Columbia
was
in
the country, or the state of the stock market.
However, it is apparently its
desire to spread out the holdings as much as possible, rather than have them
held too largely in money centers with the possibility of their being dumped
the market whenever the
The Secretary
this country was anxious
President Roosevelt in Dedicating
developed
has conducted in the past have
the fruits of the conferences.
of "hot money"
problem
informed that
assured of a favorable reception for its short term
The inquiries that the Treasury
on
would
Mr. Morgenthau indicated that there
arrived,
however, that the
mutual
was
form of short term issue.
issues, regardless of what may be
Belief is expressed
Frederick
Sir
would be considered. Sir Frederick
to continue the currency stabi¬
lization agreement in even closer cooperation and that this country desired
Great Britain's cooperation in controlling "hot money," it was reported.
the
and interest rate.
the fact that it is always
and for cooperation in exchanging
with partial purpose of controlling
aliens,
taxing
formal announcement
no
revealed,
the interior to obtain their views as to
satisfactory form of short term paper,
in
and
money."
When
be
reported also to be contacting
are
traders and large investors in
on
information
tax
/"hot
presumably with a
view to determining the best
a
the fall in the value of the franc,
tion to
mid-March maturity to be
redeemed by cash from the quarter's income tax collections.
Treasury officials will resume their conversations with the Open Market
Executive Committee of the Federal Reserve system next Wednesday with
of short
Washington
ference,
the
"major financing" by the Treasury prior to
2157
'
ville
President's trip to the Pacific Northwest was
our
Sept. 25 issue, page 1996.
Dam follows:
'
Financial
2158
Today I have
of
another
four
years
I had
ago,
and of pleasure in the fact that
to
1920,
I
visited
1932,
Portland
to
studied
first
Oregon
which
and
possibilities.
Idaho
since,
have
and took
the
through
goes
in
Again,
occasion
action
in
the
of
stages
water
of
resources
the Nation,
the
more
we
accept the fact that their use is a matter of national concern, and that in
plans for their
our
well
and
of
for example,
30
and
land
as
had known aa much and acted as effectively 20
we do today in the development of the use
we
years
semi-arid strip in
border to
the center of the country
Texas,
could have prevented
we
which
in great
part the abandonment of thousands and thousands of farms in portions of
States
10
families
thus
and
from
the
prevented
those
migration
States
the
into
areas
of
would
have
done
which
should
have
this
been
the
stopped
by
avoiding
kept in grazing
the
At
overgrazing.
prevent
which
thousands
of
of
the
plowing
destitute
of
would
we
forests
our
of
up
vast
areas
and by stricter regulations
range
time
same
denudation
and
have
it
is
the
not
them
them, I
of
many
and
especially
ago
individual
an
have
the
harm
to
had had the
we
willingness
would
we
property take
State
or
the point of
local
or
citizen
or
depredation against nature in such
years
necessary
his
Federal
view
government
In
generations
their
Americans.
of
knowledge and especially the
necessary
a
which,
sum
the last
in
Montana,
it
States of Oregon,
the
part of
few
has
years,
is
as
Washington, Idaho and
increasingly important that
expect it will be 50 and
we
appreciate and understand fully
of the great sources of power
some
which
from geographical
Come
New
than
York,
River
of
developed
we
and
the
of
production
the
think
we
of
budget
natural
of
the
State
of that region
area
as
be
served
areas.
by
know how much
we
natural
our
properly be
can
the
resources,
expended
protection
of
the
for
soil,
our
highways and buildings, the maintenance of
our
the
harbors
our
it will be
regional planning
general heading
vastly
easier for the executive
branch
the
shall be fitted most fairly and equitably into the total amount which
Congress
national
our
who live
some
States,
pocketbook allows
the
appropriations
for
the
following
safely to spend.
us
who live thousands of miles away in other parts of the United
to give two or three simple facts.
This Bonneville Dam
I want
the
on
Columbia
side of
south
River,
the river
miles
42
and
east of
Washington
Portland,
with
the north, is
on
Oregon
the
on
of the major
one
and navigation projects undertaken since 1933.
It is
170 feet high and 1,250 feet long.
It has been built by the
Corps of Engineers of the War Department, and when fully completed, with
part of its power installations,
Its lock will
inland
than
Its
will cost $51,000,000.
enable shipping to use this great waterway much further
at
present,
agricultural and
and
mineral
give
outlet
an
products
of
to
Oregon
the
valuable
enormously
and Washington
and Idaho.
ultimately will produce 580,000 horsepower of electricity.
the construction of this dam we have had our eyes on the
generators
Truly,
future
in
of
the
Nation.
States
the
As
I
look
of
give
us
of small
Bonneville
upon
spending,
as
wiser
are
in
be
returned
the
in
using
within
wealth
our
a
of
that
income
war,
like this
projects
on
national
purposes
of
radius.
wealth, better living and greater happiness for
more
the
and
distribuiton
great
their
for
of
people
navigation
the
help the thought
cannot
half
do,
armaments
more
the
of
and
power,
today I
nations
to
improvement
communities
Dam
some
and
armaments
up
America
will
cost
over
cheapening of electric
the
to hundreds
power
instead
Its
times
many
transportation,
piling
close to
how
to determine
^ Bonneville Dam
a
it is
as
of
amount
miles of the
of
the
we
which
in
in
will
children.
our
cheap
The
power.
proposed dam
Pittsburgh—a
vast
city
of
Northwest—In
Boise, Idaho, Says He Is Trying to Think
of "Bigge
Objectives of American Life"—At Chey¬
enne
Says Greater Part of Emergency Is Over—
Remarks Regarding Casper-Alcova^ Project—Visit
good
enthused
were
Roosevelt's Tour of Pacific
Address at
Lawrence
St.
huge manufacturing center close
a
up
Governor of the State of
harnessing
to the
whirling
dream,
laid
to
power
but wiser
down
wide
as
a
counsels
based
policy
an
area
Yellowstone
to
govern¬
distribution
the
on
the
as
prevailed and the
science
of
the
of
the
transmission
Park—Dedication^ of Timberline
to Columbia, B. C.A L*
felt
President Roosevelt delivered the first formal
his
tour
of
the
Pacific
Northwest
visited the Bonneville Dam
permit.
We
logical geographical
will
Lodge—"Good-Will" Visit
a
would
of
President
I became
the
vast
a
few
a
of
part
a
100 years from now.
even
the desire of
for
power—another
was
proposed
the
year
machinery.
ment
the
Lawrence Project
plans
by the prospect of building
It
for
public works.
By
it,
on
cost the
in this watershed to seek the advantages
eight years ago, when
people who lived within
source
Government
the form of unplanned,
proximity.
St.
More
the Federal
and channels and all the other elements which fall under the
United
|nd especially in terms of the whole population of that
today and
I
this
construction of
citizens to
to harm
as
the part of the Federal Government to act
on
saved
future
of
group
a way
Coming back to the watershed of the Columbia River, which covers'the
unit
of
advantage
great
development
power
taxpayers of the Nation at least $2,000,000,000.
greater
of
from the top in
come
this process of planning
from the bottom up.
Under our laws the President submits to the Congress
an
annual budget—a budget which, by the way, we expect to have defi¬
nitely balanced by the next fiscal year.
to
they miscall "the liberty of the individual."
not permit
acts of
neighbors,
of
any
of
individual to
any
do
I
liberty does
If
lie within each
disastrous
not agree and never have agreed, because,
unlike
thinking of the future of the United States. My conception
am
commit
with
concern
interfere with what
With
from
plan
year—a
O
responsibility
checked soil
controlled
friends who talk glibly of the right of
my
anything he wants
that
each
various
be able to get
based on
primarily to help all the people of
any one locality
or
discriminating
favoring
•
the
words,
Another
To you
of
Some
plan
the
Executive,
appropriations of money, but will progress to the national
capital from the ground up—from the communities and counties and States
fires.
do
other
out
Chief
itself will
and
We
erosion,
unduly
without
welfare of its citizens will not
Washington and Oregon and
California.
to
region
worked
plan which will seek
a
against any other.
ago as
the Canadian
from
runs
40
that great
in
line of thinking must include great regions
our
localities.
narrower
as
If,
use
carefully
a
needs,
the Congress
hit-or-miss
study the
we
the
I have proposed, the
as
departments and
region
future
In
exactly three years ago I inspected the early construction
more
each
recorded part of American national policy.
a
of this dam at Bonneville.
The
By decentralizing
government
mighty
its
Washington
and
views
express
Congress, become
Almost
I
when
1937
Regional Planning and Balanced Budget
in its
part.
some
My interest in the whole of the valley of the great Columbia River
back
Oct. 2,
feeling of real satisfaction in witnessing the completion
a
great national project,
inception,
Chronicle
that
the
Governor and
the Legislature
of the State
owed
it to
are
referring to his
remarks
Sept.
on
that
on
speech of
28,
when
he
River, and
the Columbia
on
we
occasion
in
another
the people in the smaller communities
item in this issue.
them
various gatherings, for the most part from the rear end of
his train, and several of his talks following his departure
the
benefit
their shops.
for hundreds of miles around to give
cheap electricity in their homes and their farms and
of
And, while the St. Lawrence project is still
doubt of its ultimate
no
of
the
widest
That
the
is
why in
Grand
and
its
we
Coulee Dam
of
well
can
use
great
the electric
when
developing electricity
tributaries,
transmission
this
possible
and
the
is
current
from
dams
of the
this
such
I have
paper,
Bonneville
scientific
Dam,
prevail.
strides
when
columns
that
While
en
on
page
route the President addressed
Sept. 22,
1996.
referred
were
in
to
Address at Cheyenne
briefly referred in our item of a week ago to
President's remarks at Cheyenne, Wyo., on Sept. 24, we
the
community in
every
Y.,
Sept. 25,
.
The
today
are
will be wholly electrified.
area
Hyde Park, N.
from
Columbia
the
on
from
these
flow.
to
ought to
use
far distant,
not
starts
be built
to
widest
making
date,
a
other
from
policy
electricity
visualize
on
development, and of the application of the policy
While
we
quoting
further
from
his
remarks
that
at
city
as
follows:
Would Encourage Building
It
will
because
is
from
that
now
do
I
thinking
am
I
venture
everything
in
the
our
of
Up of Smaller Communities
the
further
to
power
Nation
the
and
prophecy
that
region
50
time
as
the
encourage
As
building
years
passes
we
of
up
the
there
you
population.
An
„
one's
home
and rents become too
to
one's
work
back
and
Real
high; the time consumed in going from
again
becomes
congestion
excessive;
of streets and1 other
transportation problems arise; truck gardens disappear
because the backyard is too small; the cost of living of the average
family
rises
far
too
There
is
high.
for
suggest,
Seattle
could
and
be
to
that
example,
given
the
balance
more
great
and
cities
at
the
expense
of all
healthiest
growth
and
No
Portland and
it is
but
the
a
it
one
is
a
would
Tacoma
fact that
and
they
smaller communities of
depends
Your situation
situation
in
proposed
the
in the
the
other
the
in
regions
Congress
in
a
simultaneous
healthy
this respect no different
of the Nation.
That
that
regional
planning
planning
for
the
is
will
untrue
have
read
statements
in
here
some
posed legislation would set
State
take
lines,
totalitarian
centralized
Most
or
away
boards
future
be
it has
up
seven
in
set
or
many
misleading
politicians
some
and
utterly
this
that
pro¬
all-powerful authorities which would destroy
up
local
and by
government
or
some
and
what
make
other kind
of
opposite
the
a
people
dangerous
call
a
national
control.
will
be
to
far
the
more
exact
is
truth—that regional
closely in touch with the needs of
localities and all the people in their respective
regions than
plans which originates in the Capital of the Nation.
deal
great
I
want
to
Gov¬
of
objective.
accomplish
four years have spent in every
or
Federal
money—in
But at the
useful things,
there
and
putting people
time
same
is
not
State,
a
to
have tried
we
or
a
few communities in the whole Nation, that have • not been
by these Federal expenditures, not in a temporary way, but in a
permanent
way.
thinking this morning of the question of airports, and I do not
was
know
whether
main
one
ernment
has
airports
in
with
the
ports
in
the
every
an
in
realized, but
airline, and
the
actual
several
not
you
are
one
the
of
stations
know that the Federal Gov¬
you
building,
hundred
today that the United
of
not
several
but many,
dozen
new
thousands,
many
States is checker-boarded
with
air¬
State.
accomplishment of the past three
dozene
renovated
or
thoroughly
country,
not
way
is
assisted
result
That is
built
it
transcontinental
or
with
Last
We have
hundreds,
but
combination
a
four
or
thousands
State
of
And in the
years.
schools
of
have
been
Federal funds.
and
of Federal Money Allocated for Public Works Projects
to
Federal
money
sewer
there
was
ties
had
I
will
some
a
all
the
system of
clear need for replacement
very
allocated the last of the
more
schools,
works and things of that kind,
water
more
we
Those consisted of
where the States
or
or
where
locali¬
already voted bonds.
tell
schools
you
amusing
one
had been burned down
buildings
that
of
munity of
story of the allocation
to confine them to
me
from
The
end of the greater part of that pro¬
an
Washington
for public works projects.
project
down,
day to
the other day in
systems and
a
Congress told
the
come
and just
gram,
replace
that
problems—and
doing.
during the past three
we
is over—not all of it,
emergency
difficult
of the things that the National
very
more
elsewhere
as
papers
authoritarian
people realize
commissions
very,
from the
why
eight natural geographical regions.
You
is
many
some
radius of hundreds of miles.
coordinating the
of
purpose
Northwest is
great
a
on
and
country a
utmost
I
great
That is the primary
same
actually
growth of every smaller community within
for
this,
study.
more
of
of
they form logical centers.
Their
been
all
in
Spokane should stop their growth,
unhealthily
grow
which
ought
reasonable
a
the
a
briefly about
done
example,
benefited
on
doubtless
balance which
For
work.
still
are
very
has
part of
our
over-large city inevitably meets problems caused by over-size.'
estate values
to
ernment
smaller
communities of the United States.
Today many people are begin¬
ning to realize that there is inherent weakness in cities which become too
large and inherent strength in a wider geographical distribution of
know, the greater part of the
you
because
talk
one
a new
were
the
or
about
Southern
school building and
new
school
and
we
building
granted
the
was
those schools
where
a
new
to replace
project,
for
but
to
down,
there
the
and
be
built to
came
building in that
a
com¬
library.
one
in
for school projects.
to those places where
schools had
new
tumble
to
States
or
which
the
case
was
of
about to tumble
the
library, they
Volume
Financial
145
apparently did not have
great
regret
The
how
buildings,
much
Washington to
they
see
for new
funds just
unless
needed,
were
and I told him
me,
Federal
they
I
said:
"Mr.
in
he
1864
I
and
said:
so,
this trip,
on
I
West
come
The
and
other
editorial
washed
I
out
with
this
the
the
was
of
newspaper
that
fact
think,
I
eyes.
own
of
loss
the
of
had
of'money,
and
Government
Federal
do not make
home-run
a
the editorial went
point
of view, which
time they
every
taking that
on,
I
as
the point of view of the
believe is
do not
Nation, that in
the construction of these great dams by the Federal Gov¬
ernment
we
are
creating millions of kilowatts
of
be
by
the
people.
I think that
I
used
that when you
the
In
projects
are
Alcova
You
homes and
the
that
is
not
in the
farms
State,
a
drought area,
the
from
their
earn
find
of it
go
for
good
who
land
and
chance
a
able
being
not
that
land
is
ought not
It
is
meet
here
get
rank
people
matter
a
trying
am,
of
fact,
for
is
the
of
of
little bit
must be
view
not just
Democrats,
and
Presidency,
20
years,
that
in
is
the
most
and
country
prosperity
10
well,
the
100
the
for
beet
sugar
raisers
Yes, I
head of cattle
and
the
of
one
the
necessary
four
past
to
firmly
things that
have
years,
do
100
and
give
And
tried,
I
They
he
up
so,
am
was
the people
the
of
their
of
They
government.
approve
objectives—by present methods to attain
for
though those methods be changed by consultation and
become
do
not
to
the
about
enthusiastic
very
objectives,
do
and
I knew
man
nothing
who
those
toward
in up-State New York, in
once
leading citizen who
service
I
in
that
association
would
have
hours
influence
in
to
who
those
gave
attain¬
prosperous
a
that
see
the
in
work
this country
than
the
of
Legis¬
the
shortening
gave
lip
has
he
State,
less
in private.
that type
before
ever
bill in
a
compelled the
or
factories
civic betterment
in
State associations.
block
to
labor
away a
of the
one
money
child
stopped
cf
government today
in
of
person
We
history.
our
can
and State and Federal Government without the services
get along in local
of
needed
and fought
public
glad
am
was a
the heaviest contributors to
of
one
over-long
citizens
good
are
only
long
so
it
as
does
not
their
cost
pocketbooks anything to be good citizens.
by
it
taking
Yes,
Government
and
servants
unselfish
in
the
part
the
intimately
very
with
the
prosperity
the
of
farms of
the
South, and
your
That,
of
I
believe,
these
years
will
we
are
be
written
living
in
American
large,
the
conduct
in
in
the
history
as
a
now—the welding
come
out here
on
and I hope and expect to come out during the next three
trip,
public
of
affairs
this
in
as
I
them
women,
and
more
large
whole,
a
the
taking
are
file of
interest in their
rank
more
and
are
we
its
in
this
in
to
going to keep
on
You
succeeding,
is
country
by the few
way
people
I,
and
friends,
are
hearts
do
making it
making it work.
this fine part of the Nation.
see
the
despite
who in their
my
I
glad to
am
see
the
being made here, the interest that is being taken here,
hope during the next three years to be able to come back and say
that
I
"Howdy"
is
to you
once
more.
ing, where 300 wheat ranchers and khaki-clad CCG workers
met his
train, the President spoke
first time
on
foreign affairs for the
his trip to the Northwest,
on
said United Press
advices, which, in part, also stated :
"The
bad
this
I'm
reason
Roosevelt
international
Senator Joseph
of
en
making
the
this
"is that I can't be
said,
Seattle
trip- to
in
such
a
hurry,"
Mr.
from Washington too long during
away
situation."
O. O'Mahoney of Wyoming,
one
of the Democratic lead¬
President's Supreme Court bill, boarded
fight against the
the
Cheyenne this morning.
train at
On Saturday,
Sept. 25, the President reached Yellowstone
During the week-end he was joined
by his son-in-law and
In
children.
talk from the rear end of his train at West
a
Yellowstone
Park, Mont., he had
the following to say, in
part, according to the Associated Press:
had two wonderful days,
We have
.
.
.
and I also have had
a
very
good chance to talk to Superintendent Rogers about the future of the park.
Apparently
our
chief problem
is not animals
or
trees or fish, but human
beings.
was
very
much interested today in seeing the figures which the Super¬
me.
In 1929, which some of us think of as a boom year,
intendent showed
there
260,000
were
people who went through
This year, which
the park.
look
All
but I
now,
don't know—at reasonable
even
across
rates,
to
I hope
only
not
the Nebraska line.
chief problem in the
our
are
of
your
future will be taking
care
of people, because
going to come whether we like it or not, and it is up to us to
them.
after
you
good people who live near the park are doing splendid work
hospitality and
the
spirit of welcome that
you
are
showing to
people who come here from all over the United States.
Senator Murray and
were
It
was
Representative O'Connell of Montana
those who met the President at Yellowstone.
among
stated in Associated Press advices from the Park on
on
Sept. 26 that because of bad roads near Owyhee Dam in
Oregon an inspection of that project on Sept. 27 would be
omitted.
In its place was substituted a motor tour through
Nampa, Caldwell, Wilder and Parma, Idaho, and Nyssa and
other
President, in his remarks at Casper, went
evidences
work—your
read
so
what
of
high
much
in
it worth
the past four
it
the
government
school
stadium
my
One hates to talk figures to
younger
has been
and
old
doing
Fort
in
the
Casper,
way
a
the people of any State, but the fact remains,
in
half years—four years—the State of Wyoming has had
$60,000,000
of Federal
funds.
be spent nearly as fast as that in the next four years,
because there is nothing like the unemployment today that existed when I
came into office.
As a matter of fact, just in the past year, the number
on
that,
relief in this State has decreased from 11,000 to under 6,000.
of course,
is helping me to balance the budget,
doing it.
all six places.
Remarks at Boise
days.
noting—and other States have shared in proportion—that
and
It was noted that there are Federal projects
Ontario, Ore.
at
about
is not going to
people
as
just one illustration of what the government has been doing this
is
in
and'
democracy work.
see
glad
am
and
in
People all
past four years, and in this delightful drive that I have just taken I have
which I
to
work, and
to which he said:
ought to know about it: the fact that the diversion dam
In part, the
useful
men
public good
before, and that is due in
ever
public
democracy
thrown
want
So
glad that this great project is being constructed.
communities in this State but
That
do than
the
the
nobody claims is a boom year, there were 500,000.
very
have
that
with
concerned
more
work they
fact
citizenship,
obstacles
not
I
glad to have been able to
am
to
are
government than ever before.
belt,
friends, I
my
the country
of
1933—a
daughter, Mr. and Mrs. John Boettiger, and the latter's two
to say:
All
the objectives
service
He
that
lature
going to irrigate 33,000 to 34,000 acres of land, the fact that the power
of
early
in 1932 and
given over largely to sightseeing at the Park and vicinity.
years,
plant is going to furnish electric power, and at reasonable rates.
It
they resulted
as
eight years,
four
that
years,
corn
Casper-Alcova project,
spent
public life
in
the part of the
on
dictatorial form of government, and the destruction of
they
like a
are
Whenever
people
and
of government
processes
the leadership
if
emergency
lot of money. He
made speeches about improving the lot of the working man and the working
woman, and he was an advocate of civic righteousness, but all the time
Casper-Alcova Project
of
And it is worth repeating
that democratic
Park, Wyo., where he spent two days, his time there being
At Casper, Wyo., on Sept. 24, the President alluded to the
had
not
the
again.
many
lip
community.
think
for
national point of view.
a
the cotton
here.
out
annual
you
and
ing them.
together of the people of the United States.
is
War,
we are
intellectually dishonest,
are
met, uncertainty and fear
are
those who work
but
only
special
belt, they know that their prosperity is affected by
on
accomplishment
over
Civil
government, that
our
only those who
an
result,
to
a
approve
conference;
with
go
the greatest good
convinced
acres
of beets.
acres
those people in the great factories of the East and
way,
wheat
prosperity
tied
is
same
the
in
I
judgment the past
my
liberties.
support
per¬
of the South, and with the industrial workers of the East;
growers
Middle West
years
in
certainly since, the
pretty well convinced that the rank and file of the people of
am
country
of
heart I
my
who have
men
who has 1,000
one
very
far
so
as
good
the
of
who have
men
in these next few
am
more
in
Republicans
people out here realize, far better than you did four years ago, that
in
this
that I
Speaking on Sept. 24 at Wendover, a small town in Wyom¬
who has 1,000 head of cattle, and
the
in
so,
I
and
do
to
the
fairly successfully,
And
years,
more
prosperity
great
which
problems
to
personal
our
country.
well.
cattle
in the
in the
we,
but
interested in the 10
more
think
I
greatest number.
Nation have
short—trying
especially of the
Perhaps somewhere down in
man
one
am
that
me
the
in
of beets.
the
in
as
simply
very
interested
more
am
to
seems
cotton
that
ago,
occasion,
will seriously disagree with.
likely
are
progress
it
interested
am
apiece than I
honestly and
and
I
little bit
a
pretty useful
broke.
of
here,
growers
apiece than I
and
so,
few years more
a
the point
trying
Out
course
the
am
a
this short trip—for
on
American
been
have
and
your
having spent for
States is not going
the people,
country,
You
served
part of the duty of the Presidency to represent,
a
number.
the
all
people of this Western
I
of beets
has
file
it
haps I
it
view,
greatest
It
those
Constitutional
just rich people, but poor people
a
matter
a
thinking in national terms.
problems of
result leading
living.
a
better country
a
possible, all
cattle
And
the plow.
talking about WPA and PWA and soil erosion and
of the United
I
and
And
under
put
for very obvious
now
cross-section point of
a
Yes,
not
week
a
first
parts of the Nation
the
Unless
taking in in taxes; and do not let anybody deceive you—the
were
Government
So
As
camps.
we
to be
tilling
I believe it is the duty of the Federal Government and
I could go on
so
purpose.
than
are
governments to provide them with land, where it is possible to
CCC
the
other
in
to
thousands of families in the East who
are
the land they
it, where they can make
And
12
Texas—people
have headed farther West, looking for
looking
there
way,
same
It
State
am
Oklahoma,
land, forced to leave their homes to avoid
poor
on
livelihood,
these families,
the
as
central high¬
of them from the eastern part
some
As
summer
country has, I think, shown consistent improvement during our generation.
reasons.
to
of all the
care
this great
on
the
blind partisans,
can
of
hear
Nebraska,
Dakotas,
unable to make good on
do
to use it.
it.
So, in the
for
way
come.
You
so.
day, about
statement
is a
also
lands, that there
farm
use unnecessary
the United States to take
it for 50 years to
know
could not make
are
in
put
we
starvation—and those people
to
and most people realize
to tell the people that these reclamation
on
farm land in
needed
I
and
That
and know of a number of people, families, who have had to leave their
way
of
Coulee
good
people who
only acting but
never
waste of money—that by building projects like Casper -
pure
Grand
or
and
you
which will
power
the public finds some useful
power
they went
way
a
enough
was
do create
same
other
the objectives—even
to bat.
come
text, and pointed out from
a
and more.
more
closed.
was
probably during the whole of the 150 of
was
human, just like I am, and that
are
traveling
are
people in Yellowstone Park this
there until it
go
marked
years
this
know that engineers
you
the
said
an
Projects
it
deal
good
the
West
Works
part
Kansas—a
a
that
way
Middle
the
of
one
in
to
recognizes and has the courage to tackle the problems of the day.
funds.
believe
But
the
dam,
undoubtedly
that
wasting its
great
a
text
projects—a
types of projects.
many
many,
to wait
four
library was burned
our
get more people out of the East
to
with their
in
its
as
West
come
read
took
out,
pointed
their
President,
is beginning to understand1 all of these problems in national
glad the people
am
Yes, the country is thinking nationally, there is no question about that.
or
things
see
day
that
Administration
they
"Mr.
looking at
am
always keen when I
am
I
back
by General Sherman."
And
to
our
is
came
had
I
library was burned down."
funny, because there is nothing said about that in the
When was it burned down?"
application.
And
Roosevelt,
"That
said:
I
2159
of fact, there were so many
to
were
replace something that had been burned down.
He
The country
replacement, and with
a
terms.
could not spend
we
how
matter
no
to
came
but that
was,
not
was
the application.
the school
of
I
sorry
library and it
a
rejected
we
head
Chronicle
and
we are
At
Boise,
Idaho,
where the
President
spoke briefly on
Sept. 27, he stated that "it isn't by any means one of the
tasks of the President—the sole task—to think about the
present."
"One of the first obligations of the Presidency,"
"is to think about the future."
In part,
he went on to say,
he continued:
We
have
been
past we have been
and
very
often
we
through
150
years
wasteful people.
have wasted human
a
of
constitutibnal
existence.
In the
We have wasted natural resources
resources.
And one of the reasons
<
2160
why the
Financial
President
the
of
United
States
ought
travel
to
throughout
country and become familiar with every State is that he has
tion
think
one
State
the
Idaho
particularly glad
have
I
is
that.
after
trip to
this
on
the
great obliga¬
a
longer President.
no
see
To
That
part of
a
is
the
seen
before.
I have traveled through
through the northern part of the State,
that makes me very proud of this part
never
of the State and
seeing something
am
he
the generation
and
generation
am
that
part
I
now
the
next
why I
eastern
and
of
of
think about the duties when
to
about
reason
the
■
him
on
VV':;
country.
Chronicle
that "it will, I know, serve to emphasize the
many close and
between our two countries."
in
these
I
travels
not
am
just thinking of the
more
I
From
Trying
to
think
I
passed
about
how
make
to
are
we
this morning;
the
for
conservation
of
the
natural resources of the country, to think about the greater
prosperity
agriculture; to think about the saving of the timber; to think about a
of
better coordination
our
influence
I
wish
have
And
to
the
rest
on
There
touched
I
Washington
regain
The
distribution
greater
think
of
in
old mythologist who
was an
is
the
ground,
redouble
to
the narrowest
of
one
his
places
world—I
introduced
was
the
to
his
address at
the
on
Bonneville Dam,
Sept. 28, the
on
day spoke at Mt. Hood, Ore., and in
dedicating there Timberlaine Lodge, a WPA project, stated
that the Lodge "marks a venture made
possible by emer¬
gency relief work, in order that we may test the workability
of recreational
and operated
the
facilities installed by the government itself,
under its complete control."
few
past
At Mt. Hood the
follows:
national
great
oldest and best
our
under the jurisdiction of the National Park Service;
park
irrigation
fathered
areas
by
Reclamation
the
Service;
hours ago a huge navigation and power dam built
by the army
Now I find myself in one of our
many national
forests,
slopes of
Mt.
Hood.
and
few
a
engineers.
here
selves—permanently available for
In
the
bound
to
We
our
in
total
of
in
part
this
our
and
different forms
of
use.
forests already
the years
as
go
of
them
is
of
cut
perhaps,
rotation
our
of
by
in
water
under
im¬
an
is
its
of
provide
saving
types
many
forage
for
replaced
useful
of
livestock
floods
the
on
Our
trees.
and
and
the
under
its comp.ete
Hood, will
control.
come
and
in
the
forests.
our
Columbia
Looking westward
River,
with
their
and
northward toward
lumber and
great
other
vacations
every
who
will
season
parts of
will
our
follow
represent
of the
year.
me
the
to
Timberline
enjoyment
of
Lodge
new
Among them will
Portland
on
their
holidays and
opportunities
be many
from
for
play
Sept.
who are fulfilling a very
ship—getting to know their country better.
22,
desirable objective of
citizen¬
Victoria
A
rainstorm; regarding his visit to Victoria, Associated Press
advices from Seattle Sept. 30 said:
Roosevelt
which
trip to Canada in 14 months.
In July
a
year ago he went to Quebec after a
sailing cruise around Nova Scotia and
advertised his Western Hemisphere
"good neighbor" policy.
Lord Tweedsmuir, Governor-General of
Canada, returned the President's
1936 visit early this year. Steps taken under the
Roosevelt administration
improve Canadian relations included
a
the
of
message to the President extended "a most cordial wel¬
Dominion," and declared that "the pleasure which
your
visit
affords to the people of Victoria is shared
by Canada as a whole," adding
Warm Springs,
of
a
at
Hyde Park,
N, Y.,
on
foundation
national
new
to
carry on investiga¬
paralysis and the methods
of infantile
continue
President
as
the
of
latter, accord¬
much concerned
the epidemics of infantile paralysis
over
cities in different parts of the country.
many
And
this
disease
again there is brought forcibly to my mind the
once
increasing
accumulation
be
can
of
brought
lives—which
ruined
under
control
and
after
effects
"
personal
own
continue
must
its
experience in
the work that
have
we
been
doing at
the Georgia
Warm Springs Foundation for over 10 years leads me to the
definite conclusion that the best results in attempting to eradicate this
very
be
cannot
of
one
its
10
be
that
the
at
years,
almost
effort
our
by approaching
whether
during epidemics,
work
over
devoted
secured
aspects,
emergency
the
oi
I
the problem through any single
preventive studies
after
or
foundation
•
for
Warm
Springs,
study of
body.
have
we
treatment
have
said,
and
and
make
effort
is being
the
of
we
energies to other phases
■
arrived when the whole attack
now
directed,
And it is for this
paralysis
lead, direct
every
Ga.,
improved
,
plague should be led
I
laboratory,
During these years other agencies, which
fight.
infantile
As
the
in
treatment.
at
entirely to the
firmly believe that the time has
this
on
though not controlled,
that
purpose
a
by
one
national foundation
new
created.
general
foundation will
new
phase of this sickness.
every
on
to insure that
the
of
purpose
unify the fight
responsible research
every
infantile paralysis and the methods
endeavor
eliminate
to
wreckage caused
be
to
It
will
in
this
agency
much
by which it
the
of
needless
be prevented.
may
after-effects
of
this
It will
disease—
by the failure to make early and accurate diagnosis of
its presence.
We all know
and
the
are
Much
improper
of
cause
be
can
done
foundation
new
during the acute stage of the disease,
care
antiquated treatment,
the
ment,
The
that
of
use
new.
thousands
downright neglect of
or
of
along these lines right
will
the reach
of the
carry
doctors and
physician is in reality
then
and
now.
this will be placed within
hospitals of the country.
The practicing
the sickness, and there is
fighter of
there is also the tremendous problem
those
hundreds
affliction.
bility
in
the
the front line
bodies
broad-gauged educational campaign,
a
on
treat¬
any
powerless
existing valuable knowledge that should be disseminated to him.
And
with
this
twisted,
crippled,
prepared under expert medical supervision,
To
enabling
of
local
their
thousands
of
investigate,
those
afflicted
so
by
develop
the
after-effects of
medical
every
become economically
to
be
will
communities
to
to what is to be done
as
ruined
already
study,
to
of
one
chief
the
possi¬
independent
of
aims
the
new
foundation.
who
Those
today
fortunate
are
being
in
not understand
naturally do
power
full
in
it
what
possession
of
to
means
a
being paralyzed by this disease to have that powerlessness lifted
small
degree.
others
on
The
It
and
an
public has
necessary
to
the difference between
means
individual
little
who
can
wholly independent.
But the
such results.
to a
being dependent
of the patience and time and
conception
accomplish
be
human
a
their
human
even
results
expense
of
the utmost
immediately.
It cannot
are
importance to the individual.
work
The
its
Its
new
to
I
my
organization
activities
Warm Springs
inception.
fairness
active
the
of
delayed.
shall
will
Foundation,
continue
start
must
include
among
President
as
I
of that
foundation.
But
a
are
in
very
new
hold any official
it.
because
However,
sincere
now
the
of
President since
this time take
cannot at
foundation, and I therefore do not feel that I should
Its
others those
which I have been
of
official responsibilities,
many
part in the much broader work that will be carried out by the
position in
who
King and President Roosevelt
good-will on the occasion of the
President's visit according to Canadian Press accounts from
Ottawa, from which we also quote:
come to
Include
to
Infantile
on
properly treated.
the
Prime Minister Mackenzie
King in his
Will
Foundation
Fight
reports from many areas in which this disease is again spreading
constantly
reciprocal trade agreement and
amendments to customs and tax laws.
messages
of
adequately financed to
cause
will
its destruction.
Georgia
Mr.
formation
have been prevalent in
I have had
ber-December.
exchanged
Phases
ing to his statement regarding the new foundation, issued
as follows at Hyde Park:
be
to
•
others, those of the Georgia Warm Springs Foundation." Mr.
today's trip Mr. Roosevelt left American territory for the first time
second good-will
British
The President also stated
"the activities of the foundation will include, among
since his inter-American peace conference visit to Buenos Aires last
Novem¬
his
the
by which it may be prevented."
that
muscular
"good-will" visit was paid by the President to Victoria,
British Columbia, on Sept. 30; he sailed for that
point on the
destroyer Phelps at 9.40 a., m. Pacific time, in a heavy
was
All
in this country is
much
Sept. 29 the President and Mrs. Roosevelt spent the
day at the home in Seattle of Mr. and Mrs. Boettiger; on the
previous day the President passed through Portland, Ore.,
en route from Bonneville Dam and Timber
Lodge, to Van¬
couver, Wash., where he reboarded his train in the evening
of Sept. 28.
It also
of
rest
National
Roosevelt announced
the
tions into the
On
On
the
"lead, direct and unify" the fight on every phase of infantile
paralysis.
The foundation, said the President, "will make
every effort to insure that every responsible research agency
in
the uttermost
Nation, travelers from the Middle West and the East and the
South—Americans
Visit to
'
Creates
Paralysis—Activities
wood-using
industries, they will understand the part which national forest timber will
play in the support of this important element of Northwestern prosperity.
Those
and
country is adequately financed to carry on investigations into the cause of
thousands of visitors in the coming years.
Looking toward eastern Oregon, with its great livestock raising areas,
they will visualize the relation between the cattle ranches and the summer
ranges
four years,
or
Ga., Foundation
national
national forests will provide constantly increasing
recreational use.
This Timberline Lodge marks a venture
our
possible by emergency relief work, in order that we may test the
workability of recreational facilities installed by the government itself and
Here, to Mt.
Roosevelt
Coordinate
they
game,
prevent
■made
operated
Canada
have from time to time assisted, have devoted their
and
t-
Last, but not least,
opportunity for
with
methods,
soil.
our
friendliness
the after effects of the illness.
they mitigate
source;
of
their
on
Governments
than that; much of the timber
more
scientific
stands
new
addition,
at
having the primary function
as
they do far
sold
and
forests,
husband
point, especiaUy in the past three
our
♦
For
them,
national
expressing his
disease
play
by their usefulness
Angeles,
cross
the border
just as though
province or from one State to another," he declared in
one
President
expand.
think
erosion
many
the national
acreage
economy,
timber resources, but
system
to
My
singularly fortunate in having such
are
at Port
Canada
Empire.
;V^;:
The people of the United States
and
During the rest of his informal remarks, Mr. Roosevelt confined himself
unless
the
on
great areas of the outdoors in the permanent possession of the people them¬
portant
of
heads
I have been very
clays I have inspected many great governmental activi¬
ties—parks and soil protection sponsored by the WPA:
known
to the
same
President spoke as
In
the
President
Dedication of Timberline Lodge at Mt. Hood
States
informal speech at a luncheon given for him at Government House
by
an
feel
gathering at Boise
United
Lieutenant Governor Eric W. Hamber.
Washing¬
in
up
Post,
half from here.
a
congratulated the
come
passing from
When
strength.
by Senator James W. Pope of Idaho.
President
where
strength by just meeting the American people.
my
President
Besides
"We have
supposed,
was
the
in
weeks
more
B.
friendly relations.
of
constantly
the world
days and
more
about the country—after long weeks and months tied
go
ton—for
that
Borah.
should
physically take time to spend
time his feet
every
States
and
Roosevelt
for return to American soil
p. m.
trip of an hour and
a
And that sounds like Senator Pope and Senator Borah, too.
I could
going about the country.
I
activities
Senator
like
United
the
behalf of peace.
Industrial
our
sounds
That
resources.
the
of
of
destroyer at 4.12
Wash.,
better
better America
a
to think about the
delightful
Full honors were accorded to the President from the time of his arrival
aboard the United States destroyer Phelps at 12.33
p. m. until his departure
Mr.
a
its
correspondent at Victoria, Robert
reported advices Sept. 30 which said in part:
^
•
Planning isn't much of a word, but there isn't
children
one.
;
trying to think of the bigger objectives of American life—to think
am
about planning.
those
less petty
or
friendly ties
Mr. Roosevelt replied that he and his party had had "a most
visit."
"I hope to see you before long," he concluded.
on
And
problems of the day—the trials and disputes of the moment.
Oct. 2, 1937
interest
I
of
am
whole-heartedly
several
willing to initiate and
personnel will be announced
President
Roosevelt
I
in
this
representatives and
carry
as
on
soon
Ends
cause,
the work of the
as
I
have
outstanding
new
enlisted
individuals
foundation.
it is completed.
WPA
Financing
of
Heavy
Construction Work
Announcement was made at Hyde Park, N. Y., on Sept. 21,
by President Roosevelt, of the discontinuance of loans and
Financial
145
Volume
Administration for heavy work-
grants by the Public Works
relief construction projects.
2161
Chronicle
The President explained that
necessitated by "the need to curtail the Federal
indicated in our issue of a week ago, page
1998, on Sept. 20 the President issued an Executive Order
abolishing the National Emergency Council as of Dec. 31,
this year, and transferring any remaining funds and equip¬
ment of the Council to the Bureau of the Budget on that
the
The recommendation of the conference,
supervision of a proctor.
he
should be appointed in certain dis¬
admitted, was that additional Judges
exists.
tricts where congestion now
the step was
budget."
As
following bearing
The
date.
the termination
on
of PWA
work is from Washington
of heavy construction
financing
1933, will con¬
in skeleton form, with most of its work limited to inspection of
improvements which will be completed during the next two
which has spent almost $3,000,000,000 since
The agency,
tinue only
municipal
Federal Income Tax by
by the Railroad Retirement Board are exempt
from the Federal income tax.
The Bureau cited a provision
of the Rail Retirement Act that pensions are not subject
of
"the passing
ministration
making
of
the country
to
spending had been
PWA
that
policy in regard to
time this fall in a radio
The government's
agency.
explained
some
relief might be
"fireside chat."
for durable goods, such as
instead of consumers' products
such as food and clothing, the President pointed out.
The Administration will continue spending about $500,000,000 a year
for
Federal
public works, consisting of flood control, navigation, soil
erosion, reforestation and river and harbor improvements.
Mr. Roosevelt's action came as he approved final allotments under the
TWA Extension Act of 1937.
The allocations were for $113,034,735 in
Federal
much
Too
concrete
projects.
of Interior Ickes with¬
projects" because cities and towns
able to finance the work them¬
7
"Considering the need to curtail the Federal budget and the improved
financial status of so many communities throughout the United States,"
the White House said,
"the President believes this to be sound public
policy" : 7"'' ••'
77 7- ,
7777.'
77 ,7
selves.
Federal aid were found to be
'•
''''77 ^ ; :
.
Report by Chief Justice Hughes Denies Undue
gestion in Most Federal Courts—Says There
"Just Basis" for
Con¬
is no
Criticism—Attorney General Cum-
"Capitulation" to
mings Says Report Constitutes
Administration's Views
that justice is delayed in the lower Federal courts are un¬
justified.
Such charges have been made in the past by Presi¬
dent Roosevelt.
The report summarized the conclusions of
the recent conference of senior Circuit Court judges.
Al¬
though the report was generally construed as refuting certain
Administration charges, Attorney General Cummings on
actually constituted a "complete capitu¬
of those who opposed
President Roosevelt's court reorganization plan.
The report
admitted that there was congestion in certain circuits of the
Court of Appeals and certain Federal Court districts and
renewed recommendations for the appointment of four Circuit
Court Judges and 12 District Judges, but disapproved the
President's proposal to appoint a new Judge for every Judge
more than 70 years of age and to create the office of proctor
vested with right to assign a "flying squadron" of new
Judges to courts with congested calendars.
A Washington dispatch of Sept. 28 to the New York
Sept. 29 said that it
lation and
a
welcome one" on the part
"Times" discussed the report as
follows:
the conference by Attorney General Cum¬
of the dockets in the district courts, Mr. Hughes
said:
"The survey
indicates clearly that the question
of delays in the trial of cases after
Joinder of issue is one that should be considered with
and affords no Just grounds for general criticism of the
He added that in the
conditions should not
This finding by
week with
respect to particular districts
work of the District Courts."
"few districts" where serious delays
occurred special
be overlooked.
the senior Judges of the 10
Mr. Hughes, contrasted
of Agriculture Wallace Reveals "Income
Parity" Instead of "Price Parity" Will Be Objec¬
tive of New Farm Program—Intimates at Perman¬
Circuit Courts, sitting last
sharply with the declaration made
by
Feb. 5, the day on which President Roosevelt
offered his suprise program to reorganize the judiciary.
"Statistical data indicate that in many districts a disheartening and
unavoidable interval must elapse between the date that issue is joined in
ajpending case and the time when it can be reached for trial in due course,"
Mr. Cummings had stated in a letter to the President urging the court
that the number
of cases pending in the district courts in the fiscal year ended June 30
had actually dropped 12,000 below a year ago.
He also said the Attorney
General's tabulations showed that "important progress" had been made in
speeding up the interval between starting and trying the cases in the district
In his report,
Mr. Hughes quoted Mr. Cummings to show
the report by Attorney
on
noted in the following Washington
the New York "Herald
Attorney
General Cummings
dispatch of Sept. 29
Tribune."
General conceded that the Judges, who meet
Chief Justice once a year
for
a
"I was thinking
the courts.
of the critics and the commentators and
President on court
with the
had
conference and who made the report,
denied there was congestion in
columnists and writers who
to the
Secretary of Agriculture.
The Secretary
hinted at a permanent system of cotton adjustment
also
pay¬
Secretary Wal¬
speech from Wash¬
the evening of Sept. 22, and also at a press confer¬
ments as forming part
of the new program.
expressed these views in a radio
lace
ington
ence
earlier in the day.
the at¬
original Agricultural Ad¬
justment Act was "an experiment," but pointed out that it
"succeeded very well" even though "many people objected
to it."
As reported in Washington advices, Sept. 22, to the
New York "Herald Tribune" of Sept. 23, the Secretary said:
In my opinion, the principle of cooperative crop adjustment is sound
and will eventually have to be applied again.
Moreover, I believe that
In
Mr. Wallace admitted that
address
radio
his
tempt at crop control under the
it
general welfare.
harmonizes with the
and
Farm
factory
together constitute all the
of
control
centralized
kind
one
or
another, an
agriculture will not fit.
competitive
Into the kind
urban industry under
utterly unguided, ruthlessly
today, with practically all
world in which we live
of
market there is, and the
the war, when
of both is narrower today than it was before
practiced relatively free international trade.
sphere
nations
the
What we need is adjusted,
production in both town and country.
We need an ever-normal
Looking toward the future, I believe there will emerge an
program
agricultural
in
all city people truly interested
behind which all farmers and
and that it will include these seven points:
farmers should have a fair share in the national income; that is,
which will give the average farmer as much purchasing power
to the average non-farmer as was the case during the 50 years
First,
share
a
balanced
granary.
general welfare can stand,
the
relative
before the World War.
the welfare of all farmers,
Second,
that the wide
out
much
as
and of city people as well, demands
of the major crops be evened
ever-normal granary and crop
fluctuations in supply and price
possible by the use of the
as
insurance.
Third, the people who
their
live on the land must have security
sake of the land, and for the
the
for
sake,
own
of tenure, for
sake of our
civilization.
Fourth, the soil must be
and
farmers
used properly, to meet the
at the same time be conserved for
future city people.
We must produce
and
generation,
marketing,
they are capable
,
through sound cooperatives,
processing, purchasing, and
farmers,
Fifth,
these
needs of the present
the sake of future
conservationally, not
must come into control of
service functions for whicli
of displaying superior business efficiency.
should be favored by the Federal
Sixth, family-sized farms
having
game
with
do
to
benefit payments and similar
rules of the
aids to rural
income.
.
funds must continue to be spent to promote
agricultural research and farm efficiency, fo^ only by applying the results
of scientific research can agriculture meet the demands of a large city
Seventh, Federal and State
and at the same time
population
In summarizing
conference, Sept.
the
husband our natural resources.
Secretary Wallace's
remarks at his press
above, appearing in
22, the advices quoted
Sept. 23 issue of
the "Herald
Tribune," had the follow¬
ing to say:
it
was
his
press
conference which
made it clear that he
believes the
the principles' application should be shifted.
The announced
objective of the AAA was to give the farmers price parity, which was
defined as the same return for their crops in purchasing power as they
received in
a
five-year period before the World War.
Today Secretary
Wallace
and
in
the newspaper
letter
needed," said Mr. Cummings.
men at a press con¬
"represents concurrence on the part of
Triumphantly, the Attorney General told newspaper
the conference."
should point out that the con¬
alloting the new Judges
to districts where a Judge of 70 years or more persisted in remaining active.
Nor had the conference approved the "flexibility" feature of the President's
nearly all the suggestions I made to
however, that in fairness, he
ference had not
approved the President's proposal for
plan, the spotting of roving Judges in
districts of greatest congestion
under
case
think
to get
parity prices for export
crops," he said.
"There just isn't
in the Treasury to give the farmers parity on wheat and
cotton and corn and hogs.
The farmers might get it for a year, but after
that the consumers and taxpayers wouldn't stand for it.
To my mind,
enough
money
parity income is far more
reasonable and far more important. I mean by
the same per capita share
five-year period before the
parity income that the farmers should receive
the total national income as they got in the
World
War.
ridiculed the contention I made in my
ference that the conference report
the conference with
farmers
this concept, describing it as basically meaningless
impossible of fulfillment.
that in the next 10 years it will be possible for the
jettisoned
any
don't
of
reorganization that the work of the courts was
lagging and that additional judges were
He added,
of
Wallace,
"I
Comment
never
instead
it was made known on
the objective,
will be formu¬
"price parity" as
Sept. 22 by Henry A.
farm program
new
parity"
"income
with
lated
tribunals.
The
Administration's
objective of
change plan.
to
Subsidy for Cotton Growers
ent
The
Attorney General Cummings
was
of the law.
exploitatively.
Referring to a report made to
mings as to the condition
dollars annually.
Secretary
total
made public on Sept. 28 by Chief Justice Hughes
of the United States Supreme Court declared that assertions
A report
the
under provisions
aside
set
being spent
was
money
"a large number of
of
approval
asking for
funds
follows:
held that railroads which challenged the
courts cannot receive tax deductions for
ruling the Bureau
Retirement Act in
Rail
1935
for construction projects,
and steel
grants and $58,005,700 in loans on 1,253 municipal
A White House statement revealed that Secretary
held
another
as
eventually will amount to millions of
Pension payments
said.
Roosevelt
Mr.
discontinued because
of the economic extremity."
The Federal Emergency Ad¬
Public Works, he explained, would continue as a jobsaid
attachment or other legal process,"
Washington, Sept. 22,
reported the ruling
which
years.
President
paid
said the Associated Press advices from
In
The
ruled on Sept. 22 that pen¬
The Internal Revenue Bureau
sions
"to any tax, garnishment,
Press advices of Sept. 21:
United
Ruled Exempt from
Internal Revenue Bureau
Pensions
Retirement
Railroad
Cotton
Subsidy Planned
,
admitted that it would
be necessary to give the farmers producing the greatest export crop of all—
cotton—a
definite governmental subsidy to bring their price up.
The
matter
came
up
in connection with a discussion of foreign trade and
export crops.
Mr. Wallace was discussing the question whether or not
the cotton farmers could ever get adequate prices for their product if they
continued to depend on a price determined by the foreign market.
Taking the three statements together, the farm
program which the
Secretary will push when Congress convenes seems likely to be one modeled
Even
with this readjustment
of aim, however, he
Financial
2162
old
the
on
the
He
asked
was
farmers and perhaps one or two
the
raise
would
not
it
that
sure,
adjustment
a
was
processing
the
tax,
other
condemned by
the
matter.
many
Supreme
Conference
Senators
Between
of
Court
States
Cotton
and
Outlined
Farmers
in
cotton-growing States with
President Roosevelt was urged at a meeting held in Birming¬
ham, Ala., on Sept. 29 and attended by agricultural officials
and
John
Senators
Bankhead
H.
and
group
Coast.
proposed that Senator Bankhead arrange
after Mr.
soon
a
Dixie
Other action taken by the group was:
June 30. 1938,
a
considered, at the election of the borrower prior to
3.
Extending of
States
"if necessary" to increase to
co-operate with
and
4.
Adoption of
as
the
Government
of
requirement
President
mending
Roosevelt
Congress of effective
crop
"for
his
insistence
upon
the
com¬
passage
themselves
was
for the protection of citizens who might
necessary
unable
to
act
in
by
Mr. Summers
control legislation."
Tax
Law
Urged
by Comptroller
State—Regards Capital
Gains Tax Responsible for Stock Market Collapse—
His
Views
and
Those of
Representative Celler
Presented to Treasury
Tremaine
of
Changes
New
York
Viewing the present state of the stock market as due to the
capital gains and undistributed profits taxation, Morris S.
Tremaine, Comptroller of the State of New York, and
Representative Celler of New York urged changes in the
Federal tax laws in a conference in Washington with Under
Secretary of the Treasury Roswell C. Magill on Sept. 30.
According to Washington accounts to the New York "Journal
of Commerce" on Sept. 30 Mr. Tremaine told the
Treasury
officials that if the capital gains tax was repealed it would
mean a gain in revenue both to the
Treasury and to New York
State by reason of the increased volume in business which
would result.
He contended
that New York State would
gain $10,000,000 of new revenue annually from the Stock
Exchange alone through the transfer tax and as much as
$50,000,000 in
revenue
from increased
volume
of
general
indicated went
on
was a
surprise speaker.
to
or
moderation of the capital gains tax.
straight repeal presented
by Mr.
restoration of the 1921 rate of
Tremaine to
ment had
passed into the hands of
Treasury officials
was
V
rates in many of our present levies
have not only reached the saturation
point but have actually gone beyond
rates in the
higher brackets would actually produce
Federal Government.
taxes, but
that
a proper
adopted will yield
In his opinion there is
revision of
more
our
no
reducing the tax
more revenue for the
necessity for increasing
present tax structure is imperative, and if
than sufficient funds to balance the budget.
"I
have introduced two bills in
Congress," he said.
"One to amend the
capital gains and losses tax, and the other to modify the undistributed
earnings tax.
Adoption of these bills would go a long way toward remedy¬
ing our present deplorable tax plight.
They would prevent our taxes from:
"1.
Going beyond the point of diminishing returns;
"2.
Being punitive
and frozen avenues
"3.
revengeful, and thereby thaw out the choked up
of distribution in
business; and
or
Precent the avoidance of tax and evasion of tax
by removing the
incentive to invest in tax-exemption securities."
In
"What
join
a
Sept. 30 from Washington to the New York
Treasury spokesman was reported as saying:
Under Secretary Magill has received
and is giving consideration to
sug¬
gestions from many
time
undertaking to
sources as to
changes in the tax laws.
state either his
own
opinion
or
toward those suggestions.
He is not at this
the Treasury's attitude
Bar
Association
Considers
a
million people in its executive
going to do about it?" he demanded.
depart¬
battalion of death to
a
save
was one
of the strongest of
anti-New Deal addresses delivered at the bar
meeting.
days of the last session of Congress he announced that
not
Are you willing to
the Constitution and the Government?"
Representative Summer's speech
a number of
During the closing
his committee would
report President Roosevelt's Supreme Court reorganization bill to the
House if it
passed by the Senate.
was
His statement
was
credited with
hastening the collapse of the administration's fight for it in the Senate and
the bill's defeat.
Representative Summers generally had supported the President's New
Deal program, and his flat refusal to have
anything to do with the court
plan
came as a
House
was
Montana, and
Senate.
surprise and shock to the White House.
similar
to that of Senators
Joseph
C.
O'Mahoney,
They had been considered
start of the
Burton
as
His position in the
K.
Wheeler, Democrat, of
Democrat, of Wyoming, in the
pro-Roosevelt legislators until the
judiciary battle.
In his address
«
Representative Summers said in part:
"The Government of this country has passed into the hands of a
million
people in its executive department, in which only one man was elected.
appearance.
changed from a representative, popular control, to a
executive department which the people cannot control.
"When
we
look about
we see
free government
We have
government
disappearing.
In
by
our own
country we
see the same causes that broke up other free governments. The
States and the people are losing their
power to govern because they are not
exercising their
powers.
"The time has come when
great system
we
ought to recognize that the operation of
a
of government is
round the table and give
a practical matter.
It is time to gather
practical counsel and develop practical action.
The time is past when oratory applies to the situation."
On
Sept. 30 Senator Burke of Nebraska, in speaking at
banquet of the Association stated that the Bar
Association's important part in defeating the
Supreme
Court reorganization plan will make it a
subject of criticism
from the Administration.
In part he added:
the a,nnual
"If
you persist in your 'evil way' you would better
fortify yourself
against the shafts of ridicule, of contumely, and of
every other weapon
that may be
a
though useful in breaking down
time when the banker
was
the favorite
your
resistance.
'whipping boy.'
There
was
Now the lawyer
takes his place with bared back at the
post.'
we
also quote:
Press
advices from
Kansas
City Sept. 30
Senator Burke asserted that efforts to
"despoil the Federal judiciary, to
lower its prestige, to besmirch its
membership and to strip it of its consti¬
tutional functions" have not ended.
Lawyers will be subjected to the
heaviest fire in the campaign, he said, because of their
strength in support
Senator
Attacks
recent
on
Con¬
stitution and Proposals to
Change Supreme Court
—Representative Summers Urges Fight to "Save
Constitution"—Comments By Senator Burke on
Constitution Day Address of President
Roosevelt
Administration attempts to reorganize the United States
Supreme Court, and plans for
defending the Constitution
against outside attacks, formed the
principal subjects of
discussion at the annual convention of
the American Bar
instru¬
of the Court.
+.
American
are we
From United
advices
"Times"
was
ment, only one having been elected, which the people could not control.
The alternative
Rates at Saturation Point
He contended
not
"The results of the rule by the million is that we have
rapidly changed
form of government while preserving its exterior
12^ %.
point of diminishing returns.
could
At midnight he mounted the speakers' dais at the annual
meeting of the American Bar Association, and declared that the Govern¬
Congressman Celler pointed out that
the
they
He had been expected to discuss
our
to say:
The Federal Treasury, he said, stood to gain as much as
$250,000,000
annually by repeal
because
killing.
business.
The advices to the paper
business
the Supreme Court proposal of President Roosevelt which he
mental In
Federal
their
United Press advices of Sept. 30 from Kansas
City
described the address before the convention
by Representa¬
tive Summers as follows:
K-inch
Senator Bankhead
proposal were precipitated in both the House of Delegates
Supporters of the plan contended,
however, that it
staple.
The meeting approved a resolution offered by
on the
Assembly by this proposal.
know in advance the attitude which
regulating bodies would take, or who
believed that the law had not been properly administered in their
cases.
resolution urging that cotton of 13-16-inch staple be
a
complying with
the
find
the Alabama delegation In securing
aid for the cotton farmers.
considered
;
on
they administer.
Fights
"fair and
a
invitation to Governors and agriculture officials of
an
to
citizens
appealing for the adjustment of grievances shall have the power of subpoena
appeal to the courts from the decisions of the boards.
reasonable level the price of cottonseed."
all cottoj
million people
of the
a
the
and the right to
Corporation and other Governmental agencies purchase cottonseed oil to
the extent of 500,000.000 pounds
which
same plan calls for the establishment of boards of
review in
the various government departments, with the
procedure such that citizens
resolution urging that the Federal Surplus Commodities
a
Department,
Part of the
sale to the Commodity Credit Corporation at the loan price
Adoption of
He declared that the
bureaus to publish rules and regulations showing their
interpretation of the
statutes
plus the carrying charge."
2.
Executive
on
Another action of the day, regarded as of prime importance
by lawyers,
although the subject matter is less familiar to the public, was the acceptance
by the House of Delegates of a plan calling upon government boards and
conference with the
Roosevelt returns to Washington from the West
1. Adoption of a resolution "requesting that the cotton loan plan provide
that any loan may be
City,
Association
Sept. 29 unanimously approved the
appointment of a special committee which will oppose any
further attempts to change the organization of the
Supreme
Court.
The committee, consisting of seven
members, will
be appointed by the Association's President, with instruc¬
tions to report any moves toward changes in the
Supreme
Court.
Other proceedings of the convention on
Sept. 29
were reported as follows in a Kansas
City dispatch of that
date from Lloyd Acuff to the New York "Times":
outlined a four-point program for aid to cotton farmers.
In
reporting on the meeting, United Press advices from Birming¬
ham, Sept. 29, appearing in the New York "Journal of Com¬
merce" of Sept. 30, had the following to say:
President
its
The convention
Bibb Graves and Speaker of the House William B. Bankhead,
all of Alabama.
The meeting, called by Senator Bankhead,
^ The
Kansas
the
of
Nation could not control.
A conference of Senators from
Alabama
in
week
Government had passed into the hands of
at
Meeting of Alabama's
Congressional Group and Agricultural Officials
of
this
Constitution and the Government."
President Roosevelt Urged—Four-Point Program to
Aid
Committee
2, 1937
Mo.
The
Sept.> 30
rejected a proposal calling for an investigation of the ap¬
pointment of Justice Hugo L. Black to the Supreme Court.
Members of the Committee said that they considered it too
late to do anything about this matter.
On the same day
Representative Hat ton W. Summers of Texas, Chairman of
the House Judiciary Committee, urged members of the
Association to join him in a "battalion of death to save the
decision, as the best method.
the AAA
held
Resolutions
he
and
payments,
and remarked that
Oct.
Association,
groups.
controversial
very
they must be raised somehow,
considered
people
in
he
was
that
admitted
"parity
how
he
that
Chronicle
strengthened enforcement provisions, with
income" and a feature of straight adjust-
with
to cotton
payments
answered
He
of
objective
new
mtnt
possibly
AAA,
ment.
Burke took up various points made in President
Roosevelt's
Constitution Day speech and defended the lawyer's role in
govern¬
The Nebraska Democrat then contended that
although the Consti¬
tution does not expressly give the
Supreme Court the power to pass upon
the constitutionality of laws, the document does
imply that power so clearly
there should be no room for dispute.
Frederick H.
Stinchfield, President of the American Bar
Sept. 26, appealed for nation-wide public
support of the legal profession "in opposing the present
Administration and particularly its apparent determination
to destroy the
Supreme Court." His appeal was contained
Association,
on
,,
Volume
in
radio
a
ciation's
I
Financial
145
broadcast,
the eve of the opening of the Asso¬
part he was quoted as saying:
on
In
Convention.
wish a continuance
Administration in order that there
of this legislation which results in so much em¬
"If lawyers were seeking selfish ends they could not but
of the radical tendencies of the present
might be
continuance
a
ployment for lawyers.
|fc"You may ask any accountant or any business man for information
as to how much he must employ lawyers nowadays as compared with what
used to be necessary
books.
of other strange laws now appearing on
You will find that the return to lawyers has
been beyond all measure
Yet all that the lawyers
what any other laws ever made possible.
over
innumerable forms of
the statute
before the development of the
taxes and the passage
do
of those taxes and the con-
indicates their opposition to the continuance
*
Chamber's Journal,
to
Available
Chamber
of
President,
revival
The
calls
for
and to maintain peace
restore prosperity
trade to
disputes
settling
of
international
in
trade promptly
adjustment of trade barriers and a stabilization of currencies
basis that is fair to all countries; a settlement of international debts
and fairly;
on
Watson, its
follows:
as
world
of
method
a
a
an
being fair to both debtor and creditor countries;
a
fair understanding as to armaments, and a better distribution of raw
materials, food and clothing throughout the world.
that
be
can
agreed
be
borne
upon as
Profits
Undistributed
on
Retards
Employment,
According to Report of United States Chamber of
Commerce—Also Finds Tax Works Hardships and
Inequities
Corporations
on
a
of the effect on employment and business expansion
the surtax on undistributed corporate earnings.
George
vey
in
Chamber,
the
of
President
Davis,
making
H.
public, on
factors
If the
in
increase
an
development
at
of the most
employment, because it
the same time it produces great
taxation.
in
vnevenness
retarding
now
business
normal
restricts
is
tax
be retained,
to
the next Congress should give
attention to
inequities which have been shown
already proposed corrective changes and will
alleviating the outstanding hardships and
Chamber has
The
exist.
to
be
further recommendations
prepared
to
present
session
of
Congress.
next
for consideration of the
•"
1
of
Associations
Recommend
States
Three
of
York
New
Bank—Latter
Reserve
Himself
of
Sept. 24 recommended William C. Potter, Chairman of the
of the Guaranty Trust Co.,
New York City, and
Board
Thomas J. Watson,
President of the International
Business
Corp., New York City, be nominated as directors
of the Federal Reserve Bank of New York.
In the past,
Machines
has been tanta¬
Class A
recommendation by this special committee
Mr. Potter was suggested for a
mount to election.
Chairman of the
directorship to succeed George W. Davison,
York, whose term
Central Hanover Bank & Trust Co., New
expire on Dec. 31 next, while Mr. Watson was recom¬
will
Nomina¬
member
in Group 1 of the New York Reserve District, that is,
having a combined capital and surplus of more than
director.
mended to succeed himself as a Class B
tion and election of the
bonks
directors will be confined to
$1,999,000.
summaries of the careers of Messrs. Potter
The following
Watson are from an announcement
William C.
C.
William
Potter
Potter
Chicago,
111.,
on
1974, and
Massachusetts
Oct. 16,
He was graduated from the
From that time he followed his
Mining Engineering
In
Y.
N.
in
Technology in 1897 with the degree of
Institute of
of
born
was
Old Westbury,
resides at
of
issued by the New
State Bankers Association:
York
Bachelor of Science in
engineering profession
until he became general manager
the Guggenheim Exploration Co. in Mexico, and later general manager
the American Smelting & Refining Co. for Mexico and the Southwest.
1911 he became President of the Intercontinental Rubber Co., and on
New
Colorado and Montana,
Mexico,
Vice-President of the Guaranty Trust Co., con¬
when he resigned to become a member
July 8, 1912, was elected a
tinuing there until March 15, 1916,
of
the
firm
1918
In
Mr.
Trust
Brothers.
Guggenheim
of
Potter was
Mr.
appointed Chief
the United States Army,
called to Washington and was
Division of the Signal Corps of
of the Equipment
The study was
dent
Chamber's study of the tax was
special committee appointed by the Bankers Associa¬
New York State, New Jersey and Connecticut on
The
tions
serving in
submitted to the Treasury Department inci¬
to its inquiry into the subject of tax revision which is
under way.
The effect of the tax, as indicated in views
the surtax
pay.
July 17 issue, page 371.
Directors
in
study shows that the surtax in actual operation is one
important
reference to the
Would Succeed
of
Sept. 25, the results of the survey, said:
Our
reducing the 6urtax
W. C. Potter and T. J. Watson for Nomination as
and
report submitted to the Treasury Department, the
Chamber of Commerce of the United States presents a sur¬
In
by those least able to
our
Bankers
banks
Tax
nationally-known corpo¬
option of
themselves of the
by distributing dividends, and that the most severe impacts of
must
Germany,
Berlin,
in
policy are summed up Ly Thomas J.
economic
new
held
avail
to
journal of the
Congress of the Inter¬
June 28 to
July 3. Over 1,600 business men from 40 countries attended
this Congress, said to be one of the most important ever held
by the Chamber.
Accompanying the July-August issue of
the Chamber's publication is a separate supplement contain¬
ing the resolutions voted at the Berlin Congress.
In an¬
nouncing the issuance of the publication, the International
Chamber of Commerce said that the broad lines of future
Chamber
the close of a taxable year.
strong,
contains the official
Commerce,
report of the proceedings of the ninth
national
indicates that
information
able
are
Earlier
July-August issue of "World Trade,"
deducted
be
must
principles,
the event of redetermination of net income after
made in
International
for example, as capital losses,
items, such,
accounting
accepted
"World Trade"
The
from a taxpayer's standpoint
returns;
to an increase in rates.
which, according
before determining
ircome, are not fully allowed for income-tax purposes.
The result is taxa¬
tion and penalty for non-distribution of non-existing income.
13. The impossibility in most cases of corporations replenishing capital
funds if earnings are distributed to minimize the surtax penalty;
they
cannot satisfactorily make public offerings of stocks, bonds, or other evi¬
dences of indebtedness, obtain the necessary capital from present share¬
holders, or borrow the needed funds from credit agencies.
14. There may be a lapse of years before final settlement of tax liability.
There is no protection afforded against this high graduated penalty tax in
Various
rations
ber of Commerce Contained in
tax
additional cost is equivalent
12.
15.
International Cham¬
in preparing
expert assistance
this
tinuance of those New Deal enactments."
Proceedings of Ninth Congress of
2163
Chronicle
that capacity until January, 1919.
became Chairman of the Board of Directors of the
Potter
Co.
on
Jan.
He was elected President
5, 1921.
Guaranty
of the company on
representative business concerns, is reported as follows
the Chamber:
1. The surtax works exceptional hardships and inequities on corporations
which, because of impaired capital, are prohibited by State laws from dis¬
until Jan. 17, 1934, when he was again
He has been a director and member
of the Executive Committee of the Guaranty Trust Co. since 1912.
At various times Mr. Potter has served in official capacities in the New
York Clearing House Association.
He is a trustee of the Mutual Life
Insurance Co. of New York, a director of the Atchison Topeka & Santa Fe
tributing earnings.
Railway,
now
of
bj
the statute are inadequate and are illiberally
interpreted, with the result that most corporations having contracts which,
in fact, restrict dividend payments cannot qualify for relief; debt retire¬
ment becomes impossible or can be accomplished only with great difficulty
Relief
2.
and
provisions
excessive
of
cost.
business
As
be
the
The surtax
4.
build
places
a
capital
working
increases,
retained to
necessary
up
for such purpose
of current earnings
use
the normal
into
which is the plowing back of earnings
"freeze" existing conditions and
hamper normal business expansion, particularly of small or weak concerns.
5. The usual difficulties encountered by small or inadequately financed
the result
business;
is a tendency to
capital from outside sources increase
in obtaining additional
corporations
consequently to
competitive disadvantage as com¬
pared with larger and more strongly financed corporations which are able
to avoid the surtax by distributing earnings and can obtain capital at
to retain earnings and
such corporations
the
necessity
pay
the surtax; they are thus placed at.a
of
going rates.
6. Usually
all, of current earnings are tied up in inventories,
equipment, or in other forms not available
dividends, and, in many thousands of cases, cannot otherwise be
cash
for
seme,
or
physical
receivable,
accounts
earnings
distributed;
undistributable
because
not
in
suitable
form are
subject to the surtax.
7.
tide
of
Since
over
such
any
a
amounts set
recession
reserves
is
aside from current earnings and designed to
to the surtax, accumulation
of business are subject
discouraged.
The surtax thus undermines business and
lays the foundation for deeper depressions.
8. As a result of deterring business development
accumulation
time and
9.
Because
be
of reserves,
and discouraging the
and
of the pressure
dividends,
must
11.
of the surtax, corporations are
thus
weakening
financial
part
of
be received by
the
Watson
Academy
He
was
and the
began
his
permanent
E.
Watson
born in Campbell, N. Y,
and was educated at Addison
Elmira (N. Y.) School of Commerce.
business career with the National Cash
Register Co. of
N. Y., successively becoming
special representative of the President
of
the
and general sales manager of the
organization.
'
In
1914
Mr. Watson became President of the International Business
Machine
Corp.,
general offices in New York, which company he has
successfully organized, financed and developed until its line of products
is now being used in 79 countries throughout the world.
He is a director of the Niagara Fire Insurance Co.
In addition to business affiliations, Mr. Watson has had a broad interest
in international, civic and educational matters for many years, and is now
President
of
the International
Chamber of Commerce, a director and
Chairman
of the Advisory Committee on
Foreign Participation of the
New York World's Fair of 1939, Chairman of the Foreign Trade Committee
of the Business and Advisory Council of the United States Department of
Commerce, Commissioner General of the United States to the Paris Inter¬
national Exposition, Vice-Presiden4 of the Pan-American
Society, and a
trustee
of the Carnegie
Endowment for International Peace, Columbia
University, Lafayette College, Roosevelt Hospital and other institutions. . . .
At the present time Mr. Watson is a Class B director of the Federal
Reserve Bank of New York, having served since May 3, 1933, when he was
elected to fill the vacancy on the Board caused by the resignation of the
late William H. Woodin, President of the American Car & Foundry Co.
Dayton,
Ohio,
as
a
salesman
at Buffalo,
at Rochester, N. Y.;
National Cash Register Co.,
+
encouraged to
Speakers at Annual
taxable dividends must
shareholders prior to the close of the
staff and the
employment of additional
Convention of American Bankers
Present Broad Survey of American
Outlook—Detailed Program of Meeting to Be Held
in Boston Oct. 11-14
Association to
structures.
imposes an unreasonable and usually impossible condition.
The complexities of the law added by the surtax require more time
the
University.
Thomas
Requirement that if credit is to be obtained
paid
of the corporation
Massachusetts
the
Mining Co., and other corporations.
He
and member of the Finance Committee
Institute of Technology, and a lay trustee of Notre
Anaconda Copper
the
life member
Dame
Board.
in the future.
taxable year
on
of
a
the
employment is adversely affected at the present
continue to be retarded
excessive
declare
10.
will
is
of
Chairman
branch manager
high, and at times excessive, cost on
methods of corporate expansion
the
15, 1921, and held that office
elected
Mr.
must also be increased; on
working capital, the surtax must
paid; this increases the cost of such capital and may make unprofitable
3.
earning
Oct.
A
comprehensive survey of future prospects
institutions and various phases of its
for America's
business, financial and
Financial
2164
Mr.
Principles:
Loans
and
officer, will review the activities and policies of the organ¬
ization.
The speakers at the general sessions of the con¬
vention will be Frank P. Bennett Jr., Boston, on the topic
and
Bank of America N.
Cashier
"Municipal
Henning W. Prentis Jr., Lancaster, Pa., on 'The
Ahead"; Dr. Virgil Jordan, New York City, on eco¬
nomic and business research, and Colonel Leonard P. Ayres,
H.
H.
First
Call
Bank,
to
President
order,
St.
General
Session, Oct.
K.
Tom
12,
Smith,
10:00
The de¬
President
_
Report,
Treasurer
official
proceedings of
Outlook
"The
Address,
"United
States
"The Outlook
Address,
President Rural Progress,
Savings,"
Mass.
Executive
Frank
Boston,
American
for
Council.
Appoint¬
to
P.
Institutions,"
Glenn
Dr.
Co., Lancaster,
Cork
of Nominating
Report
13, 10:00
Vice-President
the
Chase
Savings
Banks
Association
of
:
in
Eventful Year in Savings."
Mortgage Financing," Alfred H.
.
Fred
Hastings,
Springfield, Mass.
I.
Kent,
Chairman Commerce
American Bankers Association.
discussion.
business,
to
order,
Address
business, reports
new
of
committees,
election and
officers.
of
Bank
Division, Oct.
President
Bank & Trust Co.,
a. m.
M.
H.
13, 2:00 p.
Chamberlain,
m.
Vice-President
Walker
Salt Lake City, Utah.
the President.
of
,
Chamber of Commerce,
Henning W.
Boston, Mass.
Prentis
Appointment of committees.
Address, "Banking Facilities and the Chartering of New Banks," D. W.
Bates, Superintendent of Banks, Des Moines, Iowa.
"Main
Address,
President Arm¬
Jr.,
Committee
election
and
of
Forum
officers.
a.
m.
National
Bank,
Robert
Center,"
H.
Myers,
Muncie, Ind.
discussion.
Unfinished
Session, Oct. 14, 10:00
Street—America's Banking
Merchants
Vice-President
Pa.
Third General
Second
President
"The Trusteeship of Men,"
State
Call
Smith.
Ahead,"
"The Road
Address,
Linen,
Gilman,
George
Frank,
for Foreign Trade," Eliot Wadsworth, Chairman
"The Outlook
Address,
National
Merchants
Savings Division, Oct. 12, 2:00 p. m.
"Modem Trends
installation
Invocation.
American Section International
S.
Maiden, Mass.
Unfinished
Inc., Chicago, 111.
order, President
&
questions following presentation of each topic.
and Marine Commission,
editor
Jr.,
Bennett
^:
Second General Session, Oct.
,.
First
Springfield Institution for Savings,
Forum
for
Investor,"
John
and
the President, "An
of
Address,
and
acts
A., San Francisco, Calif.; "Corre¬
;
Resolutions Committee.
of
strong
Address
National
-''v.
Deposits,
President Noble R. Jones, Savings Executive First National
A.
Massachusetts,
Boatmen's
Funds,
Smith, Vice-President
Louis, Mo.
St.
Greetings,
the President.
of
Call
Bank,
Address,
■
Address
ment
Call to order,
be held
Mo.
Louis,
Invocation.
T. & S.
G.
New York City.
Forum discussion
m.
a.
Chicago, 111.
Russell
Vice-President
Harris,
Securities,"
National Bank,
.
the prospects for profits in banking.
Estate,"
Securities Analysis:
"Aspects of Government Bond Market," Robert L.
Gardner, Vice-President and Treasurer Guaranty Trust Co., New York City;
lioad
on
Real
Bank, Richmond, Va.
trade;
Cleveland,
and
Discounts,
Bank,
Account to Capital
spondent Bank Relationship; Spaced Maturities, and Sources of Investment
American institutions; Eliot Wadsworth, Boston, on foreign
tailed program for the general sessions, which will
in the Majestic Theatre, in Boston, is as follows:
First National
"Relationship of Bond
Information,"
Frank, Chicago, on the outlook for
Glenn
"World Economic and Business Outlook," Dr. Walter Lich-
Vice-President
tenstein,
Mr. Smith, in opening the convention as presiding
Dr.
1937
2,
Griswold.
Background:
Oct. 11-14, it is shown in the program made public in New
York on Sept. 30 by Tom K. Smith, President of the Asso¬
of savings;
Oct.
Introducing general theme of conference, "Investment Policies of Banks,"
banking conditions will be presented by nationally known
in the three general sessions of the American
Bankers
Association
convention to
be held
in
Boston,
speakers
ciation.
Chronicle
installation
business,
of
business, reports of committees, election and
new
officers.
,
Call to order, President Smith.
Invocation.
;.y
-
"Outlook for Research in
Address,
Economics and Business,"
Dr.
Virgil
Bulletin
Address,
for Profits
"Prospects
in
the Banking
Business,"
Leonard
P.
A bulletin
Resolutions Committee.
of
Unfinished
business,
Installation
officers.
of
ican
communications,
.
new
business.
-
Announcements.
In
various
section
division,
and
specialized
meetings,
which will begin Oct. 11, more detailed discussions of bank¬
ing and allied subjects will be presented during the
tion
period in sessions at the
conven¬
Statler Hotel, which is the
headquarters of the convention.
The detailed programs of
these meetings are as follows:
National Dank
Call
to
Shawmut
order,
President
F.
W.
Augustine,
m.
a.
of
the
Vice-President
ing
Under
of
Graduate
School
Business
of
Ad¬
Unfinished
new
business,
reports
of
election and
committees,
Revenue Act
Made
Federal
a
of
1937; Extension
Crime;
and
Compo¬
J;'
includes
bills
relating
to:
Extension
Elimination of Chain Bank Systems;
Trust
National
of
Indenture Act
Conservator in Bankruptcy Bill; Interest
Committee;
Deposits;
Escheat
of
Reserve
Member
Government
National
Bank
Banks;
Ownership
Deposits;
Marginal
of
Reserve
Requirement
Federal
Requirements
Banks
;N
Federal
of
Regulations;
Public^,
on
Reserve
Waiver
of
Stockholders'
Liability; Exclusion of Deposits from Assessment Base; Mone¬
Bills; Federal Mortgage Bank; Agricultural Reserve Note
Act; Fair Labor Standards Act; and Postal Savings.
Control
tary
business,
legislation
Branches;
Demand
Harvard
included:
Larceny
1937; Revision of National Bankruptcy Act; Regulation of Bondholders'
Protective
Finance,
are
Bank
Municipal Debtors.
Pending
Address, "Sound Profits from Sound Banking," Elbert S. Woosley, ViceFirst National Bank, Louisville, Ky.
Address, "The Gold Problem and Some Banking Effects," J. Franklin
Professor of
enacted
measures
Emergency Laws;
Appointment of committees.
Ebersole,
The announcement bear¬
the bulletin added:
on
Bank
ministration, Boston.
during the 1937 session of Congress, cover¬
more important laws enacted and bills
pending at the close of the session.
of
President
by
Bank & Trust Co.,
ing in brief digest the
National
President.
recently sent to the members of the Amer¬
Association
banks introduced
sitions
Bank, Boston.
Address
Introduced
Robert M. Hanes, President
Winston-Salem, N. C., Chair¬
man of the Committee on Federal Legislation of the A. B. A.,
acquainting them with legislation of particular interest to
of
Division, Oct. 11, 9:30
was
Bankers
Wachovia
'
,
Affecting]Banks
of American Bankers Association
Ayres, Vice-President Cleveland Trust Co., Cleveland, Ohio.
Report
Legislation
on
During Last Session of CongressJSent to Members
Jordan, President National Industrial Conference Board, New York City.
installation of officers.
State Secretaries
Call
to
Oregon
order,
President
Bankerb Association,
Annual
Section, Oct. 11, 2:00
Theodore
P.
Portland,
Cramer
p.
Jr.,
National Association of
m.
Associate
Ore.
Management,
Coate, Secretary New Jersey Bankers Association, Moorestown, N. J.,
State Legislation, C. C. Wattam, Secretary North Dakota BankChairman.
Chairman;
em
Association, Fargo, N. D.,
Review
on
of
Legislative Program, Robert M. Hanes, Chairman
Legislation, American Bankers Association.
Federal
Committee
Banking Educational
Conferences and Graduate School of Banking, dis¬
by Paul P. Brown, Secretary North Carolina Bankers Associa¬
tion, Raleigh, N. C.
cussion
led
Forum
discussion.
Unfinished
business,
new
Trust
v
business,
election and
Division, Oct.
installation
11, 2:20 p.
of
officers,
campaign to protect the Nation's dual banking system
against forces working toward its destruction will be mapped
by the National Association of Supervisors of State Banks
at its annual convention in New York next month, it was
indicated on Sept. 23 by Luther Harr, Secretary of Banking
for Pennsylvania and Chairman of the Program Committee.
Announcement of the convention, which will meet in the
Waldorf-Astoria, Oct. 7, 8 and 9, was made by Dr. Harr
through the offices of William R. White, Superintendent of
Banks for New York and host to the convention.
also had the following to say on Sept. 23:
quet, at which five of the speakers will outline the Federal Government's
future policy toward State banks.
Constructive Customer Relations Clinic, Oct.
11, 7:45
p.
J.
Jesse
F.
Wood,
Relations—the
Vice-President
Individual
State-Planters
Banker's
Bank
&
Trust
Co.,
Rich¬
Address, "Meeting Our Problem in Public Relations,"
Ray A. Ilg, VicePresident National Shawmut Bank,
Boston, Mass.
"The Telephone," a skit to be enacted
by members of Boston Chapter,
Bank;
Institute
Ansel
E.
of
Banking Section: Parker O. Bullard, Home Savings
National Shawmut Bank; Horace A. Danforth,
Bucklin,
National
Shawmut
Halberg,
the
Shawmut
Bank; David T.
Norman
P.
First
Bank;
Eleanor
Fagan, Federal
Reserve
Bank;
Dora
C.
National
Bank of Boston; Sarah A.
Hines, National
Scott, the First National Bank of Boston, and
Scott, Boston Five Cents Savings Bank.
Clearing House Round Table Conference, Oct. 12, 2 :00
Under
President
auspices
First
of
Bank
National
Management
Bank
&
Trust
Commission,
Co., Elmira,
N
T.
Joseph A. Broderick and John K. McKee, members of the Board of
Governors of the Federal Reserve System.
Governor Elmer Benson of Minnesota, former Commissioner of Banks
in
that
State, will reply for the Supervisors.
Responsibility,"
mond, Va.
American
F.
O'Connor, Comptroller of the Currency.
Jesse H. Jones, Chairman of the Reconstruction Finance Corporation.
Association.
Address, "The Wisconsin State Program," Henry J. Steeps, President the
Bank of Baraboo, Baraboo, Wis.
"Customer
These speakers will be:
Leo T. Crowley, Chairman of the Federal Deposit Insurance Corporation.
m.
Call to order, Rudolf S. Hecht, Chairman of Board Hibernia
National
Bank, New Orleans, La., Chairman Public Education Commission, American
Address,
Mr. Harr
On the night of Friday, Oct. 8, the association will hold its annual ban¬
tn.
Meeting for elections only.
Bankers
Supervisors of State Banks to
New York, Oct. 7-9—
Banking System
Convention in
A
Reports of standing committees: State Bankers Association
H.
Annual
To Defend Dual
report of the President.
Appointment of special committees.
A.
Hold
Secretary
In
announcing the
p.
m.
H.
Y.,
Chairman.
Griswold,
Dr. Harr said:
possible question or doubt that the association cannot remain passive.
Recent years and the trend of legislation enacted by Congress and. what is
any
more
important, the indications of future attempts at national legislation,
have changed the complexion of banking.
seeking to impose their ideas
indications
are
upon
Powerful groups
are
at
the entire banking structure.
work
Present
such that continued encroachments, if they are permitted
to become law, will shake to the very
foundations
or even
wipe out the dual
banking system.
?r
f
The association must prepare to take an active and aggressive part in all
matters
H.
program,
Past events, particularly during the past 12 months, have proven
beyond
affecting
our
banking structure,
not
only within
States, but above all in problems of national scope.
now
exert its full force in all matters
militant leadership.
the respective
The association must
affecting banking.
It must
assume
Volume
Bank
Financial
145
Supervision Defended by Chairman Crowley of
in
Addressing Kentucky Bankers—Holds
FDIC
Lack of Control Disastrous
Discussing present-day banking supervision, Leo T. Crow¬
the Federal Deposit Insurance Corpora¬
tion, af the closing session, Sept. 23, of the annual conven¬
tion of the Kentucky Bankers Association, in Louisville,
said that unregulated and individualized pursuit of the
failures is im¬
possible due to "a few factors which cannot be legislated
away."
Mr. Crowley's remarks were reported as follows
in Louisville advices, Sept. 23, appearing in the New York
"Times" of Sept. 24:
that
It
is
in
informed
their
hew
belief
my
bankers
complete
bank
bank
of
eradication
keep
bankers,
lack of interest in the why and the
erred
have
supervisors
failing to
in
supervisory policies and procedures, and that
have shown
turn,
bank
of
that
of
curious
a
supervision.
which regulate
fruitless unless
supervisors enjoy the confidence and respect of bankers and unless bankers
know and sympathize with the ends supervisors are trying to achieve.
To understand the growth of our system of supervision we must also
recognize the quasi-public nature of the banking function.
If a bank is
chartered to render financial service to the people of a community, the
bankers
Certainly
their
business.
should
be
Likewise,
the
in
interested
attempts
agencies
supervision
at
.
.
has
.
always
'.J-/■■V"
pecuniary loss.
doubt
I
been to protect the creditors of banks from
that
bank
most
'■
directors
and
officers
:
realize
what
good
a
when they give only a cursory reading to the
official reports of examination of their banks.
The extent to which supervision has protected depositors from the loss
of their funds is debatable.
Complete eradication of bank failures in this
thing they
are
which cannot
legislated away.
In
the
retrospect,
the failure
would list
nomic
of bank supervision better to accomplish its
resulted from the interplay and cumulative effect
political factors. First in importance I
to correlate bank supervisory policies and broad eco¬
economic and
complex
many
failure
have
to
seems
purpose
of
up
probably always be prevented by a few factors
country will
be
passing
Inadequate
policies.
control
banking practices
over
second
is a
It
follows
April
this
of
26,
research
into
Letters
likely that the failure to recognize the essential
is
which
still occupy our
probably, short of Utopia.
they
attention and will
continue to do so,
more
Reserve
of
adoption
convention
endorsing
year,
mailed
bank
they
Banking and Other Financial Problems of
Country—Board of Trustees Appointed to Operate
Into
Plan
commercial
fields,
industrial
foundations,
Funds
but
it
lead
the
development
strengthening
to
are
work.
for support of the first year's program,
hope of those close to the movement that
the
to
The
of plans "to initiate an impartial and
American banking, credit and other
completion
of
study
problems" was announced on Sept. 23 by Robert
Strickland, President of the Association of Reserve City
Bankers, Chicago, who said that "the emphasis at all times
will be upon factual research."
Mr. Strickland, who is
also President of the Trust Co. of Georgia, Atlanta, pointed
out that a board of trustees, composed of nine bankers from
all sections of the country, has been appointed to put the
of
permanent
a
His announcement indicated that the
board
of trustees
is made up as follows:
Winthrop W. Aldrich, Chairman Board of
New York.
First
Vice-President
Allendoerfer,
W.
Carl
National
Kansas
Bank,
Office
York
New
in
E.
Edward
Brown,
President
National
First
Bank
Chicago,
of
at
Sloan
Edward
James
Co.,
Co., New York.
Security-First National
Elliott,
Vice-President
Bank
of
Los
E.
dedicated
on
Monday, Oct. 4, it was announced on Sept. 28
by Postmaster Albert Goldman.
Postmaster General James
A. Farley will be the principal speaker at the dedication
ceremonies which will start at 11.30 a. m.
With the opening
of the Church Street Annex, two others will be closed—the
City Hall Annex in the old Post Office Building on the south
City Hall Park and the Hudson Terminal Annex in
the Hudson Terminal Building.
It is expected that the
side of
building housing the City Hall Annex will be torn down.
The following regarding the new building in which the Church
Street Annex of the New York Post Office will be located, is
from the New York "Sun" of Sept. 29: office will be the first Federal department to occupy
Other departments for which space has
building.
Spencer,
Vice-President
First
Strickland, President Trust Co.
E.
Lyman
National
Bank
of
Boston,
President
Wakefield,
of Georgia, Atlanta, Ga.
First
National
Bank &
Trust
Co.,
Minneapolis, Minn.
Among the problems which have
been suggested for re¬
it is announced:
1. Changes in the capital requirements of business, the future of com¬
mercial loans, and the demand for short-term capital loans.
2. The investment problem of banks and other financial institutions.
3. The significance of time deposits in commercial banks.
4. Consumer credit and
instalment financing—how may they be best
search
related
5.
study are,
to
Real
our
industrial
and financial life?
estate mortgage
financing—its place in the banking structure.
"During the past 20 years, since the establishment
Reserve System, a great volume of valuable
Federal
of the
bank¬
carried on in Washington by govern¬
mental agencies, and by banking associations, both State and
national," said Mr. Strickland, -whose announcement con¬
tinued, in part:
Administration,
Housing
the
Treasury
and
Service.
original specifications were made it has been
Since the
1938, according to Edward F.
MUlimet Construction Co., the
O'Brien Jr., general representative of the
contractors for the additional portions.
"But the building of these extra
in
stories," said Mr. O'Brien today, "will
interfere with the operation of the post
no way
There will be no storage of material or
of patrons.
decided to add six
These are to be finished by March 30,
additional stories to the structure.
office or the convenience
work of any kind carried
portion of the building."
in the completed
will add more than $2,000,000 to the
building.
cost of the
stories cost approximately $5,5(T,000.
This contract
awarded to James Stewart & Co.
The site cost the Government
The original nine
was
another
,000.
$5,00
when completed,
Elevators for the whole building,
$600,000.
"The
London
Post" Merged
Telegraph"
Morning
With
"Daily
The amalgation of "The Morning Post", London's oldest
existing daily newspaper, and the "Daily Telegraph" was
announced on Sept. 29, according to Canadian Press advices
on
that date from London, published in the Montreal
added:
"Gazette" which in part
To-morrow "The Morning
Post" will publish its last edition as a separate
Effective October I the combined paper
and Morning Post."
newspaper.
will be published under
of "Daily Telegraph
name
of Lord Camrose,
It will be under the control
editor-in-chief and principal
proprietor of the "Telegraph" for the past 10 years.
Directors of "The Morning Post" announced July
27 that shareholders
Lord Camrose's offer for their holdings. At that time it was
Lord Camrose's intentions in regard to his new
not announced what were
Gwynne, explaining that an
H. A.
believed,
however, that
carry a leading article by its editor,
increasing annual deficit made it im¬
the present undertaking is the
Hail."
and
"Farewell
Captioned
the editorial will recall that "The
Declaration of Independence, the
the American
Revolution, and
King and Queen during the French
Admiral Nelson's victory over the French in the Battle of
guillotining of the
Trafalgar.
"The Morning Post" was founded in 1772.
Both it and the "Daily
Telegraph" are Conservative in political affiliations. "The Morning Post"
was the only newspaper in Fleet street to "cover" the American Revolu¬
tion.
Originally four pages, it was the only paper then to carry advertising,
and it sold for a penny.
Mr.
GWynne's editorial will say
for survival for a
which is
organ
long time.
that the newspaper fought a
The high cost of production,
losing battle
with the prospect
future, combined with "the ever-increasing service
demanded from a modern newspaper, militates heavily against an
of higher
costs in the
the appeal of which
necessarily is a limited one," Mr. Gwynne wrote.
interest in "The Morning Post" to
noted in these columns Aug. 7, page 874.
The sale of controlling
Lord Camrose
"Omaha
was
Bee-News"
and
Lists
Plant
Ceases Publication—Circulation
Purchased By Omaha "World
Herald"
With
which
first effort
ti establish a comprehensive program of research into banking and other
financial
problems to be undertaken in this country since the National
Monetary Commission completed its work about 25 years ago.
It is the
first time that commercial bankers have interested themselves so specifically
is
of Commerce,
Internal Revenue
These include bureaus of the Departments
Federal
ing research has been
It
the new
been pro vied will move
in at later dates.
Morning Post" recorded
Boston, Mass.
Robert
in New York City, will be
Church and Vesey Streets,
at
possible to carry on the newspaper.
Bank & Trust
Chicago.
Charles
Church Street Annex
York Post Office,
Ceremonies Opening
The Church Street Annex of the New
Tomorrow's "Morning Post" will
Colt, President Bankers Trust
Los Angeles, Calif.
R. Leavell, President Continental Illinois National
Angeles,
to Be Dedicated
Principal Speaker
purchase.
Chicago, 111.
S.
City
Oct. 4—Postmaster General to Be
had accepted
City, Mo.
this program may
devoted to further
rendering it fully responsive
the banking structure and
of
Post
New
the
Directors Chase National Bank,
laboratory
public interest and to changing conditions.
the
financial
plan into operation.
than Reserve cities, scientific
organizations will be given an
other
in
commercial
in this
being soliciated
now
is
to
banks
and
opportunity later to share
will cost more than
scientific
on
impartial
the Association membership request¬
Sept. 23 to
on
represent
The addition of the extra stories
Bankers to Initiate Study
W. Va.,
of continuous,
principle
the
Springs,
Sulphur
White
membership of
by the
lesolution,
a
in
support the undertaking financially, a
large number of banks having already indicated their willingness to do so.
It is expected that other financial groups in the investment and savings
on
Association of Reserve City
than three years of study by
City Bankers, in consultation
banking problems.
were
banks
the
ing
for the
As continuing problems,
bank supervisors.
confronted
have
part,
has been carried
which
publicists, government officials, business men and
the
its
at
of
of
Association
the
Association
The post
similarity between
circulating notes and bank deposit currency contributed to the loss record
of the last 70 years.
Another intangible but undoubtedly important factor
contributing to the unsatisfactory record of bank supervision has been
the primacy of political and personal considerations in supervisory decisions.
Finally, I attach particular importance to the fact that banking reforms
have always waited until periods of financial and economic crisis made
further delay impossible.
These, then, are some of the major problems
most
of
research work
the
to
industrial groups.
culmination
the
is
6tep
leading economists,
others.
factor.
It
analogous
successfully by
so
committees
with
the
independent, permanent study of banking problems, along
an
somewhat
forward
are
chartering authority has the right and duty of assuring the faithful per¬
formance of that service.
The primary purpose of our banking super¬
vision
supporting
He also told the gath¬
banking business ends disastrously.
ering
in
lines
This
ley, Chairman of
2165
Chronicle
ceased
its
has
issues
on
Sept.
publication.
Omaha Bee-News,"
evening and Sunday,
28 "The
been circulated morning,
In announcing this the
"Bee-News"
said:
The circulation
the "Omaha
lists and the publishing
World-Herald."
plant have been purchased by
2166
The
Financial
service reports and many of the features that have been appear¬
news
ing in
Chronicle
The
editor
as
in
chief, with
Robert Lasch
been
on
Messrs.
M.
Roland
associate editors.
as
Jones,
T.
Colonel
W.
George Grimes and
which
the editorial staff of "The World-Herald."
He
the
reporting the intended suspension the next day of the
"Bee-News" Associated Press dispatches Sept. 27 from
owned
by
Gilbert
M.
Hitchcock
Randolph
Hearst
founded
"The
and
Omaha
published the consolidated papers until his death in 1933.
his son-in-law. then became President of the company.
Edward Rosewater, a telegrapher, established "The
1871
Republican newspaper.
as a
lished
the paper
chased
until
Mr.
it.
1927 and the
same
He died in 1906, and
1920 when Nels Updike,
Updike
bought the afternoon
built
year
sold the property to Mr.
"The
He
Doorby
to
Will of Late Andrew W.
Mr.
dent,
of
Bee"
Omaha
Victor, pub¬
a son,
Omaha grain
"Omaha
in
man,
pur¬
Daily News" in
He
Mellon Filed at Pittsburgh—
the
late
Andrew
W.
Mellon
Sept. 20, and with the exception of
on
filed
was
at
bequest
a
of $180,000 to be divided among his
personal employees and
the distribution of his household
furnishings to his son,
Paul, and his daughter, Alisa—Mrs. David K. E. Bruce—the
entire estate
left to the A. W. Mellon Educational and
was
Charitable Trust, created
in
December, 1930.
of the value of Mr. Mellon's estate
was
No estimate
made by the execu¬
tors, Paul
Mellon, his son; David K. E. Bruce, his son-inlaw, and David D. Shepard, his attorney.
However, it is
believed to
be
Mellon
gave
estate,
between
$100,000,000 and $200,000,000.
Mr.
to
full
his
to
powers
executors
to
control
his
sell, mortgage or lease any property as they
deemed advisable, and otherwise direct it as if it were
their
own.
Briefly in his will, dated July 2, 1936, Mr. Mellon
explained why he had left
I
funds to his children:
no
have from
time to time made gifts to
my
and therefore I deem
they have been
that
I
make
in
this
will
bequest
no
to
my
It is
children
this
on
and
their
families.
'-.-.V,;
■
';i'
transferring properties and business interests to my children I followed
precedent set by my father, who desired to impose
responsibility on his
children
fast
as
It has been
well
relieved
give
in
satisfaction to
a
my
he thought
as
children
my
could
they
prepared
were
that
during
such
me
manage
later years of
more attention
affairs
some
of
the
to the other matters
to
and
at
the
which
I have
see
time
same
business
been
how
be
;•
the
central
Corp.,
and
buying
distribution.
the
upon
He
called
often
was
ideas
his
presented
standard
of
Credit
Union
National
credit
Distribution
Extension
associations
National
Corp.,
the
Bureau,
throughout
directing
United
the
Association; founder and
central
organization
for
Presi¬
chain
a
cooperative department stores; member General Advisory Council Amer¬
Association for Labor Legislation; ex-Chairman Metropolitan
Planning
of
Boston;
co-organizer
Committee for
Commerce
ot
Death
and
ex-President,
Public
Franchise
Financing War.
Grenville T.
of
Emmet, United States Minister
Active Charge of Ministry
to Austria—Had Been In
Grenville T. Emmet, newly-appointed United States Min¬
ister to Austria, died on Sept. 26 at his hotel in Vienna,
Austria,
advices from Washington)
of
the
Andrew W.
that they would examine
Mellow Educational and
Charitable Trust to determine whether Mr.
Mellon's bequest
to the organization is taxable.
If it is determined the trust
is engaged solely in charitable
activities,
authorities said
Federal estate levy will be
imposed.
The death, on Aug.
26, of Mr.
of
Emmet
double
became
pneumonia
ill
after
Mr.
illness.
short
a
Sept. 23, but continued to attend to
his
regular appointments that day;
double pneumonia
rapidly developed, however, and his wife was summoned
from Paris.
visit
to
on
They had expected to return this week for
United
the
States
be
to
present
Mr. Emmet, who was 60 years of
appointed Ambassador to Austria last June; he had
sented
his
credentials
to
President
Wilhelm
a
son's
their
at
wedding in Virginia.
was
age,
pre¬
Maklas
on
Sept. 14, and hence had been in active charge of the Amer¬
ican Ministry in Vienna for only 10 days.
The following biography of Mr. Emmet is from the New
York "Times" of Sept. 27:
Roosevelt,
Taylor Emmet,
was
patriot.
His
of
famly
of
Robert
long prominent
was
Addis
Emmet,
brother of
a
Emmet,
New York.
in
Robert
the
Emmet
Marvin &
his
name
defeat
Mr.
Emmet
1900
born at New
was
Stockton
leaving Harvard
Emmet, held the post
Cuba
in
He entered
■
Roosevelt
was
firm
a
of
Emmet,
junior partner
his
selected
was
Rochelle, N. Y.,
Emmet
and
he enlisted
in
the
on
Aug. 2, 1877.
former
the old
Katherine
Sixty-ninth
He
was
Temple.
Regiment and
during the Spanish-American conflict.
Upon
his
studied law at the New York Law School during
father's law firm of Emmet & Robinson, where he became
For
the
to
brief time he
a
Emmet declined
transfer
A
Mr.
law
1901."
partner in 1903.
lie
which
York
this country he
to
and
Mr.
the New
the Vice-Presidency in 1920.
At that time the firm's
Marvin & Roosevelt.
The President retired from the
for
Richard
of
duty
return
in
of
1923.
son
saw
partner
the firm
Emmet,
was
firm in
the
Martin,
great-grand¬
.
senior
was
Irish
famous
His
State Attorney General.
Mr.
a
former law partner of President Franklin D.
a
great-grandnephew
a
father, Thomas
After
tax, which does not exempt charitable bequests.
officials indicated on Sept. 20
(in Associated
activities
the
of the Twentieth
Century Fund, dedicated
the structure and workings of the world's economic
Credit Union
President,
Commission
■v
In
dispatches from Harrisburg, the State capital, on
Sept. 20, State tax experts said that Pennsylvania would
collect 10% of the fortune
through the State's transfer in¬
Press
as
department stores and other
League of Boston; Chairman, Massachusetts State Recovery Board, 1933-34;
was Chairman
War Shipping Committee and member United States Chamber
and
particularly
.
Treasury
and
effects
its
cooperative
of
Consumer
after
lifetime I could
my
responsibilities of
in
it.
assume
interested.
heritance
serve
ican
In
a
and
founder
Grenville
children and their families,
adequately provided for.
account
community
Only Ten Days
of
Pittsburgh
to
cooperative
the
Hungarian
Minister
as
Vienna
to
the
State
of
Netherlands,
a
po6t he held until
his
Embassy.
statement, as follows,
Secretary
was in the
brokerage business. . . .
Ministership, and on Dec. 30, 1933,
Hull
made public on Sept. 27 by
was
voicing
regret
at
the
death
of
Mr. Emmet:
no
I
Mellon, who
was
formerly
Secretary of the Treasury, and also formerly Ambassador
to Great Britain, was noted in
these columns of Aug. 28,
1355.
Reference to the announcement made
by Donald
D. Shepard,
attorney for Mr. Mellon, concerning the dispo¬
sition of the estate was
given in our issue of Sept. 4,
page
page 1521.
Death
of
Edward A. Filene, Boston Merchant
and
Financier—Dies in Paris Following Tour of
Europe
Edward
A. Filene, Boston merchant and
financier, died
Sept. 26 of pneumonia at the American
Hospital in
Paris, France. He was 77 years old.
Mr. Filene had suf¬
on
fered
attack
an
of pneumonia on
Sept. 18 while en route
following a tour of Europe. He was taken to the
American Hospital in
Paris, where his condition gradually
to London
weaker
grew
due
to
complications.
The body has been
brought to the United States
cremated and the ashes will be
for disposition.
T.
business, social and
and
The Boston "Herald" of
Sept. 26 said that he de¬
his life to make realities of
his conceptions of social
justice.
The paper quoted added:
I
His
Clara
Ballin
education
abandon
Filene.
ended
plans to
degree
from
Tulane
enter
University.
With
His
father
high school,
Harvard
was
when
College.
son
of William
an
immigrant from Poland.
family reverses forced him to
In
1931
he
received
an
LL.D.
Lehigh University, and also degrees from Rollins
College and
his
opening of
in
Salem, Sept. 13, 1860, the
.
younger
a
store
brother, Lincoln Filene, he joined his father
in Boston
in
1881.
He
later
became President
deep
distress of the sudden death of
Mr.
Grenville
his
personally
Minister
American
as
upon
duties
mourn
the
the
to
Netherlands,
he
had
recently
Minister to Austria.
as
untimely passing of
a
loyal and
faithful
repre¬
States.
An exchange of messages between President Wilhelm
Miklas of Austria and President Roosevelt on the death of
Grenville T. Emmet, United States Minister to Austria, was
made
public
message
on Sept. 28 by the State Department.
from President Miklas read:
r
;
Deeply impressed by the
news
The
of Mr. Grenville Temple Emmet's death,
I ask Your Excellency accept the expression of
my heartfelt sympathy in
the heavy loss the United States Government has sustained in the
person
of this highly distinguished diplomat who had been so welcome to us as the
representative of your country in Austria.
President Roosevelt
I
am
replied:
deeply appreciative of Your Excellency's sympathetic telegram
with reference to the death of Mr. Emmet, our Minister to Austria
had
recently commenced his official
so
death
M.
merce.
born in
with
Having previously served his country with marked distinction
sentative of the United
voted
was
learned
ability
entered
the
scientific organ¬
izations, Mr. Filene was a planner and organizer of the
Boston, United States and International Chambers of Com¬
Edward A. Filene
have
Emmet.
valued
A member of various
and
.
and President
founder
was
States;
Purposes
will
$1,000,000
production
mass
the improvement of
Entire Estate Left for Charitable and Educational
The
with
large chain of
a
.
Social Economic Congress,
organization
Doorly,
August 1, 1928.
on
wages, shorter hours,
business problems.
to
.
preached
business.
of
machinery;
World"
plant for the consolidated papers.
a new
Hearst
clerk
store
a
living to the
held in Amsterdam, in August, 1931.
He preached the gospel of maintaining wages and
lowering prices a few
days later to a large audience in Leipzig, Germany.
In 1885 and in 1889 purchased "The Omaha Herald," established in
1865,
and
as
organization of the Consumer Distribution
was
distribution
mass
life
internationally known business economist and
an
first world
unchanged.
Senator
for
retail
was
started
...
William
World-Herald" by the World Publishing Company, of which
Henry
is president.
Ownership of "The World-Herald" remains
The late
endowed
apostle
on
Omaha stated in part:
is
of
types
All other executives of "The
In
Bee-News"
interest
service unit
World-Herald" remain unchanged, as does the ownership of the newspaper.
"The
he
who
scientific approach
His latest
McCullougb, who has
financier
2, 1937
during his leadership.
was
loW-cost production, higher
of
service and
1911, continues
the editorial staff of the "Bee-News" for many years, will also be
on
international
the gospel
The announcement of "Omaha World-Herald" stated:
H. E. Newbranch, editor of "The World-Herald" since
and much of the store's growth
company,
'The Bee-NewB" will hereafter be published in the "World-Herald."
Oct.
J.
United
States
Government
mission
has
there.
sustained
the
In
Mr.
loss
of
who
Emmet's
a
highly
diplomatic representative devoted to the service of his country.
Meehan
Sells Membership on New York Stock
Exchange in Compliance with SEC Order
Michael J. Meehan, of M. J. Meehan & Co., New York,
Sept. 30 relinquished his seat on the New York Stock
Exchange for a nominal sum to Thomas E. Doherty, an
on
employee of the Meehan firm who will become
a
general
partner on approval of the membership transfer by the Ex¬
change.
The sale was made in compliance with an order of
the Securities and Exchange Commission which found Mr.
in
the
Meehan
of
the
sections of the Securities
guilty
of
alleged violation of anti-manipulative
Exchange Act of 1934, and which
Volume
Financial
145
expelled him, effective Oct. 19, from membership on the
Stock Exchange, the New York Curb Exchange and the
Chicago Board of Trade.
The memberships on the Curb
Exchange or the Board of Trade have not yet been trans¬
ferred,
It is explained that sale of the Stock Exchange mem¬
bership does not prevent Mr. Meehan from appealing the
expulsion order of the SEC in court.
The firm of M. J. Meehan & Co., which was not in any
way affected by the order of the SEC, has four other seats on
the Stock Exchange.
Reference to the expulsion of Mr.
Meehan from the three exchanges was made in our issues of
Aug. 28, page 1355, and Aug. 2, page 867.
Secretary
of
State
Hull
Accepts
Invitation of Gov.
Oct. 20-22
Gen. of Canada to Visit Canada,
Announcement
was
made
Sept. 30 by Secretary of State
on
Hull of the acceptance of an invitation from
eral of Canada, and Lady Tweedsmuir, to
Governor Gen¬
visit them the
present month.
He also made known that he will address
the University of Toronto on Oct. 22.
Mr. Hull's announce¬
ment was made as follows at his press conference in Wash¬
ington:
I have been anxious to pay a visit to
recently
accepted
from
invitation
an
Tweedsmuir to visit them
at Ottawa
Mrs. Hull and I have
Canada.
the Governor
General and Lady
$158,729,953 due to 183,207 depositors and total
of $181,927,143.
An outline of Mr. Broderick's
was furnished the current week as follows:
shows
resources
career
Born in New York City in
two
as
He continued
Elects Successors to Late
meeting of the Board of Managers of the New York
Jr.
elected
was
member
a
of
J. Knell was
J. Lawrence
the Board
fill
to
the
vice-presidency and on the Board occa¬
sioned by the death of Alpheus C. Beane.
Mr. Beane
died on September 18, as noted in our issue of September 25,
page 2009.
Mr. Knell has been a member of the Cotton
Exchange since 1924.
He has been a member of the Board
of Managers for eight years, and Secretary of the Exchange
for four years.
He has served during the last four years as
in
vacancies
Chairman of the Committee
a
examiner for the State
an
until 1914, organizing the
developing a system of
of banks.
Named by the
of the committee to work out
proposals for the technical organization of the Federal Reserve Banks, he
continued with the Federal Reserve System as Chief Examiner and sub¬
Department and
Banking
exchange departments
examination for foreign
Secretary of the Treasury in 1914 a member
sequently as Secretary of the Board until
1919 when he resigned to become
Vice-President of the National Bank of Commerce
Mr.
with the National
Broderick's association
tended for nine years, following
here.
Bank of Commerce ex¬
which on April 22,1929 he
accepted appoint¬
Superintendent of Banks in which
capacity he served throughout the banking crisis, retiring at the end of
1934.
In February, 1936, he was appointed by President Roosevelt as a
member of the Board of Governors of the Federal Reserve System for a
ment
by Governor Roosevelt as State
14-year term.
late President of the East River
noted in these columns Aug. 14,page 1039.
The death of Mr. James,
Savings Bank,
was
Association
Traders
Officers
Harold B.
for
Smith of Hiltz
Elects
York
New
of
Coming Year
& Co. was this
week elected
coming year of the Security Traders Asso¬
ciation of New York. William A. Titus Jr., of John Melady
& Co. was elected First Vice-President; Chester E. deWillers
King & Co., Second Vice-President; Walter F.
Dominion Securities Corp., Secretary, and
Wilbur R. Wittich of Bond & Goodwin, Treasurer.
For
of Charles
Saunders
Cotton Exchange held September 28, Frank
elected Vice-President of the Exchange and
Watkins
bank examiner.
President for the
Alpheus C. Beane
a
as
of the
bureau
credit
Minister,
King.
New York Cotton Exchange
At
Institute of Banking.
In 1910, he
Trust Co. to accept appoint¬
Assistant Secretary of the Morton
ment as a New York State
acquaintanceship with Lord Tweedsmuir
and to return the visit made to Washington by the Canadian Prime
Mackenzie
the American
later from
years
resigned
.Security
to renew my
his
old State Trust Co., later
He was graduated from the School of
Commerce, Accounts and Finance of New York University in 1906 and
merged with the Morton Trust Co.
Oct. 20 and 21, and to proceed to
University of Toronto.
me
December, 1881, Mr. Broderick started
banking career in 1896 as a junior clerk with the
Toronto, where we shall spend the day of Oct. 22 and I shall speak at the
This will enable
2167
Chronicle
of
for
Governor,
four-year
a
term,
Willis M. Summers of
Hoit, Rose & Troster was elected.
Sept. 30, 1938, will
M. Summers, E. J. Hunt
National committeemen to serve to
consist of Harold B. Smith, Willis
of White, Weld
& Co., John F. Sammon of J. F.
Sammon
Henry & Doyle. Alternates
A. Greene of Greene & Co.,
Robert F. Ricksen Jr. of Fitzgerald & Co., and John J.
Laver of R. F. Gladwin & Co. and Romeo Petronio of
& Co., and F. A. Henry of Carr,
elected were Mr. Kadell, Irving
Co.
Petronio &
on-^ommissions and has been
member of other
standing and special committees.
Mr. Watkins has been a member of the Cotton Exchange
He served
since 1909.
1929
to
as a
and in various years has been a
member of the
and other
Committee, Membership Committee
Executive
important committees of the Exchange.
Joseph A. Broderick Resigns from Board of Governors
of Federal Reserve System—Elected President of
East River Savings Bank of New York City
Joseph A. Broderick, who resigned this week as a member
of the Board of Governors of the Federal Reserve System,
on
was
Sept. 30 elected President and trustee of the East
River Savings Bank of New York City to succeed the late
Darwin R. James, according to an announcement made by
Edward F. Barrett, Chairman of the Executive Committee
of the bank, following a meeting of the Board of trustees
that day.
Mr. Barrett's election as Vice-President of the
bank
was
association with the
East River
Savings
Bank goes back to 1920 when he was elected a trustee of
that institution.
He has served on various of the bank's
committees and will continue
as
Chairman of the Executive
Board of trustees, in ad¬
duties as Vice-President. He
recently elected President of the Long Island Lighting
and
Committee
dition to discharging his new
was
Co.
regarding
Broderick, Mr. Barrett said:
announcement
the
election
of
Mr.
The trustees of the East River Savings Bank are happy to announce
dency of the
on
the
the
bank followed a careful survey of the field and was based
unanimous conviction
that to an unusual degree he possesses the
Superintendent of Banks of the State of New York during the most
of American banking history, Mr. Broderick won the respect
admiration of both the banking profession and the public.
His work
critical period
and
during this period brought him in intimate contact with the
savings bank administration.
problems of
His devotion to the advancement of sound
banking principles and practice was earlier
evidenced in his contribution to
of the Federal Reserve System and more recently by bis
the organization
representation of the New York
District on the Board of Governors of the
Federal Rjserve System.
In accepting
of the. I. B. A., was
the pubUc interest.
Mr.
Broderick will be
the ninth President of the East
Bank since its establishment in 1848. Whereas
that time carried on primarily a neighborhood
River Savings
the bank at
business, handled at a private house on Cherry Street, its
today extends to five principal business and resi¬
service
dential
sections
of
Manhattan
through
as
many
offices,
ranging north from Cortlandt Street to 96th Street on the
West Side.
Its latest quarterly report as of July 1, 1937,
named to serve as an ex-officio
member
of the executive committee.
George C. Johnson, of Brooklyn,
Group V New York Savings
Elected Chairman of
Banks Association—
Other Officers
New York Sav¬
meeting of Group V of the
At the annual
ings Banks Association, which includes the
of Brooklyn, Queens, Long Island and Staten
for the ensuing year were elected as follows:
George C. Johnson, Treasurer
as
of the Dime Savings
Savings Banks
Island, officers
Bank of Brooklyn,
Chairman of the Group.
Daniel T. Rowe,
Soci*Qt»3xy stud
Vice-l'resident of the Kings Highway
Savings Bank, as
Treasurer,
■*
*
Bank, as Chairman
other members of this Committee,
Charles H. Place, Vice-President of the Williamsburgh Savings Bank and
Jarvis S. Hicks, President of the Long Island City Savings Bank.
of the
Executive
President of the Fulton Savings
Committee: and as
of State of New York Nominates
Membership—To Be Voted Upon Oct. 7
Chamber of Commerce
21
to
Twenty-one
business
men,
representing the railroad,
public utility, insurance, investment, chemical, publishing
and other fields, have been approved for election to the
Chamber of Commerce of the State of New York, it was
announced Sept. 29 by William J. Graham, Chairman of
the Executive Committee.
The nominees, who will be
voted upon formally by the membership
at the first fall meeting on Oct. 7, are:
of the Chamber
Lehigh Valley Railroad Co.
Board, Electric Bond & Share
Carleton H. Palmer, President. E. R Squibb & Sons
Robert McBratney, of Robert McBratney & Co.
Truman S. Morgan, President, F. W. Dodge Corp.
Barton P. Turnbull, Treasurer, Rockefeller Centre, Inc.
G. Munro Hubbard, President, Doremus & Co.
Duncan J.
Broderick stated that he
exceptional opportunity for continued service
the Presidency of the bank, Mr.
regarded it as affording an
in
Oct. 1
Group of Invest¬
ment Bankers' Association of America/.
C. Prevost Boyce
of Stein Bros. & Boyce and Rush S. Dickson of R. S. Dick¬
son & Co. were elected Vice-Chairmen, and William J. Price
3d of Marburg, Price & Co., Secretary and Treasurer.
J. Elliott Irvine of Mead, Irvine & Co. was named a member
of the executive committee. Yelverton E. Booker of Y. E.
Booker & Co., a member of the National Board of Governors
Their decision to tender to Mr. Broderick the Presi¬
qualifications to enable him to carry forward the work of Mr. James.
As
of Alexander Brown & Sons on
of the post left vacant by the untimely death
acceptance by Mr. Broderick
of Darwin R. James.
of Invest¬
elected Chairman of the Southeastern
Richard J. Wulff.
his
In
for Southeastern Group
Bankers' Association
Robert S. Belknap
was
of the
member
Elected
ment
also announced following the meeting.
Barrett's
Mr.
Officers
member of the board from 1925
C. E.
Kerr, President,
Groeebeck, Chairman of the
Oxford Paper Co.
York Life Insurance Co.
Alfred H. Schoelko f, President. Niagara Hudson Power Corp.
Charles 8cribner, of Charles Scribner's Sons.
H
Donn Keresey. President, Anaconda Wire & Cable Co.
Hugh J. Chisholm, of
Henry Eggers Jr., of New
William H. S.
Sheffield, President, Innis,
Speiden & Co.
Co.
Financial
2168
Chronicle
J. J. Kelleher, Vice-President in charge of traffic and domestic divisions.
1937
2,
Arrangements were completed Sept. 29 for the sale of a
membership in the Chicago Stock Exchange at $2,000, un¬
changed from the last previous sales of Sept. 27 and 23.
United Fruit Co
Percival G. Iiuerk, of Murray Oil Products Co., Inc.
Arthur L. J. Smith, of The Spectator.
Oct.
;
John C. Thorne, of Hotel Ambassador,
Bruce Angus, of W. E. Hutton & Co.
A special meeting of the stockholders of the First National
Bank of Greenwich, Conn., will be held on Oct. 13 to vote
on a recommendation of the directors to increase the
capital
stock of the institution from $150,000 to $200,000, it is
George A. Jacoby, of Irving Trust Co.
G. Russell Clark, of New York Clearing House.
W. R. Morpeth, of Krebs Pigment & Color
Corp., Wilmington, Del.
learned from the "Wall Street Journal" of
stated:
Annual
America—James
D.
Robinson
man—Meeting Addressed
Jr.
Elected
Sept. 13, which
also
Meeting in Nashville, Sept. 25, of Southern
Group
of
Investment
Bankers
Association
of
This is
Chair¬
addition of 2,000 shares paired at $25, to be offered at $40 a
an
share, thereby raising $80,000.
is hoped
by Edward B. Hall and
The present annual dividend
rate of
$1.50
be maintained after the capital increase.
to
Alden H. Little
The annual
Association of America
557 in Nashville,
States
of
business
was
held
SoutiT~Carolina,
Florida^
Georgia,
Mississipjii and Louisiana in attendance.
meeting
The
held at the Hermitage Hotel with
President, J. H. Hilsman & Co., Inc., of
Atlanta, Chairman of the Group, presiding.
Edward B.
Hall, President, and Alden H. Little, Executive Vice-Presi¬
dent of the Association, made short addresses.
After a
luncheon at the hotel, the members attended the VanderbiltKentucky football game.
The Nashville members enter¬
tained the Group at a dinner dance at the Belle Meade
Country Club on Saturday evening.
was
Bank & Trust Co., Princeton, N.
J., an¬
Sept. 23 that Oliver Spaulding, formerly a VicePresident of the Equitable Trust Co. of Detroit, had been
elected
will
election
of
officers resulted in
the
following being
chosen:
D.
Robinson
Jr., Vice-President of the Trust Co. of Georgia,
Atlanta. Chairman of the Group succeeding J. F. Settle.
Charles W. Warterfield, Vice-President of the
Cumberland
Corp., Nashville, Vice-Chairman.
Securities
W. F. Broadwell, Member of firm of Courts &
Co., Atlanta, Secretary-
Treasurer.
The
following
were
elected
to
on
the
Executive
J. D. Robinson Jr., Vice-President of
the Trust Co. of Georgia, Atlanta.
W. Warterfield, Vice-President of
the Cumberland Securities
Charles
Corp., Nashville.
W. F. Broadwell, Member of the firm of
Courts & Co., Atlanta.
J. F. Settle, President. J. H. Hilsman &
Co., Inc., Atlanta.
George H. Nusloch, President, Nusloch, Baudean &
Smith, Inc., New
Orleans.
Rives, Vice-President of the Whitney National Bank, New
Orleans.
Hagood
Clarke,
Vice-President,
Johnson,
Lane,
Space
&
Co.,
Atlanta.
Inc.,
Francis B. Childress, Partner of Childress &
Co., Jacksonville.
Sidney J. Mohr Jr., Vice-President, King, Mohr & Co., Inc.,
Montgomery
Chapman H. Hyams, 3rd, Partner of Moore &
Hyams, New Orleans.
Geddings H. Crawford, President, G. H. Crawford Co., Inc.. Columbia.
Brownlee O. Currey. President,
Equitable Securities Corp., Nashville.
ITEMS
ABOUT
The Board of
on
TRUST
COMPANIES,
&c.
Managers of the New York Coffee
& Sugar
Sept. 24 that trading in sugar on the
Saturdays during October will be suspended.
Exchange ruled
Exchange
BANKS,
on
♦-—
Percy H.
Johnston, Chairman of the Chemical Bank &
Trust Co. New York, this week returned from
a seven weeks'
trip to Europe.
«
Joseph
Bank
died
of
on
Andrews,
New
York
a
Vice-President
&
Trust
and
Trustee
of
the
Company of New York City,
Sept. 29 at his home in Englewood, N. J. in his
76th year.
Mr. Andrews had an
unusually wide circle of
friends and acquaintances and was
regarded as one of the
deans of New York
banking. He had celebrated his 50th
anniversray with the Bank of New York & Trust
on
June
in
1862.
1, 1934.
He
Mr. Andrews
attended
the
was
Boston
born
Latin
at
Company
Salem, Mass.,
School
and
University. After a
employment with Kidder, Peabody & Co., he
joined the Bank of New York in
1884, starting as a clerk
and becoming
successively Assistant Cashier, Cashier and
Vice-President. In addition to his connection with the Bank
of New York and Trust
Company he was a director of Co¬
Insurance
Company, General Reinsurance Corpora¬
tion, Phoenix Indemnity Corporation,
Eagle Fire Company
of
charge
from
1913
Admitted
County,
before
to
advices to
In
Spaulding
noting
the New York
bar
and
becoming
a
the University of
from
1917
to
the
Mich.,
Mr.
his
"Herald
Sept. 24 added:
on
Following graduation
was
the institution.
of
of the trust department.
Princeton
in
chief
of
1920,
he
the
Michigan,
Corporation
Vice-President
Equitable
of
Mr.
Bureau
Prosecuting
was
Secretary and General Counsel
Spaulding
Michigan.
of
Attorney of
of
Detroit
a
Clinton
creamery
Trust.
Roy T. H. Barnes of the firm of Roy T. H. Barnes & Co.
of Hartford, Conn., and former Chairman of the Board of the
West Hartford Trust Co., West Hartford, died on Sept. 28.
Barnes, who
was
a
leader in the investment banking
Born in Moline, 111.,
the representative of
field in Hartford, was 66 years old.
before going to Hartford in 1897 as
Harvey Fisk & Sons, he
was
Boston representative of the
house of Dietz, Dennison & Prior for five years.
He estab¬
lished the firm of Roy T. H. Barnes & Co. in 1903.
With
ber, 1926, which he helped organize, Mr. Barnes became its
President and later Chairman of the Board.
He was also
of the organizers of the Hartford Stock Exchange, which
one
he served as President and
for many years.
New York and
a number of other insurance
companies.
Andrews has been a resident of
Englewood since 1894,
where he served as President of
the Board of Education
for eight years.
He was also a trustee of the
Englewood
Public Library, and Vice-Chairman
a
member of the
governing board
•
Depositors of the defunct Washington Trust Co. of Wash¬
a 5% dividend, totaling $218,919,
on Nov. 8, it
was announced on Sept. 26 by Luther Harr,
State Secretary of Banking for Pennsylvania.
This pay¬
ment will be the eighth dividend and bring the total dis¬
ington, Pa., will receive
tribution to 80%, or $3,502,194, of the deposit liability.
bank closed its doors
20,693 depositors.
on
The
Oct. 5,
There is
a
1931, owing $4,382,551 to its
possibility that depositors may
be paid in full, according to Dr.
Harr.
The statement of condition of the Philadelphia National
Bank, Philadelphia, Pa., shows total assets of $425,586,399,
which compares with $494,951,138 on June 30 last.
Cash
and due from banks on Sept. 30 aggregated $124,932,084,
down from $186,074,643 at the earlier date; holdings of
United
States
Government
securities
have dropped
to
$133,606,034 from $140,802,284, but loans and discounts
rose to $96,753,760 from $88,401,978 on June 30.
Capital
stock remains
unchanged at $14,000,000, but surplus and
profits have risen to $23,912,506 from $23,417,418.
Deposits at the later date are shown at $373,932,079 as
compared with $440,799,006 on June 30.
The bank was
organized in 1903. Joseph Wayne, Jr. is President.
net
Robert Wardrop, Chairman of the Board of the First
National Bank at Pittsburgh, Pittsburgh, Pa. died of pneu¬
monia at his home in Sewickley, Pa., on Sept. 28 in his 88th
year.' In spite of his advanced age, he had continued active
in
business
and
was
member of the Class of 1884 of
Harvard
brief period of
lumbia
in
the establishment of the West Hartford Trust Co. in Decem¬
serve
Board for the year 1937-1938:
Claude G.
Vice-President
a
be
Tribune"
Mr.
James
on
appointment,
J. Fleming Settle,
The
Princeton
nounced
Sept.
on
Tenn., wTth about 40 members from the
Tennessee,",
Alabama,
The
meeting of the Southern Group of the Invest¬
Bankers
ment
banking circles until his last illness.
Mr.
Wardrop
was
Travelli's
Academy in Sewickley, Sewickley Academy and
University (now the University of Pittsburgh).
Western
born in Allegheny, Pa., and was educated at
He entered the banking business in 1869 with the firm of
Ira B. McVay & Co.
In addition to holding his post with
the First National Bank, Mr. Wardrop had
of the Federal Reserve Bank of Cleveland
was
the
also
a
former member of the
American
Bankers
been
a
director
since 1914.
He
Currency Commission of
Association.
Mr.
of
Committee
of
the
Liberty
Loan
Englewood.
thorized
♦—
Arrangements
New York Stock
were
made
Exchange membership at $72,000. The
was at $75,000, on
September 11th.
a
10% dividend to holders of certificates of
Rouge Savings Bank, which
was
reorganized under the 54 Bank
Plan, released 40% of deposits at the time of reopening.
of this
of
The "Michi¬
Investor" of Sept. 25, from which we quote added:
The River
Coffee and Sugar Exchange second mem¬
bership of C. H. Stoffregen was sold Sept. 22 to J. J. Kutch
at $4,800, a
drop of $400 from the last sale. Later Robert
Lang sold his second membership to E. B.
Wilson, for an¬
other, at $4,900.
gan
pre¬
♦
York
to pay a
indebtedness of the River Rouge Savings Bank.
Sept. 24 for the transfer of
vious transaction
The New
Announcement was made on Sept. 25 by Charles T. Fisher,
Jr., Commissioner of Banking for Michigan, that the River
Rouge Depositors Corp., River Rouge, Mich., had been au¬
their
With the release
dividend, depositors will have received 85% of the original amount
deposits in the River Rouge Savings Bank.
The State
Banking Department
ized payment of a
of Michigan has author¬
10% dividend to holders of certificates of
participation in the segregated assets of the Traverse City
State Bank, Traverse City, Mich. In noting this, the "Michi-
Volume
William Henry Croeker,
Investor" of Sept. 25 stated that the bank, at time of
gan
reopening, made available 50% of deposits to its depositors,
and with the release of the latest dividend, depositors will
75% of the original amount of their deposits.
have received
In
regard
to
proposed
a
Fidelity National
tors of the Crocker
amounting to
dividend,
10%
Chairman of the Board of Direc¬
First National Bank of San
Francisco,
Sept. 25.
Crocker
of the Southern Pacific RR.), Mr.
graduation from the Sheffield Scien¬
Calif., died at his home in Hillsborough, Calif., on
He was 76 years old.
A son of the late Charles
of
(one
*
City "Star" of Sept. 14, it is learned that
W. L.
Yost, special Deputy Finance Commissioner for
Missouri, in charge of the liquidation of the closed Pioneer
Trust Co. of Kansas City, Mo., was mailing on that day
5,000 checks, aggregating $104,000, as a 5% liquidation
dividend on the gross amount of deposits.
This is the
second payment, the paper said, in the liquidation of the
bank, a 30% dividend having been paid in June, 1934,
made possible by a Reconstruction Finance Corp. loan of
$643,000, which has since been paid off.
From the Kansas
$534,999, to be paid
2169
Chronicle
Financial
145
the
builders
Crocker, following his
tific School of Yale University, entered his
father's private
(nucleus of the present
Crocker bank) as a clerk on the day of its opening in 1883.
Ten years later he assumed the Presidency of the institu¬
tion, an office he held continuously for 43 years, when, in
January, 1936, he became Chairman of the Board.
Among
many other varied interests, Mr. Crocker was Vice-President
of the Panama Pacific International Exposition and served
for two decades on the Board of Regents of the University
of California.
He was a director of the Pacific Telegraph &
Telephone Co., the Metropolitan Life Insurance Co., and the
bank,
&
Crocker-Wool worth
Pacific
Co.
Gas & Electric Co.
Oct. 1 to depositors of th^ defunct
on
Co. of Kansas City, Mo.,
Trust
Bank &
quote the following
Sept. 14:
we
City
the Kansas
from
"Star"
THE CURB EXCHANGE
of
Price movements on the New
York Curb Exchange were
the fore part of the week
though
Fidelity National Bank & Trust Co.
were setting in
motion today (Sept. 14) the procedure under which they
pay on Oct. 1 a second 10% dividend on outstanding certificates.
A sum
of $534,998.70 will be paid to 10,000 former depositors in that National
somewhat erratic during
bank.
particularly noteworthy, except in a few selected issues, the
gains were fahly steady. Specialties attracted considerable
speculative attention and there has been a modest demand
for mining and metal stocks.
Oil shares have been weak
and there has been little improvement apparent in the
The
liquidating
the
Fidelity National liquidating trustees are Herbert V. Jones, Howard
The
McCutcheon
In the
of the
the
of
trustees
and
Mintyl
Harry E.
.
.
.
period from July 22, 1933, the Fidelity trustees in
National bank
with
and
assets
$1,000,000
to
assets have
also
dividend
second
this
will
have
paid
more
than
hold trustees' certificates with an
who
depositors,
former
the liquidation
paid in full $5,652,087 originally owed on
face amount of $5,346,625.
original
depositors originally received 62% and took certify,
unpaid 38%.
With 20% dividends paid on the
the recovery on the original deposits will be approximately
Fidelity National
to
cates
the
represent
certificates,
1 dividend is received.
70% after the Oct.
The
holders
the
to
in
the former National bank.
depositors in
The
National
Fidelity
November.
have handled the present payment
they
until
to take up a dividend for the
(former affili¬
Savings Trust Co.
former Fidelity
the
bank)
National
the
of
ate
will not be able
Fidelity trustees
certificate
depositors
received
their
savings
depositors
had
initial
The
an
first dividend last
10% dividend in
February.
♦—
Liquidation of the defunct United Bank & Trust Co. of
Greensboro, N. C., was completed on Sept. 24 when checks
final dividend of 5% were mailed to the
depositors, it is learned from the Raleigh "News and Ob¬
server" of Sept. 25, from which the following is taken:
representing a
$52,315.42 in 5,393 checks mailed last night brought to
The
$613,583.49
back to depositors, or 55% of their original claims when
closed Feb. 8, 1933.
A total of $235,823.89 in deposits was
the amount paid
bank
the
in
canceled
84.69%,
or
$3,181,755.77
paid.
was
closed
United
the
When
the
Of
offsets.
$2,694,706.41,
.
assets
.
were
due
depositors
and
creditors,
.
listed
at
$6,193,690.86,
of
collected. Liquidation cost $159,564.36,
but
income
of $250,096.25
during the process more than offset the
expense, leaving a net income of $90,531.89.
Payments included $124,510.22 on preferred claims, $1,720,748.81 on
secured claims, $118,085.52 advances for protection of assets, $124,059.22
which
$3,096,375.51,
or
50%,
was
public utility group.
Many new lows were registered during the early trading
on Saturday, and while there was some hardening of prices
just before the session ended, the final quotations were below
the close of the preceding day.
The declines were not con¬
fined to any one group but were in evidence throughout the
entire list.
Cooper Bessemer which has been under con¬
tinuous pressure for some time, broke into new low ground
at 9MAmerican Manufacturing Co. dropped 5 points to
32; Jones & Laughlin, 3 points to 48; Newmont Mining, 5
points to 74; Sherwin Williams, 3 points to 104; Singer Manu¬
facturing Co., 5 points to 265; Tubize Chatillon A, 6 points
to 45; United Gas pref., 8 points to 96; Columbia Gas &
Electric pref., 4 points to 62; and Aluminium Ltd.,4 points
to 74.
Specialties and mining and metal issues were in moderate
early trading on Monday but the strength
of the market declined around the noon hour and much of
demand during the
the
10% Feb. 1, 1934; a 25% payment
15% payment April 30, 1937; and the 5% released
May
last
5,
1936;
a
night.
•
At
a
recent
meeting
of
the
Board
of
somewhat stronger and there were a number of
favorites that registered small
gains at the close. These included among others Aluminum
Co. of America, 6y2 points to 1063^; Brown Co. pref., 3
points to 49; Jones & Laughlin, 5K points to 53United
Gas pref., 6 points to 102; and American Cyanamid B, 2%
prices
the
Stocks
a
partner in the law firm
Mr.
of Bradley, Baldwin All & White,
represented the bank in legal mat¬
Coleman, the bank's announcement
said:
has been affiliated with the
and President during 30 of
its
50-year history.
During Mr. Henley's term of service as President
the bank has played a leading role in the industrial and agricultural devel¬
opment of this State and section.
Mr. Coleman was born in Jasper, Ala., Nov. 13, 1894.
He received his
Mr.
Henley,
the
Board
new
Chairman,
Birmingham Trust & Savings Co. as a director
collegiate and
legal
education
at
the University of Alabama,
where he
graduated with the degree of Bachelor of Laws in the class of 1915. During
the World War he served as lieutenant in the 64th Infantry, American
after the armistice, with the First
Division in
near Coblenz, Germany.
Upon his
return from Europe he became associated in the practice of law with the
firm
of Tillman,
Bradley & Baldwin in Birmingham, and in 1926 he
became a partner in the successor firm of Bradley, Baldwin, All & White.
For many years he has represented banks in their legal work, for which
h* further qualified himself with a special course at the Harvard University
Graduate School of Business Administration, specializing in banking and
Forces, in France, and
the Army of Occupation
Expeditionary
trusts.
In
addition to Mr.
Henley and Mr. Coleman, the officers
William H.
Maclin F. Smith (and Trust
Vice-Presidents; E. W. Finch,
Cashier; C. D. Cotten, George A. Brewer (and Assistant
Trust Officer)
and A. Key Foster (and Assistant Trust
Officer), Assistant Vice-Presidents; D. B. Taliaferro, J. P.
Glass, A. H. Johnson, J. Marbury Rainer and Robert M.
Stiles, Assistant Cashiers, and Clifford M. Spencer, Assis¬
of the Birmingham
Trust & Savings Bank are:
Manly, Malcolm A. Smith,
Officer) and J. B. Haslam,
tant Trust Officer.
♦
firm and generally higher on
Tuesday and while
in individual issues were less pronounced than on the
preceding day, the advances were fairly well scattered
throughout the list.
Specialties were in demand, mining
the gains
oil issues showed
Both assumed their new duties
Briefly outlining the careers of Mr. Henley and
Oct. 1.
273^.
were
and metal stocks
ters, was elected President.
on
active of the trading
Ala., W. E.
Henley, President of the bank for the past 12 years, was
elected Chairman of the Board, and John Shields Coleman,
who has for many years
were
more
Directors of the
Birmingham Trust & Savings Co., Birmingham,
Oil stocks rallied during the
of the session but sagged later in the day. Public
utilities showed moderate improvement as the market opened
but failed to hold all of their gains.
In the early afternoon
Depositors received four dividends:
on
early gains were canceled.
first part
points to
paid and $159,564.36 expenses.
interest
general tendency was toward higher levels. On Tuesday
the trend turned upward, and while the advances were not
the
attracted considerable attention
and the
The volume of
transfers was considerably smaller than on Monday, the
total sales dropping to 303,000 shares against 465,000 on
the preceding day.
Outstanding among the gains were
Aluminium Ltd., 53d? points to 87; Babcoek & Wilcox, 43^
points to 92; Brown Co. pref., 33^ points to 523^; Carrier
Corp., 3 points to 43; Jones & Laughlin, 3p2 points to 57;
Lynch Corp., 3 points to 40; and National Power & Light
pref., 53^ points to 623^.
Lower prices prevailed during the morning dealings on
Wednesday but the trend turned upward during the late
afternoon, and as the market improved, several prominent
issues moved to the side of the advance and closed with
moderate improvement.
.
substantial gains. Among the
Co. of America, b]/2 points to
to
65; St. Regis Paper
strong stocks were Aluminum
1103^; Childs pref., 5 points
pref., 4% points to 95; Columbia
Gas
points to 61; American Manufacturing
Co., 2% points to 34M; and Niles-Bement-Pond, 2% points
to 44 ii.
The volume of sales was approximately 300,495
shares against 302,480 on the preceding day.
Except for a brief period of irregularity during the opening
hour, curb stocks were fairly steady on Thursday and a
number of the trading favorites registered moderate advances
as the
day progressed.
The gains ranged from 1 to 2 or
more points, and while there were some weak spots scattered
through the list, they were largely among the slower moving
issues.
Toward the end of the session prices eased to some
extent, but the changes were comparatively small. Promi¬
nent among the shares closing on the plus side were Detroit
Steel Products, 2 points to 33; Pittsburgh Plate Glass, 2
points to 110; Sherwin-Williams, 1 point to 106; United Shoe
Machinery, 2% points to 74^6, and Utah Power & Light
pref., 2^2 points to 523^.
/
.
Irregular price movements were again apparent during
most of the trading on Friday, and while there were a number
&
Electric pref., 4
2170
of the
Financial
gains
America
advance, the declines
the market
as
came
to
were
close.
a
in
Co.
TRANSACTIONS
"Foreign Exchange Regulations Af¬
Exports" contains valuable information for
Our booklet
of
in demand and moved up 2% points to
was
fecting
manufacturers
THE
NEW
YORK
Stocks
CURB
of
Shares)
I, 1937
Foreign
Domestic
409,740
Monday..
Tuesday
464,930
PRINCIPAL
OFFICE
55
BROAD
300,265
198,695
153,990
Friday
Total
1,830,450
AND
FOREIGN
STREET, NEW
DEPARTMENT!
YORK
Member Federal Reserve System
Member New York
FOREIGN
RATES
EXCHANGE
BANKS TO TREASURY
*
,+
Clearing House Association
Member Federal Deposit Insurance
CERTIFIED
Corporation
BY
UNDER TARIFF
FEDERAL
\CT
OF
*7,443,000
Total
Corporate
$63,000
27,000
$19,000
24.000
$1,071,000
1,592,000
31,000
21,000
39.000
30,000
1.383,000
1,454,000
33,000
35,000
10.000
8,000
1,209,000
1,074,000
$137,000
$7,783,000
$203,000
RESERVE
1930
SEPT. 25, 1937, TO OCT. 1, 1937, INCLUSIVE
Noon Buying Rate for Cable Transit, in New York
Value in Unttea .mm Money
Country and Monetary
Unit
Sept. 27
Sept. 28
Sept. 29
Sept..30
$
S
$
$
$
Oct.
1
$
.188266*
.188185*
.188200*
.188133*
.188200*
.188050*
.168267
.168357
.168380
.168384
.168363
.168367
.012850*
Austria, schilling
Belgium, belga
Bulgaria, lev
Foreign
Government
$989,000
1,541,000
1,331,000
1,385,000
1,141,000
1.056,000
302.830
Wednesday....
Thursday
who sell abroad.
EXCHANGE
Bonds (Par Value)
Saturday
merchants
Sept. 25
AT
(Number
Week Ended
and
MANUFACTURERS TRUST COMPANY
Europe—
Oct.
7
of the
excess
Aluminum
114%
Pepperell Manufacturing Co. climbed upward 10 points to
95, and United Shoe Machinery, 1 point to 75%
As com¬
pared with the closing quotations on Friday of last week,
prices were generally higher, Aluminum Co. of America
closing last night at 114% against 102 >2 on Friday a week
ago; American Cyanamid B at 28% against 25% American
Gas & Electric at 27% against
25% American Light &
Traction at 15% against 14% Carrier
Corp. at 42%,
against 37%; Commonwealth Edison (new) at 28% against
20% Creole Petroleum at 27, against 24; Electric Bond &
Share at 12%, against 11% Fisk Rubber
Corp. at 8%,
against 8, Hollinger Consolidated Gold Mines at 12%
against 10%, Hudson Bay Mining & Smelting at 23%
against 22, International Petroleum at 31% against 31, Lake
Shore Mines at 50% against 47 and New
Jersey Zinc at 74
against 72.
>•
':
DAILY
Oct. 2.
active of the market leaders that ended the session
more
the side of the
on
Chronicle
.012850*
.012850*
.012850*
,012850*
.012850*
,034981
.034987
.034969
.034971
.034968
.221007
.220855
.220808
,220969
.951916
.946250
.946333
4, 950291
.952750
.021875
.021872
.021850
.021862
.021870
.034288
.034255
.034204
.034200
034235
.034242
.401189
.401178
401180
.401226
.009068*
.009064*
009062*
.552239
.552428
552814
.552825
Czectioslo'kla, koruna .034967
Denmark, krone..... .221092
England, pound sterl'g 1.952583
Finland, markka..... .021870
France, franc
.221085
.401189
.009087*
.552871
.552771
.197475*
.197475*
.197475*
.197450*
,197450*
.197375*
.052604
Italy, lira
.401178
.009078*
Germany, relchsmark
Greece, drachma
Holland, guilder
Hungary, pengo
.052599
.052600
.052604
052604
.052604
248692
.248831
1
.248533
.009062*
Week Ended Oct. 1
Jan. 1 to Oct. 1
Exchange
1937
Stocks—No. of shares.
1936
1,830,450
Bonds
Domestic
1937
1,948,180
1936
83,078,557
97,120,308
$7,443,000
$12,554,000
$326,195,000
203.000
783.000
9,738,000
14,146 000
Foreign government..
137.000
THE
198.000
7,915,000
$13,535,000
$343,848,000
by cable
each
Sat.,
Sept. 25
British Amer Tobacco.
Canadian
....
Courtaulds 8 & Co....
De Beers
.......
Distillers Co
Electric A Musical Ind.
Ford Ltd
...
Gaumont Pictures ord.
A
Geduld
(E)
Prop Mines...
Exploration A
Finance of Australia.
A I..
DAY
View South Gold
M Ines of
KalgoorHe.
Metal
Box
Est Gold
Rand Mines
Roan
Antelope Cop M_
Transport.
.....
w
So Kalgurll Gold
M...
Sub Nigel
Mines......
Triplex .safety Glass
..
Uullever
Union
Ltd
1
Molasses
rn
£15%
108/6
108/20/3
20/3
26/6
26/3
5/6
5/6
2/3
2/6
177/6
180/-
180/180/-
4
h
29/3
148/9
148/1%
4/29/-
149/3
149/4%
148/9
148/1%
18/-
18/75/13/9
48/9
75 /9
14/50/£7%
£43%
£5*32
West Rand Cousol
M__
West Wltwatersrand
Areas.........
160/30/30/7 %
£8
7/6
210/59/39/9
165/30/1%
32/6
4/29/148/1%
147/6
.007310*
.007310*
.007353*
007353*
.007353*
.063416*
.064100*
.064416*
.064062*
062928*
.063125*
.255319
.255261
.255048
.254983
255196
.255329
.229623
.229628
.229617
.229628
229650
.229692
.023020*
.023050*
.023060*
.023020*
023020*
.023020*
Chefoo (yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
.296562
.297395
.296479
.296145
.296562
.297395
.296479
.296145
.295937
.296562
.297395
.296479
.206145
.295937
.295729
.296562
.297395
.296479
.296145
.295937
.295729
.28/6
148/%
148/1%
18
72/6
-
13/9
48/1%
£8%
£43%
£5732
£44
65/-
7/3
210/210/212/6
58/59/59/39/6
39/9
40/3
163/9
167/6
170/29/3
29/4%
29/31/10%
31/10%
33/1%
£8%
£8%
£8
China—
Closing prices
of representative stocks
each day of the
past week:
-Sept.
25
Berliner Kraft
Llcht (8%)
u
134
.168
Commers-und Privat-Bank A. G.
(5%)
118
Dessauer Gas (7%)
120
Deutsche Bauk und
Dlsconto-Geeell. (5%). 123
Deutsche Erdoel (6%)
.309687
.309737
.309375
.309531
.373891
.373575
.373436
.373683
.373852
.288375
.288085
.288257
.288162
.288214
.580750
.580625
.580312
.580312
.580000
.680562
Singapore (R. 8.) dol'r
Dreedner Bank (4%)
1.948303*3 ,947410*3.944910 * 3.942604* 3.944791 * 3.946666*
1.974062*3 ,973303*3.970714*3.970892*3.974010*3.974330*
Zealand, pound.
Africa—
South Africa, pound.. 4.905267* 4,904140* 4.901339* 4.900803* 4.904642* 4.905791*
North America—
as
.999867
.999867
.999843
.999849
.999000
.999000
.999000
.999000
.999000
.277500
.277500
.277500
.277500
.277500
.277500
Newfoundland, dollar
.997402
.997410
.997343
.997382
.997392
.997382
received by cable
Argentina,
27
Sept.
28
Sep.
29
127
127
134
30
Oct.
1
.329883*
.329833*
.330000*
.330058*
.087222*
.087205*
.087205*
.087205*
.063833
.062944
.062533
.062388
.061977
.051700*
.051725*
.051725*
.569905*| .569905*| .569905*
.569905*|
.570905*
.789250*
.789250*
.330016*
.087238*
(Free) mllrels
Chile, peso
.064255
.051725*
.051725*
Colombia,
.569881*1
Uruguay
peso
!
.789250*! .790000*!
peso
Relchsbank
COURSE
OF
BANK
81emens A Halske
the
same
week in 1936.
week ended
At this center there is loss for the
Friday of 24.3%.
Per
FOREIGN
we
give
a
$2,855,625,636
291,031,045
307,000,000
$3,772,975,142
—24.3
307,908,380
368,000,000
—16.6
200,899,000
74,729,831
78,100,000
—13.8
+ 1.4
—2.6
80,326,596
82,900,000
—5.5
+7.5
+6.1
San Francisco
129,212,000
Pittsburgh
125,861,929
91,294,398
127,417,000
118,058,766
93,771,811
86,015,529
81,513,041
+5.5
65,306,189
67,027,694
—2.6
134
134
135
Baltimore
168
168
168
N ew Orleans
118
118
+6.6
118
121
123
123
150
151
128
128
128
128
128
*
*
$4,287,774,177
787,680,885
$5,290,400,665
799,716,055
—1.5
$5,075,455,062
$6,090,116,720
—16.7
...
151
114
Holl-
163
day
154
159
114
121
114
123
114
163
163
154
isk
159
159
159
87
87
86
86
87
122
122
122
124
aa
«7
e«
««
206
206
206
2or
f62l
...213
Eleven cities, five days
Other cities, five days
Total all cities, five days
All cities, one day
—19.0
1,015,091,012
1,140,861,191
—11.0
$6,090,546,074
$7,230,977,911
—15.8
165
154
229
226
229
212
213
214
217
Total all cities for week
*
Five-day figures not available.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above, the last day
of the week in all
EXCHANGE RATES
world,
record for the week just
passed:
1936
173,200,855
168
Pursuant to the requirements of Section
522 of the Tariff
Act of 1930, the Federal
Reserve Bank is now
certifying
daily to the Secretary of the
Treasury the buying rate for
cable transfers in the different
countries of the
ing
Cent
1937
Boston.
118
123
206
—
Our comparative summary
for the week follows:
Detroit
87
(8%)...........
CLEARINGS
clearings this week will show a decrease compared
with a year ago.
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Oct. 2)
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be 15.8% below
those for the corresponding week last year.
Our preliminary
total stands at $6,090,546,074, against $7,230,977,911 for
Cleveland
-122
(8%)................
.789250*
Bank
129
120
114
....................
.051725*
.789250*
*Nom|nal rates; firm rates not available
128
151
GmtS^XVl" l'
(?%)
164
(o {,)»
154
Hatijburger EiektrlxltaetswerkefsVIjZIIIIIlsg
oapag
NorddeutscherR,°,ehr5D
Lloyd
.999000
.087222*
.330000*
peso
Brazil (official) mllrels
Kansas City
Sept.
.999843
South America—
St. Louis
Sep*.
.999843
Canada, dollar
Cuba, peso
Mexico, peso
Philadelphia
123
uesruerei
........
.309612
Australasia—
Chicago
152
Deutsche Relcnsbahn (German
Ryspf 7%)
.295729
.309662
Clearings—Returns by Telegraph
Week Ending Oct. 2
Per Cent o/Par
127
Handels-tiesellscbaft (6%)...._.
.295729
.288464
yen
New York
Berliner
.295937
.373877
£8
THE BERLIN STOCK EXCHANGE
Allgemelne Elektrtzttaets-Geeellscbaft
.189000
4/-
£7%
65/-
£42%
£5*,s
7/3
205/60/-
111/3
6/9
465/76/10%
78/1%
275/277/6
51 /3
51/£15%
£15%
108/108/6
20/6
20/3
26/3
25/6
5/6
5/6
2/3
2/3
182/6
187/6
185/187/6
18'-
65/-
£43%
£59j2
7/6
110/7%
6/9
450/-
75/13/9
49/4%
£7%
67/6
39/6
Corp..........
United
111/3
110/7%
716/9
450/455/78/10%
76/3
271/6
270/bu¬
51/3
67/6
Royal Dutch Co
Shell
Fri.,
Oct. 1
17/9
76/3
13/9
49/4%
£7%
...
Palmietkull Gold M..«
Fr
Thur8.,
Sept. 30
28/6
HOLI-
l M PS
Lake
Rand
Wed.,
Sept. 29
4'3
Hudson Bay Mln A Sm
Imp Tob of G B
Tues.,
Sept. 28
175/-
Gold
.044854*
.007353*
New
Mon.,
175/-
Geduld
044870*
Australia, pound
Sept. 27
110/7h
440/7517'A
261/3
52/3
£15%
107/9
20 /3
26/6
5/6
2/3
Marconi
Central Mln & Invest,
Cons Goldflelds of S A.
Crown Mines
188825
.044862*
India, rupee
received
as
.188933
.044866*
Japan,
EXCHANGE
Quotations of representative stocks
day of the past week:
.188933
.044739*
Asia—
$647,289,000
LONDON STOCK
.248565
.188933
.044806*
....
Sweden, krona..
Switzerland, franc
Yugoslavia, dinar
9.700.000
$7,783,000
Total
.248761
.189000
Norway, krone
Poland, zloty..
Portugal, esrudo
Rumania, leu
Spain, peseta
$623,443,000
Foreign corporate....
.248830
Tientsin (yuan) dol'r
Hongkong, dollar..
Sales at
New York Curb
b ollow-
cases has to be estimated.
In the elaborate detailed statement, however,
which we
able to give final and complete
previous—the week ended Sept. 25.
For that week there was an increase of
9.6%, the aggregate
of clearings for the whole
country having amounted to
$5,871,574,035, against $5,357,667,248 in the same week
present further below, we
results
for
the
week
are
Volume
in 1936.
Financial
145
2171
Chronicle
Outside of this city there was
an increase of 11.7%,
this center having recorded a gain of
7.9%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals register a gain of 8.2%, in the Boston
Reserve District of 4.8% and in the Philadelphia Reserve
District of 15.7%.
The Cleveland Reserve District shows
an improvement of 22.0%, the Richmond Reserve District
of 9.0% and the Atlanta Reserve District of 11.0%.
In
the Chicago Reserve District the totals are larger by 6.7%,
in the St. Louis Reserve District by 0.5% and in the Minne¬
apolis Reserve District by 20.0%.
In the Kansas City
Reserve District the increase is 4.6%, in the Dallas Reserve
District 12.8% and in the San Francisco Reserve District
15.8%.
In the following we furnish a summary by Federal Reserve
the bank clearings at
Week Ended Sept. 25
Clearings atInc.
oi
1937
1936
Dec.
1935
$
$
%
$
1934
,
$
Seventh Feder al Reserve D i8trict—Chic ago—
Ann
281.929
Arbor
237,226
+ 18.8
305,885
375,000
99,310,364
94,107,146
+5.5
84.601,182
68.867.036
Grand Rapids.
2,650.738
1,832,280
1,272,449
1,760.400
2,875,068
1,501,950
—7.8
Lansing
Ind.—Ft. Wayne
+ 17.2
1,142,200
990,011
937,579
+5.6
699,956
531.786
16.843,000
14.644.000
1,014,528
12,136,534
785,132
3.850.111
11,333,000
1.363,494
+15.0
+34.4
14,791,880
13,426.362
Detroit
Indianapolis
Bend...
South
5,122,052
4,435,418
19,640.693
18,392,750
Terre Haute..
Wis.—Milwaukee
+ 15.5
+6.8
1,129,674
616.330
3,560.546
625,934
1,063,659
963.025
+9.5
915,540
Moines.
8.355,912
6,220.822
5,608,923
3,191.475
3,255.058
+34.3
—2.0
6,502,364
City
2.788,117
Iowa—Od. Raps.
Des
Sioux
111.—Bloomingt'n
375,398
312,972.743
322.565
+ 16.4
+ 6.2
+ 17.5
363,996
2,544.006
523,369
250.989,763
223,897,325
SUMMARY
OF
602,945
639,927
Peoria
3,545,312
4,205,392
—15.7
2,603,989
2,183.395
Rockford
1,238,042
992.784
+ 19.8
930,849
548,533
Springfield
districts:
953,294
294,839,102
811,330
1,479,239
1,047,336
+41.2
967,40:!
752,998
+6.7
386.810,125
298,4*7,593
Eighth Federa 1 Reserve Dls trlct—St. Lo uis—
85,300,000
+ 7.5
91,700.000
29,113,393
+ 13.5
33,031.895
Ky.—Louisville .
71.800,000
66,600.000
24,984,830
20,843,927
20,557,070
Chicago
.
.
Decatur..
BANK CLEARINGS
4
'
'
481,137,755
Total (18 cities)
450.803,079
Inc.or
Week End. Sept. 25, 1937
Federal
Boston
New
+4.8
214,261.652
194.866,530
3,656.196,310
2,655.05 4,619
405.413.752
350,362.546
+ 8.2
+ 15.7
333,894,554
285,1+3,641
335.799.153
275,343,375
+ 22.0
280,596.185
191,371,683
M
Richmond
if
5
9#
Atlanta
7tb
8th
St.
121,410,568
109,344,204
+6.7
386.810,125
150,202,453
+0.5
118.028.757
121,973,336
97.524.829
+ 20.0
108.345,011
90,021.408
142,840.634
•
Minneapolis 7
10th KansasCity 10
136.581,015
+ 4.6
119,507,026
104,991,552
70,210.277
+ 12.8
50,312,671
49,312.307
9
99
99
11th Dallas
6
79.168,796
99
+ 15.8
219,484,320
181,920,786
5,357,667,248
+9.6
5,719.555,665
4.377,541.763
2.668,416,948
2,389,386,049
+ 11.7
2,167,621,966
1,807.745.941
343,930,060
Outside N. Y. City.
251,869,948
5.871,574,035
112 cities
Canada
395,654,450
—13.1
325,657,997
286,288,386
32 cltle*
add
now
110,708.486
291,617,691
Fran._ll
Total.
our
25,692,492
detailed statement showing
figures for each city separately for the four
—27.3
X
X
20.733,176
X
X
569,000
463,000
+22.9
400,000
314,000
Total (4
150,993,387
cities).
150,202,453
+0.5
118,028,757
108,204,246
2,516,426
61,203,129
21,698,336
1,591,769
Reserve Dis trlct—Minne apolis-
Ninth Federal
3,853,721
82,802,663
2,662,044
+44.8
Minneapolis..
65,399,044
+26.6
3,335,087
73,503,236
St. Paul
27,289,659
23,119,215
2,499,535
2,072,522
+ 18.0
+20.6
25,512,026
1,867.016
Minn.—Duluth.
N. Dak.—Fargo.
546,793
511,737
8. D.—Aberdeen
802,450
Mont.—Billings.
871,071
741,172
395,043
2,821,041
+ 13.1
+ 17.5
+36.6
662,170
3.854,237
2,918.678
2,104,968
121,973,336
97,524,829
+20.0
108,345,011
90,021,408
Helena
Total (7cities).
709,791
last week's
years:
'
'
Tenth Federal
Reserve Dls trict— Kans
as
City
65,954
82,574
175,186
—42.4
138,471
44,835
+67.6
84,205
59,412
Lincoln
2,454,515
—1.8
32,558.332
2,351,483
30,574,555
587,665
Omaha
2,499,004
30,135,333
100,891
Neb.—Fremont..
Hastings
Week Ended Sept. 25
Clearings atInc. or
1937
1936
Dec.
1935
1934
$
Federal
Reserve Dist rict
Boston
_%
1,978,019
2,517,321
—11.8
+6.2
1,541,406
2.921,033
2,444,947
94,664,392
+4.9
77,966,173
70,125.833
2,787,755
2,961,986
2,760.586
493,000
1,744,010
St.
—19.3
1,935,791
201,412.556
544,259
1,868.952
194,156.871
—15.2
590.626
Lowell
362,780
339,422
+6.9
308,582
New Bedford..
642,513
543,211
+ 18.3
524 495
—5.9
3,068,607
548,210
+0.2
485.508
562,935
1,056,729
—46.7
448,102
379,432
142,840,634
136,581,015
+4.6
119,507,026
104,991,552
376,377
2,925,871
1,704,152
2,639.602
+ 10.8
2,530,224
2.089.630
1.640.787
+3.9
1,435,144
1,117,797
Hartford
9.064.467
9,454,155
—4.1
10.986.751
7,277.062
New Haven...
3.999.794
3,025,735
+32.2
3,220,456
2,888.825
Dallas
Fort
1,868,233
549,161
Joseph
Colo.—Col. Spgs.
609,128
25,189,870
2,673,988
Mo.—Kan. City.
491.282
+8.0
99,270,586
Kan.—Topeka..
Wichita
First
35.326.060
X
Qulncy
108.204.246
99
4
Tenn.-—Memphis
111.—Jacksonville
293.427,593
99
9th
We
+ 11.0
150,993,387
10
Louis..
+9.0
lol,534,251
450.803,079
138,384,454
• *
Chicago ...18
y
Mo.—St. Louis..
107,881,194
126,953,635
168,176,029
481,137,755
6
.
6th
12th San
223,531,363
3,072.750.477
»»
3rd Philadelphia 10
5th
f
S
%
234.213,247
3,321,855.801
12 cities
York. 13
Cleveland..
S
1934
1935
Dec.
1936
S
Reserve Dltts.
1st
2nd
4tb
1937
Me.—Bangor
Portland.
Mass.—Boston..
Fall River
Springfield
Worcester
Conn.
—
641.461
661,314
457.522
-1-3.6
2-,335,316
1,866,437
+3.7
183,687.649
170,247.137
475,827
Pueblo
Total (10 cities)
953,524
R.I.—Providence
10.724,400
8,236,000
+23.2
7,610,100
6,647.000
N.H.—Manches'r
405,382
376,039
+ 7.8
370.995
469,392
Eleventh Fede ral
Reserve
3,982,032
5,792,256
2,587,000
875,134
3,919,274
+8.6
+ 11.2
+50.1
+ 18.2
+ 13.3
+ 1.6
70,210,277
+12.8
1,345,359
61,082,172
8.692,191
Worth
(12 cities)
234,213,247
+4.8
Feder al Reserve D isrrict—New
Second
223.531,363
York-
N. Y.—Albany..
Binghamton
Buffalo
Elm Ira
7,090.723
1,412,725
35,500.000
595,627
7.228,718
,
New York....
194,866,530
8,042,555
3,058,000
1,009,042
La.—Shreveport.
Total (6 cities)
976.782
+30.9
869,535
—2.3
30,300.000
486.277
27,064,220
374,955
540,901
+23.3
607,803
466.025
3,203,157.087 2,968,281,199
6.924.477
6,819,675
Syracuse.
4.479,779
3,441,774
.
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle
.
,569,795.822
3,690.781
Ore.—Portland.
Utah—8. L. City
Calif.—L'g Beacn
4,932.787
Yakima
Westchester Co..
3.694,226
3,153,036
+ 17.2
2,253,815
Conn.—Stamford
4,671,467
2,524,218
2,033,499
364.003
3,525,060
*290,000
+32.5
J.—Montclalr
400,000
300.000
17,360,118
15,182,337
San
31,488,413
24,773.832
San Jose
+30.2
Newark
19,660.605
16,799,477
+25.5
+ 17.0
Northern N. J.
33,638.271
29,084,310
+ 15.7
.
17.085,057
15,535,214
4,037,887
3,580,354
158,918,000
Pasadena
Francisco
1,326,107
42,403.287
37,080,181
11,306,000
1,251,546
30,622,537
45,733.000
11,409,000
.
Spokane
1-7.9 3,551,933,699
6,239,096
+ 1.5
3,065,335
1,479.657
.
3,600,938
2,944,906
143,027,866
Santa Barbara.
Total (13 cities)
3,321.855,801 3,072,750,477
Third Federal
Reserve Dist rict—Philad elphia
432,164
Pa.—Altoona
338.011
517,221
436,821
Bethlehem
Chester
Lancaster
Philadelphia...
*340,000
1,471,512
392,000,000
1,196.747
283,425
340,000,000
+8.1 3,656,196,810 2,656,536,276
3,146,079
1,442,079
Stockton
2,536,841
3,118,728
1,172,447
2,209,585
291,617,691
251.869,948
Total (11
409, 166
247,032
127.9
+52.1
+54.1
+23.0
+ 15.3
325,000, 000
1,103.509
278,000,000
Grand
cities)
total
x
1,612,585
2,410.212
1,449,472
+ 11.3
1,876.759
+28.4
1,134,495
899,479
2,060, 544
903, 995
York
1,786,742
3.612,000
1,166.653
+20.7
+53.2
1,199 376
3,152,000
+14.6
2,066, 000
405,413,752
350.362,546
+ 15.7
333,894,554
286.143,641
Total (10
cities)
Fourth
878,416
Feder al Reserve D isrrict—Clev eland-
X
60,312,671
49,312,307
x
Franc!
SCO
+23.3
30.688,288
+0.9
+6.0
+38.5
+ 10.0
+12.1
+21.6
10,705,000
22,928,015
8,257,000
750,016
728,063
26,950,660
13,502,325
20,675,670
3,145,979
12,300.000
2,415.166
2,367,407
1,994,039
+11.1
+0.9
+23.0
126,322,740
108,324,480
2,647,704
847,026
2,109,767
+14.8
1,657,176
1,369,183
+15.8
219,484,320
181.920.786
909,403
+ 11.7 2,167.621,966 1,807,745,941
cities)
Week Ended Sept. 23
Clearings at—
Inc.or
Canada—
x
x
57,085.355
+8.4
45,430.209
38,353,000
64,422.347
57.378,103
Ottawa
Columbus...
9,978,100
+ 18.4
+31.5
8,320,800
8,581.400
Mans field.__
1,923,733
1,487,833
+29.3
1,125,761
1,166,490
155,100,658
122,104,604
+27.0
161,297,068
$
1934
$
126,694,507
105,244,669
—16.1
76.990.920
—34.1
18,251,695
Vancouver
84,687.483
1935
%
50,768,890
Winnipeg
61.876,396
Dec.
106,281,957
101,490,017
Montreal
103,778,266
13,120,100
1936
$
1937
Toronto
Cleveland...
1,966,000
2,460,913
Outside New York 2,668,416,948 2,389,386,049
2,117.900
Cincinnati
694,404
+9.6 5,719,555,665 4.377,541,763
782,717
Ohio—Canton
1,606,000
2,554,940
5,871,574,035 5.357,667,248
1,779,756
Wllkes-Barre..
N. J.—Trenton..
6,202,532
(112
324,508
Scran ton
...
772,028
38.910,834
5,991,280
909,803
453, 547
298, 674
1,070, 724
886, 075
Reading
1,004,240
38,461,752
744,556
+ 10.9
609,545
Rochester
N.
1,238.500
54,922,979
6,323.251
32,000.000
666,811
Jamestown
—1.9
214,261,652
Galveston
Wichita Falls..
Total
District—Da lias—
79,168,796
Texas—Austin...
19,406,498
15,841,003
—6.0
101.269,148
84,827,836
61,551,922
14.685.418
—0,1
20,348,072!
3,563,304
2,147,571
4,225,963
+53.9
+ 19.4
3,743.863
3,610,242
2,027,231
5,746.225
15,826,749
-
—3.6
98,020,418
81,196,662
48,026,267
14,685.196
4,453,283
Total (5 cities).
Fifth Federal
W.Va.—Hunt "ton
Va.—Norfolk
Richmond
S. C.—Charlest'n
Md.—Baltimore
335,799,153
275,343.375
Reserve Dist rict
328,837
2,458,000
49,049,326
*1,600.000
66.296,060
18,652,231
+22.0
280,596.185
85,892,690
191,371,683
-Richm ond—
6,333.456
+49.9
2,044,231
4,218,991
7,071,883
7,280,400
—2.9
Calgary
6.426,511
1,640,989
+3.3
1.568,468
1,309,287
2,520,809
2,046.671
1,762,222
2,175,423
3,906,891
8,614,935
—12.6
Victoria
1,788,372
1,820,210
London
.
2,563,796
Hamilton
x
..
5,483.309
Halifax
St. John..
Youngstown
Pa.—Pittsburgh
Quebec
—7.2
2,345,390
+ 19.7
157,162
121,539
—0.6
1,911.000
1,980,000
43,673,415
+ 12.3
38,923.340
39,254,354
1,454,343
+ 10.0
809,928
60,199,132
+ 10.1
18.879,084
—1.2
1,151,097
51,872,217
16,693,670
50.339,369
1,520,388
423,147
704,431
396,021
+6.8
519,646
+35.6
2,189,225
3,310,430
5,038,743
282,547
686,241
1,510,517
2,156,509
—30.0
1,777,112
1,613,694
935,797
—29.4
580,471
483,846
Edmonton
274,661
2,473,000
3,553,498
4,516.811
ltegina
3,881,255
Brandon
Lethbrhige
Saskatoon
+15.6
—54.9
2,958,860
5,047,980
303,042
419,217
cities).
Sixth Federal
138,384,454
126,953,635
+ 9.0
110,708,486
107,881,194
+20.6
2,598,731
43,300,000
2,088.074
11,396,948
38,100.000
Reserve Dist rict—Atlant
► Nashville
19,077,498
3,087,874
14.870,237
Ga.—Atlanta
57,000,000
55,900,000
+28.3
+2.0
+ 16.6
Tenn.—Knoxville
3,723,343
1,566.961
1,344,446
1.228,879
Fla.—Jack'nville.
18,529,000
1,244,308
16,373,000
Ala.—Blrm'bam.
22,592,206
1.852,188
20,144.721
1,553.086
Augusta
Macon
MobUe
Miss.—Jackson..
Vicksburg
La.—New Orleans
Total (10
cities)
x
1,216,474
826,565
—1.2
889,819
787,523
+ 1322
+ 12.1
+ 19.3
10.394.000
11,904,000
17.281.001
1,641,853
14,638,172
1.048,006
x
175,302
232.201
42.430.652
36,784,378
168,176,029
151,534,251
12,769,103
—24.5
117,845
100,152
15.3
31,301,742
28,454,764
+ 11.0
121,410,568
Moose Jaw
660,753
936,070
993,055
—5.7
716,276
647,815
835,227
.828,407
+0.9
577.074
539,196
New Westminster
641,078
621,119
+3.2
528,244
534,059
Medicine Hat
Total (6
15,376,004
Brantford
Fort William...
D.C.—Washing'n
279,778
264,379
+5.8
365.459
Peterborough
587,267
654,059
—10.2
523,801
218,408
539.628
Sherbrooke
743,032
684.713
628,873
Kitchener...
1,335,662
Windsor
2,785,553
1,067,242
2,423,835
+8.5
+25.2
+14.9
+9.0
433,031
504,658
932,628
1,877,799
318,333
286,517
Prince Albert
471,823
Moncton
808,384
771,834
+4.7
807,436
765,667
570,400
638,583
—10.7
587,544
567,061
430,254
+33.9
392,778
444,737
605,345
335,946
Kingston
Chatham
576,244
Sarnia
535,537
445,794
+20.1
Sudbury
925,948
949,295
—2.5
796,779
712,933
343,930,060
395,654.450
—13.1
325,657,997
286,288,386
109,344,204
-r
947,553
1,932,892
Total (32 cities)
♦
Estimated.
xNo clearings available.
2172
Financial
TREASURY
STATEMENT
SHOWING
RELIEF
The various
of Aug.
Chronicle
APPROPRIATIONS
AND
OF AUGUST
AS
agencies of the Federal Government, it is shown in
Oct. 2, 1937
EXPENDITURES
31,
FOR
RECOVERY
AND
1937
tabulation
given in the Treasury's "Daily Statement"
to the end of August, which compares with $21,169,The figure for Aug. 31 does not include amounts advanced under the Kerr-Smith
31, appropriated $21,173,100,147 for
593,575 appropriated as of July 31, 1937.
recovery
and relief
a
up
Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws were
repealed by Congress
February, 1936, after the United States Supreme Court had held the Agricultural Adjustment Act unconstitutional. The
Treasury's tabulation for Aug. 31 follows:
Tobacco Act, the
in
FUNDS APPROPRIATED AND ALLOCATED FOR
RECOVERY AND RELIEF.
EXPENDITURES THEREFRO
AS OF AUGUST
NL»
*
UNEXPENDED BALANCES
31, 1937
Sources oj Funds
Expenditures
A ppropriations
Statutory and Executive Allocations
Organizations
National
Reconstruction
Industrial
Emergency
Emergency
Appropriation
Relief
Appropriation
Corporation
Act
Act 1935.
A p proved
Approved
Acts
Pfthltftl
utnpk
_
int." rate?" on
Reduction In
Total
1937 and
1938
Prior Years b
A
$
cl0O.731.233
37,495,227
198,226,460
_
198,226,460
200,000,000
200,000,000
mortgages
200,000,000
5,000,000
5,000,000
125,000,000
189,000,000
125,000,000
189,000,000
103,950,000
—,
Paid In surplus
-
Reduction In int. rates on mortgages
Unexpended
1937
%
£443,150
2,842,008
103,950,000
7,518,331
Federal Land banks:
Capital stock
Fiscal Year
of 1935,
June. 10,1933 June 19, 1934 1936
Agricultural aid:
Agricultural Adjustment Administration
Federal Farm Mortgage Corporation:
Fiscal Year
Finance
Recovery
Specific
5,000,000
120,064,745
142,160,468
81,401,999
5,378,405
43,997,522
15,029,668
188,745 3,074,249,696
9,138.224
3,540,321
7,677,000
18,964
R6ll6f!
Fed'l Emergency Relief
Adminlstrat'n.d h604.868.457
Civil Works Administration
152,072,584
399,548,290
317,566,732
h332,481,750
Civilian Conservation Corps
93,101,630
480,590,000
935,005,625
32l",b"69"666
594",969",951
Department of Agriculture, relief
Public works
88,960,000
820,990,040
26,616
817,423,102
622,832 1,318,407,420
1,372
83,919,948
1,326,707,313
83,940,285
83,940,285
(including work relief):
Public highways
255,488,217
438,041,640
256,300,525
River and harbor work & flood control.
2,239
93,708,085
Works Progress Administration
All other
509,436,630
189,783,199
15,548,476
1,202,968,727
3,764,984,277
Rural Electrification Administration—
83,339,960
-
Aid to home
911,040,000 3,083,576,667
830,067,503
83,444,242
539,791,811
62,048,476
3,764,984,277
553,467,152
1,550,318,858
46,500,000
19,509,503 1,061,243,460
6,603,903
467,177,385
4,244,973
11,673,706
235,034,721 3,160,108,148
49,510,316 1,296,543,241
122,215,763
66,010,521
46,129,795
369,841,408
204,265,300
owners:
Home-loan system:
Home-loan bank stock
125,000,000
200,000,000
Home Owners' Loan Corporation
Federal savings and loan associations.
125,000,000
Emergency housing
29,299,469
1,000,000
26,333,465
Resettlement Administration k
3,390,000
19,315,142
50,000,000
Federal Housing Administration
1,507,900
200,000,000
50,000,000
137,609,952
J50,000,000
56,621,074
502,882,365
32,231,280
150,000,000
24,307,711
75,000,000
4,992,568
25,000,000
108,310,483
8,740
11,362,745
2,647,806
£5,425
55,621,074
473,158,899
120,006,100
200,000,000
49,952,826
82,490,030
3,486,000
"38",433
43,757,176
6,764,715
115,143,616
47,208,553
355,507,468
Miscellaneous:
Federal Deposit Insurance Corporation.
150,000,000
Administration for Industrial Recovery.
Tennessee Valley Authority
Subtotal
2,152,961,249 2,557,040.581 1,096,136,420 7,144,664,694 1,627,121,074 14577,924020
Revolving funds (net):
150,000,000
24,245,466
75,000,000
67,670
373,413,222 13137,010229 1,067,500,508
e
Agricultural aid:
Commodity Credit Corporation.
Farm Credit
3,000,000
60,000,000
91,361,620
16,900,000
593,940,064
Administration
120,867,371
321,836,877
57,035,551
1377,265,475
316,885,778
380,265,475
542,782,950
£1,129,304
£5,874,583
122,125,135
372,346,241
259,269,644
176,311,292
1,036,644,313
37,091,013
618,869,623
380,683,675
£95,119
18,166,574
Public works:
Loans
and grants
8tates,
to
munic¬
ipalities, Ac
Loans to railroads
Miscellaneous:
Export-Import Bank of Washington.
1,250,000
45,000,000
Reconstruction Finance Corporationdirect loans and expenditures
Subtotal
57,635,551
658,190,064
338,736,877 4,391,685,301 5,658,476,786
8,091,831 2,828,838,845 2,821,546,109
381,505,054 15 965,849074 3,889,046,678
Unallocated funds
135,045
Grand total
The
212,228,9 1
emergency
2,210,596,801 m3215 366290
expenditures
122,226
n
authority of the Act of Jan. 23,
Included in this statement for the period
1932.
prior
Expenditures by the several departments
and establishments for public works under the
Emergency Relief and Construction
Act of 1932 were made from general disbursing
accounts, and, therefore, are not
susceptible to segregation from the general expenditures of such departments and
cThe
sum
on
of
the basis of the daily Treasury statements.
$160,731,233.35
represents
the
balance
under
936,441,467
930,699,339
1308487639 o8419,843039 6,01 £.806,375
21173,100147
to the fiscal year 1934 include only expenditures on account of the Reconstruction
Finance Corporation and subscriptions to capital stock of Federal j-and banks under
establishments
28,178.545
.
£21,900,175 1,697,331,270 1,977,102,952
2,210,596,801 3,215,230,645 1,308,365,412 7,483,401,571 6,018,806,375 20 236,400807
Total
b
46,250,000
3,652,534,047 3,652,534,047
appropriations
936,699,339
381,505,054 15965,849074 4,825,746,017
Corporation is authorized to purchase marketable securities acquired by the Federal
Emergency Administration of Public Works.
The purchase of such securities by
the Reconstruction Finance Corporation Is reflected as
expenditures of the Recon¬
Finance Corporation and as credits against
expenditures of the Federal
Emergency Administration of Public Works.
struction
j Includes $700,000 allocated for savings and loan promotion as authorized
Sec. 11 of the Act of April 27, 1934.
k Includes allocations and expenditures on account of subsistence
by
homesteads.
provided by the Acts of May 12, 1933, May 25, 1934 and Aug. 24, 1935.
m
d Includes expenditures made by Federal
Surplus Commodities Corporation from
funds provided for the Federal Emergency Relief Administration.
Exclusive of the $84,633,709.18 transfer referred to in note
o.
n Exclusive of
the $39,124,759.65 and $47,704,412.27 transfers referred to in
and $5,500,000 transferred to salaries and expenses, Farm Credit Admlntration; and $25,358,189 carried to the surplus fund of the Treasury
note o,
e
Expenditures
ments and
ment
are stated on
a net basis, 1. e., gross expenditures less repay¬
collections, the details of which are set forth in the supplementary state¬
below.
f Net, after
deducting repayments to the Reconstruction Finance Corporation.
o Includes $4,000,000,000
specific appropriation under the Act of April 8, 1935,
$1,425,000,000 specific appropriation under the Act of June 22, 1936, $789,000,000
specific appropriation under Act of Feb. 9, 1937, $1,500,000,000 specific appro¬
priation under the Act of June 29, 1937, and transfers of unexpended balances as
follows:
£ Excess of credits (deduct).
■sib
From the Reconstruction Finance Corporation, $500,000,000; from the
appropriation of $3,300,000,000 for National Industrial Recovery, $84,633,709.18;
the appropriation of $525,000,000 for relief in stricken agricultural areas
pro¬
vided in the Emergency Appropriation Act of 1935, approved June
19, 1934, $39,124,759.65; from the appropriation of $899,675,000 for emergency relief and public
works provided in the Emergency Appropriation Act of 1935, approved June
19,
from
h The
appropriation of $950,000,000 provided in the Act of Feb. 15, 1934, was
President as follows: Federal
Emergency Relief Administration
$605,000,000, of which $131,542.23 has been trasnferred to the Emergency Relief
appropriation, and Civil Works Administration, $345,000,000, of which amount
$7,300,000 has been transferred to the Emergency Relief approbation, and $5,218,allocated by the
250 transferred to
I Under
the
the
Employees* Compensation Commission.
provisions
of
the
Emergency Appropriation Act, fiscal
and the Emergency Relief Appriprlation Act of 1937,
year
the Reconstruction
DETAILS OF REVOLVING
FUNDS
1935.
Finance
INCLUDED IN
1934, $47,704,412.27; from the appropriation of $950,000,000 for emergency relief
and civil works provided In the Act of Feb. 15, 1934,
$7,431,542.23; from unobli¬
gated moneys referred to in Sec. 4 of Act of March 31, 1933, $21,527,113.76, and
moneys transferred pursuant to Sec.
15 (f) of the Agricultural Adjustment Act.
$12,921,502.64, less transfer of $7,500,000 to War Department under Act
of July
19,
1937.
GOVERNMENT
RECEIPTS
AND
EXPENDITURES
This Month
Fiscal Year 1938
Organizations
Repayments and
Payments
Commodity Credit Corporation
$1,152,138.31
Farm Credit Administration
Loans and gmnts to States,
b3,168,207.47
municipalities, &c
19,585,720.55
Loans to ralboadii.
Excess of repayments and collections
$1,078,577.64
1,491,127.23
1,602,941.97
Net
Expenditures
$73,560.67
a4,659,334.70
17,982,778.58
Repayments and
Payments
$1,730,735.64
b3,305,505.06
41,376,855.77
10,590.00
Export-Import Bank of Washington
Reconstruction rfnance Corporation—direct loans A
expenditures
a
Collections
1
(deduct),
9^529.20
18,224,343.73
b Counter entry (deduct).
55,916.81
21,352,995.49
a46,387~61
a3.128.651.76
20,217-27
145.340,572.94
Net
Collections
Expenditures
$2,860,039.71
2,569,078.39
4,209,262.17
87,169.88
115,336.75
167,240,748.26
a$l,129,304.07
a5,874,583.45
37,167,593.60
876,579.88
895,119.48
821,900,175.32
Volume
GOLD
ENGLISH
THE
We
SILVER
AND
MARKETS
Watling, Lerchen fit Hayes
weekly circular of
Montagu & Co. of London, ^written under date o"f
reprint the following from the
Samuel
Members
New York Stock
Sept. 15, 1937:
406,625
8 showing no change as
Sept.
on
amounted to £326,compared with the previous
gold reserve against notes
Bank of England
Wednesday.
In the open
disposed of at the
mostly taken
dollar parity:
The amounts available were
Quotations:
Equivalent Value
Ounce
of £ Sterling
Friday
12s. 1.29d.
Last
v
140s.
140s.
140s.
140s.
140s.
140s.
140s.
_
4d.
7%d.
12s. 0.99d.
Par
Stocks—
Sales
of Prices
High
Low
Price
Range Since Jan. 1, 1937
for
Week's Range
Sale
12s. 1.03d.
7d.
6d.
3%d.
6d.
5.67d.
from official sales lists
Sept. 25 to Oct. 1, both inclusive, compiled
Per Fine
'
Exchange
Detroit Stock
York, prices continuing to rule at about
Sept.
9
Sept. 10
Sept. 11
Sept. 13
Sept. 14.
Sept. 15
Average
DETROIT
Randolph 5530
Telephone:
market about £1,900,000 of bar gold was
daily fixing during the week.
.
Chicago Stock Exchange
Buhl Building
.
for shipment to New
New York Curb Associate
Exchange
Detroit Stock Exchange
GOLD
The
2173
Chronicle
Financial
145
Week
Low
Shares
Auto City Brew common. 1
12s. 1.12d.
Baldwin Rubber com
and exports of gold,
mid-day on the 13th inst.:
following were the United Kingdom imports
The
registered from midnday on the 6th inst. to
£1,845,806
British South Africa
5,955
Kenya
235,184
23,273
British India
New Zealand
Germany
Netherlands.
...
France
Venezuela
Other countries
The Transvaal
No
15
£4,335,661
"2%
2%
%
4%
3%
14%
General Finance common
*
Hall Lamp common
Bombay on Sept. 11 carries
Houdaille-Hershey
B
continuing to give support, the market
Mahon Co (R C) A
pref.
_
692
248
16%
11%
4%
3%
20%
'%
1
*
Masco Screw Prod com
_
%
5%
*
10
the present level is
anticipated in the near
inst. to mid-day on the 13th inst.:
Exports
Imports
Franee
Belgium
France
14.353
Hungary...:
5,599
—
1,804
xl,040
3,057
Irish Free State
1,252
Other countries
1,450
Malta.
12,930
—---
£418,980
1,515
United States of America.
£34,013
~.
Other countries
£427,846
£68,147
IN
"
Sept. 9...19 15-16d.
Sept. 10.-.19 15-16d.
Sept. 11 —19 15-16d.
Sept 13
19%d.
15-16d.
Sept. 15...19 15-16d.
Average—19.927d.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
19%d.
19 13-16d.
19 15-16d.
19%d.
19 13-16d.
—
NEW YORK
7
Parker Wolverine com
*
15
4
*
Prudential Investing com
6%
3%
Reo Motor common....
3%
RIckel (H W) common.
3%
4%
.
River Raisin Paper com.
Stearns & Co (Fred'k)
.
19%
4%
2%
1
19 13 16d.
Investment
cents
cents
cents
cents
cents
cents
4%
1,160
Aug
Aug
Feb
Jan
6%
9%
Feb
5%
Feb
Jan
6%
Mar
35
Sept
Jan
10%
Mar
103
Aug
19% June
4% Sept
2% Sept
2,365
2%
Jan
Feb
Feb
28%
Feb
10
•
Feb
8
>
Feb
8
Sept
13
Jan
6%
250
6%
Sept
11
Feb
Sept
Feb
Sept
Sept
38%
9%
8%
Mar
Sept
29
Mar
__*
5
*
24
2%
Wayne Screw Prod com..4
3%
%
3%
1
2
8%
B
Warner Aircraft common. 1
*16
30
100
30
30
B
com.
19%
Feb
240
Univ Cooler A
*
98
10
270
Jan
Jan
Aug
13
4% June
5,765
5%
Jan
Mar
6%
*
Wolverine Tube com
the period
$4.9434-
25
1,225
4%
Feb
Mar
9
.10
Wolverine Brew
19.854d.
of exchange on New York recorded during
the 15tb Septenber was $4.95*4 and the lowest
100
4
Jan
Feb
8
com..*
Walker & Co A
475
821
98
98
pf 100
U S Graphite common.
45
__45
45
45
45
45
8
9
10.
11
13
14
The highest rate
the 9th to
4%
1
Standard Tube B com
Sept
32%
Oct
13%
Jan
3%
Jan
6% Sept
3% Sept
3% Sept
3% Sept
4% Sept
400
Jan
Apr
2%
4%
1%
1%
7%
4%
4%
37%
20%
21%
12%
44%
19%
5%
Sept
220
Feb
28
July
1,595
Feb
m
June
7
185
4%
6%
3%
3%
27
27
10
Scotten-Dillon com.
7%
Feb
29^
Sept
13
Jan
Feb
July
23
Sept
3,687
3,483
15
1
7
22%
27%
Feb
100
Feb
22
Sept
29
Feb
Feb
4%
Feb
2%
5% June
5% Sept
2% June
1% Sept
2,480
7%
34%
United Shirt Dist com
(Per Ounce .999 Fine)
2 Mos.
8%
14
34
Union
LONDON
-Bar Silver per Oz. Std -
Sept. 14...19
102
*
Tom Moore Dlst com...
,
IN
~
%
5%
Packard Motor Car com..*
Pfeiffer Brewing com
Feb
%
%
*
Parke-Davis common
Feb
8
287
833
212
7%
70
1,869
500
14
Sept
Sept
1% June
1% Sept
2,325
1,320
Tivoli Brewing common.
week:
Cash
1%
1%
2
Murray Corp common.. 10
21%
19%
July
Sept
22
212
3
Timken-Det Axle com. .10
tender in the United Kingdom.
Coin not of legal
Quotations during the
1,004
1,100
33
Motor Products com
Feb
3% Sept
20% Sept
% Sept
2
3
Jan
11%
2%
10
;
Penin Metal Prod com
and exports of silver,
the United Kingdom imports
.........
230
33
1
Micromatic Hone com
23
3,425
Mid-W Abrasive com__50c
registered from mid-day on the 6th
Japan.
Germany.
*16
Jan
Feb
2,332
®16
1%
1%
*
McClanahan Oil common. 1
Preferred
21
24
24
1
McAleer Mfg com
Mich Sugar common
730
19
10
Kresge (S S) common...10
Kinsel Drug com
570
4
15%
10%
Hudson Motor Car corn-
'
SILVER
500
16%
*
*
Hoskins Mfg common
%
4%
Feb
10
28
7%
2,807
19
Hoover Ball & Bear com. 10
amounted to 987,433 fine
July, 1937, and 964,517
2%
11
Sept
48
2,025
V
Jan
3% Mar
Jan
145%
3% May
Sept
15
170
3,848
4
Mar
22
3% Sept
2% Sept
% Sept
4% Mar
3% Sept
14% Sept
17% May
16% Sept
200
2,997
3%
1
Graham-Paige common.. 1
Grand Valley Brew com._l
Goebel Brewing com
Sept
4
351
50
49
10
Feb
Aug
3
425
280
8%
7%
8%
Feb
2%
15%
34%
16%
132%
18%
Jan
12% Sept
4% Sept
1% Sept
489
15
15
3
Sept
17% Sept
1% Sept
102% Sept
1% Sept
1,240
4%
1%
4%
1%
87
500
15
Muskegon Piston R com 50c
The following were
.rom
18%
18%
280
3,155
3%
4%
18%
1
_
General Motors com
future.
x
4
Gar Wood Ind com
1936.
movement from
3
Fed Motor Truck com..
inclined to hesitate.
wide
1
1
Det Steel Corp common. .5
Federal Mogul common. _*
has been
very steady and prices have shown very little movement during the past
week: the demand has been mainly for spot and, except for one day, the cash
quotation ruled at a prenium over that for two months' delivery.
f Sales on China account have not been much in evidence, offerings being
mainly composed of sales by the Indian Bazaars but, on the whole, se lers
•
100
Kingston Products com__l
v
have been
103% 105
1%
1%
78
105
Det Paper Prod com
£216,000.
With American buyers
1,405
Fruehauf
gold output for August, 1937,
fine ounces for August,
405
1%
Det-Mich Stove com
compared with 996,545 fine ounces for
as
ounces
17%
1%
Frankenmutb Brew com.
£4,196,766
gold to the value of about
93
17%
M
Det Gray Iron common. .5
-—
of Tndia which sailed from
The SS. Viceroy
87
10
Detroit Edison com
7,772
75,538
22,588
4,139
>
Switzerland
100
Det& Clev Nav com
8,457
Belgium
16%
—-
1,138,744
824,310
5,000
Soviet Union
16%
%
9%
1
Chrysler Corp common..5
Consolidated Paper com. 10
Exports
United States of An erica. £2,099,618
Central & South America. 1,999,097
Finland
23,003
France
5,679
Yugoslavia
204,093
Other countries
4,171
Imports
32
%
10%
32%
5,472
Bower
1.15d.
12s.
% Sept
9% Sept
28%
Apr
16% Sept
200
Casco Products common.*
_
High
12s. 1.12d.
12s. 1.33d.
4%
2%
750
5%
3
1,745
24
100
24
1
1,550
4
375
%
8%
7%
1%
7%
300
1701
Feb
,516
3% Sept
% Sept
3% Sept
% July
8% Sept
225
3%
Feb
Feb
Jan
Feb
18
Feb
No par value.
DIVIDENDS
FINANCIAL MARKET—PER CABLE
ENGLISH
The
as
daily closing quotations for
securities, &c., at London,
the past week:
reported by cable, have been as follows
Wed.,
Sept. 29
Holiday
100%
19 15-16d.
Gold, p. fine oz. 140s.6d.
Consols, 234%-
Fri.,
Thurs.,
Oct. 1
Sept. 30
19 13-16d.
19%d.
140s.4%d. 140s.6%d. 140s.7d.
73 15-16
73%
73%
Holiday
Silver, per oz._
British
Tues.,
Sept. 28
Man.,
Sept. 27
Sat.,
Sept. 25
19 15-16d. 19%d.
19 13-16d,
140s.7%d. 140s.7%d.
73%
in our "General Corporation and
Department" in the week when declared.
The dividends announced this week are:
name
109%
100%
100%
109%
Per
British 4%
Holiday
1960-90
The
States
Bar
the
same
110
Name of
cents) in the United
50.00
50.00
50.00
77.57
77.57
77.57
44%
50.00
77.57
44%
77.57
44%
50.00
44%
77.57
50.00
NATIONAL
The
—
All-Penn Oil & Gas (quar.)
BANKS
following information regarding
Department:
Preferred
National banks is
Comptroller of the Currency/^Treasury
from the office of the
BRANCH
AUTHORIZED
Sept. 16—National Bank of Washington, Tacoira, Wash, Tacorra, Wash.
Location of branch: 400 South Cambrian St., in the City of Bremerton,
Certificate No. 1369A.
Kitsap County, Wash.
VOLUNTARY
LIQUIDATION
Amount
Sept. 20—The First
National Bank of Collinsville, Ala: Common
stock, $25,000; total
1937.
Liquidating Agent, C. V. Porter,
Absorbed by Tennessee Valley Bank, De¬
stock, $25,000; preferred
$50,000
Aug. 25,
Collinsville, Ala.
Effective
catur, Ala
COMMON
CAPITAL STOCK INCREASED
Ami
Sept. 23—The First National Bank
N. M., from $25,000 to $50,000.
(quar.)
Dairies, Inc., 7% pref. (quar.)—.—_
Light & Traction Co. (quar.)
American Can Co. common
American
of Increase
of Farrrington, Farirington,
$25,000
(quar.)
Products Co. prior
1 Sept. 20
Nov.
1 Oct.
1 Oct.
Nov.
Oct.
$1%
$1% Nov.
10c
$1
$1%
30c
371?
American Mfg. Co. common
Preferred (quar.)...
American
Oct.
30c
Co. 7% pref. (quar.)....
Chemical & Dye Corp. common (quar.).
Amer can
Oct.
15c
Albemarle Paper Mfg.
Allied
Treasury
(newly mined)
20 Sept. 30
10c
8%c
Administered Fund Second, Inc
Extra
Holders
When
Payable of Record
Company
Ahlberg Bearing Co. class A (quar.)._
Alaska Juneau Gold Mining (quar.)
days has been:
44%
N.Y.(for'n) 44%
S.
109%
price of silver per ounce (in
on
U. S. Treasury.
U.
111%
Investment
News
100%
100%
are
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
74
3%%
War Loan
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
Dividends
pref. (quar.)
Participating preferred (quar.)
American States Utilities Corp. 5%% pref-..-.
American Thermos Bottle Co. $7 pref. (quar.)..
American Zinc, Lead & Smelting, prior pref
Apollo Steel (quar.).
Arlington Mills (quar.)
Assoc. Telep. Co., Ltd., $1% pref. (quar.)
Atlantic City Sewerage (quar.)
Atlas Acceptance 5% pref. (quar.)
Autoline Oil Co. preferred (quar.)
Baxter Laundries Corp. preferred
Binks Mfg. Co
—
Birdsboro Steel Foundry & Machine
Bloch Bros. Tobacco Co. 6% pref. (quar.)
Boston Storage Warehouse Co....
Brush-Moore Newspapers 7% 1st & 2d pref.
Buckerfield's, Ltd., 7% pref
7% preferred (quar.)..
$1%
8%c
37 %c
t68%c
87 %c
$1%
12 %c
75c
31 %c
25c
Oct.
Nov.
9
9
1 Sept. 25
lOet. 11
15 Oct. 11
1 50ct. 25*
Nov.
1 Sept. 15
1 Oct. 15
Nov.
1 Oct.
Oct.
1 Sept. 15
1 Sept. 15
1 Sept. 24
Oct.
Oct.
Oct,
Oct.
Oct.
Jan.
Nov.
Oct.
15
1 Sept. 24
25 Oct. 13
3 Dec. 20
1 Oct. 20
1 Sept.
25
15 Oct.
1
Nov.
1 Oct.
15
Oct.
1 Oct.
1
Oct.
$1%
Oct.
1 Sept. 20
20c
Oct.
75c
Oct.
15c
Oct.
1 Sept. 25
1 Sept. 27
15
22 Oct.
25c
Oct.
15 Oct.
5
SIs1
(qu)
Sept. 30 Sept. 25
Sept. 30 Sept. 23
$1%
Oct.
tsi%
$1%
1
m
«.
..
«.
-
«.
ept. 28
Sept. 30
Sept. 30 Sept. 28
'
Financial
2174
When
Per
Name of Company
Share
Burger Breweries 8% prei. (quar.)
Burma Corp. Am. deo. rec. for rod. registered
—
6% preferred (series of 1927) (quar.)
7% preferred (quar.)
Canadian Bronze Co., Ltd., common (quar.)
Preferred (quar.)
—
-
1 Oct.
20
1 Oct.
20
Nov.
-
Canadian Silk Products Co. class A (quar.)
Oct.
Central
Oct.
Foundry Co. preferred-,.-.Being in reject to the divsi payable on the
first days of Dec. 1936 and March, June and
Sept. 1937, on such shs. of outstanding pref.
stock of company as shall al o be outstanding
at close of business on Oct. 1, 1937 (but not
incl. any shares of pref. stock heretofore, or be¬
fore close of business Oct*
into
1,
Lord & Taylor 2d Dref. (quar.)
Lowell Electric Light Corp. (quar.)
15
13
28
15
—
common
representing
scrip
$10 of such dividends.
Hudson Gas & Electric (quar.)
4H % preferred (quar.)--Central Investment Corp. (quar.)
Central Miss. Valley Elec. Properties—
6% preferred (quar.)
Central Power & Light 7% preferred
6% preferred...
Chain Store Products $1 % pref. (quar.)...
Chapman Valve Mfg. (quar.).
Nov.
Nov.
1 Oct.
15
1 Oct.
15
Sept.
1 Aug. 14
15 Oct.
5
7% preferred (quar.)
Murphy (G. C.) Co. 5% preferred (quar.).
4394 c
$1X
15 Oct.
4
Mutual Investors Fund Shares
Mutual Telephone Co. (Hawaii) (monthly)
1 Sept. 30
City Baking 7% pref. (quar.)
Cluett, Peabody & Co., Inc., common (quar.)
Nov.
Nov.
—
(quar.)
1 Oct.
Commonwealth Investors (Del.) (quar.)
Nov
Commonwealth Life Insurance (Ky.) (s.-a.)
Concord Gas Co. 7% preferred
1 Sept. 29
1 Oct.
,
Oct.
14
Oct.
1 Sept. 27
30
1'
Oct.
Dec.
15 Oct.
1
1 Nov. 15
Nov. 15 Oct.
—
Connecticut Fire Insurance (Hartford)Connecticut Investment Mortgage (s.-a.)
Connecticut River Power 6% pref. (quar.)
Consolidated Car Heating Co. (quar.)
Oct.
Consolidated Cigar Corp. pref. (quar.)
15 Sept. 30
Oct.
Dec.
Extra
15 Sept. 30
1 Nov. 15
Prior preferred (quar.)
Continental Telep. Co. 7% partic. pref. (quar.)_
Nov.
1 Oct.
Oct.
7% participating preferred (quar.).
6H% preferred (quar.)
6H% preferred (quar.)
Corn Products Refining (quar.)
Preferred (quar.)
Denver Union Stockyards
5H% preferred (quar.)_
Dixie-Vortex Co. class A (quar.).
Common (quar.)
Dodge Mfg. Corp
Dome Mines, Ltd
Dominion Foundry & Steel
Eagle Lock Co. (quar.)
Economy Grocery Stores (quar.)
Eureka Pipe Line Co
Fafnir Bearing Co. (quar.)
Fall River Electric Light (quar.)
Federated Dept. Stores pref. (quar.)
Fenton United Cleaning & Dyeing 7% pref-
Jan.
1 Sept. 15
3 Dec. 15
_
Oct.
Oct.
20 Oct.
4
Oct.
15 Oct.
4
Oct.
Dec.
1 Sept. 20
1 Nov. 20
Oct.
Oct.
1 Sept. 10
1 Sept. 10
2
1 Oct.
15
20 Oct.
1
40c
—
(quar.)
Sept. 23
15 Sept. 30
25c
Oct. 20 Oct.
10c
Oct. 20 Oct.
75c
Nov.
1 Oct.
1 Sept.
$1,125 Oct.
Nov.
1 Oct.
t$l
Nov.
1 Oct.
$1H
$1
Sept. 30 Sept.
50c
Sept. 30 Sept.
------
Preferred (quar.)
General Machinery Corp. 4H% pref.
(quar.)
General Telep. Allied Corp. $6 preferred
$6 preferred (quar.)
Gilmore Oil Co.
(increased)
Goodman Mfg. Co. (quar.)
Great Lakes Towmg Co. preferred
%\X
Great Southern Lumber, Inc. (initial)
Greenfield Gas Light Co
Hp
75c
—
6% preferred (quar.)
75c
Guilford Realty (Baltimore,
Md.) 6% pref
Halle Bros. Co
t75c
Nov.
1 Oct.
Oct.
30 Oct.
Oct.
15 Oct.
$3
20c
Hat Corp. class A and B
Preferred (quar.)
f
$194
-
3c
lc
>
Heidsik (John) Co. 6% pref. (quar.)
Hercules Powder Co. preferred
(quar.)
$1
Oct.
Preferred (quar.)
Holyoke Water Power Co. (quar.)
Holly Sugar Corp. preferred
Home Telep. & Teleg. Co.
(Ft. Wayne, Ihd.) —
-
Honolulu Gas, Ltd.
(quar.)
23
8
15
9
1
Nov.
1
Sept. 24
$194
87 He
4
Nov. 15;Oct. 25
Nov. 15 Oct. 25
Oct.
LSept. 24
Nov.
llOct.
15
Sept. 30 Sept. 25
45c
(quar.)
Humberstone Shoe, Ltd. (quar.)
Humboldt Malt & Brewing Co.
8% pref. (qu.)
—
Humphreys Manufactur ng
6% preferred (quar.)
Huttig Sash & Door
Hyde Park Breweries Assoc
Indiana Pipe Line Co
Interstate Public Service Co.
$194 preferred
Investors Fund C, Inc. (quar.)
Extra
Ivanhoe Foods, Inc., $3H
preferred
Jamaica Water Supply Co.
7)4% pref. (s.-a.)
Jeannette Glass Co. pref. div. action deferred.
Kendall Co
Participating preferred A (quar.)-.
Kendall Refining Co
Keokuk Electric Co. 6%
pref. (quar.)
Keystone Steel & Wire
King-Seeley Corp
Kobe, Inc., 6% pref. (uqar.)
Lake Erie Power & Light Co.
7% pref. (quar.)„
Lane Bryant, Inc., 7% preferred
(quar.)
Lansing Co. (quar.)
Lee Rubber & Tire Corp
Lehigh & Wilkes-Barre Corp. (quar.)
Link Belt Co. (quar.)
Preferred (quar.)
Lorain Telep. 6% preferred
20 Oct.
12
Nov.
Oct.
20
Nov.
Oct.
20
50c
Nov.
Oct.
11
50c
-
Oct.
25c
-
Extra
$3
Nov.
Oct.
20c
Oct.
75c
$1H
15
__
Sept. 20
Sept. 30 Sept. 15
Sept. 30 Sept. 15
_
50c
Oct.
50c
Oct.
50c
Nov. 15 Oct
22
1 Sept. 15
Oct.
87 He
12c
5c
$1H
Oct.
2jSept. 28
l!Sept.
15 Sept. 30
15 Sept. 30
Sept. 25 Sept. 18
Nov.
1 Oct.
11
Oct.
$1H
Dec.
30c
Oct.
Nov.
50c
Oct.
30c
25c
60c
$1
50c
$194
$1H
Oct.
1
Nov. 10
_
Sept. 20
Nov. 15 Nov. 10
25c
$194
194%
24
Oct.
25c
$1H
V
Oct.
l|Oct.
11
25 Oct.
5
Oct.
1 Sept. 20
1 Sept. 25
Nov.
1 Oct.
15
Nov. 10 Nov. 10
Oct. 26 Oct. 15*
Oct. 22 Oct.
Dec.
1 Nov
Jan.
2 Dec.
Oct.
Oct.
Oct.
75c
Oct.
Sept. 20
Nov.
Oct.
25
4
15
5
Oct.
Oct.
10c
Nov.
Oct.
Sept. 30 Sept. 28
Sept. 30 Sept. 28
Nov.
Nov.
$1H
Nov.
Oct.
37 He
Oct.
Nov.
Sept. 27
$194
—
45c
—
Nov.
$2H
$194
Oct.
75c
Oct.
$1
Oct.
41Hc
$1
17Hc
(interim)
(quar.)
50c
Nov.
5
21
Oct.
8
Oct.
11
lljOct.
1
1 Oct.
25
11 Sept. 30
2 .Sept. 29
Oct.
1 Aug. 31
Sept. 23 Sept. 21
Oct.
1 Sept. 23
Nov. 11 Oct.
14
20c
15
30c
IIorder's, Inc. (quar.)
Horn & Hardart (N. Y.)
$1
2c
-
8
8
Nov. 15 Nov.
Hershey Chocolate Corp. (quar.)
15
Sept. 30
Oct.
Dec.
_
15
Oct.
Sept.
l2Hc
22
Jan.
Dec.
Oct.
Nov.
15
1 Oct.
Extra
Nov.
ljOct.
15
l'Sept.
f
25c
37Hc
15 Oct.
15
Oct.
Oct.
30
15 Oct.
Sept. 24
Nov.
Sept. 30
Sept. 30
Oct.
1 Oct.
15c
Oct.
Oct.
25 Oct.
15c
Nov. 15
$1H
$1H
75c
$194
15
Nov.
(quar.)-Hedley Mascot Gold Mines, Ltd. (quar.)
Sept. 29
Oct.
Dec.
Rhode Island Electric Protective Co.
(quar.)
Roos Bros., Inc
preferred (quar.)
Royal Typewriters Co., Inc., common
Preferred (quar.)
St. Paul Union Stockyards
(reduced)
San Carlos Milling Co
San Diego Consol. Gas & Electric
pref. (quar.)
15
Oct.
_
Oct.
Nov.
$194
Nov.
Oct.
Oct.
15
5
15 Sept. 30
Nov. 10 Oct. 20
Oct. 26 Oct. 15
7% preferred (quar.)
Rhinelander Paper Co. (quar.)
Sept. 21
Hatfield Campbell Creek Coal Co.
5% pref.(qu.)
Hecker Products Corp.
$1
—
1 Oct.
20 Oct.
Revere Copper & Brass 594 % pref.
(quar.)
Oct.
-
$194
Pittsfield Coal Gas Co.
(quar.)
Pneumatic Sales Corp., 7% pref. (quar.)
Reading Co.
Oct.
Oct.
20
Sept. 30 Sept. 20
60c
H art ford Electric Light
Hart & Cooley, Inc
8
Oct.
20
23
30
Sept. 30 Sept. 25
Oct.
1 Sept. 21
Oct.
1 Sept. 15
25c
Preferred (quar.)
Harris-Seybold-Potter Co. $5 preferred (quar.)-
8
Oct.
$1H
t$3
t$294
-
Pinchin Johnson & Co., Ltd.—
Amer. dep. rec. for ord. register
1 Sept. 30
Oct.
Oct
1 Sept. 27
11
4 Sept. 24
4 Sept. 24
8
15 Oct.
—
Phillips-Jones Corp., pref. (quar.)
Oct.
25 Oct. 15
1 Sept. 27
25 Oct.
50c
Piedmont & Northern Ry. (quar.)
Pilgrim Mills
$1 x
1
25c
Perfect Petroleum Co., $1H pref.
(quar.)
Philadelphia Electric Co. $5 pref. (quar.)
Philadelphia Electric Co. (quar.)
.'
Plrladelphia & Trenton RR. (quar.)
5
11
$294
—
6
Oct.
75c
(monthly)
10
.
11
Oct.
$1
15 Oct.
15 Oct.
Oct.
Oct.
Oct.
15c
Peaslee-Gaulbert Corp. (quar.)
6% preferred (quar.) _ _
Penmans, Ltd. (quar.)
Preferred (quar.)
15 Oct.
1 Oct.
Sept. 30 Sept.25
Sept. 30 Sept. 25
Oct.
2 Sept.24
Oct. 15 Sept. 30
Sept. 30 Sept. 20
Oct. 30 Oct. 20
12c
Patchogue Plymouth Mills
Paauhau Sugar Plantation
Oct.
Oct.
Nov.
25c
9
Oct.
Fireman's Fund Insurance
(quar.)
Fisk Rubber Corp. preferred (quar.)
20
20
50c
Pan American Airways
(new)
4
Sept. 30 Sept. 24
Oct.
1 Sept. 25
Oct. 30 Oct. 20
1 Sept. 27
Oct.
8 Oct.
Nov. 15 Nov.
$1.1894 Nov.
-
20 Oct.
Nov.
Oct.
12Hc
7Hc
-
20 Oct.
15 Sept. 30
1 Sept. 27
Oct.
50c
*
Nipissing Mines Co., Ltd
New Brunswick Telephone, Ltd.
(quar.)
New Jersey Zinc Co
Newport Industries
Payable in 5% notes maturing July 26,1947
New York Trap Rock Corp. preferred
(quar.)
Norfolk & Western Ry. preferred (quar.)-_
North American Edison Co. preferred
(qu.)
North American Invest.
Corp. 6% pref
5 H % preferred
Northern Illinois Finance Corp. (quar.)
$1 H preferred (quar.)
Northwestern Title Ins. Co. (Wash.)
Oceanic Oil Co. (quar.)
Orchard Farm Pie Co., $5 pref. A------
Oct.
-
1 Sept. 21
1 Sept. 27
50c
Extra
National Steel Car Corp
Neisner Bros. 494% preferred (quar.)
—
1 Sept. 21
Oct.
$IX
-
Oct.
Oct.
Oct.
Oct.
-
Fyr Fyter Co. (initial)
1 Sept. 15
15
3 Dec.
Jan.
_
Fort Street Union
Depot Co. (semi-ann.)
Freihofer (Wm.) Baking Co. 7% pref. (quar.)
15
8c
8c
50c
——
Sept. 30 Sept. 25
Sept. 30, Sept. 25
7% preferred (quar.)
25c
Monthly.
Myers (F. E.) & Bros, (extra)Nashua Mfg. Co. 2d pref. (quar.)
1st preferred (quar.)
National Bronze & Aluminum Foundry Co-——
National Brush Co. (quar.)
21
-
Oct.
Columbus Dental Mfg.-
P"
$1H
37 He
1 Sept. 30
1 O t. 27
15
Oct.
$1 94
Sept. 30 Sept. 13
$1.64 Dec.
1 Nov. 10
50c
Oct.
Oct.
Nov.
1 Oct
75c
Oct.
Oct.
20
1 Oct.
Oct.
6H% preferred (quar.)
1
Sept. 15
Nov.
Preferred (quar.)
Morrison Bond Co.. Ltd., 6% pref. (quar.)
Cincinnat i Postal Terminal & Realty—
1
1 Oct.
75c
Moody's Investors Service (resumed)
Citizens Wholesale Supply Co. 7% pref. (quar.)_
6% preferred (quar.)
Oct.
Nov.
Sept. 30 Sept.20
Oct.
1 Sept. 22
-
15 Oct.
Oct.
Nov.
75c
Oct.
Chilton Co. common
Gardner-Denver Co.
Extra-
$194
$1H
...
Nov.
Oct.
25 Oct.
25 Oct.
M
Modine Mfg. Co. (quar.)
Modine Mfg. Co.
(quar.)
———
Monroe Calculating Machine 7% pref. (qu.)_.
Monsanto Chemical Co. $4H cl. A pref. (s.-a.)_
Montana Power Co. $6 preferred (quar.) —
1 Sept. 24
20 Sept. 30
Oct.
t$2.10 Oct.
Mississippi Power $7 pref. (quar.)
$6 preferred (quar.)
1 Sept. 30
Oct.
11Sept. 27
1
Sept. 15
Oct.
1 Sept. 15
Sept. 27 Sept. 9
Oct.
Oct.
t$l-80 Oct.
-
Central
5 Sept. 25
1
15 Oct.
1 Sept. 15
1 Sept. 24
1 Oct. 23
25 Oct. 15
$1 H
t$3 X
———
of
stock at rate of 1 full share for each
Columbia Mills Int.
$1s1
1
1 Sept. 24
Oct.
Oct.
t$18
t$3 H
Merchants Refrigerating of N. Y. 7% pref
Michigan Gas & Electric 7 % prior lien
$6 prior lien.
Middlesex Products Corp. (quar.)
Extra
non-assess¬
Sept. 15
Oct.
8c
—
Meadville Conneaut Lake & Linesvillc RR_—__
Medusa Portland Cement nreferred (quar.)
holders of
fractions
— -
16
1 Sept. 21
Oct.
50c
S1H
2H%
17 He
17 He
1 Oct.
15 Oct.
Nov.
5c
..
Masback Hardware Co., Inc.. 6% 1st pref
McCaskey Register Co. 7% 1st preferred
McCrory Stores Corp. 6% preferred (quar.)
able common stock, or in non-voting and non-
div.-bearing
25c
Marconi Internat. Marine Communication
Maritime Telep. & Teleg. Co. (quar.)
7% preferred 'quar.)
Managed Estates, Inc___
Oct.
$1H
$194
Holders
13 Sept. 30
5
Oct.
37 He
$1 H
—
1 Sept. 15
1
15 Oct.
Nov.
90c
Typograph Co. $6 pret. (quar.)
Lyon Metal Products, Inc. (quar.)
6% preferred (quar.)_
Mabbet (Geo.) & Sons Co. 7% 1st & 2d pref.(qu)
Mammoth Mining (quar.)-.
Maple Leaf Gardens 7% preferred
Marathon Paper Mills Co. 6% pref. (quar.)
10
I
Payable\of Record
$2
—
Lunkenheimer Co
Ludlow
1937, converted
stock),
payable to
such pref. stock in fully-paid and
common
Share
of Company
1937
2,
When
Per
Name
30
30
30
Nov.
-
Oct.
Holders
Payable of Record
Oct.
1 Sept.
Oct.
5 Aug
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 20 Sept.
Oct.
15 Sept.
Oct.
15 Sept.
Oct. 15 Sept.
—
Butler Mfg. 6% preferred (quar.)
California Cracker Co. 6% class A partic. pref—
California Ink Co., Inc. (quar.)
——-
California Oregon Power Co. 6% pref. (quar.)
I
Chronicle
13
15
15
1 Sept. 25
$1.3194 Nov.
1 Oct.
11
Nov.
1 Oct.
11
Oct.
1 Sept. 25
1 Sept. 16
20c
,
-
~
Santa Cruz Portland Cement
Schwartz (B.) Cigar, $2 pref.
Shaffer Stores Co.
Class B
Oct.
15 Oct.
Oct.
15,Sept. 30
50c
Oct.
50c
(quar.)—
10c
Oct.
Oct.
50c
Oct.
Oct.
— ------
------
15c
(quar.)
■«.
-
Simplicity Pattern Co., Inc
Slattery (E. T.) Co., 7% pref. (quar.)
Sorg Paper Co. (resumed)
6% preferred A (quar.)
4%-6% B partic. preferred (quar.)
Southern New England Telephone
Southern Calif. Edison Co., Ltd., common
(qu.)
Southern Fire Insurance Co. of Durham
Spicer Mfg. Co
$3 cum. preferred (quar.)
Springfield City Water Co., 7% pref. A & B (qu)
6% preferred C (quar.)
Standard Screw Co
Stedman Bro., Ltd.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
;
Oct.
Oct.
30
30
20
20
23
8
25c
Oct.
Oct.
50c
•
Oct.
$194
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
25
15
15
15
30
Oct.
20
M
$2
37 He
50c
$2
75c
$194
$1H
$2
Oct.
Oct.
Oct.
Nov.
5
Sept.
Sept. 25
Oct.
Oct.
Oct.
Oct.
Oct.
Sept. 20
Sept. 20
Sept.18
Sept. 25
Sept. 25
Oct.
Sept.
15c
Oct.
25c
(initial)
6% convertible preferred (initial)
Steel Co. of Canada (quar.)
Sullivan Consol. Mines, Ltd..
2
1 Sept. 25
Sept. 25 Sept. 15
$194
-
Sharon Ry. Co. (s.-a.)
Simmons Co. (interim)
Sundstr ind Machine Tool
l,Sept. 28
$194
—
-
(resumed)
7% preferred (quar.)
Shaler Co., class A (quar.)
Oct.
Nov.
Oct.
5
5
J4394c
Oct.
7
2Hc
Co
Nov.
Nov.
Oct.
Oct.
Oct.
30
5
50c
Supervised Shares, Inc. (quar.)
15c
25c
Symington-Gould Corp., common
Taylor Markets, Inc. (quar.)
25c
Telluride Power Co., 7% pref. (quar.)
$194
Texas Corp
50c
Texas Hydro-Electric Corp., $3H pref
t25c
Thatcher Mfg. Co., pref. (quar.)_
90c
j
Todd-Johnson Dry Docks, Inc., A & B, pref—
37 He
Toledo Light & Power Co., pref. (quar.)
$1H
Trusteed Amer. Bank Shares, B register
1.1c
Union Stockyards of Omaha
$1
United Investment Shares, series A reg1.4c
Series C registered
1.83c
United Light & Ry. Co., 7% pref. (mo.)
58 l-3c
58 l-3c
7% preferred (monthly"
r).
n581-3c
7% preferred (monthly
6.36% preferred (monthly
53c
thlj
53c
6.36% preferred (monthly;
53c
6.36% preferred (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
United Milk Products (quar.)
50c
75c
Participating preferred (quar.)
Participating preferred (partic. dividend)
50c
.—
Oct.
Sept. 30
Oct.
Oct.
Oct.
Sept. 27
15*
Oct.
Oct.
Sept." 10*
Oct.
Oct.
7
Nov.
Oct.
30
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
25
15
30
20
30
30
Nov.
Oct.
15
Dec.
Nov. 15
Dec. 15
Oct.
Oct.
Sept.
Oct.
Oct.
Dec.
Nov.
Oct.
Dec.
Nov. 15
Dec. 15
Dec.
Nov.
Dec.
Dec.
Oct.
Oct.
Oct.
15
Oct. 15
Nov. 15
Dec. 15
Sept.25
Sept.25
Sept. 25
Volume
Financial
145
Share
of Company
Per
Holders
When
Per
Name
25c
Name of
Payable of Record
Nov.
1 Oct.
Oct.
Share
Company
Nov.
Oct.
15
Nov.
Oct,
15
*1M
SIM
Nov.
Oct
Nov.
Oct.
15
Consolidated Oil Corp. (quar.)
Consolidated Royalty Oil Co. (quar.)
20c
Nov.
Oct.
15
Oct.
Oct.
15c
—
Class A and B (extra)
Consol. Edison Co. (N. Y.) pref. (quar.)
Consolidated Laundries preferred (quar.)
15
1 Sept.
28
Sept. 30 Sept. 20
1 Sept. 20
Oct.
Waterbury Farrel Foundry & Machine Co—
Weeden & Co. (quar.)
Western Grocer Co. (Iowa)
Westvaco Chlorine Products, pref (quar.)
Wisconsin Gas & Electric Co., 6% pref. C (quar.)
37 He
37 He
SIM
Nov.
Oct.
SIM
12Hc
SIM
15 Sept. 30
30 Oct. 20
Dec.
1 Nov. 15
Nov.
1 Oct. 15
Coon (W. B.) Co
Wisconsin
Oct.
Preferred (quar.)
Cosmos Imperial Mills, 5% preferred (quar.)—.
Crown Central Petroleum
t$lH
Crum & Forscer
Telephone Co., 7% pref. (quar.)
Wilson & Co., Inc., common
Preferred
(quar.)
Wood Preserving Corp., 6% preferred
Wrigley (Wm.) Jr. Co. (monthly)
Special————-... --W...
Monthly
50c
30c
Oct.
1
25c
Nov.
1 Oct.
Nov.
1 Oct.
20
Sept. 26
25c
Wrisley (A. B.) Co., 7% pref. (quar.)
Yellow Sc Checker Cab, class A
Zenith Radio Corp. (quar.)
-
Dec.
Jan.
3 Dec.
Distribution of
1 Nov. 20
25c
Monthly
SUI
50c
Oct.
Oct.
30 Oct.
and not yet
Stock
nounced this week, these being given
$1M
-
7% pref (semi-annual).
American Cities Power & Light S3 cl. A (quar.)
Opt. div.. l-32d sh. cl. B stk. or cash.
American District Telep. of N. J. pref (quar.)
Amernan Envelope Co
7% pref
* (quar.)
American Fork & Hoe Co., pref. (quar.)—..
,
—
Dec
SIM
div."of 20*0%" (2 shs? for "l")
m
15 Sept.
.
American Gas <fc Electric Co., prer. (quar.)
American Home Products Corp. (monthly)..._
sim
Oct.
*i h
Dec.
SIM
$1H
Nov.
20c
Nov.
1 Oct.
American Paper Goods, 7% preferred (quarterly)
American Rolling Mill Co. (quar.)
4H% preferred (initial, quar)
_
-
.
7
14*
15 Sept. 30
15
50c
Oct.
$1,125
50c
6
15 Sept. 15
Oct. 15 Sept. 15
1 Oct. 15
Nov.
Nov. 30 Nov.
Oct.
50c
2 Sept.
2 Sept.
Oct.
Oct.
7
7
75c
American Toll Bridge Co
2c
$1
15 Sept
Oct.
t$2
Oct.
29 Sept.
15 Sept.
25c
Dec.
18
$1H
Oct.
-
Telephone (Pa.), pref. (quar.)
Corp.
(quar.)
Class B (quar.)
Borne Scryinser Co
Boston Edison Co. (quarterly)
50c
1
30 Oct.
62 He
75c
Oct.
30 Oct.
15 Sept. 24
Nov.
1 Oct.
11
Oct.
$1
Oct.
15 Sept. 30
20
25 Oct.
JS1
...
...
Nov. 15 Oct.
40c
Oct.
15 Sept. 30
lOd
Oct.
lOd
Oct.
2H%
2H %
J50c
$1H
Oct.
Sept. 3
Sept. 3
7 Sept.
3
7 Sept
3
15 Sept. 30
75c
Oct.
11 Sept.
$1H
$1H
$1H
(quar.)
(quar.)
Oct.
Apr.
15 Oct.
1
15 Dec. 31
15 Apr
1
Feb.
28 Feb.
Oct.
Oct.
Nov.
Jan.
$1
50c
Oct.
Buckeye Steel Castings Co.
6% preferred (quar.)
6M% preferred (quar.)
50c
Nov.
SIM
Nov.
Nov.
25c
(interim)
1st pref. (qu.)
SIM
Buffalo Niagara <fc Eastern Power
Oct.
Nov.
70c
Oct.
2M%
Burdines, Inc.. $2.80 prer. (quar.)
Wire (Holding), Ltd.—
5 H % preferred (semi-annual)
California Packing Corp. (quar.)
1'referred (quar.)
Canada & Dominion Sugar, Ltd. (quar.)
15
1
30
14
5 Sept. 20
1 Oct. 20
3 Oct.
3 Oct.
20
20
16 Oct.
1
1 Oct.
15
Oct.
11 Sept. 20
37 He
62 He
t37Hc
Canada Northern Power Corp., Ltd., common.
7% cumul. preferred (quarterly)
Canadian Breweries, preferred
7% preferred (quar.).
Capital City Products Co
— —
;.
—
....—
Carolina Clinchfield & Ohio Ry. (quar.)
Stamped certificates (quar.)
Celanese Corp. ot Am. 7% cum. 1st pf. (s.-a.)
Centlivre Brewing Corp., class B
Central Franklin Process, 7% 1st & 2d pref
Central Kansas Power Co., 7% pref. (quar.)
6% preferred (quar.)..
Central Power Co., 7% preferred
Dec.
:3oc
Oct.
xl%%
Oct.
J50c
:sih
Oct.
:$1M
:$im
Oct.
15c
Oct.
8 Oct.
t
Compressed Industrial Gases, Inc.
Confederation Life Assoc
(Ont.) (quarterly)
Oct.
Oct.
1 Nov. 15
25 Sept. 30
15 Sept. 30
15 Sept. 30
15 Sept. 30
30 Sept. 30
15 Sept. 30
$1
Oct.
20 Oct.
SIM
S3H
Oct.
Dec.
20 Oct.
31 Dec.
10c
Oct.
20 Oct.
SIM
SIM
SIM
SIM
SIM
Oct.
2 Sept.
Oct.
Oct.
15 Sept.
15 Sept.
Oct.
15 Sept
6% preferred
10c
Centrifugal Pipe Corp (quar.)
til
Chicago Electric Mfg. class A
SIM
City of Paris Dry Goods Co. 7% 1st pref (qu.)_
Cleve. Cine. Chicago & St. Louis Ry. pref
SIM
Cleveland Cliffs Iron, preferred
T.¬
tSIM
87 He
Cleveland & Pittsburgh KK. Co. gtd. (quar.)..
50c
Special guaranteed (quar.)
Clinton Water Works Co. 7% pref. (quar.)
SIM
25c
Coleman Lamp & Stove Co
—
Colon Development Co., Ltd., 6% pref
tlM%
UM%
5% redeemable income stock series A—
10c
Commercial Alcohols. Ltd., 8% pref. (quar.)
50c
Commercial Bookbinding (quar.)
Commercial Discount Co. (Los Angeles)—
20c
8% preferred A (quar.)
17 He
7% preferred B (quar.)
$2
Commercial National Bank & Trust (quar.)
31 Mc
Commonwealth Edison Co
Commonwealth Ut lities 6H% pref. C (quar.)—
SIM
7 Sept.
1
Nov. 15 Oct. 30
Nov. 15 Oct. 30
Oct. 15 Sept.
Nov. 15 Nov.
Oct.
11 Oct.
4
9
9
15
1
16
30
30
30
30
6
1
Nov. 15 Nov. 10
7
Oct. 30 Oct.
Oct.
5 Sept. 29
Dec.
Dec.
Oct.
Oct.
1
Nov. 10
1 Nov. 10
15 Oct. 10
15 Sept. 30
Oct.
1
(quar.)
(Wm.) Sons Co., pref. (quar.)
...
—
General Mills (quar.)
General Motors Corp., $5 preferred (quar.)
General Outdoor Advertising preferred.—
Dec.
24
Oct.
Glen Alden Coal Co. (interim);
Gotham Silk Hosiery Co., Inc.,
4
8
15 Sept. 15
15 Sept. 21
4 Sept.
60c
Dec.
SIM
$1H
SIM
SIM
SIM
56 Mc
t$2M
SIM
tS^M
SIM
Dec.
23
Nov. 15 Nov
25c
Nov.
7
1 Oct.
Nov.
Oct.
15 Sept. 30
Oct.
15 Sept. 30
Jan.
2 Dec. 23
Jan.
3 Dec.
3 Dec.
10
Jan.
3 Dec.
10
Jan.
3 Dec.
3 Dec.
10
Jan.
Jan.
Jan.
HP
35c
Dec.
Dec.
Oct.
Dec.
Oct,
Oct.
$25
87 He
10
10
10 Nov. 30
1 Nov. 30
15 Sept. 25
17 Dec. 15
1
15 Oct.
16
22
5
20 Oct.
Jan.
25c
10
3 Dec.
Nov.
1 Oct.
$1M
S1.18M Oct. 25 Oct.
Oct.
\Yi
9
1 Nov. 10
1 Nov. 10
7
1 Oct.
Jan.
3 Dec.
3 Dec.
15
22
15 Sept. 25
Oct.
15 Sept. 30
Oct.
15 Sept. 30
1 Oct. 15
Nov.
Oct.
2 Sept. 30
15 Oct.
5
tS3
Oct.
40c
11 Sept. 30J
Dec.
1 Nov, 20
Mar.
1 Feb. 18
Oct.
SIM
SIM
SIM
June
Nov.
Oct.
1 May 20
25 Sept. 24
1 Oct.
9
1 Oct.
Nov.
Oct. 25 Oct.
15
1 Oct.
15
1 Oct.
15
4
15 Sept. 301
1 Oct.
1
25 Oct.
9
20 Oct.
Nov.
1 Oct.
5
11
Oct.
11
Oct.
Oct.
7% pref
Nov.
... —
Oct.
Goulds Pumps, Inc., 7% preferred
Great Lakes Engineering Works (quar.)
Great Lakes Power, pret. A (quar.)—
Nov.
Oct.
1
15 Oct.
1
1 Oct.
15
15 Sept. 30
15
Oct.
Preferred
2 Sept.
Oct.
(quar.)
(quar.)
(quar.)
—
Greenfield Tap & Die, $6 preferred$6 preferred
Prefer red (q uar.)....
Griesedieck-West Brewery Co
Guarantee Co. of N. Amer. (Mont., Que.)——
Great Western Sugar
2 Sept. 15
15
1 Oct.
Nov.
Green (H. L.) Co.
Oct.
Dec.
Nov.
15 Sept. 30
15 Nov. 30
Oct.
1
15
-
Oct.
Oct.
Oct.
Oct.
Oct.
Dec.
Dec.
Oct.
Oct.
Oct.
(monthly)
Oct.
—
———
Oct.
Holly Development (quar.)
Hormel (Geo. A.) Co. (quarterly
6% preferred (quarterly)
Hotel Barbizon, Inc., vot. tr. ctfs. (quar.).
Corp.
5% preferred (quar.)
Household Finance
common
Oct.
Oct.
Nov.
SIM
Hussman-Ligonier Co. (quar.)... — ...
Huttlg Sash & Door Co. 7% preferred (quar.)..
Idaho-Maryland Mines (extra)
Imperial Chemical Industries (interim)...
Imperial Life Aussurance of Canada (quar.)
International Business Machines Corp
1 Nov. 15
30
17
23
23
15 Sept. 30
10 Sept.
8 Sept.
7 -ept.
7 Sept.
15 Oct.
15 Oct.
2
5 Oct.
25
2
15 Sept. 30*
Oct.
15 Sept. 30*
20
Nov.
1 Oct
Dec. 30 Dec. 20
25c
SIM
10c
3%
$3M
S1H
62 He
S1H
SIM
Oct.
Nov.
Jan.
Oct.
Oct.
12 Oct.
1
8 Sept. 22
3 Dec. 31
9 Sept.
22*
(Year end final)
International Milling Co., 5% pref. (quar.) —
International Nickel of Canada, pref .(quar.). _
Investment Foundation, 6% preferred..
A
—
—
15 Sept
15 Sept
20
27
Oct.
15 Oct.
Nov.
1 Oct.
4
t25c
Oct.
t87Mc
International Harvester (quar.)
Jopiin Water Works Co., 6% pref. (quar.)
Kaufmann Department Stores..
Kellogg Switchboard & Supply
Preferred (quar.)—
Kentucky Uilities Co., 6% pref. (quar.)
31 Dec. 21
Oct.
(quar.)
& Power, 7% pref.
6
Nov. 26 Nov. 16
Holland Furnace Co
Extra..—.--
15 Sept. 30
30 Oct. 25
5
15 Oct.
29 Oct. 19
~ ***
Harrlsburg Gas Co. 7% pref. (quar.)
Hawaiian Agricultural Co. (monthly)
Hawaiian Sugar..
----Hibbard, Speucer, Bartlett & Co. (monthly) —
:
Monthly—
—,~—
Monthly
Hires (Chas. E.) Co.—
Class A common (quar.)
Holeproof Hosiery, preferred—
—
Hollinger Consol. Gold Mines
20 Oct.
Oct.
Oct.
-
X
4 Sept. 23
15 Sept. 30
15 Sept. 30
Oct.
Harbison-Walker Refractories pref. (quar.)
1
Dec.
Oct.
Nov.
10 Oct.
10 Oct.
$1
Oct.
10c
Oct.
Oct.
Sept.25
SIM
37Mc
Nov.
6M% preferred B
6% preferred E
Iron Fireman Mfg. Co- (quar.)..-—-——-—
Joliet & Chicago RR. Co.. gtd. (quar.)
Jones & Laughlin Steel preferred
1 Novl 15
8
Nov.
1
15
31
25 Oct.
25 Oct.
pref. (quar.)
(quar.)
Gexieral Shoe Corp. ( nitial)
—
Gillette Safety Razor Co., pref. (quar.)..
Gimbel Bros, preferred (quar.)
1
Dec.
Oct.
Oct.
preferred
1
Oct.
1
SIM
$1.35
General Public Service, $6
Oct.
25c
8 Oct.
$1M
tSl H
15 Oct.
1
1
Oct.
40c
75c
General Electric Co
15 Oct.
1 Sept. 22
1 Oct. 15
9
15 Sept. 30
1
Nov. 15 Nov.
50c
Rubber
Oct.
Nov.
I
25 Oct.
Nov. 15 Nov.
Nov. 15 Nov.
87 He
80c
(quar.)
First National Bank (Toms River. N. J.) (qr)
First National Corp. (Portland) class A
Fishman (M. H.) Co., 7% pref (quar.).—
5% preferred (quarterly)
;
Freeport Sulphur Co., preferred (quar.)
Fuller Mfg. Co., Kalamazoo, Mich
Gamewell Co. preferred
General Capital Corp. (quar.)
General Cigar Co.. Inc., 7% preferred (quar.) —
7% preferred (quar.)
—
7% preferred (quar.)
—
$5M
9
Oct.
tS3
Oct.
Oct.
Dec.
Oct.
SIM
Iowa Electric Light
Oct.
20c
35c
JBxtr*£L
Cable A
Canadian Fairbanks Morse Ltd. pref. (quar.)
Canadian Industries, Ltd., class A & B
$4M preferred (initial..
Duquesne Light Co., 5% pref. (quar.)
Durham Mfg. Co. (initial)
Eason Oil Co. preferred (quar.)...
Eastern Utilitias Assoc
(quarterly)
Electrographic Corp. (quar.)
Preferred (quarterly)
Electric Bond & Share Co., $6 pref. (quar.)
$5 preferred (quarterly)
El Paso Electric Co. (Texas) $6 pref. (qu.)
7 % preferred A (quarterly)
Emporium Cap well Corp.,4M% cum. pf. A(qu.)
7% preferred (quar.)
Brown Fence & Wire Co.. pref. A (semi-ann.)._.
Brunswiek-Balke-Coilender Co. (special)
common
15
15
15
Oct.
$2
10c
.
Bridgeport Hydraulic Co. (quar.)
Bvitish American Tovacco Co., Ltd.—
Amer. dep. rec ord. bearer (interim)
Amer. dep. rec. ord. registered (interim)
Amer. dep. rec. 5% pref. bearer (s.-a.)
Amer. dep. rec. 5% pref. register (s.-a.)
British-Columbia Power Corp., A stock
British Columbia Telephone, 6% 2d pref (quar.)
Brooklyn Borough Gas Co., corn, (reduced)
Brooklyn-Manhattan Transit—
Bucyrus-Erie Co.,
Oct.
Oct.
Bralorne Mines. Ltd. (quar.)
(quar.)..
15 Sept. 20
Nov.
Oct.
15 Sept. 20
5 Sept. 25 ]
1
15 Oct.
15c
First National Bank of N. Y.
1
Dec.
$1
Bon Ami Co. class A
Preferred
30
21
23
Oct.
25c
Oct.
15c
Firestone Tire &
15
Oct.
SIM
Filene's
Dec.
20 Oct.
75c
Fiberboard Products, 6% pref.
Dec. 30
3%
$1 k
Oct.
t$l M
1
Oct.
1 Nov. 15
1 Feb. 15
Dec.
Mar.
50c
1
1
15 Sept. 25
5
20 Oct.
1-5-38 Dec. 20
Oct.
35c
.....
9
Nov.
23
10c
5
1 Oct.
15 Oct.
15 Oct.
2
Nov. 20
1
23 Dec.
SIM
Diamond Portland Cement
Diamond State Telep., pref. (quar.)
Divco-Twin Truck Co. common
Fansteel Metallurgical Corp. $5 pref. (quar.) —
Federal Mogul Corp
Oct.
Dec.
25c
Exolon Co
Oct.
Oct.
'"'75c'
4
5 Sept. 16
2
20 Oct.
30 Oct.
75c
_;
1
20
25c
Belmont Radio
Preferred
Nov.
Oct.
1
Oct.
Oct.
15 Jan.
Jan.
$1
25c
(semi-ann.)
1
15 Dec.
15 Oct.
Nov.
15c
Bell
Brewer (C.) & Co. (monthly)
Brewers & Distillers of Vancouver.
Oct.
14
Dec.
Oct.
Erie & Pittsburgh RR. Co., 7% gtd. (quar.)
Guaranteed betterment (quar.)
20
40c
_
A (quar.)
Dec.
50c
Equipment Corp. (increased)
Asbestos Mfg. Co.. $1.40 pref. (quar.)
Atlantic Refining Co. preferred (quar.)
Atlas Corp. common (semi-annual)
Axelson Mfg. (initial, quar.)
Barnsdail Oil Co. (quarterly)..
B»th Iron Works Corp.. payable In stock
Bayuk Cigars, Inc., preferred (quarterly)
Belding-Heminway
Bell Telephone of Canada (quar.)
class
Nov.
35c
(quar.)
Aro
Bellows A Co
15 Sept. 15
Nov.
1 Oct. 20
1 Oct.
5
Dec.
$2
...
25c
Extra
Oct.
25c
Engineers Public Service $5 preferred
$5 preferred (quarterly)
$5M preferred
S5M preferred (quarterly)
$6 preferred.
$6 preferred (quarterly)
5
8
30 Oct.
Oct.
SIM
$2M
American Sugar Refining (quarterly)
Preferred (quarterly.
American Telep. & Teleg. (quar.)
American Thermos Bottle
5
Dec.
sim
sim
Refining
Nov. 26
Dec.
Oct.
Dec.
_
15
Oct.
American Stun Building Co
American Smelting &
Preferred (quar.)
11
$1*
American Meter Co
-
Dubilier Condenser Corp. common
du Pont de Nemours (E. I.) 6% debentures..
15
15 Oct.
1 Oct.
Oct.
1
IIIIIIII
Preferred (quar.)
Dow Drug Co
15 Sept. 30
Dec. 16
16
31 Dec.
Jan.
3 Dec.
Nov.
1 Oct.
—
7% preferred (quarterly)
Detroit Edison Co. (quar.)
Detroit Gasket & Mfg. (quar.)
Dow Chemical Co
31
Dec
75c
—
Preferred
Oct.
50c
....
7% preferred (quar.)
"
15 Sept. 30
1 Oct.
15
Nov.
Nov.
1 Oct. 15
10c
Manufacturing, Inc. (.quar )
American Bakeries Co
Oct.
60c
Sept. 30
Sept. 23
$1
Dobeckmun Co., common (quar.)
»»«>cior Pepper Co
(o 'nrteriy>
Doehler Die Casting Co
Dominion Textile Co. preferred (quar.)
15 Sept. 30
15 Sept. 30
Oct.
Oct.
75c
15c
Alabama Mills, Inc., common
Alabama Power Co., $5 pref.(quar.)
Aluminum Industries, Inc. (quarterly)
Aluminum
Payable of Record
25c
Affiliated Fund, Inc. (quar.)
Air Reduction Co., Inc. (quarterly)
Extra
Nov.
25c
...
Diamond Match Do
Holders
When
Per
Share
Oct.
each
additional share for
Detroit Hillsdale & Southwestern RR. (s.-a.)
in the preceding table.
of Company
9
SIM
10c
Sept. 30
Dentists Supply Co. of N. Y. (quar.)
Preferred
Name
15
9
Oct.
$2
T)pprp Xr Pa
15
The list does not include dividends an¬
paid.
Oct.
25c
Darby Petroleum Corp. (s.-a.)
Dayton & Michigan RR. Co. 8% pref
give the dividends announced in previous weeks
we
one
Nov.
share held.
20
1 Sept. 25
25 Oct. 15
Oct.
1
Nov.
5c
(quar.)
8% preferred (quar.)
Cutler-Hammer, Inc., stock dividend
20
50c
■
Below
11
1 Oct.
Holders
When
Payable of Record
37 He
12 He
Concol. Chemical Industries cl. A and B (qu.)
Sept. 30 Sept. 2?
United States Cold Storage Corp., 7% pref
United States Plywood Corp. (initial).
2175
Chronicle
Oct.
15 Sept. 30
20 Sept. 30
Oct.
20 Sept. 30
Oct.
20.S3pt.30
tSIM
t8^
Oct.
30c
Dec.
SIM
tSIM
S1H
Oct.
50c
Oct.
Oct.
Oct.
1
2
Nov. 10
4 Sept. 21
15 Sept. 30J
5 Oct.
1
28 Oct.
9
40c
Oct.
31|Oct.
SIM
S1H
Oct.
Oct.
31'Oct. 11
15 Sept. 25 !
11
Financial
2176
Per
Share
Name of Company
When
UK
Oct.
Oct.
*6c
Nov.
Oct.
1
10c
Oct.
Oct.
1
Oct.
Sept. 30
Sept. 30
II
Kresge Dept. Stores, Inc., 4% 1st pref.
Oct.
Nov.
26c
7% preferred (quarterly)..
Langendorf United Bakeries, class A.
Nov.
l\H
50c
75c
Lawrence Gas & Electric
Lehigh Portland Cement Co., com. (quar.)
Lehman Corp. (quar.)
Special
Lerner Stores Corp. (quar.).
37m
25c
Dec.
Nov
Dec
Oct.
Oct.
Oct.
Oct.
Sept. 24
Sept. 24
Oct.
Oct.
Oct.
5
$1,125 Nov.
Leslie Salt Co. (quarterly)...
50c
50c
Oct.
...
25c
..
$1.40
Libby, McNeill & Libby
sh.
for
or
each
:
Oct.
:
Oct.
in com. stk. at rate of
$11.20 of div.
Dec.
Dec. 20
Nov.
Oct.
Lincoln Telep. &
Class B (quar.)
Oct.
Oct.
Sept. 30
Sept. 30
Sept. 30
Sept. 30
Dec.
Nov. 26
Teleg. Co. (Del.) class A (qu.)
Oct.
Oct.
6% preferred (quar.)
Lion Oil Refining Co. (quar.).
Little Miami BR., special guaranteed (quar.)—
Monthly..
Monthly
8% preferred (quar.)
26
Dec.
Nov. 26
Oct.
Dec.
Oct. 20
Nov. 20
Dec. 20
Jan.
Dec.
Oct.
Oct.
Sept. 30
Sept. 30
Sept. 30
Oct.
Original capital
Lock Joint Pipe Co. (monthly).
Nov.
.
Louisville Gas & Elec. (Ky.), 5% pref. (quar.).
7% preferred (quar.)
Oct.
6% preferred (quar.)
Loew's London Theatres, Ltd.. 7% preferred...
Lunkenheimer Co., preferred (quarterly)
MacAndrews & Forbes Co.
Preferred (quar.)
Oct.
2
Dec.
2
Oct.
Sept. 30*
Sept. 30*
Oct.
Magnin (I.) & Co. (quar.) 6% preferred (quar.)
Manufacturers Trust Co., pref. (quar.)
Margay Oil Corp..
Massachusetts Lighting Cos. $8 pref. (quar)
$6 preferred (quarterly)
Massachusetts Utilities Assocates, pref.
McCall Corp. common (quar.)
McCiatchy Newspapers, 7% pref. (quar.).....
McColl-Frontenac Oil, preferred (quarterly)
McGraw Hill Pub. (interim)
McLellan Stores Co
Preferred
(quarterly)
Nov.
Oct.
Nov.
Oct.
Oct.
Oct.
Nov.
1
Sept. 20
Sept. 30
Oct.
Oct.
6
15 Sept. 30
15 Sept. 30
II Oct.
15
37 He
50c
50c
50c
75c
Oct.
Oct.
30'Nov.
30
15 Sept. 30
15 Oct.
5
20c
Nov.
1 Oct.
11
Nov.
1 Oct.
11
30c
25c
Dec.
Sharon Steel
Corp. (quar.)
-
Sheaffer (W. A.) Pen Co
Oct.
Sept. 30
Sept. 20
Mrssinger Corp. (quar.)
25c
Oct.
Oct.
15
Mid-West Rubber Reclaiming Co
Milnor, Inc.. increased
'
Missouri River-Sioux City Bridge Co.—
$1
15c
Oct.
Oct.
1
Dec.
Nov. 15
$1H
$1H
$1.64
unexpired period ending Dec. 1.
Mountain States Telep. & Teleg. (quar.)
Montgomery Ward & Co
Montreal Light, Heat & Power Consol. (quar.)..
Montreal Telegraph (quar.)
Montreal Tramways Co. (quar.)
Moore (Wm. R.) Dry Goods (quar.)
Morris Plan Insurance Society (quar.)
Murphy (G. C.) Co., pref. (quar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
National Bearing Metals Corp. pref. (quar.)...
Oct.
Oct.
Dec.
Oct.
15 Sept. 30
1
15 Oct.
1 Nov. 10
15 Sept. 30
Smith (S. Morgan) Co. 'quar.)
Smith (H.) Paper Co. (quar.).
cum. partic. pref. (quar.)
Southern Counties Gas of Calif
6% pref. (quar.)
4.8% preferred (quarterly)
Standard Brands, Inc.
$4Hpref. (quar.)
Standard Oil Co. (Ohio). 5% cumulative pref...
Standard Wholesale Phosphate & Acid Works—
Stanley Works (The) 5% preferred (quar.)
15 Oct.
2 Jan.
Dec.
Oct.
Dec.
Nov.
1
4
2
Nov. 26
2 Sept. 24
16
18 Dec.
1 Oct.
18
15 Sept. 10
15 Sept. 30
15 Sept. 30
Oct.
30
1
1 Oct.
15
Nov.
Stayton Oil Co
«techer-Traung Lithograph 7H% pref. (quar.).
Sterling Aluminum Products
Stix, Baer & Fuller, 7% preferred (quar.)
Sun Ray Drug Co. (quar.)
Preferred (quar.)
Superheater Co. (increased)
Tacony-Palmyra Bridge Co. pref. (quar.)
Telautograph Corp. (quarterly)
Towle Mfg. Co. (quarterly)
Truax Traer Coal Co.
(quar.)
25
Nov.
1
Oct.
1
25 Sept. 30
25 Sept. 30
5 Sept. 30
60c
Dec.
15 Dec.
50c
Oct.
Oct.
1
15c
14 Sept. 23
1 Nov. 15
Nov.
5 Oct. 15
Nov.
1 Oct. 21
20c
Oct.
40c
25c
Dec.
$1,H
Oct.
15 Oct.
Dec.
2s. 6d
1
4
Nov. 20
21
25c
Jan.
3 Dec.
25c
Apr.
July
1 Mar. 10
1 June 10
25c
10
Dec.
16 Dec.
6
Dec.
16 Dec.
50c
Oct.
15 Oct.
6
5
Nov.
1 Oct. 15
15 Dec.
1
11 Oct.
6
8 Nov. 16
10c
$1%
75c
Dec.
$1H
2H%
$1H
Oct.
Dec.
30c
$1
Jan.
3 Dec. 20
Oct.
15 Sept. 15
15 Sept. 30
15 Sept. 30
Oct.
Oct.
Oct.
Oct.
15 Oct.
Nov.
1
New Haven Clock Co. (quar.)
New York City Omnibus
Oct.
4
Nov.
Oct.
Dec.
(initial)
1 Sept. 27
7 Sept. 10
1 Nov. 20
Sept. 30
Sept. 29
Oct.
Oct.
New York Transit Co
Niagara Hudson Power Corp.—
5% 1st pref. and 5% 2nd pref. ser. A & B (qu.)
Nineteen Hundred Corp.. class A (quar.)
15 Oct.
15 Sept. 24
6
ov.
15 Nov.
it.
North American Rayon class A and B
(quar.)..
Northern Indiana Public Service Co. 7%
pref..
1 Oct.
12 Oct.
15
1
it.
1
14 Sept. 30
it.
6% preferred
5H % preferred
14
it.
Northern Oklahoma Gas Co. 6% pref. (qu.)
Northern RR. Co. of N. J., 4% pref (quar.)
Northern States Power Co. (Del.) 7% pfd.
(qu.)
sc.
bc.
it.
it.
_
Northern States Power Co.
(Minn.) $o pfd. (qu.)
Oahu Sugar Co., Jbtd. (mo ).__
it.
it.
Old Dominion Fire Insurance
(Va.)__
Old Joe Distilling Co. 8% pref.
it.
(quar.)
,n.
Sept. 30
14 Sept. 30
1 Nov. 16
1 Nov. 20
20 Sept. 30
20 Sept. 30
15 Sept. 30
15 Oct.
2
2
Sept. 22
1 Dec.
15
ov.
15 Oct.
1 Oct.
15
ov.
1 Oct.
15
ov.
1 Oct.
15
it.
—
6H% preferred (quar.)
5% preferred (quar )
Pacific Gas & Electric (quar.)
it.
1
15 Sept. 30*
15 Sept. 30
Pacific
Pacific
it.
Packard Motor Car Co
Packer Corp. (quar.)
Paraffine Co.'s, Inc., pref.
it.
15 Oct.
it.
15 Oct.
5
1
ov.
15 Nov.
5
ib.
Lighting Corp. $6 pref. (quar.)
Teiep7& Teleg. pref. (quar.)
Package Machinery Co., 7% pref. (quar.)
it.
ov.
it.
(quar.)
7% pref. (quar.)
d (quar.)
7% pref it
Pennsylvania Power Co. $6.60 pref. (monthly)
15 Sept. 30
1 Oct. 20
11 Sept. 18
5
1 Oct.
20
ec.
1 Nov. 20
ec.
ov.
1 Nov. 20
1 Oct.
8
ov.
Pere Marquette Ry prior pref.
Prior preferred (quar.)
Philadelphia Co. (quar.)
6% preferred (semi-annual)
"
Philip Morris & Co., Ltd. (quar.)
Phoenix Finance Corp., 8% pref.
(quar.)
8% preferred (quarterly)_
Pittsburgh Screw & Bolt
15 Feb.
ov.
$6.60 preferred (monthly)
$6 preferred (quar.)_
1 Oct.
8
25 Oct.
1
1 Oct.
1
it.
ov.
it.
it.
,n.
it.
Pierce Governor Co
Pick (Albert) Co
it.
ec.
Preferred
15 Oct.
1
10 Sept. 30
10 Dec. 31
21 Sept. 30
11 Sept. 28
INov.
1
ec.
ljNov. 1
Dec.
l'Nov. 20
RyVco"—
%1H
Nov.
Oct.
Oct.
Oct.
1 Nov.
1
15 Sept. 30
9 Sept. 29
15 Oct.
1
Oct.
15 Oct.
37 He
34 He
Oct
Oct.
Oct.
15 Sept. 20
15 Sept. 20
15 Sept. 30
15 Sept. 30
Oct.
Oct.
$1
Oct.
$1.20
$1,125
Nov.
1
15 Sept. 20
15 Sept. 13
Preferred
(quarterly)
United 8tates Graphite Co. (quar.)
United States Hofrman Machinery 5H% pref—
United States Pipe & Foundry Co
com
(quar.)
(quar.)
United States Sugar Corp
Preferred (quar.)
(quar.)
Preferred
(quar.)
United Stockyards Corp. (quar.)
Preferred
(quar.)
Universal Leaf Tobacco Co., Inc
Utica Clinton & Binghamton RR
Debenture (semi-ann.)
37Hc
20 Oct.
Dec.
31
5
Dec. 18
11 Sept. 30
Dec. 31 Dec. 15
Oct. 26 Oct. 15
Nov.
1 Oct. 15
Oct.
$1H
Nov.
15c
Nov.
1
15 Oct.
1 Sept. 17
1 Oct. 15
Oct.
Oct.
15 Oct.
30 Oct.
$1
$1H
Oct.
10
15
Oct.
15 Sept. 30
Nov.
1 Oct. 15*
Jan.
Oct.
15 Sept. 23
Oct.
Oct.
15 Oct.
10 Sept
Oct.
Oct.
Oct.
5 Sept. 14
Dec.
68Hc
Nov.
8 Nov. 24
1 Oct. 20
3 Dec.
10
5
20
29 Sept. 30
5 Sept. 14
75c
$2
Dec.
20 Nov. 30*
Oct.
15 Oct.
Oct.
15 Oct.
Oct.
Oct.
1
1
10 Sept. 25
15 Sept. 15
Jan.
15 Dec.
Apr.
July
15 Mar. 15
15 June 15
Oct.
15 Oct.
15 Oct.
1
1 Oct.
20
Oct.
Nov.
Dec.
Oct.
Nov.
Virginia Railway, pref. (quar.)
Vulcan Detinning, preferred (quarterly
Wailuku Sugar Co
Waltham Watch, prior preferred (quar.)
Warren Foundry & Pipe Corp. (quar.)
15
1
27 Dec. 16
10 Dec.
1
7 Sept. 24
1 Oct. 1 6
Oct
20 Oct.
11
Oct.
20 Oct.
9
Oct.
Nov.
Extra
Nov.
Warren RR. Co., guaranteed (s.-a.)
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)
Western Pipe & Steel of Calif, (quar.)
Oct.
2 Sept. 18
1 Oct. 15
1 Oct.
1
Nov. 15
Nov. 15
Nov. 10 Oct.
Dec.
15
15 Oct.
Dec.
Dec
1 Nov.
13
9
15 Sept. 20
Oct. 15 Sept. 20
Oct.
Sept. 24
Oct.
Sept. 24
Oct. 30 Sept. 30
1-30-38 Dec 31
Oct,
Extra
_
Westinghouse Air Brake
Quarterly
West Coast Oil Co. preferred (quar.)
West Jersey <fc Seashore RR. Co. (s.-a.)
6% Special guaranteed (s.-a.)
West Penna. Power Co., 7% pref. (quar.)
6% preferred (quarterly)
Wichita Water Co., 7% pref. (quar.)
Will & Baumer Candle
Winstead Hosiery Co. (quarterly)
•Transfet
43 He
20c
Oct.
Dec.
Vapor Car Heating Co., Inc. 7% pref. (quar.)—
Vermont & Massachusetts RR. (semi-ann.)
Extra.
25c
$1H
$1H
$1H
$1H
12Hc
17Hc
75c
(quar.)
Preferred
$1H
1 Oct. 15
1
15 Dec.
10c
Smelting, Refining & Mining
Preferred
30c
31 He
75c
15c
Dec.
Oct. |15 Sept. 30
Oct. 15 Sept. 27
Nov. 15 Oct. 30
Oct. 15 Sept. 30
87 He
.
Preferred
$1H
*3c
$2H
Corp.,pref. (quar.)
United Profit Sharing preferred (semi-ann.)
United Shoe Machinery (quar.)
United States
av.
15 Sept. 30
10 Oct.
1
4
1 Oct.
$1H
$1H
$1H
United Gold Equities of Canada, std. shs
United N. J. RR. & Canal (quar.)
1
$154
Nov.
62Hc
37Hc
United Dyewood
United Fruit Co
Oct.
Oct.
$1H
$1
$1H
$1H
50c
15 Sept. 30
1 Oct.
14
15
Oct.
75c
Nov.
Pittsburgh Youngstown & Ashtabula
7% preferred (quar.)
Oct.
Oct.
20c
Tuckett Tobacco, Ltd., pref. (quar.)
United Biscuit Co. of America, pref. (quar.)
(quar.)
National Mfg. & Stores Corp., $5H pref.
(s.-a.)„
National Power & Light preferred
(quar.)
Naumkeag Steam Cotton
Neiman-Marcus Co. 7% pref. (quar.)
Nevada-California Elec. pref. (quar.)
Peninsular Telephone,
Nov.
1
Nov. 15
Nov. 30
Oct. 15
Southern Indiana Gas & Electric Co.—
State Street Investment Co. (Boston)
Nov. 15 Oct.
Oct. 15 Oct.
(quar.)
Oct. 30 Oct.
1
Nov. 30 Nov.
1
Dec. 20 Nov. 20
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Oct.
—
Oct.
National Lead Co., pref. B
Pacific American Fisheries, Inc
Pacific Finance of Calif. 8%
pref.
8
37Hc
—
6% preferred A (quar.)
Southern Canada Power Co., Ltd.—
Jan.
National Cylinder Gas Co. (quar.)
National Distillers Products (quar.)
National Fuel Gas Co
.
2 Sept.
37Hc
Calif. Edison. Ltd., Original pref. (quar.)
Preferred series C (quar.)
Southern Calif. Gas, 6% pref. (quar.)
Oct.
National Cash Register
National Casket Co. (semi-annual)
...
Jan.
1
$1H
preferred (quarterly)
Sou
15 Sept. 10
Oct.
.
15 Sept. 30
3 Dec. 21
lc
30 Sept. 30
15 Sept. 30
Oct.
.
15 Sept. 24
Oct.
2c
Oct.
National Biscuit Co. (quar.)
National Bond & Share
__
Oct.
Oct.
25c
75c
Oct.
...
__
$1
Extra
6%
for the
6% preferred (quarterly)
$1H
Sheep Creek Gold Mining, Ltd. (quar.)
Sivyer Steel Castings Co
Skelly Oil Co. preferred (quar.)
6%
Oct.
25c
Monsanto Chemical Co. $4H preferred
Represents proportion of the s.-a dividend
37 He
Dec.
6 Nov. 20
Oct. 20 Sept. 30
10
Dec. 24 Dec.
10c
Extra
St, Croix Paper Co. (quar.)
Saguenay Power Co., Ltd., pref. (quar.)
8 vt> Francisco Remedial Loan Assoc. (quar.)...
Security Storage Co. (quar.)
helfridge Provincial Stores
Servel, Inc. preferred (quarterly)
South Franklin Process 7 % pref. (quar.)
South Pittsburgh Water Co., 7% pref. (quar.)..
Dec.
3c
7% preferred (quarterly)
Monongahela Valley Water 7% pref. (quar.)
$1H
$1H
1
20 Sept. 30
20 Sept. 30
■
Nov.
$1H
t
Mercantile Acceptance Corp. of Calif.—
6% preferred (auar.)
5% preferred (quar.)
Merchants Petroleum
Merrimac Mills Co. (initial)
$2
$2H
$1H
—_
31
Jan.
(quar.)
common
preferred (quar.)
6% preferred (quar.)
Pullman, Inc. (quar.)
Quaker Oats Co. preferred (quar.)
Quarterly Income Shares (extra)
Payable in 5 yr. 5% debentures with cash.
Adj. for odd denominations.
Railway Equipment & Realty (quar.)
6% first preferred (quar.)
Rainer Pulp & Paper (new, initial)
Rapid Electrotype Co (quar.)
Reading Co. 2nd preferred (quarterly)
Regent Knitting Mills, non-cumu.. pref. (qu.)—
Regent Knittjng Mills, Ltd. (initial)
Reliance Mfg. Co. (111.) (quar.)
Reliance Steel Corp. common (initial)
Republic Portland Cement, 5% preferred (quar.)
Roan Antelope Copper Mines ord. reg
Roeser & Pendleton, Inc. (quar.)
Quarterly
Quarterly
Ruud Mfg. Co
(quar.)
1
Preferred (semi-annual)
Lincoln National Life Insurance Co. (qu.)__—
$1H
Public Service Co. of Nor. 111. (quar.)
7% preferred (quar.)
5
Nov. 16
Dec.
Oct.
6 He
62 He
6% preferred (monthly)
6% preferred (monthly)
Oct. 22
Dec.
1
Dec.
Special
Le Tourneau, Inc. (quar.)
Oct.
Public Service Corp. (N. J.) 6% pref. (mo.)
5
Oct.
Oct.
,
5 Sept. 10
15 Dec. 15
15 Sept. 30
15 Sept 30
15 Sept. 15
15 Sept. 15
Nov.
(quar.)—.—-—
Providence & Worcester RR. Co. (quar.)
Prudential Investors pref. (quar.)
Public National Bank & Trust (quar.)
14
Oct.
Oct.
5% 1st preferred
5% 1st preferred
5% 2nd preferred
5% 2nd preferred
Procter & Gamble 8%
Sept. 30
Sept. 30
50c
Preferred (quar.)
Prosperity Co.. Inc., 5% pref
5
Nov.
Oct
Oct.
—
Pressed Steel Car
6
50c
.
Extra
Extra
Oct.
—
Holders
When
Dec.
of Canada 6% cum. pref. (quar.)
6% non-cum. pref. (quar.)
Premier Gold Mining (quar.)
1937
Payable of Record
Oct.
Ft. Wayne & Chic. Ry. Co. 7% pf. (qu.)—
Power Corp.
Dec. 24
Oct. 20
Dec.
iitf
Landis Machine (quarterly)..
.
Share
of Company
Pollock Paper & Box Co. 7% pref. (quar.)
Sept. 30
Sept. 30
31 He
Kroehler Mfg. Co. 6% pref. A (quar.).
Kroger Grocery & Baking 7% pref. (quar.y.
one
Per
Name
Dec.
30c
Oct. 2,
Holders
Payable of Record
Pitt
Kemper-Thomas Co.—
7% special preferrred (quar.).
Kennedy's, Inc. (interim)
Preferred (quar.)
Kirkland Lake Gold Mining (interim).
Knott Corp
Kresge Dept. Stores, pref. (quar.).
Opt. div. of cash
Chronicle
Oct.
5 Sept. 27
1-3-38 Dec. 15
Dec.
Nov. 15
—
Nov.
Oct.
5
Nov.
Oct.
15 Oct.
5
Oct.
-
—
..........
_
1
Nov. 15 Nov.
1
Nov.
Oct. 15
Nov.
Oct. 15
boom not closed f«»r thit dividend.
t On account of sootiTrulated dividends
1
J Payable in Canadian funds, and in the case of non-residents of Canada,
deduction of a tax of 5% of the amount of such dividend will be made.
Financial
Volume 145
weekly statement issued by the New York
Clearing House is given in full below:
OF MEMBERS
OF
YORK
NEW
THE
CLEARING
following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 29, 1937,
in comparison with the previous week and the corresponding
HOUSE
1937
date last year:
ASSOCIATION FOR THE WEEK ENDED SATURDAY, SEPT. 25,
Capital
Net Demand
Deposits,
Deposits,
Profits
♦
Clearing House
Time
Undivided
*
York
New
The
City
The
STATEMENT
Condition of the Federal Reserve Bank of
York City
Weekly Return of the New
Clearing House
2177
Chronicle
Average
Average
Surplus and
Members
Sept. 29,1937 Sept. 22, 1937 Sept.30, 1936
Assets—
S
Bank of N Y & Trust Co
Bank of Manhattan Co.
20,000,000
National City Bank
Chem Bank A Trust Co.
77.500.000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
42,777,000
Cent Hanover BkATr Co
21,000,000
20,000.000
Corn Exch Bank Tr Co.
15,000,000
First National Bank
10,000,000
50.000,000
Irving Trust Co..
Continental Bk A Tr Co
4.000,000
Chase National Bank
500,000
7,000,000
8,616,700
12,500,000
3,611.702,000 3,561,454,000 3,119,998,000
1,894,000
♦
Secured
by
U.
8.
Govt,
obligations,
8,021,000
Total bills dlsoounted.
14,659,000
15,214,000
7,596,000
1,075,000
Industrial advances
31,046.000
5,377,000
1,075.000
5,379,000
6,360,000
332,269,000
211,831.000
332.269.000
392,320,000
180,929,000
180.929,000
165,475,000
725,029,000
725,029,000
660,561,000
746,140,000
746,697,000
675,622,000
72,000
72,000
81,000
8,403,000
155,348,000
10,023,000
6 .319.000
176 .642,000
7,418,000
170,306,000
10 .021,000
10.856,000
10,826,000
10 ,544,000
29,214,000
Bonds
211,831,000
Treasury notes
.
748,091.000
9,432,789,000
Total U. S. Government securities..
per
(c) $128,434,000; (d) $42,470,000.
Total bills and securities.
'
,
Due from foreign banks
"Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House.
The
The
New
following
York
are
INSTITUTIONS
BUSINESS
Federal Reserve notes of other banks..
Uncollected items
Bank premises
.......
All other assets
the figures for the week ended Sept. 24:
IN
NOT
FOR
CLEARING
HOUSE
WITH
THE
CLOSING
1,105,000
United States Government securities:
2,138,000
51,421,000
72,866.000
1,695,000
5,901,000
Bilis bought in open market.
3,239,000
87,628,000
285.245.000
6.782,000
8,432,000
6,638,000
4,291,000
15,066.000
894,463,200
523,547,000
61,831.000
direct or lully guaranteed
Other bills discounted
7,214,000
4,230.000
official reports:
National, June 30, 1937; State, June 30, 1937; trust
companies, June 30, 1937.
Includes deposits in foreign branches as follows: (a) $283,060,000; (6) $94,857,000;
As
1,084,000
77,695,000
3,694,278,000 3.640,184,000 3,182,913,000
Treasury bills
Totals
1.035,000
80,682,000
-
Bits discounted:
3,800.000
78,481,000
7,000,000
Public Nat Bk A Tr Co
5,000,000
New York Trust Co
55,786,000
24,075.000
44,469,000
1,092.000
10,000,000
Marine Midland Tr Co..
f
Total reserves.
107,212.000
51,119.000
Comm'l Nat Bk A Tr Co
Title Guar A Trust Co..
Other cash
23,916,000
69,959,000
(2760.973,000
75,366.200
1,295,900
9,012,200
28,136,700
8.092,800
25.000.000
hand and due from
on
United States Treasury.*
Redemption fund—F. R. notes
45,322,000
208,003,000
128,220,000 cl ,869.422,000
46,063,000
3,553,200
100.270.000
Fifth Avenue Bank
Bankers Trust Co
Gold certificates
9,759,000
136,306,000
13,102,300
476,326.000
25.769,700
57,496,600 al,489,124,000
415,769.000
54.132,100
179.891,500 61,360.977.000
444.397.000
43,503,300
690,123,000
68.112,400
248,359,000
17,508,900
438,148.000
107,641,600
473,376.000
60,956.200
44,140.000
4.054,900
6,000,000
Total assets.
OF
102,766,000
4,625,090.000 4.590,479,000 4,076,410,000
FRIDAY, SEPT. 24. 1937
THE WEEK ENDED
Liabilities—
F. R. notes in actual circulation
Loans,
Other Cash,
Disc, and
Including
Investments
Bant Nous
Res. Dep.,
Dep. Other
Y. and
Bants and
Qross
Trust Cos.
Deposits
N.
Deposits—Member bank
949;857,000
reserve
844,045,000
946.302,000
acc't.. 3,223,275,000 3,147.898.000 2,752.376,000
U.S. Treasurer—General account
37.679.000
S
Manhattan—
$
$
$
Foreign bank
91.089.000
19.839.000
Other deposits
Elsewhere
28,502,000
87,793,000
61,177,000
58.992,000
131,990.000
50.878.000
%
22,101.000
25,547.000
28.213,800
499,000
7.195.200
8.323.000
2,614.300
Sterling National...
699,000
27.773.000
Trade Bank of N. Y.
6,603,630
270,590
1.940,868
83.780
6,204,282
Deferred availability Items
6,304,900
358,100
1,642.600
107,000
776,000
7,720.800
5,489,000
Surplus (Section 7)
4,910,000
284,700
324,000
Grace National
154,700
Total deposits
Brootlvn—
Lafayette
3,400.747,000 3.348,857,000 2,941,884,000
153.276,000
51,057,000
51,474.000
7,744,000
9,117,000
1,818,000
Capital paid In
National.
People's National
Surplus (Section 13b)
Reserve for contingencies
TRUST
COMPANIES—AVERAGE
Loans
FIGURES
All other liabilities
Total liabilities
Cash
Investments
Dep. Other
Bants and
Trust Cos.
Deposits
$
%
$
56,321.500
Empire
%
Ratio
of
total
to
reserve
Contingent liability
%
*5,964.600
7,807.600
4,408,100
deposit
1,882,731
705,728
9.682.505
187,357
11,058,482
*1,030,594
475.172
15,597
10,116.199
Fulton
20.385,300
*6,989.000
942,400
503,700
24.102,600
Lawyers.
28,740,500
*9,845.800
568.600
36,822,000
United 8tates
67.370,969
23,878.184
15,206.048
76.230,975
9,117,000
7,744,000
8,849,000
1,532,000
7,167,000
and
84.252.000
31,642,919
3,281.000
2,727,063
33.852,000
5,610,359
84.9%
52.000 113,618,000
84.1%
84.8%
557,000
purchased
10,476,899
Commitments
make
to
industrial
ad-
bances
5,059,000
t ' Other cash" does not lnolude Federal Reserve notes
9,402,000
5,086,000
bank's own Federal
or a
Reserve bant notes
Brootlvn—
Brooklyn
Kings County
50,825,000
7,744.000
483,000
bills
on
for foreign correspondents
64,113,400
Fiduciary
Federation
50,178,000
51,474.000
4.625,090,000 4,590,479,000 4,076,410,000
F. R. note liabilities combined
Manhattan—
165,718,000
51,057.000
Qross
Elsewhere
Disc, and
Res. Dep.,
N. Y and
174,396,000
x
These are certificates given by the United States Treasury for the gold taken
the Reserve banks when the dollar was, on Jan. 31, 1934. devalued from
over from
34,180,407
100 cents to 59.06 cents,
these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.1
*
Includes amount with Federal Reserve as follows: Empire, $3,525,900; Fidu¬
ciary, $661,812; Fulton, $6,705,100; Lawyers, $9,170,900.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
Items of the resources and liabilities of the reporting member banks in 101 leading cities from which
weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the 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.
Commencing with the statement of May 19,
announcement of the
The
Federal
Reserve Bank of
1937, various changes
New
York of April 20.
made in the breakdown of loans
were
1937,
aa
as
reported In this statement, which were described In
aa
follows:
in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the amounts of
(1) eommerolal. industrial, and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying seoUrltles.
The revised form
changes
also eliminates the distinction between loans to brokers and dealers In securities located In New York
made also to lnolude "acceptances of own
bank purchased or
City and those looaited outside New York City
Provision has been
discounted" with "acceptances and commercial paper bought in open market" under the revised caption
"open market paper," Instead of in "all other loans" as at present.
Subsequent to the above announcement it was made known that the
new
Items "oommerclal, Industrial, and agricultural loans" and "other loans" would each be
segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was
published In the May 29, 1937, Issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON SEPT. 22,1937 (In Millions of Dollars)
Federal Reserve Districts—
Total
Boston
New York
Phila.
ASSETS
t
$
$
%
Cleveland Richmond
S
Atlanta
Chicago
t
%
S
Loans and Investments—total
22,046
1,297
9,041
1,164
1,907
596
544
Loans—total
10,010
711
4,448
478
724
247
265
St. Louis
.
Minneap. Kan. City
S
S
San Fran,
Dallas
*
$
%
659
408
716
512
2,130
317
3,072
1,063
184
286
241
1,046
Commercial, Indus, and agrtoul. loans:
On securities
Otherwise secured and unsecured..
Open market paper
"joans to brokers and dealers
Jther loans for purchasing or carrying
securities
Real estate loans
Loans to banks
594
39
253
44
44
15
11
52
56
10
19
13
38
4,184
295
1,769
179
253
95
123
608
139
85
159
140
339
470
91
180
25
19
13
4
54
12
7
26
4
35
1,276
39
1,086
24
22
4
8
56
6
1
4
3
23
'
674
37
322
37
40
19
15
96
10
14
15
57
1,165
84
243
60
177
29
27
84
46
6
20
21
368
102
4
68
3
4
2
5
5
8
mm—mmm
727
65
266
49
122
30
26
48
11
10
76
12
.
2
1
Other loans:
On securities
10
14
Otherwise secured and unsecured..
818
57
261
57
43
40
46
60
27
55
29
35
108
United States Government obligations
7,930
429
2,999
316
857
245
170
1,423
198
167
260
192
674
Obligations fully guar, by U. 8. Govt.
1,136
21
436
97
62
38
34
189
46
12
47
30
124
Other securities
2,970
136
1,158
273
264
66
75
397
98
45
123
49
286
Reserve with Federal Reserve Bank..
5,440
242
2,798
228
324
128
103
792
136
77
176
110
326
Cash in vault
314
35
73
18
41
18
11
58
11
6
12
11
Balances with domestic banks
1,746
89
141
123
155
161
110
281
81
69
191
152
193
Other assets—net
1,278
81
535
88
104
39
41
91
24
17
23
29
206
14,788
948
6,531
793
1,076
419
332
2,233
395
271
500
389
901
5,291
277
1,141
290
743
198
187
867
184
122
147
125
1,010
630
37
362
18
16
11
16
80
8
2
13
20
47
5,045
208
2,000
264
330
197
177
718
227
118
363
192
251
8
mmrn
20
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings.
Other liabilities
Capital account
11
530
4
1
573
1
1
1
2
26
416
23
18
24
7
21
8
7
3
7
319
237
1,608
228
346
92
88
365
89
56
92
81
330
6
879
3,612
.
I
1
1
1
-at m rn
m m -»
17
Financial
2178
0
Chronicle
Oct. z. 1937
•
.
.
.
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Sept. 30,
showing the condition of the twelve Reserve banks at the close of business on Wednesday,
for the
System
as a
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
Reserve note statement (third table following)
Reserve Agents
returns
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
and the Federal Reserve banks.
for the latest week
The comments of the Board of Governors of the Federal Reserve System
upon
the
in our department of "Current Events and Discussions
RESOURCES AND LIABILITIES
COMBINED
Three ciphers
appear
The Federal
gives details regarding transactions in Federal Reserve notes between the
OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
BUSINESS SEPT. 29, 1937
(000) omitted
ASSETS
Gold ctfs.
on
hand and due from U. S. Treaa.x
Redemption fund (Federal Reserve notes)
Other cash •
Total
reserves
........
Bills discounted:
Secured
by
U.
direct
or
fully guaranteed
S. Government obligations,
Other bills discounted
18.288
Total bills discounted
Bills bought In open market
Industrial advances
3,073
__
21,007
---
-
732,508
United States Government securities—Bonds..
1,157,713
Treasury notes
Treasury bills
-
635,909
-
Total U. 8. Government securities
Other securities
Foreign loans on gold
Total bills and securities
Gold held abroad....
Due from
foreign banks
....
Federal Reserve notes of other banks
...
Uncollected Items
Bank premises.
All other assets....
.....
Total assets
LIABILITIES
Federal Reserve notes In actual circulation
Deposits—Member banks'
reserve account
United States Treasurer—General account..
Foreign banks
Other
deposits
Total deposits....
Deferred availability Items.....
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
....
....
Reserve for contingencies
All other liabilities.
Total liabilities
Ratio of total teserves to
deposits and Federal
Reserve note liabilities combined
Contingent
liability
bills
on
purchased
foreign correspondents
for
....
Commitments to make Industrial advances...
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted.......
......
61-90 days bills discounted
Over 90 days bills discounted.........
.....
Total bills discounted
....
,
1-15 days bills bought In open market.......
16-30 days bills bought In open market
31-60 day6 bills bought In open market
61-90 days bills bought in open market
Over 90 days bills bought In open market
Total bills bought In open market.........
I- If days
Industrial advances
16-30 days Industrial advances..
31-60 days Industrial advances....
61-90 days Industrial advances
............
Over 90 days Industrial advances
.......
...
.....
....
Total Industrial advances
...
1-15 days U. S. Government securities...
16-30 days U. S. Government securities
31-60 days U. S. Government securities
61-90 days U. S. Government securities
Over 90 days U. S. Government securities
Total U. 8. Government securities.....
1-15 days other securities
10-30 days other securities
31-60 days other securities..
61-90 days other securities
III.I
""
.„.
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 hand and due from U. S.
Treas
By eligible
]
paper
United States Government
BecuirtUesIIIIIII!
Total collateral
*
x
"Other cash" does
These
not Include
Federal Reserve notes,
f Revised
figure.
certificates given by the United States
Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59,06
Jan. 31, 1934, these certificates
being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under
the provisions of the Gold Reserve Act of
1934.
cents
are
on
of the Federal Reserve System (Concluded)
Weekly Return of the Board of Governors
AND LIABILITIES OF
WEEKLY STATEMENT OP RESOURCES
(000)
Three Ciphers
Omitted
Atlanta
5
$
$
$
$
San Fran,
Dallas
Louis Minneap. Kan. City
$
$
$
St.
Chicago
$
Cleveland Richmond
S
$
%
RESOURCES
CLOSE OF BUSINESS SEPT. 29 1937
EACH OF THE 12 FEDERAL RESERVE BANKS AT
Phila.
New York
Boston
Total
Feaeral Reserve Agent at—
2179
Chronicle
Financial
145
Volume
"
Gold
certificates
hand
on
and
449,268 3,611,702
488,542
698,337
870
681
1,464
451
976
536
334
1,187
25,027
203
1,894
80,682
15,069
16,774
15,284
45,552
16,357
7,^22
20,555
14,357
688,215
1,565
30,081
514,756
714,276
320,360
249,589 1,752,683
293,818
207,145
302,626
206,053
719,861
478,512 3,694,278
due
9,127,392
from United States Treasury
10.422
261
316,143
28,983
Redemption fund—Fed. Res. notes._
Other cash *
9,453,957
Total reserves
302,905
191,362
281,868
199,187
276,485
232,841 1,706,680
Bills discounted:
v
Secured by U. 8. Govt, obligations.
direct and(or) fully guaranteed-.
382
462
441
1,010
165
147
281
679
137
62
226
8,021
171
318
949
103
11,639
529
743
1,120
1,147
227
948
434
356
14,659
908
23,590
1,454
288
117
106
378
85
85
215
313
85
1,075
59
220
5,377
.820
1,920
174
807
717
211,831
332,269
180,929
71,850
24,009
112,703
60,968
50,866
81,340
127,584
32,543
97,768
51,046
61,369
33,198
27,697
69,474
27,796
37,661
20,506
56,885
53,238
30,976
1,159
28,818
45,202
24,614
2,084
63,999
53,791
84,374
45,944
36,266
738,073
3,721
62,330
579
2,990
250
20,698
111,385
82,176
124,127
98,634
219,049
111,947
83,900
125,225
100,234
222,413
....
-
S. Government securities—Bonds.
U
1,157,713
Treasury notes
630,404
Treasury bills
184,109
725,029
213,336
245,922
133,034
110,991
278,398
2,573,404
188,773
740,140
218,278
247,559
135,814
112,391
280,730
13
19
17
8
7
23
3
6
6
72
2
14
1,099
1,589
4,999
1,653
155,348
52,889
19,955
31,883
25,448
4.856
6,267
2,354
1,614
1,370
4,557
4,195
1,453
3,498
1,439
1,375
2,794
10,826
1,336
2,274
3,177
1,726
37,952
2,728
2,479
30,924
3,372
10,023
85,523
4,633
1,811
28,122
820
64,019
3,015
1,949
21,815
2,205
2.657
8,403
1,315
62,419
565
510
637,059
45,514
Bank premises
796,454 1,036,048
521,692
389,409 2,132,089
439,494
314,711
466,296
335,012
982.034
A llother resources
737,117 4,625,090
12,775,446
Tota 1 resources
LIABILITIES
F. R. notes in actual circulation—
314,563
434,857
204,642
166,802
969,096
180,550
139,891
166,465
92,319
341,805
331,401 3,223,275
7,032,833
Member bank reserve account
357,601
452,028
216,359
170,651
975,077
194,180
244,772
28,502
9,169
13,352
5,674
8,522
24,896
10.253
23,861
7,305
5,600
6,138
3,186
7,061
1,297
3,486
551,404
3,973
17,287
10,990
6,473
28,244
1,658
183,268
9,897
7,061
87,793
61,177
13,370
22,400
20,218
132,817
4,365
508,016
244,678
188,545 1,029,875
217,876
145,968
258,066
203,712
583,654
61,126
57,413
88,107
30,447
32,129
4,877
4,869
3,851
4,655
1,007
545
1,003
3,121
3,422
1,497
3,613
1,142
3,875
3,851
10,166
14,323
1,690
1,200
2,034
941
662
294
318
12,866
21,504
1,416
7,749
1,476
31,727
4,053
27,849
12.936
19,429
2,892
3,116
370
378
289
796,454 1,036,048
521,692
389,409 2,132,089
439,494
314,711
466,296
335,012
31
39
39
95
52
120
301
3,271
Foreign bank..
243,378
11,886
17,774
Otber deposits
125,612
2,794
140,273
U. 8. Treasurer—General account-
Total deposits
...
7,542,096
363,855 3,400,747
397,104
153,276
51,057
51,474
7,744
51,254
12,257
13,362
4,325
9,117
1,818
3,000
Deferred availability Items--—-----
637,764
63,713
Capital paid in
132,604
9,384
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
145,854
35,803
9,826
2,874
1,570
7,567
474
27,490
All otber liabilities
Contingent liability on bills purchased
cash" does not Include
754
:
98
483
131
123
57
47
155
1,930
5,059
140
903
1,746
311
10
1,037
Reserve notes,
Federal
Atlanta
9,645
1,996
1,262
2,037
602
1,847
297
,
982,034
•••-..:» • .•>
.
%
S
214,203
S
s
i
S
$
San Fran.
Dallas
Louis Minneap. Kan. City
St.
Chicago
$
$
468,706
333,197
328,655 1,054,593
4,602,269
Cleveland Richmond
S
%
S
$
Federal Reserve notes:
v
4,936
RESERVE NOTE STATEMENT
Phila.
New York
Boston
Total
Federal Reserve Bank of—
;-X;
'■
";,Vv
•;
.»«
Three Ciphers (000) Omitted
185,985 1,005,915
36,819
19,183
195,623
144,061
177,893
103,470
389,968
15,073
4,170
11,428
11,151
48,163
356,001
43,234
104,736
18,634
33,849
9,561
314,563
434,857
204,642
160,802
969,096
180,550
139.891
341,805
949,857
92,319
285,421
166,465
4,240,268
473,000
215,000
190,632
146,000
630
925
405
993
437
177
326
810
171,000 1,020.000
930
1,031
399,000
337,000
105,500
336,000 1,060,000
14,138
1,381
180,000
4,633,132
146,925
180,405
105,820
399,993
Held by Federal Reserve Bank
In actual circulation
by
21,294
4,390
5,616
1,338
FEDERAL
Issued to F. R. Bank by F. R. Agent
3,698
4,497
14,880
'
V
.
10,470
40
;
for foreign correspondents
:
Commitments to make Indus .advances
■'
V.
589 >
737,117 4,625,090
12,775,446
Total liabilities
58,714
949.857
285,421
4.246.268
Deposits:
held
54,663
27.370
Uncollected Items
Collateral
100.387
190
Due from foreign banks
Fed. Res. notes of other banks
"Other
32,428
38,868
2,526,190
Total U. S. Govt, securities
Total bills and securities
*
545
1.065
„
3,026
Total bills discounted
Bills bought In open market.
Industrial advances
••
520
130
6,638
737
116
505
845
11,951
Otber bills discounted
Agent as security
for notes Issued to banks:
Gold
certificates on
hand and
due
from United States Treasury
Eligible paper
22,183
U. S. Government securities
32,000
United
Government
States
York Stock
337,810
337,381 1,074,138
4,687,315
Total collateral
12,000
20,000
Securities
on
215,630
473,437
the New
Transactions
Stock and Bond
United States Treasury
Rates
quoted
are
the
at
Daily, Weekly and
Exchange—See following page.
202,809
191,930 1,021,031
0 1937
....
Quotations of representative
23 1938
Feb
0.30%
each
13 1937
0.20%
2 1938
0.33%
Oct.
20 1937
0 20%
Mar.
9 1938
0.33%
Sept. 25
Oct.
27 1937
0 20%
Mar.
16 1938
0.33%
Francs
3 1937
0 20%
Mar. 23
1938
0.33%
Nov. 10 1937
0 20%
Mar. 30
1938
0 33%
Nov. 17 1937
0 20%
April
—
Mar.
0
6 1938
0 20%
April 13 1938
0 25%
April 20 1938
0 25%
April 27 1938
Dec.
0 35%
May
0 40%
0 27%
4
May 11
May 18
May 25
Banque
Canadian Pacific
0 35%
8 1937
Dec.
Pays Bas
de 1'Unlon Parlslenne. -
Banque de Paris et Des
0 35%
1 1937
0.45%
Nov. 24 1937
..
Jan.
12 1938
0 27%
June
Jan.
19 1938
0 27%
June
1938
1938
1938
1938
1 1938
8 1938
20 1938
0
June
15 1938
1938
June 29 1938
Canal de Suez cap-—
Cle Dlstr d'Electrlclte
4.5%
0.45%
0.45%
Dec
15 16 17& 181937
0 25%
Dec.
20 21 A 22 1937-
0.25%
29 1937
Dec.
...
5 1938..
Jan.
0 25%
Feb.
2 1938
27%
0 30%
Feb.
91938
0 30%
Jan.
0.40%
d'Electrlclte.-.--
Transatlantlque..
Citroen B
0.40%
-
-
-
Comptolr Natlonale d'Escompte
Coty 8 A
0.45%
6,100
.1,100
458
1,121
460
288
20,500
560
1,200
50
505
290
26,700
56V
1,220
49
503
687
210
693
220
229
Credit Commercial de France-458
Credit Lyon nalse
1,360
Eaux Lyonnalse cap
----1,170
Energle Electrlque du Nord
290
Energle Electrlque du Littoral-475
Kuhlmann
605
L'Alr Llqulde
—1,030
Lyon(PLM)
HOLI710
NordRy—
DAY
746
Orleans Ry 6%
386
Patbe Capital
22
Pecblney
----1,835
Rentes, Perpetual 3%
71.75
Rentes 4%. 1917
70.25
Rentes 4%, 1918
69.60
Rentes 4H%. 1932 A
—76.30
Rentes 414%, 1932 B
77.40
Rentes 5%, 1920
95.10
Royal Dutch
6,330
225
460
1,370
1,190
284
481
614
1,050
1,855
1,110
70
118
1,167
472
181
356
1,894
1,015
70
123
1,190
474
184
361
103
Courrlerea
0
0.30%
10 1938
Feb.
June 22
Generale
Cle Generale
Cle
0.40%
-
-------—
Quotations for United States Treasury
Notes—Friday,
Oct. 1
Figures after decimal 'point represent one or more
a
point.
;
Int.
Int.
Rale
Maturity
Dec.
151938—
Dec
15 1941.
Sept
16 1939--.
Dec.
15 1939--.
June
15 1941.—
Mar.
15 1939...
Mar
15 1941...
June
15 1940-—
Deo.
15 1940
..
1 y<%
i 4%
1H%
1 H%
1 H%
1H%
1H%
1H%
l H%
'S2ds of
,
Bid
Ailed
Rate
Maturity
Bid
Ailed
100.22
100.24
Mar. 15 1940...
IH%
101 2
101.4
99 20
99 22
Mar. 15 1942...
1*4%
100.20
100.22
100 23
100 25
Sept
15 1942.—
2%
101.5
100.7
100 23
100 25
June
15 1939...
2H%
102.1
102 3
100
100.2
2H%
2H%
m%
102
102 2
100.27
100.29
101.26
101.28
3%
101.11
101.13
101
101.2
Sept. 15 1938...
Feb.
1 1938...
100.15
100 17
June
100 23
100 25
Mar. 15 1938.
100.20
100 22
15 1938
..
Saint Gobaln
C & C
Schneider & Cle
Soclete Francalse
Soclete Generale
—-—
Ford—
Fonclere
Soclete Lyonnalse.---——-—
Soclete
Marseillaise
811k, pref
d'Electrlclte
Tublze Artlflcal
Union
received by
Sept. 27 Sept. 28 Sept. 29 'Sept. 30
Francs
Francs
Francs Francs
6,100
Bank ol France
35%
stocks as
cable
day of the past week:
Oct.
Nov.
Exchange^
PARIS BOURSE
A tied
Bid
Atled
0 20%
Stock
Bills—Friday, Oct. 1
THE
Oct.
York
Averages—See page 2195.
for discount at purchase.
Bid
New
Yearly—See page 2195.
W agon-Llts
103
684
742
382
22
1,835
71,30
69.50
69.20
76.70
77.80
94.80
6,390
6,000
1,080
6,300
453
Oct. 1
Francs
6,500
465
1,169
280
295
292
26,400
27,200
27,400
560
584
1,190
1,200
1,270
47
47
51
502
516
690
694
210
200
200
220
206
445
478
1,310
1,170
1,370
1,420
1,240
1,270
283
283
466
485
595
635
1,030
1,110
652
675
730
760
378
375
21
"376
22
1,765
1,120
1,920
73.30
70.40
72.25
68.40
70.60
72.00
67.75
70.25
70.25
74.30
76.10
76.50
75.50
76.80
77.80
94.00
94.60
90 25
6,270
6,380
6,560
1,815
1,900
1,095
1,140
70
67
123
126
1,175
1,240
474
473
180
181
353
375
102
69
Oct. 2.
2180
1937
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
Cash and deferred delivery tales are disregarded In
such sales In computing the range for the year.
NOTICE
the day's range, unless they are the only transactions of the day.
No
account Is taken of
United States Government Securities
Below
furnish
we
on
the New York Stock Exchange
week.
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal 'point represent one or more 32ds of a point.
Sept. 25
Daily Record of U. S. Bond Prices Sept. 25 Sept. 27 Sept. 28 Sept.29 Sept. 30
Treasury
115.24
(High
'
Oct. 1
Daily Record of U. S. Bond Prices Sept. 26 Sept. 27 Sept.28 Sept. 29 Sept. 30
Treasury
115.23
115.17
110.26
115.20
115.24
115.23
115.17
115.20
115.23
115.17
115.26
Total sates in $1,000 unils...
3
3 lis,
1943-46.
106.5
106.3
106.7
106.9
3
106.10
106.10
106.13
100.9
100.10
100.14
100.16
100 12
100.10
100.14
100.14
100.16
100.12
1
139
8
19
59
17
99.17
99.20
99.18
99.21
99.23
99.20
Low.
99.15
99.12
99.15
99.17
99.19
99 18
Close
2 Jis, 1951-64
99.17
99.15
99.18
99.21
99.19
99.20
19
77
16
59
137
55
99.14
99.17
99.15
99.15
99.16
99.15
Total sales in $1,000 units..
High
111.6
111.9
111.8
111.11
111.14
111.10
4 Low.
111.6
111.6
111.8
111.11
111.14
111.10
Low.
99.11
97.12
99.13
[Close
111.6
111.8
111.8
111.11
111.14
111.10
Close
99.13
97.14
99.15
11
10
19
Total sales in $1,000 units...
50
101
5
109.19
[High
97.30
97.29
97.30
Low
97.26
97.27
Close
97.30
97.28
Total sales in $1,000 units...
13
56
High
102.22
102.24
102.26
(High
4S, 1944-64
25
Total sales in $1,000 units...
13
109.19
fHlgh
109.20
-J Low.
[Close
109.12
109.20
109.20
2 He, 1949-63
109.19
5
2 He, 1956-59
109.18
109.19
Total sales in $1,000 units...
6
1946-66..
3
106.18
(High
106.26
106.19
Federal Farm Mortgage
100.25
106.18
106.19
106.25
106.19
106.26
1
2
fHlgh
102.19
102.17
Low.
102.15
(Close
102.15
3s, 1961-66...
Total sales in $1,000 units...
102.14
102.15
102.19
102.21
102.20
27
103.27
97.27
97.27
97.29
97.27
5
15
5
102.21
102.26
102.20
102.21
102.26
3
30
29
Low.
102
Close
12
102
3s. 1942-47
102.10
102.13
102.8
102.7
102.11
102.8
102.10
102.13
78
2
102.7
Total sales in $1,000 units...
Federal Farm Mortgage
5
102.4
102
102.8
102.4
High
3a, 1944-49
103.30
82
97.29
102.20
102.17
102.19
99.13
99.15
3
97.29
Low.
...
Federal Farm Mortgage
102.17
102.17
103.24
102.22
3
fHlgh
102.21
99.14
99.14
27
97.27
Close
106.26
5
3*iS, 1944-64.
106.25
106.18
1
99.10
99.13
•£V
97.29
Total sales in $1,000 units...
Low.
[ Close
Total sales in $1,000 units...
3«s, 1943-47
100.10
100.16
106.10
13
22
24
Oct. 1
100.16
100.16
106.10
106.10
106.9
100.8
106.3
Total sales in 91.000 units...
106.13
106.10
106.9
100.14
[High
21
106.8
100.3
100.14
Low.
115.20
(High
{Low.
100.13
Close
2 %a. 1948-61
115.18
115.24
i
100.16
High
Total sales in $1,000 units—
Low
(Close
4HB, 1947-62
Loan and Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners'
a
2
3
6
102.28
fHlgh
-{Low.
103
Low.
103.24
103.26
103.30
102.28
103
Close
Total sales In $1,000 units...
103.24
103.27
103.30
I Close
102.28
103
1
15
1
Toted sales in $1,000 units...
2
3s, 1946-48
-
Federal Farm Mortgage
2 He, 1942-47..
105.24
High
ZH*. 1940-43.
105.2CV
105.2C11
105.24
105.22
Low.
101.17
101.17
101.15
105.18
105.2C
105.21
105.24
105.22
Close
101.17
101.17
101.15
15
105.18
Total sales in $1,000 units...
101.15
101.17
105.18
I 105.IS
1
6
101.17
High
10
1
Total sales in $1,000 units...
14
1
106. IS
106.13
1
•
1
j::
106.9
fHlgh
| Low.
8H8. 1941-43
3*8
B.
$1,000
106.9
....
units...
[High
1946-49.
106.15
100.14
1
104.14
106.13
Low
104.13
104.13
104.13
104.16
104.13
104.13
104.14
104.22
5
8
104.11
104.12
104.13
Low.
104.11
104.12
OlOS6
Total sales in $1,000 units..
104.11
104.12
3 H f 1949-52
3
fHlgh
3 JiS. 1941
106.12
106.7
106.7
106.12
106.11
106.16
106.12
106.11
106.16
1
15
5
61
106.5
106.5
106.11
106.5
106.10
1
106
106.1
106
106.4
106.6
106.5
1
100.2
106.1
106.5
106.5
106.7
106.10
22
37
57
22
100.17
100.15
Low.
100.10
100.8
100.10
100.10
100.13
100.14
100.10
100.10
100.11
100.16
100.17
100.15
1
92
16
9
72
12
100.10
100.14
100.13
100.12
High
100.6
100.8
1.0 w.
100.4
100.4
100.7
100.9
100.13
100.12
100.6
100.4
100.10
100.14
100.13
100.12
7
46
30
10
55
05
table
includes
only
sales
of
eoupon
Transactions in registered bonds were:
Treasury 3%s 1943-1947.,
Treasury 3lis 1944-1946..
...............106.14
...106
to
106.14
to
106
14
[High
f100.14
-•{Low.
100.12
100.10
100.10
100.9
100.13
100.10
(Close
100.13
100.14
100.14
100.13
100.13
Total sales in $1,000 units...
2
100.16
Note—The above
Low
27
100.12
bonds.
Close
sales in $1,000 units..
100.12
.Close
106.15
151
106.2
100.10
Total sales in $1,000 units...
106.14
106.11
fHlgh
■
,
6
High
106.15
106.7
5
102
102.5
11
2 lis, 1942-44
I
106.16
102.4
102.4
36
Home Owners' Loan
104.10
106.11
102.
102.4
5
104.10
1
(Close
-V
3 lis. 1944-46
Tola
104.13
Low.
;
Total sales in $1,000 units...
m
106.11
104.10
104.13
•
106.7
....
101.29
102.4
Close
Total sales in $1,000 units..
10
[High
101.30
102
102.5
102.5
43
2 Jis, series B. 1939-49..
104.25
2
102.4
41
Home Owners' Loan
104.22
Close
102.4
101.28
.Close
Total sales in $1,000 units...
4
104.25
(U(tales in $1,000 units...
102.4
102
Low.
106.14
2j
104.22
102.1
High
3s, series A, 1944-52
106.12
106.13
7
104.13
104.13
Home Owners' Loan
106.14
106.16
106.9
106.9
(Close
Total sales in
106.14
100.11
72
24
10
27
26
64
102.11
102.12
102.14
102.15
Ha. 1955-60
_
102.9
[High
2Jis. 1945-47
100.15
100.13
100.14
102.8
100.15
100.14
Low
102.9
102.7
102.0
102.11
102.11
102.11
IClose
102.9
102.7
102.10
102.11
102.14
12
31
22
Treasury Bills—See previous
102.15
10
United States
Total sales in $1,000 units...
3
10
United
States
Treasury
page.
Notes,
■
page.
&c.—See
previous
.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Monday
Tuesday
Sept. 25
Wednesday
Sept. 27
Thursday
Sept. 28
Sept. 29
Sept. 30
$ per share
$ per share
$ per share
$ per share
*40
4214
*48
13
*2012
23
1?8
61
Mjh
1518
1412
11312
,
1734
1014
1?8
1514
14l2
13l2
60
1214
*21
24
1*
61*
1*
*
1*
1612
14
I27g
1334
1378
21
21
2478
2412
2458
17«
6234
1*
1*
6278
15s
64
17
*
1®4
15s
*21*
2438
184
*61*
1*
90
10*
1®4
11*
2
42i2
65
43
23
2412
134
6314
43
65
65
1334
12l2
2134
13
*1*
*■
211?
2
90
10*
I'S
1034
1034
178
178
18
201?
20
20
800
1834
*1918
22
800
1734
181?,
1812
20
19
20
*18
201?
900
25i2
1134
26
2534
26
25
26
251?
4,000
17
1612
lli2
113s
12
192
14
*14
1734
12i2
12i2
1961?
141?
2514
19
133«
1234
651?
65
65
5634
5334
5612
5514
57
5418
17i2
378
3612
69l2
1734
17S4
19
19
*19i8
334
221?
18
*34
35
♦0812
72
*33l2
68
72
2478 Sept
11
Sept
183
Sept
14
Sept
16* Sept
14l2
I8I4
127«
1778
12l2
*62
700
4,000
39,000
65
500
5514
19,500
185?
500
Industries Inc........I
AlUed Stores
Corp
Ne par
11
100
64
74
334
334
*3312
37
70
75
*73
76
18
18
1734
185g
1778
18
60
60
60
60
60
35g
334
*33i2
72i4
37
75
76
1778
*58
73
77
378
7458
77
I8I4
193s
20
61
60
60
Bid and asked prices; no sales on
this day.
7414
35g
334
*34
35
3 300
77i4
I9I4
*56
t in receivership
3,400
_•
75
74i8
7714
1914
3,200
61
a
Def
800
70
delivery,
Alpha Portland Cem
n
New stock,
Oct
22*
3714
68
2H* Jan
88* Nov
6'g Apr
Jan 22
Feb 25
91
Mar
13
July
Feb 18
Feb 11
4*8 Jan 20
100*
1534
6«8
69«4
Jan
ills Jan
Apr
2
59
Feb 11
68*
62i8
4558
23h
Feb 17
12i>
20
27
27
Sept 24
Sept 25
15*4 Nov
80* Jan
5* Jan 25
25
25
Feb
Feb
24
24
27
Nov
35*
2ij
12*
1214
24
70
74*
Feb 18
Mar 15
Apr 12
25812 Mar 9
17* Aug 14
33is Jan 16
2l7f Mar 6
Jan
Jan
Jan
60
Nov
Jan
Apr
267a July
"23"
6»4
Nov
Sept
Nov
Nov
Nov
27
157
103
17*
5*
61 ii
0O1»
Apr
Jan
Aug
64i| Nov
403» Oct
246
Aug
"34"
Nov
Jan
20i« Nov
69
J&n
90
Nov
35<s
Jan
81
Dee
No par
'44 SePt 20
17
Sept 24
3
39*4 Jan 28
19*4 May
1
3* Sept 13
34
Sept
67* Sept
72
Sept
1734 Sept
59
Apr
50
r
Apr
9* A or
177| Jung
83i2 Jan 22
60
Amerada Corp
Ne par
Am Agrlc Chem (Del)..No par
American Bank Note...... 10
Preferred
Jan
Mar
69
5214 Sept 25
Amalgam Leather Cos Ino
6% oo*v preferred
6%
36
42
Ne par
5% preferred
Allls-Ch&lmers Mfg
Rights
*56
•
par
Allen
55
68*
Sept
14l8 Sept
13i2Sept
1734 Sept
Allied Chemical A Dyp.No par
Allied Kid Co
5
Allied Mills Co Inc
No par
*64
Mar 11
15
par
2,400
5512
37
$2.50 prior oonv pref.iVo
Allegheny Steel Co
No
4,900
64*
07*
13s Sept 11
97
100
13
53
*33
war
197
65
35*
6Ji%Pref A without
13
5314
3*
Appliance..No par
Vicksburg RR Co..100
*14
6214
17i2
3i2
Air Way El
*194
64
*62
10
Ne par
14
18l2
1212
28*8 Feb
Sept 28
Sept 25
1348ept27
00
Sept 24
23
N» par
199
121?
22«s Mar 11
21
par
14
12i2
181?.
13*
691?
181?
..No
196
14*
1734
121*
641s
1734
12i8
Adams-Mllils..
12i4Sept 27
4,100
221?
1834
12
...No par
20
21
20
195
Express
15s Sept 13
17
14
Adams
Allegheny Corp
Nt par
5H %Pref A with $30 war 100
5H %Pref A with $40 war 100
I6I4
190
1
Aug 13
23,300
22
190
i
Mar
9* Sept 24
17
14
Mar
10
16U
184
65
09
85
Alaska Juneau Gold MIe
17
1412
Sept 27
Sept 8
Ata A
19
11
11
3,500
Highest
$ per share $ per share
Sept 25
40
2
20
share
66
36,400
127«
178
'
$ per
60
Air Reduction Ino
17
1734
2634
1134
share
25
2,100
17*
*16*
I8I4
per
No par
4,100
90
Year 1936
Lowest
No par
Acm« Steet Co.....
Address Multlgr Corp
Advance Rumely
18
25
£1658
300
2,000
158
$
Highest
Abbott Laboratories
2
1214
2
Par
65
*
12*
Range far Previous
Abraham <t Straus
m
1,200
9,500
27
*15s
63i2
158
671?
1*
-
2134
*25
25i4
300
4234
65
Lowest
Shares
65
*42i2
*
65
65
1*
90
$ per share
6378
1234
2H2
25i4
1®4
*
Ranoe Since Jan. 1
On Basis of 100-Share Lou
EXCHANGE
Weet
15
25'4
*1414
63
*415s
*
1
Oct.
15
1112 IU2
/185
188
,
63
65
22
10*
178
STOCKS
NEW YORK STOCK
the
Friday
*15
1734
*2478
41
63i4
63*
13U
90
10
18
t
41
65
60
Vi
61*
134
90
934
40
*50
60
13*2
22
25
11*
per share
40
65
&60
Ly
$
Sales
CENT
J VI
Saturday
Cash sale
1
Ex-div.
24
25
24
27
8
y
85
Mar
9
"32 Sept
878 Mar 13
5214 Mar 15
1147$ Mar 11
101* Jan 22
413s Jan 16
75* Frb 4
Ex-right
.
4
Oct
31* Nov
75
Jan
34it Nov
5* Deo
39* Dee
I25it Mar
49
July
30
Dec
65is
Apr
65
Jan
73
Nov
89
Nov
1 Caned for redemption
Volume
Saturday
Monday
Tuesday
Sept. 25
Sept. 27
Sept. 28
Sept. 29
*128
48*2
128
126
2784
26
50
50
51
52
"97
22%
*104t2
95%
24
97
*2514
29
*25i4
29
9%
10
2384
223*
*100
20
20%
88
5
5%
8%
434
9
10
10
16*2
165s
20*4
20*4
88
88
88
30
12i4
4l2
1234
24*4
38
1234
4%
37
38
37
2i4
20%
2%
20%
2%
19i2
93g
23i2
8184
15%
5%
36%
J*2
2312
2434
81
81
14%
1534
5%
37%
38
6%
*107
119
60
60
92*2
170
88
33
32
13%
135s
253s
253s
13
2*8
2114
40*4
3934
20
5
*3134
40
20*2
600
10
10*8
8,300
25*4
293s
28%
30
12,700
85
85
83
85
2734
82%
28*2
82
82%
1,200
1634
15*4
1534
16
*15%
1634
3,800
634
3,200
38
38
119
*109
*109
119
*109
119
60
60
60
46
49%
50
40%
43
15%
6*2
44
678
15%
*6%
3 684
678
*59*2
38*4
37%
*109
28
30
88%
86
89
24
24
19%
17%
51
49*2
51
51
42
4434
45
45
43
155s
1458
1534
14%
15%
14*2
•
24
19*4
23%
24*2
19*4
*23
18*4
19*4
7%
26,700
5,100
50
43%
1434
3,700
41,400
10
*147*2 156
31%
30%
32,100
90%
9034
4,000
*23%
24%
1,600
20
3,400
24*2
24%
1934
150
61
734
49%
44*2
15
19
119
7%
50*4
734
8,400
38
*5934
60
*59*2
75g
7*4
734
73g
24ig
1812
*147% 156
634
6%
*147% 156
*147*2 156
*147*2 156
32
31*4
295a
313s
303s 315s
90
89
91*4
88
88
89*4
30
2,600
2%
*2%
*20
40
156
2,700
2%
39
86%
2234
40
10%
15%
6*2
28
40
40%
21*4
82
156
300
2%
1534
14%
12,200
*20%
10*4
2*4
82
7%
5
35
4%
20
20
37
37
35
af
~35% ~37 " 37
70
67*8
703g
72*2
68%
70%
6934
67l2
140*;
*138% 140i2 *i38l4 14012 138*2 138*2
51
51
50i2 51
50
52
50i4
50i2
133*4 *120
*120
127*2 12712 *120
133%
36
363s
33
36
37*2
33
35%
13
13*8
12
12
1234
12*8
12*2
36
36*2 37
35*4
38
35%
36
*100
7
*109% 119
74
76
7734
9
15*8
85
85
7
958
49
10*4
*45
55
46
37%
38%
3634
04
54
51
51
18*2
18
19*4
105*4 105*4
105
105
12
16
4*4
38*4
38*2
734
/ 50
*35
40*4
36*4
il38*
55
53
£>18*8
13
*10*8
4
4
38*2
38*2
53
20
105"
*102
8*4
7734
39
83
*102*4 106
834
9
*102*2 106
74
48
77
75
*97
102
46
47*2
4534
9
8%
9*8
6*8
6*8
6&S
95
*_
4
95
95
"16*4
.
"16*2
12*2
87
*75
87
*80*8
I
11*8
*70
i
99
*80*8 100
45
43*2
43*2
4514
*
9
9
*101
23*2
104i2
125s
12*2
23
103
125s
47
48
56
60
*54
*114
119
*114
7
7
13*2
2
3l2
26
24l4
4
4*4
8i2
24
103
*103
1234
13
9
9
14
22l2
23*2
106
33
3434
9*2
143s
12*8
25s
23*2
378
12%
46l2
4634
46*2
58
58
*54
*114
118
*114
5978
118
634
22%
7
7*8
12*8
334
235s
4*8
12*2
3*2
23*2
4*8
7*2
1234
378
24
4*2
7*2
12*4
378
24
4*8
100
Anaconda W A
1,300
125s
*76
48
84
2334
"8",500
87
400
50
86
85
56*2
60
*88
91
90
12%
58*2
19", 700
400
90
37
36*2
37
7,700
*9
10
*9
10
700
1434
1534
1434
1434
900
24%
25
23%
24*8
*102% 104% *102% 104%
15,700
36
47*8
*114
117
7%
734
,
12*4
12*2
6%
14,700
48
60
600
117
8
8
1234
133s
6% pref erred..
1,900
60
*46*4
8
133s
"2",500
4
4
4%
*3%
4*4
2,900
2,800
24
*24
30*4
26%
26%
200
45g
4*2
4%
20,800
12%
11%
12%
13
43s
11
11*2
11%
12
125s
13*8
113s
1234
1584
20*2
17
17*2
21
1758
20*8
21
36
36
*35
*102
103
*102
21%
38*2
*35*4
103
103
1734
19%
18
16
16
15
16
*30
32
*31
32
20%
20%
17
1734
17%
18%
11%
1134
11
12
*111% 115
*111% 115
18
17
17
17
*90
100
*92
100
*90
103
*90
10
15%
14%
21%
1634
*92
9%
10%
86%
10%
*83%
14%
15*2
14%
104
17%
18
17%
21
21*2
21
22
21
22
3,600
35
35*4
34%
35
35
600
101
101
10134 102
1934
1612
32*4
101
20
2034
18
*18*2
34%
10134
20%'
20*2
19%
rl9
20*4
19
*92
1038
9%
863g
14%
18*2
*98
104
10
10
10
*83i4
15*2
18*2
104
*98
86%
15U
20
49
*46%
1734
18%
18%
18*4
44%
*44%
47%
45
45
47
47*2
*47%
69*2
65%
71%
70
72%
67%
7034
69%
71%
6834
49
70*2
17
17
17%
17%
17%
17%
*17*4
17%
*256
'256
16%
105
*256
1634
103% 103% *105
105
'
*
*10734110
7%
4234
4234
400
23
21%
22*2
2,100
15%
16%
15%
16*2
16%
16*2
16%
16*2
10,500
20
20
20
20
20
*18*4
70
*68
70
*66
70
66*4
18%
12*2
15
14%
15*2
20%
20%
20
*68
Bid and asked prices; no
gales on th 1b day
1
20
66*4
*17*4
66*4
In reoelverehlp
21
120
66%
200
a
aNewatock.
118
Dec
134
July
Jan
69
Nov
x35%
Feb
16
54% Nov
Feb
14% July
Feb
87*2 Sept
36%
Feb
157
7%
74% 8ept
Jan
27*8
18*4 Apr
Jan
165*2 Aug
23% July
37
31
46% Mar 11
Feb
38
»
Dec
39*4
Nov
Oot
Feb 20
18
Apr
28*4 Nov
Sept 24
68
Mar 19
25*8
Jan
45% Deo
66*4
Jan
154
10634Mar 11
Sept 24
Sept 13
Sept 23
26% Jan 20
66% Jan 11
Sept 13
99
Mar
26%
Jan
190% Nov
Feb
102%
88% Mar
104
Feb
Jan
150
Mar
8% June
4
18
Deo
136
19%
Apr
92*4
1
Jan
7% Sept
52*4 Sept
3*2 July
27*4
Oct
109*4 Sept
Feb
Feb
11%
70*4
7*4 Mar
20
Feb 23
Feb 23
44
Jan
79% Feb 23
24
May
69% Mar 10
7
36*4 Sept 29
28
Jan
65% Nov
Feb 23
35
Jan
89%
97
Sept 27
24«4 Aug
17% Sept 13
Jan
15%
2
73
Deo
60
Deo
Deo
26*4 Mar
97
Feb 13
111
102% Sept 20
May
111
Jan
12
Sept 27
37% Jan 12
9
June
43
Nov
4
Sept 25
3
July
7
Nov
38
Sept 28
10% Feb 10
46
Feb 18
7
74
96
Jan
4
Jan
May
122
Jan
105*4 Jan
4% June
66% Jan
104
Aug
110%
Jan
Jan
13*4 Feb 27
99% Mar
Jan
1
6
47*4
10*4 Sept 25
2434 Mar
Jan
Jan
8%
17% Jan 21
July 23
95
100
2
Feb
7%
70% Mar 13
16% Feb 27
5% Sept 13
Mar
50
118
6
126
4
4534 Sept 27
8% Sept 27
95
Apr
8
Mar
111
Sept 27
Feb
37
121*4 Feb
116»4May 4
104
Sept 20
Jan
12% Apr
5
73g
84
Jan
128
Deo
62% Mar
18% Nov
Feb
22%
108
May
27% Nov
Jan 28
101
95
Dec
112
Oct
9
98
Feb
124
Oct
9
rt9
Jan
7
90*4
Jan
107
Oct
21% Apr
49
Deo
82% Sept 24
Aug 27
125
43% Sept 27
84
Sept 30
67*t Feb 18
106
Feb 18
107
85
Aug
5
54% Sept 24
87% Sept 29
31% Sept 25
8% Sept
13*4 Sept
22%Sept
101% Sept
12% Oct
46% Sept
29
24
27
29
1
28
88
Mar
June 29
94*4 May
Feb
104
55% Mar 17
29
Mar 13
44
Jan 18
37
Mar 11
11
Apr
13*2
Apr
88*2 Aug
31% Oct
64*4 Nov
26%June
116% Feb
6
6
52% Mar 10
35%
Apr
Sept
118%
Deo
109
18% Mar
Sept 25
94
Mar 11
48
Jan
84
Nov
11334 Apr 26
133
Jan 13
xll2
Jan
131
Nov
9
2
1
14
June
26% June
6% June
10%
62*2 Mar 26
29% June
46*2
56
634Sept 27
18% Jan
Sept 11
36«4 Feb
Sept 25
9*2 Feb
par
12
par
2
23%Sept27
3% Sept 27
3% Sept 10
3
Sept 11
10% Sept 24
60
Sept 10
60
Sept 10
0*4 Jan 12
3
Apr
30%
Feb
54*4 Mar
Jan
Jan
7*4 Mar
11*4 Jan 29
9% Jan 30
2334 Aug 18
2% July
2% July
11*4
Deo
9%
Dec
29% Apr
33*4 July
94%
Deo
94%
Deo
120
Feb
6
120
Feb
6
27% Nov
21
Apr
Apr
39
Deo
49*2
15% Sept 25
40*2 Mar 17
15%
20%Sept 25
34% Sept 30
100%May 11
47«4 Mar 17
Feb 11
110% Feb
8
24
43% Mar
9
17% Sept
45
Sept 27
32
Jan 21
29% Sept 24
42
24% Nov
13%
Jan
41%
Oct
Feb
38% Deo
28% Nov
Jan 21
15
16% Sept 8
11
Sept 27
111
June 17
17
Sept 25
99% Sept 30
105
Feb 5
9
Sept 25
84
Jan 16
14*4 Sept 24
1734 Sept 25
44% Sept 25
65% Sept 27
16% Sept 24
103
Sept 24
1256 Sept 23
42
Sept 27
1
20% Jan 18
35*4 Feb
Aug 16
115
14%
Jan
16*4 June
110
May
28% Deo
22*4 Nov
115
Deo
28% Nov
28«4 Feb
18
Jan
105*4 Mar
100
Aug
105
July
Feb
112
Deo
9
8
114*4 July 14
16*4 Feb 8
88% July 4
30*2 Feb 11
23*4 Jan 5
62*4 Jan 8
105% Mar 11
Jan 18
20
129*2 Feb 16
"
32
Sept
85
13
Dec
16% Mar
83
June
89% May
21%
Jan
32%
20
Jan
25%
48
Jan
72
45*4
Apr
Apr
16%
107% July
Oot
Oct
Nov
77*4
Deo
20
Deo
135% Nov
7
69*4 Feb 10
38
Jan 21
23
Jan
65%
Deo
Sept 25
28*4
Dec
14*2 July
*34%
24%
Deo
12%Sept 25
29% Mar 10
Sept 27
32*2 Jan 7
94% Jan 16
18% May
77*4 July
par
par
18
par
20
100
66*4 Sept 30
Cash Bale,
Jan
63% Aug
Sept
185
44% Jan
par
36
145
87
143s Jan 18
79
Jan 12
6% Jan 2
Jan 13
pref
Feb
Jan
Dec
Jan
20% Mar
20*8 Feb 3
29% Jan 13
107
73*2
145%
Deo
149% Apr
8
Jan 28
99% Feb
Nov
162*4 Mar
64
129
150% Jan 26
100
20
Jan
103
20*2 Apr
24*2 Dec
48*4 Apr
143«4 Jan 13
25% Jan 25
6% Sept 27
3
par
5
73*4 Jan 21
44% Sept 27
par
Feb
148
187
51
136% Jan
67*2 Mar
1333s Jan
Jan 28
68% Jan 29
Sept 27
13% Sept 27
June 25
20
100
r
27
Apr
Apr
101% Aug 18
85
6
Blumenth&l A Co pref
Del. delivery.
May
10
72% Jan 12
29*2 Feb 3
Jan 21
70*4 Sept 24
No par
Btgelow-Sanf Carp Inc. No
Black A Decker Mfg Co No
Blaw-Knox Co
No
Blooming dale Brothers.No
122% Nov
29% Jan
21
170
128% May 13
8*8 Sept 25
Rights
78,000
44
*43 ~
Jan
15% Nov
48% Deo
43
70*4 Sept 24
No par
preferred
24
29
20
25
Bendix Aviation
Jan
16% Jan 13
87% Jan 18
156*4 Sept 24
100
Co.
6
Feb 15
76
Sept 24
12
—60
Beldlng-Hemlnway
23% Apr
66
Apr
68»4 Mar 10
129% Feb 1
35% Sept 27
Sept 8
——6
Nt par
—
Feb
8% Mar
Oct
2% Sept
16*2 Sept
9% Apr
29% Mar 8
13% Jan 20
121
...—10
No par
Beatrice Creamery
65 preferred w w
500
22*2
46
125
32
preferred—.—100
5% preferred
43
*42%
20%
Conv 6%
Barber Co I no
Barker Brothers
6k % preferred
Barns'!all Oil Co
Bayuk Cigars inc
1st preferred
900
23
1934
27% Feb 15
17'4 Mar 11
68% Feb 4
127
Beneficial Indus Loan—No par
500
Best A Co
-No par
72,300. .Bethlehem Steel (Del)-No par
46
42
Bangor A
Belgian Nat Rys part
21%
42
20
72
107
484 Mar 16
51% Nov
5% Jan
50
4,300
22
45
18
■
106
'256
256
*40
♦
107
46
3
67% Sept 29
Sept 15
.100
...—100
Aroostook. —
60
Beech-Nut Packing
14,900
15
19%
61%
16*?
100
*83*4
1534
44%
*16%
2,000
3,100
20
86%
2,100
10%
15*4
1934
*83*4
180
21,400
104
1934
"15*2
1,600
Oct
Jan
13% Sept 24
Apr 16
28
Sept 25
86
Sept 27
22*2Sept 24
17% Sept 27
Baltimore A Ohio..
4% preferred
170
10,800
*934
18%
103% 103*2
42,800
18*4
32%
33
32*2
33
3234
32
18*4
17*2
1734
18*4
18*4
17%
1834
12*4
1234
12*4
12
*12%
11%
11%
11%
*110*4 111
*110*4 111
*10934 111
*111% 115
20*4
20*4
21
20
20*2
21
*20
22%
*98
100
99%
99%
*92
9934
*92
100
*83%
*83%
103
1734
16*4
18
100*2
9
16%
31%
175s
2134
38*2
4%
39
Preferred assented
155g
21% July
37
153
....100
Preferred
50*2
31%
5834Sept27
634Sept 25
45% Sept 25
13
Vot tr ctffl
Deo
Dec
22%
11*4 Mar 13
6*2 Sept 25
36*4 Sept 27
Sept 14
Assented
12
Jan
52% Mar
106
No par
Automobile...No
Austin Nichols
.—.No
65 prior A
No
Avla u Corp of Del (The)
{Baldwin Loco Works.No
Apr
13
5534 Mar 13
14% Sept 25
26
Auburn
25
5
Feb
21
23% Sept 25
81
Sept 25
5% conv preferred... ..100
Atlas Tack Corp
No par
43,300
13*4
Fob
9*4 Mar
60*8 Deo
17% Jan 7
9% Sept 27
A—100
.......1
60
Atlas Powder
14%
Jan
68% Jan 22
68% Jan 18
2% Sept 11
Lines..No par
Corp
Sept
Deo
4% Sept 25
30*4 Sept 27
37
Sept 25
preferred.......—100
4% conv pref series
Atlas
Aug
8%
12% Sept 25
100
Atlantic Refining.....
700
*114
60*2
*58
60*2
118
1234
47*2
11238
1234
46*2
Atl G A W I SS
32
101
38*2 Jan 22
1334 Jan 22
29% Sept 25
11% Sept 27
22
Sept 27
6
No par
100
Associated Dry Goods
1
6% 1st preferred
100
7% 2d preferred
100
Assoc Investment Co.-No par
6% pref with warrants..100
65 pref without warrants 100
Atcb Topeka A Santa Fe.-lOO
5% preferred
....100
Atlantic Coast Line RR...
J&n
6*2 Apr
29»4 Jan
12
Apr
434 Sept 13
Preferred
*80% 100
*43*2
48
*
87%
Deo
Oot
35*4 Deo
16*4 Deo
36% Nov
Apr
Apr
3*2
9»4
Jan 18
17
113%
16*4
2
13% Jan 28
8*2 Sept 25
Alrtloom Corp
13*4
99*4 Mar
120*4
89
33% Jan 21
Sept 23
Deo
Nov
Nov
7% July
20*2 July
3
Deo
60%
100
27
30*4 Mar 31
4% Sept 27
Arnold Constable Corp
2,600
87
Sept 27
88
7% preferred
100
Armstrong Cork Co ...No par
634
95
Jan 25
23% Mar
Deo
174
Apr
iff"
Aug 12
29
9
....No par
66 conv pref
10*2
~8~ 800
112
June 15
15% Sept 25
19
Sept 27
Deo
137% July
87% May
9434 Sept 28
share
Deo
141
30% Apr
25
Cable..Ne par
47*2
84
834
22% Sept 27
115
Jan 25
Corp
No par
66.50 conv preferred.No par
Andes Copper Mining
20
A P W Paper (Jo
No par
Archer Daniels Mldl'd.N# par
7% preferred
...100
ArmourACo(Del)pf 7% gtdlOO
Armour A Co of Illinois
5
*6%
"57*2
15
104% Feb 4
3384 Aug 25
150
Apr 25
57
Anchor Cap
*9*2
*
36
Feb
Am Sumatra Tobacco—No par
Amer Telep A Tel eg Co—100
American Tobacco
.—.25
Common class B
-.25
6% preferred
..100
Am Type Founders Inc
10
Am Water Wks A Eleo.No par
66 1st preferred
No par
American Woolen.....No par
Preferred
100
Amer Zinc Lead A Smelt
1
$6 preferred
26
65 prior conv pref
25
Anaconda Copper Mining..50
47
*44
lOlSg 102
12%
12%
47
47
*14
1412
77
V 5*2
71
70*4
May
100
10
12%
89
87
89
3334
33*2
*8i2
14
15
"55*2
59
*83
89
31*8
33
31*«
*13*4
23*8
"57"
*
"""loo
37,500
1,000
9
Dec
162
American Snuff
25
6% preferred
100
Amer Steel Foundrles.-No par
American Stores
No par
American Sugar Refining—100
49
*76
85
87
834
*80% 100
59*2
*
200
1,400
104*2 104*2
95
48
*80
86
86
59
*83
90
*
*
5%
39*2
39%
634
87
*433g
700
*5
110
9
4
35
10
*80*8 100
48
14
9
Jan
138
47%
12%
*75
87
54*2
56*2
*87
~ii%
86*2
►
86
86
54*2
13*2
900
2,500
140
14
Jan
174
Co .No par
*97
95
87
1212
*75
*80%
*43 78
39% 166,300
*5234
58
20
*1958
*10138 105
121
Amer Smelting A Refg.No par
Preferred
....
100
Amer Ship Building
100
6*4
♦
100
55
38%
77
7634
*97
978
6*4
6%
31,200
93g
49*4
95g
10
6
2,300
9%
*45
105"
100
47*4
483s
9*2
6*8
5,600
7%
48%
*120
*103
77
400
9%
39%
9
*75*2
*97
9,600
25,100
7%
55s
*4%
9%
89
48*4
1334
*120
85g
75
105
—
105
39
38
38
*120
20%
1334
&
*4l2
5%
*97
100
47
103
8*8
7734
*97
38
105
15
15
17*2
*120
*101
834
17*2
*4i2
4*4
*120
*120
58
1*52
19*4
20
19*4
19*4
*10412 109*2 *104i2 105
*53
300
14%
9%
14
39%
9
7,100
139
*85
50
3734
,
1 500
78%
7734
90*4June 16
per
Apr
152% Apr 12
26
Sept 27
50
Sept 25
(
May
Co)25
Preferred
77
77
9%
*40
2,100
2,500
1,500
50
9*4
,153
39
40*2
46
13%
14,600
734
7«4
7*4
4634
10
16,300
21
139
89
*84
47
85
45*4
16334
137*2 137*2 *137% 138*4
9%
9
9%
14
14%
1378
9*2
14*2
1,600
161% 163
78*2
76*2
138
100
119
*20%
77
76
74
74
85
46
*105
21
20%
163
39,200
36%
13%
36%
20
75*2
138
978
*45
13%
36%
161
7
8%
10
13%
36*4
20i8
45*2
6%
44*4
7%
45%
45%
9%
37
210
44
70
68%
70*2
140*8 *139% 140*8
5034
53
5034
133%
133*4 *120
37
37%
38*2
163*2
20*8
161
89
*83
85
85
*50
*120
119
*100
119
*100
119
*100
119
20
20*8
20%
20U
162*4
156i4 15734 158
73
74
70%
70%
7334
76
71l2
73%
*136
137i2 *13678 139*2
8-V
8h
8%
8%
14*2
13*4
13%
14%
6834
*139
*38
38i4
38
35
40
124
Amer Hawaiian SB Co
10
American Hide A Leather... 1
6% preferred
60
American Home Products... 1
American ice
No par
6% non-cum pref
100
Amer Internat Corp...No par
American Locomotive--N# par
Preferred
100
Amer Mach A Fdy Co..No par
Amer Mach A Metals.-No par
Amer Metal Co Ltd...No par
6% conv preferred
100
Amer News N Y Corp..No par
Amer Power A Light—No par
66 preferred
No par
65 preferred
...No par
Am Rad A Stand San'y.No par
Preferred
100
American Rolling Mill
..25
4k% conv pref
100
American Safety Raxor.. 18.50
American Seating po—No par
_
i per share
share
80«4 Feb 18
per
Feb 18
125
American Colortype Co..—10
Am Comm'l Alcohol Corp_.20
American Crystal Sugar
10
6% 1st preferred
—100
American Encaustic Tiling—1
Amer European Sees.—No par
Amer & For n Power
Ne par
17 preferred
—No t>ar
S7 2d preferred A...No par
68 preferred
No par
1,000
13%
13%
35
10*8
20
26
6
1,600
978
2i8
10
9%
26*2
39*4
6,200
27*4
2*8
10
2,200
14
*32
5*4
5
36
1334
*26
13
13
135s
31*2
25,400
2834
*33
137s
25
200
53g
5*8
38
33*2
7,300
6
12
*7
12
5*4
29
584
6*4
6
*8
12
41
40*2
14l2
2058
*87
21*2
478
47
14
20
5,100
3,800
Am Coal Co of N J(AlIeg
6
share
Sept 24
Mar 25
Highest
Lowest
Highest
160
42
Am Brake Shoe & Fdy.No par
6k % conv prei
—100
American Can
25
Preferred
.
100
American Car & Fdy.—No par
Preferred...
..100
Am Chain A Cable Inc.No par
5% preferred
100
American Chicle
No par
2,200
17*2
6
3H2
60
45%
40l2
11
17*4
30
5*8
5834
■634
7
*10*8
24*2
12i2
*19
20
*109% 119
634
*25*4
5*4
30*2
1,500
10*4
32*2
13*8
40
95
175s
11
12l2
4%
5
12,500
150
95
29
88
5
2334
233s
*100
"
88
30*2
30*4
37*4
2*4
1,400
25
32*4
12*2
*24*4
1284
30%
4%
'
5*4
57
57
55*4
24*2
21
*7
11
5
32
11%
22
13
*2984
9*2
*9
5*8
5,600
17*2
2O84
5*2
578
55s
5*2
31*4
96
17*2
11
200
*25*4
10*4
10*2
434
7,900
95*2
29
*25*4
10
4%
I
29
99*2
156*2
*108
9534
95
16*2
195s
*884
5
12i2
2378
*102l2
*25*4
99
55*4
2378
19*2
88
31
54
16*4
19
88
23
53*8
2278
88
17%
2234
156*2 *155
31
9534
220
156*2 *155
31
32
31
243s
*104*2
9434
2,900
128
10134
99
30
10
9
I512
15%
2912
1134
23
96*2
Par
Shares
47
128
130
*128
97*2
$ per
Year 1936
100-SAara Lots
Lowest
47
48
47*2
130
96
*151
55
*52l2
50
*127
160
156*2 *150
30
3058
31*4
156
27%
47*2
On Basis of
Week
$ per share
$ per share
3 per share
4834
*126*2 134
94*4
96
95
92'8
93Js
158
*156
47
45
134
92%
% per share
% per share
44
44
Range f# Previous
Ranoe Since Jan. 1
STOCKS
NEW YORK STOCK
EXCHANGE
the
Friday
Oct. 1
Thursday
Sept. 30
Wednesday
$ per share
CENT
SHARE, NOT PER
SALE PRICES—PER
HIGH
Sales
for
AMD
LOW
2181
New York Stock Record—Continued—Page 2
145
x Ex-dlv.
v
Deo
38% Nov
120
Oct
Ex-rlghta. 1 Called for rederoptlon_
New York Stock
2182
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
Record—Continued—Page 3
NOT PER CENT
Sales
STOCKS
NEW YORK
far
Saturday
Monday
Tuesday
Sept. 25
Sept. 27
Sept.28
Sept. 2d
Sept. 30
% per share
% per share
$ per share
$ per share
$ per share
Wednesday
Thursday
2214
2414
21%
24%
34
34
32
33%
*83
87
40
40
*17*2
2078
20
18
18*2
18
18
18
21 h
2078
21
21
21%
21
21%
307g
3914
30'4
38*4
39%
40*2
38%
0
6
7
*6%
*1%
7
*6*4
1%
40*2
078
27
24%
33%
87
♦6
1*4
25%
25%
20's
24*4
25*2
18,900
35
35
35
35
35*8
2,300
82
83
82%
82%
82
83
41
41
41
18
*18*2
20
41
15s
21%
39*4
*6%
*1%
*1*4
25i2
12i8
29%
125«
115s
13
20%
127«
3058
30
32*4
31%
33*2
40
40'4
36
37*2
41
41
*41
44
*42
35%
3512
214
35
35
35
35
35
35
2
*35%
2%
*8*8
10*2
8i2
9%
934
I078
10
10*4
33i2
34
39
10*4
39%
24%
39%
3314
27
20
26
2
2*4
7%
24'8
24*4
24I4
40
40
40
11%
12*4
12
11*2
101*4 101%
5i2
0'8
54
35i2
225s
'•
55
7
40%
42%
2312
6%
10
10
*10%
11
25
25
26
25
4
4
11*2
14*2
4%
*11
378
15
*11
117g
117s
14%
11%
14*4
11*4
14*2
1034
12
145g
11%
24l2
25
25
25i2
20
26
26
4
4%
4%
4%
1234
13%
51%
13%
51%
22*4
4
11
414
1214
59*4
*51%
1978
27
51*4
20*2
29*4
20
26
11%
51*4
21*2
2914
22
2%
2*4
40
12%
12*4
64
43
24%
6%
11
4
*334
*11
15%
20
12%
4%
4*2
13
13%
13%
51
51
51
22%
29%
30
52*8
2%
52%
2%
22%
22*4
30*2
*50*2
2%
10%
1,<00
5,400
4
1,900
Butler Bros
6% conv preferred,,.
30
Butte Copper A Zinc
5
Byers Co (A M)
No par
133s
,
7,900
4,200
54
70
Bartlc preferred
100
22
22
1,600
Byron Jackson Co
No par
2,800
No par
2234
1078
) 10
10%
24*4
24
24*4
24
24*8
2334
24
14%
15
14%
9%
15*4
15%
16*4
16
17
16%
17%
1534
9%
38%
9*2
36%
8*4
934
9%
9%
9%
9%
9*2
1678
934
36%
38%
38%
40
40
*35*8
42
400
*9%
10
*8%
10
*9
11
1,400
40
4534
36
30
8*4
43
*
91
*
♦
*36
9
9%
44%
*33%
*
126
91
23
5
5%
130*2
*104
73
71
100
72%
*114
*104
27
28%
*9978 104
27%
*
29%
4%
8
7
7%
7%
*95
101*4
49
50*2
7%
8%
30*2 33
2
4%
1*8
1578
15%
35
1*8
4%
134
1*4
6*2
6*4
*4*8
18*4
1%
6
18%
1%
2%
7
7
1*2
188
3*2
3.18
3
11
12*2
16%
10
7
*90
100
534
7%
138
17%
17%
35
35
35
112
4i4
314
33«
11
I6I4
10l4
6%
6%
IH4
16%
6%
184
414
3l2
IOI4
10l4
038
40
87
91
87%
9212
91
93:
14
14%
1438
*70
76
73%
08
08
5
412
32
32%
*
95
18%
*30
9
4712
*85%
14
13
13
13
2434
25
25
25
25
25
25
95
97
48*2
47*8
10%
Da
41%
•
2
100
102
108
■1601*2
112
36%
37
42
129
88
*4812
129
126l2 130l2
*5678
58%
1358
14l2
18%
131" "
130
57
57
1378
145s
14
14
14
*12
17%
23
*12
2434
25
14%
15
25*4
25%
97
21
20
21
93g
*81%
10
38%
9%
38*8
934
85
*81%
85
80
*82
85
*82
85
*82
25*2
*25
26
97
100
11
1%
44*4
2
44%
Bid and asked prlcee; no -alef
10%
1%
ou
11
44
45
2%
thle day
25*4
100
21
21%
3934
9%
1,100
Preferred
88% Oct
106
Jan 18
91
Jan
22
35%June
fli2 Apr 20
19184 Aug
54*4
10%
2
43%
-
Feb
Nov
110% Sept 11
71
Sept 27
01
Oct
103*4
Deo
_
12934 Jau 22
100
Feb
Sept 30
Sept 13
Sept 13
115
~9% "Feb
0*4 May
9212 Jan
186
June
Jau
143
July
Jan
x91
Nov
116
54*4
105% Aug 11
4H4May 20
21*4 May
32U
June
106
Dec
48% Mar
19
Apr
Jan
54
Jau 12
25*8
May
Jan
37i2
6% Nov
9i8
Jan
397a
82%
39%
125s
107%
0i2Sept
6%
1
Jan 28
Jan 26
102
800
'
112
*
"~I30
36
36
6,500
88
""116
*48%
18l2
*127l2
Y»"
7,700
20
130"
3,100
5812
1414
130
*56l2
133s
10,900
13
13
*12
200
700
5,500
90
„
*
-
-
w
—
4,700
360
230
1334
40
2534
2534
2,000
26
*25
500
prior preferred
7i2Sept 24
30
Sept 27
82
107
July 13
111
No par
Checker Cab
5
Chesapeake Corp
No
Chesapeake & Ohio Ry
Preferred series A
35% Jan
110
Dec
86
Dec
Sept
Dec
Dec
49l2Sept 24
3812 Sept 24
90U Aug 16
li4 Sept 10
4
Sept 7
4% preferred...
II4 Aug 31
512 Sept 10
5
Sept 24
100
Chic Ind & Louis v 4% pf__100
Chicago Mall Order Co
5
{Chic Mil St P & Pac_.No par
100
Chicago Pneumat Tool. No
93
conv
par
preferred,..No par
{Chic Rock Isi A Pacific...100
Chicago Yellow Cab
97«
52,800
80*4
3,300
5134
527g
97*2
9*2
*92%
54%
53*2
*97
100
14,800
100
a
t c No par
No par
June
Oct
1
4*4
98
Oct
Dec
47%
Oct
82
Jan 14
29
32
9
Feb
90
48
Mar
51
48
Apr
77U
124
Jan
129
July
Jan
134
Nov
58
Nov
Oct
48
Dec
Feb
Jan 14
19is
Jan
Jan 25
16
Jan
Aug
31Aug
125*4 Apr
2
2
1
39i2 Jan 20
40ia Jan 20
207a Jan 14
8
108
Jan
101
Jan 14
47% Sept 27
Sept 29
114
99
47%8ept 27
10
No par
Sept 20
Sept 25
178Sept24
41
Sept 13
par
x
Ex dlv.
y
69% Jan
8
Jan 12
21 >4
755*
m-m+m
94
Jan
31
May
3912 Dec
14
Jan
90%
80*4
Jan
Jan
44
Jan
100% July
55
Jan
97
Jan
Jan 21
14U June
2U Aprl
59U Apr
4i8 Jan 13
jan 13
Ex-rlght8
377a Mar
36
Mar
'
Jan 25
80% Jan 20
120
Deo
106% Feb
60*4 Nov
Aug
39% Apr
30
8
94.25 ronv pf ser '35. No par
Sol vents.. No par
21%
36%
July
•90
Jan
June
Oct
Dec
Dec
June 28
conv preferred
100
CommT Invest Trust..No par
84
55*8
Dec
19
75
...10
Feb
8I4 Jan
28% Sept
80
4M %
Nov
13% Nov
4018 Mar
111*4
33
June
Nov
Jan
July
90
107U
30
834Sept27
6% preferred series A... 100
6% preferred
100
50
Jan
7
69
Dec
Deo
23
Jan
23*4
5
1
185s Sept 25
3778 Sept 15
92.75 conv preferred. No par
Columbia Gas A Elec_.No par
14*4
51
Mar
1
48is Aug 10
Sept 24
13
12
2.50
Cash sale.
89*4 Nov
113
2378 Sept 24
235s Sept 13
95
Sept 25
100
$6 preferred series. ..No
Jan
15U
7278
45
5178 Feb 10
27U Mar 5
26
3,300
138*4 Nov
Jan 18
100
89.600
Jan
Jan
18l2Sept 25
IOI4 Sept 24
100
Commonw'lth A Sou
Jan
100
No par
4% 2d preferred
100
Columbia Broad SysIncclA2.50
July
325s Oct
30*4 Jan
Jan
103i2 Apr
90
Jan
8
7
Aug 10
Jan
Feb
8
85i2
104% Jan 6
6234 Feb 13
II234 Mar 11
45
Apr 12
5% conv preferred
Colonial Beacon OH
Commercial Credit..
105s Mar
48
3
17% Sept
13
Sept 24
Sept 25
v
135U Feb 11
213s Feb 18
Deo
25
2584 Mar 19
35
t c
Mar 11
247g
li2 Apr
3i2 Apr
3U Apr
1934 Jan
6
102
r
33s Mar 17
10% Feb 19
884 Mar 8
5012 Jan 29
1314 Sept 25
Colo Fuel A Iron Corp .No par
Colorado A Southern..... 100
Jan
3378 Nov
278 Feb
578 Feb
478 Feb
1258 Oct
634 May
1212 Apr
50i2 Feb 26
2978 July 15
1327gJune 3
170% Apr 2
100
New stock.
9
Feb 18
No par
n
7% Mar 17
08s Mar 4
19% Feb 17
July 15
122iz Jan
Commercial
Del, delivery,
li2 Apr
278 Apr
2i2 Apr
92
12514 Aug 11
Class B
May
Deo
Feb
Dec
12
Jan
0
3U Mar 18
74
No par
1st preferred
4
Jan
8is
2%
145g
25*8 May
24
6% preferred
Collins A Alkman
v
0
3U
Apr
Jan 20
Feb 16
No par
43*2
43*2
25
25
Colgate-Palmollve-Peet
21,300
107«
2
ecelverehlp.
8,500
38
98
May 21
102*4 June 21
Coca-Cola Co (The)...No par
Class A
..No par
77*4 Nov
Jan
II4
1238May 19
00
50
2%
lli34
45
102
10
li4 Sept 13
314 Sept 13
278 Sept 13
10i4Sept29
100
Columbian Carbon
18% Mar
32
Nov
100
1*8 May
278
8
Feb
30i2Sept25
85i2 Sept 13
47i8 Mar 31
10i2 Sept 24
Preferred
Columbia Plct
100
Mar
100
Special guar 4%
Jan
4*4 Mar 16
4
80
Clev & Pitts RR Co 7% gtd.50
Jan
61
13i2 Mar 17
1
No par
69
Dec
Mar 11
27
6
Cluett Peabody A Co
1,800
6
4
111
Aug 28
414 Sept 11
2,700
90% Mar
0878 Mar
100
45
31% Sept 25
99
39%
Apr
33
June 14
6
20
Deo
0918
18i2Sept27
li4 Sept 13
2% Sept 27
2i8 Sept 11
6I4 Sept 24
1514 Sept 25
Clark Equipment
No pa,
C C C & St L Ry 5% pref.100
Clev El Tllum 94.50 pf. No par
Clev Graph Bronze Co (The). 1
4%
.
38*4
Jan
100
Chrysler Corp
City Ice A Fuel
6M % preferred
City Investing Co
City Stores
rsov
1914 Mar
7212 Deo
Aug
27
26
Oct
74
Mar
534 Sept
Sept
87
Sept
14
Sept
70
Sept
par
108
Jaa
J une
Sept
19
15«4 May
10
..'.-No
Apr
May
22U
27i2 Jan 14
2218 Jan 29
157s Mar 3
Chile Copper Co
19%
107g
2*4
No par
Feb
Nov
12
101
F'eb 13
35
5% preferred
100
{Chicago & North West'n. 100
Preferred
4
Feb
0i2
97i2
47*4
8I4
57i2
67
48
1034 Sept 13
25
100
Feb 10
Apr
35
63% June 10
4
par
3
Jan 14
803s Mar 10
23% Feb 10
100
Common
96
*36
14% Mar
116
Champ Pap & Fib Co 6% pf 100
Chlckasba Cotton Oil.
9178 112,700
15l2
2,800
8
Sept 25
Cbllda Co....
120
82
55*2
102%
1
Sept 27
Sept 27
Sept 25
Sept 23
2,500
80
53
18i2
Jan xlOO
49
6,700
82
97%
Oct
68*4 Nov
Jan
95
078
85
52
1 In
97«
Nov
Jan
87
100
17l2
81%
*100
10%
25*2
*36%
51
47*4
50*4
52%
55
51%
100% 100% *100
102
*100
102
42%
"l9"
*127l2
97
2
900
50
*107"
36
*91
1%
42%
53s
3334
40
10*4
5,000
11
*10U
*16l2
078
*40ls
8934
1512
io0i"2
It
5s
4534
Cerro de Pasco Copper.No par
Certain-Teed Products
10%
88
2
Apr
30U Apr
8
par
10%
"1884
Dec
3
22
Feb
29% Sept 25
4
Sept 25
100
*
177«
Deo
Dec
88i2
33*4
48*4
102
6% preferred
100
Central Agulrre Assoc, .No par
Central Foundry Co
1
100
*48l2
29i8
94% July 28
28
7% preferred
k
*80
2
17% Mar 6
01% Jan 9
18i2Mar 11
52U Jan 2
834 Sept 25
43
Sept 25
104
6% preferred
52%
10
167«
*112
35ls
05s Mar
10i2 Apr
5418 June
52% Sept 29
No par
1,700
90
51
Mar 22
.,.,.100
2,600
90
105
10
50
7% preferred
Celotex Co
2,300
49*2
60
34*8 Mar
48% Feb
6
178
52
*100
No par
3i2
5
Jan 11
1978Sept25
26
Sept 25
5
4i8
*36
50%
91
120
4
19*2
*91
Sept 29
1
100
*3
39
93
Sept 25
,100
178
*24%
*94*4
19%
4978
5
3%
95
♦87
700
102% 102% *102% 104
102% 102% ♦102% 104%
39
36%
38
3534 38
38*2 39%
38*4
100
100
*100
104% *100*2 104*4 *100*2 104*4
36
*13
36
*10%
*13
36
*13
36
21% 22%
*21 '2
21% 22%
23
22%
23*4
12
1134
1134
12
*11
*11*4
12*4
11%
13%
*11%
91%
11
51
16*4 Nov
53
4%
35%
3314 Nov
25s
Feb
312
5
3134 Nov
Dec
Dec
Jan
Deo
414
34
Apr
Apr
*112
47S
14is
13 >8
29*8
16
134
34
102
13%
12%
9%
9,090
4,500
241,
81
12,000
8%
5
10%
85
38
278
2*2
3512
11
834
2,200
—
5
21
81
1%
—
3512
5%
36
*82
1,200
10
10%
85
Sept 25
205s Jan
2,800
4*
110
100
85
7
5%
18%
78
30:
Dec
30*4
{Chic & East 111 Ry Co.—100
6% preferred
100
75
20
*82
4
{Chicago Great Western.. 100
7
15%
Mar
33i2
Apr
Jan
37
Apr
1234 May
400
*73
*10
*81
1
2
Oct
9
Jari
1038
1,900
*63
100
18%
45U Feb
18% Mar
36% Mar 3
9% Feb 25
3334 Mar 9
34is
Jan
107g
1,81)0
78
37
*36
14i2 Sept 13
1034Sept27
24l2Sept 25
Apr
2%
8I4
1
38% Mar 19
1%
75
*14
Feb
14*8 Sept 24
9
Sept 25
30
Sept 25
47g
*71
5
25
1134 Jan 29
1012 Nov
2A
*63
35
19
*1%
*4*2
*1%
75
*33
Dec
39
9
500
74
—
37%
9%
2,400
23,700
95*2
1518
95
24%
*23%
54*2
43%
73
1O012 108
106% 108
3112 33
35
30l2
*
88
*84l2 8034
88
4812 48l2 *48%
17*4
17i4
18
183s "l878
*127l2
*12712
12712 12012 13012 130
131"
67
*55l2 58l2
*50
58i2
1378
14
1314
13%
1412
19%
533s
^2%
*03
38
18%
10%
13%
*10%
300
1512
100
100
12
38
'
*
100
75
5
3% Sept 8
Sept 25
11
102% July
2,100
74
32
22% June 30
5% preferred
100
Celanese Corp of Amer.No par
670
v
1514
102
102% 102%
40
6,60C
74
33*2
35%
834
*03
106% 107
35
10,100
46*2
1634
1512
Mar
40U
100
Preferred
10
54*2
92i2
1514
1514
74
75
106
*90
933s
14
2434 Jan 11
18%
90*2
Jan
lli2
Jan
3l2
IOI4
1638
88
Jan
838 Apr
Dec
41'4 Jan 15
12
714
9'a
85
183s July 14
363s Feb 9
Sept 27
Sept 13
46*2
1012
Dec
Deo
Sept
157a May
115i2 Sept
595s
Century Ribbon Mllla__Nc
107*2 107%
42
22's
21*4
115
35i2
400
38
7
8is May
87, Jan
1071a Sent
2084 Apr
8?
16%
163s
Jan
45% Jan 18
June 29
*35%
23g
734
Oct
6558
Jan
7l2Sept 18
*4%
42
2
16
38
034
65i4Mar
96
5*2
42
7
Central 111 Lt 4*^% prcf.,100
834
1%
278
57
Feb 15
Central RR of New Jersey, 100
Central Violeta Sugar Co
J 9
53
19
Oct
44i2 May
45
8ept
Jan
414
*39ls
Jan
13
Mar
106
Jan 11
98
Mar
Sept
Feb
Jan IF
Feb 3
Mar 12
20
17
16*4
*36
24%
24U
117ig
14%
7
800
1%
*234
23«
*7*2
1078
2*8
734
Jan
1,900
40
2%
2%
40
1%
234
2%
734
50
9
7%
*4%
1834
62«4 Jan 14
17
*90
434
1%
7
6
18*4
13s
234
*7
38
*68
1%
19,500
2
17
9
4%
1%
7%
*1%
2%
7*2
4
3l8
4%
*4%
18%
2%
H2
11
5
Jan
Jan
102i2 Jan
7
5012
12U
6112
58 U
Dec
40U
97*4
Jan 12
*8
54%
8*4
80
1,800
30*2
4i2
33
53
100% 101
106
53%
Stamped
Caterpillar Tractor
Jan 13
38% Jan 14
3 5% Sept 25
22
Sept 27
'
5*4
19
2%
2%
7*2
1078
ll2
334
1,300
69
30*2
47«
17
*90
54%
87«
4*4
*1%
7%
38
102% 102%
*63
5
200
32
*6%
50
1314
64
303s
10", 700
105
"32"
8
*37
57
*
31%
*7%
4*2
2%
2*2
678
3
*12712
12012
30
8
4*8
1*8
6
35
1034
29
30*4
*0%
8*2
3334
35
,
106
87g
51%
2%
23s
30%
*104
5,400
Jan
6
$3 preferred A
10
Carolina Clinch & Ohio Ry.100
130
41
6478 Mar
69
Apr
July
Dec
30
1
Carriers & General Corp
Case (J I) Co
7,300
78
*8%
9
2%
2%
678
15%
102
77
9
55*4
*4%
18%
1%
2%
132
8
47
373s Feb 13
No par
3,600
5%
5%
130
Jan 23
"l878 "Feb
yl2% July
43U Apr
6'8 Feb 25
20% Jan 12
Carpenter Steel Co
115% 115%
lli2 Jan
5i2 Nov
2*4 Sept 25
95s Sept 27
25
1,000
47
5l2Bept 25
Sept 25
10
Apr
1% July
22 ~ Sept 25
Capital Admin class A
""40
88*2
597« Feb 11
53i2 Feb 13
Aug 10
534 Sept
0
par
Canada Dry Ginger Ale
40
Nov
323s Aug
6
Campbell W & C Fdy__No
Canadian Pacific Ry
Cannon Mills
Aug 14
23U Feb 23
54
1
27,000
23
*8%
95
4%
1%
5
434
31%
23
,—50
28,200
91
8%
83S
3,500
4534
"88%
*99% 10034
17
100
_
47
Jan
4l2 Jan 11
11% Sept 24
Calumet & Hecla Cona Cop,-5
^
79
47«
*99% 10()34
1/%
17%
54
18*4
3
31%
63*2
30*4
5
25,700
9
95
18*4
138
1*2
3%
30%
4%
54
6%
*4
63%
30%
30*2
10%
*40
24
104
104
*62%
106
4%
1%
6
293s
104
64
*7
8*2
*104
293s
California Packing
5% preferred
Callahan Zinc-Lead
J
„
*
32*2
33% 33*4
35
35%
36*2
107% 107% *107*2 110
*107% 110
*107% 110
43% 45%
47
45*4 45*4
47
45*4 46%
*11
12
1178
11% 11%
IDs
13
*12%
51
51
51
54
55
51%
547«
55%
39% 41
40*4 4178
4034 427g
4278
4334
91
90*2 90*2
91
*90*2 92%
90*2
90*2
2
1*8
1*4
*1%
2
*1%
1%
*1%
91
*1*4
106
22,500
■
106
78*2
30
30
49%
39*4
91
79
*30%
17
♦
90
233g
2%
30*2
30*4
*50
2%
1034
5
5%
53s
13334
133*2 135
116% *114% 116%
283s
*
2%
10%
3034
91
"90"
91%
31
8*2
7*4
7%
13
49*2
38*4
2978
4%
47S
*99*8 100*4
17
*104
49
42
*11
106
♦
24
77%
*95
*107% 110
42
78%
104
30
*99% 100*4
*15% 17
7%
7*2
16%
7%
16%
0%
29%
*
02
*97% I0034
*11
*104
29%
4%
5%
129
*62%
62
*88%
23*4
*113
~31~
2938
92
2278
5*8
114
75*8
45
91
134
30%
09%
29%
4
16
5*8
*40
*
132
29%
4^
*62
45
114
74%
104
"30%
30
30
5*2
115
106
9%
91
*88%
227g
12878 132
115
*114
*40
*
92
22
23
5%
44
*l~8~
91*4
"23"
9
10
*51
23*4
9%
{Bush Term Bldg gu pf ctfs 100
60
10%
9
100
1,800
23%
-
Debentures
5,400
9%
-
2%
No par
12
22%
2U
No par
18
10i8
....
2'4
Watch
June
255s
1534 Mar 23
III4 Sept25]
101
No par
2534
4%
22*4
9*4
2%
Bulova
300
22
*5212
*5218
2»4
100
Wheel
39
Dec
63% Mar
100U Apr
34
25%8ept25
115s Sept 27
29% Sept 24
36
Sept 27
35
Sept 9
2
Sept 11
7% Sept 27
934 Sept 25
32% Sept 24
24*8 Sept 25
39% Sept 28
.No par
7% preferred
Budd
Burl'ngton Mills Corp
1
Burroughs Add Mach-.No par
{Bueh Terminal
—.No par
11%
29%
*52%
2%
10%
29%
BuOd (E G) Mfg
Bui lard Co
14*2
13
100
2,000
26
438
13%
51
11.100
._6
7% preferred
24*2
*15%
1134
25*4
15%
11%
Bucyrus-Erle Co—
330
8,800
42
*11
26
22,400
0%
*378
13%
12
4%
/
61
41%
24%
11%
2534
26
0,200
par
No par
Bruns-Balke-Coilender-No par
10
6%
11
25*2
Brown Shoe Co
11,500
01
24%
Brooklyn Union Gas ...No
2,100
12%
12%
"6 *4
7*8
2,900
10034
12%
12%
*
6%
42*2
26
4*8
$0 prerfered series A .No par
40
10034
61
1,500
1,400
1478
40*4
24*2
40
-.5
Brooklyn & Queens Tr.No par
16 preferred
No par
Bklyn-Manb Transit,,.No par
9,100
11
24*2
No par
19,000
278
*10
13%
40*4
24*4
"7"
42*4
2334
11%
26*2
37«
12%
14%
11
23
334
Brlstol-M yersCo
12%
12%
6%
40*8
2334
1078
11
900
*
62
6
23 I8
334
35
40
7
6%
00
23
11
35
24%
23
10
36
40
39
3%
Brlggs & Stratton
40
22
11
1,400
700
24*8
40i8
*1414
2834
14,400
3738
505s Aug 25
558 Sept 13
1% Sept 27
Corp
Maine RR
18,000
24*2
60
3014 Sept 2 7
100
{Botany Cons Mills class A.50
Bower Roller Bearing Co, 17
Bridgeport Brass Co ...No par
Brlggs Manufacturing.No par
1334
39*4
12%
5
Boston &
417g
12*4
Jan 18
share
per
Apr
Aug 16
300
42
*3878
24%
101
25
40:)
33%
41*4
40i2 Apr 13
28
13,700
Bo rg-Warner
107g
40*8 Dec
8018 June
Jan 22
18
Sept 27
2078 Sept 13
1
.
33
38
93
....Id
1%
13%
6%
Sept 25
..No par
Bond Stores Inq
Borden Co (The)
42
10%
59
40
Class B
120
14
12%
5»4
36*2
82
Bon Ami class A
3
Highest
share 9
per
48% F'eb 13
No par
Sept 27
8ept 29
3334
44*2
10%
1158
117«
4984 Mar
32
13%
12*4
*....
213s Sept 27
40%
0*2
'
9
5
800
6*2
Lowest
share
5
33
2*2
per
Bohn Aluminum & Brass
13,700
*1%
28
9
Boeing Airplane Co
19*4
1%
10
1234
12*4
41
Highest
share
per
2134
6*4
1234
10
23
*10i8
22*4
13
170
9
*26*4
13%
40*2
41
101
6%
32*4
28
41
*18%
21%
39%
21*4
2%
9%
11%
"6%
0*4
55
6
*
28*4
125s
3058
2%
12*4
12%
12*4
101
"T
58
5*4
12
11%
11%
♦
1%
27
13%
2%
24*2
40
Lowest
Par
23*2
34%
41
Range for Previous
Year 1930
On Basis of 100-Share Lots
Week
Shares
% per share
84
♦40
1*4
1
Oct.
Range Since Jan. 1
STOCK
2, 1937
EXCHANGE
35%
*82i2
41*2
♦82l2
41%
25*2
the
Friday
Oct.
mm—m:
130i2 Aug
x45% Jan
51U Jan
23is July
108*4 Oct
103
Aug
847j Sept
128
Nov
91% Nov
136
Nov
245s
5i2
Feb
82
Feb
Feb
T Called tor redemption.
Volume
LOW
AND
SALE PRICES—PER
HIGH
Monday
Tuesday
Sept. 25
Sept. 27
Sept. 28
Week
$ per share
$ per share
Shares
$ per share
*7%
8%
*7%
8%
7%
7%
2934
30%
28%
2978
12i2
11
11
11
11
30
13%
10%
103s
103s
10%
1384
834
10%
2984
*11%
*10%
14%
2934
*11%
*10%
27«4
*11
lOSg
13
14
1234
834
8%
13"8
878
8%
*
14%
13%
14%
9
1334
878
*
11
11
*10
8%
*
13%
1434
9%
9%
*
73
81
*80
81
*80
81
81
*80
90
*80
90
*80
2%
8i2
812
2i8
2i4
2%
2%
2%
2%
8i2
8
8%
8%
8%
8%
3034
2978
31U
IOOI4 10078
6
634
Ills
11%
lli8
1134
104i2 10412 *104i2 105
73s
414
434
%
43g
%
6i8
29
29
%
7
7
29
*
214
83
*80
52
51
21%
22%
15
15
15%
2l8
82i2
82
52t2
52%
5434
52
1078
3078
13%
13%
13
3H2
31
3134
31%
o158
36
134
37i2
178
134
134
37
17
18%
1714
I8I4
18%
54
54i2
53
54
5334
134
55%
10514 105l2
105
2584
13%
2584
13%
25
1314
50
49
5134
1584
19
49
47
48
118
*105
102
23
2334
7%
7%
7%
57%
55%
58%
3%
4%
13%
1334
14%
4
4%
14%
13%
*53
70
*53
70
*53
70
35%
*32
34%
*33
35%
55i2
54%
55
11
10
10%
*10
23%
18
16i2
1434
24
23
1634
2434
24
10
10%
3
2%
*104
10
18
1
Sept 13
Sept 11
6
Sept 11
100
104
300
7,500
500
8,700
1,900
15%
1534
16
16
1,900
26%
24%
25%
9,600
10%
3%
11%
3%
11%
11%
11
113s
3%
13,500
2,500
104% 104%
104% 104%
800
*11
*11
*11
16
*11
16
*11
*12i8
*4984
22i2
3384
19
57
*12%
*4984
23%
17
19
*14
19
*14
19
54
*13%
*4934
19
56
*13%
*4934
55
55
*4934
55
23%
2334
24
24
24
*4934
24%
*33%
35
35
35
3334
34
*33
1078
12
11
35%
12
12%
12
17
157S
16%
16%
17%
72%
73
75
72%
75
12%
11%
16%
12
2,000
2334
23%
*17
18
18
18
*17%
18%
*18
*18
18%
*32
34
32
32
32%
34
*32
34
32
32%
190
28
28%
30
30
29%
29
293s
29%
29%
39
4014
28%
40%
32%
28%
32%
28
41%
4134
44%
44%
684
634
4234
*634
1,800
21,300
7%
200
8
3234
35
*107i2 HOI2
16
42
37%
*684
35%
7%
3734
110% 110%
108*4 109
16
%
78
i2
%
40
17%
*17%
19
16-%
s4
34
34
1
*%
284
278
,
42
1
1
1
*1
3
3
3
3
%
3
*113i2 116
784
7l2
11384 114
7%
115
♦114
*11334 115
8%
8%
834
8%
8
7
7%
3134
30%
8%
734
4%
7%
4%
8%
434
734
4%
4%
7%
7
7%
31%
30%
8
8
8%
4%
5
434
1434
14%
15%
14
48%
4%
13%
47%
50
50
53
51%
15%
52%
44
45
45%
46
47%
49%
49
49
30
30
28%
34
30
29
29%
29
%
29%
%
23%
23%
78
*34
23s
234
2034
2114
47
*40
2%
2034
*40%
34
2%
2134
45
1
*34
3
3
22
23%
48
*45
3
*45
3
48
109%
109% *108
109% *108
6%
6%
6%
6%
7%
678
109i4 *108
*108
678
7%
*47%
60
*48%
55
60
*52
60
*50
65
*55
70
*4714
3%
3%
3
3%
59%
*54
70
*55
70
*52
72
*52
334
1034
334
1034
16%
12%
*74%
1034
3%
10%
3%
12%
5%
5%
14
2%
5%
13%
5%
6
6
13%
2
2
2i8
41
41l4
2
2%
11
12%
40%
42%
38i4
12%
38i4
1234
6
14%
1434
2%
2%
2%
2%
14
14%
42%
43
38%
40
1284
13
14%
*2%
2%
17
12%
78%
6%
14%
2%
2%
41*
41
14
*13%
*6%
72
*3%
11
18%
*15%
16%
14
*11%
12%
600
♦74%
78%
6%
6%
T,600
1534
4,900
2%
1,300
6%
15%
15%
2%
2%
2%
15
2%
*2%
14
14
14
14
4134
42
42%
42%
12%
41
*12%
2%
1,290
14%
4234
2,800
820
►102
*102
40%
12%
3,400
78%
11
4134
39%
334
6,800
4,400
11%
14
*95
*95
*95
*90
16
15
334
41
14%
*41%
*40
*12%
T,6o6
1434
1,300
85
*85
85
85
85
85
70
94
85
85
*87
95
*85
100
*85
100
*85
100
100
*85
*96
103
*97
103
*96
101
*96
103
*98
100%
*97
102
88%
*85
85
85%
85
4
4%
4
4%
4%
4«4
4%
4l2
2%
4%
4%
5
5
4%
434
2%
*
234
4
2%
o
"
2%
O
~n
2%
•
"4
Bid and asked prlcee; no
2%
88%
41% Jan 25
46«4 Feb 17
40
Aug
40% Deo
41% Jan
7% Apr
50% Jan
61% June
12% Deo
12% Mar 8
77% Jan 25
14384 July 13
55
Jan 16
Jan
29
82%
Oot
51
Dec
36%
1%
Dee
Jan
3
Jan
8%
Oct
18%
Jan
114
Feb
120
133
Apr
184*4 Nov
129
Feb
136% Deo
100
4
Co
7% Sept 27
Apr 29
150
Apr 2
26
Sept 24
151
6% Sept 25
28% Sept 25
7% Sept 27
4% Sept 13
39% Jan
13s Jan
7
5
3% Feb 19
122
*111% June
116
Deo
Deo
198
Aug 16
156
Apr
185
Deo
Aug
163
Jan 11
152
July
166
Mar
17
Mar
6
37% Feb 11
16
Mar 17
45% Feb 11
16
Feb 23
6
26% Jan 14
92% Jan 7
7% Feb
5% July
12%
28%
684
Jan
40% Nov
Apr
30»4 Apr
15% NOV
10
Apr
6
Dec
7*4
Feb
Feb
6%
Jan
25%
Deo
47% Nov
17%
Jan
94%
Deo
8
29%
Jan
28% Sept 27
s4 Sept 21
2% Sept 25
44% Jan 16
39%
Dec
87%
55%
Deo
Jan
Feb
2034Sept 25
29
Jan 18
1
60
Feb 11
44
Sept 25
87
2
8
Jan
Jan 19
Jan 18
3234
Jan
1% Jan
2284 Nov
%
1%
6% Deo
29% Deo
115% Jan 19
6% Sept 29
17% Jao 16
7%
Jan
16%
No par
53% Sept 24
78% Jan 30
84*4
45
54
$53^ preferred w w—No par
$6 preferred
No par
Equitable Office Bidg—No par
100
4% 1st preferred
100
4% 2d preferred
100
Erie A Pitts RR Co
50
Eureka Vacuum Cleaner.—6
Evans Products Co
6
Exchange Buffet Corp.No par
Fairbanks Co—.......—25
8% preferred
100
Fairbanks Morse A Co.No par
6% preferred
100
Fajardo Bug Co of Pr Rlco.20
Federal Light A Traction.. 15
$6 preferred
...100
Federal Mln A Smelt Co...100
3
4%
*4%
4%
*4"666
5%
*5
5%
2,100
Federal Screw
2%
*2%
2%
5.300
rcasb sale
Feb
July
Deo
45%
Jan
Feb 19
48
Jan
Oct
89% June
86% Feb 10
934 Jan 15
23% Mar 17
55
Jan
97
35% Mar 17
28% Mar 17
16
81
5%
11
Aw
Apr
Apr
10%
June
Deo
18% Sept
34% Oct
II84
Jan
29
Oct
Jan 14
68
Jan
69
Jan
4% Sept 11
12
Jan
15% Aug
34% Mar 3
6«4 Jan 21
5% Jan 28
28
Jan 28
23% July
4% Jan
2% June
I84 Sept 11
Sept 27
80
40%
Jan
8% Mar
484 Mar
8%
Apr
25
Deo
39
Sept 13
71% Jan 15
3484
Jan
71*4
Deo
150
Mar 31
210% Jan 14
Deo
Sept 24
Jan
Feb
210%
38
122%
31%
61%
Deo
I884
Apr
84
Jan
27*4
101%
Deo
Deo
37
Aug
92
Mar
11
12% Sept 24
85 Sept 27
66% Jan 27
94% Apr 9
4
Sept 25
Truck..No par
Works.-No par
A...No par
y
69
116
13% Sept 27
2
Sept 8
4% Sept 24
2% Sept 27
1
New stock
63% July
110
Aug
14% Jan 21
10% Sept 10
x75%May 27
"
n
Sept 27
9348ept 13
Federal Water Serv
Federal Motor
Sept 24
13% Sept 25
100
2%
Oct
63% Sept 24
Erie Railroad
5
delivery,
Sept 23
Jan 28
51
Nov
26
106%June 10
Preferred
a Det.
95% Deo
Oot
3
Endlcott-Johnson Corp..--50
5% preferred
-.100
Engineers Public Service
1
4%
t In receivership,
Dec
19
46%Sept 24
2%
0
sales on thla day,
34%
93
9
No par
5
'7
Apr
9
Feb
Jan 19
preferred
No par
Elec Storage Battery..No par
4%
—
18%
Mar
180% Jan 18
$6
$5 conv preferred
*52
78%
13
1,500
59%
12%
2
7%
60
*74%
2%
7%
Jan
Mar 17
96
135% Feb 19
115% Jan 22
El Paso Natural Gas
*55
Jan
Aug
Sept 27
6,100
8%
43
May 28
2,000
*7%
40%
Oct
130% June 29
110
Aug 5
%
100
Oct
37%
136
3%
260
30%
112
JElk Horn Coal Corp—No par
6% preferred
50
45
Deo
13% Aug
200
45
63
17% Jan 19
30%
10734 108
Oot
Jan
Jan
Sept 13
30%
48
Feb
11%
21%
12
30%
*45
153
8% Jan 16
30
10734 108
May
128
2% Sept 13
6,900
2,100
2,500
22
7
1
52
*34
116% Jan
Oct
Feb
Feb
5% Jan
% May
1% Jan
4% July
56%
3%
23%
93s
14%
43s
15% Sept 24
%June 26
%Sept 11
52
21%
Apr
Jan
24% Mar 17
10% Feb 18
Nov
25
6%Sept 23
14%
53%
%
19% Apr
Jan
8684
Deo
Deo
Nov
29
32% Sept 24
103
Sept 11
1534
3%
2
36% Sept 13
par
52%
23
Aug
13% Sept 25
preferred
5
Jan
58% Mar 17
42
shares...
Electric Power A Light. No par
$7
29
108%
108%
32%
33%
5484
76% Feb 19
36% Feb 2
40% Feb 4
23
Apr 10
Sept 13
No par
5
3
Schtld
Jan
Apr
Sept 24
J)-No par
Boat
27
June
28
58
*34
19% Nov
15% Sept 25
Sept 27
Electric Auto-Lite (The)
Electric
Jan
5
4
32
14%
*3
Jan
17% Sept 25
Elec A Mus Inc Am
*48
12%
12
9,100
79,200
60
78%
13%
Eltlngon
Deo
52
3184 Mar
13
par
6% cum preferred
Eaton Manufacturing
9,900
10,300
13,200
60
*7478
15%
Eastman Kodak (N
I67"
143% July 23
May 13
par
55%
5134
2234
Dec
70
Silk..
7%
15%
Jan
May 19
par
No par
8% preferred
100
Du P de Nemours (E DA Co 20
6% non-voting deb...—100
Duquesne Light 5% 1st pf-100
Eastern Rolling Mills..——5
Duplan
3034
434
Deo
30
10% Sept 25
No par
Class B
30%
7%
*54
3%
33
35
2,300
8%
4%
Jan
8884
22
No par
Douglas Aircraft
28%
*48
*10
13%
No
No
Dome Mines Ltd.
No
Dominion Stores Ltd.-No
Class A..
30
158
70%
4
Aug 10
Aug
22%8ept 24
25
Doehler Die CastlngCo
2734
7%
50
11
14%
158
4,800
173% 175
60
78%
1314
103g
40
*55
*7478
93i
300
3,300
8%
*48
*10
10
7%
32
•
8%
60
*47%
10%
14%
*1134
*74%
934
*8%
10
11,300
115
115
115
29%
30
778
115
158%
6%
59
Co.-2
Distil Corp-Seagr's Ltd No par
5% pref with warrants.. 100
Dixie-Vortex Co
No par
Dunhlll International
100
90
9
9% Apr
19
5% non-cum preferred..100
'laynolds A ..No par
Diamond Match
No par
1,500
*28
30%
2% Sept 13
Sept 11
Co.—100
2,200
175
6%
Detroit Edison
1%
*158
28%
100
Delaware Lack A
3
28
29
JDenv A Rio Gr West 6%pf 100
100
Preferred
*2%
158
27%
Sept 25
No par
20
Dlesel-Wemmer-Gllbert
10
Delaware A Hudson......100
Deere A Co......
*1
175%
27%
26%
10
9% Mar
21%
7% Apr
5
Western..50
Deo
43%
fan 16
23
Jan
Aor
114
5
1%
*12
18%
Jan
Deo
44%
24%
Jan
Sept
36% May
90% Mar 10
Jan
3%
158
6I4
28i8
14
900
4
Deo
14% Mar
10%
Feb 27
Feb
"1:266
%
62
Deo
69
Jan 14
24
15
99%June
97% Sept
23% Sept
1434 Sept
45
18%
86
Oot
Deo
3%
20
99% Mar
6
4
6
109
800,
•%
109% Jan
28
25
27
27
Sept 13
3
170
*158
27
48
22,300
37
115
Sept 27
6684
125
129
35% May
16% June
1
Sept 20
*1
158%
175
159
26
714
4i2
13i8
36
113
Mar
20% Feb 11
54% Sept 27
10
Sept 27
JDuluth 8 S A Atlantic.-100
6% preferred
100
%
178
171% 177
*158
26i4
17312
*634
*18%
18
8.
175%
26
160
z43
300
14%
13%
*12
*12
13%
13
13%
116% 120
*116% 120
*116% 120
116% 116% *116% 120
142% 146
144% 146%
141% 146
136
142% 14434
142%
134
133% 133% *132% 133% *132%
132% 132% *132% 133%
*12
173
500
75
*34
45
*%
*12
12%
1212
*116i2 120
138i4 141
*13214 133
*158
38%
37%
111% 111%
18
17
1%
1
27g
7%
*34
45
*34
*31%
16%
*31%
42
*31
41*4
7
35%
3534
109%
109
43
7
43
83s Mar
5
Conv 5% pref
25
Dayton Pow A Lt 4>S % pf. 100
6,200
16%
70
*634
32i2
19%Sept 25
684 Sept 27
2334 Mar
Inc—No par
1634
16%
Nov
Jan
Jan
6%
63%
Jan 11
384 Sept 25
Davega Stores Corp
11%
11%
15%
18%
Cutler-Hammer
6% participating pref
70
*72
140
Sept
9
173s Jan 4
143a Jan 12
127
Diamond T Motor Car
1578
17l2
preferred
700
76
Jan 11
12% Sept 24
67% Aug 19
30
8ept 20
pref. .100
No par
3,000
34
*33
Mar 10
1
A
Apr
95% Apr
1% Sept
28
3
3
Sept 24
55
44
135
6% Sept 25
Devoe A
15i8
*70%
17i2
*71
Class
„
8I84 Mar
Jan
46% July
56% Jan
1
Curtiss-Wright
Det A Mackinac Ry
16
16
2434
No par
Preferred
$8
25%
*11
3334
11
Curtis Pub Co (The)—No par
35%
3%
50
Packing
Cudahy
Cushman's Sons 7%
16
22i2
Cuban-American
Preferred
3,000
5,500
15%
3*4
(The)
Cuba RR 6% pref
-
25%
16
19% Deo
110
15%
3%
7% May
No par
—.100
Sugar
10
24*4
105
91% Nov
58% Nov
49% Nov
.—.100
$5 conv pref
Preferred
16%
105
Deo
Cuba Co
25%
10%
11%
3%
3%
103% 10434
35% Sept
Crucible 8teel of America. .100
1634
3%
10434
15% Mar
43%
5,800
60
11%
37% Nov
25% Apr 13
200
*9
Mar
Jan 16
10834 Apr 15
2434
1034
3
104
108
*15%
Nov
35
Jan 28
7% Mar
50% Deo
Aug 13
37
Sept 27
15%
10%
*15
136
121
115
Sept 24
15
18
Oct
43
*10
12%
*15
July
15% Sept 24
70
62%
Deo
4
86
pref w w..No par
Crown Zellerbach Corp
14,800
60%
69% Oot
82% June
170
41
5
No par
43s
60
Mar
Mar 16
Feb 3
No par
conv
Pref ex-warrants
300
1434
*34
Feb
4
44% Deo
46
Apr
Aug
8
47% Jan 28
4%
14%
35%
46
158
2884 Jan 15
100% Feb 3
1,600
59,000
*34
87% Jan
24% Mar
Jan 14
Sept 10
7%
*55
63% Aug
13
60
70
Deo
55% Apr
41%June29
37
Sept 1
101% 102% *101% 102% *101% f02% *101% 102%
105
zl04
105% 109%
102
107%
106%
103
24
24%
2334
24%
24%
24%
24%
2334
24
1512
4%
15
25
8
47% Sept 25
$2.25
59
*55
Nov
Jan 15
Crosley Radio Corp—No par
Crown Cork A Seal
No par
223g
7%
Nov
109
28% June
Sept 10
1,600
*10%
18
*15
17
*15%
*10112 102l2 *101% 102%
97% 102
97U 100
24
7%
58%
4
Jan
Dec
17% June
35% Apr
2% Apr
6384
2,900
10,900
103
22
Jan
67%
25
62%
103s
59
60
57%
2314
7%
58%
4%
14%
23%
Jan
1%
Cream of Wheat etfs—No par
8%
634
*85
103
2234
35%
60%
10%
*34
55
6%
26% Mar
35% Nov
10%
7,100
7%
684
100
100
preferred
5% conv pref
15% May
1,400
1
70
*55
*32
1
8
*7%
6%
*85
103
*90
24
734
4
334
85
23
734
25
Co
Crane
6% Sept 27
33% Sept 29
113%May 3
100%June 17
No par
37% Deo
Feb 13
71%
171%
10%
56%
54%May 13
153
Apr 14
100
Coty Inc
2,500
46
1
1
5
Motors
Preferred
118
*105
20
Continental Oil of Del
44
4534
48%
118
1
1
12%
89
48
*105
6%
4
Continental
400
1
12%
6,700
15,300
7%
6%
384
12%
10,000
1634
117
57
*41%
Sept 10
June 17
Continental Can Inc
100
863s
1
60
53
80
50
77
38
7
7%
27
100
preferred
8%
June
% May
2
5% Jan 15
10984 Feb 17
69% Jan 9
2534 Jan 23
4234 Jan 23
3% Feb 11
49
July 19
Sept 13
2
No par
Class B
Deo
12% June
5% Sept
92% Aug 16
373s Apr 13
3734 Jan 14
35% Mar
15%
863s
734
55
Sept 21
July
9% Nov
17%
106% June
1284 Nov
1% Jan
9% Deo
Jan
101
4
Feb 27
Apr 6
Apr 6
Sept 27
38
6%
684
88
109
3% Apr
Apr
Jan
Sept 25
17
7%
55
Sept 24
Jan
48%
11%
Jan 23
53
38
1
73s
100
29
105%
10%
1%
13%
62%
20%
102
13% Feb 26
17% Apr 5
Consol OH Corp
$5 preferred....
Apr
Apr
Feb
Feb
Oct
7%
15%
27%
9
Jan 12
108
No par fz99%Sept 30
6
Sept 27
5
11% Sept 25
No par
Aug 6
.No par 104
Consol RR of Cuba 6% pf.100
4% Sept 13
%Sept 17
tConsolldated Textile.-No par
Consol Coal Co (Del) v t C..25
6% Sept 25
$5 preferred
Consol Laundries Corp
5% preferred v t c
4% Sept
49% Jan 23
29% Sept 25
6,200
105
26%
*26%
13%
13%
50
5034
14%
1834 Jan
17
16%
*87%
1
62
Sept 27
_
Corn Products Refining....25
*36
6
7
8
Corn Excb Bank Trust Co..20
l0434
104% 105
92
7%
*
$2 parttc pref
No par
Consol Edison of NY ..No par
2
534 Jan 20
Continental flteel Corp.No par
1634
1
21
Sept 10
30% Sept 13
l%Sept 27
36
Sept 27
38
*87
86%
46%
*105
103
2
Continental Insurance.—$2.50
*41%
6%
20%
Nov
1
880
38%
*41%
7
*85
94
10% Sept 27
44
7
20
Feb
Continental Diamond Fibre..5
51
1%
10234
73%
2,500
4,200
15,900
18,500
2,200
13%
6i2
19l2
5
8,700
50
6I4
*80
Mar
400
44
684
1
92
1934 Sept 25
26%
1334
13%
17
163s
863s
47%
Sept 27
13% Sept 25
48
38
116
Nov
81
Container Corp of America.20
15%
*37
16%
43
95
Continental Bak class A No par
38
37
15%
11618 *105
Nov
100
100
Jan
6,200
12,900
2
1%
38
19% Deo
85
72%
11~506
32
32
2
June
65«4 June
Mar 11
Consumers PCo$4.50pfNo par
53%
12%
52%
*12%
5434
13%
32%
8
Mar
95
300
84
*82
84
Aug
87
\7%
2584
13%
4934
86
6,300
55
104% 105
26
2634
105
*41%
86
8,800
2%
2%
2%
*82%
52%
13%
3134
1%
3734
18%
3834
18%
54%
44
*4112
47
45
*107
37%
54
2534
14
51
44
88
*81
105%
1,100
2034
15%
84
19%
37
38
15
200
■
38%
19
18%
18%
56
57
56%
55%
60
5934
z59%
58%
58%
5634
5834
161
162% *161% 162% *161% 162% zl61
6
6
6
5%
5%
534
5%
34
34
35
3434
38
33% 35%
105
2534
13%
4778
15i8
20%
16%
2%
38%
37
5734
5612
*16114 162i2 *16114 162l2 *161%
5%
5i4
5i2
512
5%
35
36%
353s
3412 38
*36
22
15%
2%
2,200
3,100
Jan
15
7
Sept 25
Consol Film Industries
51,800
16
Jan 14
July
18% Jan 15
8% Sept 27
No par
preferred
6H % Prior pref w w
0M % prior prf ex-war._
36,500
3034
99%
21
1%
1134
31%
46
2934
99%
26
Sept 25
8534
13%
31%
83
134
36i2
*51 •%
9%
*84%
53
12
14%
2%
*82%
2%
2%
30s4
5534
9
22
15% Dec
44% Jan
2584 Mar
33% Jan
70
7%
2,900
3,500
2%
87
21%
15%
2U2
2
11
55
21
197g
13U
52
1414
2
Sept 13
share
per
July
81
10
*85
86
*80
8214
20l2
13I4
2
86%
87
8612
1984
85
30%
31%
30%
31%
100% 100% 299%
100% 100%
*7
7
7%
7%
6%
7
6%
7%
12%
12%
12%
12%
11%
12%
11%
12%
104%
104% *104
104% *104
104% 104% *104
*5
5%
*4%
5%
4%
4%
*434
478
4i2
%
%
%
%
%
%
%
%
1
7
7
7
:.A
7
7%
7%
7%
634
7
*29
33
*29%
33
29
29
29 I *29
32
29%
30
100U 10034
*6«4
81%
4%j % pref.100
1
7
30% Aug
100
50
2%
9
31%
99%
2%
8
Consolidated Cigar
20
*80
85
2%
2,700
73
Sept 27
10
No par
Cigar
Conn Ry & Ltg
60
9%
9%
81
81
85
11
Cousol Aircraft Corp
Congress
300
*80
si
81
*82
7,900
*—
74
73
14
Highest
$ per share
share
per
19% Feb 11
45% Mar 11
19% Jan 23
Sept 24
27
Congoieum-Nalrn Inc..No par
7,200
$
share
7% Sept 27
per
l234Sept 27
No par
Conde Nast Pub Ino
30
1234
13%
14
73
■
70i8
82
■: si
70
$
Lowest
Highest
Lowest
Par
600
8
*7%
28%
7l2
2978
Range for Previous
Year 1936
1
100-Share Lots
EXCHANGE
Friday
Oct.
1
28
714
On Basis of
STOCK
NEW YORK
the
Thursday
Sept. SO
Wednesday
Sept. 29
$ per share
$ per share
712
7%
Range Since Jan
8TOCK8
Sales
NOT PER CENT
SHARE,
for
Saturday
$ per share
2183
New York Stock Record—Continued—Page 4
145
Ex-dlv
y
70
Jan 11
29% Jan 18
103
Jan 4
150
Mar 11
129
Apr
2
11% Feb 19
11% Feb 25
6
Jan 14
Ex-rights.
69% Mar
7% Jan
3
Apr
2%
Jan
123% Nov
12% Mar
6
Deo
6
Oct
1 Called to trede>»ptlon
New York Stock Record—Continued—Page 5
2184
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
Saturday
Monday
Sept. 25
Sept. 27
$ per share
$ per share
22
23
Tuesday
Sept. 28
21%
84*4
8434
321$
3134
*207$
25
31%
*20%
24%
*97%
2514
26
98
98
36
36*4
Sept. 29
Sept. 30
$ per share
$ per share
*
29
25%
98
36%
36%
3
27
3,300
83
400
Federated Dept Stores. No par
4>£ % preferred
100
21%8ept 27
83
83
Sept 29
33%
700
Fidel Phen Fire Ins N Y..2.50
31
Sept 13
25%
25%
29
*25%
28%
Fllene'g (Wm)
28%
98
98
97
3634
3634
37
33%
29%
28%
97%
37%
19%
*36%
20
19
41
*35%
38
*25
32%
*26
32%
37
3%
19%
*3%
19%
3534
*26
338
37%
19
19%
3534
3%
40
2,000
19
8,800
200
3%
~~2~406
2,400
36
3634
38
38
39
93
93
93
93
*89
93
9134
9134
90
38%
90%
20
22
22%
24
22
25
25
26%
25
25%
88*4
"6>8
66%
25
24%
*10014110
*
*
95
"~5%
6%
66%
24%
25%
106% 106%
♦
95
"5%
6
*55
66%
25
*55
25%
105
5%
*
95
"5%
*
*55
25%
25%
25%
104% 105%
105%
67
No par
Florence Stove Co
No par
18
Sept 24
3534Sept30
Food
230
6,900
67
10
"25% 25%
105% 105%
6,800
46% Nov
Dec
1153$ Nov
38
Apr
49*4 Nov
20U
Jan
z2478
100i2
Feb
52% Mar
40
Apr
46%
68i2
39i2
9?8
3012 Sept
423$
Deo
45
56*4
34U
Deo
Deo
107i2 Feb
9
Feb
Feb
Mar
36'$
32
Sept 25
Sept 23
135
9
June
24%May 14
104% Sept 30
54% Feb
Jan 14
11*4 Mar
June
48i2 Deo
24i$ Apr
95*4 July
45*s
127
83
Jan
32'4
9
Jan 13
117
Mar 25
"
63
July
27
27
29%
31
35
35
32
32
*29
33%
140
Fuller (G A) prior pref. No par
25
Sept 25
73
Jan
4
473$
Jan
17
12
14
16
17%
3%
8%
*16
17
16
16
*15%
17
420
$6 2d preferred
No par
Gabriel Co (The) cl A..No par
Galr Co Inc (Robert)
1
12
Sept 27
48i2 Jan
8
31%
Apr"
7% Mar 3
153s July 19
3»4
Jan
2934
29
96
7
3%
7%
3%
8
634
8
30
30
1714
18
17%
1734
29%
*17%
97
96
96
*95
*96
29
8%
8%
87$
9%
*94l2 100
47
48%
.
9
934
*
130
"5"
12
27l2
5%
13%
27%
*85
115
26
27
*100
115
34%
1%
118
118
475$
48%
4334
34%
1%
17%
*95
8%
*3%
734
3%
*3%
96
83g
7%
29%
7%
1,000
7,100
*25
28%
900
18
18
*18
20
9534
2934
1734
8%
4634
118
57%
*118
49%
117
30
*38
57%
120
32
115
48%
117
101
28%
110
45%
34%
96
96
96
*25
3%
784
8%
9%
8%
9%
*94% 100
1%
50
*40
58
118
116
*117
38
*110
45%
34%
1%
33
44%
3334
1%
*38
58%
118
47%
50%
116
*27%
50
58%
120
*100
29
110
433s
33%
l«s
*32
32%
101
*26%
110
1%
50
*118
30
110
34%
56%
118
27%
43%
1%
*
*100
110
*38
57%
8%
25%
41%
33%
43
57J4
115
110
43
18
3%
7%
59
118
50
117%
34
*90
30
120
no
45%
34%
1%
6,100
30
2,300
12,900
2,400
General
50
60
"i"500
120
120
Class A.
7%
34
34
8
8
7
7%
7%
8
734
*7%
734
8
71$
*7%
12
13
13%
3314
1234
14
13%
133s
1334
13%
13%
13%
105% 10514 *105% 106
*105% 106
*105% 106
*105% 106
*105% 106
2%
2%
2%
234
2%
234
3
2%
3%
3%
2%
3%
26
27
26
26
26%
27%
27
2584 26
27%
25%
26%
*
*
*
*
*
*
102
102
101
101
101%
101
""2"
2%
2%
"2%
2% "2%
2%
2%
"2%
""2%
23s
24
201$ 20%
20% 2134
*23
24
21% 22% *23
24
*22%
33
34
35
36
3334
3534
37
35% 37
38%
36%
36%
30
30
34
35
30% 32
34% 24%
37
37
35% 37
18
18%
18%
19
17«4
18%
19%
1784
19%
19%
1834
19%
*20
29% *25
28% *20
30
*21
30
*21
28% *21
30
16
17
16
17%
1734
16%
1834
18%
18%
17%
16%
17%
12
113s
1134
123s
1134
11%
12%
12%
12%
12%
12%
12%
65
70
70
*65
65%
69
69
69
70
*67
70
*68%
13
13
13%
14%
1434
1538
14%
15%
1534
1434
14%
14%
62
62
*65
62% 64
72
72
67
67
67
67
*65%
32
32%
34
31% 32%
33
33%
33%
33
33% 33%
32%
45
45
*45
51
*45
51
51
*40% 51
*45
51
*47
7%
900
3»4
*
2S4
3%
334
2%
3%
100
"23"
23%
*68%
27%
97
_f2
73
100
"23%
73%
67%
27
98
70
_26~
70
7
74
2
2%
6
6%
2
2%
6%
*70
2%
6%
2
14%
29%
101
6%
2%
5%
14
69
14
4
27%
69
2
~25%
*70
2%
14%
3
3
334
100
29%
6%
General Motors Corp
$5 preferred
6
2%
80
6%
6%
684
2%
14%
2%
14%
25
22
23%
24
24
25
25
25
3138
1458
36%
31%
30«4
32%
3134
32%
32
32%
32
32%
15
15
1534
16
16%
16%
37%
3934
39
41
30
16%
39%
31%
15»4
30
1534
39%
30%
2%
14%
2234
32%
15%
38%
31
31
31%
31%
37%
36%
30%
*133% 135
*50®4
23»4
10%
*9%
1%
*26%
6*4
25l2
2334
24
11%
10%
9%
1%
35
7%
*9%
1%
25%
*27
*31
8
32%
85$
25%
25%
*28
7%
*27
29
134
1%1
7
*27
31
28
26%
*30%
38%
*25
8%
8%
29
29
29
*27%
29
*31
*31
*2534
32%
10%
2634
9%
10
*9%
32%
10%
2534
26
26
26
104
104
101
*9784101
94
3%
100
9%
*99
3%
100
934
105
*125% 154
23*4
24
124
124
128
128
478
5
31%
*8%
*75
3%
303.!
*128
8%
*9
96
*733g
33s
9%
*98% 105
*125% 155
23% 25
31%
129
93s
96
3%
3%
*99% 10434
9%
934
*99% 102
9%
104
*100
105
*125 %
154
2484 25
*127% 135
*102% 104
*102% 104
*9784100
*9734100
31
3034 31%
31%
128
128
*8%
9%
100
96
*75
*100
101
50
51
*5058
62
51
94
*94
99
*94
99
»2184
32
32
*26
32
*25
32
2512
25
27
99»4
99%
17%
23%
18
18
23%
24
24
*99% 100
*99%
16%
16%
17U
23% 2378
2318
*106%
*10614
43l2 44%
4312
31
31% 31%
16is 16%
16%
87
2%
2%
*5478
86%
8l2
68i2
212
8%
8%
8
103g
3i8
15i2
3
8%
59
9«4
6034
10
2%
3%
*7338
101
33s
101
3%
100
24
9s4
99l2
*110
~45~%
51%
263s
99
*98
175s
2334
*110
27%
18U
24
....
4684
31
4~7"I2
46
4612
31
31
30%
30%
17%
17
17l2
*56
1778
59l2
17
59l2
*5378
58
85
*8478
88i4
87
85
934
934
60
60
2%
2l2
8
7%
1034
1034
3%
3
10U
61i2
9%
58
984
59
2i2
7%
2i2
2i2
7
7
113s
3%
16%
10t4
3
11
51t2
943g
*25
5134
51%
9478
32
m
«•
-
98
24l2
46l4
30I2
1678
47
-»
:
~
26,400
*5478
*86i2
58
9%
61
2i2
*73s
10%
3
'
Jan 19
50
No par
Jan 20
534
Jan
110
3i2 Apr
32i2 Apr
57
105
106
Jan
2
Apr
26i2 May
Apr
32i2 Apr
88
6
17
4378 Feb 11
30>8 July
4418 Nov
135$ June
Aug
'193$ "Oct
Jan
33U
33s Sept
Sept 27
115
Feb 17
200
"2~600
1,600
20
473s Mar 11
141
Mar 11
70
Sept 27
96
2
Sept 25
5% Sept 27
4*4 Feb
9
2
June
15
Jan 12
1*8 July
55s Jan 22
3i8 Apr
Apr
24% Aug
28% Jan
par
10
9% Sept 24.
No par
l%Sept 11
26% Sept 27
Northern.. 100
6
27
7% preferred class A
26*2 Apr 17
25
Hall Printing
10
30,000
4,206
150
14,600
700
7,200
100
500
28,200
9,700
2,600
400
17,500
103
98
94
5
No par
100
Homes take Mining.
23
110
12.50
Class B._
com
15s July
Jan
9
24
6
9U
30i2
8
30
Jan
Jan
7
33
June
36
6
July
5% preferred
v
Jan
62i2 Oct
347$ Deo
Dec
12512 Nov
105i2 Mar
6
May
May 22
Sept 24
Sept 27
Sept 13
6
Aug
43% Sept 25
6
30i$
Jan
Hudson Motor Car
120
Jan
12
Jan
107
Feb 26
104
Nov
115
8
Jan 14
45$ Apr
995$ Dec
125s Aug
9
Mar
133
Mar
117*2 Aug 13
1578 Jan 25
9
117
May
141
Jan
Jan
6
150U July
25i2 Apr
165
Deo
395s Feb 11
185
84
Jan
150
Deo
2
126
Aug
135
Apr
63s Sept 15
67*4 Jan 21
111
37
Jan 19
June
587$ Sept
102
Sept
52*4 Feb
30i8
Jan
June
9
Jan
33*4
19U
Jan
427$ Dec
50i2June 29
Feb
115
407
Dec
544
41
397$ June
22U July
33
73
Jan 11
543$ June
94
8i2Sept 27
58
Sept 29
100
23s
678 July
Oct
1
1
984 Sept 27
278 Sept 25
No par
5
17% Jan 22
90% Mar 10
57a Jan 21
1578 Jan 21
23% Feb 17
14% Sept 27
38
31
200
6% preferred series A... 100
28
Sept 29
67% Mar 11
30
June
51
52
51
51
50
51
450
11
50
72
Jan 20
58
Jan
11
Sept 15
*9%
10%
10%
190
Leased lines 4%
RR Sec ctfs series A
251? Mar 11
11
May
•
Bid and aeked
prices;
no sales on thla
day.
934
t In receivership
o
Def
delivery,
a
New stock
1
r
...100
.1000
Cash sale
9% Sept 25
s
Ez-div.
y
Feb
1785s Nov
29t$
16
*29
100
Feb
Mar
185$ Apr
17
32
Hupp Motor Car Corp
4414
225, Nov
*29
934
Oct
Oct
6*$ Jan
48*4 Jan
3i$ June
8*2 Apr
13i2 May
3i8
165g
Illinois Central
Dec
Mar 20
t 0..25
Jan
30
9l2
124
108
15%
9l«
49*4 Deo
108
30*4 Mar
43% Jan
114*4 Mar
28
*914
Jan
Feb
120% Jan
52
9%
80
119
4
30
13,400
Oct
3
52
9%
41
Feb
135% Feb
*29
13,300
Jan
Feb
53
318
163s
21*$
Jan
126
33
3%
135i2 Deo
I8I4 Nov
166
*29
3%
Deo
Feb 26
*52
16i2
55
Nov
17«4 Jan 11
140
2778 Feb 11
100
5% preferred
Aug
June
58% Mar
52
15%
37
100
205s Feb 10
16% Sept 25
55
Sept 25
85
Sept 28
5
Manhattan
Deo
Deo
19*4 Mar
32
16
4*4
66
Jan
30%Sept 24
Howe Sound Co
Hudson A
4*4 Jan 11
17% Mar
69i2Mar
34*4 Feb
par
stk. No par
-.100
Houston OH of Texas
Oct
11% Mar 18
59
No par
Houdallle-Hershey cl A.No
Household Fin
177$ Nov
zl04
32% July 13
24
Sept 25
98
Sept 30
16l2Sept 25
preferred..No par
conv
Dec
Jan 22
23% Sept 11
Sept 27
No par
14*4
8
Feb 18
458 Sept 27
preierred
397$ Nov
167s Feb
108
123
Hlnde A Dauche Paper Co. 10
Holland Furance
No par
Apr
105
Aug 11
50
65
22
9
25s Sept 10
No par
Hershey Chocolate
60% Mar
May 14
June
90
125
64% Mar 10
39% Mar 10
15i2 Dec
9978Septl3
9% Sept 27
9638 Aug 25
..100
Jan
Oct
Oct
4214 Deo
14912 Aug
32
2
No par
No par
136
Deo
62i4 Nov
223$
46*8
Jan
25
140
Jan
44
Jan
Sept 10
25
Jan
31
z255s Nov
6
9
..100
32%
Deo
14
128
Hecker Prod Corp v t c.No par
Jan
Deo
145$
96i2 July
4i2 Feb
llU Mar
6*s Jan
Feb 16
2
30% Oct
w W....100
16
1057$
'
31
Sept 25
25% Apr
1
Helme (G W)__
6%
8
June 29
1
Apr 13
Hazel-Atlas Glass Co
conv
25% Sept 25
100
6% preferred
$4
Sept 13
28% Mar 8
5634May 20
42% Jan 2
145% Mar 2
16
Dee
3178 Apr
Dec
8i2 Apr
Oct
35i2
86i2 Nov
216$ July
zlOO
Nov
118
Jan
Sept
Jan
July 21
50% Sept 14
2334 Sept 25
10% Sept 25
Feb
77
132
Motors
Feb
Feb
Jan
6I4 Nov
5
Sept 24
6% cum preferred
Rights
7i2
10U
37$
116
Jan
30
Hercules
Deo
135s
Western Sugar.-No par
Hercules Powder
Jan
56
74
5
Preferred
55U
60% Mar 11
1
Hat Corp of America cl A
11,100
Dec
87*4 Mar 11
8
6H% preferred
Hayes Body Corp
92
67a Feb 25
8i4 Feb 19
8
Aug 25
47% Jan
10
Oct
1312 Jan 18
6% preferred
....100
Hanna (M A) Co $5 pf. No par
Harbison-Walk Refrac. No par
10
58
2%Sept 13
Jan
27ij Nov
84
62% Sept
Sept 11
100
90
Jan
3712
6
60
*56
9
6*4
5U2 Jan 28
6% preferred.
100
Water........25
3,200
17
1
68% Jan 18
Sept 25
Deo
Deo
Aug 30
45
96% Sept 27
Hamilton Watch Co...No par
31
24
*29
14%
89
31*4
July
31%Sept 27
27
500
17
Sept 25
Sept 25
par
preferred
Deo
3334 Jan 25
par
preferred-
Dec
Deo
71
Sept 25
7
*51
15
478
48%
Sept 24
23
Sept 25
6778 Sept 27
6
Feb
Deo
118% Mar
4
12% Sept 24
62
Sept 27
100
June
6*$
4878 Jan
70'4 Feb
48% Feb
...
*7%
105s
Sept 24
Sept 27
Holly Sugar Corp
7% preferred
2*2
8
1078
2
3034Sept27
1458Sept 25
36i4 Sept 24
3,300
238
June 28
22
24
2i2
65i8 Feb 4
117% Jan 22
No par
No par
24
88i4
10
53s Jan 13
1
par
Hollander A Sons (A)
6184
8
104
1
pref series...No
2,500
9%
17$ Sept
25l2 Oct
1
'
"2,400
*30
11%
110
Hackensack
'«*•
17i2
8
105% Sept 25
par
27*4 Feb
300
m
Nov
69% Deo
15*4 Deo
Jan
Motors
Gulf Mobile 4
800
Aug
77
Jan
Sept 25
6
96
6084
123
1231$ Nov
5*4
Sept 14
8%
Oct
Jan
Jan
185$
2
conv
Feb
71
70%
Jan
No par
100
18U
88%
4*8
Oct
537$
118
1
1
Guantanamo Sugar
93s
10
16
70% Feb 11
1225s Feb 2
14
30
30%
88%
i
1
9
Greyhound Corp (The)-No
2,100
7%
63
July
Feb
1
300
1%
48
May 1
46i2Sept 24
124
Dec
Mar 20
preferred...-No
2812
98%
18i4
4678
117
Preferred
100
Green Bay & West RR Co. 100
Green (H L) Co Inc...
1
rn *• «■ *•
'«.
conv
*110
*110
July
Great
400
18%
Jan
58
Gt Nor Iron Ore Prop. No par
Great Northern pref......100
3" 200
94i2
98
14
6578 Jan 18
1
Granite City Steel
32
183s
24%
64% Jan 29
Sept
19
No par
No par
Grant (W T)
1,700
*25
98
8
56% Sept 27
46
par
13
24,300
*93i4
2734
Jan
15% Feb
Grand Union Co tr ctfs
1,000
27l2
78
60% Jan
Granby Consol M S & P
600
51%
28%
384 Jan 18
Sept 27
preferred
conv
Graham-Paige
2,700
9,500
16
100
25
Sept 27
No par
Preferred
60
*125% 154
94
87
96
*8%
15
33,400
3284
132
Brothers
Gotham Silk Hose
3,600
200
95
55
*73%
93s
*128
Nov
Sept 25
6% preferred
No
Goodyear Tire A Rubb.No
"4,300
3%
50
55
*8%
132
44
7
100
Goodrich Co (B F)
2,500
3034
Feb
12
Gobel (Adolf)
Goebel Brewing Co
7,300
2,500
*125% 154
*125% 154
24%
24%
24% 24%
23%
23%
123
127
129
130
125
128% 130
127%
*127% 133% *127% 133% *127% 133% *128
133
*128
133
5
4%
5%
538
5%
5%
5%
5%
4%
5%
*2134
4J^%
2,700
3%
3%
50
24%
*128
30%
33*8
30
Gold & Stock Telegraph Co 100
7
*9784 100
Dec
9
1
16 preferred
Glldden Co (The)
3,900
*99% 105
*101% 105
*101% 105
934
984
9%
9%
9%
9%
95
24
10
55
44i4 Feb
29
90% Mar
700
238
*25% 29
*273s
28%
*31%
32%
10
*9%
2634
2634
*102% 104
152
70
35
7%
59% June
Jan
Apr
No par
Gen Realty & Utilities.
Glmbel
17,900
Oct
60*8 Deo
128*4 Nov
Jan
Dec
140
88% Feb 23
293s Mar 9
14%
*1%
*28
8%
*27
31
9
*634
32
104
*8
8%
26%
1%
35
32%
26
129
*6%
2638
*184
*28
29
101
*128
2
35
*26
32
132
*184
*28
*31
*102% 105
*128
*23%
*27
33%
29%
32%
8%
8%
2
35
*100% 101
31%
14%
Jan 13
2078 Feb
7,300
3934
31%
135
*133% 13434 *133% 13484 *133% 13434 *133% 135
58
58
58
*5034
58
*50»4
58
*5084
*5034
25
2484
25
25
*26
24%
25% 26
2634
11%
13
11%
12%
11%
12%
13%
12%
12%
9%
*9%
9%
9%
9%
*9% fc9%
9%
9%
*133%
58
*50*4
14
14%
152
Jan
701$
1034Sept 24
31%
*21
65
16
4,100
2%
Deo
65
6%
238
Jan
28
General Tire & Rubber Co.. 5
80
*70
11*4
Jan
Gillette Safety Razor..No par
15 conv pref erred ...No par
600
100% 102
212
Oct
5*4
12,200
49,600
2%
7
"7,700
30%
*70
Deo
Nov
155
141
34i2
17
500
2%
6%
2%
1434
76
20
Jan
4
Feb 11
153
17
28% Sept 20
22" 900
80
2%
104% Apr
Jan
Apr
Apr
10*4
49
30
3%
6%
Feb
97
42'4
4
Gen Time Instru Corp. No par
100
6%
5
Mar
Gen Steel Cast 16 pref. No par
Gen Tbeat Equip Corp.No par
2634
3134
Jan
86% Feb 17
19% Jan 14
Nov
105% Aug
177$ Nov
14*8 Nov
1265s Mar 31
62% Jan 23
420
70%
102
105%
30
Nov
64% Jan 21
113
Common
Deo
15% Dec
8i2 May
4
29
27
27
27
78
5312 Feb
73$ Aug
lli2 May
100
14
20*4 Sept 27
33
Sept 25
.
Jan 16
32% Mar
16 preferred.
..No par
General Refractories...No par
5,900
33
106U Jan 28
19% Feb 1
15% Mar 9
25
27
Apr
x39%June 21
27
1,100
4,200
"26"
6%
45s Sept
Sept
26
Sept
101
Sept
25% Sept
110
Sept
4118 Sept
3314 Sept
l%Sept
12
No par
6% preferred-
l's'ooo
*69%
29%
30%
10
Sept 24
Sept 25
12' ®4 Sept 27
Gen Outdoor Adv A...No par
No par
71
101
100
No
2734
6%
preferred
Gen Public Service
"26%
31%
No par
Gen Railway Signal...No par
10
*70
101
No par
8,500
27%
6%
Foods
3,600
3
334
♦
100
..No par
General Printing Ink
J6 preferred
70
70
80
63S
2
334
100
100
238
6%
3
4
334
*
30%
102%
6%
2%
3
2%
2%
100
293s
96%
6%
*
253s
68%
28%
99%
234
334
9
f6 conv pref series A. No par
General Mills
No par
3,100
2,700
.
3'
5
100
No par
preferred
"8 Sept 25
Aug 2
-
9.v
No par
preferred
Gen'l Gas <fc Elec A
....
2%
cum
.
47
No par
General Cigar Inc
200
35
Cable
7 2Sept 27
par
$8 1st pref erred..... No par
General Bronte
5
General
58
}Sept 25
93 zSept 11
5
No
11,300
10,100
49%
50%
48%
4984 143,700
600
117% 117% xll6% 116%
35
preferred
General Electrlo
*38
59%
118
S6
88,200
1%
Sept 27
17
No par
$6 pf..No par
3
Gen Amer Investors—No par
190
45%
3334
2'4Sept 10
63j Sept 27
29
10
Gen Am Transportation
General Baking
100
900
28%
conv
.
Gar Wood Industries Ine
...
"5,700
no
43%
33%
1%
50
Gannet Co
115
28%
121%
preferred...
Gamewell Co (The)
4,500
5,400
8%
9%
9%
*94% 100
115
S3
400
8%
9
9%
9% •s 9%
9«4
9%
*94% 100
*94% 100
*94% 100
48
48
51
51
51
47% 4834
4834
50
51
9%
9%
9%
984
9%
9%
9%
9%
9%
934
*115% 129
12834 130
*115% 129
*115% 129
*115% 129
6
5%
534
*5
4%
534
5%
6
534
5%
14%
1438
1234
15%
1334
15%
16
1534
16%
1534
26
30
30
28
29
27%
32
31% 32
30%
25%
34
1*4
8%
7%
*90
41%
*38
30
3%
73s
Oct
Feb
Nov zl35
26
3%
Feb
97*4
355s
2312 July
108
25
3%
Dee
.
183g Jan 12
*12
3
Deo
105«4 Nov
585s Nov
Dec
Feb
Oct
5% Sept 27
10
100
401$ Sept
Jan
Apr
55
preferred
Jan
105
Sept
F*k*nSlmon ACoInc7% pf 100
conv
20%
9
Jan 18
Feb 19
413s Mar 11
58
19
6%
4
Highest
share % per share
per
98
90
Free port Sulphur Co
Mar
Mar
I
1
Francisco Sugar Co
550
4384
10878
455s
39«4
snare
90
10
conv
per
25i2 Mar
378 Aug
pref erred...No par
No par
Foster- Wheeler
S
Lowest
358*3^24
100
pref
conv
Aug 23
23s Sept 10
Machinery Corp—.100
4^%
$7
"e^oo
5%
31
t Follansbee Brothers..No par
96
"5%
5%
67
2484
105
105
*
94
"5%
.534
66%
38%
Fllntkote Co (The)
Florehelm Shoe class A.No par
94
*55
First National Stores.-No par
24% Sept 27
98
Sept 25
36
Sept 25
38
23
37%
25% Sept 30
6% preferred series A... 100
32
19
38%
par
Firestone Tire & Rubber... 10
600
*34
3
Sions Co.No
7,400
*26
32%
3%
*89
36'8
share
per
27
41
2%
%
33%
30
3
Par
28
*37
234
Shares
27
36%
Year 1936
Highest
83%
27%
*25
19%
Lowest
25
*97%
185$
Week
% per share
1937
Range for Previous
On Basis 0/ 100 Share Lots
33
32%
3%
19%
'
Ranee Since Jan. 1
STOCK
36%
98
2534
1
Oct.
YORK
2,
EXCHANGE
99
2634
99
37
36
25
the
*70
83
32%
*21%
26%
25
Friday
32%
83
84%
32
*31%
♦20%
26%
36%
18's
36%
*27
;
Thursday
f per share
26
26
23%
84*4
*3l"
*
Wednesday
Oct.
137$ Dee
65
Deo
57$
17*$
Feb
Jan
414 Aug 17
Mar 17
Ex-rights
Oct
54*$ Sept
73U Oot
20
Oc^
1 Called for redemption.
Volume
AND
LOW
New York Stock Record—Continued—Page 6
145
SALE PRICES—PER
HIGH
Sales
NOT PER CENT
SHARE,
STOCKS
NEW YORK
for
Saturdai
Sept.25
Monday
8 per share
Thursday
Sept. 27
Wednesday
Sept. 29
% per share
S per share
% per share
% per share
97s
9*4
934
*9%
28
31i4
110
*103*8 HO
♦
138
*
"95"
10
9*4
31
28*4
28*2
*101
103
10
30*2
103%
102
106
*130
138
*130
93
9434
92%
95
89%
91
16
15
16*4
15*2
4%
5*4
*43s
16*4
4%
5*2
5%
13%
1534
15*4
16*4
14%
15*4
4*2
4*2
4*2
4%
4*4
4«4
4*2
458
4%
5
4%
4%
4%
434
35
35
*34
35
*
103
J"3>"2
14*4
36s
"4"
4*8
1284
3»4
35
*
104*2
4*4
15
1234
35g
37s
5%
34
34
35
4%
35
35
35
35
104% *100*2 104*2 *100*2 104% *100*2 104%
434
4%
5
5*8
*4%
"4%
4%
458
15*8
14%
15%
1434
14*4
15*8
15%
4
4
4
4*8
4%
4*|
/3%
4%
36
37%
36
37*2
37*2 *35*%
35%
37*2
146
147
146*4 146% 14634 146%
145*2 147
34
34
33*2 33*2
14534 14534 144
144*2
91
94
92
91
9334
95%
95
97*4
8884
88*2
91% 9434
152
*151
*151% 152
*149% 152
*146*4 152
*149% 152
*14978 152
8
8
7%
7
8
8%
7*4
684
734
8%
7%
8*4
6*8
5
6*4
6%
6%
57«
.584
6*8
6*4
634
6*2
6*2
9*4
9*4
9
9%
9
8%
8*2
884
9%
9*8
51%
52%<|
52%1 *132
preferred
Inland
4,400
38,800
3,800
3,200
1,000
Inspiration Cons Copper
20
Insuranshares Ctfs Inc
1
t Interboro Rap Transit
d Interchemlcal
6%
«•
Corp—JVo par
preferred
No par
No par
Iron
Internat
Agricultural..No par
Prior preferred
100
800
Int Business Machines.No par
Internat Harvester
No par
1,400
17,700
Preferred
189
Feb
Dec
4934 Sept 24
l27%May 27
738s
1353^
62
23,300
4*2
5%
20
4*8
*35g
100
Voting trust certifs.-No par
47
47%
21%
550
5%
43
Preferred
100
15
No par
Class C
43*2
22
41
22
*20
40
23
41
40
29
30
30
31*2
*32
81
81
*82
86*2
*82
*
15
8
7*g
155g
877s
758
7*8
1558
*20
22
*40
40%
17*4
87%
18*4
86
8778
8*8
87%
60"
96
13
13*4
*13
14
2634
*25
25
25
132%
47
Oct
Mar 11
15
Apr
81
110
110
Feb 19
50
June
40,800
100
No par
Interstate Dept Stores. No par
80
8
18%
83
110
14%
7%
800
100
102
99
Sept 25
Sept 29
7i8 Sept 25
15
Sept 27
preferred
Inter Telep & Teleg
7,700
Preferred
$6
Oct
1578 Feb 19
preferred
Kalamazoo Stove & Furn_..10
18
1734
*90*4
93
*90*4
12
12
93
13
12*4
9*2
878
*99
100
19
*90*4
93
115s
884
884
*99
19
17%
13*4
101
101
*90
93
13*4
934
44*4
4584
445S
47
46
4734
44
46*2
1134
1178
117S
12*4
12%
12%
12*4
12%
28*2
29
30
32
35
32
32
33g
35g
35s
*32
*3%
3*2
334
334
*25*2
*27*2
40
18
19
19%
20
19
19%
19%
20
20*8
20
20*2
20
20*2
20%
21
6%
*29*2
634
7
*29l2
7
34
34
7*2
*7
7%
30
30
18
18%
18*4
1834
28*4
18*4
15
12*2
1212
11%
11%
10
22
183g
20
21
20
20
7*4
29*4
18%
11*4
600
11%
$8
■
800
20
20
22
*20
22
18
*10%
11%
11%
Kinney (G R) Co
710
7%
2934
18«4
18%
•«.
No par
1
No par
Kimberly Clark
8,000
29%
18%
*7
7*4
29%
800
20*4
20*2
19%
29%
8
18*2
183g
*1212
*1834
40
No par
Kennecott Copper
Keystone Steel & W Co No par
1,100
40
*20"
1978
1
B
Kendall Co $6 pt pf A.No par
20
3%
*._.„
19
*26*2
Class
2,800
31%
3%
20%
40
Kelsey Hayes Wheel conv cl A1
4,000
*30
100
preferred
.--5
Keith-Albee-Orpheum pf._100
73,800
3%
100
Kayser (J) <fcCo
2,200
45%
40
*26
900
12%
18
40
4%
City Southern
Kaufmann Dept Stores.912.50
1,100
12*4
20
*25
900
45*8
32
*3*2
101
*100
46%
12%
*30
334
13*4
10*4
13%
10*4
10
Kan City P <fc L pf ser B No par
Kansas
93
*90
13%
44*2
12%
18*4
18*4
101
*100
100
100
19
13*4
934
13%
9*2
934
9%
101
19
18%
93
*18%
*90*4
100
7,900
260-
preferred
5%
Jan
2
6
39i2 July
19%
Jan
48% Aug
85
17
5
Mar
938 Mar
29% Jan
*9
12
*9
12
15l2Sept 26
978 Sept 13
17
17
17%
17%
17%
4,500
Lee Rubber & Tire
5
15
Sept 25
20*4
20*2
22
21
23
22
23
23%
23%
23%
23%
2,500
Lehigh Portland Cement...25
20
Sept 25
51% Feb
110
*108
110
*108
110
Sept 24
7,800
Lehigh Valley RR
1%
4,300
2,800
Lehigh Valley Coal
100
50
No par
50
No par
108
9%
15s
1*2
634
6*4
313s
9%
9
9%
1*2
1%
1%
1%
1%
7
7*4
6%
7*4
34
7
34
13*4
33
121*
31*2
121*
12*2
1234
1234
13*4
35
35*2
35*2
35*2
35%
35%
35%
55
5534
54
56*2
56*2
58
5534
125g
255g
12*«
25*2
*87
91
88
90
*159*4 161
19
19
37*2
40
48
49
20
21
65U
667s
104*2 104*2
1%
13g
38
38%
4*j
4
26
26
*105
106*2
19
19%
*125
13.534
17%
17%
70
70*2
23
24
29
—
—
-
12%
25*2
-
12%
25%
1234
25%
♦108
10%
1%
3334
7*4
34%
13*4
14
7*8
110
9%
13s
*7
33
*13*4
*36
37%
36
*58*2
36*4
57*2
59%
*58
7*4
33%
Lehn & Fink Prod Corp
36%
1,500
Lerner Stores
59
5,600
10%
11*8
26
26
26
93
♦91
90%
93*4
92
160% 160*4 *159
94%
93*4
161
19%
19*8
18%
18%
41*2
41%
41
41
*49
52
*50
52
7,800
1,400
J*....*.*
-
5,200
Liggett & Myers
Series
B
Tobacco..25
...25
100
Preferred
400
1%
1*4
1%
1%
1%
1*4
41
40
40*4 40%
40%
4%
4*2
4*2
4*2
434'
4*2
26
25% *2534 26*2
2534
25% •125%
26*8
106%
106% *105
*105
106*2 *105
106% *105
106% *105
20
20
195s
1934
19%
193s
19%
19%- •;i9%
19*4
*
133
135
*125
135
*125
135
*125
134% 135
18%
18
18*8 *1734
17%
18%
1734
17%
17%
17%
70
72
73
71
73
72%
71%
71
7234
70*2
29.700
1,700
1,700
Louisville Gas A El A ..No par
24%
5,400
Ludlum
1%
1*4
13g
38
38%
39*2
40*2
4
4*4
26*4
4*4
25%
4%
1*4
*26*4
25%
28%
26
*26%
26%
28%
25
25*2
♦26*4
28%
24%
25%
2 884
28%
24*8
*27*2
30
$6.50 preferred
29
29%
29*4
31
32
32%
30%
313s
31%
32%
3034
36*2
373g
36*4
38
37%
38%
36%
38*2
38%
39%
38
*1184
12%
*32
37*2
12
12
11%
32
32
31
31
3%
*3
3%
4*2
10*g
10
3%
*2%
9
3%
♦2*4
3%
4*2
10
15
*9*4
10*4
*8%
11%
*8*2
14
14
14
7
6
*10
12
14
10
*10
63g
15
*14
2*4
2%
8
8%
1*4
*1
*5%
*10%
*1%
6%
*14%
2%
15%
7%
1
2%
9
*6
9
11%
12
12
2%
6*4
*14%
2%
8*4
1
*8%
*14
*1%
3%
4*2
10%
15
12
18
6*2
15
*11%
12
12%
12%
*12*4
12%
33
33
32
32
*34
35
3«4
3%
*2%
4%
12%
*2*2
3*2
♦2*2
10%
10%
*10
15
*10
*10
*8*2
*13
6%
*14%
4*2
11%
27%
6*2
15%
2%
8*4
*8%
*13
6%
*15
234
20
300
5,100
13,200
100
127
100
1
10
MacAndrews & Forbes
No par
preferred
No par
Mack Trucks Ino
No par
...No par
Gard.-No par
Magma Copper
10
X Manatl Sugar
100
Certificates of deposit-—100
Preferred....
100
Pref ctfs of deposit
.100
Macy (R H) Co Inc
37*4
36*8
36*8
28
28
155
*142
47*2
7
6%
7*8
*30
34
44*2
*97*2 104%
*30
30
*30
49*2
7
30
30
44%
*97% 105
13g
690
28%
155
28*4
155
434
37
27*2
*142
50*2
50*8
51%
51%
7*8
7*8
7*8
7*4
30
44*2
*97% 105
*30
28
*142
*32
28
155
52
7*4
*32
45g
*27*2
*142
28*2
7*4
7%
34%
*31
*30
44%
*30
*30
90
300
1,100
1,000
2,500
155
52%
*30
*97% 105
37
*51*2
*30
34%
44*2
*97% 105
36*2
34%
44%
Marine
Shirt—.——.25
Exploration.. 1
1,800
1,700
200
Midland Corp..----5
Market Street
6%
10
120
Bid and asked prices; no sales on this
day.
a
100
preferred
6% prior preferred—...100
6% 2d preferred
100
Marlln-Rockwell Corp
1
Co...No
Co
No
Masonlte Corp
No
Mathleson Alkali Wka.No
Martin-Parry Corp
par
1
par
par
par
July
285s Feb
7
175s Sept 30
70
Sept 13
99
4134 Mar 11
36
Feb 11
2212 Sept 27
2884 Sept 30
127% Aug 10
29
Sept 25
132^2 Feb
62'4 Mar
68I4 Mar
36i4 Sept 24
'i,6 Sept 1
10%June 14
31
Sept 27
9
8
8
Dee
10878 July
Oct
45
Jan
May
113
Sept
21'8 Apr
140
Dec
20
May
57'2
Jan
22U July
33
127'*
Oct
778 Jan 12
4i2May 14
9
Sept 27
10% Sept 10
12
Sept 2
14
Sept 25
Sept 27
15
Sept 24
2i4 Sept 13
778 Sept 27
1
Sept 10
7
Sept 8
12
Sept 16
l'2Sept 14
33
Sept 24
17
Sept 25
14'2Sept 20
4% Sept 25
35i8Sept25
27'4 Sept 25
Jan
Jan
1558
Jan
Jan
57
Nov
9
7
Jan 11
Dec
7%
Jan
35% Deo
21% Apr 6
167a Jan 11
7
June
Jan 14
32
Dec
57U
127s
Dec
23*4
Feb
17% May
2U Jan
8'2 Apr
2484
Deo
39
20'
30
17
13
3'2 Mar 29
16i2
29%
634
14i4
Jan
Jan
Feb
Feb
20
Jan 21
39
Jan 20
67s Mar 27
6184 Mar 4
30% Mar I u
l's Jan
6'2 July
1834 Jan
2% July
41
11*8
May
Jan
29% Apr 30
137s Jan 10
Feb
8
18
Nov
Jan
684 Mar
12«4 Aug
3*8 Mar
23
Nov
45
Nov
7*2 Deo
56*2 Nov
25'a Nov
"12"
Mar
5
4134 Jan
6*2 Apr
74
165
Jan 25
27*2 Apr
1537a Jan
43*4 May
13*2 Apr
43*2 Dec
Jan 13
Jan 13
44
Nov
pref—...No par
97
July
8
111
Jan 22
103
Jan
6-% Sept 13
28
Sept 18
Deo
Mar 30
30
45
Cash sale,
42
134*8 Nov
49U Oct
6514 Nov
34%
15a
44
May 17
46% Sept 25
from Intern atlonal
Feb
Apr
3
r
Oct
Oct
35
8&8
June
Newatock.
Jan
30'4
1023s
40'a
35
n
Jan
151
Jan
Jan
$3 preferred ex-warr. No par
Del. delivery,
26'2
2738
142
SO 1st cum
83s Mar
H8 Aug 12
1538 Jan 20
63
Mar 10
3% Sept 11
6
Mar 17
107
7% preferred
100
May Department Stores...10
Maytag Co
No par
13 preferred w w
No par
*97*2105
t In receivership,
100
Ry
d Change of name
•
100^
Maracalbo Oil
36%
36*2
37
7
*1*8
Manhattan
37
4%
46*2
12,100
Martin (Glenn L)
*4%
27*4
4,000
8*4
MarhsaU Field A
5
*142
2%
8*8
12,300
5
47
15%
2%
Modified 5% guar
12,000
5
155
4,700
18%
434
16
46%
7%
18
17%
16*2
*142
No par
t Manhattan Ry 7% guar. 100
18
18%
15%
*36*2
Madison 8quare
Mandel Bros
30
May 12
8
14734 Jan 20
2884 Jan 13
Steel
17%
33
17%
35%
27*4
220
4314 Jan
2534 Sept 23
Aug 2
19
Sept 25
21
110
Louisville A Nashville
18%
4%
33
19
4*8
1,200
1,300
1,300
378 Feb
105
preferred..-.
7%
*28%
16*4
l04% Feb
*3834
*1%
32
8778 Aug 11
Jan 23
8
*12
16
~67%
2678 July 26
110
100
—.10
preferred.
6%
7
18
Deo
Lorlllard (P) Co
13*2
2*4
36*2
18%
16*4
55
9,500
7
18*2
Apr
Feb
63i2 Nov
1,300
13*2
15
43
Jan
Feb
2
17%
July
2578
Deo
9
16
23U
19
36
358
13%
18
Apr
5
83% Feb 16
63
Aug 14
23%May
6178
7*4
*15*4
*1%
Jan
Deo
Jan
2
2*4
170%
Jan
12%
9
1161s
Oct
160
Apr
12
13%
2*4
Jan 13
Jan
9784 Mar
Jan 28
175
'
33s
27%
*7
114
May 20
Nov
31Jan
115
35'2
*11%
*6*4
Mar
IO84 Jan 26
2
9
*1%
May
97
13
75U Mar 11
13%
13s
25
Nov
80'4 Nov
Sept 13
*5*8
*11*4
*1*8
33
35%
27*4
2%
8*4
1%
6
4
Aug
113% Feb
65
Sept 23
*1*8
8
May
June 22
8
15*4
5
15*4
9
*8*2
*13
7
1
2%
17
4%
7
*
4*2
11*4
Jan
47%
2
29
25% Sept 14
89% Sept 24
88
Sept 25
151
3878 May
163s Mar
4
8*4
13s
2%
33
12%
12
27%
11*4
Oct
12334 Nov
2134 Nov
38
2%
8
*28
*28
4
334
3*2
Feb
19
No par
Inc
Rights
12
Oct
4
96s
9
Nov
22
Apr
2
Jan 16
79
180
Jan
July
8%
Jan
585s Jan
Feb
18% Nov
1884 Deo
45i2 Nov
2634
Long Bell Lumber A...No par
Loose Wiles
Biscuit
25
Loft
6%
31*4
38%
1
Jan 18
50% July
Lone Star Cement Corp No par
4,800
5,800
*126
*126
*126
*127%
*127*2
40
Inc
Loew s
Apr
94'2 Apr
May
104% Sept 25
106*4 106*4
104*2 104*2
July
15'2
12
No par
Liquid Carbonlo Corp .No par
23,300
21*4
*
12
89
No par
400
4,400
72*4
71%
Jan
7%
1
1
213s Feb 11
37i2Sept 25
48
Sept 25
20
Sept 24
64% Jan 4
21%
69
Jan
12*8 Sept 25
35
Sept 13
54
Sept 27
938 Sept 8
*1834May 28
No par
70
71*4
Jan
3378
June
18% Jan 18
43'2June 10
Lima Locomotive Wks.No par
21
69
Feb
384
Lily Tulip Cup Corp...No par
21*4
69%
Nov
28
245s Mar 17
700
-71 s4
7234
106*4
10534 10534 *104% 107% *106
65%
203
2,500
Link Belt Co
Deo
51
Sept 13
313s Sept 25
5
Llbby McNeill & Llbby No par
Life Savers Corp
5
100
135
6
No par
Corp
Feb
8*4 Sept 27
1% Oct 1
Llbbey Owens Ford GI. No par
11
*92*4
6% conv preferred
Lehman Corp (The)
7,100
1,700
ill
12%
*25*2
*89%
9034
4% conv preferred
14
£25%
12%
26
92
*89
91*2
92*2
91
93
91
92%
*159*4 160*2 *159*2 160
*159*4 160
19*4
19*2
19*4
*18*2
19*4
19*2
41
41
40
41%
41%
38*2
52
*50
52
51*8
52% *49
20
21
20*2
21%
20%
21
22%
29%
*127%
12
25*2
*88*2
8884
33
9%
1%
7
33*2
3134
1212
110
*108
9
1&8
1734 Mar
18% Nov
Apr
1578 July
2778 Mar 11
20
No par
—No par
Nov
45s
6
12
9*4
323a Nov
32
16*4
8*4
61
4112 Jan 14
17
*108
Jan
2778 Jan 14
*9
9*2
Deo
738
10
Sept 29
18*4 Sept 27
16%
110
46'2
2414 Jan 14
10
884
Oct
Jan
June 14
17*4
*108
2458
3534 Aug
19% June
20% Apr
*9
Oct
6338 Nov
7478
Jan 13
1634
Jan
Jan
107
20% Apr
6
2
10
Nov
2838
247s
378 May
30
Apr
47i2 Jan 23
Mar
Feb
33U
18*2
1578 Jan 16
147
Jan
36'4 Nov
110
1734 June
Feb 30
71
35i2 July
Feb
28%
4
10
8
14
30
Dec
Dec
87
19i2 Jan 14
20i2 Mar
4634 Apr
Jan
19'4
17%
233s Feb 11
6938 Mar
Deo
80
Jan 14
109i2 Feb
Jan
2378
27U Jan 18
110
16*4
Lane Bryant
Apr
Apr
26
1558
Lambert Co (The)
SO'4 Deo
121
*9
5,300
Dec
Jan
15i2
16%
Deo
133
Nov
16*4
16%
Dec
126i2
13
10
16%
Sept
933s Nov
152
116
16l2
16%
Feb
75*8 May
126
Mar 17
15
16%
May
Mar 17
*9
16%
Jan
12134
1512
16%
313s Nov
58%
44% Jan 16
6% Sept 14
May 11
28i4 Sept 29
100
preferred
2234 Apr
Feb 15
24
<
Oct
107
29
105
Laclede Gas Lt Co St Louis 100
160
Nov
121
Sept 10
19% Sept 27
18
93
19'4 Feb
3778 Nov
Jan
136
18
No par
10
Kresge Dept Stores
No par
8% pilfer red
100
Kress (S H) & Co
No par
Kroger Grocery <fc Bale-No par
15 prior preferred
Kresge (S S) Co
Nov
Jan
88
Jan
Feb
53ia
35
15
8
46
Oct
30
82
126
1
Apr
1H2
1058
243s Aug
113
Apr
Jan
155
24i4 Sept 30
115i2 Apr 8
9
Sept 27
175s Sept 27
22
Sept 24
17i2Sept 20
90
Sept 21
11
Sept 11
8I4 Sept 13
100 May 29
44
Sept 29
1134Sept25
28i2Sept 25
33s Sept 11
2SU Sept 29
105
103$
6
26i2 Jan 30
30
Apr 15
127
Aug 4
8718 Jan 6
Mar 18
600
*122
123
105
Preferred
120
3,600
123
IDs Sept
107i2 Apr
1
1134 Sept 24
2414 Sept 10
1 *116
Sept 23
No par
5778 Sept 27
95
No par
Sept 24
1
Johna-Manvllle
Jan
Jan
Apr
3618 Jan 18
No par
Jewel Tea Inc
600
6,800
83
100
Intertype Corp
Island Creek Coal
25
24%
2414
24% 24l2
*22U
*23% 24% *24% 24%
25*2 *23D
120%
11834 *118
120*4 *118
11834 *118
*118*2 120*4 *118*2 120*4 *118
11
11
11*8
11*8
9
10
10
10
10%
10%
10*8
10%
20
19%
*1834
21
19%
18*2 •■18%
17%
19*2
*17% 20
*175,
22
23%
23%
22
23%
22
*23%
22% 23
22l2
2212
22%
1784
23
4
52
10434 Oct
126
*123
Jan 25
2178 Oct 1
40
Sept 27
29
Jones & Laugh Steel pref.. 100
105
Jan
100
*13*4
*2434
*59%
61%
101% 105
105% *103% 106
126
*123
106
3
19%
No par
No par
80
125
Jan 30
Feb 16
Shoe
International Salt
200
May 25
160
125
105
Jan
International
100
123%
123*2
105
334
International Silver
preferred
10434 105%
123
105
Oct
O0t
6H2 Nov
Feb 16
600
25*2
*80
132%
*59%
60%
14
*245s
*80
Deo
10
800
83
83*2
83%
.
12*4
2634
12*4
*24*2
Deo
8%
41
7%
1734
19
18%
85% r»7%
14
14
14%
26
2634 *25
132*2
132% *100
13212 *100
132l2 *100
59
59
59
60
*57*2
577g
65%
99
97
100
98
101% 101% 103%
86
8934
8
48
17
Jan
Jan
1478
1&8
2U
80
36
*81
7% v"8*8
Internat Rys of Cent Am..100
663g Nov
136
Nov
68i2Sept 22
37
21%
40%
41
*32
$2
80
8*8
100
43% May
125% Feb
ilar 10
Jan 5
19% Sept 22
18
Apr 6
91, Apr 6
*32
22
40*2
32
38
«6%
734
16*2
46%
*21
22%
40*2
40*2
No par
5% conv pref
Jan
83,
57%
2834
4938
5*4
Deo
8
18%
6034
*4*2
47
10'2
Jan
64%
*22
Apr
Deo
Apr
Dec
61%
534
160
4%
61
*4%
Jan
133s
mmmm
*4%
148%
234
Deo
7
64%
*4%r7 534
*4*4*3 5%
44% g45
Jan 18
7%
9
62%
5%
105'2 Deo
1834
62l2
534
534
Jan
15% Apr
58*2
*4i2
45
194
5668
160
1678 Jan 29
Sept 25
61
*4*4
2284 July
Apr
5
8i2 Sept 25
58%
*434
4
Aug
162
14i2Sept 25
834Septl3
4i2Sept 10
58i4Sept 25
4i2 Sept 10
4% Sept 25
44
Jan
120
684 Sept 25
Inter Pap & Pow Co
Class B
5*4
Deo
18% Deo
578 Mar
5
Int Nickel of Canada..No par
45
578
Jan
958 July
278 July
1
36,600
43
Sept
Internat Mining Corp
89,400
4*2
4*8
Jan
4834 Nov
112
Int Mercantile Marine.No par
16%
43
2%
Deo
Jan
1878
Int Hydro-Elec Sys cl A...25
15*2
,1*64%
Oct
1078
3,400
6,700
17*4
*132
v__.
24U
778
Jan
5
Jan 18
6
20,600
16*4
51%
51%
;
6*8
33'8 Feb 23
lli2 Marl6
28i2Marll
913 Apr 14
63% Apr 14
15%, 1634
50%
*132.
Nov
Apr
17%
53%
Deo
122
37
15%
52%
*132
140
107
163s
53*4
Aug
8863 July
6
111% July 16
1434
60*2
*131
125
131% Mar
Sept 20
15*2
51*8
147
Deo
May
1412
50
*132
Feb
May
July 30
143
137
Sept 11
£86% Sept 24
14478 Apr 30
..100
15'8 Nov
4188 Nov
Jan
106
Feb
1334 Jan 20
64% Apr 20
100
100
Interlake
7,300
4's
2568 May
5
144
3% Sept 25
1234 Sept 25
318 Sept 11
32
Sept 11
100
Intercont'l Rubber
2,800
33,900
Sept 25
Sept 29
133i2Mar27
89% Oct 1
1358 Sept 27
4% Sept 13
4
Sept 25
34
Sept 29
Highest
I per share S per share
22'4 Jan 20
47% Apr 20
Sept 10
102
No par
Lowest
Highest
$ per share
share
28
par
100
Steel
per
9
No par
6%
*130
95
$
10
No
Ingersoll Rand
138
138
94
4
Indian Refining
Industrial Rayon
800
*130
138
Par
1,300
4,300
31%
106
100-Share Lots
Lowest
Shares
10*4
*9*2
31
31%
105
95
4*2
*
10
*3034
104
138
"9l"
96
14*4
% ptr share
Range for Previous
Year 1936
Range Since Jan. 1
On Basis of
STOCK
EXCHANGE
Week
1
Oct.
Sept. 30
10
*934
30%
31%
103%
the
Friday
Tuesday
Sept.2%
2185
66'4 Mar 11
15% Jan 11
423s Nov
163
Deo
70
Nov
21*2
Feb
65
Feb
50*2 Apr
110*2
Oct
Prl ntluig Ink 'Corp.
z Ei-dlv.
t Ex-rlghta.
1 Called for redemption.
New York Stock Record—Continued—Page 7
2186
LOW
HIGH
AND
PRICES—PER
SALE
SHARE, NOT PER CENT
Sales
STOCKS
NEW YORK
for
Tuesday
Sept. 28
Saturday
Sept. 26
$ per share
$ per share
18
18%
$ per share
Sept. 27
$ per share
Wednesday
Sept. 29
Monday
18*4
18
Thursday
Sept. 30
f
12
12%
13%
17%
13%
71
71
72
73
73
73
*70
83
21
*16
21
*16%
*15%
34%
21
*19
16
*15
*15%
16
16
15
15%
327,8
38%
26
26
33%
25%
3378
28
10%
9
97g
39%
9%
39
39%
9h
9
*80
10
*80
21%
21
94
70
73
*50
56
22
*85
70
55
7
30
*19'4
2H2
47l2
11U
46
10%
10%
39%
10%
39%
22%
20%
*75%
78
55%
55%
56
7%
7%
30
7%
28%
22%
51%
11%
*19%
75
22%
7%
30%
22%
*19%
50
51%
50
11%
12
10%
23
24
31%
*27%
McGraw Elec Co
233s
Sept 21
21
14
Sept 13
29
1034
40%
10%
20%
*79%
83
*56%
57
600
600
7%
6,200
28%
*19%
*50%
11%
29
2212
51
520
11%
32
*32
34
10,500
2,200
110
110
180
22%
23%
110
*96
98
*96
98
*96
98
83
82
90
85%
89
90%
87% 89
90
"88"
89%
*104
115
*101
115
*98% 105
*105
115
*105
115
7%
8%
8%
8%
8%
8%
8%
8%
8%
8;
*75
89
*1%
78
1
*%
*1%
18%
14
%
*1%
1%
18%
3%
2%
2%
18%
3%
13%
4
13
2
2
3%
22%
3%
1678
23%
17%
25
26
7%
*70
8'
74
16%
82
83
%
*1%
%
*2
21
20%
4
14%
21%
3%
13%
2%
2%
22%
16%
25%
7%
25
10%
512
5%
26%
26%
25
25
8%
30% 31%
*152% 156
*131
136%
*31%
32%
7%
*%
8%
*%
74%
25%
%
1
7612
26%
*110
114%
5%
5%
8%
8%
30
30
*75
91%
44
45
*103
106%
12
12
19
20%
8'
80
48
25%
26%
45
3%
8%
1%
7%
45
91%
92
92
92
101% 102
1%
1%
212
212
*104% 104%
19%
20%
50%
60%
7
99% 99%
*98% 100
18%
19
34
2%
34
23%
4%
10%
120
3%
7%
1%
6%
44
*99%
98%
17%
*35
2%
14%
40%
27%
14%
*23%
14%
42%
42
11
11%
*
98
10
28%
•130
10
28%
132
11%
12%
*140
141
*63
67
18
18
*51
55
*116
83%
14%
15
5%
♦
1,900
Monsanto Chemical Co
100
140
20,800
Mother Lode Coalltlon.Ato par
60,300
100
Motor
75
*73
76
*70
76
17
*16%
18%
900
64
66%
66%
66%
65%
107
107% *106
*106
107
8%
8%
8
8%
8%
1,300
9%
16
10
20
*103
106
*47
49
49
*46%
49
25%
25%
25%
25%
25%
17%
17%
17%
17%
18
109
108% 108% *108% 109
110
*107% 110
*107% 110
6%
27%
26
11
11%?
6%
11%
11%
200
4,200
2,200
18,500
1,000
500
5,700
17,700
6%
*6
106
105
11%
*91%
10%
27%
*130
11%
4,600
1%
6%
44%
92%
*92%
99%
98%
19%
99%
3%
8%
1%
6%
*98
27%
1878
*3578
278
*2434
14%
45%
14%
18%
*36%
278
3
12
98
10%
30%
132
13%
63
12%
*91%
10%
30%
130
12%
*136
40
3
12%
10%
31%
10%
29%
*130
1378
...
27%
14%
44%
12%
91%
93
130
40
*24
46
40
99
12%
*136
2012
3
15%
46%
13%
91%
10%
31
132
13%
...
*63%
*18%
67
19
*63%
18%
64
18
55
*51
55
*51
55
*116
*116
18%
...
82
86
87"
15
15
5%
*16%
84%
14%
534
86
15
18
17%
17%
5%
5
5%
16
18%
Bid and asked prices; no sales
on
15%
534
this day,
5%Sept 11
23% Sept 13
Sept 25
par
Nat Enam A Stamping.No par
Nat Gypsum Co
1
25
6%Sept 29
10
29% Sept
..100
3
100
Dec
57% Aug 17
3878 Feb 25
26% Feb 8
21
Apr
Apr
112% Mar 11
112 May 20
24% Mar 9
1078 Jan 28
21
107%
Oct
Dec
"32%
Nov
28% July
11284 Mar
107
Dec
10
Apr
24% Nov
33% Mar
877g Apr
35
Mar 17
25% June
38
Mar
28
3
Jan
Dec
Dec
Oct
112
June
18% Apr 22
44
Mar 11
26%
June
"36%
Nov
171
Jan 22
155
Oet
171
Deo
150
Jan 29
137%
Jan
147
Nov
54
Dec
July
32% Oct
9
1
7%Sept24
%Sept
6178 Jan 22
1484 Jan 14
1
70
Jan
2
24
Sept
3
110
5
Sept 24
8ept27
x8%Sept 10
29
Sept 27
85 Sept 20
1
4% % conv serial pref
100
No par
41% Oct
100
1
7
9% May
78 Jan
2% Jan 18
9
%8ept
100
t New Orl Tex A Mex
Jan
307g Dec
Deo
Mar
127
100
Nelsner Bros Inc
103% Feb
153
19%
15%
3884
164%
3784
107%
15434 Apr 26
National Tea Co......No par
Natomas Co
No par
Newberry Co (J J)
5% pref series A
8
Jan 18
3384 Jan 13
"47% "Oct
Jan 18
99% Aug
41% Aug
137
Aug
12% Jan
13% Feb
57% Feb
87
14
6
2
15
25
13
Sept 21
6484 Mar 10
%
Apr
3
Jan
57%
1978
74%
778
10%
3284
61% Deo
147a Feb
Jan
Jan
July
June
Apr
41
Apr
104% Apr
Feb
1%
Feb
78
Dec
75% Nov
133
Deo
12% Nov
13% Jan
60
Nov
64% Nov
Deo
Jan
83
Dec
Jan
33
49%
Oct
6434
*63
64
6
13%
3234
25%
25%
*5%
6
*11%
1334
*120% 122%
8%
1%
6%
8%
*134
8%
1%
6%
45
*45% 62
45%
92%
92%
*91% 93%
*91%
*91%
102% 102% *101% 103%
*1%
1%
*1%
1%
215
215
105
105
22%
52
8%
98
30
1,700
2,700
3,000
440
New York Dock
960
No par
5% preferred
t N Y Investors Inc.—No par
INYNHA Hartford... 100
Conv preferred
100
1,700
7,500
1NY Ontario A Western..100
N Y Shlpbldg Corp part stk..l
110
7% preferred
750
100
N Y 8team $6 pref
No par
$6 pref ctfs of dep...No par
140
360
$7 pref series A
73
1,900
f Norfolk Southern
700
Norfolk A Western
100
205
Adjust 4% pref
North American Co
..100
102
Apr
20%
*51%
8
21%
54
8%
96
1% Aug 26
30,000
500
7,500
150
11
11
2934
1,700
7,800
13034 13034
110
1234
13%
*140
65
20
62%
*116
*61%
20
*51
15
15%
534
*17%
18%
6
8634
1434
400
1,000
534
17
t In receivership,
100
Telegraph...50
310
a Del.
126
11
4
92
11
22
3
July
9% Apr
57
May
83
Mar
Mar 23
6
3
7
July
8
347g Jan 14
57% Feb 3
17% Jan 21
8
Jan 28
36% Mar 11
53% Jan 22
678 Mar 3
40
Jan 18
2278 Apr 5
73
Apr 20
26% Feb 16
114
Feb 13
19% Mar 1
45% Jan 21
140
Feb
delivery,
Oct
2% Feb
6% Deo
18% Deo
7% Feb
15% Mar
99
Sept
93% Apr
1% Aug
104
Nov
23%
Apr
62%
Feb
6%
Jan
109% Aug
278 Jan
310%
Oct
115
Oct
35% July
59
14%
June
Dec
98
Jan'
106% July
97%
Apr
103
237g July
Aug
50
2
Jan
19
Aug
12% Aug
24% Jan
17
July
107
Jan
8
Jan
24% Apr
36%
57
Nov
Feb
Mar
4% Mar
32
Nov
18
Dec
59% Dec
25% Mar
115% Feb
19% Nov
3934 Nov
3
123
24% Mar 8
Sept 20
70
July
20a4 Mar
12034 Nov
83% Dec
ll%Sept27
141
5
112% Jan 23
63 Sept 27
17%Sept27
28
50% Sept 23
75
Jan 12
Jan
136
June
Jan 26
No par
100
114
80
.Pacific Coast
160
29% Nov
150
Sept 25
112%May
484 Mar
No par
Owens-Illinois Glass Co. .12.50
Pacific Amer Fisheries Inc
5
3,900
534
1
34
100
Outboard Marine A Mfg
3,600
1434
25
1734Sept27
Sept 25
2%Sept25
26% May 18
14%Sept25
40%Sept 25
10 Sept 10
90%Sept 24
10 Sept 25
2734Sept27
Pacific
Preferred
17
26% Feb
678 Feb
19% Feb
76% Jan
10284May
Apr
7% Apr
105
Outlet Co
87
1
3
93
1
7%
*116
89""
7
8
prior preferred
100
$5.50 conv 1 st pref.-No par
250
20%
62%
Jan
Jan
984 Mar
104% Jan
6% preferred
Otis Steel
21,500
63%
Jan
97%June 25
50
Ohio Oil Co
No par
Oliver Farm Equip
No par
Omnibus Corp(Thejvtc No par
8% preferred A
100
Oppenbelm Coll A Co—No par
Otto Elevator
...No par
2834
3% July
10% May
119
Jan
22,100
8,000
13
2
Jan 20
May
Northwestern
27%
99
Nov
1278 Jan 22
25% Jan 22
135
105
Norwalk Tire A Rubb..No par
Preferred
50
12%
15
3178Mar 19
210
No par
100
99
Oct
Sept
Jan
3,600
15%
95
Jan 14
6% preferred
North Amer Aviation
37,600
46%
53%
Jan
114
3
15
Jan
36%
Northern
500
140
46
17%
Jan 22
272
20%
*24%
Mar 17
8
19%Sept25
48%June 18
7
Sept25i
38
*2%
72
100
No Amer Edison $6 pf.No par
Northern Central Ry Co...50
42,000
96%
100
19%
63%
9
Oct
70
38
19%
*51%
June
210
205
21
*140
21
Sept 14
July 15
63%June 14
92 Sept 25
No par
40
3
27%
15%
48%
13%
91%
1034
31
91%
10%
29%
130% 130%
13%
13%
55
4 Sept 13
10%Sept27
119
Sept 8
%Sept 11
3
Sept 10
7%Sept 27
l%Sept 10
6%Sept 27
44
Sept 27
50
3,500
6,300
9,000
25% Sept 13
27
Sept 25
„
No par
N Y A Harlem
60
Apr
*104% 110
*99% 100
88
10
Sept 24
167
2
May
12% Apr
9% Apr
28% Oct
32%
27%
6%
13
10
33% Mar
"20%
98% Feb 10
55% Mar 17
34
15%
par]
9
Sept 25
3%
"46%
Aug 20
Mar
18% Jan 21
22% Mar
62% Nov
45
*%
*25
90
24
Jan
43
NY Air Brake
No par
New York Central
No par
NY Chic A St Louis Co...100
6% preferred series A...100
NYC Omnibus Corp..No par
3%
20
100
par
1
1,300
%
*38%
2%
19% Sept 21
6% 2d preferred
100
National Steel Corp
25
National Supply of Del.....10
27% 145,800
3%
8%
1%
97
par
Mar
48%
3%
8
100
15% Sept 25
6%Sept25
22
Sept 24
145 May 18
71
x24% Jan 28
47% Mar 11
47%
2634
*3034
28%
99%
*98
27%
15%
45
99%
Sept 27
Sept 25
Sept 27
Dec
Apr
120% 121
21%
51%
14
Deo
79% Aug
Nov
21%
*%
99%
9878
1978
20
54
3684
108
40
25%
1%
6%
102% July
14
Apr
43
25
44
108% Jan 26
2034 Feb 11
Apr 8
7%Sept25
110
24%
5%
12%
7%
1%
102
101% Nov
Feb
63
3
Jan
4478 May
1
Apr
33
8%
1%
7%
May
Mar 13
Oct
Nov
9
63
%
3%
778
70
21
90
Sept 24
Oct
27
10%
30
8
43%
Jan
Jan 11
30
120
28% Apr*
Mar 17
62
120
Feb
2% Nov
37
62
121
Feb
71
Jan
4184 Jan 18
30
*120
59%
Jan
60%
34
109
60
53
Dec
Feb 17
Sept 25
28%
13
Nov
Sept 25
48%'
12
Mar
68
12
48%
27%
24%
5%
103
Jan
64
1,000
Feb
7«4 Feb
33% Deo
May
par
1,100
Oct
4
3584
41%
15% Aug 16
99% Mar 19
36% Feb 11
National Power A Lt-.-No par
Nat Rysof Mex 1st 4% pf.100
60
Sept 25
46% Sept 24
22%Sept25
1634Sept25
7% pref class A.......100 xl07%June 1
7% pref class B
100
107
Mar 11
Preferred
Mar 10
46
7%8ept25
75
10
Nat Depart Stores....No
6% preferred
Nat Distillers Prod
No
79
Feb
Feb
Dec
Feb
2978
9%
33%
66% Jan 18
3% Feb 26
Sept 27
Nat Cash Register.....No par
Nat Dairy Products—No par
700
69
15%Sept 27
200
1,800
3,700
40% Jan 23
107% Aug 27
Sept 24
Feb
6%
109
par
21,200
18,700
6% Mar 17
12% Mar 17
Feb 13
6% preferred B
100
Nat Mall A St Cast's C0N0 par
10,100
y$4 Mar 17
34% Mar 17
2%
6%
19
28%
12%
60
800
34, Apr 5
Dec
Mar 15
1
National Lead
7% pr ferred A
4
8
Deo
94
100
26
24%
5%
7,100
3
Jan 23
12% Mar
Newport Industries.........1
<
5
18,700
Aug
51
No par
7% cum pref
Nat Bond A Invest Co.No
5% pref ser A w w
Nat Bond A Share Corp No
6% Jan
57% Jan
1% July
2% Aug
234 Jan
I684 June
5% Jan
14% Jan
2
Sept
37s J&n
1978 Aug
14,400
48
11%
200
Nov
120
26
B...1
National Biscuit
20
Sept
112
Dec
15%
22%
48
141
80%
14%
106
48
28%
63
17%
106
47%
27%
141
*51
106
National Acme
Nat Aviation Corp
109
Apr
38% Jan 15
Nashv Chatt A St Louis.. 100
17,700
64
15
Mar
25
preferred...No par
Munslngwear Inc
No
Murphy Co (G C)...No
3078 Nov
48% Sept
131% Mar
88
22%Sept 27
16%Sept 27
80
*58
15%
23%
16%
xl7% Apr
21% Jan
Deo
119
1
*22
21%
*22
23%
16%
16%
16%
9
10
*9
8%
9%
23%
22%
23%
22%
23%
165
*152% 155
*152% 155
22
*21% 24
22% 22%
90
*83%
89
*83%
90
64
*12%
24
conv
Nov
16»4
z65
5
24,400
*58
15
15
11%'
*103
$7
Oct
65
Feb
5% Mar
6% Jan
a4May 12
par
15%
56%
*5%
6
9%
Wheel
Mueller Brass Co
Mulllne Mfg Co class
50
5% preferred
100
Murray Corp of America...10
Myers F & E Bros
No par
Nash-Kelvlnator Corp
5
11
12
*9
9%
16%
15%
22%
120
10
$4.50 preferred
No par
Mont Ward & Co Van..No par
Morrel (J) & Co..
No par
Morris A Essex
50
Motor Products Corp.-No
*12%
21%
17%
17
3,400
45
Jan
Jan 22
2%
Sept 27
1%Sept 27
3%Sept27
22%Sept25
85
Apr 29
108% Sept 24
44 Sept 27
29*4Sept 24
5% conv preferred......100
Mohawk Carpet Mills
20
1,900
6,500
15%
2178
6
100
Jan
Jan
Mar 17
108
3%Sept25
13
Dec
Dec
Nov
110
16% Mar 11
18%Sept 27
par
fMissouri Pacific
3,400
20%
11
No
No par
100
Preferred series A
4,700
*13
24-%
Mission Corp
Mo-Kan Texas RR
25
17%
15%
22
*116
81
11,200
2,600
8,400
29
49
44% *45
92% 92%
92%
92%
92%
*92%
*92%
102% 102% 102% 102% 102% 102%
1%
1%
1%
1%
1%
1%
221
♦212
215% 215% *216
220
104% 104% *104% 105
*104% 105
19% 21
20% 22%
20% 22
50
50
*51
52
*50% 52
7
8
778
8
8%
8%
2%
*23
17,200
27
*12%
20%
%
3%
7%
1%
6%
2.700
4
16%
2%
2
Jan
106
134Sept26
24%
17%
80
122
%Septl5
1% Oct 1
100
15%
21%
58
122%
100
700
57
*118
preferred
4% leased line ctfs
11,900
27
5
7%
6%
56
11%
Minn St Paul ASS Marie. 100
26%
27%
2678
27
27% 28%
27%
*24%
26
*24%
25% 25%
*24% 25%
8%
7%
8%
6%
778
7%
8
7%
7%
31
30% 31%
31% 32%
31
32%
31% 32%
31%
*152% 156
*152% 159
*152
158
*152% 159
*152% 158
*131
136% 131
131
135
135
*133% 135
*133% 135
33
33%
*31%
33% *31% 33
33
33
32%
33
7%
8%
8
8%
8%
8%
8%
8%
8%
8%
*%
%
*%
*%
*%
%
*%
%
%
%
*%
*%
%
*%
%
*%
%
74
76%
75% 76%
74% 76%
76%
77%
75% 76%
26% 29%
29
29% 31
3078
31% 31%
30% 31%
110
110% 114% 115% 114% 114% *117
121
118
118
5
5%
5%
5%
5%
538
5%
6%
5%
5%
8i>
9
8%
9%
9%
9%
9%
10
29
30
31
31
31
31
32
32
32%
32%
*75
91% *75
*80
91% *75
91%
*80
91%
92%
44
44
45
45
43
44
*42
45
41% 41%
27%
23%
MarlO
29
27
66
11
120
26%
17%
9
35% Mar i0
48% Mar 5
124
29
*70
5
Sept 25
100
Dec
31%
40%
584
Jan 16
26% Feb 23
June 21
25%
17%
25
27
22%
*4%
2%
41
72% Mar
94
800
Oct
12
Dec
8
82
210
91
9
4784 Mar
105%Sept 23
7% Sept 25
78
Sept 27
122
Jan 13
16% Feb
Sept 20
Sept 27
16,500
Jan
Dec
1284
93% Aug 13
86
June 16
2,000
Nov
Nov
Nov
55% Jan
678 May
Feb 16
30
28
9%
21
1st pref
"1484
49%
21%
108%
2884
8
108
cum
%
7%
47%
28%
27%
-10
Jan
100
Mtlw El Ry & Lt 6% pf-100
Mlnn-ffoneywell Regu.No par
4% conv pref ser B
100
Minn Mollne Pow lmpl No par
$6.50 conv preferred.No par
8%
25%
17%
6
*41%
25%
5
167g
6
19
Mercb & Mln Trans Co.No par
Meata Machine Co
6
28
6
103
100
Mid Continent Petrol
Midland 8tee! Prod
19
70 Sept 25
5434Sept28
6%Sept27
28 Sept 27
19
Sept 10
45% Sept 27
10% Sept 25
1
Miami Copper
Sept 10
Sept 10
1%
2%
21%
21%
3%
14%
2%
4
16
2%
4%
92
$5.50 pref serBww'sNo par
Melville Shoe
No par
Mengel Co. (The)
5% conv 1st pref
25
11%
103
z95
28
11%
26%
101
25%
17%
10%
*12
45
21%
14%
112% Jan 14
3434 Apr 19
z95
17% Sept 13
88
100
Dec
24% Deo
49% Jan
Oct
8% Apr
3734 Jan
11% Apr
No par
%
c2
June
No par
24%
16%
27%
8%
15%
*20
8%
*20%
378
5
No par
-1
1%
2%
16
38%
$3 conv preferred
McLellan Stores
6% conv preferred
Mead Corp
1
75
16%
26%
*16
15%
16%
15%
67
67
*66
67
66% *66
65%
107
107
*106
107% 107% 107% *106
7%
8%
8
7%
8%
8%
8%
54
■ 54
56%
*52%
*53% 56%
56%
14
14
15
14%
14%
14%
14%
20 %
20
21
20
21
20%
20%
15%
15%
15% 16%
16%
16%
16%
6%
7%
7%
7%
8%
8%
8%
22
22
22%
23%
22% 23%
2234
*152% 155
*152% 155
*152% 155
*152%
21
21
22
22
20% 21
22
*83% 90% *83% 90
*83% 90
*83%
47
47
47
47
47
47
*47%
24
22% 23%
25
22% 23%
x24%
17
16%
16%
17%
17%
17%
17%
*110
111
*109% 111
109% 109% *108%
*107% 110
*107% 110
*107% 110
*107%
10
3%
83
%
3
2
15%
2%
4%
83
4
3%
4
4
4%
4%
25
22% 23%
23% 24% *24
24
24
23% 23%
92
96
94
95
88% 88%
93
94
91%
93
108% 108% *108
108% *107% 108% *107% 108% *107% 108%
44
48
47% 49%
47% 49%
48%
50%
47% 48%
*26
34
*26
*26
*25
33%
29%
*26
29%
29%
50
50
51% 51%
51%
51
51
51%
50%
50%
%
1
1
%
1
%
78
1
%
1
*70
16%
%
*1%
„2'4
McKesson & Robblns
June
23% Nov
101% Dec
Sept 21
No par
98
86
2%
*1%
2
20%
3%
14%
*2%
3%
*83
%
2%
2
2
85
"
*82
%
2%
1%
19%
3%
14%
1%
23%
86%
87
*107% 108%
44%
46%
29%
29%
*60
51%
1
%
23
80
98
new
700
109
7%
3,100
19,100
110
109
105%
5,400
7%
30
82
92
share
per
37
Feb
2% May
$6 pref series A
94
20
24
29
28% Jan 19
42% Jan 14
42% Mar 24
16% Marl 7
47% Jan 12
*108
*101
1
21
29%
31%
Sept 25
32'4May 10
25348ept27
9
Sept 25
39
Sept 27
9
Sept 25
31
110
71
Highest
share $
$ per
24% Feb 11
106% Mar 2
Mclntyre Porcupine Mines-_5
McKeesport Tin Plate
10
7%
*
Sept 25
McGraw-Hill Pub Co..No par
56
1178
12
500
78
22%
51%
17% Sept 30
1
100
$ per share
36
Jan 2
10,700
2,400
13,000
1,000
6,600
93
10%
share
par
preferred
conv
per
17%
110
98
6%
$
Lowest
383s
31
*
McCall Corp
.No
McCrory Stores Corp
800
*85
50
23% 24
31
31%
108% 109%
24%
32
1,800
9,300
*90
31%
Par
21
*80
21%
90
55
29%
*19%
20%
*85
54%
7%
21%
47
11%
45%
10%
21
94
93%
78
*85
30
*80
Year 1936
Highest
28%
10%
40%
10%
39%
10%
10%
94
17%
Range for PreHous
37%
11
*80
Shares
14
*16
29
75
*19%
22%
21%
*28%
55
28
17%
37%
28%
10%
93%
7%
21
*15
36
75
6%
30
21%
*19%
16
35%
10%
10%
*
94
21
Lowest
74
73%
*19%
27%
94
17%
13%
14%
75
34%
39
10
94
20^2
6%
39
39
9
18
*72
Range Since Jan. 1
On Basis of 1QO-Share Lots
STOCK
1937
2,
EXCHANGE
Wee i
$ per share
39%
10%
10%
28
17%
14%
14%
13%
35%
28%
10%
*80
94
18%
13%
1
Oct.
per share
18
19'4
1278
the
Friday
Oct.
n
New stock,
14%Sept27
4% Sept 8
15%Sept 10
10
1st preferred
...No par
r
Cash sale,
May 4
Sept 24
z
Ex-dlv.
y
97
115
Mar
June
8
9
12% July
79
Dec
47
Jan
70
Nov
114
July
114
July
22
Dec
15
Dec
32%
De
10384 Aug 11
23
Jan
7
15% Feb
1
40
3
Mar
Ex-rights.
13
July
3% Jan
8% July
1 Called for reletnptloa.
Volume
LOW
New York Stock Record—Continued—Page 8
145
SALE
HIGH
AND
PRICES—PER
SHARE,
NOT PER
STocrtbs
Sales
CENT
NEW YORK
for
Saturday
Monday
Sept. 25
$ per share
Wednesday
Thursday
Sept. 27
Tuesday
Sept. 28
Sept. 29
Sept. 30
% per share
9 per share
I per share
$ per share
*10
12
10
11
10%
9%
10
*1.558
27i2
17
17
17
17
17
27%
2734
28%
28%
28%
36
3778
37
38
40
40%
18*4
19
18
19%
18%
19
130% 130%
*
140>4
140%
16
16
16i4
16%
678
7
6%
7
*9%
11
*9%
11
1%
15s
1%
1%
♦130U 135
*
52%
50
54%
54%
1634
*95
175S
11912
119
18%
22%
22%
22%
40
*128
140
*136
139
*
17
7%
1%
1%
*22 %
22%
3
23
23%
233.!
33%
23
2%
23%
*2%
8%
8
11%
5%
5%
5%
5%
538
42%
40%
40%
40%
83
83
85
85%
86
3
19
19
19%
19%
28
29
28%
30%
29%
41
38
38
38
28
35%
*4
5
*16
21
♦
*
68
16
16
16
*65
70
"55"
55
"55"
55
*12
18%
*10
18
12%
6
12%
13%
13
6%
6
684
*55
*18
13%
6%
33%
.
3234
3334
32%
34%
38
39
38%
39
*--..
*
78
37%
*
78
*
734
12%
3
3
18%
203s
28%
*38
12%
86
83
84
9
9
*67
69
48%
69%
4934
4
4
*35
40
69
70
43
934
25
45
~*8~
*40
♦
*40
50
*9%
10
81
81
*166% 170
48
*4%
*41
25%
25%
25%
9%
*
934
9%
*
*166"
170
170
700
2%
5%
30
20
6,000
500
200
9%
17
18%
17%
72
72
72
*1
2
*1
30
22,500
503a
200
14
*12
14
2%
2%
17%
1
18
17%
1
18
1%
4%
75
75
75
20
*153g
12
12%
18'4
3%
123
*%
34
19
1834
*14%
20
338
3%
3%
13s
1%
43g
1%
1%
434
*32%
49%
*117
11%
11%
1284
4%
12%
12
11%
*11
12
12
12
3534
50%
118
34%
51%
*117
*36
36
52
53
118
3%
*1%
*12
1834
3%
3%
123
*
19
19%
18%
*1
1%
19%
19
1
8%
9
115
*65
8%
*102
6334
67%
15%
110%
5%
5%
27%
27%
28
*28
30%
*28
*35
38
*25
37
5%
36%
*29%
5%
5%
5
60%
60%
*58
*1%
1%
1%
*10
15
*10
12
12%
12%
16%
1234
96%
10%
*15%
9%
9%
12%
12%
12%
x35
51%
118
35
52%
118
36
52%
118
9%
36%
15
10%
15%
15%
9
*102
66
6
6%
29%
6%
30
97
10%
66
29
38%
15%
110% 110%
*95
6
29%
*118
9%
115
67%
6%
29%
111
122
111%
7,700
6%
6%
30
30
♦
6%
6%
29%
29%
23,000
1,800
32%
300
*37%
40
100
*32
37
5%
*55
5%
65
*1%
2
15
*10
14
12%
12%
13%
12%
*12%
13
13%
13%
300
*83%
89%
*85%
87
*83
86
*83%
85
3%
3%
3%
4
22%
25%
3%
24%
94%
26%
2334
25%
83
3%
83%
40
4
25,300
25% 125,000
25%
94
94
*95
99%
400
92%
*85
92
100
*88
93
*85
92%
21%
*90
22
22
24%
7,300
19
19
21
*30
70
*40
80
*35
80
*38
80
*40
80
*40
80
114
*110
114
114
114
*112
114
*112
114
10
87
*75
87
*75
86
*75
95
95
100
114
I*
89
*75
1734
18%
100
*80
13
*12%
47%
48%
♦
*75"
17%
*85
13%
47%
17%
100
13%
19
19%
100
*95
14
14%
19%
18%
*85
1434
19
100
15%
21%
18%
*85
15%
48%
49
49
*62
65
*62
65
65
65
*62
65
*11
12
*11%
12
*11%
12
*11%
12
*11%
*15
16
*15%
16
*1534
17
*15%
17
*15
70
*65
70
*64
23
23
23
3
3
44%
44%
*134
*60
23
23%
3
3%
2%
43
43%
134
42%
1%
3%
134
3%
3%
48%
1%
334
100
15%
334
1%
*2%
18%
*85
15
49%
44
1%
3%
45%
1%
4%
44%
334
4
10
*7
10
18
*12
18
4%
64%
*23
3%
*6%
«aiee on thla day.
69%
24%
13334
117%
20%
19%
4
3
14% Sept 25
107%June28
95
Sept 24
24% Feb
112% Feb 27
100
.100
36%
16
Aug
103
May
20%
18%
*1%
*4%
9%
*12
t In receivership,
64%
24
3%
44%
2
4%
934
2,800
No par
10
1
5
Car
40
..No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass
6
Class A
10
7% preferred....
5 K% preferred
Reynolds Metals Co
544% conv pref
3,100
10.100
7
80
Sept 13
Reyno ds Spring
El A Pow.
Mfg
..
No par
47
June 26
49
Jan 11
39
Jan
50
Deo
8
37
JaD
47
Nov
36
12% Sept 30
12
Sept 25
30
12%Sept 27
Oct
delivery,
n New stock,
r Cash s de.
8
16
29% Mar
5
9
94% Jan 30
110
Sept 24
17% Sept 25
71
5
Jan 20
4% Mar
1
3% Sept 27
22%Sept 27
88
Sept 25
90
Mar
Jan
Oct
1% Apr
12% May
13% Jan 16
83
16% Sept 25
May 19
Jan 21
Oct
'
Feb 18
9% Feb 18
47% Mar 11
124
Apr 23
110% Mar 10
49% Apr 14
98
Apr 14
65%
Aug
17% Aug
81
Dec
99% Sept
4% July
16%
77
Apr
May
78% May
10
Apr
24% June
I684
100
Jan
Deo
4% Deo
31
Deo
24% Nov
25
Nov
90% Nov
114
Apr
8% Mar
29% Deo
128
Deo
104%
Oot
3984 Deo
79% Deo
Apr 17
90
Apr
138
Oct
June 10
95^4 Jan 26
92
Dec
98
Nov
17%Sept 27
100
Sept 24
13
Sept 24
30% Jan 14
22% May
34
Feb
112
8
105
Apr
117
Jan
34% Jan 22
25
July
36% Nov
47%Sept 25
58
50
Apr
60% Nov
59% Sept 13
139
Jan
Jan
8
67
Jan 26
ll%Sept 10
14
Feb 23
15
31% Feb
Sept 11
Apr 27
60
50 84
35% Mar 31
9%
22% Feb
Sept 25
Joseph Lead
8
43% Jan
60
J St Louis-San Francisco.. 100
6% preferred...
100
t St Louis Southwestern..100
5% preferred
100
Mar
31%Sept 24
5
Sept 27
59
Sept 29
1
Sept 11
23
St
July
28% Sept 13
Copper Mines
1,800
2,700
80
10% Nov
Ruberold Co (The)....No par
7,000
14% Jan
108%June
38% Nov
Roan
100
10
Mar
Nov
Oct
Jan
Jan
800
Antelope
Apr
Jan
300
Rutland RR 7% pref
Deo
Mar
5
Sept 29
Reynolds (R J) Tob cla» B.10
Common
10
Apr
28%
35%
89
1
July
10% Apr 19
114
100
July
.
37% Aug 25
.100
.
Jan 15
16%
164
5%Sept 27
100
No par
1,500
18
a Def
6
No par
100
Republic Steel Corp
100
15%
49%
50
..50
Jan
107
July
144% July
27% Sept 25
83
Ritter Dental
45%
*10
114
Jan
Rensselaer A Sar RR Co..-100
Rhine Westphalia
1%
*11
Jan
72% Feb
34% Sept 27|
80
17
43%
4%
112
Co
♦15
23
10
113% Jan 25
Remington-Rand
17
64%
18
110
(Robt) A Co
12%
64
*6
S5_No par
100
67
23
*10
146
1st preferred
Motor
Dec
122% Feb
50% Nov
162% Jan 25
Reliable Stores Corp
Reo
56
Deo
Apr
Sept 29
June 17
Preferred
Reliance Mfg
Deo
Deo
Deo
Deo
132
4 % 1st preferred
4% 2d preferred
Real Silk Hosiery
Rels
Deo
130
JRadlo-Kelth-Orph
No par
Manhattan.No par
Reading..
50
*11%
3
10
17% Oct
1734 Oct
57% Oct
40% May
II534 Dec
11%
334
13%
28%
28%
73%
113
62
*62
70
20
6% May
Feb
103
12%
24%
*5
29% Deo
Jan
Jan
Apr
Apr
Apr
No par
62
3
*10
Jan
1%
128
1st pref..No par
49%
*62
1%
20%
conv
Feb
May
4%
39
Apr
3»4
113%
112% Feb
No par
62
*22%
46
4
52% Jan 21
..No par
49%
3
10
19
70
20
Bid and asked prices; no
85%
23%
*5
*
49%
Feb 11
65% Jan 15
41%
2734 Deo
26% Mar
Jan
103%
Preferred with warrants..25
"17%
19%
86
118% Jan
30'2 Dec
9% Apr
112% Nov
8
Raybestos
77%
24%
94%
9334
*71
9234
2,300
22,800
86
J3 50
100
14
17%
*83%
95
1%
15
18%
77%
9234
Feb 10
Dee
4% Deo
140% Jan 20
Purity Bakeries
40
700
*12%
*73%
3%
13%
2,600
17%
*73%
78
3%
*1%
*12
5%
65
13
*73
12%
17%
5%
*55
18
14
3%
31
110
128% Jan 21
8% conv preferred
6% preferred
1 600
*29
17%
1
12
Deo
Sept 24
*5 preferred B
67%
37
13
Sept 27
3% Sept 25
20
Oot
Deo
29
120
Pure Oil (The)
115
"67"
40
16%
12
Jan
1% Apr
11%
Radio Corp of Amer. ..No par
69
29%
17%
Sept 11
21
189,200
9%
10%
115
68
29
12%
5
Jan 12
Oct
Jan
10
9%
*102
*32
1%
15
3
29% Apr 22
22% Aug 30
33% Feb 4
11% Jan 22
3% Jan 22
15% Jan 20
31% Feb 11
June
2%
9% May
Oct
934 May
83% Jan
68% Apr
*37%
*1%
47% Mar
17% Sept 25
% Sept 27
18
Sept 25
14
58%
91% May
37
1%
8% Feb 1
July 14
141
Feb 15
40
12%
Jan 12
Sept 25
2% Sept 25
Jan
1% May
18% Jan 21
l234Mar 6
105
Sept 8
30
*10
28
14
a:97% Apr 29
49
23% Feb 25
*32
1%
Jan 12
9% Sept 27
*28
15
Mar 10
4
15% Sept 14
7% June 29
*37
1234
122
No par
37
5
Sept 25
l%Sept 14
Quaker State Oil Ref Corp. .10
40
59
23% Dec
500
30%
5
8
13%
100
100
Pullman Inc....
800
*37%
*31%
59
Mar
16
*28
5%
79%
1%
43
97%
10%
30
5
Sept 25
16
36%
*58
187
5
..60
7% preferred
8% preferred.
910
*95
160
Feb
7% Apr
10%
77%
*89
15%
*111
Mar
176
11% Sept 25
ll%8ept 24
34% Sept 27
Procter A Gamble
No par
49% Sept 25
5% pf (ser of Feb. 1 *29) .100 114% Mar 25
3 5% Sept 24
Pub Serv Corp of N J..No par
$5 preferred
99% July 2
....No pai
zll2% July 30
6% preferred
100
Pub Ser El A Gas pf
12,800
57,900
May
155
8
16
*12%
1634
92%
39
38%
15%
Deo
7
4% Sept 25
90
77
Jan 18
10%
*71
88
138
18% Deo
37% Jan
62% Aug
18% Deo
Jan
175
97%
17
23%
138
7% June
35% Apr
10%
82
88
100
27% Dec
49% Dec
96%
*15
*70
22%
500
Jan
Mar
fPostal Tel A Cable 7% pf.100
5% conv 1st pref
5% conv 2d pref
8
100% Aug 14
1% Sept 25
Pressed Steel Car Co Inc
Feb 17
Jan
5% July
70
July
20
No par
Class B__
125
15%
111
17
*
7,100
*110%
77%
334
90
*119
39%
*70
3%
6,300
52%
39
37%
3834
100% 100%
100%
115% *112% 114
*12%
16%
13
700
53%
*35
133% 136%
38%
15%
39%
117% 117%
36
53
118
*110%
*110%
37%
16%
110%
97%
10%
15%
115
5
Creek
1234
66
79%
No par
6
zl2
*102
33
(The)
13
52%
36%
65%
Plttston Co
Plymouth Oil Co
5%
*110%
115
6% preferred
Pittsburgh United
Conv pref unstamped
Pittsburgh A West Va
56
7% Apr
May
190
72
1
100
25
100
100
6
July 26
18% Jan 2
76% Jan 22
14% Aug 16
174% Apr 23
9% Sept 27
..100
7% pref class B
Jan 16
9% Jan 20
9%Sept 27
81
Sept 24
165
Apr 12
17
5%
12%
11,800
2,400
Feb
No par
5%
12%
12%
12%
84
Pittsburgh Steel Co
5%
1234
12%
Deo
74% Jan 13
20% Apr 5
33% Jan 18
No par
4%
4%
Deo
11%
4
Pittsb Screw A Bolt
Porto Rlc Am Tob cl A.No par
132
*102
pref
No par
Pitts Ft W A Chicago
100
7% gtd conv preferred.. 10(1
conv
Pond
.
Mar
52%
Sept 24
2,100
3,900
14
20
Nov
Sept 25
Sept 28
38%
July 16
Sept 20
6,400
*14%
*15
20
16
88
64
9
100
Mar
Mar
16% Mar
3% Jan
101% July
45
40
par
66
Oct
12
68
45
Corp No
1
102%
87% Jan
Sept 25
2,300
132
16
600
8,900
3% Feb
81% jan
3% Jan
8% Jan
1% July
Deo
20
25
25
2
Jan 12
95% Aug 31
7
9
1%
140
16
1,450
1
Apr
8% conv pref...100
334
*132
16
20%
7% Feb
Sept 24
Sept 27
14%
143
10
18%
*%
19%
54% Aug
14
%Sept 13
40
14%
*132
16
"18%
1
19%
56%
Jan
8% Sept 24
69
Sept 27
100
*3%
*1%
142
*93%
20
June 28
3% Sept 11
4%Sept 10
70
18% Deo
19% Mar
45%
54% Jan 147
100% Jan 8
76
Nov
10% June
25% Jan
13% Feb 19
59% Mar 10
50
122
12%June
Sept 25
6
46% Aug
21% Mar 11
12%Sept27
37% Sept 29
138
*132
1534
5,700
Sept 16
31% Sept 29
334
125
14%
Deo
Nov
15%
*118
110% 110%
*
96%
97%
""9% 10%
10%
90
31
3%
125
14%
30
3%
Feb
Jan
*1%
*118
110% 110%
1834
Oct
7%
Jan
50
Pitts Term Coal Corp
123
58
16
1%
117% 118
36
3%
♦
Jan
56
1%
434
*11%
125
3434
*12
1834
3%
Apr
4
5
7
Pirelli Co of Italy "Am shares"
Pittsburgh Coal of Pa
100
590
2
38
4
8
3%
*118
*110%
76%
*1%
6
Mar
17
Oct
Jan
13%
125
37
74
2
65% Feb
48% Mar
45
59% Nov
116%June
Jan 11
33s
13%
334
1%
*117
....
75%
Mar
27% July
Jan
12%
20
20
38
38
38
37%
37%
36% 3734
3534 363s
100% *100
100%
10038 100% *100
101% *100
115% 112% 112% *112
*113% 115% *113
115% *113
3534
14%
700
110
Deo
91
Pocahon..No par
Poor A Co class B
No par
*15
*100
*110%
18%
123
1%
19%
18%
11,100
116% Jan 27
110% Sept 27
35
Sept 25
4
Sept 27
16
Sept 27
Feb
Jan
10% Mar
74
87
40
3%
4%
*12
*100
2
10%
1934
10%
*15%
June
30
50
Pillsbury Flour Aillls
$5
17
28% Apr
9
Mar
Feb
6%
25
12%
13
1234
*1%
19%
19
18%
%
18
18%
*15%
12%
3%
77
Xl 7% Sept 14
73
112% Nov
2
No par
20
75
3
preferred
85
10%
Mar
25
6% preferred
10%
Aug
3% June
4% Jan
28% Jan
Sept 25
7% preferred
Pitts Coke A Iron
10% May
1% Jan
32% Nov
10
Apr
11% Apr
17% Nov
3% Deo
June
JPhila Rapid Tran Co
400
4% Jan
6% June
19
5
Corp...
10
Apr
23
55
Philadelphia Co 6% pref
1,000
Jan
47% Mar
65
Pfeiffer Brewing Co ...No par
25%
44%
Deo
5%
25% Apr
64% Jan
Corp of Am
Phelps-Dodge
Dec
37%
69
12% Feb
Deo
17% Jan
2% July
40% May
8
76% Feb
Deo
22®4
103% Mar
Sept 13
25
174
8% Aug
par
No
*9
*18
*12
Milk
Petroleum
June
4% Apr
74% Apr
97% Feb
109% Deo
100
6% Prior preferred
5% preferred
Pet
7% Aug
59
Deo
100
Marquette
10
19
*100
People's G L A C (Chic)..100
*9
18%
234
100
Jan
60
63
6% conv preferred
18%
9
Sept 27
26
Jan
Jan
64
Sept 25
10
10%
2
38
v t cNo par
25%
170
10% Jan
28
Corp
Pierce Oil
*166"
29% Aug 25
50
Penn G1 Sand
45%
170
3
Peoples Drug Stores...No par
Pennsylvania RR
*9
*166"
44% Feb
2
1
29% Feb 10
50% Mar 17
par
pref ser A ...No par
45%
170
8% Feb 25
4% Sept 27
conv
100
*166"
5
6% Jan 23
3,900
*
34% Jan
2% Sept 13
900
85
200% Jan 28
26% Jan 28
10
50
#
28% Jan 28
14
25
25
29
25
1
par
17
Oct
Jan
1%
Apr
No
(J C)
Penn
13%
20%
July
Coal A Coke Corp
Penn-DIxle Cement
No
Penney
10%
86
3% Jan
6% Jan
12% Aug
67
38%May 13
81
Sept 24
~*9%
18%
105
*90
3
No par
*47
18%
1834
2%
123
*100
Peerless Corp
23%
103
5
23% Mar 11
7% Feb 18
Penlck A Ford
11% Apr
Mar 10
90
7% Jan 14
50
*
July
Sept 11
10%
......
152
June 16
Preferred
„
Jan
6%May 18
11
Sept 24
10%
*
140
2
Phlla A Read C A I....No par
75
2
23
Phillip Morris A Co Ltd...10
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum
..No par
Phoenix Hosiery
6
400
Deo
Jan
..2,50
5,300
4934
-11
16%June
Sept
14% Sept
22% Sept
3
Sept
32% Oct
119
153
Parmelee Traneporta'n.No par
Pathe Film Corp
No par
Patlno Mines A EnterprNo par
*46
18
2
No par
Parker Rust Proof Co.
"n"
9%
*1%
1
Parke Davis A Co
60
*
CM
3,600
*30
25%
1
1
11
50
2538
Utah
$6
6
10%
1%
Park
Inc
83%
*4
934
934
Park-Tllford
130
*65
70
11%
25%
44%
1
100
__10
Jan
109% Mar 18
Sept 30
6% 1st preferred
6% 2d preferred
58% July
47% Deo
118
17% Jan 20
4% Jan 25
121
May 13
Sept 25
690
6
1034
50
14% May
4
29% Apr 6
12% Feb 18
50% Sept 24
195
5
*3%
11
100
100
Dec
44%
Jan
149
6% Sept 27
No par
conv preferred
Paramount Pictures Inc
4%
6
*40
preferred
conv
4%
78
51%
75
9%
8%
Paraffine Co Inc
%
83%
*834
1
10
53% Jan 14
44% Jan 9
1% Sept 27
""200
*174
9%
tPanhandle Prod A Ref No
Jan 12
Highest
share % per share
29% Dec
4% Jan
30
Dec
39% Nov
41
July
30% Jan
per
152
8% Sept 29
100
1,300
38
Sept 13
100
3,300
22,800
50%
45
16
Pere
6,300
32% Jan 14
133
Peoria A Eastern
100
27% Feb
Sept 24
Sept 20
Apr 28
par
2
Sept 10
10
Corp
%
share
8
100
Oil
per
17
27% Sept 13
36
Sept 25
17
Sept 30
130
5
84%
*65
Western
$
$ per share
100
600
42
~*2~
No par
300
33
*
No par
Teleg
Lowest
Highest
Packard Motor Car....No par
Pan-Amer Petrol A Trans p.. 5
40
2,800
Ltg Corp..
6% preferred
Pac
300
29,400
25
Pacific Mills
Paclfio Telep A
10%
"*9%
934
86
4,700
86
50%
44
*_
10%
49%
*40
81%
*166"
45
~l6"
1
84%
*834
%
%
800
32%
534
1
7,000
*37%
4%
5%
273s
*
76
"*3%
534
934
9%
30%
4%
10%
45
5
*27%
*18%
29%
534
10%
45
"9"
5
28%
20%
~*3%
4
9%
*25%
9
4%
45
9
2534
*
48%
*37
10
*65
3
13%
5%
42%
*39
*
78
9%
72
86%
*2%
33%
85%
72
5%
45
5%
38
8%
8434
9%
12%
5%
41%
85%
*2%
13
*42%
32
%
8434
*8%
8%
38
78
2,400
2,700
10,400
8,300
2%
8
37%
%
80%
23%
2%
33
534
9
23
2%
8%
3738
5%
83
23%
2%
3134
"*3%
82%
*8%
6,400
383s
*
100
33%
3434
5%
*30
890
1,300
98
29%
*39
46%
41%
*110% 114% *110% 116
*110% 112
116
39
38
38
38%
39%
38%
39%
*5
8
5%
5%
*5%
8
5%
16
20%
18%
21%
21%
20%
18%
*60
*61
*65
70
70
70
71%
78
*55
60
*55
60
56
*55%
21
*13
16
*15%
16
*15%
16
13
13%
13%
13%
13%
13%
13%
6%
6%
6%
6%
6%
6%
30
3%
4%
53%
32%
4%
5%
%
*4%
69
27,400
28%
*18%
29%
"3%
45
66
50
*91
95
3%
4%
5%
46%
534
2,200
3%
28%
18%
30%
46%
3%
45
1%
3%
34%;
4%
5%
78
200
8
3
"3%
%
7%
9%
1%
1%
70
*27%
5
28%
38
110% 110% *110%
37
37%
37%
4
4
5%
11034 11034
35
4%
28
23g
13%
*36
434
27
7%
3,500
44,000
18%
23%
5%
40%
12
11%
2%
8%
*234
4%
28%
*19%
4%
10
139
33%
23%
2%
8%
12%
2%
7%
2%
4%
120
*7%
54%
3
3%
34%
7%
82
18
7%
66
295
99%
2%
9
3,600
*136
19%
53%
64%
55%
3
3%
24
82
Pacific
18
131% 131%
107,800
17%
18
17%
18%
17%
18%
*121
131
*124
130
3,100
124% 125
16
16
16%
16%
7,900
16%
16%
600
23%
24
22%
22%
22%
22%
16%
23
2%
1,800
17
17%
18%
130%
16%
34
81%
40%
40
99%
33%
11%
5%
*40%
Pacific Gas A Electric
53
62
Pacific Coast 2d pref_ .No par
Pacific Finance Corp (Cal).10
400
5,200
*95
34
40
320
17%
65
33%
*26%
7%
*7%
1%
12
Par
28%
40%
27%
Year 1936
100-Share Lots
Lowest
Shares
54%
34%
5
19
18%
7
34%
11
*17
130
17
8%
17%
22%
3%
40
*10
17%
40
9%
1%
126
16
2%
7%
$ per share
28
18
.130
17%
130
7%
*95
126
14%
3
27%
On Basis of
Weel
1
60
15%
3%
39%
*17
17
28
Oct.
Range for Previous
Range Since Jan. 1
8TOCK
EXCHANGE
54%
1434
3
11%
17
7
99%
16%
11%
227%
9%
*1%
52
99*2
119
130% 130%
140% 140%
16%
17%
61
52
50
*92
11%
the
Friday
2187
2% Sept 11
42% Sept 27
4
86% Mar 10
38
June
Mar 11
l%Sept 11
4% Mar 17
3%Sept 11
9% Oct 1
Sept 20
20% Mar 5
37% Mar 11
18
z Ex-dlv.
y
11% Feb 25
Ex-rlghta.
884 Nov
65%
13%
Feb
Jan
19%
Feb
35
Mar
32
Jan
7584
Deo
6% June
22
July
10%
Feb
50%
Deo
4
9% Feb 19
65
58% Sept
3% Mar
6*4 Deo
1%
Jan
2%
Jan
7%
Jan
15
Jan
37
18
Oct
Oot
1 Called for redemption.
New York Stock Record—Continued—Page 9
2188
LOW
SALE PRICES—PER
HIGH
AND
SHARE, NOT PER CENT
Sales
STOCKS
NEW YORK
for
Saturday
Sept.25
Monday
Tuesday
Wednesday
Thursday
Sept. 27
Sept. 28
futnt 9.a
Sept. 29
<:<• r,i an
Sept. 30
$ per share
$ per share
9 per share
$ per share
I per share
■
27*8
2834
2778
28
2834
2934
9012
29
29*2
95
95
*95
99
50
*98
99*4
*98*2
9934
30
*103*4 108
•103*4 108
17
108
*105
35
*88
90
1
7%
7^8
734
38*«
38*2
37%
1
1
1
1
15
38
38
1
f
33s
3*4
28*4
28
*8
37*8
8*2
38*8
1*8
28*4
1*8
3*2
3*4
2984
29*8
*6
8
6
6
*5*2
0
76*8
75*4
20*2
10*4
2034
2212
25
26
2H2
107g
20i2
10*2
2078
82*2,
80
72*2
20*4
10*4
25*4
81*4
7*4
70*2
10
25*2
75*2
20*4
10*8
24
81*2
7*4
74*4
20*8
70*2
19*2
82
83*2
7*2'
7
55
7*2
734
54
54
54
*.50
55
*51
30
30
30
*29*8
21*4
22
*29*8
20*2
30
21*8
103
103
9*2
27*4
3
9*8
10
97g
33
30*8
3*s
3*8
318
25
25
♦23
38
38
9934
3*4
27
24
38*4
*103
10*8
3*8
25
39*2
•9U2 100*2
*91*2
100
100
100
105
*100
105
100
102
103
103
103
105
105
99*2
99*2
106
*102
109
20
21*2
20
2084
21
21
20*2
20
2034
20*2
157S
20*2
1578
20
20*8
20
20*2
20*2
*16*8
17
17*8
18
18
16*2
1734
10*2
18*8
111
*110
15*2
17*8
•111
1534
17*2
11134
2*8
28*2
111
25*4
*33
r.-
20*8
"20*2
31*8
1838
28*8
17*8
2612
26i2
*31
40
4*2
4*2
113
29
29
142
21
21
21
32*4
19*2
31*4
33
1834
29*8
*100
1034
28*2
28
39*2
434
84
83
83
784
7*4
53
30
*29*8
20*2
53
103
3*8
3*8
3*8
25
25
39*2
38*s
3934
*93
99*2
100
105
105*2
29*4
5M%
"""420
So Porto Rico Sugar
8% preferred
"5,700
Southern Calif Edison.....25
59,500
Southern Pacific Co......100
Southern Railway
100
30*8
4*8
203g
19%
35,800
29
29*4
9,700
40
40
40
434
4*8
19
4*8
4*2
4*2
60
42
46
50
50
*46*4
50
92
*86
92
89
89
*88
90
434
*13*8
15
~26~
4*8
23
24
24*8
14*4
25*4
•45
46i2
45*2
45*2
14
15*8
14*4
16*4
71*2
2534
103g
37g
534
12*2
22*4
2012
1278
24*2
1234
71
71
70*2
24*2
25
24
10*8
3*8
5%
10*8
10
3*2
3*8
4*8
13*8
*-...
26
25*2
27
47
46
48
49*4
1578
7234
203g
17*8
17
26*4
167g
73*2
27*2
10*8
108g
4
4
10*8
4*4
534
0
72
12i2
12l2
28
30
31
29
32
31*2
36*8
3784
37*2
36*8
37
37
134
37*8
*33
37
37
5534
5284
*33l2
39
33
33
61
61
60
61
12
13
1178
1212
11*2
13*2
11«4
14
6212
1378
*11*4
153g
14
9*4
6414
120
*34
11*2
1538
63
*60
120
*119
120
120
I384
14*4
1384
3212
32l2
32
3
3*8
20
20*8
1978
257«
3
9
938
83s
8*4
55
2534
167g
27*8
28
10*2
8*2
8*4
11*8
9*4
884
*45*8
6
50
4%
32%
434
6
33
32*4
3334
32
10
10*8
10
834
1034
8*4
10»4
•8
934
33*8
1078
83g
8*8
•29l2
30
30
30
26
24
26*4
*28*2
*263$
30*2
*20
62
02
*02
62l2
62
6
*
83
"~4*2
36
n
....
5*2
36
2*8
6%
2*4
20
6*2
21*4
3
3*8
12
6
6*4
6
83
5*2
•30
2*8
*6*2
19*8
3
12
40
2*8
6*4
♦_
9
48
4*8
32l2
*30
*15
49*2
434
51%
484
33
33*2
7,800
11
10%
11%
13,000
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil
10
Texas Pacific Land Trust
8*8
9
9*4
884
9
14,500
900
Texas A Pacific Ry Co
30*8
200
Thatcher Mfg..
62
*62
62*2
*02
62*2
*62
6212
200
6*2
1,600
6*2
6*2
83
5*2
*36
28s
*6*s
22
3*4
5*8
40
23g
*6*2
►
83
"534
♦30
8
*2*4
*6*8
22
21*2
33g
7
33s
6
40
2*2
8
22
33s
6*2
*
584
•30
40
*2%
*6%
2*2
21*4
3%
21*4
19*2
567s
19*2
55*2
56*2
13*8
13*8
14
97g
11*8
614
11*4
584
18
173s
19*4
543s
55*2
19*8
553s
20*8
54
13%
8*8
10*2
5i2
9812
8i2
13*4
8i2
934
5i2
13*8
133g
13la
934
11*2
6*8
133s
9*8
98
96
84*s
20*2
86
102
*88.
24*2
19*4
*
20*2
20
5212
13
21
89
24*8
89
243s
20*4
19
24*2
20*4
11
634
1384
2*4
89
II
11*8
2912
37
51*2
102% 103
9
28*2
*36*8
13
69
214
70
8
3%
16
88
14*8
8684
21*8
105
*88
2134
108
88*2
21*8
106
*88
0
Nov
33
Jan
Jan
9%
Jan
13
Deo
65%
87a
Deo
Deo
4434 Nov
15% Feb
14% Mar
28
48
Feb 19
337s Apr
487a Nov
04
.
Jan 13
59
63%
1334 Mar
1
93*8 Jan 4
13*8 Feb 3
z40
Sept 2
8*2 Jan 13
15*4 Mar 5
287g Feb 11
7% Jan
9% June
Oct
49
July
Oct
10
Nov
110
Feb
8*2 May
12% Mar
3%
Jan
~9%
8*4
Jan
Jan
Jan
13%
32%
8*2
39%
21%
Jan
"27%
10*4 Jan 25
40®4 Jan 25
26
1484
No par
10
4
Jan
Mar
884 June
85
21% Feb
10
20% Deo
15% Deo
16% Jan 22
15% Jan 28
54% Mar 6
Jan
Apr
Feb
Nov
July
Mar
Feb
Deo
98% Aug 13
17
Aug
2
9*8
•11*4
1134
3,500
5*2
O34
10,000
13*4 Sept 25
8*8 Sept 25
934 Sept 27
5
Sept 25
934
97
16*8
87
Bid and asked prices.; no sales on thto day
Mar 30
Apr
Transamerlca Corp
2
Transcont A Weet'n Air Inc.5
Transue A Williams St'l No par
91
21
44
684 May
5%
287s
23,300
72
88
65% Apr 22
9% Mar 15
15% June 17
87*4 Sept 30
15*4 Sept 24
par
par
Nov
Oct
3
8% Jan 12
15% Mar 3
1378
89
•2484
15
24%
47a
par
13% Nov
20% Nov
3578 Jan
12% Nov
1334
13*4
*2*4
70*2
14%
21*4
57*2 Feb
3778
Jan
8
12%
13*2
88*2
2434
pref.
1534 Jan
Jan
6%
20*4 Apr
28*2 Apr
56
55
1978
conv
17% Jan 21
23
4
2*4
7034
1584
24«4
$4.50
900
Deo
684 Mar
42% Deo
Feb
13
21*2
Tide Water Assoc Oil
25
60
Jan
9% July
79
55
25
700
16,200
10
.100
Jan
3
287a Feb 11
-2*4
2434
8,900
1578
pref
Thompson (J R)
Thompson Prods Inc. .No
Thompson-Starrett Co.No
$3.50 com pref
No
00
2,700
1078
87*4
conv
Third Avenue Ry
27
52% Sept 24
13
21*4
2134
105*2 108*2
$3 dlv
100
1,400
Nov
Timken Roller Bearing.No par
55
2184
12,600
,
1
Mar
125
Tim ken Detroit Axle
*36
107
No par
100
Preferred
Thermotd Co
91
Jan
6,500
30*8
16
90
The Fair
30*i Deo
157a Oct
118
4,900
37*2
2*4
pref
Jan
4
Jan
19*2
36*2
*678
73s
conv
1
100
No par
No par
Jan
Dec
734 Mar 2
47U Mar 11
397g Jan 25
20*2 Jan 20
28% Mar 8
3378Mar31
2334 Jan 20
8
5*2 Sept 13
8
Sept 25
44% Sept 27
4*4 Sept 27
32
Sept 28
9% Sept 13
8
Sept 27
29
Sept 29
24
Sept 27
61% Aug 2
6
Sept 25
83
Aug 31
4*2 Sept 25
36
Sept 25
134Sept 8
6*2 Sept 25
19% Sept 27
3
Sept 11
12
Sept 25
9%
54*2
293s
20*2
*13
9*8
*1078
28%
68
15*8
8784
6
9
1034
2934
36*2
*2
97g
1134
834
10*4
287g
2*8
70*2
15*8
86*4
984
17
98
8*2
*9
*14
*96
8*2
1384
2
96
8*2
6*2
13
102
6
63s
69
14*8
83*4
11
50
2*4
68*2
15
57
14
$3.60
83
5%
18*4
5534
16*4
13*4
Si8
13*8
25
34*4
53*4
218
68*2
14*8
5
....
1034
87*4
19*8
53*2
13
...5
Tennessee Corp
Texas Corp (The)
33
87*4
19*2
36*2
63s
Telautograph Corp
1034
87*4
6*4
1
...9
50
Jan
14%
20% July 12
6134 Feb 3
19% Sept 27
2634 Sept 27
9% Sept 27
7% Sept 27
8
Sept 25
4734 Sept 20
Without warrants
31
8
13
33
16%
50
10
50
(The)
Deo
70
125
197gSept 27
24*2 Sept 27
25
Sutherland Paper Co
Feb 17
77% Jan 11
Sept 13
Sweets Co of Amer
17,900
478
20
Sept 27
3
100
Swift & Co
71,400
17*4
6
32
.....
5H% preferred
5134
33% Jan 29
Aug 6
12% Sept 15
10
Jan
31
70% Deo
40% Oct
78*2 Nov
24*a Apr
17% Jan 20
118
100
Superior Steel
1,100
50*8
29
25
27
27
Superheater Co (The) ..No par
Superior Oil
1
8,900
1078
50
6% preferred
3,000
9%
17
34
No par
Sunshine Mining Co
24,10^
9%
90
6%
100
9,800
2,000
9*2
16*8
53
Studebaker Corp (The)
1
Sun Oil
.....No par
9*8
14
3434
1,000
500
88
6*8
Stone A Webster
33,600
6*8
13*2
173g
53
10% Apr
22,/00
6*8
90
3434
65
Feb 11
9*2
6*2
17
10*4
27*8
Jan 29
21
Talcott Inc (James)
90
10
75
Sept 25
11*4 Sept
14
Sept
8*2 Sept
6234Sept
1,700
17*2
28
Sept 27
12
1
9*4
48
90
27*8
60
5
9*4
*40*2
16*4
8
10
Swift International Ltd
48
Mar
Stewart-Warner
Symington-Gould Corp ww__l
89
10
5
15*2
0*2
434
Mar
8,000
5,000
9*4
6l2
984
51*8
47g
Sept 10
48
2,000
9*4
*46*2
48% Deo
32
55*8 Jan
2434 May
IP4
9*8
Jan
25
9
6234
9*2
Aug
32*4
Mar
27*2
9*4
11*8
35
72% Deo
3% Jan
47% Feb
Stokely Bros A Co Inc..
700
Dec
Feb
Sterling Products Inc
400
62
2
76
27%
11*4
9*8
9*8
9
2484 Apr
2684 Apr
36% July 12
300
*28*8
11*4
7
Jan 11
5234Sept 27
8,100
9*8
4
30%May 14
31
40
Jan 12
72% Jan
Jan
10
*27
5*8
8
Standard Oil of New Jersey.25
Starrett Co (The) L 8..No par
43,900
16%
1138
48
300
29
No par
29
3*2
*96
No par
prior pref
26
12*8
16*8
*95
65
cum
2034
29
2734
700
26
90
•95*4
*8*4
24% Sept 27
Sept 27
134Sept25
36*8 Sept 29
$7
5,800
34
2034
9
13% Mar
97a Feb
277a Deo
32
3*8
11*2
578
9*2
*28
2034
11*2
6*8
98*2
8*2
10*4
287S
3478
32% Mar
16*2
2034
1578
5
2,300
1,900
90
10
11 *8 Sept 25
29
21
9
No par
.No par
$4 preferred..
$6 cum prior pref
1678
21
Nov
4384 Nov
18% Nov
26
2034
63»4 Mar
9% July
5% Apr
30
2*4
13
*25
1678
37
Jan
21»4 Apr
14% Apr
10*2
8*4
83
5*2
25*2
21
Jan
12% Jan 22
14% Mar 8
29
2*8
*6*2
12
20*8
2734
10*2
8*8
8*2
13%
44
234Septl3
5% Sept 27
*26*8
8
3*4
25*2
*15
3*2
21
Oct
92*2 Oct
3634 Jan
24% Aug
95*2 Apr 28
48% Mar 8
10*4 Jan 20
1534
<9*8
6234
3*4
27
73% June
2934 May
157s Apr
Sept 24
{Stand Gas A El Co
8,100
119*8 119*8
1434
15*4
34*4
34*4
3*4
3%
*20% 2I84
11434 Nov
9«4 Mar
Sept 27
Sept 27
14l2
119
Oct
70
14*8
11*4
119
534 Apr
678 Jan
Oct
117a Nov
10
135s
11*4
120
Mar
32*2 July
4778 Oct
24
64
*119
160
1
63
9*4
Jan
28«4 Feb 11
34
15
Feb
No par
29
634
Jan 18
Sept 25
5634
*6
9*4
4778
Aug 14
50
14
56
*45
9*8
4738
47«
5*8
35
June 29
5738
6
558
8*8
44*8
4*4
2334 Jan 12
44
56*2
*50
Jan
25
23*2
July
7*2 Feb
35% Aug
2
57*8
934
150
17% Nov
114
2
Feb 19
16
Mar
37« July
26
Apr
Jan
Feb
6234
12% May
Feb
50
*50
Jan
Deo
94
50
9
72
~30%
36
Sept 30
36% Sept 27
*
Sept
110
Jan 28
25'
12
21
Feb 26
Standard Oil of Kansas
48
5*2
812
46*8
434
19,700
14*2
40*4 June
No par
1
Stand Comm Tobacco
16,200
63
Nov
31
Standard OH of Indiana
63
Apr
85
47% Dee
82
21,300
14%
*11*4
132
Jan
6»4 July
63*4 June
101% Mar
18,500
12
Dec
Sept
54
Jan 20
Mar 16
Mar 17
Jan 7
3634
14*8
19*2
97%
Dec
26*2 Dee
35
63*2
8»4 July
1934 Jan
z3% June
102
59
40
14*2
Dec
Nov
54*4 Deo
3834
63
64
45
28*4 Dec
127% Nov
14% Jan
487a Oct
684 Jan
Jan
35
*11*2
15*8
9*4
Deo
Conv $4.50 pref
Square D Co class B
2,600
34
Dec
Deo
Standard Brands
4,200
27,000
*33
Nov
Jan
35
34
43% Jan
30*4 Apr
1434 Apr
Nov
Apr
3934
*32*2
Jan
Nov
1234
35
,.
4%
Deo
Nov
19
39*8
35
203s
770
July
Dec
77a
101*2
31%
19®4
327a
104*2
11*4
65%
1178
77%
104%
9%
Sept 29
12% Sept 24
22*4 Sept 25
...2
Jan
87s
34
37
2
34
1934
28%
33*2
2
Spiegel Inc
24
2% Dec
44
6
37
35
21
*15
13
$3 conv preferred A..No par
29,500
43% Mar 17
33
12
3l2
4*4
578
170
2
Jan
5434
1434
22
74
26%
10%
1
1,600
17,600
155
Sept 30
4% Sept 25
12*2Sept 27
73% Sept 20
No par
$5.50 preferred
No par
Spencer Kellogg A Sons No par
Sperry Corp (The) vtc
1
Splcer Mfg Co....
No par
"'600
9
39*4
2
3434
3*2
21i2
3*8
20*4
25*8
1034
8*8
37*2
1334
2934
3384
3*4
20*4
7*8
45
337g
6*8
43s
6*4
35
9*s
*49
29
4*4
33
20*8
16*4
197g
27*4
6I2
13*2
28
74
26*2
10*2
4*4
534
12%
*27%
3284
*184
36*8
1034
33
3*8
20*2
19*2
2634
8
74
27*2
15*8
10*2
•44*8
7234
26*2
10*2
4*4
578
13*4
1434
24*2
8*s
48
73
15*8
1934
28
8
49*2
17*4
1434
1634
8*8
28
49*2
16*2
1478
2578
10*8
28
1384
1984
*2634
984
8
1414
28
27*4
10*2
75
49*4
17*8
14
*15
8
*27
247g
14*2
15
June
6% Feb 20
42% Jan 12
89
Sparks Wlthlngton
Spear A Co...
1,100
115
Stand Investing Corp ..No par
Standard OH of Calif. .No par
•33
57*4
3434
6378
120
*24
24
15,000
Feb
f-ebl6
3334
*134
3684
1^4
37
16*4
9*2
6234
143s
15
42
Mar
8
36*8
39*4
55
14*8
478
*13%
*
Mar
38%
377s
383s
*33
8*2
6234
14*8
8*s
64
2734
32*4
2
*134
303s
55*2
M84
684
1134
13*8
28*2
33*2
25
434
47g
75
"24"
25*2
*45*8
1534
27
36*8
*24"
14*4
11*2
243g
*33
*
15
534
12*4
I84
434
13*2
75
2412
27
1*4
4*2
13*8
►
1334
11*8
1*4
75
24*2
•
26
5*8
434
13*8
4
MarlO
60% Mar
par
1st preferred
Nov
Sept 27
32*2 Jan 13
65% Mar 11
Spang Chalfant A Co 0% pflOO
50
13
Marl6
2934 Feb 15
23*4 Aug 14
Mar 29
100
Spalding (A G) A Bros.No
160
*86
8
120
25*4 Sept 25
39% Sept 28
4% Sept 27
Mobile A Ohio Stk tr ctfs 100
1,800
*50
Jan 21
Feb
197
Mar 18
89
1
20% Sept 24
28% Sept 27
17*4 Sept 25
100'
6% preferred..
200
92
Feb
102% Feb
28% Sept 25
-141
.100
2234
32
31
MarlO
4% Apr 21
2% Sept 27
par
22*2
60
75
No
3034
193g
Jan
54*2 Jan 11
110
Jan
Jan
40%
% pref 100
Nov
20*2 Feb
Apr
15%
20
Socony Vacuum Oil Co Inc. 15
%
2
30%' Aug
3% July
59% Jan
11*8
20%
20
33%
29*2
1
96
223$
*37*2
5
No par
2134
40
2
2
4
25
49% Nov
14
60% Apr 22
Sept 20
Sept 25
15*4 Sept 24
16*4 Jan 15
1% May
77s June
10
Feb
58
June 17
Dec
17% Feb 10
Sept 13
100
9
44
98*2 Apr 29
85*4 Jan 2
June
93
65
Sept 29
100
34
11
377a July
15
3434 Feb 19
105% Feb 2
177g Mar 11
Mar 20
3
31
*35
1
Sept 17
24
2
17
98% Aug 18
14
9% Sept 25
27*4Sept 27
10
2134
*86
4*4
102
100
3212
1984
Oct
27% Mar
5134 Mar
98*4 Mar
3*4 Feb
23% Feb
45*4 Jan
2*8 Jan
8*2 Jan
54*8 Apr
11*4 Mar
120
19% Sept 24
South Am Gold & Platlnum.l
2,300
*50
1212
53
30
Jan 13
42% Mar 10
3434 Sept 25
142
92
*
preferred
Solvay Am Corp 6
24,100
29*2
22% Sept 27
80
Sept 27
634Sept 27
No par
$6 preferred
200
3*2
60
4*8
13*4
conv
11
24
24
27
24
24
40
Smith (A O) Corp
10
Smith A Cor Typewr._No par
Snider Packing Corp
No par
900
*86
75
3
Sept
20*2 Sept
6
Sept
70*2 Sept
19% Sept
934 Sept
25
380
•46
4*4
13*4
par
1
Sloes Sheff Steel A Iron
187g 193,500
29
7% Sept 28
37% Sept 27
1
Sept 10
Slmonds Saw A Steel ..No par
2,800
*100
14!8 Jan 4
Sept 24
Sept 29
1
Sept 25
par
Skelly Oil Co
2,600
29*2
Mar
No par
No par
No par
0% preferred
17*2
142
114*2
177a
5578
101«4
4*4
Slmms Petroleum
700
600
20*2
*100
3
Sliver King Coalition Mlnes.5
Simmons Co
No par
5,900
21
29
142
Feb
$3.50 conv pref ser A .No par
Sheaffer (W A) Pen Co. No par
Shell Union Oil
No par
4,100
17*4
18*2
111
113
100
Sharpe A Dohme..
14,900
20
3*4
Nov
104%June 29
100
No par
$5 conv pref
8,700
20
111
Dec
114
Servel Inc...
4,800
17
3*2
99
Aug
110% Sept
100
Shattuck (F G)
Sharon Steel Corp
5,300
6,100
20*8
278
Dec
108
Seagrave Corp..
No par
Sears, Roebuck A Co..No par
10*2
18*8
19*8
*110*2 111
96
6
300
20
3
6
Jan
t Sea board
9978
105*2 107
Mar
No
300
97g
33*2
33
July
103
113
Seaboard Oil Co of Del. No par
70
103
97g
34
27
9
July 27
88
Air Line
Highest
share $ per share
July
34
4-2% preferred
$ per
98
5
2,800
share
per
95
3,100
14,000
$
27% Sept 25
....-100
JSchulte Retail Stores
...1
8% preferred...
33,700
share
per
Lowest
par
Soott Paper Co
300
30
20*2
$
5>$% preferred
1,100
7*2
Year 1930
Highest
100
100
28*4
39*2
434
412
21*8
1034
26*2
6,000
No
5% preferred......
6% preferred
7% preferred
Savage Arms Corp
No
Schenley Distillers Corp
21*8
29*4
1778
29
40
20*2
10*4
25*2
*105*2 107
21
20*2
112
J7*
30
*100
4i8
,
*110
3
2*2
150
29
29
150
20*2
29*2
17*4
234
2l2
278
187g
27*4
*5*8
25
3834
*91*2
104
*91*2
75
10*8
3278
3*8
24
3734
*91l2
11,100
1
3*2
29
213s
10384
978
33
1*8
Safeway Stores
800
390
55
21
104
*100
30*8
*3*8
10
3038
36
~3434 36"
104
♦100
21
978
38*2
1*2
3*2
30*2
6
757g
73$
30
9%
31*4
3
827S
0«4
20
30
19*2 20
103*4 103*4
9*8
28i2
827S
*52
55
30
684
21
200
38*2
6*4
77*8
2134
1034
6
74%
10*8
3,700
89
1*2
*88g
30
6
10
"2", 166
97g
38*2
1*8
3*2
3*4
72*2
19*2
9*4
225s
82i2
1912
37*4
1*2
1
108
*87
28*2
2934
0
6,900
37*8
90
1*4
*9*8
29*4
*18*2
20
37*4
*87
1*4
Us
7*2
1*8
3*8
3*4
28
1*8
*105
18*2
88
28*s
108
3034
36*4
88
38*s
38
20*2
35*8
90
1
1*8
8
*19
19*2
36
*88
90
1
1*8
3*8
26*2
18 *2
353s
18
34h
17*2
34%
Par
95
98
17
Shares
102
•95
98
34
$ per share
Range for Previous
On Basis of 1WJ-Share Lou
Lowest
95
95
98
STOCK
1937
EXCHANGE
*98
95
103
Range Since Jan. 1
Week
♦105
99
•98
•88
1
98
•95
•103*4 108
2834
29*4
the
Friday
Oct.
Oct. 2,
97
200
9*8
13
1,500
29*2
12,100
3834
900
684
1,700
684
*53
8,800
60
13*4
284
71
900
9534 Sept 24
109% Jan 21
74*2 Nov
1478 Jan
10% May
7*8. Jan
27% Apr
22% Dee
93
Jan
No par
.10
8
Sept 27
12
Mar
3
47s
Jan
10
Sept 25
20% Mar
8
Apr
20th Cen Fox Film Corp No par
$1.50 preferred
No par
27% Sept 25
4078 Mar 13
34
Sept 27
50
6
Sept 27
17*j Jan 22
7%
22*2
31%
884
65*4
Truscon Steel
Mar 13
50
Sept 27
94
Jan 20
4,500
Twin Coach Co..
12% Sept 13
25
Ulen A Co..
June
Apr
12
110
Feb
Oct
9% Nov
28
Deo
38% Nov
47% Nov
17% Deo
Mar 29
1,100
190
2,700
15*2
13,100
18,100
21*4
21*4
104% 105
4,100
,900
88
88
88
25*8
22*8
2484
21%
25
1,500
22
27,700
a
Truax Traer Coal
22% Jan 11
27% Jan 22
11% Mar 8
Twin City Rap Trans ..No par
Preferred
.100
8884
t In re>*elvernhlp.
Tri-Continental Corp ..No par
$0 preferred
No par
Deo
Apr
1
2
Union Bag A Pap new.No par
Union Carbide A Carb. No par
Union Oil California
Union Pacific
9,600
4% preferred..
100
Union Tank Car
No par
101% 8ept 24
88
Sept 30
24% Sept 27
United Aircraft Corp.......5
Pef. delivery,
n
New stock,
r
Caah sale,
Sept 29
1378 Sept 24
83*4 Sept 27
20
Sept 27
25
100
Sept 10
68
No par
Under Elliott Fisher Co No par
19
t
Sept 27
Sx-dlv.
y
t>7s Jan 25
100% Jan
8
18% Sept 17
111
Feb 20
28*4 Feb
4
148% Mar 16
9934 Jan 13
31% Feb
35*8 Mar
Ex-rigfata.
4
5
May
Jan
109
Deo
27s June
74% June
8% Jan
102% Deo
71% Jan
20*4 Aug
108*2 Jan
28*2 Feb
149% Aug
90%
22%
20%
Jan
Jan
Apr
165%
100
31%
32%
Nov
June
Feb
Feb
1 Otllen for redemption
LOW
Saturday
9
10%
10%
"26"
*25
21
*20
21
*109
112
*110
69
71
70
71
69
72
*68
72
25
25
*26
3%
3%
34%
8%
12%
89%
5%
8%
4
3%
33%
33%
8%
12
12%
94
6%
*80
6%
38
36%
39
40
66
66%
66%
68
11%
66%
36%
66%
*36%
11%
11
*104
*104% 105%
6%
6%
6%
10
9%
10%
6
-
9%
*80
*80
90
90
1%
*1%
*8
10%
10%
10%
9%
10%
*1%
*80
1%
11%
11%
*42
48
23
47
24
25
24%
6%
11%
6
10%
7
7%
11
12%
95
33
33
68%
11%
11%
11%
105%
105% *105
20,200
*10
10%
*85
11%
4,000
U
79
4,100
26
12
*43
*25%
26%
7%
12%
*80
108
36
35
37
7%
7%
13
12
108
*30
39
38
7%
108
7%
37%
71%
36
39
38%
40%
70
73%
72
76
72%
40%
75%
40
70
73%
75
72
73%
75
75
77
76%
78%
76
79
78
79
77%
36
*66
68
81%
79%
120% 120%
119% 119%
*148% 150%
5
5%
3
2%
*
*60%
*16
16%
63%
63%
142
1
1
1
1
37
*33
44
*33
20%
62%
*142% 147
44%
*39
1
44
115
*106
115
40
41
41
40
40
434
33%
♦111
434
5%
35
11134
*55s
5
70
*62
*118% 125
3
278
5
3
3
478
4%
4%
*3%
534
912
22%
85
85
834
38%
9
38%
19
19
*1834
15
1478
3%
3%
10
*48
4
4%
4%
3%
4i4
60
10%
*48
60
4%
60
*30
10%
11%
55
*48
4
11%
60
4%
•
20
19%
19%
35
278
21%
2l7g
1%
3234
2%
1
2934
32
28%
75
100
96
953s
96
100
*95
95%
114
23%
57g
6
534
9%
9%
9%
15s
15s
1S4
3%
3%
30
2612
4
31%
30
26%
27i2
3%
23%
6
10%
134
4
32
28%
3%
*1%
*3%
32%
79
32
3%
1%
33%
95
*91
*101
24
57g
*984
*1%
4%
3134
28%
110
113
110
115
114
132
132
129
130%
24
6%
14
17g
4%
327g
29%
119
*72%
95%
*121%
6
*10%
1%
*4
32
96
*72%
*
14
1%
4%
31% 33%
a-27% 29%
113% 121%
*10%
*1%
4%
18
95%
95%
16%
19%
37%
1734
26
26
*85
94
*85
110
*85
94
*85
105
*90
105
*90
115
*90
36
39
18%
18
*35%
*16%
17
*26%
28*2
*85
94
*90
105
*90
35
3278
37i4
37%
39
*88% 105
36%
13
278
207g
3
21%
*27g
2178
3%
22%
378
478
12%
12%
12%
234
20%
27g
4%
9%
234
20%
27s
3
7%
67
678
3
21%
27g
4%
9
7%
67
3
3
3
3
4%
9%
7%
4%
934
7%
4%
4%
9%
*3%
4%
9%
7%
7%
73
67
42
42%
42%
27
28
28
78%
27
28
76
*76
84
*80
87
80
*78%
70
70
74
78
*80
85
*76
85
*79
*60
70
*65
75
*63
75
*60
80
*60
75
*60
80
*60
80
*60
80
69
70
67%
66
68
*67
65
67
68
37
15%
37
37
*61
37
14
*110
5934
62
63%
63
63
37
35%
35%
15
13%
15%
118
*110
32
31%
55
5634
55%
94
31
3%
33
3«4
63%
1434
110
*
31 *
3%
110
14%
*106
59%
32
61%
*32
94
94
*80
32
59%
31%
92
31%
*
118
66
*35%
34%
•33%
3%
3%
35%
4
57%
33%
3%
1578
115
32%
60%
94
35%
4
16%
3%
22
*3%
4%
4%
9%
4%
9%
7%
7%
67%
42%
43
28%
81
74
*3
22
68
25%
2634
,
7%
7%
*67%
41
25%
24
38%
9,000
68
43%
29
28%
*75
80
*79
89%
*60%
89%
80
*60%
*60%
80
*60%
*66%
80
80
82
67%
*35
15%
110
32%
58%
*86
35%
3%
73
"""206
13*200
1,900
800
2,800
1,100
3,700
1,800
21,900
700
15,000
3,400
100
80
170
68%
67
68%
1,100
37%
37%
37%
500
15%
46,500
15%
16%
112%
32%
60%
94
36
3%
►
113
32
32%
57
59
*87
34%
3%
94
35
3%
220
1,200
28,000
100
16,700
5,800
Sept 24
98
Aug
120
Aug
122% Jan 11
10% Mar 16
4% Sept 27
18% Mar 16
9
2% Aug
5
84% June 24
Feb
49
10% Mar
Jan
7% Mar
Nov
Jan
61
Apr
39% Dec
Jan
Apr
Apr
10% Jan
2% Apr
47% Jan
9% Apr
19% Feb 11
21% Sept 25
Feb
86
137% June
4% Feb
4% June
Mar 17
16
Sept 13
131% Aug
70
2
Oct
41% Dec
Jan
Mar 12
2% Sept 20
'4
Apr
May
xll4%
9%
30
8
12% Dec
49% Nov
17%
20
Nov
62
Nov
A—No par
Class B
No par
Preferred---.
100
Warner Bros Pictures
-.6
$3.85 conv pref
No par
J Warren Bros
No par
$3 convertible pref--No par
Warren Fdy & Pipe
No par
Waukesha Motor Co
6
Ward Baking class
—1
Wayne Pump Co
Webster Elsenlohr
.No par
Wells Fargo & Co
1
Wesson Oil &
Snowdrift No par
$4 conv preferred
No par
West Penn Power
6%
100
100
preferred
preferred.--.
Maryland
3% Sept 25
Sept 27
99% Mar
18
Jan
9% Sept 27
Sept 24
69
Jpn
Jan
12% Dec
21
Apr
35% Jan 16
MarlO
29% Sept 25
46
19%Sept 27
38% Feb 19
32% Sept 25
81
Feb
91%
Jan
109
Aug 26
Feb 11
83% Dec
107
Sept
96
Jan
110
Apr
Aug 26
87
Feb
102
Sept
116%
Jan
124% Sept
111%
Jan
116% Dec
84% Feb
preferred
100
Corp...No par
Preferred
100
$5 conv prior pref—No par
WhlteDent'lM fgCo (The SS>20
White Motor Co
——1
White Rk Min Spr ctf. .ffo parI
Sept 24
26% Sept 27
110
Sept 24
•
108
9f
8
29% July 12
4% Mar 17
11% Mar 17
83% Jan 22
57% Mar
6
Sept 28
167% Jan 22
170
Jan 22
17% Sept 13
35% July 2
16
Sept 29
27% Feb 23
7
2 5% Sept
30% Jan 22
39 May
6
34% Jan 7
Apr 13
90
Jan 18
115
114
Jan 18
126
327gSept27
99
May 20
73
Sept 29
Sept 11
19
14% Sept 25
12
Sept 25
78
4
6
l%Sept 11
3% Sept 10
preferred.-.100
8% Apr
15
31% Nov
34
6
Mar 11
99
126% Aug 14
90% Aug 31
84
65
Aug
33% Feb 16
18% Jan 25
6% Mar 22
3%
59% Sept 27
63
Sept 27
Mar
6
62%
76
Jan
7
Coach cl B—1
Preferred
Wire.-No
Youngstown S <fc T
No
5H% preferred
Zenith Radio Corp
No
Young Spring &
Zonite Products Corp
100
par
par
100
par
1
July
35%
91
Jan
July 1120
18% Feb
13% July
128
Yellow Truck &
Jan
32
Oct
Nov
Oct
23%May 15
Aug
Wrigley (Wm) Jr (Del)-No par
Yale & Towne Mfg Co
25
Jan
39
Feb
Mar 10
..100
33%
Dec
100
6% preferred B stamped 100
Wright Aeronautical...No par
Feb
z50% Deo
153% Oct
160
Oct
39%
112
8% Sept 24
Feb
97g
96% Nov
109%
Sept 25
75
Sept 20
82% July 12
4% Sept 25
Feb
4
July
100
7% pref A stamped
Preferred B 6%
2% Sept 13
12%
23% Sept
21% July
2% Sept 13
20% Sept 25
$4 conv preferred
Wilcox Oil & Gas—
Apr
1% Nov
5% Aug
72% May
34% Jan
94% Jan
123% Jan
22% June
35% Oct
19% June
Mach...No par
No par
5
Willys-Overland Motors
1
6% conv pref
10
Wilson & Co Inc
No par
$6 preferred
100
Woolworth (F W) Co
10
WorthingtonP&M (Del)No par
Preferred A 7%
100
White Sewing
Jan
52% Dec
23% Mar
9% Sept 27
Wheeling Steel
Feb
2%
6% June
1
Aug
33% June
103
July
100
122
"11%
1
5
50
Dec
6
11% Mar
Instrum't.No par
Class A
—No par
Westvaco Cblor Prod--No par
5% conv preferred
30
Wheeling & L Erie Ry. Co. 100
Dec
39% Dec
Mar 17
6% Sept 27
1st preferred
■■
9% Feb
56
115% Jan
29
19% Apr
2% Jan
2% Sept 25
1
July 15
28% Sept 25
75
Sept 25
89
July 14
90%June 17
123% Mar
Weston Elec
38%
37%
50% Aug 10
Apr 10
Telegraph. 100
Westlngh'se Air Brake.No par
Westinghouse El <fc Mfg
50
Dec
Apr
4%
15%
110% Apr 9
23
Sept 25
Western Union
18% Dec
44
12% Jan 25
100
Co—10
...100
2d preferred
conv
6
69% Jan 23
3% Sept 27
11
Sept 25
100
6%
2
7% Nov
105
Nov
47
Western Pacific
4%
6%
8
50% Feb 1
10% Feb 26
53
7% pref.100! 118
preferred
5H%
115
*12%
12%
43
37%
12%
12%
42%
*90
39
19%
1212
42%
500
94
75
12
4018
28%
110
16%
6634
40%
270
1,300
*85
*15%
15%
14%
*65%
13,200
24,000
*25%
*70
17
73
28,900
""700
*91
15%
*69
1,800
4
26%
3,300
800
119% Sept 23
4
5
19% Jan
Western
400
Jan
Mar
14
7
37
117% Feb
8% Dec
Dec
58%
114% May
13% Dec
51% July 15
Western Auto Supply
*16%
19%
17%
12%
17
4%
834
20
12% Jan
Mar
8% Sept 24
1,800
37%
17
75
1534
7
40
109
18% Sept 20
14
Sept 25
West Penn El class A..No par
*35%
110
15
234
4%
*8i2
400
20%
*15%
16%
12%
19%
23
3,100
1,020
7,000
*18
*70
80
*14%
3
130
*90
*70
19%
2178
300
6
135
65
48% July
80
Aug
May
4% Jan
28% Aug
6
Feb 15
115
Aug
116
Apr
72
38% Sept 24
6%
19%
110
77
*14%
234
130
115
12% Apr
74% Apr
4% Sept 25
40
30% Dec
49% Nov
No par
230
73%
*90
*63
193S
1534
20%
"5466
5
May 12
Mar 27
Oct
Dec
57
Walk(H) Good & W Ltd No par
Preferred
No par
Walworth Co
95%
34
28%
29
116% 120%
94
47
June
16% Apr
28% Jan
*110% Feb
2%
92% Aug 18
18% Mar 11
7%
73
103
76
*1412
100
38%
53,100
100
100
100
No par
Walgreen Co
No par
4 Pi % pref with warrants 100
""190
*15
*85
*65%
*90
79
33%
33% 34
29% 30%
119% 123
80
66
33% Sept 25
June 29
Waldorf System
102%
*121%
113% 113%
24%
24%
6%
6%
10%
10%
1378
*1%
1%
1%
*4
4%
4%
*128
132%
141
124% *126
19%
19%
19%
19%
18%
19%
*35%
37%
*35% 37%
*35% 37%
16
16
*16%
17
16%
16%
2578 2578
*26
27%
28% *26
37*2
300
96
102
122
*35%
1%
32%
*113% 116
24% 24%
24%
*6
6%
6%
*113% 116
24%
*1%
78%
102%
60
200
3,000
1,400
5,000
38%
3%
1%
—
28,200
42
21%
39%
3%
21%
102
*113% 116
90
9%
900
39%
95
1,000
3,400
30%
22%
102
94
9%
24%
30%
16
39
*90
95%
5% preferred A
5% preferred B
120
10%
55
4j
16
10%
21%
78
101%
5,300
*45%
4%
*12%
39
*1%
31%
*72%
12134 1217g *121%
*11334 114
23
23
36%
42
22%
95
100
12134 12134 *12178
114
1%
32
*
100%
94%
95%
3
78
78
*
38%
3
*1%
3134
31%
*72%
75
100
*
3534
t Wabash Railway
7,600
*24
31%
Sept 27
Mar
115
105
5%
"2"300
4%
20
22
*9%
4
31
Us
*118% 125
*40
*13
234
10
6%
30
44% Jan 20
103% Aug 19
38
Sept 24
4% Sept 29
100
4
13
-.5
Vick Shreve & Pac Ry Co .100
Va-Carolina Chem
No par\
15% Sept 20
70
58
35
5
100
preferred—
100
Virginia Ry Co 6% pref—100
Vulcan Detlnning
100
Preferred
100
70
4
13
1st preferred
1
6% Mar
Jan
July
3%
39% Mar 11
Virginia Iron Coal & Coke. 100
*119% 125
*47
*30
Van Raalte Co Inc
57% Apr
58% Jan 20
10
2,000
13
67% May
May 17
1
90
16%
31
8% Nov
102
Nov
9
6
16
13
Apr
Oct
20
*4%
*14
16%
31
July
5
Sept
100
16
16
July
168
1
pref-..No par
100
30
144
Oct
20% Sept 27
26
Sep? 25
preferred
19%
30
Apr
160
32
Va El & Pow $6
*19
*12%
131
5
4% Jan 13
2% Jan 20
l%Sept 11
111
*110
478
preferred
70
19%
11
34
7,900
3,400
*19
297s
1%
5%
38%
*85%
11
2i2
5%
89
97g
42
29%
32l2
50
74
*84%
9%
41%
4%
9
21
15% Sept 25
Vlck Chemical Co
*36 34
11%
8%
"l, 100
*60
60
No par
$6 conv pref. A
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
Vanadium Corp of Am.No par
9%
24%
10%
4% Sept 27
2% Sept 24
65 June 11
Stockyards Corp
II,100
1,500
9%
24%
*40
1
United Stores class A..No par
7%
40%
4
*45
107g
934
103s
49
*45
54
53
60
*53
60
5%
378
Jan
9% Feb 9
8% Feb 5
84% Jan 11
Apr
4
3%
Mar
169
Aug
5%
15%
378
136
Apr 29
147
tUttlities Pow & Light A
1
Vadsco Sales
No par
Preferred..
100
4%
*18%
119% Sept 25
Apr
79% Deo
154% Nov
13,400
6,000
534
1678
No par
100
S Tobacco
Preferred....
Jan 22
Nov
4%
16
15
37g
150
126% Mar 11
92
5%
*1834
1878
14
119% Sept 23
50
75%
116
4%
97g
42
19
16
4
100
103% Nov
165
5%
85
100
Preferred
Preferred
Nov
101
72% July
68% Jan
46% Jan
115% Jan
Jan
5
9%
40%
Mar 11
75% Jan 18
Mar
*3%
85
Feb 18
105
50
3
97g
42%
187g
118
70% Sept 8
66
Sept 20
75
Jan 14
153
3
90
40%
Jan
69% Sept 24
Jan 18
5%
9%
40%
934
834
39
Jan
Jan 19
4%
*84
85
*83
Apr
47
63% Dec
19% Dec
49% Nov
Jan
7%
16%
Jan 21
3
9%
24%
21%
72% Mar 31
Sept
86
3
9%
23%
72% Mar 9
19% Jan 12
6% Sept 25
Sept 25
36
18%
104
108
3
934
23%
Jan
50
U S Steel Corp
United
Aug
-.100
8% 1st preferred
U S Smelting Ref & Min
U
10
71
Jan
Jan
9%
Oct
Mar 30
112
Sept 25
33
par
62% Nov
69
Apr
Aug
4%
22% Mar 17
10% Sept 25
Sept 23
125% Nov
169% Feb
20% Nov
164
5
934
23%
No
Jan
31% Aug
9
15% Mar 13
85
No par
Impt
U S Rubber
49
Mar 22
70
43% Feb
U S Realty &
8%
23% Mar 22
Sept 24
U S Pipe & Foundry
160
Sept 24
3
3
Sept 24
3
Sept 25
115
40%
*119% 125
*64%
70
*118% 125
11
24% June
80% May
May
Feb 10
38
23
29%
29%
6
Feb
172
59% Sept 17
1%
21%
20
137
23% Nov
39% Jan
Apr
142
33
*106
111
*14
10
100
5%
38%
*4%
4%
16
*12
Jan
20% Jan 19
34% Jan 13
Universal Pictures 1st pref. 100
*3%
97S
227g
9%
22%
9%
217$
312
4%
5
16
*110
111
*110
111
*4%
*14
*119% 125
11934 11934 *119% 127
*64
*64%
70
71%
*62%
71%
*118% 125
*118% 125
*118% 125
3
434
*3%
111
5%
20
*11
Nov
5
50
110
74
5'%
37%
5%
37
5%
35%
1
41
*60
74
*60
5%
37
36%
111
111
(
1534
1534
*11934 127
5%
5%
35%
33%
74
*65
66
66
76
*68
40%
40%
40%
Feb
100
Jan
1%
32
115
*106
115
*106
300
20
Jan
39%
147
1%
23%
29%
21%
29%
23
28
21%
27%
40
27%
600
62%
*59
44
*33
16%
1534
1%
1%
1%
1%
1
*33
28%
26
*106
40
1%
1%
23%
26
115
26
3,700
Apr
2
Sept 21
Sept 25
9,300
67
*144
*40
63
147
39%
44
22%
22%
20%
2178
26%
16%!
1%
1%
1%
1
67
*1534
62%
*58
40
37
*59
16
*142
142
40
67
16
67
1534
15%
65
63t4 *63%
144
147% *142
*39
49
44% 44%
1%
1%
1*4
i%
15%
63%
*59
*59
67
1534
142
*106
39
6^400
13
91
Sept 24
100
20
Jan
3
6
Partlc & conv
19%
113% July
3% Jan 28
43
Prior preferred..;
11,500
54,100
9
24% Mar
100% Feb
23
5,200
300
*66%
67
*66%
68
68
66%
67%
67%
*66%
81% 256,100
79%
8034
83%
82%
78%
81%
83%
84%
77%
121
123
3,800
123% 126
123% 125%
121% 126%
121% 121%
100
123%
123% *115
123% *115
*110
123% *115
123% *110
20
150
150 *
158
*148% 158
*148
158
148% 148% *148
5
4,300
5%
£5%
5%
5%
5
5
5
5%
4%
3%
3%
15,900
3%
3%
3%
3%
3%
3%
3%
2%
*
67
38%
4,700
Jan
Nov
8
May 10
_
Dec
87
Jan
14% Nov
16% Feb
No par
class A.JVo par
U S Leather
"
3834
7%
40%
72%
79
68
37%
8
4134
7%
"moo
8%
£0% Nov
109
113% Jan 14
75
preferred
June
105
66%
Jan 14
17
June 14
Jan
Feb
Aug
Feb
Aug
32% June
2
86% Mar 19
U 8 Industrial Alcohol-No par
48
26%
108
U S
Mar
63
8
156
20
100
Hoffman Mach Corp...5
% conv pref
50
7%
5
48
7%
12%
7%
2,400
13%
13%
*44
26
13%
No par
S Freight
10
13%
preferred
9%
487g
16%
29%
July
Mar
Jan
117
Jan
4
9% Sept 24
89% Sept 13
1% Sept 28
U S Gypsum
158% 158%
161
15
93
9% Sept 27
10
Sept 24
Conv
35% Nov
26% Apr 19
100
79
7978
*159
48
7%
6,300
"""loo
96% Nov
106% Feb 26
9% Mar 11
102% July 1
6
Sept 25
United Paperboard
90
Jan
22% Jan
5% Apr
40% Apr
10% Apr
8% Jan 14
.No par
10
U S & Foreign Secur.—No par
$6 first preferred..
..100
U S Dlstrib Corp
No par
preferred
$5
68
3
Mar 17
16
11
United Gas Improvt._.iV"o par
1Q0
3,600
7
7
37% Nov
33% Nov
Oct
46% Jan 14
36% Sept 27
64
Sept 11
6
25% Sept
111
89% Sept 27
5%June17
6
No par
Fruit
United
Apr
8% Sept 27
12
Sept 25
-.100
United Eng&Fdy
Jan
16%
24% Mar
3% Sept 25
10
Dyewood Corp
Preferred
United Electric Coal Cos
220
13
7%
United
1%
35
7%
United Drug Inc
13
24% Jan 12
31% Feb 10
30% Jan 11
117% Feb 6
Feb
Highest
share $ per share
per
32%June 15
No par
No par
6
preferred
10%'
*75
7%
$3
10%
11%
35
6%
United Carr Fast Corp No par
United Corp
4,000
*90
33%
7%
6%
25
35
*1%
108
*80
*70
40%
6734
10%
12
7%
12%
7%
12
*36%
68
90
13
25%
91
Sept 27
500
7%
*43%
24%
7%
48
24%
Sept 25
1%
81
161
13%
*43
69
13,100
1034
78
*159
No par
United Carbon-
11%
11%
81
11
11
11%
81%
161
Sept 13
*1%
10
10
112
*10%
1%
*1%
10
10
75
76
79
80
76%
*159
*154% 161
*154% 161
13
12
12%
11%
11%
*43
1%
1%
10
100
30
6%
*85
90
*85
90
15%
90
6%
39i2
11%
11%
11%
11%
105% *105
104% 104% *104
7
6%
6%
6%
6%
10
10%
10%
10%
11%
11%
106
Sept 24
per
0
5
Preferred
62,200
7,600
7,800
I,800
*80
6*8
*37
67%
11%
20
200
?%
34
9
15-%
15
68
28%
3%
90
6%
39%
*36%
67%
2,600
8%
15
6%
72
*27
8%
15
No par
20
33%
*80
90
6
"MOO
7134
3478
8%
14%
14%
*80
6%
3%
34
8%
8%
90
6%
4
34
21
112
112
267g
4
267g
26%
3%
33
34%
8%
14%
14
13%
90
*25
26%
3%
2034
No par
S
!
share
per
United Biscuit
15
20%
112
2034
$
United Amer Bosch
Un Air Lines Transport
18,700
11%
*10
15
112
*20%
34%
8%
....
11
117g
11%
*10
15
*10
*108
21%
3%
♦
11%
11%
16
33%
8%
} per share
$ per share
11%
*10
112
20
69%
27%
69
10%
16
112
20%
112
*108
10%
*10%
20
Year 1936
Lowest
Highest
share
Sept 27
Sept 13
Par
Shares
$ per share
Range for Previous
1
100-Share Lots
Lowest
Week
1
Oct.
Sept. 30
Sept. 29
$ per share
$ per share
$ per share
*
Sept. 28
Sept. 27
Sept. 25
On Basis of
EXCHANGE
the
Friday
Wednesday
YORK 8TOCK
NEW
for
Tuesday
Monday
Range Since Jan.
STOCKS
Sales
NOT PER CENT
SALE PRICES—PER SHARE,
HIGH
AND
2189
New York Stock Record—Concluded—Page 10
Volume 145
46% Jan
4
6% Jan 25
5% Sept 7
12
Sept 7
16
2%
Apr
Apr
Jan
6% June
June
28% Nov
17% Nov
6% Nov
43
Nov
5% Mar
11
Jan
91% Mar
12% Feb 27
2
70
87
Jan
40% Sept 25
24
Sept 27
65% Jan 20
44%
Apr
71
Nov
Jan 22
23%
Apr
36%
Dec
Sept 25
112% Mar 25
66
Apr
86%
Dec
47
Jan
80%
Oct
6% Sept 27
66% Sept 27
74
70
35% Sept 27
13% Sept 27
110 Sept 28
47
,92
6
Aug 11
63
79
Feb
62% Jan 27
33%
Apr
51
Nov
37% Feb 16
8%
Jan
23%
142
Jan 23
46% Feb 15
31% Sept 28
54% Sept 24
94
Sept 28
101% Mar 6
115
Jan 27
June 17
43% Aug 31
30
3% Sept 24
y
140% Sept
Jan
Aug
9%
Jan 16
Ex-rights.
83% Jan
42% July
41% Jan
105
11%
Jan
Jan
6% July
Dec
163% Dec
55
Apr
87%
Oct
122
Aug
42% Nov
9% Jan
2190
-Jv;'";
oa. 2, 1937
YORK
Bond
NOTICE—Prices
are
NEW
STOCK EXCHANGE
Record, Friday, Weekly and Yearly
"and'Interest"—except for
Income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the week's
range,
unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown in a footnote in the week in which they
No account Is taken of such sales in computing the range for the
year.
occur.
Week's
Friday
BONDS
N. Y. STOCK
Last
EXCHANGE
Range
Sale
Week Ended Oct. 1
Friday
or
Range
Friday
Price
Bid
Asked
<k
Low
No.
115.26
36
113 .16 121.14
Low
115.20 115.17
O
106.10 106.3
106.13
72
104 .2
D 111.10 111.6
Treasury 3%s...Mar. 15 1946-1956 M 8 109.19 109.12
Treasury 3%8
June 15 1943-1947 J D 106.25 106.18
111.14
79
109 12115.20
109.26
13
107 .12114.9
106.26
9
102.17 102.14
102.22
76
1951-1955 M
S
Treasury 3s
June 15 1946-1948 J
Treasury 3%s.—June 15 1940-1943 J
Treasury 3%s
D
8
J
101
106.28
103.30
17
102 .10107.30
105.24
32
104 .20107.27
104*16
106.15
16
104.13
D
104.25
29
102 .20 108.24
104.10
104.13
9
102 .24 108.18
104 .24 108.24
F
A
238
104 .24108.24
O
106.15 106.7
106.10 106
106.16
A
106.11
179
104
109 25
M
8
100.11 100.9
100.15
223
99
104.30
102.15
88
Sept. 15 1956-1959 M S
D
Dec. 15 1949-1953 J
IVI
Mar. 15 1944-1964
38
15 1942-1947 J
J
1 1942-1947 M
8
Home Owners' Loan Corp—
3s series A
May
1 1944-1952 M N
♦External
s
f 7s series B
8
f 7s series C
s
t 7s series D
f 7s 1st series
s
sec s
♦External
sec s
10122
102.20
102.26
38
101.7
102.13
91
100.11 105.17
102.5
101.28
'
O
23 %
99%
9M
9M
9%
8M
8M
8M
8M
104.10
J
—.1957 M
100932
102M
93 %
93 %
106
S
1956 M N
ioili
J
4
23
.1955 J
J
1955 J
D
23%
22
22 M
21
97
9M
9M
9M
8M
12
16
9M
9M
9%
8M
7
16
4
8M
35M
1957
1958 F
D
f 6s
s
ser
C-3
88 %
Extlsf4%s4%s
1975 M N
1984 J
10-year 2 Ms
25-year 3 Ms
1960 A
O
1942 J
J
1955 F
External g 4 Ms
.Apr 16 1962 A
Deutsche Bk Am part ctf 6s.-.1932
O
100%
100®32
100%
93%
93 %
105%
104M
100%
109 M
108M
117M
103M
106 M
102%
15
32
133
{♦Stamped extd to Sept 1 1935.. M S
Dominican Rep Cust Ad 5 Ms--1942 M S
1st ser 5 Ms of 1926
1940 A O
2d series sink fund 5Ms
1940 A O
222
152
50
45
48
96%
90 M
93%
104%
104M
99 M
4
98
20)4
110%
7
108
109
18 M
103%
95%
94 M
110M
110
103%
104M
25 M
111
18
105M 110%
117M
7
115% 118M
rl08
7
99
103 M
20)4
7
18
19%
41%
34)4
20
1
25 M
25
44
86
18M
41M
34%
59 %
47 %
47
M
36%
122
36 M
73
35
35%
69
47%
34%
99% 103M
99% 103%
35M
34)4
101M
102
12
102
2
102 %
7
27
101M
8
26%
101
105%
101
32
26%
99B,6
108)4
92 M
78
79
80 M
80
80 M
58%
59
88%
28%
28)4
31M
5
48
22
4
29
2
28M
41
31%
8
107)4
106 %
112%
112%
99M
A
"~99%
99
"~93M
98 %
93
3s
1967
1954
*54 M
107%
112)4
99M
99)4
33 M
100
102%
75 M
75 %
77
84 %
85 %
86 M
78 M
88
56
65 M
21M
29 M
22
58
104M 110M
111
114M
97
101M
33
96
M 103M
14
47
57
99 %
92 M
50 M
95
60
1950
34
34
*6
34
54%
1960
29%
29M
30
3
26 %
40
3
1960
1938
♦Chile (Rep)—Extl s f 7s
1942
♦External sinking fund 6s...I960
♦Extl sinking fund 6s
Feb 1961
♦Ry ref extl s f 6s
Jan 1961
♦Extl sinking fund 6s..Sept 1961
♦External sinking fund 6s...1962
♦External sinking fund 6s...1963
'Chile Mtge Bank 6Ms
—1957
♦Sink fund 694s of 1926.—.1961
A
O
M N
32
18
A
O
17 %
F
A
17%
J
J
M
S
M
S
"im
M N
J
D
J
D
A
O
♦Guar
s
f 6s
1961
■Guar
a
f 6s
1962 M N
1960 MS
1951 J
♦Cologne (City) Germany 6 Ms. 1950 M
D
8
15)4
17)4
17M
17%
17%
17%
17)4
17%
External 7s stamped
15M
15)4
15)4
15)4
7s unstamped
13
♦Sink fundsecured 6s
*20
20%
page
2195,
15
74
74
76
71
20M
20M
74
73
56
M
99
2
57
99%
108
19%
D
3
19
2
20 M
D
25%
26 M
23 M
30
32
63
6
25
26
28M
28 M
99%
34
29%
30
25
98%
99%
25M
17
20
105
105
J
20 M
♦7s unmatured coupon on...1946 J
J
*20%
*20%
*20%
58%
s f
105
IVI N
IVI N
F
A
1960 M N
5s
1
34
30
Helslngfors (City) ext 6 Ms
1960
Hungarian Cons Municipal Loan—
♦7Ms unmatured coup on...1945 J
Irish Free State extl
13
*15
A
Haiti (Republic) s f 6s ser A—..1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7 Ms '60
♦Hungarian Land M Inst 7 Ms.1961
♦Sinking fund 7 Ms ser B
1961
♦Hungary (Kingdom of) 7 Ms.-1944
106
22
31%
25M
*19
1968 F
Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium 7sser B,'47 IVI
Italian Public Utility extl 7s.„1952 J
D
*70 %
77M
♦7s with all unmat coup
1957 A
s I7s
1947 F
Lower Austria fProvInce)
7MS-1950 J
20%
23%
*24*"
58%
1
80%
84
45
76
84
S
J
♦Leipzig (Germany)
1
114
81%
70%
80%
127
66
110
114
Japanese Govt 30-yr s f 6 Ms—1954 F A
Extl sinking fund 5 Ms
1965 IVI N
Jugoslavia State Mtge Bank—
62
O
68
76%
61%
38%
A
*98
D
(Colombia) 6 Ms
1954 J
♦Mexican Irrlg assenting 4 Ms. 1943 M N
♦Mexico (US) extl 5s of 1899 £ 1945 Q
J
*4
2
8
39
*19%
D
♦Medellin
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
1945 Q
.1954 J
♦Assentirg 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
♦Sec extl
s
♦Sec extl
s f 6
♦6s series A
9
17%
24 %
18
24
17%
24 %
16
11
15 M
16M
10
15%
16
21
15 %
21%
21M
21M
15 %
22
13
21%
55
53 M
73
20)4
18M
26 M
10
"*57
69%
S
21H
J
..1943 F
A
106%
1944 F
A
1956 IVI
S
...1965 A
O
1963 F
A
s
1970 J
D
1952 F
1953 IVI
Oslo (City) sf 4Ms
Panama (Rep) extl 5 Ms
♦Extl 8 f 5s ser A
S
24
10
72
67
67%
102%
102%
105%
106%
"lOSM 105%
103
102%
101M
100%
*102%
A
f 5s
23%
23
70%
67
21%
21%
Norway 20-year extl 6s
20-year external 6s
Oriental Devel guar 6s...
Extl deb 5 Ms
17%
4%
71%
"4M
*69M
103
102%
8
5
6
106%
106%
3
103
24
79
101%
104
65%
67
60
13
*19
60
60
1958 M N
55%
1955 A
O
1953 J
D
'106M
102%
106%
102%
106%
1963 IVI N
62%
62%
19
32
1963 IVI N
56
56
1947 IVI
s
20%
18%
20%
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl s f 6s 1st ser.-I960 J
D
♦Nat Loan extl s f 6s 2d ser..1961 A O
"13%
♦Stamped
6
32
107
62%
56%
Pernambuco (State of)—
♦7s Sept coupod off
3
J
O
102 H
♦Nuremburg (City) extl 6s
24 %
3
O
25
17%
30
3%
102M
24 M
18
3%
A
Municipal Bank extl
*15
4
4
A
..1959 M N
f ext loan
4%
3
3%
3%
4%
New So Wales (State
)extl 5s. .1957 F
External s f 5s
Apr 1958 A
8
4%
3
1959 M S
1952 J D
Ms
25
33
4M
6
1958 M
f 6 Ms
5
6
J
♦Montevideo (City) 7s
9%
3X
(City, Italy) extl 6Ms—1952
Minas Geraes (State)—
4s
18
D
♦{Small
External sink fund 4 Ms
External s f 4%s
17)4
9%
D
1954 J
♦§Treas 6s of '13 assent(Iarge) '33 J
25M
17M
17M
17M
J
104%
*3%
♦4s of 1904
48 M
12
73
71
D
♦German Rep extl 7s stamped. 1949 A O
♦7s unstamped
1949
German Prov & Communal Bks
♦(C'ons Agrlc Loan) 6 Ms
1958 J D
♦Greek Government s f ser 78—1964 M N
40%
14
61
1949
♦5Ms of 1930 stamped1965 J
♦5Ms unstamped
1965
♦5 Ms stamp(Canad'an Holder)'65
17M
8
100 %
German Govt International—
26M
30 %
16
J
1949 J
21
85
31
99 %
104
*70
1941
46
54
J
1948
7 Ms unstamped
18
17 %
105%
102%
*70
57
29M
33)4
18
105%
101%
*62
74
♦El Salvador 8s <5tfs of dep
♦Poland (Rep of) gold 6s
♦Stabilization loan s f 7s__.
♦External sink fund g 8s
For footnotes see
102%
100%
20M
32
23
.93%
1
102
99 % 102 M
97% 106 M
82 M
93M
83 M
92
20
99
167
103M
1
100M 103%
106932 102%
104
88 M
76%
77 M
1944
♦Carlsbad (City) s f 8s
♦Cent Agrlc Bank (Ger) 7s
♦Farm Loan s f 6s..July 15
♦Farm Loan s f 6s
Oct 15
♦Farm Loan 6s ser A Apr 15
A
7
58
56
103M
*103M
1
993'32l03
O
F
1961
♦Chilean Cons Munic 7a
♦Chinese (Hukuang Ry) 6s
1942 A
103
103
O
Denmark 20-year extl 6s
External gold 5 Ms
*101M
67 M
rll5
1
1952 M N
2 Ms
A
1951 A
Milan
Aug 15 1945
F
7-115
993i32l02 M
9 93,32
100'332
100 m
102)4
93 M
94
106 M
28M
*104 M
2
1
76)4
J
♦Sink fund 7s July coup off.. 1967 J
J
♦Sink fund 7 Ms May coup o«1968 M N
Canada (Dom of) 30-yr4s
6s
28M
*104%
A
Czechoslovakia (Rep of) 8s
Sinking fund 8s ser B
16M
76
1976
3% external s f $ bonds
Bulgaria (Kingdom of)—
S
F
98
16M
102
76 %
79
1977
4%s-4%s
*13
104
8M
*85
1961
6
68%
96 M
98
8M
*100
1976
80 %
104
98 M
"99^6
1960
4%s-4%s
s f 4%s-4%s
17
French Republic 7 Ms stamped. 1941
100
1961
Refunding
Extl re-adj
26 %
101
(Prov) extl 6s.-.1961
stamped....
♦6 Ms stamped
5
40
20
20%
17M
9
(City of)—
♦6s July 1 1935 coupon on...1962
Buenos Aires (City) 6Ms B-2..1955
11 External a f 6s ser C-2
1960
2
20
6
102
A
1950 J
9
23%
100 M
98 %
107
19
101%
101M
Sinking fund gold 5s._
20-year
70
23 M
23 %
Estonia (Republic of) 7s
J
1967
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6Ms...1953 M N
20
34 %
♦6s
30
100M
20 M
8%
19 %
110%
108M
117M
103M
♦7s (Central Ry)
Brisbane (City) s f 5s
1952
63
24%
30
8%
104
41%
34%
^External
M N
M
5Ms 2nd series..
1969 A O
♦Dresden (City) external 7s.—1945 M N
100 %
10
9 93*32
♦Brazil (U 8 of) external 8s
1941
♦External s f OMs of 1926—1957
♦External s f 6 Ms of 1927—1957
30-year
105.23
99.6
100% 100%
993'32 993,32
Bergen (Norway) extl s f 5s...I960 M S
♦Berlin (Germany) s f 6 Ms
1950 A O
♦External sinking fund 6s...1958
7-year
101.8
23
23
J
1945 F A
..1949 M S
f
8
16
98.16102.31
♦Bavaria (Free State) 6 Ms
Belgium 25-yr extl 6 Ms
s
101.17
98.28103.2
..1957 J
Extl
103
102.28
101.15 101.15
A
....1955 J
r95H
24 %
106.10
102
99.24105.3
External g 4 Ms of 1928
Austrian (Govt) s f 7s
♦Buenos Aires
03 &a
osta
96 6
142
O
Budapest
gordoba (Prov) Argentina 7s.. 1942
Rica (Republic of)—
*
"96M
J
94
213
1972 A
f 6s
A
J
97.30
202
8 f extl conv loan 4s
s
80%
A
1957 F
97.26
100.14
A
—
1957 F
97.27
102.5
1972 F
.
98 %
80
J
100.17
S f extl conv loan 4s Feb
6s...
99M
99 M
D
100.12 100.4
s f 6s of May 1926
1960 M N
11 Extl 6s Pub Wks May 1927.1961 M N
8 f external 4 Ha...:
,.1971 M N
s f
Toom
J
lExtl
External 30-year s f 7s
D
♦Public wks 5Ms.—June 30 1945 J
f 7s 3d series. 1957
Apr
♦Cordoba (City) 7s
♦7s stamped
22 %
Customs Admins 5 Ms 2d ser-1961 M S
5 Ms 1st series
1969 A O
Antwerp (City) external 5s
1958
Argentine Govt Pub Wks 6S..1960
Argentine (National Government)—
^External s f 6s of Oct 1925.. 1959 A
23
1953 IVI N
Sinking fund 6Ms—Jan 15 1953
100.15 100.8
J
23%
23 M
23 M
1952 J
104.16
I 7s 2d series. 1957
External
Asked
High
A
103.18
1957
♦External
External 5s of 1927
<fe
1947 F
103.17
1945
♦External
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
25-year gold 4 Ms
99 2
1945
♦External
*23 M
98
1945
♦External
23 M
98 4
♦Sink fund 6s Apr coupon on. 1948 A O
Akershus (Dept) Ext 5s
1963 M N
Australia 30-year 5s..
Bid
23 %
J
363
J
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on.1947 F
♦Antioquia (Dept) coll 7s A... 1945
O
♦Colombia Mtge Bank 6 Ms—.1947 A O
♦Sinking fund 7s of 1926
1946 M N
234
Govt. & Municipals-
Foreign
Colombia (Republic of)
♦6s Apr 1 1935 coup on.-Oct 1961 A
♦6s July 1 1935 coup on..Jan 1961 J
268
100.16
A
1 1939-1949 F
-.1942-1944 J
2548 series B__Aug.
2J4s series G
Sale
Low
99.23
May 15 1944-1949 M N
Mar.
Price
99.17
8
354s
Jan.
-iR.
Week Ended Oct. 1
99.10
100 18106.16
Federal Farm Mortgage Corp—
3a
Range or
Friday
It
99.16
Sept. 15 1945-1947 M S 102.15 102.6
Treasury 254s—-Sept. 15 1948-1951 M S 100.12 100.9
99.20
Treasury 2%»—June 15 1951-1054 J D
99.12
2548
Last
EXCHANGE
♦7s Nov 1 1936 coupon on.—1951
Cuba (Republic) 5s of 1904
1944
External 5s of 1914 ser A
1949
External loan 4Ms.
1949
Treasury 2%g
Treasury 2Mb
104 .28110.18
105.18
106.14 106.9
D
J
June 15 1946-1949
Treasury 3%s—Dec. 15 1949-1952
Treasury 3 lis
—Aug. 16 1941
Treasury 3 %8—Apr. 16 1944-1946
Treasury 2%s.—Mar. 15 1955-1960
109.26
103.24
105*22
D
Mar. 15 1941-1943 IVI
Treasury 3%s
Treasury 254s
STOCK
Foreign Govt. & Mun. (Cont.)
O
Oct. 15 1947-1952 A
Treasury 3%s_—Oct. 15 1943-1945 A
Treasury 4s
Dec. 15 1944-1954 J
Sept. 15
Y.
High
U. S. Government
Treasury 4%s
Treasury 3s
N.
Jan. 1
High
Week's
I?
BONDS
Since
1940 A
O
J
2
15
15%
19
13%
14%
14%
45
13%
O
1947 A
1950 J
5
4
60
59
73
52%
52
84
..
17
74%
53%
14
41
Volume
145
New York Bond Record-Continued-Page 2
N.
Y.
b
Friday
•i*,
BONDS
Pries
Last
STOCK EXCHANGE
Week Ended Oct. 1
Foreign Govt. &MunIc. (Concl.)
<k
jOW
1961
♦Prussia (Free
♦External
s
D
..1966
♦7Ms July coupon off
Prague (Greater City) 7*8
J
*18
20M
1947 F
A
♦Rhine-Main-Danube 7s A
O
♦6 Ms Aug coupon off
..1953 F
24*
33 *
17
M
25 H
20
16M
25 M
♦Berlin Elec El A Undergr 6 Ms 1956
Betb Steel cons M 4*s ser D—1960
103*
107*
108* 113M
Cons mtge 3*s series E—... 1966
94*
102*
93*
110
109
61*
iio"
*19
21M
32 M
25
24
34 M
1st M 5s series II..
21
A
O
1967 J D
1952 A O
Roumanla (Kingdom of) Monopolies
♦7s August coupon off......1959 F A
21*
21
33
1st g
28
28*
27
40
20
19
20*
19
33
21M
20 M
20
21*
20
32 M
20*
20*
20 M
32 M
71
68
71*
68
83 M
40 *
40
J
♦External 7s Sept coupon off 1956 M S
J
♦External 6s July coupon off. 1968 J
s
O
1940 A
f 7s
♦Saxon State Mtge Inst
7s....1946
♦Sinking fund g 6 Ms
1946
Serbs Croats A Slovenes (Kingdom)
♦8s Nov 1 1937 coupon on...1962
♦7s Nov 1 1937 coupon on
1962
♦Silesia (Prov of) extl 7s
1958
J
44
26
27
43 M
25
26
25 M
25
21*
22
21M
34 M
92
93*
91
98
*19
25*
19 M
25
"21M
92
*19
22
25
25 M
31M
27M
28M
28 *
24
31
52
52 M
40 M
57
*25
31M
28
39 M
90 M
98 M
28 *
28M
A
Syria (Province of) 7s
1946
F
A
f 5 Ms
1955
F
A
104 *
J
1971 J
1952 M S
A O
External s f 5Ms guar...—1961
M N
Trondbjem (City) 1st 5 Ms
1957
F A
♦Uruguay (Republic) extl 8s—1946
58 *
Sydney (City)
s
Taiwan Elec Pow
s
f
5Ms
*98M
104 M
♦External
s f
♦External
s
6a...
f 6s
7s.-1952 A
1952 M
♦Warsaw (City) external 7s—1958 F
Yokohama (City) extl 6s
.1961 J
Venetian Prov Mtge Bank
Vienna (City of) 6s
RAILROAD
104*
58
~57M
63 M
63
64
63 *
O
58*
56 *
101M
"64 M
101M 106
56 M
78 *
54
73 M
62
54
Tokyo City 5s loan of 1912
1960 M N
1964 M N
35 M
32*
D
♦Slleslan Landowners Assn 6s. .1947 F
21M
35M
34*
36 M
M N
J
25
22
38
26 M
D
1*1 N
25
41M
27
37
D
J
21*
21*
1952 M N
J
25 *
24
*19*
♦Extl 6Ms May coupon off.. 1957 MN
San Paulo (State of)—
{♦8s July coupon off
1936 J
♦External 8s July coupon off. 1950 J
40*
25
J
1953 J
63
X
62
M
55 M
80M
102
99 M
103
65
63*
72
64
63
70 *
64 M
63
70 M
78
83M
82
N
loo
A
51
50
52
D
92 M 100M
57
39 M
59 *
59*
65 M
56 M
~99M
100
86 M
INDUSTRIAL
AND
COMPANIES
{{♦Abltlbl Pow & Paper 1st 5s. 1953
4s
1948
Adams Express coll tr g
J
82 M
74
M
96
95
82 M
96
97
97
104
78
1947 J
Coll trust 4s of 1907
10-year deb 4*s stamped.. 1946 F
Adriatic Elec Co extl 7s—....1952 A
Ala Gt Sou 1st cons A 5s...—1943 J
1st cons 4s series B—
1943 J
113*
107 M
62 M
A
♦Albany Perfor Wrap Pap 6s.-1948
6s with warr assented
1948 A
*61M
A
1950 A
Allegh & West 1st gu 4s
1998 A
M
Allegh Val gen guar g 4s
1942
Allied Stores Corp deb 4 Ms.—1950 A
4 Ms debentures.
1951 F
Allis-Chalmers Mfg conv 4s—1952 M
J
101
105 M
24
113M
107 M
65
1
1
6
"4
83
66
68
93
1
41
289
35M
98
O
98 M
94
S
105
103 M
108M
99 M
*94 M
15
292
98 M
105 M
103 M
J
3
95
104*
T05M
"l2
105
S ai02
M al02M al02M
S
70
63
71
99 M
110M 115
76
105* 110
6
335
59
76
64
75
103
108*
American Ice s f deb 5s
Amer
8
83
74
x
1953 J D
M N
Am Internat Corp codv
105M
104
60 M
"4l"
74
101
107
74
101m
96 M
54
93 M
35 M
72 M
93 M 102 M
107 M 112 M
60 M
98M 101M
94
103*
100*
105
93* 102 M
87*
63
87
M N
113*
J
103 *
113M
102 M
O
100 M
99*
A
debentures
1961
debentures
1966 J
♦Am Type Founders conv deb. 1950 J
3Ms
3*8
D
99*
99
J
104* 109 M
103 *
24
103* 106*
113*
104
100 M
164
O
fdeb4*s 1950
s
A
296
HO
33
102
6
104*
105M
Cop Mln
192
101
"161"
Anaconda
99*
137
106M
Amer Wat Wks A Elec 6s ser A. 1975 M N
105M
141
111* 114
101* 113
96* 102*
96* 102*
105
101
200
110M
104* 107
♦Anglo-Chilean Nitrate—
1967
{Ann Arbor 1st g 4s
Ark & Mem Bridge & Term
Jan
1955 Q
58.1964 M
31
30
J
58
S
(Del) 4s series B.1955 F A
J
1st M S f 4s ser C (Del)
1957 J
Atchison Top A Santa Fe—
General 4s...
1995 A O
Armour A Co
*
95M
93 M
111
109
Nov
—1995
1995 MN
—1955 J D
Adjustment gold 4s
Stamped 4s
Conv gold 48 of 1909
1955 J
D
J
D
J
Rocky Mtn Dlv 1st 4s
Trans-Con Short L 1st 4s—1958 J
*106
D
J
103,M
103 M
103*
J
—
Conv gold 4s of 1910
Conv deb 4 Ms
1960
1948
1965
A....1962
Atl Knox & Nor 1st g 5s
1946
Atl A Charl A L 1st 4mb A
1944
1st 30-year 5s series B
1944
Atl Coast Line 1st cons 4s July 1952
Cal-Ariz 1st & ref 4mb
106*
106 M
*104
S
J
J
110
22
111
109*
111*
""I
111
99 M
Baldwin Loco Works 5s stmpd.1940
MN
July 1948 A O
Bait & Ohio 1st g 4s
1995 J D
July 1948 A O
Refund & gen 5s series A
1st gold 5s
1995 J D
PLE4 WVa Bys ref 4s
1941 MN
J
Southwest Dlv 1st 3Ms-5s—1950 J
Ref A gen 6s series
C._
2000
I960
1996
Bangor A Aroostook 1st 5s..-.1943
D
4Mb
Ref & gen M 5s series
Conv
4s stamped
1951
Battle Creek A Stur 1st gu 3s—1989
Beecb Creek ext 1st g 3 Ms
1951
Bell Telep of Pa 5s series B
1948
1960
1st A ref 5s series C
For footnotes
see
page
2195.
99 M
45
97
83
23
82
101
24
116
105*
99*
87
87 *
47
40
39
40
25
39
36 M
65 M
34
36
105 M
103
102 M
93 *
91
64 *
62 M
Big Sandy 1st 4s
1944
J
91M
85 *
1961
{{♦Botany Cons Mills 6Ms
63 M
38 M
66 M
12
37
52
105 M
103
94 M
7
3
36 M
65 M
F
A
A
O
..1941
Bklyn Edison cons mtge 3*s—1966
Bklyn Manhat Transit 4 Ms-—1966
Bklyn Qu Co A Sub con gtd 58.1491
1st 5s stamped
1941
Bklyn Union El 1st g 5s...r—.1950
Bklyn Un Gas 1st cons g 5s..-.1945
1947
1st Uen A ref 6s series A
Debenture gold 5s
1st Uen A ref 5s series B
J
102 M 104
304
91
108*
62*
98 M 116*
95
91M
56
85 M
61
73* 103*
88 M 105
83
107*
88
99*
61* 93*
52
82*
61M
93*
65
82 M
61M
112M
iio
63 *
56
271
63 M
110
112M
3
111
94*
116
106
65
5
63
60
60*
5
60
16
6
100* 106*
92*
99*
15
13
11*
13*
13*
23
60
166*
161*
69*
64
90
88
101*
69*
53*
M N
J
A
1957
.—1950
Bruns A West 1st gu g 4s
1938
Buffalo Gen Elec 4 Ms ser B
1981
Buff Niag Elec 3 Ms series C—1967
Buff Roch A Pitts consol 4 *8- -1957
55
D
M N
88
115*
122*
132*
21
111
3
113
94
37
90
106
103
109
105*
106*
106*
A
J
113A
115
93
93*
106*
F
107
22
3
J
F
109*
*104*
D
M N
A
109*
"*7
63
"68*
*75
68*
O
*12*
20
7
O
88*
88*
J
J
46*
51
27
O
66
64
A
{♦Bush Term Bldgs 5s gu
1960
M N
fCal G A E Corp unlf A ref 5s—1937
J
Ca 1 Pack conv deb 5s
1940 J
1942
1962
♦Camaguey Sugar 7s ctfs
Canada Sou cons gu 5s A
4% deb stk perpet
1946
5s equip trust ctfs
1944
Coll trust gold 5s
Dec 1 1954
Collateral trust 4 Ms
1960
{♦Car Cent 1st guar 4s
1949
Caro Clinch A Ohio 1st 5s
1938
1st A cons g 6s ser A.Dec 15 1952
1003i6
1
3
103*
12*
103*
O
A
O
115*
115M
2
112*
115*
117*
*117*
115*
112*
112*
122*
89*
102*
112M
33
115*
20
J
4*8
J
112*
116*
O
A
D
A
112*
S
M
J
123*
J
Canadian Pac Ry
Coll trust 4 Ms.
1003ie
A
1957
Guaranteed gold 5s
July 1969
Guaranteed gold 5s...—Oct 1969
Guaranteed gold 5s
....1970
Guar gold 4*s
June 15 1955
Guaranteed gold 4Ms
1956
Guaranteed gold 4 Ms.-Sept 1951
Canadian Northern deb 6 *s._. 1946 *
Canadian Nat gold
64
64*
90*
102*
S
14
27
117M
16
117*
115*
113*
"~5
112*
40
123 M
14
92
9
174
16
111*
J
D
104*
J
103*
112*
20
104*
106*
60
99*
100*
99*
62
65
*48
109*
102*
109*
*96
~16
100
102*
102
108* 110*
1
63
93
15*
14*
15
*12*
A
1955
Consol 58
103* 107
100
A
J
{{♦Burl C R A Nor 1st A coll 5s 1934
♦Certificates of deposit
{Bush Terminal 1st 4s
1952
83
46
115
M N
1950
90
112*
M N
J
"22
165
91*
85*
15
34*
11* 41*
12
41*
72
101*
97* 105*
63* 104
85
J
F
90
60*
58
12
M N
112
107
J
M N
1950
F A
Cart A Adlr 1st gu gold 4s
1198
J
D
Celotex Corp deb 4 Ms w w—1947
J D
♦Cent Branch U P 1st g 4s
1948
F A
{♦Central of Ga 1st g 5s.-Nov 1945
M N
♦Consol gold 5s
1945
A O
♦Ref A gen 5 Ms series B
1959
♦Ref A gen 5s series C
.1959
♦Chatt Dlv pur money g 4s..1951
♦Mac A Nor Dlv 1st g 5s
1946
♦Mid Ga A Atl Dlv pur m 58.1947
♦Mobile Dlv 1st g 5s.
1946
Central Foundry mtge 6s
1941
Gen mortgage 5s
1941
Cent Hud G A E 1st A ref 3 Ms. 1965
Cent 111 Elec A Gas 1st 5s—...1951
Cent Illinois Light 3 Ms
1966
{♦OeDt New Eng 1st gu 4s
1961
Central of N J gen g 5s
1987
General 4s
1987
Carriers A Gen Corp deb 5s w w
Cent Pacific 1st ref gu gold 4s..
Through Short L 1st gu
Guaranteed g 5s
1949
4s..-1954
1960
F
A
A
32
85
90*
46*
83
31
58
73*
100* 103*
103
105*
12* 42
112
119*
109* 116
113
118*
114* 121
114* 121
112* 118*
110* 116*
no* 116
120* 128*
99*
89*
102* 105*
110
115*
104* 110*
99* 105*
65
83*
102* 105*
108* 111*
A
M
S
Champion Pap A Fibre deb 4*s '50
M N
Cbes A Ohio 1st con g 5s—...1939
Ms
1992
3 Ms ser D.. 1996
Ref A lmpt M 3 Ms ser E
1996
Craig Valley 1st 5s
May 1940
Potts Creek Branch 1st 4s... 1946
R A A Dlv 1st con g 4s
1989
2d consol gold 4s
1989
Warm Spring V 1st g 5s
1941
General gold 4
1949
3Ms—1949
1949
General 4s
1958
1st A ref 4mb series B
1977
1st A ref 5s series A..
1971
{{♦Chicago A East 111 1st 6s... 1934
{♦C A E 111 Ry (new Co) gen 5s. 1951
M
A
J
♦Certificates of deposit
MN
Chicago A Erie 1st gold 5s
1982
M S
{♦Chicago Great West 1st 4s...1959
J
J
{♦Chic Ind A Loulsv ref 6s
1947
J
J
♦Refunding g 5s series B
1947
1947
series A
1966
gen 6s series B_.May 1966
A Sou 50-yr 4s.
1956
A East 1st 4mb
1969
♦Refunding 4s series C
♦1st & gen 68
♦1st A
J
126 M
38
120
131
11*
23*
25
40
19
24
31
*10
18*
11*
23*
32*
20
34
9*
*
100*
114
2
100
102*
"56
104*
104 *
15
*105*
166"
65
68
13
43
44
12
38
"43*
39
106*
107*
al03
al03
'"86*
107*
86 M
80
May 1 1989
1989
1989
♦Gen 4*s series E—May 1 1989
♦Gen 4*s series F-—May 1 1989
{♦Chic Mllw St P A Pac 5s A..1975
♦Conv adj 5s
Jan 1 2000
{♦Chic A No West gen g 3 Ms—1987
♦General 4s
1987
♦Stpd 4s non-p Fed inc tax 1987
♦Gen 4*s stpd Fed Inc tax..1987
♦Gen g 3*8 series B__May 1
♦Gen 4*s series C—-May 1
♦Gen 5s stpd Fed inc
♦4 Ms stamped—
{♦Secured 6 Ms
tax..—1987
1987
1936
May 1 2037
♦1st A ref 4*s stpd.May 1
2
18
1
29
88
87
88
"
67
117*
71*
8
117
21
67
22
105* 108
106*
41
117*
119*
96*
22
"_96~~
94*
*106
*
113"
"113*
109*
108
111*
113*
108
120*
96
52
29
108
2
106
109 M
41*
107*
110*
109*
110*
107*
109*
12
114
27
18
116*
158
34
18
2
282
22
5
22
22
20
9M
10*
10*
98
38*
1
22
43
20
39*
26*
26*
27
4
16
41
42
5
6
M N
*27*
*27*
MN
29
29
x
M N
17*
6
37*
66
31*
57*
69*
69*
71*
36*
12*
49*
52*
52*
54*
81
56
52
32
61
38
36*
36*
*25
40
6
40
13
626
579
41*
14*
5
29*
28
35
30*
29
6
34*
"21
29
*3l""
"§I ~
'33""
"32""
*33*
"16
18*
30
15*
"l6*
15*
15*
17
59
15
16*
15*
17
37
15*
32
M N
D
D
9*
98
107*
110* HI*
37
41*
41*
14*
17*
J
8*
46
40
40
J
J
116* 124
51*
25*
22
44*
2
21
*111*
37*
*33*
101*
46*
45*
20*
28
98
119
100
22
9*
112
18
20
58*
104* 110
108* 113*
107* 117*
106* 116*
148
116*
108*
16
25*
28
41*
21*
40
IVI N
111
11
100
"l8"
20*
20*
116*
J
M N
128*
102*
102*
109* 115
37*
M N
109
106*
116*
94*
94*
107*
111
75
96
"40~~
F
90*
106*
106 M
J
A
92
125*
105*
J
J
104*
95*
106*
D
J
78*
"105*
J
J
80
♦
J
J
38
106* 112*
101
108*
88
117
109
99* 104*
100* 108*
63
75*
43
88*
*_....
"In"
23*
100* 244
80
125*
102
Chic Mllw A St. Paul—
♦Gen 4s series A
30
82 M
81
81
M N
J
81*
36*
23*
*12"
*
M N
93
10*
9*
113
2037
J D
♦1st A ref 4*s ser C.May 1 2037
MN
♦Conv 4*8 series A....
1949
126
16*
13*
109*
110*
109*
IlliDOls Division 4s
♦1st ref g 5s——
102
103*
115* 121*
19
"26"
106
Chic Burl A Q—111 Dlv
110*
19
"16*
*10
*
Chic A Alton RR ref g 3s—
116*
78*
"*3
40
75
21*
74*
41*
103
118
25
S
108
102
23*
J
M
11
117*
97*
24*
J
20
102
82
J
108 M
71
78
86*
S
M N
F
107 *
72
78
82
M N
{♦Cent RR A Bkg of Ga coll 5s 1937
IVI N
5s extended to May 1 1942
M N
Central Steel 1st g s f 8s.
1941
M
Certain-teed Prod 5 Ms A
1948
97* 106*
78
86
O
F
108
*62
126
64
15
106
108 M
*107*
60*
MN
Brown Shoe s f deb 3*s
Chic L 8
119
52
120
13*
1934
Brooklyn City RR 1st 5s
54
83*
85*
105 M 107*
31
210
Tin
25
97
94*
O
A
♦Certificates of deposit..
Chic Ind
102 M
78
*
55 M
20
23
103*
63
D
1967 M S
...1955 IVI N
4*s series JJ
60*
88 M
83
76 *
"63"
1
98 M
73*
102
1951
Con ref 4s
110
"~87*
Tol & Cln Dlv 1st ref 4s A...1959
Ref A gen 5s series
4
113*
118* 118*
108
111*
99 M 106*
86
99 M
J
gug5s__.—1941
109*
112 M
109*
J
Austin AN W 1st
103 M 110
104 M 108
*114M
HIM
J
J
107 M
106 M
111*
112*
82
J
112
114
97
Atl Gulf & W I SS coll tr 5s
1959 J
Auburn Auto conv deb 4mb—-1939 J
102
104 M
6
82 M
J
50
109
113
98
J
104 M
99M
106 M 111
107
105
J
J
103 M
1
93*
106 * 116
112
102
1
M S
MN
93
106
33
IVI N
Atl A Dan 1st g 4s
Second mortgage 4s
95M
111
74
105
94* 100*
105 M
10-year coll tr 5a
L & N coll gold 4s
D
58
101
61
107M
General unified 4 Ms A
1964
May 1 1945
Oct 1952
1948
1948
96 M
113
J
J
58
42 M
105M
D
J
30
106 M
106*
J
M
31
100
_94*
96 M
27
26*
25
*20*
Ref A lmpt mtge
5 f Income deb
Conv 4s of 1905
*19
100
'150
Telep A Teleg—
20-year sinking fund 5Ms—1943
Convertible debenture 4 MS--1939 J
28""
18*
18*
High
106
97
54
1955 M
2030 M
1949
5*s_.1949
109M
95
2
103
Alplne-Montan Steel 7s
deb 5s
Amer I G Chem conv 5 Ms
74
2
68
♦5s stamped
Am A Foreign Pow
69
83
AlbASusq 1st guar 3 Ms
1946
F
Alleghany Corp coll trust 5s...1944
Coll A conv 5s
1949 J
♦Coll & conv 5s
1950 A
20""
1
Low
113
36*
Boston A Maine 1st 5s A C
♦7s June coupon off
Rome (City) extl 6 Ms
Secured
1955
24
O
1968 J D
1966 M N
♦Saarbruecken (City) 6s
Sao Paulo (City of, Brazil)—
♦8s May coupon off
1959
♦Debenture 6s
No.
"~3
20*
20*
20*
♦Deb sinking fund 6Ms
Jan. 1
22*
22
92
31
Since
§55
*104*
22*
20M
100
c2
Asked
High
Low
Belvldere Delaware cons 3Ms..1943
♦Berlin City Elec Co deb 6 Ms—1951
{♦Boston A N Y Air Line 1st 4s 1955
...1946 A
♦6s June coupon off...
♦7s May coupon off
&
99
Rio Grande do Sul (State of)—
♦8s April coupon off
Bid
High
24
Range
Ranoe or
Friday
Sale
Price
21
X
1950 M S
Rio de Janeiro (City of)—
♦8s April coupon off
....1946 A
Low
Last
EXCHANGE
Week Ended Oct. 1
20*
19*
S
O
25-year external 6s
No.
STOCK
Y.
99
.1952 A
f 7s._1941 A
s
High
N.
Jan. 1
Asked
20*
1952 IVIN
State) extl 6 Ms. 1951 M
f 68
Queensland (State) extl
Since
Friday
Bid
BONDS
Range
Range or
Sale
Porto Alegre (City of)—
♦88 June coupon off
2191
Week's
Friday
Week's
10*
9
10*
246
9
24*
Oct.
New York Bond Record—Continued—Page 3
2192
BONDS
N
Y.
Bennett'Bros.
& Johnson
c.
D..1961
Detroit Edison Co 4%s ser
j c^ew Yerk Curb €xchang«
Oen A ref 5s ser E
Gen A ref M 4s ser
1995 J
Chicago, III.
1937
J
J
J
Last
Range or
Range
Sale
BONDS
Friday
Since
Price
Bid
<k
Low
{{♦Chicago Railways 1st 5s stpd
Feb 1 1937 25% par paid
{♦Chic R I & P Ry gen 4s
1988
♦58 M
23
♦20
♦Certificates of deposit.—
1934
A
1952
MS
O
♦Certificates of deposit
...1960
M N
1951
J
J
D
J
13M
13M
6M
....
86
*
*78 M
D
*
Dec 1 1960 M 8
12
7M
v-
High
24%
83%
43%
42%
81
12%
10%
22%
222
11%
78
"78
88
162
23
11
6%
106
105
96
86
90
D
J
7
60
47
12
11
D
June 16 1951
Memphis Dlv 1st g 4s
1951
Chic TH4 S'eastern 1st 58—1960
3 Ms
Inc gu 5s
26M
11M
12
-
Cb St L A New Orleans 5s
Gold
59 %
12M
"i§"
Low
High
10%
{♦Refunding gold 4s
{♦Secured 4%s series A
♦Certificates of deposit
♦Conv g 4 Ms
13 M
Jan. 1
Asked
90
82 M
85
70
75%
26%
25%
22%
16
113%
94%
98%
99%
91
106%
1944
1963
E
1963
3 Ms guaranteed
1951
Chic A West Indiana con 4s...1952
1st A ret M 4Mb ser D
1962
1st mtge 4s series
1943
Chllds Co deb 5s
1966
1st mtge 3 Ms
1967
Cln Leb A Nor 1st con gu 4s...1942
Cin Un Term 1st gu 5s ser C...1957
1st mtge guar 3Ms series D..1971
Clearfield A Mah 1st gu 4a
1943
107%
<101%
103
29
99
100
63
M
104M
J
99 M
M
70%
A
♦14M
108M
J
D
105
105
18
105
MN
105
108
lOs"
108 M
13
104% 108%
105% 109%
104M
103 %
104M
17
101
104M
104M
4
97M
6
J
J
Gen
110%
104% 104%
97%
97M
116%
"86
~83%
♦103M
J
86
"50
104
98%
95
*104
J
83%
91% 104
104%
95
M S
107%
103% 106%
91 %
J
Cin Wabash & M Dlv 1st 4s_1991 J
St L Dlv. 1st coll tr g 4s
1990 MN
97
115% 118
*100M
J
105%
109M
107
105% 108
J
109%
105% 111%
O
*108%
111
110% 110%
MN
J
Cleve A Pgh gen gu 4Ms ser B.1942 A
Series B 3 Ms guar
...1942 A
J
l6i" 103"
105%
O
109%
108%
J
113"
109
MN
*105
109M
107
F
*105
108
105
111%
F
*107
106
106%
J
J
F
conv
7
A
108 M
108M
A
106M
108
24
103M
105
38
103M
100%
A
99 M
100M
90
104"
"I
*104
J
108% 116%
106% 113
103% 111M
99% 105%
112%
103% 108
109
F
104
A
73
85
21
73
96
M N
55 M
57 M
63
64
77%
94 M
58
Columbia G A E deb 5s— .May 1952 M N
96 M
Apr 16 1952 A O
J
Jan 15 1961 J
96M
95M
96 M
3
94 M
Q9
94 M
46
92
105%
109
37
102
Debenture 5s
Columnia A H V 1st ext g 4a.. 1948 A O
Columbus & Tol 1st ext 4s
1955 F A
Columbus Ry Pow A Lt 4s
1965 MN
Commercial Credit deb 3MS—1961 A O
*112%
97M
105
97
100M
*104
97%
44
101M
23
106
1951
Stamped guar 4 Ms
1951
Conn Rlv Pow s f 3M8 A
1961
Consol Edison (N Y) deb 3Ms. 1946
*105%
106M
104 M
104M
105
103 H
105M
3 Ms debentures
1956
♦Consolidated Hydro-EIec Works
103
of Upper Wuertemberg 7s. .
95% 105
111% 115
105M
Commercial Invest Tr deb 3 Ms 1951
Conn A Passum Riv 1st 4s
1943
Codh Ry A L 1st A ref 4 Ms
94% 105%
103%
103
106%
108%
94
100%
99% 105%
104% 106
105% 112%
104% 107%
100% 108%
102% 106%
103M
101
*19
J
1956
1951
1951
deb 4s..1954
.
31
Consol Gas (N Y) deb 4 Ms
D
105M
105 M
105%
63
D
99M
98 %
99%
26
18%
105% 108%
149
{♦Consol Ry
deb 3 Ms.
non-conv
-
♦Debenture 4s
J
J
1955
23
20M
♦Debenture 4s
1955
1956
9
20M
1
*22
O
♦Debenture 4s
23%
J
60M
*20%
60 M
63M
8
106M
106
107
24
103
103
103 %
14
1970 MN
102M
1966 MN
.....1946 J D
103 M
1st mtge 3 Ms
1st mtge 3Ms
—
Container Corp 1st 6s
..1943 J
15-year deb 5s
D
F
99
97%
A
Copenhagen Telep 5s..Feb 15 1954
102%
99
103
97%
102
20%
27
"27"
J
b f 5s
1960
Consumers Power 3Ms.May 1 1965 IVI N
M N
1st mtge 3 Ms
May 1 1965
♦Consolidation Coal
23
102 %
63
106
13
104 M
8
98
10
102
6
107%
41%
A
68 series B extended to 1946
105
106%
103
106
103% 107
J
93
J
72
O
67
61%
117%
1957
1947
J
116%
116%
IVI N
N Y A Erie RR ext 1st 4s
1938
IVI
1954
1956
1st 5s 1942
5s International series—-1942
1st lien s f 5s stamped
1942
1st lien 6s stamped
1942
30-year deb 6s series B
1954
Flat deb s 1 7s
—1946 J
Ernesto Breda 7s
D
M
8
J
Stamped
as to
S
Framerlcan
trust 6s—1956
g 4s
gu
For footnotes see
58—1949
Gen Amer Investors deb 5s A..1952
J
J
1936 J
1936 J
105M
1
*105%
J
9%
16M
1
106%
1
17%
20%
114
19
"l6"
107
106 M
J
S
101%
20
9M
9
13%
104
104% 106%
107
20%
104% 107
3
102%
68
10%
124
15%
5
5
*42
71
85
3
106% 108%
106% 108%
17%
36%
19
38
9%
23
9
22%
32%
13%
4%
50%
12
67%
105%
105%
15
90
100%
121% 122%
99% 102%
103% 106%
30
41%
J
40
40
40
3
D
40
40
40
3
30
40
39%
40
4
29%
40
l"03
102%
103
54
101%
101
101%
61
100
100
100
105%
IVI N
F
A
1939
warr.1949
Oct 1 *45
{{♦Ga Caro A Nor 1st ext 68—1934
♦Good Hope Steel A Ir sec 7s.-1945
Goodrich (B F) conv deb 6s
1945
1st mtge 4%s
1956
Goodyear Tire A Rub 1st 5s...1957 IVI N
Gotham Silk Hosiery deb 5s w w '46 IVI 8
Gouv A Oswegatchle 1st 5s
1942 J D
J
Grand R A I ext 1st gu g 4%s..l941 J
Grays Point Term 1st gu 5s
1947 J D
F A
Gt Cons El Pow (Japan) 78——1944
1st A gen s f 6 %s
1950 J J
Gen Pub Serv deb 5%s
60
33
*22
102
103%
60
97%
4
28
44%
30
52
25
99%
100
43
27%
*19%
101%
1
98% 105
98% 105%
55
23
30%
99% 107
97%
97
98%
120
97
104%
103
104%
118
103
8
93
93
*
...
94
104%
....
101%
106
107%
103% 103%
108% 111
*109
95
95
74
74
76%
18
69%
70
70
76%
97
70
98%
95%
General 5%s series B...
110
General 5s series C
A—1961
1952
114%
113%
114%
9
115%
114%
115%
31
116%
114% 119%
—1973
Great Northern 4%s series
104%
104%
105
13
104% 115%
29
99% 109%
99% 108%
141%
104% 111%
96
88%
1976
1977
1946
Gen mtge 4s series H
1946
Gen mtge 3%s series I...—1967
Feb
♦Green Bay A West deb ctfs A
General 4 %s series D
General 4%s series
65%
32
63%
{♦Ga A Ala Ry 1st cons5s
E
General mtge 4a series
G
Feb
♦Debentures ctfs B
Gulf Mob A Nor 1st 5 Ms B
1940
1950
1950
101
99%
100%
73
117%
105%
519
114
105%
104%
88%
*50
10
8%
90%
158
66
10
99%
O
88
111
60
60
"35
8%
106
*105
M N
A
99%
100%
100
116%
100%
89%
"~6
9
65
15
106%
99% 106%
88
103%
1st mtge 5s series C
Gulf A S 11st ref A ter 5s Feb 1952
O
J
*92%
96%
1952
J
92%
92%
"~5
90"
93%
f 4 Ms——1961
O
93%
99%
1966
o
10-year deb 4 %s—
1946
o
Hackensack Water 1st 4s
1952
J
♦Harpen Mining 6s
1949
J
Stamped
s
J
Hocking Val 1st cons g 4 %s
1999
o
♦Hoe (R) A Co 1st mtge
1944
{♦Housatonlc Ry cons g 5s
1937 M N
Houston Oil sink fund 5 %s A..1940 IVI N
Hudson Coal 1st s f 5s ser A—1962 J D
Hudson Co Gas 1st g 5s
—1949
95%
1
101
102%
39
104%
104%
5
99% 105%
102% 105%
107%
107%
8
105% 108
*20%
116%
116%
"~3
95%
104%
107%
116%
89%
23
91
*45
102
102%
84
97%
60
"29
101
86%
103%
58%
102
40%
40%
42
28
114% 126%
8
129
38
57%
116% 124
*118
120%
A
5§"
56
58%
23
23
25
43
105%
106
15
110
110
2
110
101
2
100% 107%
101% 107%
MN
O
78%
18
J
A
105M
l66"
J
J
4Ms.—1947 M
99%
J
*103
90
J
O
105M
5
1940
♦20-year s f deb 6s
1948
Gen Motors Accept Corp deb 3s '46
16-year 3%s deb
1951
f 5 Ms
J
J
108"
A——1947
Jan 15 1945
s
♦Sinking fund deb 6%s
J
J
6%
2%
106% 107%
107% 110%
65%
87%
*116
A
A
55
9%
3
63%
D
B...1970
1951
1st gold 3%s
1951
Extended 1st gold 3%s
-—1951
1st gold 3s sterling
1951
Collateral trust gold 4s
1952
Refunding 4s
1955
Purchased lines 3 Ms
1952
Collateral trust gold 4s
1953
Refunding 5s
1955
40-year 4%s
Aug 1 1966
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s
1951
Louisv Dlv A Term g 3 %s—1953
Omaha Dlv 1st gold 3s
.1951
St Louis Dlv A Term g 3s—1951
Gold 3 %s
1951
Springfield Dlv 1st g 3%s
1951
Western Lines 1st g 4s—
1951
42
20%
20
♦Gen Elec (Germany) 7s
Gen Cable 1st
103% 106
101% 108
78
95%
9
9%
9
3%
F
Illinois Bell Telep 3%s ser
56
19
4
J
5
"15
153
17%
#2%
90
79
1951 IVI N
page 2195.
10
O
42 M
{♦Den A R G West gen 5s. Aug 1955 F A
♦Assented (subJ to plan)
♦Ref A lmpt 5s ser B
Apr 1978 AO
{♦Des M A Ft Dodge 4s ctfs...1935 J
J
{♦Des Plains Val 1st
10%
M N
Galv Hous A Hend 1st 5 Ms A—1938 A
104 M
82
96%
81%
87
9%
108
104M
50
70
60%
9
J
42 M
105
82
77
69
*2%
104M
*42
103%
104%
92% 105
*104%
J
104 M
98
101
93
:
10%
J
1941
Ind Dev 20-yr 7 %s 1942
D
82
98%
102
94%
93
MN
J
5s...1951 IVI N
Penna tax
"93"
80%
105
98% 103%
98% 102%
98%
*57
*62
J
D
98
101%
*55
O
O
89
101
99%
98%
98
101%
J
A
A
89
64%
67
D
♦Adjustment Income 5s Feb 1957
J
116% 118%
109
114%
102
99
D
Hudson A Manhat 1st 5s ser A. 1957
64%
62%
1
58
57
1982
Fort St U D Co 1st g 4 %s
Gas A El of Berg Co cons g
114% 119
1952
{{♦Proof of claim filed by owner
♦Certificates of deposit
Francisco Sugar coll
4
66%
J {♦Proof of claim filed by owner . MN
1st cons 2-4s
252
117%
101%
101%
8
8
of deposit
♦Certificates
157
61%
57
10
1974
♦1st A ref 5s series A
"~8
106%
66%
92%
66
94%
69% 94%
58
93%
62
58
8
Fonda Johns A Glov 4%s
58
58
A
Fairbanks Morse deb 4s
Federal Light A Traction
{♦Fla Cent A Penin 5s
1943 J
{♦Florida East Coast lst4%s_.1959 J
69%
93
s
107
52
7
*108%
Genessee River 1st s f 6s
103
45
73
67%
61%
97
5
72
J
104
33
66
O
40
53
66%
11
A
Gulf States Util 4s series C
50
94
*60%
o
19
46 M
52
111
108% 113%
100% 106%
106% 112
*105%
12
52
104
~14
107
J
Gulf States Steel
65
101
J
105M
38
139%
110
IVI N
1927
1930
Erie A Jersey 1st s f 6s
116%
131
*97%
100M
J
106%
111%
"2
*105%
104M
D
105%
132%
111
112
103% 107%
J
100M
38
113%
104%
O
ibovs
1971 J
1969 J
1969 J
{♦Den A R G 1st cons
{♦Consol gold 4 Ms
113%
1967
1975
—1955
Ref A lmpt 5s of
Ref A lmpt 5s of
72%
110
107
*107
*104%
132%
106%
34%
102
O
105M
Del Power A Light 1st 4 Ms
1st A ref 4Ms
a f
12
100%2 102%
104
A
F
1943 IVI N
1st mortgage 4Mb
32
"3
103%
M N
Del A Hudson 1st A ref 4s
Den Gas A El 1st A ref
"39"
106
55
118%
100% 102%
*110%
F
Cuba RR 1st 5s g
1952 J
J
7Ms series A extended to 1946
Dayton Pow A Lt 1st A ref 3 Ms 1960
"38"
19
D
Hllnols Central 1st gold 4s
Crane Cos f deb 3Ms
1951
Crown Cork A Seal s f 4s
1960
Crown Willamette Paper 6s....1951
Cuba Nor Ry 1st 5 Ms
1942
41%
111
105
100%
o
41%
40%
26%
71%
60%
103% 110%
99% 107%
98% 108%
96% 103%
102
105%
97% 103%
99% 102%
45
112%
1953
4s series D—.—1953
Greenbrier Ry 1st gu 4s
Consol Oil
conv
107%
48
IVI N
114%
105%
Debenture 5s
97
60
65
45
105%
J
Gen Steel Cast 5%s with
J
A
*41
60
63
112%
100%
J
B
(Amended)
1977
1939
1942
Series C 3Ms guar
...1948
Series D 3 Ms guar
..1950
Gen 4Ms series A
1977
Gen A ref mtge 4 Ms series B.1981
Cleve Short Line 1st gu 4 Ms.—1961
Cleve Union Term gu 6 Ms
1972
1st s f 5s series B guar..
1973
1st s f 4 Ms series C
1977
Coal River Ry 1st gu 4s
-.1945
Colo Fuel & Iron Co gen s f 6S..1943
♦5s Income mtge
1970
Colo A South 4 Ms series A
1980
15
~29
100% 108%
99
105%
94
70%
36
40%
97% 104%
M N
J
Series A 4 Ms guar
4
104
107%
104% 113
103
111%
101% 108%
M N
D
Spr A Col Dlv 1st g 4s
1940
W W Val Dlv 1st g 4s
1940
Cleve-Cllffs Iron 1st mtge 4Ms. 1950
Cleve Elec Ilium 1st M 3Ms.-.1966
54
35
100
1993
E
73 M
A
Cleve Cln Chic A St Lgen 4s... 1993
Ref & impt 4Mb series
Cairo Dlv 1st gold 4s
104%
F
D
General 5s series B
4
109
106M
102%
J
{♦Choc Okla A Gulf cons 5s...1952 M N
Cincinnati Gas A Elec 3%s
106 M
108
106%
D
1st mtge 3Ms series
Series
3d mtge 4%s—
Chicago Union Station—
Guaranteed 4s
1939
Ed El 111 (N Y) 1st cons g 5s.. 1995
Electric Auto Lite conv 4s—..1952
Elgin Joliet A East 1st g 5s
1941
El Paso Nat Gas 4%sser A..-.1951
El Paso A 8 W 1st 58
1965
5s stamped
1965
Erie A Pitts g gu 3 %s ser B
1940
Series C 3 %s
1940
Erie RR 1st cons g 4s prior
1996
1st consol gen lien g 4s
1996
Conv 4s series A
1953
High
111% 116%
106% 110%
105% 111%
101
109%
49
100%
Nor Dlv 1st 4s__1948 A O
1956 MN
4s
41
Low
65
*41"
J
1965
Ed El 111 Bklyn 1st cons
I
34
70
c
East T Va A Ga Dlv 1st 6s
Week's
No
O
{{♦Dul Sou Shore A Atl g 5s—-1937
Duquesne Light 1st M 3%s
East Ry Minn
STOCK EXCHANGE
Week Ended Oct. 1
A
D
High
104
IVI N
1951 J
fDul A Iron Range 1st 5s.
Teletype •*- Cgo. 543
Friday
N. Y.
114%
107%
109%
104%
Jan. 1
Asked
♦
D
4%s._1961
Dow Chemical deb 3s
Randolph 7711
Connections
T. 1-761 H* 'Bell System
Detroit Term A Tunnel
135 So. La Salle St.
^Private Wire
Vltby 4 •5200
109 M
D
...1995
♦Second gold 4s
♦2d 4s assented
Otse Wall Street
dt
113%
106%
108%
D
J
1995 J
♦1st 4s assented
■
__________
Yc
O
Since
Friday
Bid
114%
106%
Gen A ref mtge 3 Ms ser G—1966 M S
♦Detroit A Mac 1st lien g 4s—1995 J D
RAILROAD 'BONDS
^itw York,
F
...1952 A
F...——1965 A
Range
Range or
Sale
Price
Low
f T^e* Tork Stock Exchange
r
em
tMembers
Last
EXCHANGE
STOCK
Week Ended Oct. 1
1937
2,
Week's
day
105%
100%
*100%
*89
"37
"93"
56
21%
85%
36%
101% 110
111
IVI
8
92%
93
A
O
67
67
67
3
67
95
M N
66
64
66
39
64
96
74%
"15
90%
63
90
J
73
J
M N
"63"
"63"
80
M N
F
A
"52"
65%
80
45
52%
*104
106%
5
120
80
80
109
*92
95
93
*85
90
95
83
82%
*——I
*
104%
45
104
98
102%
97%
88
89%
92%
92%
93%
98%
"96"
100% 100%
90
101%
*
Week's
Friday
Last
STOCK EXCHANGE
Week Ended Oct. 1
Range or
Sale
BONDS
N.
Bid
Price
-N&,
Range
Friday
Y.
A
Low
N O—
Joint 1st ref 5s series A
1963
31,
Since
Jan. 1
Asked
BROKERS IN BONDS
High
Low
High
HI CeDt and Chic St L &
1st A ref 4 mb series
Ind Bloom & West 1st ext 4s.-1940
-
.
mrnmmm
103H
m
104 H 104 H
100H 107
....
30
*99 H
mmmm
100
29 H
....
....
98 H
45
104H
87 H
106 H 108
*
...
..
mrnmmm
101
43
58
52 H
60
58 H
52 %
19
18
58 H
19
16H
17
11
16H
52 H
63 H
O
59 %
63 H
25
59 H
91 H
461
52 H
97
30
52 H
95H
40
18
56
A
1932
M
S
61H
59 H
61H
6
1947
A
O
94 H
92
94 H
265
92
IVI N
100 H
100 H
10
100
95
25
7% notes
81
7
44
25
18
25
40H
40H
69
90
Wall
NEW YORK
St.
♦Certificates of deposit
59 H
91
Friday
Interlake Iron
deb 4s
conv
stamped 1942
Int Agric Corp 5s
J*Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A_.July 1952
31
J
J
100 H
25
7
8H
O
31
8H
....—1956
J
29
25
29 M
1956
1944
J
29
25
29
Internat Hydro El deb 6s
O
72
69
72 H
Int Merc Marine s f 6s
1941
Internat Paper 5s ser A
& B—1947
1955
♦1st 5s series B
♦1st g 5s series
Ref
s
C_
f 6s series A
61H
62 H
12
61 H
97 %
99
74
97H 102 H
s
90
83 H
90
65
83 H
83
101«
94
102
mmm
*86
F
A
^♦Iowa Central Ry 1st & ref 4s.1951
M
S
4
95
A
96 H
96
96 H
J
J
59 H
56 H
60
73
J
J
86
83
86
121
79
94 X
63 H
60 H
64 H
138
60 H
80 H
3H
4H
25
90
90
D
J
4s.-.1959
101
56 H
75
3
9H
102H
7
90
101H
38
100
97 H
2
92
97 H
4s_1936
A
O
37 H
35
38
30
35
35H
34
35H
11
34
66 H
64
A
78 H
77 H
78 H
26
77 H
95
J
72 H
71
72 H
26
71
J
J
D
1946
4s
1987
Kentucky & Ind Term 4 Ha—-1961
Stamped
1961
Plain
—1961
4Hs unguaranteed
...1961
IfKlngs County El L & P 5s—1937
Purchase money 6s
1997
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 5s
1954
1st & ref 6 Ha.
1954
Kinney (G R) 6 Ha ext to
1941
Koppers Co 4s ser A__
1951
Kresge Foundation coll tr 4s. .1945
3 Ha collateral trust notes—1947
^♦Kreuger & Toll secured 5s
Uniform ctfs of deposit
1959
Laclede Gas Light ref & ext 58.1939
IVI
S
J
1st 6s
Coll & ref 5Hs series
Coll tr 6s series A
Coll tr 6s series B
Lake Erie & Western
5s 1937 extended at
...........
M N
102H 105
109H
40
44
20
11H
25
21
31
....
95%
12
96 x
*108H
110H
J
*91
J
99
95 H
*
*166
A
1
109H
......
85
86
109 X
....
*112H
mmmrnmm
J
s
Since
High
No.
103 H
Mead Corp
1947 A
105%
5
O
April 1940 Q
J
f 6s
Market St Ry 7s ser A
1st 6s with warr.. 1945
J1968
Metrop Wat Sew & D 5 Ha
1950
5t*Met West Side El (Chic) 4s. 1938
Metrop Ed 1st 4 Ha ser D
High
Low
A
F
101
108 H
102
4
101H
O
A
8H
13
8H
2
2H
12
2H
5H
24H
2§"
J
D
J
J
M
S
*88
IVI N
*107
Ref & lmpt 4 Ha series C
1940
Milw El Ry & Lt 1st 5s B
1961
1st mtge 5s
1971
{♦Mllw & No 1st ext 4 Ha(1880) 1934
^♦Mld of N J 1st ext 5s
Con ext 4 Ha
S
*26
103 H
D
J
J
—
—
104H 110H
5
35
3
24
100
101 H
95
14
J
D
89H
*
i^Mlnn
20 X
J
M N
101
*20-
90 H
105
99 H
105
83
mmmm
85
90
........
99 H
77
20 X
63
mmmm
46 H
57
1
91H
20H
63
S
J
108
35
101H
101 x
100
...mmmrnm
J
102
35
101H
D
57
6H
8
13
6H
21H
4
8
S
IVI
19
1962 Q
-
*68
J
1934
~
*77
O
IVI
♦Ref & ext 50-yr 5s ser A
mrnmmm
35
J
A
t*Mll Spar & N W 1st gu 4s_—1947
^♦Mllw & State Line 1st 3 Ha—1941
& St Louis 58 ctfs
16H
103 H 105 H
90
89
17
104
102
J
1939
1939
1st ext 4 Ha
107 H
109H
100 H 104 H
8H
1940
1951
1952
1979
City Air Line 4s
33
*2 H
M
♦Mlag Mill Mach 1st 8 f 7s
Michigan Central Detroit & Bay
103
88
28
108H
102 H
106
102 H
s
103 X
108H
IVI
102 H
1977
1956
♦4s (Sept 1914 coupon)
93
93
88
97 H 103 X
80
100
4
80
80
92 X
IVI N
1977 M S
♦Mex Internat 1st 4s asstd
115H
4
9
3H
10
2H
8H
15H
4%
*3H
F
....
101
....
MN
102 H
100
J
J
103
101H
103
F
A
99
102 H
J
J
J
J
1
J
IVI
S
J
J
41H
15
30
15
*10
75 H
95
M N
15
17H
17
75%
16
48
mmmm
16
*
J
12 H
mmmm
28 H
75 H
4
75 H
95 H
96
8
95
95
J
*45
54
48
61H
D
80
77
80
48
77
J
Mo Kan & Tex 1st gold 4s.
J
J
119X
99h 102
100
104H
17H
17
15
J
J
15H
37 H
32
25
15H
16
107h
112 H
113H
*99H
J
1943
f A I Namm & Son 1st 6s
Marlon Steam Shovel
108 H
101H 102H
146H 161
85
108H
105H 114
10
*106
J
Range
Jan. 1
Asked
Low
107 H
160
86
F
.2
A
Bid
D
J
109H 109 H
....
....
*150
Price
Mfrs Tr Co ctfs of partlc In
♦1st & ref gold 4s
99
....
102
.....
A
d
89H 101H
99
J
3 fc
Friday
NR.
Week Ended Oct. 1
100
108
----
92
J
35
25
*25
96
J
63
59 H
63
41
58
96 H
88 H
J
m
m
IVI
O
31H
42
25
90
92
92
23
90
145
54
52
21
52
76
J
51
54
11
51
O
46 H
46
47
20
46 H
79 H
80
A
31H
H
28 H
61
28 H
48 X
26
29 H
8
26
11H
293
10H
45 H
24
535
65
27 H
26
49
26
31H
29 H
28
31H
35
28
26
26 H
13
26
48H
45 H
18H
J
101H 111H
97
102H
30 H
8
A
7
6
97H
J
A
97
F
50 H
101
-
-
63
59 H
63
56 H
70 H
60
61h
31
56
70 H
49 H
3
49
68 x
49
70
—
49H
*49
54
♦Certificates of
deposit
mm
19'
♦1st & ret 5s series G
55
S
m
11H
10H
s
IVI
49
-
IVI
61X
31X
27 H
m
M N
31H
♦Certificates of deposit...
RR—
3% to. .1947
31H
47
29 %
95 H
100H 106H
98
109H
29 H
35H
7
8H
476
7
O
31H
27
31H
242
27
48 H
26
26
23
26
A
31H
27 H
31H
188
27H
46 H
49 H
27 H
♦1st <fe ref g 58 series Hl.
8H
A
99 H
28H
32
27 H
47
♦Certificates of deposit.
MN
104H
M
S
m
m
103
m
m
*55
1
100
105H
F
A
69
66
94 H
M
S
*
90
93 H 100H
M
50
51
78
M
-
M
.
16
37
77
IVI N
6
36
m
m
rn'm
83 H
30
m
m
S
........
«.
m
29H
19H
S
*
A
1954
1964
1974
m
92
*
106H
90
M S
F
*
88
89
*101
O
A
1st & ref s f 5s
55
88
♦
Lehigh & N Y 1st gu g
1st & ref s f 5s
12
31H
88
.mmmmm
Lehigh & New Eng RR
1st & ref s f 5s..—
102 H
30 H
J
Lehigh C & Nav s f 4 Ha A
1954
Cons sink fund 4Ha ser C—1954 J
4s A...1965
4s
1945
Val Coal 1st & ref s f 5s. 1944
104
101X
1975
♦1st mtge Income reg
1
104
.mrnmmm
1997
Ha
Ltd—
2
95 h
95%
IVI N
F
95h
1941
gold 5s
Lake Sh & Mich So g 3
Lautaro Nitrate Co
106
12
50
*23
1953
1960
1942
1942
C
D
15
104 H
*38
*16H
M N
Kentucky Central gold
Coll & ref 5 Ha series
104 H
109
103 %
J
Keith (B F) Corp
100
108H
J
4 Ha—1980
♦Karstadt (Rudolph) 1st 6s... 1943
♦Ctfs w w stmp (par $645)-.1943
♦Ctfs w w stmp (par $925)..1943
♦Ctfs with warr (par $925)-.1943
Kansas Gas & Electric
97 H
Range or
Sale
EXCHANGE
1st gold 3Hs
97 H
1950
Ref & lmpt 5s
-Apr 1950
Kansas City Term 1st 4s
1960
STOCK
Jack Lans & Sag 3 Ha
101H
O
gold 3s
Y.
108
S
A
Week's
Last
BONDS
N.
106
IVI
Kan City Sou 1st
Secured 6%
----
Steel 4Ha A..1961
4s.-1990
$i*K C Ft S & M Ry ref g
♦Certificates of deposit
Lehigh
87
89 H
F
Kanawha & Mich 1st gu g
2d
102
99
IVI N
Jones & Laughlln
104M
J
o
IVI
B...1972
1st lien & ref 6 Ha
1947
Int Telep & Teleg deb g 4 Ha—1952
Conv deb 4Hs
1939
Debenture 5s
1955
Int Rys Cent Amer 1st 5s
James Frank & Clear 1st
N. Y. 1-1598
A. T. & T. Tele.
Telephone WHltehall 4-2900
17H
110
63
42 H
♦Certificates of deposit
conv
Members New York Stock Exchange
108
103 H
1932
5*10-year 6s
D. H. SlLBERBERG & Co.
105 H
104
♦Certificates of deposit...
5*10-year
.
*
t*Ind & Louisville 1st gu 4s
BANKS AND DEALERS
FOR
91M
56
31
107 H
♦101X
1950
1956
Ind Union Ry 3 Ha series B—.1986
Inland Steel 3%b series D
1961
JInterboro Rap Tran 1st 5s.-.1966
Ind 111 & Iowa 1st g 4s
60
8
58
56
107
107
12
64
60
1963
1940
C
deb 4 Ha
Illinois Steel
2193
New York Bond Record—Continued—Page 4
145
Volume
.
37
37
40
36
W 36
36
*85
89
gold notes—-.1938
5s
1954
----
7
95 H
95 H
Leh Val Harbor Term gu
75
20 H
*20 H
m
'
106H
106 %
Monongahela West Penn Pub Serv
90
100H
A
107
A
29 H
64 H
19H
39 H
1
83
5
105
39 H
98 H
111H
22
106 X
104
O
105
42
100
108H
99
O
95
6
34
83
83
mm
21X
22X
92 H 100
97
93
100
4
99
110H
99
'
87
6
111
4 Ha
Leh Val N Y 1st gu g
1940
J
4s
2003
IVI N
43 H
38H
44
2003
2003
g 5s—1941
IVI N
47%
42 h
47 h
59
52
62
100
34
99h
J
103H
38 H
72
42 H
76H
48 H
86
Lehigh Val (Pa) cons g
General cons 4 Ha
General cons 5s
Leh Val Term Ry 1st gu
87
J
IVI N
A
O
1965
A
A
O
1951
4s series A...1962
1946
Lombard Elec 7s ser A
1952
F
F48H
100
100
122
129 h
131
14
121H
121H
10
A
Lex & East 1st 50-yr 5s gu
Liggett A Myers Tobacco
5s
Little Miami gen
M N
Loews Inc s f deb 3Hs
F
J
129M
-
mmmmm
98 H
99 H
A
73
D
A
O
J
„
„
-
64
73 H
7
98 H
IVI
S
98
1944
A
O
F
A
J
J
79 x
75H
M S
101 %
101H
108 H
mmmrnmm
100
98
1951
A—1969
Louisville Gas A Elec 3 Ha
1966
Louis A Jeff Bdge Co gu 4s
1945
Louisville A Nashville RR—5s
-
Louisiana A Ark 1st 5s ser
79 H
F
*86 H
1 Namm (A I) & Son—See Mfrs
Tr
100
108
J
J
106H
J
D
104H
98
2
126
119
119
9
Nat Dairy Prod
4
109 H
106
108
A
102 %
101H
102 h
37
99
108H
Nat RR of Mex prior lien
A
95 H
95 H
96 H
23
95H 103 H
♦Assent warr & rets No
A
89
51
88 H
88 H
109 H
......
92
IVI N
112H
99
A
D
J
103 H
102H
103 H
102 H
99
D
A
...
71
49
O
98
105 H 111H
3
9
112H
96 H
99
1
93
A
O
19
102
56
99
11
71
8
71
2
49
49
48
9
46 H
30
49
28H
26 H
J
♦Second 4s
2013
Manila Elec RR A Lt s f 5s—.1953 M
D
*16H
S
28 H
20
*92 H
22
-
•
«.
tm
mmmm
105H
86 H
26 H
53
16H
33 H
92 H
92 H
Manila RR
IVI N
83
83 H
13
82 H
1st ext
IVI N
69 H
69 H
5
69 H
90
78H
32
41
:*Man G B A N W 1st 3Ha... 1941 J
page
2195.
J
*
30
mmmm
4
m
*2H
O
O
31H
111
98H
63H
95
101
99 M
107
106H
103
O
mmmm
D
105 H
mmmrnmm
1961
mrnmmm
105H
122
123
120H
120 H
4 Ha A 1952
Orl Pub Serv 1st 5s ser A..
New
68
84
67
♦
J
122H
IVI N
mmmrnmm
52 H
mmmmmm
D
F
N O & N E 1st ref & Imp
2%
3
100 H
*70
*
A
*100
A
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mmmm
D
J
7H
mrnmmm
mm
mm
*2H
J
B
m
O
106
J
80
J
mrnmmm
106X
80
mmmm
mmmm
19
2
mm*-
16
62
82
74 H
62 H
118H 127 H
110H 125H
100 H 101
104 H 108 H
80
98
70
85 H
92 H 103 H
103
92
J
*70
75
A
O
95
94
95
71
J
D
94 H
93
94 H
36
J
J
88
88
88 H
8
H
6
102H 107H
93 H
77
122 H
118
10
J
mmmmmm
2H
6H
4
6X
17
4H
*1H
O
A
2H
2H
2X
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A
mmmm
mmmm.
3
3
J
J
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m
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3H
*3
J
J
90
90 H
57 H
4
m m m
IVI N
♦4s April
102 H 105H
99
m
J
1914 coupon on
1951
1914 coupon off...1951
♦Assent warr & rcta No 4 on '51
♦4s April
106
103H
28 H
29H
♦Certificates of deposit...
For footnotes see
4 Ha—
4 on.IS
99
103 H
m
3
109 H 115
—
*
m
*
110H 115
92
100H
85 H
mm
94
46 H
♦Certificates of deposit...
(South Lines) 4s—.1939
4s
1959
J
J
F
J
4s. 1990
88 H
5
*89 K
1960
^♦Manhat Ry (N Y) cons
7
109 H
♦111
92
J
A—1945
ft*Manatl Sugar lsts f 7 Ha—1942
28
106
*1%
*1H
J
J
A
106 k
107 H
McCrory Stores Corp s f deb 5s. 1951 IVI N
McKesson A Robbins deb 5 Ha. 1950 M N
A
35
J
105H 109 H
106
111
106 %
2003
Maine Central RR 4s ser
146
104 H
m
107H
Monon 4s—1952
4s
1955
El 6HS--1944
101H
103H
112H
106 H
Atl Knox A Cln Dlv
100
J
A
Lower Austria Hydro
101
104H
J
♦4H July 1914 coup off.
J
4s..—1946 F
St Louis Dlv 2d gold 3s
1980 M
Mob A Montg 1st g 4 Ha
1945 M
Gen mtge 4 Ha ser
102 H
31
mmmm
84
97H
102
97
76H
H2H 119
89
IVI N
A
Paducah A Mem Div
South Ry Joint
99 M
85
National Rys of Mexico—
100H
15
102
75H
»
2
IVI N
deb 3Ha w w..1951
116H 124H
135
32
79H
34
*100%
7
-
87 H
32 H
98
2003
series E
A
1
99
79 H
80
12
106
126
80 H
"22
11
117
98
86 H
80
78
75H
78
85 H
79 H
79 H
85
30
100
99 H
85 H
85
M N
Constr M 4Hs series B.
2003
series C
~8l%
OOI Oil
M N
1940
1st A ref 4s series D
1st A ref 3Hs
S
D
99 H
91 H
98 H 104 H
....
1
2003
Unified gold 4s
1st A ref 58 series B
1st A ref 4 Ha
IVI
82 H
106
126
.......
*
J
Nat Distillers Prod deb 4 Ha—.
Lorlllard (P) Co deb 7s
O
*115
*101H
S
79
A
1011532103H
-
1
84
*
M N
101M 106H
8
-
99%
*
O
IVI N
69 H
102 H
M
mm
99X
J
O
97H 101H
103
Nl
m
65
A
129H
108
92 H
A
129H 136
117
126 H
108
M
99 H
91H
D
J
109
*
D
1950
Long Island gen gold 4s
1938
Unified gold 4s....——.—1949
Guar ref gold 4s
1949
4s stamped
1949
Long Dock Co 3%s ext to
116
*119H
O
7s—1944
.mmmmm
87
87
100H
New York Bond
2194
BONDS
N.
Last
Y. STOCK EXCHANGE
Week Ended Oct. 1
If
»ia.
Range
Sale
A
O
F
1956
--1954
A
O
A
*
O
A
♦1st 4 %s series D
♦1st 5%s series A
♦Certificates
<fe
A------2013
Lake Shore coll gold 3 %s—1998
Mich Cent coll gold 3%s
1998
§N Y Chic & St L 1st g 4s
1937
Ref 5%s series A
1974
Ref 4%s series C
--1978
3-year 6s
---Oct 1 1938
46%
Paris-Orleans RR ext 5%s
.1968 M
45
43
60
{♦Park-Lexington 6 %s ctfs
.1953 J
40
40
55%
Parmelee Trans deb 6s
.1944 A
O
46
46
45
62%
Pat & Passaic G & E cons 5s__. 1949 IVI
s
56
45
57
.1942 IVI s
♦Paullsta Ry 1st ref s f 7s
Penn Co gu 3%s coll tr serB.. 1941 F A
46
110
92 %
A
O
A
O
M N
J
91%
98%
99 %
83
80
92 %
89
99%
71
83
99%
94%
105%
92%
101%
96%
105%
79%
A
89%
A
88
89%
43
1
85
89%
87
158
176
88
1
36
O
M
31
O
A
99**32 100%
82
84
35
77
152
90
It
S
77
71%
88%
O
~99%
98%
49
99%
108%
109
5
108%
47%
168%
50
109
2
48%
43
50
48%
58%
—1965
1966
137
83%
Certificates of deposit--
E
88
96
1951
D—-
15
93
101
'"83 %
—1953
1st lien & ref 3%s ser
110%
13
.46
«•*'«»
-
-
A
O
101%
100
101%
66
A
O
101
100%
101
15
N Y & Erie—See Erie RR
N Y Gas El Lt H & How g
Purchase money gold
122%
2000
4%s series B—
113%
43
1973
96%
96%
M N
96
IVI N
5%s_1942
—
58.1943
1941
{♦N Y & N E (Boat Term) 4s._1939
{♦N Y N H & H n-c deb 4s.—1947
^ E & W Dock & Impt
N Y & Long Branch gen 4s
N Y
J
M
101%
105%
*97"
S
A
101%
106%
10i%
26%
O
102
*
S
26
s
26
3%s_.1947
♦Non-conv debenture 3 %s__1954
♦Non-conv debenture 4s.-v-1955
♦Non-conv debenture 4s
1956
♦Conv debenture 3%s
1956
♦Conv
debenture 6s
1948
♦Collateral trust 6s
1940
O
40%
♦Debenture 4s
IVI N
1534
2954
O
{♦N Y Providence & Boston 48-1942
4s—1993
N Y & Putnam 1st con gu
El Lt & Pow 3 %S—1965
{N Y Rys prior Hen 6s stamp—1958
A
1951
N Y Steam 6s series A
1947
*25%
*26%
J
26
25 34
J
30
25%
29%
40%
A
M
S
J
D
A
O
A
O
J
♦Oct. 1 1934
as to
47%
43
47
97
72
60
105%
97% 105%
108%
IVI N
J
J
J
J
106%
101%
106%
101%
D
J
*60
A
S
O
IVI N
A
O
F
A
37%
46%
42%
101%
95
15
13
90
65
107
106
69%
106%
109%
102
101
102
85%
83
94%
85
85
98
8%
104
103%
*107%
94%
100%
98%
18
18
9%
104
100
22%
109%
108
106
108
8%
96
A
117
F
A
117
17
82%
101
112
102% 106%
101
105%
125
119
&sub coupons. 1945
122
101% 106%
99% 107
120
125%
s
April 1 1937 incl coupons--1945
102%
J
1966
D
1946 J
D
Ontario Power N F 1st g 5s
1943 F A
Ontario Transmission 1st 5s—1945 IVI N
Oregon RR & Nav con g 4s—1946 J
Ore Short Line 1st cons g 5s—1946 J
Guar stpd cons 5s
1946 J
Ore-Wash RR & Nav 4s
1961 J
71
Oslo Gas & El Wks extl 5s—1963 IVI
Otis Steel 1st mtge A 4%s
1962 J
92
91%
91%
92
I
100%
18
100%
96%
1h316
100%
99%
101%
*113%
115
*107%
*117%
119%
S
J
1946 J
D
D
D
106%
102%
85%
1938 J
A
105%
102%
85%
*
92
*_
2195.
113%
102
72
129
119
108% 117
91% 106%
102
104%
52
20%
154
7%
14%
Series E 3%s guar
gold
gold
Series G 4s guar
4s
Series I cons 4%s
Series J cons guar 4%s
Gen mtge 5s series A
Gen mtge 5s series
Gen 4 %s series C
A
«Tw
102
B._
Pitts Va & Char 1st 4s guar
A
50%
26%
30
108%
1st mtge 4%s
Pitts Y & Ash 1st 4s ser A
1st gen 5s series
107% 111%
108%
5
111%
10
109
111
111
7
109
M N
*110
F
A
J
D
M N
*104
108
F
A
A
*117
*117
—-
*108%
F
m n
-
J
D
A
O
J
J
M N
D
115
115
-
-
•
-
»
O
F
—
------
6
-
—
75
75%
4
15
-
-
79%
-
--
-
-
76
;;
125%
124%
-
-
113%
113%
104%
112%
84%
1
■
75
3
i"
74%
*109
D
114%
113
J
{♦Radio-Kelth-Orph pt pd ctfs
for deb 6s & com stk (65% pd)... J
{♦Debenture gold 6s
1941 J
Reading Co Jersey Cent coll 4s. 1951 A
Gen & ref 4%s series A.:
1997 J
Gen & ref 4%s series B
1997 J
106%
14
64%
13%
103%
64%
16%
5
M W
<f
"
D
13%
45%
3
100
106
90
100
14
——
92
" 75%
105% 108%
62 %
88 %
54
21
90
*10%
»
94
156
103%
90
<»«
s
J
164
56
106%
------
16
{♦Providence Sec guar deb 4s—1957
{♦Providence Term 1st 4s
1956 IVI
Purity Bakeries s f deb 5s
1948 J
97%
110%
-
54
54%
—•
IVI n
96%
119% 124%
103%
1951
113
*110
Porto Rican Am Ton conv 6s.-1942
1st 5s 1935 extended to 1950—.. J
124
123%
107%
96
108
D
J
—
"75"
—
A
J
115%
*104
-
114%
111
106%
-
^
-
—
115
*
-
—
-
—
-
115
-
111
109
109
122
106%
-
112%
110
*111
«r »
113%
113%
113%
111
111%
*108
-
1960 M S
Pressed Steel Car deb 5s
85% 102
93% 100%
111
D
Port Gen Elec 1st 4%s
106
108%
O
1962
1974
—-—1977
B__
1st gen 5s series C
1st 4%s series D
1
O
1948 J
series C
5
28
94%
O
1959 A
1960 A
4%s series B
157
M N
Pitts & W Va 1st 4%s ser A—1958 J
1st mtge
*-
93%
1942
1942
1945
1949
1953
1957
1960
1963
1961
1970
1975
1977
1943
—
Series H cons guar
O
IVI n
14%
1940 A
Pitts C C C & St L 4 %s A
Series F 4s guar
19
-
--
-
--
13
95
9%
85%
92
28%
9)
101
*112
D
"92" "~4
88
__
O
92%
92%
93%
34
J
105%
103%
105%
67
J
104
104
102%
103%
125
125
88" 126%
89% 104%
103% 108%
s
102%
5
104
26
101
108
IVI n
83
Rensselaer & Saratoga 6s
87
Republic Steel Corp 4 %s ser A. 1950 M S
72%
81%
101% 112%
69%
gu—1941
.
-
A
"90%
Purch money 1st M conv 5
M N
110%
Gen mtge 4%s series
IVI n
91%
1961
%s '54
1956
Cop & Br 1st mtge 4%s. 1956
4%s series B
C
F
89
-
-
"
-
5
.112
125
212
100
115
89
111%
51
108
68
91
109%
90%
115%
112
130%
90% 100
102
a23
a23
2
24
32
20
20
1
18
26%
100%
100
{{♦Richfield Oil of Calif 6s_..1944
92
92%
14
20
18
84%
106
105%
Revere
♦Rhelnelbe Union s f 7s
♦Rhine-Westphalia El Pr 7s—1950
M N
—1952
-.1953
1955
IVI n
♦Direct mtge 6s
6s of 1928
♦Cons mtge 6s of 1930
♦Cons mtge
33%
109% 109%
♦Rlma Steel 1st s f 7s
96% 100
3
39
34
115
100%
♦
101% 104
110% 115
106
92
101%
100%
47
44
Too"
100%
66%
67%
121%
117
119%
106%
102%
88%
114
116
106
*111—
109% 113
109% 112%
99% 100%
107% 115
111
99%
FA
A
*20%
75
-
19
27%
5
19%
27%
19%
19%
28%
35
66
40%
--
66
-
22
22
O
25
22
IVI n
22
1
35
1
35
*30%
100% 106
5
-----
25
„
IVI n
Rlchm Term Ry 1st gen 5s
100% 106%
98%
1113,6
100%
102%
114%
J
,
35%
28%
16
102%
95
*166%
67%
158
98%
104%
22%
8%
20%
107%
102
107
116
-
1
107%
101
102%
103
100
-
-
113
113
81
84% 103%
106% 119%
112
123%
112%
*112
--
5
109
108%
*115%
106
a23
102%
98%
D
{{♦Pan-Am Pet Co (Cal) conv 6s '40 J D
♦Certificates of deposit
Panhandle Eastern Pipe L 4s__1952 IVI S
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
1955 F A
56
113
94
J
103
J
86%
109%
26%
113
J
106%
O
21
82%
84%
107%
99
7%
J
106%
A
1955 J
41
86
108
1946 J
13
166
123
103% 107%
99% 103%
85%
61
92%
65
67
D
1966 J
-
♦Rhine-Ruhr Water Service 6S-1953 J
45
87%
106"
J
81
-
-
100% 112
88% 110
91% 109%
104% 104%
107
107%
71
105%
*107
J
112%
95%
"94"
s
♦Certificates of deposit
101%
97%
5
12
92%
102%
*103
J
1964 J
1st & ref mtge 3%s ser H..-1&81 J
1st & ref mtge 3%s ser I1966 J
Pac RR of Mo 1st ext g 4s
1938 F
91
4
10
106"
86%
100%
D
J
♦Conv deb 6s
Gen mtge
102%
O
A
D
12
i07
120
J
A
1947 F
page
101%
69%
87%
105%
♦Og & L Cham 1st gu g 4s——1948 J
J
Ohio Connecting Ry 1st 4s. —1943 M S
1st mtge 3^8.—————1972 J
Ohio Indiana & West 5s.-Apr 11938 Q
D
1967 J
87
*70
N
1981 J
5s series A
72%
82
1965 M
J
Remington Rand deb 4%s w w.1956 IVI
*70
1997 Q i
2047 Q F
Ref & impt 4%s series A
J
2047 J
Ref & impt 6s series B
J
2047 J
Ref & impt 5s series C
J
2047 J
Ref & impt 5s series D
J
2047 J
Nor Ry of Calif guar g 53
1938 A O
Northwestern Teleg 4 %s ext—1944 J
J
Norweg Hydro-El Nit 5%s—1957 MM
A
1977 J
{♦Postal Teleg & Cable coll 58.1953
69
100
S
IVI
1974 F
General g 4%s series C
General 4%s series D
271
86
♦
94%
Potomac Elec Pow 1st M 3%s.l966
31
100%
S
-
~
1956 J
1st 4s series B
J
82%
1980 M 8
1st g 4%s series C
86%
Phelps Dodge conv 3 %s deb— 1952 J D
107%
1943 M N ^
Phila Bait & Wash 1st g 4s
General 5s series B
100
117%
114
7%
J
94% 104
18
78
O
IVI
1956 J
A 5s
103% 111%
97% 111%
116% 121%
112
117%
86
A
97% 109%
32%
17%
100%
17%
IVI N
F
1974 F
103% 111%
78
95
71
85
M
Peoria & Pekin Un 1st 5 %s
Pitts Coke & Iron conv 4 %s A. 1952 IVI
83
9
O
Apr
45
47
91
M N
April 1990
60
92%
13%
1940 A
1937
{♦Philippine Ry 1st s f 4s
Plllsbury Flour Mills 20-yr 68— 1943
Pirelli Co (Italy) conv 7s-...-- 1952
16
15
—
100
50
105%
7%
20
Nov 15 1969 NM
see
O
1947 M S
106%
104%
97%
117%
113%
8%
sale of April 1 '33 to
footnotes
O
1943 A
.-
115%
123
104%
1949
75
104%
1966
1952 A
Conv deb 3%s
Peop Gas L & C 1st cons 6s
116%
103%
126
177
44%
47%
101% 109%
99
105%
104% 108%
102% 108%
98% 107%
98
107%
103%
Pacific Tel & Tel 3%s ser B
Ref mtge 3Ms Ber C
Paducah & 111 1st s f g4%s
105%
77
28
116%
98%
20%
25
102%
2d ext gold 5s
J
116
95
21%
20
103
Pacific Coast Co 1st g 5s
Pacific Gas & El 4s series G
106%
1984 J
E
109%
114%
{♦Phila & Reading C & I ref 5s. 1973
20
103%
Oklahoma Gas & Elee 3%s
4s debentures
O
109
116
46%
*14
104"
list & ref 7s series B
1981
204
9
109%
94%
J
104
HOhlo Public Service 7%s A_—1946
98%
119
_
103%
A
A
Ohio Edison 1st mtge 4s
D
O
_
98%
F
A
6
_
104%
J
F
120
109%
96%
115%
106%
113%
Phlla Electric 1st & ref 3%s_— 1967
10%
105%
105%
105
78
97%
Phila Co
100
107%
105
109
98
98
47
14
105
106
104%
1
3
D
Series D 4s guar
99
-----
97% 102
103% 105%
103% 107
109% 111
100
106%
108
112%
112
1970 A
Series C 4%s guar
105
1
7
111
1968 J
Series B 4%s guar
105%
107
101%
40%
11
104
107%
104% 110
99% 106%
113%
25
"78"
16
105
98
25
16
118
97%
'■
101% 106%
113%
1965 J
sec
96
109
General 5s series B
♦Income 4s
77%
85
100%
Debenture g 4%s
General 4%s series D
Gen mtge 4%s series
55
105%
101
......
A
99%
107 34
O
1960 F
14%
IVI N
M N
116% 125%
109% 117%
1
106%
-
4%s
General 4 %s series A
Refunding gold 5s
48
50%
116% 122%
109
A
96%
103
1948 IVI n
1
Consol sinking fund
90%
*104%
*93%
J
North Pacific prior lien 4s
Gen lien ry & id g 3s Jan
For
108%
.—
105
O
29
♦Oct 193/ and sub coupons—1945
♦Stpd
98%
106
-
-
106
106
1970 A
15%
IVI N
1957 IVI
1974
1974
J Northern Ohio Ry 1st guar 5s—
88%
90
39%
104
101
97%
D
1943 IVI n
29%
117%
104%
North Cent gen & ref 5s
Gen & ref 4%s series A
95%
100%
105%
109%
109%
72%
91%
*
Aug 15 1963
Deb 5 %s series B
Deb 5s series C
71%
27%
40%
75
♦Certificates of deposit
No Am Edison deb 5s ser A
105
105%
1948 IVI n
Pennsylvania RR cons g 4s
Consol gold 4s
4s sterl stpd dollar May
Gen mtge 3%s ser C
-
1
—
99%
97%
J
30
10%
*97%
M N
{{♦Norfolk & South 1st g 5s—1941
4s
1996
North Amer Co deb 5s
1961
82
%s A. 1977
1981 J
4%s series B
Pennsylvania P & L 1st 4%s.._ 1981 A
91%
14
101
O
29
16
A
A
14%
IVI N
Norf & W Ry 1st cons g
1963 F
Pa Ohio & Det 1st & ref 4
-
14
107%
105%
105%
...
27
25%
30%
N Y & RIchm Gas 1st 6s
1951
1st mtge 5s
—1956
{♦{N Y Susq & West 1st ref 58-1937
{♦2d gold 4%s
1937
♦General gold 5s
1940
♦Terminal 1st gold 5s
--1943
N Y Telep 1st & gen s f 4%s_—1939
ref mtge 3 %s ser B—
1967
N Y Trap Rock 1st 6s.
1946
6s stamped
1946
{♦N Y Westch&Bost 1st 4^8-1946
Niagara Falls Power 3 %s_
1966
Niag Lock & O Pow 1st 5s A—.1955
Niagara Share (Mo) deb 5%s-_1950
Nord Ry ext sink fund 6 %s—-1950
{{♦Norfolk South 1st & ref 58—1961
28-year 4s
1952 IVI n
26
27%
J
J
N Y Queens
IstmtgeSs
993ij2l02%
18
-
104%
*105
Penn-Dlxie Cement 1st 6s A... 1941 M S
87
5
*105
1944
Penn Glass Sand 1st M 4%s— 1960 J
96%
98%
97%
94
-
104%
-—
1942
105
78%
87%
84%
"95%
95
Guar 3 %s trust ctfs C
Guar 3 %s trust ctfs D
Guar 4s ser E trust ctfs
109%
High
98
48
96%
40%
50%
48
95%
Low
57
86
*118%
...—
98
32
J
50
No.
High
100%
■
26
28%
M N
84%
96
94
104% 108%
Since
Jan. 1
Asked
99%
84%
95%
40%
------
S
99%
106
26
26
D
♦1st & ref 4%s ser of 1927—1967 J
♦Harlem R & Pt Ches 1st 4S-1954 M N
{♦N Y Ont & West ref g 4s
1992
♦General 4s-—-----—----1955
98% 104%
78%
96%
88% 103
97% 101%
99% 107
94% 105%
101
109%
99% 102
105% 106%
"96%
105%
*
J
♦Non-conv debenture
—;——1957
113%
91% 106%
J
.1947 IVI
conv debentures
Pere Marquette 1st ser
*102
M N
N Y Lack & West 4s ser A—-1973 M N
N Y L E & W Coal & RR
113%
11334
122%
1
5s—-1946 ni n
gold 3%s
110
3%s
Peoria & Eastern 1st cons 4s.
58—1948
4s.---1949
N Y & Greenwood L gu g
N Y & Harlem
44
<k
Low
Paramount Pictures deb 6s_'_-. .1955 J
40
1938
N Y Edison 3%s 0er
44
"36
Range
or
Friday
Bid
High
♦38
O
A
Range
Sale
Price
F
trust-————1946
A
1953
Serial 5% notes
Low
1937
2.
Week's
Last
STOCK EXCHANGE
Week Ended Oct. 1
51%
59%
54%
N Y Connect 1st gu 4%s
1st guar 5s series B
N Y Dock 1st gold 4s
41%
Y.
49
Ref & impt 4%s ser
4s collateral
No.
BONDS
N.
A
J
M 3%0-1997
1942
Debenture 4s
■
High
Since
44 %
Newport & C Bdge gen gu 4%sl945 J
N Y Cent RR 4s series A—>.-1998 F
N Y Cent tc Hud River
Range
Jan. 1
0Q&S
"44"
*
1946
2013
2013
1952
or
Asked
♦38
of deposit.-—.
10-year 3%s sec s f..i
Ref & impt 4%s series A
Ref & impt 5s series C
Conv secured 3%s
Oct.
Friday
Friday
Bid
Price
Low
{{♦N O Tex & Mex n-c inc 5s.-1935
♦1st 5b series B
1954
♦Certificates of deposit
♦1st 5s series C
1956
Record—Continued—Page 5
Week's
Friday
82
103
111
81
99% 107%
24
94% 100%
92
102%
95
102%
2
99
103%
98% 104%
108% 108%
37
36%
98
65%
58
57%
101%
75%
1952
J
-.1955
A
{♦Rio Grande June 1st gu 5s__1939
D
{♦Rio Grande West 1st gold 4s. 1939
♦1st con & coll trust 4s A
1949
*104
J
Roch G & E 4%s series D
Gen mtge 5s series
E
1977
1962
A
*50
{{♦R I Ark & Louis 1st 4%s—1934
1948
IVI
s
A
O
*19
1949
♦Rutland RR 1st con 4%S—1941
Safeway Stores s f deb 4s
1947
Saguenay Power Ltd 1st M 4%s '66
St Jos & Grand Island 1st 4s._1947
nSt Jos Ry Lt Ht & Pr 1st 5s—1937
St Lawr & Adir 1st g 5s
1996
2d gold 6s
1966
J
J
18
-
-
-
-
44
----
18 *
24 *i
9
J
103%
102%
103%
24
A
O
101
100%
101%
24
J
J
109
109
*18
------
------
M N
J
J
A
99"32
*
O
IVI n
—
-
-
*
91%
84
25%
52%
116% 117
107% 109%
10%
28%
20%
25%
18
32%
18%
34%
102
103%
99% 104%
1
7
97
112%
101"3i
96
103%
92
99%
107
102
99 i
100
IT
—
60
54%
J
69%
67%
70^
78
67%
68
1933
67%
68'
15
67%
88%
24
48
♦
J
17%
J
15%
17%
27%
80
~14%
-
17%
14
16
-
-
-
-
302
88
89%
82
85
14%
37%
14
33%
14%
14%
36%
33%
14%
14%
17%
269
15%
27
16%
14
16%
469
14
33%
14%
13%
14%
197
13%
30%
------
1978 m"s
*20%
......
J
♦Certificates of deposit
stamped
-----
12%
-
D
{♦St L-San Fran pr lien 4s A—1950 J
♦Certificates of deposit
♦Prior lien 5s series B
1950 j
♦Ctfs of deposit
-----
;
J
{♦S L Peor & n W 1st gu 5s—-1948 J
St L Rocky Mt & P 5s stpd—1955 J
♦Con M 4 %8 series A
8
119
J
St Louis Iron Mt & Southern—
♦{Riv & G Dlv 1st g 4s
♦Certificates of deposit—
-
3
53%
91
---
28%
28%
*117%
*109%
12%
10%
♦Ruhr Chemical s f 6s
♦Rut-Canadian 1st gu g 4s
-
54%
28%
s
-
89%
"54%
S
IVI
—
*
O
M
103% 104%
%
Volume
New York Bond
145
N.
Y.
STOCK
Last
EXCHANGE
Price
♦2d g 4s inc bond ctls
1989
M N
Nov 1989 J
83
J
{♦1st terminal A unifying 5s. 1952 J
♦Gen A ref g 5s series A
1990 J
J
c
&
Asked
2
©
Friday
Bid
82 M
*
No.
83 a
65
49 M
*38M
i
23
12
N.
Low
13
80
100
74M
65M
23
54
103M 109M
21M
37
~23M
"78
12
10M
1940
104 M
Ms
1946 J
♦Stamped
s
J
f 6 Ms series B
J
A
94 K
96 M
55
HOM
12
107M
108
10
108
*113M
*24 M
25
24M
O
O
20 m
A
5H
O
27
5M
12M
♦Series B certificates
1935 F
conv deb 4Ms—1951 IVI
Shell Union OH deb 3Ms~—1951 M
Shlnyetsu El Pow 1st 6 Ms
1952 J
f 7s
1935 J
♦Debenture 8 f 6 Ms
1951
♦Silesia Elec Corp 6 Ms
1946
Slleslan-Am Corp coll tr 78——1941
Simmons Co deb 4s
1952
Skelly Oil deb 4s
Socony-Vacuum Oil 3 Ms
12M
*19
"~7H
Va Iron Coal A Coke 1st g 5s.-.1949 IVI
Va A Southwest 1st gu 4s
2003 J
1st cons 5s
Virginian Ry 3Ms series A
♦f Wabash RR 1st gold 5s
93 M
67
♦Omaha Div 1st g 3 Ms
1941
*11..I
50
♦Toledo A Chic Div g 4s
1941
*"
94M 103M
112M
105M 110M
24M
24M
27 M
25
S
t*Wabash Ry ref A
gen 5 Ms A. 1975
♦Certificates of deposit
115
43
♦Certificates of deposit
♦Ref A gen 4 Ms series C
♦Certificates of deposit
1978 A
O
♦Ref A gen 5s series D
1980 A
35 M
17
36 X
S
F
♦Certificates of deposit..
Walker (Hiram) GAW deb 4 Ms. 1945 J
Walworth Co 1st M 4s
6s debentures
1955 A
1955 A
Warner Bros Pict deb 6s
1939 M S
12M
23 M
22 X
^♦Warner-Qulnlan Co deb 6s. .1939 IVI
!♦ Warren Bros Co deb 6s
1941 IVI
S
UH
23
38 M
Warren RR 1st ref gu g 3 Ms— -2000 F
A
14M
Washington Cent 1st gold 4s.—1948 Q-M
Wash Term 1st gu 3 Ms
1945 F A
463
144
8a
'241
8
1
M
F
O
35
99 X
80
65M
18
60 M
*19M
A
A
105M
6M
14 M
95
97
"61M "l6
"l7
97
47
J
98 M
98 M
99M
16
105M
104 M
105M
38
X
99 M
O
95 M 102
89 M
60 M
100
50 X
73
18M
21M
O
O
*122
117M
100
78
72
105
25 M
68
82 X
94 M
97 X
118
l66" "71
102M
102M
100M 107 M
130
98M 100 M
S
107M
106M
107 H
5
106 M
106 M
106 X
23
101H 107 M
J
104
103 M
104M
21
103M 106M
D
98
97M
99M
86
Southern Kraft Corp 4 Ms
Southern Natural Gas—
1st mtge pipe line 4 Ms
1946 J
105
107 M
97M 100 M
O
98 M
98 M
99
33
97M 101M
82 X
81
82 X
17
81
86 M
97
81M 100M
99 M
81M
86 M
Gold 4Mb
1968 IVI
75 M
71
75M
37
71
98
Gold 4 Ms
Gold 4 Ms
1969 IVI N
76
71
76
173
71
97 X
1981 M N
75 M
71M
75M
158
10-year secured 3 Ms
1946 J
J
95 %
95 M
89
94
San Fran Term 1st 4s
1950 A
O
106 M
106 X
106M
7
106
103 M
*100M
103 M
103M
111
S
con gu g 5s.. 1937 M N
So Pac RR 1st ref guar 4s
J
1955 J
1st 4s stamped
;
1955 J
Southern Ry 1st cons g 5s
1994 J
JSo Pac of Cal 1st
94
100M 100M
"98 X
"99 M ""86
56
60 M
183
56
75
80 M
83
84
75
*
1996 J
1951 J
103
"flOM
J
92
lien g 5s
1938 M S
1938 M S
82 M
D
S-western Bell Tel 3 Ms ser B—1964 J
S'western Gas & Elec 4s ser D..1960 M N
105M
101
"16
105M
ioi a
16
102
102
♦{Spokane Internat 1st g 5s.—1955 J
Staley (A E) Mfg 1st M 4s
1946 F
A
Standard Oil N J deb 3s
1961 J
D
97
Staten Island Ry 1st 4 Ms
1943 J
D
105M
Tenn Coal Iron & RR gen 5s.—1951 J
Tenn Cop & Chem deb 6s B_—1944 IVI
Tennessee Corp deb 6s ser C--.1944 IVI
1947 J
Term Assn of St L 1st g 4 Ms—-1939 A
1st cons gold 5s
1944 F
1953 J
4s
J
10
38
104 M
35
103
86
159
105 H
13
102M 107 M
126
103
105
S
*103 M
103 M
D
84 M
O
*106M
A
J
97
"is
97
109 M
115
109M
51
97 M
109M
"84M 104""
106
16
104
87
118M
105M 111M
108 M
97
100
105M
103 X
102 M
107
107
107
1
105
118
118
8
~95M
95
98M
7
Westchester Ltg 5s stpd gtd._. 1950 J
s
J
O
9M
J
80 M
J
D
59 M
J
D
103 H
A
O
97
65
95M
97M
98
1962
{{♦Union Elev Ry (Chic) 58—1945
J
9
35M
8M
39
9M
149
80
80 M
7
100
20
49
35M
Funding A real est
25-year gold 5s
103 M
104 M
I04M
*118M
55
103 H
2
101
6
96
104M
112
113M
100
96 M
""7
120
*96 M
75 M
104 X
83
108M
103
102M 107M
116
""l3
119
112
4Mb
g
United Biscuit of Am deb 5s
United Drug Co (Del) 5s
1970 A
96 M
101M
s
1944 IVI
U N J RR A Can gen 4s
22
74 M
118
"_5
116M 121M
107
117
112M
36
105M 114M
110
116M
106M
115M
107M
30
103
115M
2
94 M
94 X
95M
15
*106M
107M
"95 X
87
111
111
"29 H
94 M
87M
85
24
109 M
111M 116M
93 M
92 X
101M
85
1
111
25
105
104 X
105M
216
23 M
2
104M 107 M
22
33 M
24
32 M
22
30
*22
27
91
94
34
M
94 X
64
44 X
46 M
70
41
45 H
112
94 M
93
45 M
45
44
98
95 M
98
A
111M
1957 M N
J
109M
25M
100 M
79 M
37
100M
100M
20
25M
J
36
73 M
24
40 X
24
39 M
100 M 104 M
53
80
109 M
73 M
HI ^
66M 107M
63 M 109 M
79
67 X
79 M
163
77M
65
78 M
220
20M
20
20 M
10
19
86 %
87
40
86 X 100 M
J
80 X
80 X
10
80M
D
S
1966 M
D
ser
6
107
*110M
93 M
"95M
75
102M
"95"
1966 F
102 M
1
1940 M N
96
105
107
106
107
107
1949 M
25 M
113M
93M 103 M
102M 105
{♦Wlckwlre Spencer St't 1st 78.1935
1938
100M
1960
{♦Wis Cent 50-yr 1st
1949
4s
gen
1
35
10X
57
102 M
5
100 M
95
102 M
Wilson A Co 1st M 48 series A. .1955
Conv deb 3Ms
1947
D
27 M
9M
102 M
101M
95 M
24
109
Wilmar A Sioux Falls 5s
J
27M
25 M
10
1942
Winston-Salem S B 1st 4s
109
10
47
47
62
102M 104
25 M
9M
99
80
104M
95
100M
106M 115
15M
18M
23
15M
15M
18M
24
15
11
16M
♦Certificates of deposit
{♦Sup A Dul div A term 1st 4s '36 IVI N
11M
2
11
25 M
14
24
20
*10M
♦Certificates of deposit
{♦Wor A Conn East 1st 4 Ms
27 X
27 X
J
♦Ctf dep Chase Nat Bank
J
♦Ctfs for col A ref conv 7s A. 1935 MN
{♦WIlkes-Barre A East gu 5s
1943 J
35 M
32 M
M
28
J
Youngstown Sheet A Tube—
1st mtge 8 f 4s
ser
101
101M
1961 IVI N
C
169
101H
98 M 105
Cash sales transacted during the
e
current week and not Included In the yearly
range:
No sales.
current week, a Deferred delivery sale; only
during current week,
a Under-the-rule sale; only transaction during
x Ex-Interest.
{ Negotiability impaired by maturity
t Accrued
Cash sale; only transaction during
r
transaction
current
week,
interest
payable at exchange rate of $4.8484.
f Bonds called for redemption or nearlng
maturity.
receivership, or reorganized under
securities assumed by such companies
Friday's bid and asked price. No sales transacted during current week.
{ Companies reported as being In bankruptcy,
Section 77 of the Bankruptcy Act, or
*
♦
Bonds selling flat.
z
Deferred
,
.
^
.
delivery sales transacted during the
.
,
.
current week and not Included
in the yearly range:
No sales.
Transactions
York Stock
New
the
at
Exchange,
Daily, Weekly and Yearly
Railroad <t
Number
Stale,
United
Total
Miscell.
Municipal dk
States
Bond
Bonds
Stocks,
Week Ended
Oct.
For'n Bonds
Bonds
of
Shares
1, 1937
Sales
$352,000
1,469,520
2,208,580
Friday..
1,280,000
907,000
890,000
230,000
6,098,000
6,046,000
5,239,000
848,000
487,000
994,000
476,000
897,000
394,000
$6,440,000
9,798.000
7,570.000
7,433.000
7,516,000
6,530,000
8,061,173
Thursday
7.611,000
674,905
...
6.450,000
1,353,930
1,046,398
Monday
Tuesday
$5,290,000
1.307.840
Saturday
Total
$36,734,000
$5,707,000
$2,846,000
$45,287,000
$798,000
.
Jan. I to Oct. 1
Week Ended Oct. 1
New York Stock
1936
1937
1936
1937
Exchange
356,012,388
8,061,173
8,113,005
301,334,858
$2,846,000
$14,201,000
6,712,000
57,054.000
$314,007,000
266,437:000
$232,830,000
36,734.000
1,620,622,000
2 140,412,000
$45,287,000
Stocks—No
$77,967,000
$2,201,066,000
$2,617,696,000
of8harcs.
Bonds
Government
5.707,000
State and foreign
Railroad and Industrial
Total
244,454.000
Stock and Bond Averages
Below
are
2M
2M
26
the
daily closing averages of representative
New York Stock Exchange
stocks and bonds listed on the
as
compiled by Dow, Jones & Co.:
91
41
Bonds
Stocks
69
10
67 M
10
30
110M HI
110
113M
2M
5M
Oct.
4
4
Sept,
Sept.
Sept.
Sept.
Sept.
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utilir
40
trials
95M HI
20
Indus¬
Date
J
103 M 108 M
106
111M
24
White Sew Mach deb 6s
105M
93 M 106M
1947
J
96M 106M
32
102
32 M
*22
94
1934 J
137
104
24
25 M
Wheeling Steel 4Ms series A
170 M
1944
4 Ma
123M
106M HI M
12
36 H
106
{♦Uti 1 Power A Light 5 Ms
gu
117
106"
*107
S
..2361
114M
9
2
30
Utah Power A Light 1st 5s
{♦Vera Cruz A P 1st
{♦July coupon off
2
103M
113M
27
1944
Cons s f 4s series B
1
120
105 M 109
"76
113M
♦Sink fund deb 6 Ms ser A—.1947
Vanadium Corp of Am conv 5s,1941
Vandalla cons g 4s series A
1955 F
121M
101M
113 X
Utah Lt A Trac 1st A ref 5s
O
110 M
104 M 108M
116
127 M
23
23 M
A
37
2361 J
RR 1st consol 4s
105
111M
♦Un Steel Works Corp 6Ms A..1951
♦Sec s f 6 Ms series C_.
1951
1959
107
98 M
103M
1960 IVI
Wheeling A L E Ry 4s
97M
104
13
66
13M
105M
s
J
{{♦United Rys St L 1st g 4s
1934 J
U 8 Pipe A Fdy conv deb 3 Ms. 1946 IVI N
J
U 8 Rubber 1st A ref 5s ser A..1947 J
♦Debenture 5s
77 M
105
107M
1971 M N
1950 A O
1953 IVI
76
80
102 M
106
2
100
112
O
55 M
100
100
103M
"25 M
1951 J
123
90
90
....
107
8
34-year 3 Ms deb
35-year 3 Ms debenture
104 M
118
June 2008 M
35 M
77
1950 IVI N
West Shore 1st 4s guar
Wednesday
Union Oil of Calif 6s series A.-.1942
1st lien A ref 5s
44 M
13
121M
119M
*109M
105M
♦Westphalia Un El Power 68—1953 J
73X
46M
101M
97 M 101M
219
96
*11
8
298
70
106"
S
1946
30-year 5s
8M
79 M
63 M
59
96
8
3 Ms debentures
1952
Union Pac RR 1st A Id gr 4s_._1947
1st lien A ref 4s
June 2008 M
54
40 M
98 M
1938 J
100M
110M 112M
1952
Western Union coll trust 5s
90
99 M
84
128
*107M
107
1977
1946 IVI
109 M
M
94
88M
l66"~
1943
107 M 110M
S
J
77
40
104
35M
1966
West N Y A Pa gen gold 4s
{♦Western Pac 1st 5s ser A
♦5s assented
95M 108
95M 108 M
109 M
95M
100
1955 IVI N
1952 F A
1945 IVI
f 7s
8
48
49
J
1st A ref 5 Ms series A
44
93
*
D
West Penn Power 1st 5sser E..1963 IVI
1st mtge 4s ser H
1961 J
39 M
16 M
28
80M
"84"
53
43 M
16M
21
61
105M
79
"87"
46
20
21
20
110
109 M
1937 J
1952 J
Union Electric (Mo) 3Ms
41
*
J
Sales at
UJlgawa Elec Power
41 M
44
25
117M 128 X
95
106 M
96
J
89
107 M
*116M
109M
97
_
f 7s
103
"93" "130
16M
A
102
117
Toronto Ham A Buff 1st g 4s. 1946 J D
Trenton G A El 1st g 5s
1949 IVI 8
J
Tri-Cont Corp 5s conv deb A— 1953 J
Tyrol Hydro-Elec Pow 7 Ms
40
95
4
D
M
106 M
15
101M 106 M
10
O
1st 6s dollar series
1953
Tol A Ohio Cent ref A Imp 3Ms 1960
Tol St Louis A West 1st 4s
1950
Tol W V & Ohio 4s ser C
1942
99
20 M
104 M
79
S
1945 F
1st mtge 3 Ms series 1
Western Maryland 1st 4s
44 M
1
86
109M
118M
Tex Pac Mo Pac Ter 5 Ms A—1964 M S
Tide Water Asso Oil 3 Ms
Tokyo Elec Light Co Ltd—
102
103 M
O
1960 J
Jan 1960 A
96
95M
103 M
1979 A
g 5s
18
82 M
118M
D
l
18
.
90 X 103
10IX 105
8
1977 A
1980
97 M
86
2000 J
Gen & ref 5s series C._
Gen & ref 5s series D
105
85 M
105M
HOM
101X 105M
79
J
Texarkana & Ft S gu 5M8 A.--1950 F A
Texas Corp deb 3 Ms
1951 J D
Tex A N O con gold 5s
J
1943 J
Texas & Pac 1st gold 5s
Gen & ref 5s series B
15
9
83
*101M
J
♦Studebaker Corp conv deb 68.1945 J
Swift & Co 1st M 3 Ms.—
1950 IVI N
A
112M
75
79
Mobile & Ohio coll tr 4s
sec s
98 M
1956 A
Mem DIv 1st g 5s
St Louis Div 1st g 4s
97M
102M
109M
100 M 103 M
102
108M
1956 A
1956 A
Devel & gen 4s series A
Devel & gen 6s
Devel & gen 6Ms
Guar
71M
18
56
21
16M
D
1939 J
4s
guar
Registered
So Pac coll 4s (Cent Pac coll)-.1949 J D
1st 4 Ms (Oregon Lines) A—1977 IVI S
1951 A
40-year
Wash Water Power s f 5s
81
71M
99M
-
21
16M
O
97 M
~61M
"26"
O
20 M
13 M
-
60
97M
21M
*15
20
14 M
60
-
-
22
8
*9 8M
A
20M
-
4
60 M
61M
J
A
5H
22 M
105
99 X
D
1976 F
9
13 M
98M
86
106M
97
-
16M
O
43 M
"
103M
54M
82 M
-
21
♦Ref A gen 5s series B
44
82
5
-
91M
18
21M
41X
88
8
105
1939
40
1950 A
♦Adj Inc 5s
54 M
67
110
89 M 101M
101
107M
10
83 M
54 M
A
2
92
105
82
*—.—
A
{♦Third Ave RR 1st
104"
82
1
88 M
1941
108 H
48
103
48
105
F
106
1951 J
Third Ave Ry 1st ref 4s
S
1939 IVI N
1966 IVI
High
10M
41M
104M 109M
110
*
♦Det A Chic Ext 1st 5s
♦Des Moines Div 1st g 4s
124
1947 J
f g
48
*103
48
J
Low
23
108
113
1965 F
s
S
O
1958 A
10M
107M
68 M
1961 Ml
Gen refund
13M
107 M
*
Southern Colo Power 6s A
ser
103
Since
1954
Southern Calif Gas 4 Ms
1st mtge A ref 48
Tenn Elec Pow 1st 6s
D
1955 M N
1942 J
6M
6H
A
M S
South A North Ala RRguSs—1963 A
South Bell Tel A Tel 3Ms
1962 A
reor
No.
14M
Low
♦Vertientes Sugar 7s ctfs
Virginia El A Pow 4s ser A.
1st
fSharon Steel
East Tenn
Jan. 1
High
&
♦1st lien g term 4s
21M
10
12 M
13M
s
Range
03 6Q
Friday
Bid
Price
101M 106M
113M 121
11
8
_
"16
116
9
1945 M S
♦{Siemens A Halske
a
Asked
Range or
Sale
si
20 M
18
_
6s series A
"34
26 M
28
*20
♦Certificates of deposit
{♦Alt A Birm 1st gu 4s
1933 MS
{♦Seaboard All Fla 6s A ctfs._.1935 F A
cons
35
"32"
32
*113M
1959 A
♦Certificates of deposit
♦1st A
Last
fe-2
EXCHANGE
1939
110
113M
*32
1950 A
Oct 1949 F
{♦Refunding 4s
1
109 H
Scioto V & N E 1st gu 4s
1989 M N
{{♦Seaboard Air Line 1st g 4s__1950 A O
{♦Gold 48 stamped
♦Adjustment 5s
119M
109 X
O
♦Stamped
2
19 5M
J
1946 A
104 M
119M
1972
S A & Ar Pass 1st gu g 4s
1943 J
San Antonio Pub Serv 1st 6s.-1952 J
San Diego Consol G & E 4s_—1965 IVI N
Santa Fe Pres A Phen 1st 5s.-1942 M S
♦Guar
STOCK
♦2d gold 5s
tPacific ext gu 4s (large)
St Paul Un Dep 5s guar..
guar 6
Y.
High
St Paul Minn A Man—
{♦Schulco Co
2195
Week's
Friday
«-a
Week Ended Oct. 1
47M
38M
42 M
23 H
♦15M
10 H
Since
Jan. 1
St Paul A Duluth 1st
con g 4s.-1968 J
D
{♦St Paul E Gr Trk 1st 4Ms—1947 J
J
{♦St Paul & K C Sb L gu 4 Ms. 1941 F A
6
BONDS
c.
03
High
Low
{St L SW 1st 4a bond ctfs
Range
Range or
Sale
Week Ended Oct. 1
Record—Concluded—Page
Week's
Friday
BONDS
roads
ties
Stocks
trials
Rails
Ralls
lies
Bonds
Total
1
153,89
40,69
24,03
51,69
105.95
107.23
75.49
103.10
97.94
30
29
28
27
25
154.57
41.25
24.15
52.03
105.78
107.16
74.30
103.23
97.62
154.70
41.31
24.18
52.08
105.61
106.94
73.74
102.95
97.31
40.83
24.08
73.29
103.00
152.03
40.40
23.73
51.12
105.46
106.50
73.23
102.98
97.04
147.47
38.93
22.77
49.44
105.49
106.64
73.37
102.98
97.12
153.16
51.58
105.49
106.81
97.15
New York Curb
2196
Exchange—Weekly and Yearly Record
Oct.
2, 1937
NOTICE—Cash and deferred delivery sales are disregarded in the week's range unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown in a footnote in the week In which they occur.
No account Is taken of such sales in computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Sept. 25, 1937) and ending the present Friday (Oct. 1, 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
Sales
Friday
Last
Par
Week's Range
for
Sale
STOCKS
of Prices
Low
High
Price
20
Acme Wire v t c com
19
Class B
21
3%
3%
22
11
10%
1%
2%
19
Conv preferred
Warrants
Gt
Alabama
Ala Power $7
—*
7l6
Southern..50
pref
*
$6 preferred
59%
A lies A Fisher Inc com—*
1%
Feb
Sept
Sept
2%
Sept
Jan
Sept
5%
34%
Sept
1%
Jan
200
18
7,6
200
May
22
Feb
4
May
25
66
Sept
80
June
67
June
87
Jan
80
68%
62%
2%
69
Sept
77
Jan
Sept
5%
2
200
2
Sept
5*
1%
200
1
Oct
*
pref
conv
Aluminium Co common..
6%
18
20
10
13
13
100
26
114%
100
preference
Aluminum Goods Mfg
*
—
112
15%
Aluminum Industries com*
"87
100
121
6% preferred
American Airlines Inc... 10
16%
American Beverage com__l
100
American Book Co
Sept
16%
26%
177%
119%
17%
14%
July
6
Sept
Sept
Sept
140
Mar
120
June
131
May
15
Sept
Sept
Sept
32%
3%
3,200
1,050
1,500
400
73%
1%
50
75
11%
14%
2,200
11%
Sept
24%
5%
5%
200
%
1,100
5%
%
Sept
Aug
Sept
Sept
11
%
14%
$3 preferred...^—-—*
2%
Sept
29
29
100
$5.50 prior pref
Corp...!
Apr
2%
""2% "2%
T.900
29
-
Mar
1%
Feb
Feb
42
89%
5%
Mar
Class B——
Amer
—-—1
30
30
31
29%
29%
30%
950
3%
3,000
3%
3
775
Cyanamld class A. 10
Class B
10
n-v
—
*
25%
4%
28%
4%
200
25%
4%
1%
1,800
1%
11,100
16
American General Corp 10c
25
Sept
475
106
June
14%
400
16
*
25
"20% "22""
15%
6% preferred
.25
Amer Mfg Co common 100
Preferred
14%
23%
30%
l",406
1
Amer Meter Co
4,200
14%
300
23%
34%
275
30%
15%
80
*
"1%
32
38
1%
1,600
%
7%
1%
1
1%
1,400
34,200
1%
26
100
6
*
,
150
%
38
Angostura Wupoerman..l
Apex Elec Mfg Co com...*
Arcturus Radio Tube
Jan
*
4%
7%
*
1,100
20
Sept
300
4
2%
4%
100
1%
Sept
Sept
Sept
Sept
700
4
300
15%
100
101%
1
1, 00
%
4%
12,300
3%
5
29,900
7%
75
5
75
8%
3,800
10
9%
600
48%
112%
12
Jan
Jan
Mar
•
36%
Feb
42
Feb
32
—
Jan
37
Mar
38
Feb
26%
28%
54%
Jan
82
2%
59
2%
Jan
Apr
13%
%
1%
6,000
...1
1%
1%
1%
13,300
.....*
12%
9%
*32
$5 preferred
'16
Option warrants
13
4,200
3
13,700
Assoc Laundries of Amer.*
V t c common
*
%
"""600
Assoc Tel & Tel class A...*
Atlanta Birmingham &
Coast RR Co pref
100
Atlantic Coast Fisheries. _*
Atlantic Coast Line Co..50
88
5%
38
5%
5%
36%
38
800
90
Austin Silver Mines
*
.....
"~I% "T% "4",300
18
...1
5
18
4
3,100
1,000
10%
1,600
17%
20
93
*
90%
87%
Purch warrants for com..
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
6%
4%
18
Sept
Sept
3
Sept
7
Jan
6%
Apr
88
4
29%
3%
9
11%
16%
150
17
Sept
43
Burco Inc
22%
Stainless Steel
1
1
Jan
Jan
"3%
Feb
Marconi
1
Sept
93
June
75
Aug
3%
100
3%
Sept
200
3%
Sept
%
700
%
Sept
16
1,400
1,600
J6
Sept
4%
200
4%
Sept
5%
1%
5%
1,100
4%
4%
200
"l% "1%
"7",300
T
"l^OOO
1%
warr
100
7% preferred
100
Conv preferred
100
Conv pref opt ser '29.100
Centrifugal Pipe
...*
5
Mar
2%
3%
5,900
Feb
Feb
June
5
3,300
2
75
36%
7%
16%
45%
7%
10
12,800
Sept
16%
Sept
28
Sept
25
104%
Sept
104% 104%
6%
32
32
100
"""700
""9% "if"
"2:400
79
79
80
8%
7%
75
3,500
2
«S16
9,800
4%
4
9%
8%
1,050
575
10%
125
9%
4%
9%
9%
9
23
18
9
Sept
25
9
Sept
2,600
4
Sept
8%
Sept
:
10
9%
900
200
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Preferred
46
13%
57
400
46
13
13%
400
13
%
%
60
2%
29%
2,700
300
2%
86,400
29%
21
25
5,200
2%
200
20
27
v
Cities Serv P & L $7 pref.
$6 preferred
City Auto Stamping
City & Suburban Homes 10
tS,6
65
2%
2%
Preferred BB
"35"
.
■
Feb
170
Sept
125%
5%
Mar
Cohn & Rosenberger Inc.
Colon Development ord..
Mar
2%
3%
800
12%
1,000
2,400
4
100
22%
1%
10
3%
159
Bell Tel of Pa
6% % pf-100
Hedges com
*
113% June
4
May
Conv pref
16
Berkey & Gay Furniture. 1
Purchase warrants
1%
1%
7,500
916
%
2,100
11%
11%
100
10
Bickfords Inc common.__*
$2.50 conv pref
*
1%
10
200
Birdsboro Steel Foundry &
Machine Co com...
Blauner's com
Bliss (E W) & Co com
*
COD voting trust
Bliss <fe Laugh lin com
Blue Ridge Corp com
.5
9%
"31
1
see
11
5,800
page
■
11%
2201.
Feb
6% conv pref
Colorado Fuel & Iron
Sept
Sept
35
Sept
25
7%
7%
2,400
3%
300
7%
3%
1%
2,800
30il
1%
7%
35
35
100
35
Columbia Pictures
Sept
15
Sept
9
1,300
8
5
400
4
Feb
1%
1%
700
1
May
12
Sept
24%
Sept
Sept
10
Sept
41
Aug
Sept
7%
3%
d
2%
3%
"3% ""3%
16,800
"""366
5%
8,200
51%
54%
1,200
57
"54
8%
62
2
4%
3%
5%
51%
Sept
Sept
Jan
Jan
Sept
Commonwealth Edison—
Oct
Jan
Aug
Sept
8
£
July
Sept
Sept
Sept
4%
warr.
14%
9%
100
10
2
4,800
30%
1%
42%
2,000
Jan
2%
25
"35"
com..
Sept
400
11%
4
Cockshutt Plow Co
9 %
15
10
»
Sept
Sept
"l%
com...
Mar
31
9
Feb
Cleveland Tractor
2%
15%
37%
30%
1%
*
Sept
19
21
3%
7%
Clinchfield Coal Corp..100
Club Alum Utensil Co
9i6
11% Sept
34% Aug
10
*
$3 opt conv pref
Blumenthal (S) & Co...
9%
1%
27% Aug
4% May
18% July
8% Mar
2%
38
5% Income stock A.__£
Bell Tel of Canada
2
%
60
Clark
Cleveland Elec Ilium..'..
11%
Sept
9%
Clayton & Lambert Mfg..
2%
7%
18
Sept
Sept
9
Jan
T"
Sept
Sept
%
23
Aug
1
Sept
Sept
385
100
May
1
Sept
9%
100
103
1
14%
2%
2
%
23
Sept
84
"14% "l4%
Sept
88
250
2:18
com
Sept
32
27%
Apr
20
June
3%
101%
Aug
July
Sept
Sept
Sept
$1.50 conv pref
Beech Aircraft Corp
Bell Aircraft Corp com
Jan
7%
1,100
20
23
14
100
30
400
100
80
6%
Mar
22% Sept
1% June
79
Sept
75
Sept
"~3% "T%~ "5466
10
.10
6%
Mar
com..5
...100
*
Sept
25
new
Controller Co
Claude Neon Lights Inc..
com.
Jan
1
Chamberlln Metal Weather
Childs Co preferred
100
Cities Service common-
1%
300
23%
75
Cent Hud G & E com....*
Cent Maine Pow 7% pf 100
Cent Ohio Steel Prod
1
6% pref without
Apr
155
May
1% Sept
5
22%
*
1
Apr
5% May
4%
15
"T%
*
com
Apr
Sept
24
"1%
7% 1st partlc pref... 100
Celluloid Corp common. 15
1st preferred
Jan
7
Castle (A M) com
10
Catalin Corp of Amer
1
Celanese Corp of America
Jan
1,900
Sept
Aug
40
1
Aug
2%
Sept
2%
32
3%
*
com
Chic Rivet & Mach_
4
Chief Consol Mining..... 1
Aug
19%
22%
Chicago Flexible Shaft Co 5
15
Sept
3%
3%
*
Feb
9
8
45
22
150
*
25c
Mar
1,300
11%
11%
300
800
25% Sept
16% June
non-voting
*
Canadian Indust 7% pf 100
Chesebrough Mfg
Jan
21
46
Apr
16
B
Charts Corp
Cherry-Burrell
Sept
Sept
Sept
6% Sept
Sept
Canada Cement Co com..*
Canadian Canners com...*
Jan
10
5%
11%
13
4%
£1
Calamba Sugar Estate..20
Mar
156
2%
100
4%
%
3%
Amer dep rets pref shs
Mar
Sept
Sept
Sept
Sept
Sent
Sept
Am dep rets A ord sh..£l
Am dep rets B ord shs.£l
Strip Co...
Sept
Oct
Sept
Cables & Wireless Ltd—
May
4%
Jan
8%
4%
1
Mar
44
24
3i6
Burma Corp Am dep rets..
Burry Biscuit Corp..l2%c
Cable Elec Prod vtc
*
2%
Sept
Apr
Sept
33
Sept
8% May
1%
2",300
100
Cent States Elec
Apr
Jan
Sept
2,500
2%
Cent & South West Util 50c
May
20
Sept
Sept
Sept
May
Sept
4%
33
Jan
87%
14%
100
32
Feb
975
"5% "6% "2",600
4,300
*
CentP<feL7% pref.... 100
1%
""6%
1,250
9
*
common
$3 convertible pref
Warrants
7%
19,800
Barlow & Seelig Mfg A...5
55
25
8%
45
42%
7
10%
9
600
1%
22%
99% 100
Jan
13%
57%
100
22
*
Jan
90
20%
13
Carrier Corp
Jan
'8
1,000
70
Carter (J W) Co common. 1
Casco Products.
....*
5%
7
8%
9%
4%
Carolina P & L $7 pref...*
$6 preferred
*
3
'32
A*
"4% "5%
Preferred B
Bath Iron Works Cbrp
Baumann (L) & Co com
footnotes
Sept
Sept
Sept
Sept
%
fBaldwln Locomotive—
7% 1st pref
Beaunlt Mills Inc
Sept
Aug
June
1%
3,900
4
9%
3%
8%
9%
100
1
%
Automatic Voting Mach__*
Avery (B F)._
5
Axton-Fisher Tobacco—
Class A common
10
Babcock & Wilcox Co
5%
36%
87
"I %
Automatic Products
3ie
5
Atlantic Gas Light pref. 100
Atlas Corp warrants:
Atlas Plywood Corp
Sept
Sept
9% Sept
'is May
% July
%
1%
900
300
8%
25
Jan
Feb
2''"
6
3,400
$7 dlv preferred
1
1,700
11% Sept
108%
Apr
Sept
Sept
31
22%
Feb
Mar
Sept
100
19%
2%
Carnegie Metals
Feb
4%
3^500
16
2%
2
46%
8%
Carnation Co common...*
8%
10%
Common
52
50
Jan
Jan
100
13%
Apr
31
5
Jan
96
5,600
"l2"
1%
1
Jan
Sept
Sept
4%
Sept
*
com...
Carman & Co class A
Class B
Feb
11%
3%
28
Feb
4%
Oct
2,100
*
100
6% pref
Brown Fence & Wire com. 1
Class A pref
1
*
Brown Forman Distillery. 1
Canadian
12%
13%
10%
3%
6%
6%
4,.
British Col Power class A. *
Brown Co
Capital City Products
Carlb Syndicate
3
1,300
3%
28
Canadian Indus Alcohol A*
Feb
Jan
6%
£1
Mar
Jan
Sept
18%
Canadian Car & Fdy pfd 25
Canadian Dredge &
Jan
Sept
700
23%
reg.-10s
Jan
11%
Class A
Am dep rets ord
Apr
4%
£1
Amer dep rets reg
British Celanese Ltd—
Mar
Apr
Sept
15
2,000
Am dep rets ord bearer£l
10%
59%
4%
5%
8%
42%
110%
2
Sept
Sept
British Amer Tobacco—
53
11%
1
Jan
%
%
4
1,000
*
Aug
Jan
1,000
150
Sept
June
1,100
20%
9%
37
Feb
Sept
22
22%
7%
4%
27%
22
Sept
Sept
Sept
75
6
100
Industries
Amer deposit rets
Assoc Gas & Elec—
For
July
Sept
2%
30
$5 1st preferred..
*
Bunker Hill & Sullivan 2.50
15%
8%
Ashland OH & RefCo
....100
Registered
%
4%
%
16
Buff Niag & East Pr pref25
Jan
17
15%
102% 104
10
Preferred.....
7% preferred
"12%
Buckeye Pipe Line
5%
4%
Low
31
Jan
99
4%
3%
3%
6%
Common class A__
*
*
Class A.
6%
3%
Jan
Mar
22%
1%
20%
Aug
24
50
15%
15
8
Jan
4
Arkansas Nat Gas com...*
Arkansas P & L $7 pref
Art Metal Works com
100
37
3
1,300
4
47
25
%
Breeze Corp
-1
Brewster Aeronautical...1
Jan
Sept
2%
"4%
41%
1
88
%
Benson &
Sept
5% May
90
1
Bellanca Aircraft
Sept
Sept
Sept
Sept
20
4
Appalachian El Pow pref- *
Barium
Sept
Sept
88
Preferred..
American Thread pref.—_5
Anchor Post Fence
*
Elec
~6~700
6
Amer Potash & Chemical.*
1st preferred
1%
26%
%
38
Amer Pneumatic Service.*
Amer Seal-Kap com
2
Am Superpower Corp com*
May
20% Sept
24
100
Amer Maracalbo Co
7
Sept
Sept
32% Sept
14% Sept
a:20
"
Mach...20
Amer Lt & Trac com
Associated
1,400
27%
Amer Hard Rubber com.50
Amer Laundry
17,800
"32% "33" """350
1
Amer Invest (111) com
Sept
Sept
29%
25%
1
—
Sept
Sept
Sept
Sept
Apr
110% 111
7
7%
27%
_....——*
$2 preferred
$2.50 preferred
3
1%
28%
Amer Fork & Hoe com...*
Preferred.
29%
29%
Amer Equities Co com—1
Amer Foreign Pow warr...
Amer Gas & Elec com
June
30
22
%
4%
2d preferred
100
Brazilian Tr Lt & Pow...*
$6 preferred
Brown —-rubber Oo
Bruce (EL) Co
July
Am Cities Power & Lt—
Class A-. —---——--25
Class A with warrants 25
7% 1st preferred
Class B
10c
Common class B
Jan
Jan
Mar
51
10
Feb
Range Since Jan. 1 1937
Shares
High
13%
22%
British Amer Oil coupon..*
Apr
15
750
Low
Bowman-Blltmore com...
Jan
111
800
73% 88%
120% 121%
15
16%
1 y<
1%
100
25
{Botany Consol Mills Co
Bourjola Inc
*
1st preferred
Mar
1,500
6
Price
Borne Scrymser Co
Brilio Mfg Co common...*
Class A
*
Mar
111% 112%
15
15%
80%
Amer Box Board Co com.l
Feb
8,950
51
American Capital—
Class A common..-10c
Amer Centrifugal
97%
24
Week
4
Brill Corp class B
Jan
Mar
for
of Prices
com.
Bridgeport Gas Light Co
Bridgeport Machine
*
Preferred.
100
Bright Star Elec cl B
*
97% 114%
5
Aluminium Ltd common.*
Sept
Sept
Sept
13
7%
C) Co
Jan
2%
2
1
$3
Bo hack (II
Jan
200
Alliance Invest common..*
Class A
Jan
150
66
67%
59%
2%
Allied Internat Invest com*
Allied Products com
Mar
38
500
7J6
66
67%
—
Sept
3%
14%
10%
700
19
common..
*88
Jan
900
11
1%
2%
Air Investors
Sept
Sept
66%
1,700
24
common..6
1
Corp com
19
1,800
3%
24
Air Devices
Sept
39%
Week's Range
Sale
Par
High
200
Sales
Last
Continued)
Low
Shares
39%
Agfa Ansco Corp com___.l
Ainsworth Mfg
Friday
STOCKS
Range Since Jan. 1 1937
200
39
Supply Mfg class A. *
*
Aero
I
Week
9
Sept
Mar
Sept
4%
48%
43%
Feb
Jan
Jan
Jan
Jan
Colt's Patent Fire Arms.25
Columbia Gas & Elec—
Conv 5% preferred.. 100
Columbia Oil <fe Gas
.1
New
common
5%
5
75
5%
6,700
Sept
28%
5
Sept
29
com..*
25
57
Sept
June
25%
28%
6,700
25%
Sept
%
316
4,600
%
Sept
Commonwealth <fc Southern
Warrants
Volume
New York Curb Exchange—Continued—Page 2
145
STOCKS
Last
{ContinuedI
Sale
Par
Commonw Dlstrlbut
Price
2197
Sales
Friday
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1937
for
Week
Shares
Cities Service Co.
High
Low
1
1
Sept
Community P A L J6 pref *
25
26
75
25
Sept
64
Jan
Community Pub Service 25
21X
21X
100
21
Sept
34
Jan
23*
Jan
Community Water 8erv__l
X
%
800
X
Sept
23*
133*
13?*
500
133*
Sept
173*
Jan
38
38
38
Preferred
and
BOUGHT—SOLD—QUOTED
Mar
Compo Shoe Mach—
New v t c ext to 1946—
Common
Oct
WILLIAM P.
Conn Gas & Coke Secur—
*
Consol
5
38
1
Copper Mines
33*
"ex
Consol G E L P Bait com *
5% pref class A
5X
50
3X
1,500
6X
26,700
400
70
69
1
'IX
Consol Min & Smelt Ltd_5
Cont G & E 7% prior pf 100
Continental Oil of Mex.__l
Cont Roll & Steel Fdy.._*
July
13*
132
593*
Sept
Sept
Sept
5
IX
5X
92
100
IX
6X
4,900
♦
Sept
133*
1,800
113*
63*
Sept
Sept
"12"
"166
12
Sept
57
10
54
13
5,800
"12"
57
123*
S3 prior preference
*
Copper Range Co
*
Copperweld Steel com..10
Cord Corp
93*
7X
23
Jan
Mar
Jan
Mar
Feb
15
Feb
Jan
Sept
35
Apr
Jan
Mar
June
53*
Jan
3 3*
82
Sept
Jan
Mar
6,200
23*
1,000
173*
123*
Sept
Sept
Mar
73*
943*
53*
28
July
23
Sept
4
1,200
82
100
50
82
3H
2X
213*
17X
3X
213*
£1
Creole Petroleum
6
Crocker Wheeler Elec
*
93*
7X
1
Crowley. Milner & Co
*
Crown Cent Petrol (Md).5
X
X
Croft Brewing Co
Crown Cork Internat A..*
23X
27
9,400
Jan
May
Drug Co com..25c
Preferred
.25
10%
IX
163*
*
6>* % preferred
100
I62"
Darby Petroleum com—6
9X
Davenport Hosiery Mills.*
"ll'X
Dayton Rubber Mfg com
35
Class A
38
400
102
103
100
'16
3*
Sept
May
2% Sept
37
Sept
9}*
10
123*
1,200
102
Oct
Sept
'i«
Aug
93*
Sept
11,000
300
12
Sept
13
15
500
13
Sept
23
150
20
Sept
103*
500
9%
103*
900
53*
2,600
Detroit Gasket & Mfg coml
12
123*
20
Detroit Gray Iron Fdy—1
16
17
200
Feb
Ford Motor of Can cl A._*
193*
183*
193*
20
3,400
183*
Feb
193*
Sept
Sept
29%
500
313*
Jan
2?*
Aug
7H
Sept
53*
Jan
113* June
143*
Feb
83*
23*
Sept
Ford Motor of France—
Amer dep rets...
100 frcs
Fox (Peter) Brewing
5
Franklin Rayon Corp com 1
Jan
503*
1083*
163*
3*
183*
153*
283*
33
",e
Feb
Feb
83*
12
16
Sept
20
July
Feb
Tire
Feb
2,000
12
Jan
28 3*
68
28
28
July
Aug
Mar
Apr
7%
Gulf Oil Corp.— .25
Gulf States Util S5.50 pref
Haloid Co
28
Sept
423*
Jan
Sept
Sept
79
Aug
13*
73*
103*
273*
1
63*
13
600
6
800
7
143*
4,900
53* June
63*
Jan
12J* Sept
63*
'
Helena
Jan
Jan
6% preferred
Heller Co
15
Sept
Sept
Sept
263*
63*
823*
Feb
Sept
Sept
823*
Sept
Sept
24
Mar
40
40
17 preferred series A..
$6 preferred series B
4"; 500
2
25
23*
40
40
*
Easy Washing Mach B
Economy Grocery Stores
*
Edison Bros Stores
2
63*
63*
6
3,200
6
133*
200
18
16
1
IX
13*
13*
Elec Bond A Share com..5
123*
113*
133*
Eisler Electric Corp
15 preferred
*
57
513*
16 preferred
*
643*
2,000
16,900
700
Elec P A L 2d pref A
57
643*
4
4
43*
2,900
1,100
1
Class A
59
1
Elec Power Assoc com
4
33*
4
1,400
45
600
35
*
""63*
Option warrants
53*
63*
2,300
16
13*
113*
513*
Sept
59
Sept
Sept
Sept
conv.
1
pref
23*
23*
600
73*
23*
9
800
53*
133*
23
Jan
Heyden Chemical
10
Hey wood Wakefield Co. 25
Hires (C E) Co cl A.....*
Hoe (R) A Co class A... 10
Holllnger Consol G M—5
Holophane Co com
*
Holt (Henry) A Co cl A..*
14
13*
1
Elgin Nat Watch Co
29
15
100
2
2,100
29
14
Electro graphic Corp com
Electrol Inc vtc
25
38
Empire Dist El 6% pf.100
60
Mar
Jan
6?*% preferred
7% preferred..
100
100
100
8% preferred
100
Empire Power part stock. *
Emsco Derrick A Equip..5
Equity Corp com
10c
303*
723*
Feb
74
Feb
77
Mar
30
200
303*
Sept
Sept
250
233*
Sept
83*
13*
35
243*
11?*
300
83*
Sept
13*
8,800
1
Sept
50
29
Sept
1
30
30
3*
3*
300
100
"12"
113*
13
13*
33*
453*
273*
83*
113*
253*
173*
153*
473*
183*
13*
Sept
Sept
4,800
113*
33*
6,900
8?*
8?*
1,100
2 3*
8
203*
213*
200
193*
Fedders Mfg Co
1
*
5
103*
11?*
1,100
103*
Sept
Ferro Enamel Corp
1
273*
293*
1,400
273*
Sept
Corp
3
Fairchild Aviation
1
Falstaff Brewing
1
Fanny Farmer Candy
Fansteel
Metallurgical
"83*
200
9
9
Flat Amer dep rets
Fldelio Brewery..•
1
For footnotes see page 2201.
X
3*
1,300
Feb
Feb
Mar
Mar
Feb
Mar
Sept
2?*
Ex-Cell-O
Feb
Mar
Jan
Aug
Sept
12
9
Jan
Apr
Sept
133* June
3* Sept
Feb
313*
193*
23*
473*
3*
9,000
123*
X
3*
81
3*
600
X
123*
3*
*
333*
Sept
Sept
23?*
50
European Electric Corp—
7% preferred
"30"
"756
293*
303*
35
Eureka Pipe Line com
Option warrants
Evans Wallower Lead
75
30
30
29?*
Feb
Aug
Feb
Mar
Feb
Feb
Jan
Jan
Jan
Jan
1173*
Jan
July
Sept
128
Feb
47
Apr
1
2,500
33*
Jan
13*
13*
13*
8
8
13*
143*
123*
153*
13
40
40
113*
123*
2",600
Mar
Jan
633*
Jan
July
90
Feb
June
95
Jan
Sept
Sept
Sept
173*
73*
Apr
33*
163*
24
8
Sept
15?*
May
70
13*
Sept
33*
Jan
Jan
Aug
Jan
Apr
Jan
700
1
June
4
300
8
Sept
15
Feb
183*
173*
Feb
500
123*
Sept
Sept
200
40
Sept
52
113*
Sept
253*
93*
600
6,800
133*
5
200
5
43*
63*
200
7?* June
43* Sept
Sept
23
Mar
11
103*
283*
16?*
473*
Feb
Feb
Mar
Apr
Apr
Jan
Jan
July
700
103*
Sept
35
100
35
Sept
42
Aug
42
Aug
43
43
150
36
Jan
45
June
203*
123*
"12"
35
113*
233*
600
20
Sept
35
Apr
11
123*
1,400
103*
Sept
15
Sept
153*
333*
113*
193*
223*
103*
15
17
200
63*
Sept
16
28
...
29
350
1013* 1023*
preferred
Hubbell (Harvey)
5%
40
153*
253*
100
153*
14,000
Sept
6
1
June
16
Inc—
Horn A Hard art
163*
56
50
(Geo A) Co com
Horn (A C) Co com
Sept
28
Sept
1013*
153*
22
Sept
Sept
Sept
9
41?*
112
163*
42
Aug
Jan
Jan
Feb
Jan
Mar
July
Jan
Jan
Sept
Feb
71
6,600
8
1,000
Feb
Sept
Sept
87
7
123*
July
17
Humble Oil A Ref
Hussman-Ligonier Co
35
10
463*
Jan
23
Mar
673*
—
jHylers of Delaware Inc
Common
-—1
X
113*
7% pref stamped
100
7% pref unstamped.. 100
X
113*
100
23*
38
5
183*
63*
Ctfs of deposit
*
18
23*
37
43*
153*
5
153*
23*
2,300
37
4
19
2,700
3,300
7
3,900
53*
183*
200
Imperial Oil (Can) coup..*
193*
*
Imperial Tobacco of Great
Britain and Ireland..£1
133*
5
153*
Sept
Sept
193*
7,000
183*
133*
1,600
183*
133*
363*
363*
100
83*
300
2
Feb
273*
Feb
Feb
26
Apr
Sept
Sept
13
Sept
Sept
Feb
Jan
5?*
533*
Mar
113*
May
Sept
Sept
33?* May
Sept
Sept
34
83* June
183* Sept
183*
183*
133*
133* May
July
623*
Feb
9?*
243*
Mar
Mar
10
8
6% pf.100
14
14
10
7% preferred
100
14
143*
20
Indpls P A L 63* % pref 100
Sept
Oct
24
Feb
15
Mar
363*
Mar
443*
7?*
Jan
Sept
15
Mar
14
36
Jan
14
Sept
393*
Jan
90
400
Indiana Service
Indiana Pipe Line
153*
50
Imperial Chem Indust—
Am dep rets ord reg__£l
Imperial Tobacco of Can. 5
23*
300
40
Illuminating Shares cl A.*
Registered
113*
24
73*
Hygrade Food Prod
6
Hygrade Sylvania Corp..*
Illinois Iowa Power Co...*
Preferrred
50
Illinois Zinc
3*
300
Hydro Electric Securities
Empire Gas A Fuel Co—
Aug
Sept
Sept
72
673*
73*
Sept
333*
78 3*
10
84
73*
Aug
13*
213* Mar
I?-* June
423*
423*
703*
133* June
29
Jan
Apr
15,800
45
*
Jan
Jan
Feb
Feb
Mar
Feb
38
Sept
Sept
Hummel-Ross Fibre Corp 5
73*
983*
223*
175*
53*
403*
Feb
3*
22
Sept
%
7?*
2,500
233*
Sept
107
1193*
250
37
'32
100
Inc..*5
Hud Bay Min A Smelt.
May
Sept
Sept
*is Sept
13*
Jan
Jan
Sept
23*
Sept
3* June
6
80
73*
Feb
Sept
Sept
Jan
39?*
Sept
Horder's
14
Sept
'32
Hormel
Sept
Jan
Feb
11
33*
Jan
Jan
Jan
68
w w
Elec Shovel Coal 54 pref..*
6% preferred
25
5
ww
.
Common
56
Preferred
Jan
Jan
Jan
Electric Shareholding—
Feb
15
51
8?*
Sept
35
28
Sept
Sept
800
Feb
Sept
July
73*
36?*
1,300
80
33*
Feb
Aug
43*
873*
113*
93*
33*
453*
123*
25
81
*
Hewitt Rubber com
Jan
Jan
Feb
Sept
103*
2
com
Jan
43*
283*
Apr
Jan
16
Jan
July
5
Class A
Jan
2
Apr
Apr
43*
Rubenstein.
103*
71
*
Feb
93*
123*
80
Eastern States Corp
Sept
83*
11?*
36?*
3*
953*
43*
"113*
June
'
66
Sept
Aug
Sept
400
25
preferred
553* June
.100
107
Oct
Sept
7
323*
63*
7
35
50
25c
6%
38
Malleable Iron.25
94
Feb
Jan
43*
183*
22?*
7,600
700
1223* 1223*
35
13*
100
Sept
Jan
Mar
Feb
280
23*
11
63*
13*
900
Eastern
2
1
1
Hazeltine Corp
*
Hearn Dept Store com..5
58
33*
Jan
683* Aug
13* June
12?* Sept
453* Sept
3,600
103*
*
423*
1,100
Feb
*16
85
Hat Corp of Am cl B com.
57
43*
*t6
T
Harvard Brewing Co
40
33*
3,000
5
Hartford Elec Light
43* % prior preferred. 100
*
3,900
143*
3*
Hartman Tobacco Co
Feb
83*
S6 preferred
Hecla Mining Co.,
Common
11
Feb
East Gas A Fuel Assoc—
Jan
Mar
22
75*
Feb
Mar
Mar
Jan
100
z9J*
Hamilton Bridge Co com.
2
Aug
300
Jan
63
Feb
25?*
643*
13*
32
Rights
Apr
150
200
Guardian Investors
96
1,700
23*
65
475
93*
1
50
May
Feb
103*
Grocery Sts Prod com..25c
Sept
111
683*
80
100
25
1st preferred
Sept
Aug
200
9
Non-vot com stock...
65
1053*
100
33
66
67
*
Gypsum Lime A Alabas..*
Hall Lamp Co
—*
7% preferred
6?*
23
Great Atl A Pac Tea—
200
283*
20
8
8
323*
Varnish—*
Gray Telep Pay Station. 10
25
68
94
Jan
963*
1003*
3?*
22?*
513*
*ie June
Sept
30
Greenfield Tap A Die...
Mar
200
Sept
Sept
*
S3 preferred
Jan
Sept
Sept
«3,6
5
20
65
133*
Jan
Jan
Gorham Mfg Co—
Gt Northern Paper
L) Shoe Co—
10
Sept
*
Jan
33*
2,200
—*
S7 prefer reel
Apr
16
1,200
143*
473*
94
94
*
Sept
Apr
13*
125*
47
143*
A.*
Class B
Sept
100
173*
5X
16
75
*
Godchaux Sugars class
103*
Sept
2,700
*
Gladding McBean A Co..*
Feb
Aug
Durham Hosiery cl B com *
Duro-Test Corp com
1
Duval Texas Sulphur
1,200
'u
30
26
X
*
64
103*
293*
53*
223*
1,100
16
23*
19?* June
56
Grand Rapids
33* May
Sept
.
100
6% preferred A
353*
200
263*
33*
143*
63
203*
163*
Gen Water G A E com—1
Gorham Inc class A
10
2X
203*
Goldfield Consol Mines. .1
17 3*
100
203*
173*
200
19
Rubber
A
Aug
82
Eagle Picher Lead
General
July
Sept
Duke Power Co
2,700
Gilchrist Company
May
Sept
100
Dubilier Condenser Corp.l
23*
2
13*
Apr
10
10
23*
*
Jan
Apr
75
Driver Harris Co
Mar
stock—
pref
conv
Georgia Power S6 pref—*
Gilbert (A C) com
*
Preferred
*
100
100
*
98
*
283* July
103* Sept
9
Domin Tar A Chem com.*
7% preferred
Draper Corp
July
50
Warrants
Dominion Textile Co com. *
5?*% preferred
S3
Feb
Feb
193* May
15
17X
213*
163*
2,300
Sept
31
400
9
16
1
143*
16s*
16?*
*
$6 preferred
Wflrr&nts
163*
Dominion Steel A Coal B 25
Sept
Vtc agreement extend.*
Grand National Films Inc 1
10
Dobeckmun Co com
93*
Sept
*
Jan
353*
263*
33*
600
10
2
General Alloys Co
Gen Electric Co Ltd—
Feb
353*
10
Diamond Shoe Corp com
£1
93*
Jan
103*
1,100
com__l
Sept
93*
75
11
333*
Distillers Co Ltd
63*
Gameweil Co $6 conv pf..*
Sept
31
9
l",206
Aug
Sept
S3 preferred
May
33*
Liquors Corp...5
"83*
15
Feb
89
13* Sept
33* June
10
"63*
T
Gen Rayon Co A
87
200
com
23*
8X
15
preferred
Fruehauf Trailer Co
General Telephone com .20
15
Sept
Sept
Sept
400
Preferred
1
Common
Jan
June
June
43*
3,400
32
23*
100
Froedtert Grain A Malt—
Feb
13
Jan
43*
13*
193*
General Investment com.l
Feb
16
IX
33*
Detroit Steel Products—*
*
Class B
Mar
Oct
33*
(W
83*
13*
Sept
4
Douglas
July
Gen G A E $6 conv pf B_*
103*
93*
Detroit Paper Prod
Divco-Twin Truck
63*
Jan
July
Det Mich Stove Co com. .1
Distilled
3,300
Aug
14
67
700
De Vilbiss Co
63*
38 X
20
60
6% pref ww
Aug
63*
25
300
X
Mar
113*
Sept
4
4
65
Aug
63*
Amer dep rets ord reg-£l
Gen Fireproofing com—
H
4
103*
"5"
Sept
113*
16
25
500
*
Preferred
34
Gen Pub Serv $6 pref
Dennlson Mfg 7% pref. 100
Derby Oil & Ref Corp com*
900
ord reg..£l
Am dep rets
Glen Alden Coal
9X
...
363*
Jan
"is
ord reg—£1
Mar
5
5,000
Defiance Spark Plug com.*
De jay Stores....
92
*
Jan
De Haviland Aircraft Co—
Am dep rets
June
85
21
23
70
343*
*
125
Motor Co Ltd—
143*
12
Jan
8,600
73
73*
Gen Outdoor Adv 6% pflOO
100
12
Mar
9
71
83*
Feb
83*
X
High
82?*
183*
16
3*
10
Curtis Mfg Co
5
Cusl Mexican Mining..50c
Low
65?* May
73* Sept
Sept
Sept
33*
Cuneo Press Inc
130
73*
X
4
69
66
103*
13*
38
vtc.*
Range Since Jan. 1, 1937
for
Week
Shares
100
103*
23*
163*
8
10
6% preferred
of Prices
High
T,200
73*
8,100
~~7K "~73* "~8
.....
July
67
Week's Range
Low
Sept
Sept
Sept
Sept
5,500
53*
Crown
Crystal Oil Ref com
28X
9X
Sept
1
Price
100
preferred
Ford
2
3X
$6
Florida P A L $7 pref
Ford Hotels Co Inc
Sept
6,600
Fisk Rubber Corp
Jan
523*
183*
3X
Sale
Fire Association (Phlia). 10
Jan
213*
613*
Sept
7J*
Last
Par
Conv
5% conv preferred
Courtauids Ltd
com
Mar
103*
34
2X
$6 preferred A
*
Cosden Petroleum com—1
Cuban Tobacco
100
Sept
1,100
1
Corroon & Reynolds—
Common
STOCKS
(Continued)
200
8X
26
25
Feb
Aug
93*
N. Y. 1-1943
Sales
Friday
Mar
25
100
23
23
5
...
Sept
Sept
3*
113*
13
*
com
53*
81
75
Jan
Mar
33*
173*
1023*
23*
263*
700
Teletype:
Mar
1143*
43*
2%
135
X
INC.
LEHRERCO.,
Street, New York City
HA 2-5383
Jan
Sept
82 X
"~x
11
113*
893*
Sept
13*
X
81
Cook Paint & Vara com..*
Cooper Bessemer
Sept
5
20
92
92
"Ix
1,900
5X
Continental Secur Corp..5
14 preferred
Sept
Sept
June
100
33Z
64
64
53*
100
10
*
53*
9,600
IX
hi
1
33*
64
1123*
IX
Warrants
Consol Retail Stores
Oct
38
3,500
100
Consol Gas Utilities
8% preferred
Consol Royalty Oil
Consol Steel Corp com
Wall
60
$3 preferred
Consol Biscuit Co
Sept
105
Jan
Jan
Indian Ter Ilium Oil—
Non-voting class A
Class B
*
.*
13*
13*
300
13*
13*
Sept
Sept
43*
43*
Jan
Jan
<r
New York Curb
2198
Sales
Friday
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Price
Low
High
Range Since Jan. 1. 1937
Low
Shares
1
V tc common
June
..100
Par
Sept
25*
225*
755*
285*
Feb
Feb
July
Feb
Sept
45*
Feb
25
9
June
57
5S ■
1,000
57
Sept
International Cigar Mach *
20
205*
2
400
20
2,500
7% preferred
95*
Inv..*
1 X
95*
IX
Internat Hydro-Eleo—
Pref S3.60
50
series
185*
215*
2,300
185*
purch warr...
5*
Internat Metal Indus A.
10
lnternat'l Paper A Pow war
35*
International Petroleum..*
305*
"35* "fx
International Products...*
100
1
B.*
6% preferred
Internat Radio Corp
Internat Safety Razor
44
25*
185*
9
Jan
Jan
Mar
23,500
35*
9,700
29 J*
Sept
395*
Mar
335*
7
325*
July
38
Mar
35*
Sept
*
Registered
Sept
Jan
Sept
"1,000
100
"85* "l"6" ~2,800
X
5*
5*
Jan
85*
5*
400
Sept
Sept
Aug
85*
103
Sept
Apr
Mar
155* May
Feb
15*
International Utility—
Class
A...........——■*
11
Sept
Class B
1
$1.76 Preferred
*
X
135*
Sept
Sept
215*
35*
155*
$3.50 prior pref
*
35
Sept
38
Old warrants
115*
11
5*
500
15*
6,700
'is
600
Vitamin... 1
5*
35*
45*
Interstate Home Equip..1
45*
5
1,500
2,800
Mills..*
305*
6X
X
32
300
175*
185*
Interstate Hosiery
Interstate Power $7 pref-*
1
Iron Fireman Mfg v t C..10
Irving Air Chute
.1
Italian Superpower A
*
Investors Royalty
5*
Jan
Sept
275*
185*
25*
5*
185*
Feb
Feb
14
Jan
Sept
Sept
Sept
Sept
Sept
Warrants
Jacobs (F L)
Co
1
125*
fox
*
Jeannette Glass Co
35*
35*
125*
35*
"3", 300
1,000
32
105*
35*
Jan
Feb
Feb
Jersey Central Pow & Lt—
55* % preferred
6% preferred...
100
100
7% preferred
100
Jonas & Naumburg-._2.50
66
755*
885*
35*
Jones & Laughlln Steel-100
Julian A Kokenge
Kansas G & E
555*
47
755*
89
35*
59
10
75
June
70
85
June
800
3,000
com...*
109"
7% pref-100
5
Kennedy's Inc
Il~6"
"""30
"17 X
Kimberly-Clark Co preflOO
Kingsbury Breweries
1
95*
165*
10
200
175*
500
15*
Ken-Rad Tube & Lamp A *
June
IX
300
35*
47
Sept
Sept
255*
1085*
95*
165*
1055*
15*
Apr
July
Sept
Sept
Mar
Kings Co Ltg 7.% pref B100
60
Sept
Sept
6% preferred D
Kingston Products
100
1
375*
Aug
35*
45*
8,900
Klrby Petroleum
..1
45*
5
2,100
15*
1%
Xirkld Lake G M Co Ltd.l
700
Klein (D Emll) Co com..*
Kleinert (I B) Rubber.. 10
Knott Corp common
1
9
100
10
9
700
Kobacker Stores Inc
1055*
50
115*
400
"~8H
105*
85*
Lackawanna RR (N J). 100
Lake Shores Mines Ltd.._l
50 X
465*
Lakey Foundry A Mach__l
4X
35*
515*
45*
Kreuger Brewing
1
1055*
Sept
Preferred
9
1,700
7,900
105
*
6
Develop...26
145*
55*
5*
Le Tourneau (R G) Inc.-l
5*
285*
155*
65*
X
295*
85*
Long Island Ltg—
Common
preferred...
645*
100
555*
Loudon Packing
*
Louisiana Land & Explor.l
Louisiana P & L $6 pref.*
Lucky Tiger Comb G M.10
Lynch Corp common
5
Majestic Radio & Tel
1
Mangel Stores
1
conv
3
100
6% pref class B
$6
preferred
""95*
Marlon Steam Shovel
Mass Utll Assoc v t c
25*
21
135*
175*
26
Mead Johnson A Co
7
125*
800
65*
Jan
15*
10
Sept
July
Sept
June
45
95*
135*
135*
195*
135*
55*
Sept
Sept
Sept
Sept
Sept
Sept
3~900
75*
Oct
1,000
X
Sept
Sept
""95* "16" "2", 100
32
325*
57
64
~
"fx
"fx '~8X
316
2X
600
New Bradford Oil
205*
21
"""TOO
8X
9
"l",266
25*
IX
25*
8,000
15*
15*
175*
15*
185*
"205*
18
125*
900
600
175*
35*
35*
285*
25*
1125*
595*
805*
195*
195*
25*
235*
895*
65*
40
200
65*
10
100
400
15*
15*
300
110
112
150
110
Sept
IX
185*
74
IX
77
200
1,900
5,300
N Y A Honduras Rosario 10
275*
Jan
N. Y. Merchandise
12
Jan
N Y Pr A Lt 7% pref.. 100
$6 preferred
*
N Y Shipbuilding Corp—
Feb
10
July
5% 2d pref cl B
100
100
92
"166
25
165*
600
105*
5,100
9
7,500
35*
4,100
Jan
45*
34
Feb
Feb
Feb
Sept
11
85*
85*
600
12,900
25*
645*
555*
7
Sept
25
Sept
225*
185*
165*
145*
June
Sept
Sept
Oct
Mar
Memphis Nat Gas
"n"
90
935*
16
275*
Sept
34
12
Sept
100
Oct
40
90
Oct
200
Common
.....10
45*
300
9X
10
45*
105*
19,400
805*
475
~78~~
25
80
79
*78"
"78"
Sept
65*
Class A opt warr
Class B opt warr
1,100
Sept
300
Apr
Class B
85*
95*
2,700
85*
915*
"405* "45""
3,000
40
25*
15*
25*
55*
55*
55*
1
25*
2
$6 preferred
*
North Amer Rayon cl A__*
Class B com
*
455*
345*
3
Jan
85*
Sept
65*
155*
Apr
5*
Sept
100
25*
555*
55*
105*
Jan
Feb
Jan
37
Sept
2
49
Sept
Sept
Sept
82
Sept
255* May
5
1,000
10
45*
Aug
Feb
Jan
Jan
100
1,500
5
com
6
300
175*
45*
135*
1015*
700
4
800
3,700
625*
Mercantile Stores com...*
Merchants & Mfg cl A...1
"25"
"27k
""400
*
45*
2,500
X
435*
82
82
15*
*
75
65
5*
Corp com..*
200
335*
225*
35*
Mar
Nor Sts Pow
Mar
165*
Mar
Engineering..*
Novadel-Agene Corp
*
255*
145*
445*
Aug
Feb
Feb
Jan
Sept
125
July
7
Jan
July
Sept
73
Apr
535*
7
cl A. .100
Michigan Steel Tube_.2.50
Michigan Sugar Co...
*
Ohio Edison $6 pref
Ohio Oil 6% pref
6% 1st preferred
Oilstocks Ltd
Overseas Securities
Feb
Pacific Can Co
Jan
Pacific G A E 6% 1st pf.25
May
7,6
15* Sept
10
30
Sept
37
Feb
82
Sept
106
Jan
15*
4,700
1
1,400
25*
125*
5
*
35*
300
5*
1,900
5
35*
t c
X
Midland Oil
conv pref
*
Midland Steel Products—
$2 non-cum dlv shs
*
65*
Jan
35*
X
65*
100
1,000
2,100
100
Sept
Sept
Jan
115* June
5*
5
Sept
Sept
35*
"16
Sept
Sept
6
45*
35*
115*
185*
15*
8
$3 preferred
6%
conv
pref
2
10
85*
95*
25*
325*
Midwest Piping A Sup
*
Mining Corp of Can
*
Minnesota Mining A Mfg.*
55*%
Miss River Power pref. 100
110
110
115*
75*
1
95*
Montgomery Ward A
*
Montreal Lt Ht A Pow...*
page
135
2201.
Aug
355*
800
32 5*
Sept
505*
Apr
15*
100
45*
316
725*
1,400
5*
50
69 5*
60
795*
75*
5*
*71
14
75*
500
300
1,500
17
5*
200
26
29
1,800
405*
93
93
45*
14
200
50
100
280
Jan
Sept
Sept
Sept
Sept
Sept
Jan
37
Feb
26
Sept
355*
Jan
36
Sept
93
Sept
1065* May
1025* June
Sept
90
Sept
Jan
2,300
9
Sept
350
24
Sept
94
96
75
94
Sept
106
Sept
6
2,800
Sept
1105*
30
9
25*
325*
109
Sept
6
100
55*
Sept
105*
Feb
9
9
100
8
Sept
1,000
105*
Aug
29
325*
295*
1075*
Feb
"29""
285*
265*
28
Mar
265*
100
26
Sept
1065*
375
103
3,100
65*
31,200
105
60
*
7
Feb
Feb
Parker Pen Co
Parkereburg Rig A Reel-.l
Patchogue-Ply mouthMills *
Pender (D) Gorcery A
*
245*
556
5
60
100
Paramount Motors Corp.l
2
43
Jan
118
Feb
95*
Sept
Sept
6
75*
6,500
2
25*
1,000
35*
200
7
100
7
Sept
1335* 1365*
630
133 5*
100
275*
6
195* Sept
15* Sept
35* May
165*
115*
25
Feb
Apr
May
89
235*
3,400
Jan
Apr
Sept
265*
Sept
5
Sept
95*
65*
Feb
July
Sept
19
Sept
Sept
305*
43
27
10
27
30
30
50
295*
300
55*
Sept
Sept
255*
Sept
55*
55*
*
1095* May
100
$5 preferred
30
30
50
1
Pennroad Corp vtc
Pa Gas A Elec class A
1
Pa Pr A Lt $7 pref
$6 preferred
17
Jan
Pa Water A Power Co
Sept
157
Feb
Pepperell Mfg Co.
Sept
37
Jan
Perfect Circle Co
*
"89k
...
35*
15,800
95*
100
905*
350
885*
30
149"
149
83
1505*
95*
Sept
110
425*
72
85*
55*
175*
885*
Sept
113
30
82
May
Sept
112
149
Sept
73
June
95
845*
Sept
151
305*
Sept
37
"745* "745* ""loO
*
*
Aug
Sept
125*
305*
250
2.50
100
June
3
53
2
82
*
50
3
95*
3
Sept
5
*
Penn Mex Fuel Co
30
65
*
"95"
845*
955*
1,040
Jan
Sept
1015*
215*
Sept
27
*
$2.80 preferred
Feb
Sept
195*
Feb
Jan
85*
4
225*
Jan
285*
545*
1065*
19
10
Class B__
Penn Salt Mfg Co
Penn Traffic Co.
25*
45*
Jan
Feb
6
265*
July
Feb
July
*
25*
215*
Sept
Feb
*
25*
Penn Edison Co—
1,500
Jan
Feb
25*
Page-Hersey Tubes Ltd..*
Pan-Amer Airways new..5
Pantepec Oil of Venez
1
Feb
Jan
112
10
37
Aug
Mar
25
115*
Jan
67
9
100
Feb
110
1115*
24
850
5
65*
1115*
1045*
145*
145*
325*
115*
Jan
41
405*
13
65*
5*
Jan
965*
Jan
1035*
Feb
125* May
Oct
300
Mar
515* June
45*
Jan
17
5*
100
115*
Jan
Jan
Sept
Sept
100
175*
1
300
Peninsular Telp com
Preferred
X21X #29
Monroe Loan Soc A
1
Montana Dakota Util...lO
515*
45*
45*
145*
7
25*
77
Sept
285*
Mar
35*
Monogram Pictures com.l
Sept
32
45*
90
10
2?*
325*
Jan
445*
285*
395*
Sept
Sept
Sept
Monarch Machine Tool..*
75*
*
Jan
85*
700
Sept
*
Mar
1,400
115*
2
$1.30 1st preferred
Pacific Tin spec stock
Voehrlnger
2.50
2,400
Pacific Public Service
10
85*
150
Apr
Aug
Feb
Jan
Jan
Feb
98
62
Aug
Mar
24
Sept
Feb
2,200
1095* 1095*
1105* 1105*
1st preferred...25
Sept
15*
200
16
25*
1
com
Sept
300
2
Feb
15
36
*285*
100
Oldetyme Distillers
70
60c
5*
25*
Feb
35*
115*
Jan
Jan
115
Aug
May
585* Sept
45* Sept
20
Aug
Jan
Feb
Aug
Sept
Sept
17
50
185*
Midvale Co
Sept
Sept
May
Pacific Ltg $6 pref
*
Pacific P A L 7% pref.. 100
Feb
Feb
94
795*
2,200
5*
5
com.
Feb
52'
100
36
75*
Oklahoma Nat Gas com. 15
Jan
Feb
15*
55*
100
Mar
Jan
Jan
165*
32
795* *82
145*
Ohio Power 6% pref... 100
Ohio P S 7% 1st pref...100
Mar
Jan
65
445*
5*
725*
*
115*
25*
805*
25*
55*
Oct
6
X
10
Jan
3,100
2,500
495*
100
Sept
1
12
Mar
Feb
15*
45*
Northwest
4
55*
15*
125*
55*
325*
Ohio Brass Co cl B com..*
Jan
com
315*
15*
Michigan Bumper Corp__l
Michigan Gas & OH
l
Feb
Mar
Mar
2X
47
JNor Texas Elec 6% pf.100
25
*
Preferred
Nor European OH com
1
Nor Ind Pub Ser 6% pf. 100
7% preferred
..100
Northern Pipe Line
10
Sept
7,400
305*
X
15*
305*
60
Metropolitan Edison pref.*
Middle States Petrol—
Class A v t c
Oct
Sept
Sept
Jan
15
6% prior preferred
50
No Am Utility Securities.*
Nor Cent Texas OH
5
Sept
100
X
1
Mexico-Ohio Oil
25
Sept
Sept
Sept
10
Common...
4
65* % A preferred... 100
Mar
155*
1155*
1055*
Nor Amer Lt A Pow—
25
Participating preferred.*
Merritt Chapman & Scott *
Warrants
Partic preferred
75*
2 5*
1,350
19
Sept
Jan
5,666
Memphis P & L $1 pref...*
MesabI Iron Co
17
Feb
S16
1
Jan
July
15*
5
80
Feb
65
5*
Noma Electric
Oct
Sept
Sept
Sept
15*
5*
Nlplssing Mines
500
45*
45*
135*
17
1055* 107
45*
45*
65*
Niagara Share—
Jan
Mar
95*
775*
98
100
93
7>* June
45* Aug
215* Sept
93
100
Class A pref
Niles-Bement Pond
500
50
175*
5
37
90
102
Jan
Feb
2H
"fx
1355*
Jan
15*
Sept
1,700
5
405*
"T
Sept
Sept
70
Sept
285*
125*
common
Jan
Oct
85*
75*
175*
Sept
Sept
7
200
100
10
75*
88
74
175*
25*
85*
8
Feb
Mar
2,600
"25* "25*
*
com
100
3,800
255*
95*
35
1405*
305*
945*
26
175*
Warrants
100
85*
255*
Jan
Sept
Sept
95*
N Y City Omnibus—
Aug
20
255*
Apr
19
74
5% 1st pref
5% 2d pref cl A
400
45*
Sept
Sept
65
715*
5% 2d preferred
57
35*
37
Jan
Jan
Sept
Sept
50
"75"
N Y Auction Co
Sept
Sept
June
65
"74"
Jan
Sept
65
1
Jan
85*
15*
45*
New Jersey Zinc
New Mex A Ariz Land
Feb
65*
68
iiok
25
32
105*
New England Tel A Tel 100
New Haven Clock Co
*
5*
75*
575*
Sept
85*
100
19
15*
15*
*
6% preferred
915*
125*
28
80
i
47
Sept
102
65*
18
Sept
Sept
205*
55*
5*
38
June
35*
105*
8
5
New Engl Pow Assoc
A*
49
..100
Feb
130
50
*
For footnotes see
300
100
Aug
1
Master Electric Co
1
McCord Rad & Mfg B.__*
McWilliams Dredging...*
Molybdenum Corp
1
..*
39
200
76
645*
555*
25*
Massey Harris common..*
Jud,
13,600
57
305*
5*
10,900
"*5* "~X """300
"405*
*
Common
15*
75*
32
Apr
95
*
Mock,
15*
500
135*
25*
Communication ord reg£l
Mid-West Abrasive
Midwest Oil Co
445*
145*
200
Sept
Sept
Sept
Sept
3
*
Margay Oil Corp
v
Sept
4
Newmont Mining Corp-10
New Process common
*
Marconi Intl Marine—
Class B
20
600
55*
Mapes Consol Mfg Co...*
Metal Textile
1,900
Nineteen Hundred Corp B1
*
....
7%
975*
23
215*
55*
Nev-Callf Elec
Feb
285*
1075* Sept
Jan
35*
885* Mar
Feb
655*
Feb
85*
Jan
85*
Apr
15*
20
75*
Nebel (Oscar) Co com
*
Nebraska Pow 7% pref. 100
Nehl Corp common
*
7% preferred
Apr
Sept
45*
Jan
Aug
3
1555*
285*
Sept
July
1,100
1,300
125*
85*
85*
12
June
12
145*
National Tea 55* % pref. 10
National Transit
12.50
Nat'l Tunnel A Mines
*
com
7X
Sept
\lH
135*
Jan
Mar
5
13
91
10
National Steel Car Ltd
*
National Sugar Refining..*
Nat Union Radio Corp
Navarro OH Co
8
Apr
Sept
Sept
200
*
7,800
3
93*
205*
455*
184
Sept
Niagara Hudson Power—
225* June
1
13
3
Aug
44
43
$3 conv pref.
National Container (Del)
National Fuel Gas
Jan
225*
*
12
55*
136
10
Jan
*
Corp
1,100
*
.
20
*
Lone Star Gas
30
1145*
110
*
Lockheed Aircraft
135*
1st preferred
*
Nelson (Herman) Corp..5
Neptune Meter class A
*
Nestle-Le Mur Co cl A
*
Jan
Aug
Loblaw Groceterias A
12
115*
15*
com
National Candy Co com .
National City Lines com
Sept
25
5
135*
Nat Auto Fibre A v t c—*
National Baking Co com
July
*
Locke Steel Chain
2,700
*
15*
Lion Oil Refining
Lit Brothers com
Class B
55*
100
135*
35*
*
24
Jan
Jan
95*
1265*
Sept
Sept
Sept
46
Line Material Co
205*
965*
Jan
100
1115*
125*
215*
785*
695*
95*
Sept
105* Sept
85* Sept
95
155*
Feb
55*
Founders shares
1
New York Transit Co
5
N Y Water Serv 6% pf-100
3,700
"lk "\X """360
*
Lehigh Coal A Nav
105
64
Lane Bryant 7% pref.. 100
Lefcourt Realty com
1
Oil
9
215*
Koppers Co 6% pref...100
Kress (S H) A Co pref-..10
Leonard
35* Sept
45* Sept
",6
Feb
16
Sept
9
Sept
89
~~8
55*
X
'5t6
5*
6
25*
Sept
75*
13",200
1
5*
175*
""8"
*
com
preferred
Nachman-Springfllled
Sept
4X
75*
*
1,200
250
*
38
25*
Nat Service common
Conv part preferred
Jan
100
Mountain States Pow com*
Mountain Sts Tel A Tel 100
Murray Ohio Mfg Co
Nat Bellas Hess
High
Sept
180
Mountain City Cop com 5c
Mountain Producers
10
6%
Low
25
"""900
*
5*
1,200
38
75
"25* "~2X
Nat Rubber Mach
Mar
Shares
100
July
425*
24J*
2,600
38
*
com
Class A 7% pref
7
Sept
Range Since Jan. 1, 1937
for
Week
275*
National P A L$6 pref...*
National Refining Co...25
65*
X
255*
Moore (Tom) Distillery.
Mtge Bk of Col Am shs...
Muskogee Co
1937
'
*
Jan
5*
5*
130
9
High
Feb
Mar
Aug
75*
'
75*
X
Low
75*
Jan
Sept
45* Sapt
305* Sept
Corp Ltd
Price
Range
of Prices
Nat Mfg A Stores com...*
National Oil Products
4
Jan
X
35*
—
New warrants
International
Feb
Feb
Sept
Moore
Week's
Sale
Moody Investors pref
Insurance Co. of No Am. 10
A stock
Last
High
Industrial Finance—
Internat Holding A
STOCKS
(Continued)
2.
Sales
Friday
Week
Par
Oct.
Exchange—Continued—Page 3
179
45*
Mar
Aug
Jan
Jan
July
Feb
Feb
Feb
Mar
Apr
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Pharis Tire & Rubber
Price
1
8*4
Sept
5K
600
July
Phillips Packing Co
6
*
500
6k
1
Conv pref series A
11H
4k
10
44
30k
14
3h
3%
3k
28k
*
com
1
Winterfront
,
*
Pioneer Gold Mines Ltd-.l
Pltney-Bowes Postage
Meter..
3k
*
6H
Pittsburgh Forgings
1
Pittsburgh & Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
500
Power Corp of Can
Sept
67
300
110
2,000
9k
105
Sept
6K
670
67
ik
ik
700
300
10
10
Sept
9 4
Sept
Sept
105
Sept
35
27 k
25k
300
Mar
Southern Colo Pow cl A. 25
3k
3k
200
5
10,700
26k
200
2 k
Premier Gold Mining
1
Pressed Metals of Amer..*
2k
2,600
:
2
1
*
316
9k
Providence Gas
*
8k
Prudential Investors
*
k
11k
8k
8
7k
2,100
1,100
425
200
May
6%
2K
19
Feb
Jan
Apr
Feb
8
9,6
173*
11*4
14k
July
Jan
Feb
Feb
Feb
Jan
Mar
Jan
Jan
18k
'
-
100
1
2
Standard Steel Spring new5
Standard Tube cl B
1
Sept
16
21
150
16
76
50
75
41
Mar
July
98
Jan
.———.60
6% preferred.
100
77
May
93
Feb
112
June
120
Aug
7% preferred
115
Sept
1173*
Apr
100
Pub Service of Okla—
6% prior lien pref
7% prior lien pref
103
Feb
Jan
984
100
100
Pub Util Secur $7 pt pf..
%
k
Sept
Sept
K
Sept
1063*
44
100
Jan
32 k
preferred
*
Pyle National Co com....5
Pyrene Manufacturing. .10
Quaker Oats com.
.*
6% preferred
-.100
$6 preferred
32
37
1,250
32
Sept
99*4
Jan
16 4
15
16K
1,650
15
Sept
603*
Jan
7k
106 k
105
10
1,400
106k
220
105
1254
173*
*
14
14
Ry. A Light Secur com...*
Rainbow Luminous Prod
200
14
1
25
200
3i6
10
*
19
20
Reed Roller Bit Co
*
28 k
31k
1,000
1,100
28 K
Reeves (Daniel) com
*
m
m
100
4%
4
*
»16
4
1,920
17
Reybarn Co Inc
1
Reynolds Investing
1
1
Rice Stlx Dry Goods
Richmond Radiator
400
4
4
*
4
§Stutz Motor Car
Jan
2
K
49
Mar
53 *4
Mar
Sept
74
21k
Sept
Sept
Sept
Sept
463*
84
1*4
32k
5*4
23*
Feb
Sept
Mar
Feb
Apr
Mar
Jan
Feb
Mar
Feb
1
7k
800
7
Sept
13 k
2 HI
Sept
7K
J*
Sept
k
"24
24
2k
200
k
k
k
1,100
Feb
Voting trust ctfs
Rolls Royce Ltd—
1
Amer dep rets ord reg.£l
Rome Cable Corp com...5
9
1,200
44
Root Petroleum Co.....
conv
8k
4k
4k
3,100
5
Roosevelt Field Inc
$1.20
8k
20
pref
716
716
Rotalite Oil Co Ltd
34k
34k
Royal
70
70
Rossla International
*
'16
Typewriter
24
Russeks Fifth Ave
8k
1
10k
Rustless Iron & Steel
$2.50
conv
8K
pref A
7% preferred
50
5
100
Savoy OH Co
Scovill
10k
3k
2%
3k
ik
2k
2,200
7,300
*
316
IK Sept
4 A Sept
11A June
% June
32
Sept
Sept
70
Sept
8
8
Sept
3K
IK
Sent
Sept
Sept
100
5k
4k
90 k
4k
5k
95
4k
22,100
75
500
32 k
Scranton Lace Co com..
32
33
36k
553*
110*4
14*4
17 *4
Mar
July
Apr
Jan
July
51
1
ik
Seiberling Rubber
Selby Shoe Co
*
4k
IK
3k
IK
4k
63*
Jan
IK
...
*85k
IK
86 k
"85"
86 K
Sentry Safety Control
Seton Leather
k
*
com
Denn
Mining..5
2
11K
Sherwln Williams
com..25
5% cum pref ser AAA 100
8k
23
Shawinlgan Wat A Pow__*
iosk
107 k
*
Conv pref
*
Simmons Hard're A Paint *
Simplicity Pattern com___l
100
Sioux City G AE 7% pf
64
69
43*
July
Feb
Jan
Sept
543* May
Sept
784
Sept
43
Sept
IK Sept
3K Sept
5K
50 K
44
94
30
IK
15K
Sept
4k
l",l66
85
Sept
Sept
1013*
86 K
Sept
104
600
K
5k
2K
5,200
uk
7,900
8K
400
22 K
100
k
k
8
9
Jan
Sept
Sept
Sept
5
2
102
107 K
21
500
400
*
1
For footnotes see page 2201
14
Sept
Sept
Sept
Sept
Sept
Sept
k
8
Sept
Sept
29*4
2k
7k
263
3
8k
270
2,700
2,400
40
"17
13
"~3k
5K% conv pref
50
Superior Ptld Cement B__*
Aug
2K
Sept
Sept
7K
263
Sept
4K
Sept
98
Apr
2
July
18
4k
500
600
1,100
7i6
1,500
123*
14
35
300
3k
10,900
100
35
Jan
Jan
Jan
Feb
Mar
Jan
28 k
jan
Mar
Mar
June
23*
14
12 k
63*
283*
333*
1543*
114
283*
Feb
Jan
Mar
jan
Feb
Feb
Mar
Feb
Apr
1
103*
Jan
aug
35
7K
133*
370
Feu
Feb
July
Jan
3K
Sept
Sept
6*4
100
54
29*4
7
Apr
Jan
7
6k
35
32 k
1
Technicolor Inc
*
25 k
1
5
2
new com
5
~~2
Feb
214
July
Feb
K
6K
k
IK
183*
4K
533*
3,000
23 k
26
13,900
4k
5
4,500
101
4k
20
22
4k
1,700
22k
4k
1,200
9k
9k
900
1,400
19
19*4
44
Mar
Jan
Jan
224
Feb
46
Apr
Sept
17
Feb
119
Aug
Sept
Sept
Sept
Sept
Feb
July
July
16*4
41
Feb
Jan
24
54
Jan
Mar
Aug
34
64
774
112
Feb
Jan
Jan
Sept
7%
25k
Jan
Sept
18k
Mar
x94 Sept
Sept
Apr
2K
16K
£1
Feb
28
Sept
4K
5k
2k
Mar
Feb
Feb
Feb
Mar
Jan
50
May
55
Tobacco Prod Exports
*
Tabacco Securities Trust
Feb
Jan
98
32k
2
134
June
Apr
900
1*4
9k
1
Am dep rets ord reg
,
7,400
Tenn El Pow 7% 1st pf. 100
Texas P A L 7% pref... 100
Texon Oil A Land Co
35
700
7k
35
K
1
150
113k 114
Tastyeast Inc class A
Taylor Distilling Co
"
Sept
July
10k
66
Jan
Jan
44
184
July
Jan
July
52 k
54
300
55
16
Feb
74
July
July
105
Feb
June
99
'16
3
Jan
51
92K
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev.l
115
Mar
300
K
Jan
k
K
H
200
k
Sept
3k
2k
33*
4,900
2K
Sept
7
8k
4,600
7
Sept
ik
5,500
i5|6 Sept
8
May
6,700
»16
2
Jan
Feb
Trans Lux Plct Screen—
Common
1
Transwestern OH Co
10
"lK
is
16
Union Gas of Canada
Union
45
600
45
Sept
86
4
4k
1,600
4
Sept
8K
8k
8k
700
8K
Sept
2k
2
2K
1,200
2
Sept
IK
11K
13*4
94
6K
IK
44
__2
10
Investment
*
com.
IK
400
ik
13k
2
400
14k
400
.*
Sept
Sept
13k June
10K July
K
Union Oil of Calif deb rts
Union Stockyards
United
Aircraft
cum
United
10k
10
12
Warrants
$3
1,300
100
12
5K
5K
200
'16
*
K
1,700
Corp warrants
United Gas Corp com
1st $7 pref non-voting. *
Option warrants
United G A E 7% pref. 100
United Lt A Pow com A.*
$6 1st preferred
*
United Milk Products
$3 preferred
6K
6k
45",300
106k
5k
ik
96
1"
2,400
IK
6,300
12
Aug
Jan
11
Sept
5*4
Sept
July
"31"
4k
5k
Sept
2
Jan
aril
Mar
Sept
4
28 k
94
Jan
U4
Jan
28k
Sept
75k
Jan
Sept
May
45
Feb
75
Feb
3K
3K
9,100
33
5k
3
IK
75 k
Aug
2
July
July
12
"2k "3k
"766
2K
ik
1,800
IK
Sept
Sept
76k
1,575
ik
71
183*
Feb
6k
300
4k
3,200
k
200
June
14
67
IK
*
.*
k
1,400
100
IK
700
4K June
$7 conv 1st pref
400
Jan
7K
k
1
67
Jan
7*4
5k
1
1,400
4,000
Jan
964
47K
Aug
3k
U S and Int'l Securities. _*
9K
9
Mar
May
15
3k
7K
United Stores vtc
Apr
6
8K
Mar
Sept
71
Sept
Sept
1
Sept
67
Sept
IK Sept
22 K Sept
5*4 Sept
3K Sept
9
1
Apr
253
July
37 K
*
—.10
8*4
Jan
June
25
1st pref with warr
uk
Jan
14
94
245
*
Jan
34
200
10
U S Stores Corp com
Jan
124
ik
ik
8k
U S Radiator com
Feb
Sept
Sept
Sept
1
55
United Specialties com—1
U S Foil Co class B
1
U S Playing Card
13K
Sept
Sept
96
23,800
*
U S Rubber Reclaiming-_*
894 Mar
13K Feb
524 May
Mar
11,6
300
3k
3k
4k
dep rets ord reg.
United N J RR A Canal 100
Class B...
Jan
July
Apr
85
82k
*
United Shoe Mach com.25
Jan
10K
4
19k
105
Am
Preferred
Feb
18K
Jan
United Molasses Co—
United Profit Sharing
Feb
Sept
zll
*
Common class B
Feb
Feb
10
47
A part pref...
*
1
Apr
May
85
10
100
Transport
United Chemicals com
Jan
31*4
4
73*% pref...25
preferred
Unexcelled Mfg Co
Feb
Apr
94 May
Feb
Sept
1
80c dlv preferred
5%
3
*
Class A
Tung-Sol Lamp Works
Ulen & Co
10k
54
13K
15
51k
Sept
Mar
Feb
10
93
Sept
Sept
6k
Taggart Corp com
1
Tampa Electric Co com..*
common.
Sept
3K
44
100
Mines
14
16
$3.30 class A participat *
Swan Finch OH Corp... 15
Swiss Am Elec pref
Sept
Sept
Sept
16K
k
13
3k
Sept
k
716
12k
14
*
*
U S Lines pref
3k
1,400
1
.1
Preferred
*
Solar Mfg Co...—
25
17"
*
United Shipyards cl A—
100
Smith (H) Paper Mill
Sept
15k
15k
117k
36K
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
Skinner Organ com.
Sept
4k
3
51k
SImmons-Broadman Pub—
Singer Mfg Co
Sept
4K
1
5,300
107 k 107 k
Shreveport El Dorado Pipe
Line stamped
25
com
15k
5
*
.
7
800
8,300
Jan
Sept
Sept
5k
Apr
Sept
153*
7k
Apr
10
Sherwln Williams of Can.*
Sllex Co
*
Machinery
Sunray Drug Co
Sunray Oil
Teck-Hughes
Feb
5
3
11*4
55
1,050
Mar
T.700
38 *4
ik
106
102
25
93
.....
Jan
Mar
900
Feb
2K Sept
"loo
Sept
23 k
5
Seversky Aircraft Corp___l
Shattuck
K
Mar
3,300
4K
1*4
1
8
3k
10k
May
£1
Sept
2k
15
Selfridge Prov Stores—
Amer dep rec
4M
*
26
800
Sept
5i6 Sept
7
Tri-Contlnental warrants..
"87"
88
Jan
d25k
5k
4
Apr
Sept
Sept
Sept
5
25
"ts
Sept
4k
1
May
Feb
25
10K
400
Tubize Chatillon Corp
44
Sept
Jan
Mar
Feb
United Elastic Corp
1
Convertible Stock
12
Trunz Pork Stores...
Sept
11
Jan
Jan
15k
13k
74
64
274
54
33K
2*4
Mar
Selected Industries Inc—
$5.50 prior stock
Allotment certificates
1,900
2,400
June
Jan
74
69^
600
k
516
10
Jan
90
Sept
74
Jan
8
2K
8,500
2,100
14
11k
Apr
18
Common..
-
IK
36
*A
IK
Segal Lock A H'ware
600
2
105k
10
141
16 K
32
Seeman Bros Inc
25
Am dep rets def reg...£1
100
Securities Corp general..
com
11,100
Sept
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
300
*
Mar
24
40
Union Premier Foods Sts.l
-
45
100
1,300
Sept
Apr
Jan
500
2k
18k
Sept
Jan
Aug
Apr
Sept
Sept
27
Sept
1013* Sept
ik Sept
18k
8K
6
Jan
25
2k
16k
183^
634
214
13*4
8k
15 3*
4
58
174
Sept
29*4
101 k 101k
Apr
Sept
600
Apr
35
Aug
Scranton Spring Brook
Water Service pref
18k
8k
ok
1
t
18k
27
....
Tilo Roofing Inc
Jan
Aug
25
2,000
Tishman Realty A Coast. *
Tobacco and Allied Stocks*
Feb
Jan
23 *4
July
~ll~% "l5k
18
Sept
7
36k
Manufacturing. .25
Sept
Jan
1
Sept
17 k
16k
July
Aug
Mar
Apr
200
27
2733
A
5
common
3,400
4,300
125
100
100
Samson United Corp com. 1
Sanford Mills com
Schiff Co
8K
8K
46
8
St. Anthony Gold Mines. 1
St. Lawrence Corp Ltd.. .*
conv
25
200
*
pref..
Ryan Consol Petrol
Ryerson & Haynes com__l
Safety Car Heat A Lt
*
St Regis Paper com
"166
27*4
15 *A
43*
13 *4
June
26
4 Sept
14
124
4K
107
Sullivan
Thew Shovel Co
Rio Grande Valley Gas Co-
Sept
Feb
Stroock (S) A Co
Jan
Jan
1,600
Mar
Sept
3K
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Jan
ik
1
20
preferred
preferred
Jan
25k
283*
Sept
Sept
3K
Reliance Elec & Engin'g .5
1st
150
Jan
100
Jan
4 June
4 May
74 Sept
Apr
14k
5k
_*
1243*
July
42
107
Stetson (J B) Co com
Stinnes (Hugo) Corp
July
Sept
Aug
Feb
50
Sterchi Bros Stores
Feb
Jan
500
4
41
a
4
Red Bank Oil Co
Relter-Foster Oil
k
i,
100
Apr
Sept
22
26
22
preferred—
Mfg com...50c
conv
k
16
Raymond Concrete Pile—
Common..-....-——.
Raytheon
13 k
1
64% preferred
14 *4
Apr
Aug
400
15k
Steel Co of Canada ord._*
25
*A June
*
Class A
Class 3
1
Starrett (The) Corp vtc.l
Sept
Jan
7 14
56
27
Works com...20
Sept
20
10
Sept
Wholesale Phosp
A Acid
2d
Puget Sound P & L—
Quebec Power Co
Standard
900
*
...
Stein (A) A Co common..*
87 K
Sept
8K
"ioo
18K
ik
ik
*
Standard Products Co
Standard Silver Lead
68K
-
w
-
29 k
Jan
76
Mar
2
16
25
Feb
21
Aug
74
54
U4
Jan
213*
105
Preferred
"700
14k
Standard Invest $5K pref*
Standard Oil (Ky)
10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
preferred
Standard Pow A Lt
Common class B
"84
16
Standard Dredging Corp—
$1.60 conv preferred..20
5%
k
500
18
June
$6 preferred
$2
Standard Brewing Co
*
Standard Cap A Seal com. 1
Conv preferred
10
98
Common
41
k
Jan
Sept
1,200
1,200
42 k
74
reg..£l
Am dep rets ord bearer £1
Spencer Shoe Corp
*
Stahl-Meyer Inc com
.*
Jan
334
Aug
2
Am dep rets ord
109
37 k
4K
300
West Pa Pipe Line..50
103
*
*
300
2H
8k
41
Sept
Pub Serv of Nor 111 com..*
$3
So
25
June
Public Service of Indiana—
$5
5
South Penn Oil
98
$7 prior pref
163
July
4k
26
2K
Mar
83
1543*
*
10
Jan
Feb
84
July
2%
8k
100
106
150
Jan
Mar
Jan
Aug
28
Sept
4k
South New Engl Tel
Southern Pipe Line
c.*
33 k
413^
29K
Sept
June
June
65
7% 1st pf 100
preferred
100
$6 preferred
Pub Ser of Col
July
Spanish A Gen Corp—
Jan
3i« Aug
94 Sept
8*4 June
1*4 Sept
300
100
June
4k
35k
28
Prosperity Co class B
116k
16K
147k
Jan
25K
preferred
Southland Royalty Co
41
4K
16 K
25 k
2
7%
Jan
Feb
Mar
9K
273*
June
64
1k
6k
com..*
Jan
64
44
12k
333*
*4
ik
44
Pratt & Lambert Co
Feb
3
Southern Calif Edison—
Southern Union Gas
Feb
2,800
Feb
Sept
Sept
Sept
Sept
Sept
3K
33k
26k
243*
3K
34 k
25k
Mar
33k
3k
6k
Sept
IK
10
6
'~~3H "Ik "loo
ik
Producers Corp
Sept
10
68
25c
5
Powdrell & Alexander
June
3 K
69
12H
Pneumatic Scale Corp. .10
Polaris Mining Co
Potrero Sugar com
24
50
5% original preferred.25
6% preferred B
25
53* % pref series C
25
27 k
Mar
40
1,400
10k
107"
i
I
54
4k
Sept
10
11*4
*
Plough Inc..
6*4
3~300
2,300
1,600
8k
3k
High
2%
104
54
July
Apr
Sept
IK
7k
11k
Sept
5,600
1
Feb
11K
500
2
1
15k
34
Low
ik
South Coast Corp com
Sept
28 K Sept
600
ik
Soss Mfg com
June
34
8,900
1
—..._
Shares
High
Jan
116k
Phoenix Securities—
Common
Sonotone Corp
Range Since Jan. 1, 1937
for
Week
of Prices
Low
Price
Feb
20
Sept
6
200
June
31
9k
7
111
*
*
Phila El Power 8% pref-25
Sale
Par
High
Low
Week's Range
Last
(Continued)
Shares
5k
9k
54
Philadelphia Co com..
Pblla Elec Co $5 pref
Pines
STOCKS
Range Since Jan. 1, 1937
Last
Par
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Pierce Governor
2199
New York Curb Exchange—Continued—Page 4
145
k
Sept
3
Mar
93 K
Jan
44
34 *4
Mar
Feb
16
Mar
14
Mar
14
Jan
l83
Feb
Jan
New York Curb Exchange—Continued-Page 5
2200
Friday
STOCKS
Sale
Par
,
Range]
High
United Verde Exten.--50c
2X
2%
United
2%
234
Wall
Paper.—.—2
Universal Corp vtc
"234 ~~3
"2M
.8
1434
Universal Pictures com.__l
Utah-Idaho Sugar
6
Utah Pow A Lt 17 pre!—*
2 34
50
1434
100
4
21
200
20
234
6234
234
50
..7
|UtU Pow A Lt common.. 1
100
54
234
preferred
14
43*
Van Norman Mach Tool-5
18?*
Venezuela Mex Oil Co..10
534
Venezuelan
1
15
354
550
434
Petroleum... 1
334
134
1854
634
154
1,500
8,600
Va Pub Serv 7% pref.. 100
9
Vogt Manufacturing—..*
*
Waco Aircraft Co
*
7% preferred
1C0
Wahl (The) Co common.*
Class B
334
134
8334 June
2
Jan
Jan
634
134
334
2834
IO34
Jan
Mar
Jan
Feb
Feb
33
Apr
934
Feb
334
Jan
Jan
10
Jan
Aug
634
100
234 June
634 Sept
134
600
1
1,500
6
June
434
1134
234
Aug
Jan
Jan
Jan
Sept
5
Feb
7
Mar
934
1034
1334
734
1334
10234
2134
Aug
Sept
Sept
Sept
8ept
134
6,400
3,600
334
500
434
101
Feb
11
Western
98
Feb
634
634
200
Sept
Apr
Apr
Mar
Mar
Jan
Mar
5b
Cuban Telephone 734s 1941
Cuban Tobacco 5s
1944
Delaware El Pow 634s 1959
Denver Gas A Elec 58.1949
Det City Gas 6s ser A. 1947
5s 1st series B
1950
86
85
85
21
21
21
76
77
West Va Coal A Coke.
3
3
Weyenberg Shoe Mfg
1
Williams (R C) A Co....*
834
634
434
34
134
Williams OU-O-Mat Ht..»
77
334
20
Empire Dlst El 5S....1952
Empire Oil A Ref 5348-1942
June
62
Apr
Sept
Sept
Sept
Sept
434 Sept
'is Sept
134 Sept
81
53
700
1
*
15
800
*16
134
200
1534
200
15
Oct
12
*
534
15
{Wil-low Cafeterias Inc..l
12
100
12
Sept
100
Winnipeg Electric cl B.._*
Wise Pr A Lt 7% pref. 100
6
334
334
900
8
954
1,600
Woodley Petroleum
1
Woolworth (F W) Ltd—
Amer dep rets
5c
734
734
600
117
9534
534
14
934
1234
134
934
24
Mar
Mar
Mar
June
July
Feb
Jan
Jan
May
8
734
10634
1033*
16
634
6,800
.
Jan
834
1834
1234
Feb
*24"
2
~iw "24
IX
234
Apr
634 June
55
,._*
...5
5~2o6
1934
9,300
IX
Jan
Feb
Jan
Sept
Sept
Sept
2334
634
834
8034
Jan
Apr
Jan
634
6
2
8134
1043*
793*
1942
£10334 105
1st A ret 5s
1946
1951
1st A ref 5»...
1956
1st & ref 5s
1968
101
9554
£92
86
1st A ref 4Kb
.1967
Aluminium Ltd debt 5si948
Amer G & El debt 5s_.2028
80
10634
87
Arkansas Pr & Lt 5s_.1950
Associated Elec 4348..1953
84
105
"98*"
96
10434
10034
9534
4334
953*
80
88
10534
100
10654
105
Federal Water Serv 534 s *54
Finland Residential Mtge
08
Deb gold 6s. June 15 1941
Deb 6s series B
1941
General Bronze 6s
104
87
8634
92
8834
10134
9934
Gen Pub Utll 634s A. 1956
♦General Rayon 6s A. 1948
6834
40
41
3734
4034
Debenture 5s
1968
Conv deb 534 s
1977
Assoc T & T deb 534s A'55
Atlanta Gas Lt 434s.1955
"7834
Sept
42,000
3634
4034
4234
65,000
39.
4934
44
Sept
77
Sept
Apr
102
54,000
91
95
106
285,000
89
1113* 1123*
1163* 117?*
1st M 5s series B...1957
68 series C
136
Birmingham Elec 43* s 1968
Birmingham Gas 5s...1959
Broad River Pow 5s. .1954
Canada Northern Pr 5s *53
♦Canadian Pac Ry 6s. 1942
8734
103 3*
10634
Apr
♦Gesfurel 6s
....1953
Glen Alden Coal 4s...1965
Gobel (Adolf) 434s... 1941
5s series G
94
9934
11)68
434s series H
.1981
Cent Ohio Lt A Pr 5s. .1950
ser
ex-warrants
6s seriesB
Chicago A Illinois
Ry 434 s A
75
£11
20
6134
£22
10534
9934
95
Jan
Jan
Jan
Aug
Mar
May
5s series A..
6s. 1945
8334 May
6234
Jan
61
6534
6534
6034
9134
10534
Jan
Jan
Jan
Jan
733*
10834
933*
Feb
103
Jan
Jan
Mar
Jan
Sept
Mar
1053* June
96
Jan
Jan
Sept
Sept
Mar
Feb
2534
Feb
11534
Jan
107
1,000
1063*
Jan
107
June
80
7,000
783*
Oct
783*
48
1,000
47
16,000
10634
87
107*"
"2", 000
£203*
48
43 34
1003*
36,000
102
Apr
87
Sept
Jan
634s with warrants. 1943
♦Hungarian Ital Bk 734s'63
101
102
68
69
£67
75
923*
10134
£15
1949
9934
Sept
Sept
Sept
23
90
£30
263*
11,000
98
31
July
"3",000
68
Sept
74
Sept
3034
10534 106
1073* 1073*
9934
9834
Mar
Sept
Sept
Mar
~15~6o6
1053*
11,000
106
Sept
Jan
943*
62
753*
1093*
107
10234
3734
108
Jan
Oct
Feb
Sept
Aug
Feb
Jan
1043*
993*
Jan
Sept
88
8734
85
8734
17,000
85
Sept
105
94
10634
"13",000
73
9134
Jan
Jan
10634
8634
"olii
9534
Jan
1003*
88
95
95
Sept
Sept
89
Sept
8634
983*
Jan
2734 Aug
10434
Feb
10534 Sept
103J* June
333*
Apr
8834
Feb
8634
Feb
11034 July
46,000
3,000
28,000
12,000
Jan
Electric
1953
Jan
105
Hygrade Food 0s A... 1949
1951
Feb
Feb
Mar
99
634 s series B
Mar
893*
8934
Oct
Sept
973*
2034
923*
534s...May 1957
Corp—
Aug
71
6,000
Sf deb
31
59
2,000
Indiana
Jan
Jan
16,000
923*
1st A ref 534s ser B.1954
1st A ret 5s ser C...1956
Jan
88
75"6O6
10134
6s series B
Mar
97
1053*
22,000
100
1947
111 Northern Utll 5s... 1957
111 Pow A Lt 1st 6s ser A '53
Jan
77
26
7234
48
90
Heller (W E) 4s w W..1946
Houston Gulf Gas 6s.. 1943
Jan
Jan
Jan
Jan
May
6134 Sept
213*
4334
£101
107
Jan
227
7,000
Jan
Jan
Jan
61
1947
£88
Indiana Gen Serv 5s.. 1948
Indiana Hydro Elec 5s 1958
Indiana & Mich Elec 5s '55
5s_._.
1957
Indiana Service 5s
1950
9334
10634 1063*
6,000
1053*
Sept
Sept
Aug
Sept
Mar
111
"76"
111
1,000
1093*
Feb
17,000
24,000
5734
73
76
£10734
£82 34
10634
1003*
8334
84"
58
65
623*
583*
60
7634 June
99
Jan
Ind'polls P L 5s
Jan
99
Jan
Jan
Jan
1073* June
101
Jan
1073*
June
111
June
International Power Sec—
86
883*
70
£8634 88
1033* 104
1063* 1063*
32,000
5,000
66
85
26",665
Sept
Sept
101
106
91
94?*
26,000
34,000
1,000
91
Mar
Aug
Sept
11434
Jan
Sept
11134
8834
10134
10434
10534
11334
July
Feb
99?* 102?*
93?*
9534
19,000
9934
Sept
52,000
9334
Oct
98
29,000
9934
Jan
Jan
Jan
Jan
Mar
107
Sept
Mar
107
June
Apr
100
Jan
95
'
7034
8734
10,000
42 34
45,000
34,000
4334
4834
98,000
10334
10434
106?*
£10534 107
10434
10434
10334
10434
May
Sept
Sept
Sept
Sept
Sept
Sept
Apr
46
106
Jan
98
45
51
105
93
9434
1st lien A ret 5s
ser
634s series C
Jan
Jan
A. 1957
1053*
1957
7s series F
62
73
67
107
70
70
67
1952
International Salt 5s..1951
Interstate Power 5s... 1957
10534
£58
1955
7s series E_
105
107
12,000
69,000
58
585*
Sept
Sept
Sept
1033*
Mar
Jan
Jan
Apr
77
Jan
70
Oct
8334
Feb
May
81
Feb
Mar
109
May
105
Sept
483*
473*
4934
Sept
31
333*
87,000
13,000
47
333*
27
June
1956
7034
683*
7034
19,000
683*
4348 series F
1958
Iowa-Neb LAP 5s___ 1957
65
6634
11,000
65
Sept
Sept
983*
993*
983*
97
963*
10534 10534
30,000
92
June
92
July
Apr
10134
45,000
.1952
Jan
60
6334
3,000
1,000
2,000
793*
78
8234
1063*
763*
693*
Jan
96
Jan
Jan
Interstate Public Service—
5s series
D
5s series B
6534
1961
Iowa Pow & Lt 434s.. 1958
Iowa Pub Serv 5s
1957
94
Feb
99
Jan
7234
7234
7534
Jan
Isarco Hydro Elec 7s. 1952
10134 10234
6934
£66
Jan
Isotta Fraschini
1942
£70
7434
Jan
Italian Superpower 6s. 1963
Jacksonville Gas 5s...1942
52
5334
43
44
7,000
1,000
7s
43
Stamped
1043*
9934
60
Mar
Jan
883*
Jan
1043*
Feb
10434
Feb
1063* May
1053*
Jan
79?*
Feb
72
34,000
Jan
80
Feb
50
June
71
Feb
3,000
43
Oct
563*
Jan
12,000
103
Mar
Apr
95,000
1023*
1053*
1053*
973*
1213*
10434
Jersey Central Pow A Lt—
96
9734
15,000
92
10734 108
30,000
106
Mar
110
Jan
104
Jan
52 34
56 34
Sept
Sept
Sept
Sept
8ept
Sept
9934
Apr
58
60
91
91
91
~~i",666
62?*
21,000
16,000
Conv deb 5s
1950
61
Cities Service Gas 53*8 '42
Service
Gas
Pipe
100
563*
62
309,000
99?* 1003* 35,000
Cities
100
5734
9134
91
84
10131
1053*
5s series B
434s series C
1961
Kansas Elec Pow 334s. 1966
Jan
Feb
18,000
.100
June
10434
973*
10434
10434 1043*
9634
973*
6,000
Apr
933* June
Jan
Mar
Kentucky Utilities Co—
Jan
1st mtge 5s ser H
1961
£11534 118
10034 1003*
8334
113
"9",000
11,000
June
100
Mar
8134
83J4
98
8,000
8034
943*
1,000
88
June
Jan
Jan
Jan
July
993*
1073*
iu/%
1033*
99"
Jan
82
Jan
1948
83
Jan
634s series D
534s series F
97
1955
91
91
103
Jan
58 series I
1969
813*
83 34
12,000
7934
July
334s '66
9534
9534
30,000
93
Mar
101
10334
27,000
1003* May
1834 Mar
111
Jan
26
July
Oct
105
Jan
Lake Sup Dlst Pow
102
104
1947
Kansas Gas A Elec 63-2022
Kansas Power 5s
1947
10434
Apr
Lehigh Pow Secur 6s __2026
♦Leonard TIetz
10334
102
£25
734s_.1946
Lexington Utilities 5s. 1952
Jan
Aug
99
71
5734
t——
2201
Jan
107
78 X
1977
6s series A....
101
1013*
Jan
5934
1963
12,000
58
Jan
Jan
Mar
Mar
98
71
60
Hall Print 0s stpd
1947
♦Hamburg Elec 7s... 1935
♦Hamburg EI Underground
A St Ry 534 s
.1938
Feb
225
6234
2434
♦Indianapolis Gas 5s A 1952
61
page
16
Jan
62?*
ootnotes see
7334
703*
18
Jan
1966
For
74
£11
Jan
"i~,666
1955
1943
7334
£71
9334
753*
124
Cities Service 5s
—
1,000
22,000
9334
145
72
Cincinnati St Ry 534 s A '52
Line 6s
88
125
903* 174,000
10734
HChlc Pneu Tool 53*8 .1942
{♦Chic Rys 5s ctfs
1927
6s series B
Sept
Sept
7,000
10,000
Apr
95
9734
1956
1940
98 ?*
99
88
Mar
Midland
5s
Mar
Mar
Chic Jet Ry & Union Stock
Yards
Sept
11434
873*
4234
4334
483*
106
Jan
10434
1033*
9334
10134
1043*
1023*
1013*
10134
10434
9934
Sept
99
113
70?*
1961
July
Feb
1003*
99
130
72
5034
Mar
Jan
July
115
Sept
8834
5,000
903*
1954
Cent States P A L 534 s '53
Chic Dlst Elec Gen 434s'70
903*
93
18,000
2,000
95
D..1957
109
8634
39,000
95,000
92
121
£9234
Cent Pow A Lt 1st 5s. 1956
Cent States Elec 5s...1948
53*8
10434
Debenture 6s
102?*
133*
1234
43*
434
953*
1053*
10134
136
112?* 112?*
94
Cedar Rapids M & P 5s '53
Central 111 Public Service—
1956
1st & ref 43*sser F.1967
Mar
Jan
100
134
66
Carolina Pr & Lt 5s... 1950
5s series E
9,000
110
80
Jan
1053*
Jan
10934 Mar
10734
Apr
10634 May
Mar
Aug
Sept
99
121
1960
Bethlehem Steel 6s.__1998
33,000
Sept
Sept
8734
1,000
Sept
5s series C
91
10334 June
68
Sept
7534
Works—
98
3,000
10,000
2134
Mar
43
683*
Sept
84
109
40
105
Sept
60
6034
76
20,000
107
Sept
Sept
Sept
Sept
4,000
60,000
80,000
11034 June
11934
Jan
10234
Jan
10434
Jan
6734
Jan
9834 Apr
9334 June
3934 Sept
81
78
Mar
98
Cent Power 5s
Jan
953*
91
Sept
♦6 without warrants 1938
July
923* June
7534
106
♦6 stamped x w.,1938
Bell Telep of Canada—
1st M 5s series A... 1955
101
8834
104 J*
98
1
7734
10034
7834
Apr
10234 May
78
10734 June
40
9834
~2~66o
903*
10634
10634
10834
2,000
27,000
£
Sept
Sept
Sept
Mar
Gen Wat Wks A El 5s. 1943
10834 June
Sept
20",000
June
June
134
Georgia Power ref 5S..1967
Apr
67
79
6
6
Mar
Mar
6,000
77
2,000
25,000
Mar
Sept
Sept
39
42
40
Feb
Sept
983*
Guantanamo & West 6s '58
Guardian Investors 5s. 1948
Hackensack Water 5s. 1938
J45
4254
105H
1023*
434
Jan
9234 June
May
7634 May
96
16,000
70,000
234
2
Jan
99
9334
{♦Gen Vending Corp 6s_'37
♦Certificates of deposit-
83
4,000
Oct
100
88
1940
2O~666
14,000
16,000
Jan
100",000
Florida Power A Lt 5s. 1954
Grocery Store Prod
10334
97
65
1013* June
1013*
1033*
10334
Jan
2,000
933*
983*
10434
10134
Feb
15,000
Jan
84
Sept
20,000
105
102
Sept
753*
105
10834
June
10534
6834
102
10334 104
£93
96
91
6,000
Jan
1023* 10234
9834 May
68,000
1093*
1253*
Banks 0s-5s stpd...l961
Firestone Cot Mills 5s. 1948
14,000
30,000
5,000
Jan
July
Apr
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s '57
Idaho Power 5s
67
Conv deb 43*8 C...1948
Conv deb 434s
1949
Conv deb 5s
1950
Locom
Jan
953*
7734
£56
$9,000
23,000
2,000
1,000
16,000
7734
8134 131,000
1043* 105
7,000
81
7834
82,000
10534 106
12,000
10334 10334
2,000
1953
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd..l950
U1354 116
10034 101
35", 000
9434
9534 115,000
45
3954
112,000
Associated Gas A El Co—
Conv deb 534b.-«-_1938
{Baldwin
9454
8734
10434 10434
106
2024
Ark-Louisiana Gas 4s 1951
10134
9634
7934 8034
10034 10634
10634 107
10634
Am Pow & Lt deb 6s..2016
Amer Radiator 4^s..l947
Amer Seating 6s stp.-1946
Appalachian El Pr 5s. 1956
Appalachian Power 5s. 1941
9554
3,000
101
Jan
3034
,
1st A ret 5b
Debenture 6s
102
2
73*
634
13,000
July
May
1073* Aug
10634
Jan
1043* June
9034
Jan
Feb
Aug
Apr
BONDS
Alabama Power Co—
106
10634
1023* 10334
£134
Georgia Pow A Lt 5s.. 1978
Abbott's Dairy 6s
65
1967
5s ex-warr stamped. 1944
Gatineau Power 1st 5s 1956
10
95
Sept
Sept
Sept
Sept
0
6
634
983*
65
112
Jan
10434
105
703*
10234 1023*
1085* 1083*
Apr
Jan
Apr
118
783* 139,000
9734
"65"
10234
11334
11334
11234
Apr
Sept
Apr
983*
2,000
7534
10234 10234
Jan
Jan
Aug
130
3,000
69
773*
10234
General Pub Serv 5s__1953
6% preferred
£1
Wright Hargreaves Ltd..*
Youngstown Steel Door..5
107
19,000
93
80
5934
Mar
Mar
Mar
Sept
Sept
Aug
60
793*
Gary Electric A Gas—
Jan
334
6348 series A
Erie Lighting 5s
1654 May
Sept
70
Wolverine Portl Cement. 10
Wolverine Tube com
2
107
11034
11034
1073*
1073*
10234
1003*
1023*
High
Sept
8ept
Ercole Marelll Elec Mfg—
3
500
6
Feb
9
76
3,200
x32
July
Aug
60
West/Texas Utll $0 pref..*
29,000
65,000
26,000
10134
Low
1233*
71
11934 1193*
1950
Sept
Sept
8>4
48,000
38,000
9634
101
♦Deb 7s
Elec Power & Light 5s. 2030
Elmlra Wat Lt A RR 5s '56
3,000
2,000
69
Detroit Internat Bridge—
♦6348
Aug 1 1952
♦Certificates of deposit
Aug 1 1952
♦Certificates of deposit
Eastern Gas & Fuel 4s. 1956
Edison EI 111 (Bost) 334s *65
5,000
21,000
£12434 130
1939
6s ser A stamped
1943
Cont'l Gas A El 5s...1958
Crucible Steel 5s
1940
1,000
943*
Gen mtge 434s
1954
Consol Gas Utll Co—
El Paso Elec 5s A
Western Tab & Stat
*
Westmoreland Coal Co..
West N J A Seashore RR 50
10234 103
7034
(Balt) 334s ser N—1971
Consol Gas (Bait City)—
73
100
Com'wealth Subsld 534 s '48
Community Pr A Lt 6s '57
Community P S 5s...1960
Conn Light & Pow 7s A '51
Consol Gas El Lt A Power-
Feb
1834
434
Grocery Co...20
Western Maryland Ry—
7% 1st preferred
100
Jan
23
10
334
1.25
New common
Yukon Gold Co
Sept
Sept
Sept
Sept
6
Sept
854
334
Wellington Oil Co
Willson Products
June
1
Western Air Express
West Cartridge 6% pf.100
Conv preferred
Wilson-Jones Co
Apr
334 Sept
1,800
103
1981
1965
Sept
Sept
July
134
9
7
Wentworth Mfg
1st M 4#> series F
334s series H
9
154
1043*
1123* 113
1113* 113
1113* 1113*
11134 11134
10634 1063*
1043* 105
434s series C... 1956
434s series D
1957
Jan
334
734
654
5534
463* June
112?*
13 34
1%
58
11234
500
7
29,000
58
1st
600
9
5734
58
1st M 5s seriee A...1953
800
Welsbaum Bros-Brower..l
54 X
1st M 5s series B...1954
Sept
'is Sept
1
Sept
18
52,000
1st
*234
•is June
2
Sept
12
57
563*
543*
5534
56 X
Jan
Jan
334
1434
Walker Mining Co
Wayne Knit Mills.._.._.5
1949
Sept
634
*
5348
♦Commerz A Prlvat 534s*37
Commonwealth Edison—
Range Since Jem. 1 1937
Shares
Feb
8934
9534
Waitt A Bond class A...*
5348-1952
far
Week
High
3534
934
334
1334
Wagner Baking vtc
Apr
Cities Serv P & L
Low
19
Sept
600
400
834
2234
Sept
Sept
Sept
38
18
Sept
234
'Class B
7% preferred..
..100
Valspar Corp vtc com..l
Vot tr conv pref
5
Jan
July
8034
434
3,900
"~X
6
18
234
100
Feb
Range
of Prices
Price
2, 1937
Sales
Week's
Sale
Sept
69
700
54
54
234
700
61
434
Sept
Sept
Sept
Sept
50
200
254
254
254
61
600
226
3
Last
High
Sept
"moo
1434
4
"~3
*
Utility Equities Corp...
Priority stock....
*
Utility A Ind Corp com..5
.
11,300
20
21
Utah Radio Products
234
254
4,500
4
Universal Products
Conv
3
234
Low
11
1
Universal Insurance
"ONDS
(Continued)
Shares
10
Universal Consol Oil
Friday
Range Since Jan. 1, 1937
for
I Week
of Prices
Low
Price
Sales
.
Week's
Last
(Concluded)
Oct.
""9834
29
9834 100
io'ooo
J
9834
June
Jan
Jan
Jan
Volume
BONDS
Last
Week'8 Range
of Prices
Low
High
Week
Price
Llbby McN & Libby 5s *42
Lone Star Gas 5s
1942
105
105
105
102 34 10234
110534 106
Long Island Ltg. 6s.— 1945
Louisiana Pow & Lt 5s 1957
Shares
11,000
1033*
21,000
10234
10434
Mar
Sept
Feb
Sept
10634 May
534s1951
July
105
103
104
57,000
90
103 H
103
92
3,000
87
♦7s without warr'ts.1941
4348-1952
{♦McCallum Hos'y 634s '41
McCord Rad & Mfg 6s '43
Memphis P & L 5s A. .1948
~99M
10534
Apr
May
107
88
88
84 X
12,000
Jan
87
11,000
7,000
1,000
8454
83
96
100
10034
6,000
97
93
9434
23,000
93
Sept
31,000
99
Sept
106
Sept
June
Sept
75
5,000
74
Sept
5,000
84
May
Miss River Pow 1st 5s. 1951
1108
107
Feb
62
_3"66O
5934
28,000
92
Oct
♦Certificates of deposit
♦Convertible 6s
1935
Feb
Jan
Jan
9934
10034
10934
8434
Jan
Jan
Apr
Feb
Montana Dakota Power—
♦Munson SS
634s ctfs.1937
4
334
10034 10134
Nassau & Suffolk Ltg 5s '45
2026
Nat Pow & Lt 6s A
Deb 5s series B....2030
5»Nat Pub Serv 5s ctfs 1978
Nebraska Power 434s
6s series A
85
78
74
44M
1981
2022
Neisner Bros Realty 6s '48
Nevada-Calif Elec 5s. 1956
4434
108
78 34
New Amsterdam Gas 5s '48
fLa
1 QAQ
CoDv'deb5a""I"l950
Debenture 534s.--.1954
78
4434
108
11734 11734
99
195
7734 7934
11634 11734
N E Gas & El Assn 58.1947
New Eng Pow Assn 5s. 1948
87
Sept
4,000
334
10034
10034
1434
Sept
107
Jan
4,000
8334
June
May
10734
9734
Feb
74
35,000
30,000
7,000
2,000
45",000
Jan
12634
Sept
110
Jan
Sept
9934
12134
8434
Jan
50,000
5734
5634
8734
8934
31,000
8934
9134
8934
9034
73
1942
♦income 6s series A. 1949
74
10,000
N Y Central Elec 534 s 1950
New York Penn & Ohio—
Ext 43is stamped..1950
N Y P & L Corp 1st 43^s '67
N Y State E & G 434s 1980
10234
7,000
Sept
Jan
1956
Nor Cont'l Util 534s.-1948
9934 May
Jan
Jan
10434
Feb
July
Sept
11234
8634
10034
6934
Jan
Jan
4,000
100
Apr
1,000
11034
Apr
434s series E
98
99
9434
96 34
...1970
N'western Elec 6s stmpd'45
10034
10334 10334
N'western Pub Serv 5s 1957
60
22,000
3934
Sept
Sept
10,000
10634
Jan
May
2d stamped 4s
1946
Super Power of 111 434s '68
1st 434s
1970
Syracuse Ltg 534 s
1954
5s series B
Texas Power & Lt 5s__1956
6s series A
Jan
10434 May
Feb
108
70
May
108
May
52,000
Feb
93
11,000
6,000
103
9734
32,000
96
97
64,000
85
7,000
9254
8334
10534
Sept
Jan
Jan
105
Waldorf-Astoria
Jan
West Texas Util 5s A
1957
10534
Jan
Jan
Wise Pow & Lt 4s
Jan
Yadkin River Power 5s '41
9934
Mar
9234 120,000
10,000
96
June
10534
10534
Jan
99
Jan
91
11,000
88
June
103
Jan
95
9534
13,000
95
Sept
106
Mar
89
9234
12,000
89
Sept
10534
May
106 34 107
1954
8934
3,000
105
Jan
Apr
15,000
534s..1972
1034
11134
10634
11134
108
June
Rapid Transit 6s 1962
634s '60
Pittsburgh Coal 6s... 1949
Pittsburgh Steel 6s... 1948
100
Jan
Jan
(Can)434sB '59
Mar
1034
Oct
111
112
83
66
7034
66
10834
82
15",000
Jan
Jan
6234
10634
Mar
Sept
3034
112
9934
Jan
Jan
5,000
"liW
106
9434
27,000
14,000
2334
2334
1,000
15,000
8534
5,000
10334 Mar
10534 Feb
10534 Feb
9234 Apr
10334 June
8134 May
"98
Jan
Jan
Feb
Jan
108
Apr
107
Apr
10234
10734
10034
Jan
Jan
Jan
Jan
Jan
108
5s
"3",000
10234
Sept
107
Jan
1834
6334
10534
Apr
Sept
25
Aug
85
Jan
108
July
434s ser D. 1950
Queens Boro Gas & Elec—
534s series A.
1952
♦Ruhr Gas Corp 634s. 1953
§»St L Gas & Coke 6s. 1947
San Antonio P S 5s B.1958
6s B '52
1955
Apr
*60
1934
..1952
634s
Apr
77
Feb
Jan
10,000
Jan
2534
2534
Aug
Aug
1934
20
2034
1934
1,000
1734
15
13
104
13
4,000
Sept
634s.'58
1958
27
27
3,000
2434
♦Medellin 7s series E.1951
*11
1134
Feb
96
95
1,000
95
Sept
102
Feb
18
Mar
25
July
131
5,000
129
10834
10334
10,000
101
17,000
101
19,000
7,000
102 34
102 34 103
28,000
10034
104
10334 10434
18,000
102
74
Mar
147
Jan
Mar
11234
10534
Aug
Apr
Mar
105
July
Mar
10434 June
10334 June
10534 May
Apr
Apr
Mar
7034
6734
10,000
99
Mar
7534
71
68
78,000
68
Sept
22,000
65
Sept
96
'
Jan
43,000
59
Sept
9234
Jan
198
24
6,000
9,000
2034 2034
10734 108
10
1134
20,000
10334
10234 105
11134
12634 12634
11134 11134
108
29
10334
Sept
10734
5,000
10234
102
10334
19,000
10234 10234
10234 103
14,000
3,000
1,000
39", 000
132
11134
Jan
Jan
Oct
35
Sept
2834 June
10134 July
10534 Apr
10134 Mar
10154 Mar
10134 Mar
6234 Sept
47
Mar
87
88
Feb
107
Mar
22
13,000
9434
Apr
12634
10234
34
2834 Aug
2534 Aug
10834 May
1834 Mar
5,000
10234 10334
10634 106 34
65
18
Jan
107
1,000
35
12" 000
65
Jan
Jan
Mar
49,000
2934
183
9234
10534
9834
July
Jan
Sept
Apr
1st 434s series B
Carolina Pow 5s. 1957
9834
2234
10434
934
10034
10,000
Shawiniean W & P
Sheridan Wyo Coal 6s. 1947
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
2234
2334
2234
1 534
18
♦Issue of Oct
Aug
9034 June
10334
Jan
10734 May
105
10434
10534
72
Mar
101
Jan
Aug
2534
2934
Mar
Jan
33
July
Sept
21
Feb
9634
Apr
Apr
Sept
9034 June
3,000
22
2134
Feb
m
Jan
9934
"31666
1134
9534
July
Apr
2034
18,000
20
Sept
34
Jan
1934
34
2034
34
8,000
1934
3534
5,000
34
Jan
Apr
v*
K,
2034
2034
77
79
17,000
6234
Sept
Sept
Sept
Sept
Sept
Jan
..1949
13
f: 14
13,000
13
8ept
1961
*13
14
Sept
634s..1959 12034
634s.-.1919
♦Rio de Janeiro
♦634 s certificates
1919
♦534s.
1921
♦5348 certificates—1921
34
—
79
"
5,000
34
5,000
39,000
34
34
34
♦Santa Fe 7s stamped-1945
♦7s
2734 Feb
2734
Feb
2134 Mar
1334 Aug
10034 June
Apr
8,000
12,000
Aug
20
*13
9934
Mtge Bk of Denmark 5s '72
34
34
15
2
134
134
Apr
Apr
Apr
sip.
Mar
Mar
Mar
a Deferred delivery sales not included in year's range,
n Under
not included in year's range,
r Cash sales not included In year's
Ex-dividend, y Ex-interest.
* Friday's bid and asked price.
No sales were transacted during current week.
*
No par value,
the rule sales
range,
*
x
Bonds being traded flat.
§ Reported in receivership.
K Called for redemption.
e
,
Ca«h sales transacted during
/
,
the current week and not
included in weekly or
yearly range:
No sales.
stock dividend paid Sept. 22.
Under-the-rule sales transacted during
weekly or yearly range:
d 100%
y
Jan
10934
15 34
♦Parana (State) 7s... 1958
Feb
Feb
July
2234
1927
♦Mtge Bk of Chile 6s. 1931
6s stamped
1931
♦Santiago 7s.
100
23
95
♦Russian Govt
10034 10134
7134
6834
6434
"7:660
94 34
26
Mar
17
1,000
1434
Mendoza 4s stamped -.1951
$10234 10234
10034
♦Maranhao 7s
Jan
Feb
17
1934
♦Lima (City) Peru
July
17
2034
16,000
2734
10234
10134
50
1947
♦Secured 6s
Feb
Sept
3,000
72
20
♦Hanover (City) 7s...1939
|10234 10234
External
Sept
29
Apr
Danzig Port & Waterways
♦German Con Munic 7s '47
Aug
96
Apr
97
♦Hanover (Prov) 634s. 1949
98
9434
21
Mar
99
Jan
130
"93
20
*9934 100
Mar
♦Schulte Real Est 6S..1951
Southeast P & L 6s.-.2025
3,000
10034
100
1934
14,000
22
22
10034
—.1953
3,000
81'
130
434s '67
1968
D...1970
25
109
2434
Feb
Mar
25
8334 May
8434 Mar
934 Sept
Jan
Apr
Wks 6s.. 1937
Scripp (E W) Co 534s. 1943
Servel Inc 5s
1948
99.
1034
25
1955
96
*934
July
*11034 11034
*105
105
634s.. 1958
Safe Harbor Water 434s '79
534s
1,000
96
63
11,000
Pub Serv of Oklahoma—
lst&ref
2934
104
95
1966
.....1966
Apr
Sept
7,000
12034
1956
Puget Sound P & L 534 s '49
1st & ref 5s series C. 1950
96
30
22
18
22
*8834
Feb
2234 June
2,000
96
6% perpetual certificates
434s series D_
1978
434 s series E
1980
1st & ref 434s ser F.1981
434s series I
1960
*1934
1952
♦6 series A.
Danish
Pub Serv of Nor Illinois
5s series C._
2334
64
63
6s. 1954
1st & ref 5e
2334
♦7s stamped
Mar
Public Service of N J—
Sou
10534
11434
9934
7934
10534
10634 108
108
Power Securities 6s... 1949
1st 43$ s series
2l",000
Feb
Buenos Aires (Province)—
Feb
77
T.ooo
25
10734 10734
Potomac Edison 5s E.1956
434s series F.......1961
Potrero Bug 7s stmpd.1947
8834
5,000
40,000
12034
Portland Gas & Coke 5s '40
♦Saxon Pub
i,
93
♦Prov Banks 6s B..1951
21,000
1034
110634 10834
102J4 10234
♦Pomeranian Elec 6S..1953
Sauda Falls 5s
Mar
10634
Cent Bk of German State &
Feb
9134
69
Piedm't Hydro El
San Joaquin L & P
Jan
107
June
10534
-..1952
♦734s stamped..
1947
♦Cauca Valley 7s
1948
Mar
1034
179
Phila
♦Ruhr Housing
108
103
10634 10634
8634
8534
♦20-year 7s—------1947
—.1951
10034 May
10734 Mar
90
1981
§ ♦Peoples Lt & Pr 5s__1979
4s series A
1834 Sept
10434 July
Apr
1053
106
♦Baden 7s
105
15,000
Peoples Gas L & Coke—
Electric
3234 June
29,000
26,000
10634
Agricultural Mtge Bk (Col)
♦20-year 7s
...1946
109
F
10334 104
10734 10834
Power Corp
1934
Jan
AND MUNICIPALITIES—
110634 10734
Phila Elec Pow
84
FOREIGN GOVERNMENT
90
1950
B
101
*10734
1937
99
434s series B_____..1968
♦Prussian
York Rys Co 5s
8934
Penn Water & Pow 5s. 1940
4s series
June
10534 10534
1966
1971
Deb 534s series B—1959
Penn Pub Serv 6s C..1947
D
Sept
80
Oct
Penn Ohio Edison—
5s series
84
10434 10534
534s '55
1979
6s series A
11,000
2,000
Sept
10234
Sept
Jan
"5*666
85
Sept
117
5a
Jan
92
8434
Mar
1st
Sept
10434
10234
47
Sept
Penn
Jan
104
Sept
Jan
Jan
90
16,000
Sept
Penn Electric 4s F
107
89,000
63
3534
Mar
Feb
89
113
Oct
Feb
50
West United G & E
35
106
8434
39,000
29
Jan
Jan
10434
10534
10234
47
"i~,66o
1964
Cent L & P 434s. 197v
102
Jan
Jan
8934
July
A. 1948
3s
Sept
*10634
10534
10534 10534
Wheeling Elec Co 5s__1941
Wise-Minn Lt & Pow 5s '44
Park Lexington
90
"5,606
106
1834
47
Aug
7,000
9234
8334
88
103
103
June
Jan
110034 102
35
3534
Sept
115
5834 Sept
95
119
1938
84
105
Mar
Palmer Corp 6s
June
9634
90
19
100
9334
86
103
1,000
115
92
Jan
14,000
33,000
4,000
32,000
7,000
93
62
84
'"84"
Jan
Jan
107
Sept
106
11634
6734
Aug
8934
9454
72
101
116
114
July
28
July
99
1st 6s series B..___. 1941
63
75
5834
Jan
Feb
27
20,000
17,000
104
7234
11734
7934
10134
106
Jan
114
Sept
2030
108
191
Sept
61
West Penn Traction 5s '60
West Penn Elec 5s
Oct
1942
60
52,000
Jan
June
84
Wash Water Power 5s 1960
102
ser
28,000
65
92
__
5,000
Pacific Pow & Ltg 5s..1955
6434
*10234 104
1958
4s___1951
103
Pacific Ltg & Pow 58..
23
Mar
Mar
106
1954
102
Pacific Invest 5s
Mar
Sept
*10534 109
Sept
Pacific Gas & Elec Co—
55
2034
1934
90
West Newspaper Un 6s '44
Pacific Coast Power 5s '40
9434
6534
86
Sept
Feb
Sept
Sept
111
62
Wash Gas Light 5s.
Apr
59
Hotel—
♦5s Income deb
Wash Ry & Elec
Apr
1,000
3,000
10734 10734
11134
Jan
10634 Mar
10534 May
10034
Jan
10834
Jan
Oct
Jan
Jan
109
6,000
75
534s'57
A. .1946
Jan
9434
10234
10434
Jan
11,000
1950
24,000
Sept
23
103
103
...1952
1946
85
10634
61
Utica Gas & Elec 5s D 1956
534 s
Feb
24,000
1944
1st ref 5s series B
Feb
113
60
1973
6s
Jan
Oct
Aug
106
103
6834
65
1952
Va Pub Serv
Feb
23
1974
1959
Un Lt & Rys (Del) 534 s '52
United Lt & Rys (Me)—
Jan
Jan
80
106
9834
10234
6534
—1945
Jan
8534
Jan
Sept
66
23
6348
5348
10534
10434
10534
2,000
9,000
Mar
10734 June
Jan
9834
40
4234
11334 11334
634s.'41
5s series E
56,000
Jan
July
10934
Mar
7834 May
6434 June
40
6834
434s
11,000
10,000
93,000
26,000
10734 109
59
7234 156,000
11334
6s series A
6634
67
9834
10234 104
10334 10334
89
8634
"89*
1979
6s series A
10634
10634
3,000
9934
103 34
534s *52
f 6s
1,000
Mar
Sept
2,000
Mar
4934 Jan
10634 Aug
10634 Sept
Mar
10234
66
1956
s
102
6,000
66
99
Conv 6s 4th stamp. 1950
United Elec N J 4s.-.1949
♦1st
6,000
10634 10634
10634 10634
8034
8034
106 34
1962
Twin City Rap Tr
Ulen Co—
4,000
3834
3734
10534 106
10534 10534
.2022
.
45
*43
10534
1957
107
11,000
Okla Power & Water 5s '48
37
Stinnes (Hugo) Corp—
2d stamped 4s
1940
Sept
16,000
9734
9234
8334
56
47,000
Sept
9334
434s serD. 1956
4348—1951
Apr
2134
16,000
10534 10634
lst&ref
37
5834
1634
26,000
10534 10534
10434 10434
5s conv debs..—...1946
4434
55
20
Vamma Water Pow
Ogden Gas 5s._^_-...1945
Okla Nat Gas
1634 Sept
5734
♦Starrett Corp Inc 5s_1950
Utah Pow & Lt 6s A..2022
89 34
Ohio Power 1st 5s B..1952
93
Mar
Jan
85
Jan
Aug
10234 103
11034 11034
98
96
Tide Water Power 5s.
TIetz (L) see Leonard
10934
10734
10434
41,000
1969
Sept
8734
*8634
United Lt & Pow 6s... 1975
Mar
Apr
1966
C
series
5s series D
Jan
55
35*666
Toledo Edison 5s
Northern Indiana P S—
5s
102
♦United Industrial
June
No Indiana G & E 68.1952
Sept
Jan
July
96
17,000
88
Standard Investg 534 s 1939
{Standard Pow & Lt 6sl957
92
s72
105
8934 90
3934 41
10734 10734
96
United El Serv 7s
43,000
8934
Sept
Jan
Jan
No Amer Lt & Pow—
534s series A
57
Jan
106 J4
99
8,000
33,000
Jan
106
61
6034
9534
106
60
57
10234
19,000
Nippon El Pow 634S--1953
Mar
Debenture 6s .Dec 1 1966
Sept
107
1954
96
8534 June
107
98
Mar
Sept
8434
10134
Sept
107
98
Mar
9534
58
Sept
103
N Y & Weetch'r Ltg 4s 2004
Debenture 5s
10234 10234
95
5834 Sept
Terni Hydro-El 6348—1953
Texas Elec Service 5s_1960
New Orleans Pub Serv—
5s stamped
60
13,000
Tennessee Elec Pow 5s 1956
July
Sept
Mar
14,000
Tenn Public Service 5s 1970
15,000
11,000
64
v
49,000
Jan
Apr
64,000
60
95
61
May
Sept
8834
62
Jan
Mar
95
60
51
55
6034
22,000
Sept
Oct
58
110
113
6034
23,000
6034
6134
5734
;
5834
Jan
111
7734
63
5734
♦Certificates of deposit
1951
May
19.000
8734
88 34
91
Feb
6134
5734
Jan
10434
106
10034 May
Debenture 6s
June
40,000
6034
5734
5634
60
June
97
1,000
56
6034
44
10634
Jan
Sept
3,000
7134
9634
Jan
83
3,000
S^Stand Gas & Elec 6s 1935
Jan
104
85
Jan
Jan
Mar
87
Sept
May
10334
103
Apr
105
Sept
83
118
Jan
11034
9734
103
Sept
Jan
108
9334 May
So'west Pub Serv 6s. .1945
84
96
97J4
9934
So'west Pow & Lt 6S..2022
10,000
5934
95
Jan
108
4,000
"4^666
94
Jan
"i",66o
5934
69
*62
Jan
75
1944
69
104
85
534s
1,000
104
85
5*Missouri Pub Serv 5s '47
106 34
Oct
10134 May
10834
2,000
1st & ref mtge 4s
1960
Sou Counties Gas 434 s 1968
6,000
July
74
Miss Power & Lt 5s
10634 10634
10434 10434
9934 Mar
9934 Apr
104 \
Mar
10234
Jan
S'western Lt & Pow 5s 1957
1957
Mississippi Pow 5s.1955
103
52,000
Aug
84
101
13,000
10234 10334
10234 10334
Mar
7134
99
10534 10534
102 34
60
10734
9934
9734
10634
10254
9934
7434
10534
334s
334s B.July 1 '60
Aug
10734
Mar
1945
Ref M
101
Aug
High
Low
Ref M 334s.May 1 1960
Debenture
Feb
2734
Range Since Jan. 1 1937
for
Week
Shares
Sou Calif Edison Ltd—
2234 May
9834 July
84
634s '45
Mllw Gas Light 434s_.1967
Minn P & L 434s
1978
1955
8434
9034
9734 9734
108
1106
Midland Valley RR 5s. 1943
lst&ref 5s.
9934
of Prices
High
Low
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
50
Mengel Co conv 434 s. 1947
Metropolitan Ed 4s E.1971
Middle States Pet
121
9934
Sale
Price
Feb
106
Week's Range
Last
(.Concludes)
High
Low
Mansfield Min & Smelt—
Marlon Res Pow
BONDS
1937
Range Since Jan. 1
for
Sale
(Continued)
Sales
Friday
Sales
Friday
♦Manitoba Power
2201
New York Curb Exchange—Concluded—Page 6
145
the current week and not Included In
No sales.
z
.
Deferred delivery sales
transacted during the current week and not
in weekly or yearly range:
.
.
included
,
No sales.
Abbreviations
certificates of deposit; *cons," consolidated;
convertible; "m," mortgage; "n-v," non-voting stock;
certificates "w i," when Issued; "w w," with warrants ;"x-w."
Used Above—"cod,"
"cum," cumulative; "conv,"
"v t c," voting trust
without warrants.
2202
%
Financial
'
Chronicle
Oct.
1931
2,
Other Stock Exchanges
Friday
New York Real Estate Securities
Stocks (Concluded)
B'way & 38th St Bldg 7s *45
94
Bryant Park Bldg 6Ksl945
39
Drake
Ask
Bid
Unlisted Bonds
Bid
Par
1939
Ask
45
600 Fifth Ave 6KS-.1949
38
(The) 6s
1943
Price
Low
mm
80
12
m mm
14
m'mm
NYNH&HRR (The)100
North Butte.......—2.50
m m m
m
mm
_
on
1,140
4K
Sept
11K
Apr
2
Established 1853
39
BALTIMORE, MD.
73c
5.870
40c
Sept
10K
57
51c
250
52c
Sept
July
435
18%
Sept
30 %
807
30 K Sept
5% Sept
22% Sept
27K
5
14K
Louisville, Ky.
1,510
190
11%
"W
5K
23 K
12K
16K
12
14 K
IK
"32""
417
25c
200
25c
Sept
40
28%
Sept
32K
75
Sept
98
40
37K
Sept
IK
5,950
IK
Jan
9K
290
4K
684
42K Aug
2% June
Feb
19K
Jan
12K
29
United Shoe Mach Corp.25
75
71K
76 K
25
39
37 K
39
Utah Metal & Tunnel.... 1
Waldorf System
Inc
*
Warren Bros Co
*
Warren (8 D) Co
York, Pa.
1
IK
*
9K
"1%
4
36
Mar
llK Mar
Jan
25K
Feb
16K
33 K
Jan
Feb
3K
41% May
33 K
25C
25 K
Preferred
Jan
Jan
50
Sept
31
Jan
1.75
Sept
50
577
1
1
Mar
Mar
44 K
Sept
1,212
14
Copper Ld & Mln.25
Union
11
Mar
9%
2K
29K
Sept
23 K
Union Twist Drill Co....5
Broadway
142
K
2%
19
Mar
t6
June
239
55c
5K
*
*
Sept
112
3K
50c
.._*
(new)
2
627
3
Suburban Elec Sec com..*
NEW YORK
Hagerstown, Md.
265
110K 112 K
70c
50
25
Stone & Webster
Baltimore Stock Exchange
SteinBros.&Boyce
Calvert St.
Feb
5
16K
Torrington Co
S.
56
10
Shawm ut Assn tr ctfs
6
Sept
2
112 K
3
Reece Button Hole MachlO
Orders Executed
High
32 K
Old Colony RR..—...100
Old Dominion Co
25
Pennsylvania RR
Quincy Mining Co
Low
147
4K
*
New England Tel & Tel 100
..
'
Range Since Jan. 1 1937
Shares
34
Pacific Mills Co..
„
High
30
1
Nat'l Tunnel & Mines
m
24
10 East 40th St Bldg 5sl953
2124-34 Bway Bldgs5Ks'43
6
.
Week
'
6
Pennsylvania Bldg ctfs
250 W 39th St Bldgs 6s '37
mm
»
■
Internat Commerce Bldg—
6Ks
Dodge Corp—
Income bonds vtc
■
32
11 West 42d 8t 6KS--1945
Place
for
of Prices
Mergenthaler Linotype. _*
Narragansett Racing Ass'n
Inc
Park
Week's Range
Sale
Closing bid and asked quotations, Friday, Oct. 1
Unlisted Bonds
Sales
Last
Exchange
36
31
1,502
36
Sept
9
Sept
4K
Sept
35
25
1
Jan
Mar
Aug
Jan
46
Feb
Members New York, Baltimore and Chicago Stock Exchanses
Chicago Board of Trade
New York Curb Exchange (Associate)
CHICAGO
Baltimore Stock
SECURITIES
Listed and
Exchange
Unlisted
Sept. 25 to Oct. 1, both inclusive, compiled from official sales lists
Last
Par
Arundel Corp
Week's
Sale
Stocks—
of Prices
Low
High
Price
—*
1st pref vtc
1
*
_
*
.
5% preferred... —-.100
69 K
113 K
for
Range Since Jan. 1 1937
Shares
2,226
Low
419
3
Members
Week
18 K
1
3K
21K
Black & Decker com..—*
Consol Gas E L & Pow.
Range
IK
17K
Bait Transit Co com vtc.*
Paul RDavls & ®<x
Sales
Friday
17K Sept
1
Aug
3
23%
Apr
9
Sept
38
June
89%
41
112
Apr
113K 113 K
Jan
Jan
115
Chicago Stock Exchange
Jan
Sept. 25 to Oct. 1, both inclusive, compiled from official sales lists
Eastern Sugar Assoc—
Common
1
—
Preferred...
27
rn'mm-Jm
Houston Oil pref
Mar Tex Oil
12 K
13 K
100
Sept
27
Sept
48
Jan
112K
138
109
Sept
136
Apr
38 M
20 K
125
27
mm
19 K
1
12 K
95
109
38
12K
1
Fidelity & Deposit
20
Fidelity & Guar Fire... 10
943
28
17K
3
2K
3K
Common class A
2K
1,293
3
500
3K
Merch & Miners Transp— *
19
19
25
25
1,535
20
Monon W Penn P 87%
25 K
pf25
Mt Ver-Wdb Mills pref. 100
New Amsterdam Casualty5
73
68
Sept
82
Sept
18K
1,575
99
86
llK
IK
97K
14
14
25
14
97 K
2
18K
1714
19 K
5,753
Apr
Sept
2
Aor
Common
17K
Sept
Price
Low
Feb
Feb
Jan
High
Range Since Jan. 1 1937
Shares
High
Low
:;
*
43
41
43
11
10K
11
300
43 K
Sept
Feb
55%
17K Feb
Jan
12K
12K Mar
14% May
23 K
Feb
26 K
Feb
Jan
84K
13K Feb
12K July
4% Mar
Feb
57%
Athey Truss Wheel cap
5K
5K
650
17
Jan
5
5K
500
5K
3K
Sept
Autom Washer
Feb
9
Mar
12 K
50
12 K
19K
20K
23K
Mar
Aug
6K
"5%
750
41
Sept
320
10
Sept
8K
1,100
6K
Jan
6
1,100
5K
Sept
1,600
150
9K
12K
Sept
14
20
Allied Products Corp com 10
10
13
Aetna Ball Bearings com.l
Sept
18K
29%
(new)
Adams Royalty Co com..*
Advance Alum Castings..5
Mar
104
Sept
for
Week
Adams (J D) Mfg com...*
Jan
1,636
Par
of Prices
Abbott Labaratories—
Jan
IK
58
Stocks-
Week's Range
Sale
Jan
41
12 K
Sales
Last
Aug
27%
68
m
Friday
Jan
Sept
IK
97 K
m
48K
23K
4K
4K
Sept
11K
m
Aug
19
68
.
30K
24K
IK
Northern Central Ry
50
Seaboard Comm'l com A 10
Fidelity & Guar
232
37% Sept
17K Sept
2K Sept
2% Sept
12 K
mm
North Amer Oil Co com...
U S
Chicago Curb Exchange
St., CHICAGO
Jan
Sept
17 K
1,252
70
Chicago Stock Exchange
(Associate)
10 So. La Salle
Jan
64
220
22 K
New York Curb
3
566
3K
17K
69
New York Stock Exchange
High
20
100
20
July
51
53
90
51
Sept
5%
9K
Aug
'
;
Class A...
25
Amer Pub Serv Co pref. 100
Armour & Co common...5
52
Bait Transit Co 4s (flat) '75
25
25
25 K $12,500
A 5s flat
1975
28
B 5s flat
1975
95
29 K
95
Finance Coof Amer4% 1942
100
Sept
28
Sept
48
Jan
95
Sept
104
Mar
6,000
100 K
25
3,500
3,000
99
Aug
100K
K
Jan
41%
Sep
7
Jan
9
9K
9K
8,500
Aro Equipment Corp com 1
Bonds—
550
9
Sept
Asbestos Mfg Co com
1
IK
IK
600
IK
Sept
Associates Invest
*
43 K
com
8K
pref. *
conv
Backstay Welt Co com...*
12 K
46
Jan
13
13
Bastian-Blesslng Co com.*
16K
17K
1,500
16K
Sept
Sept
Sept
Belden Mfg Co com
17K
17K
15K
50
17K
Sept
22
650
14K
7K
8K
1,850
9K
150
7K
8K
Sept
Sept
9
30K
14K
14K
43%
Barlow & Seelig Mfg A com 5
Townsend, Anthony
Established
Bendlx Aviation com....5
Tyson
and
Berghoff Brewing Co
(New)
30 State St., Boston
Bangor
Class A pref....._....*
Bruce Co (E L) com
*
Bucyrus-Monighan cl A._*
Burd Piston Ring com...l
Lewiston
Canal Const
Boston Stock Exchange
to Oct.
Sales
Last
Par
Week's Range
for
Sale
Stocks—
of Prices
Low
High
Week
Price
Range Since Jan. 1 1937
Shares
Low
conv
80c
80c
20
80c
160
IK
1K
Aug
Sept
2,588
156 K
113
111% 116
155
111K
Sept
Sept
147
Jan
100
129 K
125
272
125
Sept
160
Jan
Boston Elevated
100
55%
56
231
55
Sept
21
22
120
21
100
2.50
20
Sept
13K
750
11K
Sept
33
33
200
32K
Jan
9
200
5,300
500
IK
50
pref...*
IK
30
IK
27
30
400
9
10K
24
Feb
Feb
Feb
IK
27
Mar
Feb
Feb
Feb
Mar
Apr
13
July
18K
36K
5%
Mar
43
July
Common
1
$1.50 conv pref
Cent 111 Pub Serv pref.
Central S W—
.
IK
*
—
....—1
*
52
IK
8K
55
2K
2
88 K
88
40
4K
4
2K
3K
*
9,450
IK
Sept
8K
Sept
52
Mar
Jan
2
Feb
Jan
z8l%
Feb
Sept
6%
110K
Mar
86K June
40
Sept
75
Jan
Jan
26K
170
4
Sept
20K
40
4K
56
52
Sept
73
Mar
Sept
26K
K
6K
Sept
100
K
100
3K
18,450
1,200
26K
K
3
Jan
Sept
Sept
Sept
3
Sept
10
Mar
Chic Rys part ctfs 1
100
IK
IK
50
1
July
10
2K
Sept
10K
Mar
14K
14K
20
14
Sept
Sept
56K
Mar
Chic Rivet & Mach cap—4
Chic Towel conv pref
*
100
20
100
Jan
11
300
11
Sept
39 K
40 K
48
Chic Flexible Shaft com..5
3%
19
Sept
520
55
3
100
160
26K
K
56
200
370
91
40
*
Preferred
IK
8K
*
16
Jan
Aug
Sept
Mar
Mar
50K
22K
15K
28%
30%
33K
sept
Sept
Sept
Sept
14K
3
3
2%
3K
100
Class A 1st pref stpd. 100
Class B 1st pref
100
6%
7
183
6
19
6
8
165
8
6%
9
465
8
7
23
6
21K
Class B 1st pref std..100
Class C 1st pref std. .100
Class D 1st pref stpd. 100
6K
19
9
30
10
9
Calumet & Hecla
25
10K
9%
10K
485
Copper Range
25
7%
7%
8K
1,030
%
K
100
East Boston Co
*
19
6K
6K
Sept
Sept
Sept
Sept
*
4
100
63%
4
......100
1K
..100
58
63 K
39
100
42
IK
33
Adjustment
100
Eastern Steamship com..*
Economy Grocery Stores.*
Employers Group
*
General Capital Corp
*
IK
35
8
57
Cities Service Co
com
*
24K
Mar
Club Aluminum Uten
*
23
Mar
Coleman Lp & Stove com.*
Mar
Commonwealth
91
185
233
35
4K
130
5K
14K
222
14K
17K
17K
120
35%
35 K
3K
5
35%
10
100
Gilchrist Co
*
11
11
Gillette Safety Razor
Helvetia Oil Cote
*
11K
12 K
1
Isle Royal Copper Co...25
40c
40c
400
3K
3%
1,210
100
UK
see page
11M
25
5% cum preferred... 100
Mass Utilities vtc
30
2K
2206
2K
10
327
Sept
29
Sept
20K
17K
IK
Sept
10K
55K June
35% June
48%
Jan
550
39 K
47
Jan
Jan
Mar
48
Feb
81
25
Compressed Ind Gases cap*
Feb
Consolidated Biscuit
Jan
Jan
100
11K
250
2K
2K
7,700
IK
2M
IK
50
34
34
28K
25
28K
34
32
35
70
com.
of
Pref part sh
1
77
Mar
33 K
48K
11
10K
2K
10K
10K
10
10K
Oct
5
2
June
5K
Feb
370
75
Sept
14K
Sept
110K
26K
Mar
650
Sept
July
Dexter Co (The) com....5
Dixie Vortex Co com
*
Mar
10
June
14K
Jan
Sept
20 K
Feb
Elec Household Util cap. 5
40c
Sept
2
Mar
2%
Jan
6%
Jan
23K May
5
65
10K
35
2%
Sept
Sept
Sept
64
3%
Mar
Jan
.15
...1
5
30
5
13K
4K
Feb
Jan
10K
Feb
Sept
2SK
Apr
Sept
Jan
150
8
Sept
11K
17K
17
18
550
17
Sept
25
Feb
31
31K
100
31
Oct
41
Feb
19K
20
27
27 K
8
31
Dodge Mfg Corp com
*
Eddy Paper Corp (The)..*
11%
com
Jan
July
3,850
5
*
14K
3
250
Elgin Nat Watch
Feb
17
1,150
Class A
Aug
80
2K
4K
Co
Jan
May
75
15 K
Fuller Mfg
Jan
Mar
15
4K
47
Feb
17
13 K
Sept
Feb
Feb
80
Decker & Cohn com....10
Mar
Mar
111—
50
Cord Corp cap stock
Sept
Sept
Dayton Rubber Mfg com.*
sept
37
Sept
3K
Jan
Jan
27%
5%
2K
25
Jan
8%
22K
26K
108
32
Mar
Sept
3
37%
500
1,290
7
14K
17K
35K
Jan
6%
13,625
51
3K
May
3K
Sept
Sept
34
Sept
3K
Sept
IK
2K
IK
Sept
3K
3K
33
Aug
2K
Edison—
New..
Jan
Co
2K
Cudahy Packing pref.. 100
Cunningham Drg Stores 2K
Curtis Light Inc com
*
30
240
2K
Chicago Yellow Cab Co—*
Mar
Sept
4
100
Mar
Consumers
Common
—
20
9
40c June
Common
21
9K
7K
East Gas & Fuel Assn—
For footnotes
24K
Sept
25
Prior pref
com
20
Sept
6K
100
std
Maine Central
Oct
5K
6K
100
Preferred
1st preferred
Feb
Feb
Chic & N W Ry—
Common
Common
Sept
8K
69K
30K
Boston & Maine—
4K% Prior pre!
"33"
16K
850
8K
9K
Cherry Burrell com (new) 5
Chic City & Con Ry com. *
Chicago Corp common
*
162%
100
20
100
9K
11K
"8K
12 K
Jan
100
6% preferred
East Mass St Ry—
Sept
26K
Cent States Pr & Lt pref. *
Chain Belt Co com
_*
Amer Tel & Tel..
Preferred
Sept
36
10K
Jan
Jan
Boston & Albany
Boston Edison Co..
Boston-Herald-Traveller _*
29
24
2%
6K
187K
IK
156 % 163 %
129 K
990
UK
Preferred
50
Sept
2,100
26
Prior lien pref
Common
18
13
Central Illinois Sec—
Common..
High
American Pneumatic Serv-
6% non-cum pre!
40 K
10
Castle (A M) common..10
1, both inclusive, compiled from official sales lists
Friday
32
36
30
Butler Brothers
5% conv preferred
Sept. 26
29
18
40
Brach&Sons (E J) cap...*
N. Y. Tel. CAnal 6-1541
Portland
5
com
Brown Fence & Wire com 1
DEPARTMENT
Private Wire System
Boston Tel. LAP 7010
"31%
150
Borg Warner Corp—
New York Curb Exchange (Asbo.)
UNLISTED TRADING
14K
"m
1
capital
Bliss & Laughlln Inc cap. 5
York Stock Exchange
Boaton Stock Exchange
1
Blnks Mfg Co
1887
Member 9
New
13
10
5
31K
3K
4K
30
3K
8K
5
450
19K
150
27
1,150
31K
400
3K
850
4K
30
3K
Sept
Sept
Sept
Sept
Sept
26K
41K
12K
40K
Jan
Aug
Aug
Jan
Mar
5K May
Gardner Denver Co—
New common
$3 cum conv pref
*
17
15 K
17
500
15
20
59
59
59
100
58 K
Sept
Jan
23%
July
70
July
Volume
Financial
145
Sales
Friday
Last
of Prices
Price
Par
(Concluded)
Week's Range
Sale
Stocks
2203
Chronicle
Low
Range Since Jan. 1 1937
for
Week
High
Members Cincinnati Stock Exchange
High
Low
Shares
Trading Markets in
Active
Gen
Candy Corp A
12*
"""4*
1
2,150
3*
4*
250
4*
12
5
Gen Finance Corp com
9,250
12
Cincinnati and Ohio Listed and Unlisted Securities
5* May
Mar
2*
Feb
19
Sept
4*
Gen Household Util—
Common..—......
*
30
Gossard Co (H W) com..*
10*
Sept
50*
Feb
30
Sept
42*
Mar
850
Sept
12*
July
35
9*
......
Jan
Sept
35
900
10
35
Goldblatt Bros Inc com..*
10
30*
2*
3*
Godchaux Sug Inc cl A
9*
Great Lakes D & D com..*
14
2,150
14
Sept
29*
Jan
Hamilton Mfg A part pf. 10
9
9
50
9
Sept
14
7
1,400
11*
13*
TRUST
CINCINNATI
BLDG.
Apr
6*
BALLINGER & CO.
UNION
Jan
Helleman Brew Co G cap.l
"
7
15*
6*
Aug
Sept
Hein-Wern Mot Pts com.3
7
7
7*
300
7
Hlbb Spencer Bart com..25
Inc common
*
49
49
50*
190
45
Jan
15*
15*
15*
100
14
Sept
Borders
Houdaille-Hershey cl B
Illinois Brick Co cap
j,*
2*
350
7*
Sept
102
105
110
99*
May
28
111 North Util pref..... 100
29
100
28
Sept
Indep Pneum Tool vtc..*
Week's Range
for
Sale
of Prices
Low
High
Week
Feb
Jan
Price
50
Cln Street Ry
Aug
CIn Telephone
Mar
49
Par
Stocks (Concluded)
Cln Union Stock Yard.
*
7
450
6*
Sept
10* May
Cin Union Term pref.. .100
18
450
17*
Sept
27
Feb
21*
800
20
Sept
29*
Feb
Crystal Tissue
Dayton Milk
29*
44*
30*
400
27
Sept
51
Feb
Dow Drug
44*
Aug
Eagle-Picher Lead
1
6*
7*
Kellogg Switch & Sup com*
Ken-Rad T A Lamp com A*
8*
9
14*
105*
7*
6*
1
Jefferson
30*
Electric com...*
Joslyn Mfg A Supply com 5
Katx
Drug Co com
50
44*
Sept
55
750
6*
Sept
16*
Feb
1,350
8*
Sept
12*
28*
43*
7*
Mar
3*
Jan
3*
Aug
Sept
17
18
600
17
50
26*
25*
27*
120
25
June
Kerlyn Oil Co cl A com..5
4*
4*
4*
300
4
1*
1*
1,250
1
Sept
Sept
2*
3
Ky Util jr cum pref
Kingsbury Breweries cap.l
2*
5
La Salle Ext Unlv com
850
1*
Jan
*
Sept
100
14
Sept
27*
16
142
14
Sept
25
Jan
15*
15*
Sept
17
Mar
110
26
Sept
36
Feb
5
Sept
8*
Jan
1
Sept
2
Jan
5
5
25
1
133
12
Prior pref
Mar
Kroger
Libby McN A Libby...10
10*
10*
12*
900
15*
Mar
Little Miami Guar
5*
30*
*
Sept
12*
Sept
45
Jan
Jan
Oct
4*
400
Jan
33*
July
3*
450
3*
Sept
6*
Jan
38*
60
38*
Mer
56
23
22*
Aug
25*
180
20*
Sept
48*
1*
2,400
1*
Sept
4*
Jan
1,450
17*
Sept
30*
Mar
17*
4*
24
4*
3,300
250
3*
1,750
2*
7*
2*
7*
12,500
7*
Sept
15*
1,300
1*
June
7*
1,950
June
3* June
1*
Conv
9*
25
26*
10
25
Sept
31
100
98
20
95
Sept
215
18
Sept
24
Jan
101* May
24* Sept
1* Sept
Oct
3*
* July
106
Mar
37
Mar
24*
2 50
1*
3*
*
100
18*
18
11
102* 102*
24* 25
1*
1*
3*
3*
*
*
50* 53
*
50
31
10
5
284
50*
Sept
*
53
100
213
213
213
23
211
Feb
*
17
17
17
20
17
Sept
Randall A
*
B
26
23
23
Feb
Feb
Feb
Jan
215
Mar
23*
11*
30*
34*
3*
25*
Sept
160
23*
26
10
100
4*
8*
3*
55*
26
3*
4*
*
Rapid..
U S Playing Card
Jan
Jan
101*
137
23
Sept
18
221
16
Apr
120
92
Jan
134
Jan
Jan
26
108
4*
Sept
Feb
Feb
Mar
4*
5
2*
1*
4*
*
Apr
102*
*
Jan
7%
2*
*
preferred A
...
Jan
12*
30*
*
5% pref
4*
24
Sept
7
31*
Sept
Sept
5
Feb
Wurlitzer
Jan
2*
1,550
*
V
100
—
ion
Preferred
17*
105*
18
105*
May
—Apr
Jan
Ohio Listed and Unlisted Securities
Midland United Co—
Common
Jan
Sept
..50
P A G
Jan
*
1
5
purchase warrants
16
25
Jan
2*
*
4*
27*
2*
18
com.l
preferred
*
Mlckelberry's Food Prod—
Prior
18*
June
10
9*
18*
B...
Feb
1*
1*
9
25
*
Magna vox
Moores Coney A
Mar
38*
Manhatt-Dear'nCorp com*
Marshall Field com
.*
Stock
5*
30*
3*
16*
3*
Lynch Corp com.....—.5
Common
40
200
21
McCord Rad A Mfg A...*
Middle West Corp cap
600
6
32
3*
3*
3*
10
Lion Oil Refining Co com.*
Loudon Packing com....*
Mer A Mfra Sec cl A
100
Lunkenhelmer
;__*
$3* preferred
Julian A Kokenge
20
25
25
Kahn 1st pref
Lincoln Printing Co—
Jan
5*
4* May
20
5*
10*
25
■'mmmm
July
1
5
5*
10*
100
Part pref
19*
Common.
62
26
Sept
Feb
14
1
June
Mar
14
5
12
Jan
July
9
15*
26
25
9*
41*
14
*
30
1
15*
Hatfield
750
.
Apr
Sept
16
*
Feb
Sept
Apr
Jan
Jan
Feb
108*
14
Goldsmith..
12*
Lindsay Lirht com
100
6*
6*
Gibson Art
26*
■
13
Jan
Mar
12
Sept
120
40
26
26*
9*
8*
7*
40
*
12*
preferred...—.*
5*
22
105* 105*
6*
*
..10
Cumul
Le Roi Co com
550
6
100
Sept
269
*
Fyr-Fyter A
13*
34*
5*
6
Sept
461
15
10
Formica Insulation
Hilton Davis pref
.___*
83*
14*
105*
7*
39*
6*
85
Feb
Leath A Co—
Common.
Sept
36
40
*
6
14*
6*
Jan
10*
217
6*
83*
6*
85
-50
17*
18
Iron Firem Mfg com vtc.*
Jarvls (W B) Co cap
High
Low
Shares
Aug
20
Indiana Steel Prod com__l
Range Since Jan. 1, 1937
Last
June
21*
27*
4*
19*
111*
Sept
8*
8
,
105"
2,600
Sales
Friday
52* May
Sept
18
3*
2*
10
20
18
18
—-.
Hupp Motor com (new)__l
Mar
;
Tel. Cln. 363
Pbone Cherry 0711—Bell Sys.
Members Cleveland Stock
Exchange
Midland Util—
100
100
7% prior lien
7% preferred A
pref..*
Modlne Mfg Co
com—.—*
20
1*
no
3
3
30
Miller A Hart conv
120
2*
Aug
1*
Sept
2*
Sept
5
Feb
Jan
8*
46*
550
30
Sept
50
31*
5
Oct
10
50
GILLISf JWOODda
Jan
Sept
July
Jan
Monroe Chemical Co—
*
Common
Preferred-
—
—
B'Gosh
*
com
Feb
Sept
36*
Feb
150
3*
Sept
Sept
58
3*
9*
2,100
8*
Sept
16*
17*
300
17
Sept
37
Mar
36
36
10
36
Sept
81
Jan
18
240
15
54
Jan
10
10
70
10
Sept
Sept
30
10
27
June
15*
30*
Feb
30
mm
-
4V***
WW
27
550
26
35
1,500
33
Jan
m.
\m
-
Pictorial Paper Pack com.5
1
Sept
2*
16
Oct
Mar
11
100
10
Sept
24*
17*
31
110
30
May
35
1
1
Prima Co com
*
Process Corp com
*
Mar
3*
Feb
Feb
t
5*
3*
1* June
4*
Jan
650
1*
400
2
1,150
1
1*
2
2
7*
Oct
450
1
1
Aug
Sept
5
2*
2*
*
2
2
300
Jan
Jan
5
•-MM
Jan
75
86
900
70
June
109
86
114
180
108
Sept
Common......
_*
preferred..
7% preferred
—100
100
113*
115*
109
11534
150
107*
*
105*
105
107
510
105
.100
mmmmmrn
135
137
70
121
6%
Quaker Oats Co com
Preferred..
Jan
99*
120
Jan
Sept
122
Jan
Sept
125*
Jan
Apr
Jan
150
Common v t c
6% pref v tc__
—5
Rollins
Feb
Sept
3*
36*
Jan
Sept
1*
150
13*
340
1*
12*
1
Electric com
*
Schwitzer-Cummins cap..l
1*
1*
Sept
2*
July
30
900
29
Sept
42
Apr
17*
19
700
17*
Sept
28*
Feb
76
m'mrn
Sears Roebuck A Co com. *
cl B com
1*
29
30
Sangamo
Serrick Corp
5,600
1*
76
50
76
Sept
98
Aug
14*
Mar
9*
10*
750
9*
Sept
25*
27*
120
16*
Jan
288*
28*
16*
10
1
Signode Steel Strap—
Common
Preferred
26*
...—*
30
So Bend Lathe Wks cap..5
Stein (a) A Co com
Storkline Fur com
cap*
Swift
International
Mar
June
16*
Sept
4
20
4
Oct
7
Jan
80
80
80
80
Oct
95
Jan
66
66
20
06
Sept
83*
Jan
Sept
5*
Jan
-
-
m'-m
3*
3*
m
m'mrn
14*
mm
3,900
4*
16
800
3*
Sept
14
20* May
21*
16
Sept
350
7
Sept
15*
Mar
27
28*
1,050
27
Sept
33*
Mar
mmrnmm'm
19*
21*
6.000
28*
Mar
17*
18*
1,450
19*
17*
Sept
18
Sept
28*
Mar
Mar
Apr
4U0
17
16
16*
7*
rn'mrnmmmm
Sundatrand Mach Tool Co*
8
July
6*
Thompson (J R) com...25
Trane Co (The) com
2
7
150
6*
Sept
18*
19
19
350
18*
Sept
15*
26*
4*
2
Jan
6*
Feb
5
Jan
2*
2*
3,400
2*
Sept
*
2*
Utah Radio Products com *
Util A Ind
Mar
28*
750
4
15
25
Swift A Co
-
*
10
35
27*
50
19
80
Southwest Lt A Pw pref..*
Standard Dredge com
*
Convertible preferred..*
Apr
4
"19"
South Colo Pow A com. .25 :,
St Louis Nat Stockyds
40
*
800
*
Sept
July
Corp—
5
Common
Convertible
pref
Wahl Co (The) com
7
*
*
2
2
Zenith Radio Corp com..*
-
2*
24*
950
2
June
2,150
22
Sept
49*
5*
100
5
Sept
12*
6*
100
6* May
12
8*
m'mmmm
Sept
6*
Wisconsin Bank shs com.*
Woodall In dust com
2
5
Walgreen Co common
Williams OU-O-Matie com *
600
22
2
2*
2
mm-mmm
8*
550
8
Sept
15*
36*
3,750
30
June
43*
for
of Prices
Low
High
Sept
16*
_
100
*
14*
24
Sept
40*
Feb
80
Sept
101*
Mar
35*
596
35
Sept
63*
25 X
35
24
3,465
24
Sept
50
20
105
Aug
117
Jan
Aug
Faultless RubDer..
Price
5*
22
107*
100
For footnotes see page 2206.
Feb
Jan
Mar
*
"~50
—5
100
"43"
50
Interlake Steamship—
107
107
80
10
68
Feb
100
23
24
108
23
Sept
30
Jan
12
12
80
U
Sept
22*
Feb
4
52
4
Sept
7
50
50
26
50
Oct
60
20
12
—
Fostorla Pressed Steel—
.
21
4
107
""24"
—
'
80
100
Dow Chemical pref
Halle Bros
Feb
88
40
85
Elec Controller & Mfg—
Foote-Burt
Jan
July
265
26
80
35
40
220
15
24
25 *
33*
208*
Sept
Sept
20
99
20
Sept
30*
43
43
85
43
Sept
50
*
21
Kelley Isl Lime A Tran.
Jan
Jan
Jan
May
50 X
50
20
375
48*
Sept
73*
Mar
21
433
20*
Mar
21*
21
Sept
Sept
37*
151
30
Feb
Sept
14
Jan
7*
8
8
220
14
15
200
13
June
27
37
38
45
37
Sept
58*
*
25
25
140
60
Metropolitan Pav Brick. .*
Cum 7% pref
100
National Acme—
1
4
8
Lamson & Sessions
Leland Electric
McKee a G class B.....*
Medusa Port Cement
25
National Tile-..———*
Nestle LeMur cum cl A..*
Nineteen Hun Corp cl a..*
38
*
Richman
*
....
Aug
16*
16*
15
737
50
5*
Sept
Sept
3
Sept
Feb
11*
Mar
85
Mar
16*
12*
10*
28*
30*
Sept
Feb
3
1*
1X
5*
3*
IX
29 X
36
29 *
45
"40"
40*
426
36
Sept
67
Mar
14
14
10
14
Sept
20*
Mar
5%
18
Reliance Electric—
Sept
78
16*
5*
3
Peerless Corp
Sept
4
57
Jan
Mar
3 *
—*
Packer Corp...
25
310
78
National Refining
Ohio Brass B
4*
78
42
16
40
5%
55
400
1*
Sept
29* May
3*
Jan
7*
Mar
Feb
Feb
Mar
18
75
16
Sept
18
Sept
42
676
40
Sept
57*
Mar
8
Jan
*
4
4
75
4
Sept
100
30
34
225
30
Sept
64*
10
11
214
10
Sept
19
Jan
33J4
33*
50
Feb
34
May
8*
60
Seiberling Rubber
8% cum pref
S M a corp
1
11
*
Steuffer clA
1
8
Van Dorn Iron
*
3*
Warren Refining
2
*
2*
Upson Walton
Weinberger Drug Tnc
21
4
215
3
230
21
20
32*
8
3*
2*
17*
Sept
13*
Sept
Sept
Feb
26
Aug
Mar
Feb
14
Jan
5*
July
Feb
Detroit Stock
Exchange—See
Shares
5
5*
21* 22
107* 107*
99* 100
,
100
237
10
240
page
Sales
Friday
Range Since Jan. 1, 1937
Last
Par
Stocks—
Week's Range
for
Sale
Low
5
21*
..
1
pref .50
Barn hart-Morrow Cons..l
Berkey A Gay Furn Co
1
Bandlnl
High
Sept
Sept
13*
36*
Feb
Feb
June
111
Jan
98* June
108
Jan
107
2173.
Angeles Stock Exchange
both inclusive, compiled from official sales lists
Los
Sept. 25 to Oct. 1,
of Prices
Low
High
Week
Price
Week
*
20
15
14*
Cleveland Ry
Petroleum.
Barker Bros 5 * %
Mach
100
80
1
Cleve Cll'fs Iron prel.
Feb
Range Since Jan. 1, 1937
Week's Range
Sale
Champ Paper pref.....100
Cln Gas A Elec pref
100
15
_25
City Ice & Fuel..
Clark Controller.
Sales
Last
Amer. Ldry
Oct
16*
compiled from official sales lists
Friday
Aluminum Industries
7
15
Coach
80
Apex Electric Mfg
Preferred
High
Low
7
Mar
Cincinnati Stock Exchange
Par
Araer
Week
7
Airway Elec Appl pref. 100
Aug
Sept. 25 to Oct. 1, both inclusive,
Stocks—
Shares
Price
Feb
31
m'mmmmm
Range Since Jan. 1, 1937
for
of Prices
Low
High
Jaeger Machine
Hos Mills-
Common
Stocks-
Feb
Sept
3*
4*
1*
12*
m
Reliance Mfg Co com...10
7*
1.650
3*
50c
Par
Week's Range
Sale
Grelf Bros Cooperage A
Raytheon Mfg—
Sales
Last
Cliffs Corp vtc
Public Service of Nor 111—
compiled from official sales lists
Friday
Jan
600
5
mm
1 *
1
550
11
-
1*
16*
30*
-
31
*
Sept. 25 to Oct. 1, both inclusive,
Apr
1
Penn Gas A Elec A com..*
Cleveland Stock Exchange
Feb
9*
16
16*
A. T. & T. CLEV. 565 & 566
Telephone OHerry 5050
Feb
15
w
Penn El Switch conv A.. 10
Pines Winterfront com
26
17
*
Peabody Coal Co B com__5
Potter Co (The) com
156
Sept
8*
Conv preferred
Perfect Circle Co com
Sept
18
Cleveland
Union Trust Building,
Feb
135
200
3*
100
preferred
45*
20
20
33
m
com..*
Northwest Eng Co com—*
7%
45*
135
26
-
Northwest Bancorp
Oshkosh
10
18
33
com..5
pref 100
5
135
+
m
M
North American Car com20
N'west Util pr conv
5 ■>:
45*
—*
—
Montg Ward A Co cl A—*
Musk Mot Spec conv A..*
National Standard com..10
Nobl tt-Sparks Ind
...
_
Warrants
Bolsa-Chica Oil A com. .10
4*
31
45c
IN
4
31
43c
IN
4*
31
45c
1*
60c
60c
70c
2*
2*
3
Shares
1,000
20
900
Low
High
Sept
9*
41*
38c
Sept
90c
1*
3*
31
July
Jan
Mar
Apr
Sept
3*
Jan
800
60c
Sept
2.25
Feb
1,200
2*
Sept
7*
Jan
100
Financial
2204
Chronicle
Oct. 2. 1937
Friday
Sales
Last
Stocks (Concluded)
Wm.Cavalier&Co.
Lehigh Valley
"8%
1
Week's Range
Sale
Par
Stocks (Concluded)
of Prices
Low
High
Price
Low
Shares
5c
5c
Salt Dome Oil Corp
High
:
Sept
Sept
1
1
6c
4c
6c
8c
8C
8c
1,000
8c
Aug
17c
Feb
Preferred v t C————1
7c
5c
7c
3,000
5c
Sept
16c
Feb
Vtc
Preferred
100
Claude Neon Elec Prods—
Central Investment
20
26
1,000
4,000
26
50
4c
26
100
8%
Consolidated Oil Corp
12%
11%
12%
700
11%
Consolidated Steel pref..—
Emsco Derrick A Equip. .5
14
14
14
300
14
11
11
11
100
11
1
Exeter Oil Co A com
8%
8%
8%
>;
85c 92 %c
92 %c
1,200
General Motors com
10
com..*
49%
49%
General Pali.t Corp
12
12
12
200
46%
11%
Gladdlng-McBean A Co..*
12%
6%
12%
12%
100
11
6%
7%
1,500
Globe Grain A Milling..25
40%
24
Jan
19%
Mar
1%
Mar
21
18%
Jan
Jan
Hancock OH Co A com—*
23%
27%
1.00
80c
1.05
2,500
75c
Sept
1.50
22c
22c
24c
630
16c
June
72 %c
18c
18c
18c
4,000
60c
8%
10%
3%
1,800
*
Feb
10
*
Feb
2,200
10%
6%
108%
3ll%
Sept
June
June
790
3% Sept
470
4%
%
Sept
Sept
Sept
8% Sept
100
8%
1,460
2,255
125
40
*38
Jan
29%
239
JT6
July
'i6
100
2,375
2,396
483
Jan
3
33
10,100
427
%
Sept
Sept
3% Sept
Jan
10% June
102
183
June
9%
9%
107
Apr
114%
14%
Jan
Jan
11
Feb
Feb
Bonds—
Feb
9%
76
%
Elec A Peoples tr ctfs 4s'45
Jan
10c
1
51
1,131
Sept
Sept
Feb
9% $70,000
16%
Sept
Ma,
Mar
Kinner Airplane A Motor. 1
2,310
Sept
Sept
Aug
HoJly Development Co_..l
...»
Westmoreland Coal
Mar
11%
33%
11%
105%
Westmoreland Inc
Feb
30%
Oct
6%
*
*
2
7%
2%
28%
149%
4%
4%
3%
33% 35%
11
11%
104% 105%
11%
11%
9%
9%
4
*
887
33
%
%
8% Sept
275
5,441
High
Low
178
3
3
Preferred
Feb
Sept
Sept
Sept
33
*
1
United Gas Impt com
Preferred
Feb
70
10%
38%
50
United Corp com
9%
2%
8%
3%
30%
..
Tonopah-Belmont Devel.l
Union Traction
Mar
Jan
60c
200
12%
17%
24%
-
.
Tonopah Mining
Feb
43
Sept
Sept
Sept
Sept
Sept
Tacony-Palmyra Bridge
Feb
13c
1
Scott Paper
Feb
14c
Bnckeye Union Oil com..!
5c
3
Philadelphia Traction...50
Week
5c
31%
Range Since Jan. 1, 1937
Shares
2%
28%
149% 150
112% 114%
31% 32
3
3%
5%
%
6%
9% 10%
38
38%
7% preferred
50
Phlla & Rd Coal A Iron..*
Range Since Jan. 1, 1937
for
2
8
3%
29%
50
Phlla Elec Pow pref
25
Phlla Rapid Transit... .50
Salts
Last
8%
Phila Elec of Pa $5 pref..
Teletype L.A. 290
Friday
50
Penna Salt Mfg
San Francisco Stock Exchange
Los Angeles
Price
9%
Pennroad Corp vtc
Chicago Board of Trade
Stock Exchange
523 W. 6th St.
Week
50
Pennsylvania RR
Lob Angeles
for
of Priceo
Low
High
Mitten Bk Sec Corp pref 25
Nat'l Power A Light
*
MEMBERS
New York Stock Exchange
Par
Week's Range
Sale
21%
800
3%
5%
3
Los Ang Investment
5%
300
18c Sept
8% Sept
2% Sept
5% June
Mascot Oil Co
75c
600
75c June
1.45
1,000
1%
Sept
4%
June
12c
11c
12c
7,000
lc
Jan
Mt Diablo OH M A
60c
60c
60c
100
52 %c
Sept
22c
17c
22c
13,500
13c
July
97 %c
45c
Apr
Nordon
30c
30c
33c
2,300
30c
Sept
80c
Feb
1.30
1.20
1.30
7,100
70c
Jan
2.00
Mar
28c
18c
30c
9,100
16c
Sept
40c
Mar
8
8
8
100
8
Sept
90c
90c
00
800
90c
Sept
17
17%
300
12
12
H. S. EDWARDS & CO.
Mar
2
75c 77 %c
2
1%
Lincoln Petroleum
Lockheed Aircraft
Los Ang industries
Menasco Mfg
Co
Inc...2
10
1
1
Mid-Western Oil Co... 10c
Dev__l
5
Occidental Petroleum
1
Oceanic 011 Co
....-1
Ollnda Land Co
1
Corp
*
1
10
Pacific Clay Products
Pacific Distillers Inc
Pacific
Fii ance com
——10
Co...10
Pacific Lighting 6% pref—*
Pacific Western Oil
10
Preferred A
Pacific Indemnity
Republic Petroleum com.l
50
5%% pref
Richfield Oil com...
*
Warrants.
17%
12
1
104%
16%
5%
39
39
37
Markets..2
Ryan Aeronautical Co.—1
Security Co units ben int..
Corp—25c
Signal Oil A Gas A
*
Sontag Drug Stores
*
So Caiif Edison Co Ltd..25
Original pref
.25
6% pref B
25
5%% pref C
25
6%
7%
2
Jan
Friday
14%
Jan
Last
Week's Range
for
Feb
Sale
Week
176
104
May
107
Mar
of Prices
Low
High
100
2,500
32
Sept
16%
5%
35
Aug
Sept
28%
13%
Feb
50
10% May
6%
Sept
100
1%
Sept
300
1%
800
10
7c
28%
500
10%
10%
20%
10%
100
22%
2,100
2c
35
35
100
27%
27%
700
25%
25%
800
25
pref A..25
29%
29%
29%
600
*
45%
Blaw-Knox Co
*
Byers (A M) Co
*
13%
11%
Carnegie Metals Co
1
Feb
Columbia Gas & Electric. *
Feb
Consolidated Ice Co pref. *
Devonian Oil Co
10
Jan
July
Sept
Aug
Mar
48
June
35
Armstrong Cork Co
July
15c
Jan
25%
July
56
27
27%
25
9%
3%
Sept
Sept
Sept
10% Sept
20% Sept
34%
Aug
26% June
22%
Price
Allegheny Steel com
3%
Sept
1%
4,000
27
6%
37
Par
Stocks—
Sales
14%
100
*
32%
30
32%
1,000
36%
36%
37%
400
30%
Follansbee Bros pref.—100
Fort Pitt Brewing
1
Feb
41
1
3%
3%
3%
1,500
3%
Superior Oil Co
25
33%
32
34
500
32
100
18
5,200
13
.*
*
18
18
18
Transamerlca Corp.
Union Oil of Calif..
13%
13%
13%
25
21%
20%
22
3,300
20%
Universal Consol Oil
10
Van de
*
WeberShowcseAFlx 1st pf *
Kamp's Bakers
Wellington OI1 Co
1
Yosemlte Ptld Cement
31
Aug
02%
49%
Mar
330
2,945
827
45
3
55
Mar
18%
July
8
8
8
100
8
7%
7%
7%
100
7%
6
6
6
200
6
9%
3%
8%
9%
5,100
6%
3%
3%
100
3%
Oct
5% June
19c
18c
19c
3,000
18c
Sept
39c June
9
9
Feb
26c
25c
26c
500
20c
Sept
82 %c
2c
2%c
2.0 00
l%c
Jan
9c
33c
33c
34c
1,000
33c
Sept
48c
Jan
16
144
16
Sept
24%
20
220
16
Sept
41
.
600
7%
6%
700
8
June
12%
1.25
Jan
58%
Mar
Sept
99
Jan
105
107
100
105
Sept
107
Sept
105
106%
251
104
Apr
110
Sept
*
105%
8%
1%
45%
8%
*
5
6%
7
3%
6% preferred
I
3,677
9
170
1%
51%
7%
322
4,205
2,400
3%
3%
3%
105% 108%
9% 10%
2%
9
310
167
845
170
10
6%
Sept
10
81
200
78%
11
500
10
Sept
Sept
26
Montgomery Ward A Co.*
New York Central RR...*
46%
26%
49%
200
.46%
26%
28
300
25%
8
Packard Motor Car Co
*
7
7%
6%
Corp of America
Radlo-Keith-Orpheum
U S Steel Corp
*
9%
8%
*
6%
6%
*
81
78%
Warner Bros Pictures
5
11
10
6%
49
Mar
68%
64%
17%
12%
Mar
117%
17%
Mar
Sept
Sept
Sept
Sept
Sept
Sept
Feb
Sept
14%
4%
Jan
Feb
72% Mar
12%
Jan
10
8%
147%
19%
Mar
Feb
Feb
Mar
Jan
30
Apr
4
Sept
8
Sept
90
10
Sept
25
36%
39%
200
36%
Sept
61%
Mar
50
50
56
Sept
1%
4%
700
4,977
20
45
Jan
Mar
Jan
Feb
Jan
80c
425
75c
Sept
1.25
Feb
26% 30%
110% 121%
1,186
26%
Sept
249
110%
Sept
56%
163%
Feb
Jan
75c
1
Westinghouse Air Brake. .*
Westinghouse El A Mfg. 50
Unlisted—
Lone Star Gas
112
1
113
36
111
Apr
3
6% % pf. 100
Pennroad Corp v t c_.
3
47
3
Feb
113
Sept
5%
Mar
Jan
Feb
ST. LOUIS MARKETS
July
Feb
I. M. SIMON & CO.
1874
Business Established
Enquiries Invited
Established 1874
DeHaven & Townsend
all
on
Mid-Western and Southern
Securities
MEMBERS
New York Curb (Associate)
Chicago Board of Trade
New York Stock Exchange
Members
New York Stock
2%
3%
105%
9%
8%
16%
1%
Sept
Sept
Sept1
200
185
19
10
*
United Engine A Fdry
5
Vanadium Alloy Steel....*
Apr
37%
3%
8%
1%
45%
6%
10%
4
1
10
Victor Brewing Co
75c
29%
2%
7%
15%
17%
1%
1
Jan
100
100
200
Radio
Mar
300
100
26
49%
Sept
8%
7
37%
3%
20
Nor American Aviation..1
37%
8%
37%
3%
26
3%
Jan
10
37%
*
1
5%
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Continental Oil Co (Del) 5
Feb
July
Sept
100
80c
'
Unlisted—
Curtlss-Wrlght Corp
Goodrich (B F) Co
Feb
35
Standard Steel Spring
Feb
2
26
30% Sept
Renner Co
Feb
2%c
600
Apr
13
Pittsburgh Screw & Bolt.. *
Pittsburgh Steel Foundry.*
Plymouth Oil Co
5
Apr
13%
1
2
Jan
5
16
Pittsburgh Brewing Co...*
Pittsburgh Plate Glass. .25
Aug
Gold
2
Feb
4
20%
21%
80c
Nat Flreproofing Corp...5
Feb
Sept
Sept
Sept
Sept
Sept
2
July
16
20
Mountain Fuel Supply. .10
Aug
Development.25c
*
Mar
Mar
21%
172
Mesta Machine Co
Mar
25%
16%
28%
Imperial
Cities Service Co
Mar
29%
35
McKlnney Mfg Co..
Feb
Cardinal
1
905
32
Shamrock Oil & Gas
Tom Reed Gold
70%
306
45% Sept
13% Sept
11% Sept
1% June
8% Sept
1% Feb
18%
Jan
360
35
Lone Star Gas Co
Feb
5
Sept
Sept
Sept
43
30%
Hoppers Gas & Coke pf 100
Mining—
Blk Mammoth Cons M.lOc
High
Sept
Harb-Walker Refrac com.*
Mar
Sept
Taylor Milling Corp
26%
49%
16%
13%
2
10
Jeannette Glass pref... 100
Jan
29%
28%
Oct
Sunray 011 Corp
Southern Pacific Co
Standard OH of Calif
Low
25
21%
Duquesne Brewing com..5
Jan
95
Jan
32%
1%
8%
3
Jones & Laughlln Stl pf. 100
29%
29%
So Calif Gas 6%
Range Since Jan. 1,1937
Shares
Apr
Sept
Sept
8,300
7c
Pittsburgh Stock Exchange
Sept. 25 to Oct. 1, both inclusive, compiled from official sales lists
May
35
37
7c
BROADWAY, NEW YORK
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Sept
28%
Sierra Trading
A. T. & T. Tel. Pitb-391
11%
17
6
1%
37
Feb
PITTSBURGH, PA.
BLDG.,
Oourt-6800
120
Feb
1%
New York Curb Exchange (Associate)
23
2
5%
6
Tel.
23c June
18
1 Pittsburgh Stock Exchange
|
BANK
300
200
6%
1%
37
Mnmhari
Members
UNION
100
23%
23%
104% 105%
16%
10%
5%
5%
23%
2
—
Roberts Public
V:V
5%
St. Louis Stock Exchange
Exchange
Chicago Stock Exchange
Philadelphia Stock Exchange
315 North Fourth
PHILADELPHIA
NEW YORK
1518 Walnut Street
St., St. Louis, Mo.
30 Broad Street
Telephone Central 3350
St. Louis Stock Exchange
Philadelphia Stock Exchange
Sept. 25
to Oct. 1,
both inclusive, compiled from official sales lists
Friday
Par
Week's Range
for
Sale
of Prices
Last
Week
Price
Loto
High
Sale
Range Since Jan. 1, 1937
Shares
Par
Stocks—
Low
American Tel A Tel
*
100
Barber Co
13%
161%
10
Bell Tel Co of Pa pref__100
Budd (E G) MfgCo
*
Budd Wheel Co
7
*
Chrysler Corp
115"
5
Curtis Pub Co
com
*
Electric Storage Battery 100
General Motors
10
...
Horn A Hard(Phila) com.*
Lehigh Coal A Navigation*
m
For tootnotee see page 2206
11%
13%
156% 163%
18% 21
115
117%
6
7%
5%
6%
87% 93%
7
7%
28% 30%
46% 50%
110% 110%
5%
6
717
11%
156%
18%
Sept
Sept
489
112
May
540
6
Sept
781
70
160
1,182
165
883
1,993
10
48
5%
87%
7
28%
46%
110
5%
Sales
Price
Sept
Sept
Sept
Sept
Sept
Sept
July
Sept
26%
187%
43
127%
14%
13
*
Feb
Brown Shoe com
*
Jan
Bruce (E L) pf
Mar
Mar
Jan
Feb
3% % pf 100
1
Burkart Mfg com
*
Preferred
100
Coca-Cola Bottling com__l
for
of Prices
Week
Low
High
30
39%
47%
30%
32%
7%
28
21%
40%
47%
30%
32%
7%
30
Low
High
155
20
July
25
525
39%
47%
Sept
49%
522
Sept
49
140
30
Sept
37
166
31%
7%
Feb
32%
Mar
Sept
9%
Aug
28
Sept
25
157
Aug
Feb
Sept
Jan
39% May
3
3
3
100
3
Oct
6
Mar
*
28
27
28
480
25
Jan
48
Feb
25
25
20
25
Sept
32
8%
27%
8%
30%
20%
Dr Pepper com
44%
70%
Jan
Feb
Ely & Walker D Gds com25
Falstaff Brew com
1
Feb
Griesedieck-West Br com. *
Aug
Hamilton-Brown Sh com
com
21
Shares
..5
Columbia Brew
Feb
14%
3l"
Century Electric Co
134% May
113
21%
40%
Range Since Jan. 1, 1937
Week's Range
High
American Inv com
American Stores
compiled from official sales lists
Friday
Sales
Last
Stocks—
Sept. 25 to Oct. 1, both inclusive,
*
8%
2
2
620
495
130
8
27%
2
Jan
Sept
Sept
11%
40%
6
Feb
Mar
Apr
Feb
Volume
Financial
145
Last
Wtel's Range
of Prices
Low
High
Weel
Price
Hussmann-Ligonler com _*
July
Rainier Pulp & Pap Cap. 10
50
75
50
Sept
57
July
Republic
12
305
11
Sept
58
1
Sept
20%
3%
153
40
Sept
50
50
50
12
11
'36
International Shoe
1%
__*
ix
Feb
Jan
Petroleum
for
of Prices
Low
High
Weel
Price
Par
23
Huttig S & D com
5
Hydraulic Pr Brick comlOO
ser
Stocks (Concluded)
High
Oct
17
Pref
Low
Shares
Weel's Range
Sale
16
16
Range Since Jan. 1, 1937
Last
Range Since Jan. 1,1937
,170
16
Sales
Friday
for
Sale
Par
2205
Sales
Ftiday
Stocks (.Concluded)
Chronicle
56
60
Low
Shares
61
52
3,523
6
35
38
14%
6%
14%
15%
7%
13%
Feb
50
Apr
Sept
19% June
5%
1,828
4,935
40
41
Jan
Richfield Oil Corp com..*
12
13
84
12
Oct
Jan
15
15%
150
14
July
21
Aug
S J L & Pwr 7% pr pref. 100
Schlesinger Co (B F) pref 25
30
30%
30
30
Sept
36
Apr
Shell Union Oil common..*
Laclede-Chrlsty CI Pr com*
14%
14
Sept
22
Mar
21
14%
21%
300
Laclede Steel
55
21
Sept
32%
Mar
Signal Oil <fe Gas Co A...*
28
28
28
150
28
Sept
43
37
46
4,757
37
Sept
29%
%
29% Sept
% June
36% Sept
com
Johnson-S-S Shoe com...*
Knapp Monarch com
13
*
*
Preferred
20
com
McQuay-Norrls
40
.
Pref
no
*
Rice-Stlx Dr Gds
com
115
191
"7%
,..*
com
185
115
100
par
National Oats Co
35
1st pref
2nd pref
115
115
..100
...100
St Louis B Bid
Equip
*
com
St Louis Car com
10
Scullln Steel pref
Securities Inv pref
10%
16
*
100
102
Southw'ern Bell Tell pf.100
Sterling Alum com.
Wagner Elec com
7X
35
30
32%
%
36%
33
2,830
Standard Oil Co of Calif..*
36%
%
37%
2,535
70
Mar
Super Mold Corp of Calif 10
17
17
17
Jan
116
Telephone Inv Corp
*
*
34%
34%
34%
Tide Water Ass'd Oil com. 10
17%
13%
21%
22%
10%
100
June
4
Sept
10
Sept
15%
Sept
15
325
13%
29
Mar
Feb
13%
117%
102
July
8%
117%
7%
35
$4%
Union Oil Co of Calif.-.25
Union Sugar Co com
25
Jan
Universal Consol Oil
10
Feb
12% Apr
33% Feb
105% June
48% Mar
69% July
65% Mar
Oct
June
128
Mar
Sept
11%
49%
100
155
15
100
1
Jan
49% Feb
21% June
Jan
Feb
34% Sept
1% Sept
46
100
17%
17%
246
16
June
13
13%
18,537
13
Sept
20%
17%
7%
22
24%
10%
10,322
3,423
21%
16%
28%
24%
Feb
Sept
19
July
6%
14%
5%
14%
6%
14%
1,090
32
32
32
2
2
2
20%
Sept
17
2,004
5
Sept
8% Sept
Feb
Feb
Aug
Mar
102
Sept
*
preferred
Feb
16
29%
*
Thomas-AUec Corp A
Sept
Mar
July
100
Sept
120
May
112%
7% Sept
114% July
106
7%
36%
20
So Pac Golden Gate B
185
120
'"7%
1
15
102%
Aug
Sept
5
100
Mar
June
200
Sept
Mar
7
102
119
102
19%
102%
13
445
101% 101%
4
4%
10
iox
18
15%
120
19%
19%
102% 102%
26%
40
115
Sept
58
16
170
.
Apr
5
Sept
30
8
7X
114
100
Sept
9%
104
16
16
10
5
Soundvlew Pulp Co com..5
Southern Pacific Co... 100
120
7X
7%
*
......
115
5
19%
10% May
Sept
115
5
Sept
14
225
9%
Preferred
6%
115
Sept
37
14%
9%
"1%
Midwest Plp'g & Sup com.
Natl Bearing Metals com. *
Natl Candy com
35
40
30
.25
.
307
37%
14
*
com
Mo Port Cement com
49%
17%
Aug
Sept
Sept
13%
6%
40
5%
5%
preferred
50
Rheem Mfg Co common. 1
35
835
38
1
5%%
High
79
Sept
Mar
Victor
Equipment com__l
5
Preferred
Waialua Agricultural Co .20
4%
4%
Rights
Feb
5%
12%
39%
4%
24%
240
80
4%
1,564
9% July
18% Sept
Sept
Sept
Sept
75
Jan
7
Sept
July
10
26
24%
26%
803
Sept
40%
Yel Checker Cab Co A..50
41
39
43
160
39
Sept
64
Jan
-.50
40
40
40
30
40
Sept
59
Jan
Western Pipe & Steel
Bonds—
25
30
fScullin St 68 unassen. 1941
tUnited Railways 4s__1934
tTJnlted Ry 4s c-d's
"30%
30 %
Scullln unassented
25
Sept
33
May
30
4,000
30
Sept
33%
75
5s c-d's
6,000
30
1934
25
75
1,000
75
Sept
Jan
May
25
31
10,000
25
Sept
30
30%
10,000
24
Sept
36%
34%
73
fCity & Sub P S 5s
73
1,000
73
Sept
95
Mar
102
Series II
Jan
Jan
STRASSBURGER & CO.
June
Montgomery Street, San Francisco
133
•
,
■
NEW YORK OFFICE: 25 BROAD STREET
(Hanover 2-9050)
Co.
&
Dean Witter
Members: NewYork Stock
cisco Curb
Teletype S. F. 138
Direct Private Wire
Privet* Leased Wires
MUNICIPAL AND CORPORATION BONDS
Exchange: San Francisco Stock Exchange; San Fran¬
Exchange; Chicago Board ofTrade; NewYork Curb Exchange (Assoc.)
Members: NewYork Stock Exchange, San Francisco Stock Excltange, Chicago Board ofTrade
New York Curb Exchange
San Francisco
Oakland
Tacoma
Sacramento
Stockton
NewYork
Portland
Fresno
Beverly Hills
Honolulu
Los Angeles
Ppsadena
Francisco Curb
San
(AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Seattle
Long Beach
Last
Sale
Par
Francisco Stock
Exchange
Last
Sale
'■v-^Stooke--'
Par
'
Price
Alaska JuneauGold Min. 10
12%
Anglo Cal Nat Bk of S F.20
Assoc Insur Fund Inc...10
20
Atlas Imp Diesel Eng
Co.5
Bank of California N A.80
4
12%
Byron Jackson Co
*
7%
22
Calif-Engels Mining Co_.l
x
Calif Cotton Mills com. 100
20
Calif Packing Corp com..*
Preferred
50
30%
51%
Calif Water Service pref 100
102
Caterpillar Tractor com..*
77
100
104
Preferred
Claude Neon Elec Prod..*
Clorox Chemical Co
8%
10
37
Cst Cos G & E 6 % 1st pf. 100
Cons Chem Indus A
*
103
Creameries of Amer Inc..l
Crown Zeller Corp com. .5
Preferred
*
Di Giorgio Fruit com...10
$3
100
preferred
Boernbecher Mfg Co
*
Emporium Capwell Corp. *
4% %
cum
pref w w
50
Emsco Derrick & Equip. .5
Fireman's Fund Indem.10
Fireman's
Fund
Foster & Kleiser com.
A preferred
General Motors
com
Hawaiian
6%
19%
%
19%
26%
51%
101
71%
104
8%
26%
102
12%
210
20
930
4
1,455
12%
1,160
15
201
7%
1,200
22
1,020
%
3,318
20
300
70
52
1%
Mar
53
Aug
50
100% May
106%
Apr
99%
Feb
104%
12%
785
71% Sept
101% May
8% Sept
36% Sept
103
30
101% May
106%
39
427
10
104
337
8%
37%
35
460
15%
86%
Sept
88
Sept
108%
Apr
7%
8
239
7%
Sept
17%
Mar
5
8
35
28
5%
16%
625
8,030
15%
16
35
12%
10
36%
12%
39
39
Sept
59
Mar
7
Sept
9
Sept
675
15% Sept
140
35
1,060
10
Sept
Sept
24%
47%
19%
36
June
42
96%
57%
39
200
17%
17%
17%
49
47%
50
12
11%
30%
13%
5%
12%
30%
13%
5%
30%
13%
5%
4
31%
37
37
Mar
Mar
11
Sept
153
30%
10%
1,678
175
•
20
5
30
36%
4%
4%
4%
19%
300
19
30
17
12
12
100
12
2%
37%
2%
37%
28%
10%
1%
21%
200
12
100
9%
10
850
21%
9%
14%
20%
9%
22
1,407
9%
14%
1,770
12
__10
28
28
28
O'Connor Moffatt & Co AA *
12
Oliver United Filters B__*
8%
15%
Marchant Cal Mach com. 5
20
2%
37%
26%
7%
1%
20%
Market St Ry pr pref. .100
Meier & Frank Co
10
12
12
Lockheed Aircraft
Magna vox Co Ltd..
...1
2%
Nat Automotive Fibres..*
Natomas Co
North Amer Oil Cons
Occidental Ins Co
*
10
28
9%
1%
9%
Pacific Amer Fisheries
5
Pacific Can Co
*
9
Pacific G & E common..25
27
6%
1st preferred
25
5%%
preferred
25
Pacific Lighting com
*
6% preferred
*
Pac Pub Ser (non-v) com.*
Preferred
*
Pacific Tel <k Tel com-.100
Paraffine Co's common..*
*
Ry Equip & Realty com..*
Pig'n Whistle pref
I
6%
100
.
8
15
7%
17%
13
9%
15%
9
330
780
2,970
485
1,834
9%
20
Mar
8
Feb
25
Mar
Jan
Jan
Sept
42
Feb
Sept
45%
16%
Feb
7% Sept
1% Sept
19% Sept
12
Jan
44%
5
28
Feb
Jan
Feb
Sept
Jan
38%
13% May
Sept
Feb
Sept
Sept
Sept
32
12
Sept
2,025
8
Sept
750
15
Sept
17% Apr
12% May
Jan
22%
Feb
18%
170
1,168
375
60
2% Sept
36%
26%
36%
16%
4%
2,723
1,007
751
360
1,729
453
810
30
8%
8%
27%
27%
25%
37%
103%
4%
17%
129%
53%
2%
163
7
120
54
Sept
Sept
Sept
Sept
Mar
Sept
....
Sept
Sept
Sept
Sept
Sept
Sept
Sept
186%
60c
Sept
97c
Feb
40c
40c
875
40c
Sept
95c
Aug
17%
105
Sept
27%
5.50
200
4.00
Sept
11.50
Jan
12%
4%
52
Sept
18%
Mar
460
12%
3%
Sept
9%
Jan
6%
7%
7,160
Sept
13%
Jan
Sept
31
Aug
25%
95%
Mar
7%
20
21
13%
75%
13%
75%
28c
3,525
Jan
38
Jan
13% Sept
75% Sept
5
20c
Aug
107
8%
24
152%
87
Jan
Feb
29c
29c
200
25c
Aug
50c
July
1.50
3,500
40c
Jan
1.90
Mar
400
70c
Jan
5%
3%
Jan
Mar
4.15
30
3.00
Mar
5.25
Mar
12
12%
4%
12
Sept
3%
410
Sept
17%
8%
90c
91c
1,283
60c May
1.00
Apr
Mar
Apr
2
General Metals
12%
4%
-.2
45
com
Gt West El Chem pref.
.20
Holly Development.
1
Honokaa Sugar Co
20
Idaho-Maryland Mining. 1
2
21
21
70c
90c
45
Sept
54
10
12
Sept
28%
6%
Sept
10
Sept
460
10
100
26%
21%
340
1.05
8,250
8%
75c
80c
8%
43% May
23%
Feb
Sept
1.60
Mar
Sept
17%
7%
Mar
3.60
Apr
1,720
75c
Sept
1.85
Mar
143
7%
Sept
15%
Feb
53c
50c
55c
1,826
42c
Sept
1.25
Mar
1
3.60
3.30
3.75
4,398
3.00
Sept
7%
Mar
Kinner Air & Motor.... 1
20c
22c
4,167
10c June
72o
18c
800
70
Preferred
1
50c
Mar
Mar
5c
City Corp
"7%
9%
9%
Sept
15%
2.00
100
1.85
Sept
4.80
32c
37c
10,300
30c
Sept
63c
Feb
3.10
36c
Monolith Portland Cem—
Mountain
3.50
117
2.00
Jan
3.50
Sept
8%
3,725
6
Sept
17%
Mar
10
27
Sept
27
Sept
6
27
27
....
53c
...5
150
15c
500
15c
Sept
Oahu Sugar Co..
20
2 Occidental
Petroleum. .1
34%
36%
80
34%
Sept
28c
32c
1,900
28c
Sept
82c
20
Pac Coast Aggregates. 10
6%
6%
365
6%
17%
2.05
1.50
2.15
5,190
Sept
1.50 Sept
90c
90c
1.10
900
"7%
49%
6%
"2l"
21
Nevada Porph
Olaa Sugar Co
2
Pacific Dlst
-
Pac Portland Cem
pref-100
Packard Motors^—..—
20
10
Radio Corp of America
Radio-Keith Orpheum
.
.
270
7%
3%
8%
5%
3
Sept
Sept
10
1,677
10%
1.05
1.00
1.15
6% preferred
—...
44
Jan
May
60
Feb
12%
Feb
8
18%
89%
Jan
Jan
Barbara
—
Del Monte
Feb
Feb
Jan
Jan
2.15
Sept
9.50
9%
20%
Sept
Sept
16%
Feb
32%
Jan
Mar
Jan
15
24% June
440
26% June
10% Sept
110
95c
2,625
Sept
28%
29%
16%
2.70
York
San Francisco
—
Feb
37%
12%
9%
Cortlandt 7-4150
Santa
Jan
1.80
York Slock Exchange
Private wire to own offices in
Jan
Feb
5
620
111 Broadway, New
Jan
Feb
4.15
Schwabacher & Co.
Members New
Jan
220
3.00
Stearman-Hammond 1.25
7% June
5% Sept
35
9%
22%
25%
27%
10%
Standard Brands Inc.
6% Sept
20
2.15
2
July
145
9%
20%
25%
27%
10%
25
...25
Sept
500
5
California-Edison—25
5%% preferred
46
35
50
Schumacher Wall Board—
Silver King Coal
90c
21
3
Park Utah Mines........1
Pioneer Mill Co
Sou
Feb
Aug
9%
1
Menasco Mfg Co
M J & M & M Consol
Nat'l Dlst
12c
2.00
McKesson & Robbins
2
20c*
16c
10
Klelber Motors.
Jan
Jan
Jan
Italo Petroleum.——.1
Jan
Jan
Jan
8
1,620
75o
Jan
70c
265
5.75
8
4.90
Internat'l Tel & Tel
5% Sept
9% Sept
25% Sept
21% Sept
370
6%
7%
...1
Internat'l Cinema.
:v
3%
Sept
10
12
5%
9%
25%
9%
166
45
12
5
....
2
2%
1%
2,232
1%
4.15
Farallone Pack
Jan
Feb
Feb
82c
Jan
32%
29%
53%
555
Feb
1.25
1.50
—
Electric Bond & Share
Feb
Mar
20
15
Dominguez Oil Fields
Goodrich
Jan
18
_
Central Eureka
Consolidated Oil
2
Feb
4.50
.100
Curtiss-Wright Corp
2 Cypress Abbey
Apr
12
129% 131
53% 55
2%
2%
7%
7%
54
July
Sept
2,350
Cities Service
2
27
130%
53%
2%
7%
60
Sept
Sept
Feb
10
4%
19%
105
Sept
Sept
Jan
Mar
1,970
3,010
27%
26%
40%
Sept
Feb
44%
13%
16%
27%
27%
27%
26
26%
38
40%
104% 106%
5
4%
18
19%
For footnotes see page 2206-
12
Jan
Mar
7
Sept
Sept
156%
70c
Claude Neon Lights
1
Columbia River Packer—
Feb
22
160
Carson Hill Gold
2
70%
18%
41%
31%
8%
125
65c
Calif Art Tile A
Calif-Ore Pow 6% '27.
2 Cardinal Gold
Mar
Jan
4
17%
12
4%
Mar
880
31%
37
Mar
Jan
Sept
10
1,943
156% 163%
20o
Bunker Hlll-Sulllvan
2
47
250
4
31%
Apr
28
10
4
6% May
25
100
7%
35
.7
Sept
300
35
7%
15%
5
Sept
*
Apr
15%
86%
COCO iSSR
2.50
Feb
Mar
r-«
OO
Sept
10
46
Aug
Mar
38%
19%
B
Jan
56
37%
5%
*
Leslie Salt Co
Feb
20
77%
79
LeTourneau (R G) Inc.._l
Mar
46%
48%
37
Langendorf Utd Bak A..*
34%
Sept
May
10
Hunt Bros pref
Hutch Sugar Plant-
Feb
Sept
576
*
10
1
10
High
Jan
1.50
12%
3%
5
5
3
Bancamerica-Blair
z
Sept
%
215
10
Feb
July
19
38
Pineapple
Mar
25
214
36%
80
Home F & M Ins Co
Feb
Low
45c
1.25
17%
Anglo Nat'l Corp
Aviation Corp
Range Since Jan. 1, 1937
for
Weel
Shares
600
40c
Anglo American Mines
2
79
*
Feb
Jan
37
_*
15%
31%
7%
of Prices
High
65c
Atlas Corp com....
619
102
162%
1
American Tel & Tel
Argonaut Mining
High
10% Sept
19% Sept
3% Sept
10% Sept
194%
Jan
6%
Jan
19% Sept
220
30%
Low
79%
Gladding McBean & Co__*
Golden State Co Ltd
11
for
Weel
Shares
37
General Paint Corp com..*
Preferred
12%
19%
3%
Range Since Jan. 1, 1937
10
.2%
25
Insur..25
Food Mach Corp com
of Prices
High
Low
201
201
Bishop Oil Co......-.—.5
Week's Range
100
Weel's Range
Low
1.50
American Toll Bridge
Sales
Friday
25
Alaska Tread well
Sept. 25 to Oct. 1, both inclusive, compiled from official sales lists
Price
sales lists
Sales
Friday
Stocks—
San
Exchange
Sept. 25 to Oct. 1, both inclusive, compiled from official
—
Hollywood
Los Angeles —
Beverly Hills
—
Jan
Mar
Financial
2206
Range Since Jan. 1,1937
Last
Par
Week's Range
for
Sale
(Concluded)
of Prices
Low
High
Shares
Price
Low
High
Texas Consolidated Oil. 1
..5
Last
Aug
Sale
1.20
sept
3.75
Feb
SH
Sept
8%
Jan
1.15
sept
2.90
Feb
77%
Jan
2% Sept
126%
Mar
Bisseil pref
iioo
3
Aug
...l
200
1.50
32
2%
83%
m
353
m
!
45
100
11
1.25
Mar
2.50
Jan
9%
Sept
18
Feb
Ex-dividend,
z
y
-V
4c
5c
2.80
37,400
1,860
1.25
9,000
~4~%C
2.50
^2-5
1.00
'ion
93
9%
10
23 H
3
Antioquia
3
8%._
>
/19
/25
/22
/22
/23
Hansa SS 6s stamped. 1939
6s unstamped.
1939
28
•
24
Housing & Real Imp 7s '46
Hungarian Cent Mut 7s '37
24
2.85
26
Cities 7% to.......
/14
/15
Bogota (Colombia) OH
Bolivia
(Republic)
1936
change Bank 7s
16
/13
/6%
/6%
8s.
78
7s..
/6%
/8
6s—.....
6%
/2 8
1948
lionale Elec 7s.„ 1957
Ich 7s to
64
1945
/110
Madgeburg 68_.__.1-..1
/10
11
11
[assau Landbank
11
[at
10
Chilean Nitrate 5s...
/25
/15
(A & B)
17
17
/68
7s assented..
Bank
6%s '38
Panama 6% %
1946-1947
..1948-1949
(C & D)
[at Central Savings Bk of
/15
Chile Govt 6s assented
71
Hungary 7%s.
[atlonal
1962
_
Mtge 78—
1948
4s
/29
I
f97
27
<
/25
28
/24
28
>
3
Duisburg 7% to.
..1945
to
Feb
3%
Jan
3%c
4,100
Feb
30,000
2%c Sept
2%c Sept
16e
3c
12%c
Jan
19
113
5
109
290
24
266
4%
122
Apr
2% June
22% Sept
2% Sept
33%
Oct
1,260
8%
34
9%
•
Feb
Jan
Feb
Mar
15
30e
49,340
20c
Jan
58c
Mar
200
'1%
Jan
2%
Sept
*
100
19
Ion
"l".20
19
37%
1%
41
455
17
82
1.20
39
25
37%
Fe
5
June
Fe
Sept
1%
25
350
Ja
1% June
1.50
June
1,20 Sent
Ja
No par value.
Par
Bid
Par
Ask
*
14.78
15.72
6.70
7.37
Find
20%
Invest Co. of Amer
com.
Bid
10
Investors Fund C
40
Ask
45
12.27
13.07
Keystone Cust Fd Inc B-2
22
1
26.83
29.18
/19
Arner Business Shares.50c
.92
1.01
Series B-3
17.38
19.04
Amer & Continental Corp.
Amer Gen Equities Inc 25c
10%
11%
Series K-l
19.44
21.21
.93
Series K-2
14.46
15 82
Series S-2
20.66
22.61
Series S-4
8.34
Bankers Nat Invest Corp *
k-83
4%
6%
3%
Basic
4.26
78
83
many) 7s
no
rov
>
6%s
•
-
5s
-
......1946
Bk Westphalia 6s '33
Bk Westphalia 6s '36
1941
rov
no
/18%
1914
European Mortgage & In¬
/34
/28
/35
7s....
1
5
no
100
...
Royal Dutch 4s
..1945
aarbruecken M Bk 6s '47
...
alvador
105
7%....
1957
7s ctfs of deposit-..1957
i
m
f6 0
6s
7
6s...
J
/55
5
/21
i
fl8
«...
4s scrip
8s
;
1948
8s ctfs of deposit...1948
anta Catharina
8%
(Brazil)
1947
Santa Fe 7s stamped. 1942
Scrip
e
3
/31%
31%
3
/92
97
/36%
/35%
/34
/32%
/3l
/26
/20
-
-
-
.
.
.
.
German scrip
German Dawes coupons:
Santander (Colom) 7s_lA48
Sao Paulo (Brazil) 6s. .1943
...
5s.
1956
/18
«...
2d series 5s.
/28
/98
-
55
fl7
/23
/26
/18
6.31
6.56
22.54
24.24
National Investors Corp..
New England Fund
1
15.42
16.59
4.48
N Y Bank Trust Shares.-l
pf.100
4.19
11%
Bank stock.
9.62
8.63
Accumulative series...I
Series A A mod
..1
2.52
Building supplies.
Electrical equipment
3.13
Insurance stock...—...
1
/9
ser
No Amer Tr Shares 1953. *
5 42
1
1
B1
2.73
Series 1958.
1
10
20
20
Unterelbe Electric 6s.
Vesten Elec Ry 7s
Wurtemberg 7s to.
.
99
.
.
1.76
19.76
Equit Inv Corp (Mass)..5
Equity Corp conv pref. —1
Fidelity Fund Inc
22.64
.
30.22
21.44
32.49
35
32
24.36
3.29
3.29
3.71
/19
.71
14 97
11 36
11.56
.75
.85
%
%
11.56
4.74
...
Sovereign Invest Inc com.
Spencer Trask Fund.... *
.87
.97
17.41
18.33
3.60
3.80
-
State Street Invest Corp.*
Super Corp of Am Tr Shs A
Fundamental Tr Shares A.
4.97
AA
2.38
4.99
B_.
3.77
BB
2.38
..2
General Capital Corp
General Investors Trust.*
25.6
*.71
38.33
1.62
1.76
1.16
1.27
1.53
1.66
1.38
1.50
.86
.85
Investing shares
1.05
Merchandise shares
—
Petroleum
shares
12.46
2.69
Series D
1
2.63
7.01
Trustee Stand Oil Shs A.l
6.49
1.15
Trusteed Amer Bank Shs B
x.74
1.26
Trusteed Industry Shares
1.38
1.50
U S El Lt & Pr Shares A..
1.37
Series B
1.18
.
.82
1.29
14%
2.22
B...
15
2.32
.96
1.05
.88
.96
1.52
1.65
Un N Y Bank Trust C-3. *
2%
3%
1 08
Un N Y Tr Shs ser F.....*
1%
1%
._.*
1
15.43
16 90
Banking Corps
Corp.l
7%
%
%
24
26
.41
.81
Bank Group shares
Insurance Group Shares
1.42
1.54
Incorporated Investors..*
Insuranshare3 Corp of Del
e
Voting trust ctfs
Wellington Fund.
In vestm't
Huron Holding Corp_-_.l
Institutional Securities Ltd
value,
1
1
Guardian Inv Trust com.*
par
Series C
.99
Tobacco shares.
No
6.73
Trustee Stand Invest Shs..
1.26
-
RR equipment shares—
Steel shares.
*
6.73
11.47
.3
1.15
Mining shares....
68
104
3 63
D
Supervised Shares
shares
101
C
6.21
Utilities
.63
4.60
20.43
B
Standard
Inc. 50c
4.30
$7 preferred
/19
2
Quarterly Inc Shares
Representative Trust Shs.
Republic Invest Fund-25c
Royalties Management-.1
Selected Amer Shares. 2%
9.07
Food shares
186.54 91.14
13%
.60
19.26
Building shares
/19
1%
Z13.66
...10
B._._
56
1947
1945
*
Plymouth Fund Inc A. 10c
Standard Am Trust Shares
2.94
11.01
Automobile shares
1953
Class B
11%
*
Selected Income Shares
Fiscal Fund Inc—
56
10
s
6 95
1.55
54
f0
55
6 25
Agricultural shares
1947
109
1
Group Securities-
Union of Soviet Soc Repub
1943
31
Class A
21
Tolima 7s
-
76
29
Foundation Trust Shs A_1
Fundamental Invest Inc. 2
27
75
-
4.20
Eaton & Howard Manage¬
ment Fund series A-l.
2.76
60
Pacific Southern Inv pref. *
3.50
25c
2.96
100
Northern Securities
Insurance stk series. 10c
72
•
3.02
Series 1955
Series 1956
Bank stock series.._ 10c
1955
1946
4s
2.44
1.95
9%
D
10.08
11.75
56%
2.95
.3.50
Dividend Shares..
Toho Electric 7s
7s unstamped
9.32
10.88
—
A1
Fixed Trust Shares A... 10
/25
/87
/85
11.68
Railroad equipment
C
31%
13%
11.10
12.14
No Amer Bond Trust ctfs.
B
161
10.27
10 81
1
ser
9 33
9.98
11.24
—
Steel...
32
29
shares
10.46
10 32
Oils
111
B
9.23
12.82
Metals
27
25
116
10
Common
9.5.
—
Machinery.
3.13
10
Crum & Forster Insurance
Deposited Insur Shs
20
3%
11 87
—
2.52
Deposited Bank Shs
/32
/18
Agriculture
2 62
100
4.13
N Y Stocks Inc—
9
7
11
Mutual Invest Fund
1
Deposited Insur Shs A
1946
Stettin Pub Util 7s—.1946
...
/45
96
4.35
Chemical
Stinnes 7s unstamped. 1936
Certificates 4s
1936
108
3
1.76
3.95
7% preferred...
100
Cumulative Trust Shares. *
20
Oct 1935 to Oct 1936.
8
42
23
0
For footnotes see page 2212.
1.60
8% preferred
54
7% gold ruble.
/19
Voting trust certificates.
Crum & Forstercom
ft
/60
/42
/19
/59
/47
/53
/41
Great Britain & Ireland—
7
18%
Series AA
1956
/H%
/14%
107%
16%
Corporate Trust Shares. .1
Oct 1932 to April 1935
Certificates
4
1
Consol Funds Corp cl A_1
Coupons—
German Young coupons:
-
14.30
4.03
*
Commonwealth Invest..-1
29
fo
-
24.76
13.09
Continental Shares
—
7
-
22.34
10
Nation Wide Securities.--
19.45
Century Shares Trust
/28
/18
/18
6%s.._
1951
/17
Saxon State Mtge 6s_.1947
/20
Stem & Halske deb 6s.2930 /360
State Mtge Bk Jugoslavia
/58
/40
-
1
.47
Canadian Inv Fund Ltd-.l
/89
/88
/30%
/12%
/60
/56
8~36
30.44
Fund Inc...
Bullock Fund Ltd...
/17
/15
157
/18
/34
Mass Investors Trust
9.24
2%
7.63
.32
British Type Invest A...1
Broad St Invest Co Inc..5
Saxon Pub Works 7s. .1945
.
20180
Major Shares Corp
*
Maryland Fund Inc... 10c
28.46
Boston
/18
...
/30
French Nat Mall SS 6s
5%
7%
3%
Diversified Trustee Shares
no
3
Industry Shares.. 10
/16
/19
3
Corp *
720
10%
/9
/19
Am Insurance Stock
Assoc. Stand Oil Shares..2
/19
/19
/37
/l8
"
6%.
6.65
June
2
2%
Series ACC mod
75
>
5s.
Jan to June 1937..
Jan
2.55 Sept
33%
33%
Inc...l%
Araerex Holding Corp...*
64
/23
July to Dec 1936..
12c
Investing Companies
/IS
/70
Jan to June 1936..
3
Jan
3%c Sept
/60
1947
.
f6 2
July to Dec 1935..
4%
22%
Jan
2,500
31,380
1,525
3
2%c
2%c
Feb
37%
57%
23c
*
Hungarian & Ind
[orth German Lloyd 6s '47
City Savings Bank
.
33%
Waterloo Mfg A
14%
/9
no
/8
Ceara (Brazil) 8s
1
Central German Power
Ic Bk Hessen 7s to '45
Municipal Gas & Elec Corp
Recklinghausen 7s. .1947
/12%
I
Jan to June 1935.
2.90
4%c
/19
3
Jan to June 1934..
2.60
Apr
2%
Affiliated
Water 7%....
Burmeister & Wain 6s.
July to Dec 1933..
3,500
646
3%
Walkervllle Brew
/30
/61
7%s.___
7%s Income......
l%c
Jan
55c
1st preferred.
United Fuel pref
/18%
......196
vestment
__
*
*
Administered Fund
/20
l
2,000
Feb
Mar
30c
/22
Brown Coal Ind Corp—
'
20c
108
2%
/19
British Hungarian Bank
7%s
70
*
'46
/19%
......194
24
/40
ns
/51
76
/88
6s
100
740
Apr
Apr
Feb
III
Nov 1935 to Nov 1936
21
75
Feb
Sept
28
Sept
8% Sept
85
Sept
18c Sept
l%c July
28% Sept
23
Sept
265
113
*
...
Supertest Ordinary
50
Coupons—
Nov 1932 to May 1935
10
/19
Brandenburg Elec 6s..
63
50
6%
6%
3c
100
Rogers Majestic
Shawinigan W ■& P
Temlskaming Mines...
/19
18
..1
June
Thayers
m
/28
/28
/19%
Bavarian Palatinate Cons
III
47%
18%
90%
41%
32%
18%
21
30
3
Feb
22% Sept
10
33%
4%c
*
Cities
Stand Paving.........
f87
l%c
28
Sept
3.35
Sept
4c
Robb Montbray
Robt Simpson pref
f72
"i%c
~33H
Aug
99
7
10
8%
89% 105
19c
43
Apr
Sept
8,637
25%
28%
28
"l0
100
May
45c
255
75
21%
Feb
Feb
285
9%
72
.100
3.60
3,500
24
Jan
Sept
22%
58%
5
51c
Jan
19% May
95% Mar
2% Sept
97% July
35
34%
Feb
June
29
416
100
Mar
9% Sept
31% Sept
80
37
7
National Steel Car
Oil Selections
Ask
50c
31*4
3%c
22
Jan
1%
5,340
23%
....
Bid
89
10
20
60c
45c
Ritchie Gold
Ask
10.00
Aug
2%
34
Pend Oreille
Bid
Sept
lc
50c
100
.100
Kirkland Townsite... ...1
Malrobic
-.1
Montreal L H & P.
Foreign Unlisted Dollar Bonds
2.50
11.729
m
"36
Humberstone
Prairie
12
Jan
31c
12% Feb
9% Sept
Feb
Jan
Sept
2%
60c
Preferred.......
Feb
3%
25
4c
75
93
93
Crown Dominion Oil
Inter Metals A
Tel. HA no ver 2-5422
18
18
Hudson Bay M & S...
BRAUNL
July
1.50 June
22% June
Apr
21
17
75
30
Jan
10%
38%
Jan
1,875
Feb
12
Sept
1.70
....1
Fraser voting trust
Hamilton Bridge
Preferred
July
21c
7% Sept
18%
-CI-i
Preferred..
St., N. Y.
5
34
22%
Foothills..
WALTER E.
80
50
320
Jan
70
Jan
3%c June
1.55
DeHavllland
62 William
6
34
18
Dominion Bridge
Dora Found & Steel..,
Inactive Exchanges
45
9,800
High
10
Sept
22%
Dalhousie Oil....
Foreign Stocks, Bonds and Coupons
1%
60
6%C
7%
33
Low
150
*
Canadian Wirebound.
Consolidated Paper.
Corrugated Box pref. ..100
f In default.
t Company in bankruptcy, receivership or reorganization.
5
Consolidated Press..
Ex-rights.
2
-2-1
Canadian Marconi
.
Listed,
5c
7%
Cobalt Contact
basis.
Stock dividend of 100% paid Sept. 1, 1936,
Cash sale—Not Included In range for year,
Shares
50
45
6%c
Range Since Jan. 1,1937
for
Week
High
1%
"34
Malting....
Canada Vinegars
Central Manitoba
Coast Copper
r
Low
*
Canada
6 Ex-stock dividend.
Range
of Prices
Canada Bud
Cash sale,
a A.M. Castle & Co. split Its common stock on a
1937.
g
Price
Week's
*
Beath A
Brett Trethewey
Bruck 811k
two-for-one basis on March 9,
4 Stock split up on a two-for-one
Par
Stocks-
570
1.25
1.25
Sales
Friday
Feb
14%
1,290
"lOH
c
Mar
49
Sept
4%
2%
No par value,
106
Sept
9
1.65
80 %
Warner Brothers
May
40
3%
100
U 8 Steel com
105
1.50
1.55
Utah-Idaho Mining.......
Vlca Co com
■
25
z
Exchange—Curb Section
5
40
1.50
United Corp of Delaware..
US Petroleum
...1
1937
2,
Sept. 25 to Oct. 1, both inclusive, compiled from official aales list.
38
105
40
Superior Portland Cem A..
Stude
♦
Toronto Stock
Week
315
105
Stecher Traung Llth
z
Oct.
Sales
Friday
Stocks
Chronicle
Bancamerica-Blair
Central Nat Corp cl A...*
1.35
1.47
20-46
22.00
1%
Ex-coupon
1%
x
class B
*
,
36
4
8%
38
6
10
17%
18%
Pomeroy Inc com... 10c
2%
3%
First Boston Corp
Schoelkopf, Hutton &
Ex-dividend,
y
Ex-Stock dividend.
members
Telephone HAnover
SPECIALIZING
ALDRED
association
Cable address Hartwal
Bell system Teletype NY 1-395
UTILITY
CANADIAN
IN
dealers
york security
new
*
2-0980
52
BUILDING
PRIVATE WIRES
STREET
BONDS
AND
ROYAL
BUILDING
BANK
TORONTO
YORK
NEW
MONTREAL
STOCKS
INDUSTRIAL
AND
WILLIAM
CONNECT
OFFICES
I
Volume
.
Canadian Markets
LISTED
AND
Alberta—
Ask
Bid
Montreal Stock
Jan
1 1948
/56 %
4%s
Oct
1 1956
/56
July
Oct
100
12 1949
97 V*
Sept
15 1943
Sale
of Prices
May
1 1959
116% 117 X
118 % 119%
June
1 1962
106
4%s
Aug
-1 1941
93
5a
June
15 1954
90
95 %
92
5s
Dec
2 1959
92
94
Mar
2 1950
4s
Feb
1 1958
107
108
4%s
108
106
May
1 1961
111
112 %
15 1960
15 1961
58
104% 105 %
4%s
Sept
Mar
Oct
75
78
Intl Nickel of Canada
*
51%
49%
53%
14,398
49%
Sept
77
79
Internat-Pet Co Ltd
*
31%
30%
32%
207
30%
Sept
39%
Industrial Acceptance
30
28
30
51
84
Sept
Sept
98
17
17
910
16
Sept
27
AUg
14
14
50
14
Sept
22
Mar
6
Sept
89 %
Pacific
Ask
Ry—
4%s.
Sept
1 1946
103
104
5s
Dec
1 1954
4%s
July
1 1960
104 %
99 %
105%
100
29%
•
Mont Loan & Mortgage.25
Montreal Telegraph
40
-
—
-
---
Montreal Tram ways... 100
Dominion Government
Guaranteed
Bonds
37%
*
National Breweries
25
Preferred
Ask
Bid
Canadian Northern
Canadian National Ry—
112% 113
115% 116
113
113%
112% 112%
115% 116
117% 118
117% 118
Sept
1 1951
June 15 1955
1 1956
1 1957
1 1969
1 1969
1 1970
6%s
Ask
Ry—
1 1946
July
123%
4s
Jan
1 1962
3s
Jan
1 1962
105% 106 %
Week's Range
of Prices
High
84
-
Range Since Jan.
for
1 1937
Week
Sept
30%
30
29
58
58
1
91
36
38
38%
33
36%
Jan
Jan
31
Feb
58
Mar
65
Feb
25
80
Feb
36
May
Sept
100
3,056
Low
♦
10
2%
.100
93
Jan
Jan
12
Jan
105% June
110
10
Jan
2%
10
60
Sept
Sept
42%
Jan
25
«.
"
—
m
mm
-
-
-
.
28
203
25
Sept
30
Apr
13
13%
175
11
Jan
16
Mar
—
14%
*
166"
100
10
110%
Apr
110%
Apr
12%
15%
5,565
12%
Sept
23%
Apr
1.50
Bathurst Pow & Paper A_*
1.50
25
1.50
Sept
5.75
Jan
110
163
Feb
Sept
67%
30
Ogilvle Flour Mills......*
100
157
Jan
Sept
54
Feb
Sept
...
300
Mar
158
July
157
17
150
Apr
100
30
30
75
30
Sept
30
Sept
100
Ottawa Car Mfg
23
23
10
20
Jan
23
June
15%
14%
16%
2,201
14%
Sept
26
23%
28
9,783
22
Sept
48%
57
56%
60
1,020
57
Sept
79
110
545
166
157
18%
May
170
Canada...*
25
17%
mm «-
-
-
—
--
7%
20%
50
------
St Lawrence Paper pref 100
63
*
17
17%
9%
23%
23
June
8
Apr
11
June
19
Jan
25
Aug
139
10
99%
6%
Sept
15
7,195
17
Sept
39%
23
23
25
21
Sept
25
June
64
3,226
57
98
Aug
24%
2,649
22
Sept
Sept
33%
Feb
16%
85
16
Sept
30
Apr
Mar
130
22
103
16
12
12%
69
72
1,160
66
66
75
Mar
July
Sept
73
Mar
21
20%
22%
20,374
British Col Power Corp A. *
33%
33
34%
730
33
Sept
6
6%
190
6
Sept
5%
905
5
350
50
70
♦
25
5
118
18%
Feb
Sept
96%
Mar
66
Sept
88%
Mar
'
11%
Mar
4%
Sept
3
30
3
July
7
Jan
205
21
fMay
35
June
30
9
Sept
23
Jan
6%
*
21
21
21
100
Windsor Hotel pref
Jan
Sept
68%
480
3
4%
6
*
9
9
1,800
9
Wabasso Cotton
Apr
128%
11%
1
United Steel Corp
Viau Biscuit
Apr
Apr
103%
13,200
21%
6
118
Preferred
Jan
8%
17%
102
100
Steel Co of Canada
Jan
25%
17
92
135
573
24%
58
102%
Saguenay Power pref..100
St Lawrence Corp
*
A preferred
-
Apr
Mar
,
Jan
10%
Woods Mfg pref
100
495
3
June
3
511
3
Sept
10
Jan
60
3%
*
B
3%
3
Winnipeg Electric A
60
10
55
Sept
82%
Jan
3
Feb
30%
39%
11%
11%
Jan
Brazilian Tr Lt A Power..*
Feb
33%
*
Power Corp of
Price Bros A Co Ltd
Jan
7
8%
25
9
—
43%
205
Sherwln Williams of Can.*
High
Mar
75
1
230
103%
2%
50
Feb
Sept
25
4,100
42%
37%
278
590
Shawlnlgan W A Pow
Shares
10
9%
103 %
100
Telephone
28
201
St Lawrence Flour Mills..*
84
84
-
—
100
Bell
4,255
35
Preferred-
Exchange
Sales
Alberta Pacific Grain A..*
Bawlf Northern Grain.'
30
Southern Canada Power..*
100
*
Preferred
Mar
28
pref...100
Quebec Power—
*
Regent Knitting
*
95
94
Acme Glove Works Ltd—
Amal Elec Corp pref
Associated Breweries
48
205
Preferred..
Preferred
Jan
8%
5,738
30
Price Bros & Co
Low
Price
Par
Preferred
Mar
38
3,630
205
Ottawa Traction
Friday
6%% preferred
Mar
15
1
6
Grand Trunk Pacific Ry—
Montreal Stock
Sale
35
Preferred
123
Sept. 25 to Oct. 1, both inclusive, compiled from official sales lists
Last
National Steel Car Corp..*
Niagara Wire new
Bid
31
16%
Apr
48
25
100
7%
12%
37%
12%
12%
88%
7%
•
Mtl L H & P Conso 1
Jan
30%
*
Montreal Cottons
Jan
43%
48
Massey-Harris..
McColl-Frontenac Oil
Bid
90
Sulphite
Lang A Sons (John A)...*
Ask
1 1944
Agnew-Surpass Shoe
Jan
Mar
500
111% 112 %
Stocks—
Mar
Mar
18
ioo% 101 %
.—Feb
Mar
19
15 1944
6a
755
Jan
84
Dec
Oct
Sept
82
3,138
16
4%s
July
28
July
106
80
6,556
13%
17
15 1942 /10 6% 107
5s_.
Sepl
19%
13%
84
Sept
6s.
Sept
18%
13%
18%
19
Canadian
Feb
July
99
19%
13%
Imperial Oil Ltd
84
6a
4%s
4%s
4%s
105
Jan
Apr
100
perpetual debentures.
4%s
100
14
34%
Jan
Sept
Lake of the Woods
Ry—
July
14
16
International Power pf 100
Bid
6s
5
3,580
24%
15%
38%
73%
Railway Bonds
48
18
21
Jan
16%
May
17
Imperial Tobacco of Can.6
Lake
Pacific
High
Low
10%
2,972
99
19%
*
100
Preferred
12%
18
100
Howard Smith Paper
11
116 % 117%
1 1960
Canadian
12%
5
108 % 109
15 1952
6s
Range Since Jan. 1 1937
for
Week
Shares
15 1946
1 1951
Nov
4%s
Province of Nova Scotia—
High
15 1943
...June
5 He
Low
Price
Par
Hollinger Gold Mines
Holt Renfrew..:..
111
110
4%s
Prov of Saskatchewan—
Prov of New Brunswick-
Stocks (Concluded)
107
114% 116
Jan
15 1965
Quebec—
of
Province
4%s
Apr
Apr
Week's Range
1
Oct
6s
101
96 %
1 1953
Province of Manitoba—
4%s
4%s
Sales
Last
5a
Prov of British Columbia—
5s
Exchange
Friday
110% 111%
4s
58 %
57 %
1942
6s
6s
4%s
Ask
Bid
Province of Ontario—
2207
UNLISTED
Provincial and Municipal Issues
Province of
i
145
Banks—
Bruck
Silk
6
58
June
60
Jan
»
Mills
Building Products A
5%
Canada Cement
5
52
50
*
*
100
Canada North Pow Corp. *
Jan
2,563
10
Sept
22%
Apr
905
99%
Sept
111
270
May
2
July
29%
6%
July
18%
61%
21%
Feb
32
Montreal
100
199% 201
454
200
241
Feb
100
320
320
66
314
Jan
340
Mar
Royal
100
176
178
143
176
Sept
226
Feb
31
Mar
199%
Feb
35
35
"570
35
11%
10
12
5,672
j- 10
25
22
20
23
*
22
20
22
1,310
1,350
111
112
35
116
Wept
126
Mar
21
21
1,000
21
Ian
22
Mar
15
15
25
10
Sept
30
89
3
75
Feb
93
Aug
18
22
220
18
Sept
33
100
—
—
—
-
mm
mm
mm
mm-mm
m.
*
100
Cndn Foreign Invest
*
Canadian Indust Alchol..*
15
-
—
_
^^
_
'
Sept
20 X .Sept
5%
5%
5%
6,340
4%
4%
855
4%
8
8
10
9%
9%
9%
Jan
Municipal
Apr
Sept
Sept
8%
7%
255 St. James
56
Public Utility and
1883
ESTABLISHED
St., Montreal
9%
Canadian Pacific Ry
Cockshutt Plow
25
•
10%
Con Mln A Smelt new
25
61%
Dominion Bridge
Dominion Coal pre
Dominion Glass
Preferred
5% %
new pref
Dominion Textile
Dryden
Paper
19%
1,615
31%
36%
4,682
18
18%
670
17%
*
8%
Jan
Jan
Montreal Curb Market
Jan
*
76
*
10%
Enamel A Heating Prod..*
3%
12
English Electric B
*
Foundation Co of Can...*
.....
__
*
70
Mar
58%
23%
Mar
Sept
Acadia Sugar Refg
28%
Mar
Aluminium Ltd
Apr
Aug
Asbestos Corp Ltd
Jan
8%
1,740
.
Sept
18%
41
86
86
July
91
263
73
Jan
2,360
6%
9%
Sept
85%
20
1.50
1.40
SeDt
5.00
500
16%
Sept
24
3%
3
75
17%
16
445
3
Sept
315
10
June
8%
16%
Sept
31
11
12
12%
15
9
842
12%
8%
71
67
802
67
10
12%
53
1,280
2,780
10
8%
53
Abltlbl Pow A Paper Co..*
6% cum pref
4%
34
....*
75
2%
92
July
Apr
Sept
Sept
Sept
9%
Jan
68
7
Sept
9
Apr
5
6
Jau
6
7
6%
Jan
19%
21%
1,849
11
11
585
Jan
—
—
W
21
Apr
Feb
5
6%
-
6%
5%
7
12%
Jan
19%
Sept
26%
Mar
11
Sept
22
Mar
Sept
Mar
Jan
Canada Malting Co Ltd..*
33
34
545
33
39
Apr
Apr
Can Nor P
109
109
17
109
Jan
112
Feb
19
19
25
17%
Aug
20
4
Cndn Gen Investments...*
15%
18%
18%
50%
200
3%
1,206
Bright & Co Ltd (T G)..*
Brit AmerOil Co Ltd
*
B C Packers Ltd..
*
Feb
Jan
5,910
Brewers A Distill of Van..*
Cndn Dredge A Dock
Sept
Mar
Apr
Jan
Sept
135
July
18
7
7%
Sept
6%
56
7
75
7
Jan
210
25
63
Sept
930
75
6%
Mar
2,330
80
Sept
5
Canadian Breweries
8%
15%
Sept
3
50%
-
Apr
Sept
34
9,980
6%
Aug
9%
1 1937
High
10
2%
6%
61
*
75%
9%
Low
1,890
4%
37
Beauharnols Power Corp.*
Aug
7
8%
Range Since Jan.
for
Week
Shares
Bathurst Pr A Pap class B »
Preferred
•
...»
2.00
1.75
2.00
1,355
1.75
Sept
17
17
17%
205
14%
Jan
36%
37%
40
38%
9%
9%
15
9%
Apr
Sept
*
"
9
3%
100
Co.—£1
14
7
......
*
High
Mar
7% cum pref 100
Canada Vinegars Ltd
*
Sept
Sept
compiled from official sales lists
Sales
Low
Price
Par
Stock*—
145
13
53
11%
•
Goodyear T pref Inc 1927 50
29
Mar
32,312
8%
*
of Prices
118
17%
1.50
16%
Week's Range
Jan
Mar
11%
Last
Sept
Sept
140
76
Friday
Jan
18
52
9%
Mar
22
31
140
75
100%
Sept. 25 to Oct. 1, both inclusive,
110
108
6%
Mar
Mar
Sept
140
13%
23%
17%
22%
16
25
85
100
Gurd, Charles
»
Gypsum Lime A Alabas..*
9%
108
*
Hamilton Bridge
Jan
17%
14o"
-_l
General Steel Wares
18
16
100
Electrolux Corp
Preferred
57
500
18%
..100
Eastern Dairies
Gatlneau
1,375
7,949
35
»
25
Dominion Steel A Coal B 25
Dom Tar A Chemical
11
Sept
Sept
Sept
17
Distill Corp Seagrams
9
65
9%
58
19%
*
5,820
Industrial Bonds
330 Bay St, Toronto
Sparks St, Ottawa
Sale
*
Crown Cork A Seal Co
Jan
HANSON BROS Canadian Government
INCORPORATED
2W
~-
Canadian Ind Alcohol cl B*
Canadian Locomotive
Aug
161%
Feb
5
178
Jan
89
—
Canadian Converters ..100
Canadian Cottons
100
211
Apr
Sept
Sept
1,212
3%
Canadian Car & Foundry—
Preferred 7%
Commerce
Sept
Sept
Apr
9%
21
1,054
Canadian Car & Foundry.*
Rights
Jan
168
Jan
4%
*
Canadian Celanese
150
77
58
50
Feb
20
13%
13
Preferred
70
168
Canadlenne
12
4
100
Canadian Bronze
110
159
168
Canada
Jan
11%
10
20
"
Canada Steamship (new).*
Preferred
58
158
Jan
99% 100%
11%
Canada Cement pref.-.100
58
100
Nova Scotia-
*
B_
Mar
•
Apr
No par value.
------
Jan
Jan
23%
-
Aug
47
Mar
11%
Feb
2208
Financial
Chronicle
Oct. 2,
7
Canadian Markets—Listed and Unlisted
Montreal Curb Market
I
Friday
Last
Stocks (Conclude. )
Week's
Sale
of Prices
Low
High
Price
Par
Cndn Industa 7% cum pf 100
167
Gndn Intl Lnv Trust Ltd..*
157
15
625
5H
21
60
Sept
Sept
4H
20
160
Members Toronto Stock
Apr
5.00
Jan
15 King Street
Jan
West, Toronto.
1.80
1,110
9H
4H
12H
37,615
9%
Sept
24 M
4H
15
4
Mar
5%
Feb
6%
6%
20
8%
12%
Apr
10%
4,990
7%
Sept
Sept
19%
Apr
Friday
7H
9%
1,510
7
19
Apr
Last
Week's Range
for
7
7
25
6
33
Jan
Sale
of Prices
Week
6
15
6%
30
Jan
3,075
3%
18%
"eli
8
ioh
Paper B
Ea Kootenay P 7%cmpf 100
Dairles7%cmpfl00
'■!
5%
Ford Motor Co of Can A.. *
6
3%
18H
19
Foreign Power Sec Corp..*
4
6
19H
100
2,440
1.10
1.00
.....*
22 H
24
*
23 %
21 H
22
16,304
90
90
92
355
78
81
3
4
1.10
70c May
1.30
Sept
3%
Apr
Sept
Sept
Sept
Sept
Sept
2.60
Mar
4
Jan
5
Aug
Apr
Toronto Stock
Stocks (Continued)
13
Feb
Alexandria Gold
2.50
Feb
Amm Gold
60
Apr
Anglo-Can Hold Dev
.....
Internati Utilities Corp B.l
1.00
95c
1.15
50
1.00
Apr
1,506
21%
22
Sept
Sept
50
Apr
76
Jan
110
Mar
Arntfleld Gold
1
78
Sept
92
July
Ashley Gold
160
3
Sept
Sept
11
Jan
Astorla-Rouy n
1
Feb
Ault A Wlborg pref
Bank of Canada
95c
Mines
Anglo-Huronlan
*
3%
2,100
14c
26c
Sept
680
1.10
Sept
1.50
Sept
4.75
4.20
4.75
4,395
4.20
Feb
35c
10,300
28o
1.42
24c
25c
6,300
24c
1.16
Feb
He
6Hc
2,000
15c
Feb
6c
7c
24,700
Sept
Sept
Sept
6c Sept
6c July
100
Sept
8.75
28C
"24c
25c
Feb
102H
Feb
5
6 He
100
100
100
50
58
57
45
50
147
40
19 H
4,145
16
Sept
Sept
87
16
87%
Jan
43 H
43 H
85
40 %
Sept
73%
Mar
Bagamac Mines
Bank of Montreal
91H
91%
90
89% June
100%
Mar
Bankfieid Cons..
53
1.50 June
9.00
Feb
Bank of Nova Scotia...100
Sept
Sept
9%
Feb
Bank of Toronto
1,270
5%
9%
30
Jan
Barker's Bread
*
125
87%
Sept
110
Mar
Base Metals Mln
*
Bathurst Power A
*
15
*
7
2
5H
5%
12
Page-Hersey Tubes Ltd..*
Power Corp of Canada—
6% cum 1st pref.....100
Sarnla Bridge Co B......*
Southern Can P pref.. 100
9%
87 Ho
90
13
90c
280
94 H
82
103 H 105
85c
90c
WaikerMUe Brewery Ltd •
Walker-Good A Worts (H)*
Walker-G A W SI cum pf.*
1.75
145
1.50
1.50
39 %
18%
42
19
July
90
United Dtstlliereof Can..*
99
7
Sept
16
48
104%
Sept
108
300
65c
Apr
Sept
Aug
185
39
185
18% June
Sept
107
Feb
—1
100
1
.100
B
Jan
Beat tie Gold
Feb
Beatty Bros A
1.15
Jan
Beauharnols.
3%
51%
Jan
July
20
Feb
200
65c
320
....
1.23
...
6H
166
Bel Tel Co of Canada
60c
Bldgood K'rkland
45c
Big Missouri
Aldermac Copper Corp...*
Gold
...1
80c
65c
80c
1%C
1%C
19c
20c
•
44c
62c
Big Missouri Mines Corp. 1
41c
46c
1,500
3,350
20c
8,800
'20c
Gold
11,973
1,500
11,500
Bouscadlilao Gold Mines.)
Brownlee Mines <1030>
1
18c
Bulolo Gold Dredging....6
Can Malartlo Gd M Ltd.*
Cartler-M aiartlc O M Ltd 1
"23 H
13c
12c
Central Cadlllao G M Ltd. 1
Central Patricia Gold
1
30c
30c
2.35
2.38
700
Consol < hlbougamau
Dome Mines Ltd
1
25c
23c
28c
16,100
»
43 H
43%
43%
150
Duparquet Mining Co...*
5Hc
5 He
East Malartlo
•
18c
1.90
1%
19c
July
Sept
44c Sept
41c
May
23
15o
Sept
4H
Jan
Blue Ribbon pref
65c
Feb
Bobjo Mines
79c
Aug
Bralorne Mines
72c
Feb
Brantford Cordage pref.25
1.15
Feb
Brazilian
Jan
Brewers A Distillers
Feb
B
1.02
2.01
1,800
1.15
1,165
4,450
15c
12,600
12c
Sept
47 He
Jan
34c
6,600
22c
Sept
65c
Mar
6c
3c June
Sept
90c June
2.01
Sept
2.28
Feb
2.03
Jan
3.60
6.00
1,600
5.50
Sept
12.75
Feb
52c
6,000
50c
..1
Graham-Bousquet Gold..l
Klrkland Gold Rand
Klrkland Lake Gold
Lake Shore Mines
8c
22
24c
Brit Columbia Power A..*
Brown Oil Corp..
...»
Brown Oil pref
100
i
*
Burlington Steel.
l
Lee Gold
20c
8c
26
71o June
.
1.58
Feb
Calmont Oils
60c
Feb
Canada Bread
41%
Feb
Canada Cement
25c
11,650
20c June
57c
Feb
45c
Apr
Apr
Canada Cement pref
100
Canada Northern Power.. *
Apr
35
5H
Sept
Sept
Sept
10
Aug
21H
Sept
9%
7
98c
1.25
15 H
9,125
10
163
43c
40c
7
1,195
166
4H
298
60c 132,584
48c
98c
14
4H
154
38c
38c
Apr
June
10
25
9
July
Sept
110
25
109 H
Mar
4
4H
34
6,675
75
25
36
20 %
22 %
34
Sept
Jan
Jan
Feb
1.70
72c
16%
110
Jan
Feb
Feb
Sept
6H
40
Jan
Jan
11c
Sept
29c
Jan
6.40
May
9.00
Feb
24H
July
26H
Jan
17,461
7%
205
21%
5,152
34
35c
176
Feb
7,900
2,317
19%
75
1.75
Feb
200
25
7
650
3H May
10
Jan
30 H
7
Aug
Sept
9%
Mar
26%
Mar
19H
Mar
25
9c 10HC
53
52 a'
33
33
Sept
Sept
39
10,350
65
June
15
40c
75
75
Sept
75
Sept
2,466
105
12c
13 He
7,400
15H
'
Jan
Apr
12.50
Feb
Oct
8.25
52
74%
Mar
Sept
23c
Feb
10c
390
14 H
Sept
19
142
Canadian Packers
Jan
Canada Permanent
35
Sept
44%
Jan
1.45
Sept
6 55
Feb
34c
Sept
Sept
40c
8,374
5
200
10
11%
99
11%
99
4H
320
10
10
99
Sept
Sept
25c
600
97 He
Mar
560
46%
Sept
1.041.04%
12c 13 He
2HC
3,000
4o May
12c June
27 He
30c
Jan
7,500
2Hc Sept
7 He
Jan
Can Wire A Cable A
*
26
28
40
4.10
Sept
8.50
Jan
3
25
3
Oct
1.56
Apr
Canadian Bakeries
*
Can Bank of Commeroe 100
Canadian Breweries
*
3
1.05 June
165
168
92
165
Sept
4,200
34%
35%
35
40c
500
40c
2.32
2.32
100
2 He
2 He
Sept
33 %
40c
1.64
69
Jan
Can
*
Steamship (new)
Preferred
June
Sept
2.32 Sept
500
2c
42
Jan
1.19
Jan
4.80
Feb
•
Preferred...
Canadian Canners
Jan
10c
10c
100
12c
July
Sept
8c
10c
45c
Mar
3.60
4.40
13,495
3.60
Sept
13 H
Jan
Canad Car A
2.50
2.70
600
2.15 June
4.05
Jan
Aug
30c
39c
7,700
30c
Mar
14c
13c
Sept
Sept
1.10
13c
Pandora Cad
Parkhlli Gd M Ltd new..l
42c
Feb
1.90
June
3.80
Feb
2.55
May
6.50
Feb
70c June
2.51
Jan
Canadian Malartlo
Canadian Oil
Feb
C P R..._
38c
2*25
1.90
2.25
9,668
1,600
Pend-OreIHe
2.85
2.60
2.85
2,725
70c
80c
4,700
Perron Gold Mines Ltd... 1
Pickle Crow Gold
1
Placer Development.
s'oo
4.75
5.00
600
4.30
13 H
35c
365
13
35c
13 %
35c
2,000
35c
3.45
2.75
3.45
3,900
2.65
Crest...............
35c
25c
38c
19,800
Reward
."
Ritchie Gold Mines Ltd 1.1
8c
6c
8c
10,600
2%c
500
3H
Jan
Jan
23 %
Aug
6H
205
6
Sept
10%
Mar
80
18
Sept
20%
12%
Jan
21%
Feb
6
18H
9
*38""
960
9
Oct
2,015
10
23
32
Jan
36
39
47
May
,
5%
5%
5%
1.14
4%
1.00
1.17
12
*
25
■"9H
*
2%
12
Feb
65c
37,442
44
Oct
1.47
Jan
1,015
10
Sept
22 %
2.14
Mar
76 He
June
2.50
Jan
68o
Sept
2.90
Mar
84c
Sept
2 25
Jan
3.00
2.70
3.00
8,050
2.59 June
4.70
Feb
4.70
5.00
400
4.60 June
6.10
Feb
39c
32c
40c
27,200
67o
70c
200
32c
25c
32c
6.00
6.65
22,000
1,510
32c
Sept
1.00 May
24c Sept
5.95 June
Canadian
Wineries
Cariboo Gold
1
Chromium Mining
Cockshutt Plow
Conlaurura Mines
Cons Bakeries
Cons Chibougamau
Cons Smelters
Consumers Gas
Cosmos
Preferred
Jan
1.95
Feb
Dist
Apr
Jan
Dome Mines
Dominion Bank
1.73
750
1.50
Sept
6.40
Feb
50c
61c
5,000
48c
3.60
Feb
1.30
1.10
1.35
15,460
1.10
Apr
Sept
4.10
Feb
15c
15c
Sept
16c
Sept
Dom Steel Coal B
Dom Stores.
30C
36c
3,000
2,980
12o
35c
30c
Sept
59 H
Mar
Dominion Tar
Dom Scottish Invest
Preferred
....
Preferred.....
Dorval Slacoe
East Crest Oil....
Eastern Steel...
Preferred
East M alartic
Range Since Jan. 1 1937
Week
Low
4,455
630
1.45
44c
10
11
28c
1,700
28
*
2
2
9
10
100
l
»
27c
80c
65c
30c
80c
Sept
80
,
1.23
1.12
1.24
7,100
1.00
16H
17H
800
16H
25c
22c
29c
20,331
21c
65 H
6.687
57 H
117
193 Ji
Sept
Sept
161
21H
Sept
27 H
Jan
Aug
105 H
Feb
June
2 96
Jan
5
61H
100
195%
\
105
52c
28
58
193 % 197
21% 23
105
105
46c
26,200
5,875
23
Sept
40
Aug
17%
15
Mar
10,919
37
..100
212
50
209
Sept
Sept
Sept
28%
44%
250
Jan
June
24
Mar
212
209
100
18H
18H
1
3%
3%
20
38%
20
26
17H
38%
13%
17%
28.140
...»
6%
6%
7
795
7%
8%
195
..25
4
1
♦
87
100
..l
43c
.*
13 He
*
100
4H
l
87
35c
5
17,975
12 He 13 He
17
17
4,600
105 H 106
83c
1.02
4
4H
30
1.75
•
5.80
5.25
•
21H
20H
Apr
Federal-Klrkland
55
45
47,250
25,609
6.20
12,765
3,200
7c
12c
19 H
6,990
21c
4,100
51c
37c
55c
30,250
•
225
Frost
9
Sept
Sept
Sept
Jan
390
43%
Jan
95c
Feb
Sept
1.89
Steel......
Preferred...
par value.
*
100
10
18
Sept
Sept
87
Sept
35c Sept
10c
Apr
17
Sept
105 H Sept
65o
116
76,300
Mar
Mar
Apr
Feb
1.22
Feb
450
Feb
24
Feb
110
May
Sept
18c
Francosur
28H
12%
6%
30
18H
Jan
Jan
6%
20
11c
57c
Apr
9%
20c
Sept
Apr
2.05
19H
22 He
2
Jan
5
44
Sept
•
Fora A
Foundation Pete
15c
Sept
July
June
1
Jan
Jan
12%
Jan
June
4
*
20c
4c
3%
38
61
470
2.35
22
17H
600
43c
30
2*35
19H
4
Fanny Farmer
Feb
Mar
Mar
31
lOHc
65c
100 %
211
15
Sept
41,425
31c
Feb
39H
1.00
No
100
Feb
2.68
23
i
*
159
22,300
Jan
23
16H
Sept
6%
58c
May
Sept
Sept
44
*
2c
26c
Jan
17H
10c
4,700
Jan
1
Apr
15%
2,100
*
Falcon bridge
Sept
1.50
Mar
...»
Easy Washing
.*
Economy Invest Trust..25
Eldorado Mines
High
9%
2%
50
1.55
60c
Sales
9
2%
*
1.73
Oct. 1, both inclusive, compiled from official sales lists
45c
10 %
Seagrams-.........*
Dominion Coal pref
Dominion Explorers
Toronto Stock Exchange
»
...»
100
73 Ho
8.10
2.15
1.50
♦
Darkwater Mines.
Da vies Petroleum...
on—
l
Mar
16c
8,450
33
17 H
4
Jan
39,856
1,713
1,600
10.500
Jan
Sept
1% June
9
43C
95,295
2.25
18H
11
9c June
86c
40
Jan
50
10,800
1.15
2.00
Feb
11c
1.10
33
Jan
2 30
10c
84c
10HC 11 He
7%
June
10c
68c
2.25
June
85c
1
90c
38%
ft
Feb
83c
11 He
Jan
70
20,650
22o
1.14
»
8%
Feb
1.07
"l
Apr
1.75
"*
loo
Sept
1.66
Sullivan Cons Mines Ltd.l
3%
36
6.26
Sylvanlte
2,943
190
5,410
Jan
Sept
Sept
Jan
4%
20 %
July
Feb
3H
5
160
Sept
Sept
70c
Feb
4%
v
9%
11%
1.41
1.13
•
19
9
10
21H
11%
2.00
4.00
Shares
Sept
14H
2,925
6.65
Price
1.75
75
35,600
Sept
of Prices
Low
High
140
70c
Sept
Sale
2.00
17H
2.40
Sept
for
Jan
1.75
70c
Siaden Mai...
Week's Range
6H May
210
2.00
37c
Last
Aug
July
70c
1.60
Friday
34
19
2.32
2.75
.
Aug
l
15,650
Royallte Oil Co
Apr
Apr
79
1
28,595
Calgary A Edmonton....
18
July
Castle Trethewey..
1.84
j
July
July
50
Central Patricia
Central Porcupine
3.45
...
9
50
Feb
1.50
Towagamac Exploration. 1
Wood Cad........
Wright Hargreaves M Ltd*
295
4%
Feb
2.75
1
13
67
Feb
1.70
l
7
3%
12%
85c
3.40
.....l
Feb
July
2.00
May
Stoooe Gold Mines Ltd—.l
10,850
2
Jan
98
16H
*
*
271
28^
160
6.85
Sept
Sept
Sept
9.10
Shawkey
.........l
Sherrltt-Gordon
....1
45c
B
Sept
Sept
1.90
..25
Canadian Dredge
.*
Canadian Ind Alcohol A.. *
140
Sept
Sept
2 He
37c
*
Oct
75
3
Jan
Apr
Aug
17
6c
2%c
Foundry.
20
35
110H
Mar
17 H
_*
Canadian Canners 1st pf_20
2nd preferred
.*
80
78
145
75
Sept
Sept
20c
Quebec Gold Mining Corpl
Read-Authler Mine...
l
.....*
20
1
10%
23
67
*
Preferred
Pato Gold
"~4%
21
77
140
78
new
4.25
*
~20~~
100
B
Montague Gold
l
O'Brien Gold Mines Ltd.. 1
Par
4H
10,150
2,342
Mclntyre-Porcuplne M..6
McWatters Gold........*
Mining Corp of Can Ltd..*
Moffatt-Hall Mines. .....1
Cad
34c
1.82
25c
300
Gold
Teck Hughes Gold
39c
5
1.60
1.36
.13,450
Pamour-Porcuplne
1
*
......*
35
51H
1.17
Aidermac Copper
24%
25c
5.30
Preferred
SeDt
1.35
1.14
A. P. Consol Oils
Sept
Sept
15
16c
8%
46%
4.10
Alberta Pacific Grain
Jan
12 H
65
25c
1.17
Mines Ltd
AJax Oil A Gas
1.85
875
14H
1.74
Sept
5.30
Afton
52
13 He
Apr
Feb
5,900
9
71":,
10Hc
Calgary A Edm .........
Sept
Macassa Mines
....)
Mackenzie Red Lake
1
6% preferred
Acme Gas A OH
75
"35 %
Sept
2 He
Abltlbl
'""39c
Jan
490
20c
33
7H
25
8c
22
"2Hc
Stocks—
Sept
60
15%
16c
13
25
*
...
Burt (FN)
40o
500
1,360
1
to
199
"Six
1
1
Lamaque Contact G M._* 1.04%
Lebel Oro Mines........1
Sept. 28
June
6
105
June
Apr
5.50
36
21H
..
Mar
Sept
Sept
Hudson Bay Mlu A Smelt *
J-M Consolidated Gold...l
Da] ho us ie Oil Co
Home Oil Co...
Pacalta Oils
5
v
15c
6c
4H
~20H
.....
AOli
Buffalo-Ankerlte
1.75
Mar
14,395
240
7.80
Bunker Hill
3,900
Aug
273
67C
320
235
7.25
Building Products—.....*
18,700
340
235
53c
318
7.80
Jan
1.02
245
*
Feb
2.30
Sept
63c Sept
305
May
12c
Feb
99c
40
11c
2.70
1.80
16HC June
12c
5.15
1.02
Franooeur Gold M Ltd
Thompson
50
50%
2.30
67
72
11,250
.......1
Sept
*
Faleonbridge Nick M Ltd. *
Stadacona-Rouyn..
*
June
22c
39
11,000
13c
30
....1
Eldorado Gold M Ltd
Red
Blue Ribbon
3 He
23
100
Feb
24
3c
1.12
Sept
65c
37
FeD
58 H
10
Preferred
Alexandria
100
1%
110
Blltmore Hats
Mines—
1,000
21c 25HC
199
201
9
18c
lHc
15 H
*
Jan
21c
1.15
19
2
High
4%
19c
45
Melchers DlHtUlers Ltd..
LOW
1.10
1
*
MacLaren Pow A Paper..*
Massey Harr 6% cu pf.lOO
McCoil-F Oil 6% cm pf 100
Melchers Distilleries pref.*
Mitchell (Robt) Co Ltd..*
Range Since Jan. 1 1937
Shares
1.15
1
1,990
High
l%c
Lake St John PAP
y
Low
Sept
Sept
1
.
105
25 J*
Price
Jan
29 %
Par
Exchange
Sales
Argosy Gold Mines......!
Gen Steel Wares 7% cm oflOO
Goodyear T A R of Can..*
Intl Paints (Can) A
*
Bldgood-Klrkland
WA. 3401-8
1.30
4
6
„
Jan
16
65
150
Don
Beaufort
Exchange
"I o%
*
Co.
Canadian Commodity Exchange, Inc.
New York Curb (Associate)
Jan
7.75
1.00
6
Consolidated Paper Ltd..*
Voting trust ctfs
Apr
1.75 Sept
2.34 Sept
1.75
David A Frere Ltee A...
Dominion Stores Ltd....*
Fraser Cos Ltd
160
&
STOCK BROKERS
High
1.00
Commercial Alcohols Ltd. *
Palrchlid Aircraft Ltd
Low
435
4%
Donnacona Paper A
13
2
3
21
CndnVlckers7% cm pf 100
City Gas A Elec Corp
*
Duncanson, White
Range Since Jan. 1, 1937
for
Shares
2 %
2%
Preferred
Sales
Week
2
Cndn Pow A Pap lnv...
Can Vlckers Ltd
Eastern
Range
39
Jan
Jan
Feb
1.75
Sept
8.65
Apr
5 25
Sept
12.90
May
Apr
25 H
54c
July
19
6%c Sept
18 % Sept
18c Sept
37c Sept
10
10
5
6
108
108
5
100
July
Sept
Jan
29 %
1.25
Feb
1.68
Feb
Jan
11
jan
107
Apr
Volume
Financial
145
Chronicle
2209
'Sjst
Canadian Markets -Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
STOCKS
11 KING ST. W.
;■
7;;,
Par
Pet Cobalt Mines
OFFICES
Montreal
Noranda
of Prices
Price
l%c
The Toronto Stock Exchange
Winnipeg Grain Exchange
Powell Rouyn
Power Corp
Klrkland Lake
Montreal Curb Market
4.50
5.25
3.70
Prairie Royalties
Sarnia
North Bay
Canadian Commodity
Premier
Owen Sound
Bourlamaque
Chicago Board of Trade
Exchange (Inc.)
...
Read Authier...
Sale
Low
Shares
nil
mmmm
_
ft
11,040
*
...
...1
*
14
Aug
Saguenay Power pref..
Sept
75%
Aug
St Anthony
St Lawrence Corp
Gold
160
20c
4c
4%c
6,600
3%c
July
46c
59c
June
21J4C
22c
19,326
20,500
2,000
40c
16c
23c
26c
~~33c
30c
35c
10c
8c
11c
..Www-
78%
52%
7%c
-50c
Belt
Gold Eagle
Goodflsh Mining
Goodyear Tire
...1
*
...
-60
Preferred
Graham Bousquet
Granada Mines......
1
10c
*
Jan
18%
Apr
Sept
66c
May
Sept
12c
Mar
30c
Jan
Preferred
39c May
14,400
26,200
27
Sept
7 %c
July
81
75
78
Sept
54
605
52%
July
57
08
22c
Apr
Aug
....
...1
Gypsum Lime A Alab.
Halcrow Swayze
IIIi
Gunnar Gold
Hard Rock
1
...
Hargal Oils..
H oiling er Cons
...5
...
Home Oil Co
.....
Homestead Oil
-
mmmm
10%
12%
9,251
1.11
1.35
22,050
30c
12%
1.28
.1
—
125
38c
10,800
Jan
Feb
18c
10c
500
10c
19c
Aug
25
Sept
Feb
»
11
lioo "75"
Huron A Erie...
Imperial Bank..
-
.100
*
Imperial Oil
1—6
Imperial Tobacco—
19%
International Pete....
...
*
;;;»
75
June
Jan
Sullivan Cons
1.12
86c
1.12
29,626
3.44
Jan
Sylvanlte Gold.
2.99
2.67
3.05
30,730
38c
11 %o
12 %c
18
!0%c
110
3c
Sept
Sept
Sept
Apr
Sept
7
33c
Feb
90c
Mar
22%
Jan
Tashota...
Jan
Teck
Jan
Texas Canadian
16 %C
405
87c
Jan
11
Sept
19
Mar
5
,v:,
l
May
*
13%
16
Aug
Tip Top Tailors
Tip Top Tailors pref..
105
104
Mar
110
Apr
III*
United Oils
»
Ventures
*
Vulcan Oils
107
108
•
United Steel
13
13%
lioo
Feb
1
25%c
1834
19c
June
15
18
395
15
106
106
10
106
59C
Feb
39
Feb
108
Mar
Sept
Feb
Mar
—-1
25
10
53c
June
25c June
6 00
175
2.16
70c
June
2.05
2.50
1
.
*
21
......
Preferred
—50
49%
—50
-
m
mm
m
110
"72"
Exploration..*
40
Apr
May
52
Aug
10
85
Sept
110
Feb
12
110
Sept
126
Mar
60c
Sept
2.00
35c
Sept
2.60
Feb
50c June
1.10
Aug
35c
1,000
6,200
14%
13%
14%
2,846
15c
13c
15c
7,306
13
Apr
13c
4% Sept
5,25 Sept
6%
4,200
6,590
9 10
May
1.05
600
90c
Sept
2.25
June
2.05
1.78
2.20
1.78
Sept
4.65
Feb
37%
Sept
Sept
Sept
Sept
Sept
Sept
52%
July
106%
Jan
"2".05
1.72
2.06
48,587
1.71
3 30
Apr
*
41%
37%
42%
1.17
1.00
1.20
9,925
1.00
Sept
2.65
Feb
Preferred
*
19
18%
19%
2,490
18%
1.33
1.20
f-en
1.70
Apr
Westflank Oil
*
25
25
3,000
25
35c
1.38 118,573
40c
5,100
90c
35c
35c
Sept
1.10
Feb
West Can Flour
*
50%
4 J4c
47%
Sept
59%
...)
4C
nil
Lake Sulphite..
*
Laura Secord....
59c
*
Jan
60c
4c
May
28c
Feb
14%
21%
Apr
41,000
47c
Jan
Sept
Sept
27
Sept
77
33
»
Jan
16
18%
35
15%
65
96c
50
64
20,200
08c
June
1.30
July
12 %c 15 %c
90c
i
...i
Lebsl Oro
46
65
mm* mm m
Cap Gold......
47c
11,940
13,100
25
15
15
Lapa Cadillac
51%
4%c
18,100
lie
June
30c
Jan
84c
Aug
Jan
Lee Gold
...i
2%c
500
2c
Sept
7%c
Jan
Leltch Gold.....
...i
""61c
51c
61c
June
1.35
Feb
4.90
4.30
5.05
10,400
11,410
45c
*
4 30
Sept
8.40
Jan
719
23
Apr
Little Long Lac
Loblaw A
...
'
mm
m
■»
in*
nil "5.40
B...
365
20%
Sept
5.40
47,598
60,200
82,000
10,200
4 JO
Sept
8.00
50c
Sept
Sept
1 20
June
16c
4%
10
2%
3%
4%
1,150
3
12%
»
1100
12c
10,950
7%
5,146
#
McColl Frontenac
lioo
Preferred
...5
Mclntyre Mines
McKenzle Red Lake.. —1
McVittle Graham
8%c
"""7%
6%
46
36
12%
12%
720
46
92
91%
12%
92%
37%
33%
38
1.17
1.00
1.20
20c
15%c
21c
...1
90
Jan
Jan
18%
9c
8,700
8c
Sept
30c
Mar
3%c
_
4c
1,100
3%c
July
17c
Feb
3
Jail
10
June
3%
134
*
3
3
Aug
10
.100
3%
20
130
19
10
18
Sept
44
Jan
05
75
15
53
Jan
95
Aug
..
B
Preferred
Wood
.
3%
3%
•
.100
(Alex) pref
.
Jan
Feb
""33c
27c
33c
9,700
•
6.75
6.00
6.85
21,035
5.85 June
Ymlr Yankee Girl
»
27c
22c
32c
44,800
20c June
52c
Feb
Zimmerknit
*
5%
80
3%
7%
Apr
—1
Wood Cadillac
Wright Hargreaves.
Jan
3
4%
...i
Preferred
20
8C
—1
—
Jan
4
Jan
Sept
Sept
11
25
2%c
4%
3c
;
1,605
Aug
12%
24c
77c
Sept
«
Jan
10
Feb
85c
3%
Wiltsey-Coghlan
Winnipeg Elec A
12
93
...1
Mar
2c
1.40
54c
•
Whitewater Mines
Jan
1.16
Maple Leaf Gardens pref 10
Maple Leal Milling...
*
Preferred........
11%
11%
.100
Jan
36%
Jan
4.85
80c
3c
4%
4%
20
Aug
21%
4.10
1.32
»
MaraJgo Mines
23%
21%
Madsen Red Lake.... ...i
Maasey Harris
Feb
24
MacLeod Cockshutt.. ...i
Manitoba A East
25
23
....
Macaasa Mines
2%c
4%
45
91
Westons
Preferred
Mar
6.25
i
Lamaque Contact
Lang A Sons...
Feb
70c
11 »4
4%
.i
Laguna Gold
Lake Shore
Sept
1.00
•
Walkers
Jan
19
5.25
6
6.00
21,716
9,165
Kerr Addison
Kirk. Hud Bay
Klrkland Lake
Feb
14,320
77
75c
Walte Amulet
Jan
4.06
Sept
47
60c
»
Sept
20
40
110%
65
Jan
150
35c
.
Jan
2 35
3,150
1
Uchl Gold
Feb
2.50
...1
Treadwell-Yukon
1 80
Jan
54
21%
49%
92
92
Toronto General Trusts 100
Toronto Mortgage
108
1
Sept
Sept
Sept
.100
Kelvlnator pref
Jan
1.55
Union Gas
50,976
80,595
19,300
4.55
10%
1.25
Mar
91c
28 %0
1.52
1.62
42c
Sept
13,650
12,720
June
71c
Sept
3%c
5.10
Feb
33c
Sept
52
4.70
Mar
89c
15
8
4.95
3 15
40c
374
Jan
37,399
Sept
...1
Feb
6c
95c
-.1
4.80
*
Hughes
Towagmac
Sept
16
73%
39%
Feb
Jan
2.67
Feb
52
Sept
Sept
Feb
3.25
15%
Jhi
July
Mar
Sept
52
13%
15%
86c
3%c
49%
29%
105
6.90
40% 0
4c
97
Mar
Jan
Sept
16c June
15%
1.50
Preferred.....
480
24%
6
»
Tamblyns
Toburn Gold
Jellicoe Cons
Kelvlnator
Apr
Feb
Jacola Mines
Lava
5
3 %
370
27c
Mar
2 80
Toronto Elevators
8,140
2,100
88
64
May
1.10
Sept
5,200
June
32%
66
5,050
95
95c
40
17c
240
30%
210
73%
3.30
Jan
32
Feb
15c
Sept
32,980
96
2.80
Sept
14
Sept
17c
18
53%
Jan
68%
"3I25
15c
*
395
»
72
99
15%
-III
201
13%
2 85
Sept
.100
1,600
_
72
70%
.125
Preferred
Sept
Sept
65c
Sudbury Contact
61c
Consolidated.
68%
"71%
Steel of Canada
20
Jan
10
86c 118,725
10
Sterling Coal
Sudbury Basin
59c
J M
65c
10
Jan
60c
......
10c
_.
"82c
Jan
I'll
Jack Walte..
'
_
_*
10,902
49%
:
—
16
19%
99
14
"
III*
10
76
205
18
"51%
*
Internat Utll B
25
11
201
205
Internationa] Milling pflOO
international Nickel..
V
*
Petroleum.
Stadacona
Standard Chemical...
Apr
■
Hunts A
Oct
2 50
—
7c
17c June
1,600
Feb
92
1 26
Sept
27,500
Jan
110
40
18%
80c
15c
17
Oct
12
93
Sept
Sept
19
Aug
July
3%
14c
15c
4%
June
870
18%
_
65c
7
2c
ll%c
______
Feb
Aug
July
'
500
14c
»
High wood Sareee.....
3.95
3%
6%
2.49
18c
I-.*
Harker
Hlnde A Dauch
1 60
185
Sept
Sept
500
49,331
June
5
21c
1.82
4
3%
■'7
' '■-■'777
m
27c
25
21c
1.00
mm
76c
Southland
2lc
1.72
mmm
17,050
Apr
68.645
Feb
1.00
43,050
Jan
1.20
Jan
1.10
Apr
Sept
42c
Aug
80c
2.40
Sept
60c
1.12
4,500
1.15
Apr
35c
1.50
42
30c
26%
*
5,288
24,600
3,400
1.25
1.00
1.25
010
5%c
4
Apr
Aug
41c
Siaden Malartlc
Slave Lake
53%
3%
14%
36%
1.05
Feb
Apr
4
Sept
Sept
1
Feb
67c
Mar
Sept
*
Harding Carpets
18%
-.1
03c
Sept
75c
6%
70
6.05
Sept
9
Jan
250
Sept
100
2%c
June
32e
2.75
Sept
67c
Mar
103
June
46,275
33%
7%
60
July
12c
3.45
5%c
13%
2%c
Sept
99%
2.75
638
"
30
10
21,968
92
1,034
8
_
3,485
Feb
3.40
17
""75c
Mar
92
42
•
48 %c
227
Sept
.100
7%c
7c
Jan
June
9c
170
...1
4,900
2,000
20,300
1,075
1.35
Slecoe Gold
3,400
8c
Feb
Apr
1.62
Simpsons B
Simpsons pref
9c
7o
Feb
1.78
Jan
10c
25
Feb
1.95
86C
*
97%
0 85
Sept
195
36%
36
1
SUverwood Dairies pref..*
Feb
"lioo
.
.50c
Sherritt Gordon
12c
100% 100%
16c
13 %c
7
7%
20
18%
1~46
—-1
Apr
15
Great West Saddlery pf 100
Grull-Wlksne Minging —.1
7%
Jan
360
72c June
60c
1,100
0,820
15,015
178
30
m
mmm
15 %c
*
Shawkey Gold
Sheep Creek
Jan
32%
25
5%c
35
mm
...1
San Antonio
Jan
16
5%c
Great Lakes Paper—
V-1 0 0
176
A
1.02
49
41
Grandoro Mines
1
80c
9%c
177
Sept
26,200
12c
60c
76c
nil
9
28c
60c
......
Reno Gold
Feb
4.50
35c
0,300
25.000
70
16
1,000
38c
5
59c
Goldale Mines
Jan
1.10
35c
3.50
135
12%
*
God's Lake Mines
Aug
85c
1.45
25c 29 %c
9
8
2.00
35c
25c
70
21c
mm
"24c
Jan
Feb
Sept
2.70 Sept
20o Sept
25c Sept
1.25
mm
42,850
6,800
2.75
70
9%
m
IIIl
Gillies Lake Gold.
'
95c
33c
1
Roche Long Lao
Royal Bank...
Cigh
4%c
General Steel Wares..
1.47
55
29
70c
29c
9
9
"loo
Preferred
55c June
28%
1.30
"
mm,*.
•
Royallte Oil
*
Gatlneau Power
13,266
3.50
...
Reeves-Macdonald
Range Since Jan. 1 1937
Week
High
July
75c
-
Red Crest Gold
Sales
Low
Feb
29c
1.24
16
Red Lake G Shore...
Exchange
of Prices
Price
33%
2.40
Sept
Sept
1.90 Sept
27c July
_
Prospectors Air
Par
2.20
14%
16 %c
*
Quebec Mining
for
June
384
IIIi ""90c
»
Feb
Feb
4,000
"2l40
1
Jan
9.20
6.85
2.00
«
..
3%c
Apr
425 Sept
3.20 Sept
16c
95c
15
-
Preston E Dome
Stocks (Continued)
High
l%c
15%c
1.22
16
*
...
Pressed Metals..
Tlmmlni
Week's Range
1,000
18,706
3,565
22,050
3.20
...1
Sudbury
Last
,l%c
3.70
-.1
Ottawa
Friday
Low
Shares
'"5.2 0
Pioneer Gold
Hamilton
Toronto Stock
Range Since Jan. 1 1937
for
Week
High
Low
1
...
Pickle Crow
MEMBERS
Cobalt
Week's Range
TORONTO
WAverley 7881
Toronto
Sales
Last
'
Stocks (Concluded)
'
:
7.
Sale
GRAIN
BONDS
Exchange
Friday
V-V
1,271
35
1.15
36c
see Page 2206
Mar
8%
86%
32%
June
14%
Mar
July
SECURITIES
CANADIAN
Mar
74
^
_a_a_aj>..e.
Mar
16%
Sept
Government
Municipal
•
•
Private wire connection between New York,
Corporation
Montreal and Toronto
Mar
101
May
42%
Jan
16,350
13,130
i.OO
June
2.03
Jan
15%c
Sept
57c
Feb
4,560
-Curb Section
Toronto Stock Exchange-
Mar
5
Sept
Sept
8%e
6%
«36
5%
5%
May
MoWatters Gold..... ...»
37c
33c
40c
Sept
1.18
Jan
20c
20c
22c
11,100
4,500
33c
in*
Oil......... III*
20c
Sept
63o
7c
7%c
4,100
6c
39c
2.60
7c
8%c
27c
New
•
•
Feb
2.00
Sept
2.00 Sept
Royal Securities Corporation
York
HAnover 2-6363
30 Broad Street
Mar
Mercury Oils
Merland
*
Mining Corp
2.50
*
Mlrito Gold—...
Moneta
...1
Porcupine.
Moore Corp
....
...»
nil
1.89
38
Sept
50c
May
July
1.59
1.90
96c
June
1.98
Apr
37%
39%
310
37%
Sept
45%
Aug
Abitlbi P A Pap ctfs 6s '63
hue
Feb
Alberta Pac Grain 6s. 1940
10c
Feb
Beaubarnolfi Pr Corp 6s '73
Apr
Bell Tel Co. of Can 5s. 1966
25c
7c
2434c
20c
27c
24,000
20c
July
5,000
2%c
July
National Grocers.....
7%
2%c
7%
3c
»
Naybob Gold
Newbeo Mines
i
30c
27c
31c
3%c
3%c
4c
45c
Morris Klrkland..
Murphy Mlnee
i
....
...
*
New Golden Rose....
nil
N1 pissing
—5
11
Industrial and Public
Bid
175
8
7%
22,710
10,700
3,600
22c
Oct
Sept
1.05
Feb
Burns A Co 68—
3%C
May
120
Feb
35c
Sept
1.49
Jan
Calgary Power Co 6e_. I960
Canada Bread 6s
1941
3.60
Feb
Canada North Pow 6e. 1963
Feb
Canadian Inter Pap 6s '49
Canadian Lt A Pow 5s 1949
40c
37c
1.65
2.20
3,430
"50%
48%
61%
10,366
1.30
98c
1.30
11,149
98c
70c
73c
17c
17 %c
Sept
4.10
3.65
4.40
3.60
8ept
Okalta Oils
•
95c
85c
1.05
85c
Sept
4
OlgaOil A Gas
»
3c
3%C
4,100
2,600
35,135
8,200
3,000
14c
1
2c
Jan
Dom Gas A Elec
32,675
Sept
Sept
12c
35c
1.28
Jan
Donnaconna
....
*
Noranda Mines......
Normetal
........
North Canada.......
III*
"""»
1
Nordon Oil
O'Brien Gold
...
Omega Gold
Ontario Steel...
.
Sept
2.23
July
95C
Apr
Feb
Canadian Vlckere Co 0s '47
49c
13.25
Jan
Consol Pap Corp 5%8 1901
06c June
10
Feb
12
5
12
Sept
18
Jan
5
5
80
5
Sept
10
Jan
....
Ill*
»
...
"il53
1.33
1.59
15%c
Page Hersey
Pamour Porcupine
Pantepec Oil
Payore Gold
12 %c
18c
92
88
92
2.85
2.50
2.85
nil
5
...i
""22c
i
15c
5%
17,375
41,550
185
17,106
1,925
30,300
7,100
10c
88
1.90
6
2%b to '38—5%a to *49
60
63
94
95
-
60
»«.
-
-
92
80
Massey-Harrls Co 6s. -1947
McColl Frontenac Oil 0s '49
68
94
108
_
_
_
103% 104%
99
99%
100%
91
90
112% 113
76%
/76
/59
-
-
-
79%
0%s. 1945
84
83
1960
7s 1942
Eastern Darles 0s
1949
1960
Minn A Ont Paper
Montreal Island Pr
99
-
.
-
60
Sept
101
June
4.00
Jan
Sept
9%
Jan
Gt Lakes Pap Co 1st 6s '66
Int Pr A Pap of Nfld 5s '08
100
35
July
Lake St John Pr A Pap Co
40
Feb
5% 8
1901
99
1939
I960
1973
Montreal Tramway 6s 1941
Ottawa Valley Pow 5%a '70
Power Corp of Can 4%e '59
value) 3s
3%s_.
3%s
par
-
41c
Apr
6s
1901
76
78
1.38
Jan
2.50
Jan
10c
9c
10 %c
38c
49c
7,700
79,280
72c
90c
8,300
70o June
Fraser Co 6s.
*
—
Jan
No par value.
I
_
_
_
103%
96%
/ Flat price
101%
97
101%
»
Dec
1
1967
Provincial Pap Ltd 5%s *47
Saguenay Power 4%a A. '06
4%s ser B
1900
Shawlnlgan WAP 4%s '87
Smith H Pa Mills 4%e '51
106
Feb
08.1946
5%s '67
103% 104%
58%
/58%
103%
...
Montreal L H A P (660
6s
Gatlneau Power 6s...1960
48c
92
60%
-
Mar
90c
16c
4s
Ask
100
111% 111%
-
Paper Co—
East Kootenay Pow
99%
88
-
Mar
i
J
...
13c
1961
5%s ex-stock
Bid
MacLaren-Que Pr 5%s '01
Manitoba Power 5%e. 1961
Maple Leaf Milling—
82%
2.20
Apr
...i
Parta nen-Malartlc
18 %c 22 %c
Cedar Rapids M A P 6s '63
Utility Bonds
A't
/82
43%c
118
85c June
18%c Sept
12%c Sept
9c Sept
380 Sept
ParkhUl
Gold
47c
83
12
*
Mining
Paymaster Cons
35c
Sept
1968
Sept
*
Pacaita Oils
Perron
45c
1.55
48
»
Orange Crush pref
Oro Plata
1
NY 1-208
Feb
33 %c
9,745
10,500
2,600
18,112
7c
Monarch Oils........ .25c
5.00
Oct
24c
Bell System Tele.
United Grain Grow 6s. 1948
United Securs Ltd
6%s *62
Winnipeg Elec 6s_Oct 2 '64
Nominal.
50
50%
99% 100%
93% 94%
100% 102
104
96%
104
mmm
98%
mmm
101% 102 %
101
101%
101
101%
102% 103%
100
mmm*
09
89
101
80
70
...
Financial
2210
New York
Bid
1
1975..
1
1954
a4 *4a
1
Mar
103 34 105
10334 10534
1
102 34
104
1964-
«4%s Apr 15 1972
1 1974..
a4%s June
95
Chase
«3%« July
Maj
1
1975
1
1957
10734 108 34
Nov
1
1958
10734 109
10734 109
a434s Nov
108 34 110
a434s Mar
1
10934 11034
n4
1 1965
115
1 1967
a4s
1
May
1959
1
15 1978.
May
1
1977
a4s
Oct
1
1980
«4%s Sep
1
I960.——
11134 112 34
a4%s Mar
1 1962.—.-
11134 112 34
a4 34s Dec
113
114
Fifth Avenue...
.
—v—:
.
100
945
114% 11534
Flatbush National
1 1957
34s June
1963
15 1971..
1
a4 34s Dec
975
1937
1979
11654
Bid
65
mmm
100
115
National Bronx Bank.-.50
National Safety Bank. 12 34
42
48
1434
1634
Penn Exchange
10
10
12
Peoples National
50
55
67
3434
36 34
Sterling Nat Bank & Tr 25
26
28
20
25
New York Trust
11734 11834
Ask
Bid
100
Public National
45
35
100
National... 100
Trade Bank
2025
First National of N Y.. 100 1995
11414 11534
11434 116
11434 11614
1957
4134
36 34
34>4
174
168
1
a4>4s July
-
-
125
100
12 34
City (National)
1 1981.......
May
a4s
1977
Par
Klngsboro
Merchants Bank.
3934
.....13.55
11514 117
110% 117%
a4a
«4s
.
27X
Bensonhurst National.. .50
Commercial National.
«4%s
o4%s
a4%s
a4%s
a434s
1960
15 1976
Ask
2634
10
66
U2H 11314
10134 10234
104
106
a3%s Mar
u334« Jan
Bid
Par
Co
Bank of Manhattan
Bank of Yorktown..66 2-3
112 H 11354
11254 113 54
16 1976
Feb
Jan
Nov
Mar
;
Ask
111% 112%
nix 113
U2X 11314
1 1966
a4%s Apr
2,
New York Bank Stocks
Bid
1 1954..
u334s Nov
Oct.
City Bonds
Ask
97
9634
9934 101
1977..
1
Jan
438
a3%8 July
<13 34s May
Chronicle
25
12 34
Companies
Ask
Par
Bid
Ask
Itallana.100
105
115
Fulton
100
237
252
Bk of New York & Tr.. 100
445
453
Guaranty
100
285
295
10
13
Banca Coram
Bankers
101
106
.20
38 1981
62.80 less
—
Bid
106
4
Canal & Highway—
34 s April 1940 to 1949.
62.15
52
54
50
66
76
25
1534
1734
New York
62.95
12834
15 34
Title Guarantee & Tr___20
4s Mar & Sept 1958 to '67
Canal Imp 4s J&J '60 to '67
mmm
121
mmm
121
mmm
Barge C T 4s Jan '42 & '46
12834
126
14
Continental Bank & Tr.10
Hlghway Improvement—
5s Jan & Mar 1964 to'71
Highway Imp 4 34s Sept '63
Canal Imp 4 34s Jan 1964..
Can & High Imp 4 >48 1965
110
11334
42
Manufacturers....-----20
.20
Preferred
—..—25
Corn Exch Bk & Tr
20
5534
56 34
Underwriters
Empire
10
2634
6734
United States
100
43 >4
45 X
49 X
47 X
121X 124 X
834
934
77
87
mmm
BargdCT 4>4s Jan 1 1945.
14
1775
109
Chemical Bank & Trust. 10
Colonial Trust
Ask
World War Bonus—
1
Irving
Kings County
100 1725
38
Lawyers
,.—...—,.25
Clinton Trust
Ask
1
934
7
..100
Brooklyn.
Central Hanover
Bid
62.75 less
38 1974
5834
1034
5634
10
....
Bronx County..
New York State Bonds
..
100 1620
1670
mmm
Chicago & San Francisco Banks
Par
Port of New York Authority Bonds
Bid
At Trust—
—
-
Bid
As*
Harris Trust & Savings. 100
100
-
Par
Ask
215
245
360
385
Northern Trust Co
American National Bank
630
670
100
Continental Illinois Bank
Bid
Ask
Port of New York—
Gen & ref 4s Mar 1 1975
10634 107%
Gen & ref 2d ser 3 34s '65
Bid
Holland Tunnel 4>4s ser E
1938-1941
M&S
103 34
Gen & ref 3d ser 334s '76
1942-1960
99 34 10034
M&S
Inland Terminal
Ask
33 1-3
IUH
113
.
248
FRANCISCO
SAN
117
.....100
253
& Dust
First National.
60.75
BankofAmerlcaNT&SA12i2
1.75
I
Gen & ret 4th ser 3s
1976
03
94
1938-1941
M&S
61.00
Gen & ref 3 >4s.
1977
95 34
9034
1942 1960
M&S
nsurance
107J4 109
1.75
5034
Companies
Bid
Ask
Aetna Cas & Surety- -.10
80
84
Home
Aetna fire'
42
44
Homestead Fire.
25%
Par
George Washington Bridge
11034 112
4%s ser B 1940-53-M N
4834
112
4>4s ser D
-10
Aetna Life
Par
Fire
Security
Bid
10
234
10
18 X
Ask
334
1934
27%
importers & Exporters
-.5
7 X
8>4
Agricultural........ ..25
76
78 34
Ins Co of North Ainer._.10
American Alliance
-10
2134
22
Knickerbocker
5
5834
12 >4
60 X
14
American Equitable.
.—5
31%
Lincoln Fire
5
Maryland Casualty
10
12 X
33%
13%
American of Newark.. -234
1034
12
American Home
United States Insular Bonds
4s 1946
Ask
Bid
100
10134
Honolulu 5s
63.50
114
4 34s Oct
1959
102
104
U S Panama 3a June 1 1961
4 >4s July
1952.
102
104
Ask
3.00
Re-Insurance
American Reserve
April 1955
58
Feb
10034 102
.......
1952
25
..
4 >4s July 1958
106
109
no
_-
1113*
5s
Hawaii 4 >4s Oct 1956
934
6
27%
29%
Merchants (Providence)-.5
National Casualty
10
d3.75
116
Automobile
16
1734
58 34
60 x
8 Ji
3.50
-10
-2 34
Baltimore Amer
Conversion 3s 1947.——
7%
6%
109
11034
Bankers & Shippers
110
Boston........
108
110
Camden Fire
...,5
1734
-10
20 34
-10
.25
86
96
100
.
583
593
.10
Fire
National Liberty
2
National Union Fire....20
New Amsterdam Cas
19 %
22
2
New Brunswick fire
10
New
Federal Land Bank Bonds
22
Hampshire Fire —10
New Jersey
20
Connecticut Gen Life. -10
29
30
New
22%
24%
334
Northern
North River.._
43
Northwestern
—
5
Eagle Fire
-234
Employers Re-Insurance 10
2034
3
40
Excess
3s 1955 opt 1945.
3s 1956 opt 1946
Ask
Bid
J&J
1003* 1003*
4s 1957 opt 1937
J&J
10034 10034
4s 1958 opt 1938....M&N
M&N'
1003* 1003*
3>48 1955 opt 1945. -M&N
10134 102
4s 1946 opt 1944
Ask
1083* 109
3s 1956 opt 1946
J&J
M&N
ioo x 1007,6
101",6 1021,6
4>4s 1957 opt Nov 1937...
100 X
4>4s 1958 opt 1938. .M&N
103 >4
5%
634
-10
37
39
Fidelity & Dep of Md. -20
110
115
67
70
x77
-10
1007,6
Fireman's Fd of Sa<» Fran25
103^4
Firemen's of
Newark
—
.
—
.
—
.5
.5
100
Atlantic 5s
100
Burlington 5s
/45
California 5a
Louisville 5s...
100
Chicago
Maryland-Virginia 5s
55
•
/5%
Dallas 5s
Denver 6s
634
96
98
99
96
99
Chicago 4 >4s
117
122
77
81
934
Phoenix
Pro vldenee- Washington
1034
2834
27
10
..5
Preferred Accident.
.
1534
17 34
10
29 X
31>4
Reinsurance Corp (N
Y)_2
734
Republic (Texas)
...10
10
22 >4
24
2134
23 >4
Revert (Paul) Fire
Rhode Island...—
24
Ro&sia...
22
24
St Paul Fire & Marlne..25
40 34
Seaboard Fire & Marine..5
.5
38 34
16
1734
Seaboard Surety
15
44>4
48 34
88
Security New Haven... 10
Springfield Fire & Mar..25
Stuyvesant.5
10034 102
100
78
85
95
100
—
83
Great American
5
Great Amer Indemnity -.1
Halifax fire..
.10
23%
834
25%
23
934
100
10
63%
65%
U S Fidelity & Guar
U S Fire...
10
57
59
U S Guarantee
2934
31%
Westchester Fire
Hartford Steam Boiler
Home
—
5
734
1134
26
2934
3034
107 >4 110>4
Travelers-
7 >4
8>4
595
545
419
Co..2
4
18
429
19
4834
5034
10
48
52
2.50
30
32
mmm
Pac Coast of San Fran 5s_.
100
107
Surety Guaranteed Mortgage Bonds and Debentures
100
Pennsylvania 5a
mmm
100
/27
109
100
84
Allied Mtge Cos Inc—
All series 2-5s
1953
18
82
Arundel Bond
86
/16
100
Bid
80
Arundel Deb
Aasociated
-
Ask
Bid
mm<*
30
Southern Minnesota 5a
-
Corp 2-5s '53
Corp 3-6s '53
56
Nat Union Mtge Corp—
Series A 3-6s
1954
86
8eries B2-5s
Debenture
3-6s
Potomac
1953
47
Coht'l Inv Bd Corp 2-ds '53
78
47
78
60
vitge Cos Inc—
Contl Inv DebCorp 3 6s '53
..1954
Ask
5434
49
Bond
Corp
(all
Union of Detroit
4>4s
9934 10034
Virginia-Carolina 6s.
100
mmm'
Virginian 5s
mmm
100
mmm
■
'
m
2-3s..
m
1945
46
36
45
47
3-6s
1953
....1953
Potomac Maryland Deben¬
82
...
ture
Corp 3-6s
Potomac
Nat
Bondholders
(Central
Par
47
Bid
Ask
100
50
60
New York
100
12
15
Atlantic
100
38
42
North Carolina—
43
100
75
78
Pennsylvania
100
28
15
20
Potomac
100
65
San
100
41
44
100
50
3434
73
'■■■■mUm
45
47
Realty
Bond
&
45
47
46 34
4834
35
38
Mortgage
deb 3-6s.._.
1953
70
ioo
/32>4
1953
71
Atlantic
33
..100
Funding series)
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-68.1953
1953
Realty
Deb Corp 3-6s
ctfs
46
Dallas
part
Deb Co
...
Joint Stock Land Bank Stocks
Ask
47
45
Potomac Franklin
Co of Md
Inc 2 5s
75
45
Issues )2~5s
m
49
91
Mortgage Bond
1953
Potomac Cons Deb Corp—
3-6s
1953
Potomac Deb Corp 3-6s '53
99
101
Bid
934
8
205
100
24>4
31%
—
7
634
199
100
I.tfe Assurance
29)4
Interstate Deb Corp 2-5s'55
Par
5
10
Hanover Fire........ -.10
Empire Properties Corp—
Atlanta—
Sun
5
—
734
mmm
Southwest 5s
88
...
100
Tennessee 5a
87
99
Lincoln 5s
101
100
Ang 5s..
Potomac 5s..
100
La Fayette 5s
9934 10034
66
/60
San Antonio 5s
100
4>4s
Iowa of Sioux City 434s.—
Kentucky 5s
Ohio-Pennsylvania 5a
St Louis 5s
82
—
2d preferred
3534
Hartford Fire
100
Ppoenix 58
10034
Fletcher 3>4s.,
Fremont 5s..
Illinois Midwest 5s
mmm
North Carolina 5s
Pac Coast of Salt Lake 5s—
98
•
Greenbrier 5s
Ill of Montlcello
mmm
Pacific Coast of Portland 5s
100
Greensboro 58
100
100
9934 10034
Oregon-Washington 5s
99>4 10034
-
..
New York 5s
mmm
Pac Coast of Los
100
.
first of New Orleans 5s
First Texas of Houston 5s
First Trust of
-
97
First of Fort Wayne 4 34s.
Flrstof Montgomery 5s
—
Mississippi-Tennessee 5s
—
—
100
First Carollnas 5s
100
24J4
-.25
Pacific Fire
22
Globe & Rutgers Fire.
Atlanta 5a
92
125
3334
Globe & Republic....
Ask
2234
120
-10
Glens Falls Fire——. ...5
Bid
4434
19 >4
National.25
Georgia Homo..
Bank Bonds
4234
18
General Reinsurance Corp5
Ask
13
29 >4
43 34
89
2.50
125
41 X
...2
Fire
7
28
12.50
York
Gibraltar Fire & Marine. 10
Bid
734
120
&I2;t-
1034
79
Federal
Fire Assn of Phlla
Franklin Fire
Joint Stock Land
49
Merch & Mfrs Fire New'k.5
46
Continental Casualty.
Bid
45 >4
35
24%
107
July 1948.
U S conversion 3s 1946
11434 116
434
4J4
53
33
City of New York
1941.
3 Vs
4%
49
44
Carolina
6>48 Aug
1
2334
10
..10
American Surer y.
Govt of Puerto Rico—
5s
.......
Mass Bonding & las.. 12 >4
Mercb Fire Assur com...5
Natlona
American
Bid
Philippine Government—
—
Denver.
...
Des Moines.
Lincoln
55
60
5
8
Virginia
2
3
Virginia-Carolina..
ioo
Fremont
1Q0
...100
First Carollnas.
4
7
Antonio
'1
Telephone and Telegraph Stocks
134
55
Par
Am Dlst Tele? (N
Bid
Ask
J) com.*
98
102
100
114
Bell Telep of Canada
.100
164
169
Bell Telep of Pa pref
.100
11534 11834
Cuban Telep
'
1
Bid
"
Ask
Bid
48
57
61
38
43
*
92
95
Int Ocean Telegraph.. .100
Ask
7% pref.. 100
Emp & Bay State Tel. .100
Franklin Telegraph
100
Intermediate Credit Bank Debentures
87
Gen Telep Allied
FIC 134s—Dec
FIC 134s ..Jan
15 1937
6.50%
15 1937 6
.50%
15 1937 6 .50%
15 1938 6.60%
1
FIC 134s—Feb
15 1938 6.70%
»
F 1 C 114s-
15 1938 6.70%
...
#
•
1( 1 I !
-Mar
FIC 134s„. Apr
15 1938 6.75%
FIC l>4s—-May 16 1938 6 80%
FIC 134s_—June 15 193S 6.85%
I ! .li{t fil
Mtn States Tel & Tel
.100
132
•
For
footnotes
New York Mutual Tel.100
Bid
A sk
20
25
Pac & Atl Telegraph....25
Peninsular Telep com
Preferred A
*
17
23%
100
110
100
20
26%
110
115
Rochester Telepnone—
$6.50 1st pref
Corp—
$6 preferred
FIC 134s—Oct
FIG 134s—Nov
Par
117
Preferred
Federal
Unified Deben Corp 5s 1955
see
page
2212.
mm-
138
So & Afl Telegraph
25
Sou New Engl Telep—.100
S'western Bell Tel pref. 100
Wisconsin Te±ep7% pf.100
18
22
15434 153
118
115
121
---
Volume
Financial
145
Quotations
2211
Chronicle
Over-the-Counter Securities—Friday Oct. 1—Continued
on
RAILROAD BONDS.
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
Monthly
Earnings and Special Studies
3oscpb CUalkcr $ Sons
Mrmbm bijrw York Stotk Extbamgo
Members New York Security Denier x Associntlon
GUARANTEED
NEW YORK
e. sloane& co.
john
Tel. REctoir
£20 Broadway
Bulletin
Request
on
.
QUOTED
.
41 Broad St., N. Y.
-
HAnover 2-2455
Teletype NY 1-624
Bell Syst
-
2-6600
STOCKS
[Since1855JJ
-
Railroad Bonds
Guara n teed Rai I road Stocks
Bid
Asked
1945
61
63
-.1945
61
63
1953
93
(Guarantor In Parenthesis)
Akron Canton 4 Youngstown
Dividend
Alabama A Vlcksburg (Illinois
Bid
Dollars
in
Par
:
6s
Augusta Union Station 1st 4s...
..1(H)
150
10 50
160
97
88
90
95
Baltimore 4 Ohio 4 3*8 1939
Birmingham Terminal 1st 4a
88
84
6 00
Central)
Albany A Susquehanna 'Delaware A Hudson).
Asked
53*8
100
103
6 00
90
95
Boston A Albany
1943
101
50
2 00
35
39
Boston A
1950
58
-.100
8 75
110
115
Prior lien 4s
1942
72
76
8 50
125
131
Prior Hen
43*8
1944
78
81
Convertible 5s
1940-45
86
92
Allegheny A Western (Buff Koch 4 Pitts)
Beech Creek (New York Central)
Boston A
Albany (New York Central)
Boston A Providence (New Haven)..
54
Buffalo Creek
58
1st 43*8
-April 1,
Maine 3s
62
97
105
1942
78
83
1st ref 5s
-.100
2 85
..100
4 00
85
89
..KM)
Common 5% stamped
Cleve Chin Chicago A St Louis pref (N Y Central) -.100
5 00
88
92
6 00
95
100
3 60
84
87
Choctaw A Memphis 1st 5s
Cincinnati Indianapolis A Western 1st 5s
48
61
Cleveland Termlual A Valley
Canada Southern
(New York Central)...
Carolina Cllnchfleld A Ohio (L A N-A C L) 4%
—
Cleveland
2 00
A
Pittsburgh (Pennsylvania)
Betternian stock
50
—
Delaware (Pennsylvania)
25
2 00
6 50
76
10 00
175
Lackawanna IIR of N J (Del Lack A
Western)
61
65
60 00
900
-.1(K)
Western)
50
Morris A
Essex
York
88
91
1945
54
57
1978
91
45
42
Deckertown
Hoboken Ferry
1st
63*8
■
mm
74
48
52
94
Kansas Oklahoma A Gulf 1st 5s.
75
80
Ltttle Rock A
...50
95
99
Long Island refunding mtge 4s
4 00
52
me mm
78
97
1st 5s
4 00
59
3 875
(Erie)
ItII of N J
92
1995
1st 4s
5 00
Northern Central (Pennsylvania)
Northern
89
Western (D L A W)__ ..100
Lack A
(Del
Lackawanna A
/40
...
1050
—
Michigan Central (New York Central)
New
50
1949
1965
Goshen A
185
4 00
...
Georgia Southern A Florida 1st 5s
82
..KM)
...
Fort Wayne A Jackson pref (N Y Central)
Georgia lilt A hanking (LAN AC L)
Chateaugay Ore A Iron 1st ref 48
/14
100
Macon Terminal 1st 5s
60
4 50
55
56
1 50
38
42
Meridian Terminal
Minneapolis St Laul A Hault Ste Marie 2d 4s.
Montgomery A Erie 1st 6s
50
3 00
77
82
Pittsburgh Fort Wayne 4 Chicago (Pennsylvania) ..1(M)
7 00
165
170
-.100
7 00
174
1st
104
70
65
1951
Maryland A Pennsylvania 1st 4s
Pittsburgh Bessemer 4 Lake Erie (U S Steel)
99
1949
...50
Oswego 4 Syracuse (Del Lack 4 Western)
18
97
Hot Springs Western 1st 4s
93
95
1949
35
45
1956
92
4s
179
Preferred.
Preferred
-
—
Rensselaer 4 Saratoga (Delaware 4
Hudson)
..100
6 82
80
St
RR)
..KM)
6 00
138
New
85
143
Louis
Bridge
pref (Terminal
1st
Piedmont A
Portland
..KM)
3 00
70
Tuone Itlt St DiiiIh (Terminal RR)............ ..KM)
6 00
138
..KM)
—
10 00
240
246
Second preferred
_
United New Jersey RR A Canal (Pennsylvania)
Utlca Chenango A Susquehanna (D I. A W)
York A
RR
1st
mm
93
61
64
1945
86
88
84
Consolidated 6s
70
913*
1951
33*8
mmrmm
mm
65
1966
Hoboken Ferry general 6s
Northern Ry 1st mtge 33^8
88
mm mm
Rock Island Frisco Terminal 43*8
..100
6 00
76
80
..KM)
Valley (Delaware l^ckawatma A Western)
Vlcksburg Shreveport A Pacific (Illinois Central). ..KM)
6 00
87
95
St Clair Madison A St Ixmls 1st 4s
5 00
65
70
Shreveport Bridge A Terminal 1st 5s
..100
5 00
75
80
Somerset
P refer red
...50
3 60
40
8 .00
59
93
1955
1st ref 4s
Southern Illinois A Missouri Bridge 1st 4s
45
50
ItR of N J (Del Lack A Western)
Warren
1951
88
..1955
64
—
Ry
a»~..-
mmrnm
1951
80
83
..........1957
109
in
1966
93
96
1964
55
60
62
Weet Jersey A 8ea Shore (Pennsylvania)
Toledo Terminal RR 43*8..
Toronto Hamilton A
.................
Buffalo 43*8
Washington County Ry Is* 33*8
EQUIPMENT TRUST CERTIFICATES
$6 PREFERRED
Bmtell Brothers
Stroud & Company Inc.
Ftfvate Wires Us New York
Philadelphia, Pa.
EST.
n. y.
members
Tel. DIgby 4-2800
1908
stock
ONE WALL ST., INLY,
exchange
Teletype N.Y. 1-1146
and n. y. curb exchange
Railroad
COMPANY
ELECTRIC
SCRANTON
Quotations-Appraisal* Upon Request
Equipment Bonds
Public
Bid
Bid
Ask
Coast
Line
Baltimore A Ohio
43*8.
43*s
6fl
64 00
3.00
62 90
2 25
63.50
2 25
63 50
2 50
Alabama
Ask
b\
90
1 20
Missouri Pacific
4>*s.
53*8
Power $7 pref.,*
Lt
62 90
2 30
New Orl Tex 4 Met
63 50
2 75
Arkansas IT A
5a
62.90
2 30
New York Central
62.75
2 25
Anso' lated
33*8 Dec 1 1936 1944..
62.90
2.30
62.00
1 25
Original preferred
62.85
2 26
$6 50 preferred
Boston A Maine
43*8
4Kb..
63.10
63.10
2 40
Canadian Pacific 43*s
Cent RR New Jersey 43*8.
63 00
2 25
62.76
1.75
National
6s.
2 40
43*8—
43*8._.
5s....
N
Canadian
Y Chic 4 St L
6s
43*8
62.50
.....—
2 00
$7
Gas
Northern
1.75
68
61.75
1.00
4s series
3 25
64.00
64.85
4.50
4 76
93
90
6s
90
11
13
*
6% pref *
El 7% pf 100
preferred
8
43*s_.
93
63.75
2.60
27
30
26
29
1.20
107
Birmingham Elec |7 pref.*
62.00
1.25
1.00
62 85
2 25
79
81
62 75
2 20
1
Consol Traction
7% preferred
Pacific
43*8
43*s
6s
61.75
1.20
61.75
1.20
Hocking Valley 5a
61.75
1.00
Union Pacific
Illinois Central
63.00
2 40
Virginia
62.75
2 00
62 50
43*s
1,50
61.75
9634
97
82 34
84 3*
Continental Can A El—
2 60
7% preferred
683*
45
46 3*
New Orl Pub Serv 37 pref*
50
513*
903*
923*
Eng Pub Serv Co—
New
York
36
cum
7%
cum
Power A
Light
preferred
preferred.
.
.
100
(Del) $7 pref
100
(Minn) 5% pref
*
pref......*
Ohio Edison $6
37
preferred
....*
.
43*8
5a
42
47
2 00
Ohio Power 6% pref. -.100
Ohio Pub Serv 6% pf..l00
63 00
2.30
Fedemj Water 8erv Corp—
UK)
100 3*
102
2.00
2534
27
104 3*
27*4
293*
OklaG A E 7% pref... 100
Pacific Pow A Lt 7% pf 100
1013*
26
Penn Pow A Lt 37 pref...*
883*
63
66
105
108
f6 cum preferred
preferred
180
7%
27
preferred
2.25
$7 cum preferred....
Gas A Elee of Bergen.. 100
120
Philadelphia Co 35 pref..*
1 50
Hudson County
Gas...100
1*0
Pub Serv of Colo 7%
61.50
1 00
Idaho Power—
1 00
61 70
1 00
1.00
97
100
58
97
100
53*8
97
100
99
101
Wabash Ry
43*8
Maryland 43*8.
Western
53*8
*
100
106
108
109
111
21
24
Interstate Power %7 pref..*
5
7
43
47
$6 preferred
7% preferred
Iowa Southern
Utilities—
7% preferred...
100
preferred
60
62.75
2 25
62 65
2 00
JerCem PAL 7% pf..UH>
63.75
2.75
Kan Gas A El 7% pref. 100
63.75
2.75
54
88
6% pre'erred...
Republic Natural Gas
100
1
55 3*
36 preferred C
100
98
Sioux City G 4 E 37 pf. 100
Sou Calif Edison pref B.25
90
1083* HI 3*
7%
preferred
UK)
Texas Pow 4 Lt
7% pf 100
Toledo Edison 7% pf A 100
Kings Co Ltg 7% pref.. 100
46
50
Long Island Ltg 6% pf. 100
65
56 3*
100
67
70
United OA E (Conn) 7% pf
Utah Pow A Lt 37 pref...♦
67
60
Virginia Ry
Mississippi Power 36 pref..
45
50
55
63
37
preferred
preferred
69
61
8934
43*
58
53*
Rochester Gas A Elec—
South Jersey Gas A El. 100
Tenn Elec Pow 6% pref 100
Jamaica W ater Supply—
7 3*%
pf 100
10934 111
93
913*
Queens Borough G A E—
Interstate Natural Gas...*
7%
For footnotes see page 2212.
04
Derby Gas A El $7 pref..*
Ehsc* Hudson Gas....100
61 70
Ry
Western Pacific 6s...
2 25
86
1033*
2.00
61.50
43*8
1.10
3.00
101 3*
80
62.75
62 25
2 25
63.76
93
114
58
1.10
63.00
84 3*
111
Memphis Pr A Lt 37 pref. •
53*s
77
Dallas Pr A Lt 7% pref 100
43*8
56
Minn St P 4 SS M 48....
993* 1013*
Northern States Power—
2 00
62.80
63.00
6s
93*
52
*
Consumers Power %5 pref
100 3*
2.25
61.75
68
Maine Central
73*
48
100
100
62.80
Pacific 4s
58
43*8—
J). 100
63.60
$6 50 cum
1.75
Island
(N
98
.
2.10
62.25
68
..
30 34
67
37 prior Hen pref......*
85
753*
62 85
Long
New
73 3*
68
Loutev 4 Nash
78
831*
43*8
1.60
74
100
5s
2.25
80
*
293*
62.75
Southern Ry
1.75
63.75
78
preferred..
1093*
120
62 50
1.50
62.50
62 40
25
$7 pref*
63.00
62 35
43*8..
fl.60 preferred
Carolna Pr A Li
(6 preferred
100
Ceni Pr A Li 7% pref..loo
Consol Elee A Gas $6 pref
53*8
5e
Nebraska Pow 7% pref. 100
Newark Consol Gas
100
223*
New Kng G A K 61* % pf. ♦
N E Pow Assn 6% pref -100
98 3*
Southern
Intemat Great Nor
64%
?2
2 00
10
preferred
63
Eastern—
62 75
St Louis Southwestern 6s.
2.00
43*8
4
100
Central Maine Power—
St Louls-San Fran 4s.
2 60
5a
26
Nassau A Stiff Ltg pref. 100
62 00
63.00
Great Northern 43*8.
7
24 3*
2
134"
2.00
5a
Texas
112
108
62 85
Marquette 43*s
Reading Co 43*8
63 90
63*8
pref....25
Mountain Stares Pr com. .♦
7%
6
128
1937 49
Pere
68
6a
14
Pub Serv 7%
109
Penn
West
Bangor Hydro
2%a series G
53*8
Erie RR
12
Monongahela
Atlantic City El
6%
43*8
Denver 4 R G West
763*
6
non call
Dec 1 1937 60
3 25
65 25
6a
Chicago R I A Pac 43*8—.
Ail
593*
2.75
E due
Jan 4 July
64.00
HH
Electric
56
2 75
61.50
62 60
Paul" 43*s!
Bid
61.76
Pacific 43*8
68
Chic MUw & St
Par
Mississippi P 4 L36 pf...*
Miss Rlv Pow 6% pref. 100
Missouri Kan Pipe Line. .5
63.75
43*8
58
43*s
56
69
63.75
N Y N H 4 Hartf
Pennsylvania RR 43*8....
Chesapeake &' Ohio
7% pref*
A
68
*
*
Buffalo Niagara
Chicago 4 Nor West 43*s.
Bid
2.50
62 75
Atlantic
Utility Stocks
Par
Ast
100
99
9134
9334
27 34
28
180
j*
473*
48
66
5734
98 3* 1003*
103
105
81
83
5234
5134
150
160
Financial
2212
Oct. 1-Continued
Quotations on Over-the-Counter Securities—Friday
«
Specialists in —
Securities of the
>
Water Works Securities
"
Associated Gas & Electric System
Complete Statistical Information—Inquiries Invited
S. A. O'BRIEN & CO.
Swart.Brent&Co
Members New York Curb Exchange
150 BROADWAY,
V
75 FEDERAL ST., BOSTON
NEW YORK
INCORPORATED
HANcock 8920
COrtlandt 71868
40 EXCHANGE
Connections—'New York to Boston
System Teletype—N. Y. 1-1074
Direct Teletype
Bell
Public
77 4
Water Bonds
Bid
•
Cumberl'd Co PAL 3 4» '66
Dallas Pow A Lt 3 4s. 1967
A
98
984
Alabama Wat Serv fia.1957
104
'
1034 1034
70
714
97 4
Federated Uttl 5 4s.. -1957
484
49 4
Green Mountain Pow 6s '48
102 4 103 4
Houston Lt A Pow 3 4s '66
Alton Water Co 5s
29 4
30 4
Iowa Sou Utli 6
31
314
35 4
Kan City Pub Serv 4s.
344
38 4
40
58
60
4s.-.1950
62
64
94
90
344
354
1084 109
994
Morgantown Water 5s 1965
M uncle Water Works 5e '65
102
...
71
79
Metrop Edison 4s ser G '66
Missouri Pow A Lt 34S 66
New Jersey
8-year 8s with warr.
94 4
96
Mtn states Pow 1st 6s 193*
94
90
Narragansett
Newport Water Co 5s 1953
93
CRUens Wat Co (Wash)—
102 4
1044
1965
934
35
40
38 4
40 4
40 4
Ohio Pub Service 4a.. 1962
100
Old Dotn Pr 6s May 16 '61
58
02
87
90
4s.
Northern N Y Utll 5e.l955
944
Sink fund Inc 6 4b--1983
47
Sink fund lric 4-5«-. 1986
36
40
Sink fund lnc4 4
54b'86
39 4
103
40 4
fund luc 5-0S.-1986
414
Parr Shoals Power 5a.. 1952
48
42 4
49
974
984
Penn
1958
1014 103
1074
...
NTorth'n States Pow 3 4»'67
Pennsylvania Elec 5s.1962
Telep Cory 1st is '65
Peoples I. A P 5 4s .. 194 I
Public Serv of Colo 6s. 1961
Pub Utll Cons
64s—1948
964
974
1024
100 4 102
105
108
/G6
104
08
1054
69
92
Sioux City Gas A El 4s 1966
904
974
64
60
Sou Cities Utll 6s A...1958
42
43 4
1st lien coll trust 6a. 1946
68
72
Public
Central
Utility—
Tel Bond A Share 6a.. 1958
65
118
1054
Western M
102 4 104 4
Weatern
1941
101
1st A ref 5s
Water (Chattanooga)
1st consol 5s
1948
99
Prior lien
1948
103
Go 3 h»
ass
1946
Pub Serv 54s '60
34« series F
1966
1044
106 4
Wisconsin O A El 3 4s 1966
3 4s series G—
1966
101
102
Wise Mich Pow 3 4 8.-1961
Consol EAG6S A
1962
414
434
1962
6s series B
41
1957
100 H
1044
Clinton W Wks Co 5s. 1939
100 »
63
mm
E St L
'■mm'—
...
105
1st mtgt is
mm-
mmm
100
85
88
97
101
St Joseph Wat 4s ser 19A"06
1044
994 101
195*
1960
99
85
102 4
6s series D
95
87
99
64
1st A ref 5s A
97 4
87
85
South Bay Cons Wat 5s
1952
1907
Shenango Val 4s ser B 1961
101
1961
97
South
50
•
Pittsburgh Water—
1st mtge 58
1955
103
104
mmm
5s series A
1960
102 4
106
mmm
5s series B
1960
105
5s series B
1954
101
1954
5s
1962
101
Huntington Water—
1044
58 series B._
6 4s series B.
Sprlngfl. City Wat 4s A *56
103
1957
Kokomo W W Co 5S..1958
Estate Securities
mm,
99 4
Lexington Wat Co 54s '40
Long Island Wat 548.1955
94
97
98
101
Westmoreland Water 5s '52
101
103
93
Wichita Water—
104
Monmouth Consol W 6s '56
Public Utilities—Industrials—Railroads
102 4 1044
Middlesex Wat Co 54s '57
Reports—Markets i %i
m
—
«
5s series B
1956
58 series C
1960
6s series A
1
I
94
98
95
1951
m
105 4
104
984
-1950
1st mtge 5s
1st mtge 5 4s
■
1044
964
—...1950
Be series B
'
Joplln W W Co 5s
-mm
102
99
51
Western N Y Water Co-
94
90
mmm
103
Water Serv 5 4s
Union
994 1004
1958
:.mmm
96
102
0s series A
"
W Va Water Serv 4s..l901
Indianapolis Water—
1st mtge 34s
1966
Indianapolis W W Secure—
5s
1949
Texarkana Wat 1st 5s. 195*
mmm
mmm
,
101
-
103
mmm
95
Terre Haute Water 5s B "66
1014 103
••
07
1977
95
104
...
Water Co
4 4s
102
100
1952
1014
1004 1014
mmm
1950
1938
Scran ton-Spring Brook
Water Serv 6s.... 1901
1942
.1942
Hackensack Wat Co 5s '77
994 1004
fkt&tS
Real
104 4
...
Interurb Water—
102 4 1034
85
87
Pub Serv—
Wisconsin
43
104
974
Roch A LOut Wat 5s
98 4
100
6s series A
Illinois Water 8erv 5s A '52
^
m
102
Plalnfleld Union Wat 6s '61
Richmond W W Co 68-1957
70
94
Roanoke W W 5s
1958
...1958
1st mtge 5s
'"-mmm
107
105
Pittsburgh Sub Wat 5s '6*
07
1004
Consol Water of Utlca—
-
101
Pblla Suburb Wat 4S..1905
66
5 4s series B
1946
6sseries A.........1946
4 4«.
194*
5s.
Pinellas Water Co 5 4s '59
Water Service
Connellsviils Water 5s 1939
94
101
99
...1950
1st oonsol 4s
1954
1st 68 series C
Community
93
99
1966
Peoria Water Works Co—
Greenwich Water A Gas—
U'm
m.
1st coll trust 4 48-.
■1.r_i''
08
Westchester Ltg 3 4«-1967
Conn Lt A Power 34s 1956
Water—
5s
6s series A
/24
Power 5e._.1953
Colorado
07
34
548 with stk '52
Income
State
Penna
102
103
0s series B
Utlca Gas A El Co 5a. .1957
1014 1024
mm'
85
1951
5s..-
Davenport Water Co 5s *61
88
1946
Cent Maine Pr 4s set G '60
83
Scranton Oas A
Cent Ark Pub Serv 5a. 1948
'm
97
6 4s series A...
1951
City of New Castle Water
71
Central G A E64s--
'
94
Ore Wash Wat Serv 5s 1957
6s series B
42 4
49
754
195*
City
102
103
Corp—
Sink fund |nc 4 4s.. 1983
Biackstoue V G A E 4s 1965
72
91
Elec 3 4« '66
77
106
Ohio Water Service 6s
Sink fund Income 58 1983
Bellows Falls Hy El 5s
Water 5 4s '53
Valley Water 5s. 1954
Ohio
1024
Sink fund Income 4s 1988
'64
101
105
1004 102
40
'
92
97
—1954
Butler Water Co 5s—.1957
Chester Wat Serv 4 4s '58
384
J1
73
89
New
Calif Water Service 4s 1961
Cons ref deb 4 48.-1958
Sink fund Inc 5 4 6 4s'86
1951
York Wat Serv 6s '51
103 4
5 4» series A
1024
994
106
Newport N A Ham 5s. 1944
N V State El A G
Atlantic City Elec 348
1951
54s
100 4
lee B._
ser
73
69
5s series B
102 4 104
—1954
5s
mmm
101
New Rochelle Water—
Birmingham Water Wks—
1957
Water 58.1950
984
105 4
mmm
104
•
64
77
Sink
104
1054
102
'58
Atlantic County Wat 5s
Ohio Cities
62
69
Con? deb 5 4s—
Assoc Gas A Elec Co—
101
'
Ashtabula Wat Wks 5s '68
5s serine C
1957
Kan Pow A Lt 1st 4 4s '65
Keystone Telep 548--1955
1950
5 4s
1024 1024
Corp—
Ask
Monongahela Valley Water
98
94
1956
Bid
Ask
Bid
<♦
90
Assoc Gas A Elec
Teletype: New York 1-1073
Utility Bonds
mm
NEW YORK
PLACE,
Tel. HAnover 2-0510
Ask
Bid
1937
Oct. 2.
Chronicle
1949
W'ma port Water 5s—1952
1
101
104
mmm
104
mmm
102 4 105
AMOTT, BAKER & CO.
INCORPORATED
Sugar Stocks
B A relay 7
150 Broadway,
2360
BeUN^tiW588eI
N. Y.
Par
Par
Ask
Bid
Cuban Atlantic Sugar... 10
16
18
Haytlan Corp Amer
Eastern Sugar Assoo
1
12
14
1
264
284
West Indies Sugar Corp.-l
Preferred
Real Estate Bonds and Title Co.
Bid
Aiden
1st 0s8tmp
194!
Broadmoor (The) 1st 6a '41
/39
B'way Barclay 1st 2s. .1956
B'wsy A 41st Street—
|
/23
1st leasehold 0 4s.-1944
Broadway Motors Bldg—
«...
Bid
1947
8 f deb 5s.
1945
394
414
Munson Bldg 1st 6 4s. 1939
N Y Athletic Club—
58
604
Chanln Bldg Inc 4s.-.1945
60
1st mtge 2s stmp A reg'56
1st A gen 6s
1946
Chesebrough Bldg 1st 6s '48
mmm
68
01
/30
38
/274
30
Court A Remsen St Off Big
1st
0s..
Dorset
$4'
Apr 28 1940
(The) 1st 0s.
__
1941
1st A ref 5 48
/244
274
/264
29
67 4
71
68
71
Bway Bldg 1st 3s Inc '46
48
50
274
/49
/34
/45
/45 4
502 Park Ave 1st 6s—.1941
1958
1939
1400 Broadway Bldg—
1st 3 4-6 4s8tampedl948
35
...
53
Corp 6s
42 Bway 1st 6s
Fox Theatre A Off Bldg—
1st 6 4s
Oct 1 1941
Fuller Bldg deb 6s.—1944
6 4s unstamped
Graybar Bldg 5s
...
---
/49 4
April 1938
148
July 1936
514
--
/38
41
/19
21
1st 08
July 7 1939
Oliver Cromwell (The)—
100"
Nov 15 1939
/9
Bid
*
fS
59
2
...
105 Bway Bldg 1st 54s '51
74
9
43
1946
65
67
/42 4
454
1943
11
1st fee A l'hold 048.1940
674
1977.AAO
114
3
/49
1956
1034 104
62.40
3.60
Ask
Bid
11
li
7
11
32
pref
Reeves
40
4
18
105
Cigar-Whalen Stores
984
24
100
106
(Daniel) pref... 100
United
44
100
-...100
8
654
1942-68
(I) Sons common..*
6 4% preferred
100
Murphy (G C) J5 pref. 100
10
Common
*
/644
15
24
J5 preferred
100
75
4
1
82
26
*
294
50
7%
*
Shernetb
revenue
Miller
36
100
preferred
Diamond Shoe pref
3avoy Plasa Corp—
with stock
f
Par
24
34
*
7%
6 4« double stpd.-.1901
Realty Assoc 8ec Corp—
3s
s
Kress (S H) 0%
114
*
...
44 4
Co—
Income
4s
100
*
2nd mtge 0s
1951
103 E 67th St 1st 08...1941
014
/41
1007,«
Ask
90
l__*
preferred
8
.100
Beriand Shoe Stores
7%
Roxy Theatre—
1949
*
1007* 1005,#
Chain Store Stocks
Par
Park Avenue—
6s
101'w 10D*
100" a lOO"*
84
86
Aug
2s
fA
70
15 1938
14s
June
1 1939
Reynolds Investing 5s. 1948
Trlborougb Bridge—
Federal Home Loan Banks
37
--
Prudence
Home Owners' Loan Corp
—
1004 100'1,6
4s serial revenue
J*
40 Wnl! St
50
101
104
52
•**»'''
--
1st 08.
Film Center Bldg 1st 0s '43
54
Alt
Bid
Henry Hudson Parkway—
4s
April 1 1955
95
94
Corp—
..Sept I 1939
148
'm
5 4s series Q
1
38
Bridge 7s.... 1953
19th A Walnut 8ts (Pblla)
500 Fifth Avenue—
6 4s unstamped
1949
52d A Madison Off Bldg—
6s
Nov 1947
River
1 4s
5 48 series F-l
/5
1952
44
Ask
Bid
Bear Mountain-Hudson
Federal Farm Mtge
26
98
048.19
5 4» series BK
6
1947
14
33
31
Miscellaneous Bonds
Associates Invest 3s.. 1946
54s series C-2
Deb 6s 1952 legended...
50
08
3/
N Y Eve Journal
East Ambassador Hotels—
Eqult Off Bldg deb 5s
65
N Y Title A Mtge Co—
•*
.
98
Metropol Playhouses Inc—
1948
4-08
Ask
94
Metropolitan Corp (Can)—
6s
mmm
4
*
Mortgage Certificates
Ask
/414
Ask
Bid
Savannah Sug Ref com_..l
264
294
No par
f Flat
value,
price,
a
6
Interchangeable.
n Nominal quotation,
selling on New York Curb
Basis prioe.
<f Coupon,
e
Ex-rlghts,
When Issued.
* Ex-dlvldend.
Ex-stock dividends.
to i
Exchange,
t
y
Now
Corp—
Harrlman Bldg 1st 68.1951
49
514
Hearst Brisbane Prop 0s '42
Hotel Lexington 1st 0s 1943
63 4
46
48
016 Madison Av 1st 6
Hotel St George 4s
43
45
61 Broadway Bldg—
3-5deb Inc (ws).1956
00 Park PI (Newark) 0s
/204
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
654
...
37
/28
t Quotations
73
.
1st!
4s
Apr 15 1937
1st 6s
1947
London Terrace Apta 6s '40
Ludwig Bauman—
1st 0s
(Bklyn)
1st 0 4s (L I)
1942
1936
Malesttc Apta 1st 6s.. 1948
/40
644
914
/42
—Ira Haupt & Co., 39 Broadway, New York City, have issued the fifth
-
...1948
edition
1958
s)
414
93
Trinity Bldgs Corp—
1st 54s
.--.1939
81
46
2 Park Ave
434
59
Bldg ls< 4s 1941
of their Statistical
which contains
an
Hand
...
1937 and
a
Book for
New
Jersey municipal
bonds,
analysis of revised debt statements of over 200 New Jersey
municipalities, together with
a
listing of tax collections from 1934 through
complete picture of taxes outstanding as of June 30. 1937.
—George E. Lock wood, who recently retired as President of Lockwood,
61
61
/204
Walbrldge Bldg (Buffalo)—
...
28
Metropolitan Chain Prop¬
er.
1st 3-5s (w
NOTICES
CURRENT
Textile Bldg—
664
equivalent to 77.4234 grams of pure gold.
294
Lewis Morris Apt Bldg—
Lincoln Bldg Inc 5 4s. 1963
Loew's Theatre Rity Corp
per 100 gold rouble bond,
45
Syracuse Hotel (Syracuse)
1st 6 4s
Oct 23 1940
22
38
4s'38
34-6s with stock... 1950
1950
mmm
f Now listed on New York Stock Exchange.
1st 6 4s
Oct
19 193*
1st fee A leasehold 4s '48
85
90
/23
Westlnghouse Bldg—
67
Sims & Co., Inc., New York, has become associated with the Dee Invest¬
,
ment
Corp.,
St.
Petersburg,
Fla..
to
deal in
Florida
The firm will shortly install a Bell System teletype.
*
municipal
bonds.
Volume
Financial
145
Quotations
Over-the-Counter Securities—Friday Oct. 1—Continued
on
Industrial Stocks and Bonds—Continued
Industrial Stocks and Bonds
Par
Bid
Arch
*
33
38
Americas
Book
-.100
60
55
American
Hard Rubber—
8% e*m preferred
American
99
25
Amer Malae Products
50
Great Lakes SS Co com..*
42
44
25 4
Great
Paper..26
35
38
Standard Brands 44 % pf •
Standard Screw..
100
Steel Corp...5
Kiiriun Mining Oorp._._.l
104
514
94
494
114
4
uiH
1
Co.-20
*10*
114
1
14
174
Lawrence Portl Cement 100
19
Lord A Taylor com
100
100
100
220
260
Macfadden Publlca'neom *
7
64
*
39 4
*
1st
64
8
*
14
16
36
39
preferred
109
100
preferred
6% preferred
preferred
2d 8%
41
6
24
10
6%
18
20 4
44
34
39
404
10
55
67
Devoe A Reynolds B com *
47
52
Dictaphone Corp.....
*
Unltsd Artists Tbeat
•
62
56
United Merch A Mfg com ♦
30
33
United Piece Dye Works.*
34
24
104
4
9
com
Preferred
114 H
Du Pont (E 1)
12
14
84
6
100
25
28
65 4
70 >
New
Preferred
100
Preferred
19
1..
10
12
Ohio Match
45
Pathe
w
1
w
mmm
Norwich
Ohio
344
Weet Dairies Inc
25 4
28 4
White Rock Mln Hprlng-
$3
com v
t c 1
ol*
22
*
preferred
cum
105 4
103
..100
2 4
25
61 4
40 4
Wick wire
23
Wlllcox A Glhbscommon60
20
24
1st 5s....
WJR The Goodwill Sta.. 6
28
30
2d conv inc 5s
84
...
94
97
7% pref..—*
preferred
1st
124
134
page
Woodward
United
Building,
99
Iron
Cigar Stores
SELIGSBERG fit CO.
Teletype N. Y. 1-869
Bank
104
944
Follansbee Bros.
Broadway, New York
Union
103 4
1962
1962
2212.
New Y«rk Curb Exchange (Associate)
Tel. REctor 2-7890
38
Woodward Iron—
102
Pittsburgh 8tock Exchange
\
684
/.-.
Witherbee Sherman 6s 1944
98
100
Spencer Steel..*
254
65
1952
6s
38 4
18
$7
/234
assented. »1942
Utd Clg-Whelan St Corp
684
108
Products
Textile
82
Co
35"
106
.1945
Mfg 5 4s
1st 6 4"
6
100
I
120
Scovlll
Standard
92
EDWARDS & CO.
Memoers
90
100
preferred
Preferred
Tennessee Products Common
S.
/30
106
For footnotes see
H.
148
1946
N Y
3214
leather common...*
Film
1939
Shipbuilding 58-1946
19
27 4
Pharmacal
19
(Glsnn L)—
16
West Va Pulp A Pap com
8
6
75
854
..1948
Conv deb 6s
Nat Radiator 5s
*
6 4%
20 4
21
/73
/164
Yeast...100
Northwestern
18
:..........80
Follanshee Bros pref
com
Preferred
8
6
o
984
1937
Haytlan Corp 8s>1938
Kelsey Hayes Wheel Co—
Deep Rock Oil 7s
474
7%
110
Haven Clock—
108 4
108
44% pref.*
99 4
98
974
454
*
$3 conv preferred
25 4
New Britain Machined
96
Conv 6s
Warren Northam—
•
100
preferred
98
1955
1st conv s f 6e
Welch Grape Jules com..6
14H
47
*
....
61
5%
104
134
Nat Paper A Type com...
56 4
Federal Bake Shops...... *
Follanshee Steel
Preferred
119
Crucible
100
Douglas Shoe preferred.100
Draper Corp
*
1940
Cudaby Pack conv 4s. 1950
Martin
93
....100
Muskegon Piston Rlng.2 4
National
Casket
—.*
61
57
100
Preferred
Dixon (JosJ
Cont I Roll A Steel Fdy—
lit 34*
102
99
95 4
1014 1014
24« "42
Commercial Credit
109
1)3 4
120
100
preferred
100
Chicago 8tock Yds 5s. 1961
*
Preferred
34
106
Wire Fabrics 7s.. 1942
Am
23
Mock Judson A Voehrlnger
Dennison Mfg class A
Dentists' Bupply Co.
American Tobacco 48.1951
114
214
pf.10
126
Allls-Chalm Mfg 4s w 1 '52
104
..*
cum
100
Bonds—
163 4 173 4
*
common
Tublae Cbatllion
preferred
7%
54
I1
Trlco Products Corp
110
7% preferred
100
Young (J S) Co com... 100
13
1
Preferred
Merck A Co Inc com
...
Steel
Tanneese* Products
22
104
10
44
Taylor Wharton Iron A
King Seeley Corp com
84
common
44
114
Stromberg-Carlson Tel Mfg
Sylvania Indua Corp.... *
114
Crowell Publishing oom„_ •
17
Northern
Harris burg
74
1
Molybdenum
Columbia Baking com
270
Singer M an ufact tiring.. 100
Singer Mfg Ltd
^
Lawyers Mortgage
Climax
265
49
34
Skenandoa Rayo* Corp..*
84
York Ice Machinery
34
9
7
100
com
32
66
Knight com
Preferred
Hotels
preferred
cum
98
com
7
24
Si
784
92
Scovlll M fg
45
61
48
Chilton Co
164
75 4
Remington Arms
27
*
•
25
*
Art
1st
15
Par
Ask
Bid
100
Bankers Indus Service A_*
Bur dines Inc
20 4
69
.+
21
12 4
*
pf_*
56
24 H
Graton A
82
Indus Loan
19
100
20
Fire
Golden
114
Beneficial
Woodward Iron com....10
Worcester Salt
Publication Corp com
Gen
78
Belmont Radio Corp
14
54
68
264
174
Americas Mrg 6% pref.100
Bowman-Bill more
14
44
Par
Extinguisher..
Cycle Corp
10
Good Humor Corp
1
100
American Republics com.♦
And Ian National Corp
*
Metal Construction. 10
As*
Conversion... 1
Petroleum Heat A Power.*
56
254
144
♦
Bid
Petroleum
3
*
Garlock Packing com—
100
Hardware
*
shares
34
2 4
2
Foundation Co Forshs...*
American
At*
Bid
Par
Ask
American
2213
Chronicle
Members New York Stock & Curb Exchanges
Pittsburgh
50 Broad
St., New York y-"
Telephone Bowling Green 9-8200
Wickwire Spencer
Steel Co.
STOCK
COMMON
WICKWIRE SPENCER STEEL
Bought—Sold—Quoted
QUAW & FOLEY
New Common
Memberi New York Curb Ezchange
SO Broad St., N.
Y.
£xpted<t ^xxyftan^
Hanover 2-9030
f ^
^
52 Wall Street,
New York City
A. T. & T. Teletype N. Y.
HAnover S-S080
1-1842
CLIMAX MOLYBDENUM COMPANY
C.
Members
61
Houston Oil Field Material Company,
UNTERBERG &, CO.
E.
{
Inc.
Preferred and Common Stock
Dealers Association
Inc.
Prospectus on request
BOwllng Green 9-3566
Broadway, New York
Teletype
N.
Y.
1-1666
ROBINSON, MILLER &, CO.
'
INC.
•
AUCTION SALES
The
following securities
sold at auction
were
on
AUCTION
Mortgage,
covering
located
premises
at
166 172
New York. N. Y
Broadway,
$460 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Sharet
$ per Share
Stocts
3
2
67 Gulf States Oil A Refining class A
Co., 1st pref. stamped; 4-40 Hupp Motor common..$4 lot
$500 Mount Royal Cemetery certificates of Indebtedness 6%
Associated
60
7
Charter
...
7
Security Investors, Inc., common; 50 Cremay Products, Inc.;
memberships of the Greenwich Country
Club;
Ill
34
$1 lot
5 Commonwealth Bond Corp., convertible preferred—
$1 lot
100 Cables A Wireless. Ltd., B
$6 lot
0 Philadelphia Hockey Club, Inc
--$4 lot
500 Calavada Copper Co..
...
.......—......$2 lot
16 United States Gasodne Mfg. Corp., temporary certificate
$3 lot
Bond Corp., common
Bonds—
$70.05 Kensington Security Bank A
100 San Carlos
* ver Share
154
Ferry Co., common, no par.
National Bank, par $20
20 Pennsylvania Mutual Life Insurance Co., par $10
100 Delaware-New Jersey
25 Philadelphia
6 Commonwealth
200 Ocola Oil, Inc
100 Lake Torpedo Boat
(Concluded)
Stocks
Shares
$1,330 88 City Bank Farmers Trust Co. certificates of participating Interest
A
SALES
By Barnes & Lofland, Philadelphia:
By Adrian H. Muller & Son, New York:
Bond
Teletype
N.Y. 1-905
Wednesday
of the current week:
In
-I.;.V
HAnover*2-Y2S2 52 William Street, N.Y.
Trust Co., depositor's participation ctf..$5 lot
$40,000 Chester Shipping Co. (Chester,
Pa.), 10-yr. 6s, due Nov. 1, 1929
$100 lot
Copper Mines Co.; 3 Studebaker Mail Order Co. common; 15 Studebaker
Mali Order Co. class A...............
.......$13 lot
CURRENT
200 Aritex Oil Co.; 1,000 Aenna Consolidated Mines Co. temp, ctfs.; 10 Furnace
Copper Co.; 8 Island Oil A Transportation Corp. temp, ctfs.; 600
Selection Co., Inc.; 400 New Tuxpax Star Oil Co.; 200 Victory
Divide Mining Co.; $100 Ctfs. of indebtedness Westchester Co. Wheelmen
of Mount Vernon; 20 LIguldomeder Corp. class A; 10 Middle States Oil
NOTICES
Creek
Mines
Corp
—Philip W. Russell succeeds the late
York partner of
$24 lot
....
Fenner continues as the senior partner
$ per Share
Connecticut & Passumpelc
Farr Alpaca Co., par $50
15
Eastern Utilities Associates, common..
116
Old
State Corporation,
964
"Rivers RR., preferred, par $100
10
20
........
................—
......
....
...
preferred, par $100
Republic Service, common
8 Copley Square Trust, preferred,
94
25
40c
2
174
50
par
$100
6
$ per Share
Stocks
Harvard Trust Co., Cambridge, par
20
Creenfield Tap & Die Corp., $1.50
United Founders Corp., common
$20
71
-
Farr Alpaca Co., par $50
10
22
4
—
preferred
....
Metropolitan Playhouses, Inc., class B
Bonds—
....
94
22
63c
24
Per Cent
Feb., 1945, coupon
..644 & Int.
Metropolitan Playhouses, Inc., deb. 6s, Feb., 1945, registered...—644 Oat
$500 Metropolitan Playhouses, Inc., deb. 6s,
$500
Southern division of the
will be
of the firm with headquarters
main office has been long maintained for the
business would remain Intact and
represented by Mr. Beane's two sons, Alpheus
Frank K. Beane, III. both general partners
Mr. Russell, the
C. Beane Jr. and
in the firm
senior partner in New York, has
new
of Fenner & Beane since
of the firm.
Mr. Fenner also
firm's large system of branches.
announced that the Beane interests in the
ment
By R. L. Day & Co., Boston:
Shares
Orleans, where a
in New
Stocks
Shares
by Charles E. Fenner
nounced
Mr
By Crockett & Co., Boston:
Alpheus O. Beane as senior New
the Stock Exchange firm of Fenner & Beane, it was an¬
been a partner
1934. and has been active In the executive manage¬
Prior to joining Fenner & Beane he had been prominently
Identified with financial affairs for many years as a corporation
his capacity as a partner
—John W. Clarke, Inc., specialists in local
removal
to
larger quarters In suite 2363 in
La Salle St., Chicago, from the
located since organization.
State
6684
CGO
1284.
and
their
lawyer, in
of the law firm of Wing & Russell.
Bell
municipals, announces their
the Field I ldg., 135 South
Board of Trade Bldg., where they have been
Their telephone number has been changed to
System
teletype
number remains the same,
Financial
2214
Chronicle
Oct. 2,
1937
General Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
them to
buy one additional share at $15 for each two shares now held. The
will expire 16 days after the effective date of the
registration
,
warrants
Proceeds will be used for debt retirement, purchase
by capital
subsidiary, machinery, equipment and working capital.
Under¬
be named by amendment.
A. S. Knapp is President of the
company.
Filed Sept. 28, 1937.
statement.
stock
RIGHTS-SCRIP
jifjrrT——j
■
.
of
writers
4
■
i*
to
American Carrier Call Corp. (2-3438, Form A-l) of New
York, N. Y-,
a registration statement covering 250.000 shares of one cent
par
of which 10,000 shares are optioned to H.H. Frost
Specialists since 1917
has filed
value common stock
$1
af
share, 12,500 shares optioned to J. B. Charles at $1 a share and
are to be offered to the public at $1.25 a share.
Proceeds
be used for production, sales promotion, development and
working
a
227,500 shares
would
•f^Cr)ONNELL&rO.
capital.
Telephone REctor
L. Stewart Gatter is President of the
<2-3139, Form A-2) of Belmont, N. O
has filed
1,500 shares oi $100 par 6% cumulative
,
registration statement covering
a
New York Curb Exchange
Broadway, New York
named.
was
Filed Sept. 28, 1937.
Knit Products Corp.
Members
New York Stock Rzchange
12®
No underwriter
company.
preferred stock to be offered to the public at $100
2-7815-30_
per share
Proceeds will
be used for machinery, plant and working capital. No underwriter named in
A. G. Lineberger, is President of the company, Filed Sept. 28.
Bell Teletype NY 1-1640
registration
1937.
FILING
OF
REGISTRATION STATEMENTS
,
The
SECURITIES ACT
UNDER
_
following additional
registration statements (Nos.
3424 to 3150, inclusive and two refilings, Nos. 2-1954 and
2-1639), have been filed with the Securities and Exchange
Commission under the Securities Act of
involved is approximately $116,887,217.
1933.
'
'The
total
_
_
Universal
Cooler Corp. (2-3424, Form A-2) of Detroit. Mich., has
registration statement covering 35.000 shares of SI convertible
participating claw A no par stock and 100,000 shares of class B no par
filed
a
value stock.
All above shares are to be sold to the Nash-Kelvinator Corp
in settlement of law suit
regarding options to old Kelvinator Corp.
rhe
per share to the purchaser will be $4.65 for the class A stock and 93
price
cents for the
class B stock.
The proceeds to be realized by the issuer will be
capital, to carry increased accounts receivable, and
additional inventory.
No underwriters are named in registration.
Frank
S. McNeal is President of the
company. Filed Sept. 23, 1937.
Signode Steel Strapping Co. (2-3125. Form A-21 of Chicago, 111., has
used
for
working
Cameron Fuel Oil Motors Corp. (2-3440, Form A-l) of New York,
Y., has filed a registration statement covering a proposed offering of
100.000 shares of $10 p«r common stock to be offered to the public at $10
a share through an underwriter to be named
by amendment
Proceeds of
the issue w'll be used for machinery
dies, paten's and working capital.
N.
Frederick L. Cameron is President
a
registration
statement
10,000 shares of no par common
stock to be offered to the
public at $40 a share in order to Increase the
company's working capital
Underwriters are to be named by amendment. J. W. Leslie is I resident
of the company. Filed
Sept. 23, 1937.
covering
Burlingama Reserve Plan, Inc. (2-3426, Form A-l) of Boston, Mass.,
has filed
rejistration statement covering 50,000 shares of common stock,
$5 par, of which 45.373 shares are to be offered through underwriter at
market
a
and
the
Proceeds will be
remaining 4,621 shares
use
l for investment
Corp. will be un lerwriter.
Filed Sept. 25, 1937.
or
are not to be presently offered.
trading in securities. The liurlingame
James Jackson
is President
of the company.
4
Weinberger Drug Stores, Inc. (2-3427, Form A-2) of Cleveland, Ohio,
has filed
a
registration statement covering 20,000 shares of capital stock,
no par.
Proceeds will be used to repay bank loan, to acouire additional
retail stores,
expansion, and for working capital.
No underwriters are
named in registration.
A. Weinberger is President of the company.
Filed
Sept. 25, 1937.
Gibba & Co. (2-3428, Form A-2) of
Chicago, Til., has filed a registration
statement coverin? 112,500 shares of $5
par common stock to be offered
to the public at
$10 a share through A. ft. Harrison & Co. and Harry &
Frank Gibb*.
Of the total, 75,000 shares are held by Harry & Frank
Gibbs, wnile the
other 37,500 share* are authorized, but
part of proceeds will be used for
working capital. Harry
of the
unissued.
Issuers
Gibbs is President
company.
Filed Sept. 27, 1937.
-Master Electric Co.
(2-3429, Form A-2) of Dayton, Ohio, has filed a
registration statement covering 40,000 shares of common stock, $1
par,
owned by E. P.
Larsh, President. Price and underwriters to be named by
_
amendment.
Filed Sept. 27, 1937.1
^
New Britain Machine Co.
(2-3430, Form A-2) or New Britain, Conn.,
has filed a
registration statement covering 15,000 shares no par value
common stock which will be offered
to prese it stockholders through war¬
rants at $25
per share. Proceeds will be used for machinery and equipment
and for
working capital. No underwriter is named in the registration. H.H.
Pease is President of the
company.
Filed Sept. 27, 1937.
Trico Oil & Gcu Co.
(2-3431, Form A-1) of San Francisco, Calif., has
a
registratiorystatement covering 250,000 shares of $2 par common
stock, of which 21,146 share* will be offered to the public at $3.75 a share
and the balance of
223,S51 shares will be offered to holders of a like amount
of $3 par common
stock now outstanding.
Proceeds will be used for ad¬
ditional oil and gas
leases, and for development of properties.
No under¬
writer is named.
H.H. Magea is President of the company. Filed Sept. 27»
Public Finance Service, Inc. (2-3442, Form A-2) of Philadelphia Pa.,
filed a registration statement covering 15,000 shares $6 cumulative
has
Ereferred stock, no par.the company's at $100 per share These shares may
to be offered 8% debentures due 1942 and proceeds
offered to holders of
e
of rhe issue will
oe
1937 •
'
Black
Mammoth
has filed
a
Inc. (2-3432, Form A-2) of Elkhart, Ind.,
registration statement covering 70,009 shares no-par value com.
stock, of which 50,000 shares will be offered first to stockholders at $17 per
share, and any unsubscribed for shares will be offered to the
public at the
same prices.
The remaining 20,000 shares will be offered to employees at
$8 per share.
Proceeds will be used for plant additions, machinery and
equipment, and working capital. No underwriter has been named. Charles
C. Colbert is
President of the company. Filed Sept. 27, 1937..
Snap On Tools Corp. (2-3433, Form A-2) of Kenosha, Wis., has filed
a
registration statement covering 90,000 shares $1 par common stock.
Proceeds will be used to retire
7% cumulative preferred stock now out¬
standing, for payment of debt, and for working capital.
H. D. Williams
& Co. and
Neely & Co. will be underwriters. E. W. Myers is President
of the
company. Filed Sept. 27, 1937.
* 4
<
American Insulator
Corp. of Del. (2-3434, Form A-2) of New Freedom,
Pa., has filed a registration statement under a
plan of recapitalization
covering 23,220 shares of $25 par
6% cumulative convertible preferred
stock and
132,710 shares of no-par value common stock. Of the common
stock
being registered 46,440 shares will be offered with the preferred stock
in
exchange for $50 par 8% cumulative second preferred stock now out¬
standing, 81,270 shares will be reserved for conversion of the 6% preferred,
and 5,000
shares will be offered to the underwriter for services.
G. H.
Walker & Co. will be
underwriter.
P. F. Huidekoper is President of the
company. Filed Sept. 27, 1937.
North Boston
Lighting Properties (2-3435, Form A-2) of Boston,
Mass., has filed a registration statement
covering $13,000,000 principal
of 3)4% secured
serial notes due 1947.
Filed Sept. 27, 1937.
(For further details see
subsequent page.)
Howell Electric Motors Co.
(2-3436, Form A-2) of Howell, Mich,
has filed
at $5
Consolidated
Tonopah, Nev., has filed
of 10-cent
working
Harry P. Gatter is
a
Mining Co. (2-3443, Form A-2) of
registration statement covering 2 000 000 shares
stock.
Of this total 100,000 shares are optioned to
50 cents a share and 1,750,000 shares are optioned go E. L.
Cord at 25 cents a share.
W M. Collins holds a 30% interest in this option.
Mr. Cord intends to purchase the stock for Investment and Mr. Collins may
E.
par common
L. Cord at
do the same.
An additional
in exchange for properties.
ments and additions to
150,000 shares wtll be issued to R
J. CarnaU
Proceeds will be used for development, better¬
R. J. Carnall was named underwriter.
property.
Fred Vollmar is President or the company.
Filed Sept. 28, 1937.
Kahuku
Plantation Co. (2-3444, Form A-2) of Honolulu, Hawaii,
registration statement covering 50.000 shares of $10 par common
stock and warrar.fs representing this stock.
The warrants will be offered
to present stockholders and the unsuoscrioed portion will
^e offered to the
public through Alexander <& Baldwin, Ltd., underwriter at $10 per share.
Proceeds will be used for additional buildings and equipment. J. Waterhouse
is President of t ie company
Filed Aug. 28, 1937.
has filed
a
Marsman Investments, Ltd. (2-3 45, Form A-l) of Manila, P. T.,
as
a
registration statemeut covering 225,000 shares of 10-shilling par
ordinary stock.
American shares representing 75,000 shares of the underlying stock are
optioned to Falvey Wadell
Inc., which together with Hollybush Trust.
Ltd
London, and Kapel Cure & Terry, London, will underwrite the issue.
The stock being soid is for the account of J. H. Marsman, chairman of the
company.
Filed Sept. 28, 1937.
filed
,
Marsman Investments, Ltd.: Marsman American Corp., end Jan
Hendrik Marsman (2-3446-, Porm (.3-3) have filed a registration statement
covering 1,000,000 American shares representing 225 000 10 shiili gs par
ordinary shares of Marsman Investments. Ltd., under deposit agreement.
Excess of 775,000 American shares being to provide for deposits and with¬
drawals of underlying securities including aDy outstanding in addition to
above shares.
Fixed Sept. 28. '937.
Pilot
Rock
Lum
jer
Milling &
Manufacturing
Co., Inc.
(2-3447,
Form Al) of Pendleton, Oregon, has filed a registration statement covering
60,000 shares of class A co nmon stock, $5 par, to be offered at $6.50 each.
Proceeds to be used for purchase of timber, construction, equipn ent and
working capital.
R. S. Mott Co. will be underwriter.
Filed Sept. 29, 1937.
Jerome R. Ervin
is President of the company.
Consolidated EJison Co. of New York, Inc. (2-3448, Form A2) has
filed a registration statement covering two issues of debentures of $40,000,000 each.
Further details will be found on subsequent page.
Filed
Sept. 30, 1937.
Allen B. Dumont Laboratories (2-3449, Form Al) of Montclair, N. J.,
has filed
a
registration state nent covering 20,000 shares of
common
stock,
$1 par, to be offered at $12 each.
American Coating
Mills,
stock.
used to redeem these debentures and to increase
Underwriter is to be named by amendment.
President of the company.
Filed Sept 28,1937.
capital.
„
'
filed
Filed Sept. 28, 1937.
(2-3441, Form A-2) of Detroit, Mich., has filed regis¬
covering a proposed offering of $1 par common stock to
raise an amount not to exceed $1,500,000.
Number of shares, offering price
and underwriter are ro be filed by amendment.
Proceeds of the offering
are to be used to redeem
5% 10-year debentures, series A, 1945. and to
retire other debt and to provide for plant additions and working capital.
IF. W. Magin President of the company states that the maximum number
of shares to be issued will not exceed 25,000].
Filed Sept. 28, 1937.
,,
filed
of the company.
Square D Co.
tration statement
Proceeds to be used for plant, improvements, machinery and equipment,
and working capital.
Underwriter will be Schatzkin, Loewi & Co.
Com¬
pany
is a manufacturer of Cathode
of the company.
St.
ray tubes.
Filed Sept. 29, 1937.
Joseph Ry., Li^ht, Heat
Allen B. Dumont is President
&
Power Co. (2-3450, Form A2) of
St. Joseph, Mo., has filed a registration statement covering $6,000,000
1st mtge. 4% bonds due 1947 and $2,000,000 of 3% to 4% serial notes
maturing from Oct. 15, 1938 to Oct. 15, 1947.
Further details will be
found on subsequent page.
Filed Sept. 30, 1937.
(S. F.) Bowser & Co., Inc. (2-1954, Form E-1, a refiling) of Fort
Wayne, Ind., has filed a registration statement under a plan of reorganiza¬
cover ng $895,800 of 7%
10-year 1st mottgage bonds. 1934, extended
and readjusted to 5% 10-year bonds due in 1944; $104,200 o 5% 1st mtge.
bonds, due in 1944, the latter to be offered at 100; 66,800 warrants for $1par common stock to be attached to the bonds, and 273,750 shares of $1 -par
common.
Of the stock, 201.950 shares are to be offered to the pubic at the
market estimated at $5 a share through the underwriter, Industrial Asso¬
ciates, Inc., 66.800 shares are to be reserved for conversion of a like number
of common stock purchase warrants and 5,000 shares will be issued to the
tion.
underwriter
for services.
Filed Sept. 23, 1937.
R.
H.
Damon
is
President
of
the
company.
Readiustment Committee for S. F. Bowser & Co., Inc. (2-1639,
Form D-l, a refiling) has filed a registration statement covering the issuance
of certificates of deposit for $895,800 of 7% 10-year 1st mortgage
bonds,
which are to be extended and readjusted udder plan of reorganization.
Filed Sept. 23, 1937.
The last
in
our
previous list of registration statements
Sept. 25, page 2050.
was
given
issue of
a
registration statement covering 300,000 shares of $1 par common
Only 96,500 shares are to be offered at this time at a price estimated
per share.
Of the shares to be offered 75,000 are to be offered by the
company, 15,000 shares by officers of the
company, and 6,500 shares by the
receiver for the First National
Bank of Detroit. Wright, Bergen & Pistell,
""yt New York, will underwrite the public offering. Issuers part of proceeds
will be used to retire
bonds, for payment of debt, to acquire machinery and
equipment and for working caoital. William M.
Spencer is President of the
company. Filed Sept. 28,1937.
Knapp Monarch Co. (2-3437, Form A-2) of St. Louis, Mo. has filed a
registration statement
covering 48,702 shares of no par common stock and
121,755 stock subscription rights. The
rights, each one covering 2-5ths of a
share of the additional stock
will be.issued to present stockholders
entitling
Abbott
Laboratories—Acquisition—
Formation of Abbott Laboratories of England, Ltd., was announced on
Sept. 23 by S. Dewitt Clouzh, President of this company.
The factory
and sales office of the new wholly-owned subsidiary will be at
Perrivale, a
suburb of London.
Stanley Boberg is to be resident director of the sub¬
sidiary.—V. 145, p. 2060.
Abitibi Power & Paper Co., Ltd.—Bondholders*
fensive Committee Formed—Against Ripley Plan—
De
A committee known as the bondholders' defensive, committee for the
5% 1st mtge. bonds has been formed, the members of which are: Hon. Sir
Volume 145
Financial
Chronicle
Henry L. Drayton, K. G.t P. O., K. B. (former Minister of Finance for
Canada)
J. A. KiIpatrick, (Chairman, Canada Iron Foundries, Ltd.);
W. C. Pitfield, (President. W. C. Pitfield & Co.. Ltd.); Hon. R. B.
Hanson,
K. C., P. C. (Director, Fraser Cos.,
Ltd.); P. R. Walters, (Director, Crown
Trust Co.);
Counsel for the company is L. J. Ralston, K. O. with L. J.
Tomunson, Sec., Room 602, 112 Yonge St., Toronto.
In
We Invite Inquiries in
Milwaukee &
notice to the holders of the bonds the committee states:
The members have been requested
a
by the holders of
substantial
company, to act as a committee to represent such
holders as are not satisfied with the
plan of reorganization submitted by
the
bondholders' representative
committee, commonly known as the
Ripley plan. Tnis plan will be dealt with at the bondholders meeting in
amounts of bonds of the
Toronto
Oct. 15
on
Ripley plan
have had at the time It was con¬
ceived. the spectacular improvement in the
earnings of the company in the
past few months has so completely changed the position of the company
that there now appears to be no reason
why the bondholders should make
the sacrifice involved in the
plan.
The chief criticism of the
Ripley plan is that it entirely takes away from
the bondholders theirfirst
mortgage position, giving them 38.03% of their
claim in second mortgage bonds,
53.24% of their claim in unsecured income
debentures, non-cumulative for 10 years, and 8.73% in common stock.
The earnings of the Abitibi
company available for bond interest, deprec.
and income tax. were:
1934, $953,927; 1935. $1.205.185; 1936, $2,185,188.
The earnings for the month of
August, 1937. just published, were over
$500,000. as against $217,000 in August. 1936.
During the past two months the company has been earning at the rate of
over $5,000,000
per annum.
over
$4,000,000,
»o
that it is not unreasonable to expect earnings
of the
company next year to exceed $ 10.000,000.
Five per cent interest on the total claim of the bondholders (principal,
accrued interest, and interest on interest) is less than $3,300,000, so that
the company will
than three times.
Based
probably be earning its interest charges next year
more
on
present prospects, the issue of $14,000,000 prior lien bonds
provided for in the Ripley plan would appear to be quite unnecessary;
(1) Because any needed mouey can be provided through bonds ranking
alongside the presently outstanding first mortgage bonds;
(2) Because no such amount as $14,000,000 is needed or can be justified.
Net working capital of Abitibi on Aug. 31.1937, was
$4,700,476
Four months' earnings to Dec. 31, 1937, estimated on basis of
July and August..
2,000.000
Estimated earnings for year 1938...................—.... 10.600.000
......
Total
$17,300,476
From this amount should be deducted bond interest at the rate of $3,250,per annum and reorganization expenses, the balance being available
393
for working capital and expenditures on properties.
The committee urges those bondholders who are prepared to support the
formed to protect the interests of the first mortgage bond¬
holders regarding the features of the plan which the committee may con¬
committee
sider
are
not
satisfactory from the bondholders' point of view, to support
by voting against the Ripley plan either in person or by
the committee
proxy.
Holders
of certificates
may vote against the
of deposit who agree with the views expressed
plan by withdrawing their bonds from the depositary.
Statement
R. S.
by Liquidator
on
McPherson, F. C. A., liquidator,
Reorganization Plan
in a statement issued
Sept. 22,
stated:
In
view
of
information
circulated
by the bondholders' and preferred
stockholders' committees and articles appearing in the press, which in my
opinion have not presented all the facts relating to the present position of
Abitibi, the following matters are drawn to the attention of ail security
holders in order that they may be able to properly judge the merits of
any
plan of reorganization presented for their consideration.
Bondholders' Plan—It is the considered opinion of the majority of the
inspectors and myself that the plan of reorganization proposed by the
bondholders' committee is not a fair plan for either bondholders or share¬
holders (preferred or common), primarily because it is based on estimated
annual earnings substantially below those indicated
by factors now apparent
in the company's position.
Government Agreement—In the Government agreement, the time for
fulfilment is not necessarily limited to one year from June 24, 1937. as
reported, since the agreement provides that the time may be extended for
"such further time as the Government may consent."
The Ontario Government and Hydro Electric Power Commission have
already released all their claims against the company in consideration of
the transfer of the Crystal Falls Power plant to the Hydro Electric Power
Commission.
The receiver and manager is already proceeding with some
of the capital expenditures to be made by the company in accordance with
the agreement. All the company's mills located in the Province of Ontario
are operating at full capacity with maximum employment, with
the ex¬
ception of those located at Espanola and Sturgeon Falls.
Engineering
reports are being obtained on these two properties with a view to again
utilizing these plants and providing employment in these areas.
Legal Position—My legal counsel has advised that, in order to avoid
delay and litigation, reorganization should be proceeded with under The
Companies Creditors Arrangement Act and The Companies Act and also
that the determination of the rights of shareholders cannot be made under
the Judicature Act as contemplated in the bondholders' plan.
Newsprint in the World Market—An authoritative survey made by the
Newsprint Association of Canada, June 1937, indicates that the outlook
for consumption of pulp and paper products is for continued growth; that
the margin between world demand and supp.y is sma.l; that expansion is
more than a matter of mill construction but rather
dependent on available
wood and pulp supply; that while world consump' ion or wood pulp increased
by over four million tons a year since 1929, three million tons of this in¬
crease is due to new commodities—building materials, containers, artificial
textiles and piastics; and that the wood resources of the North European
countries have been tapped to such an extent that the end of expansion
there
is
These
indicated.
underlying
world
factors point
to
continued
a
growth
in
the.
demand for newsprint and pulp products at profitable prices, substantial
benefits from which will accrue to the Canadian Pulp & Paper industry in
general and the Abitibi company, in particular.
Valuations—It is my opinion that any valuation of the company's pro-'
perties today must be largely determined on the ability of the company
to produce earnings from which depreciation, bond interest and sinking
fund requirements as well as dividends, can be provided. Also the company
is gradually building up its production to a full capacity basis, and the
maximum production will probably not be reached until 1939, so that the
future earnings must be carefudy considered. Any valuation of the physical
assets of the company which does not include all its assets nor take into
account the favorable location of the company's properties, timber con¬
cessions, water power rights, power contracts and the goodwill value of the
business, cannot be a fair valuation on which to determine a distribution
of securities to either bondholders
or
second half of 1938.
Present indications
are
that production costs will not
increase in 1938 more than $1.50 per ton over
1937
costs.
Engineers' reports on the properties of the company indicate that, with
reasonable capital expenditures, the newsprint capacity of the company
can be increased to at least 750,000 tons per annum.
Company is therefore
a
relatively favorable position to benefit from the continued increase
in world demand.
Working Cpialal and New Money Requirements—From estimates prepared
by me after allowing for payment of unsecured creditors, expenses of
reorganization, bond interest for 1938 on the entire claim of bondholders
and inco t e taxes, the co npany's earnings will provide by Dec. 31, 1938. a
net working capital position of approximately $13,000,000.
The officials
of the company and the receiver and manager have stated that "the com¬
pany should be able to operate comfortable in the future with $9,000,000 of
working capital."
Therefore, if reorganization of the company becomes effective towards
the end of this year, only sufficient new money will be required to provide
MILWAUKEE, WIS.
funds for
1937 and 1938 capital improvements, which should not exceed
$5,000,000. The expenditures for the contemplated Improvement program
of $8,300,000 can
only be made over a period of years and during which
time anticipated increased
earnings resulting from greater canacity and
economies in operation will provide the balance of the funds
required. An
annual reserve for depreciation of $1,500,000 would provide funds to the
amount of $7,500,000
during the proposed five year program.
Hence, it is obvious that, there is no justification for placing prior lien
bonds of $14,000,000 on the
company's assets at this time, as provided In
the published plan of the bondholders' conmittee. This
would be unfair to
the present bondholders
by forcing them to take a secondary position and
to all classes of shareholders
by reducing the equity accruing to them.
Ripley Replies to Bondholders Defensive Committee—
Joseph P. Rinley, chairman of the bondholders' representative com¬
mittee, stated Sept. 30 that the newly formed bondholders defensive com¬
mittee apparently wants a reorganization of the
company, based on the
projection of an uninterrupted increase in earnings.
"Abitibi's financial difficulties," Mr.
Ripley asserted, "resulted largely
from similar over-optimistic views of
rising prices and earnings.
Abitibi
bondholders who have not had any Interest paid on their bonds for over
five years, do not want this mistake repeated, but want a
soundly financed
company with the expectation that another slump in the demand for, or
price of. newsprint will not throw the company back in receivership.
"The arguments advanced by the new
committee, "Mr.
points
Ripley
out. "are much the same as those advanced heretofore
by persons identified
with Junior interests.
"With respect to the criticism that the
plan of the bondholders repre¬
sentative committee takes away from the present bondholders their first
mortgage position," Mr. Rioley pointed out, "this feature of the plan is
distinctly in the best interest of the present bondholders.
It is essential
that the new company have working canital and moneys to rehabilitate the
physical properties and make improvements to reduce the cost of manu¬
facture and t,o increase production capacity. It is also essential that It have
funds with which to meet its contractual obligations with the Ontario
Government in respect to plant improvement, particularly at Fort William
and Thunder Bay.
"In its announcement, the new committee overlooks the point that the
new money can be obtained more
cheaply, all other things such as maturities
being equal, by placing it in a senior position rather than issuing new money
bonds pari passu with the securities to be issued to the present bond¬
holders. The new committee also fails to mention the conversion privileges
attaching to both issues of bonds which the old bondholders are to receive
under the plan submitted by the bondholders representative committee.
"The new committee apparently is counting on the use of accumulated
future earnings to provide vitally necessary improvements and take care of
deferred maintenance.
The bondholders representative committee believes
that it is highly desirable to provide moneys for these purposes at once
through the medium of new capital, thus leaving future earnings available
for payment of a return on the securities of the new company which are
to be taken by the present bondholders.
"The new committee indicates a belief that the plan of the bondholders
representative committee (which Itcalls the'Ripley Plan') had merit when it
was conceived.
Inasmuch as the plan was completed less than three months
ago, it seems unreasonable to believe that conditions have so changed in
such a short time as to destroy its merit.
"The new committee apparently omits deduction of depreciation from
earnings figures and overlooks the point that interest has been accruing
since July 1 of this year on the new bonds to be issued to the old bond¬
holders under the plan of the bondholders representative committee which
is being voted on Oct. 15.
In estimating earnings of $10,000,000 for next
year the new committee is presumably either figuring on realizing prices of
over $50 a ton for newsprint or a completion of the improvement program
(for which the bondholders representative committee is planning to provide
the greater part of the necessary moneys by the new issue of first mortgage
bonds which the new committee at the same time criticizes), or perhaps on
both assumptions.
fi "As of Aug. 31, 1937, the receiver's figures indicate Abitibi's net current
assets in the amount of $4,700,477.
From this there is to be deducted
$815,000 for general creditors and $4^,2670 representing two months
accrued interest on the new general mortgage 5% convertible bonds and
the convertible income debentures.
This leaves a balance of $3,402,807
of working capital.
With the added capacity to be provided by the improve¬
ment program, and at the rate of $12.50 per ton of annual newsprint and
excess pulp capacity, Abitibi should
have a total $9,178,875 of
working
capital. The shortage as of Aug. 31, 1937 is thus $5,776,068. The new Issue
of bonds provided for by the plan submitted by the bondholders representa¬
tive committee is $14,000,000 In par amount.
Deducting the aforemen¬
tioned shortage in
working capital from the $14,000,000 figure leaves
$8,223,932 available to take care of:
(1) The Improvement program, the cost of which was estimated by the
Abitibi management at $8,314,271,
...
(2) Increases in cost of labor and materials since the estimates or the
improvement program were made by the Abitibi management.
(3) Reorganization expenses, the amount of which cannot be accurately
estimated but which will be subject to approval by the Court.
(4) Discount underwriting expenses of the Issue of new bonds.
(5) Contingencies and unforeseen items.
The bondholders representative committee continues to urge bond¬
holders to deposit their bonds and sign proxies supporting the plan or sale
of assets and reorganization propounded by it and in respect of which the
Supreme Court of Ontario has called a meeting of bondholders to be held
Oct. 15 —V. 145, p. 2060.
..
..
,
Addressograph-Multigraph Corp.—Meeting Adjourned
Indefinitely—
The special stockholders' meeting scheduled for Sent. 29 was adjourned
indefinitely because of present market conditions without acting on pro¬
posal providing for an issue of cumulative convertible preferred stock.
Business of the company has improved materially so it is not necessary
to act on the proposal until market improves.—V. 145, p. 1732.
r
shareholders.
Company's Earnings—uuring the last quarter of 1937, with all the
company's mills (except Espanola and Sturgeon Falls) operating at present
rated capacity (560,000 tons per year), the co.rpany will be earning at a
rate in excess of $7,500,000 per year (before bond interest, depreciation and
income taxes) and these earnings result from a present contract price for
newsprint of $42.50 per ton. The price for the first half of 1938 is estab¬
lished at $50 and current information indicates a higher figure for the
in
&®nwa &
Phone Daly 5392
Teletype Milw. 488
may
It has been announced
by the leading Canadian newsprint manufacturers
that the price of
newsprint during the first half of next year will be $50 per
ton, on the basis of which the rate of earnings next year should be increased
by
Wisconsin Issues
very
next.
Whatever merit the
2215
Aero Equipment
T
Corp.—Earnings—
Months Ended June 30—
Earnings
x
per
,
,
__
-1^7
.Jnrwmn
$165,658
x$100,000
$1.06
Net income af er all charges
$0.64
share on 156,918 shares
Estimated.
.
~"Akron Canton & Youngstown Ry.—Earnings—
————— 1Q37
August—
Gross from railway
Net from railway
Net after rents
Gross from railway
Net from railway
1,487,619
524,192
247,222
Net after rents
—V. 145, p.
$181,012
57.263
30,962
1935
1936
$181,317
$162,656
£5,287
£2.716
1^34
*126,293
35,180
33.434
def4,002
1,462,570
540,131
294,672
1,279.911
415,662
237,714
L178.181
208,626
1573.
Alaska-Juneau Gold Mining Co.—Larger
The directors
Extra Div.—
have declared an extra dividend of 30 cents per share in
addition to the usual quarterly dividend of 15 cents on the common
par
,
V.
stock,
$10. both payable Nov. I to holders of record Oct. 9.
Extra dividends
were_paid in each of the sixteen preceding quarters.—
145, p. 1732.
~ .■
of 15 cents per share
Alabama Great Southern
RR.—Earnings—
1937
1936
1935
$466,730
155.551
92,794
46,839
56.693
39,830
4,994,086
1,418,115
4,195,525
1,023,598
3,347,086
438,113
162,567
3,252.941
103,705
On June 30,
On June 30, 1937, total current assets were
,
Gross from railway
Net from railway
858,562
after rents
545,255
•
$95,394,047
27,637.853
Total current liabilities were
656.319
427,991
Excess of current assets over current liabilities
$67,756,193
was
All the bonds of the company were retired on April 1, 1937.
The 1936 report described an offering to stockholders of ths
/—V. 145, p. 1406.
right to purchase, on or beiore March 31, 1937, one share of an
additional issue of common stock for each five shares held at the
close of business Feb. 19. 1937.
Of the 365,988 shares offered,
Co.—Earnings—
Alabama Power
Period End. Aug. 31—
1937—Month—1936
Gross revenue
$1,640,448
$1,586,789
1937—12 Mos.—1936
$20,236,747 ^17,812,861
Oper. exps. & taxes..
786.161
738.665
9.040.823
228,105
140.500
2,343,686
1,605.080
$626,181
400,365
$707,624
401,497
$8,852,237
4,813,025
$8,133,915
4,847,621
$225,816
195,178
$306,126
195,178
$4,039,211
2,342,138
361,729 shares were subscribed for, realizing, at $70 per share,. $25,321,030
In accordance with the offering plan, the entire issue of 2d
8,073,865
Prov. for retire, reserve.
$3,286,294
2,342.138
x
& Refining Co. (& Subs.)—Earns.
Guggenheim, President, says in part:
1937, cash and U S. Government securities (not including
bonds amounting to $133,423 deposited with Federal and State Commis¬
sions) totaled $17,057,602.
$402,135
Gross from railway
Net from railway
2, 1937
Simon
1934
$578,099
Net after rents
From Jan 1—
Oct.
American Smelting
$627,857
178,873
104,099
August—
Net
Chronicle
Financial
2216
Gross income
Int. & other fixed charges
preferred stock was retired June 1, 1937, at 105, calling for
19.320.000
The balance left in the treasury was,
$6,001,030
Consolidated Income Account Six Months Ended June 30
Net
Divs.
income
pref. stock
on
""x
$110,948
$30,637
^Balance
$944,156
$1,697,073
1936 for Federal surtax on undistributed
all taxable income for that year was distributed.
No provision
1936
1935
as
$9,774,522
443.411
272,106
359,778
581,152
Genl & admin, expenses
Research & exam. exps__
Alleghany Corp.—Meeting Adjourned—
Corporate
income
From Jan.
135,500
1936
$1,429,863
300.823
34.768
1935
$1,281,014
244,435
deflO.028
11,229.324
2,728.946
572,413
10.463.641
2,167.506
85,830
8,860.910
1,061.673
def733,376
8.717.902
1,932.950
236,111
on
312,950
written off.
Deprec. & obsolescence
and ore depletion
1st
2.678.175
2,890.095
2.744.971
2.675.804
$9,624,998
income..
Net
$7,807,529
1,750.000
$5,062,850
2.625,000
c2,484,000
$4,263,577
b5,750.000
-Asks
1,646,946
$4,127,494
24,006,535
$3,858,583
20,182.324
2,191.669
$3.38
1,829,940
$3.01
Bal., sur., for 6 mos__
Total profit & loss sur._
Shares
common
stock
The company has asked the
U. S. Supreme Court to expedite arguments
on
its effort to prevent the Government from proceeding in New York
with an anti-trust dissolution suit against the concern.
The Court probably
late next month
announce
outstanding (no par).
Earnings per share
whether it will review a ruling by a three-
the date of
U. 8. Government securities
assoc. cos.
SEC—
Advance to customers on ores,
not settled for
Inc.—Registers with SEC—
American
-
special meeting of stockholders for Oct. 4 to
5% cumulative preferred shares, par $10,
increase in the number of
authorized shares of B common from 3.000,000 shares to 3,620,000 shares.
in connection with this, W. B. Bell, President, in a letter to stockholders
stated: "While the authorization of this preferred stock is being recomemnded for the general purposes of the con pany, there is also a special
purpose.
In tue judgment of your directors the con pany requires the use
of a substantial part of its earnings for increased working capital and the
expansion of its business.
If this an en tin ent be adopted, the com pany will
be placed in a position whereby from tin e to tin e it will be able to supple¬
ment cash dividends on the common stocks with dividends in preferred
stock If deen ed advisaole.
"An increase in the distribution of earnings by such dividends in preferred
stock would operate to reduce the con pany's tax liability which n ight
otherwise arise on account of undistributed net incon e, while at the same
tin e cash accumulations would be retained for necessary corporate pur¬
173.530
1,062.843
■372,012
19,878,648
Investments
•
Liabilities—
p
V
Accounts & drafts
-
685,36$
"Wages payable
Due
to
not incl.
controlled
cos.
assoc.
whether
for each five shares of
preferred thereafter."—
or not
in
Period End. Aug. 31—
1937—Month—1936
Operating earnings—__ $1,557,188
$1,269,479
Operating expenses
1,445.292
1,138,330
Net profit from oper__
Subs.)—Earns.
1937—8 Mos.—1936
$9,715,391 $10,072,690
9.301,172
9.005,739
$131,148
6,527
$414,219
43.281
$1,066,951
39,474
$119,766
62,094
$137,676
$457,500
517,224
$1,106,425
458,662
$57,671
$79,380
$647,762
957
def$59.723
5.764
$80,338
def$53,959
$672,356
$111,896
7,869
473,427
4b,947
Interest on bonds—Unclaimed
Accrued, not due
34.090
Dividends—Unclaimed.
cree. & Fed.inc.tax.
Provision for deprec'n._
Total income
incident
58,295
$57,671
24,593
to
maritime strike
158.583
Net profit before Fed'l
income tax
—V. 145, p. 1407.
$80,338 def$212,542
$57,671
American Insulator Corp.
$672,356
(Del.)—Registers with SEC—
^See list given on first page of this department.—V. 145, p. 1087. Jr?»
American-La France-Foamite Corp.(& Subs.)—Earns.
_
"T8
Months Ended Aug. 31—
Earnings
per
charges
share on 73,397
2061.
1936
1937
Net Income after all
—V. 145, p.
common
shares
$101,052
$1.38
$78,411
$1.07
Hearing
The Securi ies and Exchange Commission has set a hearing on Oct. 15 on
the application of the New York Stock
Exchange to strike from listing and
registration the $6 cumulative preferred stock 7$25 par).
The application
asks the delisting because of the exchange of tne stock for $5 convertible
cient number
common
stock, which left outstanding an insuffi¬
of shares to justify continued trading.—V.
-
6,270,334
1,657,281
d8,341.671
el7.380.931
1,139,725
3,128,977
16.183,047
22,959.000
—
50,000,000
—
50,000,000
18,400,000
Proiit and loss surplus
-
43.620.430
18.299.400
24,006,536
Common stock.
20,182,324
170.987.421 167,227,531
-
a Including bonds having a face value of $5,000,000 temporarily deposited
with the trustee under the mortgage securing the first mortgage and first
bonds (valuation based on June 30, 1936, quotations, $9,381,723).
that refined metals sold
after June 30 are valued at sale* contract
under firm contracts for delivery
prices.
c
Segregated and valued as of Dec. 31, 1934, in accordance with author¬
ity and direction of the stockholders at a special meeting held on May 21,
1935: Plants, mines and other tangible properties at Dec. 31, 1934, $52,087.099; less amounts included therein for properties which have been re¬
tired and (or) sold since Dec. 31, 1934, $1,249,065; balance, $50,838,034;
additions at cost since Dec 31, 1934, $10,603,781; less retirements and (or)
sales of additions since Dec. 31,
1934, $46,088; balance, $10,557,693.
Total, $61,395,727.
Depreciation and depletion since Dec. 31, 1934,
$11,962,852; less depreciation since Dec. 31, 1934, on property retired and
(or) sold alter that date, $167,784; net tangible property, $49,600,659.
Segregated and valued as of Dec. 31, 1934, in accordance with authority
and direction of the stockholders at a special meeting held on May 21, 1935:
Goodwill, patents, licenses, &c., at
since Dec. 31, 1934. $105,647;
tion
total
net property,
145, p. 932.
Dec. 31, 1934, $4,478,391
amortiza¬
net intangible property, $4,372,744;
$53,973,402.
6 Bank loans, due after 1937, $5,000,000 notes payable for property
purchased, due alter 1937, $300,000; notes payable six months after de¬
mand to American Smelting & Refining Co., trustee under employees*
pension plan,
cluded
American Zinc, Lead & Smelting Co.—Delisting
prior preferred stock and
9,743,780
on
b Valued at the lower of cost or market, except
Balance, income
Non-recurring items
Expenses
21.665
229,590
33.711
875,000
276,000
914,970
875,000
7% cumulative preferred stock
6% cumul. 2d preferred stock
lien 4%
Total profit before de¬
-
352,068
1,643,752
—
-
Total
$6,446,534
,■ 954.615
560,571
consolidation,
Interest accrued on bank loans
Bonds outstanding
p. 930.
American-Hawaiian Steamship Co. (&
r'
$9,876,049
2,600.160
payable—Trade
Other
Reserves
preferred during 1939 and 1940,
Other income
6,629
25.859
49.699.191
4,414.385
19.253,830
.-.170,987,421 167,227,531
Total
and
comn on
V_145,
45.789
53.973,403
Property
Goodwill. patents, licenses, &c
c
"The convertible rate for the new preferred stock will be one share of
for each four shares of
preferred on or before Dec. 31, 1938; one
share of comn on for each 4^ shares of
poses.
common
408.000
$17,278
5.087.475
Spec, deposit for called bonds, incl. prem.—conftra.
pledged under mtge. secur¬
ing the 1st mtge. & 1st lien bonds
Interplant accounts in transit
Payable on 7% preferred stock
Payable on 6 % 2d preferred stock
Payable on common stock
—
Acer taxes not due(U.S. & for. inc. taxes est.)
Unearned treatment charges (metals treated
toll
basis)
Miscellaneous liabilities
share of
1.065.201
69.758
713.567
406.775
new
convertible into class B common stock, and an
one
51,473.288
2.353,366
For release of property
a
2,500,000
toll
1
49.220.216
4,971.122
&c., received but
2.188,058
on
Prepaid taxes, insurance and royalties
Cyanamid Co.—May Issue Preferred Stock—
has called
173.483
209.300
4,739.023
Miscellaneous deferred charges
Colortype Co.—Plan Withdrawn—
The company has withdrawn its offer to holders of its securities involving
refunding of $818,000 of 6% debentures of 2,398 shares of a suosidiary's
6% preferred stock and obtaining additional working capital through sale
or new debentures.—V. 145, p. 427.
The company
718.377
307.156
Notes receivable, due after 1937
Mine examination and development expenses...
^See list given on first page of this department.—V. 113, p. 537.
act on issuance of
1936
$
5,994,597
•9.246,150
11,524,101
6,157,781
basis), less unearned treatment charges
on hand
f Ore and concentrates
2356.
American
Being accumu-
14,773.736
__
not incl. in consolidation
Materials and supplies, at cost or less
b Metal stocks (not incl
metals treated
of this department.—V. 144, p. 3993; V. 143,
American Coating Mills,
c
$
11.289.155
5.901 870
Accounts receivable (net)
Notes receivable, due in 1937
Dus from
page
1,829.532
$107
$1.51
share,
1937
1890.
first
10,923.939
1,829.940
Cash
York suit the Government charges the company and 62 other
to monopolize trade.—V. 145,
American Carrier Call Corp.—Registers with
11,572,415
Consolidated Balance Sheet June 30
defendants with monopoly and conspiracy
See list given on
def$46.150 df51.486.423
Assets—
disposition of this motion," to allow for preparation of briefs.
In the New
552,000
b Being accumulations amounting to $11.50 per
lations amounting to 13 lA %.
judge Circuit Court at Philadelphia permitting the Department of Justice
to prosecute litigation filed in the New York Federal Court.
The company
contended that the suit was similar to one filed against it in Pittsburgh
in 1912 and that any further action should be brought in the Federal Court
at Pittsburgh.
If the Supreme Court decides to pass on the controversy, the company
asks that a date be set for arguments "not earlier than one month from
p.
1,750.000
460.000
3,287,504
High Court to Expedite
Case—
p.
pref. dividends
pref. dividends
Common dividends
2d
Aluminum Co. of America-
71,103
-
313,323
& expense
—V. 145, p. 1574.
1,327,462
909,683
479,590
1st mtge. & 1st
4% bonds
Int. on Fed Metals bds.
Unamort. bond discount
1934
$1,306,571
299.949
68.532
1,146,355
909,582
2,090,939
1st
lien
1—
Gross from railway
Net from railway
Net after rents
on
4,617,565
on
Int.
Prem
1937
$1,480,898
278,047
11,256
August—
Gross from railway
taxes
(incl.
S. and foreign
taxes)..
1st mtge. 5s
1st mtge. &
lien 4s
Int.
RR.—Earnings—
Net from railway..
Net after rents
U.
est.
special meeting to consider proposed plan and agree¬
of Alleghany Corp. and the Chesapeake C'orp
into
a new corporation to be known as r'Cbesapeake Corp." has been
adjourned
until Nov. 15.—V. 145. p. 2061.
The stockholders'
ment of consolidation
Alton
$14,379,172 $11,208,173 $10,134,300
894.735
940,745
771.689
1,088,137
136,356
170,275
114,984
564,667
$19,021,991
Gross income
made for such tax in 1937.—V. 145, p. 1406.
has been
will
1934
$10,936,068
provision was made in
No
profits
1937
$18,440,840 $13,935,761
Total net earnings
Int.,
rents,
dividends,
commissions, &c
in
S775.265._
m
Meta
$2,082,288; minority interest in subsidiary companies in¬
$184,118; and other miscellaneous liabilities,
consolidation,
_
stock, $13,415,090; extraordinary obsolescence, contingencies,
&c.. $2,613,222; mine and new business investigations,
reserves, $1,041,199.
$311,421, and other
_
f
hand at company mines and in transit to
smelters, at cost of production or conservative values based on existing
contracts for their sale.—V. 145, p. 2061.
a*
aw >n tm
a
Ores and concentrates on
Volume
145
Financial
Chronicle
American Power & Light Co. (& Subs.)—Earnings—
Ptriod End. Aug. 31—
Subsidiaries—
Operating revenues.
Oper.exp3.,incl. taxes
Prop,
&
retire.
reserve
1937—3 Mos.—1936
Net oper. revenues...
Other income (net)
$9,083,553
60,550
r«Pro ! i?comew7r
to
public
Interest
and
—-----
Portion
applicable
minority interests
Arnold Print Works, North Adams—Outlook, &c.—
The annual meeting, the first since the
company filed its petition for re¬
organization under Section 77-B of the Bankruptcy Act in September ot
$8,764,713 $37.8071.581 $36,363,502
3,989,048
Cr2,798
15,979,990
Cr270,495
1934, was held Sept. 28 at which time the company resumed its corporate
activities discharged from the supervision of the Courr.
The plan of re¬
organization has been confirmed by the Court and is now in effect.
The depositary for the company is ready to
exchange the new preferred
stock and new common stock for those holders who nave not
yet sent in
their stock for exchange.
The old certificates should be sent to National
16,004.631
CY7.511
$5,218,998
1,792,895
$4,778,463 $22,093,066 $20,366,382
1,792,702
7,171.308
7,170,643
$2,985,761 $14,926,758 $13,195,739
Rockland Bank, Boston, for exchange, and holders are urged to do so
promptly.
S. M. Jones, President, in
reporting the satisfactory completion of the
,
to
16,188
Net equity of Am. P.
& B. Co. in income
of subsidiaries
$3,409,915
Amer. P. & L. Co.—
Net equity of A. P. & L.
84,974
78,775
18,135
reorganization states that the results or the operations during the last fiscal
year have been very gratifying, the net profit being approximately $650,000.
He further states that operations are
continuing on a satisfactory basis.
Total current assets, after giving effect to the cost of reorganization, are
approximately $2,281,000.
Current liabilities are approximately $753,000
and net current assets approximately $1,528,000 as of June 30, 1937.
Mr. Jones further states: Company's working
capital has been restored
through its operations during the past two years and has been increased by
virtue of the plan of reorganization, to the point that it now seems to
me to be ample for continued
profitable operation.—V. 145. p. 2062.
$2,967,626 $14,847,983 $13,110,765
,
F
Co. in income of subs.
(as shovv.i above)
Other
income
$3,409,915
15.326
$2,967,626 $14,847,983 $13,110,765
5,028
42.235
19,399
$3,425,211
105,804
727,009
deprec., depl. retire., int., amort., Federal and
xl ,355,825
After deducting $54,916 for contingent expense.—V. 143, p. 4144.
income taxes, &c
ax
$8,733,377 $37,596,911 $36,146,389
31.336
210,650
217,113
3,994,542
CY69.437
1937"
Net income after
6.561,414
8,331.430
$3,426,103
...
Pref. divs. to public....
Balance
1,664,957
$9,144,103
deductions.....
Int. charged to constr'n.
Balance
Earnings for 12 Months Ended Aug. 31,
Gross sales and oper. rev. for the period, less discounts, returnsl
and allowance
..$9,315,187
deple'n
2,090,253
other
1937—12 Mos.—1936
$24,147,754 $22,009,496 $96,514,503 $87,802,194
12,973,948
11,611,162
50,588,162
45,094.391
appropriations
2217
Arkansas Louisiana Gas Co.—Earnings—
$2,972,654 $14,890,268 $13,130,164
163.165
419.649
381.410
729,135
2,911.426
2,912,650
^
Total income
Expenses, incl.
taxes...
Interest & other deduc's
'
Balance carried to consolidated earned sur. $2,592,428
r
Note—All
$2,080,354 $11,559,193
$9,833,104
have been eliminated from the
preferred dividend deductions of subsidi¬
aries represent fud
requirements for the respective periods (wnether paid
or not paid) on securities held
by the public.
Tne 'portion applicable to
intercompany
above statement.
transactions
Interest and
minority interests" is the calculated portion of tne balance of income aphe "net
Shcable toequity of American by the public of Co. in income of subsidiaries"
minority holdings Power & Bight common stock of subsidiaries,
includes interest and preferred dividends paid or earned on securities held,
plus tne proportion of earniugs wnich accrued to common stocks held by
American Power & Bight Co., less losses wnere income accounts of individual
subsidiaries have resulted in deficits for the respective periods,
k
No provision
Co.
and
has been made thus far in 1937 by Auuricaa Power &
for Federal surtax on undistributed
profits.
subsidiaries
income tax returns for
totaling #4,930, snow
V. 145, p. 1408.
Bight
Tne
1936, with three exceptions among the subsidiaries
no surtax on undistributed profits for that year.—
„
a
a
„
Asbestos
A
a
„
Manufacturing Co.—To Vote
Corp.—Accumulated Dividend
holders of record Oct. 13, leaving arrears of 43cents per
2816.
p.
—d
-•
"r*.v
share.—V. 144,
$134,810.—V. 145.
Associated
The directors have declared
a dividend of $3.50 per share on account of
7% cumulative preferred stock, par $100, payable
Sept. 30 to holders of record Sept. 28.
Similar amount was paid on June
30 last.
Arrearages after the current payment will amount to $26.25 per
share.—V. 144, p. 4333.
accumulations
the
on
Ann Arbor
r*"'August—
1937
»
Gross from railway
Net from railway
1934
1A&1936
$333,479
48,662
19,098
From Jan. 1—
Gross from railway
$336,290
70,440
41,658
$321,590
2,723,560
562,375
230,085
Net after rents
2,585.310
471,762
240,247
2,538,131
$287,471
61,231
31,509
74,703
39,224
>
Net from railway
Net after rents.
—V. 145, p. 1575.
2,229,414
522,415
265,625
580,663
311,375
Years End. June 30—
1937
Net sales
$80,518,912
Cost of sales, &c
73,320,553
1936
$71,016,484
65,596,282
653,785
615,005
_
Depreciation
Balance
After he had retracted the statement in its entirety, the
Commission dropped the citation.
Mr. Paxson told the Commission: "I wish to assure the Commission with¬
3,378,021
$5,327,587
2,907.400
$3,801,121
$2,420,187
$3,140,981
199,131
117,671
182.667
131,097
234,253
152,596
...
Miscell.
charges
Balance
$3,084,281
403,141
,
79.750
$2,106,423
289,089
$2,754,132
241,613
$2,601,390
116,699
Profit
$3,839,969
Fed'l & State income tax
a872,673
$2,395,512
$2,995,745
470,000
$2,718,089
400,600
$2,525,745
Weekly Output—
electric
Net profit
Preferred dividends
Common dividends
503,900
$2,967,296 b$l,891,612
210.466
216.020
1,646,017
1,096,966
output of 90,551,413 units (kwh.).
This is an increase of
units, or 3.8%, higher than production for the comparable
3,310.096
week
a
year ago.
Gross output, including sales to other utilities,
units.—V. 145, p. 2C52.t
Period End. Aug. 31—
1937—Month—1936
1937—8 Mos.—1936
Ry. operating revenues.$14,637.138 $13.808,7491114544.170 $98,994,103
Railway oper. expenses. 12.390,400
10,468,060
91,455,704
80.906.415
Railway tax accruals
xl,156,499
xl,323,371
y8.227,350
y8,943,831
Other debits or credits.. Dr251.115
CY44.681
Dr507,955
Cr342,585
Net ry. oper.
income.
$839,123
Average miles operated.
Surplus
Earnings
per share
$578,626
548,578
$3.05
$1,110,814
548,296
$5.02
216.408
1,096,805
$1,212.532
548,458
$4.21
$1,552,217
549,546
$3.81
Includes surtax
a
vision has been
on undistributed
income to Dec. 31, 1936.
No pro¬
made for possible surtax on the undistributed income for
the first six month- of the calendar year 1937.
The companies' tax years,
with one exception, end Dec. 31, and the amount of such tax, if any. is
undeterminable until the net income and dividends for the entire year 1937
have been ascertained.
b Included in income for the
)
the
is $932,562 representing a portion of
by the invalidation of the processing
reserve for all undetermined liabilities
year
amounts released to the company
tax, the balance being carried as a
Includes Commander-Larabee Corp. from Sept. 30,
1937
$
Liabilities—
Oil
cars
y
1937
Includes for
Notes A accts. rec.
U.
S,
Govt,
Ac—
4,961,974
470,302
Other assets
1,506,549
Cash.
3,722,932
1.331,373
3,297,772
1
1
Official—
1,748,951
3,601.476
1,018,325
607,962
Long-term debt...
27.500
174,681
patents,
Ac
Deferred sharges—
Earnings—
Atlanta Birmingham & Coast RR.19371
August—
"HTl936~
1936
"1934
1935
$296,829
26,243
def6,833
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$301,577
64,248
38,945
$248,218
2,175
1,440
2,553,106
313,625
11,728
Gross from railway
Net from railway.
2,228,209
261,441
27,800
2,008,071
146,003
def69,624
$245,609
2,918
def 16.267
1.944,828
35,319
def!60,974
—V. 145, p. 1575.
Atlanta 6c
August—
West Point RR.- -Earnings—
1937
railway..$148,176
12,199
defl8,843
Net from railway
Net after rents..
1934
1936 m ^*1935
$158,485
$132,375
24,597
13,012
853
def8,752
defl0,235
1,000,243
83,100
def67,073
932,996
36,657
defllO,476
.
$121,073
9.902
From Jan. 1—
Gross from
railway—1,210,045
147,843
Net from railway
Net after rents
—V.
145, p.
...
1575.
defl5.698
1,151,419
145,975
def26.839
aili
%
.
.ufcj —J—J ud
Atlantic Coast Line RR.—Earnings—
1937-Tm~f93^~
-!Period End-Aug. 31 ~m7-MSrnn-m6
O
perking ro venues...
.
-
Operating expenses_ _ I _ .
$2,979,205
2,770.668
$208,537
Operating income....
Equip. & jt. facil. rents.
$33,537
CY23.455
Net ry. oper. income.
$56,992
9.736.999
a
175,000
$2,912,166 $33,314,462 $29,112,867
2,504.262 24,684,972 22,475,215
$8,629,490
3,550,000
$6,637,652
3.250.000
$232,904
$5,079,490
GY40,833 Dr1.104,689
$3,387,652
Dr814,106
$3,974,801
$2,573,546
$407,904
175,000
.
2,488,015
1,391.071
20,000
Accrued expenses.
381,778
Res. for contlng—
278,967
Prov.
for
358,368
—V.
145,
p.
1410.
A A
i
$273,737
A i aa
4
10,925,781
Treasury stock.
_
Corp.- •Acquisition—
This company has purchased the nail production "equipment of the
Beardsley & Wolcott Co. at Waterbury and has taken a lease on the plant.
Production is now in progress and eventually it is expected two shifts will
be employed.—V. 145; P. 1249. ji d
' .kl - J A a A 1*4
"
Automatic Washer
951,657
Surplus
Atlas Tack
.
221,142
Federal
tax, Ac
z
5,900,000
Res. for undeter¬
mined liabs., Ac.
138,897
Goodwill,
$
9,736,999
9,518,000
Common stock.
payable
Notes
3,353,101
duty
drawback,
1936
Accounts payable.
Drafts payable.—
9,823,705
19,703,835 16,980,981
_
1936 respectively $2,612,633 and $1,809,785
Unemployment Insurance taxes, with
charges in 1936 account Railroad
and
3,086.000
y
(less depr.). 9,727.577
Inventories
$
7% cum. pf. 8tk_. 2,868,600
mills, tank
stations A tank
13.232
accruals of Railroad Retirement and
—
1937
1936
$
Assets—
$9,486,441
13,497
5& an(f$293,620 accruals
of Railroad Retirement and Unemployment Insurance taxes.
Net oper. revenues...
Deduct taxes
1933.
Consolidated Balance Sheet June 30
x
13,227
1937 and" i'&36 respectively $2$3
arising from such invalidation.
c
$2,061,997 $14,353,159
13,540
Includes for
Gross from
Shs.com .stk .out. (no par)
amounted to 104,923,166
Atchison Topeka & Santa Fe Ry. System—Earnings
flncludes"(au^"Colorado"X;,l,§anta Fe Ry., ^amtiandleT'&^Santa Fe* Ry.j
ki.
$2,317,489
219.870
545,402
.^jsg
—
.
.
its
R. M. Hogin, Comptroller and in charge of the New York office has been
appointed Assistant Secretary of the roaa to succeed Waiter Ely, resigned.
O. K. Cooper, Assistant Treasurer also has resigned with no successor
as yet appointed.—V. 145, p. 1410
^
522,390
$3,484,319
355,650
Other income
motives
the
For the week ended Sept. 24, Associated Gas & Electric System reports
net
1$
Operating profit
Interest
had any Intention of reflecting upon the
never
entirety and to offer my apology wholeheartedly."
New
Not available
$4,805,197
& admin, exps.
gen.
i
of the Commission or any member of it.
I am sure that all members of
staff and members of the Commission who know me will accept that. .
Under the circumstances I feel it is my duty to retract the statement in
credit in 1937 of $2,234,363 reversing
Retirement taxes.
,544,574
634,568
_
Total
cl934
Co.—Counsel for
the statement.
a
$7,179,142
Other oper. revenues..
Sell.,
1935
Electric
The
Federal
Power
Commission on
Sept. 30 publicly reprimanded
O. Edward Paxson, counsel for subsidiaries of the Associated Gas & Elec¬
for a statement which he issued on Sept. 18 to the press and
which, the Commission contended, impugned its motives,
t
Mr. Paxson had been cited to appear Sept. 30 to show cause why he
should not be debarred from practicing before the Commission because of
x
Archer-Daniels-Midland Co, (& Subs.)—Earnings—
-V
■■
&
tric System,
RR.—Earnings
S
1891.
p.
Gas
Company
Draws Public Rebuke from FPC for Statement—Retraction Given
..........t—
jfcfAnglo-Norwegian Holdings, Ltd.—Accumulated Div.—
Loan—
This company has called special meeting of preferred shareholders for
Oct. 5 for purpose of securing approval to
and final action on, proposed
five-year loan of $259,000 wherewith company will replenish working capital
by $59,000 needed to meet increased sales, pay for $100,000 of additional
plant equipment this year and repay $100,000 or short-term ipans.
Already
at
Huntington and Wabash plants company has increased investment
out reservation that
American States Utilities
The directors have declared a dividend of 68% cents per share on account
of accumulations on the 5>£% cumulative preferred, payable Oct. 25 to
on
Dr41,969
546,924
9,838.288
ZM7.153
Co.—Reorganization Voted—
% *4
of reorganization which will
operative until so directed by board of directors. Seventy-five
per cent of convertible preferred and 79% of common were represented at
the meeting held Sept. 23.
■
Shareholders have approved company's plan
not become
.
Total
40,267,850 34,925,831
Total
—40.267,850 34,925.831
$6,655,019 In 1936 for reserve
for depreciation.
y Represented by 549,546 shares of no par value,
z Rapresented by 1,250 in 1937 and 968 in 1936 no par shares,
a Reserve for
undetermined liabilities arising from invalidation of processing taxes.—
x
After deducting $7,206,475 in 1937 and
V..144,
p.
2985.
Plan
of reorganization
provides for exchange of presently outstanding
convertible preference with accumulated dividends on basis of one share
for three new common shares and exchange of 10 old common shares for
one new share.
For this purpose plan creates 180,000 shares of new $3
In addition new common holders will have right to purchase
Dec. 31, 1938, lhi shares of common for each share held at price of
par common.
up to
2218
Financial
$4 per share while officers and directors may purchase up to total of 4,000
shares at $4 a share during same period.
Under plan 127.690 shares of new
common will be initially issued.—V. 144, p. 1429.
Backbone Gold Mining
Co.—Stock Fraud—
The Department of Justice and the Securities and Exchange Commission
Sept. 23 that six defendants were indicted Sept. 22 in the U.S.
District Court for the Western District of Pesnnsylvania, for manipulation
of the stock of Backbone Gold Mining Co.
The defendants, Moe Piatt,
Bernard Frankel, Bernard
McNey, Charles Lutz, John Boyd
was set at a total or $72,000.
This is the first
brought for manipulation of a security in the
prosecution ever
over-the-counter market.
rowing Capacity—
Beatrice
*
Increase
ord.
exp.,
226.604
appropriations
for
1937—3 Mos.—1936
1937—12 Mos.—1936
$17,064,585 $16,071,199 $62,763,408 $57,897,765
tax,
15.709.831
interest. &c__
14.678.057
391.428
59.789.090
393.959
1.025,703
55.310.811
1.043.645
$960,795
$1,001,714
37,637
35,225
1.948.615
156.714
1.543.309
146.860
$998,432
205.908
$1,036,939
208.750
$2,105,329
$1,690,169
399.256
307.004
profit
v. $792,524
Earns, per share on com¬
mon stock..
$1.77
—V. 145. p. 102.
$828,189
$1,706,073
1,383,165
$1.74
$3.07
$1.85
Depreciation
Bor-
....
through
Total income
Federal income & surtax
.
William Clarke
Mason,
its attorney,
re-
3uested has Increased since spread of $2,000,000 be of $3,000,000 on prouction that the additional trie Court put the limit allowed because
the
December, 1936.
Arrangements have already been made
Philadelphia National Bank and several other financial institu¬
tions to advance as much as $5,000,000 to the
company to meet its operating
costs.
As collateral, the banks will be given 122.900 shares of Midvale
Co. stock owned by Baldwin and a maximum of
$6,000,000 of Baldwin
genera] mortgage bonds.
Net
—......
in
company
with the
Stockholders Fail in
A supersedeas order in
a
against this confirmation the appeal was made by the dissenting group.
—V. 145, p. 1892.
Baldwin Rubber
—V. 145, p.
....
...
expenses
$2,654,507
1,996.094
98.099
Profit from operations
Other income
$560,314
Gross income
Income charges
Provision for Federal income tax.
$570,133
Net income
Earned surplus at Jan. 1,1937
Other surplus credits
$365,275
100,857
104,002
827.751
57.694
Gross surplus
$1,250,720
Dividends declared and paid...............................
69,649
Notes payable—bank
Accounts payable.
Inventories (at cost)
381,363
Accrued accounts
Deferred liability
Miscellaneous reserves
a
customers
4.951
Deposits
28,653
Plant property (less res.)
Deferred charges
977,840
16.652
Other assets
1935
1936
1934
$2,280,520
1,525.117
1,249.961
Gross from railway
Net from railway
Net after rents
$1,153,587
581.325
485.208
$966,066
255,339
12,986,722
7,147.298
6,090,039
Net after rents
From Jan
1—
$1,775,469
1,112,465
924,907
9,090,769
4,085,233
3,411,608
6,308,961
2,003,857
1,761,954
5,804,196
1,169.623
1*026,145
215,713
—V. 145, p. 1576.
Birdsboro Steel Foundry & Machine Co.—25-Cent Div.
Directors on Sept. 27 declared a dividend of 25 cents per share on the new
par value common stock, payable Oct. 15 to holders of record Oct. 5.
This is the same amount as the initial dividend paid on these shares on July
no
15 last.
The company has outstanding 200.000 shares of the no par
stock out of 250,000 share"' authorized.
In May of this
value common
year 74.600 shares
publicly by a banking group and 125,400 shares were issued
In exchange for $50 par value common stock then outstanding.
At the
same time all outstanding preferred stock was retired.
The company has
no funded debt.—V. 145, p. 1250.
sold
were
Boston & Maine
RR.—Earnings—
Period End. Aug. 31—
1937—Month—1936
1937—8 Mos.—1930
$3,771,173
$3,853,547 $31,899,439 $29,830,207
2.963.417
2.700.035
23,156.309
24.385,347
Liabilities—
,
286.156
to
3^2,457
RR,—Earnings-
1937
Operating revenues
Operating expenses
Accts & trade accept.rec. (net)
chargeable
1,175.033
charges, provision for Fed. inc. tax & related surtaxes$15,699
4168.
railway
railway
Net from
$1,181,071
during period for payment of any amount for
Balance Sheet July 31. 1937
Ac,,
def52,870
Earnings for 6 Months Ended June 30, 1937
Earned surplus July 31. lr37
Note—No provision made
$808,383
1,130.419
267,926
def66,026
Net Inc. after
—V. 144, p.
9,819
Cash
1,473,125
399,174
defl4,218
Berkey & Gay Furniture Co.—Earnings—
August—
31,931
Net sales
Cost of sales (net)
Assets—
1 934^
$127,652
22,573
defl4,219
1 936
1576.
Gross from
$2,686,438
undistributed profits tax.
1 935
$133,235
21,685
defl2,576
Bessemer & Lake Erie
Deductions from gross
Selling and general
railway
railway
Net after rents
$144,559
16.852
def36.195
2,093.803
923.526
416,897
Gross from
Net from
RR.—Earnings—
1937
$164,483
20.820
def42,259
railway
Net from railway
Co.—Earnings—
Income Statement 7 Months Ended July 31, 1937
Gross sales
Beaumont Sour Lake & Western
August—
Gross from
Net after rents
From Jan. 1—
Appeal Against Plan—
surprise appeal against the reorganization plan
of the company was withdrawn Sept. 30
by Circuit Court Judge J. Whitaker
Thompson at Philadelphia, following a plea for dismissal by William Clarke
Mason, company counsel
The writ had been issued earlier the same
day when a group of seven preferred stockholders sought to appeal against
the plan.
Although the supersedeas action was withdrawn, a hearing will
be held on the appeal on Oct. 4.
Federal Judge Oliver B. Dickenson confirmed the
plan Sept. 1, and It
Molds,
232.931
After
Creamery Co. (& Subs.)—Earnings—
Period End. Aug. 31
Net sales
Profit
Works—Allowed to
Federal Judge Oliver B. Dickinson has granted permission to the company
to increase its borrowing capacity from $3,000,000 to
$5,000,000 at any one
was
532.226
It is estimated that the loss to victims of the
Locomotive
The company,
1936
$1,646,597
564.724
145, p. 1734.
Other income
time.
1937
y
manipulation totaled $500,000.
Baldwin
1937
$1,858,071
edrement reserve.—V
Costs,
2,
Rouge Electric Co.—Earnings—
revenues
Balance after operation, maintenance and taxes
y Balance for dividends and surplus
x Includes
nou-operat:ng
income,
net.
and bail
criminal
Oct.
12 Months Ended Aug. 31—
Operating
Waddell.
and i'aul G. Allen, associated with Piatt & Co., of New York, were indicated
on nine counts, two under the fraud sections of the Securities
Act, six under
the Mail Fraud Statute, and one for conspiracy.
Bench warrants were
arrest
Baton
x
announced
issued for their
Chronicle
Common stock
(par $1)
Capital surplus.
176,334
258.195
320,000
$807,756
$1,153,512
$8,743,130
$5,444,860
298.999
279,030
2.430.853
2.209.345
160.309
9.224
162.698
8.077
1,492.242
93,093
1,471.765
67,660
Net ry. oper. income.
$339,224
108,929
$703,701
112,006
$4,726,942
788.305
$1,696,090
784,852
$448,153
$815,707
$5,515,247
$2,480,942
624,965
634.868
5,032.288
5.072.839
def$176.812
$180,839
112,942
278,604
100.951
Earned surplus
Net oper. revenue—
Taxes
Equipment rents (Dr.).
Joint fac. rents (Dr.)
$80,000
Other Income
1,181,071
Gross income
4,099
Total deductions (rentals
_Total
$2,508,098!
.a Notes payable-bank due $40,000
1939 to July 1
interest, &c.)
$2,508,098
Total
each Jan. and July 1, from Jan.
1942.—V. 145, p. 1892.
l'
Net income
—V.
Baltimore & Ohio
RR.—Earnings—
1937—Month—1936
1937—8 Mos.—1936
revenues.$14,412,947 $14.361,610$lie,845,lU/$108,363,l72
in,737,202
9.949,167
80,749,135
88,021,720
Railway
oper. expenses,
Net rev. from ry. oper.
$3,675,745
920,748
213.553
183.410
$4,412,443 $28,823,387 $27,614/37
843.369
7,516,(67
6.682.340
302,453
1.931.112
1,901.5(9
150,925
1,320,876
1,286.612
Netry. oper. income. $2,358,034
—V. 145, p. 1575.
5,115,696 $18,055,332 $17,743,576
Railway tax accruals...
Equipment rents (net).
Joint facility rents (net)
.
_
Operating
Operating
revenues
expenses
Net oper. revenues...
Taxes
$89,395
83.635
revenue
______
on
bonded debt and
divs on pref stocks of
subsidiary companies.
1937—Month—1936
$907,677
$870,376
818,281
775,717
$1,209,813
774.070
$1,188,464
764.750
class A shares._
on
Balance
Operating income
$5,760
1.101
Gross income
$14,549
1,039
$435,743
$423,714
16.583
13.861
$6,861
5.520
$15,589
10,081
$452,326
57.933
$437,575
81,877
SI,341
$5,507
$394,393
353,076
$355,698
235,380
$41,316
Fixed charges
■
^
2,672,993
2,505.504
2,571.771
$1,766,229
1,700,000
$1,641,942
1,550,000
$1,685,074
1.500.000
$1,645,431
1,620.000
$91,942
$185,074
$25,431
Consolidated Balance Sheet June 30
Assets—
1937
$467,525
Cash
expense.
2.766,491
1.193,584
Bond discount balance..
Accounts receivable
1,769,065
Investments.
Bond refunding
y
Non-operating income..
4
'
2.757,173
$66,229
Net income-.-..
Divs.
1937—8 Mos.—1936
$7,877,500
$7,785,898
6,667.687
6,597,433
$94,658
80,109
Corp., Ltd. (& Subs.)—Earns.
1937
1936
1935
1934
....$14,908,788 $13,950,956 $13,030,091 $12,626,675
Operating expenses, I ncl.
„4
municipal taxes
7 332 895
6,674.517
6.212.824
6.065.548
Prov. for deprec. & renew
1 940.955
1,842.295
1,844,219
1,825,202
Provision for accidents..
60,000
120,554
Legal fees & executive
remuneration
97,493
88.351
Directors' fees
20.913
19.135
1^.090
-----Prov for income taxes._
933,131
891,169
764,380
518,723
Int.
(Including Baltimore Coach Co.]
(Inter-company items eliminated)
Period End. Aug. 31—
1411.
Years End. June 30—
Gross
Baltimore Transit
Co.—Earningsfci
145, P.
British Columbia Power
Period End. Aug. 31—
Ra way ©per.
$482,959 df$2,591,897
1936
$1,102,784
3.402,395
1 935
$1,195,785
2.972,269
1934
$1,426,077
2.527.132
------
------
293,792
306,206
1,686,358
1,466,321
318.620
1,363,203
------
Insurance unexpired and
prepaid items..!.....
195.031
142.270
162.347
204.813
Emp
housing loans, Ac.
200.491
273,826
354.244
435.161
Stores, mat'Is & supplies
1,663,183
1.567,399
1.560.108
1,644,052
Plants & equipm't, &c_.114,319,442 113,636,425 113.735.868 113.571.232
$120,317
.
r
„Ket!nSon?e-von series A
-r
Interest declared
and 4 and 5% debs-
Remainder
Note—-Interest deductions for series A 4 and
5% debentures, in the
cumulative figures, are for six months to
June 30. only.
Interest for July
and August, 1937, at the
full stipulated rates, for which no deduction is
made above, totals
approximately $156,928—V.
145, p. 1249.
Bath Iron Works
x
After
trawl€»*s
United
June
and
a
States
30,
material,
in the
losses
1937.
Corp.—Earnings—
charges, Fed era' income taxes, &c._
labor and
history of the
a contract
All
(tipI
I*AC
taxes.l...'
Capital
held
x$69,737
B.
volun
e
overhead
of
uncon
was
5%
B.
represented by expenditures for
the largest for any six months period
pleted contracts
C.
perpetual pref.
El.
Pr.
of June 30, last, is esti¬
Since that date the corporation has been awarded
for the construction of two
destroyers to cost around $9,350,000.
losses on non-governrr ent work
already have been taken,
a loss estin ated around $34,800 on unfinished
fishing trawlers.
excluding
Excepting this probable loss, the ensuing period will reflect operations
resulting from continuance of work for the United States Navy on con¬
struction of destroyers.—V.
145, p. 270.
&
497.824
619.600
500.697
619,600
38,611,498
38,707,518
38,834,698
6,984,000
6,984,000
6,984,000
6,984,000
5,000,000
5,000,000
5,000.000
5.000.000
1.916.411
m
Gas
of subs.
x
2,050,439
494.852
649.600
4
,
3,446
.
"4
reserves
1.307.110
3.446
1,376,628
3,446
1,304,791
3.446
1,230,982
Cap. stk & surpluses..
66,671.395
66,605,166
66,585,529
66.400.456
Gen. & accident
as
2,380,058
434,614
699.600
stocks of subs.
by public:
El. Ry., Ltd.,
Co., Ltd., 6% pref.
Minority shareholders
work
con pany.
C.
2,675,597
38,799,052
accr.
Bonded debt
known
for income
ounting to $194,527 on construction of five fishing
ferryboat.
Profits on construction of destroyers for the
Navy an ounted to $284,151 for the six n onths ended
The total portion of
mated at $13,116,753.
vablp
Deben. & bond int.
an
The
.$122,574,814 $122105,249 $121753,148 $121490,289
Da
Dividends declared
Earnings for 6 Months Ended June 30, 1937
Net income after
Total
Liabilities—
Appto
Total
$122,574,814 $122105,249 $121,753148 $121490.289
x Represented by
1,000.000 class A shares and 1.000,000 class B shares,
part of an authorized issup of 1.500,000 class A shares and 1.500,000 class B
shares, both classes without par value,
y Market
value June 30, lt-37,
$2,514,729; in 1936, $3,123,973; in 1935, $2 775.931 in 1934, $2,405,981.
—V. 145, p. 2065.
Volume
Black
Chronicle
Financial
145
Mammoth
Consolidated
Mining
The number of
Co.—Registers
p.
on
first
Boston Storage
Directors at
page
of this department.
(S. F.) Bowser & Co.,
144,
p.
From Jan. 1—
Gross from railway
Inc.—Registers with SEC—
See list given on first page of
a
company's stock on
$123,532
15
def38,478
1935
$119,962
8,753
def28,882
$108,062
defl7.492
def70,845
877,449
defl7l,439
def502,018
747,172
defl82.223
def502,568
727,521
defl61,538
640,247
1936
1934
—V. 145, p. 1579.
Burdines, Inc.—Stock Split-Up Voted—
Stockholders at
England—Earnings—
996,261
def43,415
def403,257
-
Net from railway
Net after rents.
this department.—V. 144, p. 1775.
special meeting held Aug. 19 approved a plan
a three-for-one basis.
See also V. 145, p. 1092.
to split
-
Canadian National Rys.—Earnings—
[All-inclusive system]
Burlingame Reserve
Plan, Inc.—Registers with SEC-
Period End. Aug. 31—
See list given on first page of this department.
Operating
Operating
Burlington- Rock Island RR.—Earnings—
A ugust—
Gross from railway
Net from
1937
def25,406
$6 >.855
def19.390
def34.923
$61,528
defl8.147
def34,452
844.067
125.132
def60,933
517,318
def91.795
def216,492
517.494
def137.784
From Jan.
defl87,315
—
Net after rents
Burma
119.959.483
113.248.524
$680,581
$8,185,377
$3,242,824
Sept. 21—
1937
-
def39.518
1936
$4,236,069
Gross revenues—$4,164,141
Decrease
$71,928
—V. 145, p. 1735.
508.286
Canadian Pacific
Period End.
1578.
Working
Corp., Ltd.—Final Dividend—
80.814,490
$634,484
$9,932,228
1937
$3,289,000
1936
Increase
$3,267,000
$22,000
$576,613
Canadian Pacific Lines in Maint
Net
after
defl0,972
def39.031
3.096
def 16,537
1,704.553
316.331
70,636
railway
Net after
rents
March and June of each year.
def22.319
defl0,220
Gross from railway
145,
1934
1935
$115,351
11.129
1.508.728
1.315.827
1,453,567
1.5.023
defl 19,681
99.285
def105.787
238.876
14,559
1936
$113,183
1—
Net from
—V.
Earnings-—
$132,883
10,797
rents
From Jan.
$8,404,584
1937
$128,265
August—
Gross from railway
Net from railway
Aug. 16 declared a dividend of 62}^ cents per share on
company'8 common stock, no par value, payable Sept. 20 to holders of
record Sept
10.
}
Heretofore it has been the practice of the corporation in the payment
of its quarterly dividends to make the same payable on the first, days of
October, January, April and July of each year.
For accounting conveni¬
ence it is contemplated that hereafter the quarterly dividends when and if
declared will be made payable on the 20th days of September. December.
1579.
p.
Canadian Pacific Lines in Vermont- —jEarnings-
} A dividend of 62 ^ cents was also paid on April 1
last, and previously
regular quarterly dividends of 50 cents per share were distr buted.
For detailed record of previous dividend payments see V. 144. p. 1269.
1937
August—
after
Net
—V.
790.684
def39.244
1934
$76,677
def22.103
def41,466
p.
640.559
def91.763
663.752
def244.748
627.648
defl64.031
defl40.734
def307,401
rents
145,
def18.213
1—
def449,835
def336,145
def313,003
Gross from railway—
Net from railway
Net after
ma
$78,631
$89,437
def9,480
def35.964
def29.322
rents
From Jan.
dividend of $1.75 per share on the 7%
$100, a dividend of $1.50 per share on the
6% cumulative preferred stock, par $100. and a dividend of $1.50 per share
on the 6% cumulative preferred stock, series C of 1927
par $100. all payable
(on account of accumulations) on Oct. 15 to holders of record Sept. 30.
Arrearages after these payments will total $7 on the 7% stock and $6 per
share on the 6% stocks.—V. 145, p. 1735.
a
cumulative preferred stock, par
1936
$94,801
def5.680
Gross from railway
Net from railway
California-Oregon Power Co.— Accumulated Dividends—
have declared
11,375.153
Week Ended Sept. 21—
on
The directors
11,338,316
expenses
Traffic earnings
—V. 145, p. 1735.
California Ink Co., Inc.—62Vi-Cent Dividend—
1 937—8 Mos.—1936
$85,631,414
77.226,830
1937—Month—1936
$11,914,929 $12,009,638 $90,746,718
Net earnings.
American
The directors
Ry.—Earnings—
Aug. 31—
Gross earnings
a final dividend of 24 VS cents per share on
depository receipts for ordinary shares payable Oct. 5 to
holders of record Aug
13.
An interim dividend of 16 1-5 cents was paid
on March 3 J, last, and a final dividend of 12 9-10 cents was paid on Oct. 6,
1936.—V. 144. p. 2119.
I-
15,053,044
$558,530
def26.181
The directors have declared
the
15.927.031
expenses.—
revenue
1—
Gross from railway
Net from railway.
—V. 145. p.
,
1937—8 Mas.—1936
1937—Month—1936
$16,485,561 $15,733,625 $128,144.860$ 116.491,348
revenues
Week Ended
def82.112
def263,667
railway..
Net after rents
Net
1934
$62,098
1935
1936
$108,817
6,333
145,
i
1937
Net after rents
3323.
1,621,960.—V.
$127,135
def32,884
def79,371
August—
Gross from railway
Net from railway
22 declared a dividend of SI per share
This dividend was paid on Sept. 30
meeting held Sept
a
the company's common stock.
to holders of record Sept. 23.—V.
will then be
Canadian National Lines in New
Warehouse Co .—Pays SI Dividend—
on
shares of Gatineau Power Co. to be outstanding
common
completion of the reorganization
2066.
upon
with SEC—
8ee list given
2219
1579.
&
Power
Canadian
Paper
Ltd,—Bond
Investments,
Interest—
California Water Service
Co.—Earnings—
1937
.
Oct. 1 of the semi-annual interest coupon due Aug. 1,
1933. on the 5% debentures, marks the first return to holders since Feb.,
1933.
In 1934 an arr; ngement was made postponing to Aug. 1. 1938, all
fixed interest maturing from Aug. 1. 1933 to 1938, inci.
Provision was
1936
$2,452,736
$2,267,268
1,149,665
12 Months Ended, Aug. 31-—
Gross
Net before
The payment on
1,247,187
depreciation
1578.
—V. 145, p.
Calmont Oils,
made,
1935
$43,585
74.499
$2,294
$3,180
7.629
11.394
6.790
""970
Tool rental
765
91
535
royalties
from
Income
1936
1937
Years Ended May 31—
Income from investments.
House rent.__
—...
1,113
Miscellaneous revenue
48
762
Total
$120,167
70.109
14,659
revenue
Field expenses
-----
-
prof$28.898
Loss for the year--
Balance Sheet
1937
1936
$64,417
$17,548
Assets—
in bank.
Royallte div. rec..
x
208
67
169,207
Leases (at cost)
183.107
379.984
Fixed assets
61.698
230.558
Investments
416,591
Deferred charges..
723
1,429
Deferred expenses.
2.672
2,672
$857,177 $1,221,821
Total
x
After
'
7,304
$9,146
Accrued
346
Mu"ic.
school
tax
2,196
(accrued)
37.555
14.644
Rhareh'lders'equlty 2.140.766
1,339.652
2.461.296
Deferred tool rent.
Deficit...
$857,176
Other
bids
Hail
included
of 100.777 offered by Evans, Stilman & Go.;
Kidder Peabody & Co.
Brown Harriman & Co..
one
& Co., and
100.21
Lawrence Marks & Co. and associates bid 100.398,
Paine, Webber & Co. and Estabrook & Co. bid 99,6029.
Inc., bid
Earnings for August and
1937
August—
Jan.
$115,086
43.422
74.962
$84,800
21.936
64,355
$90,004
21.987
838,821
307.219
799,032
712,945
109.498
202.990
627,956
483.606
588,623
690,059
162.887
563,819
Net from railway.
Net after rents
—V. 145, p.
66,470
1—
Gross from railway
1579.
See list given on
Canadian
first
page
Corp.—Registers with SEC—
on
.
■J.■;
-
$154,262
$308,525
$149,139
rec.,
1936
$37,204
751,318
647.824
Notes payable
Accounts
Accrued.
accts.
less reserve
961,992
by management)
of life
Insur¬
965,278
31,107
27,267
61.282
20.351
mlsoell.
notes A accts. re-
celvable, Ac
Other assets
Special
-
1937
1936
$150,000
52,212
553
68,000
mrge.
bonds
385
Unpaid sinking fd.
requirement
Funded liability..
Long term indebt¬
y
1,146
102,500
195,434
Common stock.. 1,000.000
Iri surplus.-417,890
1,000,000
edness
Earned surplus
of bonds,
411,172
46,068
Paid
for
funhs
redera
6Yi%
87.618
20,882
ance
>
Accrued int. on 1st
mrge. bonds
Val.
Invest'ts,
payable.
$350,000
272.469
75.339
Liabilities—
1937
$80,674'
737,430
417.890
616,842
2.178
int. require.. Ac.
Land, buildings,
mach'y A equip. 1,005,086
brands,
trade marks, for¬
1,006,676
42,500
42,600
mulae. Ac
Unexpired insur'ce
prems,,
supply
inventory,
unamort.
bond dis¬
count A exp
69.340
,Ac.
After
y
54,250
$3,024,181 $2,891,147
1937 and $774,565 in
Represented by 100,000 no par shares.—V. 144, p. 3999.
$3,024,181
reserve
Central
for depreciation
Foundry
Total
of $911,021
$2,891,147
in
Co.—To Pay Preferred Arrearages in
Common Stock—
-.■:
advised the Montreal 8tock Exchange of a revision
shares of Gatineau Power Co., to the holders
ciOanadian Hydro-Electric Corp. second preferred and common stocks.
For each share of 6% non-cumulative second preferred stock there will
be i«ued 5.27608 fully paid new common shares of Gatineau Power Co.
and for each share of common stock of Canadian Hydro-Electric Corp.
there will be issued 12 lOOths of a common share of Gatineau Power Co.
The corporation has
fn the distribution of the new
$308,525 loss$ 131.539
17.600
30.000
Inventory (certifd.
1936.
of this department.
..
82,309
104.652
62.581
$184.262
hand and
deposit
Customers'
x
Hydro-Electric Corp., Ltd.—Exchange Offer
Revised—
$32,604
59,630
104,513
$193,397
paid
Assets—-
Cash on
Total
Cameron Fuel Oil Motors
$558,068
98.691
33.662
Goodwill,
1934
30,189
73,582
Net from railway..
Net after rents..
$371.268
54,653
Balance Sheet June 30
x
$98,960
Gross from railway
From
1935
500,455
$268,397
75,000
Surplus, June 30-
and
Year to Date
1936
$533,059
653,000
51.966
Prov. for Fed. inc. tax.-
$1,221,821
RR.—Equipment Trusts Sold—Salo¬
mon Brothers & Hutzler, Dick & Merle-Smith and Stroud &
Co., Inc., on Sept. 30 submitted the highest bid for an issue
of $1,300,000 of 2%% equipment trust certificates of the
company.
They bid 101.033 for the certificates, which will
mature in 1 to 10 years.
The certificates were reoffered
immediately at prices to yield from 1 to 2.75%, according to
maturity, and are reported to be all sold.
$1,211,068
830,710
115,702
1,268.788
Cambria & Indiana
Harris
$1,201,978
65.449
for depreciation.-
for bad debts of $960.
y After reserve for depreciation
1937 and $315,847 in 1936.—V 143, p. 1715.
1934
1935
$501,514
depreciation
Prov.
Dividends
Total
the first coupon paid
"
Other deductions—net_-
reserve
of $267,865 in
oe
1936
1937
June 30—
Operating profit before1
1.650
9,361
Provincial corp. tax
This will
year
Mfg. profit after deduct¬
ing cost of goods sold,
$1,467,302
but e<cl. of deprec
Selling, a&minis. & gen.
965,788
expenses--
104
534,145
account
the meantime of half yearly coupons as
—
$68
Board
ex em pi.
payroll..
954
3,092
in
Capital City Products Co.—Earnings—
1936
1937
Liabilities—
Em pi. A
6.925
the
Years End.
payable.
2,623
Devel.
$55,666
Accounts
receiv'le
Acer. int. on lnv__
y
$20,566
14.221
50.496
day 31
375
■■■
Accts. receivable
Royaltles
$17,443
8,392
Workmen's Comp.
hand and
Cash on
$22,172
8.834
in.196
23.708
6,500
Provision for income taxes
payment
ended July 31. 1986, income was equal to 0.78 times full
interest requirements on the debentures, but this was before deducting
loss of $499,751 on sale of securities.
Further Improvement In earnings
has been registered in the fiscal period ended last July, It may be assumed,
in view particularly of the resumption of dividends on the trust's substantial
holdings of Power Corporation common.
Asset position of the trust also improved during the past year, due chiefly
to the advance in Power Corporation and Bathurst Power A Paper shares,
through the reaction in security prices has pulled down the appreciation
as compared
with the standing at the close of the fiscal year on July 31.
The policy of purchasing debentures for the redemption at a discount was
continued on a substantial scale, this also strengthening the j osition of the
remaining debentures and junior securities.—V. 138, p. 4292.
In
6,125
Non-recurring revenue
Administrative and general expenses.
Other charges----------—-
for
however,
earnings accumulated ror the purpose.
on this basis.-'
Ltd.—Earnings—
.
declared a dividend in common stock equivalent to $5 per
preferred stock outstanding as of the close of business Oct. 1, in
Directors have
share on
resnect to
accumulations, due Dec. 1.1936. and March 1, June 1 and Sept. I,
The dividend is payable out of earned surplus on Oct. 15 to holders
1. In common stock or in scrip representing fractions of com¬
mon stock, at the rate of one full share of common stock for each $10 of
dividends.—V, 145, p. 2066.
1937
of record Oct.
2220
Financial
Central Arizona Light & Power Co
Period End. Aug. 31—
Operating
Oper
(incl. taxes).
exps.
Amort i>., of limited-term
investments
10
—■Earnings—
1937—Month—1936
$363,426
$291,774
238,990
199,953
revenues
$3,302,407
34.448
275,649
31.500
19,890
35,762
312.880
$89,957
10,170
$68,950
12,806
$903,494
148,968
$772,078
183.645
$100,127
mortgage bonds. ■/■'
18,959
$81,756
31.250
609
563
$1,052,462
285.271
7.716
CV3.293
$955,723
375.000
7,148
$762,768
108.054
Gross income
Int. on
Other int. & deductions.
Int. charged to constr..
Net income
$80,559
$49,943
Dividends applicable to preferred stocks tor the
period, whether paid
$654,714
Regular dividends on $7 and $6 preferred stocks
After the payment of these dividends there
1937.
were
were
$465,521
paid on Aug. 2,
no
accumulated
unpaid dividends at that date.
Note—No provision was made for Federal surtax on undistributed
profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 145, p. 1251.
Central of Georgia
August—
Net from railway
Net after rents
From Jan. 1—
Gross from railway
11,548,637
1935
$1,099,958
8,939,871
1,270,206
366,798
192,920
93,178
—V. 145, p. 1413.
Central Illinois Securities
Corp.—Pref. Div. Passed—
The directors have decided to defer payment of the dividend of 37
Vi cents
per share ordinarily due at this time on the $1.50 cumulative preferred 3tock,
no
par
paid
on
value.
A regular quarterly dividend of 37 M cents
Aug. 1, last.—V. 145, p. 751.
Central New York Power
per share
was
Corp.— Underwriters—
Undenrwtrters of the bond issue, which is expected to reach the market
the near future, will be:
Morgan Stanley & Co., Inc.; Schoellkopf,
Hutton & Pomeroy, Inc.; Bonbright & Co.; Mellon Securities
Corp ; Brown
Harriman & Co., Inc.; First Boston Corp.; Edward B. Smith &
Co.; Lehman
in
Bros.; Blyth & Co., Inc.; Coffin & Burr; Kidder, Peabody & Co.; Lazard
Freres & Co., Inc.; Lee Higginson Corp.; E. H. Rollins & Sons, Inc.. and
Kuhn, Loeb & Co.
Listing Approved—
The
York
New
Curb
Exchange has approved for listing 259,000 out¬
stock, 5% series, $100 par.
'
standing shares of preferred
Earnings for 12 Months Ended Aug. 31, 1937
Net inc. after int., deprec., taxes, retire. & other charges
Earnings per share on common stock
—Y. 145, p. 2066.
Central Power &
$3,890,020
$2.05
Light Co.—Accumulated Dividends—
Central RR. of New
Net
Net from railway
Net after rents
.
-
1935
1934
$2,591,986
$2,565,713
$2,377,670
702.409
690.465
$2,356,097
639,512
92,935
_
11,743.837
3,029,578
918,656
9,780,162
1,877.484
89,512
9,997,268
2,568,521
649,432
-Earnings—
1937
Net from railway
Net after rents
1935
1934
$289,268
111,125
86,198
$301,413
$267,014
72,454
77.873
2,597,648
866,413
601,564
Net afterrents
From Jan. 1—
Gross from railway
1936
$o43,358
106,559
66,658
2,295.451
791,513
661,931
2,196,038
660,130
590,842
97.870
89,387
1,868.656
496.831
475,999
—V. 145, p. 1579.
Chicago Indianapolis & Louisville Ry.—Earnings—
1937
1936
1935
' 1934
Net
$827,166
68,280
def68.043
railway
after rents
From Jan. 1—
Gross from railway——
Net after rents
—V.
55.762
119,837
55.422
21.986,432
6.149,696
1,793.383
20,594,133
4,914,284
19,557,602
5,322,445
1,935,340
19,527,281
5,643,983
2,310,617
865,426
$868,245
166,032
32,567
$682,900
116,746
def 1,182
6,810,017
1,071,913
84,828
6,652,897
1,288,945
150,522
826,432
defl25,812
$647,562
106,353
def35,960
5,143,966
4,883,465
795,011
def334,505
145, p. 1896.
Chicago Milwaukee St. Paul & Pacific RR.—Reorgan¬
ization Hearings to Be Reopened—Institutional Investors Asked
ICC to Reopen Hearings to Submit Own Program—
A petition for reopening the proceedings in connection with
reorganization
road was filed
of the
with the Interstate Commerce Commission Sept.
24,
by a group of investors in the company's securities.
The Commission on
Sept. 25 ordered reopening of the hearings and set Feb. 1, 1938 for the
first hearing to be held before Commissioner Porter and Oliver E.
Sweet.
Director of Finance
Claiming to hold upward of $80,000,000 of the outstanding securities,
the group of institutional investors headed by F. W.
Wilier, Vice-President
of Northwestern Mutual Life Insurance
Co., stated that
they have decided
reorganization plan of their own.
on the reorganization program were closed by Commissioner
Porter on Sept. 20 because he was not given definite assurance that
any new
plans would be filed.
This action was taken over vigorous protests of the
road's management and
principal security holders, who declared they
would take an appeal from the action to the full Commission.
to file
a
Hearings
At that time Commissioner Porter announced the ICC would
formulate
own on the record made in the proceedings.
The Walker committee met Sept. 23 and
adopted a resolution stating
that if the Commission would set a hearing in the
proceedings on or after
Jan. 18 they would prepare and file a reorganization
plan of their own.
"There is no plan of reorganization before the Commission which
any
interest in this proceeding supports as being practical and
plan of its
feasible," accord¬
ing to the petition of the investors.
The group held that submission of a
plan of their own was necessary to protcet their rights and interests.
Before he adjourned the recent hearings, Commissioner Porter denied a
request
of the road's
management
for
a
an
indefinite delay in
the pro¬
ceedings because of uncertainties in the railroad outlook.
Earnings for August and Year to Date
August—
1936
604,340
.
$1,582,612
547,939
289.265
Chicago & Illinois Midland Ry.
Gross from railway
Net from railway
Jersey—Earnings—
1937
after rents
From Jan. 1—
Gross from railway
48,632
$1,402,283
396,080
156,032
—V. 145. p. 2067.
a
The directors have declared a dividend of $1.75 per share on the
7% cum.
pref. stock, par $100, and $1.50 per share on the 6% cum. pref. stock,
par $100, both payable Nov. 1 to holders of record Oct. 15.
Similar pay¬
ments were made on Aug. 2 and on May 1 last.
Dividends are in arrears
on
both issues.
For detailed record of previous payments see V.
144,
p. 274.—V. 145, p. 752.
August—
Gross from railway
Net from railway
1934
646,195
349,641
12,209.392
2,604,957
302,524
From Jan. 1—
Gross from railway
1935
$1,765,856
364.308
Net from railway
Net after rents
Net from
1934
$1,152,352
206,134
124,235
9,422,614
1,184,215
345,110
-
10,233,112
1,477,178
509,389
1,816,468
856,734
Date
1936
$1,628,032
Net from railway
Net after rents
Net from railway
Net from railway.
Net after rents
to
1937
Gross from railway
1936
$1,278,965
191,153
91,603
1937
August—
Ry.—Earnings—
1937
$1,319,637
78,885
defl,689
Gross from railway.....
August—
Gross from railway
August—
unpaid
or
Balance
x
Earnings for August and Year
$573,575
108,054
Net oper. revenues
Other income (net)
Oct. 2,
m.,
2,220,232
2.981
res. approps
a.
Standard Time, at the office of the Interstate Commerce Com¬
mission, Washington, before Commissioner Charles D. Mahaffie and
Examiner Homer H. Kir by.
1937—12 Mos.—1936
$3,818,659
2,566.523
2.979
Prop, retire,
x
Chronicle
1937
Net
1936
Net after rents
—V. 145, p. 2067.
1934
$8,642,480
835,690
def85,648
$8,782,594
2,002,804
1.004,449
70,899,827
13,032,539
5,782,780
after rents
From Jan. 1—
Gross from railway
Net from railway
1935
$9,833,303 $10,165,182
2,133,416
2,367,951
914,509
1,027,458
Gross from railway
Net from railway
57,377,250
7,524,077
def64,993
57.318,557
11,893,001
3,907,616
70,181,302
13,661,294
4,076,098
V. 145, p. 1735.
Chicago & North Western Ry.—Earnings—
Cessna Aircraft Co.—Sales—
Gross sales for the eight months ended Aug. 31, last, amounted to
$204,411, as compared with $75,687 for the same period a year earlier, repre¬
senting an increase of 170%, it was reported on Sept. 22 by Dwane Wallace,
President.
During the eight month period the
delivered 44 planes as against
Backlog of orders on hand as of
approximately $45,000, representing nine planes.—V. 145,
company
21 during the first eight months of 1936.
Sept. 1,
p. 1413.
was
1937
Net from
Net
railway
after
rents.
1935
1934
$8,785,914
2,094,911
1,126,615
$7,322,628
1,188,856
462,994
$7,403,148
1,980,115
1,205,389
59,310,934
3,883,884
defl,442,601
From Jan. 1—
Gross from railway
1936
$8,468,289
770,002
defl29,791
railway
Net from railway
Net after rents
59,187,735
6,821,320
161,644
49,212,902
6,075,648
50,417.667
8,643.515
2,676,538
272,380
—V. 145, p. 1580.
Charleston & Western Carolina Ry.August—
1937
$186,123
46,385
23,690
Gross from railway..
Net from
August—
Gross from
railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1,734,140
-
596,396
373,210
1936
-Earnings—
1935
$136,764
22.654
6,984
$140,379
1,480,656
478,074
1,323,335
356,170
217,418
1,345,258
442.671
284,084
303,455
—V. 145, p. 1579.
Chicago Rock Island & Gulf Ry.—Earnings—
1934
$177,349
57,108
30,768
28,830
10,221
August—
1937
Gross from railway
Net from railway
1936
1935
1934
$394,716
124,566
26,993
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$373,599
132,3.52
37,789
$323,080
87,534
15,850
3,279,811
1,056,581
373,998
Net after rents
$391,256
121,696
36,446
2,873,260
794,526
190,588
2,571,645
698,567
def 1,463
2,442.104
620,606
def7.571
—V. 145, p. 1580.
Chesapeake Corp.—Meeting Adjourned—
Stockholders special meeting to consider
proposed merger plan has been
adjourned until Nov. 15.—V. 145, p. 1896.
Chesapeake & Ohio Ry. Co.—Exchange Time Extended—
The company has extended time for
exchanging scrip certificates rep¬
resenting fractional interests in series A preference stock to Oct. 1, 1939,
from Oct. 1, 1937.
Scrip holders who wish to purchase additional frac¬
tional certificates are advised to check with their banks to
get market price
of the certificates.
Robert
R.
Sept. 22.
2067.
Young was elected a director at a directors meeting held
Young succeeds Wilbur M. Baldwin, resigned.—v. 145,
Mr.
p.
Chicago Rock Island & Pacific Ry.- -Court Urges Speed
iii Rail Case—
Indicating that he was dissatisfied with the lack of progress in reor¬
ganization of the road, Federal Judge James F. Wilkerson has urged that
attorneys for the trustees speed up action which would take the company
out of the courts.
.
Told
to
the
that two plans for reorganization of the road had been presented
Commerce Commission nad had been rejected by that
Interstate
body. Judge Wilkerson indicated that it was obvious the ICC had too many
reorganization cases before it. He also indicated he might take "unprece¬
dented action" with respect to the case, but failed to amplify his
remarks.,
Earnings for August and
Chicago Burlington & Quincy RR.- —Earnings—
August—
1937
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.145,
p.
1936
1935
$9,012,749
2,566,058
1,014,088
$8,659,037
2,554,775
1,378,009
$7,838,721
2,371,525
1,413,640
$7,435,226
64,875,688
14,991,602
7,420,397
62,023,534
14,923,550
6,525,200
51,135,771
9,094,412
2,505,338
51,868,645
13,767,119
7,051,917
2,274.603
1,546,545
1579.
Chicago & Eastern Illinois Ry.—Earnings—
Auaust
Gross from railway
Net from railway
Net after
rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
1 Q^tfi
i qo c;
1934
$1,320,034
296,867
94,186
$1,308,526
331,379
110,126
$1,121,245
270,515
83,587
$1,136,327
Net rev. from opers..
Ry. tax accruals
Equipment rents
Joint facility rents
10,866,487
2,500,896
740,975
10,195,637
2,372,391
632,425
8,526,742
1,549,606
148,220
8,419,624
1,757,818
263,101
The hearing on the debtor's amended
plan of reorganization assigned for
Sept. 30, 1937, has been canceled and reassigned for Oct. 13, 1937, at
$1,366,969
488,156
402,543
81,411
$1,039,963
4 87,545
271,135
97,558
$394,839
$183,725
Earnings
August—
Chicago Great Western RR.—Reorganization Hearing—
1937—Month—1936
1937—8 Mos.—1936
$7,114,119
$6,856,014 $54,947,531 $51,183,823.
5,747,150
5,816,051
46,163,726
45,411,636
x Includes credit
account of cancellation
Retirement Act.
292,709
110,036
—V.145, p. 1579.
Period End. Aug. 31—
Total oper. revenue
Total oper. expenses
Net oper. income....
1 QT7
Year to Date
[Including Chicago Rock Island & Gulf Ry.]
1934
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway...
Net from railway
Net after rents
—V. 145, p. 2067.
._
..
..
..
$5,772,187
3,875,396
2,045,998
753.253
$2,877,246 def$902,460
of 1936 accruals for
df Company
1937
..
$8,783,805
x2,851,14 5
2,324,199
731,215
Railroad
Only
1936
$6,464,758
918,267
147.279
1935
1934
$5,589,265
662,458
13,364
$6,022,503
51,667,720
48,310,563
40,730,646
7,727.224
4,977.661
3,630.867
2.503.248 def1,093,048 def1,551,657
42,433,698
$6,719,402
1,242.402
367,865
1,135.084
464,433
6,555,822
1,025365.
Volume
Financial
145
Chicago St. Paul Minneapolis & Omaha Ry.- -Earnings
Net from
366.192
107.844
railway
after rents
..
277,307
402,763
254,411
80,698
934,669
9,684,686
1,721,268
def342,339
560,620
9,468,280
11,996,981
1,969.782
254,419
11,604,725
968,135
def492,359
Net from railway
Net after rents
1414.
p.
Earnings—
Cincinnati New Orleans & Texas Pac. Ryv
1937
1936
1935
1934
$1,411,328
531,514
361,347
$1,447,960
575,551
413,855
$1,148,812
414,731
327.065
$1,079,213
393,869
284,486
11,797,156
4,716,270
3,472,922
10,967,380
4,348,019
3,183,912
8,802,081
2,987,025
2,201.730
8,542,274
3,346,005
2,415,953
August—
Gross from railway
Net from
railway
Net after rents
From Jan. 1—
...
Gross from railway
Net from railway
Net after rents
_
.
_
$403,725
158,972
138,098
135,096
109.944
3,992,908
1,712.484
1,640,432
3,360,417
1,282.408
1,147.450
3,565.990
1,560.851
1,443.626
Gross from railway
Net from railway..
2,161,172
after rents
-V. 145, p. 1580.
Colon Development
Co., Ltd.—Transfer Book Dates—
York Curb Exchange has been
for the 5% redeemable income stock, series
from the close of business on Sept. 14 until
1937, for the purpose of determining
of the redemption on and after
stock at the redemption price of
notified that the transfer books
a, of this company will be closed
the close of business on Sept. 29,
holders of said stock to be notified
Oct. 30, 1937, of the entire issue of said
$5 for each one pound principal amount of
plus interest at 5% per annum accrued from Oct. 1 to Oct.
inclusive; that the transfer books for said issue will re-open on
stock
29, 1937,
Sept. 30,
1937, for the purpose of determining holders of said stock of record at the
close of business on Oct. 1,1937, entitled to receive payment of interest for
the quarter ending Oct. 1, 1937; that
date of holders of the 6% redeemable
Oct. 1, 1937, will also be the record
convertible preference stock entitled
payment of interest for the quarter ending Oct. 1,1937; that the
books for both of the above issues wnl close from the close of busi¬
Oct. 1 to the close of business on Oct. 5, 1937, for the purpose of
to receive
making the aformentioned interest payments;
for the 5% redeemable income stock, series A,
the close of business on Oct. 29, 1937.
m.
To Redeem Stock—
and that the transfer books
will close permanently after
m*
J*
-*4
Development Co., Limited on Sept. 29 announced that it
1937, at a price of $5 for each £1 sterling principal
will redeem on Oct. 30.
amount, plus 5% interest accrued and unpaid
ail of its redeemable income stock, series A,
to be issued
under the Colon Oil Corp. plan of
1936.
Certificates
from Oct. 1 to Oct. 30, 1937,
then outstanding or required
reorganization dated Feb. 28,
■
,
representing the stock, with signatures guaranteed
by a
Stock Exchange firm or a member of the Exchange, or by a
New York City bank or trust company or a bank or trust company with a
New York correspondent, should be presented for payment of the re¬
New York
demption price at the office of The Guaranty Trust Co. of New York, 140
Broadway, New York.
If payment is to be made to anyone other than the registered holder
of the stock certificates must be accompanied by funds for the necessary
Federal, New York State, Canadian and Quebec tax stamps.
After the close of business Oct. 29, 1937, no redeemable
series A, will be
income stock,
issued under the reorganization plan in connection
with the
due July 1, 1938, of,
thereof, persons sur¬
rendering such claims will receive the redemption price of the stock.
After Oct. 30, 1937, all interest on the redeemable stock will cease to
accrue and all rights of its holders as stockholders of the company will end.—
surrender of 10-year convertible 6% gold debentures
or other claims against. Colon Oil Corp., but in lieu
V. 145, p. 1414.
Colon Oil
Corp.—American Depositary—
Trust Co. is American depositary and purchase fund
connection with this company's plan of reorganization —V. 143.
The Manufacturers
agent in
p.
3143.
Colorado & Southern Ry.—Earnings—
1937
August—
_
Net from railway
__
Net after rents
From Jan. 1—
._
Gross from railway
Net from railway
Net after rents
1736.
1935
1936
$546,227
141,793
62,706
3,724,735
396,594
defl69,578
+M M
3,502,240
510,740
def73,065
$675,693
166,478
69,167
4,546,087
841,376
155,134
;
1934
$575,972
131,896
52,141
$733,868
215,313
120,042
5,139,240
1.185,665
586,194
Gross from railway
—V. 145, p.
*25,800,000
*9,704,000
Utilities Co
Total
*
$85,729,000
____
_
Represents all of the respective issuer's
outstanding funded debt.
for this and other
authorized by the holders of more than 75% of the shares
of the company at a special meeting of stockholders held Jan. 23, 1937.
The board of directors was given full discretion as to the issuance of the
purposes
was
proposed issue of convertible debentures above men¬
of $44,271,000 of convertible debentures of the
either simultaneously with the debentures
The proceeds of such proposed additional
amount, or any part thereof, may be used:
(1) To purchase from Public Service Co. of Northern Illinois, Western
United Gas & Electric Co. and Illinois Northern Utilities Co., shares which
may be issued by such companies to provide funds for the redemption of
their respective preferred shares not exchanged under the exchange offers.
(2) For the retirement or refunding of a portion of the mortgage debt of
the Edison company now outstanding.
(3) For other purposes.
It is /expected that if the Edison company acquires, pursuant to the
exchange offers, a sufficient number of shares of the common stock of
Public Service Co. of Northern Illinois to justify the use of the Edison
company's credit or cipital for the purpose, the Edison company will
furnish to Public Service Co. of Northern Illinois sufficient funds to enable
the latter company to redeem for cash that portion of its preferred stocks
not exchanged at the expiration of the exchange offer. As the Edison com¬
pany now owns indirectly through Commonwealth Subsidiary Corp
all
of the common stocks of Western United Gas & Electric Co. and Illinois
Northern Utilities Co., it is believed that the use of the Edison company's
credit or capital to improve their financial structures is justified.
As an alternative, in lieu of issuance of convertible debentures, the
directors of the Edison company have been authorized in their discretion to
offer to stockholders of the Edison company at par for pro rata subscription
an
equivalent aggregate par amount of additional shares of the Edison
company for the purpose of accomplishing the redemption of pref. stocks
as set forth above.
Instead of offering original shares of the Edison com¬
pany for the purpose of providing the required funds, a portion of the shares
of the Edison company acquired by Commonwealth Subsidiary Corp. as
a result of the exchange of stocks now held by it of Public Service Co. of
Northern Illinois may be used for such purpose.
The issuance of the large additional number of shares of the Edison
company's stock which may be issued under the exchange offers set forth
above and for the purposes referred to in this section entitled "Further
Financial Plans," as well as differences in present earning power, will
cause each share of the company's stock to have a smaller pro rata share of
future earnings than if the number of shares were not so increased.
Never¬
theless, the Edison company believes that this will be more than com¬
pensated for by greater earning power and greater financial stability of the
consolidated group of companies.
tioned,
dividend of 30 cents per share on the com¬
mon stock payable Nov. 1 to holders of record Oct. 15.
Dividends of 27
cents were paid in each of the four preceding quarters and previously
quarterly dividends of 23 cents Der share were distributed.—V. 143, p. 2518.
The Colon
39,796,000
First mortgage bonds of Western United Gas & Elec. Co..
and refunding mtge. bonds of Illinois Northern
In addition to the
Ltd.—Larger Common Dividend—
The directors have declared a
ness on
*$19,429,000
debentures.
A
Coast Breweries,
transfer
Principal Amt.
of
The issuance of convertible debentures of the company
From Jan.
P* The New
follows:
$376,445-
$507,509
235,458
225,263
4,684,763
2,255,890
after rents
1—
as
(1) 53^ % debentures of Commonwealth Subsidiary Corp
(2) Certain mortgage indebtedness of Public Service Co.
1934
1935
1936
$552,189
272,079
285,831
Net from railway
r*
for pro rata subscription at par
the holders of its shares at a date to be fixed in the
(4) First
1937
August—
Net
and accrued interest by
future.
If and when any
of such convertible debentures are issued, the holders thereof will have the
option, upon the conditions to be stated therein, to convert the same Into
shares of the company at the rate of four shares for each $100 principal
amount of debentures.
The proceeds from the sale of such debentures, if
issued, will be used to purchase securities proposed to be issued by Com¬
monwealth Subsidiary Corp., Public Service Co. of Northern
Illinois,
Western United Gas & Electric Co., and Illinois Northern Utilities Co.
These companies will use funds so obtained from the company, together
with other available funds, as required, for the retirement or refunding of
debentures
Northern Illinois
"Clinchfield RR.- -Earnings-
Net
of the
The company contemplates the issuance, subject to the approval
Illinois Commerce Commission, of not less than $85,729,000 of its convert¬
(3)
Gro^s from railway
shares of Public!Service Co. of
Further Financial Plans
funded debt
1414.1
-V. 145, p.
the shares to be acquired in exchange for
Northern Illinois now held by it.
$1,509,334
ible
Gross from railway
145.
1934
$1,499,443
1—
From Jan.
—V.
1935
$1,889,069
581,941
315,533
$1,888,144
Gross from railway
Net
1936
1937
Augusl—
2221
Chronicle
Commonwealth Edison Co.—Offers and Bases of Exchange
dated Aug. 6, 1937 between Com¬
monwealth Edison Co. and Public Service Co. of Northern Illinois, not to
exceed 2,665,049 shares (par $25) of the company are offered in exchange
for tne following shares of Public Service Co. of Northern Illinois:
Cmmon
stock (par *60); common stock (no par) having a stated value of $60 per
share; 6% cumulative pref. stock (par $100), and 7% cumulative pref.
stock (par $100).
These offers are on the following bases:
Three shares of the company are offered by the company in exchange
for each of 131,004 issued shares of common stock (par $60), and for each
of 532,610 issued shares of common stock (no par) having a stated value
of $60 per share, of Public Service Co. of Northern Illinois.
At the close
of business Aug. 2, 1937, there were also issuable 3,301 shares of Public
Service Co. of Northern Illinois common stock (no par) upon payment of
subscriptions therefor now outstanding, and all such shares issued prior
to the expiration of the exchange offer will be exchangeable in accordance
with this plan.
This offer terminates Nov. 15, 1937, unless extended.
Four shares of the company are offered by the company in exchange for
each of the issued 100,000 shares of 6% cumulative pref. stock (par $100)
of Public Service Co. of Northern Illinois.
This.offer terminates Nov. 15,
1937, unless extended.
Four shares of the company are offered by the company in exchange for
each of the issued 63,576 shares of 7% cumulative pref. stock (par $100)
of Public Service Co. of Northern Illinois.
This offer terminates Nov. 15,
1937, unless extended.
M*Of the above-mentioned issued shares "of Public Service Co. of Northern
Illinois, Commonwealth Subsidiary Corp. (all of the capital stock of which
is owned by the company) owns 48,330 shares of common stock (par $60),
207,443 shares of common stock (no-par), 7,678 shares of 6% cumulative
preferred stock, and 18,242 shares of 7% cumulative.preferred stock, all
of which shares it will exchange under the plan.
•
p>wUnder another plan. Commonwealth Subsidiary Corp. is offering 3.5
shares of the company in exchange for each of the ^preferred shares of
Western United Gas & Electric Co., plus dividend adjustment in cash on
exchanges consummated after Oct. 15, 1937, prospective record date for
payment of anticipated Nov. 1, 1937 dividend on shares of the company;
and 3.7 shares of the company in "exchange for each of the pref. shares of
Illinois Northern Utilities Co.
(No dividend -adjustment is .necessary in
the case of the pref. shares of Illinois Northern Utilities Co. as their divi¬
dend payment date is the same as that for the shares of the company.)
These offers terminate Nov. 15, 1937, unless extended.
Under such plan
not to exceed 665,800 shares of the company (including scrip for fractional
shares)^are being so offered by Commonwealth Subsidiary Corp. out of
Pursuant to a plan of reorganization
all
or
any
part
Edison company may be issued
referred to above, or thereafter.
Income Account of Commonwealth
Subsidiary and Affiliated Companies
Pro Forma Consolidated
Edison Co. and
The companies included in the pro forma consolidated statements
follows:
Commonwealth Edison Co., Commonwealth Subsidiary
are as
Corp.,
companies, Super-Power
Co. of Illinois,
Chicago District Electric Generating Corp., Western
United Gas & Electric Co. and subsidiary companies, Illinois Northern
Utilities Co., Commercial National Safe Deposit Co., Chicago & Illinois
Midland Ry., Illinois Maintenance Co., Utilities Stock Transfer Co.,
Cimco Development Corp., and Chicago Stone Conduit Co. (liquidated as
Public
Service
of Dec. 31,
The pro
of
Co.
III.
No.
and
subsidiary
1936).
forma
assumptions:
consolidated
statements
are
based on the following
(a) Proposed acquisition by the Edison company of all of the common
and pref. shares of Public Service Co. of No. 111. issued and outstanding,
including all shares owned by Commonwealth Subsidiary Corp., in ex¬
change for shares ($25 par) of capital stock of the Edison company, out not
including acquisition of 3,316 shares of Public Service Co. 6f No. In.
common stock subscribed for at June 30, 1937 and not fully paid, on the
bases of exchange as stated above.
.
,
(b) Proposed acquisition by Commonwealth Subsidiary Corp. of shares
of the Edison company In exchange for shares of Public Service Co. of
No. Illinois owned by Commonwealth Subsidiary Corp. as stated in (a);
and the proposed acquisition by Commonwealth Subsidiary Corp. or all
of
the
outstanding preferred shares of all
classes of Western United
Gas & Electric Co. and Illinois Northern Utilities Co., on the bases of
exchange as stated above.
'
' .
(c) Capitalization by the company of estimated indirect construction
costs to reflect the effect of such capitalization for the period from July 1,
^
.
.
1936 to Oct. 2, 1936.
-
■
,
-
4
...
_
in the investment in Public
and preferred stocks, or to $75 per share
for "the common stocks and $100 per share for the preferred stocks.
(e) That the common and preferred stocks of Public Service Go. of
No. Illinois acquired on various dates during the year ended June 30,
1937 were owned throughout the year ended that date.
Pro Forma Consolidated Income Account for the Year Ended
30, 1937
Operating revenues—Electric light and power revenue
$119,872,802
(d)
Proposed write-down of $10,606,859
Service Co. of No. Illinois common
_
13.436,737
Gas revenue
Transportation revenue
Building and vault rentals
Other operating revenues (net)
4,275,464
353,900
2,047,25/
.
Total operating revenues...
Operating expenses and taxes—Power
Gas purchased
Operation
....
$139,986,160
278,348
purchased--
4,771,075
—
Maintenance
Taxes
(estimated)—
1,2o2,920
Federal surtax on undistributed income
15,897,924
Provision for depreciation.
Consolidated net earnings from
$38,890,358
447,110
operations
Other income (net)
Consolidated net earnings
$39,337,467
17,873,187
—
funded debt
unfunded debt (net)
Amortization of debt discount and expense
on
on
6,504
1,393,591
Earnings applicable to minority common stock interests and
the cost of common stocks acquired by parent company
Dividends on pref.
stock held by public..
Consolidated net income
Shares outstanding
($25 par value)
to
...
201,795
200,328
$19,662,062
8,883,341
$2.21
Earnings per share
Note—The above pro forma
the Issuance of the
...
18,493,266
4,222,621
Federal
Federal income.
Interest
8,004,199
...
State, local and miscellaneous
Interest
48,175,449
consolidated income account does not reflect
the company.
proposed convertible debentures of
2222
Financial
Chronicle
Pro Forma Consolidated Balance Sheet, June 30, 1937
The directors have declared a dividend of
50 cents per share on account
of accumulations on the
7% cum. pref.
a$656,392,189
1,381,819
Securities of affiliates
stock, par $100. payable Nov. 15
Oct. 30.
A like payment was made on
Aug. 14. last,
with 87H cents paid on May 15. and Feb. 15, last, and
Nov. 15, Aug. 15. April 1 and Feb. 15. 1936.
A dividend of 87 cents
per
share was paid on Nov. 15. 1935, and one of
87M cents on Aug. 15. 1935,
prior to which regular quarterly dividends of $1.75
per share were dis¬
tributed.—V. 144, p. 4174.
*
to holders of record
Indebtedness of affiliates, not current
2.580,626
Other security investments and investments
M5.169.455
Deposit for retirement of bonds, incl. interest to maturity,
represented by U. S. Government securities at cost, and cash
807,739
Fire insurance fund securities at cost, less reserve, $i39.097—
Replacement fund, less reserve of $236.316
Other funds and special deposits
Service annuity funds of subsidiary companies, not trusteed-.
and
demand deposits
The directors have declared an extra
dividend of $1.50 per share in
addition to the regular quarterly dividend of
$1.50 per share on the com¬
mon stock both
payable Oct. 15 to holders of record Sept. 30.
A special
dividend of $5 was paid on May 26, last, and an extra
dividend of $2 per
share was distributed on April 15, last.—V.
144,
113.902
505.174
437,400
$336,150
hand
Consolidated Car Heating Co.—Extra Dividend—
864.191
309.701
39,203,876
Unbilled portion of gas space heating equipment sales...
Unamortized gas conxersion expenditures
Miscell. deferred and unadjusted items, less reserve of
on
p.
1,445,604
$164,697 working
funds)..
31,317,047
Marketablesecur., at cost—aggregate quoted value $22,162,172 22,207,687
Tax anticipation warrants, at cost—aggregate
quoted value
not readily obtainable
237.404
Accounts receivable—customers..
cl5,836,693
-
-
Registers $80,000,000 of Debentures with SEC—
'
...................—
Interest
Stock
and
dividends
receivable
215.013
subscriptions and other receivables, &c_
of $192,022
reserve
100,887
less
10,657.320
—
Total
registration statement.
According to the registration statement, $60,000,000 of the net
proceeds
the sale of the debentures will be
applied to the payment of a like
amount of Consolidated Gas Co. of New York
20-year 4lA% gold deben¬
tures bonds due June 1. 1951, which the
company intends to redeem on
Dec. 1, 1937 at 105% and accrued interest.
The premium and
from
$803,027,144
Liabilities
Capital stock ($25 par)!."!
Minority interest in common stocks and surplus of subs.:
Chicago District Electric Generating Corp.—
Common
1 e$222,083,525
surplus
......
175,073.000
19,429,000
Super-Power Co. of Illinois
Chicago District Electric Generating Corp
Chicago & Illinois Midland Ky
Consumers' security and line extension deposits
Purchase money obligations pay. $40,000 annually—unsecured
Matured bond interest covered by special
deposits ($481.589)
....
.........
_
and
miscellaneous
Current maturity of funded debt of Chicago District Electric
Generating Corp
Accounts payable (incl, accrued payroll)
payable
Accrued dividends on preferred stock
Miscellaneous current liabilities
reserve
.....—...
Service annuity fund reserve..
Contributions for extensions...........
Miscellaneous reserves
...
...
....
....
...
.....
Total
204,315
2,000,000
20,771.763
$803,027,144
uncollectible accounts of $1,628,617.
d After
reserve
for stock sub¬
scriptions ($132,640) and other receivables ($123,700),
$256,340.
e Not
including 212,414 shares acquired by subsidiary companies.
Note—The above pro forma consolidated balance sheet
does not reflect
the issuance of the proposed convertible
debentures of the company.
765,427
6,450,520
478,621
y6,446,396
9,443.066
6,450,520
$54,463,909
6,264.351
y6,446,396
$0.97
of 1,611,599
Per share earnings
$0.12
$0.07
$1.46
x As adjusted,
y The equivalent in new $25 par value shares
shares of $100 par value
outstanding at that time.
Note—The amount accrued for Federal surtax
upon estimated
tributed
undis¬
prqfits for 1937 applicable
to the periods shown herein has been
the basis of the present rate of
dividend disbursement.
If an
extra dividend is declared toward the
year-end, as was done last year, the
Federal surtax upon undistributed
profits for 1937 will be
calculated
earnings
are
on
per
subject
share will
to such
correspondingly increased.
Tne above figures
as may be found
necessary on the basis of
adjustments
later information and the
figures for 1937
V. 145, p. 2068.
1937
Gross from railway
Net from railway
$101,586
457
Net after rents
defl0,994
From Jan. 1—
Gross from railway
Net from railway
Net after rents
844,064
106,139
7,680
'
—V. 145. p. 1581.
are
1936
$78,657
8.346
5,798
562,916
defl6,999
533,916
def24,160
715,819
69,515
31,188
$68,099
def9,126
301
$4,019,260 $55,332,092 $51,816,116
3,241,857
39,512.038
40,503,865
Interest
on
x
$936,545
749,781
pref. stock..
$777,402 $15,820,054 $11,312,251
749,759
8,997,371
8,997,049
$186,764
$27,643
$6,822,683
$2,315,202
Includes provision for Federal surtax
on undistributed
profits for 1936.
-------
No provision has been made for
such tax in 1937.
y Reflects deduction for
full preferred stock dividend
requirements at the rate of $6 per share
per
annum.
Dividends were paid in full to Jan.
1, 1935, and at the rate of
$3 per share per annum since that
date.—V. 145,
p.
2068.
Commonwealth Subsidiary
Corp.—Makes Exch. Offer—
See Commonwealth Euison
Co., Illinois Northern Utilities Co. and
Western United Gas & Electric
Co.—V. 143, p. 4149; V.
141, p. 3071.
...
long-term debt
Miscell. int., amort, of debt discount &
exp. & miscell. deducts.
Net income
—V. 145, p. 2068.
Sf88i»viii"ftlS^HP08—b
avail, for divs. and
Bal.
& Light Co. (&
1937—Month—1936
$414,974
$400,246
16.°'289
surplus of
146,158
Community
Subs.)—Earnings—
1937—12 Mos.—1936
$4,177,223
$3,931,927
1.398,653
1,190.933
Power & Light Co.....
438,139
202,698
Note—No provision has been made
for the Federal surtax on
undistributed
the year 1937, since
any liability for such tax can not be
determined until the end of the
year.—V. 145, p. 1736.
net income for
$17,602,856
34,711.383
1,692.824
8,242,875
540.921
$41 837,620
Consolidated Gas Electric Light & Power
Co. of Bal¬
timore (&
Subs.)—Earnings—
Period End. Aug. 31—
1937—8 Mos.—1936
1937—12 Mos.—1936
Rev. from elec. sales...$16,327,873
$14,981,344 $24,256,184 $22,345,267
Rev. from gas sales
5,970,282
6,161.066
8,923.515
9,105.839
Rev. from steam sales..
473.099
518,436
729.750
765.985
Misc. oper. revenue
147,022
203.773
253,306
297.074
Total oper.
Oper.
exp.,
rev
a$22,918,277 b$21864,619 c$34162.756 d$32514,165
retir.
exp.
17,082,728
15,980,032
25,456.851
23,635.761
Operating income
$5,835,549
Non-operating Income..
483,222
$5,884,587
236.722
$8,705,904
648,405
$8,878,404
361.778
$6,121,309
$9,354,310
$9,240,182
1,820,423
2.784,280
2.740,739
$4,476,228
743.543
2,801,753
$4,300,886
743.543
2,801,753
$6,570,030
1.115.315
4,202,629
$6,499,443
1,115,895
4,202,629
$930,931
$755,590
$1,252,086
$1,180,918
$3.20
$3.05
$4.67
Gross income
$6,318,771
Fixed charges and other
deductions
1,842.543
Net income
Preferred dividends
Common dividends
Balance
Earnings
common
per
share
of
stock
Note—Operating
(b) $130,437;
revenue affected
by rate reductions as follows:
(c) $971,496; (d) $130,437.—V. 145, p. 938.
a
$4.61
$667,-
Corp.—Hearing Adjourned—
reorganization hearing in New York under Section
77-B,has
been adjourned by Referee Peter B.
Olney to Oct. 8.—V. 145, p. 1253.
Consumers Power
Period End. Aug. 31—
Gross revenue
Oper. exps. and taxes.
Prov. for retire't reserve
x
Co.—Earnings—
1937—Month—1936
1937—12 Mos.—1936
$3,002,321
$2,423,619 $36,206,705 $32,066,796
1,624,397
l,3o6,058
18,322,486
15,973,955
335,5J0
263,5j0
3,584,000
3,050.000
Gross income
$1,042,425
Int. & other fixed charges
358,193
Net
income
$684,231
Divs. on preferred stock.
Amort, of pref. stk. exps.
Balance
x
No
provision
$855,061 $14,300,219 $13,042,840
334,201
4,268,935
4,738,043
'
65,278
$333,564
was
made
in
1936
$520,860 $10,031,284
350,632
4,074,464
326,391
$8,304,797
4,207,918
$170,227
285.389
$4,096,878
for
$5,630,428
Federal surtax
on
Erofits, as all taxable income for that year was distributed.
been made for such tax in 1937.—V.
145, p. 1414.
undistributed
No provision
Continental Can Co.,
Inc.—Offering Next Week—
With reference to reports
suggesting an indefinite postponement of the
issue of $4.5) cumulative
preferred stock, Goldman Sachs & Co.
announced
Sept. 30, that it is expected that the public
offering of the issue will be
made early next week.
Increase in Stock Authorized—
Stockholders on Sept. 28 authorized an amendment
to the
company's
certificate of incorporation,
providing for the issuance of 350,000 shares of
preferred stock; without par value, such stock to be issued
from time to time
in one or more
series, with the annual dividend rate and other
privileges
and restrictions
applying to each series to be determined by directors.
Out of 2,853,971 common shares
were
Community Power
Period End. Aug. 31—
Oper. revs. sub. cos
New
$92,030,098
19,826,515
7 012.323
17.588,403
on
a8
Balance
of
...$60,539,321
29 151,858
2.338.919
Operating income
Non-operating revenues—Cr
Non-operating revenue deductions
9
117
Co.
expenses
Consolidated Textile
1934
1937—Month—1936
1937—12 Mos.—1936
--$12,121,709 $10,727,064 $145796,170
$130158,462
6.565,456
5.739.176
76,138,154
67,194,262
1,345.525
968,627
14.325,922
11.148,083
Net income
Gas
board, and R. H. Tapscott is
sources
A scheduled
1935
$107,479
24,434
16,785
x Oper
exps. & taxes...
Prov. for retire, res
Divs.
Consolidated
Retirement expense
Taxes (incl. provision for Federal income
tax)
368;
Period End. Aug. 31—
Gross revenue
y
as
of the
Total operating revenues
Operating
also subject to final audit.—
Commonwealth & Southern
Corp. (& Subs.)-—Earns.
Gross income
$4,210,727
Int. & oth. fixed charges
3,274,181
is chairman
From sales of gas
Columbus & Greenville Ry,
—Earnings—
August—
formerly known
was
Carlisle
Earnings for 12 Months Period Aug. 1, 1936 to July 31, 1937
Operating revenues—From sales of electric energy...
decreased and the
be
company
and taxes
Earnings for Month and Eight Months Ended Aug. 31
Period End. Aug. 31—
1937—Month—xl936
1937—8 Mos.—xl936
Operating revenues
$7,020,938
$6,608,667 $57,377,962
income
Shares outst. Aug. 31—
The
335,777
922.542
k
Excess of underlying book values of
subsidiary companies' stocks as
of dates of acquisition over cost
(after write-downs) of parent company's
investment, $1,235,112.
b After reserve of $34,398,261.
c After reserve
Net
offered to the public, the
underwriters, the underwriting discounts and
commissions,
provisions are to be furnished by amendment to the
registration statement.
33,922.050
2,668,507
72,642
1,843,395
106,038.402
2,228,529
a
for
be
the redemption
York.
F. L.
President.
3,100.356
4,767,466
..............
.......
Capital surplus
will
900.000
Dept. review)
Earned surplus..
and
From miscellaneous
—
Accrued taxes—est. (incl. State and local taxes in
litigation and
Federal income taxes subject to Treas.
reserve
of the
names
750,196
Accrued interest
Insurance
head the underwriting group.
The price at which the debentures
25,800,000
9.701,000
19.858.500
21.700.000
5,253,000
2,011.874
560.000
....
Morgan, Stanley & Co., Inc.
will
115.547,000
......
Illinois Northern Utilities Co
Reserves—Depreciation
expenditures during the period beginning Nov. 1, 1937, anu
ending June 30,
1938, it is stated, the amount of which is to be furnished
by amendment
the registration statement.
The registration statement indicates that
to
3.071,696
;.
Public Service Co. of No. Illinois—......................
Western United Gas & Electric Co____. ............
Dividends
reimburse
198,960
Generating Corp..
on
cash resources, it is stated.
the company's
1,829.880
14.161
366.607
Public Service Co. of No. Illinois—
Common stock subscribed but unissued
Preferred stock of Chicago District Electric
Funded debt—Commonwealth Edison Co
Commonwealth Subsidiary Corp
accrued
the bonds to be redeemed will be obtained from
the company's
The balance of the proceeds are to be
used to
treasury in part for capital expenditures made
and to be made.
The company and its subsidiaries
expect to make capital
interest
stock
Capital surplus
Earned
The company on Sept. 30 filed with the Securities
and Exchange Com¬
a registration statement (No.
3448, Form A-2) under the Securities
Act of 1933. covering $40,000,000
15-year debentures, series due 1952
(Oct. 1, 1952), and $40,000,000 of
25-year debentures, series due 1962
(Oct. 1, 1962).
The interest rate is to be furnished by
amendment to the
mission
dl62.784
Due from officers and employees, less reserve of $82,133
Materials and supplies—priced substantially at
cost,
3494.
Consolidated Edison Co. of New
York, Inc.—New York
Steam Corp. Exchange Plan
Effective—See latter company
below.
743,527
—........
(Incl.
compares
474.445
Unamortized debt discount and expense
Unamortized rate case expense
Cash
and
1,862,659
.
Prepaid insurance, rent, taxes, &c—
1937
Concord Gas Co.—Accumulated Dividend—
Assets
Property, plant and equipment (including intangibles)
Oct. 2,
outstanding, 2,119,083 shares,
145, p. 1897.
represented at the meteing.—V.
or
74%,
Continental Shares, Inc.—Committee Seeks Proxies—
The preferred stockholders committee for
reorganization (Frank A. Scott,
Chairman) has issued a letter to preferred stockholders
urging them to
send their proxies to the committee in
support of its plan seeking an
orderly
move to wind
up the company, distribute to the
preferred stockholders the
assets which
belong to them, and resist any efforts to revive the
company's
charter and turn over such assets to the control
of the common
stockholders.
The letter refers to the action of another
committee which
recently asked
preferred stockholders for proxies to oppose such a
distribution of assets
Financial
14S
Volume
2223
Chronicle
toward the revival of the charter of the com¬
and its reorganization '*
"While such proxy is not limited to any particular plan
of reorganization, that committee, in its letter to shareholders, suggests a
plan of reorganization which is quite similar to the one proposed by this
committee more than a year ago and for which adequate support could not
and to take action "looking
the Nov. 1 Instal¬
assured
2069._ id
respect to the above figures.
If the results show that
paid out of the current year's profits, you n ay rest
that it will be declared and paid promptly." See also V. 145, p.
ment should be
pany
The letter says-
be secured.
"lYeferred stockholders, even
finally unite on a
program, cannot accomplish any such reorganization.
To do so would
require the supporting vote of the common stock of which there are ap¬
proximately 2.500.000 shares outstanding. In the year of negotiations for
this
plan, the
only committee which purported to represent common
if they should all now
vote for
corporation is revived.
no
unless and until the
Any proxy for
the First National Bank of Chicago, 111., will
for the capital stock, par value $5. of this
On and after Oct. 1, 1937, the Mercantile Commerce Bank &
Trust Co., 721 Locust St., St. Louis, Mo., will act as transfer agent and
registrar for said stock.—V. 144, p. 931.
taken
revival and for
reorganization.
—V
of the
currently
be
needed
currently existing
and the
the affairs
of the
preferred stock¬
that they
position to
do
"It is also of vital importance to preferred stockholders that they present
strong and
united a front as possible to resist every effort looking
toward tn. revival of the old charter of the company unless the accomplish¬
ment of
fair reorganization of the company can first be absolutely assured.
This committee, since its recent letter, nas received proxies from more than
1.000 stockholders and is already assured of the support of owners of more
as
a
shares."—V. 145, p. 1737.
Amended
Contract Purchase Corp. (Mich.)—Registration
The corporation has filed an air endn ent to its registration staten ent
with the Securities and Exchange Cod n ission reducing its offering of 6%
cun ulative convertible preferred stock
(5100 par) fron 7,500 shares to
5.000 shares and its proposed issue of 228,000 shares ($2.50 par) con n on
Of the con n on stock. OO.COO shares are to be
of the preferred, and the balance of 7.440 shares
are to be reserved for conversion of the con pany's 10-year 5j^% sinking
fund convertible debentures.
Offering price to the public of the preferred will be $100 per
V. 145, p. 1095.
stock
07.440 shares.
to
for conversion
reserved
share.—
Corp.—Dividend Agent—
has been app^nted
this corporation.—
Cornell-Dubilier Electric
Bank of the City of New York
the common stock of
The Chase National
disbursing
V. 145, p. 2068.
dividend
agent on
(Del.)—Earnings—
6 Months Ended June 30—
1936
1937
Net sales
$2,921,633 $4,144,768
Cost of sales (excl. deprec., depletion & amortiz.).
2,387.547
3,258,455
Selling and general and administration expenses—
144.595
161,287
Petroleum Corp.
Crown Central
o
.
Operating profit
$391,291
4.855
....
Deduct ions—net
Amortization of patent rights
Loss from sale and abandonment
Net
(estimated...
profit
Ac., includ. est.
Fed. inc. tax—
233.175
148.194
for contlng..
37,678
Prop., plant
122,871
5% non-cum. vot.
pref. stk. (par
4,791.302
$100)
38.863
24,247 Com. stk. (par $1)
Surplus...
—.
2,853,653
Res.
$7,913,577 $7,479,667
Total
doubtful accounts of $25,000 in 1937 and $21,315
in 1936.
y After amortization of $230,769 in 1937 and $193,846 in 1936.
z After allowance for depreciation and depletion of $2,984,796 in 1937 and
$3,834,204 in iy36.
Consolidation—
Curb Exchange has received notice that the agreement
consolidating Crown Central Petroleum Corp.
wholly-owned subsidiary. Crown Central Petroleum Corp.
for the purpose of forming Crown Central Petroleum Corp.
as
successor
has been filed in the offices of the Secretaries of the States
Delaware and Maryland.
The New York
of
(Del.),
(Md.),
(Md.),
of
consolidation,
and
its
Corp.
of the new
present
stock (par $1) of Crown Central Petroleum
entitled to receive one share of common stock (par $5)
for each five shares of common stock of the
corporation held.—V. 145, p. 2068.
.Holders of the common
(Del.)
are
consolidated corporation
Delaware
Crown
Central
Petroleum
(Md.)—Listing and
Corp.
Exchange has admitted
registration.
See also Crown
The New York Curb
listing
and
preferred
Dividend Action Explained
stockholders explaining the recent
omitting the common and preferred
directors in
'l*hc
follows*
Sept. 27, sent a letter to
action of the
stock dividends.
company's
stockholders and other in¬
reference to our
the provisions of
the preferred stock will clarify
by-laws with reference to
dividends on
the situation.
"In the main,
...
the agreement is
stock, both the 6%
that dividends upon
and the 7%, are fixed
all of the preferred
and absolutely
payable in half-
in each
wherein the
and one-half of said
yearly instalments on May 1 and Nov. 1, for and
year
net earnings of the company are as much as $1,000,000
dividends are fixed and payable jn the half-yearly instaln ents
for and in each year wherein the net earnings are as
as
If the earnings are less than $700,000, then there is no
aforesaid
much
$700,000.
obdgation to pay any
cumulative and payable in full
,
the dividends due May 1, 1937, the
results for the year up to that time indicated that such action was entirely
justified. Conditions during the last couple of months, however, have not
been so favorable and until we know definitely, which will be early In the
month of December, just what our earnings for this fiscal year have been,
cannot say what our obligation for the current year actually is with
preferred dividends
except as they are
sometime in the future.
"When directors decided to pay
we
.
,
$457,519
286.230
25,326
$532,048
286,230
25.361
$145,963
$220,457
103.901
103.901
$116,556
23,852
2,066
Balance
accumulated and unpaid to Aug. 31, 1937, amounted to
Latest dividend amounting to $1.75 a share on 7% preferred
stock was paid on Nov. 1, 1933.
Dividends on (his stock are cumulative.
Note—Includes provision of $4,909 made during the 12 months ended
Aug. 31, 1937 and $25,1 91 made during the 12 mouths ended Aug. 31, 1936
for Federal surtax on undistributed profits.
No such provision has been
made for 1937.—V. 145, p. 1416.
x
Dividends
$398,287.
Co.—Listing of Additional Stock—
Stock Exchange has authorized the listing of 2,002,908
stock (no par) upon official notice of issuance.
additional shares are to be issued as a conn on stock dividend on the
Deere &
The New York
additional shares of con n on
The
1.001,454 shares of presently outstanding con n on stock (not including
3,546 shares held in its treasury) at the raie of two shares of
con n on stock for each one share of outstanding con n on stock.
Such stock
additional
dividend was declared
Oct. 30, to con ii on
by the board of directors,
Sept. 15, and is payable
shareholders of record Oct. 2.
declaration of its con n on
stock dividend, and
Concurrently with the
for the purpose of providing the
ferred from
the earned surplus
capital required therefor, there was trans¬
account to capital account the sum of
$9,979.080.—V. 145, p. 1899.
1936
1935
1934
$1,839,961
76,171
def43,392
$1,975,778
331.054
191,219
$1,692,661
1,737,424
def62,380
defl28,792
17,204.037
3,388.082
2,238,866
16.260,601
2.518.928
1,508,528
15.232.037
1,619,730
987.933
1937
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
def8.770
def97.229
15.812.955
1.630.689
1,165,138
1416.
—V. 145, p.
&
Delaware Lackawanna
RR.—Earnings—
Western
~
1936
1935
1934
$3,734,667
368.509
5,895
$3,951,123
$3,390,463
$3,585,205
643.212
294,494
55.648
def341,636
600.173
34.004,143
7.718,878
4,159,262
32.455.474
6.093,347
3,282.026
29.378.734
1937
~August—
Gross from
Earnings—
RR.-
Delaware & Hudson
August—
railway
Net -rom railway
Net after rents
From Jan. 1—
railway
Net from railway
Gross from
after rents
*
4.244.399
1,458.601
227.709
30.267.673
6.2.32.687
3,230.961
1581.
—V. 145, P.
Co.—Meeting Again Adjourned—
stockholders has again been adjourned until Nov. 18.
Meeting was originally called for June 24 to act on a plan of recapitaliza¬
tion which had already been approved by the board of directors and the
Investors Advisory Council, representing interests of debenture, preferred
and class A stockholders.
That meeting was adjourned to Aug. 5, which
was again adjourned to Sept. 23.—V. 145, p. 1096.
Dennison Mfg.
RR.—Abandonment—
Denver & Rio Grande Western
Interstate Comn erce Commission on
The
permitting abandonu ent by the trustees of
extending from Texas creek to Westcliffe,
in Fremont and Custer Counties, Colo.
This branch was
Sept. 16 issued a certificate
the so-called Westcliffe branch
approximately 25.^9 miles, all
constructed in 1901 to serve
the precious metal mining
the vicinity of Westcliffe and Silver Cliff, and to serve the
agricultural industry in the West Mountain Valley. It was
Denver & Rio Grande Western on Dec. 24, 1924, as part of the properties
of its predecessor.
The estimated total expenditure for rehabilitation of the line is $366,000
and the trustees are of the opinion that this expenditure is not warranted,
in view of the present and prospective traffic obtainable for the branch.
industry in
acquired by the
Earnings for August
1937
August—
$2,347,433
12,086
def287.596
Gross from railway
Net from railway
Net after rents
__
From Jon. 1—
•
Gross from railway—__
Net from railway—
—
Net after rents
16.697.830
473.234
dfl,105,114
Denver &
railway—.—
Net from railway
Net after rents
From Jan. 1—
Gross from
railway
Net after rents
—V. 145, p.
Detroit
The
1936
1935
1934
$1,851,628
$1,941,961
407,652
96,257
308.593
455.005
71,841
229,617
15.299.933
1.828.677
defl65,402
12,247,755
1.841,718
268,795
11.559,322
2.516.096
Salt Lake Ry.- -Earnings—
Avgust—
*
and Year to Date
$2,387,987
1937
$176,233
def5.476
14,110
1,567.716
289.959
413,514
1936
$223,169
$110,155
66.979
35.619
88.572
108.648
131.723
1,584.718
1,142.901
292.704
410.415
768.004
227.685
449,686
637,094
241,891
67.333
1582.
Caro &
Sandusky Ry.—Abandonment— ,
Commission on Sept. 11 Issued a certificate
abandonment by the company of part of
Peck to Roseburg, approximately 6.365
extending from
County,
its line of railroad,
miles, all in Sanilac
Mich.—V. 140, p. 3039.
Detroit & Mackinac
Augusl—
railway
Net from railway—
Net after rents
——
From Jan. 1—
Gross from railway.-—Net from railway.—
Gross from
—V.
1934
1935
$214,682
Interstate Commerce
permitting
Net
1,195,110
p.1582.
Net from railway
"Inquiries from a number of our preferred
terested
parties indicate some misapprehension with
recent dividend action.
I fee! that an understanding of
our
16,250
$40,731
period, whether paid or unpaid
$5 par,
Central Petroleum Corp.
Cudahy, President of the company, on
$515,798
12,500
15,5; 5
$1,899
$14,873
preferred stock for the
income
Dividends applicable to
Net
Gross from
Cudahy Packing Co.—Recent
bonds_
Other int. & deductions.
x
$445,019
$42,062
mortgage
$39,690
1,041
$28,187
23,852
2,436
Gross income
on
$701,861
186,063
$55,195
$27,146
1,041
Operating income
Other income
Int.
$631,082
186,663
$42,651
15,5u5
Net oper. revenues
Rent for lease of plant__
the common stock,
(Delaware).
E. A.
Aug7§\~ 193?—Month—1936
1937—12 Mos.—1936")m|
$243,384
$271,952 $3,028,946 $2,729,077
182.266
217,547
2,268,240
1,915.246
18,467
CY790
129,624
111,970
Period End.
Operating revenues
Oper. exps. (incl taxes).
Prop, retire, res. approps
—V. 145,
Registration—
to
.
4.128.600
2,542,826
$7,913,577 $7,479,667
Total
and
W.
Treasurer.
Terminal Co.—Earnings—
Dallas Ry. &
76.100
76.100
4.128.600
After allowance for
x
will succeed Mr. Collins, as
Special n eeting of
Accr.taxes,
168.892
406,154
and
equipment
' 5,012.815
Prepd. exps., <fcc_.
26.656
Materials & suppl.
9.460
z
1936
1937
Accounts
1,550.752
150.549
369,231
Pat ted mfg'proc
$378,294
for surtax
$75,000
509,371
269.255
1.115.095
Inventories.
65,393
known his desire to retire a few months ago
expected shortly.
It is expected that Oary
Secretary of the company,
145, p. 1254.„ .'
Net
payable
payable.
payroll,
Notes
$230,201
311.586
Other assets
33.710
$150,000
311,077
$918,187
deposit
on
Accts. rec., cust.
90.037
18.461
30
Liabilities—
1936
1937
Cash on hand and
y
Include an estimate
statement does not
undistributed net income.
Consolidated Balance Sheet June
Assets—
x
$183,357
....
Note—The foregoing
on
4,466
134.666
113.504
26.222
18.461
13.898
30.992
Depreciation
Depletion
Federal income tax
$725,027
to retire on Oct. 1,
has been connected
.
Bok,
reviving
Retire—
Co.— Vice-President to
Phillip S. Collins, Vice-President & Treasurer, plans
was learned on Sept
23.
Mr. Collins, who for years
with the company, made
formal announcement is
stocks.
than 130.000
193/.
1,
Curtis Publishing
it
reorganization could be revoked after revival and before
This might result in the delivery of the assets to the contrrl of the common
stock which has no possible equity in them and under a capital structure
which would prevent payment of any dividends on the preferred
"The cost of winding up the receiverships and distributing the assets
should not be as great as the cost of winding up the receiverships,
the corporat ion and bringing about its reorganization.
"It has been suggested that the program for winding up the affairs
company will require the forced sale of large blocks of stock on
weak markets at ruinous prices, to pay the receivers' debts.
"The l'almer Securities Corp.'s petition, on which a hearing is to be had
before the Maryland Court on Oct. 4. 1937. simply asks
assets
turned over for distribution to preferred stockholders only as not
for winding up the receivers' affairs.
"This committee would be as much opposed as any other preferred stock¬
holders to any forced sale of the rece'vers' assets on the
thin markets.
The program contemplated ny this committee
Palmer Securities Corp.'s petition s for an orderly winding-up of
of the receivers, in a business like manner, subject to the orders
courts and without sacrifice of values.
"It is. however, timely and of great importance to the
holders that the courts should now determine these matters so
and the receivers may lay out an orderly program and De in a
carry it our as market and other conditions make It advisable to
so.
that
(Mo.)—Transfer Agent—
Mfg. Co.
act as transfer agent
to
company.
such program.
the amendment of trie charter can be
stockholders has been flatly opposed to any
"Furthermore
Curtis
Effective Oct.
cease
after rents
145, p. 1416.
Ry.- -Earnings—
1936
1935
1934
$82,666
22.222
13,694
$81,702
$61,712
21,687
$63,709
15.194
12,112
583.711
121.906
57,846
465.649
74.426
388,668
24,313
38,212
989
388.128
45,414
62,822
1937
27.486
17.754
13,472
2224
Financial
Detroit Toledo & Ironton
August—
RR.—Earnings—
$535,366
234,884
151,183
1935
$482,086
233,228
180,581
5,343,565
From Jan. 1—
Gross from railway—„
1936
$530,190
196,529
117,004
.
5.262,713
2,711,344
1,884.395
5,066,610
3,080,536
2,262,438
1934
12 Months End. Aug. 31—
Total income
Federal income taxes (est.)
$395,410
158,256
101,304
2,647,447
1,695,777
Calendar Years—
1936
Profit for year
Res. for income tax
1934
$712,156
57,957
92,735
1933
$5.9,466
56,338
$217,556
58,113
l
'
61,846
Deficit..
21,207
$775,020
62,992
635,990
Cash div. on pref. stock.
Cash div. on com. stock.
Balance, surplus
$561,463
70,628
380,608
$76,038
877,732
Previous surplus
pref. stock red.
Appr. for stock retirem'fc
$110,227
805,135
,
$391,282
78,914
284,899
$27,469
804,220
on
34,338
6 ,331
$843,755
$797,351
$798,889
127,685
$5.58
—
127,252
$3.86
126,891
$2.46
126,622
$0.45
1936
Liabilities—
691,150
725,564
529,705
9,826
311,999
21,944
1
1
»
140,357
102,905
($100 par)
Common stock..
787,400
787,400
1
1
285,758
Earned surplus...
921,235
843,755
15,436
Approp. for red. of
315,603
285,850
8%
countries
b Land,
buildings,
mach'y & equip.
c
Deferred charges..
Pat'ts & tr.-marks.
Total
taxes.
cum. pref. stk.
pref. stock.
$2,365,326 $2,130,992
Total
Dierks Lumber & Coal Co.
Earnings
—V.
1937
four shares held at
a
price to be determined
at
the time of the
offering.
Proceeds from the sale of the stock
were
to be used to
a
great extent for
the payment of a larger amount in dividends than would
otherwise be
practical, eliminating or reducing surtax on undistributed profits.—V. 145,
p. 1899.
Mines, Ltd.—Regular Dividend Doubled—
The directors have declared a dividend of $1 per share on the
common
stock, no par value, payable Oct. 20 to holders of record Oct. 4. Pre¬
viously regular quarterly dividends of 50 cents per share were distributed.
In addition, an extra dividend of $2 was
paid on July 20,1937, July 20,1936,
and July 20, 1935.
The company issued the following statement relative to
the current
dividend payment:
"For some time past, dividends have been
paid at the rate of 50 cents
per share quarterly and a bonus of $2 per share in July of each
year.
Here¬
after dividends will be paid quarterly at such rate as
profits will permit,
with no bonus.
The directors expect to be able to maintain this
rate
under a continuance of present conditions."—V,
—
Total deficit
—V. 145, p. 1417.
Duluth Missabe & Iron
Net from railway
Net after rents
$2,994,463
2,189,424
1,921,290
$1,963,626
1,298,654
1,160,492
$1,732,686
1,073.213
949,076
20,216,370
13,220,413
10,791,778
From Jan. 1—
Gross from railway.
1934
$4,138,238
3,089,442
2,576,863
Gross from railway
Net from railway
Net after rents
1935
11,231,961
6,081,112
4,727.163
7,999,138
3,677,578
2.967,729
6,857,767
2,224,749
1,560,128
—V. 145, p, 1738.
Duluth South Shore & Atlantic
Ry.August—
1937
Gross from railway
Net from railway....
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
-
-Earnings—
1935
1934
..
_
—
.
$216,232
50,521
38,655
$189,427
32,927
17,656
1,990,647
534,741
385,778
1,937,631
618,579
456,944
1,537,074
359,873
250,680
1,510,757
—V. 145, p. 1582.
Duluth
1936
$292,781
115,920
91,622
297,325
124,240
Winnipeg & Pacific Ry.—Earnings—
1937
Net after rents
From Jan. 1—
Gross from railway
Net from railway
1936
$125,610
26,902
9,055
...
Net after rents
$119,121
963,792
198,712
16,228
901.673
144,952
—V. 145, p. 1583.
30.973
4,892
def46,569
1935
1934
$96,171
def2,677
defl7,669
defl2,203
defl 1,172
670,075
defl6,078
defl22,690
568,492
def57,776
def28,000
$70,667
tion
reserve
list given on first page of this
department.
Duplan Silk Corp.—New President—
Ernest O. Geier has been elected tresident to
succeed Paul O. Debry,
who becomes Chairman of the
Board, a new office. Lyman D. Frieze and
Walter Heale has been reelected Vice-President
and Secretary-Treasurer,
respectively, of the corporation.—V. 145, p. 1255.
Durham
1937
$94,332
$2.88
Earnings per share on preferred stock
—V. 143, p. 2996.
(net)---
1936
$7S03i
E. R. Grier and 8. B. Condit have
been elected to board of directors of
this company, succeeding Paul Curtis
and Robert L. Redfield, who were
elected when the old management was
sur$6.969
46.211
47,000
Subs.)—Earnings—
1937—12 Mos.—1936
2,268
on
long-term debt..
interest
533,750
201,894
Cr30,965
5,266
186
786,496
154,441
Cr8,752
2,099,223
677,925
Crl01,969
3,166.426
729 029
Cr42,226
$4,170,053
1,983,626
$2,186,427
Balance...
$3,825,251 $20,431,523 $16,002,945
1,983,627
7,934,507
7.934,507
$1,841,624 $12,497,016
min.
to
interests
&
Crl,931
$7,689,501 $36,053,362 $31,571,418
2,932.065
12,946,660
11,715,244
(notes,
loans, &c.)
applic.
9,896,192
$7;696.073 $36,206,432 $31,639,863
Crl37,258
Cr748,010
Cr413,541
143,830
d901,080
481,986
Other deductions
Int. charged to constr..
Portion
13,876,884
$8,097,661
3,222,929
Gross income...
Int.
Other
■'
2,716,426
$7,694,142 $36,211,698 $31,640,049
$8,192,563
Cr87,629
182,531
Other income
Other inc. deductions—
29,919
37,577
$8,068,438
1,253,490
127,211
$1,804,047 $11,243,526
$7,941,227
equity of El. Pow.
Lt, Corp. in inc.
of subsidiaries
$2,156,508
El. Pow. & Lt. Corp.—
Net equity of El. Pow. &
Lt. Corp. in inc.of subs
(as shown above)
Other income.
2,156,508
1.804,047
11,243,526
—463
870
2,746
$1,804,510 $11,244,396
60,506
e!97,155
397,244
1,588,974
$7,943,973
$1,346,760
$6,131,525
Total income
$2,156,508
Exps., including taxes..
e41,232
Int. & other deductions397,243
7,941,227
223,474
1,588 974
Bal. carried to consol.
earned
surplus
Includes
provision
$1,718,033
of
$9,458,267
$161,190 for
Federal surtax on undistributed
provision of $195,100 for Federal surtax on
undistributed profits in 1936.
c Includes provision of
$642,988 for Federal
surtax on undistributed
profits in 1936, and $501,191 in 1937.
d Includes
provision of $329,752 for Federal surtax on undistributed
profits in 1936,
but includes
no
provision for 1937.
e Includes
provision of $129 for
Federal surtax on undistributed
profits for the year 1936, but includes no
provision for 1937.
1937.
statement.
b Includes
inter-company
Interest
transactions have been eliminated from above
and preferred dividend deductions
of subsidiaries
represent full requirements for the respective
periods (whether paid or not
paid) on securities held by the public and give no effect to
preferred stock
dividend arrearages for prior
periods.
The "portion applicable to
minority
interests" is the calculated
portion of the balance of income applicable to
minority holdings by the public of common stocks of subsidiaries.
Minority
interests have not been
charged with deficits where income accounts of sub¬
sidiaries have so resulted.
The "net equity of Electric Power &
Light Corp.
in income of subsidiaries" includes
interest and preferred dividends
paid or
earned on securities held, plus the
proportion of earnings which accrued to
common stocks held
by Electric Power & Light Corp., less losses where
income accounts of individual subsidiaries have
resulted in deficits for the
respective periods.
The statement for each period is
entirely independent
of the statement for
any other
Elk Horn Coal
Eagle Lock Co.—New Directors—-
replaced.—V. 145, p. 1583.
$72,171
period.—V. 145, p. 1097.
Hosiery Mills (<& Subs.)- -Earnings—
6 Months End. June 30—
Net income after all charges
$4,312
3,471,783
approp—_
Operating income
Note—All
(Allen B.) Dumont Laboratories- -Registers with SECSee
$100,180
Net oper. revenues—.
$8,194,831
Rent for lease of plants
profits in
August-
$104,711
46,211
51,000
79,671
Oper. exps.,
Property retire. & deple¬
a
Gross from railway
Net from railway
$4,464
5,776
3,000
$25,709,643 $22,219,821$105,941,475 $87,570,028
incl. taxes.a14,043,029 bll,809,253 c55.852,893
b46,033,787
Net
$257,495
62,861
35,479
$451,179
350,998.
Operating revenues
——.
1936
$449,174
344,463
1937—3 Mos.—1936
Balance
Pref. divs. to public
Range Ry. —Earnings—
1937
1937—8 Mos.—1936
$45,032
40,568
Electric Power & Light
Corp. (&
Period End. July 31—
Subsidiaries--*
145, p. 1738.
August—
2.7
$13,764
_
Taxes (municipal)
was called
8.0
8.4
78,320.000 2,111.000
$6,442
5,776
5,000
9,430
Fixed charges
Renewals
week before
57,172,000 4,792.000
61.964,000
80,431,000
$45,572
39,131
Operating expenditure--
$1.98
1936
Light Co., as
follows:
Increase
Amount
Pet.
122,947.000 113,858,000 9,089,000
1937—Month—1936
Operation surplus
a
1937
was as
Ry.—Earnings—
Period End. Aug. 31—
Total revenue
$207,731
The stockholders' meeting bad originally been called for the
purpose of
approving an increase in the authorized common stock to 125,000 shares
from 89,635 shares.
After obtaining this approval, it was proposed to offer
shareholders rights to subscribe to additional stock in the ratio of one share
Dome
Inc.—Weekly Input—
Edmonton Street
Dodge Mfg. Corp.—Abandons Financing Plans—
postponed from
1936
$8,455,118
Eastern
to
Operating Subsidiaries of
1936
$541,506
$5.17
The special stockholders' meeting
off Sept. 27.
1937
$8,683,585
applicable
American Power &
Light Co
Electric Power & Light Corp
National Power & Light Co
—V. 145, p. 2072.
142, p. 2315.
each
cos.
compared with the corresponding week during 1936,
(& Subs.)—Earnings—
The corporation has decided to abandon its
proposed offering to stock¬
holders in view of the unsettled condition prevailing in the securities market.
for
Associates—Earnings—
Ebasco Services,
$2,365,326 $2,130,992
per share
sub.
of
earns,
loss8,406
For the week ended Sept. 23, 1937. the kilowatt-hour
system input of
the operacing companies which are subsidiaries of
American Power & Light
Co., Electric Power & I ight Corp. and National Power &
a After reserve for doubtful accounts of
$84,467 in 1936 and $88,281 in
1935.
b After reserve for depreciation of $754,837 in 1936 and
$728,736
In 1935.
c Represented
by 127,685 no par shares in 1936, 127,252 no
par shares in 1935.—V. 145, p. 1096.
6 Months Ended June 30—
Net income after all charges..
250,394
Utilities Associates.
1,705,383
1.700,662
Other income of Eastern Utilities Associates
309,824
309,792
Balance for Eastern Util. Associates divs. &
surplus
1,882,513
1,897,899
Note—No provision has been made for the Federal surtax on
undistributed
net income for the year
1937, since any liability for such tax can not be
determined until the end of the year.—V. 145,
p. 1417.
$20,211
90,869
152,630
for'n inc.
756,820
Net assets in for'n
11,183
12 Months Ended Aug. 31—
Operating revenues—sub. companies
Prov. for Fed. and
rec'ble
Accounts payable-
22,867
Eastern Utilities
1935
$48,100
Accruals
1937—8 Mos.—1936
$4,688,320
$4,069,762
—
1936
201,514
7,697
Accounts
a
1935
$331,931
201.514
1937—Month—1936
$538,308
$411,188
paid
—V. 145, p. 1416.
Net
$405,454
Co.—Earnings—
for int., which was not
"
Consolidated Balance Sheet Dec. 31
Inventories
$585,628
$0,295
$0,222
ductions, incl. taxes,
deprec.
&
allowance
$25,746
779,474
38.180
33,426
stk. outstand¬
Cash...
$440,688
1583.
Period End. Aug. 31—
Gross income
Net profit after all de¬
80,834
31,656
32". 535
Earnings
U. 8. Treas. notes,
2,065.204
101,206
stock—deficit
common
145, p.
Eastern Mfg.
$138,236
$921,235
Surplus Dec. 31
com.
$2,689.520
1,108,738
2,265,828
105,631
-
;
Per share of
—V.
4.106
ing (no par)
per share
$3,039,504
1,108,733
Net income.—
Dive, requirements on 4^%
prior pref. stock._
Div. requirements on 6% cum. pref.
stock, excl.
of stock owned by East Gas & Fuel Assoc
State taxes on dividends
un¬
distributed profits
Shs.
1935
$945,235
31,839
134,270
Depreciation
Prem.
1,627
3.505.332
3,178.302
399,732
91,838
Minority interest
—
on
476.307
Debt discount & expense
Dictaphone Corp. (& Subs.)—Earnings-
1936" "*
$10,341,031
498.551
3,988,673
3,010.051
566.784
1,515,166
—V. 146. p. 1416.
for surtax
1937
$11,105,190
Depreciation & depletion
4,194.185
2,142,319
1937
Associates—Earnings—
Interest
Net from railway
Net after rents
Prov.
Oct. 2,
Eastern Gas & Fuel
1937
Gross from railway
Net from railway
Net after rents
Chronicle
The Committee
^
Corp.—Plan Consummated—
Stock List of the New York Stock
Exchange has been
advised that the U. S. District Court for the
Southern District of Ohio
(western division) confirmed the plan of
reorganization by order dated
Jan. 11, 1937, and that the
plan has subsequently been consummated.
Under the plan each share of
6% non-cumulative preferred stock is en¬
titled to one share of common stock of the new
company, and each share
presently listed common stock is entitled to one-quarter of a share
of com¬
mon stock of the new
company.
As yet no application to list the securities
of the new company has been filed.
on
Financial
145
Volume
granted authority to suspend and
and Exchange Commission to strike the 6% noncun ulative preferred stock ($50 par) and the common stock (no par)
at
such time as the Committee deems advisable.—V. 144, p. 4005.
r
1935.—V.
apply to the Securities
1936
1935
$1,503,092
$1,176,129
404,195
223,685
335.511
240.348
65.786
def39.284
15,827,885
5,325,852
3,406,518
12,016,485
3,561.611
2,335,390
9.083.025
2.521.027
1,744.571
7,253.780
1,510.675
1937
$2,072,104
railway
Net from
Net after rents
1—
Jan.
From
Gross from railway
Net from railway
Net after rents
$770,628
...l
Co.—Accum. Div.—
Fenton United Cleaning & Dyeing
declared a dividend of $1.75
The directors have
dividend of $3.50 was
paid on
536,910
Ry.—Earnings—
1937
1936
Florida East Coast
Balance for dividends and
and taxes.
surplus
$3,064,946 $2,873,072
1,178,220
1,087,233
376,898
315,480
After
y
non-operating income, net.
tirement reserve.—V. 145, p. 1738.
Includes
x
$406,582
def64,045
defl56,064
1935
$330,880
def187,674
def282,358
$282,660
def160,686
def208,178
6,680,664
1,845,805
817,575
Net from railway
1936
1937
Operating revenues
x Balance after operation, maintenance
y
Gross from railway
31—
appropriations for re-
Net after rents
6,027,941
1,627,568
662,057
5,627,807
971,363
61,817
5,585,527
1,466,463
527,222
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Food Machinery Corp.—Forms New Subsidiary—
This corporation has notified the New York Stock Exchange that
Emerson Electric
Earnings
and allowances
incl. prov. for Fed. income
$1,308,546
Gross sales, less discounts, returns
after all charges,
Net profit
143,969
taxes..
At
with
of the board of directors
Jr. was elected a director.—V. 145,
recent meeting
a
Service Co. (&
Engineers Public
(Inter-company
Period End. Aug. 31—
Operating revenues.....
$2,046,029
(net)_aDrl99,664
Net oper. revenues._.
Non-oper. income
Balance
&c_
Int. & amortization,
1937—12 Mos.—1936
$1,846,365
657,213
$1,189,152
Appropriation for retirement reserve
Balance
$51,081,532 $46,708,506
19.262,993
2,733,532
5,113,800
$1,775,532 $21,244,047
94,423
129,358
$1,869,955
680,565
5,584,685
stocks, declared
earned but not declared
Cumulative pref. divs.
applicable to minority
$3,349,346
13,371
$3,763,526 $3,335,975
400,722
484,248
interests
Balance...
c
._
pref. divs. of certain
Cum.
5,219,165
$3,783,681
20,155
Balance
Amount
$12,494,878
$7,787,513 $7,275,713
2,658,710. 2,525,800
1,345,122
1,400,566
Balance
Dividends on preferred
$19,598,179
1,186,722
$21,373,406 $20,784,902
8,001,207
8,290,023
$1,189,390 $13,372,198
subs., not earned
default of the City of Seattle on the semi-annual
due on Sept. 1, 1937, on its street railway bonds
payment
owned by a
In view of the
a
of interest
of $173,666 for five months ended
July 31, 1937, previously included herein, were reversed in the month of
August 1937.
b Includes Federal income taxes of $819,234, of which the
Federal surtax on undistributed profits for four subsidiary companies
amounts to $4,294.
No provision nas been made by the other subsidiary
the interest accruals
subsidiary company,
liability
Applicable
unearned cumulative
since
companies for Federal surtax on undistributed profits,
any
for such tax cannot be determined until the end of the year,
c
to Engineers Public Service Co. before allowing for
preferred dividends of certain subsidiary companies.
Note—Certain subsidiary companies on Jan. 1,1937, adopted
Power Commission system of accounts, hence previous year's
not exactly comparative.
On March 31, 1937, the physical
certain other assets of Ponce Electric Co. were
The income
ment includes results of operation of that company for periods
to
date.—V. 145, p. 1738.
the Federal
figures are
property and
state¬
prior
that
sold.
RR.—Earnings—
Erie
railway.
Net after rents
From Jan. 1—
Net from railway..
Net
54,420,737
15,834,396
10,061.103
57,770,971
17,056,191
10,750,013
Gross from railway
after rents
Ex-Cell-O Aircraft &
1935
1,167,718
[,386,842
$6,020,309
1,351,733
755,241
651,929
,305.432
11 ,885,586
7 ,200.473
50,975,432
14,412,287
9,085,333
48
Tool Corp.—Earnings—
Ex-Cell-O Corp.J
[Name changed to
Maintenance
105,709
129,333
433,027
119,778
Net inc. before
$355,235
15,230
$142,954
loss$48,880
10,671
Drl4,238
$467,214
52,650
1,350
$370,465
41,300
$153,625
13,325
loss$63,118
$413,214
$1.08
inc. tax
undist. profits
income.
Earns, per
186,088
105,587
$441,531
25,683
operating profit..
Prov. for Fed. inc. tax..
Net
147,283
279,737
111,472
: $329,165
$0.87
$140,300
$0.37
sh. on com—
Cash
&
Notes
x
200,000
403,375
34.653
20,350
868
510,776
Inventories
42,590
Prepd. ins..tax.,Ac
Rentals rec. under
19,770
(not current). .
Bal. due from offi¬
Ac.
Land
..
contr.
less reserve-
Misc.
y
14,713
.
7,843 Capital stock (par
$3)
16,098 Capital surplus—
15,000
1
30,052
1,323,010
136,803
67,154
54,000
43,038
41,300
22.867
42,078
27,755
6,080
52,000
1,147,851
1,136,184
668,614
654,231
750,960
609,842
surplus—
since Oct.
11933
94,286
1
1
1
1
Rent. mach. under
lease A in constr.
(Iobs deprec'n).
Land,Ac..not used
Patents
Goodwill
Total
x
y
Total
$2,964,124 $2,668,016
bad debts of $41,000 in 1936 and $38,906 in 1935.
depreciation of $908,752 in 1936 and $820,825 in 1935.
3,768,229
1,105,161
586,275
3,266.842
652,058
195,847
3,895,379
1.526.267
1.036,732
1585.
—V. 145, p.
Steel & Wire Co., Ltd.—Co.'s Stock Sought—
The Royal Trust Co. of Montreal on Sept 23 offered to buy outstanding
shares of this company on the basis of $12 a common share and $110 a
class A preferred share, until Oct, 30.
There are 5,000 class A preferred
and 30,000 common shares outstanding.—V. 145, p. 112.
Frost
Industrial Securities
Fulton
Corp.—Bonds Called—
profit-sharinggold bends due Feb. 1,
1 at 105 and interest. Pay¬
National Bank, Atlanta,
or at the Marine Midland Trust Co. of New York.—V. 145, p. 1257.
All of the
outstanding 8% series A
1948, have been called for redemption on Nov.
ment will be made at the Citizens & Southern
Ga.,
Fyr Fyter Co .—Initial
Common Dividend—
per share on the
record Sept. 30.—
The directors have declared an initial dividend of 40 cents
company's common stock, payable Oct. 15 to holders of
Y. 145, p. 435.
Galveston
Electric Co.—Earnings—
31— 1937—Month—1936
$27,352
$23,748
15,483
13,955
1,980
2,719
1937—12 Mos.—1936
Period End. Aug.
Maintenance
Retirement
accruals (a).
Taxes...
.
Non-oper. income
$5,503
$5,437
432
equip, notes
$5,503
17,834
$27,575
$44,812
4,434
(net).
Balance
31,993
27,391
7,254
b26,045
1,569
$5,437
Net oper. revenues—
Interest on
1,531
b2,920
-
$238,635
161.231
$281,656
176,152
revenues
Operating
Operation
$27,575
$49,246
1,535
.
—.
"
$5,005
$5,503
$47,711
$27,575
These accruals equal depreciation to be claimed for Federal Income tax
purposes on buses only.
Bus service was inaugurated to a minor extent
Net income
a
increased substantially in May, 1937.
mad® for the Federal surtax on undistributed
in Dec., 1936, and was
b No provision has been
for the year
1937, since any liability
the end of the
Galveston-Houston
Period End. Aug.
31—
Operating revenues
Operation
for such tax cannot be
year.—V. 145, p. 1585.
Electric Ry.—Earnings—
1937—Month—1936
$2,313
$22,340
456
11,783
3,207
a675
1,338
1937—12 Mos.—1936
$59,995
34,705
$213,370*
129,497
41,541
16,019*
Net oper. revenues—
$1,182
$6,010
$4,521
$26,312
Non-oper. inc. (net)
Dr2,825
11,841
1,620*
Balance
def$l,642
$6,010
$16,363
$27,932
Int.
1st mtge. bonds.
5,108
5,108
61,300
61,300Net deficit
$6,751
prof$902
$44,937
$33,368
No provision has been made for the Federal surtax on undistributed
net income for the year 1937, since any liability fof such tax cannot be
Maintenance
Taxes
9,421
all,348
on
determined until the
end of the
year.—V. 145, p. 1585.
Gardner-Denver Co.—Extra Dividend—
The directors have declared an extra dividend of 10 cents per share and
quarterly dividend of 25 cents per share on the larger amount of no par
common stock now outstanding, both payable Oct. 20 to holders of record
Oct. 8.
Similar amounts were paid on July 20 last.
Stockholders on June 4 last approved a 3-for-l split-up of company'*
shares.
cents per
dividend of 50
stock previously
dividend of 25 cents and a regular quarterly
paid on the smaller amount of common
April 20 last.—V. 145, p. 1900.
share was
outstanding on
Loan—
Power Associa¬
National Bank has
The note
2H% per
A similar note will be issued by the com pany to the First National
Bank of Boston.
Proceeds from the two notes will be used to repay matur¬
ing notes and other indebtedness and
for extensions, additions and
The sale by
Electric Light Co.—SEC Approves
subsidiary of New England
the company, a
$150,000 unsecured promissory note of Chase
been approved by the Securities and Exchange Commission.
will run for six months carrying prepaid interest at the rate of
tion, of a
improvements.—V. 145, p. 1900.
General Motors Acceptance
Corp. (&
Subs.)—Earnings-
1937
....$48,340,571 $42,310,06623,868,835 20,660,844
7,362,271 4,571,554
on
undistributed income
—
2,816,030 2,492,525Net income
...
—....$13,690,534 $13,596,765Note—The above earnings statement for the 12 months ended Aug. 31,
1937, includes a provision for Federal surtaxes on undistributed profits for
the calendar year 1936 but no provision is included in the earnings for the
eight months of 1937 and the 12 months ended Aug. 31, 1936.—V. 145, p.
31—
before int. & prov. for Fed. inc. taxes
Interest and debt discount and expense
Provision for Federal income taxes and surtaxes
Net inc.
1418.
$2,964,124 $2,668,016
After reserve for
After reserve for
Net after rents
12 Months Ended Aug.
Total operating income
34,998
120,037
102,965
Perish, tools (net).
$432,084
111.536
43.093
annum.
1,270,335
..
Land, bldgs., ma¬
chinery, Ac. .
$92,798
A
655,792 Prov.for Fed .taxes
37,865 z Bonuses due exec.
Res. for comp. ins.
rec.,
investments
Net from railway
Gardner
1935
$120,060
propor. matur'g
within one year.
Earned
Nil
pay.,
Def. rental 'ncome
mach.lease agree
cers,
contracts
mortgages
Rentals rec. under
Land contr'ts rec.
Land
loss$63,118
1936
commissions, Ac.
444,183
mach.lease agree
168,634
31
Liabilities—
196,150 Accts. pay., trade.
payrolls,
100,000 Accrued
accts.
receivable-
$484,279
148.096
81,898
5,035,543
1,998,063
1,445,745
Gross from railway
An extra
1935
194.344
.
U. S. Govt. sees..
$516,530
179,068
107,746
Net after rents
From Jan. 1—
common
Comparative Balance Sheet Dec.
1936
Assets—
i qqx
l QO c;
$538,447
144,720
60,837
railway.....
a
mach.
Miscell. income (net)
Surtax on
123,314
369,851
123,284
and repairs
equipment
Selling expenses
Gen. & admin, expenses.
Net
$437,798
26,367
$1,040,607
$1,229,379
Deprec. on bldgs.,
and
1934
$741,852
60.405
...
profit
1933
68,923
1935
1936
Calendar Years—
Gross
1934
1584.
—V. 145, p.
Gross from
Ry.—Earnings—
IQ^R
1QQ7
determined until
Erie RR.j
1936
$7,204,872
2,255,926
1,366,457
1937
$7,158,019
1,823,493
1,109,791
August—
Gross from
& Denver City
Fort Worth
A,,fi
net income
fIncluding Chicago &
Net from railway
an
—V. 145, p. 1900.
Net from rail way
1,668,619 20,534,773
244.184
3,440,791
492,870 b5,861,920
329,977
520,115
Taxes
Companies
Eliminated)
Items
1,788,827
Maintenance
David
Subs.)—Earnings—
1937—Month—1936
$4,684,950 $4,181,206
Operation
2073.
p.
Subsidiary
Statement of
Combined Income
of this company,
it has
subsidiary known as the Cutler Equipment Co., of
The charter for the company was granted July 8, 1937,
authorized capital stock of 750 shares, par value of $100 each.
recently formed a
Wenatchee, Wash.
New Director—
Van Alstyne
1418.
—V. 145, p.
Mfg. Co.—Earnings—
for 2 Months Ended July 31, 1937
1934
$424,078
def58,000
defl57,883
August—
Co.—Earnings—
12 Months Ended Aug.
per share on account of
$100, payable Oct. 15 to
on July 15 last and a
June 16 last.—V. 145, p. 278.
accumulations on the 7% cum. pref. stock, par
holders of record Oct. 10.
Similar an ount was paid
—V. 145, p. 1583.
El Paso Electric
1936
$16,863
1937
$18,340
}'
31—
charges
144, p. 3837.
—V.
1934
751,359
443,765
August—
Gross from railway
Corp.—Earnings—
Famise
6 Months Ended May
Net income after all
-Earnings—
Elgin Joliet & Eastern Ry.
1936, 3,889 shares for
stock, 4,231 shares for
by capital
144, p. 3499.
To be satisfied
z
Stock List has been
The Committee on
2225
Chronicle
General Motors
Corp.—Buick Prices Raised—
the anticipated price advances on 1938 model General Motors
announced on Sept. 28 by the Buick division, and for closed cars
showed maximum advances of 4.1% over prevailing prices for 1937 models.
In dollars, the price advances range from $7 to $97 a car, with the excep¬
tion of one $121 and one $143 advance in the higher price range.
First of
cars were
2226
Financial
Current advances
Chronicle
considerably less than the Aug. 6 ad vanres on 1937
models which amounted to
$45 a car for series 40 and 60 models and $100
a car
for series 8 J and 9 ) models.
They are also somewhat less than
generally anticipated in the trade.
August—
Net after rents——
Net
40,223
44.216
36.576
45,195
459.266
533,349
$218,416
i:
3,247
$186,362
1,829
$1.9 )9J02
38,047
$1,786,884
45.089
$221,664
$188,191
$1,947,749
$1,831,973
9,256
(other
5,430
96.799
70,451
$212,407
than
$182,761
35.990
$1,85 1,950
456,572
$1,761,522
Fed¬
eral income
*
Net oper. income
Non-oper. income
Total,
Exps. & taxes (other than
Federal
income)
of
General
Public
Inc.
Balance
Utilities,
$146,770
$1,394,378
$1,345,052
71,353
2,140
71,570
856,245
20,420
12,350
869,236
$102,320
$75,199
$5d5,363
$475,816
Public
Inc.:
Int. on funded debt
Federal income.
Fed undist.profits tax
Net income—
of Gen. Public
Utilities. Inc.:
Divs.
available
3,242
3,242
38,910
38,910
$99,077
$71,957
$466,453
$136,906
for
provision
has been
made In
the above statement
for Federal
profits taxes other than reflecting the
accrual for the calen¬
dar year 1936 in the figures for
the 12 months ended
Aug. 31,1937.—V.
undistributed
proposes
to
settle
preferred dividend
of interest.
Toe plan
because of
forward
Newman said.
Mr. Newman reported
Increased 18% over the
of
to
September sales
preferred
that sales for
dividend
accumulations is
and earnings, Mr.
Telephone
Cleared Up—
directors
have
the eight
corresponding period
13% above those for
were
General
The
settle
substantially Improved sales
Dividends will accumulate at the
old 7% rate from May 1,
1938.
Allied
a
The
months ended Aug. 13
1936 and for the first half
year ago.—V. 144, p. 2127.
Corp.—Dividend
Arrears
a
dividend
pref. stock,
V.
144, p. 4345.
Georgia & Florida
Period End. Aug. 31—
Railway
Railway
are
sold
oper.
expenses.
$176,669
110.246
Net rev. from ry.
oper.
accruals
Railway
rents
allowances and processing taxes
Net ry. oper. income.
Gross profit
Other income
on
sales
$9,700,726 $10,619,449
307.400
309.217
$6,660,000
$10,008,127 $10,928,666
Selling, admin, and general expense-6,132.935
6,598,144
542,735
485.000
$6,971,497
4.323.664
75.375
23.822
346.115
330.000
$3,085,469
800,000
$3 29
$1,872,520
800.060
$2.00
....
Other deductions net
Federal income taxes
Net profit
No. of shs. of
com.
on common
$58,295
Dr3,6 >9
$.5,461
Dr 1,928
$52,757
$54,113
1,355
145, p. 1739.
Oct
Oper
'36 May 31
$
Cash
$2.91
Oct. 31
ceptanre, receiv. 4 297 960
Inventories
10.106.827
Liabilities—
Notes pay., banks
1,753,519
4.968,246
—-.
Accts.. notes &
Mlscell. current
ac
Inve-'ts.
affll
Other
12,550.317
216.152
Investments
equipment
150.959
176,474
Divs.
559,522
Oth
(net) 12,014.382 12.457 834
101.848
exps.
&
taxes—
retire, reserve-
pro^ income.—
Int. & other fixed
r
637,441
x
charges
Net
income
on
Balance
$45,849
10,5)3
def$2,449
10,525
$8,076
7,710
—Jan. 1 to
1937
$365
Sept. 21
1936
$997,293
$856,980
No
provision
was
$395,969
245.870
$150,098
made
in
1936 for
Gibbs &
Gross profit..
Federal
with SEC—
See list given on first
page of this department.
4.003.000
7,524.344
7.52 4,344
6.401.721
$957,274
465,621
197.381
-
Selling and administrative expense
-
Operating profit
$5,130,087
2,949.756
$4,821,394
2,950.430
$2.180.331
$1,870,964
surtax
on
$268,240
6,496
-
$274,736
35.053
Net profit, before taxes.
$239,683
Earned per share
$2.39
Balance Sheet Aug. 31, 1937
Liabilities-
Cash
$58,702
Accounts receivable
Inventories
Cash value life
74,203
——
Insurance
undistributed
No provision
reserve
$19,546
25,343
(Dr )-.i
7.462
x
Funded debt.
264.500
x
Common stock ($10 par)
144,240
y593 679
The funded debt
Gilmore Oil
679,454
Total
$1,140,546
has been eliminated
outstanding,
The company
Surplus
47,375
$1,140,546'
par, are
Accounts payable
Accrued liabilities
Operating
45,979
Fixed assets (net)
Prepaid & deferred charges—
$2
262,304
58.303
Other assets..
x
was distributed.
145, p. 1419.
Co.—Registers
4.000.000
6.306.722
Earnings for 8 Months Ended Aug. 31, 1937
Gross sales
Total
$918,360 $11,561,292 $11,134,339
522,391
6,431.204
6,312,944
$366,348
245.862
as
Common stock..
67.886
9,997.000
Capital surplas
Assets—
1937—12 Mos.—1936
$2,150,832 $28,540,165 $25,410,411
1,098,721
14.575.123
12.703.071
133,750
2,403.750
1,570.000
Erofbeen made for such tax infor that year
ts as all taxable income 1937.—V.
44,791
67.886
pf stk 10.000.000
30,960,989 35,017.115
Total
30.966.989 35.017,115
Represented by 800.000 (no par) shares in 1936 and
800,060 (no par)
.n 1937.—V.
145, p. 1740.
$10,481
Cr2,589
1937—Month—1936
$120,485
pref. stock
752,514
llab_.
Total
Dr 15.520
$48,858
539,792
231,920
1.236.949
Profit & loss surpl-
Dr 14,068
983
$906,141
214.585
927.403
..
taxes,
forcontlng.
4H% conv
98.835
482,755
1,284.365
151,905
167,483
payable
current
Res've
Deferred assets—.
liab.,
interest. &c
plant
$
3.320,720
wages and
compensation
Acer,
488.227
Other assets
Property,
146,278
1.668.647
&
May 31 '37
trade,
Process, taxes,Fed.
Unpaid
1,728.820
In sub.
cos
pay.,
&c
ac-
counts
'36
$
800.000
958.567
Accts.
Dr 15,543
$53,130
$2,376,090
1.239,949
230.000
78.600
138.718
'37
$
1,376.057
y
and 100,000 shares of
common,
After depreciation of $422,421.—V. 145,
p. 1739
Co.—Pays Larger Dividend—
paid
a dividend of $1
per share on the common stock,
Sept. 30 to holders of record Sept. 23.
This compares
on March 31 last: $1.40 on
Dec. 18. 1936; $1 on Nov.
20,
1936: 51 cents on Oct. 20 1936: 15 cents
paid on July 31 and April 30, 1936,
in each of the four
quarters of 1935 and on Nov. 30, 1934, 25 cents
paid on
Jan. 31, 1934, and 20 cents
per share distributed on Jan. 31, 1933.—V.
144,
p. 2654.
no
x
31
A ssets—
Georgia Power Co.—Earnings—
Prov. for
311.496
Total income
Deductions from income.
$56,353
7,494
—Week End, Sept. 21—
1937
1936
$23,650
$22,825
'
Period End. Aug. 31—
Gross revenue.
Divs.
$2,645,590
753,881
stock outstanding
stock
Other income:
951
to int.
Period—
Gross earnings
x
57,048
244.436
527,871
400,245
Depreciation and depletion
$64,078
53,597
$53.328
Deductions from income
.
$137,310
61,849
$54,281
Gross income
_
$3,320,719.
Giddings & Lewis Machine Tool
Co.—Earnings—
1937—8 Mos.—1936
$925,243
$787,426
787.933
723,359
$65,690
7,395
$52,851
1,429
Non-oper. income
Surplus applic.
to
$39,528,738 $44,580,959 $30,601,150
29,828,012
33.961,510
23.941.150
Cost of sales
x
$58,406
Dr3,593
Drl,960
(Net)_
expenses
shares
8,017
oper. income-
Equipment
price of $30 per share, the net
average
1937, amounted
to the months of June and
$1/3.565
107.875
$66,423
Joint facility rents
(net).
V.
an
Condensed Consolidated
Operating Statement of Income
—Years Ended Oct. 31— 7 Mos. End.
Period—
1935
1936
Mag 31 '37
Gross sales less discounts, returns and
RR.—Earnings—
Railway tax
*
at
It is the present intention of the
company to apply the net proceeds to
the payment of notes and
acceptances held by banks and
brokers, which
as at the close of business
May 31,
previous (
dividend payments
1937—Month—1936
oper. revenue.-
be offered to holders of out¬
amount
con
Sayment $1 per share. on arrears, applicable
uly, of of dividends For detailed record of
see
Sept. 17, 1937, the price at which
Jjroceeds which of $33,400, will be $1,886,720. deducting estimated
the
the company will receive, after
Intangibles.
declared
of the
subject to a
amended, be¬
fixed as of the close of business Oct.
4, 1937.
Subscription warrants
become null and void if not exercised at or
before 3 o'clock p. m.
Eastern Standard Time on Octl
25, 1937, by subscribing for the shares called
for thereby and by paying the
subscription price therefor at the ofrice of
New York Trust Co., N. Y.
City.
Stock has not been underwritten.
or
of $2.50 per share on the
$6
no par value, payable Nov.
1 to holders of record Oct. 15.
pany stated that this payn ent includes
the regular
quarterly divi¬
dend of $1.50 per share for the
quarter ending Oct. 31,
1937, and the final
cum.
on
holders
ail
as
shall
arrears
Jreferred holders 2l/£
put
the
Condensed Consolidated Balance Sheet
by offering
or each preferred share
shares of John O. stock of the company at $1 a share
common
held,
Newman, President, announced on
Sept 23.
Early this year outstanding bonds were refunded
at
a
lower
rate
to
1933,
was
General Steel Wares, Ltd .—Dividend
Plan—
This company
substantially the prevailing
offered
were
stock should
common
Earns, per sh.
145,
1418.
p.
as
Interest paid
stock & surplus
Note—No
1,285,110
140,835
80,010
Gross profit
$5 preferred stock---.-
com.
416.469
$175,813
1,265.308
123,7(5
16,937
standing common stock was fixed at $30, and the record date for
deter¬
mining the holders of common stock entitled to receive
subscription warrants
If 64,000 shares
36.594
Charges of Gen.
price of such of said shares
coming effective.
At a meeting of the directors held
u
Gross income
9,614
1,525.985
2(9,113
35,483
Co.—Jjisting of Additional Stock—
the additional shares of
(excl. oper.
Charges of subsids
1934
137.943
dcf6,242
defl 0,502
company's common stock and not purchased by them,
registration statement under the Securities Act of
Util¬
divisions
Balance
market
422,176
476,753
_
Depreciation
ities,
1937—12 Mos.—1936
$5,3/7,815
$4,847,236
2,144,102
1,939.683
261.395
221,739
$478,018
182.687
27,198
after rents
Glidden
1935
157.598
15,276
4.736
The New York Stock
Exchange has authorized the listing of
78,400
additional shares of common stock (no
par) upon official notice of
issuance
making the total amount authorized to be listed
1,078,400 shares.
Trie directors on May 17, 1937, determined that
it would be advisable
to
to effect an amendment of the
company's amended articles of incorporation
in order to increase the number of authorized
shares of common stock from
1,000,000 shares to 1,200.000 shares.
At a special
meeting of the holders
of common stock on June 22,
1937, the increase was authorized.
The directors at a meeting held on
July 27, 1937, authorized the
offering
for subscription and purchase by the holders of
common stock, of
additional
shares of common stock on the basis of
one new share for each 12
4 shares
held, and the sale by the company to others at
2075.
$525,9/3
202,484
18,633
1936
—V. 145, p. 1419.
Utilities, Inc. (& Subs.)—Earnings—
1937—Month—1936
2.109.555
302.213
303.773
185,871
29.267
1,671,288
352,267
188,157
-
Gross from railway
from railway
Cadillac and La Salle prices on 1938 models will
represent an advance of
$60 to $260 over comparable 1937 models.
Changes of wheel base and
elimination of a number of models,
including the entire V-12 line, limit
the number of models on which exact
comparisons can be made.
Maximum advance in percentage on
comparable models is 12% with the
bulk of the advances falling between
5% and 6%.
Advances made on 1937
models on Aug. 9 were $100 a car for all
models.—V.
Period End. Aug. 31-
382.489
$191,330
32,198
12,506
Net
Cadillac and La Salle Prices Increased—
Operating expenses
47,776
2,082.469
311.445
343,531
399,756
1937
railway
Net from railway
Net after rents
From Jan. 1—
.
Gross oper. revenues
1934
$269,599
41.886
41.807
42.801
Georgia Southern & Florida Ry.—Earnings—
;
p
2,364.377
August—
Gross from
Retail sales of Oldsmobile division of General
Motors Corp. the first 20
days of September totaled 6,295 units, a substantial increase over
like period
of last year.
For first 20 days of August deliveries were
11.913 units..
M Retail sales from Jan. 1 through
Sept. 2d totaled 152,918 units, an alltime record for that
period and nearly 5,000 units ahead of like
period
of 1936.
145,
1935
$265,695
$306,769
58,622
62,658
2.518.453
452.666
485,414
—
—V. 145, p. 1585.
declared.
General Public
1936
$308,058
89.137
48.089
From Jan. 1—
Gross from railway
Net from ra Iway------
which is up $03.
Series 6 i advances range from $7 to
$45 with the exception of the con¬
vertible phaeton, which is up $143.
Series 80 advances are $83, $92 and
$121, and series 9 > ad vances $96 and $97.
to
Harlow H. Curtice, President of the Buick
division, stated that price
increases "have been held to a minimum in the
face of higher
manufacturing
and material costs."
He said that the new cars have more
major improve¬
ments than any in the past five
years.
The two advances of more than
$100 were on models underpriced in
1937, he
Oldsmobile Retail Sales Up—
1937
Gross Trom railway
Net from railway
Net afier rents
in the lower priced groups, advances have been held
within a $7 to $32
range for most models.
The series 40 sport sedan with built-in
trunk,
one of the largest
sellers, has been raised $26 or 2.5%.
Other series 40
model advances
range from $21 to $35, except for the convertible
phaeton,
Taxes
1937
2.
Georgia RR.—Earnings—
»
Maintenance
Oct.
are
par
value,
on
with 15 cents paid
Grays Harbor Pulp & Paper Co.—Merger Plan—
See Rainier Pulp &
Paper Co. below.—V. 145, p. 2075.
Grand Trunk Western
RR.—Operation—
The Interstate Commerce
Commission on Sept. 22 issued a
certificate
oper tio
der trackage rights, by the
company over a line of
railroad and the joint use of certain
facilities or the Michigan Central
RR.,
New York Central
RR.,
authorizing
lessee, in Saginaw, Mich.
Volume
145
Financial
Earnings for August and Year to Date
August—
1937
■Gross from
Net from
railway
railway
From Jan.
1
1934
1935
$1,626,701
$1,499,729
184.112
91.193
12.430
53.034
defl09.778
deflO.141
defl09.657
16,757.499
15.833.101
13.436.122
4.166.706
3.811.711
2.396.786
2.063.479
2,086.467
£,115.178
1.262,728
609,036
$1,322,878
—
Net after rents.
—V.
dividends of 68^" cents per share previously distributed each three
months.—V. 144. p. 1960.
267.578
Gross from railway
Net from railway
Great Northern
Ry.—Earnings—
1937
an extra dividend of 30 centper share In
to the regular
quarterly dividend of 25 cents per shar* on the
stock, both payable Nov
1 to holders of record Oct. 20.
A special dividend of 20 cents was
paid on Jan. 28, 1937: at the same time
the regular quarterly dividend was raised from 15 cents
to 25 .cents
Net after rents
7.367.293
share.
2.484.871
1.718,345
—V. 145. p. 1903.
47.597.363
43.863.816
18.336.788
12,649,754
3.170,796
61.184.543
20.219.204
14.536.674
$8,419,640
3.546.325
2.805.909
55.420.218
4.686.957
Net after rents
Horder's, Inc.—Extra Dividend—
The directors have declared
addition
1936
$9,493,181
4.115.216
3,129.508
$10,789,412
From Jan. 1—
Gross from railway
Net from railway
15.823.203
10.365.384
11.548.217
6,139.033
1935
1934
—V. 145, p. 2075.
co
paid
dividend of $1.50 per share on its common stock on
Oct
1 to holder? of record Sept. 21.
Similar amount was paid on June 2
last.
An extra dividend of 50 cents in addition to a dividend of $1
per share
was paid on April 1 last.—V.
144, p. 4179.
npany
Green
Hotel Madison
August—
1937
Gross from
Net from
railway
railway
1936
Houston Electric
$142,900
35.308
15,941
Net after rents
From Jan. I —
Gross from railway.....
$129,429
27.308
7.477
1,136.760
Net from railway
Net after rents
289.015
154,620
1934
32.553
$90,078
5.620
16.944
der64
$119,794
1,056,200
258.209
121,665
Operating
921.517
194.561
98,914
Net oper. revenues
Interest on bonds
Other interest <fcc
Gulf Mobile & Northern
$402,395
499
15.623
7.914
No
a
20.775
15.989
2,640
646
RR.—Earnings—
income
$6,981
$752
$179,909
$58,236
provision has been made for the Federal surtax on
undis'ributed
1937 since any iability for such tax cannot be de¬
Howell Electric Motors
rents
1935
1934
$659,411
$541,972
201,181
95.825
108,886
22,112
5,085.652
1,821,683
946,870
from railway
Net after rents
4,683,913
1,722,712
844,334
3,850,161
3,496.010
985,932
338.374
1,217.52 9
596,065
—V. 145, p. 1420.
I
iaauo
1937
$125,370
9,731
defl9.347
rents
12,738
defl2,621
1,081,444
196.881
def9,411
Gross from railway
Net from railway
129,5'3
def69,5J5
rower
1936
$123,436
1935
1934
x^o.-
Period End. Aug. 31—
1937—Month—1936
$485,274
$439,696
revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
Gross income..
Int. on mtge. bonds
238.689
215.064
36.000
44.500
$116,355
$88,856
29.841
def932
Other int. & deductions.
def25.753
Int. chgd. to construct'n
776,343
107,080
def98,293
x
$2,022,961
54.167
5,611
650.000
89.066
Dr882
Crl0.503
858,717
128,293
$1,899,299
716
11.667
5,302
428.000
$2,023,843
$188,152
Dr473
$201,612
54,167
475.500
$188,632
Z)r480
$202,085
...
1937—12 Mos.—1936
$5,092,577
$4,605,587
2.593.234
2.>78.288
rents
964,214
def58,877
Net Income..
Divs. appiic. to pref.
whether paid or unpaid
$146,281
stocks
for
$128,374
period,
$1,319,890
$1,189,588
the
414.342
Co.—Earnings—
.
$775 244
x Regular difidends on
7% and $6 preferred stocks were paid on Aug 2
1937.
After the payment of these dividends there were no
accumulated
unpaid dividends at that date
Note—Includes pro\ Ision of $35,900 made
during the last 12 months
($17,600 in 1936 and $18,300 in 1937) for Federal surtax on undistributed
profits.
Underwriters Named—
(Charles) Gurd & Co.—Tenders—
This company has decided to invite tenders from holders of Its preferred
shares for sale to the company of 100 shares for the purpose of redemption.
Montreal T^ust (Jo
transfer agent, is authorized to receive etnders from
shareholders of record up to Oct
11, directors to take action on such ten¬
414.342
$905,548
Balance
12 Mos. End. Aug. 31—
1937
1936
Operating revenues
$6,194,041
$5,796,685
x Balance after operation, maintenance and taxes.
2,883,174
2,720.248
y Balance for dividends and surplus
i .054.815
879.560
x Includes non-operating income, net.
y After appropriations for retire¬
ment reserve.—V. 145, p. 1740.
66.412
Cr 5.983
—V. 145, p. 1586.
Gulf States Utilities
$1,900,015
650.000
CV35.995
From Jan. 1—
Gross from rail way.
Net from railway
par
2076.
p.
Net oper. revenues
Other income (net)
Ship Island RR.—Earnings—
August—
1587.
(Harvey) Hubbell, Inc.—Listing and Registration—
Operating
Net
p.
The New York Curb Exchange has admitted the
common stock. $5
mi registration.—V. 145.
to listing
$414,945
278,832
151.756
145.
Co.—Registers with SEC—
See list given on first page of this department.—V.
145. p. 1904.
r
1936
$629,260
237,9 )2
120,949
From Jan. 1—
Gross from railway
Net after
230.840
$299,610
229.586
7.958
3.829
198.948
687
termined until the end of the year.—V.
1937
Gross from railway.....
Net from railway
after
$20,049
18,109
$2,690,814
1,321.187
377.757
288.633
a300,S41
net income for the yeir
August—
Net
106.689
27.435
24.579
,
Net
1937—12 Mos.—1936
$2,311,689
1.144.572
323.367
313.299
$199,528
Amort, of dt. disc. & e.xp.
.
Gulf &
Co.—Earnings—
$26,256
Retirement accruals
def34.816
Guilford Realty Co.—Accumulated Dividend—
after
Nov. 1, 1936.
118.518
34.495
26.393
a27.050
Maintenance
The company paid a dividend of 75 cents per share on account of accumu¬
lations on the 6% cumulative preferred stock on Sept 30 to holders of record
Sept. 20.
Arrearages now amount to $28.50 per share.—V. 145, p. 610.
Net
on
$232,713
Operation
696.477
19.890
—V. 145. p. 1740.
paid
was
1937—Month— 193 6
revenues
Taxes
1935
share
(Madison Corp.), N.Y. City.—Trustees—
Period End. Aui. 31-
a
Bay & Western RR.—Earnings—
per
An extra dividend of 30 cents
per
Federal Judge John Clark Knox, of the Southern District of
New York,
recently appointed A. Bruce Bielaske, W. Randolph
Montgomery and
Oscar Wintrab as voting trustees.
Great Southern Lumber Co.—Pays Si.50 Dividend—
The
Guaranty Trust Co. of New York has been appointed transfer
outstanding capital stock of this company.—V. 145, p. 1260.
co nmon
August—
railway
Net from railway
Hookless Fastener Co.—Transfer Anent—
The
agent of the
12.262.529*
145, p. 1586.
Gross from
2227
with
$1,767,055
Net after rents
t
1936
Chronicle
The company has filed an amendment to its registration
statement with
Securities and Exchange Commission stating that
the
underwriters of its
$18,000 000 issue of 3%% serial bonds due 1967 will be as follows:
First
Boston Corp., $4,300,000; Coffin & Burr. Inc.. $1,250,00 »: Mel'on
Securi¬
ties Corp., Harris Hall & Co., Bonbright k Co., Brown
Harriman k Co
ders at
a special meeting to be called subsequently for that
purpose.
Redemption of this $10,000 par value of 3hares will bring the total
to date since the company
was publicly financed in
1927 to
$260,000. $200,000 having been redeemed July 1928. $30,000 in July 1930,
$10,000 in September 1931 and $10,000 late last year —V. 145, p. 1100.
*redeemed
Hackensack Water
Co.—Refunding Abandoned—
$500,000 each: Jack«on & Curtis, Kidder. Peabody & Co., W. O.
Langley
& Co., Lazard Freres & Co., F. S. Moseley & Co., 8tone k
Webster and
Blodget. Tucker. Anthony & Co. and Whiting, Weeks & Knowles each
$300 000; and Hale, Waters & Co., $50,000.—V. 145. p. 1742, 2076.
The directors decided on Sept. 29 to withdraw their petition to the New
Jersey Board of Public Utility Commissioners covering proposed refinancing
this
fall.
The
favorable bond
prompted the company to
funding of all outstanding
61,500 shares of common
withdrawn, the company
•further consideration
prevailing at the first of the year
registration statement providing for the re¬
file a
bonds by
stock.
first mtge
a new
issue and
an
additional
In June the registration statement
stating that it considered it advisable
until
to
was
defer
fall.
The directors announced Sept. 29 that because of the unfavorable con¬
of the
bond
market at
present the refinancing plan has been
dition
^abandoned.—V.
145.
p.
Hamilton Mfg.
Illinois Central
Net
after rents
1937
$136,047
74,846
...
1936
$81,054
75,317
$0.57
$1.01
Net after rents
Gross from railway
Net from railway
Hedley
&c.,
but
1936
Mines,
Ltd.—Initial
and
Extra
Dividends—
The directors have declared an initial
per
quarterly dividend of three cents
share and an extra dividend of one cent per share on co npany's capital
1938 to holders of record Dec. 1.
-stock, both payable Jan. 1
1937—Month—1936
1937—8 Mos.—1936
$103,492
66,113
$85,990
59,763
$762,611
511,279
$661,894
445,574
Net rev. from transp_
Rev. other than transp—
$37,378
3.160
$25,226
3,656
$251,332
27.125
$216,320
22.019
from opers__
$40,539
$29,883
$278,458
$238,339
8,377
7.768
66,801
13,571
11,795
101.189
Dr42
Dr70
'Total oper. expenses
Net
rev.
*
Taxes
assigned
to
ry.
operations
Interest
Profit and loss
—V.
revenue
Crl08
94.366
Dr255
624
347
6.048
314
$17,924
$9,901
$104,511
$82,240
Replacements.
Net
61,162
16
Depreciation
145. p. 1421.
Hartford Electric Light Co.—To Pay Larger
The directors have declared
Common Div.
a dividend of 73 cents per share on the corastock, payable Nov. 1 to holders of record Oct. 15.
This compares
51,573,793
52,350,809
13.415,697
8.280,640
10,317,195
5,859,291
1.9
9 633
1.221,004
of Exchange—
202,190 shares (par $25) of Oomrronwealth Edison Co.
offered by Commonwealth Subsidiary Corp. (all of the
capital stock of
by the Edison company) in exchange for the following shares
6% cumulative preferred stock (par $100); and
$7 junior cumulative preferred stock (no par).
This offer is on the following basis:
3.7 shares of the Edison
company are offered by Commonwealth Sub¬
sidiary Corp. in exchange for each of 46,828 issued shares of 6% cue ulative
preferred stock (par $100) of Illinois Northern Utilities (Jo.
To facilitate
this exchange ofrer, the Edison company will, upon request of (Jon monweaith Subsidiary Corp., issue scrip for its fractional shares in denon inations of tenths
(This scrip will be non-voUng and non-dividend-bearing
and will be void after Dec. 31, 1938.)
This offer terminates Nov. 15, 1937,
3.7 shares of the Edison company are offered by Commonwealth Sub¬
sidiary Corp. in exchange for each or 7,817 shares issued of $7 junior cumu¬
lative preferred stock (no par) but having a stated value of $100 each of
Illinois Northern Utilities Co.
To facilitate this exchange offer, the Edison
company will, upon request of Co nmon wealth
Subsidiary Corp., issue
scrip for its fractional shares in denominations of tenths.
(This scrip will
be non-voting and non-dividend-bearing and will be void after Dec.
31,
1934.)
This offer terminates Nov. 15. 1937, unless extended.
The shares of the Edison co npany being offered will be acquired
by Com¬
monwealth Suosidiary Corp. pursuant to the plan set forth in a
prospectus
to
stockholders
of
Public
Service
Co.
of
Northern
Illinois
(which
see).
Under such other plan the Edison company is offering not to exceed
2.655,049 shares on the basis of 3 shares in exchange for each of the common shares
of both classes of Public Service Co. of No. 111. and 4 shares in
exchange
for each of the preferred shares of both classes of Public Service Co. of
No. HI.
Of such co nmon and preferred shares. Commonwealth Subsidi¬
ary Corp. owns 48,330 shares or common stock
of common stock (no par) and having a stated
(par $60), 207.443 shares
value of $60 each. 7,678
pref. stock (par $100), and 18.242 shares of 7% cum.
pr?f. stock (par $100), all of which shares it will exchange under such other
plan.
The offers under such other plan terminate Nov. 15, 1937, unless
shares of 6%
jmon
63,198,4 7 2
13,979,944
7,363,4 50
1934
$7,085,319
unless extended.
Honolulu Raoid Transit Co., Ltd.—Earnings—
Period End. Aui.ZX—
Gross rev. from transp-.
64,593,065
12,9 2.959
7,287,136
1935
$6,819,292
1,081.190
469,524
of Illinois Northern Utilities (Jo.:
$16,058 loss$25,799
Gold
.
1936
$8,141,425
1,828.170
954,252
Illinois Northern Utilities Co.—Bases
before
1260.
Mascot
8,310,202
16,624,217
Not to exceed
which is owned
1937
deprec.,
taxes
p.
57.600,892
15.155,224
8,477,159
8,870,654
—V. 145, p. 1587.
Hayes Body Corp.—Earnings—
2075,
62,134,495
11.832,490
5,865.402
1,160,328
72,530,532
1937'
Net after rents
From Jan
I—
are
p.
$7 981.736
2,656.137
1.156.064
$7,946,222
1.9*3,175
1,055,456
Gross from railway
Net after railway
This company, an Ohio corporation, has notified the New York Stock
Exchange that on Sept. 8. 1937, its wholly owned subsidiary, The M. A.
;Hanna Co., a Delaware corporation, was dissolved.—V. 145, p. 437.
Federal
1934
1,350.688
5^7,337
74,908,717
16,089.393
—
Net after rents
(M. A.) Hanna Co.—Subsidiary Disso7ved.—
—V. 145,
1935
$7,880,312
2,258.445
Earnings of Company Only
Earnings per share
—V. 143, p
1080.
Month of July—
after charges,
1936
$9,455,328
From Jan. 1—
Gross from railway
Net from railway
August—
32 Weeks Ended Aug. 14—
Profit
1S37
$9,219,189
2,269,145
1,198.952
Gross from railway
Net from railway
1260.
Co.—Earnings—
Net income after ail charges
Shares common stock
System—Earnings—
August—
market
extended.
cum.
Financial
2228
share* of the Edison company
on
exchanges consummated
Gross from railway
Net from railway
Net after rents
after Oct. 15, 1937, prospective record
of anticipated Nov. 1, 1937, dividend on shares of the
This offer terminates Nov. 15, 1937, unless extended.
Commonwealth Edison Co. above.—V. 144, p. 3504.
date for payment
Edison company.
See also
1937
$517,631
186,149
191,508
August—
Gross from railway
Net from railway
Net after rents
GrossTrom
--
4,133,945
1,496,028
1,009,612
railway
Net from railway
Net after rents—-—-
defl0,574
*
8,414,705
2,266,291
Net after rents
7,612,551
1,329.053
•
341,019
996,410
—V. 145, p. 1588.
1934
1935
1936
$494,489
$460,567
151,795
107,567
3,872,033
L396.008
959,792
3,358,608
1,014.986
681,229
International Rys. of Central America—Earnings—
$418,722
185,900
127,533
3,261,091
966,555
620,598
117,920
79,820
625
$391,746
261,773
$55,543
$1,835,113
-
,
$1,651,195
'
.
Foundation, Ltd.—Corrected Div. Record—
Investment
$371,566
1,973,325
2,203,248
$147,676
fixed
charges & without
prov. for undistrib.
profits tax
—V. 145, p. 1589.
$792,365
420,799
1937—8 Mos.—1936
$4,038,361
$3,624,520
264,839
before
Income
706
$857,494
465,748
revenues
Oper. exps. and taxes-
$793,071
$858,119
1937—Month—1936
$412,515
$317,316
31—
Period End. Aug.
Gross
1937—8 Mos.—1936
1937—Month-—1936
$110,706
$101,092
Operating revenues
Uncollectible oper. rev--
49,017
7,789,485
1,158,998
295,068
Net from railway
Telephone Corp.—Earnings—
Indiana Associated
68,687
8.700.774
1,462,567
$952,441
127.342
19,719
1—
From Jan.
—Y. 145, p. 1587.
Period End. Aug. 31—
1936
$1,029,603
191,874
Gross from railway
Illinois Terminal Co.—Earnings—
1934
$1,037,092
211,835
66.267
1935
1937
$1,147,961
221,731
August—
of 3.5 shares in exchange
in cash
1937
2,
International Great Northern RR.—Earnings—
offering not to exceed 463,610
(inch scrip for fractional shares) on the basis
for each of the preferred shares of both classes of
Western United Gas & Electric Co. (which see), plus dividend adjustment
Subsidiary Corp. is also
Commonwealth
Oct.
Chronicle
A dividend of 50 cents per share (being at the rate of 4 % per annum)
a further dividend of 2o cent s per share on account of arrears of preferred
and
$110,706
59,720
Operating revenues—
Operating expenses
$101,092
51,865
$50,986
$49,227
50
111
441
618
15,231
Net oper. revenues—
for lease of oper.
9,289
121,769
95,750
$269,536
6% cumulative convertible preferred stock, par $50, for the quarter
ending Sept. 30, 1937, both payable Oct. 15 to holders of record Sept. 30.
Accumulations as of Sept. 30, 1937 amount to
5.75 per share.
Previous dividend distribution were as follows: 75 cents on July 15,
the
$275,198
Rent
property
Operating taxes
$39,827
$35,705
Net operating income.
—V. 145,p. 1587.
The
directors
last; $1.25 paid on April 15, last; 75 cents on Jan. 15, last- $2.50
1936; $2.25 during 1935, and $2 per share paid during 1934 and
1933.—V. 144, p. 4182
X
Indiana Pipe
Line Co.—Dividend Increased—
have declared
a
,
Investors Fund
dividend of 50 cents per share on the
special dividend of 4 cents and a quarterly dividend of 12 cents were
90 cents and a quarterly
See also V. 144, p. 2132,
for detailed record of previous dividend payments.—V. 145, p. 2078.
A
on April 15 last and a special dividend of
dividend of 20 cents were paid on Dec. 18, 1936.
paid
distributed.
In addition, an extra
extra
Co., Inc.—Extra"Dividend—
a quarterly dividend of 12 cents per share and
dividend of 5 cents per share on company's shares, payable Oct. 15
to holders of record Sept. 30.
Similar amounts were paid on July 15 last.—
an extra
_
were
(John) Irving Shoe Corp.—Earnings—
dividend of 20 cents was paid on Nov. 14, 1936;
15, 1935, and on Nov. 15, 1934, and an extra
distributed on Nov. 15, 1933.—V. 144, p. 2131.
6 Mos.End.
5 Mos. End.
July 31 '37
after expenses and charges but before ^
provision for surtax on undistributed earnings— X$156,239
Shares common stock
122,918
Earnings per share
Eft l $1.12
June 30 '36
of 5 cents on Nov.
of 10 cents per share was
during
during
Directors have declared
/.'■
capital stock, par $10, payable Nov. 15 to holders of record Oct. 22.
This
compares with 30 cents paid on May 15, last, and a dividend of 20 cents
paid on Dec. 17. 1936.
Semi-annual dividends of 20 cents per share were paid on Nov. 14 and
on May 15, 1936, prior to which semi-annual dividends of 15 cents per share
an
(or a total of 75 cents per share) have been declared on
dividends accrued,
Period—
Net profit
Indianapolis Water Co.—Earnings—
Earnings for 12 Months Ended Aug. 31, 1937
Gross
revenues
-—
Operation, maintenance and retirement, or
All Federal and local taxes
Net
529,708
—
Other
—
2
Oct. 5,
preferred.
Capital stock—common..
receivable
receivable
Materials and supplies
Investments—general
Prepaymets
Special deposits
-
2,801,187
261
283,834
108,531
21,872
Funded
13,827,000
93,736
11,370
1,103
-------—
Unamort. debt disct. A exp..
1,217,884
254,748
5,250,000
Indebtedness
Consumers' deposits
Main extension
Accrued
Accrued
deposits..
——
Sales
95.801
Interest
Reserves
-
1,727,907
2,318.330
Total.—
$25,028.95
Kansas
—V. 145, p. 1421.
first
Securities
Co.—Balance
Indianapolis Water Co. stock
(499,935 shares)
$6,000,000
60,403
92
343
Doupon receivable..
Sinking fund
Unamortized debt discount A
expenses
i
Capital stock, common
$2,000,000
Secured 6% gold notes due 1958 3,598,500
Taxes accrued
7,132
Unmatured interest on funded
debt accrued
29,988
Other accrued accounts——
1,275
110.333 Surplus-.2,799
11,000
Depreciation
of
Amort,
limited
investments
$6,184,970
Total
$6,184,970
after income tax
if any imposed on
Proposed—
Period End.
243,300
$386,573
$4,598 724
$4,408,224
$0.70
$8.28
$7.94
Co.—-Earnings—
1937—Month—1936
„
1937—12 Mos.—1936
$512,909
251,743
$6,111,932
3,216,723
93
res. approp.
Gross income
Int. on mortgage bonds_
on debenture bonds-
Int.
Other int. & deductions.
Int. charged to
463
50,000
50,000
600,000
600,000
$198,053
1,011
$211,166
$2,295,116
$2,116,849
794
1 6,661
13,836
$199,064
60,000
15.000
8,898
$211,960
60,000
15,000
7,774
$2,311,777
720,000
180,000
103,616
Crl,977
$2,130,685
720,000
180,000
90,383
$1,310,138
$1,140,777
x
6-57
constr'n.
$115,166
$129,243
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Net
$5,647,803
2,930,491
$540,544
292,491
income
CY475
520,784
520,784
$789,354
$619,993
Rayburn,
for Bonds—
Trust Department
of Guaranty Trust Co. of New York received
until 3 p. m. Oct. 1, 1937, written offers for the sale to it, as trustee, of the
first and refunding mortgage 5% gold bonds due Jan. 1, 1966.—V. 145,
Aug. 31—
Net oper. revenues
Other income (net)
Balance
—
-
x Regular dividends on 7% and $6 preferred stocks were paid on July 1.
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 145, p. 1424.
Kansas Oklahoma & Gulf
August—
Gross from railway
Net from railway
Net after rents
1937
$224,755
124,792
Ry.-—Earnings—
1936
$230,464
122,303
1935
$185,227
92,237
1934
$152,68568,374
81,530
73,001
60,007
32,603
1,548,149
824,014
1,638,051
858,086
1,284,408
552,670
1,261,496
624,433
528,613
531,111
324,411
377,196
From Jan. 1—
Gross from railway-Net from railway
Net after rents—
—V.
'
2077.
24,439
592,532
investments
Prop, retire,
"It is the committee's desire," he said, "to take steps to effect a re¬
organization of the company and this can be done only by having share¬
holders represented on the board by infividuals who have the interests of
the company at heart."
p.
6,633
limited-term
of
Amort,
Barry, Whalen, Watson and Hedley were
named for a term of three years; Messrs. Downs, Bache, Keegan, Baar,
Bigelow and Bruckenfield for two years and the rest for one year.
The resolution set forth that "since, in the absence of Mr. Hedley from
the meeting, a quorum was not present, a special meeting of the board of
directors be held to take such action as will result in the resignations of
such present members as may be willing to resign and to fill the vacancies
thereby created by those named in the resolution."
Mr. Bigelow was designated in the resolution as a committee of one to
confer with the directors to carry out the terms of the resolution.
He was
also authorized to make changes and substitutions in the proposed list of
directors "in his sole and uncontrolled discretion at any time prior to the
special meeting of the board." It is understood the conference will be held
in the next few days.
When the meeting was adjourned, Mr. Bigelow said that he would con¬
tinue his drive for proxies in order to be able to present a quorum on Oct. 22,
at which time he will call for ratification of the new board.
Tenders
3,848
72,000
1,418,755
102,621
2,239,182
undistributed profits.—V. 145, p. 1589.
Operating revenues
Oper. exps. (incl. taxes).
and Nathan L. Amster.
The
$8,582,640
1,610,806
109,346
2,210,961
Kansas Gas & Electric
Although shareholders of the company had not had the privilege of hold¬
ing an annual meeting for five years, when the opportunity presented
itself on Sept. 22 the combined vote of both proxy representation and those
present was not enough to constitute a quorum and the meeting, of neces¬
sity, was adjourned until Oct. 22.
When it became apparent that the required total of at least 175,001 vot¬
ing shares was not represented, the new proxy committee for reorganiza¬
tion, headed by Ernest A. Bigelow, offered a resolution calling for the
resignation of certain directors and named nine men to supersede those now
serving.
Since the Bigelow committee controlled 101,000 voting shares of
the 103,000 shares represented at the meeting, the resolution was adopted,
although not without protest from a minority group.
The proposal contained the names of 18 canadiates for a new board,
although nine of those named are already members.
The nine new
nominees are:
Austin F. Barry, David Mahany, David Van Alstyne,
M. R. Bruckenfield, G. Winthrop Sands, George A. Ellis, Julius Bradenburg, Mr. Bigelow and Emil N. Baar. Those named and already sitting are:
Frederick H. Ecker, Grover A. Whalen, Theodore S. Watson, Samuel W.
Ray burn, Frank Hedley, W. F. Downs, Jules S, Bache, George Keegan
Ecker,
7,866,525-
$8,976,255
Note—No deduction is made in the foregoing statements for the surtax,
Interborough Rapid Transit Co.—Meeting Adjourned—
Messrs.
8,510,615
$720,405
132,888
9,115
185,195
Earnings per share com.
-Y. 145, p.1421.
New Directors
679,859
$762,703
114,336
8,539
188,139
term
.
Federal & State inc. tax.
Net income.-..
Total
-
737,933
$0.68
Amort, of disc. & prems.
548,076
1937—Month—1936
1937—12 Mos.—1936
$1,400,264 $17,486,871 $16,449,174
$375,839
Net earnings
Interest charges
—
of this department.
$1,500,636
(incl. maintenance, general
and
property tax)...
Liabilities—
Special deposits
Reacquired securities..
31—
Gross earnings
Oper. exps.
AL 3 SCtS
Cash
page
Co.—Registers with SEC—
City Power & Light Co.—Earnings—
Period End. Aug.
Works
Indianapolis Water
Sheet Aug. 31, 1937—
(
-v-V;:" j.;.;.-
Kahuku Plantation
See list given on
-.125,028,950
Total
Inc.—Sales—
11— 1937—4 Weeks—1936
1937—36 Weeks—1936
$1,705,383
$1,518,283 $15,775,307 $13,761,768
—v. 145, p. 1589.
23.887
Other accr'd liabilities.-.
Corporate surplus
Undistributed debits
meeting held Sept. 25 deferred
Period End. Sept.
557,655
taxes
a
Jewel Tea Co.,
41,454
38,281
Other current liabilities..
'
Co.—Preferred Dividend Deferred—
action on the payment of
7% cumulative preferred stock ordinarily due at this
time.
A regular quarterly dividend of $1.75 per share was paid on July 1.
last.—V. 143, p. 4004.
Directors at
the dividend on the
$1,054,900
-—120,328,160 Capital stock
Cash--Accounts
P
Liabilities—
Assets-
Notes
-
1936.—V. 144, p. 282.
Jeannette Glass
;
Balance Sheet Aug. 31,1937
capital
$0.88
$556,995
Balance available for dividends
Fixed
122,500
f,
Ivanhoe Foods, Inc.—$1 Preferred Dividend—
The company paid a dividend of $1 per share on account of accumulations
on the $3.50 cumulative preferred stock, no par value on Sept. 25 to holders
of record Sept. 18.
Dividends of 25 cents were paid on Dec. 15 and on
$1,254,870
572,073
125,802
charges
deductions
life;
—V, 144, p. 2831.
807,521
income.--
Interest
$2,592,098
depreciation
[$123,419
^
145,
p.
1589.
Kendall Co.—25-Cent Dividend—
have declared a dividend of 25 cents per share on thepayable Oct. 6 to holders of record Oct. 1.
A similarpaid on May 1, last, and compares with 30 cents paid on Oct.
16, 1936, and 20 cents paid on May 13, 1936.—V. 145, p. 1263.
The
directors
common
stock,
amount was
Volume
Financial
14S
Kerr Lakes
on
1935
$34,899
759
29.396
3.991
14,300
513
prof .54
"5,026
$32,288
30,000
sale of miscell. securities
Wet profit
Dividends paid
loss$2,863
30,000
Deficit.
21.164
8.550
$32,863
sur$2,288
p.
Assets—
1937
1936 '
Lehigh & Hudson River Ry.—Earnings—
$119,556
11,500
$4,069
'labilities.
9,242
agents
600.000
400
78,656
76,367
Surplus
I
150,000
150,000
453,231
453,457
Net from railway
Net after rents
—V.
256
1.019.705
280,808
83,472
990,272
317,951
127,132
281,071
101,534
145,
978,733
1590.
p.
August—
$681,857
32,032
..
2,472,623
598,822
530,945
2,606,390
671,987
510,296
2,302,099
595,999
605,885
2,373,183
617,275
548,495
Sept. 24 declared a dividend of 25 cents per share on
stock now outstanding, payable Nov. 1 to holders of
record Oct. 11.
This compares with 15 cents paid on Aug 2, May 1
Feb. 1, last, and with 50 cents paid on the new stock on Nov. 1
and on
and on
1905.
p.
$287,222
67,224
66,832
.
1937
1936
$3,546,107
251,657
Gross from railway...
Net from railway.
Keystone Steel & Wire Co.—Larger Dividend—
Aug. 1, 1936.—V. 145,
1934
$254,319
34,653
35,750
August—
on
1935
1936
$310,388
82,196
64,938
$248,367
37,774
-
Lehigh Valley RR.- —Earnings—
$681,857
$691,967
Total
-V. 144. p. 3339.
par common
■1Earnings—
1937
Gross from railway
Net from railway
—V. 145, p. 1590.
126
$691,967
expenses..
Total
no
1934
$110,170
27,509
5,158
1936
Lehigh & New England RR.
Net from railway
Net after rents
outside
properties......
The directors
1935
$106,384
36,512
15.431
...
Net after rents
From Jan. 1—
Gross from railway
Co..Ltd.(wholly
sub.), 400
owned
the
38,316
13,980
1,110,284
338,495
142,214
Net after rents
From Jan. 1—
Gross from railway
600,000
other
Kerr Lake Mining
Prepaid
$120,430
1937
Reserve for taxes &
cost
Advs. to subsld'y.
Funds in hands of
In
$132,876
38,884
20,740
Gross from railway.,..
Net from railway
1,420
30,127
11,500
$4,069
Capital stock (par
$1)
$36,246
30,128
1936
1937
Unclaimed divs...
U. 8. Treas. notes
P at
Invest.
August—
$444
120,000
31
Liabilities—
$46,850
shares
4349.
,
Balance Sheet Aug.
Cash
a strong
inventory on contract and finished goods.
He said that while
the company's fiscal year will not end until Oct. 31, the
present dividend
indicates earnings for the year will amount to around $900,000.—V. 144,
273
Includes other income.
a
announcing the current dividend, J. J. Watson, President of the
corporation, said that the volume of business has held up remarkably well
in view of the general recession in business and that the corporation shows
1,067
*
Taxes..
Miscellaneous interest written off
Sundry mine examinations.
Loss
1936
$26,909
23,714
1937 I
•$76,762
Administrative and general expenses.
2229
In
Mines, Ltd.— ■Earnings—
Years Ended Aug. 31—
Dividends and interest received
Chronicle
$3,850,141
1,153,336
777,919
1935
$2,954,928
230,191
def 115,588
$2,881,777
212,269
def63,446
33,138,749
7,764,540
3,834,944
31,417.083
8,271,478
5.250,491
26,702,659
5,375,509
2,767,720
26,990,407
5,960,113
3,255.935
711.287
Net after rents
From Jan. 1—
Gross from railway...
Net from railway
Net after rents.
—V. 145, p.
...
1934
1745.
Key West Electric Co.—Earnings—
12 Months Ended Aug. 31—
Operating
x
y
1937
$148,919
revenues
Balance after operation, maintenance and taxes.
Balance for dividends and surplus
Includes
x
non-operating income, net.
145, p. 1744.
64,748
_
19,129
1936
$139,009
59,305
12,942
After appropriations for re¬
y
tirement reserve.—V.
(R. G.) Le Tourneau, Inc.—Earnings—
8 Months Ended
directors
have
declared
dividend
a
of 50 cents
share
per
on
1936
$1,030,274
225,000
$4.58
450,000
$2.41
Earnings pot share
—V. 145, p. 1590.
King Seeley Corp. (Ann Arbor, Mich.)—Larger Div.—
The
1937
$1,086,645
Aug. 31—
Net income after all charges
Shares common stock
Lewis
the
W.
1935
$367,607
225,000
$1.63
Foundry & Machine Co.—New President—
Cordes
Snyder Jr. has been elected.President of this
company.—
stock, par $1, payable Oct. 25 to holders of record Oct. 5.
This
compares with 40 cents paid on June 15, last, and on Dec 22 and on Oct. 12,
1936, this latter being the initial distribution on the common stock.
Y. 139, p. 3644. joLmA ^
8 Months Ended Aug. 31—
Net profit after all charges
The New York Stock Exchange has authorized the listing of 280,713
additional shares of common stock (no par) on official notice of issuance,
making the total amount applied for 2,526,422 shares.
This is the maximum
number of shares to be issued to common stockholders of record Oct. 1,
common
Earnings
per
share on
com.
1937
$277,037
$1.61
stock
1936
$162,232
$0.94
—V. 144, p. 3841.
(G. R.) Kinney Co., Inc.—Exchange Time Extended—
The company has notified the New York Stock Exchange that the time
within which $8 preferred stock may be exchanged for new $5 preferred stock
and common stock under the company's plan of recapitalization has been
extended to Oct. 15, 1937.—V.
Kirsch
145,
p.
Io90.
Co., Sturgis, Mich.—Earnings—
Years End. June 30—
Net sales
Cost of goods sold..
Sell.,gen. & admin,
exp.
Net profit from oper.
1937
•
1935
1934
$964,337
548,033
412.403
$733,189
519,309
358,095
1936
$2,851,510
1,764,859
790,335
$1,683,019
1,096,823
557,226
$296,316
20,082
$28,970
14,079
$3,900 loss$144,215
12.670
11,837
$316,398
76,132
$43,049
32,338
1,270
$16,571 loss$132,378
22,391
57,187
$9,440
loss$5,820 loss$ 189,566
.
Non-operating income..
Total income
Non-operating expenses.
Fed. inc. tax
34,779
Fed. undist. profits tax.
ttti
,**4
Libby, McNeill & Libby—Listing of Additional Stock—^
1937, In
connection
with options given to common shareholders to take
stock instead of cash dividends.
The directors at a meeting held Sept.
common
16 declared a dividend of $1.40
payable Oct. 23 to common shareholders of record
shareholders the option (expiring Oct. 15) of receiving
common stock instead of cash for this dividend at the rate of one share of
stock for each $11.20 of dividend due.
As the company does not issue
fractional shares, all shareholders owning less than eight shares of the com.
stk. will receive their dividend in cash.
Those shareholders owning
eight or more shares of common stock and who elect to take common stock
in payment of the dividend will receive one share of stock for each eight
shares owned and cash for
any odd number of shares less than eight.—
V. 145, p. 1907.
a
share on common stock
Oct.
1, and
gave
Liberty Loan Corp.—'SO-Cent Dividend—*
The directors have declared a dividend of 30 cents per share on the class A
and class B common stocks,
Similar amount was paid on
payable Oct. 1 to holders of record Sept. 20.
July 1 last and previously regular quarterly
19,800
dividends of 25 cents per share were distributed
Earnings for 8 Months Ended Aug. 31—
Netprofit
$185,686
Comparative Balance Sheet June 30
$14,608
395,858
218,147 Customers'
392",375
302,340
11,481
rec.
1936
$32,119
Accts. & notes
5,48?
9,406
Interest receivable
405
Inventories
Stocks & bonds
Improv. real est.Mtge.
Liabilities—
1937
Assets—
Cash
notes,
1937
Accounts payable.
$125,252
credit
2,453
balance..
Notes payable
Accruals
Reserves
115*895
1,446
Conv,
pref. stock.
Class A
Land,bldgs.,mach.
& equip,, &c
711,670
744,186
Patents.
22,494
26,189
Goodwill
1
1
Deferred charges..
23,848
stock
com.
stock
37,062
108.090
>.
of business.
Earnings per share on
145, P. 1263.
1936
1937
$2,442,957
74,609
$1.36
common stock
$960,566
26,958
$0.88
—V.
Link-Belt
Co.—New
Vice-President—
William C. Carter and Edward J. Burnell have been elected Vice-Presi¬
145, p. 945.
dents.—V.
(Thomas
697
1,111,860
J.) Lipton, Inc.—Listing Approved—
New York Curb Exchange has approved for listing 52,000 out¬
standing shares of 6% cumulative preferred stock, $25 par, and 200,000
outstanding shares of class A stock, $1 par.
The
1,111,860
108,090
43,941
54,822
Organization exp.
com.
Class B
3,029
28,251
24,985
...
Deferred income..
sec.
by imp. real est.
1936
$81,867
Volume
Net Income after all charges
18,226
Total...
211,696
129,919
Capital surplus
Deficit
Income Statement for
.$1,608,071 $1,377,039
Total.
-V. 144, p. 4011.
Knit Products
$2,172,317
—
$555,061;
distributing,
$43,605;
$830,987
1,574,715
119,942
miscell. items..
Netprofit-—
of Canadian company prior to acquisition thereof, not
applicable to consolidated companies.....
$477,660
Net profit
$489,779
—
1937
$1,397,810
$0.77
12,119
1936
$984,840
.
.
$0.54
Consolidated Balance Sheet July 31, 1937
Bale-Tie
Co.,
Ltd.—Bonds
to
Receive
Initio}
Liabilities—
Trade
Assets—
Cash
60%—
Holders of the 7% first mortgage bonds were notified recently that a
first instalment of 60% of the principal amount of the bonds would be paid
1937, by the Royal Trust Co., Toronto.
This payment
$600 for each $1,000 bond.
The company's assets have been
sale for the benefit of holders of the $155,500 oi 7% first
mortgage bonds.
The exact amount of thef ina. distribution to bondholders
is not known yet.—V. 116, p. 418.
Sept.
Selling,
expenses:
—V. 145, P. 2080.
on
—
Loss
Kroger Grocery & Baking Co.- -Earnings—
...
profit—
Administrative, $145,062; advertising,
Corp- Registers with SEC—
Earnings per share on common stock
61,097
price concessions-.
Provision for salesmen's bonus, Fed. taxes and
See list given on first page of this department.
24 Weeks Ended July 7—
Net profit after all charges
.
Free deals and
Optffiting
See list given on first page of this department.—V. 145, p. 117.
$5,477,441
3,244,026
-
Cost of sales
Gross
Knapp Monarch Co.—Registers with SEC—
amounts
$5,907,032
429,591
.
Proceeds from sales
$1,377,0391
$1,608,071
Laidlaw
7 Months Ended July 31, 1937
Gross sales, less returns and allowances
Deductions from sales
27,
to
sold by judicla
$373,075
_
Accounts
receivable
Miscellaneous current assets..
951
Real est., mach. & equip, (net)
Deferred charges....
285,616
116,900
trade-marks,
rights
copy¬
...
$142,758
27,953
81,375
6,950
129,621
628,984 Accrued liabilities
1,569,448 Dividend tax withheld
(net)
Inventories (at cost)
Goodwill,
creditors
Miscellaneous liabilities
Reserve for Federal taxes..
IJpton,
Ltd,
(London)
15
...
Reserve for advertising......
26,641
22,531
2,814,000 6% cumulative preferred stock 1,300,000
Class A stock
200,000
Class B stock.
200,000
Earned surplus
xl,846,894
Capital surplus
1,804,236
Reserve for contingencies....
..........
Lake
Superior & Ishpeming RR.—Earnings—
1937
August—
Gross from railway—
....
Net after rents
1935
.......
1934
$525,186
391,123
314,139
Net from railway.
Net after rents
From Jan. 1—
Gross from railway—
Net from railway
1936
..
..
$421,345
304,203
241,504
$361,371
251,691
205,023
$249,849
149,109
118,015
2,306,068
1,420,150
1,049,096
1,783,674
997,578
697,262
1,263,330
577,468
392,113
999,106
382,146
225,654
—V. 145, p. 1590.
$5,788,975'
Total—
were
Lee Rubber & Tire Corp.—60-Cent Dividend—
The directors on
Sept. 30 declared a dividend of 60 cents per share on the
capital stock, par $5, payable Oct. 26 to holders of recordTOct. 15.
This
compares with 75 cents paid on Aug. 2, last: 25 cents paid on Feb. 1, last,
Aug. 1, and on Feb. 1,1936, and Aug. 1 and Feb. 1,1935, and with 20 cents
per share paid on Aug. 1 and Feb. 1,1934.
This latter payment was the
first made since Sept. 1, 1923, when a quarterly dividend of 50 cents per
share was paid.
$5,788,975
paid Aug. 3,
1937.—V. 145,
p.
1907.
Long Island RR.—Earnings—
1937
August—
jt
Total....
x Subject to dividends on the 6% cumulative preferred stock and class A
stock from April 1, 1937, to June 30, 1937, amounting to $69,500, which
Gross from railway.
Net from railway..
Net after rents.
From Jan. 1—
...
....
Gross from railway.
Net from railway
Net after rents..
—V. 145. p. 1590,
...
1936
1935
1934
$2,404,997
694,864
110,893
$2,533,912
948.481
380,180
$2,236,999
690,840
156,529
$2,266,178
822,621
285.23C
16,999,649
3,480,584
def38,519
17,048,168
4,442,670
1,071,669
16,066,843
3,754,156
517,308
16,445,120
4,587,300
1,439,335
Financial
2230
Chronicle
(P.) Lorillard Co.—New President—
H. Ball ah* been elected President of this company, of which he
senior Vice-President since 1911. to succeed the late Benjamin L.
Todd Wool, Secretary, was elected to the board to fill the vacancy
David
J
Belt's death.—-V. 145, p. 2081.,
left by. Mr.
1937
$484,379
179,107
122.272
195.751
132,999
Net after rents
From Jan. 1—
Net from railway..
Net after rents
—V. 145, P.
3,763.668
3,899.681
1,271.831
818,430
....
1,451.525
936,984
1934
$404,794
145,830
102,912
3,067.610
1,044,690
684,086
2,893,333
986.247
649,839
1590.
Louisiana Arkansas & Texas
1937
1935
1934
$113,932
34,434
9,619
$80,432
17.974
$86,206
19.079
3.103
2,544
803.741
213,410
53,063
railway—.
Netfrom railway
Net after rents
—
GroS?rotnnraUwly
847.070
632,690
213,122
49,429
132.074
16,869
147,144
11,733
Corp.- -Reorganization Plan to
Refining
Oil
Louisiana
and Feb. 15 last, and compares with 62H cents paid on Dec.
25 cents paid on Nov. 4, Aug. 5, and May 15, 1936, and 12H
distributed each
three months previously.
In addition
dividend of 10 cents per share was paid on Dec. 26,1935.—V. 145,
share
1936;
15,
cents per
an
p.
extra
441.
dividend of $3.50 per share on account of accumu¬
its 7% first preferred stock, par $100. on Oct. 1 to holders of
Sept. 25.
I^evious dividends paid were as follows $12.25 on
Dec. 21, 1936; $3 50 on Sept. 30, 1936: $1.75 per share on June 30 and
March 31. 1936: $2.50 on Dec. 31. 1935: $1.75 on Sept. 30 and June 30,
1935. and $1 per share paid on Feb. 15, 1935, March 31. 1934, and on Dec.
36, 1933.
Regular dividends of $7 per share were paid each year from 1903
through 1931.
Accumulations as of Oct. 1, 1937, amount to $8.50 per share.—V. 143.
p. 4159.
The coir pan ypaid a
lations
Appeal—
on
record
642,728
-
Netfrom railway-...-Net after rents.....—.
—V. 145. P. 1590.
Face Third
Ry,—Earnings—
1936
$106,506
27,758
13,686
August—
Gross from
1935
$438,421
109.799
114,026
McCaskey Register Co.—Accumulated Dividend—
railway-
Gross from
1936
$524,790
railwayNet from railway-
Lunkenheimer Co.—Interim Dividend—
The directors have declared an interim dividend of 37 Vi cents per share
the common stock, no par value, payable Oct. 15 to holders of record
Oct. 5.
A quarterly dividend of like amount was paid on Aug. 14. May 15
on
Louisiana & Arkansas Ry.- -Earnings—
August-—
Gross from
1937
2,
—V. 145, p. 2081.
has been
Belt,
Oct.
reimburse the treasury for expenditures out of earnings and working capital.
McCord Radiator &
Mfg. Co.—New Stock Explained—
Details of company's proposal to issue 'special stock in payment of
accrued dividends on the class A stock are explained in a letter to stock¬
holders mailed Sept. 23. The new stock will be called "funding stock" and
will be issued to the amount of 27,325 shares, if approved by stockholders
the Oct. 25 meeting.
at
It will be redeemable on 30 days' notice at $19.50 per share on or before
with the filing of an
Dec. 31, 1938. and after that date at $19.50 plus $1 a share for each full
calendar year from Dec. 31, 1937.
A sinking fund is to be created for re¬
deeming the new stock from 20% of net earnings for 1938 and each year
who were
thereafter.
twice-confirmed reorganization plan has again been challenged
appeal by the same group of preferred stockholders
successful last April in securing a reversal by the Federal Circuit
Court of Appeals of the original confirmation of the p an.
Counsel for the group maintain that the basis for the
bankruptcy
petition filed by the company in May, 1935, a claim of more than $9,000,000
by Arkansas Fuel Oil Co., has never been allowed by the U. S. District
Court for Western Louisiana.
Moreover, the counsel, Mllbank, Tweed,
Hope & Webb, and iierold, Cousin & Herold, charge that this claim was
never subject to hearing.
*'
The stockholders group wants to have the recent second affirmation
of the plan, decreed on Aug. 31., again overruled and the property returned
The
*
,
_
A
to the trustees.
Arkansas Fuel Oil Co. Is owned 100% by Arkansas Natural Gas Corp..
owns approximately
60% of the common stock of Louisiana Oil
Befining Corp. and is a subsidiary of Cities Service Co.
Under the first confirmation of the plan in December, 1936, property
assets and other rights of Louisiana Oil Corp. had
been conveyed to Ar¬
kansas Fuel Oil Co. and merged by It with its other holdings
Counsel for the preferred stoeknolders point out that should the appeal
from the decision handed down by Judge Ben C. Dawkins on Aug. 31 be
won in the Fifth Circuit Court, and this claim be disallowed, eventually
the Arkansas Fuel Oil Co. would be hard pressed to return these assets to
At any time prior to redemption, holders of the new stock will be entitled
to convert it into class B stock on a share for share basis.
It is proposed to
issue the new stock as a dividend on the class A at the rate of one share of
funding stock for each share of class A stock, such dividend to be full
payment of dividend accruals on the class A which will amount to $19.50
a share on Dec. 31, 1937.
It is intended to issue the runding stock partly in December and partly
in the early months of 1938.
It is stated in the letter that such payments
will enable the company to claim a "dividends paid credit" for both years
under the undistributed profits surtax.—V. 145, p. 2081.
m*4
McKeesport Tin Plate Corp.—Correct Meeting Date-
which
the
preferred holders, since they are now undistinguishably comingled with
those of that company.
As
.
.
for the exchange of two
of Arkansas Fuel Oil Co. for each $100 par
originally developed, the plan had called
shares ($10 par) preferred stock
share of Louisiana Oil Kefining.
The special
stockholders meeting called for the purpose of voting on the
of 1<)0,000 shares of new preferred stock will be held on
18 (not Oct. 1 as erroneously stated in last week's "Chronicle," page
authorization
Oct.
2081).—V. 145, p. 2081.
M-A-C Plan, Inc., of Rhode
The
directors
have
declared
Maine Central
Operating expenses
had rejected them as without effect.
decreed on Aug. 31, revision of the initial
plan, which Increased the offer to preferred holders to 2K shares of Arkansas
Fuel Oil Co. preferred, or $25 in cash, was again approved.
For each share
of common stock not held by Arkansas Natural Gas and Cities Service,
25 cents In cash Is to be paid.
'
•
In refusing to permit the withdrawal of these approvals to the plan,
the District Court bad ruled that the dissident group had not shown that
the discovery of the additional oil had increased the value of the Louisiana
preferred more than $5 a share.
The preferred stockholders differ strongly
,
„
cents
per
share
on
the
RR.—Earnings—
Operating revenues
liodossH field#
Under the second confirmation,
of 40
This compares with 35 cents paid on April 1 last; 50 cents on
Jan. 2 last; 35 cents on Oct. 1, 1936, and previously dividends of 25 cents
per share were distributed each three months.—V. 144, p. 284.
After assents to this plan had been given,
of tnese acceptances and
Island—Div. Increased—
dividend
Sept. 16.
the dissenting group of preferred holders, which-includes J. S. Bache of
J 8. Bache & Co., and certain of the firm's customers, sought to withdraw
their assents after the discovery of oil on the company's properties in the
In reversing the original confirmation, the Circuit Court stated that
Judge Dawkins had refused to inquire Into the reason for the withdrawal
a
non-cumulative preferred stock, par $25, payable Oct. 1 to holders of record
"*!Period
End. Aug. 31—
.
Net oper. revenues-
1937—Month— 1936
$1.009.759
$976,933
780.365
695,157
Equipment rents (Dr)—
Joint facil. rents (Dr.)—
$229,394
68,910
1,050
25,321
$281.776
65,725
17,428
Net ry. oper. incomeOther income
Taxes
-
_
1937—8 Mos.—1936
$8,554,411
$7,925,400
6.113,635
6.268.869
$1,656,531
28,531
$2,440,776
554,447
183,364
228,814
$134,113
45.135
$170,092
46,627
$1,474,151
297.107
$683,015
321,754
518.394
218,993
236,129
,
Gross income
$179,248
$216,719
$1,771,258
$1,004,769
terest, &c.)
172.539
169,271
1,385,548
1.358.493
Net income
$6,709
$47,448
Deductions
(rentals, in¬
with the Court on this point.
preferred group does not constitute a majority of the
35,000 shares of preferred outstanding, representing about 8,600 shares.
When the first appeal waB taken this group had been joined by certain
insurance companies with iarge holdings.
These have withdrawn from the
legal action but have not given their assent to the plan.
Counsel for the group contends that without these two blocks of stock
the necessary approval under the Bankruptcy Law could not be obtained.
The situation, it is claimed, boils down to the proposition that the same
plan and the same action by the lower court, which had been reversed in
April, was again confirmed, contrary to the opinion of the Circuit Court.
It is expected that hearings will commence before the Fifth Circuit Court
of Appeals early this winter in New Orleans.—V. 144, p. 2660.
At
present the
Louisiana Power & Light
Period End. Aug. 31—
Operating revenues
Oper.exps. Unci, taxes)Prop. ret. res. approps
Co.—Earnings—
1937—Month—1936
$689,410
$638,300
455,483
410,943
55,500
60,000
—V. 145, p. 1907.
Manila Gas Co.—Bonds Called—
The
1937—12 Mos.—1936
$7,659,740 $6,751,073
4,968.015
4,171,104
761,500
517,500
$167,357
$1,930,225
$2,062,469
2,456
109
—
Engineering and Management Co. is notifying holders of
and accrued interest to Oct. 1 upon delivery to the Customers Securities
Department of The Chase National Bank of the City o New York, or to
the Baltimore National Bank, during banking hours Sept. 29 or Sept. 30.
The bonds are outstanding in the amount of $1,634,500.—V
145, p. 1265.
par
Maritime Telegraph & Telephone Co., Ltd.—Dividend
The directors have declared
a dividend of 17J4 cents per share on the
stock, par $10, payable Oct. 1 to holders of record Sept. 15.
This
with 20 cents paid on July 2 last and previously regular quarterly
dividends of 15 cents per share were distributed.
In addition, special
dividend of 10 cents was paid on Jan. 2,1937.—V. 144, p. 4350.
common
compares
Bent from lease of plant1
(net)
Safety
Manila Gas Co. first lieu collateral trust 10 year 5H% gold bonds, due
Oct. 1, 1937, that it has made arrangements po purchase these bonds at
Reduced—
254
$178,427
Net oper. revenues
$385,710 def$353,724
MarHn-Rockwell Corp.—Hearing
Postponed—
The
hearing before the Securities and Exchange Commission in the
of the proceedings instituted to determine whether the common
stock (par $1) should be suspended or withdrawn from listing and registra¬
tion on the New York Stock Exchange has been postponed until Oct. 13.
Hearing will be held in Washington.—V. 145, p. 1426.
matter
$178,427
1.460
$167,611
3,177
$1,932,681
-
20.007
$2,062,578
33,376
Gross incomeInt. on mtge. bonds
Other int. & deductions.
$179,887
72.963
4,399
$170,788
72,917
4,594
$1,952,688
875,442
52.834
$2,095,954
875,000
48,753
$93,277
Divs. applic. to preferred stock for the period,
whether paid or unpaid
$1,024,412
$1,172,201
356,532
356,532
$667,880
$815,669
Operating income
Other income (net)
-
-—-—
Net income
x
$102,525
Marsman
Master Electric
See list given on
Mead
Balance-x
—-
Regular dividend on $6 preferred stock was paid on Aug. 2, 1937.
the payment of this dividend there were no accumulated unpaid
After
Investments, Ltd.—Registers with SEC—
See list given on first page
of this department.
Co.—Registers with SEC—
first page of this department.—V. 145, p. 1591.
Corp.—Bonds Called—
A total of $222,000 first mortgage 6%
gold bonds series A, due May 1.
1945, have been called for redemption on Nov. 1 at 102 and int.
Payment
will be made at the City Bank Farmers Trust Co., trustee.—V. 145, p. 2082.
dividends at that date.
Note—Includes provision made during December, 1936, of $31,860 for
Federal surtax on undistributed profits for 1936.
No such provision has
been made to date for 1937.—V. 145, p. 1425.
Meadville
Conneaut
The directors have declared
Louisiana Steam Generating
12 Months Ended Aug. 31—
x
Corp.—Earnings-—
1937
2,661,141
697,966
xIncludes non-operating income, net.—V. 145, p. 1590.
Operating
.
revenues
Balance after operation, maintenance and taxes..
Louisville & Nashville RR.
August—
Gross from railwayNet from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway-Net after rents
—V. 145. p. 1426.
1936
$2,389,357
693,139
Lake
&
Linesville
RR.—Larger
Dividend—*
dividend of $1
share on the common
stock, par $50, payable Oct. 1 to holders of record Sept. 16.
This com¬
pares with 75 cents paid on April 1 last; $1.25 paid on Oct. 1,1936; 50 cents
paid on April 1, 1936, and on Oct. 1, 1935, and dividends of $1 per share
distributed each three months previously.—V. 143, p. 1724.
a
per
Memphis Power & Light Co.—Earnings—
Earnings—
1937
1936
$7,349,388
1,666,207
1,183,879
$7,358,728
2,125,707
1,693,612
1935
$5,897,000
1.319.375
1,030,581
$5,449,217
1,123,929
836,428
60.345.259
15,279.830
10.772,528
57.290.203
14,958,412
11,450.160
47,931.661
10.776,709
8,250.052
46,526.874
10.995.627
8,314.021
1934
Period End. Aug. 31—
Oper. revenues
Oper. exps. (incl. taxes)Prop, retire, res approp.
1937—Month—1936
$639,127
$576,443
395.333
360.428
58,035
55,887
1937—12 Mos.—1936
$8,405,016 $7,550,130
5,429,262
703,810
4,830:664
682.914
$2,272,944
30.804
$2,036,552
26.888
$2,063,440
$185,759
$160,128
Dr3
341
$185,756
61.448
3,086
$160,469
61,448
3.990
$2,303,748
$95,031
Dividends applicable to preferred stock for the
period, whether paid or unpaid
—
$1,524,713
394,876
394.876
Balance
$1,129,837
$891,540
Net oper. revenues
Other income (net)Gross income.-.
Int. on mortgage bondsOther int. & deductions.
737.375
41,660
737.375
.
39,649
Ludlum Steel Co.—Stock Increase Voted—
Shareholders st a special meeting held Sept. 23 voted to authorize an
Increase In the capital stock from 530,000 shares to 1,000,000 shares of
common of $ 1 par value.
Hiland G. Batchellpr, head of the company
presided.
When market conditions are favorable/rights to subscribe to not more
than 125,000 additional common shares will be offered to stockholders. The
proceeds are to be used for plant expansion and improvements and to
Net income
x
x
$121,222
$1,286,416
Regular dividends on the $7 and $6 preferred stocks were paid on July 1,
After the payment of these dividends there were no accumulated
1937.
Volume
Financial
145
unpaid dividends at that date.
Regular dividends on hese stocks were
declared lor payment on Oct
1, 1937.
Note—Include provision of $146,199 made during the last 1? months
($46,199 in 1936 and $100,000 in 1937) for Federal surtax on undistributed
profits—V. 145, p. 1427.
Chronicle
Minneapolis St. Paul &fSault Ste. Marie Ry.—Earns.—
[Excluding Wisconsin Central Ry.J
Period End.
Freight
Merchants Refrigerating Co.—Accumulated Dividend—
The directors
have declared
dividend
of $3.25
per share on account
value, payable Nov. 1
to holders of record Oct. 23.
This compares with $1.75 paid on Aug. 2.
May 1 and Feb. 1 last; $2.25 paid on Dec. 10. 1936.; $1.75 on Nov. 2. 1936,
and dividends of $1 per share
paid on Aug. 1, May 1 and Feb. 1, 1936,
and Nov. 1 and Aug. 1, 1935,
prior to which regular quarterly dividends of
$1.75 per share were distributed.
the $7
on
a
pref
cum.
stock,
no par
The current payment clears up all accruals.—V. 145, p. 120.
1936
Operating profit
$54,697
Interest...
Depreciation
450,882
Flood e<p., I,owell, Mass
Bad accounts
$278,170
15,034
2,335
342
14,527
25.569
$512,658prof$137,103prof$223,039
$449,626
1936
Cash
1935
1935
56'».084
$356,990
499.282
Notes payable
Accounts payable.
Cusromerscred.bal
$750,000
125,474
1,990.705
ID,500
105.000
Reserve for taxes.
4,300
193.957
Common stock...
2.750.000
2,750.000
4,204,816
4.595,999
Preferred stock
1.650.000
1.650.000
Profit and loss
1,814,844
2,187,306
$366,256
Plants (Lowell and
Huntsvllle)
Prem.
1936
TAabililies—
I
1,760.461
Securities
dep.
with
Mutual Ins. Co.
4,472
4,338
Total
$600 000
110.058
61.127
77.164
Prepaid items
Total
.$7,094,619 $7,552,448
—V. 143, p. 4160.
5% preferred stock.
The preferred stock will receive
as
dividends to be declared five shares of new preferential common stock and
approximately 15 cents in cash and additional cash at the rate of 6H% per
upon the par value of each preferred share from Sept. 15 to the date
of filing of the amendment to the certificate of incorporation.
annum
preferential
stock will retain their present shares
which after
certificates.
The
of the plan
consummation
common
will be exchangeable for new
stock will be convertible into common stock share for
share.
There are now outstanding 28,030 shares of 6preferred stock, on
Under the
plan for recapitalization, a similar number of shares of new 5% preferred
would replace the existing stock, which would also receive the new pre-
which unpaid dividends now amount to more than $1,000,000.
erential
stock,
common
There would be
of
which
140,150
change in the number of
no
shares
would
common
be
shares
outstanding.
amounting
now
to 202.005 shares.
After all dividends have been
that
holders
of
preferential
paid on the preferred stock, it is provided
common
stock
shall
be
entitled
to
receive
stock.
dividends share and share alike with the holders of the common
The company in letter to stockholders states, In part:
"In recent months the corporation has been successful in securing
number
of large
industrial
construction work
on
$9,125,262
1.585.587
1.459.865
1.811,019
31.900
603.142
64.854
expenses
$335,254
111.339
4,253.882
467.913
$279,775
$156,118
283.054
$396,181
$223,915
50,483
17,312
1.983,531
283.631
3.990.229
506,867
$952,154
442,500
$1,073,649
$331.752
37,782
22,563
$509,654
169.946
162,759
492,602
$219,429
28.671
475,812
$176,948
313.357
3.859.818
$46,841
279.100
3.711,687
$373,517
Net after taxes
Hire of equip. (Dr.).._
Net after rents
$285,053
$3,996,228
$3,943,946
Other income (net) Dr..
Int. on funded debt
Net deficit
116,406
37.033
Missouri & Arkansas
August—
741.897
157.787
127,123
a
construction contracts bringing its volume of
a high levei
the results for the first six months
hand to
five every since 1931. that operations the bookswill the corporation and the
irst tixne
indication According to for 1937 oi resu t in profits for its
subsidiaries, consol dated net profits for the six months ended June 30,
1937, amounted to $262,213 before provision for 1937 Federal Income,
excess profits and undistributed profits taxes."—V. 144, p. 4186.
750,908
113,975
10,553
after rents
Net from
1934
$87,375
24,827
15,316
$73,637
15,466
Gross from railway
Net from railway
145/
1935
$83,891
6,977
def5,073
670,389
131,766
42,589
346,113
93,153
52,823
644.670
1936
$169,211
28,717
Net after rents
From Jan. I—
—V.
Ry.—Earnings—
1937
Gross from railway
Net from railway
16,552
6,792
130,247
40,865
1592.
p.
Missouri Illinois
common
$9,526,123
184.298
221.938
32.943
508.988
70,958
General expenses
RR.—Earnings—
1937
1936
1935
$81,979
$86,527
9.699
13,640
9.772
def5,896
def2,102
def5.556
1,014.697
710,934
159.729
682,563
135.077
629,917
328,514
169,363
34.495
32,436
38,728
!
Gross from
The company has sent stockholders a proposed plan for recapitalization
under which the present series A 6H% cumulative preferred stock will be
Holders of the
Transport at ion
August—
Merritt-Chapman & Scott Corp.—To Recapitalize—
as
$1,415,307
247.679
243.481
expenses
Maintenance or equip..
Traffic expenses
Net
$7,094,619 $7,552,448
redesignated
structure
Note—As there Is no taxable income to date, no provision is necessary
for the surtax on undistributed profits.—V. 145, p. 1746.
Balance Sheet Dec. 31
Inventories
$1,526,311
Maintenance of way and
Rental of terminals (Dr.)
8 211
Net loss.
Accts. receivable
1937—8 Mos.—1936
$7,963,206
$7,681,031
660,037
611.312
9C2.879
832,888
128,318
128.730
53,441
~y
Added to disct. reserve.
Loss on sale of securities
Assets—
Total revenues
1937—Month—1936
$1,158,259
$1,279,845
110,376
136,089
1933
$150,174
10,395
loss$20.540
11.957
471,950
All other revenue
Taxes
1934
1935
revenue
Net railway revenues.
Merrimack Manufacturing Co.—Earnings—
Calend'ir Years—
Aug. 31—
revenue
Passenger
of accumulations
2231
railway
railway
Net after rents.
$155,055
52,325
24,789
'
1934
$82,008
From Jan.I—
Gross from railway..
Net
from
railway
Net after rents
138 181
—V. 145, p. 1592.
Missouri-Kansas
Pipe Line Co.—Receivership Near End
The next to the last step In winding up the receivership o- the company,
which brought six years of litigation, was taken Sept
29 when Chancellor
Josiah O
Wolcott signed an order authorizing the newly elected directors
to borrow about $1,100,000 to pay off costs of the litigation and all obliga¬
tions.
The order also authorized the receivers to turn back to the company
most
the
of its assets, debt free.
new
Some of the assets will
The company's
loan.
assets consist
be pledged to secure
principally of stock in the
Panhandle Eastern Pipeline Co.. amounting to more than $25,000,000
Chancellor Wolcott said the only step that remained to wind up
the
to obtain the final report of the receivers, after which
discharged.
The order was signed, the Chancellor explained, after an application had
been submitted Sept. 29 by the receivers and directors Jointly.
No hear¬
ing was necessary —V. 145, p. 1427.
receivership
they would
was
be
Missouri-Kansas-Texas
Period End. Aug. 31—
Operating revenues
Operating expenses
Lines—Earnings—
1937— Month—1936
1937—8 Mos.—1936
$2,881,550
$2,733,764 $21,261,624 $20,133,011
2.095.154
1,925,204
15.862.908
15.424.607
Income avail, for fixed
Operating
revenues
Uncollec.
oper.
rev
Operating revenues
Operating expenses
1937—Month—1936
1937—8 Mos.—1936
$3,424,968
$3,045,434 $26,742,132 $23,962,724
3,438
3.465
41.674
25.826
$3 041.969 $26,700,458 $23,936,898
1,857.709
16.583.972
14.821.766
$3,421,530
2.154,020
Fixed charges
Def. after fixed charges
—V.
145, p.
Operating taxes
Net oper. income
-V. 145, p. 1591.
$1,267,510
415.575
$1,184,260 $10,116,486
354.000
3.357.526
$851,935
$830,260
$6,758,960
$9,115,132
2.835.186
$6,279,946
Directors on Sept. 30 declared dividends of $2.10 per share on the 7%
prior lien stock and $1.80 per share on the $6 prior lien stock as payments
on arrears.
These dividends will be paid on Oct. 25 to holders of record
Oct. 15.
Dividends of $1.40 and $1.20. respectively, were paid on July
20 last, and dividends of $4.90 and $4.20 per share were distributed on the
respective issued on Dec. 15, 1936.
These latter were the first payments
made since May 1, 1935, when dividends at one-quarter the regular rate
were distributed.—V. 145, p. 770.
Midland
Valley RR.
August—
Earnings1936
1937
Net after rents
1935
1934
$155,273
76,852
'
54,381
$138,120
$129,207
69,192
50.023
70.562
59.836
53,901
44,473
978,680
432,776
307,086
957,765
422.899
291,613
821,386
337,999
222,127
814,535
$123,388
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 145, p. 1592.
317,110
212,412
:
Middlesex Products Corp.-—Extra
Dividend—
The directors have declared
an extra dividend of $1 per share in addition
regular quarterly dividend of $1.50 per share on the common stock,
both payable Oct. 1 to holders of record Sept. 21.
Dividends of $1.50 per share were paid on July 1 and on April 1 last,
and previously regular quarterly dividends of $1 per share were distributed.
In addition, an extra dividend of $3 was paid on
Dec. 15. 1936, and extra
of $2 was paid on Oct. 1, 1936, and extra dividends of $1 per share were
paid on Jan. 2, 1936, and on Jan. 2, 1935.—V. 144, p. 2488.
to the
Minneapolis & St, Louis RR,—Earnings—
August—
Gross from
Gross from
railway
Net from railway
Net after rents
—V.
1937
$865,875
224,514
114,807
$889,809
274,138
167,488
5,412,702
705,962
127,325
railway..
Net from railway
Net after rents
From Jan. 1—
5.930.297
1,221,457
500,316
1936
1935
$763,321
175,667
103,791
4,650.742
201,868
def212,416
1934
$828,845
161.722
110,735
4,777.031
295,975
defl47,910
145, p. 1592.
Mississippi Central RR.— Earning s-
August—
1937
Gross from
Net from
Net
railway..
railway
after rents
From Jan.
...
Net
from
1936
1935
1934
$83,829
16,134
5,073
$84,515
23,971
$66,827
$55,493
12,745
16.015
8.600
2.604
def2.653
608,987
88.286
21,986
597,142
153,637
96.075
461,463
68,433
20,793
def7,069
1—
Gross from railway
railway....
Net after rents
—V. 145, P. 1592.
$2,532,798
2,803,722
$1,914,471
2,829.725
$47,069
sur$72,723
$270,923
$915,254
1908.
Pacific
RR.—RFC
Reorganization
Chairman of the Finance
Michigan Gas & Electric Co.—Accumulated Dividends—
Gross from railway..
Net from railway..
$422,456
349,732
Chairman Accepts Debtor1 s
Plan—Questions Control of Reor¬
ganized Company by Alleghany Corp.—Jesse H. Jones, Chair¬
man of the Reconstruction Finance Corporation, on Sept. 29
made public the following letter addressed to B, H. Meyer^
Missouri
Amended
Net oper. revenues...
$303,027
350,096
charges
Michigan Bell Telephone Co.—EarningsPeriod End. Aug. 31—
427.720
37,283
merce
From
Division of the Interstate Com¬
Commission:
a
hurried study of the Missouri Pacific reorganization plans upon
which
you are now holding hearings, it appears that treatment accorded
the various classes of creditors is probably as equitable as can bearri ed at.
We think, however, that the bonds allocated to the principal of our debt
should bear 4%,
which is our standard rate on railroad loans, instead of
Z%% as provided in the plans, and that the interest should be paid in
bonds instead of stock even though the interest on these bonds be con¬
tingent upon earnings.
One Justification for such special consideration as to the Interest is that
a substantial part of the Reconstruction Finance Corporation loan was used
to pay interest to bondholders that they otherwise would not have received.
Another is that if the Government is expected to come to the rescue of
railroads when their bankers for any reason are unaDle to, this fact should
probably be taken into consideration.
Any other view could not possibly
redound to the benefit of the roads In the long run.
We wore furnished copies of the plans only a few
days prior to their
filing, hence the necessity of a hurried study.
We understood from Mr. Stedman, representing the bondholders, and
William Wyer, representing the debtor, that the bondholders would accept
the debtor plan if approved by the Commission, but that the deotor would
not accept the bondholders' plan.
I assume, therefore, that if the road is
to be reorganized under 77, consideration must be directed to the debtor
plan.
This plan allows the Allegheny Corp to remain In control of the property
and I seriously question the desirability of this.
I doubt that it would be
to the best interest of the Missouri Pacific.
As a matter of public policy no important railroad system should be
subject to the convenience of its bankers and certainly not of a holding
company that controls other large systems where the systems have not
been grouped together by your honorable body.
i
Particular attention is drawn to the provision which gives the Finance
Committee the right to use any of the 3% of the gross income not expended
for betterments, et cetera, in payment of income bonds, and the right of
the Finance Committee and directors to use the proceeds of the sale of
stock as they may determine.
This provision is entirely too general for
the best interests of the road.
4
A substantial new capital contribution by stockholders instead of long
time option warrants to purchase stock would remove some of the objec¬
tions to Allegh ny control.
During the depression years I felt very strongly that equity owners
should not be squeezed out by a first mortgage holder, but now that the
depression is past, equity owners who insist upon being left in charge of
properties which are unable to meet their obligations should furnish some¬
thing more than management.
i
When in 1935 O. P. Van Sweringen discussed reorganizing the Missouri
Pacific with me, I took the position, and to whicn position he readily
agreed, that if the Allegheny Corp. was to remain in charge of the prrperty
after reorganization, it should in effect be permitted to do so on probation,
by allowing it to name only one-third of the directors, the senior security
holders naming the other two-thirds, each class of senior securities to have
representation on the board.
This would have left Allegheny in charge of
the property only so long as. In the opinion of the majority of the board,
its management was good, and to this Mr. Van Sweringen did not demur.
Financial
2232
that we are its largest
securities for our debt instead
of cash, but we make no particular point of this.
...
M This road has been in trusteeship long enough for everything to be found
out about it that should be necessary for its reorganization, and the RFO
will cooperate to that end In any proper manner, but raises the question
as to
whether the expediency of an earlier reorganization outweighs the
advantages of a sounder one.
These observations are of course made without questioning the motives
of any who may compose the new board or the Finance Committee of the
Missouri Pacific, or those in control of the Allegheny Corp., past, present
or future, but the history of Allegheny and the fact that it was abandoned
during the depression by its sponsor bankers, J. P. Morgan & Co., had
has since been more or less on tne auction block, seems to dictate exceeding
care in determining ts future participation in the affairs of Missouri Pacific.
Stedman Committee Outlines Plans—
1
P«'The committee for the 1st & ref. mtge. 5% gold bonds (John W. Sted¬
man, chairman) has issued a circular outlining the developments in con¬
nection with the reorganization plan which have taken place since its
Debtors'
Plan
Equipment trust certificates
...$16,743,000
First mtge. series A 25-year 3^%—. 32,231,000
Frist mtge. series B 50-year 4%._._.al25137000
Collateral trust notes 10-year 3*4%- 14,433,500
Unpaid int. on final interest debt....
Earnings
income 4% 33,062,000
income 5% 149,791,000
Gen. mtge. series A cum.
Gen. mtge. series B conv.
Montgomery Ward & Co., Inc.—Earnings—
Cost of goods sold, sell.
& other than inc. taxesl81,760,910
59,764,000
preferred stock 5%
Number of warrants for purchase
common
Fixed
61,720,715
55,219,346
65,877,150
854,570
1,317,543
821,741
138,296
152,903
149.868
154,821
$9,844,430
57,426
$5,193,349
82,916
$4,463,087
255,607
Net profit before prov.
for inc. taxes
$12,349,644
$9,901,856
$5,276,266
$4,718,695
2,300,000
1,800,000
926,500
560,000
1,000,000
1,000,000
for
Prov.
.
&
Fed.
State
income taxes
Prov. for Fed. surtax on
profits.
profit carried
surplus
Net
to
$9,049,644
x
$7,101,856
$4,349,766
$4,158,695
xl,058,159
x7,813,218
705,439
2,739,002
1,763,598
705,439
$1.60
Divs. on class A stock
Divs. on com. stock
Earns, per sh. on com
$1.40
$0.80
Includes third quarter
——
978,968
7.413,945
Consolidated Earned Surplus Account for
Net profit for
—
the 6 Months Ended July 31,
$37,062,318 $34,233,790
1,058,158
705,439
7,813,218
2,739.002
Total..
828,462
...
stock
common
Preferred dividends
$28,190,942 $30,789,349
Balance, July 31
Summary of Reserve for Self-Insurance for
the 6 Months Ended July 31
preferred stock
174,301
tive)
d For comparative purposes no par
$100 per share under committee plan and
.
Balance, July 31, 1936--—
Consolidated Balance Sheet July 31
plan.
on
Plan Ended—Assent to Plan Reported
Virtually
Unanimous—
$
x
Land, pl'ts,&c. 46.114,596
11.136.379
49,160
53,474.308
Receivables....
Inventories
1936
$
$
Liabilities—
■
42,567,713 y Capital stock.149.288,340 123,202.620
12,592,079
19,212,813 Accts. payable. 15.091,931
12,525.000
89.938 Bank loans..
1,857*4? 7
2,527,939
37,737.498 Due customers.
352.720
352.720
68,168.360 Class A div. pay.
Com. div. pay..
913,001
2,608,574
Cash
Other securities.
1937
1936
1937
Note—The slight differences between
Hearings
$917,542
Self-insured losses incurred
value common stock is shown at
at $50 per share under debtors'
the committee plan and the debtors'
plan in the above figures referring to the new debt are due to small varia¬
tions in methods of calculation, and not to substantive differences.
See
also V. 145, p. 2082 and 1908.
$1,094,587
177,044
$1,062,080
Total........
$971,032
123,554
$1,236,382
4,133,500
—
a Does not include $15,876,850 pledged to secure collateral trust notes,
b Principal of present fixed interest debt receiving new securities in re¬
organization.
c Adjustment mortgage 6s (interest contingent but cumula¬
1936
1937
$1,004,359
232,022
Balance, Jan. 31
Prov. made by charges to income account
participating $5
7,101,855
9,049,644
the six months ended July 31
"
Preferential divs. on
1936
$28,012,674 $27,131,934
.
Dividends declared on class A stock
24,770.052
8,811,931
$16,226,010 $16,225,876 $25,598,514
2,988,200
5,294,8i0
3,509,505
Total interest
$0.77
dividend.
Balance Jan. 31
On
7.413,980
—._
99,839,409
1,531,442
1937
82,174,143
8,812,030
stock
141.735,532 121,294,198
1,558,909
1,497,433
124,014
.
Net operating
70,190,100
of
Interest
Contingent interest
1,667,008
im¬
profit-.$12,194,823
provements
-.-$599288,500 $554211,736 $770839.508
capitalization
Number or shares common stock
of leasehold
Amort,
99,633,844
Second preferred stock 4%
....
Participating $5 preferred stock—.. 82,670,000
Common stock d....... ........... 85,457,000
Total
■
'
'
$371397,500 $371394,525 $618475.265
Total debt
Prior
1934
1937
1936
1935
..$195,7467551153,277,16S$128,137,884$105,983,S07
July 31—
End
6 Mos
undistributed
33,061,550 cl3,807,700
149,789,375
$55,982
$0.43
share on 129,834 common shares
per
Net sales
14,433,500J
$188544,500 $188543,600 $604667,565
Total fixed Interest debt
761,834
Net income after all charges
System
$16,743,000 $16,743,000
32,230,800)
al25136,300 b488290721
1,564,609
Earnings for 8 Months Ended Aug. 31, 1937
Present
Plan
Committee
W Capitalization-—
2.615.776
Equipment CoEarnings-—
Monroe Auto
Other income (net)
compared with the present system:
as
84,210
2,599,070
1,576.171
782,740
—V. 145, p. 1692.
Deprec. of fixed props._
following table sets forth the new securities proposed for the new
company under the
debtors1 proposed plan
The
after rents
Net
•ompany, and compares the capitalization of the new
committee's plan with the capitalization under the
and
85,661
2.997,877
1,808,184
869,535
,
Summary of the Plans
____
£
80,157
From Jan. 1—
Gross from railway
Net from railway....
$300,884
177,373
71,483
$294,593
181,695
$340,599
197.178
3.009.595
1,749,160
785,453
after rents—
Net
1934
1935
1936
1937
$366,726
210,288
August—
Gross from railway.....
Net from railway
w
report of June 5,1936.
2, 1937
Monongahela Ry.—Earnings—
in the councils of those
No provision is made for RFO representation
direct the road's policies, notwithstanding
who
creditor and like other creditors must accept
Oct.
Chronicle
101,532,168
Invest, in mtges.
7,471,444
6,830,480
6,147,636
Accrued
taxes,
the reor¬
real est., &c._
ganization plan on Sept. 30, and made ready to prepare final details Of the
recapitalization.
► According to press reports, the end of the hearings came with all principal
security holders and creditors in virtual agreement on
terms of the
company's modified plan of reorganization.
•1 The final session of the hearings saw a vigorous attack on the proposal
Prepd. costs, &c
stock interests. This com¬
total outstanding and that which
E. Smith, appearing on behalf of
the common stockholders protective committee, said the plan ought to
perpetuate control of the system by the old owners.
He asserted that
with a nominal expenditure of $2,000,000 these interests could perpetuate
their control of the entire rail network with assets of over $700,000,000.—
x After
depreciation of $21,098,946 in 1937 and $18,842,007 in 1936.
Represented by 205,000 no par shares of $7 class A and 5,217,147 (4,565,004 in 1936) no par shares of common stock, z Represented by 3,446 shares
class A stock no par.—V. 145, p. 1746.
V. 145, p. 2082.
stock, payable Oct. 8 to holders of record Oct. 6.
first dividend to be paid on the common stock since 1931.
The
Commerce
Interstate
closed
Commission
hearings
in
by the protective committee for MOP minority
mittee represents a small percentage of the
is not owned by Alleghany Corp.
Robert
Earnings for August and Year to Date
1937
$8,061,092
1,957,574
after rents
1935
$6,541,711
1,229,254
1,078,799
508,506
1934
$6,589,508
1,276,976
497,894
..
...
61,961,536
14,750,271
8,236,595
57,742,804
13,624,121
6,236,169
47,415,658
7,834,258
5,038,799
2082.
2379.
Mobile & Ohio
RR,—Earnings—
1937
August—
Gross from railway...
Net from
after
Net
$1,009,814
119,352
3,888
rents
1936
1935
1934
$910,190
211,929
123,964
$766,742
143,343
61,464
$701,083
110,487
16,189
after rents
..
..
8,178,211
1,831,752
853,593
.
6,743,013
1,311,965
518,775
5,601,961
645,658
def72,630
5,785,615
877,815
52,733
—V. 145, p. 1427.
Montana Power Co.
Period End. Aug.
31-
(& Subs.)—Earnings—
,
Net oper. revenues
Other income (net)
1937—12 Mos.—1936
$993,144 $14,983,436 $12,252,548
6,233,009
7,197,670
519,407
$286,199
6,651
$292,850
debentures
Other int. & deductions.
162,104
44,125
35,145
Int. chgd. to construct'n
59,583
1,288,503
mtge. bonds
on
Net income
Divs.
Dividend—
share on the
This will be the
V. 145, p. 443.
Sept. 29 declared a dividend of 50 cents per
Morrison Bond
Co., Ltd.—Initial Preferred Dividend—
initial quarterly dividend of 37 }4 cents
preferred stock, payable Sept. 30 to holders
The directors have declared an
per share on the 6% cumulative
of record Sept. 25.—V. 145, p.
443.
Muskegon Piston Ring Co.—Listing
The
New
York
Curb Exchange
standing shares of common stock,
(F. E.) Myers
Employees—
The directors
on
on
Approved—
has approved for listing 207,712 out¬
$2.50 par.—V. 145, p. 2083.
Co.—Extra Dividend—Bonus to
& Bro.
Sept. 27 declared an extra dividend of 50 cents por share
value, payable Oct. 25 to holders of record
the common stock, no par
This compares with $1.25 paid on Sept. 27 last; $1 per share paid
on June 26 and on March 20 last; 75 cents on Dec. 26, 1936, and previously
dividends of 50 cents per share were distributed each three months.
In
Oct. 15.
addition, an extra dividend of 25 cents per share was paid on Sept. 30 and
June 30, 1936.
Directors also voted to pay a bonus equal to 714% of wages between
Oct. 1, 1936, and Oct. 1, 1937, to the company's 700 employees on Oct. 20,
provided they have been employed more than eight months.—V. 145,
p. 1593.
(A. I.) Namm & Son—Certificates Called—
Manufacturers Trust Co. certificates of participation in A. I.
20-year, 6% sinking fund gold loan, due June 1,
1943, have been called for redemption on Dec. 1, 1937 at 103% of par and
accrued interest.—V. 145, p. 1428.
The
Namm & Son first mortgage
Nashua Mfg.
The
directors
$73,437
$6,497,263
$5,301,204
33,992
27,474
$417,748
128,467
52,083
23,563
$6,524,737
1,822,410
605,455
371,172
Cr208,561
$5,335,196
1,574,686
$213,635
$3,934,261
$2,851,893
957,168
956,557
625,000
283,617
H
Balance
1937.—V.J145. p. 1427.
Net
Louis Ry.—Earnings—1935
1937
1936
$1,118,061
$1,215,559
$931,111
111,844
64,529
218,995
167,329
def2,181
9,840,699
1,575,604
929,650
9,072,229
1,124,862
688,687
railway
after rents
From Jan. 1—
railway
Net from railway
1934
$1,036,342
109,672
def62,357
41,068
8,140,288
667,599
8,658,474
1,310,942
788,818
y*
Gross from
after rents
—V. 145, P.
191,113
1428.
National Brush Co.—Extra Dividend—
dividend ot 7*4 cents per share in
quarterly dividend of 12H cents per share on the
common stock, both payable Oct. 4 to holders of record Sept. 24.—V.
The directors have declared an extra
addition to the regular
$2,977,093
$1,895,336
Regular dividend on $6 preferred stock was paid on Aug. 1, 1937.
the payment of this dividend there were no accumulated unpaid
dividends at that date.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the companies reported no undistributed adjusted
net income for that year.
No such provision has been made to date for
x
After
initial quarterly dividend of 50 cents
stock, payable Oct. 1 to holders of record
Nashville Chattanooga & St.
August—
Gross from railway
Net
applic. to preferred stock for the period,
whether paid or unpaid
Co.—Initial Preferred Dividend—
have declared an
Eer share on the second preferred
ept. 27.—V. 145, p. 947.
718,335
$414,154
3,594
Cr21,961
x
225,284,727 180,864,846
Total
Moody's Investors Service—To Pay Common
The directors on
Net from
Gross income
•
Dr252,677
—
im***
on
917,543
30.789.349
225,284,727 180,864,846
Total
*
Int.
1,062.080
y
1937—Month—1936
Operating revenues
$1,157,406
Oper. exps. (incl. taxes).
722,278
Prop, retire. & depletion
reserve appropriations
148,929
Int.
10,492,795
13.889,878
28,190,942
Treasury stock Dr252,677
1—
Gross from railway.
Net from railway
Net
..
railway
From Jan.
z
49,195,858
11,066,188
2,332,764
Missouri Southern RR.—Reconstruction Loan Extended—
The Interstate Commerce Commission on Sept. 22 found the company
not to be in need of financial reorganization in the public interest at this
time, and approved the extension for a period not to exceed one year of the
time of payment of a loan to the company by the Reconstruction Finance
Corporation, maturing Oct. 7, 1937, in the amount of $33,000.—V. 143,
p.
&c_
Earned surplus.
1—
Gross from railway
Net from railway
Net after rents
—V. 145, p
1936
$7,854,240
2,050,427
1,003,620
Gross from railway
Net from railway
From Jan.
expenses,
Ii6S6rV63
common
August—
Net
5,617,079
145,
p.
1428.
National
Bronze
& Aluminum
Foundry Co.—Initial
Dividend—
initial dividend of 50 cents per share on
payable Oct. 25 to holders of record Oct. 11.
The directors have declared an
the common stock,
Volume
145
Financial
Chronicle
L National Dairy Products Corp.—Bonds Called—The company is notifying holders of its
33*4% debent ires due
1951 that.
CBuant to has elected to fund provisions of the indenture securing accrued
the detures, it the purchase redeem
Nov. 1, 1937 at 100
and
on
interest
$938,000 principal amount of these debentures which have been
drawn ny lot.
The payment will be made through Goldman, Sachs & Co.
Holders of the drawn debentures are advised that
they should present their
payment with stock purchase warrants attached, unless
theretofore been exercised.
The warrants will be detached,
debentures
these
countersigned by the fiscal
National
agents and returned.—V.
Electric
dated—
Power
Co.—Estate
145, p. 1593.
Practically Liqui¬
vv
The Irving Trust Co.. trustee in
bankruptcy under date of Sept. 27 writes:
'The undersigned (Irving Trust
Co.) as trustee, is preparing the case
for closing, but the referee has advised
that the final meeting of creditors
cannot be held until after Oct.
1, next.
"The estate of the bankrupt is now
practically liquidated. The remainder
of the assets will have but a nominal value.
The trustee in banrkuptcy at
•
present has on hand from the realization of assets approximately $1,000,000,
subject, of course, to administration expenses.
General claims that we
estimate will
be allowed against the bankrupt estate will approximate
$19,000,000,
on which no dividends have been paid as yet.
"The Chase National Bank, 18 Pine St., New York, as indenture trustee,
a blanket claim in behalf of all debenture
holders, which claim
is included in the foregoing amount.
has filed
"Insofar as we have any knowledge at present, there is but one priority
a tax claim in the amount of $0,300.
"Before any distribution can be made to stockholders, creditors must be
paid in full.
It is apparent, therefore, that there will be nothing for
stockholders.
"All transfer agents have resigned and there are no facilities available
for transferring any class of stock.
claim,
"The Commissioner of Internal Revenue advised us under date of
Jan. 16, 1936 that for income tax purposes, the stock became valueless in
1933 and losses resulting from its ownership may be taken as of, and only
as
of, the year 1933."—V. 142, p. 2675.
National Gas & Electric Corp. (&
Period. End. Aug. 31—
Operating
revenues
Gross inc. after deprec..
Net income
1937—Month—1936
$96,417
$93,937
23,547
25,782
1937—12 Mos.—1936
$1,119,624
$972,109
242,b97
219,367
167,811
143,357
Note—No provision has been made for the Federal surtax on undis¬
tributed net income for the year 1937, since any liability for such tax can¬
not
a quarterly dividend of 15 cents per share on
payable Oct. 15 to holders of record Sept. 30.
Pre¬
viously regular quarterly dividend of 12 M cents per share were distributed.
V• 143, p. 931,
common
New
be determined
until the end of the year.—V.
National Public Service
stock,
Jersey & New York RR
August—
Net
145, p. 1593.
Corp.- -Estate Practically Liqui-
dated—Stock Worthless—
The Irving Trust Co., trustee in bankruptcy under date of Sept. 27 writes:
"The undersigned, as trustee, is preparing the case for closing, but the
referee has advised that the final meeting of creditors cannot he held until
after Oct. 1, next.
"The estate of the bankrupt is now practically liquidated.
The remainder
of the assets will have but a nominal value.
The trustee in bankruptcy at
present has on hand from the realization of assets approximately $110,C00,
subject, of course, to administration expenses.
General claims that we
estimate will be allowed against the bankrupt estate will approximate
$20,000,000, on which no dividends have been paid as yet.
1936
1935
1934
$58,137
defll,197
def 32,13 5
$61,318
def8.954
def30,914
$59,279
defl9,836
def37,233
$62,362
defl8,525
def39,108
499,680
def56,465
def224,819
524.998
def47,025
def214,819
519,289
defl35,395
def291,274
after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
-V.
Earnings—
1937
Gross from railway
Net from railway
569,075
def 119.03$
def281,737
145, p. 1594.
New
Jersey Zinc Co.—50-Cent Dividend—
The directors have declared
a dividend of 50 cents per share on the capital
payable Nov. 10 to holders of record Oct. 20.
Similar
on Sept. 10 and on Aug. 10 last.
Regular quarterly dividends of 50 cents were paid on June 10 last and
on March
10. last, at which latter time the quarterly dividend payment
dates were changed from Feb., May, Aug. and Nov. to March, June, Sept.
and Dec.
Besides indicating a change in regular payment dates, the March
10 dividend was designated as an extra dividend.
An extra dividend of 50 cents per share was paid on May 10 last,
July 10.
1936, and on Dec. 10, 1935.
stock,
$25,
par
payments were made
The
Nov.
10 dividend will
share to have been made
be the seventh distribution of 50 cents per
during 1937.—V. 145,
1107.
p.
New Orleans & Northeastern RR.-
-Earnings-
1937
1936
1935
1934
$282,145
101,860
35,565
$239,006
84,007
37,689
$199,986
$179,775
39,790
1,870
2,196,460
876.532
424,422
1,739,864
549,196
188,689
1,495,358
August—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Subs.)—Earnings—
Telephone Co., Ltd.—Larger Dividend
The directors have declared
the
for
have
2233
New Brunswick
.
Net from railway
Net after rents
56,403
23,068
1,464.927
348,895
43,627
354.963
83,670
—V. 145, p. 1429.
New Orleans Public Service
Inc.—Earnings—
Period End. Aug. 31— 1937—Month—1936
1937—12 Mos.—1936
Operating revenues
$1,394,696
$1,327,891 $17,877,383 $16,445,079
Oper. exps. (incl. taxes).
975.823
942,083
12,046.473
11,142,052
Prop, retir. res. approp.
177.000
177,000
2,124,000
2,124,000
Net oper. revenues..
Rent from lease of plant.
$241,873
$208,808
Operating income
Other income (net)
$241,873
549
$209,394
mtge. bonds.
$242,422
204,191
Other int. and deduct'ns
18,127
$208,998
207,078
17,054
Gross income
Interest
on
Int. charged to construe.
$3,179,027
$3,708,100
15,090
$3,185,449
19,759
$3,723,190
2,463,315
244,958
Crl ,127
$3,205,208
2,586.739
215,871
Pr396
Cr616
Net income
x
$3,706,910
1,190
586
$20,720
6,422
$1,016,044
$1,016,044'
def$l 5,134
$402,598
Dividends applic. to pref. stock for the period,
whether
544,586
paid or unpaid
544,586
"From the foregoing figures, it is obvious that the dividend to be paid to
creditors of National Public Service
Balance
Corp. out of the bankruptcy proceed¬
ings will be small.
"The indenture trustee under this issue of debentures is the New York
It has certain valuable securities which were deposited by the
Trust Co.
bankrupt
as collateral security under the issue.
All bondholders, therefore,
after receiving dividends out of the bankruptcy proceeding, will be entitled
present the bonds to the indenture trustee for their share of the said
to
securities,
or the proceeds thereof.
Inquiries with respect to this distribu¬
Co., Corporate Trust
Department, 100 Broadway, New York City.
"Before any distribution can be made to stockholders, creditors must be
paid in full.
It is apparent, therefore, that there will be nothing for
x Dividends
accumulated and unpaid to Aug. 31, 1937, amounted to
$2,473,328.
Latest dividend, amounting to S7H cents a share on $7 pref.
was paid April 1, 1933.
Dividends on this stock are cumulative.
Note—Includes provision of $425,800 made during the 12 months ended
Aug. 31, 1937, and $220,600 made during the 12 months ended Aug. 31,
1936, for Federal surtax on undistributed profits.—V. 145, p. 1429.
stock,
tion should be made direct to the New York Trust
stockholders.
"All transfer agents have resigned and there are no facilities available
for transferring any class of stock.
"The Commissioner of Internal Revenue advised us under date of
Jan. 16, 1936 that for income tax purposes, the stock became valueless in
1933, and losses resulting from its ownership may be taken as of, and only
as of, the year 1933."—V. 145, p. 1267.
National Radiator
Corp.—Earnings—
Earnings for 6 Months Ended June 30, 1937
Gross
$470,807
552,613
profit before depreciation
Selling, administrative and general expenses
$81,806
8,613
Operating loss.
Other
income
$471,458 def$141,988
New Orleans Texas & Mexico Ry.— Earnings—
1934
1935
1937
$146,641
def1,640
14,393
Net after rents
1936
$128,883
def 1,605
def6,704
$147,738
20.686
27,333
$117,545
2,727
21,142
1,880,123
779,079
801,575
August—
Gross from railway
Net from railway
1,353.278
342,215
246,708
1,149,280
279,462
340,012
175,999
320.652
425,777
1—
From Jan.
Gross from railway
Net from railway
Net after rents
Earnings
of System
Period End. Aug. 31—
1937—Month—1936
1937—8 Mos.—1936
$1,068,865
$874,545 $11,262,981
Operating revenues
$8,103,648
Net ry. oper. income...
84,061
22,309
2,727.063
683,178
—V. 145, p. 1594.
Newport Industries, Inc.—Dividend—
The
have declared a dividend of 75 cents per share on the
stock, par $1, payable Oct. 26 to holders of record Oct. 15.
This
10-year notes due July 26, 1947.
Cash will be
directors
common
dividend is payable in 5%
Loss
$73,193
34,323
138,161
112,617
.
...
Other expenses, including maintenance of idle properties
Allowance for depreciation of operating properties
Provision for accrued interest on income debentures
Loss incl. prov. for int. on income debs, issued or to be issued—V. 145, p.
New York Auction
$358,293
124.
Calendar Years—
National Steel Car Corp.—To
The directors have declared
dividend
Pay 50-Cent Common Div.
of
50
cents
share on the
common
stock,
payable Oct. 15 to holders of record Oct. 8.
The last
previous distribution on this issue was the 20 cent dividend paid on Jan. 3,
1933.—V. 145, p. 2084.
Nevada Northern
a
per
Selling expenses
1
Admin. & general exp._f
Int. on mortgage debt..
Other charges
1935
1934
1933
$256,183
190,339
$216,858
199,287
20,240
4,129
21,120
6,155
23,624
$241,950
42,196
136,117
21,120
31,292
17,600
2,169
1,749
19,968
20.526
Federal income tax
y3,225
2,882
$24,328
23,972
Loss
1935
1934
on
merchandise
$45,163
18,076
12,523
$35,564
12,734
10,269
$34,447
10,711
7,871
449,477
220,706
163,752
357,445
149,953
109,297
239,456
49,029
27,645
229,168
51,330
29,936
—V. 145, p. 1594.
to
reserve
advances,
receiv., &c
losses on
counts
1—
Gross from railway
Co., Inc.—Earnings-
1936
$281,322
212,282
Profit for period
1936
$56,602
29,743
23,818
Net from railway
Net after rents.
Total inc. from oper..
Addition
1937
Net after rents.
x
Deprec. on bldgs. & eqp.
Ry.—Earnings—
August—
Gross from railway
Net ftom railway
From Jan.
paid for all amounts less than $25 and for fractional parts of $25.
A similar dividend was paid on July 26 last.
The company paid a divi¬
dend of 50 cents per share on April 5 last and an initial dividend of 60 cents
on Dec. 15, 1936.—V. 145, p. 772.
20,263
for
ac¬
75,000
Dividends paid
x
582
$17,485 def$108,327
def$9,038
„
$3,662 in 1935. $3,356 in 1934
Including $44 Federal undistributed profits tax.
Includes other income of $2,957 in 1936,
and $1,196 in
1933.
y
Balance Sheet Dec. 31
New Britain Machine
See list given on
Co.—Registers with SEC—
Cash
Earnings for Year Ended Dec. 31, 1936
Class A pref
stock divs.: Accumulation to Jan. 1, 1936—26)4%
90,000
Earnings per share on 90,000 shares of common stock
807,896
accts. receiv
Mdse
$458,359
184,380
49,168
Applicable to year 1936—7%
Common stock dividends
x
Interest
652,163
8,250
$378,977
receivable—customers
Investment (lessallowance)...
464,936
843,721
10,704
5,312
-
Deferred charges
164,801
12,292
Reserve for contingencies
class
A
cumulative
ferred stock
b Common stock
machinery &
Land, bidgs.,
equipment.
864,875 General surplus
22,270 Paid-in surplus
Mortgage
payable
Capital stock
16,322
pre¬
....
shares at a stated value of $1 per
2,882
~2~509
352,000
592,948
435
Surplus..
Total
6,748
$1,549,436 $1,453,939
x After reserve for depreciation of $139,047 in 1936 and $121,996 in 1935.
Represented by 2,150 shares (3,875 in 1935) of class A stock, 40 shares
(91,972 in 1935) of common stock, ail
of no par value.—V. 144, p. 113.
New York Central RR
August—
702,400
90,000
1,214,796
266,100
$2,590,795
Total
b Represented by
share.—V. 145, p. 2085.
Leas allowance for depreciation and amortization,
$496,852
3,225
4,424
2,872
352,000
592,948
of class B stock and 93,697 shares
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway.
$2,590,795
Total
no par
Miscellaneous
331,414
12,117
y
Div. pay. Jan. 1, 1937 on pref.
stock..
7%
Other accounts receivable (less
allowance)
$124,083
State taxes.
(less
allowance)
Inventories (less allowance)
Accounts payable
Accrued accts., incl. Federal A
Trade acceptances & accounts
90,000
19,206
$1,549,436 $1,453,9391
accrued..
Liabilities—
Cash and certificate of deposit.
a
11,250
y
23,497
dry charges
Total
667,019
sun¬
1935
$250,000
Federal taxes
equipment
$4.54
1936
to
Vouchers payable-
Land, bldgs. and
Prepayments
payable
683,977 Accounts payable.
inventory,
Mortgage receiv..
Sheet, Dec. 31, 1936
Asset*—
a
Liabilities—
Notes
bank
Misc. accts. rec..
Aug. 8, 1936 (the date of liquidation
Balance
1935
$72,487
Adv.to shippers &
Net profit after deducting allowance for depreciation, and Federal
income tax and surtax, and including company's proportion of
net income of subsidiary to
of the subsidiary)
1936
557,630
Assets—
first page of this department.
Net from railway
Net after rents
—V. 145, p. 1910.
1937
-Earnings—
1936
1935
1934
$30,248,956 $29,938,319 $24,920,283 $24,014,857
5,647,932
6,773,012
7,703,324
5,548,68b
2,762,139
3,209,801
4,379,509
2,324,476
247,801,482 230,970,941 199,219,626 199,359,580
45,575,884
60,854,463
56,634,985
50,633,590
19,567,160
28,989,421
28,323,905
21,317,615
Financial Chronicle
2234
New York Chicago & St.
Louis RR.- -Earnings„
,615.423
,178.478
846,915
3.622.041
1,365.046
821.437
2,770.007
851.741
516,052
2,694.545
28 ,855.711
9 .708,605
5 ,838.296
26.734.559
21.862,058
6.648.894
3,748,423
22.511.181
7.394.581
3,969.871
Net after rents
From Jan. 1 —
Gross from railway—
Net from railway
Net after rents
—V. 145, P- 2085.
New York
1934
1935
1936
1937
August—
Gross from railway.....
Net from railway..
9.540.308
5,711,354
773.746
357,650
...
City Omnibus Corp. (& Subs.)—Earnings—
New York
Net income after deprec., normal Federal income taxes, interest
equip, obligations, interest on bonds assumed from N. Y.
Railways Corp. amortization and other charges but before any
provision for Federal surtax on undistributed profits or excess
profits tax,
—
l
—
...—
x$100,l42
x Before deduction of $19,353 charged to income in respect of provision
for amortization of "'amount to be amortized on basis of recapture contract
in monthly instalments."
Madison Ave.
Eighth Ave.
Coach Co., Inc.
Coach Corp.
Month of August—
1937
1936
1937
1936
x Net income....
$15,135
$11,836
$26,218
$22,979
x After
depreciation, Interest, normal Federal income tax., &c., but
before any provision for Federal surtax on undistributed profits or excess
profits tax.—V. 145, p. 1910.
on
—
New York Connecting
Gross from railway
Net from railway
1936
$190,991
140,957
65,442
$203,484
153,902
82,256
•
Gross from railway
1,838,496
1,421,264
948,688
railway
Net after rents
1,865,979
1,441,277
920,563
-
New York Dock
The Manufacturers
1,814,861
1,434.397
846,927
1,794,279
1,364,910
818,398
Co.—Transfer Agent—
Trust
Co.
is
New York Merchandise
Calendar Years—
Profit from operations
1935
f
tax.,
1936
x$476,570
After surtax
on
97,560
61.441
$358,936
17.292
$370,510
72.909
$4.69
72.909
$5.08
profits of $28,390.
Cash
Liabilities
$698,040
$299,363
Accts. receivable..
1,212,599
1,209.841
Loans receivable—
4,761
2,761
45,120
41,625
Life Ins.
Common stock
Res.
for
accts.
1,152
110.788
1,656.782
Stock of affil. cos..
37.800
dlsct.
-
on
receivable
10.000
10.000
—
651,064
14,987
2.520
mm
mm
Furn. and fixtures.
11,553
13,538
y840
They
A.
E.
W
are
Weils
former
Nipissing Mines Co., Ltd.—Smaller Dividend—
have declared a dividend of 12 cents per share on the
$5, payable Oct. 20 to holders of record <»ct. 5.
This
with 25 cents paid on Feb. 20. last, and on Aug. 20 and 'an 20,
1936.
Dividends of 12p£ cents per share were paid on May 15. 1935, and
on Aug. 15.1931, this latter being the first distribution made since April 20,
1931, when a regular quarterly dividend of 7H cents was paid.—V. 144, p.
783.
The
directors
stock, par
compares
Noma Electric
$473,597
$408,100
10.723
Gross profit
1,917
Other administrative, office
10,104
y;?
$428,928
$475,514
54.968
43,810
——
Administrative, office and general salaries
and general expenses—
42.585
35.887
116.960
19.875
32,612
132.965
26.457
31.656
Net profit
Dividends paid
$181,007
$185,657
177,226
$0.84
——
Earnings per share
$0.81
Note—Depreciation included in the cost of sales and general and admin¬
amounted to $15,894 in 1937 and $16,984 in 1936.
a
Feb.28, *37 Feb.29,'36
$366,194
61.267
$569,762
30,652
Notes & accts .rec
43.187
47,190
recelv.
4.173
2.738
446,347
253,988
562
350
53 640
11,774
$971,806
Feb. 28,*37 Feb. 29,*30
payablecredit
$4,010
$12,204
61,322
5,802
$987,147
.
nihilities—
Accounts
hand and
on
Mlsc
cost
accts
Accts.
rec.,
1.225
2,222
balance.
Accrued expenses-
30.302
15,696
taxes-
31.718
32,530
Cap stock (par $1)
221,532
697,361
221.532
688,619
$987,147
$971,806
Res
for inc
-----
Mclse
Total
$3,834,645 $3,233,664
by 97.560 (72,909 in 1935) shares
no
par
stock,
y
20
bl .042.499
RR.—-Earnings—
bl43.989
b3.913.782
b4.937.161
The leases of the
RR. and Providence Warren & Bristol RR. leases,
c
Before guaranties
—
employ's
b Machry
Equipment Trusts—
Surplus
-
fura.
,
& fixtures
Patents and good¬
will
Total..,
a
After
-
reserve
Totfll
doubtful accounts and discounts of $7,945 in
for
$9,731 in 1936.
b After reserve for depreciation of
and $103,023 in 1936.—V. 144. p. 946.
and
Norfolk & Southern RR,-
IT'The company has applied to the Interstate Commerce Commission for
permission to assume authority and obligation for the issuance of $1,66 ',000
1934
$380,373
51.315
68.291
1935
6,898
14,381
2,942,425
552,471
3,166.304
3.276.474
674,008
880.835
180,871
250,571
430,113
'
..
3,365,807
79 >,069
345,014
Net from railway
Net after rents
equipment certificates, series 1937, to be issued by the First National Bank,
Boston, as trustee, to be sold at 98.517 and accrued dividend.
$362,486
1936
$357,954
61.037
12,974
..
Gross from railway
1937
$115,908 in 1937
-Earnings—
1937
$356,324
43,998
def3.456
Augusl—
Gross from railway
Net from railway.
Net after rents.From Jan. 1—
separately operated properties.
Seeks Issuanceof $1,660,000
inventory
Due from
Deferred charges—
following companies were rejected on dates stated
below, but net railway operating income includes the results of operation*
of these properties* Old Colony KR., June 2. 1936; Hartford & Connecticut
Western RR., July 31. 1936; Providence Warren & Bristol RR., Feb. 11,
1937.
b Effective as of those dates, no charges for the stated leased rentals
are included covering the Old Colony RR., Hartford & Connecticut West¬
on
Feb. 29, *36
$1.846,386
1.438.286
Other income
Invest, (at
Period End. Aug. 31—
1937—Month—1936
1937—8 Mos.—1936
Total oper. revenue..— $6,736,910
$6,423,053 $54,868,405 $50,432,345
a Net rv. oper. income—
2.092
722.439
3.920.228
3.226.597
ern
Feb. 28, '37
$2,032,938
1.559.341
Adjust, of res. for bad debts previously charged to
profit and lo3s_.,
In banks
New York New Haven & Hartford
a
Corp. (& Subs.)—Earnings—
Years Ended—
Cash
shares at cost.—V. 145, p. 287.
after chgs.
Trustees—
Wheeler, former President and General Manager. Alan
Secretaty and Business Manager, and Syd J. Hughes,
144 p 4016.
Consolidated Balance Sheet
$3,233,6461
-.$3,834,645
Net deficit
as
former Vice-President—V
Assets—
20,540
13,484
«
Inc.—Officers Stay
.
11,929
39.150
Represented
301,180
mm
Mach.—deprec. val
Prepaid Ins. & exp_
Treasury stock
x
2,488.560
640,828
247,180
istrative expense
'
Total,.
2,428.639
672.182
279,205
New York Woman,
1,189,637
Surplus
37,800
Misc. invests
2,193,997
668.302
267,324
Peter A. OInev Jr
Federal referee in bankruptcy approved on Sept. 28
the election of former officers as permanent trustees of the corporation.
1,632,061
in ventory
2.203.533
754.364
-
—
43,248
—
1935
1936
-$2,926,800 $1,822,725
Current liabilities.
211.283
246,781
x
policies—
cashsur. valueDue from empl's—
Due from affil. co¬
Gross from railway—
Net from railway
Selling expenses
Shipping expenses —
Federal and Canadian income taxes
Balance Sheet Dec. 31
1935
17.690
def23,563
i
Net affer rents
—V. 145, p. 1594.
$420,376
72,909
$5.97
$4.88
stk.
undistributed
1036
Assets—
def7,177
Total income
(no par) outstanding
Earns, persh. on com.
2.641
Cost of sales (less discount on purchases)
1933
1934
$435,502
39.857
Sales (less discount)
Not
reported
Net profitDiv. on 7% pref. stock-Shares of common siock
1934
$255,382
59.626
From Jan. 1—
agent for 187.720 shares of
stock.-—V. 145, p. 1594.
Co., Inc.—Earnings—
I
Res. for Fed,Inc.
transfer
common
1935
$237,318
36.177
defl 1,586
Net after rents
common
—V. 145, p. 1594.
preferred stock and 131,404 shares of
1936
$237,574
Directors on 8ept 23 elected John A.
ler.—V. 145, p. 2085.
1934
1935
$233,994
l85.<>77
128,560
70,765
12,421
Net after rents-...
From Jan. 1—
Earnings—
1937
$216,699
Gross from railway
Net from railway
Niagara Hudson Power Corp.—New Official—
Wi'liams as an Assistant Control¬
RR.—Earnings—
1937
$133,278
August—
Susquehanna & Western RR.-
August—
Earnings for month of August, 1937.
x
1937
—
[Consolidating Madison Ave. Coach Co., Inc., and Eight Ave. Coach Corp.]
Net from
Oct. 2,
delivery to registered holders of certificates of deposit upon surrender of
certificates in negotiable form for transfer.
The transfer books for registering transfers of the aforsesaid certificate
of deposit will be closed at 3:00 P- m.. Eastern Standard Time, on Oct. 1,
1937. after which time no transfers of certificates of deposit will be recorded.
in accordance with the plan, the amount of the cash adjustment to be
received by holders of certificates of deposit will be as follows*
For each share of pref stock, series A. of New York Steam Corp.
represented by the certificates of deposit
$2.66 2-3
For each share of cumul pref. stock. $6 div. series of New York
Steam Corp. represented by the certificates of deposit
$2.25
—V
145. p. 1594
—V, 145, P. 1746.
^
Court A uthorizesInterest Instalments by
The
trustees
were
Company—
authorized
Sept. 27 by Federa
Judge Carrol O.
Hincks to pay three items of interest amounting to $309,340.
The largest.
$259,340, is for interest on Central New England Ry 4% 50-year 1st mtge.
bonds, which was due on July I.
The other two items, both due Oct. 1,
were $20,000 on
New York Providence & Boston RR. 4% 50-year gen.
mtge. gold bonds and $30,000 on New York & New England RR. Boston
Terminal 4% 50-year 1st mtge. gold bonds.
Judge Hiuck8 further authorized the trustees to sell 31 items of miscel¬
laneous securities whose total value was said to approximate $350,000.
The list included several blocks of securities which were pledged as collateral
for Federal loans and whose selling proceeds will be applied against these
loans.—V. 145, p. 2085.
__
New York Ontario & Western
August—
Gross from railway
Net from railway
Net after rents-
From Jan. 1—
Gross from railway
Net from railway——Net after rents
—V. 145, p. 1748.
-
Operating
Aug. 31—
$668,470
$857,555
121,964
50,553
189,857
94,540
4,529,595
639,520
def8,524
6,052.581
1,518,503
851,154
5,756,031
1,419,110
820,015
6,579,206
1,681,801
925,320
1937—Month—1936
—
$95,254
revenues
—
$94,292
Railway oper. income $2,426,154
Equip, rents (net)—Cr_
349.625
Joint facil. rents (net) Dr
14,458
$2,599,327 $19,163,247 $18,454,364
313,341
2.558.106
2.261.104
27.497
101,153
215,196
on
funded debt-
$2,761,321
90,045
$2,885,171 $21,620.199 $20,500,273
82,985
687,955
427,704
$2,851,367
Net railway oper. inc.
Other inc. items (bal.)
178,816
$2,968,156 $22,308,155 $20,927,977
178,816
1,430.534
1.430.500
$2,672,550
$2,789,340 $20,877,621 $19,497,477
1934
^New York & Richmond Gas Co.- -Earnings—
ifPeriodEnd.
,
$3,935,539 $28,613,612 $26,920,306
1,336,212
9,450,365
8,465.942
Interest
$763,218
201,903
103,344
1935
Net railway oper. revs. $3,592,349
Railway tax accruals—
1,166,195
Gross income.
Ry.— -Earnings-
1937
$525,416
26,787
def44,053
1936
Norfolk & Western Ry.—Earnings—
1937—8 Mos.—1936
Period End. Aug.'SIX—
1937—Month—1936
Railway oper. revenues. $8,331,422
$8,258,867 $64,229,213 $58,798,137
Railway oper. expenses.
4,739,072
4,323.327 35.615.600 31,877,830
1937—12 Mos.—1936
$1,156,315
$1,200,655
269.816
323.757
Gross inc. after deprec—
22,114
24.133
Net income——
;
....
122.459
169.990
N-te—No provision has been made for the Federal surtax on undis¬
tributed net income for the year 1937, since any
liability for such tax cannot
be determined until the end of the year.—V. 145,
Net income-.-V.
145, p.
-
1430.
North American Rayon Corp.
Earnings—
■36 Weeks Ended
12 Weeks Ended
Sept. 5, '37
Period—
Sept. 6, '36
Sept. 5, '37
Sept. 6, '36
$818,488
$546,271
$2,509,318
$1,258,732
Net profit after charges
and prov. for normal
Fed. inc.
taxes,
before prov. for
but
any
possible Fed. ta<es on
undistributed profits—V.
145,
p.
2086.
—....
p.
New York Steam
1594.
Corp.—Plan Effective—
~
The Consolidated Edison Co. of New York,
Inc., announced Sept. 25
that holders of more than two-thirds of the
outstanding shares of preferred
stock of New York Steam Corp. have evidenced their
acceptance of the
exchange plan by the deposit of their stock thereunder and that the plan
became effective on Sept. 25.
On and after Sept. 29, 1937, certificates for $5 cumui.
pref. stock of
Consolidated Edison Co. of New York, Inc. and (or)
scrip certificates repre¬
senting rights to fractional shares thereof, as the case may be, together with
•checks for the cash.adjustment as provided for in the
plan, will be ready for
North American
Light & Power Co.-
-Stockholder Asks
Loans Be Canceled—
H. Murphy, a preferred stockholder of the company, has brought
Federal Court to set aside a financial deal which he charges the
American Co
headed by Harrison Williams compelled the Light
& Power Co.. through an interlocking directorate, to accept $4,000,000 In
John
suit
in
North
loans
He
.
instead
names
retire notes.
defendants and asks that the loans be
of permitting stock issues to
the two
companies
as
canceled through payment by the Light & Power Co of $4,000,000 worth
of Its common stock to the North American Co., which controls Light &
Power.
turn
He further asks the Court to direct that the parent company re¬
$300,000 paid a fintere
company
o
the protested ioa
,
,by th
subsidiary
Volume
The
Financial
145
of stock to retire the note, he said, dates back to an
use
Sf APn.
1931. which was fo lowed in 1932 and 1933
American Co. acquired a 73% interest
and .n 1935
52 ..*"36 prevented the issuing of stock, loaning the subsid-ary
$2.000.000 each year at 5% interest.—V. 145. p. 1268.
instead
the public, the names
underwriters, the underwriting discounts and commissions are to be
The price at which the notes are to be offered to
agreement
but in 1934 the
in Light & Power
2235
Chronicle
of the
furnished by amendment to the registration statement.
Carl
of Boston, is president of the company.—V. 144, p. 2665.
Northern Alabama
North American Cement Corp.
-Earnings—
1936
1935
1934
1933
$2,977,672
1,627.259
$2,167,012
1,250.898
$2,627,221
1,330.332
$1,524,586
Net
from
Cost of sales
500.186
Selling & other expense—
$785,951
$406,032
$796,702
$221,181
11.907
Other income.
13,754
10.155
6.658
$806,857
$797,858
340.735
$419,786
269.512
Depreciation & depletion
722,934
699,990
180.788
754.919
cash in
on
20.000
10.000
closed bank.
1936
on
$
,
Accrued
930.922
663.131
2.587
2,887
Special deposit
a Notes,
accounts
recelv
86 310
65.069
552,804
672,355
trade
stone
%
State
1.1953
series
3,633,125
A,
dep. with
6)4% due Sept. 1,
1940
N.
Y.
Mlscell.
invests.,
Certificate
12,724
12,724
at cost or less
ment of pref
closed
In
24.313
15,996
22,800
pref.stk.(?l par)
par).
Northern Pacific
Northern Paper
239.031
322.024
13.504
53.671
14.422
32.286
15 145
37.970
50.650
10.779
18,891
See
See
c
c
6,150,229
6.150.071
1,009,783
1.074,033
193402
on
11,168.955 11,512.308
— .
Corp.—Accumulated Divs.
dividend of $3 per share on
the 6% cum.
Before deducting special charges
x
$453,281
$436,778
$404,610
1.970,756
2.031.218
2.031.482
$2,694,140
105,215
450,000
Cf416,262
receivable
487.286
$2,424,037
$2,470,996
105,619
200.000
103.521
$2 ,439,092
106,091
Common dividends
300.000
Surplus adjustment
Cr22,174
Dr96,718
250.000
CY1.218
50,000
Res. for W. 17 St. prop
Extraordinary returns &
150.000
expense
Prov. for additional
e
-
$1,525,789
200,000
$3.36
$1,915,592
$1,970,756
$2,034,218
200.000
$1 74
200.000
200,000
$1.67
$1.49
Condensed Consolidated Balance Sheet
1936
Inventories
Dec 31
1936
Liabilities—
1935
$884,829 $1,332,725
656.921
624.821
Acc'ts pay.,
Ac—
$673,445
1935
$568,289
1,318.038
Reserves
426.470
999.729
Mortgages payable
257.800
264.400
412,176
y
Conv. pref. stock 1,744.800
820.000
z
1,084.084
494,387
Securities
Common stock
200,000
200.000
Life inwur. policies,
195,415
190,709
19.129
15.834
Sundry for. assets-
103.696
98.699
Foreign affil. co-
18,034
_
_
aris¬
ing from sale of
Cap.
surplus
18.034
surrender
Accrued
value..
int.
rec.
Ac.--------
common
Surplus
82.500
stock.-
1,525,789
1,915,592
W. 17th St. prop—
88,163
93.267
Mach'y & equip.
260.470
270.253
Leaseh'ld & impts.
281,317
312,478
574.915
571,971
66.943
54,226
Good
will,
trade¬
marks &
names,
formulae. AcDeferred charges A
other assets
.$4,728,305 $5,168,820
Total
Total
$4,728,305 $5,168,820
depreciation,
y Represented by 34.896 no par shares in 1936
shares In treasury and 41,000 no par shares in 1935.
z Represented by 200,000 no par shares at a stated value of $1 per share
—V. 144, p. 460.
x
After
after deducting 4.604
North Boston Lighting
Properties—-Registers with SEC
New England Power Association, a regis¬
holding company, has filed a declaration (43-76) under the Holding
Company Act covering the issuance of $13,000,000 of secured notes 3M%
The company, a subsidiary of
tered
series due 1947.
The declarant proposes to use
the proceeds for the repayment of bank
demand notes held by Massachusetts
credits of $11,615,000, the payment of
Light Associates in the amount of $275,000: to advance $674,375
to Haverhill Electric Co., a subsidiary, and the balance for other corporate
Power &
purposes.
Electric Co. also filed a declaration (43-77) covering the
of its note for $674,375 to North Boston Lighting Properties
Haverhill
issuance
66.000
96.386
i
4.217.000
4.423.000
18,688
10.224
j N'lnoclty lntere-t
63.848
k Common stock— 2,566.795
78.177
34,779
) 7% cum
accts.
Note
payable.—
A
21.541
14.508
101.960
101.296
609
-
deposit.
pref stk.
6% cum. pref .stk.
I'ald-ln
surplus—
Earned surplus-—
8.000
-
debt
Funded
1
22.227
-
98.700
2,566.795
98.700
469,800
456.500
470,929
76,137
470.929
D«/16,83i
158
22.227
f Prop., pi t A eqpt
5,366.494
Appreciation of
properties
5,593,610
60,126
m
phys
stan
Ing
s
and
timber 1,058.682
Unamort.
bond
1,081.896
16,854
17,114
119.490
10.600
Pats. A trade mks.
136.041
A
deb. disc. A exp.
Goodwill
10.599
$8,893,318 $8,918,389
Total
$8,893,318 $8,918,389
proposing to use the proceeds for the redemption on Dec. 1, 1937 of the
first mortgage 5% gold bonds series A due June 1, 1942, issued by Newburyport Gas & Electric Co.. which corporation and Havexhill Electric
Co. have since consolidated, the declarant In connection therewith having
assumed this obligation.
Opportunity for hearing in the above matter will be given Oct. 18.
North Boston Lighting Properties also filed a registration statement
(File No. 2-3435, form A-2) on Sept. 27, 1937, under the Securities Act
of 1933, covering the issuance of the secured notes.
1936 and $15.886 in 193p.
b Cash surrender
d With trustee for bond issue.
« Wisconsin un¬
employment compensation,
f Less reserve for depreciation of $4,159,072
in 1936 and $3,861,492 in 1935.
g Current,
h For Wisconsin unem¬
ployment compensation,
i Due June 1, 1937. j In capital stock and sur¬
plus of Tuttie Press Co.
k Represented by 73.337 shares, no par. after
After reserve of $30,938 in
c
Non current,
by shares of $100 par.
deducting 5.321 shares in treasury.
1 Represented
m Of Tuttie Press Co.—V. 143, p. 2529.
Northern States Power Co, (Del.)—System Output—{
Northern States Power Co. system for the week
Sept. 25, 1937, totaled 2.>
66,414 kwh., an increase of 9.8% compared with the corresponding week last year.—V. 145, p. 1911.
Electric output of the
ended
Northern States Power Co.
Program Planned—Company
585,033 in Next Five Years—
(Minn.)—Large Expansion
Contemplates
Spending $43,k
plans to sell $21,815,000 of stocks and bonds in 1938-42
construction program and already has arranged for a $4,000,000
bank loan to finance a portion of the work, Robert K Pack, President,
testified Sept. 27 before the Securities and Exchange Commission.
Mr. Pack appeared at a hearing on the company's request to make its
275,000 shares of outstanding $5 preferred stock convertible into the
common at the ratio of I to 4.
,
An e<pansion program costing $43,585,033 between 1937 and 1942 has
been budgeted for the company, according to Mr. Pack's testimony.
Of
this sum, $38,848,313 is to be spent in 1938-42. and of this an ount $21,815,000 will be raised by security sales. About 30% of the borrowings, or
$6,544,500, will be done by sales of common stock and the remaining
$15,270,500 by sales of bonds and preferred stock. The company s plans
as outlined by Mr. Pack are:
Shares of Common
To Be Borrowed
to B( Sold
on Stock, &c.
To Be Spent
The
company
to finance a
173.895
Treasury stock
x
80.000
113.232
receivable
value,
1,029.399
Surplus Dec. 31
Common shares outstdg
Earnings per share
Acc'ts receivable—
39.874
A1
stk. taxes.Install.
& 1st mtge.
h Reserve
Cash fund
a
of pref stock
Assets—
62.168
18.500
193,519
24.237
Patten
from
Vise,
217.874
28.556
fr. officers,
notes
for Income
cap.
168.200
19.500
159.583
191.095
1.189 645
Paper Co., Ltd.
c
Prov
1.301
......
empl. Astkbl'lrs.
Due
184.826
offrs
payable.
1.259.043
expenses.
b Life Insurance—
Due
16,417
15,233
hay contr.
Prepaid
c
ac¬
pay—
Acer. Int. A exps—
(current)
on
Accounts
$116,923
"
75.000
—
Cash
14.247
14.570
Misc. ncrta. A notes
Adv.
ceptances
Notes pay. to
(current)
Total
re¬
turns, &c_
Transfer to stated value
-
412.927
—
trade
A
Notes
Cust. aocts. and
notes
Bank loans
1935
1936
$232,935
Liabilities—
1935
$127,076
Due fr. off. A emp.
Ttmberlan
Total surplus
dividends
$149,645
x$201.324
x$61,383
amounting to $180,824 in 1935 and
Consolidated Balance Sheet Dec. 31
1936
$218,150
Cash
d Cash on
1933
1934
247.403
$34,779 in 1936.
Investments
(& Subs.)- -Earnings1935
-
-
Assets—
$778,548
Preferred
$4,526,917
2.758.054
227.862
Interest
1.915.592
income tax & reserves
1934
3,205.263
Amort, of bond & deb. disc. & expense
Income taxes
Net income after Federal
Previous surplus
1935
$4,950,098
bonds and debentures
79,450
preferred stock, par $100. and a dividend of $2.75 per share on the 5)4%
cum. preferred stock, par $100. both on account of accumulations and pay¬
able Oct. 20 to holders of record dept. 30.
Similar amounts were paid on
AprlJ 20. last.
See also V. 143, p. 3642 for detailed dividend record.—V.
144, p. 1970.
1936
1936
$5,268,662
3.462.270
Inventories
Northam Warren Corp.
Mills (& Subs.)—Earnings—
Net sales
a
Calendar Years—
Ry.-—Abandonment—
The Interstate Commerce Commisson on Sept. 11 issued a certificate
permitting abandonment by the company o its so-cal.ed Crocker branch,
extending from Crocker to the end o< t he branch at Wingate, approximately
5.433 miles, al. in Pierce County, Wash.—V, 145, p. 1594.
872,999
123.672
$69,590 in 1936 and $51.669
in 1935.
b After allowance for depreciation and depletion of $7,086,494
in 1936 and $6,427,499 In 1935.
c All unissued shares r«served to comply
with
the
provisions of outstanding common stock purchase warrants,
which have now expired.—V. 145, p
1268.
a
5.773.740
328.001
After allowance for doubtful receivables of
The directors have declared
4,185,232
Net Income
deficit from
June 30,1933...
North American Investment
33.044,301
2,552,885
1,163,193
944.535
125.174
18.891
Capital surplus
Total.
32 170,197
5.577.581
3,645.997
342,270
Oper.
11.512.3081
37,844.219
6,126,643
859.256
108,503
10.087
par)
Common stock
11.108.955
42,406.596
6,922,668
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Sell., shipping, warehousing k admin,
exp.
exel of depreciation charges-
50.720
($1
a
1934
$5,763,600
1.694.943
1.410.234
Miscellaneous charges (net)
Class A. com. stock
Total
1935
$5,154,774
1,232,939
1,006,567
10.779
Ser. B, conv. prior
Prf.stk. ($1
1936
$6,070,513
1,731.526
1,389.863
81,077
80.834
20.919
Deferred charges..
Ry.—Earnings—
Depreciation of plant and equipment-
pref.stk. ($1 par)
1938 (value Inde¬
terminate)
stock.
10.087
stk
Ser. A., conv. prior
bank, due July 1,
with the Securities and Exchange
92,662
Reserve for retire¬
for
17,496
Co.—Offering Postponed—
Cost of sales
repairs, Ac
in¬
of
debtedness
669.100
808.079
lnsur.,
Reserves,
122.650
18 its proposed o.fering of common
Calendar Years—
mtge.
income bonds...
1,767
1937
Net after rents
def.,
,
6)4%
on
358,186
$6,354,585
1.5 6,417
1,240,437
August—
401.500
283.000
Accrued Int
20.344
Compensate Act
84,169
Northern Oklahoma Gas
1,342,350
3,243.125
—
363,349
123.867
def298
—V. 145, p. 1594.
1,344,100
of
under Workmen's
cash
3.226
6)4% mtge. bonds,
due March 1, *43
Deben.
U. 8. Treas. bonds,
2
124,649
68.261
wages, Ac
9,526,348 10,049,025
deposits
$
13,919
interest,
6)4%
mtge.
Inc.
bonds, due Mar.
b Real estate, hllgs
A
.
15.435
Pr for Fed.inc tax
Inventories
equip.
$
Liabilities—
Accounts payable-
hand
-
after rents.
Gross from railway
Net from railway
1935
1936
1935
$
Cash in banks and
453.221
198,384
71.387
The company has filed an amendment
$742,340
$138,840
$549,716
Balance Sheet Dec. 31
14.418
12,569
533,433
232.978
Northern Pacific
$269,038
Net loss.
$39,911
13,752
979
7,789
Commission doeaying until Oct.
1594.
145, p
"3,226
Prov. for Fed. inc. tax..
Assets—
Net
$42,206
$54,651
29.371
Jan. 1—
Gross from railway
Net from railway
$227,839
173.005
777.173
Total income
Int. k amort of bonds..
Prov. for loss
From
railway
1934
1935
1936
$68,739
29,813
after rents
510.081
819,311
484.093
Net
564.462
Yearn End. Dec. 31—
Net sales
Ry.—Earnings—
1937
August—
^
Gross from railway
S. Herrmann,
„
1938—
—
-
$7,100,000
4.736.720
12,230,093
4,769.780
9,126.950
„
$4,000,000
1,800.000
8.600.000
1,640,000
5,775,000
48.000
22.000
103,000
20.000
69,000
stock for $25 per share,
Mr. Pack explained.
The difference between the an ount to be spent on
the program each year and the an ount to be borrowed will come from the
company's depreciation and an ortization reserves, he added.
Sums not raised on common stock sales will be raised by sales of bonds
These estimates
are
based on selling common
and
preferred.
$4,000,000 Bank Loan—Temporally to finance a part of this
the company has just arranged for a $4,000,000 stand-by loan
agreement with a group of banks headed by Chase National Bank, New
York, and Harris Trust & Savings Bank, Chicago.
The loan, which will
be unsecured, will bear interest at 3% from the time the n oney is taken
down plus a service charge of \i% per quarter on the balance not taken
down: it will mature Oct. 1, 1939.
J.
,
The company plans to take the money down In the following manner,
according to Mr. Pack- $500,000 on Oct. 15, $500,000 on Jan. 15, 1938;
$1,000,000 on Feb. 15, 1938, and $2,000,000 on July 15. 1938. The net
cost will be about $205,000, or 2.5%, and represents the cheapest type o
inancing now available, Mr. Pack said.—V. 145, p. 2086.
Arranges
program
,
2236
Financial
Northwestern Bell
1
r
Period End. Aug. 31—
Operating
revenues
Uncollectible oper. rev..
Net oper. revenues—
Telephone'Co.—Earnings—
$2,745,417 $22,249,060 $21,308,797
1,857.210
15,177,440
14,500,890
$915,859
379,385
Operating taxes
^
ties
1937- Month—1936
1937—8 Mos.—1936
$2,891,631
$2,752,874 $22,322,398 $21,373,878
7,281
7,457
73,338
65.081
Operating revenues— $2,884,350
Operating expenses
1,968,491
$888,207
295,279
$7,071,620
x2,859,078
$6,807,907
2,366,945
W operating income.
$536,474
$.592,928
$4,212,542
$4,440,962
$41,154 for possible additional Federal net in¬
come taxes for year
1936 due to adjustment of depreciation expense for
year 1936.—V. 145, p. 1594.
Includes
x
End.
Aug.Zi^-
Co,—Earnings—
1937-12 Mos.—ioilb
1937—Month -1936
$379,503
$325,381
Oper, exps, (incl. taxes).
246,347
218,044
$4,550,128
2,881,179
$4,064,501
2,527,542
Arnortiz. of limited-term
I
Investments
48
48
600
600
Operating
revenues
Prop, retire,
res. approp.
21,667
Net oper. revenues...
Rent for lease of plant..
$111,441
21,667
...
..
260,000
17.535
Int. charged to constr...
$68,379
Dr747
$1,199,142
D/7.579
$1,070,651
Dr4,093
$93,833
29.521
16,.332
Cr2
Gross income
Int. on mortgage bonds.
Other int. & deductions.
17,243
$1,408,349
209,207
$93,906
Dr73
Operating income
Other Income (net)
$67,632
31,443
$1,191
$1,066,558
386,210
187,105
205.708
563
36~ .356
15,700
1„7.<«4
L'rz*
Q-1U5
Cr 135
$47,982
$20,517
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$626,518
$493,378
334,178
334,179
Net Income
x
260,000
$1,276,359
.
$85,622
Balance
$292,340
$159,199
for 1936, inasmuch as the company reported no undistributed adjusted net
No such provision has been made to date for 1937.
Income for that year.
—V. 146, p. 1911.
-Earnings—
1937
1936
Sross fromrailway
from
railway
$374,005
33,261
Net after rents
From Jan. 1—
def2,380
101,337
2,576,287
206,402
def4,421
1935
$397,853
116,639
90,515
$407,449
2,436,498
et
118,366
1934
$335,899
53,990
26,735
1
Gross from railway
Net from railway
Net after rents
2,167,135
112,564
def58,991
310.138
170.371
2.205.169
260,9.50
42.021
—T. 145, p. 1430.
Novadel-Agene Corp. (& Subs.)*" ■Earnings—
Calendar Years—
1936
1935
$2,937,370
$2,105,465
$1,955.60
$2,937,370
$2,105,465
$1,955,760
1,219.830
635,463
512, 7o3
1943
1933
Gross income..
732,718
Int., discount, Ac., net
Dividends received
W Total Income
Selling
r
'
expenses
E[
lab.)
Administrative exps
Flour and research lab
>
1
Engineering services
18,431
1.547
$1,752,696
179.314
208.002
40,084
2,000
5.810
Prov. for doubtful accts_
Prov. for amort, of pat'ts
Amort, of employ, and
235,504
235,266
235,266
235,266
sales contr'ts canceled
(completed dur. 1933)
Loss from foreign exch__
*257,262
200.106
1,065
y194,803
24,311
Crl8.448
153,580
Net Inc. for the period $1,224,775
Earns .per sh. on com.stk
$2.58
$1,033,564
$2.17
$1,012,907
$922,776
$2.12
$1.89
Provision for taxes
x
Minority interest
tive
1935 net income of subsidiary prior to acquisition of such
minority
interest,
y Includes provision for contingencies,
z Including U. S. surtax
en undistributed income.
Consolidated Balance Sheet Dec. 31
Assets—
a
1936
Cash.,
1935
Notes receivable-,
Accts. receivable.-
310,984
Inventories
120,403
Notes
206.949
3,255
A equip¬
ment, land. bldg.
A furnit. A fixt- 1,386,512
228,956
pay.
Capitalization Outstanding
Canadian
Common stock (no par)
A deferred chgs.
10.571
819,170
12,650
1,039,673
July 31,1937
(1,436,920 shares)
$43,963,000
26 532.000
29,671.200
14.499.200
The stated value of the shares of outstanding preferred stock is $100
x
share.
per
The outstanding shares are: $5 series, 1,367 shares; $6 series,
23.498 shares; $7 series, 69,004 shares: and
198,747 shares: $6.60 series,
$7.20 series, 4,096 shares.
Purpose of Issue—Company proposes to use
the
neo
proceeds, estimated,
after deducting expenses and exclusive of accrued interest, at $8,307,758,
to reimburse tne treasury in part for (1) $3,409,760 of net unfunded prop¬
erty additions, as defined in the mortgage securing the bonds, which it has
made to July 31. 1937 and (2) net property additions made and to be made
subsequent to July 31, 1937.
Company
roposes to issue under the mortgage $2,557,000 of the bonds
on the basis of the net unfunded property additions to July 31.
1937, and
$5,943,000 of the bonds against the deposit with Bankers Trust Co., as
trustee under the mortgage, of a like amount of cash.
It proposes to with¬
draw such cash, from time to time, in accordance with the terms of the
mortgage, to the extent of 75% of net property additions made subsequent
to July 31, 1937.
Summary of Income Statements
1934
*
1935
1936
/1937
$15,345,735 $15,942,175 $17,785,487 $11,535,210
7.214.034
7,501,701
7.697.010
4.696.342
Int. on funded debt
3,721.694
3.826.844
3.282.176
1,689.933
Other int. charges, &c—
222.507
222,805
229.252
168.790
Net income
3.269.833
3.452,051
4,185.581
2.837.618
Total
gross
revenue
income
Cross
—
After provision for taxes (incl. Federal taxes) and provision for retire¬
reserve of $1,200,000 for 1934, $1,350,000 for
1935 and $1,500,000
x
ment
for
1936 and provision for depreciation of $1,275,000 for the seven months
ended July 31. 1937.
The annual interest
y Seven months ended July 31.
charges on the $78,995,000 of bonds to be outstand¬
ing upon the issuance and sale of the $8,500,000 new bonds will amount
to $3,093,470.
New 4% Series Bonds—The new 4% series bonds will, in the opinion of
counsel for the company, be secured, pari passu with bonds of all series
outstanding under the mortgage, by a first lien on substantially all of the
physical property and franchises of the company.
The mortgage permits, under certain conditions, the issuance of additional
bonds thereunder, of the new 4% series or of other series, which would
rank pari passu with bonds of all series outstanding under the mortgage,
and provides, under certain conditions, for releases of and substitutions for
property covered by the mortgage without notice to bondholders.
The mortgage provides that the company will deposit with the trustee
on or before May
1 and Nov. 1 of eacn year, commencing with May 1,
1936, as an improvement and sinking fund, a sum in cash equal to at least
H of 1% of the maximum amount of bonds outstanding at any one time
under the mortgage.
From each such payment $150,000 is to be applied
to the purchase of bonds issued under the mortgage at not more than the
principal amount thereof and accrued interest.
All moneys deposited in
excess of such $150,000 and any balance of such $150,000 not expended for
the purchase of bonds within five months after the date for tne deposit
may be used to reimburse the company for certain types of expenditures.
Underwriters—The
and
the
several
names
principal
of each of the several underwriters of the bonds
1936
1935
$441,121
$226,644
surplus
Morgan Stanley & Co., Inc., New York
Bonbright & Co., Inc., New York
Brown Harriman & Co., Inc., New York
Edward B. Smith & Co., New York
The First Boston Corp., New York
Lee Higginson Corp.," New York
E. W. Clark & Co.. Philadelphia
Stone & Webster and Blodget, Inc., New York.
725.000
725.000
475,000
Preferred
in¬
$117,336,138
Inv. in sicurltles of various
$29,671,200
stock
Common
ptock
(1,436,920
shares)
3,341,673
54,583
5,694,139
companies, &c
Debt disc., prem. A exp
Def. charges A prepaid accts.
in
725.000
725.000
725.000
Liabilities—
including
plant,
tangibles
Cash
Principal Amount
$2,200,000
2,200,000
-
July 31, 1937
Assets—
Utility
-
liabilities
Deferred
Accounts
836,717
payable
359,964
135.882
Payrolls
753.185
banks
275,034
237,834
275,996
19.868
853,755
853,755
1,603,758
1,370,027
Accts. pay. (subs.
payable
2,221,389
Accrued
taxes
Accrued
Interest
Accts., notes A int. receiv
Due from officers A empl's-.
1,027.085
2,201
212,154
Reserves
1,430,170
Contrib. in aid of constr'n—
Due from affiliated
cos
Materials and supplies
523.202
Total
$132,168,517
157.727
Pref. stock dlvs. accrued—
Miscell.
Earned
Dr94,852
6.482
Aaffll.)—
24.875
1,697,508
Working funds
67.484
current liabilities—
9,157,429
5.829
2,309,189
1,721.821
Capital surplus
Dr94,852
14,499,200
70.495,000
Funded debt
594.806
Cost of 3,300 8hs.
held by subs. co.
by them, respectively,
Name—
U. 8. Govt, securities
taxes,
A contingencies.
Defd gross inc..
d Common stock—
e
underwritten
amounts
follows;
are as
of corp.com.stk.
Patents
us oj
1st mortgage bonds 4% series of 1935, due (Nov. 1) 1965
1st mortgage bonds 3%% series of 1937, due (Jan. 1) 1972
Preferred stock, cumulat ve (no par) (various series)x
Special deposits.
(incl.
accruals)
Prov. for U. S. and
Earned
Sundry prepaym'ts
c
Accts.
113,040
(non-
rec.
current)-b Mach.
Liabilities—
$663,868 11,040.803
5,142
6,109
capccity by 64,000 kilowatts.
Balance Sheet
In
x
Company is planning or has under construction additions
July 31, 1937.
and improvements to its generating equipment which will increase its effec¬
Years End. Dec. 31—
x Dividends
accumulated and unpaid to Aug. 31, 1937, amounted to
$1,106,338.
Latest dividend on 7% preferred stock was $1.75 a share
paid July 1, 1937.
Latest dividend on 6% preferred stock was $1.50 a
share paid Oct. 1, 1932.
Dividends on these stocks are cumulative.
?• Note—No
provision was made for Federal surtax on undistributed profits
Northwestern Pacific RR.
1937
companies in Ohio.
It also sells to Pennsylvania
Power Co., an affiliated company, the entire e'ectric energy requirements of
that company, but such requirements will be reduced upon the completion
In
1938 of that company's generating plant, now under construction.
The principal places served are Akron, Youngstown and Springfield and
surrounding communities.
The population of the territory served at retail
is estimated to be in excess of 800,000.
Company owns six electric gener¬
ating plants with 313,450 kilowatts total rated installed generator capacity
(effective capacity 286,000 kilowatts) together with substation, transmis¬
sion and distribution lines, &c.f serving 191.106 electric customers as of
x
August—
Oct. 2,
and other electric
amount of
an
Northwestern Electric
~~Period
Chronicle
surplus
$132,168,617
Total
-Y. 145, p. 1749.
Total
$3,316,651 $2,651.4381
Total
$3,316,651 $2,651,438
a
Including certificates oi deposit and time deposits, b After allowances for
depreciation of $346,459 in 1936 and $195,170 in 1935.
c After provision
for amortization of $1,943,983 in 1936 and
$1 708,479 in 1935.
d Repre¬
sented by 478,518 no par shares.
* Representing advance rental charges
for equipment leased to customers.—V
143, p. 2062.
Ohio Edison
Co.—$8,500,000 Bonds Offered—A banking
group headed by Morgan Stanley & Co., Inc., and Bonbright & Co., Inc., offered on Sept. 29 a new issue of $8,500,000 1st mtge. 4% bonds due on Sept. 1, 1967.
The
bonds were priced at 100J^, to
yield 3.97%.
The issue is
one of the few
sttrictly "new money" financing operations
of the year and is considered in investment circles as
sort
of
a
test of the market.
Other members of the underwriting
Harriman & Co., Inc.; Edward B.
Brown
Smith & Co.; The First Boston
Corp.; Lee Higginson Corp.;
E. W- Clark & Co., and Stone & Webster and
Blodget, Inc.
Dated 8cpt. 1, 1937; due Sept. 1, 1967. Interest payable M. & S. 1 in
N.
group
■*r
are:
Y. City.
Coupon bonds in denom. of $1,000, registerable as to prin¬
cipal
Registered bonds in denom
of $1,000,
$5,000 and authorized
multiples of $1,000.
Coupon bonds and registered bonds Interchangeable.
Red
at option of company, as a whole at
any time, or in part on any int.
payment date, prior to maturity, on at least 30 days'
published notice, at
principal amount thereof and accrued Int. to date of redemption, together
with following premiums:
7)4% if red on or before Sept. 1, 1940; 7% if
red. thereafter and on or before
Sept I, 1943; the premium thereafter prog-
r^ively decreasing
of such principal amount on Sept. 2, 1943, and on
day of Sept, in each successive third year thereafter to and incl.
•opt. 2, 1952. and in each successive fourth year thereafter to and incl.
Sept. 2, 1964; and if red. on Sept. 2, 1964, or thereafter, without
any pre¬
Oklahoma
City-Ada-Atoka Ry.—Earnings—
1937
From Jan.
1934
$24,501
3.055
$37,472
14.821
4.992
362.676
295.793
179.523
112,828
225.031
73.408
111,598
40,410
def4,930
Gross from railway
145, P.
Ohio Seamless Tube
income
after
Co.—Earnings—
1937—6 Mos.—1936
1937—3 Mos.—1936
all
charges
Earns, per
sh. on com.stk
144, p. 3345.
—V.
4,438
def5.277
1595.
Period End. June 30—
Net
13.954
1—
Net from railway.Net after rents
—V.
1935
$40,483
347.084
120,250
46,465
Net after rents
1936
$44,283
13,321
1,819
August—
Gross from railway
Net from railway
$60,194
$0.43
$121,549
$0.88
loss$21,851
Nil
Oklahoma Natural Gas Co. (&
loss$13.974
Nil
Subs.)—Earnings—
12 Months Ended Aug. 31—
1937
$8,082,510
2,979,483
1,544,791
Balance
Retirement accruals
$3,877,332
1.338,032
$2,984,602
Net operating revenues
Non-operating income—net
$3,797,053
80,279
$4,168,358
1,183,755
Taxes
181.976
655,074
$4,140,318
28,039
Maintenance
$7,468,776
2,834.671
206,436
a756,271
Operating revenues
Operation
$2,539,300
1,672,745
$1,439,811
b144,300
$866,555
44,400
1936
the 2d
Gross
income
Interest and amortization, &c
mium.
Issuance and sale authorized by P. U. Commission of Ohio.
Company—^Company, 100% of the
voting stock of which is owned by
was lULUl p. tu V/UIU tin July lit
5,
W ao incorp. in Ohio on O Uljf
1930, and is engaged prlnc pally in the generation and purchase of electric
energy and its distribution and sale In 224 communities in Ohio, as well as
In rural areas, and in the sale of electric
energy at wholesale to municipali¬
Commonwealth
■Tao a
J
}
&
Southern Corp.
lern
M
,
(Del.),
\Ol./ I
Net income
Divs. paid & declared (conv.
a
net
6% prior pref. stock)
_
No
provision has been made for the Federal surtax on undistributed
income for the fiscal year beginning Dec. 1, 1936, since any liability
for such tax cannot be determined until the end of the fiscal year.
the law the tax is not applicable to the companies' earnings prior to
Under
Dec. 1,
Volume
b Includes dividends paid and declared for the
Sept. 30. 1937.—V. 145, p. 1749.
1936.
to
period Sept. 1, 1936,
Oilstocks, Ltd.— ■Earnings—
946
7,435
8,552
$57,950
3,945
8,805
$60,794
x434,674
Operating income
dividends
$34,973
69,233
$55,879
74,265
$45,199
19,800
Including $341,178 special dividend
x
of securities for year
their duty extended to rewriting of the
duty was to propose a plan
to propose a plan which sets
forth a treatment of the security holders of Old Colony which is fair in
comparison with the treatment set forth in the New Haven plan for other
"they did not consider that
ever,
whole New Haven plan, but rather that their
which fits into the New Haven plan—that is,
declared from net profit on sale
1936.
1935
$6,000
$126,332
Res. for Fed. taxes
5,487
1.375
Cap. stock ($5 par)
$84,000
563.130
599,755
termed
1,220,804
1,351,379
Capital surplus—
Undistributed inc.
718,652
121,437
719,192
154,138
alternative theory as being based upon
which he construed as requiring that the
$266,927
Total
a
p.
$1,492,219
Market
$1,479,086'
value, $1,545,037 in 1936
Total
and
due for improve¬
allegedly representing amounts
$1,017,623,
for
to Old Colony leased property and for accounting adjustment®.
Judge Carrol C. Hinks reserved decision as to the admissibility of various
items of evidence based on what Robert Dodge, counsel for the Old Colony,
receivable._
Dlvs.
Against
Hearings on the road's $18,000,000 claim against the New Haven,
arising out of the disaffirmance of the latter's lease of the former, was
adjourned Sept. 29 to Oct. 14.
The adjournment was made at the close of
two days of presentation of evidence by the Old Colony in the U. S. District
Court at New Haven and the presentation of a counter-claim of the New
Securities at cost
Cash In banks
a
Admissability of Evidence
Resumption on Oct. 14r-1-
on
New Haven—Hearing
ments
1936
Liabilities—
1935
1936
/
Reserved
Decision
Haven
Balance Sheet Dec. 31
Assets—
holders."
security
$65,377
652
$71,525
securs_
funds borrowed.
General expenses
Cash
1933
$43,060
10.731
Divs. A int. from
on
1934
1935
1936
Calendar Years—
Int.
2237
Financial Chronicle
145
$1,492,219 $1,479,086
$1,727,225 in 1935.—V. 144,
his
"alternative
Mr. Dodge explained his
wording in the Old Colony leas®
of damages.
theory"
New Haven, upon terminating ths
lease, should be liabile not merely for the inventory value of the equipment
turned over to the New Haven at the beginning of the lease but for ths
larger value of the modern equipment which has since replaced the old.
—V.
145,
4017.
p.
1595.
Olympic Forest Products Co.—Merger Plan—
See Rainier
Oklahoma-Texas
Commission has issued an order, pursuant
to Section 8(d) of the Securities Act of 1933, as amended, suspending the
effectiveness of the registration statement (No. 2-1808) filed by OklahomaTexas Trust, of Tulsa, Okla.
Old Colony RR .—Files
Oneida, Ltd.—Earnings—
company's plan committee, through Its counsel,
Boyden A Perkins, are filing with the U S. District Court
the
with
Interstate
Commerce Commission a
r
Ropes, Gray,
at New Haven
in the allotment of reorganization securities
proposed in that road's plan, in order to afford more
bonds and stock.
It proposes
of the Old Colony (except the $3,600,000 1st and refunding
...—
247.506
233,941
89*990
2,290.596
15,698
notes
Prepaid expenses..
d Common stock..$2,430,000
e
Inventories
Earned
1,088,282
1,012,472
544,517
361,653
1936
$2,430,000
2.482.500
1,002.988
780,630
1,002,988
1,021.875
360.000
surplus...
long term loans..
540.000
83.000
Bank loans
for taxes..
183,000
Empl. wage bonus
Empl. loan notes.
167.000
Iies've
Accts., notes and
Cash...
2,482,500
Preferred stock..
Capital surplus
24.651
95,427
2,289,308
b Accts. receiv'le.
21,535
Empl's*
'1937
Liabilities—
1936
$3,4»6.725 $3,514,620
Sec. A other assets
trade accept,rec.
It accordingly calls for changes
-
1937
Assets—
Fixed assets
a
c
Would Amend New Haven Plan
453,059
173,788
194,414
Consolidated Balance Sheet Jan. 31
plan of reorganizat.on.
The plan does not propose independent operation of the Old Colony, but
provides that if remain a part of the New Haven.
It objects, however,
to the treatment accorded tne Old Colony in the New Haven plan, claiming
that the latter does not fairly reflect the value of the properties of the Old
Colony and practically ignores its position as a creditor of the New Haven.
$640,717
x$609.447
profits.
After surtax on undistributed
x
1936'
1937
Years Ended Jan. 31—
Net profit after depreciation, taxes and interest—
Preferred dividends
...
Common dividends
Reorganization Plan—.
The
and
145, p. 2086.
Pulp A Paper Co. below.—V.
Trust—Stop Order—
The Securities and Exchange
4.663
of the New Haven, as
Accrue I liabilities.
62.628
119.287
favorable treatment to holders of Old Colony
Accounts
84,393
89,468
that a.l the assets
mtge
bonds of the New Haven
owned by Old Colony In connection with
its former steamship properties and Old Colony's unsecured claim against
the New Haven for breach of lease) be transferred to the New Haven, fnclud ng
the leasehold interest of Old Colony in
Providence, which will be assigned to, and
and all other Labilities not dealt
New
Haven.
the properties of Boston &
the obligations under that lease
be assumed by, the
with in this plan wil
1936.
186
Period End.
Aug. 31—
Opera ting revenues . ..
Oper, exps., incl. taxes _
a Depreciation
Operating income.
Interest
funded debt.
on
$13,646
2,783
31,309
$191,041
34,962
$14,515
3.950
$16,429
3,950
$177,339
$226,003
47.400
47.400
2.055
86
78
1.495
53
Cr 159
3.862
$10,370
6.657
$12,348
6,694
$128,603
$172,686
80,051
88,301
$3,713
$5,654
$48,552
$84,385
Other deductions
Balance
Divs.
—
accr. on
pref. stk_.
Balance
Excluding depreciation of transportation,
equipment and depreciation of non-operating
being distributed among the various operating
or other accounts applicable.
a
1431.
income
Claims^ Injustice in Segregation Studies
Colony plan stresses the terminal character of that road's
operations, claims that New Haven segregation studies do not give due
weight to this, and finds other faults with the conclusions.
The average
haul of the bulk of Old Colony's traffic, it states, is only about 40 miles,
but the value of its terminal properties proper (incl. the asset value of its
two-fifths ownership in the Boston Terminal Co. and its 100% ownership
of the Union Freight RR.) is more than $30,000,000. or more than 30%
of its total property value.
It is stated that the New Haven acquired the
Old Colony to provide terminal facilities and "the segregation studies
indicate that this purpose is being fully realized today."
These studies, it is asserted, allocate to Old Colony system the expense
of terminal service at Boston of 82% of the Boston freight of the New
Haven System.
Similarly they allocate to Old Colony the expense of
terminal serive at Boston for all Boston passengers of the New Haven
System except for the few
England RR.
passengers
who use the line of the old New
Applying certain principles, which the Old Colony plan drafters claim
assuming reasonably efficient manage¬
ment, it Is claimed that the combined loss of the Old Colony and the Boston
A Providence of $2,977,509, shown in the New Haven plan, would be
eliminated, leaving no deficit but also leaving only a small amount of
earnings available for rental and interest.
would be "both sound and fair," and
fcC-
'
_
has
gone
Doubt New Haven Capital Sufficiently Cut
W
doubt whether the New Haven plan
far enough in reducing New Haven's capital structure.
How¬
■"Directors'
of Old Colony
express
145,
^
^
Oswego Falls Corp. (& Sub.)—Earnings—
Consolidated Income Account for the
Year Ended Dec. 31,1936
Gross profit on sales of manufactured products,
the cost thereof, including depreciation, Ac
after deducting
Net hydro-electric revenue
$1,529,293
83,952
—
Total operating
income
Selling, general and administrative expenses,
$1.613.246
&c_.—1.045,026
$567,619
Net
operating income
scrap and
miscellaneous materials, interest earned,
rentals (less expenses) ,&e
—---—
Sales
of
Total Income
23.783
$591.403
--
—
Bond interest
137.700
7,745
11.241
-
Other interest
Amortization of bond discount and tax at source
on fixed assets sold and scrapped, Ac
19.754
Loss
estimated Federal normal income tax
Provision for estimated Federal surtax on undistribured
Provision for
53.000
27.000
-
profits-
5334.961
Net income.
Dividends
paid on 1st pref. stock
Dividends paid on common
Note— Depreciation
and expenses.
$190,177 has been charged to cost*
*
Consolidated Balance Sheet Dec.
$154,023
Cash
341.889
Inventories.—--—-——-Investments A other assets...
bManufacturing properties.—
466.516
202,640
2,280,021
Hydro-electric properties...
1,368,526
Cost to date of capping
macb's
20,931
Est. Fed. Income &
a
$4,944,570
tion.—V. 144, p.
Oshkosh Overall Co.-
surplus
surplus
-Earnings—
1936
Provision for Wisconsin
i
$332,079
215,303
$185,034
29,259
State & Fed'I income taxes
1935
$1,596,026
1,263.947
$450,754
265,720
and general expenses..
Other income (net).
$116,776
22,565
$214,293
43.909
$139,341
23,238
9.141
undistributed income
profit
1,036,260
989,940
162,271
$1,877,330
1,426,576
Selling, advertising, admin,
Net
110.000
$4,944,570
b After reserve for deprecia¬
Calendar Years—
Surtax on
76,400
—
Common stock ($5 par)
Total
80,000
2,256,000
stock ($100
par)
doubtful of $25,000.
1911.
After reserve for
4.800
undistrlb.
Other long-term debt
Capital
$212,869
16,027
Ac
profits taxes
1st mtge. 6% s. f. gold bonds..
Earned
74.771
Total
payrolls, Ac.
Payments due In 1937 on longterm debt
8% cum. 1st pref.
35,251
Intangible assets
Deferred charges
Accts. pay., accr.
Accr. int., ins., taxes.
Notes, acceptances A accts.
receivable
b
31, 1936
Liabilities—
Assets—
a
9,850
125,251
—--
stock
in the amount of
to dairies
Old
shop, stores and laboratory
property, such depreciation
property, operating expense
included in operating expenses.—V.
taxes
;
under construction for lease
The
$146,030
109
Other interest
of the distribution of securities of
50% in new fixed interest bonds, 25% in income bonds, and 25% in first
preferred stock.
Specifically, Old Colony would receive the following securities as seller
of its properties to the New Haven:
$7,174,000 of fixed interest bonds,
$3,587,000 of income bonds, and $3,587,000 of first pref. stock, plus in
each case an additional par amount of the same securities equal to a similar
proportion of the accrued interest on the Old Colony bonds.
The New Haven plan proposed that Old Colony bonds receive 40% in
new fixed
interest bonds of the New Haven, 30% in income bonds and
30% in first preferred stock.
It is proposed that the New Haven pay the $3,600,000 1st & ref. bonds,
held by the Old Colony, in lieu of returning the stemaship properties,
according these the same treatment as other 1st & ref. mtge. bonds.
The plan provides that the claim of Old Colony against the New Haven
for damages on account of rejection of the lease be compromised, and that
Old Colony receive $12,500,800 of New Haven new second pref. stock,
which would give one share of this stock for each share of Old Colony.
It is further proposed the New Haven plan be amended by modifying the
terms of the second pref. stock so that holders of such stock shall be entitled
to receive, in preference and priority over the common stock, non-cumula¬
tive dividends at the rate of 5% per annum.
It is claimed that considera¬
tions of equity and fairness require this amendment in view of the fact
that the second pref. stock is to be distributed to unsecured creditors who
have a clear preference and priority over stockholders of the New Haven,
who are to receive common stock of the reorganized company.
The second pref. stock, as provided in the New Haven plan, was to be
entitled to non-cumulative dividend at the rate of 2% per annum before
any dividends were declared on the common, but would be entitled to
additional dividends corresponding to those declared on the common up
to $3.
The New Haven plan proposed that Old Colony stockholders get
two shares of New Haven common for each share held.
$11,721
2,794
_
Gross income
P.
the reorganized New Haven
to creditors and stockholders of Old Colony contained in the New Haven
plan, the Old Colony plan proposes the following:
That the $14,348,000 of Old Colony mortgage bonds outstanding in the
hands of the public and comprising 4s, 4Hs, 5s and 6s, on which accrued
and unpa;d interest amounts to $1,212,421 as of Oct. 1, 1937, receive the
same treatment as New Haven's own 1st and refunding mtge. bonds, i.e.,
_
1937—12 Mos—1936^
$754,7q6
$727,888
471.385
433.048
137,301
103,799
1937—Month—1936
$70,725
$66,519
47,981
40.539
11,023
12.334
Other income
Note—Federal
Proposed Distribution"of Securities
In lieu
Co.—Earnings—
Orange & Rockland Electric
,
Warren & Bristol to Old Colony has been
that Old Colony no longer has any interest in the properties
of that road.
These properties are excluded in this plan from the Old
Colony System, and this plan deals with the Providence Warren & Bristol
only as an unsecured ceditor of Old Oo.ony.
It is pointed out tl at the old
Colony has n its reorganization a dual
capacity
which distinguishes it from almost all other large creditorc of
the New Haven, namely: It is a seller of its assets to the New Haven, and
it is a creditor of the New Haven, secured to the extent of its $3,600,000
1st and refunding mtge. bonds and unsecured to the extent of the damages
resulting from the rejection of the lease of ts properties to the New Haven,
The plan proposes that in its capacity as a seller, the Old Colony receive
reorganization securities based on the fair value of its properties to the New
Haven; in its capacity as a secured creditor that it be treated in the same
manner as similar New Haven secured creditors are to be treated under
the New Haven plan, and that in its capacity as an unsecured creditor,
it receive the same type of reorganization securities as other unsecured
creditors are to receive under the New Haven plan, after amending the
terms of the second preferred stock.
in
shares
so
$7,794,385 $ 7,532,536
Total
of $4,038,989 in 1937 and $3,896,628 in
b Other than trade,
c After reserves of $160,700 In 1937 and $140,1936.
d Represented by shares of $12.50 par.
e Represented by
of $25 par.—V. 145. p. 1269.
After reserve for depreciation
a
Since the lease of the Providence
rejected,
$7,794,385 $7,532,536
Total
payable.
-
Preferred dividends.
$161,242
33,335
Am
70,000
$116,103
34,000
2238
Financial
I
Assets—
1938
Cash In bank
<124,899
Customers'
213,726
190.351
154,008
Inventories
Accts.
132,478
balance
expenses.
and Fed'l taxes.
52.729
23.181
502.092
154,531
562.092
*
..
exps., Ac.
5,382
Invests, (at cost).
Pre! stock (cost)..
y Land. bldgs..Ac.
4,350
140.140
114,295
115,210
4,328
for
100.000
14,690
—
,
<770.632
<790.711
Total
<776.632
$241.839
197.195
Assets—
Represented by
of
par),
Cash
on
ury: common
in
Liabilities—
1935
1936
A
banks
Accrued
hand
<105.559
and
all
other charges except State sales
the following advances
above present prices for a typical model, the four-door touring sedan:
the
sixes, $1,175, up $100: the eights (called the 120s in the current model
76.775
Adv. to employees
Inventories
for which wheelbases have been increased to 127 inches from
12,0. A new
system of rear spring suspension has been adopted, bodies are completely
made of steel with one piece steel tops.
Hoods have been lengthened,
fenders
are
streamlined.
more
mounted in the front
New
mechanical
features
lubrication,
pressure
Louvre
is
treatment
new,
and lights
752
597,353
548.127
543
25,869
accruals.
and
include
tin-plated aluminum alloy pistons,
improved engine ventilating and cooling
an
the smaller cars, retain
on
the composite body.
This, however, has been
All the 1938 models carry the traditional Packard radiator
further refined.
and hood
lines.
Packard announced on
Sept. 24 it was spending about $13,000,000 In new
in development expenses in preparation for the coming
model year, which it expects to better the new
high record established in the
current model year.
The 1937 season marked the Introduction of the six,
and output for the year totaled 120,143 units as
compared with 62,680
In 1936 and with 32.275 In 1935: when the eights, or 120's were added to the
Packard line.
In 1934. output was 7,536 cars, comprised
entirely of the
senior models.—V. 145. p. 1749.
equipment
and
Panhandle Eastern Pipe Line
Co.—Earnings—
12 Months Ended Aug. 31—
1937
1936
Gross revenue
$8,962,165
$4,682,113
)
The resignations of H. T. Bush and F. C. Johnston from the board have
been accepted.
Vacancies have been filled by W. G. Maguire and A. F.
Dixon, recently elected President and Vice-President, respectively, of
Missouri Kansas Pipe Line Co.—V. 145, p. 1431.
-
-
Pantex Pressing Machine Inc., (&
Calendar Years—
Subs.)—Earns.
1936
$940,902
618.019
$649,113
417,377
$710,563
Cost of goods sold
1935
$1,821,859
1.111.296
Sales
$322,883
$231,736
.
478.992
_
$15,563
$191,331
.
Cash dividends:
On
307.300
$231,571
9,760
50,000
.
Other income less other expense
Recovered for Federal taxes
....—
$4,380
$40,756
Notes and accts. receivable...
Inventories
;
568.453
Preferred stock
62,272
<1.334,454
|
39,283
175,622
1,005.000
29.004
Common stock
c
<62,607
22.937
Total
<1.334.454
-
depreciation,
b Including provision for Federal
Represented by shares of no par value.—V. 145, p. 1270.
c
Net oper. revenues—
Rent for lease of plant—
The directors have declared a dividend of
$1 per share on the common
stock, payable Oct. 7 to holders of record Oct. 4.
A like amount was paid
on June 23, »ast, and
compares with a cash dividend of $2 and a stock
dUidend of $3 payable. In $1
par pref.
stock, paid oir Dec. 23. 1936,
and a cash dividend of $2
paid on Feb. 26, 1936. this latter being the first
dividend paid since May 1,
1930, when $1 per share was distributed.—V.
144. p. 4018.
-Earnings—
Calendar Years—
Operating income,.
1936
1935
942.794
420,905
Selling, general and administrative expenses
$1,339,571
722,852
333,605
$307,089
19,846
undistributed profits.
$298,071
48,058
$261.472
27.500
xl75,000
Federal and State Income taxes.
$283,114
$326,935
53.395
12.069
Other income.
9.882
Common stock dividends.
Comprises: $50,000
$125,000 subsequently.
x
$250,013
]
14,957
202,619
1936, and
Balance Sheet Dec. 31
1936
,
1935
Cash
<94.778
Govt, bonds
<231.035
202.000
138,021
94*846
398.289
325.774
21.585
16.849
Receivables
Inventories
_
Deposit new plant
Investments
12.500
99.125
79*738
220.248
.....
TotaI
$14,083,703
22.760
$1,019,636 $14,100,053
$ 1.054.872
$14,060,943
254.210
16.798
226.894
$1,036,434 $14,326,947 $14,315,153
453.750
5.445.000
5.459.028
50.000
14.998
Crl .455
50.000
600.000
600.000
17.614
217.092
209.175
Crl.995
Crl7.527
_Cr 16.673
Net income
$547,461
$517,065
Dividends applicable to preferred stocks for the
period, whether paid or unpaid-
$8,082:382
$8,063,623
3,846,544
3.846.545
Balance
$4,235,838
$1,217,078
_
x
x
Regular dividends
all classes of preferred stock were paid on July 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, Inasmuch as the company reported no undistributed
adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 145. p. 951.
on
Pennsylvania Reading Seashore Lines—Earnings—
1937
1936
1935
' 1934
August—
Gross from railway..
Net from rail way...
$946,179
337.541
25,579
Net after rents
From Jan. 1—
Gross from railway..
Net from railway
Net after rents
—V. 145, p.
$1,040,535
460.872
136.241
4,486.824
729.072
4,576.657
518.946
...dfl,047,311
$868,314
303.627
34,081
4,043.816
Lia'dlUtes—
64.730
1935
Notes payable.
<84,250
55 257
<*1*5*227
103.580
71,192
A stk
($10 par)
Common stock.
Paid-in surplus...
500.000
9*53*566
118.403
118.403
Earned surplus...
189.788
130,816
*
159.278
500.000
81.618
300,000
1936
Accounts payable.
Accrued liabilities.
CI
300.000
<1.551.277 $1,289.1371
214.057
4,113,220
312.882
dfl,250,083
1596.
Calendar Years—
Net operating profit
1936
1935
$847,183
Depreciation
$966,965
201.506
266.960
$645,677
&250.936
$700,004
26.503
$896,613
$726,507
182.057
Total Income
Reserves for Federal & Penna. taxes...
145.000
109.895
66,002
on
disposal
of capital
4,426
....
<1.551.277 <1.289.137
Par In 1936 and by 9,535 shares of
$534.232
498,540
...
Balance carried to surplus
Earnings
share
per
249.270
on
shs.
cap.
$581,507
498.540
"$35,692
Dividends paid
$82,967
stk.
($20 par)
$2.14
$2.33
a Depreciation taken in
previous years, but disallowed by Federal Tax
Department as excessive and r&stored to surplus this year.
Consolidated Balance Sheet Dec. 31
1930
1935
<
$
1936
Liabilities—
1935
%
<
Cash
1.912.991
2.299.863
Capital stock
4,985.400
4.985.400
Accts. receivable..
1.104.265
1.060.431
3.261.935
4.383.802
Accounts payable.
Notes payable
275.606
1,500.000
461.712
Inventories
land
1.417.635
Bldgs. A equip. Ac 9.046.022
1,417.635
Accrued liabilities.
195.351
189.555
8,928,587
Deprec. accounts. 6,008,542
6.074.181
By-products
and
bldg.
equipment
Reserve
1,564.102
1,525,659
651.269
Arts
302.378
314.833
6,144,738
6,109,045
Food
12.294
18.140
441,501
279.962
def'd
items
Total
taxes
A contingencies.
Surplus
Corp..
Prepaid and
for
2.400.000
622.646
Franco American
...19,412,015 20,534,727
Total
19,412,015 20,534,727
-V. 143, p. 2692.
Pennsylvania Salt Mfg. Co.—Earnings—
Years Ended June 30—
Write-down
of
1937
1936
$3,275,130
1935
1934
$2,662,808
630.180
609.476
782.472
778.184
$2,294,214
528.963
762,836
726,089
Gross earnings
Maint.of bldgs. & equip.
25.000
551.834
25.000
359.061
93.479
yl51.700
$1.769,407
4,844.516
$1,285,645
4,487,627
$891,086
4.248.836
3,946.439
$5,773,272
$5,139,922
450.000
300.000
448.950
150.000
28.756
53,345
6,940
$4,487,627
$4,248,836
$4,260,755
871.251
850,935
tr.-mks.
and patents
Federal taxes (est.)
Net earnings
Previous surplus
43.073
...
Adjust, of Fed. & State
taxes prior year
Total surplus
Dividends
40,913
Write-down book val. of
trade marks, pats. &c_
per sh. on
150,000 shs. of com. stock
outstanding (par $50).
$757~236
65.262
$6,679,185
1,200.000
Special dividend
Insurance reserve
Profit & loss surplus—
•tonReprefen,te,d ^olr00,0.90^ares of $5
$100 par stock in 1935.—V. 144,
p. 948.
289.279
def7,184
Pennsylvania Sugar Co.- -Earnings—
Earns,
Total
$871,239
def770,608 dfl,121,920
...
Deprec. and depletion..
Class A dividends
_
$1.021.347 $14,106 962
1.711
6,909
—
$1,061,754
453.750
Int. chgd. to coustruc'n.
Fine
$1,670,787
Patents
—
Gross income.
Interest on mtge. bonds.
Interest on debentures.
Other int. & deductions.
Chemical Works
Penn Electric Switch Co,
Trade agreements
$1,054,872
Other income (net)
Assets—
Patchogue Plymouth Mills Corp.—To Pay$ 1 Dividend—
Fixed assets
$1 par, after deducting 5,609 shares
Net profit for year
for
reserves
and other taxes,
Deferred charges.
<763.810
1937—Month—1936
1937—12 Mos.—1936
$3,031,811
$2,940,168 $38.291.947 $35,880,270
1.766.939
1.758.821
21.719.985
19.912.567
210.000
160.000
2.465.000
1.884.000
revenues.....
Oper. exps.. (loci. taxes)
Prop, retire, res. approp.
assets
Reserves
198,448
Total
Assets—
96.927
<780.408
Total
Pennsylvania Power & Light Co.—Earnings—
Period End. Aug. 31—
Operating
Adjust, prior years & loss
Surplus
tax on
127.743
41.571
<763.810
y Represented by 394,391 shares,
held in treasury.—V. 113. p. 4012.
21,063
Accounts payable—trade
b Accrued liabilities
458,524
Plant and Properties
Deferred charges
Federal
394.391
127.743
Reserve for contingencies
Liabilities—
Cash
Less
<780.408
100.000
394.391
Earned surplus
Total
200.000
loss$22.655
27.035
......
Consolidated Balance Sheet Dec. 31,1936
Assets—
®
property
abandonments..
Capital surplus
37,687
sh.)—
sh.)
per
On $6 pref. stock ($1.50 per
a
for
606
Capital stock
y
Other deductions
7% pref. stock ($3.75
25.509
254,392
$42,602
27,018
8.696
—
1934
\m
ministrative expenses.
Res.
.
_
system.
Wheelbase lengths on the Packard super-eights and twelves run as
high
as 148 inches.
The senior lines while including most of the changes made
16.570
Accts. pay. A misc.
are
fender skirts.
<2.003
Unclaimed divs—
178
pipe lines A eq_.
Deferred charges
1935
<4.882
3.124
520
Accts. receivable..
tax, show
year), $1,325 up $75, the super-eights, $2,790, up $160 and the twelves,
$4,155. up $215.
An advance of $65 to $200 a car, effective Aug.
16, last, increased
prices between 5.3% and 6.5% so that with the current advance the 1938
prices are up between $140 and $415 or 10% to 15% above initial 1937
prices.
Packard has completely redesigned its entire line for 1938. being one
of the few companies in the industry to make any substantial
changes over
the 1937 models. Changes are particularly noticeable on the sixes and
eights,
1936
royalties-
Accrued taxes
<144.000
43,882
OH lands, oil wells.
Packard Motor Car Co.—Prices Increased—
This company has advanced prices $75 to $215 per car for 1938, an
Increase ranging from approximately 5% to 9% as compared with current
prices for the 35 body types included in the company's four lines of cars.
Detroit delivered prices, including standard equipment. Federal taxes
$375,697
295,793
Consolidated Balance Sheet Dec. 31
<790.711
conv. pref. stock, authorized and issued 25,000 shares
whicn 8.500 (8.000 in 1935) shares are held In the treas¬
stock, authorized 10O.0C0 shares (no par), of which 70,000
shares are issued and outstanding and 25.000 shares are reserved for con¬
version of the preferred stock,
y After reserve for depreciation of $154,587
in 1936 and $145,099 in 1935.—V. 143, p. 4163.
x
(no
14.000
year,
--
Total
$409,201
Cr 13.265
32.768
Crl8.754
—-—-
before provis'on for property
abandonments & for depreciation & depletion.
Dividends paid
Goodwill, patents,
Ac............
-
53.507
$237,776
Provision for 0. 8. Federal Income tax
Profit
$462,708
58.150
Gross Income
Other income.....
Other charges
10.335
159.772
1935
$295.926
General & administrative expense
190,622
394
....
1936
(after providing for cost of
production, pipe line expenses and royalty oil
purchased)
8,209
1937
Subs.)—Earnings—
Calendar Years—
Gross profit on sales
<540
Capital stock...
Earned surplus-
139
Oct. 2,
Penn Mex Fuel Co. (&
1935
<1,312
5,907
Provision for State
debit
pay.
Prepaid
Accounts payable.
Accrued
Accrued Interest..
1936
Liabilities—
1935
<91,467
accts.
receivable
Chronicle
Balance Sheet Dec. 31
$4,703,675
X447.900
150.000
$5,438,272
$4,844,516
$11.79
$8.57
$5.94
$5.05
x Excludes dividends on
700 shares held by insurance fund,
y Includes
only Federal taxes; to make comparable with 1935 figure add $190,497.
Volume
Financial
14$
Chronicle
Consolidaied Balance Sheet June 30
1937
Assets—
$
3.486.570
Marketable
1937
1936
S
Cash
Liabilities—
secure.
357.735
307,932
Notes receivable.-
22,331
90.228
1.249.473
2,132,250
1.243,079
243.764
222,733
Accts. receivable
Inventories
Prepaid
Taxes
Devel.
262.500
Operation (including maintenance)
Taxes (not
Net earnings
26,087
26,087
356 227
315,313
7.500.000
7,500.000
Paid In surplus
2,000.000
5,438,272
reserves
Invs. In subs, and
Insur. fund res'ves
not
!
consolidated
351,786
304,685
7,619,371
► coal lands
809,859
178,135
227,607
16.451.274
15.972.767
21,496
-
'
equipment
Real
x
After
$627, 120
-
Balance Sheet Aug.
31, 1937
15,972,767
16.451.274
Total
1937 and $10,191,285
Notes receivable
87.614
230.628
Indebtedness
Accrued
$472,208
55,146
tax accruals
I-
Joint facil. rents (net)__
$3,998,323
414.793
380.279
$358,011
24.940
60,646
$5,291,190
1.292,867
$4,024,773
319,649
188.999
$417,062
43.739
64,616
Operating income
Equip, rents (net)
$5,125,926
1.099.153
$547,011
355.990
Total
—V.
223,998
Accrued taxes
22.837
12,107
luterest
2.287.909
Reserves
17.939
2,421.355
*
$28,255,213
Total
.$28,255,213
145, p.
48.000
other accrued liabilities
279.300
Surplus..
Net oper. revenue
45.644
477,751
—
Dividends declared
7,690
385
Special deposits
debt disc. A exps—
Undistributed debits
Unamort
108.111
Main extension deposits
5.116
Prepayments
1937—8 Mos.—1936
$21,595,709 $20,753 301
16,471,782
15.462.110
Funded
Consumers' deposits
Other current liabilities
90.894
general
2.600.000
16,007.500
Capital sf»ck, common
1.033
Accounts receivable
Investments,
Marquette Ry.—Earnings—
Capital stock, preferred.—— $3,200,000
$25,742,078
1,792.536
Materials and supplies
Other current assets
145, p. 289.
Period End. Aug. 31—
1937—Month—1936
Total oper. revenues
$2,590,075
$2,436,232
Tota oper. expenses
2,117,866
1,889.221
Railway
A
,
Liabilities—
Fixed capital
Cash
for depreciation of $10,477,970 In
reserve
in 1936.—V.
Pere
Balance available for dividends
lncl.
estate,
105.362
231.921
-
Retirement expenses (or depreciation)
794.724
Tr.-marks & pats.
2,000,000
4,844,516
$1,662,349
676,450
Interest charges
Amortization and other deductions
Federal income tax
7.427,848
x'Bldgs., mach'y A
$2,471,876
664,921
144,606
including Federal income tax)
444,333
337,716
Items..
research
A
Earned surplus
.
cos.
Gross revenues
sundry
accrued
1,948,169
Earnings for 12 Months Ended Aug. 31, 1937 jQ
$
580,018
792,972
Capital stock
expenses.
other
and
Philadelphia Suburban Water"Co.—Earnings—
1936
{
Accounts payable.
Dividend payable-
3,405,762
2239
™
1432.
^ Philadelphia Warwick Co.
-Earnings—
Earnings for 6 Months Ended March 31, 1937
$308,707
16.920
$272,423
$3,324,844
$3,227,538
21.984
280.313
$294,407
7,564
$3,605,157
48,135
$3,552,175
47.673
5.695
273.823
5.655
273.705
47.640
2.184.540
46,851
2,193,062
$39,968
$7,483
$1,324,842
$1,264,587
260
260
3.121
2,985
$39,708
$7,223
$1,321,721
$1,261,602
F
324.636
$325,628
6,141
Net ry. oper. incomeOther income.-
Balance after interest and other charges
*»■"
1
"7
-
-
,
..
-Iiifcisjfc."
$40,747
Philips Glow Lamps—Final Dividend—
k
Total income
Misc. ded'ns fr. incomeRent for leased roads &
equiprr ent
Interest on debt
Net
Inc
income
apnlied to sinking 8c
other
reserve
funds—
The company has a declared a dividend of 18
• compared with a dividend of 6% paid In the previous year.
is the highest dividend the company has declared since the 21% rate
1927-1929.
feral)
to
e
profit
—V. 145
.
This
during
■
^
^
_
^
Phillips Packing Co., Inc. (& Subs.)—Earnings—-
~
Calendar Years—
w
1936
Adminin.
and
" 1933~<
$5,887,662
4.271.183
1934
$7 649.010
5.604.252
$2,534,978
1,559,222
102,095
144,603
$2,911,909
1,777,719
100,382
155,121
selling—
Other deductions (net)__
Federal income taxes—-
1935
$9.1-46,578
6.511,600
Gross operating ijucome_$10.515.108
of sales
7,663,198
Cost
Gross profit
&
2087.
p.
•.
,
Income balance trans¬
loss
for the year ended April
30. 1937
$2,044,758
1,219.5i 4
$1,616,479
79.574
808.415
88.398
100,477
122,145
Federal undistrib. profits
Perfect Circle Co. (&
taxes
-Earnings—
Subs.)
46,463
-———
-
1935
1934
1933
Manufacturing profit
$2,090,475
Sel'ing & adrr in. exps—
933 709
Advertising & royalties.
342,701
Depreciation and State
and Federal taxes
263,639
$1,717,619
892.194
408,467
$1,925,685
$1,449,744
807.383
541.199
_Net profit for period—
$832,224
HNote—Depreciation charges in (he
368,164
363.042
the above costs and expenses for 1936.
179.043
219,419
176,168
$550,425
$237,915
21,962
$530,718
57,896
$369,335
1936
Calendar Years—
~~
•
Loss
on cap.
Loss
on
Bank
assets soldreas. stk.
sale of t
mm
$122,788
$79,885
Notes payable—To
banks
mm
mm
mm
«-
8,272
on
1.900
32.506
681.911
467.873
For purchases.-
3,504,587
2,936.609
Accounts payable-
6.470
6.470
Accrued accounts.
270,846
283.746
Income and profits
Inventory
$239,655
323,410
$549,763
323,410
$397.039
321.410
def$83,755
$226,353
Other assets
a
—
-
115,000
To officer
-
492.560
333.824
46.850
273,947
123,148
2,005,084
6,207
$3.38
$2.44
1,699,424
8,572
149,103
202,058
taxes
Property, plant A
Deferred charges..
$75,629
$1.47
com¬
stock
-
equipment
$3.43
.
Balance, surplus
sh.
1,900
17,872
■
$113,153
,
$739,000
$250,000
Marketable secur.
Other secur Invest.
1,910
mm'
$557,842
444,689
Net profit
Common dividends
per
mm
1935
1936
Notes receivable.-
1,945
Miscell. deductions
mon
mm
$405,311
36.943
■
.
deposit losses
Earns,
$588,614
$259,877
18.277
$557,842
Total income.
35.976
■'
■
'
I iabilities—
Accounts recelv.—
7,417
Other income
included in
are
'
>
„
1935
1936
Cash
Operating profit
amount of $160,230
Consolidated Balance Sheet Dec. 31
Assets—
$597,521
$645,204
$729,059
_
Res. for undeclared
297,780
dividend
992.600
Capital stock..--- 2,930,100
Consol. surplus
2,795.508
$6,574,762 $5,459,889
Total
2.293,172
$6,674,762 $5,459,889
Total
a After
deducting depreciation amounting to $1,266,744
$1,107,636 in 1935.—V. 145, p. 1596.
1936 and
in
Consolidated Comparative Balance Sheet Dec. 31
x
1935
1936
Assets—
Liabilities—
•
$1,096,130 $1,118,703
Cash
1936
officers' A empl's*
receivables
$72,567
$141,893
81.183
339.853
Accrued account*,
246" no
104 715
832,168
736.709
z
ock_.
1,625.000
1.625.000
79.931
82.587
Earned surplus.—
1,584,589
Physical props.- 1,086,909
Prepaid advs., In73,845
► surance. Ac
917,513
Approp. surplu.—
1,379 322
34239
-
y
Patent
Common
s
common
tinues:
6.685
2
$3,597,592 $3,266.0261
'3.597.692 $3,266,026
Total
1936
$48,211
37,245
paid
charges including provision of $34,777 in
—
Accounts recelv
Inventories.
—
U. S. Govt, secure.
Emp'yees notes sec
$502,988
142,195
110,306
296,453
65,516
32.321
$511,952
247
Plant A property
Cash.
495
Investment
90,753
92,644
294,472
65,516
36,082
y
1936 and $29,184
1936
Capital stock..-
Accrued
$864,595
1935
$864,595
15,443
Notes
5,971
Accts.
8,812
4,700
Fed.
and
Lease
State Inc. taxes.
25,211
Accounts payable-
36.336
11.646
mm mm mm-
Capital surplus
125,321
125.321
Life insurance
2,665
2,200
Earned surplus
91,271
80,621
Prepaid insurance-
6,169
4,790
Total
$1,167,111 $1,099,011
$1,167,111 $1,099,011
by 375 shares in 1936 and 5 shares in 1935, at cost.—V. 145, p. 1270.
Rapid
Transit
Co.—Judge
Holds
of the XT. S. District Court at Philadelphia on Sept. 29
declared the revised plan of the P.R.T. is "unworkable and not worthy of
adoption."
He said this was due primarily to the fact that the proposed
new
Philadelphia Transportation Co., which was to be a merger of
P. R. T. Co. and
the
underliers,
would
be overcapitalized at about
$133,000,000 and that the "estimated" net income of $4,218,731 annually
of P. R. T. could not carry this burden.
He did not, however, formally
reject the plan, which was filed April 6 last by Pr R. T. directors, or order
them to withdraw it, but he plainly voiced his belief that the plan could
not be successfully put through.
His views were set forth in a "memorandum opinion" he unexpectedly
filed, and was based on an analysis of financial reports submitted to him
periodically during the past eight months by the six trustees he appointed
in May. 1936.—V. 145, p. 1750.
1936
$26,888
$38,034
82.250
95.000
payable
7,250
10.000
104,297
104.387
15,312
15,443
Payroll tax collec¬
7,525
tions..
5.971
15,742
14.073
Partic pref. stock
1,359,760
1,359.760
x
1,338
3,100
108.000
873,406
108,000
75.732
77.743
778,354
766,787
-
925,673
1
y Common stockCapital surplus
Deficit
5,000
2,100
deposits
A improvement-
1
Goodwill and trade
$1,024,402 $1,061,625
Total
Total
$1,024,402 $1,061,625
Represented by 84.985 no par shares
y Represented by 108.000 no
z \fter reserve for depreciation and amortization of $1,346,442 in 1937 and $1,251,702 In 1936.—V. 143 p. 2222.
x
car
shares,
Pilgrim Mills—Pays $1 Dividend—
The
on
23.532
Equip., leasehlda
Plan
Unworkable—
Judge Welsh
23.813
Chattel mortgage,
z
banks
Accrued liabilities-
marks
Total
x After
deducting reserve for depreciation of $434,226 in 1936 and
$402,949 in 1935.
y Represented by 18,900 no par shares,
z Represented
Philadelphia
7.646
58,403
'
104
Treasury stock-
9,932
58,080
Inventories
Accrued taxes
pay.,
Sales tax collect'ns
Prepaid Insurance,
taxes, rents, Ac-
8,249
z
allow,
5,826
Fed. inc. taxes pay
Notes pay., others
7,525
6,300
1937
Liabilities—
1936
$20,517
15,312
rec.,
5,763
for
$112,165
1937
less
for losses
Accts.
9,800
Res.
730
$36,093
$29,235
Assets—
Cash.—-.
Reserve.
wages
$112,895
202
Consolidated Balance Sheet June 30
loss$12,K42
19,332
tions
x
$36,295
5.153
$11,567
Payroll tax collec¬
Liabilities—
835,530
973 259
127.726
Net loss..
Balance Sheet Dec. 31
1935
130.410
Other inc.. less int. & other expenses -
Sales tax collect'ns
1936
118,057
2,478
in 1935 for depreciation.
Assets—
1935
$1,823,621
975.092
1,095.498
goods sold
Loss
loss$10,364
25.211
Net profit for year
After all
1935
$84,267
lft,844
operations
Discounts, provision for reserves, &c. (net)
Provision for Federal and State taxes
1936
$2,164,704
1.048,546
1,161,999
$16,720
Sales
Oper. exps., exel of deprec. & amort.
Depreciation and amortization-
Philadelphia Insulated Wire Co.—Earnings—
Years Ended Dec. 31—
Net profit from
1937
$2,311,884
Years Ended June 30—
Cost of
3686.
x
.
industry is better than at
Pig'n Whistle Corp. (& Subs.)* -Earnings—
for po3*ible collection losses of
$10,500 in 1936 and $9,300
y After reserve for depreciation accrued of $193,890 in 1936 and
$653,949 in 1935.
z Represented by 162,500 no par shares.—V. 144, p.
reserve
dividends
condition of the petroleum
time In the last decade.
Company Is in splendid baiancc; our business
is Increasing and profits are running substantially ahead of last year.
The
directors will meet the last week In October to declare dividends payable
Dec 1.1937."—V. 145, p. 1596.*
in 1935.
Cash
V
.
"The statistical
12,231
2
Total
x
stock, at
any
at amort, values
After
abandoned its plan
58.427
A licenses,
Goodwill
x
in a letter to stockholders Sept. 27 announced that it has
to offer to its stockholders, pro rata, 444,905 shares of
the ratio of one share for each 10 shares held.
The
management attributes Its decision to the development, since the announce¬
ment Sept. 1, 1937. of unfavorable market conditions, going on to say that
the company's financial condition Is strong and for this reason it is not
necessary to proceed with the announced program.
The statement con¬
The company
payable
Jobliers' depos.
D vldends payable
421.921
Inventories
Investments
Phillips Petroleum Co.—Abandons Stock Offering—
1935
Accouii's
A
Notes. accts. and
conpany
Oct.
paid
a
dividend of $1
2 to holders of record Sept. 29.
share on the common stock
This compares with $1.50 paid
per
July 2, last, and $2 paid on March 31 last and on Dec. 15, 1936, this
latter being the first dividend paid since Sept. 29, 1934, when $1 per share
was distributed.—V. 145, p. 128.
on
Pilot Rock Lumber
with
Milling & Mfg, Co., Inc.—Registers
SEC—
See list given on
first page of this department.
Pinchin, Johnson & Co., Ltd.—Interim Dividend—
paid an interim dividend of 415^ cents per share on the
for ordinary shares on Oct. 1 to holders of
An interim dividend of 43 1-10 cents per share was paid
Sept. 29, 1936.—V. 143, p. 2064.
The company
American depository receipts
record Aug. 31.
on
2240
Financial
Pioneer Mill Co.,
Calendar Years—
Total Income
Chronicle
Ltd.—Earnings—
1936
1935
$1,258,553
$1,169,556
$782,635
184,028
—
97,417
147.355
Operating expenses—
Depreciation
1934
1933
$1,098,387
219.593
201,338
220,817
69.948
$684,428
750,000
$651,208
600,000
$344,516
300,000
$560,904
450,000
def$65,572
$151,208
$44,516
capital be increased to $1,350,$1,250,000, issuing 4,000 additional shares of $25 par stock in
12M shares held.—V. 144, p. 2144.
000 from
$110,904
the ratio of one new share for each
Portland Gas & Coke
Net income
-
Dividends paid
Surplus
—
f
mwm* 1936
Liabilities—
1935
A permanent Im¬
provements
Growing
payable
Taxes
Note Int. accrued
Investments
786,099
801.600
Baldwin
Invent, of supplies
201,620
234,931
86,132
82,796
Prepaid water rent
39,286
curr.
Mdse. In transit..
&
on
bango.
eter
Net
506
and
deposits
inc.
x
1936
3~50~666
650.000
6,000.000
6,000.000
224.561
224,651
1,776,644
2,376,013
General surplus
Undivided profits.
-x
income
....
....
Net from railway...
Total
stock
and
Process
'Calendar
Earnings—
1936
$1,997,948
538.523
546.996
$2,000,468
1935 ^
$1,595,035
417.724
156.131
532.289
460,430
230.929
16,574.741
13.642.806
10.796.152
2.201.079
10.597.735
»
...
3.460.581
3.103.228
3,412.162
3.312,961
1937
Gross from railway....
Net from railway
$410,598
4,905
ing
Net after rents
2,440,879
2.985
def3.745
def20.66l
Cash
def27.595
Due from cust'rs..
650.961
66.644
618,637
13.596
L 3.767
1936
$31,791
def47,320
Assets—
defl,196
Net after rents.
From Jan. 1—
5U0
Gross from railway
416.403
defl0,738
16,887
Net from railway
Net after rents
$35,807
4,941
418.221
22,343
1937
xl934
Net
deplet., taxes & other
other charges
prof$l ,391,664
Earns, per sh. on354,900
1
V
shs. common stock—.
$1,765,906
\Hk-
$1.85
2,109
rwepresentea
196
oy
IN"
on
From Jan. 1—
Gross from railway
$326,671
as
92,655
Net from railway
Net after rents.
V. 145, p. 1597.
2,482.291
1934
1933
$2,650,478
$2,967,646
18,047
9,596
2,498
4,934
7,509
74,799
$2,616,374
$2,667,584
$2,975,078
63,004
112,772
681,884
163,882
101,671
667.577
92.350
652.376
181.903
152.802
31,053
5,087
127.275
215,762
5,844
528,329
15.266
1,139,250
1,147.072
150.589
1,140,692
44,147
$289,736
$342,658
$150,102
auction sales of
on
Adjust, of claims, &c.._
Int. paid on ctfs. of con¬
tribution
Prov. for tax
reserve
Profit & loss surplus—
869,173
3,062
197.653
$1,533,955
Comparative Balance Sheet Dec. 31
Loans
1935
$
$
1936
Liabilities—
outstandlng20 ,373,831
$236,274
U. 8. Treas. notes.
21.014,831
I ,127.281
1,239,041
1 ,473,838
2,540,679
4 ,340.000
2,340,000
69.017
StateN. Y. bonds.
1 ,000,000
70,945
Uiiamort. prem. on
Accr.lnt.thereon
1934
1,879.166
563.936
599,076
819.676
York—Earnings—
1935
expense
Cash
1,895,988
Int.
Acer.
556.850
Sundry
606,180
on
tion
sales,
18,987,500
due
borrowers
71,499
238,406
217,932
78,133
54,647
1,686.800
1,462,522
7,500,000
gencies
27,636
sees.
Surplus
7,500,000
In
6,533
suspense
Total
_Premier Gold Mining Co.,rLtd.—Earnings—
$
Reserve for taxes.
1,000,000
141,721
items
1935
$
Ctfs. of contrib'n. 18,987,500
Surplus from auc¬
Reserve for contin¬
securities
2,910.164
768.816
851,685
5,356
$2,598,326
collateral
of Oct. 1 to $43.50
1935
$235,493
75.065
82,532
k
92,913
$398,789
by
1936
1936
$362,844
90,045
97,393
Represented
$2,552,205
Assets—
rents
DM7,479
$366,198
y
150,994
Losses
Pittsburgh & West Virginia Ry.—Earnings—
railway
DM7.479
Treas. stock....
$2,477,406
securities.
preferred.—V. 145, p. 952.
Gross from railway
108,037
Total
722.491
empowered to increase indebtedness to $12,000.
Under the plan present preferred holders can
exchange one share of their
stock for one share of the class A
preferred, and 4-10th share of
1936
146.810
snan
est., taxes, rent &
maintenance
Sals. & retire, plan prem.
The plan cads for the issuance of 41.900 shares of
$10C par 6H% prior
preferred stock, first series, 104.750 shares of $100 par 5% preferred stock,
class A, and 104,750 shares of no
par common stock.
Directors were also
1937
885
506.800
Real
J
f Stockholders at an adjourned special meeting held Sept. 22 approved a
plan of recapitalization proposed by the directors which will eliminate the
7% preferred stock, amounting
1,000
1,200
506,800
143, p. 2533.
Total income
Nil
lm
share.
y
earned on U. S. A.
ctfs. of indebt., &c
Int. on time deposits
n
Recapitalization Plan Voted—
August—
uu.uuu
5.059
for refunds..
Capital stock—
Deficit
$398,789
General
u.
Res.
x
$1,467,033
Revised.
the present
1
Calendar YearsInt. earned on loans
Int. earned on bank bals.
to
Nil
952
Reserve for taxes.
27,868
$366,198
Int. earned
x$265,359
4,000
900
officer..
Int
xi935
1936
585
4,326
Provident Loan Society of New
146.919
77M*"*
Pittsburgh Steel Co. (& Subs.)—Earnings—
Years Ended June 31—
loss after deprec.,
4,373
shares at cost.—V.
82.916
2,361
an
431.677
[42,144
pay.
Due to
262,354
$10,083
commissions
Acer,
47,038
19,368
238,018
1935
$9,850
expenses..
Equip, notes
investrn'ts
1936
Accts. pay. & acer.
63
44,129
Total
x
Liabilities—
payable,
Cash value insur..
:
wmm
14,223
debit balance...
def4,332
def21,222
crrsm+n
_
$42,737
14,404
Sundry receivables
defil,237
—V. 145, p. 1597. 4
$132,713
843,173
def8.652
332.642
def30.734
$136,048
1935
Inventories
1934
$21,976
defl5 534
def6,3l7
def4,618
$50,994
1936
Goodwill
1935
$124,529
8,184
Consolidated Balance Sheet Dec. 31
Pittsburgh & Shawmut RR.—Earnings—
1937
$49,159
$136,048
$38,771
Deficit
Sundry
August—
$50,994
30.736
Dividends
Fixed assets
Gross from railway
Net from railway
Cr 14,033
$723,087
789,193
Cr3.086
30,468
31,041
$47,807
—V. 145, p. 1433.
CT5.452
29,244
$38,771
$66,749
78,234
12,505
1933
26,151
1934'
668.946
1934
$595,310
714,656
Cr 1,013
loss
Accounts
681.763
73.710
def20,517
1935
$446,878
474,079
489,434
company
Net
1—
railway
1936
$475,802
1935
$75,499
3,244
def5,645
16.133
rents
,
Corp. (& Subs.)— -Earnings—
Years—
sales
Depreciation
1,984.916
2.560.404
1936
$85,497
Gross from railway
after
J
Prov. for possible loss on
account with closed bk.
& claims against bond¬
Pittsburgh Shawmut & Northern RR.—EarningsAugust—
Net from
$208,334
a
on undistributed profits
company reported no undistributed adjusted net
No sucn provision has been made to date for 1937,
Cost of sales & oper. exp.
Net miscellaneous items.
19341
$1,273,010
546.795
...
rents
Net
430.167
$7,659,030 $8,659,370
—V. 145. p. 1912.
a
$19,569
430,167
and unpaid to AugT31, 1937, amounted to
Latest dividends, amounting to $1.25 a share on 7% pref.
$1.07 a share on 6% pref. stock, were paid on Feb. 1, 1937.
income for that year.
—V.
145, p. 1271.
1937
Gross from railway..
Net from railway
Net after rents
From Jan. 1—
Gross from railway
arrears on
$221,833
on these stocks are cumulative.
hole—No provision was nmde for Federal surtax
for 1936, Inasmuch as the
$8,059,3701
r August—
x
60.448
487.250
CM 27
Dividends
Pittsburgh & Lake Erie RR,
r
$557,267
49.336
Dividends accumulated
Net
From Jan.
$758,292
487.250
^Balance, deficit
868,108
..$7,659,030
Net from
$74,801
40,604
4,630
$1,626,211.
x After
depreciation of $3,093,270 In 1936 and $3,462,719 in 1935.—V.
145, p. 618.
Net after
$69,658
40,604
3,960
$562,232
Dr4,965
Dr4,506
76.950
11,679
468,100
43,251
Net after
$762,798
266,666
period, whether paid or unpaid
band
unaccounted.
Amer. Fact., Ltd.
Deferred & prepaid
Total
$75,256
Dr455
$3,240,353
2,428.121
250.000
2.377,779
$25,094
$29,567
Dividends applicable to preferred stocks for the
5,206
__
Capital stock
1,586
$3,407,243
43,836
Notes payable
7,122
71,638
1937—12 Mos.—1936
$271,871
175.781
20,834
Dr4 25
Other int. & deductions.
Int. charged to constr'n.
Packers,
Deferred
9,777
acct.
Mdse. In store
Molasses
n
21,885
Suspense account.
Sub. co.
Too),
138,519
....
40.132
1,167
.
Ltd
833
833
Lahaina store....
Receivables......
$70,083
Gross income...
Int. on mortgage bonds.
220,168
2,166
$274,645
181,646
22,916
$69,400
Unclaimed dlvs
Cash
Co.—Earnings—
' 1937—Month—1936
Net oper. revenues...
Other income (net)
1935TO
$70,952
13,956
172,217
Accts.
$4,841,433 $4,791,609
1,101,936
1,718.831
crops
1936
Wages due
Period End. Aug. 31—
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
Balance Sheet Dec. 31
Asset*—
Real estate,plant
x
2, 1931
to act on recommendations of directors that
190.738
224,586
122,159
Taxes
Oct.
Plume & Atwood Mfg. Co.-—To Vote on Capital Increase—
The company has called a
special meeting of stockholders for Oct. 11.
16,549
28,490,840 28,222,601
Total
28,490,840 28,222,601
—V. 143, p. 1569.
Income Account for Y^ar Ended. Dec. 31, 1936
Earnings of Premier Mine
"——
_T
^
——.
from sale of capital stock of
Bidgood Kirkland
Mines, Ltd
Dividends front Toburn Gold Mines, Ltd
Interest on Relief-Arlington Mines,
Ltd., 6% debentures
Profit
Administrative expenses
Corporate taxes (incl. income taxes estimated)
Amortization of investn ent in Toburn Gold
Mines, Ltd
Write-down of investment in
capital stock of Relief-Arlington
Mines, Ltd
Exan ination and exploration of various
mining
upon which were relinquished
Miscellaneous expenses and losses (net)
Public Service Co. of Nor.
119.200
111.—Exchange Offer Made—
See Commonwealth Edison Co. above.—V.
15,991
$1,438,471
7,511
194,937
49,666
Inc.—Registers with SEC—
See list given on first page of this department.—V. 142,
p. 2170.
249,741
_
Total earnings
agreen ents
Public Finance Service,
$ 1 ',053,538
Gold
145, p. 953.
Puget Sound Power & Light Co.—Earnings—
12 Months Ended Aug. 31—
•
Operating
revenues
Balance after operation, maintenance and taxes.
y Balance for dividends and surplus
x
—
150,000
properties,
49,456
26,466
x
Includes
non-operating
retirement reserve.—V.
income,
145, p. 2087.
net.
y
Quincy Market Cold Storage
Earnings, Years Ended March 31—
_
1937
1936
$16,169,052 $14,498,330
7.090,248
6,952,434
1,738,493
1,661,069
After
&
appropriations
Warehouse
for
Co.—
1937
Balance Sheet Dec. 31, 1936
f
Assets—
►*-
Invest, (at cost
or
less)
Cash
Accounts
collectible
Materials and supplies
Deferred charges
$1,767,156
2,407.032
Capital stock ($1 par)
Capital surplus..
$5,000,000
7,240,830
116,516
$12,246,830
Less: Capital distribution
9,498,496
Bal. (par value $5,000,000).$2,748.333
Accounts payable
2,729
Distribution
No.
61,
Jan. 15, 1937
Accrued
taxes
Profit and Iobs surplus
Total
-V.^145. p.11597/
.$4,353,994
1935
1934
$1,187,343
966,896
$1,248,979
1.028,107
$1,335,482
$354,419
$220,447
$220,872
$340,944
38.447
43.106
39.688
General expenses
Interest paid (net)
38.993
38.629
64,267
41.946
34,682
86,585
Prov
25,000
17,800
21,468
52,728
$166,076
135.850
$53,645
39,000
$36,189
55,250
$120,504
9.750
$30,226
$14,645
def.$19.061
$110,754
Gross profit
Salaries (officers and gen¬
eral
6.068
58,220
1936
$1,327,411
972.992
Gross income-
Operating expenses
Liabilities—
Total
payable
201,745
1,201,185
$4,353,994
45.103
for contingencies
Prov. for misc. invests
Prov. for Fed. inc. tax—
Prov.
200,000
office)
for surtax
on
35.464
92,559
"3:500
33,455
un¬
distributed profits
Net profit
Preferred dividends,...
Surplus for the
994.539
year..
7.400
w
Volume
Financial
145
2241
Chronicle
Consolidated Balance Sheet Dec. 31
Balance Sheet March 31
r
Assets—
1937
Cash
$27,061
payable-
Accounts
1936
$23,913
1117,458
$18,105
299,999
444,119
354,709
other expenses._
47,661
Notes receivable..
420,789
Accrd. city taxes..
40,000
Accts. receivable..
149,669
127.075
Prov.
Investments
185.350
174,100
13,743
Funded debt
U. 8. Govt. &
Sinking
6,394
funds
Fixed
assets
x
Unamortized
5,218,104
y
14,796
18,500
17,557
19,812
Mlsceil. supplies..
16,619
48,848
40,000
68,564
37,600
1,620,000
1,300,000
1,841.000
1,300.000
Common stock.. 2,900,000
179,542
2,900,000
262,236
2.815
Capital surplus
Earned surplus—
179,542
bonds
3,891
stk.
com.
$6,470,065 $6,601,2541
..$6,470,065 $6,601,254
Total..
depreciation of $3,444,105 in 1937 and $3,224,435
Represented by shares of $100 par.—145, p. 448.
' ■■ »
in
1936.
Liabil. lnsur. prem.
34,716
Unclaim. divs. pay
5,856
10,952
5,473
14,260
Res. for contlng..
700,000
700,000
10,663
Deposits
197,465
bids..
on
appointed regis¬
stock of this company.—
The'Marine Midland Trust Co. of New York has been
trar for 482,792 shares of no par
V.
145,
2087.
p.
value common
'
tammmmmmmmmsmmmmam'
■'
Pure
mmmaammimmmmmm
•mmmmmmmmmmrnamrnm
*•
.
Stock
Co.—Only 8,040 Shares of 5% Preferred
Oil
Res. for Indemnity
Auth. extra contr.
work
been
53,882
Period End. July 31— 1937—Month—y 1936
Charges for transportafnll 1,486,877 $11,331,333
Other revs, and income.
233,34 5
223,172
Total
revs,
k.
disc,
132,742
1,104
133,533
5.237
deductions
940.387
14,614
933,894
67,723
$3,744,743 *$345*0,263 $33,042,985
reversing in June, 1937, accruals
set up during the period March to December, 1916, inclusive, at 3}4%,
covering Federal Excise Tax under Act of Aug. 29, 1935 (Railroad Retire¬
z
Rail transp. revenue
x
620,364
152,595
ment).
y 1936 figures restated for comparative purposes including elimina¬
tion of Federal Excise Tax (Railroad Retirement) accruals,
z Payments to
rail and other carriers express
priveieges.—V. 145, p. 1597. aid
«d
401,930
290,825
'■
131,381
136,439
153,493
702,438
783,716
180,483
24,726
134,001
1
1
Plant and
y
other
property
Inv. in assoc.
Deferred
...
cos.
charge..
Goodwill
18,866
$4,031,842 $3,966,9851
$4,031,842 $3,966,98$
Total
Reading Co.- -Earnings—
1937
1936
1935
1934
$4,378,387
$4,712,083
$3,558,085
1,036.531
840,305
1.546.092
1.205.034
834.511
680.901
$3,912,090
1.039.406
40.643.494
12.793.878
9,820,774
38.419.347
11.887.509
8,908,304
33.907.455
9.008.528
7,489,293
Augusl—
Net
after
...
rents
...
From%Jan. 1—
Gross from railway..
...
Net from
railway
...
Net after
rents
...
—V. 145, p.
Rainier Pulp & Paper Co.—Merger Plans
The
boards
of directors
of Rainier Pulp &
Reed Roller Bit Co.—Earnings—1
1936
the shares of the new company on
the New York and San
Francisco stock
Rainier Offer of
Exchange—Each share of present capital stock will receive
1 2-10 shares of common stock of the
8-10 share of $2 preferred stock and
new
company.
Grays Haruor Offer of
will receive
one
Net profit from
operations.
common
$1,780,703
9.329
265,821
24,844
_
Net income
be made up of
has
commitments already made for the calendar year
sales of dissolving pulps by the consolidated
for that period will be distributed approximately as follows:
Based upon
that
States
—V.
p.
100,000
'
227,980
545,052
7,985
Other
receivables.
•
******
m
i
Other assets
108,804
2,131,822
1,423,595
26,266
1,866,101
Deferred charges..
VvT,-
132.170
98,409
_
Years Ended Dec. 31—
Profit from operations
Other income charges
Gross profit
...
Income credits
Net inc. for the year
Surplus at begin, of year
Surplus credits (net)
Surplus before divs
Preferred dividends
Common dividends
Surplus
x
at end of year
Indicates loss
1936
$380,839
156,663
$224,176
185,621
Subs.)—Earnings—
1934
1933
77,975
x$129,236
226,846
x$157,065
156,823
x$329,604
x$356,082
x$313,887
36.948
336,168
64,991
1935
x$251,629
$149,956
90,282
90.282
$55,852
$31,801
$1.35
$59,674
$1.66
Surplus
stock of $11,662 in
$704,638
164,415
138,293
$401,930
x$292,656
x$19,913
712,358
Drl05.231
801.791
25.424
x$248,897
1,137,969
7,708
$314,471
23,646
$807,302
$896,780
94,944
94,989
Accounts recelv
183.868
162.874
Securities
71.722
535.015
29.600
$801,791
18.583
payable.
Unemploy't
2,207
591
taxes
Mach. on lease..
485.365
431,460
Fixed assets
366,854
364,817
14,893
Prepaid royalties.
y
Reserves
z
Patents
86.500
Federal and Mass.
x
,
452
42,500
Sales tax accrued.
1,669
101,684
1
19,624
taxes
accrued
514.287
1.439
101.684
Deferred charges..
Treasury stock
..ccounts
14.362
1935
$1,000,000 $1,000,000
Capital stock
$132,482
Inventories.
1936
Liabilities—
1935
$115,160
9,399
Cash
Notes receivable-
17.166
10,000
Surplus
1
10.000
1,231,734
.
1,119,497
Reserve for factory
450.000
bldg. and equip.
450.000
x
After
1935.
y
1935.
in
$2,320,508 $2,203,240
Total
$2,320,508 $2,203,240
Total
depreciation of $757,812 in 1936 and $879,181 in
After reserve for depreciation of $524,160 In 1936 and $744,932
z After reserve for depreciation of $357,371 in 1936; $1,336,092
reserve
for
Less surplus appropriated for extinguishment
$325,065 in 1936 ($338,263 in 1935).—V. 145, p. 1914.
in 1935
.
(Daniel) Reeves, Inc.—Earnings—
.......
.......
Dec. 26,
.....
—
Distribution, sell., warehouse & gen. expenses—
Maintenance and repairs
than Federal Income tax)
Depreciation and amortization
...
Net operating
profit
Net income before
—
....
Miscellaneous income (net)
—..—
Provision for Federal income tax
undistributed profits
on
applicable to prior years
retirement.
pref. stock repurchased for
Final
$5,428,477
4,737.679
89,983
108,630
149,663
142,662
$317,502
$349,521
Drl.306
43,972
53.024
5,767
Dr4,190
Dr9.971
97.302
$348,214
47,879
$300,335
1.762.992
Dr2,219
Drl ,650
stock..
101.658
150.001
$1,849,014
balance
sh. on 300,000 no par shs. com.
Dec. 28,
150,002
....
dividends
Earns, per
4,863.105
112.042
137,762
$302,682
1.807.797
Net income
Balance at end of previous year
Prem.
$5,580,074
$361,474
Federal Income tax
Preferred dividends..
of patent values ©f
1936
1935
$23,108,673 $22,165,722
17.528,600 16,737,245
-
Gross profit
Common
$712,358
$58,966
*l;35
1936, $9,718
Comparative Balance Sheet Dec. 31
1936
Assets—
Additional taxes
$290,825
63.31$
$6,687 in 1933.
in 1935 and 1934;
Provision for surtax on
$409,797
290,825
4,016
22,808
$122,083
Taxes (other
Raymond Concrete Pile Co. (&
127,959
37.608
$122,279
108,338
...
Earns, per sh. cap. stock
$1.82
x After deducting dividends on treasury
Cost of sales
Through Consolidation of
Companies—See Rainier Pulp &• Paper Co.
352.999
_
$164,190
Net income
Dividends paid---
$663,654
32,133
38,079
52,247
income taxes
x
1933
1934
$749,581
354.283
130.316
82,892
Mass.
Fed. &
for
Co,—Earnings—
$781,551
390.809
$912,020
518.249
■
133.723
43,611
1914.
p.
1935
1936
Calendar Years—
Prov.
$6,430,995 $5,313,69$
Total
shares In 1935.- -V. 145.
Reece Button-Hole Machine
Total expenses
Reserve for deprec
Income deduc. (net)
V*
b Represented by 630,000 no par shares
Includes accrued expenses,
Total earnings
■.
15,420
$6,430,993 $5,313,693
Total
a
Surplus
.
2088.
1,235,93t
1,818,66$
2,607,670
1,372,444
Intangibles
110,636
3,150,000
750 shs. no par)
92,485
Fixed assets
309,696
stk. (197,-
b Cap.
556,783
860,770
Inventories
11.682
wages..
Reserve for taxes.
Net sales
Rajronier, Inc.—To Be Formed
Three
m m
Accrued salaries &
Years Ended—
1,500
America
145,
company
113,500
22,500
Japan
European countries
South
1938, it is
Tons of Dissolving Pulp
98,500
Country—
United
m
776,878
$136,782
Accounts payable- a$363,630
been completed.
Approximately 85% of the paper produced by Grays Harbor and sub¬
stantia.^ all of the bleached sulphite pulp of ordinary grades produced by
Olympic are sold in the United States.
estimated
m
151,500
Mktable
members selected from
E. M. Mills, now President of ail
the new company, and all other
officers are now officers of the present companies.
The new company will be engaged primairly in the business of producing
special types of wood fibre pulp used in the manufacture of rayon, cellulose
sheeting, plastics and other cellulose products for which chemical research
is finding new uses.
The processes for the production of these pulps out
of Western hemlock were developed and are owned by Rainier pulp &
Paper Co., out the other two companies have been producing these pulps
since 1934 under long-term contracts with the Rainier company.
The
Olympic company also produces bleached sulphite paper pulp which is sold
under contract to S. D. Warren Co. of Boston and Grays Harbor manufac¬
tures sulphite printing and writing papers under a contractual arrange¬
ment with Hammermul Paper Co. or Erie, Pa.
The new company will have four pulp mills located in the State of Wash¬
ington and a fifth mill now under construction at Fernandina, Fla.
The
latter is projected to produce rayon pulp from Southern pine wood by a
process recently developed by Rainier Pulp & Paper Co.
Each of the present companies has recently reorganized its capital struc¬
ture and done financing to eliminate funded and term indebtedness.
It is
stated, however, that further financing will have to be done to complete
the construction of the mill in Florida.
It is believed that funds will be
raised by an offering of stock to the stockholders of the new company,
after consolidation
m.
.
securities
Notes & accts. rec.
1935
1936
Liabilities—
1935
$529,442
$951,371
Certlf. of deposit.
Olympic Offer of Exchange—Each share of present $2 preferred stock will
preferred stock and 2-100 share of common stock
and each share of common stock will receive 1 2-100 shares of common
the boards of the preesnt companies.
three companies, will be President of
$250,682
Balance Sheet Dec. 31
1936
Assets—
Cash
receive one share of $2
per ann ,.n.
The i Itial board of directors will
444.938
$256,199
Balance
in 1936 and 197,750 no par
that while the question of dividends
must be reserved for determination by the directors oi the new company,
it is believed that the earnings will justify regular dividends on the preferred
stock and dividends on the common stock at an initial rate of $2 per share
$695,620
15.898
109,835
1,224,510
Dividends paid.
Exchange—Each share of present $2 preferred stock
7-100 share of common
stock will receive 1 7-100 shares
stock of the new company.
The letter to stockholders states
$821,353
$1,480,709
Total income.
Other charges
Provision for Federal income tax
share of $2 preferred stock and
stock of the new company.
$744,841
76,512
1.154.442
79,015
Other income
stock and each share of present common
of
$1,899.28$
$1,701,688
Operating expenses
Harbor
exchanges.
The plan of consolidation, if adopted by the stockholders, will be carried
into effect by acceptance of offers of exchange of stocks n.ade to the stock¬
holders.
The offers, as set forth in the plan of consolidation, are as follows:
1935
$3,176,889
1,475,200
Years Ended Dec. 31—
Gross profit on sales
Announced— 4
Paper Co., Grays
Pulp & Paper Co. and Olympic Forest Products Co. on Sept. 27 adopted
an agreement of consolidation and called special meetings of stockhoiders
to he held on Oct. 28, 1937, to act upon the proposal.
The consolidation will result in the formation of a new company to be
known as lixyonier Incorporated.
The new company wbl have outstanding
626,507 shares of $2 cumulative preferred stock, which wiil be convert¬
ible share for share into common stock, and 963,871 shares of common
stock.
According to the letter to stockholders, it is the intention to list
837.264
36.339.040
11,324.845
8,873,231
2088.
Federal surtax on undistributed profits.
fai
«f
Represented by 184,893 shares of no par value,
y After reserve*
in 1936 and $1,676,291 in 1935.—V. 145, p. 291.
x
$1,764,751
Includes credit of $2,153,570 due to
$3,084,958
976,586
62,727
592,074
funded
on
debt
Other
$87,338,339
52,002,920
1,337,433
$11,554,505 $93,420,049
8,044,632
7,486,986
56,930,317
451,862
188,930
x907,852
and income$ll,720,222
Operating expenses
Express taxes..
Int.
1937—7 Mos.—yl93b \
$19,804,858 $85,792,506
1,615.191
1,545,833
1,698,400
976.586
75,516
28.315
notes
Gross from railway..
Net from railway
_
x
Surplus
receivable
Due from empl's..
Other securities...
made by the company
Railway Express Agency, Inc.—Earnings—
4,676
1,698,400
claims
144,338
177,929
Total
that 8,040 of its 5%
41 of its common shares were
it to its common stockholders,
leaving 434,394 shares of preferred stock to be purchased by the under¬
writers.
The date upon which the unsubscribed shares may be offered
publicly by the underwriters has not been determined.—V. 145, p. 1597.
Announcement has
1,217
...
Common stock._
Preferred stock
Other accounts and
Issue Subscribed For—
cumulative convertible preferred shares and
subscribed for pursuant to the offer made by
8,503
accrued
Patents
Puget Sound Pulp & Timber Co.—Registrar—
......
403,122
portion
Treasury stock
y
68,460
_
25,923
4.460
Contr'ts—unbilled
Ad vs. to associated
After
x
6,920
ino.
Fed.
tax and surtax.
462,589
Inventorles
operating cos
Total
Accrued
200,000
19,490
Accrued taxes
347,029
$73,152
14,394
Notes payable
70.549
1935
1936
$137,004
Accounts payable-
$266,503
603,881
Acer. Int.thereon
23b,350
14,677
Unexp. lnsur.
Marketable
Mktable
&
5% pref stock
bond
prem
Fed.
Mass. taxes
5,439,742
►' discount
for
$492,465
675,514
209,689
Notes & accts. rec.
Accrued Interest &
mu¬
nicipal notes
Cash
Liabilities—
1935
1936
Assets—
1937
Liabilities—
1936
$1,807,797
$0.68
$0.6$
Financial
2242
Chronicle
Oct. 2, 1937
Cons olidated Balance Sheet Dec. 31
Comparative Balance Sheet
Dec.
<
Cash.
acet8.
lew
accts.
Mdse.
Prov.
201.226
160,771
10,606
11,724
107,683
expenses.
Invest, at cost
2,670
x
47,879
46,605
24.351
Notes receivable..
1,442.600
Common stock..
Hxed assets....
1,554,800
3,845
300.000
Acer. Int. A divs—
441,258
441,258
/Inventories
1,849,014
1,807,797
1,337,335
Total
17,127
29,280
— ..
Sinking
300,000
After
Total
$4,774,923
$4,858,968
for depreciation of $800,842 In 1036 and
$830,964 in 1936.
y Represented by 300.000 no par shares.—V. 144, p. 3616.
x
reserve
833,213
7,878
144,871
Organization exfrs.
61,513
funds
Suture Can.
Folding Machine Co.—Earnings—
360,000
Accounts payable.
Notes payable
999.803
769,476
400.C00
200.000
Acer, int.'A taxes.
(see
from
111.860
62.024
Deposits
Deferred
3.108,319
3,108,319
4.763
Future
Can.
Servicing, selling and general
expenses
....
Profit from operations
(including rental of machines)
$21,789
....
4,509
Total income
for'n
33.977.492 33,885.629 I
69
expense
Provision for Federal and State taxes
2.1/52
3,750
........
Net income for the year
$20,233
Dividends paid
18,141
Balance Sheet Dec. 31,1936
Assets—
;
Cash
Accounts receivable
35.996
Notes receivable
925
Marketable securities (at cost)
Inventories
a
33,616
36,539
Other Invest'ts (at cost)
--X'.' '
$6,177
1934
4,994,583
1,100.410
426,518
$443,201
58,258
27,115
28.414
def5.103
4,479.636
794.890
281,204
4,294.946
907.577
366.345
1434.
145, p.
Rochester
Telephone Corp.—Earnings—
84,735
Operating revenues.—
$390,412
1937—8 Mos.—1936
$3,303,711
$3,139,223
3.681
3.909
$416,715
$390,412
289.467
$3,300,030
2,359.246
$3,135,314
2,322,592
Net oper. revenues...
—
$417,176
461
Operating revenues—
Operating expenses
Surplus-.
$107,109
52.809
$100,945
33.908
$940,784
346.987
$812,722
267.367
$54,300
$67,037
$593,797
$545,355
Uncoil, oper. rev
1,015
1937—Month—1936
...
309.606
1,194
Deferred opexatlng charges-—
5.981.379
1,673.185
817,241
Period End. Aug. 31—
835.227
b Office furniture A fixtures—
1936
-Earnings
1935
$457,068
$533,710
134,249
71,161
•
Gross from railway
Net from railway
—V.
1936
$603,525
73.517
20,214
—
1,000.060
105,468
22,439
Machinery, tools & fixtures-
b Patents
1937
Net after rents
From Jan. 1—
3,750
taxes
Capital stock
12,590
b Machines on lease
b
-
Accounts payable....-——-.
Reserve for Pederal and 8tate
—33,977,492 33,885,629
Richmond Fredericksburg & Potomac RR.August—
Gross from railway
Net from railway
Net after rents
Liabilities—
.
$9,652
45,548
Total
After reserves for depreciation and depletion of $11,404,505 In
V. 142, p. 4190.
x
203
paid
Factory layout
(see
and $11,339,587 in 1935.-
$26,308
Bad debts...
Interest
439,025
contra)
Total
Other income
11,926
36,802
Reserves
$61.693
39.954
4,762
10,727
credits..
exch. contr,
Gross profit
2,542,773
Est. w'kmen's com.
61,513
45,000
arising
2.028.839
483,352
15,000
Bond. A long term
Indebtedness
2,325,432
165,034
$82,60/
20.964
Depreciation...
296,366
liability
held securities..
^
Gross profit before depreciation...
2,118.839
surplus
Minority lnterest-
ellm. of inter-co.
lIncome Account for the Year Ended Dec. 31, 1936
surplus
Earned
|
for'n
exch. coutr.
Adj.
1.500.000
Paid In
551.143
7,502
contra)
Reece
4,332,800
1.500.000
Co.: Pf. stock
1,990.307
26.120
Investments
$4,774,923 $4,858,968
$
4.332.800
pref. stock.
Com. cl. A Ptk. 14,444.600 14,444.600
Com. cl. R Slk— 9.036.500
9.036.500
Cl. Astk. unlss'd Drl.500.000.DrI 500 000
Cl. A treas. stock. Dr516,000 Dr516,000
1,911.609
10.404
1,842,990
Deferred charges..
Goodwill
1935
$
Rock. A Pitts. C'l
8.456
2,244,819
reserve)
300 000
surplus...
Advances.
Co.
(Jess
rec.
Earned surplus—
11,473
10,937
1,294,039
300,000
Accts.
cum.
pref.
stock ($100 par)
y
1936
Liabilities—
Helvetia Coal Mln.
59.625
for I ed. Inc.
Paid in
(less reserve)...
$
Land, plant and
equipment-- —-24,150.250 24,442.548
Cash
778.317
1,640,108
Market, securities
772.630
<ih%
F'ds In closed bks.
1935
$
Assets—
$682,881
taxes
1,990,593
108,073
2,685
2,449.837
1936
28.
1935
$635,920
Other taxes accr'd
A retail stores..
Dec.
x
accr'd liabilities.
rec..
26,
1936
Accts. pay, A misc.
$896,865
w'house
at
Prepaid
Dec.
Liabilities—
rec.,
reserve
Misc.
28
1935
1438,479
—_
Cunt.
Dec.
26.
1936
Assets—
Operating taxes
JTotal
"a 9,293 shares of stock
$1,094,663
in
_
Total—
h After
own company,
$1,094,663
reserve
for
depreciation?
—V. 145, p. 1751.
Net oper. income
—V. 145, p. 1598.
Roeser &
Regal Shoe Co.- -Balance Sheet Dec. 31
Assets—
a
1936
1935
Liabilities—
R I est. A bldgs.,
1935
Preferred stock—$1 .992,600
mach'y,
equip.,
impts., Ac
c
$192,427
Advanced exp. and
deferred charges
$222,271
Common stock..
Accounts
Accrued
$1,998,000
2 000.000
2,000.000
76,685
74,515
payable.
expenses,
32,950
2.500.000
819,513
11,938
694,732
accounts.......
168,843
97,286
8,263
New season's mdse
111,369
49,550
500,000
600.000
223,609
120,823
Cash
Accts. receivable..
Investment
1,000
1,327,382
139,458
17,291
144.464
Prepaid lnsurance.
Total
15,772
for taxes,
Operating
Geueral
$560,806
143,038
50.345
expense
expense
$367,423
Other income..
sundry and other
Paid-in
1,355,708
Invent'y.
Life insurance
reserve
Pendleton, Inc. (& Sub.)—Earnings—
Earnings for the Period Jan. 1 to June 30. 1937
Gross earnings
Operating income before reserves
30,074
2,500,000
Goodwill
b Mdse.
1936
y7
surplus...
Surplus
9,518
Gross Income
$376,941
3,017
Income charges
Net income
$373,924
-
Net profit from sale or disposition of capital assets incl. deferred
lease sales
$5,070,890 $4,842.3451
Total
$4,842,345
$5,070,896
a
After deducting $733,042 in 1936 and $672,248 in 1935 reserve for
depreciation,
b After deducting $25,581 reserve for discount in 1936 aud
$26,401 in 1935.
c Represented by 25,000 shares of no par value.—V. 143,
p. 4166. \
Net income before estimated
Estimated provisions for reserves
Net income after estimated
74,733
$448,656
281,404
reserves
reserves
$167,252
Consolidated Balance Sheet June 30, 1937
Revere
Copper & Brass, Inc.—Preferred Dividends—
Assets—
The directors have declared
cumulative
Oct. 11.
a dividend
of $1.75 per share on the 7%
preferred stock, par $100, payable Nov. 1 to holders of record
was paid on May l.last.—V. 145, p. 1434.
Similar amount
Cash
Liabilities—
hand and In banks....
on
Accounts receivable
$569,065
193.713
...
Notes receivable
1,998
Inventories
Roberts Public Markets,
Advances to affiliated
Earnings fur Fiscal Year Ended June 30. 1937
Sales
Cost of goods sold
Depreciation..
Permanent
x$5.569.892
4,711.042
i
28.156
.....
Taxes
85,612
....
Selling, warehousing and administrative
expenses
Net profit before other income and expenses
Other income
...
Total
Other expenses
Provision for Federal income tax
...
$164,061
28,978
17.988
....
$117,095
203,938
Total
Dividends paid
$321.033
109,545
$211,489
Includes sales to subsidiary of $148,034.
Balance Sheet June 30.1937 J
Assets—
Liabilities—
hand and In banks...
Accts. receivable from sub——
$99,472
49,930
712,908
16,023
Loan receivable—secured
Due from officers A employees
Investment In sub, (not cons.)
2,523
63,208
Accts. receivable—trade
Merchandise Inventories
Fixed assets
3.500
x211.668
Prepaid
exps. A def. charges..
Goodwill A incorp. expenses—
Loans receivable—secured
53.368
Accounts payable
$210,095
Notes payable
109.000
Trade accepts, payable
Taxes payable
7,549
59,100
13,733
14.0io
22,500
Contracts payable
Accrued salaries A expenses—
Notes payable to officers
Notes
Jan.
pay.
to
officers
due
1. 1939
Famed surplus
x
11,336
21,425
$1,245,361
300.000
239,398
59.097
211,4s9
Treasury stock
Total
Z>r6i0
Common stock (par $2)
Paid-in surplus
Total
$1,245,361
After provision for depreciation of $101,961.—V.
144, p. 1298.
Rochester & Pittsburgh Coal Co.
(& Subs.)
Calendar Years—
Gross
earnings from
sources
Operating expenses
Depreciation
Depletion
Interest
Federal Income taxes
80,000
Deferred accounts
1,158,195
Prepaid charges
11,166
1936
1935
1934
1933
$8,134,399
7.080.530
$8,831,066
7,309.750
$5,673,108
5.035.307
557.976
565.362
133.589
109,157
132.898
130.669
161.220
Represented by 211.815
15.541
37.181
123.008
2.731
567.935
1OS.533
220.253
$626,885 loss$258.920
75.000
186,429
Balance, surplus
def$ 154,833
$ 101,154
$365.456 def$258.920
a Includes
non-recurring profit from sale of assets_of $109,523.
no par
payable—
1,279
318
Total
919.977
x2.772,658
$3,818,056
shares.—V. 145, p. 2088.
1936
income..
1935
interest
1934
$435,496
$360,244
$330,467
17.657
19,425
2,793
$382,462
123,543
100,000
$354,141
1933
22.327
2.661
"
Total income
$455,b 14
115.423
$333,871
1,346
$333,871
125,847
138.822
100,000
100,000
Allowance for deprec'n.
Prov. for Dominion and
100.000
Prov. inc. & prof. tax_
Executive salaries & feesi
Directors' fees
29,811
67,452
23,913
18,000
557
""693
"T.266
'
$142,570
371.559
$134,312
332.319
5,069
$109,094
315.446
11,404
313,187
10.238
$435,943
90,000
$408,237
90,000
Net
profit
Previous surplus
Other credits
Transfer
from
$95,050
for
res.
contingencies
14.755
..
—
—
_
—
M
'
Total surplus
Preferred dividends
$539,122
90.000
$471,700
90,000
Common dividends
Income taxes
30.000
2.479
"4".267
12,624
1,399
5,875
1,000
2,791
$321,610
$371,559
$332,319
$315,446
$0.87
$0.74
$0.31
$0.08
Miscellaneous
debits
.
Bond redemp. prem. and
exchange written-off..
Surplus, Dec. 31
93,633
Earns, per sh. on 60,001
com.
stk. (no par)
Balance Sheet Dec. 31
Assrts—
1936
Liabilities—
1935
1936
1935
$96,141
$82,948
"4
$9,317
$22,691
Accts. A bills pay-
securities.
292.443
310,361
Interest,
Rec'les, less res've
280,007
272,689
other accounts—
Inventories
611,749
591,327
Prov. for taxes—
34.241
29,276
Deprec'n reserve..
729,269
630.416
1st mtge. bonds—
2.150? 000
2.181.000
6%
pref. stock—
1.500,000
1.500,000
Common stock—
1.300.032
1,300.032
Profit A loss acct.
321,610
371,559
Invest,
Cash
In
hands
of
trustee for bond¬
Res. for
holders
Sundry
$238,297
75.000
62,143
OIJ and gas royalties
Paper Co., Ltd.—Earnings—
Calendar Years—
Net operating profit
i
Incon e from investm'ts
Cash
<
802
Capital and surplus
Miscellaneous
529
com¬
Unclaimed checks
—$3,818,056
Rolland
6,686
pensation taxes
Deferred credits—payable out
of future oil production
-Earnings
$10.158.483
9,444.531
609.457
Accrued Unemployment
1.386.230
x
43.830
tax-——.-.—.—.
filiated company
shs.
ail
Net profit
aloss$l54.833
Preferred dividends....
Di vs. on class A common
af¬
Fixed assets
Bond
Surplus—June 30. 1937
ou
in
Total
........
Accrued capital stock taxes...
Accrued Fed. old age benefit
$92,388
71,672
....
Net income
Cash
Investment
$60,786
11,972
218
Accrued Fed. Income taxes
15,340
co
652.695
...
Surplus—June 30,1936......
x
110.038
292,310
Marketable securities—at cost
Inc.—Earnings—
Accounts payable....
Accrued payrolls
»
Accrued ad valorem taxes....
Investm'ts
I lved assets
Deferred charges..
Bond disc. A exp..
Total
x
698
20.905
150,043
4,855,490
4,795,470
13,553
23.796
x
Ac.,
and
con ting.
47,566
46.844
14,756
.
85.149
$6,178,858 $6,156,831
Total
$6,178,858 $6,156,831
Represented by 60,001 shares (no par).—V. 143, p. 2693.
Volume
Financial
145
Romec Pump
and
Co.—Earnings—
Earnings for 6 Months Ended June 30, 1937
Net income before Federal taxes
—V. 144, p. 1799.
-.-$17,993
the redemption provisions are to be furnished by amendment to the
registration statement.
The company is a subsidiary of Cities Service Co. through Cities Service
Power & Light Co.
C. A. Semrad, 1st V.-Pras. & Gen. Mgr., and F. R.
Harrington, Sec. & Treas., are principal executive officers of the company.
—V.
144, p. 1453.
Royal Typewriter Co., Inc.—Earnings—
St. Louis-San Francisco Ry.
[Including Domestic Subsidiaries]
Calendar Years—
1936
342,903
132,130
187,486
$285,388
110,859
29,307
$2,627,774
1,187,471
$1,676,571
$942,229
$145,221
$1,440,303
$1,544,630
$942,229
Prov.
for
surtax
on
$1,261,845
$2,158,942
139,467
un¬
distributed profits
171,257
Net income..
Dividends
Surplus
$4,418,733
Total operating expenses
3,753,312
Net ry. oper. income.
381,981
ing (no par)__
Earnings per share
Other income
Total income
Bal.
268,618
268,618
$2.52
268,618
$5.26
268,618
$8.79
Nil
x
1937,
1936
Net profit before undistributed surplus tax
$1,788,923
$ ,394,433
$4.62
Earnings per share on common stock
$6.09
Note—The provision for surtax on undistributed profits for the first
.
1937 amounts to $81,107.
Consolidated Balance Sheet Dec. 31
1936
Assets—
Liabilities—
$
1,281,045
Invest,
in
3,335,660
Accounts
2,346,382
Com'ns
327,513
1,497,593
Acer.
2,112,441
Inventories
Note
4,120,715
rec.
1,155,364
2,857,247
Drafts & accts.
2,086,135
91,131
Unredeemed
payable-
payable..
Real est., mach'y
Federal
119,508
778,699
Sundries
1
y
Total..
comir on
was
p.
1935
$3,755,291
597.144
390,028
1934
$3,695,361
731,413
478,254
<
30,419,530
5,162,315
2,902,640
25,892,304
2,517,245
506,575
26,986,021
4,936,987
2,576,448
_
1937
$164,422
49,932
12,441
1936 1
$129,092
15,753
def21,831
1935
$139,538
27,095
def2,278
1934
$103,191
2,216
def28,215
1,082,129
196,259
def86,457
868,318
def21,720
def325,793
688,586
defl03,022
def328,418
661,725
def66,365
def304,974
1—
Net from railway
Net after rents.
—V.
145, p. 1598.
■ . ; • . ' •■>■■■: v'Lines-—Earnings—
^
St. Louis Southwestern Ry.
1937—Month—1936
1937—8 Mos—1936
$1,824,007
$1,580,278 $14,140,947 $12,398,799
1,270,339
1,088,018
10,636,121
8,419,269
Period End. Aug. 31—
Railway
Railway
oper. revenues-
expenses.
oper.
105,215
$492,259
98,484
$3,504,826
584,285
$3,979,530
733,006
Other ry. oper. income.
$448,453
29,657
$393,775
25,700
$2,920,541
199,624
$3,246,523
193,378
$478,111
$419,476
$3,120,166
$3,439,902
175,219
170.216
1,665,187
1,488,391
$302,891
5,962
$249,259
4,190
$1,454,978
56,825
$1,951,510
49,243
income....--.-"$308,854 ~T$253,450
$1,511,804
274,110
2,170,078
$2,000,753
2,293,590
$20,660
$658,273
$292,836
Net
from ry. oper.
rev.
$553,668
Railway tax accruals
Railway
income
oper.
a
dividend
of 75
cents
operating income
per
Net ry. oper.
income.
Non-oper. income
Gross
268,143
Deduc. from gross inc.-
Royal Weaving Co.—Liquidation Opposed—
P.
Ott,
Ry.—Earnings—
Deductions from railway
declared
share on the
common stock, payable Oct. 15 to holders of record Oct. 8.
This con pares
with $2.50 paid on July 22, last, and 75 cents paid on June 15 and on
March 15, last, this latter being the first dividend paid on the common
stock since July 17, 1931, when a semi-annual distribution of $1 per share
was made.—V. 145, p. 777.
Joseph
Only
1936
$4,241,722
897,365
598,301
-
2088.
August—
.
of 1936 accruals
for accruals under
Jan. 1 to Aug. 31,
period in 1936.—V. 145, p. 2088.
Company
St. Louis San Francisco & Texas
in 1935.
1935 the
reduced to $1 fron
75-Cent Dividend—
have
adjustment
Total ry. oper. income
stock
$12.50 per share,
and the difference, amounting to $3,089,107, was credited to patents,
licenses and good-will account.
An additional provision of $2,570,884 to
reduced patents, licenses and good-will account to nominal value of $1
was charged to surplus account in 1935.
The directors
145,
same
of
33,496,719
6,019,326
4,276,964
Gross from railway
10,512,267
...
x After
depreciation of $2,771,264 in 1936 and $2,617,923
Represented by 268,618 shares (no par).
As of March 19,
y
—V.
362,764
5,125,676
3,769,750
Common stock..
268,618
Surplus...
10,512,2671
10,818,471
From Jan. 1—
Gross from railway.
Net from railway.
Net after rents
Gross from railway
750,000
3,769,750
268,618
4,000,403
res.
stock...
$2,469,762
1937
$4,221,116
616,650
372,263
Net from railway
Net after rents
..10,818,471
Contingencies
$4,246,329
Earnings
Net after rents
90,380
30,091
$562,215
account
compared with $584,561 for
From Jan
reserve..
Preferred
stated value of the
as
178,525
800,000
$2,520,587
50,824
$720,100,
Gross from railway
Net from railway
261" 735
27,579
7% deb. bonds.._■
gOOdWill
Total.....
of
August—
mer¬
chandise coupons
Patents, licenses &
$
and
State inc. taxes.
and equipment.
Deferred charges..
1935
$
350,000
230,214
152,234
115,699
payable
Accrued items
foreign
subsidiary
x
1936
1935
$
Cash.
credit
$4,288,972
42,643
$387,512
/ail. for int., &c.
.
Earnings for 7 Months Ended July 31
seven months of
a
Includes
$567,128
4,914
under the Amended Pension Act, and debit of $860,743,
the Pension Act and Social Security Acts, for the period
After depreciation.
1937
$393,082
5,570
Deductions from income
131,941
Shs. com. stk. outstand¬
x
Total operating revenues
$145,221
Operating profit-_____ $3,505,165
Interest, &c___
33,580
Federal & State taxes.__
672,552
System—Earnings-
1937—Month—1936
1937—8 Mas.—1936
$4,437,850 $35,034,339 $31,836,277
3,536,755
28,773,769 26,806,020
551,551
x4,192,259
2,358,366
11,102
15,577
96,713
162,220
Period End. Aug. 31—
1933
1934
1935
x
2243
Chronicle
President of the
company
prof$40,710
Net deficit----
has asked stockholders for
proxies in connection with
a meeting at which liquidation of the company
Mr. Ott said he opposed the plan and added that "this
business must come back and will come back."
He will notify stockholders
—V.
of the date of the
of 12 H cents per share on the
no par value, payable Oct. 1 to holders of record Sept. 28.
with 37 XA cents paid on April 1, last; $1.50 paid on Dec. 10,
1936; 37
cents paid on Oct. 1,1936; 25 cents paid each three months from
Oct. 1, 1935, to and incl. July 1, 1936; 37 y2 cents paid on July 1, 1935;
50 cents each three months from April 2, 1934, to April 1, 1935, incl.;
75 cents on Jan. 2, 1934, and on Oct. 1, 1933, and 50 cents per share paid
in the two preceding quarters.—V. 144, p. 2146.
145,
p.
1598.
will be discussed.
meeting.—V. 142,
p.
common
Ryan Aeronautical Co.—Contract—
This company has received a contract amounting to about $50,000 from
Medcan Government for military training planes and spare parts.
pany's unfilled orders now total
145, p. 1914.
com
n ore
than $350,000,
T. Claude Ryan, President, said.—V.
Ryan Car Co .—Recapitalization Plan Voted—
Sacc-Lowell
Stockholders at the adjourned special
stockholders' n eeting held Sept. 28
plan of recapitalization providing for issuance of only con m en
the plan each $100 par 8% preferred share, with $72 of
dividend accun ulations, will receive 10 shares of new con n on stock, while
present common stock will be exchanged share for share,—V. 145, p. 1914.
approved
stock.
Rutland RR.-
1937
$311,045
45,353
31,838
2,404,041
2,251,170
225,569
From Jan. 1—
Gross from railway
Net from railway
after
135,578
30,920
rents
48,835
1935
1934
$272,317
defl,196
def21,415
$287,487
23,735
7,042
2,105,242
2,198,293
130,812
def 5,678
112,225
def1.33,462
a
15, stockholders were informed
letter dated Sept.
1937
Gross from railway
1936
$545,435
180,104
148,822
$403,564
5,559,186
2,185,127
1,627,416
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
-Earnings1935
San Antonio Uvalde & Gulf
$310,768
79,801
3,640,994
848,023
420,945
3,220,548
803,453
462,118
3,215,883
1,035,708
596,453
69,729
44,657
Net after rents
26,487
Net from
rail way.
145, p.
9,lo6
def20,159
596,632
,
2'j§'onK
..5,638
43,805
def202,075
46,910
1598.
San Diego
—V. 145, p. 1598.
34,712
1,100
844,489
84,564
defl60,712
Net after rents
—V.
$88,386
5,497
,
860,817
277,418
def29,874
__
Gross from railway
$80,279
$103,025
2,428
1934
1935
1936
$102,297
Net from railway
$327,409
15,515
defl ,439
93.863
RR.—Earnings-—
1937
Gross from railway
1934
that unfavorable
had made it inadvisable for
public distribution of the
unsubscribed portion of the new company's stock as contemplated in the
plan.
The securities market has continued to be seriously unsettled, and
accordingly David F. Edwards, President, is now advising stockholders it
has been necessary again to postpone the decision to offer the new stock
and
to_consummate the plan.—V. 145, p. 1914.
August—
August
of reorgani¬
from Oct. 1
conditions developing in the securities market
the underwriters at that time to undertake
—V. 145, p. 1914.
St. Louis Brownsville & Mexico Ry.
has filed an amendment with the
requesting that the date of the
proposed public offering of securities contemplated in the plan
zation and covered by its registration statement, be postponed
In
1936
$307,705
37,389
15,374
Net from railway
Net after rents..
Net
Securities
Earnings—
August—
Shops—Offering Postponed—
Saco-Loweil shops (the new company)
and Exchange Commission,
a
Under
Gross from railway.
stock,
This compares
the
With this order the
Co.—Smaller Dividend—
St. Paul Union Stock Yards
The directors have declared a dividend
1134.
Called—
Water Supply Co.—Bonds
5% s. f. gold bonds due Nov. 1, 1955,
Nov. 1 at 102 and int.
I aytr ent will
Union Bank & Trust Co. of Los Angeles.—V. 144, p. 2320^
A total of $36,000 first ir ortgage
St. Joseph Ry.,
Notes Registered—
Light, Heat & Power Co.—Bonds and
have been called for redemption on
be made at the
The company on Sept. 30, filed with the Securities and
Santa Fe Northwestern
Exchange Com¬
mission,
a
registration statement (No. 2-3450, Form
A-2)
under the
Securities Act of 1933 covering $6,000,000 of 1st mtge. 4% bonds due 1947
(Oct.
1, 1947) and $2,000,000 of 3% to 4% serial notes maturing from
Oct. 1.5,
1938, to Oct. 15, 1947.
The company has contracted to sell
privately
without underwriting discounts
or
commissions
$1,440,000
principal amount of serial notes due 1943 to 1947, incl., to an affiliate, it
is stated.
ment
to
The
name
of the affiliate company is to
the registration
be supplied by amend¬
Eroceeds amounting to $300,000 from the sale of the preferred stock are to
applied
follows:
as
$5,000,000 to payment at maturity, Nov. 1, 1937, of all 1st mtge.
gold bonds.
640,625 to redemption on Jan. 1, 1938, at 102>£% of $625,000 1st &
mtge. sink, fund 5% 30-year gold bonds, due July 1, 1946.
1,563,253 to purchase and cancellation of remaining $1,702,000 1st &
mtge. sink, fund 5% 30-year gold bonds owned by parent
affiliated
6.32
miles
and
notes.
380,781 to payment of company's indebtedness to Cities Service Power &
Light Co. outstanding at May 31, 1937.
balance of the proceeds will be added to the company's working
The
y
1937
jl226nf.o
$2,103,92o $1,887,063
976,622
^59,116
356,347
284,556
After appropriations for re¬
and taxes. \
Balance for dividends and surplus
x Includes
non-operating income, net.
145, p. 1751.
y
tirement reserve.—-V.
Co.-—Earnings—
Earnings for 36 Weeks Ended
Sept. 11, 1937
<
S61,784
Net income before Federal taxes
Earnings per share on
—V. 145, p. 2088.
$4.44
13,915 shares 7% preferred s.ock
Seaboard Air Line Ry.—Earnings—
1937,
August—
Gross from
railway.
.__
Net from railway
Net
$2,930,960
211,120
1936
$2,703,835
245,960
1935
2,304,106
def24,959
def149,803
126,914
def198,024
29,010,436
6,080,032
24,624,043
3,626,792
22,593,355
3,489.733
23,258,487
4,043,941
3,139,184
1,306,439
1,152,902
1,472,052
'''
Net from railway—.
The price at which the bonds and notes are to be offered to the public,
the names of the underwriters, the underwriting discounts and commissions,
Net
after rents
—V. 145, p- 1599,
1934
$2,311,693
40,942
23,993
after rents
From Jan. 1—
Gross from railway—__
capital.
V. 136,
•
-
.
Schulze Baking
companies, at cost to them.
County, New Mexico.
12 Months Ended Aug. 31—
ref.
50,000 to payment of bank loans to following banks, all in St. Joseph,
Mo.:
Tootle-Lacey National Bank, $20,000; First National
Bank, $15,000; Empire Trust Co., $15,000.
325,142 to payment or reimbursement for the payment of equipment
in Sandoval
Operating revenues
x Balance after operation, maintenance
5%
ref.
certificate
Sept. 10 issued a
Savannah Electric & Power Co.—Earnings-—
delivery of the
($100 par) 5%
cumul. pref. stock held in its treasury to Cities Service Power & Light Co.,
a parent.
The proceeds from the sale of the bonds and notes, together with the
Ry.—• Abandonment—
Interstate Commerce Commission on
approximately
p. 2601.
statement.
The company states that prior to or concurrently with the
securities being registered, it will sell at par 3,000 shares of
e
The
permitting abandonment by the company of part of its line of railroad
extending from milepost 37 (Gilman) to Deer Creek, approximately four
miles and abandonment by it of operation of a line of railroad of the New
Mexico Lumber & Timber Co. extending from Deer Creek to Porter,
1273.
Financial
2244
$1,515,042
Corp.—Earnings—
Securities Acceptance
8 Months Ended
$0.91
stock
1914.
p.
Simplicity Pattern Co.—Common Dividend—
$111,263
$0.71
$138,394
Net income after all charges
Earnings per share on common
—V. 145, p. 955.
stock.—V. 145,
2, 1937
profits tar, equi¬
reported after payment of undistributed
was
valent to $3.03 per share of
1936
.1937
Aug. 31—
Oct.
Chronicle
a dividend of 25 cents per share on the
stock, payable Oct. 15 to holders of record Oct. 5. An initial
was paid on July 1, last.—Y. 145, p. 2089.
The directors have declarred
common
dividend of like amount
Selfridge Provincial Stores, Ltd. (England)—Earnings
Rents receivable
Transfer fees
1935
£87,752
55,717
£127,946
53.760
£129,785
53,767
448
569
591
639
1936
£122,857
—
£178,769
Total income
£144.038
£182,297
£184,191
8,161
12,017
28,728
30,011
5,000
8,795
12,251
15,441
30,751
5,000
8,526
12,268
22,639
31,493
5,000
7,850
13,771
26,289
31.763
Management and secre¬
tarial expense
Int. on temporary
loans
-
X
Income tax
Debenture interest
Leasehold
depreciation.
Sinking fund for red. of
.
Balance Sheet
Shareholdings in
subsidiary cos..£3,283,882 £3,283,882
Freehold and lease¬
hold
1,009,349
4,160
184,225
4,167
Invest, in Selfrdlge
Whiteley
mach.
121,316
and
7,402
9,838
30,584
fund
66,172
24,399
co
fr. sub.
1936
1935
1934
1933
oper'ns_z$2,192,311 z$l,889,847 y$l,837,161 y$l,676,489
516,599
529.607
495,893
448,399
_
Cash
-
tax( subs.)
Miscell. adjustment
24,275
48,545
7.028
1,753
140,627
$667,270
277,825
$452,821
$334,432
2,604
2,250
$187,206
2,604
3,000
$389,445
$452,821
$329,578
$181,602
discount
U. S. exch. on bond int..
495,637
30,075
56,250
16,924
57,187
Reserve for inventories
8,526
10,595
Net profit
Preferred dividends.--.
ord. stock.
account.
-
Common dividends
SurplusTotal
.....£4,608,649 £4,503,818
Includes income from investments, miscellaneous revenue and
bonds redeemed,
on
z
-V. 145, p. 1914.
Includes income from investments.
Consolidated Balance Sheet Dec. 31
Shaffer Stores Co.—Dividends Resumed—
have
directors
8,868
2,237
139,013
Prov. for inc
y
The
declared
dividend
of
10
1936
share on the
stock, no par value, payable Oct. 1 to holders of record Sept. 30.
This will be the first dividend paid since Jan. 15, 1935 when a similar pay¬
ment was made.
A dividend of 25 cents was paid on April 1, 1932 and
prior to this latter payment a distribution of 25 cents per share was made
on July 1, 1931.—V. 139, p. 4136.
a
cents
Assets—
per
common
less reserve
Def'd
notes
1937
$88,117
53,906
1936
Accrued liabilities-
1,197,947
2,124,316
1934
441,271
87,546
461,140
112,298
74,909
24,629
14,488
Mortgages payable
20,000
payable—
93,781
Unclaimed divs—
150
860,220
1,971,568
and
93,281
receivable
28,266
policies
Mtge. receivable.
1935
46,000
9,592
69,489
sold.
Total income
$142,023
Administrative expenses
Interest paid & accrued.
Federal capital stock tax
12,653
112,652
x5,045
Canadian divs..
$102,239
$94,624
393
loss252,560
152
on
112
18,001
Guarantee deposits
101,030
90,379
24,676
$79,475
10,726
122,033
Deferred charges..
83,553
57,572
Bond refund, exp.
400,518
cos.
11,000
discount-
under
Divs.
preferred
on
shares
Taxes due & accr.
Mortgage
,
100,499
152,981
_
payable'
(non-current)
39,000
18,000
-
650,000
Def'd bank loans..
8,735,000
Bonds outstanding 8,000,000
21,745,467 21.579,334
Fixed assets
affll.
o1
Accts. & bills pay.
3,014
Inv. in other cos..
$99,230
lossl9,755
$102,632 loss$157,936
12,226
10,55
118,457
121,270
2,162
1,166
Inv. in sub. cos...
56,888
251,014
Cash with trustee.
Net prof, on secur.
Bank loans.
Notes
.
6 Mos. End. Aug. 31—
Interest and dividends..
$
%
170,000
Accts. & notes rec.,
Life insur.
-Earnings-
Liabilities—
$
217,513
181,076
——
Inventories.-..—
1935
1936
1935
$
Cash
accts.
Shawmut Bank Investment Trust
Tax
70,272
761,721
12,313
-
cos
69,058
23,005
Total.........£4,608,649 £4,503,818
2,110
2,493
886,994
1,265
3,324
90,122
909,658
-
i
Mortgage interest
Prem.
on
5}4% bonds
purch. for sink, fund
Exps. of merging certain
sub.
2,685
842,570
2,110
3,645
bonds red'm'd-
on
Directors' fees
Bond refund'g exp. w-o.
Prov. for income tax
of
rec.
(Howard) Smith Paper Mills, Ltd. (& Subs.)—Earnings
Calendar Years—
Net profit from
Bond interest
cos.
on
fill
of Wilbert L. Smith.
Chairman of the board in place of Wilbert
L. Smith.
Hurlbut W. Smith is also President and Treasurer and Chairmand of the executive committee.—V. 144, p. 3693.
54,135
426,516
Revenue
Inc.—New
Typewriters,
Sept. 29 elected Basil B. Aylesworth a director to
Stockholders on
the vacancy caused by the death
Hurlbut W. Smith was elected
25,000
for
redemp. of debs.
Loans for sub'
Corona
-vX.;,XX.-J/ X'-X/X XxXX^xX-
50,000
reserve
8,513
43,748
Sundry debtors...
Div.
Ordinary shares..£3,000,000 £3,000,000
Deferred shares—
300,000
300,000
1st mtgel deb. stk
613,461
599,102
Div.
3,872
utensils.-
Spndry stocks
supplies
1936
1937
General
&
Sundry creditors..
contr.
Loans to sub. cos.
Office
£104,517
Aug. 31
Sinking
1,003,943
properties-
Smith
Depreciation
£88,093
Liabilities—
1936
1937
Assets—
C.)
Director—
Prem.
14,277
£56,846
£79,181
Balance, surplus
1
14,954
15,669
debenture stock
(L.
1934
55,463
1937
Years End. Aug. 31—
Dividends received
Pref. stock of sub.
97?
2,256,600
1,153,800
outstanding
161
Min. stockholders'
in com.
stock & surpluses
equity
Loss
prof$11,521
Federal
x
surtax
on
$30,325
$54,257
$291,090
1936
1937
Liabilities—-
y4,330,056 x4,619,121
Accr.int.A div .rec.
10,567
Cash.
345,896
55,498
.....
Deben.
&
-
■
Capital surplus.—
Earned
payable
Total
4,775
x
Reserve for capital
4,675,952
Market
value
4,685,186
$7,797,000.
'Total
Sherneth
4,685,186
4,675,952
y
Corp. (Sherry-Netherlands Hotel, N. Y.)—
loss
$77,,578
—V. 145, p. 620.
Creditors of the company are to meet at Toronto on Oct. 4 to consider
proposal to sell an interest not exceeding 25% in judgment recently sus¬
on appeal against I. W. O. Solloway.
In a letter to creditors calling
the meeting, G. T. Clarkson, liquidator, states:
"As steps should be taken forthwith to enforce the judgment against
I. W. C. Solloway as well as claims based on such judgments against other
parties, it is necessary that the estate be provided with funds for such
purposes.
In order to raise such funds, it is now proposed to sell an
interest, not to exceed 25%, in the judgment against I. W. C. Solloway,
to certain creditors of this estate who are entitled to participate in the
proceeds of the judgment and to give all other creditors who are similarly
entitled to participate in the proceeds of the judgment the right, within
a limited time, to purchase a portion of the said 25% on the same basis."
The original judgment found I. W. C. Solloway accountable to the estate
for $3,296,591 with interest.
On appeal the judgment was upheld except
a
tained
.
for
See list given on first page of this department.—V.
Silverwood Dairies, Ltd.
145,
p.
$3,093,147
361,383
57,671
Simmons Co .—Interim Dividend—
Sept. 28 declared^an interim dividend of 75 cents per
share on the common stock, no par value, payable Oct. 18 to holders of
record Oct. 8.
This compares with 50 cents paid on July 19 and on April 16,
last; $1.75 paid on Dec. 21, 1936; 75 cents paid on Nov. 24, 1936, and
on
£er sllare Paid on Sept. 1, 1936, this latter being the first dividend
paid by the company since May 1, 1930, when a regular quarterly payment
of 75 cents per share was made.—V. 145,
p. 779.
(A. O.) Smith Corp.—EarningsYears Ended July 31—
income
*1936
1937
1935
1934
after deprec.,
Fed. inc. taxes, loss on
sale of
Shares
securities, &c_.
common
$16,555
$862,659 loss$621,305 loss$250,251
498,800
$0.03
499,175
$1.73
498,575
Nil
498,125
Nil
The company paid a dividend of 50 cents per share on its common stock
Oct. 1 to holders of record Sept. 15.
This payment was the first made on
South Jersey
Listing of the common stock of the company on the New York Stock
Exchange was announed Sept. 25 by Gifford K. Simonds, General Manager,
called
attention
to
the
substantial
2226.
Fire Ins. Co.—Payment of Div. Sought—
State Banking and Insurance Commissioner Carl K. Withers of New
Jersey has filed with Vice Chancellor William S. Sooy the second report of
liquidation of the company covering the period from Jan. 1, 1935 to July 1,
1937, in which approval is sought for the payment of a second dividend of
15% to creditors of the company whose claims have already been allowed.
An initial dividend of 5% was paid in 1936.
In his report, Commissioner Withers
lists a total of 1,169 claims filed,
aggregating $78,252, of which number 1.065 totaling $51,137, have been
approved in whole or in part.
The remainder of 104 claims, totaling
$15,885, were either rejected in their entirety or withdrawn by the claimants.
The report further shows total remaining assets as of July 31, 1937 of
$75,815, including cash on hand and in banks of $13,856, from which pay¬
ment of the proposed dividend to creditors is sought.
The remaining
assets comprise real estate $24,960; agents' balances $10,570, and miscel¬
laneous items.
net administration cost for the 30
$3,607, exclusive of counsel fees.—V. 143,
The Commissioner further reports a
months covered by the report of
p.
4167.
Southern Bell
Simonds Saw & Steel Co .—Listed—
who
mainly of former clients of the firm.
the common stock in about five years.—V. 143, p.
stock
(par $10)...
Earnings per share
—V. 145, p. 450.
and consist
on
—V. 144, p. 4199.
Net
a Dominion company which carried on a stock brokerage
Canada and it has been in liquidation for several years.
are numerous
Sorg Paper Co.—Resumes Common Dividends—
Earnings for 21 Weeks Ended Aug. 28, 1937
The directors
across
Creditors
(& Subs.)—Earnings— V
Gross profit on sales
Net profit after all charges
item of $84,778.
business
2089.
Sales.
an
Company was
Signode Steel Strapping Co —Registers with SEC—
•
first page of this department.
Solloway Mills & Co., Ltd.—Meeting Oct. 4—
Earnings for 6 Months Ended June 30, 1937
Net
See list given on
190,622
Aggregate cost per books $4,139,434Note—Stock consists of 75,000 shares or no par value in part issued arid
outstanding and the balance issuable on conversion of warrants outstand¬
ing.
No provision is made above for possible Federal taxes ont he unrealized
appreciation of securities, if realized, as the amount of such taxes, if any,
would depend on the years in which the appreciation might be realized and
on the amounts of dividends which might be paid to shareholders in those
years.—V. 145, p. 449x
(220,000 in 1935)<
Snap On Tools Corp.—Registers with SEC—
17,804
60,765
of
sec
900,625
26,077,213 25,201,531
Total
26,077,213 25,201,531
by 274,648 no par shares in 1936
by $100 par shares.—V. 144, p. 2845.
Represented
y^R^presented
28,800
.....
Surplus..
Total
582
4,790
......
Acer'd lnt. payable
surplus
4,638,000
4,415,000
Unreal, apprec.
81,554
2,156,651
xCommon stock..
S
$
■■■'>■■
notes
Accts. pay. for pur.
of securities
stock tax
955,271
208,170
1,198,796
deprec.,
1936
1937
$
1§>
**1SSCtS
Investment
300,107
5,501,059
4,500,000
for
depletion, &c
Condensed Balance Sheet Aug. 31
,
601,458
6,075,902
y6% pref. stock... 6,250,087
Res.
undistributed profits and Federal capital stock tax.
Telephone & Telegraph Co.-—Earnings
Period End. Aug. 31—
1937—Month—1936
1937—8 Mos.—1936
$4,774,892 $41,418,508 $37,540,131
15,372
161,796
116,934
Operating revenues
$5,215,579
Uncoil, operating rev...
18,767
broadening of ownership of the
shares
following the company's recent financing.
Established 105/years ago, the business formerly was closely
owned, with
nearly all stockholders located in Massachusetts.
On Aug. 27, 1937, how-
owner,ship of the 500,000 shares was distributed among holders in
States, the District of Columbia and Canada, Mr. Simonds observed.
More than half the holders now reside outside
Massachusetts, with New
29
York, Connecticut, Illinois and California prominent in the list.
Business of the company during the third
quarter has been at satisfactory
Simonds stated.
Based on figures for July and August and
estimates
for September, he indicated that consolidated sales for the
quarter would be in the vicinity of $2,300,000, an increase of about 10%
over the corresponding months of 1936.
This would give total sales for
$5,196,812
3,578,580
Operating revenues.
Operating expenses
Net oper. revenues.--
Operating taxes.
—
Net oper. income
.
$4,759,520 $41,256,712 $37,423,197
3,096,402
27,302,094
24,779,563
$1,618,232
670,528
$1,663,118 $13,954,618 $12,643,634
616,828
5,228,601
4,778,754
$947,704
$1,046,290
$8,726,017
$7,864,880
-V. 145, p. 1435.
levels, Mr.
with
£months of the year of approximately $8,300,000, compared
$8,725,146, for the full
year
1936; when consolidated net income of
Southern Pacific RR.—Abandonment—
The
Interstate
Commerce
Commission
Sept.
16
issued
a
certificate
permitting abandonment by the company and the Southern Pacific Co.,
lessee, of part of the so-called Coalinga branch line of railroad extending from
milepost 270.20, at or near Crump, to the end of the branch at milepost
Volume
272.26, at
Financial
145
or near
Calif.—V. 144, p.
Southern Pacific
1937
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
114,899,679
27,214,640
12,446,153
75,066,934
20,730.556
11,224,697
79,065,862
20,008,695
9,357,905
95,196,792
24.992,667
13,220,055
—V. 145, p. 2089.
Period End. July 311937—Month—1936
1937—12 Mos.—1936
Sub. Pubic Utility Cos.Operating revenues
$7,586,353 $101450,465 $93,763,170
$8,098,986
Oper. exps., maint. and
taxes.
54,756,263
48.143,481
4,686,680
4,228,325
$3,412,306
53,252
$3,358,028 $46,694,202 $45,619,689
1,791
140,297
164,687
Net oper. revenue and
other income
$3,465,558
$3,359,819 $46,834,499 $45,784,376
Other income—net
Southern Pacific SS.
August—
Lines—Earnings—
1937
Gross from
railway
Net from railway..
Net after rents
—V. 145, p. 1599.
Southern Ryv
defl4,698
defl5,506
2,962,181
def498.808
def501,983
3,134,052
def377,721
def384,204
3,720,833
def84,823
defl25,769
^
$401,729
def45,898
def46,577
$411,287
$500,647
13,200
10,084
5,173,708
223,703
33,127
Net from railway
1934
1935
1936
$616,738
def3,076
def20,341
Net after rents..
From Jan. 1—
Gross from railway.
1936
$8,288,429
2,680,623
1,924,043
1935
$6,936,656
1,838,329
1,239,066
$6,380,463
1,292,285
699,577
Net from railway..
Net after rents.
67,108,142
19,211,628
11,501,338
61,443,572
17,308,872
11,420,840
53,021,869
12,472,255
7,496,612
52,198,791
13,168,949
8,044,675
Period—
Gross earnings (est.)
—V. 145, p. 1752.
$2,565,708
....
Third
Week
1936
$2,607,146 $97,011,321 $89,164,571
Southwestern Associated Telephone Co.—EarningsOperating revenues
150
100
1,000
Gross income.
Bents for lease of prop.
Int. on funded debt
$79,750
48,602
$767,817
457.523
$624,868
387,825
$42,831
7,674
$31,148
5,497
$310,294
59,073
$237,043
40,097
$ 35,157
$25,651
$251,221
Net oper. income.....
—V. 145, p. 1435.
Southwestern
\
Development Co.—Would Acquire Bonds
The company, a registered holding company, has filed an application
(46-73) under the Holding Company Act for acquisition, from Consolidated
Oil Corp. and Amarillo Oil Co. of $3,292,000 first mortgage & collateral
15-year 6% sinking fund gold bonds of the South Plains Pipe Line Co.,
a subsidiary of the applicant.
Consolidated Oil Cprp. owns 51% of the
voting stock of the applicant and Amarillo Oil Co. [s a wholly-owned sub¬
sidiary of the applicant.
Southwestern Development Co. also filed a declaration (43-75) covering
the issuance and sale to a bank of a collateral note in the amount of $3,292,000, the proceeds of which are to be used to pay for the acquisition of
1,389,199
136,747
1,300,080
122,657
5,766
41,667
5,766
41,667
69,192
500,000
69,192
500,000
32,314
35,255
Crl5,233
27,860
3,758
Cr5,502
397,201
163,644
Crl06,395
373,512
27,696
Cr50,250
on cap.
761,499
8.959,671
8,664,913
Cr37,004
500,318
762,633
$388,959
Bal. of inc. of sub. pub.
util. cos. applic. to
Standard G. & E. Co
741,006
Crl2,538
Min. ints. in undistrib.
net income.
$342,099
$8,926,068
$7,874,217
non-utility subs,
applic. to Standard G.
& E. Co
Other income of co.:
Divs. from non-affil.
146,618
33,403
35,550
25,053
35,550
385,349
420,238
302,144
428,434
$457,912
$402,702
$9,731,655
$8,751,523
companies
Int .on indebted .of affil.
Other interest.
110
Total
Exps. & taxes of Standdard Gas & El. Co
21,271
28,093
252,995
280,633
$436,641
$374,609
$9,478,660
$8,470,890
368,247
7,272
Consol. net income...
Inc. charges of Standard
368,247
4,418,970
58,774
4,418,970
125,836
Gas & Electric Co.:
on funded debt..
Other interest...
Fed. & State tax on in¬
Int.
terest on fd. debt.
Amort,
of
debt
Spokane International Ry.- —Earnings—
1937
$95,256
40,165
30,336
Net after rents
From Jan. 1—
Gross from railway.....
Net from railway
Net after rents
xl936
$91,358
34,262
25,051
554,977
124,301
66,487
igust—
Gross from railway
Net from railway
507,135
126,379
58,621
1935
5,308
$53,934
5,956
1,333
373,830
336,970
8,110
32,164
defl0,956
_
August—
1936
$837,167
345,387
204,612
1935
$782,764
317,443
199,442
$631,799
300,310
205,083
5,929,464
1,975,731
1,142,878
5,124,558
1,681,067
698,234
4,783,059
1,675,657
868,267
3,845,503
1,665,006
990.902
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
loss$27,282 x$4,717,362 x$3,662,974
1937—12 Mos.—1936
1937—Month—1936
public utility
$491,552
$475,517
$6,212,279
$6,108,729
33,403
10,885
35,550
25,053
10,885
35,550
385,349
130,625
420,238
148,332
302,144
158,030
431,252
Divs'from engineering &
management affiliate.
Dividends from others.
Int.
on
Int.
on
on
_
fd. debt of affil..
indebted, of affil.
110
bank balances...
on
redemp. of
se¬
28,125
1934
—V. 145, p. 1599.
$571,390
21,271
Total
Expenses and taxes
~
Gross income—
Int.
on
Fed. & State tax
on
$547,005
28,093
$7,148,491
252,995
$7,176,722
280,633
$550,119'
$518,912
368,247
10,908
$6,895,496
4,418,970
58,774
$6,896,089
4,418,970
125,836
funded debt
Other interest....
a
—
on
368,247
7,272
_.
int.
5,308
4,943
69,900
60,158
17,806
17,793
213,654
202,952
$151,486
$117,021
$2,134,198
$2,088,173
funded debt
Amortization
of
debt
discount and expense-
Square D Co.—Registers with SEC—
Net income—
See list given on first page of this department .- -V. 145, p. 1275.
a
Standard Coated Products Corp.— -New Name—
Including amortization of expenses in connection with proposed ex¬
tension of notes due Oct. 1, 1935.
„
Louisville Gas*&
by Standard Gas & Electric
February, 1937, inclusive.
Note—The above figures do not include dividends on
See Standard Textile Products Co. below.
Standard Steel Spring
202,952
curities by an affiliate
1937
$844,304
300,500
163,872
Gross from railway
Net from railway
60,158
213,654
$38,008
affiliates—
Profit
Spokane Portland & Seattle Ry.—Earnings—
69,900
17,793
Statement of Income (Company Only)
Period End. July 31—
Divs. from
Int.
def40,728
Corrected figures.—V. 145, P. 2089.
4,943
17,806
.
x For the
12 months ended July 31, 1937, includes approximately $2,588,000 of undistributed earnings of subsidiary companies applicable to
capital stocks held by Standard Gas & Electric Co.
Of this amount ap¬
proximately $1,454,000 is not available for distribution to Standard Gas &
Electric Co. in the form of dividends on common stocks of certain of the
subsidiary companies due principally to accumulation of dividends on
preferred stocks in prior periods and to the retention of surplus for other
purposes.
Comparable amounts for the 12 months ended July 31, 1936,
are approximately $1,575,000 nad
$287,000, respectively.
1934
$70,471
22,518
18,109
10,908
dis¬
count and expense.
Consolidated net inc..
The directors have declared a dividend of $2 per share on the common
stock, no par value, payable Oct. 15 to holders of record Oct. 5.
Similar
payment was made on Dec. 5, 1936, and a dividend of $1 was paid on
Oct. 15, 1936, this latter being the first distribution to be made on the
common stock since Aug.
1, 1920, when an initial dividend of 50 cents
per share was paid.—V. 145, p. 780.
$1,046,101 $18,386,057 $17,301,763
stks. held
by public
4016.
Spicer Mfg. Corp.—$2 Common Dividend—
x
116,824
10,363
$1,137,920
Divs.
Opportunity for hearing in the above matter will be given Oct. 14.—V.
p.
11,929
112,136
Int. charged to constr..
the above bonds.
143,
.
on funded debt
Other income deductions
$196,946
Operating taxes..
37,000
$2,389,153 $34,034,282 $33,803,853
102,445
1,227,404
1,229,986
1,039,871
11,871,233
12,929,217
$2,436,044
102,299
971,991
Approp. for special res've
Fed.' & State tax on int.
Inc. of
Net op. revenues.....
11,943,523
37,000
Other interest
Divs. on pref. cap. stk.
guaranteed by subs
800
$100,749
57,918
revenues..
12,763,217
3,083
expenditures
1937—8 Mos.—1936""
$768,817
$625,668
1937—Month—1936
$100,899
$79,850
Operating revenues
Operating expenses..
967,583
3,083
Amort, of contr. capital
-Jan. 1 to Sept. 211937
1936
Sept.
1937
Period End. Aug. 31—
1,026,431
expense
1934
1937
$8,108,203
2,009,481
1,067,716
From Jan. 1—
Gross from railway
Approp. for retire, and
depletion reserves.
Amort, of debt disct. and
-Earnings—
Augusi—
Gross from railway
Net from railway
Net after rents
trust
&|ElectriclCo. (& Subs.)—Earnings—
[Exclusive of Deep Bock Oil Corp., Debtor under Section 77-B of the
Federal Bankruptcy Act, as amended, and the Beaver Valley Traction
Co. (subsidiary of Philadelphia Co.), in receivership, and the sub¬
sidiaries of such companies]
1934
1935
1936
$14,753,278 $13,524,755 $11,270,225 $10,472,343
2,953,247
3,183;010
4,002,030
3,160,703
1,269,687
1,937,105
2,541,822
1,662,563
2245
Standard Gas
Co.—Earnings—
August—
Gross from railway
Net from railway
Uncoil, oper.
Chronicle
LeRoy, approximately 2.07 miles, all in Fresno County,
291.
Electric Co. (Del.) class B common stock owned
Co. for the three months December, 1937, to
Co.—Earnings-,—
Year End.
6 Mos. End.
Dec. 31, '36
June 30, '37
Gross sales, less discounts, returns & allowances.. $4,467,842
Total cost of goods sold
..
——4,140,803
$3,705,348
Period—
144,774
3,287,160
124,849
$182,264
10,089
$293,333
2,131
Total selling, administrative and general expenses.
Dividends on such stock included therein are $35,323 for the months of
July, 1937, and July, 1936, $176,617 for the seven months ended July 31,
1937, $247,264 for the seven months ended July 31, 1936, $317,911 for the
12 months ended July 31, 1937, and $423,882 for the 12 months ended
July 31, 1936.
Weekly Output—
Operating profit....
.
Other income....
$192,353
Other changes
Provision for taxes
on
$295,463
6,351
30,510
34,630
income-
54,000
Electric output of the public utility operating companies in
Electric Co. system for the week ended Sept. 25,
Gas and
the Standard
1937, totaled
109,822,465 kilowatt-hours, an increase of 8.5% compared with
responding week last year.—V. 145, p. 2089.
Standard Products Co.,
the^cor¬
Inc.—Directorate Reduced-
the number of di¬
from eight, the vacancy left by resignation of
Directors were re-elected at the annual meeting and
Net income.
...
_
—
$127,212
.
Balance Sheet
as
$360,635
Cash
Customers' accts.
rec.
(net)..
769,348
4,248
Misc. accounts receivable
959,510
9,526
Inventories.
Misc. investments—at cost
1,487,551
12,338
23,563
Property, plant & equip, (net)
Patents
Prepaid
(net)
exp.
& def'd charges..
Notes payable—bank
Accounts payable
$650,000
...
Accrued liabilities
Pro v. for Fed. & State Inc. taxes
232,136
137,019
86,750
prior years' taxes
and contingencies
11,173
998,560
160,040
Capital stock (par $10)
Paid-in surplus
Surplus from appreciation
Earned surplus
101,719
1,249,324
The directors have declared a
$3,626,720
Total
.....
—..$3,626,720
Standard Textile Products Co.—New. Name—
for the reorganized Standard Textile Products Co.,
is
The plan reorganization previously
The new corporation will acquire directly or
through subsidiaries the assets and properties of the debtor corporation,
and will be capitalized at $801,445.
The certificate of incorporation pro¬
vides for the issuance of 156,663 shares of preferred stock (par $5) and
181,300 shares of common (par 10 cents).
The directors of the corporation are:
James T. Broadbent, A. E.
Adams Jr.. Robert J. Sachs, Harold C. Vaughn, David H. Jackman, O. N.
Caldwell Jr. and Edwin E. Lindgren.—V. 000, p. 1915.
new
name
the Standard Coated Products Corp.
referred to is now in force.
Meeting Adjourned—
Meeting of shareholders scheduled for Sept. 24 has been adjourned until
15.
The meeting had been called for the purpose of presenting for
stockholders the terms under which the recently authorized preferred was
Oct.
to be issued
It
was
indicated that adverse market conditions were responsible for the
adjournment.—V. 145, p. 2089.
dividend of $2 per share on the common
stock, payable Sept. 30 to holders of record Sept. 18.
A like amount
was paid on June 30 and on March 31 last, and compares with $4 paid
on Dec. 24, 1936; $1.75 paid on Sept. 30, 1936; $1.50 per share paid on
June 30,1936; $1.25 onMarch31,1936; $1 per share paid each three months
from Dec. 31, 1934, to and including Dec. 31, 1935, and 50 cents per share
distributed each quarter from April 1, 1932, to Oct. 1, 1934, inclusive.
—V. 145, P. 1915.
The
Total
filled.—V. 145, p. 1600.
Standard Screw Co.—Interim Dividend—
Liabilities—
Reserve for
rectors was reduced to seven
Rockwell Kent Sept. 1 not being
at June 30, 1937
'
Assets—
$235,112
Financial
2246
1934
$129,797
defl24
def34,421
$144,953
17,943
defl4,946
991,324
def56,249
def355,581
1,157,472
$138,852
4,497
def29,932
$134,349
2,158
def22,922
Net after rents
1935
1936
1937
—
From Jan. 1—
1,065,139
def5,877
def292,652
1,043,223
def7,534
Gross from railway
Net from railway
def224,682
Net after rents
Directors have declared a quarterly
In
Taggart Corp. (&
Net sales
1916, we misstated the earnings per share
ended Jan. 31, 1936.
71 cents per share.—V. 145, p.
were
1916.
Subs.)—Earnings—
xl934
xl935
xl936
1937
Gross sales, less returns,
allows., frt.& cartage
Cost of sales
$17,846,068 $14,226,480 $12,620,756
14,764,869
11,403,842
9,950,697
$8,348,259
$2,670,058
Cost of sales, sell., adm.
$2,290,839
$1,241,843
$555,091
$441,477
41,955
-
19,3 55
$591,922
40,687
6,260,531
'
34,784
Gross profit on sales,.
$3,081,199
$2,822,638
$2,670,058
$2,233,692
43,438
52,417
54,336
266,001
prof$412,070
$27,242
$207,833
Other charges..
Provision for depreciation
115,392
$3,124,637
948,079
534,497
$2,875,055
1,083,865
355,572
$2,724,394
878,230
$2,262,300
296,277
300,586
Operating profit._ _. $1,642,061
Other exps., net, excl. of
interest..
213,667
Eatraordinary inc. from
allows., interest, &c—
Depreciation
262,738
Int. ex p., net of int. inc.
48,718
Prov. for Fed. taxes, estd
178,224
$1,435,618
$1,549,887
$1,152,189
Consolidated Balance Sheet Dec. 31
Fund, debt of sub.
bldgs., machry., equip., &.$6 189,368
Goodwill
opers.
809.525
Accounts
,106,759
payable
Notes payable...
Accrued accounts
313,582
Reserves
41,872
36,830
11,476
104.804
99,994
.
250,230
189,010
170,777
4,043
7,930
5,608
$1,114,782
245,000
225,000
$1,039,368
245,000
__
245,000
659,500
Pref.divs. (cash)
(cash)._
Stock div. in com. stk._
827,364
Due to affil. cos..,
81,799
37,083
9,600
.7,500
1,475
104,425
1,475
from cancella¬
less expenses
$
Assets—
&
accounts
1,296,986
5,091,788
receivable
Inventories
Ad vs. to growers..
323,841
inventories.
151,870
Farm
Inv. of adver. sup¬
Taxes.
14,628
19,045
40,970
in
sub.,
134,800
int.
&
stk.
421,699
...
in
3,104,946
2,328,429
Prepaid expenses..
147,561
200,210
1
1
Goodwill, &c
10,766
v
x
....10,872,888
Dr256,229
1,897,299
10,872,888
Total..
have
declared
—
—
150,000
541,707
701
pref
5%
pref. stock—
—
share on the
stock, par $5, payable Oct. 15 to holders of record Oct. 5. Previ¬
ously dividends of 25 cents per share were paid on July 15 and on April 15,
last, this latter being the initial distribution on the $5 par shares.—V. 145,
P. 1753.
Sunray Oil Corp.—Earnings—
1936
depreciation of $394,152 in 1936 and
$1,851,315
273,686
$1,523,521
214,285
$1,577,629
21,261
$1,309,236
46,607
$1,598,890
$1,355,843
285,578
553,048
25,000
$550,440
—
Balance
income
outward,
Freight
———
$333,837
11,625
deductions
Other
Depletion and depreciation
Provision for Federal and State income taxes
Federal surtax
undistributed
on
profits
(est.)
(est.)
Net income.
,
Cash divididends
Cash
dividends
on
on
preferred stock
common
33,514
191,060
stock
Cash..
a
$520,599
1935
$370,813
Accounts & notes
Notes payable
309,173
236,320
Div.
on
$300,000
Unearned int.
of
liquid, from
proceeds of crude
185,946
inventories
Contr. accts. rec_.
179,919
97,171
due 1940.
20,273
20,273
3,433
~2~4~866
Oper. leases, <fec.
3,244,904
Prov. for add.
tax
SH%
Pref.
132,802
3,687
500,000
15,596
2.319,539
1,328,030
342",047
292", 347
$165,813
$253,586
Interest & discount and
miscellaneous income-
5.301
12,726
26,738
20,430
$451,324
$178,539
y85~,675
35,901
$280,324
35,000
42,157
$210,624
32,000
29,708
15,397
"9",094
$115,121
416,113
$194,073
Gross income
After
Federal income tax
for doubtful
$7,000 in 1935.
in
$190,195
Loss from ranch & stor¬
operations, &c
30,203
—:
Other income charges
Net
income
$365,649
356,234
Previous surplus
Adjust,
applic.
to
347,040
$118,714
278.326
prior
54,343
------
.
$776,225
$531,234
$541,113
300,000
175,000
125,000
$397,040
50,000
$476,225
Gross surplus.
Dividends
$356,234
$416,113
$347,040
$3.65
$1.15
$1.94
$1.18
Earns, persh. on 100,000
shs. com. stk. (no par)
x
Includes depreciation of plants and equipment of $42,946 in 1936,
$39,817 in 1935 and $47,309 in 1934, and maintenance and repairs of $14,510
in 1935 and $12,108 in 1934.
y Including $6,650 surtax on undistributed
net income.
surplus
Assets—
30,000
x
__
$69,096
$76,460
&
Notes
31
Accounts payable.
Notes payable
accts.
1936
Liabilities—
1935
1936
-
352,756
Fed'l income tax—
1,448,131
667,122
Accr'd
Due from employ's
3,927
5,754
z
investm'ts
137,367
1,711
Surplus
1,155,109
28,378
$165,557
850,000
85,675
1935
$118,851
3 5~ 901
1,037,797
receivable
122,900
Sundry accts.
376,794
rec.
Inventories
1,105,000
1,912,176
1,588,476
883.823
575,113
Miscell
376,635
y
Divtdends
2.638
payable
liabilities.
Capital stock
......
25,000
37,866
6,583
1,613.481
476,225
_
1,613,481
356,234
Land, buildings,
equip't,
<fec
21,813
1,355,580
$5,904,285 $4,501,475|
reserve
12,119
Prov. for doubtful accts-
Consolidated Balance Sheet, Dec.
Total
notes and
accounts
$5,904,285 $4,501,475
of $4,000
in 1936 and
b After reserves for depletion and depreciation of $6,081,326
1936, $5,696,366 in 1935 —V. 145, p. 1437.
a
able
$446,023
$3,228,803
Total
Total
$3,267,731
2,721,797
Profit from operations
Deferred charges..
...
69,342
$4,172,087
3,664,227
10,650
421,318
Cash.
Unoperated leases,
&c
96,594
$5,757,096
4,900,406
warehouse operations-
709,311
Capital surplus.
Earned
1933
$3,337,073
Not avail¬
1,100,000
stock
(par $50)
Com. stk. (par $1)
6,294
Ad vs. to employees
Deferred charges.,
123~247
6% cum. pref. stk.
(par $100)
Marketable securs.
(deposited)
Mtge. on farm land
256,862
appeared under the
Sept. 25, p. 2089.J
110,836
8,905
1st mtge. 6% notes
167,029
by 112,000 no par
c After reserve for
$354,995 in 1935.—V. 144, p. 2322.
rec.
in advance
oil products
$345,000
331,822
pref. stock
Accrued liabilities-
Noterec., In course
...$1,677,541 $1,809,199
Total
$4,268,681
years—
1935
1
827,495
1934
Surplus Dec. 31
1936
Accounts payable.
receivable
b
Liabilities—
177,289
1
disc't
Net sales
Consolidated Balance Sheet Dec. 31
1936
Assets—
40,000
973,282
—
1935
allowed
age
Total
300,000
_
Deferred stock—
$5,867,932
Gross sales.:
443,958
703,043
58,500
1.330
Total operating income
325
32,500
452,000
stock
1936
Expenses
General and administrative expenses.
Other
$1,172,943
275,159
75,418
7,910
20,512
Taylor Milling Corp.—Earnings—
1935
$1,512,966
286,174
52,174
1
27,500
Mortgage
$1,677,541 $1,809,199
Cost of goods sold
Net
gain from
public
-
payable
$291,166
275
____
x
Years Ended Dec. 31—
20,985
Authorized and issued,
Calendar Years—
common
Operating income—
Oil and natural gas produced (net)
Kefining and marketing division (net)
Other operating income..
for taxes—
Int. accr. & mtges.
name
of 50 ments per
dividend
a
Prov.
•
Total
Sundstrand Machine Tool Co.—Dividend Doubled—
directors
4,270
774,284
5,801
[The income statement and balance sheet erroneously
of (K.) Taylor Distilling Co. in "Chronicle" of
Except Santa Cruz Fruit Packing Co.—V. 144, p. 3194.
The
85,958
7,698
792,719
8,507
150,000
514,531
—
Surplus—
8,095,873
8,095,873
$204,085
$289,347
20,150
b Represented
1 share
shares in 1936 against 28,000 no par shares in 1935.
79 275
1935
1936
Liabilities— \ .v?
Dividends payable
b Common stock.
450,000
478,129
Capital surplus
Earned surplus— 2,444,467
Total
'-v..
Accts. & bills pay.
Property acc'ts..
a
officers & em pis.
/'
$247,180
-
Cash.
c
$112,119
35,331
Sheet Dec. 31
1935
1936
Assets—
1,400,000
for
res.
Balance
2,100,000
'
stk.
22,400
Common dividends
a
7% cum. non-conv,
1,400,000
pref. stock
535,000
Com. stk. (par$l)
Com.
$100,333
33,569
3.750
Deferred charges..
of
Burp,
$124,084
32,422
------
Cr9,721
$118,647
20,735
profit
7% pref. dividend
5% pref. dividends
Goodwill—
7%
cum.
conv.
pref. stock
2,100,000
14,246
assessments
Net
Inventory
173,850
cap.
subsidiary
equipment.....
improvem'ts.
add'l
Receivables
Fruit
Pckg. 6% mtge.
Min,
and
bldgs.
135,000
debt
12,714
17,907
56,252
Profit on sale of bonds,
Bonds
long-term
Cruz
13,266
$186,277
$183,283
4,726
15,633
48,343
Prov. for amortization of
137,700
1st mtge. 6s
Other
20,387
50,231
...
Depreciation
200,899
382,440
not
consolidated
Land,
219,396
75,961
Santa
Cruz Fruit Pkg.
Inv.
67,159
31,513
Santa
from
107,805
287,135
6,000
1933
1934
1935
$213,370
3,832
23,808
48,932
Cr 5 60
for 1935 taxes
1,000,000
733,884
110,340
$8,407,864 $7,835,684
Total
1936
$192,250
Interest
less
2,000,000
Accounts payable. 1,050,465
brokers...
1,109,235 Accrued Items
2,702,379 Prov.for Fed. tax.
268,281 Mtge. notes pay..
134,443 Advance payments
Van Camp's, Inc.,
38,596
64,562
plies, at cost
Prepd. insur. & Int.
Val. of life insur...
Due
483,571
611,760
.
526" 040
147,170
(G.) Tamblyn, Ltd.-—Earnings—
5
$
816,633
Surplus
Represented by 816,633 no par shares in 1936 and 526,040 no par
shares in 1935. b Including capital surplus, c Includes acceptances payable,
d 28,999 shares (no par), e 29,200 shares (no par).-—V. 145, p. 133.
Notes sold through
demand
and
deposits.......
Notes
Liabilities—
1,449,950
stock,
Common
b
a
leases &
xl936
1937
*1936
48,998
2,439,107
a
$8,407,864 $7,835,684
Total
68,497
2,899,900
730,000
pref. stock.,
Class A stock...
e
d Pref. stock
Defd. debit items.
Consolidated Balance Sheet May 31
1937
d $7
re¬
ed debt...
Calendar Years—
applicable thereto and estimated Federal incon e taxes resulting thereon,
z After provision of $22,000 for estimated surtax on undistributed profits.
Cash
fund for
Sink,
300,000
Except Santa Cruz Fruit Packing Co.
y Credit arising
and settlement of purchasing and selling contracts,
tion
155,000
786,762
140,078
yCr443,107
Consolidated net inc..z$l,381,820
Common divs.
309,193
...
$815,325
122,500
;l:
in net income
.
Accts. receivable..
Due from affil. cos.
tirement of fund¬
188,247
100,464
114,000
1
239,750
Defd credit items.
CY202.387
C370.775
1
Cash
_
of
x
104,854
122,554
CY16,566
186,440
39,383
300,977
239.750
685,492
„——
Investments
Note receiv'ie
145,782
.$2,883,625 $2,939,500
.
Inventories
Cr267,686
199,686
50,000
1935
1936
Liabilities—
1935
1936
.Assets—
Land,
Adver. & sell, expenses..
Admin. & general exps__
int.
58.104
119,633
6,600
64,829
266,069
187,800
28,608
subsidiary...
Special adjustment.
$483,432
176,028
174,420
52.331
21,600
69,525
266,503
Idle plant expenses
Income taxes
145,963
—
Profit from farm opers.,
sale of fertil. bags, &c
Min.
1,849.362
36,831
$1,261,198
176,395
62,852
Total income
Interest
Taxes
Net loss for the year
sold.
Grossprof. from
$2,970,891
2,415,800
Operating income
Other income credits
invent.
on
& gen.
1934
1935
1936
$5,231,804
exp-3,989,961
$2,087,728
$2,822,638
$3,081,199
Balance...........
Realized inc.
-
1
Stokely Brothers & Co., Inc. (&
Years End. May 31—
whereas they actually
paid, of
received
Subs.)—Earnings-
Calendar Years—
issue of Sept. 18, page
our
In the preceding quarter a dividend of 15 cents was also
net income from dividends
from capital gains.—V. 145, p. 782.
gains.
which nine cents was stated to represent
and six cents was obtained
190,637
def70,699
Stix, Baer & Fuller Co.—Correction—
dividend of 15 cents a share, payable
Oct. 15 to holders of record Sept. 30.
Of this amount, 13 cent? represents
net income from dividends received, with the balnace derived from capital
—V. 145, P. 1600.
of the company's common stock for the fiscal year
The article states the earnings at 21 cents per share,
1937
2,
Supervised Shares, Inc.—Dividend—
Rapid Transit Ry.—Earnings—
Staten Island
August—
Gross from railway...
Net from railway
Oct.
Chronicle
x
$2.156,0491
After deducting reserves
Total
.$3,228,803 S2,156.049
for losses of $73,361 in 1936 and $73,362 in
After deducting reserves for depreciation of $334,488 in 1936 and
$302,346 in 1935.
z Represented by 100,000 shs. of no par value.—V. 145,
p. 1753.
1935.
y
•
Volume
Financial
145
Tampa Electric Co/—Earnings—
Period End. Aug. 31—
Operating
Gross
1937—Month—1936
$362,579
107,330
revenues
after depre
income
1937—12 Mos.—1936
$327,012
103,455
$4,439,670
1,452,844
Net income
l» Note—No
net
1,440,174
provision has been made for the Federal surtax
on
income for
the year 1937, since any liability for such
determined until the end of the year.—V. 145, p. 1275.
$4,149,675
1,364,542
1,351,497
undistributed
tax cannot be
announcing the deferment of the common dividend Sept. 25 we
erroneously gave an income statement and balance sheet of the Taylor
Milling Corp. under thiscorr panv'sname. The Distilling company's figures
were given in V. 145, p. 1917.—V.
145, p. 2089^
■
August—
1935
1936
1934
$222,514
68,889
34,647
$189,639
57,544
38,630
$174,400
36,584
18,280
1,689,412
427,515
216,792
From Jan. 1—
Gross from railway
Net from railway
1,593,091
440,611
273,782
1,423,852
389,155
254,009
1,392,727
372,978
226.376
Net after rents
....
—V. 145, p. 1600.
Due from affll cos.
Gross income....
Int. & other fixed charges
; _
$5,153,886
2,758.255
$4,850,132
2,691,833
$186,423
129,328
$2,395,631
1.550,904
$2,158,298
1,550,917
$126,734
pref. stock
$412,532
226,108
$256,122
129,387
income
$57,094
$844,726
Other investments.
Property accounts....
Prepaid expenses
c
No provision was made in 1936 for Federal surtax on undistributed
as all taxable income for that year was distributed.
No provision
has been made for such tax in 1937.—Y. 145, p. 1437.
profits
Tennessee Public Service
Period End. Aug. 31—
Net oper. revenues-.
$62,644
Rent from lease of plant.
8,213
$51,463
8,208
$70,857
1,289
Paid-in surplus
...
Earned surplus
331
since
March
42,352
31, 1936.....
$3,847,171
Total——.....
$3,847,171
Third Avenue
!
Ry. System—Earnings-—
Period End. Aug. 31—
1937—Month—1936
Total operating revenue. $1,090,007
$1,069,891
Total operating expenses
880,756
808,490
1937—2 Mos.—1936
$2,240,947
$2,189,311
1,777,830
1,643,648
Gross income.
$72,146
32,417
Int.
on mtge. bonds
Other int. & deductions-
376
$514,970
98,725
$621,172
39,000
83,872
$430,393
354
$27,869
the period,
Divs.
applic. to pref. stock for
whether paid or unpaid-
$228,300
297,618
$327,382
77,534
$191,781
229,733
$260,368
441,525
$404,916
458,438
$37,952
$181,157
$53,522
$154,289
37,492
$110,310
217,234
$106,924
Gross income
Total deductions
—V.
145,
H
1600.
p.
Thompson's Spa, Inc.
-Earnings-
Calendar Years—
$2,251,635
$2,149,698
Other income
29,826
29,892
$2,179,523
$2,281,528
766,333
86,276
156,513
66,724
54,492
20,391
1,010,173
11,436
3,000
Total income
Deprec. (incl. amort, of imp. to leased premises)
Interest
_
792,001
69,668
156,316
72,640
56,318
19,691
..
._
Rent
...
Insurance
Material cost & other oper. expenses.
Loss on disposal of cap. assets
Provision for Federal income tax
Net profit
$4,184
1,126,507
loss$ll,616
Balance Sheet Dec. 31
Assets—
Cash
on
on
1936
$329,093
7,404
6,535
69,769
63,100
Accrued
rec.
wages
17,946
15,663
14,603
6,400
real est..
1,646,772
1,680,902
for contlng..
100,000
100,000
3,430,000
49,825
285,279
211,655
3,430,000
49,825
285,279
State taxes.....
5,268,215
15,868
5,413,333
1
equipment.
$54,094
salaries,
and exps.
Prov. for Federal &
Real est., fixtures
and
1935
$58,133
Accounts payable.
$452,956
Deferred charges..
1936
Liabilities—
1935
hand and
deposit
Inventories
297,618
Balance
$132,775
def$69,318
x Dividends
accumulated and unpaid to Aug. 31, 1937, amounted to
$731,644.
Latest dividend amounting to $6 a share on the $6 preferred
stock, was paid on Dec. 12, 1936.
Dividends on this stock are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributec. adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 145, p. 1437.
1935
1936
Sales
x
—
$208,856
51,512
$84,530
25,780
Total operating income
)
Accts. & rents
Net income..
$545,663
218,281
$261,402
107,112
Non-operating income.
$613,695
7,477
$824,501
389,000
5,108
$60,640
32,417
$39,353
$713,100
98,303
$811,403
13,098
,
$463,116
254,260
$209,250
124,720
Taxes
1937—12 Mos.—1936
$3,678,140
$3,215,987
2,589,474
2,344,441
375,566
356,576
$59,671
969
Operating income
Other income
1
Goodwill
21,105
Mtge.
Res.
y
on
Pref.
($6
stock)
z
cum.
....
Common stock..
Capital surplus.__
Earned surplus
Total..........$5,814,215 $5,833,169
211,005
..$5,814,215 $5,833,169
Total—
x After
provision for depreciation, including amortization of improve¬
premises of.
y Represented
by 34,300 no par hares,
Represented by 199,300 no par shares.—V. 142, p. 4196.
ments to leased
Hydro-Electric Corp.—Accumulated Dividend—
The directors
on
June
10 declared
account of accumulations on the
a
dividend
of 25 cents per share on
145, p. 623.
Texas Mexican
1937
$132,162
40,727
26,297
Gross from
railway
Net from railway......
Net after rents.
From Jan. 1—
Gross from railway
Toledo Peoria & Western
;
1935
$99,977
25,615
17,418
1934
$78,786
11,396
3,063
830,783
252,683
167,544
597,498
128,928
60,460
868,464
241,804
144,257
1,029,137
322,842
223,503
Gross from
183,082
.......
1,164,474
252,672
88,026
106,516
—V. 145, p. 1601.
Trico Oil & Gas
Operating
1 Q'i7
Gross from railway
....
From Jan. 1—
Gross from railway
Net from railway
_
...
iqo«
1 no r,
1 004.
$3,895,921
781,150
386,127
$3,409,454
715.138
378,228
$2,772,756
372,464
97,400
$2,711,815
375,399
def48,723
31,218,324
7,350,357
3,198,468
25,903,661
5,278,590
2,015,719
21,870,154
3,440,832
821,321
20,756,830
2,866,778
def587,981
revenues
The company has applied to the Interstate Commerce Commission for
authority to issue and sell $1,275,000 2%% equipment trust certificates in
connection with the purchase of new freight cars costing an estimated total
of $1,700,000.
► The new equipment consists of 500 50-t'n steel box cars, to be built by
Pullman Standard Car Mfg. Co., and 100 50-ton self-clearing hopper cars,
to be built by Bethlehem Steel Co.
The company is inviting bids for the purchase of all of the equipment
trust certificates at a specified price plus accrued dividends from Nov. 1,
1937, to the date of delivery.
Bids must be submitted in writing and derected to Wm. Wyer, Treasurer of the company, 3800 Terminal Tower,
Cleveland, Ohio, and must be received on or before 12:00 o'clock noon,
Eastern Standard Time, Oct. 13, 1937.—V. 145, p. 2090.
Texon Oil & Land
Period—
Ended
9 Months
Dec. 31, '36 Dec. 31, *36
Net operating income
$140,969
121,572
*
__
$111,048
80,868
$19,397
of invest-
_
Net income before capital extinguishments and
Federal income tax
345,078
Dr85,067
73,399
$410,602
$363,591
40,251
excess cost
Non-operating income
$30,180
403,380
99,027
_______
Equity in current period's earnings of controlled
company not consolidated
Provision for amortization of
4,668
9,377
7,513
Drl 11,203
Holes
________________
Net loss on disposal of equipment and warehouse
*
Estimated Federal income
12,036
tax.
....
Net income.
Dividends paid
No liability for tax on undistributed
12,036
7,630
7,630
y$341,306
$331,742
$421,211
profits is anticipated,
y For the
year before provision for amortization of non-Droducing leases determined
$490,046
353,179
$4,092,472
3,130,411
$3,750,978
2,782,724
$136,867
34,270
$962,061
363,084
$968,254
254,626
$102,597
$598,977
$713,628
-V. 145, p. 1601.
Tubize Chatillon
Corp.—Debenture Issue Voted—
Stockholders at a special meeting held Sept. 28 approved the issue of not
exceeding $5,000,000 of convertible debentures in the discretion of the board
of directors ar any time prior to Jan. 2,1939.
Following the meeting Roland
L. Taylor, Chairman, stated that the present finances of the company
were in such satisfactory condition that the directors did not contemplate
taking any action to dispose of the debentures authorized until market
conditions should be such as to permit the sale of debentures on terms
entirely satisfactory and favorable to the company.
It is expected that Dillon, Read & Co. and associates will underwrite
the issue of $5,000,000 convertible debentures, but immediate registry of
the bonds is not looked for owing to
market unsettlement.—V. 145,
p. 2090.
W. M. Jeffers was on Sept. 23 elected President of this railroad, succeed¬
ing Carl H. Gray.
Mr. Jeffers is the first Union Pacific employee to rise
from the train yards to the Presidency, W. A. Harriman, Chairman, an¬
nounced.
Mr. Jeffers,
a
who started
as a
call boy for the railroad, was also named
member of the board of directors.
With the election of the new President, Mr.
Harriman announced that
"the boards of directors of Union Pacific RR. Co. and its system companies
took formal action at meetings yesterday to effect the changes in organiza¬
tion which it was announced last April would be made effective Oct. 1.
28 and retire
of the boards
of Executive
abolished."—F. 145,
Carl H. Gray, who will attain che age of 70 years on Sept.
from the Presidency on Oct. 1, was elected Vice-Chairman
and a member of the executive committees.
The position
Vice-President, formerly held by
2090. "
Mr.
Jeffers,
was
p.
Depletion, intangible development costs and dry
stock
income
$532,235
412,432
Union Pacific RR/—New President—
Year
income.
Operating charges.
1937—8 Mos.—1936
$4,115,148
$3,760,351
22,676
9,373
$68,005
Net oper. revenues
Operating taxes
Co.—Earnings—
[Including Texon Oil & Land Co. of Texas]
Gross operating
1937—Month—1936
$533,472
$492,164
1,237
2,118
$119,803
51,798
Operating revenues.-Operating expenses
Net oper.
Ry.—Equipment Issue of $1,275,000—
of this department.
Telephone & Telegraph Co.—Earnings-—
Uncollectible oper. rev..
—V. 145, p. 1438.
Texas & Pacific
Co.—Registers with SEC—
See list given on first page
Period End. Aug. 31—
Texas & New Orleans RR.—Earnings—
— ...
railway.....
Net from railway......
Net after rents.
TrirState
Annust—
Depreciation.
1,137,773
227,967
1,598,459
461,905
216,369
1934
$184,819
65,638
39,295
From Jan. 1—
1936
$107,453
32,728
21,423
—V. 145, p. 1600.
Net after rentsJ
1,552,572
439,257
1935
$174,888
52,103
29,141
1936
$209,182
44,733
15,733
*
Net from railway
Net after rents.
Net from railway
Net after rents
RR.—Earnings-
1937
$215,145
65,663
26,951
August—
Gross from railway
Net from railway......
Net after rents._______
Ry.—Earnings—
August—
z
$3.50 cumulative preferred stock, payable
Oct. 21 to holders of record Oct. 7.
8imilar payment was made on July 21,
and April 21, last, and a dividend of $1 was paid on Dec. 23, 1936.—V.
x
469
64,075
1,872,048
1,844,839
rent account
Unclaimed divs. pay. (contra)
Capital stock ($2 par)
Salaries and wages
Co.—Earnings—
1937—Month—1936
$314,113
$287,020
219,201
204,357
32,268
31,200
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
x
Due to affil. company on cur¬
47,594
64,075
2,724,511
10,482
357,555
a For
payment of unclaimed dividends,
b In controlled companies not
consolidated,
c After
reserves for depreciation, depletion and intangible
development costs of $421,171.—V. 143, p. 1731.
$607,381
x
Texas
.......
Net operating revenue
$491,600
235,478
Balance
x
Federal income tax (est.)
on current
deposit
Co.—Earnings—
1937—Month—1936
1937—12 Mos.—1936
$1,389,754
$1,289,911 $15,876,259 $14,393,452
x
Oper. exps. & taxes.__
793,154
772,378
9,462,373
8,283,320
Prov. for retire, reserve105,000
105,000
1,260,000
1,260,000
on
on
b Investment
Period End. Aug. 31—
Gross revenue.
Net
Cash
$9,857
5,900
7,630
Accrued liabilities
5,344
14,778
.
Tennessee Electric Power
Divs.
Liabilities—
Accounts payable...
$622,500
......
Inventories....
Ry,—Earnings—
1937
Net after rents
Assets—
Cash In banks
Accounts receivable...
Total..........
$215,305
60,014
28,448
•
Consolidated Balance Sheet Dec. 31, 1936
a
In
Gross from railway
Net from railway
2247
by management as having no value and charged to earned surplus March 31
1936.
z Including $131,821 paid out of donated surplus.
account
(K.) Taylor Distilling Co, —Correction—
Tennessee Central
Chronicle
United Cigar-Whelan Stores Corp .—Listing
The New York Curb
Approved—
Exchange has approved for listing 5,7u9,924 out¬
standing shares of common stock, 10c. par, with authority to add to the
list, upon official notice of issuance, 225,000 additional shares of common
stock, 10c. par. ,
Definitive Bonds Ready—
The Manufacturers Trust Co. announced that it is now prepared to
exchange, at its corporate trust department, 45 Beaver St., New York,
N. Y., the definitive United Cigar-Whelan Stores Corp. 5% sinking fund
Financial
2248
Oct. 2,
Chronicle
United Milk Products Co.—50-Cent
WE
„
dends of 75 cents per
United National Corp.
Philadelphia
bonds due Oct. 1, 1952, for the outstanding temporary bonds of that issue.
—-V. 145, p. 2090.
Union Produce
$1,168,334
840,822
Cost of sales,...
m
7,667
m
i
m
m mm
mm mmm mmm
administrative
Selling, operating
9 »1 50
m
x29l|738
I.IIIIIIII"
expenses
Net profit before other income
Other income
$19,056
2,756
$76,930
878,963
128,334
865,204
124,773
23,961
Miscell. investm'ts
27,071
Contract of North¬
Life Ins. Co.
ern
Net
profit before
for Federal income tax
pro v.
$21,812
3,761
$18,051
Includes rent paid to parent of $15,765.
Note—The subsidiary's Federal income tax returns are made on a calendar
x
basis, but this statement has been prepared for the period ended con¬
currently with parent's fiscal year.
year
Balance Sheet,
on
hand & in banks.
$13,089
......
Merch. & supplies, inventories—
Miscell.
deposits on purchase
33,461
,
5,310
4,521
Due from employees
1,330
x50,882
Fixed assets
exps. &
10,651
6,626
del. charges
Goodwill & incorp. expenses
$125,8691
Total..............
Accounts payable
Accts.
pay.—Roberts
,
$40,809
Public
Markets, Inc
contracts, &c
Accounts receivable
Prepaid
June 30,1937
Mobilities—
Assets—
Cash
16,023
Taxes payable
Accrued salaries & expenses
Loan pay.—Roberts Public Mar¬
kets, Inc
Capital stock (par $10)
Deficit...
8,465
7,365
35,000
25,000
6,792
...
Total.
.$125,869
After provision for depreciation of $15,886.
x
United Electric
Light Co. of Springfield—Consolidation
A joint petition has been filed
284,417
Gross income
long-term debt..
Other interest
Other deductions
Int. charged to constr.
Balance...
Pref. divs. to public...
accounts
Miscellaneous
United States Cold Storage Corp.—Accumulated Div.—paid a dividend of $3 per share on account of accumula¬
cumulative class A preferred stock, par $100, on Sept. 30
to holders of record Sept. 27. Dividend of $2.50 was paid on June 30, last.—
V. 145, p. 2091.
The company
tions on the 7%
United States Graphite
Net
1937—3 Mos.—1936
$8,547,185 $45,397,980 $33,562,723
4,023,871 b21,467,386
15,570,719
1,193,673
7,869,485
4,388,838
$3,329,641 $16,061,109 $13,603,166
34,072
160,753
93,698
$3,220,065
608,228
36,230
6,582
Cr5,030
$3,363,713 $16,221,862 $13,696,864
306,365
2,472,467
1,130,599
21,757
163,344
77,804
6,953
28,805
103,492
04,697
057,564
020,917
$2,574,055
12,220
$3,033,335 $13,614,810 $12,405,886
12,220
48,881
48,881
$214,275
132,208
$287,219
17.758
$263,152
9,678
$148,649
13,424
$82,067
$272,830
16,087
37,500
$162,074
2,475
19,018
$94,259
3,383
13,622
$260,487
259,997
$219,243
199,915
$140,581
179,924
$77,254
95,959
Total income
Other
deductions
Federal taxes
Dividends
12,193
Interest
14,881
57,036
42,452
63,966
103,494
Accounts
payable.
8,860
44Q
135,015
Accrued accounts.
26.570
13,409
260,017
223,174
Prov.
913
2,344
Capital stock (par
and employees..
rec. from for¬
1,356
$10)..
Earned surplus
Treasury stock (34
employee..
Notes & accts.
rec.
Inventories
for
Federal
47,267
43,576
800,000
294,834
800,000
taxes
Accrued Interest &
divs. receivable.
Accts. rec., officers
Note
Value of life insur.
17,215
1,058
14,946
Prop,
plant
and
equip, (net)
Deferred charges..
401,828
294,343
Dr316
404,319
18,600
14,406
mer
Total
shares)
$1,178,098 $1,151,886
Total..
$1,178,098 $1,151,886
—-V. 144, p.
the
p.
$2,583,106
111,332
443,517
common
3196.
Plywood Corp.—Initial Common Div.—
solid, earned surplus $2,028,257
$3,006,234 $13,508,893 $12,314,553
67,458
415,185
142,505
$3,073,692 $13,924,078 $12,457,058
115,251
c725,933
335,740
730,392
1,759,884
2,960,716
$2,228,049 $11,438,261
$9,160,602
a Includes
provision of $71,490 for Federal surtax on undistributed
profits in 1937.
b Includes provision of approximately $410,000 for Federal
profits for the year 1936, and $191,090 in 1937.
c Includes provision of
$320,177 for Federal surtax on undistributed profits
for the year 1936, but includes no provision for 1937.
Note—All intercompany transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of sub¬
sidiaries represent full requirements for the respective periods (whether
paid or not paid) on securities held by the public and give no effect to
pref. stock dividend arrearages for prior periods.
The "Portion applicable
to minority interests" is the calculated portion of the balance of income
applicable to minority holdings by the public of common stocks of sub¬
sidiaries at the end of each respective period.
Minority interests have not
been charged with deficits where income accounts of subsidiaries have so
surtax on undistributed
The "net equity of United Gas Corp. in income of
subsidiaries"
includes interest and pref. dividends paid or earned on securities held, plus
the porportion of earnings which accrued to common stocks held by United
Gas Corp., less losses where income accounts of individual subsidiaries have
resulted in deficits for the respective periods.—V. 145, p. 1118.
United Gas Improvement
Week Ended
Electric output of system (kwh)
Co.—Weekly Output—.
Sept. 25, '37 Sept. 18, '37 Sept, 26, *36
90,163,078
90,025,727
88,507,968
2091.
United Milk Crate
stock, payable Nov. 1 to holders of
25 cents per share on
record Oct. 15.—V. 145,
1277.
Universal Cooler
of this department.
Earnings for 10 Months Ended July 31,1937
$6,093
Net loss after all charges
—V. 145, p. 1918.
Universal Pictures
Co., Inc. (& Subs.)—Earnings—
1937
—V.
1936
$627,933
Weeks Ended July 31—
Net loss after all charges, Federal and
come taxes and depreciation
$579,379
foreign in-
144, p. 4203.
Utah
Light & Traction Co.—Earnings—
Period End. Aug. 31—
Operating revenues
Oper. exps. (incl. taxes).
1937—Month—1936
$89,222
$87,298
85,222
96,452
Net; oper. revenues
Rent from lease of plant.
def $7,^30
Operating income
1937—12 Mos.—1936 1
$1,156,466
$1,113,987
59,233
$87,118
540,754
$52,003
$52,155
$627,872
$628,048
$52,155
51,858
$628,677
621,988
10,630
Int.
on
mortgage bonds.
Other int. & deductions.
Balance, deficit
$3,941
.
$135,069
492,979
629
Other income
Gross income
*978,918
1,069,348
$2,076
50,079
473
625
$627,872
622,300
9,513
$328
$328
$3,941
$52,003
51,858
'
Notes—(1) No provision has been made in the above statement for un¬
paid cumulative interest on the 6% income demand note, payable if earned,
amounting to $1,476,000 for the period from Jan. 1, 1934 to Dec. 31, 1936.
(2) No provision was made for Federal surtax on undistribu ed profits
for 1936, inasmuch as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date for
1937.
Corp.—Delisting—
The Securities and Exchange Commission has scheduled
Corp.—Registers with SEC—
See list given on first page
13
public hearing
15, 1937 on the application of the Cincinnati Stock Exchange to
strike from listing and registration the $2 cumulative participating and
convertible Class A stock of this corporation.
The application states that
United Milk Crate Corp. is in dissolution, the Evans Manufacturing Co.
having purchased its assets and assumed its liabilities.—V. 142, p. 2520.
$423
$566
balances
171,049
Marketable secure.
United States
$3,006,234 $13,508,893 $12,314,553
con-
for Oct.
1935
1936
credit
Customers'
215,000
The directors have declared an initial dividend of
$2,557,710
Total income
$36,773
35,000
deposits
.
4,125
Expenses, incl. taxes...
$209,509
deposits.
Liabilities—
1935
1936
Assets—
Demand
$3,021,115 $13,565,929 $12,357,005
United Oas Corp.—
p.
$311,187
162,537
:
Profit from operations
Time
1,221,482
Drl ,417
Corp. in inc. of subs.
(as shown above)
$2,557,710
Other income
25,396
145,
$443,061
179,909
$304,977
1,262
43,228
profit
Net income.
1937- -12 Mos.—1936
Net equity of United Gas
—Y.
350,753
Other expenses
equity of United
resulted.
*£65,029
441,043
Cost of sales,
Gas Corp. in income
■/'
$752,229
685,972
$552,368
265,149
disc.)..
Other income
min-
of subsidiaries
Balance carried to
1933
1934
1935
$1,129,033
737,389
Gross sales (less
Gross
Co.—Earnings—
1936
$1,289,757
Year End. Dec. 15—
Holdings—
$2,561,835
Balance
applic. to
ority interests
$1,427,228 $1,421,620
Total
receivable only,
y Represented
as follows:
United Pacific Insurance Co., $439,305; Drumheller, Ehrlichihan & White,
$250,000; Murphey, Favre & Co., $125,000; Ferris & Hardgrove, $64,657;
United Pacific Realty & Investment Corp. $1.
Notes—Surplus includes $29,954 (earned surplus $16,000, capital surplus
$13,954) representing the excess of sales prices over ledger values of securi¬
ties sold to subsidiary companies in the previous year and still held by them
at June 30, 1937.
The sales to subsidiary companies were at less than
quoted market prices for listed securities and estimated realizable values
for unlisted securities.
The earned surplus also has been credited with
interest received and accrued on the mortgage receivable from Peter Puget
Co., Inc., of $75,689 in excess of earnings of that company available for
such interest charges.—V. 144, p. 3025.
x
Comparative Balance Sheet Dec. 31
Net oper. revenues.
Other income (net)
Portion
95,132
1,073,888
1
$1,427,228 $1,421,620
Total
Corp. (& Subs.)—Earnings—
Operating revenues
$10,658,100
Oper. exps., incl. taxes. a5,555,452
Property retir. & depl.
reserve appropriations
1,881,166
on
21,500
95,947
1,073,953
35,256
11,366
11,366
1
Subsidiaries—
Int.
Com. stk. ($1 par)
Earned surplus
31,017
Furniture and fix.
with the Massachusetts Department of
Lyle of London, through a subsidiary company, have bought
all of this company's sugar properties and factories on the island of Jamaica
at a reported price of $3,500,000.—V. 145, p. 452.
United Gas
230,000
250,000
x440
Fed. income tax
Tate &
Period End. July 31
$1,099
230,000
21,500
pref. stock
($1 par)
Claim for refund of
tric
United Fruit Co.—Sells Jamaica
Partic.
Inc., a controlled
company
Public Utilities by this company, Agawam Electric Co. and Ludlow Elec¬
Light Co., for approval of consolidation of the last two named com¬
panies with United Electric.
Consolidation is to be effected by an ex¬
change of stock.
For this purpose United Electric has increased its au¬
thorized capital by 5,275 snares $25 par stock.
Of this amount 3,000
shares will be issued to the holders of the 1,200 shares of Agawam and 2,275
shares to the holders of 910 shares of Ludlow stock outstanding.
The
Public Utilities Commission will hold a hearing on the petition Oct. 14.—
Y. 140, p. 2024.
$5,827
Notes, accts., accr.
Real estate
Net profit
1936
1937
payable and
Capital surplus
Mortgage rec. from
Peter Puget Co.,
int. & divs. rec.
Provision for Federal income tax
Taxes
accrued
of controlled cos.
Earnings for 12 Months' Period Ended June 30,1937
1936
$99,746
Invest, in stocks
$370,535
$1.61
$332,583
$1.45
Liabilities—
1937
Assets_
y
Depreciation......
1936
1937
ings applicable to minority interests
Earnings per share on 230,000 part. pref. stock—
Balance Sheet, June 30, 1936
Cash in banks—
Co.—Earnings—
Sales
TfllXCS
Earnings—
(& Subs.)-
Years Ended June 30—
Net earnings after deducting provision for State
and Federal taxes and after elimination of earn¬
Phila. 22
Walnut Street
1528
in addition to the regular quarterly divi¬
share.—V. 145, p.1439.
pating pref. stock, no par value,
YARN ALL & CO.
—
share on the com¬
stock, no par value, payable Oct. 1 to holders of record Sept. 25.
Like payment was made on July 1, April 1 and on Jan. 2, last. A dividend or
$1.25 was paid on the common stock on Dec. 1, 1936, and dividends of
25 cents per share were paid on Oct. 1, July 1 and on Jan. 2,1936, this latter
being the initial distribution on the issue.
Dividends similar to the above have been paid on the $3 cum. partici¬
mon
Republic Natural Gas Common Stock
Philadelphia Electric Common Stock
Northern Central Railway Stock
Metropolitan Edison $6 Prior Preferred
United Gas Improvement $5 Preferred
A. T. & T. Teletype
Div.—Partic. Div.
The directors have declared a dividend of 50 cents per
DEAL IN
1937
a
Tenders—
The Bankers Trust Co., as trustee for the 30-year
first & refunding mtge.
the sale to it of these bonds
in an amount sufficient to
exhaust $51,287 of sinking fund moneys set apart for this purpose.
Pro¬
posals will be received at the corporate trust department of Bankers Trust
bonds due 1944, is inviting sealed proposals for
at not more than 105% and accrued interest,
Volume
Financial
145
Oo.t New York,
up to Oct. 21 and bonds will be
prices offered.—V. 145, p. 1440.
purchased at the lowest
ore
1936
Smelter charges
Lessee expenses
.
Operating expenses
Capital stock tax
Depletion and depreciation
1934
$54,081
22,860
27,849
40,389
1935
$10,582
4,815
5,175
31,224
sales
$44,505
18,052
23,937
31,225
3,520
4,051
4,650
9,238
10,675
$35,282
Net loss.
$41,468
$51,744
Balance Sheet Dec. 31
Assets—
hand
on
Note receivable
Prepaid
x
$5,503
$1,388
5,000
Note payable
Acer. Int. on notes
1,871
1,138,835
49,870
Development adv.
565
648
736
Accounts payable.
Conv. profit-shar¬
49,870
_
$10,000
z$23,425
payable
5,000
665
1,134,718
expenses
Fixed assets
1935
1936
Liabilities—
1935
1936
Cash in banks and
Due to officers and
20,333
4,361
Capital stock tax.
1,190
6,970
Deferred income..
4,000
employees
1,190", 750
1,190,750
1,535,437
Capital stock
Capital surplus
1,535,437
provision has been made to date for
1937.—-V. 145, p. 1278.
Wayne Pump Co. (& Subs.)—Earnings—
9 Months Ended Aug.
1936
1937
31—
Net profit after expenses, est.
Fed. inc. tax & spec'l
for Indiana taxes
x$l ,358,346
$901,751
Shares common stock outstanding
289,639
208,376
Earnings per share
$4.78
$4.16
x Of
the $69,000 provision for Indiana gross income tax on interstate
sales, approximately $50,000 applies to prior periods.
This provision is
based on a decision of the Indiana Supreme Court in April, this year. It is
prov.
expected that this decision will be appealed to the United States Supreme
Court, the report says. Excess profits and undistributed profits taxes are
not provided, as they are not determinable until the end of the fiscal year.
Capital Increase Voted
at
a
meeting held
special
Sept.
29 ratified the plan of
management under which total authorized shares of $1 par capital stock
will be increased to 350,000 shares from 291,709 shares and the number of
shares outstanding to 318,624 from 289,658.
Stockholders will be offered the right to subscribe
to additional shares of
capital stock in the proportion of one additional share for each
held at a price to be fixed by the directors.—V. 145, p. 1440.
10 shares
Weinberger Drug Stores, Inc.—Registers with SEC—
given on first page of this department.—V. 145, p. 1756.
1,549,511
1,584,794
Deficit
Sept. 15, 1937.
Stockholders
2,425
ing notes
y
declared for payment
Regular dividends on this stock was
that date.
on
Note—Includes provision made during December, 1936, of $1,500 for
Federal surtax on undistributed profits of a subsidiary for 1936.
No such
Utah Metal & Tunnel Co.—Earnings—
Calendar Years—
Gross
2249
Chronicle
See list
Total
After
x
of $1
$1,191,643 $1,201,080
Total
...$1,191,643 $1,201,080
for depletion and depreciation,
y Represented by shares
Including $2,425 notes payable
due Nov. 1, 1929, but not
for payment.—V. 143, p. 2700.
Western
reserves
par.
z
presented
Maryland Ry.—Earnings-
Period End. Aug. 31—
Operating revenues
Total oper. expenses.
Utah Power & Light
Co. (& Subs.)—Earnings—
1937—Month—1936
1937—12 Mos.—1936
Operating revenues
$1,128,777
$978,228 $12,850,793 $11,271,649
Oper.exps. (incl. taxes).
700,507
559,534
7,536,565
6,639,180
Prop, retire, res. approp.
63,942
62,275
760,632
747,298
Period End. Aug. 31—
Int.
on
$3,885,171
$356,864
195,879
25,000
16,883
Crl,516
$4,558,222
2,350,550
$3,902,336
2,353,515
300,000
205,949
Cr5,124
$120,618
$1,703,604
$356,419
$365,342
195,879
25,000
mortgage bonds.
debenture bonds
Int. on
Other int. & deductions.
Int. charged to constr.
445
16,119
_
$128,344
Net income
x
$4,553,596
4,626
$364,328
1,014
Net oper. revenues...
Other income (net)
Crl30
Balance, deficit
and
unpaid
to
Aug.
955,000
770,000
$376,068
13,391
13,673
$3,196,052
182,031
103,616
$2,774,861
179,808
108,035
$378,485
$375,786
$3,274,467
$2,846,634
10,835
7,846
65,120
52,531
$389,320
income-
$383,632
$3,339,587
Fixed
262,611
262,965
2,093,979
$2,899,165
2,108,684
$126,709
Gross income
$120,667
$1,245,608
$790,481
charges—
income-
1,704,761
$1,157
—Y.
145,
p.
$345,612
$334,306 $13,069,540 $11,461,632
1756.
Western
31, 1937, amounted to
1936
1937
Gross earnings.
$656,765
$6,108,727, after giving effect to dividends of $1,16 2-3 a share on $7
preferred stock and $1 a share on $6 preferred stock, declared for payment
on Oct. 1, 1937.
Dividends on these stocks are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the companies reported no undistributed adjusted net
income for that year.
During 1937 provision for Federal surtax on un¬
distributed profits has been made in the amount of $4,000.—V. 145, p. 1440
Jan. 1 to Sept. 21
1937
1936
—Week Ended Sept. 21
$1,047,996
Period—
...
accumulated
Dividends
$4,151,052
100,000
Other income
Net
1,704,761
period, whether paid or unpaid
$476,068
$378,898
14,586
14.999
—
Operating income
Equipment rents (Cr.)__
Jt. facil. rents (net Dr.).
Net ry. oper.
300,000
204,198
$3,544,861
$498,898
120,000
Net oper. revenue
Taxes.
17,165
Dividends applicable to preferred stocks for the
x
1937—Month—1936
1937—8 Mos—1936
$1,496,238
$1,346,639 $12,109,888 $10,498,691
997,340
870,571
7,958,836
6,953,830
Pacific
RR.—RFC Objects
to Company's Reor¬
ganization Plan—
Finance Corporation on Sept. 27 filed exceptions
with the Interstate Commerce Commission, to the proposed report of the
Bureau of Finance, ICC in the company's reorganization.
As set forth
The
Reconstruction
by the RFC the exceptions are as follows:
1. The report errs in failing to give any recognition to
unpaid interest on the general & refunding mortgage bonds of
the accrued
the Western
RFC.
2. The report errs in failing to give any recognition to the substantial
additional collateral security held by RFC other than refunding bonds.
3. The report errs in failing to give any recognition to the claim which
RFC has for the deficiency, if any, on its notes, after a sale or determination
Pacific RR. held by
Utah
Ry.—Earnings—
Net from
477
$53,770
3,382
def5,890
$46,878
3,608
defl5,213
619,055
135,769
68,891
536,328
105,879
6,315
3 55,085
20,514
defll5,577
$77,398
6,998
1,015
Net after rents
$56,830
3,566
755,468
104,061
31,663
railway
1934
1935
1936
1937
August—
Gross from railway
Net after rents
—V. 145, p.
1601.
Virginia Electric & Power Co.—Earnings—
12 Months Ended Aug. 31—
'
Operating
x
y
of the value of its collateral.
4.
From Jan. 1—
Gross from railway
Net from railway
revenues
Balance after operation, maintenance
1937
1936
$17,394,461 $15,868,275
7,140,870
6,881,660
3,358,291
3,101,341
After appropriations for
and taxes
Balance for dividends and surplus
x Includes
non-operating
income,
net.
reserve.—V. 145, p. 1755.
...
y
retirement
Virginian Ry.—Earnings—
August—
Gross from railway
Net from railway
Net after rents.
1937
$1,710,203
894,989
772,203
1936
$1,471,635
800,168
757,788
1935
$1,322,837
714,438
599,841
1934
$1,231,601
668,564
590,092
From Jan. 1—
12,895,665
6,944.502
11,015,574
5,894,889
10,230,287
5,440,455
9,414,179
4,899,254
5,952,664
Gross from railway
Net from railway
5,345,894
4,530,487
4,256,911
Net after rents.
—V. 145, p. 1602.
The report errs in giving to
Bond Group Hits ICC Plan for Road—Says
Capitalization Proposed Would Hurt Credit—
From Jan.
145,
p.
$3,670,274
899,724
389,684
$3,333,782
$3,171,861
681,583
245,673
679,090
31,074,067
7,116,153.
3,060,721
29,978,318
7,157,276
3,237,035
26,883,977
6,200,640
2,704,759
25.916,054
6,716,175
2,900,451
1937
$3,767,325
568,285
227,226
1—
Gross from railway
Net from railway
Net after rents
—V.
1934
40,689
August—
Gross from railway
Net from railway
Net after rents
1935
2093.
Waiaiua
Agricultural Co., Ltd.—Pays Larger Dividend—
The company paid a dividend of 80 cents per share on its
Aug. 31 to holders of record Aug. 21. This compares with
on
capital stock,
40 cents paid
May 29 and on Feb. 27, last; $1 paid on Aug. 31,1936; 40 cents paid on
May 29 and Feb. 29, 1936; a stock dividend of 50% paid on Dec. 20,1935;
cash dividend of $1.50 paid on Nov. 30, 1935; $1.20 on Aug. 31, 1935;
on
60 cents on May 31, 1935; dividends of 30 cents per share distributed on
Feb. 28, 1935, Dec. 20, 1934, Aug. 31, 1934 and on May 31, 1934, and a
dividend of 60 cents paid on Feb. 28, 1934.
In addition, a dividend of one share
apple Co., Ltd., was paid for each
Nov. 30, 1936—V. 144, p. 4365.
of common stock of Hawaiian Pine¬
10 shares of Waiaiua stock held on
the standards of capitalization proposed by
Finance in its plan for the reorganization of the
such a shock to railroad credit as to render
railroad hereafter to sell any securities on a
favorable basis, particularly if issued for more than 50% of future additions
and betterments," the bondholders' committee informed the Commission
Acceptance by the ICC of
Sept. 27.
bondholders'
8 Mos.
$123,302
Washington Water Power Co. (& Subs.)—EarningsPeriod End. Aug. 31—
1937—Month—1936
Operating revenues
$1,054,392
$825,019
Oper. exps., incl. taxes.
665,574
419,917
Prop, retire, res. approp.
83,477
86,029
Net oper. revenues
$305,341
1,444
Other income (net)
!■
$319,073
1,108
$3,718,808
32,084
$3,747,377
39,348
on mortgage bonds.
Int. on debenture bonds.
Other int.
& deduc'ns..
$306,785
82,963
$320,181
$3,750,892
82,963
995,550
2,287
T,6l4
49", 890
Cr9,797
$235,604
$2,715,249
$2,737,835
622,518
622,518
$2,092,731
$2,115,317
Int. charged to constr'n.
income
x]Dividends applicable to preferred stock for the
period, whether paid or unpaid
£ ^Balance
After payment of
$3,786,725
995,550
11,650
41,690
on the $6 preferred stock was paid on June 15,"~193Y!
this dividend there were no accumulated unpaid dividends
P?*x~Regular dividend
,
rejected
...
.
justification for refusing to permit the creation of priority securities and
for' 'unduly limiting the amount of permissible fixed and contingent interest
obligations in the guise of maintaining a conservative debt ratio
The committee said further that "if the Commission is to have such a
pessimistic attitude toward railroad properties, private investors cannot be
expected to look with favor upon railroad securities."
Some
Modifications Favored
which the committee
dividend rate on the
preferred stock from 6% to 5%, opening of the income mortgage to provide
for future financing through income bonds, elimination of the provision
giving the preferred stock power to elect a majority of the directors, elimin¬
ation of the contingency reserve fund, and the elimination of the provisions
escrow certificates so that the RFC, the Railroad Credit Corp. and the
A. C. James Co. would receive directly common stock. This latter proposal
was qualified by the statement that it would be unwise unless all of these
for
creditors agree upon the
distribution of the new common stock as among
themselves.
Against Merger with I).
& R. G. W.—
The company on Sept. 28 told the
no desire to consolidate with the
has
$221,535
Int.
Sn,
I^Net
1937—12 Mos.—1936
$10,944,950 $9,403,685
6,208,250
4,796,266
1,017,892
860,042
—
^ Gross income
whose reorganization plan was
Among the modifications of the bondholders' plan
would
be agreeable, were a reduction of the
Month
$20,555
Period Ended Aug. 31,1937—
Net profit after all charges
.
committee,
by the Bureau of Finance, is comprised of Frederick H. Ecker, John W.
Stedman and Reeve Schley, representing a group of not more than 25 holders
of the road's first mortgage bonds.
The brief containing the committee's exceptions not only criticizes the
Bureau's plan, but proposes modifications of the committee's plan and asks
for an oral argument before the whole Commission. •
The principal objection was made to the Bureau s proposal that the
capitalization of the road be limited to $91,406,510 in securities compared
to the plan of the bondholders for securities of $69,553,056 plus 399,995
shares of capital stock without par value.
Under the plan approved by the
Bureau the $91,406,510 capitalization, in addition to $2,048,190 in equip¬
ment obligations, would consist of $10,000,000 of first mortgage 4% bonds,
$19,716,040 of non-cumulative income mortgage 4% bonds, $29,574,060
of non-cumulative 5% preferred stock and $30,068,220 of common stock.
The bondholders said the Bureau Used its small capitalization as a
said
(Jack) Waite Mining Co.—Earnings—
Standards of
the Commission's Bureau of
The
1936
unsecured
company would "constitute
doubtful the ability of any
on
Wabash Ry.—Earnings—
Western Pacific RR. Corp. an
the right to subscribe to $10,000,000 principal amount of new
bonds and to receive in addition to said bonds a bonus of
$10,000,000 par value of new common stock.
5. The exceptions filed by Irving Trust Co., trustee of the debtor's
general and refunding mortgage, are concurred in by RFC, which hereby
adopts such exceptions as supplemental and additional exceptions.
6. If the Commission approves the plan proposed by the report, it will
be unable to give the approval required by Section 5—B (3) of the Re¬
construction Finance Corporation Act, as amended.
7. The plan proposed by the report is unfair and inequitable to RFC,
fails to afford due recognition to its rights as the holder of an entire class of
claims, discriminates unfairly against such class, and fails to conform to
the requirements of the law of the land.—V. 145, p. 1414.
creditor,
first mortgage
Interstate Commerce Commission It
Denver & Rio Grande Western RR.,
the Commission dismiss a petition of Missouri Pacific RR.
for leave to intervene in the Western Pacific reorganization case and file
a plan providing for the consolidation.
In a petition to the ICC, Western Pacific expressed a desire to continue
the "friendly and mutually profitable relations" that have long existed
with MOP, but maintained that MOP is not an interested party in the
Western Pacific reorganization within the meaning and
intent of the
Bankruptcy Act.
Western Pacific said it was not willing that its properties, particularly
the new and profitable northern California extension, should be appraised
for purpose of a consolidation with or sale to any carrier.
Answering the MOP's statement that that road had expended $20,000,000
to develop the transcontinental route with Western Pacific and Denver &
and moved that
jad
*"""
Financial
2250
Western Pacific said that money was not spent in
securing a proprietorship in Western Pacific, through con¬
Neitner were funds spent by it in developing the
expended in reliance upon securing a proprietorship in MOP, Western
Grande Western,
Rio
reliance upon
solidation
route
otherwise.
or
Pacific contended.
holders and creditors on
ICC's Bureau of finance
capital structure for the property.
ICC, the Western Pacific manage¬
ment asserted that ''instead of giving to the debtor the relief contemplated
by Section 77, namely a stake in the future prosperity of the property,
the Bureau proposes a death sentence."
The road listed nine major objections to the proposal and asserted that
the Bureau had failed to advance a proposal acceptable to the parties as
a "composition" under Section 77 of the Bankruptcy Act.
The A. C. James Co., a principal creditor, asserted that the basic weak¬
ness of the plan suggested flows from the "drastic and unnecessary" limita¬
tion on capitalization.
Another vital defect, it is contended, is the pro¬
posed drastic devaluation of the assets, preventing assignment of obligations
,
,
,
creditors in exchange for their existing claims.
Irving Trust Co., trustee under the general and refunding mortgage,
declared the report is unfair and inequitable to holders of general mortgage
bonds and contrary to law.
■
Also finding fault with the general provisions of the plan, the Railroad
Credit Corp. contended the plan is unfair, unjustly discriminatory and
prejudicial to the rights and interests of that agency.
Earnings for August and Year to Date
Net from
1934
1935
1936
1937
$1,482,928
68,067
defll3,435
August—
Gross from railway
railway
Net after rents
$1,427,076
186,718
47,523
$1,218,581
10,406,383
90,370
def953,650
8,762,961
329,813
def879,802
The application states that the
Stroudsburg, Pa., to Suscon, Pa.
at
1937
2,
for abandonment was due to the lack of traffic and adverse oper¬
reason
ating conditions that resulted in net deficits for the last 10 years.
Reorganization Plea Filed by Road—
sion
in which was outlined a proposed new
In a brief of exceptions filed with the
to the secured
nus
The company has filed a petition with the Interstate Commerce Commis¬
to effect a reorganization under Section 77 of the Bankruptcy Act.
Security Holders and Creditors Object to ICC Plan—
The company and all its principal security
Sept. 29 took sharp issue with the report of the
Oct.
Chronicle
7,442,030
746,375
def200,596
$1,161,202
161,017
193,747
57,573
62,502
•
According to the petition the qompany has outstanding $2,665,000 5%
1st mtge. bonds maturing June 1, 1942, with accumulated interest due and
unpaid in the amount of $66,625 as of June 1, 1937.
The entire capital stock is owned by the New York, Susquehanna & West¬
which is also in bankruptcy.
The Wilkes-Barre has been operated as a
through line with the Susquehanna, which guarantees operating expenses,
By an order effective Oct. 1, the trustees of the
Susquehanna have disaffirmed all contracts of the Wilkes-Barre.
The roau
stated in the petition that it is without funds to meet its obligations and
has no means of borrowing sufficient funds.
ern,
taxes, and fixed charges.
To
Appoint Trustees—
of the U. S. District Court, will hold a hear¬
Albert W. Johnson, Judge
ing at Scranton, Pa., Oct. 20 on appointing trustees for the road, pursuant
to Section 77 of the Bankruptcy Act.—V. 132, p. 846.
Ltd.—Revised Structure Planned—
Windsor Hotel,
reorganization of the financial structure
the protective com¬
plan, it is rumored,
reduction of the interest rate of the first mortgage bonds from
It is understood that a plan of
of the company is now engaging the consideration of
mittees of both issues of this company's bonds.
The
will involve
6^%to4K%.or possibily 4%.
Adjustment of the 6% refunding mort¬
gage bonds and the preferred and common stock would, naturally, follow.
It is pointed out that the proposed reduction of interest will also serve
another and very important purpose, that of providing the funds required
for renovating and refurnishing the hotel to meet present-day standards
and to protect and increase the company's earning power.—V. 141, p. 4029.
From Jan. 1—
Gross from
railway.
Net from railway——
Net after rents.
—V. 145, p.
1441.
Western Ry.
of Alabama—Earnings1937
August—
railway
Net after rents.....
From Jan. 1—
—V. 145, p.
.
1,118,469
123,525
73,089
_._.
defl2,203
844,010
def43,546
def61,312
860,392
def57,554
def87,179
1,000,120
58,327
2,097
'
12 Mos. End. Aug. 31—
1937
1936
$2,164,190
...
Balance for dividends and surplus
x Includes non-operating income, net.
ment reserve.—V. 145, p. 1756.
y
Western United
to
$2,098,691
y
708,964
746,434
132,505
173,004
After appropriations for retire¬
Gas & Electric
exceed 463,610 shares
(par $25)
Co.-—Exchange Offer—
of Commonwealth Edison Co.
offered by Commonwealth Subsidiary Corp. (all of the capital stock of
which is owned by the Commonwealth Edison Co.) in exchange for the
following shares of Western United Gas & Electric Co.: 6^% cumulative
preferred stock (par $100); series B 6% cumulative preferred stock (par
$100); and series C 6% cumulative preferred stock (par $100).
the following basis:
3.5 shares of the Edison company are offered
made in the determination of the number of shares of the Edison company
offered because of the variation between the dividend dates on said pre
ferred shares and on shares of the Edison company.
To facilitate this
exchange offer, the Edison company will, upon request of Commonwealth
Subsidiary Corp., issue scrip for its fractional shares in denominations of
tenths.
(This scrip will be non-voting and non-dividend-bearing and will
be void after Dec. 31, 1938.)
This offer terminates Nov. 15, 1937, unless
extended.
The shares of the Edison company being offered will be acquired by Com¬
monwealth Subsidiary Corp. pursuant to the plan offered to stockholders
of Public Service Co. of No. Ill,
(see above).
Under such other plan the
Edison company is offering not to exceed 2,655,049 shares on the basis of
three shares in
exchange for each of the common shares of both classes of
Public Service Co. of No. 111. and four shares in exchange for each of the
of Public Service Co. of No.
111.
Of such
and
preferred shares, Commonwealth Subsidiary Corp. owns
48,330 shares of common stock (par $60), 207,443 shares of common stock
(nopar) and having a stated value of $60 each), 7,678 shares of 6% cum.
pref. stock (par $100) and 18,242 shares of 7% cum. pref. stock (par
common
$100),
all
of which shares it will
exchange under such other plan.
The
offers under such other plan terminate Nov. 15, 1937, unless extended.
Commonwealth Subsidiary Corp. is also offering iwt to exceed 202,190
snares of the Edison company
(incl. scrip for fractional shares) on the
basis of 3.7 shares in exchange for each of the
classes of Illinois Northern Utilities Co.
inates Nov. 15,
1937, unless extended.
Co.__above.—V. 145,
P-^1121^
$492,865
76,936
53,296
$2,263,615
$1,960,487
453,376
325,772
466,465
346,497
$362,632
85,261
$1,484,466
74,403
143,053
132,760
1,111,240
$1,147,524
573,505
1,152,664
203,712
3.289,501
Net after rents
Other income (net Dr.).
on funded debt
Net
income....
preferred shares of both
This offer term¬
See also Commonwealth Edison
$144,610 def$225,434 def$578,646
$40,117
Note—As there is no taxable income to date, no provision is necessary
for the surtax on undistributed profits.—V. 145, p. 1603.
Wood, Alexander & James, Ltd.—Preferred Dividend—a dividend of $1.75 per share on account of
7% first preferred stock, par $100, payable Nov. 1
Similar amount was paid on Aug. 10 and on
The directors have declared
Oct. 15.
May 1, last.—V. 145,
p.
787.
Worcester Suburban Electric
Co.—Pays Larger Div.—
The company paid a dividend of $1.50 per share on its capital stock, par
$25, on Sept. 30 to holders of record Sept. 16.
This compares with $1.35
paid on June 30, last; $1 paid in each of the six preceding quarters; 75 cents
paid On Sept. 30 and June 29. 1935, and $1 per share distributed each three
previously.—V. 140, p. 4419.
(Wm). Wrigley Jr. Co '.—Special Dividend—
directors
The
share
the
on
on
no
par
Sept. 28 declared a special dividend of 50 cents per
common stock payable Nov. 1 to holders of record
Similar payment was made on May 1, last.
Oct. 20.
A special dividend of
25 cents was paid on Dec. 22, 1936.
The directors also declared three regular monthly
dividends of 25 cents
per share each, on the common stock payable Nov. 1, Dec. 1 and Jan. 3,
1938 to holders of record on the 20th of each preceding month.—V. 145,
p. 627.
Yazoo &
Mississippi Valley RR.-
Earnings—
1937
1936
1935
1934
$1,272,967
365,970
134,696
$1,313,903
430,275
199,538
$1,057,613
255,091
52,813
$896,417
10,315,6.52
3,106,434
1,507,568
9,332,060
2,644,273
876,455
7,533,558
1,488,174
def47,964
August—
Gross from railway
Net from railway
Net after rents
145,604
def75,537
From Jan. 1—
Gross from railway
Net from railway
Net
after rents-
7,350,083
1,739,527
117,165
—V. 145, p. 1603.
Yellow & Checker Cab Co .—Accumulated Dividend—
a dividend of $1 per share, payable on account
8% cumul. class A stock, par $50, on Oct. 25 to
A $1 dividend was paid on Sept. 1, June 15,
March 1 and Jan. 1, last, and on Nov. 1 and July 1, 1936, this latter being
the first payment made since April 1, 1930, when a regular monthly dividend
of 33 1-3 cents per share was distributed.—Y. 145. o. 1279.
The directors have declared
of accumulations on the
holders of record
Oct.
15.
Youngstown Steel Door Co. (& Subs.)—
Income Statement for
Gross profit on
sales.
_
!'
7 Months Ended July 31, 1937
—A.
_
— -
—
Selling, general and administrative expenses
Gross profit-
-
Other income
—.—__ —
__v_
-
~-
----
...
...
$2,532,009
308,973
$2,223,036
16,710
on
Sept. 16 issued
$2,239,746
Total income.
Deduct—other charges
Provision for depreciation
__
Commission
598,660
(See above)
Wharton & Northern RR.—Abandonment—
The Interstate Commerce
$2,526,006
565,519
$369,833
58,068
54,191
Net after taxes
Iienta" of term'ls (Dr.)__
months
because of the
and on shares
To facilitate this exchange offer, the Edison
company will, upon request of Commonwealth Subsidiary Corp., issue
scrip for its fractional shares in denominations of tenths.
(This scrip will
be non-voting and non-dividend-bearing and will be void after Dec. 31,
1938.)
This offer terminates Nov. 15, 1937, unless extended.
3.5 shares of the Edison company are offered by Commonwealth Sub¬
sidiary Corp. in exchange for each of 65,756 issued shares of series B and
series C 6% cumulative preferred stock of Western United Gas & Electric
Co.
A dividend adjustment in cash of $1.50 for each of the 6% cum. pref.
shares will be paid to each holder thereof by Commonwealth Subsidiary
Corp. on exchanges consummated after Oct. 15, 1937 (the propsective
record date for the payment of anticipated Nov. 1, 1937, dividend on
shares of the Edison company) to
compensate for the fractional deduction
company.
classes
$2,624,237
360,621
428.188
Hire of equip. (Dr.).
nation of the number of shares of the Edison
company offered
variation between the dividend dates on the preferred shares
preferred shares of both
$568,227
75,362
;
General expenses..
accumulations on the
on
Edison
357,840
$450,214
80,380
$257,573
expenses
914,513
1,149,955
194,886
3,060,879
405.094
_
Transportation exps
to holders of record
the
$8,251,335
1,026,119
1,312,232
37,191
Maintenance of equip.
by Commonwealth Sub¬
sidiary Corp. in exchange for each of 66,704 issued shares of 6M% cumu¬
lative preferred stock of Western United Gas & Electric Co.
A dividend
adjustment in cash of $1.62 for each of the 6H% cum. pref. shares will
be paid to each holder thereof by Commonwealth Subsidiary Corp. on ex¬
changes consummated after Oct. 15, 1937 (the prospective record date for
the payment of anticipated Nov. 1, 1937, dividend on shares of the Edison
company) to compensate for the fractional deduction made in the determi¬
of
$8,813,642
120,697
147,028
23,780
402,798
47,132
Int.
are
This offer is
$1,309,662
Co.—Earnings—
Balance after operation, maintenance & taxes._
Not
1937—8 Mos.—1936
$7,943,063
$7,417,496
273,420
269,336
560,418
601.242
137,355
193,183
26,362
Maintenance of way and
structures expense.__
Net railway revenues.
Taxes
Operating revenues
Ry.—Earnings—
$1,272,494
Total revenues
$98,546
def5,813
def7,703
def9,196
1603.
Western Public Service
x
1934
1935
$106,376
$132,678
7,817
def641
Wisconsin Central
Period End. Aug. 31—
1937—Month—1936
Freight revenue._
$1,124,668
$1,156,527
Passenger revenue
42,720
48,398
All other revenue
105,105
104,737
Traffic
Gross from railway
Net from railway
Net after rents..
1936
$137,087
13,431
7,270
Gross from railway
Net from
7,578,895
1,400,320
661,335
_
_ .
_
.
of capital assets.
-
-
—
-— -
3,226
--.
67,036
44,241
414,124
......i-.-i...'.—.
Provision for amortization
a
certificate
abandonment by the company of a branch line of railroad
extending from Wharton Junction to a point near Wharton Station, ap¬
proximately 1.25 miles, all in Morris County, N. J.—V. 130 p. 1111
of patents
Prov. for Fed. & Canadian income & excess profits taxes
permitting
;
Wheeling & Lake Erie Ry. —Earnings~
August—
Gross from railway
Net from railway
Net after rents
From Jan.
—V.
after rents
145.
p.
1936
$1,453,345
487,485
394,927
!
— -
Total surplus
!I
1935
$1,120,998
290,958
216,953
1934
$872,825
89,966
9,477
—
Amount
i
...
—
required to reduce goodwill account to $1
Balance July
—
$1,711,121
1,729,042
$3,440,163
832,400
153,397
$2,454,367
31, 1937..
Consolidated Balance Sheet July 31, 1937
11,240,958
3,677,976
3,371,057
9,894,882
2,744,668
2,014,370
8,566,839
1,946,770
1,294,354
7,868,372
1,891,471
1,112,546
1603
Liabilities—
Assets—
Cash
Willys-Overland Motors, Inc.-—Ovtion Granted—
This company has notified the New York Stock Exchange
has been granted to an officer of the
corporation for the
that an option
purchase of 5,000
unissued shares of common stock at the price of $3 per share, and that said
option may be exercised in various amounts during the period commencing
Feb. 1, 1939, and terminating Feb. 28, 1941.—V. 145, p. 2093.
Wilkes-Barre & Eastern RR.—Would Abandon Line—
The company has applied to the Interstate Commerce Commission for
authority to abandon 54 miles of its line extending from the eastern termi¬
tions
and
patent
_
—
Accounts
1,277,568
applica¬
;
1
Deterred charges.
27,831
...
577,668
Dividend
830,769
(net)
Goodwill.
$200,000
416,200
595,145
35,810
Notes payable to
2,556,416
1,310,959
Capital assets (net)
Patents
banks......
payable Sept. 15
payable—trade..—
Accrued payroll.
Fed. and Canadian inc. taxes.
$289,073
...
Accounts receivable.
Inventories
—
Cash dividends of $2.50 per share.___
1—
Gross from railway
Net from railway
Net
1937
$1,439,556
457,648
386,120
Profit, before providing for Fed. surtax on undistrib. profitsSurplus Dec. 31, 1936-------
$6,292,618
116,765
Other accrued liabilities
Capital stock (332,960 shs.)..
Earned
Total
38,029
Other taxes
surplus
Total....
...—
1,858,633
2,454,367
$6,292,618
Note—No provision has been made for Federal surtax on undistributed
profits for the seven months ended July 31, 1937.—V. 145. p. 2093.
Volume
Financial
145
CURRENT
Chronicle
NOTICES
2251
—Announcement
is
being made that
the investment
banking firm of
Hartley Rogers & Company, Inc. is absorbing the organization of E. B.
—In
current review
a
by Hornblower & Weeks, 40 Wall St., New York,
members of the New York Stock Exchange, technical
market
ing current
of
considerations
ikiying
favorable
trends
are
monetary
conbined
with
management,
opportunities
observations regard¬
of
study
a
leading
to
conclusion
a
be afforded under present conditions.
may
1933, the study shows that recent
ordinarily found in a technical reac¬
declines have not exceeded the limits
clearly reveals
"A study of the sequence of speculative movements
that
intermediate
swings of secondary importance are
strong underlying structure.
a
"On the fundamental side, the decline in prices
where
monetary
important
as
has proceeded to a point
Government
the
by
management
corrective factor.
a
inevitable^ bull
"Moreover, they are vitally necessary for the
markets," it is observed.
preservation of
that
chart of the movement of the Dow-Jones industrial and
Illustrated by a
railroad stock averages since February,
tion.
fundamental
become
may
The Administration's fiscal
more
program,
starting with the devaluation of the dollar, has provided, and seems likely
to continue
to provide for some time,
the background for the underlying
direction of prices.
doubt and
The
latter
un¬
result of developments of a temporarily disturbing nature.
a
bring forth
liquidation of a nervous
type, thereby affording
favorable buying opportunities."
general investment business, is announced.
conduct a
Officers of the firm are Albert
Norbert Roesler, Vice-
Graef, President; Eduard Wallach, Vice-President:
Theodore
and
Thiesing,
A
Secretary.
business will be to provide investment
feature of the firm's
service for clients here and abroad
holding domestic and foreign securities.
Mr. Graef
Berlin and
He
was a
was
was
and
is
widely known in
director of the Reichs Kredit
formerly
for 20 years in
foreign banking circles.
Mr. Wallach
Gesellschaft, Berlin.
engaged in the banking business in Amsterdam
and with
Von Goldschmidt-Rothschild & Co., Berlin.
—JackBon & Curtis.
115 Broadway, New York City,
New York Stock Exchange, have prepared a pocket sized
Federal
Reserve
as
members of the
booklet, based on
enables the investor to de¬
securities which must be deposited
margin requirements, which
termine the amount
of either czsh or
of securities, the amount of securities, which may
equity or cash as margin, the amount of securities
be deposited to satisfay a cash margin call, and the amount
which must be sold to satisfy such a call.
The booklet is com¬
margin for the purchase
must
of securities
and six tables, and enables the investor to
any amount from $1 to $1,000,000-
posed of explantatory examples
calculate the requirements on
—Harder & Co.. Inc. announced the opening
cuse.
Kenneth Stearns will join the sales department of Hartley Rogers &
Company, Inc.
—W.
Trust
L.
Hemingway, President of the Mercantile-Commerce Bank &
St.
Co.,
Taylor
Louis,
ment of
The office will be under the manage¬
Alex A. Mengarelli, formerly of Mengarelli & Co., Inc., who has
announced
sale of the
the
business formerly conducted
by his firm, to
Associated with Mr. Mengarelli in the Syracuse
office will be Norman C.
Vice-President of Mengarelli & Co.. Inc.
securities will be cleared through the New York office, and as hereto¬
Schmidt, who was formerly
fore, the two offices will be
—The New
connected with a direct telephone wire.
York Security Dealers Association has released to its mem¬
Exchange
Commission to govern transactions made in the Over-the-Counter Market.
The rules become effactive as of Oct. 1,1937.
In connection with the rules,
members also received suggested forms of confirmations to be used when
bers
a
resume
of the rules promulgated by the Securities and
transactions are
The
annonuced
that time he has represented the bank in the
—Thomas D. O'Bryan and Carl H.
of Levering
the appointment
the bond department of Mercantile-Commerce in the
Mr
E.
Taylor's offices
Mr. Taylor joined
fall of 1929 and since
States of Illinois and Indiana.
Suhr announce the organization of
O'Bryan, Suhr Factors, Inc., with offices at 231 S. La Salle Street, Chicago.
The
new
corporation will act as correspondent of James Talcott, Inc., New
York, with which it has entered into
re-factoring arrangement.
a
Mr. Suhr
formerly in charge of the credit department, wholesale division,
was
of
—Dyar, Hudson & Co., members of the New York Stock Exchange,
the admission of John L. Moore
announce
as a
general partner in the firm-
Mr. Moore has been manager of the firm's office in the Empire State Build¬
the late William A. Moore, Jr., was a partner
His father,
of Dyer, Hudson & Co. at
the time of his death in 1929.
—The New York
Stock Exchange firm of Alexander Eisemann & Co.,
the opening of an
announces
office at Atlantic City, N. J. at the Ritz-
Carlton Hotel, under the co-management
of Dr. A. M. Wolkiser. formerly
of Young
—The
York,
of Alfred R
C lsen and G. Brandon
The firm also announced the association with them as economist
financial adviser to and lecturer to the staff
& Ottley, Inc.
firm of Josephthal & Co., 120 Broadway, New
Stock Exchange
has
prepared
for distribution a circular discussing the outlook for
junior equities in railway reorganizations in the light of recent decisions and
statement
by members of the Interstate Commerce Commission.
Securities
—Bankers
Joseph
of
Corporation,
Philadelphia,
Zeller has become associated with
A.
announce
that
them as manager of their
Mr. Zeller has been actively engaged in the invest¬
business for many years.
'
-7.^
trading department.
ment securities
Upham & Co., members of the New York Stock Exchange,
—Harris.
announce
the
opening of
an
International Building, New
uptown office at Rockefeller Center in the
York City, under the direction of Charles A.
Lindley, resident partner.
—Barclay K. Douglas, a member of the New York Stock Exchange, and
Samuel
R.
Winslow announce the formation of the New York Stock Ex¬
with offices at Harris, Upham & Co.,
change firm of Winslow & Douglas,
Wall Street, New York.
11
—Hoit, Ross & Troster announce
Harder & Co., Inc.
All
has
San Francisco correspondent of the bank.
as
will be located in the Russ Bldg., 235 Montgomery St.
of a branch office at Syra¬
Y., in the State Tower Bldg.
N
presidents of Hartley Rogers
Company, Inc., and Mr. Fisher will also be a director of the enlarged
firm.
be bought with either excess
which
E. iB. Fisher and Irvine W. Elliot, former part¬
B. Fisher & Co., will become vice
Donahue.
formerly engaged in the security business
Amsterdam
&
ing for several years and will continue in charge of that office.
—Formation of Albert Graef, Inc., 70 Pine St., this city, to
President,
of E.
ners
Marshall Field and Company.
,
"The best time to accumulate stocks is during periods of
certainty as
Fisher & Co., of this city.
firm
and
for
many
years
that Howard S. Hoit, founder of the
associated with them as a partner, has again
joined the firm as a general partner.
—Homer & Co., Inc., 40 Exchange
its
Place. New York City, has prepared
periodical circular on the high-grade railroad and public utility bond
market.
r
Whitney & Co., is now associated
—Jackson
.
formerly manager of the 42nd Street Branch of H. N.
---■Jam
&
Curtis
announce
Boucher are now associated
with Hilbert, Condon & Bassett.
that
Alexander
V.
Roe
and
Charles
with the firm.
consummated with customers.
which has been in existence for more than 11 years,
Association,
has been one of the
leading factors among sel-regulating dealer
associations.
-—William H. Haskins, formerly
ciated with Amott, Baker & Co.,
with Swart, Brent & Co., is now assc*
Inc.
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, Oct. 1, 1937
Coffee—On the 27th ulto. futures closed 6
lower in the Santos contract,
to
with sales of 52 lots.
13 points
The Rio
points lower, with sales of only 11 lots.
The Santos contract at the opening showed losses of 10 to
12 points.
There was quite a fluctuation in the exchange
rate from the close on Friday of 15.24 milreis to the dollar,
the rate going to 15.62 on Saturday and bac < today to a
close of 15.45, or a net decline over the period of 240 reis.
Cost and freight offerings from Brazil showed an easier
tendency for the first time in weeks in sympathy with the
weakness in exchange, while the weak action of the stock
market also had its depressing influence.
Accompanying
the weakness in exchange, terme prices were lower in Brazil
also. Rio terme prices closed 150 to 200 reis lower than the
close on Friday and the spot price at 17.000 was 200 reis
lower. The Santos "A" contract closed unchanged to 175
contract closed 4 to 7
reis lower and the Santos "C" closed 75 to 575 reis lower.
futures closed 2 to 8 points
lower, with
in Santos contracts were 5 to
12 points lower, and at the lows of the day prices were 11 to
18 points off, subsequently recovering most of these losses.
The Rio contract closed with net losses of 10 to 18 points.
On the 28th ulto.
sales of 97 lots.
Initial prices
prices in this contract were 6 to 15 points down, the
declines later extending to a net of 16 to 21 points, which
proved the lows of the day. The open market dollar rate
for the day was easier by 350 reis at 15.80 milreis to the dol¬
lar. Since Rio terme prices showed a change in the schedule,
the best comparison for that market was a drop of 200 reis
in the spot price to 16.800.
Santos "A" contracts were
unchanged, "B" contracts 75 lower and "C" contracts
75 higher.
On the 29th ulto. futures closed 7 points up to
Initial
unchanged in the Santos contract, with sales of 103 contracts.
The Rio contract closed 11 to 4 points up, with sales totaling
33 contracts.
Ignoring weakness in other markets, coffee
futures were firm. The December Santos rise was attributed
yesterday.
in part to the increased margin ruling issued late
In Rio de Janeiro futures were 25 to 75 reis lower,
but as an
exchange was better at 15.62.
Cost and freight
prices were 5 to 10 points lower. Mild coffee held steady.
In Havre futures gained 4 to 6 points.
On the 30th ulto. futures closed 10 to 20 points net lower
in the Santos contract, with sales totaling 93 lots.
The Rio
contract closed 16 to 24 points off on sales of 38 lots.
Distant
offset,
dropped below the 9c. level for the first time since
The dollar rate moved on a series of changes
from a previous close of 15.620 to 15.950 milreis to the dollar
before any steadiness developed.
This 330 reis weakness
promoted trade and commission house liquidation, some of
which was European and hedging.
The Rio term market
closed 175 to 350 reis lower, and the spot price ended 16.700,
off 100.
Havre closed 3 to 3 lA francs lower.
Today futures
closed 12 to 17 points up in the Santos contract, with sales
totaling 28 contracts.
The Rio contract closed 14 to 20
points up, with sales of 17 contracts.
The ruling of the
Bank of Brazil aimed at stabilizing the exchange rate,
months
Nov., 1936.
coupled with reports that the Federal Government would
ask the House of Deputies to declare a state of war for
90 days with a view of counteracting threatened extremist
activities—were developments responsible to a large extent
for the pronounced strength in coffee values.
Rio de Janeiro
futures were 50 to 200 reis higher, while the free market
exchange rate improved by liO reis and stood at 15.69
milreis to the dollar, as compared with a low of 15.95, the
day previous.
Cost and freight offers from Brazil were
about unchanged, with Santos 4s at from 10.80 to 11.15c.
Financial
2252
A fair business
reported done yesterday, especially in
cheaper grades.
Havre futures were quoted "firm" at
gains of H to 5H fracs per 50 kilos.
was
the
Rio coffee
prices closed
as
follows:
6.31
December
May
;
September
5.98
March
5.81
5.88 July
5.74
,
Santos coffee
prices closed
follows:
as
December
March
9.43
May
July
10.08
9.23 September
9.09
8.97
Cocoa—On the 27th ulto. futures closed 10 to 17
points
net lower.
Opening trades were at 1 point gain to a loss of
3 points.
The nearby contracts continued the weak spot
on
Sales totaled 414 lots,
the board.
or
5,548 tons, which
rather
quiet compared to the volume seen recently.
London came in unchanged to 3d. lower on the outside,
while futures on the Terminal Cocoa Market ranged 3d.
higher to 4^d. lower, with 960 tons trading. The depressing
factors in the local market were further liquidation by locals
along with some European selling. There was no sustained
support, the demand coming largely from short covering for
profits and a fair volume of hedge lifting. Local closing:
Oct., 6.55; Dec., 6.68: Jan., 6.67; March, 6.72; May, 6.81;
July, 6.90. On the 28th ulto. futures closed 4 to 7 points off.
was
Transactions totaled
came
but
in 9d. to Is. lower
336 lots,
on
4,502 tons.
or
London
the outside and 3s. 6d. easier
on
the Terminal Cocoa Market, with 560 tons changing hands.
A rumor that aroused considerable interest was that the
Hershey
Corporation is going to take the approximate
1,000,000 bags of cocoa beans coming to it in December
contracts, off the market, to be liquidated over a five-year
Seriod. 6.65; May, 6.75; July, 6.86. On the Jar., 6.60;
larch, Local closing: Oct., 6.51; Dec., 6.61; 29th ulto.
futures closed 16 to 23 points down.
719 contracts.
The market broke
to
Transactions totaled
new
low levels under
heavy liquidation credited in the first instance to English
accounts.
Early prices were down 10 to 3 points. London
also broke.
On the fall the leading manufacturers were
credited with buying both futures and actuals. Warehouse
stocks increased 700 bags. The total now is 1,349,893 Dags.
Local closing: Oct., 6.35; Dec., 6.43; Jan., 6.38; March,
6.46; May, 6.55; July, 6.63.
On the 30th ulto. futures closed 9 to 11 points higher.
This compares with the opening range of 3 points lower to
4 points higher.
The market closed only a shade under the
top prices of the day. Transactions totaled 217 lots or 2,908
tons.
London came in unchanged on the outside and lHd.
higher to 4^d. lower on the Terminal Gocoa Market, which
stability helped steady the local market. October notices
continue to meet prompt absorption in the local market,
with Hershey apparently taking most of the deliveries. There
were 33 more
today (Thursday), making the total thus far
290.
Local closing: Oct., 6.46; Dec., 6.51; Jan. 6.50;
May,
6.64; Sept., 6.81. Today futures closed 15 to 19 points up.
Trading was quiet, with the undertone firm, prices closing
at about the highs of the day.
Hershey brokers were credited
with stopping 80 notices of
delivery on October contracts.
Warehouse stocks increased 23,000 bags.
They now total
in excess of 1,376,000
bags. The London market also was
steady. Liquidation appeared to have dried up completely.
Local closing: Dec., 6.68; March, 6.72;
May, 6.82; July, 6.92.
Sugar—On the 27th ulto. futures closed 3 to 4 points net
Reflecting weakness of the raw sugar market and the
lower stock market, domestic sugar futures were soft
today,
declining substantially below the previous close, with transac¬
tions totaling 314 lots, or 15,700 tons.
Heaviest selling was
lower.
believed to be hedging and was entered in
large amounts
through the Wall Street house with the leading Cuban pro¬
ducing connection.
The buying was confined largely to
scale-down
covering, although some new demand was
entered by Wall Street commission houses.
It was reported
as the market for raws
closed, that raw sugar was offered
at
3.25c., but that in some quarters it was available at
points less on a bid, with refiners generally not in¬
several
terested at better than 3.20c.
closed y<i to 1 point net lower.
much
as
1H points
over
market totaled. 148 lots.
effected at 6s. 5^d.,
at 28s.
The world
sugar contract
one time prices were as
the previous close.
Sales in this
Sales in the London market were
At
equal to 1.11c. f.o.b. Cuba, with freight
unchanged to 1
On the 28th ulto. futures closed
point higher.
The action of the futures market
surprising in view of the fact that
was
rather
fell 10 points
delivered, or 2.30c. for Cubas, just before trading
ended.
Current prices for futures are at or near the lows
for the life of the
contracts, but the price for raws at 2.30c.
today was the lowest since January, 1936. As indicated by
the sale of 2,000 tons of
Cubas, due Oct. 24, at 2.30., cost
and freight, a decline of 10
points from the last sale and the
lowest price since
January, 1936, the raw sugar market was
weak today.
The world sugar contract closed unchanged to
1 point
higher, with sales of 106 lots, or 5,300 tons. In the
raw sugar
to 3.20c.
London market
raws were offered
at 6s. 5Hd., equal to
1.11c., f.o.b. Cuba, with freight at 28s. The terme market
closed unchanged to
yd. lower. On the 29th ulto. futures
closed 1 point down to 1
point up in the domestic contract,
with sales of 246 contracts.
January positions touched
The
November, December and
lows for
the season, while
of their low prices.
Selling appeared to come principally from trade sources. In
the raw market a fair amount of
sugar was offered at 3.23c.,
other months
were
within
new
a
point
or so
Chronicle
with
Oct.
2,
1937
buyers.
World sugar contracts were >2 point net
lower at the close, with transactions totaling 122 contracts.
In London futures were yd. lower to yd. higher.
Nothing
wras reported in spot raws.
On the 30th ulto. futures closed unchanged to 2 points up.
Domestic futures were quiet, but ruled firm, reflecting the
slightly steadier raw market. Transactions totaled only 14
lots or 7,000 tons. The lack of interest was induced by dull¬
ness
no
of both the
raw
and refined markets.
Because of the
slightly better demand for raws at 3.20c., sellers were firmer
in holding for 3.25c. However, in one quarter it was possible
to buy a parcel of Cubas at 3.23c. for first half Oct. shipment.
The world sugar contract was steadier on hedge covering.
Prices in this contract closed 1 point higher for all active
totaled only 70 lots.
In London
sold at 6s 5yd equal to 1.09 He. f.o.b. Cuba.
Term prices were yd to 1 yd higher. Today futures closed
unchanged to 1 point down in the domestic contract. Trans¬
months.
Transactions
parcels of
raws
actions totaled 47 contracts.
without
were
The market ruled
narrow
and
special feature. In the raw market buyers and sellers
deadlocked
at 3.20 to 3.25c.
Sellers, however, were re¬
soliciting bids at lower than 3.25c.
Demand for
ported
refined continued slow. World sugar contracts were quiet at
1
point lower, transactions totaling 34 contracts. In London
were unchanged to yd higher, while raws there were
still offered at 6s 6d per hundredweight, equal to about 1.11c.
per pound f.o.b. Cuba, with freight at 29s per ton.
futures
Prices
were as
follows:
July:
2.331 January
September
J March
December...^....2.26 jMay—.....
__2.27
.
2.28
...2.31
Lard—On the 27th ulto. futures closed 5 to 10 points net
higher.
At one stage of the session prices showed gains of
points. This bulge attracted heavy profit-taking,
quite a reduction of the early gains. Total
hog receipts for the Western run were 58,900 head, against
53,100 head for the same day last year. Final hog prices at
Chicago were unchanged to 10c. higher, except heavy sows
which were 10c. to 20c. lower. The top price for the day at
Chicago was $12.45 and the bulk of sales ranged from $10.90
to $12.45.
Export clearances of lard from the Port of New
York totaled 28,000 pounds, destined for Southampton.
Liverpool lard futures were unchanged to 3d. lower. On the
28th ulto. futures closed 5 to 20 points up.
Trading was
moderately active, with a good steady undertone prevailing
during most of the session. Export shipments of lard from
the Port of New York today totaled 256,025 pounds, des¬
tined for London, Liverpool and Glasgow.
Liverpool lard
futures were very steady and final prices were 6d. higher on
the spot October and January deliveries. Hog receipts for
the Western run were 56,500 head, against 58,100 for the
same
day a year ago.
The heavy receipts were above ex¬
pectations and caused hog prices to decline 25c. at Chicago.
The early top price was $12.30 and scattered sales were
reported from $10.75 to $12.15. On the 29th ulto. futures
15 to 30
which resulted in
closed
shade
5
to
10
points higher. Opening lard prices were a
previous closing. Clearances of American
below the
lard from the Port of New York
moderately heavy.
Shipments
so
far this week have been
reported yesterday totaled
112,000 pounds, destined for Liverpool. The United King¬
dom continues to be the largest buyer of American lard,
although Germany and Italy have bought small quantities
recently. Liverpool lard futures were firmer, with closing
prices Is. higher on the spot position and 6d. to Is. 6d.
higher on the deferred months. Hog prices at Chicago were
unchanged to 10c. lower, the top price registering $12.20
and the bulk of sales ranging from $10.75 to $12.15.
Total
receipts for the Western run were moderately heavy and
totaled 22,900 head, against 59,000 head for the same
day
as
last year.
On the 30th ulto. futures closed 5 to 10
points net higher.
Trading was fairly active, prices advancing at one time 15
points above the previous close. Export clearances of
lard from the Port of New York were nil.
Liverpool lard
futures were steady and final prices were 3d to 9d higher.
Western hog receipts were below a year ago and totaled
41,000 head, against 57,200 head for the same day last year.
Prices at Chicago closed 10c. to 20c. higher
owing to the
falling off in the hog marketings. The top price for the day
was $12.35, and sales were
reported at $10.85 to $12.25.
To-day futures closed 3 to 10 points down. This heaviness of
lard was rather surprising in view of the strength
displayed
by most other commodity markets.
to 20
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
September
October
December
January
10.55
10.50
10.40
10.35
10.60
10.55
10.50
10.45
10.80
10.70
10.87
10.87
10.92
10.92
30.82
10.70
10.75
10.85
10.70
10.62
10.70
10.77
10.35
10.87
Pork—Export), mess, $35.12H per barrel (per 200
pounds); family, $35.123^ (40-50 pieces to bale), nominal,
per barrel.
Beef: (export) steady.
Family (export), $26 to
$27 per barrel (200 pounds), nominal.
Cut meats: Quiet.
Pickled hams: picnic, loose, c. a. f.—4 to 6 lbs., 20c.; 6 to
8 lbs., 17He.; 8 to 10 lbs., 16c.
Skinned, loose, c. a. f.—
14 to 16 lbs., 21 yc.; 18 to 20 lbs., 19Hc.
Bellies: clear,
f. o. b. New York—6 to 8 lbs., 25Hc.; 8 to 12 lbs.,
25Hc.;
10 to 12 lbs., 25yc.
Bellies: clear, dry salted, boxed, N. Y.
—16 to 18 lbs., 17Hc.; 18 to 20 lbs., 17Hc.; 20 to 25
lbs.,
17He.; 25 to 30 lbs., 17He.
Butter: Creamery firsts to
higher than extra and premium marks: 29H to 36c. Cheese:
Volume
Financial
145
State, held, '36—22 to 24c.
special packs: 18 H to 26 He.
Oils—Linseed oil quotation
Eggs: mixed colors, checks to
2253
Chronicle
Freights—During the past two weeks the bulk of
been for vessels to transport
grain.
Charters included: Grain booked: Fourteen hundred
tons New York to French Atlantic—Nov., 20c.
Eighty
Ocean
the demand for tonnage has
Quo¬
holds steady at 10.4c.
wood—resale, nearby, tanks, 23He.»nominal.
Crude, Oct.-Dec., 4%e.; Pacific Coast, Nov.
for'd 4He.
Corn: Crude, West, tanks, nearby 6He. nominal.
Olive: Denatured, nearby, drums, $1.30 to $1.35; new crop,
shipment, 95 to 1.10. Soy bean: crude, tanks, West, spot,
6Hc.; Oct., 6c.; L. C. L. N. Y., Oct., 8Hc.; forward 8c.
Edible: 76 degrees, 10Hc.
Lard: prime 13Hc.; extra winter,
strained 12He.
Crude, Japanese, 62c. last price.
Nor¬
wegian, light, filtered, 43c. last price.
Turpentine: 32He.
to 36He.
Rosins: $8.65 to $9.90.
tations: China
loads New York to
Coconut:
3s.
Cottonseed Oil, sales, including switches, 147 contracts.
Crude, S. E., 6He.
Prices closed as follows:
7.33@ 7.39 February
March
7.35@
7.35© 7.38 April-.May
7.40@
October
November
December
—
January
7.45@
7.46@
_
-.-—
-—
-
7.50@
7.53@
.....
London, Liverpool, Oct., Nov., Dec.,
6d.; Glasgow, 3s. 9d. Forty loads New York to Antwerp,
Nov., Dec., Jan., Feb., March, 20c.
Ten loads, Montreal
to Antwerp, Nov., 23c. basis.
Eleven loads, New York to
Copenhagen, Dec., 28c.; option Danish outports at 32c.
Ten loads, New York to United Kingdom, Oct., London
3s. 6d., Liverpool 3s. 9d.
Five loads, New York to Rotter¬
dam, Oct. 20c.
Seven loads, New York to Hamburg, Oct.
20c.
Seven loads, New York to Hamburg, Nov., 21c. Five
loads, New York-Havre-Dunkirk, Nov., 22c. Fif teen loads,
St. Johns to Antwerp-Rotterdam, Jan-Feb., 18c.
Five
loads, Montreal to Antwerp, Oct., 24c. Three loads, Mon¬
treal to Antwerp, Nov., 24c.
Trip: Reported fixed St.
Lawrence to United Kingdom, lump basis equal to 40s. f. i. o.
Sept-Oct. loading.
....
Coal—It is
points
Rubber—On the 27th ulto. futures closed 3 to 10
higher.
low
of
During the session December rubber touched a
From this level, however, prices rallied
18.31c.
briskly and closed with substantial net gains, or some 14
points above the lows for the day. Transactions totaled
3,370 tons. Prices in the outside market were quoted un¬
changed on a spot basis of 18He. for standard sheets. The
London and Singapore markets closed steady and dull
respectively, prices ranging unchanged to 1-16d. higher.
Local closing: Sept., 18.23; Oct., 18.25; Dec., 18.34; Jan.,
18.39; March, 18.45; May, 18.54; July, 18.66. On the 28th
ulto futures closed 27 to 37
points lower. The opening range
unchanged to 8 points lower. Prices closed at or near
the lows of the day. Transactions totaled 5,000 tons. Prices
in the outside market were reported as slightly steadier at
the close, with standard sheets quoted on a spot basis of
18 l-16c. No shipment business was reported. London and
Singapore closed dull and easier respectively, with prices
unchanged to l-16d. lower.
Local closing: Oct., 17.92;
Dec., 18.03; Jan., 18.08; March, 18.18; May, 18.23; July,
18.30. On the 29th ulto. futures closed 32 to 27 points down.
Transactions totaled 555 contracts. This market was weak
was
in
sympathy with a decline in London where first hand as
well as outside selling was reported, which uncovered stop
orders.
rassed.
in
new
There
were
rumors
that
some
firms
were
embar¬
Here the market opened 33 to 60 points lower and
low ground for the season, but recovered somewhat
trading. The London market closed l-32d. to
Hd. lower. Singapore also was lower. Local closing: Oct.,
17.60; Dec., 17.76; Jan., 17.81; March, 17.86; May, 17.93;
July, 18.01; Aug., 18.05.
On the 30th ulto. futures closed 15 to 22 points net lower.
The market opened sharply lower, with initial losses ranging
from 16 to 32 points. Transactions totaled 3,440 tons. The
spot price in the outside market set a new low for the year
of 17H<5- Local closing: Oct. 17.41; Dec. 17.50; Jan. 17.59;
March 17.69; May 17.73; July 17.85. To-day futures closed
20 to 15 points up.
Transactions totaled 263 contracts.
Good trade buying was responsible for the good firm under¬
tone the market displayed.
Opening 13 to 26 points net
higher, the market held these gains during most of the day.
Factory buying of actual rubber continued, it was said.
London closed 3-16 to Hd higher but Singapore was 3-32d
lower. It was estimated that United Kingdom rubber stocks
decreased about 200 tons this week.
Local closing: Oct
17.57; Dec. 17.73; Jan. 17.78; March 17.87; May 17.93;
July 18.00.
in the later
Hides—On the 27th ulto. futures closed 13 to 15
points
The opening range was 4 to 6 points above Friday's
closing. During the later session the market weakened con¬
siderably, influenced apparently by the weakness of the stock
market.
Transactions totaled 4,680,000 pounds.
Local
down.
closing: Dec., 15.15; March, 15.53; June, 15.85; Sept., 16.17.
On the 28th ulto. futures closed 15 to 19 points off.
Transac¬
pounds. The opening range of prices
points up to 2 points decline. • Heaviness prevailed
throughout most of the session.
The domestic spot hide
market is still in an apathetic state, no real business being
tions totaled 2,600,000
was
9
Local closing: Dec., 15.00; March, 15.34; June,
On the 29th ulto. futures closed 13 to 11
points off. This market broke to new lows for the season
when commission houses liquidated freely because of weak¬
reported.
15.69; Sept., 16.00.
Some dealer selling also was reported,
balance the trade were buyers.
Commission
houses also were buyers on the break.
In the early afternoon
the market stood 25 to 34 points net lower.
Transactions
totaled 163 contracts.
Local closing: Dec., 14.87; March,
15.22; June, 15.58.
On the 30th ulto. futures closed 2 to 10 points net lower.
The market opened from 2 to 14 points decline.
Heaviness
prevailed during most of the session. Transactions totaled
3,200,000 pounds. No new developments were reported in
the spot situation. Local closing: Dec. 14.75; March 15.16;
June 15.48; Sept. 15.79.
To-day futures closed 3 to 11
points up. , Transactions totaled 54 contracts. The market
ruled strong in sympathy with the action of most other
commodity markets.
Spot hides continued quiet, with
tanners and packers still wide apart.
Local closing: Dec.
14.88; March 15.26; June 15.57; Sept. 15.90.
ness
in other markets.
although
on
reported that high quality coals have been
active the past two weeks, and shippers are
further behind on shipments of these grades than the more
especially
It is further stated that the railroads have
inferior fuels.
moved to better
supply at the mines.
Operators have
100% car rule was effective at once.
It will apply until conditions improve.
The 100% car rule
car
been notified that the
means
that mines with "no bills"
of the mine's
obtain
cars
daily
car
the mine must
or
unsold loads in excess
get no cars. In order to
have less loads on hand than the
rating
can
Certain retailers who had bought coal at
under present levels are finding it difficult
to get shipments on time, the mines generally claiming that
the car shortage handicaps them.
Several shippers are
advancing spot prices 25c. per ton to take advantage of the
situation, so it is stated.
daily
car
rating.
25 to 50c. per ton
Tin, Lead, Zinc, Steel
appearing here, will be found in the
the end of the department headed
"Indications of Business Activity," where they are covered
more fully,
H/H;'
'.V--.;;
Metals—The
report of Copper,
and Pig Iron, usually
articles appearing at
Wool—Sluggish conditions continue to prevail in the raw
wool market, with dealers not at all optimistic over the out¬
look.
Call for raw wool is mostly for filling-in purposes on
smaller units. The large mill organiza¬
practically out of the market, this
being the situation for several weeks.
Buying interest in
spot wools is in greatly contracted volume and the only
signs of mill interest are said to be tentative bids on the raw
material generally lower than dealers are willing to consider.
A downward trend to prices on raw wool is noted both here
and abroad, but it is believed that such a movement may
be easily reversed on the appearance of greater confidence.
Reports are to the effect that large holders of wool are
resisting bearish pressure, knowing full well that lots sold
at prices meeting the notions of manufacturers and top
makers, could not profitably be replaced by purchases of
wools in the West.
It is stated that the strongest wool
market in the world at this time is found in the American
territory States where holders are still hanging on to their
wool and showing no indications of meeting the lower bids
that dealers find necessary in view of the declining tendency
in the Eastern market.
Sales at the several Australian
centers, which show some expansion under the conbined
purchases of France, Britain and to a limited degree by
Japan, are being watched for their effect on the market here.
the part of some of the
tions are reported as
unchanged to 2c.
lc. loss to a gain of He.
The September option
expired without much excitement.
There were 12 more
notices, bringing the total to 126, which number was only
1.7% of the 7,359 lots sold during the life of the contract.
At the same time trading started in May, 1938. Japanese
cables were weak, accounting for some of the losses here.
Grade D fell 20 to 22H yen. Bourse prices ran 10 to 17 yen
lower at Yokohama and 7 to 13 yen weaker at Kobe.
Cash
sales, 925 bales, while
futures transactions were 6,275
bales.
Local closing:
Oct., 1.71 Hi Nov., 1.69H; Dec.,
1.67H; Jan., 1.66; Feb., 1.66; March, 1.65H; May,
1.64H*
On the 28th ulto. futures closed He. higher to
lc. lower.
Opening sales were at a loss of He. to lc. per
pound.
Transactions totaled only 1,390 bales. At one
stage prices showed gains of He. to lHe. above the previous
closing. Japanese cables reported slightly lower markets.
Grade "D" eased 5 yen in both Yokohama and Kobe, the
former quoting 817H yen and the latter 815 yen.
Bourse
prices on these markets were, respectively, 2 yen lower to
3 yen higher and 1 to 4 yen lower.
Cash sales were 1,000
bales, while transactions in futures at both centers totaled
8,275 bales. Local closing: Oct., 1.71H; Nov., 1.69H; Dec.,
1.68; Jan., 1.66H; March, 1.65; April, 1.65; May, 1.64H*
On the 29th ulto. futures closed 2 to 4 points down. Weak¬
ness in the Yokohama silk market and breaks in stocks and
in other commodities unsettled the silk futures market.
Liquidation set in which carried prices here to new seasonal
lows.
Japanese selling was reported. Trade support, short
covering and buying by importers stayed the decline. Trans¬
actions totaled 344 contracts.
Maximum declines for the
day were 4 to 4He. Crack double extra spot silk declined
Silk—On the 27th ulto. futures closed
The opening range was
Transactions totaled 2,760 bales.
net lower.
Financial
2254
2^c. to $1.81
a
Yokohama prices were 16 to 23 yen
pound.
Grade "D" silk
lower.
Chronicle
12^
was
lower at 805
yen
yen a
Week Ended
bale.
Great
New Orleans
5",405
Savannah
Charleston
23,031
Crop,
as
81,657
30,501
24,508
27,426
4,331
15.007
58,669
7,474
18,137
55,081
Total 1935
22,760
19,563
iy'—
Exports from—
Britain
29,582
47,320
42,505
51,421
1,974
35,518
7*612
Wed.
Mon.
Tues.
21,620
24,144
1,641
Thurs.
104
3,073
11,671
248
Fri.
16,864
1,220
Corpus Christi-_
Beaumont
21,705
12,794
1,534
1,582
43,534
2,677
2,615
711
;
-
-
New Orleans
16,461
20,446
2,262
431
Mobile
-
-
-
-
-
_
15,644
3,882
32,659
4,784
Pensacola, &c
-
y
'
•
Jacksonville
M
■
^
'-'m 'mr'm.
■
m
V-
'•«»
yw
3,240
2,272
1,099
1,281
1,468
1,175
199
60
274
199
65
Charleston
Norfolk
221
118
426
240
441
346
36,669
91,839
90,846
46,883
89,724
Baltimore
----
184
1,277
2,050
2,420
The
1,028
Since Auy
This
Week
1, 1936
1937
715,554
196,370136,768
154,262! 92,231
116,426
120,850
35,695; 204,329
63,196 192,251
1,085 87,214
1,700137,017
777,887
761,507
us
305,882
79,129
27,225
542,739
City
Leaving
Galveston
Ger¬
200
Houston
New
653",786
69",014
315,382
669",658
8,360
1,582
128,744
16,180
7,392
239,593
11,466
363,020
4,273
394,344
64,734
25,204
1,807
81,297
5,830
76,131
137,597
15,890
528,713
81,287
17,791
3,100
159,498
20",405
101",601
12",786
75,593
70,315
5,207
55,194
2,013
9,214
3,722
40,694
3,634
4,638
48,707
8,754
19,946
3,875
Jacksonville
427
Savannah
4,868
169
3,483
429,159
69,568
52,547
2,766
119.055
15,018
3,291
169,952
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk.
909
1,792
______
801
1,694
72,112
31,337
10,554
24,603
Newport News.
"""loo
"
Baltimore
1,028
5,689
"894
""5", 169
""ioo
3,321
New York_____
Boston
5,121
950
775
Philadelphia
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
1937
1936
1935
1934
Orleans.
Savannah
144,732
135,094
128,744
16,180
11,466
101,217
69,014
95,227
16,140
5,830
54,635
64,198
102,548
47,297
78,629
28,236
27,500
8,071
5,755
20,405
Houston
Mobile
12",786
23",698
909
801
838
1,792
1,694
2,216
Brunswick
__
Norfolk.
1,395
Total this wk_
116,889
134,980
78,617
7,615
9,839
103,256
107,446
40,846
12,118
6,813
8,321
"l"0", 164
"l"0",003
117
2,163
3,165
1,614
3,932
4,196
51,095
20", 479
"17", 045
22",383
43",349
37",638
23",421
319,754
326,252
244,448
401,837
311,264
Since Aug. 1__ 2,355,241 1,752,924 1.716,378
1,357,905 2,165,519 1,817,530
The exports for the week
ending this evening reach a total
199,728 bales, of which 81,657 were to Great Britain,
30,501 to France, 24,508 to Germany, 27,426 to Italy,
4,331 to Japan, 3,841 to China, and 27,464 to other de¬
of
stinations.
In the corresponding week last
year total exports
162,752 bales. For the season to date aggregate exports
have been 855,645 bales, against
777,887 bales in the same
period of the previous season.
Below are the exports for
the week.
669,254
635,099
491,347
159,498
70,315
74,862
3",425
1,605
6",425
19,946
Total 1937—
12,408
40,560
45,725
8,791
11,077
12,370
23,581
19,747
5,866
38,695
40,778
9,406 124,650 2,356,531
2,500 119,827 1,865,853
4,397
68,049 1,840,086
36,625
Speculation in cotton for future delivery
moderately
was
active during the past week, with the price trend generally
There
nothing in the week's developments
was
those friendly to the upward
favorable for
side.
Weather
consensus
of
harvesting and ginning operations.
opinion
is
that
increase
an
from
the
16,098,000 bales last reported will be shown in the coming
government
report.
crop
abroad, has indeed
This, with
record
decidedly bearish effect
a
cotton
crops
sentiment.
on
'
On
the
higher.
25th
ulto.
prices closed unchanged to 6 points
The market showed
a
strong disposition to work
higher in the early session, but the upturn continued to meet
growing hedge selling, and improvement
lived.
Nearby
strength
on
positions,
especially
market
was
relapse,
afte-
early
Cooperative brokers
contracts down from
which ended the
undermined
on
an
were among
was
be
early high of 8.53 to 8.43c.
cautious
6
points higher.
While
puzzling, the bearish element
in
their
Southern spot
October,
the
was
market
inclined to
operations pending definite in¬
producer toward the Govern¬
markets,
unchanged to 5 points higher.
as
officially reported,
Average price of mid¬
dling at the 10 designated spot markets
27th ulto. prices
prominent
more
belated reaction, which carried May
dications of the attitude of the
were
the
con¬
long liquida¬
previous session at 8.33, went from 8.48 to
finishing net
ment loan.
short¬
showed
but the fresh stock
steadiness,
structive sentiment and resulted in renewed late
more
very
December,
aggressive buying credited chiefly to covering
operations for Wall Street accounts,
1932
479,801
were
46,300
34,559
37,366
236,210
Total 1935
8.39,
1933
N'port News.
All others
2,000
1,869
5,537
Other ports
200
Charleston
Wilmington
27,400
5,141
2,729
Norfolk
generally
New
8,000
6.790
8.791
Stock
Total
Savannah
479,801 2,355,241 319,754 1,752,924 2,481,181 1,985,680
Galveston
wise
9,946
20,309
_
sellers of later months
we
Coast¬
Foreign
Charleston—.
tion.
Totals
Other
many
8,700
10,813
Orleans.
Mobile
50
13 5",094
Pensacola, &c__
Shipboard Not Cleared for—
Francs
Britain
578,737
16,140
980
855,645
The
434,567
95",227
■■•a
8,074132,610
Great
1936
593,065 101,217
Houston
New Orleans
8,745
458
Sept. 17 at—
Since Aug
1, 1937
Corpus Christi.
Beaumont
706
45,601
continued
This
Mobile
50,442
7,752
1,254
1,207
L062
Stock
Week
Texas
420
4,617
1,300
11,495
42,956
2,391
1,395
92,846
downward.
144,732
189
"323
telegrams tonight also
the following amounts of cotton on shipboard, not
cleared, at the ports named:
Receipts to
Galveston
819
""~9
167,302
to encourage
1
1*466
In addition to above exports, our
following table shows the week's total receipts, the
1, 1937, and the stocks tonight, compared
Oct.
200
6,366
Total 1936....
97,062 479,801
1936
16,558
Total 1935
total since Aug.
with last year:
1937
"200
522
Total 1936
62,448'
Totals this week-
7,949
266,691 142,521
1,792
1,028
_
45,954
13",856
19,249
12,378
Total
909
—
3,040
159,925
178,704
269,288
2,274
89,271
9,582
24,044
67
Los Angeles
San Francisco.
52,903 135,094
1,679
8,360
1,582
128,744
2,144
16,180
1,261
3,875
427
427
1,340
11,466
11,486 20,405
5,207
5,207
112
Lake Charles-
4,834
20,078
3,727
20,993
Total
23,865
33,093
Total
2,309
2,208
Wilmington
Other
10,511
4,978
9,840
120
7,759j
.
&c.
Norfolk
20.176 144,732
2,010
1,983
Savannah
Charleston
China
Japan
39
_
On
Houston
13,289
10,463
16,746 162,752
34,931 198,455
15,878
17,927
42,334
7,57$
give
44,796
17,926
1,575
"600
32,221
100
Savannah
increase since Aug. 1, 1937 of 602,317
Sat.
31,505
59,141
Jacksonville..
bales.
23,146
Italy
many
33,965
45,785
...
Pensacola,
previous week, making the total receipts since Aug. 1, 1937,
Receipts at—
France
Corpus Christi.
Houston
2,355,241 bales, against 1,752,924 bales for the same period
Galveston
27,464 199,728
Ger-
44,201
Galveston
For the week
3,841
Exported to—
Great
bales, against 411,538 bales last week and 347,270 bales the
an
34,334
From
Aug. 1,1937, to
Oct. 1, 1937
tele¬
1,800
50
"eoQ
45,684
Total
23,784
"250
'
Total 1936
Mobile...—_
our
"753
*950
Los Angeles
Lake Charles.
indicated by
4,479
10,948
"so
Norfolk
ending this evening the total receipts have reached 479,801
showing
50
1,461
Beaumont
from the South tonight, is given below.
of 1936,
5,405
3,018
10,948
Pensacola, &c
Friday Night, Oct. 1, 1937
1,546
50
Jacksonville
COTTON
10,580
2*030
:> "707
■
Mobile
26,885
*836
1,424
2" 9 53
Lake Charles
55,653
3~841
1.701
7,745
1,424
4,761
New Orleans...
grams
10,541
Total
57,124
China
Japan
6,187
8,677
3,215
Other
839
11,105
11,178
9,320
■'4,288
Italy
many
11,169
6,988
11,637
Corpus Christi..
Beaumont
^
Movement of the
France
17,485
14,585
Houston
compared with opening losses of 3d? to lj^c. The rally
quite natural following the pronounced weakness
over the past few days.
Sales totaled 2,(XX) bales. Grade
"D" at Yokohama broke 15 yen.
However, the futures
markets showed some gains, Yokohama closing unchanged
to 5 yen higher and Kobe 2 to 7 yen firmer.
Cash sales for
both markets totaled 825 bales, while futures transactions
totaled 3,425 bales.
Local closing: Oct. 1.70; Nov. 1.69;
Dec. 1.65; Jan. 1.64; March 1.62^; May 1.623^.
To-day
futures closed Mc. to 2He. down. This market was lower on
talk of a boycott of Japanese silk.
Moreover, monthly
statistics contained no surprises.
All positions hit new lows
during this session. The price of crack double extra silk in
the New York spot market declined 2 cents to $1.77 a pound.
Yokohama broke 12 to 20 yen a bale and Grade D silk was
5 yen lower at 785 yen a bale.
Local closing: Oct. 1.69^;
Nov. 1.68; Dec. 1623^; Jan. 162; March 1.60^; April 1.60y2\
May 1.60^.
This
1937
Ger¬
Britain
Galveston
was seen as
2.
Exported to—
Oct. 1, 1937
Exports from—
closing: Oct., 1.69M; Nov., 1.67; Dec., 1.64; Jan.,
1.62; March, 1.60^; May, 1.60}^.
On the 30th ulto. futures closed V2c. to 2c. net higher.
Local
The
Oct.
was
8.22c.
On the
closed 4 to 9 points down.
The opening
range was 8 to 14 points above the previous closing, dis¬
counting Liverpool cables which came in 7 to 15 American
points higher than due. The market was active at the start,
with a fairly good demand from trade sources, active cover¬
ing, buying by Wall Street and a good offtake for Liverpool
and Europe.
Later, considerable liquidation of the October
delivery developed, tomorrow being first notice day.
This
with Southern and New Orleans selling and offerings from
wire houses put quite a crimp in the market.
Toward the
close renewed firmness developed as hedges proved lighter
than expected and further short covering came in.
Feeling
prevailed in the trade that perhaps the greater part of the
certificated stock of 60,407 bales of cotton would be tendered
Volume
Futures—The
against October contracts tomorrow.
On the 28th ulto.
prices closed 4 points up to 3 points off. Attention of the
trade appeared to be focused on the October delivery. There
was active evening
up in the spot month following issuance
of delivery notices for 50,700 bales.
Apparently the latter
proved larger than expected, and considerable liquidation
resulted.
However, the redeeming feature of the trading
was the way these
offerings were absorbed, the demand being
a decided
improvement was noticed
The premium over December widened
such that
the list.
to
Oct.
Wednesday
Thursday
Friday
Sept. 28
Sept. 29
Sept. 30
Oct. 1
(1937)
Range..
8.28- 8.48
8.32- 8.49
8.38- 8.60
8.34-
8.29- 8.37
8.29- 8.40
Closing
8.39
8.47
8.51
8.35
8.31w
8.40
.
8.32n
8.40w
8.42w
8.28»
8.2 4 W
8.3477
Range..
8.17- 8.38
8.20- 8.39
8.25- 8.42
8.20- 8.28
8.15- 8.22
8.15- 8.30
Closing
8.25- 8.26
8.33
8.33- 8.34
8.21- 8.23
8.16
8.28- 8.29
8.19- 8.36
8.23- 8.41
8.28- 8.42
8.21- 8.29
8.15- 8.23
8.14- 8.26
_
8.26
8.35- 8.36
8.35
8.22
8.16
8.28
_
Closing
_
Dec.—
.
Jaw.(1938)
Range
.
Closing
8.38w
8.36w
8.26W
8.19n
Range..
8.28- 8.43
8.30- 8.48
8.35- 8.49
8.27- 8.36
8.22- 8.29
8.15- 8.27
Closing
8.33- 8.35
8.41- 8.42
8.38- 8.39
8.30- 8.31
8.22
8.26- 8.27
8.38»
8.45n
8.43w
8.34W
8.26w
8.38- 8.53
8.37- 8.55
8.43- 8.58
8.36- 8.45
8.30-
8.43- 8.44
8.49- 8.50
8.48
8.39
8.30- 8.32
8.35
8.3677
_
Range__
Closing
Range..
Closing
.
8.48«
8.53w
8.52 n
8.42w
8.33w
Range.
8.49- 8.62
8.44- 8.65
8.50- 8.66
8.43- 8.53
8.37-
Closing
8.54
8.58- 8.60
8.57
8.46
8.37
Closing
.
3,700,000 in the latter.
in
Closing
_
Range for future prices at New York for week ending
and since trading began on each option:
Oct. 1, 1937,
8.28 Sept. 25
Nov. 1938.
8.60
8.42
a
with
rally,
Sept. 28
9.04
.
deliveries wiping
most
8.42
Sept. 28
Sept. 27
8.42
Sept. 27
1
8.49
Sept. 28
8.15
Oct.
May 1939..
8.20 Oct.
1
8.58
Sept. 28
8.20
Oct.
1939..
Aug 1939
Sept. 1939._
8.22 Oct.
1
8.66
Sept. 28
8.22
8.14 Sept. 30
1939..
8.40
Mar. 1939..
9.63
July
The Visible
afloat
are
this week's returns,
around
are
1937
Oct. 1—
393,000
81,000
51,000
684,000
111,000
135,000
8,000
763,000
128,000
125,000
7,000
44,000
33,000
444,000
159,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona—
off
-
Stock at Genoa
12,000
5,000
4,000
~
Stock at Trieste..
Stock in Bombay, India
245,000
Stock in U. S. interior towns
'
.
U. S. exports
,
%
quotation for middling upland cotton in the
New York market each day for the past week has been:
The official
Sat.
8.59
Sept. 25 to Oct. 1—Middling upland
Mon.
8.62
Tues.
8.66
Wed. Thurs. Fri.
8.50
8.46
8.55
New York Quotations for 32 Years
quotations for middling upland at New York on
Oct. 1 for each of the past 32 years have been as follows:
The
8.55c.
1929
19.15c.
1921
1936——-12.64c.
1935
11.05c.
1928
1927
19.4.5c.
21.80c.
1919
1934.
12.50c.
1926
14.30c.
1918
9.95c.
23.55c.
1917
25.90c.
1937
1933
1920
7.05c.
1925
1924
1931
5.80c.
1923
29.50c.
1916
1915
1930
10.50c.
1922
20.35c.
1913 .—14.20c.
1912
11.45c.
1911
10.35c.
1910
13.75c.
1909
13.55c.
1908
9.30c.
1907
11.80c.
21.10c.
25.00c.
32.55c.
34.30c.
25.25c.
1914
1932
>—
16.00c.
11.90c.
10.25c.
1906
Market and Sales at New York
The total sales of cotton
week at New York
For
the
on same
on
the spot each
day during the
indicated in the following statement.
convenience of
which show at
closed
are
the reader, we
also add columns
glance how the market for spot and futures
days.
a
159,000
125,000
673,000
2,481,181
1,490,564
—
36,040
^
Stock in U. S. ports..
compared with 201,000 bales last week, 265,000 bales
last year and 203,000 bales in the similar week two years
today
totals of American and
stock
Europe
.....
o
Liverpo^lTo^k^!!^ 1 * -17-—stock
Bremenstock
II
Havre stock
Other Continental stock
Indian afloat for Europe-...---Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt.....
Bm^ay,
India.
Total East India,
-
__
Steady, 6 pts. adv..
Steady,^3 pts. adv..
Steady, 4 pts. adv..
Quiet, 16 pts. dec..
Steady, 4 pts. dec..
Steady, 9 pts. adv..
Total week.
Since Aug. 1
Closed
Steady
Steady
Steady
Steady
Steady
Spot
Contr 'ct
I
1
t
I
Firm
5.710
19,797
1
I
I
1
1
1
1
1
1
t
Liverpool
New York
g'd fair, L pool
C.P.Oomra No.l
1
279,000
,813,615
,547,572
38,303
404,000
482,000
159,000
125,000
673,000
168,000
177,000
710,000
64,000
38,000
39,000
21,000
35,000
47,000
53,000
43,000
66,000
54,000
284,000
26,000
68,000
24,000
54,000
63,000
147,000
107,000
464,000
637.000
41,000
60,000
29,000
63,000
71.000
157,000
196,000
742,000
.
,
staple.s'fine.Liv
„
__
6.09d.
4.20d.
7.87d.
5.87d.
I
I
1
5",loo
I
I
"610
Total
1
311,000
35,000
298,000
111,000
86,000
222,000
supply
Peruvian Tanguis,
Closed
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
Market
91,000
49,000
60,000
6,420,785 6,378,124 5,564,166 7,396,490
4.89d.
7.02d.
6.59d.
6.88d.
12.45c.
11.35c.
12.53c.
8.55c.
9.05d.
10.87d.
8.57df
Egypt, good Sakel, Liverpool
8.25d.
5.19d.
5.78d.
5.86d.
Broach, fine, Liverpool4.05d.
Total visible
Middling uplands,
,
Spot Market
462,000
82,000
30,000
1,558,000 1,800,000 1,237,000 1,996,000
4,862,785 4,578,124 4,327,166 5,400,490
&c-
Total American
Middling uplands,
iiddling
SALES
Futures
follows:
249,000
...4,862,785 4,578,124 4,327,166 5,400,490
Total American....
Stock in
m'RRR
76,000
...---.--.----2,481,181 1,985,680 1,908,135
stock.....
L490,564 1.832.026 1.784.489
today.
36,040
27,418
21,542
U. S. port stock.
Manchester
109,000
rrl'RRR
74,000
96,000
7,000
-
American afloat for
200,000
i^'RRn
Other Continental
U. S. exports
647,000
790,000 1,609,000
71,000
63,000
222,000
279,000
157,000
147,000
168,000
196,000
107,000
177,000
742,000
464,000
710,000
1,985,680 1,908,135 2,813,615
1,832,026 1,784,489 1,547,572
38,303
21,542
27.418
177,000
bales.
.
.....
Ha^estock....::
S.Kfor
14,000
10,000
\!-
Liverpool stock
Manchester Stock
u!
346,000
other descriptions are as
American—
Bremen stock
350,000
962,000
358,000
140,000
24,000
56,000
45,000
6,420,785 6,378,124 5,564,166 7 ,396,490
Total visible supply
Of the above,
7,000
6,000
73,000
10,000
27,000
64,000
8,000
5,000
1934
886,000
76,000
959,000 1,113,000
54,000
35,000
311,000
462,000
Total European
bales
ago.
275,000
Total Continental stocks
prices.
The cotton goods markets were
Exchange estimates world spinners' tak¬
ings of American cotton for the week at 235,000 to
1935
682,000
stocks.
India cotton afloat for Europe...
American cotton afloat for Europe
Egypt, Brazil ,&c.,afl't for Europe
Stock in Alexandria, Egypt
rally in
1936
Stock at Liverpool
bales. 581,000
Stock at Manchester....103,000
tropical disturbance in the Gulf of Mexico, were regarded
as unfavorable, and this in a measure was responsible for
The Cotton
made up by
Foreign stocks as well
and consequently all foreign
follows.
as
Stock at Venice and Mestre
late
5 1937
1 1937 12.96 May 21 1937
Aug. 27 1937 11.36 July 27 1937
Oct.
1 1937 11.36 July 27 1937
Supply of Cotton tonight, as
telegraph, is
close.
Futures on the Liverpool market
were steady after the opening here.
Rains in the eastern
belt and the outlook for further rainfall, combined with a
the
1 1937 13.97 Apr.
brought down to Thursday evening. To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
figures
from the previous
dull.
8.15
1939
Apr
all their
out
5 1937
12 1937
8.15 Oct.
1939..
Feb.
Liv¬
been 12 to 16 points
Sept.
5 1937
Sept. 30 1937 13.93 Apr,
5 1937
8.14 Sept. 30 1937 13.94 Apr.
8.40 Sept. 27 1937 13.85 Mar. 31 1937
1938..
Jan.
Average price of middling at the 10
Some months had
earlier losses.
1937 13.98 Apr.
1 1937 12.40 July
8.28 Sept. 25
Sept. 28
8.15 Sept. 30
1938..
Oct.
Range Since Beginning of Option
Range for Week
Option for—
designated spot markets was 8.14c.
Today prices closed 1 to 12 points up. Cotton prices were
generally lower in the early afternoon, with all months
down except December.
During the last hour there was
quite
8.38- 8.40
Nominal.
7i
the Board here
and
8.22- 8.40
Closing
week's minimum
former
—
Range.
selling by spot interests.
the
—
Sept.— 7
indicated both in China and Soviet
bales
—
Range..
as
crops
—
8.46
Aug.—
a
4,400,000
8.20- 8.35
Range
good demand was noted.
The trade
limits point by point down.
The govern¬
record
—
July—
and later in the day rather liberal
with
—
8.37
June—
cable and
Russia,
8,3071
May—
by brokers believed to be acting for the cotton cooperatives,
ment reports
—
April—
erpool cables were 3 points higher to 2 points lower than
due.
There was active hedge selling in the local market
took contracts on
8.2777
8.29n
Closing
Cotton
prices dipped generally into new low territory since May,
1933, during this day's (Thursday's) session as spot cotton
down
—
March—
On the 30th ult. prices closed 4 to 9 points lower.
The market opened 3 to 6 points lower.
—
8.40- 8.42
Range__
Dec.
On the scale
—
Feb.—
8.19c.
on
8.47
Range..
throughout
at one time
points. Following the consumma¬
exchange, tension was relieved and prices moved
irregularly lower on moderate hedge selling, increased local
offerings and reselling by some recent buyers. The American
Cotton Cooperative Association estimated the cotton crop,
as of
Sept. 17, at 16,583,000 bales, compared with endAugust indication of 15,884,000. Southern spot markets, as
officially reported, were unchanged to 1 point lower. Average
price of middling at the 10 designated spot markets "was 8.30c.
On the 29th ulto. prices closed 8 to 16 points down. Liquida¬
tion of October and sales by spot interests were largely
instrumental in bringing about the drop in values.
Reac¬
tionary sentiment is again prevalent.
Failure of rallies in
stock and grain markets was discouraging and promoted
scattered selling to close prices within a narrow margin of
the day's lows.
Positions from March forward slipped into
new low ground for the
season, reflecting further moderate
hedging, although the latter generally was not as active or
insistent as recently.
The address of Secretary Wallace at
Memphis tomorrow is looked forward to with much interest .
He is expected to clarify the Agricultural Adjustment Ad¬
ministration cotton policy.
Weather conditions continued
favorable for picking and ginning, as confirmed by the weekly
weather report.
Movement of cotton continues heavy.
Average price of middling at the 10 designated spot markets
did likewise.
Tuesday
Sept. 27
Nov.—
tion of the
South receded below last
Monday
Sept. 25
between two houses at 17
here and in the
at
Saturday
points, but narrowed somewhat later following an
exchange of 40,000 bales of October-December contracts
prices and all months excepting October
lowest and closing prices
week have been as follows:
highest,
New York for the past
20,
was
2255
Chronicle
Financial
145
II
"200
"610
5", iod
5,710
19,997
been 91,000 bales.
increase over last
week of 751,187 bales, a gain of
42,661 over 1936, an
increase of 856,619 bales over 1935, and a decrease of
975,705 bales from 1934.
Continental imports for past week have
The above figures for 1937 show an
Financial
2256
At
the
Interior
the
Towns
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:
1,
Movement to Oct.
1937
Ship-
Receipts
Towns
Movement to Oct.
Stocks
.
ments
Week
5.915
232
1,599
5,520
Selina
8,866
Ark.,B]ythevllle 16,870
Forest City5,328
Helena
9,437
Hope
8,044
Jonesboro-3,252
Littie Rock..
13,775
Newport
5,233
Pine Bluff.
13,437
Walnut Ridge
6,864
Ga., Albany...
1,560
Athens
3,680
Atlanta
4,167
Augusta
13,614
Columbus
1,200
Macon
7,008
Rome
1,925
La., Shreveport 14,258
Mlss.Clarksdale 18,056
Columbus
3,401
Greenwood.. 23,605
Jackson
6,799
Natchez
2,354
Vicksburg
3,520
5,668
21,379
34,102
33,637
9,780
25,332
19,051
4,860
29,192
1,035
Eufaula
Montgomery.
950
237
749
695
5,107
22,772
753
63,826
4,955
36.439
4,662
76,939
17,418
58,544
8,323
99,303
3,087
10,001)
1,131
13,258
50,084
14,858
3,345
32,335
7,865
814
20,043
15,617
4,572
3,56
540
8,879
1,504
1,240
22,600
1,615
825
2,909
81,937,
4,370
12,845
4,250
15,016
78,126
500
3,775
12,172
1,455115,558'
1,300, 33,600
2,181! 29,442
700 16,128
5.970 39,539
5.971 53,686
636
18,798
5,767 76,256
1,659 22,729
501
61,577
18,365
246,877
868
1,576
24,182
23,657
3,362
56,663
3,985
43,898
2,283
1,613
2,434
17,522
18,966
20,202
72,683
134,367
350
33,550
17,227
1.826
500
1,748
49,115
8,030
61,342
6.827
908
19,552!
106,418 10,034
37,038
2,655
135
3,881)
11,564
1,193
7,103
14,741
10,195
2,983
84,807
1,714
27,433
20,659
7,018
7,582
940
849
22,478
13,311
60,234
9,520
12,079
20,407
39,944
48,287
30,556
78,431
31,042
462
3,295
5,727
3,042
1,630
6,680
31,920
32,233
40
2,117i
6,680
254
1,358
1,701
92,238
8,151
4,586
40,325'
10,073
38,870
400,434
4,523
90,481
45,019
809
3.604
10,428
28,968
1,966
1,659
Oklahoma—
15 towns
S. C.,Greenville
Terni., Memphis 107,592
Tex., Abilene
4,666
Austin
2,477
Brenham
1,174
Dallas..
10,017
Paris
10,715
Waco
13,619
11,331
9,913
1,063
3,065
35,039
14,517
68
15,518
712
3,151
234
6,419
397
663
226
4,230
10,184
9.916
1,430
7,190
9,193
3,543
5,440
55,696
16,489
6,464
12,089
4,288
72
Monday
Tuesday
Wednesday
Sept. 25
Oct.
Sept. 27
Sept. 28
Sept. 29
(1937)
8.35
Bid.
8.41- 8.43
8.42- 8.45
486
9,865
779
8.42
8.41- 8.42
8.30
8.26- 8.27
8.39
8.46
8.45
8.30
8.2568.20a 8.346-8.36a
(1938)
8.42
8.50- 8.51
8.51
8.37
8.31- 8.32
8.34
8.51
8.56- 8.57
8.59
8.4568.47a
8.38
8.40
8.58
March
May
8.63
8.6368.64a
8.54
8.46
June
July
Tone—
Steady.
Steady.
Spot...;..
Barely stdy
Options
Steady.
Steady.
Steady.
where in the belt.
With cooler weather
,
13,157
15,270
265
4,028
6,221
Via Mounds. &c
Via Rock Island
.
Week
Aug. 1
Aug. 1
6,680
3,660
32,753
20,520
1,172
866
"105
Via Virginia points
Via other routes, &c
32,865
29,019
4,385
8,570
33,857
37,967
_
Austin
....18,581
.18,581
91,345
23,295
High
0.11
86
dry
dry
Abilene
1
Brenham
1,028
894
354
4,723
5,689
1,796
37,379
9,908
5,169
2,737
68,221
Corpus Christi
Dallas
1
El Paso
5,947
44,864
11,156
76,127
12,634
46,481
12,239
.
Total to be deducted
.
Week\]
Week
Aug. 1
Receipts at ports to Oct. 1
...479,801
New overland to Oct. 1
12,634
Southern consumption to Oct. 1..130,000
2,355,251
46,481
1,135,000
46
56
—
1
0.20
88
88
92
50
69
48
70
92
62
77
96
50
73
88
48
1
0.82
0.14
dry
dry
...
Taylor
Weatherford
Oklahoma—Oklahoma City...
1
Arkansas—Eldorado
1
0.54
dry
....
Fort Smith
622,435
245,025
3,536,722
640,591
Aug. 1
52,795
1,155,000
466,993
154,164
over
consumption to Sept. 1_.
igl
*305,739
.867,460
Total in sight Oct. 1
Oc
1.08
90
1
0.26
93
86
2
...
0.22
90
86
46
66
90
38
0.05
88
86
54
64
71
dry
dry
Vicksburg
1
.......
Birmingham
Montgomery
2
Florida—Jacksonville
2
dry
0.02
3.28
4
1
Decrease.
30,238
.
168.211
r
Week—
Bales
1935—Oct. 4
1934—Oct. 5
1933—Oct. 6
578,284
410,019
649,196
Since Aug. 1
1935
2,960,604
2,379,513
3,460,606
1934
1933
Quotations for Middling Cotton
Week Ended
Oct. 1
Bales
at
Other Markets
Closing Quotations for Middling Cotton
Saturday Monday
Tuesday
Wed'day
on—
Galveston
8.09
8.17
8.17
8.06
New Orleans
Mobile
8.04
8.36
8.42
8.42
8.30
8.26
8.17
8.37
8.43
8.43
8.31
8.26
8.38
8.58
8.55
8.41
Montgomery
8.35
8.45
8.58
8.55
8.45
8.48
Norfolk
8.35
8.50
8.50
Augusta
8.50
8.10
8.58
Memphis
8.20
Houston
8.12
8.20
8.00
8.10
7.70
7./0
7.78
7.78
Savannah
;
Little Rock
Dallas
Fort Worth
•
__
8.54
8.55
1
59
52
2
1.44
69
52
90
0.40
dry
52
54
80
0.16
46
71
66
68
80
dry
dry
52
86
85
48
86
48
84
42
Oct. 1, 1937
Feet
New Orleans
Above
zero
Memphis
Above
zero
Nashville
Above
zero
zero
Feet
2.2
2.4
4.1
9.4
9.2
Shreveport
of gauge.
Above zero of gauge-
5.4
20.5
Vicksburg
Above
—0.5
1.4
of gauge-
1.6
Plantations—The
following table
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
receipts nor
Southern consumption; they are
simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
8.40
Week I
8.58
8.25
8.41
8.53
Ended-
8.20
8.05
8.25
8.20
8.10
8.10
8.00
8.10
8.00
7.78
7.67
7.90
7.61
7.78
7.67
7.61
|
Receipts at Ports
1937
1936
1935
Stocks at Interior Towns
1937
1936
1935
Received from Plantations
1937
8.10
7.73
7.73
Oct. 2, 1936
of gaugeof gauge-
8.45
8.15
66
71
66
67
63
56
The following statement has also been received
by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
8.50
plan of the British textile industry to eliminate
surplus cotton spindles as provided for in the Cotton
Spinning
Industry Act, a total of 1,314,180 mule and 343,740 ring
spindles have been purchased and taken out of
operation
since September, 1936,
according to a report by George
Tait, American Consul, Manchester, made public on
Sept. 29
by the United States Department of Commerce.
The
Department said:
52
87
1
8.30
8.47
England Has Ceased Operation of Nearly 2,000,000
Spindles in Plan to Aid Cotton Industry—In accordance
with the
54
84
86
Raleigh
Wilmington
Receipts from the
Thursday
86
'
1.22
Asheville
Tennessee—Memphis
50
84
Nashville
Movement into sight in previous years:
80
0.90
Chattanooga
210,981
88
-
dry
dry
2
:77
71
78
68
65
70
68
72
68
60
68
58
84
3
Conway
North Carolina—Charlotte
68
69
74
•
70
82
0.46
3,435,857
32,831
74
88
1
Columbia
68
71
54
0.04
0.14
Carolina—Charleston
71
73
64
2
Macon
67
50
84
0.58
0.16
1.29
0.12
1
45
51
43
60
52
84
5.90
1
Pensacola
621,157
3,871',574
North, spinn's' takings to Oct. 1
*
*150.471
65
88
dry
Alabama—Mobile
2,960,719
625,609
68
65
2
Shreveport
i
44
48
82
•::;.-.-70v-
0.64
Amite
1,752,924
12,239
135,000
44
86
3.48
dry
68
52
92
1936
1935
July
2_.
15,752
21,952
9..
17,059
17.371
16,973
28,601
55,199
28,419
39,742
10..
23..
30..
13.381
9,188
13,918
20,715
37,205
46,866
930,9691,384,154 1,181,353
Nil
Nil
903,027 1,349,502 1.161.421
873,772 1,301,765 1,145,008
848,935 1,255,364 1,133,563
828,147 1,206,417 1,121,546
Nil
Nil
Nil
Nil
Nil
4,302
3,704
34.411
Nil
Nil
25,760
34,849
811,1821,167,401 1,111,532
39.236
Nil
46,509
Aug
6..
68,215 38,915 56,583
13..
94,093 52,891 61,492
20.. 149,210 76,336 96,074
27.. 221.570 141,365,159,138
Sept.
3..
'300.222201,842188,943
Nil
796,15011,144,050 1.097,283 79,061 30,140 47,243
788,40811,132.176 1,094,124 141,468 63,862 92,915
806,6491,140,781 1,119,680,239,811 149.970184.700
836,739!1^19,8311,178,879 330.292 280.892248.130
10.. 309,808271,456215,017
918,1781,339,6821,274,081361,614391,307310,219
17.. 347,270340,815265,021 1,050,914)1,499,2751,414,604 480.006
500.408 405,544
24.. 411,538 314,287
Oct.
1..
336,897il,245,5391,677,862^1,610,222^606,163 492,874 532,515
473.918^500,419
'479,801319,754326,25211,490.5641,832,0261,784,489 724,826
'
70
1
Louisiana—Alexandria
South
52
88
2.00
1
Little Rock
Pine Bluff
Atlanta.
319,754
46
92
2
Since
94
92
San Antonio
-1936-
Since
71
62
4*
0.04
dry
dry
2
-1937-
Sight and Spinners'
Takings
54
92
1
Including movement by rail to Canada.
In
88
75
78
98
'
0.12
2
*
78
-—....
Miami
Leaving total net overland.*
56
66
68
77
73
70
69
74
1
Kerrville
52,795
196
74
72
88
dry
Henrietta
Lampasas
Luling
N acogdoches.—
68
54
52
90
0.02
76
■■•K 46
92
94
0.70
dry
Mississippi—Meridian—......
,
are
Mean
65
,
94
0.42
2
Low
90
dry
._
Brownsville
128,922
Overland to N. Y., Boston, &
Between interior towns
sections
-Thermometer
Inches
-_
New Orleans
Total gross overland
Deduct Shipments—
Rainfall
1
Amarillo—
2,653
168
Via Louisville
some
Days
Texas—Galveston
1936'
3,042
5,025
Steady.
Steady.
year.
14,177
Since
Steady.
Steady.
making faster work of picking. There is less complaint of
scarcity of labor. The cotton belt was bone dry one night
this week, with temperatures about right for this time of the
739
■
Steady.
Steady.
Weather Reports by Telegraph—Reports to us
by tele¬
graph this evening indicate that the cotton now being
ginned is well up as to both grade and staple nearly every¬
12,749
-1937-
8.446-8.46a
September
3,970
236
——
August
Palestine
Week
8.36- 8.37
.
April
1,678
2,579
11,425
15,277
1,934
4,466
33,918
Shipped—
8.376-8.42a
8.36- 8.38
15,484
273
14,259
Via St. Louis
Oct. 1
8.31
December.
February
Overland Movement for the Week and Since Aug. 1
Since
8.3368.35a
Friday
November
* Includes the combined totals of 15 towns in Oklahoma.
0ct♦ 1_
Thursday
Sept. 30
Jan.
Total, 56 towns 400,6241,210,906155,5991490564 365,132 1,445,447210,9681832026
1!
cotton market for
Saturday
Rain
5,968
34,067
7,321
7,648
44,245
closing quotations
leading contracts in the New Orleans
the past week have been as follows:
80.666 484,798
41,239
4,900
2,218
34,394
544
14,113
San Antonio.
_.
3,000 54,561
48,247 349,311 131,439
4,693
2,745 16,257
2,115
1,699
1,127
7,874
7,752
Robstown...
Texarkana
14,227
New Orleans Contract Market—The
36,126
3,342
8,993
92,231
1,069
was
for
37,858
22,280
4,127
7
established under the terms of the Act was
a period of two years such cotton spindles as
the board considered expedient In order to eliminate
surplus materials in
cotton mill, it was reported.
Although the original plan was to eliminate approximately 10,000,000
spindles, it is believed locally that the improved conditions in the spinning
industry may have some effect upon the curtailment of the number of
spindles in operation, according to the report.
10,949
1,321
6,407
6,596
2,687
20,026
2,901
....
86,707
26,359
3,675
9,094
29,516
12,243
4,000
524
3,818
27,842
spindles board which
authorized to acquire for
2
10.438
1,542
63,266
10,415
104
Oct.
Week
5,729
2,521
54,423
8,331
3,042
Season
4,649
5,069, 14,957
7,400
21,062
26,401
Yazoo City..
Mo., St. Louis.
N.C.,Gr'nsboro
1,213
17,859
70,140
...
17,655
8,186
41,409
42,325
64,274
11,892
659
11,602
29,453
12,116
7,790
17,373
.
Week
Stock
Oct. 2.
A
1936
ments
1
4,017
Ala., Birmlng'm
2,
Ship¬
Oct.
Week
Season
t
Receipts
Chronicle
2257
Financial Chronicle
145
Volume
Bales
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
are
obtainable; also the takings or amounts gone out of
World's
Supply and Takings of
950
27—Lochgoil, 950
...
To Japan—Sept. 29—Tokai Maru, 100; President Hoover, 500
To India—Sept. 29—President Hoover, 250JACKSONVILLE—To Manchester—Sept. 25—Sundance, 50
HOUSTON—To Copenhagen—Sept., 23—Tortugas, 348—Sept.
To Liverpool—Sept.
LOS ANGELES-
600
250
50
488
366
27—Ivar, 140
23—Tortugas, 366
sight for the like period:
To Oslo—Sept.
23—Tortugas, 1,396— Sept. 28—Nemaha,
1,350—Sept. 27—Ivar, 500
To Gothenburg—Sept. 23—Tortugas, 1,278
—
To Liverpool—Sept. 25—West Chatala, 2,670—Sept. 30—
Western Queen,
9,704
To Manchester—Sept. 25—West Chatala, 2,211
To Bremen—Sept.
24—Ditmar
Koll,
5,352—Sept. 28—
To Gdynia—Sept.
1936
1937
Cotton Takings,
Week and Season
Week
4,899,258
3,435,857
4,339",022
3,871,574
14,000
13,000
70,000
15,000
76,000
67,000
229,200
64,000
621.157
7,000
12,000
78,000
15,000
6,649,058
8,646,796
6,662,682
8,856,315
To Trieste—Sept.
6,420,785
6,420,785
6,378,124
6,378,124
To Venice—Sept.
2,478,191
1,948,991
529,200
1,186.
To Oporto—Sept. 28—Nemaha, 50; Narbo,
To Japan—Sept. 28—Norden, 1.701
To China—Sept. 28—Norden, 3,841
1__
Bombay receipts to Sept. 30_
Other India ship'ts to Sept. 30
Alexandria receipts to Sept. 29
Other supply to Sept. 29 *5—
Total supply
Visible supply Oct.
1
_
Of which other
To
embfaoes sinc6 Aug. 1 the total estimated consumpti'on by
1'13?/(¥P bales, j? 1937 and 1,155.000 bales in 1936—
being available—and the aggregate amount taken by Northern
1.991,011 bales in 1937 and 1,323,191 bales in 1936,
291,211 bales and 793,991 bales American,
b Estimated.
of which
Bombay
—
390-.-
299—-Sept. 28—Narbo,
1,861
28—Monstella, 1,861
Sept. 30—Meanticut,
28—Monstella, 3,284
4,718
-
—
Genoar-Sept. 22—Monstella, 2,953
Gdynia—Sept. 27—Vigilant, 816
20—Sixaola, 20
To Liverpool—Sept. 24—Atlantian, 2,554..-.
To Manchester—Sept. 24—Atlantian, 2,207—
To Japan—Sept. 24—Norden, 2,030
;
- —
2,953
816
20
2,554
2,207
2,030
NEW ORLEANS—To
Venice—Sept.
CHRISTI—To
CORPUS
Aug. 1
Week
—
A*
——
261
24—Livenza,
467
Sept. 27—Meanticut,
728
- —
To Treiste—Sept. 24—Livenza,
92,000
14,000
110,00(
7.00C
76,000
14,000
1,434.
Since
Aug. 1
Week
2,347
440
1,701
—
3,841
M
315
29—Ethan Allen, 126—Sept. 28—Narbo, 898 1,024
Antwerp—Sept. 29—Ethan Allen,
To Genoa—Sept.
1935
Since
Since
Aug. 1
Week
1,615
-
Sept. 30—Meanticut,
To Havana—Sept.
Sept. 30
Receipts—
545—Sept. 30—Meanticut,
27—Livenza,
27—Livenza, 1,161
To
1936
1937
6,988
1,725
438
—
To Ghent—Sept.
To Naples—Sept.
All Porta
India Cotton Movement from
8,613
64
6,632-
16
?
2,211
To Rotterdam—Sept. 28—Narbo, 1,725
To Enschede—Sept. 28—Narbo, 438
76,000
284,558
280,558
4,000
799.800
12,374
29—Ethan Allen,
1,070
2,226,011
1,426,211
228,273
216,273
12,000
Total takings to Oct. l_a.
Of which American
3,246
1,278
— —
To Hamburg—Sept. 24—Ditmar Koll ,64
To Havre—Sept. 28—Narbo, 356—Sept.
110,000
82,000
253,200
,
Deduct—
S
Nemaha, 3,261
867,460
American in sight to Oct.
193657
5,929,525
5,669,598
Visible supply Sept. 24
Visible supply Aug. 1
Season
Week
Season
Sept. 27—Meanticut,
1,055
2,205
1,150-
•
24—Livenza,
1,725
Sept. 27—Meanti¬
1,078-----------——
24—Livenza, 100
Ghent—Sept. 26—Narbo, 1,407——------------- — .
i-Antwerp—Sept. 26—Narbo, 343
Havre—Sept. 26—Narbo, 4,304
Elswick Parks, 1,753...
Dunkirk—Sept.
26—Narbo,
100
Sept. 28 Elswick
Parks, 5,480
-----
To Mestre—Sept.
Since Aug. 1
For the Week
Exports
From—
Great
Conti¬
Japan &
Britain
nent
China
Conti- Jap'n&
j
Britain.
Total
China
nent
To
Total
To
;
To
To
Bombay—
2,000
3,000
2~66o
2,000
4,000
1L000
22,000
10,000
21,000
4,000
137,000
93,000
111,000
87,000
41,000
47,000
2,000
1937
26—Narbo, 1,402
Naples—Sept. 25—Monstella, 339
To Rotterdam—Sept.
6,000
13,000
20,000
To
3,000
12,000
38,000
47,000
44,000
67,000
9,000
82,000
To Genoa—Sept.
3,000
9,000
12.000
39,000
55,000
94,000
15,000
23,000
88,000
93,000
204,000
TO Stockholm—Sept.
42,000
43,000
66,000
111,000
To Varberg—Sept.
102,000
87,000
219,000
232,000
.
To
9,000
3,000
2,000
14,000
3,000
1935
8,000
20,000
10,000
33,000
....
Alexandria Receipts and
-
24—Azalea
3,125
CHARLESTON—To
Alexandria, Egypt,
Sept. 29
100
150
2;280
City, 501
1935
1936
1937
26—Narbo, 350
25—Nemaha, 100
25—Nemaha, 150
MOBILE—To Liverpool—Sept. 18—Antinous, 2,280
To Manchester—Sept. 18—Antinous, 2,624—Sept.
Shipments
339
1,670
336
450
-
Gdynia—Sept. 25—Nemaha, 336
Oporto—Sept. 25—Nemaha, 100..-Sept.
•
7,000
...
—
l,l72-_-Sept. 27—Meanti¬
25—Monstella,
cut, 498
To
■
Total all—
1936
5,580
15
3,200
1,402
To Hamburg—Sept. 25—Nemaha, 15
To Bremen—Sept. 26—Nemaha, 3,200
138,000
7,000
1937
1,407
343
6,057
-
137,000
Other India-
1935
100
To Susac—Sept.
'
Great
2,803
cut,
Liverpool—Sept. 27—Brynmare,
Sept. 29-—Olive Bank, 8,074
To Manchester—Sept. 27—Brynmare,
,
10,300—
18,374
—-
4,657
4,657
603
Antwerp—Sept. 28—Konsul Hendrick Fisser, 603
28—Konsul Hendirck Fisser, 150
PENSACOLA, &C.—To Liverpool—Sept. 25—Hastings, 2,790
To Manchester—Sept. 25—Hastings, 228
To Bremen—Sept. 28—Wasgenwald, 200—Sept. 30—Ditmar
Koel, 1,261
To
150
To Rotterdam—Sept.
Receipts (cantars)
Since Aug. 1
Exports (Bales)—
Week
1
Aug.
1
Aug.
1,000
12,097
17,711
65,594
1,939
77,509 34,000
Egyptian bales weigh about 750 lbs.
receipts for the week ended Sept.
29 were
10",660
14",066
1,000
12,384
64,968
1,745
17,000
93,338
19,000
To America
Note—A cantar is 99 lbs.
25—Trip, 1,076
To Manchester—Sept. 25—Tripp, 348
SAVANNAH—To Liverpool—Sept. 29—Sundance, 850—Sept.
1,000
7,000
8,000
18,000
12,069
11,001
52,038
2,401
This statement shows that the
350,000 cantars and the foreign shipments were
)N4
1,461
1,076
348
28
3,305
—Brynmare. 2,455
Brynmare, 4,107
LAKE CHARLES—To Ghent—Sept,
28—
3,536—Sept.
29—Sundance,
To Manchester—Sept.
7,643
149
26—Effingham, 149
100
657
Antwerp—Sept. 26—Effingham, 100
To Havre—Sept. 26—Effingham, 657—
To
To Dunkirk—Sept.
17,000 bales.
2,790
228
BEAUMONT—To Liverpool—Sept.
97,341
4,000
14.241
Total exports
Since
This
Week
1
Aug.
6,000
To Liverpool
To Manchester, &c
To Continent & India
687,689
Since
This
Since
This
Week
290,000
390,000
1,265,757
350,000
1,148,517
This week
26—Effingham, 50
—
26—Effingham, 590
30—City of Newport News,
50
590
50
—
To Rotterdam—Sept.
NORFOLK—To Hamburg—Sept.
50—
received by cable to¬
199,728
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are not willing to pay
have the folio w-
Market—Our report
Manchester
those
We given prices today below and leave
previous weeks of this and last year for comparison:
present prices.
for
32s Cap
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d.
8.
d,
s.
d.
July
2_.
9..
16..
23_.
30..
13%@14%
13H@14%
13H@14%
13H@14%
12%@14>*
10
6
@10
@10
10
6
@10
10
8
@10
10
4%@10
9
9
6
@1234
9
9
6.87
6.98
11
9
9
6.85
6.60
1134 @12 34
11
@1234
7%
6.12
10J4@12
6..
12 34 @14
10
20..
12%@13% 10
12%@13% 10
27..
11>4@13>4
10
3..
11%@13
10
11%@13
10
17..
11% @13
10
24..
11%@13
10
d.
s.
@
9 1034
Amount afloat
Of which American
7.18
@10
0
9 1034@10
2
7.47
9 1034@10
2
734
6
@10
7H
6.20
1054 @12
10
434 @10
734
3
@10
1034@11H 10
1034@1154 10
1034@1154 10
434@10
134@10
734
434
6.92
@10
6
6
4%
5.93
3
134@10
6
6.70
1M@10
5.63
1%@10
134@10
134@10
@10
0
134@10
434
6.70
@10
734
3
6.98
@10
3
6.73
5.46
1054 @1154 10
10
1054 @ 12
5.33
1054 @1154
10
0
3
6.08
10%@1154
10
0
5.56
11%@12%1 9 1034@10
4.89
134
10%@11% 10
6.74
434@10
4%
434
434
0
@10
3
GALVESTON—To Liverpool—Sept.
Sept. 29—Directors, 4,098
To Ghent—Sept. 25—Binnendijk,
San Pedro, 204
in detail:
6.99
7.02
(
Market,
12:15
{
Moderate
P.M.
i
404; West Moreland, 1,115;
Copenhagen—Sept. 27—Tortugas, 1,163
25—Binnendijk, 589
To Oslo—Sept. 27—Tortugas, 1,234
To Gdynia—Sept. 27—Tortugas, 2,604—Sept.
To
To
To
To
To
To
To
To
To
To
-
Barely stdy
Market
j
4 to
7 pts.
decline.
opened [
1,723
1,163
3.418
2,297
238
754
9,455
1,714
4,586
3,368
780
2,039
A fair
business
business
business
A large
doing.
doing.
business
Steady,
2 pts.
advance.
4.92d.
4.96d.
5.05d.
4.89d.
Steady,
3 to
Quiet but Steady, un¬
3 to changed to
4 pts. stdy.,
advance.
5
pts.
dec.
4
pts.
dec.
Quiet;
2
to
4
pts.
decline.
Barely st'y;
Barely stdy Quiet but Barely stdy
Steady,
unch. to 4
8 to 9 pts. 3 to 7 pts.
6 to 7 pts. 3 to 4 pts. steady, un¬
decline.
pts. decline
decline.
changed to
advance.
decline.
Quiet,
Market,
3 pts. adv.
Prices of futures at
Sat.
Sept. 25
to
Liverpool for each day are given
Moil.
Tues.
Wed.
below:
Fri.
Thurs.
NooniClose NooniClose
Close NooniClose NooniClose Noon]Close
Oct. 1
d.
New Contract
October (1937)
—
4.78
d.
4.88
d.
d.
d.
4.82
4.85
4.82
4.76
4.74
d.
4.71
d.
4.67
d.
4.69
d.
4.67
4.76
4.77
4.82
4.90
4.88
4.84
December
10,867
Thursday
A fair
doing.
5.06d.
4.99d.
Mid .Upl'ds
1,234
29—Nemaha,
-----
Gothenburg—Sept. 27—Tortugas, 2,297
Bremen—Sept. 28—Ditmar Maru, 8,821—Sept.
29—
Nemaha, 2,046
Hamburg—Sept. 28—Ditmar Maru, 30—Sept.
29—
Nemaha, 208
Antwerp—Sept. 25—West Moreland, 577; 8an Pedro, 177Havre—Sept. 25—West Moreland, 7,409 San Pedro, 2,046
Dunkirk—Sept. 25—San Pedro, 1,714—
Manchester—Sept. 29—Director, 4,586
—Genoa—Sept. 29—Meanticut, 3,368
,
Trieste—Sept. 29—Meanticut, 780
Venice—Sept. 29—Meanticut, 2,039
12.899
589
To Rotterdam—Sept.
814-..—
Quiet.
demand.
Futures.
Friday
Wednesday
doing.
Monday
Tuesday
A fair
Saturday
Spot
P.M.
To
and futures
daily closing prices of
Liverpool market for spots
Bales
27—Western Queen, 8,801
11,000
165,000
93,000
day of the past week and the
spot cotton have been as follows:
4
Shipping News—Shipments
46,000
30,000
193,000
117,000
43,000
7.33
434 @10
5.78
Oct. 1
49,000
684,000
216,000
54,000
21,000
266,000
178,000
49,000
'684,000
220,000
48,000
690,000
209,000
48,000
698,000
220,000
49,000
8,000
132,000
53,000
each
7.10
10
-
The tone of the
7.68
Oct.
1..
e.
Total imports
Of which American
7.02
Sept.
10..
Upl'ds
to Finest
d.
s.
10%@11%
9
9
Aug.
13..
Middl'g
Twist
d.
Cotton
ings, Common
32s Cap
d.
Of which American
834 Lbs. Shirt¬
Cotton
_
Sept. 24
Sept. 17
Sept. 10
Forward
Total stocks.
1936
1937
834 Lbs. Shirt¬
Liverpool—By cable from Liverpool we
&c., at that port:
ing statement of the week's imports, stocks,
'4.95
4.92
4.96
4.94
4.88
4.86
4.84
4.81
'4.81
4.79
4.88
5.01
4.98
5.02
5.00
4.92
4.91
4.88
4.87
4.85
4.94
4.95
March-—-—
5.07
5.04
6.08
5.06
4.97
4.96
4.93
4.92
4.90
May
5.00
6.00
5.11
5.08
5.13
5.10
5.05
5.02
5.01
4.98
4.97
4.95
July
5.04
January
(1938)
October
—
5.04
5.00
January (1939)
—
March..
—
6.10
5.14
5.14
5.19
5.10
5.07
5.03
5.13
—
December
May-
5.08
5.16
5.21
6.13
5.10
5.06
5.15
6.18
5.12
5.08
5.141
5.10
5.17
6.20
5.23
5.15
5.19
6.23
5.25
5.17
Financial
2258'
Chronicle
Friday Night, Oct. 1, 1937
of the larger mills continue to
Only
demand for flour poor.
local
is
tracts
the
It
Wheat—On
y2e.
to
reported as no better than fail.
are
25th
the
ulto.
considerable
heaviness
Winnipeg closed unchanged in all
Minneapolis % to %c. lower and Kansas City
positions.
l/2 to yc. lower and
Liverpool opened
%c. higher.
V/2 to %c., this weakness apparently
bringing out the selling that had Chicago wheat
l^c. down at
firmer.
by
Bearish
estimates
in the trade
many
as
for
seen
are
A
important market factor.
an
States share in the world export
25,000,000 less than figured
estimates
vey
trade
export
our
much as
%c.
%, to
by the Department of Agriculture has cut the United
survey
or
as
Buenos Aires closed
time.
one
the
trade to 95,000,000 bushels,
a
Argentine
month
wheat
The
ago.
at
crop
same sur¬
205,000,000
bushels, and allots that country 100,000,000 bushels of the
world wheat business.
is
forecast,
with
On the 27th ulto.
ing to
a
An Australian crop
figured
exports
of 155,000,000
95,000,000
at
prices closed 1% to 2c. higher.
bushels.
Respond¬
combination of bullish factors, chief of which
was an
insistent export demand for North American wheats, sub¬
stantial gains were
sales
at
registered in all leading markets.
netted gains of 2% to 2%c.
peg
of
United
States hard
winter wheat
500,000 bushels of Manitobas.
were
were
estimated
approximately
United Kingdom
both Canadian and American wheats.
appeared to reflect
Winni¬
Late in the day export
fully 1,000,000 bushels,_while there
was
buying
Early strength here
the^strong action of Liverpool, which
registered closing gains 'of '2 % "to 3 lAc
Buenos Aires fin¬
ished 2%c. higher.
While some_ rains fell, moisture is still
needed .in important wheat areas of the
Argentine.
Reports
♦
that Russia has withdrawn offers of
high-grade wheat were
a
factor.
On the 28th ulto. prices closed
also
net
% to %c.
higher.
At one stage of the session prices showed a
gain of about 2c. a bushel, but this was partially
maximum
erased when it
was learned that North American new
export
business proved disappointingly small.
A total of 500,000
bushels was purchased on this side of the Atlantic
today
shipment to Europe, whereas yesterday's takings were
quarters estimated at as much as 2,000,000 bushels,
with the quota from the United States asserted to be the
largest single day's aggregate in several years.
A bearish
influence that is becoming more and more a feature in the
for
in
some
world wheat situation
are the Russian sales of wheat. Latest
to the effect that Russia is selling substantial
quantities of wheat to European countries and had disposed
of two cargoes today to Great Britain.
Indications are that
reports
are
the Argentine crop is not
progressing as favorably
for, Jan.-Feb. shipment wheat having jumped 7c.
as
hoped
a
bushel
in the last few days in that market.
On the 29th ulto.
prices closed %c. higher to yc. lower.
This market was firm
during most of the session, due to the strength of cash
wheat
and
estimated
domestic wheat.
way.
here
export sales of 1,000,000
October in
Winnipeg continues
bushels of
to lead the
Liverpool easiness influenced the early minor declines
and shortly after the
opening.
Buenos Aires closed
gains of up to 3%c. for the nearby and 1 %c. for
the deferred deliveries
showing at the close.
This is attri¬
buted to the not altogether favorable outlook for the new
crop as a result of lack of rains.
Liverpool was y2 to yc.
lower at the close.
Winnipeg ruled y to l%c. stronger,
with October showing the chief
gain on very high cash
premiums.
At the top the Canadian market ran
iy to
2yc. higher.
Minneapolis finished % to l^c. better, or
very near its highs.
Kansas City, % to l^c. higher,
barring July, which was down %c.
On the 30th ult. prices closed
V2 to 2c. net lower.
gave all indications of strength
today
(Thursday) until late
the day, when
profit-taking and the sharp break of Octo¬
ber in
Winnipeg
brought selling into the pit.
Winnipeg,
starting out firm and gaining as much as 1% to
iy2c., broke to closing losses of % to
2yc., with October
after
sharp decline of cash premiums accounted
of
the spot delivery.
Estimated export
sales of United States
wheat, amounting to 1,500,000 bushels
today (Thursday) brought the week's total
reviving.
The
to approximately
and led to the belief that
this trade is now
development
vides
the backbone of
feels,
even
long-deferred
wheat
demand
pro¬
strength, the trade
though prices broke to losses late in the
day
profit-taking developed.
Today prices closed lc.
values
of
the recent
averaged
lower
late
lower
to
today,
big stimulus
122,792,000
%c. higher.
influenced by
PRICES
CLOSING
DAILY
M
120%
OF
Wed.
124%
Fri.
Thurs.
124%
12324
127
FUTURES
WHEAT
Sat.
NEW YORK
Tues.
m.
123%
Mm.
IN CHICAGO
Wed.
Thurs. Fri.
Tues.
-105b?
100%
x05^ 107% 103% 109
108^ 1072*
107
103% 10*2* 109H 1082* 108^
102
104% 104
1022*
September
December
-
May
July
-
High
and
September
i292*
December
131 %
May
1223*
105%
July
Season's
When Made
July 16, 1937 September
July
6, 1937 December
July 29, 1937 May
Sept. 28, 1937 July
Lou)
and
104 %
Oct.
1.
1937
WINNIPEG"7
AT
Mon.
Tues.
Wed.
1302*
132%
134%
1282*
October
Made
Aug. 20. 1937
Sept. 16. 1937
Sept. 16.1937
101%
^OiOrrycliOSI^riTp'RICESTdF RONDEID WHkAT
Sat.
When
100%
102 %
Thurs.
132%
December
123%,
125%
127%
127%
126%
May
124%
125%
126%
126%
Fri.
130%
126%
125%
126%
the 25th ulto.
Corn—On
prices closed 2J^c. higher for
Manda¬
tory halting of operations in September corn and the fixing
of a settlement price of $1.10y per bushel as a liquidating
basis, proved the highlight of Saturday's grain market.
This of course prevented any further skyrocketing of Sep¬
tember corn, which had been generally expected in view of
the highly substantial short interest still existing in the
September option. Attracting attention was the posting of
trades in October corn on the board. This month is usually
not traded in on the Board of Trade, but apparently has
come to life because of the unusual shortage of old cash corn.
The delivery closed 2%c. higher.
On the 27th ulto. prices
closed yc. to y2o. net lower.
With September out of the
way, corn trading became quite normal again. After show¬
ing early gains of approximately lc. for each option, the
leading feed grain sold off under heavier receipts of new crop
corn, a rise of 220,000 bushels in the visible and profittaking.
October corn continued to do business at about
73c. to 74c., affording a hedge for those short of cash corn
due for delivery in the next month. On the 28th ulto. prices
closed firm at y2c. up. Despite liberal receipts, 220 cars in
Chicago today—corn futures averaged a little higher during
late trading.
The market was more or less influenced by
the firmness displayed in the wheat market.
Cash corn
prices fell 2e. to 5c. a bushel. On the 29th ulto. prices closed
l/2c. lower to yc. higher, with October showing the loss.
Trading was more or less routine. The market appears to be
waiting for the expected decline of cash prices as the new crop
comes
forward.
Delivery intentions of 1,538,000 bushels
appear to have cleared up the September corn situation
without a single default. Some were surprised that so much
cash corn could be drummed up.
This would seem to give
much credence to reports heard a few days ago that leading
corn
products refiners had sold back their inventories to
October and lc. net higher for the other deliveries.
dealers.
On the 30th
of
ness
wheat
ult. prices closed 1
seemed to
react
to 2Y8c. off.
The heavi¬
The
corn.
on
leading feed
grain, after starting steady, ran into liquidation and local
pressure that resulted in prices falling substantially below
the
previous close.
of 8 to 10c. in
off
the
of
some
to
y2c.
operations
unusual
October
sentiment.
Trading in
up.
more
interest
or
in
less
the
the weak spot.
was
cash premiums on
bearish
No. 3 yellow
Today
corn
news.
break
created
prices ciosed %c.
relatively quiet,
was
mixed.
A
corn
There
Open
with
nothing
was
interest in
of
was
corn
38,111,000 bushels.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon.
Tues.
Wed. Thurs.
No. 2 yellow
125%
125%
DAILY CLOSING PRICES OF CORN
Sat.
124%
125%
FUTURES
Mon.
73%
73%
73%.
December.
65
65
65 %
May
July
65%
65%
65%
High and
74%
Dec.
(new)— 86 %
May
July
66%
74
When
Made
Season's Low
Sept. 25, 1937 October
July
8, 1937 Dec. (new)
July 29, 1937 May
Sept. 30, 193. July
Thurs.
72%
65%
65%
66%
66
Season's
October
Fri.
121%
IN CHICAGO
Wed.
Tues.
October
122%
and
Fri.
70
70%
63%
63%
64%
When
8#
65
Made
692*
Oct
1,
1937
61
Aug. 30, 1937
63
/ Aug. 30. 1937
64 %
Oct. 1, 1930
Wheat
m
4,500,000 bushels
States export
a
was
PRICES OF WHEAT IN
Sat.
very strong,
the weak spot.
A
for the weakness
Open interest in wheat
2 red
Season's
closed with losses of
United
short time would prove
a
DAILY CLOSING
No
-
to
nine
bushels.
during most of the session, but recovered most of its early
losses and closed steadier.
even
values.
wheat
prices closed unchanged to
showed
market
The
lower.
first
the
said
maintenance of
that
asserted
was
business for
Shipping instructions against con¬
exception.
Kan.,
months this year were the driest on record for that vicinity.
purposes.
Here and there a local broker is doing a good business, but
this
City,
Junction
from
dispatch
limited trade is
a
largely for filling-in
is
and this
worked,
being
Winni¬
contracts.
Chicago July wheat, however,
scored gains owing to reports of lack of moisture in the
southwest section of domestic winter wheat territory.
A
October
peg
find
7
2,
sales and by nervousness in regard to liquidation of
BREADSTUFFS
Flour—Representatives
Oct.
as
Wheat
Oats—On
the
25th
ulto.
prices closed
up
yc.
to
The strength of September was attributed to
covering
of shorts as the option expired.
On the 27th ulto. prices
closed yc. lower to yc. higher. Trading was light and with¬
out
special feature. On the 28th ulto. prices closed un¬
changed to yc. up. Trading was quiet and devoid of any
interesting feature. On the 2 .h ulto. prices closed ye.
higher. There was very little of interest in this grain, its
steadiness being attributed to the general steadiness of other
grains.
On
the 30th
ult.
prices
closed unchanged
This market, though quiet, ruled very steady.
closed % to %c. down.
Trading was
to
%c. lower.
Today prices
quiet
and
more
or
less routine.
DAILY
CLOSING
PRICES
OF
Sat.
hedging
yc.
down.
No. 2 white
44%
OATS
Mon.
44
IN
Tues.
44%
NEW
Wed.
44%
YORK
Thurs.
44%
Fri.
43%
Volume 145
Financial
daily closing
a
.
prices
of
Snt.
,
September.
December
May
Season's
Tues.
32^
31
315^
When
Apr.
July
4134
33 34
May
July
Made
,
October
-
.
.
,
...
...
......
Wed.
31^
Fri.
Thurs.
32
32
Season's
Low
31^
32K
31^
323^
When
and
30%
SIH
Made
Aug.
4.1937
Aug. 23, 1937
Aug. 23. 1937
oats futures in winnipeg
Sat. Mon. Tues.
5354
5354
53 54
5034
51M
5054
Wed.
Fri.
Thurs.
5354
5354
50 54
_
5354
50 34
5054
On the 27th ulto. prices closed
%c. lower to ^c.
Trading was mixed, with fluctuations irregular. On
the^ 28th ulto. prices closed unchanged to Yc. off. This
grain advanced somewhat in sympathy with the early
strength in wheat, but later prices fell back. Advices indi¬
cated a fair export demand for rye. On the 29th ulto. prices
closed %c. to %c. higher. Rye proved to be the strongest
of the grains and this showing was ascribed to a
strong cash
demand and prospective export sales.4....,
On te SOtli ult. prices closed % to lc. off.
This market
firmer.
seemed to feel
and
corn
was
the
the
market.
bearish influence of
reactionary wheat
Today prices closed 1 to l^c. down.
Rye
weakest of the grains,
to larger
receipts and
daily
closing
a
and
of
;
Season s
tJtya and
September
96
May
Mon.
8254
7954
7934
Madr
Tues.
82
8054
84
rye.
chicago
in
Wed.
Thurs.
Fri.
;
8054
7934
7954
I
Season's Lua
prices of rye
Sat.
October
81
8034
80
7934
When
ana
December
9134
9434
9434
Wed.
9354
9334
September
79
Thurs.
9234
9234
Fri.
9354
9154
prices of barley
Sat.
6034
December
59
Closing quotations were
as
futures in
Mon.
Tues.
6234
6034
Barley
Bushels
New York
272.000
Wed.
winnipeg
Thurs.
Fri.
16,000
New Orleans
64
6054
6334
6154
6534
6334
FLOOR
Coarse
4.00
Fancy pearl, Nos.2,4&7 5.60(96.10
Sorel
Total week 1937-Same week 1936
2,471,000
92,160
171,000
2,658,000
58,000
131,000
106,493
The destination of these exports
July 1, 1937, is
509*666
1
,15LO66
602,000 1,200.000
16,000
for the week and since
below:
as
Flour
Wheat
Corn
Exports for Week
and Since
Week
July 1 to—
Sept. 25
Since
Week
July 1
Since
Week
Since
July 1,
1937
1937
Sept. 25,
1937
July 1,
1937
Barrels
United
Sept. 25,
1937
Barrels
Bushels
Bushels
Bushels
Bushels
47,405
598,284
1,084,000
87,137
157,500
271,500
1,384,000
2,000
11,827,000
1,000
13,000
2,471,000
2,658.000
28,112,000
1937
16,138.000
6.335
Kingdom.
Continent
So. & Cent. Amer.
11,500
West Indies
19,500
171*666
107,000
214*666
87,000
Brit. No. Am. Col.
7420
52*536
92,160
406,493
1.166,957
Other countries...
1,385,420
27000
171,000
301,000
37,911,000
1,000
visible
The
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Sept. 25, were as follows:
GRAIN
STOCKS
Wheat
Boston
Oats
Bushels
Bushels
2,000
--
...
Corn
Bushels
United States—
'
Rye
Barley
Bushels
:
Bushels
206,000
*253,000
1Y666
Philadelphia
1,797,000
♦lbb'ooo
2*4*660
51,000
1,000
Baltimore
2,213,000
*116.000
36,000
81,000
2,000
172,000
371,000
40,000
2,000
106,000
117,000
"*4*666
59,000
New York
afloat
53,000
—a..a
New Orleans;
25,000
2,065.000
Galveston....
Fort Worth
8,674,000
Wichita
2,273,000
6,247,000
18,000
5,000
5,917,000
32,924,000
13,000
99,000
62"666
11,000
605,000
174.000
9,132,000
St. Joseph
Kansas City
Omaha
25,000
1,760,000
44,000
9,000
288,000
6,000
29.000
31,000
120,000
127.000
St. Louis
7,206,000
25,000
139.000
16,000
1,000
1,951,000
125,000
692,000
80.000
11,000
5,000
Sioux City
1,059,000
—
16,023,000 *1,617,000
183,000
-
-
209,000
2,510,000
Milwaukee
5,187,000
826.000
710.000
155,000
880,000
afloat......-On Lakes
493,000
713,000
113,000
12,405,000
1.542.000
4,881.000
3,993,000
1,856.000
2,548,000
150,000
1,000
833,000
Minneapolis
11,163,000
11,070,000
lbo'ooo
140,000
7,036,000
2,000
5,000
4,000
*349,000
881,000
452.000
435.000
76.000
146,000
207,000
332,000
161,000
DetrOitiBuffalo
-
mm'mim '.A
..-a
afloat
324,000
-
19,000
Oats, New York—
No. 2 white
4354
f.o.b. bond N. Y_. 9334
Rye. No. 2
Barley. New York—
4734 lbs. malting
Chicago, cash
6154
40-55
Total—Sept. 25,1937.131,050,000
3,864,000 27,071,000
6,367.000 10,253,000
Total—Sept. 18, 1937.131,010,000
3,644,000 25.732,000
5,564,000
9,738,000
Tota!—Sept. 26, 1936. 76.205,000
3,511,000 49,567.000
6,344,000 14.581,000
*
Foreign corn in bond—New York,
17,000 bushels; Philadelphia, 106,000;
Baltimore, 109,000; Chicago, 63,000: Buffalo, 166,000; Buffalo afloat, 94,000.
Note—Bonded grain not Included above: Oats—On Lakes, 346,000 bushels; total,
346.000 bushels, against Done in 1936.
Barley—Duluth, 161,000 bushels; Buffalo,
90,000: on Lakes, 1,507,000: total, 1,758,000 bushels, against 1,055,000 in 1936.
Wheat—New York, 612,000 bushels; N. Y. afloat, 32,000, Albany, 342,000; Buffalo,
633,000; Duluth, 71,000; on Lakes, 4,495,000; on Canal, 639,000; total, 6,824,000
bushels, against 20,805,000 bushels in 1936.
Wheat
Corn
Bushels
Canadian—
Oats
Rye
Barley
Bushels
•
Bushels
Bushels
Bushels
Lake, bay, river and sea¬
7,354,000
board.
Wheat
57*000
"1*666
On Canal--...——--,...
of the last three years:
Flour
~i~66o
49*666
Duluth
Barley goods—
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
Receipts at—
49,000
351,000
1,333,000
277,000
Chicago
Rye flour patents
5.15@ 5.30
Seminola. bbl., Nos.1-3- 6.80(3,
Oats. good..
2.50
Cornflour
3.30
GRAIN
12134
3*000
Halifax
"
Corn, New York—
No. 2 yellow, all rail
72,000
21,000
"
160,000
Galveston
Montreal
Peoria.
Wbeat, New York—
No 2 red. c.i.f.. domestic
123
Manitoba No. 1, f.o.b. N.Y.-15134
39,160
120*666
Indianapolis
6334
6054
follows:
Spring oats, high protein .6 90@7 30
Spring patents
6 35(8,6 65
Clears first spring
5 90(816 25
Soft winter straights
5 75(3,5 50
Hard winter straights
5 90@6 25
Hard winter patents
6 10(3-6.45j
Hard winter clears
5.40@5 601
51,000
62.000
Hutchinson
.....
daily closing
Rye
Bushels
7834
daily closing prices of barley futures in chicago
Sat. ,Mon.
Tues.
Wed.
Thurs. Fri.
October
Oats
Bushels
Made
June 14 1936
Aug. 23, 1937
Aug. 23. 1937
7354
7334
7354
Tues.
9334
93
Flour
Barrels
Philadelphia-..
futures in winnipeg
Mon.
9254
Corn
Bushels
Albany
"
daily closing
Wheat
Bushels
Exports from—
attributed largely
Dec 29. 19361 September
May
6, 19371 December
Aug. 10. 1937|May....
10334
December
...
Warn
was,
futures
rye
Sat.
September
December
May
a
lack of spirited demand for spot
prices
2259
--
Rye—On the 25th ulto. prices closed %o. to %c. higher.
No developments of
importance were recorded during this
session.
Chronicle
Chicago
in
6. 1937 September.... 27
6, 1937 December
2854
29. 1937 May
3034
£ daily closing prices of
December.
Mon.
31
December
.
futures
32^
lligh and
4734
September
oats
Corn
Oats
Rye
Barley
Ft. William & Pt. Arthur
503.000
19,966,000
686,000
112,000
752.000
1.051,000
5,246,000
402,000
4.961.000
Other Canadian & other
bbls 196 lbt>
Chicago
222,000
Minneapolis..
Duluth
bush 56 lbs
bush 32 lbs bush 56 lbs bush 48 lbs
2,274,000
1,071.000
27,000j
160,000
198,000
1,246,000
16,000
1,464.000
73,000
745,000
523,000
633,000
"b'ooo
68.000
39.000
590,000
13.000
50.000
7.000
25,000
Indianapolis..
82.000
186.000
8,000
127,000
84,000
6.000
51.000
16,000
324.000
120,000
41,000
923,000
342,000
91,000
71,000
77,000
53,000
19,000
48,000
Omaha......
St. Joseph...
Wichita
58,000
18,000
ib'ooo
24~, 000
9,000
32.000
1,410,000
248,000
246,000
316,000
391,000
1.307,000
3,249,000
3,379,000
3,849,000
Sioux City...
Canadian
Total wk.1937
423,000
7,469,000!1
3,295,000
3.284,000
Same wk 1936
434.000
5,020.000
408.000
446.000
14.394,000
3,013,000
2,220,000
1,431,000
Same wk.1935
4,539,000
809,000
1 3,051.000110.862.000' 14,904,000
3,750,000 74.849,000 32,446,000
29,387,000
4,863.00030,977,000
56,412,000
The world's
3,351,000141,330,000
Total receipts of
15,140,000
Exports
Week
Sep
1
Wheat
.
24,
Since
July 1,
July 1,
1937
1936
1937
Bushels
Bushels
Bushels
Bushels
143.000
Corn
Oats
bush 56 lbs
bush 32 lbs
72.000
89,000
8,000
23,000
13,000
Baltimore
15.000
30.000
New Orleans *
24.000
219,000
Montreal
4*9*666
Boston------
12,000
Rye
Barley
135,000
72,000
22*666
*3*666
1936.—I
"Tboo
60,893,000
Since
July 1,
July 1.
1936
1937
2,740,000
1,000
5,809,000
12,517,000
15,827,000
1,576,000
8,144,000
8,556,000
91,882,000
86,084,000
2,779,0 0
21,853,000
4.492,000
92,548,000116,610,00011,617,000116,749,000
96,386.00
407,000
10,715,000
17,012,000
India
Oth. countr's
1,165,000
472,000
888,000
Bushels
274.000
68,000
16,736,000
Argentina—
Bushels
214,000
35,173.000
7,376,000
Total
8,813,000
5,536,000
27,759,000
4,074,000
509*666 1.15"l"b00
6,000
3.906.000
4.395,000
Weather Report for the Week Ended Sept. 29—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Sept. 29, follows:
Generally fair, cool weather prevailed in eastern sections practically the
although scattered showers occurred toward the close.
Warm
with rather widespread showers, occurred in the Great Plains
and 8*me Rocky Mountain sections from the 23d-25tb, followed by a re¬
action to cooler on the 25-26th when a few stations reported sub-freezing
entire week,
weather,
269.000
2,631,000
SinceJan 1,'36 11,008.000
92,104,000
Receipts do not
523,000
5,141,000
251,000
5,295,000
140.000
3,720,000
26,000
3,539,000
include grain passing through New Orleans for foreign ports
through bills of lading.
The exports
ended
24,
24,000
*5*7*666
~1.000
Since Janl,'3710,104.000
.
8.000
277,000
Halifax
on
57,000
bush 56 lbs bush 48 lbs
343,000
Sorel
*
6.000
15,000
1,333,000
Galveston
Sep
Since
57,746,000
15,800,000
3,009,000
2,872,000
Australia
bbls 196 lbs bush 60 lbs
_
are
Corn
Week
Since
Black Sea—
Week
6,812.000 20,878.000
8,116,000 20.819,000
July 1, 1937, and July 1, 1936,
North Amer.
Flour
7.633.000 21,510,000
3.864,000 31,880.000
3.644,000 29,930,000
3,511,000 55.129,000
_
flour and grain,at the seaboard ports for
An/lnrl
New York
10,253,000
1,266,000 11,257.000
39,649.00011,936.00024,833,000
1937
Receipts at—
6,367,000
shipment of wheat and corn,'as furnished by
ended Sept. 24, and since
shown in the following:
5,804,00021,568,000
1935
Philadelphia
4.809,000
Wheat
1937
YTr/tf\Tr
-
Broomhall to the New York Produce Exchange, for the week
Since Aug. 1
U/\
3,864,000 27,071,000
67,683,000
—
Total—Sept. 25,1937.198,733,000
Total—Sept. 18, 1937.193,857.000
Total—Sept.26, 1930.146,455,000
169,000
Buffalo
1936
11,257,000
1,248,000 11.140.000
1,771.000
6,238,000
1,266,000
56.000
15,000
...
4,198,000
5,562,000
131,050,000
American
354,000
47.000
City
3,620.000
4,809.000
Total—Sept. 25, 1937.
Summary—
123.000
Louis
Peoria
40,363,000
67,683,000
Total—Sept. 18. 1937- 62,847,000
Total—Sept. 26,1936. 70,250,000
elevator stocks
250,000
507,000
85,000
Milwaukee...
Kansas
940.000
1,597.000
Toledo
St.
bush 60 lbs
from the several seaboard ports for the week
Saturday, Sept. 25, 1937, are shown in the annexed
statement:
'W0ctt;h0I*»
'
The week was cooler than normal in
1
'
the Middle Atlantic States, much
of the Ohio and southern Mississippi Vatleys and the Southeast.
It was
also cooi for the season in much of the Northwest, particularly in northern
Rocky Mountain districts where the week averaged from 4 to 7 degrees
EIsewhere the week was somewhat warm, particularly
in the western Lake region, and parts of the far Southwest.
cooler than normal.
Financial
2260
Minimum temperatures were
as
not unusually low for this
time of the year
freezing weather was confined to the northern Great Plains
Rocky Mountain area, with only local freezing areas else¬
Maximum temperatures were unusually high the middle of the
the line of
and
northern
where.
central-valley sections, ranging from 90 to 100 deg. in parts
Mississippi Valley and some sections of the Great Plains.
week in some
the upper
of
in many eastern districts, including much of the
Southeast, although iocaily heavy amounts were reported.
Precipitation
was moderate to
heavy in much of the central Ohio and south-central
Mississippi Valleys, as well as in some parts of northern Iowa and southern
Minnesota.
In much of the country from the Great Plains westward the
week was largely rainless, except for local light to moderate falls in parts of
the Northwest and the Southwest.
Scattered moderate to heavy showers
were noted in parts of Texas and adjacent States.
Although moderate to heavy rains occurred in many portions of the
Midwest, the long-continued dry weather that proceeded them had seri¬
ously depleted the soil moisture, with the result that the soil is in general
Rainfall was quite light
need
of further
precipitation.
generous
While the added moisture will
is needed in many places from
help late fall crops and some pastures, more
the Rocky Mountains.
In this area winter-wheat
seeding has been delayed for some time and the retardation has become
serious in some localities, notably in Missouri; seeding is advancing in
Kansas in dry soil.
The cooler weather that overspread central and eastern districts the
middle and latter parts of the week brought more or less general frosts
as far south as parts of the Ohio Valley, fhe south-central Great Plains,
and the Southwest.
Frosts were mostly light and without serious injury
in southern parts of this area, while in more northern sections they were
killing in many localities, with local damage to potatoes and some late
gardens.
Killing frosts so far this year have been accompanied by only
slight injury to major crops and in most districts have been somewhat
Illinois
westward
to
„
„
Oct. 2,
Chronicle
1937
tically completed in south and progressed rapidly in north; condition of
mostly good.
Winter-wheat seeding made good advance in north¬
west.
Rice harvest made good advance early in week, but delayed by
rain during last few days.
Cattle generally continued good.
General rains
needed for truck, ranges, minor crops, and for plowing in extreme south,
central, and north-central localities.
crop
Seasonable temperatures, with heavy to
but light to moderate elsewhere; abundant
of State.
Corn being gathered, some shucked.
City:
Oklahoma—Oklahoma
excessive rains in east-central,
rain now needed over much
advance; much being snapped; good advance
Cotton picking mostly good
in ginning; some complaints of opening slowly in west.
Fair advance in
sowing winter wheat and one-half sown in some counties and just start¬
ing in others; grasshoppers injuring young wheat in some northwest and
north-central.
^
Arkansas—Little
advance due to very
Saturday when light to heavy rains occurred;
Rock: Picking cotton excellent
favorable weather, except on
f-eatercorn being gathered; late nearing maturity. where opening rapidly,
portion open, except on eastern lowlands Favorable for sowing
arly
wheat and oats.
fall truck,
Weather also favorable for late potatoes, sweet potatoes,
and fruit.
Most
Tennessee—Nashville:
of week
favorable
Pick¬
for farm work.
ing cotton good advance in southwest, but fair progress elsewhere; condi¬
tion good.
Condition of corn excellent and maturing satisfactorily; prac¬
tically no frost damage.
Good progress in cutting and curing tobacco;
condition mostly good; slight frost damage to late.
Much hay cut, with
excellent yields.
Ground dry early part, but much improved after Satur¬
day and plowing and fall seeding resumed.
THE
DRY GOODS TRADE
behind the average time.
fair weather and seasonable to slightly subnormal tem¬
peratures favored rapid advance of all outside operations in most parts of
the country.
In the Atlantic States the weather was generally ideal for
harvesting operations until near the close and gathering crops made ex¬
cellent advance.
In most parts of the West the weather continued favor¬
able for farm work, although it was somewhat too cool in parts of the
New York,
The generally
Northwest.
/■,
Grains—Threshing
Small
and combining
operations made
excellent
in late northern districts and the Pacific Northwest.
This work
& completed in many localities in North Dakota and practically com¬
pleted in Idaho and eastern Colorado.
Some rains occurred in parts of the Winter Wheat Belt during the week,
progress
inconsequential, and a general moderate rain
practically all districts to condition the soil for plowing and
and insure germination.
.
1
Seeding progressed rapidly in Kansas and Oklahoma.
Approximately
two-thords is sown in Kansas, while in Oklahoma 60% has been sown in
but for the most part were
is needed in
seeding in delayed areas
some
counties and is just starting
in others.
grasshoppers are injuring late
and central localities and in Kansas
In Oklahoma
western
winter wheat in some north¬
grasshoppers, together with
damaging in northern and western
Winter-wheat seeding has been completed in some counties in
wire worms
are
reported
counties.
Nebraska
reported coming up, but planting is still delayed in many places by
dry soil and fear of grasshoppers.
Seeding operations are nearly impossible in over half of Iowa on account
of hard, dry soil.
However, some winter wheat is reported up and look¬
ing fine in favored localities.
Rain is urgently needed in Missouri and plowing and seeding of. winter
grains has been delayed seriously in some sections.
In the Ohio Valley
winter-wheat seeding is becoming more general as a result of rainfall at
the middle and the close of the week.
Much seeding has been done in
and
central Indiana and northern Illinois.
General rains have improved conditions
fall seeding, but more is
in Montana, and encouraged
needed to bring along germination and maintain
growth of early sown wheat in central and western portions.
Some seed¬
ing of winter rye and fall plowing was accomplished in North Dakota,
but the ground is mostly too dry for best results.
Winter wheat and rye
were up in South Dakota and look good, but much is not germinating due
to lack of moisture; seeding is difficult due to dry top soil.
In the Atlantic States preparation of soil and sowing of fall grains con¬
tinues favorably, except that droughty conditions in western New York
seriously delayed winter-wheat seeding.
Buckwheat in New York made
a good crop and is mostly cut.
Corn—The weather of the week was
generally favorable for gathering
with the large proportion of the crop safe from frost damage.
Ohio Valley cutting and silo filling are advancing rapidly, but
little has been cribbed as yet and the crop still needs one to two weeks
locally; in western-vailey sections 90% or more is safe.
In Missouri corn
corn,
In the
is
practically all safe from frost damage and is mostly in shock, with some
Some husking and cribbing has been done in the northwestern
cribbed.
rapidly, with considerable husked,
western part of the State, but the
crop is not yet sufficiently dry to crib generally.
Cotton—The weather of the week favored cotton picking quite gener"
ally, with rapid advance made in practically all parts.
In Texas picking
and ginning cotton are practically completed in the southern hair of the
State and rapid progress was made in the northern half; condition of the
crop is generally good.
In Oklahoma picking made mostly good advance,
although there was some complaint of slow opening in western sections;
part of the belt.
In Iowa corn dried
shelled, and marketed in the extreme
much is being snapped.
In central States of the
belt picking made good to excellent advance,
the crop open or opening rapidly.
In eastern
made mostly to excellent advance and is nearing completion in southern parts; the crop is opening rapidly in all parts.
with
the greater part of
States of the belt picking
The
Weather
Bureau furnished
the following resume of
conditions in the different States:
Virginia—Richmond: Temperature averaged below normal; little pre¬
cipitation until close of week.
Favorable for farm work.
Cutting corn
and filling silos nearing completion.
Late truck good; harvesting sweet
potatoes
begun.
Meadows and pastures good to excellent.
Planting
winter wheat and oats progressing.
Digging peanuts and picking cotton
continue.
..
cool, with abundant sunshine,
Light rain Monday, which was
late corn and to soften soil for
plowing.
Cotton opening rapidly and picking good to excellent advance;
top crop mostly light.
Curing tobacco nearly completed.
South Carolina—Columbia; Averaged somewhat cool, but fair, except
local showers in north.
Again favorable for general harvesting.
Scattered
oat seeding, but soil mostly too dry.
Late truck and pastures fair to good,
but rain needed locally.
Picking and ginning cotton excellent advance,
with over half gathered in south and continued rapid opening in north.
North
Carolina—Raleigh;
Qeorgia—Atlanta: Seasonable temperatures, except cool last two days;
light or no rain.
Picking cotton excellent advance and nearing com¬
pletion into central.
Corn good; harvesting about done.
Truck good in
south, but suffering in other sections from lack of rain.
Peanuts fair,
pecans almost matured.
Progress and condition of cotton fair; picking
Harvesting sweet potatoes and peanuts. -Plant¬
Citrus good; fruit maturing well.
Setting out strawberry
Florida—Jacksonville:
and ginning fair advance.
Alabama—Montgomery: Practically dry, with only scattered showers.
Cotton opening rapidly and picking excellent advance, being nearly com¬
pleted in south and well advanced in middle.
Much hay being saved and
harvesting corn, cane, and sweet potatoes progressing nicely.
Pastures,
potatoes, truck, and other growing crops in good condition.
WMississippi—Vickesburg: Warm to Saturday, but cool nights thereafter.
Local moderate to heavy showers in extreme north
and extreme south,
Cotton generally opening rapidly, with good
in picking and ginning.
Corn practically matured.
Progress of
gardens and pastures mostly fair.
but light or none elsewhere.
progress
week, except cool at end.
All crops made good progress
of cotton good; mostly open
and picking excellent advance.
Harvesting and threashing rice progress¬
ing rapidly.
Late corn being gathered.
p0Texas—Houston: Temperatures averaged about normal; rain locally
heavy and general, except in central.
Picking and ginning cotton prac¬
Louisiana—New
Orleans:
Warm
most
of
Moderate to locally heavy rains latter half.
and condition good to excellent.
Condition
anticipate forward needs, pending a clarification in the
general business outlook for the remainder of the year.
While inventories at wholesale as well as retail, were said
to have shown fair reductions, published statistics indicated
that stocks in many instances are still considerably above
last year's figures. Business in silks continued quiet although
the demand for piece goods was reported to have received a
mild stimulus from the recent silk promotion.
Trading in
quieted down perceptibly reflecting the con¬
over the curtailment plans of the fabric
mills.
Stocks in producers' hands remained, however, at
very low levels,
and no immediate deterioration in the
statistical position is foreseen unless the present dullness
should continue over a longer period.
rayon
yarns
tinued
uncertainty
the gray cloths
desultory fashion.
The
continued drop in raw cotton values and the unsettlement
in the security markets served to accentuate the reticence of
buyers. While it is believed that many users, having allowed
their requirements to accumulate over a protracted period,
are in actual need of goods, no broader buying movement is
anticipated until just prior or after the release of the next
Government crop report due Oct. 8.
Prices held fairly
steady although scattered second-hand offerings came into
the market at slight concessions.
Business in fine goods
Domestic
Cotton
markets remained
continued dull.
Goods—Trading in
in its previous
A number of small orders was
received but
buyers in general remained cautious pending the stabilization
of raw cotton values.
Prices held steady, partly under the
wide-spread curtailment in output, resorted
by leading mills. Closing prices in print cloths were as
follows:
39-inch 80's, 7c.; 39-inch 72-76's, 6%c.; 39-inch
influence of the
to
68-72's, 5%c.; 38H-inch 64.60's, 5c.;
38^-inch 60-48's, 4%c.
Continued
favorable for harvesting matured crops.
needed for fall truck, pastures, and some
ing fell truck.
plants.
Friday Night, Oct. 1, 1937
Although the gyrations in the security markets acted as
somewhat of a damper on general sentiment, retail business,
favored by clear skies and cooler temperatures, made a
fairly good showing, notably in the apparel divisions.
With the movement of this year's
bumpercrops now being
in full swing, sales reports from the rural sections gave a
particularly gratifying account, with some districts reporting
increases up to 25% over the corresponding period of last
year.
In other sections of the country, however, especially
in the Northeast, business continued of a rather spotty
character. Early estimates of department store sales during
the month of September indicate average increases of about
5% over last year.
Trading in the wholesale dry goods market showed a
moderate improvement as previous uncertainties over the
price outlook appeared to lessen somewhat.
A number of
staple items moved in fair volume for nearby delivery,
but there was little inclination on the part of buyers to
fabrics remained
still amply covered
on
nearby requirements, while the introduction of the new
spring lines is not expected to result in larger commitments
until present stocks of finished garments have undergone
Woolen
Goods—Trading in men's
wear
stagnant as clothing manufacturers are
further
reductions.
Mill
activities continued at
reduced levels with additional curtailment
effect.
Reports
from
sharply
schedules taking
retail clothing centers revealed a
necessitating some
moderate seasonal improvement in sales
scattered reorders of fall merchandise,
although
in
the
majority of cases, clothing stocks were believed to remain
at relatively high figures.
Business in women's wear ma¬
terials turned fairly active as a better call developed for
fleeces, mannish suitings and worsted cloakings, reflecting
the better flow of goods in distributive channels.
Foreign
Dry
Goods—Trading in linens broadened
moderately, and additional scattered orders for materials
used in the winter resort and cruise trade came into the
market.
The unsettlement in the foreign primary markets
by the protracted Far Eastern conflict continued
Business in burlap remained very quiet and
transactions were limited to small fill-in lots.
Prices held
caused
unabated.
fairly steady reflecting a slightly better tone in the Calcutta
market.
Domestically lightweights were quoted at 3.80c.,
heavies at 5.15c.
Volume
145
Financial
Chronicle
2261
'WE OFFER SUBJECT—
Specialists in
$15)000 DELAND Imp. 6% Bonds
Due—Jan. 1, 1955
Illinois & Missouri Bonds
Pricw—5.25
Basis"
Thomas M. Cook &
Company
Harvey Building
WEST PALM
STIFEL, NICOLAUS &, CO., Inc.
105 W. Adams St.
DIRECT
CHICAGO
WIRE
BEACH, FLORIDA
Their test of the validity of the law resulted in an unfavorable decision
314 N. Broadway
in the JNew York State Supreme Court.
ST. LOUIS
They said that the tax, in effect, resulted In "hostile" discrimination
against utilities, because transit company gross revenues were comparatively
much higher than gross revenues of other types of business.
so
New York, N. Y.—Debate Scheduled on Veto
of Water Rate
Repeal Measure—William F. Brunner, President of the Board
of Aldermen, announced that he had issued a call for a
special
meeting of the board on Oct .4 to consider Mayor LaGuardia's
recent veto of Alderman Kinsley's resolution to
repeal the
50% emergency increase in water rates.
The resolution
was
adopted by the board.
News Items
Connecticut—Additions
In bulletin
(No. 4), issued
List of Legal Investments—
Sept. 27, it was announcd by
City of Lockwood,
to
on
the State Bank Commissioner that the
Ohio, had been added to the list of investments considered
legal for savings banks.
Another addition was the first
mortgage 4s of 1962, Uhio Public Service Co.
Tax
Exemption of Governmental Securities Attacked
—The New York
State Treasurer Dies—John Stanley Addis, State Treasurer,
died in New Milford on Sept. 29 as a result of a heart attack.
He was elected State Treasurer on the Democratic ticket in
1934,
-"-=
; / '
:
following
the latest
"World-Telegram" of Sept. 25 carried the
from Wasuington, D. C., dealing with
proposal to remove governmental securities from
news report
their present tax-exempt category:
.
Investment
Merits
A limited edition of
a
of
American
Municipal Bonds—
booklet bearing above title has been
prepared by Halsey, Stuart & Co., Inc., of Chicago and New
York. The subject matter contained in this booklet
appeared
originally in 1934-1935 in a series of ten brochures gotten
out by the said firm, revised up to the present time, in order
to meet the widespread demand for detailed literature on the
subject.
''
The material presented covers a wide range of topics, all
dealing with the basic consideration of investment desira¬
bility.
It will prove valuable as a compact guide and refer¬
ence source for institutional
buyers and experienced investors
in municipal bonds, apd it should also prove very helpful for
municipal officers charged with the responsibility of maintain¬
ing strong credit standing for their communities.
New
Jersey—Railroad Tax Assessment Case Scheduled for
Hearing—The appeals of five railroads and their subsidiaries
from the 1932 and 1933 tax assessments levied by the State
are listed in cases for
argument during the October term of
the United States Circuit Court of Appeals for the Third
Circuit which opens on Oct. 4, according to news reports.
The hearings in appeal of 1934, 1935 and 1936 tax cases will
be resumed at Trenton on the fourth, it is said.
New
Jersey—Cities Will Share in Public Service Taxes—
Thayer Martin on Sept. 22
announced that principal cities of the State as well as many
smaller municipalities would share in the redistribution of
$11,278,354 gross receipts taxes on Public Service Electric
and Gas Co. property for 1935, 1936 and 1937, according to
a news report from Trenton.
State Tax Commissioner J. H.
The total tax to be distributed for 1935 amounts to $3,624,525; for
$3,735,337; for 1937, $3,918,492.
1936,
Delay in distributing funds dining the
last three years was encountered when Commissioner Martin attempted to
substitute
a
Dr. Nicholas Murray Butler, President of Columbia, revealed
to-day
Court, because of a "larger enlightenment,'
probably would reverse itself and hold that the Government can tax income
from governmental securities, hitherto tax-exempt.
He has suggested to
Treasury officials that they present the issue to the Court.
One of his former professors, Dr. Roswell Magill, Undersecretary of the
Treasury, had advocated a constitutional amendment to permit such
that in his opinion the Supreme
new
plan of distribution based on plant and unit capacity of
public service properties fixed by local assessors.
The New Jersey State
Board of Tax Appeals and the State courts outlawed the Martin
plan.
Amounts certified for distribution to the principal municipalities are:
Newark, 1935, $691,625; 1936, $691,199; 1937, $715,424.
Jersey City,
1935, $918,371; 1936, $722,134; 1937, $714,696.
Camden, 1935, $303,891;
1936, $274,129; 1937, $275,311.
Hoboken, 1935, $112,619:1936, $83,678;
1937, $80,724, Harrison, 1935, $67,529; 1936, $143,067; 1937, $149,703.
Kearny, 1935, $299,047; 1936, $322,200; 1937, $337,152.
Trenton, 1935,
$90,249; 1936, $95,557; 1937, $101,155.
New Brunswick, 1935, $23,207;
1936, $25,413; 1937, $26,759.
Perth Amboy, 1935, $33,136; 1936, $34,031;
1937, $35,359; Raritan Township, 1935, $51,871; 1936, $58,544; 1937,
$61,363.
Clifton, 1935, $72,366; 1936. $80,022; 1937, $84,044.
Passaic,
1935, $32,796; 1936, $34,618; 1937, $36,527.
Paterson, 1935, $143,896;
1936, $142,567; 1937, $148,227; Elizabeth, 1935, $34,845; 1936, $35,084;
1937, $36,764.
Plainfield, 1935, $26,236; 1936, $26,737; 1937, $28,113.
taxation.
/'
•
The
have power to
incomes, from whatever sources derived.
direct and unqualified grant of power to Con¬
to tax income 'from whatever source' than is contained in the language
"There could be
gress
ment relief tax levied
on
the gross revenues of all business
located within its limits:
The Brooklyn & Queens Transit Corp. and the New York Rapid Transit
Corp. today asked the Supreme Court to review constitutionality of the
City unemployment relief tax.
The city law provides for a tax of 3% on gross revenues of all business
New York
in the city to meet costs of unemployment relief.
The two transit corporations, in their petition to the high
court, said
they had paid the levy under protest and contended that the tax violated
the Federal Constitution.
no
on
.
.
more
of the Sixteenth Amendment.
Assails Court
"To
Ruling
•
.v
adopt another amendment definitely specifying that Congress might
income from
which have been
held exempt because of Court
decisions subsequent to the Sixteenth Amendment would be
equivient to saying that the words 'from whatever sources derived' do not mean
tax
sources
.
what
they appear to mean, but must be supplemented by
specific designations of the sources of income.
a
.
.
variety of
"Out of this situation would arise a new series of Court decisions which
would exempt the income from sources not specified in the Second Amend¬
ment.
The situation would be ludicrous*.
and very dangerous.
.
.
"The decision of the
Supreme Court holding that the language of the
mean what is said is the most indefensible
and most inexplicable in the whole history of constitutional interpretation.'
Sixteenth Amendment did not
.AMHMHIH3
Taxes
and
TheirfEffect UponfBond Yields—A|chart
has just been prepared by Heller, Bruce & Co., San Francis¬
co investment house, which is designed to determine the
yield
after all taxes have been figured on bonds.
This is said to
be the only chart making provision for Federal and (or) State
income levies and is designed to bring out these points:
1.
It will show that institutions
2.
ties
carrying in their investment port¬
far less a yield than the management
are
folios many securities that are giving
dreamed possible,
It shows that many combinations of coupon rates, prices and maturi¬
produce the same yield, after tax, with no two of them producing
identical yields, before tax.
3. It shows that "taxable equivalents," long used by numerous invest¬
ment houses, serve no useful purpose but frequently are utterly misleading.
Many have been led to infer that any lesser taxable yield produces a lesser
yield after tax, and conversely that any greater yield after tax, than the
tax-free yield for which the "equivalent" is stated.
Either assumption
may be wrong.
The sole effect of tax on a taxable bond is to legally confiscate a per¬
centage of the coupons.
A different percentage or bond yield is taken,
however, simply because tax pays no part of amortization.
Perpetual bond
or term bonds figured at par, present the only exceptions.
As an example. Heller Bruce & Co. present the following table on seven
taxable bonds and their yields, before tax.
Opposite each is shown what
remains of the taxable coupon, after tax, at the 15% tax rate paid by banks.
The yield produced by this remainder of the original coupon is the remainder
of the original yield .after satisfying the requirement of tax.
Before Tax
After Tax
Coupon
Maturity
10 years
10 years
10 years
5 years
1 year
next
New York, N. Y.—Unemployment
Relief Tax Taken to
Supreme Court—A United Press dispatch from Washington,
D. C., on Sept. 24 had the following report to make on a
pending high court review of the New York City unemploy¬
Amendment says;—"The Congress shall
Sixteenth
levy and coUect taxes
Missouri—Voters to Pass Rescindment of Gas Tax Increase
—The voters of the State will have an
opportunity at the
general election in November, 1938, to reject the onecent gasoline tax increase passed by the
Legislature last
spring.
This is said to have been made possible with the
filing of 163,000 signatures of qualified voters with Secretary
of State Brown in favor of a referendum petition.
The
names on the petition were more than double the
required
65,000 signatures and they are reported to have been ob¬
tained in less than 30 days.
Unqualified Grant"
But Dr. Butler believes that the Sixteenth Amendment already covers
this ground and that to adopt a new amendment would make America
"the laughing stock of the world."
1 year
1 year
Tennessee
Price
112.63
120.30
127.97
114.68
103.05
102.08
101.10
Yield
Coupon
Maturity
Price
2.56%
3.40%
10 years
112.63
2.67%
2.78%
2.83%
2.88%
2.88 %
2.88%
4.25%
5.10%
5.10%
5.10%
4.25%
3.40%
10
10
5
1
1
1
120.30
127.97
114.68
103.05
102.08
101.10
years
years
years
year
year
year
Yield
2.00<
2.00'
2.00'
2.00'
2.00'
2.14%
2.28%
Valley
Authority—Hearing on Validity of
Authority Scheduled—A three-judge Federal court on Sept. 27
for 17 private power com¬
panies which would have enabled them to gain additional
evidence in preparing for a hearing on the constitutionality
of the TVA, which will be held in Chattanooga on Nov. 15,
according to a United Press dispatch from NashviUe on the
27th.
It is reported that the hearing date was set after, the
denied the motions of attorneys
motions
were
Charles M.
on
denied.
Seymour, power company counsel, asked the court to rule
three motions:
1. For an order permitting attorneys for the private companies to take
deposition from PWa Administrator Harold L. Ickes.
2. For an order requiring TVA to produce an extensive list of documents,
memorandum, maps and engineering and financial data.
3. For an order compelling John M. Carmody, Rural Electrification
Administrator, either to produce material he refused to give in a deposition
in Washington, or to give a new deposition.
a
The court also decided not to refer the case to a master in order to avoid
undue delay.
"The court has determined to hear all further testimony in the case be¬
cause of the grave questions involved and as a matter of public
policy."
r;
Financial
2262
the judges said.
"By not referring the case to a master, he will greatly
expedite the final determination of the case by this court."
Although the date for the hearing originally was set for Oct. 18, the court
moved the date to Nov. 15 because of the illness of Newton D. Baker, one
Of the attorneys
for the private power companies.
Kern County,
Board
of
bonds. ^Denom.
HIGHLAND PARK PUBLIC UTILITY DISTRICT,
OFFERING—Warren
Stockton,
Secretary,
Directors, is asking for bids on an issue of $25,000 5%
$1,000.
'
'
/; ' _;
.
ANGELES, Calif.—BOND SALE CONTEMPLATED—Accord¬
ing to newspaper reports on Sept. 27 a group of Los Angeles officials is to
visit New York in the near future to arrange for the purchase of a bond
issue of about $10,000,000 for the city's Department of Water and Power.
It is said that the bonds will be revenue obligations and the funds realized
from the sale are to be devoted to extensions and additions to the muni¬
LOS
cipally owned systems.
(A $47,000,000 issue of electric plant revenue bonds
of the Department of Water and Power was sold on Jan. 19, 1937, as noted
in detail in these columns at that time.)
COUNTY
ANGELES
LOS
taxes.
1937
2,
ESCONDIDO, Calif.—BONDS VOTED—At the election held on Sept.
14—V. 145, p. 1292—the voters approved the issuance of $48,600 water
system improvement bonds, according to report.
Calif.—BOND
Texas—Legislature Meets in Special Session—The Legis¬
lature met at noon on Sept. 27 in a special session under the
call of Governor James V. Allred for the specific purpose of
enacting laws that would provide additional tax revenues of
115,000,000 annually, according to Austin advices.
It is
said Governor Allred has recommended that taxes on natural
resources be increased, while a group of legislators favor a
sales tax.
A large number of the legislators are reported
to be opposed to the Governor's program for additional
Oct.
Chronicle
Los
O.
(P.
Angeles), Calif .—REPORT
Co., 215 West 7th
principal and interest
ON VARIOUS DISTRICTS COMPILED—'The Gatzert
Wisconsin—Supreme Court to Hear Appeal
on
State De¬
velopment Authority—We are informed by L. E. Vaudreuil,
Deputy Attorney General, in a letter dated Sept. 27, that the
appeal of the Circuit Court's decision upholding the con¬
stitutionality of the Development Authority law, which was
reported in these columns in the issue of Sept. 25—V. 145,
p. 2104—will be up for argument in the Supreme Court very
shortly.
■
'
■■
'J
-
St., Los Angeles, has prepared a report, giving the
requirements for the year 1938, the gas tax allocation, if any, and the 193738 tax levies, covers all Los Angeles County Acquisition & Improvement
and Road Improvement District bond issues.
There are about $5,500,000
of these County bonds outstanding.
About half of the issues are now in
default of principal and or interest payments.
It is pointed out that eight of the acquisition and improvement districts
show pyramided tax levies for the year 1937-38.
This no doubt will result
in greater tax delinquencies for these districts, according to report,
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—PUENTE
BOND ELECTION—An an election scheduled for Oct. 7 the
School District„willi,vote_on the question of issuing $40,000
SCHOOL
voters of Puente
school
Bond Proposals and
Negotiations
$75,000 Jefferson County, Alabama
3>£% bonds duo May 1, 1954 to 1956
Price 100>£ to 100*4
building bonds.
ORANGE
Calif.—FLLLERTON
sold an issue
to Kaiser
of $1.60.
Sept. 28, 1937 and will mature Dec. 30, 1937.
COUNTY
(P.
O.
Ana),
Santa
SCHOOL NOTES SOLD—On Sept. 28 the County Supervisors
of $100,000 tax anticipation notes of FuJerton High School District
& Co. of San Francisco on a 1)4% interest basis, plus a premium
The notes are dated
proposal calling fo*
purchase of a power distribution
REDWOOD CITY, Calif.—BOND ELECTION—A
the issuance of $575,000 to finance the
system will be placed on the Nov. 2 ballot.
McALISTER, SMITH & PATE, Inc.
NEW YORK
67 BROAD STREET
Telephone WHitehall 4-6765
CHARLESTON, S. C.
GREENVILLE, S. C.
ALABAMA
LAFAYETTE,
Ala.—BOND SALE—The
$32,000 4% water works
awarded to King, Mohr
of about 4.30%.
Dated
$2,000, 1940 to 1946; $4,000,
bonds offered on Sept. 28—V. 145, p. 2105—were
& Co. of Montgomery at a price of 97.81, a basis
Sept. 15, 1937.
Due on Sept. 15 as follows:
1947 to 1950, and $2,000 in 1951.
RIVERSIDE
COUNTY
(P.
O.
Riverside),
Calif.
SCHOOL BOND OFFERING— Seaied bids will be received
—
BANNING
until 10:30
a. m.
18, by D. G. Clayton, County Clerk, for the purchase of an issue
of $110,000 Banning Union High School District bonds.
Interest rate is
not to exceed 5%, payable M. & N. Denom. $1,000.
Dated Nov. 1, 1937.
Due on Nov. 1 as follows: $5,000, 1942 to 1959, and $10,000 in 1960 and
1961.
Prin. and int. payable in lawful money at the County Treasurer's
office.
Each bid must state that the bidder offers par and accrued interest
to the date of delivery, and state separately the premium, if any, offered
for the bonds bid for, and the rate of iterest the bonds shall bear.
A
certified check for 10%, payable to the Chairman of the Board of Super¬
visors, must accompany the bid.
on
Oct.
SACRAMENTO
MUNICIPAL
(P.
UTILITY DISTRICT
O.
Sacra
mento), Calif.—FEDERAL PERMIT ASKED FOR
WATER POWER
PROJECT—A dispatch from Washington to the New York "Journal of
Commerce" of Sept. 25 had the following to say:
The Sacramento municipal utility district, Sacramento, Calif., today
filed application with the Federal Power Commission for a preliminary
permit to construct a 201,000 horse power hydro-electric project in Eldorado
County, Calif., on Silver Creek and the south folk of the American River.
The district proposes construction of the development in two steps, the
first to consist of two storage reservoirs connected by a tunnel, a diver¬
sion dam, a conduit and a power house, to be known as the Brush Creek
Development, which will have an installed capacity of approximately
50,000 horse power.
Ultimate development of the project, the applicant states, will consist
of enlargement of the two storage reservoirs, and construction of two addi¬
tional diversion conduits and two additional power plants, to be known
respectively as the Big Bend and Chili Bar plants, which
installed capacity to an aggregate of 201,000 horsepower.
will raise total
^
(P. O. San Bernardino),'Cailf.—
CHAFFEY SCHOOL BONDS OFFERED—H. L. Allinson, County Clerk,
will receive bids until 11 a. m. Oct. 4. for the purchase of $195,000 coupon
school building bonds of Chaffey Union High School District.
Interest
rate is not to exceed 3)4%, payable semi-annually May 1 and Nov. 1.
Denom. $1,000.
Dated Nov. 1, 1937.
Princiapl and interest payable at
the County Treasurer's office.
Due Nov. 1, 1947.
Cert, check for 2%,
required.
Purchaser is to furnish own legal opinion.
SAN
BERNARDINO
COUNTY
SAN
BERNARDINO
COUNTY
(P.
O. San Bernardino), Calif.—
$60,000 bonds of Needles High
NEEDLES SCHOOL BONDS SOLD—The
District, which were offered on Sept. 27—V. 145, p. 2105—were
awarded to Lawson, Levy & Williams of San Francisco at par plus a premium
of $106, equal to 100.176.
The terms of the successful bid provide that
bonds maturing from Oct. 1, 1938 to 1941, inclusive, bear interest at 4%,
and those maturing from 1942 to 1947 bear 3% interest.
The William R.
Staats Co. of Los Angeles offered a premium of $354, for 3K% bonds.
School
ARKANSAS
ARKANSAS, State of—
ON HIGHWAY BOND PURCHASES
REPORT
dispatch from Little Rock to the "Wall Street Journal" of Sept. 28
—A
had the following to say:
State Treasurer Earl Page
available Oct.
estimates
approximately
$950,000 will be
obligations.
12 when tenders are received on highway debt
Refunding Board purchased $753,139
par value of bonds, notes and certificates at $672,962 to effect a saving
of $80,177.
Since effective date of Act 11 of 1934, State Refunding Board has pur¬
chased on tenders $13,241,759 of highway debt at $10,459,287 to obtain
total discount of $2,782,472.
On tenders received Sept. 22, State
DORADO, Ark.—BOND ELECTION—It is reported that an election
proposed issuance of $655,000
system revenue bonds.
We understand that an agreement has
been made with the Arkansas Power & Light Co. ot purchase the local
plant at that price.
EL
will be held on Oct. 5 in order to vote on the
in
water
SAN
BERNARDINO
BOND ELECTION IN
COUNTY (P. O. San Bernardino), Calif.—
UPLAND
SCHOOL
DISTRICT—A
proposed
bond issue of $175,000 for
construction of a new elementary school will be
District on Oct. 8.
submitted to the voters on Upland School
SAN
DIEGO
COUNTY
(P.
O.
San
Diego),
Calif.—ESCONDIDO
informed by
SCHOOL DISTRICT BOND SALE DETAILS—We are now
Deputy County Clerk that Dean Witter & Co., Redfield, Royce &
Co.; Weeden & Co., and the Pacific Co. of California, were in joint account
with the Bankamerica Co. of San Francisco, in the purchase of the $195,000
Escondido Union School District, and Union High School District bonds on
the
Sept. 20,
as
noted in these columns previously—V. 145, p. 2105.
highest bid, an offer of $1,243 premium on
states that the second
tendered
by Banks,
Huntley & Co.; Griffith, Wagenseller &
He also
4s, was
Durst, and
the William R. Staats Co.
CALIFORNIA
MUNICIPAL
BONDS
Revel Miller & Co.
MEMBERS:
650 So.
Los Angeles Stock Exchange
Spring Street
Telephone: VAndike 2201
•
Los Angeles
Teletype: LA 477
SAN FRANCISCO
SANTA ANA
CALIFORNIA
ALAMEDA
COUNTY
SCHOOL
DISTRICTS
(P. O; Oakland),
Calif.—MATURITY—In connection with the sale of the $2,010,000 tax
anticipation notes to the Anglo California National Bank, the American
Trust Co., and the Bankamerica Co., all of San Francisco, at 1%, plus a
premium of $336, as noted in these columns recently—V. 145, p. 1932—
it is stated by G. E. Wade, County Clerk, that the notes mature on Dec. 28,
SELMA, Calif.—BOND ELECTION—The City Council will
proposed $20,000 electrolier bond issue to a vote at an election
submit a
scheduled
for Oct. 11.
STANISLAUS
COUNTY
(P.
O.
SCHOOL NOTES SOLD—The $120,000
offered
on
of San Francisco on a
notes
are
Modesto), Calif. — MODESTO
Modesto school notes which were
Sept. 29 were awarded to the
Anglo California National Bank
of $12. The
1)4% interest basis, plus a premium
divided into three issues as
follows:
$25,000 Modesto Elementary School District notes.
$65,000 Modesto High School District notes.
$30,000 Modesto Junior College District notes.
The notes are dated Oct. 1, 1937 and will mature Dec.
Kaiser & Co. of San Francisco submitted the second
interest, plus a premium
TULARE
31, 1937,
best bid, 1%%
of $28.
COUNTY (P. O. Visalia), Calif.—BOND ELECTION IN
SCHOOL DISTRICT—An election will be held Oct. 21
School District for the purpose of voting on a proposed
TERRA BELLA
in Terra Bella Union
$40,000 school building bond issue.
1937.
CALIFORNIA, State of—WARRANT SALE—An issue of $2,366,176.44
registered warrants, the proceeds of which are to be used to replenish the
revolving fund, was offered for sale on Oct. 1 and was awarded to Blyth &
Co., Inc., Schwabacher & Co., and Kaiser & Co., all of San Francisco, at
1%, plus a premium of $1,244.00.
Dated Oct. 5, 1937.
Estimated ma¬
turity date is on or about Feb. 23, 1938.
Second highest bid was an offer of $857 premium of 1 %, submitted by
R. H. Moulton & Co. of Los Agneles.
Weeden & Co. of San Francisco,
offered $717 premium of 1%.
There were two other bids received for the
warrants.
It is
...
expected that they will be re-offered for general subscription on a
basis of 1.70%.
CHOWCHILLA, Calif.—BONDS VOTED—The voters of the city on
Sept. 21 gave their approval to a proposition calling for the issuance of
$60,000 sewer system bonds.
COLORADO
ENGLEWOOD, Colo.—ELECTION RESULT CHALLENGED—In con¬
nection with the report given in these columns recently that the voters had
defeated the issuance of $550,000 in revenue bonds—V. 145, p. 1932—we
quote as follows from the Denver "Rocky Mountain News" of Sept. 19:
"Vice-President A. W. Conover of the Colorado Central Power Co.
said yesterday in Golden that the Englewood public power election Sept. 3
was "perfectly valid" and he was surprised it should be contested.
"Suit was filed in the Arapahoe County Court Friday challenging the
election result and declaring 350 illegal votes had been cast.
The utility
won against a proposal to issue bonds to take over its property for a muni¬
cipal plant by 786 to 485.
Volume
"Mr.
Financial
145
Conover
said
he
thought it unfortunate 'the opponents of the
company should adopt such tactics,' and he believed residents of Englewood would resent it.
"Democratic State Chairman Worth Allen, Colorado Central's General
Counsel since Feb. 1, said that while he had not seen the allegations in the
suit, the election
was
1939, and 6%
'
conducted "absolutely in accordance with the rules"
K. E.
Commission.
FLAGLER,
Colo.—BOND SALE—An issue of $8,000 5% municipal
bonds has been placed with the State Land Board
power plant equipment
at a price of 95.
-
State
of—ELEVEN
SELECTED
FOR
CABINET
Sept. 22
For the first time in history Connecticut had a Governor's Cabinet
The 11-man-made advisory group, made up of State Department
named yesterday by Gov. Wilbur L. Cross under the executive
Act,
of the first of the
one
General
Assembly.
today.
heads,
offices
State organization measures passed by the last
t
The Cabinet is directed
by law to meet at least quarterly but may meet
anytime at the call of the Governor.
,
same
statement
concerning the new body at the
time the appointments to it were announced.
"At the time of this action," the statement read, referring to the General
Assembly'8 action in setting the number of members at 11, "it was expected
that certain departments would be merged.
"This was not done.
As a result, the Governor has found it difficult to
select only 11 of the Commissioners as they now exist.
".After considering the matter very carefully, he has decided to appoint
the Commissioners (those named), on the understanding that he will find
it necessary at times to call into conferences other Commissioners and
sometimes heads of various State institutions."
The Commissi jners named
were:
Dr. Ernest W. Butterfield, Education; Col. Michael A. Connor, Motor
Vehicles; William H. Hackett, Taxes; Edward F. Hall, Finance; Robert A.
Hurley, Public Works; Olcott F. King, Agriculture; John A. Macdonald,
Highways; Dr. Stanley H. Osborn, Health; Walter Perry, Banks; Joseph M.
Tone, Labor, and Frederick C. Walcott, Public Welfare.
These men will serve through the remainder of the Governor's term
until January, 1939.
GREELEY, Colo —BOND SALE— On Sept. 28 an issue of $134,000
Gray, Inc.,
TAX
consolidated
1933, Laws of the State.
bid.
DELAWARE
DELAWARE (State of)—NO FINANCING IN
PROSPECT—Ernest C.
Blackstone, State Treasurer, informs us that the report of a proposed early
issuance of
district
school
(p.
o.
A certified check for 10% must accompany the
.
HAWAII
HAWAII, Territory of—BOND REOFFERING EXPECTED—Although
as yet, it is believed
possible that
definite date has not been disclosed
a
the Territory will offer for sale in the latter part of tnis month, the two
bond issues totaling $4,500,000, which originally were scheduled for sale
on
Sept.
14, the offering being postponed at that time, as noted in these
145, p. 1932.
The bonds are described as follows:
columns—V.
$3,000,000 public improvement
bonds.
Due on
Nov.
1
as
follows:
$107,000, 1939 to 1965, and $111,000 in 1966.
Proceeds of
this issue will be expended on public improvements which will
outlast the life of the bonds.
1,500,000 refunding bonds.
Due on Nov. 1 as follows:
$170,000, 1939
to 1946, and $140,000 in 1947.
Proceeds of this issue will be
used to call at par, and cancel, a like amount of term bonds
which would mature 10 years hence (1947).
A sinking fund of
$796,419 has accumulated against the issue and will be used as
required for the new serial maturities.
Denom. $1,000.
Dated Nov. 1, 1937.
IDAHO
CASSIA
COUNTY
Burley),
(P. O.
house bonds will be submitted to
23^s, a basis of about 2.40%.
Dated
Oct. 1, 1937.
Principal and interest payments at the Central Hanover
Bank & Trust Co., New York.
Due on Oct. 1 as follows: $12,000, 1938 to
1948; and $2,000 in 1949.
The United States National Bank of Denver
submitted a bid of 100.35 for 2j^s.-
8
Due on Jan. 1 as follows: $1,000, 1940 to 1955, and $2,000,
1956 to 1967, all incl.
Prin. and int. payable at the Chase National Bank,
These bonds are authorized under Section 32-1401, Code of
of Denver
bid of 100.597 for
NO.
Oct. 1, 1937.
election is scheduled for Oct. 16 at which
a
DISTRICT
New York.
general obligation refunding bonds was awarded to Gray B.
on
SCHOOL
McDonough), Ga.—BOND OFFERING—Sealed bids will be received until
10 a. m. on Nov. 16, by J. E. Hooten, Secretary-Treasurer of the Board
of Education, for the purchase of a $40,000 issue of coupon building bonds.
Interest rate is not to exceed 4%, payable J. & J. Denom. $1,000.
Dated
It is charged with the responsibility to "advise and confer concerning
of State interest which the Governor may submit to it."
a
SPECIAL
GEORGIA
matters
The Governor's office issued
COUNTY
(P. O. DeLand), Fla.—BONDS VOTED—At an election held on Sept. 7,
proposed $30,000 bond issue for school
building purposes. ;
the voters of the district approved a
Mcdonough
BY GOVERNOR—An Associated Press dispatch from Hartford on
had the following to report:
was
our refunding program will have progressed
actually making the exchange by Nov. 1, 1937.
contemplate that
The refunding program is being handled by Thomas M. Cook & Co.,
West Palm Beach, Fla., and R. E. Crummer & Co., Chicago.
For further
details address Thomas M. Cook & Co. of West Palm Beach, attention
E. W. Jackson.
CONNECTICUT
CONNECTICUT,
now
to the point of
VOLUSIA
FREMONT COUNTY SCHOOL DISTRICT NO. 2 (P. O. Florence),
Co 1 o.—BONDS VOTED—The $18,000 refunding bonds sold recently to
Donald F. Brown & Co. of Denver subject to an election have been approved
by the voters.
per annum from
The exchange agency will be the First National Bank in Chicago.
We
was filed by C^y Attorney H. H. Davies of Englewood and
Conour, former Assistant Attorney General, assigned to the utilities
2263
and including July 1, 1939, and thereafter.
Ihe series A bonds will replace our ourstanding 5)4% bonds and series B
bonds will replace our outstanding 6% bonds.
The present assessed valuation is $11,700,000 and the tax rate is $25
per $1,000.
he understood them.
as
r»
Chronicle
a
Idaho—BOND ELECTION—An
proposal to issue $65,000 court¬
a
vote.
LATAH COUNTY HIGHWAY DISTRICT NO
Idaho-—BONDS CALLED—J. J. Holland, District
4 (P. O. Moscow),
Secretary-Treasurer,
is said to have called for
redemption on Sept. 15 the following 3% semi-ann.
bonds aggregating $4,900:
No. 33, dated Aug. 1, 1935, due on Aug. 1, 1940.
Denom. $1,000.
Nos. 34 and 35, dated Aug. 1,1935, due on Aug. 1, 1940.
Denom. $500.
Nos. 36 to 40, dated Aug. 1, 1935, due on Aug. 1, 1941.
Denom. $500
and No. 41, in the denomination of $400.
$800,000 highway bonds is incorrect.
SANDPOINT, Idaho—BONDS DEFEATED—At an election held on
majority to a
Sept. 8 the voters are said to have failed to give the required
proposal calling for the issuance of $45,000 in jail bonds.
SHOSHONE COUNTY
BONDS
FLORIDA
(P. O. Wallace) Idaho—BONDS CALLED—
A total of
$22,000 refunding bonds is reported to have been called for pay¬
Sept. 15.
It is said that the amount paid this year is $40,000,
which leaves a balance of $100,000 of the original issue.
It is expected to
retire the remaining bonds by 1940, we understand.
ment on
Clyde C. Pierce Bank Build.ng
Corporation
WEISER, Idaho—PRICE PAID—It is stated by the City Clerk that the
Barnett National
$15,000 swimming pool bonds purchased by Sudler Wegener & Co. of Boise,
noted here recently—V. 145, p. 2106—were sold as 3^s, at par.
Due
serially in from two to 15 years.
FLORIDA
JACKSONVILLE
as
Branch Office: TAMPA
First National
Bank Building
T. 8. Pierce, Resident Manager
Municipal Bonds of
FLORIDA
CITRUS
COUNTY
(P.
O.
Inverness), F'a.—BOND TENDERS
E. Marlow, Chairman of the Board of
County Commissioners, that on Nov. 1, at 10 a. m., he will receive sealed
offerings of bonds of couty road and bridge refunding,bonds, dated Nov. 1
1933.
The amount of bonds of this issue to be purchased will be determined
by the Chairman and offerings must be firm for at least 10 days in order to
ILLINOIS INDIANA MICHIGAN IOWA WISCONSIN
INVITED—It is announced by F
Bought—Sold—Quoted
Pfne.
VP
be considered.
MUNICIPAL BOND DEALERS
FLORIDA,
State of—DISCUSSION OF
MUNICIPAL MARKET—
following report on the present status
of the municipal market in
Florida is taken from the September bulletin
135 So. La Salle St., Chicago
State 0540
Teletype CGO. 437 *
of bond quotations published
The
by A. B. Morrison & Co., Congress Building, Miami:
During the past month there have been no developments of any great
moment in Florida municipal bond situation.
Prices have remained at
about the same levels with few bonds being offered and with only a limited
demand.
In this respect, the Florida market has followed the general
municipal bond situation throughout the country.
Lately there appears
to be more activity.
There are two suits pending in the Florida Supreme Court which are likely
to have far reaching effects on the municipal situation here in the State.
One of them, discussed in our August bulletin, was regarding allocation of
the gas tax under special Acts.
If the Comptroller's stand is upheld, some
of the smaller counties will probably run into serious financial difficulties.
The other suit is in regard to House Bill 396, known as the Murphy Bill,
and having to do with the sale of tax certificates.
Under this law, tax
certificates more than two years old can be sold by the State at the highest
and best bid received.
The theory is that the land on which taxes are
,
^
„
the State should
unpaid for two years or more, brings in no revenue and
realize whatever it can, and get the property paying current
taxes again.
constitutional, will effectively stop the
purchase of tax certificates by tax buyers, and is likely to put a premium on
tax delinquencies.
The reason is that, under this law, if some other person
than the owner of the land buys the taxes, the owner can redeem at any
time within two years, at a penalty of only 3% interest on the purchase
price. If it happens to be a homestead that is bought the original owner has
10 years in winch to redeem it.
Interest of only 3% per annum is not
sufficient to induce a tax buyer to invest in tax certificates, so it naturally
follows the owner of the property is the only bidder. And there is nothing
to prevent future legislatures from extending the time limit now in the
bill and making it apply for an indefinite time in the future.
In our opinion this House Bill 396 is a dangerous piece of legislation. We
hope the Supreme Court of Florida declares it unconstitutional.
The trouble is that the law, if held
West Palm Beach), Fla.—REPORT
PROGRAM—The following letter was
28 by George W. Slaton, Sectetary-Treasurer of the
PORT OF PALM BEACH (P. O.
ON PROGRESS OF REFUNDING
Sept.
Board of Commissioners:
sent
to
us
We have
on
your
,
inquiry in reference to the status
of the refunded debt
(formerly Lake Worth Inlet District).
This district is now in the process of refunding its
of this district
outstanding bonded
Sept. 18 the Circuit Court
3,308 bonds, denominations of $1,000, to be exchanged for the
indebtedness
validated
and
past
due interest and
on
outstanding bonds and interest coupons.
The new bonds will be in two series.
Series A
will be in the aggregate
principal amount of $2,978,000 to be dated July 1, 1937, bearing interest
from date thereof until paid, at the rate of 5% from date of bonds until
July 1, 1939, and at the rate of 5M%Trom and including July 1, 1939,
thereafter.
Series A bonds will be numbered 1 to 2978, inclusive.
First maturities to be July 1, 1942, and final maturities July 1, 1961.
Series B bonds will be issued in the aggregate principal amount of $330,000
and shall in all respects be the same as the series A bonds with the exception
that the interest rate will be 5H % per annum from date of bonds to July 1,
and
ILLINOIS
COOK COUNTY (P.
O. Chicago), 111.—MAJOR UNITS REDEEMED
$30,085,500 BONDS DURING FIRST NINE MONTHS—'The six major
local governments in Cook County, 111., paid off, in cash, $30,085,500 of
bonds in the first nine months of this year.
The operations were through
their sinking funds and tax collections.
It is estimated that the six auth¬
orities will retire an additional $26,058,000 before March 1 next, according
to a survey prepared by the Illinois Company of Cnicago, an investment
house.
Estimated bonded debt retirements of more than $56,000,000 from
Jan. 1, 1937, through February, next year, will be almost one-eighth of the
gross bonded debts of the city, school board, the park, sanitary districts,
the county and forest preserve at the end of last year.
Net reduction the
the aggregate bonded debt will, however, be less than this, because the
authorities sold an additional $13,000,000 of bonds.
The net decrease for the 14 months under survey, provided no further
obligations are contracted, is estimated at approximately $43,000,000. The
gross bonded debts of the six governments amounted to $477,320,750 at
the end of 1936 and will be about $434,177,250 on March 1, next.
Bonded debts of these local governments applicable to Chicago only,
including all of the city, the school hoard and park district and more than
80% of sanitary district, county and forest preserve, amounted to $445,
000,000 at the end of 1936.
The total now is $426,000,000 and will be
$406,000,000 on March 1, next, according to the study.
SCHOOL NO. 216, III.—WARRANTS
G. Lindheimer, Cook County Trea¬
above district, announces that all tax
anticipation warrants issued against 1936 tax levied will be paid on or before
Oct. 1, 1937, on presentation through any bank or to the County Treasurer.
COOK COUNTY NON-HIGH
CALLED FOR PAYMENT—Horace
surer
and ex-officio Treasurer of the
Interest accrual will cease after
FOREST
Oct. 1.
PARK, III.—BONDS OFFERED FOR
INVESTMENT—A. S.
Huyck & Co. of Chicago are offering to investors an issue of $122,000 4M %
funding bonds.
Denom. $1,000.
Dated Sept. 1, 1937.
Principal and
semi-annual interest (March 1 and Sept. 1) payable at the Continental
Illinois National Bank & Trust Co., Chicago.
Due on Sept. 1 as follows:
$4,000, 1941 to 1949; $8,000,
$13,000 in 1956 and 1957.
1950 to 1952; $12,000, 1953 to 1955, and
FREEPORT, 111.—BONDS A UTIIORIZED—SALE CONTRACT MADE
—The City Council has adopted an ordinance authorizing the sale of $320,000 sewer revenue bonds to finance the contemplated purchase of the pro¬
perty of the local water company, and has entered into a contract with C. W.
McNear & Co. of Chicago for the financing.
The bonds are to bear 4%
interest.
The sale of the bonds will not be completed until the city and the
water company can agree
LEBANON
SCHOOL
on
the sale of the property to the city.
DISTRICT
VOTED—At a recent special election
calling for the issuance
,
(P. O. Lebanon), 111.—BONDS
the taxpayers approved a proposal
of $41,500 school building bonds.
Financial
2264
111.—BOND ELECTION—At an
will pass on a proposition
calling for the issuance of $27,000 courthouse repair bonds.
COUNTY
MERCER
(P.
O. Aledo),
election set for Oct. 26 the voters of the county
NAPERVILLE,
ILL.—BOND
SALE
DETAILS—The NaperviUe
National Bank purchased the $40,000 water revenue bonds reported sold
In these columns recently.—V. 145, p. 2106.
Interest rate is 3%,
ROCK FALLS SCHOOL DISTRICT, 111.—BOND
SALE DETAILS—
school bldg. bonds sold to the White-Phillips Corp. of Daven¬
previously reported in these columns—V. 145, p. 2107—bear
3% interest and mature serially to 1947.
Callable if funds are available.
Denom. $500.
Interest payable J. & J.
Coupon in form.
Oct. 2,
Chronicle
1937
HAMPTON INDEPENDENT SCHOOL DISTRICT (P. O. Hampton),
Iowa—BOND SALE—The $120,000 issue of school building bonds offered
28—V. 145. p. 2107—was awarded jointly to the Harris
Bank of Chicago, the Iowa-Des Moines National Bank oc
White-Phillips Corp. of Davenport, as
3s, at a price of 102.25.
Dated Nov. 1, 1937.
Due from 1941 to 1956.
Legality to be approved by Chapman & Cutler of Chicago.
for sale on Sept.
Trust & Savings
Trust Co. of Des Moines, and the
IOWA
CITY, Iowa—MATURITY—In connection with the sale
of the
Corp. of Daven¬
The $7,500
$35,000 community building bonds to the White-Phillips
port,
100.02, as noted in these columns recently—
V. 145, p. 2107—we are now informed
by the City Clerk that the bonds
mature on flov. 1 as follows: $2,000, 1939 to 1944; $2,000, 1947 to 1950,
and $3,000, 1951 to 1955, giving a basis of about 2.74%.
as
SCHOOL DISTRICT NO. 36 (P. O. Winnetka), 111.
$17,500 3% school site improvement bonds offered
Sept. 27—V. 145, p. 1934—were awarded to Bacon, Whipple & Co. of
Chicago at par plus a premium of $600.60, equal to 103.432, a basis of
about 2.59%.
Dated June 15, 1937.
Due serially from 1943 to 1950.
Bartlett, Knight & Co. of Chicago were second high, offering a premium of
$204.50.
- .''
■
■■
J,
WINNETKA
—BOND SALE—'The
on
,
Indiana
SCHOOL TOWNSHIP, Sh.Iby County, Ind.—BOND
OFFERING—The Trustee and Advisory Board will receive bids until
purchase of $12,000 school bonds.
BEECH GROVE, Ind .—BOND SALE—The $28,441.92 coupon general
obligation bonds offered on Sept. 23—V. 145, p. 1924—were awarded to
two banks, as follows:
$12,441,92 3% bonds to the Citizens State Bank of
Beech Grove at par
Slus a bonds to the $120.45, equal to 100.97.Indianapolis at
M% premium of City Securities Corp. of
Dated Aug. 1, 1937.
Due
serially.
COLUMBUS SCHOOL TOWNSHIP. Bartholomew County, Ind.—
BOND SALE—The issue of $55,000 school bonds offered Sept. 13 was
awarded to the Fletcher Trust Co. of Indianapolis, as 2%s, at par plus a
premiun of $461, equal to 100.83.
EAST
CHICAGO
PARK
DISTRICT,
Oct. 18, for the purchase of $110,000 not to
Ind.—BOND OFFERING—
bids until 2 p. m.
exceed 4% interest swimming
cl.
The
2>ol bonds.bonds will $1,000.any respect become Jan. 1 from and indebted¬
Denom. not in Due $5,000 each obligations 1940 to 1961,
shall be and constitute the indebtedness of the Park
They will be payable as
to principal and interest out of special taxes of levied upon all of the Park
District's taxable property.
Principal and interest (J. & J.) payable at
the First National Bank of Chicago.
A certified check for $1,000, payable
to the order of the city, must accompany each proposal.
Successful bidder
will be furnished the approving legal opinion of Matson, Ross, McCord &
ness
of the city, but
District of the city as a special taxing district.
Clifford of Indianapolis.
EAST
CHICAGO
COUNTY
(P.
O.
Rock
Rapids).
blank bonds ready for signature of county officials.
furnish the approving opinion of Chapman & Cutler, of
Proposal forms will be furnished on request by the County
Treasurer or by the State Highway Commission.
A'$7,500 certified check,
payable to L. J. Dehn, County Treasurer, must accompany the bid.
The county will
Chicago.
MUSCATINE, Iowa—BOND OFFERING—Sealed bids will be received
7, by May D. Easterla, Acting City Recorder, for
purchase of a $2,419.74 issue of 5% semi-ann. special assessment, street
improvement bonds.
Dated Oct. 2, 1937.
Due on Oct. 2 1944, optional
until 7:30 p. m. on Oct.
the
at any
time.
(This report supersedes the offering notice given in
145, p. 2107).
v
—V.
INDEPENDENT
SCHOOL
these columns recently
r.-.v-'.
' -
DISTRICT
O. Mus¬
(P.
catine), Iowa—BONDS VOTED—At the election held on Sept. 21—V.
145, p. 1618—the voters approved the issuance of the $280,000 in high
school building bonds by a majority of about four to one.
The city was
awarded recently a Public Works Administration grant of $228,600 for
school construction, contingent upon bonds being voted.
Iowa—BOND SALE—'The $10,000 grade fund bonds
on
Sept. 24—V. 145, p. 1934—were awarded to Shaw,
Sparks, of Des Moines, according to the City Clerk.
Due
$2,000 from 1943 to 1947, incl.
The award was made for a premium of
$100 on 4s, equal to 101.00, a basis of about 3.85%_.
Coupon bonds,
maturing $2,000 annually from 1943 to 1947, incl.
The White-Phillips
Corp. or Davenport, and the Carjeton D. Beh Co. of Des Moines, also bid
OTTUMWA,
for sale
offered
McDermott &
M. A. McCormick, City Comptroller, will receive sealed
on
Iowa—BOND OFFERING
road bonds
in these columns
recently—V. 145, p. 2107—will be dated Oct. 1, 1937.
After the receipt of
sealed bids, auction bids will be considered.
Due on May 1 as follows:
$15,000,1948: $175,000,1949, and $60,000 in 1950.
Bonds becoir e optional
for retirement on May 1, 1943, and any interest paying date thereafter.
LYON
DETAILS—We are now informed that the $250,000 primary
MUSCATINE
par
plus a premium of $171, equal to 101.068.
$1,000, except one for $441.92.
bonds.
Purchaser to furnish
Ind.—BOND OFFERING—As previously reported In
these columns—V, 145, p. 2107—Florence E. Madden, City Clerk-Trea¬
surer, will receive bids until noon on Oct. 16, for the purchase of an issue
of $10,000 4% coupon park bonds.
Denom. $1,000.
Dated Oct. 16,
1937.
Interest payable annually on Jan. 1, both principal and interest
being payable at the office of the City Clerk-Treasurer.
Due $1,000 yearly
on Oct. 16 from 1938 to 1947, incl.
Certified check for $500, required.
ALEXANDRIA,
Denoms.
LARRABEE, Iowa.—BOND OFFERING—D. D. Tilton. Town Clerk,
Oct. 7 for the purchase of $5,300 water works
The bonds and the legal opinion of Stipp, Perry, Bannister &
Starzinger will be furnished by the town.
will receive bids until 2 p.m.
scheduled for sale at auction on Oct. 5, at 3 p. m., as noted
ADDISON
7:30 p. m. Oct. 15, for the
port, as 2%s, at a price of
SCHOOL CITY.
Ind.—WARRANT SALE
DE¬
TAILS—The Union National Bank of East Chicago, successful bidders on
Sept. 22 for $40,000 3>£% time warrants—V.
145, p. 2107—paid a price
for the bonds.
POLK
'y;,;.V-;,
COUNTY
(P.
O.
Des Moines).
Iowa—BOND OFFERING—
G. C. Greenwalt, County Treasury, will offer at public auction 10 a. m.
Oct. 15 an issue of $404,000 coupon general obligation funding bonds.
The rate of interest will be determined by the bidding, but will not exceed
Dated Sept. 1, 1937.
Interest payable May 1
1 in 1941 and 1942, and $104,000
Certified check for $10,000, payable to the County Treas¬
urer, required.
The bonds will be ready for delivery on the day that the
final approving opinion of Chapman & Cutler of Chicago is secured, which
opinion will be paid for by the county.
The county will furnish and pay
for the printing of the bonds.
Denom.
5%.
and Nov.
$1,000.
Due $150,000 on Nov.
1.
Nov. 1, 1943.
of^wur. The warrants are dated Sept. 22, 1937, and will mature Nov. 8,
KANSAS
INDIANAPOLIS,
Ind.—NOTE SALE—The $100,000 Indianapolis
Sanitary District notes offered Sept. 10—V. 145, p. 1455— were awarded
to the
Union Trust Co., Indiana National Bank, Fletcher Trust Co.,
Merchants National Bank, American National Bank and the Indiana
Trust Co., all of Indianapolis, as 23^% interest, at par plus a premium of
$12.
Of the notes, $50,000 are dated Sept. 10, 1937, and $50,000 Oct. 11,
1937.
They all mature Nov. 10, 1937.
ALBERT, Kan .—BONDS SOLD—It is stated by the City Clerk that
$2,500 3% semi-ann. gas system bonds approved on Sept. 18, have been
sold.
Dated Sept. 1, 1937,
Due $500 from Aug. 1, 1939 to 1943 incl.
SCHOOL CITY.
Ind.—NOTE OFFERING—The
Commissioners is asking for bids until 8 p. m. Oct. 12
of an issue of $500,000 temporary loan notes.
ATCHISON
now
COUNTY (P. O. Atchison), Kan.—MATURITY—It is
reported by the County Clerk that the $25,000
2% % semi-ann. county
INDIANAPOLIS
Board of School
for the purchase
JEFFERSONVILLE, Ind.—BOND OFFERING—John A. Kennedy,
City Clerk-Treasurer, will receive sealed bids until 2 p. m. on Oct. 15 for
the purchase of $67,436.30 \W% funding bonds.
One bond for $436.30.
others $500 each.
Due ten bonds annually starting on Jan. 1, 1939. In¬
terest payable J. & J., with first payment on Jan. 1, 1939.
Principal and
interest payable at the office of the Clerk-Treasurer,
LAKEVILLE, Ind.—BONDS NOT SOLD—The $15,000 4% waterworks
bonds offered on Sept. 22—V. 145, p. 2107—were not sold, as
no bids were received.
Dated Oct. 1, 1937.
Due $500 yearly on Oct. 1
revenue
from
1939 to 1968.
O. ComUkey R. F. D.), Ind.—
Advisory Board will receive bids
Oct. 15 for the purchase of $7,250 school aid bonds.
OFFERING—The
until 8 p. m.
Trustee
(P.
and
MARION TOWNSHIP
(P. O. R. F. D., CommUkey), Ind.—BOND
OFFERING—Clarence Deputy, Trustee of both the School Township and
Civil Township, will receive sealed bids until 8 p. m. on Oct. 15 for the
purchase of $14,500 not to exceed 5% interest bonds, divided as follows:
$7,250 School Township bonds.
Dated Oct. 15, 1937.
Denoms. $500 and
$750.
Due Dec. 15 as follows: $500 from 1939 to 1948 incl. and
$750 from 1949 to 1951 incl.
They are general obligations of the
school township, payable from unlimited taxes on all its taxable
property.
7,250 Civil Township bonds.
$725
on
Dated Oct. 15, 1937.
Denom., $725. Due
They are direct obligations
ad valorem taxes to be levied
CONCORDIA,
,
Interest in each instance will be payable semi-annually on June and Dec.
15.
Bidder to express the rate of interest in a multiple of Y\ of 1 %.
Each
issue will be approved as to legality by Matson, Ross, McCord & Clifford
of Indianapolis.
No conditional bids will be considered.
Bonds will be
ready for delivery within 10 days after award.
MISHAWAKA, Ind.—BOND SALE—An issue of $15,000 3% library
building bonds has been sold to Harrison & Austin of South Bend. Legality
approved by Matson, Ross, McCord & Clifford of Indianapolis
SHAWSWICK SCHOOL TOWNSHIP (P. O. Bedford), Ind.—BOND
OFFERING—As already reported in these columns—V. 145, p. 2107—
Norris C. Ray, Township Trustee, will receive bids until 10 a. m. Oct. 11
for the purchase at not less than par of $7,500 4% coupon school building
improvement bonds.
Denom. $500.
Dated Oct. 11, 1937.
Interest
payable Jan. 1 and July 1.
Principal and interest payable at the Citizens
National Bank, Bedford.
Due $500 each six months from July 1, 1938, to
July 1, 1945.
Certified check for 3% of amount of bid, required.
INDEPENDENT
SCHOOL
VOTED—The residents of the district at
a
DISTRICT,
Iowa
recent election approved a pro¬
AVOCA, Iowa—BONDS VOTED—At the election held
on Sept. 22—V.
1934—the voters approved the issuance of the $20,000 in water
by a count of 182 to 93.
Due in from one
20 years.
The date of offering has not been determined as yet, according
p.
works filtration system bonds
City Clerk.
BLOOMFIELD,
Kan.—BONDS AUTHORIZED—An ordinance has been
bonds.
adopted which provides authority to issue $18,500 sewer
ELLSWORTH, Kan.—BOND SALE—An issue of $35,000 2y2% city
building bonds was sold recently to Stern Bros. & Co. of Kansas City, Mo.
ELWOOD, Kan.—BONDS VOTED—& bond issue of $26,500 for con¬
a water works system was approved at a recent election.
struction of
EUDORA,
Kan.—BONDS
AUTHORIZED—An ordinance has
resurfacing bonds.
been
passed authorizing the issuance of $19,000 street
(P. O. Dodge City), Kan.—BOND OFFERING—
J. E. Young, County Clerk, will receive bids until 10 a. m. Oct. 4 for the
purchase of $10,000 2^ % public work relief bonds.
Denom. $1,000.
Dated Oct. 5, 1937.
Interest payable Jan. 5 and July 5.
Due on Jan. 5
as follows: $1,000, 1939 and 1940; and $2,000, 1941 to 1944.
FORD
COUNTY
JOHNSON COUNTY SCHOOL DISTRICT NO. 4 (P. O. Spring
Hill), Kan.—BOND SALE—The $18,000 issue of 3% coupon semi-ann.
building bonds offered for sale on Sept. 27—V. 145, p. 2107—was
awarded to the State Bank of Spring Hill, according to the District Clerk.
Dated Sept. 1, 1937.
Due $1,000 from Aug. 1, 1939 to 1956 incl.
school
KANSAS CITY,
COUNTY
(P. O. Sidney), Iowa—BONDS NOT SOLD—
Case, County Treasurer, that the $4,342.15 not to
exceed 5% semi-annual Prairie Township Drainage District No. 1 bonds
offered on Sept. 23—V. 145, p. 1618—were not sold as no bids werereceived.
The sale has been postponed to Oct. 6.
It is stated by C. O.
Kan .—BOND OFFERING—Bids will be received until
pick and shovel bonds, dated Sept. 1,
Oct. 5 on an issue of $22,000 2M %
1937.
KANSAS, State of—POWER PLANTS FOUND TO PAY BEST—The
following report is taken from a recent issue of the Kansas City "Star
dealing with utility revenue receipts:
The municipal utilities owned by the Kansas cities have a total valuation
of $63,913,000, and do an annual business of $11,581,000.
This was shown
in a report on municipal utility operations in the cities of the State compiled
by the Kansas League of Municipalities.
The municipal water plants constitute the big item in valuation but
produce only slightly more gross revenues than do the electric utilities,
which are valued at one-half that of the water plants.
The report shows
publicly owned water plants to be worth $40,195,000 and the revenue
plants are valued at $20,962,000 and the
DISTRICT, Kan.—BONDS VOTED—
approved a proposition calling for the
building bonds.
MATFIELD GREEN SCHOOL
The voters of the district recently
issuance of $22,000 school
MONTGOMERY
COUNTY
SALE—The county has recently
(P. O. Independence), Kan.—BOND
sold $51,000 2 $4% relief bonds to Estes &
at a price of 100.293 and a
serially for ten years.
Co. of Topeka, who took an issue of $18,000
$33,000 block at 100.203.
The bonds mature
OSAGE COUNTY (P. O.
Iowa—BOND OFFERING—It is reported that bids
will be received until 2 p. m. on Oct. 18 by Ira C. Baldridge,
City Clerk,
for the purchase of a $36,000 issue of water revenue bonds.
FREMONT
refunding
revenue
posal to issue $22,500 school building bonds.
to
$24,600
Co. of Wichita.
Kan .—BOND SALE—The
County Commissioners have sold an issue of $15,000 public assistance bonds
to the Dunne-Israel Investment Co. of Wichita at par.
The bonds are
dated Oct. 1, 1937, and will rim for seven years, the bonds coming due the
first four years to bear interest at 4 H% and the remainder at 4M %.
all the
to the
(P. O. Lawrence),
is $5,624,000 a year.
The electric
is $5,043,000 a year.
IOWA
145,
issue f
Kan.—BOND SALE—An
DOUGLAS COUNTY
Dec. 15 from 1939 to 1948 incl.
of the civil township, payable out of
on all its taxable property.
AGENCY
DISTRICT, Kan.—BOND SALE—An Issue
sold recently to the Bennington State
bonds has been sold to the Lathrop-Hawk-Herrick
ELDORADO,
CIVIL TOWNSHIP
MARION
BOND
BENNINGTON SCHOOL
of $10,000 school building bonds was
Bank of Bennington at par.
recently sold
an
Lyndon), Kan.—BOND SALE—The county
the Dunne-
issue of $8,800 bridge construction bonds to
price of 100.311.
Israel Investment Co. of Wichita at a
SCOTTSVILLE SCHOOL DISTRICT NO. 41, Mitchell County,
Kan.—BOND OFFERING—L. L. Shamzurg, District Clerk, will receive
bids until 3 p. m. Oct.
2, for the purchase of
$3,500 2H % bonds.
$500.
Dated Aug. 1, 1937.
Interest payable Feb. 1 and
$500 yearly on Aug. 1 from 1938 to 1944.
Certified check for
of bid, required.
Denom.
Aug. 1. Due
2% of amount
Volume
145
Financial
SEDGWICK, Kan.—BOND
SALE DETAILS—It is
Chronicle
reported by
the City Clerk that the
$25,000 gas distribution system bonds sold recently,
as noted in these
columns—V. 145, p. 1934—were purchased
by the Sedg-
tc^ml
1939
at Par' Dated Aug>
aS
WHITE CITY, Kan.—PRICE PAID—It
is
879.40 bonds purchased by the First National
2265
now
1937 •
Due from Feb'
MAINE
NAPLES, M e.—BOND S
informs
that
us
the
building bonds.
now
reported that the $28,-
Bank of White City, as noted
MARYLAND
here recently—V. 145, p. 2107—were
sold at par.
►WILSON
CpUNTY (P. O. Fredonia), Kan.—BOND
W. D.
OFFERING—
McGinnis, County Clerk, will receive bids until Oct. 4 for the pur¬
an
issue of $9,500
2}4% coupon unemployment relief bonds.
Dated Sept. 1, 1937.
Interest payable Feb. 1 and Aug. 1.
Due in ten
chase
of
annual instalments
beginning Aug. 1, 1938.
KENTUCKY
IRVINE, Ky.—BOND ELECTION—At
the general election on Nov. 2
city will pass on a proposition caning for the issuance
of $275,000 electric light and
power plant revenue bonds.
the
KENTUCKY, State of—REDUCTIONS SHOWN IN DEBTS OF
COUNTIES—Kentucky's 120 counties owed approximately $30,000,000 at
the close of the fiscal year ended June
30, a study of a recent report by
Nat. B. Seweil, director of post audits in the
Department of Finance,
reveals.
This was
which
Mr.
was
Seweil
a reduction of
$7,000,000 from the peak of county indebtedness
reached in the year ended June 30, 1934.
The debt reduction,
pointed out,
was effected during the same period in which
more than $2,000,000, making a
gain of approximately $9,000,000 during the last three years.
available assets of the counties increased
net financial
Mr. Seweil attributed the decrease to elimination of
unnecessary spending,
reductions in operating costs, systematic
handling of public revenues and
improvements in the keeping of public records.
At the close of the last fiscal year
Kentucky counties had sold $37,280,540 in bonds and had retired $10,033,822, leaving their bonded indebted¬
ness, as of July 1, at $27,246,718.
Total floating indebtedness, consisting
of outstanding warrants, bank and individual loans and miscellaneous
claims amounted to
a
$2,778,080.
Due to repeal of the State sales tax in
1936, of which the counties received
share, total income of Kentucky counties was nearly $2,600,000 less in
the
last fiscal
year
than in the preceding
Property valuations last
one.
approximately 40% below the peak assessments of 1930-31.
of June 30, the county debt load as a whole
represented 1.8% of
the total assessed valuation.
Seven countries had no debt load, 14 had less
than 1% and 14 had from 6 to
10%.
The counties with no debt were:
year were
As
Clark,
CUMBERLAND, Md.—BOND OFFERING—Harry
Fayette,
Hancock,
Hardin,
Jefferson,
Madison
and
Woodford.
The counties with the heaviest debt load were Crittenden and Wolfe.
Thirteen counties had no bonded indebtedness.
They were:
Clerk,
Fayette, Hancock, Hardin, Jefferson, Madison, Woodford, Powell, Simp¬
Tylor, Mason, Nelson and Allen.
Thirty-seven counties had no
floating indebtedness.
More than 100 of the 120 counties showed net financial
gains in the opera¬
son,
tion of their governments during the last audit period.
Mr. Seweil suggested that the next session of the General
Assembly
could "render a most helpful service to the counties of the State
by giving
the present system of county taxation a
thorough over hauling."
The
present system he described as "antiquated."
With but few exceptions, he said, the
majority of Kentucky County
officials "have tried seriously and successfully to handle their fiscal affairs
economically and efficiently."
The average county income for the current fiscal
year Mr. Seweil esti¬
mated at $89,431, and the average floating and bonded indebtedness at
$250,206.
LOUISVILLE, Ky.—-BOND REDEMPTION—Notice
is given
that pur¬
provisions of the Trust Indenture between the Louisville Bridge
Commission and the Louisville Trust Co. of Louisville, as trustee, dated
Nov. 1, 1936, various 3% bridge revenue refunding bonds have been se¬
lected by lot, for redemption on Nov. 1, 1937, from the
sinking fund in the
hands of the trustee.
Upon presentation at the Chemical Bank & Trust Co.,
New York City, said bonds, with all coupons thereto
belonging and matur¬
ing on and after redemption date, will be paid in cash at par and all interest
accrued to date so fixed for prepayment and
redemption and a premium of
2% upon the principal of bonds to be redeemed.
Interest to cease on date
suant to the
called.
W. Matheny, Com¬
missioner of
Finance and Revenue, will receive bids until
10
fo" the purchase of the
following bonds:
$50,000
a. m.
Oct. 18
% flood bonds.
Dated June 1, 1936.
Interest payable June 1
1.
Due $25,000 on June 1 in 1951 and 1952.
30,000 3% public works bonds.
Dated Oct. 1, 1937.
Interest payable
April 1 and Oct. 1.
Due $5,000 yearly on Oct. 1 from 1942 to
1947.
Denom. $1,000.
Certified check for 2H% of amount of bonds
offered,'
required.
and Dec.
of the
voters
DEFEA TED—Virginia E. Walker .Town
Clerk,
defeated a proposal to issue $18,000 school
voters
MARYLAND
(State
of)—REPORTS
HIGHER
SURPLUS—State of
Maryland reports
a current surplus of $2,445,884 as of
Aug. 31, 1937, the
11 months of the 1937 fiscal
year, which compares with a
$1,895,592 at the end of the preceding month and deficit of
end of the first
of
$379,709 on Aug. 31, 1936, according to the
monthly balance sheet issued
by State Comptroller William S. Gordy Jr. The balance sheet
showed a
surplus of $2,144,146 in special funds and a
$301,738 surplus in general
funds, comparing with surplus of $2,120,161 and deficit of
$224,569.
respectively, on July 31, 1937. On Aug. 31, 1936, there was a special fund
surplus of $903.946 and a deficit of $1,283,655 in general funds.
The general fund revenues in this
year's report do not reflect transfer of
any portion of $2,090,361 estimated as available from the
annuity bond for
general fund purposes during the fiscal year
ending Sept. 30, 1937.
State had cash available of
$13,102,492 on Aug. 31, last, compared with
$10,465,432 at end of preceding month and $9,200,764 in like
period of
1936; The annuity bond fund stood at $2,159,244, as against $3,232,779 in
previous month and $1,724,748 last year.
Uncollected taxes as of Aug. 31, last, amounted to
$3,104,297, of which
$1,952,499 is due from 1937 taxes, the balance
being distributed over
previous years.
Delinquent taxes still outstanding for the year 1936 total
$518,255, which compares with a total of $585,311
outstanding at the end
of the preceding month.
On Aug. 31, 1936, uncollected taxes totaled
$2,349,408.
SALISBURY, Md .—BOND SALE—The issue of $30,000
coupon,
registerable as to principal only, right-of-way bonds offered
Sept, 27—
V. 145, p. 1935—was awarded to
Mary Parsons of Salisbury, as 2%s,
at par plus a premium of $10.
equal to 100.03, a basis of about 2.74%.
Dated Oct. 1, 1937 and due Oct. 1 as follows:
$1,000, 1938 to 1943 incl.;
$2,000 from 1944 to 1946 incl. and $3,000 from 1947 to 1952 incl.
Other
bids
were
follows:
as
Bidder
Int. Rate
Alex. Brown & Sons.
;
Rate Bid
3%
3%
3%
3H%
Dougherty, Corkran & Co
Mackubin, Legg & Co
W. W. Lanahan & Co..
101.603
101.17
100.598
100.936
MASSACHUSETTS
BEVERLY, Mass.—NOTE SALE—The $100,000
revenue anticipation
Sept. 29—V. 145, p. 2108—were awarded to the
Beverly
National Bank of Beverly on a
.35% discount basis.
The notes are dated
Sept. 29, 1937 and payable Dec. 15, 1937.
The Merchants National Bank
of Boston bid .37% discount.
notes offered on
Bidder
Merchants National Bank of Boston
Discount
__
Beverly Trust Co
37%
__.387%
Second National Bank of Boston
39c
Whiting, Weeks & Knowles of Boston
Washburn & Co. of Boston
First National Bank of Boston
39«
40<
42£
Jackson & Curtis of Boston
Faxon & Co. of Boston
44<
45i
Leavitt & Co. of New York
53%
„
PLYMOUTH COUNTY (P. O.
Plymouth), Mass .—NOTE SALEThe $30,000 tuberculosis hospital maintenance notes offered
Sept. 30 were
0.50% discount.
Co., Rockland, second high
awarded to the Plymouth National Bank of
Plymouth, at
Due March 30, 1938.
The Rockland Trust
Offerings Wanted:
bidder, named
Mass.—NOTE SALE—The $300,000 revenue anticipation
Sept. 27 were awarded to the National Shawmut Bank of
.60% discount basis. Notes are dated Sept. 27,1937 and mature
$200,000 Dec. 29, 1937 and $100,000 April 22, 1938. Other bidders were:
notes offered on
Boston
MUNICIPALS
Bond Department
Bell
on a
Name—
NATIONAL
NEW
of 0.544%.
QUINCY,
LOUISIANA &. MISSISSIPPI
WHITNEY
a rate
ORLEANS, LA.
Teletype N. O. 182
Discount Bid
Bank of the Manhattan Co., N. Y
Second National Bank of Boston
Merchants National Bank of Boston
BANK
Raymond 6409
»
Faxon & Co., Boston
Jackson & Curtis, Boston..
.612%
.62%
.63%
.64%
.65%
.663%
.668%
*
_
,
Whiting, Weeks & Knowles, Boston
...
Leavitt & Co., N. Y
First National Bank of Boston
LOUISIANA
Financial Statement, Sept. 18, 1937
BASILE,
La .—BOND OFFERING— Sealed bids will be received until
Oct. 19, by C. W. Evans, Village Clerk, for the purchase of a
$10,000 issue of public improvement bonds.
Interest rate is not to exceed
6%, payable A. & O. Denom. $500.
Dated Oct. 1, 1937.
Due from
Oct. 1,1939 to 1952 incl.
A certified check for $300, payable to the Village
Treasurer, must accompany the bid.
1936
5 p. m. on
CALDWELL PARISH
(P. O. Columbia), La.—BOND OFFERING—
Chrissie Davis, Sec'y, Police Jury, is asking for bids on an issue of
$10,000
6% excess revenue bonds.
Denom. $1,000, except one for $750 and one
for $1,250.
Dated Nov. 1, 1937.
Interest payable May 1 and Nov. 3.
Due $750 Nov. 1, 1938; $1,000 yearly on Nov. 1 from 1939 to
1946; and
$1,250 Nov. 1, 1947.
Cert, check for $250, payable to the Treasurer of
the Parish, required.
IBERIA,
.61%
„
La.—BOND SALE—The city has sold $20,000 waterworks
Iberia, which took $12,000 bonds at
1935
1934
Tax levy
.1
.$4,220,080.84 $4,332,270.76
Uncoil, taxes as of Sept. 18,'37
23,112.40
6,310.64
Gross debt as of Sept. 18,1937, including tax title loans
Net debt
as
of
Sept. 18, 1937-.
Tax titles held
Loan against tax titles
$3,832,817.90
5,802.87
$4,644,000.00
4,280,000.00
476,671.40
275,000.00
SOMERVILLE, Mass.—TAX RATE UP $2.40—The city has fixed the
1937 tax rate, following a delay of several months, at $44.30
per $1,000 of
assessed valuation, the increase over last year being $2.40.
A much
increase
larger
avoided, it is said, through the action of the State Com¬
allowing the city a $300,000 increase in anticipated revenue.
was
missioner in
SPRINGFIELD,
Mass.—NOTE SALE— The $500,000 revenue notes
on Sept. 28 were awarded to the Second National Bank
of Boston
.467% discount basis.
The notes are dated Sept. 30, 1937 and will
mature $300,000 May 12, 1938, and $200,000 June
15, 1938.
Chace,
Whiteside & Co. of Boston bid .489% discount.
bonds to the State National Bank of
offered
4^% and $8,000 at 5%.
on
LINCOLN
La.—BOND
PARISH
SCHOOL
OFFERING—H.
Board, is asking for bids
School District No. 6.
on
L.
an
Bidders
DISTRICT
Campbell,
NO. 6 (P. O. Ruston),
Secretary, Parish School
issue of $30,000
are to name rate
school bonds of Parish
of interest, not to exceed
6%.
Denom. $500.
Dated Oct. 1, 1937.
Interest payable April 1 and
Due serially on Oct. 1 from 1939 to 1957.
Certified check for
$600, payable to the Treasurer of the Parish School Board, required.
Oct.
1.
NEW
ORLEANS, La.—NOTICE OFREMOVAD-It has
by the Board of Liquidation, City Debt,
been announced
that their offices have been re¬
moved to Room 601, Sewerage and Water Board
PLAIN
DEALING,
Building, New Orleans
La.—BOND SALE—A $4,500 issue
of public im-
ocal investor, as was
{movement bonds 5^8.offered for to Mayor Mack Phillips. purchased$250.
according sale on Sept. 28 and was
Denom. by a
Dated Oct.
1, 1937.
a
Tax Collections
Tax for 1936—collected
99.4%
99.9%
Tax for 1935—collected
Tax for
1934—collected
Allprevious taxes collectedTax titles reduced from $1,533,587
99.9%
on
Jan.
1,
100%
1935, to $407,662 on
Sept. 1, 1937.
TAUNTON, MASS.—BOND SALE—The $124,000 coupon, registerable
to principal, municipal relief bonds offered on
Sept. 28 were awarded to
Kennedy, Spence & Co. of Boston on a bid of 100.94 for 2Ms, a basis of
about 2.05%.
Dated July 1, 1937.
Due on July 1 as follows: $15,000 in
1938 and 1939; $12,000,1940 to 1946; and $10,000 in 1947.
Other bidders
as
were:
Due from Oct. 1, 1938 to 1944.
Name
RICHLAND PARISH SUB-ROAD DISTRICT NO. 6 (P. O.
Rayville) La.—BONDS SOLD—It is reported that $168,000 5^% semi-ann.
refunding bonds have been purchased by the A. M. Smith Investment
Co. of New Orleans.
Dated Aug. 1, 1936.
Legal approval by Charles &
Trauernicht, of St. Louis.
ST. HELENA PARISH SCHOOL DISTRICT NO. 3
(P. O. Greens-
burg), La.—BONDS NOT SOLD—'The $15,000 bonds offered on Sept. 21—
V. 145, p. 1934—were not sold as no bids were received.
Dated Oct. 1,
1937.
Due on Oct. 1 as follows: $500, 1940 to 1947; $1,000, 1948 to
1955;
and
$1,500, 1956 and 1957.
WASHINGTON
PARISH
(P.
O. Franklinton), La .—BONDS AU¬
THORIZED—The Police Jury has adopted a resolution providing for the
issuance of $50,000 courthouse annex construction bonds.
WEST
to exceed
MONROE, La .—BONDS NOT SOLD—The $25,000 issue
6% semi-ann. public improvement bonds offered
on
of not
Sept. 29—
V. 145, p. 2108—was not sold as all bids were rejected.
It is stated by the
City Clerk that the bonds will be sold at private sale.
Dated Oct. 1,1937.
Due from Oct. 1, 1938 to 1947 incl.
Int. Rale
Tyler & Co., Boston
Newton, Abbe & Co., Boston
„
First National Bank of Boston
Harris Trust & Savings Bank, Boston
Frederick Swan & Co., Boston
Salomon Bros. & Hutzler, Boston
Price Bid
2\i%
100.799
2\i%
2M%
100.521
2^%
234%
234%
100.513
100.447
100.442
100.372
Financial Statement Sept. 15, 1937
Assessed valuation for year 1936 (incl. motor vehicle
excise)
Total bonded debt (not
_$33,891,120.00
including present loan)
1,651,300.00
Water debt (included in total debt)
261,000.00
Municipal light debt (included in total debt)
194,000.00
Sinking funds (other than water)
89,793.54
Total uncollected taxes prior to 1935—$25,461.
Tax levy 1935—$1,540,249.79—uncollected to date
$11,006.76.
Tax levy 1936—$1,439.704.97—uncollected to date
$195,154.78. 1
Population, 38,000.
WALTHAM, Mass.—NOTE SALE—The $300,000
notes offered on
Sept. 28—V. 145,
p.
revenue anticipation
2109—were awarded to Leavitt & Co.
2266
Financial
of New York
.615% discount basis.
Chronicle
Oct.
1937
2,
Dated Sept. 28,1937 and payable
$100,000 on each of the dates Feb. 10. March 10 and April 7, 1938. Faxon
& Co. of Boston bid .625% discount.
giving series number and series letter.
Sale price to include bond with
April, 1938 and subsequent coupons attached.
Tenders will be accepted
up to the amount available in each fund.
Bidder
Faxon & Co
First National Bank, Boston
Second National Bank, Boston
Jackson & Curtis
been
on a
Discount
625%
64%
659%
-
71 %
74%
.76%
78%
Whiting, Weeks & Knowles
Waltham National Bank, Waltham
E. H. Rollins & Son
*
Plus $2
premium.
ST.
CHARLES,
Mich.—BOND ELECTION—A
ordered by the Village Council for Oct. 26 at
issue $41,000 water works bonds will be submitted to
special
which
a
election has
proposal to
a vote.
Mich.—CHANGE
SOUTH LYON,
IN MATURITY—'The maturity
of the $12,000 not to exceed 6% interest sewer and sewage disposal plant
bonds being offered for sale on Oct. 4 has been changed, so that the bonds
come due $1,000 yearly on Nov. 1, from 1940 to 1951.
MINNESOTA
We
Buy for Our Own Account
ADRIAN,
Minn.—BOND SALE—The
$30,000 coupon public power
Sept. 28—V. 145, p. 1936—were awarded to the
Allison-Williams Co. of Minneapolis as 2%s, at par plus a premium of $76,
equal to 100.253, a basis of about 2.19%.
Dated Aug. 1, 1937.
Due
$5,000 yearly on Aug. 1 from 1939 to 1944.
The First National Bank of
Minneapolis bid a premium of $75 for 2Ms.
plant bonds offered
MICHIGAN MUNICIPALS
Cray, McFawn & Company
ANOKA
COUNTY
(P.
O.
Anoka), Minn.—BOND OFFERING—
Sealed bids will be received until 10 a. m
on Oct, 9, by E. A.
Carlson.
County Auditor, for the purchase of a $6,000 issue of 3% drainage funding
bonds.
Dated Oct. 1. 1936.
Due $2,000 from Oct. 1, 1949 to-1951, incl.
The county will furnish the blank bonds and the approving opinion of
H. W. Moody, of St. Paul.
Principal and interest (A. & O.) payable at
the Northwestern National Bank & Trust Co., Minneapolis.
DETROIT
Telephone CHerry 6828
A. T. T. Tel. DET 847
MICHIGAN
EAST GRAND
scribed
below,
FERGUS
RAPIDS, Mich.—BOND SALE— The $78,000 bonds
which
offered
de¬
Sept. 27—V. 145, p. 2109—were
awarded to John Nueveen & Co. of Chicago as 3
s, at par plus a premium
of $12, equal to 100.015, a basis of about 3.24%:
were
on
$39,000 special assessment refunding bonds.
Due Oct. 1,
in 1940, and $5,000 from 1941 to 1947, incl.
39,000 special assessment refunding bonds.
Due Nov. 1
in 194C, and $5,000 from 1941 to 1947, incl.
MICHIGAN
ASSESSMENT
as
follows: $4,000
as
follows: $4,000
announced
is
that
A.8S&SS~
418
1
'
V
•"
•
Descrip ion and Bond
Date of
Numbers
Issue
Wayne and Monroe Counties,
Townships and Dist., 4^%
Nos. 7, 19, 42, 46,
55, 64, 86, and 113
May 1, 1935
May 1, 1944
$8,000
May 1, 1935
May 1, 1957
9.000
Nov. 1, 1935
Nov. 1, 1958
11,000
men
Dale of
Amount
Maturity
Called
—Bond
449
St. Clair and Macomb Coun¬
ties, Townships and District,
4^%—Bond Nos. 14, 20, 21,
34. 61. 62, 65. 69, and 74
462
Macomb and Oakland Coun¬
ties, Townships and District,
4Yi%—bond
463
467
Nos.
36,
58,
ties, Townships and District,
4H%—bond Nos. 1, 12, 27,
30. 37, 43, 57, 107, 140, 153,
159, 173, and 179Oakland and Wayne Coun¬
ties, Townsnips and District,
43^%—bond Nos.
10, 16,
18, and 27
Assessment
May 1, 1935
District
May 1, 1945
May 1, 1936
Nov. 1, 1958
13,000
Nov. 1, 1958
27,000
Nov. 1, 1935
Nov. 1, 1958
9,000
Portion
$1,000 from
mature
Nov. 1, 1935
Nov. 1, 1958
20,000
20,000
193, 267, 279, and 314
Lenawee, Monroe and Wash¬
Counties,
Townships
and
District, 5M%—Bond
Nos. 26,30, 56.82, and 96—
Wayne, Washtenaw and
Monroe Counties, Townships
and District, 4^%-4X%—
Bond Nos. 7. 24, 26, 27, 32,
39, 79, 106, 116, 136, 137,
143, 154, 155, 175, 198, and
Nov. 1, 1935
May 1, 1957
7,000
May 1, 1935
May 1, 1946
5,000
215
Macomb and St. Clair Coun¬
May 1, 1935
May 1, 1951
17,000
501
ties, Townships and District,
4?£%—Bond Nos. 5 and 8..
Macomb County, Townships
May 1, 1935
1120
District
Portion
They
were
sold
of indebtedness.
Interest rate is not to exceed 6%, payable
$1,000 and $500.
Dated Dec. 15, 1937.
Due on
$1,000, 1938 to 1945, and $500, 1946 to 1957.
Prin.
and int. payable at any suitable bank or trust company designated by the
purchaser.
A certified check for 2% of the bid is required.
PAUL, Minn.—BOND ELECTION—It is
has been called for Nov.
District,
—Bond
19. 34. 39. 45, 67. 82,
96. 98, and 111.
May 1, 1952
2,000
stated
that
an
election
proposed bond issue of $435,000
a
UNDERWOOD, Minn.—BOND ELECTION— The Village Council has
Oct. 12 as the date of a special election at which proposals to issue
$13,000 water system bonds and $8,000 sewer system bonds will be sub¬
a
vote.
WADENA
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
(P. O. Verndale), Minn.—BOND OFFERING—Wm.
NO.
5
Kelzenberg, Clerk
Due $500 yearly on Jan. 1 from 1939 to 1958: redeemable on any interest
Certified check for $200, payable to the district, required.
Approving opinion of Junell, Fletcher, Dorsey, Barker & Coleman of Min¬
WILLIAMS SCHOOL DISTRICT NO. 91 (P. O.
Williams), Minn.—
BONDS SOLD—It is stated by P. A. Francis, District Clerk, that $10,000
building bonds have been purchased by the State of Minnesota.
May 1, 1935
May 1, 1960
9,000
.
Interest will be 4% and bonds
with the first payment on Sept. 1, 1940.
will mature
$800
annually,
ROYAL OAK, Mich.—TENDERS WANTED—Minnie N.
Reeves,
City Treasurer, is announcing to all owners and holders of series A. B and
refunding bonds at present outstanding that sealed tenders of offers for sale
of such bonds to the city will be received at the
City Clerk's office until 7:30
p. m. on Oct. 4.
Tenders will be promptly acted upon at that time and
pay¬
ment will be arranged before Oct. 8.
Bonds purchased shall be delivered to
the Detroit Trust Co., Detroit, within 10
days after acceptance of tender.
Only offers of bonds below par will be accepted.
A separate tender n.ust
be made of each series.
Price must be quoted flat, all bonds tendered to
have Oct. 1, 1938, and subsequent interest
coupons attached.
A certified
check for 2% of the bonds tendered,
payable to the order of the City Treas¬
urer, n.ust acco.
pany each proposal.
C
ROYAL OAK, Mich.—NOTICE OF INTEREST
PAYMENT—Minnie
Reeves, City Treasurer, announces that interest
coupons due Oct. 1,
1937, on water mortgage bonds dated April 1, 1927. will De redeemed at
her office on the maturity date.
Holders may receive payment by present¬
ing or mailing the coupons to the Treasurer's office on Oct. 1 or within
30 days thereafter.
N
SCHOOL
BROOK HAVEN SCHOOL DISTRICT (P. O.
Brookhaven), Mis .—
ELECTION—S. A. Walker, Secretary of the Board of Trustees,
BOND
grant of $91,000.
Due in 30
years.
CLEVELAND, Miss.—BONDS SOLD—It is reported that $12,000
PORT SANILAC, Mich.—BONDS VOTED—At the
Sept. 25 election
the proposal to issue $16,000 water works bonds carried
by a vote of 83 to
27.
Oliver Raymond, Village Clerk, states that they will be sold at an
early date.
BASSFIELD CONSOLIDATED SCHOOL DISTRICT (P. O. Ba...
Miss.—BOND SALE DETAILS—In connection with the sale of
the $20,000 school building bonds, noted in these columns in
August—
V. 145, p. 1457—we are now informed that the bonds were purchased
by
Wiggins & Walton, of Jackson, as 5Ms.
Dated Aug. 5, 1937.
Legality
approved by Cnarles & Trauernicht, of St. Louis, Mo.
field),
semi-ann.
PLYMOUTH, Mich.—NO OFFERS TO SELL BONDS RECEIVED—
Clarence H. Elliott, City Manager, states that no tenders were received
Sept. 29 in response to the city's proposal to consider offers for the purchase
of outstanding special assessment
refunding bonds, dated Nov. 1, 1935 and
CITY
on
states that an election will be held on Oct. 5 in order to vote on the issuance
of $50,000 in construction bonds, to be used in connection with a Federal
Nos.
to 30 incl.
16 to vote
to provide funds for municipal airport improvement.
These bonds were
authorized by the City Council on Sept. 21, as noted in these columns—
MISSISSIPPI
and
DISTRICT,
Mich.—TENDERS
WANTED—It is announced that sealed tenders of 1935
refunding bonds of
series A and series B, dated Oct. 1,
1935, and certificates of indebtedness,
will be received by E. C. Hobart, District
Secretary, until 7:30 p. in.
(Eastern Standard Tin e) on Oct. 28, at which time
they will be opened and
considered.
Offerings to be firm for five days and must be plainly n arked
on outside of sealed
evnelope.
Tenders to fully describe securities offered,
1946.
PRIOR LAKE, Minn.—CERTIFICATE OFFERING—Sealed and open
bids will be received until Oct. 1 at 8 p. m. by Harry Farrell, Village Clerk,
for the purchase of a $14,000 issue of Water Main Improvement No. 1
tenaw
OAK
to
neapolis and of Rol. E. Barron of Wadena will be furnished by the district.
(This offering was originally scheduled for Sept. 27.)
Nov. 1, 1957
ROYAL
1939,
payment date.
125
numbered from 1
1,
Minn.—ADOPTION OF REFUNDING PROGRAM
TO INCREASE TAXES—With the possibility Minneapolis ir ay sell mu¬
nicipal bonds next year to pay off old bonds, George M. Link, Secretary of
the Board of Estimate and Taxation, on Sept. 21 said a bond refunding
program would mean an annual increase in tax rates for the next eight years.
Sale of $8,500,000 of refunding bonds would be necessary if such a pro¬
gram were adopted, Link said.
That would bring a three-n ill increase on
tax requiren ents for the sinking fund for each year until 1945 when the
sinking fund levy would reach 31 mills.
It was 6.5 m ills for 1936.
Anticipating issuance of from $5,000,000 to $6,000,000 in bonds each
year until 1944 for relief and new city projects, Link said $43,335,000 in
city bonds will r< ature between now and 1950.
Adding the possible $8,500,000 in refunding bonds, the total would be $51,835,00.
Refunding could be avoided, Link said by provision of 20 mills in the
1937 tax levy to begin restoration of the sinking fund which has dropped
from a nori. al level of $11,000,000 to approximately $3,500,000.
of the School Board, will receive bids until 8 p. m. Oct. 8 for the purchase
of $10,000 series B funding bonds.
Interest rate is not to exceed 4%.
Denom. $500.
Dated
Oct.
1, 1937.
Interest payable semi-annually.
5%—bond Nos. 2, 44, 179,
491
June
MINNEAPOLIS,
mitted to
Nov. 1, 1935
484
and
ds 4s at par.
set
Nov. 1, 1935
District
57, 110, 126, 169, 176,
178, 195, 259, 262, 272, 287,
289, 305, 311,325, and 335..
Macomb County Portion, 5%
—Bond Nos. 1, 6, 8, 15, 18,
Assessment
KASSON, Minn.—BOND SALE DETAILS—It is stated by the Village
Recorder that the $8,000 swimming pool bonds purchased recently by local
as noted in these columns—V. 145, p. 2109—are dated June 1,
investors,
V. 145,p.2109.
23.25.45,46,54.55,59,61,
65, 82, 91, 107, 110, 119,
475
GILBERT, Minn.—BONDS AUTHORIZED—The Village Council at
meeting authorized the issuance of $18,000 warrant funding bonds.
ST.
4,000
Portion
Assessment District Portion
4 % %—Bond Nos 18.19,32,
and
on
&
D.
Denom.
Dec. 15 as follows:
47,
475
held
a recent
certificates
5>£%—Bond Nos. 3, 16, 24,
36. 42. 54, 73, 75, and 79
474
election
an
J.
4^f%—bond Nos. 1, 2, 3, 5,
14, 15. 16, 33, 44, 49, 50. 52,
55. 65, 69, 73, 74, 76. 77, 98,
100, 101, 102, 112, 114, 115,
and 119
473A Assessment
VOTED—At
^
105, 117, 132. 138, 180, 185,
189, 286, and 337
Monroe and Wayne Coun¬
-
473
Minn.—BONDS
Murray D. Van
missioner is calling for redemption at par and interest on Nov.
District
FALLS,
Sept. 28 the voters of the city gave their approval to a proposition providing
for the issuance of $80,000 water plant improvement bonds.
19.37,
DISTRICTS,
Mich.—BONDS CALLED
Wagoner, State Highway Com¬
I, the follow¬
ing assessment district highway refunding bonds:
—It
on
street
improvement bonds were purchased
First National Bank of Memphis, at a price of 101.00.
COLUMBUS,
Mi8s.—BOND
ELECTION
on
4>f%
Sept. 23 by the
DECLARED
VALID—The
bond election that was held on Sept. 14, at which the voters approved the
issuance of the $281,000 in light and power plant bonds, as noted in these
columns—V. 145, p. 2109—was held valid by a firm of bond
attorneys,
according to report.
It had been feared that the election might be held
illegal because of
MISSISSIPPI,
an
advertising technicality.
State of—GOVERNOR REPORTS ON INDUSTRIAL
BUILDING PROGRAM—Governor Hugh White's program to "balance
agriculture and industry" in Mississippi which was introduced shortly after
his inauguration in January, 1936, has already brought more than 39 new
plants into the State which will employ in excess of 12,000 persons, the
Governor declared in an interview on Sept. 25.
The scheme partially to industrialize the State, which is
currently 80%
agricultural, is really composed of two correlated plans.
The first involves
a five-year suspension of taxes on any new industrial
plants and machinery
constructed or purchased between September, 1936, and April, 1940.
The
second part of the program involves the construction by counties and munic¬
ipalities of factories to be leased to industrial companies at a nominal rate.
Such bond issues must be approved by the electorate and then
by the
State Industrial Commission.
Moreover, the bond issue must be validated
by the chancellor of each county.
To date nine such units have been erected
at a cost of more than $5,000,000 and more are contemplated.
Governor White, a millionaire lumberman, was emphatic in
declaring
that he had no desire to industrialize the State completely.
It was his
intention to reduce the proportion of the State's population
directly engaged
in tilling the soil.
?
Under the tax-exemption law about 30 new factories have been established
in Mississippi, the Governor stated.
These include textile plants, and
manufacturers of dairy products, 13 cheese plants having been introduced.
SCOBEY
CONSOLIDATED
County, M"88.—BOND
SCHOOL
ELECTION—At
the voters of the district will ballot
on
a
an
DISTRICT,
election
set
Yalobusha
for
October
9
proposal to issue $13,000 school
building bonds.
_
UNION, Miss—BONDS NOT SOLD—The $35,000 coupon, fully registerable, industrial building bonds offered on Sept. 28 were not sold, the bids
were received being rejected as
unsatisfactory.
that
Volume
Financial
145
WADE CONSOLIDATED SCHOOL DISTRICT (P. O. Pascaeoula),
Mim.—BOND ELECTION—It is reported that an election will be held
Oct. 16 in order to vote
on
on
bonds.
the issuance of $11,000 in
school construction
*.
2267
Chronicle
chaser may indicate in his bid and as the Council may determine upon at the
time of the sale, both principal and interest to be payable in semi-annual
instalments during a period of 12 years from the date of issue.
If serial
bonds are sold they will be in the amount of $500 each the sum of $500 will
1, 1938, and a like amount on the same
day of each year thereafter.
The bonds, whether amortization or serial
bonds, will bear date July 1, 1937, will bear interest at a rate not exceeding
6% payable semi-annually on Jan. 1 and July 1, and wil' be redeemable
at the expiration of five years from the date thereof.
become due and payable on July
MISSOURI
GREENFIELD, CONSOLIDATED
(P.
O.
the
SCHOOL
NO.
DISTRICT
4
Mo.—BONDS VOTED—-At a recent election the
a proposal to issue $12,000 gymnasium
Greenfield),
of
voters
district
approved
construction bonds.
HAMILTON TOWNSHIP (P. O.
Hamilton), Mo.—BOND ELECTION
Oct. 9, for the purpose
—A special election will be held in the township on
of voting on a proposition to issue $20,000 road bonds.
KIRKSVILLE, Mo.—BONDS VOTED—At the election held on Sept. 21
1620—the voters approved the issuance of the $250,000 pav¬
bonds by a count of 3,140 to 319, according to the City Clerk.
He
states that no definite details have been worked out on the offering of these
—V. 145, p.
ing
bonds
as
yet.
ISLAND DRAINAGE DISTRICT NO. 1 (P. O. Sa¬
vannah), Mo.—BONDS SOLD TO RFC—It is reported that $14,000 4%
refunding bonds have been purchased at par by the Recon¬
struction Finance Corporation.
Dated April 1, 1936.
NODAWAY
NEBRASKA
(P. O. Lynch), Neb.—BONDS AUTHORIZED—
The County Supervisors have voted to issue $41,000 refunding bonds.
BOYD
COLUMBUS, Nebr.—BOND VALIDITY TO BE TESTED—District
Judge Spear on Sept. 28 is reported to have set Oct. 18 as the date for a
hearing of the suit against the city testing the validity of the $250,000
revenue bond issue voted on Aug. 20, 1936—V. 145, p. 2110.
It is under¬
stood that this action also will provide a test of the statute under which
the bonds were issued for financing a municipal electric distribution system.
DISTRICT
construction bonds
to the Mississippi
Valley Trust Co. of St. Louis, as 3ks, at par plus a premium of $1,441,
equal to 101.31.
Dated Oct. 15,1937.
Due annually beginning Feb. 1,
Other bidders
3K%
were:
Int. Rale
Name
Rubert & Co., St. Louis, Metropolitan St.
Co.. St. Louis, and Commerce Trust Co.,
3
City, Mo
National City Bank & Trust Co., Kansas City, Mo
3
Prem. Bid
$50,000
Co. of
Omaha,
(P. O. Pine Lawn), Mo.—BOND
SALE—The $110,000 coupon sanitary and storm sewer
offered on Sept. 30—V. 145, p. 2110—were awarded
1940.
CITY, Neb.—BOND SALE—The city recently sold
district paving refunding bonds to the Greenway-Raynor
DAVID
semi-annual
PINE LAWN SEWER
COUNTY
GREELEY SCHOOL DISTRICT NO. 1 (P.
O. Greeley) Neb.—BONDS
SOLD—It is reported that $40,000 4k % semi-ann. refunding
been purchased by the State Board of Educational Lands and
*
bonds have
Funds.
NEWCASTLE, Neb.—BOND SALE—The State Board of Educational
and Funds has purchased $17,000 3.20% 10-year sanitary sewer
•'
Lands
bonds.
Rudolph
Louis
Kansas
$673.50
570.90
k%
k%
DISTRICT (P. O. Sullivan), Mo.—BOND
SALE DETAILS—It is now reported by the Secretary of the Board of Edu¬
cation that the $12,000 school bonds purchased by the Boatmen's National
Bank of St. Louis, as noted here recently—V. 145, p. 1936—-were sold as
SCHOOL
SULLIVAN
3ks,
for
$240, equal to 102.00, a basis of about
incl.
of
premium
a
3.23%.
Due $2,000 from 1943 to 1948
NEVADA
O. Pioche) Nev.—INTEREST RATE—It is
reported by Sarah G. Ross, County Clerk, that the $87,500 court house
and hospital bonds purchased by the State Industrial Commission, as noted
in these columns recently—V. 145, p. 1937—were sold as 3ks.
LINCOLN COUNTY (P.
Nov.—BONDS VOTED—A. bond issue of $25,000 for con¬
sewerage syst3m was approved by the voters at a recent
■'r.v
PIOCHE,
of
struction
a
election.
OFFERINGS
WANTED
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
MUNICIPAL BONDS
MUNICIPALS
New
FIRST SECURITY TRUST CO.
SALT
Phone
Jersey and General Market
B. J. Van
LAKE CITY
Bell Teletype: SL K-372
Wasatch 3221
57
Ingen & Co. Inc.
Telephone: John 4-6364
N. Y.
WILLIAM STREET,
A. T. & T.: N. Y.
Issues
Newark Tel.: Market 3-3124
1-730
MONTANA
BROWNING, Mont.—BOND
dbidsS—REFFreceived
elae will be O
until 7:30 p. m. on Oct. 21, by Geo. O. Barger, Town Clerk, for the purchase
of a $36,000 issue of water works refunding bonds.
Interest rate is not to
exceed 6%, payable J. & J.
Dated Jan. 1, 1938.
Amortization bonds will
be the first choice and serial bonds will be the second choice of the Council.
The bonds, whether amortization or serial, will be redeemable in full on any
interest paying date from and after Jan. 1, 1947.
The bonds will be sold
for not less than their par value with accrued interest to date of delivery and
all biddrs must state the lowest rate of interest at which they will purchase
the bonds at par.
A certified check for $1,000, payable to the Town Clerk,
must accompany the bid.
GALLATIN
COUNTY
HIGH
SCHOOL
DISTRICT
(P.
O.
$90,000 City of Bayonne,
Colyer, Robinson $ Company
INCORPORATED
1180
Amortization bonds will
If amortization
bonds
are
sold
the entire issue may be put
into one
INFORMATION—We
are
now
informed
MILES CITY, Mont.—BOND OFFERING—Bids will be received until
p. m. on Oct. 15, by Ray Addington, City Clerk, for the purchase of
$36,648 issue of funding bonds.
Interest rate is not to exceed 6%, payable
J. & J.
Dated July 1, 1937.
Amortization bonds will be the first choice
and serial bonds will be the second choice of the Couhcil.
Due over a period
7:30
a
of 10 years from date of July 1, 1937.
to the City Clerk, must accompany the
A $4,000 certified check, payable
bid.
(P. O. Conrad), Mont.—BOND OFFERING—
An offering of $60,000 courthouse construction bonds, originally set for
Oct. 11 has now been scheduled for Oct. 18.
Adolph L. Rachac, Clerk,
Board of County Commissioners, will receive bids until 10 a. m. on that
date for the purchase of the bonds.
Amortization bonds will be the first choice and serial bonds will be the
second choice of the board.
If amortization bonds are sold the entire issue may be put into one
PONDERA
or
at the time of
COUNTY
divided into several bonds, as the board may determine upon
sale, both principal and interest to be payable in semi-annual
instalments during a period of 20 years from the date of issue.
If serial bonds are issued they will be in the amount of $1,000
of $3,000 will become due and
amount on the same
each; the
payable on Nov. 1, 1938, and a like
day each year thereafter.
The bonds,
whether
Nov. 1, 1937, and will
semi-annually, on May
option of the county on
Teletype
NWRK 24
NEW
JERSEY
PARK, N. 3.—MUNICIPAL COMMISSION SUPPORTS
AMENDED REFUNDING PLAN—The Municipal Finance Commission
at a meeting on Sept.27 adopted the following resolution: The Commission
having considered the amended refunding plan of the city of Asbury Park
as approved
by Supreme Court Justice Perskie on July 21, 1937 and as
supplemented by certain draft resolutions implementing the plan adopted
by the city, resolved that the city be advised that this further amended
plan, if accepted by a sufficient number of bondholders, is acceptable to
and will be approved by this commission.
^
ASBURY
by Ella IT.
Conklin, that the sale on July 12, of the $7,500 building bonds to the State
Board of Land Commissioners, as 4s, as noted in these columns at that
time, was canceled owing to a technicality.
ADDITIONAL
MArket 3-1718
A. T. & T
Wire:
be the first choice and serial bonds will be the
single bond or divided into several bonds, as the trustees may determine
upon at the time of sale both principal and interest to be payable in semi¬
annual instalments during a period of 20 years from the date of issue.
If serial bonds are sold they will be 20 bonds in the amount of $375
each.
The sum of $375 will become payable on June 30, 1938, and a like
amount on the same date each
year thereafter.
Tne bonds, whether
amortization or serial bonds, will bear date of June 30, 1937, and will bear
interest at a rate not exceeding 4%. payable semi-annually on June 30
and Dec. 30, and will be redeemable in full on any interest payment date
from and after five years from the date of issue.
The bonds will be sold for not less than their par value with accrued
interest and all bidders must State the lowest rate of interest at which they
will purchase the bonds at par.
All bids other than by or on behalf of the State Board of Land Com¬
missioners must be accompanied by a certified check in the sum of $250,
payable to the order of the Secretary.
sum
York
REctor 2-2055
building bonds.
high school
single bond
Raymond Blvd., Newark
New
Boze-
man), Mont.—BOND OFFERING—As already reported in these columns
—V. 145, p. 1936—Ella N. Conklin, Secretary of Board of Trustees, will
receive bids until 8 p. m. Oct. 11, for the purchase of an issue of $7,500
second choice of the school board.
N. J., Sch. 4 Vis
August 1, 1962-66
To Yield 4.00%
Due
amortization or serial bonds, will near date of
bear interest at a rate not exceeding 4%, payable
1 and Nov. 1 and will be redeemable in full at the
any interest paying date from the after five years
EAST HANOVER TOWNSHIP, N. J.—ISSUE CONDITIONALLY
APPROVED—The State Funding Commission has announced it will approve
the township's proposal to issue $76,000 refunding bonds, providing it
receives written assurance that the issuing expense will not exceed $750.
FORT
LEE,
N.
3.—BONDHOLDERS THREATEN SUIT OVER RE-
FUNDING PLAN— In an attempt to avert the threatened action of
Bondholders committee to institute court proceedings should the city
the
fail
refunding plan by Sept. 27, the Mayor and Council un¬
animously approved on the preceding day the form of a reply to the com¬
mittee outlining the reasons why the municipal government has not as yet
acted on the refinancing proposal, the terms of which were previously
approved in principle by city officials, the Municipal Finance Commission
and the bondholders.
In outlining alleged departures by the protective
committee from the original formula, the reply contended, among other
things, that the number of liquidators has been changed from three to
six, and that no limitation has been placed on the expenses of the liquidators,
also that the Mayor and Council have not been informed as to what the
legal costs will amount to.
The communication, which is said to have
been approved, by the Municipal Finance Commission, pointed out that the
municipal authorities are willing to proceed along the procedure contained
in the original 16-point plan, or any other similar proposal.
The reply was
expected to stay the threatened action by the bondholders representatives.
to
approve
a
DISTRICT, N. J.—BOND
Clerk, will receive sealed bids
$110,000 coupon or registered
following rates: 3, 3k, 3k.
3k, 4, 4k or 4 k %
Dated Sept. 15, 1937. Denom. $1,000. Due Sept. 15
as
follows:
$5,000 from 1938 to 1959 incl.
Principal and semi-annual
interest payable at the First Mechanics National Bank, Trenton.
A
certified check for 2% must accompany each proposal.
The approving
legal opinion of Hawkins, Delafield & Longfellow of New York City will be
furnished the successful bidder,
HAMILTON
TOWNSHIP SCHOOL
OFFERING—William A. Robinson, District
until 8 p. m. on Oct. 13 for the purchase of
school bonds, to bear interest at one of the
•
HOWELL
TOWNSHIP SCHOOL DISTRICT (P. O. Laktwood)
VOTED—A proposed bond issue in the amount of $137,500
o" a school building has been approved by the voters o the
N. J.—BONDS
for construction
district.
from the date of issue.
The bonds will be sold for not less
than their par value with accrued int.
delivery, and all bidders must state the lowest rate of interest
they will purchase the bonds at par.
All bids, other than by or on behalf of the State Board of Land Com¬
missioners of the State of Montana must be accompanied by a certified
to date of
at which
check in the sum of $5,000 payable to the order
of the clerk.
,
HIGH SCHOOL DISTRICT
(P. O. Savage), Mont.—
BOND SALE DELAYED—The sale of $33,890 building construction bonds
SAVAGE
to have taken
place
because of legal difficulties.
which
was
TWIN
BRIDGES,
on
Sept. 25—V. 145, p. 1620—was delayed
Mont.—BOND OFFERING—Julian A. Knight,
until 8 p. m. Oct. 4 for the purchase of $6,000
Town Clerk, will receive bids
water
system bonds.
Amortization bonds
second
choice of the
issue may
will be the first choice and serial bonds will be the
Council.
If amortization bonds are sold the entire
be put into one bond or divided into several
oonds as the pur¬
HUDSON COUNTY (P. O.
Jersey City ), N. J.—BONDS AUTHOR¬
a bond
IZED—On Seot. 23 the Board of Chosen Freeholders authorized
for furnishing and equipping the Hudson County
culosis Hospital.
issue of $750,000
Tuber¬
JERSEY CITY, N. J.—BOND SALE— The $1,480,000 coupon or reg¬
bonds
offered on Seot. 28—V. 145, p. 2110—were awarded to
istered
Halsey, Stuart & Co., New York, as
about 3.99%.
The sale consisted of:
4s, at a price of 100.0525, a basis of
$1,300,000 series C city hospital bonds.
Dated Oct. 1, 1935 and due Oct. 1
1 as follows: $35,000, 1938 to 1940 incl.; $40,000, 1941 to 1945
incl.; $45,000, 1946 to 1949 incl.; $40,000, 1950; $45,000, 1951
to 1955, incl.; $50,000, 1956 to 1960, incl.; $60,000 from 1961
to
1965. incl.
180,000 general improvement bonds.
Dated July 1, 1937 and due Jan.
1 as follows: $10,000 from 1938to 1943 incl. and $5,000 from 1944
to 1967 incl.
2268
Financial
Chronicle
Oct.
1937
2,
BONDS
PUBLICLY
OFFERED—Halsey, Stuart & Co., Inc., are reoffering the bonds for public subscription
priced to yield from 1.50% to
4%, according to maturity, as set forth in their
advertisement on page ill.
The bonds, in the opinion of the
bankers, are legal Investment for savings
banks and trust funds in New
York State.
City reports an assessed valua¬
tion for 1937 of
$593,394,293, and total bonded debt, including the bonds
now offered, of
$75,330,473. Net debt is $57,624,949. The actual increase
in the bonded debt of the
city as a result of the current
financing is $325,000.
as the balance of the
proceeds will be applied to the retirement of
bond
anticipation notes.
JACKSON
NEW
ARTESIA
SOLD—It
stated
by
on
by the Public Works Administration.
TOWNSHIP, Ocean County, N. J.—BOND
Inc., of New York, at
a
interest, equal to 95.
Finance Commission of the State of New
"With cash receipts
SALE—The
NEW MEXICO, State
of—CONSTITUTIONAL AMENDMENT RE¬
JECTED—James J. Connelly, State
Treasurer, reports that according to
price of $116,850
incomplete returns the voters appear to have turned down
constitutional amendment providing for the
issuance of
Educational
on
Jersey.
budget, indications are that the Borough will
again have a small
cash surplus for 1937 after
meeting debt retirement and interest charges on
Nov. 1, 1937," Elbert Baker,
Treasurer, stated.
Mr. Baker said that
the Borough was now
preparing to hold a tax sale prior to Nov. 1 to
speed
delinquent tax payments.
Institution
Building bonds, submitted
Carried down with them
J .—BONDS PASSED ON FIRST
recently adopted on first reading an
ordinance providing for the issuance of
$30,000 storm sewer bonds.
UNION COUNTY (P. O.
Elizabeth), N. J .—BOND OFFERING—
Arthur N. Pierson,
County Treasurer, will receive sealed bids until 11 a. m.
on Oct. 7 for the
purchase of $1,245,000 not to exceed
6% interest series B
coupon or registered general improvement bonds.
Dated June 1, 1937.
Denom. $1,000.
Due June 1 as follows:
$35,000, 1938 to 1942, incl.;
$40,000,
1943 to 1947, incl.; $45,000, 1948 to
1957, incl.; $50,000 from
1958 to 1963, incl., and $60,000 in 1964
and 1965.
Bidder to name one
rate of interest, expressed in a
multiple of 34 or l-10th of 1 %.
The price
for which the bonds
may be sold cannot exceed $1,246,000.
Principal and
interest (J. & D.) payable at the
County Treasurer's office, or at the Na¬
tional State Bank of Elizabeth.
A certified check for
$24,900, payable to
the order
of the county, must
accompany each proposal.
The approving
legal opinion of Reed, Hoyt & Washburn of New York
City will be furnished
the successful bidder.
VENTNOR CITY,
H. Bratten, City
N. J.—SCRIP CALLED FOR PAYMENT—George
Comptroller,
announces that all scrip issued
during 1936
and presently
outstanding will be paid Nov. 1, 1937, upon presentation at
the Comptroller's office.
Payment will be made at par and accrued interest
at the rate of 4% from the
respective dates on which the scrip was issued to
the date of redemption
above-mentioned.
Interest ceases to accrue after
the call date.
The following is a
description of said scrip so called for redemption:
All acknowledgments of indebtedness
of Ventnor City, N. J.,
designated
"scrip," now outstanding and unpaid, bearing a date of issue in
the year
1936, providing on the face thereof for the
payment of interest at the rate
of 4% per annum from the
date of issue to the date of
acceptance in payment
of taxes or other indebtedness
to said city as provided
by Common Council
of Ventnor City, or to a date of
redemption to be fixed by said Common
Council, all of which bear the seal of said city and a facsimile
signature of
Mayor and Comptroller.
WESTFIELD, N. J.—BOND SALE—Award of the $256,000
coupon
registered bonds offered on Sept. 27 — V.
145, p. 1937 — was made
Dougherty, Corkran
or
to
& Co. of
Philadelphia, bidding $256,253.20 for $255,000
2H% bonds, equal to 100.491, a basis of about
2.42%.
M. M. Freeman &
Co. of Philadelphia were second
high, bidding $256,555.50, for $256,000
2Y>% bonds, while John B. Carroll & Co. of New York
were third high,
offering $256,251.69 for $256,000 2$i*.
The bonds as
as
awarded
follows:
were
$160,000
sewer bonds.
Due Sept. 1 as follows:
$12,000, 1938 to 1949,
incl.; $11,000 in 1950 and $5,000 in 1951.
40,000 public improvement bonds.
Due Sept. 1 as follows:
$3,000 from
1938 to 1949, incl., and $4,000 in
1950.
29,000 local improvement assessment bonds.
Due Sept. 1 as follows:
$5,000 from 1938 to 1942, incl., and
$4,000 in 1943.
26,000 sewer assessment bonds.
Due Sept. 1 as follows: $5,000 from
1938 to 1942, incl., and $1,000 in 1943.
All of the bonds are dated
Sept. 1, 1937.
Denom. $1,000.
Prin. and
semi-annual interest (M. &
S.) payable at the Peoples Bank & Trust Co.,
Westfield.
Bidder to name a
single rate of interest for all of the bonds,
expressed in a multiple of M of 1
%.
The price for which the bonds may
be sold cannot exceed
$257,000.
A certified check for $5,120,
payable to
the
prder of the town, must accompany each proposal. Approving legal
opinion of Reed, Hoyt & Washburn of N.
Y. City will be furnished the
successful bidder.
were
amendments which would have
provided
per diem of
NEW
YORK
AUGUSTA UNION FREE SCHOOL DISTRICT NO. 7
(P. O. OH.issue of $86,000 coupon or
reg¬
istered school bonds offered Sept. 27—V.
145, p. 2111—was awarded to
Halsey, Stuart & Co., Inc., of New York, as 3.10s, at 100.069, a basis of
about 3.09%.
Dated Oct. 1, 1937, and due Oct. 1 as follows: $2,000 from
1938 to 1941, incl. and $3,000 from 1942 to
1967, incl.
Other bids were
kany Falls), N. Y.—BOND SALE—The
as
follows:
Bidder—
Int. Rate
Sherwood & Co
J. & W. Seligman & Co
E. H. Rollins & Sons, Inc
3.50%
3.70%
3.90%
Manufacturers & Traders Trust Co
Bancamerica-Blair Corp
Roosevelt & Weigold
Bacon, Stevenson & Co
100.40
100.22
100.42
Ami. of
Bonds
Bidder—
& Co..
M. M. Freeman &
Co., Inc
John B Carrall & Co
First of Michigan
Corp.; Minsch, Monell &
Co., and Mackey, Dunn & Co., Inc
Peoples Bank & Trust Co
Fidelity_Union Trust
Co
_
Harris
Int.
Bid
$255,000
256,000
256,000
234%
234%
234%
$256,253.20
256,555.55
256,251.69
256,000
256,000
256,000
234%
234%
234%
256,156.16
256,150.00
256,059.00
Sons
Inc., and MacBride, Miller & Co___
Brown Harriman &
Co., Inc
Edward Lowber Stokes &
Co.; Charles Clark
Co., and James H. Causey & Co., Inc..
Lehman Brothers;
Kean, Taylor & Co., and
Deventer, Spear & Co
Blyth & Co., Inc.; Adams &
Mueller, and
Cassatt & Co
Graham, Parsons & Co. and Morse Brothers
& Co., Inc..
2% %
256.938.78
2H%
256.032.20
2%%
256,710.00
2H%
256,640.00
2%%
$59,000 coupon, fully registerable, general
obligation, unlimited tax, street improvement bonds. Bidders are to
name
in a multiple of 34% or 1-10%, but not to exceed
5%.
Denom. $1,000.
Dated Aug. 1, 1937.
Principal and semi-annual interest
(Feb. 1 and Aug. 1) payable at the Union Trust
Co., Rochester, Avon
Branch, with New York exchange.
Due on Aug. 1 as follows:
$3,000,
1938, and $4,000, 1939 to 1952.
Certified for $1,180 payable to the
Village,
required.
Approving opinion of Clay, Dillon & Vandewater of New York
will be furnished by the
village.
rate of interest,
BROCTON,
N.
Y .—BOND SALE—The
issue
of
$14,000
registered water bonds offered
"or
The
assessed valuation
of the real property of said
village subject to
taxation as it appears on the last
preceding village assessment roll is
$1,306,235, and the total contract debt of said village,
including this issue
of $14,000 water bonds, is
$97,350.
Deducting $ none tax notes, $78,000
water debt and $
none, paving or sewer obligations issued prior to
May 22,
1934, to pay all or any part of the cost assessed
against property benefited,
the next debt is $19,350.
The population of said village (1930
census) is 1,301.
The total debt above stated
does not include the debt of
any other sub¬
division having the power to levy taxes
upon any or all of the property
subject to the taxing power of the village.
Tax Data
The total amount of taxes levied for the
1934-1935__$15,192.15
preceding three fiscal years:
1935-1936__$15,917.81
1936-1937-_$17,138.92
Amount of such taxes unclollected at the end of each
fiscal year is:
$478.07
1935-1936
$610.01
1936-1937
$607.50
1934-1935
Amount of such taxes uncollected
as
of the
1937) is:
1934-1935
$135.23
1935-1936
date of this notice
(Sept. 8.
$232.05
1936-1937
$458.34
The taxes of the current fiscal
year beginning March 1, 1937 and
ending
Feb. 28, 1938, amount to
$18,287.29, and to date $15,965.03 thereof has
been
collected._Said taxes became delinquent July 1, 1937._
Specific Information
The fiscal year begins March 1 and tax
payments become due
A 5% penalty is added on
July 1. Tax sales are held annually.
The net debt of the village is
to
figures
as
on
JuneTT
1.175% of the assessed valuation, according
stated in the notice of sale.
The overlapping subdivisions with the
approximate debt of
able to the village are as follows:
basis of about
2%%
2M%
256,071.26
256,742.40
256,000
256,000
2%%
2H%
256,739.84
256,537.34
254,000
3%
256,662.00
254,000
3%
256.017.20
same
applic¬
255,000
3%
256,440.75
256,000
3H%
256,359.00
Dated Oct. 1, 1937 and due Oct. 1 as
incl.; $4,000 from 1943 to 1947 incl. and $2,000
MacBride, Miller & Co., Inc
Schlater, Noyes & Gardner, Inc
B. J
Van Ingen &
Co., Inc
VanDeventer, Spear & Co
C. P. Dunning & Co
H. L. Allen & Co
H.B Boland&Co
J. B. Hanauer & Co
Town of Portland
Chautauqua County
\
Applicable
to Village
$14,000
2,000
10.285
.
Total net debt and approximatel
overlapping debt
% of net debt and approx. overlapping to assessed valuation.
$26,285
45,635
3.187%
BUFFALO, N. Y.—BOND
SALE-1-The $1,810,000 coupon or registered
Sept. 28—V. 145, p. 2111—were awarded to a syndicate
composed of Phelps, Fenn & Co., Inc., New
York; Marine Trust Co.,
Buffalo; Paine, Webber & Co. and Kean, Taylor & Co., both of New
York;
Lawrence Stern & Co., Chicago; First of
Michigan Corp.: Charles Clark &
Co., Safford, Biddulph Co., Inc., Martin & Chambers and
Hannahs, Ballin
& Lee, all of New York, as
3.20s, at par plus a premium of $561.10,
equal
to 100.031, a basis of about
3.19%. The sale consisted of:
bonds offered
Due $100,000 each
1047 inclusive.
from 1938 to 1947 inclusive.
Oct. 15 from 1938 to
Due $45,000 each Oct.15
360,000 general improvement water supply bonds.
Due $18,000 each
Oct 15 from 1938 to 1957 inclusive.
All of the bonds are dated Oct.
15, 1937.
Salomon Bros. & Hutzler of
New York and associates made the second
high bid of par and a premium
of $2,896 for 3 Ms.
-
CAMBRIA (P.O.Lockport), N.Y.—BOND
OFFERING—Curt L. Thrall,
Supervisor, will receive bids until 1p.m. Sept. 30 for the purctiase at
less than par of $3,000
coupon, fully registerable, highway bonds.
Bidders are to name rate of
interest, in a multiple of 34% or 1-10%, but not
to exceed 6%.
Denom. $1,000.
Dated Oct. 1, 1937.
Principal and an¬
nual interest (March
1) payable at the Niagara County National Bank &
Trust Co.,
Lockport.
Due $1,000 on March 1 in 1938, 1939 and 1940.
Certified check for $300, payable to the Town
Supervisor, required.
Town
not
3.65%.
to 1942
$14,000
6,000
1,100,000
450,000 city contribution-relief project bonds.
sewer
1948.
Bidder
Net Debt
School district
$1,000,000 home relief bonds.
N. J.—BOND
SALE—'The issue of $37,000 coupon or
bonds of 1937 offered on
Sept. 29—V. 145, p. 1937—was
to Minsch, Monell & Co., Inc., New York, as 3 Ms, at a price of
a
coupon
on Sept. 30 was awarded to
the Manufac¬
Traders Trust Co. of
Buffalo, as 2.90s, at a price of 100.299, a
basis of about 2.865%.
Dated^Oct. 1, 1937 and due $1,000 each Oct. 1
from 1940 to 1953 incl.
turers &
256,093.95
WESTWOOD
100.55,
100.55
AVON, N. Y.—BOND OFFERING—William H. Clark, Village
Clerk,
Total approximate
overlapping debt
..
^J^ded
100.477
100.27
will receive bids until 4 p. m.
(Eastern Standard Time) Oct. 5, for the pur¬
chase at not less than par of
Total
Rate
Trust & Savings Bank and R.
W.
Pressprich & Co._
254,000
Phelps, Fenn & Co. and Colyer, Robinson
&Co
254,000
Bancamerica-Blair
Corp.
and
Goldman,
►Sachs & Co..
255,000
C. A. Preim &
Co.; Schlater, Noyes &
Gardner Inc., and C. P.
Dunning &■ Co.. 255,000
B. J. Van Ingen &
Co., Inc.; H. 0. Wainwright & Co., and Milliken & Pell
255,000
J. S. Rippel &
Co.; The First National Co.,
*and Ewing & Co
255,000
H. L. Allen & Co.—_____
256.000
A. C. Allyn &
Co., Incl; E. H. Rollins &
in
100.22
Amount
Dougherty, Corkran
?°Uows: $3,000,1938
Rate Bid
334 %
3.30%
3.30%
3.50%
OTHER BIDS—
registered
in
held
State Legislators from $5 to $10, and created the
absentee ballot.
SURF
4
election
$1,250,000 institutional building bond issue, increased the
a
PLEASANT BEACH, N.
HEADING—The Borough Council
$30,000; First National
Bank, Barnegat, $10,000; Ocean County Trust
Co., Toms River, $11,000;
Tuckerton Bank,
Tuckerton, $8,000; George W. Parker, $1,000.
The
bonds bear 6% interest and were sold
at par in exchange for
outstanding
borough notes.
They mature serially in from 1 to 10 years.
the proposed
$1,250,000
the
election, returns from
two-thirds of the State's voting districts showed
Wednesday.
Bitterly controverted tenure measures, which would have abolished
Con¬
stitutional two-term limits upon State and
county offices, trailed by nearly
one to two in a record
off-year to mount upwards of 80,000—some
60%
of that in the general±election of 1936.
POINT
CITY, N. J.—BONDS SOLD—The State Funding Commission
has approved an award
by the borough of $60,000 refunding bonds.
In connection with the above
report, we record herewith the amounts
of the general refunding bonds taken
by each of the institutions: Beach
Haven National Bank & Trust
Co., Beach Haven,
at
Sept. 21.
In connection with the above
report we quote in part as follows from
an
Associated Press dispatch out of
Albuquerque:
Five proposed amendments to New Mexico's
Constitution were over¬
whelmingly defeated in Tuesday's off-year special
Municipal
running slightly ahead of the amount anticipated
in the
described
the voters at the election
State Treasurer.
GALLUP, N. Mex.—BONDS SOLD TO PWA—It is stated
by the City
Clerk that $59,000
4% semi-annual hospital bonds were purchased at par
NORTH ARLINGTON. N. J
.—INCREASED TAX COLLECIONS
INDICATE CASH SURPLUS—Tax
collections for the borough for the
eight months ended Aug. 31. 1937 totaled
$364,548, an increase of $12,215
over the $352,333 collected in
the similar 1936 period,
according to figures
released Sept. 29 by H. V.
Reilly & Co., accountants for the
the
MEXICO
DISTRICT (P. O.
Art.,i«), N. M.—
the Superintendent of Schools that the
$85,000
leld
iunior-senior school have been purchased by the
March 26, building bonds approved by
State Fund Commission has
approved the sale of $123,000 434 %
refunding
bonds to B. J. Van Ingen &
Co.,
and accrued
SCHOOL
is
Int. Rate
3M%
3 M %
3M%
394%
394%
3M%
434%
434%
Premium
$194.99
188.70
148.00
55.50
52.00
25.00
109.10
59.20
CHEEKTOWAGA
(P.
O.
Buffalo), N. Y.—BOND OFFERING—
Albert Sturm, Town Clerk, will receive bids until 4
p. m. Oct. 1 for the
purchase of $10,305.62 coupon or registered, general
obligation, unlimited
tax, judgment funding bonds.
Bidders are to name rate of interest, in a
multiple of M% or 1-10%, but not to exceed 6%.
Denom. $1,000, except
one for $305.62.
Dated Oct. 1, 1937.
Principal and semi-annual interest
(April 1 and Oct. 1) payable at the Manufacturers & Traders Trust
Co.,
Buffalo, with New York exchange.
Due $1,305.62 Oct. 1,1938 and $1,000
yearly on Oct. 1 from 1939 to 1947.
Certified check for $210,
payable to
town, required.
Approving opinion of Clay, Dillon & Vandewater of
New York will be furnished
by the town.
FLEISCHMANNS,
series B fire
N. Y.—BOND SALE—The $4,000 4% registered
department bonds offered on Sept. 29 were awarded to Henrietta
Volume
Financial
145
Solomon of Fleischmanns on a bid of 102, a basis of about 3.30%.
Oct. 1, 1937.
Due $800 yearly on Oct. 1 from 1938 to 1942.
The
Dated
Walton
Cooperative Savings & Loan Association of Walton submitted the second
high bid, offering a price of 100-5-16.
HAVERSTRAW, N. Y.—BOND OFFERING—James P. McCabe, Village
Clerk, will receive bids until 4 p. m. Oct. 4 for the purchase at not less
than par of $23,000 coupon, fully registerable, general obligation, un¬
limited tax, building bonds.
Bidders are to specify rate of interest, in a
multiple of
% 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)
payable at the National Bank of Haverstraw & Trust Co., Haverstraw,
with New York exchange.
Due on Oct. 1 as follows: $2,000, 1938 to 1947;
and $3,000, 1948.
Cert, check for $460, payable to the village, required.
Approving opinion of Clay, Dillon & Vandewater of New York will be
furnished by the village.
HURLEY SCHOOL DISTRICT NO. 5, N. Y.—BOND SALE—The
,
issue of $14,000 4% school building bonds offered Sept. 20—V. 145,
1938—was sold to tne State of New York National Bank of Kingston,
100.50, a basis of about 3.83%.
to 1941, inclusive.
MIDDLETOWN, N.
Due $3,500 annually on Jan. 1 from
Y.—BOND SALE— The $49,000
coupon
p.
at
1938
or re¬
gistered bonds offered Sept. 29-—V. 145, p. 2111—were awarded to Barr
Bros., Inc. of New York, as 2.10s, at a price of 100.037, a basis of about
2.09%.
The sale consisted of:
$30,000 school bonds.
Due $3,000 each Oct. 1 from 1938 to 1947 incl.
$19,000 park and playground bonds.
Due Oct. 1 as follows: $2,000 from
1938 to 1946 incl. and $1,000 in 1947.
All of the bonds are dated Oct. 1, 1937.
The following is a list of the
unsuccessful
bids:
A. C. Allyn & Co., Inc.-
_
George B.Bibbons& Co., Inc
Halsey, Stuart & Co., Inc
Roosevolt & Weigold
B. J. Van Ingen & Co., Inc
J. & W. Seligman & Co
100.26
2.20%
2.25%
2.25%
2.25%
2.30%
Sherwood & Co
.
_
Manufacturers & Traders Trust Co.
100.151
100.078
100.11
100.109
100.02
100.34
100.07
100.50
100.314
100.185
100.28
2.50%
Orange County Trust Co
2.80%
-
...
$1,999 fire truck bonds
Genesee River National
Bank of Mount Morris, as 4s, at par.
No other bid was submitted. Dated
Aug. 15, 1937 and due Aug. 15 as follows: $500 from 1938 to 1940, incl.
MOUNT MORRIS, N. Y.—BOND SALE—The
offered Sept. 22—V. 145, p. 1938—were sold to the
and $499 in 1941.
North Tarrytown), N. Y.—BOND
SALE—The $16,000 coupon or registered judgment bonds offered Sept. 29
—V. 145, p. 2111—were awarded to Sherwood & Co. of New York, as 2.20s,
at a price of 100.13, a basis of about 2.14%.
The bonds are dated Oct. 1,
1937 and mature Oct. 1 as follows: $6,000 in 1938, and $5,000 in 1939 and
PLEASANT
(P.
O.
1940. ■;
,
a
has borrowed
Loan is dated
NEW HARTFORD, N. Y.—BOND SALE—The issue of $17,400 coupon
registered highway improvement bonds offered on Sept. 28—V. 145,
1938, 2111—was awarded to the Marine Trust Co. of Buffalo, as
2.20s, at
price of 100.082, a basis of about 2.18%.
Dated Oct. 1, 1937 and due
as follows:
$3,400 in 1938, and $3,500 from 1939 to 1942 incl.
A. C.
Oct. 1
Allyn
2.25s.
Inc., New York, second high bidders, offered 100.14 for
Sherwood & Co. of New York bid 100.10 for 2.40s.
&
Co.,
Premium
Int. Rate
2.25%
Co
...
$24.36
2.25%
2.40%
_
16.88
17.40
J. & W. Seligman & Co.
Hayes National Bank, Clinton
E. H. Rollins & Sons, Inc
Roosevelt & Weigold
First National Bank, New Hartford
1.14
10.00
2.60%
2.70%
20.00
2.75%
2.90%
3Yi%
20.88
Par
PALMYRA, N. Y.—BONDS VOTED—AX, the Sept
21 election the
proposal to issue $32,000 water system bonds carried by a vote of 80 to 7.
PORT
OF
NEW
YORK AUTHORITY,
N.
Y.—REGISTRAR AND
York, is Registrar
EXCHANGE AGENT—Manufacturers Trust Co., New
Exchange Agent for the following issues of the Port of New York
Authority:
Series F bonds, 3% due March 1, 1941; general and refunding
bonds, first series, 4% due March 1, 1975; general and refunding bonds,
third series, 3 H % due May 1, 1976.
and
SCHENECTADY, N. Y.—BOND SALE—The $627,000 coupon or regis¬
30—V. 145, p. 2111—were awarded to Barr
Bros. & Co. of New York and the Marine Trust Co. of Buffalo as 2.10s,
at par plus a premium of $1,250.73, equal to 100.199, a basis of about 2.08%.
The bonds are divided into six issues, described as follows:
tered bonds offered on Sept.
$400,000 debt equalization bonds, 1937 series, issued to pay or refund not
exceeding two-thirds of general tax bonds due in 1938. Due Sept. 1
as follows: $25,000 in
1943 and 1944; $40,000, 1945; $50,000 in
1946 and 1947; $60,000, 1948; $75,000 in 1949 and 1950.
100,000 general municipal bonds, series A, issued to pay the city's share
of the cost of public works projects.
Due $10,000 on Sept. 1
from 1938 to 1947 incl.
60,000 general municipal bonds, series B, issued to pay the city's share of
local home relief costs.
Due $6,000 on Sept. 1 from 1938 to 1947
incl.
bonds, series A, issued to pay the city's
share of improvements, part of the cost of which is to be assessed
on property benefited.
Due Sept 1 as follows: $2,000 from 1938
to 1942 incl. and $3,000 from 1943 to 1947 incl.
30,000 public improvement bonds, series B.
Due $6,000 on Sept 1
25,000 public
improvement
from 1938 to 1942 incl.
Due Sept. 1 as follows:
1940 incl. and $3,000 in 1941 and 1942.
12,000 fire equipment bonds.
to
184,520 from Federal aid.
The bureau reports the depression has left the city with $3,304,576 of
outstanding debts for relief, not counting the city's share of the State and
Federal borrowings for relief.
Bureau officials commented that the size of the city debt for relief, and
the fact that relief still is running at a rate of about $1,500,000 a year,
make a question of financing the situation an important one in City Council's
consideration of the new budget.
SPENCERPORT, N. Y.—BOND OFFERING—J. S. Lee, Village Clerk,
the purchase of $20,000 registered
Bidders are to name rate of interest, in a multiple of
H % or 1-10%, not to exceed 4^%.
Denom. $1,000.
Dated Oct. 1,1937.
Prin. and semi-ann. int. (M. & S. 1) payable at the Central Trust Co.,
Rochester.
Due $2,000 yearly on Sept. 1 from 1938 to 1947.
Certified
check for $400, payable to the village, required.
Approving opinion of
Reed, Hoyt & Washburn of New York will be furnished by the village.
will receive bids until 4p.m. Oct. 5 for
electric light bonds.
SUFFERN, N. Y.—BOND SALE—The issue of $18,000 fire equipment
purchase bonds offered Sept. 27—V. 145, p. 2112—was awarded to Roose¬
New York, as 2.70s, at a price of 100.20, a basis of about
2.63%. Dated Sept. 1, 1937 and due Sept. 1 as follows: $3,000 in 1938 and
1939, and $4,000 from 1940 to 1942 incl.
Second high bid of 100.11 for
2.708 was made by Sherwood & Co. of New York.
velt & Weigold of
Other bids
follows:
were as
$2,000 from 1938
Sept. 1, 1937.
Denom. $1,000.
and interest (M. & 8.) payable at the Chase National Bank ,New
The following other bids were submitted for the bonds:
Principal
All of the bonds are dated
York City.
Int. Rate
Bidder
E. H. Rollins & Sons, Inc., A. C. Allyn & Co.,
Chas. D. Barney & Co-
Rate Bid
Inc. and
—
Harris Trust & Savings Bank, R. W. Pressprich &
and H. C. Wainwright & Co
....
—2.20%
___2.30%
Brown Harriman & Co. and Eldredge & Co
100.277
Co.
2.20%
Lazard Freres & Co., Hemphill, Noyes & Co. and Gold¬
man, Saichs & Co
2.25%
Phelps, Fenn & Co., F. S. Moseley & Co., Schoellkopf,
Hutton & Pomeroy, Inc. and Campbell, Phelps & Co__ 2M %
2.30%
Chase National Bank and Bankers Trust Co
Sherwood & Co., Francis
100.077
100.08
100.014
100.12
100.11
I. DuPont & Co. and Safford,
Biddulph & Co., Inc
2.30%
Halsey, Stuart & Co., Inc., Bancamerica-Blair Corp.,
Graham, Parsons & Co. and Spencer, Trask & Co.—2.30%
Bank of Manhattan Co., Washburn & Co. and Kelley,
100.097
2.30%
George B. Gibbons & Co., Inc., Roosevelt & Weigold,
and Stone & Webster and Blodget, Inc—
——2.40%
Blyth & Co., Inc., Mercantile Bank & Trust Co. and
100.052
Richardson & Co
.. —
2.40%
First of Michigan Corp
Manufacturers & Traders Trust Co., Adams,
Co., Inc. and Kean, Taylor & Co——
B. J. Van Ingen & Co., Inc.,
and Coffin & Burr, Inc
100.46
100.40
—
2.40%
100.38
Stranahan, Harris & Co.
-
_
Salomon Bros. & Hutzler
100.067
McEntee &
—2.40%
Lehman Bros., Estabrook & Co. and Morse Bros. & Co.,
Inc
—2.40%
Bacon, Stevenson & Co., R. L. Day & Co. and Equitable
Trust Co
—2.40%
——
—
2.50%
100.211
100.207
100.16
100.50
SCHENECTADY, N. Y.—RELIEF COSTS AMOUNT TO $12,966,223—
Total cost of relief in Schenectady up to Dec. 31, 1937, will be $12,966,223
Rate Bid
Int. Rate
B. J. Van Ingen
3%
_
& Co., Inc
100.07
3 j^%
Suffern National Bank & Trust Co
100.14
Financial Statement
subject to the taxing power of
The total bonded debt of the village, incl. the
is $244,500, of which amount $4,000 is water
debt.
The population of the village (1930 census) was 3,757.
The bonded
debt above stated does not include the debt of any other subdivision having
The assessed valuation of the property
the village is $5,201,196.
above mentioned bonds,
193-402. 1946-5078 195-324
subject to the taxing
1. The amount
March 1, 1934,
March 1, 1935, and March 1, 1936, was respectively $62,269.83, $62,194.93, and $57,096.54.
The amount of such taxes uncollected at the end
of each of said fiscal years was respectively $6,537.00,
$4,714.70, and
$4,221.63. The amount of such taxes remaining uncollected as of Sept. 13,
1937 is respectively $625.00, $1,487.68, and $2,414.89.
The taxes of the
fiscal year commencing March 1, 1937, amount of $62,462.88, of which
power to
levy taxes upon any or all of the property
power of the village.
The fiscal year commences March
of taxes levied for each of the fiscal years commencing
$53,347.08 have been collected.
CAROLINA
NORTH
BELMONT, N. C.—BONDS VOTED—At an election held on Sept. 21 the
voters approved the issuance of $24,000 in street improvement bonds,
according to report.
C.—NOTE OFFERING—
Secretary, Local Government Commission, will receive
Oct. 5 for the purchase at not less than par of $150,000
school building bond anticipation notes.
Bidders are to specify rate of
interest, not to exceed 6%.
Dated Oct. 14, 1937.
Due Feb. 2, 1938.
Bidders are to specify denominations and the bank at which interest and
principal will be payable.
Certified check for $750, payable to the State
Treasurer, required.
W. E. Easterling,
bids until 11
a.
m.
(P. O. Swanquarter), N. C.—NOTES SOLD—It is
purchased on Sept. 28 by the Englehard
at 6%.
HYDE COUNTY
reported that $1,562.50 notes were
Bank
&
of Swanquarter,
Co.
Trust
JONESBORO, N. C.—BONDS NOT SOLD—The two issues
Other bids were as follows:
Bidder
A. C. Allyn & Co.. Inc
Manufacturers & Traders Trust Co
Sherwood &
faid as follows: $1,201,347 by the city; $4,361,355 from State aid and $3,4,219,000 in bonds issued in the city budget, meaning by current taxes;
CABARRUS COUNTY (P. O. Concord), N.
•
NEWBURGH, N. Y.—TEMPORARY LOAN—The city
$37,000 from Leavitt & Co. of New York at 1.35% interest.
Oct. 1. 1937 and due May 1, 1938.
p.
This amount
tained from
100.177
2.30%
2.30%
2.40%
2.40%
2.50%
2.50%
-
Adams, McEntee & Co., Inc
Goldman, Sachs & Co
Middletown Savings Bank
E. H. Rollins & Sons, Inc
or
a summation by the Schenectady Bureau of Municipal Re¬
sums up a period of seven years, using figures ob¬
Washington.
According to the Bureau's summation, the seven years' relief has been
according to
search.
Bidder—
Rate Bid
Int. Rate
Bidder
MOUNT
2269
Chronicle
of not to
6% coupon semi-ann. bonds, aggregating $12,000, offered on
Sept. 28—-V. 145, p. 2112—were not sold as no bids were received, accord¬
ing to the Secretary of the Local Government Commission.
The issues
are divided as follows:
exceed
$7,500 sewer bonds.
Due $500 from July 1, 1940 to 1954, incl.
4,500 funding bonds.
Due $500 from July 1, 1938 to 1946, incl.
Financial Statement Sept.
Population,
1930
U.
S.
842.
Census,
Estimated present, 1,000.
Debt
Outstanding
Waterworks
bonds
_
—
bonds (street improvement)
Assessment
Revenue anticipation notes
Bonds now offered
..T,
Total debt
^
1,1937
$21,000.00
750.00
600.00
12,000.00
$34,350.00
—
Taxes
1934-35
Rate per $100__
Amount levied
1936-37
$407,453.00
$411,607.00
$411,947.00
1 -00
valuation
Assessed
1935-36
1.00
1.00
4,116.07
4,119.47
1,543.82
..$425,868.00
—
4,074.53
Valuation assessed for the year
1937-38
Maturity of Bonds Outstanding,
$500
500
.17,000
1,000
6,000
1,000
1938-39
696.50
347.51
Uncollected
1944-45
Including Bonds Now Offered
$1,000
1950-51
194.5-46
-
...
$500
500
500
500
500
1,000
1,000
500
500
500
$7,500 sewer bonds now offered,
and modern sewer system, which
Progress Administration. The cost
completion will be about $35,000.
It is naturally ex¬
pected that this system will produce a substantial increase in water con¬
sumption and a consequent increase in water revenues.
The sewer system
should also enhance the value of taxable property in the town.
With the proceeds from the sale of $4,500 funding bonds now offered, all
bond interest in default will be paid.
The town has no bond principal in
default except $1,000 street improvement bonds, against which $250 of
principal has been paid and the balance is expected to be paid within a rela¬
tively short time.
The issuance of these bonds will place the town in a
current position where it is reasonably expected that the town should have
no further difficulty in meeting its obligations as they mature.
It is con¬
templated, however, that the town may have to refund all or at least a part
of its term bonds, consisting of $21,000 water works bonds maturing $16,000
With the proceeds from the sale of the
the town expects to complete an adequate
is being financed in
of the system upon
part by the Works
in 1941 and $5,000 in
The present Town
1943.
"
„
,
^
^
.
Board of Commissioners is eager to eliminate the de¬
that the completion of a modern sewer system
in a position where it will be better able to meet iti
faulting condition and feels
will piace
the town
obligations
MADISON COUNTY (P. O.
Marshall), N. C.—NOTES SOLD—It is
reported that $2,000 notes were purchased on
French Broad, of Marshall, at 4%.
Sept. 28 by the Bank of
Carthage), N. C.-—BONDS AUTHORIZED—
On Sept. 6 the County Commissioners adopted an order authorizing the
issuance of $40,000 school building bonds.
MOORE COUNTY (P. O.
NEW BERN,
N. C.—BOND OFFERING—W, E. Easterling,
Commission, will receive bids until 11 a. m.
Local Government
Secretary,
Oct. 5 for
purchase at not less than par of $30,000 coupon, registerable as to
principal, general obligation, unlimited tax, water, light and sewer refunding
the
bonds.
,,
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 bonds of each rate.
Denom. $1,000.
Dated Aug. 1, 1937. Principal and semi-annual interest
(Feb. 1 and Aug. 1) payable in New York.
Due $5,000 yearly on Aug. 1
1942 to 1947, incl.
Certified check for $600, payable to the State
from
Treasurer,
VANCE
required.
COUNTY
(P.
IZED—It is stated by the
O. Henderson), N. C.—BONDS AUTHOR¬
Clerk of the Board of County Commissioners
Financial
2270
that
$20,000 school bonds have been authorized and they
possible.
are to
be marketed
WARREN COUNTY (P. O. Warrenton), N. C.—BONDS DEFEATED
—At the election held on Sept. 21—V. 145, p. 1460—the voters defeated
COUNTY
WARREN
O.
(P.
investor,
purchased
C.—NOTES SOLD—
on Sept. 28
by
a
local
WASHINGTON, N. C.—NOTE SALE—The $8,250 issue of revenue
anticipation notes offered for sale on Sept. 28 was awarded to the Guaranty
Bank & Trust Co. of Washington, at 2M%, according to the Secretary of
the Local Government Commission.
Dated Oct. 9, 1937.
Payable on
Oct.
1938.
9.
NORTH
DAKOTA
ADELAIDE SCHOOL DISTRICT NO. 26, Bowman County, N. Dak.
OFFERING—Mrs. R. H. Plett, District Clerk, will
—CERTIFICATE
2 p. m. Oct.
receive bids until
$1,500
certificates
5%
7 for the purchase at not less than par of
of indebtedness.
Bids should be addressed to
Certified check for 5% of amount
SCHOOL
STONE
DISTRICT
Education, will receive bids until Oct.
$1,200 4% certificates of indebtedness.
SCHOOL
SPECIAL
CARBURY
NO.
OFFERING—Carl
59
(P.
O.
WillUton),
Solem,
Clerk, Board of
1 for the purchase of an issue of
DISTRICT
NO. 50 (P. O.
Bot¬
OFFERING—Anton Wall, Clerk,
Board of Education, will receive bids until 2 p. m. Oct. 2, for the purchase
of $1,500 7% certificates of indebtedness.
Denom. $500.
Certified check
tineau),
for
Dak.—CERTIFICATE
N.
2f0, required.
CROSBY,
N.
Dak.—BOND EXCHANGE—It is stated by the
City
HIGHLAND SCHOOL DISTRICT NO. 14 (P. O.
to
incl.
200,000 3 M % series A general refunding bonds, payable from taxes levied
inside limitations.
Dated Sept. 15,
1937.
Interest payable
M. & S. 15.
Due as follows: $8,000, March 15 and Sept. 15 in
1939 and 1940, and $7,000 March 15 and Sept. 15 from 1941 to
1952, incl.
2,000,000 3 lA% series B refunding bonds.
Dated Oct. 1, 1937.
Interest
payable A. & O.
Due as follows: $71,000, April 1 and Oct. 1
from 1939 to 1946, incl., and $72,000 April 1 and Oct. 1 from 1947
is
asking for bids
on an
JAMESTOWN,
N.
issue of $3,000 4% certificates of indebtedness.
LUNDS VALLEY
SCHOOL DISTRICT NO. 19 (P. O. Lunds Val¬
Dak .—CERTIFICATE OFFERING— Mrs. N. Jacobson, Clerk,
Education, will receive bids until 2 p. m. Oct. 12 for the purchase
of $500 7% certificates of indebtedness.
ley),
N.
Board of
ROLLA,
N.
Dak.—BONDS SOLD—It is reported that $6,000 4H%
community center bonds were purchased by the State Land
semi-annual
Other bids were
the
par of $1,500 certificates of indebtedness,
than 7 %, payable annually.
Due Oct. 9, 1939.
SLOPE COUNTY
(P. O. Amidon), N. Dak.—WARRANTS SOLD—
by the County Auditor that $46,700 4% semi-ann. refunding
warrants have been sold.
Due on Jan. 1 as follows:
$700 in 1939: $1,000,
1940 and 1941; $2,000, 1942 to 1945, and $3,000 from 1946 to 1957.
VALLEY SCHOOL DISTRICT NO. 19, Mountrail County, N. Dak.
M. Jacobson, District Clerk, will
receive bids at the County Auditor's office in Stanley until 2p.m. Oct. 12
for the purchase at not less than par a $500 certificate of indebtedness.
Interest rate is not to exceed 7%.
Due in 12 months.
Certified check
for 2% of amount of bid required.
—CERTIFICATE OFFERING—Mrs.
WARD COUNTY (P. O. Minot), N. Dak.—BONDS SOLD—It is stated
by the Deputy County Auditor that $213,000 4% semi-annual refunding
by V. W. Brewer & Co. of Minneapolis.
Due
bonds have been purchased
from 1942 to 1956.
FWILLISTON,
N. Dak .—CERTIFICATE OFFERING DETAILS—In
with the offering by W. H. Robinson, City Auditor, of the
$20,000 certificates of indebtedness, scheduled for Oct. 5, at 8 p. m„ as
noted here recently—V.
145, p. 2113—we are now informed that the
certificates are dated Oct. 11, 1937, and mature on April
11, 1938. They are
payable at the Bank of North Dakota.
connection
OHIO
MUNICIPALS
bonds
for
Prem. Bid.
Int. Rate
.
Mayer, CincinnatiFullerton & Co., Columbus, and Weil, Roth & Irving Co., Cincinnati
...
DANVILLE SCHOOL
4M%
$979.79
■
472.50,
4M%
DISTRICT, Ohio—BONDS DEFEATED—'The
voters of the district at a
tion
special election held on Sept. 21 defeated a proposi¬
providing for the issuance of $135,000 school building bonds.
CITY
DAYTON
SCHOOL
DISTRICT,
Ohio—NOTE
SALE—An
2M% notes, dated Oct. 1, 1937 and due in one year or
time during that period, has been sold to Van Lahr, Doll & Ishphording, Inc., of Cincinnati.
Financing was in anticipation of the sale
later this year of a refunding bond issue.
The district has bonds in the
amount of $580,000 n aturing next year.
Extent of the an ount to be
refunded cannot be determined until the tax levy for next year is fixed
by the County Budget Commission.
issue of $200,000
at
any
ELYRIA, Ohio—BONDS AUTHORIZED—'The City Council has voted
$360,000 refunding bonds to retire
to issue
water works
a
like amount of outstanding
bonds.
SCHOOL
DISTRICT
(P.
O.
Defiance),
Ohio—BOND ELECTION—The voters of the township will decide at the
Nov. 2 election whether or not the Board of Education is to issue $65,000
school building bonds.
purchase at not less than
no more
the
follows:
HIGHLAND TOWNSHIP
bearing interest at
It is stated
as
Name—
Pohl & Co.; Middendorf & Co., and Seasongood &
Department.
SHEALEY SCHOOL DISTRICT NO. 152, Ward County, N. Dak.—
CERTIFICATE OFFERING—Emil Pederson, District Clerk, will receive
bids until 2 p. m. Oct. 9 at the office of the County Auditor in Minot for
bankers reoffered
CUYAHOGA FALLS, Ohio—BOND SALE—The $135,000 refunding
bonds offered on Sept. 27—V. 145, p. 1939—were awarded to a syndicate
composed of Fox, Einhorn & Co., Nelson, Browning & Co., Edward Brock¬
haus & Co. and Meyer, Smith & O'Brien, all of Cincinnati, as 4Ms at par
plus a premium of $459, equal to 100.34, a basis of about 4.44%.
Dated
Oct. 1,1937.
Due $7,000 each six months from June 1,1040 to June 1,1949
and $2,000 Dec. 1, 1949.
Dak.—BOND SALE—The
$35,000 armory-audi¬
torium construction bonds offered on Sept. 24—V. 145, p. 1939-—were
awarded to the First National Bank & Trust Co. of Minneapolis, as 3 Ms.
at par plus a premium of $520, equal to 101.485, a basis of about 3.57%.
Due on Oct. 1 as follows: $2,000, 1939 to 1954: and $3,000 in 1955.
1952. incl.
to
BONDS PUBLICLY OFFERED—The
public investment as follows: 3Ms to yield from 2.25% to 3.25%; 3Ms to
yield from 2.25% to 3.35%, according to maturity.
Mandan, Route 3),
N. Dak.—CERTIFICATE OFFERING—Theo. Hendrickson, District Clerk,
& O.
Due as follows: $29,000, April 1 and Oct. 1 from 1939
1946, incl., and $28,000 April 1 and Oct. 1 from 1947 to 1952,
A.
Auditor that $45,000 refunding bonds are being exchanged with the holders
of the original bonds.
FARGO, N. Dak.—BONDS DEFEATED—At the election held on
Sept. 28—V. 145, p. 1460—the voters rejected the proposal to issue $200,000
in city auditorium bonds by a wide margin, according to the City Auditor.
SALE—
$800,000 3 M % series A general refunding bonds, payable from taxes levied
inside limitations.
Dated
Oct,
1,
1937.
Interest
payable
N.
T.
Cleveland), Ohio—BOND
& Co., Toledo; Edward Brockhaus & Co. and Charles A. Hinsch & Co.,
Inc., both of Cincinnati; E. H. Rollins & Sons, Inc., New York; Widmann
& Holzman, Cincinnati; A. S. Huyck & Co., Chicago; Kalman & Co.,
St. Paul; Meyer, Smith & O'Brien, Inc.; Fullerton & Co., Columbus;
Walter, Woody & Heimerdinger, and Middendorf & Co., both of Cincinnati.
The bonds were awarded as follows:
ANTELOPE CREEK SCHOOL DISTRICT NO. 23, McKenzie County
Dak.—CERTIFICATE OFFERING—K. H. Lind, District Clerk, will
BIG
O.
food & Co., Inc., and Nelson, BrowningJohnson, Kase Cincinnati; Prudden
'ohl
& Mayer, both of Cincinnati; & Co., both of & Co., Cleveland;
N.
Denom. $500.
Dated Oct. 15, 1937.
Due $500 on each of
the dates Oct. 15, 1938 and April 15 and Oct. l5, 1939.
Certified check
for 2% of amount of bid required.
(P.
by A. C. Allyn & Co., Inc., Chicago, as 3M8 and 3Ms, at a
price of 100.31, a basis of about 3.37%.
Others in the successful group
were: Stifel, Nicolaus & Co., St. Louis; BancOhio Securities Co., Columbus;
First Cleveland Corp., Cleveland; Fox, Einhorn & Co., Inc., and Season-
,
annually.
COUNTY
The $3,000,000 refunding bonds offered Sept. 25 were awarded to a syndi¬
of bid required.
receive bids at the County Auditor's office in Schafer until 2 p. m. Oct. 11
for the purchase at not less than par of $1,500 certificates of indetoness.
Bidders are to name rate of interest, not to exceed 7%, payable semi¬
Dak.—CERTIFICATE
Ohio—BOND DISPOSAL REPORT—G. A.
Gesell,
Department of Finance, reports that the Sinking Fund
probably take up an issue of $811,000 sewage disposal
cate headed
the
at
2, 1937
plant bonds.
County Auditor's office in Bowman.
Denom. $500.
Dated Oct. 7, 1937.
Interest payable semi-annually.
Due in 18 months.
Clerk
the
will
CUYAHOGA
N.
Warrenton),
2.97%.
at
of the
Commission
520,000 in jail bonds.
A $3,000 issue of notes is said to have been
Oct.
CLEVELAND,
Director
as soon ss
the proposed issuance of
Chronicle
HOLLO WAY,
Ohio—BOND OFFERING—D.
G.
Ainsworth,
Village
Clerk, will receive bids until noon Oct. 14 for the purchase of an issue of
$2,500 6% municipal building bonds.
Denom. $300 except one for $100.
Dated Oct. 1, 1937.
Interest payable semi-annually.
Due $100 Oct. 1,
1939, and $300 yearly on Oct. 1 from 1940 to 1947.
Cert, check for $250,
payable to the Village
Treasurer, required.
I
RONTON, Ohio—OTHER BIDS—The $15,550 funding bonds awarded
Fox, Einhorn & Co., Inc., of Cincinnati, as 3 M® at par plus a premium of
$55, equal to 100.35, a basis of about 3.21%, as previously reported in
these columns—V. 145, p. 2113—were also bid for as follows:
J. S. Todd & Co., for 3M% bonds, par, accrued int. to date of delivery
and a premium of $175.71.
Seasongood & Mayer, for 3M % bonds, par, accrued int. to date of delivery
and a premium of $98.85.
Provident Savings Bank & Trust Co., for 3M% bonds, par, accrued int.
to date of delivery and a premium of $85.53,
The Weil, Roth & Irving Co., for 3M % bonds, par, accrued int. to date of
delivery and a premium of $78.00.
Widmann & Holzman, for 3M % bonds, par, accrued int. to date of delivery
and a premium of $20.44.
to
LISBON, Ohio—BONDS SOLD—An issue of $26,894.64 3M % refunding
has been sold to a local bank.
Dated July 1, 1937. One bond for
others $1,000 each.
Due July 1 as follows:
$2,894.64 in 1941
and $3,000 from 1942 to 1949 incl.
bonds
$894.64,
MAHONING COUNTY (P. O. Youngstown), Ohio—BONDS SOLD—
The Provident Savings Bank & Trust Co. of Cincinnati has purchased
$93,300 2M% poor relief bonds.
Due Aug. 1 as follows: $14,300, 1939;
$15,000, 1940 and 1941; $16 900 in 1942 and 1943, and $17,000 in 1944.
MANCHESTER VILLAGE SCHOOL DISTRICT (P. O. Manchester),
MITCHELL, HERRICK & CO.
700 CUYAHOGA
CANTON
AKRON
Ohio—BOND OFFERING—M. A. Carson, Clerk of the Board of Educa¬
tion, will receive sealed bids until noon on Oct. 13 for the purchase of $8,200
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
Bonds
OHIO
noon
M. Boyle, City Auditor,
Oct. 16 for the purchase at not lass than par of
$45,000 4% street paving bonds. Denoms. $1,000 and $500. Dated Sept.
1,
1937.
Interest payable May 1 and Nov. 1.
Due $4,500 yearly on Nov. 1
from 1939 to 1948.
Certified check for $500, payable to the City Council,
required.
A
BARNESVILLE SCHOOL DISTRICT, Ohio—BOArD ELECTION—
proposition calling for the issuance of $80,000 school building bonds will
be submitted to
a
vote at the Nov. 2 elections.
BELMONT SCHOOL
DISTRICT, Ohio—BOND ELECTION—At the
general elections on Nov. 2 the voters of the district will pass on a
proposal
to issue
$27,000 school building bonds.
CLEVELAND HEIGHTS, Ohio—BOND SALE— The
$100,000 coupon
refunding bonds offered Sept. 25—V. 145, p. 1777—were awarded to
McDonald-Coolidge & Co. of Cleveland as 2Ms at par plus a premium of
§593<uW£Lfco lhO.593, a basis of about 2.66%. Dated Oct. 1, 1937, and
due $20,000 each Oct. 1 from 1942 to
1946, incl.
The following is a com¬
plete list of the unsuccessful bids:
Bidder
int. Rate
BancOhio Securities Co., Columbus
2M%
Mitchell, Herrick v Co., Cleveland
3%
Johnson, Kase & Co. and Fox, Einhorn & Co., Cleve¬
_
land.
3%
Ryan, Sutherland & Co., Toledo
Stranahan, Harris & Co., Toledo
Braun, Bosworth & Co.. Toledo..._____
Hayden, Miller & Co., Cleveland
1
Prudden & Co., Toledo
3%
3%
_____3%
3%
3%
3M%
3M %
Field, Richards & Shepard and First Cleveland Corp .3 M %
Pohl & Co., Cincinnati.
_______3M%
E. H. Rollins &
Sons, Philadelphia
Bancamerica Blair Corp., Cleveland
to
be
refunded
Dec. 31,1937.
ALLIANCE, Ohio—BOND OFFERING—John
will receive bids until
5% refunding bonds.
Dated June 1,1937.
Denoms. $500 and $600.
Due
follows: $500 June 1 and Dec. 1 from 1940 to 1945, incl.; $500 June 1 and
$1,100 Dec. 1, 1946, and $600 Dec. 1, 1947.
Bidder may name an interest
rate other than 5% provided that where a fractional rate is bid such frac¬
tion is expressed in a multiple of M of 1 %.
Interest payable semi-annually.
as
SPRINGFIELD
Premium
$382.50
637 00
56O 00
have
matured
or
are
scheduled
to
mature
before
A certified check for $500, payable to the order of the Board
of Education, must
accompany
each proposal.
MAPLE HEIGHTS, Ohio—REFUNDING PLAN—City Auditor G. E.
Mansell, who is handling the refunding plan proposed by the city, announces
ri ay be obtained
upon application to his office.
The plan provides for refinancing of the
entire
outstanding general and special assessn ent bonds aggregating
$2,934,204.
New 30-year callable term bonds will be exchanged for
existing debt, dated Jan. 1, 1937 and due Jan. 1, 1967.
Exchange will be
made at par and interest to April 1, 1935 will be paid on the deposited bonds
at the rate borne by the obligations, and all other interest to the date of
that complete details of the program in published forn
The new refunding bonds will contain
Sanders & Len psty cf Cleveland,
will be m ade effective upon written consent to its provisions
by holders of 75% of each class of securities.
the
new
securities will be canceled.
the approving legal opinion of Squire,
and the plan
MARIETTA, Ohio—BOND ELECTION—'The City Council has decided
a proposed $15,000 fire department equipment bond issue to the
election in November.
to submit
voters at the general
PERRYSBURG, Ohio—BONDS DEFEATED—At an election held on
Sept. 21a bond issue of $25,000 for water works improvements was rejected
by the voters.
PHILLIPSBURG
SCHOOL
DISTRICT,
Ohio—BOND
SALE
DETAILS—The $10,000 gymnasium-auditorium bonds sold during August
to the State Teachers Retiren ent System
as already reported in these
,
427.00
412 00
384.00
330.00
167.00
895.00
700.00
530.00
303.33
columns—V.
1 to 10 years.
145, p. 1300—bear 4% interest and n ature serially in from
Price paid was par plus a premium of $56.67, equal to 100.566.
STRUTHERS, Ohio—BOND SALE—The $29,000 refunding bonds
on
Sept. 25—V. 145, p. 1939—were awarded to the Provident
Savings Bank & Trust Co., Cincinnati, as 3Ms, at par plus a premium of
$95.70, equal to 100.133, a basis of about 3.47%.
Dated Oct. 1, 1937.
Due on Oct. 1 as follows;
$3,000 from 1939 to 1943, and $3,500 from
1944 to 1947.
offered
Volume
WEST
Financial
145
MANSFIELD, Ohio—BOND ELECTION—A proposedl$16,000
bond issue for water works improvements will be submitted to
ajvote on
Nov. 2.
issue
P YOUNGSTOWN, Ohio—PLANS TO PLACE $4,000,000 DEBT OUT¬
10-MILL LIMIT—The city council has voted to submit to the
voters the question of putting $4,000,000 of the city's bonded debt outside
the constitutional ten-mill limitation.
This amount is the total of the
SIDE
bonded debt
now
inside of limitations.
If approval by the electorate next November, the measure will permit
the city to refund the debt through an additional levy, starting at 2.1 mills.
The levy needed to retire the debt will decrease rapidly from next year.
The total needs for paying next year's bond charges are 2.822 mills, but
W
income from other sources, estimated at 0.722 mills, will reduce the next
levy needed to 2.1 mills.
Estimates show the net levy decreasing as follows:
in 1939, the need would be 1.864
mills; in 1940, 1.456; in 1941, 1.291; in
1942, 1.009; in 1943 0.640; in 1944 0.492; in 1945, 0.504; and in 1946,
,
,
the needs of 0.5 mills would be exceeded by the estimated income from other
and no levy would be needed, city officials say.
sources,
i** Financial authorities estimate the levy would yield about $500,000 next
year, making it possible for the city to discard its practice of refunding
part of its annual debt instalments.
R. J. EDWARDS, Inc.
of interest
bearing warrants.
payable A. & O.
Denom. $100.
Oct. 1, 1938, to 1946. incl.
»
WHEELERSBURG SCHOOL DISTRICT, Ohio—BONDS VOTED—
The residents of the district voted favorably on the
questioniof issuing
S40.00U school addition construction bonds.^
2271
Chronicle
Interest rate is not to exceed 6%
Dated Oct. 1, 1937.
Due $100 from
ELGIN, Ore.—BOND SALE—The $10,000
on
Sept. 20—V. 145,
coupon water bonds offered
1940—were awarded to the St. Peters Protestant
on a bid of par for 4s.
Dated Sept. 1,
March 1 and Sept. 1 in each of the years from 1946
p.
Episcopal Church of La Grande,
1937.
to
Due $500 on
1955.
HEPPNER, Ore.—BOND OFFERING—E
R. Huston, City Recorder,
following bonds:
will receive bids until 8 p.m. Oct. 9 for the purchase of the
$5,000 6% water refunding bonds, dated Oct. 15, 1937.
Denom. $1,000.
Cert, check for $200, required.
7,000 general obligation street improvement bonds, to bear no more than
6% interest,
LANE COUNTY UNION HIGH SCHOOL DISTRICT NO. 7
(P.O.
Ore.—BOND SALE—The $6,000 coupon gymnasium con¬
on Aug. 27—V.
145, p. 1300—were pur¬
chased by the First National Bank of Eugene, as 3Ms at par, according to
Thurston),
struction bonds offered for sale
the District Clerk.
MALHEUR COUNTY SCHOOL DISTRICT NO. 24 (P. O. Vale),
Ore.—BOND OFFERING—Sealed bids will be received until 1:30 p. m. on
Oct. 2, by Ethel Stacey, District Clerk, for the purchase of a $9,000 issue
of building bonds.
Interest rate is not to exceed 6%, payable M. & S.
Denom. $500.
Dated Sept. 1, 1937.
Due on Sept. 1 as follows: $500,
1940 to 1945, and $1,000 from 1946 to 1951.
Principal and interest payable
in lawful money at the County Treasurer's office or at the State's fiscal
agency in New York.
These bonds were approved by the voters at an
election held on Aug. 25.
A certified check for $450, payable to the
district, must accompany the bid.
.
MILWAUKIE, Ore.—BOND SALE—'The $17,000 city hall bonds of¬
on Sept. 27—V. 145, p. 1940—were awarded to Tripp & McClearey
of Portland at par, taking $10,000 as 3s and the remaining $7,000 as 3Ms.
Dated Oct. 1, 1937.
Due $1,000 yearly on Oct. 1 from 1938 to 1948.
Ferris & Hardgrove of Spokane and Dean Witter & Co. of San Francisco
joined in bidding 100.125 for $8,000 3Ms and $9,000 3Ms.
Municipal Bonds Since 1892
Oklahoma
AT&T
Ok
City,
fered
Oklahoma
" Long Distance 158
Cy 19
OKLAHOMA
ALEX SCHOOL DISTRICT
(P. O. Alex), Okla.—BOND SALE NOT
CONSUMMATED—It is now reported by the Clerk of the Board of
Education that the sale of the $11,000 334}% semi-ann. school bonds to
the Brown-Crummer Co. of Wichita, at par, as noted in these columns in
July—V. 145, p. 487-—was not consummated, the issue failing to
the approval of the Attorney General.
secure
ARDMORE, Okla.—BOND ELECTION—A proposed $35,000 improve¬
ment bond issue is to be submitted to a vote at an election called
for Oct. 5.
DUNCAN, Okla.—BOND OFFERING—Jno. L. Davis, City Clerk, will
receive bids until 7:30 p. m. Oct. 4 for the purchase at not less than par of
$30,000 bonds, described
as
follows:
$15,000 sewer construction bonds, due $2,000 yearly beginning three years
after date of issuance, except that the last instalment will amount
$1,000.
to
.
15,000 public park construction and improvement bonds, due $2,000 yearly
beginning three years after date of issuance, except that the last
instalment will amount to $1,000.
Bidders
are to name
Certified check for 2% of amount
rate of interest.
of bid, required.
Carson administration in
for
1933 when the city owed the banks $2,800,000
borrowings for current operating expenses.
Mr. Adams reported there is now in the general fund $279,000, which
includes $123,769 in tax turnover of Monday.
The sheriff's office expects
$700,000 to $800,000 from the Sept. 15 collections of which the city
would get 37%.
This money with revenues from licenses, franchises and
other sources will carry the city through, said Mr. Adams.
to get
SALEM, Ore.—BOND SALE—We are informed by A. Warren Jones,
City Recorder, that the $20,000 coupon refunding bonds offered for sale
on Sept. 20—V.
145, p. 1461—were awarded to the Oregon State Bond
Commission, paying par on the bonds divided as follows:
$5,000 as 2Ms.
maturing $1,000 from Oct. 1, 1938 to 1942; the remaining $15,000 as 3Ms,
maturing $1,000 from Oct. 1, 1943 to 1957, inclusive.
E. M. Adams & Co. of Portland, submitted a bid of 100.08 for 3H%
bonds.
ENID, Okla.—PRICE PAID—In connection with the sale of the $13,195.36 issue of special assessment retirement bonds to R. J. Edwards, Inc.,
of Oklahoma City, as noted in these columns in August—V. 145, p. 1145—
it is now stated by the City Clerk that the bonds were sold as 3s, for a pre¬
mium of $2.50, equal to 100.01.
OGLESBY
PORTLAND, Ore.—CITY'S CASH POSITION FOUND GOOD—The
Portland "Oregonian" of Sept. 17 and the following report to make on the
city's financial position:
The city will be free from debt to the banks until the end of this fiscal
year, as a result of its pay-as-you-go policy and the prompt payment of
taxes, William Adams, City Treasurer, said yesterday.
The city has been on a cash basis since March 18, which is the longest
period since 1930. Mr. Adiamssaid. It now will be able to go through the
year paying its bills with cash and not borrowing from the banks.
This is somewhat different from the situation which confronted the
SCHOOL
DISTRICT
BOND SALE—The district has sold
an
bonds to the First National Bank &
NO.
14
(P. O. Oglesby), Okla.—
issue of
$8,000 3 M % school building
City.
Trust Co. of Oklahoma
OKLAHOMA, State of—NEW BUDGET SHOWS LARGE INCREASE
—Auditor of State C.
C. Childers estimates at $99,013,862 total of State
expenditures in 1937-38 fiscal year, increase of $19,409,676 over those of
Increases include $4,000,000 to highway fund for pay¬
ment on Highway Department deficit.
Total of grants to old persons,
dependent children and the blind will rise from $8,473,499 to $13,842,950.
Fixed charges, including interest on State debt, will decrease to $1,231,735
from $7,739,092 last year.
Legislative expense will be pared to $50,000
from $526,436.
the preceding year.
(This report supersedes the notice of sale given in these columns pre¬
viously—V. 145, p. 2114.)
TOLEDO, Ore.—BONDS NOT SOLD—It is stated by C. B. Arthur,
City Recorder, that all bids received for the $60,000 not to exceed 6% semi¬
annual water bonds offered on Sept. 24—V. 145, p. 2114—were returned
unopened.
Dated Oct. 1, 1937.
Due from Oct. 1, 1939 to 1952.
COUNTY
WASHINGTON
SCHOOL
DISTRICT
NO.
(P.
48
O.
Beaverton),
Ore.—BOND OFFERING—Althea
Haulenbeck,
District
Clerk, will receive bids until 8 p. m. Oct. 20, for the purchase of $38,500
4% bonds.
Certified check for $1,000, required.
YAMHILL COUNTY SCHOOL DISTRICT NO.
(P. O. Dundee),
3
Ore.—BOND SALE—The $25,000 issue of school bonds offered for sale
Sept. 27—V. 145, p. 2114—was awarded to Tripp & McCleary, of Port¬
land, at a price of 100.11, a net interest cost of about 3.20%, as follows:
$9,500 as 3s, maturing on Oct. 1:
$1,000, 1938 to 1942, and $1,500, 1943
to 1945; the remaining $15,500 as 3 Ms, maturing on Oct. 1:
$1,500, 1946
and 1947; $2,000, 1948 to 1952, and $2,500 in 1953.
on
OKLAHOMA, State of—BOND BIDS INVITED—C. B. Sebring, As¬
sistant State Treasurer, reports that the State Board of Affairs will receive
bids until 10 a. m. on Oct. 21, for the purchase of $800,000 office building
bonds.
City of Philadelphia
through J. D. Forsythe, Archi¬
A $500 deposit is required.
It is said that bids will be handled
tect, 115 East 18th St., Tulsa, Okla.
4V2% Bonds due Dec. 1, 1975/45
POCOLA CONSOLIDATED SCHOOL DISTRICT NO. 7 (P. O. Fort
Smith,
Ark., (Route 3), Okla.—BOND OFFERING—G. A. Stanfield,
Clerk, will receive bids until 10 a. m. Oct. 5 for the purchase at not
par of $6,500 school building bonds, to bear interest at rate de¬
termined by the bidding.
Due $1,000 yearly beginning five years after
date of bonds, except that the last instalment will amount to $1,500.
Cert, check for 2% of amount of bid, required.
Price:
108.899 & Interest to Net
3.25%
District
less than
PONCA
CITY
SCHOOL
residents of the district at
of
a
DISTRICT,
recent election voted
$200,000 for construction of
PONCA
CITY
SCHOOL
a
Moncure Biddle & Co.
1520
Locust
Philadelphia
Street
Okla.-—BONDS VOTED—The
approval of
junior high school.
DISTRICT,
Okla.—BOND
a
bond issue
PENNSYLVANIA
OFFERING—
Jessie B. Washam, Clerk, Board of Education, will receive bids until 8 p. m.
Oct. 11 for the purchase at not less than par of $200,000 school building and
equipment bonds.
Interest rate will be determined by the bidding.
Due
$25,000 yearly beginning four years from date of bonds.
Cert, check for
2% of amount of bid, required.
WASHINGTON COUNTY SCHOOL DISTRICT NO. 14 (P. O.
Ramona), Okla.—PRICE PAID—It Is reported by the District Clerk that
the First National Bank & Trust
Co. of Ramona, as 3MS. as noted here recently—V. 145, p. 1940—were
sold for a premium of $1.00, equal to 100.01, a basis of about 3.247%.
the $8,000 building bonds purchased by
Due $500 from 1941 to 1956, incl.
AMBLER, Pa .—BOND SALE—The $245,000 coupon, registerable as to
principal, water works bonds offered on Sept. 28—V. 145, p. 1778—-were
awarded to Blyth & Co. of Philadelphia on a bid of 100.628 for 2Ms, a
basis pf about 2.19%.
Dated Oct. 1, 1937.
Due on Oct. 1 as follows:
$5,000, 1938 to 1942; $10,000, 1943 to 1947; $15,000, 1948 to 1953, and
$20,000,. 1954 to 1957.
Mackey, Dunn & Co. of Philadelphia bid 100.30
for
2Ms.
BONDS PUBLICLY OFFERED—UNSUCCESSFUL
■
100.00
2M %
2M%
100-1875
2M %
2M%
2M%
2M%
100.211
101.279
100.134
101.143
Graham, Parsons & Co. and Dougherty, Corkran & Co._
Halsey Stuart & Co. and Glover & MacGregor Inc
Kidder, Peabody & Co
Edward Lowber Stokes & Co. and R.W. Pressprich & Co.
2 lA %
2M %
2H %
2M %
2M%
2M%
102.3187
100.061
102.159
100.439
100.579
101.088
E. H. Rollins & Sons
2M%
100.09
Ambler Trust Co
issue.
Chas. D. Barney & Co. and Battles & Co
Brown Ilarriman & Co. and Yarnall & Co..
on
Sept. 28
—Y. 145, p. 1940—were awarded as follows:
$2,500 waterworks bonds to the Taylor-Stuart
Co. of Oklahoma City,
taking $1,500 as 2s and $1,000 as 4s.
Due $200 from Jan. 1, 1941
to 1951, and $300 on Jan. 1, 1952.
4,500 fire department bonds to the J. E. Piersol Bond Co. of Oklahoma
City, taking $1,500 at each of the rates 3%, 3M% ami 4%.
Due
$300 from Jan. 1, 1941 to 1955, incl.
5,000 sewer bonds to the J. E. Piersol Bond Co. of Oklahoma City, taking
$1,500 as 3s, $1,500 as 3 Ms, and $2,000 as 4s.
Due $300 from
Jan. 1, 1941 to 1955, and $500 on Jan. 1, 1956.
OREGON
BEND,
Ore.—BOND ELECTION—A proposed $45,000 city hall con¬
the November general
struction bond issue will be submitted to a vote at
elections.
COOS
COUNTY
(P. O. Coqullle). Ore.—-WARRANTS CALLED—
Charles Stuff, County Treasurer, is said to have called for payment at his
office on Sept. 16, on which date interest ceased, the following warrants:
General fund, endorsed prior to Aug. 1, 1932.
General road, endorsed prior to May 1, 1935.
Genera! road, bridge fund, endorsed prior to July 1, 1937.
County High School District fund, endorsed prior to July 1, 1936.
CURRY COUNTY SCHOOL DISTRICT NO. 17 (P. O. Gold Beach),
Ore.—WARRANT OFFERING—Sealed bids will be received until 10 a. m.
on
Oct. 1, by Laura M. Wood,
District Clerk, for the purchase of a $900
.
,
2M %
WELCH, Okla.—BOND ELECTION—An election will be held in th
town on Oct. 4 for the purpose of voting on a proposed $13,000 sewer bond
YUKON, Okla.—BOND SALE—The $12,000 bonds offered
BIDS—Blyth & Co.,
Inc., made public offering of the above issue of 2M% water works bonds at
a price to yield 0.80% for the 1938 maturity to a price of 101.25 for matur¬
ities of latest date.
Other bids were as follows:
■ ■
Bidder
Int. Rate
Price Bid
Bancamerica-Blair
---
Corp.
Chandler & Co.--
;•«.
——
C. F. Childs & Co
E. W. Clark & Co
-
-
-
-
-
-
Eastman, Dillon & Co. and Stone & Webster and Blodgett
First Boston Corp. and Moncure Biddle Co.
-
--
—
-
Mackey Dunn & Co. and Geo. E. Snyder & Co
Stroud & Co. and Schmidt, Poole & Co.
BELL TOWNSHIP
SCHOOL DISTRICT
101.1897
2M %
100.30
2M %
—---
_
100.153
(P. O. Vandergrift), Pa.
—BOND OFFERING—W. McWilliams, District Secretary, will receive
sealed bids at the offices of Crowell & Whitehead, Bank & Trust Bldg.,
Greensburg, until 10 a. m. on Oct. 11, for the purchase of $55,000 bonds to
bear interest at one of the following rates, as named in the successful bid:
2M.3,3M,3M,4or4M%. Dated Oct. 15, 1937. Denom. $1,000. Due
$5,000 annually on Oct. 15 from 1939 to 1949, incl.
Interest payable
A. & O.
A certified check for $500, payable to the order of R. L. Alcorn,
District Treasurer, must accompany each proposal.
Sale of the bonds will
be made subject to approval of issue by the Pennsylvania Department of
Internal Affairs.
.
(These bonds were originally offered on Sept. 24, and the sale
coupon,
Sept.
postponed.)
Pa.—BOND SALE—The $67,000
registerable as to principal, high school addition bonds offered on
29—-V. 145, p. 1940—were awarded to E. H. Rollins & Sons of
CAMP HILL SCHOOL DISTRICT,
,
2272
Financial
Philadelphia
at par plus a premium of
$462.30, equal to 100.69,
a basis of about
2.69%.
Dated Oct. 1, 1937.
Due on Oct. 1 as follows:
$3,000, 1940 to 1960; and $4,000 in 1961.
W. H. Newbold's Son & Co.
of Philadelphia were second high bidders, offering a premium of $1,111.63
for 3% bonds.
as
CHERRY TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Mildred), Pa.
$44,000
—BONDS VOTED—At the Sept. 14 elections a proposal to Issue
school building bonds was approved by the voters.
GALETON SCHOOL DISTRICT, Pa .—BOND ELECTION—At the
Nov. 2 elections the voters will be asked to approve a proposition to issue
$23,225.16 school bonds.
GREENVILLE TOWNSHIP SCHOOL DISTRICT (P. O. Meyersdale R. D. No. 4), Pa.—BOND OFFERING—Jonas Layman, District
Secretary, will receive bids until 6 p. m. Oct. 18, for the purchase of $12,500
coupon school bonds.
Bidders are to specify rate of interest, making choice
from 3%, 3X%. 3*4%. 3^%, 4%, 4M% and 4^%.
Denom. $500.
Dated Dec. 1, 1937.
follows:
interest payable semi-annually.
Due on Dec. 1 as
$500, 1939 to 1947, and $1,000, 1948 to 1955.
Certified check
for $600, required.
Chronicle
Oct. 2,
PHILADELPHIA
SCHOOL
DISTRICT,
1937
Pa .—BOND
OFFERING—
The Board of Education will receive sealed bids until 3
p. m. on Oct. 22
for the purchase of $6,650,000 bonds, which will mature
serially from 1939
to 1958 incl.
Purpose of the issue is to pay off obligations presently out¬
standing as a result of delinquent taxes.
Walter Biddle Saul, Chairman of
the Finance Committee, pointed out that the issue is authorized under a
recent Act of the
State Legislature, empowering Boards of Education to
float bonds to meet obligations incurred as a result of failure to collect taxes.
Commenting on the finances of the district, Mr. Saul stated that invalidation
of the State Income Tax Law reduced the school board's
expected income
last year by $1,729,500, and this year's by $3,500,000.
The
proposed
financing is not to be construed as an attempt to borrow to meet current
expenses, he said, adding that the school board's financial position is sound.
The debt of $6,650,000 to be liquidated by the bond
sale, he continued .rep¬
resents delinquent taxes only.
In connection with the above report, we are advised that sealed bids will
be received by Add B. Anderson, Secretary of the Board of Public Instruc¬
tion, until 3 p. m. on Oct. 22.
The bonds will be issued in coupon or
registered form, dated Nov. 1, 1937, and mature $350,000 annually on
Nov. 1 from 1939 to 1957, incl.
Denoms. $1,000, $10,000 and $100,000.
Bidder to name the rate of interest.
A certified check for 2% of the bids
must accompany each proposal. •
.
LANSFORD
SCHOOL
DIST.,
Pn.—BOND OFFERING PLANNED
—The School Board is making preparations for the sale of an issue of $104,-
000 debt funding bonds.
LINCOLN PARISH (P. O. Ruston), Pa .—SCHOOL DISTRICT BOND
OFFERING—Seaied bids whl be received until 10 a. m. on Oct. 12, by the
Secretary of the Parish School Board, for the purchase of a $30,000 issue of
building bonds.
Interest rate is not to exceed 6%, payable A & O. Denom.
$500.
Dated Oct. 1,1937.
Due on Oct. 1 as follows: $1,000,1939 to 1944;
$1,500. 1945 to 1950; $2,000, 1951 to 1955, and $2,500 in 1956 and 1957.
These bonds are being issued for Choudrant School District No. 6, and they
are said to be unlimited ad valorem tax obligations.
Prin. and int. payable
at a place designated by the purchaser.
Legal approval by Campbell &
Holmes, of New Orleans.
A certified check for $600, payable to the Treas¬
urer of the Parish School Board, must accompany the bid.
LOWER MERION TOWNSHIP SCHOOL DISTRICT (P. O. Ardmore), Pa.—BOND OFFERING—Frances McCabe, Secretary of the Board
Education, will receive sealed bids until Oct. 25 for the purchase of
$950,000 coupon registerable as to principal only, school building bonds.
Bidder to name one rate of interest, making choice from the following:
2k,2^,2^,3,3K.or3H%. Issue is dated Nov. 1, 1937. Due Nov. 1
as follows: $42,d0U from 194u 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.
The district assumes and agrees to pay all taxes,
except girt, succession or inheritance taxes, which may be levied on principal
of
and interest pursuant to
any present or future law of
of Pennsylvania or any of its subdivisions.
Legality
the Commonwealth
to be approved
by
Morgan, Lewis & Bockius of Philadelphia.
OXFORD, Pa .—BOND ELECTION—The Borough Council has decided
to submit
at the
a proposal to issue $135,000
sewage system bond issue to
general election in November.
a vote
PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED—The De¬
partment of Internal Affairs, Bureau of Municipal Affairs, has approved
the following bond issues.
Information consists of the name of the munici¬
pality, amount and purpose of issue and date approved:
Municipality and Purpose—
Date Approved
Farrell City School
District, Mercer County—
Paying part cost of constructing high school
building
Swoyerville Borough Luzerne County—Funding
floating indebtedness
Newton Township School District, Lackawanna
County—Acquiring proper site and grounds
erecting, enlarging, equipping and furnish¬
ing school building or repairing or rebuilding
any school building
Amount
Sept. 22, 1937
$250,000
Sept. 22, 1937
40,000
County—Acquiring
domestic, commercial and industrial, would cost the city $4,750,000.
Although the report has not yet been adopted, city officials said they may
place on the Nov. 2 general election ballot a proposal to issue bonds to
cover the cost of such plant.
E. H. Werner, Vice-President and General Manager of the Metropolitan
Electric Co.. Associated Gas & Electric Co. affiliate, has given notice his to
company, with one of its largest plants already located here, will vigorously
combat any municipal ownership plan.
The Metropolitan plant here is
now being enlarged at a cost,
according to company officials, of approxi¬
mately $3,000,000.
Burns & McDonnell's report states that the
pletely
pay
for itself in 15
-
SNOWDEN
TOWNSHIP
Sept. 24, 1937
Mt.
i;
Pa .—BONDS
Oliver),
DE¬
of amount of bonds bid
The
for, payable to the District Treasurer, required,
bonds are offered subject to the approving opinion of Townsend,
Elliott & Munson, of Philadelphia, and the approval of the Department of
Internal Affairs of Pennsylvania
WILKES-BARRE TOWNSHIP SCHOOL DISTRICT (P. O. WilkesBarre), Pa.—NO BIDS RECEIVED—The $40,000 3^% coupon funding
on Sept. 20—V. 145,
p. 1146—were not sold, as no bids were
bonds offered
Dated
1938 to 1957.
Sept.
1,
1937.
The School Directors
Due $2,000 yearly on Sept. 1 from
seeking to sell the bonds privately.
are
HAVEN, Pa .—BOND ELECTION—A proposal calling for the
RHODE
ISLAND
CRANSTON, R. I.—NOTE SALE—An issue of $50,000 tax anticipa¬
tion notes, due May 27, 1938, was sold Sept. 28 to Stephen W. Tourtellot
of Providence at 0.74% discount.
Other bids were as follows:
Sept. 24, 1937
Bidder—
23,000
BOND PROPOSAL RECEIVES FIRST
approved on first reading an ordinance
READING—City Council has
authorizing $2,500,000 municipal loan, proceeds of which would be used
for improving the city's water
system.
Sale of the loan is contingent on
the city receiving favorable decision on its
petition now pending in common
pleas court to exempt the loan as a charge against the city's
borrowing
capacity and make it a charge directly against the earnings of the muni¬
cipally owned and operated water plant.
The loan must also be approved
by the electorate in November. Council is expected to take final action on
ordinance at its meeting next week.
It was explained at the city solicitor's office that
that council can enact
the ordinance authorizing the issue without
waiting for the court decision.
Validity of ordinance, however, would be contingent
on city petition receiv¬
ing approval of the court.
The City Council ingnored action of 1937
Legislature in throwing out
farm and suburban real estate
classifications, and "authorized" the board
of revision of taxes to use banned
categories in their 1938 assessments.
Although the Council's action was denounced as "illegal" by Councilman
Edward A. Kelly, resolution passed with
only Mr. Kelly voting in the
negative.
Observers believed move forecasts an attempt to force court test
of
constitutionality of this year's legislation, wnich automatically increased
tax bills of those owning farm or suburban
property within city limits.
MAYOR SUES TO RESTRAIN TAXING POWER OF
SCHOOL BOARD
as a taxpayer, Mayor Wilson on Sept. 23
brought suit in Common
Pleas Court No. 2 to prevent the Board of
Education from
—Acting
levying and
collecting school taxes for 1938 and subsequent years.
The bill in equity, filed by
City Solicitor Joseph Sharfsin as personal
attorney for the Mayor and his wife, attacks the
taxing power of the Board
as "taxation without
representation," and challenges the Act of Assembly
unconstitutional.
Only Board member to comment was Walter Biddle Saul, Chairman of
the Finance Committee, who
pointed out the State Supreme Court found
the School Code constitutional
shortly after it was passed, and added,
it would be difficult to
imagine or comprehend the consequences if Mr.
Wilson should succeed in his effort to have
the Supreme Court reverse its
prior decision."
Robert von Moschzisker, Solicitor of the
Board and former Chief Justice
of the State Supreme
Court, has 30 days under the law in which to file an
as
answer.
Disputes have been frequent
between the Board and the Mayor on
of economy.
The present school tax rate is 92 M cents per
$100 of valuation, and a report that an increase was
contemplated for next
year is believed to have impelled the
Mayor to bring suit.
The Mayor's bill asks a
temporary injunction, and later a permanent
injunction, to restrain further collection of school taxes.
PROPOSAL
APPROVED BY COURT—In connection
voth the above report we
quote as follows from the "Wall Street Journal"
Sept.
28, regarding the approval of the court on
exempting the said
issued from the city's debt limitation:
The City administration won a
controversial issue yesterday when the
courts decided that a proposed loan for
water and sewerage
improvement
could be excluded from the
city's borrowing capacity.
Judge Thomas D. Finletter in Common Pleas Court
handing down a
which he granted the
petition of the city to make a proposed
$2,500,000 loan for water and sewerage
improvement as a charge against
the earnings of the
municipally owned and operated water system, thus
excluding the loan from the city's borrowing
capacity.
Petition was filed
by Mayor Wilson at the request of City Council last
Tuesday, and city
ordinance authorizing the loan was
approved on first reading Thursday.
Before bonds can be sold the loan must be
approved by voters by referendum
at the November election.
The loan, if approved, will increase to
$33,975,000 the bonds outstand¬
ing against the city's water system, none of which is
charged to municipal
borrowing capacity.
O.
TAYLOR
SCHOOL DISTRICT,
Pa .—BOND OFFERING—George
Powell, Secretary, Board of School Directors, will receive bids until 8 p. m.
Oct. 11 for the purchase at not less than par of $50,000 coupon, registerable
as to principal, funding
bonds.
Bidders are to specify rate of interest
making choice from 3 X %, 3 X %, 3 X %, 4 %, 4 M %, 4 H
.
4 H % and 5%.
Denom. $1,000.
Dated Oct. 1,1937.
Interest payable April 1 and Oct. I.
Due $5,000 yearly on Oct. 1 from 1938 to 1947, incl.
Cert, check for 2%
23,000
proper
PHILADELPHIA, Pa.—WATER
BOND
(P.
general election in
-V
.
FEATED—On Sept. 14 the voters of the township turned down a proposi"
tion calling for the issuance of $80,000 water line bonds.
Discount
Whiting, Weeks & Knowies
Rhode Island Hospital Trust Co
—
First National Bank of Boston
Leavitt & Co
SOUTH
nounced.
WATER
-
issuance of $22,000 water supply bonds is to be place on the Nov. 2 ballot.
GIVEN ON NET CORPORATE
INCOME—Business concerns subject to the State tax of 7% on net
corpor¬
ate income must report to the Revenue
Department within 30 days changes
in their taxable profits as determined
by the Federal Government ro be
liable to a $5 a day fine, Revenue
Secretary J. Griffith Boardman has an¬
of
"..v
i
YORK
PENNSYLVANIA, State of—RULING
of 1911
com¬
SHAMOKIN, Pa .—BOND ELECTION—A. proposed $100,000 improve¬
November.
District, Lackawanna
site and grounds
for erecting, enlarging,
equipping and furnish¬
ing school building or repairing or rebuilding
any school building
proposed plant would
years.
ment bonds issue will be submitted to the voters at the
submitted.
for
Ranson Township School
READING,
Pa .—CONSIDERS
MUNICIPAL
POWER
PLANT—
Burns & McDonnell Engineering Co. of Cincinnati and Kansas City, Mo.,
have filed with City Council here a report showing a municipally-owned
electric generating and distributing plant to serve all city consumers,
EDGEFIELD
0.875%
0.895%
0.95%
0.97%
CAROLINA
COUNTY
(P. O. Edgefield), S. C —BOND CALL—
funding bonds, dated April 1, 1921, is being called for
payment on Dec 31,1937.
Due on April 1, 1961, redeemable on and after
April 1, 1941. Interest payable J. & J. 1.
Under the terms of this call,
bondholders will have the option of accepting payment for their bonds in
full, with accrued interest, plus a premium of $30 per bond, or of taking
new bonds.
Further particulars may be obtained from E. H. Pringle &'
Co., 18 Broad St., Charleston, S. C., the fiscal agents for the county.
A total of $100,000
HARTSVILLE
SCHOOL
DISTRICT
NO.
32
(P.
O.
Hartsville),
S. C.—BOND OFFERING—Sealed bids will be received until noon on
Oct. 6, by the school trustees, for the purchase of a $60,000 issue of school
bonds.
Bidders are requested to name the rate of interesest; split rate bids
will be permitted.
Denom. $1,000.
Dated Oct. 15,1937.
Due on Oct. 15
as follows:
$4,000,1940 to 1944, and $5,000, 1945 to 1952. Prin. and int.
(A. & O.) payable at the Guaranty Trust Co., New York.
The approving
opinion of Nathans & Sinkler, of Charleston, will be furnished by the
district, but the purchaser will have the right.to obtain other opinion at
his own expense.
The cost of printing the bonds will be oorne by the
district.
must
A certified check for $1,000, payable
accompany the
to the County Treasurer,
bid.
VARNVILLE CONSOLIDATED HIGH SCHOOL DISTRICT (P. O.
S. C.—BOND SALE—The $25,300 issue of school bonds
on Sept. 27—V. 145, p. 2115—was purchased by the Bank
of Yemassee, as 4s at par, according to the chairman of the board.
Due from
1938 to 1955, inclusive.
Hampton),
offered for sale
SOUTH
DAKOTA
BOWDLE
INDEPENDENT SCHOOL DISTRICT (P. O.
Bowdle),
Dak.—NO BIDS—It is stated by the District Clerk that the $9,000
4% semi-annual school building bonds offered on Sept. 24—V. 145, p. 1941
S.
—were not sold as no bids were received.
BONDS SOLD TO PWA—He reports that the bonds were purchased by
the Public Works Administration.
Dated Nov. 1, 1937.
Due $500 from
1938 to 1953, and $1,000 in 1954.
HUTCHINSON COUNTY (P. O. Olivet), S. Dak.—BONDS AU¬
THORIZED—The County Commissioners have adopted a resolution pro¬
viding authority for the issuance of $100,000 debt funding bonds.
PLATTE
INDEPENDENT
SCHOOL
DISTRICT (P.
O.
Platte),
S. Dak.—INTEREST RATE—We are now informed by the District Clerk
$34,000 refunding bonds purchased by the Allison-Williams Co.
of Minneapolis, at a price of 102.102, as noted here
recently—V. 145, p.
2115—were sold as 4s, giving a basis of about 3.71%.
Due from Sept. 1,
1940 to 1952: subject to call on and after Sept. 1, 1947.
that the
SCOTLAND
INDEPENDENT
SCHOOL
DISTRICT
NO.
4
(P.
O.
Scotland), S. Dak.—BOND SALE—The $30,000 school bonds offered on
Sept. 27—V. 145, p. 2115:—were awarded to the Northwest Security Na¬
tional Bank of Sioux Fails as 4s.
There were no other bidders for the bonds.
Dated Oct. 1, 1937.
Due $1,500 yearly on Oct. 1 from 1938 to 1957.
The Northwest Security National Bank, paid a price of
par plus $150,
equal to 100.50, for the bonds.
TURNER COUNTY (P. O. Parker), S. Dak.—MATURITY—The
$50,000 3*4% coupon refunding bonds awarded by the county on Aug. 31
to the Northwest Security National Bank of Sioux Falls—V. 145,
p. 1624—
mature $2,000 Jan. 1,1939; $3,000 Jan. 1,1940; and $5,000
yearly on Jan.
1 from 1941 to 1949.
TENNESSEE
ETOWAH, Tenn.—BONDS VOTED—The voters of the city recently
approved a proposed $400,000 bond issue for construction of a municipal
power distribution system.
Volume
Financial
145
Term.—BOND SALE—The
city recently sold
$60,000
5% school and public building bonds to L. K. Thompson & Co. of Memphis
at par, less 4%
for expenses.
The bonds are divided into two issues,
described
as
follows:
$40,000 grammar
Due
on
school
April 1
bonds.
Interest payable April 1 and Oct. 1.
follows:
$10,000. 1945, and 1946, and $5,000,
as
20,000 public building bonds.
Interest payable Jan.
Due $5,000 yearly on July 1 from 1946 to 1949.
Principal and interest payable at the National Bank
Memphis.
1
and
July
2273
Chronicle
1
Fort Worth), Texas—BOND SALE
of the $137,500 2% % hospital bonds
Worth, reported in these columns
recently—Y. 145, p. 2116—it is said that these bonds are dated Sept. 1,
1937, and mature on Dec. 1 as follows: $22,500 in 1938; $25,000, 1939;
$30,000, 1940 to 1942.
Prin. and int. (J. & D.) payable at the Chemical
Bank & Trust Co., New York, or at the County Treasurer's office.
Le¬
gality approved by Chapman & Cutler of Chicago.
COUNTY
TARRANT
(P.
O.
DETAILS—In connection with the sale
to
Edwards & Co. of Fort
William N.
COUNTY SCHOOL DISTRICT (P. O. Fort Worth),
SALE DETAILS—It is now reported by the Superin¬
Board of Education that the $18,000 Castelberry School
District bonds purchased by the State of Texas, as noted here recently—
V. 145, p. 2115—were sold as 4s at par. and mature in 30 years.
TARRANT
of Commercelln
Texas—BOND
tendent
HUMBOLDT, Tenn.—BOND SALE—The city recently sold $40,000*5%
which are now being offered to investors by the First National
Memphis at a price of par. The bonds consist of:
$30,000 school bonds.
Dated April 1, 1937.
Interest payable April 1 &
bonds
Bank of
of the
TEXAS,
warrant?
and No.
of— WARRANTS CALLED—General fund
including those issues through March 23
State
amounting to $21,466,
nnn
0c£;,_Due $5'000 yearly on April 1 from 1944 to 1949.
^an\1 and Ju»y 1-
in
126,258, were called for payment by Charley Locknart, State Treasurer,
according to an Austin news report of Sept. 20.
He said that the
fund deficit had been increased $309,918 since Sept. 4 to a total of $12,012,778.
10,000 public
Dated July 1, 1937.
Interest payable
Due $4,000. July 1 in 1946 and 1947.
National Bank of Commerce, Memphis.
building bonds.
Principal and interest payable at the
general
^
UNIVERSITY PLACE,
(P. O. Houston), Tex.—BONDS
VOTED—At a recent election the voters gave their approval to pians to
issue $100,000 sewage system and sewage disposal plant bonds.
WEST
FtKixOAVlLLc., lenn.—BONDS PURCHASED BY SINKING FUND—
It is stated by R. Rex Wallace, Finance Director, that the Sinking Fund
Board on Sept. 24 purchased a total of $50,000 refunding bonds, maturing
in,1958, at a price of 101.—V. 145, p. 1778.
NASHVILLE, Tenn.—BOND SALE—The $90,000 coupon, registerable
as to principal, hospital bonds offered on Sept. 28—V. 145, p. 1941—were
awarded to the Harris Trust & Savings Bank of Chicago as 2 Ms, at Par
plus a premium of $709, equal to 100.776, a basis of about 2.35%.
Dated
Oct. 1,1937.
Due $9,000 yearly on Oct. 1 from 1938 to 1947, incl.
Robin¬
son, Webster & Gibson of Nashville were second high, offering a^premium
of $575 for 2^s.
WICHITA
TEXAS
ABILENE, Texas—BOND SALE—The city has
improvement bonds tOjthe Farmers
at a price of 100.50.
sold $100,000 4% water
^Merchants National Bank
PROVO, Utah—BOND SALE— An
PROVO
to Nov. 1 as follows:
1977.
$1,000.
Dated Nov. 1, 1937.
Principal and semi-annual in¬
(Mav 1 and Nov. 1) payable at the office or the Director of Finance
National Bank in New York, at option of holder.
Brown, Harriman & Co., the Mercantile Commerce Trust Co. and A. W.
Snyder & Co. offered a premium of $2,151 for 4bonds. ^
^
Denom.
at the Chase
PRECINCT NO. 3 (P. O. Anahuac).
received until
Jr., County Judge, for the purchase
bonds.
These bonds were approved
reported that bids will be
held on Sept. 29.
premium of $1,002.21, equal
$10,000 from 1940 to 1948 and
road bond issue.
COUNTY (P. O. Port Lavaca) Texas—BONDS
an election held on Sept. 11 the voters are said to
proposal to issue $70,000 in court house bonds.
COLEMAN
FEATED—At
CROCKETT,
DE¬
have
$15,000.00
CITY OF BRISTOL, Va. Impt.
Due
43/4s
July 1, 1958 at 4.00% basis
F. W. CRAIGIE &
COMPANY
Richmond, Va.
A. T. T.
Phone 3-9137
Tel. Rich. Va. 83
VIRGINIA
DANVILLE,
Va .—MUNICIPAL
HYDRO-ELECTRIC DEVELOP¬
MENT ONE-TIIIRD COMPLETED—We quote in part as follows from
a
Public Works Admiinstration press release dealing with the progress
made on the construction of the electric system for the above city:
The first city in the United States to construct a municipally owned
electric system will hold open house Thursday (Sept. 30) for all the world to
inspect the progress it has made toward the construction of its new
PWA
plant.
George C.
Peery, Lieutenant Governor James H. Price, State PWA Director Sheridan
P. Gorman, and a large number of other State officials, representatives of
Danville, Virginia's, city
fathers will play host to Governor
Richmond and Washington, and to power engineers
many cities.
They will take part in the formal inspection of the
hydro-electric development at the Pinnacles of the Dam.
The
one-third completed.
Little remains of the original plant.
It became necessary years ago to
dismantle it in favor of a steam plant located in Danville.
When this
became inadequate several years ago, it was decided to construct a hydro¬
from
work is
electric plant
at an
available site in the Blue Ridge
of Danville.
Mountains some 60
miles west of the City
Texas—BONDS VOTED—The taxpayers at a recent
proposed $50,000 bond issue for public improve¬
election voted approval of a
ments.
PDAWSON COUNTY (P. O.U-amesa), Texas—BONDS VOTED—The
citizens of the county at a recent^election voted approval of a $50,000 bond
issue for road construction.
FORT WORTH,
of Salt Lake City,
as 2Ms, paying a
basis of about 2.58%. Due
$3,000 in 1949. *
to 101.07, a
the PWA both from
COUNTY ROAD DISTRICT NO. 5 (P. O. Rusk),
Texas—BOND
ELECTION—The
County Commissioner's
Court has
ordered an election held in the district Oct. 16 to vote on a proposed $25,000
CHEROKEE
a
DISTRICT (P. O. Provo), Utah—BOND SALE
the Clerk of the Board of Education that the
SCHOOL
$1,000,
terest
rejected
refunding bondslhas
bid oi par for 3s.
$93,000 building bonds purchased by Ure, Pett & Morris,
as noted in these columns—V. 145, p. 2116—were sold
follows!
by the voters at an election
issue of $7,500
Merchants Bank of Provo on a
DETAILS—It is stated by
issues, as follows:
CHAMBERS COUNTY ROAD
I
vote.
a
of Abilene
$200,000 wharf and dock improvement bonds.
Due on Nov. 1 as
$2,000, 1938 to 1947; $4,000, 1948 to 1957; $6,000, 1958 to 1967;
and $8,000, 1968 to 1977.
75,000 wharf and dock extension and improvement bonds.
Due on Nov.
1 as follows: $1,000, 1938 to 1952; $2,000, 1953 to 1967; and
1 p. m on Oct. 5, by Guy O. Jackson,
of a $50,000 issue of road improvement
to
been sold to the Farmers &
BEAUMONT, Tex.—BOND SALE— The $325,000 coupon bonds offered
Sept. 28—V. 145, p. 1941—were awarded to Charles Clark & Co. of
a price of $325,013.10, equal to 10o.004, $77,000 bonds matiming from 1938 to 1953 bearing interest at 3M% and the remaining
$248,000 bonds, maturing from 1954 to 1977 bearing 4% interest, the net
interest cost to the city being about 3.96%.
The bonds consist of three
Texas—BOND OFFERING—It is
Oct. 26 at which a
election on
New York at
or
Clerk.|
Utah—BOND ELECTION—The city will hold
proposal to issue $14,000 bonds wili_.be
PLEASANT GROVE,
an
on
$3,000, 1968 to 1977.
50,000 street and highway bonds.
Due
1938 to 1967; and $2,000, 1968 to
DEFEATED—At the election held
the proposal to issue
UTAH
submitted
PARIS, Tenn .—DESCRIPTION OF BONDS SOLD—The $24,000
4M% refunding bonds sold recently to W. N. Estes & Co. of Nashville
are coupon bonds in the denomination of $1,000 each, dated Oct. 1, 1937.
Principal and semi-annual interest (April 1 and Oct. 1) payable at the
Central Hanover Bank & Trust Co. in New York.
Due $4,000 Oct. 1,
1950 and $5,000 yeany on Oct. 1 from 1951 to 1954.
FALLS, Texas—BONDS
Sept. 25—V. 145, p. 1625—the voters defeated
$350,000 in water plant bonds, according to the City
on
Texas—BONDS PUBLICLY OFFERED—William N.
offering for public subscription $48,000
Edwards & Co. of Fort Worth, are
Dated Aug. !, 1937. Due on
1943, and $11,000, 1944 to 1946.
Prin. and int. (F. & A.) payable at the Central Hanover Bank & Trust Co.,
New York.
Legality approved by Reed, Hoyt & Washburn, of New York.
allotment of
bonds representing
and the
engineering
difficulties encountered in the construction of the project and the increases
which have occurred in construction costs since the original allotment was
made, the allotment was again revised so that the grant now totals $1,529,954.
The city will furnish $1,875,500, making the total of $3,405,454
project originally received a PWA loan and grant
$2,750,000, but the city subsequently decided to sell the
the loan portion of the allotment to others than the Government
allotment was accordingly changed to a grant only,
Owing to
This
available for the
construction of the project.
3M % and 4% airport refunding bonds.
Feb. 1 as follows:
$5,000, 1942; $10,000,
HAMILTON, Texas—BONDS VOTED—At the election held
the voters approved the issuance of $15,000 in swimming pool
count of 172 to 51, according to the Town Clerk.
HIDALGO COUNTY (P.
O. Edinburg),
Texas—OFFICIALS CITED
ACTION—A special dispatch from Edinburg to the "Wall
28, reported as follows:
In a suit filed in Federal Court by Hidalgo County road district bond¬
holders, County Judge Oliver C. Aldrich, County Auditor Charles K.
Leslie, and members of the county commissioners court are charged with
contempt.
The plaintiffs have been commanded to report Oct. 2, in
Federal Court, for the Southern Judicial District in Houston, there to
show cause why they shouid not be held in contempt of an order issued
therefrom to the effect that sufficient levies on road districts should be
assessed, in order to service bonds.
.
Bondholders filing the suit and intervenors pointed to a Sept. 22, 1936,
order of Federal Court that the levies be placed at figures sufficient to pay
interest and 2% into a sinking fund.
IN CONTEMPT
Street Journal" of Sept.
the Lincoln National Life Insur¬
Co., Sam H. Ranson Jr., and intervenors were C. T. Diehl, James C.
Tucker, Hugh Richmond, George H. Bangs, R. K. Dunbar, all holding
water improvement and road district bonds.
Petitioners
in
two
citations included
ance
LULING
INDEPENDENT
SCHOOL DISTRICT, Tex.—BONDS
district recently gave their approval to a pro¬
VOTED—The voters of the
posal cading for the issuance
of $30,COO bonds.
MINEOLA, Texas—BOND SALE DETAILS—It is now reported that
refunding bonds sold recently, as noted in these columns—V.
145, p. 2115—bear interest at 4M%. payable semi-annually, and mature
on Sept. 1, 1957.
the $67,500
INDEPENDENT SCHOOL DISTRICT (P. O. Muleshoe)
Texas—BONDS TO BE SOLD—It is stated by W. C. Cox, Superintendent
of Schools, that $12,000 4% auditorium-gymnasium bonds will probably
be sold to the State Board of Education on Oct. 6.
Denom. $600. Dated
Sept. 3, 1937.
Due $600 from Sept. 3, 1938 to 1957 incl.
Prin. and int.
(M. & S.) payable at the Muleshoe State Bank.
MULESHOE
CALL—It is now reported that the
approximately $175,000 of optional 5M%
ORANGE, Texas—BOND
calling for redemption
city is
bonds,
$128,000 are to be converted into 4% refunding bonds, maturing
serially in approximately 30 years, with the balance to be redeemed with
sinking funds on hand.
A report on the purchase of $128,000 refunding bonds by the
of Education was given in these columns recently —V. 145, p. 2115.
of which
State Board
F"PASADENA
INDEPENDENT SCHOOL
VOTED—The voters of the district
DISTRICT, Texas—BONDS
$300,000 bond issue.
have approved a
CITY SCHOOL DISTRICT, Tex.—BONDS VOTED—
At a recent election the voters of the district approved a proposition to issue
$23,000 school building bonds.
STERLING
NORTHWESTERN MUNICIPALS
Washington—Oregon—Idaho—Montana
on Sept. 21
bonds by a
Crumblier, Ehrltchman & IDlrito
SEATTLE
Teletypes 8EAT
187, SEAT 188
SAN
FRANCISCO
ITeletype SF
2908
WASHINGTON
BENTON COUNTY
Wash.—BONDS NOT
SCHOOL DISTRICT NO. 29
(P. O. Prosser),
5% semi-ann.
not sold as no
SOLD—1The $5,000 not to exceed
offered on Sept. 25—V. 145, p. 1941—were
bids were received, according to the County Treasurer.
1937.
Due from 1938 to 1950.
school bonds
Dated Oct. 1,
(P. O. Richland).
for the purpose oi
has been approved.
CHELAN COUNTY SCHOOL DISTRICT NO. 114 (P. O. Wenatchee)
Wash.—BOND SALE DETAILS— It is reported by the County Treasurer
that the $25,000 school bonds purchased by the State of Washington, as
noted here recently—V. 145, p. 2116—were sold as 4s at par, and mature
BENTON COUNTY SCHOOL DISTRICT NO. 6
Wash.—BONDS VOTED—An issue of $17,500 bonds
helping finance
in from one
construction of a school building
to 20 years.
CLARK COUNTY (P. O. Vancouver), Wash.—LA
DISTRICT NO. 101 BONDS OFFERED—Fred F.
will receive bids until 10 a. m. Oct.
issue of $18,900 6% bonds of La Center School
Nov. 1, 1937.
Cert, check for 5% required.
Treasurer,
CENTER SCHOOL
Stric^ling, County
16 for the purchase of an
District No. 101. Dated
SCHOOL
COUNTY (P. O. Kelso), Wash.— KALAMA
OFFERING—Sealed bids will be received until 10 a. m. on Oct. 22,
County Treasurer, for the purchase of a $44,000 issue of
Kalama School District No. 128 bonds.
Interest rate is not to exceed 4%.
COWLITZ
BOND
by H. D. Renner,
Dated
provided
of said
bonds, in numerical order, at any time after two years from date of issue.
Prin. and int. payable at the County Treasurer's office or the State Treas¬
urer's office.
A certified check for 5% of the bid is required.
4
COWLITZ COUNTY SCHOOL DISTRICT NO. 130 (P. O. Kelso).
$100 eacn, or some multiple thereof, not to exceed $500.
1,1937.
Due in from two to 23 years after the date of issue;
said district reserves the right to pay or redeem any or all
Denom.
Nov.
that the
offered
Wash.—EOND SALE—The $23,689.48 issue of gymnasium bonds
Sept. 29—V. 145, p. 1779—was awarded to the State of Washing¬
4s, at par, according to the County Treasurer
Due in from two
to 20 years; optional at any time after two years.
-A *
* jk* A
for sale on
ton, as
2274
Financial
Chronicle
EVERETT, Wash .—BOND
CALL—Charles
Dobler, City Treasurer,
states that he is calling for redemption on Oct, 2, bonds numbered 37 to
80,
of Local
Improvement District Fund No, 468,
Dated Oct. 2,
1928.
Interest
ceases on
date called.
years.
KING
COUNTY
SCHOOL
DISTRICTS
(P.
O.
Seattle),
Wash.—
BOND SALE DETAILS—In connection with the sale of the
$15,500 School
Districts Nos. 161 and 202 to the State of Washington, as noted here re¬
cently—V. 145,
bonds
sold
were
p.
as
1941—it is stated by County Treasurer Stacy that the
4s at par and mature serially in from 2 to 20 years.
KING COUNTY WATER DISTRICT NO. 7 (P. O.
Seattle), Wash.—
BOND ELECTION—An election has been called for Oct. 9 at which a
pro¬
posed $40,000 rehabilitation bond issue will be submittecl to
a
vote.
PIERCE COUNTY SCHOOL DISTRICT NO.
Wash.—BOND SALE— The $47,000 bonds offered
7 (P. O. Tacoma),
on Sept. 25—V.
145,
1626—were awarded to the State Finance Committee as 3s.
This was
the only bid received.
p.
SEATTLE,
Wash.—BOND CALL—U. L. Collier, City Treasurer, is
Sept. 23 to Oct. 6, various local im¬
said to have called for payment from
provement district bonds.
SPOKANE COUNTY SCHOOL DISTRICT NO. 335
(P. O. Spokane),
Wash.—BOND SALE—The $10,000 issue o school bonds offered for sale
Sept. 24—V. 145, p. 1780—was awarded to the State of Washington as
3s at par.
Due in from 2 to 10 years after date of issuenee. Redeemable
at any time after five years from date.
on
TOPPENISH,
Clerk,
will
Wash.—BOND
receive
bias
until
9:30
OFFERING—Aleta
a.
m.
4
Oct.
for
the
not
less than par of $3u,UUU special water revnue bonds.
Bidders are to
specify rate of interest, not to exceed 6%.
Denom. $5J0.
Dated Oct. 1,
1937.
Interest payable semi-annually.
Due on Oct. 1 as follows:
$1,500,
1938; $2,uuu, 1939 and 1940; $2,5uU, 1941 to 1945, and $3,000, 1946 to
1949.
Certified check for 5% of amount of bid
required.
Legality of
bonds approved by Preston, Thorgrimson & Turner of Seattle.
WEST
1 from 1939 to 1952.
SHELDON (P. O. Sparta), Wis.—MATURITY—It is
reported by the
Town Clerk that the $35,000 3% semi-ann.
highway bonds purchased by the
Milwaukee Co. of Milwaukee, at a price of 100.90, as noted in these columns
recently—V. 145, p. 2116—are due $2,500 from April
giving a basis of about 2.88%.
STEVENS
POINT, Wis.—BONDS RESOLD—It
basis
of about
3.36%, has been canceled,
city.
The case
by PWA despite the fact that on Aug. 31
capable of meeting.
of $30,000.
Subsequently the PWA agreed to purchase negotiable special
obligation coupon bonds in the amount of $90,000, which were issued under
Acts of the West Virginia Legislature and thereafter ratified and
confirmed
by the ordinance adopted by the council of the City of Point Pleasant on
1934.
the
Government contends that the
sanitary board which
was created for the
purpose of operating the project is not now in existence,
by virtue of the resignation of certain of its members and the
expiration
of the terms of office of other members; that the
city officials have "failed
and refused
to
create
a
sanitary board by the appointment of additional
and "that by reason thereof there
members to fill the existing vacancies"
there is not
sanitary board in existence, all of which is a direct violation
West Virginia and the ordinances of the
city of Point Pleasant.'
now a
of the laws of
PWA officials have
called attention of the
community's default to city
officials, but finally decided to negotiate with them.
WEST
VIRGINIA, State of—BOND SALE—We are informed that the
$500,000 issue of road bonds offered for sale on Sept. 28—V.
145, p. 2116—
awarded to a locai account managed by H. K.
Hastings & Co. of Wheel¬
ing, as 2Ms, paying a premium of $1,800.00, equal to
100.36, a basis of
about 2.47%.
Dated May 1, 1937.
Due $20,000 from May 1, 1938 to
was
1962 incl.
The second highest bid was
offer of 100.047 for $60,000 as
3}4s, the
remaining $440,000 as 2 Ms. submitted by a group composed of the Harris
Trust & Savings Bank, the Northern Trust
Co., both of Chicago, the
Boatmen's National Bank of St. Louis, and
Braun, Bosworth & Co. of
Toledo.
an
OPTION GRANTED—The successful bidder was also awarded an
option
until Sept. 30, at 1 p. m., on an additional
$500,000 of bonds at the same
rate and
price.
$1,783,121,691
76,569,000
4,000,000
1,120,000
1935 Virginia debt refunding bonds
Total bonded
indebtedness, not including this offer
Outstanding notes
1.
2.
'3.
Issued
pursuant
to
$81,689,000
None
the
good roads amendments to the Constitution
and payable serially, last
maturity May 1, 1962.
Payable serially $250,000 each year last maturity June 1, 1953.
$560,000 to be retired annually, July 1, 1938, 1939.
All of the original issue (1919 Virginia debt
$13,500,000) retired except
hereinafter stated.
$861,225 of the 1919 Virginia debt bonds (3M%)
held in escrow by the State of West
Virginia to be exchanged for
Virginia deferred certificates which had not been
deposited with the
as
Commonwealth of Virginia prior to April, 1919.
$447,300 remain in escrow, although eligible for
exchange since 1919.
The law provides any
part of the bonds remaining in escrow and uncalled
for on Jan. 1, 1939 shall be
conclusively presumed to have been lost or
destroyed and shall be immediately canceled by the State of West
Virginia.
Hence the State will be liable for
payment for whatever
presented for payment prior to Jan. 1, 1939.
Population (1920 census). 1.463,701; (1930
part of the $447,300
Wyo.—BOND
SALE— The
$165,000
municipal
coupon
to
Information and Markets
BRAWLEY, CATHERS & CO.
KING
ST.
WEST, TORONTO
ELGIN
6438
CANADA
CALGARY, Aha.—BONDHOLDERS ACCEPT REFUNDING
PLAN—
the required 60% of the outstanding bonds of the
city have now signified their acceptance of the plan for refinancing the city
which was advanced by the representatives of bondholders.
It, is under¬
Holders of
than
more
stood that holders of over
$16,000,000 out of a total funded debt of approxi¬
mately $24,000,000 have accepted the proposals.
This includes the city's
debentures held in sinking fund.
Work is now under way on the preparation of the application to the Board
of Public Utility Commissioners in Alberta for an oruer to
ratify the deal.
own
When
this
asked
to
order
is
approve
the
received
it.
This
Lieutenant-Governor-in-Council
approval
will
make
the
debt
plan
will
be
officially
operative.
Under the provision of the plan the city's own securities held in sinking
fund would be cancelled.
Holders of other outstanding debentures would
exchange them for new debentures to be dated Jan. 1, 1937, and maturing
Jan. 1, 1962.
On present 5M%
6% debentures interest will be ad¬
justed to a 4 M% basis by payment in cash of the present value of the
difference in interest.
Debentures bearing interest at 5% at present will
bear the same rates to maturity as existing debentures and 4M
% thereafter
to 1962.
The ultimate interest rate on all of the city's funded debt will be
4M% which rate will apply from the original maturity dates.
Securities other than those of the city itself, which are held in the sinking
2nd, are to be liquidated.
CAMPBELLTON SCHOOL DISTRICT, N. B.—BOND SALE—An
issue of $45,000 4% bonds has been sold to W. C. Pitfield & Co. and Irving,
Brennan & Co., jointly.
Due in 20 years.
1
CANADA
(Dominion
of)—TREASURY BILL SALE—'The Bank of
Treasury bills at an average
Canada announces the sale of $25,600,000
discount price of 99.83565, to yield 0.66%.
a
CANADA
(Dominion
of)—MUNICIPAL
FINANCING
DURING
PRESENT YEAR—Canadian bond sales for the. week ended Sept. 27 totaled
$3,691,648, according to the latest weekly summary by A. E. Ames & Co.
Largest of the week's total was $3,250,000 issue, bearing 3M % interest, of
the Province of New
Brunswick, which was sold privately in the United
For the year to date, Canadian bond flotations have grossed $890,334,714,
including $410,000,000 in short term financing of one year or less.
In the
corresponding period of 1936, respective figures were $1,027,175,641 and
$360,100,750, while in 1935 the figures were $651,566,437 and $240,365,500.
NEW BRUNSWICK (Province of)—BOND SALE— C. T.
Richards,
Provincial Secretary-Treasurer, announced Sept. 24 that the
province had
an issue of $3,250,000
3M% bonds in a private transaction to United
States investment sources.
The Boston banking house of
sold
Whiting, Weeks
& Knowles, Inc. acted as agent for the
province.
It is understood that the
bonds, dated Aug. 16, 1937 and due Aug. 16,1942, were sold, after deduct¬
ing all expenses, at a price of 98.50 and interest, or a net cost to the province
of 3.58%.
In expressing satisfaction with the terms, Mr. Richards pointed
out that at a public offering of a
3M% issue last May an offer of 92.86 was
submitted, which figured a cost basis of 4.15%.
This tender was rejected
as
unsatisfactory.
Denom.
1937.
Principal and semi-annual interest (April 1
and Oct. 1) payable at the
County Treasurer's office.
Due $5,000 yearly
on April 1 from
1939 to 1947.
Certified check for 5% of amount of
bid,
EayableAttorney General of Wisconsin. The expense have been approved
to the County Treasurer, required. The bonds of
y the
opinion will be borne by the purchaser.
LAKE SCHOOL DISTRICT NO.
6
any
other legal
(P. O. Cudahy), Wis .—BONDS
VOTED—The residents of the district at a
recent election voted approval
a bond issue of
$38,500 to finance erection of a school.
of
COUNTY
(P. O.
Milwaukee), Wis.—ISSUANCE
BONDS RECOMMENDED—Frank
Bittner, County
OF SHORT-TERM
Auditor, is said to have recommended the
issuing of short-term, possiuly
bonds, to meet financial requirements,
expecially for relief pur¬
poses.
A $2,009,000 issue was floated on
Sept. 13 to finance relief for the
one-year
remainder of this year.
NEW
WATERFORD, N. S.—BOND SALE—.An
improvement
bonds,
maturing
in
20
years,
has
a
bank loan
issue of $21,000 5%
sold to WT. L.
been
OTTAWA, Ont —TAX COLLECTIONS UP $184,493—In the eighAug. 31, 1937, city tax collections were up $184,493,
com,
pared with the 1936 period.
Collections of current taxes were $3,799,491
a gain over
1936 of $126,238, and collections of arrears were
$798,293, a
gain of $45,749.
Water rates brought in $477,568 an increase of
$12,505
months ended
buliding bonds.
1,
country, it is accepted that the financing is in the nature of
and, therefore, not subject to SEC requirements.
census}, 1,728,510.
GREEN LAKE COUNTY
(P. O. Green Lake), Wia.—
OFhBRING—Gustave Doepke, County Clerk, will receive bids until
1 p. m.
Oct. 4 for the purchzse at not less than
par of $45,000 3% coupon general
obligation county highway garage and office
June
BONDS NOT REGISTERED WITH SEC—As the $3,250,000 issue had
been registered with the Securities and
Exchange Commission, as
required in the case of securities planned for public distribution in this
not
MacKinnon & Co. of Toronto.
WISCONSIN
Dated
tentatively reported in
of Cheyenne, on a joint bid of 101 for 2Ms. a basis of about
2.70%
maturity.
Dated Oct. 1, 1937.
Due in 30 years, optional in ten.
were
$500.
was
States.
Financial Statement
Assessed valuation 1937
Bonded indebtedness—
1. State road bonds
2. State refunding bonds
3.
B«
Canadian Municipals
The Point Pleasant project was a combination sewer for which
PWA,
under its first construction program, made a loan of
$81,000, and a grant
suit
is stated by Michael
airport extension bonds offered on Sept. 27—V. 145, p. 1780—were awarded
to the American National Bank and the Stock Growers National
Bank, both
VIRGINIA
total default of $1,061,763 existed on 223 of such issues.
The action against Point Pleasant, PWA officials
said, falls in the category
of communities which have borrowed from PWA but
have ignored the obliga¬
tions whicn officials believe they are
its
1952,
WYOMING
CHEYENNE,
POINT PLEASANT, W. Va .—SUIT INSTITUTED
BY PWA
TO
COLLECT ON BJNuS—Charging willful default of
payments on $90,000
in bonds purchased by the
Government, the Public Works Administration,
it was announced on Sept. 30 has entered suit for
collection in the Federal
District Court of West Virginia against the above named
In
to
CITY OF WAUPUN AND TOWNS OF WAUPUN AND CHESTER
JOINT SCHOOL DISTRICT NO. 1 (P. O. Waupun), Wis.—BOND
SALE—The $85,000 school building bonds offered on Sept. 29—V. 145,
p.
1942—were awarded to the Milwaukee Co. of Milwaukee, as 2Ms, at par
plus a premium of $1,380, equal to 101.623, a basis of about 2.55%.
Dated
Sept. 1,1937.
Due on Feb. 1 as follows: $5,500, 1939 to 1948; and $6,000,
1949 to 1953.
25
April 30,
1939
Lewis, Pickett & Co. of
Chicago, as 3 Ms paying a price of 95.00, a basis of about 3.74% to maturity.
Dated Sept. 1, 1937.
Due from Sept. 1, 1940 to 1957; redeemable on
Sept. 1,1940, or on any Sept. 1 thereafter at a premium of 1 % and accrued
interest.
The purchase was made subject to legal
approval by Chapman &
Cutler of Chicago.
KANAWHA COUNTY
is the first of its kind instituted
as
these columns recently—V. 145, p. 1942.
He states that the bonds have been resold to
(P. O. Charleston), W. Va.—BOND OFFER¬
ING FLANS—The $2,200,000 coupon school bonds
recently approved by
the voters will be offered to the State
Sinking Fund Commission, and if
not taken by that body will be offered for
public sale in October.
Denom.
$1,000.
Due serially from 1939 to 1971, the amount
coming due to in¬
crease each year, from $41,000 in 1939 to
$103,000 in 1971.
a
1,
Liss, City Clerk, that the sale of the $113,000 3% semi-ann. water, second
mortgage revenue bonds to the Milwaukee Co. of Milwaukee, at 96.25, a
A. Bennett, City
purchase at
1937
2.
?. 2116-are coupon bonds annually on April 1. of $500, each, datedon April
July 1,
937.
Interest is payable in the denomination
Due $2,500 yearly
FERRY COUNTY (P. O. Republic), Wash.—CURLEW SCHOOL
BOND SALE—The $17,300 issue of Curlew Union High School District
No. 315 offered for sale on Sept. 25—V. 145, p. 1941—was awarded to
the
State of Washington, as 4s at par, according to the
County Treasurer.
Dated Oct. 2, 1937.
Payable over a period of two to 20
Oct.
SHELDON
(P. O. Sparta),
Wia.—BOND SALE DETAILS—The
$35,000 3% highway improvement bonds awarded on
Sept. 20 to the Mil¬
waukee Co. of Milwaukee at a price of
$35,316, equai to 100.902—V. 145,
in the eight months.
REGINA, Sask.—TAX REVENUES SHOW GAIN OF $130,000—
City reports tax collections from all sources to July 31, 1937, of
$1,545,083,
with $1,404,497, in 1936, a gain of approximately
$130,000.
Percentage of current taxes collected this year is 48.8% of the $2,354,565
levy compared with the collection of 45.4% last year and a levy of
$2,350,543.
The city's municipally-owned utilities operated with a
surplus of over
$310,000 in 1937 to July 31, against a surplus for the
corresponding period
of 1936 amounting to $282,400.
compared
ST.
LAURENT, Que.—BOND SALE—The
issue of $30,000 4% bond'
145, p. 2116—was awarded to the Provincia
price of par.
Dated Sept. 1, 1937, and due as follows
$1,000 from 1938 to 1950 inclusive, and $17,000 in 1951.
offered
on
Sept.
28—V.
Bank of Canada at
a
WOODSTOCK, N. B.—BOND
SALE— The $56,000 4% bonds offered
Sept. 27—V. 145, p. 2116—were awarded to Sutton Bros, of Woodstock
price of 98.27, a basis of about 4.17%.
Dated Oct. 1, 1937 and due
erially in 25 years.
on
at a
@FedFRASER