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iOC V
5 d37
i
ottinmria
COPYRIGHTED IN 1937 BY WILLIAM B. DANA COMPANY, NZW
YORK,
VOL. 145Cow_
ENTERED AS SECOND-Cl ASS MATTER JUNE 23, 1879.
AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER
1864
NATIONAL BANK
.
OF
President
NEW
BOSTON
YORK
PHILADELPHIA
BROOKLYN
NEW YORK
THE
CITY
Kidder, Peabody & Co
George V. McLaughlin
Member
CHASE
THE
COMPANY
Chartered
NO. 3774.
NEW YORK, OCTOBER 23, 1937
TRUST
BROOKLYN
THE ACT OF MARCH 3, 1879.
The
For
Corporation
YORK
is
tra-
bankers' bank.
a
years
many
served
NEW
chase
ditionally
Federal De-posit Insurance
OF
it has
large number
a
of banks and bankers
as
New York
White, Weld & Co.
Members New
York Stock Exchange
Boston
New York
correspondent
and
depository.
reserve
Member Federal
Public
Deposit Insurance Corporation
Utility
Amsterdam
London
Bonds
United States
Correspondent
Quotations Facilities
Corporation
Government
Paris
Securities
The
FIRST BOSTON
Hallgarten & Co.
Brown Harriman & Co.
Incorporated
corporation
63 Wall
Established 1850
BOSTON
NEW YORK
CHICAGO
NEW
AND OTHER
Telephone: BOwling Green 9-5000
PRINCIPAL CITIHS
Chicago
Philadelphia
Boston
SAN FRANCISCO
PHILADELPHIA
YORK
Street, New York
Washington
San Francisco
Representatives in other leading Cities
London
Chicago
Wertheim & Co.
120
State and
Broadway
New York
Amsterdam
London
CARL Me LOEB &
61
CO.
BROADWAY
NewYorkTrust
Company
Capital Funds
NEW YORK
Municipal Bonds
.
.
$37,500,000
Barr Brothers & Co.
INC.
Chicago
New York
Amsterdam
Berlin
London
Paris
IOO BROADWAY
AVE.
57TH ST. & FIFTH
40TH ST. &
EDWARD B. SMITH & CO.
Service
to
Dealers since
BOSTON
PHILADELPHIA
LONDON
European Representative's
8 KING
Office:
WILLIAM STREET
LONDON. E. C 4
&
WEEKS
Established 1888
CHICAGO
St. Louii
Wall Street
NEW YORK
*
Edward B. Smith & Co., Inc.
1888
HORNBLOWER
40
Correspondent
Minneapolis
Banks and
New York
31 Nassau Street
CLEVELAND
MADISON AVE.
NEW YORK
System,
Association
Member of the Federal Reserve
the New York Clearing House
and of the
Federal Deposit Insurance Corporation
v
Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
Members New York,
Financial
II
Oct. 23,
Chronicle
1937
BAKER, WEEKS
A. Becker & Co.
G.
& HARDEN
J. &W.
Incorporated
Seligman & Co.
Investment Securities
Established 1893
Members
No.
New York Stock Exchange
Investment Securities
NEW
Philadelphia Stock Exchange
Chicago Board of Trade
Commercial Paper
52 WALL
Chicago
And Other
Street
YORK
§>
STREET, NEW YORK
London
Graybar Building, New York
New York
Wall
54
New York Curb Exchange
Correspondenta
Commercial Trust Bldg., Philadelphia
Buhl Building, Detroit
Cities
6
SELIGMAN
BROTHERS
Lothbury, London, E. C. 2
Bourse Building, Amsterdam
Foreign
Leading Out-of-Town
NATIONAL BANK OF NEW ZEALAND, Ltd.
Investment Bankers and Brokers
Established
1872
Chief Office In New Zealand: Wellington
Sir James Grose, General Manager
Head Office: 8 Moorgate, London, E.
BIRMINGHAM
Subscribed
NEWARK
Paid
Capital
Capital
up
£2,000,000
Resorve Fund
New
MARX & CO.
Jersey State & Municipal Bonds
Newark Bank & Insurance Stocks
£1,000,000
Currency Reserve
The
Lank
C. 2, Eng.
£6,000,000
conducts
£500,000
every
of banking
description
business connected with New Zealand.
Correspondents throughout the World
London Manager, A. O. Norwood
BIRMINGHAM, ALABAMA
SOUTHERN
MUNICIPAL AND
CORPORATION
BONDS
J. S. RIPPEL & CO
±8 Clinton
St.
Australasia and New Zealand
Newark, N. J.
BANK OF
DETROIT
NEW SOUTH
HARTFORD
WALES
(ESTABLISHED 1817)
(With
which
the
Western
Australian
Bank
Australian Bank of Commerce, Ltd., are
MICHIGAN MUNICIPALS
Specialists in Connecticut
and
Securities
CORPORATION
Paid up Capital
Reserve Fund
Reserve Liability of
and
Th
amalgamated)
£8,780,000
6,150,000
8,780,000
Proprietors. „•
BONDS
£23,710,000
PUTNAM & CO.
WATLING, LERCHEN & HAYES
New York
Members
Stock Exch.
New York
Detroit Stock Exchange
834 BUHL
Members New York Stock
Curb.
Assoc.
Chicago Stock Exch.
BLDG.,
6
CENTRAL
Tel. 5-0151.
DETROIT
ROW
Exchange
HARTFORD
A. T. T. Teletype—Hartford 35
Aggregate Assets 30th Sept., 1936. £115,150,000
A. C. DAVIDSON, General Manager
780 BRANCHES AND AGENCIES in the
Australian States, New Zealand,
Fiji, Papua,
Mandated Territory of New Guinea, and London.
The Bank transacts every description of Aus¬
tralasian
Banking
Business.
Wool
and
other
Produce Credits arranged.
PALM
BEACH
AND
WEST
PALM
BEACH
Head
Office:
George Street, SYDNEY
London
Offices:
29 Threadneedle
47
DETROIT REAL ESTATE BONDS
Street, E.C.2
Berkeley Square, W.l
Agency arrangements with Banks throughout
Specializing in
the
U.
S.
A.
FLORIDA BONDS
Charles A. Parcells
Members of Detroit Stock
PENOBSCOT
Co.
Exchange
BUILDING, DETROIT, MICH.
CARLBERG & COOK, INC.
Palm Beach—West Palm Beach, Fla.
Bell System
Teletype: W-Palm Beach No. 84
NATIONAL BANK
MIAMI
of EGYPT
ST.
Head Office
LOUIS
FULLY PAID
We
buy and sell for
own
Florida
our
RESERVE
£3,000,000
.
3,000,000
....
LONDON AGENCY
6 and
(jORMGAN.Mlb^K £(b.
«
CAPITAL
FUND
account
Municipal Bonds
INC...
Cairo
.......
Stt£
a
7, King William Street, E. C. 4
CO.
Branches in ah the
BAINT LOU IB
Ingraham Bldg., MIAMI
principal Towns in
9090UVE st
Bell System Teletype MMI 80
EGYPT and the
Members St ..Louis Stock
SUDAN
Exchange
MILWAUKEE
NATIONAL BANK OF INDIA,
Bankers
Missouri and Southwestern
WISCONSIN
CORPORATION SECURITIES
Stocks and Bonds
.
Teletype—Milwaukee 92
Smith, Moore Si. Co.
EDGAR, RICKER& CO,
750
North Water
Street,
Milwaukee, Wis.
St.
The First Boston
Corp.
Wire
Louis
St. Louis Stock
Exchange
to
the Government in
and
Head Office: 26,
LIMITED
Kenya Colony
Uganda
Bishopsgate, London, E. C.
Branches
In India, Burma, Ceylon,
Kenya
Colony and Aden and Zanzibar
Subscribed Capital..
Paid Up
Capital..
Reserve Fund
..£4,000,000
£2,000,000
£2,200,000
The Bank conducts every
description of
and exchange business
banking
Trusteeships and Executorships also
undertaken
Volume
nz
Chronicle
Financial
145
Dividends
LOEW'S INCORPORATED
"THEATRES EVERYWHERE"
October 18th, 1937.
THE Board of Directors on October 14th,
1937 declared
quarterly dividend of
a
$1.62 Yi
share
per
Cumulative
payable
pany,
the outstanding $6.50
Stock of this Com¬
on
Preferred
the 15th day of November,
on
1937 to stockholders of record at the close of
business
the 29th day of October
on
1937.
Checks will be mailed.
DAVID
BERNSTEIN
Vice-President & Treasurer
ILLUMINATING AND POWER SECURITIES
CORPORATION
The
Remember
regular
quarterly dividend No. 101 of
(1% %) has been declared on the
of
this
Corporation,
payable
November 15, 1937, to stockholders of record at
the close of business October 30, 1937.
Dividend No. 67 of $1.50 per share has been
$1.75
per share
Preferred
Stock
declared
the
on
Common
Stock
of
Tweedledum and Tweedledee?
Cor-
this
Eoration, payableat the close of businessto stockNovember 10, 1937, October
olders of record
R.
F.
October 21, 1937
LEACH,
Treasurer
National Power & Light
A
&
Light
Company
Company
fifteen
been declared
has
December 1,
1937, to holders
the close of business November 1,
ment
at
PIPE
26
son
pay¬
of record
1937.
why
your
free of
so
SIMPSON, Treasurer.
ALEXANDER
NORTHERN
per
Power
for
Electric,
COMPANY
LINE
a
given type
Broadway,
are
exactly
applies equally to parts of
switchboards and other apparatus.
cents
Stock of National
the Common
on
of
dividend
quarterly
share
Bell telephones of
any two
alike. This standardization
STOCK DIVIDEND
COMMON
Wonderland,
like the famous twins that Alice met in
30, 1937.
It is
a
prime
rea¬
service is kept so uniformly good and
interruption. It is evidence that Western
as
manufacturer and supplier of the Bell
System, does its work well.
New York, October 21, 1937.
Twenty-five (25) Cents per share
on the Capital Stock
($10.00
par value) of this Company, payable December 1,
1937 to stockholders of record at the close of
business November 12, 1937.
A dividend of
has
declared
been
J.
R.
FAST,
Secretary.
Notices
BELL TELEPHONE
Bank of Glendora, located
The First National
SYSTEM
Glendora, in the State of California, is closing
affairs.
All note holders and other creditors
of the association are therefore hereby notified
at
Its
to present
the notes and other claims for payment.
CHAMBERLAIN, Cashier.
W.
C.
Dated July 23, 1937.
The First Central National Bank of Calexico
located at Calexico, in the State of California is
All note holders and other
closing its affairs.
creditors of the association are therefore hereby
/
notified
for
present the notes and other claims
to
payment.
R.
E.
Dated July 16.
GILMORE, Cashier.
Notice is hereby given, that
The Kent National
Bank, a national banking association, located
Kent, in the State of Washington, is closing
its affairs.
All note holders and other creditors
of the association are therefore hereby notified
to present the notes and other claims for pay¬
at
ment.
Directory of Stock
WANTED
1937.
.
J.
A.
OLIVER, President.
and Bond IIouses
CHRONICLES
"Security Dealers of
Jan.
Published
temUtnmmmUy
1132
The
Bank of Fontana, located
First National
at Fontana
its
affairs.
of
tbe
in
All
tbe State of California, is closing
5
1924
Book containing
note
association
to present
holders and other creditors
therefore hereby notified
are
the notes and other claims for payment.
JAS. P. BURNEY, Cashier.
Dated August 24.
Jan.
9
1926
arranged
Jan.
8
1927
Jan.
7 1928
with
Cities
States
and
details
as:
by
full
Jan.
Street
Address.
Jan.
1937.
Partners.
or
maintained
Branches
and
address
Hong Kong & Shanghai
names
of
business
6
1929
12
1929
street
Oct.
19
1929
of
resident
Oct.
26 1929
19 1930
class of
July
and
with
CORPORATION
Incorporated n the Colony of Hongkong. The
liability of members is limited to tbe extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
(Hongkong Currency) H$50.000.000
Authorized Capital
Paid-up Capital (Hongkong Currency)._„H$20.000.000
Reserve Fund in Sterling
£6,500.000
Reserve Fund In Silver (Hongkong Cur¬
Stock
handled.
Exchange
memberships
held.
Liability
of
Proprietors
1931
18
1931
9
Private
Wire
1932
Connections.
and
Jan.
Dong Distance Telephone
Numbers.
(Hong-
30 1932
7 1933
Jan.
Bocal
July
6 1934
HS20.000.000
kong Currency)
A.
1931
10
Correspondents.
.HI10.000.000
rency)
3
Jan.
July
securities
Jan.
Jan.
BANKING
72
1929
Oct.
managers.
Character
5
26 1929
Oct.
Department Heads.
Foreign
„
listings
alphabetically
Officers
Reserve
Page
11,000
over
7 1922
Jan.
Dated August 30th, 1937.
A
17 1920
Jan.
North America"
G.
KELLOGG, Agent
WALL STREET, NEW YORK
HERBERT D. SEIRERT & CO.
Incorporated
BANK &
Publishers
Harper & Turner
INC.
25
SPRUCE STREET
NEW YORK CITY
Investment Bankers
Telephone—BEekman 3-1767
January—1931
January—1933
Will pay
WM.
STOCK
EXCHANGE
BUILDING
PHILADELPHIA
Business Established 1912
QUOTATION
January—1926
26
25 cents
B.
DANA
per
copy
CO.,
Spruce Street,
NEW YORK
1¥
jfittattrial ^
tametrift
Vol. 145
OCTOBER 23, 1937
No. 3774.
CONTENTS
Editorials
Financial Situation
Division
or
pagj
2589
.
Unity for American Labor
2601
The Politics of Indecision
2603
Comment and Review
Boo Review—
Japan in American Public Opinion
Week
on
2605
the
European Stock Exchanges
Foreign Political aud Economic Situation
-2593
2594
Foreign Exchange Rates and Comment
2598 & 2639
Course of the Bond Market
2604
Indications of Business Activity
Week on the New York Stook
.
--
Exchange
Week
on
the New York Curb
Exchange
2606
2591
_
2638
_
News
Current Events and Discussions
2618
Bank and Trust
2637
General
Company Items
Corporation and Investment
News
2684
.
Dry Goods Trade
State and
2720
Municipal Department
...2721
Stocks and Bonds
Foreign Stock Exchange Quotations
2642 & 2649
Dividends Declared
2643
Auction Sales
2683
New York Stock
Exchange—Stock Quotations
2650
New York Stook Exchange—Bond
Quotations..2650 &2660
New York Curb Exchange—Stock
Quotations
2666
New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and Bond
Quotations
Canadian Markets—Stock and Bond
Quotations
2670
2672
2677
Over-the-Counter Securities—Stock & Bond
Quotations .2680
Reports
Foreign Bank Statements
2597
Course of Bank Clearings
Federal Reserve Bank Statements
2639
2647
General Corporation and Investment News
.
2684
Commodities
The Commercial Markets and the
Crops
2711
Cotton...
2713
Breadstuff s
2718
Published Every
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert D.
Seibert, Chairman
of the Board and
Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
rer offices:
Chicago—In charge of Fred H. Gray, Western
Representative, 208 South La Salle Street (Telephone
London—Edwards & Smith, l Drapers'
Gardens, London, E. C.
Copyright 1937 hy William B. Dana Company.
Entered as second-class
matter June 23,1879, at the post office at
New York.N. Y„ under the Act of March 3. 1879.
Subscriptions
a
United States and Possessions, $15.00 per year, $9.00 for 6 months; In Dominion of Canada, $16.50
South and Central
per year, $9.75 for 6 months;
America, Spain, Mexico and Cuba, $18.50 per
year, $10.75 for 6 months; Great Britain. Continental Europe
(except Spain) Asia, Australia and
Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter. 45 cents
per agate line
Contract and card
ora?a^ori'«l
State
for
0613).
rates on request.
foreign subscriptions and advertisements
must
NOTE:
On account of the fluctuation in the rates of exchange, remittances
be made in New York funds.
The Financial Situation
that
IN LARGER degree than has been the case for
time, the securities markets, which for
some
an
a
people have fallen into the error of passing from
unduly optimistic state of mind to deep pessimism
too rapid a rate.
They may in a measure),have
long while past have left much to be desired and
at
have at times in fact,
lost their
particularly during the early
part of this week, been almost demoralized, appear
to have
a
sense
of proportion.
good thing if time
were
regained poise and
balance.
Many whose
not
•
ex¬
perience and judgment
en¬
title
spect
are
"No Peculiar
the
larger
decline
in
and
outright
or
will
have
now
an
"The
either
oppor¬
and
tunity thus afforded them.
For
and another
one reason
business enterprises
many
have without doubt further
and
There
the
may
the
retrenchment, but
well informed circles
of
recession
alto¬
cease
gether, while the industrial
and trade community
devotes
itself
appraisal
to
of
the
also
calm
a
altered
Such
sober
a
general
certainly
Panicky
is
is
It is
hardly
doubted
be
that
uncertain
have
more
of
further
to
bring.
not
we
all
value
pro¬
means
war
at the rate
bond
prices
believe
moment
a
will
for
succumb
simple
firmly convinced that
reason
American
that
we
people will
later rise in their
eject
role of economic
and
changed during the
all poli¬
planners
the
from
managers
Whether they
yet learned the true
inwardness
of
the
tion is not clear.
operations through infla¬
be
well
that
experience
situa¬
It may
more
must
bitter
be
en¬
dured before the vast rank
and file who control elec¬
tions understand that the
type of policy and program
that has
years
prevailed of late
is of necessity deeply
injurious to the public wel¬
dangerous and destructive.
fare, and if continued long
con¬
Nor do
decade,
ticians who undertake the
the
enough is certain to end in
if the worst
that
has been
seriously predicted for the shorter term future
to be realized.
a
part, we do
our
might and
power to manipulate money and
credit) possess no peculiar magic. He is
right, but he does not go far enough.
He
might well add that their exercise at all in
the way he apparently has in mind is highly
After
even
it
the
have not yet paid, but are today
situated, and well managed enterprises would
lose
decade
past
are
servatively capitalized,
well
has
the
policy.
No one
now
living will live long enough to see a
receipted bill for the costs of New Deal
tinkering with the banking system of this
country.
The President himself says that
"monetary powers" (by which he apparently
the situation and such
time would
not for
that
still paying, the cost of that
clarification
all, the securities of
the
but, for
For commercial banks to under¬
finance its
tion—and
dispassionate consideration
as
the
it
twoy particularly dur¬
sooner or
was
stand
can
treatment
ing the past half
of
Reserve Act
The
much
how
World War to enable the Federal Government
question
policies and
it
have
cedures would result from
such
or
may
business.
The
situations
much
knows
longer
it has
of them.
temple.
orderly markets and
sounder
Lord
been.
im¬
occurred of late.
Without
need
it
qualities,
for in recent years
contain
a
Fortu¬
that
it
these
possesses
take anything other than this or more than
this is just as unwise today as it always has
pulsive reactions to unclear
and
indeed is
for
to
It is
absorb
can
and still survive.
nate
had
function
Life lies
deal of punishment
great
and do change; but the
any
sound commercial
banking system has always been, is, and
always will be the same, to provide strictly
short-term
self-liquidating accommodation
rarely
action
It
of
basic
robust
a
deep in its body.
tough.
sort
Techniques
for
most
desired.
be
to
wise action.
to
pause
reflection
eternal
It has
constitution.
fallacious notion.
general situation.
systemrof
the
to
gone
bow-wows.
implications that lie at the root of
of our present difficulties. They should
permitted to go unchallenged.
Running through the whole statement is
the implicit assumption that, due in part to
changed conditions and in part to the
"enlightenment" that the years bring, the
basic role of the commercial banking system
of the Nation changes from time to time,
and must change, to function effectively in
the public interest.
This idea and others
akin to it have the habit of cropping up in
the President's public statements at frequent
intervals.
It is an utterly and dangerously
itself recede and per¬
haps presently
President
Tough
the United States has not
In mobiliz¬
many
will
rate
now
Is
The economic
not be
that
the
the
of
deliverance
just what
Economic System
certain
spreading in
hope is
The
had
be, and probably will be,
further
war-ridden world.
That is
now occur.
yet
sharply curtailed their
operations.
will
Reserve
public interest."
Perhaps too much ought not to be expected
of an address delivered upon an occasion of
this sort, but these sentences quoted from
judi¬
of the oppor¬
use
a
op¬
existing pessi¬
business community hope
President
ing the country's gold reserves and in
facilitating the Government's financing oper¬
ations, the Reserve System performed a vital
role in the winning of the war.
"It is clear now in retrospect, that if fur¬
ther changes to meet post-war conditions
had been made in our banking system in the
nineteen-twenties, it would have been in a
far better position to moderate the forces that
brought about the great depression.
But
from the end of the war, until we were in the
midst of economic collapse a decade later, no
changes were made in the banking structure
to make it function more effectively in the
ciously and that they will
make full
Federal
necessities of
dustrial and trade outlook
calmly
the
System, as it was
originally established, was adapted to the
pre-war world
and brought about a great
improvement in the money system.
Steps
were taken in 1917 to adapt it to the urgent
tunity to appraise the in¬
more
Wednesday,
on
said:
is
margin,
on
the earlier
the soberer elements in the
one
Washington,
that
holders of securities,
mism.
Magic"
point in his address at the official
opening of the Federal Reserve Building in
sense
prices
complete,
now
At
strongly hopeful
the
in
taken to reconsider
only
timism but
their opinions to re¬
that
At least it would be
now
were
disaster too dreadul to
doubt,
however,
become clear
they in adversity lose value
even
No
one
need
late this fact will
the wayfaring man.
that
to
contemplate.
soon
Two
or
Duties
r
suggested by the behavior of stock and
during
market sessions.
practically disappear
a
number
Neither
over
does
night.
of relatively recent
demand
for
goods
It is quite possible
It seems,
therefore, that the business man is now
faced
by two duties.
fairs
calmly but implacably to the situation by
The first is to adjust his af¬
Financial
2590
which it
seems
to him
The second is to bestir himself
study, he is faced.
him lies to
do whatever in
to
individually, after deliberate
persuade, indeed to
oblige, those in places of power to alter the public
policies and programs which are responsible for the
not
that situation.
factors in
unfavorable
optimism
convinced
are
necessary or
He
business.
own
favors of any
wages
sternly refuse
seek
variety from Washington, at the
same
time that he demands that favors shall be
and
He should think
denied
carefully
cogently about the general consequences of the
fallacious doctrines and indefensible
of
the
public policies
day and be prepared to help convince his
legislation, another jand a determined
enact
to
hours,
and other kindred matters, and possibly some
legislation. On the
more construc¬
side, Washington dispatches of late have sug¬
tive
gested that the time was ripe for a drive against
the undivided
their
in
profits tax and the capital gains tax
that influential
public officials are willing at present
to discuss and to
fected that will draw the
One
feel confident, do what
we
make certain that real revisions
to
can
consider revision of these laws, the
community will,
business
it
If it be true as indicated
present forms.
ef¬
are
poison from them.
The business community
thing is certain.
cannot afford to sit
traveling in the wrong direction.
regulating
measure
some
form of anti-trust
neighbor, who may need convincing, that the country
is
control
of false
to
others who ask for them.
business
and
much less sweeping
upon
Apparently the immediate problems that
men must face concern agricultural subsidy
strategy.
effort
wise in the conduct of his
should
practical purposes, however, it is necessary now
should
take#those steps which he is
Oct. 23, 1937
concentrate attention
to
He
to be threatened or otherwise brow¬
nor
For
a sense
permit himself to be cajoled into
beaten into failure to
Chronicle
idly by while another processing
large order, but the sooner the leaders
tax is
laid, another drastic program of the econom¬
thought and opinion in the business community
ics of
scarcity respecting agriculture is instituted,
This is
of
a
rigidities are injected into the industrial
apply themselves to it the sooner will positive relief
further
from the ills of
structure in
ments of
As to readjust¬
today be realized.
operations, they are problems for each ex¬
ecutive in
his
own
business., He is not likely, we
imagine, quickly to repeat the mistake of unduly en¬
Chief Executive in
the
to
the form of regulation of hours and
and further large grants of power are made
wages,
the
name
of anti-trust
It is impossible at this time to deter¬
legislation.
larging inventories against hopes or fears of higher
mine with
prices, and he is likely, we are certain, at least for
lation of this sort has lost its
the
jority of the people of the United States, but there
present, to proceed much more cautiously in ac¬
is
What he
where
going
opposite
the
to
of
whether
prudent and wise or not, he must make his
As to
public policies, he will without doubt have
occasion enough to use
soon
to
is
a
session of Congress
begin, but officials at Washington are now
clothed with
ous
all the intelligent influence
Not only
muster.
can
a
plenitude of power and can do seri¬
Not only their so-called reform activi¬
injury.
more
of all such
For
one
President has
The
again been obliged to raise the esti¬
mated deficit in the current
this
budget to nearly $700,-
He will indeed be fortunate in the event
000,000.
He did,
figure is not substantially exceeded.
however, in the public statement accompanying the
most
oration that
more
taking place in business have been
legislative quackery.
is, of course, more to come later.
thing, the 1939 budget is now in preparation.
ties, but their left-handed efforts to halt the deteri¬
was
committees will listen with
Congressional
sympathy to sound expositions of the demerits
There
decisions.
own
he
extreme.
But
danger
appeal to the vast ma¬
good reason to hope that a stage has been reached
ceding to unreasonable demands of wage earners.
probably needs most to guard against is the
great accuracy the degree in which legis¬
recent
estimate,
budget
indicate somewhat
definitely than in the past an intention of hold¬
deeply injurious. No one can longer doubt that both
should be fully
He
ing expenditures in some measure of control.
the
at
reassuring statements issued from time to time
Washington and the credit tinkering in which
the Administration has
indulged have had
effect
an
precisely the opposite of that intended. Various ru¬
of other so-called "shots-in-the-arm" have been
mors
in circulation of late.
rant
for
We
hope that there is
no war¬
them, and unless the powers that be are
prepared to alter present plans and programs sub¬
stantially and constructively the less they
of "concessions" of
been
kind
one
or
about
say
the situation the better for all concerned.
Eeports
another have likewise
emanating from Washington, although what
real foundation
course
to
they have it would be difficult to
All steps
determine.
be
in the right direction
are
of
desired, but substantial alteration of
public policies is essential to any important change
in the
underlying structure of the existing situation.
deavors to
AS to the
legislative situation,
a
burdens laid down
sharp distinction
goal.
it will be found well to
New
Era
ideas
out
of
At
some
time
or
not
at
Despite all this, however, the budget problem is still
with us,
and it still is a pressing problem.
President has not been able to
balance in
it is
a
year
when business averages
drastic alteration of his course is
tial to
a
as
well
can
absolutely
essen¬
be done
Probably not
a great
about the current budget, but
now
that is not the case with the
budget that is
now
in
preparation for the fiscal year ending June 30,1939.
It would be
an
excellent thing if all classes of busi¬
including the farmers,
men,
do.
It
to
were
renounce
That, however, they will not
remains, therefore, for the forward looking
elements in the business
other
ing stand in opposing all kinds of subsidies, direct
Washington.
as
balanced budget in the average year, to say
nothing of debt retirement.
deal
If the
bring the budget into
likely to do this year, then evidently a most
indirect.
community to take
There will doubtless be
lobbies at
numerous
Washington this winter
Nothing short of radical surgery will effect a com¬
should not have the field to
plete cure. This fact ought never to be lost to sight.
all too
are
picked upon by the States and municipalities.
objec¬
legislate all New Deal and
existence
should insist that needless
by the Federal Government
subsidies in all forms.
needs to be drawn between immediate
tives and the ultimate
place the Nation's financial house in or¬
der—and incidentally we
ness
The Problem of Legislation
and vigorously supported in all en¬
frequently the
case
as
a
as
or
subsidy
usual.
themselves,
lead¬
They
has been
in the past. Belief outlays,
Volume
145
least
those
at
addition
the
various
other
tures, including the support of
ernment
should
not
the 1939
as
be
We should
point where the
a
We
coun¬
possible to accomplish
budget is concerned is not clear,
but it should not be
can
expendi-
afford to meet them out of current income.
can
far
of
vast army of gov¬
only balance the budget.
How much of this it will be
as
classes
a
employees, should likewise be reduced.
bring expenditures down to
try
Chronicle
meekly assumed that nothing
accomplished.
M
STOCK movements and dealings week, of the York
reminiscent, this in the New wild
market
values
one or
of considerable interest.
are
seasonal advance of
currency
now
indicates
summary
Wednesday night,
clined
less
no
The Federal
that
downward trend
Money in circulation
now
of business.
is $51,000,000 under the
reported when the Federal Reserve Board
nounced
Sept. 12 that
on
of
crease
folio
are
any
occasioned by the autumn in¬
money
In
currency.
course, no
an¬
market purchases of
open
Treasury obligations would be utilized, to offset
stringency of
to
$39,000,000, and it is apparent
that this reflects the
level
week
the
in
Reserve
of the circulating medium de¬
use
than
place of the usual
in circulation, declines
to be the rule.
appear
credit
In
the present situation, of
such additions to the
open
market port¬
taking place. Owing chiefly to the currency
recession, member banks
were
able to increase their
deposits with the 12 Federal Reserve Banks
reserve
by $19,900,000 in the statement week. Together with
minor
changes in the nature of deposits with the
member
banks, this occasioned
000,000 in the excess
ments, with the
The
new
an
reserves
increase of $30,-
legal require¬
over
Trading
gold movement to the United States remains
in progress,
but
on a
decidedly modified scale.
the week to Oct. 20 the additions to
gold
creased
our
monetary
amounted to $9,000,000 and
stocks
the aggregate
holdings to
a new
In
this in¬
record of
an
uncertain
shares
as
thrown overboard
More than 3,000,000
were
turned
were
Monday when the selling
over on
But this figure
began to reach panic proportions.
was
the
dwarfed by the aggregate
Tuesday,
on
while
than 7,000,000
more
dealings, also
enormous
machinery of the Exchange
Fortunately,?
on
the floor
Nor
and observers.
it be said that the confusion
can
has been dispelled,
now
two authorities agree on
no
is capable of
far less than that in the
was
minds of traders, investors
of the
now
such highly active trading, and the
even
confusion
for
of
registered in subsequent sessions.
handling
recovery
good part of the recessions.
regardless of realization figures.
shares
simple collapse of
was a
the New York Stock Exchange reached
on
prodigious levels
the
causes or
incidence
collapse that has been developing progressively
March."
since last
The
this week plainly
movements
represented
a
high accentuation of the trend that has been apparent
for
Explanations of thin markets,
months.
many
over-regulation, strangling taxation and other factors
are
important and unquestionably accurate to a
It is
degree.
clearly apparent, however, that an over¬
now
shadowing and pervasive business recession also is i
and is affecting ideas of stock values and th
progress
The
with
universal uncertainty as to the further efforts of the
meddling New Deal managers of the Administration,
advisability of holding speculative securities.
heavy tax and regulatory disabilities, together
interact
business
on
heavily
matter of course,
*
and all
items form a mesh that weighs
the stock market.
The mood of the
to be disregarded, for the greatest
on
is
a
as
these and many minor
market
total at $1,020,000,000.
There
early in the week, with
thereafter wiping out a
were
ONLY moderate changes appear two of the in the
this week items
banking statistics, but
were
doings of late 1929.
shares
Federal Reserve Bank Statement
2591
The New York'Stock Market
so
labeled, have been substantially
They need further drastic curtailment, and
reduced.
in
Financial
not
pessimism prevails at times. In such circumstances
account is taken of favorable developments,
little
but it cannot be denied that some
In the
cerned.
current week,
quarter earnings reports of
good
can
be dis¬
for instance, third-
leading corporations have
recently to other countries, but the real operations
of that fund remain veiled in official
tone last
;
appeared in great numbers, with the performances
rather generally encouraging.
The market this week beggars description.
The
$12,793,000,000. There is
fund
the stabilization
certificate
down
some reason
has been
to believe that
relinquishing gold
obscurity. Gold
holdings of the 12 regional banks were
$500,000 in the week to Wednesday night,
with the aggregate
cash"
"other
reported at $9,126,389,000.
increased
as
currency
But
returned from
and total reserves thus advanced
$9,430,000 to $9,439,730,000. Federal Reserve notes
(circulation,
actual
in
circulation
decreased
$21,296,000
to
Saturday
was
uncertain, as it had been for
weeks and months, but
for
little warning was provided
sudden and almost complete collapse
the
followed
on
in that session,
that
Share prices fell 1 to 15 points
Monday.
with hardly a let-up in the shower of
Steel stocks bore the brunt of the
selling, but other industrials also fell sharply, and .
the rail and utility issues joined in the trend.
Early/
liquidation.
liquidation assumed even
$4,270,223,000. Total deposits with the 12 banks in¬
on
creased
urgent characteristics.
$39,041,000 to $7,498,933,000, with the ac¬
count variations
bank
000;
reserve
a
consisting of
an
increase of member
deposits by $19,900,000 to $6,938,802,-
drop of Treasury general account deposits by
Tuesday
the
$1,674,000 to $81,557,000; a decrease of foreign bank
hands in the initial trading,
deposits by $6,570,000 to $276,444,000, and an in¬
at half
000.
closing level.
followed and at the end much of
Discounts
by the System fell $4,967,000 to $18,-
had been
$19,478,000.
bills remained
of
with prices in some cases
deposits by $27,385,000 to $202,130,-
484,000, while industrial advances declined $144,000
to
the previous
of other
crease
United
stable at
Open market holdings of bankers'
unchanged at $2,830,000, and holdings
States
Treasury securities were equally
$2,526,190,000.
The reserve ratio of 80.2%
also showed no alteration.
more
The necessitous selling oc¬
casioned by impaired margin accounts added to the
confusion, and the early dip drove levels another 2
to 15 points down.
Huge blocks of shares changed
regained, with
a
But strong buying
the early decline
few leaders showing gains
close. The rallying trend was con¬
tinued Wednesday and Thursday, in a most vigorous
over
the previous
fashion, with carrier
expectation
granted.
caution
stocks the leaders on the general
that freight
would be
yesterday was one of
rate increases
But the tendency
and renewed uncertainty.
Rail stocks re-
2592
Financial
mained in
good demand, but industrial issues
were
soft.
Chronicle
turnover also
was
23, 1937
The latter, however, failed to material¬
ing figures.
ize
In the listed bond market the
Oct.
Encouraged by these expectations, rail and in¬
advanced
issues
dustrial
about
four
points
in
large, with movementsjkhighly unsettled at times.
the last hour.
United States Government and high grade corporate
in
bonds
opening, equities sold off and closed the day irregu¬
brief period early
steady,
save
for
Tuesday, when bids
were
difficult to find.
were
a
The
on
more
speculative corporate bonds fell sensationally through¬
out
Monday and Tuesday, with
sharp
a
taking place Wednesday and Thursday.
the
movements
dollar bonds
mixed
were
Commodity
markets
the infection,
also
Foreign
uneasy.
collapsed with other speculative issues
and likewise recovered
from
and
recovery
Yesterday
panicky feelings subsided.
as
occurred, especially
however, changes
comparatively
were
although
on
present
yesterday's trading, and after an irregular higher
General Electric closed yesterday at
larly lower.
40% against 39% on Friday of last week; Consoli¬
dated Edison Co. of N. Y. at
lumbia Gas & Elec. at
of N. J. at
28% against 26%; Co¬
8% against 8; Public Service
36% against 35%; J. I. Case Threshing
Machine at 103
against 106; International Harves¬
75% against 76%; Sears, Roebuck & Co. at
ter at
immune
65% against 65%; Montgomery Ward & Co. at 39%
against 39%; Woolworth at 40% against 39%, and
American
Tel.
& Tel.
at 153% against 151%.
Tuesday.
In general,
valuations.
Foreign exchange grading brought about
important changes, as the controls were active
few
was
wide variations
some
modest in the commodities
were
An attitude of caution
and
Union
Western
30%
163 against
at
closed
yesterday at 30%
against
Friday of last week; Allied Chemical & Dye
on
172; E. I. du Pont de Nemours at
prevented large swings in sterling, francs and
other leading units.
Swiss francs advanced abruptly
against 20%; International Nickel at 46% against
Wednesday and lost most of the gain Thursday.
46; National Dairy Products at 15% against 15;
on
Belga futures
under
were
pressure
On the New York Stock
stocks that touched
new
high levels for the
1,050 stocks touched
new
York Curb
one
Exchange
low levels.
the New York
on
new
Stock
but
year
half-day session
shares;
on
Tuesday, 7,288,080 shares;
ex-div. against 48;
48%
Eastman Kodak at 165
against 160; Standard Brands at 10 against 9%;
Westinghouse Elec. & Mfg. at 100% against 104;
3,232,220 shares;
on
18% against 17%; U. S. Industrial
at
19% against 20; Canada Dry at 12%
at
Alcohol
against 12%; Schenley Distillers at 29 against 29%,
and National Distillers at 23 against 22%.
of the poor
In view
1,320,430
were
Texas Gulf
Lorillard
Exchange the sales at the
were
21 against 20%;
Call
Exchange remained
Saturday last
on
Monday they
at
Sulphur at 31 against 29%; Continental Can at
high
a new
low levels.
unchanged at 1%.
On the New York Stock
Biscuit
National
were no
On the New
stock touched
level and 735 stocks touched
loans
yesterday.
Exchange there
124% against 126%; National Cash Register at 19%
showing of estimated opera¬
this week, steel shares
the steel industry
tions in
remained
depressed.
United
Steel closed
States
Wednesday, 4,338,520
Thursday, 3,638,601 shares, and on Fri¬
day, 2,112,690 shares. On the New York Curb Ex¬
yesterday at 57% against 67% on Friday of last
change the sales last Saturday
334,715 shares;
Steel at
47% against 56%, and Youngstown Sheet &
Tuesday, 1,631,685
Tube at
423/4 against 4634.
shares;
on
on
on
Monday, 779,480 shares;
shares;
were
on
Wednesday, 836,690 shares; on Thursday,
620,030 shares, and on Friday, 374,025 shares.
on
Moderate improvement marked
trading
on
Satur¬
day, with major issues recording gains of fractions
to about three
points, followed by
ing. On Monday
a
an
irregular clos¬
decline surpassing any in
a
period
of six years
burn Auto closed
Friday of last week; General Motors at 40%
dred
causes
scale
un¬
brought
on
the hasty liquidation. Large-
unloading of stocks at the opening on Tuesday
sharp contraction in equity values,
induced further
and
13
leading issues suffered declines of
points
on
the day.
day, trading took
from
turn for the better
a
one
to
With the approach of mid¬
as
heavy
institutional buying and purchases
by wealthy indi¬
viduals became evident.
On the
average, stocks ad¬
vanced from
low
one
figures, and
at the close.
to 10
a
or
more points from the
day's
goodly number reflected net gains
The turnover
was
unprecedented in
a
period of
In the rubber group, Good¬
Tire & ubber closed yesterday at 21% against
21%
on
Friday of last week; United States Rubber
25%
against 29, and B. F. Goodrich at 19%
week
Supreme Court decisions, and other kin¬
2% against 2%.
tors at
15
favorable
against
year
at
A falling off in steel production,
In the motor group, Au¬
yesterday at 10% against 8% on
40%; Chrysler at 65% against 70%, and Hupp Mo¬
encompassed the market and sent prices
hurtling downward with losses ranging from one to
points.
Steel at 70 against 75; Bethlehem
week; Inland
The railroad shares were aided
against 18.
closed
yesterday at advanced levels.
RR. closed
of
this
by expectations of higher freight rates and
last
Pennsylvania
yesterday at 26% against 24% on Friday
week; Atchison Topeka & Santa Fe at 44
against 44%; New York Central at 21% against
20%; Union Pacific at 100 against 92;
Pacific
at
23
Southern
against 22%; Southern Railway at
15% against 13%, and Northern Pacific at 14%
against 13%.
Among the oil stocks, Standard Oil
of N. J. closed
yesterday at 52 against 51 on Friday
ox
last
week; Shell Union Oil at 20% against 17%,
and Atlantic
Refining at 22% against 20%.
copper group,
In the
Anaconda Copper closed yesterday at
over four years, and touched 7,287,080
shares, being the largest since July 21, 1933. Ex¬
30% against 313/4 on Friday of last week; American
tended
Dodge at 27% against 30%.
from the sharp recessions of the
recovery
past few days took place on Wednesday and prices
advanced
the
on
but
steadily to
new
high ground, closing with
day's best levels predominating.
a
large scale
was
was
Profit-taking
present in Thursday's market,
outweighed by favorable
news
anent the
carriers in
the
rates and
possible increase in the week's
a
form
of
anticipated higher freight
car
load¬
Smelting & Refining at 55 against 573/4, and Phelps
Interest in trade and industrial
this week
on
steel
reports centered
operations, for that basic indus¬
try is showing the greatest variations. The Amer¬
ican Iron and Steel Institute estimated operations
for
the
week
ending today at 55.8%
of capacity
against 63.6% last week, 76.1% a month ago, and
74.2% at this time last year.
Production of electric
Volume 145
Financial
energy for the week to Oct. 16 is reported
dison Electric Institute at
Chronicle
by the
v
2,276,123,600 kilowatt
against 2,280,065,000 kilowatt hours in the
preceding week and 2,168,487,000 in the corresponding week of last year.
Car loadings of revenue
freight for the week
to Oct. 16 totaled
according to the Association
This is
a
and of
16,581
drop of 5,178
cars
809,944
ported.
of American Railroads,
in the
from the preceding week
regarded as
yesterday at 97%c.
close
as
ing
on
Friday of last week. December oats at
Chicago, closed yesterday at 30%c. as against 29%c.
the close
on
The spot
Friday of last week.
yesterday at 8.49c.
against 8.56c. the close
as
Friday of last week.
yesterday
on
The spot price
15.91c.
was
on
for rubber
against 16.47c. the close
as
Friday of last week.
*
Domestic
closed
copper
an
drop in the final hour.
The
depressed Tuesday by what
was
a
attack of
with
nerves
sizable recessions.
were
noted
in
Gold and copper
little
a
on
Wednesday, but
unsettlement
nervous
edged issues lost
a
remained
little
more
19%
on
against 20
pence per ounce as
was
pence per ounce
Friday of last week, and spot silver in New York
closed
yesterday at 44%c., the close
Friday of
on
last week.
In
as
matter
on
of
the
foreign exchanges,
London closed
3.38%c.
as
cable
yesterday at $4.95 3/16
against $4.96 1/16 the close
week, and cable transfers
at
a
good deal of
in evidence.
Gilt-
ground, while British
Anglo-American
ness.
securities
by the late recovery in New York
was
impasse
stimulated
were
on
Tuesday.
Opti-
almost fully restored on Thursday, and
on
by indications that the
Spanish intervention might be solved
through Italian concessions.
strong, while large gains
industrial
stocks
and
Gilt-edged issues
were
were
recorded in British
most
commodity
issues,
Anglo-American favorites moved sharply higher
the
transfers
favorites,
Sentiment im-
industrial stocks turned upward after early weak-
the uptrend was stimulated
price of "bar silver yesterday
mining issues
Anglo-American trading
which followed the New York trend.
on
London the
Tradrather
The largest recessions, however,
mism
Friday of last week.
pressure
marked slightly lower,
were
yesterday at the dual price of 12c. to 13c., the close
In
in New York.
liquidating
British funds
receded sharply.
proved
price for cotton here in New York closed
firm
were
while almost all domestic industrial stocks showed
on
the close
International issues
was
active,
was
general.
against 100%c. the
Friday of last week. December corn at
Chicago closed yesterday at 59%c. as against 58%c.
were
early trading, but reports of unsettlement at
London market
kets, the December option for wheat in Chicago
closed
Stock Exchange
reported for base metal and other
New York caused
of the commodity mar-
course
was
commodity shares.
cars,
^
indicating the
the London
Gold mining stocks were in demand, while
inquiry also
last year.
As
on
confidently last Monday, with gilt-edged
securities firm and most industrial issues well
sup-
from the corresponding week of
cars
Dealings
started
hours
2593
on
Friday of last
Paris closed yesterday
on
against 3.36%^. the close
the basis of reports from New York.
were
gilt-edged issues yesterday, and
industrial stocks also
issues
Friday
on
of last week.
recorded in
were
the
were
firm.
But international
soft.
The Paris Bourse
to
on
Small gains
satisfaction
was
firm last Monday, owing
occasioned
by the run-off elec-
tions in the Cantons, which indicated political sta-
European Stock Markets
TRADING onfinancialexchanges in affected to
stock centers
the leading and other French equitiesa were in mildbank steady
bility. Rentes improved little, while but stocks
European
was
a
International securities
liquidated
great extent, this week, by the collapse of prices at
demand.
New York and the
in the burst of confidence regarding French con¬
cern
subsequent
Great
recovery.
con-
prevailed in London, Paris and Berlin regard-
ing the significance of the sensational drop in American
equities, which seemed to outrun
able
expectations of business recessions.
clarification
of the
ments, and this caused
of
was
to lighten commit-
general downward
a
move-
sions of the week.
Some perturbation was caused on Tuesday
by the crash in American markets, but the incident
served mainly to occasion distrust of foreign securities.
Rentes showed fractional losses, and some sell-
ing also took place in French equities.
But foreign
issues were sold with little regard to realized values,
and the recessions were huge.
Unsettlement
was
ses-
reported on the Bourse, Wednesday, owing partly to
developed, however, when
the unfavorable dispatches from New York and
European securities during the early
Rallies
the trend at New York turned toward
In the
reason-
Pending
situation, the tendency in the
principal European markets
ment
any
ditions.
were
improvement,
partly to objections of civil employees to budget-
balancing wage reductions.
Rentes again receded,
that the usual American extremes accounted for the
wThile sizable losses appeared
in home equities.
severity of the break in New York, and the extensive
ternational issues were firm for a while, but a late
European centers the general conclusion
rally here
was
regarded
ditions than the decline.
mood
was
a
truer index of
con-
A cheerful and confident
reestablished at London when the Amer-
ican valuations
improved, while trends
and Berlin markets also
from the
as
was
were
better.
on
the Paris
Trade reports
leading industrial countries of Europe
re-
In-
reaction wiped out the early gains and established
A general upturn followed on
losses in most issues.
Thursday, in reflection of the improvement in other
markets.
Rentes regained some of their previous
losses and French equities were sharply
improved,
International issues also attracted good buying,
main
favorable, which only added to the perplexity.
Rentes drifted lower in a quiet session yesterday,
Steel
production in Great Britain reached record
while other securities were irregular,
proportions last month, and foreign trade figures
The Berlin Boerse maintained its customary Nazi
In France the atmosphere im-
isolation and reflected the trends of other markets
proved because of the political stability revealed by
only to a modest degree. The trend on Monday was
favorable, with electrical and textile shares in best
also
were
favorable
the Cantonal elections.
The German Reich reports
industrial gains and an almost
involuntary unexplovment.
complete absence of
Even the international
political atmosphere showed some improvement.
demand.
Bank stocks also improved a little, while
other sections showed indifferent results.
The un¬
certainties of the international situation penetrated
.
2594
to
Financial
Berlin, Tuesday, and recessions
that session.
Dealings
the rule in
were
small, but declines of
were
point
or
while
shipping and textile issues also
two appeared in most industrial stocks,
steady.
two
were
were
After
firm opening
a
Wednesday, weak¬
on
again enveloped the Boerse.
points
were
Secessions up to
registered in almost all equities, but
fixed-income securities held their
ment
the rule
was
day, with gains
wide
Improve¬
market, Thurs¬
to three points registered in
up
The turnover improved
public buying, which extended also to high-
investment
grade
ground.
the German
on
leading industrial stocks.
on
the
issues.
The
Boerse
was
quiet
yesterday, with most issues improved.
0ct- 23> 1937
port in more than two months of fighting at
about
$785,000,000,
In the northern
length
appear
occasioned
by overconfidence and the
tension of lines of communication
receive poor
protection.
nese
was
troops
the
impression that Chinese forces
that
completely.
army
progress
for
a
was raging
in northern
being rushed by Great Britain,
other
delay that obviously
the lack
of
clear ideas
any
Nine-Power
countries that
After
to the value of the
as
were
sent out last
Saturday by the Belgian Government for
in
Brussels, to start Oct. 30.
it clear that the
the British
step
a
meeting
Government and with the approval of
announced
cerned, and it
Hasty acceptances
by most of the governments
con¬
indicated in Washington that
was
meanwhile
the
being fed biscuits that
are
progress,
are
The Japanese column ad¬
however, and Honan Province
for the first time
entered
In
the other hand, the Japanese
on
reported withdrawing from advanced positions
under Chinese fire.
China
is
now
the Chinese
The whole situation in northern
confused, but all reports
Japanese
that
agree
engaging in the sort of harassing
are
guerilla tactics that
the
was
by that division last Monday.
tory suitable for
were
generally predicted, when
had penetrated deep into terri¬
once
measures
of this nature.
Spanish War
taken at the request of
was
is in
that is essential to the
pass
The invitations made
the United States Government.
were
an
occasioned by
was
parley, invitations
trap,
vancing along the Peiping-Hankow Railway made
genuine interest in the struggle.
awkward
fighting
•Japanese communications, and in
were
take
a
surround
now
Strenuous
mountain
a
of the conflict
few
necessarily
reported last Sunday in
Shantung Province,
a
enormous ex¬
that
deep in Shansi Province, and latest dispatches give
China, international arrangements for "mediation",
were
Japanese at
One force of 50,000 Japa¬
dropped from airplanes.
WHILE thearound Shanghai war
Sino-Japanese and
fiercely
States and
China the
of
area
to be getting into serious difficulties,
Japanese troops
Japan and China
the United
about three times the damage
or
in the six weeks of conflict in 1932.
soft.
improved, and fixed-interest issues
Bank stocks
ness
a
Chronicle
SPANISHadvance in the long-drawn civil
insurgents this week made another
large
war,
through the capture of the Biscayan port of Gijon.
The town fell to the
besiegers
Thursday, after
on
a
Ambassador-at-Large Norman H. Davis would be
long and stubborn defense that kept tens of thou¬
the leader of the small American
sands
Davis
sailed
assurances
maintained
belabored
invaders
helpless civilians.
on
were
condemned
that considerable
The
discreet
a
fighting
were
dropping
a
conference in which
in advance, and it
diplomatic
at the Nine-Power
who
Obviously enough, the
pressure was
this week at Tokio to induce
The
after
regarding the speech at Chicago, in which the
Japanese would hardly enter
they
Mr.
States will enter the conference "with¬
Administration
President
bombs
delegation.
Wednesday,
on
commitments to other governments."
Roosevelt
silence
Brussels
given by President Roosevelt that
were
the United
out any
for
tinued in the most
invaders
and
con¬
and with little
defenders
launched alternate
attacks, without notable success
in any case.
lines and
Chinese air attacks
battleships
were
on
the
Japanese
frequent, and the dangers
city, and
surprise attack by the insurgents.
a
Looting mobs surged through the streets and fires
in
raged
while the loyalist leaders
places,
many
sailed off in
ships that
captured by the insur¬
were
With the fall of Gijon, the situation in Spain
gents.
changes drastically.
When
Bay of Biscay
are
the
sive
foreign countries.
a
thereafter.
little
care
Offensives
and
lowed each other in swift
sulted, other than
For
a
time, at least, the
to avoid the Settlement area
counter-offensives
fol¬
succession, but little
numerous
re¬
stories of dramatic and
frequent heroic incidents.
The city of Shanghai
naturally has suffered greatly from the destructive
warfare, and also from the diversion of
other
ports.
York
"Times,"
sulate is
In
an
quoted
a
as
trade
to
Shanghai dispatch to the New
American
attache
estimating the
of
war
our
Con¬
damage to
on
the
are
increased by this circumstance.
ported,
for
drive
a
the
on
Aragon front,
400,000 insurgents and loyalists
another great
battle.
In the
however, the loyalists
the
insurgents
their
lines.
differences
are
All
are
and
years,
taking the offensive and
reports
the
indicate,
Valencia
thus
moreover,
that
regime and the
adjusted, with
a
loyalist regime to Barcelona already
It
seems
bay
at
a
gathered for
are
around Saragossa,
area
clear that
thickly-populated industrial
insurgents
re¬
where
finding it difficult to maintain
between
in progress.
the
Exten¬
preparations already have been made, it is
Barcelona syndicalists have been
tives of
along the
narrowing loyalist front and his chances of ultimate
removal of the
fliers took
gains
consolidated, General
to which the International Settlement
was
exposed
fresh series of protests from representa¬
fell
port
greatest confusion, occasioned
produced
a
troops from
The
by dissension in the loyalist ranks, rioting through¬
out the
victory
Chinese
the
of the
scenes
elsewhere.
Franco will be able to concentrate his forces
regard for the interests of foreigners. The struggle
at Shanghai reached a new
pitch of intensity as the
Japanese
Francisco Franco's
activities
brought
Japanese attendance
manner
amidst
in
coast of the
treaty gathering.
desperate
General
engaging
appears
the several fronts in China
on
of
for
a
joint defense of
area
months
might keep the
and
perhaps for
compromise termination of the
appears
more
than, possible.
war
Some sort of
compromise is the obvious aim of the British and
French
Governments.
International
showed modest
cause
took
a
the two
aspects of the
Spanish civil
war
improvement this week, possibly be¬
great democratic countries of Europe
most determined stand after the
severe
diplo-
Volume
matic
145
Financial
trouncing suffered at the hands of the Italian
dictator, Premier Mussolini.
discuss
to
meeting
from
the
Spanish problem in
London
that
should not be
the dozen
a
three-Power
followed late last week by a warning
was
surrender.
The refusal of II Duce
the
vacillating British policy
No
tries under the
foreign fighters,
tentative agreement was reached
standing
then would be taken up.
made
London
to
calls
warnings that the
on
withdraw
for
As the diplomatic
The procedure suggested
dispatch of commissions to Spain to
determine the actual number of
Franco-Spanish frontier would be opened to aid for
the loyalists if Premier Mussolini would refuse to
troops from Spain.
for the
of belligerent rights
question
that the
or
in
protracted
Wednesday for "token" withdrawals, on the under¬
was
reference
situation stood last
a
a
proportionate withdrawals of
sign of weakness
of official French
After
loyalist banner.
discussion of equal or
as a
interpreted
or so
2595
Chronicle
foreigners engaged
either side and to check the withdrawal.
admitted
was
further indefinite
a
This, it
by the British and French, will make
week, Premier Mussolini care¬
was
considered
lessly ignored such warnings and the French Gov¬
ress
delay, but it nevertheless
has been made.
failed to act wThen the test
ernment
Britain
and
Italian
mitted
France capitulated
demand
that
sub¬
question be
Just before the Non-intervention
meeting began,
Saturday, Foreign Secretary Anthony Eden set
forth
some
British views
He warned that
endeavor to
must
be
non-intervention
"We
made.
not
are
maintenance of the territorial
he informed
indifference
and
indifferent
to
the
integrity of Spain,"
"We
15,000 listeners in Wales.
indifferent to the
foreign policy of
ish Government.
We
are
any
are
not
future Span¬
not indifferent to the com¬
plications which may arise in the Mediterranean as
a
result of intervention of others in
Spain.
We
not indifferent to vital British interests in the
A clear
terranean.
are
Medi¬
distinction must be made be¬
tween non-intervention in what is
purely
a
Spanish
affair, and non-intervention where British interests
are at stake."
Assurances were given in the address
that
every
effort would be made to prevent any
danger to British lines of communication with the
the
Non-intervention
London there seemed to be
a
Committee
met
in
rapid response to the
The Italian Ambassa¬
British demand for action.
dor, Count Dino Grandi, suggested that the nations
agree
of
to
"partial withdrawal of a certain number
a
volunteers in
Such
a
equal quantity from both sides."
withdrawal would constitute a
start, he indi¬
cated, toward application of the British proposal of
last
July, which envisaged a withdrawal of all for¬
eign
granting
and the
volunteers
dress debate
rights to General Franco.
bright
of
belligerent
The French delegate
on
ter
declared
in
cations
Mediterranean
the
Grandi overshadowed other aspects
however,
of the meeting,
and the discussion proceeded along the
lines indicated
by the Italian.
British and French
objections promptly were voiced, on the basis that
Italian troops are
believed to outnumber by far the
foreigners in the loyalist battalions.
The discussion continued
early this week, to the
accompaniment of semi-official blasts from Borne,
intended to
give the impression that only 40,000
Italians
fighting for General Franco, and that
are
at least as many men are
enlisted from foreign coun-
be
respected.
understanding that will elimi¬
to reach some sort of
nate
Spain from the sphere of international con¬
That progress toward peace had
flict, he added.
been
prevented by the intervention in Spain was ad¬
mitted, and at the end of the address Captain Eden
remarked with satisfaction that "at
length
our grow¬
ing strength in armaments is beginning to appear."
Prime Minister Neville Chamberlain closed the de¬
by a public acceptance, without
bate
of
assurances
reservations,
has
no
terri¬
strategic designs upon Spain, or any of the
or
islands
from Rome that Italy
or
colonies of that country.
While the debate in the British
Parliament
pro¬
ceeded, fresh diplomatic adventures seemed to
be
With an eye to gain¬
ing the greatest possible advantages from any awk¬
ward situation, the German Government was re¬
developing in Central Europe
limiting or
provided some con¬
given the German demands for colo¬
ported willing to agree on a plan for
ending intervention in Spain,
sideration be
Fresh
nies.
when
the
program
developed
German press launched into
of villification, directed against
was the campaign that
So harsh
the Czech Government
Berlin,
uneasiness
international
controlled
plan, and the usual comment was made that
The Statement by Count
must
Meanwhile, the most strenuous efforts will be made
British
accepted.
He
in¬
territorial
the
that
tegrity of Spain and the safety of British communi¬
Czechoslovakia.
not
on recon¬
Spain and the newest devel¬
categorically
toward
were
subject immediately
opments in the Non-intervention Committee.
another
complete liberty of action" if the
that
of intervention in
with suggestions looking
genuine neutrality, along the lines of the
ideas
the grave
great length for the government, mainly on the mat¬
opened the proceedings
France "reserved
to Spain contains at
Reflecting
spots.
Foreign Secretary Anthony Eden spoke at
vening.
torial
Near East and India.
When
few
a
affairs, the British Parliament plunged into a full-
actually kept its nationals from inter¬
between
least
longer be
no
achieve non-interven¬
fering, Captain Eden added that some clear distinc¬
tions
Thursday, that the difficult interna¬
on
tional situation with respect
anxiety felt with regard to the conduct of foreign
Observing with satisfactory that the British
Government
assurances
some
question of Spain.
dilatory tactics would
tolerated in the
tion.
the
on
EADING mild
members of the British Cabinet provided
for the newly-assembled
Parliament,
suming London Non-Intervention Committee.
last
European Diplomacy
completely to the
entire
the
Great
came.
again to the ineffectual and time-con¬
once
satisfactory that at least some prog¬
lodged
a
formal protest with
Wednesday, against "the
aggressive and
campaign."
menacing German press and broadcast
The
German denunciations were
ports that a German
vakia had been
stration.
once
of
minority leader in Czechoslo¬
prevented from addressing a demon¬
On Thursday, the
attention of the world
drawn to Danzig, where the Nazis
small Free City eliminated their sole re¬
again
that
was
maining political opponents, the
and thus
occasioned by re¬
established
if not in name,
a
In effect,
this represents a union of Danzig
with National-Socialist
to the New
Catholic Centrists,
totalitarian State.
Germany, a Berlin dispatch
York "Times" remarked.
2596
Financial
Chronicle
French Elections
Under
UNDER the French election laws, final plebi¬
held
Sunday in the
than
scites
1,000
last
were
Cantons
where
indecisive the
were
more
local
previous Sunday.
is necessary where no
elections
government
The run-off
candidate received
absolute
an
stock
the
of their
lira.
anxiety for Left Front leaders, when it appeared
parties under their banner
some
might refuse to withdraw in favor of the strongest
But the rule of strict, discipline
aspirant to office.
which
the combination of Radical-Socialists,
gave
Socialists
Communists
and
national elections
Front
the
victory
finaly prevailed.
of seats in local
increase in the number
the
The three Left
parties emerged from the test with
and with their relative
in
modest
a
Councils,
importance unchanged.
French circles these results
were
accepted
In
indi¬
as
Tuesday,
Italian
to the government 10%
pay
Companies showing
operations need
quarter.
that candidates of
last
1937
capital and reserves, on the basis of last
showing
of
issued
23,
figures prior to the most recent devaluation of the
the trend
There were moments
decree
companies must
majority, but the results last Sunday did not affect
already indicated.
Oct.
deficit for three
a
Payment
deficit for last year's
a
only half the levy, while those
pay
March, 1938, to June, 1940, and
the tax amount is to be
before
June, 1938.
capital in
Italian
This
may pay
heavy
by
half the
burden
new
will be offset in part
concerns
in the
Moreover, stock companies with
stock.
own
8% reduction of
an
granted for full cash payment
of 10,000,000 lire
excess
tax in their
need pay only one-
years
be made in instalments from
may
an
on
increase
percentage of tax-free stock dividends from
6% to 8%, and by permission to compute capital
lire.
devalued
in
nothing
The
latter
of course,
step,
is
than unadorned internal inflation.
more
Accompanying this capital levy is
increase in
an
cating that the trend toward radicalism has been
the sales tax to
checked.
plus of Italian corporations are estimated at 70,000,-
ciable
Fascist
and this also
progress,
matter
any appre¬
regarded
was
"The
satisfaction.
for
firms the
parties failed to make
second
as
ballot
a
con¬
impression of stability given by the first
of
7,000,000,000 lire, but the exemptions
to lower the tax recoverable to between
ballot," Premier Camille Chautemps declared after
and
alent to the
country as a whole
6,000,000,000 lire.
yield
apparently echoed this impression, for general satis¬
year.
faction with the voting prevailed.
also to attract
that the
It
was
Chautemps regime would apply
assumed
more
vigor¬
years on
and
conformed to such
forced
he
ployees for
expectations
compromise
a
on
Tuesday, when
demands of civil
on
ordinary budget for which he fought
foreign capital to Italy by granting
capital coming to Italy before Dec. 31, 1939,
by assurances that such capital would be free
from seizure
schemes
of
imperialist expansion,
tarchy and other expensive incidentals.
order of the
Arabian
au¬
In order to
huge budgetary deficits occasioned of late
opposition to the Jewish settlers and
plan for dividing the country between
Arabs and Jews.
Unfortunately, there is
to believe that the
son
the Mediterranean has much to do with the latest
to
have
taunted
that
gents and
Such declarations
tremendous armaments program, the
Italian Cabinet
decided last
Tuesday
on
a
capital
levy, payable by all Italian corporations, and
increased sales tax.
These steps were
ticipated within Italy,
perturbation there.
meet
and they
generally
caused
great
no
who
were
demands of
fascist
State,
forced loan from property
capital levy
on
sufficient
for
difficult.
Assembly refused to take
tine at the
been
the
Mussolini."
merely make the Palestine prob¬
a
The
League of Nations
definite stand
September session,
on
Pales¬
resolution having;
a
adopted that merely calls for further study of
entire
question.
Soon after the League thus
a
new
property holders, for taxes
same
time to
trict
re¬
last
month, and the murder of two British consta¬
own¬
bles
was
Italian
servicing of the loan.
on prop¬
a
cam¬
Lewis Andrews, dis¬
up
The loan really was a mere
erty were increased at the
more
"that great man,
reported
assertions
paign of calculated terrorism.
forced to subscribe to
property valuations.
little
a
fear
are
with
dodged the issue, Arab leaders resumed their
Government issue of securities to the extent of
5%
of
lem
latter
officials
longer suffices to
raising funds have run
against the law of diminishing returns. Italy
sorted last year to a
the
Bands of Arabs
British
the
no
for the usual methods of
ers,
an¬
It has been apparent for some
that ordinary taxation
the insatiable
on an
some rea¬
growth of Italian prestige in
outburst of terrorism.
by the Ethiopian adventure, aid to Spanish insur¬
years
war.
GRAVE internal disorders onceowing to are the
again strenu¬
day in Palestine,
to the British
ITALYfinancial tendencies of totalitarian regimes,
provided a fresh illustration this week of
the
a
in time of
even
Palestine
ous
Italian Capital Levy
meet the
This is approximately equiv¬
the property tax levy of last
on
em¬
tenaciously.
their
expected
increase of salaries, thus assuring the
an
balance in the
with
are
5,000,000,000
foreign investors freedom from debt duties for 20
social reforms.
Georges Bonnet
sur¬
The Italian Government now is endeavoring
ously the policy of modernation and of "pause" in
Finance Minister
Capital and
000,000 lire, giving an indicated tax yield at 10%
the results became known.
The
3% from 2%%.
degree
Government
commissioner
of
Galilee,
murdered late
was
reported last Saturday.
In
Jerusalem
a
dispatch of Monday to the New York "Times" it
was
remarked that the Arabs "have let loose
again,
firing from ambush, attacking police stations, blow¬
ing
up
Jewish
bridges, dynamiting trains
settlements."
authorities
are
Reluctantly,
resorting to stern
and firing
the
on
British
measures.
More
spokesmen in Rome explained that the newest levy
equalizes the load as between property and share¬
than 300 of the best-known Arab
holders.
police rule slowly is being extended throughout the
finances
Accurate
are
not
figures
on
available
Italian Government
because
publication of
complete
statistics
sanctions
placed in concentration
mandated
camps,
agitators have been
and
a
more
rigid
territory.
applied against Premier Mussolini made
the
never
was
position of Italy difficult.
ever,
resumed
after
the
It is assumed, how¬
that the latest levy will suffice to meet the
apparent requirements for
a
few years, at least.
Discount Rates of
Foreign Central Banks
THERE have been no changes during the week in
discount
of
of the foreign central
the
banks.
rates
any
Present rates at the
in the table which follows:
leading centers
are
shown
Volume
145
Financial
DISCOUNT
RATES OF
Rate in
Country
FOREIGN
Chronicle
2597
BANK OF FRANCE'S COMPARATIVE STATEMENT
BANKS
CENTRAL
Pre¬
Changes
Effect
Dale
vious
for Week
Oct. 22
Pre¬
Established
Rate
Rate in
Effect
Date
vious
Oct. 22
Established
Rate
Country
Oct.
Argentina..
1 1936
Gold holdings
Credit bals. abroad,
3)4
3)4
Mar.
Holland
2
2 1936
2)4
Austria
July
10 1935
I"
Hungary
4
Aug. 28 1935
4)4
Batavla
4
July
1 1935
4)4
India
3
Nov. 29 1935
a
Belgium
2
May 15 1935
2)4
Ireland
3
June 30 1932
3)4
3)4
Bulgaria...
4)4
May
5
3.29
4
b Bills bought abr'd
Adv. against secure
Note circulation
6
Aug. 15 1935
Canada
2)4
Mar. 11 1935
Chile
4
Jan.
24 1935
Colombia..
4
July
18 1933
7
Italy
Dec.
18 1936
3.65
6
Jugoslavia
.
6 1936
Jan.
14 1937
Feb.
1 1935
6)4
1 1936
6
c
5)4
July
Morocco
6)4
May 28 1935
4)4
Norway
4
Dec.
5 1936
3)4
5
Oct.
25 1933
Portugal...
4
Aug. 11 1937
Rumania
4)4
Dec.
7 1934
6
3)4
May 15 1933
4
3
Jan.
1 1936
4
Jan.
2 1937
3 )4
5
4
Oct.
19 1936
3)4
Poland
England
2
June 30 1932
2)4
Estonia
5
Sept. 25 1934
4
Dec.
5)4
4)4
Finland
France
3)4
4 1934
Sept.
...
_
.
South Africa
out. Int. to State.
4
Spain
6
July
10 1935
5
Sweden....
2)4
Dec.
1 1933
3
7
Switzerland
1)4
Nor. 25 1936
2
26,918,786,026 12,302,602,000
No change
on
Includes bills
resenting drafts
5)4
2 1937
Sept. 30 1932
Jan.
4 1937
Temp, ad vs. with¬
Propor'n of gold
*
4
..
Greece
-
4)4
6
Germany
8,132,116
7,728,082,377
—377,000,000 10.457,486,499 6,783,657,393
No change
1,476,296,252
1,253,094,472
809,501,125
—215,000,000 3,768.909,150 3,547,109,987 3,160,989,411
—367,000,000 90,624,635.040 85,371,426,220 82,405,275,710
—977,000,000 18,208,791,165 11,832,160,007 13,411,553,982
+0.63%
hand to sight llab.
6
11,800,767
16,235,512
—1,000,000
Credit current accts.
Lithuania..
vakia
Danzig....
Denmark..
18, 1935
Francs
55,805,022,187 62,358,742,140 71,962,569,153
No change
discounted-_
Apr,
'
Chechoslo¬
bills
5
Java..
Oct.
1936
Francs
French commercial
3
Japan
4)4
Oct. 16,
14, 1937
Francs
Francs
75.10%
64.15%
51.28%
b Includes bills discounted abroad.
10-billion-frano credit opened at Bank.
cRep-
purchased In France,
on
Treasury on
;
Since the statement of June
29, 1937, gold valuation has been at rate of 43 mg.
gold, 0.9 fine, per franc: previous to that time and subsequent to Sept. 26, 1936,
gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.5 mg.
of gold to the franc
Bank of
Foreign Money Rates
Germany Statement
showed
decline
IN bills Friday market discount rates9-16% on THE statement for the second quarter ofofOctober
LONDON open
for short
gold and bullion
83,000
9-16%
against
were
as
Friday of last week, and 9-16% for three months'
bills
on
against 9-16%
as
call at London
on
Money
Friday of last week.
Friday
on
At Paris the
lA%.
was
market rate remains at 3%% but in Switzerland
open
the rate
raised
was
of
result
a
an
resulted.
Gold
deposits
a
last;
24.6%, and last
latter
fell
other
on
week
a
off
highest
and
discounts
the
ago
43.40%.
year
circulation of
years
other
marks.
The
£2,779,947, and securities, which
£2,-
rose
Decreases
were
rate.
Below
are
was
made in the 2% discount
shown the different items
compared
2.38% the previous
rency
The
showed
an
and
Reserves in foreign
year.
cur¬
increase of 207,000 marks, silver
marks, investments of
15,000 marks, other assets of 28,571,000 marks, and
other
of
liabilities
the
furnish
12,295,000
various
V:'
Changes
for Week
Oct. 15, 1937
Oct. 15, 1936
Reichsmarks
Assets—
Reichsmarks
Reichsmarks
Gold and bullion
—83,000
Of which depos. abr'd
No change
Reserve in foreign curr.
+ 207,000
Bills of exch. & checks.
69,998,000
20,055,000
6,071,000
—282,617,000 5,002,803,000
173,049,000
+40,122,000
Silver and other coin...
Investments
+ 15,000
32,539,000
397,878,000
+ 28,571,000
32,530,000
—3,132,000
Other accounts...
Govt, securities
Other securities
.....
Oct. 21
Oct. 23
Oct. 24
1936
1935
1934
8,501,030
82,528,535
38.49%
48.50%
49.76%
2%
2%
2%
11,385,751
12,479,002
43.40%
2%
Proportion of
2%
14,500,917
58,166,295
328,060,560 249,677,252 195,180,637 192,658,271 191,786,845
reserve
to liabilities
Bank rate
loss of
total
compared
and
of
which
is
now
90,624,635,040
with 85,371,426,220 francs'a
82,405,275,710 francs two
crease was
1,000,000
years
francs,
of
215,000,000
current accounts of
ago.
ago
A de¬
francs
advances against
and
977,000,000 francs.
in
ceditor
The Bank's
change, the total remaining
55,805,022,187 francs, compared with 62,358,-
742,140 francs
51.28%; last
year
75.10%.
no
a year ago.
year
it
was
Below
with comparisons
carried
262,299,000
270,767,000
1.56%
1.56%
2.38%
we
The
reserve
ratio is
now
64.15%, and the previous
furnish the various items
for previous
years:
Market
on
at
unchanged rates.
Dealers reported
early in the
Bankers'
than nominal.
The
inquiry for commercial paper
good
week, but the supply tended to dwindle.
bill
trading was little more
of $50,-
Treasury sold last Monday a further issue
an
average
of 0.362%, computed on an annual
bank discount basis.
Stock
on
Call loans
account of the stock market
were
on
the New York
Exchange held to 1%, with repayments large
again l1/4%
collapse.
Time loans
for maturities to 90 days and
1%% for four to six months' datings.
-
New York Money Rates
French commercial bills dis¬
in
gold holdings showed
at
francs,
year
also recorded in credit balances abroad of
counted of 377,000,000 francs, in
securities
296,262,000
+ 0.05%
MONEY marketmodest amountwerebusiness this
developments of lacking was
week, as a
at
THE statement for the francs of note circulation,
367,000,000 wreek in Oct. 14 showed
the
+ 12,295,000
000,000 discount bills due in 273 days, with awards
Bank of France Statement
a
obllg
New York Money
8,246,208
10,903,651
77,955,185
6,744,125
21,551,504
69,577,059
28.1%
Coin and bullion
88,797,000
63,400,000
21,725,000
27,629,000
5,078,000
5,257,000
4,568,490,000 3,867,836,000
178,260,000
167,920,000
38,658,000
44,266,000
669,992,000
524,136,000
661,544,000
604,606,000
—159,000,000 4,876,000,000 4,398,442,000 3,928,008,000
701,544,000
693,773,000
674,894,000
—70.342,000
to note clrcul'n.
1933
6,467,772
23,250,073
43,714,000
Securities
1935
Reichsmarks
Oct. 25
484,346.000 440,100,193 397,014,342 374,703,076 360,258,310
15,905,007
29,774,000 37,597,420 35,324,700 22,357,765
125,581,130 122,537,511 115,790,179 138,343,527 149,920,989
89,329,419 81,425,151
78,705,751 100,742,604 104,146,171
45,774,828
36,251,711
41,112,360 37,084,428 27,600,923
81,279,164 77,985,905
99,603,000
79,943,337 86,774,999
19,149,859 23,001,937
23,864,753
29,717,845 28,295,629
Disct. & advances.
Reserve notes <fc coin
Oct. 15,
Liabilities—
Other liabilities
1937
Bankers' accounts-
we
for
REICHBANK'S COMPARATIVE STATEMENT
Other dally matur.
Oct. 20
Other deposits
Below
comparisons
marks.
with
items
three years:
curr.
Circulation
ratio is
reserve
Propor. of gold & for'n
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Public deposits
year
year
and other coin of 40,122,000
Notes in circulation
with previous years:
year
also recorded
1.56% last
Other assets
No change
last
and the previous
compared with
Advances
812,790.
and
ago
year
A loss in note
Circulation
obligations.
maturing
1.56%,
now
Loans
which
a
bills of exchange and checks, in advances and in
in
pro¬
£32,843.
advances,
ago.
159,000,000 marks reduced the total
4,876,000,000
£5,485,000 and
increased
securities
of
consists
from
was
to 28.1%, the
rose
23
government securities decreased
those
Public
£161,298 from other accounts.
proportion
reserve
was
reserves
ago.
year
Of this amount £3,592,031
it has been since June
on
in
£3,715,000 and other deposits fell off
rose
£3,753,329.
portion
£5,512,000 in cir¬
holdings "now totaling £328,060,560
£249,677,252
bankers' accounts and
The
of
£5,428,000
of
increase
with
compare
£84,343 in bullion, but
contraction
a
culation,
loss of
a
88,797,000 marks two
3,928,008,000 marks.
'HE statement of the Bank for the week ended
69,998,000 marks,
now
compared with 63,400,000 marks
totaled 4,398,442,000 marks
England Statement
Oct. 20 shows
marks, the total of which is
to
Friday from 1% to llA%-
on
Bank of
as
in
a
on
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
Stock
ruling quotation all through
loans
and renewals.
continues
this week.
90
the week for both new
The market for time
quiet, no transactions having been
Rates continued nominal at
money
reported
l%%
up
to
days and llA% for four to six months' maturities.
Dealings in prime commercial paper have been very
brisk this week.
Paper has been in good supply and
Financial
2598
the demand strong.
Rates
quoted at 1% for all
are
until after
in
maturities.
been
good but the supply of prime bills is still short. There
has been no change in the rates.
The official quota¬
issued by the Federal Reserve Bank of New
as
York for bills up to
and
bid
and including 90 days
J4%
are
7-16% asked; for bills running for four
months, 9-16% bid and Y% asked; for five and six
months, %% bid and 9-16% asked.
J4% for bills
running from 1 to 90 days; %% for 91- to 120-day
bills, and 1% for 121- to 180-day bills.
changed at 82,830,000.
quoting the
The Federal
same
as
market acceptances
The rates for
Bid
Prime eligible bills
K
Bid
K
16
Days—
Bid
—120 Days—
Asked
'16
Bid
of
September
Market
to
*16
K
Asked
Bid
Asked
Bid
K
7,
'16
K
the most
years,
It
funds, rather than factors
tripartite
in the past
rumors
the effect that there
American
securities
are
several
currency agreements
few weeks
British
by
were
largely
considerable selling of
was
and Continental
side, but close
the other
on
strongly of the opinion that purchases
balanced sales.
by foreign interests have
This
has
been
over¬
especially true
on
days this week and dispatches from London
Amsterdam
pound.
effect that
the
to
were
readily taken.
were
support the dollar and
American
Such purchases of
course
inclined to depress the
are
,
Omitting the dollar-sterling relationship, it must be
Asked
7.
7,6
market to another
one
a year ago.
interests both here and
—30 Days
60 Days
.
Asked
many
arising from commercial business, which necessitated
the conclusion of the
and
-—150 Days-
Asked
international
foreign exchange quotations.
is the movement of these
issues
SPOT DELIVERY
—180 Day*—
on
are
follows:
are as
important effect
of American securities
those reported by the
Federal Reserve Bank of New York.
open
during the past several
as
un¬
Open market dealers
rates
funds flowing from
have,
observers
holdings of acceptances remain
doubt
Without
of uneasy
The bill-buying
rate of the New York Reserve Bank is
Reserve Bank's
London.
currently at higher levels than in
Nevertheless the rapid and erratic movements
years.
THE market for prime bankers' acceptances has
quiet this week.
The demand continues
1937
mid-January, when exchange usually turns
favor of
business is
Bankers' Acceptances
tion
Oct. 23,
Chronicle
'16
Prime eligible bills
recognized that the pound is firm and there is
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks..
K% bid
steady flow of funds from
many
a
parts of the world to
bid
....
London.
Discount Rates of the Federal Reserve Banks
recent
For
the
past few weeks, particularly in
days, the London gold price has offered greater
attraction to sellers of
gold, with the result that the
THERE have been no changes this week in the
rediscount
Federal
flow of
The
decline, but hoarding of gold is conspicuous in the
of the
rates
following is the schedule of rates
the
for
Reserve banks.
various
classes
of
now
in effect
the
at
paper
different
Reserve banks:
London
Date
Previous
Established
Rate
IK
2 1937
Aug. 27 1937
2
Sept.
4 1937
2
May 11 1935
2
Aug. 27 1937
Aug. 21 1937
2
Aug. 21 1937
2
New York
Sept.
1
Philadelphia
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
hoarding,
during several
as
While the French situation has cleared
Rate in
Oct. 22
Effect on
__
This
interests.
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Boston
market.
tendency to
a
past, is virtually confined to European private
years
Federal Reserve Bank
gold to this side has shown
conditions in Paris to curtail either the demand for
IK
gold
for British notes
or
the
on
of French
part
nationals.
2
2 1937
2
Sept.
Despite the heavy movement of gold from London
2
Aug. 24 1937
Sept.
somewhat,
there has not been sufficient return of confidence in
3 1937
1937
2
Sept.
3 1937
2
the
United
States
the
in
past few years, it is
2
Aug. 31
to
evident that the greater part of
remains
Course of Sterling Exchange
home.
at
exports is
The
British gold imports
surplus
of
imports
over
apparently absorbed by the British
change equalization fund
or
ex¬
becomes the property of
STERLING exchange is easier in terms of the
dollar, but is nevertheless firm with reference
gold hoarders and is lodged in the deposit vaults of
all other currencies.
the London
to
A
slight improvement in the
French financial situation and somewhat less
appre¬
hension concerning European political
contingencies
has improved the general
foreign exchange market.
The disturbances caused in financial markets
extremely erratic action of the
New
York
by the
Stock
For
nine
banking houses.
months
ported in London
in
were
1937
total
085,585 for the corresponding period last
year.
exports for the first nine months of 1937
were
period of 1936.
quotations.
against only £18,759,244 in the
narrow
fluctuations
are
held within
through the cooperation of the
equalization funds and virtually all other currencies
have
a
tendency to
move
sterling-dollar relations.
in close sympathy with
The range for sterling this
£165,555,811
shipped to
British internal business
the
same
United States,
period last
continues at
decided recession.
for which
plans
The estimated cost of
were
23.7% below the August, 1936 total.
84.95 3-16 and 84.96 3-16 last week.
cable
transfers
has
84.96, compared with
84.9634
There
a
week
is
been
a range
The range
for
between
84.95}^ and
of between 84.95J4 and
nothing essentially
Sterling is
new
in the foreign
easy
in terms of the
dollar at this time of the year on commercial
account,
a seasonal
phenomenon which should be
cost for
with
was
in
operative
supply information
dwelling houses.
August, 1937
was
was
in August
The largest
The total estimated
£5,689,300, in comparison
£7,454,500 in August, 1936.
The decline in
ago.
exchange situation.
decline
buildings
approved by 141 of the 146 local
authorities which
of between
year.
high level,
a
although the great building boom shows signs of
bankers'
a range
Gold
£183,-
Of the nine months' exports in 1937
were
week has been between 84.95 1-16 and 84.95 15-16 for
sight bills, compared with
re¬
773,432, against £38,910,516 in the corresponding
Exchange and the hesitancy of commodity prices
have had practically no effect
upon foreign exchange
The major currencies
gold imports
£258,135,165, against £229,-
offset
by
program.
reached
the
building construction is
requirements
British
steel
of
the
production in
more
than
rearmament
September
high record of 1,163,000 tons,
com¬
pared with 1,027,000 tons in September, 1936.
The
a
new
Volume 145
Financial
nine-months'production total for this
daily iron output in September
was
9,-
year was
548,300 tons, against 8,617,200 tons in 1936.
The
the highest since
British
imports
continue
balance, but London
this
condition
invisible
interest.
trade
it
as
items
London.
to
adverse
an
by
compensated by
and
shipping,
insurance,
as
The expansion
continues
be
to
seems
such
show
to
not to be disturbed
seems
of Great Britain's foreign
give the highest satisfaction to
It is asserted that the volume of exports
is
Money rates
Lombard
in
changed from those of
Street
months.
many
continue
Call
three-months'
bills
bills
9-16%,
are
market
this
week
on
unknown
price
have
to
seems
destination.
On
offer
on
open
taken
been
gold
for
taken
was
Frequently the London
Wednesday the London price
alent to $35.05
was
Tuesday
On
ounce.
an
£289,000,
£469,000,
on
equiv¬
Saturday last there
Wednesday
on
£438,000,
on
Friday £481,000.
on
At the Port of New York the
the week ended Oct. 20, as
was
Monday £356,000,
on
Thursday £315,000, and
gold movement for
MOVEMENT
AT
NEW
OCT.
14-OCT.
20,
INCL.
Exports
Imports
None
Decrease:
the
metal
figures
on
trading.
The
imports
for the
are
or
There
Canada.
held
gold
account decreased
no
week ended
were
on
exports of
no
earmarked
foreign
for
On Friday there were
$329,400.
exports of the metal or change in gold
Daily Change
Amount
Date—
$1,252,753,920
+$363,952
1,253,512,068
+758,148
Oct. 16
1,254,488,776
+976,708
Oct. 18
1,257,435,688
+2,946,912
Oct. 19...
1,259,911,137
+2,475,449
Oct. 20
1,261,449,681
+1,538,544
Increase for
quotations
Canadian exchange
funds
finished
on
a
steady.
premium of
ranged
mean
London check
between
tables show the
was
open
market gold price,
paid for gold by the United States:
days)
147.27
Wednesday, Oct. 20
146.59
146.83
Thursday,
Oct. 21
146.29
146.42
Friday,
Oct. 22
146.22
LONDON OPEN MARKET GOLD PRICE
140s. 4d.
Wednesday, Oct. 20
140s. 6^d.
Oct. 18
140s. 4>£d.
Thursday,
Oct. 21
140s. 7d.
Tuesday, Oct. 19
140s. 5}^d.
Friday,
Oct. 22
140s. 8d.
PRICE
PAID
FOR GOLD
BY THE UNITED STATES
Saturday, Oct. 16
$35.00
35.00
35.00
Oct. 18
Tuesday, Oct. 19
tone.
was
$35.00
Thursday,
Oct. 21
$4.95
Oct. 22.
35.00
a
slightly easier under¬
$4.95M@$4.95 15-16, cable
13-16@$4.96.
On Monday sterling
$4,94 5-16,
and seven-day grain bills at
Cotton and grain for payment closed at
Continental and Other Foreign Exchange
following the outcome of the cantonal elections,
ago
which
Sunday last
on
was
aims of the
clear indication that the
gave
satisfied with the
conservative
more
Chautemps Government.
Following the second election of Oct. 17 Premier
"The second ballot confirms the
impression of stability given by the first ballot.
The
Government
largest
as
leadership."
the Chautemps party, is
in the Popular Front Government
group
explained here before, is neither radical
socialist
terms
under Radical
Radical Socialists,
in
the
generally accepted
sense
this side, but represents the
on
for the
consisting
most
nor
of those
middle class
of small merchants,
part
landowners, and agricultural interests.
The
improved tone of the franc is indicated by the
fact that
during the week ended Oct. 15 the cable
New
in
York
ranged
3.3134
between
and
3.3754> whereas this week the rate ranged between
on
Paris
strongly in favor of the franc.
On
3.3634 and 3.39.
turned
more
The London check rate
Friday of last week the London rate closed at 147.06,
against this week's average prevailing rate of close
The discount
146.67.
future francs likewise
on
The 30-day rate declined to
234 points under spot, against a discount of 11 points
Oct. 5.
on
French currency is more or
less erratic.
Sometimes
the French stabilization fund has had to operate to
by
so
acquire further supplies of sterling.
however, the control had to reverse
sell sterling in
to hold its
doing
was
able
At other times,
its tactics and
order to support the franc and allow it
gains.
Despite the
narrower
discounts
on
futures, it has
been
pointed out, practically no interest is shown in
futures market, an indication that the longer
view of the French business
and economic situation
35.00
Friday,
dull with
Bankers' sight was
transfers
60-day bills at
91 'HE French franc continues to display the im1 proved tone which began to be apparent a week
the
Wednesday, Oct. 20
Referring to day-to-day rates sterling exchange on
Saturday last
Commercial sight bills
$4.95 1-16.
(FEDERAL
RESERVE BANK)
Monday,
$4,94 5-16,
at
$4.94^4.
to
Oct. 18
Monday,
$4,95 1-16,
and
Closing
$4.9534 l°r demand and
check the rise in the franc and
ON PARIS
Tuesday, Oct. 19
Saturday, Oct. 16
Saturday, Oct. 16
at
transfers.
range
Despite the net advance in francs, the market for
MEAN LONDON CHECK RATE
Monday,
were
narrowed materially.
during the week
Paris, the London
and the price
sight
cable
for
Friday
The
90-day bills at $4.94, documents for payment (60
premium of 1-16%.
The following
on
steady.
bankers'
$4.95 3-16 for cable transfers.
to
Week Ended Wednesday
$9,059,713
a
was
l°r
Friday sterling
$4.9534@S4.95 5-16
rate
Oct. 15.....
Oct. 14
rate
On
and,
GOLD HELD IN THE TREASURY'S INACTIVE FUND
1-64% and
was
$4.9534@$4.95J4 for cable trans¬
$4.95 1-16@$4.9534
was
the
held earmarked for foreign account.
Montreal
On
range
$4.95 3-16@$4.95 7-16 for
range was
bankers' sight and
V
$1,125,000
On Thursday $1,774,900 of gold was
but
The
steady.
was
London continued steady in limited
exchange
Front
Change in Gold Earmarked, for Foreign Account
Wednesday.
cable transfers $4.95^g@$4.95%.
$4.95}^@$4.955/8 lor bankers' sight and $4.95 3-16
@$4.95 11-16 for cable transfers.
On Thursday
The
received from
in
easy
$4.95 5-16@
country has expressed its confidence in the Popular
1,087,000 from India
above
Bankers' sight was
Wednesday sterling
$2,919,000 total
Net
pound continued
Tuesday the
trading.
Chautemps said:
$1,832,000 from Canada
The
On
$4.95 13-16;
reported by the Federal
YORK,
$4.95%@$4.95 15-16 for
sight and $4.95 13-16@$4.96 for cable trans¬
electorate
Reserve Bank of New York, was as follows:
GOLD
fers.
above the official American price of $35 an
was
ounce.
Prac¬
offer in the London
hoarders' account, although officially
for
Two-
four-months'
19-32%, and six-months' bills 23-32%.
tically all the gold
un¬
money
against bills is in supply at all times at 34% •
and
bankers'
fers.
increasing faster than the volume of imports.
The range was
easier.
was
limited
September, 1920.
2599
Chronicle
has
not
elections
become
any
more
cheerful.
have undoubtedly endorsed
and financial
program
of M.
While
the
the economic
Chautemps and M.
Bonnet, there is nothing to indicate a rapid improve¬
ment
in
the
underlying conditions.
The electoral
2600
Financial
endorsement implies the extension of working hours
and increased wages.
The necessity of the latter
is indicated
measure
by the cost of living index for
Paris for the third quarter, which shows a
figure of
630, against 606 in the preceding quarter and 504
the basis of 100 for 1914.
year ago, on
at the
now
a
The index is
highest point since 1930.
there
still
is
marked
a
reluctance
funds.
Such
an
trend
a
only be expected with
can
outlook.
However, the somewhat
now
Judging from the tactics of the stabilization fund
two weeks, it is thought
Ministry of Finance does not favor
be
to
as
balance
to
almost double that in
1,411,000,000
was
extent
an
The French import
exports.
September
that the
undue appre¬
an
value of the franc to such
harmful
in
September, 1936.
francs,
The total
year
13,280,000,000 francs, against 6,766,000,000 francs
in the
Belgas have made
past few days.
a
Only
marked
a
few weeks
within the
recovery
ments from Brussels to New York.
frequently
strictly exchange
which
were
Political
account.
on
uncertainties
causing obscurity in the belga situation
few weeks ago seem to
Premier Van
a
have subsided entirely and
Zeeland, it would
is again enjoy¬
seem,
5.26%.
levy
On Oct.
on
19 it
pegged around 5.26% to
announced that
was
capital of Italian corporations and
increase in the business transactions tax to
become
immediately effective.
This
10%
a
100%
a
3% would
taken to
was
indicate that the Government's financial position is
none
too
An exact analysis of the Italian
strong.
are
The Holland
and
transfers
especially firm, and the Scandina¬
data
economic
the
at
of
time
the
application of
funds
London,
have
and
The
following table shows the relation of the lead¬
Old Dollar
Parity
b France
(franc)
Belgium (belga)
Italy (lira)
This Week
a
6.63
16.95
5.26
32.67
40.20
3
68.06
5.26H to
23.01
increase
an
between Sept. 25 and Oct. 3, 1936.
b The franc cut from gold and allowed to "float"
The increase
against 147.06
New York
at
sight bills
on
on
on
on
Friday
Friday of last week.
In
Friday of last week;
3.38%, against 3.36%. Antwerp
on
belgas closed at 16.86 for bankers' sight bills and at
16.86 for cable
transfers, against 16.85% and 16.85%.
Final quotations for
Berlin marks
were
40.16% for
bankers' sight bills and 40.16% for cable transfers,
from
These
centers.
New
York,
transfers
are
of
guilders
9,800,000
18
gold
in
was
due to
fresh transfer of
a
gold to
exchange equalization fund
order to
replenish the fund's stock of guilders
following purchases of dollars during the week ended
11.
Informed opinion is that there will be no
serious withdrawals of Dutch funds from either New
London but that
or
ments
Swiss
the whole Dutch invest¬
on
this side will tend to increase.
on
francs
also
are
exceptionally
firm.
Wednesday's trading spot francs jumped from
since Oct.
In
firm
a
figure of 23.02 to the surprising close of 23.10.
Ever
11
30-day Swiss francs have been quoted
either flat or at a slight premium and
90-day Swiss
has been quoted generally at a
premium of one point
over
spot and frequently at two points over spot.
reported that
francs
one reason
It
for the firmness in Swiss
heavy liquidation by Swiss investors in
was
London and New York.
The
liquidation
was
followed
by withdrawal of Swiss balances from both centers,
with the result that the rate
forced up.
was
This
shows that commercial transactions at
present have
very
little effect
would not
be
on
foreign exchange quotations.
surprising if Swiss investors
their
London.
investments
a
ratio
in
both
In that event the rate
Such
a
real indication of the true
of
Bankers'
New
It
were
York
to
and
might well be
decline would afford
ex¬
no
underlying condition of the
The National Bank of Switzerland has
gold
reserves to
sight
on
on
notes of 181.21%.
Amsterdam
on
Friday at 55.29,
Friday of last week; cable transfers
55.29, against 55.29%; and commercial sight bills
at
55.23, against 55.23.
Swiss francs closed at 23.04
for checks and at 23.04 for cable
23.01% and 23.01%.
at
the French center finished
3.38, against 3.36 1-32
cable transfers at
5.26%
to 23.10
June 30.
Paris closed
by Dutch interests and
recalled
the central bank from the
transfers, against
Copenhagen checks finished
22.10% and cable transfers at 22.10%, against
22.15 and 22.15.
The London check rate
no
at
European currencies
on
be
can
the total standing at 1,300,100,000 guilders.
reserves,
3.39
55.28^ to 55.30
New dollar parity as before devaluation of the
at 146.22
36K to
16.85^ to 16.88H
8.91
19.30
Switzerland (franc)
Holland (guilder)
a
Parity
3.92
13.90
been
other
against 55.28%
Range
There
The Bank of The Netherlands statement for Oct.
shows
ing European currencies to the United States dollar:
New Dollar
quoted flat.
partly responsible for the firmness in the guilder.
Swiss franc.
economic sanctions.
are
able sales of American issues
pected to decline.
following suspension of all
sympathy with sterling.
doubt that iii recent weeks there have been consider¬
has
resumed
in close
throughout the week while both 30-
90-day guilders
increase
been
A
.
guilder has been ruling around 55.30 for
budgetary position is difficult, if not impossible, in
view of the fact that publication of
Treasury returns
not
Poland at
is
move
is
ing the complete confidence of the electorate.
The Italian lira continues
war
During the past
ing the possibility of gold shipment from Brussels
on
on
EXCHANGE on the countries Holland guilder and
generally firm.
The neutral during the
was
above 16.86, preclud¬
rose
0.74, against 0.74;
the Swiss franc
York
the belga
ago
ruling around 16.84%, resulting in heavy gold ship¬
week the rate
at
..
Oct.
corresponding 1936 period.
Aus¬
Finland at 2.20, against
Greek exchange closed at 0.91, against 0.91.
2.20.
in
import balance for the first nine months of this
is
Bucharest
on
Dutch
situation is beneficial to the franc.
ciation in the
transfers, against 5.26% and 5.26%.
schillings closed at 18.85, against 18.85; ex¬
change on Czechoslovakia at 3.50%, against 3.50%;
cable
more
Italian lire
trian
a
conciliatory
prevalent with respect to the Mediterranean
during the past
for cable
1937
23,
sight bills and at 5.26%
any means
extended repatriation of French
great improvement in the international political
very
tone
The easier
loans, however, is not by
indication of
an
to
and 40.17.
40.17
vian currencies
supply accommodation for longer term.
terms for short
comparison with
closed at 5.26 for bankers'
Since last week day-
to-day loans have frequently been quoted at 1 %%.
Nevertheless
in
18.92, against 18.92; and
The improved outlook has again put capital at the
disposal of the French market.
Oct.
Chronicle
Checks
on
Sweden closed at 25.53
and cable transfers at 25.53, against 25.58 and
25.58;
while checks on Norway finished at 24.88 and cable
transfers at 24.88 against 24.93
pesetas
are
not
and 24.93.
Spanish
quoted in New York.
EXCHANGE onfollow South American countries
the trends long familiar. All
continues
these
to
move
in
close
sympathy with
sterling-dollar fluctuations. ^The undertone is gener-
currencies
Volume
Financial
145
ally steady and inclined to firmness, while the export
and
position
general
Americans continues to point
Argentine
paper
of
prosperity
strongly upward.
closed
pesos
South
the
Friday of last
on
week; cable transfers at 33.02, against 33.07.
unofficial
against
rates,
or
free
market
30.00@30.03.
close
8.84, against 8.86.
were
market in milreis
was
The
29.75@29.85,
was
Brazilian
milreis,
The unofficial
with
it
Committee
the
official
free
or
5.50@5.65, against 5.70@5.80.
which
as
well
as
Industrial
for
Organization,
conflict between the two
clear that the
was
ganizations,
Friday, official
on
quotations at 33.02, against 33.07
2601
Chronicle
or¬
between the opposing theories
they represented, would dominate the pro¬
ceedings of the Federation until the issue
tled. The
meeting at Denver
was
was
set¬
in accord with this
expectation. With the exception of the National La¬
bor
Relations
Board,
which
came
in
for
some
pointed criticism regarding its administration of
the
Wagner Act, the fight between the Federation
Chilean exchange is nominally quoted at 5.19, against
and
5.19.
the time not
required for routine business, and even¬
tually, after
an
Peru is nominal at
25)4> against 2534*
EXCHANGE on the Far Eastern countries presents
features from those of
weeks.
no
to
recent
new
the
Thus far
Japanese
continues to be pegged
yen
sterling at the rate of Is. 2d.
Tokio
to
that
Japanese governmental control of
industry, finance, and labor,
the present
may
leading
few
a
days
of
"mobilization"
on
Council of the Federation reviewed the situation in
the
nation
will
wages,
cover
price
fixing,
dividend payments,
a
report which sharply censured the action of the
checks yesterday
Friday of last week.
labor
eral
raided
unions," the report declared, "has been
by organizations associated with the Commit¬
for Industrial
has
Organization.
ment
of labor
Hong¬
Hate
and bitterness have been substituted for co¬
operation and goodwill.
been resorted to
at
50 3-16,
3-16; against
50 3-16;
against
Singapore
at
58.30; Bombay at 37.40, against
37.48; and Calcutta at 37.40, againstJJ7.48.
Gold Bullion in European
Banks
exchange) in the principal European banks
us
as
corresponding dates in the previous
four years:
1937
of
1936
1935
1934
£
Bants
£
£
£
England...
328,060,560
249,677,252
France
293,710,643
498,869,937
2,497,150
2,043,750
88,092,000
Germany b.
c87,323,000
Spain
Italy
195,180,637
575,700,553
2,916,650
90,389,000
45.981,000
46.818,000
a25,232,000
42,575.000
107,568,000
100,068,000
79,578,000
107,680,000
75,559,000
99,177,000
25,980,000
24,191,000
Denmark..
6,548,000
6,552,000
Norway
6,602,000
6,604,000
20,898,000
6,555,000
6,602,000
Netherlands
Nat. Belg..
Switzerland
Sweden
47.491.000
46,639,000
192,658,261
659,864.389
3,036,650
90,627,000
67,198,000
73,143,000
75,253,000
67,241,000
15,650,000
7,396,000
6,580,000
1933
£
191,786,845
654,288,554
16,061,050
90,412,000
76.164,000
72,833,000
77,407,000
61,598,000
14,136,000
7,397,000
6,570,000
Total week.
1,063,167,353 1,149,334,939 1,136,856,840 1,258,847,300 1,268,653,449
Prev. week.
Amount held Dec. 31.
reported at £1,002,750.
c Amount held Aug. 1, 1836, latest figure available.
The gold of the Bank of France was revalued on July 23, 1937, at 43 milligrams
of gold, 0.9 fine, equal to one franc; this was the second change In the gold's value
within lees than a year, the previous revaluation took place on Sept. 26, 1936.
when the gold was given a value of 49 milligrams to the franc as compared with
66.5 mgs. wevlously.
On the basis of 65.5 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs. about 165 francs equaled £1 sterling, and at
43 mgs., there are about 190 francs to £1.
accordingly recommended
represented in the conference agree
meeting,
consider, at the Denver
of their
or
called upon to affiliate
chartered local unions be
with State labor
federations and city central bodies,
all local unions
and
"that
and
international
in
Organization be dissoci¬
membership in State Federations of labor
the Comittee
ated from
chartered by national
unions holding membership
for Industrial
city central bodies
directly chartered by" the
Federation.
In
a
speech at Dallas, on Labor Day,
Unity for American Labor
of
Labor, at Denver, will probably be found to have
a
ods in the
Ever
dividing line between two important peri¬
history of the American labor movement.
since the
Tampa convention, last year, took
preliminary steps looking to the expulsion from the
Federation of unions
which
had
allied themselves
William
the Federation, charged the
with breaking up the "united fam¬
Green, President of
Lewis Committee
ily" of labor, scored the support which
had received from Communists,
The recent convention of the American Federation
marked
an
members, with voluntary advancement
mittee
Division
which was
assessment
of
the amount pending action by the convention; that
aggressive organizing campaigns be undertaken by
the unions in cooperation with the Federation; that
to
and
1936. latest figure available,
b Gold holdings of the
the amount of which is now
Bank of Germany are exclusive of gold held abroad,
resorted to in the splitting,
The Executive Council
that the unions
1,061,589,846 1,150,080,205 1,137,054,833 1,257,258,687 1,270,329,930
■
their membership and become asso¬
"The most reprehen¬
tearing, driving, cruel policy of division
launched within the ranks of labor."
of
by special cable yesterday (Friday); comparisons
shown for the
Organization in order to compel mem¬
with" the Fed¬
of bona fide unions affiliated
sible tactics have been
respective dates of most recent statements, reported
are
bers
Violence and force have
by the advocates of the Committee
ciated with" the Committee.
par
to
for Industrial
eration "to drop
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
of
The great move¬
been ripped and torn asunder.
were
Shanghai at 29 9-16@29 23-32, against 29.55@29%;
Manila
organizations and Fed¬
international unions, local
tee
yen
"The jurisdiction of national and
Lewis Committee.
kong closed at 31 1-16@31 J4 against 31.08@31 5-32;
58
meet¬
conference of representatives of national
tion, held at Cincinnati late in May, the Executive
army
measures.
28.81, against 28.91
a
and
legislation
Closing quotations for
At
and international unions affiliated with the Federa¬
It is predicted that the
peace.
and other control
theory and organization had already been
foreshadowed in the interval since the Tampa
journal
financial
ranking officers of the
government regulation of
preoccupation of the convention with the is¬
of
sues
that after long study by
Japanese
ago
obtained to control the economic life of
time
arranged upon whose outcome the
was
to a considerable extent depend.
The
ing.
it has been decided that authority must be
in
conference
"emergency" war-time regulations, is in
civilian officials and
even
rigid than
more
exchange of communications couched
language of unwonted violence on both sides, a
A
prospect.
navy
even
practically monopolized
immediate future of the American labor movement
dispatches informed quarters there believe
permanent
asserted
According
per yen.
in
the Lewis Committee
the Com¬
and de¬
by
Nevertheless,
ever since the Committee was formed the Executive
Council of the Federation, he declared, "has dis¬
creetly and patiently pleaded for a conference for
the purpose of healing the breach," and "a standing
committee of three distinguished representatives of
labor has been ready and willing" to confer. On
nounced the sit-down
the
Committee
strike and the disregard
of labor
contracts.
2602
Oct.
Financial
1, in what
correspondent
described by
was
"one
as
of
the
a
well-informed
belligerent
most
Chronicle
Oct.
nications exchanged
an
speeches of his career," Mr. Green declared that the
which
members of the Federation will
credit upon the
enemies
as
"go out fighting
have done in the last
we
year," and
nounced that "those who want to work with
believe in
philosophy
our
do not believe in
avowed Samuel
can
our
an¬
and
us
Gompers and all his teachings
may
The
report of the Executive Council of the Feder¬
may
perhaps be dismissed
If the
driven forward
by the force
consuming ambition to gain control of the
ganized labor movement and to establish his
political
independent
party,"
and
or¬
own
recommended
that the convention authorize the Council to revoke
the charters of the ten international
under
suspension, which
report, bristling with denunci¬
adopted
a
On Oct. 11 the
atory expressions, which flayed the Committee and
its leaders.
The issue of industrial unionism
nounced
a
as
Committee
was
de¬
"sham," the political activities of the
excoriated, and
were
Mr.
Lewis
and
Green
Mr.
and
are
importance for the future of American
unions
cannot
into two hostile camps,
for
be
mass
or
harmonized within
a
each struggling desperately
leadership and between them adding seriously to
of
difficulties
the
Organization.
Mr.
questions at issue, however,
single organization, labor must continue to be split
the
convention
sub¬
diffi¬
some
If the interests of craft unions and
industrial
unions, already
mittee for Industrial
rivalries of
Two other
labor.
members of the Com¬
were
agree¬
can
hurdles, not the least of which will be presented
by the personal
of the utmost
was
organization
scribe, it will be only after surmounting
Committee, added the charge that "the leader of the
a
examples of in¬
as
Washington conference reaches any
Lewis.
C. I. O. movement
no
"blowing off steam."
ation, in reviewing the controversy with the Lewis
of
of
spokesmen for either organization,
ment whatever to which either
cult
get out of the A. F. of L. and stay out."
were
preceded them, but while they reflected
evitable
remain, but those who
philosophy and who have dis¬
our
they
between the two bodies
1937
heated character than the statements
more
even
23,
employers.
The predicament of
employer is already being foreshadowed by the
action of the National Labor Relations Board in
ognizing,
Act, craft
groups
in industries in which the Com¬
mittee for Industrial
of
matter
Organization unions have also
collective
accorded
been
rec¬
bargaining units under the Wagner
as
bargaining rights.
As
a
fact, the organization of the American
Sidney Hillman, the latter President of the Amal¬
Federation
gamated Clothing Workers of America,
types of union, and while the Federation has unques¬
up
the Caesar and Maehiavelli, respectively, of
as
The
the movement.
special committee "for peaceful
negotiations," however,
the
held
were
same
continued, although at
was
time the Executive Council
to revoke the charters of
tions which refuse
"any
all of the organiza¬
or
to return
impowered
was
the
to
ranks
of
our
movement."
belligerent attitude, the outlook
"peaceful negotiations" did not
skies
were
Lewis
not
cleared
at Atlantic
seem
bright. The
by the statements of Mr.
City, where
Industrial
Committee
for
summoned.
Referring in
the
recognition
tionably neglected the unskilled
workers and
be
should
would be
why that policy
reason
A
divided
labor
prove
movement
employ¬
disastrous to organized
a
conference of the
Organization had
a press
interview,
The second main point of difference
•;;;
litical
pers,
an
Oct.
or
on
the American Federation has refused to ally
itself with any
been
one
of
understanding is that
complete
have
we
association in fact with the A. F. of L.
We
are
Neither
candidates.
members'
Our
political party
or
commit itself,
vote.
Denver
the
able
been
ever
Republicans
to
command
nor
Democrats
Federation
the
Moreover, down to and including
convention, the Federation has consis¬
tently opposed intervention by the Federal Govern¬
separate and apart." As for Mr. Green's announce¬
ment in
ment "that the A. F. of L.
criticized the National Labor Board for its
is
some
was
going to crush the
mysterious fashion,
...
his threat
merely silly conversation."
The forces of
tion, however,
or
at work
on
were
at least of negotia¬
both sides.
The
em¬
phasis which the Federation had placed upon the in¬
Committee for Industrial
labor
disputes, and at Denver it sharply
assumption of the functions of mediation
tion.
compromise
as
organization, to the support of party platforms
Lewis declared that "our attitude is
indifference.
concerns po¬
activity. Ever since the days of Samuel Gom¬
10, to the action of the American Federation, Mr.
C. I. O. in
both
lesser skilled
added embarrassment to many
but it might well
ers,
no
continued.
an
or
of
thereby given the Lewis Committee its
opportunity, there is
have
no
for
labor itself.
In the face of this
for
provides
on
The Committee
the other
Labor
for
Industrial
or
alleged
arbitra¬
Organization,
hand, is the mainstay of the American
Party, and Mr. Lewis is openly charged with
having intimated to President Roosevelt that the
fluence
of
Organiza¬
$500,000 which Mr. Lewis's union, the United Mine
tion in
disrupting the unity of the labor movement
Workers, contributed to the Roosevelt campaign in
the
evidently had
Oct.
12
effect
some
the conference
upon
Mr. Lewis, and
at Atlantic
City, in
on
long
a
1936
was
not
given without expectation of reward.
If the American labor
movement, in addition to los¬
telegram to the Federation, declared "as its very
ing unity, is
definite
bership marshaled behind Mr. Lewis
policy, that it is entirely in favor of
fied labor
at
an
The
movement," and proposed
early date with
uni¬
ficialdom, to direct political action, the protection
organization.' The proposal
to
rejected by Mr. Green
criticism of the
as
"insincere," and there
proposed committees
as
much
large, but on Oct. 14 the Federation consented
parley.
The Lewis Committee agreed to limit its
conference
representatives to ten, the Federation
agreed
that number,
to
scheduled for the
mem¬
acknowl¬
edged party leader and committed, through its of¬
100 members from each
too
as an
conference
a
suggested, should consist of
was
to have a large section of its
committee of the Federation.
was
was
committees, it
a
a
now
and the
conference
25th, at Washington. The
was
commu¬
and
improvement of the economic status of labor
which has been
ation's only
tation
repeatedly proclaimed
as
the Feder¬
aim will be submerged in political agi¬
and the
personal ambitions cf political
as¬
pirants.
The
Washington conference obviously has
task before it.
It must decide whether
unity
a
hard
or an¬
tagonism shall continue to characterize labor poli¬
cies, it must define the political attitude of
organ-
Volume
ized
Financial
145
labor, and it must find places for both Mr.
Green and Mr Lewis
the other.
the
The
subordinate
or
hope for
demand for peace
success
one
of them to
lies in reports that
2603
Chronicle
if
foreign to their thought.
was
war
Chancellor
talked
The German
the Italian Premier have met and
and
things over, but their agreements or under¬
is being pressed, not by op¬
standings, if there were any, have been expressed
posing leaders but by the labor rank and file who are
only in platitudes. No British Government has ever
becoming "fed up" with strife and declamation.
seemed
there is
If
so
reluctant
as
the
present one to say any¬
from that quar¬
thing that might occasion concern anywhere, and
ter, the warring chieftains may be moved to come to
France, engrossed with financial and economic prob¬
lems for which no solution seems yet to have been
actually
serious
a
pressure
terms.
found, is in
Anyone who reads attentively the European po¬
litical
read
from
news
been
ing
by the
way
in which diplomacy has
marking time. For six months, at least, noth¬
very
important
the record is
for
day to day, and recalls what he
yesterday or a month or two ago, must often
have been struck
a
hardly
seems
more
to have happened, and
notable if it is carried back
There have been conferences, delibera¬
year.
tions, consultations and conversations galore, and
declarations
interviews without end, but a search for
documents, diplomatic notes, speeches,
or
press
the concrete fruit of all these activities and
outgiv¬
of Europe does not
appeared, and with them what
seemed to be serious
apprehensions
or
thinly-veiled
clouds have presently dis¬
murky gray and the break, or
was feared, has failed to de¬
threats, but the black
solved into
a
dull and
whatever it was that
fallen upon
of all the
things that have been broached there has been every¬
where apparent a remarkable inability to decide.
velop. A pall of incapacity seems to have
European foreign offices, and in spite
the
illustrations of this curious temper
The
lie
afforded
by the chief center of diplomatic and political in¬
terest, namely, the civil war in Spain. Here the pro¬
gram of non-intervention has completely broken
down under the
futile
weight of interminable debate over
proposals.
How genuine the desire to avoid
quarter may, indeed,
intervention has been in any
be
questioned, but it has seemed at times to
cere
in Great Britain
be sin¬
and, with important qualifi¬
much significance
has actually been done.
The well known, if some¬
what disguised, intentions of Italy and Germany to
help the Franco forces, and of Soviet Russia to help
the Lovalists, have not been circumvented notwithstanding that all three of those Powers have taken
part in non-intervention conferences and indicated
cations, in France, yet nothing of
conditions under which they
act.
might be disposed to
coasts has not
introduction of men
supplies for either belligerent, the "pirate hunt"
The
joint patrol of the Spanish
seriously interfered with the
and
in
the
Mediterranean was never
expected to have
either Spanish side, and
the threat of France to open its border if non-inter¬
vention was not enforced has come to nothing. After
much, if any, effect upon
proposal for joint action
weeks, Italy, accord¬
ing to the latest announcement from Rome, has
about 40,0(10 "volunteers" in Spain, German "volun¬
teers" to an unknown number are helping General
a
year
in which some new
has been
Franco,
put forward every few
and the downfall of
seems near
the Loyalist regime
at hand.
The record is no better
elsewhere in Europe. Ar¬
being pushed at top speed, al¬
though with disappointing results thus far in the
case of Great Britain, but statesmen still speak as
mament programs are
know it despite the obvious ap¬
Sooner
still to be revealed.
General Franco is
the terms
The
are
or
later, presumably, if
successful, the Powers that have
aided him will demand their
reward, but here, again,
only matters of speculation.
injection of the Sino-Japanese controversy
into this
of
arena
indecision, accordingly, raises dis¬
In initiating a conference of
turbing possibilities.
the Powers whch
signed,
or
which later accepted, the
Treaty the League of Nations was, of
entirely within its rights, since the League,
course,
notwithstanding its demonstrated feebleness, still
claims
a
general responsibility for the peace of the
world, and China is a member of the League. It was
also within its
conduct of
rights in formally condemning the
Japan, if for no better reason than that
nothing could prevent it from making such a decla¬
ration if it chose to do so.
the resolution
ference
dent
was
and
ton,
adopted on the same day on which Presi¬
Roosevelt
that the
The fact, however, that
censuring Japan and proposing a con¬
made
his Chicago
speech suggests
inspiration owed something to Washing¬
was
not an independent action of the
notice that Mr.
particu¬
larly in mind, by implication included Germany and
Italy in his rebuke, and that the League, accord¬
ingly, dealt with only a part of the challenge which
League, but it should also not escape
Roosevelt, while evidently having Japan
Mr. Roosevelt threw down.
None of the
signatory Powers has appeared anx¬
ious to entertain the conference.
Great Britain was
would be
it was felt,
give undue prominence to the interest of the
reported as doubting that a conference
useful, and a meeting at Washington,
might
7
t/
any
signs in North Africa or the Near East, they have
on
hand, but the most striking are those
every
contemplates
prehension; if Italy has any further territorial de¬
From time to time
ings is likely to prove baffling.
If Germany
aggressive movements in Eastern Europe, the rest
Nine-Power
tense moments have
position to take a definite stand on
no
international issues.
The Politics of Indecision
United States.
It remained for Belgium,
prompted
with the approval of
Washington, to offer the hospitality of Brussels.
Diplomatic experience has indicated that a con¬
by the British Government and
ference which is not more or
for in
advance is
less carefully prepared
likely to prove a failure
If any
conference at
Brussels, the public has not been allowed to know
what they are. What Power will appear as complain¬
ant against Japan,
how the complaint will be
framed, whether Japan will be given an opportunity
preparations are being made for the
for
a
full statement of its case, or
tions will be advanced
that the Nine-Power
Treaty is found to have been
olated, are questions in
is still in the
dark.
gate, "of course
regard to which the public
President Roosevelt de¬
H. Davis, the American dele¬
will enter the conference without
commitments on the part of this Government
other Governments," and his radio speech of Oct.
any
to
vi¬
In a statement issued at Hyde
Park, N. Y., on Tuesday,
clared that Norman
what recommenda¬
for discussion in the event
2604
12
Financial
quoted in the statement that "the
was
this conference will be to seek
tion of the present
Whether
Mr.
ment late in
of
a
of
evening, had in mind
comes
day by Senator Hiram Johnson
was
the
not divulged, but the Johnson
pointed comments and asked
Japanese, but this is
We want
tions who will receive
that
us
us
another nation must be
a
are
which
has
is in the
nation says that
Johnson
Power
is
the
internationalists,"
continued, "the signatories of the Nine-
Treaty
to be called together. Suppose,
are
as
likely, they decide Japan must be stopped, who is
furnish
to
the
and the
men
money?
If Japan is
not
'quarantined' by the remaining signatories
and
they indulge in notes with
cendo, will not
a
diminishing
...
cres¬
country's conduct be deemed
our
Until the balance
.
.
and the League under his leadership
.
navy
levying sanctions against Japan.
of what nation is to be employed to stop the
ships of those taking supplies to Japan?
this
The
thing is considered, unless
words the ultimate
answer
However
heavily,
States, under such circum¬
or
Far
con¬
troversies
which involve half the countries of the
world, shows
which
ignorance of foreign affairs for
an
geographical remoteness is
there
con¬
of the ques¬
situation, and call for joint action in
Eastern
was
If
no excuse.
time when the United
a
ever
States should
keep out of the affairs of other nations, and shun
associations
decides upon
more
seem out
stances, to inject itself into the European
more
Nations,
the
on
the credit of internationalism itself
even
apparently
the leadership of the League of
tips
policies
For the United
is low.
pusillanimous and ridiculous? Again, the President
assumes
large
on a
Democracy is
defensive, awaiting developments but preparing for
tion, and
Senator
Dictatorship
but it is not yet ready to try
scale the conclusion of force.
'quarantined' because of its
convinced
are
arms.
saddle, and riding hard in exercises and
maneuvers,
structive international
to
end to
an
ultimate conflict at
presages an
at stake,
by the word and how far he is going."
of Powers
or group
political ideas which most observers
defense.
"According
insist, at the present junc¬
something" and put
brutality and inhumanity, if that responsible ruler
means
so
a policy
marking time. Back of the hesitation which grips
the European Powers is a fundamental conflict of
na¬
democracy he should tell his people what he
characterize
European diplomacy.
be of
a
to
come
of
the world.
save
mystery when lives
no
indecision
should "do
with open arms and tell
responsible ruler of
a
welching
any con¬
great change
a
situation, the Brussels
ture, that this or that Power
from embarking
cry
union with
must lead mankind and
we
There should be
and when
far
a
no
States, will make
importance. Unless
It would be foolish to
deepest sympathy for the Chinese and abhorrence of
the
of the political embarrass¬
aware
the face of the
over
much of
China, Senator Johnson said, "arouse the
in the conflict.
1937
meeting will afford merely another illustration of
pertinent questions that deserve consideration.
Events in
23,
Europe and the overwhelming anti-war
cessions of real
statement
a
some
statement made
some
in
sentiment in the United
member of the Senate Foreign Rela¬
Committee,
Oct.
Japan, well
ments
solu¬
a
Roosevelt, who released his state¬
the
California,
that
situation in China."
issued earlier in the
tions
purpose
by agreement
Chronicle
whose
only fruit
talk about "moral
the time is
seems
What can't be
now.
likely to be
principles and generalities,"
cured,
so runs
proverb, must be endured, and there is
no cure
present troubles in any collective action that
the
for
can
be foreseen.
now
nothing but
we mean
must be the exercise of
The Course of the Bond Market
force—war."
The
A
London
correspondent
"Times," writing
of the British
of
the
Government, reported
growing im¬
a
a program
sion of
moral
principles and generalities.
likely that
any
nothing to do with sanctions
suggesting them.
..
.
or
likely
.
.
that
regard.
acts
aggressor,'
even
eye
...
attempt
for this would merely
Britain is
actually
this, of
remotely
to eye with
approve an
embarrassing verbiage at
All
even
strong impres¬
a
sees
constitute
events than with
It
Neither is it considered
that Britain would
.
to 'define the
discus¬
Britain will have
And there is
sion here that the United States
in
a
proposals entailing punitive
steps will be quashed privately.
Britain
ex¬
of action. In fact, there
apparent inclination to restrict it to
seems
not
was
bond
a
time when
more engrossed with
European
time the conference meets.
brought
Baa
the
group
week's decline in
down to
its
remain
still
well above
this
year's low.
On
level
of
little,
very
Monday
and
Tuesday many speculative bonds lost four and five points
day, resulting in
This
a
corrected,
was
precipitous decline for the averages.
however,
Wednesday and Thursday.
week at levels
average,
with
somewhat
some
by
a
substantial
rally
on
The general market closed the
those of
near
a
week
ago, on
the
individual groups, however, registering
gains and others losses.
High-grade
railroad
%;
gained
Union
have
bonds
sustained
Pacific
4s,
2008,
declined
Second-grade and speculative railroad bonds,
going
severe
were
points
up
price
%
to
105%.
after under¬
price losses during the week, managed to show
week's prices.
gains compared with last
54
small
New York Central 3%s, 1997, at 94%
declines this week.
Erie 5s, 1975, at
2 points; Illinois Central 4%s, 1966, closed 3%
higher
48%.
at
Defaulted
railroad
bonds,
after
reaching many new lows during the week, have made price
gains in sympathy with the general market.
New Haven
4%s, 1967, advanced 2 to 25%.
the Far East."
course, may
extraordinary proportions of this
prices
March, 1935, whereas the Aaa's, which declined
per
pected to develop
an
York
Monday regarding the attitude
on
pression "that the Brussels meeting
is
New
change radically by the
As matters
now
Medium-grade
and
speculative
utility bonds
have
been
On Monday and Tuesday many utility issues
highly erratic.
stand,
however, the United States is going into the con¬
nounced, however, and by Friday some issues had registered
ference either with
a
or
else with
ing in
definite proposals of its
own,
proposals which the President is guard¬
secrecy.
hajs good
no
With the exception of China, which
for resentment
reason
there is not the
other Powers
are
against Japan,
slightest evidence that
any
of the
interested in the conference
or
tend to allow themselves to be involved in any
for
putting either forcible
Japan.
or
economic pressure
There is equally little
reason
in¬
plan
upon
for expecting
lost from 5 to
net
6s,
15 points.
Subsequent recoveries
were
pro¬
American Water Works & Electric
gain for the week.
1975, closed at par, off
%; Long Island
Lighting 6s,
1945, declined 1% to 103; West Penn Electric 5s, 2030, lost
5
points at 94;
vanced 1
1
to
off
35;
1%.
to
International
Hydro-Electric 6s, 1944, ad¬
64; Associated Gas & Electric 4%s, 1948, fell
Standard Gas &
Electric 6s, 1935, at 52%
were
During the week high grades have fluctuated some¬
what
more
The
unsettlement
than usual, but net
has
results have been unchanged.
necessitated
the
postponement
or
withdrawal of several scheduled security offerings, however.
All
grades
of industrial
bonds reacted in the early part
Volume
of the week, but a brisk recovery later
week's closing prices.
last
above
tions
have
Goodyear
103%.
been
Tire
among
&
the
Rubber
most
5s,
sizable gains,
closing at
par,
2
up
carried many issues
Rubber
over a
week
of the steels have
In the paper section,
ago.
Co.
(Del)
4s,
91.
the
Armour
they had added 4%.
MOODY'S BOND
Net changes among
been
After absorbing
the
U. S.
AU
Govt.
Daily
Bonds
Averages
bond prices and bond yield averages
Moody's computed
given in the following tables:
are
BOND
YIELD
(REVISED)
AVERAGES
(Based on Individual Closing Prices)
All 120
120 Domestic Corporate *
120 Domestic
Domes¬
120 Domestic
by Ratings
Corporate by Groups *
1937
A
Baa
h.
R.
P.
30
For
Daily
tic
U.
Indus.
Averages
Corp.
tic
Aa
South Amer¬
of the lost ground, while
own.
Corporate by Groups *
Aaa
of
German bonds have held their
Japanese have firmed up.
MOODY'S
by Ratings
Corp*
proportions.
heavy liquidation in the earlier part
The speculative group among
leading.
PRICES (REVISED)
120 Domestic Corporate *
120
Domes¬
fractional
of
ican issues has also regained part
(Based, on Average Yields)
1937
generally
week, foreign bonds rallied sharply, with Italian obliga¬
tions
1955, led the packing company group on
the up-side; at 95
have
oils
Liquor issues have displayed a firm tone.
rally,
higher at
Youngstown Sheet & Tube 4s, 1961,
Container Corp. 5s, 1943, were off 4 points at
&
the
in
closing 1%
many
obliga¬
company
prominent
1957,
Since the early recession,
recorded
2605
Financial Chronicle
145
Aaa
Aa
A
Baa
R.
R.
P.
U.
Indus.
eigne
5.77
Oct. 22- 108.34
96.44
113.48
107.30
95.95
75.58
85.93
98.28
106.54
Oct. 22..
4.21
3.29
3.60
4.24
5.71
4.90
4.10
3.64
21- 108.37
95.78
113.27
106.73
95.13
74.78
84.96
97.78
106.36
21-
4.25
3.30
3.63
4.29
5.78
4.97
4.13
3.65
4.33
5.91
5.06
4.17
3.70
•—
...
20— 108.25
94.81
112.86
105.98
94.49
73.31
83.73
97.11
105.41
20-
4.31
3.32
3.67
19- 108.05
93.69
112.86
105.98
93.37
71.15
82.40
96.28
104.48
19-
4.38
3.32
3.67
4.40
6.11
5.16
4.22
3.75
84.14
97.61
105.04
18-
4.30
3.30
3.62
4.32
5.94
5.03
4.14
3.72
18- 108.55
94.97
113.27
106.92
94.65
72.98
16- 108.46
95.95
113.48
107.11
95.46
74.66
85.38
97.95
105.98
16-
4.24
3.29
3.61
4.27
5.79
4.94
4.12
3.67
15- 108.44
96.28
113.48
107.11
95.62
75.24
85.93
98.11
106.17
15-
4.22
3.29
3.61
4.26
5.74
4.90
4.11
3.66
14- 108.39
96.61
113.27
107.30
96.11
76.05
86.50
98.62
106.36
14..
4.20
3.30
3.60
3.65
13-
96.78
113.27
107.49
96.44
76.17
86.64
98.62
106.54
13-
4.19
108.31
Exchan ge Clos ed
12— Stock
12- Stock
.
4.23
5.67
4.86
4.08
4.21
3.59
3.30
Exchan ge Clos ed
4.20
3.29
3.59
6.66
4.85
4.08
3.64
5.56
4.81
4.05
«...
5~75
3.63
108.34
97.28
113.48
107.49
96.61
77.36
87.21
99.14
106.73
11-
4.16
9- 108.41
97.61
113.48
107.88
96.94
77.96
87.93
99.31
107.11
9-
4.14
3.29
3.57
4.18
5.51
4.76
4 04
97.78
113.48
108.08
97.11
78.33
88.36
99.14
107.30
8-
4.13
3.29
3.56
4.17
5.48
4.73
4.05
...
3.61
8- 108.39
3.60
11
—
...
5~.59
7- 108.39
113.48
108.08
97.11
78.58
88.65
99.14
107.11
7-
4.17
6.46
4.71
4.05
3 61
97.95
113.27
108.08
97.28
78.70
88.80
99.31
107.11
6-
4.12
3.30
3.56
4.16
5.45
4.70
4.04
3 61
5— 108.43
98.11
113.27
108.08
97.45
78.82
88.80
99.48
107.11
5-
4.11
3.30
3.56
4.16
5.44
4.70
4.03
3.61
4- 108.44
98.62
113.48
108.66
97.95
79.70
89.69
99.83
107.49
4-
4.08
3.29
3.53
4.12
5.37
4.64
4.01
3.59
2— 108.38
98.62
113.48
108.66
98.11
79.45
89.55
99.83
107.69
2-
4.08
3.29
3.53
4.11
5.39
4.65
4.01
3.58
1— 108.36
W
97.95
6- 108.38
98.45
113.48
108.66
97.95
79.32
89.25
99.83
107.69
1-
4.09
3.29
3.53
4.12
5.40
4.67
4.01
3.58
5.42
3.58
4.12
3.29
3.56
mmm
mm
■
''mmm
■
mm -
TI7o olrl 11
wv eeKiy—
CtsMjf
Sept.24.. 108.47
98.45
113.27
108.46
98.11
79.20
88.95
100.00
107.69
Sept .24..
4.09
3.30
3.54
4.11
5.41
4.69
4.00
17— 108.36
99.66
113.48
109.24
98.97
81.48
90.59
100.53
108.85
17-
4.02
3.29
3.50
4.06
5.23
4.58
3.97
3.52
5.39
5.33
10- 107.78
99.66
113.27
109.24
99.14
81.74
90.90
100.38
108.46
10-
4.02
3.30
3.60
4.05
5.21
4.66
3.95
3.54
5.38
3- 108.04
100.70
113.68
100.64
99.66
83.60
92.12
101.58
109.24
3-
109.24
3.96
3.28
3.48
4.02
5.07
4.48
3.91
3.50
6.28
3 27
3.49
4.02
6.04
4.45
3.91
8.50
6 28
108.28
100.70
113.89
109.44
99.66
84.01
92.59
101.58
—
3.96
20- 108.86
101.06
114.09
109.84
100.00
84.41
92.75
101.94
109.64
20-
3.94
3.26
3.47
4.00
6.01
4.44
3.89
3.48
6.33
13— 109.12
101.76
114.93
110.63
100.88
84.83
94.01
102.30
110.24
13-
3.90
3.22
3.43
3.95
4.98
4.36
3.87
3 45
5 08
6— 109.49
101.76
114.72
111.03
100.88
84.55
93.85
102.12
110.24
6-
3.90
3 23
3 41
3 95
5 00
4 37
3 88
3 46
6.09
July 30- 109.52
101.58
114.72
110.63
100.70
84.28
93.85
101.94
109.84
July 30..
3.91
3.23
3.43
3.96
5.02
4.37
3.89
3.47
6.13
101.76
109.24
23-
3.90
3.26
3.43
3.95
4.96
4.30
3.90
3.50
6.13
Aug. 27
—
AUg. 27
23- 109.22
101.76
114.09
110.63
100.88
85.10
94.97
16- 108.90
101.58
113.89
110.24
100.53
85.24
94.97
101.58
108.85
16-
3.91
3.27
3.45
3.97
4.96
4 30
3.91
3.52
5.20
100 53
85.24
95.13
101.06
109.24
9-
3.91
3.27
3.45
3.97
4.95
4.29
3 94
3.50
5.16
9-
108.59
101.58
113 89
110 24
2-
108.39
100.38
113.68
109.84
100.00
83.87
94.33
100.18
108.66
2-
3.95
3.28
3.47
4.00
6.05
4.34
3.99
3.53
5.17
June 26..
108.36
100.70
113.48
109.64
99.83
93.87
94.33
99.83
108.66
June 25..
3.96
3.29
3.48
4.01
5.06
4.34
4.01
3.63
6.12
18-
3.92
3.27
3.45
3.98
4.96
4.29
3 96
3.50
5.13
18-
108.44
101.41
113.89
110.24
100.35
85.10
95.13
100.70
109.24
11-
108.53
101.76
113.89
110.43
100.70
85.65
95.95
100.88
109.24
11-
3.90
3.27
3.44
3.96
4.92
4.24
3.96
3.50
95.46
100.70
109 05
4-
3.91
3.29
3.45
3.98
4.92
4.27
3.96
3.51
5.11
5.19
108.59
101 58
113 48
110 24
100.35
85.65
May28- 108.73
101.41
113.27
110.04
100.35
85.65
95.62
100.63
108.85
May 28..
3.92
3.30
3.46
3.98
4.92
4.26
3.97
3.52
113.07
109.84
100.35
86.07
95.46
100.88
108.66
21-
3.91
3.31
3.47
3.98
4.89
4.27
3.95
3.53
5.27
4.88
4.29
3.95
3.55
6.38
4-
21.. 108.22
101.58
m *
«
-
14-
107.97
101.23
112.25
109.44
99.83
86.21
95.13
100.88
108.27
14-
3.93
3.35
3.49
4.01
7—
108.03
101.58
112.45
109.05
100.18
87.21
95.78
101.23
108.08
7-
3.91
3.34
3.51
3.99
4.81
4.25
3.93
3.56
5.37
Apr. 30— 107.59
23- 107.17
100.70
111.43
108.27
99.48
86.50
94.97
100.70
106.92
Apr. 30..
3 96
3.39
3.55
4.03
4.86
4.30
3.96
3 62
6.41
100.70
111.23
107.69
99.48
86.92
95.29
100.70
106.54
23-
3.96
3.40
3.58
4.03
4.83
4.28
3.96
3.64
6.31
95.62
100.70
106 64
16-
3.96
3.41
3.57
4.03
4.81
4.26
3 96
3 64
5.33
16-
107.79
100.70
111.03
107.88
99.48
87.21
9-
107.23
99.48
109.64
107.11
98.45
85.65
94.49
99.31
105.41
9-
4.03
3.48
3 61
4.09
4.92
4.33
4.04
3 70
5.33
2-
107.19
100.18
110.63
107.49
98.80
86.64
95.13
99.83
106.17
2-
3.99
3.43
3.69
4.07
4.85
4.29
4.01
3.66
5.36
3.63
4.03
4.76
4.23
3.96
3.60
6.33
Mar 25—
108.40
101.23
111.84
108.27
99.48
87.93
96.11
100.70
107.30
Mar.25—
3 93
3.37
19-
109.32
101.23
111.84
108.46
99.14
87.93
96.11
100.88
107.30
lO-
3.93
3.37
3.54
4.05
4.76
4.23
3.95
3.60
6.26
101.76
108.27
rn..
3.87
3.32
3.50
3.98
4.66
4.15
3.90
3.55
5.30
3.49
5 24
12-
110.76
102.30
112.86
109.24
100.35
89.40
97.45
5-
111.82
103.74
114.09
110.43
101.76
90.75
98.45
103.38
109.44
6„
3.79
3 26
4.55
3.90
4.67
4.09
3 81
114.72
110.83
102 12
90.59
98.62
103.93
109.84
Feb. 26-
3.78
3.23
3.42
3.88
4.68
4.08
3.78
4.47
6.13
4.55
4.06
3.77
3.49
5 13
Feb. 26-
112.18
103.93
.
112.12
104.11
114.30
110.83
102.48
91 05
98.97
104.11
109.44
19-
3.77
3 25
3.42
3.86
11— 112.20
104.48
114.93
111 03
102.84
91.51
99.66
104.30
110.04
11-
3.76
3.22
3.41
3.84
4.52
4.02
3.76
3.46
5.18
5-
3.72
3.18
3.37
3.81
4.51
4.00
3 72
3.43
6.19
29—
3.70
3.14
3.35
3.80
4.52
4.00
3 72
3.39
5.34
19-
6— 112.34
Jan.
105.04
115.78
111.84
103.38
91 66
100.00
105.04
110.63
29.. 112.21
105.41
116.64
112.25
103.56
91.51
100.00
105.04
111.43
92.38
101.23
105.79
112 05
22-
3.66
3.09
3.30
3.76
4.47
3.93
3.68
3.36
6.39
6.41
Jan.
22..
112.39
106.17
117.72
113.27
104 30
15..
112 53
106.36
118.16
113.48
104.48
92.28
101.23
106.17
112.25
15-
3 65
3.07
3.29
3.75
4.47
3.93
3.66
3.35
8-
112 71
106 36
117.94
113.89
104.48
91.97
101 23
106.17
112.25
8-
3.65
3.08
3.27
3.75
4.49
3 93
3 66
3.35
1937
3 64
3.07
3.27
3.74
4.46
3.92
3 66
3.34
6.08
4.38
3.48
3.67
4.40
6.11
5.16
4.22
3.75
5.75
3.75
3.18
3.37
3.90
4.65
4.04
3.80
3.42
5.61
3.81
4.49
5.55
4.99
4.21
3.81
6.66
fllirh 1937 112 78
106 54
118 16
113 89
104 67
92.43
101 41
106 17
112.45
Low
Low 1937 107.01
1 Yr. Ago
93.69
109.64
105.98
93.37
71.15
82.40
96.28
104.48
High 1937
Oct.22'36 110.82
104.48
115.78
111.84
101.76
91.05
99.31
103.56
110.83
Oct. 22'36
1
Oct.22'35 107.51
level
94.33
109.24
103.38
91.97
These prices are computed from average
or
Yr. Ago
2 Yrs.Ago
2 Yrs.Ago
•
5.43
the average movement of actual price
77.48
84.69
96.44
103.38
Oct. 22*35
4.34
3.50
yields on the basis of one "typical" bond (4% coupon, maturing in 30 years), and do nottjurport to show either the average
quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
BOOK REVIEW
by Japan to visiting American naval vessels allayed fears of
The revival of the restricted immigration issue, in
war.
Japan in American Public Opinion. By Eleanor Tupper
and George E. McReynolds.
Introduction by Dr.
George H. Blakeslee.
465 pages.
New York: The
Macmillan Co.
$3.75
This timely book is both a history of recent relations be¬
United States and Japan and a discriminating study
tween the
opinion regarding Japan as reflected in the daily,
weekly and monthly press. The historical narrative, begin¬
ning with 1900, deals with the Russo-Japanese war and the
reaction to it in this country, the Japanese problem in
California and the gradual restriction of Japanese immigra¬
tion, the clash of American and Japanese interests in the
Pacific, the 21 demands upon China and other issues during
and immediately after the World War, the conference on the
limitation of naval armaments and the Four-Power and
of American
Nine-Power pacts, the Japanese Exclusion Act of 1924 and
the subsequent controversy over an immigration quota, the
London Naval Conference of 1936, Manchuria and the report
Commission, and the present activities of Japan
and other periodical publications
in which public opinion on these various issues has been re¬
flected represent all sections of the country as well as the
views of various parties and economic or social groups.
Until the Russo-Japanese war American sentiment, the
authors note, was generally friendly to Japan.
The war
brought a change, inspired in part by the Japanese claims
upon Russia and in part by recognition of a coming Japanese
rivalry.
The agitation in California for the exclusion of
Japanese children from public schools, however, and the
demand for restricted immigration found little support else¬
where in the country, and in 1907 the cordial reception given
of the Lytton
in China.
The newspapers
1913, incensed Japan, and charges of
discrimination against
Washington. Accumu¬
lating incidents operated to strain the relations between the
two countries, and fears were expressed for the safety of the
Philippines and Hawaii. The World War brought the con¬
troversy over Shantung and the 21 demands, and in 1924
hostile American groups forced the passage by Congress of
a Japanese Exclusion Act.
The agitation for a quota system
was checked
by the Sino-Japanese war in 1931, but the
authors note a "widespread feeling" that a quota should be
granted as soon as political conditions in tne Orient war¬
American trade drew protests from
rant it.
The events of the past few years are familiar, with public
opinion now favoring and now condemning Japan for its
military policies but with pronounced opposition, in the main,
to suggestions of possible war.
The announcement of a
Japanese "Monroe Doctrine" for the Pacific, in 1934, how¬
ever, together with continued Japanese pressure upon China,
have reawakened old suspicions, and the authors find little
mitigation of anti-Japanese feeling.
Commercial events,
they think, "will determine to a great extent whether a large
section of business men in this country, favorable to Japan
in the
past, will continue to support Japan or join the list
be classified in this country as anti-
of those who can now
Japanese." Recent surveys of public opinion, on the other
hand, while showing much diversity of view, have disclosed
an influential minority who believe "that only through active
pressure brought to
in the Far East on
disastrous
war
bear in cooperation with other nations
the minority controlling Japan could a
be averted in which the United States would
surely be involved."
2606
THE
Financial
STATE
Business
OF
activity
with
compared
TRADE—COMMERCIAL
during
the previous
week, the "Journal of Com¬
figure dropping below the corresponding fig¬
merce" index
of last year for
ure
EPITOME
Friday Night, Oct. 22, 1937.
the week showed a decline as
the first time since the business
sion got under way.
the corresponding week of last year.
decline in ingot production from
Discussing the sharp
63%% last week to 55%%
this week, the "Iron Age" observes that "there is
that
business
week
next
is
coming
will
not
the
to
no
bring another drop,
assur¬
as
new
mills
in disappointingly small
for the continued rapid drop
in the ingot producing rate are the exhaustion of
backlogs,
volume.
The
the slowness
nage
ing,
the
automobile
industry in releasing ton¬
orders, the almost complete cessation of railroad buy¬
the slump in building construction, and lar^e inven¬
tories
of
in the hands of consumers and jobbers, to¬
decline in miscellaneous buying.
The collpase
the securities market has undoubtedly played
of prices
part
steel
in
the
extreme
during the past
from the
manifested
caution
several
weeks.
present sluggishness
Hopes for
based
are
by
buyers
a
primarily
of
pick-up
automobile industry, which probably will reach a total pro¬
duction of 100,000 cars this week."
The assurances from
authoritative
many
ing
sources
justify the terrific
to
that there
was
decline
values
in
nothing alarm¬
of
securities
which had taken
place since the middle of August appeared
to be verified in the stock market's
spectacular turn-about
and sustained upward movement.
Optimistic reports con¬
tinue coming in from many fields.
Department store sales
were
reported
be
to
holding up well at levels somewhat
above 1937, while farm purchases were still
running well
ahead of
a
next week
A further decline in steel operations
year ago.
held
Commission
merce
reduced
2 cents
The
voted
association
take
to
It
Oct.
21
in
Northern
ward
fare
They
are
orating.
somewhat
There
hard work.
the
last
is
"There
like
nothing
a
in
that
does
to
every-day life—invig¬
cannot be settled by
different theory
but it
immediately
good at certain times.
are
recesses
problem
no
Apparently
few
is
not
was
tried during
be working
The automotive industry in the past always has
come to the rescue, and if it is
necessary will do so again.
I look for a splendid reaction in 1938."
Dun & Bradstreet,
Inc., estimated that retail sales for the country as a whole
years,
to
seem
properly.
this week were
1% to 3% ahead of the previous week, when
Day promotions brought swarms of buyers, and
over the comparable 1936 period.
In the whole¬
sale field the moderate
improvement was characterized by
Columbus
4% to 12%
unevenness
in most of the
directed to few
were
principal markets
as
fill-in orders
branches, the Dun report said.
Freight
car
loadings for the week ended Oct. 16 decreased 5,178 cars,
or 0.6% from the total of
the previous week, according to
the report today by the Association of
American Railroads.
The
decline
was
contrary to the usual seasonal trend.
Ward's Automotive Reports estimated
today that output of
motor car
factories this week would total
91,905
met
case
to
the
of
the extensive and substantial rains that
occurred
portion of the country.
They were especially
helpful in the Central Valleys, the Great Plains from
Nebraska southward, and in the
Rocky Mountain States. At
the
beginning of the week
advanced
into
the
extensive
an
northern
Great
high pressure
Plains,
attended
area
by
a
sharp drop in temperature, but abnormally
prevailed in the
"high"
more
eastern
wTarm weather
sections of the country.
The
moved
slowly southeastward, reaching the Middle
Atlantic States by the morning of the
16th, with much
lower temperatures
prevailing; freezing weather extended
as
far
south
tricts.
as
the
southern
Appalachian Mountain
During the latter part
of
the
week
there
dis¬
was
a
reaction to generally warmer weather over
the eastern half
of the country.
In the New York City area the week's'
weather
featured by torrential rains that flooded
many
districts during the early part of the week.
Temperatures
in this area have been
unseasonably mild.
was
Southern
63
degrees.
The
forecast
was
for
representatives
to
Cincinnati, 40 to 60; Cleveland, 44 to 52; Detroit,
50; Charleston, 56 to 70; Milwaukee, 36 to
46; Sa¬
of
D.
to
take
on
Oct.
20
and
Oct.
on
21
Western
similar
roads
action,
roads
amount
of
meeting
while
certain
for
an
up¬
mile.
a
said
that
additional
which
commodities,
than
$80,000,000
This
no
accurate
the
revenue
estimates
new
fares
were
would
be
is
believed will
result
in
ask
for
appear
additional
large.
"Various
railroad
whatever
revenues,
anthracite and
bituminous; coke, iron
lime and
cement and
The
of
revenues
more
students
ago
both
while
decision
that
they
ICC
may
Among these
petroleum,
are
gypsum
coal, both
rock, plaster,
commodities.
income
$250,000,000 annually. A
is costing the
roads
placed
10%
$180,000,000
price increases
wage
a
increase
since
effective
The recent in¬
year.
operating and non-operating personnel total another $137,taxes in connection with social security and the
payroll
Railroad Retirement
$100,000,000
related
railway costs and
than
more
tc-
of
ore,
feel
of the
operators
the
the products named in their application.
on
added
however, when compared with figures gathered in the
by railway economists to show the rise in cost of railroad oper¬
does not
ation,
it
year.
revenue,
last month
must
a
next
Act
are
costing $95,000,000 this year and will exceed
year.
Revenue Freight Car Loadings Off 5,178 Cars in Week
Ended Oct. 16
Loadings of revenue freight for the week ended Oct. 16,
This is a decrease of 5,178 cars
1937, totaled 809,944 cars.
or 0.6%, from
the preceding week; a decrease of 16,581
cars, or 2.0%, from the total for the like week of 1936, and an
increase of 86,640 cars, or 10.6%, over the total loadings
for the corresponding week of 1935.
For the week ended
Oct. 9, 1937, loadings were 3.8% below those for the like
weeks of 1936 but 11.0% over those for the corresponding
week of 1935.
Loadings for the week ended Oct. 2, 1937,
showed a gain of 3.4% when compared with 1936 and a rise
of 20.0% when comparison is made with the same week of
1935.
The first 18
major railroads to report for the week ended
1937, loaded a total of 373,606 cars of revenue
freight on their own lines, compared with 371,441 cars in
the preceding week and 379,756 cars in the seven days ended
Oct. 17, 1937.
A comparative table follows:
Oct.
16,
REVENUE FREIGHT LOADED
AND
RECEIVED
FROM
CONNECTIONS
(Number of Care)
Loaded
on
Own Lints
Weeks Ended—
.
'
'
.
'
■
Received from Connection
Weeks Ended—
*
Oct.
16,
1937
Oct. 9,
1937
Atchison Topeka & Santa Fe Ry.
24,930
Baltimore & Ohio RR
33,682
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. P. & Pac. Ry.
Chicago & North Western Ry
25,846
20,648
22,594
17,769
25,933
33,388
25,591
19,637
21,937
Oct.
17, Oct. 16,
1936
1937
Oct. 9,
1937
Oct.
17,
1936
24,064
7,843
7,588
35,313
18,214
18,594
7,428
16,724
27,315
12,381
10,296
11,850
11,486
10,524
10,243
9,320
12,914
1,381
1,907
3,411
20.605
23,614
18,204
9,152
12,697
9,189
Gulf Coast Lines
2,718
17,483
2,463
2,405
1,574
International Great Northern RR
2,216
2,532
2,845
2,832
Missouri-Kansas-Texas RR
5,776
6,175
5,966
3,372
3,178
Missouri Pacific RR
18,485
10,273
9,698
45,088
5,197
18,663
44.061
9,894
New York Central Lines
New York Chicago & St. Louis Ry
Norfolk & Western Ry
18,243
44,480
44,945
45,743
4,867
10,438
10,513
24,956
24,727
5,432
25,599
4,445
Pennsylvania RR
70,280
70,597
72.566
4,915
44,451
43,858
10,565
4,702
44,588
46.135
6,959
6,904
6,621
6,039
6,246
5,862
6,040
7,521
7,341
7,107
7,270
34,417
34,555
32,701
*8,958
x9,371
x8,893
6,183
5,889
6,261
8,774
8,723
8,842
Pere
Marquette Ry
Pittsburgh & Lake Erie
RR
Southern Pacific Lines
Wabash Ry
Total
x
Excludes
13,418
1,487
2,377
5,699
373,606 371,441 379,756 224,116 225,214 221.476
cars
Interchanged between 8. P. Co.-Paclflc Lines and Texas A New
Orleans RR. Co.
TOTAL LOADINGS AND
RECEIPTS FROM CONNECTIONS
(Number of Cars)
cloudy and
Saturday morn¬
ing, followed by partly cloudy and somewhat cooler.
Over¬
night at Boston it was 52 to 64 degrees;
Baltimore, 58 to
68; Pittsburgh, 46 to 60; Portland, Me., 48 to 60;
Chicago,
38
effect
partly
wTarm, with occasional showers tonight and
38 to 44;
take
can
Meanwhile the railroads serving official territory are awaiting a decision
of the ICC on their application for increased tariffs on a
specific group of
cloudy and cold here, with temperatures ranging from 56
to
on
cents
was
Today it
C.
decided
over
greater
tariffs
new
reported to be considering application
2%
the
to
as
Washington,
units,
the
asking the commission to waive this
are
that the
so
create.
compared with 89,635 last week and 64,310 in this week a
year ago.
An outstanding feature of the week's weather
was
pas¬
not already operating on a 2-cent fare or
less,
thirty days' notice to raise their coach fares to
that
had
were
revision
available
in
also
Chicago
Officials
500,000,
Recessions
one-way
a
action.
railroads
creases
states:
on
their
reported
was
watt hours in the
about.
increase
cents
1.
the
He
1%
The Southern roads
thirty-day ruling in
Nov,
roads
on
permitted
mile.
time
disturbed
cents
were
a
at
business.
2
to
railroads
some
be
they would
mile to 2 cents.
The
New York "Times" in reporting this increase further stated:
Under the Commission's ruling in December, 1935,
when fares were
1933
week ended Oct. 16, a gain of 5% over
corresponding week of last year, so the Edison Electric
Institute reports.
According to W. C. Cowling, director of
sales, Ford Motor Co., the future of business is most prom¬
ising despite the oscillations of the stock market or general
that
coach fares from
senger
as
trend is
steadily mounting expenses without compar¬
operating revenues, the Southern railroads
of the United States, through the Southeastern
Passenger
Association, filed notice on Oct. 21 with the Interstate Com¬
not unlikely, but a reversal of the
expected to take place in November.
Production
of electricity in the United States totaled
2,276,123,000 kilo¬
was
with
able increases in
the
on
1937
Southern Railroads to Raise Fares
a
in
23,
Winnipeg, 26 to 32.
Faced
steel
gether with
its
given
reasons
of
and
reces¬
largely responsible for the index decline to 99.9, against a
figure of 100.7 for the previous week and 101.2 for
Oct.
vannah, 54 to 74; Dallas, 48 to 70; Kansas City, 32 to 50;
Springfield, Mo., 36 to 54; Oklahoma City, 38 to 60; Salt
Lake City, 42 to 62; Seattle, 54 to 72; Montreal, 42 to
54,
The drop in steel operations was held
revised
ance
Chronicle
Weeks Ended—
Oct. 9. 1937
Oct. 17. 1936
37,703
28,754
36,785
38.448
15,968
15,729
16,933
81.F27
81,268
82,292
Oct.
16, 1937
Chicago Rock Island A Pacific Ry.
27,856
Illinois Central System
St. Louis-San Francisco Ry
Total
26,911
Volume
The Association of American Railroads in
week ended Oct. 9
reported
This was
a
decrease of 5.448
cars or
preceding week, and 2,275 cars below the
Coke loading amounted to
week in 1935-
It
was,
however,
preceding week, and 992 cars below the
decreases while the Southern,
with revenue freight com¬
1936. All districts, except the
Pocahontas, reported decreases compared with the corresponding week in
reported increases in the number of cars loaded
below the same week in 1930.
pared
Loading of revenue freight for the week of Oct. 9 was a decrease of 32,123
cars, or
3.8% below the preceding week.
below
the
with
corresponding
the
week in
1930.
of 12,984
Miscellaneous freight loading totaled 326,321 cars, a decrease
cars
corresponding week in 1936.
and Northwestern districts reported
Central Western and South Western districts
The Eastern, Allegheny, Pocahontas
decrease of 139,660 cars, or 14.6%
a
corresponding week in 1936.
9.326 cars, a decrease of 1,021 cars below the
7-10ths of 1% below the corre¬
sponding week in 1936, but an increase of 80.968 cars, or 11% above the
same
58,477 cars, a decrease of 3,712 cars below the
Ore loading amounted to
reviewing the
follows:
as
Loading of revenue freight for the week ended Oct. 9 totaled 815.122
cars.
2607
Financial Chronicle
145
Loading of revenue freight In 1937 compared with
preceding week, and 7,574 cars below the corresponding
1936 and 1930 follows:
week in 1936.
1937
but an increase of 557
decrease of 1,199 cars below the preceding week,
Coal loading amounted to
Week of Oct. 2...
1,218 cars above the corresponding
820,570
30,701,212
27,813,710
37,079,738
Four weeks in April
Five weeks In May
Grain and grain products loading
below the preceding week,
but
Four weeks In June
totaled 35,823 cars, a decrease of 981
an increase
Five weeks in July.
of 5,769 cars above the cor¬
Four
and grain
products loading for the week of Oct. 9 totaled 24.274 cars, a decrease of
930 cars below the preceding week but an increase of 4,604 cars above the
In the Western districts alone, grain
responding week in 1936.
decrease of 1,229 cars below
1,339 cars below the corresponding week in 1936.
stock for the week of Oct. 9
In the following we
In the Western districts alone, loading of live
totaled 17,627 cars, a decrease
for separate
of 732 cars below the preceding week, and
1936.
654 cars below the corresponding week in
products loading totaled 34,001
below the preceding
3,182,943
Total
Live stock loading amounted to 20,572 cars, a
the preceding week, and
jveeks in August
Four weeks In September
corresponding week in 1936.
Forest
819,597
815,122
Four weeks In March
week in 1936.
cars
847,245
Week of Oct. 9_.
Four weeks In February
156,948 cars, a decrease of 6,403 cars below
the preceding week, but an increase of
1930
2,974,553
2,512,137
2,415,147
2,543,651
3,351,564
2,786,742
3,572,849
2,954,522
3,062,378
4,246,552
3,506,899
3,515,733
3,618,960
4,593,449
3,718,983
4,475;391
3,752,048
3,725,686
971.255
954,782
Five weeks In January
above the corresponding week in 1936.
cars
1936
3,316,886
2,778,255
3,003,498
2,955,241
3,897,704
2,976,522
3,812,088
3,115,708
Loading of merchandise less than carload lot freight totaled 173,654 cars,
a
cars,
During this period a
decrease of 4,594 cars
a
week, and 812 cars below the corresponding
undertake to show also the loadings
roads and systems for the week ended Oct. 9.
week in
when
total of 72 roads showed increases
compared with the same week last year:
1936.
REVENUE FREIGHT LOADED AND
RECEIVED FROM CONNECTIONS
Total Revenue
from Connections
Central Indiana
Central Vermont
Delaware A Hudson
Delaware Lackawanna & West.
519
707
1,258
1,138
1,787
8,177
1,803
1,682
9,293
301
277
1,655
1,781
7,672
1,431
10,803
2,313
10,778
2,458
27
Boston & Maine
Chicago Indianapolis & Loulsv.
40
25
77
99
1,118
9,728
1,987
7,898
6,806
2,011
7,880
6,613
147
163
1,423
5,964
10,909
1,459
5,793
10,029
4.986
512
Lehigh & Hudson River
_
Lehigh Valley
Maine Central
1,227
3,651
13,849
15,860
3,938
4,301
8,782
168
167
1,590
9,687
2,961
4,420
2,449
44,480
10,714
1,445
4,867
2,018
10,027
1,622
3,333
4,764
2,953
2,041
1,280
8,173
2,557
8,579
-
...
New York Central Lines
N. Y. N. H. & Hartford
New York Ontario & Western.
N. Y. Chicago & St. Louis
8,214
1,955
1,293
7,644
2,439
Pere Marquette
230
917
111,250
111,188
101,510
67,503
2,197
13,418
3,760
9,189
4,196
Total
1,261
450
378
331
400
375
8,398
607
Chicago A North Western
Chicago Great Western
Chicago St. P. Minn. A Omaha
Duluth Mlssabe A Northern—
10,513
6,967
6,246
243
33
32
363
432
284
256
275
1,345
1,364
1,401
1,820
1,216
396
Northwestern DistrictBelt Ry. of Chicago
Chicago Mllw. St. P. A Pacific
664
5,787
4,066
1,678
1,019
8,723
3,463
1,539
695
5,892
4,338
160,911
Total.
206
66
689
Wheeling A Lake Erie
559
199
243
334
162,747
151,083
174,847
171,615
...
Wabash
423
Winston-Salem Southbound—
Southern System
45,019
12,470
1,913
10,971
6,637
5,576
5,889
4,490
Pittsburgh & West Virginia
438
Seaboard Air Line
45
361
_
Pittsburgh Shawmut A North..
7,873
20.259
463
...
Richmond Fred. & Potomac—
45,743
12,819
6,431
6,180
6,904
Pittsburgh A Lake Erie
21,987
Tennessee Central
Piedmont Northern
1,163
3,197
2,316
41,672
10,577
2,089
4,643
5,747
6,803
2,461
44,019
11,483
1,868
5,444
7,681
8,770
22,384
1,387
1,235
2,942
4,237
16,048
1,334
Norfolk Southern
3,342
16,359
481
Monongahela
Pittsburgh A Shawmut
377
13,189
195
Grand Trunk Western—
Lehigh & New England
1,926
344
5,009
Erie
372
1,591
285
13,447
..
463
1,840
Detroit A Mackinac
Detroit Toledo & Ironton
Detroit <fc Toledo Shore Line
Rutland
1937
Southern District—(Concl.)
579
:
Bangor & Aroostook
Montour
from Connections
1935
1936
1937
Eastern District—
Ann Arbor
Total Loads Received
Freight Loaded
Railroads
1936
1937
1935
1936
1937
OCT. 9
Total Revenue
Total Loads Received
Freight Loaded
Railroads
(NUMBER OF CARS)—WEEK ENDED
946
8,575
3,527
Duluth South Shore & Atlantic.
Elgin Joliet A Eastern
Ft. Dodge Des Moines & South.
933
683
20,224
2,976
21,504
4,424
17,218
1,211
7,239
22,906
2,795
22,886
4,312
19,393
1,257
7,856
17,815
2,383
21,838
4,612
8,096
267
976
487
5,864
5,843
Minneapolis & St. Louis
Minn. St. Paul A S. S. M
Northern Pacific
333
188
24,989
3,446
705
Lake Superior A Ishpemlng
439
25,779
735
686
2,701
2,205
7,326
13.928
Green Bay A Western.
514
27,791
Great Northern
2,894
2,007
7,693
13,737
561
2,263
80
2,382
2,520
2,703
4,253
7,501
13,790
301
320
236
399
1,448
2,599
2,256
1,519
132,322
138,541
116,703
55,026
25,933
3,191
22,342
3,196
22,218
7,588
2,603
525
391
236
127
19,637
2,140
14,350
3,016
1,228
5,350
1,258
1,464
1,972
1,821
19,420
18,352
2,187
12,988
3,032
1,189
5,040
1,234
1,144
2,249
1,709
1,144
1,419
12,088
3,056
10,524
1,018
9,958
2,844
1,522
4,467
983
146
323
236
*42
26,602
25,142
22,326
352
292
289
20,833
Spokane International
20,663
19,236
5.926
1,563
11,650
...
Spokane Portland & Seattle—
Total.
Central Western District—
Allegheny District—
Baltimore & Ohio
Bessemer & Lake Erie..
558
511
567
954
936
33,388
Akron Canton & Youngstown.
35,155
6,637
30,137
3,328
18,594
2,465
17,913
3,207
5,757
System.
Atch. Top. A Santa Fe
Alton
Bingham A Garfield
402
349
314
4
9
1,538
7,355
1,408
6,895
1,252
6,246
15
21
11,627
11,550
Cornwall
543
882
635
117
64
Chicago Rock Island A Pacific.
Cumberland & Pennsylvania..
278
346
378
39
35
Chicago A Eastern Illinois
Ligonier Valley*
Long Island
177
212
211
27
37
Colorado & Southern
756
748
784
2,967
1,413
70,597
15,210
13,029
1,440
72,570
15,143
14,864
1,298
61,834
14,496
8,429
1,636
44,588
3,187
1,673
44,807
70
46
83
1
3,541
3,517
3,428
6,392
Buffalo Creek & Gauley
Cambria & Indiana
Central RR. of New Jersey...
Penn-Readlng Seashore Lines.
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
154,612
Total.
17,854
5,833
16,669
6,230
Chicago Burlington & Qulnoy..
Chicago A Illinois Midland
Denver A Rio Grande Western.
Denver A Salt Lake
Fort Worth A Denver
Illinois Terminal
Nevada Northern
North Western Pacific
6~461
Peoria A Pekln Union
Southern Pacific
160,723
133,420
113,113
City
112,799
(Pacific)
Toledo Peoria A Western
Union Pacific System
Pocahontas District—
25,591
24,727
26,888
24,756
11,850
25.536
23,375
4,445
1,509
Total..
1,000
4,665
1,122
4,277
56,335
Virginian
862
5,155
Norfolk & Portsmouth Belt Line
58,089
53,530
11,931
4,913
1,157
872
8,847
Alabama Tennessee A Northern
233
295
199
223
Atl. A W. P.—W. RR. of Ala..
888
856
816
1,642
1,516
Coast-_
Line
Central of Georgia
664
721
752
858
855
9,616
4,094
8,956
4,363
8,247
4,640
4,409
2,849
420
480
408
4,781
2,972
1,040
1,397
Charleston A Western Carolina
Clinchfleld
707
11
1,779
3,394
126,146
118,330
66,743
238
240
203
5,960
212
246
225
301
Gulf Coast Lines
248
Coast
629
1,832
262
193
243
2,219
2,749
2,097
2,887
1,487
2,377
1,416
2.444
Southwestern District—
Alton A Southern
Burlington-Rock Island
Southern District—
Atlanta Birmingham A
132
475
133,505
Total
Fort Smith & Western
Atlantic
10
1,337
1,552
846
18,676
1,365
1,945
1,434
1,195
1,970
Western Pacific
Norfolk & Western
1,277
5,080
1,067
734
Utah
Chesapeake & Ohio
3,025
1,334
1,159
1,901
1,078
1,778
516
537
International-Great Northern..
Kansas Oklahoma A Gulf—
Kansas
City Southern
Louisiana A Arkansas
—
2,463
2,532
313
189
184
2,224
1,537
1,961
1,274
1,779
1,419
457
1,241
499
292
191
394
376
871
867
857
242
251
178
157
306
6,175
5,437
18,243
Litchfield A Madison
320
319
Louisiana Arkansas A Texas..
18,159
6,017
16,868
3,178
10,273
—
Midland Valley
Missouri A Arkansas
916
451
314
362
Missouri-Kansas-Texas Lines.
Durham A Southern
176
191
142
375
395
Missouri Pacific
Florida East Coast
536
542
505
612
612
Natchez A Southern
149
102
49
117
103
Quanah Acme A Pacific.......
St. Louis-San Francisco
94
49
128
54
9,712
9,698
8,805
4,369
St. Louis Southwestern
3,892
7,953
3,252
2,785
7,482
2,676
3.445
4,576
Columbus & Greenville
Galnesvllife Midland
1,081
Georgia
Georgia A Florida
Gulf Mobile A Northern
Illinois
Central
System.
Louisville & Nashville
971
1,166
1,625
1,638
451
468
392
449
476
2,029
25,736
2,053
25,509
2,067
24,177
23,810
25,064
20,320
1,150
11,840
5,295
1,197
12,529
5,391
48
Texas A New Orleans
Texas A Pacific...
——
Terminal RR. Assn. of St.
Louis
Southern
Macon Dublin A Savannah
215
179
191
457
400
Wichita Falls A
Mississippi Central
Mobile & Ohio
239
192
152
377
267
Wetherford M. W. A N. W—
2,215
2,219
1,915
1,895
Nashville Chattanooga & St. L_
2,988
3,176
2,865
2,279
1,885
2,487
Note—Previous year's figures revised.
* Previous figures.
Total
50
60
33
5,946
7,650
5,341
2,164
2,296
1,978
3,842
19,406
310
255
256
67
35
33
36
32
66,187
63,136
59,580
65,011
2608
Class
Financial
I
Railroads
Install
New
66,307
Freight
Cars
During Past Nine Months
Chronicle
nouncement issued Oct.
Class I railroads, in the first nine months of this year, in¬
on
Oct. 22.
In the
same
period last year, 27,178 new freight cars were put in service,
and 3,172 in the same period two years ago.
New freight
cars put in service in the first nine months of 1930 totaled
70,033.
The Association further reported:
Of the
box
new
freight
far this year, coal
cars installed so
cars totaled 28
Including both plain and automobile. 21 903: refrigerator
cars
3.843; flat cars, 1,642; atock
669:
cars,
Class I railroads in the nine months of 1937 also installed 269 new steam
locomotives and
47
ponding period since 1930.
locomotives and 21
Diesel locomotives,
electric and
new
locomotives put In
steam
new
the
number of
service being greater than for any corres¬
In the
period in
same
1936,
59
new
An
analysis of the individual
infants'
28 steam locomotives and
101 electric locomotives, in the
same
men's
while piece
wear,
by Fairchild Publications, New
wear,
goods and
groups
as
gains for
home furnishings remain unchanged.
was
The
due entirely to the lower cotton
sheets and pillow cases, blankets and comfortables, as well
as
and housedresses.
aprons
only fractional
shows
with practically no changes for women's
slight decline in the Index, however,
The lower levels for these items offset the
fractional gains of shoes, furniture and floor
A study of the
coverings.
individual items comprising the index shows that only a few commodities
actually gained, while most of them remained unchanged.
According to A. W. Zelomek, Economist, under whose supervision the
Index is compiled, retail prices will tend lower for the remainder of the
A portion of the recent advanws will be lost.
that prices will average higher in the early part
It is also unlikely
of 1938.
Quotations
beginning to reflect the continued decline in wholeslae prices.
are
The current
lower levels should dispel the fear of a buyers' strike.
THE
steam
FAIRCHILD PUBLICATIONS RETAIL PRICE
f.; /.;
electric and Diesel locomotives were installed, and
new
and
wear
items, such
year.
150, and miscellaneous cars, 100.
cars,
14
1937
23,
York, which continued:
stalled 66,307 new freight cars in service, the largest num¬
ber for any corresponding period since 1930, the Association
of American Railroads announced
Oct.
INDEX
JANUARY, 1931=100
'.■■■■'.
•
Copyright 1937 by Fairchild News Service
period in
1935.
New freight cars on order on Oct. 1, this year, totaled 24,345
compared
19,337 on Oct. 1, last year, and 7,441 on Oct. 1, 1935.
May 1
Oct. 1
July 1
Aug. 1
Sept. 1
Oct. 1
1933
1936
1937
1937
1937
1937
Composite index
69.4
89.3
96.0
96.3
96.6
96.3
Piece goods
65.1
85.4
89.2
89.2
89.2
89.2
Men's apparel
Women's apparel
70.7
87.7
90.4
90.7
91.4
91.5
with
New steam locomotives
pared with 50
the same date
on
two years ago.
order on Oct. 1, this year, totaled 212. com¬
on
one
year ago,
and
14
New Electric and Diesel locomotives
on
on
the
order
same
date
Oct. 1,
on
this year, totaled 28, compared with 16 last
year and three, two years ago
New freight cars and locomotives leased or otherwise
Acquired
are not
included in the above figures,
on
the
Oct.
effective
new
tion
on
19.
schedule
65.3
86.8
86.9
86.9
115.5
115.5
115.5
115.5
The
was
Commission's
failure
6o.O
99.7
108.2
108.2
108.2
107.7
72.9
102.4
111.2
111.3
111.3
111.3
59.2
75.5
76.7
76.7
76.8
76.8
Aprons & house dresses.
75.5
103.8
107.2
107.7
108.7
108.2
83.6
92.6
93.2
93.2
93.3
93.3
Furs
66.8
104.4
116.0
117.4
118.2
118.6
Underwear
69.2
85.0
86.8
86.8
86.8
86.8
Shoes
76.5
82.8
85.0
86.9
87.1
87.6
64.9
86.8
88.0
88.7
89.2
89.4
Men's apparel:
Hosiery.
equivalent to approval of
Underwear
69.6
91.5
93.2
93.2
round-trip tickets from
Southern roads
those south of the Ohio and
are
93.4
86.5
88 4
88.4
88.4
88.0
69.7
82.9
84.1
84.1
84.5
84.5
Clothing, lncl. overalls..
70.1
88.4
94,4
94.8
96.8
96.9
Shoes.
76.3
90.2
94.5
95.4
90.0
96.6
74.0
100.3
100.7
100.7
100.7
100.7
Underwear.
Shoes.—-*——
ten to
thirty days, while
retained their fifteen-day limitation.,
carriers
93.4
74.3
Hats and caps
time Western roads extended the time limita¬
Rivers and east of the
Infants'
74.3
93.0
80.9
90.1
93.4
94.2
95.0
95.5
Furniture.
69.4
93.2
100.4
101.4
101.6
102.0
Floor coverings..
79.9
103.7
117.2
120.0
124.0
124.2
50.6
59.5
61.0
61.0
61.4
61.4
60.1
74.7
80.1
80.1
80.4
80.5
72.5
80.1
82.7
83.0
83.0
83.0
81.5
90.8
97 0
97.0
97.0
97.0
Musical Instruments
..
Luggage
Moody's Index of Staple Commodity Prices declined again
this week. It closed at 166.5 this Friday, 5.5
points below its
level of 172.0 a week ago. This Friday's
price is also a new
The movement of the Index during the
week, with com¬
as
Fri.
Oct. 16
Oct. 18
Oct. 19-..
■
Oct. 15
Sat.
Mon.
follows:
.172.0
171.7
169.7
.167.0
2 Weeks Ago, Oct. 8
Month Ago, Sept. 22
173.1
192.0
Year Ago, Oct. 22
—
—
•
-.182.2
1936 High—Dec. 28.
Oct. 20
166.9
Thurs. Oct. 21
Fri.
Oct. 22
167.2
166.5
.208.7
-.162.7
..—.228.1
——
Low—May 12
1937 High—Apr. 5
Low—Oct. 22
94.4
95.0
95.0
Commodity Prices at Year's Lowest Point
During Week Ended Oct. 16, According to National
decline most
affecting the Index was in
hogs. Prices were also lower for wheat, steel scrap, rubber,
hides, corn, lead, wool, cotton and cocoa. There was no net
change for silver, copper and coffee, Sugar and silk closed
slightly higher.
94.0
Wholesale
low for 1937.
parisons, is
-----
Elec. household appliances
China
Moody's Commodity Index At New Low
The individual
•
wear:
Socks.
Potomac
Mississippi. Western territory roads
operate from Chicago to the Pacific Coast.
Tues.
Wed.
65.3
65.3
86.8
108.9
Shirts and neckwear
same
Southern
65.3
83.3
68.6
Hosiery
rates.
At the
63.9
95.2
Sheets
The roads in those territories filed increased tariffs
thirty
In the absence of protests the increases automati¬
suspend the
98.1
Women's apparel:
days ago.
to
97.1
98.1
Blankets & comfortables
Oct. 19 permit¬
railroads to increase their, first-
,
cally became
96.9
97.4
94.1
69.2
-
Cotton wash goods
Domestics:
Pullman, passenger rates from 2 cents to 2^4 cents
mile.
a.
96.4
96.8
90.7
Corsets and brassieres—
The Interstate Commerce Commission
ted Western and Southern
or
96.C
89.9
57.4
Woolens
class,
95.1
94.5
70.2
-
Bilks
Western and Southern Roads Raise Pullman Fares
94.8
76 4
71.8
Infant's wear
Home furnishings
Piece goods:
Fertilizer Association.
Declining for the third consecutive week, wholesale com¬
modity prices during the week ended Oct. 16 reached the
lowest level this year, according to the index
compiled by
the National Fertilizer Association.
Based
on
the 1926-28
of 100%, last week the index registered 83.9% as
compared with 84.3% in the preceding week.
A month ago
average
it stood at 87.6%
and a year ago at 80.1%.
The highest
point recorded by the index this year was 88.8% in the
middle of July.
The announcement by the Association,,
under date of Oct. 18, continued:
166.5
Declines in foodstuffs and grains were largely responsible for the latest
recession in the price average.
Decline Noted in "Annalist"
Weekly Index of Wholesale
Commodity Prices for Week Ended
Oct. 19
£
A decline of 0.5
point occurred in the "Annalist" Weekly
Index of Wholesale
Commodity Prices during the week ended
19.
The index on Oct. 19 stood at
91.4, as against
91.9 on Oct. 12 and 84.4 oh Oct.
20, 1936.
The decline is
attributed to lower prices for farm
products, textile
Oct.
products,
fuels, metals and other miscellaneous commodities.
following is the index for the week ended Oct. 19:
THE
The
With 16 items included in the food groupindex declining during the week and only 6 advancing, the food
price aver¬
age
fell to the lowest point recorded since June.
a moderate
drop in the index of farm product prices.
The cotton and grain price indexes are now
substantially lower than they
but the index of livestock prices remains above last year's
Lower quotations for crude petroleum and
gasoline resulted in a
were a year ago,
level.
downturn
in
the
fuel
price index,
the first
recession
a
drop in the metal price average.
A decline in the index of building material
prices resulted from lower lumber quotations.
move
12, 1937
since last
a continued decline in cotton
fabrics, wool and hemp.
Steel scrap
and non-ferrous metal products continued
downward, resulting in another
(1926=100)
Oct.
recorded
A slight upturn occurred in the index of of textile prices
following
series of 12 consecutive weekly declines;
higher prices for cotton and silk
spring.
offset
••ANNALIST" WEEKLY INDEX OF WHOLESALE
COMMODITY PRICES
Oct. 19, 1937
Continued weakness in.
grain prices more than offset the effect of higher quotations for cotton and
livestock, resulting in
Oct. 29, 1936
The other group index to
downward during the week
cellaneous commodities,
was that representing the prices of mis¬
reflecting downturns in prices of rubber and cattle
feed.
Farm
products
93.8
94.7
88.6
85.5
85.1
80.1
*66.2
67.1
72.0
90.7
91.3
89.3
106.4
107.1
89.8
Food products.
Textile products
Fuels.
Metals
Building materials
70.6
*
91.9
84.4
WEEKLY
WHOLESALE COMMODITY PRICE
Complied by the National Fertilizer Association.
Per Cent
Preliminary.
Latest
Each Group
Bears to the
Prices
Declined
According
to
Decrease in Over
For the first time in
tered
a
decline,
0.3
a
25.3
1%
over a
retail prices have regis¬
Fairchild Publications
The decline in
September of 0.3 of 1%
follows 13 consecutive monthly increases.
The Index, while
declining 0.3 of 1%, still shows a gain of 7.8% above a
year ago, as well as of 9.6% above last year's low.
The
increase
of
7.8% above last year is much below the recent
gain of 9.6%, recorded on Aug. 1.
Prices today show a
gain of 5.3% as compared with Jan. 2, 1937, said an an¬
Foods
Year
Ago
Ago
Sept. 18,
Oct. 17,
1937
1937
1936
81.7
83.8
84.2
87.9
68.8
69.7
70.7
72.4
70.7
70.7
95.0
78.5
78.8
85.5
80.2
46.0
44.4
48.9 •
67.9
Grains
Livestock
Farm products
Cotton.
the
Month
Week
Oct. 9,
Cottonseed Oil
Index—First
23.0
year,
to
Preced'a
Oct. 16,
1937
Fats and oils
During September,
Publications
Year
according
Retail Price Index.
of
Fairchild
(1926-1928=100)
Week
Group
Totcu Index
Retail
INDEX
69.2
91.4
All commodities
86.3
77.7
,
66-4
89.8
76.9
Miscellaneous
70.6
89.8
Chemicals
Forty price series included in the index declined during the week and
17 advanced; in the preceding week there were 37 declined and
12 advances;
in the second preceding week there were 41 declines and 22
advances.
79.4
74.0
77.3
89.2
102.1
88.0
87.8
94.1
76.2
17.3
Fuels
85.5
86.6
86.6
10.8
Miscellaneous commodities..
83.5
83.7
86.0
78.3
8.2
Textiles
68.8
68.6
70.7
69.6
7.1
Metals.
102.5
102.9
106.0
85.8
6.1
Building materials
85.2
86.5
Chemica
79.8
87.8
82.6
95.6
95.6
95.6
96.2
.3
Fertilizer materials
73.8
73.8
72.6
.3
Fertilizers
80.4
80.4
80.4
74.6
.3
Farm machinery.
96.4
96.4
96.4
92.6
83.9
84.3
87.6
80.1
1.3
100.0
All
s
and drugs
groups
combined
67.9
Volume
Financial
145
United States Department of Labor Reports
Commodity
Prices
Again
Lower
Wholesale
Week
1.1% Above August to Highest Level Since January,
1937, According to Bank of America (California)
Ended Oct. 16
commodity prices declined 0.9% during the
largely due to sharp decreases in market
prices of farm products and foods, according to an announce¬
ment made Oct. 21 by the Bureau of Labor Statistics, United
States Department of Labor.
The decrease brought the allcommodity index to 85.2% of the 1926 average, the lowest
point reached since early in January, said the Bureau, which
week ended Oct. 16
added:
decline
a
October
a
of 2.5%.
above the corresponding week of
It is 4.9%
year ago.
in the hides and leather
products,
terials,
chemicals
and
drugs,
registered
textile products, fuel and lighting ma¬
and
commodities
miscellaneous
groups.
Metals and metal products was the
only group which showed an
advance.
Building materials and housefurnishing goods remained unchanged at last
week's level.
The
weakening prices for agri¬
week's index—80.5—is 4.8%
was
continued:
8.2% over the corresponding period
carloadings gained
debits and power pro¬
1.7% and 6.9%, respectively while carloading increased
production increased 9.7% and
Contrasted with August of this year, bank
duction declined
1.0%.
The index of department store
of the
94 0%
sales declined 4.1% from August to
1923-25 average but was unchanged
from September of last year.
of $6,268,440
17.3 % below the previous month and 18.4%
Building permit values, excluding a Los Angeles permit
a new
under
Federal building, were
September, 1936.
building permits, bank debits and
For the first nine months of this year,
retail sales were well above the
16.1%
corresponding period in 1936, gaining
12.4% and 7.0%, respectively.
3.6%
for
below
a
below the corresponding
Oct.
17,
decreased 0.6%
1936.
September level and 8.0%
Average wholesale prices
to a point
current index—88.2—is
1.3%
above
of finished products
The
below the level of a month ago.
7.8% higher than
a year ago.
The index for the large group of "all commodities other than
farm prod¬
Employment
in
Pennyslvania
Factories
Increased
Slightly from August to September While Payrolls
Declined—Decreases Noted in Delaware Factories
ucts," reflecting the tendency in prices of non-agricultural commodities,
fell 0.7% during the week, representing a decrease of 1.6% over a
Factory employment in Pennsylvania increased less than
month
It is 7.1% higher than the index for the corresponding week of last
1% and payrolls declined more than 5% from August to
According to the index for "all commodities other than farm prod¬
ago.
September, according to preliminary indexes compiled by the
year.
and
ucts
foods," industrial commodity prices dropped 0.1%.
0.8% below the level of
Grains declined
lower for
were
They are
month ago and 6.6% above that of a year ago.
a
The largest decrease—2.9 %—was recorded by the farm
products group.
11.2% and livestock and poultry fell 2.6%.
barley,
Quotations
Portland
(Oregon), and wool.
Higher prices
were
reported for ewes, live
poultry in the New York market, lemons, oranges, alfalfa hay and seed,
onions, sweet potatoes, and white potatoes at Boston.
products index—80.3—is 7.2% below
Federal Reserve Bank of
The current farm
month ago and 5.2% below a year
a
ago.
earners
Wholesale food prices declined 1.7% largely because of decreases
food items for which lower prices were reported were oatmeal, rye
flour,
corn
of 2.7%
Individual
2.5% in "other foods," and 2.2% in meats.
and wheat
meal, fresh beef, lamb, bacon, cured and fresh pork, dressed
poultry, cocoa beans, coffee,
lard, granulated and raw sugar, edible
copra,
tallow, and vegetable oils.
Fruits and vegetables advanced
week's food index—85.4—is
This
1.3%.
3.6% below that for the corresponding week of
last month and 3.5% above that for last year.
Continued
declines
amounted to nearly
in
wholesale
prices
have
which
goods,
24% since April, together with falling prices for clothing,
knit goods, and other textile products such as
burlap, manila hemp, rope,
and twine, caused the textile products group
index to fall 0.7%.
and rayon
result of strengthening prices
sub-groups averaged higher
silk.
raw
as a
Silk yarns, on the other hand, declined.
goods remained
products, fuel
unchanged at last week's level.
and lighting materials, chemicals
laneous commodities groups each declined 0.4%.
products group the decrease
was
The silk
Woolen and worsted
hides
and leather
and drugs,
and miscel¬
The
In the hides and leather
due to lower prices for skins and leather.
Average wholesale prices of shoes and other leather products were steady.
Weakening prices for bituminous coal and Pennsylvania crude petroleum,
and gasoline accounted for the decline in the fuel and lighting
Anthracite and coke prices
group.
were
an
announcement
ing to
3.4%.
Wholesale prices of crude rubber
averaged
slightly
Automobile
lower.
tires
and
tubes
Soap
did not
change.
The metals and metal products group index
higher prices for
prices of
cultural
scrap
advanced 0.3% because of
Pronounced declines were reported in
vehicles.
motor
Minor price fluctuations in the
building bricks, yellow pine lath, red lead, litharge, chinawood oil,
Yellow pine flooring advanced.
Average whole¬
unchanged
at
92.7%
of the
1926
goods
Wholesale
average.
of the
Bureau
of Labor
Statistics
price series
includes 784
weighted according to their relative importance in the country's markets
and is based
on
the average
for the
year
1926
as
100.
The following table shows index numbers for the main groups
ties for the past
of commodi¬
five weeks and for Oct. 17, 1936, Oct. 19, 1935, Oct. 20,
1934, and Oct. 21, 1933:
(1926=100)
Oct.
16
Commodity Groups
Oct.
9
Oct.
2
Sept.
25
Sept.
18
Oct.
19
Oct.
20
1934
Oct.
21
1933
87.4
81.2
80.7
76.2
70.4
86.5
84.7
79.5
70.9
54.2
1937
1937
1937
commodities
85.2
86.C
86.9
87.5
products.
80.3
82.7
85.4
87.3
85.4
86.9
87.8
88.7
Hides and leather products..
17
1935
1937
Foods.*--—
Oct
1936
1937
Farm
The most
be expected.
September were less favor¬
Wage payments declined in virtually all
in September.
occurred in the
instead of the
leather products industry
where
although in most of them increases are usual
pronounced departures from seasonal tendency
which showed a small declined
textiles and clothing group
and in
substantial increase
the
payrolls declined much more sharply than
they ordinarily do.
and a
Industries pro¬
decline
in payrolls and added somewhat to the number of their employees.
In the
durable goods industries gains over a year ago in both employment and wage
payments continued substantial while manufacturers of consumers' goods
reported a slightly lower level of employment and only a small increase in
Durable goods industries
reported a slight decline in employment
pronounced decrease in the amount of wages
ducing consumers goods
wage
on the
disbursed.
other hand showed a much smaller
payments.
following bearing on employment conditions in
factories, is also from the Bank's announcement:
Dela¬
number of workers employed was 5%
smaller
The
ware
In 85 Delaware factories the
in
showed a decrease of about 4%
2% less than in August. Com¬
employment registered an increase of 3% and wage
September than in August and payrolls
Employee-hours worked in 77 plants were
pared with a year ago
payments a gain of 12 %.
♦
V"
Payrolls in United States
During August Above July, According to
of Labor Perkins—Also Above Year Ago
Secretary
Approximately 43,000 workers were returned to
July and August in the
turing and non-manufacturing
employ¬
combined manufac¬
industries surveyed monthly
States Department
announced on
Sept. 26.
Weekly payrolls in these combined industries in
August were nearly $8,400,000 greater than in the preceding
month, she stated. "Comparisons of employment and weekly
payrolls in these combined industries in August, 1937, with
August, 1936, show increases of more than 1,100,000 workers
and $64,100,000 over the year interval," Secretary Perkins
said.
"Factory employment showed a seasonal expansion
from July to August and nine of the 16 non-manufacturing
industries surveyed also reported employment gains.
These
increases, however, were partially offset by seasonal reces¬
sions in retail trade employment and decreases in the re¬
by the Bureau of Labor Statistics, United
prices of both furniture and furnishings were steady.
The index
major groups
usual
equipment and chemical products
changes in employment from August to
ment between
For the fourth consecutive week the index for the housefurnishing
remained
With the exception of the transportation
groups
Quotations were lower for com¬
sale prices for cement and structural steel were steady.
group
these indexes were
Estimates show that all Pennsylvania
manufacturing establishments in September employed about 993,000 wage
earners whose compensation amounted to about $25,117,000 a week.
higher by 6 and 19% respectively.
building materials group did not affect
the index, it remained unchanged at 95.9.
turpentine, and sand.
September was 92% of the 1923-25 average
98; compared with a year ago
Industrial Employment and
changed at last week's level.
mon
September of last year.
The index of employment in
and that of payrolls was
plumbing and heating subgroups remained un¬
and
of the
of similar amount
measured by employee-hours in nearly 90%
The agri¬
steel, electrolytic copper, pig tin, and pig zinc.
implement
as
plants was 5% less than in August but showed an increase
declined
Cattle feed decreased 3.0% arid paper and pulp fell 0.3%.
products
say:
Working time
Fertilizer
and oils.
fractionally and drugs and pharmaceuticals and mixed
fertilizers remained unchanged.
These
to seasonal expectations.
In
issued Oct. 19 the Bank also had the follow¬
The decline in the chemicals
firm.
and drugs group was the result of lower prices for fats
materials advanced
materials
the basis of reports
receiving approximately $15,350,000 a week.
able than was to
of cotton
on
employing nearly 596,000 wage
changes did not measure up
over
in cereal products,
Philadelphia
received from 2,353 plants
wheat, cows, steers, hogs, cotton,
oats, rye,
corn,
fresh apples, flaxseed, dried beans, white potatoes at Chicago and
eggs,
All
An announcement in the matter
September bank debits advanced
of 1936, electric power
month ago and 2.1% below a year
are
that
for
only 2.9% below December of last year, the recovery
Semi-manufactured commodity prices declined 1.1% during the week
ago.
and
This
and
Compared with September, 1936, the index was up 4%
for
materials group index, due largely to
raw
cultural commodities, fell to the lowest level reached in over a year.
preliminary index stood at 80.9% of normal.
Review" whose
4.1%.
Besides the farm products and foods groups, decreases were also
September advanced 1.1% over
Far western business in
August to attain the highest level since January, according
to
the current Bank of America (California)
"Business
high.
Compared with the corresponding week of September, the current index
shows
Far Western States Advanced
September Business in
During
Wholesale
2609
Chronicle
85.6
74.9
63.7
95.9
94.4
84.6
88.8
73.9
74.6
75.1
70.9
72.5
70.0
88.6
82.5
107.7 108.1 108.2 108.3 108.3
76.2
of Labor,
Secretary of Labor Frances Perkins
72.8
73.3
Fuel and lighting materials..
79.2
79.5
79.4
79.6
79.4
77.2
74.2
74.8
74.0
Metals and metal products..
95.9
95.6
95.8
96 4
96.4
86.4
85.9
85.6
82.0
materials
95.9
95.9
96.2
96.5
96.3
87.2
86.2
85.0
83.6
Secretary continued:
80.9
81.2
81.0
81.2
81.2
81.9
81.1
77.2
72.6
92.7
92.7
92.7
92,7
92.8
83.2
81.8
82.8
81.3
76.3
76.6
76.8
77.1
76.9
71.3
67.6
69.7
64.9
80.5
82.1
83.9
85 0
84.6
82.2
♦
*
*
82.5
83.4
83.9
85.4
85.6
76.4
♦
♦
*
88.2
88.7
89.1
89.5
89.4
81.8
♦
♦
86.2
86.8
87.2
87.6
87.6
80.5
80.9
77.3
73.9
85.2
85.3
85.6
85.9
85.9
79.9
78.4
77.9
77.0
manufacturing industries indi¬
approximately 68,000 factory wage earners.
August factory employment index (102.2), with the exception of
May, 1937, exceeds the level recorded in any month since November, 1929,
and the August payroll index (103.7) also exceeds the levels of any month
since November. 1929, with but two exceptions, April and May, 1937.
Employment in the non-durable goods group of manufacturing industries
showed a further expansion in August,'the gain of 2.4% raising the August
index
(106.6) to the highest level reached since October, 1929.
This
Textile
products
Building
Chemicals and drugs
Housefurnishing goods
Miscellaneous
*
Raw materials
Semi-manufactured articles.
Finished products
All
commodities
.
...
other
All
products
commodities
farm products
*
other
*
than
farm
than
and foods..
Not computed.
maining six non-manufacturing
The
cates
The
increase
the
of
industries surveyed."
0.8% in employment in
reemployment
of
The
2610
gain
Financial
resulted
largely from increased activity in
such
seasonal
Chronicle
industries
Oct.
canning and preserving, beet sugar, cottonseed oil-cake-meal, millinery,
and men's and women's clothing. In the durable goods group
as
(Three-year average 1923-25=100.0)
fur-felt hats,
of
manufacturing
industries,
interval.
Decreased
temporary
shut-downs
employment
indicates
the
during
while
shows
1,060
during the
loss
of
25,000
than
more
tions
period
(1923-25),
comparison
of
981
the
1.9%,
16
in
This
decrease
recessions
customary
merchandising,
showed
seasonal
a
the
over
separate lines of
apparel
employed
were
1937, for
in
goods
♦
index
1,000 employed
every
due
was
chiefly to
during
which
July
retail
and
August.
net
a
not including
In
the sub¬
metal
this
mines
1.4%
in
interval.
trade
2.1%
of
continued
in
employment,
The
was
to
most
seasonal
a
or
more
pronounced
July
and
recession
of
of
also reported
workers
further
a
from
July
These gains
gain
in
employment
A
for
Manufacturing Industries
in factory employment and 3.3%
Increases in
due largely to
are
comparison
of
repairs,
payrolls
factory
a
and
gains,
reflecting sharply
millinery industry (30.0%),
(34.6%), canning and preserving (32.6%), cottonseed oil, cake,
(25.7%), and women's clothing (23.9%). In addition to these
meal
activity,
shown in
were
gains, substantial increases in number of workers
shown in
were
establish¬
manufacturing rubber boots and shoes (24.9%) and clocks, watches,
and time-recording devices
(10.4%). These gains were due primarily to
a
resumption of operations following vacation shut-downs in July.
Less pronounced gains,
also seasonal, were shown in stoves (8.4%), fur(7.0%), confectionery (6.4%), jewelry (6.2%), druggists' prep¬
(6.2%), fertilizers (5.7%), pottery (5.0%), silverware (4.0%),
men's clothing (3.8%), tin cans and other
tinware (3.0%), and radios
and phonographs
(3.5%).
Employment in the blast furnace, steel works, and rolling mill
industry
hats
in
a
which
further
gains
rise
were
(1.6%),
noted
and
were
other
industries
of
major
a
goods
packing industry fell 3.6%, largely because of labor difficulties
in the receipt of
hogs. Brick, tile, and terra cotta firms
a decrease of 3.6% in number of
workers, strikes in certain
localities contributing to the decline.
A contra-seasonal decrease of
3.3%
declines
in
the
woolen
shown
were
in
and
the
ice
industry (1.6%), and in the
in
the
hardware
automobile
cating
industry
models,
and
worsted
cream
cotton
decreased
in
goods
industry
steam-railroad
while
the
(1.0%).
largely because
repair shops
a curtailment of new repairs and the
seasonal
beverage
Employment
of
it fell
changes in
3.0%,
completion of repair
The declines of 2.6% in the
paint and varnish
due in part to labor
were
industry,
(3.1%), in
goods industry
2.9%
indi¬
programs.
industry and 1.1% in baking
disputes.
The
returns
indexes
of
supplied
factory
by
employment
representative
and
payrolls
establishments
computed
are
in
from
89
manufacturing
computing these indexes is the 3-year average,
1923-1925, taken as 100.
They have not been adjusted for seasonal
variation. Reports were received in
August, 1937 from 23,233 manufacturing
establishments employing 4,563,505
wage earners,
whose weekly earnings
during the pay-period ending nearest Aug. 15 were
$118,045,533.
industries.
The
base
used
in
The
following tabulation shows the percentages of change in the Bureau's
general indexes of factory employment and payrolls from
July to August
in each of the 19 years, 1919 to
1937, inclusive:
Employment
In¬
Year
Payrolls
De¬
crease crease
In¬
Year
De¬
crease crease
In¬
Year
47.8
89.1
84.0
76.4
78.0
68.2
71.8
72.3
58.5
67.1
63.6
48.0
90.6
93.3
69.1
104.7
107.8
64.8
62.0
93.6
1919
..
..
1921
1922
..
..
__
1925
1929__
mm.
—
1927
..
..
1930—
1.7
«
-
1931..
1932..
2.3
1933
6.3
1.4
2.0
1.3
2.7
—
-
•
„
•
1934..
1.3
1935..
-
3.2
1936..
2.6
1937..
0.8
--
5.5
1920
1.9
—
In-
Year
1921..
—
mm
m
m
70.0
71.9
68.9
71.6
70.9
69.5
113.3
104.6
108.2
97.0
82.2
90.0
80.6
80.0
74.8
83.9
82.3
65.5
118.9
114.8
109.1
133.7
122.0
108.8
100.5
102.0
82.6
106.9
107.6
81.5
169.0
175.9
143.2
158.5
171.6
116.5
93.9
cans
and other tinware
130.0
129.9
104.4
137.7
133.6
141.7
138.6
95.7
195.3
172.5
91.5
135.3
137.1
100.3
140.5
140.7
89.8
120.9
121.0
92.4
128.5
124.1
82.6
150.7
151.6
114.7
155.5
155.0
98.7
112.2
112.5
92.5
118.4
114.8
153.0
152.7
114.2
157.9
159.3
108.1
203.7
196.8
210.7
175.9
166.1
164.7
phonographs
Textile machinery and parts...
83.9
86.0
86.2
71.4
88.3
89.5
04.8
151.9
152.3
111.5
143.5
145.0
102.1
112.0
119.9
93.0
113.2
117.5
81.0
Aircraft
754.5
790.7
612.7
714.0
682.7
479.5
Automobiles
119.5
130.4
98.3
110.8
123.0
83.4
Typewriters and parts
Transportation equipment
72.3
Shipbuilding
Railroad repair shops
71.6
59.0
83.4
55.3
63.3
62.5
36.1
52.6
50.5
24.6
102.4
Locomotives
100.2
99.4
117.8
111.7
97.8
62.0
63.8
83.7
58.4
60.9
63.5
57.7
Electric railroad
63 0
63.3
62.4
68.0
07.0
61.3
Steam railroad
61.9
63.8
58.1
67.0
63.3
57.5
Non-ferrous metals A their prods.
Aluminum manufactures
Brass, bronze A copper products
Clocks and watches and time-
113.2
111.5
98.4
109.6
105 3
82.9
132.0
131.5
111.0
141.2
134.5
100.4
117.1
119.0
102.7
117.0
116.7
89.4
126.7
114.8
108.6
113.1
108.4
95.4
Jewelry
96.4
90.8
85.0
74.8
67.8
01.8
Lighting equipment
Silverware and plated ware
Smelting and refining—Copper,
90.1
91.5
77.0
88.8
88.8
65.6
recording devices
Stamped and enameled
76.7
73.8
64.6
72.7
66.9
49.8
92.7
lead, and zinc
91.8
76.9
93.4
87.2
62 3
152.9
151.0
138.4
155.6
140.2
123.5
72.9
72.9
66.6
71.2
67.3
68.9
89.0
87.9
81.7
79.3
73.9
68.4
Mill work
57.1
57.3
52.2
50.1
54.8
46.9
Sawmills
55.7
56.3
ware..
Lumber and allied products
Furniture.——.--Lumber:
Stone, clay, and glass productsBrick, tile, and terra cotta
Cement
50.9
55.9
52.8
44.8
72.0
71.7
68.0
70.0
66.1
58.3
51.9
63.8
50.7
46.2
46.2
40.3
69.9
69.7
64.1
77.1
72.4
60.2
109.9
107.9
99.8
121.0
108.0
92.8
44.3
44.4
46.5
39.5
38.4
40.3
76.4
72.8
71.5
64.3
59.0
54.6
102.7
Glass
100.0
Marble, granite, slate A other
products
Pottery
:—
Non-Durable Goods
Textiles and their products
Fabrics
Carpets and rugs
91.1
85.5
87.4
98.0
94.7
89.0
89.6
83.0
100.9
99.8
85.4
96.4
97.0
75.3
100.9
Cotton goods
101.8
97.3
...
102.0
94.5
94.8
94.9
96.0
94.2
88.2
90.4
88.0
Dyeing and finishing textiles.
Hats, fur-felt
109.4
109.1
111.1
93.5
94.1
94.8
89.7
83.9
90.2
86.5
80.8
89.3
Knit goods
116.5
116.3
117.5
Cotton small wares
96.7
82.4
116.1
119.9
112.6
Silk and rayon goods
80.2
79.7
79.6
65.4
67.4
78.0
80.7
81.6
68.0
71.8
64.0
112.6
102.0
115.8
91.3
73.8
92.4
Wearing apparel
Clothing, men's
Clothing, women's
1929..
109.5
91.4
86.4
87.1
117.0
157.0
112.4
71.3
118.7
88.5
88.1
85.6
79.6
80.2
80.4
120.8
129.7
127.0
101.9
96.6
52.7
38.8
59.1
40.3
23.8
48.2
114.5
113.4
116.5
100.6
95 9
104.9
96.4
96.3
94.4
83.2
84.6
Boots and shoes
98.3
98.0
95.4
77.9
79.8
113,
Leather
93.9
94.7
95.6
104.3
104.0
94.0
132.5
124.9
127.9
131.2
128.3
114.0
Millinery
Shirts and collars
Leather and its manufactures
Food and kindred products
97.5
80.3
Baking
135.2
136.7
130.1
132.0
134.9
116.2
Beverages
230.6
234.4
214.5
273.0
284 8
237.1
94.2
97.3
90.5
77.5
78.1
70.5
278.1
209.8
252.5
294.2
245.0
231.1
73.6
69.2
73.5
76.0
64.3
66.1
Butter
Canning and preserving
Confectionery
Flour
77.7
77.9
77.1
80.6
79.0
Ice cream
90.3
93.2
83.9
84.8
85.6
73.6
Slaughtering and meat packing.
Sugar, beet
Sugar refining, cane
86.6
89.9
91.5
96.3
99.9
87 5
71.3
52.9
86.8
74.6
56.0
80.4
76.2
81.0
80.7
80.9
80.9
66.6
61.8
60.6
63.0
50.8
55.8
53.5
55.7
55.4
55.2
66.3
66.0
57.6
—
Tobacco manufactures
74.6
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
Paper and printing
Boxes, paper
Paper and pulp
Printing and publishing:
Book and
Job
Newspapers and periodicalsChemicals
and
62.5
61.2
63.9
55.0
54.5
106.3
106.0
100.1
102.6
101.6
89.4
102.4
102.2
95 7
102.7
100.3
92.5
119.1
119.6
109.1
123.8
119.2
96.9
97.0
95.6
92.1
89.5
90.1
79.8
103.2
103.2
100.0
99.3
99.8
92.3
141.1
allied
53.0
products,
and petroleum refining
124.9
136.8
108.1
124.1
123.5
112.2
137.9
134.9
100.8
137.1
139.5
123.0
156.1
153 9
52.6
41.8
45.7
44.2
35.3
37.5
112.8
106.2
100.3
123.4
112.0
105.2
95.7
95.3
88.3
107.4
103.8
Cottonseed—Oil, cake A meal
Druggists' preparations
Explosives..
De¬
1931..
1932..
1933.. 11.6
1924..
4.4
1934
1925..
2.7
1935..
2.0
3.1
113.4
69.8
60.8
80.1
77.1
55.4
136.3
124.4
135.5
138.3
113.5
401.0
356.7
402.1
392.9
300.1
101.7
102 4
101.7
117.0
116.9
100.6
128.4
127.5
118.3
151.3
143.1
112 2
97.7
96 2
92.2
96.4
96.8
90.8
77.1
61.8
75.2
733
54.7
60.5
134.2
136.7
119.2
132.6
135.8
110.3
88.5
89.7
86.0
89.5
93.6
91.6
Petroleum refining
Rubber products
Rubber boots and shoes
6.8
shoes, tires, and Inner tubes.
Rubber tires and Inner tubes..
1926--
4.4
1936..
4.3
mm
1927..
3.4
1937-
3.3
1928-.
4.1
88.3
73.8
132.8
403.6
Rubber goods, other than boots,
mm
117.7
Paints and varnishes
0.5
5.9
0.4
124.3
Rayon and allied products-Soap
1.2
1923..
--
107.4
145.0
Men's furnishings
4.6
1930..
3.0
06.0
111.4
Corsets and allied garments.
crease crease
1922..
•
86.2
77.0
Other than petroleum refining.
Chemicals
'
De¬
crease crease
1919..
0.8
0.1
3.6
0.3
mm
1.7
1926
1928
0.3
2.0
1923
192ft
2.4
92.6
76.5
heating
Fertilizers
1920
85.1
Radios and
decrease
shown
77.8
Foundry A machine-shop prods.
(0.7%), and
reported
was
93.6
53.7
Machine tools
meat
and
86.8
98.1
Woolen and worsted goods-
rayon
outstanding decline in employment between July and August was
in the automobile
industry (8.3%). This decrease reflected reduced operatios due
primarily to changes in models. Employment in the slaughtering
also
113.5
132.4
52.9
water wheels
importance
The
and
120.6
142.5
Engines, turbines, tractors, and
(2.2%), cigars and ciga¬
(1.9%), book and job printing
(2.1%), furniture (1.9%), glass
(1.4%), petroleum refining (0.8%), silk and
boots and shoes (0.4%)
95.3
105.7
100.6
Electrical machinery, apparatus
and supplies
shipbuilding
rettes
107.6
119.9
66.4
and calculating machines
arations
showed
91.8
Cash registers, adding machines
the
ments
felt
100.0
Wire work
August and 62 industries reported
employment
and
103.1
76.1
Machinery, not Including trans¬
portation equipment
Agricultural Implements
a
in number of wage earners from
July to
increases in
payrolls.
Substantial
beet sugar
102.8
87.8
Tin
a
increased seasonal
104.1
Tools (not Including edge tools,
machine tools, files and saws)
employment
gain of 9.3%, and
a
77.0
69.2
work—
in August, 1936, with August,
similar comparison of weekly payrolls
gain of 24.2% over the year interval.
Forty-seven of the 89 manufacturing industries surveyed reported gains
1937, shows
shows
100.7
67.5
Cars, electric A steam-railroad.
in
employment between
been shown in 17 of the preceding 18 years for
available, and payrolls have increased in 10 of these years.
inventory,
104.1
Structural A ornamental metal-
over
resumption of operations after July shut¬
vacations, although many firms also
reported repairs and vacations in August.
downs
84.7
86.7
apparatus and steam fittings.
Stoves
August
to
0.8%
between July and August.
are
83.5
98.9
121.8
Plumbers' supplies
Steam and hot-water
5.3% in
August have
which data
100.4
108.9
machinery
tools
working forces.
Employment
1.2% from July to August, reaching the
June, 1930.
Electric light and power and
since
firms
gains of
reported
103.7
Forglngs, Iron and steel
decrease
(1.1%), this increase bringing the August index above
the level of any month since
January, 1931.
In the remaining industries
reporting increased employment
(crude petroleum producing, wholesale
trade, hotels, insurance, and telephone and telegraph), the gains ranged
from 0.7% to 0.2%.
Seasonal
93.5
Hardware
than
interval
were
1936
101.4
(not Including sliver
and plated cutlery), and edge
expand their
recorded
gas
1937
Cutlery
industry increased
level
the month
1937
Cast-iron pipe
rose
number
latter
manufactured
Aug.,
1936
Bolts, nuts, washers, and rivets
department, variety, and
houses, employment decreased
4.1% from July to August,
indicating the return of 14,000 workers to employment.
Resumption of
operations following the settlement of labor disputes, which had reduced
operations in the preceding month, accounted in large part for this em¬
ployment gain.
Contractors engaged in private building construction re¬
in
July,
1937
106.6
rolling mills
includes
Employment in bituminous coal mines
and
Aug.,
Blast furnaces, steel works, and
vaca¬
reporting Secretary Perkins's remarks, an announce¬
issued by the Department of Labor
(Office of the
Secretary) also had the following to say:
highest
♦
Aug.,
Iron and steel and their products,
decline of
a
weather and
The group of "all other" retail estab¬
drop of
month
hot
stores.
increase
July,
98.1
Durable goods
Non-durable goods
In
an
Aug.
1937
102.2
All industries.
ment
ported
Payrolls
Manufacturing Industries
con¬
August,
group
non-manufacturing industries surveyed showed
workers.
workers
the
retail
Employment
by
caused
primary factor
Durable Goods
by nearly 15,000 workers.
or
month
1923-25.
general
37,000
the
over
industry,
a
non-durable
general merchandising stores, and mail-order
lishments
was
50,000 workers in retail establishments,
causing
group,
automobile
models,
workers employed in August,
years
combined
The
the
in
0.8%
for
similar
a
declined
The employment index for the durable goods group
every
1,000 workers employed in this group
that
index-base
1937,
in
changes
for
tributing to this loss.
(98.1)
employment
23, 1937
MANUFACTURING INDUSTRIES
*
August, 1937, Indexes preliminary, Bubject to revision.
Volume
Financial
145
2611
Chronicle
OVER PREVIOUS YEAR
PERCENTAGE INCREASE
Non-Manufacturing Industries
non-manufacturing industries surveyed,
ment
and
fiom
July, 1937 and August, 1936,
is
1929
for
age
payrolls for August, 1937,
used
the
for
numbers
Week Ended
the index base
as
FACTURING
computing the
Information
for
index
earlier
Bureau's records
INDUSTRIES.
WITH JULY,
Week Ended
Week Ended
Oct. 16. 1937
Oct. 9. 1937
Oct. 2, 1937
New England
1.1
4.1
0.7
1.8
Middle Atlantic
4.8
5.4
3.6
3.0
Central Industrial
6.6
7.3
7.7
West Central
5.8
5.3
5.5
4.3
Southern States
The 12-month aver¬
100, in
or
industries.
PAYROLL TOTALS IN NON-MANU¬
INDEXES OF EMPLOYMENT AND
Week Ended
Regions
6.8
7.1
6.2
4.4
6.7
5.7
13.0
13.4
Pacific
4.6
3.4
4.9
4.1
5.0
5.1
5.5
4.4
Sept. 25,
available, and percentage changes
shown below.
are
non-manufacturing
is not available from the
years
were
with indexes of employ¬
Major Geographic
Rocky Mountain
16
The
1937,
AUGUST,
Coast
COMPARISON
AND
Total United States.
1937, AND AUGUST, 1936
(Average 1929=100)
x
Adjusted to Include holiday conditions in
FOR
DATA
RECENT
7.3
both years.
(THOUSANDS
WEEKS
'Payrolls
Employment
1937
OF KILOWATT-HOURS)
Per Cent
Change
P. C. Change from
P. C. Change from
Industry
Index
Aug.,
July,
Aug.,
Aug.,
July,
Aug.,
1937*
1937
1936
1937*
1937
1936
from
1936
Aug.
91.1
79.1
+2.8
+ 13.6
+4.7
72.2
—0.8
+ 12.1
94 1
merchandising.
+5.6
—1.5
—1.9
+ 53
85.7
—1.8
+ 12.3
84.2
Retail
+0.6
86.3
Trade—Wholesale
General
—1.4
+4.5
69.4
—0.7
+ 12.1
Other than general mer¬
chandising
Public Utilities:
and
light
and
79.8
+ 0.2
+8.6
92.0
—0.1
+ 13.4
98.3
Telephone and telegraph
Electric
+ 1.1
+5.6
102.3
+0.4
+13.9
power
manufactured gas..
73.4
maint.
&
+ 1.4
a+0.0
+ 0.0
a
—8.7
41.1
Mining—Anthracite
73.5
+ 3.8
+ 10.5
27.0
—23.3
—14.0
Bituminous coal
78.9
+ 4.1
+ 2.7
73.7
+ 11.0
+ 12.7
Metalliferous
82.4
+ 1.2
+33.6
82.5
Quarrying & non-metalllc.
55.0
—0.9
—0.5
53.4
+6.8
+5.0
Crude petroleum producing
a—0.2
+71.2
+ 15.5
+ 18.8
80.2
+0.7
+6.8
70.9
Hotels (year-round)
86.4
+ 0.3
+3.9
b73.7
+0 5
Laundries
94.1
—1.1
85.9
—11
+11.4
+ 12.1
+3.0
+10.7
Services:
c
Insurance
Building construction
Preliminary,
a
—1.5
—0.1
c
—2.1
c
+0.3
+2.1
-rl-7
c
—1.8
+5.2
+8.7
c
+4.6
+27.3
85.7
Dyeing and cleaning
Brokerage
*
—0.3
+5.1
+2.6
c
70.0
t
3.9
b Cash payments only; value of board,
Data are not available for 1929 base.
Less than 0.1 of 1%.
com, and tips cannot
be computed,
c
of 1% Noted in New York State Factory
Employment from August to September—Payrolls
Down 1%
°
Increase
Employment in New York State factories in September was
approximately 1 % from August and payrolls were about
1% lower, according to a statement issued Oct. 11 by In¬
dustrial Commissioner Elmer F. Andrews. The advance in
up
working forces this September, while less than the
usual
followed a larger than usual advance
during August.
Payrolls showed a decline this September,
whereas they usually advance about 4% over this period.
increase of about 2lA%,
Mr. Andrew's statement continued:
The usual changes are based on the average
movements from August to
Great seasonal expansion occurred in
If records from the
September over the last 23 years.
the canning
and preserving industry in September.
omitted this month, em¬
H to 1%, and payrolls
would show a drop of over 1H%.
One element in the decline of payrolls
in September was the fact that a number of factories, especially the women's
clothing and fur and fur goods factories in New York City, were closed
during part of the week reported, for the observance of religious holidays
reporting canning and preserving factories were
ployment would show an increase
of only about
The New
September
preliminary
York State Department of
The payroll index was
91.0.
was
Labor's index of employment for
86.2.
This September's
tabulation was based on reports from 1,871 representative
York State which report each month to the New
factories throughout New
York
State
These reports are collected and ana¬
Department of Labor.
lyzed in the Division of Statistics and Information, under the direction of
Dr. E.
B. Patton.
This month's repotring factories were employing
429,055 workers on a total weekly payroU of
Four Districts Report
districts in
namely,
Aug. 21...
Aug. 28
Sept.
■»*>
mm
4
Sept. 18
mm
Sept. 25
Oct.
2
2.275.724
m
9
16
Oct.
30
6
Nov.
Weekly
York
New
of the in¬
New York State reported net gains in employment,
City,
Albany-Schenectady-Troy, Rochester, and
Most women's clothing and millinery
just as busy or busier than in August, but
of the week reported for the observance of
Binghamton-Endicott-Jobnson City.
number closed
during part
Labor Day and therefore had lower payrolls.
In
Albany-Schenectady-Troy, great expansion was reported in the electrical
machinery and apparatus industry, but payrolls were lower in both the
religious holidays
or
knit goods and shirt and collar
industries.
and
railway repair shops and automobile
locomotive and equipment shops,
men's clothing industries. There were
but payrolls rose in the
and dropped in some other metal and machinery
In Utica, the textile industry had severe cuts in
plants but down in the shoe and
very
few net changes in employment in Syracuse,
industry
iron and steel
and chemical
factories.
August to September, 1937
City—
Employment
+3.2
+2.6
.
Albany-Schenectady-Troy
Rochester
Payrolls
+0 4
+0 4
+1.9
Binghamton
-
Buffalo.
*1
Utica..
-
+1.2
+1.0
—0 1
—5.8
—0 4
—0.7
—6.8
:
Syracuse
—4.4
—-8.0
Totals
The
Week Ended Oct.
2,276,123,000 Kwh.
Production
Edison Electric
During
light and power industry of the
ended
Oct.
16,
1937,
16
Institute, in its weekly statement,
disclosed that the production of
electricity by the electric
United States for the week
totaled 2,276,123,000 kwh., or 5%
2,168,487,000 kwh. produced in the corresponding
week of 1936.
The Institute's statement follows:
above the
1,895,817
1,897,180
Movement,
1,806,403
1,798,633
1,824,160
1,815,749
Week Ended
1937
production reported for the week
National
ended Oct. 9,
by 6% fewer mills was 6% less than the output
(revised figure) of the preceding week; shipments were 10%
below shipments of that week; new orders were 13% below
that week's orders, according to reports to the National
Lumber Manufacturers Association from regional associa¬
1937,
important hardwood and
week ended Oct. 9,
1937, was shown by softwood mills reporting for both 1937
and 1936 as 13% below output in corresponding week of
1936; shipments were 22% below last year's shipments of the
same week; new orders were 33% below orders of the 1936
week.
The Association further reported:
tions covering the operations of
softwood mills.
Production in
During the week ended Oct.
556;
mills.
the
9,1937, 524 mills produced
softwoods combined; shipped
of hardwoods and
228,719,000 feet
200,113,000 feet; booked
Revised figures for the preceding week were
production, 243,685,000 feet; shipments, 222,145,000 feet;
orders of 185,350,000
feet.
orders, 212,988,000 feet.
All
reported
allbut
week ended Oct. 9.
All softwood regions but
orders below production in the
shipments
Northern Pine reported
below
production.
orders^ below those of
California" Red wood ^Southern
corresponding week of l936j
Hemlock
Cypress and Northern
year's week and all softwood regions but
Redwood and Northern Pine reported production below that of
reported shipments below last
California
similar 1936 week.
Lumber orders
reported for the week ended Oct.
9, 1937, by 437 soft¬
174,125,000 feet; or 19% below the
production of the
reported for the same week were 189,596,000
feet, or 12% below production.
Production was 215,388,000 feet.
Reports from 104 hardwood mills give new business as 11,225,000 feet,
or 16% below production.
Shipments as reported for the same week were
10,517,000 feet, or 21 % below production. Production was 13,331,000 feet.
mills.
Shipments as
Identical Mill Reports
identical softwood mills was
245,913,000 feet; shipments were
189,051,000 feet, and 242,720,000 feet; and orders received
Last week's
production of 430
feet, and a year ago it was
feet, and
214,690,000
respectively
173,561,000
259,909,000 feet.
Automobile Financing in August
Statistics
on
automobile financing for January to
August,
based on data reported by 456 identical
organizations, are presented in Table 1, and for 282 identical
organizations in Table 2. These statistics were released by
Director William L. Austin, Bureau of the Census, Depart¬
1937, 1936 and 1935,
ment of Commerce.
retail financing for August,
1937 for
organizations amounted to $162,783,084, a decrease of
6.5% when compared with July, 1937; an increase of 10.7%
compared with August, 1936; and an increase of 52.9% over
August, 1935.
The $161,539,141 shown for wholesale
financing for August, 1937 is a decrease of 6.2% from July,
1937; an increase of 24.4% compared with August, 1936;
and an increase of 69% over August, 1935.
456
Retail Automobile
Receivables Outstanding
of data on "Retail
Outstanding" for August, 1937. The
volume reported at the close of that month by 278 organiza¬
tions amounted to $1,286,663,090.
These 278 organizations
accounted for 96.9% of the total volume of retail financing
($162,783,084) reported for August, 1937.
Figures of automobile financing for the month of June,
1937 were published in the Sept. 4 issue of the "Chronicle,"
The
Electric
1,863,086
industry during the week ended Oct. 9, 1937,
of the 1929 weekly average of production and
60% of average 1929 shipments. The week's reported pro¬
duction was 23% greater than new business booked and 14%
heavier than reported shipments.
Reported production,
shipments and orders were all below the preceding week.
Again reported production fell below output of corresponding
week of last year; shipments for eight consecutive weeks and
orders for 10 consecutive weeks have been less than in 1936.
The dollar volume of
forces and payrolls
New York City
1,777,854
1,819,276
1,506,219
1,507,503
1,528,145
1,533.028
1,525,410
Forces and payrolls were lower
In Rochester, forces and payrolls were up in the
instrument and appliance and chemical
parts factories.
9,
1,464,700
1,423,977
1,476,442
1,490,863
1,499,459
The lumber
the
in some of the iron and steel plants,
+ 5.5
1,724,728
1,729,667
1,733,110
1,750,056
1,761,594
1,674,588
1,806,259
1,792,131
1,426,986
1,415,122
1,431,910
1,436,440
1,821,398
1,819,371
1,832,695
1,839,815
1,809,716
1,752,066
1,827,513
1,851,541
1,857,470
1,863,483
1,867,127
stood at 67 %
Binghamton-Endicott-Johnson City shoe and wood products in¬
dustries.
In Buffalo there were net losses in both en ployment and payrolls
in
+ 4.4
Lumber
factories in New York City were
a
+ 6.2
+5.1
Oct.
same
Net Gains in Employment
+2.6
+ 12.4
+ 5.0
of
Report
+ 8.0
2,168,487
2,170,127
2,166,656
2,175,810
23
Oct.
+ 10.0
2,169,442
2,280,065
2,276,123
m
+ 8.8
+ 10.6
2,170,807
2,157,278
2,265.748
mm
Oct.
2,125,502
2,135,598
2,098,924
2,028,583
2,154,276
2,280.792
Sept. 11
wood mills totaled
$11,812,934.
According to the preliminary tabulation, four out of seven
dustrial
2,294,713
2,320,982
Aug. 14
2,079,137
2,079,149
2,093,928
All regions reported
Labor Day.
or
2,261,725
2,300,547
2.304,032
7
Oct.
Electric railroad and motor
bus operation
1929
1932
1935
1937
1936
1937
Week Ended
Index
Bureau
began
Automobile Receivables
nage
1497.
the collection
^
2612
Financial
Chronicle
AUTOMOBILE FINANCING
rapid maturity of all cereal
resulted
Financ¬
tobacco.
Volume
Month
Total
New Cars
in
Volume
Number
Cars
of
Cars
Number
in
Thou¬
of
sand
Cars
Number
of
Thou¬
sand
Cars
sand
Dollars
Orga nlzations
8
Dollars
a
174,155
181,139 106,865
162,783
166,372
and
67,290
British
Columbia
63,782
239,896
227,052
99,000
crops
1936—
166,018
8
436,223
176.201
200,903 116,065
235,320
367,024
147,002
160,083
206.941
94,017
122,238
95,588
8
1,376,243 792,880 1,667,946 426,601
Summary for
July
August
Total
324,633
292,614
119,372
106,472
134,054
74,489
190,579
44,882
116,997
65.138
175,617
41,333
mos.
ended Aug.
8
992,125 2,170,381
799,059
282 Ident leal Orga nlzations
167.509
396,330
165,438
d 370,557
157,199
154,578
916,074 500,396 1,254,307 298,663
174,244 102,918
160.260 95,373
222,086
210,297
62,519
59,205
mos.
ended Aug. 1,335.965
2,964,863 1,221,625 1,279,384 750,067 1,685,479 471,557
1936—
July
August..
Total
162,404
413,923
168,685
127,032
8
347,269
140,435
195,299 112,794
91,206
218,624
55,890
191,983
49,229
155,286
2,879,464 1,164,302 1,334,993 768,963 1,544,471 395,338
1935—
119,099
113,125
100,761
128,876
112,567
Of
968,213 2,040,391
758,662
883,263 482,366 1,157,128 276,296
71,665
62,661
175,866
41,459
161,099
38,099
8 mos.
ended Aug.
a
304,742
273,666
92,918
Total
.
these
potatoes
yielded
few
with
grain
well,
exceptions
yields
and
and
satisfactory yields.
gave
below
were
potato
but
average,
other
root
crops
In
hay and fodder
were
satisfactory.
This year's crop
production—largest since 1928—is only
6% less than the all-time peak reached in the year 1920,
according to an analysis made by C. M. Purves of the
Bureau of Agricultural Economics, United States
Department
of Agriculture, in the October issue of "The
Agricultural
Situation," monthly publication of the Bureau, which further
reported:
Although crop production per capita of the population is
much less than during the
1920's, it is 5 to 10% above the
downtrend of production per capita since 1905.
Said an
announcement by the Department of
Agriculture summariz¬
ing Mr. Purves' remarks, which added:
Mr. Purves computes the index of
production of principal crops this year
mos.
ended Aug. 1,220,709
July
August
organizations,
37
have
discontinued
automobile
financing,
b Of
this number, 42.3% were new
cars, 57.3% were used cars, and 0.4% unclassified,
c Of the
282 organizations, 24 have discontinued
automobile financing,
d Of
this number, 43.3% were new cars,
56.3% used cars, and
0.4% unclassified.
at
110% of the 1910-14 pre-war average, compared with 78.5 in 1936, and
with 113.5 in 1928—which marked the
high point for the last 17 years.
The crops included in the index are
corn, wheat, oats, barley, rye, buck¬
wheat, flaxseed, potatoes, sweet potatoes, cotton, tobacco, and
hay.
Pro¬
duction of most other important crops
(not included in the index) also is
much larger this year
than last, and above average.
But divided into the
population, Mr. Purves puts the index of production
per capita of the
principal crops, at 81% of the pro-war average, compared
with 58 in 1936.
He makes the point, however, that the trend of
crop pro¬
duction per capita of the population had been
declining for more than 30
This year, production is above this trend, by 5 to
10%.
years.
Newsprint Prices in United States
Northern
and
In
Co.
Increased—Great
$5.50 Per Ton for First Half
Adds
$7.50 Per Ton
bulletin
a
for
Last
Committee
of
Half
distributed to members
Newspaper Publishers Association
Northern
the
Association
of
of
the
American
Oct. 18, the Newsprint
revealed that the Great
an
prices; in noting this, the New York "Times" of
Oct. 19 further reported:
"While the Great Northern's announced
price, for the first six months
Canadian
a
ton less than the price
manufacturers,
nevertheless,
previously announced by leading
the
proposed
papers in the United States will
approximate
"Such a tremendous
additional financial
increase
to
an
news¬
$25,000,000.
burden
on
newspapers
United
and
in
consumption by newspapers."
Some members of the committee
suggest that it will undoubtedly require
increase in circulation and
advertising rates.
ton
Company on March 19 announced an increase
in the price of
newsprint delivered in New York, or $59 a
ton for the first six months of
1938.
In citing that advance, the
Newsprint
Committee reported to the convention
of the American
Newspaper Pub¬
lishers Association in this
city last April that the increase made a total of
$10 a ton, or 25 per cent, in three
years, and-that the International's an¬
nouncement had been echoed
by most Canadian and one or two United
States mills
similar
with the 1937 crop in order that
producers
be eligible for payments under the Sugar Act of 1937.
Secretary also approved a definition of what consti¬
may
The
tutes
Montreal Issues Final
Report of Year on
Canadian
Crops—Crop Yields in All But Prairie
Provinces Regarded as
Generally Satisfactory
The final Canadian
crop report of the Bank of Montreal
for the year, issued on Oct.
21, said that "while the total
wheat crop in the Prairie Provinces
proved to be the lowest
in a succession of
poor years, with
grade and quality high
yields in all
generally satisfactory, and in some
though somewhat below those of 1936, the
crop
the other provinces were
cases
unusually
somewhat
farm
a
on
the
abundant,
light side."
although
grain
returns
were
The report continued:
The Dominion Bureau of Statistics
estimates the wheat production of the
three Prairie Provinces at
164,000,000 bushels, which is 48,000,000 bushels
less than last year and contrasts
with a
bushels.
10-year average of 355,275,000
The estimated average wheat
yields by provinces are: Manitoba
18.5 bushels, Saskatchewan 2.5
bushels, Alberta 9.7 bushels.
The 1937
wheat acreage in the Prairie
Provinces, officially estimated at 24.599,000
acres, is practically the same as last
year.
While the production of coarse
grains is slightly higher than last
year, there is an acute shortage of winter
feed supplies in many districts.
Oats are estimated at
148,032,000 bushels
and barley at 66,457,000
bushels.
Threshing is finished in Manitoba and
Saskatchewan and is nearing
completion in Alberta. Deliveries of wheat
by
farmers to
country elevators from Aug. 1 to Oct. 15 totalled
74,736,000
bushels, compared with 115,745,000 bushels
during the same period last
In Quebec Province excessive heat
in July and August caused the
year.
under the Act.
which is farmed
Hawaii
by
a
A
producer,
farm, he said, is "all land
of producers, as a
farming unit, with cropping practices, work stock,
equipment, labor and management substantially separate
or group
single
from that of any other such unit."
As to the farming practices for Puerto Rico and
the announcement of the AAA said:
Farming
according
Rico
or
the
on
to
the
Island
of
farms
fertilizer
shall
not
plant
food
1937,
year
fertilized
in
1937
75
(1)
:
1937,
in
applied
during 1936
In
case
only
a
Vieques
this
of
food
land
of
cane
cane
either:
are
land
applies
this
in
to
class
the
the
1936.
Vieques must apply chemical
shall
per
cane
fertilized
fertilized during
be
acre
the quantity of
sugar
of
of
which
plant
farm
a
cane
Island
amount
of
acre
of
the
on
90% of
requirement
its
per
part
sugar
of sugar cane land
an
(2)
sugar
and
time
any
was
pounds
or
Puerto
at
sugar
greater
further
150
acre
Farms of this description
during
of
to
Hawaii
a
of
Puerto Rico
growing
acres
1937
the
is
(1)
of
acre
(2)
per
400
during
than
is
and
there
mainland
in
Hawaii,
during
90% of the quantity of plant food which
per
or
less
Rico
Rico
the
on
there
than
more
chemical
applied during 1936
of
which
apply
be
Puerto
Puerto
are
On the mainland
on
1937
year
both
In
farms
Vieques.
on
in
vary
farm.
whether
which
of
calendar
of
on
calendar
amount
pounds
size
producers
the
required
the
prescribed
depending
Hawaii
during
an
practices
to
variation,
fertilizer
of
practices that must be carried out in
connection
greater
Bank
announced
9 that
in
in
The International
Paper
a
Agricultural Adjustment Administration
Oct.
Secretary of Agriculture Henry A. Wallace
had approved a determination as to
farming practices that
must be carried out
during the calendar year 1937 on farms
producing sugar cane for sugar in 1937-38 in Puerto Rico
the
States, following as it does, increases in
newsprint prices in 1936
1937, will force drastic reductions in
of $7.50
Tlie
on
and
"The
New York and
Chicago delivered prices a ton for 1938, as an¬
nounced, will be—first six months $48, second six
months, $50," said the
bulletin of the Newsprint Committee of
which William G. Chandler, of the
Scripps-Howard Newspapers, Is chairman.
"Many newspapers hold contracts with Canadian manufacturers
carrying
through 1938 guaranteeing a price no higher than Great
Northern; it, there¬
fore, would seem that Great Northern has set the maximum
price for the
entire country.
of next year, is $2
for Puerto Rican and
Hawaiian Sugar Producers to
Qualify for Benefits
Under
Act—Secretary Wallace
Also
Approves
Definition of a Farm
on
increase of $5.50 a ton for the
first half of 1938 and of $7.50 a ton for the
final six months
1937
Farming Practices Established
1938
Paper Co., leading manufacturer in the United
States, had announced
over
a
heavy,
was
Crop Production for 1937 Only 6% Below Ail-Time High
of 1920 Reports Bureau of
Agricultural Economics
mos.
1935—
Total
The hay crop
52,984
ended Aug. 1,251,664 3,044,189 1,219,481
July
August
apples, small fruits and
yield of winter wheat and
average
60,136
129,865
an
Berry crops other than strawberries were better than last year
and, with
the exception of cherries, which
yielded poorly, the tree fruit crop on the
whole was materially above that of 1936.
1,374,979 3,150,792 1,286,677 1,328,601 778,101 1,822,191 508,576
July
August
as also were those of
was
yield of spring grains.
average
were
mos
ended Aug
Total
Ontario there
Apples
172,145
421,035
161,539 b 393,424
August
Total
In
generally plentiful. The tobacco crop was exceptionally good. In the
Maritime Provinces cereal crops generally were below
average In yield and
grade. Seeding was interrupted by cold rainy weather and a
dry growing
season during July and
August resulted in crops maturing too rapidly.
1937—
July
1937
that of roots, corn and
canning crops satisfactory, and fruits of all kinds
In
Thou¬
Dollars
456 Ident leal
Volume
Volume
in
Dollars
Summary for
Unclassified
slightly below
Thousand
23,
together with damage by rust,
in
generally were above average,
Used and
ing
and
crops and this,
light yields in most districts.
The warm weather,
however,
proved beneficial to the growth of canning and fodder
crops and returns
Retail Financing
Wholesale
Year
Oct.
land
less
than
sugar
the
land
cane
plant food which
fertilized
located
is
part
not
of
during
the
located,
so
was
1936.
Island
of
regardless
on
of
size.
Producers
which
there
farms
on
is
the mainland
on
of
Puerto
Rico
and
in
Hawaii
on
growing at any time during
1937 more than 100, but not
required to apply during 1937 an
average amount of chemical fertilizer at least
equal to 400 pounds per
acre.
This requirement applies to
acreage on which sugar cane has been
planted in 1937 and to acreage on which a
crop of ratoon sugar cane has
than
more
400
been started
For
in
farms of
of
acres
sugar
cane,
1937.
this
description
Producers
more
there
than
farms
on
is
100
on
growing
acres
of
applies to land
at
to land
on
which
a
crop
acre.
cane,
which
of
Puerto Rico
time during
any
sugar
on
per
the mainland
weight of chemical fertilizer of
ment
the Island of Vieques, Puerto Rico, the
on
application shall be 200 pounds
which
are
at
are
and
more
required to apply
cane
sugar cane
in
than
an
least 200 pounds per acre.
sugar
of ratoon
1937
Hawaii
10,
on
but not
average gross
This require¬
has been
planted in 1937 and
has been started in 1937.
For farms of this
description on the Island of Vieques, Puerto Rico, the
application shall be 100 pounds per acre.
Producers on farms, whether on the mainland of Puerto
Rico, or in the
Island of Vieques, and farms in Hawaii on
which there is growing at
any
time during 1937 not more than 10 acres of
sugar cane may qualify for
payments by complying with either of the
following requirements: (1) by
applying during the 1937 harvest season to the land on which
sugar cane
Volume
is
harvested, the tops and trash cut from the harvested
carrying out
which
on
payments
sugar
the
would
growing
cane
farm
1937
in
equal
least
at
50c.
practices
acre
per
each
for
for
1937
JANUARY-AUGUST.
of
acre
OF CANE AND
PROCESSORS.
TABLE 2—STOCKS, PRODUCTION, AND DISTRIBUTION
BEET SUGAR BY UNITED STATES REFINERS AND
(2) by
cane;
sugar
soil-building
approved
2613
Chronicle
Financial
145
(In Terms of Short Tons
Refined Sugar as Produced)
the farm during 1937.
on
Domestic Beet
Increase
Noted
in
United
States
Exports of Refined
Sugar During First Eight Months of 1937
Refined
first eight months of 1937, January through August,
42,689 long tons,
similar
Final stocks of refined, Aug.
totaled
increase of 8,875 tons,
year, an
according to Lamborn & Co., New York, which said:
The refined sugar
exports during the January-August period this year
with
19,260 tons,
being followed
tons and 2,460 tons respectively.
by Colombia and Panama with
3—STOCKS,
TABLE
The United Kingdom leads this year
went to over 40 different countries.
71,255
b793,971
167,492
from reports submitted by refiners
and
Exports of refined
sugar during the first eight months of 1937 amounted to 60,371 tons, based on re¬
ports of the Department of Commerce for January-July, and a Sugar Section estimate
for the month of August,
b Larger than actual deliveries by a small amount rep¬
resenting losses in transit, through reprocessing, &c.
26.2%,
or
31, 1937..
Compiled by the AAA Sugar Section,
beet sugar factories.
a Deliveries include sugar
contrasted with 33,814 tons during the
as
period last
Deliveries
Factories
1,139.288
3,529,820
4,022,796
646,312
890.208
249,080
3,458,565
a3,228,825
478,820
1,1937—
Production
States during the
exports by the United
sugar
Initial stocks of refined, Jan.
Refiners and
Beet
Companies
Refiners
delivered against sales for export.
RECEIPTS, AND DELIVERIES OF DIRECT-CON¬
FROM SPECIFIED AREAS, JANUARY-AUGUST,
SUMPTION SUGAR
9,445
1937
(In Terms of Short Tons of Refined Sugar)
Last season, the United Kingdom with
14,436 tons also headed the list, while Honduras and Panama with 2,770
and
tons
Deliveries
Stocks on
followed.
2,414 tons, respectively,
Source of
Stocks on
U8uage
Aug. 31,
or
Receipts
Jan. 1,
Supply
1937
1937
Increase Noted in Sugar Consumption in 14
European
Crop Year Ended Aug. 31
Countries During
Consumption of
tries
during the
sugar
in the 14 principal European coun¬
year
crop
8,123,556 long tons,
ending Aug. 31, 1937, totaled
value,
sugar
raw
as
0
330
Puerto Rico
Philippines
England..
an
Sugar stocks on hand for these countries on Sept. 1, 1937, the beginning
of the crop year,
the
I
date in 1936, a decrease
same
of 302,000 tons, or approximately 16.5%.
1937-38 campaign for the
14 principal European countries,
Licht,
raw
the European
sugar,
compared with 5,974,000 tons last season,
as
TABLE
Germany, Holland,
France,
0
an
First
Statistics of AAA Covering
Sugar Section of the Agricultural Adjustment Ad¬
on Sept. 30 issued its monthly statistical state¬
ministration
ment on sugar covering the first eight months of 1937.
In
issuing the statement, which consolidates reports obtained
from cane refiners, beet sugar processors, importers and
others, the Sugar Section stated:
Total deliveries of sugar during the
first eight months of 1937 amounted
Deliveries during the same period last
4,812,350 short tons, raw value.
of raw sugar value, totaled 4,406,646 short tons.
(The total
deliveries for domestic consumption during 1937 are converted to
year, in terms
refiners'
by using the factor 1.0571, which is the ratio of refined sugar
value
raw
produced to meltings of raw sugar during the years
Distribution of sugar, in
1935 and 1936.)
short
tons
tons.
as
These
hand Aug. 31 were as follows: Raw sugar held
converted
stocks,
to
raw
value/equal
913,711
short
compared with 1,363,055 short tons on the same date last year.
Such stocks do not include raws for processing held by importers
other than
refiners
The data, which cover the first eight
in
the administration of the Sugar
which requires the Secretary
quirements and
establish
This Act replaces the
months of the year, were obtained
Act of 1937, approved
Sept. 1, 1937,
of Agriculture to determine consumption re¬
quotas
for the various sugar producing areas.
Jones-Costigan Act and Public Resolution No.
109,
The statement of charges against the 1937 sugar
approved June 19, 1936
quotas during the first eight
months of the year was released on Sept
[This statement given in "Chonricle" of Sept.
4.
18, page 1809.1
The following is the statistical statement issued by the
Sugar Section of the AAA on Sept. 30:
TABLE
1—RAW SUGAR:
DELIVERIES
AND
REFINERS' STOCKS, RECEIPTS, MELTINGS,
DIRECT CONSUMPTION FOR JANUARY-
FOR
(In Short Tons, Raw Sugar Value)
Deliveries
Stocks on
Lost by Stocks on
for Direct
Fire,
Aug. 31,
Consumption
Receipts
Jan. 1,
of Supply
dkc.
1937
Meltings
1937
27,424
6,680
62
2,877
1,276
0
16,912
0
30,151
PhUippines
42,366 1,426,584 1,434,784
689,899
673,319
36,369
647,764
623,329
55,862
680.020
685.473
11,947
1,470
0
15,930
Continental b
46,042
100,727
146,737
32
0
Virgin Islands
0
5,450
0
0
0
7,099
5,450
77,238
74,707
0
0
9,630
0
677
675
0
0
2
199,685 3,592,797 3,680,036
12,335
62
100,049
Cuba
Hawaii
Puerto Rico
Other
countries
MisceUaneous
.
(sweeip-
lngs, &c.)
Total
P
a
Compiled in the AAA Sugar Section, from reports
0
submitted on Forma SS-15A
by T18 {Companies representing 23 refineries.
The companies are: American Sugar
Refining Co.; Arbuckle Brothers; J. Aron & Co., Inc.; California & Hawaiian Sugar
Refining Corp., Ltd.; Colonial Sugar Co.; Godchaux Sugars, Inc.; William Hender¬
son;
Imperial Sugar Co.; W. J.
McCahan Sugar Refining A Molasses Co.; National
Ohio Sugar Co.; Pennsylvania Sugar Co.; Revere
Sugar Refining Co. of JsTew Jersey;
Sugar Refinery; Savannah Sugar Refining Corp.; South Coast
Sugars, Inc.; 8ucrest Corp., and Western Sugar Refinery.
b Includes sugars received at refineries in Louisiana from their
and not
The new. total,
than actual daily
production in the same month last year and 12% above
actual demand for domestic crude then.
California was the only member of the "Big Five" oilproducing States to win a higher allowable in the Bureau's
Texas was cut to 1,413,300
November recommendations.
barrels; Oklahoma to 598,000 from 629,200
Louisiana to 246,200 from 254,600 barrels, and
Kansas to 189,700 barrels from 199,900 barrels.
California
was lifted to 674,600 from 660,000 barrels.
Recommended production by States for November (in
barrels) as released by the Bureau of Mines follows:
from 1,430,300
barrels;
1,413,300
674,000
598,000
246,200
189,700
104,800
October
November
Illinois
17,300
20,900
Montana
17,600
Now York
15,800
Kentucky
West Virginia...
16,700
Ohio
10,400
2,600
17,100
14,700
14,600
9,900
9,800
4,500
2,300
3,568,100
3,509,000
November
1.430,300
Texas
Louisiana.....
Kansas.
New Mexico.....
Michigan
Arkansas
56,300
51,800
57,300
55,500
43,500
36,000
Wyoming
Pennsylvania
47,400
36,100
Indiana
10,500
4,500
Colorado..
...
Totals
decline in demand for crude oil,
which has been mitigated this year by the sharp gain in
The
normal
seasonal
export demand from
the war-troubled Far East, also was
responsible for the lower November quota for Texas
voted by the Texas Railroad Commission which carried the
new
allowable for txat State below the 1,413,000-barrel
held
suggested by the Bureau of Mines. This was the second
month in which the Commission set a total
below that suggested by the Bureau,
The Railroad Commission on Oct. 21 issued new proration
orders setting the November allowable at 1,351,677 barrels,
off 116,642 barrels from the current State allowable.
The
new total is 61,323 barrels below the recommendation of the
Federal agency.
No change, however, was made in the
East Texas field, which was left on a schedule of 2.32% of
total
consecutive
hourly potential.
The steady drop in bottom-hole pressure
field in the past three months had led to
the belief that the quota for that area would be reduced.
"We have reduced the allowable production for oil to be
in the East Texas
AUGUST, 1937 a
Source
November
of 3,509,000 barrels, off
59,100 barrels from its October estimate.
however, is 475,100 barrels, or 16% higher
by beet sugar factories, 793,971 short tons
(Table 3); and by continental
(Table 4).
These deliveries, converted
Mines—Texas
States Bureau of Mines forecast
629,200
254.600
199,900
106,400
by
refiners, 100,049 short tons; refined sugar held by refiners, 478,820 short
tons; refined sugar held by beet factories, 167,492 short tons; and direct
consumption sugar held by importers (in terms of refined sugar) 119,892
on
FROM
by Louisiana and Florida mills amounted
during the first eight months of 1937.
crude oil demand at a daily average
660,000
total 4,812,350 short tons.
Stocks of sugar
SUGAR
Production
Oklahoma
mills, 75,101 short tons
to raw value,
DIRECT-CONSUMPTION
Quota Pared Below Federal Recommendations—
Daily Average Crude Oil Output Gains—Oil Trial
Continues at Madison—Mr. Ickes Hits Excessive
California
(Table 2); by importers, 488,317 short tons
sugar
119,892
November Forecast by Bureau of
In
(deliveries
August, 1937, was as follows: By refiners, 3,178,454 short tons
cane
488,317
October
form for consumption, during the period January-
shown in Table 2, less exports);
550,413
Products—Lower Crude Oil Demand
Petroleum and Its
Hungary, Irish Free State,
Eight Months of Year—Increase in Deliveries Over
Ago Reported
to
0
a853
75,101 tons, in terms of refined sugar,
increase of
Year
The
OF
4—DELIVERIES
Oil
Sugar
125
5,071
57,796
The United
of
125
3,964
Deliveries of direct-consumption sugar
to
Roumania, Sweden, and the United Kingdom.
Statement
88
183
266
5
0
CONTINENTAL CAN SUGAR MILLS
fc The 14 countries included in the survey are Austria, Belgium, Bulgaria,
Italy, Poland,
13,402
Compiled in the AAA Sugar Section from reports and Information submitted on
Forms SS-15B and 8S-3 by importers and distributors of direct-consumption sugar,
a Includes sugar in bond and in customs' custody and control.
367,000 tons, or 6.1%.
Czechoslovakia,
20,643
39,744
according to advices received from F. O.
authority, is placed at 6,341,000 long tons,
sugar
6,209
95,155
49,696
al,960
Other foreign areas
amounted to 1,531,000 tons as against 1,833,000 tons on
The estimated beet sugar crop for the coming
115,468
China and Hongkong
Total
year,
a84,906
3,450
Hawaii
contrasted with
increase of 391,724
tons, or approximately 5.1%, according to Lamborn & Co.,
New York, which said:
7,731,832 tons consumed last
341,830
374,685
6,209
a52,051
Cuba
Corp.; Sterling
own sugar mills
chargeable to continental quota until marketed as refined sugar.
produced in Texas for November so that the Texas oil pro¬
duction will not exceed the current market demand," C. V.
Terrell, Chairman, said in announcing the new ruling. "Oil
in storage above ground in the United States is 310,000,000
barrels.
It has increased to that figure from a lower of
287,000,000 barrels last winter.
.
"We are compelled by Texas law to prevent above-ground
waste of oil in storage," he continued.
"When storage is
increasing, it is positive proof that more oil is being pro¬
duced than the market will absorb.
In various parts of
Texas, purchasers are refusing to buy our oil. This condition
if allowed to continue would mean many wells would soon be
able to sell no oil. This order is intended to make it possible
for every Texas oil well to produce and sell some oil every
day and to prevent waste."
♦
showing the narrowest differential
actual production and the estimated
After
tween
in months be¬
market demand
Financial
2614
Chronicle
set
by the Bureau of Mines in the Oct. 9 week, daily
crude oil spurted the following week and was nearly
35,000 barrels in excess of the October recommendations of
the Federal body.
The American Petroleum Institute re¬
ported that daily average production for the Oct. 16 period
climbed 23,100 barrels to 3,602,150 barrels. This compared
with the October recommendation of 3,568,100 barrels set
by the Bureau, and actual output in the like 1936 week of
3,080,350 barrels.
All major oil-producing States with the exception of
Louisiana contributed to the broader production.
Sharpest
gain was shown by Kansas where an increase of 11,500
barrels lifted the total to 191,700 barrels, against the State
quota of 193,800 and the Federal recommendation of 199,900
barrels.
A jump of 9,400 barrels in Oklahoma lifted produc¬
tion to 595,450, against the State quota of 600,000 and the
Federal suggestion of 629,200 barrels.
Texas, although showing a smaller gain than Kansas and
Oklahoma, continued to hold above its quotas in contrast
to the former two States.
Rising 6,500 barrels, the Texas
total of 1,460.800 barrels compared with the Commission's
quota of 1,427,767 and the Federal recommendation of
1,430,300 barrels.
A gain of 300 barrels reported on the
West Coast lifted California production to 699,000 barrels
in contrast to the joint Federal-State recommended total of
660,000 barrels. Louisiana was off 1,100 barrels to 246,850
barrels, against the State allowable of 266,700 and the
as
Oct.
23,
1937
corresponding month a year ago. Export demand for motor
fuel is increasing, heavy shipments from the West Coast to
Japan being reported, with the Bureau jumping the Novem¬
ber forecast 250,000 barrels over October to 3,500,000
average
barrels.
The estimate indicated that benzol and "direct" sales and
losses of natural gasoline would total 800,000 barrels, making
the probable production of gasoline-46,500,000 barrels, or
1,550,000 barrels daily.
Natural gasoline consumption at
estimated at 8.9% of the total
gasoline required or 4,140,000 barrels. The yield of straightrun and cracked gasoline is set at 43.3%,
which, when ap¬
plied to the estimated straight-run and cracked gasoline
production of 42,360,000 barrels, gives refinery crude oil
requirements at 97,770,000 barrels, or 3,259,000 barrels
daily.
....'■
y,
refineries next month
was
,
Stocks
finished
of
and
unfinished
fuel
motor
showed
seasonal gains during the Oct. 16 week, rising 228,000 barrels
to reach 65,760,000 barrels, according to the
American
Petroleum Institute report. Refinery stocks gained 670,000
barrels in contrast to losses of 285,000 barrels in bulk terminal
holdings, and 157,000 in stocks of unfinished motor fuel.
Refinery operations gained fractionally to 83% of capacity,
with daily average runs of crude to stills up 30,000 to 3,380,000 barrels. Stocks of gas and fuel oils rose 713,000 barrels
to 119,115,000 barrels.
Gasoline prices broke out of the lethargy that has marked
Bureau's total of 254,600 barrels.
the
Reflecting the rising export demand and the continued
high levels of domestic consumption of petroleum and
products, stocks of domestic and foreign crude continue to
move in an
irregular fashion with a trend toward lower
levels becoming
increasingly evident.
A contra-seasonal
decline of 27,000 barrels during the week ended Oct. 9 was
reported by the Bureau of Mines on Oct. 20, the latest figure
being 309,009,000 barrels. The decline was comprised of a
drop of 195,000 barrels which was offset by a gain of 168,000
barrels in stocks of foreign crude.
The anti-trust law
conspiracy trial continued in Madison,
Wis., with the principal witness being Walter P. Jacobi, of
Tulsa, who is a buyer for the Wadhams Oil Co. of Milwaukee
and the Socony-Vacuum Oil
Co., both defendant firms. The
retail
government suffered
charts
ruled out
was
Mr. Jacobi's
setback when
a
as
elaborate series of
an
chiefly concerning the series of
which the govern¬
ment contend were called for the
purpose of fixing the gasoline
price in violation of Federal anti-trust laws.
During the
course of
testimony it was indicated that whatever price Mr.
Jacobi recommended for
gasoline generally became the
"going" market price within the immediate future. At times
during his testimony, Mr. Jacobi was rebuked by the court
for his reluctance in
answering the prosecutor's questions.
Mr. Jacobi claimed
immunity last year when he testified
before the Grand Jury which indicted the defendants.
The right of Texas State officials to confiscate
alleged "hot"
oil produced by the
Trinity Refining Co. of Texas under
State laws,
already denied by the Fifth Circuit Court of
Appeals, will be decided by the United States Supreme Court
with a ruling possible on Nov. 8.
The lower Federal Court
was
meetings in St. Louis about
ruled that title to the oil
organization petition
the Trustee.
to
was
was
held by
Trinity when a re¬
filed and that the title was passed
was un¬
constitutional because it took
property without due process
address before the
Independent Petroleum Association
convention in Houston,
Texas, on the evening of Oct. 15.
The former Federal oil
regulator stressed the importance of
conservation of the nation's
an
supply of crude against possible
demands.
"Oil
has
country.
...
of
as a
a
vital
I trust
an
fact
a
that
for
this
never
we must
Despite a
obsession, we
sound
defense
of
means
sincerely that the day will
people,
war.
almost to
sense.
1)4 and 7 M cents, respectively, effective immediately.
again face the horrible
desire for peace which amounts
should not close our eyes to the
policy of preparedness is only
common
No plan of preparedness would be
worthy of the name
that did not
assure us
of
an
of national defense."
There
were no
adequate oil supply for
purposes
Buffalo.
cents
At
Buffalo, retail prices were lowered
for regular
Bradford, Pa
$2.35
New York—
% cent at
gallon to 18
Other Cities—
v
Texas
Socony-Vacuum..
.08
Gulf
Tide Water Oil Co
.08 4
Shell Eastern
Richfield
OiKCal.)
$.07X
Chicago
$.05
New
-.0514
.00%-.07
Orleans.
Gulf
.08%
0754
porta
.05 %
.05%-.05%
Tulsa
.07*4
Warner-Quinlan..
.0754
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
I North Texas
(Bayonne)
|
$.0554
Fuel
Bunker C
$1.35
] New Orleans_$.05%-.05%
j Tulsa....
.03>4-.05
or
.03 J4-.04
Terminal
New Orleans C
I California 24 plus D
$1.00-1.25
$.105
Phlla., Bunker C
1.35
2.201
Diesel 28-30 D
Gas
N. Y.
$.04
Los Angeles..
OU, F.O.B. Refinery
N. Y. (Bayonne)—
(Bayonne)—
Oil, F.O.B. Refinery
or
Terminal
I Tulsa
I Chicago—
$.04% I
28-30 D
27 plus
$.053
$.02%-.03
I
Gasoline, Service Station, Tax Included
z
New York
•
Brooklyn
I Newark..
$.19
I
.19
zNot including 2%
United
$.1651
Boston
...
Buffalo
I
.18
...$1.75
Chicago
.177
city sales tax.
Petroleum Production
States
During Month of August, 1937
Bureau
of Mines, in its monthly
petroleum statement, reported that the daily average pro¬
duction of crude petroleum in August, 1937 was 3,712,600
barrels, this being 141,000 barrels above the average in July,
134,800 barrels above the previous record of May, 1937, and
645,200 barrels (21%) higher than the average of August,
1936.
The Bureau's report further showed:
daily average for the State passed the 1,500,000-barrel mark for the first
time.
Daily average production in the East Texas field
the highest since September, 1935.
177 of
in
19^,700 barrels initial in August, 1936.
the only important
credited with
was
per
Barrel
at Wells
are not
a
to
in
the
Arkansas,
featuring the new
highest point since September,
Central Field. Mich
Kentucky
1,40
Mld-Cont't, Okla., 40 and abovel. 1.30
Rodessa, Ark., 40 and above
1.25
Smackover. Ark., 24 and over
0.90
ABOVE
....
1936—EXPORT
crude
was
1.43
AGAIN
BROADENS—GASOLINE STOCKS, REFINERY RUNS HIGHER
YORK PRICES SAG
Domestic demand for gasoline during November is esti¬
by the Bureau of Mines at 43,800,000 barrels, an
increase of approximately 10% over actual demand for the
a
Kansas
was
decline; its daily average
Schuler and
1933.
Rodessa
areas
Production in Illinois
88 wells drilling in the State,
com¬
be absorbed and 2,257,000 barrels of refinable
July, when
a
small withdrawal
made.
Refined Products
The yield of finished gasoline from crude in August was 43.2%, the same
as
2 10
FUEL
JERSEY STANDARD REDUCES BULK
GAS—UP-STATE NEW
mated
relatively small,
also reached new highs in August, the gain
added to storage in contrast to
1.42
1.22
MOTOR
DEMAND
was
1.22
Petrolia, Canada
DOMESTIC
runs to stills
in output was too great to
1.35
1.09
.....
Sunburst, Mont
HuDtlngton, Calif, 30 and over
Kettleman Hills, 39 and over
PRODUCTS—NOVEMBER
10%
Although crude
$1.27
over
were
all-time record.
producing State to show
completed
pared with only 4 in August, 1936.
Darst Creek
1.35
Western
Eldorado, Ark., 40.
Rusk, Texas, 40 and
new
was
barrels, compared with
output declined from 207,300 barrels in July to 201,000 barrels in August.
shown)
1.26
482,200 barrels,
The gains in production
California, Oklahoma, New Mexico, and Louisiana
although the latter
was
A total of 202 oil wells
in that field in August for a total initial of 272,700
rose
1.27
Co.)
Coruing, Pa
Illinois.
DEMAND
a
U. S. Gasoline (Abore 65 Octane), Tank Car Lots, F.O.B. Refinery
Stand. Oil N. J._$0.7%
continued its rapid increase; there were
Prices of Typical Crudes
REFINED
1)4 cents
grade.
New York—
Production
crude oil price changes.
(All gravities where A. P. I. degrees
Lima (Ohio Oil
^
Oct. 18—Standard of New York posted a reduction of % cents a gallon
The major districts of Texas registered gains in output in August and the
become
when,
J4 cent reduction in tank-car
in tank-wagon prices of gasoline at Buffalo to 10.05 cents, and
The
The excessive production of crude oil over
the past several
months drew the fire of
Secretary of the Interior Ickes in
visage
Oct. 15—Standard of New Jersey posted a
prices of 62-63 and 65-66 octane gasoline at all terminals and refineries to
The Trustee held that the Texas statute
of law.
return
34 cent a gallon in tank cars at all refineries and
terminals, effective as of Oct. 15, to 734 cents for the former
734 cents for the latter. Tank-wagon prices of motor
fuel were lowered in Buffalo and tank-wagon prices sagged
there and in Syracuse when Standard of New York reduced
its postings fractionally.
Representative price changes follow: v"-'
two years ago
providing for confiscation by the State of illegal oil
war
gasoline
and
"inaccurate" by Federal Judge Stone.
testimony
past several months and lower prices both for bulk and
were posted over scattered areas during the
past week.
Standard Oil of New Jersey reduced 62-63 and 65-66 octane
in
July, but 1.4% below the yield of August, 1936.
The domestic demand for motor fuel did not
as
it was only
come
up
to expectations
8% higher than August, 1936; furthermore, it
was consider¬
ably below the demand in July, which is contrary to the seasonal trend.
The domestic demand
was
49,597,000 barrels, or 1,600,000 barrels daily.
Exports of motor fuel increased materially, the total of 3,771.000 barrels
being the highest since May, 1932.
(3,589,000 barrels)
was,
The wtihdrawal from gasoline stocks
like that of August, 1936, considerably less than
normal.
According to data of the Bureau of Labor Statistics, the price index for
petroleum products in August was 62.0, compared with 61.8 in July and
57.9 in August, 1936.
Volume
Financial
145
The refinery data of this report were compiled from schedules
having
aggregate daily crude-oil capacity of
an
of refineries
3,903,000 barrels.
refineries operated at 87% of capacity, compared with the same
These
ratio in
a
weeks ended Oct. 16.
were
OF ALL OILS
DEMAND
compared with a daily average
(Thousands of barrels of 42 gallons)
Oct. 16.
''
i
Jan. to
Jan. to
1937
1937
New
1936
a
723,079
110,721
95,090
845,977
Daily average
3,713
3,572
Natural gasoline
Benzol, b.
4,237
4,128
3,067
3,507
31,338
205
256
219
1.972
1,617
119,592
115,105
98,816
3,713
3,188
879,287
3,618
751,542
3,858
284
174
67
1,295
2,661
3,025
2,942
16,586
1,633
19,525
2,459
2,089
360
572
537
5,520
11.621
4,068
125,356
120,965
103,734
917,989
788,389
4,044
3,902
3,346
115,090
Total production
Daild average
Imports
2,963
3,481
26.846
•
potential refining capacity
daily
estimated
whole ran to stills, on a
indicate that the Industry as a
1936
Supply—
Domestic production:
Crude petroleum
companies owning 89.0% of the 4,159,000
of the United States,
Bureau of Mines'
basis, 3,380,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 65,760,000 barrels of finished and
unfinished gasoline and 119.155,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8 % of the potential
charging capacity of all cracking units indicates that the industry as a whole,
on a Bureau of Mines' basis, produced an average of 790,000 barrels daily
Reports received from refining
barrel
Aug.,
Aug.,
1937
Aug.,
July,
Aug.,
3,080
during the week.
c:
Crude petroleum:
Receipts in bond
...
.....
Receipts for domestic use
Refined products:
Receipts in bond
Receipts for domestic
use
15,301
1,372
DAILY AVERAGE CRUDE
OIL PRODUCTION
(Figures In Barrels)
B. of
new
Daily
supply, all oils
Four
M.,
average
Weeks
Ended
from
Ended
Ended
Oct. 16
Previous
Oct. 10
Oct. 17
Increase In stocks, all oils
466
40,881
d3,332
2,963
5,879
—
State
Interior
3,231
3,778
Week
Change
Week
Dept. of
Allowable
Calcu¬
Total
Gulf Coast ports
of 31,571 barrels
for the four weeks ended
9 and 18,000 barrels
Oct.
week ended
for the
oil at Atlantic and
receipts of California
no
for the week ended Oct. 16,
SUPPLY AND
compared with a daily average of 135,143
and 148,607 barrels daily for the four
daily average of 138,429 barrels,
barrels for the week ended Oct. 9
There
July, and 81% in August, 1936.
2615
Chronicle
Oct. 1
1937
Week
lations
1936
1937
(<October)
Demand—
Total
119,477
118,002
107.066
877,108
787.923
3,854
3,807
3,454
3,609
3,229
7,423
10,352
demand
6,363
5,561
42,231
32,640
9,502
6,811
68,477
52,082
North
Crude petroleum
Refined products
Domestic
+ 9,400
595,450
191,700 + 11,500
Oklahoma.
629,200
600,000
Kansas
199,900
193,800
Texas
...
West Central Texas.
demand:
49,597
50.704
Kerosene
3.667
3,594
Gas oil & distillate fuels
7,197
26,259
6,584
25,825
1.924
1,984
1,851
84
104
82
476
482
409
2,783
2,782
3,142
Residual fuel oils
Lubricants
Wax
Coke
Asphalt
313,680
344,031
46,081
3,216
6,178
23,474
Motor fuel
31,713
East Central Texas.
71,281
61,221
East Texas
217,353
199,091
15,908
14,947
724
3,620
4,069
1,510
1,351
5,976
5,393
5,653
5,531
4,947
40,929
193
1,538
35,984
1,489
180
198
2,292
2,839
3,768
16,260
20,958
101.702
Total domestic demand
165,400
76,750
58.050
33,900
65,200
33,900
217,950
168,950
—4,800
73.950
114,100
70,850
479,800
440.850
265,500
171,150
Southwest Texas...
Coastal Texas
208,700
Total Texas
1,430,300 1,427,767 1,460,800
214.45P
183,200
+6,500 1,476.400 1,192,150
13,937
15,336
1,590
Still gas
102,137
94,694
766.400
703,201
3,281
3,295
3,055
3,154
2,882
Miscellaneous
586,750
187,350
719
33.444
Road oil
Losses
West Texas
590,800
78,750 + 13,300
+ 700
74,600
+ 400
34,400
+ 1,450
214,000
109,050 —6,300
+ 1,100
481,500
+ 650
259,800
Panhandle Texas...
Daily average
Exports: c
73,250
Louisiana..
—3.550
82,150
76,150
173,600
North Louisiana
Coastal
+2,450
173,650
156,750
232,900
246,850
—1,100
255.800
36,000
43,000
+ 2,400
40,250
28,150
128,800
—3,500
136,200
115.050
+ 200
53,850
30,350
39,750
254,600
Louisiana
Total
Arkansas
266,700
Michigan
—
Stocks—
Crude petroleum
310,923
308,666
301,757
Natural gasoline
7,041
6,918
5,653
7,041
301,757
5,653
241,563
238,064
234,756
241,563
234,756
559,527
553.648
542.166
559,527
145
157
155
168
57,300
56,300
—2,000
57,450
Montana
17,600
17,550
—600
18,050
15,850
Colorado
4,500
4,300
103,850
—100
4,500
109,150
4,850
81,350
Eastern
542.166
145
43,500
129,700
53,600
Wyoming
Daily average
Refined products
Total, all oils..
Days' supply
a
of
Revised,
Mines,
b From Coal Division,
c
Bureau of Foreign and
Total
California—Huntington Beach.
Kettleman Hills
Long Beach
Santa Fe Springs
Dally Refining
Average
Total
Average
27.6
35.6
1,116
30.0
8,870
2,470
79.7
19,190
19,773
68.0
1,848
59.6
1,350
43.5
11,029
458.5
13,792
444.9
100,016
87,171
673.4
20,576
663.7
153,522
143,895
4.2
128
4.1
991
1,127
674
21.7
17.1
530
2,916
3.590
73
73
2.4
548
527
201.0
0.427
207.3
47,721
37,783
472
15.2
487
15.7
3,727
3,641
5,440
Kentucky
2.4
6,229
Indiana
Kansas
168.5
175.5
5.224
1,577
50.9
1,549
50.0
41,159
12,290
34,186
Rodessa
Rest of State
1,167
37.6
1,211
39.0
0,880
7,984
257.5
60,329
5,257
51.462
Louisiana—Gulf Coast
12,019
8,184
264.0
Michigan
1,491
48.1
Montana
515
16.6
519
16.8
4,103
8,359
3,593
3,445
111.2
3.425
110.5
25,514
17,169
469
15.1
484
15.6
3,665
3,008
Total Louisiana
New Mexico
New York
9,490
10.1
314
10.2
2,408
2,584
173.3
5,362
173.0
43.046
4,366
140.9
33,754
35,980
34.257
312
Oklahoma—Oklahoma City
Seminole
4,319
10,476
337.9
10,361
334.2
79,999
64,695
650.5
20,089
648.1
150,799
134,932
1,703
55.0
1,689
54.5
12,577
356.7
9,841
317.5
75,960
56.095
Pennsylvania
Texas—Gulf Coast
7,462
240.7
6,379
205.8
50,393
482.2
14.685
4)3.7
112,942
80.4
2.446
78.9
18,643
38.C
1,135
36.6
9,542
326.7
9.399
303.2
71,893
55,669
Oper¬
At Re¬
age
ated
fineries
530
669 100.0
669
79.2
Fuel
Terms., Nap'tha
Oil
Distil.
<&c.
15,599
5.489
11,533
1,194
1,523
3,776
243
917
595
7,398
146
129
88.4
100
82.2
881
Ind.,111., Ky.
539
489
92.4
461
94.3
5,643
^
452
383
84.7
298
77.8
355
201
56.6
144
71.6
'3,406
1,364
2,208
Inland Tex&9
169
319
1,954
92.2
5,950
329
1,878
11,128
803
533
407
3,441
Okla.,
Kan..
Mo
Texas Gulf..
833
797
95.7
735
Gulf
174
168
96.6
140
83.3
La.
3,891
436
58
03.7
49
84.5
89
100
89
62
69.7
52
83.9
1,192
97
722
746
90.9
557
74.7
8,162
2*216
1,501
70.319
3,702
Mt
Rocky
388
821
89.0
3,072
83.0
91
No. La.-Ark.
.
California...
212
6,722 115,805
308
33,102
2,570
22,376
457
4,159
4,159
3,380
35,672
23,076
3,350
35,002
23,361
7,012 119,155
7,169 118,442
y3,005
Reported
31,594
19.719
6,415 112,784
EBtd.unrepd.
290
700
3,350
xEat.tot.U.S
Oct.
16 '37
4,159
Oct.
9 *37
4,159
282,186
U.S. B. of M.
16 *36
xOct.
»
Estimated Bureau of Mines' basis,
14,867
47,205
1,524.7
43.885
1,415.7
339,373
323
Total Texas
C.
Appalachian.
779
10,128
:.
Rest of State
P.
Total
y
Oct. 1936 dally average.
113,534
2,493
1,177
Panhandle
Rodessa
and
41,242
14,947
West Texas
East Texas
tlal
Rate
P.
Aver¬
Reporting
Poten
East Coast-.
C.
Daily
11,097
11,058
Total Oklahoma
139.3
20,165
Rest of State...
10.4
329
10.6
2,561
2,554
West Virginia
479
Rest of State
Total Wyoming
15.4
482
15.5
3,910
4,056
1,242
40.1
1,137
36.7
8,402
5,027
1,721
Wyoming—Salt Creek
Other,
42.0
1,303
5,370
Ohio
Gas
of
17,001
42.8
14,762
10,684
130
Illinois
Stocks
Unfin'd
District
8,921
78.5
14,214
Total California
Finished and
Unfinished Gasoline
Of
7,127
6,707
855
33.5
20.876
Rest of State..
Colorado
to Stills
1936
1937
Stocks of
Crude Runs
Capacity
Dally
1,038
1,105
2,434
1,797
1.326
Arkansas
Jan. to Aug.
July, 1937
Daily
produced.
CRUDE RUNS TO STILLH AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED OCT. 16, 1937
(Thousands of barrels of 42 gallons)
August, 1937
of California Oil Producers, y Revised.
indicated above do not include any estimate of any oil which
might have been surreptitiously
PRINCIPAL FIELDS
3,602,150 + 23,100 3.623,750 3,080,350
3,568,100
Recommendation of Central Committee
Note—The figures
BY STATES AND
X660.000
660,000
+ 100
2.903,150 +22,800 2,929,800 2,492,550
693,950
587,800
+ 300
699,000
2,908,100
California.
x
OF CRUDE PETROLEUM
104,000
106,400
Mexico.
Domestic
d Decrease.
PRODUCTION
New
reported to Bureau
Imports of crude as
exports from
other Imports and
all
Commerce,
310,923
55.5
1,619
52.2
12,312
9,083
5
115,090
3,712.6 110,721
40
daily
average
production of natural gasoline continued
August, 1937, according to a report prepared
by the Bureau of Mines for Harold L. Ickes, Secretary of
the Interior.
The daily average production in
August
to increase in
36
845,977
GASOLINE
AND STOCKS OF NATURAL
723,079
5
a
Natural Gasoline Production During August
The
PRODUCTION
(In Thousands of Gallons)
Total United States
a
Includes
3,571.6
Mississippi, Missouri, Tennessee and Utah.
Stocks
Production
Aug. 31. 1937
Daily
Average
Crude
Oil
Production
Ended Oct. 16 Placed at 3,602,150
The
daily
American
Petroleum
average gross
Institute
During
Week
Jan.-
Barrels
estimates
that
Aug.
1937
the
July
1937
Aug.
Aug.
1937
1936
Refin¬
&
Ter¬
minals
crude oil production for the week ended
week's figures remained above the 3,568,100
barrels calculated by the United States Department of the
Oklahoma
current
imposed by the
various oil-producing States during September.
Daily aver¬
age production for the four weeks ended Oct. 16, 1937, is
estimated at 3,623,750 barrels.
The daily average output
for the week ended Oct. 17, 1936, totaled 3,080,350 barrels.
Further details, as reported by the Institute, follow:
Interior to be the total of the restrictions
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended
Oct. 16 totaled 969,000 barrels,
Appalachian
111., Mich., Ky..
eries
Ter¬
minals
5*625
4*481
47*895
42*94*
1,050
5*198
798
897
7,764
6,696
4,914
586
2.814
602
42,482 311.850 267,744
4,357 36,298 22,132
63,161 390,273 321,445
4,452
42,060
4,368
40.894
84
3,278
84
3,287
4.279
8.232
89.255
9,988
85.409
8,836
8,850
64,017
30,285
126
8.985
126
987
Louisiana
Arkansas._
Rocky Mountain
982
7,474
8.034
84
112
8,450
142
0.082
6.516
47,224
40.389
6,930
5*964
2,558
2,202 111,342
2,743
52,445
California
Dally
Refin¬
dk
912
56.260
Texas
Total
At
Plants
At
4*422
43.131
Kansas
1937
0,720
7,602
East coast
the
Plants
At
eries
16, 1937, was 3,602,150 barrels.
This was a gain of
23,100 barrels from the output of the previous week, and
Oct.
July 31,
At
Jan.-
51,650 403,401 381,861 108,024
2,200
177,954 173.376 1316196 1127532 141,498 154,224 141,204 149,352
4,621
5,593
5,416
5.740
aver.
Total (thousands
of barrels)
Dally
aver.
4.237
4,128
31,338
26,846
137
133
129
no
3,309
3,672
3.362
3,556
2616
Financial
5,740,000 gallons, or 147,000 gallons above^thejaverage
July, and 990,000 gallons or 21% above the average of
August, 1936.
The most notable increases in production in
August were in the Panhandle, Kettleman Hills and Texas
Chronicle
Oct.
1937
23.
reduced in price by domestic sellers, with weakness in
abroad again the chief factor in marking down
was
were
in
metals
values
here.
Copper in the domestic trade did nothing
spectacular, though there was more of a tendency to recog¬
nize 12c., even among producers.
The European quotation
declined almost lc. per pound in the last week, with good
business at the lower prices.
Tin was weak.
Domestic
antimony advanced %e. per pound.
Quicksilver declined
in price.
The publication further reported:
Gulf fields.
Stocks continued to increase and on Aug. 31 totaled 295,722,000 gallons, or 5,166,000 gallons more than on July 31,
1937.
Virtually all of this gain was in plant and_terminal
stocks as refinery stocks showed little change.
■
\
Copper
Weekly Coal Production Statistics
Buying interest in domestic copper was greatly restricted in the last
The National Bituminous Coal Commission in its
weekly
coal report stated that the total production of soft coal
in the week ended Oct. 9 is estimated at 9,450,000 net tons.
This is a slight decrease—180,000 tons, or 1.9% from the
output in the preceding week, and is in comparison with
9,651,000 tons in the corresponding week of 1936.
The cumulative production of bituminous coal for the year
to date stands 8.1% ahead of 1936, and although anthracite
production continues to run somewhat behind, the total of
all coal stands 6.1% ahead of 1936.
The weekly anthracite report of the United States Bureau
of Mines showed that production of anthracite in
Pennsyl¬
vania
a further increase in the week ended Oct.
9,
output of 1,135,000 tons being 57,000 tons, or
5.3%, in excess of tonnage reported for the preceding week.
Compared with the same week a year ago there was a gain
the
of
made
total
i.7%.
■
v
The consolidated report of both of the above-mentioned
week,
state
or
ESTIMATED UNITED STATES PRODUCTION OP COAL AND BEEHIVE
COKE (IN NET TON8)
portends for business.
lie.,
c.i.f.,
this
far
month
excellent
the
Bituminous coal:
Oct. 10, 1936
a
Stocks
of refined
c9,450,000
cl,575,000
average
9,630,000
9,651,000
1,605,000
1,609,000
which
tons,
1,135,000
189,200
1,081,000
1,078,000
179,700
1,027,000
here
increased in the
copper
by
surprised
not
was
the
United States total
51,500
186,000
1,063,000
55,600
9,267
8,583
average
Calendar year to date f—
1937
53,100
8,850
1936
pointing out that stocks of 144,321 tons
declined
United
not
are
346,155,000
320,241,000
1,326.000
h42,000,000
179,100
1,433,000
average
412,049,000
h37,324,000
...
159,200
h54,337,000
1,698,000
United States total.............
2,691,500
ft
g
5,315,900
22,058
Subject to revision,
e Estimated,
f Sum of 41 full weeks ended
Oct. 9, 1937, and corresponding 41 weeks of 1936 and 1929.
g Comparable data
not yet available,
h Sum of 40 weeks ended Oct. 2.
i Excludes mine fuel.
c
WEEKLY
are
PRODUCTION
based
OF
COAL
BY
on
railroad
7'':7':7--,''v
'
v
Lead
v
to lower
to
their
quotations on Oct.
5.5by.
Oct.
on
18.
continuing
aPT satisfactory
3,338 tons
were
believe
influence
the
slump in
Street
and
1936
r
has
exerted
corrective
any
Oct. 5,
1929
Smelting
&
1923
e
Kansas and Missouri
2
4
235
234
19
346
398
80
97
37
135
at
5.35c.,
Louis.
St.
1
1
1,153
1,135
1,087
1,041
1,319
345
324
391
Montana
67
62
93
to
disturb
world.
there
was
the
market
Sales of the
than 1,000 tons.
tons.
a
pronounced
237
131
137
112
155
860
803
689
1,004
764
175
182
156
332
238
34
36
31
28
53
35
8
8
6
16
28
64
71
68
91
82
33
32
30
26
161
51
under
common
present
42
64
65
868
s36
524
452
470
545
817
2,288
2,275
2,334
1,373
2,876
3,149
119
118
120
20
no
118
15
Utah
16
15
16
20
26
...
81
75
82
89
134
121
321
316
263
140
262
231
42
33
40
31
55
68
1,896
1,975
1,937
1,615
2,102
1,488
645
610
512
425
744
805
138
126
118
168
Virginia—Southern.a"."....
Northern, b.
Other Western States, c.
Total bituminous coal
Pennsylvania anthracite, d
All coal
metal was
stagnant
directions
zinc
toward
On Oct. 14 business
common
conditions in
zinc
financial
the
week amounted to
were
less
reduced to 77,023
were
good, amounting
*
bought in fair volume in
some
week, and
directions at the lower levels.
The quotation on Oct. 20 stood at 48.375c., against 51.875c. on Oct. 14.
The London market followed the drop in securities here and lost about
be inadequate for
pected as
soon as
Consumers' stocks are estimated by the trade
last-quarter requirements, and good buying Is
Wall Street reflects
a
ex¬
steaider tone.
Oct. 14, 50.375c.;
15. 49.000c.; 16, 48.750c.; 18, 49.125c.; 19. 46.750c.; 20, 46.875c.
DAILY
PRICES OF METALS ("E. & M. J." QUOTATIONS)
Ele Tolytic Copper
Oct. 14
Oct. 15
Straits Tin,
Dcm^iRefy. Exp., Refy.
New York
ilrf
11.300
11
Oct. 19
11
Oct. 20
11.-
11,314
953
1,862
13,278
.
St. Louis
5.85
6.00a6.25
51.875
6.00
50.500
5.75
5.60
1.200
50.250
5.75
5.60
6.00
11.200
50.625
5.50
5.35
6.00
10.500
48.250
5.50
5.35
6.00
10.550
48.375
5.50
5.35
6.00
10.996
MtSb
•
11/iVJ
i
49.979
5.667
5.517
8.021
6.00
Average prices for calendar week ended Oct. 16 are:
Domestic copper, f.o.b.
refinery, 11.775c.; export copper, 11.413c.; Straits tin, 51.813c.; New York lead,
5.900c.; St. Louis lead, 5.750c.; St. Louis zinc, 6.125c., and silver, 44.750c.
11,310
1,968
13,176
.
Zinc
,
St. Louis
s7
7,104
Average
Lead
New York
11.225
lli?fc£?R
Oct. 16.—..
Oct. 18
184
87
.............
Washington
Wyoming
trying
grades for the last
Unfilled orders in
58
46
531
Texas
Virginia
some
Consumers of tin witnessed sharp price declines
during the
8
134
New Mexico
Tennessee
almost
an
in
217
s
896
...
Pennsylvania
trend
Indicated shipments to consumers for the week
116
*
North and South Dakota.......
Ohio
St.
520
63
170
♦
8
81
Maryland
Michigan......
by
East.
Zinc
here,
1,558
372
169
*
a
8
....
.......
Western
Business
on its own brands was booked at a premium in the
would be gained by coming down to the lower level
Over the remainder
of the week the market drifted
along quietly, with scattered carload sales
on the 6c. basis.
Most operators were inclided to do as little as
possible
88
144
4
202
Kentucky—Eastern
probably
domestic market
The
Chinese tin, 99%, was quoted nominally as follows:
73
....
will
New York, the contract settling price of the American
,
Refining Co., and
Joseph Le&cl
to
Oct. Av.
389
........
Indiana
cautious
strong
a
action
Pro¬
are expected to indicate shipments of about
resulting decrease in stocks.
a
£16 per ton for the week.
Oct. 5,
1935
2
Iowa
*
2
9,630
1,078
10,708
9,450
878
10,328
135
*
9,219
1,297
10,516
*
8,057
®^eratl°^ °*Vhe N- * V- G- & O., Virginian,
'J?. ^"awl\a'Mason,
,
h
1937 p
Oct. 3,
96
Georgia and North Carolina..
West
Sept. 25
168
Illinois
as
into the market, and sales for the
came
Wall
views
Statistic^( for September
55,000 tons, with
closed steadt at 5,50c
car
239
—*
Arkansas and Oklahoma
Colorado
to 5.75c.,
business
viewing their
consumers,
compared to 1,600 tons in the previous week.
consumers'
on
15 from 6.00c., New York
Some
level,
by producers
Tin
Week Ended—
Oct. 2,
1937 p
—.
Ad¬
to about 4,800 tons.
Stale
Alabama
provided the
STATES
loadings and river shipments
and are subject to revision on receipt of
monthly tonnage reports from district and
State sources or of final annual returns from the
operators.)
AlaSka
excessive,
The
copper
fronjn 77,167 tons in August to 68,845 tons in September.
(IN THOUSANDS OF NET TONS)
(The current estimates
in
was
a Includes for purposes 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
ESTIMATED
for the fifth
day,
ft
1,136,300
4,715
11,168
average..
operations,
for^do-
booked at both 6c. and 6%c., St. Louis basis, the low
figure repre¬
senting a decline of 34c. from the recognized quotation of the preceding
On the following day, Oct
15, several sellers quoted 6c., though
some producers still held to a nominal 634c basis,
believing that nothing
231,700
Beehive coke:
Dally
States
operators
lower prices here at the very beginning of the week.
Pennsylvania anthracite: b
...
an
only
United States mine production
Following renewed weakness in London and
Daily
market
Lack of bu.\ ing interest by consumers brought on action
market
Total, including mine fuel
Dally average
Commercial production.!.......
States
as
with
ditional curtailmen in production is being put into effect
:X7;'.
1929
a
Total, including mine fuel.......
contrasts
showing,
shrinkage in deliveries does not continue.
el,116,000
Beehive coke:
Bituminous coal:
Sales abroad
regarded
was
This
circumstances.
drive buyers into the market at prevailing prices.
Pennsylvania anthracite: b
Total, Including mine fuel.......
Dally average
Commercial production. 1.......
Dally
65,000
reflection
a
The decline abroad, to well
Street.
consecutive month, according to the figures released for September.
industry
ducers
Total, including mine fuel
Dally
Oct. 2, 1937
The open-
Most of the mine pro¬
far this month in the United
so
wide-
pacniky
mestic consumption.
week
Oct. 9. 1937
week previous.
12c., Valley.
good volume of business.
a
around
total
under
the
this
basis.
Wall
brought in
showing
12,327 tons sold
of
what
broke sharply during the last week, largely
pessimistic news from
under
because
over
Sales for the week amounted to 4,038 tons,
here continued at
quotation
London prices
of the
and
Week Ended—
confusion
general
ducers held to the nominal 13c.
so
badly frightened
evidently
consumers
little under the volume reported in the
a
market
■'7.
organizations follows:
with
break in securities and
open
K. & M., and
The above quotations are "M. & M. M.'s"
appraisal of the major United States
markets, based on F:\ea reported by producers and agencies.
They are reduced to
York or St. Louis, as noted. All prices are in cents per pound.
Copper, lead and ••
* quotations are based on sales for both prompt and future
the basis of cash, Ncv
deliveries; tin quota:
.
j
for prompt delivery only.
Daily London Prices
Copper, Std.
Copper
Tin, Std.
than 1,000 tons.
3M
{Bid)
Spot
Oct. 14
45 %
Oct. 18
457,6
45%
Oct. 19
42 %
Oct. 20
43%
45%
45",6
45",6
42%
43%
51%
Oct. 15
on
and Clay counties, b Rest of State, including the
Panhandle District and Grant, Mineral, and
Tucker counties,
c Includes Arizona,
California, Idaho, Nevada, and Oregon,
d Data for
Pennsylvania anthracite
from weekly anthracite and beehive coke
report of the Bureau of Mines
e Average
weekly rate for the entire month,
p Preliminary,
r Revised,
s Alaska. Georgia!
North Carolina, and South Dakota included with
"other Western States "
» Less
Lead
Zinc
Electro.
Spot
226%
222%
219%
206%
210%
50%
50%
47
48
3M
225%
Spot
18
Spot
3M
17%
17",6
17®, 6
18%
17",6
17%
16", «
16",6
16'®,6
219
18%
181,6
18%
18',6
206%
210%
17%
17",6
17%
17",6
221%
18
*
3M
17
Prices for lead and zinc are the official buyer's prices for the first sessioD of the
London Metal Exchange; prices for copper and tin are the official
closing buyers'
prices.
AL1 are In pounds sterling per long-ton (2,240 lb.).
♦
Non-Ferrous Metals—Lead and Zinc
Lowered in Last
Week—Domestic Copper Unchanged—Tin Weak
"Metal and Mineral Markets," in its issue
of Oct. 21,
reported that pending a return to stability in the securities
markets, trading in non-ferrous metals again was held down
to a modest
tonnage in the last week.
Lead, zinc, and tin
Increase
in
Foreign Holdings of United States Steel
Corp.
Shares
Common stock of the United States Steel Corp. outstand¬
ing as of Sept. 30,1937, amounted to 8,703,252 shares, while
preferred stock amounted to 3,602,811
Of
the
common
2,246,164 shares,
or
stock
outstanding
25.81%,
were
shares.
on
Sept. 30, 1937,
in brokers* names, repre-
Volume
senting
increase
an
shares,
vestors'
stock
common
6,457,088
shares,
shares,
74.67%,
Of
or
the
11.31%,
held
shares
holdings
74.19%,
or
11199933365240
Oct. 19. 1937,
One year ago
shares
over
shares, or 11.30%, so
the 407,133
30, 1937.
Investors' holdings of preferred
amounted to 3,195,180 shares, or 88.69% of the outstanding
issue of Sept. 30, 1937, as compared with 3,195,678 shares,
or 88.70% held by them on June 30,
1937.
New York State brokers' holdings of common stock as
of
Sept.
30,
1937,
against 1,889,676,
ferred
stock
their
Sept. 30,
on
1937,
10.22%,
with 368,270, or
compared
June 30, 1937.
New
York
holdings of common stock on
State investors'
1,297,991, or 14.91%, as compared with
1,318,038, or 15.14%, on June 30, 1937.
On the preferred
stock their holdings on Sept. 30, 1937, were 1,298,122 shares,
Sept. 30, 1937,
were
36.03%, as
30, 1937.
or
against
1,308,065
shares,
or
June
Foreign
,36.31%,
on
^
holdings
Steel
of
Of the
abroad
9.17% of the issue, as com¬
so held on June 30,1937.
preferred stock, 75,280 shares, or 2.09%,; were owned
on Sept. 30, 1937, as against 73,925 shares, or 2.05%
8.36%
30 last.
held June
so
^
^
Ingot Output Drops Sharply to
Steel
55%%^ Average
Age" in its issue of Oct. 21 report* !, that in a
decline from 633^% last week to 55XA% this
week, steel ingot production is at the lowest point since
March, 1936, with no assurance that next week will not bring
another drop as new business comes to the mills "in disap¬
pointingly small volume.
The "Age" further reported:
Carnegie-Illinois Steel Corp. and t^e American
Wire Co. reaffirming present prices for the first quarter of 1938
needed stability to the price situation are not expected to bring
increase in orders.
Nevertheless this move toward price
while giving
immediate
an
which has been
stabilization
panies
followed by some of the independent com¬
has been received with approval
by most consumers and distributors
inventories on which they do not want to take losses.
An immediate effect was seen
however in resale prices of reinforcing
had recently been made
concessions of $8 to $10 a ton
which
on
stiffening of several dollars a ton having
a
occurred in principal markets
urgent reason for liqui¬
including New York as distributors no longer see an
dating stocks at low prices.
ingot producing rate are the
the slowness of the automobile industry in releasing
exhaustion of backlogs
of railroad buying the slump
in building construction and large inventories of steel in the hands of con¬
sumers and jobbers
together with a decline in miscellaneous buying the
the almost complete cessation
tonnage orders
extreme caution
of recent weeks among buyers having
accentuated by the collapse
Hopes for
a
of prices of securities.
Ui
_
pick-up from the present sluggishness are
the automobile industry
Commerce
undoubtedly been
,
based primarily on
favorable decision by the
railroad freight /rates which is ex¬
that some railroad inquiries
material will be released immediately
if a freight rate advance Is granted.
It is also probable that some general
buying would come from steel users who desired to obtain shipments before
the effective date of the new rates.
The Western Pacific Railroad has asked
There are indications
pected momentarily.
for
and repair and maintenance
cars
5
13.56
Dec.
6
Jan.
6
14.79
Dec. 15
Jan.
7
15.90
Dec. 16
Gross Ton
(Based on No. 1 heavy, melting steel
$16 25 {
quotations at Pittsburgh, Philadelphia
182251
and Chicago.
16.58(
High
Low
,
$21.92
Mar. 30
$15.58
Oct
19
17.75
Dec. 21
12.67
June
9
13.42
Dec.
10
10.33
Apr. 23
13.00
12.25
8.50
11.33
15.00
Mar. 13
Aug.
8
Jan. 12
Jan.
6
Feb. 18
9.50
6.75
6.43
8.50
11.25
Sept. 25
Jan.
3
July
5
Deo. 29
Dec.
9
Steel Institute
Iron and
American
on
1937—
1936—
1934—
68.2%
72.5%
74.4%
75.4%
Jan.
4
Oct.
5
Jan.
11
Oct.
12
Jan.
18
Jan.
77.0% Mar.
77.0% Apr.
Apr.
79.4% Apr.
78.8% Apr.
80.6% May
Dec. 21
25
Dec. 28
1937—
Oct.
19
75.3%
75.9%
74.2%
Oct.
26
74.3%
Feb.
1
Nov.
2
Feb.
8
Nov.
9
Dec.
7
74.7%
74.0%
74.1%
74.3%
75.9%
76.6%
14
79.2%
Nov. 16
Nov. 23
Nov. 30.
markets
Feb.
15
Feb.
77.9%
79.6%
80.6%
81.6%
82.5%
85.8%
87.3%
88.9%
89.6%
22
Mar.
1
Mar.
8
Mar. 15
Mar. 22
Cleveland, in its
"Steel" of
Oct.
18
an¬
1937—
29
3
10
17
May 24
May 31
90.7%
89.9%
90.3%
91.3%
92.3%
91.0%
91.2%
90.0%
91.0%
77.4%
June
7
76.2 %
June
14
5..
12
19
26
May
May
76.6%
75.9%
75.0%
67.3%
June 21
June 28
July
5
summary
12
19
26
Aug.
2
Aug.
9
Aug. 16
Aug. 23
Aug. 30
Sept. 7
Sept. 13
July
July
July
Sept. 20
Sept. 27
82.7%
.82.5%
84.3%
85.5%
84.6%
83.2%
83.8%
84.1%
71.6%
80.4%
76.1%
Oct.
4
74.4%
66.1%
Oct.
11
63.6%
Oct.
18
55.8%
of the iron and steel
Oct. 18, stated:
on
week by the leading steel and wire producers
Announcement late last
of extension of prices
most products through first quarter of 1938 is
on
by clarifying
Independent steelmakers are taking similar
qualified by the proviso that prices are
the market for that period.
The announcement Is
action.
subject to changes in freight rates.
Although little pressure has been
With
reduction.
a
exerted to obtain lower prices some
developed to the effect that present light buying might bring
sentiment
increased
freight
labor
rates
on
and
other
raw
materials little
expenses
high
and
probability
of
possibility existed for a
lower range.
Call
for
a
special session of Congress Is an
of the program
which
in
which probably will reach a total production of
Commission on
3
Jan.
Soiap
Steel
-
Jan.
Jan.
18.21
Sept. 7
Sept. 14
Sept. 21
Sept. 28
unsettling factor, in view
for further legislation on hours and wages and other matters
On the other hand, rumors are
considerable rearmament program which would tend to increase
industry has a deep interest.
current of a
demand for steel.
Much
100.000 cars this week and to some extent on a
Interstate
27
16.90
13.56
expected to have a favorable effect and to stabilize buying
•
and tin plate have been
by the price announcements.
Pipe prices are not announced
quarterly while the tin plate price which covers contract tonnage for the
first nine months of the year does not usually come out until late November.
Practically all important products except pipe
covered
Reasons for the continued rapid drop in the
May 14
1
5
telegraphic reports which it has received indi¬
cated that the operating rate of steel companies having 98%
of the steel capacity of the industry will be 55.8% of capacity
for the week beginning Oct. 18 compared with 63.6%, one
week ago, 76.1% one month ago and 74.2% one year ago.
This represents a decrease of 7.8 points, or 12.3% from the
estimate for the week ended Oct .11,1937.
Weekly indicated
rates of steel operations since Sept. 7, 1936, follow:
who are carrying large
bars
17.83
5
May
Dec.
15.90
Dec.
The announcements by the
Steel &
Nov.
14.81
1930
The "Iron
further sharp
%
Aug. 11
nounced that
amounted to 798,210 shares, or
pared with 727,879 shares, or
18.73
16.90
The
Sept?-.30, 1937,
on
common
11993367452
Feb. 16
Nov. 24
Mar.
17.90
One year ago..
s
$20.25
18.84
One month ago
on
9
19.73
One week ago
21.71%,
Low
High
$23.25
Oct. 19, 1937, $15.58 a
1,872,927 shares, or 21.52%, as
on June 30, 1937.
On the pre¬
holdings were 367,267 shares, or 10.19%,
were
or
...
1937
June
on
Based on average of basic iron at Valley
$23.25 a Gross Ton
furnace and foundry irons at Chicago,
$23.25
Philadelphia.
Buffalo,
Valley,
and
23.25
Southern iron at Cincinnati.
18.73
...
One month ago...
407,631 shares, or
Sept. 30, 1937, an in¬
on
names
Pitt Iron
One week ago
with 6,498,681
compared
stock
in brokers'
were
on
as
2,204,571
the
over
June 30, 1937.
In¬
Sept. 30, 1937, were
on
June 30, 1937.
outstanding,
on
preferred
of 498
crease
41,503
of
25.33%, held by brokers
or
2617
Chronicle
Financial
145
on
an
interest is
aroused by the inquiry of the Government for bids
5,000 to 8,000 tons of ferromanganese
alternate of 15,000 to
of 68 to 72% manganese and
24,000 tons of manganese ore of 40% manganese.
for material 10 points below the
standard grade and the manganese content of the ore is low, enabling
domestic producers to compete.
However, this grade of ore is not suited
to production of standard ferromanganese.
This proposed purchase is believed to be for the purpose of establishing
a backlog for Government use in case of a runaway market, such as pre¬
vailed during the World War.
Bids will be opened Oct. 29 and the degree
The
specification
ferromanganese
is
~
bridges &c.
Export inquiries from Europe particularly Great Britain have increased
court permission
but business is not being closed rapidly because of negotiations
In number
over
for an expenditure of $5,100,000 for rails
prices.
own
h for shipment to
It is estimateu v.^at about 100,000
possibly that much finished
here over the remainder of the year
for British aco.:
will develop in
Whether prospective new business
drop in ingot production is not clearly indicated
confident that November output will rise
perhaps only to a small extent.
this week to 50%
Some
placed here by tL
customers in world markets.
tons of semi-finished and
Pittsburgh
.istic price.
which is $5 a ton below the '
orders for finished steel are being
their
equivale'V Trf $32
The British have offered the
for semi-finished steel
$*£el
may be placed
_L_L_'
forestall another
but steel companies are
above the October level although
The Pittsburgh rate dropped 10 points
with prospects for the heavy steels injyhich that district
predominates not particularly promising.
The Chicagwe district went off
points to 52%
add' i^mrathern Ohio area
the Youngstown district is dow~
11 Yi points to 45%
the Buffalo district declined 7H points to 64%
9 M points to 66
from 79 to
The only rise was in the Cleveland-Lorain district
>4%.
the bottom has virtually fallen out of
With this drop in steel production
No. 1 heavy melting steel has declined $1 at Pittsburgh
at Chicago and Philadelphia
posite price to $15.58
of $21.92 in April
predict
a
a new
reducing the "Iron Age" scrap com¬
low for the year
$6.34 below the peak price
Scrap brokers freely
and the lowest since Aug. 25,1936.
further recession.
THE "IRON AGE"
COMPOSITE PRICES
Finished
Oct. 19. 1937,
One week ago
One month ago
One year ago
Steel
Based on steel bars, beams, tank plates
2.605c. a Lb.
wire, rails, black pipe, sheets and hot
1
2.605c.
rolled strips.
These products represent
2.605c.
85% of the United States output.
2.197c.
High
1937
1936..
-
-
—
1935
1934
1933
1932
1031
by domestic producers is a matter of interest.
of steel works production last week
brought
Chicago
made the greatest recession, dropping 8 points to 57%.
Eastern Pennsyl¬
vania mills dropped 4.5 points to 51%, Pittsburgh 2 points to 60, Youngs¬
town 2 points to 58, Buffalo 2.5 to 67.5, and Birmingham 7 to 70.
Cleve¬
land rose 5 points to 68 and New England 5 to 70 %.
Unchanged conditions
Continued
shortening
the national operating
-
1930
-2.605c.
2.330c.
2.130c.
2.1990.
2.015c.
1.977c.
2.037c.
2.273c.
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Oct.
4
Jan. 13
Jan.
7
Low
rate down 3 points to 63% of capacity
92, Cincinnati 70, and St. Louis 60%.
months
of 1929 an average rate of about 69% of capacity for the remaining three
months will be required to equal the record of that year.
As the final
quarter of 1929 showed a steep decline from earlier months a new record
this year is possible In spite of the present low production rate.
prevailed at Wheeling at 74, Detroit
With ingot
production for nine months only 2% below the same
Acceleration of activity in
producing new models is bringing automotive
level, the total last week increasing almost
Last week's output was 89,680,
compared with a revised figure of 71,958 for the week ended Oct. 9.
General
Motors increased from 31,875 to 43,600, Ford from 213 to 300, Chrysler
from 22,450 to 27,250, and other builders from 17,420 to 18,530.
Imports of steel and Iron In August totaled 61,489 tons, compared with
47,012 tons in July.
The gain was due to larger inflow of scrap and imports
exclusive of scrap were 38,379 tons, compared with 41,188 tons in July.
Germany has reduced Its import duty on pig iron from 40 cents to 4 cents
per 220 pounds, effective Oct. 18 and continuing to Oct. 31, 1938.
This
indicates a desier to obtain more iron from outside sources.
British steel works set a new all-time record in ingot production in
figure back toward a normal
20,000 units from the
71%.
the scrap market.
and 50c
of participation
preceding period.
54,500 tons greater than the
March of this year.
September, with 1,163,000 gross tons, some
previous high mark made In
Declines of 50
cents in steel
2.330c,
Mar.
2.084c.
Mar. 10
2.1240.
Jan.
8
making scrap down
2.008c.
Jan.
2
present year and equal to the
1.867c.
Apr.
18
1.9260.
Feb.
2
1.945c.
Dec. 29
April.
2.018c.
Dec.
cents to $39.60.
2
0
and
of $1
making rates at Chicago and Pittsburgh
In Eastern Pennsylvania
It represents
a
have brought the composite of steel
This is the lowest figure for the
composite of the third week in November.
67 cents to $16.
decline of $6.08 from the high mark of $22.08 in early
Lower scrap prices brought the iron and steel composite down
Finished steel composite Is unchanged at $61.70.
13
2618
Financial
Chronicle
Steel ingot production for the week ended Oct. 18 is
placed at 61% of capacity, according to the "Wall Street
Journal" of Oct. 21.
This compares with 65% in the
previous week and 71% two weeks ago.
The "Journal"
further reported:
S. Steel is estimated at 49%
XJ.
>
66%
weeks
two
Leading
ago.
against 56%
independents
credited
ago.
with
approximate changes
from the week immediately preceding:
in points
The Week with the Federal Reserve Banks
During the week ended Oct. 20 member
bank
reserve
balances increased $20,000,000.
Additions to member bank
arose from a decrease of $39,000,000 in
money in
reserves
circulation
credit and
of
increases
and
$7,000,000
$4,0()0,000 in Treasury
in
Reserve
bank
offset in part by
increases of $11,000,000 in Treasury cash other than inactive
gold and $21,000,000 in nonmember deposits and other
34
70
+
34
42
1936
75
1935
53
1934
24
1933
an
—
34
34
+
25J4
35
34
—
40
\*
1932
20
1931
28
—1
31
—1
27
—1
5234
—2 34
58
—2
49
—234
1929
80
+1
7734
+
86
+1
—134
83
1928
88
—1
86
—2
64 34
+
6634
+1
62
+
1934
34
34
+
20 34
34
+
34
34
A
ing the entire body of reporting member banks in 101 cities
compiled.
\In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
cannot be
close of business Oct. 13:
The condition statement of weekly reporting member banks in 101 lead¬
An increase of $40,000,000 in commercial, industrial.and agricultural loans
the
and
decrease of $17,000,000 in loans to brokers and dealers in securities;
a
increase of $173,000,000 in demand
an
decrease of $85,000,000 in reserve balances with
a
Commercial, industrial and
The statement in full for the week ended Oct. 20 in
com¬
parison with the preceding week and with the corresponding
date last year will be found on pages 2648 and 2649.
Changes in the amount of Reserve bank credit outstanding
and related items during the week and the year ended
Oct. 20, 1937, were as follows:
Increase
Oct.
20, 1937
Oct.
9
Bills discounted
Government securities
13,
1937
Oct.
21,
1936
2,526,000,000
+96,000,000
member banks.
(not Including
$15,000,00 > commltm'ts—Oct. 20)
loans
Federal Reserve banks.
increased
$34 000.000 at
Loans
to
brokers and dealers in securities declined
$14,-
000,000 in New York City and $17,000,000 at all reporting member banks.
Holdings
of
United
Government
States
direct
obligations Increased
$13,000,000 in the Richmond district and $6,000,000 at ail reporting member
banks.
Holdings of "Other securities" declined $6,000,000 in New York
City and at all reporting member banks.
Demand deposits-adjusted increased in all but one district, the principal
increases
being
40,000,000
New
in
York
City,
$27,000,000 in
the
San
Francisco district, $21,000,000 in the Kansas City district and $19,000,000
in the St. Louis district, and the aggregate net increase being $173,000,000.
Time
San
advances
agricultural
reporting member banks in New York City and $40,000,000 at all reporting
(—)
or Decrease
Since
9$
—5,000.000
+12,000,000
18,000,000
3,000,000
Bills bought
(+)
deposits-adjusted, and decreases of
$12,000,000 in time deposits and $50,000,000 in Government deposits, and
week.
J
2134
3734
—1
79
62 H
ing cities shows the following principal changes for the week ended Oct. 13c
gold stock and Treasury cash amounted to
$1,261,000,000 on Oct. 20, an increase of $9,000,000 for the
Industrial
71
34
34
+
of member banks
reserves
were
included in
U, 8.
Independents
—7
—
estimated to be approximately $1,020,000,increase of $30,000,000 for the week. Inactive gold
Oct. 20
000,
currency,
Excess
Federal Reserve accounts.
on
49
—
1927
71%
The following table gives a comparison of the percentage of production
the nearest corresponding week of previous years
together with the
t
—4
1930
with
compared with 72% in the preceding week and 75% two weeks
61
1937
23,
U. S. Steel
Industry
1937
in the week before and
are
Oct.
deposits declined
Francisco
district
$5,000,000
and
each
$12,000,000
in
at
New
all
York City
and
in
the
banks.
member
reporting
19,000,000
—2,000.000
—1,000.000
+12,000,000
—7,000,000
Total Reserve bank credit....... 2,565,000,000
Gold stock
12,793,000,000
+ 7,000,000
+9,000.000
+102,000,000
Deposits credited to domestic banks declined $45,000,000 in New York
2,605,000,000
+ 4,000,000
+1,785,000,000
+ 91,000,000
City and increased $12,000,000 in the Chicago district, all reporting member
Treasury currency..
6,939,000,000
6,546,000,000
+ 20,000,000
+ 246,000,000
Money in circulation
—39,000,000
Treasury cash
3,654,000,000
+20.000,000
+235,000,000
+1,251,000,000
82.000,000
—1,COO,000
—6,000,000
Other Reserve bank credits
Member bank reserve balances
...
Treasury deposits with F. R. bank..
^
+1,000,000
Non-member deposits and other Fed^
Government
deposits declined
$28,000,000 in New
000,000 at all reporting member banks.
banks showing a net decrease of $35,000,000 for the week.
to
Deposits credited
foreign banks declined $5,000,000 in New York City.
Borrowings of weekly reporting member banks amounted to $4,000,000
on
Oct. 13.
A summary
eral Reserve accounts
743,000,000
+21,000,000
Returns of Member Banks in New York
+252,000,000
of the principal assets and liabilities of the
member banks, together with changes for the
week and year ended Oct. 13, 1937, follows:
reporting
Increase
City and
Chicago—Brokers' Loans
Below is the statement of the Board of
Federal
York City and $50,-
Oct. 13, 1937
Governors of
the
Reserve
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday:
Assets—
21,999,000.000
9,994,000,000
Loans—total
or
Decrease
Since
(—)
—569,000,000
+22,000,000
$
Loans and Investments—total
(+)
6, 1937
$
+ 24,000,000
+1,299,000.000
Oct.
Oct. 13, 1936
$
Commercial. Industrial, and agri¬
cultural loans:
On securities.
605,000,000
4,266,000,000
—17,000,000
673,000,000
...
+1,000,000
1,161,000,000
Open market paper
+ 35,000.000
478,000,000
...
.
Otherwise secured and unsec'd
—5,000,000
+5,000,000
*
*
♦
Loans to brokers and dealers In
ASSETS AND LIABILITIES OF WEEKLY
IN
REPORTING MEMBER BANKS
CENTRAL RESERVE
CITIES
Loans and Investments—total..
Loans—total
Commercial,
industrial,
13, Oct. 21,
1937
1936
1937
9
9
1937
Otherwise secured & unsec'd
paper
Loans to brokers and dealers.
Other loans for purchasing or
carrying securities
Real estate loans
Loans to banks..........
8,075
8,151
8,692
1,955
+
1,970
3,903
3.969
3,407
700
712
238
241
*
34
34
1,684
1,705
*
442
447
•
187
929
183
*
30
30
*
46
47
240
245
74
79
9
2,062
690
968
1,001
*
37
On securities
730,000,000
Obligations
fully
guaranteed
131
14
14
15
66
24
2
1
4
234
*
21
22
194
192
37
38
2,806
3,742
899
904
Obligations fully guaranteed by
United States Government
389
391
459
100
100
♦
♦
—1,000,000
*
+ 6,000,000 —1.406.000,000
by
United States Government
1,133,000,000
2,955,000.000
+ 2.000,000
—125,000,000
—6,000.000
—337.000.000
5,339,000.000
347,000,000
—85,000.000
+ 40,000.000
—63,000,000
1,828,000,000
+ 64,000,000
—605,000,000
Liabilities—
14,801.000,000
+173,000,000
5.270,000.000
a—12,000.000
+ 202.000.000
595,000,000
—50,000,000
—253,000,000
5,142,000.000
Foreign banks....
92
984
985
1,084
256
254
2,551
2.495
595
575
64
53
25
28
34
Balances with domestic banks..
Other assets—net
69
67
76
139
134
195
463
460
452
61
61
68
deposits—adjusted....
5,947
5,948
6,334
Time deposits
United States Govt, deposits...
Inter-bank deposits:
1,485
1 459
1,590
734
720
611
453
453
435
279
325
164
52
58
95
1,942
1,944
2,446
517
529
630
Foreign banks
Borrowings
476
500
425
6
6
5
3
j
Other liabilities
384
377
355
"*18
Capital account
"l8
"~21
1,478
1,478
1,433
244
245
236
a—4,000,000
4,000,000
+1,000,000
a
+2,000,000
Oct. 6 figures revised (New York district).
653
58
—35.000,000 —1,020,000,000
+ 57.000.000
541,000.000
Borrowings.....
♦Comparable figures not available,
—251,000,000
271
2,578
Cash in vault
+ 91,000,000
'
Time deposits
United States Government deposits
Inter-bank deposits:
Domestic banks
*
*
1,109
'
+ 2,000.000
820,000.000
7,917,000,000
Otherwise secured and unsec'd
U. S. Govt, direct obligations
Demand deposits—adjusted
*
135
2,799
+40,000,000
Cash in vault
66
Otherwise secured & unsec'd
*
+25,000,000
+2,000,000
Balances with domestic banks
*
135
230
1,167,000,000
94,000,000
Other securities..
U.S. Govt, direct obligations...
Other securities
or
.....
.......
Reserve with Fed. Res. banks
Other loans:
On securities...
purchasing
+14,000,000
Other loans:
21,
1936
and
agricultural loans:
On securities..
Open market
Oct.
Chicago
Oct. 20, Oct. 13, Oct
9
9
for
loans
carrying securities
Loans to banks
New York City
Oct. 20,
1937
Other
Real estate loans..
(In Millions of Dollars)
Assets—
securities
Reserve with
Fed. Res. banks..
Liabilities—
Demand
Domestic banks
♦
_
of the Federal
Reserve System for the Preceding
Week
As explained above, the statements of the New
York and
Chicago member banks are given out on Thursday simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of
being held until
the following
Monday, before which time the statistics cover¬
A
compromise proposal offered by
averted
a
breakdown
Non-intervention
Oct. 20 in
Comparable figures not available.
Complete Returns of Member Banks
Italy and Germany Agree to "Token" Withdrawals of
"Volunteer" Troops from Spain—Action By Non¬
intervention Committee as to Granting Belligerent
Rights Will be Deferred Pending Determination of
Number of Aliens in Spanish Civil War
an
of
negotiations
Committee,
effort to reach
an
which
Italy and Germany
in the international
met
in
London
on
agreement regarding foreign
volunteer troops engaged in the civil war
tions concerning this controversy were
in Spain. Negotia¬
referred to in the
"Chronicle" of Oct. 16, page 2475. Both France and Great
Britain had sought the adoption of an agreement for the
removal of all foreign troops from Spain, but it was thought
that Italy, in particular, would be adamant in refusing to
consider the suggestion.
While the Italian delegates to the
London conference did not accept this proposal, they did
agree to
defer the issue of granting belligerent rights to the
Volume
145
Financial
ting* forces in Spain until "token" withdrawals of
alien troops had occured on both sides.
It was planned to
It
planned to move from Valencia to Barcelona. With
respect to this report, a Madrid dispatch of Oct. 19 to the
New York "Times" from Herbert L. Matthews said:
both sides before the completion of cull withdrawal
plans
and the
granting of belligerent rights.
No date has yet been set for the Govrnment's transfer.
Negotiations at London were described as follows in an
Oet.20 dispatch from that city by Ferdinand Kuhn, Jr. to
the New York "Times":
planned to
return France and Britain will abandon their contention
withdrawals should
foreigners in the
all the
themselves to
was
were
resigning
as a result of the
if there are no further wrangles to delay the proceedings.
Foreign Secretary Anthony Eden of Britain at the end of
at last turned its eyes
"from the past to
the present and future."
The committee
be
to
evacuated
both sides
in
will
in
again Friday to decide the number of men
"token" withdrawals.
Spain to allow
At the
same
will
time it
international commission
an
to
ask
their
visit
respective territories to determine the exact number of foreigners on each
side.
As soon
vention Committee will try to work out a program covering further
vices
It is
with¬
tall order and there
a
Satisfaction for All
But the immediate effect of today's concessions was electrical
can
.
tell the House of Commons tomorrow how wise he
.
.
was
in
agreeing to let the Non-intervention Committee tackle the "volunteer"
problem again.
Foreign Minister Yvon Delbos of France
prudent and sensible he
was not to
can
argue
how
have opened the Franco-Spanish frontier
before the last chance of condlliation had been exhausted.
Italians
and
the
utmost in the cause of
Germans
European
trouble will not be theirs.
assert
can
peace
that
they have done their
and that responsibility for future
The best pleased of all should be their Insurgent
ally, Generalissimo Francisco Franco, who will have plenty of time during
the weeks of the coming discussions to
develop his long-planned offensive
against republican Spain.
advices said:
The
rejection
was
Powers
made by Ivan Maisky, Soviet Ambassador, at
represented
on
the
"chairman's
a
meeting
sub-committee"
of
the
International Non-intervention Committee of twenty-seven nations.
The French plan dealt with "Symbolic" withdrawal of foreign volunteers
from each side in
drawals, and
was
last described in the "Chron¬
2475.
on
Oct. 17 to assume con¬
From these ad¬
Salamanca in the name of Generalissimo Francisco
at
Franco annulled all transactions in mining property, bonds, machinery or
other equipment carried out since July 18,
mining property, bonds or shares.
"in
that
the
The
war
began.
given in the preamble is
reason
it is indispensable that all National
present circumstances
activities and all
1936, when the civil
suspends until further notice all trading in
National wealth should be under control of the highest
authority."
Chinese
Spain, dispatch of
a
committee
to
Against Japanese Troops in North—
Fighting
Around
Shanghai—Invaders
Halted at Important Strategic Points
Chinese troops were reported later this week to be making
important gains against Japanese troops on the northern
front, while former Chinese Communists, now Organized as
the Eighth Route Army, inflicted serious punishment on
Japanese invaders in Shansi Province in a series of surprise
raids.
Both the Chinese and Japanese continued the fighting
in and around Shanghai, with a number of air raids which
caused substantial damage in the metropolis.
The SinoJapanese conflict was last referred to in the "Chronicle" of
Oct. 16, page 2476.
On Oct. 21 it was reported that fighting
on
the Shanghai front was the most furious of the war.
in northern China
described in part as follows
war
in
Tokyo dispatch of Oct. 21 from Hugh Byas to the New
a
was
York "Times":
No
has been received here for four days
news
regarding the fighting at
Niangtzekwan, the main pass in the mountains between Hopeh and Shansi
Provinces in North China.
The last message, dated Sunday,
Oct. 17 ,
stated the Japanese infantry in the front line was being fed
by biscuits
dropped from planes, indicating their connections with their base had been
severed.
This steep, narrow pass has
supervise the with¬
been elaborately fortified for defense.
nels have been excavated and machine guns and trench mortars have
study of granting belligerent rights to each side.
a
Gain
Heavy
The
In United Press advices from London Oct. 19 it was stated
that Soviet Russia rejected that night a French proposal for
solution of the Spanish non-intervention problem.
The
of nine
Spain
quote:
we
decree issued
A
Spain.
The
the im¬
trol of all mining property in its territory.
be many snags even before the commission is appointed and sent to
Mr. Eden
received
this commission is in possession of the facts the Non-inter¬
as
drawals and the granting of belligerent rights.
may
in
The first article of the decree
meet
who were rushed in thin summer uniforms into the pass immediately
Spanish Insurgents Capture Gijon—Complete Virtual
Conquest of Northwest Spain—Loyalist Govern¬
ment to Move from Valencia to
Barcelona—Gen,
Franco Moves to Control Mining Property
The latest messages declared two-thirds
since then the only operations
Another Force Is Halted
constituted
in an effort to
of the most
important military incidents of
Spain. As a result of the capture, the in¬
surgents have almost completely conquered northwest Spain.
Surrender of Gijon was described as follows in United Press
one
Hendaye, France, to the New York
"Sun":
military commanders of the city, the last important Loyalist seaport
northwest Spain, were reported to have voluntarily surrendered.
The
city, crowded with 130,000 half-starved refugees and thousands of retreating
Loyalist solders, would have faced destruction had not it yielded.
Almost every avenue of escape had been cut off by the advancing
tionalist army.
Franco's
Na¬
escape
by
way
of the
A
sea
and balconies from the
of white flags could be
seen
insurgents' battle lines, it
The Japanese were
an
lines and charged
reported.
Ovftedo relieving the 15-month siege of that city.
The Nationalist radio also
announced the capture of two shiploads of
eastern end of a hill
Chinese recapture
by
Navarre
Franco
It
were
was
A
a
suprise attack launched before
dawn after refugees escaping from the city had reported that the Socialist
Dictator,
Belarmino Tomas,
Chairman of the Popular
Government, had lost control of mobs, chiefly extremists, who
were
soon as
Asturias is "mopped up,"
fears for the
paper
Nichi Nichi purports to reveal a new Soviet policy which aims
using Luter
Shanghai Oct. 22 Associated Press Accounts stated
A great
battle was raging today on the whole front of this area.
sacking
which is expected to be within two
dash into Gijon was undertaken by a
going on to the Northwest in the vicinity
of Tachang,
offensive power to crack
the Chinese lines.
The Chinese abandoned defensive tactics and poured in
reinforcements to engulf the Japanese in a powerful counter-offensive.
Chinese authorities said last night that 10,000 Japanese troops were in
danger of being cut off from their base in heavy fighting at Wentsaopang
where the
Japanese were throwing in their utmost
Creek, 12 miles northwest
of Shanghai.
Forty thousand Chinese were
reported driving from three sides against a
wedge which the Japanese, in seeking ,to capture Tachang, had driven into
the Chinese front Tuesday.
The Chinese said they hoped to complete
encirclement of the Japanese
Chinese airplane
before reinforcements could reach the latter.
squadrons moving to attack the Japanese near Shanghai
took new routes yesterday to avoid
motorized column which moved 10 miles into the city after the sea road had
a
been cleared of trees and rocks dynamited from the mountains by the re¬
treating Asturians.
planes flew over the heart
flying over foreign areas.
T. Johnson, who pointed out
at
Mongolia's Russian-trained army to create a diversion on the
in part:
weeks, Gen. Franco will have 120 planes and 45,000 troops available for
other fronts. Gen, Franco's final
Japanese had crossed
of the Suiyuan Railway has not entirely dispelled Japanese
Northwestern front.
A dispatch from Shanghai to the news¬
The capture
Front Coalition
the city and starting fires in the outskirts.
As
front and was
.
destroyed the bridge.
Peiping dispatch to The Associated Press said the
Intense fighting was
the first to enter Santander Gen. Franco decided upon using Spanish
insurgents swarmed into Gijon in
.
14 miles north of Changteh, but the force was held up
there because the Chinese had
said at the border
Italian reinforcements to the Aragon
It was believed that because Italian forces
troops in the final stages of the northwest campaign.
The
.
Peiping-Hankow railway, Japanese infantry, following an armored
the northern bank of the Chang Rivet in
Honan Province,
From
had dispatched his
front, in northeastern Spain.
of Yenmen Pass is false, according to the Japanese War
Yenmen Pass is 75 miles behind the present Japanese
On the
that Franco's troops in Asturias were almost wholly Spanish.
Gen.
50,000 Japanese were trapped in Shansi by the
captured more than a month ago, it was said.
Brigades
The first of Franco's troops to enter Gijon were the Navarre brigades who
figured prominently in the Asturian campaign.
the Japanese hurriedly occupied the
forming one of the spurs of the Wutai Shan range.
The Nanking report that
frontier of Inner Mongolia.
refugees from Gijon, including the entire Asturlan Government.
Led
them from the rear while the main force attacked from the
The Chinese retreated and
Office.
•
Chinese then challenged, had been
band" had come behind the Chinese
the river.
the Nationalist radio announced at San Sebastian today
important force of regulars had deserted Loyalist columns and
near
*
made Sunday after a Japanese "death
Meanwhile
joined the insurgents
Sinkowchen.
defending themselves desperately with the two front
yards apart.
Japanese advance, which the
The
flying from buildings
was
the hills around
Oct. 18 the Chinese launched a powerful counter-attack
recover the positions the Japanese had taken Sunday evening.
train and a motor corps, reached
sea.
Nationalist lines and announced that the city was prepared to surrender
unconditionally.
Shansi from Chahar are still held
Chinese resistance in
determined
lines less than 50
The insurgents closed in from the east and south while
warships blocked
Faced with annihilation, the Loyalist commanders sent emissaries to the
that
by
front.
The
in
Farther north the Japanese who entered
Monday evening
in
advices of Oct. 21 from
announced have been repeated heavy air
attacks.
up
war
been
after
Shihkiachwang are suffering severely.
of the pass had been won, but
the victory at
Spanish rebel troops under General Franco on Oct. 21
the city of Gijon, which was the last Loyalist
stronghold on the Bay of Biscay.
Surrender of the city
captured
Tun¬
Sleet is falling and the Japanese
mounted where aircraft cannot reach them.
the civil
he
According to Associate Press advices from Hendaye, the
Italo-German backdown, a vista of weeks and even
today's meeting, the committee has
as
when the central Government moves to Barcelona.
The warfare
even
In the words of
was
the Catalan Government's head,
as
Spanish Insurgent regime moved
months of new effort stretches ahead of the much-tried Non-intervention
Committee,
Companys to-day went to Valencia, where he
icle" of Oct. 16, page
Long Discussion in Prospect
Now,
President
virtually
indefinite stalemate.
an
Cabailero Cabinet, which originally
number of reasons, including the fact that the then
admitted in his speech last Sunday, the transfer was postponed.
effective because
more
a
Premier, Franbisco Largo Cabailero, had not control over Catalonia,
even
was
utterly unexpected.
The hope of any "progress"
abandoned this morning, and the British and the French
of the late Largo
from Madrid to Barcelona at the time the siege of the
For
plication being that Catalonia will retain her present degree of autonomy,
armies in Spain.
was
move
capital began.
formally and ostentatiously
be proportionate to the total number of
The sudden change of Fascist tactics
it
the intentions
out
For the first time the fascist
powers agreed to postpone the granting of
that token
One Minister
pointed out today that the Negrin Government would only be carrying
belligerent rights, at least until after there had been a "token" withdrawal
of equal numbers of
foreign combatants from the two sides in Spain. It is
expected that in
reported this week that the Loyalist Spanish Gov¬
was
ernment
set up a commission to determine the number of "volunteers"
on
2619
Chronicle
con flic
This followed
protest to the Nanking Government by United States Ambassador Nelson
the danger to foreign lives when bomb-laden
of Shanghai.
Financial
2620
A
Nanking Foreign Office spokesman said Chinese airmen had received
fresh orders to take every precaution to safeguard
It
Rulings by New York Stock Exchange on Two
the foreign areas.
on Oct. 18 in Associated
that Chinese authorities said that a "death
battalion" of 1,400 Chinese troops and more than 3,000
Japanese attackers had been killed in a battle in front of
Tachang, about five miles northwest of Shanghai.
The
advices, from which we quote, went on to say:
Several rulings by the Committee on Securities of the New
Stock Exchange on the Republic of Uruguay 6%
external sinking fund gold bonds, due 1960 and the Republic
York
of
Uruguay 6% external sinking fund gold bonds, public
announced by the Exchange as
works loan, due 1964, were
follows on Oct. 21:
They characterized the engagement, in which the Chinese had fought to
protect supply bases, as the heaviest single encounter in
force
Tachang, had declared they would fight to the last man.
near
30 hours of continuous battle against Japanese infantry supported
Committee
on
Securities
by planes
Resuming the bombing of civilian areas outside Shanghai, Japanese planes
were said to
have
killed and wounded more than 200 Chinese, mostly
peasants.
Chinese authorities estimated that 100 had been killed and injured in an
the American-installed $1,000,000 Chinese Gov¬
air raid on Chenju, where
Thirty civilians were reported killed at
ernment radio station is situated.
Oct. 21, 1937
After
Colonel Chin was killed and his force wiped out.
and naval guns,
STOCK EXCHANGE
NEW YORK
the Shanghai area
Colonel Chin Ching-wu, commander of the Chinese
since hostilities began.
External
6% Gold Bond Issues of Republic of Uruguay
reported from Shanghai
was
Press advices
1937
23.
Oct.
Chronicle
Hungjao, where Japanese airmen were said to have machine-gunned the
populace.
Notice having been received that payment of
be made
on
surrender of the coupon
$17.50
$1,000 bond will
per
due Nov. 1, 1937, from Republic of
Uruguay 6% external sinking fund gold bonds, due I960: The Committee
on
Securities rules that the bonds be quoted ex-interest $17.50 per $1,000
bond
Nov.
on
1, 1937;
That the bonds shall continue to be dealt in "Flat" and to be a delivery
in settlement of transactions made beginning Nov. 1, 1937, must carry the
May 1, 1938, and subsequent
coupons.
Oct. 21,1937
Notice having been received that payment of $17.50 per $1,000 bond will
be made
on
surrender of the coupon
due Nov. 1, 1937, from Republic of
Uruguay 6% external sinking fund gold bonds, public works loan, due 1964:
The Committee
Finance of Opinion
International
of
Institute
is Able to Increase Payments on
Brazil
Foreign Debts
debts,
according
to
bulletin
issued Oct.
conducted
the
by
mission
the Brazilian Finance
that
New
to
a
Bondholders' Pro¬
The Institute states:
the exchange
In accordance with
own
Minister headed
of this year to discuss
York during July
payments with the Foreign
tective Council.
for its
which adds that it will
1938, says the bulletin,
future debt
regulations the Bank of Brazil acquired
and for those of the government $77,700,000 in foreign
purposes
exchange during 1935 and $97,000,000 during 1930.
These amounts were
the proceeds of exports irrespective of the requirements for
obtained from
The
imports.
requirements of
which
payments arrears,
in
government and
the
totaled
about
1935, $50,000,000
thus substantially
acquired by the Bank of Brazil.
$45,000,000 in
1937,
1930, and will amount to $57,000,000 in
and
less
in
1935
The
amounts
the Bank of Brazil
of debt service charges and the liquidation of commercial
for the payment
1936
needed
than
the exchange
debt
for
were
be
to
that
the
Requirements on State of San Paulo
(Brazil) 7% Coffee Realization Loan 193(UCom¬
pleted for First Half of Year
Redemption
be
view
of
believes
being paid
used for
of
excess
on
these
decreasing payments
should!
be
able to
and
arrears
payments,
increase the
amount
external debt service and a portion of the total should
sinking fund payments
those issues which have not hitherto
on
been amortized under the Aranha Plan.
also from the Institute's bulletin:
Although the Brazilian Government's budget has shown deficits for many
the full debt service on its own bonds would not constitute an
impossible burden on the government's finances.
External and internal
debt service payments in full would amount to about 21.2% and 5.1%,
respectively, or a total of 20.8% of estimated expenditures for 1937.
years,
Under
Federal
the
Government's
decree
of
Feb.
5,
1934,
the
budgets.
In
estimated
expenditure! except Sao Paulo, where the percentage is 32.
+
Uruguay Offers Proposal for Conversion of 7% and 6%
Dollar
Bonds
of
City of
Montevideo—Follows
Negotiations with Bondholders Group
Jose
completing redemption requirements for the first half of the
ending March 31, 1938.
Out of original issues of $35,000,000 dollar bonds and £12,808,000 sterling bonds, there
remain outstanding $18,012,000 dollar bonds and £6,591,200
sterling bonds.
There remain pledged for the Loan 1,568,866 bags of
Government coffee and 7,059,883 bags of Planters coffee.
year
Drawing of Portion of Benigno Crespi, Societa Anonima
7% First Mortgage Bonds of 1926 for Redemption
Nov. 1
Banca
Commerciale
Italiana
Trust
Co., New York,
1926, due May 1, 1956, that bonds of 5,000 lire principal
each, totaling 300,000 lire, have been drawn by lot
redemption through the sinking fund on Nov. 1, 1937.
amount
Payment of the drawn bonds at their principal amount it is
announced, will be made in Lire cheque on Italy, or, at the
holder's option, in dollars at the buying rate for lire cheque
prevailing on the day of presentation at the office of the fiscal
agents, 62-64 William St., New York.
Richling^ Minister of Uruguay in Washington,
New York Stock Exchange Rules on
Republic of Poland
7% External Gold Bonds, Stabilization Loan, 1927
The New York Stock Exchange announced on Oct. 21 the
adoption of the following rules on Republic of Poland 7%
external sinking fund gold bonds, stabilization loan, 1927,
due 1947, by its Committee on Securities:
NEW
authorization from the Minister of Finance, an¬
nounced Oct. 21 that following negotiations with the Foreign
YORK
STOCK
Committee
pur¬
on
EXCHANGE
Securities
Oct. 21, 1937.
suant to
Bondholders Protective Council, Inc. of New York, arrange¬
were being made to offer to the holders of the out¬
ments
standing 7% and 6% dollar bonds of the City of Montevideo,
the right to convert their bonds into bonds of the Republic
of Uruguay. The new conversion bonds of the Republic to
be issued with respect to the 6% City bonds, par for
par,
would bear interest at the rate of 3%% per annum to Nov.
1, 1939, thereafter at 4% to Nov. 1, 1943, and thereafter
until paid at 4Ls%. A cumulative semi-annual sinking fund
of
y2 of 1% per annum would be provided for the period
prior to Nov. 1, 1939 and thereafter 1% per annum. Similar
provision would be made for the 7% City bonds, but with
some adjustment to
take account of the higher rate of
interest
on
such bonds.
An announcement
Unpaid interest
Referring to the notice published by the Republic of Poland on Feb. 24,
1937, which provides for the payment of the April 15, 1937, Oct. 15, 1937,
and April 15, 1938, coupons from Republic of Poland 7% external
sinking
fund gold bonds, stabilization loan, 1927, due 1947, at 35% of their face
amount in United States dollars or at the
dollar funding bonds of the
on
the offer also said:
Oct. 14, 1937, holders are now offered instead of such cash offer payment in
cash at the rate of 4H% per annum
Republic
or
external
The new conversion bonds of the Republic would be generally similar to
the 3 H %. 4 % and 4 H% bonds of Uruguay which are presently being issued
for the outstanding 6% bonds of the Republic.
Announcement of this offer with further details will wait legislative action
in
Uruguay to give effect to the arrangements reached with the Bondholders
Council.
coupons due Oct.
now
prepared to
sinking fund gold bonds, stabilization loan, 1927, due 1947:
The Committee
on
Securities rules that the bonds be quoted ex the Oct.
15, 1937, coupon on Oct. 22, 1937;
That the bonds shall continue to be dealt in "Flat" and to be
a
beginning Oct. 22, 1937, must
delivery
carry
the
April 15, 1938, and subsequent coupons.
ROBERT
Short
Interest
on
the
New
L.
York
FISHER, Secretary.
Stock
Exchange
Increased During September
scrip, equal to interest at thfo rate,
would be delivered.
in exchange for the
15, 1937, and April 15, 1938, and that the paying agent is
make payment in United States dollars at $21.25 per $1,000 bond
upon
surrender of the coupon due Oct. 15, 1937, from Republic of Poland
7%
the City bonds represented by matured and unpaid
coupons, would be accrued at the rate of 3 M % per annum from December
conversion bonds of the
an amount equal to the
Notice has been received that pursuant to an amendment thereto dated
on
1, 1931 and May 1, 1932, the respective dates when interest payments in
dollars by the City was interrupted, and an additional principal amount of
option of the holder in 20-year 3 %
Republic of Poland in
face amount of such coupons:
in settlement of transactions made
bearing
as
fiscal agents, is notifying holders of Benigno Crespi, Societa
Anonima 7 % first mortgage 30-year sinking fund bonds of
States and
required to include full external debt charges in their
State do total debt charges amount to as much as 26% of
are
no
on Feb. 5, 1934, $875,000 dollar bonds and
£320,200 sterling bonds of the State of San Paulo 7% Coffee
Realization Loan 1930 have been purchased and cancelled,
for
:
municipalities
ment of Brazil
the fact
of
1935 and 1936 was
debt service and: commercial
that Brazil
The following is
Speyer & Co. and J. Henry Schroder Banking Corp., both
of New York, announced on Oct. 21 that, in accordance with
the terms of Decree No. 23829 issued by the Federal Govern¬
from
exchange acquired by the Bank of Brazil in
Institute
now
In
made.
substantially in
the
arrangement are announced.
payments will decline
arrears
is
new
L. FISHER, Secretary
ROBERT
1937 will not be known until
service after
However, the commercial
$13,309,000 in 1938 to $8,731,000 in
1939, $4,298,000 in 1940, and $698,000 in 1941, when the final payment
the terms of the
beginning Nov. 1, 1937, must carry the
May 1, 1938, and subsequent coupons.
cooperation with New York University. The
foreign debt of Brazil is currently being serviced in accord¬
ance
with the so-called Aranha
Plan, which expires on
recalled
Nov. 1, 1937;
in settlement of transactions made
of America in
be
on
11 by
The Institute is a research organ¬
Investment Bankers Association
Finance, New York City.
March 31,
$1,000 bond
Director of the Institute of International
John T. Madden,
ization
a
per
Securities rules that the bonds be quoted ex-interest
That the bonds shall continue to be dealt in "Flat" and to be a delivery
Brazil is able to increase substantially the payments of its
foreign
$17.50
on
The
total
short interest existing as of the opening of
Sept. 30, as compiled from information obtained
by the New York Stock Exchange from its members, was
967,593 shares, it was announced by the Exchange on
Oct. 18.
This compares with 966,935 on Aug. 31 and with
1,011,670 on Sept. 30, 1936.
business
on
Financial
Volume 14S
In the following tabulation is shown the short interest
existing at the opening.of the last business day of each month
since Sept. 30, 1935:
1935—
Sept. 30
Oct.
913.620
930,219
1,032,788
927,028
31
Nov. 29
Dec. 31
June 30
Feb.
30
Nov. 30
1,230,579 Aug. 31
Dec. 31
1,136,814 Sept. 30
28
Mar. 31
Apr. 30
Round-lot
1,314,840
Oct.
29
members,
of
transactions
transactions
except
of
specialists In stocks In which registered:
1.
Initiated
944,957
1,007,736
on
39,850
56,940
the floor—Bought
Sold
96,790
Total
2.
on
63,215
York
Stock and New York Curb Exchanges during the week ended
Sept. 25, by members for their own account, except odd-lot
the Stock Exchange, was
on
ceding week ended Sept. 18, it
(Oct. 22)
Member
ended
by
the
trading
and
Securities
the
on
This
Exchange for the account of members during the
previous week, which
was
22.41% of total transactions that
week of 8,259,210 shares.
On the New York Curb
the New York Stock
The figures given for total round-lot volume for
Exchange and the New York Curb Exchange represent the volume of all
round-lot sales of stock effected on those exchanges as
distinguished from
The total round-lot volume for the
by the ticker.
week ended Sept. 25 on the New York Stock Exchange.
Curb Exchange, total round-lot volume in the same
8,850,200 shares,
On the New York
9.1 % larger than the volume reported on the ticker.
was
week, 1,889,430 shares
exceeded by 5.6% the ticker volume (exclusive of rights
and warrants).
published are based upon reports filed with the New York
The data
Stock Exchange
York
New
Other than
The
a
b
.
208
68
159
556
299
....
340
....
445
The number of reports in the various classifications may total more
than
specialists
"In stocks In which registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
dealer,
as well as those
NEW
YORK
those
the
percentages
total
In cal¬
members' transactions is compared with
of
twice the total exchange volume for the reason that the total of
members' trans¬
actions includes both purchases and sales while the total exchange
volume Includes
only sales.
E.
Burd
Grubb
Elected
of
Member
a
Committee
on
Customers' Men of New York Stock Exchange
Committee
The
Customers' Men
on
of
New
the
York
Stock
Exchange has elected E. Burd Grubb a member of
the Committee to fill the vacancy created by the recent
resignation of Henry Rogers Winthrop.
Mr. Grubb is also
a
member
of
the
Committees
on
and
Admissions
Public
Relations.
Odd-Lot Trading on New York Stock Exchange During
Weeks Ended Oct. 9 and 16
The Securities and Exchange
Commission has made public
summaries for the weeks ended Oct. 9 and 16, 1937, 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, continuing a series of current
figures being published weekly by the Commission.
The
figures for the week ended Oct. 2 were given in our issue of
Oct. 9, page 2313.
The data published are based upon reports filed daily
with the Commission by odd-lot dealers and specialists. The
following are the figures for the weeks ended Oct. 9 and 16:
ODD-LOT
TRANSACTIONS
OF ODD-LOT DEALERS AND
IN STOCKS, RIGHTS AND WARRANTS ON THE NEW
SPECIALISTS
YORK STOCK
PURCHASES
SALES
(Customers' Orders to Buy)
(Customers' Orders to Sell)
Trade Date
Value
Shares
No.
54,768
1,373,563 $49,954,423
36,059
15,095
370,275 $12,011,362
8,418
17,258
13,375
437,352
337,760
27,663
684,468
Oct. 5
15,186
375,553
Oct. 6
12,405
7,801
12,827
309,564
194,313
341,319
Oct. 8 & 9
Total for week..
95,790
234,397
260,345
162,719
252,760
3,540
152,814
Oct. 7
Shares
Ord.
$5,659,860
13,614,369
11,349,060
7,524,263
11,806,871
6,549
7,905
9,068
5,731
9,815
Value
$3,995,947
10,034,635
9,537,639
6,711,598
9,983,089
1,006,011 $40,262,808
Oct.
13
Oct.
14
Oct.
15
248,461
$8,234,829
12,694,292
9,275,762
18,483,738
14,493
9,444
428.645
267,917
12,578,153
22,029
670,606
1,829,855 $52,465,104
54,384
Exchange
12
Oct.
&
16
Closed
7,836,192
17,820,075
EXCHANGE—TRANSACTIONS IN
a (SHARES)
ALL
STOCKS
Total for week..
73,391
1,615,629 $46,469,249
ACCOUNT OF MEMBERS
Week Ended Sept. 25,
1937
Total for
Per
transactions
of
members
except
Jan.
Oct. 13
681,710
702,090
the floor—Bought
Sold
1,383,800
Total
Initiated off the floor—Bought
7.82
297,285
Sold
434,485
transactions
specialists
in
stocks
In
4,13
731,770
.
of
which
874,840
860,170
registered—Bought
Sold
Total
9.80
21.75
3.850,580
491,770
137,150
Sold
Total
Total
Commission against Interlocking direc¬
SEC officials disputed this premise, explaining that the
628,920
.
1,246,543
1,547,995
2,794,538
-
Public
Law, due to dispute on constitutionality, was
proceed slowly.
amended, a registered holding company or sub¬
completely in force, and the SEC. as a result, had to
Under the SEC rule, as
who is a director (other
partner) of a "financial institution," provided that:
Such person is not an executive officer, partner, appointee or repre¬
sentative of such financial institution.
2. Such person was an officer or director of such company on June 1,1936.
3. Such person has no financial connections other than those which he
held on June 1, 1936.
4. Such person is not an officer or director of any other such company
which is not a member of the same holding company system.
5. Such company shall have filed or caused to be filed with the Commis¬
sion a statement on Form U 17-3, as adopted June 30, 1936, signed by
such officer or director and setting forth the information therein specified.
than
registered:
-
or
SEC extension appeared contrary to the aggres¬
Federal Power
sidiary may have as an officer or director a person
1. In round-lots—Bought
Sold
Officers
Exchange Commission announced on
amendment to the rules under the Public Utility
Utility Holding Company
Transactions for account of odd-lot dealers in stocks In which
Bought
an
drive of the
torates,
1,853,835
1,996,745
not
In odd lots (Including odd-lot transactions of specialists):
as
1, 1939
While at first glance the
sive
Total
Continue
Holding Company Act extending from Jan. 1,1938, to Jan. 1,
1939, the period in which independent officers or directors
of financial institutions may continue to serve as officers or
directors of registered holding companies or subsidiary com¬
panies.
These interlocking directorates may be continued,
the SEC pointed out, under specified conditions, which are
not changed.
In noting this, Washington advices, Oct. 13,
appearing in the New York "Herald Tribune" of Oct. 14,
Total round-lot transaction., of members, except transactions
Sold...
to
Registered Holding Companies Until
also said:
1,735,010
of odd-lot dealers in stocks in which registered—Bought..
Financiers
of
The Securities and
of
specialists and odd-lot dealers in stocks in which registered:
Total
Directors
8,850,200
transactions
Permits
SEC
Cent, b
Week
Total volume of round-lot sales effected on the Exchange
on
11
Oct.
of the specialist.
STOCK
FOR
2.
their firms and their
than one classification.
more
Note—On the New York Curb Exchange the round-lot transaction of
Round-lot
Exchange members,
107
....
the number of reports received because, at times, a single report may carry
Initiated
includes all
Oct. 4
Initiated on floor
Round-lot
"members"
Percentage of members' transactions to total Exchange transactions.
No. Ord.
....
Initiated off floor
entries in
term
partners, including special partners.
867
specialists:
as
235,834
Total
Curb
Reports showing no transactions
2.
126,571
Sold
Exchange
1,072
_
Reports showing transactions:
As specialists *
109,263
Bought
York
Stock
Number of reports received
16.86
837,190
registered.
EXCHANGE—WEEKS ENDED OCT. 9 AND OCT. 16, 1937
Exchange
1.
Total
and the New York Curb Exchange by their respective
New
•
333,660
Odd-lot transactions of specialists in stocks in which
These reports are classified as follows:
members.
303,530
......
♦
Exchange members traded for their
during the week ended Sept. 25 to the amount
of 637,190 shares, against total transactions of 1,889,430
shares, a percentage of 16.86%.
In the preceding week
ended Sept. 18 member trading on the Curb Exchange was
19.24% of total transactions of 1,889,430 shares, the member
trading having amounted to 1,699,545 shares.
The data issued by the Commission is in the series of cur¬
rent figures being published weekly in accordance with its
program embodied in its report to Congress in June, 1936,
on the "Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
for the week ended Sept. 18 were given in these columns of
Oct. 16, page 2477.
The SEC, in making available the
figures for the week ended Sept. 25, said:
volume reported
11.21
423,570
Sold
account
own
the
213,505
culating
the
210,065
Bought...
with 3,701,018 shares of stock bought and sold
compares
which
Total round-lot transactions for accounts of all members:
21.75% of total
or
In
stocks
Commission.
Exchange
of 8,850,200 shares.
Exchange
In
specialists
Total
Sept. 25 amounted to 3,850,580 shares (in round-lot
transactions
of
registered—Bought
announced yesterday
the Stock Exchange during the week
on
transactions
Sold
lower than in the pre¬
was
transactions), the Commission noted,
on
Round-lot
percentage of trading in stocks on the New
dealers
3.09
116,830
New York Stock and
Curb Exchanges During Week Ended
The
New York
Sept. 23
2.5fc
53,615
Initiated off the floor—Bought
Total
Trading
Cent, b
1,889,430
Sold
Member
Per
Week
966,935
967,593
Jan.
Aug. 31
1,103,399
1,246,715
...1,175,351
1,132,817
Total for
1,012,186
1,049,964
31
Sept. 30
31
1,426,522
1,199,064
.*
Mar. 31
Apr. 30
May 28
1,011,670 June 30
1,066,184 July 30
July
STOCKS
EXCHANGE—TRANSACTIONS IN ALL
FOR ACCOUNT OF MEMBERS a (SHARES!
Week Ended Sept. 25.1937
CURB
YORK
NEW
Total volume of round-lot sales effected on the Exchange.....
Feb. 26
1,117,059
1,138,358
996,399
974,338
May 29
1936—
Jan.
1937—
1936—
2621
Chronicle
1.
a
Financial
2622
SEC
Simplifies Procedure to Be Followed in Routine
Delisting of Securities
Commission announced on
Oct. 15 that it had amended paragraph (b) of Rule JD2,
under the Securities Exchange Act of 1934, simplifying the
procedure to be followed in routine delisting of securities.
Where a case is not contested, the Commission explained,
the filing of a more comprehensive application makes it
possible to dispense with the formality of an appearance by
the applicant at a hearing on the question.
The following is the text of the amended paragraph (b)
The Securities and Exchange
of
JD2:
Rule
23. 1937
the provisions of subsection (a) of section 3 thereof.
The aggregate offering
price of securities offered at the market shall be taken as the product of the
number
of
offered
units
by the price per unit at which the
The aggregate offering
multiplied
securities were bona fide sold on the first day of sale.
price of any securities exchanged for bona fide outstanding securities or
claims shall be determined as provided in rule 205.
The aggregate offering
price of assessable shares of stock shall be taken as the sum of the offering
price thereof determined as hereinbefore provided, and the aggregate
legally be levied thereon.
amount of all assessments which may
II.
paragraph (b)
Rule 201 Is hereby amended by adding at the end of
thereof the following sentence:
The aggregate offering price of assessable shares of stock shall be taken
the sum of the offering price thereof determined as hereinbefore provided,
as
and the aggregate
thereon.
amount of all assessments which may legally be levied
''
The text of paragraph
,
.
Oct.
Chronicle
(b) of Rule 201, as amended, reads as follows:
(b)
Suspension of Trading,
Rule JD2.
Withdrawal, and Striking from Listing
(b) (1). An application by an issuer or an exchange to withdraw or
a security from listing and registration pursuant to Section 12 (d)
strike
shall be made in
That the aggregate offering price to the public shall not exceed the
Provided, however, that the amount of the offering shall
by the amount of any other offerings of securities of the same
issuer which, within one year prior to the offering herein exempted, were
exempted from registration solely by reason of this or any other rule under
section 3(b) of the Act, unless, or except to the extent that, such offerings
have been withdrawn.
The aggregate offering price of securities offered at
the market shall be taken as the product of the number of units offered
multiplied by the price per unit at which the securities were bona fide sold
on the first day of sale.
The aggregate offering price of assessable shares
of stock shall be taken as the sum of the offering price thereof determined
as hereinbefore provided, and the aggregate amount of all assessments which
may legally be levied thereon.
accordance with the following requirements:
The application shall be made in triplicate, shall be signed and sworn
officer of the applicant authorized to do so, and shall set forth the
source of the authority of such officer,
If the applicant is the issuer it shall
forward promptly a copy of the application to the exchange and if the appli¬
cant is the exchange it shall forward promptly a copy of the application to
(A)
to oy an
the issuer:
The application shall cite the paragraph designation of each provi¬
of the exchange, if any, which re¬
and shall set forth the steps taken by
the applicant to satisfy the requirements of such provisions;
(O) The application shall state the reasons for such proposed withdrawal
or striking, together with aU material facts relating thereto and such facts
as in the opinion of the applicant have a bearing on whether the Commission
should impose any terms for the protection or investors;
III.
(B)
sion of the constitution, by-laws or rules
If the application is made by the issuer, such issuer, if so directed
by the Commission, shall promptly send notice of such application to all
known
of the
holders
security which is
Such notice shall state the time and place
shall advise such security
the subject
of hearing
on
of the application.
the application and
holders of their right to present their views by
appearing at such hearing or writing the Commission on the subject of what
terms, if any, should be imposed for the protection of investors in granting
/
the application.
(3) The application may state that the applicant pursuant to this rule
evidence at any hearing on such application.
If
offers the application in
such an offer is made, the application shall
be received in evidence at the
as
applicant appearing and introducing further evidence, unless:
of all assessments which
thereon.
may
legally be levied
V
\
The text of paragraph (b) of Rule 202, as amended, reads as follows:
That the aggregate offering price to the public shall not exceed the
(b)
sum
of $100,000: Provided, however, that the amount of the offering
shall be reduced by the amount of any other offerings of securities (other
than certificates of deposit) of the same issuer which, within 1 year of the
offering herein exempted, were exempted from registration solely by reason
of this or any other rule under section 3(b) of the Act, unless, or except to
offerings have been withdrawn. The aggregate
offering price of securities offered at the market shall be taken as the
product of the number of units offered multiplied by the price per unit at
which the securities were sold on the first day of sale.
The aggregate offer¬
ing price of securities exchanged for bona fide outstanding securities or claims
shall be taken as the sum of the offering price thereof determined as herein¬
before provided, and the aggregate amount of all assessments which may
legally be levied thereon.
the extent that, such other
The foregoing action shall become
effective immediately upon the publica¬
tion thereof.
Counsel for the Commission objects- or
security which is the subject of the application, the
involved, or any other person having a bona fide
interest in such proceeding appears and objects.
(A)
(B)
The aggregate offering price of assessable shares of stock shall be taken
the sum of the offering price thereof determined as hereinbefore provided,
and the aggregate amount
hearing as proof in support of the allegations therein without the necessity
of the
Rule 202 is hereby amended by adding at the end of paragraph (b)
thereof the following sentence:
lates to such a withdrawal or striking
(2)
of $100,000:
sum
be reduced
and Registration
a holder of the
issuer or the exchange
SEC
Again
Simplification of Prospectuses—
Reducing Data as to Release and
Substitution of Property from 1,700 to 200 Words
Given by H. H. Neff
evidence of the application or in advance of the hearing date is apprised
of the intention of any person having a bona fide interest in the proceeding
to appear
in opposition to the application, he shall promptly advise the ap¬
If such objection or opposition is first made at such time
plicant thereof.
that seasonable notice thereof cannot be given to the applicant,
and the
applicant does not appear, the hearing shall be continued to permit the ap¬
plicant to appear and support its application at the adjourned date thereof.
Unless the Commission otherwise directs, the application shall be dismissed
if the applicant
fails to appear and support its application after it has been
notified by counsel for the Commission of such objection or opposition.
SEC Amends Three Rules Under
SecuritiesJAct of 1933
—Changes Clarify Regulations Exempting.Certain
Securities
was made on Oct. 20 by
the]Securities and
Exchange Commission that it had adopted amendments to
three of its rules relating to the exemption of security issues
of $100,000 or less from the registration requirements of the
Announcement
Securities Act of 1933.
The rules amended
are
Rules 200,
201 and 202 of the General Rules and Regulations under the
Securities Act, which provide conditional exemptions for
issues of stock where the aggregate offering price does not
exceed the amount stated in the rule.
The effect of the
amendments,
explained by the Commission, is to make
clear that where these exemptions are used for issues of as¬
sessable stock, the aggregate offering price for the
purpose
of the rules includes not merely the initial offering
price but
also the total amount of all assessments which
may legally
be levied on the stock at any time in the future.
No exemp¬
as
tion under these rules is therefore available for issues of
assessable stock unless the total amount of assessments which
be levied thereon is limited
may
rules.
so
as
to
come
within the
The Commission stated that the amendments did not
involve any
change in policy, but were intended merely to
clarify the scope of the exemptions provided by the rules.
The Commission announced its action
as
Amendments to Rules 200, 201 and 202 of the General Rules and
Regulations
Under the Securities Act of 1933
The SEO, acting pursuant to authority conferred upon it
by the Securities
Act of 1933, as amended, particularly Sections
3(b)
and
19(a)
thereof,
finding that the amendments to Rules 200, 201 and 202 hereby adopted are
carry out the provisions of the Act and are
necessary and
appropriate in the public interest and for the protection of investors, hereby
necessary
to
amends such rules
I.
Rule
200 is
as
follows:
hereby amended by adding at the end of the second
paragraph thereof the following sentence:
as
The aggregate offering price of assessable shares of stock shall be taken
the sum of the offering price thereof determined as hereinbefore
provided
and the aggregate amount of all assessments which
may
legally be levied
thereon.
The text
An
opinion by Harold H. Neff, Director of the Division
of Forms and Regulations of the Securities and Exchange
Commission, concerning the mode of condensing the tech¬
description of securities in prospectuses issued under
the Securities Act of 1933, was made public on Oct. 18 by
the Commission.
The opinion, the second to be issued by
Mr. Neff with respect to this question, is in response to
inquiries from the Investment Bankers Conference, Inc.
Mr. Neff, in his latest opinion, illustrates how one portion
of a prospectus filed under the Securities Act describing
in about 1,700 words the release and substitution of property
securing an issue of bonds, could have been explained in
nical
about 200 words.
In
as
amended, reads
as
follows:
Any securities (other than those specified below) upon the condition that
the aggregate offering price to the public shall not exceed the sum of
$30,000Provided, however, that the amount of the offering shall be reduced by the
amount of any other offerings (whether public or
private), within one year
prior to the offering herein exempted, of securities of the same issuer, or of
any person controlling, controlled by, or under common control with such
issuer, unless, or except to the extent that, such offerings have been with¬
drawn or have comprised securities (a) such as are described in
section
3(a) (3) of the Act or (b) issued in connection with the liquidation or the
purchase or pledge of the assets of any national banking association and to
which the provisions of title I of the Act do not apply
by reason of any of
pointed out:
of the contents
question
of prospectuses,
be borne in mind that the prospectus is a selling medium.
Act
not
was
it must
The Securities
designed to change this characteristic, but to insure
would
contain
If the
intricacy of
reliable
an
Information
indenture is
that it
necessary
for
investment
judtment.
carried to
the
prospectus,
the latter
necessarily fails its purpose.
In his earlier opinion, issued
to about 250 words
July 12, Mr. Neff condensed
statement of
2,000 words included in
prospectus received by the SEC concerning the issuance
That opinion, referred to in our
issue of July 24, pages 527-28, indicated that prospectuses
a
a
of additional securities.
are
often excessively
cumbersome.
Mr. Neff's opinion of
this week said:
The
A
previous
further
opinion
example
may
discussed
be cited,
instance
one
dealing with
of
undue
provisions
technicality.
to
as
release
and substitution of property seeming an issue of bonds.
This
example is taken from
prospectus covering a
a
$10,500,000 issue
of first mortgage
pany,
bonds.
The issuer was an operating public utility com¬
showing property and plant at over $27,000,000 to which there was
applicable
retirement
a
was
and
depreciation
reserve
of
about
$5,700,000.
essentially an electric and gas utility, but about 3%
of its gross operating revenues were derived from
transportation activities.
"With certain exceptions, the mortgage was to constitute a first lien
upon
the operating
properties.
fixed property of the registrant other than transportation
Additional bonds to the
without the necessity
amount
of $2,000,000 were issuable
of property additions.
The
opinion quoted the 1,700-word section of the pros¬
filed, which contained long technical details con¬
cerning the indenture and definitions, and which Mr. Neff
said was "manifestly too meticulous" for the
purposes of
a prospectus.
"Reduction to a readable summary involves
chiefly the omission of immaterail detail," he stated, adding:
pectus
as
The basic principles of the indenture concerning release are
simple.
of the second paragraph of Rule 200,
He
considering the
The company
follows:
Urges
Illustration
(4) If counsel for the Commission intends to object to the admission in
relatively
A statement in clear terms of those principles is all that is requisite.
The
prospectus
that
it
in
contains
however,
question,
details
which
are
of
goes
a
beyond
such
mechanical
essentials,
in
relate
to
nature
or
property of minor importance.
For example, considerable space is devoted to the withdrawal of cash
deposited under various circumstances.
It may be assumed that cash will
not
ordinarily constitute, for
appreciable length of time,
any
part of the underlying security.
There are, however,
significant
a
numerous
provisions
concerning the deposit and withdrawal of cash, which
are to facilitate the
administration
be
of
the
mortgage.
Thus,
cash
may
deposited
the release of property and later withdrawn when additional
acquired.
Similarly, in
case
of refunding, cash
may
upon
property is
be deposited
upon
Financial
Volume 145
the issuance of additional bonds and later withdrawn upon the
of bonds previously outstanding.
upon the withdrawal of
deposited cash, the same
property shall
if there
The details
exist
as
retirement
applicable is that,
ratio between bonds and
The basic principal
deposit.
been no such intermediate
had
would seem immaterial; they
of the intermediate operations
tend to confuse rather than enlighten.
A
further
instance is
the
the time of the issue there
in
the indenture.
As is
the mortgage
of property additions, additional bonds may
is used
provides that, on the basis
be issued or property released.
If the property addition is subject to a prior lien,
treated
At
prior lien bonds.
concerning
prior lien bonds, as the term
no
it is nevertheless to be
deposited
equal to the full amount of the prior lien.
Under the indenture, prior lien
bonds are to become a part of the trust estate only in this manner, which
as not so
the
assures
subject, provided prior lien bonds and cash are
means
of
discharge of the lien.
cerning the prjor lien bonds
to
made
so
the discharge thus
assure
The release provisions con¬
part of the trust estate are
a
merely
They are mechanics
initially provided for.
of operation, and, as such, should be sought in
the indenture rather than
in the prospectus.
Mr.
for the year $68,200,482.
months
somewhat
The gain in the number of depositors
2,785 and for the year 75.180.
was
that the increase in dollar
the earlier months of the year
over
there would have been
on
gain in deposits
Neff's
200-word form, which he said contains the
provisions required for full compliance with the
requirements of the Securities Act and the Rules and Regu¬
lations of the SEC, follows:
equivalent to;
creased their activity in that
of the application for release;
Cash, purchase money obligations on released property, or obliga¬
governmental purchasers of such property, deposited upon such
release;
(c) 10-7ths of any of the $2,000,000 of additional bonds which are issuable
without property
additions and as to which the right of issuance is
(b)
tions
of
surrendered.
thrift field of recent months or
field and savings banks are
be employed by
For
or
who
affiliated with the company.
include
subject to a prior
made for satisfaction of such lien or the released
additions to the utility plant do not
above purposes,
the
transportation properties, nor do they include property
lien unless
provision is
property was subject to a prior lien.
No notice to bondholders is required in connection
or
with any substitution
release of property.
Detailed
provisions
and provisions
concerning
precisely
more
defining
foregoing matters,
such as those
the
concerning releases of an incidental nature,
prior
bonds,
lien
proceeds of insurance,
and
cash,
are con¬
VIII of the mortgage.
tained in Articles I, IV, VI, VII, and
Ernest
Angell, New York Director of SEC Confers in
Washington
Bank
Not Expected at This
Requirements—Reserve
Board
Relax
Margin
Presidents
Meet in
Time
a
to
view to
securing
a
report on the Stock Market
19 called to Washington Ernest
Angell, New York regional
Director of the Commission. In its advices from Washington
that
day the New York "Times" said:
The SEC directed its New York office
circulated in the financial district in New
yesterday to investigate rumors
York, which it characterized as
•'unfounded," that the Commission was considering suspending
trading on
An inquiry also has been carried on concerning the
the Stock Exchanges.
volume of short selling during the
The purpose of the inquiry,
market break.
.
*
.
.
it is understood, is to obtain information to
should formulate stricter
rules covering short selling.
This matter has been under consideration for
some time and added importance has been given to the subject by the recent
severe break in the market.
The Commission met during the morning and
guide the Commission in determining whether it
afternoon, but most of the time, it was said, was devoted to matters
other
than the Stock Market situation.
development to officials at both the SEC and the Federal Reserve
At
Federal
the
action
Board
Reserve
a
Board.
spokesman again intimated that no
the relaxation of margin requirements
on
was
advisable to wait until the market
would
From the first the Board has taken the position that it
be
at least a short
Among
that
a
some
of the Board members at least, it is said, there is a
the margin requirement
would not prove effective;
was
became more stabilized over
period before making a final decision.
reduction in
the Board
on a
belief
sharply falling market
that it might be interpreted as an indication that
alarmed by the situation
The margin study by the
and do more harm than good.
Board is said to include not only consideration
of the wisdom of relaxing the margin requirement on
but the advisability of coupling
One development that has
attracted attention here was unusually heavy
trading in odd lots on the New York Stock Exchange
yesterday during the
sharp break in values.
On Oct. 18 the Presidents of the 12 Federal Reserve
banks
Washington with the Board of Governors of the
Federal Reserve System, and although it was assumed the
Stock Market was discussed, no details of the meeting were
in
disclosed.
Increases in Deposits
Banks
of
New
and Depositors in Mutual Savings
State During Third Quarter
York
Reported by Savings Banks Association
on deposit in
showed a slight
gain for the quarter ending Sept. 30, 1937, according to a
report issued Oct. 16 by the Savings Banks Association of
the State of New York.
Aggregate deposits as of that date
were
$5,291,259,241; an increase for the three months of
$16,201,636.
This compares with a dividend for the quarter
of approximately $23,500,000.
The number of depositors
in the mutual savings banks on Sept. 30, 1937 was 6,084,276;
a gain for the quarter of a little over 5,000, the Association's
The
mutual
$50,000,000, or thereabouts, of 273-day Trea¬
bills, totaled $163,285,000, of which $50,025,000 were
accepted.
As noted in our issue of Oct. 16, page 2480, the
tenders to the offering were received at the Federal Reserve
Eastern Stand¬
The Treasury bills are dated Oct. 20,
1937, and will mature on July 20, 1938.
Regarding the accepted bids to the offering, Acting
Secretary Magill's announcement of Oct. 18 had the follow-
number
of
depositors and
amounts
savings banks in New York State
report said, continuing:
These figures also show gains
ended Sept. 30, 1937.
for the six month's period and for the year
The gain in dollars of deposits was
ard Time, Oct. 18.
ng to say:
iTotal applied for
Total accepted
Rf&DfiTd*
$163,285,000
50,025,000
0.348%
High
—99.736 Equivalent rate approximately
Low
—99.716 Equivalent rate approximately
0.375%
Average price
—99.725 Equivalent rate approximately
(20% of the amount bid for at the low price was accepted.)
0.362%
President Roosevelt at Press Conference at
N.
Taxes
From
Hyde Park,
Expecting No Increase In
To Bring Budget Into Balance—Refrains
Comment on Stock Market Break
•
Y.—Reported
as
Hyde Park, N. Y., on Oct. 19 President Roosevelt
questioned at a press conference on his budget statement
issued in Washington on Oct.' 18, and to which we refer
elsewhere in these columns today reiterated his earlier views
that the budget would be balanced in the next fiscal year.
In his budget statement of this week, the net deficit for the
fiscal year 1938 is estimated by the President at $695,000,000
—an increase of $277,000,000 over the deficit of $418,000,000
forecast by the President last April.
The expectation that
the budget will be balanced next year without increased
taxation was indicated by the President in his press' talk at
Hyde Park. From Washington on Oct. 19 Associated Press
advices said:
his press conference at Hyde Park
that the budget would be brought into
starts July 1, without
authorities here generally agreed that unless a sharp,
Although Mr. Roosevelt repeated to
during the day earlier predictions
definite balance in the next
additional taxation,
fiscal period, which
unexpected, business up-turn should occur
economies would be necessary to
The Treasury
committees next
any
higher taxes or substantial
bring spending within income.
will give results of a months-long tax
month.
study to Congressional
definitely whether
This survey is expected to show
effort will be made to jack up
existing Federal levies.
conference the President it is stated
declined to comment on the stock market break. Following
his talk with newspaper men the President left Hyde Park
for Washington, where he planned to remain until today
(Oct. 23) when he will again return to Hyde Park, staying
there until after the Nov. 2 election.
At his
Hyde Park
press
purchases of securities,
this with definite margin requirement on
short selling activities.
met
Roswell Magill an¬
received to the offering
Treasury
the
of
Oct. 18 that the tenders
sury
contem¬
plated.
more
Secretary
on
last week of
and
market today appeared to be a most welcome
The late recovery in the
immediate
of
At
Washington
situation, the Securities and Exchange Commission on Oct.
on
nounced
Situation—Gov¬
Market
Stock
on
Reserve
of
ernors
With
•
t
$163,285,000 Received to Offering of $50,000,000 of 273-Day Treasury Bills Dated Oct. 20—
$50,025,000 Accepted at Average Rate of 0.362%
Tenders
banks and the branches thereof up to 2 p. m.,
property is determined by an engineer
The value of the released
may
dividend
by the prospect of speculative returns.
Acting
-
Additions made to the company's utility plant on or after the date
(a)
although it is ovbious that
had it not been for the
have in¬
gratified that their
century-old system continues to meet the approval of such a very large
proportion of the people of the State.
The number of our accounts is
equivalent to nearly one depositor out of every two inhabitants in the State
and the average amount on deposit shows the extremely healthy average of
approximately $853.
These figures bear out the contention of savings
bankers that the public is still interested primarily in safety for their funds
as evidenced by the record of savings banks and is not widely being attracted
of institutions have entered the
be released from the lien of the mortgage in an amount
may
accelerated
commenting on the figures, Andrew Mills Jr., President
of the Dry Dock Savings Institution, New York City said:
Again the savings bankers are gratified at a continued growth in deposits
and depositors among the mutual savings banks in this State.
A number
essential
Property
for the six
These figures appear to indicate
deposits and number of depositors has
In
statement
were
usual
2623
Chronicle
$12,818,226 and
New Offering
of $50,000,000, or Thereabouts,
of 140-Day
Dated Oct. 27, 1937
Announcement of a new offering of $50,000,000, or there¬
abouts, of 140-day Treasury bills, dated Oct. 27, 1937, and
maturing March 16, 1938, was made on Oct. 21 by Secretary
of the Treasury Henry Morgenthau Jr., the first of a series
of similar offerings to be made with a mid-March maturity
designed to offset the effect on the money market of March 15
income tax payments.
The decision of the Treasury to
temporarily shift from nine-month bills, which it has hereto¬
fore been offering, to bills to mature around the mid-March
tax date, was referred to in our issue of Oct. 9, page 2317.
Tenders to the bills offered this week will be received at
the Federal Reserve banks, or the branches thereof, up to
2 p. m., Eastern Standard Time, Monday, Oct. 25, but will
not be received at the Treasury Department, Washington.
The bills, which will be sold on a discount basis to the highest
bidders, will, on their maturity date, be payable at their
face amount without interest.
An issue of similar securities
in amount of $50,038,000 will mature on Oct. 27.
The
following is from Secretary Morgenthau's announcement of
Treasury Bills—To Be
Oct. 21:
They (the bills)
denominations
of
will be issued in bearer form only, and in
$10,000, $100,000, $500,000, and
$1,000,
(maturity value).
No tender for an amount less than $1,000 will
tender must be in multiples
of $1,000.
amounts or
$1,000,000
be considered.
Each
The price offered must be expressed
Financial Chronicle
2624
Fractions must not be used.
have to be brought within the existing tax receipts.
incorporated banks
abatement of State, local and individual relief work.
responsible and recognized dealers in invest¬
from others must be accompanied by a deposit
and trust companies and from
ment securities.
Tenders
accompanied by an express guaranty of payment by an
are
tenders
incorporated
of Treasury bills applied for, unless the
of 10% of the face amount
bank or trust company .
available funds on
the Federal Reserve banks in cash or other immediately
1937.
principal and interest, and any
The Treasury bills will be exempt, as to
from all
taxation, except estate and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from
No loss from the sale or other disposition of the Treasury
the gift tax.)
bills shall be allowed
as a
deduction, or otherwise recognized, for the pur¬
of any tax now or hereafter imposed by the United States or any of
poses
its
therefore, make
an
especial appeal that Federal officials and
Government employees wherever they are found ought to take a
our
Treasury Department Circular No. 418,
amended, and thisnotice
as
prescribe the terms of the Treasury bills and govern the conditions of their
'
.
leading
part in cooperating with local and community relief workers in carrying
that
suffering
still
stalk the land.
alleviation of the want and
cooperation
whole-hearted
The
Federal workers will not only aid the work immediately in hand,
will also afford an^excellent
of
but it
and practical example of the right community
spirit.
And
there
half
I dwell upon the
as
practical force of good example in well doing,
mind the example of the City of Denver, which now for
comes to my
a
Denver, I am
century has given to the other cities of the country.
informed, is observing tonight the 50th anniversary of Joint financing.
The Denver beginning was a forerunner
of what has been developed into the
450 community chests of the country.
governments are assuming an increased responsibility
for the provision of adequate
for those unable to work, for those who are ill,
educational
recreational
and
In every American
opportunities for all.
community the generosity of private giving makes possible the never-ceasing
campaign waged by private welfare agencies to bring opportunities other¬
wise
denied;
pioneer in
needed
render
to
new
services
otherwise
not
fields that widen the horizon of
us
The
community chest offers
fundamental
belief in
founded, by the
generous,
our
money
and
our
the
us once
available and to
all.
This work can only go forward with the generous
us.
\
possessions.
issue.
I would,
State and local
gain from the sale or other disposition thereof will also be exempt,
Indeed, local and
private activities must be increased.
forward their unremitting campaign for the
& Immediately after the closing hour for receipt of tenders on Oct. 25» 1937,
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning.
The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final. Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
Oct. 27.
Although Federa
Government relief activities have to be curtailed, there must needs be no
-
Tenders will be accepted without cash deposit from
I
99.125.
the basis of 100, with not more than threo decimal places, e. g.,
on
Oct. 23, 1937
cooperation of all of
again the opportunity to express
principles
which our democracy was
on
wholehearted and spontaneous giving of our
I ask you to help even more greatly than ever
good-will.
before..
President Roosevelt Asks Nation to Contribute Gener¬
to
Charity—-Speaks Incident to Annual
Mobilization for Human Needs—Says With Return
ously
to
Prosperity
Must
Government
mitments for RFC and PWA
Urging the Nation to give "generous, whole-hearted and
spontaneous" financial support to community chests and
other charitable organizations, President Roosevelt said on
Oct. 18, that the "Federal Government, with the return of
prosperity, must more and more narrow the circle of its relief
revenue
to be
expended in the amelioration of human want and distress
in the various communities of
land."
our
The President,
who spoke from his Hyde Park, N. Y., home, over a Nation¬
wide broadcast incident to the annual appeal of the National
Committee for Community Mobilization of Human Needs,
said that curtailment of the relief activities of the Govern¬
ment is essential "unless Federal taxes are to be greatly
increased."
In asking the Nation to give financial support to all chari¬
table agencies, both public and private, President Roosevelt
said that "all of us have an obligation to face this need
honestly and then to give as generously as our individual
means will permit."
The program over which the President
spoke originated from the Carnegie Music Hall in Pittsburgh,
Pa.
Charles P. Taft, of Cincinnati, Chairman of the Na¬
tional Committee for Community Mobilization of Human
Needs, also made an address over the same program; his
remarks
were
summarized
follows in advices from Pitts¬
as
a summation of revised estimates of Federal receipts
expenditures for the fiscal year 1938 President Roosevelt
this week figures the net deficit for that year at $695,000,000
—an increase of $277,000,000 over the deficit of $418,000,000
forecast in the President's budget message of last April,
given in these columns April 24, page 2750.
In his 1938
budget summation of this week, issued Oct. 18, the President
notes that in the case of the $418,000,000 estimate it was
indicated in April that "this estimate would necessarily be
subject to change dependent on any action taken by Congress
which might increase expenditures."
With respect to the
latest figures the President cites as among the changes which
could not be predicted at the time of the April estimates
"the present revision by the Treasury of the revenue estimates
showing a reduction of $256,000,000 from the estimates of
April 20." As to other things bearing on the revised figures
the President refers to the enactment by Congress of the new
Railroad Retirement Act, "necessitating the annual invest¬
ment of funds to establish a reserve against future payments,
$113,000,000." He likewise notes "the continuation by Con¬
gress of reduced interest rates on Federal land Bank Loans
In
and
and the reduction
"If it is difficult to believe in the community losses that come because
losses that
come
even
harder to realize the
because the youth agencies are not given a chance to
.build character into boys' and girls' activities.
When those failures of
ours are turned into criminal
statistics, we can shout about more and better
,pollce, but that is like Quarantine after the epidemic starts."
Adding that a "lot of people" would agree with what he had said but
would reply to a request for help with the recommendation that the Govern¬
ment—National
State
or
local—do it, the son of the late President Taft
asserted:
"The answer to that is that Government must and will do its share,
but being neighborly is not its share
That is our job."
The
following is the test of President Roosevelt's remarks
Chairman
Taft, Community Chest Workers, Friends of Human Needs
Each year,
depression,
as
we
ground which
we emerge
have
we
a
further from the insecurity and want of the
better right to look back with satisfaction at the
have covered.
injthis glance backward
we
have
But
a
even
while
we can
take statifaction
serious, inescapable obligation to look
forward at the same time and to do it with
honesty and vision.
There is danger and we may be blinded by the welcome
light of re¬
turning prosperity to the very real need that still exists for a considerable
part of our population.
We must not forget that there are people who are
still hungry, their children
under-nourished; that rags are the clothing of
many of our countrymen and miserable shacks or crowded
their only home.
These
are
city tenements
things that make it imperative for us to go
forward without hesitation in
and
a
our
efforts to
bring security, opportunity,
decent standard of living to all our
people, so that our prosperity
may be a more true prosperity for the whole Nation.
In this great effort to better the conditions of those
share the freedom from actual want which most of
that all agencies, both public and
who do not
now
enjoy, it is important
private, receive the Nation's support.
us
It must nor be thought that the
responsibility which the public assumed
through its government, local or national, for the problems of welfare lessens
the need for the many services of
the private agencies.
This need
con¬
tinues and can only be met with
generous support from those who are fortunate in their ability to give, even
though the gift be relatively
a
small
one.
Again this year, community chests representing these agencies in your
community, will appeal to you for moral and financial support so that
own
these needs may be met.
honestly and then to give
mit.
,
us
All of
as
us
have an obligation to face this need
generously as our individual
means
will per¬
To help our neighbors is a part of the best American tradition.
For
the long view of life has included at every turn the principle of mutual aid.
The Federal Government with the return of prosperity must more and
more narrow the circle of its relief activities and reduce the amount of
Federal
revenue to be
expended in the amelioration of human want and dis¬
tress in the various communities of our land.
agree
that unless Federal taxes
are
to be
I say this because we all
greatly increased, the expenditures
.
.
of the interest rates on Land
.
Bank commissioner's
loans, necessitating an additional ex¬
penditure
for the loss suffered through these re¬
ductions, $40,000,000."
/
Mention is also made by the President of the following:
.
burgh, Oct. 18, by the Associated Press:
suffering is not relieved," said Mr. Taft, "it is
Revised
Budget Statement
$695,000,000—Increase of
$277,000,000 Over April Estimate—No Further Com¬
Activities Unless Taxes Are Increased
activities and reduce the amount of Federal
in
Places Deficit for 1938 at
Relief
Curtail
Roosevelt
President
.
.
Enactment by Congress of legislation authorizing
collected
under
Title
9 of the Social Security
Act
refund of the taxes
.
.
836,000,000.
.
Legislative extension of the Public "Works Administration for two years,
and increase in the amount
penses,
.
.
.
for
grants and administrative ex¬
$25,000,000.
The situation with respect to the impending
surplus cotton crop, which
will make It necessary for the Commodity Ckedit Corporation
to make cotton
loans, $130,000,000,
Receipts for the fiscal year 1938 are now estimated at
$6,650,000,000, as compared with the April estimate of
$6,906,000,000 and the January estimate of $7,293,000,000.
Expenditures (exclusive of $200,000,000 for debt retirement)
are estimated in the President's latest summation, at $7,345,000,000, contrasting with the April estimate of $7,324,000,000
and the January estimate of $7,256,000,000.
That
no
further commitments for loans
are
to be made to
the RFC and the PWA was made known by the President
in his budget statement, as to which he said in part:
While the cancellation of such committments would not of
money to the public treasury,
itself return
the ultimate effect of such action would
relieve the Treasury of a substantial
the
potential liability, and to this extent
budget outlook would be improved.
The President stated that
"by reason of the net deficit the
public debt will be increased in the current fiscal year by
$695,245,000 provided that the balance in the general fund
on June 30, 1938, is the same as it was on June 30, 1937."
"The point of major significance in connection with the debt,
however," says the Prsident "will be the change in the
character of the debt which will occur during the year."
total
In addition he said:
"There
are Included in
the total expenditures for 1938, which
in the above deficit, investments in special Government
amount of $575,000,000.
resulted
obligations in the
In addition, contributions to be made by the
States to the unemployment trust
fund will likewise be invested in special
Government obligations in the net amount of
$500,000,000.
"Thus, public debt receipts made available from the sale of these special
obligations to investment accounts in the amount of $1,075,000,000 will be
used to finance the deficit of $695,000,000 and lessen the
in the hands of the public by
"This does not mean
a
debt outstanding
$380,000,000.
decrease In the total gross debt, but only a switch
from the hands of the public to Government
investment accounts."
The President further observes that "this does not take
into account any change in the
public debt which may occur
Volume
Financial
145
policy with respect to the sterili¬
gold."
The following is the President's statement on the sum¬
mation of the 1938 budget, as made public by D. W. Bell,
Acting Director of the Budget.
result of the Treasury
as a
zation of
The attached summation presents revised estimates
of receipts and ex¬
which have oc¬
contained in
I pointed out that the
penditures for the fiscal year 1938, reflecting the changes
curred in the Budget subsequent to
my message
of April 20, 1937.
the revision of estimates
In the latter message
decline in tax receipts was almost
entirely responsible for the then
estimate would necessarily be
subject to change dependent on any action
taken by Congress which might increase
The
estimated
It was indicated that this
deficit of $418,000,000 for the fiscal year 1938.
following changes have occurred which could not be predicted at
the
time of the April estimates.
The enactment by Congress of the new Railroad Retirement Act which increased
the number of annuitants by adding certain groups of employees, retired under rail¬
road pension systems, who were not Included under the provisions of the former
necessitating the annual invest¬
Retirement Act, and which added a reserve feature
future payments, $113,000,000.
ment of funds to establish a reserve against
Bank
Com¬
Land
Corporation for the loss suffered through
The continuation by Congress of reduced Interest rates on Federal Land
loans and the reduction, for the first time, of the Interest rates on Land Bank
missioner's loans, necessitating an additional expenditure to reimburse the
Banks and the Federal Farm Mortgage
these reductions, $40,000,000.
The enactment by Congress of legislation authorizing
under Title 9 of the Social Security Act to those States
refund of the taxes collected
enacting, subsequent to the
compensation programs, $36,000,000.
collection of such taxes, unemployment
PWA for two years, and Increase in the amount of
funds made available for grants and administrative expenses, $25,000,000.
The situation with respect to the impending surplus cotton crop, which will make
it necessary for the Commodity Credit Corp. to make cotton loans, $130,000,000.
The present revision by the Treasury of the revenue estimates showing a reduction
of $256,000,000 from the estimates of Apr 120#
The legislative extension of the
These changes have had the effect of increasing
the deficit of $418,000,000
will be savings under other items
of last April by $600,000,000, but there
expenditure amounting to $323,000,000 which will
General—The
of
result in a net deficit
1938
are now
estimated at $6,650,000,000,
$200,000,000 for debt retirement, at
$7,345,-
000,000.
decrease of $643,000,000 under
of $256,000,000
The present estimated receipts represent a
the estimates contained in the 1938 Budget, and a decrease
This decrease is more than ac¬
below the revised estimates of April 20.
counted for by the reduction in the estimate
of income and Social Security
The expenditure requirements,
excluding debt retirement, are now esti¬
ing $1,500,000,000 for work relief, and $21,000,000 more
than the revised
estimates of April 20.
April have
added $344,000,000 to the estimated expenditures, but there have been
offsetting reductions in other expenditures amounting to $323,000,000.
A part of this reduction was in the estimated expenditures under the Old
Age Reserve Account.
While the former estimate of expenditures for in¬
stated changes which have occurred since last
As previously
vestments under this account was
$540,000,000 it has been found, upon a
the total amount of invest¬
reexamination of the status of the fund, that
ments in the account on
$265,000,000
necessary to
was
June 30, 1938, should be $690,000,000.
Inasmuch
invested prior to this fiscal year the remaining amount
end of this fiscal year
reduction of $115,000,000 in the amount previously esti¬
place the fund in proper status at the
is $425,000,000, a
mated.
The remaining reductions amounting to
$208,000,000 are accounted for
by savings to.be effected by administrative action in curtailing other classes
of expenditures.
classifications the present estimates
The following table shows by major
of receipts and expenditures, as
compared with those in the April revision,
and those in the January budget:
for miscellaneous items.
Administration
and
1937. This amount re¬
the Works Progress
public works $85,000,000 for
be $1,139,000,000 less than in
presents reductions in
expenditures of $621,000,000 for
$373,000,000 for emergency
Resettlement Administration
and $60,000,000 for other pruposes.
the Reconstruction Finance
will be about $184,000,000
less than last year, thus increasing total expenditures by that amount.
Last year repayment of loans made by the Commodity Credit Corporation
exceeded expenditures by $112,000,000
thus offsetting the total expendi¬
tures of the Government by that amount.
This year however on account
of the surplus cotton crop, not only will there by no corresponding offset
but instead there will be an excess of expenditures over repayments of loans
in the estimated amount of $100,000,000.
The total expenditures in 1938
funds—The
Corporation
on
receipts of
excess
account of repayment of loans,
will therefore be increased by
$212,000,000.
including the PWA, show a
Other revolving fund items
net decrease in
expenditures of $12,000,000.
Transfers to trust
&c.—Investments In the Old Age Reserve
be $160,000,000 greater than in 1937.
accounts
Account for the fiscal year 1938 will
Railroad Retirement
1937. In that
provisions of the Retirement Act then in force the expendi¬
of annuity payments only since that Act did not provide
The annuity payments
and investments under the
Act will be $134,000,000 greater than
year
under the
tures consisted
the expenditures for
for the establishment of a reserve, and no
investments therefore were re¬
quired in 1937.
$27,000,000 greater than in 1937.
$557,000,000 was transferred to the
Fund for adjusted compensation
any
Government employees retire¬
by the United States to
The contribution
ment funds will be
Adjusted Service Certificate
Supplemental items—There is included In the
ture an additional amount of $180,000,000 for
will be needed to meet
supplemental items which
the past session
appropriations authorized during
Debt retirement—There is included in the
this purpose
1938 estimates of expendi¬
existing appropriations.
deficiencies in
or
contemplated that
payments but it is not
transfers will be made during the current year.
1938 estimate $200,000,000
than the amount spent
which is $96,000,000 greater
for
for
in the past year.
Deficit
The estimated net deficit
1938 will be $695,245,000
for the fiscal year
than the net deficit
(excluding debt retirement)
which is $2,012,000,000 less
1937.
for the fiscal year
Increase
By reason of the net deficit
current fiscal year
in the Public
Debt
the total public debt will be increased in the
provided that the balance in the general
by $695,245,000
June 30, 1937. The point
the debt, however, will be the change
in the character of the debt which will occur during the year.
There are
included in the total expenditures for 1938 which resulted in the above
deficit investments in special Government obligations in the amount of
$575,000,000.
In addition contributions to be made by the States to the
unemployment trust fund will likewise be invested in special Government
obligations in the net amount of $500,000,000.
Thus public debt receipts
made available from the sale of these special obligations to investment ac¬
counts in the amount of $1,075,000,000 will be used to finance the deficit of
$695,000,000 and lessen the debt outstanding in the hands of the public by
$380,000,000.
This does not mean a decrease in the total gross debt but
only a switch from the hands of the public to Government investment ac¬
fund
June 30, 1938, is
on
of major
the same as it was on
significance in connection with
This does not
Present
April
January
Estimates
Estimates
Estimates
$5,946
$6,243
463
02cur as a
take into account any
change in the public debt which may
with respect to the sterilization of
result of the Treasury policy
$6,648
494
463
gold.
FUTURE POLICY
Receipts:
Internal
estimated expenditures under the recovery
Recovery and relief—The
relief program will
counts.
[In Milllonsj
I.
increased
highways
anticipated last January after add¬
mated to be $89,000,000 more than was
$156,000,000 greater
$69,000,000 for National defense
debt retirement
taxes.
are
This is due largely to
1937.
expenditures for
$40,000,000 for the Maritime
$67,000,000 under the Social
Security Act and $59,000,000 for interest on the public debt; and to de¬
creased expenditures of $76,000,000 for the Civilian Conservation Corps
$59,000,000 for Agricultural Adjustment program
and $7,000,000 (net)
Commission
Last year
The receipts for the fiscal year
estimated general expenditures
expenditures of $63,000,000 for
of $695,000,000.
and the expenditures, excluding
as
actual
than the
Revolving
expenditures.
2625
Chronicle
Revenue
Customs
210
200
182
$6,650
$6,906
$7,293
1,002
1,085
1,092
Miscellaneous
WITH RESPECT TO COMMITMENTS
RFC AND THE PWA
Reconstruction Finance
Corporation—On Sept. 30,
OF THE
1937, the RFC had
588
aggregate sum of $405,000,000,
exclusive of undisbursed statutory allocations to Federal agencies and of
agreements to purchase securities from the PWA.
These undisbursed com¬
mitments, however, include $149,000,000 in the nature of conditional agree¬
ments
a large part of which ultimately will be canceled.
Moreover, it is
probable that the RFC will not be called upon to meet all of its other com¬
475
524
482
mitments
5.
Agricultural Adj ustment program
Civilian Conservation Corps
310
350
350
6.
Social Security..
250
286
296
7.
Interest on public
925
860
860
8.
Refunds
9.
Recovery and relief..
on
Total receipts
II.}
Expenditures:
1.
National
departments
civil
Legislative,
2.
and
agencies and the Judiciary *
3. Veterans'
4.
925
Administration *
-
debt
953
981
580
defense
580
46
53
53
1,876
1,832
1,826
al2
alO
11.
Revolving funds (net)
Transfers to trust accounts, &c
140
636
638
638
12.
Supplemental items
180
175
100
7,345
7,324
7,256
—695
—418
+37
10.
undisbursed commitments in the
While the cancellation
expenditures
debt retirement)
Net deficit (—) or net surplus
administrative expenses,
(+)
be
Excess of credits,
RECEIPTS
AND
deduct.
* Includes General Public Works Program Items.
EXPENDITURES
PRESENT
FOR
ESTIMATES
1937 COMPARED WITH
FOR
1938
Receipts
It is now estimated that total receipts for
than the actual receipts
more
revenue,
principally reflecting a full year of collections under the
Revenue Act of 1936 as compared
fiscal year 1937.
with one-half year's collections in the
Miscellaneous internal revenue taxes will be $205,000,000
greater, representing
chiefly an increase in collections from estate taxes and
alcoholic beverage taxes,
of 1937.
1938 will be $1 357,000,000 more
Income taxes will produce $634,000,000
for 1937.
and from new taxes levied under the Sugar Act
During the past fiscal year, due to litigation,
lections were made under the law levying
practically no col¬
taxes on carriers and their em¬
ployees, but in 1938 it is expected that $158 000,000 will be collected from
this source.
Social Security taxes which will be collected for a full year in
1938
as
compared to only one-half year in 1937
of additional revenue.
Customs revenues are
of about $8,000,000 in 1938 over
at about the same
will result in $353,000 ,000
expected to show an increase
1937, while miscellaneous receipts remain
figure.
Expenditures
The
be
estimated expenditures for
1938, excluding debt retirement, will
$656,000,000 less than the actual expenditures
for 1937.
and that the money
represented by
another may later
commitments but
books, thus insuring the elimination of such
books, which, for one reason or
canceled, should not be used for expenditure on other
commitments now on its
of
would not of itself return
to the Public
be completely
cleared from the
potential charges against
a
of such commitments
Treasury, the ultimate effect of such action would
relieve the Treasury of a substantial potential liability, and to this extent
the Budget outlook would be improved.
As a means of reducing this lia¬
bility and of avoiding the substitution of other liabilities therefor, I have
determined that no further commitments should be made by the RFC,
money
other than for
(exclusive
Total
III.
its books
future budgets.
carried upon the books of the
Federal agencies should not
be used except to meet unavoidable requirements of existing law.
PWA—On Sept. 30, 1937. the PWA had on its books undisbursed com¬
mitments for loans and grants in the aggregate sum of $530,000,000, of
which $205,000,000 represented loan commitments and $325,000,000 re¬
presents grant commitments.
These commitments . . . will be fi¬
nanced from money now standing to the credit of the PWA on the books of
the Treasury, plus the proceeds to be received from the sale of the RFC
of securities now held or to be acquired by that Administration.
Although
the PWA finances a large part of its operations through the sale of its se¬
curity holdings to the RFC, the burden of its expenditures must be carried
by the Federal Treasury until the securities purchased by the RFC are
I have also
determined that the liabilities
RFC in the nature
of undisbursed allocations to
actually sold on the
market.
will be called
outstanding against it, and to the
extent
such commitments, the budget
outlook will be improved.
I have therefore, determined to adopt a similar
policy with respect to the PWA, namely, that any commitments now stand¬
ing on the books of said Administration, which, for one reason or another,
are canceled, shall be completely wiped off the books and no further com¬
mitments be made or substituted therefor; and that no present commitment
—either loan or grant—on any project already approved shall be increased.
As in the case
of the RFC, it is
improbable that the PWA
meet all of the commitments now
that it is not necessary to meet
upon to
2626
Financial
Unlike the RFC, the funds of the PWA
Government
as
carried upon the books of the
are
appropriation accounts, and to make certain that this pro¬
gram is carried out, I am
directing that the balances
now carried upon
the
Treasury's books which may not be required to take care of the PWA pro¬
gram already approved, and after reserving $15,000,000 for administrative
expenses, shall be
impounded and returned to the Treasury.
thus to be written off the books will exceed
The amount
$100,000,000.
Chronicle
have
body,
the
The
Roosevelt of Federal Reserve
Building—Declares Goal of Country Toward Eco¬
nomic
Security and Stability Cannot Be Attained
Without
Coordination of Monetary and Credit
Machinery With Other Government Bodies
The official
opening of the new building in Washington,
of the Board of Governors of the Federal Reserve
C.,
System occurred
Oct. 20, with its dedication by President
Roosevelt.
Declaring it to be "the real mission" of the
Federal Reserve System to advance the
country toward the
goal "to gain for all of our people the greatest attainable
of
measure
nomic
on
economic
security
well-being, the largest degree of eco¬
stability," the President asserted this
and
goal cannot be reached "without the proper
functioning of
our monetary and credit
machinery."
He went on to say:
That
machinery must be steadily perfected and coordinated with
instruments
of
human
our
achieve
government
and
and
material
maintain
In
his
promote the
resources.
an
extremes of booms and
serve
to
most
Only
enduring
in
way
free
other
of
quarter
a
a
public interest."
dent,
the
Nation
has
"Since that
done
much
The
banking
system.
It must continue step by step to make the
banking
In part, he further said:
By the Banking and Security Exchange Acts of
1933, 1934 and 1935 the
system what it should be."
Federal
Reserve
conditions
evil
in
and
their
effectively
System
to
aid
the
Tesults.
in
is not 1913 ;
increased
Government
do
with
the
power
be
can
...
used
promptly and
changing needs of the
country;
hands of the clock back.
to turn the
want
we
to
improve banking
combating practices which were
in
Those powers
accordance
nor
given
was
1937
Chairman, Ladies
You
have
formality.
to
tribute
pay
those who
But
the
role
to
that
the
Federal
government must
greatest
attainable
economic
To
Federal
it be
can
credit
coordinated
reached
all
way
can
from
can
the
our
hope
we
Nearly
System
and
form
wrought
by
brief ceremony—of
which
purpose
of
well-being, the
our
this
people the
be
cannot
largest degree of
goal
is
attained
the
the
real
mission
and
extremes of
of
and
a
monetary
perfected and
maintain
booms
and
an
enduring prosperity, free
Only in that way
depressions.
democratic institutions
our
people,
century
has
passed
since
the
Federal
penetrating words admirably apply to
our
banking system, which
constantly^ alert, to changing
conditions in order that it may be
itself to the
growing and changing needs of our people
in their
daily life and work.
The
Federal
Reserve
System, as it was originally established, was
adapted to the pre-war world and
brought about a great improvement in
the money system.
Steps were taken in 1917 to adapt it to the
urgent
necessities of a war-ridden world.
In
facilitating the
It
is
clear
now,
mobilizing the country's gold reserves
financing operations, the Reserve
the winning of the war.
government's
vital
a
role
in
vast
in
retrospect, that if further changes to meet post-war
conditions had been made in our
banking system in the 1920's, it would'
have been in
the
great
midst
of
banking
far better position to moderate the
forces that brought about
But from the end of the war until we
a
depression.
economic
structure
were
collapse,
to
decade
a
make
it
later,
function
no
changes
more
interest.
were
effectively
Since that time the Nation has done much to
improve its
It must continue
step by step to make the
We
We
have
must not
provided
great
mass
Acts
of
increased
in
in
the
made
in
the
in
the
public
banking system.
banking system what it should
be.
of
complacently
for
small
1933,
1934
power
the
suppose
insurance
depositors.
of
that
we
deposits
have
for
By the Banking and
achieved
the
perfection.
benefit
of
the
Security Exchange
System was given
to
combating
and
1935,
the
Federal
Reserve
improve banking conditions and to aid the government
practices which were evil in their results.
Those
upon
the
expansion and
channels
of agriculture,
be done towards the maintenance
To be effective
in
perform¬
this
its part in
the
is
exists
that
to
the
other
adapted than
instrumentalities
increasing well-being
objective
provide
his
for
all
of
all government.
of
toward the ideal of
progress
be able
today is better
with
common
fundamental
building to
worker will
every
it
as
America in
an
family at all times with
comfort.
of
building appeared in
our
Aug. 14 issue,
*V
1028.
Davis Sails to
Represent United States at
Nine-Power Treaty—To
Conference
on
Study Far East Situation—President Roosevelt
Says This Country is Not Bound by Commitments
Announcement by Secretary Hull of
Invitation
Acceptance of
W. Norman H.
Davis, American delegate to the Nine-Power
conference which will begin its deliberations in
Treaty
Brussels
Oct.
30, sailed from New York on the liner
Oct. 20, after he had told newspaper men that
he would seek all possible means to end the Far-Eastern
crisis.
Earlier, on Oct. 19, President Roosevelt declared in
on
Washington
on
formal statement that Mr.
a
negotiations "without
to
sailing
before
other
Davis will enter the
commitments
any
on
Governments."
reported
were
as
Brussels
the part of this
Remarks
of
Mr.
follows in the New
The gravity of the Far Eastern situation made this the most
important
official delegation sent by America in post-World War years, he
intimated,
before sailing on the United States liner Washington.
He said that this
was
sufficient
reason
for the delegates to
keep their silence.
Davis and his official party were guarded by private detectives of
the line when they posed for photographers.
Mr. Davis was
accompanied
by Dr. Stanley K. Hornbeck, adviser
on
Far Eastern affairs to the State
Department; J. Pierrepont Moffat, Chief of the European Division of the
State Department; Robert T. Pell, press officer, and Charles E.
Bohlen,
Go Abroad With
powers
"Open Mind"
"I cannot say what steps will be taken or what course will be followed.
We go to the conference with
"The
American
the Belgian
an
open
Government
Government for
a
was
mind," said Mr. Davis.
pleased
to
accept
There is nothing I can say beyond that
possible
for
to the
may
means
a
solution.
the
invitation
Of course,
we go
go
without any commitments and
prophecies.
peace
by ending
Far
to seek every
the conference will be limited
Far Eastern situation and will not be 'concerned with
lead toward
of
conference of the signatories of the Nine-
Power treaty.
will seek every
Eastern
Spain.
avenue
hostilities.
I
My mind is not big enough to look that far ahead."
reporters, who wished him to commit himself
as
to
whether in
which
make
no
Japanese
the event
the conference named Japan as the aggressor it would be "a fair
conference."
He replied that he would
A
answer no
hypothetical questions.
dispatch of Oct. 19 from Hyde Park, N. Y., to the New
York "Times" described President Roosevelt's comments
as follows:
on
the conference
In
modified, not as
by Btep we shall
prepared to adapt
in
can
the
not omnipotent.
are
System
ever-rising standard
Reserve
Its
deal with
System performed
much
way
the attainment of
which
dedicate
"We
the
•«
our economic system as it Is an 1 as it may be
It might be if we had a clean
sheet of paper to write
upon; and step
make it what it should be."
and
play
in
Brussels
endure.
It is fitting that President Wilson's
portrait in bronze should have the
place of honor in the main entrance to this
building. And it is appropriate
that the words inscribed
under it should be taken from his
first inaugural
address.
Let me quote them:
be
to
Norman H.
,
Those
through
■
Reserve
A reference to the
our
the Nation's gratitude.
must
They
the
creation, out of the Nation's banking experi¬
beginning of the Republic, was due to the
statesmanship
of President
Wilson, and to the courageous
leadership in the Congress for
which the Senior Senator from
Virginia, Carter Glass, will always deserve
from
ence
powerful influence
a
money
In this
by that System alone, but
functioning of
proper
of
machinery must be steadily
instruments of government to promote the most
human and material resources.
Only in that
achieve
established.
industry.
of
Secretary of the delegation.
this
our
system
flow
Mr.
this
That
of
quarter
a
was
economic
without
other
to
disastrous
economic
line
in
plays in the broad
towards
It
machinery.
with
of
country
productive utilization
of
building.
meaning
stability.
Reserve System.
neither
and
the
this
larger
Reserve
measure
security and
advance
a
That purpose is to gain for all
serve.
the
afternoon
executed
of
which enable it to affect the volume and the
powers
thus exerting
Federal
page
is
beauty and dignity
and
conscious
are
'
whose building we are dedicating today, was
Banking Act of 1935.
To this public body Congress
York "Herald Tribune" of Oct. 21:
for something more than a mere
worthy to rank among the foremost of the
achievements, and you and I have gathered here
the
conceived
we
this
structure
architectural
a
Governors,
Government
and Gentlemen:
here
come
This
Capital's
progress
Davis
In full, the President's address
follows:
Mr,
of
banking
broad
in
it
as
piece of machinery vital
goal
progress
by the
government
I
Federal Re¬
improve its
century
a
:
of
money,
before
ever
time," said the Presi¬
to
of
to future,
nomic life.
collapse, a decade later, no changes were made in
banking structure to make it function more
effectively
in the
the
a
ing their function, they must be closely coordinated with the other major
powers
and policies of government which influence the country's eco¬
economic
the
towards
is
sounder
peculiar magic.
no
a
urgent
war-ridden world," the President added that
of the war until we were in the
midst of
"from the end
It
By their nature these important powers are of public concern'and the
responsibility for their exercise is properly vested in a public body.
Much
a3 they may contribute to
the country's progress, monetary powers possess
disastrous
century of
public institution capable of adaptation to
future, as it has been to past, needs and conditions."
Stat¬
ing that "steps were taken in 1917 to
adapt it to the
quarter
a
capable of adaptation
more stable
employment.
Much can be done to aid in achieving greater
stability of the true value of the dollar.
which
President said that "the
by nearly
tested
institution
of
our
a
necessities of
of
trade and
an
address the
Board
contraction
to
depressions.
want to
we
contributing its full share to lasting economic
capable of
entrusted
cost
hope
we
System,
steady
do
nor
well-being.
has
of
the
Reserve
1937 is not 1913;
back.
past, needs and conditions.
Nation's
-The
of
can
from
all
1937
a
the clock
is a public
to
reconstituted
utilization
productive
that
prosperity,
System, tested by nearly
operation, is
the
and
of
Federal
been
system
Dedication by President
hands
operation,
has
23,
greater degree than before in a single public
that they can be used promptly and effectively in accordance with
so
the
turn
of
Oct.
concentrated to
changing needs of the country.
to
D.
been
a
statement issued from his mother's house
at
Hyde Park after
an
afternoon conference with Mr.
Davis, who win sail tomorrow. President
Roosevelt said that the powers concerned would "examine the situation
in
the Far East and study a peaceable means of
hastening an end of the re¬
grettable conflict which prevails there."
Besides conferring with Mr.
Davis, who is also the President's Ambas-
sador-at-large, Mr. Roosevelt talked
with William E.
at luncheon and throughout the
day
Dodd, the United States Ambassador to Germany, who
also will sail tomorrow to return to his post in Berlin.
Neither diplomat
would talk to reporters, Mr. Davis avoiding them
completely, while Mr.
Dodd would say only that the President wanted to talk to him
about the
coming conference.
Statement
of
the
President
However, late this evening the President issued the following statement:
Mr. Davis is going to Brussels to represent this country at a
meeting of the signa¬
tories of the Nine-Power Washington Treaty, in response to an
invitation issued by
the Belgian Government.
The purpose of the conference is in conformity with the
original pledge made by the parties to the Nine-Power Treaty in 1922 to have
full
Eastern situation.
Government is responding, the
powers will examine the situation in the Far East and study a
peaceable means of
hastening an end of the regrettable conflict which prevails there.
and frank exchange of views with
regard to the Far
In the language of the invitation to which this
As I said in may radio broadcast on the
evening of Oct. 12—"The purpose of this
conference will be to seek by agreement a solution of the present situation in
China.
In our efforts to find that solution, it is our
purpose to co-operate with the other
signatories to this treaty, including China and Japan."
Mr. Davis of
on
course
will enter the conference without any commitments
the part of this Government to other Governments.
It was announced on Oct. 16 by
Secretary of State Hull
that the United States had that day
formally accepted the
Volume
145
Financial
invitation of the
Belgian Government to participate in the
conference.
In its acceptance
of the invitation, which
delivered to Secretary Hull by Count Robert van der
was
Straten-Ponthoz,
the
Belgian
Ambassador,
the
United
States said:
"The
Chronicle
Ambassador and has the honor to
acknowledge receipt of his note of Oct. 16,
1937, stating that the Royal Belgian
Government, at the request of the
Government and with the approval of the Government of the
granted
were
week
a
From Associated
following:
ago.
Press advices from Washington Oct. 18 we take the
The labor litigation grew out of a 1935 controversy between the Jeffery-
Dewitt Co. and the local union of the United Brick and Clay Workers of
America,
Secretary of State presents his compliments to the Royal Belgian
2627
which reviews
at the
American
an
Federation of Labor
plant June 15, 1935, and there
union and company
"These
officials.
affiliate.
A strike was called
subsequent conferences between
were
■
discussions resulted in
deadlock,"
the
company
said,
petition
British
"and
United
demands of the union would not be met, but that employees could return
to work if they so desired."
States,
to
proposes
the
States signatory to the treaty of Feb.
1922, that they meet in Brussels
in
conformity with Article VII
and
of
studying peaceable
6,
Oct. 30 for the purpose of examining
on
The Labor Board ordered the company to bargain collectively with the
of that treaty, the situation in the Far East,
means
of hastening an end
of the regrettable
June 20 the striking employees were advised positively that the
on
union and to offer employment to employees who were on strike on
conflict which prevails there.
1935.
ljr"The Government
of the United States is
bers of the union
and the President has
designated the Hon. Norman H. Davis
of the United States.
on
the
steamship Washington
The invitation
glad to accept this invitation
the delegate
as
The American delegation will sail from New York
on
Oct. 20 next."
presented by the Belgian Ambassador read
Papers
Filed
with
FTC
by
Rice
Export
Association
Under Webb-Pomerene Export Trade Act
"At the request of the British Government and
with the approval of the
•
were not
employees within the protection of the Wagner
Labor Relations Act at the time of the alleged unfair labor practices.
The
Circuit Court ruled to the contrary.
follows:
as
July 16,
The company appealed to the Circuit Court, contending that mem¬
The
Rice
vails^there."
Export Association has filed papers with the
Commission under the Export Trade Act
(Webb-Pomerene Law) for exporting rice, it was announced
by the Commission Oct. 10. The association will maintain
offices at 1103 Queen & Crescent
Building, New Orleans, La.,
according to the Commission which added:
Review
the Board.
Government of the United States the Royal
Belgian Government proposes
to the States signatory to the
treaty of the sixth of February, 1922, to meet
at Brussels on the 30th of this month in order
VII
to, in conformity with Article
treaty, examine the situation in the Far East and to study
of the
peaceable
means
of
hastening the end of the regrettable conflict which
pre-
Federal
Trade
Officers of the association
are
W. M. Reid, Chairman of the Governing
Board, and George Smith, R. H. Hancock and J. H. Trotter, members of
Denied
by United States Supreme Court of
Ruling By Lower Court Upholding Right of SEC
Subpoena Telegrams Incident to Official In¬
Members of the association
quiries—Decision Affects Florida Oil Companies—
Rehearing to Be Sought
The United States
Supreme Court denied on Oct. 18 a pe¬
tition to review the ruling on July 23 last, of the United
States Court of Appeals at New Orleans
upholding the right
of the Securities and Exchange Commission to
subpeona
telegraph companies to submit copies of telegrams sent or
received by persons relating to subject matter of SEC in¬
vestigations.
In the latter decision the Court reversed a
ruling by the United States District Court for the Southern
District
of
Florida
in
three
involving the rights of
persons under investigation by the Commission.
At the
time of the ruling of the United States Court of
Appeals an
announcement by the SEC (referred to in our issue of
July 31,
page 693) said:
The suits bad been
Tex-Oil Co
cases
brought below by Ryan Florida Corp. and Florida
against M. U. Newfield and R. L. Ballentine
Commission
conducting the investigations
and
the
attorneys for the
Western
Union
and
are:
Baton Rouge Rice Mill, Inc., Baton Rouge,
La.; Dore Rice Mill, Crowley,
to
La.; Edmundson-Duhe Rice Mill Co., Inc., Rayne, La.; Kaplan Rice Mill,
Inc., Kaplan, La.; Imperial Rice Milling Co., Crowley, La.; Mermentau
Rice Mill Co., Inc., Mermentau, La.; Noble-Trotter Rice Milling Co.,
Lake Charles, La.; Republic Rice Mill, Inc., Gueydan, La.; Rickert Rice
Mills, Inc., New Orleans; Simon's Rice Mill, Crowley, La.; United Rice
Milling Products Co., Inc., New Orleans;
Beaumont Rice Mills, Inc., Beaumont, Tex.; El Campo Rice Milling Co.,
El Campo, Tex.; Gulf Coast Rice Mills, Houston,
Tex.; Orange Rice Milling
Co., Inc., Orange, Tex.; Steinhagen Rice Milling Co., Beaumont, Tex.;
Tyrrell Rice (MillingJCo., Beaumont, Tex.; Arkansas Rice Growers Co¬
operative Association, DeWitt, Ark.; Arkansas Rice Growers Cooperative
Association,
Stuttgart, Ark.; Jonesboro Rice Mill Co., Jonesboro,
Mouton Rice
Ark.;
MillingiCo., Harrisburg, Ark.; Smith Rice Mill, Inc., DeWitt,
Ark.; and Walton
Rice
Inc.
Mill,
Stuttgart,
Ark.
t
The Export Trade Act grants exemption from the anti-trust laws to an
association entered into and
vision that there be
no
solely engaged in export trade, with the pro¬
restraint of trade within the United States or restraint
of the export trade of any domestic competitor, and with the
hibition
of any agreement, understanding,
enhance
or
further pro¬
conspiracy or act which shall
depress prices or substantially lessen competition within the
United States
otherwise restrain trade therein.
or
,
Postal Telegraph companies.
All
three
suits
sought to
enjoin the enforcement of subpoenas
by the Commission to the telegraph companies
that
their
stitution
issued
the plaintiffs contending
righte under the Fourth and Fifth Amendments to the Con¬
being violated.
were
granted the injunctions
but in
The lower
so
Court
upheld this
and
view
which
had
been
Commission—telephone,
The Court remanded the
to the District
cases
Court with directions to
dismiss the bills.
Associated Press advices from
The tribunal refused to review
Fifth Circuit Court of Appeals.
Justice Black
Washington
on
Oct. 18
re¬
was
decision against the companies by the
a
,
.
assumed to have participated in the action announced
is
made
Justices
when
participated.
No
An announcement
disqualify themselves for
any
reason
from passing on litigation.
Refusal of the high tribunal to review the attack on the SEC
produced
renewed speculation as to
whether Justice Black's supposed participation
would give the companies grounds to
While Chairman of the
grams
obtained by the Communications Commission which had been
and received
It
challenge the Courts ruling.
Senate Lobby Committee, Mr. Black used tele¬
was
by
persons
sent
on
Oct. 19 that Frank J.
broadcasting—was
and
McNinch
each
Oct.
on
14,
effective
paying
a
salary
of
$7,500 annually.
Mr.
recently temporarily transferred by President
was
that
to
of the Communications
the affairs of the latter in
order.
Commission
The three
men
to
put
who will
lose their
positions on Nov. 15, described by Mr. McNinch
"loyal, faithful and capable of performing their present
duties," are John F. Killeen of New York, director of the
broadcasting division; A. G. Patterson of Alabama, director
as
of the
telephone division, and Robert T. Bartley of Texas,
director of the telegraph division.
of Oct.
men
In a Washington account
15, it
14, special to the New York "Times" of Oct.
stated:
was
McNinch
Mr.
Ryan and
Chairman
Roosevelt from the chairmanship of the Federal Power Com¬
under investigation by the Committee.
made known
Federal Communications
telegraph
along with the posts of director of each of these
divisions,
mission
.
announcement was made that he had not
by
McNinch
approximately 30 controversies appealed from lower courts.
ordinarily
abolished
Nov; 15,
porting the action of the Supreme Court said:
Lose Posts Nov. 5
to
The three-divisional set-up of the
questioned by
plaintiffs.
on
Broadcasting Divisions
doing refused to pass upon the consti¬
tutionality of the Securities Act of 1933
today
Three-Divisional Set-Up of FCC Abolished by Chairman
McNinch—Directors of Telephone, Telegraph and
made
employees
as
the Ryan Florida Corp. will petition the Supreme Court for
abolish
that
nothing in the activities of the three
Commission
the
had
been
responsible
their
for
discharge.
rehearing.
United Press accounts from Tampa, Fla., on
Oct. 19 reported as to this as follows:
it clear
of
"It is
a
"We will petition the Court immediately for a
rehearing in the absence
of Justice Black," said William C. Pierce, an
attorney.
"We did not
question the eligibility of Justice Black prior to yesterday's Supreme Court
ruling on the assumption that he would not participate in the case because
of the public stand he had previously taken."
"The facts regarding his connection with
the
presented in the petitions," Mr. Pierce said.
cases
were
"The petioners have no
connection with the
case
of
any
and not
on
The petitioners
case
are
position
basing t^e
ap¬
solely upon Black's previous
as
McNinch
cision
of
Supreme Court Declines
Lower
Court
Against Jeffery-Dewitt
West Virginia
in
to
Review De¬
NLRB
Insulator Co. of
On Oct. 18 the United States
review
Which
Ruled
Kenova,
the Commission
would
then
explained that the
and with
move
made after a full
was
the unreserved approval of
the Commissioners themselves.
in
the
immediate future on all
Paul
Commissioner
the Commission's
to
finish
that
matters would be the
Walker, who is at present engaged on a report
investigation of the telephone system of the country,
report
and
make recommendations to the
Commission.
and Nov. 15, Chairman McNinch said, Commissioner George
Between nojv
Henry Payne of New York would be Chairman of
Commissioner
the
special
T.
A.
M.
Craven
would also be a
the telegraph division and
member.
Supreme Court refused to
a decision
by the National Labor Relations Board
against the Jeffery-Dewitt Insulator Co. of Kenova, W. Va.
According to a dispateh Oct. 18 from Washington to the
New York "Times" no reason was assigned by the Justices
for refusing to review the ruling of the Circuit Court of
Ap¬
peals, but it was understood that it did not involve con¬
flicting Circuit Court findings, as did some of the cases to
hereafter available,
By inference, he stressed the fact that all was harmonious
With the exception of Thad H.
member.
between
of
States
or
Brown, all were present when the Chairman made his announcement.
The Chairman stated that the
one
exception to united action of
task of
United
open
by the whole Commission
Commission
his general eligibility."
now
pleasure in giving preferential consideration to them."
Chairman
every
plication for further consideration of the
If any or all of
requirements
for their continuance in their present capacity.
able to qualify under the statute and also meet the
are
discussion
personal or political controversy over his gen¬
under the language of the statute, there is unfortunately no
"However,
re¬
viewed by impartial judges.
eral eligibility to the Supreme Bench.
They were all
capable of performing their present duties.
provision
fully
cause
the Commission," he said, "that the move to
automatically abolishes the directors.
them
"It is not only a matter of
justice, but also of legal right that the petitioners have their
of regret to
divisions
loyal, faithful and
find
involved
cause
a
the
H. H.
Heimann of National Association of Credit Men
Urges
Business
Men
to
Acquaint
Congressmen
with Their Views—Believes It Will Tend to Lessen
Adverse
Legislation—Stock
Likely to Effect Business
Market
Break
Not
With respect to the coming special session of Congress,
Henry H. Heimann, Executive Manager of the National
Financial
2628
of£Credit Men suggests that business men "try
In part, Mr. Heimann says:
Association
to
fashion^the program."
help
It is time that business men made their voices
'
Congressman
write your views to them.
present your opinions to your representative
call,
you
whenever possible, in his home.
Senator personally,
and
If they live at distant points,
"When
May I suggest
heard.
first duty of citizenship to call on his
that every business man make it a
about
This is not only your right but duty.
Other
groups have done this all along and it is not to be wondered at that they
have been favored.
I care not how out-of-sorts with business your Congress¬
legislation and government.
man
or
be, he will be conscious of your views, and if every
Senator may
business
will do this, then in all
man
likelihood there
Mr. Heimann, although the stock
its effect on business conditions,
business generally, will hardly parallel the market.
He also
On Oct. 18, according to
market break is having
suggestion. The C. I. O. then proposed a committee
10, and the A. F. of L. expressed willingness to enlarge its
standing committee of three, but asked that first the com¬
mittee of three meet with a similar body designated by the
this
of
There
can
be no doubt that the slump will contribute to some
further
lack of confidence and promotion of cautious policies.
But with
lines, improved private debt situation, larger wage envelope for the average
worker, plentiful supply of credit to the worthy and deserving at attractive
rates, business should give a satisfactory performance even though it must
from Denver said:
The hesitancy
Industrial commodity prices have revealed this
especially with declines, for example, since mid-summer in the prices of
steel, scrap, lead, cotton and rubber.
From
approcimately 90% of the 1923-1925 average, raw material prices, according
to the
United
States Bureau of Labor
In six months to
In
an
the survey
average
while manufacturers' sales rose 14%
and the Department of
over
same
an
in wholesalers* sales of 6%
increase of 14%
August, 1936,
But collec¬
during the same period.
tions in both classifications slowed up during this past
nificantly with
and stand to benefit
in
August,
1935.
For the
an
country
an
bitter labor war in its history if the
in for the most
was
F. of L. convention made
nothing.
plans for a fight to the finish if peace overtimes came to
offers to talk peace
Atlantic City, N. J., made three
The first two were rejected beF. of L. ought to
with the Federation.
Federation leaders felt the offers implied the A.
cause
I. O. had been right
concede before the conference started that the G.
throughout the battle.
Chairman of the Steel Workers Organizing Com¬
mittee and Mr. Lewis's first lieutenant, telegraphed
today that the C. I. O.
committee, would meet the A. F. of L. delegation
peace
improvement
over
the
1935
"The committee of the A. F. of L„
composed of Vice-President Harrison, Woll and
Bugniazet, will meet your committee Willard Hotel, Washington,
the previous November with
the announced purpose of bringing unorganized
workers into industrial unions.
Lewis refused to give up the
C. I. O., and the Council sus¬
pended 10 O. I. O. unions for "insurrection" on Sept. 5,1936, the A.
committee
peace
held
no
was
continued.
formal meetings with C.
George Harrison, Committee Chairman and President of the
hood
of
Railway Clerks,
was
Union, never joined the Federation faction that
Winthrop W. Aldrich wherein
he attributed the recent severe decline in stock market prices
primarily to severe Governmental regulations have been
disputed by Justice Ferdinand Pecora, of the New York
Supreme Court. The address of Mr. Aldrich, who is Chair¬
referred to at length in our Oct. 16 issue, page 2486.
Justice Pecora, who was counsel for the Senate Banking and
was
Currency Committee during its investigation several
into stock market practices, is quoted as saying:
years
ago
Prior to 1929 the market had everything which Mr. Aldrich
now wants—
lower income taxes, still lower capital gains taxes, no restrictions on trading,
vexatious
though
illuminating
investigations
by
Government,
and
margins variable in accordance with what the brokers deem necessary to
keep
the volume of the market
up
stocks
on
thereby permitting the unloading of
the unwary and uninformed public.
In 1929 and 1930 when insiders were unloading at the top and on rallies,
brokers had
no cause to complain of the thinness of the market and of the
absence of public buying.
The tremendous volume of the markets n those
years
the
professional financial district about the operation of the
Government controls
on
new
the stock market while the market was going
up
G.
the other hand, has been one of Mr. Lewis' most outspoken
Bugniazet is
a new
Committee Member, succeeding Felix Knight, Presi¬
He
was
substituted because
Knight could not be in Washington Oct. 25.
of L. President, said he regarded the C. I. O.'s
William Green, A. F.
proposal as "a full and complete acceptance of the proposition made by
A. F. of L. during the last two years.
would
be
The
held
"without
Federation
conditions
at
its
the
He emphasized that the conference
or
stipulations."
convention
adopted resolutions
against the National Labor Relations Board alleging that
it tended to
destroy labor contracts, denied collective
bargaining and favored the C. I. O.
A resolution declaring
against the National Labor Relations Board for favoring
craft unionism was meanwhile adopted by the C. I. O.
convention.
The Federation on Oct. 11 voted by 25,616 to
1,237 to authorize its Council to expel the 10 unions which
joined the C. I. 0.
The Federation on Oct. 13 also voted a boycott of Japanese
goods.
Proceedings on that date were outlined as follows in
a
Denver dispatch from Louis Stark to the New York
"Times":
did not prevent drops of 25 to 50 points overnight.
And I think it is not without significance that there was little complaint
from
on
dent of the Brotherhood of Railway Firemen.
of the Board of the Chase National Bank of New York,
man
no
Workers,
thought of peace.
of the International Brotherhood of Electrical
Secretary
enemies.
of New York Supreme Court
week ago of
a
Bugniazet,
Brother¬
long regarded as one of Mr. Lewis's best
Matthew Woll, Vice-President of the Interna¬
friends in the A. F. of L.
M.
Views of Winthrop W. Aldrich on Effect of Government
Restrictions on Stock Market Disputed by Justice
F. of L.
Since the suspensions, however, it has
I. O. leaders.
wanted to fight Mr. Lewis at every turn without any
The remarks
Oct. 25,10 a. m."
this committee at its Miami, Fla., meeting
January, 1936, to urge Mr. Lewis to abandon the C. I. O., organized
in
tional Photo Engravers
figures.
Ferdinand Pecora,
"with or without
commitments," the Federation's executive council replied:
upward improvement
Collectiions for both manufacturers and whole¬
had also shown
1936
the fight; employers would
by a united labor frcnt.
negotiations failed, they said. This week the A.
When Mr.
comparisons, the trend holds true in manufacturers' sales which this
salers
Government officials would be
jurisdictional strikes and workingmen would lose less time
be spared many
August.
contrasts rather sig¬
in Augu t, 1936 over
August increased 14% but in August, 1936 showed
of 18% over August, 1935.
figure;
dominant
The Executive Council set up
Association
workers; Mr. Lewis probably would
7,000,000
nearly
spared the difficulty of trying to stay neutral in
of 85%.
conducted by this
conversation, were not overly opti¬
But if the con¬
leaders agreed that the A. F. of L. could present
have moved downward
Statistics,
Commerce wholesalers' sales in August increased 0%
The increase this year
of
front
united
a
become the Federation's
high point in April, 1937 of
a
finally adopted.
was
of the conference.
chances for success
about the
ference is successful, labor
When Philip Murray,
which has been prevalent is noticeable in the statistical
side of business activity.
which
#
A. F. of L. leaders, in their private
probably will have to lower its sights somewhat.
and
the suggestion
was
describing the agreement for a conference which was
reached on Oct. 16, an Associated Press dispatch of that date
In
The conference of C. I. O. leaders In
splendid farm income, vast unfilled needs in durable goods
a
This
C. I. O.
The
says:
The C. I. O. originally asked for a
but the Federation refused
committee of 100 from each group,
mistic
These views were presented by Mr. Heimann in his
monthly review of business sent to the Association's members.
Oct. 23, 1937
with C. I. O. leaders.
be less seriously
may
legislation to fear.
adverse business
Chronicle
After
and its
a
series of
sharp speeches in which the NLB, Its regional Directors
employees were raked fore and aft In language seldom heard at
A. F. of L. conventions, the annual convention of the Federation adopted
a
in 1935 and 1936.
resolution today
charging the Board with having attempted to destroy
valid contracts between unionists and their employers, with denying col¬
Further extracts from Justice Pecora's statement
in the New York "Times" of Oct. 18 follow:
"Mr. Aldrich in effect
now
urges
a
given
lective bargaining and with favoring the C. I. O.
The
return of 'quantity' markets rather
than 'quality' markets," Justice Pecora said.
the market.
as
"He laments the thinness of
He ascribes to such thinness, in part at least, the decline in
"He expresses the opinion that the recent stock market break 'was not
business figures
for the
whole of August
Indeed, he states that 'the
extraordinarily good, and
those for September show very moderate recessions." Hence he
attributes
are
It concluded
Council
to
action
specialists, floor traders
"I don't agree with Mr. Aldrich that
we
ever
sipce.".
.
.
have got to go back to the days
of 1929 when all America gambled and lost at Wall Street's
green tables,
while benevolent and informed insiders dealt out the marked cards. The
difference between
between
a
a
'quantity* and
speculator's market and
*
a
'quality* market is the difference
an investor's
market."
"malad¬
Board's
collated in order
asking
President
William Green and
Roosevelt
"for prompt
hereafter
agencies."
the Executive
and
adequate re¬
Executive
as
dispatch of Oct. 11 to the New York "Herald
Edward Angly reported the convention's
from
follows:
The vote authorizing the Council to oust the Lewis adherents was 25,616
to
This country tried them prior to
by
petition President
A Denver
and informed insiders.
not new.
Act" be
Council to protect craft unions.
Tribune"
are
proofs of the
lief and to approve the Wagner Act amendment proposed by the
the thinness of the market and its effect upon prices to such
things as high
"Mr. Aldrich's theories
all
Relations
the usurped authority now being exercised by the board and its
income and capital-gain taxes, substantial margin
restrictions, and restric¬
tions upon the professional stock market trading of
1929, and has been recovering from them
that
National Labor
that Congress might be asked to amend the law "so as to prevent
the market prices of securities.
initiated by a change in the business facts.'
recommended
resolution
ministration of the
1,237.
In
an
impassioned speech ending
a
day of searing oratory, some of it
critical of Federation officials for having sat in easy chairs while Mr. Lewis
went out and
organized the unorganized, William Green, President of the
Federation, said that if
any
of the Lewis followers cared to
come
home to
the parent organization they could do so unconditionally, without surrender¬
ing
any
economic
or
social views they might hold.
He made it clear, how¬
ever, that the Council would boot out the 10 unions which had seceded and
A
affiliated with the C. I. O. unless they soon sought complete reinstatement.
Committees from A. F. of L. and C. I. O. to Seek Labor
Peace
at
Meeting Oct. 26—Federation
Finally
Accepts
Proposal for
Conference—Convention
Adopts Resolution Critizing National Labor Re¬
lations Board—Message from President Roosevelt
Representatives of the American Federation of Labor and
of the Committee for Industrial Organization will confer in
Washington on Oct. 25, in an effort to form a common front
in the labor movement in the United States.
Federation
representatives attending the annual convention at Denver,
after rejecting several C. I. O. proposals for such a con¬
ference, agreed on Oct. 16 to send a committee to negotiate
None of them, he said, had paid a cent of dues to the Federation for two
years.
was
He made
no
reference to the statement by Mr. Lewis that the C. I. O.
"completely Indifferent" to whatever action this Federation convention
might take.
In
voting to make complete its break with the secessionists, the Federation
served notice
on
the politicians of the country that it would oppose every
seeker of public office who would "in any way favor, encourage or support
the C. I. O.
Along with the rank and file of the C. I. O., Mr. Green, invited "to
come back home" any or
all of the 10 suspended unions, indicating that the
guillotine would not fall until they had had further opportunity to return.
The Roosevelt administration
several speakers.
was
raked
Even the President
darts, but the principal targets
were
over
was not
the coals of criticism by
entirely spared from their
Miss Frances Perkins, Secretary of
.
Volume
Financial
145
Labor, particularly for her acceptance last winter of the sit-down strike,
and the members of the NLRB for their alleged favoritism to the
O. I. O.
in its struggle with the A. P. of L.
Much criticism
vention, and it
the
C.
I.
charge
O.
leveled at the NLRB during the con¬
charged that the Board openly favored
was
was
in
controversies
Federation.
the
with
That
denied on Oct. 5 by J. Warren Madden, Chair¬
man of the
Board, who told the convention that the NLRB
has very carefully respected existing contracts when validly
made, and in the future would refuse to overturn such con¬
was
tracts.
Mr. Madden spoke
after the following
message
from
President Roosevelt had been read:
'My dear President Green:
"Please extend
.
/
hearty greetings to delegates to the A. P. of L. con¬
my
vention and my hope that your sessions
will be productive of constructive
2629
Chronicle
the Gulf Coast to Tampa.
The strike .was
15 by the International Longshoremen's
Association, affiliate of the American Federation of Labor,
after negotiations with shippers for union recognition, shorter
hours, higher wages and time and a half for overtime had
failed.
The ports affected by the strike are Wilmington,
N. C.; Charleston, S. C.; Savannah and Brunswick, Ga., and
Jacksonville, Fort Pierce, Port Everglades, Miama and
Tampa, Fla. The majority of the strikers are Negroes. 44
V. E. Townsend, southern representative of the Interna¬
tional Longshoremen's Association, said that the average pay
for longshoremen in the southeast is 37 cents an hour, as
contrasted with 90 cents an hour for coastwise longshoremen
penisula and
called
up
Oct.
on
in north Atlantic ports
and 75 cents
western Gulf Coast
on
docks.
<
plans for the improvement of conditions and for cooperation to this end of
v;v.
+
■
•«,
■
workers, management and the public.
"It is reported to me that employment and payrolls have increased greatly
in
the past year.
and
half years toward the goal set in the organic act creating
a
ment of
Former Governor Landon Asserts Progress
Labor.
Methods—Also Declares Against One-Man Govern¬
the Depart¬
Increased incomes and greater opportunities for employ¬
ment of wage earners have so
Less
Alfred
consolidate these substantial gains and enable us to go on to create pros¬
come
it necessary to start my return to the East tomorrow.
"FRANKLIN
D.
After
Mr.
address
Madden's
he
was
about
Mr.
a
Denver
the platform for
When Mr. Madden agreed,
Duffy asked:
"Is it true that the
of any workers' group
collective bargaining,
repudiation of
of 51%
certain organization to be their choice for
a
to certify such group, even
wage
a
Board will, in any case where a majority
decides
"It is
existing
respect
only
way
"We have been very careful
true," Mr. Madden replied.
not
failure
contracts
mention
made.
means a
We
change of mind by the employees
valid contracts between employers
and employees."
Madden started to leave,
Again Mr.
after the contract was
because of existing
denied petitions in numerous cases
have
As
call
Board's reports as follows:
"The mere fact that the employer has
labor organization or even with the
entered into a contract with the
individual employee, does not deprive
during the existence of such contract.
the Board of power to order an election
"Employees have the right to change their representatives
If new representatives are chosen they may continue the
thereunder or they may
existing contract or proceed to bargain for changes
follow the procedure for its
termination."
Inter-Union Strife
I
Attacked
read and discuss the whole of the decision,
to
were
I
and
has not done
refused
has
so
many
to
petitions
upset
It
opening the convention on Oct. 4, William Green,
asked the aid of the American people
"to wipe out the menace" of the C. I. 0.
United Press
follows:
in this country for two hostile labor
organizations,"
he said.
When labor is divided, it cannot ac¬
complish its fundamental objective of improving the economic and social
When labor fights itself, it cannot fight for the
workers
"Thus the time is at hand when the
workers of America
C.
I.
will
have
to
American public and the unorganized
choose
between the A.F. of L. and the
O."
Mr. Green
of splitting the trades union heritage
as
left by Samuel Gompers.
A. P. of L.
rejoin the Knights of Labor in 1894. where he himself had
his battle-ground the convention city where the
had refused to
nominated Lewis for
the Federation Presidency against Mr.
Gompers in
2.
council) to revoke the
this dual organization."
"Order your Board of Directors (the executive
charters of these International unions who set up
Force schismatic
elements
to rejoin
the Federation and restore the
A. F. of L. "in the field of its legal jurisdiction."
3. Maintain democratic procedure and majority rule and determine the
4.
5.
Develop
"a
cooperative
relationship
between organized labor and
employers of labor" and "reduce industrial warfare to a minimum."
"Reaffirm
it is Fascism,
6.
and
he
our
opposition to isms of any form, we care not whether
Nazism or Communism."
Refuse participation in sib-ddwn
accordance with law and lawful
in
the
1936
campaign,
I
desire
to
the radio at 8:30 to 9 o'clock, Central
you
Co.'s
blue network,
Tues¬
certain questions of the day.
Landon
Mr.
that
declared
"the
challenge
join
and
in
the
fight
to
Mr. Landon commended what had
President during the first few months
by the
in
1933, to July, 1933.
Landon, "he [the
President] performed commendable service.
He rose to the
emergency with emergency action.
He fed the hungry, he
sheltered the homeless, he replaced fear with confidence
and hope."
Mr. Roosevelt, said Mr. Landon, "awakened a
office,
I
consciousness.
agreement with
March,
from
months,"
few
those
social
new
said
was
Mr.
sincere
in
sympathy and
of the purposes set forth."
many
Stating,
however, that "Mr. Roosevelt is a changed man.
He is not
the man who was elected in 1932," Mr. Landon added,
It
is
Roosevelt
that Mr.
apparent
the life of
is
every man
going
through
the
same
process
in history who was given too much
Caesar.
Power feeds on power, today, just as it did in the days of Julius
And while I feel that Mr. Roosevelt should be given every honor
due
power.
is
strikes—"we will win our battles in
procedure."
Longshoremen Strike at Nine South Atlantic
Gulf
Ports—Higher Wages, Shorter Hours
and
and
Recognition Sought by International Longshore¬
men's Association
come
when we
must change our methods
fair-minded man must concede that many of the
questions Mr. Roosevelt has asked are proper, but it also must be conceded
I
Every
don't work.
answers
have
pointed
violated
.
out to you
letter
the
the
followed
had
he
If
.
unmistakably would have been better off if
to
go
this
From
Constitution.
are
we
.
the different ways in which our President
of the Constitution.
I have proved to
and spirit
in each case our country
you
forward
there
here it
from
can
must
be only one
be under the
practical guidance of that great document.
Mr. Roosevelt asks for more
and still more power to accomplish his purposes.
As long as he
uses lack of power as an alibi we will never make any real progress.
Most:
of the mistakes he has made have been made because he has been given
power
much
too
the advice and counsel of other men of both parties.
Mr. Landon mentioned certain of
tion
as
that will
What he really needs is less power—a position
power.
fore him to take
the "New Deal" legisla¬
"well intended," and in thus
referring to the Social
Security Act, he said:
was
Roosevelt
not
this
with the idea, but
with the form which Mr.
through.
...
It will be changed to correct
with intelligently.
This is necessary because
failed to follow constitutional procedure in drafting it.
jamming
when
errors
Mr.
disagrees,
them
of
Roosevelt
studied
have
who
America
its
country.
There are many men
problem for years.
Practically every
something that is necessary in our
It is
in
it
dealt
is
Mr. Landon alluded to the Wag¬
said:
President's] intentions were the best in the world.
But
Among other legislation,
Labor Act, as to which he
Again his
[the
again constitutional procedure was not followed.
And I want to make this prediction: that once more you
unworkable,
over
messed-up piece of legislation that will have to
addition to domestic matters.
In
be done all
Mr. Landon likewise, in'
commented on the President's
policy, regarding which he said, in part:
speech,
We
that
will find an
again.
faced with
are
would
indeed
a
be
international
;
.
mistake
The President's
situation where the President may make his
tragic,
that
might
lead to war.
his readiness to assume the responsibility of a
government in international affairs, is far more dangerous than
impulsive quarterbacking,
one-man
Coastwise shipping was crippled this week by a strike of
8,000 longshoremen, clerks and checkers at ninte southeastern
ports, from Wilmington, N. C., down around the Florida
the time has
him,
Washington.
his
with
party
was
"During
ner
question in "the crucible of debate."
the
over
the republic."
done
when
one
1921, Mr. Green asked the 700 delegates to:
1.
meeting
follows in a
as
Oct. 17:
on
prejudices
demanded the unified backing of the Federation's
.
.
.
3,200,000 members in a counter-attack on the insurgents whom he accuses
Choosing
discuss
conclusion:
conditions of the workers
his
19.
to
preserve
advices of Oct. 4
"The strength of labor is in unity.
for¬
the radio "certain questions of the
over
the National Broadcasting
over
was
advance
factional
that his
as
in
is that citizens lay aside all personal,
has
reported the address
Landon, who
known
that
such contracts.
In
room
Mr.
made
standard-bearer
mass
his address
Federation President,
no
Republican
wish
In
in
"There is
Kansas,
of
given out at Topeka
that transpired in
will not do so in the future "
in the past and
administrator."
an
Time,
States
to our country today
I could
has been scrupulous in respects to existing
"1 will repeat that the board
contracts
Oct. 19, declared that "the real
on
in part:
enlighten you further," replied Mr. Madden.
not
the
day, Oct.
asked the Chairman to explain the decision.
Mr. Duffy then
"Unless
for bargaining
change does not affect the validity of contracts pre¬
at any time and such
viously made.
as
nation-wide
a
been
but Mr. Duffy pressed another
He read from volume one, page 15, report 43,512 of the Labor
question.
at
constitutional method of government and his
our
statement
of the kind you suggest would
regularly made and that the 51% you
that the contract was
assume
nominee
nation-wide address
a
day," his announcement having been made
be at the expiration of the contract.
"I
in
this country
intention to discuss
which were validly entered into, and the
in which there could be a change
Topeka,
Governor
merly
Standard
labor organization?"
to
Presidential
last year,
is the failure of the President of the United
years
though it might involve
between the employer and an established
contract
Republican
election
facing
to follow
when Mr. Duffy arose and asked permission to put
question to the Labor Board Chairman.
one
leave
to
Take
to
today is 'Why do we lag in
progress?' " He cited as the "real reason why prog¬
has lagged in America during the last four and one-half
ress
reported as follows in
dispatch of Oct. 5 to the New York "Times":
President
Force
social
ROOSEVELT"
were
Will
Which
Landon,
broadcast from
question
"Very sincerely yours,
another engagement
M.
the November
to the convention, but as you know, I find
Mr. Madden's remarks
Power
Counsel of Both Parties
"Continued cooperation among workers and management will serve to
"I wish that I could
by President in International Affairs—Urges
ment
raised purchasing power that farmers, mer¬
chants, manufacturers and investors all have shared in the benefits.
perity and to better standards of living.
Lags Because
President Roosevelt Fails to Follow Constitutional
Very definite strides have been made in the last four
the
same
tendencies in dealing with domestic matters.
Rightly,
intend
to
we may
go?
ask the question the world is asking: How far does he
*
Financial
2630
In
declaration
recent
a
that
if the
his
of
international
world is at war,
the
of
rest
"let
policy,
He
epoke
can
Our
to
experience
which
economic sanctions,
and blockade
either
mean
Italy
with
has
means
the
or
hearings.
of
have his say.
war.
I
called
have
the
for
wish
I have taken
myself
upon
to
suggest
and
ways
don't
the minority
we,
party,
This demands unity in
our
But
in
course,
party there are those who differ
great
every
plans and procedure, but these fade to insignificance under the shadow of
the
growing threat to our republic.
all
dwarfs
This major issue is so great that it
party labels.
country today is that citizens lay aside all personal,
differences and
minor
The challenge to our
and
factional
join
in
fight
the
to
the
preserve
republic.
great gathering,
one
And
Nation to the other.
with
first
But
stances
all of
let
I
so
am
me
up
leading
digress for
to
moment
a
review
to
these events which
vitally
so
of the
affect
months
past
have
I
hundreds
received
circum¬
the
and
letters, earnestly inquiring why I have remained silent
lives of
like
take
to
First,
moment
a
believe
I
tell you
to
that
elected to public office,
of
would
I
man
has
why.
under normal
a
order
to
good taste and good government demand that we
their
secure
Frankly,
that after the election
might
we
told
after
him that I
wished
solidarity among us
called
I
election,
do
to
President
the
on
consolidate the
suddenly,
Then,
States.
February,
last
Just at
the
time
when
consciousness, just at the
threats
of
instituted
But
would
war
nothing which would give
this
of
out
that
remained
I
more
once
we
President
made
Court of the United
world torn by
a
at
country
a
were
and
war
at home, he
peace
shook this Nation to its foundations.
I
silent.
anyone
hoped
we
But
felt
it
patriotic duty
my
to do
himself.
In
recent
a
He
country.
have kept
The
President
and
more
has
We
must
I think all of
must
we
We must give him more
must submerge the
who raises a voice of objec¬
these
of
We
Congress.
coerce
things
back to starvation
Of course, if
ment
anyone
else
or
is
and
going
economic
be.
to
question reminds
stopped beating
continues
the
wife?
social
I
I
real
question
question
no
who said
lawyer
to
to what their
as
Roosevelt
witness: "Have you
a
Practically
can
every
"Why
is:
has lagged
tional
method
The
long
of
government and his failure
says
do
to
that
if
last
do
lag in
we
The real
four
the President of the United States to
President
submit
America during the
in
that
things
had
we
constitutional
methods
the
in
follow
Constitution
the
way
followed
constitutional
constitu¬
made many times as much progress as we have made
would
to
point
he
phase of his
in office, from
wag
performed
that
out
Mr.
prescribes.
But
would
we
I
have
during Mr. Roosevelt's
Roosevelt's
1933, to July, 1933.
commendable
He
fed
service.
the
He
time
program
required
different type of ability.
painstaking
During
trial
up.
the
People
Then
relief,
few months
to
the
sheltered
he
what
we
but
I
Now,
as
failure to
just
a
off
worse
find a job.
The
want to stay on
be only one question:
all right for those who
self-respecting
the
there
man
can
back to work?
go
situation
another
is
than we were then, because at
now
at least wanted to work if he could
of relief may be
to
we
the
perhaps
recovery
believe
instead
:
,
Taxes
to
as
America
in
being
today
by
any
which
back
holding
is
one
old Constitution,
that our good
now
horse and buggy, is a roaring motor car, compared to
a
have
we
than
more
be realizing
must
you
of
progress
been making.
Wagner Act
Act.
intentions
I
And
failings,
make
this
prediction
:
That
once more
of
and
the
of
fairness
eventually bring about a
people will
that the justice and equality of
so
all rights, including that of
But at the present time there are many
lawyers in this country (not corporation lawyers,
tell
looks
that they have already
you
like
sieve.
a
Incidentally, I
of
tion
Here, again,
corrected
is not
labor leaders
nized
worthy
a
but labor lawyers) who
holes in it that it
will be seriously hurt if
many
so
cause
next week I will be accused by the Administra¬
suppose
because
thus accused,
am
found
immediately.
anti-labor
being
But, if I
will find an
should place our feet squarely upon this Act.
we
wisdom
public, will be recognized.
will
you
piece of legislation that will have to be done all
True, it is a step in the right direction. It is a move in the
collective
bargaining.
Despite its present weaknesses and
messed-up
again.
the
the best in the
to
want
unworkable,
The
"his heart may be
Again,
were
followed.
not
was
prediction—prediction about the Wagner
in the right place."
Again, his
world.
But again, constitutional procedure
I would like to make a
Now,
This
was
was
when he
emergency
I
dared
Wagner
the
criticize
to
I will have plenty of company,
for
our
Act.
recog¬
criticizing the operation of the Act.
are
a
far-seeing,
This
job which required quiet,
months of Mr.
37%.
Roosevelt's Administration indus¬
Things began
Industry
to hum.
was
picking
namely,
the National
gained.
Industrial
supposedly temporary
Recovery
We began to slide back.
And this has been repeated
many
Act.
What
Fails
to
Consider
Opposing
Views
moment,
constitutional
because
it
may
methods.
clarify
Let
"A
Men
have
which
our
dwell
on
I
and
clubbed.
And,
according to
given
heart in
you
numerous
the right
press
reports,
He said it was a local affair.
both their houses," and went
have
its
He
or
on
given you the basic reason for the
had
over
shot
were
plague
It is hie specific duty to
so.
It is his duty to
do
not
the property.
Of course, the property
But the deplorable thing was, he did not protect human
shrugged his shoulders.
country.
place,
the
He said:
another vacation.
lag of social progress in our
examples
of
legislation,
each
of
but all of which will have to be
again because constitutional procedure was not followed.
Insurance Legislation
Drafted by Charles E. Hughes According to Constitu¬
tional
Now
times.
with Respect
me
came
protect either the men
President
do
Procedure
We lost most of
td Legislation
I have said, the lag in social progress is due to Mr. Roosevelt's
follow
trouble
authorities
It is his duty to protect property.
he again failed to follow the Constitution.
man.
be restored.
life.
done
regaining their confidence.
to
local
working
But when
failed
can
a
different situation.
a
he
Dangerous
in dealing with labor problems have not only
they have been dangerous.
when
order
the
Labor Problems
on
policies
unsatisfactory,
maintain
protect
with
homeless,
the
Roosevelt's
Mr.
social
President
You have seen examples all
political football.
a
single thing, and that is
taxes.
Not just the amount of taxes, but the confusion over taxes.
No
one know3 from one year to the next what is going to happen.
How can
the country go ahead under such conditions?
Isn't it time, instead
of jaunting across the country, that someone
stayed home long enough to work out a program of tax legislation that
would not have to be changed every year? ,'
Ladies and gentlemen, I think we are all glad to find a growing senti¬
ment that the Constitution works when you
give it a chance to work.
I
Progress stopped.
had
This
Mr. Roosevelt's first important piece of
legislation,
happened?
drafting it.
I do not need to tell you
question of relief.
morally
are
we
everyone
do
When
work.
rose
were
came
of social reform.
first four
production
social
The present law does not do so.
It will be changed
it is dealt with intelligently.
This is necessary
consider the
policy
present
President
as
career
During those few months
rose
hungry,
lcng-range
a
studied
Unemployment was our biggest problem when Mr. Roosevelt
office in 1933.
It is still our biggest problem.
believe
I
that
It is
There
in our country.
necessary
have
when
Policy
replaced fear with confidence and hope.
Then came the second period—the period of working out
hard,
that is
who
you.
into
came
been
deals with the first
career
March,
action.
emergency
theory in one form or another,
its
and over again.
*
like
first
of
over
jamming through.
was
errors
next
us
around
it
divides itself into two parts:
The
As everyone knows, it was a
for this.
Ask Mr. Roosevelt
it all on the basis that it
excuses
this problem for years.
of them disagreed, not with the idea, but with the
one
Presidents Career Divided in Two Parts
I
mistake
America
equally.
correct its
to
takes
slow—it
too
are
methods
Administration.
our
why
years
administrator.
an
as
reason
one-half
and
"i."
an
Measures
security is at least the one thing in which all citizens should
For social
be heated
modification
is the failure of
too
this country today
it to you beyond all question of doubt.
prove
failed, but
something
is
in
Roosevelt
form Mr.
over
going to tell you why I believe social progress lags, and I believe
progress
able legislators
"t" or dotting
a
Deal
did not work.
adoption
upon
It
men
many
direction
progress?"
am
in
drafting of the legislation over to
without crossing
that it
same
intended.
well
are
the
puts
no."
or
yes
Mr.
which
in
manner
Answer
facing
call
refused to
He
Security Act is another example of the same policy.
Social
Labor
Failure of President to Follow Constitutional Method of Government
The
insist
to
making the
The
back to
must either have a one-man govern¬
we
chaos, there is
The
of
me
your
do?
and Other New
back tp the old order of
go
wages.
people believe that
social
or
choice
you
of the out¬
one
"Why does progress lag?"
accept one of two alternatives.
things—back to manipulation by "malefactors of great wealth,"
sweatshops,
this
In
and the Constitution
so
had
we
intended.
well
things.
he does
all
do
must
that
said
We must strike down
the way
to
We
lags
progress
personal form of government.
power.
Supreme Court.
tion
country
in America today is:
take his
must
that
our
That makes it unanimous;
lags.
progress
standing questions
We
stated
Roosevelt
the lawyers of
with Mr. Roosevelt that progress lags.
agree
that
Mr.
method
that
Yet, despite the fact that NRA did not work in practice, Mr. Roosevelt
There
20 years behind the times.
us
Now, I
agree
speech
said that
or
Don't take my word alone
admits
He
industrial
to act.
come
through
if
He turned
NRA
the
miserable failure.
opportunity to make a partisan issue
an
weeks
of
terms
workable.
Confusion
the time has
now
in
He handed it to Congress in a package and said
that relief has been made
the
all the
you
to plug up the loopholes
you
tiresome method,
was
Roosevelt
crisis.
great
They tell
When the NRA was passed his avowed purposes met with
For example:
approval.
Why Social Progress Lags
But
Mr.
experience.
NRA
trying to heal the scars of class
were
we
bitter controversy that
a
did
of
effect: Pass it this way
Let
Court
warning,
without
time when
feel
drafting legislation, he will
because Mr. Roosevelt failed to follow constitutional procedure in
to control the decisions of the Supreme
attempt
harmony and
part to create a spirit of
my
people.
as a
The President and the Supreme
an
Last
Washington and
in
the
let
to
want
all the reasons why it won't work.
you
indeed,
rapid
very
legislation that
college sophomores.
gains this country had made in a new vision of civic righteousness.
December,
been
votes.
I had hoped
phase that Mr.
a
not
look back over a period of four and one-half years, it
years
been
give him free rein to establish those policies which he promised the voters
in
slow,
a
seem
you
some
what
But
thus
when
conditions,
is
does
biggest help.
your
They tell
with
thousands
long.
so
He
who understands
man
some
was
the
may
have
would
obtained
us.
During
Incidentally, this
understand.
to assemble
us
some
to
law that will work after it is passed.
a
this
we
great importance.
two events of
you
any
wrong.
are
months, but if
be spread from one end of the
using this vehicle to discuss informally
though
even
legislation.
seem
They give you the information that enables
in
Through the modern miracle of radio it is possible for
in
ask
you
and draft
transcends
and
prejudices
party
not
that the opposition is
Now
details,
on
the
want
does
if
tell you
party, the laying aside of all petty differences and all personal feeling.
Of
in and
come
the opposition—to the people
They listen particularly to
wrong.
things that
by which
means
They hold public
who is interested to
everyone
They discuss the pitfalls, the loopholes, all the things that
opposition talk.
to call
votes were cast.
your
be of outstanding service to our country.
can
it
who voted
women
because I held the honor of being the standard-bearer of the
which
for
cause
go
Roosevelt
meeting of the 17,000,000 men and
a
Republican ticket last fall.
this meeting
I
may
full, Mr. Landon's address follows:
legislation to the legislators.
the drafting of
They allow almost
1937
23,
recommendations
the President makes
method,
over
Congress investigate all phases thoroughly.
sanctions
who
In
He turns
of
ineffectiveness
economic
proven
Oct.
constitutional
our
Congress.
Members
quarantines,
of
blockades.
Under
Roosevelt said
Mr.
imagine America
one
no
peacefully."
escape
Chronicle
on
this
point for
entire present situation.
I
want
to
legislation
who really
give you an example of what happens
is
drafted
when
a
piece of
according to constitutional procedure by men
understand the art of drafting legislation.
About the year 1905 New York State took up the question of revising
'insurance laws for the protection of insurance companies and the protection
of
policy holders.
A
certain small group
of
men
attacked the problem.
Volume
145
And after months
time),
they
That
basic
worked out
law
law
Financial
of arduous
still
ie
has
a
in
toil
(it
of
only
program
effect
one's
with
slight
modifications.
The
same
Twenty-five
the
later
years
average
There is
much
the
our
country
struck
was
by the greatest depres¬
Justice
of
a
for
generation,
this
and
States to whom
great piece
that
be
can
thankful
as
Charles
Evans
HugheB,
Chief
the
Appointment of Hugo L. Black to Supreme Court
there is another tradition
ernment, which holds that when
non-elective office
of
he shall
public hearings.
states
mony,
in
a
is
man
constitutional
our
We
to
I
to be appointed to an
of
gov¬
because
if anyone
it
is
has
to show why a man
reason
another
in
case
which
should not be
constitutional
ignored.
was
its
mighty
of
our
demand
a
but
by
for
United
public hearing not only
States
Senators.
methods
of
Now, regardless of what side
that,
was
Mr.
This
is
Black would
Black
the
the part of private
on
Administration
take in this case,
had been
have
been
used
all
I believe everyone
followed, all
presented to
of the
the
information
public
think
I
ment
the Constitution does work when you give it
a
I
now
the
to
come
in International
second
by failure to follow the spirit of
been
Now,
coslty.
They
have
set
Constitution
our
back
us
that
President's
Rightly,
we
intend
to
repeatedly,
These
situation
a
indeed
be
but
they
can
be
tragic,
quarterbacking,
that
his
President may
might
readiness
lead
to
to
the
same
ask
may
the question the world
is
asking: How
far
does
spoke
blockade.
his
of
international
experience
which
with
"Let
policy
no
Mr.
Roosevetl said
imagine America
one
either
mean
Italy
sanctions, and blockade
has
means
economic
can
The
or
ineffectiveness
the
proven
war.
sanctions
we
told
were
in
that America
sounds just
war
1917.
will
have
Moreover,
the
have
thought
increasing
what
out
doubts
Congress adopted
job of
it
if
he
is
it
convenes
he
thought
his
be
to
hoped
do.
to
proposes
last
I
the
Congress
not
remember
surprised
that
it
where
pieces
that
when
meal is
abstract
we
to adhere to
are
you
the policies which
coming from,
on
and
you
have
and
been
willing
different.
empty
an
hungry and
We
it
ence
ample
We
get more
time
his
because
a
us
it
means
four
had
is
intensely
so
time
how
to
of the
some
of "Liberty
great
to an
works
I
rever¬
when
you
and Freedom"
to the
soul.
end.
of the
scourges
average
man
unemployment,
are
Unless liberty and freedom
them, liberty and freedom
are
our
have
decent
hours
of
Liberty and freedom should
sick¬
can
help
nothing but empty phrases.
forefathers
Freedom
must
things
as
a
mean
and
work
mean
his wife and children and the
fought meant
some¬
that
right to
that
with
matter of right
satisfactory
a
an
have
man
old
age
reasonable
and
not
effort
because
working
leisure
of
peace
a
to
man
some
conditions.
spend with
and comfort.
can
Liberty and freedom
production
and
economic power
should
should
prevent
acquire
mean
an
em¬
feel
the
sincere sympathy and
he
agree¬
Too Much Power
to
is
in
has
don't
the
process
same
given
was
too
as
it did
in
Roosevelt
Mr.
has
Roosevelt
Mr.
1932.
history who
today, just
that
time
going through
should
be given every
when
come
Every fair-minded
asked
must
we
proper,
days of
change
must concede
man
are
the
that
our
many
but it must also be
work.
pressing for
enactment.
But
were
what
important
many
did
Mr.
Roosevelt
himself.
for
has
just
announcement
with them.
called
he
special session
a
outlined
commendable
That makes it unanimous again.
First, of
government
would
It
the
also
he asks for
course,
reorganization
bill,
of
Congress.
In
We
purposes.
all
But, how is he going
more
regardless
power.
of
what
has
he
said
main purpose the
place the semi-judicial commissions under the
Executive.
It
will
precipitate another
that which occurred in
he strikes
I
the
each
in
letter
our
followed
had
case
the
and
controversy just
of
constitutional
different
of
important
again
once
representative government.
in which
ways
spirit of the Constitution.
country
control
as
regard to the Supreme Court, because
the very heart
at
have pointed out to you the
violated
I
unmistakably would have
President has
our
have
been
proven
to you
better off
if
he
Constitution.
From
this there can be only one conclusion: If we are to go forward
here, it must be under the practical guidance of that great document.
asks for more power, and still more power, to
accomplish
his purposes.
As long as he uses lack of power as an alibi, we will never
Mr. Roosevelt
real
any
because
made
What
take
he
who
Most
progress.
been
he has
of
and
about
more
he has
the
position
power—a
of
counsel
other
in the right place,
are
know
mistakes
the
made
have been
given too much power.
really needs is less
advice
the
hearts also
but
men
practical
that will
both
of
men
who have had
application
force him to
parties—men
of
whose
experience
more
than
government
does.
is
address
It
as
It
to
Now what
deal.
new
to
Landon's
owing to lack of radio time.]
we
the
measure
Mr.
most need in America is
ability and
a
new
the accomplishments,
good intentions, of public officials.
to
put
solid
a
which the
make the
foundation
President
that
time to realize
is
are
we
a
yardstick
the
time
is
castles
air
following paragraphs in
that the
state
not included in his broadcast
were
yardstick—a
well
to
proper
We have had
Active
wishes
we
of
is
of
forever
must
the
workable legislation under the
blowing.
apply the
heart
resources
of the mind if
true.
come
Markets Necessary to Insure New
Capital and Aid Business Expansion,
Charles R. Gay Declares
In Address Before In¬
stitute of Accountants—Says History Has Shown
possessions
of
his
a
mean
or
fair distribution
of the
rewards
of
government.
that
own,
a
man
business
of
his
have the opportunity
own,
and
that
the
grocer or the little factory worker will not be discriminated
against,
by great privileged competitors or by government.
Liberty and freedom should mean the right to a fair earning power and
Liberty
and
should
mean
the
right
to
support
a
government
provides the opportunity to happiness and economic security and the
Deter
Investment
of
The type
of security market which best
interests is the
one
"which best
serves
New
serves
the investors'
the public welfare in
the sense of promoting the flow of capital into new productive
enterprises," Charles R. Gay, President of the New York
Stock Exchange, said on Oct. 21 in an address delivered at
the 50th anniversary banquet of the American Institute of
Accountants in New York City.
Mr. Gay discussed the
function of stock exchanges in accelerating the expansion of
business, and pointed out that history has demonstrated that
large volumes of new securities may not be sold in periods
when security markets are "thin and weak or inactive."
The United States today, Mr. Gay declared, is in more
desperate need of having its avenues for capital expansion
opened up than at any time since the World War, and he
mentioned that new capital flotations last year amounted to
$1,200,000,000, as compared with annual totals before the
depression ranging from $4,500,000,000 to almost $9,000,000,000.
Mr. Gay added:
one
looks back over the records for as many years as are available,
he will find that there is suprisingly close
doUar volume of activity on the
similarity of fluctuation in the
New York Stock Exchange,
year
by
year,
obtaining new capital.
This does not mean, of course, that increasing
close relationship which
activity on the New York
has persisted in the past does demonstrate that large
volumes of new securities may not
are
be sold in periods when security markets
thin and weak or inactive.
Let
us
consider the ordinary experiences of all of us.
Undoubtedly all
of you have
saved money to make provision for the future.
of you have,
living to the fanner.
freedom
Markets
"Thin"
Capital
Stock Exchange will necessarily produce increased flow of capital, but the
may
either
decent standard of
Security
Flotations of
corner
which
in
was
and the dollar value of securities issued by corporations for the purpose of
unhealthy concentration of wealth and
in individual hands
Liberty and freedom should
a
and
discretion.
If
acquire
kind-hearted
ployer is willing to let him have them.
to
over
what we
practically the entire session of Congress of 1937 fighting
President'
that
thing concrete, tangible and immediately beneficial.
Today it must mean
something just as definite to us if we are to fight for its preservation.
Liberty and freedom should enable all who want to work to get good
jobs at good wages.
Liberty and freedom should mean that men and
these
up
wise
new
liberty and freedom as something
Liberty and freedom, after all,
liberty and freedom for which
women
be
placing of practically every Federal
employee under the thumb of the President, to be hired and fired at his
that social
appreciate
practical—because it
accident and penniless old age.
overcome
The
solve
to
problems
to
to give
necessary
man
power,
Roosevelt
about it, has for its
don't know
you
chance to work.
merely
ness,
every
on
answers
achieve them?
can't become very much inter¬
find out
to
have
have heard too much lately about
The
Mr.
his
power
the
We
years aheqtf today if we had followed constitu¬
the last four and one-half years.
belonging to the mind and
are
him,
of legislation
Now
have been
during
Meaning
We
unable
our
order
to
must
stomach.
I do not believe in the Constitution because I think it is sacred.
give it
that
He wasted
principles of government.
out.
would
new
straight
cold
are
people
be
to
think
had
methods
American
appear
have
we
are
progress
the
to
working
now
theories
tional
in
Congress convened in the last session, there
making
The
the principle of the Act.
Now,
decide whether the President's own
to
whether
hard
next
your
in
But
Neutrality Act at the last session.
be
might
is
that
remember
ested
I
Roosevelt
life of
feeds
Washington.
questions
When
to
is
in
conceded
as
a
will
or
at anything that
must
and
turn
Congress adopted.
am
grasp
Mr.
the
due
Close
declaration
recent
himself to repeal
upon
policy is to be followed
the
that
in
Power
that
the
[It
through to its logical conclusion.
President took
problems.
our
something that I regret to admit.
He is not the man who was elected in
honor
of
he
By the time the special session of Congress
observers
is
We believe
us.
say
man.
apparent
methods
and
Special Session
President
it
consciousness.
And while I
of
statement
peacefully when the rest of the world is at
escape
what
the
must
transpired
make
quarantines,
Our
economic
cannot
that
do
must
we
these
constitutional govern¬
a
must
we
for
from
declaration
of
distinguishes
under
stand
of the purposes set forth.
Caesar.
war.
assume
government in international affairs, is far more
tendencies in dealing with domestic matters.
peacefully."
He
like
where the
one-man
that if the rest of the world is at war,
escape
what
us
Julius
mistakes
go?
recent
a
would
impulsive
a
dangerous than the
In
faced with
are
we
mistake
responsibility of
he
is
that
as
however,
a
The
I
now
His
corrected.
make
social
new
much power.
Affairs"
point of tremendous importance to our
country: the second point which I said I wanted to discuss with you this
evening.
I have pointed out the lag in social progress which has been
have
tell
do not believe
many
changed
It
agree
Government
and I and the Repub¬
you
incompetent
believe
not
President's Mistakes Due
a
to
caused
a
with
But
is
it
work.
ffOne-Man
And
helpless,
are
as
already have in order to gain additional things we want.
During the first few months of Mr. Roosevelt's Administration
do?
American
important incidents to which I referred.
illustrates graphically that
to
the
confirmed.
wa3
of
one
But
government.
you
the Constitution
if
concerning Mr.
chance
procedure
to prevent such public hearings—to prevent the operation
power
constitutional
before
We
men
And
worship
to
trial.
voice in the solution of
a
we
We do
to
man
that
free
a6
v
There
citizens
agrees
one
important
to the scrutiny and white light
Constitution, like our marriage cere¬
our
have
we
believe
not
awakened
form
a public office, "let him come
forward and speak."
referring to Justice Hugo Black.
I think it is fitting to refer
am
this
any
not agree with it.
opportunity
fair
a
feature
problers
our
problems.
competent.
appointed to
to
do
own
the
liberty and freedom that
additional
one
solve
can
ment, in which
our
does
man
mean
dictates, and the right to
there is
be submitted
The spirit of
that
which
you
we
a
must
of today stand for.
If our party did not
and I would not want to be Republicans.
party
But
of social legislation that stood
is
man
we
Supreme Court of the United States.
It was Chief Justice
Hughes, heading an investigation, who made recommendations from which
our sound insurance
policy was built.
But
lican
it if
oppose
freedom
the kind of
is
thinga,
or
liberty and
conscience
that
the United
else
anyone
of
in
man
2631
choice to criticize
course,
This
that stood up.
man
one
to
as
test
free
been adopted by many other States.
sion in the
memory of living man.
Those insurance companies incorporated
in States which had drafted
similar laws represented the one investment
of
Chronicle
have seemed awfully long at the
of legislative reform.
may
from time to time, invested such money in securities.
you
Probably all
Would
have purchased your securities if you had doubted that you would be
able to sell them when you
wanted to ?
Is It not true that savings are created
Financial
2632
for
use
in the future, rather
than the present, and for those savings to be
invested in securities the investor must be
confident that he can sell them
It is a commonplace of any
only initially but continuously thereafter?
not
underwriter's office
that it is
when security prices are
almost impossible to
distribute new issues
uncertain or are declining or when markets are thin
and inadequate.
There
can
be
doubt that the condition most
no
essential to ready invest¬
of the Nation is the prompt
convertibility into cash of the stock or bond representing that investment.
The investor must, to the degree consistent with the type of property which
he holds, and the risks which he has assumed, be able to obtain the money
by the many in the productive wealth
ment
equivalent at the time whe i his personal needs or desires make it advisable.
Thus we come to the interesting and important conclusion that the type
the investors' interest is also the one
of security market which best serves
public welfare in the sense of promoting the flow of
which best serves the
That flow, as we all know, is
moment that we do not get this flow.
grimmer terms and say that henceforth
capital into new productive enterprises.
Let
Suppose for a
most essential.
now
us
make the supposition in even
will be no expansion of productive capacity.
in this country there
of
v
a
What
Do I need to detail the consequences to the future living standards
then?
still expanding population?
.
processes
of expansion and the movement of private capital into
productive investment—which alone can provide the needed expansion—
Can there be doubt that the
inadequate in terms of our current needs.
are
time has come to encourage and
foster business development and the in¬
dividual initiative without which that development cannot take place?
is my
It
conviction that only through this means can the full and necessary
measure
of recovery be realized.
To this all-important
objective I suggest that Government, finance and
industry, In a spirit of genuine understanding and co-operation, direct their
most earnest efforts to the successful
the claim that business
surpluses supply the major amount
capital. He denied the notion that over-saving was
a cause
of depression.
In his address, Mr. Gardner said that various phases of
building activity affecting loans on homes have the habit
of reaching their crest at different times.
Differences of as
much as two years in the peak of construction costs, building
activity, title transfers and mortgage recordations were
listed, the sequence being in that order. Showing where
some
of these factors are today, Mr. Gardner gave the
results of a study which was conducted by his bank in con¬
junction with the University of Chicago, dealing specifically
of
new
invited six
weeks
ago
to address this
In view of the recent declines in security prices it seems
business progress.
the
main
influences
on
Financing of responsible
appropriate that we should strive to attain a balanced perspec¬
tive in order that dispassionate judgments may
builders
of small homes whenever they
loan associations by the delegates to
that
to
$1,200
class
as low
to the
as
.
.
*
.
Other sentiments voiced by the convening savings and loan men included
the statement that
Administration
loans
can
confined
is
cooperation of the business with the Federal Housing
only be recommended in case the insurance of mortgage
loans
to
for new
construction,
and a
vigorous protest
That the local
governments
responsibility to the ill-housed portion of the people which Federal
a
and State Governments cannot touch was brought out in another conven¬
tion resolution.
...
Commendation
was
voted for the veto which President Roosevelt placed
the Act of the last Congress continuing the 3 ^ % rate on loans by the
on
The veto was in the direction of curtailing interest
Federal Land banks.
rate subsidies,
the resolution said, and the passing of the emergency phase
for
an
unqualified return to the interplay of supply
demand factors in the determination of mortgage money rates,
and
urban
■
Uniformity in Mortgage and Foreclosure Laws Urged
by Horace Russell of FHLBB Before Building and
Loan
alike.
of Congress and is still strongly advocated
to the traditional
of such
lutions
severe
and
supervising
farm
...
That the Federal Mortgage Bank which has
League Convention—H. T. Donaldson Pre¬
dicts
Real
Progress Toward Better Housing in
Next Few Years—Other Speakers—Several Reso¬
Adopted by National Organization
$800
depending upon the locality, and up through the middle
a year,
of credit needs calls
be formed.
The resolution urged
homes for people with incomes reaching
new
incomes.
the convention.
their activities during the coming year
the institutions direct
financing of
and
♦
can
supply bona fide buyers for the houses was urged upon savings, building and
Institute, it seemed
appropriate that I should discuss the relationship of security markets to
even more
the
against proposals for a Federal mortgage bank.
pursuit of a common program.
During the course of his address Mr. Gay made the follow¬
ing comment:
was
In
cities.
lending have gotten back to the place they were in
1930, it developed.
As to several resolutions adopted at the closing session of
the convention on Oct. 8, an announcement by the United
States Building and Loan League said:
have
When I
mid-Western
with
home
in famine
and to build new productive capacity to provide for new demands.
These
1937
.
.
Recovery from depression requires us to replace plant worn out
years
Oct. 23,
Chronicle
been proposed in past sessions
by
some interests runs contrary
policy of the Federal Government in creating, encouraging
community
resolution opposing
mortgage
institutions
claimed
was
in
the
"There is grave doubt about the stabilizing influences
bank in time of depression and little doubt that it would cause
a
losses to the
Government," the gathering resolved.
A uniform real estate mortgage
and foreclosure law for
the several States to encourage liberal home financing was
urged by Horace Russell, general counsel of the Federal
Home Loan Bank Board
in speaking Oct. 7 before the
annual convention of the United States Building and Loan
League, held in Los Angeles. Such
law, he said, can be
devised by students of the problem, and can be demon¬
strated that it is in the public interest. He added:
Several
We find
State
that
by State the legislatures enact laws In good faith
which they think are in the public interest,
about
delays
our
present situation.
foreclosures
to
has
but which have, in fact, brought
Adding additional procedures and costs and
created
a
situation
which
prevents
lending
institutions, in many instances, from extending consideration to the debtor
which they ordinarUy like to give.
A better foreclosure situation results in more liberal practices in
financing
homes, enabling the young man to assume responsibility of home owner¬
ship earlier when he has accumulated
his meager earnings.
vent him from
comparatively nominal sum from
in cash.
In England, mortgages are very
and
sum
cost
a
Whereas harsh or cumbersome foreclosure laws pre¬
obtaining financing until he has accumulated a much larger
we
yet
borrowers, and
find
some
no
quickly foreclosed at nominal
substantial injustice is done to home mortgage
of the greatest progress
on
earth is being made in
home ownership there.
At the
opening session of the convention Oct. 6, Harold
Lansing, Mich., the retiring President of
the Association, predicted that real progress toward better
housing will be made in the next few years. He said that
much thought is being given to the technique of the small
home and that private enterprise has been encouraged by the
form of the recently enacted public housing measure. Giving
statistics, however, on high building costs, Mr. Donaldson
pointed out that people outside metropolitan areas are
accustomed to paying a low percentage of their income into
house rent and that homes which cost practically as much
to build as they did 10 years ago are beyond these people's
willingness for purchase. He stated:
T. Donaldson of
By stretching the length of the loan term and decreasing the monthly
payments, we do not get at the root of the evil.
Financial agencies which
foster 20-year loans on the typical American home to help people buy them
are
just encouraging the high cost of building.
People whose job is house¬
building will take few steps to reduce the cost if enough buyers
can
be
found who will undertake the purchase because they have 20 years to pay
for it.
Sales finance companies found that stretching of terms for paying
for automobiles resulted in many
they could afford.
families buying higher priced
cars
Extremely long terms for home loans have the
tendency.
and A.
President
R.
Gardner, President of the Federal Home Loan
Bank of Chicago.
Mr. Bodfish said that the question of
better rental quarters should come within the scope of
savings, building and loan associations as well as their
lending activities to promote home ownership. He pointed
to millions who at some stage of their lives have to occupy
rented properties and should have the benefit of the housing
finance facilities which have for a century turned out satis¬
fied, debt-free home owners v
Mr. Bodfish held that individual savings are still the pre¬
dominant source of capital formation in the country, despite
<
at
Annual Convention
At its annual convention held at the Hotel Waldorf-As¬
toria in New York
City, the National Association of Super¬
on Oct. 9 adopted several resolutions,
including one reiterating the stand taken by its Executive
Committee last February opposing the establishment by
National banks of branches beyond the confines of the State
in which the parent organization is located.
The resolu¬
tion was directed at legislation sponsored by Senator William
G. McAdoo, of California, which the Association said "is
designed to benefit only a comparitively few large banking
institutions desirous of promoting a network of branch banks
to span the entire nation," and which "is prejudicial to the
welfare of this country."
Thee resolution adopted by the
Executive Committee of the Association in February was
referred to in our issue of Feb. 13, page 1308.
Officers of the Association for the coming year were also
elected on Oct. 9.
They follow:
visors of State Banks
President: William R. White, New York State Superintendent of Banks.
First Vice-President: Gurney P.
Hood, Commissioner of Banks of North
Carolina.
Second Vice-President: D. W. Bates, Superintendent of Banks of Iowa.
Third Vice-President: Walter Perry, Bank Commissioner of Connecticut.
Secretary-Treasurer: R. N. Sims, former Bank Commissioner of Louis¬
iana (re-elected).
Three other resolutions
were also adopted by the Asso¬
opposition to the further charter¬
ing of Federal savings and loan associations, urging that the
Reconstruction Finance Corporation reduce uniformly the
dividend or interest rate on capital notes and debentures of
banking institutions held by the RFC and asking a uniform
policy on the part of the Comptroller of the Currency, the
Federal Reserve System and the Federal Deposit Insurance
Corporation in their examination of banks which desire to
retire such notes and debentures; in discussing these reso¬
lutions, the New York "Times" of Oct. 10 said:
ciation
Oct. 9 voicing
on
Pointing out that the law governing the chartering of Federal savings
and loan associations permits
for
Also addressing the convention on Oct. 6 were Morton
Bodfish of Chicago, Executive Vice-President of the League,
Adopted By National Association
Supervisors of State Banks—Opposes Extension
of Branch
Banking Beyond State Boundaries—
New
York State Superintendent White Elected
than
same
Resolutions
of
.
such
institution
an
and
such chartering only where a necessity exists
it can be established without undue
where
injury to existing financial institutions, the Association's resolution main¬
tains that "there has been evidence
of deviation from said chartering prin¬
ciples,"
It asks for abolition of the Federal Savings and
tion
the
and
assumption
Loan Corpora¬
of its functions by a separate fund controlled
bytheFDIC.
The resolution urging upon the
did
not
ask
RFC a uniform interest rate for all banks
specifically for the 3% now granted to banks which are re¬
ducing the amounts that the RFC has invested in them.
a
uniform examination policy arose
the
heavy
expense
Federal offices.
that
incurred
The request for
from a controversy caused chiefly by
by repeated examinations by the different
In discusstions leading up
to the resolution it
was
said
the best solution was for banks gradually to repay completely their
indebetness to the RFC.
Several papers
on
various phases of banking regulation were read by
members of the Association during the session.
Volume
Financial
145
the resolution regarding the ex¬
banking is from the New York "Herald
The followinng bearing on
tension of branch
Tribune" of Oct. 10:
Yesterday's
first time
are to
the McAdoo
condemning
declaration
marks the
measure
body of Governmental officials has voiced
a
of branch
.
itself on the subject
Copies of the resolutions
Speaker of the
banking outside of state boundaries.
be sent to the President, the President of the Senate,
House,
Committees
the
Banking
on
and
Currency of the
Senate, and
Banking and Currency of the House, the Board of Governors of
Reserve System, the
the Federal
Deposit
Comptroller of the Currency and the Federal
Insurance Corporation.
The
Resolved, that the Executive Committee, National Association
of Super¬
position that the several States
branch banking, if any, should
be permitted in such States, whether such branch banking be by State
banks, whether or not members of the Fedreal Reserve System, or by
National banking associations; that the Congress of the United States
vigorously and definitely defeat any measures now pending before it, or
to be placed before it in the future,
which measures seek to authorize
branch banking without regard to state boundaries or within States in
disregard of the laws of such States, pertaining to the establishment of
branches by state institutions; and that the Congress of the United States
enact such legislation as will require that the establishment of branches by
National banking associations be subject to all of the laws, rules, regula¬
tions, limitations, approvals and requirements which are prescribed by
the State law for the establishment of branches of whatever character by
state institutions in the particular State.
visors of State Banks .does hereby reiterate its
alone should determine the extent to which
Liquidation
J.
F.
T.
nounced
on
of 53 Receiverships of National
Completed During September
was re-elected to serve his 42d year as Secre¬
tary-Treasurer.
The new President is Secretary of the
$17,000,000 Perpetual Building Association, Washington,
and is Vice-Chairman of the Board of Directors of the
cinnati, Ohio,
Federal Home Loan Bank of
Council, created by the Seventy-fourth Congress.
Directors were elected for four of the League's eight dis¬
William E. Best,
offsets allowed, to depositors and other
of 79.85% of total liabilites,
while unsecured creditors received dividends amounting to an average of
67.95% of their claim®.
Dividends distributed to creditors of all active
receiverships during the month of September, 1937, amounted to $3,806,979.
Total dividends paid and distributions to depositors of all receiverships
from March 16, 1933, to Sept. 30. 1937, amounted to $877,294,813.
aggregated $298,614,646, or an average return
banks liquidated and finally
during September follows:
closed
or
1937
Total Dis¬ P.C. Total
Per Cent
Disburse¬
Including
ments to
Total
to All
AUowed
Frank
yThe National Bank ol Ashland,
Flrst National Bank, Augusta, 111
-
Brookfield, Mo —
N. C
Park National Bank, Sulphur, Okla
Twin Falls Nat. Bank, Twin Falls, Idaho.
National Bank of Sabetha, Kan
Belvidere National Bank, Belvidere, N. J.
Citizens National Bank, Gallon, Ohio..
Hutchings Nat. Bk., Siloam Springs, Ark.
First National Bank, Watseka, 111
First Nat. Bank in Sioux Rapids, Iowa...
First Nat. Bank, Martinsville, 111
Springfield Nat. Bank, Springfield, Pa—
y Nat. Central Bk. of Cherry Valley, N.Y.
First National Bank, North Rose, N. Y—
First National Bank In Drlggs, Idaho
Polk County Nat. Bank in Bartow, Fla._
Farmers National Bank, Wilkinson, Ind._
y First National Bank of Douglas County,
Castle Rock, Colo
.....—
Clayvllle, N. Y__
Mill, S. C
First National Bank, Kingfisher, Okla—
Union National Bank, Fremont, Neb
yFlrst-Farmers Nat. Bank, Arcanum,Ohio
The National Bank of
First National Bank, Fort
OWk>—
yFirst Nat. Bk. of Jewell Jet., Jewell,Iowa
yNew London Nat.Bk.,New London,Iowa
Confine
Address
Commissioners
It
ous
companies, and I know of projects to increase capital
expand operations that have been abandoned because
of it, and I know other companies which on that account
have raised money by less conservative methods, such as
borrowing from banks."
Mr. Hall, who is President of the
Investment Bankers Association of America, spoke thus in
to small
and
addressing the
20th Annual Convention of
Association
Securities
of
Commissioners,
This train of thought
109.86
115.39
103.21
106.39
111.2
119,650
98.31
98.4
513,140
1,198,508
70.01
41.07
56.34
48.3
108.59
257,650
244,345
106.25
5-
441,666
47.27
1-31
leads into a field of discussion that is very
ping legitimate business enterprise.
a great mistake, Mr. Hall stated, for public
"apply their business judgment to the admission
offerings to the people of their jurisdictions, in addition
requiring full disclosure and honest presentation."
From
It would be
of
From what I have said I think it is
65.1
109.61
18.04
90
83.3
61.87
37.9
1-18-32
405,162
66.98
54.25
and other authorities on the
1,434,919
1,062,442
75.26
73.68
77.45
63.69
11- 2-31
234,169
47.31
8.8
6-29-31
206,650
61.82
56.7
to feel warranted in discussing the point. And I
readily understand how the opposite view might grow on a Commis¬
sioner who was very conscientious in his desire to protect his people against
8- 1-32
156,618
72.64
52.45
loss.
10-11-30
170,625
53.44
47.56
with the fact that an investor can
9-22-32
63,648
52.15
26.3
10-19-31
8- 4-30
I believe there is general
ency
in a
'
10-24-33
£75,692
90.23
88.01
10-29-31
£04,103
61.76
51.18
5- 3-32
131,182
84.53
54.9
6-28-29
1,215,096
142,826
77.15
25.5
9-19-30
83.95
77.5
12-18-33
295,798
12-19-33
229,758
91.92
82.6
10-
1-31
185,583
59.75
33.18
7-27-33
222,648
103.3
very
Here
92.7
105.2
112.133
106.8
112.6
692,797
91.4
86.57
107.76
2-21-27
249,429
72.84
4-21-31
1,902,506
67.88
68.7
Co., St. Peter52.39
234,766
101.4
108.504
469,911
103.43
105.05
249,681
104.66
107.83
947,576
91.19
90.31
718,778
86.91
80.43
3-28-34
479,432
92
89.1
1-21-32
50,278
65.03
33.2
Boulder Nat. Bank, Boulder, Colo
National Bank of Adrian, Mo
12-21-33
708,086
133,783
94.73
53.18
x
Masontown Nat.
10-24-32
400
x
First Nat. Bank,
3-23-36
74,407
1-10-35
6,259
30,529
101.2
47.96
102.4
71.55
it will
laws.
109.978
50
71.564
in
of assets sold, or to
Formerly in conservatorship.
Reference to the
liquidation of National banks completed
during August was made in our issue of Sept. 18, page
though the right answer seems so
be attempts to
officers to
102.9691
appointed to levy and collect stock assessment covering deflcieny
complete unfinished liquidation,
obvious to me, you can see that
For perfectly natural reasons I believe
come up again and again in connection with suggested changes in our
And I fear that, also for readily understandable reasons, there may
Even
I think the point
44.8
x
It makes it a
Exchange Commission
passed upon the merits of an investment registered for public offering un¬
der its provisions. And I was interested to read that the new Chairman of the
SEC., Mr. Douglas, said to the press on the occasion of his election recently
something to the effect that the Commission cannot hope to prevent people
from making foolish investments and will not act as investment counsel.
I think nearly all men of broad business experience would agree that for
a Commissioner to select offerings for his people on the basis of business
1825.
needs emphasis.
straddle the issue— to seek
make business decisions, at
Building and Loan League Elects Offi¬
Annual Convention—Edward C. Baltz of
United States
at
Washington
C., was elected
and Loan League
the final session of its convention in Los Angeles, Oct. 8.
Edward
C.
Baltz
of
Washington,
D.
President of the United States Building
at
responsi¬
mistakes.
American Bankers' Association
Meeting—Registration Largest in Recent
Annual Convention of
a
Chosen President
authority for State or Federal
the same time disclaiming
Nobody can get away with that for any length of time.
Authority and responsibility cannot be segregated.
Furthermore, I am convinced that the investors of America do not want
to be told what they may or may not do with their own savings—they want
the best possible protection against fraud and deception but when it comes
to business judgment they value as one of their liberties the right to choose
their own advisers, if any, and to make their own selections, including the
bility for results.
right to make their own
+.
cers
sound on this point.
represent that the Securities and
appointment.
93.9
138.908
Citizens Nat. Bank of Caldwell, Ohio.,
10-10-33
First Nat. Bank, New Richland, Mlnn._
10-16-31
Mo
2- 2-34
Wabash National Bank, Wabash, Ind_.
First Nat. Bank In Versailles,
others.
Securities Act is very
judgment could not fail sooner or later to prove a boomerang to his office
and to reflect unfavorably on the State administration responsible for his
103.48
102.94
function of govern¬
and to punish the frauds that are perpetrated.
that the punishment of one fraud is a most
has
65.2
76.64
104.6
effective measure to prevent
criminal offense to
108.84
that such authority be granted.
whatever his title or authority, can remove
risk from business, whereas it is a proper
and prevent fraud
I should like to repeat
The Federal
68.82
69.3
105.68
natural impulse to suggest
the element of
651,567
211,240
Such a Commissioner naturally
swindler.
ment to try
384,926
be impressed
and often does lose just as much money
losses of the former
The answer is that no one,
6-21-34
4-16-31
a
of his duties such a man cannot fail to
unsuccessful venture as in the purchase of fake securities
feels that he could prevent
type if he had the authority to do so and he has a
legitimate but
some
2-13-33
11- 3-33
subject, but I have observed enough of a tend¬
to the opposite view
In the conduct
from
105.53
95.01
agreement with this view among Commissioners
can
12-22-31
Receiver
investment counsel.
to serve as
140,009
12-21-33
y
for public officers
fraud, to ask for or to excecise authority
to apply their business judgment to the admission of offerings to the people
of their jurisdictions, in addition to requiring full disclosure and hohest
presentation.
In other words, public bodies or officials should not attempt
seeking to protect investors against
Noble County Nat. Bk. In Caldwell,Ohio
11-16-33
y First National Bank, Montour, Iowa—
2- 5-34
y U. S. Nat. Bank, Vancouver, Wash....
6-21-32
Boonvllle Nat. Bank, Boonville, Mo
x
clear, (and I hope I have made plain
I think it would be a great mistake
191,085
Morris, Pa
value
familiar
11-14-32
burg, Fla
Bank, Mason town, Pa.
Carthage, Mo
First National Bank in Harrison, Ark__
Lick
12- 2-31
105,752
Loulsburg, N. C
French
remarks he said:
from the standpoint of public
the investor against fraud without seriously handicap¬
the reasons why), that
111.54
71.85
138,618
8,641,166
112,698
First National Bank,
tlie National
104.1
10-30-33
y
at
you—discussion of the vital importance
to
to
340,372
1,042,668
758,629
11-26-28
Ga
12-30-32
First National Bank, Russiaville, Ind
Farmers & Merchants Nat. Bank, Mt.
x
pointed out on Oct. 13 by Edward B. Hall that "the
of meeting the requirements of the Federal and vari¬
State securities laws is a very serious burden, especially
was
expense
Mr. Hall's remarks we quote:
Fourth National Bank, Macon,
y
Declares
Investors Should
Precautions to Protection Against Fraud—
Before National Association of Securities
Bankers Association
Public Officers Seeking to Protect
107.25
1-22-31
Flret-Rampel Nat. Bank, Logan,
Central Nat. Bank & Trust
Minnesota, Iowa, Nebraska,
Michigan and the Dakotas.
105.18
12-23-30
National Bank of Kinston,
North Central
Kankakee, 111., re-elected for the
Schneider,
officers to
Liabilities Claimants
7-16-34
Neb_.
First National Bank,
y
O
District, including Illinois, Indiana, Wisconsin,
1-17-34 $2,484,903
Miners' Nat. Bank, Ishpeming, Mich_
4-25-34
y Whitman Co. Nat. Bank, Rosalia,Wash,
12- 5-33
yFirst-Lake Co. Nat. Bk., LibertyvlUe,III.
1-20-32
Valparaiso Nat. Bank, Valparaiso, Ind—
2-19-32
First National Bank, Foosland, 111
10-15-31
Houston National Bank, Dothan, Ala—
11- 6-31
Citizens National Bank, Sedalla, Mo—
y
y
Hickory, N.
River and east of the Mississippi
Declared
Offsets
of
Bank
which com¬
O., for the Southeastern District
including all the States south of the Mason and Dixon Line on the Ohio
Dividend
bursements
Failure
Name and Location of
y
Pittsburgh, Pa., re-elected for the district
Wootten,
R.
George
welfare of protecting
Dale
New
prises his own State.
Springs Ind., and following his above
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING THE MONTH OF SEPTEM¬
BER,
N. Y., for the district comprising the
New York.
England States and
E. B. Hall of Investment
receiverships, exclusive of the 42 restored to solvency,
53 National
follows:
as
Roy H. Bassett, Canton,
Banks
receiverships of National banks during September, bring¬
ing to 826 the number of receiverships finally close or
solvency since the banking holiday of March,
1933.
Mr. O'Connor further said:
The
He is
Advisory
Winston-Salem, N. C.
member of the Federal Savings and Loan
a
tricts
restored to
restored to solvency
Clarence
Kansas City, Kan., was elevated to the First VicePresidency while George W. West of Atlanta, Ga., was
elected Second Vice-President.
H. F. Cellarius, of Cin¬
53
Total disbursements, including
First Vice-President the past year.
as
T. Rice,
O'Connor, Comptroller of the Currency, an¬
Oct. 10 the completion of the liquidation of
creditors of these 826
Donaldson of Lansing, Mich., and
He succeeds Harold T.
has served
also
follows:
adopted resolution
2633
Chronicle
Notable
Years
The 1937 convention
of the American Bankers'
held at Boston, Oct. 11 to 14, was
Association
notable in several respects.
2634
Financial
The registration of 4,019, one of the largest totals in recent
coupled with interest in subjects scheduled for dis¬
cussion, insured well attended meetings.
Some of the ad¬
dresses, being non-technical and timely, have received par¬
ticularly prominent attention.
The passage of the resolution
on branch banking was the most important event from the
standpoint of direct banking interest.
Reference to the branch banking resolution appeared in
these columns on Oct. 16, page 2487, and other matters
incident to the convention were noted on pages 2488 and
years,
2491.
Chronicle
chartering of Federal Savings and Loan Associations threatens
to vitiate much of the progress made toward
eliminating
competition among banking institutions.
In part,
added:
he
Four years ago a law was enacted by Congress to provide for the organiza¬
tion of Federal
and
tions
spite of this declared policy of Congress,
Glenn Frank, former President of the
University of
before the first general session.
"Even
who still wear the
men
livery of liberalism today destroy democracy
under the pretense of defending it.
limitations upon
He said in part:
feuch false liberals plan more and
more
essential liberties, organize to repress the production of
goods for which human need cries aloud, with
a
directness that cannot but
deliberate, seek to set class against class, give growing evidence that they
man
was
made for the State instead of the State for man, and, in a
thousand ways, increase the power of politicians at the very moment when
the certainty of statesmanship is
dwindling."
The centralization of governmental power always ends in
tyranny, Dr. Frank declared.
Fred I. Kent, Chairman of the Commerce and Marine
Commission of the Association, discussed the views of
"Bumble-Puppy on
Government," reviewing critically
various present day governmental activities which he con¬
sidered economically fallacious.
He spoke before the Sav¬
ings Division meeting.
Some of the other addresses
were briefly referred to in our
and we may state here that all of the
speeches will be given in full in our American Bankers' Con¬
vention number, to be issued Oct. 30.
In addition to the
items of
a
week ago,
officials of the Association elected at the meeting, and which
reported in these columns last week, the Division and
were
Section Presidents elected
National Bank
are as
Division,
Henry
S.
Sherman,
President
Society for
Savings,
State Bank
Division, Harry A. Brinkman, Vice President Harris Trust
Savings Bank, Chicago, 111.
Trust
own
State of New
of more than
were
700 banks and trust companies.
In order to get a foothold in our
State, methods have been used which
could have been contemplated by the Congress of the United
States.
It is no secret that field men were employed to stimulate interest
never
among
local groups to apply for
Federal savings and loan charters
and to induce
State associations to convert to the Federal system.
For years we have been at work in New York
eliminating unsound
banking institutions, only to find
among our
new
a
we are now
com¬
confronted
development which threatens to vitiate much of the progress
which has been made to date.
The New York
Superintendent said that the seriousness of
indicated by the fact that the recent con¬
vention of the National Association of Supervisors of State
Banks requested Congress to put an end to further
chartering
of Federal Savings and Loan Associations and recommended
that all functions of supervising existing associations be
transferred to the Federal Deposit Insurance
Corporation.
the movement
was
In discussing the contemplated revision of the
Savings
Banks Article of the Banking Law, Mr. White declared that
one of the most important problems related to the so-called
"Legal List," which
and trustees.
investments of savings banks
governs
From his remarks
we
quote:
The argument is sometimes advanced that the entire
philosophy of the
legal list should be discarded in favor of some more modern method of
selecting investments.
acceptable and
rooted in
our
I know of
moreover
since
such method which would be
generally
no
the principles
financial structure,
it
of the legal list
are
deeply
advisable that desired changes
seems
should be accomplished gradually.
Further
as
we
delay
beginning the task
to permit the
indifference.
to the
now
submitting
in
may now be
able to
we
such
recommendations
agree upon,
therefore,
for
amendments
seems unnecessary.
will at least demonstrate that it is
By
not our intention
principles of the legal list to be lost through an attitude of
is my belief that we should begin this year to submit
It
Legislature such recommendations
as are
justified by several studies
in progress.
Among the statutory changes under consideration, Mr.
Cleveland, Ohio.
&
our
already served by a great system of savings banks
and by nearly three hundred savings and loan associations, to
say nothing
follows:
Division, R. G. Smith, Vice President and Cashier Bank
of America N. T. & S. A. of San
Francisco, California.
Savings
effort has been spared
no
promoting a system of Federal associations in
with
be
organizations in communities where existing institu¬
inadequate to meet the needs of the public.
were
In
in
enrolled.
Dr.
By the very terms of the
home financing
petition
think
savings and loan associations.
statute, this Act was intended to provide for the establishment of thrift
York whose citizens
Wisconsin and at present editor of "Rural Progress." made
certain governmental policies the theme of his remarks
23,
7
unsound
Among the outstanding speeches, Tom K. Smith in his
presidential address reviewed the year's activities of the
Association, placing particular emphasis on endeavors to
improve public relations for banking.
He pointed out that
there are now over 13,000 members in the Association, and
that 72.98% of banks in continental United States are on the
membership lists, the highest percentage in the history of the
organization.
During the year, 712 new members were
.
Oct.
Division, Robertson Griswold, Vice President Maryland Trust Co.,
Baltimore, and
White mentioned the proposal that loans secured
by mort¬
gages upon homes should be permitted to exceed 60% of the
appraised value of the property when there is adequate pro¬
vision for amortization.
"Although a number of other
substantive changes in the savings bank law have been
suggested, the main purpose of the revision is one of clarifica¬
tion," Mr. White said.
-
State Secretaries
An
address
in
which
dealt
he
with
"New
Section, W. Gordon Brown, Executive Manager New
York State Bankers Association, New York
City.
State
Investment Policies," by Morris S. Tremaine, State
Comp¬
troller, was a feature of the convention's program. Accord¬
Annual
ing to Mr. Tremaine, "a sound investment policy can be
built around security and yield."
He added that "through
Meeting of Savings Banks Association of State
of New York—President Mills Finds Greatest Com¬
petition from Government Sources—State Super¬
intendent of Banking White
Opposes Chartering
of
Federal
Policies
Discussed
by
Comptroller
Tremaine—Effect of Excessive Tax Rates Indicated
by Mark Graves
"The subject of
competition has become more and more
urgent for savings banks," said Andrew Mills Jr., President
of the
Dry Dock Savings Institution, New York City, and
President of the Savings Banks Association of the State
of
New York, in addressing on Oct. 20 the 44th
annual conven¬
tion of the Association at White
Mr. Mills said:
We have found that
our
provements.
during
ment
self-inspection has
depositors, and
sources,
our
revealed opportunities for better
have made in the past
many such im¬
from
we face
the strongest competition we have had
century of savings banking.
It comes from Govern¬
Government-sponsored organizations, from private
practices to
Shall
we
again analyze ourselves, our functions
if there is any logical method
by which we fan
further solidify our position with
the people whom we were established
to serve?
see
Mr. Mills
reviewed for the
membership some of the out¬
standing problems of the past year, including legislation and
particularly the potentialities of the Murray Prior Lien
Law,
enacted by the last
Legislature, which if widely utilized may
vitally affect the leading practices of savings banks.
He
gointed definite constructive influence upon issuers of bonds
out that savings bankers have learned that they can
ave
a
and upon the general real estate
problem.
He further em¬
phasized the need for leadership among
savings banks in
consideration of current problems such as
mortgage banking,
employee relationships and public relations
in which the
Association has been active for years.
He also commended
the new form of trustee examinations
because "we believe
that it has resulted in
greatly increased interest on the part
of trustees who have taken their
duties with the utmost
seriousness."
Discussing before the
convention the
subject of "Important
Objectives in the Savings Bank Field" William R.
White,
New York State Superintendent of
Banks stated that the
returns on investments
average
can
be
in¬
Mr. Tremaine indicated
that the total amount invested
by the State of New York in all funds is over $235,000,000,
showing an average return of better than 4%, a profit of
at least $25,000,000 and not a
single dollar of interest de¬
linquent or of principal in default. He added:
The loss of yield due to a high market and
scarcity of offerings
past
far
three years resulted in
have
we
purchased
We have orders with
far
so
the
during the
going into FHA insured mortgages.
So
1,200 of these, approximating $5,500,000.
our
over
17 approved mortgagees throughout the
State,
record, with
one
exception, is
divorce pending in the family.
insured
Today
more than a
enterprise—from all sides.
and
we
Sulphur Springs, W. Va.
study,
creased."
Savings and Loan Associations—State
Investment
service to
careful
York
mortgages
a
We make
submitted.
Our
and
perfect one—that is due
no
only
to
a
individual selection of FHA
requirements
are
that
they
must be
insured, that the property be within the State and owner occupied
tenanted, that the loans be for not less than $3,000 each and that the
fire insurance equal the replacement value as fixed
by the FHA.
These
or
mortgages yield
Mr.
us
4%%.
Tremaine
pointed
that, practically speaking,
municipality is just as good as
far as security is concerned, and for one who does
not have to buy liquidity, the bonds of a
municipality with a
high debt rate and consequent high yield offer greater value
in the State of New York
another
out
one
so
than those of
one
recommended
to
with low debt rate and low yield.
the savings banks that the safe
It
was
way
of
investing is to determine what rate you want for your money
and keep that investment to
maturity unless it goes to such
an
extremely high price that it
can
be switched to advantage.
He likewise pointed out that too often an investor
buys very
high grade bonds in fear periods and low grade bonds in
boom periods.
"A man who thoroughly understands his
job," continued Mr. Tremaine, "should have little occasion
for fear.
Every investor should have some system of find¬
ing and developing facts that relate to the security he may
purchase so that with full knowledge instead of half knowl¬
edge, fear is eliminated."
The statement that "we are in this
country by the ex¬
cessive tax rates, Federal, State and
municipal, barring from
the field of business development men of wealth" was made
at the convention
by Mark Graves, New York State Com¬
missioner of Taxation and Finance.
that "the American people are
Mr.
carrying
Graves declared
an
exceedingly
Volume
145
Financial
heavy tax burden, and the problem to be considered is the
distribution of this heavy tax load in such fashion as to inter¬
fere as little as may be with the
prosperity of the country,"
Chronicle
its
2635
community before and after training employees in how
the public.
to meet
and he added:
New
The first
policy which retards and discourages the expansion and de¬
velopment
of
business
is
and local tax systems.
and
rates
with
uncoordinated
far
so
medium
are
large incomes have
or
those
the
incentive
no
to
increase
*
may be said in favor of the tax
where
cases
are
concerned, at existing
corporation
is used
undistributed profits in
on
as
a
means
York
Society
Winter
State
Existing real estate taxes
income taxes
as
their earnings or their estates.
Something
Federal,
of the Governors' Conference, it is hoped that
be accomplished.
may
confiscatory, and
men
haphazard,
Dinner
of Security Analysts Hold First
Meeting—Adopt Constitution and
Elect Officers for Coming Year
Several forces have been working on the problem,
with the support
now
something definite
almost
the
On
Oct.
14 the New York
Society of Security Analysts
meeting of the winter season. Formed a
few months ago, the Society met to adopt its constitution and
to elect the officers and executive committee for the coming
held its first dinner
year.
The officers elected
of accumulating
are:
income to avoid personal income
taxes, and where corporations accumulate
President, Richard C. Campbell of the Continental Bank & Trust Co.
surpluses beyond their requirements for working capital, reasonable sur¬
plus and contemplated business expansion.
But those cases are greatly
Vice-President, H. William Loss of Abraham & Co.
outnumbered by the corporations who
for debt
retirement, plant
to carry
are
business
or
penalized if they
expansion
or
use
Secretary, Spencer B. Meredith of Francis I. duPont & Co.
The executive committee is composed of Edward
establishing surplus
L. Allen of Charles E.'
Quincy & Co., James J. Carpenter of Bankers Trust Co., Alfred H. Cowan
them through lean years.
My dominant interest is
Treasurer, John D. Hiltbrand of Ammot, Baker & Co., Inc.
net incomes
not men of wealth but the white-collared
worker,
of
Seligsberg &
Co.,
Lawrence Gilaryi
the skilled and unskilled laborer, and the farmer
who, because the investor
N. Litts of Harder & Co.,
will
of Ryan &
McManus,
Raymond
Howard F. Vultee of Shields & Co.
risk
his
work
or
not
without
capital
a
in
new
for
market
expanding business enterprises,
or
their
products.
The
best
are
prime
to
way
the business pump is to give the investor an even break to make
money
commensurate with the risks which he takes.
Graves recommended
That
governmental
Reduce to
their localities
2. That
the
following remedies to be
possible:
as
be
costs
lowered
to
an
irreducible
minimum.
figure consistent with rendering the essential governmental
a
services which
poning
quickly
as
the people
can
aU
of the
Nation
taxation
and
of the several
States
abandoned.
We
be balanced and the habit of post¬
have
sufficiently
emerged
from
depression to make borrowing for current purposes unnecessary
at the
3.
as
the
it was
depth of the depression.
That the Federal
local
and
afford—I emphasize "afford."
governmental budgets
tax
systems on
revenue
the
system
other
be
on
the one hand and the State and
coordinated
and
integrated with the
objective in view of avoiding the evils of conflicting and duplicate taxation.
4.
That
the aggregate tax-load on each subject and object of taxation
be reviewed in the light of its effect on the economy of the Nation,
the rates
and
and
to encourage the investment of capital and the expansion
as
5.
That
if,
in
the
adjustment of existing taxes and rates,
I believe
the
this
6.
those
That
responsible
political philosophies
as
for
best method of raising an
planning
"pluck the
and
important
enacting
tax
laws
forget
and "soak the rich" for the very good reason that these policies result in
oppressing the poor—that great body of
men
and women who
earn
their
daily bread by their daily labor.
In addition to the
foregoing speakers, Dr. Harold Stonier,
Banking was one of those
Convention; in part he said:
Director of the Graduate School of
who addressed the
The future of the
who
men
manage
have always
nineteenth
savings bank depends primarily upon intelligent, alert
and operate these old institutions.
been faced by
a
century and it
challenge.
was
living in what might be termed
the
The savings banks
The first challenge
was
of scarcity.
The challenge lay
in the question as to whether people of small means could
another.
The
revolution
was
savings banks in those days—a
beginning to have
—had little competition.
did
not
solicit
small
an
time
really help one
when
the
industrial
effect upon our economic organization
Commercial banks had
Furthermore,
accounts.
in the early
challenge of poverty for people were
an economy
no
the
♦
Booklet
thrown commercial banking into
savings
taught
economy
the
disrepute.
taught to spend whereas the youth of yesterday
virtue of savings.
Today the challenge arises from the
of abundance, for this economy has brought into being great com¬
petition for deposits and
a
vastly increased competition in the financing
of homes and for bond distribution in which the savings bank was for years
almost the only agency available.
That
savings banks have both internal and external prob¬
a competitive nature was
pointed out by Earl B.
Schwulst, First Vice-President of the Bowery Savings Bank,
lems of
of New York
the external
the United
City in speaking at the meeting. Chief among
competitive forces cited by Mr. Schwulst are
Savings Bonds.
From his remarks we
States
quote:
The savings bank should be alive to this new competition and should at
the opportune time take stejis to meet it.
to create
a
Why would it not be possible
special type of savings account for the
by what the Government is
now
saver
who is appealed to
offering?
Such accounts in Mr. Schwulst's
opinion would be under¬
taken by savings banks under contract with the depositor
not to withdraw his money without a prior written notice
and that in return the savings banks pay a somewhat higher
of dividends for such accounts.
Presumably such
rate
accounts would be
on a five or ten year term, comparable to
savings bonds, and Mr. Schwulst argued that, "since the
special deposits would have no definite maturity, the banks
would not have to build up a fund to meet special maturing
obligations, as they would have to do if they issued certificates
or bonds with a definite
maturity."
"Many students of civilization think that we are gradually
moving toward more collectivism in our political economy,"
according to Professor Harry W. Hepner of Syracuse Uni¬
versity.
"You now operate a collectivist system in your
mutual savings banks," he said, "but a relatively small per¬
centage of the people appreciates it.
I praise you for the
achievements of the past, but I also beseech you to tell more
people of what you are doing and tell them more emphati¬
cally." Dr. Hepner urged that even more information con¬
cerning savings banks be given to the personnel of the banks
and suggested that a survey be conducted by each bank in
Press Relations
Bankers
for
Banks
Issued
by
Association
The
subject of press contacts for individual banks and
by which they are handled by bank officers in
charge of pubhcity for banking institutions throughout the
country are presented in detail in a booklet issued by the
Pubhcity Committee of the American Bankers Association,
as
study No. 3 in its recently established series "Public
methods
Relations for
The booklet
Banks."
the
questions of what constitutes news,
by banks, methods employed in
placing news in the hands of the press, the attitudes of the
newspapers
toward the banks, efforts to influence their
attitudes, the place of advertising and measures for handling
situations involving unfavorable news about a bank.
Copies
are obtainable from the Publicity Department of the associa¬
tion, 22 East 40th St., New York City, at 25 cents each.
covers
material offered
as news
»
bank
There is another type of challenge to the modern savings banker, for the
was
on
savings deposits and
mutual
gained prestige because it did not have note circulation rights which had
youth of today is being
security analysis.
American
which squawks the least."
goose
trust
companies, investment trusts and
At present it includes representa¬
tives of over 70 different financial organizations.
Applica¬
tions for admission are being referred by the Secretary to the
Committee on Membership for action.
The aims of the organization, as set forth in the con¬
stitution, are "to establish and maintain a high standard of
professional ethics, improve analytical technique, better the
status of analysts, foster the interchange of ideas and in¬
formation between analysts and to promote the proper public
understanding of the function of security analysts and the
operation of the security markets."
The society plans to
meet every few weeks to discuss current problems and looks
forward to the preparation of its own reports, with the hope
of establishing certain standards of procedure and practice
amount of revenue with the least harm to the National economy.
such
and
additional
is needed to keep budgets in balance, a Federal manufacturers sales
be enacted.
banks
investment counsel firms.
in the field of
development of business.
revenue
tax
so
Society is composed of members of the research and
departments of brokerage and investment banking
statistical
firms,
Mr.
undertaken
1.
The
Inc., Richard Platte of Neelands & Platte and
Death
of
Felix
M.
Warburg, Internationally-Known
Banker—Senior Partner ofKuhn, Loeb & Co. Was
Also
Noted
Philanthropist—Prominent Citizens
Pay Tribute
Felix M.
Warburg, international banker and philan¬
thropist, died of heart disease on Oct. 20 at his home in New
York City.
Mr. Warburg, who was 66 years old, had been
at his office at the banking firm of Kuhn, Loeb & Co., New
York, of which he was senior partner, during last week
apparently in good health, but suffered a heart attack on
Monday, Oct. 18.
Funeral services were held yesterday
(Oct. 22) in Temple Emanu-El in New York City.
Mr. Warburg, brother of the late Paul M. Warburg who
at his death in January, 1932, was Chairman of the Board
of Directors of the Manhattan Co., New York, was born in
Hamburg, Germany, one of five sons of Moritz and Charlotte
Oppenheim Warburg.
His great-grandfather founded the
banking firm of M. M. Warburg & Co., of Hamburg, in
1798.
After finishing his education in the public and high
schools of Hamburg, Mr. Warburg received his early finan¬
cial training in the Warburg firm.
He came to America in
1894, followed later by his brother Paul, and became a
naturalized citizen in 1900.
Two other brothers, Max
Warburg and Dr. Fritz Warburg, who both survive, re¬
mained in Hamburg to manage the affairs of the Warburg
firm. Felix Warburg became a partner in Kuhn, Loeb & Co.
in 1896, a year after he had married Frieda Schiff, daughter
of the late Jacob H. Schiff, a partner in the firm.
Mr.
Warburg's brother Paul also became a partner in the firm
in 1902.
Later, however, Paul Warburg resigned from the
firm to play an important part in the development of the
Federal Reserve System, but Felix Warburg remained in
private business and was instrumental in shaping many of
the policies of Kuhn, Loeb & Co., and establishing for it
banking connections all over the world.
Aside from his
banking interests Mr. Warburg also turned to philanthropic
work to which he gave considerable time in his later years.
Mr. Warburg served as a director of many industrial
concerns during his career but during his later years divested
himself of most of such relationships, although he con¬
tinued his affiliation with
numerous
educational and socia
instrumental in the formation in 1917
Support of Jewish Philanthropic
Societies of New York City, which raises $5,000,000 or more
He
movements.
was
of the Federation for the
for sick and needy Jews of this city. He was
chosen as the first President of the Federation.
In 1915 he
was elected Chairman of the American Jewish Joint
Dis¬
tribution Committee which initiated relief work for Jewish
war sufferers of Eastern Europe, and which has raised and
distributed almost $100,000,000 since its inception. Among
other activities with which he was connected were the
American Arbitration Association, American Jewish Com¬
annually to
care
mittee, American Museum of Natural History, American
National Red Cross Endowment Fund, Charity Organization
Society,
Henry Street Settlement, Jewish Agency for
Palestine, Jewish Theological Seminary of America, Jewish
Welfare Board, New York Museum of Science and Industry,
Neurological Institute of New York, Teachers College of
Columbia University and the Welfare Council of New York
City. He also was a member of the Board of the
School of Music, Philharmonic Symphony Society
of New
versity and the Fogg Art Museum. Since last May he had
been a Vice-President of the Chamber of Commerce of the
he had been a member for 40
In the absence abroad of President Winthrop W.
Aldrieh, William J. Graham, Chairman of the Executive
Committee of the Chamber of Commerce paid the following
State of New York, of which
years.
tribute to Mr. Warburg:
Chamber has suffered
Felix M. Warburg, one of Its
almost Irreparable loss In the death
an
of
Vice-Presidents and a member of the organiza¬
Mr. Murphy had been
outstanding cor¬
New York Stock Exchange in 1925.
director
long periods of years of many
over
porations including Anaconda Copper, Bethlehem Steel,
Goodyear Tire & Rubber and others. His assistance also
had been sought frequently in connection with concerns in
difficulties, ranging from local enterprises such as the Interborough Rapid Transit Co. to situations where the salvage
efforts were international in their scope, as in the case of the
effort in which he still was engaged at the time of his death
on behalf of the Kreuger & Toll Secured Debentureholders.
In connection with-the death of Mr. Murphy, the firm of
G. M.-P. Murphy & Co. issued the following statement:
expressed wish of our late senior partner. Col.
In accordance with the
business of the firm will be continued by the
interruption and under the same name.
Grayson M.-P. Murphy, the
surviving partners without
4.
Death
Henry
of
Chairman
Zander,
G.
of
Board
of
Bank of Chicago
Loan
Home
Federal
Juilliard
and the Metropolitan Opera Association and was
connected with the Division of Fine Arts of Harvard Uni¬
York
The
Oct. 23, 1937
Financial Chronicle
2636
Henry G. Zander, Chairman of the Board of the Federal
Chicago, died at his home in Barrington,
Home Loan Bank of
111., on Oct. 13 after a brief illness.
A native of Germany, Mr. Zander, in
He
was
68
years
old.
1886, entered the real
estate office of Martin Van Allen and five years later or¬
ganized his own firm, Henry G. Zander & Co. He retired
from the business in 1927.
Mr. Zander was a past VicePresident of the National Association of Real Estate Boards,
past President of the Chicago Real Estate Board and of the
Civic Federation of Chicago. He was also a member of the
Chicago Plan Commission and the Chicago Regional Planning
a Director of the Chicago Crime Commis¬
Commission and
sion.
■'
;•
X'-v
-v1'
tion for 40 years.
He was
citizens, and there was
of the city's most public-spirited
one
hardly any movement of importance to its welfare which he did not support
and
financially,
manner
and courtesy to everyone with whom he came
him to all.
His charm of
in contact endeared
by his personal interest and attention.
New York has lost
one
Secretary of State Cordell Hull in Canada as Guest of
Gov. General—In Address at Toronto University
Notable citizens in every field paid tribute to Mr. Warburg.
Governor Herbert H. Lehman of New York—I am shocked and grieved
He was
beloved friends and I took deep pride in his friendship.
than thirty years
one
For
I have been privileged to work with him in the
closest association in civic, charitable and religious
every way a
activities.
He was in
wonderful man—a great American and a great Jew—beloved
and respected
a
of Gov. General and Lady Tweedsmuir.
Yesterday
(Oct. 22) Secretary Hull delivered an address in Toronto, at
the Toronto University where the honorary degree of Doctor
of Laws was conferred upon him.
According to the Asso¬
ago,
"There is
special appropriateness in my saying all this on the soil of a
a
Commonwealth of Nations," he said.
great member of the British
"My country and the countries which compose your mighty union are
Russell C. Leffingwell, partner in J,
of character and distinction and
P. Morgan & Co.—He was
a
banker
discriminating and enthusiastic patron
a
among
works.
the protagonists of the idea that peace rather than war is the normal
state of human relations within
great philanthropist who gave his time and money to good
a
and among nations."
Mr. Hull reiterated previous pleas
for complete and general respect for
international agreements as an indispensable condition to
James Speyer
peace
he said, the United States and the British
Empire share in common.
In part these advices also stated:
unstintingly.
of music and
the
ciated Press Secretary Hull spoke significantly of
He not
century one of the most generous men in the whole country.
only gave his name to every charitable effort, but he gave his time and he
gave
Secretary of State Cordell Hull, with Mrs. Hull, arrived
on Oct. 20 at the invitation, extended some time
aims, which,
by all who knew him.
Former President Herbert Hoover—Mr. Warburg was for over a quarter
of
International
for
Respect
in Ottawa
beyond words to hear of the untimely death of Felix Warburg.
more
for
Agreements in Furtherance of World Peace
Several of these tributes follow:
of my most
Pleas
Reiterates
of Its most valuable citizens.
of Speyer & Co.—I
Felix Warburg's sudden death.
am very sorry
to hear the sad news of
He will be greatly missed.
him for many years and esteemed him very highly
I have known
and had great regard for
him on account of his high character and unselfish work for others
achievement of
international order.
"There must be
of
sideration
a
nation
firmly established sense of mutual respect and con¬
The
nation.
for
very
essence
of
an
international
abrogates to itself a position
regard to the other parties, or the right, solely by its own
denounce it or to alter the application of its terms.
agreement is destroyed if any one party to it
of superiority with
H.
E.
Hoagland
Loan
W.
H.
Resigns
Husband
Announcement
as
Member of Federal
Board—President
Bank
Roosevelt
Home
Appoints
Successor
made
Roosevelt
of
Dr.
William
on
H.
Husband
to
succeed
him.
Hoagland, who was appointed in 1934 as one of the two
Republican members of the Board, has resumed his post as
Professor of Business Finance and Organization at Ohio
State University, from which he obtained a leave of absence
to serve on the Board. Dr. Husband was formerly Professor
of Economics and Business Administration at Ohio Wesleyan
year
has been
a
Col.
vestment
Grayson M.-P. Murphy,
New York In¬
Banker—Was Senior Partner of G. M.-P.
Col.
Grayson Mallet-Prevost Murphy, senior partner of
banking firm of G. M.-P. Murphy & Co.,
New York, died on Oct. 18 at Doctors
Hospital in New York
City of bronchial pneumonia. He was 58 years old. Col.
Murphy was born in Philadelphia on Dec. 19, 1878. He
entered Haverford College in Pennsylvania in
1896, but
two years later enlisted as a
private in the Spanish-American
War. After the war, Mr. Murphy won an
appointment to
the United States Military
Academy at West Point, from
which he graduated in 1903, and
during the next four years
served in the Regular Army. He
resigned from the Army
in 1907 to enter the banking
business, and in 1911 formed
his own company only to dissolve it in 1915 to become
Vice-President of the Guaranty Trust Co. of New York.
In 1917 Mr. Murphy left the
Guaranty Trust to serve in
the World War, first as European Commissioner of the
American Red Cross, and later as a Lieutenant-Colonel with
the Army in France. Following the war, he returned to the
post of Vice-President of the Guaranty Trust Co., remaining
there until early 1920 when he became President of the
Foreign Commerce Corp., organized by J. P. Morgan & Co.
The next year, 1921, Mr. Murphy formed the
present firm
of G. M.-P. Murphy & Co., which became a member of the
to
adjust
differences by peaceful means—
humiliation."
repercussions of a major
in the modern world.
be removed from the seat of actual fighting, all
"However far they may
by the horror of war and their well-being
impaired by the processes of disruption and ruin which spread in ever-
Once the
widening circles from the territories being laid waste
by war.
engines of war are brought into action in any portion of
the earth there is no
anywhere."
security, no confidence, no buoyancy or energy of spirit
From the staff
correspondent at Ottawa on Oct. 20 the
reported advices from which we quote
New York "Times"
the following:
are
Vincent
coincidence,"
"by
Since,
sioner in London, and Sir
Murphy & Co.
the investment
firm belief in the inviolability of the pledged word.
nations feel their morale weakened
York,
of
a
willingness
a
armed conflict anywhere
Deputy to the
Home Loan Bank Board.
Death
be
must
Mr. Hull warned that no nation can escape the
Oct. 1 by the
Dr.
University, and for the last
"There must be
There
without the exaction of Victory or the infliction of
Federal Home
Loan Bank Board of the resignation of Dr. H. E. Hoagland
as a member of the Board and the
appointment by President
was
decision, to
Massey,
Canadian
Commis¬
High
Gerald Campbell, British Consul General in New
also in Ottawa this week some maintain it is connected
with the
bargaining that has been going on between the United States, Great Britain
and the British dominions for modifications of the Empire trade agreements
make
to
a
view
with
Anglo-American
new
But Mr. Hull
was
not
newspaper
trade
agreement
possible.
ready to discuss any of these questions in an inter¬
men
here today.
Avoiding a number of inquiries
Cahan's attack, the protection afforded Canada
about foreign affairs, Mr.
by the Monroe Doctrine, and the St. Lawrence Waterways Treaty, the
Secretary said in
a
statement:
"Mrs. Hull and I in coming to Ottawa
have accepted an invitation which
their Excellencies the Governor General and Lady
Tweedsmuir
were
good
enough to extend to us last spring when they honored us with a visit to
Washington.
"I am happy also to be able to return the visit of your distinguished.
Prime Minister, whom for many years I have counted as a personal friend.
Two Nations 'Good Neighbors'
"I
am
not in Ottawa to
discuss any official matters pending between our
It is comforting to know that the relations between the
and Canada are such that it is not necessary for official
matters to be discussed on an occasion like the present.
two
countries.
United
States
of tension in the relations between our
world of political uncertainty.
but a direct result of a long and
friendship based on mutual respect and a will to peace.
In a
sense Canada and the United States are good neighbors."
"The complete absence
tries stands out in bold relief in a
of
tension
is
not
accidental
two coun¬
This lack
beneficial
very real
Accompanied by the American Minister, Norman Armour, Mr. and Mrs.
Hull arrived in Ottawa in
were
greeted by
a
special car attached to the Montreal train, and
the Prime
Minister, the Governor General's secretary,
W. D. Herridge, former Canadian
of the
Canadian
External
Affairs
Minister to Washington; representatives
Department and a squad of mounted
police.
On Oct. 21 Secretary
at Government
Hull and his party attended a dinner
House, tendered by Governor General and
Volume
Financial
145
Lady Tweedsmuir.
to Canada
The act gives the Administrator
The proposed visit of Secretary Hull
referred to in
was
issue of Oct. 2, page
our
+.
the amount
10% of the total funds in any one year, and each community
To
of
Bank
Attend
which can go to
any
locality.
one
Each State is
10% of the initial cost of any project.
must put up
Chairman of Board of Chase
York, Sails for Europe—
Meeting of Council of International
Aldrich,
National
general control of all project standards
and limits
limited to
2167.
■
Winthrop W.
2637
Chronicle
Only families of lower incomes are eligible to live in dwellings built under
New
the program.
Mr. Straus is to receive
provided
Chamber of Commerce in Paris Oct. 28-29
salary of $10,000 per year out of $1,000,000
a
administrative
for
expenses.
His
appointment
is
subject
to
confirmation by the Senate.
F
Winthrop W. Aldrich, Chairman of the Board of Directors
♦
of the Chase National Bank, New York, sailed on Oct. 15
on the S. S.
Europa on a business trip to Paris.
He will be
for about three weeks.
away
American
of
members
Mr. Aldrich is
Council
the
of
the
President Hall of Investment Bankers Association Says
Forthcoming Convention Will Deal With Pressing
of three
one
29 to
plan the
The program of the 26th
ment Bankers Association
of the Chamber for the coming year.
He also has been specially commissioned to make some studies
of the Paris World's Fair in connection with plans for the
program
New York World's Fair.
in France.
The
open
and Secretary of the President, has
designated by his father as a Co-ordinator of the execu¬
tive activities of 18 independent Government
agencies.
Announcement of this was made by James Roosevelt at a
luncheon in Washington on Oct. 21 attended by representa¬
tives of the agencies.
The explanation was made by young
annual
said
it
the
was
to some
volved
the one hand
and
the
to
President,
a
If,
activities.
the
of
He
was
White
questioned about this in
reorganization program on Cbngress's calendar,
the
our
are
convention
unusually
The symptoms
are, on
plethora of money for temporary loans on good security,
of the kind that are eligible for insurance
On the other hand, securities of the type that
used in whole or in part for financing expansion of plants or
company
could
.
,
Coolidge, Vice-President of the First National
Bank of Boston, and Chairman of the board of Old Colony
Trust Co., formerly Under-Secretary of the Treasury, and
Ellsworth C. Alvord of Alvord and Alvord, Washington
attorneys, who was special assistant to the Secretary of the
Treasury from 1926 to 1930, will address the forum on
Federal taxation.
The forum, to be conducted by James J.
Minot, of Jackson & Curtis, Boston, chairman of the asso¬
ciation's Federal Taxation Committee, will be held on the
,
The President's son said the move was in no wise to be construed as an
view
make
expand plants and provide additional
afford to accept.
presented direct
fourth day of the meeting,
which calls
for six executive assistants to the President who would do largely
country
operations are unsalable at the moment on any terms a
conference then could be arranged.
effort at Governmental reorganization.
the
for long term investments
ordinarily
thought that some plan
conferences with
after
even
a
companies and trust funds.
He emphasized that the move for coordination in¬
executive
only
of
employment, has been retarded in recent months.
heads of the agencies would have access
House co-ordinator, it was felt that the problem should be
of uncertainty for our
Capital financing, the function of providing industry
with the kind of money that goes to
in the White House with whom to confer on their individual
one
executive problems.
times
T. Jefferson
•
President's
conditions
important this year.
^
Culled
be
to
but it is equally beneficial in
,
gatherings.
Economic
jurisdictions which
frequently arise in the farflung activities of the Government.
In indicating this a dispatch from Washington to the New
.
regulation, taxation and general investment problems,
on
discussions and conversations that are made possible for many only at our
prevent the overlapping of duties and
York "Times" added:
forums
members to meet for consultation and to exchange viewpoints in the informal
Mr. Roosevelt that the President wished to bring about a
■closer co-ordination of efforts between the agencies, and to
Roosevelt
current
the way for introduction of questions that are perplexing all of us at
the moment
James Roosevelt, Son
been
James
with
He stated:
♦
President's Son, James Roosevelt, to Act as Co-ordinator of 18 Government Agencies
should be put into effect whereby
America deals
of
problems that are made more pressing by con¬
ditions prevailing in the securities markets, Edward B. Hall
of Harris, Hall & Co., President of the Association, said in
Chicago on Oct. 20, in commenting on the forthcoming
meeting at White Sulphur Springs, W. Va., Nov. 3 to 7.
Mr. Aldrich will make his head¬
Problems
annual convention of the Invest¬
investment
quarters at the Paris branch of the Chase Bank while he is
<.
Problems
Investment
International1
Chamber of Commerce which will meet in Paris Oct. 28 and
Nov. 6.
what the
present move contemplates.
ITEMS
Plan "Purely Voluntary"
plan was described by James Roosevelt as "purely a voluntary one"
The
the
on
He said he would designate Mondays and
part of the agencies.
Tuesdays for conferences with heads of agencies, setting aside a half hour
for each
If they feel they have no business
then they do not have to
18
The
establishments
were
Administration,
of the bond brokerage firm
17 of a heart
49 years old.
Born in Chicago, Mr. Farson graduated from Yale Uni¬
versity in 1909.
He succeeded his brother, John Farson,
who died on June 25,1937, as senior partner of the firm which
was founded by his father in 1906.
William Farson, senior partner
Bituminous Coal Commission,
of Farson, Son & Co., New York, died on Oct.
attack at his home in New York City.
He was
Interstate Commerce Commission,
the
Progress Administration and the National Youth Administration,
the National Labor Relations Board, the
the
*
Corps, the Farm Credit Administration,
the
Securities
the
Federal Housing Administration,
Commission,
Exchange
and
Commission,
Service,
Reclamation
the
and
United
the
Home
States
Maritime
Owners'
Loan
Corporation.
John F. Grimm, Assistant
Appointed United States Housing
President Roosevelt—Will Direct
Government's New $526,000,000 Housing Program
Nathan Strauss, Jr.
Co. of New York and
Administrator by
President Roosevelt
on
years,
present a member of the New York
City Housing Authority.
duties, we take the following from Hyde Park,
N. Y., dispatch of Oct. 18, appearing in the New York
new
"Times" of Oct. 19:
under Secretary Ickes, the administration of the Wagner
He will direct,
Housing Act,
of
one
of the few major social plans approved in the last session
Congress.
The
new
Federal
housing program is aimed at elimination of slums in
died
on
Grimm, who
Oct. 18 appointed Nathan Strauss,
Announcement of the appointment was
the President's secretary in charge
Mr. Straus avoided reporters, but Mr. Mclntyre announced
this morning,
he
and
made by Marvin H. Mclntyre,
of the temporary White House offices
after a conference between the President and Mr. Straus
in Poughkeepsie,
Secretary
Ickes would confer with Mr.
latter's arrival in Washington early
Housing
Authority is
Roosevelt after the
Wednesday morning,
authorized to issue $500,000,000 worth of
bonds in the next three years—$100,000,000 at once
and $200,000,000 in
each of the next two years.
The
money
bonds
are
to
»
be guaranteed by the
Federal Government and the
raised from their issue is to be used for loans to local housing au¬
thorities
or
municipal bodies, to be repaid with interest by them over a
period not to exceed sixty years.
In addition, the act authorizes an
for
additional
financing
financial help
contemplates
to
annual
zations or appropriations
appropriation of $25,000,000 at once
?
—4
a member of the New York
1903, died on Oct. 14 at Saratoga
Springs, N. Y.
Mr. Sinsheimer had made his office at the
firm of Belden & Co., 61 Broadway, New York.
Alexander
Stock
L.
Sinsheimer,
Exchange since
■■
i
New Jersey National Bank &
beginning
Oct. 25 a 10% dividend will be paid to depositors.
With
the payment of this dividend (the fourth), which will total
$779,312, depositors will have received 95% of their claims.
C. P. Rogers, receiver of the
Co.
Trust
The bank
of Newark, N. J., has announced that
was
closed in June, 1932.
♦
Raymond has been elected a Vice-President
of the Mellon National Bank of Pittsburgh, Pa., and assumed
his new duties on Oct. 15.
Mr. Raymond, who was born in
Cleveland, Ohio, and is a graduate of Yale University, joined
the staff of the First National Bank of Boston, Mass., in
1924 and later became manager of the credit department.
subsidies
from this
Subsequently he moved to New York, where for the past
several years he has been engaged
of the firm of Lee, Higginson &
the slum dwellers in the lower-income
project to meet mainten¬
"social" rent—that which
brackets can afford to pay.
primarily in the liquidation
Co., as acting President of
the International Products Corp., and as financial adviser
to the Air Reduction Co.
In addition to the International
Products Corp., Mr. Raymond is a director in the Vandium
Corp. of America,
Merchants Despatch Transportation
Corp., Despatch Shops, Inc., General Equipment Corp.
and in the Lake Erie & Eastern RR. Co.
which would make up the difference between the
amortization and interest costs—and the
One method of
and future authori¬
local housing projects.
"economic" rent—that which would enable the
ance,
Oct. 12 at his home in Hartford, Conn. Mr.
born in Big Spring, Va., had been in ill
Jonathan S.
groups.
The
Vice-President of Bankers Trust
executive of that company for 15
was
large cities and construction of low-rent housing units for the lower income
that
an
health for several months.
Jr., of New York, as Administrator of the United States
Housing Authority, created for the Government's new
$526,000,000 program for slum-clearance and low-cost
housing.
Mr. Strauss, a former New York State Senator
and National Recovery Administration Administrator, is at
As to his
■■■
unchanged from the last previous sale.
the Federal Power Commis¬
Reserve Board,
Security Board, the Civil Service Commission, the Agricultural
Adjustment
&c.
memberships in the Chicago Stock Exchange at $2,000 each,
represented at today's White House luncheon
the Federal Trade Commission, the National
the Social
COMPANIES,
Arrangements were completed Oct. 19 for the sale of two
requiring the attention of the President,
come."
the Federal
sion, the Civilian Conservation
Works
♦
he said, "the appointment will be arranged.
want to come,"
conference
TRUST
BANKS,
previous transaction was at $72,000, on Sept. 24.
one.
"If they
ABOUT
Arrangements were made Oct. 18 and 19 for the transfer
of New York Stock Exchange memberships at $61,000.
The
■
«
At
a
recent
meeting of the directors of the National Kit-
tanning Bank, Kittanning, Pa., James T. McCullough was
2638
Financial
elected President of the institution to succeed his father, the
late James McCulIough, Jr.
At the same time
Henry F.
Moesta
was
Francis
T.
named
a
Benson
a
Vice-President of the institution and
director.
Advices from Kittanning
appearing in "Money and Commerce" of Oct. 9, reporting
this, also stated that the directors of the Safe Deposit &
Title Co. of Kittanning (the bank's affiliated company) had
named Harry A. Heilman, an attorney, President of the
company to succeed the late James McCulIough, and that
I. T. Campbell had been elected Vice-President.
Both the
new officers, who have been directors of the
company for
years, assumed their new duties at once.
♦
Plans for
Co.
of
a
bank to succeed the former Union Trust
new
Cleveland,
banking
Ohio,
moratorium
which
failed to reopen
after
the
in
March, 1933, will go forward at
once,
Samuel H. Squire, State Superintendent of Banks,
stated on Oct. 21, after receiving a "go ahead" signal from
Attorney General Herbert S. Duffy.
Associated Press ad¬
vices from
The
Cleveland, in noting this, went
plans
approval
will
of
details,
approval of
which
Meanwhile,
to
all
Mr.
Squire
then
and
to
Common
Trust
views
depositors
that
so
the
and
court
stockholders
Pleas
Court,
will
be
data
have this
may
Stockholders'
and
be
depositors'
known
to
this
or
liquidation.
groups
the
as
that remaining assets of
Union
the
to
propose
Bank
former
of
open
before
a
Commerce
Union
Trust
new
Co.
Co.
asked
it
banking
They
pro¬
be transferred
corporation and to the Union Properties, Inc., for further operation
,
Bollin
■■
-AV
.
V;V
♦
■./■;
A.
Wilbur, former Cleveland, Ohio, financier and
associate of the late Myron T. Herrick, Ambassador to
France, died in Toledo on Oct. 20. Mr. Wilbur, who was 65
of
years
began
age,
National
Bank,
his
career
Wellington,
in
Ohio.
the Wellington First
Later, when he had
risen to Cashier of the
and
in
moved
institution, he studied law at night,
1897, after having been admitted to the Ohio bar,
to
Cleveland.
graduated
attended
he
from
Three
Western
Harvard
Law
years
Reserve
School.
he
(1900)
School
Returning
practiced his profession for 11
then in
later
Law
years
he
and
to
was
then
Cleveland,
in that city and
Salt Lake City, Utah, for another two years, when
to Cleveland to become associated with Mr.
returned
Herrick, James Parmelee and P. W. Herrick. Subsequently,
in 1931, when he was Vice-President of
Mitchell, Herrick &
Co., investment bankers, he left Cleveland as a Deputy Ohio
Superintendent of Banks, to liquidate three banks in
Toledo.
At the time of his death he was President of the
Ilettrock Manufacturing Co., of Toledo.
Mr. Wilbur was a
former President of the Investment Bankers
Association,
and
his
were
other
many
financial
interests
and
business
activities
and diversified.
*
P. R.
Wilkinson, for the past 11
years
connected with the
State's Auditor's office of
Illinois, was elected President of
the I-C National Bank of
Chicago on Oct. 16, succeeding
Irwin I. Altschuler, who was named Chairman of the
Board
of directors.
The Chicago "News" of Oct.
16, in noting the
changes, added:
Prior
to
his
connection
with
the
Auditor's office
Mr.
Cashier of the First State Bank of
Matoon, 111., where he
lived until he came to
Wilkinson
was
was
born and
Chicago to enter the employ of the State Auditor.
■
♦
As of Oct. 11 the First National Bank of
Omaha, Omaha,
Neb., increased its capital from $750,000 to $1,500,000.
■
-
♦—
W. W. Crocker, President of the Crocker
First National
Bank of San Francisco, announces that the
directors of the
bank have elected James K.
Moffitt to the position of
Chairman of the Board.
Mr. Moffitt is President of the
large wholesale
and has served
of
the
bank
paper company
as
since
made vacant
of Blake, Moffitt & Towne,
Chairman of the Executive Committee
1936.
Mr. Moffitt assumes the office
by the recent death of William H. Crocker,
who became Chairman of the
Board in 1936 when his son,
W. W. Crocker, succeeded him as
President and active
head of the institution.
THE
CURB
EXCHANGE
Sharp declines were registered in all sections of the Curb
list during the fore part of the week
and a large number of
prominent stocks dropped to the bottom for the
year. Selling
was
particularly heavy on Tuesday when the transactions
for the day registered the
highest volume of transfers for
more
than
market
four years.
was
reversed and
On
a
Wednesday the trend of
the
goodly part of the losses of the
previous days were canceled and in some cases moderate
gains were registered. As the week advanced
buying orders
flowed into the market with the
heaviest trading centering
around the specialties, oil shares
and public utilities.
Rallies and setbacks were
apparent during the first hour
of the abbreviated session on
Saturday, but the changes were
narrow and about
evenly divided. As the day advanced
considerable profit taking
developed and most of the early
gains were canceled.
The mining and metal issues
were
prominent
on
the upside and
some
of the
the specialties group were
fractionally
The transfers for the
day were
m
more
active stocks
higher at the close.
approximately 335,000 shares
against 112,000 on the preceding
Saturday.
Among the
gains registered at the close were New
Jersey Zinc, 2 points
Oct. 23, mi
to 70; Pittsburgh & Lake Erie, 3% points to
68; Royal Type¬
writer, 2 points to 60; Sherwin-Williams, 1% points to 88;
and National Power & Light 6% pref., 2%
points to 61%.
Following the announcement of a further sharp curtail¬
ment in the production schedule of the steel
industry, Curb
market stocks tumbled sharply downward and
many trading
favorites dropped from 2 to 14 or more points.
Early dealings
were fairly
steady with only minor changes as most of the
selling appeared after the noon hour.
Aluminum Co. of
America was one of the weak spots and plunged downward
14% points to 85. Babcock & Wilcox was also noteworthy
for its decline of 9 % points to 70%.
Other sharp recessions
were New Jersey Zinc, 9%
points to 60%; Penn. Salt, 13
points to 125; Royal Typewriter, 6% points to 53%; Childs
pref., 6% points to 40; and Duke Power, 6 points to 55.
The avalanche of selling that broke over the curb market
during the early trading on Tuesday forced hundreds of
active stocks downward from 2 to 8 or more
points, many of
which touched
low levels for the year;
new
The volume of
transfers totaled
for
once
hearing is held.
a
institution to
pose
said,
on to say:
Reserve Bank at
Federal
the
to
is required by law.
Union
their
express
when
be presented
Chronicle
turnover
approximately 1,632,000 shares, the largest
since July, 1933.
The selling pressure lifted some¬
what in the afternoon and
some
of the market leaders
re¬
bounded
sufficiently to cancel a part of the early losses, but
there was a fairly large list of trading favorites on the side
of the decline as the market closed for the
day. Prominent
in the latter group were Fisk Rubber
pref. (6), 14% points
to 50; Humble Oil, 6% points to 57; Jones &
Laughlin Steel,
8 points to 29; Pepperell
Manufacturing Co., 10 points to 70;
Singer Manufacturing Co., 13 points to 230; Todd Shipyard,
10 points to 35; and United Gas pref., 13 points to 78.
Curb prices pushed upward along a broad front on Wednes¬
day, and while considerable profit taking was apparent from
time to time, it was quickly absorbed as the market
continued
its upward climb;
Specialties were in good demand and the
mining and metal stocks attracted increased buying at
higher prices.
Oil stocks and public utilities were also
active, particularly in the afternoon dealings. Noteworthy
among the gains were Babcock & Wilcox, 15 points to
75;
Pepperell Manufacturing Co., 10 points to 80; Royal Type¬
writer, 8 points to 58; Singer Manufacturing Co., 15 points
to 245; Aluminum Co. of America,
9% points to 100%; Fisk
Rubber pref., 8 points to 58; Jones & Laughlin
Steel, 9 points
to 38; and New Jersey Zinc, 4
points to 63.
The market was active and
strong during the opening hour
on
Thursday as a substantial amount of overnight buying
sent many of the trading favorites into new
high ground for
the recovery.
Public utilities were particularly active and
both common and preferred stocks
registered modest gains.
Industrial specialties, mining and metal stocks and oil
shares joined in the advances which
ranged from 1 to 5 or
more points.
There were occasional periods of profit taking
as a result of the extensive
advances, but these made little
impression on the market as prices continued to surge up¬
ward. Noteworthy among the gains
registered at the close
of the session were Pepperell
Manufacturing Co. 8% points
to 88 %, Babcock & Wilcox
4% points to 79%, Columbia
Gas & Electric pref. 4 points to
62, Driver Harris 4 points
to 23, United Gas
pref. 6 points to 88 and Lynch Corp.
4% points to 37.
Trading was fairly active as the Market opened on Friday,
but the rally of the previous day simmered down as the session
progressed and the volume of sales dropped to approximately
374,000 shares against 620,000 on Thursday.
Specialties
continued in demand though the
gains were generally re¬
duced
fractions.
to
Public
utilities
also
attracted
some
buying and the oil stocks were fairly active.
Some profit
taking was apparent, and while it checked the gains to some
extent, there was a fairly large representation of the active
shares
on
the side of the advance
as
the market closed.
As
compared with Friday of last week prices were moderately
higher, Cities Service closing at 2 % against 1% on Friday a
week ago; Commonwealth Edison
(new), at 25% against
24%; Cord Corp., at 2% against 2; Creole Petroleum, at
26% against 23; Electric Bond & Share, at 934 against 8%;
Fisk Rubber Corp., at 7
against 6%; Ford of Canada A,
at 17% against 16%; International
Petroleum, at 30 against
28%; Lake Shore Mines, at 49% against 46%; Niagara
Hudson Power, at 8% against
7%; Pennrod Corp., at 3
against 2%; Sherwin Williams Co., at 93 against 86%;
Standard Oil of Kentucky, at 18
against 17%, and United
Shoe Machinery, at 71 against 69%.
DAILY
TRANSACTIONS
AT
THE
NEW
Stocks
YORK
CURB
Bonds (Par
EXCHANGE
Value)
(Number
Week Ended
Oct. 22. 1937
Saturday
of
Shares)
334,715
799,480
1,631,685
Foreign
Domestic
Government
$715,000
Wednesday
836.690
3,192,000
2,534,000
Thursday
Friday
620,030
374,025
2,347,000
2,010,000
$15,000
68,000
77,000
52,000
54,000
26,000
4,596,625 $12,692,000
Foreign
Corporate
$292,000
Monday
Tuesday
Total...
Sales at
1,894,000
Week Ended Oct. 22
Total
$775,000
2,004.000
89,000
.
*
$45,000
42,000
3,358,000
2,706,000
2,446,000
2,096.000
120,000
45,000
60,000
$401,000 $13,385,000
Jan. 1 to Oct. 22
New York Curb
Exchange
Stocks—No. of shares.
1937
1936
1937
2,334,020
91,014,092
104,504,407
$12,692,000
292,000
$15,865,000
356,000
212,000
$351,285,000
10,485,000
8,607,000
$667,162,000
401,000
$13,385,000
$16,433,000
$370,377,000
$692,601,000
Bonds
Domestic
Foreign government
Foreign corporate
Total
1936
4.596.625
15,157.000
10.282,000
Volume
THE
We
Financial
145
ENGLISH
GOLD
MARKETS
SILVER
AND
the following from the weekly circular of
reprint
Samuel Montagu & Co. of London, written under date of
We
Oct. 6. 1937:
Bank
406,625
of
England gold
against
reserve
amounted to
notes
Wednesday.
Refugee capital which for
dangers of devaluation is
so
once
PRINCIPAL
again "taking cover" in gold which it forsook
55
precipitately during the gold
earlier this year.
scare
The very strong
STREET, NEW YORK
Member Federal Deposit Insurance Corporation
£4,600,000 has been dealt in
About
BROAD
Member New York Clearing House Association
the arbitrage parity for shipment to New York, and after fixing deals
have shown even wider premiums.
OFFICE AND FOREIGN DEPARTMENT!
Member Federal Reserve System
demand for holding purposes has raised prices at "fixing" as high as 3d.
over
COMPANY
MANUFACTURERS TRUST
has been seeking sanctuary from the
years
of the world.
£326,-
the 29th ult., showing no change as compared with the previous
on
New York correspondent for
act as
commercial banks in all parts
GOLD
The
2639
Chronicle
a£ the daily fixing during the week, and large amounts have been done
after fixing.
Equivalent Value
of £ Sterling
Ounce
Oct.
Oct.
2
Oct.
4
Oct.
12s. 0.95d.
12s. 0.99d.
140s. 7.17d.
12s. 1.02d.
-
The following
tne United
were
Oct.
Kingdom imports and exports of gold,
Exports
Imports
Tanganyika Territory
Kenya
British India
British Guiana
_
£1,727,426
117,944
*
5,711
4,023
216,282
6,658
New Zealand
1,077,557
Belgium
France
5,052
Germany
13,982
79,100
20,850
9,385
Netherlands
Switzerland
Other countries
United States of America.£3,230,184
Central & South America. liOOl.815
British India.-5,500
Syria
10,725
France
Switzerland.
——
Yugoslavia
305,632
...
6,475
Other countries...
£5,254,162
£285,000.
Austria, schilling
.188283*
.188433*
.188285*
Belgium, belga
.168501
.168517
.168547
.168587
.012875*
.012875*
.012875*
.012875*
.012850*
012850*
Czechoslo'kla, koruna
Denmark, krone
England, pound steri'g
.035000
.035007
.035002
.035000
.035000
035000
.221370
.221312
.221216
.221104
.221095
221012
.958208
.957958
955125
.952958
4.053250
Finland, markka-
.021895
.021900
.021906
.021893
.021900
021895
France. franc
.033653
.033746
.033846
.033826
.033873
033848
Germany, relchsmark
Greece, drachma
.401607
.401588
.401589
.401628
.401632
.009067*
.009082*
.009087*
.009069*
.009085*
Holland, guilder
.552835
.552850
.552846
.552867
.552867
Hungary, pengo
Italy, lira...
Norway, krone
.197300*
.197375*
.197425*
.197425*
.197424
.052603
.052605
.052602
.052602
.052604
.052605
.249131
.249104
.248995
.248858
.248837
.248739
Europe—
tinental
and
impart
Offerings have been somewhat smaller in
commercial
American
demand,
Con¬
together with
India has sold on balance and
slightly steadier tone.
a
,168563
951500
401596
009078*
5 ,52832
197425*
.188750
.188925
.188825
.188833
.188866
.044866
.044900
.044900
.044887
.044887
.044860
.097353*
.007282*
.007239*
.007239*
.007282*
.007282*
Spain, peseta
Sweden,krona
.062312
.062812*
.062642*
.062071 *
.061562*
.053187*
.255666
.255602
.255495
.255350
.255366
.255247
Switzerland, franc
Yugoslavia, dinar
.230091
.230101
.230107
.230300
.230435
.230233
.022980*
.023020*
.023020*
.023020*
.023025*
(yuan) dol'r
Hankow(yuan) dolT
Shanghai (yuan) dol
.294500
.294333
.294333
.294289
.294229
.294062
.294500
.294333
.294333
.294229
.294229
.294062
.294500
.294333
.294333
.294229
.294229
.294062
Tlentsln(yuan) dol'r
Hongkong, dollar.
India, rupee
.294500
.294333
.294333
.294229
.294229
.294062
.310046
.309968
.309968
.309968
.309968
.309531
.374418
.374318
.374118
.373975
.373918
.373843
.288418
.580875
.288378
.288142
.580750
.580562
023020*
China—
purchases and some bear covering, have sufficied to absorb them
to
,188400*
.188800
Cbefoo
modest
:.
$
.188316*
.168730
Asia—
The market has ruled quiet.
and
Oct. 22
$
...
Rumania, leu
SILVER
volume
Oct. 21
Oct. 20
S
.188371*
$
Poland, zloty
Strathnaver which sailed from Bombay on Oct. 2 carries gold
to the value of about
19
Oct.
S
Portugal, escudo
£3,333,633
The'SS.
22,920
169,032
484,517
17,361
Finland
Netherlands
49,663
Oct. 18
16
Bulgaria, lev.
,
registered from mid-day on Sept. 27 to mid-day on Oct, 4:
British South Africa
British West Africa
Cable Transitu in New York
Unit
140s. 7Md.
6
1930
Value in Unitea c,aits Money
Country and Monetary
12s. 1.07d.
RESERVE
FEDERAL
1937, INCLUSIVE
1937 TO OCT. 22,
Noon Buying Rate for
12s. 1.12d.
140s. 6Kd.
140s. 8d.
5
Oct.
..140s. 734d.
140s. 6d.
Average
16,
OCT.
12s. 0.99a.
12s. 0.99d.
140s. 7%d.
1
BY
UNDER TARIFF ACT OF
BANKS TO TREASURY
Per Fine
Sept. 30
CERTIFIED
RATES
EXCHANGE
FOREIGN
Quotations r
speculators have resold whilst there have also been some sales on China
Japan, yen
.288779
.288582
.288590
account.
Singapore (8. 8.) dol'r
.581687
.581250
.581000
Australasia—
Prices
today at 19%d. for cash and 19 13-16d. for forward are respec¬
950000*3.950000*3.948392*3.945803*3.945892*3.944732*
,981125*3.981125*3.978020*3.976750*3.977000*3.976625*
Australia, pound
tively the
New Zealand,
to London has
Africa—
South Africa, pound._ 4.912500*4.911562* 4.909453* 4.906171*4.906406*4.906406*
same as, and 1-16d. above those of a week ago.
News of the large shipments of silver now being made from Hongkong
been quietly received and with the technical position now
pound.
greatly improved prices would probably respond readily to any renewal of
demand from India.
Such a renewal may perhaps be expected fairly soon
Canada, dollar
.C00360
1.000420
1.000396
1.000130
1.000096
after the close of the
Cuba, peso
.999166
.999166
.999166
.999166
.999166
.999166
Mexico, peso
.277500
.277500
.277500
.277.500
.277500
.277500
Newfoundland, dollar
.997910
.997890
.997946
.997529
.997636
.997617
.330550*
.330516*
.330433*
.330250*
monsoon season.
The following were the United
Kingdom imports and exports of silver*
registered from mid-day on Sept. 27 to mid-day on Oct. 4:
Exports
Imports
Hongkong
£142,360
15,210
2,557
5,018
1,356
3,100
4,173
-----
British India.
New Zealand
France.
Germany
Japan
Other countries--
£27,023
xl 1,950
x4,063
-
Egypt-Arabia
xl ,653
-
France
18,565
1,450
1,594
Netherlands
Norway
Portugal
Kingdom.
19 ll-16d.
19 ll-16d.
Oct.
1
Oct.
2—19%d.
19 13-16d.
—
19 13-16d.
Oct.
4—19 15-16d.
19 13-16d.
5—19 15-16d.
19 13-16d.
Oct.
6—19%d.
19 13-16d.
Average. -_19.875d.
t
IN
NEW YORK
(Per Ounce .999 Fine)
Sept. 29
45
Sept. 30
...45
Oct.
1
45
Oct.
2
45
Oct.
4
w
-'-....45
Oct.
5
..45
—
Oct.
-
cents
cents
cents
cents
cents
cents
19.771d.
The highest rate of exchange on
from Sept,
30Ito Oct. 6
was
New York recorded during the period
$4.95% and the lowest $4.94%.
1937:
Statistics for the month of September,
—Bar Silver per
Cash
.330083*
.087221*
.056250
.Oa.5650
.055550
.051680*
.051680*
.051680*
.051720*
.051660*
.051680*
.569905*
.569905*
.569905*
.569905*
.569905*
.569905*
Uruguay, peso
.791000*
.791400*
.791400*
.791400*i
.701400*
.791500*
♦Nominal rates; firm rates not
available
COURSE
2 Mos.
19.8894d.
per
Oz. Fine
140s. 7%d.
140s. %d.
19 15-16d.
19 ll-16d.
BANK
OF
19.8029d.
year ago.
for the week follows:
Per
Clearings—Returns by Telegraph
Week Ending Oct. 23
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been
as
Silver, p. oz. d_ 19 15-16d. 20d.
20d.
Gold, p.flneoz. 140s. 4d.
140s. 4%d. 140s.5%d.
Consols,2%%. Holiday
Holiday
British 4%
S
74
*
20d.
19 15-16d. 19%d.
140s.6%d.l40s. 7d. 140s. 8d.
73%
74%
74%
Holiday
101%
101%
101%
101%
110%
,110%
110%
110%
110%
J price off silver per ounce (in cents) in the United
States'on
the
same
days has been:
Closed
44%
44%
44%
44%
44%
50.00
50.00
50.00
50.00
50.00
50.00
(newly mined 77.57
77.57
77.57
77.57
77.57
77.57
eighn)
U. S. Treasury.
U.
^
S. Treasury
FOREIGN
Pursuant to the
Act
of
Pittsburgh—.—
Detroit-----.—
—-»
—
Baltimore
Other titles, five
$3,142,734,131
—7.7
264,477,527
327,000,000
205,175,000
86,770,837
82,000,000
128,690,000
109,833,014
86,054,306
76,387,308
57,401,224
+ 12.9
+ ,5.5
+0.7
$4,566,523,347
817,011,610
—2.7
$5,296,749,875
1,059,349,975
$5,383,534,957
1,057,722,143
—1.6
$6,356,099,850
$6,441,257,100
—1.3
90,060,333
65,035,656
Cleveland—-
$4,442,684,890
days
days
Eleven cities, five
101%
Bar N. Y. (for►
San Francisco
$2,901,319,228
298,548,837
345,000,000
206,708,460
93,573,693
89,400,000
143,238,000
118,149,057
91,651,626
m
1960-90
The
74%
follows the past week:
A
British 3%%
W. L
k
CABLE
1936
854,064,985
140s. 4.38d
MARKET—PER
Cent
1937
Philadelphia.-.
FINANCIAL
compared
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Oct. 23)
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be 1.3% below
those for the corresponding week last year.
Our preliminary
total stands at $6,356,099,850, against $6,441,257,100 for
the same week in 1936.
At this center there is loss for the
week ended Friday of 7.7%.
Our comparative summary
a
Chicago
ENGLISH
CLEARINGS
this week will show a decrease
Bar Gold
Oz. Std.-
20d.
19%d.
Highest price
Lowest price
Average
.087238*
.056750
Chile, peso
with
LONDON
Sept. 30—19 13-16d.
.087238*
.056593
Bank clearings
Quotations during the week:
-Bar Silver per Oz. Std.~
2 Mos.
Cash
.087255*
Colombia, peso
£74,539
£173,774
IN
(Free) mllrels
1,213
Other countries
Coin not of legal tender in the United
.087255*
.057062
Brazil (official) mllrels
.330233*
.087221*
2,000
5,028
Sweden
x
1.000108
South America—
Argentina, peso
United States of America.
Aden...
North America—
1930,
EXCHANGE RATES
requirements of Section 522 of the Tariff
the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below
a
record for the week just passed:
Total all cities, five
All cities, one
days
day
Total all cities for
—
week
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
+ 7.8
+ 9.0
+ 11.3
+ 7.6
+ 6.5
+ 17.9
+ 13.3
+ 4.6
+ 0.2
by the
cannot
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above, the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
below, we are able to give final and complete
week previous—the week ended Oct. 16.
For that week there was an increase of 2.0%, the aggregate
of clearings for the whole country having amounted to
$5,862,117,998, against $5,747,583,242 in the same week
present further
results
for
the
2640
Financial
in 1936.
Chronicle
Oct. 23, 1937
Outside of this city
there, was an increase of 0.4%,
this center having recorded a gain of
3.4%.
We group the cities according to the Federal Reserve
districts in which they are located, and from this it appears
that in the New York Reserve District (including this city)
the totals show a gain of 3.6%, but in the Boston Reserve
District the totals show a loss of 6.9% and in the Phila¬
delphia Reserve District of 1.9%.
In tne Cleveland Reserve
District the totals are larger by 6.7%, in the Richmond
Reserve District by 2.4%. and in the Atlanta Reserve
District by 6.2%.
The Chicago Reserve District suffers
a decrease of
3.7% and the St. Louis Reserve District of
5.1%, but the Minneapolis Reserve District enjoys a gain
of 8.9%.
In the Dallas Reserve District the totals have
fallen off 1.6%, but in the Kansas City Reserve District
there is an improvement of 4.6%, and in the San Francisco
Reserve District of 1.3%.
In the following we turnish a summary by Federal Reserve
Week Ended Oct.
the bank clearings at
Clearings
16
at—
Inc. or
1936
1937
1935
Dec.
1934
%
Seventh Feder at Reserve D Istrlct—Chi cago
Mich.—Ann Arb
488,544
Grand
Lansing
Wayne
Indianapolis..
...
Ind.—Ft.
.
South
Bend...
Terre Haute—
Wis.—Milwaukee
Iowa—Ced. Rap.
—1.0
1,344,378
1,250,146
17,759,000
1,438,109
5,382,742
22,540,019
994,383
8,550,952
3,579,687
+ 17.6
—3.3
1,323,632
8,093,882
3,432,446
Des Moines...
Sioux
+ 3.3
110,659,602
2,963,235
1,580,378
1,209,251
19,411,000
1,697,455
5,345,097
21,676,243
Rapids
473,000
109,593,803
3,241,035
Detroit--
City
+9.3
+ 18.0
—0.7
—3.8
—5.3
—4.1
x
421,482
67.265,524
1,574,496
790,200
746,475
14,439,000
839,096
4,091.872
17,334,364
786,901
6,891.183
2,774,948
x
376,238
—14.4
—5.9
362,485
315,169,855
543,723
256,769.400
+ 24.0
825,251
—3.5
1,423,774
338,184,531
766,197
4,506,500
1,526,085
1,126.457
+26.4
3,927,575
982,330
1,070,666
657,217
2,948,026
623,144
1,071,108
503,899,824
523,421,261
—3.7
477,392,173
380,568.159
78,300,000
28,285,142
25.578,961
Chicago
322,243
318,246,445
Decatur
1,008,307
Peoria-.
4,346,538
Rockford
1,459,751
III.—Bloom'gton.
districts:
19,458,388
947,316
7,554,859
3,215,534
+ 24.9
Waterloo
.
400,696
95,353,880
2,168,355
1,221,059
1,135,460
17,317.000
1,003,142
5,278,322
+ 9.4
Springfield
—4.3
SUMMARY OF BANK CLEARINGS
Total (18 cities)
Inc.or
Week Ended Oct. 16, 1937
Federal Reserve
1st
Boston
2nd
New
1937
1936
12 cities
Dec.
S
Dists.
%
1935
1934
S
.
*
Eighth Federa
Mo.—St. Louis.-
1 Reserve Dis trict—St. Lo uis—
95,600,000
35,286,762
97,800,000
35,3/6,106
—0.3
84,700,000
36,243,636
32,003,968
38,560,490
-17.0
27,858,694
239,219,223
257,058,375
—6.9
305,696,934
255,591,003
Tenn.—Memphis
3,317,853,992
3,202,479,421
+3.6
4,095,304,846
3,229,944,617
111.—Jacksonville
York. 13
"
3rd Philadelphia 10
4th
Cleveland.. 6
"
370,077,323
377,179,752
—1.9
416,711,369
334,234,976
"
317,706,082
297,766,915
+6.7
285,733,213
221,361,188
6th
Richmond .6
"
150.392,706
+2.4
149,858 181
0th
Atlanta
10
"
174,914,465
164,716,847
+6.2
163,665,871
136,583,498
7th
Chicago ...18
"
503,899,824
523,421,261
—3.7
477,392,172
380,568,159
8th
St.
9th
—2.2
Ky.—Louisville.
Louis..
154,041,357
Total (4
cities)-
x
x
163.496,730
Ninth
Federal
"
163,496,730
172,330,596
-5.1
149,341,330
132,637,103
Minn.—Duiuth—
3,543,318
"
125,415,164
115,141,346
+8.9
114,143,182
96,780,637
Minneapolis...
"
142,549,770
136,259,478
+4.6
153,794,682
124,345,439
83,479,338
30,838,854
"
78,120,588
79,418,678
—1.6
80,090,573
59,915,228
12th San
"
2/4,823,460
271,417,867
+ 1.3
276,773,527
214,311,835
112 cities
32 cities
We
5,747,583,242
2,671,942,728
Outside N. Y. City
Canada
St.
2,660,833,130
+2.0
+0.4
303,969,570
361,050,548
—15.8
6,668,505,881
5,310,251,764
2,700,093,168
Helena
356,937,126
+ 5.6
3,065,230
3,385,183
—9.5
2,807,904
724,173
836,462
3,272,231
125,415,164
115,141,346
+ 8.9
114,143,182
...
.
Tenth Federal
Neb.—Fremont
Reserve Dis trict—Kan
673,905
142,549,770
136,259,478
155,350
Kan.—Topeka
1937
Federal
Maine—Bangor..
607,383
2,076,614
Mass.—Boston..
River
Lowell
764,089
2,109,476
203,117,342
772,814
Portland
Fall
1936
%
%
Reserve Dlst rlct—Boston
745,677
3,232,291
2,116,400
10,644,607
4,131,839
10,960,700
451,488
Springfield
Worcester
Co n n.—Hartford
New Haven...
R.I.—Providence
N. H.—Manch'er
1935
1934
%
$
_%
Mo.—Kan. City.
St. Joseph
Colo.—Colo. Spgs
—20.5
597,282
1,697,094
220,914,798
—8.1
268,376,193
1,649,828
225,000,000
623,258
343,445
817,478
3,420,680
+24.0
827,407
+ 5.7
415,765
—8.8
902,994
3,196,518
2,614,206
+ 4.4
+ 11.4
4,170,003
—0.9
—5.5
11,759,300
—6.8
679,094
—33.5
1.783,859
11,4i>3,450
4,560,705
11,436,000
449,667
Total (10 cities)
763,127
1,361,989
8,713,586
3,597,152
10,007,000
Eleventh Fede ral
Texas—Austin...
Dallas
Ft.
Worth
*
Galveston...
Wichita Falls..
457,674
La.—Shreveport.
Total (12 cities)
Second
N.
239,219,223
257,058,376
Feder al Reserve D i8trlct—New
—6.9
305,696,934
255,591,003
16,781,018
5,459,111
+ 67.5
1,086,908
41,000,000
560,646
930,210
1,126,329
38,100,000
699,401
—3.6
1,334,937
986,107
+ 7.6
36,300,000
31,016,784
—19.8
664,575
550,110
Elmlra
Jamestown
New
722,802
+ 28.7
3,190,175,270 3,086,750,112
York
+ 3.4
Rochester
8,327,704
Syracuse
4,846,815
3,267,029
3,965,318
374,834
18,632,028
27,908,212
Westchester Co
Conn.—Stamford
N.
J.—Montclair
Newark
__
Northern N. J.
7,566,103
3,978,265
2,999,324
2,837,221
+ 10.1
+21.8
+ 8.9
+ 39.8
10,365,118
Total (6 cities).
676,020
543,485
,968,412,713 3,109,909,646
8,895,350
6,639,474
4,667,565
3,487,663
3,156,793
1,995,657
3,221,556
3,926,639
400,000
—6.3
350,000
422,815
—9.8
22,214,580
35,245,639
18,728,681
34,656,149
—10.5
Twelfth Feder
Wash.—Seattle-
Rtserve Dlst rict
495,450
627,242
Bethlehem
+3.6 4,095,304,846 3,229,944,617
Philadelphia...
Reading
+ 4.0
403,024
+ 49.3
406,613
x
—21.2
358,755
265,751
—2.9
1,315,977
357,000,000
922,764
364,000,000
—1.9
399,000,000
1,391,444
2,355,446
1,556,524
2,568,299
—10.6
935,553
965,201
—3.1
1,526,269
3,933,000
1,510,551
N. J.—Trenton..
+0.6
3,732,000
+ 5.4
Total (10 cities)
370.077,323
377,179,752
—1.9
416,711,369
Wllkes-Barre..
York
—8.3
1,074,128
x
Cincinnati
Cleveland.....
Columbus
Mansfield
Youngstown
63,506,280
108,487,988
12,808,200
1,840,438
334,234,976
Ore.—Portland..
Utah—S.
L. City
Calif.—Long Bch
Pasadena
San
Francisco.
San Jose
Santa Barbara-
.
Total (5 cities).
131,063,176
317,706,082
+ 7.5
+ 15.3
+ 3.9
1,550,696
+ 18.7
132.994,771
—1.5
x
297,766.915
+ 6.7
Fifth Federal
Reserve Dist rict—Richm ondW. Va.—Hunt'on
346,166
332,057
+4.2
Va.—Norfolk
2,459,000
51,066,664
Richmond
+ 1L6
1,460.392
1,574,194
—7.2
Md.—Baltimore.
D. C.—Wash'ton
72,904,496
25,804,639
74.877,591
25,237,450
—2.6
Sixth Federal
154,041,357
4,274,640
Nashville
Ga.—Atlanta
21,288,959
64,200,000
1.378,428
1,333,147
...
Augusta
Macon
x
-120,923,650
285,733,213
cities)
+ 2.2
+ 2.4
214,895
2,808.000
50.118,208
1,448,329
73,556,663
21,712,086
149,858,181
4,062,094
19,795,464
61,300,000
+ 4.7
1,586,364
—13.1
+ 5.2
+ 7.5
Reserve
461,956
1,215,052
540,699
+ 4.6
153,794,682
124,345,439
1,090,00647,932,819
5,364,909
3,052,000
59,915,226
District—Da 11 as—
1,535,385
62,129,921
—9.0
6,577,233
4,352,000
+ 14.0
1,059,969
3,764,170
—12.4
+ 10.3
1,355,910
63,114,349
6,985.834
4,144,000
1,051,756
3,438,724
78,120,588
79,418,678
-1.6
80,090,573
al Reserve D istrict—San
4.1
+4.9
Franc!
2,475,49+
SCO
+2.5
38,717,606
12,027,000
—14.6
1,609,395
—11.6
36,233,085
17,103,355
4,169,693
37,033,085
17,376,692
39,667,000
3,988,909
154,759,000
3,189,898
1,683,466
2,337,042
274,823,460
149,344,772
+3.6
3,218,097
1,629,099
2,458,397
—0.9
—4.9
38,846,992
12,877,000
1,050,485
35,137,552
16,927,598
3,442,929
3,567,205
154,782,486
3,637,953
1,523,889
1,973,438
271,417,867
+ 1.3
276,773,527
4,247,963
3,755,761
—2.2
—1.6
—1.8
+ 6.2
+ 3.3
29,416,386
9,642,000
805,639
26,036,641
13,312,180
2,821,002
2,607,145
124,393,268
2,634,307
1,141,745
1,501,525
214,311,835
+2.0 6,668,505,881 5,310,251,764
Inc.
1937
1936
Canada—
93,995,047
93,218,474
41,793,913
15,110,118
Ottawa
10,727,400
Quebec
1,047,332
4,701,384
Halifax
2,412,081
Hamilton
4,773,742
Calgary
6,760,579
1,520,966
1,562,275
2,624,486
x
221,361,188
Oct.
J
John
Victoria
Edmonton
185,067
2,170,000
43,784,353
1,060,104
61,685,958
15,092,599
123,978,081
11,855,000
20,833,409
1,421,613
1,008,475
+32.2
+ 11.1
+2.6
12,332.000
22,863,772
1,549,203
+ 10.6
1,645,571
913,405
x
x
269,631
—30.7
200,742
123,436
44,872,683
41,375,329
+8.5
39,449,931
35,601,820
x
+6.2
163,665,871
14
or
Dec.
14,284,512
98,493,930
130,214,990
65,259,699
15,392,205
14,697,786
—4.6
—28.4
—36.0
—1.8
—2.8
3.730,059
1,990,960
3,872,756
5,668,230
+26.0
1,497,996
1,523,287
2,163,275
+ 1.5
+ 21.2
+23.3
+ 19.3
+2.6
+21.3
—2.4
3,677,776
3.073,958
384,008
600,412
3,767,750
4,153,256
489,520
+22.7
1,306,797
655,468
850,128
1,767,010
741,507
800,232
—26.0
Fort William..
New Westminster
697,190
651,537
235,935
556,913
563,577
231,926
564.324
Reglna
Brandon
Lethbridge
Saskatoon
....
Moose Jaw
Brantford
Hat
Peterborough...
Sherbrooke
Kitchener
Windsor
Prince Albert
Mo net on
Kingston..
Chatham
Sarnia
x
Sudbury
Total (32 cities)
1935
542,574
649,632
316,358
—26.0
+ 21.4
102,875,764
88,916,081
66,407,690
14,859,244
33,065,909
4,005,650
2,227,548
3,875,711
9,707,624
1,525,028
1,498,605
2.543,314
4,030,096
7,276,862
322,544
133,785,024
106,790.024
64,196,933
17,301,103
5,358,980
4,301,716
2,458,310
5,353,336
7,462,455
2,074,818
1,667,029
3,718,230
4,170,441
5.649,687
362,302
597,334
2,217,135
543,403
1,819,760
+6.2
839,530
851,345
858,391
+25.2
603,792
834,996
+ 15.6
530.036
+ 1.7
381,692
472,600
296,903
—11.6
—3.9
654.037
650,993
640,136
+ 27.9
556.038
518,575
+ 9.1
+ 11.8
1,075,845
2,177,403
399,252
721,458
1,038,213
2,125,693
700,123
524,624
507,824
837,422
2,099,713
309.746
620,216
519,976
+0.9
544,686
1,029,820
396,618
1,111,754
428,816
+ 58.4
+ 18.5
+21.9
380,968
412,323
850,522
415,086
334,584
868,705
303,969,570
361,050,548
-15.8
356,937,126
377,817,846
913,568
2,815,068
395,003
+ 34.1
+6.8
136,583,498
x
1934
%
Vancouver.
93,278,318
Ended
at—
67,213,611
3,011,265
13,536,011
48,200,000
1,087,539
11,907,000
164,716,847
Week
Clearings
49,094,527
186,886
657,724
+ 11.7
+ 0.4 2,700,093,168 2,200,342.118
Winnipeg...
3,707,274
16,520,818
63,900,000
1,761,415
1,282,348
21,863,287
174.914,485
—20.1
5,862,117,998 5,747,583,242
London
1,713,090
Mobile
33,786,928
1,872,972.
2,721,495
79,415,256
3,157,803
Outside New York 2,671.942,728 2,660,833,130
St.
13,229,000
Miss.—Jackson..
Vicksburg
La.—NewOrleans
Total (10 cities)
150,392,706
61,000,881
86,678,477
15,799,700
1,330,505
22,437,652
Fla.—Jacks'nville
Ala.—Blrm'ham.
+5.8
—0.1
91,126
100,926
2,196,274
(112
Montreal
Reserve Dist rict—Atlant
Tenn.—Knoxville
+0.3
Medicine
2,573,000
45,798,414
S. C.—Charlest'n
Total (6 cities).
Total (11 cities)
Grand total
Toronto
x
59,051,011
91,848,637
12,321,800
x
..
Pa.—Pittsburgh
+3.3
+ 14.3
1,423,012
Yakima
1,244,986
3,670,000
Feder a! Reserve D istrlct—Clev eland-
Ohio—Canton
—9.2
1,397,456
59,580,968
7,494,767
4,567,000
928,635
4,151,762
324,000,000
1,166,763
2,804,202
1,388,848
3,323,672
1,257,047
1,731,433
7,526,000
Fourth
331,368
420,000
415,921
1,529,014
Scranton
123,852
123,217
3,196.767
39,885,763
2,463,763
2,789,516
100,310,005
3,029,023
+29.8
Philad elphia
476,242
327,845
l,48o,074
Chester
Lancaster.
City
—20.5
10,269,000
Spokane
Stockton
Third Federal
as
17,081,407
20,651.641
31,189,112
Total (13 cities) 3,317,853,992
3,202,479,421
Pa.—Altoona....
+4
York-
Y.—Albany..
Bingham ton...
Buffalo
+8.0
668,473
288,041
2,028,021
9,428,733
Pueblo
469,927
—1.6
363,168
New Bedford..
Dec.
._
Wichita
Inc. or
First
2,660,829
33,815,644
2,068,678
3,083,536
96,292,495
3,020,336
678,685
Omaha
16
at-
8
126,116
119,648
2,930,736
32,750,608
1,810,066
3,073,320
90,975,725
3,020,756
849,053
603,390
100,312
-
Hastings
Lincoln
Oct.
96,780,637
812,290
2,847,320
783,397
857,707
-
+2.1
377,817,846
add our detailed statement showing last week's
figures for each city separately for the four years:
Ended
2,316,789
63,799,043
24,632,367
2,167,132
623,621
515,417
2,726,266
+ 12.2
2,200,342,118
Total (7 cities)
Week
3,293,387
77,021,017
26,188,008
+ 21.2
N. D.—Fargo...
S. D.—Aberdeen
now
Clearings
132,637,103
2,924,251
74,411,375
30,218,828
2,637,034
752,385
Paul
Mont.—Billings
5,862,117,998
x
149,341,330
Reserve Dis trict—Minn eapolis
4
Minneapolis 7
Total
x
-5.1
123,978,081
10th KansaaClty 10
11th Dallas
6
Fran..11
x
172,330,596
No clearings available,
a
Not Included in totals.
♦ Estimated.
379,892
777,002
567,336
430,454
792,007
Volume
Financial
145
COMPLETE PUBLIC DEBT OF THE UNITED
STATES
The statement of the public debt and Treasury cash hold¬
ings of the United States, as officially issued as of June 30,
1937, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt
on
that date, we
making comparison with the
CASH AVAILABLE TO
append a summary thereof,
date in 1936:
same
PAY
MATURING OBLIGATIONS
1937
June 30, 1936
5
2,553,473,897
2,681,510,204
—10,128,330
—258,579,702
2,543,345,567
5
Add
or
Deduct—Excess
or
<.
deficiency of receipts over
under disbursements on belated items.........
or
$4,552,632,130 in gold certificates and credits with the Treasurer of the United
States payable in gold certificates, (2) United States Government securities of a
face value of $20,000,000, and (3) commercial paper of a face amount of $9,984,000.
t Includes only unmatured bonds issued and outstanding.
Funds have been
deposited with the Treasurer of the
which have not been presented
interest
43,366,041
535,064,529
CURRENT LIABILITIES
TREASURY CASH AND
The cash holdings
the items stood
of the Government as
The figures
the .United
Sept. 30, 1937, are set out in the following.
are taken entirely from the daily statement of
States Treasury of Sept. 30, 1937.
CURRENT ASSETS
LIABILITIES
AND
706,429,153
...
warrant checks
on
3,695,915
1,528,726
582,901,647
War Savings certificates
29,793,809
671,410,703
3,610,850
860,227
Disbursing officers' checks........
Settlement
and accrued
GOLD
Matured interest obligations...........
on
of matured bonds
face amount of Series "H" bonds
thereon, held by Treasury and reflected in the public debt.
Deduct outstanding obligations:
Discount accrued
United States for payment
for redemption.
not include $25,000,000
g Does
2,422,930,502
June 30,
Balance end of month by daily statements, Ac
2641
Chronicle
.
$
Liabilities—
12,740,223,012.59
Assets—
Gold certificates:
.
Gold
$
'
.
2,901,119,599.00
of Treasury)
ctf.
Gold
Total..
..•
' f
,
Outstanding (outside
fund—Bd.
R.Sys 6,311,942,436.78
fund—
of Govs.. F.
Redemption
Balance, deficit (—) or surplus (+)...
+ 1960 443,920 +1716,501,349
...
June 30, 1937
$
49,800,000
28,894,500
349,895,000
$
49,800,000
28,894,500
145,709,000
Q.-M.
3s of 1961
Q.-J.
3s convertible bonds of 1946-1947
Certificates of indebtedness.
........ ...........
818,627,000
755,469,500
818,646,000
755,476,000
834,463,200
1,400,534,750
1,518,737,650
1,035,874,400
J.-D.
491,375,100
834,474,100
1,400,570,500
1,518,858,800
1,035,884,900
491,377,100
2,611,155,700
1941
...
_.F.-A.
4*48-3*48 Treasury bonds of 1943-1945...
A.-O.
3*4s Treasury bonds of 1944-1946............A.-O.
3s Treasury bonds of 1946-1948
J.-D.
8 *4s Treasury bonds of
3*4s Treasury bonds of 1949-1952
2*4s Treasury
2*48 Treasury
2*48 Treasury
2Hs Treasury
U. S. Savings
U. S. Savings
U. S. Savings
Unclassified
2,611.107,650
1,214,428.950
bonds of 1948-1951
1.223,496,350
bonds of 1951-1954...
1,626,687,650
bonds of 1956 59.
981,848,050
bonds of 1949-1953
1,786,362,050
bonds, series A...
...............
187,710,256
bonds, series B
350,032,395
bonds, series C._-........._.^—....
219,013,612
M.-S.
M.-S.
M.-S.
J.-D.
M.-S.
...J.-D.
sales
of 1945
4*4s Adjusted Service bonds,
Fund series
1,214,453,900
1,223,496,850
1,626,688,150
194,974,594
121,248,206
500,157,956
J.-J.
119,086,360
120,881,020
11,325,208,250 11,861,418,050
2,303,094,000 2,353.516,000
2*is Postal Savings bonds
Treasury notes
Treasury bills
result, from reduc¬
the gold
interest-bearing debt
...............
........
Matured, interest ceased
....
35,802,586,915 32,755,631,770
505,974,491
620,389,957
118,529,615
169,362,895
*36,427,091,021 33,545,384,622
+ 1960,443 920 +1716,501,349
Total debt
Treasury deficit
Total
silver dollars in the Treasury.
SILVER
$
894,412,054.01
504,335,458.00
Assets—
Silver
Silver dollars
Treasury
1,398,747,512.01
Total.
United States notes
40,483,113.01
2,685,041.00
13,469,707.50
447,131.00
-
Federal Reserve notes.Fed. Reserve bank notes
1,037,766.50
bank notes
National
Silver bullion (cost val.)
Sliver bullion
Treasurer's
Principal
Detail—
Guaranteed by the United
a
System:
5%
3 *4 %
bonds of 1944-64
3% bonds of 1942-47
1*4% bonds of 1937
2*4% bonds of 1942-47
1H % bonds of 1939
865,390,261.47
98,966,679.24
239,753,537.10
22,430,423.61
104,093,018.75
100,622,610.00
9,065,630.17 1,431,256,530.17
*1,422,190,900.00
Administration:
91,212.72
846.53
90,366.19
3% debentures
courts,
2,238,947.47
...
161,160,388.45
other
4,989,304.37 1,002,850,179.37
13,575,839.64 1,198,376,389.64
327,094.69
50,170,094.69
371,490.75
49,903,590.75
406,568.44
325,661,318.44
300,824.44
380,088.149.44
12,987,078,600.00 19,971,122.33 3,007,049,722.33
Reconstruction Finance Corp.:
84,478,000.00
170,756,666.67
2% notes, series H
1 *4 % notes, series K
85,322,780.00
170,868,638.26
844,780.00
111,971.59
,
c256,191,418.26
956,751.59
255,234,666.67
disbursing
59,453,547.82
Redemption of Nat.
bank notes(5% fund
767,955,000.00
29,358,197.26
153,362,414.91
Balance today:
gold (as above) 1,208,735,394.24
Increment on gold (as
Inact.
141,035,834.02
above)
1,244,478.94
U. S.......
Seigniorage (silver) see
of other
382,358,917.98
note 1
1,355,818.11
Govt, officers...
1,127,531,625.60
Working balance
Treasury:
To credit of Treas¬
urer
12,963,289.85
other
Foreign depositaries:
To credit of Treas¬
Philippine
ex¬
16,817,015.01
of
Govt, officers—
credit
items,
changes, Ac..------
U. S
credit
408,460.09
lawful money)
Uncollected
To credit of Treas¬
2,859,661,771.84
2,195,035.58
U. S
3,013,024,186.75
Total
3,013,024,186.75
Total..-
resulting from the Issuance of sliver
certificates equal to the cost of the silver acquired under the Silver Purchase Act of
1934 and the amount returned for the silver received under the President's proclama¬
Note
1—This item
represents seigniorage
9, 1934,
tion dated Aug.
was
3% bonds, series A, 1944-52....
997,860,875.00
2*4% bonds.series B, 1939-49..1,184,800,550.00
1*4% bonds, series D, 1937
49,843,000.00
2% bonds, series E. 1938.
49,532,100.00
1**% bonds, series F, 1939
325,254,750.00
2*4% boDds. series G. 1942-44.
379,787,325.00
59,300,000.00
7,631,040.22
of
Deposits for:
bank
Note 2—The amount to
Home Owners' Loan Corporation:
lawful
officers, Ac
and
To
reserve,
Other deposits
Postmasters, clerks
depositaries:
$
$
3,304,661.47
938,079.24
3,271,337.10
105,423.61
945,518.75
500,610.00
862,085,600.00
98,028,600.00
236,482,200.00
22,325,000.00
103,147,500.00
100,122,000.00
3% bonds of 1944-49
Savings
money
sales of Govt.secur.
urer
$
Federal Farm Mortgage Corp.:
Federal Housing
Total
Interest
4,184,688.84
Trustees,
of
Postal
248,173.55
Fed. Reserve banks.-
States;
9,421,388.09
—
Post Office Dept
Board
(recoinage
Collections, Ac
To
out¬
Deposits of Government
officers:
Unclassified—
Nat.
checks
standing
3,237,758.85
2,829,692.20
405,562,338.19
Minor coin
urer
of Contingent Liability
1,398,747,512.01
Total
Liabilities—
J ,560,698,584.13
Gold (as above)
OF THE UNITED STATES. MAY 31, 1937
Amount
fund—
GENERAL FUND
in transit, &c., was
CONTINGENT, LIABILITIES
•
1,171,472.00
40,483,113.01
outstanding
Sliver in general
Special depos. acct. of
a Total gross debt June 30, 1937, on the basis of dally Treasury statements, was
$36,424,613,732.29, and the net amount of public debt redemption and receipts
$2,477,289.03.
bNo reduction is made on account of obliga¬
tions of foreign governments or other investments.
'.v
■
$
outstanding. 1,357,092,927.00
notes of 1890
Liabilities—
Silver ctfs.
Deposits in:
b34,466,647,101 31,828,883,273
Net debt
141,035,834.02
210,927,355.87
balance..
1,560,698,584.13
value)
Deduct Treasury surplus or add
of
dollar—.
12.740,223,012.59
Note—Reserve against $346,681,016 of United States notes and $1,171,472 o
Treasury notes of 1890 outstanding.
Treasury notes of 1890 are also secured by
12.740.223,012.59
Total
Subsidiary silver coin...
Aggregate of
Bearing do interest
weight
in
tion
In working
Silver (as above)
(Govt. Life Insurance
1946)
Balance of Increment
Assets—
711,260,300
388,574,850
.....
1,208,735,394.24
Inactive
..........
45,369,936
...
3s Adjusted Service bonds
11,179,524,428.46
fund:
Gold in general
758.955,800
758,955,800
1,036,702,900 1,036,762,000
489,080,100
489,087,100
454,135,200
454,135,200
352,993,450 ' 352,993,950
544,870,050
544,914,050
4*4s Treasury bonds of 1947-1952
A.-O.
3s Treasury bonds of 1944-1954
J.-D.
S**B Treasury bonds of 1946-1956
M.-S.
3*^8 Treasury bonds of 1943-1947
J.-D.
3H8 Treasury bonds of 1940-1943.J.-D.
3Hs Treasury bonds of 1941-1943
M.-S.
3Hb Treasury bonds of 1946-1949
J.-D.
3s Treasury bonds of 1951-1955
M.-S.
2Kb Treasury bonds of 1955-1960
2*4s Treasury bonds of 1945-1947
fund.
June 30, 1936
Payable
156,039,430.93
1,800,000,000.00
reserve
Exch. stablliza'n
Interest
Title of Loan—
10.422,961.75
Fed'. Res. notes...
Gold
OUTSTANDING
INTEREST-BEARING DEBT
the credit of disbursing
officers and certain agencies
today
$2,181,863,539.78.
TREASURY MONEY
HOLDINGS
compilation, made up from the daily Gov¬
ernment statements, shows
the money holdings of the
Treasury at the beginning of business on the first of July,
August, September, and October, 1937:
The following
Holdings in U. S. Treasury
July 1, 1937
$
Aug. 1,1937
Sept. 1,1937
Oct. 1, 1937
$
$
$
1,839,778,147 1,716,738,015
coin and bullion. 1,583,626,713 1,714,186,143
446,293,625
449,096,580
434,846,105
409.038,517
Net silver coin and bullion
2,685,041
2.996,094
2,032,709
2.840,293
Net United States notes..
1,037,767
778,993
591,671
467.026
Net National bank notes.
13,469,707
14,271,226
14,285,830
13,755.310
Net Federal Reserve notes
447,131
375,870
257,048
565,578
Net Fed. Res. bank notes.
3,237,759
5,372,060
5,633,665
5,202,106
Net subsidiary silver
5,068,640
5.721,667
7.028,891
6,457,577
Minor coin, Ac
Net gold
Tennessee Valley Authority.—.-.
Total, based
...
4,694,588,883.48
upon guarantees..
yOn Credit of the United States:
Secretary of Agriculture....
...
...
Postal Savings System:
1,270,108,085.90 31,393,826.35 dl301,501,912.25
Funds due depositors
Total cash in Treasury.
Total, based upon credit of the
'
!
United States
Less gold reserve
-
...
fund....
Other Obligations:
'
156,039.431
156.039.431
e4,196,006,553.25
Includes only bonds Issued and outstanding.
a
Alter deducting amounts of funds deposited
Dep. In spec'l depositories
account Treas'y bonds,
tificates of Indebtedness
with the Treasurer of the United
States to meet interest payments.
c
Does
not
include
$3,605,000,000 face amount of notes and
accrued Interest
thereon, held by Treasury and reflected in the public debt.
available. Offset
by cash in designated depository banks and accrued Interest amounting to $135,170,277.78, which is secured by the pledge of collateral as provided in the regulations
of the Postal Savings System having a face value of $137,810,318.25, cash in pos¬
session of System amounting to $64,246,444.64 and Government and Governmentguaranteed securities with a face value of $1,090,339,790 held as investments, and
d Figures as of Appll 30,
1937—figures as of June 30, 1937, not
In
actual
fund deposited
and $302,495,905 of their own Federal Reserve notes held by the
The collateral security for Federal Reserve notes issued are (1)
circulation,
in the Treasury
Issuing banks.
Dep. in Fed. Res. banks
..
Dep. in National banks—
To credit Treas. U. S..
To credit disb. officers.
Cash in Philippine Islands
Deposits in foreign depts.
Net
cash
in
Treasury
and in banks
Deduct current
labilities.
exclusive of $10,470,461.75 redemption
*
not
767,955,000
161,160,388
649,462,000
500,915,000
685,316,000
141,337,926
247,092,155
167,558,596
19,114,610
29,202.614
12,397,045
30,695,986
1,964,788
2.837,021
14,979,478
29,763,341
1,478,808
16,817,015
29,358,197
2,967,617
2,600,297
1,657,514
2,605,799
2,195,036
2,709,294,152 2.818,724,626 3,064,415,045 3,013,024,187
153,362,415
162,224,194
179,820.241
155,820,254
Available cash balance. 2.553,473,898
other assets.
e
156,039,431
2,032,938,254
1,865,913,689 2,022,822,631 2,162,351.205
Treasury notes and cer¬
*
156.039,431
1,301,501,912.25
...
Cash balance in Treas..
Fed. Res. notes (face amount)
*2188,977,685
2,021,953,120 2,178 862,062 2,318.390,636
2,638,904,385 2,902.190,851 2,859,661,772
$405,810,512 silver bullion and $2,829,692 minor, Ac.,
Included in statement "Stock of Money."
Includes on Oct. 1,
coin
2642
Financial
THE
LONDON
STOCK
Friday
day of the past week:
Sal.,
Mon.,
TU£8.,
Oct. 19
Oct. 18
Oct. 19
British Amer Tobacco.
Canadian Marconi
108
435'/71/3
nx
5/9
Thurs.,
Frl.,
Oct. 21
20
Oct. 22
275/50/-
Courtaulds S A Co....
De Beers............
Distillers Co
Electric A M uslcal Ind.
Ford Ltd
Gaumont Pictures ord.
A
Geduld (E)..........
106/3
109/4)6
108/9
4/9
5/9
6/1K
410/420/425/66/10)6
71/10 H
71/3
268/9
272/6
277/0
49/49/9
49/6
£12)6
106/6
17/9
24/9
5/3
2/3
....
105/4/9
430/68/9
268/9
49 /4)6
£13 %
Cons Goldflelda of S A.
Crown Mines
Wed..
104/6
16/6
23/9
5/3
£12)6
104/17/6
175
£13)6
108/-
108/18/6
24/9
5/3
24/5/3
2/180/172/-
2/177/6
180/177/6
Geduld Prop Mines...
£13 H
18/+ 24/3
5/3
2/180/177/6
2/180/175/-
Gold
Exploration A
Finance of Australia.
4/-
Hudson Bay Mln A 8m
26/9
Imp Tob of G B A I..
Mines of Kalgooriie.
Box
18/1)6
70/12/9
Fr Est Gold....
Rand Mines
Antelope Cop M.
60/£40)6
£5i?2
...
So Kalgurli Gold M
Sub Nigel Mines......
81 h
202/6
58/9
37 /3
160/27/6
31/3
Triplex Safety Glass...
Unilever Ltd....
Union Corp....
United Molasses
West Rand Consol M..
3/9
26/6
149/4)6
*150/-
25/146/3
145/7)4
3/9
26/150/7)6
150/7)6
17/6
70/12/43/9
17/6
72/6
13/3
45/£7)6
18/68/9
13/45/10)4
£7)6
£40)6~
£413,6
7/6
197/6
58/35/9
152/6
26/6
30/-
,
£39~X~~
£5332
7/6
£513
8/200/58/37 /1)6
160/27/9
31/10)6
200/57/37/9
160/28/6
31/3
£7
£6%
£7)6
THE BERLIN
STOCK
24c
IX
1
1
20c
16c
1
7X
72 Xc
Oceanic Oil Co
Pacific Clay Products...
Pacific Distillers Inc
Pacific Finance
as
Pacific Gas A Elec com..25
0CL
Allgemeine Elektrizltaets-Gesellschaft
18
125
Berliner Handels-Gesellschaft (6%)
Berliner Kraft u. Licht (8%)
by cable
Ocf.
0cL
19
20
21
125
124
22
123
124
125
135
135
134
134
135
168
168
168
168
168
120
119
119
119
119
119
118
118
119
120
(5%).124
124
124
123
123
124
Deutsche Erdoel (6%)
144
145
143
143
144
146
Deutsche Relchsbahn (German
Dresdner Bank (4%)
Rys pf 7%).129
129
115
115
115
115
115
161
160
159
160
161
146
Hamburger Elektrlzltaetswerke (8%)
Hapag
129
115
160
(7%)..
Gesfuerel (6%)
148
147
147
148
149
148
129
148
148
148
129
147
129
148
83
83
83
82
83
83
118
...
(4)6%)
Norddeutscher Lloyd..
Reicbsbank (8%)
118
118
117
118
119
84
84
84
84
83
..200
201
202
200
204
207
...230
229
230
230
230
232
160
Rhelnlsche Braunkohlen (8%)......
Salzdeturth
(6%)
160
161
209
210
211
Siemens A Halske (8%)....
210
211
210
Par
Week's Range
for
Sale
of Prices
Price
1
Low
3X
High
3
49c
Bolsa-Chica Oil A com.. 10
1,400
15
Oct
35
Feb
400
39
Oct
14
300
12 X
Oct
52 X
28)6
Apr
5
8,700
2)6
Oct
13)6
Feb
30
Republic Petroleum com.l
5)6% pref
50
34)6
34)6
200
20c
18c
20c
Rlchfiled Oil Corp com...*
Warrants
6
4)6
6)6
1,500
21,900
IX
1)6
5)6
1)6
800
IX
1,900
2,100
1.35
1%
5)6
Roberts Public Markets..2
Samson
Corp B com
Security Co units ben Int.
Sierra Trading
4
1.50
1.35
2%
29
*
B
2)6
29
5c
Corp__.25c
3
24
22
22
22
10)6
10)6
10)6
21
19
21
35
34)6
25)6
24)6
27)6
17)6
27
24)6
27)6
28)6
34)6
Transamerica
Corp
*
Union Oil of Calif
25
Universal Consol Oil
10
24)6
34)6
3)6
31X
12
21)6
7)6
Oct
3X
OH
July
Oct
3.25
Feb
3.25
Mar
1.45 June
29
Oct
2c
3)6
Oct
22
Oct
10
Oct
14)6
Jan
19
Oct
32 X
Jan
34)6
25)6
Oct
41
Oct
24 Ys
Oct
29)6
28)6
Mar
170
1,000
1,700
25
27 X
Oct
31
Aug
25 X
2,000
2,600
17)6
28)6
Oct
62 X
Mar
Oct
49)6
3)6
30
33 X
1,900
1,100
9)6
17)6
12)6
22)6
10,800
12,600
Oct
5
Feb
30
Oct
55
Mar
Oct
16)6
28)6
18)6
July
9)6
17)6
Oct
5
8
800
5
Oct
5)6
6
200
5)6
Oct
6
240
6
Sept
5
7
4,700
5
Oct
3)6
3)6
Oct
6
Cardinal
16c
9,800
2c
12,000
lc
Mar
4c
14c
20c
1,500
20c
Sept
82 Xc
4)6
1,200
Oct
2)6c
14,000
1)6
Apr
1 Xc "Jan
4X
2)6c
2)6
l)6c
9c
Feb
30c KOct
48C
Jan
|Oct
15c
Jan
29)6 fOct
68 X
Mar
Oct
Oct
9X
5X
Jan
Oct
4X
Jan
Oct
34c
34c
Zenda
1
6)6c
5c
6c
3,200
Gold
Anaconda Copper Mln..50
Aviation Corp (Del)
3
31
*
3)6
2)6
29)6
3)6
IX
Commonwealth A Sou...*
IX
IX
Cities Service Co
Continental Oil Co (Del) .5
31
31
37X
Jan
2)6
Oct
8X
Mar
100
6)6
Oct
15)6
Feb
37)6
32)6
Kennecott
*
37)6
37)6
Montgomery Ward A Co.*
Copper
32)6
22)6
7)6
32 X
16
New York Central RR___*
North Amer Aviation
Packard Motor Car
1
Par
American Stores
*
Low
High
Bankers Securities
100
pref. .50
10
55c
100
60c
Sept
2.25
Feb
Chrysler Corp
5
Oct
Curtis Pub Co com
Oct
7)6
2)6
Jan
X
Jan
Elec Storage Battery
Sept
16c
Feb
General Motors.....
100
17)6
Oct
31)6
Feb
43
Feb
Horn A
25
40
2)6
IX
200
67X
7)6
7X
200
8
24
Oct
IX
60
Sept
Oct
900
7)6
Oct
10 X
1,800
7)6
Oct
5X
1,900
4)6
135
Jan
17)6
17)6
24)6
Mar
2)6
Oct
10
700
7
Oct
4
.4)6
600
4
Oct
7
6
5)6
30
7
135
5X
Jan
200
5)6
31
32 X
Sept
9)6
1,300
X
8,200
40 X
500
X
39
8
11
6
Goodyear Tire A Rubber *
22 X
16)6
Hancock Oil Co A com...*
22
18
22
55c
55c
75c
X
41X
100
41)6
Oct
64 X
July
60
300
59
Oct
117)6
July
Oct
17 X
Feb
8)6
3,200
Oct
3)6
5)6
for
12 X
------
------
------
115)6
5)6
5)6
------
900
High
Preferred
25
Mar
Mar
70
30 X
Mar
11)6
Jan
Feb
Penna Salt Mfg
Penn Traffic com
50
50
2X
Phlla Elec of Pa $5 pref...*
Phlla Elec Pow pref
25
Phila Rapid Transit
7% pref
50
Range Since Jan. 1, 1937
Shares
31
------
...50
4)6
Mar
PhilARd Coal A Iron
*
------
Aug
Philadelphia Traction
50
Salt Dome Oil Corp
1
Scott Paper
*
Tacony-Palmyra Bridge..*
Oct
1.50
Mar
20
1.35
Jan
1)6
Sept
5c
Oct
18c
Mar
Airplane A Motor. 1
16c
23c
16c June
72 Xc
Jan
Lincoln Petroleum Co.. 10c
15c
10c
16c
60c
Feb
Tonopah-Belmont Devel.l
Tonopah Mining
1
11c
113)6
46
1,200
IX
------
27)6
4,000
60c
------
Oct
5c
1
26)6
Oct
IX
Menasco Mfg Co
1
Mid-Western Oil Co...10c
------
Oct
8)6
2)6
Union Traction
IX
Oct
16)6
6)6
Feb
8,300
Feb
United
5)6
700
4X
Oct
10
Feb
50c
65c
3,100
50c
Oct
1.45
Mar
90c
2.00
5,900
90c
Oct
4X
Jan
10c
12c
13,000
5)6
Oct
lc June
23c June
Mt Diablo Oil M A Dev__l
Merchants Petroleum
52 Xc
35c
50c
55c
2,000
35c
35c
500
32c June
National Funding Corp. 10
Nordon Corp Ltd
6
7
6)6
7
200
6X
Oct
12 X
Jan
19c
16c
20c
17,700
13c
July
45c
Feb
50c
Oct
97 Xc
80c
Apr
Corp
com
Preferred
50
*
*
United Gas Improve com.*
Preferred
*
Westmoreland Inc
*
Westmoreland Coal
*
------
------
36)6
------
Low
2)6
3)6
30)6
10)6
103)6
......
10X
High
Oct
26)6
187)6
Feb
160
150
Oct
290
20
Oct
45
Mar
15)6
115)6 116)6
2)6
5)6
2)6
5)6
470
10
Oct
43
Mar
809
112
10
70)6
3)6
21)6
39 X
105
73 X
7
28)6
40)6
105
26
1
6)6
2)6
19)6
May
127)6
4,922
2,468
2X
2X
Oct
14)6
Oct
13
185
70 X
Oct
563
3)6
Oct
134)6
20)6
948
21)6
39)6
Oct
44)6
Oct
70 H
998
10
101
3)6
4)6
320
105
Oct
24
Oct
139
41)6
Jan
Mar
Jan
Feb
Mar
Feb
Jan
Feb
Feb
Feb
10
100 x
Oct
4)6
1,018
Oct
13 X
Jan
9)6
IX
IX
1,581
3X
4X
X
Oct
24X
Mar
Oct
4X
Apr
8
370
915
3X
1,776
12,883
27)6
6,495
1
112
Jan
Oct
5)6
Feb
6X
Oct
2X
19)6
Oct
14)6
5)6
Apr
Oct
50 X
Mar
Oct
178 X
June
Jan
130
130
25
2
2
400
2
Oct
3)6
646
108)6
30X
IX
2)6
June
117)6
Feb
Oct
35 X
Apr
Oct
7X
Feb
Oct
13)6
X
4X
Oct
3)6
Feb
Oct
16)6
Feb
Oct
20
109)6 113)6
30)6
31)6
1,510
IX
2X
2)6
4)6
1,132
1,258
X
4)6
5)6
X
100
6X
10 x
1,462
10,551
35 X
37)6
81
29)6
29)6
10
X
X
600
X
------
1,441
20)6
20
X
16)6
5c
7,900
8)6
18
10c
150)6 152)6
24
7X
Feb
13)6
101
3
IX
5)6
IX
4)6
26
*
Corp vtc
Pennsylvania RR
5c
4X
-
10 x
Corp..25
IX
9,650
15,090
-
1
1)6
Oct
27)6
— — -
100
Mitten Bank Sec
Jan
Sales
Low
Price
Pennroad
64)6
19)6
Oct
Preferred
Lehigh Coal A Navigation *
Lehigh Valley
50
Jan
Week
Natl Power A Light..
Oct
5
(Phil)com*
Hardart (NY) com*
20c
41X
of Prices
Feb
Oct
8
10
10c
7X
2X
16
Week's Range
*
100
55c
Ang Industries Inc..2
Ang Investment Co.10
43 X
Oct
5)6
Feb
Oct
7
39
900
3,200
Mar
Mar
1,400
7)6
22 X
Feb
Feb
12 X
7
X
Lockheed Aircraft Corp_.l
Oct
9)6
59
Horn A Hardart
1
22
100
400
Sale
5c
Development Co..l
100
10
8
*
10)6
6)6
Jan
22
5
300
Gladdlng-McBean A Co..*
Globe Grain A Milling..25
Feb
59
Budd Wheel Co
9)6
Jan
12)6
*
Corp
Bell Tel Co of Pa pref. .100
Budd (EG) Mfg Co
*
40 X
17 X
12 X
41)6
Warner Bros Pictures
Mar
Oct
10
U S Steel
Mar
Oct
22
25
Mar
68 X
54 X
5)6
10
Corp
62 X
Oct
5
22
Texas
Oct
Oct
3,000
Standard
*
37)6
32 X
16
3,100
5
Inc
200
200
2,900
7)6
6
Brands
23
7)6
6)6
6)6
7)6
5,000
10
3)6
*.*
Radio Corp of America..*
Seaboard Oil Co of Del...*
X
Emsco Der A Equip Co.-.5
Exeter Oil Co A com
1
31
1,700
Jan
5X
100
Jan
6)6
Jan
30
31
100
3)6
IX
IX
3)6
6c
..25
100
700
6)6
X
Dougals Aircraft Co
200
3)6
2)6
1)6
2)6
Apr
4X
31
6)6
90c
IX
Feb
3)6
Corp
3)6
60
Feb
1
Curtiss-Wright
9)6
.10
5c
39c June
International Tel A Tel..*
6c
1
Oct
Unlisted—
X
..
12c
1,000
Oct
IX
1
11c
34c
Oct
24
Feb
9)6
13)6
Apr
5)6 Ju-e
lXc
1
X
25
Aug
2c
4)6
35c
17)6
Feb
9
16c
1
6c
100
400
Aug
20c
Gold
2X
17)6
Feb
2
3)6
5,700
17)6
Jan
100
6
American Tel A Tel
1.10
Feb
27 X
696
9,300
5,600
Aug
Mar
22
3)6
2,600
3.00
Feb
15c
48
Weber Showcase A Fist pf *
IX
1.10
Jan
66
Jan
Oct
Last
Range Since Jan. 1, 1937
Shares
July
Oct
4
24
2
6
50
87 Xc Mar
10 X May
200
36)6
26 X
25
1
25
Jan
100
25
25
Sunray Oil Corp
Superior Oil Co..
Jan
3,700
Original preferred
6% pref B
Standard Oil Co of Calif..*
Oct
200
So Calif Edison Co Ltd. .25
So Calif Gas 6% pref A. .25
Southern Pacific Co
100
July
4,000
24
Oct
18c
4)6
25
6c
24
30
1,000
31
5c
Sontag Drug Stores
49c
2X
Preferred
Mascot Oil Co
IX
Rice Ranch Oil Co
X
10 x
5
Los
20
40
55c
Consolidated Oil Corp
Consolidated Steel Corp
Los
25)6
21
35c
67 X
8
Holly Oil Co
37)6
28)6
Jan
Oct
200
12)6
2X
Oct
Claude Neon Elec Prods
Kinner
Jan
Oct
400
25)6
Feb
18
15
10
Chapman's Ice Cream Co..
Chrysler Corp
..5
Jade Oil Co
32
1.87)6 Mar
39
v t c..l
Byron Jackson Co
Holly
Oct
14
IX
1
Warrants
com
Oct
26
.10
55c
Berkey A Gay Furn Co
t c
Oct
72 Xc
24)6
25)6
Friday
Week
Barnhart-Morrow Cons._l
v
7)6
100
39 H
Barber Co
Bandinl Petroleum Co
District Bond Co
400
7)6
7)6
72)6c 72 )6c
Sales
Last
Creameries of Amer
Mar
Pacific Western Oil
Slocks—
Central Investment
Mar
40c
25 X
inclusive, compiled from official sales lists
Friday
B Common
2.00
Sept
5)6% 1st pref
25
Pacific Indemnity Co...10
Pacific Lighting com
*
Angeles Stock Exchange
Oct. 22, both
Buckeye Union Oil
Jan
16c
8,600
8,300
Par
....135
168
Stocks—
Feb
70c
IX
20c
Tom Reed Gold
Commerz-und Privat-Bank A. G. (5%)....120
Dessauer Gas (7%)
119
Deutsche Bank und Disconto-Gesell.
Los
80c
25c
12)6
24)6
Calumet Gold Mines..-10c
OcL
■Per Cent of
Mannesmann Roehren
Oct
6,200
16)6
Imperial Development.25c
16
Farbenlnduatrie I. G.
High
Low
1,800
35c
12 X
16 X
26
Blk Mammoth Cons MIOc
received
of the past week:
General Motors
10
com
Cosol Chollar GAS
Ocf.
to
32c
Range Since Jan. 1, 1937
Shares
Mining—
EXCHANGE
Closing prices of representative stocks
Oct. 16
1
High
Wellington Oil Co
...1
Yosemite Ptlu Cement....
£7)6
+ Bid.
each day
Occidental Petroleum
Low
Price
Van de Kamp'sHDBakers*
£7
Offered.
Par
5)6% pref C
£7)6
57/6
£38 X
Wltwatersrand
Areas
♦
17/9
76/3
12 /43/9
£7)6
56/3
£38)6
£4^,6
7/7)6
197/6
58/35/9
150/26/6
30/-
45/714
7X
Royal Dutch Co
West
Week
(Concluded)
Signal Oil A Gas Co A
Palmletkull Gold M...
Transport
3/9
DAY
Metal
Shell
3/9
24/9
146/3
145/7)6
147/6
147/6
HOLI¬
IMP 8
Roan
for
of Prices
Ryan Aeronautical Co
Lake View South Gold
Rand
Week's Range
Rale
Olinda Land Co
1937
23,
Sales
Last
received by cable
as
Stocks
Central Mln A Invest.
Oct.
EXCHANGE
Quotations of representative stocks
each
Chronicle
X
IX
X
100
2X
3X
31)6
2,725
8)6
11X
100)6 105 X
9)6
10)6
8X
8)6
40,309
285
1)6
25
4,889
297
130
5X
27X
29)6
'is
X
IX
IX
25
Feb
Jan
Jan
Jan
45 X
Jan
Oct
35)6
Aug
Jan
Sept
1S16 May
Oct
,S16 May
Feb
7)6
Oct
8)6
Jan
Oct
46)6
Jan
8X
Oct
Jan
Oct
163
100)6
8X
Oct
17)6
114)6
14)6
388
8X
Oct
11
6
Oct
16)6
Jan
Jan
Feb
Mar
Bonds—
El A Peoples tr ctfs 4s 1945
6
7
$11,000
Mar
Volume 145
Financial
CHANGES
IN
Chronicle
Per
We give below tables which show
all the monthly changes
National bank notes and in bonds and
legal tenders on
deposit therefor:
.
2643
NATIONAL BANK NOTES
Name
in
of Company
Share
Brookmire Investors
(quar.)
;
(interim)
(quar.)
Buffalo Ankerite Gold Mines, Ltd. (quar.)--.
6c
Buck Hill Falls Co.
National Bank Circulation Afloat on—
on Deposit to
Secure Circula¬
Bonus
Builders Exchange Building Co. of Baltimore—
tion for National
Legal
Bank. Notes
Bonds
Tenders
%
Sept. 30 1937
Aug. 31 1937
July
$
bOOO.OOO
a250, 727,515
b000,000
a201 ,542,195
b0OO,OOO
bOOO.OOO
a265
492,159
257,327,515
202,142,195
266,092,159
a271 ,504.454
272.104,454
beoo.ooo
31 1937
June 30 1937
a277, 484,075
278.084,076
a283 ,039,805
a290 ,584,270
a297 ,470,385
284,239,805
291,184,270
Century Ribbon Mills, Inc
b0OO,OOO
30 1937
beoo.ooo
Dec. 31 1930
Sept. 30 1930
298,070.385
305,431,788
313,738,205
321,812,120
328,659,920
339,115.395
a304 831,788
a313 138,205
beoo.ooo
bOOO.OOO
bOOO.OOO
bOOO.OOO
Nov. 30 1930
Oct. 31 1930
a32l
a328
212,120
059,920
a338, 516,395
$2,258,881 Federal Reserve bank notes, outstanding Oct.
1, 1937, secured by
lawful money, against $2,298,883 on Oct.
1, 1936.
a Includes
proceeds for called bonds redeemed by Secretary of the Treasury,
b Secured by
$600,000 U. S. 2 % Consols, 1930, deposited with the U. 8. Treasurer
The following shows the amount of National bank notes
afloat and the amount of
legal tender deposits Sept. 1, 1937,
and Oct. 1, 1937, and their increase or decrease
during the
month of
September:
$262,142,195
4,814,680
Amount of bank notes afloat Oct. 1, 1937—
Legal Tender Notes—
Amount deposited to redeem National bank notes
Sept. 1, 1937
Net amount of bank notes redeemed in
$257,327,515
$261,542,195
September
a
on
4,814,680
deposit to redeem National bank notes, Oct. 1,1937...a$256,727,615
Includes proceeds for called bonds redeemed by
Secretary of the Treasury.
NATIONAL
BANKS
following information regarding National banks is
from the office of the Comptroller of the
Currency, Treasury
Department:
BRANCHES
9—Bank
of
Oct.
9—Bank
AUTHORIZED
National
Trust
Nov.
Nov.
Nov.
Nov.
Oct.
Oct.
&
Savings Association, San
Francisco, Calif.
Location of branch: Unincorporated Town of Hynes,
Los Angeles County, Calif.
Certificate No. 1372A.
Oct.
30
Oct.
30
Nov.
Nov.
Nov.
Nov.
Nov.
25c
Nov.
Napa, Napa County; Main and Washington Sts., City
Sonoma County; 633 Plumas St., Town of Yuba City,
Petaluma,
Sutter County; 103 Santa Rosa Ave.,
City of Sebastopol, Sonoma County;
500 Washington St., City of Sonora, Tuolumne
County.
Certificates
Nos. 1373A to 1380A, inclusive.
STOCK ISSUED
Amount
COMMON
Bank & Trust Co. of Salem,
Salem,
$85,000
CAPITAL
STOCK
INCREASED
$1
Chain Belt Co. (new)
Chain Store Investment
Nov.
Nov.
Nov.
5
Oct. 26
Nov.
6
Nov.
Nov.
25c
Corp. (quar.)
S6M preferred (quar.)
Chartered Investors, Inc., $5pref. (quar.)
Chicago District Electric Generating Corp.—
$6 preferred (quarterly)
Chicago Yellow Cab
Cincinnati Street Railway
Clark Equipment Co. special
Payable in 7% cum. pref. stock. Scrip ctfs.
-
5c
11—The
First
National
Bank
of
Omaha,
Omaha,
Neb.
(From $750,000 to $1,500,000)
COMMON
$750,000
CAPITAL
STOCK
REDUCED
_
to
$25,000)
CURRENT
—J. S. Bache & Co.
office
of
Doncho
&
announce
Co.
located
that
at
NOTICES
they have acquired the Providence
540
Hospital
Trust
Building.
This
office will be operated as a branch under the
management of Kenneth C.
Grinslade, formerly of Donoho & Co.
—B. J. Rockefeller has been admitted to
partnership in Lohr, Stuart &
Co., members New York Curb Exchange, and Fred Eagles, Le
Roy F.
Gourley and Nathan Hicks, all formerly with
Rockefeller, Platts & Co.
have become associated with the firm.
—Homer & Co., Inc., 40 Exchange Place. New York
City, has
its periodical
circular
on
the
market
for
prepare
high grade railroad and public
utility bonds.
—Van
Strum & Towne, Inc., investment counsel, announce the
appoint¬
ment of Albert W.
Erdman, Jr.
as
their Hartford, Conn, representative.
—Homer & Co., Inc., 40 Exchange Place, New York
City, have issued
their quarterly review of the high
grade corporate bond market.
first
current week.
we
show
grouped in two separate tables.
In the
together all the dividends announced the
are
bring
we
the
Then
we
dividends
follow with
a
second table in which
previously announced, but which
have not yet
been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
News
in
"General Corporation and Investment
Department" in the week when declared.
name
our
The dividends announced this week
are:
Corp.
SIM
Dec.
Dec.
25c
15c
S3
20c
%
Albany & Vermont RR. Co
Aloe (A. S.) Co. (quar.)
Share
When
Holders
Payable of Record
$1M
Nov.
Nov.
50c
Nov.
Oct.
21
Oct.
Oct.
19
Oct.
Oct.
13
Nov.
Nov.
1
American Book Co. (quar.)
American Fidelity Co. (quar.)_;
$1
50c
American News N. Y. Corp. (bi-mo.)
American Reinsurance Co. (quar.)
50c
40c
Nov.
Oct.
29
Atlantic Macaroni, Inc. (quar.)
Badger Paper Mills, Inc., 6% prei. (quar.)
Oct.
25
Nov.
Oct.
20
25c
Nov.
Nov.
70c
Oct.
Oct.
Blauner's
25c
(quarterly)
Preferred (quarterly)
$3
75c
Brewer
(C.) & Co., Ltd. (monthly)
Broadway & Newport Bridge Co. (quar.)
5% preferred (quar.)
Nov.
5
$1
75c
(W. H.) Co. (special)
Bay State Fish Co. 7% pref. (semi-ann.)
Blackstone Valley Gas & Electric, 6% pref
Barber
Nov.
1
Dec.
1 Nov. 15
1 Nov. 19
Nov.
1 Oct.
Dec.
1 Oct.
25
30
22
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Oct.
$1
Commonwealth International Corp. (quar.)
Consolidated Rendering Co
Oct.
68Mc
68Mc
4c
common
Columbia Pictures Corp., $2M conv. pf. (quar.)
Columbus Foods Corp., $3M pref. A
Nov.
Oct.
30c
37 Mc
(Del.).
Spring
5Mc
Cooksville Co., Ltd., 5% pref. (quar.)
SIM
Cosmos Imperial Mills (quar.)
25c
5% preferred (quar.)
SIM
Delaware Rayon Co. 7% pref. (quar.)
SIM
:—
De Vilbiss Co., common
$2
7% preferred
17Mc
Diem & Wing Paper Co. 5% pref. (quar.)
SIM
Domestic Finance Corp., cum. pref. (quar.)__
50c
Dominion Bridge Co., Ltd. (quar.)
X 30c
Eastern Township Telephone
36c
East Shore Public Service Co. $6M pref. (quar.)
SIM
$6 preferred (quar.)
SIM
Eaton Manufacturing Co
75c
Elmira & Williamsport RR (s.-a.)
$1.14
Fall River Gas Works (quar.)
40c
Fiduciary Corp. (quar.)
Finance Co. of America (Bait.), class A & B
common (extra)
50c
Continental
Cushion
stock
3
3
15
2l
Nov.
Nov.
Oct.
Oct.
20
Nov.
Oct.
Oct.
30
Nov.
Nov.
30
Oct. 30
Dec. 31
Jan.
Oct.
Sept. 30
Sept. 30
Sept. 30
Oct.
Oct.
Nov.
Oct.
31
Nov.
Oct.
Oct.
Oct.
30
Nov.
Oct.
25
6
Dec.
Nov. 10
Dec.
Nov.
Nov. 10
Nov.
1
Nov.
Oct.
Nov.
Oct.
20
26
Nov.
Oct.
20
Nov. 15 Nov.
5
class
cumul. pref. $5 par,
share of pref. for each 10 shares of
A or B
held.
Scrip ctfs. issued for
one
fractional shares.
Nov.
Oct.
25
Nov.
Oct.
15
Nov.
Oct.
15
Dec.
Dec.
4
Nov.
Nov.
3
Nov.
Nov.
3
Great Western Electro-Chemical Co..:
Nov.
Nov.
Extra
—
1
Nov.
Oct.
Oct.
Sept.
Sept. 25
Sept. 20
Nov.
Nov. 15
Hale Bros. Stores (quar.)
Hancock Oil of Calif., class A & B
Class A & B (extra).
Dec.
Dec.
Nov. 15
Nov.
1
1st pref
Nov.
Hawaiian Agricultural Co. (monthly)
Heileman (G.) Brewing Co. (quar.)
Nov.
Nov. 24
Nov.
Nov.
Hearn
Nov.
Oct
Dec.
Nov. 15
Dept. Stores, pref. (quar.)
Heyden Chemical Corp. (quar.)
Hibbard, Spencer, Bartlett & Co. (special)
Hollander (A.) & Son. (quar.)
Oct.
Nov.
Oct.
Oct.
Honomu Sugar Co. (monthly)
Home (Joseph) Co., pref. (quar.)
Nov.
Nov.
Nov.
Nov.
Oct,
Oct.
Oct.
Power 7% pref. (quar.).$6 preferred (quar.)
Hutchins Sugar Plantation Co. (monthly)
Idaho Maryland Mines (extra)
Idaho Power Co., 7% pref. (quar.)
$6 preferred (quar.).
lUuminating & Power Securities (increased)
7% preferred (quarterly)
International Harvester Co., pref. (quar.)
International Metal Industries, Ltd.—
6% cumulative convertible preferred
6% convertible preferred series A
Ironrite Ironer Co. (initial)
8% preferred (quar.)
Island Mountain Mines
Johnson Ranch Royalties (semi-ann.)
Julian & Kokenge Co. (extra)
Kable Bros. Co. (quarterly)
6% preferred (quarterly)
—
Karstadt (R.), Inc. (Americanshares)
Kayser (Julius) & Co
—
Ken-Rad Tube & Lamp
Kentucky Utilities Co., 7% jr. pref. (quar.)
Kekaha Sugar Ltd., (monthly)
King Oil Co-.Kings County Trust Co. (quar.)
Kittanning Telephone Co. (quar.)
Klein (D. Emil) (quar.)
Preferred (quar.)
Nov.
Preferred
(quar.)
Lawbeck Corp. 6% pref.
Taylor 1st pref. (quar.)
Louisiana Ice & Electric Co., Inc., com
Lynchburg & Abingdon Telegraph Co. (semi-an.)
Lynch Corp
—--—
Lyon Metal Products, Inc., 6% pref. (quar.)
Macy (R. H.) & Co. (quar.)
Marconi International Marine Comm.—
Amer. dep. rec. for ord. register (interim)
McVicker
(W. B.)
Meadville Telep. Co. (quar.)
Midwest Oil Co. (semi-ann.)
Montreal Light, Heat & Power
—
Co. (quar.)
Monument Mills
Moore Drop Forgings, class
A
Muskogee Co. 6% cum. pref. (quar.)_Nashua & Lowell RR. (semi-ann.)
National Biscuit Co
Preferred
Oct.
30
1
1
Nov.h 5
Nov. 21 Oct.
Nov. 21 Oct.
25
25
1 Oct.
20
Nov.
1 Oct.
20
Nov. 15 Nov.
3
20
25
5 Oct.
Nov.
1 Oct.
30 Oct.
Nov.
Oct.
28
Nov. 15 Nov. 15
Sept. 25 Aug.
6
Nov. 15 Nov.
1
Nov. 10 Oct. 31
Nov. 20 Nov.
1
Nov.
1 Oct. 25
Nov.
1 Oct. 15
Nov.
1 Oct. 25
50c
25c
62 Mc
62 Mc
11 Oct.
6
24 Dec. 14
1 Oct. 20
2 Jan. 20
Oct.
Dec.
Nov.
Feb.
Nov.
1 Oct.
Dec.
20
1 Nov. 16
1 Nov. 16
28 Oct. 26
Dec.
Oct.
Nov.
1 Oct.
23
Nov.
1 Oct.
15
1 Nov. 17
Nov.
1 Oct. 15
Jan.
3 Dec. 15
S3
$1. Nov. 15 Nov. 5
Nov.
1 Oct. 16
SIM
$1lf
50c
8.4c
S3M
37 Mc
50c
$2
50c
SIM
SIM
S3M
SIM
lMc
2Mc
National Power &
Neptune Meter Co., 8% pref. (quar.)
$2
Newberry (J. J.) Co., pref. A (quar.)
SIM
Nov.
15
30
15
Nov.
Sept. 30
Sept. 30
SIM
Oct.
Oct.
Dec.
1
Nov. 20
Light common (quar.)
Nation-Wide Securities Co. (Colo.) B
15
Nov.
Nov.
Nov.
—
Oct.
Nov.
Nov.
$2 M
(quar.)
National Electric Welding Machines Co
15
Oct.
Nov.
Nov.
40c
(quar.)
National Credit Co., A
5
23
15
Nov.
SI
SI
$2
15c
10c
Lord &
19
29
Nov.
SIM
(quar.)
Liggett & Myers Tobacco Co. (quar.)_
Common B (quar.)
Lit Bros., preferred
Loew's Boston Theatres (quar.)
Leonard Custom Tailors Co. (quar.)
1
27
Nov.
Nov.
Nov.
22
Nov. 25
Nov. 15
Dec.
(quar.)
1
Nov. 16
Nov.
1
Dec.
5
Griesedieck-Western Brewery
Gross (L. M.) Co., 7% pref. (quar.)
Guilford Realty (Bait.) 6% cum. preferred
Gurd (Chas.) & Co., Ltd., 7% pref. (quar.)
—
Per
Name of Company
15
25
SIM
-
DIVIDENDS
Dividends
Oct.
Oct.
Houston Lighting &
Ami of Reduction
(From $50,000
$25,000
_
Oct. 12—The Louisa National Bank, Louisa,
Ky.
5
Nov.
Nov.
will be issued in leu of fractions.
Cliffs
Havana Electric Utilities 6%
Ami of Increase
Oct.
Nov.
10c
-
Main St., City of
PREFERRED
3
1
Nov.
1
Oct. 30
Oct. 15
Oct. 15
Nov.
SIM
SIM
6% preferred (monthly)
General BoxfCo. (quar.)
Great Lakes Dredge & Dock (quar.)..
America National Trust & Savings Association, San
Location of branches: All in the State of California.
1561 Solana Ave., City of Berkeley, Alameda
County; 301 G St., City of
Davis, Yolo County; 350 E St., City of Eureka, Humboldt County; 903
9—The City National
N.J. (soldlocally)
1
1
15
Dec.
75c
(qu.)
Central Railway Signal class A
Francisco, Calif.
Oct.
Dec.
15
1
1
Nov.
Fuller Brush Co. A (quar.)
Gas Securities Co. (monthly).
of
Oct.
Payable in class A 7%
of
America
Nov.
—
The
Oct.
Oct.
Nov.
50c
Container Corp. of America (quar.)
Continental American Life Insurance
National Bank Notes—Total Afloat—
Amount afloat, Sept. 1, 1937
Net decrease during September...
Amount
Cedar Rapids Mfg. & Power (quar.)
Central Arizona Light & Power Co., $7 pf.
bOOO.OOO
Mar. 31 1937
Feb. 28 1937
Oct.
50c
$6 preferred (quarterly)
Central Cold Storage Co. (quar.)
Apr. 30 1937
Oct.
12Mc
tl2Mc
;
10c
10%
25c
50c
25c
Extra
bOOO.OOO
May 31 1937
Jan.
Burroughs Adding Machine Co. (quar.)
Special
Campbell, Wyant & Cannon Foundry (quar.).
Castle (A. M.) & Co. (quar.)
Total
Holders
25c
Bucyrus-Erie Co.
Amount Bonds
When
Payable of Record
15c
5c
Dec.
Dec.
1 Nov.
5
Oct.
25 Oct.
1
Oct.
29 Oct.
25
Nov. 15 Oct.
31
Dec.
15 Nov. 15
Nov. 15 Oct.
30
»1
1 Oct. 20
1 Nov. 15
1 Oct.
15
Oct.
15 Oct.
Nov.
Dec.
Nov.
Dec.
15 Nov. 12
Nov. 20 Nov. 12
Nov. 16 Oct. 30
Oct. 30 Oct. 25
Dec.
1 Nov.
1
Nov.
1 Oct. 15
Nov. 15 Nov.
1
Dec
1 Nov. 16
.
\
Financial
2644
Per
Share
Name of Company
New England Fund, ben. Int———,
New Mexico Gas Co., common—
—.
6% cum conv. pref (quar.)
New Process Co., common...—....
Preferred (quar.)
......
New River Co., preferred..--..——New York Fire Losutance (quar.).—..——
Extra.-;-—-——-.
Nov.
Nov. 15 Nov. 5
Nov. 15 Nov.
5
Nov.
1 Oct. 21
Nov,
1 Oct. 21
Nov.
1 Oct. 20
Oct. 30 Oct, 20
Oct. 30 Oct, 20
1H
20c
5c
—
20
8% preferred (quar,).—
—.....
Public Service Electric & Gas, $5 pref.
(quar.)-.
7% preferred (quar.)———.———
—
pf. (quar.).
A—
6% preferred A & B (quar.)——
m
50c
Nov.
Oct.
1 Oct.
81 Oct.
25
22
25
11
40c
Nov.
Oct. 18 Oct.
1 Nov. 20
Dec.
SIM
s\%
ii
|
*4
SIM
SIM
25c
81H
t50c
15c
—
Rich Ice Cream, Inc—...
Rochester Gas & Electric 6% C & D (quar.)....
5% preferred E (quar.)—
——
40c
1 Oct.
Nov. 15 Nov.
6
Dec, 28 Dec. 20
Dec. 20 Nov. 20
Dec.
Dec.
Dec.
Dec.
20
20
20
20
Nov. 15
Nov.
1
Nov. 20
Nov. 20
Nov. 20
Nov. 20
Oct. 25
Oct. 22
1 Oct, 25
Nov.
Nov.
Oct.
Nov.
Oct.
20
15
Nov. 12
$1 h
Dec.
Dec.
St. Louis Screw & Bolt
m
26
SIM
Nov.
Oct.
Oct.
St. Paul Fire & Marine
Oct.
Oct.
Oct.
12
11
preferred
—
InsuranceJCo. (quar.)--.
Gorgorio Electric Corp,, $6 pref .
Gabriel River Improvement (monthly)----.
—
.;
Servel, Inc, (quar.)———:
—
Shawinigan Water & Power Co. (quar.)------.
Signode Steel Strapping (quar.)——
Preferred (quar.)
———
Simpson (R.) Co., 6% pref. (semi-ann.)—
Sioux City Gas & Electric Co., pref. (quar.) —
Sovereign Investment, Inc.-----Standard S teel Spring -——
Stein (A.) & Co-------—
Stouffer Corp., class B
———----Class A (quar.)-.-----.
-------Stover Mfg. & Engine Co., 5% pfef. (quar.)
Sterling, Inc. (quar.)-—
—
Preferred (quar.)-Strawbridge & Clothier, 6% pref .A (qu.)——
Sun Oil Co., common
...
Common (stock dividend)
—
—
Preferred-------
—
i——
Tennessee Electric Power Co.—
—
-
—
5% first preierred (quar,)—-——6 % preferred (quar.)
- . — 7% preferred (quar.)--—-----——....
7.2% preferred (quar.).—i
6% preferred (monthly)..-———
6% preferred (monthly)
—...
6% preferred (monthly)-.—
7.2% preferred (monthly).--—------——--.
7.2% preferred (monthly).—-------—
7.2% preferred (monthly)- -Texas Power & Light Co., 7% pref-—— ■——.
6% preferred (quar.)-■
Tobacco Products Export Corp
--
Trane Co.-J
————
------
—
Nov.
Slg
Nov.
1 Oct.
1 Oct.
Nov.
1 Oct. f l5
25c
20c
62 He
621C3
lc
50c
40c
25c
m
Nov.
Dec.
8%
$ih
20c
81M
$1H
SIM
$1.80
22
22
Oct.
Oct.
16
30
30
13
1
23
23
12
1 Oct. 25
1 Oct. 25
1 Nov. 13
15 Nov. 24
15 Nov, 24
1 Nov. 10
Dec.
Dec.
Nov. 15 Oct.
25
Jan.
Dec.
15
Jan.
Dec.
15
Jan.
Dec.
Jan.
Dec.
15
15
50c
50c
50c
60c
Nov.
Oct.
20
Dec.
Nov. 15
Dec.
15
Nov.
Oct.
20
60c
60c
Dec.
Jan.
Nov. 15
Jan.
Nov.
15
16
16
Nov.
1
Nov.
$1M
81H
27 He
Nov.
Nov.
Dec.
Oct.
Nov.
Oct.
1
Dec.
Dec.
1
Dec.
Dec.
Dec.
1
Feb.
t75c
Nov.
Dec.
1
Nov. 20
Oct. 25
Oct. 25
Nov. 15
Jan. 18
Oct. 30
80c
-
Westchester Fire Insurance (quar.)—--——..————————————————■
Western Cartridge Co., pref. (quar
Western Tablet & Stationery (quar.)-j.-———,
Westinghouse Air Brakes (irregular)
Subject to approval of stockholders.
Quarterly
Quarterly ——
Dec.
10
Nov. 17
Oct. 27
Nov.
1
Nov.
1
Nov. 20 Oct.
Nov. 26 Nov.
Nov. 15 Nov.
Nov.
1 Oct.
Nov.
1 Oct.
Oct. 20 Oct.
Nov.
25c
Dec.
81M
I.
-—
—
Dec.
Oct.
30c
10c
Nov.
Oct. 21
Oct. 21
Nov,
1
Nov. 5
Nov. 27
—,
30c
25c
40c
%\M
50c
81H
25c
25c
25c
Whitaker Paper Co—I—2—IIIIII—IIIIIIIIi
Preferred (quar.).
—.
White (S. 8.) Dental Mfg. Co. (quar.)
Williams (R, O.) & Co—
Yuba Consol. Gold Fileds, Inc.
-
Zeller's, Ltd—-——
Below
m
30c
15c
10c
$1H
Dec.
Nov.
Nov.
Dec.
Nov.
Nov.
Nov.
Dec,
25
Apr. 30 Mar. 31
July 30 June 30
Oct. 31 Sept. 30
Jan,
Jan.
2 Dec. 18
2 Dec. 18
30
21
13
Nov. 15 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
Oct.
Nov.
15
we
Per
Name of Company
Share
D.) Mfg. Co. (quar.)
Extra.----------
—
Adams-Millis Corp.
Preferred (quarterly).
.————
—
—-
«
--------
Alabama Mills, Inc., common
Alabama Power Co., $5 pref.(quar.)-
——
————
Extra
—
-
—
————
Alaska Packers Assoc. (quar.)
Allied Chemical & Dye Corp. common (quar.).
Allied Kid Co., common (quarterly)
Altorfer Bros., pref. (quar.)
Aluminum Manufacturing, Inc. (quar.)
7% preferred (quar.)
Amalgamated Sugar Co., 5% pref. (quar.)American Bakeries Co
7% pref (semi-annual).
American Can Co. common (quar.).-American Cities Power & Light $3 cl. A (quar.)—
Opt. div.. l-32dsh.cl.Bstk. or cash.
Amerada Corp. (quar.)
American Cyanamid Co., cl A & B com
This is a special div. payable in cash or in
V 5% cum. conv. pref. stk. at the rate of one
v for 10.
American Envelope Co., 7% pref. A (quar.).
-
,
-
-
-
When
Holders
Payable of Record
Nov.
Nov.
Nov.
Nov.
1 Oct.
1 Oct.
15
15
1 Oct. 22
1 Oct. 22
60c
Nov, 1 Oct. 15
Nov.
1 Oct. 15
15c Nov. 1 Oct.
9
1 Oct.
30c Nov.
9
82 Nov. 10 Oct. 30
81H Nov. 1 Oct. 11
25c Nov.
1 Oct. 20
75c
Nov.
1 Oct. 15
Dec. 31 Dec. 15
50c
Dec 31 Dec. 15
Nov.
1 Oct. 16
Jan.
3 Dec. Id
Nov.
1 50ct. 25*
Nov.
1 Oct. 11
75c
HP
-- -- -
Alaska Juneau Gold Mining (quar.)——
>
15c
30c
50c
...
12$
"ft
50c
81
Oct. 30 Oct. 15
Nov. 26 Oct. 18
•
..
81H
Dec.
Nov.
Nov.
lc
preferred (quarterly)
*\#
50c
American Paper Goods, 7 %
American Ship Building Co
—
lig
——
Extra
—
$7 pref. (quar.)
American Toll Bridge Co. (quar.)
American Zinc, Lead & Smelting, prior pref
Anglo-Canadian Teleg. Co., 5H% pref. (quar.).
Appleton Co. (quar.)-—
Preferred (quar.)Argo Oil Co. (semi-ann.)
—
2c
81H
™yil
——
—
81.40 conv, pref. (quar.)
Assoc. Telep. Co., Ltd., $1M pref. (quar.)——.
Associated Telephone & Telegraph, 7% 1st pref.
—
31 Mc
49c
-
Preferred (quar.)
Boston Edison Co.
(quarterly)
—
Bourjois. Inc., pref. (quar.)
Brandywine Shares
Brentano's Book Stores, Inc. (quar.)
Brewer (C.) <fc Co. (monthly)
—
—Brewers & Distillers of Vancouver-—
British Columbia Telephone, 6% 2d pref (quar.)
Broadway Department Stores
Preferred (quarterly)-——
Brooklyn-Manhattan Transit—
Preferred (quar.)
—
1 Nov. 25
3iytt
*82
Oct.
Oct.
5
30 Oct,
15
Oct.
Nov.
Nov.
11
1
Oct.
Oct.
40c
Nov.
Oct.
Oct.
Oct.
15
15
20
Nov.
Oct.
15
Nov.
Oct.
Nov.
Oct.
18
18
Jan.
Dec. 31
81
sill
60c
$1H
Qct.
15
15
Feb. 28
1
Nov.
Nov.
3
Nov.
3
Nov.
1
Nov.
1
Apr.
Preferred (quar.)
——
California Water Service, pref. (quar.)
Camden Fire Insurance (semi-ann.)-——
Canada & Dominion Sugar, Ltd. (quar.)
Canada Northern Power Corp., Ltd., common-
50c
$1H
SIM
SIM
30c
SIM
37 He
40c
SIM
37 He
62 He
81H
50c
m
Canadian Bronze Co., Ltd., common (quar.)— t37Hc
Preferred (quar.)
tSlM
----—
—
Canadian Industries, Ltd.. class A & B
ISIM
t5c
Canadian Investment Fund, ordinary shares—
±5c
Special shares--Canadian Investors Corp., Ltd-—
HOc
—
86
Case (J. I.) (year-end dividend)
Ceianese Corp. ot Am. 7% cum. 1st pf. (s.-a.) —
83H
40c
Celotex Corp—
-----————
—
Preferred (quar.)_—-----—
81H
20c
Central Hudson Gas & Electric (quar.)—
Central N. Y. Power Corp., 5% pref. (initial)—
81H
35c
Central Ohio Steel Products-^—
t81H
Central Power & Light 7% preferred
—
6% preferred
——-—...——
—
——
———————————
—_—
Century Ribbon Mills, pref. (quar.)
Cerro ae Pasco Copper.—
—
Special-----——
Champion Paper & Fibre (quar.)
—
6% preferred--—————:
Cherry-Burrill Corp., new (quar.)
New (extra)
—
Preferred (quarterly)—•
Cincinnati Sandusky & Cleveland RR., pref—
City Baking 7% pref. (quar.)
City of Paris Dry Goods Co. 7% 1st pref. (qu.)City Water Co. of Chattanooga, 6% pf. (qu.)—
Civic Finance Corp. (N. Y.) cl. A (initial)
Preferred (quarterly)—
Cleve. Cine. Chicago & St. Louis Ry. pref
Cleveland & Pittsburgh RR. Co. gtd. (quar.)—
Special guaranteed (quar.)——
—
Cluett, Peabody & Co., Inc., common (quar.)—
Colonial Finance Co. (Lima, Ohio), (extra)- —
Columbia Gas & Electric Corp.. common—
preferred series A (quar.)
(qi
preferred (quarterly)
preference (quarterly
Commonwealth Edison Co
Commonwealth Investors (Del.) (quar.)
—
Commonwealth Ut iities 6 H % pref. O (quar.)—
Community Pub. Service Co. vot. tr. ctfs. (qu.).
Voting trust certificates (special).————
Confederation Life Assoc fOnt.) (quarterly)—
Concord Gas Co. 7% preferred-——
—
Connecticut River Power 6% pref. (quar.)——
Concol. Chemical Industries cl. A and B (qu.)—
Class A and B (extra)-———
Consol. Edison Co. (N. Y.) pref. (quar.)——
cum.
30 Oct.
20
15
1 Oct.
68Hc
28Hc
(semi-ann.)—
Calgary Power Co., pref. (quar.)--California Packing Corp. (quar.)
cum.
Nov.
Nov.
(quar.)
Buckeye Steel Castings Co_
6% preferred (quar.)
6 H% preferred (guar.)
Buffalo Niagara & Eastern Power 1st pref, (qu.)Bullock Fund, Ltd. (quarterly)
Bullock's, Inc., pref. (quar.)
—
Bunker Hill & Sullivan Mining & Cone. Co.,com.
Calamba Sugar Estates (quar.)
—
cum.
20
25
15
15
15
cash
Blum's, Inc., 81H cumul, conv. pref. (quar.)—
Bon Ami Co. class A (quar.)
Class B (quar.)
—
Brown Fence & Wire Co.. pref. A
9
16
15
Nov.
1 Oct.
Nov. 15 Oct.
1 Oct.
Nov.
1 Oct,
Nov.
1 Oct.
Dec.
1 Nov.
Nov.
Blue Ridge
or
Oct""l5"
29 Sept. 21
1
18 Dec.
1 Oct. 15
Oct. 30 Oct. 15
Dec. 20 Dec.
1
Oct, 30 Oct. 15
Dec. 20 Dec. 13
——
.
1
Dec.
——————
Corp., 83 pref. (quar.)--Opt. div. payment of 1-32 sh. of com.
1
15 Nov. 1
25 Oct. 11
1
15 Nov.
25 Oct. 11
8
1 Oct.
10 Oct, 23
1 Oct.
5
15 Oct, 25
1 Oct. 25
Nov.
1 Oct. 20
Nov.
1 Oct. 15
Oct. 25 Oct. 15
Nov.
1 Oct. 11
Oct, 27 Oct. 21
Nov.
—
—
1 Oct.
1 Oct.
Nov.
Feb.
Nov.
Nov.
Oct,
Nov.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
15
20
20
20
15
15
21
20
Oct.
•
5%
28 Oct.
1 Oct.
Dec. 30 Dec.
1 Oct.
...
6%
5%
28 Oct.
Nov.
Preferred series A
Preferred series A
Borland Shoe Stores, Inc., 7% pref. (quar.)
Best & Co
Birtman Electric Co. (quar.)—
;
Central Tube Co
Oct.
1 Oct.
28 Oct.
Nov.
—
Preferred
Oct.
Oct.
Nov.
35c
—
Extra.
Nov.
Nov. 15 Oct,
35c
7
14«
20
15
15
15
1
15 Dec.
1 Oct. 20
Dec.
Nov.
Nov. 15 Oct.
—
.
Oct,
15
15
Oct.
Nov.
Dec. 15 Dec.
5
Nov.
1 Oct. 15
Nov. 30 Nov. 5
Oct. 30 Oct.
8
Oct. 25 Oct. 13
Nov.
1 Oct. 20
Nov.
1 Oct. 20
Jan.
3 Dec. 20
15c
7% 1st preferred
—
86,1st preferred
..
———86 1st preferred
— —
Atlantic City Electric Co., $6 pref. (quar.)——
Atlantic Coast Line RR. Co., 5% pref. (s.-a.)
Atlantic Refining Co. preferred (quar.)—
Atlas Plywood Corp.--..—
,—
Preferred (quarterly)
Atlas Powder Co., pref. (quar.)
Ault & Wiborg Proprietory Ltd., 5H%
—
Badger Paper Mills.
Bangor Hydro-Electric Co
Bardstown Distillery (initial)
Payable in 3% one-year notes.
Barnsdali Oil Co. (quarterly)
—
Bath Iron Works Corp., payable in stock.
Beatty Bros. Ltd., 1st pref. (quar.)
....
Belding-Heminway
——
Bellows & Co..class A (quar.)—
Belmont Radio Corp
Beneficial Industrial Loan Corp., com
Common.
Nov.
10c
— .-
Extra
;
Archer-Daniels-Midland Co., pref. (quar.)
Asbestos Mfg. Co.. 81.40 pref. (quar.)..-——
-
75c
87HC
81
81X
Extra.————————————————————————————————
Centrifugal Pipe Corp. (quar.)—
give the dividends announced in previous weeks
and not yet paid,
The list does not include dividends an¬
nounced this week, these being given in the preceding taole.
Adams (J.
30c
Light & Traction Co. (quar.)—
Oct.
Oct.
Oct.
Nov.
—
Oct" "30
Dec.
1
Nov. 15
Nov. 15
Nov. 15
Nov.
1
Nov. 10
5c
81M
$20c
United Biscuit Co. of America
I
Preferred (quar.)---——
—
United Corp., Ltd., $1H class A.
United Drill & Toll (payable in div. notes)——
sim
lis
Union Oil Co, of Calif————-.————-———--——————.
—
Oct.
Nov.
Dec.
_———,
-
$6preferred (quarterly)-.
Truax-Traer Coal Co., 8% pref. (quar.)-5H% preferred (quar.)
Union Gas Co. of Canada (quar.)—-
Extra—
20c
40c
Payable in $25 par 6% pref. tock.
Securities Corp. General $7 pref. (quar.)—
$6 preferred (quar.).
—.—
Security Insurance Co. (New Haven) (qu.).._.
Super Mold Corp-
t$lH
Nov. 12
50c
Seaboard Surety Co——
Corp
American
20c
50c
Preferred (quar.)-American Machine & Foundry, common—.—-
Pr6f6rr6d (QU^r
American States Utilities Corp. 5H % pref
American Thermos Bottle-
Republic Investors Fund, Inc.—
Securities Acceptance
Oct. 25 Oct.
Nov.
1 Oct.
Dec. 24
Nov. 15
1
Nov.
Nov.
1
Dec.
1
53c
Pittsburgh Coke & Iron, $5 ] ?ref. (quar.)
Pittsburgh Suburban Water i Service Co.85H preferred (quarterly)....
Prosperity Co., Inc., pref. (quar.)
—
Public Service of New Jersey, $5 pref. (quar.)-.
7% preferred (quar.).————...
San
San
Oct.
10c
American Smelting & Refining————
31 He
50c
25 Oct.
40c
Dec,
75c
Holders
81H
Nov. 15 Nov.
—
........
I
When
Payable of Record
Equitable Assurance (quar.)-——
American
Nov.
Nov. 12
Oct. 25
5
Dec. 10
Oct, 30
Oct. 18
Oct. 18
Nov. 15
1937
American Gas & Elelctric Co., pref. (quar.)
American Home Products Corp. (monthly) ——
American Investment Co. (111.) $2 pref. (quar.)-
25c
v.
Suebec Power Co., com. (quar.) 6%
ailway & light Securities Co.,
Share
of Company
20c
Pacific Power & Light, 7% pref—.—..———
$6 preferred.....———
—-———.
Parker Pen Co. (quar.)
Pearson Co., Inc., 5% pref. A (quar.). —.....
Pennsylvania Sugar Co—...
Petrolite Corp., Ltd. (Del.).
Reed (C. A.) Co. prior pref.
Name
25c
Northern Pipe Line Co
—
North American Oil Consol. (quar.)
Oahu Sugar Co. (monthly).—
Ohio Water Service, class A
—
Owens-Illinois Glass Co., common
Extra
1 Oct.
16c
50c
Per
Holders
When
Payable of Record
20c
$1H
Oct. 23,
Chronicle
t$lj|
10c
$1«
SIM
50c
81H
35c
25c
l\%
81H
SIM
81H
SIM
87 He
50c
25c
50c
25c
81H
SIM
SIM
31 He
Nov.
25c
25c
81
t50c
81H
37 He
12 He
81H
Oct.
20
20
15
15
Oct.
Oct.
Oct.
1 Oct.
Nov.
1 Oct.
1 Oct.
Nov.
1
14
20
Nov. 10 Oct.
Jan.
2 Dec.
1 Oct.
Nov.
Nov. 15 Oct.
Nov. 15 Oct.
Nov. 15 Oct.
Nov.
1 Oct.
Dec.
1 Nov.
Oct. 25 Sept.
11
20
15
15
30
30
31
15
15
30
20
20
Oct. 30 Sept. 30
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Nov.
1 Oct. 18
Oct. 23 Oct. 13
Dec. 31 Dec.
15
Oct.
18
18
25 Oct,
25 Oct.
Oct.
Nov.
1 Sept. 30
Nov.
1 Oct.
1 Oct.
1 Oct.
1 Oct.
Nov.
Nov,
Nov.
Oct.
15
20
15
15
25 Oct. 15
Nov. 15 Nov.
5
Dec.
1 Nov. 20
Nov.
1 Oct. 18
Nov.
1 Oct. 18
Nov. 15 Oct, 30
Jan.
1 Dec, 15
Oct. 25 Oct. 21
Oct. 25 Oct. 21
Oct. 25 Oct. 21
Nov.
1 Oct. 23
Nov.
1 0?t. 27
Nov. 15 Nov. 10
Nov.
1 Oct. 20
Nov.
1 Oct, 20
Nov.
1 Oct. 20
Oct. 30 Oct.
7
Dec.
1 Nov. 10
Dec.
1 Nov. 10
Nov.
1 Oct. 21
Oct. 25 Oct. 13
Nov. 15 Oct. 20
Nov. 15 Oct. 20
Nov, 15 Oct. 20
Nov. 15 Oct
20
1 Oct. 15
Nov.
Nov. 1 Oct. 14
Dec.
1 Novl 15
Nov.
1 Oct. 20
Nov.
1 Oct. 20
Dec. 31 Dec. 24
Nov. 15 Oct. 30
Dec.
1 Nov. 15
1 Oct. 15
Nov.
1 Oct. 15
Nov.
Nov.
5 Oct.
1
.
81H
Apr
Feb.
Oct.
Volume
Financial
145
Per
Name
of Company
Share
Consolidated Cigar Corp. pref. (quar.)
Prior preferred (quar.)
Consolidated Laundries preferred (quar.).
Consolidated Oil Corp. (quar.)
Dec.
(quar.)
Dec.
1 Nov. 15
1 Oct.
15
25 Oct.
15
25 Oct.
Nov. 15 Oct.
Oct. (29 Oct.
11
Nov.
Oct.
Oct.
_
Jan.
15
1 Oct.
1 Oct.
9
Nov.
Nov.
.....
Copper weld Steel Co .(quarterly)
Corn Exchange Bank Trust Co.
(quar.).
Cosden Petroleum
Corp., pref. (initial).
25*
14
3 Dec.
3 Dec.
Jan.
6M %preferred (quar.)
Coon (W. B.) Co..
Preferred (quar.)
15
15
15
Nov. 15 Oct.
__
Consolidated Press Ltd., class A (qu.)
Consolidated Royalty Oil Co. (quar.)_.».
Consol Steel Corp., $1% preferred
Continental Can Col, Inc., common
(quar.)
Continental Service (quarterly)
Continental Telep. Co. 7% partic. pref. (quar.).
~
1 Nov. 15
1 Oct.
1 Oct.
Nov.
15
9
Nov. 30 Nov. 15
Nov.
1 Oct. 22
1 Oct.
Nov.
Crown Central Petroleum
Crum & Forster 8% preferred
Nov. 10
(quar.)
Cumberland Co. Power & Light 6% pref. (qu.)
Kfc3M % preferred (quarterly)
cummins Distilleries Corp., 8% conv.
pref. (qu.)
15
Sept. 23
Dec. 24 Dec.
14
Nov.
—
1 Oct.
1 Oct.
16
1 Oct.
10
Nov.
Nov.
Cuneo Press, Inc. (quar.).
Nov.
Preferred (quar.)
Cutler-Hammer, Inc., stock dividend
Distribution of one additional share for each
Dec.
2645
Holders
Per
Payable of Record
Nov.
...
Preferred
When
Chronicle
16
1 Oct. 20
1
15 Dec.
Sept. 30
Name of Company
Holly Sugar Corp. preferred
Home Insurance Co. (quar.)
4
Davidson Bros., Inc
Dayton Rubber Mfg., class A
Oct.
Oct.
20
22
Jaeger Machine Co.,
Oct.
Oct.
21
Jamaica Water
Deere & Co Stock div. of 200% (2 shs. for 1)
De Mets, Inc., preferred (quar.)
Oct.
Oct.
2
Oct.
22
Oct.
20
Nov. 20
7% preferred (quarterly)
Denver Union Stockyards 5M % pref. (quar.)
Detroit Hillsdale & Southwestern RR. (s.-a.)
Diamond Match Co
Preferred (semi-ann.)
Distillers Corp-Seagrams, pref. (quar.)
Dec.
—
(quar.)
common
Knitting Mills, (quar.)
Preferred (quarterly).
Jonas & Naumburg Corp
Nov.
15
10
Dec.
10
Doehler Die Casting Co.
Oct.
Nov.
Dec.
Dow Chemical Co
Preferred (quar.)
Dow Drug Co
9
Oct.
Nov.
Nov. 15 Nov.
Nov. 15 Nov.
1
1
4
du Pont de Nemours (E. I.) 6% debentures
Oct.
25 Oct.
S4M preferred (initial
Duquesne Brewing Co. (quarterly)
Oct.
25 Oct.
8
8
1 Oct.
20
Nov.
Eastern Utilities Assoc. (quarterly)...
Nov. 15 Nov.
9
Dec.
1 Nov. 10
Dec.
1 Nov. 10
Electrographic Corp. (quar.)
Preferred (quarterly)
Electric Bond & Share Co., $6 pref. (quar.)
$5 preferred (quarterly)
Empire Power Corp., participating stock
Nov.
Kansas City St. Louis & Chicago RR., 6% pref.
...
1 Oct.
7
1 Oct.
Nov. 10 Oct.
Oct.
Oct.
30
Lanston
16
Lee Rubber & Tire
23
3°2
Jan.
Engineers Public Service $5 preferred...
$5 preferred (quarterly)....
Dec.
7
Jan.
10
3 Dec.
10
Jan.
Dec.
10
Jan.
Jan.
(quarterly)
3'Dec.
Jan.
Dec.
Dec.
10
10
10
Jan.
Dec.
Nov.
Guaranteed betterment (quar.)
Eureka Pipe Line Co
Faber, Coe & Gregg, Inc., 7% pref. (quar.)
(Chicago), pref. (quar.)
Fansteel Metallurgical Corp. $5 pref. (quar.)...
Federated Dept. Stores pref.
(guar.)
Fiberboard Products, 6% pref. (quar.)
Fidelity & Deposit Co. of Md. (quar.)
Fidelity Fund, Inc. (quarterly)
Filene's (Win.) Sons Co., pref. (quar.)
Fire Assoc. of Philadelphia (semi-ann.)
Nov. 30
Nov. 30
Oct.
Nov.
...
Dec.
Dec.
i
Oct.
15
Preferred
Corp
20
Oct.
16
Little Miami
Oct.
Oct.
18
Nov.
Oct.
Oct.
Oct.
20
22
Original capital
—
Loblaw Groceterias, class A & B (quar.)
Nov.
Oct.
22
Oct.
Oct.
22
Nov.
20
Jan.
Oct.
20
Nov.
Nov.
1 Oct.
15
1 Oct.
1 Oct.
15
1
Oct.
20
Nov.
15
16
Feb.
1
May 20
Nov.
29
Nov.
15
1
1
10c
73c
68Mc
20c
„
Preferred (quar.)
*¥/8
20c
Agricultural Co. (monthly)
Hawaiian Commercial Sugar
Hawaiian-Electric Co., payable in stock
Hawaiian Pine apple Co
75c
At°
50c
15c
_
Hedley Mascot Gold Mines, Ltd. (quar.)
3c
Extra
lc
Hercules Powder Co. preferred
(quar.)
Hershey Chocolate Corp. (quar.)
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Monthly
Hires (Chas. E.) Co.—
Class A common (quar.)
*
Hollinger Conol. Gold Mines (monthly)
Extra
J6c
Oct.
Nov.
Oct.
SIM
Nov.
1 Oct.
20
40c
Nov.
Nov.
l.Oct.
1 Oct.
20
15c
11
5
1
Dec
lOct. 1
50c
20c Oct. 25 Oct. 20
!1H
25c
Dec.
1
Oct.
11
15
15
15 Nov. 30
Nov.
1 Oct.
15
Nov. 15 Nov.
5*
Oct. 30 Oct. 23
Nov.
1 Oct. 31
Nov.
1 Oct.
15
Nov.
1 Oct.
15
Oct. 25 Oct.
Nov.
1 Oct.
15
15
25
Oct.
30 Oct.
Nov. 15 Nov.
5
Oct. 15
Oct.
Oct. 20
Nov.
Oct.
9
Jan.
Dec.
1
Dec.
Nov.
1
Oct.
Oct.
Nov.
Nov. 16
20c
Dec.
50c
Dec.
|5c
Nov.
Nov.
Dec.
19
21
1 Nov. 15
4 Oct. 21
4 Oct. 21
Oct.
20
31|Dec. 24
Nov.
1 Oct.
20
Nov. 15,Nov
6
Dec.
Nov.
15'Dec
Oct.
iS*
25c
t50c
SI*
SI.4
5
liOct. 15
Nov. 10 Nov. 10
Nov. 30
Oct.
Oct. 15
Nov.
Oct. 14*
Dec.
22
1
Dec
Nov. 15
Nov.
Oct.
Nov. 10 Oct.
Oct.
23 Oct.
30
30
1
27 Dec. 20
1 Oct. 26
1 Oct. 15
1 Nov 15
2 Dec. 15
50c
10,Nov. 26
3%
30c
.
,
W&°
10'Nov. 26
1 Nov. 10
,
1 Nov.
30 Oct.
30 Nov.
31 Dec.
10
20
20
20
3 Dec. 31
29
25
17
1 Oct.
19
16
1 Oct.
15
15 Oct.
15 Oct.
30
l
22
2
OctT'is
5
15 Nov.
25 Oct.
1
1 Oct. 15
Oct. 15
1 Oct. 15
Magnin (I.) & Co. (quar.) 6% preferred (quar.)
McOlatchy Newspapers. 7% pref (quar.)
Corp. 6% preferred (quar.)
15 Oct.
1
Oct.
1 Oct.
3|Dec.
I
2si:
30 Nov. 30
l'Oct. 20
—
llOct.
1 Nov.
15,Dec.
14
1
1
the common.
75c
Preferred
Nov.
SIM
SIM
7Mc
Co
(quarterly)
Dec.
20c
$3 preference (quarterly)
McLeilan Stores
6% preferred (auar.)
5% preferred (quar.)
Merchants & Mfrs. Fire Insurance (quar.)
Merchantsi Refrigerating of N. Y. 7% pref
Messinger Corp. (quar.)
Metal & Thermit Corp. (Increased).
20c
—
Oct.
50c
,
Marconi Internat. Marine Communication
Mercantile Acceptance
1 Oct.
1 Oct.
Nov. 10
Nov.
.
Maytag Co. 1st preferred (quar.)
Cumulative preferred (quar.)
McCall Corp. common (quar.)
11
Nov.
4
Oct. 25
Oct. 25
J1
Dec.
Nov.
Lyon Metal Products, Inc. 6% pref. (quar.)
on
11
11
25c
(s.-a.)
15
20c
...
SIM
SIM
Oct.
—
Melville Shoe Corp. common (quar.)_.
Preferred (quar.)----.
------
Nov.
Nov.
Nov.
1 M%
75c
Nov. 10
-
9
Oct.
Dec.
(initial)
Oct.
Dec.
Oct.
,
Lord & Taylor 2d pref. (quar.)
Louisiana Power & Light Co., $6 pref. (quar.)
Ludlum Steel Co..
20
20
Nov.
Halle Bros. Co
Oct.
1 Dec.
25 Oct.
Nov.
Hartford Electric Light
Hartford Times, Inc., 5M% pref. (quar.)
Hat Corp. class A and B
Oct.
SIM
SIM
(quarterly)
30 Oct.
30 Oct.
31 Oct.
1
Nov.
Grocery Store Products Co. (initial)
Nov.
Mclntyre Porcupine Mines, Ltd. (quar.)
—
McKesson & Bobbins, Inc., stock dividend.
Div. of l-25th or a share of $3 pref. stock
15
Nov. 25
Oct. 13
Oct. 20
Oct. 19
Oct.
0
50c
40c
.
15
1 Oct.
'1 Oct.
Oct.
Greenfield Tap & Die, $6 preferred
Preferred (quar.).
SIM
McGraw Electric (new, quar.)
Oct.
Oct.
Oct.
pref. (quar.)
Dec.
Oct.
Nov.
McCrory Stores
1 Oct.
1 Oct.
4
Nov. 10 Oct.
Jan. 15 Jan.
Nov.
1 Oct.
7% preferred (quar.)
Nov. 24 Nov. 13
Nov.
1 Oct. 11
Oct. 15
,
15
1
22*
Nov.
.
9
Nov.
Inc., 7% pref
Hecker Products Corp. (quar.)
Preferred
2
Nov. 15 Nov.
1
Nov.
II Oct. 18
Dec.
1 Nov. 10
$12Mc
-
15
Nov.
Goldsmith (P.) 8ons
Green (H. L.) Co. (quar.)__
Greenfield Gas Light Co 6%
Extra
Oct.
Nov.
—
62m
J25c
Nov.
Extra
25
SI.10
..
1 Oct.
Nov.
Oct. 25 Oct.
__
25
1 Oct.
Macassa Mines, Ltd
1
Oct. 25 Sept. 24
Nov. 15 Oct. 25
Nov. 15 Oct. 30
Corp., |5 preferred (quar.)
General Outdoor Advertising preferred
General Public Service, $6 pref. (quar.)
$5M preferred (quar.)
General Telep. Allied Corp. $6 preferred
$6 preferred (guar.)
General Tire & Rubber, new (special)
Georgia RR. & Banking Co. (quar.)
Gillette Safety Razor Co., pref. (quar.)
Gimbel Bros, preferred (quar.)
Globe & Republic Insurance Co. (quar.)
guaranteed (quar.)..
16
1 Oct.
1 Nov
June
7% preferred (quar
•.).
General Foods Corp. (quar.)
General Metals Corp., new (initial, quar.)
General Mills (quar.)
RR.*, special
20
18
Dec.
7% preferred (quar.).
Prof^rrod (ouBir )
Lumberman's Insurance Co. (Phila.)
Lunkenheimer Co pref. (quar.)
Mar.
General Electric Co
Hart (L.) & Son Co., Inc.
20
Nov.
-
General Cigar Co.. Inc., 7% preferred (quar.)
Gotham Silk Hosiery Co.,
Oct.
Nov
15c
30c
Frost Steel & Wire, 7% preferred
General Motors
15
Nov.
Gardner-Denver Co. preferred (quar.)
General Baking Co., common (quar.)
22
Oct.
Nov.
Froedtert Grain & Malting (interim)
Preferred (quar.)
Dec.
Dec.
Nov.
Extra
1 Oct.
Nov.
Monthly
Monthly
8% preferred (quar.)
Loew's, Inc., $6M preferred (quar.) —
Lone Star Gas, $6M preferred (quar.)..
Loose-Wiles Biscuit Co
Jan.
Freeport 8ulphur Co., preferred (quar.)
Franklin Fire Insurance (quar.)
Nov.
Lock Joint Pipe Co. (monthly)
Nov.
—
22*
Nov.
1 Oct.
1 Oct.
SIM
Oct.
Nov.
Fireman's Insur. Co. of Newark (N. J.) (s.-a.)
First National Bank of N. Y. (quar.)
First National Bank (Toms River, N. J.) (qr)-.
Nov.
tsix
25c
(quarterly)
Oct.
Extra
15
15
37Mc
Libby, McNeill & Libby
Opt. div. of cash or in com. stk. at rate of
one sh. for each SI 1.20 of div.
Preferred (semi-annual)
Lincoln National Life Insurance Co. (qu.)
Lincoln Printing Co., pref. (quar.)
Link Belt Co. (quar.)
20
Oct. 20
Dec. 15
Nov.
15
Nov. 10 Oct.
Nov.
1 Oct.
SI
60c
Monotype Machine
Dec.
Fair (The)
20
1 Oct.
SI.125 Nov.
Dec.
50c
Lehigh Portland Cement Co., com. (quar.)
Lerner Stores Corp. Pref. (quar.)
Leslie Salt Co. (quarterly)
Le Tourneau, Inc. (quar.)
Lexington Utilities, preferred...
Nov.
Employers Group Association (quar.)
Emporium Capwell Corp. ,4M % cum. pf. A(qu.)
22
1
20
1 Oct.
50c
15
Jan.
8 Sept. 22
3 Dec. 31
4
30 Oct.
Nov. 15 Oct
Nov. 11 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
•is
Kalamazoo Stove & Furnace
Feb.
Class A (quarterly)
Doctor Pepper Co (carterly)
Oct.
25c
Mar.
20
Jan.
iig
Supply Co. 7M % pref. (s.-a.)
Jantzen
Nov. 15
Dec.
Nov.
30c
Kellogg Switchboard & Supply
Preferred (quar.)
Kendall Co participating preferred A (quar.)
Kemper-Thomas Co.—
7% special preferrred (quar.)
Keokuk Electric Co. 6% pref. (quar.)
Keystone Steel & Wire
King-Seeley Corp.
Kirkland Lake Gold Mining (interim)
Knapp Monarch Co., new (initial)
Knickerbocker Insurance Co., N. Y. (quar.)
Kokomo Water Works Co., 6% pref. (quar.).
Kress (S. H.) & Co. (quar.)
Special preferred (quarterly)
Kroehler Mfg. Co. 6% pref. A (quar.)
Kroger Grocery & Baking 7% pref. (quar.)
Landis Machine (quarterly)
7% preferred (quarterly).
Lane Bryant. Inc., 7% preferred (quar.)
Lansing Co. (quar.)
Oct.
Hawaiian
fron Fireman Mfg. Co.
Kaufmann Department Stores
Oct.
$6 preferred
$6 preferred (quarterly)
Interstate Hosiery Mills, Inc
Inter type Corp. common
Dec.
Oct.
Dec. 30 Dec. 20
1 Oct. 15
Nov.
$1M
Nov. 20
Jan.
25
15
20
87Mc
1
(quarterly)
Dec.
Dividend Shares, Inc
Dixie-Vortex Co. (quarterly)
1 Oct.
SIM
Dec.
Dec.
20
Nov.
2C
11
Nov.
Jan.
23
5 Oct.
1 Oct.
50c
Interstate Dept. Stores
Preferred
Oct.
Erie & Pittsburgh RR. Co.. 7% gtd. (quar.)
Nov.
International Utilities Corp—
$7 prior preferred (quarterly)
Jan.
Dec.
1 Oct.
Nov.
International Match Realization Co. (liqulda.).
International Nickel of Canada, pref. (quar.)
Nov.
§5 M preferred
5M preferred
Nov.
15
15
Nov.
Nov.
Nov.
20
20
1 Oct.
1 Oct.
Nov.
Extra
Jan.
Nov.
15
25 Oct.
Oct.
Ingle wood Gasoline Co
Interchamical Corp. (quar.)
Preferred (quar.)
International Cigar Machine Co
Darby Petroleum Corp. (s.-a.)
Davenport Water Co., 6% pref. (quar.)
—
1 Oct.
Nov.
Hussman-Ligonier Co. (quar.)
Huttig Sash & Door Co. 7% preferred (quar.)..
Illinois Northern Utilities 6% pref. (quar.)
Imperial Chemical Industries (interim)
Imperial Life Assurance of Canada (quar.)
Incorporated Investors (special)
Indiana Pipe Line Co
Oct.
Oct.
16
1 Oct.
1 Oct.
Nov.
Extra
Horn & Hard art (N. Y.) (quar.)
Hotel Barbizon. Inc.. vot. tr. ctfs. (quar.)
Humberstone Shoe, Ltd. (quar.)
Nov.
16
Holders
Nov.
S3 M prior preferred (quarterly)
share held.
When
Payable of Record
Nov.
Extra
Homestake Mining Co. (monthly)
Border's. Inc. (quar.)
Dallas Power & Light, $6 pref. (quar.).
$7 preferred (quarterly)
Dennison Mfg. Co., debenture (quar.)
Dentists Supply Co; of N. Y. (quar.)
Share
Nov.
1
15'Dec.
l!Oct. 11
Nov.
Oct.
11
15
Nov.
1 Oct.
15
20
23
Oct.
Corp. of Calif.
Metropolitan Industries, 6% pref
Metropolitan Investments, Inc. (quar.)
Michigan Bakeries, Inc., $1 prior pref. (quar)
$7 preferred (quarterly)
30c
25c
Dec.
Dec.
15c
Oct.
Oct.
Nov.
Oct.
25c
Oct.
Oct.
S3
Oct.
Oct.
20
Nov.
Oct.
21
20c
Nov.
Oct.
22
25c
Nov.
Oct.
20
Nov.
Oct.
Oct.
Oct.
20
15
Oct.
Oct.
15
15
15
t$3M
t25c
-—
Michigan Gas & Electric 7% prior lien.—
$6 prior lien
Mlchlagn Pub. Service Co., 7% pref. (quar.) —
6% preferred (quarterly)
Milnor, Inc.. increased
Milwaukee Ry. & Light Co. 6% pref. (qu.)
Minneapolis-Honeywell Regulator (quar.)
Minneapolis Moline, Power Imp. Co. pref.
Mississippi Power & Light, pref. (quar.) .
...
Missouri Gas & Electric Service Co., common—
Modlne Mfg. Co. (quar.)
—————.
...
Monmouth Consol. Wire Co., $7 pref. (quar.)
Monsanto Chemical Co. S4M cl. A pref. (s.-a.).
Represents proportion of the s.-a. dividend
for the unexpired period ending Dec. 1,
Montana Power Co. $6 preferred (quar.)—
Montgomery & Erie Ry. Co. (s.-a.)
Montreal Light, Heat & Power Consol. (quar.)
Moody's Investors Service pref. (quar.)
Moore (Win. R.) Dry Goods (quar.).
SIM
t$2.10
t$1.80
SIM
Oct.
Oct.
Dec.
Nov. 15
Nov.
Oct.
Nov.
Nov.
Oct.
Oct.
23
Nov.
Oct.
15
Dec.
Nov. 15
15
4
Nov.
SIM
75c
SIM
Nov.
Dec.
17Dc°
Oct.
Nov.
—
—
Nov.
Nov.
15
Nov. 10
20
1
1 Oct. 11
Nov. 10 Oct. 31
Oct. 30 Sept. 30
Nov.
Nov. 15 Nov.
Jan.
2 Jan.
1
2
Financial
2646
Per
Name
Share
of Company
Morris & Essex Extension BR. (s.-a.)
—
Morris Plan Insurance Society (quar.)
—
Munlsing Paper Co., 5% 1st pref. (quar.)
Mutual Chemical Co. of Amer.. 6% pref. (quar.)
Mutual Telephone Co. (Hawaii) (monthly)——
Myers (F. E.) & Bros, (extra)
$2
$1
25c
Nov.
Oct.
Dec.
Nov. 26
National Automotive Fibres, (Initial)-
—
Dec.
Oct. 20
Dec. 16
Oct,
50c
Oct.
Oct.
20
15
Oct.
30
25c
Slk
National Bearing Metals Corp. pref. (quar.)
National Bronze Sc Aluminum Foundry Co
15
Oct.
Nov.
25c Nov.
Nash-Kel vinator
50c
Nov.
Nov.
Nov.
1
Oct.
50c
Nov.
Slk
Slk
Nov.
Oct.
Oct.
Nov.
Sept. 27
Nov.
Dec.
Nov. 20
Nov.
Oct.
Nov.
Dec.
Nov. 16
'ill?
Neiman-Marcus Co. 7% prer. (quar.)
Neisner Bros. 4k% preferred (quar.)
Nevada-California Elec. pref. (quar.)
Newberry (J. J.) Co., 5% pref. A (quarterly)-—
New
14
15
Sept. 30
——
Slk preferred (quar.)
Nov.
Oct.
20
SilexCo
25c
Nov.
Oct.
20
Simms Petroleum Co.
75c
$lk
Nov.
Oct.
15
(liquidating)—-—
Simpson's, Ltd., 6k % preferred
Skelly Oil Co. preferred (quar.)
Nov.
Oct.
11
Smith (8. Morgan) Co. (quar.)
Nov. 15 Nov.
Nov.
1 Oct.
15
1 Oct.
15
Dec.
1 Nov. 16
30 Oct. 11
1 Nov. 20
Nov.
1 Oct. 15
Nov.
1 Oct. 27
Oct.
Dec.
J45c
25c
Oct.
Slk
Oct.
Oct.
58 l-3c Nov.
50c
Nov.
41 2-3c Nov.
pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Slk
5H% preferred (initial, quar.)
Old Joe Distilling Co. 8% pref. (quar.)
Oliver United Filters, class A (quar.)
Class B (resumed)
Ontatio & Quebec By. (semi-ann.)
—--—
50c Nov.
$3 Dec.
35c
Nov.
Oct.
15
1 Oct.
1 Oct.
15
15
1 Oct.
15
Dec. 15
21
1 Oct. 21
1
1 Nov.
1 Oct. 15
1 Oct. 20
1 Oct.
Stix-Baer & Fuller
——
20
15
1 Oct.
15
37kc Nov. 15 Oct.
34kc Nov. 15 Oct.
30
United Biscuit Co. of America,
30
1 Oct.
Nov.
Nov. 15 Oct.
50c
preferred
t32kc
Package Machinery Co., 7% pref. (quar.)
Pan American Airways (new)
Passaic & Delaware Extension RR. (s.-a.)
Peninsular Grinding Wheel Co. (quar.)
Peninsular Telephone, 7% pref. (quar.)-.
7% preferred (quar.)
Penmans, Ltd. (quar.)
Preferred (quar.)
Pennroad Corp
Pennsylvania Power Co. $6.60 pref. (monthly) —
$6.60 preferred (monthly)
$6 preferred (quar.)
Pere Marquette By prior pref.
—
Prior preferred (quar.)
Philadelphia Co. (quar.)
6% preferred (semi-annual)
Philadelphia Electric Co. (quar.)
-
-
"I
20
Nov. 15 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
20
Nov.
1 Oct.
20
20
15
Nov.
1 Oct.
$2
Nov.
1 Oct.
5c
Nov. 15 Oct. 26
Nov. 15 Nov.
5
5
Feb. 15 Feb.
Slk
Slk
75c
Slk
5
Nov. 15 Nov.
Nov.
1 Oct. 21
25c Dec. 15 Nov. 12
55c
1 Oct. 20
Nov.
Dec.
1 Nov. 20
Dec.
1 Nov. 20
8
Nov.
1 Oct.
55c
Nov.
Oct.
Nov.
Nov.
Nov.
—
Phillips-Jones Corp., pref. (quar.)
Nov.
Phoenix Finance Corp., 8% pref. (quar.)
Pick (Albert) Co
Jan.
Dec.
Dec.
Preferred
Pittsburgh Brewing Co., preferred
Pittsburgh Youngs town & Ashtabula By. Co.—
Oct.
7% preferred (quar.)
Princeton Water, N. J. (quar.)
Procter & Gamble Co. (quar.)
Pollock Paper & Box Co. 7% pref. (quar.)
Potomac Edison Co., 7%
pref. (quar.)
Dec.
—
5% 2nd preferred,
Public Electric Light Co. (quar.)
ublic
Extra
Public National Bank & Trust
(guar.)
Public Service Co. of Colorado 7% pref. (mo.)
-
6% preferred (monthly)
5% preferred (monthly)--
-
Public Service Corp. (N. J.) 6% pref. (mo.)
—
8
1 Oct.
1 Oct.
11
8
1
1 Oct. 20
10 Dec. 31
1 Nov.
1
1 Nov.
1
18
29 Oct.
1 Nov
1 Oct.
20
20
SI
37kc
58 l-3c
50c
41 2-3c
50c
15. Oct.
Nov.
Jan.
Oct.
M
20
Dec. 21
15
Nov.
Oct. 15
Oct. 15
Nov.
1
Oct. 30 Oct.
Nov. 30 Nov.
1
Dec. 20 Nov. 20
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Oct.
Nov.
_
6% preferred (monthly)
50c
6% preferred (monthly)
50c
Public Service Co. of Nor. 111. (quar.)
75c
7% preferred (quar.)
6% preferred (quar.)
Nov.
1
Pullman, Inc. (quar.)
Nov. 15
Quaker Oats Co. preferred (quar.)
Nov. 30
Railway Equipment & Realty (quar.)
25c
Oct. 25
6% first preferred (quar.)
Oct. 25
Slk
Randall Co., class A (quar.)
50c Nov.
1
60c
Dec. 15
RapidJBlectrotype Co (quar.)
Rath Packing Co., 5% pref. (s.-a.)
Nov.
1
Raymond Concrete Pile Co
25c Nov.
1
Special
50c
Nov.
1
Preferred (quar.).
75c
Nov.
1
Reading Co. (quar.)
50c
Nov. 11
Regent Knitting Mills, non-cumu.. pref. (qu.)—
40c
Dec.
1
Regent Knitting Mills, Ltd. (initial)
25c
Nov.
5
Reliance Mfg. Co. (111.) (quar.)
15c
Nov.
1
Republic Natural Gas Co., common..
10c Oct. 25
Republic Portland Cement, 6% preferred (quar.)
Dec.
1
Slk
Revere Copper & Brass 5k % pref. (quar.)
S1.31k Nov.
7% preferred (quar.)
Nov.
Slk
Rhode Island Hospital Trust (Providence)
$20 Nov.
Rhode Island Public Service $2 pref. (quar.)
50c
Nov.
$4 class A (quar.)
SI
Nov.
Rich's, Inc. (quarterly)
50c Nov.
Richmond, Fredericksburg & Potomac RR—
7% guaranteed (semi-ann.)
»» Nov.
6% guaranteed (semi-ann.)
Nov.
Richmond Insurance Co. of N. Y. (quar.)
15c
Nov.
Riverside Cement Co., 1st $6 pref. (quar.)
Slk Nov.
Roeser & Pendleton, Inc. (quar.)
25c
Jan.
25c
Apr.
25c
July
-
1
25
Dec. 15 Dec. 15
Nov.
1 Oct. 20
Nov.
1 Oct. 20
Nov.
1
6kc
DecJP 6 Nov. 20
62 kc
Dec. 24 Dec. 10
25c Nov.
Oct. 20
Nov.
-
1 Oct.
25 Oct.
1 Oct.
15
15
1 Oct.
15 Dec.
15
31 kc
Slk
Oct.
Oct.
Nov.
15
25
1
Sept. 30
Sept. 30
Oct.
25
Dec.
1
20
20
Oct. 20
Oct. 20
Oct. 14
Nov. 15
Oct. 15
Oct. 21
Oct. 20
Oct.
Oct.
Nov. 20
Oct.
11
Oct.
Oct.
11
20
Oct.
15
Oct.
15
Oct.
20
Oct.
Oct.
30
Oct.
30
11
Oct. |15
Dec. 10
Mar. 10
June
10
Dec.
15
1
1
Oct. 23 Oct. 16
Nov. 15 Oct. 30
Dec. 31 Dec. 18
Nov.
7
1 Oct.
25 Oct.
15
43 kc
Dec. 31 Dec.
15
Nov. 15 Oct.
Oct. 26 Oct.
30
15
Nov.
1 Oct.
15
Nov.
1 Oct.
15
Nov.
Nov.
1 Sept. 17
15
1 Oct.
Nov. 15 Oct.
30
2c Nov. 22 Oct.
22
22
1 Oct.
15
58 l-3c Nov.
50c
Nov.
41 2-3 c Nov.
20c
20c
pref. (quar.)
—
Slk
Slk
tsi
75c
20
15
Dec.
Nov.
1 Oct.
3 Dec.
19
15*
10
15 Nov. 30
1
6 Nov.
53c
53c
53c
50c
50c
1 Oct.
15
Dec.
1 Nov. 15
Dec. 24 Dec. 15
Nov.
1 Oct. 15
Dec.
1 Nov. 15
Dec. 24 Dec. 15
Nov.
1 Oct.
15
Dec.
1 Nov. 15
Dec. 24 Dec. 15
$2k Jan. 10 Dec. 20
Oct. 29 Sept. 30
50c
Nov.
1 Oct. 21
50c
50c
Nov.
Dec.
Nov.
Nov.
Dec.
Co.. com. (quar.)
(initial)
United States Sugar Corp preferred (quar.)
Preferred (quar.)..
Preferred (quar.)
Nov.
Jan.
Apr.
July
16
Nov
—
Wrigley (Wm.) Jr. Co. (monthly)
Special
Monthly
Monthly
—
Yellow & Checker Cab, class A
Zenith Radio Corp. (quar.)
_
15
1 Oct.
1 Oct.
15
15
Nov.
1 Nov. 15
1 Oct. 15
Nov. 10 Oct.
30
Nov.
1 Oct.
22
Dec.
1 Nov. 15
1 Nov. 15
Dec
Nov. 10 Oct.
1 Nov.
13
10c
Dec.
25c
30 Sept. 30
1-30-38 Dec 31
Nov.
1 Oct. 15
Nov.
1 Oct.
11
25c
Slk
37 kc
m
9
Oct.
1 3-38 Dec. 15
Dec.
1 Nov. 15
Nov. 15 Oct.
22
Nov. 15 Oct.
Slk
Slk
22
Nov.
1 Oct.
Nov.
1
Nov. 15
Nov. 15
1
$1 Nov.
10c
Nov. 15
Oct. 29
50c
ttr*
50c
Wisconsin Telephone Co., 7% pref. (quar.)
W. J. R., The Goodwill Station, Detroit (quar.)
Woolworth (F. W.) Co. (quar.)
1 Oct.
Nov.
Nov.
Dec.
12kc
Slk
Slk
(quarterly)
1
1 Oct. 1 6
Nov.
1 Oct. 15
Dec. 15 Nov. 26
Oct. 25 Oct. 15
(quar.)
Extra..
15
Nov.
Extra
Wilson & Co., Inc., common
15 June 15
Dec. 27 Dec.
Dec. 10 Dec.
Vapor Car Heating Co., Tnc. 7% pref. (quar.)—
Virginia Railway, pref. (quar.)
Walgreen Co. (quar.)
Preferred (quar.)
Walker Mfg. Co., S3 conv. preferred
Walton (Charles S.) & Co., Inc., 8% pref. (qu.)
Warren Foundry & Pipe Corp. (quar.)
Will & Baumer Candle
Williams Oil-O-Matic Heating
1 Oct. 25
20 Nov. 30*
1 Oct. 15
15 Dec. 15
15 Mar. 15
20
Nov.
Washington Gas Light (quar.)
$4 k cum. conv. preferred (guar J
Washington Light & Traction Co. (D. C.) (qu.)Washington Ry. & El. Co., 5% pref. (quar.)
5% preferred (semi-ann.)
Wayne Pump Co., special
Weisbaum Bros. Brower (quar.)
Westinghouse Air Brake
Quarterly
—
Weston (Geo.) Ltd. pref. (quar.)
We8tvaco Chlorine Products, pref (quar.)
West Jersey & Seashore RR. Co. (s.-a.)
6% Special guaranteed (s.-a.)—
West Perm Electric 6% pref. (quar.)—
7% preferred (quar.)
West Penna. Power Co., 7% pref. (quar.)
6% preferred (quarterly)
West Virginia Pulp & Paper Co., pref. (quar.) —
Western Maryland Ry.. 1st preferred
Wheeling & Lake Erie Ry., 4% prior lien (quar.)
1 Oct. 25
8 Nov. 24
1 Oct. 20
1 Oct.
1 Oct.
Nov.
Universal Leaf Tobacco Co., Inc
Utica Chenango & Susquehanna Valley RR
Utlca Clinton & Binghamton RR
(quar.)
Nov.
Jan.
Nov.
United States Pipe & Foundry
United States Plywood Corp.
Worcester Salt Co., 6% pref.
15
30 Oct.
Oct. 30 Oct.
Nov.
1 Oct.
58 l-3c
58 l-3c
United States Graphite Co. (quar.)
United States Hofrman Machinery 5k% pref—
United States & Intern'1 Securities, 1st pref
Preferred (quar.)
Winstead Hosiery Co.
15
1 Oct.
58 l-3c
7% preferred (monthly!
7% preferred (monthly)
—
6.36% preferred (monthly)-.-6.36% preferred (monthly)--6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
United. New Jersey RR. & Canal (quar.)
United Profit Sharing preferred (semi-ann.)
United States Fire Insurance Co. (quar.)
United States & Foreign Securities—
1st preferred (quarterly)
Warren (Northerm) Corp., $3 pref.
1 Oct.
SI Oct.
United Gas & Electric Corp., common
United Light & Ry. Co., 7% pref. (mo.)
•
Nov.
t43y& Oct.
Debenture (semi-ann.)
Nov.
(quar.)
Pressed Steel Car 6% 1st preferred
16
16
1 Oct.
90c
United Dyewood Corp.. pref. (quar.)
United Fuel Invest., Ltd., 6% preferred
Nov.
8% pref. (quar.)
15
Nov.
15c
6% preferred (monthly)
5% preferred (monthly)
Toronto Elevators, Ltd
Truax-Traer Coal Co. (quar.)
Tung Sol Lamp Works pref. (quar.)
Nov.
20
30
$3
Toledo Edison Co. 7% pref. (monthly)
20
20c
Nov.
lc Nov. 22 Oct.
1 Oct.
15
20
Slk
Extra
Nov.
1 Oct.
5 Oct.
1 Oct.
18
30
25
Nov. 15 Oct.
37kc
Syracuse Binghamton & N. Y. RR. (quar.)
Tacony-Palmyra Bridge Co. pref. (quar.)
Telautograph Corp. (quarterly)
Thatcher Mfg. Co., pref. (quar.)
Toburn Gold Mines, Ltd. (quar.)
Nov.
Nov.
1 Oct.
Wc
7% preferred (quar.)
Nov.
10c
Nov.
Nov. 10 Oct.
Nov.
3 Oct.
Nov. 15 Oct.
75c
Sun Ray Drug Co. (quar.)
Preferred (quar.)
1
37
Slk
$1,125
Sullivan Consol. Mines, Ltd
1
15
5
1 Oct. 16
8 Nov. 16
3 Dec.
Nov.
15c Oct. 30 Oct.
25c
Nov.
1 Oct.
$1,125 Dec. 15 Dec.
Stanley Works (The) 5% preferred (quar.)
Htecher-Traung Lithograph 7k% pref. (quar.).
Steel Co. of Canada (quar.)
15
Dec.
Jan.
1 Oct. 23
4
1 Oct.
1
1 Nov.
Slk Nov. 15 Oct. 15
10c Nov. 24 Nov.
9
$1.20
4.8% preferred (quarterly)
Spencer Shoe Corp., common
Spiegel, Inc. (quar.).Preferred (quar.)
--Squibb (E. R.) & Sons, 1st $6 pref. (quar.)
Standard Brands, Inc. $4k pref. (quar.)
Standard Fire Insur. Co. of N. J. (Trenton)
Slk
Extra
Solvay American Corp., 5k % pref. (quar.)
South American Gold & Platinum Co
(qu.)
Southern Canada Power Co., Ltd. com. (quar.)
Southern Indiana Gas & Electric Co.—
30 Oct.
30 Oct.
25 Oct.
15
1 Dec.
ttSlk Nov.
Nov.
Slk
SI
75c
6k% preferred (quar.)
3% preferred (quar .)
Pacific Gas & Electric, 6% pref. (quar.)
6 k % preferred (quarterly)
Pacific Lighting (quar.)
$6 pre!, (quar.)
Nov.
Jan.
10c
50c Nov.
Orange Crush Ltd., 70c. conv. pref. (s.-a.)
Outlet Co. common (quar.)—
1st preferred (quar.)
2d preferred (quar.)
Paauhau Sugar Plantation (monthly)
1
Nov.
25c
6% preferred
—
Sou. Calif. Edison. Ltd.. common
Nov. 19 Oct. 30
Dec.
1 Nov. 15
20
1 Dec.
75?
t37kc
2k%
Slk
87 kc
15
(quar.).—
Noyes (C. F.) Co., 6% preferred-Nunn-Bush Shoe Co. (quar.)
—
—
Seagrams, Ltd.,pref. (quar.)
Sears, Roebuck (quar.)
Seasoned Investments (quarterly)
Selected Industries Slk preferred
Self ridge Provincial Stores
Servel, Inc. preferred (quarterly)
Sharp & Dohme, pref. A (quar.)
20
—
6% preferred (quarterly)
Prosperity Co.. Inc.. 6% pref
—
.
Oct.
Northern Oklahoma Gas Co. 6% pref. (qu.)...
Northern BR. of New Hampshire (quar.)
Pacific Public Service 1st
1st preferred (quar.)
(quar.)
Oct.
Shepard-Niles for
held.
Nineteen Hundred Corp., class A (quar.)
Norfolk & Western By. preferred (quar.)
North American Edison Co. preferred (qu.).—
Northern Illinois Finance Corp. (quar.)
Pacitic Finance of Calif.
8in Francisco Remedial Loan Assoc.
1 Oct.
15
Nov.
5 Oct. 20
75c
Dec. 15 Dec.
1
50c
Nov.
1 Oct. 15
37kc Nov. 1 Oct. 20
40c Nov. 15 Nov.
5
Nov.
1 Oct. 20
Dec. 15 Nov. 15
20c Nov.
1 Oct. 22
Oct.
Hoist Corp. at rate of 1 sh.
Oceanic Oil Co. (quar.)
Ohio Public Service Co. 7%
Nov.
Jan.
(s-a).
Nov.
each 10 shs. of Niles-Bement-Pond
Dec.
Dec.
Jan.
(quarterly)
50c
75c
Niagara Hudson Power Corp.—
5% 1st pref. and 5% 2nd pref. ser. A & B (qu.)
Niles-Bement-Pond Co. stock dividend
Dividend in stock of Shepard-Niles Crane &
15
1 Nov. 15
Dec.. 16 Dec.
6
16 Dec.
6
Nov.
sik
1 Oct. 15
25c Nov.
1 Oct. 20
20c
--—
Northern BR. Co. of N. J.. 4% pref.
Northwestern Engineering Co
20
10c
Jersey Zinc Co
Newport Industries
Payable in 5% notes maturing July 26,1947
New York Merchandise Co. (quar.)—
Extra...
Slk
Oct.
15
1 Oct.
8c
Savannah Sugar Refining (quar.)
Schwitzer-Cummins Co
Scotten-Dillon Co
Nov.
1 Oct.
lQc
14
75c
1 Oct.
Nov.
10c
Saguenay Power Co., Ltd., pref. (quar.)
Mills (quar.)
Preferred
Oct.
Oct.
Nov.
15c Nov.
Extra
St. Louis Bridge Co., 6 % 1st pref.
6
3% 2d preferred (semi-ann.)
San Antonio Gold Mines
Nov.
Nov.
National Lead Co.. pref. B (quar.)
National Power & Light preferred (quar.).
National Tea Co .preferred (quar.)
17c
(quar.)
Roxborough Knitting Mills, Inc.—
Participating preferred (quar.)
Ruud Mfg. Co. (quar.)
Rose's 5-10 & 25c. Stores, new,
30
20
20
15
$2
Holders
Payable of Record
Slk
Rockland Light & Power (quar.)-Roos Bros., Inc , preferred (quar.)
St. Lawrence Flour
25c
1937
23,
When
Share
of Company
18
National Casket Co.
v
Name
Oct.
Oct.
National City Lines,
(semi-annual)
Inc. (quar.)
$3 preferred (quar.)
National Distillers Products (quar.)
Per
Holders
When
Payable of Record
8c
Slk
Oct.
Chronicle
$1¥n
40c
5
5
Nov.
1
1
Nov.
Oct. 25
Nov.
1
Dec.
Oct. 15
1 Nov. 15
Nov.
1 Oct.
15
Nov.
Nov.
1 Oct.
1 '>ct.
15
Oct.
Oct.
60c Dec.
Slk
Oct.
15
30 Oct.
30 Oct.
20
20
1 Nov. 10
Nov. 15 Nov.
5
25c
Nov.
50c
25c
25c
20
Dec.
1 Nov. 20
Jan.
3 Dec. 20
Oct. 25 Oct. 15
t$l
50c
Nov.
Oct.
1 Oct.
20
1 Oct.
30 Oct.
15
Transfer books not closed for this dividend
t On account of accumulated dividends
t Payable In Canadian funds, and in the case of non-residents of Canada,
deduction of
a tax
of 5% of the amount of such dividend will be made.
Volume 145
Financial
Weekly Return of the New
Clearing House
OF
MEMBERS
FOR
THE
THE
OF
WEEK
NEW
ENDED
*
following shows the condition of the Federal Reserve
Bank of New York at the close of
YORK
16,
date last year:
1937
Net Demand
Deposits,
Deposits,
Average
_____
Time
Undivided
business Oct 20, 1937,
comparison with the previous week and the corresponding
in
HOUSE
CLEARING
SATURDAY, OCT.
Average
Surplus and
Capital
The
City
York
New
Profile
*
Clearing House
York
New
weekly statement issued by the
Clearing House is given in full below:
ASSOCIATION
Condition of the Federal Reserve Bank of
York City
The
STATEMENT
2647
Chronicle
Members
Oct.
20,
1937 Oct.
13,
1937 Oct. 21, 1936
Assets—
$
Bank ol N Y A Trust Co
Bank of Manhattan Co.
$
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
42,661.000
21,000,000
15,000,000
National City Bank
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
Firet National Bank....
10,977,000
413 ,178,000
47,503,000
199,052,000
17,279,000
66,463,000
104,611,000
53,709.000
24,849,000
4,037,000
7,292,000
8,131,000
58,394,000
3,460,000
42,013,000
2,470,000
3,231,000
34,272,000
2,157,000
58,070,000
58,932,400 al ,476 ,840,000
413 ,030,000
54,330,900
180,657,900 61,369 ,819,000
44,247,000
450 ,548,000
68,756.100
696 ,612,000
245 ,516,000
17,632,600
444 ,623,000
466 ,022,000
01,140,100
46 ,647,000
4,095,300
126,158,500 cl,853 ,245,000
50,000,000
4,000,000
Continental Bk <fc Tr Co
Chase National Bank...
139 ,122,000
25,804,400
10,000,000
Irving Trust Co..
Gold certificates
.
13.252,400
105,095,400
100.270,000
hand and due from
on
t
3,561,968,000 3,494,271,000 3,261,204,000
1,614,000
1,657,000
1,527,000
58,426,000
74,523,000
77,049.000
reserves
3,638,018,000 3,572,977,000 3,321,244,000
United States Treasury.*
Redemption fund—F. R. notes
Other cash
Total
Bi is discounted:
Secured
b>
U.
8.
Govt,
obligations,
6,367,000
direct or lully guaranteed
Other bills discounted
Totai bills discounted....
6,906,000
2,638,000
.
7,730,000
2,658,000
2,469,000
47
500,000
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk 4 Tr Co.
Totals
3,529,900
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
7,000,000
Bankers Trust Co.
76,151,400
1,301,800
9,061,900
28,125,700
CJ767 ,936,000
7,976,700
74 ,353,000
8,665,900
77 ,359,000
523.431,000
•As per official reports:
,801,000
13 ,705,000
89 ,261,000
272 ,002.000
9,357,619,000
894,916,300
9,005,000
14,636.000
5,127,000
Bills bought in open market
1,016,000
1,016,000
Industrial advances
4,680,000
4,704,000
1,099,000
6,315,000
Treasury notes
211,831,000
332,269,000
211,831,000
332,269,000
100,381,000
383,224,000
Treasury bills
Fifth Avenue Bank
Title Guar <fe Trust Co..
Marine Midland Tr Co..
180,929,000
180,929,000
161,638,000
725,029,000
725,029,000
645,243,000
739,730,000
745,385,000
657,784,000
United States Government securities:
Bonds
747.970,000
Total U. 8. Government securities-
National, Sept. 30, 1937; State, Sept. 30. 1937; trust
oo m pan lee,
Sept. 30. 1937.
Includes deposits in foreign branches as follows:
(a) $276,672,000; (6) $99,757,000;
Total bills and securities
(c) $126,113,000; id) $41,435,000.
The
New
of
returns
are
York
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
"Times"
publishes regularly each week
which
The
the figures for the week ended Oct. 15:
number of
banks and trust companies
not members of the New York Clearing House.
following
a
are
Bank premises
•
56,000
8,540,000
BUSINESS
FOR
NATIONAL
THE
AND
STATE
WITH
THE
FRIDAY,
OCT.
HOUSE
WEEK ENDED
...
AU other assets
BANKS—AVERAGE
1937
FIGURES
Liabilities—
F. R. notes In actual circulation
Loans,
Other Cash,
Res. Dep.,
Dep. Other
Dxsc. and
Including
N. Y. and
Bants and
Oross
Investments
Bant Notes
Elsewhere
Trust Cos.
Deposits
$
$
$
$
952,992,000
959,251,000
844,821,000
$
Deposits—Member bank
1
■
reserve acc't— 3.072,842,000 3,039,971.000 2,919,753,000
U.S. Treasurer—General account
23,216,000
23,158,000
15,275,000
Foreign bank
98,278,000
141,376,000
Other deposits
Manhattan—
Grace National
21,476,800
25,144,000
106,900
7,713,800
2.459,400
430,000
10,263,000
479,000
27,874.800
29,220,000
6,631,352
335,292
2,177.508
82,897
6,331,978
Deferred availability Items
6,359,600
4,938,000
Sterling National
353,300
1,732,200
722,000
326,400
7,904,000
5,449,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
Trade Bank of N. Y.
Total deposits
Brooklyn—
Lafayette National.
People's National
TRUST
101,000
COMPANIES—AVERAGE
Loans
276,000
Deposits
51,079,000
51,474,000
7,744.000
9,117,000
1,768,000
-
$
$
$
$
56,176,100
9,383,157
11,337,706
20,509,700
.
Federation
Fiduciary
Fulton
*7,712,000
219,910
11,999,700
1,502,294
4,313,700
1,688,617
*1,206,614
1,079,537
958,400
627,100
*6.583,700
27,941,900 *10,184,300
64,871,099 23,508,337
Brooklyn
83,611.000
37,086,000
Kings County
31,551,225
14,440
15,624.262
Lawyers
United States
Ratio
of
total
to
reserve
473,100
Contingent liability
deposit
141,362,000
51,084,000
51,474,000
7,744,000
9,117,000
2,008,000
158,279,000
50,249,000
50,825,000
7,744,000
8,849,000
7,173,000
and
Commitments
to
make
85.1%
84.4%
657,000
purobased
industrial
ad-
bances
4,952,000
9,313.000
4,987,000
t "Other cash" does not inolude Federal Reserve notes
or a
bank's own Federal
Reserve bant notes.
*
56,000 116,244,000
36,973,975
8,999,487
84.8%
670,000
bills
on
for foreign correspondents
69,817,300
10,809,921
11,081,411
24,088,400
36,538,300
73,930,432
Brooklyn—
3,444,000
2,215,659
93,346,000
4,585,862,000 4,495,772,000 4,186,881,000
F. R. note liabilities combined
Manhattan—
22,626,000
113.638,000
Oross
Trust Cos.
$
Cash
Bants and
Elsewhere
Disc, and
176,034,000
-
Total liabilities
Dep. Other
104,848,000
3,335,654,000 3,273,732,000 3,058,941,000
Reserve for contingencies
All other liabilities
FIGURES
Res. Dep.,
N. Y. and
Investments
Empire
83,000
5,718,000
162,466,000
10,856,000
28,730,000
4.585,862,000 4,495,772,000 4,186,881,000
CLOSING OF
15.
8,171,000
147,113,000
10.005,000
12,065,000
177,752,000
10,005,000
11,761,000
Total assets.
INSTITUTIONS NOT IN CLEARING
56,000
These are certificates given by the United States Treasury for the gold taken
Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
over from the
100 cents to
59.06 oents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
•
Includes amount with Federal Reserve as follows: Empire, $5,742,300; Fidu¬
ciary, $825,505; Fulton, $6,308,800; Lawyers, $9,539,200.
under the provisions of the Gold Reserve Aet of 1934.
•or
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 principa
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.
items of the
Commencing with the statement of May 19, 1937, various changes
described in
an
were made in the breakdown of loans as
announcement of the Federal Reserve Bank of New York of April 20. 1937, as follows:
reported in this statement, which were
The changes in the report form are confined to the classification of loans and discounts.
This c assification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and
dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and 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 "commercial, industrial, and agricultural
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed
explanation of the revisions
was
loans" and "other loans"
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 OCT. 13.1937 (In Millions ol
Federal Reserve Districts—
Total
Boston
New York
PhUa.
A8SETS
%
$
9
9
Loans and Investments—total
Cleveland Richmond
$
Atlanta
Chicago
St. Louis
S
9
%
9
21,999
Loans—total
1,294
9,036
1,153
1,883
617
553
730
250
276
1,044
3,037
Minneap. Kan. City
San Fran
Dallas
9
9
9
9
Dollars)
661
407
710
513
2,135
316
187
289
247
1,046
9,994
709
4,428
472
Commercial, Indus, and agrleul. loans:
On securities
605
39
259
44
44
15
12
53
54
11
19
14
41
Otherwise secured and unsecured-
4,266
299
1,835
178
262
99
128
593
142
87
161
141
341
478
89
194
24
18
12
4
54
11
7
26
4
35
1,161
38
982
21
24
4
7
53
6
1
4
3
18
673
36
324
37
40
19
15
94
13
10
14
16
55
1,167
84
243
60
177
29
27
85
46
6
20
21
369
94
3
66
2
3
2
4
5
6
730
66
267
49
120
30
27
46
11
Open market paper
Loans to brokers and dealers
Other loans for purchasing or carrying
securities
Real estate loans..
Loans to banks
......
1
......
2
10
79
Other loans:
On securities
—
10
15
Otherwise secured and unsecured..
820
55
258
57
42
40
52
61
27
55
29
38
106
United States Government obligations
7,917
429
3,020
315
830
263
169
1,410
197
164
255
186
679
Obligations fully guar, by U. S. Govt.
1,133
2,955
5,339
23
436
98
60
39
34
189
46
12
45
29
122
133
1,152
2,666
268
263
65
74
394
102
44
121
51
288
236
324
128
107
785
143
78
178
114
330
Other securities
Reserve with Federal Reserve Bank..
250
-
23
347
37
83
19
42
20
13
65
12
7
14
12
Balances with domestic banks
1.828
103
134
134
171
164
114
295
90
72
189
166
196
Other assets—net
1.3®4
79
558
90
104
39
40
93
24
16
23
29
209
14,801
971
6.497
799
1,069
426
332
2,205
405
272
502
398
925
5,270
275
1,131
290
741
198
186
869
184
122
147
126
1,001
595
33
335
16
15
10
15
78
7
2
13
19
52
5,142
214
2,010
274
332
216
197
726
237
120
358
202
256
.......
Cash in vault
....
LIABILITIES
Demand deposits—adjusted...
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
......................
Other liabilities
Capital aooount
9
501
3
1
1
16
1
1
849
24
390
23
17
26
7
22
8
6
3
7
316
3,615
237
1,612
227
348
92
88
366
89
57
91
81
327
541
1
4
1
1
1
8
Financial
2648
Chronicle
Oct. 23, 1937
Weekly Return of the Board of Governors of the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Oct. 21,
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks. The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
The following was
-
AND LIABILITIES OF THE FEDERAL RESERVE
COMBINED RESOURCES
Oct. 20.
Three ciphers (000) omitted
Oct.
1937
Sept. 29.
1937
1937
1937
9
ASSETS
Oct. 6.
13,
22,
1937
Sept. 8,
Sept. 1,
1937
1937
$
9
3
Oct. 21(
1936
Aug. 25,
1937
15,
Sept.
1937
9
S
%
$
BANKS AT THE CLOSE OF BUSINESS OCT. 20, 1937
Sept.
$
$
9.127,389
9,127.392
9,129,890
9,129,890
8,830,890
8,831,389
10,422
10,422
8,663
9,192
8,964
8.949
300,809
316.143
308,416
296.320
271,248
294,237
308.865
8,609,328
12,471
253,547
9.438,620
9,453.957
9,446,969
9,435,402
9,111,102
9,134,575
9,150,236
8,875,346
13,268
12,327
13,151
10,047
10,811
11,312
7,391
3,103
10,839
12,187
11,372
12,915
10.729
11,951
11,639
13,356
10,183
23,451
23,056
23,590
24,195
23,198
23,559
23,726
18,703
6,170
2,830
19,478
2,830
19,622
2,813
3,026
3.026
20,601
3,076
20.709
3,077
20,598
3,067
20,603
3,076
19,680
20,785
20.929
3,089
26,427
738,073
738,073
1,167,713
738,073
738,073
1,157,713
738,073
1,157,713
738,073
1,157,713
1,157.713
1,157.713
738,073
1,157,713
630,404
630.404
630,404
630,404
630.404
630,404
738,073
1,157,713
630,404
1,157,713
630,404
Gold ctfa. on hand and due from U. S. Treas.x
631.404
378,077
1,443,363
608,787
2,526,190
2,526.190
2.526,190
2,526,190
2,526,190
2,526.190
2,526,190
2.526.190
2.526.190
2,430,227
2,573,534
2,573,777
2,568.899
2,465,913
9,126,389
Redemption fund (Federal Reserve notes)
Other cash *
9,126,889
9,646
293,765
9,438
303.903
—
9,439,730
9,430,300
13,193
5,291
18,484
Total reserves
8.831,948
9,423
Bills discounted:
Secured
U.
by
direct
or
8.
Government obligations,
fully guaranteed
..........
Other bills discounted
Total bills discounted
Bills bought in open market
........
Industrial advances
.....
United States Government securities—Bonds..
Treasury notes
...............
...
Treasury bills..—
Total U. 8
Government securities.........
■
Other securities
mmrn
3,067
737,073
'
^
mmmmemm
Foreign loans on gold
2,566,982
Total bills and securities.......
2,572,093
2.671.739
2,573,404
2.574.012
2,573,058
""229
."""190
""190
""231
"""221
"""221
....
28,431
27,814
28,172
27,370
29,143
23,057
...
Due from foreign ba
714,261
657,615
633,125
637,059
859.544
569,257
27,785
625,356
""l73
s
Bank premises
24,797
654,301
45,455
45,456
45,456
45,514
45,428
45,425
45,423
580,791
45,479
40,849
39,114
37,952
37,292
36,704
46,931
45,515
44.726
38,307
12,834,711
12,774.300
12,756,416
12,775.446
12,824.827
12,979,510
12,369,527
12,452,652
12,414,551
12,106,944
.......
Total assets,....
""218
24,200
27,419
693,328
45,417
..............
All other assets..
""190
173
39,679
Federal Reserve notes of other banks
Uncollected Items
.........
...
48,062
LIABILITIES
federal Reserve notes 1 n actual circulation....
4.270,223
4,291,519
4.284,339
4,246,268
4,253,156
4,271,313
4,295,483
4,260,604
4.234.680
4,091,064
Deposits—Member banks'
6,938,802
7,003,033
76,183
287,311
7,032.833
6.977,186
6.864,732
6.731,214
156.264
6,729.546
6,693,447
160,885
200,205
134,065
81,557
283,014
174,745
7,498,933
7.459,892
716,041
Foreign banks
Other
deposits
Total deposits...
....
....
Deferred availability Items........
f
140,273
193,490
347.686
243,378
237,332
124,734
199,837
125,612
112,978
113.616
189,657
146,887
156,059
88,337
63,782
163,492
7,542,096
7.532.742
7,525,233
7.154,426
7.224.022
7,246.695
7,009,058
637.764
690,025
834.534
620,482
132,604
132,590
570,618
132,588
584,978
132,531
145.854
145,854
145,854
27,490
35,839
657,033
130,243
145,501
672,090
United States Treasurer—General account..
.
■
6,709,993
130,390
200,427
7,500,592
6,918,902
83.231
276,444
202,130
reserve account
132,679
132,656
622,374
132,627
145.854
145,854
145,854
145,854
27,615
35,769
7,597
27,490
35,803
8,996
27,490
27,490
132,605
145.854
27,490
27,490
27,490
35,804
35,803
35.803
7.338
7,567
6.952
35,803
6.693
35,838
7,230
12,834,711
12,774,300
12.756,416
12,775,446
12,824.627
12.979.510
80.2%
80.2%
80.1%
80.2%
80.2%
1,855
1,511
1,365
1,338
1,543
Commitments to make Industrial advanoes...
14,549
fl4,654
14,739
14,880
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted..................
16-30 days bills discounted..................
31-60 days bills discounted
16,604
21.744
21,306
21,534
456
301
291
612
824
478
334
......
Capital paid In
Surplus (Section 7)
.....
......
Surplus (Section 13-B)
....
Reserve for contingencies..
All other liabilities
......
.....
Total liabilities......................
;
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent
liability
on
bills
purchased
foreign correspondents...
27,490
35,838
6,485
27,088
5,767
12,369,527
12,452,652
12,414.551
12,106,944
80.0%
79.6%
79.5%
79.7%
80.0%
1,579
1,727
1,873
1,932
14,970
15.021
15,236
15,404
15.179
22,774
21,223
21,422
20,537
16,546
4,337
434
21,219
1,429
445
706
802
362
73
954
1,012
850
854
1,024
1,101
914
1,077
348
318
436
556
603
333
1,092
•742
431
234
187
174
141
73
74
194
139
252
23,726
18,703
6.170
■
61-90 days bills discounted
Over 90 days bills discounted..
18,484
23,451
26
26
market.......
297
200
market.......
222
273
market.......
Over 90 days bills bought In
open market
2,285
Total bills bought In open market.........
discounted....................
1-15 days bills bought In open
16-30 days bills bought In open
31-60 days bills bought In open
61-90 days bills bought In open
23,590
24,195
23,198
23,559
391
23,056
1,200
1,271
69
1
■
5
,
......
81-60 days Industrial advances
61-90 days Industrial advances
132
569
49
1,016
391
391
1,555
1,200
1,333
67
/278
302
1,235
723
168
416
391
278
2,331
2,486
1,317
200
682
1,284
1,328
784
2,739
2,830
2,813
3,026
3,026
3,067
3,076
3,076
3,077
3,089
1,057
I- ) I
960
1,009
1,179
1,133
887
908
970
936
1,081
161
301
290
190
209
422
445
334
224
561
423
462
526
649
588
723
728
667
498
564
930
18,143
18,227
18.457
18,556
23,496
26,427
;
332
818
645
664
572
.......
830
928
903
696
........
16,612
16,788
16,814
17,961
17.975
19,478
Over 90 days Industrial advances.
f
34,236
12,721
2,830
market
days Industrial advanoes
16-30 days Industrial advances...
145,854
for
......
.....
Total bills
132,594
19,622
19,680
20.598
20,601
20,603
20,709
20,785
20.929
30,190
29.539
63,358
27,349
25,282
27,472
26,006
103,105
101,670
40,187
29,685
59,655
30,190
27,549
61,055
25,282
26,006
63,358
54,736
59,729
189,340
60,168
2,280,813
32,189
54,821
61,055
2.276.455
28.546
106,880
2,276,299
2,133,860
Total Industrial advanoes
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. 8. Government securities......
Over 90 days U. S. Government securities
Total U. S. Government securities
1-15 days other securities
16-30 days other securities
....
51,768
2,351.335
57,016
2,352,485
59,486
2,350,438
2,350,146
2,351,815
28.366
27.472
57,034
59,655
2,353.663
2,526,190
2,526,190
2,526,190
2,526,190
2.526,190
2,526,190
2,526,190
2,526,190
2,526.190
2.430,227
4,602,269
356,001
4,613,505
4,620,315
4,624,774
4,563,174
349,002
329.291
302.570
4,560,971
326,291
4,399,643
360,349
4,271,313
4,295,483
4,260,604
4,234,680
4,091,064
4.594.632
18.277
4,360,838
20,000
98,000
4.032.909
4,463.283
60.794
59.729
55,472
60,794
34,319
32,521
...
31-60 days other securities
61-90 days other securities...........
......
.
.
••••
Over 90 days other securities
Total
other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank
In actual circulation
4,618.979
348,756
4,608,405
4,609,199
316,886
324.860
4,270,223
4,291,519
4.284,339
4,246,268
4.253,156
4,641,132
4,639,132
23,149
32,000
4.636,132
22,822
32,000
4,633,132
22,183
32,000
4,633.132
4,632.132
4,619.132
4,600,632
18,276
32,000
22,755
22,807
23,166
32,000
32,000
32,000
23,339
20,000
4.691.408
4,694.281
4.690.954
4.687.315
4.687,887
4.686.939
4.674.298
4.643.971
308,579
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
hand and due from U. 8. Treas..
on
By eligible paper
United States Government securities.....
Total eollateral
•
x
"Other cash"
These
are
eents on Jan.
.
does not
Include Federal
Reserve notes,
f Revised
4,445
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 59.00
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
.
/
Volume
2649
Chronicle
Financial
145
Weekly Return of the Board, of Governors of the Federal Reseroe System (
WEEKLY STATEMENT
Three Ciphers
(000)
Omitted
Feaeral Reserve Agent at—
Total
Boston
New York
9
9
9
Cleveland Richmond
PhUa.
RESOURCES
1
Gold
certificates
on
band
and
•
i
Atlanta
9
9
9
9
9
9
San Fran
Dallas
Louis Minneap. Kan. City
St.
Chicago
9
1
due
465,055 3,561.968
96
1,527
28,174
74,523
496,903
1,032
690
526
1,385
782
934
515
175
312
303,903
23,786
18,164
18,500
13,619
38,521
16,514
7,980
19,899
16,358
697,289
1,464
27,865
9,439,730
from United States Treasury
Redemption fund—Fed.
Other cash
)
PEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 20. 1937
AND LIABILITIES OF EACH OF THE 12
OF RESOURCES
493,325 3,638,018
521,721
708.027
325,514
244,845 1,778,800
296,872
202,952
301,208
201,830
.726,618
6,367
1,602
814
533
839
1,070
215
615
157
264
403
2,638
202
142
136
454
62
7
148
538
230
59
1,132
222
763
695
494
462
9,126,389
9,438
Res. notes..
_
Total reserves
__
229,841 1,739,497
306.488
689,173
185,160
281,134
194,457
279,424
Bills discounted:
Secured by U. S. Govt, obligations.
direct and (or) fully guaranteed
*
989
9,005
1,804
956
609
1,293
2,830
205
1,016
291
268
110
98
19,478
738,073
2,902
4,680
3,652
804
1,883
154
774
244
673
503
1,128
2,081
53,791
62,330
71,850
38,868
32,428
32,543
24,009
28,818
45,202
63,999
51,046
36,206
56,885
30,976
24,614
54.663
-
Industrial advances
,
'■
352
200
79
79
54
78
1,157,713
84.374
211,831
332,269
97,768
112,703
60,968
50,866
81,340
127.584
630,404
45,944
180.929
53,238
61,369
33,198
27,697
69,474
27,796
37,661
20,506
2,526,190
184,109
725,029
213,336
245,922
133,034
110.991
278,398
111,385
82,176
124,127
98,634
219,049
2,566,982
219,083
247,950
135,696
112,536
280,656
111,929
83,666
125,404
100,335
221,792
S. Government securities—Bonds
Treasury notes
Treasury bills
Total U. 8. Govt, securities
188,205
739,730
14
56
19
17
8
7
23
2
2
6
6
28,431
714,261
524
8,540
1,177
1,351
3,360
95,025
1,735
37,612
663
68,414
2,013
31,181
1,029
57,870
29,781
40,395
4,857
6,254
4,726
4,280
2,278
24,543
2,202
1,496
3,312
71,727
2,449
59,440
2,728
2,482
809,453 1,036,293
45,455
...
All other resources
3,015
177,752
10,005
39,679
Uncollected Items
Bank premises
100,387
173
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Tota 1
'
675
18,484
Total bills discounted
Bills bought In open market
U
314
13,193
5,291
Other bills discounted
2,334
11,761
759.144 4.585,862
12,834,711
resources
20,521
13
4,620
2,354
1,364
1,499
1,513
1,401
3,171
3,611
1,744
1,441
3,372
2,904
528,317
387,907 2,166,047
445,850
311,084
470,880
335,420
998,454
LIABILITIES
952,992
313,849
434,065
214,663
168,041
976,368
181,965
139,935
165,707
91,701
344,528
350.472 3,072,842
23,158
3,495
370,156
1,419
450,480
12,075
217,927
201,907
184,686
547,417
4,161
2,745
8,365
6,128
128,561
3,524
6,413
2,782
245,465
11,989
3,871
164,726 1,004.163
10,501
5,848
32,343
9,759
1,393
3,442
8,086
8,086
4,114
19,796
239
3,118
15,385
183,775 1,048,400
220,164
141,280
257,951
198,635
586,712
96,388
33,101
3,846
4,655
20,485
37,205
33,997
42,562
2,891
3,116
1,003
2,027
4,065
3,876
3,613
3,851
10,176
9,645
1,142
941
1,262
1,847
2,121
2,037
347
256
251
673
445,850
311,084
470,880
335,420
998,454
286,409
4,270,223
F. R. notes In actual circulation
Deposits:
6,938,802
Member bank reserve account
81,557
U. S. Treasurer—General account-
6,753
Foreign bank
2 76,444
20,354
98,278
27,324
25,651
Other deposits
202,130
2,645
141,376
6,076
15,675
376,966 3,335,654
404,975
503,881
240,540
176,034
56,923
58,165
51,079
51,474
12,259
13,362
4,325
3,000
66.292
12,943
14,323
3,121
4,869
3,422
1,497
661
284
809,453 1,036,293
528,317
7,498,933
Total deposits—
Deferred availability Items
Capital paid In
132,679
Surplus (Section 7)
Surplus (Section 13-B)
71,579
9,383
9,826
2,874
1,570
716,041
145,854
27,615
35,769
7,597
Reserve for contingencies—
All other liabilities
1,007
760
759,144 4,585,862
12,834,711
Total liabilities
7,744
9,117
1,768
537
Contingent liability on bills purchased
•"Other cash" does not
754
1,691
329
12,893
21,504
1,416
7,721
1,357
545
1,200
374
387,907 2,166,047
135
670
182
171
80
65
215
55
42
54
54
132
1,860
1,855
14,549
for foreign correspondents.
Commitments to make Indus .advances
23,310
4,391
5,616
4,877
3,764
4,952
140
875
1,693
354
10
1,035
51
117
269
3,193
Reserve notes
Include Federal
RESERVE NOTE STATEMENT
FEDERAL
Three Ciphers (000) Omitted
Total
Boston
New York
9
9
Cleveland Richmond
Phila.
t
Federal Reserve Bank of—
9
Federal Reserve notes:
%
335,067 1,063.884
110,892
48,658
330,662
Atlanta
t
9
9
9
S
9
San Fran.
Dallas
Louis Minneap. Kan. City
St.
Chicago
S
9
186.593 1,005,960
18.552
29,592
225,793
193,782
145,699
5,764
178,566
99,142
11,817
12,859
7,441
390,086
45,558
16,813
463,745
29,680
4.270,223
286,409
952,992
313,849
434,065
214,663
168,041
976,368
181,965
139,935
165,707
91,701
344,528
4.641,132
Issued to F. R. Bank by F. R. Agent
341,000 1.060.000
989
8,990
337,000
467,000
226,000
171,000 1,020.000
190,632
148,000
180,000
101,500
399,000
1,804
956
670
182
761
695
494
462
148,761
180,695
101,994
399,462
4,618,979
348,756
Held by Federal Reserve Bank
In actual circulation
11,130
Collateral held by Agent as security
for notes issued to banks:
hand and due
Gold certificates on
from United States Treasury
18,276
Eligible paper
U, S. Government securities
United
Securities
Government
States
338,804
341,989 1,068,990
4.691,408
Total collateral
York Stock
1,151
1,122
12,000
20,000
32,000
on
the
467,956
Transactions
New
United States Treasury
quoted
are
the
at
Averages—See
PARIS BOURSE
Quotations of representative stocks as
1938
0.33%
0.33%
0.33%
0.35%
1938
0.35%
1938
0.35%
1938
0.35%
Mar. 16 1938
0.20%
0.20%
Mar. 23 1938
0 20%
Mar. 30 1938
Nov. 17 1937
0.20%
Nov. 24 1937
0.20%
0.25%
0.25%
April 6
April 13
April 20
April 27
May
3 1937
Dec.
1 1937
Dec.
8 1937
4 1938
Jan.
6 1938
0.27%
Jan.
12 1938
0.27%
May 25 1938
June
1 1938
Jan.
0.27%
0.27%
26 1938
June
8 1938
June 15 1938
Banque de Paris et
June 22 1938
1938
0.45%
13 1938
20 1938
0.45%
Feb.
16 1938
0.30%
0.30%
0.30%
Feb
6
July
23 1938
0.30%
July
Mar.
2 1938
0.33%
July
Mar.
9 1938
Generate
Cie Generate
0.45%
9 1938
0.45%
Cotv 8 A
Credit Lyonnalse
Eaux Lyonnalse cap
Energle Electrlque
Notes—Friday,
NordRv
Orleans Ry
Figures after decimal point represent one or more
point.
32ds of
du Nord
du Littoral.
Int.
Maturity
Rate
Bid
A tied
Maturity
Rate
M%
l%%
Bid
Atled
101
101.2
100.18
100.20
1K%
100.22
100.24
Mar. 16 1940.
16 1941...
1 K%
99.16
99.2u
Mar. 16 1942.
Sept 15 1939...
Dec. 15 1939...
1M%
1 H%
M%
U4%
1^%
IX %
IH%
100.23
100 25
Sept
15 1942.
100 23
100.25
June
15 1939.
100.2
2 %%
15 1938.
2*4%
101.22
101.24
3%
101.9
101.11
Dec.
Dec
15 1938
June 15 1941...
Mar. 16
1939...
Mar. 15 1941...
June
15 1940...
Dec.
15 1940—
100.30
101
Sept. 15 1938.
1 1938.
Feb.
100.14
100.16
June
100
100.18
100.20
100.17
100.19
Mar. 15 1938.
101.10
100.12
101.30
102
101.29
2H%
101.31
100.24
100.26
1,450
1,420
1,360
iSS x.flo
1,140
1.420
1,420
308
510
305
496
291
494
HOLI-
IHI-I
RStS'4%Ton!...:::::::;:
19
Rrates4H%
742
730
758
362
363
364
365
73.75
1.907
73.00
1,976
74.20
70.90
70.70
70.10
70.10
2,035
69.30
68.50
68.80
77.10
76.20
——95.30
76-60
75.10
74.70
94.70
76.50
75.50
94.00
1.956
1,085
.
5,930
75.60
95.10
5.620
5,540
Schneider & Cle
1.121
70
119
1.384
1.990
1,100
70
115
1,336
*74
....
Iff
136
129
Soclete
Soclete
Tubize
Union
Francalse Ford
Generate Fonclere
Lyonnalse————
Marseillaise
Artlflcal Silk, pref
d'Electrlclte
Wagon-Llts
251
25,000
1~360
49
210
*365
73.10
70.10
69.00
1.995
....
2.000
Soclete
73.50
70.10
8
1932 A
1932 B."J-HI..
1920
1,960
KKcac:::
Soclete
H>na
309
511
761
-
Snt^Per net uaT3 %
RS 5<7
521
679
210
231
465
680
210
211
455
-
6%
Rentes 4W%
Int.
49
>.
Pechfney
S
47
48
514
oqi
SSRS&Oct. 22
**118
441
250
24,900
633
J.460
--
urrleresII———
Credit Commeridal de France-.
Co
0.45%
6.500
1«9£8
435
238
231
24,800 24,600
624
606
1,340
*»290
210
242
468
Comptoir Natlonale d'Escompte
6,400
6.300
M04
442
501
670
210
210
455
535
694
-
Energle Electrlque
a
6.400
25,200
642
1,350
48
d'Electrlclte
TransaUantlque..
Citroen B
0.33%
Quotations for United States Treasury
Francs
1,154
Des Pays Bas
Cle Dlstr d'Electrlcltc
Cle
cable
19 Oct. 20 Oct. 21 Oct. 22
Francs
Francs Francs
Francs
6.500
Canalde Suez cap
0.45%
June 29 1938
2 1938
Feb.
18 Oct.
Oct.
Banque de l'Unlon Parlslenne. 462
Canadian Pacific.252
0.45%
Feb.
16
Francs
0.40%
0.40%
0.45%
May 11
0.25%
19 1938
Oct.
Bank of France....
0.40%
0.25%
0.25%
Dec. 29 1937
received by
of the past week:
each day
0.40%
1938
May 18 1938
Dec. 15 16 17& 181937
Dec. 20 21 & 22 1937.
Jan.
AtM
Bid
A tied
Nov. 10 1937
Nov.
2665.
page
Bills—Friday, Oct. 22
THE
27 1937
Exchange,
2665.
for discount at purchase.
Bid
Oct.
Stock
York
New
Daily, Weekly and Yearly—See page
Exchange—See following page.
Stock and Bond
Rates
202,814
192,151 1,021,122
226,670
413
95
405
88
5,850
1,115
67
67
115
113
1,320
1,369
----
----
369
86
139
488
90
76.25
75.20
95.20
5,810
68
Oct.
2650
1937
23,
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
No
the day.
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of
such sales in computing the range for the year.
account is taken of
United States Government Securities
on
York Stock Exchange
the New
the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
' ■
' ',
Below
furnish
we
daily record of
a
..
16 Oct.
Daily Record of U. S. Bond Prices Oct.
4KB. 1947-62
18 Oct.
20 Oct.
19 Oct.
21 Oct.
22
115.20
115.16
115.10
115.15
115.23
115
115.2
115.10
115.23
115
115.10
115.10
115.14
2
14
156
21
4
1
106 16
106.22
106.14
106.13
106.14
Total sales in 11,000 units..
High
116.14
106.20
106.5
106.10
106.14
106.8
106.11
106.14
189
21
6
111.17
111.25
111.12
111
100.21
100.13
100.14
100.13
100.21
100.14
100.18
100.13
22
63
99
53
21
(High
(Low.
99.29
99.31
99.18
99.20
99.23
99.24
99.28
99.1
99.12
99.19
99.18
99.27
99.28
99.14
99.19
99.21
99.20
32
7
159
79
83
99.18
99.24
99.13
99.9
99.13
99.11
Low.
99.16
99.20
98.24
99.4
99.10
99.9
99.21
99.6
99.9
99.13
99.11
40
72
Total sales in 91,000 units
2 *8, 1956-69
111.17
111.16
110.28
111
111.17
111.22
110.28
111
1
31
49
1
6
120
....
....
109.16
109.13
109.20
109.21
109.6
109.13
109.14
109.21
109.6
109.13
109.16
109.21
4
9
2
(High
-(Low.
3Ks, 1946-66
I Close
Total sales in 91,000 units...
110.31
111.4
111.7
31
mm'rem
22
100.19
100.17
111.7
(cioee
-
Oct.
100.25
2*s, 1961-64
111.5
Total sales in 91,000 units.
99.28
21
100.18
(Close
6
Total sales in 91,000 units...
48. 1944-64
100.17
100.12
Close
(Low.
I
106.10
14
111.7
100.29
20 Oct.
Total sales in 91,000 units...
2*s, 1948-61
306.9
106.22
6
[High
(Low.
100.25
(High
,
19 oa.
99.18
106.16
106.16
Total sales in 91.000 units...
18 Oct.
High
Low
1943-46
Treasury
106.12
Close
3 KB,
Daily Record of U. S. Bond Prices Oct.
115.14
115.20
(Low.
(Close
115.25
115.20
[High
Treasury
16 Oct.
100.8
323
19
27
99.23
142
16
56
98.1
98.8
97.24
97.22
97.27
97.25
Low
97.27
97.31
97.3
97.15
97.21
97.21
Close
98.1
97.31
97,13
97.20
97.26
97.24
64
471
95
21
39
(High
2*s. 1949-63.
•
...
Total sales in 91.000 units
19
...
i
■
•
(High
106.30
Low.
107.2
106.18
106.25
106.30
106.27
106.18
Federal Farm Mortgage
3 *8, 1944-64
(High
102.30
102.30
102.27
106.30
107
106.22
106.30
106.27
102.24
102.24
106.30
107.2
106.18
106.25
106.30
106.27
(Low.
IClose
102.30
Close
102.30
102.24
102.24
Total sales in 91,000 units...
2
26
5
19
1
1
Total sales in 91,000 units...
3
6
(High
102.26
102.27
102.16
102.14
102.18
102.16
(Low.
102.22
102.25
102
102.14
102.14
102.14
(Close
102.26
102.25
102
102.14
102.16
102.14
3HS, 1943-47
-
3s, 1961-66
Total sales in 91.000 units.
30
17
104.9
High
104.15
80
9
24
104.4
104.8
104.8
104.7
104.13
103.28
104
104.4
104.7
104.13
104.2
104.
104.8
134
16
14
105.21
105.24
105.16
105.16
105.15
105.17
1 Low.
105.21
105.20
105.
H
105.14
105.14
105.21
105.22
105.14
105.16
105.14!
32
13
3
106.16
106.13
106.12
[High
..•{Low.
3HS. 1941-43..
....
3
106.10
106.10
..
106.16
106.6
106.7
106.10
106.16
106.6
106.12
106.10
7
11
5
3
104.22
102.4
(Low.
(Close
102.30
102.30
10
12
18
102.20
102.25
102.26
102.12
102.21
102.22
102.26
102.20
102.25
102.22
1
19
14
3
....
101.13
Low
101.12
101.12
Home Owners' Loan
101.12
5
102.10
(High
(Low
(Close
3s, series A, 1944-62
102.2
102.4
102.6
102.2
102.7
102.11
101.20
101.31
102.6
102.2
102.11
102.2
102.4
102.6
102.2
13
57
64
37
12
Home Owners' Loan
100.26
100.10
100.15
100.20
99.31
100.11
100.15
100.16
100.14
100.20
100.17
62
39
16
100.11
100.12
100.12
3H
104.23
104.27
104.20
104.22
104.21
104.23
104.27
104.4
104.14
104.19
104.21
High
2*s, series B. 1939-49.. Low.
100.23
(Low.
100.20
100.22
104.23
104.27
104.9
104.20
104.22
104.21
Close
100.23
100.22
91.000 units...
10
1
2
5
1
Total sales in 91,000 units...
30
116
(High
104.16
104.22
104.8
104.9
104,11
104.12
100.17
100.14
...
1949-62..
75
(Low.
(Close
104.16
104.22
103.26
104.2
104.9
104.22
104.6
104.9
104.11
50
109
13
3
106.18
106.11
106.12
20
100.7
106.7
lew.
100.15
100.12
100.2
100.11
100.17
100.12
100.11
100.12
20
26
41
44
6
includes
only
sales
100.19
99.30
106.11
106.9
100.4
Close
Total sales in 91.000 units...
104.12
5
High
2 *8, 1942-44
104.12
104.16
Total sales in 91.000 units...
Home Owners' Loan
16
102.16
102.10
Total sales in 91.000 units
I
102.22
101.12
Olooo
(Close
situates in
----
101.12
High
(High
1946-49..
13
1
106.7
Total sales in 91.000 units...
102.4
102.7
Total sales in 91.000 units..
106.7
(Close
102.6
102.7
102.26
2*8, 1942-47
9
.
102.6
101.24
1
105.12
1
101.24
102.30
Federal Farm Mortgage
105.12
(Close
Total sales in 91,000 units...
8Hs. 1940-43..
102.13
102.13
Total sales in 91,000 units...
46
fHIgh
102.5
102.7
(High
3s. 1942-47
20
102.8
102.7
Total sales in 91.000 units...
104.3
21
102.7
Low.
Federal Farm Mortgage
Total sales In 91.000 units...
101.24
CiO06
104.3
Close
7
102.13
102.7
High
3s, 1944-49
17
104.7
Low.
8s, 1946-48
Federal Farm Mortgage
t
110
(High
106.17
(Low.
(Close
106.17
106.17
106.3
106.7
106.17
106.18
106.5
106.7
Total salts in 91,000 units...
2
9
8Ks. 1941
...
106.7
127
106.9
2
11
(High
106.15
106.20
106.12
106.9
106.12
106.13
106.15
105.26
106.3
106.8
106.6
(Close
106.13
106.15
106.3
106.9
106.12
106.6
sales in 91.000 units...
5
14
77
31
15
bonds.
above
table
Transactions in
registered bonds
Treasury 4*s 1947-1952.,..
Treasury 3*s 1943-1945
Treasury 3*8 1944-1946
13 Treasury 2*8 1955-1960
10 Treasury 2*s 1945-1947
(High
(Low.
(Close
100.13
100.17
100.15
100.17
Total sales in 91.000 units...
7
37
502
41
61
80
(High
102.20
102.27
102.16
102.12
102.18
102.20
102.24
101.30
102.6
102.14
102.13
Close
Total sales in 91.000 units...
102.20
102.24
102
102.12
102.18
102.13
8
97
23
"
12
coupon
106.20 to 106.20
.....
100.6
to 100.18
102.7
to 102.20
102.20
Low.
M 31
...106.20 to 106.20
1
100.15
100.9
114.29 to 114.29
7
11
of
100.9
•a
were:
1
106.8
-(Low.
SKs, 1944-46..
Tola
Note—The
106.11
3
100.7
2 He. 1966-60..
2*8. 1946-47..
•
100.22
100.13
100.8
100.14
100.10
99.24
100.4
100.9
100.8
100.5
100.13
100.8
100.3
93
United States
United
Treasury Bills—See previous
States
Treasury
Notes,
page.
&c.—See
previous
page.
New York Stock Record
LOW
AND
Saturday
Oct.
16
Oct.
$ per share
*40*
*
40*
*30
24
1*
58*
1*
*
1*
15*
*14*
*13
*13
19*
8*
J|
934
10
19*
21
21
20
16*
1*
23*
1*
55*
68*
53
1*
-
1*
*
90
9*
*12
15*
834
1*
1*
*
19*
l»a
*
87«
11*
11*
12
11
10
11
12
12
13*
10*
11
12
15
14
17
15*
8*
19*
20*
11*
11*
150
12*
15
13
15
10
12*
8*
161
50
55
34
39*
11*
1*
28
24
24
70
67*
61*
6*
63
13*
2*
8*
1*
20
22
19
10*
I84
1*
*
10*
14*
.
12
12
16*
10
11
15*
9*
10*
58
59
58
59
*56*
38*
12*
2
19
43*
1234
2*
23
6
42
Mar
70
25
45
Oct 19
85
Apr
74*
9
Oct 19
1,300
5,400
Aug 13
22* Mar 11
28* Feb 3
69
Express
No par
Adams-Mlllls
No par
Address Multigr Corp..
..10
2,600
8,800
Advance Rumely
No par
Air Reduction Ino
No par
13", 100
21,000
13,500
13
*11*
16
43
45*
43
45
12*
13*
1284
13
2*
3*
24
3
3*
900
1,300
4,300
17,200
5,100
14,600
Way El Appliance.-No
Oct *5
166
Allegheny Corp.
No par
5* %Pref A with $30'warl00
5H %Pref A with $40 war 100
5H%Pref A without warlOO
38,800
2,400
15,000
24*
23*
65
69
62
63
2,000
7,700
62
62
62
900
13
12*
15
15
16*
15
15*
11,300
35*
58*
57
57
*49
*55
58*
10
Def. delivery
69
Oct 19
68* Feb 17
52* Feb 18
12ia
Jan
Jan
27
Apr
Octjl9
45* Mar 15
26* July
6* Oct 19
23* Apr 12
258* Mar 9
17* Aug 14
33* Jan 16
13
150
1
Oct 19
11* Oct-:20
10
Oct'l9
6*
50
Oct) 18
21* Mar
6
85
9
19
50
Oct;20
Oct;22
53* Oct 19
No par
Am Agrlc Chem (Del). .No par
American Bank Note
10
10
Cash sale.
x
Ocrl9
56
50
Feb 11
Oct* 19
[19
r
178 Aug
Oct'20
.v,
;|19
New stock,
July
10
,10* Oct'19
No par
n
Jan
Mar
13
Til
Alpha Portland Cem...No par
Amalgam Leather Cos Ino
1
6% Preferred
Aug 10
2
91
5* Feb 18
5
6% ooav preferred
Amerada Corp
Jan 22
Feb 25
22* Jan
xl* Jan
68
Apr
59*4 Feb 11
Allegheny Steel Co
5% preferred
Aids-Chalmers Mfg
9
Jan 26
Jan 7
Jan 25
Oct 19
$2.50 prior oonvpref.No par
No per
Allen Industries Ino
...1
Allied Chemical A Dye.No par
Mar 11
Jan
9* Aor
17* June
Oct 19
No par
100
61*
a
146
.No par
67
f In receivership,
Oct 19
97
Inc.
60
58
8
Oct 19
P*;* Oct. 19
v
10
100
36
4*
80*
5*
100*
16*
53
par
Allied Kid Co.
Allied Mills Co
64
23*
17* Oct 19
.16* Oct 19
14* Oct 15
Alaska Juneau Gold Mis
Allied Stores Corp..
59
this day.
Air
1,600
12,700
531?
on
Adams
78,900
1.200
10
*
Acme Steel Co
Ata & Vicksburg RR Co..100
26~600
1784
15*
per
share
8
14
168
Highest
Mar
15*
1984
10*
163
share $
Mar
14
10*
59
8*
174*
per
55
13,300
164
$
69
76,400
170*
11*
11*
12*
15
share
Oct 19
1*
11*
$ per
Sept' 8
16*
21
share
56
1*4
14*
14*
1434
per
38
87
10*
Abbott Laboratories
$
Lowest
Highest
No par
No par
65*
Bid and asked prices; no sales
834
61*
Par
Abraham A Straus
62*
53*
7012
15*
56*
15*
162
9*
55*
45*
13
14*
58* *_..
1*
15
13
55*
14*
1*
12*
19
6*
1,600
Lowest
Albany A Susq RR
13*
13*
9
22»4
6O84
1*
1*
10*
11*
21*
22*
1*
1«4
87
50*
11*
*21
Year 1936
EXCHANGE
65
49*
11*
22
14*
14*
Zl2
66
50
22*
10*
38*
*36
62*
*
14
12*
13
2*
1*
38*
38
60*
13s
1*
*10
40
21*
1*
10*
1*
173
16*
11
134
1*
13
6*
49*
X22
60
86
93s
*35
22*
11
15*
38*
13*
2*
69*
1*
57
1
58
1
14
46*
*74
1934
1*
5734
88
8
1*
55
2*
•
9
9?8
55
*23
29*
10*
17*
163
9*
39
Range for Previous
.
Shares
21
44*
*13
$ per share
3834
13
8*
$ per share
48*
13*
11*
13*
17184 173*
13
$ per share
39
46
15*
8*
share
Range Since Jan. 1
On Basis of 100-Stars Lou
YORK STOCK
Week
*30
1*
20*
Oct. 22
46
1*
15*
15*
15*
Oct. 21
20
59*
1*
10*
Oct. 20
58
9*
STOCKS
NEW
the
19
38
58
Sales
Friday
45
10*
22*
90
io
per
CENT
Thursday
*33
50
1*
$
40*
NOT PER
Wednesday
58*
1078
58*
24
♦21
Oct.
SHARE,
for
Tuesday
18
$ per share
42
60
58*
9*
15
HIGH SALE PRICES—PER
Monday
OctU5
Ex-dlv.
y
Mar
83* Jan 22
39*
8*
52*
114*
101*
41*
75*
Jan
Mar
Mar
Mar
28
13
15
11
2ia
12*
12*
Nov
17* Sept
195
Mar
6* Nov
61* Nov
60* Nov
23
Aug
60
Nov
54* Nov
40*
245
34
Oct
Aug
Nov
Jan
20* Nov
Jan
90
Nov
81
Dee
35* Jan
19* May
4
103
Jan
Jan
6*
Feb
35* Feb
37* Oct
21* Jan
86* Nov
6* Apr
Apr
157
69
Nov
16* Nov
Oct
31* Nor
34* Nov
5* Dec
39* Dec
76
Jan
Jan 22
49
July
Jan 16
Feb 4
36
Dee
55* Apr
65
Jan
73
Ex-right-,
125* Mar
89
Nov
Nov
t Called tor redemption.
[I
Volume
AND
LOW
New York Stock Record -Continued—Page 2
145
HIGH
SALE
PRICES—PER
tr\T
Oct.
16
Oct.
42
4H2
36
40
84
22
21*2
127
87*2
156*2 *150
*150
Oct.
19
NEW
Oct. 20
154
23
41%
3584
128% 130
85
86
154
per
153% *140
20%
2384
23%
9134
151%
45*4
45
45*4
36
40
39
45
43
48
46
18*2
14l2
18*8
11*4
14%
14
17
17*4
18%
17
150
86
86
90
90
96
90
94
24*4
5*4
8*4
12*2
91*2
24*4
91%
29
23%
24*4
9
10%
6%
10*4
*2334
8%
12
12%
13
1234
14*8
14%
16%
16%
17
1634
13*4
1734
90
87
87
87
87
87
87
150
*90
29
*24
92l2
*24
7
6*8
7*4
6*8
143g
15*4
11
15
153s
14*2
90
*86
*85
*5*2
33s
27s
22*4
8*4
878
25l2
*36
15s
10
3*4
25*2
3634
134
15i2
3
18*2
9
3
10*4
11*4'
10
10%
Deo
162
5
Oct 19
17
Oct 19
225
4,900
4*4
29,100
25*2
25*2
1,900
35
36%
3,300
American
Home Products...1
2
7,400
American
Ice...
17
1,900
34*2
3534
2
2
15
15
1%
1%
1%
16%
Hawaiian 8tt Co
No par
73g
7*2
15
21
7*8
1784
19,900
21*8
7*8
16%
8*4
20l2
65s
14l2
pref
100
Amer Internat Corp..-No par
20*2
20
22%
21
2384
25,500
American Loco motive.. As par
65l2
13*4
434
63
63
53
55
56
58
59%
61
64
65
1134
13*2
47g
10*8
12
11%
13%
434
13
13%
13%
14*4
23,400
Amer Mach A Fdy Co..No par
4%
32%
5*4
21,500
Amer Mach A Metals..No par
35
11,000
Amer Metal Co Ltd
15*4
65
13*8
4*2
15
75g
7*8
4*4
33
35
31
*105
119
*105
60
57
3
119
59
*57*2
478
4212
35*4
1234
4*4
41
33*2
12*8
*
57
53
3
4
31
33
13
105s
36%
143
37
243s
20*4
2478
15*2
20*4
"20%
24*2
79*4
79*4
75*4
79
70
72*2
*21
2234
20
22*4
17*2
19*2
73%
19%
76*2
22%
12
13l2
3434
11
13
10
11
1334
13*4
32l2
3434
32
29
31
30
30 84
79*4
22%
23
3434
137
5934
51
60*8
5712
137
28
136*2 136*2
51*2
4512
48
133
133
55*2
48
135
49
152*4
151
140
147
72*8
72*8
69*2
72*2
66
67
67
6934
74
74*2
72
74*4
68*2
71
69*2
138*4 138*4
6-38
584
138
11
5*4
9*2
11*4
86
*83
*83
434
53s
5
34*2
387«
38
4*2
534
5*8
38
6
30
275s
32*2
46
46
13%
99
102
8*8
103s
10*8
*4
5
*34
35
»4ls
34
93
98
6
634
6*2
70
69l2
70*8
102
104
■
"§5"
36
33*2
44
39
13
13
100
*100
7
10*8
5
120
97
97
*
101%
~30~
36*2
6*4
7
4
*80
7
6%
11%
38*2
"§3%
Oct 19
26
Oct 19
$5 preferred
Preferred
American
Apr
58
Mar 19
263s
Jan
58
48,800
Amer Smelting A Refg.No par
106*4 Mar 11
56*4
Jan
*133% 135
1,400
55
30%
51
1,900
14*2
784
mmmm
96
*118*4
*96%
8
7*4
7%
*97
102
97
97
37
36%
39%
95
*80
884
37%
8*4
95
*80
95
884
9%
8%
39
84*2
83
84
82l2
82*2
84
84
83
83
83*2
6
22
7*2
6
13
20*4
10
2078
*11*4
19*4
104
104
95g
9*8
45*4
45*2
60
50
104
884
84
114
114
5
6
5
22
21
24%
24*8
27%
26
30*2
6*4
12%
24%
102
103
7
104*2
10*2
33,700
103
103*8 ♦103
10
10%
41
43
50
52
55
7*8
6*4
2*2
278
19*2
27s
3*4
3
3
2*8
19*4
5%
734
15*4
2*4
20
18*4
234
2%
II284 11284
6
9
9%
3%
384
8*8
13
16*8
36*8
*99
100*8
1578
1478
1512
*34
65s
684
5
85g
93s
1212
4
3%
13
15
15
18%
17
19*4
32%
3534
3534
36
99
99
10*8
100*8
15*2
12%
13
9
9%
29
14
145g
29*2
12%
11
11*4
3378
98
123s
8*4
865s
1234
173g
175g
7%
*82
12
10*2
110
1138
16
98*8
33i2
*31
94
778
*82
56*8
9034
13
734
12
10%
108
14%
95
*30*2
91%
734
14*2
1534
10*2
II84
12%
28%
28%
30
15
14%
11*4
1134
108
110
17
95
33%
91%
8*4
....
17
*
1534
13
110
18
101
*30%
92
8%
18*4
41
15
77,800
1134
7,600
18*4
5,000
101
58,300
19*4
10,500
40
300
50
97,900
16
14
1434
16%
3,600
92
95
88
88
87
90*4
95
95
98
98
2,300
35
33*2
35
30
31
32
32%
34%
35
33%
34
1,900
1778
18
16
1778
13*2
16
16
17
17
18*4
18
18*4
5,300
13*4
1134
13*4
9
12
11%
14
1234
14
13
13%
18,700
24*8
29*?
20
*14
20
70
~
*40
70
26*4
29*2
*
20
*40 ~
*16
20
*17%
65
*40
70
*50
18*2
25*2
16
19*4
19
28
2934
21
24
24%
'Bid and asked prices; no
2134
20*4
28
28
sales on this day,
Barker
*15%
20
20
70
*50
22%
29*2
20%
29*4
f In receivership,
20
20
70
2134
30
a lief,
2
Oct
Sept
88
Feb
9
7
Mar 13
44
Jan 18
37
Mar 11
116*2 Feb
6
18*2 Mar 6
62*« Mar 10
3*8 Sept
3
Sept
5
98
Feb
09
Jan
90*4
Jan
215s Apr
11
Apr
Apr
13*2
265s June
Sept
109
Jan
94
Mar 11
48
Jan 13
*112
Jan
9
2
1
14
June
18*8 Jan
36«4 Feb
Oct 19
Oct
Dec
133
8*8 Oct 19
2*4
95
June 29
04*4 May
104
9*2 Feb
62*2 Mar 25
9*4 Jan 12
11*4 Jan 29
9*2 Jan 30
2334 Aug 18
15U Oct
Jan
Apr
Feb 18
265$ June
58g June
2912 June
3
Apr
2*8 July
2*8 July
58,900
6,500
8
9
Oct 19
32
.—50
28
Oct 19
42
Oct 19
24*8 Nov
Jan 21
....
6preferred..
Bamsdall Oil Co
10
10i8 Oct 19
preferred
—5
10
No par
...—.100
Bay uk Cigars inc
1st
110*2 Feb
43 3g Mar
Brothers—.—No par
Ino
108
.25
No par
50
33
Oct 13
9034
Oct 19
Beatrice Creamery
S5 preferred w w
Beech-Nut Packing Co
16%
6*4
Jan
12%
57*2 Feb 18
106
9
Jan 21
Barber Co
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
96*2
*125g
13
100
ctfs
Baltimore A Ohio
600
16
*
...————
Beech Creek RR
34
13
No par
Avla u Corp of Del (The)—-.3
fBaidwin Loco Works.No par
100
-
13%
16%
No par
$5 prior A
120
12%
15
9
8*g
95
Deo
50
95
15i2
Mar
47*4
Apr
19
16
-60
—No par
900
47%
Jan 28
Oct 19
9
X40
6
Jan
Aug
Feb
7*2 Jan
104
Oct 19
*82
51*4
24*4 Mar
Oct 19
*93*2 100
40
6
99
19*4
47%
Jan
70*2 Mar 13
16*4 Feb 27
17*8 Jan 21
100
July 23
Apr
1334
*37
126
Jan
45s June
157s
18%
50
66*4
39
12%
41
13«4 Feb 27
99*2 Mar 1
21
12%
46*2
105*4
Feb 11
18*2
*35
6
111
46
10%
48*2
Mar
July
4784 Mar 17
15%
39
118
40*2 Mar 17
15*4
*30*2
8
9
93
8%
Apr
May
121U Feb
18
—
June
3
8S Lines..No par
6% preferred
9
37
65i2 Mar 17
Atlas Powder.
Jan
May
I6I2
Feb 18
29
29
19
19
19
20
19
19
25
19
19
10
11
Jan
97
10*4 Feb 10
46
Oct 19
*30*2
884
37*2 Jan 12
Oct 19
33%
*82
2
Feb 13
Oct 19
230
33*4
35
2484 Aug
Oct 19
*108% 110
*70
Feb 23
97
111
5
10138 Sept
7% Oct
39*4 Oct
40*2 Oct
11234 Oct
412 Oct
3*2 July
May
Jan
24
28
30
3,100
11%
Feb 23
79*8 Feb 23
4% preferred ..........100
33
"13%
20
69*2 Mar 10
18
—25
Jan
7% Sept
52»4 Sept
RR...100
4% conv pref series A...100
Atlas Corp
1
92*4
Jan 12
Oct 20
5% preferred.........-100
Apr
14*8 Jan 18
Oct 19
Atlantic Refining
Jan
87s June
19*8
79
35
8212
Mar
88*2 Mar
Bangor A Aroostook.......60
Conv 6% prererred ——100
12%
1134
1
87
136
900
23,800
*
Feb
Jan
14,900
100*8 100*8
1534
14%
*97*2 100%
14*2
107
Dec
Apr
129
10
10*8
8*4
57l2
1584
9%
28
*82
15
42*2
58l2
9034
7%
175g
4212
33*2
*82
865g
49i2
95
^29~
8
1.534
14*4
13*4
*
97
10*8
10*4
9*4
108*2 110
16*4
*75
4219
*38
10
1434
110
100%
"12%
3
29*2 Jan 13
78
Atlantic Coast Line
tr
20*8 Feb
85
5% preferred..
Vot
4
100
FO—100
.100
Atch Topeka A Santa
75,100
36
31
*95
9%
15% 112,000
32%
10
*30*2
8%
13
13%
30
16*4
8%
14%
30
12
100
12%
51,400
Jan 28
997g Feb
Oct 19
Aug 5
Assented
10
12*8
Oct 19
Austin Nichols
30
*99
Aug 27
35
300
16*4
*
107
■
99
13
2412
48*4
11
150*2 Jan 26
125
100
Atl G A W I
149*2 Apr
101
2d
preferred
205s Mar
8
Oct 19
1st pref erred.. ..... 100
9,500
4
2
Oct 19
7%
5,600
34
30
16*8
8
8%
12%
334
Mar
6%
3%
12*2
12
*95
10
3%
21
11
Oct 19
2% Oct 19
Assoc Investment Co.-No par
21%
5,200
4
75
5% conv preferred— —100
Atlas Tack Corp
N# par
Auburn Automobile.--No par
32
30
110*4 110*4
6*4
10
8*8
50
10*2
3%
20%
*'
8%
1238
2,700
111
47g
95
Dry Goods......1
Associated
5,200
55
7%
10
3%
20
41
8
7
20
984
40
*52
♦
Oct 19
Oct 19
3,700
32,700
2,500
42
5
3,900
13%
22%
10
4*2
7*4
13
4%
Feb
1,000
28,000
Oct 18
30
15 pref without warrants
39,100
22%
40*2
8*2
7
47%
J
96
.
13
9
11234 11234
-
24%
45
114
..
6*4
1134
40
*.
~
23
46
3*8
278
5%
10%
21%
42
20*2
27s
*18
6
10
21%
4534
39*4
6
-
93
4
7% preferred
......100
Armstrong Cork Co ...No par
Arnold Constable Corp
5
Artloom Corp....
No par
Preferred
...100
500
»
84
102%
75g
8%
9*2
48
8
83
102
50
114
8*2
278
83
5
44*2
114
8*4
79
9
43
28,200
11634May
Oct 20
83*2
"42*4
78
18
»
Oct 19
65
6% pref with warrants..100
18
7
«» -
25g Oct 19
No par
16 conv pref..
120
"39%
11*2
Oct 19
83
81*2
20%
104
7
31
700
81*2
255g
Copper Mining.....20
Co
.No par
Daniels Mldl'd.No par
55
*
27lz
Oct 18
96
39%
43*4
Oct 20
Oct 19
78
#
*83
26
9*2
.»
19
19
19
19
10
*70
75
100
39
83*8
9,800
«.
Oct
Oct
Oct
Oct
39
*75
75
*71
"42"
10,600
*
Oct 19
99
7% preferred
..100
ArmourACo(Del)pf 7% gtdlOO
Armour A Co of Illinois.....6
25
Jan
Oct 19
No par
A P W Paper
20
66
J6.50 conv preferred.No par
*37%
75
*
20,300
5
96
83
500
9
5
39
90
Lead|A Smelt.... 1
25
20*2 Apr
Jan
Jan
Jan
Jan
187
Oct 20
f5 prior conv pref
5
Jan 21
Oct 19
Oct 19
Amer Zinc
Feb
Oct 19
3l2
30*2
3*4
s27l2
2434
100
148
68*2 Jan 29
14
68% Oct 19
128*4 May 13
4*4 Oct 19
Jan 28
136*2 Jan
57*2 Mar
1338a Jan
140
Oct 11
82
Woolen.....No par
Preferred
154
73*4
26*2
6678
143»4
2578
Oct 19
Oct 19
16 1st pref erred..... No par
American
2,000
39
9
5
7*4
484
*75
*84
10
70*2
*37
♦
Inc
Oct 19
8
Archer
7% 139,100
70
95%
83
..100
10
6% preferred
Andes
100
71
36
"35"
..25
2212
10%
28%
104%
Am Water Wks A Elec. No par
1,400
2,200
9984
70
75
♦
.-..26
Am Type Founders
3,000
15%
67
35
84
100
Common class B
150
4
*70
84
f
33%
77
435g
A Teleg Co
American Tobacco
800
1334
4
38
"39"
88,700
99
14%
100
*
Amer Telep
6,800
6%
33%
77
44*4
4034
5
38
84
Am Sumatra Tobacco-.No par
300
18,000
6%
34*2
*75
42%
12%
100
Preferred
1,900
37,900
68,100
85
13%
55
*
5,800
7%
99
100
82
75
Sept 24
American Sugar Refining.. 100
3,700
138% 138%
37
127
No par
6,400
16,400
6
Oct 19
5,600
74*2
11%
*82%
46
American Stores
51,400
7
Oct 19
100
...
133
Amer Steel Foundries.-No par
100
Oct 19
4512 Oct 19-
25
Snuff
American
28
100
Preferred
6% preferred
25,500
153% 155*4
71
7134
72*4
Building Co.No par
Amer Ship
Anchor Cap Corp
95
Jan
23*4 July
Deo
Anaconda W A Cable—No par
*118*4
1015s Aug 18
18
1'
1,800
94
46*4 Mar 11
Oct 19
31
41%
5
Oct 19
Apr
167
Jan 21
3
14
9,300
12
15i2
70
170
Feb 20
24%
43
34
Oct 21
Feb
I884
3
14234
Feb
100
76
100
29*2 Feb
Feb
365s
72*2 Jan 12
9U Oct 19
Jan
Feb
43
29
*39*2
*75
25
Rolling Mill
4conv pref
43
7*4
7%
100
43%
14%
4*2
7%
...No par
Am Rad A Stano San'y.No par
Anaconda Copper Mining..50
6
*80
.....No par
3134 222,100
3%
Dec
31
*6 preferred
30%
11
Apr
Apr
118
7i2
32
32
May
10
27
*36%
29%
13%
21
6884 Mar 10
129i2 Feb
1
Feb 15
3184
100
Apr
9%
23*8 Apr
66
Apr
5
Feb
283s Mar 8
13% Jan 20
Oct 22
35
3%
92
105
•
16*2 Jan 13
87*8 Jan 18
102
♦
100
6%
142
Oct 19
Oct 19
32%
13%
10f8
125
Oct 19
7
41
Oct 19
3
32
103
65s Oct 19
14i2 Oct.19
53
36
6%
6%
16*2 Sept
29
32
5*2
63s
39
275s Feb 15
1784 Mar 11
587g Feb 4
No par
40
6*4
2*8 Sept
7i2 Oct 19
84
534
Jan
484 Mar 16
Oct 20
14
19
17i2 Oct 19
12%
84
37
3
American Seating Co_.No par
138% 138%
7
784
6*4
628s Mar
American Safety Raior_.18.50
74
11%
Oct
19
75
51
82
3%
*80
9
6*2
65
33
478
25g
95
*93
67
66
137*2
*118*4
6
45g
678
70
103
7*2
3%
32
33%
120
-
93
3l2
7*2
4
25g
31
34*2
7
9
28*4
29%
10
4
8*8
*76
5
99
3*2
95
34%
*30
15
6*2
*80
5
1013s
*120
*120
*91
5*4
28
40
15
14*2
9%
82
34*8
2434
45
45
102
9%
4*2
3*2
30*2
3*4
*27*2
30
5*8
89
*80
584
325s
3138
*
8
89
137
4%
4*4
6*8
1134
35
*27*2
139
137
138*4
72*2
Oct
31*8
5,500.
151% 155%
71 %
70c
72%
4%
65«4 Mar 13
15,500
1,360
49
14534 152*2
5
11 *4 Mar 13
19
Oct 19
28*4
153
Jan
Feb
21
Jan
19
Oct 20
*125
148
13
19
3
50
49*2
50*2
50
49*4
*125
130
130
130
*125
130
*125
133*4 *125
133*4 *125
27
29
23
29
2934
25
28*4
30
22*2 24%
27%
12
13
13
12
1134
11*4
12
1134
12%
12*8
10*2
1214
30
31
31
3284
31
305g
29%
29%
29*2
30%
28*4
3058
120
*108
120
*108
*110% 120
1075s 1075g *107*4 120
*107*2 112
17
15
14
1834
17%
17
14*2
17%
17%
17*4
15*4
1678
46
Apr
53
13*4
29%
59*2
135
Apr
25
2984
Amer Power A Light...No par
'
57*2
51%
134
133
12
587g Jan 22
Amer News N Y Corp..No par
23*4
}
7*2
38*2 Jan 22
Oct 19
580
8,300
35*2 37
13% 135,900
12%
150
14234 14234
24*2 69,300
23*4
79%
5,100
78%
13%
77*2
6*2 Apr
6% 127,200
46
8,300
44
"235s
Jan
Oct
9*4
175
4
60
5%
13%
12%
14234 143
25%
23%
13%
11%
*
143
Jan 18
100
59%
46
100
6% conv preferred...
Jan
105
6%
44%
non-cum
Preferred
2,300
34%
3384
105
59*2
584
39%
33%
28%
11*2
9*4
*125
144
34
5
5%
58
6
7%
8%
110
*100
5634
4%
28
26
3334
30*4
144
147
54
734
34%
119
*101
40
37
734
32%
*9934 119
478
334
14
4
3%
34*2
29
3512
14
14
*115g
6%
60
Deo
Deo
Apr
Apr
3*2
Oct 19
734 Oct
2i2 Oct
20% Oct
32% Oct
1% Oct
__10
American Hide A Leather... 1
6% preferred
16*4
534 Oct 19
17
No par
Deo
Nov
1384 Jan 22
6878 Jan 18
19
No par
.
60*j
100
Nov
89
2
13i2 Jan 28
Mar
Deo
7*2 July
20*2 July
3
99U Mar
212 Oct 19
nrefeired A,..No par
12*4
35
9
Apr
27
3084 Mar 31
33% Jan 21
175
4%
34
Oct
174
87% May
Aug 12
Jan 25
23*8 Mar
100
12
35
29
12i2 Oct 19
No par
18 preferred
Amer
112
No par
Express Co
23
26
Oct 19
Oct 19
11*4
24%
Oct 19
90
2
21*4
23
111
86
3384 Aug 25
150
Apr 25
87
4
21
4
67
Deo
137*2 July
3058 Apr
100
17 preferred
2,800
4
Encaustic Tiling.. 1
11
4%
26*2
Feb
2312 Oct 20
6% Oct 19
8I4 Oct 19
10
1st preferred
17 2d
9
104i2 Feb
11% Oct 19
Corp—20
Amer A For n Power
8,500
21,400
Jan
71
Oct 19
36
70U
141
May
174
151% Oct 22
15% Oct 19
100
23
21*2
1134
3%
1*2
27
110
No par
Amer European Bees
Amer
30
2634
May
9
4*4
U
2i2
20*2
3214
1*8
25
19
734
17
I5g
16*8
1*2
7%
6%
71,000
4%
Apr
124
Jan
Jhaln A Cable Inc.No par
American
100
4*4
26%
4%
4*4
26%
934
40
Feb 18
American Crystal Sugar.
160
300
80»4 Feb 18
160
121
100
Am Comm'l Alcohol
18,900
8
*5*4
*175
300
Oct 19
Mar 25
7912 Oct 19
Am Coal Co of N J(Alleg Co)25
American Colortype Co
10
25,600
12,200
4%
28
No par
American Chicle
7,700
21%
4*4
3*4
22%
7*4
584
25ig
35l2
3514
20*2
19
2U2
12I2
3i2
22*4
3*8
2*2
9
*5%
*175
70
Highest
$ per share S per share
125
-.100
5% preferred
200
3,300
9
4*4
5
4%
8
300
384
1812
12l2
3*8
*5
*175
9
23
*20*2
12i2
2%
5
175
94
28
8
4*2
5
27
6*2
25
25
234
96"
95
*23«4
8
175
8*2
185
185
35s
"2"
3*8
*3
8*2
195
*185
6*4
*
90
3
33s
3*8
14*2
15*4
95
95
29
*86
*85
Am
Lowest
Highest
$ per share
share
per
par
25
Preferred
42,700
I
100
Fdy.N#
prei
Can
American Car A Fdy
10,300
18*4
conv
Preferred
300
48
17*2
*95
5h%
American
3,400
4514
*100
Am Brake Shoe A
250
16,000
151% 152
26%
23*4
2434
Par
4.300
43
42*2
x86
Range fo* Previous
Year 1936
100-Share Lots
Lowest
Week
Shares
share
12934 12934
8934
131
90
per
4534
42%
130
91
$
share
*145
20'4
15*4
Oct. 21
$
On Basis of
STOCK
YORK
EXCHANGE
the
Friday
Oct. 22
Thursday
$ per share
128*2
79*2
156*2
20
Wednesday
$ per share
28
3534
*128*2 134
89
87*4
18
$ per share
$ per share
*128*2 134
Tuesday
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE,
JOT
Monday
Saturday
2651
20
9U
Oct 19
1
20*4 Jan 17
35*4 Feb
Oct 20
115
13*4
Oct 19
95
Oct 20
2884 Feb
I0584 Mar
73s Oct 19
Jan 16
84
Aug 16
Jan
14*8
Jan
16«4 June
May
110
9
18
Jan
8
100
Aug
43*4 Feb 19
114*4 July 14
15«4 Feb 8
88*s July
13*4
4
35
85
Feb
Feb
13
Dec
83
June
Jan
15
Oct 19
No par
Bethlehem Steel (Del).No par
*40
Oct 22
30*2 Feb 11
23*4 Jan 5
62% Jan 8
215$
Beneficial Indus Loan—No par
48
Jan
41
Oct 19
105i2 Mar 11
45*4
14
Oct 19
Jan 18
16*8
Apr
Apr
87
Oct 20
30
Oct 19
Bendlx Aviation—
5
Best A Co
...—.20
7% preferred
—100
Blgelow-Sanf Carp Inc.No par
5% preferred
Co No par
No par
Bloomlngdale Brothers. No par
Blumeothai A Co pref
100
Boeing Airplane Co
5
Bohn Aluminum A Brass
5
Black A Decker Mfg
Blaw-Knox Co
delivery,
n New
stock,
r Cash sale,
8I4 Oct 19
13*2 Oct 19
9
Oct 19
20
68
16
Sept 27
Oct
2
Oct 19
2978 Oct 19
z Ex-dlv
20
129*2 Feb 16
6934 Feb 10
38
Jan 21
20
Jan
107it July
23
Jan
28»4
Dec
29% Mar 10
14i2 July
32*2 Jan 7
94i2 Jan 16
77*4 July
3
48*8 Feb 13
1678
Apr
40*8
Dec
49*4 Mar
y Ex-rtghte.
18*4 May
1 Called for redemption
New York Stock Record—Continued—Page 3
2652
LOW
AND
HIGH SALE PRICES—PER
SHARE,
NOT PER CENT
Oct.
Oct. 16
Oct.
18
19
Oct.
8OI2
43
8OI2
*397s
81
8H2
7634
80
397s
397s
39
39
the
Oct. 2X
Oct. 22
Week
% per share
80
81
$ per share
Shares
3912
39%
81
380
17
15
171S
15
1512
15
16
16
17
17
17
20'4
19l2
2018
17lS
1914
19
2078
20l2
33
3378
2612
33
4
1
24i4
3112
33l2
33
2OI4
32%
207g
3334
6
6
6%
1%
2114
I8I4
30
312
12
20i2
21%
353s
2134
1012
28%
3
5
518
5
84
ll2
19i2
83s
2U4
1%
2U4
334
4
1
1%
7g
♦2014
934
2112
20i4
101*
8
10%
984
26i2
2734
23
28
18
22
2214
26%
29%
36
36
35
35
33
34
33
34%
38
37
32
30
3012
29
29
31
31
33
33
33
2
2
134
2'S
1
1*2
1%
1%
2%
23g
714
884
678
7
8
8%
1118
934
11*4
10
8
9%
914
10%
8%
10i2
8i2
11%
38
38
37
37
35
35
36
37
37
21
2H2
2078
1914
20i2
20
23
24
40
38ii
2H2
38%
40
375s
375s
37
8
9
*8i4
*38
834
91S
9
8
6
6I2
9h
43
50
*35
9014
95
214
5i8
358
5%
47S
*
11%
95
93g
99
*96
7
103s
35
50
33U
34%
30
I8I4
18%
14
8%
37S
4%
19
I84
278
234
278
234
1712
10
;
10
10
21
10
*13
13
1314
10
834
212
9
35
1634
17
7i2
17%
2%
8i2
5I4
46
5
34
14
14
15
22
8?8
19
87s
1878
7i8
878
2012
5l8
684
19i2
I6I4
1914
3l2
214
2l2
2%
75s
9
712
934
30
33
32
6
24
27
1634
14U
2314
SOU
H2
134
1378
11%
1412
11
50l4
158
I84
U2
17g
6%
18
8
I8I4
14
13%
11
133s
758
51
8
734
8%
1012
9l2
51
*45
*45
6%
8%
35
35
3334
*734
10
7%
33
33
"7%
8
8
*42
47
*85%
*85%
90
90
*"""
90
*""""
90
*19
21
"26"
20
"is"
19
4
+
4*8
334
95
105% 105%
64%
*104
57
64%
106
23
*104
20%
23%
*
40
♦
2%
89
3
3%
*95
105
*92
*51
56
53
53
*53
25%
24
25
25
3%
2
56
25%
25%
3%
25g
*99% 100*4
*97%
9%
22%
3%
10%
10
22%
3%
11%
4
11
19
19
"2%
89%
*
"21%
21%
4%
4
105
*
45
89%
89%
21%
99%
21%
22%
♦
100
100
99%
97%
98%
11
11
Byere Co (A M)
Par tic preferred
10
5
5
6
6%
6%
6%
7
5
434
5%
5%
5%
6%
6%
106
*85
60
52
45
5*4
22%
4%
5%
24
21%
106
51*4
24
33
7%
7%
3%
18%
107
37
36%
35
40%
6
107% 108
107% 107%
6
106
*85
734
*85
106
*90
106
43
43
47
47
49
484
5%
21%
20*4
107
107%
29%
5
30
30%
6
48
50%
46
4934
41%
44
40
41
35%
40%
31
37%
*89%
90
*89%
90
89%
89%
34
7
1%
13s
1%
2*4
1%
2%
234
2
1%
1%
1
3*8
4*4
334
4%
3%
*2%
4%
15%
*2%
13%
1
1%
1%
1%
1%
2
1%
1%
1%
2
4%
12%
31%
1*4
4%
*1%
4%
15
10%
%
27
24%
105
105
35
35
4
4*8
9
7%
47
48
413fj
89%
89
13s
358
13s
5%
*2%
13*4
1%
3
1*8
5
4*8
3,400
50
4,500
44,800
47%
41*4
1*4
2%
3,300
4%
4*8
1%
1*4
8,100
6,100
16.300
6
6%
5
1%
1
7%
*2%
5
15
14
1%
158
2%
2
2*8
2%
13s
234
1%
1
1*8
1*4
2%
2
2%
2%
2%
5
3
334
4
5
5*4
6%
6
734
634
9
9%
12%
12%
13*8
12%
13%
33
30
30
31
4,300
12,600
34,800
26,300
6,800
17,100
1,500
31
12%
4%
10%
12%
34
31
1%
31
29%
1*4
*30
30%
1
1%
1
1%
1
1%
1%
1%
1%
1*4
1*4
1*4
7,800
2%
23g
2%
23g
1&8
2%
1%
35g
12,200
1%
2
1
1«4
2
2%
2%
3%
2
2%
3
3%
9%
938
8
9%
6%
27g
2%
8%
3%
1*4
6,900
3,400
13%
13%
13%
6
12
1334
5
3
37
37
36
48
52%
12*4
70
*63
70%
73%
6IS4
73
13%
14
13
14
73%
74
73
73%
75
*63
*63
334
3%
31
3%
75
107% 107%
32
179
*175
2
334
29
32%
12%
4%
61
11
7%
36
4%
5%
*27
7%
13%
4%
179
24%
*27
13
59%
1258
5%
71
70
75
*63
*35
66%
27a
3
26&s
27%
11%
*10%
13%
13%
6
6*8
60
64%
14*8
70
70
75
*63
40
693g
14
334
3*4
30%
2958
11
13%
534
40%
110
65%
14*8
67% 327,900
1434
4,900
70
70
70
75
*63
75
15
4
4%
32
960
30%
W
M
—
-
—
'
15,200
5,300
43g
32
*82
*
85
*82
35
3534
3234
34%
16%
17
15
17
32
34
35
28%
3134
33%
16
17
13%
16%
*1534
1534
*127
12734 12734 *127%
9334 100% 102
108% 110% 113
88
82
82
83%
*
83
10
34
34
1534
16
6,000
9,200
10934 HI
17,400
*45
*127%
12734 12734
102% 116
•
115
117%
*58
58%
11
11%
*58
10%
*99
57
*99
100
30%
101%
*11
*10
36
16
16%
8%
12
9
"l9%
20%
19%
20%
87
87
14%
15%
*28%
31%
8
8%
78%
78*s
79
45
46%
*89% 102%
47*4
49%
100% 100%
9
8%
1%
38
1*4
38
♦
14%
6
12
*
*60
'
8%
10%
*
18%
58
58
58
58
10%
11
12%
11%
1234
12
12%
36,100
99
98%
25
27
98%
2934
*88% 102%
29% 31*4
200
2034
100%
100
100
100
36
*10
36
*
*l6"
16%
11%
13
13
6%
6
6
*95
11%
10%
9%
*15
17
240
11%
14
10
23%
10
8%
19
20%
21%
19
17%
18
18
19
19
20
*85g
20%
19%
75
83
84
85
83
15
16%
31%
15%
1534
31
980
31%
82
10
1158
1234
14%
28
27%
29
7458
8%
2-68%
78%
79
*.--.
*89% 102%
42
50
100
678
6%
70
68%
79
*
8%
8*8
70
79
78
*
*
"39%
~4l"
44*4
~45%
*78
85
*85
45*4
95
45
47*8
*96
100
95
9
5
7*8
758
107%
9%
1%
158
1
1%
1*8
134
34
36%
35
38
Bid and asked prices; no sales on this day.
9
47%
102%
4,970
3,000
3,900
14,200
1,100
19%
84
8%
78
79
39%
7%
37
*30
88
"33%
4534
81%
160
21
78
8% 219,200
78
*
79
"45%
45%
*89
900
-
-
—
.
-
90
49%
50
49
50*8
96
96
96
96
9
9%
9
9%
1*4
2
1%
2
3734
39
40
38
{ Inr ecelvershlp.
a
16,500
19,800
500
226,100
5,600
Del. delivery.
Jan
Oct 21
Jan
Deo
8ept
Mar
Deo
Deo
"34% "Oct
9
Mar
33% Dec
31«4 Nov
16% Nov
33% Nov
6% Mar
29% Deo
88% Deo
3384 Oct
48'4
Dec
3
Nov
61
Jan 14
6
9
18% Mar 11
52% Jan 2
54
Jan
107s
Jan
37
Apr
12% May
4534 Jan
18% Nov
40% Apr
30*4 Deo
60
Aug
16
Feb
68*4 Nov
18%
Oct 18
Oct
8
102
Feb
8
87
Jan *100
1
106
Jan 18
91
Jan
Oct 19
63% Oct 19
102% July 9
No par
100
Oct 19
17
103% Oct 14
-...100
21
No par
Oct 16
35%June
9% Apr 20
191% Aug 3
129% Jan 22
100
Feb
53
103»4
Feb
Nov
Oct
Dec
2
I
6% May
984
Feb
Jan
186
June
Jan
143
July
54%
Jan
*91
Nov
"21*4
May
92%
116
105% Aug 11
41%May 20
June
9
106
Dec
48% Mar
8
19
Apr
7
54
May
115
100
52
Oct 21
82% Jan
24
Oct 19
39% Jan 12
2
Oct 19
12% Jan 28
Central Id Lt 4H% pref--100
Central RR of New Jersey. 100
96
June 29
8
Oct 19
41% Jan 15
4
Oct 19
32%
110
397®
Jan
Dec
Dec
107% Jan 26
24% Jan 11
6% preferred
Central Vloleta Sugar Co
J9
3% Oct 19
Century Ribbon Mills..No par
95
100
105
5
6
31
Feb 10
Feb
4
86
Sept
Jan
37%
Dec
6% Nov
9%
Dec
Apr
57
"f«5
Apr
12
Nov
97% May
47*4 J an
8% June
57% Sept
108
Oct
74
jnov
35
6%
19% Mar
72% Deo
101
Mar
19
Aug
48
22%
Jan
59
Jan
51
Jan
77*4 Nov
1% May
3% Jan
8% Deo
2% Feb
14% Deo
Feb 13
90% Mar
68% Mar
100
6
4
4% Mar 16
13% Mar 17
3
Oct 15
4
Mar
8
18% Mar
6
12%May 19
82
111
Deo
38*4 Deo
89% Apr
100
Nov
Mar 11
Oct 19
1% Oct 19
25*8
63% June 10
Jan 20
2%
Jan
1%
Apr
4
Jan
6
May
25% May
12
Jan
337» Nov
2% Feb
578 Feb
4
,2%
19% Feb 17
6*4
9
12%
Apr
Apr
Apr
May
Apr
1%
Apr
3
3% Apr
3% Apr
19*4 Jan
17% Sept
8
Jan
8
July
3% Mar 18
7% Mar 17
1
Oct 19
3
Oct 19
par
634 Oct 19
33
Feb
preferred... No par
29% Oct 19
45
1%
27s
Aug 28
7% preferred
1
Oct 16
3% Mar 17
10% Feb 19
884 Mar 8
1
.100
Oct 19
6% Oct 19
No par
12
Oct 19
No par
3
Oct 19
26
36
Oct 19
Chlckasha Cotton Oil
10
Chile Copper Co
Chrysler Corp
City Ice A Fuel
6H% preferred
City Investing Co
City Stores
guar
52% Oct 19
6
70
Sept 24
92
Feb 18
60
Feb 16
74
July 15
2
Oct 19
10% Mar
24% Oct 19
179
113
Oct 19
82
Oct
8
47% Mar 31
28% Oct 19
13% Oct 19
125% Aug 11
9334 Oct 19
56% Jan 29
No par
..No par
8% Oct 19
par
100
Sept 25
26
Jan 18
1st preferred
11% Oct 19
5% Oct 19
9
100
4% 2d preferred
8%
100
18
Columbia Broad SysIncclA2.50
Class B.
2.50
Columbian Carbon
v
Columbia Plct
Jan
200
Jan
111*4
Deo
July
47%
Oct
Feb
90
Deo
Mar
51
Jan 14
82
50% Feb 26
48
48
Apr
77%
124
69
June
Apr
Oct
Dec
Jan
129
July
2
84
Jan
134
Nov
9
55%
Jan
58
Nov
2584 Mar 19
45
Oct
9
29% July 15
132%June 3
170% Apr
Nov
13
June
100
Aug
39% Apr
21%
Dec
106% Feb
66*4 Nov
8% Jan
28% Sept
30
Oct
51% Feb
48
Dec
27% Mar
19
Dec
Jan
19%
Jan
Jan
16
Jan
36
32
Aug
Oct 19
31% Aug
125% Apr
94
Jan
Oct 19
39% Jan
31
May
Oct 19
46% Jan
39%
100
Comm'l invest Trust..No par
39% Oct 19
20% Jan
108
Jan
101
Jan
69% Jan
114
Jan
80% Jan
95
Oct 19
5
Oct 19
21% Jan
4% Jan
75% Jan
Commonw'ltb A Sou
No par
1
Oct 19
S6 preferred series
No var
34
Oct 19
*
50
13% Nov
46% Mar
29
33% Oct 19
90
Sept 29
rCosShsale.
89*4 Nov
90
36% Oct
Deo
Nov
30
z4% Oct 19
pf ser "35.No par
Solvents..No par
23
33
10
10
51
138*4 Nov
Oct 21
X68% Oct 19
75
July 8
nNewstock.
156%
107%
Feb
Oct 19
6% preferred series A—100
preferred
7
Oct
Oct 19
Columbia Gas A Elec_.No par
Commercial Credit
Jan
Feb
32% Oct
30% Jan
14*4 Dec
48% Aug 16
75
No par
100
Jan
27
t c No par
6% preferred
23*4
4%
12%
24% Deo
36% Feb
37% Mar
17% Oct 19
c...No par
preferred
Aug 10
Oct 18
62% Feb
112% Mat
100
No par
Mar
Jan
2034 Oct 19
No par
5% conv preferred
Jan
4*4
104% Jan
Colonial Beacon OH
45
Jan
1
Oct 20
98%
100
Collins A Alkman
Oct 18
23
100
(The)
48
10234jUne 21
179
No par
6% preferred
conv
Jan
Jan
5
Colgate-Palmollve-Peet No
conv
Jan
85%
15%
727g
100
100
A
t
7
25
Oct 19
4%.........50
v
3
Mar 11
15% Mar
80
135% Feb 11
21% Feb 18
11
Cluett Peabody A Co
Preferred
conv
27% Jan 14
22% Jan 29
..No par
Molybdenum..No par
Coca-Cola Co
6% Mar
158 Oct 19
—.100
Chllds Co
$4.25
82
111
100
6% preferred
Chicago Yellow Cab
Commercial
86% Mar 10
23% Feb 10
Oct 19
4% Oct 13
10% Oct 19
7S Oct 19
100
Chicago Pneu mat Tool. No
12.76
Jan 14
34 Oct 19
100
Preferred
4%
115
3
1
{Chicago A North West'n.100
Class
Oct 19
14% Mar
2
{Chic Mil St P A Pac—No par
Climax
Oct 19
89%
Chic Ind A LouIbv 4% pf.-lOO
Chicago Mall Order Co
5
13 conv
Oct 19
41% Oct 19
100
6% preferred..
Cct 21
29% Oct 19
No par
4% preferred
Sept 23
40% Oct 19
3% Oct 19
18% Oct 19
1
{Chic & East 111 Ry Co—100
6% preferred
100
{Chicago Great Western.. 100
4M%
67,800
Jan
Jan
2% Oct 19
Colorado A Southern..... 100
*6%
%
6
18
Colo Fuel A iron Corp.Ne par
18
Apr
10% Apr
Oct 19
1,810
13
30% Apr
30
Oct 19
8~900
13
22
2
20% Jan 12
89
10%
10
27
«
2
48% Feb
38% Mar 19
110
1734
18
15%
-
-
34% Mar
14
59%
35%
88% Oct
1
8%
9
*5
86
36%
14,800
«+
Jan
37% Feb 13
100
16%
18%
18
30%
40
36
800
101
20
82%
13%
78
101
*10
36
8%
11
27%
73g
*60
32
*100% 105
7%
9
100
30
16%
634
884
"l9"
57
8%
36
22
60
57
11*4
100%
30%
31%
iooa4101%
*127
58
Jan
14% Apr
13% Dec
29% Dec
2% Jan
16% Apr
Central Aguirre Assoc. -No par
Central Foundry Co
1
Special
99
5838
Oct
15% May
115% Sept
33
Clev A Pitts RR Co 7% gtd.50
230
2934
2%
8%
Apr
Oct 19
100
4,900
108
25~
2184
115
90
Clark Equipment
No pa,
C C C A St Louis Ry Co
100
Clev El Ilium J4.60 pi-No par
Ciev Graph Bronze Co (The). 1
10
106% 10658 *106
29
30% 31%
106% 106% *106% 108
23
29
26
27%
Jan
10% Oct 19
45
{Chic Rock Isi A Pacific. —100
6,700
18,400
*175
106% 107%
27
30%
86
*82
13
5*4
51
29
29
10
11%
20% Apr
54% June
7% Oct 22
Preferred series A
134
Jan
9
17% Mar
7% prior pref
Celotex Co
Jan
83s Apr
Jan 11
61% Jan
6% preferred
9%
85
9% Oct 19
i
Chesapeake Corp
No par
Chesapeake A Ohio Ry—
25
1%
91
4
Checker Cab
400
96
3334 Mar
6% Oct 19
Common
4
14%
1%
13%
13
39%
*87%
Jan
107% Sent
6% Feb 25
6% prior preferred..—100
ChampPap A Fib Co 6% Pf 100
5,200
12
49
38%
91
35
Oct 19
Oct 19
Oct 19
Certain-Teed Products
160
106%
2
1
Cerro de Pasco Copper. No par
17,200
26,300
2,530
7%
3134
18% Mar
36% Mar 3
9% Feb 25
3334 Oct 19
Preferred.
*»
"35"
1134
1
1%
♦
37
39
78
234
1%
4%
*2%
12%
12
30
3034
107
«•
4738
Jan
52% Sept 29
Celanese Corp of Amer.No par
4,400
2,200
106
4534
678
7
37%
1%
15
684
46
*87
1%
2%
13s
234
1%
6%
*90
Oct 19
Oct 19
Oct 19
Mar 22
1
*90
1
12% Oct 19
20% Oct 19
39
25
Caterpillar Tractor
4,100
'
1
45% Feb
6
100
Preferred
100
13
8
Feb
Oct 19
No par
Carriers 4 General Corp
Case (J I) Co
110
4
2
9
ID4 Jan 29
1
-.10
Carolina Clinch 4 Ohio Hy. 100
Stamped
100
Carpenter Steel Co
6
2,800
100
Oct 19
7
24
Capital Admin class A
$3 preferred A
59,400
13
13
Canada Sou Ry Co
Cannon Mills.
5,100
*98
Feb 15
1
C anadian Pacific Ry
200
4
Jan
13
2%
Calumet A Hecla Cons Cop. .6
10,900
3
50
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
5
34,800
58
24% Feb
117% Mar 12
14% Jan 11
50
Callahan Zinc-Lead
100
3%
24% Jan 11
5%
16%
No par
5% preferred
1,800
26%
11
Byron Jackson Co
510
5%
7
98
134
No par
100
No par
California Packing
10,700
9,700
11,700
5%
Jan
Oct 19
834 Oct 19
.30
6
6% conv preferred
19,400
4*8
5%
10
6%
6%
50
10
100
Debentures
Butte Copper A Zinc
114
5%
11
I
2% Oct 19
35
-.No par
{Bush Terminal
110
5734
26%
3%
Dec
Oct 19
{Bush Term Bldg gu pf ctfs 100
Butler Bros
10
63,200
55
Oct
65%
22%
6
3,000
26%
26
25%
334
4%
*98% 100
3%
57
2
62% Jan 14
36% Feb
87g
52
55
25%
234
106
Oct 21
102% Jan
Oct 19
100
"23%
Feb
44% May
45
Sept
8% May
87g Jan
32% Sept 24
19% Oct 19
par
par
15
107
+
40%
97%
Jan 12
Burroughs Add Mach-.No par
5,300
25
53
4%
18% July 14
45
"24"
24
234
*97%
11
22%
Oct 19
Oct 19
89%
2134
43g
8
7
70
101
par
Burl'ngton Mills Corp
89%
*
Dec
1
42
4%
114
33
45% Jan 18
*33%
111
38% Jan 14
37
26,600
9
Jan
Oct 19
65% Mar
8
"2l"
41
Jan 13
Feb
64% Mar
69
Apr
50^2 July
12% Mar
51% Mar
58% Sept
Oct 19
Oct 19
1,500
1,500
♦
Jan 23
8
"l8%
1
Oct 19
34
♦
47
Dec
6%
10%
7%
42
Oct 19
43% Apr
par
26
48%
8*8
29
yl2% July
par
No par
43,700
8*8
47
No par
13%
34
63% Feb 13
Bulova Watch
1834
*
Oct 19
Bullard Co
12%
834
Oct 19
No par
18
34%
Oct 19
No par
100
27
8%
7
18
Budd Wheel
42,000
74,100
10,400
9%
19%
13
11% Jan
5% Nov
1% July
6% Oct 19
25,800
2%
Apr
6
94% Oct 13
2% Oct 19
490
1934
27
*35%
2%
Not
323g Aug
4% Jan 11
Aug 14
23% Feb 23
59% Feb 11
5
910
28%
share
34
100
4312
*
116
22
3
42
105
105
*25
10
2314
35«
10%
47
Jan
33
6
per
100% Apr
25%
15«4 Mar 23
18% Oct 19
Co_17
7% preferred
Budd (E G) Mfg
7% preferred
15
3%
9%
June
60% Aug 25
8,000
6,000
41,700
8,600
2,200
21%
80% June
39
Oct 19
Bruns-Balke-Collender.No par
960
14
8%
34%
8%
*33%
7%
97
22
*51
16%
Jan 18
Highest
share $
f per
% Oct 19
3
No par
Brown Shoe Co
28
45,800
14,300
5
36
17%
13
45
8%
110
94%
18
Bearing
share
Jan 22
46% Apr 13
25
Aug 16
Oct 19
24% Oct 19
100
Bristol-Myers Co
Brooklyn A Queens Tr.No
$6 preferred
No
Bkiyn-Manh Transit
No
$6 prerfered series A. No
Brooklyn Union Gas__.No
5% 117,000
3678
Roller
per
93
17%
15
5
Bridgeport Brass Co—No par
Brlggs Manufacturing.No par
Brlggs A Btratton
No par
120
49
~63~
"62"
65
65%
56%
6178
59%
53%
106
*105
*105
106
104*4 105
*104% 106
17
20%
22%
22*4
24%
22%
20%
24%
65%
24%
21%
5*s
OI"l8%
6%
per
Bucyrus-Erle Co
P
95
5%
35%
8%
34
Bower
8,400
23,400
47
5%
17%
1134
89%
*95
105
5%
*33%
*
114
110
105
"2l"
10
40
1034
978
20
2
"
7%
734
90
4%
1075g
115% 118
120
119
90
34
534
*51%
758
34
35*s
9%
96
50l2
18
17%
27
65S
35%
10%
1034
27
15U
23
4
8
I8I4
1212
1
1U4
Oct 18
S
tBotany Cons Mills class A.60
400
10
1212
12%
2012
—-
38
40
214
834
16%
2514
♦SOU
18
25
*35
3%
*50»4
1414
2314
—
I6I2
25
3%
9l2
33%
10
*50i4
37
15
-
Borg-Warner Corp
Boston & Maine RR
1,300
7,100
9l8
2214
22
27
25
20i2
334
10%
3%
9%
33
7l2
25
1112
13
9
1934
278
314
37%
27
5%
11%
9
9
3
37
9
—1
S
Oct 19
Borden Co (The)
15,500
2,500
27,400
212
39
Bond Stores Inc...—
800
2%
8%
1078
37%
514
48
9
10
22i2
107s
95
3
9
13
21
85s
21
f*
95
4%
36%
312
29%
378
7
95g
9l8
1034
7%
38i2
lOU
Q
95
3i2
2914
8i2
22
21
778
95
26
18U
8i2
2i2
438
34U
4
Q
8l2
13s
share
76«4 Oct 19
No par
Class B
3,200
28,900
32,700
4,200
3,500
4,700
57,000
32,100
1,800
37
32
2678
3514
*32i4
1%
21%
9%
26%
%
Year 1936
Lowest
Highest
No par
Bon Ami class A
240
3984
17
33s
Par
39l2
20
Range for Previous
100-Share Lots
Lowest
81
40
1937
23,
EXCHANGE
Friday
20
39
On Basis of
STOCK
NEW YORK
Thursday
% per share
80
80
$ per share
$ per share
f per share
Wednesday
Range Since Jan. 1
STOCKS
Sales
for
Tuesday
Monday
Saturday
Oct.
Ex dlv.
y
120
Jan
Ex-rlghts.
Mar
14
Jan
90%
80*4
Jan
136% Aug
*45% Jan
51% Jan
23% July
10884 Oct
Jan
103
44
Jan
Dec
100% July
55
Jan
97
Jan
14% June
2% Apr
59%
Apr
Aug
84% Sept
128
Nov
91*4 Nov
136
Nov
24%
5%
Feb
82
Feb
Feb
1 Called for redemption.
Volume
AND
Oct.
HIGH
SALE
Monday
Oct.
16
18
Oct.
I per share
$ per share
PRICES—PER
Tuesday
$ per share
5
5%
24
25%
21
4i2
23%
4%
23%
15%
10*2
634
11
10
10*2
10
8
7
10
1234
8
6
6*2
12%
6%
8%
13%
6%
68
68
65
72
70
4*8
71
7
65
71
8%
*72
*71
85
1*2
434
85
1%
6%
7
26%
27%
27*2
9434
95
23%
9434
95*i
5*4
10
*103
5
5
19
*82i4
1534
1134
134
85*2
14
*75
10%
11
14,500
10%
7
6*2
73
*65
70
'
96%
3,640
4*2
7,200
5%
5%
5*8
5%
10%
10% 190,100
10%
10%
200
*101
104
*101
104
7,400
3%
3%
3%
4%
6
8%
10
103
*101
104
3
3
4
*2
%
4
5%
5
*2
5%
16
18*4
21
21%
21
21%
80*4
80*4
82%
82%
13%
14%
9%
16*4
*82%
16%
1134
11%
*2
4
1034
1%
1
65
76*2
68
47*4
4734
45
49
10
10*2
28*2
1%
25
32%
28
10
7*2
1%
70
1%
*71%
2
76
49%
49*2
5
24
13,200
Continental Steel Corp. No par
Corn Exch Bank Trust Co..20
48
9*2
18
1534
16%
15%
50*2
52
51%
£60%
52%
54
5234
50%
160
157*4 157*4 *150
4%
5
4%
4%
34%
35%
32%
3434
3
11%
95
95
97
95
97
24%
8*4
24*4
9*4
24
24*2
24%
2,200
33%
*36%
3734
313s
35
383g
41%
*34%
41%
*34%
41%
40
40
*34%
24%
11*4
39%
41%
*31
36%
*31
36%
*31
36%
*33
36
*33
36
11%
8
7
34
8%
72
11%
11%
34U
21
27
"
*90
95
103
12%
72
71
74
70
9%
10*2
12
10%
38
39%
36*2
12%
*76*2
80
31%
500
1
8,600
5%
5%
4
5
4%
79
80
81
5%
84%
20
19
19%
16
18%
1734
18*2
634
19
19
6%
7
52
49*2
52
4
5
3*4
12%
4
6
4
52%
55
53*2
*46%
2%
12%
63
*55
63
*34
39
34
34
49
49*2
9
8%
9
14
14
99*2
71%
*32%
3
40
45
13%
87
634
12%
99*2
*96*2
7834
22
77
7*4
1234
*
68*4
3%
10%
63
43
6
8%
14
99*2
11
*55
39
39%
1334
*99*2 100
8634
85*2
334
9%
63
*33
46
5
3
234
10%
8*8
*55
6*8
50
48
2
3*4
91*
3%
4
6%
6
4%
19
2,650
7
22,100
49%
50
3%
4
250,500
11%
12
60,000
*55
32*2
*33
45
46*2
46
8%
8
55
8%
2,300
98
120
17,000
1,100
3,600
21,600
Deere
66,100
21
23
24*2
24*2
24*2
22%
22%
14%
14
22%
14%
2134
14
8
8
10%
13
14
15
14
14
18
18
15
17
13
15
1434
17
16%
19%
17*2
20%
8*8
21S
6%
8!
102
*100
12%
12%
10034
5
20*4
21
30
*27*4
104
3%i
4,100
104%
102
7
128
4
May
Apr
12% Oct 15
40
Oct 21
30
May 13
13
June
76% Feb 19
42
23
22%
22%
3,300
32
32
33*2
600
10%
4,000
12
12
14%
13%
14%
13%
14*2
30,500
64
60%
65
65
65
69
70
1,500
*15
16%
15
15
15
16
15
16
16%
16*2
.17%
17%
1,100
*30
31
30
31
27
27
*30
31
31%
31%
2234
20
22%
16%
1934
20*4
23%
23
24
22
22*2
4,700
39%
38
39*2
35
37%
3734
40
40%
41%
40%
40%
15,400
0%
6*2
3034
534
30%
33%
6%
32%
6%
26*2
34%
6%
32%
96
99
99
7
*6%
7
3834
3034
383s
100*4
98
*27*4
44*2
*31
35
*12
14
94
100
100
11*4
**2
%
*34
2*2
1%
12
15
*12
127% 12834
11334 11334
4%
5*2
160%
160
22*"
4%
23
6*8
4*8
9%
5%
24*4
6*2
4*4
10*2
17%
116
116
113% 120*2
133
110
110
156
145
10
15%
45
3,100
100
12%
%
2,300
400
1%
*%
1%
1,100
2%
3
3
3
8,800
11
11
11
1,500
114
113
115
70
131%
126% 131
124% 128
27,900
130
130
132% 132%
110
112
112
132% 132%
111% 111%
5%
6%
165
166*2
6
4
"l7%
112
6%
166
22%
4
4%
20
22%
6*2
25%
22%
5
6%
4%
5
3
23*2
15*2
19%
6%
5
4*8
7*2
43s
334
3%
4
4%
10%
6%
8
8
5
5*2
24*2
6%
23%
4%
23%
6%
4%
4*2
10
11%
39
4%
10%
800
330
17,100
8,300
42
9%
39%
Diamond
Distil
100
25
5%
25
6%
4%
17,700
25,900
Electric
36,800
10% 179,200
40*2 13,800
Elec & Mus Inc
41*2
33
42
27
32
32
40
30*4
38
24
2834
36*2
39
36%
38
6,300
26*2
23
29*2
23%
36
22
26%
27%
28*2
27*4
%
%
%
2%
2%
*%
2%
4,800
1,700
2*4
%
2%
28%
%
2%
5,500
—No
No
Battery..No
J Elk Horn Coal Corp..No
6% preferred
26*4
26*t
%
%
34
2
2%
134
34
2%
*2
34
2
1%
19
18
16%
14%
1834
47
*40
37
37%
38*2
108
106*2 106*2 *106*2 109*4 *106% 109% *106*2
5*
4
3
434
5*2
4*4
584
5*2
55
50
*35
42
*40%
42
*42
47*4
18*4
19
17
38
38
*38
1*50
65
*42
53
*35
53
*43
52
*43
50
*38
65
234
23s
634
12*4
7*2
12%
7*2
7%
*71
78*2
4*2
5
9%
10
7%
12%
4*4
10%
10
11%
7*2
8*8
5
6%
7
8%
78*2
*71
78*2
*71
4
6
5
3
.
4
78*2
4%
8%
4
10*4
8*2
10%
400
10
5%
5%
"60
*47
69*8
*48*2
65
3%
3%
6,500
60
*45
3%
5,900
44
65
2%
634
20
43
44
*40
9*4
*71
5%
19
*42
*106*2 108
41
*45
2%
8%
5
60
134
6*8
19%
44%
108
41
*45
2%
2
19
*41
*107
3*r
8%
12
8%
*71
5
10%
■
10
9%
300
3%
11%
26,500
10,200
13%
13%
15
12,900
10
10
11
7,100
76
*71
76
5*4
4%
5%
"7" 100
11%
11%
11%
21,600
36
preferred
preferred
Endicott-Johnson
7
8
134
1*4
1%
1%
1%
1%
2
2
2%
5,000
2
1
1%
1%
1%
2%
2%
2%
2%
32%
5,800
7*2
*4
8*4
31
31
10
10
78*2
78*2
26
9*2
77
26
28%
¥1%
77
28
26
7*2
10
*
95
*65
75
*60
*94
101
94
94
28%
8
8%
77
*70
9%
9%
10%
9%
29%
29%
31%
31%
*92
*92
*92
*92
*92
8
7%
23%
31*4
*
*65 ~
90
90
9%
77
80
"
35
*90
34
9%
77%
80
*68
101
*90
3
3%
2*2
3%
2
234
234
3%
3%
3*4
3*2
3
3%
2*4
234
3
3%
3%
1%
1%
1%
1*4
1%
1%
2
2%
1*2
*21*2
*
23
20
2234
17
Bid and asked prices; no
19
22
22
sales on thte day,
23
...
35
10
*92
34
9%
101
4%
4
2%
24*2
34
9%
6,800
6,000
78
77%
80
...
70
*90
40
70
100
101
220
3%
4
17,300
3%
3%
2%
23
2%
21%
t In receivership,
7,600
11,700
3,600
a Def, delivery.
Truck..No
Works..No
Federal.Water Serv A..No
Federated Dept Stores. No
n
New stock.
===== *S=3
Oct
18%
Jan
122
Jan 19
180% Jan 18
135*2 Feb 19
5
115% Jan 22
17
Mar
6
114
Feb
133
Apr
120
Feb
3
120
Jan
Jan
Deo
184% Nov
136%
rlll% June
5% July
116
Deo
Deo
198
Aug 16
156
Apr
185
Deo
Aug
Apr
2
163
Jan 11
152
July
100
Mar
37% Feb 11
16
Mar 17
Oct 19
45*2 Feb 11
10
Feb 23
19
19
19
19
Oct
Oct
Oct
Oct
Oct 19
24
Oct 19
87
Oct 19
50
37
17%
Dec
0%
Jan
7%
25%
92*4 Jan
7
32%
Jan
94%
Jan
8
29*2
Jan
87%
44*2 Jan 16
2
Jan 19
39%
Dec
55%
8
Jan 18
29
Jan 18
60
Feb 11
Oct 19
41
Oct 21
78% Jan 30
Oct 19
Deo
84%
Oct
Feb 19
48
Jan
89% June
55
Jan
97
Jan
Mar
Mar
Mar
15
17
17
17
34*2
Oct
Jan
29
Oct
Jan
09
Jan
12
Jan
15% Aug
40% Jan
14% Jan 21
3
6% Jan 21
5% Jan 28
28
Jan 28
23% Oct 19
71% Jan 15
150
Mar 31
26
Oct 18
210% Jan 14
70
Jan 11
Oct 18
150
Oct 19
par
2*4 Oct 19
par
1% Oct 19
t
Oct 19
Ex-dlv.
y
6
Jan
8% Mar
4% Mar
25
Deo
71%
210%
Deo
01%
Dec
Deo
Feb
Apr
27%
Jan
101%
Deo
Mar 11
37
Aug
92
Mar
Apr
09% Mar
7% Jan
3
Apr
2
11% Feb 19
11% Feb 25
129
23% July
4% Jan
2% June
8% Apr
84% Jan
84
103
66% Jan 27
90
Oct 19
10
122*2
31%
18%
29% Jan 18
Jan 4
7*2 Oct 19
June
10% Deo
18% Sept
11%
34% Mar
Oct 19
Apr
Apr
68
Oct 19
1% Oct 14
5% Apr
11
Jan 14
Oct 19
17
Feb
July
Jan
80
7*2 Oct 18
par
Deo
69
45*2
7
2
29%
110
10%
3
par
Aug
Jan
Feb
Deo
Jan
9%
23%
36%
28%
Oct 19
77
110
1%
6%
Deo
Deo
86*2 Feb 10
ar75%May 27
1
Jan
Jan
22% Nov
53*2 July
%
1*2
Feb
Feb
Dec
7*2
81
48*4
50
5
5
47*2 Nov
Apr
115% Jan 19
17% Jap 16
5
40*2 Nov
15% Nov
20% Jan 14
Oct 15
8%
Jan
Apr
30% Apr
6%
5
6
3
100
100
28*2
12%
10
7% Feb
% Oct 19
1% Oct 19
14% Oct 19
par
fOashsaie.
Deo
13% Aug
22
100
Preferred
Federal Motor
Dec
8%
27
par
par
par
Corp.No par
25
8% preferred
100
Fairbanks Morse A Co.No par
6% preferred
100
Falardo Sug Co of Pr Rico.20
Federal Light A Traction.. 15
36 preferred
100
Federal Min A Smelt Co—100
Federal Screw
Oct
51
30%
1%
15*2
3%
3%
6%
Fairbanks Co
11
2,720
1,600
82%
Oct 19
3
Exchange Buffet
1%
Jan
Deo
01% June
12% Deo
5*2 Jan
% May
1% Jan
4% July
Oct 20
Aug
29
40%
17*2 Jan 19
Oct 19
15*2 Oct 19
3
Corp.—.50
4% 1st preferred
4% 2d preferred
Erie A Pitts RR Co
Eureka Vacuum Cleaner
Evans Products Co
8
41% Jan
7% Apr
50% Jan
39% Jan 7
1% Jan 5
3*2 Feb 19
8*4 Jan 16
Oct 19
Oct 14
63% Sept 24
1% Oct 19
4% Oct 19
1%
27
Oct 19
35H preferred w w._No par
36 preferred
No par
Equitable Office Bidg.-No par
Erie Railroad
100
1*2
8%
12% Mar
77% Jan 26
143% July 13
65
Jan 16
105%June 10
2
34%
Aug
preferred
100
Engineers Public Servloe
1
35 conv preferred—.No par
1*2
8*4
3312
40
Jan
Deo
Nov
150
6%
1*4
8*2
41% Jan 25
40% Feb 17
51
Jan 28
Jan
Aug
145
El Paso Natural Gas
26*4
37
Elec Storage
Oct 19
2*2 Oct 19
Am shares...
38
25
110
Electric Power A Light-No par
36
95%
Oot
130
3
38*4
34%
Dec
19
May 28
113% Oct 19
Eltlngon
Boat
18% Apr
93
9
112
Schlld
No par
Electric Auto-Lite (The).—.6
59,000
43
9
10
4
58,900
40*2
Oct
Feb
% Oct 21
1% Oct 19
..100
Co
Oct
37%
Mar
l2June25
I)& Co 20
Eaton Manufacturing
30%
Mar 17
9
No par
preferred
Deo
90
30
fDuluth 8 S & Atlantlo—100
0% preferred
....100
Dunhlll International
1
6% non-voting deb.....100
Duquesne Light 6% 1st pf-100
Eastern Rolling Mills
5
Eastman Kodak (N J)-No par
63
25
5% Oct 20
20% Oct 19
94
Oct 19
Oot
Jan
29
Oct 19
Feb
Jan
16% Oct 19
Dre8ser(SR)Mfg conv A No par
Class B
No par
8%
Feb
11%
21%
Oct 15
35
No par
No par
Du P de Nemours(E
Feb
9%
27
Dominion Stores Ltd..No par
Duplan Silk
Oct 19
10
No par
Douglas Aircraft
2
4
Apr 10
Oct 15
23%
153
15
Doehler Die CastlngCo No par
Dow Chemical Co
23
36*2 Feb
40% Feb
Oct 19
108% Dec
108% Deo
32% Nov
33*2 Nov
54% Oct
60% Oct 20
Corp-Seagr's Ltd No par
5% pref with warrants.. 100
Co
No par
Class A
No par
Dixie-Vortex
Dome Mines Ltd
116%
6% Oct 19
18%
30
No par
Match
6% participating pref
26
Diamond T Motor Car Co. .2
8% cum preferred
*161
*161
"21%
17
164
*112
113
5%
163%
159
4%
4
*%
1,800
50,800
124
4
19
12%
*2
6%
34%
101
114
*161%
*161%
22%
*30
13
%
*%
250
*10%
258
10
414
2%
5*2
161
*161%
*161*2
22
434
151
12
*125
11334
2
2
11
134
113
%
1%
2%
116%
12834
122
*133
133*2 134
%
*2
*2
45
13
12
*2
98
102
*2,%
45
10%
10
*l4
12
*116
119
*116
2%
*27*4
30
9
%
34
%
2%
30
13
**2
97%
6*4
Jan
19
10
7
Jan
4%
Jan
62
36
19% Apr
May
14%
39%
Jan
22
23
36%
Jan
1% Oct 19
40
*32
Jan
27
Oct 19
66
22*4
Dec
52
14% Apr
23
10%
107
10% Feb 18
30
10%
5
19% Nov
5
Jan
36%
30
10%
Feb
143% July 23
5
400
10
24
109
68% Mar 17
41
Jan
Jan
fan 16
18%
24% Mar 17
41
8*4
Oct 19
29
41
90
Deo
Oct 19
43
9% Mar
21% Dec
88%
Oct 19
5% non-cum preferred. .100
Devoe & laynolds A..No par
Jan
Apr
Deo
70*2
Oct 19
30
114
43*4 Jan
7% Apr
5
180
Deo
44*2
24%
36% May
8
9
Dec
14% Mar
129
Feb 27
13
13
20
Dec
90% Mar 10
10
13
3%
62
...100
Dlesel-Wemmer-GUbert
Oct
Deo
125
59
5
21%
7%
Jan
Jan
Sept
66%
Deo
Jan 14
Oct 19
12%
9
4
10*2
19*8
86
5
65
8
Jan
98
70
934
6
Sept
6%
31% Mar
*5
*31
8% Mar
23% Mar
6
4
9
63*2 Jan
35*2 May
10% June
99% Mar
Oct 20
9
*38
4
21
15
*6
15
Oct 19
Apr
95% Apr
1% Sept
1,300
13
1214
20
Dec
49% NOV
JDenv & Rio Gr West 0%pflOO
Detroit Edison...........100
*60
*9
Preferred
Delaware A Hudson
7% Mar
60%
91% Nov
68*4 Nov
Dec
12% Oct 19
No par
*12%
5
*12%
19%
28
18*4
30
3
10%
Co
Det & Mackinac Ry Co...100
45
22%
3
101
100
5
5*4
*39
52
234*
8%
3%
9*9
8%
8
12%
12%
33*2
2134
*26
100
99
98
15
2*4
2%
134
6
*12%
*40
52
*40
2%
*478
6
6
2
100
2*i
634
6*4
5
8%
35% Sept
96% Oct 21
68% Oct 19
Delaware Lack & Western..50
82
37% Nov
28
20% Feb 11
109*2 Jan
6
5
14
Oct 19
Oct 18
2
Conv 5% pref
25
Dayton Pow & Lt 4^ % pf. 100
Davega Stores Corp
14
80
Mar
7% May
14% Jan 12
Jan 11
43
Mar
1
8% Oct 19
67% Aug 19
30
Sept 20
39% Oct 19
Inc...No par
Cutler-Hammer
98
85*2
Deo
170
Oot
44
127
49% Oct 21
No par
preferred
7,400
2,700
17% Jan
Oct 19
4
1
14%
80*2
Apr
09*2 Oct
82i2 June
15% Mar
Jan
135
Oct 19
16
1
Class A
96%
83*2
21%
40
40% July
81% Mar 3
MarlO
3
Jan 11
Oct 20
2% Oct 19
No par
Curtlss-Wright
38
Mar
July
43%
25% Apr 13
Oct 19
78
Packing
50
Curtis Pub Co (The)—No par
50
Feb
4
44% Dec
108% Apr 15
3
10
100
*13%
96%
13
99
Oct 19
% Oct 19
Cudahy
Preferred
46
35
47% Jan 28
70
Cushman's Sons 7% pref.. 100
70
47*4
Sugar
Preferred
2,300
Nov
4
3
8
36% Oct 15
8% Oct 19
(The).......No par
Cuba RR 0% Pref
100
Cuban-American
Aug
Nov
87% Jan
24% Mar
41
28% Jan 15
100% Feb
56*2 Jan
Oct 21
Cuba Co
930
18%
6%
11%
8
27,400
81
32%
73s
600
4%
80*2
70
*55
Oct 19
7
40
No par
.....
6
31% Oct 19
No par
pref w w.-No par
Preferred
158
Jan 10
90
97
1
Dec
4
109
Aug 13
37
21
*90
1
3
234
115
100
13,300
96
79%
s58
33
33
%
Oct 19
35 conv pref
No par
Crucible Steel of America. .100
92
25
55% Apr
21% Oct 20
Crown Zellerbach Corp.—.—5
30%
%
Deo
20% Mar
35% Nov
Jan
67% Jan
63% Dec
17*2 June
35*2 Apr
2% Apr
28% June
1%
63% Aug
90
61~506
90
78
4%
80
31%
86
6
13%
90
»4
Oct 19
800
12%
9*4
37% Deo
16% May
10% Jan
8
100
Crown Cork 4 Seal
conv
June
Feb 13
Oct
Crosley Radio Corp...No par
32.25
% May
71% Jan 15
171% Jan 14
10% Mar 16
60*2 Feb 3
77
3
12,000
100
35% Mar
Oct 19
27
11,500
28%
%
9% Oct 19
50*2 Oct 20
153
Apr 14
No par
Cream of Wheat ctfs
12% Nov
1% Jan
2
July 19
25
Pref ex-warrants
80
13%
100
Dec
106*8 June
12% June
17
9
23
23
11
-No par
Co
6% conv pref
3,300
22
*55
*21%
Crane
90
25
Preferred
Coty Inc
2134
734
5%
4%
83%
4%
Corn Products Refining
100
Oct 19
%
1
Motors
Continental Oil of Del
17,600
96
1
6
Continental
30,600
23
%
6*4
54U
1,280
20,900
90
91
6
32
22
29
49
23
31
99*2
*80
%
Oct 19
Oct 19
Continental Insurance...32.50
3234
1%
20
Feb
Jan
Jan
Jan
Feb
109%
69%
25%
42%
3%
29*2
1%
10
34
Oct 18
31%
54%
100
65
28%
*157
160
160
165% *157
165% *158
3
4*4
3%
4*s
3%
334
4*4
32
33%
33
3234
27*2 30
30*4
72
100
preferred
28*2
24
32
58*2
«4
8%
17%
Jan
5*2 Sept
5% Jan 15
Oct 19
Continental Can Inc
3% Apr
11% Apr
37% Jan 14
1
Continental Diamond Fibre..5
48%
22,600
Jan
101
37% Apr 13
7% Oct 19
8,200
143.1
1912
45,300
102
48% Oot
109
July
9% Nov
92% Aug 16
10% Oct 19
No par
Class B
800
*71
Z47%
80*4 Oct 19
Consumers P Co$4.50pfNo par
Container Corp of America. 20
Continental Bak class A No par
13,300
34,500
48,200
5438
5i2
4%
2%
22,800
11
51
*86
39,300
30
50*2
3212
1%
200
17%
13*4
Oct 19
Oct 19
11
12
100
82%
16%
Oct 16
3
16
28*2
4834
74
%
par
100
v t o
12
11%
*72
^Consolidated Textile.-No
Consol Coal Co (Del) v 10..25
1,400
Oct 19
28%
1%
55*2
12
2%
5
13*2 Feb 26
17% Apr 5
105% Jan 23
10% Jan 4
1% Feb 27
13% Apr 0
52% Apr 0
Oct 19
Oct 19
Consol RR of Cuba 0% pf.100
19,000
Oct 19
7
10
50
11*8
3%
102
27%
1%
53%
42*2
36%
..No par
No par
1%
48
*30
Consol Oil Corp
$5 preferred..
Oct 19
10
15
*30
94
preferred.
No par
Consol Laundries Corp
5
2
5% Jan 20
18% Jan 9
49% Jan 23
108
Jan 12
Oct 19
27%
58
9*4
Feb
22
8%
23%
1*4
52%
39
Feb
20*s
Oct 19
Oct 19
1%
%
1234
24%
Nov
7%
15% Apr
27% Apr
1
4%
8*2
24%
23
1%
51
*24*4
834
36*2
78%
1
5*2
10%
28
98
Nov
94
44*2
14%
98*4
95
41*4
59
32
Nov
Jan
73*2 Feb
4% Sept
41% Oct 19
5% Oct 19
51*4
*
85
72%
Mar
15,000
12
2%
65% June
Mar 11
*2
75
*72
Mar
5*2
*82
Dec
92
21%
13
19%
95
%
17%
1%
74
47%
14
3%
83*2
June
7
July
18% Jan 15
87
$5
5% preferred
Jan
8
25% Mar
8
20%
5
33%
Oct
44
501'
*158
38
Aug
Oct 21
11,600
95*2
Jan
15
Oct 18
85,600
95
Jan
16
63
7%
95*2
share
15% Dec
65
29%
28
26
per
44*2
100
100
$2 partic pref
No par
Consol Edison of N Y..No par
29*2
9634
Oct 19
4% Oct 19
July
100
preferred
Consol Film Industries
2%
7
Highest
30% Aug
Jan 14
22
8
"9" 800
27%
834
%
6H % prior pref w w
6H% prior prf ex-war.-
28*2
4%
3
7%
90
7
7
2%
20
68
*65
68
Oct 19
6% Oct 18
1
8
9 per share
19% Feb 11
46% Mar 11
19% Jan 23
Oct 19
10
Lowest
$ per share
share
21
No par
70
2
3*4
Consol Aircraft Corp..
Consolidated Cigar
8,700
2
7*2
2%
per
4J4 % pref.100
73
7%
*65
63
*65
11,700
1%
6%
95
102
11%
734
73
63
68
94*4
77
9
Conn Ry A Ltg
94
85%
16%
J1*
520
6
12
1*4
31%
700
11
25%
4%
10%
1%
28
11
5
10
*8214
16*2
12%
1%
*9
*9
22
105*4 *103*4 105*4
3%
3*2
4
%
*2
384
5*4
5*8
20
17*2
17*2'
3%
11%
11
1%
6
25*4
534
8*2
10%
*8*4
6%
Highest
4% Oct 19
Congoleum-Nairo Jno..N0 par
Congress Cigar
-.No par
7*2
634
11*4
1%
3
No par
6%
27*4
8
*63
1
1%
6
Conde Nasi Pub Inc
26%
5%
*....
*63
I84
9%
6
65
3,600
28
10%
7
68*2
Par
Year 1930
100-SAars Lots
Lowest
26
5*2
9%
65
6%
5
Shares
25*2
5%
*11
$ per share
$ per share
$ per share
On Basis of
Week
Oct. 20
19
EXCHANGE
Oct. 21
Thursday
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
Oct. 22
Wednesday
26
5i4
25l2
NOT PER
SHARE,
Sales
for
LOW
Saturday
2653
New York Stock Record—Continued—Page 4
145
Jan 14
43% Mar
Ex-rights.
4
2*2
20*2
Jan
Jan
Deo
123*2 Nov
12% Mar
6
Deo
6
Oct
40*4 Nov
1 Called to rredeaptlon.
Il
New York Stock Record—Continued—Page 5
2654
LOW
AND
Saturday
%
ver
Monday
Oct. 18
16
Oct
28
20
Oct.
*22
22
19%
22%
28%
26%
28%
39
10%
20%
93)2
*80
32%
16%
30
*31%
39
31%
14%
22%
2%
30
30
90
87
22%
2%
34%
15
85
66%
21%
21%
*
—
*84
"20"
105
""2%
*35
21%
105%
102
22%
23
10
10)2
8
10
2%
22
14
13%
*92
95
6%
6%
7
7%
*70
95
41
95
*70
24
*65
50
53%
7%
7«4
*90
94
94
38%
7
41%
8%
118
118
118
2%
3
3
4%
6%
8*4
9
10%
16
19
6
14%
*
7
100
*88
42%
97
118
2%
6%
9,420
23,000
2,600
560
15
230
7,700
25,400
4%
123,
26
24
*72
97
120
5
12
11
iei-m
W
"17,
2%
31%
-
*
~i%
118
20
5%
10%
6
0%
11
6%
*98
*
"T
2
21
22
100
17
2
19
1%
*70
100
46
38
2%
2%
21
*.—
38
10
54)2
637, 637,
120
*118% 123
39%
39% 413,
11134 114
26
20%
684
5%
11
1184
20
*95
2%
100
53«4
37% 40%
113% 114
26)2
m »
23
20
38%
115
115
*38
112
6%
11%
*98
105
3
22
5%
12
J}*
22
100
2%
23
100
""i%
17
15
17
14
16
17
18
18%
25
277,
18
23
23
29
32
26
30
23
13%
20
20
24
23
257,
24
25
14%
147,
20%
12%
143,
117,
14
14
22
0%
20)2
19%
20
21
14%
21%
12
13%
107,
13
14
11%
117,
63
63
07
13%
*21%
127,
10%
66%
11
07,
56%
27%
4534
%e
11%
25
22
11%
13%
107,
*58%
97,
11%
12%
8
117,
21%
11%
107,
8
034
66%
10%
10%
8%
58%
884
63%
10%
56
66
56
64
56
28
29
22
287,
49%
20%
♦48
49
47
47
45
%z
he
*l«
10
56
7%
17g
1%
♦61%
9%
54%
10%
52%
55
25
27)2
46
'M
24
46
46
'32
he
2
2%
2
2%
1%
17,
3
2%
3
2
2«4
he
1%
3
3
100
100
•
100
19
"l3"
00
60
22
1434
55%
17%
22%
16%
83
83
77
78
4%
3%
*67
67
4%
3)2
17,
4)2
1%
17,
13,
37,
1%
1%
4)2
17,
3
1%
13%
13%
20
20
29
29
12%
29%
28%
12%
30%
10
*8%
1%
14
57,
*21
27%
31%
6)2
21
12
*177,
27%
10%
26)g
27
29
♦
,
1%
18
19
17%
18
1234
17%
29%
25%
27
27
29
20
12%
10
H84
2512
12
1334
13%
27%
29%
29
7%
18
8%
8%
77,
1%
7,
4
15%
5%
18%
110
7)2
♦15
3%
8%
1%
1%
25
*15
23
*15
5
6
5
20
28
27
27
*267,
27
18%
*267,
33
32
32
*32
33
*32
7
20
21
434
19
1934
101% 101%
102% 1025,
*
95
7%
„
154
95
6)2
1984
20%
101% 102
*——
9434
"l8"
20% "19% 21
126% 126% *126% 132
5
71%
1%
80%
6%
7184
2
6
7
*91
101
*130
11
13
10
108
112
105
105
125
125
13%
*49)2
52
49
93%
88
30
21
21
22
23
*109% 111
45
4534
*25
287,
19%
__
"l2%
18%
22%
97
15
109% 109%
43%
*22
4534
25
49
"io"
18%
15%
109
109%
2:3934
43
23
23
4
109)2
0%
48%
46
84%
*70
7%
60%
52
9
6
41
12%
434
37
1%
2
1%
3%
4%
8%
3%
7%
2
4
6%
3434
1%
384
6%
10%
6%
45
14
52
135,
52%
84%
82
82
62
7l2
49%
52
2%
7%
8
7%
6%
2
2
97,
97,
21%
18
21
16
16
48
41
45
41
43
6
7
*7
8%
2%
8%
23,
12
12
17
18%
21
43
43
43
Bid and asked prices: no sales on this day.
7%
8%
*5
1
3114
11134
21l2
3%
8i2
10384
1%
Oct 19
Signal.—No par
17
Oct 19
6% preferred
—.100
Gen Realty A Utilities.
1
36 preferred..
.No par
104
June 28
1
Oct 19
35 preferred........No par
Gen Outdoor Adv A...No par
Common....
—No par
General Printing Ink
1
$6 preferred
.....No par
Gen Public Service
No par
Gen Railway
Oct 19
Oct 21
Oct 19
Oct 19
Oct 19
Oct 15
14
Oct 19
General Refractories...No par
18
Oct 19
Gen Steel Cast 36 pref .No par
13i2 Oct 19
9i2 Oct 19
1912 Oct 19
Gen Theat Equip Corp.No par
Gen Time Instru Corp.No par
124
Feb
70%
122%
60%
15%
Feb 11
Feb 2
Jan 9
Feb 1
19
Jan 19
5% Jan 13
65% Feb
48% Jan
70% Feb
7
4
88
6
33% Jan 25
43% Feb 11
Oct 19
24
8
Oct 19
20% Feb
56
Oct 19
35 conv preferred—No par
...No par
Glmbel Brothers
36 preferred..
No par
Glidden Co (The)—No par
conv preferred
50
Rights..........—....
Gobel
(Adolf)
1
734 Oct 19
4912 Oct 19
20U Oct 19
45
Sept 25
'32 Oct 6
Goebel
Brewing Co
1% Oct 19
6% preferred
No par
Goodyear Tire A Rubb.No par
35conv preferred...-No par
Gotham Silk Hose
No par
Preferred.............. 100
55% Oct 18
10% Oct 19
Oct 19
77
3lg Oct 18
Oct 19
55
Motors..
1
1% Oct 19
Granby Consol MSA P....5
3
Grand Union Co tr ctfs
1% Oct 19
33 conv pref series
1
No par
..100
Great Western Sugar—No par
Preferred
100
Green Bay A West RR Co. 100
Green (H L) Co Inc
1
Greyhound Corp (The)-No par
5M%
preferred...
.10
10
preferred
.100
Gulf Mobile A Northern.. 100
6% preferred.
Hackensack
—100
Water——.25
7% preferred class A.—.25
Hall Printing..
10
-
Hamilton Watch Co—No par
6%
preferred..——-100
Hanna (M A) Co 35 pf.No par
Harbison-Walk Refrac.No par
6% preferred
......100
Oct 19
Oct 19
2312 Oct 19
23i2 Oct 19
July 21
50)2 Sept 14
15% Oct 19
7% Oct 19
7% Oct 19
132
Guantanamo Sugar..—No par
8%
Oct 19
12
7, Oct 19
Oct 15
314 Oct 19
25
Hecker Prod Corp v t o-No par
—25
1
88% Feb 23
29% Mar 9
90% Mar 9
51% Jan 28
58% Jan 18
'n Oct
6% Feb 25
8% Feb 19
115
50% Mar 11
87% Mar 11
47% Mar 11
141
Mar 11
13% Jan 18
77,
2%
7
500
48% Feb
Jan 2
Mar 2
Mar 10
Mar 10
Feb 8
Mar 18
42%
145%
64%
39%
16%
11%
4% Jan 11
13% June
70
Aug
6% Feb
67
Deo
118% Mar
4% Dec
48% Deo
71
Deo
89
Dec
31% Dee
44% Nov
*19% "Oct
90
Jan
Jan
27% Nov
Oct
92
37% Dec
52% Sept
55%
Jan
66
Dec
6%
84
37g Jan
6% Nov
116
Feb
13% Jan
Sept
21% July
74
xlOO
Deo
8% Apr
1% July
3% Apr
16
Apr
24>a Aug
28%
Jan
16
Jan
32%
Jan
31
Jan
136
Jan
Nov
Oct
Dee
Nov
Apr
96%
4%
11%
6%
225%
Dee
Dec
July
Feb
Mar
Jan
Nov
44
Deo
62% Nov
22% Oct
46% Oct
42% Deo
149% Aug
65
397g Nov
177g Nov
Apr
14% Dec
1% July
9% Jan
30% Jan
Oct 19
36%
86%
317«
1067g
14%
22
24
19
7is Feb
10% Feb
118
50% Mar
9
July
Oct
4% Deo
66
Dee
19% Mar
62% Oct
347f Dec
30
Jan
33
June
6
Jan
Aug
15% Deo
31
Feb 16
14
Jan
32
101% Oct 19
108
Feb 18
2104
Dec
Oct 22
105
Jan 22
100
June
94
18
Oct 19
12618 Oct 19
Oct 19
5
112 Oct 19
Oct 20
6
Oct 19
963g Aug 25
May
May 22
3% Oct 11
Jan
58% Mar
15)2 Oct 19
15*2 Oct 19
109
Oct 19
33984 Oct 19
5
30%
Jan
37
Nov
125% Nov
105% Mar
55
Dee
Feb 26
120
Jan
17% Jan 11
107
Feb 26
12
Jan
104
Nov
115
Jan
4% Apr
99% Dec
12% Aug
9
Mar
133
Mar
140
Jan 14
8
117% Aug 13
15% Jan 25
135% Dse
18% Nov
21%
Jan
126
Feb
9
117
May
141
Jan
166
Jan
6
150% July
25% Apr
165
Deo
39% Feb 11
41
Oct
3
84
Jan
150
Deo
135)2 Feb 2
6% Sept 15,
126
Aug
135
Apr
185
Feb
67% Jan 21
Jan 19
June
62%
120%
30%
43%
Feb 5
Jan 4
Mar 9
Jan 7
114% Mar 3
50% June 29
23
Oct 19
41
27% Feb 11
Jan
687| Sept
102
Sept
80
Jan
119
Feb
4
5
6
Oct 19
Oct 19
73
Jan 11
Oct 12
94
30%
Jan
108
June
9
Jan
49% Dee
124
Doc
33% Oct
427, Deo
19% Jan
108
FetH
115
Oct
407
544
Feb
Dec
397iJune
22% July
54% June
44% Feb
Mar 20
t o—25
6% preferred........—100
380
26% May
33% Apr
32% Apr
17
July
30% July
Jan
59
44
v
10
8
47% Jan 5
28% Mar 8
56*4 May 20
82
.......5
Def. delivery,
Apr
June
stk.No par
com
Hudson A Manhattan——100
300
Jan
2
6% preferred—..—100
Household Fin
Howe Sound Co
51
106
2
7
Oct 19
Houston Oil of Texas
24
lib" June
20% Feb 10
11
4,400
23
Nov
Jan
3% Apr
32% Apr
9
Jan 12
5% Jan 22
27% Feb 1
36
125
10,700
*42
105
4*i Feb
15
34% Feb
105
74,000
22
234
77
123% Nov
69% Deo
15% Deo
Jan
June 29
6% cum preferred......100
Rights
Houdallle-Hershey d A .No par
Class B.—.—No par
Jan
Aug
Jan
Jan
Jan
77
27
Hercules Motors——No par
Hercules Powder......No par
Holly Sugar Corp..—No par
7% preferred..
.—.100
Homes take Mining. . ...12.50
18%
5%
5
26i2 Apr 17
434 Oct 19
6
Oct 19
No par
118
Jan
96
Oct 19
Oct 19
43
a
Feb 17
12
140
Holland Furance
Oct
123
2
5
6
8
100
...
4% Feb
70%
Aug 30
17% Mar
59% Mar
Oct 20
9
8%
Jan
8
10
2,000
4
117% Jan 22
5>4 Jan 20
General Tire A Rubber Co.. 5
94
40,500
1
Deo
Mar 20
110
Gillette Safety Rasor_.No par
6% conv preferred—No par
15
8)2
Jan
May
Hollander & Sons (A)—.....5
8%
t In receivership,
537*
General Motors Corp..—.10
117
90
2%
12%
9%
2%
Oct
100
5,500
1,500
71,700
34,900
41,700
1,500
137,
16
preferred..
6%
37
61
140
71
Jan 13
111
51
128% Nov
69% June
Jan
Oct 15
60
Dec
July
Oct 19
700
17
14
Oct 19
14,700
60% Dee
Jan
49
58
88
21
28
Jan
70%
64% Jan 29
65% Jan 18
Oct 22
Oct 19
49
8,500
Jan
Deo
38
48
Hershey Chocolate....No par
5,400
11%
28
$6 conv pref series A. No par
General Mills
Novar
152
34 conv preferred...No par
Hinde A Dauche Paper Co. 10
13%
23
23%
109% 109%
45
43%
Oct
Oct
Jan
4
500
96
Nov
165
5%
Mar
65
300
2284
Deo
20
Jan
7
126% Mar 31
52% Jan 23
800
"12%
76
10% Apr
42% Apr
141
4
36
27%
13%
5
1%
22
♦
Aug
Nov
Nov
Apr
Feb 11
14
53
93
*21%
Jan
Nov
4
Feb
32% Mar
93
*50
97
30
106%
177»
14%
104%
Gen'l Gas & Elec A ....No par
Preferred...
120
Nov
15% Deo
8% May
Deo
Helme (Q W)
7,700
11% May
100
Nov
71»4 Oct 19
5,000
Jan 16
33
65
89
33,100
7% Aug
3%
44
Hazel-Atlas Glass Co..
98
Jan'
7% Mar 3
153s July 19
?39%June 21
152
6}i % preferred w w
100
Hayes Body Corp.—.——.2
154
Dec
53% Feb
Jan
Jan
130
900
Apr
78
31)2 Apr
34% Apr
33% Feb
7$ Jan
16,700
27
50
60
Nov 2135
47%
8
44% Feb 9
334 Jan 18
3
45
*71
9,600
927,
26%
127,
5
8
7%
109%
50
23% July
108
64% Jan 21
34
Hat Corp of America e) A..—1
"44%
5
21%
71?
49
*
23%
1%
2%
11%
9
21
120
Feb
97% "Oct
35% Feb
Oct 19
100
No par
No par
4,700
18%
17%
114% 115%
125% 125%
30
10,200
1,700
8%
8
*91%
*130
2
10
*7)2
44*4
25%
12%
497,
845,
7)2
27,
927,
92
150
July
2812 Oct 19
a4 Oct 19
preferred
7%
General Electric
General Foods
75
*73
55
92
♦21%
21%
2
11
*
60
77,
13,
10%
*45
32
*50
20)2
25)2
6
2%
300
32
18
90
"43"
84
2
27
33
14
44
7%
2.300
22%
94%
84)2
7%
51%
5%
8%
21%
27
20%
*207,
13%
52
5%
4,800
94
50
7%
9,300
12
84%
2
3,000
94
52%
2
9
17
5
Great Northern pref
7,000
1%
20%
6%
1147, 118
125% 125)2
Oct
2212 Oct 19
110
Sept 27
43,900
1%
18%
5%
8%
100
10
10%
8%
98
100
Gt Nor Iron Ore Prop. No par
10,500
72,400
75
Class A............No par
63~
48*2 Jan
153
General Cigar Inc..—No par
45% Dee
127
4
Oct 13
2i2 Oct 19
6I4 Oct 19
14% Oct 19
11%
48%
June
Jan
117
24,200
———
Mar 25
S8 1st preferred
No par
General Bronae—........5
General Cable.
—No nor
17)2 Oct 20
25l2 Oct 19
11
154
32%
21%
19
30
32% Jan 13
Oct 19
Oct 20
Granite City Steel...—No par
Grant (W T)—
—No par
21%
11%
J 8%
33
132
9
5
38% Oct 19
Graham-Paige
70
94
86
11%
13
Jan
94
03,300
18,800
7,400
4,200
4,400
5,400
04%
11
86
11%
*517,
29lZ
14%
*130
50
89
*21%
18%
2%
5%
2%
280
83
6
General Baking
34%
3% Aug
32
95% July
16 preferred.——-No par
6
Gen Am Transportation
Oct 19
18
3%
93%
512 Oct 19
13
29%
137,
"207,
Gen Amer Investors...No par
25% Mar
24% Apr
106% Jan 28
19% Feb 1
15% Mar 9
105% Jan 5
86% Feb 17
19% Jan 14
No par
13
"
Oct 19
Goodrich Co (B F)
28
*
Oct 19
4
10ig Oct 19
20
17%
*m
90
58%
42%
56%
Nov
Sept
Dec
Nov
Nov
Dee
Dee
Deo
Mar
Dee
183s Jan 12
73
Ota Wood Industries Inc....3
49%
40%
36%
105%
9
117
Oct 19
Dec
3
Oct 19
1% Oct 18
3% Oct 19
45
Jan 14
Oct 19
20
Apr
Jan
Jan
100% Feb
40
Apr
30% Sept
38
20%
z24%
Sept
18
Oct 19
60,700
1,400
227, 116,700
85
5,300
5)2
7,600
98
Highest
% per share S per share
105
Dee
115% NOV
54% Feb
135
20)2 Oct 19
6i2 Oct 19
S3 preferred........
10
Gamewell Co (The)
No par
Gannet Co conv f6 pf--No par
9
1
5
5
9
1
39% Mar
97g Feb
58
Apr 3
102
Aug 25
18
30
9
2
2%
307,
800
June
100
2%
132
11,400
2*4 Oct 19
1
2%
13%
13%
29%
*29%
Gabriel Co (The) cl A ..No par
Galr Co Inc (Robert)....—1
Oct 18
Co 100
68
5
pf 100
Freeport Sulphur Co—
10
6% eonv preferred...... 100
Fuller (G A) prior pref-No par
$6 2d preferred—No par
1U2 Oct 19
Gold A Stock Telegraph
3%
2%
5%
94
15%
*.■
20
77,
*91%
98)2
154
137, 16
105% 114
*125% 127
90
*201,
27,
91
8%
7%
60
*92
75
3
90
*91
154
93%
19%
*56
conv
99
7%
8%
23%
21% 2134
101%
101% 101% *—
♦
"94" 9434
94®4
23
21
23%
22%
*126% 132
126% 126)2
8
8
7*4
7%
74
2%
89
80%
*125% 127
*
7
6%
72
*130
77,
*93)2 101
*130
•
65
18%
5
7
6
1,800
01«4
21%
84%
75
1%
20%
6%
187,
10%
8%
17
21
15
18%
*58
11%
8%
16
7
97
*—
534
21
10«4
25
_
14,000
22,800
20
1
*20),
"is"
2%
2%
3%
37,
20
*27
18%
110%
48,900
50)2
*31%
8
%
60%
8%
484
28%
45)2
2%
65
800
*16
55
*50%
18%
9%
1
*49%
*91%
»
*.—.
12
6
128
27
21
7
154
29
132
17
26%
27%
31%
99%
23%
9%
8%
1284
247,
25%
25
15%
11
11
132
20%
6
*93% 101
*126
*—
51
"2l" 23)2
"23%
♦126% 132
*126% 132
6
7
7%
7%
*71% 96
*71% 96
1% -2%
2%
2%
90
*90
96
91%
*130
23%
23)2
30)2
51
14
1025, 102%
*—
13%
65
15
5
17,
20
%
9
2
5
2
39,200
45%
84
2
1%
4%
1%
17,
10%
107,
28
he
23%
*50
23,900
52,300
40
84
50
1334
11%
66%
29
5784
5
29
11,100
1,570
17,800
1,400
*57
207,
534
55
10%
14%
42,800
3,400
67
5784
2134
21%
87%
4%
1%
4%
19%
8%
20)4
10%
19
19
"l9%
1%
10
132
*5l"
55
19%
2%
99
57
*80
4
68
60
78%
1634
55%
16%
2%
3%
*
99
60
1%
4%
19%
*
18%
90
19
69)2
23,
334
12,300
6,200
27%
1%
9,900
7,000
....
24
1%
500
41% 399,300
2,500
26
1,700
22
1%
2,700
113
20
17
100
100
7% cum preferred..
27%
*5l"
14,300
23,700
4,100
118
6
132
60
23%
2%
18%
_
*
118
119
24)2
1%
18%
28%
*
100
43%
118
22%
67
13,900
9,900
54
3%
8%
4%
280
320
46
12%
♦87%
7,300
1
52
6
18
55
......
*38
21%
*65%
21%
F*k*n Simon & Co Ine 7 %
5.200
46
27
♦—
Oct 20
85
51
41
he
80
preferred...No par
Francisco Sugar Co
No par
10
48
116
*22
4H% eonv pref
Foster-Wheeler
........10
380
14,700
*38
26
17
Oct 19
50
22%
36
1%
27
1,130
4%
97
22% Oct 18
li2 Oct 19
12%
11%
24
X Foliansbee Brothers. .No pat
20
118
8
Food Machinery Corp
8%
8
22%
Florshelm Shoe class A-No par
Oct
31
300
100
41%
8%
*75
Florence Stove Co..—No par
6,100
5%
77,
7h
lll2 Oct 19
9,000
93
.
""7%
7%
8%
No par
Fllntkote Co (The)
300
85
24
134%
4%
4*4
12
11%
21
*70
2%
23
*118
118
98
41%
734
5214 Mar
46% Feb
58% Feb
63%
30
100
734
7
116
*90
5%
38%
407,
22
92
95
116% 116%
2%
2%
684
23%
14%
7
107% Feb
32%
1%
119
119
*
2«4
0)2
22%
*23%
12%
11%
5%
Oct 22
Oct 18
78
31
1%
!«•••
11%
5
14%
20
108% Mar 9
45% Jan 18
39% Feb 19
4138 Mar 11
91
30
60
Share
30
20,900
2H
34%
23%
21% 22%
103% *10384 108%
IO84
17,
5%
6%
♦-
per
6% preferred series A—100
80
47,
Firestone Tire A Rubber—10
2212 Oct 19
251s Sept 30
1612 Oct 19
3
First National Stores. .No par
39
17%
Dept Stores 4 X % pf—100
3 per share
x65
Oct 19
100
*38%
527,
35%
32
397,
*23%
58
4
5
*70
6%
21
8
84%
10%
84%
18%
Fed
Fidel Then Fire Ins N Y..2.60
Lowest
Highest
3,900
3,200
24% 25%
24%
247, 25
20
110
110
*108
121% *110
121%
121% ♦110
40
40
34
42%
40%
42%
105,500
38*4 41%
34
«c33%
21,100
33% 3334
28)2 3084
31% 3234
1
1
1*8 46,400
1%
1%
1%
%
1%
41%
♦26)4
5%
117,
29
"38%
121%
40%
119
103
103
90
110% 110% *110
53%
21
19%
*23%
8%
22%
*3934
22%
13%
*65
1
59
*3534
103
""5"
47,
33
35
84
90
88
31%
"4"
334
*
10),
253,
*38%
18
80
90
25
397g
85
■
_
92
*—
23
18
98
25%
25%
*23%
2%
12
5%
134%
134% *118
3
3
3%
37,
8% 11
97g
11%
23
2784
234
2%
5%
22%
13%
4
*108
*65
*23%
2%
3334
84%
16%
1%
8
7%
7%
23
2%
33«4
*5
42
40%
39%
7%
*34
21%
6%
7%
7
86
90
95
6)Z
36%
16%
22,200
91
15
36
1%
534
22%
13%
91
36%
32
14%
24%
Par
1937
Year 1936
of 10OhShare Lou
Lowest
Fllene'f (Win) Sons Co.No par
39
03
16%
*
1,100
5,500
30
3034
14%
3%
20
2%|
1%
4%
534
22)2
24
2484
167,
80
14%
I934
6)2
36
20%
*22%
39
17,
31%
103
20%
*85
35
72%
30
23
60
18
04
33)2
17,
82
23
22%
*85
85
11%
72%
28%
*23%
28
197,
22%
65)2
22%
*92
71
30
30
23
2
70
26%
*22%
14%
32
22%
1%
*
4)8
37,
105% 106
5%
22is
13%
Shares
13%
31%
27
>
18
85
4
*55
11%
87
18
87
4
X per share
74
74
31%
2%
34%
16
f per share
93%
30
2%
33%
*87%
"
$ per share
On Baste
Week
19%
*80
*23
♦
Oct. 22
25%
36
32%
14%
*31%
Oct. 21
39
*20
39
93%
33%
15%
*82
Thursday
Oct. 20
19
f per share
a-65
70
72
70
71%
71%
*21
|
$ per share
share
NEW YORK STOCK
EXCHANGE
Wednesday
Tuesday
,
STOCKS
the
Friday
23,
Range for Previous
Range Since Jan. I
Sales
SHARE, NOT PER CENT
HIGH SALE PRICES-PER
Oct.
Hudson Motor Car..—No par
Hupp Motor Car Corp
1
434 Oct 19
37
1%
Oct 19
Oct 19
3tg Oct 19
4
Oct 19
1% Oct 19
17% Jan 22
Mar 10
Jan 21
90%
6%
15%
23%
Jan 21
Feb 17
4% Aug 17
*6% "Jan
48% Jan
3% June
8% Apr
13% May
—.100
8
Oct 19
6% preferred series A—.100
Leased lines 4%
100
16
Oct 19
67% Mar 11
30
Jane
41
Oct 18
72
Jan 20
68
Jan
6
Oct 19
25% Mar 11
11
May
Illinois Central
RR Sec ctfs series A...1000
n New stock,
r Cash sale,
2
Ex-dlv,
y
38
Ex-rights
Mar 17
18% Apr
33
Mar
278% Nov
"l3%
65
Doe
Deo
57, Jan
17% Feb
22% Nov
29% Oct
54% Sept
73% Oct
20
Oct
1 Called lor redemption.
1
Volume
AND
HIGH
SALE PRICES—PER
NOT PER
SHARE,
Saturday
Monday
Tuesday
Wednesday
Thursday
Oct. 16
Oct. 18
Oct. 19
Oct. 20
Oct. 21
$ per share
$ per share
23*2
23*8
2434
22*2
24*4
*81
90
80
82
82
83
86
87
86
87
5,200
26,300
2,100
*125
'132
*125
132
*126
132
*126
132
*126
132
10
*75
90
132
132
7634
11
7214
76*2
1178
8U
11*2
0i4
4*4
,4U
4
414
37g
37g
4*8
32*4
314
414
6
U2
♦30
100
3*8
10
234
25*2
100
26
3
75s
3
21
143
463s
83s
934
4034
4334
3l8
4012
41
42l2
40
21
21
*20
387s
*37*2
30
100
*100
4
4
46l2
30
30
*100
104
110
834
105g
10*8
1138
2i2
20*2
3*4
3*8
10
35%
27*?,
20
25
138
80*2
75*8
152
149
138*2 139*4
6
4*4
4*4
8*4
8
46
45*2
*134i4
—
—
-
16
Oct 19
No par
80
Oct 19
100
132
Oct 16
6%
preferred
Inland Steel
Inspiration Cons Copper
234
47
4438
48*2
441?
4934
4258
4638
59,000
3
258
3*4
358
2,170
3*2
3*2
3*4
*38i2
20*2
♦73
534
1334
♦72i4
10i2
*2312
393g
38*2
19*2
20
20
21
30
30
3212
35
35
36
36
36
23
24
24
2,000
3,800
73
70
73
610
19
20*4
16
18
18
19*2
70
73
65
69*2
65
70
7012
4
5*o
5
6*2
125
50
87i4
124
Prior preferred
18*4 Oct 19
100
Internat Harvester
Preferred
*100
149,600
26,100
15*4
88
50
4*8 Sept 25
125
55
55
5412
5512
84*4
87
85
80
""900
13,100
100
65
Oct 19
110
Feb 19
50
June
No par
4
Oct 19
1578 Feb 19
11*8 Sept
9*4 Oct 19
72*4 Oct 18
36*8 Jan 18
103g
Johns-Manvllle
No par
74
Oct 19
155
preferred
75*8 May
£18
19
18i2
20*4
22
22
22
22*8
3,600
Kalamazoo Stove & Furn.._10
£18
Oct 19
46
6
39i2 July
118*2
118*2 *118
1181? *118
120*4 *118
9
1078
6
9*2
878
934
6l2
20
17
17
16
21*2
15
14*8
14l8
20
20
1934
19
20
1934
18
15
17
16
17*2
16
16
17*4
165s
14*2
8
121
Mar 17
116
Nov
121
11,400
2,200
2,000
3,200
Oct 19
29
Mar 17
13
Jan
26
19*4
Jan
17
Jan
151?
9
10*4
6
7
*95
9884
85
8*4
90
12312 123*2
884
6*4
95
97*2
35*2
34i2
3834
37*8
7
97*2
3938
5*2
5*4
7
24
I84
20*8
212
10i8
7*2
95
478
24
7*8
*23
2
2*8
21*4
15*4
12
137fi
16*4
1034
17
6*2
4
26*2
2634
£25
33
*8512
10i2
303s
25
*2U2
912
9*8
99
4
18*8
33
*85
86
93
6*4
38*2
2*4
25s
86
85
8
7
100
25
87s
2758
8234
10*8
32*4
75g
3914
123l2 123*2
123
5
8
5*2
438
4*2
6*2
9
9*4
25
25
234
20*8
14*4
9l2
1012
29
7*4
4
Oct 19
70
Kendall Co $6 pt pf A .No par
93
Oct 19
Kennecott Copper
117,200
14,300
103g
39
25
3
3
3
700
4,000
*2U4
24
40
15
16
1,780
1878
183s
734
19
20,500
9
8*4
2,400
16
14*4
16*8
*30
1434
17
17
18
17
*7
153g
14
*7
14
11*2
14
290
14
18
19
21
870
15*2
7*2
14i4
16*4
1534
16*4
14
15*2
8
10*2
12*2
14
1512
1478
14*4
I4l8
15*4
578
15l2
6*4
13
6i2
5i2
11
6
7*4
13*4
1378
1834
16
♦
57g
63s
"~5l2
1
1*8
1
5
43s
5*2
14
934
14
101
7
4*4
1*4
34
3
5*4
29
26
12i8
2834
12i4
9i2
12
27
27
25*s
28
23
46
4684
4312
4734
38*2
778
8i8
24
25
2334
ft
5
8*4
23
24
87
87
87
87
87l2
89i2
87
10*2
16
101
18*2
108
0*4
6
7*2
89
82*2
83l2
151?
*92
5*8
5*2
1
6
14
17
18*2
*92
108
23
41l2
41l2
2 884
18*4
37
41*2
29l2
12I2
28*4
1134
31
29
30
9
12
1134
12*8
2412
29
29
29*2
49*4
285s
48*2
30
46
51
48*2
4934
9
25*s
42
95g
7*2
24
25
85
*86
87*2
8434
87
26*2
23
39*8
3978
86*2
158
.
88
87
*158
Oct
18*2
Jan
46*2
Deo
378 May
78s
$8
preferred
15 prior preferred
Kresge Dept Stores
pitferred
101
25g
1812
*102
18
17
134
*130
2l8
3*4
18
20
106*2
102
18*4
1578
134
130
234
25g
20*4
19l2
102
*102
17
1678
130
*
Kroger Grocery A Bak.JVo par
Laclede Gas Lt Co St Louis 100
105
104
1*8
1*4
36
38
35s
378
22
2U2
102
106
183g
1838
*
134
19
18*2
6312 6412
105*2 106*8
10,900
46,000
1,500
1834
18*8
130
130
18*2
130
17,100
30
47*2 Jan 23
3584 Aug
61
Nov
14*4 Oct 19
24*4 Jan 14
19*8 June
28
Jan
Jan
3378
50*4 July
Lambert Co (The)—..No par
13
Oct 19
24
1578 July
2684 Feb
18*2 Nov
No par
—6
Lane Bryant
Lee Rubber A Tire
5*2 Oct 19
984 Oct 19
Lehigh Portland Cement—25
14
Oct 19
4% conv preferred—...100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
101
Oct 19
6% conv preferred
50
Lehman Corp (The)...Wo par
Lehn A Fink Prod Corp
5
Lerner Stores Corp
No par
3
Llbbey Owens Ford GI.No par
Llbby McNeill A Libby No par
Life Savers Corp
6
84 Oct 19
334 Jan 18
Oct 19
18*2 Jan 18
2334 Oct 19
43*2June 10
213g Feb 11
585ft Jan 9
8
Oct 19
23
Oct 19
38*2 Oct 19
5
Oct 19
23
Oct 19
No par
Inc
No par
Corp No par
14
Oct 19
53
Oct 19
101
Oct 19
1
June 22
32
Oct 19
2*s Oct 19
A...No par
26
18
Oct 19
preferred......——100
102
Oct 19
Biscuit
Lorillard (P) Co
10
preferred
100
1578 Oct 19
127
July
7
16*2
16
16*2
1412
15
"15"
17
17
18
18
18
4,100
Louisville Gas A El A ..No par
56
55
55
49
52
55
55
5412
57
60
63*8
3,500
Louisville A Nash vllle.—100
49
56
15
20*2
28*2
28*2
2034
29*<t
*»«.«•«.
13*s
27
*128
*128
16*2
27*2
...
16
19ig
*27*2
1934
2634
27
*128
—
21
19*4
2OI4
17,400
28
2934
2934
900
24
2418
22U
2434
18*2
20
21
26
25
2634
25*2
26
12,500
33*8
34
30
35
27
31
31*2
35*4
34*2
37*4
35
36
20,500
10*2
10*4
8*4
9*4
103ft
10*2
1034
1034
22
25*8
247g
26
10i2
24i2
2578
*2
2*4
21
I5®
2378
lh
18*2
1*2
21
134
278
234
3
*234
27g
♦I3g
3*2
*1
3*2
*1
3*2
*1
3*8
*1*8
10
10
25*4
26
6
7*2
*
7*2
*14
6
12
16
6*4
12U
2*4
*
~*6~
14
5
14
10,
4*4
6*4
13
5
15s
1
1
1*2
1
4
4
3
3
*434
9
9*8
9
9
1*2
134
♦
"ih
1*2
29
28
29
11
13*2
27*2
9*4
27*2
1334
16*2
1212
15*2
10
12l2
3
20
2484
*148
157
*148
*43
47
43
534
*263s
*29*4
*96
1378
6
29*2
11
634
12*2
15*2
3*4
253s
434
1*2
29
384
30
253g
*6
65s
534
29*2
6*4
10*2
1*2
1^8
*5
7*2
6
5*2
*1*8
534
1*8
5
*412
7
9*2
1*4
105s
1*2
6*2
10
*134
8
7*s
1*2
7*4
9
7
8
11*2
2is
7
2*s
234
10
6
6*8
*6
9*2
3*4
1*4
22
29
21?
26
2
30
6*4
277S
5*4
1134
2*8
8*8
1
*
15
8*2
*12*8
512
12
8*2
17
6*8
13
13g
26
13*8
13*8
3*2
2834
1334
3*2
32
143g
14i2
334
31
26
26
157
*142
157
42
43
45
4*2
5
5
2478
2412
51?
25
25l2
6
*26*g
6*2
29*2
2,700
2,200
34,700
1*2
2
280
*263s
135s
28
*10
13*4
8
170
7
12
28
2*8
12*2
9
11
134
2712
1278
10,300
850
*5
♦lSg
6*2
13g
9
39
247s
*125g
13s
24
5*2
15
120
2
*142
29*2
600
'73s
*1*4
40
5*2
10
17
534
80
7
1,200
14*2
34,000
1334
1434
18,800
35s
378
29*4
30*4
7,300
8,100
4,100
25*4
*142
43*8
6*2
*27*2
2534
157
44
6", 500
634
4,800
29*2
400
...
106
14*4
*96
1384
106
14
*95*2 100
13*2
14
*95*2 102
93*8
95i2
16
15*2
17
13*2
*933g 106
100
16
6,500
16
Steel
Mac Andrews A
1
Forbes.—-.10
preferred
No
Mack Trucks Ino......No
Macy (R H) Co Inc
No
Madison Square Gard—No
Magma
par
par
par
par
Copper....——.10
X Manatl Sugar
100
Certificates of deposit... 100
Preferred
Pref ctfs of deposit
15
678
1*4
840
"*7i2
83g
24
*26*2
*
2*8
157
2212
10i2
3,400
6,300
1,500
3i2
778
2*8
7&8
36
43*4
*1*8
3*2
8
*142
25
157
11
*112
*27*2
11*4
121?
10
7*8
8
Ludlum
6%
*128
*128
100
100
No par
Mandel Bros
7% guar. 100
guar
100
X Manhattan Ry
Modified 5%
Manhattan Shirt
25
Exploration.. 1
Midland Corp...---5
Maracalbo Oil
Marine
Ry..——100
6% preferred
.—100
6% prior preferred
100
0% 2d preferred
.—100
Marlln-Rockwell Corp
1
Marshall Field A Co.-AT# par
Martin (Glenn L) Co
1
Martin-Parry Corp
No par
MasonlteCorp
No par
Mathleson Alkali WiB.No par
7% preferred
...—100
May Department Stores... 10
Maytag Co
......No par
$3 preferred w w
No par
$3 preferred ex-warr.Vo par
$6 1st cum pref
No par
McCall Corp
No par
Market Street
d Change
of name from Intern
13*s
2634
127*2
18i2
8*4
Oct 19
Oct
89
May
12
Jan
12384 Nov
2184 Nov
3878 May
65
47*4
80*4 Nov
Jan
25
May
97
Mar
19
2578
Nov
Nov
31*8
Jan
115
Jan
Oct
116*8
170*4
Jan
Deo
Apr
23*4
Jan
63*2 Nov
9784 Mar
160
13
36
July
43
Apr
55
Feb
Deo
267s July 26
877s Aug 11
Jan 23
110
2
76*4 Mar 11
10*4 Jan 26
43*4 Jan 8
a04*2 Feb
Apr
378 Feb
110
May 12
285s Feb 8
147«4 Jan 20
2884 Jan 13
Mar 17
4184 Mar 11
36
Feb 11
Oct 19
19
4
99
Oct 19
Feb
9»8 Apr
5
Oct 19
27
Oct
4
Aug
Oct 19
Oct 20
Aug 10
22
29
Aug 14
Nov
Jan
July
8*2
2
113*4 Feb
63
—No par
180
May
23*2May 5
83*2 Feb 15
I884 Deo
45*2 Nov
15*2 Apr
94*2 Apr
7
Oct 19
Inc
Jan
July
2
37
No par
7*8
12
153g Mar
Jan 13
16*2
19*4
♦28*2
Jan 16
79
175
14i2 Oct 19
*128
24!% Mar 17
Jan 28
Long Bell Lumber
7%
1
114
$6.60 preferred
5%
1
Feb
8312 Oct 19
151 May 20
15*2 Oct 19
18*4 Oct 19
Liquid Carbonlo Corp .No par
Loose-Wiles
51*2 Feb
203
82*2 Oct 19
Preferred
Loew's
6
Tobacco..25
B
Series
4*4 Oct 19
Mar
1734 Mar 1
2778 Mar 11
25
100
Liggett A Myers
Lone Star Cement
110
18*2 Nov
Oct 19
June
Loft
13,900
3,400
Dec
328s Nov
32
14,900
37g
231?
136
£25
147
20*2 Apr
38,100
106
20*2 Apr
4»8 Apr
7478 Feb
Oct 19
May 11
2778 Jan 14
1*4
35s
Jan 13
4
105
41*2 Jan 14
3734
£23
Nov
Oct 19
1*8
*102
61
30
Oct 19
36*2
4
16*4 Oct 19
Jan
Apr
Feb 30
71
35*2 July 6
2958 Jan 2
1578 Jan 16
8
lSg
23
Oct 19
12
6
preferred
37*4
102
20*s Oct 13
100
5%
40
106
278
20*4
No par
Link Belt Co
105
1
Kress (S H) A Co.
Lily Tulip Cup Corp ...No par
Lima Locomotive Win. No par
105
34
10
No par
100
Kresge (S 8) Co
1,000
9,500
20*4
Oct
93s Mar 30
2,100
65*$
105*2
Jan
Jan
107
4684 Apr 14
109*2 Feb
Feb
Feb
Nov
283g
2478
Oct 19
41
187g
19*2 Jan 14
33*4
134 Oct 19
3084
6234
19*4 Dec
17*2 Dec
23*8 Feb 11
36*4 Nov
110
24
No par
1
No par
No par
Kinney (G R) Co
18*2
28*8
1934
Jan
Klmberly Clark
40
6334
80
Jan 14
110
Keystone Steel A W Co No par
17
17
2378 Dec
2458
42
18*2
5
63*8 Nov
29*2
59*4
l*s
100
Mar
27*4 Jan 18
28*4 Jan
1784 June
17
17
34
5,500
35
Deo
Apr
Apr
48*2 Aug
3038 Oct 19
5*2 Oct 19
No par
27
69*4
1
87l2
159
4478 Jan 16
50*4
87
41
14
32
934
Jan
4
6938 Mar 10
20*2 Mar 8
28*2
53
101
*84
158
19*2
101
9*8
2534
25*8
8434
85
86*4
9
23*4
7*2
23
100
600
5*4
4*8
26*8
57g
8,800
6,400
87l2
1*4
55g
Q
378
.•
10,300
1,100
263g
1
28*2
13g
14,100
38,500
24,100
12,900
13,400
4,700
3,400
17,300
13,600
1,800
9*4
1
64
1*4
197g
108
5
17*2
35
7*2
14*4
1
57*4
1*8
173g
5
19*2
34
758
34
1
65
1*4
18*2
*92
8*2
I884
35*4
14
205g
108
63
106
7*2
7*2
15
7
6*2
*155
159
*15512 158
*156*2 159
1034
17
1512
173g
15*2
15*2
28i4
900
30
7*2
20
14i2 Oct 19
8234 Oct 19
97*2
30
163s
Oct 19
15
Oct 19
7
7
14*s Oct 19
7
18*8
16
...5
Kayser (J) & Co
5
Kelsey Hayes Wheel oonv ol A1
Class B
1
29
28
25
100
preferred
4%
Kaufmann Dept 8tores.$12.50
115*2 Apr
Kelth-Albee-Orpheum pf__100
14l2
5
City
Kansas
130
1058
25
33
pf ser B No par
Southern
100
Kan City P & L
15*4
*21
Preferred
11,400
13,500
87
25
25s
18
97*2
37*4
130
8%
17«4
Deo
Feb 15
17*4
*130
Deo
133
Jan
136
6
106
Deo
126*2
126
Oct 22
14
2*2
19l2
Feb
Sept
9388 Nov
152
Mar 18
65s
*102
12184
126
75
143j
1*4
2
May
Oct
2284 Apr
313a Nov
120
1834
35
88
Jan
58*2
8
107
100
18*8
65s
4H2
5
Nov
Jones & Laugh Steel pref.. 100
8
19
Apr
113
4
Jan
93
19*4 Feb
3778 Nov
2,030
1412
28U
Aug
87*8 Jan
Jan
2438 Aug
Feb
Nov
80
122
20*8
13*2
*17
127
Jan
15
6
26*2 Jan 30
30
Apr 16
Jewel Tea Inc
.
82
107*2 Apr
93s Oct 20
20*2 Oct 19
Sept 23
1 £116
No par
54*2 Oct 22
1
Oct
53*2
35
75
1934
1912
120*4 *118
12014 *118
♦158U 159
...lOO
Apr
30
82
85
784
Apr
80
85
*24
23
84
85
434
283s
11*2 Oct
1058 Oct
61*2 Nov
81*2
20
10612 108
Jan
88
I6I4
1834
Jan
123
16i8
15*2
*6*4
13*4
Jan
3
80
187g
*15
384
19*4
Feb 16
Oct
No par
663s Nov
136
Nov
123
16
*26i2
10
83, Jan 30
57*2 Feb 16
2834 Jan 25
493s Jan 4
Apr
Corp
Feb
Dec
Dec
15
Preferred
Deo
8
18*4
Dec
47
Interstate Dept Stores.No par
10*2
8*8
Mar 11
preferred
Deo
Apr
1478
52
7%
Deo
105*2
Jan
Jan
Oct 19
Inter Telep & Teleg
194
160
158
2*4
16
$6
125
*100
85
19l2 Oct 19
Oct 19
Deo
Deo
578 Mar
7*4 Deo
68*2 Sept 22
30
Intertype
55
Oct 19
35
No par
Island Creek Coal
125
43*4 May
125*4 Feb
100
1,600
793g
tfarlO
Jan 5
19*4 Sept 22
18
A-pr 6
9*i Apr 6
No par
21
55
73«g
13534
Shoe
International
1,200
*100
13*8 Deo
International Sliver
10*2
80
Jan
7
4i2 Sept 10
Oct 19
2*4 Oct 19
100
International Salt
4*2
9
Ian
36*4
100
preferred
167s Jan 29
18*4
884 Oct 13
.No par
Internat Rys of Cent Am.. 100
5%
22»4 July
Apr
5058 Jan
148*2 Jan
234 Apr
160
£984 Oct 19
15
No par
5% conv pref
278 July
Jan 18
Sept
578
18*4
15*4 Apr
Oct 19
112
Jan
95g July
2*2
l277gMay 27
7*2 Oct 19
1
100
Inter Pap & Pow Co
Class B
Apr
4834 Nov
88*4
16
2*2
*2112
Oct 19
3
25
May
107
5
162
Jan
Jan
37
4
Aug
778
187s
Jan
123*2
18*4
8*2
137g
*77*2
10*2
201?
900
7
55
*
Jan
120
Deo
Oct
Dec
88
1512
*25
21
189
Oct 19
14478 Apr 30
100
Preferred
Oct 19
63
No par
24*4
5
6*8
63*2 Apr 14
132
Int Business Machines. No par
Feb
1078
Jan 18
6
13*4 Jan 20
123
88*2
1584
3784
938
2134
125
*100
"74"
21
63s
22
20*2
9*4
*70
86
934
21
20*2
81
*95
21*?
23*2
*40
714
1534
*18i4
11
22l2
*100
*118
1534
771?
*978
934
55
19
1434
77
11
934
125
88*2
14
77
10*4
*45
124
11
77
14*2
7434
984
658
7*8
6*2
6*2
*20i2
11
1034
72*4
24
22
77
14
77
*100
85
*20l2
75
10*2
1,880
38*2
20&s
5*2
42
22
21
6I4
40
401?
40*8
Nov
9*8 Apr 14
Voting trust certifs__ATo par
39
35
Deo
122
Oct 19
Int Nickel of Canada. .No par
400
86,600
140
2
47*8 134,900
1184
Aug
885s July
Internat Agricultural- .No par
Sept 20
218 Oct 19
17g Oct 19
10*2
125
Oct 19
100
par
6
*134*4
July 30
131*4 Mar 6
33*8 Feb 23
6
100
-
Iron
Internat Mining Corp
12*8
147
No par
preferred
Int Mercantile Marine. No par
107g
May
No
6%
15*8 Nov
4138 Nov
106
Interlace
Oct 19
14,400
20,400
12*8
143
Jan
255g May
6
Feb
Intercont'l Rubber
20
5
10*8
4*8
22*4 Jan 20
47*2 Apr 20
144
Highest
$ per share $ per share
64*4 Apr 20
111*2 July 16
11*2 Mar 16
28*2 Mar 11
Cor p.. No par
d Interchemical
8*4
214
3*4
1
X Interboro Rap Transit--.100
Class C
3
Oct 19
378 Oct 19
U2 Oct 19
6*4
20
Insuranshares Ctfs Inc
Int Hydro-Eleo Sys cl A
36*4
46
69*2 Oct 19
No par
27,400
11*2
7*2
10-58
No par
Ingersoll Rand
6*2
4558
47*2
—
300
--
5*8 Oct 19
10
Industrial Rayon
8
8*2
421?
78*2
6,000
117,000
22,600
5,000
2,000
28,800
Indian Refining
$ per share
412
4i2
678
*133
133
3*2
28
27
138
3*2
.
107g
3*8
81
75*8
7678
*146*4 151*2 *146*4
578
578
684
43g
4412
3934
132
25
140
137
135
30
4*4
4*4
4*2
438
26,600
2,600
4*4
334
32*2
23s
18U
134
9
32
8i2
132
43
4U4
134
384
100
63
75
68i2
78i2
148
148
♦14734 152
*146*4 149
3
4^
4*4
35g
5*8
514
4*4
434
334
5
]78
3's
6
8
714
734
8l»l
6i2
45*8
*13212
338
6
27
140
27
141*2 143
76*2 78*4
4
2
10i2
278
2i2
1134
*378
4,500
84,600
5,100
72
105s
4
25
997s
3
2i8
70
12*4
4
3*4
234
77
11
4
4
74i2
11
834
23
*9834
33g
76*4
7412
8«4
378
3
20
31
*100i4 101
314
105s
74
69l2
Lowest
Highest
$ per share
Par
Shares
$ per share
8
8*4
$ per share
7
7&8
20*8
5i8
100-Share Lots
Lowest
21
20
On Basis of
Week
16
6'4
25
74
$ per share
034
5&8
$ per share
EXCHANGE
678
22i2
7
7
2114
STOCKS
NEW YORK STOCK
the
CENT
Friday
Oct. 22
Range for Previous
Year 1936
Range Since Jan. 1
Sales
for
LOW
2655
New York Stock Record—Continued—Page 6
145
35*2
33g
z3 834
107
Jan
Jan
Oct
May
2118 Apr
140
Deo
20
May
57*2 Jan
22*4 July
67*8 Deo
10878 July
Feb
Deo
883 Mar
35s
6178
45
Jan
113
Sept
26*2
151
30*4
10238
Jan
Jan
Oot
Oct
35
Feb
42
Jan
33
Oct
9
8
8
153s Jan 20
127*2
Jan
Jan
134*2 Nov
273g
40*8
Apr
65*4 Nov
85g
155s
Mar 10
34*2
1*8
Jan
Jan
Jan
57
Nov
9
Dec
7*4
Jan
35*2 Deo
132*2 Feb
62*4 Mar
58*4 Mar
49*4
Oot
Deo
18*2 Oct 19
U2 Oct 19
63
1
Oct 15
7
Mar 30
6
Oct 16
30
Jan 11
9
Oct 11
21*2 Apr 6
1678 Jan 11
39
Jan 14
7
June
32
Dec
67*4
Jan
16*2 Jan 20
1278
Deo
23*4
Feb
17*2 May
2*4 Jan
8*2 Apr
1*8 Jan
6*2 July
1834 Jan
2*4 July
2484
6*4 Oct 20
10
Oct 19
4*4 Oct 19
9*2 Oct 19
1*4 Oct 19
5*2 Oct 19
1
Sept 10
778 Jan 12
295g
034
14*4
3i2
Jan
Feb
Feb
Mar
30'
17
13
29
3
Oct 19
20
Jan 21
9
Oct 16
39
Jan 20
1% Oct 19
26
Oct 21
9*4 Oct 19
Oct 19
10
134 Oct 19
20
Oct 18
078Mar 27
5184 Mar 4
307s Mar lv
29*4 Apr 30
1378 Jan 10
74
Feb
41
11*8
Oct 21
13*2 Oct 19
ational
Nov
12
Mar
6
15*2 Jan 11
93*8
Nov
45
25i8 Nov
412 Oct 19
24*2 Oct 20
35 June
3
4184 Jan
165
1284 Aug
3*8 Mar
23
Jan
6*2 Apr
66*4 Mar 11
36
Deo
684 Mar
May
Oct 19
22*2 Oct 19
May 17
Nov
7*2 Deo
56*2 Nov
27*2 Apr
15378 Jan
43*4 May
13*2 Apr
142
"l8~
8
Jan 25
42*8 Nov
163
Deo
70
Nov
21*2
Fob
44
Jan 13
43*2 Dec
55
Feb
45
Jan 13
44
Nov
50*2
Apr
111
Jan 22
103
Jan
110*2
Oct
2
29
Feb
37
Doc
36
Jan
Printing InkCorp
1 Called for redemption.
New York Stock Record—Conti ued—Page 7
2656
LOW
AND
SALE PRICES—PER
HIGH
for
NEW
Oct.
S
per
Oct.
16
18
j
Oct.
10*2
11
10
11
72
72
69
71
15
16
15*4
Oct. 20
15%
z66
12%
9
Oct. 21
$ per share
19
$ per share
9%
734
$ per share
share
the
Friday
Oct. 22
t per share
$ per share
Thursday
Wednesday
Tuesday
1
9%
72
13%
15%
*70
14%
10%
13
13
12
21,500
12
3,700
McGraw-Hill Pub Co ..No par
12,800
Mclntyre Porcupine Mines..6
30% Oct 19
McKeesport Tin Plate
19i2 Oct 19
ll*g
10*2
33%
30%
32
32%
33
33%
35
3434
35%
25
24
25
25
26%
2434
25
97g
353g
19%
53g
25
9*2
3234
22ig
8*4
8
8
9
9%
8%
33
3334
*33
65s
*79
34
-
7
79
14
1512
83
15
11%
80
80
8%
14%
13%
83
36%
♦
79
90
36%
58,800
9
26,200
90
14%
16%
1534
8,400
*82
85
*80
90
800
74
70
70
68
68
*68"
68
68
68
*65
69
54
54
*50
54
50
50
50
52
5234
55
53
55
5
3
5
4*2
20
22%
*18*8
44i4
19
18*s
39
18%
44%
*15
4414
24
20
24
24
4%
4%
2384
24
25
19
18
19
39
40
42
40
8%
8%
1,080
41
110
4,500
51,200
9
8%
8*4
18*4
19
16%
19
14
16%
6%
17
19%
19%
20%
19%
20%
23U
24
19
23%
15
19
18*2
21
21
23
21%
22
99
88
88
94
95
9434
97
95
95%
*90
97
*90
97
*90
97
*90
73
71
73»4
73%
103%
103% 103% *101
634
7%
6%
7%
9934
*93*2
5*4
834
98*2
*93%
9934
97
4%
834
97
9%
20,300
26%
17%
*16%
37
35%
63s
1,000
6%
2434
*15
19
34
6
6%
534
5%
25
conv
McLellan
6%
6
5%
Oct 19
Oct 19
33
No par
preferred
-1
preferred
6
Oct 19
100
Stores
conv
Oct 19
9
10
79
Oct 19
No par
80
Oct 19
15.50 pre! ser B w w'sNo par
16 pref series A
per
share
$
24% Feb 11
106% Mar 2
21
47i2 Jan 12
Jan
8
11212 Jan 14
34«4 Apr 19
101
92
June
101% Deo
16
June
"241*4
Deo
Oct
49%
Jan
Feb 16
68
Oct 19
50
Oct 19
86
1
3
Oct 19
163g Feb
100
20
Oct 18
4734 Mar
Mercb & Mln Trans Co.No par
Mesta Machine Co...
5
18
Oct 21
41
34
Oct 19
72'4 Mar
Oct 19
26% Feb 23
858 Apr
3734 Jan
11% Apr
z95
Dec
78
78
74
77
67
72%
72
73«4
98*4
98*2
98*2
98%
98%
6*4
5*4
6%
4%
98*2
5%
98%
5ig
5%
6%
70
70
*72
72
74
*84
78
1*2
1*2
16%
278
*
1*2
9%
*134
17
16*2
3
234
85
124
*1%
18%
17
2
9%
5%
2
19
81
86
106
32
40*4
25
25
50
*24
*42
34
18
1834
13*4
%
18%
1312
2212
6*4
1334
2258
12
13%
21
21
5*2
63g
*65
72
■
Melville Shoe
Men gel Co.
5%
(The)
1st pref
conv
Miami Copper
4%
5
Jan
Dec
122
Jan
678 May
91
Oct
12
Dec
1234
x95
*12
15
25
Jan 13
9
8
Jan 16
5
55U
3D2
40%
584
470
Oct 19
Oct 19
Jan
48% Sept
Oct 19
122
Jan
2
110
Feb
94
June 21
106
Jan 22
88
Mar
13H2 Mar
109
Sept
Minn-Honeywell Regu.No
par
67
Oct 19
120
Mar 17
x65
Apr
112
Nov
100
98% Oct 19
4% Oct 19
124
MarlO
119
Dec
120
Deo
70
108
—
3538 Mar 10
48i2Mar
5
*17% Apr
2l5g
5*4
*48*2
12i4
Feb
1212 Oct 19
38% Jan 15
1534
14%
15
Motor
Wheel
26
Feb 13
24
23
2334
Mueller
Brass
8U Oct 19
18i2 Oct 19
51
Mar 15
Mulllns
Mfg
5
10
10%
12%
*6
12
10
12%
12%
10
12*4
16
8*2
634
19*4
11%
18
19
20*g
*152
187g
*
~41%
IS84
15
19
*
634
7
16
16
88
*
88
110
"42"
42
"39"
20
13
17%
12
1434
14%
1534
110
*106
*10434 108
39
*41%
1834
8*2
*5
57g
2358
434
4
20
21%
20*2
23%
20%
17
21
18
18
5
6
538
534
26*4
26i2
*1547g 159
27
18
7%
2034
734
*17%
1834
8
*43%
5%
20%
♦
*44
46
6%
24%
7
7%
28%
5
6
130
20*2
734
23%
130%
130
8%
4%
884
29
26%
27%
75
70
70
2234
24%
62%
22%
92
97
97
99
99
"37"
111
*97
334
4%
4*2
5
4%
5
8*4
8%
8%
8%
834
8%
8%
2334
*
24
26
25%
75
"37"
75
"39"
26
26
*53
—
—
"45"
39
39
38
39
106
*103
106
103
103
*10
17
*10
17
*5
12
15%
40%
10%
12%
13
1534
15%
17%
15%
16%
37
37
38%
39
39
41
41
41
19%
22%
21%
20%
25
25
40
43
46
1834
19%
*
38%
~*6~
1384
1434
43
43
12%
40%
20*4
20*2
2114
17%
21%
15%
19%
19
22
14
18%
1734
17%
21
16%
20
42
36
40
31
33
35
18
16%
39%
18%
4%
884
*39
17*8
17%
15
17%
1734
4
4*g
4
4%
*2
3%
234
8
8*o
7%
934
5
7
7
110
112
110
120
120
*2
*73
115
*2
75
120
%
73
*2
73
%
*
"2,"
2*g
2*2
2%
2%
5*2
55g
5
6
4%
lA
4
1*2
1%
134
1
2
4*4
3*2
4
3
112
3s
%
*
79
"2%
4%
1%
4%
234
6%
1%
1%
4*2
%
79
"2%
*1
*189
195
185
189
180
185
*190
198
192
*106
108
*106
108
*106
108
*106
108
106
6*2
49
49
49
49
634
20
20
12
123g
33*4
9*4
95*2
8
23*2
*1303s 132
*146
*
4%
10*4
147
10%
*35
1%
*18
~i6%
48
*116
49
49
800
*90
95
95
95
100
94
94
94
94
30
14%
9%
36
*35
2%
1%
20
15
5
6%
11%
13
13%
14%
36
36
37
37
*37
234
18%
13%
32%
1034
234
*18%
1234
29%
9%
134
18
10%
27
8%
95*2
7%
92%
5%
92%
♦
6
134
2io
*17%
11%
27%
8%
92%
13
12%
30*2
30
6%
20%
9%
92%
7%
61%
17%
~14%
15%
*37
50
61
*55
15
*47
10%
1234
11*4
12%
334
10
4%
11%
2%
7*2
9
6
7*s
4
6
«.
234
2%
23
13%
32
10%
150
61%
150
*146
55
55
15%
16%
17
*16%
17%
48
48
*42
50
.......
7534
11%
3
4
12
7%
Bid and asked prices; no sales on this day.
16%
39
50
12
534
1334
95%
92% 92% *90
8
7%
7%
8%
24
2334 2534
25%
130% 130% *130% 132
934
9%
10%
10%
*48
11
12i2
9%
*146
*114%
71%
-
18%
146
70
65%
934
2%
146
145
48
*114%
7% 120,100
6%
11%
6*2
144
7%
36
9%
146
6%
*114%
72%
10%
4%
11%
7%
_
_
*114%
90,000
150
9.200
80
87,400
17,100
33,800
180
5,800
22,500
110
57,800
80
200
1,900
20
71
74%
11%
11
12
12,200
12,900
5%
5
5
2,560
13%
13
13
710
8%
8%
8%
t In receivership,
a
1,100
Def. delivery.
16412 Deo
3784 Deo
107i2
67U Aug 17
387$ Feb 25
21
26% Feb 8
112i2Mar 11
112
May 20
Apr
Apr
1
107
Dec
9
10
Apr
24% Nov
333s Mar
245s Mar
21
10734
Oct
35
Mar 17
255g June
38
Mar
28
Deo
325g Nov
28% July
112*4 Mar
112
June
107g Jan 28
Oct 19
Oct 19
3
Oct
377s Apr
2638 June
36% Nov
18is Apr 22
412 Oct 19
1
10
7%
pr
6%
ferred A..
Oct 19
44
Mar 11
100
preferred B
18
153
Oct 19
171
Jan 22
155
Oet
171
Deo
100
Lead
6% 2d preferred
National Steel Corp..
National Supply of Del
127
July 9
21% Oct 20
150
Jan 29
137*4
Jan
147
Nov
54
Dec
61%
Deo
958 May
1478
Feb
55
18
Oct 19
100
92
Oct 19
National Tea Co
No par
No par
Nelsner Bros Inc
1
12
Newport Industries.
Jan
li2
25
5714 Feb 13
Sept 21
6484 Mar 10
7
109
Jan 11
37
Mar 17
Apr
5714 Apr
197g Jan
78
74ig Jan
778 July
133
IOI4 June
3234 Apr
Feb
Feb
Deo
75% Nov
Deo
12% Nov
13%
60
Jan
Nov
41
Apr
6414 Nov
104i2 Apr
IOI4 Feb
110
Nov
Apr
Oct 19
41*4 Jan 18
9
Apr
40
Deo
37
Oct 19
98i2 Feb 10
32%
Jan
83
Deo
15i8 Oct 19
...No par
43
10i8
1
N Y Air Brake
%
Sept 25
100
100
Jan 18
87
Oct 19
37
100
3
13 ig Feb
Oct 18
70
Jan
99U Aug 14
413g Aug 6
137
Aug 2
12ig Jan 15
312 Oct 19
6% Oct 19
2334 Oct 20
4H % conv serial pref
100
Newberry Co (J J)
No par
7s
1
Oct 19
Natomas Co
5% pref series A
t New Orl Tex A Mev
2% Jan 18
i2 Sept 9
14 Sept 11
25
10
Preferred
6178 Jan 22
1484 Jan 14
Oct 19
5
100
55% Mar 17
2734
Jan
495g
Oct
14
Oct 19
72
Mar 17
17«4
Jan
53%
preferred series A—100
31
Oct 19
100
Jan 22
36i2
Jan
95
Oct
Sept
NYC Omnibus Corp. -No par
New York Dock
No par
15
Oct 19
15
Nov
.
No
par
N Y Chic A St Louis Co. —100
6%
N Y A Harlem...
5
50
110
Oct 19
{NY Investors Inc...No
Conv preferred
3
Oct 19
984 Mar 8
26% Feb 25
67s Feb 11
3
Apr
19i2 Feb 11
83
9
484 Mar
3
June
102
50
Oct 19
272
Jan 14
210
Jan
114
Jan
8
105
May
3478 Jan 14
5714 Feb 3
178g Jan 21
1
3
Oct 19
95
Oct 22
104i2 Jan
Northern Central Ry Co
Northern Pacific
91
Oct 14
105
Telegraph
50
100
9% Oct 19
Sept 25
34
50
Norwalk Tire A Rubb..No par
Preferred
50
1% Oct 19
15
8
Aug
2
Jan
3
Oct 19
40
Oct 19
Oct 19
227s Apr 5
73
Apr 20
26% Feb 16
par
No par
20ig Oct 19
8% preferred A
100
Elevator
6% preferred
Otis Steel
7%
100
5
10
243g Mar
8
Oct 15
8
Jan 12
4
19
19
115
z
May
Oct
Oct
Oct
Oct
17
July
107
Jan
8
Jan
2414 Apr
123
Jan
1212 July
2U
Oct
Feb
99U Sept
6%
18%
Deo
Deo
7% Feb
155s Mar
99
Sept
104
Nov
109*4 Aug
278 Jan
310*2
115
Oct
Oct
35*2 July
59
14*4
June
Deo
106*2 July
103
36*4
57
Nov
Feb
Mar
4*2 Mar
32
Nov
18
Deo
59i2 Deo
25*g Mar
115*2 Feb
19% Nov
39*4 Nov
136
June
70
July
20*4 Mar
120*4 Nov
83*2 Deo
79
Dec
47
Jan
June
9
70
Nov
114
July
114
July
13
July
Jan
10334 Aug 11
23
Jan
7
19
153s Feb
1
3*2
19
40
Mar
3
8% July
2
414
Oct 19
Ex-div.
Mar
19
Aug
12ig Aug
24ia Jan
29% Nov
150
Jan 26
75
4
Pacific Coast 2d pref. .No par
Cash sale,
3
28
65i2
934
2i2
7i2
No par
r
Feb
97
114
100
Owens-Illlnols Glass Co..12.50
»» New stock,
140
Oct 22
48
1st preferred
1
Oct 13
55
Pacific Amer Fisheries Inc
Feb 13
1938 Mar
145g Oct 19
1 st pref.-No par
Pacific Coast
7
Jan 18
4514 Jan 21
146
Outboard Marine A Mfg
6
Outlet Co
No par
conv
July
114
6ig Oct 19
112i2 Jan 23
No par
prior preferred
$5.50
126
100
Jan
50
67gMar
9
Oppenhelm Coll A Co..No
Jan
5312 Jan 22
25
Otis
65g
98
365s Mar 11
No par
6l2 Oct 19
90i2 Sept 24
512 Oct 19
2318 Apr
5234 Feb
97i2 Apr1
237g July
Jan 28
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
Ohio Oil Co
Mar
93*2 Apr
lig Aug
Apr 8
14l8 Oct 19
48i4June 18
No Amer Edison $6 pf. No par
Northwestern
9i2 Apr
May
57
3
5
180
100
North Amer Aviation
7% Apr
July
4
76*2 Jan 22
73
No par
preferred..
Jan
10234May
112%May
63l2June 14
100
pref
Jan
Jan
l2 Oct 19
100
No par
$7 pref series A
6%
Oct 15
30
N Y Shlpbldg Corp part stk..l
Adjust 4%
1
Oct 15
Oct 19
Jan
90
2
1
3i8 July
10% May
119
7
2
'97
4l8 Oct 19
100
Jan 20
Feb 10
Oct 18
Oct 18
38
tNY Ontario A Western. .100
North American Co
253s Jan 22
135
73
par
Co.. 100
$ N Y N H A Hartford—100
7% preferred
N Y Steam $6 pref
1278 Jan 22
Oct 19
...
N Y Lack A West Ry
317sMar 19
234 Oct 20
No par
5% preferred
Preferred
•
75
Dec
Oct 19
Norfolk A Western
10
Jan
Oct
Dec
3078
17
2,000
98,500
94
77%
7*4
50
*49
18%
94
73%
7
108
1734
*90
*116
4%
198
♦106
19%
*90
78*4
12
198
106
153
62% Nov
100
103i2 Feb
18
10'
preferred
3,900
4%
7734
4
1%
196
.
17%
4
Jan
3
Jan 18
3334 Jan 13
104i2 Oct 19
514 Oct 19
No par
t Norfolk Southern.....
100
94
62
18
1%
70
93*2
21
22% 2434
20*8
21%
23%
130*8 130% *130% 132
*130% 132
8
10
7%
10%
6%
8%
50
102
3
9
62
70
*90
25
*48
150
*85
12%
146
5'%
92%
134
6%
32%
6%
1%
20
91
10%
8%
*93%
1%
4,800
95%
27
*17*2
11*2
1
50*8
2*8
9*2
34
50,400
1,700
39%
8%
*97
50
137g
36*2
8
96*2
54
2
23
96
18%
36
8*2
*9312
102
1
40
20,300
23,900
5,500
16,500
3%
39%
*87%
16%
91
31*2
87
17%
*85
13
40
85
14%
97
%
79
5
40
92
1734
93
120
3%
7%
134
40
14%
*91
134
5%
107«4 June
2
43
No par
6%
Nat Distillers Prod
New York Central
%
*..._
*81%
175s
*90
3%
7%
6%
1%
434
1
*50
%
*
1
*2
100
1
Nat Enam A Stamplng.No par
23% 311,700
5,500
26%
49%
3,500
*110
*35
*92
1,300
13
2,920
2,770
3,150
91%
102
100
5,300
*90
17
103
"*8%
10,600
1,700
5
120
x
No par
11
98
1%
*
36
*90
Nat Depart Stores
19
98
102
15,700
9%
*81%
30
6% pref ser A w w
Mar
3338 Mar
167
Oct 19
18%
4%
82
*81%
12
9%
40
92
10
100
cum pref
100
4%
40
40
7%
7% pref class A
7% pref class B
8%
*81*2
37
National Biscuit
Nat Bond A Invest Co.No par
Mar
183g Jan 21
Oct 19
4
%
79
37s
13
*110
2%
3%
103
_
12
*40
39%
*
103
"*5%
19% Deo
155s Mar
38*4 Jan
13
6,500
*103
37
I2i2 Apr
9i2 Apr
2884 Oct
6i8 Oct 19
18is Oct 19
145 May 18
39
800
4
75
47%
9
29,600
65
2434
20i2 May
24
5
Nat Aviation Corp....No par
23%
6434
2334
*
47i2 Mar 11
Oct 19
22,900
61%
2134
6%
2434
x245g Jan 28
Oct 20
8
1
64%
61%
21%
3%
Oct 19
10
National Acme
1,200
%
Dec
2284 Mar
Nash-Kelvlnator Corp
5
Nashv Chatt A St Louis.. 100
%
*4
Deo
79i2 Aug
71
Nat Rye of Mex 1st 4% pf.100
%
%
3684
108
2034 Feb 11
Nat Bond A Share Corp No par
200
10 H2 Nov
Oct 18
Nat Cash Register...-.No par
Nat Dairy Products...No par
56,900
Oct
Nov
Oct 19
17,200
66,600
27
3
Aug 20
Oct 19
~
43%
47
National Power A Lt...No par
38
8
Apr
2% Nov
No par
Myers F A E Bros
500
92
4
87s
102i8 July
14
Apr
63,100
18
102
4*4
108% Jan 26
%
*%
2434
8
7%
*%
*%
18%
120
7%
*%
*%
62%
2612
5% preferred
100
Murray Corp of America—10
Nat Mall A St Cast's Co No par
7%
2414
447g May
1,500
34
55
Jan
Mar 13
26%
7*2
65
21
90
No
90
u
190
130
25
26
*%
59
May
36i2 Feb 11
Oct 20
National
6%
65
70
Oct 20
25,700
25
1514 Aug 16
993s Mar 19
12
26% 27%
25% 2634
*152% 155% *152% 155%
130
Oct 20
414 Oct 19
52
Munslngwear Inc
Co (G C)
Murphy
Nat Gypsum Co
21%
63
1
par
23,400
%
*4
B
100
*
200
20
6%
*%
38
65i4
1
-
Jan*
par
conv
Oct 19
700
5
*19
Co
Co class
pref erred... No
283g Apr
No par
$7
7%
130
21%
834
*4%
2234
5
24
*19%
.....5
-
160
8%
8%
5
22%
27
24
*2
*4
48
15%
I684
2478
No par
16
1,900
-
2034
16%
19%
400
Morrel (J) A Co
Morris A Essex
800
88
21%
7«4
5%
22%
154% *152% 157
100
20
7%
133
7
21%
149% 149%
18
88
610
17,400
7,500
51,300
110
*21
%
*70
12%
109
153
5*4
104
12%
*107
130
%
4*4
8*2
*27*4
17
1134
*106
25
%
57,800
13% 132,700
16
1234
110
*20
24%
290
400
16
18
6*2
53.1
3,400
50
109
133
*2
102
*48
13%
*
21%
24
7
7%
55
14
45
133
25
634
21%
6%
4
4%
*154% 159
*133*4 138
25
434
800
55%
106
106%
7%
6%
16
16%
110
*107
15%
104% 105
5%
15
104% 104% *106
*107
*106*4 110
10434 10434
7
8%
8
23*2
*20*2
15
11%
7%
18
88
250
12%
8
16%
17
41*2
20
1514
*106
9%
6%
7*2
934
65
55%
21
20*2
19%
20%
21%
18%
19%
*148% 150
150% 152% *148% 150
*148% 150
20*2
163*2
88
8
7
20,600
3,500
20,300
6%
10634
634
400
63
7%
56
125g
7
%
15
12*8
778
Nov
Motor Products Corp..No par
13%
15*2
68
17,600
63
115g
46
Jan
20
1234
15
Oct 15
Mar
3534
19
63
*47
MarlO
33% Deo
Feb
53%
634
69
103
71
12
47
Oct 19
197g Aug
May
79
Sept 24
30
Oct
59*4
52
5
109
Jan
Jan
13
47
107% Aug 27
Oct 19
Jan
Sept
Feb
Jan
57
5
Feb
378
2
Feb
Deo
Dec
*9
44
Feb
7*4
14i2
1214 Mar 17
4078 Jan 23
105
$4.50 preferred
No par
Mont Ward A Co Inc..No par
4
34% Mar
6% Mar 17
13
19
19
19
Jan
34
53
3
10
Oct
Oct
Oct
Oct
5i2
60i2
63
*42
Monsanto Chemical Co
Oct 19
Feb
4112
22
0%
100
20
Apr
984 Mar
Feb
5%
6*2
2978
95g
333s
Feb 17
14
48%
12%
100
6% conv preferred
Mohawk Carpet Mills
34
234
3% Feb 26
63
5
5i8
1%
158
14%
79%
100
^Missouri Pacific
Oct 19
Jan
Deo
13g July
2i2 Aug
234 Jan
1634 June
66% Jan 18
20
47
6*«
Preferred series A
2
6'4
4
8
5
17
17
94
34May 12
65
50
100
5% Mar
12*8 Mar
4512 Oct 20
20%
5%
106
No par
100
3
2% Jan 23
Aug
Jan
Jan
60
47
13%
22%
6%
106
58 Sept 15
112 Oct 15
% Oct 19
16is Oct 19
No par
Mo-Kan-Texas RR
Oct 20
6i2
5714
Mother Lode Coailtlon.No par
1434
106
7% preferred
4% leased line ctfs
Mission Corp
16i8 Mar 11
20
11%
6%
B
ser
25,000
1134
63
pref
1
16
10634
3,400
19,100
6,200
7,300
28%
♦24%
%
20%
19%
conv
3078 Nov
47
28*2
47
60*4
10634 *106
20
48,000
88
86
84%
87%
108
300
106% 106% *105
39%
4034 136,400
39% 41%
14
61*2
10634 *106
*106
5,600
39,400
2%
4%
58
60
4
13%
34
5%
1834
3%
*24%
8%
18%
370
2
*44%
15%
300
11
%
19%
12%
4%
1,100
3%
45*2
45*2
34
170
2
*19
Deo
88
1st pref
cum
%
2
21
4,000
2
12
20
Nov
I684
100
8%
16.50 conv preferred.No par
Minn St Paul ASS Marie. 100
1%
86
Oct
65
Jan
15
500
9%
3
45
Jan
14
Minn Mollne Pow lmpl No par
1%
18%
3%
3%
Jan
10
Midland Steel Prod
7,700
3%
20
85
45%
4%
18%
3%
9%
1%
1«4
18%
Deo
Deo
Nov
No par
Mld-Contlnent Petrol
6934
%
*1%
%
3
1*4
18%
2%
*104% 108
39%
36%
23%
*2334
%
*.A
%
4914 Nov
213g Nov
IO8I4
2834
MUw El Ry & Lt 6% pf-.100
3,500
10,600
97
*63
70
*1
1%
1%
134
2%
17%
1634
80*4
34
6%
70
70
1%
36
25
7s
3,<
7%
30
40*4
*47
2%
7%
2%
105
48*2
25
*47
16%
105
Z4
h
234
1«4
1%
14%
79%
234
*105
8578
108
38*4
*1
2%
2*2
■17*8
21
20
%
1%
1%
134
3
*105
%
1%
%
16%
2%
*70
70
2
7*8
934
1*4
234
*50
1
~*i~
1*2
73
1484 Nov
9312 Aug 13
No par
38i8
'
98*4
Highest
share $ per share
23% Nov
2U May
per
Sept 21
28% Jan 19
42% Jan 14
42i2 Mar 24
I6I4 Mar 17
19
11% Oct 19
No par
Mead Corp
20
*6978
45g
S3
220
90
1
new
McKesson & Robbing
1,800
8
*80
9%
14%
15%
7,600
9%
36
37
8%
*7934
36
7
80
*80
147g
83
33
6
79
8%
82
1212 Oct 19
12
2314
8*4
Oct 19
*66
100
McGraw Elec Co
33*2
92
$
7h Oct 19
1
preferred
oonv
Lowest
Highest
share
1,800
11%
35
6%
P*r
15%
22*4
8%
*78*4
McCrory Stores Corp
700
$
15
33
9%
Par
14%
13%
12
934
Lowest
Shares
82
*70
82
71
13
Pretious
Year 1936
100-Share Lou
EXCHANGE
Week
11
1034
11%
10%
1034
66
On Basis of
STOCK
YORK
1937
23.
Range for
Ranee Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
jxjt
Monday
Saturday
Oct.
y
2714 Feb
Ex-rights.
Jan
22
Deo
15
Dec
32*2
297s
Deo
Dec
1 Called for redemption.
Volume
LOW
HIGH
AND
SALE
PRICES—PER
SHARE,
Oct.
Oct. 16
17
25%
25
13%
124
134
Oct. 20
Oct. 22
Week
$ per share
$ per share
Shares
11
11
14%
1434
16
16
24%
12%
24%
14
22
26%
26
27
26
26%
40
z34%
36%
35
40%
40
41
39
3984
14
10%
11%
13%
14%
14%
15%
14
1484
115s
124
12512 *110
134
134
134
124
120
134
134
134
133% 133%
14i2
534
13%
14is
12%
13%
127g
14%
14%
15
534
4
5
5%
6%
6%
7
8%
7%
8
7
7
7%
7%
1U
138
1*4
13R
1
1%
1
1%
48
48
4514
46
45
45
44
4434
*
99%
1234
95%
1334
95i«
"8%
80%
1178
1238
9%
20
2018
1934
2
2%
32
30%
30%
134
19%
19"?
18%
1%
534
134
6I4
n2
47g
11
834
1138
4
31*
414
39
39
79l2
218
3
3734
80
75
95
1234
12
13%
95
99
10
1178
11%
18%
20
20
20%
32
19
17
2
134
2%
33
34
17%
18
18%
21
134
1%
1%
134
4
5
5
11U
4%
8
2%
65%
1%
2%
338
*19
24
1834
1834
*15
17
15
15
27«
34
6'8
37%
2%
31
9%
3%
38%
9%
3%
11
4%
4%
39
38%
1%
4
14%
2234
15%
27%
07$
25
25%
25
20
2434
22%
2414
2234
35
35
35
35
36
36
3778 *_.
*3778 387s
*110
114
110% 110% *109% 114
*110i2 114
*11012 114
25
22
29
3434
23
3034
30
31%
25%
30%
5
3
634
3%
3%
3%
3%
3%
3i2
3l2
17
15
9
12
1278
11%
11%
HI4
*1414 18
*42
60
49
49
43
43
43
43
42
49
41
41
3934
3934
*41
53
*43
14%
93s
14%
*14
*14%
1078
434
29%
16
934
17
11
11%
5
4%
*
36
*-_--
74
*
75
"2"
2i4
4
3
69i2
76
6i4
3838
7U
74l2
4034
31%
3%
318
3U
714
*65
6%
*
40
~*8~
30%
31
234
27
*
40
"7"
9
*
36
*
4%
25
35
*30
34
*7
10
7
7
67
68
66
66
66
66
*166
169
*166
169
*166
169
*166"
176
176
176
"534
~~7%
4%
10
60
*1
12
*10
2
100
14
14
*34
17%
*14%
914
2l4
100
"n%
1%
18%
20
9%
25S
*a4
3i8
878
*9
*15
8%
2i4
78
3
3%
914
7%
*7%
9%
25
23
25%
lh
*
*"s%
118
li2
278
1
%
2i2
5%
5i2
312
9%
9
20
26
43U
838
10
684
7%
878
14%
5%
7%
*92
115
*94
57
50
57%
334
28
23%
*37%
*31%
3%
3%
4%
28%
23%
25
36
34
34
578
16%
*43%
1%
1%
1%
*9
13
*5%
*10
11
9%
10%
1384
834
85
11%
*90
20
31%
3%
50
1
1%
*4
8
8%
1184
*92
934
8%
40
~~6%
30
7%
*
12%
19%
8
10%
60
1%
11
2%
8%
*176%
12%
24
49
33
87
9%
14
7%
115
14
13
14
60
*50
*1
*9
238
2i2
100
~13f2
9%
27g
138
600
1814
19%
1514
22,300
1H2
3%
13,900
9i2
314
3%
Us
4-%
1%
434
27
51
5234
2:49
115i2
37%
3612
115
115
133
133
12
127g
110
110%
89%
87
8%
14
7
*95
53%
4%
27%
934
115
7%
*95
5634
5%
27%
4%
zlO
11
*11
59%
1%
1%
9
8
1034
11%
11%
*11
1378
14
15
14%
*53%
63
62
65
67%
*80
83
*80
3
3
11%
11%
2%
16%
70
2%
31
1%
1
tPostal Tel A Cable 7% pf.100
Pressed Steel Car Co Inc
1
5% conv 1st pref
....5
6% conv 2d pre?
50
Procter A Gamble.....No par
5% pf (ser of Feb I '29) .100
N J..No par
Pub Serv Corp of
..No par
$5. No par
......No par
No par
Pure OU (The)
100
100
8% conv preferred
6% preferred
Purity Bakeries
No par
*80
84
3%
3%
46%
56
56
12
5%
534
434
48%
4734
5734
5734
58%
58%
240
5%
11%
13
13
60
*56
20
17%
1834
18
19
20
2%
1%
35
1%
1%
234
2%
234
134
2%
2%
3
934
6
6%
4
5
3%
3%
17%
Bid and asked prices: no *aies on
*12
17%
this day
234
35%
1%
3%
*5%
*12
1134
6
*10
534
12%
6
1434
*12
1334
60
*56%
58
21
234
37%
1%
3%
8
18
20
3%
37
15s
3%
634
*12
t In reeelverahip
2134
3%
38%
l7s
4
634
18
a Def
52,100
1,200
300
2,300
2,500
12,800
7,500
14,800
7% preferred..
5k% preferred
—
150
10
delivery,
02% Aug
7% June
35% Apr
18%
Deo
77
Dee
Mar
160
May
Feb
187
50
Oct 19
1
Sept 11
8
Oct 21
8% Oct 19
934 Oct 19
8% Oct 19
62
Oct 21
7978 Oct 19
134 Oct 19
12% Oct 19
72
Oct 19
90
Sept 24
Oct 19
9
7
Oct 21
Oct 18
1234 Oct 19
100
Sept 24
1284 Mar
6
Sept
8
Jan 15
Jan
4%
Jan
1%
Jan
034 May
17%
Oct
1784
67%
Oct
Oct
40% May
11534
Dec
Apr
103% Feb
113% Apr
128
Apr
146
Apr
39
112
Jan
July
130
July
144% July
164
July
Apr
114
6978
Deo
Aug
16
103
247s
13384
117%
20%
19%
14%
Mar
May
Apr
Mar
Nov
Oct
Jan
108% June
80
July
50
Deo
47
Nov
1684
5
6
8
9
94% Jan 30
29% Mar
Feb 18
9% Feb 18
978
65% Oct
178 Apr
12% May
10
Aug
47% Mar 11
Apr 23
17% Aug
81
Dec
99% Sept
4% July
1078
Apr
124
77
110% Mar 10
49% Apr 14
98
Apr 14
139
Apr 17
78% May
10
Apr
9534 Jan 26
30% Jan 14
112
Jan 8
Jan 26
Feb 23
May
24% June
4
86% Mar 10
June
100
4%
31
Jan
Deo
Deo
Deo
24% Nov
"25"
Nov
90% NOV
114
Apr
8% Mar
2978
Deo
128
Deo
104%
Oct
Deo
Deo
3984
79%
90
Apr
138
Oct
92
Deo
98
Nov
22% May
105
Apr
34
Fob
117
Jan
25
July
30% Nov
50
Apr
60% Nov
5878 Sept
884 Nov
65%
13%
Feb
Jan
"Feb
35"
Mar
Jan
7584
Deo
Oct 13
31% Feb
19%
32
4
984 Feb 19
05
113
Jan
Mar
38
Dee
Jan
3678
35% Mar 31
6%
50
122% Feb
50% Nov
Jan
22% Feb
110
Deo
Deo
Deo
Jan
4% Mar
30
28%
28%
73%
37
14
r Cash s Ue.
12
41% Apr
384 Feb
2784 Deo
26% Mar
29% Deo
11% Deo
384 Deo
13% Deo
39
67
......100
1% Apr
1178 Jan
20
May
9% Ap
112% Nov
8
8
Oct 19
2734 Oct 19
Jan
Dew
Jan 11
Mar
11% Sept 10
10
Jan
Dee
4%
30% De
107$ Nov
38% Nov
5084 Oct
55
X St Louis-Sao Francisco.. 100
0% preferred
100
X St Louis Southwestern . . 100
Oct
21
110
Jan
Jan
B.10
Oct 19
2%
58%
Deo
2878
35%
34% Jan 22
58
Jan
8
1
June
Deo
29
Jan
Oct 19
17% Oct 19
Jan
l%May
14
Oct
1378
5
Oct 19
Oct 19
49
9% May
16% Oct
984 May
83% Jan
68% Apr
8
53
23% Dec
2384 Feb 25
18% Jan 21
43
4% Oct 19
9% Oct 19
Apr
7%
91% May
Oct 19
70
10
El A Pow...
Richfield Oil Corp
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines
Ruberold Co (The)
No par
Rutland RR 7% pref
100
New st«>ck.
Deo
Jan
Feb 15
107
10% Apr 19
37% Aug 25
96
Common
n
4
24% Feb 3
112a4 Feb 27
80
100
100
100
Reynolds (R J) Tob class
5% preferred.
72% Feb
--1
Reynods Spring..
Lead
8
128% Jan 21
140% Jan 20
162% Jan 25
113% Jan 25
112% Feb
105
20
4
5234 Jan 21
7
Jan
Oct
Reynolds Metals Co...No par
St Joseph
Oct 19
05% Jan 15
118% Jan
48% Oct 19
2% Oct 19
42
Rhine Westphalia
1134
434
Oct 19
Oct 20
10
5H% conv pref
4634
*10
*58
33
98
5,400
22,500
10
1%
*85
12
54
33
50
20
46
53
2
Remington -Rand
Preferred with
7,400
98
534
Oct 18
Feb 11
13% Jan 16
83
Jan 20
Reliance Mfg
Class A
13
11%
85
Feb 10
86
Oct 19
96
1534
834 Oct 191
107%June28
31
3%
96
*85
June 17
25% Oct 19
Jan 12
3
29% Apr 22
22% Aug 30
33% Feb 4
11% Jan 22
3% Jan 22
15% Jan 20
31% Feb 11
4334 Jan
16
11%
110
5
49
60
99
Sept 29
47% Mar
47
15
16
132
8% Feb
July 14
141
Oct 18
3% 116,700
75
Feb
Dec
Dec
176
Oct 19
Co........-.10
....1
warrants..25
RensselaT A Sar RR Co—100
Reo Motor Car
6
"l534
Deo
18%
37%
155
June 26
*25
♦
Deo
84
27%
4934
7
31%
1,600
16%
Mar
11%
Jan
8
36
16
16%
Mar
1678 Mar
3% Jan
10134 July
Nov
8
Jan
21
14
10,600
Oct
12
16
July
Jan 18
50
Real Silk Hosiery...
700
102%
52%
70
Mar
50
50
...
4% 1st preferred
4% 2d preferred
55
16%
Oct 20
91
103% Oct 19
118% Oct 15
No par
$3 51) conv 1st pref ..No par
Reliable Stores Corp...No par
10
Oct 19
43% Oct 19
114% Mar 25
30-% Oct 19
14
400
84
5% Oct 19
5% Oct 19
J20
103
6,000
15% 103,600
400
67%
i
1% Oct 19
34 Oct 19
2% Oct 19
Quaker State OU Ref Corp..10
Radio Corp of Amer. ..No par
6% conv preferred..
100
6% conv prior pref ser A. 100
Revere Copper A Brass......5
44%
...
8% preferred.
..100
100
100
Oct 19
7
No par
9%
340
14% Oct 20
,
Class B
Oct 19
13
No par
11%
3,800
3< 500
1% Oct 19
397% Apr 29
8% Oct 19
% Oct 19
Pocahon..No par
6
Preferred
......—100
Rets (Robt) A Co
...No par
1st preferred
100
1%
9
5
Republic Steel Corp ..No par
*10
*12
Oct 22
Jan 12
79
59%
18
Jan 12
1734 275,000
2%
18
MarlO
4
28
85
*6%
18
122
Oct 19
*75l2
1134
1
Oct 13
1
*75
55%
1
60
183g
44%
2734
8
80
55
1%
Mar
78
43
2%
43
100
55 preferred B
58%
14,900
478 121,700
2
Oct 19
Porto Rlc Am Tob cl A. No par
115
18% Jan
76% Jan 22
14% Aug 16
8
16%
*10
39
800
7% 573,200
Feb 17
56
Deo
5034 Deo
54% Au*
88
38% Jan
5% July
74% Jan 13
2084 Apr 5
33% Jan 18
Nov
Apr
64
9% Jan 20
122
May
7'4
68
0
July 20
20
___l!
Poor A Co class B
Mar
60
87% Jan
190
78
1734
~14~
11
1%
14
1
Jan 16
20
175
Plymouth Oil Co
Pullman Inc...
3% Feb
95% Aug 31
Apr 23
Oct 19
Pittsburgh A West V*. ...100
Plttston Co (The)
No par
23" 500
3% Jan
8% Jan
1% July
Apr 12
6% preferred
...100
Pittsburgh United
25
Conv pref unstamped
100
70
2
Jan 12
14
7% Feb
40% Aug
100% Aug 14
Pitts Tetm Coal Corp
Pond Creek
8
Oct 22
Pub Ser El A Gas pf
34%
Oct 19
6% Oct 19
100% Jan
7% Feb
No par
Pittsburgh Steel Co
220
14,100
4% Oct 19
pref
88
14
*85
3%
16,600
V
July 16
No par *'62
Pitt* Ft W & Chicago
100 165
174%
7% gtd conv pref.......100
4%
Pittsb Screw A Bolt...No par
$5 conv
78
15%
*72
*
1134
39%
37%
600
2,500
Oct 19
20%
CorpNo par
52
9978
19%
115
31,500
Oct 20
IP5
6% preferred
Pitts Coke & iron
52
8
20
11
10l2
31i2
5058
3,600
12,600
Oct 19
30% Oct 19
234 Oct 19
100
100
Pittsburgh Coal of Pa.
5
L%
Oct 15
40
5
8
%
5% Oct 19
100
pref
5
1034
Oct 19
Flour Mills
25
Plreill Co of Italy "Am shares'
PUlsbury
Reading
*85
*20
Pierce Oil 8% conv
500
1%
Oct 18
2%
Oct 19
300
478
2
4
2,000
*45
June 28
Oct 19
31
4
Oct 15
76
27
*25
51
35
100
31
11%
4%
jan
*25
9978
9%
Jan
81 %
32
10
5%
45%
3,300
14
10
54% Jan 14
36%
*85
4%
10% June
25% Jan
19% Mar
59% Mar 10
26
15
10
13% Feb 19
Oct 19
27
13
*50
Oct 19
36
96
5%
3
24%
25
75
1334
18%
27
96
1234
12% June
26
25
*40
59%
«
14
58%
70
*58
1%
434
800
6,800
127„ 205,300
1178
1,520
11034 111%
92
90
1,900
9
9% 20,400
734
96
12
19
*133% 138
14
*....
*11%
*12
36
*110i4
*11014 112
32
34%
x3234
*25
59%
1%
914
*912
27%
9%
10
25
15
46
*2%
*15
1078
50
55%
16,000
"2",480
*1%
"13%
45
2%
100
1%
*31
*10»4
70
9
1834
12
'
21% Mar 11
No par
5
7% pref class B
400
"l6%
60
12
38
2i2
*
2,300
16%
9
60
5
9
11
*20
4584
31,600
2
15
16
Oct 19
39%
10
100
Nov
938
25
60
Preferred
60
2
70
-
8%
*1
30
*50"
Deo
par
31
*36%
25
9
72
*
90
Jan
40
434
10%
79
*56
-
13
*9
9
72
*10«4
45%
8%
W
*50
1%
4%
8%
*6%
*71
70
70
169
24%
1%
1%
78
100
700
*166
9
*25
"70"
7% preferred
Phillips Petroleum
Phoenix Hosiery..
1,500
169
"l3%
*
5,900
8
*166
16%
75
7%
34
*7%
*176%
8
85
Jan
16
tRadio-Keith-Orph
No par
Ray best oe Manhattan.No par
100
1434
*85
*30
8
*7434
14%
106
*65"
40
"714
7\
32
60
15%
1,900
176
9
2%
87
10,200
169
4
7978
*28
*
7%
23%
62
51
334
50
134
234
56
32
31%
797g
*50
7
62
58
23
21%
40
83
8
Jan 11
*3612
378
*80%
7
Jan
25
42
65
22%
Jan
91
64
*62
52%
334
22
21
37g
6%
52
*36%
55
14
105
48%
2%
31%
734
6%
84
15
8%
*
15
85
7%
13%
434
14%
78
684
28
12%
1034
108% 110
87
87
Oct 19
Oct 15
100
23%
Oct
Oct 21
30
24
634
58
11
80
23
Jan
3934
*64
6%
23%
Apr
4
42
65
27%
38
25% Apr
64% Jan
5
Corp
Philadelphia Co 6% pref
110
6
5
Phillip Morris & Co Ltd...10
Phillips Jones Corp
No par
31
65% Feb
Oct
59% Nov
11034 June
4
Phlla & Read C & I....No par
31
Feb
Mar
Mar
1,000
30%
7%
30
110
Mar
17
7
30
45
48% Mar
2,480
77,700
1,300
9
63
Dec
2734 July
Oct 19
7
80
74
Jan
28% Apr
Oct 15
15,200
6%
Jan
June
Oct 19
11,000
4%
%
17
9
1
7g
4%
2834
Feb
73
112% Nov
078 Jan
10% Mar
3
76
76
760
234
4
3% June
22
74
"*2%
2%
....
Mar
1178 Apr
17% Nov
334 Deo
Aug
69
11634 Jan 27
110% Sept 27
$6Tpreferred
No par
JPhlla Rapid Tran Co..
50
7% preferred
50
75
4
*64
300
30
*34
4
♦110U
534
*
10%
*
Petroleum Corp of Am
120
*80%
19%
17,500
*117
65
89%
200
12%
*11512 120
65
18%
No
MUk
15%
133
73
*70
Pet
15%
11%
120
*50
2%
500
60
8
Apr
10
100
100
.100
6% Prior preferred
5% preferred
600
133
69
2%
3,100
50
9
5% Jan
47% Mar
32% Nov
100
*112
11078 1107g
Oct 20
Pere Marquette
45
*
75
14%
3134
Oct 19
35
Jan
64
Oct 21
20
7% Feb 18
10334 Mar
Oct 19
14%
Peoria & Eastern
120
*60
2%
2,100
55 preferred
29"
12% Feb 2
76% Feb 1
2934 Feb 10
50% Mar 17
15
50
6% preferred..
7% preferred
25%
Oct 19
2%
par
preferred
100
People's G L & C (Chic)..100
400
133%
6% Jan 23
6 % conv
200
25
11
18%
13,200
Oct 19
Peoples Drug Stores...No par
95
58%
4%
10
10%
14%
35%
678
4% Jan
6% June
10% May
1% Jan
10% Jan 5
23% Mar 11
1%
Pennsylvania RR
106
25
52
50
95
40
334
378
57
*53
400
4034 May
23
Apr
Oct 19
No par
cNo par
$7 conv pref ser A
106
7%
22%
Penn G1 Sand Corp v t
95
8%
*37%
31%
40
Penn-Dlxle
2,400
2,900
55,700
114
Deo
Oct 19
Oct 19
No
Cement
20,100
108
1234
115
27%
25%
*IIo"
37%
2%
No par
Coal & Coke Corp...10
Penn
*93
*11014
15
15%
3,000
*106
"34I4
11078 111
85
85
15
15
2234
12,600
17% Jan
234 July
37%
65%
(J C)
106
133
12%
79%
2%
4%
Penney
Dec
3
Penlck & Ford
Deo
2234
No par
Peerless Corp
106
*112
91%
2,400
103% 105
133% 135
111
4%
40
4
11534 *115% 117
33
30%
3334 3512
91
91
*90
93%
130
29%
Oct 19
42%
3%
115
*114
*110U
Oct 19
Oct 19
1%
36
15
9
45%
4
8
40%
3%
7I8
2034
45%
No par
Pathe Film Corp
Phelps-Dodge
17%
814
227g
Parmelee Transporta'n. No par
41
3%
7
Oct 19
Patino Mines & EnterpriVo par
Dec
174
7% Jan 14
Oct 19
10,200
June
8% Aug
4434 Feb 3
29% Aug 25
Oct 19
12
Pfelffer Brewing Co...No par
*1
678
1
28
15,700
H8
17%
7i2
1
2.50
59
34% Jan 5
8% Feb 25
Oct 19
No par
C M
39,300
1
14%
18%
6%
13
712
2%
78
27g
Oct 19
25
7% Aug
2834 Jan 28
Oct 19
8
283s
100
34
Parker Rust Proof Co
Utah
200% Jan 28
2034 Jan 28
80%
5%
914
15
7
130
11%
134
►
15
934
*116
91%
17g
9
14%
110
111
*10
15
*104
33
*1
%
110
138
10%
*45
1
13
*106
*11014
3234
6%
18
49i2
45l2
49% 50
117%
117% 117% *116
35
3534
35%
34U
*92
*94
947g
96%
*135
6
100
...
13
64
65
20
15%
1
1
*
13
*10
23g
*
*6%
60
r
12
2
2i4
*
*
15
*10
6%
8
8
12
*45
2
.
14
60
1314
~*r
6%
9
40
"5%
5
25
25
35
Parke Davis A Co
5,000
Park
Apr
July
1
6,600
Jan
67
103
38,100
35,800
24,200
*
15%
12%
3%
34
3
2234
1
Inc
3
41
73%
6%
4078
22
6%
Park-Tllford
18%
Mar 10
90
Oct
Jan
4% Apr
74% Apr
97% Feb
109% Deo
20%
Jan
109% Mar 18
100
10
1st preferred
2d preferred
27%
"2%
34
75
3
27%
5%
6%
36
2%
36%
3%
40
35
8%
64
5
20%
23%
*6%
5-%
30
4
5
7l2
24
24
39
%
71
65
*64
35
35
%
Oct 19
Paramount Pictures Ino
1%
Deo
13%
Jan
Sept 30
8% Oct 19
_
6%
*
4
3
3
71
5%
7ig
""2"
2%
%
65
75
65
65
45
*35
2%
5
%
58
%
"2"
2
Oct 19
38
23%
Apr
II84
6%
12% Aug
Jan 20
4% Jan 25
121
May 13
Z95
2934
6
3534
♦
29
100
27%
5%
29%
75
4
4
75
4%
2714
2634
36
*
75
"2%
24%
30%
36
38
*36
*
4
3
5
11%
11%
26
305s
*15
15%
10%
10
Oct 19
12%
10
100
1934
1434
50
*12
July
No par
conv
5,200
86,700
21
42
*42
Dec
152
preferred
4%
55,900
4%
434
22
1478
153
Jan
8% conv preferred
Parafflne Co Inc
34
2%
4%
19
234
12
77%
147S
22%
Jan
140
6%
80
15
278
118
2
2%
2%
1478
4
Jan
Oct 19
10
Dec
Jan
149
1
930
47%
152
X Panhandle Prod & Ref No par
2,800
July
6884 July
Oct 20
17%
Oil Corp
41
Apr 28
29'4 Apr 6
12% Feb 18
Western
Packard Motor Car
39% Nov
133
Oct 19
21
39
,
16
15
*10%
6% preferred
Pac
share
per
Deo
30'4 Jan
4484 Dec
14% May
120
100
100
Pacific Telep & Teleg
10%
77
2%
Oct 19
2%
534
4%
39
Oct 19
10%
10%
2%
6%
11%
2%
77
70
2
2%
558
6%
39
71
2%
11
x3434
No par
97%
11%
20%
2 34
33%
18%
12%
19
No par
Oct 19
1278 343,100
5,700
96
5334 Jan 14
4478 Jan 9
Pacific Ltg Corp
Pacific Mills
30
32'4 Jan 14
Jan 12
7
45
12%
97%
38
4
95
1034
Oct 19
No par
45%
41%
*91
*7%
12
2
3
44
11%
28
1
43
493s
43
*91
10%
8
18%
79%
2
2's
33g
41
44
95
45%
22
4,700
1%
1%
11
25
Highest
share 5
t per
(Cal)_10
Pacific Gas & Electric
per
Pan-Amer Petrol & Trans p.. 5
8,900
634 232,500
9
82
1234
20
2'4
32%
39
1%
43
36%
94%
1334
1%
Lowest
Highest
$ per share
share
Oct 19
5
600
1434
*8
*91
35
40
100%
10%
82
9734101
29
38
,
*
9
Pacific Finance Corp
80
6%
8%
*
480
14%
5%
*8
1,700
19,100
5,900
7,100
138
*
Range for Previous
Year 1930
100-Shane Lots
Lowest
Par
126
126
125
124
512
1414
On Basis of
STOCK
EXCHANGE
the
Friday
Thursday
Oct. 21
$ per share
$ per share
25%
37%
125
125
♦
Wednesday
19
Oct.
2434
39i2
14
3912
18
$ per share
13
13
$ ;per share
*1434
Tuesday
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
NEW YORK
Monday
Saturday
2657
New York Stock Record—Continued—Page 8
145
Mar 11
5% June
22
July
"16% "Feb
50% Deo
3% Mar
Oct 19
434 Mar 17
1%
Jan
1% Oct 15
11% Feb 25
2%
Jan
3% Oct 20
Sept 20
20ai Mar 5
37% Mar 11
778
Jan
15
Oot
Jan
37
Oct
1
18
z Es-dlv.
y Ei-rlghtg.
18
684
Deo
«,C*Ue c for redemption
New York Stock Record—Continued—Page 9
2658
LOW
AND
SALE PRICES—PER
HIGH
NOT
SHARE,
PER CENT
STOCKS
Sales
XTT?W
XNXuW
for
Oct.
3
Oct.
16
25
244
Oct.
96
21
96
1
1
24
234
27
.25
28
93
93
*92
95
*96
99
99
86
1
1
1J2
24
16
23
4
214
20
654
54
6678
44
604
67
57
62
62
174
1784
15
1734
134
154
75g
1584
194
9
9
74
4
64
2184
15
76
70
14
6884
654
174
184
19
18
84
84
214
204
754
64
754
584
5
6
*494
284
174
52
50
50
47
48
47
47
*48
50
284
2734
254
254
2478
25
25
27
173g
974
204
19
204
98
97
9/
74
84
94
334
*69
1734
164
154
1734
99
99
99
99
984
99
8
54
174
34
8
74
244
34
5
47g
284
I884
64
19
254
34
21
314
*884
*34
21
314
26
964
214
294
80
85
76
102
102
15
164
IS
1384
14
11
64
57g
12,100
64
400
264
264
240
194
204
26,700
*984
987g
84
8»2
87g
1,900
17,400
284
264
♦24
274
38,000
37g
3
1,100
19
20
19
20
194
21
20
204
1,600
294
304
33
334
35
334
344
12,600
*80
*80
96
70
72
71
75
1014 102
102
102
964
13
15
144
15
14
964
1024 103
174
154
17
*90
99
75
75
75
75
154
13
164
164
13»4
*82
730
1024 1024
194
184
10,900
174
5,100
18
164.
174
12
124 13
124
134
134
3,800
134
13
1434
16
144 154
154
164
154
242,100
500
1104 1104 *1104 115
*1104 115
*1114 115
2
24
14
44,700
25g
24
24
-4
24
25
27
26
204 224
7.000
254
274
264
934
16
154
157g
144
113
1114 1114 *110
24
24
2's
24
22
26
254 254
*125
140
*125
*125
140
*125
140
140
*125
140
*125
140
20
19
204 20-4
194
207g
1784
15,300
194
194
214
204
204
17
224 234
184 234
24
197g
184 217g
204
214
2584 111.500
14
14
9
134
104
114
114 137g
174
134
154
144
67,800
20
21
31
31
34
15
43
34
43
♦82
75
*24 ~
26
14
43
82
34
82
24
10
*25
334
43
89
24
10
45
*20
384
15
214
354
*
*
75
"22"
144
12
64
214
22
134
94
94
10384 10384
34
34
54
34
74
164
184
*184
324
35
88g
474
11
58,800
174
3,800
40
40
41
41
*414
11
11
124
124
14
124
134
60
60
63
60
63
60
63
21
214
10
104 111,600
"84
55
18
74
103
18
184
884
94
104
101
24
204
154
21
14
14
324
354
284
264
254
584
104
1138
64
684
58
10
87g
54
1214
1284
10
26
264
22
24
2
24
144
15
21
21
104
114
884
64
3
634
57
12
424
224
544
54
10
84
*119
*33
57
54
1194 1194 *120
104
194
•
24
84
84
584
94
184
254
84
7
74
484
7
74
74
74
8
45
94
174
25
*41
45
5
54
5
7
64
7
417g
34
427g
30
30
34
784
884
64
JJ8
36
284
258S
74
64
424
34
297g
84
74
538
34
48
24
24
5778
58
*29
2
2
*25
2
35
2
*54
6
54
54
164
17
124
164
24
2
8
144
*74
24
84
144
*
85
2
84
1384
*74
9
1478
85
13
137g
1078
134
4478
124
684
4584
404
114
454
124
54
7
8
8
6
8
438
484
44
954
954
54
67g
74
264
364
434
9434
54
«71*
26
♦324
44
45
124
74
45
74
22
30
34
42 4
104
14
1078
664
114
7884
204
9284
664
124
804
71
*86
14
84
14
47g
9434
6
8
2684
32
44
433.4
104
14
65
66
104
12f
*20
14
484
10
400
53
90,500
*25
28
26
27
574
584
584
584
5,500
104
104
104
114
42,600
104
104
104
104
*10
104
1,800
114
74
114
124
114
74
124
58
68
58
66
564
1214 123
94
86g
510
123
123
120
578
"
55
1214
2
24
114
184
*84
11
194
94
8
74
27g
14
144
204
194
13
*9
*
260
120
134
144
45,800
274
34
80,000
154
19,000
154
27g
144
224
22
124
*10
7,200
22
2,900
124
600
19
184
194
19
194
20,700
27
254
27
25
26
634
5
54
67g
7
45
*40
44
64
404
47g
64
394
278
264
30
3
7
74
64
64
18
5
34
*
♦20
14
6
134
24
64
134
7
74
85
144
*80
7,600
83g
84
87g
83g
94
67g
7
74
27,800
13,400
74
74
74
74
84
74
84
3,500
44
*404
5
4
64
74
414
34
304
304
84
84
9
64
74
20
224
*564
74
45
5
83
"34
2
143.1
Oct 19
15
Oct 18
604 Mar
6
19
31
Oct 16
65>8 Jan 20
34
H2 Oct 19
3514 Oct 19
76
Oct 21
U2 Oct 19
Mar 16
Mar 17
Jan 7
Jan 28
31
Feb 26
735s Sept 20
94
Feb
2
Jan
2
par
20
Oct 19
36
1
10
Oct 19
2334 Jan 12
35
Aug 14
1412 Oct 19
par
40
$3 conv preferred A..No par
Spiegel Inc
55
No par
Square D Co class B
Oct 20
85S Oct 19
2
Conv $4.50 pref
1178
775s
104i2
94
* Oct 19
7
.No par
Spencer Kellogg A Sons No
S perry Corp (The) vtc
Splcer Mfg Co
No
18
1
Oct 19
Oct 19
Standard Brands..
No par
$4.50 pref
Stand Comm Tobacco
No par
1
2i2 Oct 19
t Stand Gas A El Co
No par
2i2 Oct 19
7i2 Oct 19
101
Oct 20
50
Jan 18
634
1014
684
67g
734
2934
157g
134
44
954 Apr 28
483s Mar 8
164 Jan 20
2
123g Jan 22
44
35
2
64
17
24
94
16
85
64
*
_
484
*20
24
5
44
44
*404
8
Oct 19
325s Mar
8
No par
No par
10
Oct 19
65
14
Oct 19
723s Jan
Standard OH of Kansas
10
10
Standard Oil of New Jersey.25
Starrett Co (The) L 8..No par
Sterling Products Inc
..10
Stewart-W arner
5
Stokely Bros A Co Inc
1
No par
70
Dec
Jan
9
Oct 19
Superheater Co (The) ..No par
Superior Oil
1
Superior Steel
100
Sutherland Paper Co
...10
18
Oct 19
1
Oct 16
Oct 19
54,600
20,000
84
62,200
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil...10
74
224
74
44,500
Texas Pacific Land Trust
25
3,600
2384
23
23
2,200
654
*554
35
*20
35
514 Oct 19
3434 Oct 19
28
Oct 19
48
Feb 19
337g Apr
Oct 19
64
Jan 13
59
.No par
100
The Fair
Preferred
75
312 Oct 20
Oct 22
pref
10
13«4 Mar
1
934 Jan
2ig Oct 19
36
Sept 25
1
conv
134 Feb
z40
Sept
4
3
2
2" 900
Third Avenue Ry
100
1,500
par
10
3
25,300
Thompson (J R)
Thompson Prods Inc ..No
Thompson-Starrett Co.No
par
Ug Oct 19
6i8 Oct 19
13i8 Oct 19
8178 Oct 15
834 Oct 19
154
164
164
16
85
84
52,100
com
pfef
H2 Oct 19
434 Oct 19
25
...No par
Tide Water Assoc Oil
10
Oct 19
84
154
2878
104
40®4
215s
Jan 13
5
Feb 11
Jan 25
Jan 25
Feb 4
Mar
"34
Jan
84
Jan
244
47S
26
1484
500
14
144
35,100
Tlmken Detroit Axle..
287# Feb 11
124
464
474
14,100
36
Oct 19
79
66
10
1178
1138
1178
124
124 101,400
4
54
538
64
74
54
33s
634
64
8
4
44
64
77g
44
114
64
Tlmken Roller Bearing.No par
Transamerlca Corp
2
234
40
7
14
57
9
29
338
404
784
14
90
6
*6
224
303s
44
40
8
14
90
64
8
254
304
5
43
10
2
*91
64
84
254
32
54
45
94
24
9
54
94
7
84
264
32
54
62
66
104
10
104
11
81
814
67
76
7478
794
104
774
21
20
2078
194
214
21
224
91
96
174
864
19
94
90
894
984
95
99
Oct 19
5i8
Oct 19
33,600
Trl-Contlnental Corp..7Vo par
$6 preferred
No par
338 Oct 19
17
Aug 2
225s Jan 11
273s Jan 22
113s Mar 8
Oct 19
1094 Jan 21
934
600
7
74
17,300
94
800
25
85
857g
234
78
78
78
79
84
84
224
227g
227g
227S
224
234
2O84
IO84
154
144
177g
16
184
15,100
24
3,400
3,100
1078
27,900
814
56,500
217g
43,800
1014
7,100
164
t In re<*elversblp.
Twin City Rap Trans ..No par
520
104
23
154
8,600
654
87
234
2,500
87
1.400
2,600
174 122,250
234
a
Def
delivery,
Preferred
25i2
Oct 19
234 Oct 19
40
1
Oct 19
7
100
Twin Coach Co
Ulen A Co
Oct 19
7i2 Oct 16
1812 Oct 19
20th Cen Fox Film Corp No par
$1.50 preferred
No par
54
794
414
10
41,600
49
Z204
90
No par
Truscon Steel
33
54
99
Truax Traer Coal
26
33
21
Oct 19
4
Transue A Williams St'l No par
*94
234
Bid and asked prices.: no sales on thi« day
10
Transcont A West'n Air Inc.5
10,300
6
94
24
654
104
24
64
4
30,900
*91
104
60
Feb
84
48
58
10
7
84
44
50
..No par
Oct 19
H8 Oct 19
No par
Under Elliott Fisher Co No par
Union Bag A Pap new.No par
57
Oct 19
9
Oct 19
Union Carbide A Carb_No par
Union OH California
25
67
Oct 19
Union Pacific
865g Oct 19
4% preferred
New stock,
78
100
Union Tank Car
Oct 19
12
Mar
r
50
Mar 13
174 Jan 22
94
Jan 20
25
111
Feb 20
284 Feb
4
994 Jan 13
4
5
314 Feb
354 Mar
y
8
14834 Mar 16
1034 Oct 19
Ex-dtv.
Jan
Apr
1478 Jan
104 May
74 Jan
93
47g
74
224
314
884
654
Jan
Jan
Apr
June
Apr
May
Jan
278 June
744 June
1838 Sept 17
2212 Oct 19
r
Jan
Jan
Mar 29
678 Jan 25
1004 Jan
5
Caab sale,
3
265s Mar 8
4078 Mar 13
No par
United Aircraft Corp
n
17l2 Oct 19
100
Jan
Apr
984 Aug 13
844
147s
494
pref
Oct
84 May
134
conv
Mar
884 June
85
464
$4.50
Jan
19
Tbermold Co
$3.50
Jan
55
16,000
3,100
Nov
74 Jan
94 June
No par
$3.60 conv pref
54
104
6
33
153s Jan 28
544 Mar 6
24
104
684 May
165s Jan 22
164
104
Nov
54 Apr
287g Jan
44
24
10
15
124 Nov
Oct 19
Oct 19
Oct 19
Mar 30
Jan
64 Jan
204 Apr
284 Apr
Oct 19
54
164
27g
3
574 Feb 3
83s Jan 12
Jan
94 July
Oct 19
54
24
2334 Jan 20
173s Jan 21
1584 Jan 8
3
23
2
1
Jan
"27" "Jan
153s Mar 3
654 Apr 22
958 Mar 15
24
17
61«4 Feb
2334
53g
558
1612
26
Texas A Pacific Ry Co
100
Thatcher Mfg
No par
$3 dlv
"
Oct
Oct
Oct
Oct
4
378
20
Oct 13
45
314
3,300
3
2
11
25
20
8
31
60
84
33,000
734 Mar
474 Mar
3978 Jan
204 Jan
285s Mar
3378Mar
19
19
19
19
Oct 19
Oct 19
94
204 July 12
Oct 19
...5
5
5J4% preferred....
Telautograph Corp
Jan
734
1514
2214
434
4is
6i2
9
Tennessee Corp
Texas Corp (The)
125
18
Symington-Gould Corp ww__l
Without warrants
6
8
Swift International Ltd
Talcott Inc (James)
Aug
Feb 17
U2 Oct 19
_
Sweets Co of Amer (The)...50
Swift A Co
25
34
54
"l44 "Jan
Jan
118
304
75
164 Apr
4
314
47g
65
174 Jan 20
3358 Jan 29
118
424
*6
5
Jan 29
Feb 11
......100
Sunshine Mining Co
10
6% preferred
4478
44
75
Mar
75
21
774 Jan 11
4,200
7
48
25
554 Jan
2434 May
20
24,900
54
9
Oct 19
74
80
Mar
Oct 19
64
200
76
3
54
654
64
9
364 July 12
54
74
234
Feb
7
54 Apr
94 Jan
464
123s
21
Jan
24*4 Apr
2684 Apr
143s
6
Jan
1
84
434 118,600
60
Jan 12
104
74
Apr
94 July
44
44
*64
184
254
Apr
Jan
June
May
No par
(The)
54
.
154
85
143s Mar
5
IO84
90
Mar
21«4 Apr
144 Apr
404
44
9384
Jan
June
1044 Oct
36
884
Jan
684 July
28«4 Feb 11
...No par
$4 preferred
$6 cum prior pref
$7 cum prior pref
Studebaker Corp
Sun Oil
17
14
54
1284
9
100
Stone A Webster
2,800
244
73g
35
....100
5% preferred..
68,400
174
34
4338 Mar 17
Southern Railway
150,400
26
87
234
1978
8
1,200
234
14
*77
36
51
584
654
of8
36
354
*29
25
21
35
9,400
544
*55
*25
35
41,900
69,700
514
94
94
87g
94
83
Feb
234 Jan
1234 Apr
Jan
jan
Mar
354
334
49
164
44
25
653s Mar 11
32*4
344
324
35
55
"24
Jan
32i2 Jan 13
Oct 19
Feb
20
.*
160
1734 Oct 19
25
2
Mar
37« July
Apr
26
17
100
...100
155
Sept
124 May
Aug
19
6
Mar 29
63s Feb 26
42i2 Jan 12
21
110
2
55
44
141
9
35
58
8178
112 Oct 19
20]2 Oct 19
No par
June
Feb 19
254
584
South Am Gold A Platinum. 1
23U Aug 14
115
50
23
3
Oct 19
Mar 18
28is Oct 19
30i2 Oct 18
3058May 14
42l2 Oct 19
2218 Oct 19
54i2 Oct 19
5l2 Oct 19
834 Oct 19
6i2 Oct 19
2284
*69
13
110
404 June
Standard Oil of Calif..No par'
Standard Oil of Indiana
25
25
64
Socony Vacuum Oil Co Inc. 15
2934 Feb 15
41,600
37,600
*55
83
9»4 Oct 19
Solvay Am Corp 5H% pref 100
8% preferred
8
Jan 11
Feb 16
344
344
62
6
Mar
54i2
4018
34
334
27
37g
120
Oct 19
Oct 19
Jan 11
*55
*69
June 17
13
13
4
*254
27
96
194 Jan
974 Dec
54
Sept
H2 Oct 19
74
204
214
*23
MarlO
Stand Investing Corp..No par
344
343g
347g
533g
55g
164
197
400
34
2384
Oct 19
30,100
144
2634
2
70
Smith (A O) Corp
10
Smith A Cor Typewr. .No par
Snider Packing Corp
No par
Southern Calif Edison
8
4
14
14
3
4
Sloes Shelf Steel A Iron... 100
56 preferred
No par
Oct
102U Feb
244
244
*14
134
54
3484
605s Apr 22
224
14
224
lh
25
*40
54
64
26
Oct 19
Dec
884 July
1984 Jan
*34 June
22
134
784
154
224
484
44
64
1384
Oct 19
102
20
24
18
184
2534
104
4U Apr 21
19
Jan
434 Jan
304 Apr
1434 Apr
19
3078
5
94
Mar 16
484
Jan
July
21
*14
44
114
21
1,200
8,900
1778Mar 11
89
184
31
34
6
21
8
7,000
4
44
104
11
14
76,400
2,800
1034 1034
94
20
14
60
8
3434 Feb 19
1053s Feb 2
58
98i2 Apr 29
Apr
17
14
55
45
44
9
26
13
34
1,000
1
Jan 21
28*4
100
Feb
304 Aug
34 July
594 Jan
34
44
93S
184
18
124
1778
2534
23
214
214
10
10
104
1037g *1024 103U
24
*224
Feb
Feb
512 Oct 19
17i2 Oct 19
3
Sept 13
10
Feb
Jan
144
164
I84
67
45
144
174
44
51
58
133g
19
23
14
MarlO
44
Oct 21
2
44
204
Jan
2478 Oct 20
25
Southern Pacific Co
1144 Mar
Jan
65
1512 Oct 19
78
154
Oct 19
97
14 May
77« June
114
20*4
120
334 Oct 19'
47
Dec
4
Feb
Simonds Saw & Steel.. No par
So Porto Rico Sugar
11
175s Feb 10
42i2 Mar 10
Oct 19
34
Skelly Oil Co
$5.50 preferred
75
144
34
684
254
»_
4,400
134
134
104
60
44,900
34
10
Nov
985a Aug 18
Oct 19
70
Sliver King Coalition Mlnes.5
Simmons Co
No par
85
18
64
58
75
15
100
*76
97g
Oct 19
57
No par
60
34
Oct 19
3i2 Oct 19
No par
42
34
*
1'2 Oct 19
16
<3.50 conv pref ser A .No par
Sheaffer (W A) Pen Co. No par
*384
10
94
114
314 Feb 9
235s Feb 10
45U Jan 14
2>s Jan 2
8i2 Jan 2
54i8 Apr 5
HUMar 1
Oct 21
«4 Oct 19
Mobile A Ohio Stk tr ctfs 100
"22"
3
35
76
34
Aug
1104 Sept
h Oct 19
Spalding (A G) A Bros .No par
1st preferred
100
Spang Chalfant A Co 6% pflOO
Sparks Wlthington
No par
Spear A Co
.1
184
34
58
76
108
1778 Nov
3i2 Oct 19
No par
No par
100
204
134
5
*26
81
6
3
5578 Nov
1018* Mar
36
par
6,200
114
24
24
36
42
Dee
Jan
Feb
June
par
4
4
16
"204
84
45
40
18,900
99
494 Nov
3778 July
6i2 Oct 19
Slmms Petroleum
Dec
93
13i2 Oct 19
conv preferred
share
July
96
51*4 Mar 17
1
Shell Union Oil
per
27
6
Mar
98U Mar 15
No par
pref
Sharpe A Dohme
Highest
Oct 22
100
conv
$ per share $
24i2 Oct 19
No par
35
♦274
4
34
254
12
4
304
304
42
*30
34
414
34
94
23
234
1584
10
3278
45
75
54
134
204
10
20
34
*33
104
104
*
75
204
144
62
514
9
8
174
2
.
_
"24
13
36
50
*
24
*
1378
644
20
214
884
94
1034 1034
34
34
*364
354
17
354
*33
*38
24
778
"26"
21
*38
*27
2
80
*__
144
18
27
7
25
204
474
144
644
1378
204
184
"l4
34
10
9
184
Line
6% preferred
630
2
Oct 19
11
79
100
4-2% preferred
5H%
27i2 Mar
par
No par
Shattuck (F G)
Sharon Steel Corp
50
113
113
5
100
Seaboard Oil Co of Del. Wo par
$5
Oct 16
1
8% preferred...
Air
103
96
100
Oct 19
10U2 Oct 20
100
Oct 19
$ per share
46
Jan 13
93
100
JSchulte Retail Stores
Scott Paper Co
t Seaboard
21
No par
5% preferred......
6% preferred
7% preferred
Savage Arms Corp
No
Schenley Distillers Corp
5H% preferred
Servel Inc
254
*34
37g
Safeway Stores
19,500
700
Year 1936
Lowest
Highest
t per share
Par
77,200
75
*48
Lowest
25,400
10,000
1937
EXCHANGE
Seagrave Corp
No
Sears. Roebuck & Co..No
1,600
84
26
*27g
34
54
'*65
19,100
284
784
16
22
214
54
77
14,400
32
102
14
18
74
*72
20
23,500
22
96
*80
102
34
79
21
350
37g
664
2l5g
6.200
224
44
664
187g
94
214
214
484
94
13,400
14
44
214
,194
744
14
3
278
200
7
1
22
8,400
20,400
36
36
1
24
80
350
79
14
64
64
20
37g
8
70
79
44
654
34
19
96
110
1014 103
144
154
30
284
364
78
24
19
23
84
1
4
14
204
4
64
36
6,900
95
80
1
2
*434
34
304
80
364
23
44
297g
64
44
*36
264
96
1024 1024
154
144
86
4
4-4
374
264
*92
23,
Range for Previous
On Basis of 1QO-Share Lou
DiUvXx
Shares
♦
96
4
34
364
4
384
2
25S
$ per share
*80
64
374
h
$ per share
1014 103
124 144
264 294
1
5
39
$ per share
Range 8ince Jan. 1
STftCV
VflPIf
1 un.il
Week
1024 1034
11
124
244 26
86
78
14
684
64
*384
4
Oct. 22
*80
*80
17
Oct. 21
93
86
294
the
24
93
30
*16
*84
Friday
Oct. 20
26
99
*96
Thursday
19
$ per share
1034 1034
15
164
26
304
1034 1034
Wednesday
964
244
*93
100
96
18
$ per share
per share
*93
Tuesday
Monday
Saturday
Oct.
Ex-rlgbta-
"714 "Jan
2084 Aug
1084 Jan
904 Jan
224 Jan
204 Apr
T Cilled for redemption.
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
145
HIGH
SALE
PRICES—PER
Sales
NOT PER CENT
SHARE,
STOCKS
*OT
Saturday
Oct.
Monday
16
Oct.
$ per share
$ per share
$
*110
Friday
the
Oct. 20
Oct. 21
Oct. 22
$ per share
$ per share
$ per share
12
18*4
19*4
Shares
8
7
*22
278
313s
64l2
60
63%
55
57
21*2
22
20
21
3*8
7*8
*11
11*2
*
2
25%
58%
21%
234
2634
2%
27%
6%
6%
12
6%
9
9
87
43s
9
5
7*8
♦
88
4
3
31*4
2*2
2834
634
9*2
31*2
7
83s
9
*
87
"*2%
4%
"3%
5534
8*2
80
878
9
7*2
80
*1
*80
*
87
1
1
1*2
Ms*.
60
71
7*8
7
ks*4
9
72
8%
69
70
9
9
37l2
37*2
36
37%
19
20*4
20
9
834
5*4
5*4
17*2
45s
9
9%
7
5%
884
*70
""
66
*15484 161
101
4*2
5%
"
7
*15434 161
*70
80
484
7%
7%
68
108
*70
108
*75
30*2
32
2734
31
24
26
28
of4
29
5
3*4
5
30
21
30
61i2
63
53
63
48
52
52
67
6734
61
68
57
60
59
66
65
65
*55
63
*55
*
66*8
6884
*148
,31.at11-2
6%~
9%
69
050
*149
150
150
150
♦149
4%
4%
434
234
2%
59
2%
*46
13
13
*51
67
*51
62
139
139
138
138
30
32
33
6.8
z51
51
139
139
29
11*4
*51*4
*
"31"
33*2
78
19*4 19i2
15l2 16%
22l2 23
*99*2 103
378
2512 27
110*2 110*2
334
29%
1%
1
84
1%
1%
78
*46
13
13
5084
138
13s
%
170
390
%
10,800
17
17
21
21
23
24
13%
14%
14%
16
14%
15%
38,600
23
14%
18*2
19
23
23
25
23%
23%
8,700
97
99%
97
100
105
105
36%
37%
37
38
*9984 105
38
38
*
*
74
"2%
37g
23*4
74
25%
109*2 110
334
3%
"2%
62i2
3%
21%
*104
*2%
334
8*2
9%
*110
120
8
*110
125
*53
*118
3%
2*2
3*2
3
3
2%
8
8
I
19i2
78*8
634
35
12
3
25s
7*2
534
*9
9%
23%
*42
8%
734
39
40
4%
3%
15%
*10
25
18
25
16
18
20
22
23%
*22
16%
17%
15%
29%
31%
30
11%
1334
13
20
25
26
29
234
3*4
2%
1%
1%
23%
24%
26%
*75*4
92*4
97*2
8884
1193s 119%
89%
—-
—
117% 119
4*4
4
7«s
778
7
1
1
1*8
2%
28%
3
24*4
2I84
104*2 107
97
120
113
15
36
14%
*36*2
12*2
24%
13*4
25
94
*113
16
4*2
7*2
1*4
234
30%
24%
4
*75
•
"§8~
79%
19%
----
19
2%
3%
5*2
534
1
1%
2%
28%
1734
21%
90
99*2
113
113%
1034
11%
♦35*2 36
1*2
25*8
10784
113
14%
36
13%
2484
24
75
*
98
2%
*1%
*%
25
27%
3%
1%
2834
76%
75
76
85
89
*78%
76
86
288
3%
*1%
28%
80%
88%
7934
*79
11%
35%
11%
24
*75
*
14%
35%
12%
24%
120
14
*35%
13%
24%
*75
110
98
♦60
3%
50
600
8% 218,900
39
4%
11%
22%
800
21,500
900
3%
1%
5,200
240
29
6,600
76
1,100
87
50
310
78%
220
19%
5%
119
9%
1%
3%
20%
6
10
70
20
4,500
24,000
2,500
15
15
24
24%
*75
110
*
5,100
10
14%
4,700
1,300
24%
110
98
"26"
40
------
60
*51
65
*55
65
65
65
300
15
15
14*2
*14«4
23s
2*2
4
4ig
*8
87s
5*2
*55
534
64
*55
11
12%
11%
12
8*2
11
11%
11%
11%
11%
2%
15%
2%
2%
1534
234
16%
234
1«4
4%
2%
6*2
4%
8
6%
*50
35
3934
2
13
2%
3%
6*2
5*4
55
37*2
37%
15
19*2
12
16
60*2
61
55
55
2
13%
1%
3%
7*%
534
5634
38%
1534
54%
884
634
57
4%
4
4%
8%
834
8%
9
0%
5734
6%
6%
7
58%
41%
58%
40%
41
59%
71
55
55
57
50
40
40
♦48
60
*48
60
*45
500
53,900
8,700
11,800
520
60
64
65
69
460
*51
60
55
65
300
*33
45
♦48
60
50
50
56
60
38
42
66
61
62
62
*57%
64
61%
6134
66
66
64%
66%
31
30
31
29%
29%
29
30
1,300
12
166,900
98
20
10
8
11%
98
97*2
97*2
*90
97%
27
25%
3834
26*4
21
23%
47%
35
14%
3*4
234
84
*70
21%
3%
12
2%
40*2
84
16%
2%
9%
♦97%
23%
41
*75
167s
2%
11%
98
24%
45
83
20%
3%
29
11%
*90
29
12
98
1034
*90
56
62
24%
2534
26
26%
43%
4334
42%
45
*60
20%
3%
16
Oct 19
9*4 Oct 19
14*4 Oct 19
Oct 19
115
19
27
19
19
47
June 29
115
97
3612 Oct
66
Sept
238 Oct
18i2 Oct
105
478 Jan 13
2*8 Jan 20
58*2 Jan 20
393s Mar 11
44% Jan 20
80
Mar
5
May 12
Mar 27
12»4 Apr
6
743s Apr
6
Feb 15
80
*73
23
21
3%
2
Oct 16
212 Oct 19
2i8 Oct 19
7*2 Oct 19
3%
79
22%
3%
700
520
1,300
3,600
50,200
......
4
3*s
Mar
Jan
1
Jan
July
30
June
16*4
2884
Apr
Jan
*110%
Feb
40
Apr
May
72
4*8 Jan
2884 Aug
109
Mar
Apr
Mar 12
70
Aug
120
Aug
183s Mar 16
5
98
16
Mar 17
19% Feb 11
18
Oct 19
49
75
Oct 20
Feb
8
Walk(H)Good A W Ltd No par
32
Oct 19
—No par
17
Oct 20
1978 Jan
No par
Walworth Co
Preferred
Ward Baking class
A—No par
3*4
Oct 19
77s Oct 19
No par
2
Oct 19
100
Class B
40
Oct 19
Preferred
5
Warner Bros Pictures
S3.85 conv pref
No par
f Warren Bros
-No par
S3 convertible pref-.No par
434 Oct 19
5*2
26*8
1778
1078
2*8
4738
PI4
Jan
Apr
Apr
Jan
Apr
Jan
Apr
Apr
44
46s
1578
Oct 19
1
20
46
MarlO
11*8 Oct 19
38*4 Feb 19
Oct 19
21
Jvn
Jan
Apr
19*2 Apr
6O84 Aug 10
.No par
218 Oct 19
1
1
July 15
23*4 Oct 19
76
Sept 25
No par
5
an
Apr
12*4 Jan 25
35*4 Jan 16
16
$4 conv preferred
Jan
9%
30
69*2 Jan 23
Pipe
No par
Waukesha Motor Co.——.5
Wells Fargo & Co—
18
Jan
4*8 June
Oct 19
Sept 25
Wesson Oil & Snowdrift No par
8
50*8 Feb 1
1034 Feb 26
99*8 Mar 2
2*4 Aug
258 Oct 19
36
11
Webster Elsenlohr
May
x114*2 Jan
122*2 Jan 11
10*8 Mar 16
92*2 Aug 18
18»4 Mar 11
518$ July 15
984 Feb
1
2*4 Jan 6
56
Mar 17
84*2 Feb
4
6*8 June
1
Aug
333s June
78
Feb
West Penn El class A.-No par
85
Oct 21
108
preferred
100
preferred—-——.100
Oct 20
109
Aug 26
Feb 11
9184
88
96
Jan
78*2 Oct 22
103
Aug 26
87
Feb
7%
6%
pref.100
—100
Co—-10
Maryland—....100
West Penn Power 7%
preferred
6%
Western Auto Supply
Western
4%
2d preferred
—100
Western Pacific
100
preferred
117*4 Oct 19
110*2 Apr 9
16
Oct 19
123*2 Mar
115*2 Jan
Westlngh'se Air Brake.No par
Westlnghouse El A Mfg
1st
9f
8
1134Mar
5
"~8%
Apr
23*2 Mar
6
15
Apr
12*8 Feb
23*4 Sept
Oct 15
17
17
22
6
22
178 Nov
5*8 Aug
72*8 May
34«4 Jan
94*2 Jan
978 Feb
96*8 Nov
x607s Dec
153*2 Oct
Jan 22
123*2 Jan
22% June
35*2 Oct
1984 June
Oct 19
25*8
Oct 19
1734 Oct 19
1034 Oct 19
35i2 Oct 11
1034 Oct 19
30*8 Jan 22
39 May 6
27*4 Feb 23
24
Oct 19
75
Oct 19
115
preferred.-.100
114
Jan 18
126
Wheeling Steel Corp.—No par
19
Oct 19
Preferred
100
pref—No par)
WhlteDent'lMfgCoCThe S8> 20
85
Oct 18
$5 conv prior
60
Oct 18
conv
1
White Motor Co
-No pari
Mach—.No par
$4 conv preferred ....No par
6
Wilcox Oil A Gas
6% conv pref
1
10
No par
-100
10
WorthlngtonP&M (Del)No par
$6
preferred
Woolworth (F W) Co
7%--——.100
7% pref A stamped
.100
Preferred B 6%
100
6% preferred B stamped 100
Preferred A
Wright
Aeronautical—No par
.No par
Wrlgley (Wm) Jr (Del)
Co
25
Coach cl B..1
100
Yale & Towne Mfg
Yellow Truck A
Preferred
Wire..No par
Youngstown S A T
No par
5)4% preferred
100
Young Spring A
57,500
Zenith Radio Corp
17,900
Zonite Products Corp
No par
1
Jan
Jan
Oct 19
?'2
30
5H%
111«4
116*2
29*2 July 12
Wheeling A L Erie Ry. Co.100
5% conv preferred
Jan
25s Oct 19
100
6%
Wilson A Co Inc
50
61%
29*2
No par
No par
with warrants 100
Co
4 H % pref
47,100
1,300
43,900
63
*75
...100
100
100
Willys-Overland Motors
50
2178
No par
Chem
11,800
2,900
*58
47*2
3
•
21%
61
8412
6%
White Sewing
19%
61
46
Va-Carolina
7,300
69
*48
*75
5
Vick Chemical Co
8,700
18%
58
7%
100
7% 1st preferred
2%
60
69
11*8
5
Van Raalte Co Inc
16%
2%
17%
*48
2034
2%
60
♦61
10*2
2%
15
5934
6934
64
♦80*2
265s
234
40%
183s
20*2
58*2
28*4
100
Preferred
Vanadium Corp of Am.No par
White Rk Mln Spr ctf.
40
19
60*8
No par
Sales
2,600
3%
4
64
*30
19%
11%
40
64
*15
19%
9%
10%
3934
60*8
19%
*14%
9%
9%
2%
62
27%
6
1%
50
84 Oct 19
5s Oct 19
1
170
14%
3534
*50
11
153
Jan 18
Oct 18
14%
♦35%
14%
3534
6434
2%
Jan 19
108
Oct 19
60
15
164
Oct 20
5034 Oct 22
90
75
2
"5758 "Apr
Oct 21
29
preferred
113
*62
12l2
2*8
3*2
7*2
5%
Jan 21
138
8%
60
100
23s
86
100
Universal Pictures 1st pref.100
preferred..
60
Weston Elec Instrum't.No par
Class A
No par
Westvaco Chlor Prod.-No par
119
12,400
15
6734 May
May 17
350
119
27
23g
1214
21
Western Union Telegraph.100
110
IOS4
Oct 15
11*4 Oct 18
13,000
*80
14%
50
35,500
31,400
51,800
105
1134
No par
pref. A
conv
Oct 19
Jan 22
3%
*70
9*2
$6
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
1
150
30% 31%
26% 27%
100% 104
3,900
105
10
Apr
147
484 Mar
HI4 Mar
83*2 Jan
5734 Mar
167% Jan
1%
"23"
123s
Oct
5
Wayne Pump Co..
*65
15
160
13,000
83
11*2
5
17
2234
11
9
Jan
9*4 Feb 9
8*8 Feb 5
84*2 Jan 11
United Stockyards Corp
1
United Stores class A.-No par
31%
"l9~
15
Mar
Warren Fdy &
*60
11
Jan
169
3,400
11,300
II384 11334
126
98
734 100,800
7,100
85
26
47
136
Walgreen
30%
26%
168j|
Apr 29
27s Oct 19
Preferred
Waldorf System
85
"25"
Jan
723s Mar 31
Apr
Jan
126*2 Mar 11
100
No par
100
Tobacco
400
105
30*2
Jan
7%
Oct 22
S
6,700
*80
*30"
Aug
114
.100
Preferred
U
4,700
89
119
■
120
10
71
21*2
54*4 Oct 19
100*4 Oct 19
US Steel Corp
86
78%
mm — **
116
Mar 30
72*4 Mar 9
19*8 Jan 12
72*4 July
68*2 Jan
463s Jan
115*2 Jan
131
Apr
23
8884
119%
*111% 120% *119
*113% 11334
*113%
19
17
19%
19%
53s
4%
3%
4%
8
9%
7*2
7%
1%
1%
1%
1%
3
3
3%
23g
30% 32%
2934 31
22
25% 27
26%
98
106
100% 107%
75
100
1034
79%
1134
24%
94
3
89
75
*
92%
*79%
'
-
19*2
25
75*8
89
*80
8934
83*2
1%
75
78
8934
31*2
2%
*1%
234
1*8
*113
9%
420
1,800
14,700
13%
334
3%
*8%
20
—
14
14
44
11
98
— — —
800
7
738
11
90
mmrn
19
22%
*76
86
11
78
10
60
37
17*4
112
31*4 Aug
4*4 Oct
125
19
31
9
22*8 Mar 17
*118
125
37
15
Mar 22
15*8 Mar 13
Mar
17%
25*4
3*4 Oct 18
70
43% Feb
135
37
17
Oct 19
24
23*2 Mar 22
11934 Sept 23
62% Oct 13
11734 Feb 2
6%
3112
Oct 20
1618 Oct 19
334 Oct 19
6*8 Oct 19
85
Sept 23
24*4 June
80*4 May
May
878 Jan
49
Aug
160
mm mm mm mm
17%
13%
17
x34
3
119
36%
30*2
234
*1*8
Feb 10
118% *110
*43
70
6%
2034
15%
Feb
172
4
17
334
137
14
36%
3%
3478 Jan 13
Oct 19
Jan
5%
2%
66
15434 Oct 19
6% Oct 19
1234 Jan
17
378
Apr
37
3334
3
10
Oct 20
5%
34%
17%
734
Jan
20*2 Jan 19
8
17%
7%
40
193s Jan
113*4 July
Jan
Feb 18
5
7%
Dec
Nov
Apr
2
Mar 11
434
39%
13
91
768s Jan 18
4%
6%
2434Mar 9
100*2 Feb 3
3% Jan 28
105
3%
36%
Jan
118
234
684
14% Nov
109
Oct 21
2%
39
Jan
8
3% Oct 19
32
434
June
8*4
87
5% preferred
100
Virginia Ry Co 6% pref...100
Vulcan Detlnnlng—
100
Preferred
100
4%
77
36
29*2 Aug
105
66*2
Oct 19
5% preferred A
5% preferred B
3%
4878 Aug
16*2 Feb
5084 Nov
Oct 19
16,500
44
Jan
117
July
32*8 June
57
5%
3%
Jan
4
63
4%
13%
93
48
1st preferred
5
42
Jan
..100
8%
4%
13%
2%
Apr
15
U 8 Smelting Ref A Mln....50
Preferred
50
4
41
Apr
10'4 Apr
Oct 19
J Wabash Railway
2%
35*8 Nov
9*4 Feb
20
4,500
10
Jan
No par
384
40
22%
538
40U
U S Rubber
100
8%
22%
2
100
20
pref-..No par
19
40
96'4 Nov
No par
3%
9
33% Nov
Jan
U S Realty A Impt
3%
22%
37*4 Nov
68
Virginia Iron Coal A Coke.100
*8*2
2712
Prior preferred
U S Pipe & Foundry
234
*76
25*2 Sept
Oct
550
12
8934
Partlc & conv class A .No par
3
8
16% Feb
Jan
111
250
11
25
No par
2%
3%
8%
Jan 14
11378 Jan 14
13
10
4%
12
1*2
U S Leather
preferred
75
4*4
U S Industrial Alcohol .No par
Va El A Pow $6
19%
7%
20
100
U S Hoffman Mach Corp...5
5M% conv pref
50
preferred
260
14,200
76
42
3
3*8
30.900
110
18
44
*41
4*4
4%
2734
No par
7%
2%
3%
43s Oct 20
5i2 Oct 19
U S Gypsum
3%
7*2
100
prererred
Vlck Shreve & Pac Ry Co. 100
76
3%
*40
45
3,200
18%
12%
*175s
50
37%
360
78*8
634
3684
5*8
3534
1734
13*4
110
21%
85s
Oct 16
17
2
Highest
share $ per share
16*2 Apr
24*4 Mar
10
4
1034
62
3*2
26
9%
125
358
"4%
110
334
11984 *110
210
74
2634
9
*50
3*2
4%
37%
*
107%
4
*118
2%
2214
24%
107
60
2
84i2
"4%
25
107
125
2%
22
74
*50
2*4
*78*8
6*4
3334
17»4
13*4
3%
*
*118
62%
*119
"3%
3%
108
3734
74
■
20%
18%
107
37%
*
*103
Conv
Vadaco
34
%
80
84 Oct 19
futilities Pow A Light A
19
84
100
312 Oct 19
6% Oct 19
No par
30,700
12%
2*4
100
1%
%
2
13*4
600
33
9%
120
25
51
138
31%
1%
%
20*4
70
*75
1,700
16
*110
14*4
300
13
78
127
*35*2
4%
2%
66%
12,800
32,300
19*2
16%
10
113
10
*»— « —
84
10
.1193s 12012
500
12
11
125
29*2
66%
114
19*2
39
74
34
1
1*8
*
200
*149
143%
24
13,500
10,000
65
150
63
144
*118
64
114
12
2l2
303s
62
*60
60% 330,400
57%
111% 114
8,100
*46
fc.20
54
27%
56%
117
50
No par
U S Freight
*
117
13
2712
*75*4
8934
9712
89*2
-
63
58%
112% 116
63%
60
11*2
24is
-
116%
*11
334
-
110
6884
110
*46
*42
—
14,000
35,100
91,600
*100
62*8
par
10
$6 first preferred
15,900
110
13%
7
12,800
1,100
22,100
9,100
*101
50
2*2
20
—
63
13*2
*40
108
65%
13*4
734
*75
9,700
5,900
70%
57
50
*3
9%
6934
73%
10
120
54%
No
U S Dlstrlb Corp
™7%* *2^490*
54
2%
*62i2
7
63
4%
*119
-
68*2
115%
100*4 108
No par
preferred
USA Foreign Secur
100
600
$5
United Paperboard...
Mar
per
fiSBSS'
10
108
6,800
1
158% 158% *15434 161
9%
834
9%
8%
42
35% 35% *35%
19%
20%
19% 20
7%
6%
6%
6%
10
9%
10%
934
*75
United Gas Improvt
500
14,200
80
'""34
59%
2
*110
*
56
3%
9*4
Oct 20
283s
2
384
Oct 19
26
3%
""35s
9
101
5%
1
*38
86a4 Mar 19
5%
25%
2%
*
Oct 19
6%
4%
84
52
34%
2%
1
No par
32%
178
33*2
63
34%
378
144
Oct 19
32%
5%
2*4
50
*57
24
31%
5%
438
2
United Eng A Fdy
United Fruit
*149
150
4*8
2,500
11,300
84,300
5
60
30%
61%
117
6U4
2% Oct 19
2684 Apr 19
106% Feb 26
9% Mar 11
30%
110
114*2 115*2
14578
*120
Oct 14
89
8
32%
63%
24
24
20
-.100
Mar
6
28
4%
•
6i2 Oct 19
16
United Electric Coal Cos
88
68
*65
4
3*4
108
*
Oct 19
5
Mar 17
34,700
5%
72
66
8*2 Jan 14
4678 Jan 14
5
3
4%
1034
6%
834
15484 15484 *15434 101
6%
7%
73s
9%
z35
34
35% a-34
17
19
16%
17%
5
5
6
334
7
9
6%
7%
87
102
5%
8%
1%
43s
Oct 19
No par
Feb
4%
11%
1034
11%
102% *103% 10534
5%
534
5%
734
7%
8%
8%
1078
86
_
5
preferred
United Drug Inc
United Dyewood Corp
Preferred
30%
62
4%
30%
102
*1
mmsm.
Vs
8
9%
4%
8%
*82
87
*79
60
101
2
25U Oct 19
10
55*2
10
35
4,300
52
9
Oct 19
30%
8%
11%
59%
10%
102% 102%
3%
4%
7
6*2
20
3%
57
434
91
29%
7%
10%
58
106
Oct 19
United Carr Fast Corp No par
United Corp
No par
57*2
10*4
10
55
1,300
23%
3% 201,700
10,200
31%
8
24,900
25%
"~4"
Oct 15
23%
3%
30%
734
11%
24%
*
110
23%
3%
11%
24% Jan 12
31% Feb 10
Jan 11
11734 Feb 6
No par
United Carbon
$3
I
share
100
Preferred
2,700
per
Oct 19
23%
24
434
50
—- —
5% Oct 19
%
Oct 19
22%
3%
2934
778
9%
—
share
ver
7
64
*110%
%
15
64
31
10*2
5
United Amer Bosch—.No par
United Biscuit
No par
2,600
7,700
66
28*2
105*2
On Air Lines Transport
53,400
18%
65
31
4*2
Par
61
31
*104
8%
10%
1834
f7%
Year 1936
Lowest
Highest
Lowest
114
87
3%
10
8%
Range for Previous
of KKhShare Lots
EXCHANGE
114
4%
30%
3
IO84
19%
784
9%
18
1534
16%
18%
110*4 110*4 *110% 114
24
6384
7%
11
15
110*4 110*4
Range Since Jan. 1
On Basis
STOCK
Week
5%
11
1834
....
Thursday
per share
9
12
1834
Wednesday
Oct. 19
1?
934
9*8
*10
NEW YORK
Tuesday
2659
14l2 Oct 19
3478 Jan 7
Apr 13
65
6
Mar 11
Aug
126*4 Aug 14
90«4 Aug 31
Oct 19
23*2May 15
333s Feb 16
8*2 Oct 19
1878 Jan 25
6
15g Oct 19
11
Oct 19
1«4
278
6*2
4%
6684
Oct
Oct
Oct
Oct
Oct
35
Oct 19
12
Oct 19
19
19
19
19
20
6>4Mar22
46*8 Jan 4
6*4 Jan 25
7
12
Sept 7
12*4 Feb 27
31»4 Nov
34
183s Feb
13»4 July
3*4
16
284
91 >4 Mar
2
Apr
Jan
6% June
70
Apr
56
Apr
Oct 19
40
Oct 19
100
50
Oct 21
92
38
Oct 19
128
Mar
6
623s
58*2 Oct 19
28*4 Oct 19
7*2 Oct 19
97*2 Oct 18
76
Jan
7
63
Mar 10
June
44*4
23*8
65
Apr
"47" "Jan
Aug 11
62*2 Jan 27
373s Feb 16
Jan 23
142
21
Oct 19
35
Oct 19
10178Mar
84
Oct 13
115
12
Oct 19
21S Oct 19
Apr
5*2 Sept
653s Jan 20
47
Jan 22
463a Feb 15
6
Jan 27
4384 Aug 31
9*4 Jan 16
160
Feb
Oct
33>4
Jan
39
Jan
32
July
35*4
91
Oct
Nov
Oct
July X120
3978 Dec
21*2 July
109*4 Feb
84
July
99
112*2 Mar 25
112
Aug 6
6412 Oct 20
Jan
4
333s
884
Jan
Aug
Apr
Jan
83*2
Jan
42*4 July
41>4 Jan
105
11*8
Jan
Jan
5*4 July
Oct. 23, 1937
2660
YORK
NEW
EXCHANGE
STOCK
Record, Bond
Friday, Weekly and Yearly
Cash and deferred delivery sales are disregarded In the
the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote In the week
NOTICE—Prices are "and Interest"—except tor Income and defaulted bondsunless they are
Y. STOCK
last
Range
Sale
EXCHANGE
Week Ended Oct. 22
Price
Friday
Since
Bid
<fe
Low
Asked
High
Jan. 1
No.
Low
15 1947-1952
15 1943-1945
4s
Dec. 16 1944-1954
3*8...Mar. 15 1946-1956
3*8—-June 15 1943-1947
3s_..—Sept. 15 1951-1955
3s.....June 15 1946-1948
3*s_..June 15 1940-1943
3*s
Mar. 15 1941-1943
3*8—June 15 1946-1949
3*8—.Dec. 15 1949-1952
3*8
Aug. 16 1941
3*8—Apr. 15 1944-1946
2*8___Mar. 15 1955-1960
2*8—Sept. 15 1945-1947
2*s
Sept. 15 1948-1951
2*6
June 15 1951-1954
2*8—Sept. 15 1956-1959
2*s
Dec. 15 1949-1953
Treasury 3*s...Oct.
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Federal Farm Mortgage Corp—
A
A
J
M
J
M
J
J
M
J
J
F
A
M
M
M
O 115.14
O 106.10
D 111.5
8 109.21
D 106.27
S 102.14
D 104.3
D 105.12
8 106.7
D 104.21
D 104.12
3s
Mar.
198
113.16121.14
106.22
242
104.2
110.28
111.25
208
109.6
109.21
109.26
109.12115.20
46
107.12114.9
54
104.28110.18
♦Sinking fund 7s of 1927
.1952 J
Copenhagen (City) 5s—
25-year gold 4 *s—
21
22*
24
21
22*
98%
97*
64*
D
"97
1957 F
65"
101
103.28
104.9
251
102.10107.30
105.12
105.24
61
104.20107.27
Cordoba (Prov) Argentina 7s.. 1942 J
106.6
106.16
27
104.24108.24
Costa
106.28
104.27
94
102.20108.24
290
102.24108.18
106.18
154
104.24108.24
106.20
153
100.22
728
102.27
244
♦Cordoba (City) 7s..
♦7s stamped...
109.25
Sinking fund 5*s
285
99.2
104.16
98.4
103.17
99.11
98.24
99.24
526
98
97.3
98.8
709
98.6
101.22
102.24
102.30
16
101.7
106.10
101
A
25*
102* 105
264
O
103*
103*
O
103*
103*
47*
68*
103* 105*
103* 105*
59
1951 A
104* 107*
100* 103*
97* 101*
103*
103*
Sinking fund 8s ser B
60
47*
103*
97* 102
101*
103*
103*
36*
100* 105*
101
1942 A
Czechoslovakia (Rep of) 8s
105*
105*
106
1955 F
A
100*
100*
External g 4*3......Apr 15 1962 A
O
100*
99*
101*
100*
1942 J
Denmark 20-year extl 6s
External gold 5 *s
101.24
102.13
51
100.11105.17
102.22 102.12
102.30
47
101.8
105.23
101.12
101.13
21
99.6
104.10
102.4
1 1942-1947 M 8
60
106
Deutsche Bk Am part ctf 6s...1932
A
1st ser 5 %a of 1926
187
99.24 105.3
283
98.28103.2
Customs Admins 6*s
100.9
99.30
100.17
168
98.16102.31
1940
1940 A
2d series sink fund 5*8
100.26
*60
1969 A
1969 A
O
82
69*
♦Dresden (City) external 7s.-.1945 MN
70
81*
81*
69*
69*
81
19
19
82
71
70
"69*
70*
72
*60
t
O
5*8 2nd series
82*
70*
75*
O
5%a 1st series
60
73
*60*
S
O
M S
2dser_1961
45
74
76
J*8tamped extd to Sept 1 1935.. M S
Domlnlcan Rep Cust Ad 5*8—1942 M
102.16
19
26
Govt. & Municipals—
Foreign
♦El Salvador 8s ctfs of dep
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on.1947 F A
♦Sink fund 6s Apr coupon on.1948 A O
Akershus (Dept) Ext 5s
22 *
22*
22%
99
23
11
22 %
3
22%
23
100
37
30
30
97
100*
6%
20%
42
J
8*
♦External
s
f 7s series B
1945 J
J
8
36
6
20
♦External
s
f 7s series C
1945 J
J
6
7%
9
6
20
♦External
s
f 7s series D
1945 J
J
6
8%
38
6
20%
♦External
s
f 7s 1st series
1957 A
O
6%
7
22
6%
17%
♦External
sec s
f 7s 2d serles.1957 A
O
7
6%
7
2
6%
16%
♦External
sec s
f 7s 3d series. 1957 A
0
7%
6
Antwerp (City) external 6s
1958|J D
Argentine (National Government)—
HExtl S f 6s of May 1926
1960'lVI N
lExtl 6s Pub Wks May 1927.1961 IVI N
8 f external 4*s
1971 M N
8 f extl
conv
loan 4s Feb
1972 F
8 f extl
conv
loan 4s Apr
1972 A O
J
1955 J
Australia 30-year 5s
1957 M S
1956 MN
1957 J
J
External 5s of 1927
External g 4 Ha of 1928
Austrian (Govt) s f 7s
♦Bavaria (Free State) 6*8—1945 F
Bergen (Norway) extl
s
100*;2
100
100*,6
100*
91*
91
104 *
100 *
104*
...:1952 J
Brisbane (City) s f 5a
1957 M
Sinking fund gold 5s
D
1950 J
36
100'32 103 %
89%
90
34
100',6 102%
73
92%
317
131
96% 103%
89% 95%
90
94%
104% 110%
106
167
105
101
100
100%
%
104
62
16
104% 110
99% 103 %
98
18%
19%
104%
25%
108%
103%
112%
109
108
111
105
103 %
110*
101
112% 118*
99
103 %
113
18
20
25%
1967 J
French Republic 7*8 stamped. 1941 J
7*s unstamped
1949 J
100*
D
♦German Rep extl 7s stamped. 1949 A
♦7s unstamped
1949
German Prov A Communal Bks
O
1968 F
♦81nk fund secured 6s
♦6s part paid
1968
Haiti (Republic) s f 6s ser A
25%
47%
99% 103 %
99% 103%
101
105%
4*s-4*s
s f 4*s~4*s
1977 IVI
Refunding
8
1960 A O
1962 MN
Aug 15 1945 F
10-year 2 *«
25-year 3*s
7-year 2*s__.
30-year 3s
A
99*
92
Japanese Govt 30-yr
s
F
28%
37
32%
29
106%
50
104% 110%
50
109% 114%
21%
29%
22
32%
97
101%
96%
103 %
98
99%
85
91
95
48%
33%
48%
48%
60
34
33%
54%
40
65
A
71
68
71*
81
67* xOO*
56
54*
56*
85
52 *
39
13
29*
42
19*
26
100*
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
f 6 *s
16
16
33
7
65*
76
64*
101*
15
101*
17
12
35
12
13
10%
12%
13
31
10%
5
u
12%
9%
12%\
9%
12*
25
17
11%
42
9%
22
53%
50
9%
8%
73
21*
18%
26 %
142
14%
38
133
14*
38
19%
1970 J
♦Nuremburg (City) extl 6s....1952
22
101* 105*
101*
30
101
12
107*
25
104*
29
104* 108*
105* 109
101* 106*
F
106
*20
Oriental Devel guar 6s...
Extl deb 5*s
1953 M S
1958 M N
Oslo (City) sf 4*s
Panama (Rep) extl 5*s..
♦Extl s f 5s ser A
1955 A
O
100*
101
1953 J
D
106
106*
9
"49""
"l3
17*
15
54*
1947
M
S
♦Peru (Rep of) external 7b
1959 M S
D
♦Nat Loan extl 8 f 6s 1st ser..1960 J
52*
47*
1963 M N
1963 MN
♦Stamped
Pernambuco (State of)—
♦7s Sept coupon off
68*
102
101*
105*
105*
102
~18
204
14%
15
60*
82
103
A
"56
15%
19*
19*
66*
66*
2
12
19*
34
16
65*
"19*
D
16*
78
11*
13
60
54
12
9
13*
19
103
15
1*
4*
2%
41
103
14%
9*
19*
102*
f 5s
9
9*
2*
65*
101*
f ext loan
11
2
60*
103
Municipal Bank extl
14%
14%
-
101
4s
24%
24%
24%
24%
21%
21%
21%
11*
5
101*
25
12
*31
-
101*
25
12
115
8%
«.
1965 A
12
77
15%
11%
49
•
1963 F
101
15%
O
8
11*
2%
1956 M
15
A
8*
3
16*
"65*
..1944 F
12
1962 M N
3
6
20-year external 6s
11%
17
2*
J
25%
12
1961
42
3*
40%
s
6
2*
5*
6*
12
12
f 6s
*3
J
..1959 M N
15
♦Guar
1*
New So Wales (State )ertl 5s—1957 F
External s f 5s
Apr 1958 A
Norway 20-year extl 6s
1943 F
s
95
4
2
3
"2% "42
2*
1952
15%
15%
15%
♦Chilean Cons Munlc 7s
1960 M S
♦Chinese (Hukuang Ry) 5s
1051 J D
♦Cologne (City) Germany 5 Hs.1950 M S
Colombia (Republic of)
7*
m.
48%
28
12%
22
30%
15%
12%
12%
12%
20
2*
2*
1954
1959 M S
♦Montevideo (City) 7s
♦68 series A
A
D
8
3
.....
S
O
1961 J
"
*2*
O
s
-
2*
3
1958 M
f 6*8
♦Sec extl
-
97
*3
Milan (City, Italy) extl 6 *s_._ 1952 A
Minas Geraes (State)—
s
-
6
2*
1945 Q
1945 Q
♦STreas 6s of '13 assent(large) '33 J
J
♦§Small
♦Sec extl
-
97
26%
12
82*
89*
7*
♦External sinking fund 6s...1960 A
♦Sink fund 6*s of 1926
♦Guar 8 f 6s
39
♦20
97
1954
♦Extl sinking fund 6s
♦Ry ref extl s f 6s
♦Extl sinking fund 6s. .Sept 1961 M S
♦External slDking bind 6s...1962 M S
♦External sinning fund 6s... 1963 MN
♦Chile Mtge Bank 6*s
1957 J D
O
...
External sink fund 4*s
External s f 4*s
F
63
26%
15%
94
63
9
32
93*
65
9
27%
31
115*
65*
65
123
35
27
27
J
111
79*
71*
D
♦Medellin (Colombia) 6*s
1954
♦Mexican Irrlg assenting 4*8.1943 M N
♦Mexico (US) extl 5s of 1899 £
♦4s of 1904
27
30*
73
D
65%
28
Jan 1961
56
*113*
A
88
99
Feb 1961
56
30*
70*
1957 A
s f7s
1947 F
Province) 7*s_1950
73
93
31
20*
78
Lower Austria
71%
98%
27
25
107
70*
♦Leipzig (Germany)
56
91
A Apr 15 1938 A O
♦Chile (Rep)—Extl s f 7s
1942 M N
15*
Jugoslavia State Mtge Bank—
22
98
"34"
17
104
105
1965 M N
Extl sinking fund 5*8.
26
93
ser
A
1960 M N
f 6 *s._.1954 F
71%
75%
57%
98%
1960 J
1960 A
96* 101*
12
19*
20*
62*
12
1967 J
1954 J
1950 M S
100
47*
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
1944 J
♦Carlsbad (City) sf8s
♦Cent Agrlc Bank (Ger) 7s
♦Farm Loan s f 6s..July 15
♦Farm Loan s f 6s
Oct 15
98*
30*
84%
85%
86%
75
1961
28
27*
69
66
26*
19*
67%
112
28
19*
57*
14
105%
109%
98%
35*
26*
19*
31%
111*
42
27*
19*
98
J
34
33
30
M N
28%
106 *
23*
29*
29
♦Hungarian Land M Inst 7*8.1961
♦Sinking fund 7*s ser B
1961
♦Hungary (Kingdom of) 7*8—1944
72
56
29
29*
30
19*
19*
72%
73
29
29*
19*
57%
75 *
♦Sink fund 7s July coup off.. 1967 J
♦Sink fund 7 *s May coup offl968 MN
5s
83%
56 *
1984 J
Canada (Dom of) 30-yr 4s
83
85%
71%
..1975 MN
36
19*
69
72*
1976
3% external s f $ bonds
Bulgaria (Kingdom of)—
83
85*
1976
Extl re-adj 4*s-4*s
Extl s f 4*s-4*s
33%
100
100
25*
30*
25
102%
97% 106%
82%
93%
*90
83
23
19*
♦7s with all unmat coup
8
18
19*
Irish Free State extl s f 5s
100*
137
24*
19*
D
Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium 7sser B,'47 M S
J
Italian Public Utility extl 7s—.1952 J
100
30
19*
59%
23%
29*
31*
28*
J
47
23%
26*
18*
25*
6*
J
25%
101*
17
M N
113
23*
124
1946
♦7s unmatured coupon on
31*
101
23
22
104
Helslngfors (City) ext 6*8
1960
Hungarian Cons Municipal LoaD—
♦7*s unmatured coup on...1945
25%
1
20*
18*
31*
6
100
167
25*
*15
47%
108
105* 130
23*
a98*
1952
18*
33%
100*
25*
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7*8 *50
25 %
D
8
A
30*
100%
113
25*
124*
119*
28
♦(Cons Agrlc Loan) 6*s
1958 J D
♦Greek Government s f ser 7S..1964 M N
10
25%
99%
97
22*
99
33*
102
23
♦5*s of 1930 stamped
1965 J
♦5*s unstamped
1965
♦6*s stamp(Canad'an Holder)'65
158
40
31
100
66*
100*
German Govt International—
31*
20
17*
20
98
113
D
1949
98
104
97
-.1941
External 7s stamped
7s unstamped
18*
55*
105* 109
105*
103*
20
12
56*
99*
105*
D
31*
of)—
♦Buenos Aires (Prov) extl 6s...1961 IVI
♦6s
stamped.....
1961 IVI
♦6 Ha stamped
1961 F
56*
99
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6*s_..1953 M N
19%
19%
30%
25%
20
39*
♦6s July 1 1935 coupon on
1962 J
Buenos Aires (City) 6*s B-2..1955 J
♦Farm Loan 6s
16%
98* 102
101 %
A
f 6s
6
101
113
8
...1958 F
18
104%
104%
19%
109
J
D
18
92%
98%
103
f 5s...I960 M S
♦7s (Central Ry)
(City
100*,6
1955 J
♦Brazil (U 8 of) external 8s
1941 J D
♦External s f 6*s of 1926...1957 A O
♦External s f 6*s of 1927... 1957 A O
7%
100%
100*32
A
♦Berlin (Germany) s f 6*8
1950 A O
♦External sinking fund 6s...1958 J D
8%
8
100*32
1955 J
f 6s
External 30-year s f 7s
6
99%
1949 M S
Belgium 25-yr extl 6*8
s
A
9%
1948 J
Estonia (Republic of) 7s
1963 M N
♦Antloqula (Dept) coll 7a A... 1945 J
s
90
80
56*
99.31
f
77
99
D
101.20
s
93
95
29*
105*
105*
Jan 15 1953 J
102.2
Extl
20
31
30*
30*
101*
100*
60*
June 30 1945 J
♦Public wks 5 %a
100.17
s
96
103.18
97.24
20
96*
95
1949 F
External loan 4*s
502
20
17
65
27*
104.30
99.31
20*
10
39
*104*
99
100.29
"60*
M N
♦7s Nov 1 1936 coupon on... 1951
104
100.18106.16
A
Cuba (Republic) 5s of 1904.... 1944 M
1949 F A
External 5s of 1914 ser A
1 1944-1952 IW N
20-year
High
of)—
(Republic
Rica
1 1939-1949 F A
1942-1944 J J
Budapest
96
96
96%
177
May
External
Low
22*
22%
1953 M N
1957 F A
107.2
2*8 series B..Aug.
2*8 series G
:
Since
High
22%
A
1947 F
102.26
104.16
J
M
J D
♦Colombia Mtge Bank 6*s... .1947 A O
.1946 M N
♦Sinking fund 7s of 1926
106.18
Home Owners' Loan Corp—
3s series A
Range
Jan. 1
Price
Low
102
103.26
Jan.
2*8...
115.25
106.5
104.4
May 15 1944-1949 M N
15 1942-1947 J
J
3s
115
A 106.11 106.3
O 106.6 105.26
99.24
8 100.8
S 102.13 101.30
S 100.13 99.28
99.1
99.20
D
Mar. 15 1944-1964 IVI 8
3*8
a.
Foreign Govt. & Mun. (Cont.)
Treasury 4*s_._Oct.
Treasury
-1
Friday
Bid
A
Asked
High
U. S. Government
Treasury
STOCK EXCHANGE
Week Ended Oct. 22
N. Y.
Range or
Sale
BONDS
Range
or
Friday
Week's
Last
WeekS
Friday
BONDS
N.
week's range,
In which they
No accountlls taken of such sales In computing the range for the year.
occur.
52*
13
11
43
16*
12*
113
11*
14
12*
10*
13
324
12*
10*
12*
266
al4
99* 104*
95* 102*
102* 103*
17
25*
85
52*
47*
79*
97* 103*
104* 107
54
*50
46*
105
85
43
76
12*
11*
10*
30*
28
26
For
footnotes see
page
2665.
iurv.
O
19
J
19
10*
26
♦Poland (Rep of) gold 6s
♦Stabilization loan a t 7b
1940
55
54
55
7
47
62*
1947
65*
65*
71*
18
60
80
♦External sink fund g 8s
♦6s Apr 1 1935 coup on..Oct 1961 A
♦6s July 1 1935 coup on..Jan 1961 J
1950
50
48*
51*
34
45*
64
♦Nat Loan extl
s
f 6s 2d ser..1961
Volume
145
New York Bond Record
Y. STOCK EXCHANGE
Week Ended Oct. 22
Friday
Week's
Last
Range or
3
Sale
Friday
g
•N&,
Price
Foreign Govt. &Munic. (Concl.)
Bid
D
f 78—1941 A
s
20 k
20
106 k
105k
1947 F A
1950 M S
7s A
107H
♦7s May coupon off
♦78 June coupon off
Rome (City) extl 6 Ha
A
A
A
20 k
14
13
1936 J
A
13 H
28~~
1
18 H
27
18k
26k
20
26
♦Deb sinking fund 6 Ha
25 H
25 H
17H
16H
104 H 113H
107
113
1959
20H
20 H
♦Debenture 6s
31
100
1955
20
20
Beth Steel cons M 4ka aer D..1960
Cons mtge 3ka series E
6 Ha
18k
33
4ks series JJ
1961
F
{♦Boston A N Y Air Line 1st 4s 1955
22
15
15H
40
{{♦Botany Cons Mills 6Ha
14
17 k
29
14
33
16k
18 H
48
16H
32 H
17k
14
15
32 H
60
68
53
60
83 H
1941
Bklyn Edison cons mtge 3Hs__1966
Bklyn Manhat Transit 4Hs
1966
25 H
41H
Bklyn Qu Co A Sub con gtd 58.1491
1st 5s stamped
1941 J
21k
27
Bklyn Union El 1st g 5a
38 H
20 k
7
19k
35 k
17H
18
11
17H
34 k
37
22 k
37
3
34
44
18
Debenture gold 5s
1950
1957
35 k
15H
34 H
39
79 H
98
Buff Roch A Pitts consol 4 H8- -1957
19H
25
{{♦Burl C R A Nor 1st A coll 5s 1934
22
25
85
79 k
25H
32 k
~
—...
25
1952
31k
1955
31
{Bush Term Bldgs 5s gu
40 H
57
28
39 H
f Cal G A E Corp unlf A ref 58.-1937
Ca I Pack conv deb 5s
1940 J
104 H
90 H
98k
♦Camaguey Sugar 7s ctfs
*104H
104k
53
29
..........
104 k
53 k
101k 106
49
34
6
80 k
50
99 k
50
57 k
57k
178
49
78
70 k
83 H
2
88
100k
49
82
*66 k
88
A
90
72
70 k
46 H
51
34
39 k
57
56 k
^
D
Guaranteed gold 6s..—July 1969
Oct 1969
1970
Guaranteed gold 5s
49
N
1st
cons
cons
59
17
61H
86 H
57 k
1947
184
94 k
1
90
............
73 H
94 k
68 H
S
1944
57 H 109k
94k 106
A 5s——1943
90
105k
Carriers A Gen Corp
20
97
105k
Cart A Adlr 1st gu gold 4s
6
76
99 H
Celotex Corp deb 4Hs ww
113
103 k
*
1
15
59 k
61k
61k
1
110H 115
103 k
59
110
61H
74
101
101k
28
71
79k
127
70
62
70
1950
41
H
41
45
12
41
30 k
25
33
386
76
25
5s
-----1950
1998
Allegb & West 1st gu 4s
1942
1950
1951
4s—1952
Allegh Val gen guar g 4a
*
1955
2030
Alplne-Montan Steel 7s
Am & Foreign Pow deb 5s
Amer I G Chem conv 5 Ha
94
108 k
108 k
71
60 k
101k
96 H
93 H
72 H
93 H 102 H
107k 112H
93 k
96
19
93 k
101H
90
92
35
90
100k
M
S
102 H
96
984
96
105
M
S
M
S
1949
5HB--1949 J
*
63 H
55
103 k
101k
63 k
90
90
-
103 k
99
J
95
113
112 k
103 k
86 k
Telep & Teleg—
M N
20-year sinking fund 5HB---1943
J
Convertible debenture 4 Ha.-1939 J
Am Interaat Corp conv
13
107
101
90 k
1963 J D
M N
American Ice a f deb 5s
93
94
4 Ha
Allla-Chalmera Mfg conv
95
166
93 k 102 H
55
87 k
3H8
1961
1966
deb. 1950
debentures
debentures
A
87
J
D
J
J
♦Am Type Founders conv
Amer Wat Wks & Elec 6s ser A. 1975 M N
Anaconda Cop Mln s f deb 4 Ha 1950
O
113 k
109H
86 k
106 k
33
206
105
192
97k
99 k
100
287
111H 114
101k 113
96k 102k
96 k 102 k
99 k
278
95
105k
37
95
91
99 H
100 k
30
91
96 k
100
103k
99k
103 k
287
200
110H
99 k 107
Jan
1967
4s
1955 Q
Ark & Mem Bridge & Term 53.1964 M
S f Income deb
g
Armour & Co (Del) 4s series
1st M
s
f 4s
ser
C (Del)
B.1955 F
1957 J
23
8
41
50
99k
1
95
85 k
95k
127
93 k
86
93 k
69
99k
A
J
23
42 H
74
93k 105
85 H 100k
86
99 H
Atchison Top & Santa Fe—
General 4s.....
......
1995
1995
1995
1955
Adjustment gold 4s
Stamped
♦Mid Ga A Atl Dlv pur
♦Mobile Dlv 1st g 5s
1941
Gen mortgage 5s
1941
Cent Hud G A E 1st A ref 3 HS-1965
Cent 111 Elec A Gas 1st 58—- —1951
Cent Illinois Light 3Hs
—.1966
{♦CeDt New Eng 1st gu 4s..—1961
Central of N J gen g 5s...—--1987
General 4s
.1987
Central Foundry mtge 6s
gold 4s.-1949
Through Short L 1st gu 4s—1954
Guaranteed g 5s
..I960
Cent Pacific 1st ref gu
4s
A
O
198
Champion Pap A Fibre deb
Cbes A Ohio 1st con g 5s
107k
110
102 H
102 k
100
103k
2
106 k
102
112
103 k
65
100
112
Chic Burl A Q— 111
D
106
106
12
104 k 109 k
Illinois Division
D
106
106 k
23
103k 110
General
J
D
104
104
104
Cal-Ariz 1st & ref 4Hs A
Atl <fe Charl A L 1st 4 Ha
A
1st 30-year 5s series B
Atl Coaat Line 1st cons
LAN coll gold 4s
conv
105
107
163
105
111
105k
5
105
107
113
113
2
110
114
111k
111k
19
111
113k
*99 k
*
108
111H
109 H 116
89 H
105 k
98
75
84 k
72
75
98H
M N
89 k
98 k
99 k
37
98 k 106k
99 k
83
79 k
83 k
50
79 H
99 H
•37
33 k
37
17
33 H
60
33 k
1959
63 k
64 k
16
29 k
31k
3
99k
99 k
13
32
32
1941
5s
118k 118k
107
102
deb 4Ha...l939
Austin A N W 1st gu g
1st
83
D
J
107
*102
98
M N
J
....
2
Atl Gulf A W I SS coll tr 5s
Auburn Auto
J
108
105 k
113
4s July 1952 M S
1964
May 11945
Oct 1952
1948
1948
Atl A Dan 1st g 4s
Second mortgage 4s
J
3
106 H
J
1962 M S
1946 J D
J
1944 J
J
.1944 J
General unified 4 Ha A
10-year coll tr 5s
3a
1949
Dlv 3H8—-1949
4a
1949
1st A ref 4 Ha
D
Conv deb 4 Ha
1948
Rocky Mtn Dlv 1st 4s..-.-.1965 J
Trans-Con Short L 1st 4s—1958 J
Atl Knox & Nor 1st g 5s
1939
1992
1996
1996
Chic A Alton RR ref g
103 H
J
1960
Baldwin Loco Works 5s Btmpd.1940
M N
Bait A Ohio 1st g 4s
A
32
i
63 H
29 k
H
54
99 H 107 k
102 k
90
102 k
5
88 k
102 H
O
91k
241
102 H 104
88 H
108k
94k
41k
94
116H
54
103 H
J
D
57 k
57 k
223
let gold 5s
A
O
98
94
98 k
306
J
D
67
54
67 k
185
128
85
105
77
70
107 k
72
1995
July 1948
1995
1941
Southwest Dlv 1st 3Ha-5a..l950
M N
J
Tol A Cin Dlv 1st ref 4s A...1959 J
2000 M
1960 F
Ref A gen 5s series D
Conv
4 Ha
Ref A gen M 5s series F
Bangor A Aroostook 1st 5s
Con ref 4s
1996 M
1951 J
Battle Creek A Stur 1st gu 38.-1989 J
Beech Creek ext 1st g 3Hs
1951 A
Bell Telep of Pa 5s series B
1948 J
1st A ref 5a series C
For
footnotes
see
;
page
J
8
1960
2665
41k
89 k
85
89 k
79
J
70
80
*
72
55 k
38k
56
268
38H
99 k
93 H
49
33
49 k
830
33
82 H
56
264
-
.
55 k
38 k
*112 k
1943 J
1951 J
4s stamped
7k
12
+
m
+
........
105k
106 k
6
106 k
107k
107k
7
*
38H
111
m.w,
93H
116
*I6ok
103
110H
106
H 116H
71
71k
78 H
102
7
*
9k
51
7k
150
11
7k
72
58
166"
100k
100 k
"32
209
68
60 H
62
1
97k 105k
60 k 104
55
49 k
*_
41k
41H
101k
83
60
"78"
84 H
87k
59
13
113k
112
115
112k
87 k
112k
3
~8§"
29
105
104
88 k
105
105H
106 H
5
52
78"
111
122 k
112k 132 k
87k 106
103
"5
111
105
105k
4
61k
69
47
60
109
103H 107
100
100
115k
102
108 H 111
104k 105k
47
93
15
J
J
J
J
A
O
F
J
J
D
J
J
J
D
J
7H
112k
111
112k
84
115
114
115k
115k
117k
52
117
116k
117H
20
114k
115 k
22
27
112
111
112k
112k
122 k
120
122 k
87
86
80
101
100
111k
109 H
"94 k
90
J
31
Ilk
23 k
20
34
42
2
104 k
O
35
*
105k
78 k
220
79 k
Ii6k
55
62
104 k
62 k
61
7
116 H 128 k
22
3
105
105k
106 k
116H
"95k
93 k
95 k
77
95k
92 H
95 k
98
113
102 k
108
k
111k
108
109
113k
*
93 k
92 k 102 k
107 k 111
109k
*105k
95 k
92
116k 125 k
55
96 k
104 k 108
105k 109
116k
S
108 H
73
88
8
117
104 k
"166 H
100k 112k
101
"78
87 k
*
O
88 k
m
*'
S
A
75 k
28
35
88
#
M S
104 k
"76
104*
"73 "
"79 H
90
100 k 108H
1
38 H
100 k
100 k 244
125 k
79
109
102
55
35
104 k
10
58
28
37
M N
M
23k
40
24
"95k "42
*48
A
7
25
79
104
M N
45
*105H
J
F
23 H
105
79
J
M
8k
14
"
"90 "
105
S
M N
81k
36 H
41
28
*7
O
A
9k
9k
*
A
F
40
84
23
F
A
97 k
71
23 k
*
A
A
93
75
10
7
9k
M S
F
78
21k
*23
14 k
9H
8H
J
J
90k 105 k
55
83 k
102
70
J
J
78
34 k
10
J
95
75 k
78
"75"
14k
D
J
60
89 k 106 k
k'
K
*78
"
M
109 k 115k
98 k 110k
5
89
89 k
*"2
M S
105 k
29
128 k
105 k
107k 111k
A
J
100
20
F
J
99 H
68
116
109 k
*
O
80
107 k
D
J
120
118k
116k
*23
J
J
121
121
102 k
D
A
109 k 116
113
118k
102
162"
A
O
42
119k
34
61
*50
7k
110
84
103 H
96 Sf
90 k
95 k
73 k
100 H 103 k
102 H 105 k
114k
114k
112k
110k
110k
101k
111H
,
98 k
101H
14
32
123
112k
112k
F
A
29
1
J
MN
4
"45
U0 T
D
MN
83
155
110
J
J
43 k
57
100*32
104 n
11 *
102 H
D
J
90k
59
57
*_..--
A
J
31
85
49 H
43 H
O
14k
87
*85
15
120k
109 k 115
108
108k
Ulk
*106k
4s..—
aeries B
A ref 5s series A
——1958
1977
1971
36 k
40"
31
J
J
106 k
106 H
10
J
J
109 k
109 k
7
gold 5s
1982
{♦Chicago Great West lat 4s.-.1959
{♦Chic Ind A Loulsv ref 6s
1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C
1947
♦1st A gen 5a series A
1966
♦1st A gen 6s series B-.May 1966
Chic Ind A Sou 50-yr 4s
1956
Chic L S A East 1st 4H«-——1969
36k
58 k
104 k 110
M
S
109 k
108 H
109k
24
F
A
106 k
108
94
F
A
102 k
112k
108k 113k
107k 117k
102 k 116k
112k
12
112
A
O
{{♦Chicago A East 111 lat 6S---1934 M N
{♦C A E 111 Ry (new Co) gen 5s.1951
♦Certificates of deposit
Chicago A Erie lat
38 k
*
M S
J
J
9
14 k
60
116k
"20k
119
46 k
9
45 k
116H 124
15
51k
10
J
23
287
16
18
4
16
44 k
*10
20
22
43
37
20
39 k
15
J
J
313
17
*114
14 k
MN
J
"16
16
97 H 101k
98
18
♦
"Vh
M N
8k
79
8k
97k
52
5k
6k
5
97 k
J
J
J
J
6H
97k
J
D
*112k
26 k
26 H
107k
110k 111k
83 k
85 k
Ref A gen 6s series C
P L E A W Va Sys ref 4s
Refund A gen 5s series A
Hk
10 k
O
A
Chic Mllw A St.
♦Gen 4s series
Paul—
-May 1 1989
J
A
B-.May 1 1989
♦Gen 4Hs series C—May 1 1989
♦Gen 4Hs series E—May 1 1989
♦Gen 4ks series F.—May 1 1989
{♦Chic Mllw St P A Pac 5a A..1975
♦Conv adj 5s.-------Jan 1 2000
{♦Chic A No West gen g 3 Ha.-1987
♦General 4s
1987
♦Stpd 4s non-p Fed lnc tax 1987
♦Gen 4Ha stpd Fed lnc tax..1987
♦Gen 5a stpd Fed lnc tax
1987
103 H
117H
117k
118k
20
115k 121H
125H
125
126
14
120
131
Ha stamped
{♦Secured 6 Ha
♦4
♦1st ref g 5s
1987
1936
May 1 2037
stpd.May 1 2037
♦1st A ref 4Ha ser C.May 1 2037
♦Conv 4ks series A
1949
♦1st A ref 4Hs
J
27 H
32
27 H
31k
29
33 k
33 k
.....
27 H
13
.27 H
38 k
J
J
A
A
45
32
"35"
J
♦Gen g 3 Ha series
July 1948
9k
7k
34 k
"Ilk
90
116
110
Nov
M N
J
Conv gold 4s of 1910
4Hs *50
4Hs
3 Hs aer D. .
Ref A lmpt M 3 Ha ser E
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
1955 J
Conv gold 4s of 1909
Conv 4s of 1905
A
{♦Cent RR A Bkg of Ga coll 5s 1937 M N
5s extended to May 1 1942
..
M N
Central Steel 1st g s f 8s
--1941
M S
Certain-teed Prod 5 Ha A
1948
General gold
47
29
*45
J
1946
m 5s. 1947
1946
♦Mac A Nor Dlv 1st g 5a
Ref A lmpt mtge
♦Anglo-Cbllean Nitrate—
{Ann Arbor 1st
1947
♦Cent Branch U P 1st g 4s—-1948
{♦Central of Ga 1st g 6a__Nov 1945
♦Consol gold 5s—
1945
♦Ref A gen 6 Ha aeries B
1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur money g 4s—1951
100
99
102 k
104
O
A
85k
[
4
397
Amer
3ks
deb 5s w w 1950
1198
13
98 k
103 k
1946
♦5s stamped
6s ser A.Dec 15 1952
82 k
78
Alb & Susq 1st guar 3Hs
1st A cods g
1938
95
113
113
1943
Allied Stores Corp deb
4 Ha debentures
1949
97
97
Alleghany Corp coll trust 5s...1944
Coll & conv 58..1949
conv
Dec 1 1954
1960
trust 4 Ha
82 k
1946
1952
4s series B
91k
47 k
J
4k»
June 15 1955
F A
Guaranteed gold 4 Ha
1956
M S
Guaranteed gold 4Ha..Sept 1951
J
J
Canadian Northern deb 6 Ha—1946
J
J
Canadian Pac Ry 4% deb stk perpet
M S
Coll trust 4 Ha
1946
Guar gold
Collateral
Albany Perfor Wrap Pap 6s—1948
6s with warr assented
1948
♦Coll &
1957
Canadian Nat gold 4 Ha
Guaranteed gold 5s
103
44
O
1942
1962
Canada Sou cons gu 6s A—
78 k
73 H
49 H
56
102
51k
100
3
54
*45
54
26
1960
{♦Car Cent 1st guar 4s
Caro Clinch A Ohio 1st 5s
-
49 k
51
10
MN
COMPANIES
10-year deb 4Ha stamped.
20
O
24
12
5s
5s equip trust ctfs
Coll trust gold 5s
Coll trust 4s of 1907
A
44
INDUSTRIAL
Adriatic Elec Co extl 7s.—
130
56
J
27 H
*20
D
J
26 k
51
47k
315
J
58
52
"o
24 H
26
99H
112
47 H
O
A
25
27k
Consol
107
20
21
57 k
M
A
♦Certificates of deposit
58 k
{{♦Abltlbl Pow & Paper 1st 58.1953
1948
M N
89k
49 H
51
A
43 H
50
Adams Express coll tr g 4s
M N
F
f deb 3ka—
s
{Bush Terminal 1st 4s
•
D
17H
*20
A
J
18H
*20
O
A
99 k 106 k
422
56
J
F
1950
M N
Bklyn Un Gas 1st cons g 5s..—1945
M N
1st lien A ref 6s series A
1947
16
49
1958
1961 J
external 7a
Yokohama (City) extl 6a
M N
M N
30
57 H
F
j"i
4 52
93k
"52"
A
31
58
A
O
18
15H
82 H
M N
7a_.1952|
1952' M
A
19k
1964 M N
f 6s
Brooklyn City RR 1st 6s
Brown Shoe
1960 M N
Venetian Prov Mtge Bank
Vienna (City of) 6s
of deposit
O
102 k
*107k
1950
J
J
Brums A West 1st gu g 4s
1938
F A
Buffalo Gen Elec 4 Hs ser B
1981
J D
Buff Nlag Elec 3Hs series C..1967
22 k
18H
17H
1952 M S
6s.—
1934
1st lien A ref 5s series B
J
F
15
40
24
19 k
37
A
A
A
♦Certificates
99 k
1955 M N
15k
A
1961
1967 M S
1st M 5s series II
1st g
D
1971 J
f 5H8 guar
Ala Gt Sou 1st
D
1944
34 H
D
Trondhjem (City) 1st 5 Ha
1957
♦Uruguay (Republic) extl 8s.—1946
AND
J
Big Sandy 1st 4s
13 H
20
O
1955 F
f 5 Ha
32 H
18 H
*20
J
1946 F
f 5 Ha.
20
36 k
23
High
89 H
102 H
93
1966
75
38 H
J
1946 J
Tokyo City 5s loan of 1912
RAILROAD
*20
♦Berlin Elec El A Undergr 6 Hs 1956
77
J
1945 J
Syria (Province of) 7s
♦Warsaw (City)
20"~
M N
♦7s Nov 1 1937 coupon on...1962 M N
♦Silesia (Prov of) extl 7b
1958 J D
♦Sllesian Landowners Assn 68.-1947 F A
s
"~2
15
Serbs Croats & Slovenes (Kingdom)
♦88 Nov 1 1937 coupon on.-.1962 M N
♦External
4
24 k
68
O
1953 J
♦Saxon State Mtge Inst 7a
s I
8
20k
No.
24
20 k
D
1952 A
♦External 6s July coupon off. 1968 J
Secured s f 7s
1940 A
♦External
T<ow
High
*104 k
17%
18H
J
♦External 8s July coupon off. 1950 J
♦External 7s Sept coupon off 1956 M S
s
Jan. 1
Asked
A
Low
18H
D
1967 J
{♦8s July coupon off
External
33 H
22
O
J
♦8a May coupon off
1952 M N
♦Extl 6Hs May coupon off--1957 M N
San Paulo (State of)—
s
Bid
♦Berlin City Elec Co deb 6 Hs—1951
High
14
18H
13k
20
1966 M N
♦Saarbruecken (City) 6s
Sao Paulo (City of, Brazil)—
s
Low
92
106 k
107 k
*20
O
F
Roumania (Kingdom of) Monopolies
♦7s August coupon off
1959 F
Sydney (City)
Price
Since
Friday
Sale
Week Ended Oct. 22
Range
Range or
Last
STOCK EXCHANGE
Y.
Boston A Maine 1st 5s A C
♦8s April coupon off...
1946
♦6 Ha Aug coupon off
1953
Rio Grande do Sul (State of)—
♦8s April coupon off
1946
♦6s June coupon off.
1968
Taiwan Elec Pow
4
100
19H
20 k
O
11
13 H
13H
*96 H
No.
20
Rio de Janeiro (City of)—
g
N.
Since
Jan. 1
High
14
19 k
♦Prussia (Free State) extl
6HS.1951 M S
♦External a f 6s
1952 A O
♦Sinking fund
BONDS
Range
2
Asked
Low
1961 J
J
♦7Hs July coupon off
1966 J
Prague (Greater City) 7 Ha.—.1952 M N
♦Rhine-Main-Danube
A
Week's
Belvtdere Delaware cons 3H8.-1943
Porto Alegre (City of)—
♦88 June coupon off
Queensland (State) extl
25-year external 6s
2661
Continued-Page 2
Friday
I*
*f
BONDS
N.
-
12k
O
4k
3
k
35
57 k
'23
31 H
69 H
6
33 k
69 k
38k
71H
13 k 1604
4k 1782
3
12 k
8
36 k
MN
22
23 k
15
22
49 k
MN
21k
24
32
21k
52 k
24
52 k
M N
24
24
8
31 w
M N
27k
31k
""§
M N
M N
27
J
D
13H
J
D
12 H
J
D
12 k
M N
8k
"25"
*28k "74
54k
24k
56
37
"24k
M N
52
25
61
10k
38
74
9
14k
12 k
95
9
36 k
9
12 k
108
9
36 k
9k
627
5H
24 k
10k
5k
Oct.
New York Bond Record—Continued—Page 3
2662
Friday
Week's
Last
•S
Range or
BONDS
N
Y.
STOCK EXCHANGE
Friday
A
Asked
Sale
3?
Week Ended Oct. 22
6"Bennett !Bros. & Johnson
1937
23,
Price
Na,
Bid.
Low
High
Low
No
A
112%
112
113%
29
111%
1952 A
O
107M
107%
108
33
Gen A ref M 4s ser F...
\
F
Gen A ref 6s ser E
1985 A
O
109%
108%
109%
36
108%
105%
103
103%
8
D.. 1961
Detroit Edison Co 4%s ser
f ^ew r°rk Stock Exchange
GMvnhvYt
tM embers
^ew Ymrk Curb exchange
Gen A ref mtge 3%s ser G—. 1966 M S
♦Detroit A Mac 1st lien g 4s... 1995 J D
RAILROAD 'BONDS
♦2d 4s assented
York, <2N^. Y»
Chicago, III.
4MB-.
Dow Chemical deb 3s
Duquesne Light 1st
T. 1-761 -4* Hell System Teletype •>- C%o. 543
65
53
D
*36
49
45
D
37
38
1961 M N
111
111
100M
101%
M3Mb
1951 J
D
1937 J
J
.1905 J
....
{{♦Dul Sou Shore A Atl g 5s...
Randolph 7711
Connections
TJlgby 4-5200
Detroit Term A Tunnel
135 So. La Salle St.
Trirate Wire
One Wall Street
*36
1995 J
...
gold 4s.
70
D
1995 J
♦1st 4s assented—
♦Second
J
104
100
Last
BONDS
N. y.
Range or
Sale
STOCK EXCHANGE
Week Ended Oct. 22
Price
<k
Low
1934
High
276
50
83%
19%
10%
16%
43%
15%
20
86
15%
42%
12
O
A
7%
6%
6%
12
291
7%
26%
22%
25%
22%
9%
,1952 m"
11%
MN
J
June 15 1951 J
D
Memphis DIv 1st g 4 s
1951 J
Chic T H A S'eastern 1st 5s..-1960 J
D
Dec 1 1960
106
*86
♦
106
"78"
78%
+
12
94%
90
79
113%
80
----
89
------
10
4
-----
-----J
D
7
427
6%
*90
M 8
6%
6%
27
9%
4
6%
D
1951
119
221
9%
12
7
9%
,,,1960
Cb St L 6c New Orleans 5s
5s
4
21
♦Certificates of deposit
♦Conv g 4%s
51
20
1988
{♦Secured 4%s series A
♦Certificates of deposit
98%
78
64%
99%
91
75%
,1944
J
"no"
.1963 J
D
1st mtge 3%s series E
1st mtge 4s series
O
.1963
Guaranteed 4s
J
106%
.1961 M S
4b..
Chic A West Indiana con
.1952 J
J
M N
{♦Choc Okla A Gulf cons 6s.. .1952
Cincinnati Gas A Elec 3%s.— .1966 F A
.1907 J
1st mtge 3 %s
4s.. .1942
5s ser C_. .1957
Cin Leb A Nor 1st con gu
Cln Un Term 1st gu
1st mtge guar
3 %s series D.
1940
55
1940
4%8.1950
1st M 3%s._.1905
gu 4 %s ser B. 1942
105%
---
----
Series D 3 %s guar
A
------
78%
69%
103%
------
*
------
104"
*101%
104%
108%
94% 104%
-
5
104
104
105%
7
109
2
8104
101
—
103
104% 108
105% 111%
110% 110%
*105%
*1 -
— -
109%
109%
-- --
113""
107
—
109
*vW
100
107%
108"
110%
105
113
111%
105
,.***.
/
J
*
-
-
-
D
106%
— -
165"
24
106%
99
94%
100
------
*104%
A
120
94% 105%
109
112%
-----
103
111%
99
40
104%
97%
8
103%
103
108
65
96
50%
77%
65
65
67%
5
51
50%
52%
40
93%
90
94%
112
94
92%
94
13
93%
90
94
120
A
J
A
M N
A
O
J D
J
J
A
1951 J
1951 J
Conn Rlv Pow s f 3%s A
1981 F
Consol Edison (N Y) deb 3%s,1940 A
3 %s debentures
1956 A
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
1966 J
Consol Gas (N Y) deb 4%s
1951 J
Consol Oil conv deb 3%s
1951 J
{♦Consol Ry non-conv deb 4s..1954 J
..1955 J
♦Debenture 4s
1955 A
♦Debenture 4s
1956 I
-----
*112%
*105%
102%
96
94%
100%
99%
100
100%
------
------
------
------
105
104
*105%
106%
103
104%
103%
101%
99%
*20
107%
97%
19%
106%
92%
15
15
19%
------
*19%
15
18%
55
50
107
106
M N
103
102%
100%
98%
101%
79%
3%s_May 1 1986
..May 1 1905
—1970
1966
1st 6s..
1946
M N
M N
J
1943 J
Copenhagen Telep 5s.-Feb 15 1954
s f deb 3 Mb
1951
Crane Co
99
102%
91
F
F
1950 M
-
— —
104
97
—
98
245
33
1
104
-----
92% 105
90
105%
114%
111% 115
26
100%
101%
105%
109
-----
-----
90
----
106%
15
105
20
107
105
54
101%
102
94
106
105%
104%
100%
102%
99%
112%
107%
100
"99%
97%
104%
103%
101%
458
50
103%
102%
7
99% 107%
98% 108%
96% 103%
49
99
28
71
102%
92
48
6
100%
99%
104%
93
28
101% 105%
79% 103%
99% 102%
97
30
05
1952
1Mb series A extended to 1946..
J
43
35
44
12
35
64%
42%
48
7
42%
02%
6s series B extended to 1940
J
Cuba RR 1st 6s g
J
Dayton Pow A Lt 1st A ref 3 %s 1960 A
Del A Hudson 1st A ref 4s
1943 M
1971
1969
1909
1st A ref 4Mb
1st mortgage 4Mb
Den Gas A El 1st A ref s f 5s...1951
4s... 1936
1978
{♦Des M A Ft Dodge 4s ctfs
1935
{♦Des Plains Val 1st gu 4 %b...1947
see
page
68
75%
110
106%
12
*103
"l07%
1
8
104
75
J
35
105
*105%
107%
*106%
"I©""
11
16%
11
-----
-----
----
3
107%
--
-
--
-
-
—
16%
170
2665.
12
16%
5%
......
21
6%
28
4
1930
5s.Aug 1956
♦Assented (subj to plan).
♦Ref A impt 5s ser B___Apr
104%
106%
J
1951
Penna tax
g
J
35
104%
16
7
7%
3%
4%
*
168
13%
226
4%
5
71
35
55
101% 108
68
95%
104
107
101% 104
104% 106%
106% 108%
106% 108%
11
30%
11
5%
4
7%
3%
42
41
40
54
38
23
22%
32%
12
57%
55%
306
55%
354
O
J
116%
116%
J
J
114
115
M N
*108%
IVI
*
2
12
—
101
8
68
F A
J D
99
100%
98
M S
M S
M S
M 8
J
99
27
8
"99"
"16
99%
100%
23
100 M
*60
D
J
100%
*97%
J
"93"
93
90
93%
19
75
J J
J D
69
5%
9
3111
6
M S
8
341
17%
MN
MN
*2H
J
J
J
J
3
*104%
2%
107
2%
107""
55
M N
52%
A
O
*.....
J
D
F
A
99
100%
20
J
J
104
105%
81
J
J
37%
37%
1
J
D
37%
37%
37%
6
102
37%
103%
157
101
101%
69
M N
F
A
88
6
99
t
"54"
58
"29
20
22
9
20
20%
4
*20
98%
97%
M N
IVI
90
103%
100
94%
90
S
A
J
165
97%
144
299
90
2
104%
D
F
"99%
103%
General 4Mb series
*71%
"71%
64
70
113%
112
J
107
100%
.—.1973
J
102
1976
1977
1940
J
94
99%
91%
J
94
89
E
G
Gen mtge 4s series H...
1946
Gen mtge 3Mb series I
1967
♦Green Bay A West deb ctfs A—
General mtge 4s series
1940
1950
1950
C
7
7
113%
45
107%
28
103
25
96
94%
60
94
108%
98%
110
977
J
100
89
101
541
J
Feb
A
84
Feb 1952
90%
J
o
1966
o
1946
1952
o
1949
1999
1944
1937
83
89
J
105
2
8%
37
"95"
""5
91
18
J
1901
50
7%
*104%
O
O
88%
50
86%
....—
M N
1952
Gulf A S 11st ref A ter 5s
70
J
Feb
♦Debentures ctfs B
Stamped
s
71%
108%
J
A—1901
6%s series B—
1952
Great Northern 4Mb series
General
108%
f 4Mb
10-year deb 4 Mb—
Hocking Val lstconsg4%s
Hoe (R) A Co 1st mtge
J
1949
D
A
A
O
♦Adjustment income 5s Feb 1957
*20
115%
*56
50
99
96%
35
28
119%
M N
A.1957 F
86%
97%
102%
*106%
115%
o
Hudson Coal 1st I f 5s ser A—1962 J
Hudson A Manhat 1st 5s ser
97%
103%
J
M N
{♦Housatonlc Ry cons g 6s
Houston Oil sink fund 5Mb A..1940 IVI N
Hudson Co Gas 1st g 5s
"92%
"53"
B_..1970
1951
1951
Extended 1st gold 3%s
1951
1st gold 3s sterling
..1951
Collateral trust gold 4s
1952
Refunding 4s
1955
Purchased lines 3 Mb
1952
Collateral trust gold 4s
1953
Refunding 6s
1955
40-year 4Mb
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
105%
Illinois Bell Telep 3Mb ser
"92% "2
86%
97%
104
4
34
24
107%
29
116
77
50
1
100%
60
36%
150
119%
1
48
53%
103
14
m7%
18%
258
106%
83
103
103% 107
101% 106
56
103
42
127
80
A
J
Hackensack Water 1st 4s
103% 110%
61%
J
J
...
♦Harpen Mining 6s
26
32
58
"54"
IVI N
1944
1950
Mb
40%
71%
85
60%
*60%
1947
1st A gen s f 6
40
56%
107%
65
58
61%
Gt Cons El Pow (Japan) 7fl
41%
-
90%
52
59
J
15
—
22
85
64
D
27
-
"40
109%
90
J
19%
44%
Del Power A Light 1st 4 Mb
*95*"
J
Gulf States Utll 4s series C
19%
103
*
4Mb..1941
Grand R A I ext 1st gu g
Gulf States Steel
30
For footnotes
O
1948
deb 3s '46
15-year 3Mb deb.
——1951
Gen Pub Serv deb 6 Mb
1939
Gen Steel Cast 5%s with warr.1949
{♦Ga A Ala Ry 1st cons5a Oct 1 '45
{{♦Ga Caro A Nor 1st ext 08—1934
♦Good Hope Steel A Ir sec 7s..1945
Goodrich (B F) conv deb 6s..—1945
1st mtge 4%s
1950
Goodyear Tire A Rub 1st 5s.—1957
Gotham Silk Hosiery deb 6s w w '46
Gouv A Oswegatchle 1st 5s
1942
15
44%
gen
A
Gen Motors Accept Corp
15
101%
{♦Den A R G West
O
A—1938
Gas A El of Berg Co cons g 6S..1949
Gen Amer Investors deb 5s A..1952
Gen Cable 1st s f 5%s A
1947
♦Gen Elec (Germany) 7s Jan 151945
♦Sinking fund deb 6 Mb
1940
92% 107%
J
{{♦Den A R G 1st cons
{♦Consol gold 4Mb
30
A
Galv Hous A Hend 1st 6%s
18
J
as to
1
103
4%s.....1941
Framerlcan Ind Dev 20-yr 7 Mb 1942
Francisco Sugar coll trust 6s—1956
45
-----
327
110
♦Certificates of deposit
20
41%
103%
110
1952
Gulf Mob A Nor 1st 6 Mb B
97%
106%
101
{{♦Proof of claim filed by owner.
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner
107%
18%
26
105% 108%
111
D
♦Certificates of deposit
Fonda Johns A Glov 4%s
Greenbrier Ry 1st gu 4s
"loo
102
J
1954
Fairbanks Morse deb 4s
1956
Federal Light A Traction let 6s 1942
5s International series
1942
1st lien b f 5s stamped.
1942
1st lien 0s stamped
1942
30-year deb 6s series B
—1954
Flat deb b f 7s
1946
{♦Fla Cent A Penln 6s
1943
{♦Florida East Coast 1st 4%s—1959
♦1st A ref 6s series A
1974
108%
106%
21%
107%
32
"39
M N
1940
1940
Erie RR 1st cons g 4s prior
1990
1st consol gen lien g 4s
1996
Conv 4s series A
—...—1953
Series B__
.—1953
Gen conv 4s series D
—1953
Ref A lmpt 6s Of 1927
1967
Ref A lmpt 5s of 1930
1975
Erie A Jersey 1st s f 6s......1955
Genessee River 1st 8 f 08
1957
N Y A Erie RR ext 1st 4s
1947
3d mtge 4Mb
...1938
100%
1951
1942
Crown Willamette Paper 0s
Stamped
stamped
ggu3%sser B
General 4 %s series D
104
97%
102
Series C 3%s
General 5s series C
99% 105%
100
Erie A Pitts
108%
99% 101
111
100%
1905
El Paso A S W 1st 5fl
1st mtge 5s series
1960 J
IVI N
Cuba Nor Ry 1st 5%s
A
Grays Point Term 1st gu 5s
O
M N
1
11
32%
1951
1965
♦20-year s f deb 6s
*109%
5
o
1943
f 4s
—-
2
Stamped guar 4Mb
s
----
-
98%
107%
Conn Ry A L 1st A ref 4 Mb
Crown Cork A Seal
94
69%
103% 106%
91% 104
*109
O 1105%
o 8103
4s
1965
Commercial Credit deb 3%s.,.1961
2Mb debentures
...1942
Commercial Invest Tr deb 3 Mb 1951
15-year deb 6s
1
J
Columbus Ry Pow A Lt
1st mtge 33^8
Container Corp
103
105%
Columbus A Tol 1st ext 4s....1965 F
1st mtge 3 Mb
115% 118
-
79%
103%
91%
37
1941
Fort St U D Go 1st g
105
O
f 5s
—
—
107%
107%
Debenture 6s...
Jan 15 1961 J
Columbia A H V 1st ext g 4s..1948 A
1st mtge 3%s
~"
*
------
—
94
A
O
Apr 16 1952
b
110%
A
F
O
Consumers Power
101
8
95
------
MN
A
♦Consolidation Coal
105% 109%
104% 104%
Columbia G A E deb 5s...May 1952 M N
♦Debenture 4s
7
94
J
B.1981
Cleve Short Line 1st gu 4%s.--1901
Cleve Union Term gu 5 Mb
1972
1st s f 5s series B guar
1973
1st s f 4 Mb series C
...1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron Co gen s f 5s..1943
♦6s Income'mtge
....1970
Colo A South 4Mb series A
1980
Conn A Passum Rlv 1st 4s
17
103%
O
J
Gen A ref mtge 4%s series
Debenture 6s
109%
------
O
Series C 3 Ms guar
104% 108%
103
J
A
40%
97% 104%
104% 105
----
--
94
35
32
108%
J
J
108%
55
-
-
107%
104% 113
103
111%
101% 108%
38
--
*103%
M S
J
Cleve Elec Ilium
Gen 4Mb series A
34%
101
*100%
M N
1942
1942
——1948
1950
1977
96%
67%
166"
------
J
Cleve-Cllffs Iron 1st mtge
Series A 4 Ms guar
93% 106%
*
48.1991 J J
1990 MN
W W Val Dlv 1st g 4s
Cleve A Pgh gen
Series B 3 Mb guar
96
62
07
J
St L Dlv. 1st coll tr g 4b
81
101
D
Spr A Col Dlv 1st g 4s
100
96
93%
104
J
1977
1939
Cin Wabash A M Dlv 1st
10
M N
...1993
series E
Cairo Dlv 1st gold 4s
41
105
------
D
General 6s series B..
107
.1971 M N
4s...1993
Cleve Cln Chic A St L gen
105%
104%
99%
M N
'.1943 J
Clearfield A Mah 1st gu 4s.
Ref A lmpt 4%s
D
110
4
96
O
.1943 A
Chllds Co deb 5s
8
110
105
.1962 M S
D
107
106%
2
*131%
Ernesto Breda 7s
Chicago Union Station-
1st A ref M 4%s ser
J
5s
♦Certificates of depoelt—
Inc gu
Low
High
*104
Elgin Joliet A East 1st g 5s
El Paso Nat Gas 4Mb ser A
Jan. 1
50
50
{♦Refunding gold 4s—
3%s
<q<§
Asked
J
1st cons g 5a..1995 J
Electric Auto Lite conv 4s
1952 F
Since
Friday
Bid
111
J
Ed El IU (N Y)
Range
Btpd
{{♦Chicago Railways 1st 6s
Feb 1 1937 25% par paid
{♦Chic R I & P Ry gen 4b
Gold
2
M N
Ed El
Week's
60
*107
O
A
Nor Dlv 1st 4s..1948
1st 5s
1956
III Bklyn 1st cons 4s
1939
East Ry Minn
*26
East T Va A Ga Dlv
triday
101
*36
1995 J
105%
109%
Illinois Central 1st gold 4s..
1st gold 3%s
93
54%
MN
J
15
63
59
71%
J
M N
"55"
*57
A
57
78
"48%
78
37%
M N
F
60
58%
61
50%
106%
"93%
93%
88
79%
87%
93
*
87%
"l2
5
155
Volume
New York Bond Record—Continued—Page 4
145
BONDS
N.
Y.
Last
EXCHANGE
8TOCK
Range
Sale
II
Week Ended Oct. 22
Bid
dk
Low
Range
or
c2
Friday
Price
Asked
Since
§3
Jan. 1
Low
High
BROKERS IN BONDS
High
111 Cent and Chic St L A N
Joint 1st ref 5b series A
1963
1st A ref 4 %s series C
1963
1940
Illinois Steel deb 4%s
57
50
55
107%
59%
55
51
106%
107%
50
152
106% 108
104% 104%
1950
1956
1986
{•Ind A Louisville 1st gu 4s
Ind Union Ry 3%s series B
Inland Steel 3%s series D
20
♦100
103M
102
103%
54
53
58
187
52%
97
54
55
22
52%
16%
13%
13%
56
59
43
57
.41
55%
78
67
80
200
67
99%
99%
22
17
O
IVI N
stamped 1942
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A..July 1952
J
J
A
♦1st g 5a series C
4%
6M
—1956 J
♦1st 5s series B
21
100%
39
23%
6%
207
21
*21
J
21
1956
1944
A
~64
46
65%
1941 A
55
61
58
Ref
s
Int Telep A Teleg
1955
deb g
Conv deb 4 Ma
J
B—1947
f 6s series A
1st lien A ref 6 %s.
B—1972
1947
4%s._1952
1939
J
J
{♦Iowa Central Ry 1st A ref 4s_1951
IVI
A
4s_.
1990 A
{{♦K C Ft S A M Ry ref g 4s. 1936
A
w w
85%
85
10
82
93%
95
21
93% 102
54%
137
38%
75
74
82%
321
74
59
345
40
94%
80%
3
2%
O
D
"32"
87%
8
87
102%
91
98
75
1
65
26
66%
31%
9
28
64
58%
85
106
103%
103
104
32
102% 105
*35
50
40
44
16%
11%
25
21
31
25
35
16%
*20
91%
109
1961 J
102
*140
160
F
A
83%
83%
3
J
J
105%
112%
99%
105%
112%
99%
5
99%
102
99
101%
J
D
{♦Kreuger A Toll secured 6s
Uniform ctfs of deposit.---.
Laclede Gas Light ref A ext 5s.
Coll A ref 5 %s series C
Coll A ref 5%s series D
1945 J
J
1947 F
A
1959 IVI
S
1939 A
O
1953 F
1960 F
102
100%
90
95
31
29%
31
92 %
89
A
61
53%
92%
63%
A
60 X
54
49%
Coll tr 6s series A
1942 F
A
Coll tr 6s series B
1942 F
109%
91% 100
108
115%
89% 101%
99
107%
109% 109%
107% 108%
146% 161
109
O
1941 J
3%s collateral trust notes--.
1
105
A
1954 J
4s..
7
*100"
J
27
92
*99%
*
1951 MN
Kresge Foundation coll tr
93%
109
92
J
1961 J
Koppers Co 4s ser A
95
58% 100
93
*22
Kinney (G R) 5%s ext to
69
66%
108%
J
Plain
1st A ref 6%s..
53
107%
S
J
Stamped
1961
unguaranteed
1937
Kings County E1L&P 6s
Kings County Elev 1st g 4s—. 1949
1954
Kings Co Lighting 1st 6s
97% 108
108M
1943
4%s
75
69
66
5
1
102
83% 108%
105% 114
112% 119%
99% 102
99% 104%
103
99
111%
46
90
102%
110
25
61
89
161
50%
101
53%
70%
62%
50%
60
54
Range or
*£3
Sale
Friday
C
Week Ended Oct. 22
35
43
49
50%
5
49
1
91%
*
1941
2d gold 5s
1997 J
Lake Sh A Mich So g 3 Ma
D
91%
102%
5
102% "l2
102%
102%
28%
21%
28%
80%
1975
♦1st mtge Income reg
Lehigh C A Nav s f 4%s A—. 1954
Cons sink fund 4%s ser C—. 1954
85
151
3
89%
Lehigh A New Eng RR 4s A--. 1965 A O
'lOOM
1944 F
100%
*50
1945 M S
91%
A
100%
64
90
"§
....
66
80
80
80
1954
*31
47
36%
78
1st A ref s f 5s
1964
30
32
6
30
77
1st A ref s f 5s
.1974
20
31
6
20
75
5s.
A
31
1938
*86
.1954
Secured 6% gold notes
Leh Val Harbor Term gu 5s
85
A
♦4s (Sept 1914 coupon)
♦Mlag Mill Mach 1st s f 7s
74
74
29
IVI N
42%
1st gold 3%s.
Ref A lmpt 4%s series
Loews Inc s f deb 3 Ms
3
74
243
26
29
76%
33%
96
96
A
O
119
120
7
116
129%
A
O
126
129
26
126
136
121%
122
15
117
126%
103
103
1
1103
103
108
108
A
122
60
1
MN
F
A
98 M
D
67%
A
67%
101%
101%
O
J
"95%
D
"99" 'III
70
101%
101%
11
10
1950
Long Island gen gold 4s
1938
Unified gold 4s
1949
Guar ref gold 4s
-----1949
4s stamped
1949
IVI
S
IVI
S
IVI
S
Lorillard (P) Co deb 7s
A
O
126%
126%
2
1951 F
A
118%
119%
13
Long Dock Co 3%s ext to
103%
O
D
33%
86
109
96
95% 101%
67%
101
79%
106%
8
101% 103%
94%
95
5
93
96
70
94
{♦Mid of N J 1st ext 5s
J
J
74 M
1966 M S
100 %
Louisiana A Ark 1st 5s ser A—1969 J
Louisville Gas A Elec 3 Ma
4s
Louis A Jeff Bdge Co gu
1945
M
95%
94% 108
93
106%
94
104%
9
76%
102
%
01%
17
*106%
S
110^
67%
1*
135
126
116% 124%
67% 100%
99% 102%
112%
106
Louisville A Nashville RR—
1940
Unified gold 4s
2003 A
105% 109%
103
105*
46
103
96
93
98
70
93
A
94
94
94
6
2003
E
A
85%
83
88
57
1946
1980
1945
IVI
108%
F
38
4%s
St Louis Dlv 2d gold
South Ry Joint
47
A
Paducah A Mem Dlv 4s
Mob A Montg 1st g
106%
2003
C
1st A ref 4s series D
1st A ref 3%s series
105%
2003
1st A ref 5s series B—
1st A ref 4 Ma series
106%
104*
J
Monon 4s—1952
87
S
M S
J
Lower Austria Hydro El 6 Ha.-1944 F
A
109%
87
111%
111%
113
113%
32
1
2
92
J
1955 IVI N
Atl Knox A Cln Dlv 4s
deb 5S-1951
95%
95%
McKesson A Robblns deb 5 %s. 1950 M N
"""§
111
108%
93% 103%
98
83
y
J
--I960
{{•Manatl Sugar lstsf 1Mb—1942
♦Certificates of
D
J
Mllw El Ry A Lt 1st 5s B
1961
1971
{{♦MllwANo 1st ext 4 %s(1880) 1934
1st ext 4 %s
1939
1st mtge 5s
Manila Elec RR A Lt s f 5s.—1953 M
4s—1939
1st cons 5s
{♦Man G B A N W 1st 3%s—1941 J
For footnotes see
page
2665
J
....
35
------
*25
32
------
98
100
123
98
105
J
97
100
54
97
105
D
D
99%
J
J
95
*77
*
83
99%
91%
46%
57
16
65
"3%
3
77
18
16
*
------
6%
85
90
----
83
----
....
89%
------
30
3%
9
6%
2%
57
2%
3
2%
90%
21%
10
8%
9
37%
8
32
*3
4
9
14
44
J
12
8
12
19
1938 J
J
13
11%
15
41
11%
1946 J
J
12%
10%
13
13
13
13
2
10%
12%
6
67%
41%
30
28%
95%
int
1949 M S
1st ref 5%s series B
1978 J J
1st Chicago Term s f 4s
1941 M N
{♦Mo-Ill RR 1st 5s series A
1959 J J
Mo Kan A Tex 1st gold 4s
1990 J D
J
M-K-T RR pr Hen 5s ser A—1962 J
J
40-year 4s series B
1962 J
J
Prior lien 4%s series D
1978 J
♦Cum adjust 5s ser A
Jan 1967 A O
{♦Mo Pac 1st A ref 5s ser A
1965 F A
5%s
-
68
67%
*96
73%
95
95
35
35
35
61%
74
72%
76
160
72%
54%
45%
44
56%
129
44
96%
88%
41%
46
------
------
-----
*42
------
♦Certificates of deposit
65
54
----
20
25 *
286
21%
5%
23%
32
23
19%
25%
24
19
24
23
20
25%
23%
20
24
M N
6%
5
O
23%
20
25
20
24
23
19%
25
706
19%
23%
S
S
....
1949
1980
A
1981 F A
♦Certificates of deposit
----
8%
21%
35
693
9
76
79%
22%
80
20
48%
45%
21%
5%
19%
24
49
19
47
20
20
722
5
48%
45%
18%
809
20
50
92
20
60
83%
------
60
219
6%
------
M S
41%
31
*
MN
896
48
*
July 1938
{♦Mobile A Ohio gen gold 4s—1938
♦Montgomery Dlv 1st g 58—1947
♦Ref A lmpt 4%s
1977
—
3
,
23
1978 M N
4%
— — M-
23%
---.
H
deposit—
-
37
1975 M
---1977 M
♦1st A ref 6s series I
-
22%
——
5%s
-
24
♦Certificates of deposit
♦1st A ref 5s series G
-■-
35
----
48%
46%
19%
49%
19%
47
92% 100
Mohawk A Malone 1st gu g
97
A
"18%
23
36
18%
54%
S
16
8%
16
146
8%
39%
1938
♦Secured 5% notes
93
F
M
M
S
14%
9%
15%
102
9%
4s. 1991
M
S
80 m
5
80
39%
98%
22%
80
------
106%
1960
A
O
103%
6s debentures
1965
A
O
107%
14
105
111%
102
104%
59
100
108%
110%
95%
3%S-1966 J D
J
Montreal Tram 1st A ref 6s
1941 J
Gen A ref s f 5s series A——1955 A O
Gen A ref s f 5s series B
1955 A O
Gen A ref s f 4%s series C—1955 A O
Gen A ref 8 f 5s series D
1955 A O
Morris A Essex 1st gu 3%s
2000 J D
Constr M 5s series A
.1955 M N
Constr M 4%s series B
1955 M N
Mutual Fuel Gas 1st gu g 5s—1947 M N
95
5%—1941
(A I) A Son—See Mfrs Tr
Mut Un Tel gtd 6s ext at
96
12
95
89%
Montana Power 1st A ref
92
87
89%
100%
------
79
-----
82%
71
85
64
69
63
72
114
88
.........
114
F
A
85%
J
J
------
J
D
57%
62
25
32
35
M N
100
96
M N
102
100
J
29
25
28
23
29%
28%
16
"86"
J
♦4% July 1914 coup
♦Assent warr A rets No 4 on '57
—— -
-
*1%
*
""i%
------
*2%
*2%
J
*1%
*1%
*1%
1914 coupon on
1951
1914 coupon off—1951
♦Assent warr A rets No 4 on '51
Nat Steel 1st coll s
1965
f 4s
O
J
J
J
England Tel A Tel 6s A—1952 J
D
N J Junction RR guar
N J Pow A
52
25
57%
73
23
63
41
70
*20
27
32
78%
1st g 4%b
1961
series B
96
379
100
F
A
1960
-1983
N O A N E 1st ref A Imp 4 %s A 1952
New Orl Pub Serv 1st 5s ser A—1952
1st A ref 5s series B
1955
New Orleans Term 1st gu 4s—1953
A
O
J
J
— —
98%
63%
101
107
106%
40
----
10
4%
-----
3%
10
144
3
----
— — —-
120
120
•
100
------
105%
105%
52%
122%
*
„
------
106%
79%
72%
2%
6%
4
"2"
6%
----
7%
2
22
12
----
39
----
----
O
94
~90%
94
55
J
D
93
89%
94
71
86
86
86%
7
----
0
102% 107%
65
93%
117
122%
52
82
74%
52%
A
J
2%
----
----
55
122
4
2%
1%
2%
75
*15""
4
4
-
120
«
J
J
—
----
65
------
M N
1st 4s—1986
Light 1st 4%8
New Orl Great Nor 5s A
-----
2
122%
1945
2%
106%
------
♦Consol guar 4s
—
As
------
90%
*68
462
*116
D
5s.—1945
— —
104%
106%
J
90
90
97
111
4
-
2
M N
{♦New England RR guar
25
33%
95
O
2
{♦Naugatuck RR 1st g 4s——1954
5s—1948 J
25
92%
24
3
4
O
A
21
14
84
36
11100%
103%
1914 coupon on—.1977
♦4s April 1914 coupon off
1977 A
♦Assent warr A rets No 5 on *77
Nat RR of Mex prior lien 4 %s—
♦Assent warr A rets No 4 on. 1926 J
♦4s April
D
82%
69%
12
100
*1%
J
on----.1957
1957
Off
1957
J
92%
63
112% 119
31%
24
J
J
♦4%s Jan 1914 coup
147
7
80
85%
84
100
J
♦4%s July 1914 coup on
New
11
85%
86%
80%
79%
84
79%
97%
77% 102
79%
79%
National Rys of Mexico—
105%
97% 105%
57%
86%
1
1
99%
98% 104%
106
Nat Acme 4%s
110% 115
92
100%
99
B—
79%
77%
O
197
103
----
79%
O
106
----
82
Nassau Elec gu g
Nat
----
82%
—
------
1 Namm
Nash Chatt A St L 4s ser A
1978
4s stpd
1951
extend to
1946
Dairy Prod deb 3 %s w w._1951
Distillers Pr«d deb 4%s„-1945
84
------
------
1
100%
*-----
M N
A
102
S
1959 M N
90
108
12%
1st A ref 6s series A
Mo Pac 3d 7s ext at
96
J
1st cons 5s gu as to
♦Certificates of
....
4s Int gu. 1938 J
1938 J
M St P A SS M con g
gold
88
104% 110%
____
O
1939
{♦Mil Spar A N W 1st gu 4s—1947 M S
J
{♦Mllw A State Line 1st 3%8—1941 J
{♦Minn A St Louis 5s ctfs
1934 M N
♦1st A ref gold 4s
1949 M S
♦Ref A ext 50-yr 5s ser A——1962 Q F
♦Conv
1
95%
Con ext 4 %s
25-year
103% 105%
_
88
-----
D
A
1
25
14
105%
*106
A
♦4s April
2
97%
M N
5%
28"
----
26
J
♦4s April
95%
97%
O
{♦Manhat Ry (N Y) cons
4s. 1990 A O
♦Certificates of deposit
♦8econd 4s
.——2013 J D
1st ext 48
99
2%
24%
-----
J
96%
85%
102%
97%
D
A
deposit
Manila RR (South Lines)
101%
100% 104%
8%
16%
----
----
------
105% 111%
109% 115
93
99%
32
Maine Central RR 4s ser A—1945 J
Gen mtge 4Ha ser A
102
MN
11%
88
J
Newark Consol Gas cons
McCror > Stores Corp s f
12
102
*103%
------
Nat
1944
5s
94%
103
107%
102% 109%
72
118
A
1952 J
Lombard Elec 7s ser A
C
J
M S
M N
1st mtge 4 %s—
38%
40%
45%
1951 F
A—1962
1946
85
78
Monongahela West Penn Pub Serv
26
-
71% 100
93
49
105%
*20
Monongahela Ry 1st M 4s ser A '60 M N
74
6s
1940
1951
1952
1979
1940
City Air Line 4s
Jack Lans A Sag 3%s
107
37 %
Liquid Carbonic 4s conv debs--1947 J
High
97% 104
Michigan Central Detroit A Bay
100%
36%
J
Low
2
99
*2%
D
85
IVI N
Little Miami gen 4s series
1956 J
86
IVI N
J
101%
1977 M S
85%
2003
General cons 5s
2003
Leh Val Term Ry 1st gu g 5s—1941
Lex A East 1st 50-yr 5s gu
1965
Liggett A Myers Tobacco 7s—1944
4%s~—1940
Lehigh Val (Pa) cons g 4s
General cons 4Mb
27
102%
101%
*6%
*2%
------
87
2003
Leh Val N Y 1st gu g
No.
"93"
1977 M S
35%
104%
105%
94%
100%
100
High
103%
O
{{♦Met West Side El (Chic) 4S.1938 F
Metrop Wat Sew A D 5%s
♦1st A ref g 6s series
21%
80% 106%
Since
Jan. 1
*4
103716 H 0 CO m s
72
71%
*
94%
a99
♦Mex Internat 1st 4s asstd
♦1st A ref 5s series F
100% 106%
98
109%
------
S
1968
1950
♦General 4s
99%
------
M
Metrop Ed 1st 4%s ser D
70
1st A ref s f 5s
Lehigh Val Coal 1st A ref s f
O
——————
Market St Ry 7s ser A
April 1940 Q J
Mead Corp 1st 6s with warr.-1945 M N
68%
Lautaro Nitrate Co Ltd—
Lehigh A N Y 1st gu g 4s
1947 A
Marlon Steam Shovel s f 6s
D
♦Certificates of deposit
3% to.. 1947
Range
2
Asked
dk
Low
1943 J
If A I Namm A Son 1st 6s
Lake Erie A Western RR—
5s 1937 extended at
Bid
Price
^a.
Mfrs Tr Co ctfs of partlc In
70%
43
A
Week's
Last
106
97%
33%
26
"16 %
IVI
9%
100%
97%
1943 MN
1946
Corp 1st 6s
1987
Kentucky Central gold 4s
Kentucky A Ind Term 4%8~. 1961
2%
52
98
1943 MN
1943
3%
87
100
O
O
Keith (B F)
95
38%
J
stmp (par
149
102%
76% 101%
40
J
1st 6s—
$045) —
♦Ctls w w stmp (par $925)
♦Ctfs with warr (par $925)-.
♦Ctfs
93
54%
1950
♦Karstadt (Rudolph)
87
58
4%8-_. 1980
Kansas Gas A Electric
89%
81
1960
Apr
90
51
J
1950
gold 3s
Ref A lmpt 6s
46
52
95
28
Kansas City Term 1st 4s
25
*166
J
S
Friday
BONDS
N. Y. STOCK EXCHANGE
17%
40%
40%
82
~93%
♦Certificates of deposit
Kan City Sou 1st
4%
21
4
A
James Frank A Clear 1st 4s— 1959 J D
Jones A Laughlln Steel 4%s A— 1961 M 8
Kanawha A Mich 1st gu g
42%
76%
"82"
(VI N
F
91
17
83
A. T. A T. Tele. N. Y. 1-1598
104%
93
M
1955 F
Debenture 5s
NEW YORK
St.
Telephone WHlteball 4-2900
99% 102
25
Internat Hydro El deb 6s
Int Merc Marine s f 6s
Int Rys Cent Amer 1st 5s
Wall
91%
55%
17%
61%
59%
89
57 %
63
95%
O
1947 A
Inter lake Iron conv deb 4s
Members New York Stock Exchange
108
101
M S
A
♦Certificates of deposit
Internat Paper 5a ser A A
98% 105%
*55
55M
{♦10-year conv 7% notes
D. H. SlLBERBERG & Co.
43
20
12
101%
54
1932
1932
§♦10-year 6s
Int Agrlc Corp 5s
100% 107
102%
20
1961
1966
{Interboro Rap Tran 1st 5s
♦Certificates of deposit
FOR BANKS AND DEALERS
91%
87%
51
4
22
Ind Bloom A West 1st ext 4s_ .1940
Ind 111 A Iowa 1st g 4s
2663
Week's
Friday
118% 127%
110% 125%
100
101
104% 108%
79%
98
70
85%
90% 103%
89% 103
86
100%
New York Bond Record—Continued—Page 5
2664
Friday
Range or
Range
Sale
Si
Week's
Last
*
BONDS
STOCK EXCHANGE
Week Ended Oct. 22
N. Y.
Friday
bid
&
Asked
Jan. 1
Price
Since
Low
No.
"30
4134
3634
"23
*3634
A
O
A
O
1966
F
>.-1966
1964
A
39
30
37
30
3734
D
♦1st 534s series A
Newport A C Bdge gen gu
N Y Cent RR 4s series A
10-year
Conv secured 33(s
N Y Cent A Hud River
7234
6434
1968 M
S
9334
9334
94J4
8
90
60
Parmelee Trans deb 6s
1944 A
O
4534
40
4534
21
40
6534
6234
Pat A Passaic G A E cons 5s... 1949 IVI
1942 IVI
S
30
♦Paullsta Ry 1st ref 8
57
4634
42
65
30
104
38
2
38
10
110
90
43
8634
9234
9834
191
5934
74 34
223
A
O
8034
68
8134
155
68
103
92
8334
94
572
83 34
10934
J
9434
1974
-.1978
--.Oct 1 1938
1
104
104
5934
74 34
211
87
87 34
9
6s—. .1946
General 5s series B
50
48
"50
42
3734
42
28
40 34
A
O
ioi"
A
O
4734
3734
4034
10534
106
10834
"29
10034
5
101
57
97
10034
100
25
9734 10534
122
122
12334
61
11634 12534
11234
112
112 54
20
10934 11734
M N
*
*102"
1973 IVI N
A
634s. 1942
W Dock A Impt 6s. 1943
-----
*
95
-
IOI"
101
Nl N
*
101
101
10534 10634
106
10834
10634
.
1941 M S
4s
1939 A
{♦N Y A N E (Bost Term) 4s..
{♦NYNH&H n-c deb 4s—.
♦Non-conv debenture 3348-.
♦Non-conv debenture 3348-.
♦Non-conv debenture 4s
♦Non-conv debenture 4s
General 43(s series D
Gen mtge 43£s series
8
1947
8
1954 A
1965
22
E
Conv deb 33£s
Peop Gas L A C 1st cons 6a
Refunding gold 5s
1134
1992
20
23 34
55
20
47
22
15
20
45
26
120
2034
A
41
3634
71
124
JF 734 7 1134
20
73
25 34
20
734
20
8634
O
1951 IVI N
1
2
9134
2
10234
108
7
10734
105
105 34
28
10454
10534
39
9134
108
1956 MN
1937 J
J
J
1946 J
D
105
A
N Y Trap Rock 1st 6s
_
A
1940 F
-
J
1937 F
1943 M N
13
-
1946
1950 A
4s
1996
No Am Edison deb 5s ser A
1961
1957
Deb 5s series C
1974
A
1974
♦{Northern Ohio Ry 1st guar 5s—%
♦Oct. 1 1934 A sub coupons. 1945
♦Oct 1937 and sub coupons—1946
North Cent gen A ref 6s
834
50
60
106
61
101
3
77
82
18
7
17834
353
434
75
O
A
11734
F
A
100
9934
4634
4234
10134
95
96
9
15
10
91
6934
10634
10934
102 34
9434
98
V 9834
10334 110234
9754
9554
Q
J
Pere Marquette 1st ser
1st 4s series B
A 5s_—1956
J
J
J
J
1956 J
series C
1980 IVI S
J
D
Phelps Dodge conv 334s deb—1952
Phlla Bait A Wash 1st g 4s
1943 M N
General 6s series B
1974 F A
1st g 4 34s
Phlla Co
sec
O
J
37
52
5s series A
♦Conv deb 6s
{♦Philippine Ry 1st s f 4s
1937
Pillsbury Flour Mills 20-yr 6s..1943
Pirelli Co (Italy) conv 7s—
1952
Pitts Coke A Iron conv 434s A.]«52
92
102
1961
—
-
—
see
------
"9134
103
10434
15
1534
-
-
-
-
100 34
135
9434
8
10
106
102
102
1
90
6
8
IVI N
87
IVI
s
1940 A
Pitts C C C A St L 4 348 A
O
10754
A
1942
1942
1946
1949
1953
1957
1960
1963
1964
1970
1975
1977
-
_
2654
30
10834
8534 102
87
10034
Series D 4s guar
Series F 4s guar
gold
gold
Series G 4s guar
Series H cons guar
Series I
cons
4s
434s
Series J cons guar
434s
Gen mtge 5s series A
Gen mtge 5s series B
Gen 434s series C
O
*11054
*11034
106
M N
*110
11034 11334
F
J
1959
1960
B
1st mtge 434s series
C
1st gen 5s series
1st gen 5s series
1962
1974
1977
B
C
1st 4 34s series D
A
*10834
111
109
A
*117
122
113
117
117
111
21
12534
12434
11354 124
112 34 12334
29
103
J
A
*
D
O
J
11234
11234
11434
J
103
106
N
*106
D
*64
"78~"
7954
96 34
A
O
6634
65
6634
65
96
O
66
65
68
65
9734
108
11034
D
F
11954 12434
A
J
D
J
D
*110
Pressed Steel Car deb 6s
1951
J
47
8134
11234
8234
112
8634 110
10934
10734
3334
10934 10934
96
10634
9134 100
10134
11134
74
9734 104
17
11034 115
10734 115
10734
-
-
{♦Radlo-Keith-Orph pt pd ctfs
for deb 6s A com stk (65% pd)
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s.1951
Gen A ref 434s series A
1997
Gen A ref 434s series B
1997
—
J
J
101
10034
10454
J
J
10034
10034
10334
85
J
Richfield
J
10934 11234
95
10034
10334 10734
9934 10334
69J4
9234
65
82
103
111
9934 10734
9854
190
100
9434 10034
100
100
*
A
97
-
—
90
95
10234
10554
23
99
10134
79
9834 10434
9754
89
10834 10834
97
10134
S
63 34
7
8534
10834
89
10234
141
63
115
9954 13034
8534 100
10034 106
2634
19
Nl N
*20
2734
2754
F
O
Nl
S
2134
A
A
22
*20
22 34
32
24
1934
2134
1934
2834
30
1934
2834
8434
92
OllCorp—
1952
Rlchm Term Ry 1st gen 5s
8434
90
♦Rlma Steel 1st 8 f 7s
104
1952
1955
53 34
«
{♦Rio Grande June 1st gu 5S..1939
5234
4s..1939
A coll trust 4s A....1949
♦1st
con
Roch G A E 4 34s series
1977
Gen mtge 5s series E
1962
{{♦R I Ark A Louis 1st 4348-1934
92
106
104
1
2134
RR
Safeway Stores
1st
s
con
62
53 34
1948
1
21
7534
10334 10434
55
"30
22
23
53 34
60
91
6934
"5034
9134
5034
84
21
5254
11634 117
D
♦Ruhr Chemical s f 6s
M
10954
S
11
834
Nl
S
A
O
*20
J
13
1949
f deb 4s
O
10934
11
""9
40
26
1534
""7
10754 10954
834
2854
2054
25 34
13
3254
13 34
3434
9934 10334
1334
1534
5
9934
100
102 34
42
97
100
21
97
10434
1
107
97
11234
1012S«
10934
10934
St Jos A Grand Island 1st 4s..1947
J
58-1937
1996
M N
100
J
94
96
10334
O
90
92
102
ISt Jos Ry Lt Ht A Pr 1st
J
2d gold 6s
1966 A
St Louis Iron Mt A Southern—
♦{Riv A G Div 1st g 4s
♦Certificates of deposit
1933
Nl N
65
64
6534
34
J
{♦S L Peor A N W 1st gu 5s—1948
P 5e stpd...1955 J
J
J
J
66
8834
24
48
of deposit
♦Ctfs of deposit
stamped
*66
80
..1950
J""J
1978 ivi's
—
7434
85
1434
1034
15
261
1034
3734
10
1334
118
10
3334
1534
1134
1534
75
1134
13
{♦St L-San Fran pr lien 4s A—1950
♦Certificates of deposit
♦Con M 4 34s series A
8954
77
13 34
St L Rocky Mt A
♦Prior lien 5s series B
64
2434
*50
J
♦Certificates
62
9954
102 34
10134
106
97
100
18
J
116
w
85
22
D
102 54
♦
131
1
1947
Saguenay Power Ltd 1st M 434s '66
10034
------
88
11534
2
4 348—1941
6
212
4
♦Rutland
10234
97
110
20
123
106
90
"3
2134
12134
104
9834
112
118
20
117
106
90
88
91
20
116
37
7
8534 10454
10054 10834
10054 108
100
101
22
4
78
88
J
♦Rhine-Westphalia El Pr 78—1950 M
17
5934
52
85
102
11834
6934
27
90
110
8834
J
11834
-
87
N
♦Rheinelbe Union s f 7s
1946 J
♦Rhine-Ruhr Water Service 6s. 1953 J
..1952
1953
1955
9J
88
108
Nl N
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
2854
112
M N
1961
F
10834
61
8534
8834
Gen mtge 434s series
'54
C
1956
Revere Cop A Br 1st mtge 4348.1956
4534
D
O
88
434s series B
734
10
"9l"
D
A
Gen mtge
934
8534
"85"
A
♦Rut-Canadian 1st gu g 4s
137
85
J
114
106
8834
J
106
10154
10834
48
*634
{♦Providence Sec guar deb 4s..1957 Nl N
{♦Providence Term 1st 4s
1956 IVI S
J
Purity Bakeries s f deb 5s
1948 J
22
103 34
104
35
5154
14
56
--
7534
4
58
41
85
87
98 34
-
41
104
48
"118"
110**32
—
138
104
5134
"56"
Republic Steel Corp 4 34s ser A. 1950 M S
87
10754
11234 113
A
83
88
11434
F
F
99
98
11434
IVI N
1960 M S
Port Gen Elec 1st 4 34s
111
109
*111
1948 J
Pitta Y A Ash 1st 4s ser A
11234
110
D
M N
Pitts A W Va 1st 4348 ser A...1968 J
1st mtge 434s series
11354
108
A
1943 M
Pitts Va A Char 1st 4s guar
10754 11134
109
11334
108
M N
Remington Rand deb 434s w w.1956 Nl S
Rensselaer A Saratoga 6s gu—.1941 Nl N
1
*48
A
1334
10734
146
10634
10734
120
10434 10434
*99 34
1955
302
12534
43
11834
9754
434
634
434
12634
88 34
116
1955
119
84
15
*11134
10134
95
158
129
110
101
89
9734
11054
10134
19
136
116
10834 117
87
10634
102
104 34
13
5034
85
31
61
95
7554
13
7
67
10934
3234
8034 106
------
2665
12
106
12
108
1966
page
111
101
100
67
110*732
10434
F
footnotes
2
109
75
71
10354
9734 11934
107
11334
85
257
9134
------
Panhandle Eastern Pipe L 4s.. 1952
IVI
Paramount Broadway Corp—
For
110
106
100
99 34
11654
1946
Pacific Tel A Tel 334s ser B—. 1966
V
11634
110
9234
2634
80
1
82 34
66 34
96
110J4
D
1938
3s loan ctfs
110
116
1134
O
♦Rio Grande West 1st gold
-
2
10934
110
87
*107
—
32
320
10334
A
7
80
87
99
113
14
9534 107
107
9954
76
"55
105
71
534
170
9834 10534
10134 10634
7234
14
'■9434
8734
73
107
113
116"
7234
*103
15
53
9734
104
D
D
75
15
9
1334
87
8834
9834
10054
1st A ref mtge 3348 ser H._. 198!
1966
1st A ref mtge 3 34s ser I
1938
Pac RR of Mo 1st ext g 4s
s I g
J
1967 J
St LawT A Adir 1st g 5s
1st M
J
80
"80~"
120
J
1946
Pacific Coast Co 1st g 6s
Pacific Gas A El 4s series G__. 1964
f g 4 34s
J
1977
1981
General g 434s series C
General 434s series D
"8734
11034 11734
78
10334
8634
------
J
A
1962
s
J
*105
21
111
934
88
9834
.1963
Paducah A 111 1st
J
534
1
10254
8054
------
J
73
11734
8254 11134
11634 12154
1234
10634
_
I 61
F
g 4s— 1946
g 6s— 1946
C
S
346
10234
97
82
6654
Q
1945 IVI N
ser
M
9434
J
112
18
99 34
98
J
1943
3348
11134
O
8254
11734
11034
9334
J
16
125
10034
J
Ontario Power N F 1st g 6s
Ref mtge
98
J
64
99 34
*
J
Ontario Transmission 1st 6s
2d ext gold 6s
134
Purch money 1st M conv 534s
1946
Otis Steel 1st mtge A 434s
103
J
82 34
122
*70
1966
Oslo Gas A El Wks extl 5s
11134
98
{♦Postal Teleg A Cable coll 5s. 1953 J
55
.
104
*
Oklahoma Gas A Elee 3348
48 debentures
cons
99
102
Potomac Elec Pow 1st M 3348.1966 J
100
*70
—
Guar stpd cons 6s
Ore-Wash RR A Nav 4s
107
229
9
4s s f conv debentures
Ore Short Line 1st
88
10334
119
1948 J
♦Og A L Cham 1st gu g 4s
1943 M
Ohio Connecting Ry 1st 4s
1965 M N
Ohio Edison 1st mtge 4s
J
1972 J
1st mtge 3J4S
Ohio Indiana A West 5s. .Apr 1 1938
1947
tOhio Public Service 7s ser B—
Oregon RR A Nav con
A
80
241
99
108
11734
116
April 1 1937 lncl coupons—1946
-
O
229
10134
96
104
♦Stpd as to sale of April 1 *33 to
1997
2047
Ref A impt 434s series A
2047
Ref A Impt 6s series B
-.2047
Ref A impt 6s series C
2047
Ref A Impt 6s series D
2047
Nor Ry of Calif guar g 5s
1938
Northwestern Teleg 4 34b ext. -1944
A
11154
88
94
J
3
55
Gen A ref 434s series
North Pacific prior lien 4s
Gen lien ry A Id g 3s Jan
J
107
10634
102
1st 5s 1935 extended to 1950—— J
Porto Rlcan Am Ton conv 6s—1942 J
2234
10934
Mil*
97
S
15
123
13
1234
155
IVI
75
100 54
9
110
IVI N
106
71
90
96
1134
434
100
....
*10754
96
7834
34
103 34
102
1234
M
....
16
77 34
90
Aug 15 1963 F A
Nov 16 1969 NM
Deb 5 34s series B
J
101
11334
73
Series C 434s guar
9134 10534
107
10234
10334
A
{ {♦Norfolk A South 1st g 5s—1941
North Amer Co deb 5s
O
10534
O
Series B 434s guar
10834
10234 10834
9834 10734
98
10734
13
92 34
77
V
Norf A W Ry 1st cons g
834
(f 90
------
O
F
A
4
April 1990 Apr
Peoria A Pekin Un 1st 534a
1974 F A
65
102
10634
654
1950 IVI N
{{♦Norfolk South 1st A ref 5s.. 1961
♦Certificates of deposit
1
70
101
J
O
D
O
4s
3734
10134 10934
107
1966 M S
1955 A
8
....
100
10234
8034
j
f*30
------
1946
6s stamped
{♦N Y Westch A Bost 1st 434s.
Niagara Falls Power 334s
Niag Lock A O Pow 1st 6s A--.
Niagara Share (Mo) deb 634s..
Nord Ry'ext sink fund 6 34s
16 54
834 **834
-----
,*
7
15 34
13
*
1939 M N
1967
102
------
1951 Nl N
{♦{N Y Susq A West 1st ref 6a.
{♦2d gold 434s
♦General gold 5s—
♦Terminal 1st gold 5s
N Y Telep 1st A gen a f 434s~.
ref mtge 334s ser B
....
70
70
1947 M N
1st mtge 5s
634
104341 105
1958 J
lstmtge 6s
834
54
8
634 1
*9834
O
N Y Steam 6s series A
242
1234
8
1965 M N
N Y A Rlchm Gas 1st 6s A
D
A
11934
88
102
10554
10354 107
10934 111
9634 10634
108
11234
109
11654
10934 11654
8954 10334
11554 126
101
11554
10634 123
60
40
1234
D
A
J
7
119
6
44 34
8654 Si 88
LtAPow334s..
IN Y Rys prior lien 6s stamp..
11934
Peoria A Eastern 1st cons 4s... 1940 A
Series E 334s guar
{♦N Y Providence A Boston 4s. 1942
4s... 1993
A
143
8954
18
4734
2534
N Y A Putnam 1st con gu
F
7
9634
1949
3634
1957
of 1927... 1967
♦Harlem R A Pt Ches 1st 4s. 1954
112
~95~"
4634
1934
20
♦Debenture 4s
N Y Queens El
O
21
2034
♦Collateral trust 6s
112
112
A
{♦Phlla A Reading C A I ref 58.1973
1834
38
♦1st A ref 434s ser
1
113
112
IVI N
Phlla Electric 1st A ref 334s...1967
34
26
1955 J
*109
m"
47
25
1956 J
♦General 4s
"9934
98
22
....
1940 A
{♦N Y Ont A West ref g 4s_—.
IVI N
2034
23 34
1934
J
63
1 1834
O
1948 J
debenture 6s
24
21
12034
■t 21
1956 Nl N
♦Conv debenture 334a
1970
1981
1984
1952
1943
1947
J
O
IVI N
1968 J
Debenture g 434s
O
98
O
1947
10934
9934 102
-*102
*11—
J
9734 10134
9934 107
9434 10534
95
.
2000 M N
N Y L E A W Coal A RR
♦Conv
187
9534
7734 10034
1973 Nl N
N Y A Long Branch gen
loo"
Pennsylvania RR cons g 4s
♦Income
434s series B
N Y L E A
"9634
434s series B
1981 J
Pennsylvania PAL 1st 4 34s.—1981 A
92
4034
34s
N Y Lack A West 4s ser
12
79
68—1948
gold 4s
1949
N Y A Harlem gold 3
2
10434
54
N Y A Erie—See Erie RR
Purchase money
102 34
9534
N Y Gas El Lt H A Pow g
N Y A Greenwood L gu g
102
86
16
9534 10634
49
104
69
10834
93
9434
104
92
10834
10034
102 34
A
107
10734
10434 110
88
7734
*10934
104
25
106
9534
434s A.1977
7734
96
104
93
Pa Ohio A Det 1st A ref
9654
103
10134 10654
*10334
99
53
10534
10934
10934
7234
72
60
2
*105
A
9534
53
105
10434
85
J
1963 F
28-year 4s
85
74
10434
"21
Penn-Dlxle Cement 1st 6s A—1941 M S
D
Penn Glass Sand 1st M 4348—1960 J
68
50
F
"89
J
1952 IVI N
E trust ctfs
O
A
"7834
74
Certificates of deposit---
1965
1966
9634
9834
9734
88
High
10534
11634 12234
*11834
"89""
10534
ser
380
1938
E
10834
s
106
Guar 4s
M S
86
99i»1f10234
*9934
78
——1946
N Y Connect 1st gu 434s A
1953
1st guar 6s series B—
1963
NY Dock 1st gold 4s
1951
D
5934
8534
87
*84
4s collateral trust
Serial 5% notes
9234 105
104
f 7s
Penn Co gu 334s coll tr ser B.. 1941
1942
Guar 3 34s trust ctfs C
1944
Guar 3 34s trust ctfs D
1943
Consol gold 4s
1948
4s sterl stpd dollar May 1 1948
Gen mtge 33(8 ser C
1970
Consol sinking fund 434s
1960
General 434s series A
1965
1937
|N Y Chic A St L 1st g 4s
Ref 6 34s series A
Ref 4348 series C—
98
95
9234
74
1st lien A ref 334 s ser
92
70
74
104
N Y Edison 334 s ser
59
8054
9734
1942
3-year 6s—
96
7234
O
M 3348.1997 J
Low
92
79
O
434s ser A—--.2013
Lake Shore coll gold 334s
1998
Mich Cent coll gold 3348
1998
Debenture 4s
No.
96
A
Ref A impt
High
J
A
Nl N
Low
Since
Jan. 1
Asked
s
110
89
&
1947 IVI
11334
8634 10634
9234 10434
5934
9634
1998
Bid
1955 J
38
1946
A—-.2013
2013
1952
f
sec s
434s series
Ref A impt 6s series C
Ref A impt
Bale
334 s conv debentures
Paris-Orleans RR ext 534s
110
43481945
1937
Range
Range or
Friday
Last
Price
Week Ended Oct. 22
23,
Paramount Pictures deb 6s
5134
6934
5134
♦Certificates of deposit
BONDS
STOCK EXCHANGE
N. Y.
High
30
42
*
♦Certificates of deposit
♦1st 6s series C
Low
44
39
O A
♦1st 6a serlea B
♦1st 434s series
High
*
6a—1936
1964
{{♦N O Tex A Mex n-c inc
Oct.
Week's
Friday
1034
1334
57
1034
3634
3334
1354
934
1434
284
1154
9
1154
350
9 34
9
3034
3334
Volume
New York Bond
145
bonds
N.
STOCK
Y.
Last
EXCHANGE
Price
1989
m n
{♦1st terminal A unifying 5s. 1952 J
J
30 H
J
20
1990 J
4b.-1968
J
$♦84 Paul E Gr Trk 1st 4%s—1947
$*St Paul & K C Sh L gu 4 Ha. 1941
J
J
f
a
con g
D
74
High
100
36
74%
30
65%
15%
54
30 h
15H
11
Low
5
32
83
41
11
fPacific ext gu 4b (large)
1940 J
J
St Paul Un Dep 5b guar.
1972 J
J
S A & Ar Pass lBt gu g 4a
1943 J
J
San Antonio Pub Serv 1st 6b..1952 J
J
121
113
89
92%
109h
San Diego Consol G A E 4s..-1965 IVI N
Santa Fe Pres & Phen 1st 5s.. 1942 m
J
♦Guar
1946 J
J
f 6 Ha series B
s
*
"22"
J
o
{♦Refunding 4s
16
10
♦Ref A gen 5s series D
Shinyetsu El Pow 1st 6 Ha
1952 J
♦Certificates of deposit
Walker (Hiram) G&W deb4%s,1945
Walworth Co 1st M 4s
1955 a
1955 a
25
5%
552
6%
23%
$»Warner-Qulnlan Co deb 6s. .1939
250
22%
$ ♦Warren Bros Co deb 6s
20 h
8
6%
17
38%
6h
304
3%
14%
14%
3H
5
J
56 H
1946
1941
a
30
5
99
227
93
60
5
56 H
a
20%
71
18%
25%
68
85
102%
71
1951
97%
—.1950
105
South A North Ala RR gu 5s
1963
South Bell Tel A Tel 3%s
1962
Southern Calif Gas 4 Ha.
1961 M
1965 F
74
85
1952
92
36
98
31
94 %
104 H
63
105h
122H
5
98 H
100 %
35
106 H
107
106H
106%
14
S
1st mtge A ret 4s
Southern Colo Power 6s A
106 H
107
1947 J
j
100 H
100H
104h
14
Southern Kraft Corp 4 Ha
1946 j
D
95H
89H
96
73
94 H
97 h
69
a
12
;
69
110
70
64
70
130
64
98
68 %
63
70
150
63
97%
68 H
63
70
168
63
97%
93 H
^So Pac of Cal 1st con gu g 58—1937 M n
J
So Pac RR 1st ret guar 4b
1955 j
1st 4s stamped
1955
78
82
69
O
72
70
88 H
95
269
104 H
1950 a
103 H
106 h
94 H
100316
99h
99H
1994
1956
"93"
Devel & gen 6s
1956
71 H
Devel & gen 6 Ha
1956
1996
1951
1938
75H
1938 M S
89
d
1964 J
D..1960 M n
107
Mem Dlv 1st g 5s
St Louis Div 1st g 4s
East Tenn
reor
lien g 5s
Mobile A Ohio coll tr 4s
Standard Oil N J deb 3s
189
100',6 103%
94% 108%
83
63
80
117
206
7
91h
102
31
98H
11H
100
55
18
15%
31
103
95%
109%
98% 106%
40
11%
101
106%
97
137
98%
"80~~
M N
"59 %
"82" '245
106H
104H
106%
Tenn Coal Iron A RR gen 5s—1951
118
95
102
103
98H
Funding A real est
25-year gold 5s
59% 159
102% 107%
"85""
_82%
"85%
17
106%
116%
18
106
7
115
109
"94"
1951
1943
103H
2000
117"
Gen A ret 5s series B
1977
1979
Gen A ret 5s series D
Third Ave Ry 1st ref 4s
1960
J
..Jan 1960 A
♦Adj inc 5s
{♦Third Ave RR 1st
g
O
1952
J
5
92
23
D
30
60
8
226
85
96H
100
"159
57
106
51
Tol A Ohio Cent ref & Imp 3Ha 1960
Tol St Louis A West 1st 4s
1950 a
Tol W V A Ohio 4s
ser
1942 M
C
16
101
1949
Tri-Cont Corp 5s conv deb A.. 1953
Tyrol Hydro-Elec Pow 7 Ha—-1955
Guar
sec s
5%
102%
93%
90
90
.1952
J
Union Pac RR 1st A Id gr 4s... 1947
j
112H
111%
S
105H
103
S
115H
115%
115%
1st Hen A ref 5s..
June 2008 M
O
1971 M n
35-year 3H8 debenture
United Biscuit of Am deb 5s... 1950 A O
106
1953 ivi
s
.1944 ivi
U S Rubber 1st & ref 5s ser A.. .1947 j
♦Un Steelworks Corp 6 Ha A.. .1951 j
♦Sec
s
f 6 Hs series C
.1951 j
♦Sink fund deb 6 Ha ser A... .1947 j
.1944 A
.1944 f
J
.
...
91%
11
7
rl05%
112%
176
74
110
93
■
92%
2
10
37
29
84%
157
"2
25
106
103%
105%
23%
23%
19%
205
108%
15%
15%
91
10%
22
43
12%
6%
9%
19%
91
88
92
25
88
92
88%
93%
96
.1947 j
D
45
42
45
213
41
A
45
42
45
162
41
week "and ^not Included in the yearly
maturity.
90%
94%
cons g
4s series A
Cons s f 4s series B
{♦Vera Cruz A P 1st gu 4 Ha
{♦July coupon off
f
1957 M n
1934
under
.
,
.
week and not Included
-•••'
New
//
York Stock Exchange,
Total
Stales
Bond
For'n Bonds
Bonds
Bonds
$4,407,000
9,589,000
15,706,000
12,629,000
12,970,000
12,464,000
45
21,936,541
Week Ended Oct.
693,000
14,266.000
$5,839,000
$82,094,000
Jan. 1 to Oct.
22
1936
1937
1936
1937
15,043.000
14,810,000
424,000
22
New York Slock
Exchange
20.707,000
748.000
$8,490,000
Sales at
21,936,541
9,831,262
339,023,934
387,920,150
$5,839,000
67,765.000
$6,947,000
7,358,000
58,469,000
$324,417,000
288,109,000
1,752.875,000
2,348,060,000
$82,094,000
$72,774,000
$2,365,401,000
$2,858,167,000
Stocks—No. of shares.
Bonds
Government...
——
8,490,000
State and foreign
Railroad and Industrial
W
Total
$244,238,000
265,869,000
Stock and Bond Averages
daily closing averages of representative
listed on the New York Stock Exchange
compiled by Dow, Jones & Co.^
Below
are
the
stocks and bonds
as
105%
10
Date
j
2%
j
4
20
20
10
4
Total
Total
10
First
Second
10
Grade
Grade
Utili¬
40
Rads
ties
Bonds
Rail¬
Utili¬
70
Indus¬
trials
5%
J
30
Indus¬
113%
J
Bonds
Stocks
90% 111
110% 111
110
803,000
2,888,000
1,497,000
2,113,000
1,666,000
1,416,000
1,109,000
$67,765,000
Sales
$5,379,000
11.889,000
$283,000
$689,000
67%
Vandalla
105
7.
4,338.520
3,638,601
2,118,690
69
.1959 f
a
7
96
157
101
United
1,320,430
88% 106%
1941
1955
24
7
State,
7,288,080
Total
32%
O
Vanadium Corp of Am conv 5s.
6%
10%
Municipal A
Friday
32%
A
♦Debenture 5s
32%
25%
12%
28
96
100
23
20
*6%
100%
Mis cell.
Thursday......
33%
23%
6
Utah Power A Light 1st 5s
$*Uti I Power A Light 5 Hs
89
106% 115
35%
10%
2
10%
62
Railroad A
3,232.220
103% 107%
Utah Lt A Trac 1st A ret 5s
4
31
108%
j
the current
the
at
Monday..
170%
104H
19%
91
89
o
^
Tuesday...—
Wednesday
36%
17
J
78
transacted during the current
Saturday
114%
25
23%
99%
102% 104
97% 104%
Number of
Shares
Oct. 22, 1937
91% 101%
105% 109
72% 103%
112
23%
5
Stocks,
109%
111% 116%
91
101%
111
110%
D
"97%
"■
Week Ended
116%
110
D
47
102%
102%
97%
10
Daily, Weekly and Yearly
23
111
"25"
12%
8%
9%
Bonds selling flat.
Transactions
103
106%
72%
74
No sales.
116% 121%
101
114%
117%
94
106
84 H
19
Ex-Interest.
x
Deferred delivery sales
74% 97%
102% 105
105%
91
92 H
s
j
.1934 J
{$*United Rys St L 1st g 4s
3 Hs. .1946 ivi N
U 8 Pipe A Fdy conv deb
13
101
94
.1970 A
106
104%
116%
105H
June 2008 M
11
72
A
1st lien A ret 4s
47
12%
8%
during current week, a Deferred delivery sale; only
week,
n Under-the-rule sale; only transaction during
{ Negotiability impaired by maturity
t Accrued
during current
z
100
97
*11
12%
J
,7.
.
♦
101%
116%
10
in the yearly range:
123
104
102%
105
16%
$ Companies reported as being In bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act. or securities assumed by such companies.
*
Friday's bid and asked price. No sales transacted during current week.
119
6
o
...
116
10
${»Unlon Elev Ry (Chic) 5s... .1945
United Drug Co (Del) 5s
U N J RR & Can gen 4s
5
95
104 H
98
IT Bonds called for redemption or nearing
102% 107%
106
Union Oil of Calif 6s series A... .1942
34-year 3 Hs deb
5
95
j
32
Cash sale; only transaction
r
103
104
.1962
103%
98
-V.. -K-
transaction
108%
J
Union Electric (Mo) 3Ha
3 Ha debentures
96
j
69
113%
85
18%
1961 ivi N
83
ivi N
S
106
105
12%
range:
46%
117
A
"17
93%
102%
*
Cash sales transacted during
107
111%
$*Wor A Conn East 1st 4 %s... 1943 j
Youngstown Sheet A Tube—
1st mtge s f 4s ser C
100%
96
85
♦Certificates of deposit
{♦Sup A Dul dlv <fe term 1st 4s *36 ivi N
e
74%
111
j
a
75
105
93%
J
Wilson A Co 1st M 4s series A..1955 J
96% 101%
s
.1945 ivi
7
108
73%
ivi
UJigawa Elec Power s f 7s
75
74%
*107%
D
S
104H
63% 109%
19
25%
64
98
1938 j
79% 101%
104%
118%
...1952 f
f 7s_._
102H
o
D
Toronto Ham A Buff 1st g 4s. .1946
Trenton G A EI 1st g 5s^
D
54
5
84
A
Wilmar A Sioux Falls 5s
108%
92
34
54
20
75
D
Tokyo Elec Light Co Ltd—
1st 6s dollar series
20
~82"
1942 j
107% 110%
5H
Too"
1953
Tide Water Asso Oil 3 Ha
66% 107%
149
90% 108
109%
30
7H
J
93
74%
71
106%
90
43
*79%
34
1937 j
5s..
65% 111%
74%
65
115% 128%
92
92%
92
109%
43
70
7s A. 1935 MN
1949
40%
39%
100% 104%
71
1949 M S
1947
16 H
46
72%
70
s
.1960 J
16%
212
100%
100%
65%
1966 M S
gen 4s
10
99
109%
89% 106%
98
108%
106
111%
78
22%
16%
d
$»Wllkes-Barre A Eastgu 5s
100
93
90%
92
109%
117%
90
91H
1980
1964
"22
107
115H
107
16%
ivi N
$*Wlckwlre Spencer St't 1st 7s. 1935
j
♦Ctf dep Chase Nat Bank
89% 108%
105%
110
105
94
t
89
107
123%
117
111
102
21%
100%
1940 MN
105% 111%
103%
91H
Gen A ret 5s series C
1
19
227
109
89H
100H
1953
Texarkana <fe Ft S gu 5Hs A...1950
97
98
"22%
J
White Sew Mach deb 6s
118%
Texas Corp deb 3 Ha.
TexANO con gold 5s
Texas A Pac 1st gold 5s
105%
89%
o
a
1966 f
109%
116%
106H
116H
g4Ha—-1939
1944
Tex Pac Mo Pac Ter 5 Ha A
102
Wheeling Steel 4%s series A
"82% 104""
f g 4s
106%
97
106%
98%
96%
1
payable at exchange rate of $4.8484
Tenn Elec Pow 1st 6s ser A
s
106% 111%
interest
17
Gen refund
16
14
93% 105
100h
gold 5s
110%
week,
115
cons
109
current
93H
1st
110%
101
Conv deb 3%s_
127%
116
55
99
J
$»Wis Cent 50-yr 1st
1
119%
2361 j
Winston-Salem S B 1st 4s
110%
108% 112%
104% 108%
121%
J
conv
106
17
107%
106%
121%
J
♦Ctfs for col <fc ref
102%
99
J
2361
100
*108
126
115
"98"
Term Assn of St L 1st
107
80
100
107%
76
77
119%
j
D
55%
30
119%
West Shore 1st 4s guar
ser
44%
28
J
...1960 ivi
Registered
100%
70
220
S
1951 J
Wheeling <fe L E Ry 4s
40
70
j
1950
g 4 %s
No sales.
Tenn Cop A Chem deb 6s B...1944
Tennessee Corp deb 6s ser C
1944
1947
38
*106
1938 j
30-year 5s
103
50
115
85
53%
44
103% 109%
67%
90
92%
99%
"191
70
52%
30
39%
10%
86%
"34"
o
1943
12
72
73
"85"
S
43%
10%
"51
105%
*83
1946 ivi s
...1946 ivi 8
A
89
28
103%
67%
73
♦Certificates of deposit...
105
80
107
101
112%
85%
105%
110%
105%
100
105H
13 %
63
71
101
1943
♦Studebaker Corp conv deb 6s. 1945
Swift A Co 1st M 3%s
1950
ser
Western Union coll trust 5s
90% 103
89%
80
60
101
94 %
"
99H
103
43%
75
166"
j
89
58 h
*
1961
Staten Island Ry 1st 4Hs
91
43 H
60
*
♦{Spokane Internat 1st g 5s...1955 J
Staley (A E) Mfg 1st M 4s
1946
58
1966
RR 1st consol 4s
88% 102%
103% 109%
"93" "48
"89"
57
8-western Bell Tel 3HsserB
S* western Gas A Elec 4s ser
100%
100% 100%
Devel A gen 4s series A
Southern Ry 1st cons g 5s
94% 101%
72
99%
82
San Fran Term 1st 4s
14
1952
♦5s assented
100% 106%
89% 100%
77K
10-year secured 3%a
Gold 4 Ha
2
8
♦Westphalia Un EI Power 6s...1953 j
1968 m s
1969 ivi N
1981 M n
j
1946 J
Gold 4 Ha
Gold 4 Ha
13
1977
West N Y A Pa gen gold 4s
I
Southern Natural Gas—
1st mtge pipe line 4Hs
1951 A o
So Pac coll 4s (Cent Pac coll)-.1949 J D
1st 4 Ha (Oregon Lines) A—1977 M S
14%
104"
j
$♦ Western Pac 1st 5s
98% 100%
105
107%
101% 107%
41
1
12
12
d
1st mtge 3%s series 1
130
118
122H
12
50
"*49
10%
1939
Western Maryland 1st 4s
1st A ref 5 %s series A
94% 102%
100% 107%
T65%
ivi
1950
82%
3
44%
41%
44
15
"14
10%
]"d
Gen mtge 3%s
1967
West Penn Power 1st 5s ser E..1963
1st mtge 4s ser H
1961
73
10%
10%
10%
13%
1939 M S
f 5s
s
99%
*12
1941 ivi
Westchester Ltg 5s stpd gtd
100
50%
19
20 %
19H
89%
54%
"62" "~~6
62
Wash Water Power
81
71%
97%
"10%
14
3%s—2000 F a
Washington Cent 1st gold 4s— .1948 Q-M
Wash Term 1st gu 3%s
1945 f A
1st 40-year guar 4s
1945
102
100
*98%
1951 m s
♦Silesia Elec Corp 6 Ha
Slleslan-Am Corp coll tr 7s
Simmons Co deb 4s...
6
93
5H
99
60
60
91
Warren RR 1st ref gu g
17
97
55
o
20
68 debentures
Warner Bros PIct deb 6s.
10h
6h
82%
58
o
20%
11
5H
5H
D
1935 J
f 7s
f 6 Ha
60
1980 AO
6H
20 H
S
98%
86
106%
*
12
6H
6H
a
1951 M
103%
45
13
10
m~s
69
15
104%
20%
5
204
107%
51
46
s
2%
62
8h
101
77
45
a
35%
36%
13%
10
112
5h
5
♦Series B certificates—.—1935 f
Skelly Oil deb 4s
Socony-Vacuum Oil 3 Ha
16h
2H
7%
146
69
♦Certificates of deposit
121
19
5H
m"s
1945
1933
Shell Union Oil deb 3 Ha
s
43%
o
a
s
44
25
a
$♦ Seaboard All Fla 6s A ctfs—.1935 f
♦Debenture
43
27%
9
113
102
74
46
1978 AO
19
2
110
104
.
♦Certificates of deposit
♦Ref & gen 4 %s series C
41
101%
s
1976 F
28
"28
ivi
5%s A. 1975 ivi
gen
10
♦Certificates of deposit
{♦Alt A Blrm 1st gu 4s
♦{Siemens A Halske
$ ♦Wabash Ry ref &
♦Certificates of deposit
28
85
93%
♦Ref A gen 5s series B
23
♦13
o
1941
103
1
J
1939 j
1941 A o
♦Toledo A Chic Dlv g 4s
"~4
85
j
41%
19
♦110
o
1959 A
♦Certificates of deposit—
♦1st & cons 68 series A
20
26%
"28~~
1989 m n
{$*8eaboard Air Line 1st g 4s__i950 a
{♦Gold 4s stamped
1950 a
♦Adjustment 5s.
Oct 1949 f
"2
28
o
A
Scioto V A N E 1st gu 4s
20
1941 J
103
85
J
115
110
112
"26"
1946 A
♦Stamped
5
108
108
s
$*Schulco Co guar 6 Ha
♦Stamped
46
1954 j
67
45
47%
103
A
♦Des Moines Dlv 1st g 4s
♦Omaha Div lstg3%s
89
103%
108% 112%
105% 110%
65
*40
8
......1939 f
♦1st lien g term 4s
♦Det A Chic Ext 1st 5s
124
High
8
41%
104% 109%
28
1939 IW N
101% 106%
Low
88
1966 ivi
102 h
108H
11%
107%
♦$Wabash RR 1st gold 5s
102 H
♦119
91%
8
106
Virginian Ry 3%s series A
♦2d gold 5s
No
10
107
27
7%
High
d
Va Iron Coal A Coke 1st g 5s... 1949 ivi S
Va A Southwest 1st gu 4s
J
2003 j
1st cons 5s
1958 a o
St Paul Minn <fe Man—
Jan. 1
Asked
A
1955 M n
1942 J
37
10
2
10h
7H
Bid
Low
100% 109%
2
100 h
Since
Friday
Sale
Price
♦Vertlentes Sugar 7s ctfs
Virginia El A Pow 4s ser A
Range
Range or
Last
Week Ended Oct. 22
24
20
30
N. Y. STOCK EXCHANGE
Jan. 1
No
36
100 H
10
bonds
Since
si
76 h
36
J
♦Gen & ref g 5b series A
High
74
♦2d g 4b Inc bond ctfs-—Nov 1989 J
St Paul A Duluth 1st
Range
Friday
A
Asked
Bid
Low
$St L SW 1st 4b bond ctfs
2665
Week's
Friday
Range or
Sale
Week Ended Oct. 22
Record—Concluded—Page 6
Week't
Friday
roads
ties
Slocks
trials
Rails
'
35.28
21.88
44.86
104.85
105.93
101.86
95.53
135.48
35.03
22.43
45.64
104.81
105.64
68.99
101.70
95.29
Oct. 21.
1
132.26
69.46
Oct. 22.
104.11
105.13
66.73
101.59
94.39
Oct. 20
Oct.
19.
134.56
32.65
21.65
44.54
126.85
30.09
19.65
41.57
103.46
104.69
63.55
100.91
93.15
41.52
104.10
105.24
66.45
101.24
94.26
44.91
104.46
105.75
67.61
101.95
94.94
Oct.
18.
125.73
30.55
19.84
Oct.
16
136.48
33.33
20.96
New York Curb
2666
Exchange—Weekly and Yearly Record
Oct.
23,
1937
NOTICE—Cash andrdeferred 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
week beginning on Saturday last (Oct. 16, 1937) and ending the present Friday (Oct. 22, 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:
Friday
Sales
Last
Par
for
of Prices
Low
High
Class B
Low
Shares
16
16
100
16
Oct
24
Sept
7% 1st preferred
an
Oct
6
Mar
Borne Scrymser Co
Feb
38
May
22
Feb
{Botany Consol Mills Co.*
Bourjols Inc..
Oct
4
May
Bowman-Biltmore com— *
IX
2%
2X
13,400
OX
X
8X
IX
2,700
6%
4,900
IX
2
1,800
X
1%
Oct
23
20
Conv preferred
15
57
400
%
X
Ct Southern. .50
300
17
7
716
--
57
Oct
80
55
Oct
87
Jan
Brewster
110
50X
Oct
77
Jan
Bridgeport Machine
2X
2X
400
2%
Sept
Sept
2
ix
IX
100
11%
700
16
50
16
Oct
104
7,950
76
Oct
112
1,150
1,400
109
112
109
14
14
Inc—10
American Beverage com..l
American Book Co
100
Amer Box Board Co com.l
American Capital—
Class A common.--10c
Common class B
10c
Class B
"7%
„
---*
1
12%
1%
MOO
com...*
*
Amer Gas & Elec com
Preferred
10c
American General Corp
Mar
7%
Oct
1
Oct
60
Sept
5
Oct
X
600
Oct
X
Oct
32%
3%
76
25
IX
100
11
2
5,900
Oct
42
Oct
1%
Oct
89%
5%
14
5%
900
4%
29,600
550
Oct
22%
Oct
36%
Feb
50
27
Oct
42
Feb
8
Oct
32
Jan
May
37
Mar
14
Oct
38
Feb
Apr
8,800
10
Oct
200
23
Oct
28
800
15
Oct
26%
28%
54%
100
1
Amer Meter Co
*
Amer Pneumatic Service.*
Amer Potash & Chemical.*
79%
79%
10
79%
Oct
82
X
1%
20,500
%
Oct
Preferred
Amer Maracalbo Co
28
20
X
2
3
X
*
6%
5X
2,800
IX 108,800
200
16%
4
4
4
*
.....
1
IX
Wupperman__l
2X
12
Appalachian El Pow pref.*
103
5,200
Oct
%
25
Sept
Oct
3
X
10%
Oct
2,800
2%
8%
210
100%
Oct
8X
Oct
%
6,200
%
Oct
2X
4
26,400
2%
Oct
Capital City Products
Carlb Syndicate
Jan
Carman & Co class A
*
4
2
4%
72,500
10
7
4%
7
Arkansas P & L $7 pref...*
Art Metal Works com
5
7%
4%
Ashland Oil & Ref Co
4%
1%
6,500
2
Oct
4%
75
8
4%
Oct
Sept
"5", 900
4%
Oct
23,700
1%
Oct
£1
11%
10%
11%
900
Common
1
—1
10%
Oct
%
1%
5,900
%
Oct
1%
32.600
10%
'l6
22,600
1
9%
5%
'16
*
$5 preferred
1%
1
'32
Option warrants
7,300
1
Oct
5%
Oct
Oct
Assoc Laundries of Amer.*
V t c common
Atlanta
July
Carnation Co
*
3u
83
Feb
Feb
Feb
Corp warrants
Corp
1%
Atlas Plywood
*
£16%
Austin Silver Mines
1
5
2%
Oct
2,200
11,800
6,200
9%
%
1%
Oct
1
Automatic Products
%
Automatic Voting Mach..*
Avery (BF)
5
Axton-Fisher
Oct
Oct
900
8
3,550
3,000
4,100
4
Oct
Sept
3
Oct
Oct
3
Oct
5%
30%
51%
25%
Oct
50
42
Oct
1,800
20
Oct
150
93
June
95
13%
1%
19%
7,700
13%
Oct
106%
31%
1%
400
1%
Oct
5
X
X
300
3%
3%
3%
7is
2,700
18%
32
3%
2
%
800
l'i«
8
%
Oct
1%
1'ie
1
Jan
"is
Oct
'is
Sept
1%
%
5}
Mar
Jan
16
%
3,100
13,500
4%
4%
800
14%
3%
225
15
4%
4,400
2%
3%
800
%
1%
23,400
11
6
"ix
%
15
800
1%
19
100
4
500
20
1%
28%
6%
"3%
300
1%
80
23%
6%
33%
10
15%
60
25,100
1,800
4,300
Oct
14%
Feb
10
Oct
June
July
20*366
2
Oct
38%
42%
10%
275
92
Oct
6%
"*3%
19
96
Feb
22%
Feb
Sept
Apr
13%
3
Mar
Jan
Cent P & L 7 % pref
100
Cent & South West Utll 50c
Cent States Elec com
1
5%
39%
Jan
6% pref without
Jan
7% preferred
?32
IX
Jan
Feb
Conv preferred
100
Conv pref opt ser '29.100
% May
Centrifugal Pipe
*
Chamberlln Metal Weather
4
Jan
29%
3%
9
Mar
Mar
Feb
Mar
Aug
warr
100
.100
Strip Co
5
Charts Corp
Gherry-Burrell
1
2%
1
7
10,500
32,100
2,350
15
350
%
2%
7
%
4%
2%
4%
6.400
2%
Oct
7
Mar
7%
6
7%
600
6
Oct
19
May
9
90C
50
7%
22%
Cct
24
95% 100
300
95%
Oct
7%
24
Chic Rivet & Mach
Chief Consol Mining
"9%
32
47
7
1
11%
*16
716
100
"46"
*
2%
22%
5
Oct
15
Aug
1%
Oct
5
Mar
1%
Oct
8
Feb
Clark Controller Co
Oct
21
Feb
Claude Neon Lights Inc_.l
Clayton & Lambert Mfg..*
Cleveland Elec Ilium
*
5%
3%
Aug
Cleveland Tractor com...*
CUnchfleld Coal Corp. .100
Club Alum Utensil Co
*
30
50
1%
"l%
600
32
4,800
6,400
7
725
30
2% 173,800
Cockshutt Plow Co com..*
Benson &
1%
2,500
Get
4% May
2,700
6,000
8
Oct
July
3%
2
Oct
Mar
30
159
Feb
X
1%
%
375
*
pref
8%
6%
Bliss (EW)4Cocom
6%
12%
4%
u v
*
9
12%
7%
5
1,200
50
12,900
24
15
1%
For footnotes
*
see
page
asal
Mar
Feb
4
Jan
Oct
2%
9
30%
Oct
Oct
6%
12
4%
88
1%
25
6%
1%
2671.
5
Feb
Mar
Feb
14%
July
Oct
15
Sept
Oct
24%
Oct
925
5,300
5,500
Sept
10
15
Oct
41
1%
38%
Oct
Oct
4%
48%
43%
4
Oct
6
Jan
Sept
Aug
Jan
Jan
Jan
£1
warr.
Oct
Sept
Feb
Sept
Apr
76% May
18% July
Oct
1%
15
2%
92%
Apr
Oct
5%
Jan
Feb
23%
2%
5,700
13
20%
170
13
Oct
58
Jan
30
125
27
Cct
79%
Feb
28
25
28
Oct
76
Feb
15%
4%
Feb
40
Apr
4
6%
3%
20
3%
500
9,800
100
300
21
1%
34%
500
2
6%
8,300
3%
3%
200
1%
4
1%
%
200
Oct
Oct
-3%
20
4,800
3
3
Oct
1%
13,200
%
32%
Sept
Oct
H
3
Jan
3%
Jan
Jan
Feb
Mar
10%
48%
2
Oct
16
Aug
3%
Oct
9
Apr
%
Cct
7%
3
2%
3%
19,400
2
3%
3%
3%
3
Oct
6
2%
6%
1,500
19,400
2%
Oct
100
5%
Oct
Sept
Sept
Sept
8
60
Oct
32%
12
8
Colt's Patent Fire Arms.25
19
Oct
10
$3 opt conv pref
Blumenthal (S) & Co
6% conv pref
Colorado Fuel <fe Iron
41
50
1,500
41
Oct
57
62
150
57
Sept
2%
22
Jan
Jan
Mar
Mar
9%
8%
4%
24%
74%
Feb
Feb
Feb
Feb
Apr
Columbia Gas & Elec—
Conv 5%
preferred. .100
Columbia Oil <fc Gas
1
Columbia Pictures com..*
4%
2%
4%
44,300
2%
29
Oct
104%
10%
Jan
Jan
June
39
Jan
33
Aug
Commonwealth Edison—
New common
common._*
Bliss & Laughlln com
Blue Ridge Corp com...
Mar
%
6,500
1,400
Sept
Cct
7te
16%
27%
123
28
Cohn &
125%
5%
Oct
Jan
27
20
1
Rosenberger Inc.*
Colon Development ord
15
1%
Cities Serv P & L $7 pref. *
$6 preferred
*
170
%
24,900
10%
X
9
'30%
1%
30%? 33%
%
*
Blrdsboro Steel Foundry &
Machine Co com
♦
Blauner's com
*
Crtfs for
May
Sept
16
common
May
11%
4
Purchase warrants
conv
-
27%
8
Conv pref
$2.50
Jan
2
Berkey & Gay Furniture. 1
Blckfords Inc
£18
Aug
Jan
Oct
2,000
June
Jan
33*1
26*1
Jan
Jan
Oct
4,100
11%
11%
52
2%
11,100
103
Oct
3
8%
Oct
7
Jan
200
1%
2%
Apr
Oct
425
1%
1%
6
2%
91%
6%
2%
27%
6%
5
80
Oct
Oct
9
100
City Auto Stamping
*
City & Suburban Homes 10
%
3
1%
2%
Sept
Jan
2%
com..5
Chllds Co preferred
Cities Service common
7%
Mar
Mar
Mar
6%
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
4
1,500
57
105%
9
10
new
8%
Oct
75
2%
Die
6%
14%
Bardstown Distill Inc
113% June
15
Jan
June
Oct
10
560
124
Feb
Oct
Oct
117
6
Jan
Jan
Aug
Oct
2
116
67%
12
21,000
161% 161%
Oct
23%
Jan
Feb
74
2
116
| Sept
3%
102%
97%
300
4%
8%
100
35
Oct
Oct
1,500
Purch warrants for com..
Baldwin Rubber Co com.l
6% % Pi-100
Hedges com...
Oct
%
14
JBaldwln Locomotive—
Bell Tel of Canada
July
July
80%
*
Bell Tel of Pa
19
Jan
26%
8%
Oct
78
7%
Preferred BB
X
3%
12
Jan
%
15
2%
74
156
1%
Jan
Oct
Cct
%
15,900
Jan
May
*
com
Oct
Bell Aircraft Corp com..
Bellanca Aircraft com
23
Cent Hud G & E
60
Oci
Oct
Cent Maine Pow 7% pf 100
Cent Ohio Steel Prod
1
*
July
6
Jan
Jan
*
8%
3%
Feb
Preferred B
22%
Oct
Feb
15%
8%
Preferred
9%
31%
8%
7%
Oct
Jan
8%
Oct
95
"2
92
43
20
1
Oct
Oct
2%
%
28
14%
Oct
$1.50 conv pref
Beech Aircraft Corp
14%
3%
Feb
Feb
Mar
Oct
11%
16%
""260
Mar
3
Oct
10
20
75
%
78
16%
com..
32 Ji
Oct
20,200
15
3%
Oct
Oct
11
15
4%
22%
750
Beaunit Mills Inc
Mar
Oct
6,400
72%
Oct
Oct
Jan
27
6
3%
Jan
Mar
75
6%
100
Jan
Aug
90
1,100
"3", 200
Feb
Mar
900
3,800
6
38%
%
5%
Jan
Apr
Sept
Mar
6
8%
3%
2
Aug
Aug
Oct
Apr
75
8%
100
*is
3%
Feb
31
6
(L) & Co com..*
70
93
950
7% 1st pref
zl5%
28%
12%
Feb
June
3
8%
Baumann
85
Feb
Mar
72%
8%
10
9%
29
1
Barlow & Seellg Mfg A...5
Bath Iron Works Corp
1
Oct
10
17%
1
30
2%
22%
85
Stainless Steel... 1
39
42
16%
Barium
Oct
Sept
*
3
4%
1%
20
60
*
Feb
42
75%
10
_•
32
42
17
Class A common
Babcock <fe Wilcox Co
Jan
Oct
*
%
Tobacco—
33
25%
25%
1st preferred
1%
6%
Oct
Mar
Oct
1,400
$7 div preferred
Feb
Mar
20
Mar
25
Jan
13%
57%
3
430
13,300
26%
Oct
Jan
Oct
6,700
30%
Oct
96
Sept
X
IX
9% zl6%
Mar
21%
7% 1st partic pref.-.100
Celluloid Corp common. 15
90
20
Atlantic Coast Line Co-.50
Atlas
Carter (J W) Co common. 1
Casco Products
*
Castle (A M) com
...10
3
Jan
Oct
5%
Mar
1,600
*
common
com
1
Carolina P & L $7 pref.—*
$6 preferred
*
Carrier Corp
*
Catalln Corp of Amer
1
Celanese Corp of America
Sept
3
Feb
12%
31
60
*
Feb
Birmingham &
Coast RR Co pref
100
Atlantic Coast Fisheries..*
Oct
24
.*
42%
110%
13%
10%
Feb
16
3%
4
1%
Carnegie Metals
Assoc Gas & Elec—
Class A
7%
4%
3%
*
25c
Class B
Jan
Industries
Amer deposit rets
Marconi
Jan
12%
.1%
51
3%
1
Mar
Oct
13%
100 X 103%
1
X
30
*
B non-voting
Canadian
Oct
3%
1
Canadian Indus Alcohol A*
Oct
1
Arcturus Radio Tube..—1
Elec
Jan
Oct
OH
3%
Am dep rets A ord sh..£l
Am dep rets B ord shs.£l
Amer dep rets pref shs £1
Jan
Apr
3
41
*
Calamba Sugar Estate..20
Canada Cement Co com..*
Canadian Car & Fdy pfd 25
Oct
78
Arkansas Nat Gas com...*
Associated
2%
53
4,100
100
4
59
Feb
Cables & Wireless Ltd—
Jan
2%
Jan
Apr
Mar
8% May
Burry Biscuit Corp.. 12%c
Mar
Oct
2,200
5
Apex Elec Mfg Co com—*
20
100
250
78
78
16
3,500
%
35
25
Corp com*
Preferred
Burma Corp Am dep rets..
1,500
24
1%
X
Cable Elec Prod vtc__
£20
13
Mar
Aug
7%
19%
*
Jan
Jan
Mar
15
Common class A
Jan
Jan
25%
850
Mar
16%
100
33
*
$3 convertible pref
Warrants
Feb
10
Angostura
50
1
27%
"2" 000
1%
$6 preferred
*
Brown Rubber Co com—1
Bruce (E L) Co
5
4%
15
30%
14%
5%
21*1
108%
3%
77
200
*
Burco Inc common
23
American Thread pref
Anchor Poet Fence
Class A pref
Mar
July
27
--25
100
--*
Brown Co 6% pref.....100
Brown Fence & Wire com.l
Brown Forman Distillery. 1
3,500
8
Jan
Oct
May
*
Aug
Amer Mfg Co common
Preferred
Feb
Class B..
Aug
18%
14%
1st preferred
Am dep rets ord reg—10s
British Col Power class A.*
6%
14
Oct
Jan
Jan
8
Oct
28
£1
Jan
Apr
22%
.
Oct
26%
bearer£l
37
12
Apr
%
25%
Am dep rets ord
Amer dep rets reg
Oct
Oct
108X
17%
19%
16
19%
Oct
24
20
700
19%
Registered
17%
48%
112%
11%
108% 108%
%
%
2
1%
Mar
British Amer Tobacco—
$5 1st preferred
—*
Bunker Hill & Sullivan 2.50
Oct
Oct
British Amer Oil coupon..
Jan
Oct
7
7
700
8
Oct
9,900
10%
1,000
37
12
Oct
Sept
Oct
8%
Oct
21%
Oct
2
30
Oct
100
3
5,500
7%
28%
Buff Niag & East Pr pref25
26%
3,300
4
8
Buckeye Pipe Line
104
5%
—
Jan
12
3
2
IX
15
1%
2%
Jan
21%
5,200
5%
1,200
16%
7%
47
100
Oct
Oct
2%
18%
750
4%
24%
Sept
Oct
15
3,100
6,300
Feb
5%
4%
10
4%
41%
14,500
3%
X
700
200
23%
Oct
IX
2,900
X
10
1%
X
2%
Oct
1
4
2,000
16%
27%
1%
Jan
%
1%
27
4l"000
%
7%
2%
32%
916
4
24%
'25% "17% "26%
Feb
22
100
2
Jan
19
*
...
500
9,000
56%
Oct
7% preferred
100
Brilio Mfg Co common—
27
3%
Oct
9
Brill Corp class B
Class A
27
2
11
3%
18
Jan
130
*
27
3%
11
150
%
10
100
Class A
High
Oct
10
Bright Star Elec cl B
24 %
12
Am Superpower
*
Preferred
3H
British Celanese Ltd—
Mar
1%
25
X
Low
425
15%
9
1
Aeronautical..
Jan
Mar
24%
78%
*
Mach—20
Amer Seal-Kap com
Jan
Feb
May
5
Amer Hard Rubber com.50
25
Mar
140
120
Amer Invest (111) com
6% preferred
Feb
Mar
131
900
X
25
Amer Lt & Trac com
July
Oct
3,100
25
1
1
$2 preferred
$2.50 preferred
Jan
Jan
16%
26%
177%
119%
17%
14%
June
13
%
101
-
58
24
65
53
com—1
Amer Foreign Pow warr—
Oct
5
11%
Amer
Equities Co
Oct
4%
52
m
52
25
26
Cyanamld class A. 10
Class B n-v
—10
1,900
Oct
14
Jan
Mar
120
|3 preferred
*
15.50 prior pref
Amer Centrifugal Corp—1
Am Cities Power & Lt—
Class A
350
.....
American Airlines
Class A with warrants
6
81
65
70
100
14%
4%
Aluminium Ltd common
Oct
16
100
6% preferred
Oct
Oct
5
76
_
94%
Mfg—*
com*
preference
X
13
5
5%
11
Range Since Jan. 1 1937
Shares
3
Breeze Corp
50
170
June
15
100
63%
"
Amer Laundry
2d preferred
Brazilian Tr Lt & Pow...*
57%
2%
10
--25
Co common..*
Amer Fork & Hoe
Jan
60%
Aluminum Industries
Amer
Jan
100
25
100
55
com*
13 conv pref
6%
Oct
4
3%
7% 1st preferred
50 X
Allied Products com
Aluminum Goods
X
Jan
54
AUlance Invest common.
Allied Internat Invest
Class A
Sept
7
700
5%
34%
Jan
63
pref
$6 pref erred....-—Alles «fe Fisher Inc com...*
Price
Bohack (H C) Co com..
56%
IX
Aluminium
Par
Oct
IX
Alabama
Week
25
8X
Ala Power $7
for
of Prices
Low
High
850
common—*
Warrants
Week's Range
Sale
33%
Oct
Investors
Last
High
Agfa Ansco Corp com
1
Ainswortb Mfg common—5
Air Devices Corp com
1
Air
Sales
STOCKS
Continued)
Range Since Jan. 1 1937
25
31
class A.*
*
Aero Supply Mfg
Friday
Week
Price
20
Acme Wire v t c com
Week's Range
Sale
STOCK!
Commonwealth
Warrants
25
25%
20%
26%
11,300
20%
Oct
%
316
8,400
X
Sept
4 Southern
7ts
Jan
New York Curb Exchange—Continued—Page 2
Volume 145
Friday
STOCKS
Last
(Continued)
Week's Range
Sals
Par
Commonw Distrlbut
2667
Sales
1
Oct
9u
600
Cities Service Co.
High
Low
Shares
"16
16
Range Since Jan. 1, 1937
for
Weet
of Prices
High
Low
Price
2X
Jan
Community P A L J6 pref *
13
23
875
13
Oct
64
18
20
150
18
Oct
34
Common
Jan
Preferred
and
Jan
Community Pub Service 26
Community Water Serv__l
X
X
12 X
X
2%
Oct
17X
Jan
WILLIAM P. LEHRER CO.,
Conn Gas A Coke Secur—
Consol Biscuit Co
1
3%
2X
3X
2,900
Consol Copper Mines
6
Consol GELP Bait com *
4%
3X
5X
68 X
54,100
6% pref class A
60
100
Consol Gas Utilities
110
IX
H
Consol Min A Smelt Ltd.5
56%
48X
4%
3X
1
2X
Oct
Par
Sept
IX
21,700
2X
275
69 X
Fire Association (Phlla)
Oct
Oct
First National
100
com.. 10
"hx
Flak Rubber Corp
Oct
Florida P & L $7 pref
Oct
7X
Oct
Oct
"ix ~~2~x
19
6
'~2~X
1
3X
$6 preferred A
Cosden Petroleum
conv
10
High
Oct
82%
Jan
109% June
114%
Mar
18%
Mar
58
150
50
Oct
92
Mar
21%
28
1,650
21%
Oct
65
Mar
6
5%
Oct
14
Oct
17
Oct
8%
29%
31%
2%
Oct
5%
21,300
3%
Oct
Franklin Rayon
18%
17
18%
600
5%
100 frcs
Fox (Peter) Brewing
5
Oct
14
15,100
9,800
Feb
Feb
Jan
Ford Motor of France—
Oct
IX
7%
18
*
Class B
Amer dep rets
7%
1,000
5
Oct
7%
"ex
Corp com 1
13X
12
12 %
20 X
X
1,000
4
Oct
1,000
7X
1
*
X
X
%
Crown Cent Petrol (Md),5
Crown Cork Internat A.
5X
4X
5X
Crowley, Milner A Co
Gatlneau Power Co com
Jan
11% June
14% Feb
10
IX
2
7,200
3X
8%
Tix
Class A....
Dejay Stores
1
Dennison Mfg 7% pref. 100
8
Derby Oil A Ref Corp com*
Preferred
*
'~3X
Detroit Gasket A Mfg coml
10 X
200
"l
1
3X
19% May
900
20
3% May
8,000
3,100
11
Feb
8,200
10%
Jan
3,000
64
10%
10
16X
£1
Divco-Twin Truck com__l
10%
29%
5%
22%
400
9
9
Corp...5
30
50
Distillers Co Ltd
"~2~X "~3X
""800
1
"l4X
*10"
Dominion Steel A Coal B 25
3",700
28%
Domin Tar & Chem com.*
17%
5% % preferred
100
Douglas (W L) Shoe Co—
10
20%
60
14
Dubllier Condenser Corp.l
"2
100
55
1
*
H
X
5
3X
6
10
11X
*
Eagle Plcher Lead
3X
IX
6X
1,800
Oct
6%
79
1%
7%
10%
27%
Oct
3X
Oct
7
13,900
96
42%
111
Oct
4
800
12
7
Aug
50
Oct
X
100
4
"B"
Oct
52
675
61
52
14
105%
"4*900
"Hi
Durham Hosiery cl B com *
Duval Texas Sulphur
1,000
.....
Oct
Oct
55
150
23
55
60
10
100
Duro-Test Corp com
Feb
IX
35%
100
*
Aug
3X
16X
Oct
Feb
Sept
Sept
Apr
4% % prior preferred. 100
6% preferred
100
23
Oct
25%
1%
'32
1,000
200
65
~35~~
"l%
Edison Bros Stores
2
'II"
Eisler Electric Corp
1
IX
Elec Bond A Share com..5
9X
25
.....
Apr
Sept
Apr
Jan
Jan
100%
Mar
900
1
Oct
Feb
8%
Oct
3%
22%
61%
10%
Jan
Jan
26 X
39
2,800
26 X
Oct
71
Jan
26%
6%
82%
82%
13%
Feb
16X
*
54%
*
59
52 X
1
1
*
3%
3X
Common
1
$6 conv. pref w w
*
2X
IX
2
3X
IX
63 X
Electrographlc Corp com.l
Electrol Inc vtc
1
Elgin Nat Watch Co
20
1
com
50
European Electric Corp—
"MOO
7,000
264,600
2,400
4,200
1,900
3,400
10X
59
3X
3X
5X
2X
1
Fanny Farmer Candy
1
*
5
1
Fansteel
Metallurgical
Fedders Mfg Co
Ferro Enamel Corp
Fldello Brewery
23
Jan
24
Mar
Oct
Oct
4%
Jan
Jan
48
Oct
Feb
52%
Oct
Jan
2X
IX
Oct
22
Oct
3X
.
Oct
IX
Jan
9%
80
150
60
Oct
5
Oct
600
10
Oct
Jan
Jan
Oct
Oct
Jan
7%
98%
22%
Jan
Jan
Feb
Feb
Mar
225
20
Oct
17%
5%
40%
29 X
250
22 X
Oct
60
27
37X
300
25 X
Oct
72%
4.4
27
44
100
26 X
Oct
74
Feb
46 X
26 X
47 X
24
Oct
77
Mar
22
X
IX
3,200
2,050
1,750
27X
47
22 X
47
"~9X
22 X
150
9X
2,600
39,000
1,800
7
1
X
9X
IX
10X
8
24X
200
29
X
X
X
'16
2,000
20,600
1%
Oct
Oct
81
Oct
31%
19%
2%
Oct
10%
Feb
Mar
Jan
Oct
Oct
47%
Feb
Oct
X
8
24%
3i«
X
Oct
Aug
9,200
6,600
4,500
7
Oct
7%
5
16X
5X
9%
18X
300
16%
Oct
7X
800
Oct
600
5%
9X
15X
26
3,300
15%
Oct
10X
7
10X
3X
IX
7X
5
23
H
X
10X
X
4,000
Feb
Oct
7
Oct
7X
Jan
22%
5
10
Mar
26
550
5
3
Falstaff Brewing
Sept
200
*16
Falrchild Aviation
Jan
Jan
Jan
24
'
100
3
X
5X
3,700
2,900
Oct
Jan
Oct
10
530
13
IX
Option warrants
Evans Wallower Lead
Oct
6X
5
10
Esquire-Coronet
Eureka Pipe Line
16 X
3
5,700
63X
60
Elec Shovel Coal $4 pref..*
15
Empire Dlst El 6% pf.100
Empire Gas A Fuel Co—
6% preferred
100
6% % preferred
100
7% preferred
100
8% preferred
.,.100
Empire Power part stock
Emsco Derrick A Equip..5
Equity Corp com
10c
Oct
IX
34
22
28
4%
Option warrants
Electric Shareholding—
Oct
"l5X
54X
15 preferred
Class A
Oct
IX
13%
$6 preferred
Elec P A L 2d pref A
11X
24 X
225
6X
48
Elec Power Assoc com
100
25
X
5X
2671.
Oct
88
120
85
Oct
Sept
65
66
200
6
8
1,300
6
Oct
38
40
32
July
600
5
Oct
12,800
5
Oct
15
Jan
680
24
Oct
51
Feb
Oct
39%
Feb
Feb
5
1%
Oct
Oct
X
Oct
Oct
1%
3%
45%
27%
8%
11%
25%
17%
15%
47%
1%
6%
7
29%
9%
2,800
13
65
%
%
Gorham Inc class A
*
53 preferred
Gorham Mfg Co—
*
3%
extend.*
1
Grand Rapids Varnish...*
Gray Telep Pay Station. 10
Vtc agreement
Grand National Films Inc
2%
4%
9%
20
27
16%
22%
1%
1
9%
8
2,800
2%
24
Oct
107
Jan
Feb
11%
36%
95%
Apr
Apr
Jan
16
Feb
45%
12%
Feb
Aug
107
X
7%
Feb
Jan
Oct
38
Apr
Oct
Aug
7%
1
Oct
8
Oct
5,300
4%
Oct
33%
4%
18%
22%
840
1%
10
4%
Sept
X June
3,300
120
24
Sept
Oct
85
*
57 preferred
Goldfleld Consol Mines.. 1
*
77
100
25
Greenfield Tap & Die
*
Grocery Sts Prod com..25c
Guardian Investors
1
Gulf Oil Corp
25
Gulf States Util 55.50 pref *
16 preferred
*
74%
Oct
117%
Jan
150
116%
1,500
16,700
700
Feb
Feb
Feb
Mar
Mar
Feb
Mar
Aug
Feb
Mar
Feb
Jan
74%
79
116% 117%
30
27
16%
Jan
Jan
Jan
7%
4
8%
3%
3
4
Apr
4
Oct
16%
3
Oct
5,300
3,100
516
44%
22,100
516
200
S16
Oct
6
Jan
Jan
12
3%
12
3,400
100
Oct
July
90
June
10
2%
Sept
12
95
Jan
Oct
17%
7%
Apr
Jan
Oct
2%
24
1%
%
1%
1
70
%
%
5,000
12%
10
*16"
4
Jan
15
Feb
18%
17%
Feb
5
Oct
2,200
7
Oct
5
3,400
5
Oct
100
40
Sept
40
10%
23,700
5%
5%
200
5X
Oct
52
25%
9%
Apr
Feb
Feb
Mar
Apr
5
Sept
7
7
100
7
Oct
4%
5%
700
4%
Oct
10%
Oct
28%
Jan
"7% "l6% ~i",666
22%
7%
Oct
July
32
Oct
16%
47%
36
Jan
45
June
14%
Oct
5
10
32
300
14%
12%
35
15
11%
300
15
9
10
Apr
15%
1,300
10
Oct
33%
11%
22%
Jan
Jan
Feb
Mar
16
4%
400
1,176
»
63%
55
21%
65%
Hummel-Ross Fibre Corp 5
6%
4%
7%
Sept
2%
18%
%
%
7%
Oct
Oct
9
41%
112
101
Oct
200
11
Oct
16%
15%
Oct
42
Oct
87
34,200
11,400
3,100
55
600
July
Jan
Jan
Sept
Feb
Feb
%
Oct
12%
July
JaD
4%
17
Common
Oct
60
Hus8man-Llgonier Co..
JHylers of Delaware Inc—
Aug
1,900
26%
103%
15%
Jan
35
2%
102
Apr
Oct
18%
4%
11
9
5X
2 '
7% pref stamped
100
7% pref unstamped.. 100
Hydro Electric Securities.
Hygrade Food Prod.
5
Hygrade Sylvanla Corp..*
3%
13%
7
40
Jan
Oct
800
5%
Jan
Aug
Oct
10%
5
12
Humble Oil A Ref
15%
May
2,700
%
Sept
56
1
Jan
Feb
33
84
3%
33
Mar
1%
63%
72
16"
11
23
Mar
5
2%
38%
3%
50
14%
1%
35
2%
5
2%
700
2
Feb
Sept
400
7,100
39
700
4
15%
4,000
4,700
5%
2,800
6
Oct
27%
Feb
24
6
Co...*
Feb
26
Apr
5
Oct
13
Feb
1%
Oct
5%
Jan
Mar
Oct
53%
2%
Oct
11% May
8
Oct
3%
35
14%
Illinois Zinc
8
3%
13
16
950
Illuminating Shares cl A,
Imperial Ch '
Indust—
Am dep rets ord reg..£l
9
Imperial Oil (Can) coup.
18%
14%
Registered
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service 6% pf.100
18%
14%
7% preferred
100
Indpls P A L 6% % preflOO
Indian Ter Ilium Oil—
*
*
12%
36%
7%
5%
10%
10%
"84"
84
1%
1%
Oct
33% May
13% May
13
Oct
34
50
5%
Ctfs of deposit
Non-voting class A
Feb
47
8
25
Hartman Tobacco Co
*
Harvard Brewing Co
1
Hat Corp of Am cl B com.l
Hazeltlne Corp
*
Hearn Dept Store com..5
50
6% preferred
Hecla Mining Co...—25c
Helena Rubenstein
*
Class A
*
Heller Co com
2
Preferred ww
25
Hewitt Rubber com
5
Heyden Chemical
10
Hires (C E) Co cl A
*
Hoe (R) A Co class A—10
Hollinger Consol G M...5
Holophane Co com
*
Holt (Henry) A Co cl A..*
Hormel (Geo A) Co com
Horn (A C) Co com..—1
Horn A Hard art
*
5% preferred
100
Hubbell (Harvey) Inc...5
Hud Bay Min A Smelt-..*
Preferrred
128
27
Co com
Illinois Iowa Power
Oct
Oct
2,650
Hartford Elec Light
Class B
For footnotes see page
45
5
Hamilton Bridge
80
"16"
200
24
Feb
Oct
250
Feb
6,400
6X
12
Feb
Mar
Mar
Jan
Feb
Oct
8,600
Jt
Oct
38
6X
Gypsum Lime A Alabas..*
Hall Lamp Co
*
Haloid Co
5
Jan
May
2
IX
Ji«
96%
50
13
29%
7% 1st preferred
52
12
100
7
Gt Northern Paper
325
25
Oct
Sept
45
8%
*
Aug
Mar
6,900
3
IX
class A.*
....*
Class B..
July
4
IX
Oct
*32
Feb
Aug
Mar
Feb
10
50
*
Non-vot com stock
56
24 X
65
32%
*
Jan
2
12
_.*
97 preferred series A
*
$6 preferred series B
*
Easy Washing Mach B
*
Economy Grocery Stores.*
Oct
Great Atl & Pac Tea—
52
Iron. 25
Eastern States Corp
7% preferred
Ex-CeU-O Corp
Oct
*
Jan
East Gas & Fuel Assoc—
Common
Oct
85
100
Godchaux Sugars
1,900
15%
3X
Feb
19
Glen Alden Coal
30
10,900
26
Oct
6%
45
12%
7%
10X
2X
8%
68%
Oct
1%
Rubber—
*
89
15
Diamond Shoe Corp com.*
Duke Power Co
&
Preferred
IX
23
Oct
Oct
8%
66
Jan
10%
%
Gilchrist Company
10
7% preferred
Tire
Gilbert (A C) com
550
1,300
2
3
Mar
5,500
1
53 preferred
6,000
4
8X
98
3,700
Co A stock—*
General Telephone com_20
53 conv pref
*
Gen Rayon
200
68
2X
Jan
2,300
50
65%
8X
15
Detroit Steel Products—*
Driver Harris Co..
10
July
X
*
Gen Pub Serv $6 pref
Georgia Power 56 pref—*
12
63
6% pref ww
.20
Detroit Gray Iron Fdy—1
Det Mich Stove Co com.. 1
7% preferred
Draper Corp
100
9,400
Gen Water G & E com—1
21
6X
Jan
19
21%
85
300
5
14%
Oct
15%
'32
20,800
5,500
X
Oct
Oct
X
65
9X
16
Dayton Rubber Mfg com. *
Dobeckmun Co com
20
11X
'16
6X
10
6%
12%
10%
X
*
6% preferred A
Davenport Hosiery Mills.*
Preferred
19
reg.£l
Fireprooflng com
*
Investment com.l
General
Darby Petroleum com...5
Detroit Paper Prod
8%
66%
2%
Warrants
200
38
38
Cusi Mexican Mining.-60c
De Vllblss Co com
8%
66%
1%
56 preferred
'""466
8
3X
5X
*
Curtis Mfg Co
8X
66 X
2X
Amer dep rets ord
100
5
6% % preferred
*
General
3,800
2,000
""x"""'
t o.*
Cuneo Press Inc
200
15
75
1,250
Gen Outdoor Adv 6% pflOO
*
10
6% preferred
13
6%
Gen Electric Co Ltd—
25
Crystal Oil Ref com
9
16%
12%
100
5% preferred—
11,800
26,800
8X
"2"
15
12%
General Alloys Co
Gen
com..25c
15
1
46,900
27
3
15
Gamewell Co 56 conv pf..*
400
X
.1
preferred
Fruehauf Trailer Co
1,100
1,000
16
7
Common
16",400
26 H
Crocker Wheeler Elec
Eastern Malleable
112
5X
17%
Ford Motor of Can cl A..*
4,100
"ix "2%
£1
Croft Brewing Co
3X
16
Cramp (Wm) A Sons com.l
Creole Petroleum
5
Distilled Liquors
112
3%
"27"
Oct
4X
23", 900
2
"2X
60
com v
58
41
440
50
100
*
Conv
1
com
Courtaulds Ltd
Cuban Tobacco
Low
Shares
Froedtert Grain & Malt—
preferred
Crown Drug Co
Preferred
.....
ord reg..£l
Am dep rets
*
5%
High
41
53
Oct
21
Cord Corp
Corroon & Reynolds—
Common
$6 preferred
Oct
3X
3,900
4X
Low
Ford Motor Co Ltd—
9
9,600
9X
10
...100
..1
Oct
Oct
5,6
1,200
19
19
Price
Stores—
7% 1st pref..
4
300
4,200
19X
3X
8%
*
Copperweld Steel
Week
52
*
Copper Range Co
for
of Prices
3X
"""800
X
9X
9
10%
*
*
S3 prior preference
Week's Range
Sale
48X
4,700
72
»16
4
7X
Cook Paint A Vara com..*
com
Last
Oct
Oct
4
69 X
Cont Roll & Steel Fdy...*
Continental Secur Corp. .5
Range Since Jan. 1, 1937
STOCKS
(Continued)
X
800
5X
Sales
Friday
Oct
4,900
ix
57X
4X
"ix "ix
4%
Cont G & E 7% prior pf 100
Continental Oil of Mex
1
$4 preferred
110
INC
Teletype: N. V. 1-1943
2-5383
Oct
92
8% preferred
100
Consol Royalty Oil
10
Consol Steel Corp com
*
Cooper Bessemer
3X
60
10
HA
Oct
Oct
2X
1,200
110
1
Consol Retail Stores
Oct
38
*
Street, New York City
Wall
60
$3 preferred
VOTED
Mar
8X
1,200
Oct
2,600
8X
Compo Shoe Mach—
New v t c ext to 1946
BO UGHT—SOLD—Q
Sept
62%
Feb
8% June
9%
24%
Mar
Mar
9%
500
19%
19%
13%
22,100
14%
36%
8%
12
10%
85%
1%
1%
July
500
14%
Oct
Oct
24
Feb
3,500
12%
Oct
15
Mar
1,500
44%
Jan
35%
Oct
1,100
5%
Oct
15
Mar
60
Oct
Oct
36
Jan
20
10%
10%
39%
Jan
75
84
Oct
105
500
1%
Oct
200
1%
Oct
Jan
New York Curb Exchange—Continued—Page 3
2668
Sales
Friday
Last
WetVs Range
for
Sale
of Prices
Week
Pear
Price
High
Low
Low
Shares
V t
1
c common
7% preferred
100
Insurance Co. of No Am. 10
International Cigar Mach *
Internat Holding A Inv__*
Internal
X
8X
%
300
6X
8%
350
X
5X
Oct
Oct
Oct
53
46
63
3,200
46
19%
18
20 X
900
18
1H
600
1%
Pre! S3.60 series..—60
15
9X
8,000
16
X
X
X
2,100
Internal Metal Indus A._*
Internal'! Paper & Pow war
IX
International Petroleum.
Registered
30
"m "1%
23 X
35X
-
30 X
35X
International Products—*
2X
4
Internat Radio Corp——1
4
8
B.*
Internat Safety Razor
9X
X
10
"m
2X
Feb
Feb
Oct
Oct
75%
28X
4X
July
Feb
Feb
19",900
2X
25,300
23 X
200
33%
2X
3.900
6,000
Oct
Oct
Sept
Jan
4
Oct
Oct
July
Oct
Oct
44
2%
18X
9
Jau
Mar
*
Sept
Nat Auto Fibre A
Mar
National Baking Co com.l
Nat Bellas Hess com
1
8X Apr
15X May
IX Feb
National Candy Co com
*
National City Lines com.l
53 conv pref
60
Mar
900
X
Oct
400
Feb
7,900
Oct
Oct
21X
1
7X
X
3%
Feb
8
8
100
8
Oct
15% Sept
Oct
38
X
30
Old warrants
Jan
New warrants
International Vitamin—1
Interstate Power $7 pref.*
Investors Royalty
—-1
Iron Fireman Mfg v t c—10
Irving Air Chute
...1
Italian Superpower A....*
25
"m
3X
X
17
11X
"""%
.
"36
3%
IX
3X
3,500
600
Jan
5%% preferred...—100
0% preferred
100
03 X
65
75
03X
Oct
73
75
130
73
Oct
7% preferred
85X
IX
85X
3
20
85
June
3,900
29
42 X
2,300
.......
...100
2%
7X
13%
60
10
108
Oct
30
10
30
8
1,000
7
Oct
Oct
108X
10X
Oct
4%
52
70
49
Oct
32
'"§X
32
1,000
28,500
32
Oct
IX
2X
1
15X
3%
4X
IX
15X
6X
11X
6
100
200
1,300
275
11X
8X
1
*
..
Line Material Co
*
Lion Oil Refining.......*
Lit Brothers com...
200
45 X
49 X
IX
3X
1
12%
5
"16
Lockheed Aircraft....... 1
Lone Star Gas Corp.....*
7%
7%
6% pref class B
100
Loudon Packing....
*
Louisiana Land A Explor.l
Lucky Tiger Comb G M.10
Lynch Corp common....6
Majestic Radio & Tel....l
Mangel Stores
2%
Oct
Oct
IOX Sept
Oct
Oct
4,500
13,200
10X
2X
X
13 X
"Io""
IX
13 X
100
400
800
16,300
5
X
47,000
22
750
20
25
22X
2X
IX
~T
4
5X
1
17,400
1,400
"iox "4",900
8X
7X
2X
7
%
38
X
26
1%
13,.
38
X
2X
IX
3X
12 X
Oct
34
300
5
7X
1,600
5
Oct
2X
7
17X
3X
13 X
900
2
Oct
4X
Oct
14
12
94
2X
7X
90
3X
98 X
2X
3X
3X
42
21,000
1,050
3,800
8,600
1,300
4
3,700
1,400
1,300
4X
"Tx "Tx Teoo
27
45
30X
30X
625
10,000
1,500
'16
—..*
100
23
18
30
Metropolitan Edison pref.*
ix
3X
X
2X
8%
5
Michigan Sugar Co.____.v
X
♦
v t o
Midland Oil conv pref...*
Midland Steel Products—
$2 non-cum dlv shs
*
Mid vale Co
*
2X
®16
4X
Mining Corp of Can
*
Minnesota Mining A Mfg. *
Jud,
Common
3
3
July
Jan
Feb
Jan
5
23,500
8,200
2,000
1,700
500
5,000
X
8,100
350
Jan
Sept
Jan
Oct
2X
Oct
n7^
90
Oct
2X
18
Oct
Oct
Oct
4*
SI
Oct
Jan
82
Jan
15 X
Apr
25% May
10
33X
22X
3%
16%
25X
14X
44%
125
7
63X
7
7'"
30
Jan
Jan
Mar
Mar
Jan
11%
Jan
IX
106
Jan
10
Monarch Machine Tool..*
12 X
12
~"§x
3
5
Montgomery Ward A—..*
Montreal Lt Ht A Pow
5X
136
*
For footnotes see page 2671.
2X
1
Monogram Pictures com.l
Monroe Loan Soc A.....1
10
5X
5%
131
27X
6
2,600
22,400
13
800
Oct
8
Jan
2%
X
Oct
Oct
7
Feb
2
Feb
3
Oct
10
Jan
Jan
2%
Jan
100
5
Oct
Jan
68
19
Sept
Oct
Sept
23%
89%
58
Oct
------
m
rnmm
------
—
mm
—
350
62 X
80
107X 109 X
14X
70 X
iox
Z57X
IX
IX
six
65X
24
24
1,700
3,100
9,300
5,600
100
4X
107X
iox
z57X
IX
6%
Jan
Apr
35
Mar
88
Mar
Mar
Oct
140%
Oct
30%
Feb
Oct
94%
Mar
Oct
5
Jan
41X
Oct
135%
Mar.
24
Oct
IX
IX
300
IX
Oct
3X
5
800
3X
Oct
92
...
7X June
..
19
15X
4
8X
74 X
37
6%
Apr
16
Jan
Mar
m
m
mm
v
m
com— *
Ohio Edison56 pref......*
Ohio Oil 6% pref—..100
Ohio Power 0% pref...100
Ohio P S 7% 1st pref... 100
1
6% conv pref...
Oldetyme Distillers.
.100
mm
m
Parkersburg Rig & Reel—1
Patchogue-PlymouthMills *
Pender (D) Gorcery A...*
Class B
.....
IX
IX
Jan
Pennroad Corp v t c
1
July
118
Feb
Pa Gas & Elec class A
*
Pa Pr & Lt 57 pref
56 preferred...
*
Oct
157
Feb
27X Sept
37
Jan
Feb
79%
Aug
Feb
3i«
X
Oct
Oct
115
%
2%
Feb
Feb
Feb
16
98
Apr
Oct
62
Aug
15
Aug
Sept
4X
-
-
2
11,500
IX
2X
IX
15
Aug
3%
11%
Feb
Oct
Oct
7%
38
42
Oct
23
28 X
33,300
2,300
2,500
38
28
23
Oct
26X
*
25
28 X
900
25
Oct
47 X
50
X
1,700
X
Oct
3X
316
200
3X
Oct
6,100
X
Sept
•
mm
m
Feb
Oct
Sept
30
140
47X
68
Oct
Oct
77
51H
50%
51%
4%
6%
%
96%
103%
Jan
Jan
Jan
Aug
Apr
June
Jan
Jan
Jan
Jan
Feb
60
78 X
Oct
6X
300
5X
Oct
12% May
Oct
41
7
Feb
12X
IX
6,700
800
X
Oct
12X
15
37
20
24
12 X
20
Oct
23
Oct
35%
34 X
92
28X
35
1,400
1,700
1,000
67
92
50
28 X
92
Oct
92
Oct
110
Jan
m
106
106
100
Oct
111%
Jan
mmmmm
105
106
50
102X June
112
Jan
100
100
10
100
Sept
Sept
111%
104%
Feb
90
1
mm
m
m
mm
m
X
m
mm
m
m
m
m
mmmmm
__
"
m*. mm
m
m
m
mm
m
m
mm
m
36
Oct
14%
Feb
Oct
Oct
14%
32%
July
19X
86 X
50
86 X
Oct
106
2X
4X
6,800
IX
Oct
6
700
2X
Oct
10%
Feb
7X
28X
25X
500
7
Oct
10%
Aug
rnm
m
26
Oct
Oct
32%
29%
107%
Feb
25 X
4X
3X
100
rn
------
mmmmm
2X
1.000
3X
14X
14X
26
100
36
*
"18X
1,800
103
mmmmm
mmmmm
9X
6X
750
26X
25X
m
m
500
7
w
xl5
-
-
1,000
-
------
-
5,900
19X
4X 116,700
200
3X
2X
3X
16
"i§""
14X
20X
mmmmm
25
25
20
50
16
25
Feb
5,700
2X
mm
Jan
Mar
8X
23
IX
28X
mm
Jan
Feb
"iox
9X
0X
19X
86X
2X
4X
7X
106
6%
May
58 X Sept
Oct
2X
89
Sept
Oct
54%
106%
Mar
Apr
Oct
26 X
Sept
2X
3X
.15 X
Oct
9%
Jan
6%
Feb
Oct
30
26
101X
£15
Oct
Oct
30%
Oct
53
200
20
Oct
43
4X
600
Oct
12%
30%
-----
Jan
28%
14X
200
Jan
Oct
14X
25
20
Feb
Jan
26X
4X
19
Jan
8%
10
2,500
Jan
Feb
4X
19
Oct
109X May
110
Aug
Jan
July
Feb
Feb
Feb
Mar
Apr
Penn Edison Co—
98
150
—
3~300
4X
100
Oct
29X
94
38
*
60
17
100
91X
"1,900
—
-----
IX
2X
4X
»
Peninsular Telp com
Preferred
52.80 preferred
55 preferred..
Penn Mex Fuel Co
Oct
5,400
"36 "
mm
ix
1
Jan
Oct
Feb
Oct
:
■
8X
43
Oct
Feb
Feb
1,100
7
4X
"iox
com
Oct
1
Jan
16%
Feb
July
"3"l6 """x "5^606
6X
5
Oilstocks Ltd
30
5X
65
98
rnmm'
X
Oklahoma Nat Gas com. 15
53 preferred.........50
Feb
3
Oct
93
m
"33" "30"
Ohio Brass Co cl B
Aug
900
73
75
mm
"l2X
5
400
Jan
12%
5%
Oct
4
100
Feb
65
73
m
34
Oct
4
15 X
55,100
9X
mmmmm-
rn
{Nor Texas Elec 6 % pf. 100
Northwest
13
3,500
220
79
Oct
Feb
Apr
May
"""300
~~4X
_
17
71
Sept
131
Feb
Oct
5X
7
Pan-Amer Airways new. .5
Pantepec Oil of Venez—1
Paramount Motors Corp.l
Parker Pen Co
10
IX
3X
6
136 X
330
m
m
Page-Hersey Tubes Ltd—*
25
79X
X
68
Jan
Oct
Oct
1,000
78 X
Feb
12
30
Apr
"78X
Northern Pipe Line
10
Nor Sts Pow com cl A..100
Mar
16X
11X
Oct
June
19%
Nor Ind Pub Ser 0% pf. 100
7% preferred..
100
11X
18X
IX
Oct
Oct
Oct
3X Sept
3X Feb
28% Apr
Jan
2%
112% Feb
Oct
'"316
Oct
5X
2X
102
Oct
6X
47X
X
3X
X
109
60
400
May
900
mmmmm
58
0% prior preferred...50
No Am Utility Securities.*
Oct
IX
12X
Mar
Nor Cent Texas Oil
5
Nor European Oil com...1
5
4% Jan
14% Mar
30
mm
mmrnmm'
IX
60 X
Oct
5
mmrn'mm'':
14X
$6 preferred
*
North Amer Rayon cl A..*
Class B com
.*
2X
Oct
Oct
60
m
Jan
7X
IX
X
10X
X
1
5
62
1
51.30 1st preferred....*
Pacific Tin spec stock
*
Mar
7%
Montana Dakota Util
Nor Araer Lt & Pow—
Common
Jan
Mar
2.50
Molybdenum Corp
Nineteen Hundred Corp B1
Nlpisslng Mines
...5
Noma Electric
1
3%
9
30 X
mm
mmmmm
9X
19X
mm
mm
Jan
Sept
69X
.
rnmm
Jan
5X
80%
X
mmmm
28
Mar
Mar
Oct
mmmmm
m
Oct
X
7X
57«
Oct
.
mm
Oct
Oct
9X
m
18
Sept
June
3
1,700
6X
5
Oct
Voehrlnger
......
Class B common
Class A pref
—.100
Niles-Bement Pond..
*
X
90
2,300
—
X
Niagara Share—
Jan
IX
6X
-
mmrnmmm
79X
m
1
4X
H
-
10
Class B opt warr.
Oct
24
3,000
"37"
—
1,100
m
*16
5X% 1st preferred...25
Pacific Ltg 56 pref
._*
Pacific P & L 7% pref-100
Pacific Public Service.—.*
Oct
7X
—
""30"
—
Class A opt warr..
X
2
100
3,500
2,100
6X
Pacific G & E 6% 1st pf-25
Oct
2
31X
1st pref
...100
2d pref cl A.....100
2d preferred.... 100
2d pref cl B
100
Jan
Feb
10X
IX
5%
5%
5%
5%
Feb
37
55
7X
X
79X
-
Overseas Securities......*
Pacific Can Co com
.*
Oct
2,600
12,900
m
6
Niagara Hudson Power—
Common..
10
Jan
100
2
8X
2X
IX
15X
X
iox
X
—
2,100
------
3
*.
Founders shares
1
New York Transit Co
5
N Y Water Serv 6 % pf. 100
Feb
400
1,300
*»
mm
mm
~
5
2
14 X
2X
m
v
49
Jan
City Omnibus—
80
63
IX
6X
IX
15
m m
Warrants
Oct
%
m
IX
6% 1st preferred.... 100
31%
Oct
316
3X
"26"
m
2
Newmont Mining Corp. 10
July
Oct
Oct
Apr
mm rnmm
New Process common....*
N Y Auction Co com
*
Engineering..*
Novadel-Agene Corp.
*
Oct
Sept
Sept
Feb
19
7X
1
Oct
27
91X
12X
Oct
"li"
109 x
Mar
Mar
Jan
Mar
Aug
Feb
Feb
IOX
Minnesota P & L 7% pf 100
Miss River Power pref.100
Mock,
X
3X
2X
X
Jan
55
.....
Mid-West Abrasive....60c
Midwest Oil Co...
..10
Midwest Piping A Sup...*
IX
5
10
X
2X
10
Middle States Petrol—
Class A v t c
Class B
14
"""X ""A """760
Michigan Bumper Corp.
Michigan Gas A Oil
1
Michigan Steel Tube..2.50
Preferred
!87H
82
...
Jan
Aug
Feb
2
"Tx
Feb
Oct
8X
22X
Oct
3X
X
Mar
7
8X
22X
Oct
4
Oct
Jan
Jan
Jan
Oct
Oct
65
100
90
Jan
19
1,350
13,900
12,000
1,500
60
80
IOX
Jan
92
Oct
42 X
50
47
90
Oct
100
Oct
Mar
IX
2%
24X
Mar
48
6X
10X
Feb
Oct
15%
400
55%
Feb
2X
115%
105%
Mar
Oct
Aug
2,000
19X
13X
Oct
93
Oct
Oct
Oct
July
13 X
Oct
Oct
Sept
45
Oct
Oct
6X
12
Oct
Mar
X
July
8X
97X
Sept
X
18
June
43
6,200
6,300
Jan
Oct
22
7
26
8X
80
25
500
900
3X
10X May
600
63
2,150
5,700
1,100
May
Oct
July
1,700
Oct
6X
15X
2%
14X
Oct
X
7
11
Sept
6X
4
98 X
IX
18X
16X
14%
500
30,800
28
22 X
5
Oct
Feb
7
rnm
19X
New England Tel & Tel 100
New Haven Clock Co....*
New Jersey Zinc
25
N Y
44 X
------
eb"
New Mex & Ariz Land
Oct
8X
97X
Feb
30%
*
Jan
12
4
X
100
6% preferred
Feb
Feb
22
Apr
Feb
Aug
Oct
5
New Engl Pow Assoc
155X
28H
98X
39
20
19
4X
13X
2%
New Bradford Oil..
Oct
Oct
Feb
28
Oct
4X
100
7X
N Y & Honduras Rosario 10
N. Y. Merchandise
10
1
20
7% preferred
Oct
Feb
N Y Pr & Lt 7% pref-100
50 preferred
_....*
N Y Shipbuilding Corp—
Oct
Oct
Oct
Sept
Oct
...100
4X
134 X
9X
8
Jan
Jan
10
IOX
2X
X
13 X
com.
May
------
61X
X
.
Nev-Calif Elec
Jan
13
3X
3
National Steel Car Ltd...*
National Sugar Refining. *
1st preferred
Nelson (Herman) Corp..5
Neptune Meter class A
*
Nestle-Le Mur Co cl A...*
5
Oct
Feb
Jan
Jan
Feb
Mar
Oct
19
Metal Textile Corp com.
Mexico-Ohio Oil.
13%
17X
111X
12X
21%
78X
59X
9%
Feb
150
"iox "iox
Mercantile Stores com...*
Merchants & Mfg cl A...1
Partic preferred
21
Oct
20,300
I
6%% A preferred... 100
Mesabl Iron Co.
l
28X Feb
107% Sept
3X
Jan
88X Mar
05X Feb
8% Feb
8X
Jan
IX Apr
1
8X
""§X
"ex
Participating preferred.*
Merrltt Chapman A Scott *
Warrants... ..'i..,
Aug
17,200
2,000
Massey Harris common..*
Memphis Nat Gas com...6
Mar
12
10
Oct
55 X
3
IX
6X
*
Jan
52
Feb
Oct
48
Marlon Steam Shovel....*
Mass Utii Assoc v t c.—.-l
Dredging...*
114X
Jan
110
5X
54%
Communlcationordreg£l
Margay Oil Corp
.....*
McWilliams
30
Oct
Marconi Intl Marine—
Mead Johnson & Co
9% Jan
126X Mar
Oct
Aug
4
70
*
Master Electric Co
Jan
IX
19,800
*
McCord Rad & Mfg B»..*
100
Jan
45 X
25,500
63
*
Mapes Consol Mfg Co..
Oct
6X
6
79
......1
$5 conv preferred..
Manischewitz (B) Co ...
6
100
60
12X
20
2X
100
Oct
4,200
20
"Tx
7% preferred..
Oct
Feb
15X
00
60
"io"
*
.*
Oct
90%
Jan
95
Loblaw Groceterias A
*
Locke Steel Chain.......5
Long Island Ltg—
Common....
IX
2X
400
8X
100
60
49X
3X
4,600
7X
6
100
Langendorf Un Bakeries A*
Preferred........
Oct
Mar
1
Lane Bryant 7% pref—100
Lefcourt Realty com
IOX
105%
3,700
14
.....
49
1
Lehigh Coal & Nav.
,_*
Leonard Oil Develop26
Le Tourneau (R G) Ino..l
Oct
"""600
Koppers Co 0% pref...100
Kress (S H) & Co pref...lO
Kreuger Brewing...
1
Lackawanna RR (N J). 100
1
Oct
7
....
Klein (D Emil) Co com..*
Klelnert (I B) Rubber—10
Lake Shores Mines Ltd
29
30
108
30
Kirkl'd Lake G M Co Ltd. 1
Lakey Foundry A Mach..l
Oct
23X
36
Julian A Kokenge com...*
Kansas G A E 7% pref. 100
....
IX
89
Nat Service common.....1
Conv part preferred...*
.„.*
*
Oct
Apr
4X
4
Navarro Oil Co
*
Nebel (Oscar) Co com
*
Nebraska Pow 7% pref-100
X
8,000
Mar
IX
4X
400
55
6X
'n Sept
4X
Oct
IX
Oct
4,700
9
July
Apr
23
28
59
*
Oct
Oct
Oct
7
42%
24%
Jan
Aug
Oct
ox
24X
National Refining Co...25
Nat Rubber Mach
45X
184
3,400
8X
13X
3X
2X
Oct
Aug
10
-----
6X
12
-
-
11X
5X
Oct
Jersey Central Pow A Lt—
Knott Corp common.
-
950
*
......
-
-
National Tea 5X % pref. 10
National Transit
12.60
Nat'l Tunnel & Mines ....*
Nat Union Radio Corp
1
Oct
mmmmm
8X
13X
3X
National Oil Products
4
National P & L 56 pref...*
1
8X
25
44
200
»mm*.rn
------
Oct
3X
25
X
-
10
sept
11,000
Kimberly-Clark Co preflOO
Kingsbury Breweries...-1
Kings Co Ltg 7% pref B100
100
6% preferred D
Kingston Products
1
Klrby Petroleum..;
.1
-
X
X
*32
9X
Keith (Geo E) Co 7% pf 100
Kennedy's Inc...
.5
Ken-Rad Tube & Lamp A *
-
3X
Oct
Oct
4
IX
m -
680
X
2X
17X
7X
IX
------
m
1,100
10
12
17X
------
11X
9X
10
1,800
X
'32
4X
Jones A Laugblln Steel. 100
mm'm*-m
11
X
17X
300
"m
2.50
'
mm
------
---
1,400
8,900
3,100
1
Jonas A Naumburg
5X
X
3X
6
26 X
5X
5X
Warrants
Jacobs (F L) Co
Jeannette Glass Co
Aug
X Jan
X Feb
7% Mar
.
4X
15,900
9,200
High
Sept
180
------
6X
5X
Low
27
3,400
mmmmm
4X
Nehl Corp common
"1%
Interstate Home Equip..!
Interstate Hosiery Mills.. *
X
2X
3X
.
------
2X
IX
6X
National Container (Del)-l
National Fuel Gas
*
Nat Mfg & Stores com
*
39X
38
150
mmrnrnrn
------
*
v t c
32
mmmmm
2X
175
25X
27
------
------
Range Since Jan. 1. 1937
Shares
High
25
25X
Murray Ohio Mfg Co.—*
Nachman-Springfilled
Low
Price
Mountain Producers.... 10
Mountain Sts Tel A Tel 100
8
X
Week
22%
7X
X
X
A..—..——.—*
Class B.......
.1
f 1.75 Preferred
*
13.50 prior pref—
*
for
of Prices
Moody Investors pref
Moore Corp Ltd com
*
Class A 7% pref
..100
Moore (Tom) Distillery
1
Mtge Bk of Col Am shs
Mountain City Cop com 6c
International Utility—
Class
Week's Rangt
Sale
Par
Hydro-Eleo—
A stock purch warr...
Last
High
Industrial Finance—
23, 1937
Sates
Fridat
STOCKS
(Continued)
Range Since Jan. 1,1937
STOCKS
(Continued)
Oct.
28
...
2%
Sept
Feb
Pepperell Mfg Co
Jan
Perfect Circle Co
"
3
.mmmmm
50
28 X
------
.100
....
3X
mm-~m'
"
400
3X
3X
2X
32,900
------
-----
.rn-^mmm
275
20
80
mm-mm-m-i
-----
28
Oct
65
June
3X
2X
9X
Oct
Oct
Sept
42%
Mar
72
Mar
8%
5%
17%
Mar
Feb
Jan
500
.
86
Oct
113
79 X
Oct
112
Jan
115
Oct
179
June
2
87X
79 X
79X
115
138
87 X
*
Penn Salt Mfg Co.
50
Penn Traffic Co
...2.60
Pa Water & Power Co
*
4%
28
mmmmm
1
Sept
4%
Jan
Mar
62
"85
69
600
62
Oct
95
Feb
65
88 X
675
65
Oct
151
Apr
25X
28
200
25
Oct
37
Feb
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Pharlfl Tire & Rubber
1
4%
Philadelphia Co com
Phlla Elec Co $5 pref
*
*
7
Phila El Power 8% pref.25
Phillips Packing Co
2
1
Common
3%
Conv pref series A
10
...»
30
Oct
34
2
Oct
Wlnterfront
4
20
Mar
Feb
400
11%
6%
1%
1%
500
2%
3%
16,000
2X
4%
6
11%
Mar
40
Mar
Oct
Oct
Oct
6X
IX
3%
„_1
Pioneer Gold Mines Ltd-.l
11%
Oct
33%
3%
6Vs
20
3,300
Feb
Feb
Jan
*
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
"5%
1
Forglngs
& Lake Erie. 50
Polaris Mining Co
Potrero Sugar com
Oct
68
940
56
10
1,100
6%
"88"
94 %
82
IX
900
IX
Oct
9%
1,200
8X
Oct
2%
2X
Oct
Pratt & Lambert Co.
*
Premier Gold Mining
Pressed Metals of Amer
*
1
3X
5,700
%
IX
14,200
X
Oct
5%
13,300
3X
Oct
"11
16 X
200
11
15
21X
900
15
2X
10,600
1,300
16
2%
IX
124
Prosperity Co class B
1
*
Providence Gas
24
16
*
3,*
X
......
22
27%
Oct
260
22
Oct
68%
Oct
Jan
15X
360
10 X
41
Mar
74
150
74
Oct
98
Jan
74
74
50
74
Cct
93
Feb
111
Oct
115
...100
100
Sept
87X
10
90
90
Pub Util Secur $7 pt pf..
X
X
X
450
Sept
Oct
90
IX
Oct
$5
725
26
Oct
9C%
Jan
10 X
Oct
60%
Jan
8
6X
1,650
6X
95
100
180
135
135
916
Railway & Util Invest A-.l
95
Oct
Oct
10
12X
®16
125X
Apr
25
12 X
Oct
28%
Jan
Oct
IX
Jan
200
9j6
Rainbow Luminous Prod-
*
500
'
X
X June
200
Class A
Class 3
3i«
July
1%
%
Jan
Feb
Raymond Concrete Pile—
Common
1,450
preferred
conv
3
600
*
5%
4
6
2,400
..*
24%
21
27
3,900
Red Bank Oil Co
Reed Roller Bit Co
1
Oct
49
Mar
Jan
Mar
Feb
Reiter-Foster Oil...
*
*
Rice Stlx Dry Goods
Radiator
conv
IX
1
Root Petroleum Co
3%
Rossla International
*
Rotallte OH Co Ltd
*
2%
Russeks Fifth Ave
X
52.50 conv pref
*
Ryan Consol Petrol
*
Ryerson & Haynes com__l
Safety Car Heat & Lt
*
St. Anthony Gold Mines. 1
St. Lawrence Corp Ltd.. _*
52
conv
50
5
pref A
St Regis Paper com
516
5%
Sanford Mills
2,000
Savoy OH Co
5
Schiff Co common
Manufacturing..25
Scranton Elec 56 pref
Scranton Lace Co com
Jan
1
Jan
55%
110%
14%
17%
Mar
July
Apr
Jan
8X
Sept
50
Oct
5X
1,700
Oct
9
5
19,400
5
Oct
300
36 X
Oct
2X
IX
83^
Oct
6%
Oct
8
36 X
"~2X
2X
3
2,100
2X
IX
2X
5,200
83 X
83 X
25
X
X
2,300
Oct
6
6X
4%
2X
4X
63,400
*3%
125
75
71
IX
3X
1,400
%
15%
Jan
2X
Oct
38%
11%
Oct
IX
58
Oct
May
1
IX
3,100
1
Oct
13
IX
16 X
1,000
13
Oct
23 X
30
30 X
1,900
36 X
Water Service pref
Securities Corp general
*
*
23 X
23X
IX
*
Segal Lock & H'ware
1
IX
Selberllng Rubber com...*
3X
Selby Shoe Co
<
117%
6%
69
4%
26
2
1
5
....
Convertible Stock
Oct
78%
Oct
5%
50%
Oct
4%
9%
2
Oct
Oct
30
69X
77X
600
Oct
Oct
69
Oct
4%
28%
101%
69 X
Oct
104
1%
72
Allotment certificates
""650
1
Jan
2%
1%
12%
6%
28%
33%
154%
X
X
1,200
Sentry Safety Control
1
16
Seton Leather
*
4%
4
5X
1,800
Seversky Aircraft Corp.__l
Shattuck Denn Mining..5
2X
X
3X
2X
9X
X
14,700
Shawinlgan Wat & Pow. *
Sherwin-Williams com..25
_
5% cum pref ser AAA 100
9%
17,000
4
3X
Oct
106%
21
3,800
18
Oct
88
97 X
2,900
85
Oct
106X 107%
40
106%
21
X
7X
*
1,200
6
June
Oct
Sept
114
28%
Feb
Jan
Mar
Jan
Feb
Feb
Mar
Feb
Apr
Sept
Oct
1
10%
-Jan
Aug
29%
*
pref
2
Simmons Hard're & Paint *
2X
2
Oct
Oct
5
7
3,500
230
Simplicity Pattern com... 1
Singer Mfg Co
100
Aug
3,400
5
245
70
230
Oct
Singer Mfg Co Ltd—
Amer dep rec ord
4X
reg.£l
100
*
Smith (H) Paper Mill
Solar Mfg
Co
*
1
4X
600
4X
98
2
16
3X
For footnotes see page 2671
10
14
400
IX
3X
2,000
IX
Oct
19%
4%
2
3%
34,400
2
33%
200
32
10
11%
475
35
Feb
7%
13%
Feb
370
July
Jan
Oct
Apr
July
Oct
Oct
6%
100
29%
7
Feb
Mar
Feb
Feb
Feb
Mar
Jan
Mar
Jan
5%
100
Oct
50
Jan
10
Oct
22%
Feb
Apr
46
Oct
17
Jan
5%
98
Apr
Feb
119
Aug
375
6%
4%
Oct
16%
29%
%
32%
10,100
•1,600
29%
Oct
41
%
3,500
%
Oct
%
Oct
21%
5,400
33,500
5,100
'
%
1
Technicolor Inc common.*
Thew Shovel Co new com 5
2
4%
15%
4%
4%
4%
2
4,400
2
15%
8%
8,250
10%
4,000
5%
4,200
14%
1,000
1,300
3,400
34
6%
77%
112
Jan
Mar
Aug
Feb
Jan
Jan
Oct
7%
25%
Oct
18%
Oct
Feb
Jan
2%
5%
Jan
Sept
Mar
4
14%
reg___£l
reg.„.£l
1%
1%
32%
40
45
95
96%
316
Tonopah Mining of Nev.l
96%
20
X
316
X
100
Tonopah Belmont Devel.l
%
Oct
10%
55
2
Tobacco Prod Exports
*
Tobacco Securities Trust
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
May
Oct
3%
10%
5%
8
1
Oct
July
101
4%
14
53
14
19
Apr
66
2
Oct
4%
14%
Oct
18%
1%
32%
92%
Oct
3
Feb
Oct
July
74
July
105
Feb
Oct
115
Mar
95
2,600
1,100
%
Jan
%
Oct
Jan
Jan
»t§
2
July
Jan
Jan
Feb
Trans Lux Plct Screen—
Common
X
IX
*
Trunz Pork Stores
Tubize Chatlllon Corp_._l
Class A
.1
Tung-Sol Lamp Works... 1
Investment
*
200
1%
5
Oct
United
Aircraft
cum
Oct
86
Oct
Oct
Oct
Oct
11%
13%
9%
6%
Oct
4%
Jan
18%
10%
%
7%
900
1%
5%
1%
39
2%
900
IX
800
1%
IX
900
11%
14%
700
1%
11%
500
4%
Oct
Oct
%
Apr
United
7
"9% "10%
"2",900
100
10
7%
4%
*
2,800
1,600
:.%
Oct
12
Jan
85
Jan
4
Oct
30% Mar
13%
Feb
52% May
5
3
91
78
5% 108,800
1,200
95
$3
Am
Oct
2
Jan
Mar
ill
Mar
3
Oct
1%
Oct
78
X
Oct
Sept
17,800
A...1
1
com.25
25
..1
Oct
11%
2%
800
2%
Oct
11%
14%
24%
22,100
14%
Oct
75%
Jan
19
20
19
Oct
45
Feb
69%
300
55
May
75
6%
700
%
8%
1
8%
3
%
1%
71%
39%
7%
38%
39%
7%
5%
200
1,100
4,400
3,150
80
253
Aug
2
July
8%
Oct
12
Mar
2
Oct
7% May
Jan
4%
Jan
96%
Jan
47%
%
Oct
37%
Apr
900
6
Oct
15
4
Oct
18%
%
19
1%
600
1%
3,500
250
22
U S Radiator com
"
4
2%
4%
Jan
U S Rubber Reclaiming..
3%
%
1%
316
3%
3,100
5,700
%
1
5
%
420
%
4,200
Oct
X
66%
X
Oct
19
3
Aug
Feb
Mar
Jan
Oct
93%
4%
Mar
Oct
34%
Feb
2%
Oct
16
Mar
1%
Oct
14
Mar
1,200
$7 conv 1st pref...
Oct
63
16,100
2,400
61
Feb
Apr
Oct
Oct
7%
56%
Jan
%
7%
Apr
United Stores v t c...
8%
4
22
Mar
Jan
6
1%
U S Lines pref
1%
63
"oi"
1st pref with warr.
"2", 100
71
%
U S and Int'l Securities..
Mar
Jan
IX
244
%
*
..10
U S Stores Corp com.
Jan
50,300
2
dep rets ord reg—
Preferred
Jan
3%
United N J RR & Canal 100
United Profit Sharing
U S Foil Co class B
Jan
6%
.......
United Shoe Mach
3%
94
19
'22%
Milk Products...*
Preferred
124
Feb
1%
Molasses Co—
United Shipyards cl
13%
2%
3%
*
preferred.......*
preferred
United
July
%
69%
United Lt & Pow com A.*
United
Oct
2
82 X
%
1%
United G & E 7% pref. 100
$6 1st
9%
4,200
United Elastic Corp
Option warrants
Feb
Feb
ill
X
warrants
*
United Gas Corp com____l
1st $7 pref non-voting.*
Feb
Feb
Jan
July
Apr
Aug
47
& part pref
Corp
May
85
14%
4%
com
Jan
9% May
31%
Feb
1%
1%
com.
Warrants
$3
Feb
Apr
Oct
Oct
Transport
United Chemicals
3
7%
6%
3%
46
5%
13%
Oct
1%
12
Oct
%
14,200
1,200
8,100
6%
39
"3%
*
Ulen & Co 7%% pref.-.25
5% preferred
2
Unexcelled Mfg Co
10
Union
7%
8.400
10,900
3,900
5%
1%
10%
80c div preferred
Union Gas of Canada
X
10
5% Sept
Mar
Feb
108%
108
U S Playing Card
Sioux City G &E 7% pf
Skinner Organ com
Oct
Sept
29%
United Specialties com..
Sim mons-Broadman Pub—
Conv
28
Oct
1
X
5%
X
Class B
Shreveport El Dorado Pipe
Line stamped
25
com
Oct
18
"55
Sherwln Williams of Can. *
SIlex Co
Oct
Oct
X
Oct
10
3,000
2,300
2,000
1,800
4%
Tastyeast Inc class A...1
7% preferred A
Oct
275
1%
15%
5%
108%
Am dep rets ord
Am dep rets def
Oct
%
5%
13%
13%
1
Feb
Sept
44
100
Taggart Corp com
1
Tampa Electric Co com..*
Taylor Distilling Co
10%
Oct
10%
$3.30 class A partlclpat *
Swan Finch Oil Corp... 15
Common class B
Selfrldge Prov Stores—
Amer dep rec
..£1
com
Jan
Mar
Mar
Feb
15%
13%
7%
6%
27%
5%
33%
2%
2
3%
3%
Jan
Feb
July
107
Oct
6%
Jan
Jan
Feb
Mar
Feb
21%
Sept
Oct
IX
Jan
10
93
Feb
32
n%
Union Premier Foods Sts.l
17
77
69
Mar
Oct
Feb
1%
Union Oil of Calif deb rts..
14
.25
55.50 prior stock
25
Oct
2
5%
5% % conv pref
50
Superior Ptld Cement B__*
Oct
200
13,700
Mar
Feb
8
5
Jan
Jan
Sept
8
3
5%
May
"j6
Oct
4%
2%
Feb
12
Oct
16%
3,500
4%
1
Jan
Apr
Apr
Apr
Jan
July
Oct
2%
150
7
13%
Mar
5,000
IX
IX
6
3I6
1,700
15,100
9
4%
Trl-Contlnental warrants..
Selected Industries Inc—
Common
3,600
3%
54% May
18,300
17
2%
X
1
55
IX
X
1%
xo!
Machinery.....*
*
Sunray Drug Co
Sunray Oil
109
Oct
IX
40
50
10
13%
Oct
Sept
3X
X
17
*
200
200
40
40
Seeman Bros Inc
23X
IX
16%
3
*
Union Stockyards
23 X
4%
6
Trans western Oil Co ....10
Jan
8cranton Spring Brook
50
2%
16,100
3,100
2,400
8
Oct
23 X
109
*
*
S16
10%
Apr
141
Oct
71
316
Mar
Apr
6
Aug
Feb
Jan
July
51
27X
6%
200
*
Scovlll
1,300
._*
com
S16
Feb
Tlshman Realty & Const.*
Tobacco and Allied Stocks*
18
Oct
Jan
25
6%
Aug
Oct
1
2
11
69%
Oct
13%
Tilo Roofing Inc..
Oct
Oct
2,100
40
7% preferred
100
Samson United Corp com. 1
60
50
Feb
Oct
5X
Oct
6
40
July
112
27%
15%
4%
13%
32
55
"T%
1
Rustless Iron & Steel
104%
1,100
3X
11
*
Royal Typewriter
July
700
1
1
2
11
20
pref
%
500
8
20
Oct
July
Sept
Jan
50
5,100
Oct
Texas P & L 7% pref... 100
Texon OH & Land Co
2
X
Jan
Jan
11%
20
6
3
Feb
5%
5
Roosevelt Field Inc
51.20
7
7%
30
7%
June
Oct
200
Oct
26
7,700
1
1
5,200
1
IIo"
7%
6
6,800
no"
pf-100
Amer dep rets ord reg.£l
Rome Cable Corp com...5
Oct
%
36
Teck-Hughes
Oct
41,300
3
Swiss Am Elec pref
110
105%
1%
1%
30
2X
""50
Oct
107
„.*
4% Sept
97 X
Rochester G & E 6 % pf D100
Oct
100
"lX
Stroock (S) & Co
§Stutz Motor Car
Mar
Feb
Apr
Mar
Jan
Feb
3,700
Oct
16
125
15%
Mines
1
Tenn El Pow 7% 1st pf. 100
X
8
4,300
93
Mar
X
8%
2%
13%
X
1
Voting trust ctfs
18
Oct
25%
100%
"3%
Sept
X
Oct
14%
%
Stetson (J B) Co com....*
Stlnnes (Hugo) Corp....5
46%
3X
Mar
Oct
15
16%
Oct
2,700
45
9
400
6,900
3,200
14%
20
21%
Rio Grande Valley Gas Co-
Rochester Tel 6 % %
Rolls Royce Ltd—
preferred
Oct
5,500
X
Sept
Jan
Aug
Apr
Sterling Alurplnum Prod.l
Sterling Brewers Inc
..1
Sterling Inc
...1
Oct
Oct
18%
63%
21%
13%
450
17
13%
Jan
*
Oct
Oct
15
1
50
preferred
1
Oct
Apr
100
3X
X
12X
Aug
27
4
Oct
X
Reynolds Investing
600
23%
Oct
X
4
3X
Reybarn Co Inc
3,200
Oct
16
20
900
S16
12 X
Sept
Mar
Apr
Jan
14
1%
6X
"""%
Reliance Elec & Engin'g
Oct
800
1%
4
4%
X
13X
3X
4%
*
Oct
"""766
Works com___20
Sterchi Bros Stores
Sullivan
1%
12%
4%
May
1%
20
100
8%
1%
32%
5%
2%
300
%
a
4
16
10%
53%
7%
21
3^800
8
1
Reeves (Daniel) com
Richmond
14
41
24
14
18
;
*
Raytheon Mfg com...50c
53
"6%
1%
Standard Steel Spring new5
Standard Tube clB
1
Standard Wholesale Phosp
2d
Mar
16
Jan
1,525
1
Apr
17%
18
Feb
14
9
Jan
Oct
900
9
106%
4%
30
42
14
10%
1st
Oct
16%
103
10 X
12X
20%
Steel Co of Canada ord..*
Stein (A) & Co common..*
Jan
56
100
*
6%% preferred
Oct
Oct
6%
%
Starrett (The) Corp v t c.l
26
...
Feb
Aug
Aug
Mar
5%
11%
19%
Apr
14
Pyrene Manufacturing. .10
Quaker Oats com
*
6% preferred
100
Ry. A Light Secur com...*
7%
Oct
35
X
1%
Aug
28
*
preferred
163
Oct
Mar
16
117%
Puget Sound P & L—
56 preferred
July
3%
1%
6,900
3,300
22
"4"
120
Pub Service of Okla—
6% prior lien pref
100
7% prior lien pref... 100
20%
Standard Products Co...l
Standard SUver Lead..
1
<fc Acid
83
250
X
..*
Preferred
Feb
Oct
July
900
35
21
10
Common class B
10X
60
6% preferred
7% preferred
Sept
74
Pub Serv of Nor 111 com.
Common...
29 X
West Pa Pipe Line..50
(Ky)
Jan
8%
1
200
2%
8%
40%
6%
7%
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
5% preferred
100
Standard Pow & Lt
1
June
preferred
100
Public Service of Indiana—
*
*
40%
4%
1%
2%
Oct
100
6%
17 prior pref
$6 preferred
3%
_._*
Oct
Oct
Mar
28
Oct
154%
South New Engl Tel.-.100
Southern Pipe Line
10
Oil
Jan
29%
24
Jan
Aug
July
65
Oct
98
10
200
6X
400
loo"
1
41%
33%
25%
400
100
X
98
ioo"
1
7% preferred
X
*
100
Southern Colo Pow cl A. 25
3
2%
10%
5%
Sept
Oct
4%
1,000
Standard
Oct
Oct
6
2,200
7
25%
24%
Oct
8
6X
24
preferred
10
Standard Dredging Corp—
SI.60 conv preferred..20
Standard Invest $5% pref*
12,300
9
6
25%
25
High
Oct
Oct
Sept
1%
10,400
4,700
1,800
5% % pref series C
Conv
Oct
IX
*
Prudential Investors
v
3%
"I
p4%
"16%
*21%
Power Corp of Can com..*
$6 preferred
Pub Ser of Col 7% 1st pf
Oct
82
3,000
IX
8%
4%
3
Spanish & Gen Corp—
Am dep rets ord reg__£l
Am dep rets ord bearer £1
Spencer Shoe Corp
*
Stahl-Meyer Inc com
*
Standard Brewing Co
*
Standard Cap & Seal com.l
Oct
1%
6%
Low
1%
7%
3%
1%
1
Week
5% original preferred.25
6% preferred B
...25
So
Oct
6X
9%
,
5
Producers Corp
4,800
1%
Southland Royalty Co...5
South Penn OH
25
Oct
6
9%
56
63
25c
5
Powdrell <fc Alexander
4X
6
8%
Metallurgical 10
Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc
*
7,800
com
Southern Union Gas
Pltney-Bowes Postage
Meter
Mfg
Price
._l
1
South Coast Corp com
Southern Calif Edison—
Oct
2X
13,900
Sonotone Corp
Soss
15X
24
2%
22
Shares
Feb
Phoenix Securities—
Pierce Governor com
for
of Prices
Low
High
Jan
June
75
5
July
116X
111
2,400
30%
30
4%
Week's Range
Sale
Par
20
Oct
6%
25
112
30%
_.*
2,300
8%
Oct
4
1,500
8%
6%
112
Last
High
Low
Shares
5
4
Range Since Jan. 1, 1937
STOCKS
{Continued)
Range Since Jan. 1, 1937
Last
Par
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Pines
2669
New York Curb Exchange—Continued—Page 4
145
3i« June
1%
Jan
Oct
1
X
Jan
Oct
Feb
New York Curb Exchange—Continued-Page 5
2670
Friday
I
Range!
Last
Week's
Sale
United Verde Exten
Price
60c
33*
2
23*
Wall Paper
Universal Conaol Oil
Universal Corp v t c
Universal Insurance
1
23*
13*
"lj*
"43*
*
Utah-Idaho Sugar
5
Utah Pow A Lt 17 pref...»
Utah Radio Products
*
Utlllfcy Equities Corp
"I H
Utility A Ind Corp com.. 6
preferred
7
Class B
conv
100
c
com__l
pref
6
26
26
143*
33*
3*
723*
Van Norman Mach Tool-5
Venezuela Mex Oil Co.. 10
Venezuelan
Petroleum... 1
Va Pub Serv 7%
13*
pref.. 100
Wahl
*
preferred
100
Oct
13*
Oct
Oct
1113* 1113
1113
1113* 11131
29.000
111
111
1
Oct
1st
43
Oct
1st M 4f series F...1981
Sept
33*8 series H
1965
Com'wealtb Subsld 53*8 *48
Community Pr A Lt 6s '57
Community P 8 5e...l960
23*
23*
Oct
Sept
(Balt) 33*8 ser N—.1971
Consol Gas (Bait City)—
200
113*
1,100
4,800
July
'"loo
1
6
100
6
97
21,000
93
129
Sept
Aug
300
1*
7,800
1,700
1193*
ser
A stamped...1943
ts
Oct
6
60
75
603*
1940
Oct
5
Oct
Aug 1
943*
""50
93*
Feb
Oct
10
76
Oct
117
Mar
213*
550
20
Oct
r32
Feb
July
9
June
Aug
62
"743* "77k
70
13*
23*
5,300
83*
83*
300
53*
1,000
4
53*
2,400
2
203*
20
83*
60
WestN J A Seashore RR 60
West,Texas Utll 16 pref..*
West Va Coal & Coke
*
23*
Weyenberg Shoe Mfg
Williams (R C) & Co
1
83*
♦
"63*
2
*
"lH
1
Wilson-Jones Co
*
133*
12
Wlllson Products.
1
12
11
Williams OU-O-Mat Ht..*
IWll-low Cafeterias Inc._l
preferred
14
93*
Oct
123*
13*
93*
Sept
3*
500
14
1,100
1,100
10
Oct
12
300
11
Oct
1
63*
183*
23*
Oct
5
10,000
4
4
4
5
19,000
4
13*
13*
J134
..
763*
933* Mar
98 J*
Jan
1043* July
1013* July
80
6
900
5
Oct
Jan
Jan
5s ex-warr stamped. 1944
Gatlneau Power 1st 5s 1956
Deb gold 6s. June 15 1941
Deb 6s series B
1941
Jan
General Bronze 6s
Jan
General Pub Serv 5s..1953
Gen Pub Utll 63*8 A. 1956
♦General Rayon 6s A. 1948
Oct
603*
91
67
79
55
1023* May
5,000
Apr
Jan
Sept
Mar
BONDS
1023* 103
J7.000
102
Jan
1043*
Apr
99
24,000
97
Oct
1083*
Jan
92
133*
123*
43*
43*
953*
109
115
603*
July
104 J4
Oct
85
Oct
Jan
67
Oct
103H
933*
54
Oct
J91
95
853*
72
86
87
97
733*
1083*
933*
Mar
Oct
Jan
103
Sept
Oct
1033*
Aug
8ept
1053* Mar
1053* June
93
72
Oct
1003*
82
Oct
1013*
1043*
1025*
1013*
1013*
1043*
993*
96
98
81
84
85
91
63
5,000
72
1033* June
.
82
88
78,000
993* 1013* 146,000
96
19,000
973*
973*
64,000
••••••
9*.000
96
101
______
703*
58J*
*70
{♦Gen Vending Corp 6s.'37
♦Certificates of deposit-
*123*
Gen Wat Wks A El 58.1943
723*
ref 5s.. 1967
♦Gesfurel 6s
1953
Glen Alden Coal 4s... 1965
Gobel (Adolf) 43*s__.1941
12
853*
74
63
58
*22
99
7,000
Oct
Sept
81
40,000
Sept
96
96
Oct
85
Oct
703*
74
Oct
583*
Jan
77
26
Feb
253*
Feb
Oct
74
Oct
58
Oct
88
Jan
243*
213*
Mar
31
Aug
893*
893*
Feb
643*
60
46,000
60
56
57
6,000
56
96
96
96
4,000
65
Oct
Oct
97
1053*
22,000
873*
Oct
105
Jan
19,000
36
Oct
Grocery Store Prod
6s. 1945
70
5,000
68
Oct
943*
783*
Oct
1053*
993*
Jan
19,000
Jan
45
43
45
12,000
43
Oct
62
43*8... ...1967
743*
71
75
54,000
71
Oct
Guantanamo A West 6s *58
Guardian Investors 5s. 1948
36
28
37
36,000
28
Oct
1063*
1053* 1063*
8.000
102
Apr
Amer G A El debt 5s..2028
1053*
104
1063* 115,000
104
Oct
68
Oct
Amer Radiator
43*s_.1947
180,000
8,000
1043*
1043* 105
Amer Seating 6s stp.,1946
Appalachian El Pr 5s. 1956
1043*
1,000
963*
963*
1033* 1043* 114,000
Appalachian Power 6s. 1941
1073*
Debenture 6s
2024
113
1053* 1073*
113
1133*
45,000
8,000
Ark-Louisiana Gas 4s 1951
993*
Arkansas Pr A Lt 5s
1956
Associated Elec 43*s._l953
933*
89
413*
28
55,000
933* 112,000
413* 119,000
Associated Gas A El Co—
Conv deb 63*s
1938
65
583*
65
Conv deb 43* s C...1948
35
Conv deb
1003*
13,000
26
323*
343*
253*
22 3*
16,000
333* 200,000
192,000
35
1968
Debenture 5s
35
1949
..I960
4^s
Conv deb 5s
333*
22
40
323*
75
69
95
95
953*
Conv deb 53*s
1977
Assoc T & T deb 534s A'55
Atlanta Gas Lt 4^s_1955
{Baldwin
98
Locom
Broad River Pow 5s..1954
Canada Northern Pr 5s '53
♦Canadian Pac Ry 63.1942
Carolina Pr A Lt 5s. ..1956
Cedar Rapids M & P 5s *53
Central 111 Public Service—
5s series G
Oct
Oct
Oct
583*
Oct
26
Oct
343* 292,000
40
7,000
323*
75
43,000
4,000
102,000
75
523*
79
250,000
Oct
Oct
69
Oct
95
Oct
May
Jan
Jan
63*s with warrants. 1943
♦Hungarian Ital Bk 73*s'63
Jan
Hygrade Food 6s A... 1949
833* May
623*
Jan
6s series B
...1949
111 Northern Utll 5s... 1957
111 Pow A Lt 1st 6s ser A '63
1st A ref 53*s ser B.1954
61
653*
653*
603*
913*
1053*
Jan
Jan
Jan
Jan
Jan
68 series A
Jan
63*s series B
523*
523*
Oct
225
Feb
Oct
227
Mar
98
25
653*
7,000
74
Oct
Sept
Jan
843*
Oct
853*
973*
92
80,000
92
16,000
833*
Oct
79
90
63,000
75
78
14.000
97
843*
85
82
873*
863*
86
883*
72
70
74
Indiana Gen Serv 5s.. 1948
Indiana Hydro Elec 5s 1958
1073* 1073*
78
81
106
106
1063*
105
6,000
Jan
1063*
20,000
Jan
99
22,000
1,000
6,000
1
40,000
1
1
Jan
108
Oct
101
Jan
1073* June
1957
111
111
111
8,000
Indiana Service 5s
1950
57
45
58
43,000
793*
1143*
Mar
1st lien A ref 5s
1963
48
55
12,000
78
Jan
823*
Jan
1063*
Apr
129
"2"000
733*
80
48,000
62
67
87
783*
62
12,000
129
Oct
733*
♦Indianapolis Gas 5s A
Oct
Ind'polls P L 5s ser A. 1957
International Power Sec—
1952
-----
1043*
*453*
104
53
1053* 189,000
111
1
June
Jan
62
Oct
90
12,000
85
Sept
...1955
55
52
55
6,000
52
Oct
77
102 3*
1013* 103
101
Mar
7s series E
1957
61
53
653*
23,000
53
Oct
833*
Feb
1053*
102
13,000
79,000
102
Oct
7s series F
1952
62
62
63
14,000
62
Oct
81
Feb
91
Sept
International Salt 5s..1951
1063*
Mar
109
May
Interstate Power 5s... 1957
443*
Debenture 6s
1952
Interstate Public Service—
7,000
1063* 107
32
453* 261,000
18
313* 145,000
105
1
Feb
95
113
1063*
92 3*
96
1123* 113
96,000
3,000
1113*
993* 102
27,000
99 3*
91
67,000
863*
63*s series C
Oct
Oct
100
38,000
95
92
9,000
873*
5s series
Oct
873*
Oct
88
88
3,000
88
63
68
73
43*s series F
Oct
73
4,000
873* 148,000
63
87
Oct
40
31
42
98,000
31
31
42
119,000
31
Oct
46
33
46
69,000
33
Oct
1043* 105
17,000
5s series B
1043*
1053* 1053*
6,000
1033*
1043*
703*
623*
1958
633*
583*
71
633*
97
94
97
94
...1961
96
Oct
Oct
763*
693*
Jan
18
623*
583*
36,000
25,000
45,000
23,000
Oct
96
Jan
Oct
92
June
92
July
993*
Mar
1
£1053* 1053*
3,000
99 3*
993*
993*
60
54
60
37,000
54
Oct
71
71
1,000
71
Oct
323*
4:9
217,000
393*
1,000
1043* 1043*
99
1033*
5,000
82,000
49
Jan
32
393*
Isotta Fraschlnl 7s... 1942
Italian Superpower 6s. 1963
Apr
Mar
313*
1956
Iowa Pow A Lt 43*8.. 1958
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 78.1952
Oct
403*
D
Iowa-Neb LAP 5s...1957
Oct
68
Jan
883* Jan
1043*
Feb
1043* Feb
1063* May
1053*
Jan
793* Feb
80
Feb
71
Feb
Jacksonville Gas 5s... 1942
Stamped
393*
Oct
563*
Jan
Mar
1053*
1053*
973*
1213*
1043*
Apr
Mar
993*
1073*
1033*
Jan
Jan
Jersey Central Pow A Lt—
933*
933*
10,000
92
Apr
100
Jan
48
106
1063*
48
52
10,000
106
Mar
110
Jan
37,000
1,000
48
Oct
84
Jan
88
88
88
Oct
1013*
4,000
91
Sept
1053*
66,000
45
Oct
1955
923*
913*
1966
45
47
Conv deb 5s
1950
56 3*
42
583* 758,000
42
Cities Service Gas 53*s *42
Cities
Service
Gas
Pipe
963*
88
963*
39,000
88
92
98
9,000
92
Oct
5s series B
1947
43*S8eries C
1063*
Cities Service 5s
1961
Feb
Kansas Power 5s
Jan
1947
Jan
1st mtge 5s ser H...1961
Oct
83
Jan
63*s series D
109
99
Oct
933* June
98
1
114
June
18,000
99
Get
49,000
65
Oc,
953*
3,000
93
893*
11,000
1003*
Jan
53*8
1955
1043*
Apr
993*
99
79
65
93
86
85
653*
78
94
943*
1948
103
series F
1969
78
Lake Sup Dlst Pow
33*s *66
Lehigh Pow Secur 6s. .2026
102
♦Leonard Tietz 73*s_.1946
Lexington Utilities 5s. 1952
«
*953*
1
Jan
Jan
Kentucky Utilities Co—
82
Oct
2671
1023*
Kansas Elec Pow 33* 8.1966
Kansas Gas A Elec 68.2022
58 series I
1943
Mar
99
Mar
95
ootnotes see page
Oct
1023* Feb
373* Sept
91
« "14:656
1947
5s
203*
31,000
Jan
107
Jan
Mar
129
Chicago A Illinois Midland
Ry 43*8 A
1956
For
107
Jan
12,000
93
1953
..1951
23
893*
Sfdeb 53*s_..May 1957
Indiana Electric Corp—
Feb
107
Oct
■
263*
99J* 1003*
*95
100
*223*
303*
653*
663*
663*
t
69 «
100
107"
Apr
863*
1,000
Jan
Jan
753*
1093*
110
983*
{♦Chic Rys 5s ctfs
1927
Cincinnati St Ry 53*8 A *52
C...1956
91
June
113
*1203* 124
1981
Chic Jet Ry & Union Stock
Yards 5s
1940
ser
*21
91
107
46.000
863*
Cent States P & L 53*s *53
1st A ref 5s
Jan
29,000
91
Chic Dlst Elec Gen 43*s'70
6sserle8 B
1961
Heller (W E) 4s w w.,1946
Houston Gulf Gas 6s.. 1943
Jan
1123* 1133*
ser F.1967
...1968
♦Hamburg Elec 7s... 1935
♦Hamburg El Underground
A St Ry 53*8
1938
Jan
105
;
*1053* 1063*
863*
863*
*25
1947
Jan
Oct
*101
...1977
Jan
1173* 1173*
1956
ex-warrants... 1954
Line 6s
1193*
1023*
1043*
673*
6s series A
Indiana A Mich Elec 5s '55
Cent Ohio Lt A Pr 5s.. 1950
6s series B
98
89
28
Oct
77
101
Cent Power 5s ser D..1957
Cent Pow A Lt 1st 58.1956
Cent States Elec 5s
1948
63*s
107
1103* June
Oct
523*
i960
Birmingham Elec 43*s 1968
Birmingham Gas 6s... 1959
43*s series H
Oct
Oct
Mar
22 3*
22
77
Bethlehem Steel 6s... 1998
43* s
109
*1063* 110
68
703*
Hackensack Water 5s. 1938
Hall Print 6s stpd
5s series C
1st M 5s series A
1955
1st M 5s series B...1957
1st & ref
Sept
1033*
1053*
203*
Bell Telep of Canada—
5s series E.__
96
Jan
Works—
♦6 without warrants 1938
♦6 stamped x W..1938
5s series C
1033*
1073* June
1083* June
1063*
Jan
1063* Aug
1083* Mar
Jan
Jan
Mar
Oct
91
82
Jan
Apr
813*
68
Jan
Jan
11
783*
81
Jan
Jan
723*
86
Am Pow A Lt deb 6s..2016
Jan
Jan
213*
3,000
79
Jan
Jan
16
12
89
95
Feb
15,066
77
853* 126,000
64
8,000
...1956
1st A ref
Jan
102 3*
3,000
12,000
1043* 105
...1968
873*
Feb
101
1st A ref 5s
1st A ref 5s
Jan
Jan
10,000
1st A ref 58
97
Mar
Jan
963*
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd,.1950
99
Jan
Jan
Mar
23,000
106,000
1033* 1033*
85
1940
Georgia Pow A Lt 5s..1978
1st A ref 5s
Jan
1053*
Jan
1093* Mar
1073* Apr
1063* May
Gary Electric A Gas—
Georgia Power
Abbott's Dairy 6s
1942
Alabama Power Co—
573*
15,000
Feb
43*
155,000
20,000
183*
123*
303*
Oct
Mar
1023* 105
1033* 104
Oct
Oct
1003*
104
45*
Oct
54,000
105
73*
Oct
132,000
1053* 106
79
72
78
72
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s '57
Florida Power A Lt 58.1954
43*
13*
1
2
Sept
Sept
1043* 105
573*
72
Jan
Feb
53*
173*
1033*
1952
693*
Oct
Oct
13*
2,000
1013*
Jan
24
May
163* May
233*
63*
83*
1950
1953
Oct
4
Empire Dlst El 5s
63*s series A
Oct
43*
105
Empire Oil A Ref 53*8.1942
Ercole Marelli Elec Mfg—
97
973*
30,000
59,000
973* 1013*
Jan
12,000
83*
Apr
1033*
106
12,000
103
10
Oct
1083*
102
95
1~3~906
Oct
Oct
102
Oct
7,900
11.200
Oct
Oct
Banks 6s-5s stpd.._1961
Firestone Cot Mills 5s. 1948
Oct
21
23*
Jan
983*
July
Feb
Jan
173*
13*
Jan
1253*
52
June
2
"53* "63*
943*
2,000
64,000
61
6
Feb
12,000
68
2,100
3,900
153*
1043*
1093*
Oct
63
""20
1,600
Apr
Oct
67
3
16
Jan
Jan
60
105
*63"
153*
101
603*
993*
Erie Lighting 5s
1967
Federal Water Serv 53*8 '54
Finland Residential Mtge
5
5c
5
Oct
Oct
Apr
Mar
Mar
2
1
6% preferred
£1
Wright Hargreaves Ltd..*
Youngstown Steel Door..*
Oct
953*
53*
61~
63*
Woodley
Oct
6
Winnipeg Electrlo cl B
*
Wise Pr A Lt 7% pref. 100
Wolverine Portl Cement-10
Wolverine Tube com..
743*
13*
83*
13*
316
July
May
1073* Aug
1063*
Jan
1043* June
903*
Jan
130
20,000
97
-
Edison El 111 (Bost) 33*8 '65
Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 6s '56
4
Western Tab & Stat
*
Westmoreland Coal Co...*
58
108
El Paso Elec 5s A
93*
953*
983* 1003*
-
1952
Aug 1 1952
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
Ry—
83
118
7,000
62
3,000
753* 295,000
11,000
52
99
♦Deb 7s
Oct
101
105
1003* 1003*
♦Certificates of deposit
Oct
43*
500
983*
19,000
119
1003*
Oct
93*
112
Apr
Sept
July
Apr
1233*
1954
102
Det City Gas 6s ser A. 1947
5s 1st series B
1950
23*
83
Oct
1133*
1133*
1123*
Detroit Internat Bridge¬
2
Yukon Gold Co
95
Oct
Oct
4,100
6,400
Petroleum
Woolworth (F W) Ltd
Amer dep rets
Oct
9634
Oct
4,000
Conv
56
108
3
93*
Mar
993*
42,000
Delaware El Pow 53*8 1959
Denver Gas A Elec 6s. 1949
43*
83
1003*
69,000
6734
Cuban Telephone 73*8 1941
Cuban Tobacco 6e
1944
Oct
5
100
Oct
56
Gen mtge 43*a
6s
Oct
23*
Co...20
Jan
Consol Gas Utll Co—
Oct
7
13*
113*
953*
200
2
Grocery
Jan
993* 10234
102
Cont'l Gas A El 5s—.1958
23*
7% 1st preferred
Jan
Apr
Apr
102
90,000
30,000
10834
Crucible Steel 5s
723*
"ek
Western
Oct
67
10234
107
Oct
10
1
Western Maryland
1033* 105
10534
101
Oct
1,600
13,700
73*
10434
3,000
1103* 111
102
1939
Sept
13*
723*
Wentworth Mfg
...1.25
Western Air Express
West Cartridge 6% pf.100
Wellington OUCo
111
9,000
5b
Oct
Oct
6
83*
111
10531
Conn Light A Pow 7s A *51
Oct
6
Wayne Knit Mills
6
Welsbaum Bros-Brower..l
Jan
61
Consol Gas EI Lt A Power-
143*
33*
3*
1
80
*124
»ii June
Oct
13*
200
26
3*
13*
83*
13*
Oct
Oct
43*8 series D....1957
150
43*
Walker Mining Co
.
4,100
51
Oct
1103*
1103*
1073*
1073*
15,000
Oct
Oct
700
3*
36
6,000
79 H
463* June
134,000
93*
33*
2,900
High
Oct
Edison—
16
6
52
61
123*
60
"l
*
36
60
500
....
Class B
Commonwealth
Oct
23*
113*
Low
363*
513( 372,000
900
83*
13*
113*
Shares
503*
2
4
Hig h
3634
Range Since Jan. 1 1937
for
Week
of Prices
61
30
(The) Co common.*
Waltt A Bond class A
Oct
3,600
Week's Rant e
Low
51
53*8.
13*
8
36,900
4,050
33*
7
"23*
Waco Aircraft Co
Wagner Baking v t c
Oct
2,800
2
Vogt Manufacturing
7%
14
12
23*
1937
23,
Sales
Sale
9,400
13*
13*
123*
33*
Last
Price
High
2,100
2
3*
16
1
7% preferred.
Valspar Corp v t
BONDS
(Continued)
Low
8,500
25
3*
3*
13*
|UtU Pow A Lt common.. 1
Vot tr
23*
51
51
mm
200
46
23*
23*
Priority stock
for
100
2
103*
43*
173*
13*
1
43
44
"
8
13*
93*
33*
123*
8
Universal Pictures com—1
Universal Products
33*
23*
8
10
Conv
r
Range Since Jan. 1,1937
of Prices
I Week
Low
High Shares
Par
United
1*.
Sales
STOCKS
(Concluded)
Oct.
Frida V
943*
,
80
993* 1023*
—
-
*20
96
Oc
653*
Jan
Jan
7,000
Oct
993*
Mar
1013*
99 3*
Oct
1113*
Jan
183*
34,000
106,000
29
93
15,000
Oct
Jan
Mar
263*
July
93
93
Oct
105
Jan
Jan
2671
6
New York Curb Exchange-Concluded—Page
14S
Volume
Sales
Friday
Sales
Friday
Sale
(Continued)
Price
|
for
of Prices
Low
High
Week
Llbby McN & Llbby 5a '42
103
KLone Star Gas 5s
1942
Long Island Ltg. 6s—1945
Louisiana Pow & Lt 5s 1957
10234710234
17,000
2,000
9,000
98,000
100
10434
t
10534
Oct
103
SeDt
10634 May
July
105
8734
Mansfield Min & Smelt—
*2134
Marlon Res Pow 434s.1952
9734
9934
McCord Rad & Mfg 6s '43
77
83
13,000
83
25,000
94
35,000
81
Mengel Co conv 434s.1947
8074
Oct
104
Jan
Oct
104
Jan
8034
Oct
118
Apr
May
Jan
81
T066
79
74
33,000
64
Oct
97
98
June
Oct
64
434S--1967
434s
1978
1955
117974
Miss River Pow 1st 5s. 1951
Mar
Feb
Jan
110734
4,000
97
24,000
86
14,000
95
Oct
106
Jan
12,000
68
Oct
12,000
7934
Oct
9934
10034
10934
8454
Jan
8234
68
Miss Power & Lt 5s.—1957
Jan
71
»95
1955
Oct
9074
9834
▼ 86
1st & re! 5s
77
10734
9934
9734
10634
10234
Milw Gas Light
Mississippi Pow 5s
101
179
634s '45
Midland Valley RR 5s. 1943
Minn P & L
Oct
10134
10234
*100
Aug
Aug
9734
5,000
79
Metropolitan Ed 4s E.1971
Middle States Pet
Jan
2734
2234 May
♦7s without warr'ts_1941
Memphis P & L 5s A..1948
Apr
May
107
87
10334110434
♦Manitoba Power 534s1951
Sept
100
Feb
106
Oct
103
10234
Price
High
Low
Shares
10434
14,000
108
*51
93
Oct
5934
Jan
Apr
Feb
m
1944
Feb
107
66
{♦Missouri Pub Serv 5s '47
Montana Dakota Power—
5 J* 8
♦Munson SS
634s ctfs.1937
Nassau & Suffolk Ltg 5s '45
2026
Nat Pow & Lt 6s A
f*9934
Oct
Oct
234
10034
107
Jan
10734
9734
Feb
80
40,666
74
Oct
70
48,000
6834
Oct
4434
4474
10,000
74
6834
10734 10834 104,000
19,000
10634 11434
10834
2022
6s series A
101
Feb
6854
"7734
2030
Deb 5s series B
{♦Nat Pub Serv 5s ctfs 1978
Nebraska Power 434s 1981
52,000
434
1234
434
10034
1434
June
92
7,000
95
Nelsner Bros Realty 6s '48
Nevada-Calif Elec 5s. 1956
51
10634
June
110
10634
Oct
12634
Jan
Jan
May
90
Oct
110
Jan
Oct
Jan
Apr
9934
12134
8434
34,000
115
1,000
113
67,000
4734
Oct
7634
115
115
Jan
May
69
69
7634
New Amsterdam Gas 5s '48
Jan
19,000
93
90
N E Gas & El Assn 5s. 1947
5s
1948
56
4734
59
57
45
68
41,000
45
Oct
1950
56
44
44
Oct
69,000
81
Oct
8434
74,000
8434
Oct
10134
10234
87
8634
89
8534 June
Jan
Jan
8434
81
88
5834
8634
8934
99,000
8534
9534
Conv deb 5s
New Eng Pow Assn 5s. 1948
Debenture 534 s
1954
New Orleans Pub Serv—
1942
5s stamped
7,000
♦income 6s series A. 1949
▼ 60
6534
534 s 1950
1*99
10,000
10134
N Y Central Elec
Ext 434s
stamped..1950
10534
434s '67
N Y State E & G 434s 1980
N Y & Westch'r Ltg 4s 2004
Debenture
Oct
100
Apr
10434 May
1,000
11034
Apr
5434
Oct
11234
8634
53
8734
41
10734 10774
33,000
4,000
26,000
Northern Indiana P S—
Mar
10434
Oct
5s series D
4348 series E
10334
09
1957
1945
35
10634
107
Jan
9834
30,000
95
Oct
19,000
8934
Oct
27,000
10154
Oct
10534
104J4
10534
Jan
Jan
Jan
Oct
105
Jan
11134
Jan
107
Oct
22,000
93
90
90
14,000
10134
105
107
9,000
10434
Oct
Jan
7,000
103
Feb
16,000
92
Oct
9434
92
10434
9434
1946
8934
85
9134
58,000
85
85
84
8634
103
58,000
8334
Okla Power & Water 5s '48
103
Pacific Coast Power 6s '40
1st 6s series B
Pacific Invest 5s ser
Pacific Ltg & Pow
Co—
1941
A. 1948
5s._1942
84
*110
53..1955
1938
Park Lexington 3s
1964
Penn Cent L & P 434s. 197/
1st 5s
1979
115
"6174
51
*"32"
8634
30
8334
*93
102
Jan
Oct
108
Jan
Oct
119
Jan
Oct
10234
Jan
Mar
117
Jan
13l",000
51
28",000
30
8734
97
42,000
8334
96
June
Oct
9934
Oct
Mar
9334
103
Jan
3534
Oct
Oct
10534
10534
Jan
Jan
103
Jan
Mar
85
8734
"9",606
85
92 *
7,000
89
Oct
106
82
80
82
9,000
80
Oct
10534
Jan
Penn Pub Serv 6s C..1947
106
May
109
Apr
.
10534H0634
44,000
105
1954
10334 104
17,000
Penn Water & Pow 5s. 1940
10734 108
4,000
10034 May
10734 Mar
5,000
105
Mar
108
June
35,000
76
Oct
100
Jan
D
5s series
1968
434s series B
10634
a
10634 10634
Peoples Gas L & Coke—
4s
1981
B
series
87
{♦Peoples Lt & Pr 5s..1979
874
Phila Elec Pow 634s. .1972
11234
1962
634s '60
Pittsburgh Coal 6s
1949
Pittsburgh Steel 6s
1948
Phila Rapid Transit 6s
Pledm't Hydro El
♦Pomeranian Elec 6s__1953
Portland Gas & Coke 5s '40
76
1534
87
874
11134 113
3034
Oct
10834
Mar
Oct
113
Oct
77
Feb
Jan
108
Jan
96
Oct
107
Jan
1834
Apr
25
Aug
Jan
July
7834
7634
55
6534
22",000
52
10634
9934
4,000
f96
*18
9734
2034
5,000
* 5734
61
14",000
5734
Oct
85
10634 107
"60"
Jan
534
55,000
10634 10634
19634
Jan
Jan
38,000
*66
*64"
10634
11134
12,000
10534
108
Oct
Mar
5,000
104
Jan
Apr
109
Jan
61
61
2,000
61
Oct
81
Mar
Potrero Bug 7s
98
4,000
96
Oct
104
Feb
Power
98
9034
95
8,000
9034
102
Feb
21
21
1,000
18
Oct
Mar
Potomac Edison 5s E.1956
10734110734
1961
stmpd-1947
Corp (Can)434sB '59
4>4s series F
Power Securities 6s—1949
♦Prussian
Electric
95
6s. 1954
Public Service of N J—
130
6% perpetual certificates
131
Pub Serv of Nor Illinois—
1st & ref 5s
5s series C
1956
1966
4348 series D
1978
434s series E
1980
1st & ref 434s ser F.1981
434s series I
1960
10434
10734 H034
10434 10434
10234
100
9,000
39,000
5,000
12834
10734
10334
Oct
Oct
Mar
162"
18,000
100
Oct
10134 103
23,000
101
Mar
10034*10234
78,000
10034
Oct
50,000
102
Mar
103
10234
*104
Pub Serv of Oklahoma—
147
July
Jan
11234
10534
Aug
Apr
105
July
10434 June
10334 June
10534 May
10534
9834
Jan
Jan
1966
98
94
98
39,000
Puget Sound P & L 534s '49
1st & ref 5s series C.1950
70
6034
70
128,000
6034
Oct
69
57
69
73,000
57
Oct
96
Jan
64
5434
64
53,000
5434
Oct
9234
Jan
9434
9434
9434
1,000
9454
2234
Oct
Mar
10434
10
12,000
13,000
7
Oct
2834 Aug
2534 Aug
10834 May
1834 Mar
10034 101
7,000
10034
Apr
107
Jan
126
Oct
132
Jan
4s series A
1st & ref
434s ser D.1950
Queens Boro Gas & Elec—
5348 series A
1952
6348-1953
634s..l958
Safe Harbor Water 434s *79
{♦St L Gas & Coke 6s. 1947
San Antonio P S 5s B.1958
San Joaquin L & P 6s B '52
Sauda Falls 5s
1955
♦Saxon Pub Wks 68..1937
♦Schulte Real Est 6s..1951
Scripp (E W) Co 534s-1943
Servel Inc 5s
1948
Shawinlgan W & P 434s '67
1st 434s series B
1968
1st 434s series D—1970
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
Southeast P & L 6s...2025
♦Ruhr
*2334
*18
Gas Corp
♦Ruhr Housing
'10834
107
7
28
18
24
10834
94
Oct
Apr
Jan
107
110
110
25
26
128
25
3,000
22
Mar
35
Sept
24
26
26,000
24
Oct
47
Mar
10234
9934 10234
10634 10634
10134 10234
102
10134 102
10034
102
10234
6234
25,000
9,000
35,000
8,000
15,000
10734
9934
10534
10134
10134
10134
Feb
Oct
Apr
Oct
Oct
Mar
334s. May 1 1960
334s B.July.l '60
1st & ref mtge 4s—1960
Sou Coifnties Gas 434 s 1968
Sou Indiana Ry 4s
1951
11134
Oct
10334
Jan
10734 May
105
10434
10534
Feb
Feb
July
3,000
60
Oct
72
Mar
80
70
80
17,000
70
Oct
101
Jan
86
77
86
59,000
77
Oct
10934
S'western Lt & Pow 5s 1957
'7734
So*west Pow & Lt 6s__2022
'5234
{♦Stand Gas & Elec 6s 1935
42
♦Certificates of deposit
Debenture 6s
"5634
1951
Debenture 6s. Dec 1 1966
Oct
3934
Oct
Oct
35
Oct
20
24,000
16
Oct
44
44
40
Apr
May
1,000
105
37
"4",000
102
Mar
32,000
10234
Mar
37
10434 10534
10434 105
8,000
106
74
61
Teral Hydro-El
60
53
14,000
7,000
16,000
42,000
98,000
7534
55
60
634s—1953
Texas Elec Service 5s_1960
9634
103
Texas Power & Lt 5s.-1956
2022
1979
8534
1962
9234
9734
10234 10334
*
103
10734
Oct
Oct
74
Oct
55
Oct
53
Oct
9234
Oct
102 34
102
Oct
13",666]
8534
80
106
10534
106
75
Tletz (L) see Leonard
Toledo Edison 5s
Oct
40
8334
55
_
Oct
42
142",000
Tennessee Elec Pow 5s 1956
6s series A
Oct
42
53
Tenn Public Service 5s 1970
Tide Water Power 5s.
Oct
42
84
1957
5s series B
9934
40
*37
1970
1954
Syracuse Ltg 534s
Sept
Oct
7734
16
-.1940
1946
434s
Oct
36
Super Power of 111 434 s *68
1st
5534
Oct
93
*79
"53"
{Standard Pow & Lt 6s 1957
♦Starrett Corp Inc 5s. 1950
Stinnee (Hugo) Corp—
2d stamped 4s
5634
3934
Standard Investg 534 s 1939
2d stamped 4s
5134
40
55
Oct
87
13,000
1,000
27,000
13,000
24,000
20,000
16,000
117,000
112,000
51
42
"5l"
1935
Jan
5734
5,000
5134
42
♦Certificates of deposit
♦Convertible 6s
10234
54
40
Mar
104
7,000
10034
100
So'west Pub Serv 6s..1945
9934
9934
47~66o
7734
7734
Mar
Mar
Apr
103
40,000
22,000
*10434 10554
60
5734
87
9534
93
9534
60
S'western Assoc Tel 5s 1961
30,000
10734 10834
Oct
80
Oct
10634
Jan
534s '52
68
55
70
117,000
55
Conv 6s 4th stamp.1950
40
31
40
35,000
1,000
23,000
31
Oct
111
Mar
Twin City Rap Tr
Ulen Co—
United Elec N J 4s... 1949
United El Serv 7s.....1956
♦United Industrial
s
634s
534s
Un Lt &
"59"
f 6s
1974
1959
Rys (Del) 534s '52
11334 11334
4934
59
*21
634s_'41
—1945
United Lt & Pow 6s.—1975
♦1st
"2134
"2" 000
6s series A..—
Mar
Mar
5734 127,000
57
20,000
13,000
99
47
Oct
53
Oct
9734
Oct
7234 158,000
6134
Oct
53
7134
9734
6134
106
104
"5534
52
56
Utah Pow & Lt 6s A..2022
79
8134
1944
88
9134
104
10434
434s
Oct
2034
1934
47
57
"98"
1952
1973
4934
2134
-
6s series A
Oct
2134
United Lt & Rys (Me)—
Vamma Water Pow
June
29,000
16,000
3,000
14,000
4,000
19,000
33,000
5,000
103
11
52
Oct
79
Oct
Oct
88
10234
Feb
534s'57
534s A..1946
90
85
91
1st ref 5s series B—1960
83
81
85
1946
78
75
78
1734
11
1734
61,000
10434 106
10634 10634
65,000
1,000
29,000
22,000
6,000
76,000
25,000
10434
10534
July
103
June
10234 10534
50,000
102 34
Oct
Wheeling Elec Co 5s. .1941
108
108
Feb
105
10634
94
1,000
36,000
38,000
10534
Wise-Minn Lt & Pow 5s *44
10534 106
6,000
10354
8134
84
15,000
8134 May
1946
-.1947
21
23
19,000
21
22
2334
Apr
20
20
11,000
5,000
22
1951
Aires (Province)—
18
Sept
1952
1947
*75
96
*75
634
92
Va Pub Serv
0g
Waldorf-Astoria Hotel—
1954
1958
1951
♦5s income deb
Wash Gas Light 5s
Wash Ry & Elec 4s
10434
105
Wash Water Power 5s 1960
West Penn Traction 5s '60
1957
*44
534 s '55
105
8434
West Texas Utll 5s A
45
West Newspaper Un 6s
West United G & E
York Rys
104
10534
84
1937
Co 5s
9734
105
10534
80
88
39
45
91
1966
Wise Pow & Lt 4s
Yadkin River Power 5s '41
10534
93
2030
West Penn Elec 5s
85
Ocl
81
Ocl
75
Oct
Oct
Apr
93
Oct
105
July
80
Oct
39
Oct
Oct
105
Oct
91
June
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
Agricultural Mtge Bk (Col)
♦20-year 7s
♦20-year 7s.
♦Baden 7s
Buenos
♦7s stamped
♦734 s stamped
734
1948
&
♦Prov Banks 6s B..1951
♦6 series A
1952
♦Cauca Valley 7s
17,000
634
Oct
2,000
734
1954
Apr
Danish
1955
534s
1953
5s
25
25
100
20
Mar
9,000
5,000
99
Apr
97
Apr
2,000
14,000
3,000
50
Apr
2734
*21
10034 102
9934 100
Danzig Port & Waterways
External
1952
634 s
'47
1947
♦Hanover (City) 7s—1939
♦Hanover (Prov) 6348-1949
♦Lima (City) Peru 6348-'58
♦Maranhao 7s
1958
♦Medellin 7s series E.1951
Mendoza 4s stamped. 1951
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
♦German Con Munic 7s
57
♦Issue of Oct
17
Jan
17
Jan
Mar
30
17
2334
1754
2154
Sept
13
15
Apr
92
Oct
8
1,000
16,000
2154
7
85
95
29,000
85
Oct
4,000
22
Apr
2334
2334
9834
15,000
16
1934
13
19
15
96
634s_-1959
Govt 634 s—1919
1234
1634
23,000
21,000
11,000
30,000
26,000
6,000
6,000
J.
54
34
♦634s certificates—1919
♦534s
1921
♦534s certificates—1921
♦Santa Fe 7s stamped-1945
73
1949
1961
34
34
54
54
7134
1054
34
*1034
54
73
1054
mm m
mm
1134
9534
5,000
July
Apr
Oct
Oct
16
13
54
34
54
54
6234
1054
1054
15
Oct
Oct
11
12,000
11
*5
(State) 7s—1958
Oct
7
2154
24
*20
1234
♦Rio de Janeiro
♦7s
20
*1034
2154
1927
♦Santiago 7s
2034
*20
68-1931
1931
Mtge Bk of Denmark 5s '72
♦Russian
20
*19
♦Mtge Bk of Chile
6s stamped
♦Parana
57
20
"26"
♦Secured 6s
Oct
8334 May
8434 Mar
Cent Bk of German State
*
No par value,
a
Deferred delivery sales not included in
r Cash sales
not Included in year's range,
Ex-dlvldend.
y Ex-interest.
* Friday's bid and asked price.
No sales
*
Bonds being traded flat.
the rule sales
range,
Oct
Oct
Oct
Oct
Jan
Oct
Oct
year's range. » Under
not included in year s
„..v
z
were transacted
during current week.
{ Reported in receivership,
f Called for redemption.
e
Cash sales
transacted during the current
week and not included in weekly or
yearly range:
!N*0 Sftl68«
Jan
60
161" H
Ref M
13,000
10534 10534
10034 102
10034 102
105
10534
10534
Ref M
Jan
*125
"l'ooo
1945
334s
Debenture
1937
Low
Shares
Sou Calif Edison Ltd—
.
25
Range Since Jan. 1
Week
of Prices
High
Low
Aug
Oct
89
""87*
1950
534s series B..1959
Deb
100
84
11334
Penn Ohio Edison—
6s series A
Sept
33
6234
10034 10074
Palmer Com 6s
1971
24,000
1,000
84
84
'
1,000
Oct
10534 May
10034
Jan
10834
Jan
113
11334111634
11434
Pacific Pow & Ltg
Penn Electric 4s F
May
Oct
104
Pacific Gas & Elec
108
95
'10434
5s conv debs
Jan
Jan
Jan
15,000
434s ser D.1956
Okla Nat Gas 434s—1951
1st & ref
10034
6934
Oct
97
10134 10234
10234
B..1952
Ohio Power 1st 6s
Oct
8534
9134
8934
10134 10334
9834
N'western Elec 6s stmpd'45
Ogden Gas 5s
July
Feb
95
1970
N'western Pub Serv 5s
Jan
95
1966
1969
C
series
Jan
Aug
9,000
35
4034
10774
6s
Jan
Feb
Oct
8534
8534
1956
92
10434
95
*46
68.1952
Jan
59,000
103
No Amer Lt & Pow—
534s series A
Jan
10034 101
11134 11134
101
Nippon El Pow 634s._1953
No Indiana G & E
Jan
Jan
9834
95
98
Nor Cont'l Util 534 S—1948
Jan
85
10934
10734
10434
*103 34 10634
10434 10634 137,000
1954
5s
60
9934 May
New York Penn & Ohio—
N Y P & L Corp 1st
Sale
(Concluded)
-
for
Week's Range
Last
BONDS
1, 1937
Range Since Jan.
Week's Range
Last
BONDS
y
Under-the-rule sales
weekly or
transacted during the current week
and not Included In
yearly range:
*Tn aalng
z
Deferred delivery sales
In weekly or
yearly range:
without warrants.
transacted during the current
week and not included
Financial
2672
Chronicle
Oct.
1937
23,
Other Stock Exchanges
Sales
Friday
New York Real Estate Securities
Last
Stock* (Concluded)
Closing bid and asked quotations, Friday, Oct. 22
Week's Range
for
Sale
Exchange
of Prices
Low
High
Week
Price
Par
Gillette Safety Razor
Unlisted Bonds
Bryant Park Bldg 0%sl945
35
11 West 42d St 6%S—1945
Ask
Bid
40
Unlisted Bonds
Bid
Ask
11%
Dodge Corp—
Income bonds v t c
6
10 East 40th St Bldg 5el953
6
1943
12
...
S. Calvert
Established
St.
E853
39
BALTIMORE, MD.
Louisville, Ky.
preferred
v
"2%
Broadway
North
Old
Butte
2.50
Colony RR
25
Sales
Stocks—
Par
of Prices
Low
High
Week
Price
Range Since Jan. 1 1937
*
Suburban Elec Sec com..*
Low
(new)
*
Union Copper Ld & Min.25
16%
(Conn) 50
14
16%
29
*
Atlantic Coast L
27
29
Bait Transit Co com v t c. *
.*
Consol Gas E L & Pow
2,889
14
Oct
23%
10
27
Oct
54
Mar
728
1
Aug
3
Jan
2
Oct
9
Jan
13%
Oct
38
Jan
02
Oct
112
1
293
13%
68
100
5% preferred
2%
18%
2,784
68
m
"l8%
♦
1%
62
m
1
2
let pref vt c~,..
Black & Decker com
*
10
803
110% 113%
197
110%
89%
Jan
115
Oct
5
Apr
Oct
Jan
90
18
2
Union Twist Drill Co
Mar
1C
2%
29%
4%
2%
110%
Oct
20
64
Oct
2%
23
Mar
3%
Oct
Jan
Feb
56
11%
Apr
2%
Oct
300
1
Oct
z6
Mar
1,245
105
Oct
142
Mar
3%
315
1%
Oct
65c
10,182
40c
Sept
620
4%
Oct
5
8
5
5
9%
2%
29%
Mar
Mar
Jan
June
Oct
23
10%
19%
Oct
Oct
44%
1,427
50
Mar
2,445
3%
Oct
22%
11%
25%
Mar
50
15%
26%
4%
750
100
2%
Sept
Sept
10%
Oct
31%
1,155
5,613
1
Jan
Jan
Feb
33% Jan
3%
Feb
41% May
3%
Sept
27%
Jan
16%
Oct
6%
350
Oct
30c
30c
900
26%
71%
39%
215
2,012
4,240
51c
Oct
90
1%
7%
2%
Apr
Oct
Oct
2%
Mar
19%
12%
Feb
Jan
25
39%
22%
64%
39%
1
95c
51c
98c
2
2
2
7%
2%
9%
4%
Warren Bros Co
Jan
Jan
19
23% May
2,006
30c
71
Venezuela Holding Corp..*
Waldorf System Inc
*
Jan
Mar
6%
Oct
8%
2,127
280
Feb
27
14% May
435
1
25
5
20%
Oct
1,365
11%
12%
27%
31%
Preferred
High
2%
23%
2%
1
Torrlngton Co
Utah Metal <fe Tunnel
Arundel Corp
11%
11%
United Shoe Mach Corp-25
Shares
Oct
2%
*
Stone A Webster
Exchange
Oct. 16 to Oct. 22, both inclusive, compiled from official sales lists
Jan
35c
10%
6%
Machlne.10
Shawmut Assn tr ctfs.
Sale
"*3%
Reece Button Hole MachlO
Jan
2
17
|%
10%
19%
3%
23%
50
7
Oct
240
41c
"14%
Pacific Mills Co
Oct
10
1%
63c
Pennsylvania RR
Reece Folding
for
1
8
100
Qulncy Mining Co
Week's Range
2%
105
Certificates of deposit...
York, Pa,
Chicago Board of Trade
Last
3%
2%
110%
3%
1%
25c
20
2%
23
29
200
15
20
100
Oct
1,900
3%
8%
High
8%
1,634
19
15
1
12
2
"lo"
t c
Low
166
18
100
com
Inc
New York Curb Exchange (Associate)
Friday
40c
3~~
Nat'l Tunnel & Mines
*
New England Tel & Tel 100
N Y N H & H RR (The) 100
Members New York, Baltimore and Chicago Stock Exchanges
Baltimore Stock
40c
1
c
Mergenthaler Linotype..*
Narragansett Racing Ass'n
NEW YORK
Hagerstown, Md.
cum
Mass Utilities
Exchange
Stein Bro s. &JB oyce
6
50c
Isle Royal Copper Co
25
Loews Theatres (Boston) 25
6%
Baltimore Stock
on
25c
Int Botton Hole Mach__10
78
Maine Central
Orders Executed
1%
50c
*
Helvetia OH Co t
250 W 39th St BIdgs 63 *37
internat Commerce Bldg—
6%s
Place
8%
1%
Hathaway Bakeries class A.
Class B
Park
Range Since Jan. 1 1937
Shares
*
Warren (S D) Co........*
Bonds—
70
25c Sept
22% Sept
64%
Oct
36 %
Apr
465
720
1
Mar
32%
Aug
98
Jan
46%
Jan
2% June
30
30
25
30
Oct
46
Feb
76
76
$5,150
76
Oct
95
Jap
Eastern Mass St Ry—
Series B 5s
..1948
Eastern Sugar Assoc—
Common
Preferred
5
1
10
"6%
Eastern Rolling Mills
20
Fidelity & Deposit
Finance Co of Am class A. *
Mfrs Finance 1st
42%
*
v t
Common class A
Merch & Miners Transp..*
Monon W Penn P
M
«• »
Mills
Distillery.. 1
U S Fidelity & Guar
2
Western National Bank .20
*r „
—
11
North American Oil com.*
Northern Central Ry...50
Penna Water & Pow com.*
14
%
1
87% pf25
Mt Ver-Wdb Mills pref. 100
New Amsterdam Casualty5
42%
2,320
%
90
7%
7%
2%
2%
pref...25
Mar Tex Oil
10
18
Oct
42%
14
11
8%
2%
2%
1,520
3,163
2
2
18%
22%
61%
8%
1%
Oct
Oct
23%
Aug
%
July
1%
Oct
12%
Jan
Oct
Jan
2
Oct
4%
4%
New York Stock Exchange
18%
Oct
41
Jan
New York Curb (Associate)
175
22
Oct
27%
Jan
152
61%
Oct
82
4,542
8%
1%
Oct
18%
Sept
2
Oct
104
90
11
32
22%
55
90
600
Oct
%
~*arm
10 So. La Salle St., CHICAGO
Mar
Feb
Feb
Chicago Stock Exchange
Feb
1%
50
69
Oct
95
Feb
14,080
11
Oct
29%
75
32
Oct
37
Jan
24% $19,000
22%
Oct
41%
Jan
25
8,000
25
Oct
48
Jan
98%
99
4,000
1,000
1,000
98%
83%
99%
Oct
83%
Oct
99%
Oct
1,000
100%
Jan
102%
Au-
Oct. 16
Jan
Oct. 22,
to
both inclusive, compiled from official sales lists
Last
Bait Transit Co 4s (flat) '75
5s flat
24
1976
Finance Co of Amer 4s 1942
"98%
Georgia Marble 6s flat 1950
Interstate Co
5%....1945
Read Drug & Chem 5 %s '45
101
99%
101
100%
Oct
Sept
93
May
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Townsend, Anthony
Common
(new)
*
Established
~
Allied Products Corp com 10
Class A
...2b
Members
Asbestos Mfg Co com
New York Curb Exchange (Atto.)
Associates Invest
Boston Tel. LAF 7010
30 State St., Boston
Bangor
Boston Stock
Oct. 16 to Oct. 22, both
Belden Mfg Co com
Exchange
Sales
Last
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1 1937
Low
non-cum
*
70c
pref._.._50
1st preferred
%
50
Amer Tel & Tel
100
Bigelow-Sanf Carpet pf 100
Boston & Albany
100
Boston Edison Co..
100
Boston Elevated
100
Boston-Herald-Traveller .*
13
154%
128%
54%
20%
1%
13
139% 155%
95
"no%
75c
95
100% 110%
124
128%
52%
55
18% 20%
630
70c
150
30
9,789
20
216
1,178
Oct
100
Preferred stamped
Prior pref
100
6%
3%
6%
115
Feb
109%
Oct
147
Jan
124
Oct
160
Jan
52 %
Oct
425
18%
Oct
2%
3
50
13%
......
17
1,080
3%
2%
Sept
13%
5%
Oct
Oct
Oct
69%
30%
14%
10%
56%
18%
Mar
Jan
Mar
5%
4
6
565
4
Oct
20
Mar
Class B lsr pref std._100
7
6
7
80
6
Oct
24%
Mar
Class C 1st pref std__100
Class D 1st pref stpd. 100
8
4
Brow-Durrell Co
*
com
Calumet & Hecla
25
'm
Copper Range
25
7%
East Boston Co
4
*
%
32
Oct
23
Mar
8
170
5%
Oct
29
Mar
12
209
10%
Oct
18
Jan
160
Oct
7%
Feb
Oct
20%
17%
Jan
Jan
1%
Feb
Oct
10%
Jan
4
2%
9%
7%
4,475
30c
200
2%
3%
4%
%
2%
2,959
Oct
Oct
East Gas & Fuel Assn—
Common
*
4
2%
Mar
4
536
4%% prior pref
100
51
56
225
51
Oct
81
6% preferred
100
26%
39
235
26%
Oct
48%
Aug
%
26%
8%
1
995
%
Oct
3%
Mar
30
95
26%
7%
Oct
Oct
East Mass St Ry—
Common
100
1st preferred
100
Class B pref
100
Eastern Steamship com..*
30
Jan
General Capital Corp
Georgian Inc (The)—
Oct
635
15
Oct
15%
8%
26%
July
16
*
30 %
28%
30%
108
28%
Oct
47
Mar
Common
...
Class A pref
20
Gilchrist Co
17c
see page
200
15c
May
1%
2676
17c
1%
368
1%
Oct
6
*
JE
3
8
300
6
Oct
17c
Mar
Oct
3% June
14% Mar
New
40
4%
1%
3
3
3%
Apr
460
48
Oct
23%
26%
84%
Feb
Oct
4%
Oct
13%
Feb
6
Oct
July
Mar
34,250
600
Feb
Jan
5,950
%
Oct
12%
4%
800
34%
Oct
57%
700
Oct
17
Jan
650
3%
1%
Oct
9
Mar
450
3
Oct
9
Mar
Feb
10
100
10
Oct
19%
10
10%
14%
350
10
Oct
4,450
9
Oct
20%
23%
Feb
15
1,050
13
Oct
22
Aug
14
2,750
8
7,250
30%
14%
14%
43%
8%
4%
6
7%
800
8%
Oct
4%
Oct
6
Oct
m,'m»
15
15
100
15
Oct
5
8
2,650
5
Oct
250
20
Sept
3,550
6
Oct
28
1%
2%
20%
10%
6
6%
5%
9
350
10
17,350
23%
17
~3%
2%
35%
Feb
Feb
Feb
Mar
Aug
Oct
13
July
Oct
Mar
Oct
18%
36%
5%
Oct
6%
5%
43
July
Feb
Feb
Feb
17
1
1,050
200
24
29%
2,000
24
%
7%
51%
%
Oct
8
650
6%
Oct
55
2,590
51%
Oct
z81%
Feb
1%
Oct
6%
110%
Mar
1%
1%
2%
%
1,450
25,250
Oct
3%
19
82
320
78
Oct
32
550
30
Oct
75
3%
4%
40
50
22
~
Feb
Mar
78
44%
Mar
50%
22%
15%
28%
30%
30
22
1%
33%
2%
36%
160
320
250
Mar
Jan
Feb
Jan
Jan
Jan
Oct
20%
40
Oct
73
Mar
22
Oct
Sept
Mar
3%
75,100
1%
Oct
26%
6%
4,450
33%
Oct
48
Jan
Feb
15
2%
10
******
,
".2%
18
120
15
Oct
32
Feb
35
46%
1,500
35
Oct
77
Mar
1%
2%
350
1
"45%
..100
1
8
95%
6%
1%
1
*
Compressed Ind Gases cap*
Consolidated Biscuit com.l
Consumers
Co
of
HI—
%
34%
3%
%
1
25
7%
1%
17%
Oct
12
Oct
Coleman Lp & Stove com.*
Commonwealth Edison—
3
15
3%
6
Oct
7
800
Oct
9%
1
Jan
1,110
15
8
55% Feb
17% Feb
Jan
12%
12% Mar
14% May
2,450
16%
*
Club Aluminum Uten
4%
Oct
Oct
9%
24
..*
pref..*
Chicago YeUow Cab Co..*
Cities Service Co com
*
11%
15%
51%
3
5%
340
5,900
23
conv
48
20
Chic Rys—
Part certificates 1
100
Chic Rivet & Mach cap..4
Chi Towel Co
v
4,550
1,550
6,700
""9%
Jan
*
Employers Group
For footnotes
8%
4%
51
.
*
Preferred
*
Cent States Pr & Lt pref. *
Chain Belt Co com
*
Common
7
8%
10
25
I
Preferred..
;_*
Chic El Mfg class A...
*
Chic Flexible Shaft com..6
Chic & N W Ry—
5%
5%
9%
35
10
Cherry-Burrell Corp com.5
Chicago Corp common
*
3
16%
Prior Hen pref
5%
Oct
24
30
$1.50 conv pref
Cent 111 Pub Serv pref
Central S W—
Sept
5
8
mt
Canal Construct conv pref*
Castle (A M) common. .10
Common
5%
5%
10%
2%
3%
4%
-
*
Central Illinois Sec—
Common
Oct
10
100
33
*
preferred
Mar
5%
Boston Personal Prop Tr.*
conv
Mar
100
Class A 1st pref
100
Class A 1st pref stpd. 100
39
5%
37
450
5
23%
5
Butler Brothers
Oct
95
30
7%
7%
Bliss & Laughlin Inc cap. 5
Borg Warner Corp—
Burd Piston Ring com
Jan
840
79
14
1
Jan
187%
Oct
1,950
11
13
1
com
40%
9
5
Jan
Oct
Oct
High
5
14
Berghoff Brewing Co
Jan
%
Boston & Maine—
Common
2%
6%
Low
10
"10%
Blnks Mfg Co capital
Class A pref
Bruce Co (E L) com
139%
13
*'***'
*
14
Brach & Sons (E J) cap
*
Brown Fence & Wire com 1
High
American Pneumatic Serv-
Common
W
10
(New)
Shares
3
Bendix Aviation com
inclusive, compiled from official sales lists
Friday
------
*
Backstay Welt Co com
*
Barlow & Seelig Mfg A com 5
Bastian-Blesslng Co com.*
Lewlston
7%
7%
1%
1
___.*
cap
Automatic Products com.5
Autom Washer conv pref. *
N. Y. Tel. CAnal 6-1541
Portland
com
Athey Truss Wheel
Private Wire System
Stocks—
49
Aro Equipment Corp com 1
UNLISTED TRADING DEPARTMENT
«*.
12
Armour & Co common...5
New York Stock Exchange
*
5%
8%
9%
10%
Amer Pub Serv Co pref. 100
Boston Stock Exchange
Range Since Jan. 1 1937
Shares
10
-
Allied Laboratories com..*
1887
High
37
Adams (J D) Mfg com...*
Adams Royalty Co com..*
Advance Alum Castings..5
Tyson
and
Low
Abbott Laboratories—
Aetna Ball Bearings com.l
6%
Sales
Friday
Bonds—
A
Chicago Stock Exchange
Chicago Curb Exchange
Sept
83%
99%
15%
Members
Apr
120
%
69%
36%
Unlisted
Paul H.Davis
Jan
7%
4,470
%
69%
and
Oct
25
**
Listed
Mar
2
32
***
SECURITIES
Apr
13%
42%
12
1%
CHICAGO
Oct
136
2
191
18%
23%
62%
90
m *****
Jan
6%
Oct
66
Aug
48
Oct
89
11%
16
100
30%
Oct
6%
320
42%
Houston Oil pref
Mfrs Finance com
10
10
6%
102
11
**
m *****
General Electric
Owings
19
6%
89
102
1,365
875
11%
Oct
1
July
10%
260
8
Oct
20
95
Oct
10
2%
1%
32
34
20%
25
22
26%
25%
3%
2%
1%
95y4
25%
3%
50
6%
3
37%
108
Mar
Feb
Feb
Feb
1,000
6%
Oct
27%
20,150
1%
Oct
5%
Jan
1
Oct
2%
Mar
650
310
31,800
32
Oct
37
20%
Oct
Jan
May
1,100
22
Oct
33%
48%
5,950
2
Oct
11
Jan
6
Sept
Conv part shs v t c A..50
4
4
50
4
Oct
V t c pref part share s. _£(
5
8
30
5
Oct
14%
Aug
Feb
July
Volume
Financial
14S
Sale
Stocks (Concluded0
Par
Price
for
of Prices
1937
Week
Low
High
Stocks (Concluded)
High
Low
Shares
Continental Steel—
Preferred
97
100
Apr
Feb
110 %
Mar
12
15
570
12
Oct
Feb
Storkllne Fur
Feb
Swift
Apr
Swift A Co
17%
20
300
14
Oct
4
1,250
2
Oct
23
40
19
Oct
28
Mar
Feb
Utah Radio Products
Aug
UtU A Ind
15
22"
Elec Household Util cap. 5
3%
15
Oct
15
Oct
26%
20
Oct
41%
12%
Aug
Oct
Oct
40%
Mar
20
850
5,200
2%
21
5
SlmAConDkADge cm*
"2%
1
6%
1,550
5
Oct
2%
3
1,100
2%
Oct
Jan
Jan
5% May
Gardner Denver Co—
New
S3
*
common
pref
..5
14%
cum conv
"io"
Gen Finance Corp com___l
Gen Household Util—
Gossard Co (H W) com..*
Great Lakes D A D com..*
Hubbell Harvey Inc com.5
Hupp Motor com (new)_.l
Illinois Brick Co cap
10
111 North UtU pref
100
Indep Pneum Tool
Indiana Steel Prod com__l
July
19
Feb
3%
Oct
26,750
1%
Oct
9
7%
5
Oct
5%
Oct
8,500
9
Oct
7%
Oct
14
5
Oct
11%
13%
22
22
100
43%
14%
16%
45
30
"2K
12
11
"l3%
Oct
3%
Mar
22
25
...7
*
Preferred
Wahl Co (The) com
Walgreen Co common
*
*
Wieboldt Stores Inc com..*
WtUiams OU-O-Matlc
Woodall Indust
15
Sept
23
12
Oct
27%
com
»
.2
com
50
11
Oct
11
Oct
1.55C
7
1,050
120
92
Oct
500
26
Oct
1,550
5
Oct
10%
UNION
6
Oct
22%
$7 preferred...
*
Iron Firem Mfg com v t c.*
1
Jefferson Electric com...*
Joslyn Mfg A Supply com 5
Katz Drug Co com
1
Kellogg Switch & Sup com*
Ken-Rad T A Lamp com A*
Ky Util jr cum pref
50
6% preferred.
100
15
"is"
600
15
Mar
_..*
Manhatt-Dear'nCorp com*
Marshall Field
com
Mer & Mfrs Sec cl A com.l
Prior preferred
*
Amer
Mar
4%
1
3%
%
2%
9%
24%
8%
5%
"20%
"40"
"l3%
4%
25%
4
Jan
24%
250
8%
Oct
4,750
5%
Oct
Mar
Jan
Aug
Crosley
July
Dow Drug
136
"16%
8
Potter Co (The) com
Prima Co com
Process Corp
*
com
Quaker Oats Co
100
Common
v t c
50c
Common
1
Corp cl B com
Slgnode Steel Strap—
Common
*
Preferred
Sivyer Steel Cstgs com—*
cap..5
210
%
Part
pref
4%
35%
48%
Feb
Oct
4%
Jan
Kahn
30%
Mar
9
Oct
4
Oct
80
22
Oct
7
31%
—*
Kroger
Leonard
Jan
Little Miami guar
Jan
Magnavox
Moores Coney A
50
5,550
37,650
1%
3%
%
5
Oct
Oct
Jan
*
Oct
15%
7%
%
1%
Jan
Oct
1%
Jan
see
2,910
Oct
12%
Jan
250
2
Oct
1
Oct
'
Oct
12
Jan
15
17%
17%
5
45%
Sept
50
134%
Oct
156
Feb
18
16
26
Feb
12
200
10%
300
106
Mar
Oct
37
Mar
23
10
8%
Apr
Feb
Oct
4%
Oct
8%
Feb
3%
Feb
%
88
%
July
53
29%
Mar
25
5
Oct
50%
304
44
Oct
24%
4%
24%
544
22
26
26
26
22%
19%
22%
%
%
30
30
30
5
5
5
._.*
*
Wurlitzer
10%
Oct
1
*
Western Bank
Oci
Sept
2
--*
July
20
100
Jan
Oct
5
57
8
*
100
24
15
100%
395
260
5
5
100% 100%
23% 23%
75
.....
136
Jan
8
1
US Printing
Preferred
17
37
3
US Playing Card...
22
Jan
Feb
1
Jan
Oct
16
49%
3
Rapid
Rike-Kumler
Oct
Oct
Oct
25
Mar
8
6
35
1
Jan
45%
22
276
8
100%
23%
m*m m
9%
Jan
5%
7%
35%
8%
3
Procter A Gamble
1,540
Oct
4%
6
......
Preferred
10
*
44
49%
3%
3%
16%
65%
Jan
Oct
11%
Jan
22
Oct
38
Feb
16
25
Oct
29
May
3%
Oct
19%
357
279
1
6
Oct
Feb
34%
Oct
350
2
1
2
I July
Feb
45
151
8
6
7%
50
5%
5%
5%
10
15
15
15
100
102
10 2
....100 102
6% |Feb
21
Jan
Oct
12%
Mar
50
15
Oct
26
Mar
76
92
Jan
134
Mar
150
5%
Apr
3
100
3
Oct
12%
Jan
25
1,100
18
Oct
36%
Feb
750
1
Oct
3%
Feb
1
1%
58
5%
10%
9%
Feb
Ohio Listed and
Jan
5%
Oct
16%
14%
36%
550
10%
Oct
37
210
32
81
Jan
Oct
14
140
12
Oct
54
99
10
99
Oct
116
Jan
15
70
14%
Oct
22
July
10
10
70
10
40
27
50
15%
Oct
700
%
Oct
28
16
1%
250
12
140
Sept
June
Oct
11
400
10
27
15%
30%
29%
2%
24%
GILLIS t°J W O O D cb
Feb
Jan
Occ
17%
Oct
7%
25
Jan
35
Union Trust Building,
Apr
Jan
Jan
Cleveland Stock Exchange
Jan
4%
Oct
7%
Mar
P.
3,550
%
Oct
3%
Feb
150
1%
Oct
Cct
5%
3%
Feb
%
Jan
Last
Week's Range
for
1% June
4%
Jan
Sale
of Prices
Week
1%
1
1,050
150
1%
75
2,250
66
Oct
99%
Par
74
June
99
Jan
Price
90
100
1,230
90
Oct
125%
Jan
90
121
Apr
150
Jan
,
2,000
1
1,950
1%
1,450
12
Prior
16%
65%
9%
17
23
1%
%
Oct
Oct
Oct
6
7%
3%
36%
Feb
Feb
Oct
2%
Jan
July
25%
12
18%
2%
93
75
19
80
5
Oct
6
150
6
Oct
330
11
Oct
60
10
100
City Ice A Fuel
Oct
Oct
100
Jan
Oct
105
Feb
13
Oct
21
Feb
Oct
70
Oct
40%
13
100
70
70
10
70
1
18
21
560
18
*
Cleve Cliffs Iron pref
2%
58%
*
14%
2%
73
Feb
10
80
100
210
>
;.....*
Preferred
Clark Controller....
40
Jan
Feb
July
15
10
83
100
33%
14%
20%
27
10
80
100
25
670
2%
58 A
Oct
Oct
Oct
Feb
8
Mar
101%
Mar
14,850
%
1,350
24%
Oct
42
Apr
Cleve Elec 111 $4.50 pref..*
108
108
24
105
July
11%
Oct
28%
Feb
Cleveland Ry....
100
*
100
37
43
775
31
Oct
63%
14
19
5,854
14
Oct
50
Mar
106
108
73
105
Aug
117
Jan
68
Feb
100
Aug
1,010
Oct
98
Aug
CUffs Corp vtc
2,450
6%
Oct
14%
Mar
Dow Chemical pref
950
16%
Jan
40
Apr
25%
Oct
35
Mar
50
65
17%
70
Elec Controller A Mfg—*
25%
17%
1937
High
Low
14
6
*
preferred...—100
Cleve Builders Realty
27
1,
Range Since Jan.
Shares
6
Apex Elec Mfg----
137
%
24%
11%
65%
6%
High
11
134
3
Low
Jan
50
Sales
Friday
112%
2%
90%
565 A 566
CLKV
Mar
600
78
1%
%
Cleveland
A. T. & T.
Telephone OHerry 5050
5%
66
6
Exchange
Mar
12
4%
%
1%
%
1%
Unlisted Securities
Members Cleveland Stock
Feb
Amer Coach A Body
page 2676.
Jan
34%
*
Jan
"78"
Jan
Feb
27%
—2.50
National Pumps
]B
40
5
4%
8
—*
Feb
Jan
18
Oct
11%
35
6
common..........*
122
Southw Gas A El 7% pf 100
For footnote*
12
——..100
Hatfield prior pref.
Hobart A........—.__.*
10,150
4,200
Jan
Aug
Oct
18
1,600
6%
56
120
"17%
20
Mar
Oct
Oct
9%
9
Oct
Occ
23
9%
Oct
2
105
1%
Apr
6
26
104
2%
7%
10
800
150
11%
Jan
67
6
1,350
300
South Colo Pow A com. .25
Southwest Lt A Pw pref..*
6
7%
6
7%
Jan
113
30
So Bend Lathe Wks
28
198
Feb
110%
*
1
Oct
11%
36
105
Schwltzer-Cummlns cap._l
Sears Roebuck A Co com.*
Serrlck
7%
7%
7%
11%
Oct
104
5
Sangoma Electric Co
July
24
Canfield Oil pref
v tc
Jan
109
200
Raytheon Mfg—
6% pref
100
Jan
25
109"
-.100
Reliance Mfg Co com...10
Rollins Hos Mills-
Oct
103
Airway Elec Appl pref. 100
Akron Brass.....
*
99
com
Preferred
79
30
24
Stocks-
100
266
25
10
75
..60
6% preferred
7% preferred
84
139
Gibson Art....i.__—...*
8%
46%
25
75%
.......
Common
79
125
July
Public Service of Nor 111
Common
Jan
81
33%
Oct
11
1%
Jan
Oct
Oct
%
...
5%
16
4
16
...
353
Mar
21
7%
1
6
17
850
2%
2%
27%
1%
5%
25
100
Peabody Coal Co B com..5
5
5%
Oct
99
*
3
Oct
700
32
com.
3
100
Sept
14%
com
3
3
;•
15
5,350
Pictorial Paper Pack com.5
Pines Wlnterfront com_._l
Oct
14
8
Perfect Circle Co
10%
5%
22
Oct
A.. 10
Oct
180
27
Oct
conv
Mar
6
6
125
2
*
Jan
Oct
14%
7%
Oct
174
20
Conv pref
Jan
13%
5%
15
900
Parker Pen Co (The) com 10
June
111
692
15
5,950
10
63
Oct
,105
7
11%
3
*
Oct
30
76
107%
22
28
Common
Feb
5%
5%
11%
2
Ontario Mfg Co com
Oshkosh B-Gosh Inc—
105
6%
Feb
8
May
172
33
30
33
105%
36%
3
10
Feb
13%
Oct
16%
15
20
"l4"
691
3%
22
3
7% preferred
100
Okla Gas & El 7% pref. 100
19
3%
*
26
8
16%
3%
10
*
North American Car com20
14%
18%
High
Oct
4%
Formica Insulation
Noblitt-Sparks Ind com..5
Northwest Bancorp com..*
Northwest Eng Co com
*
N'west Util pr conv pref 100
Low
455
Eagle-PIcher Lead
Early A Daniel
3
1A
com..
Week
Shares
6
Jan
18
National Standard com..10
Range Since Jan. 1,1937
for
4%
Jan
4
8
of Prices
High
Low
12%
27
10%
Price
45
21
135
official sales lists
Sales
Week's Range
Oct
Jan
16
Musk Mot Spec conv A.
Penn Gas A Elec A
CINCINNATI
Tel. Cln. 363
11%
Randall B
45%
Nachman Springfilled com*
Natl Pressure Cooker Co.2
Natl Repub Inv Tr pref.
Radio
4
Preferred
Montg Ward A Co cl A...*
Penn El Switch
Trading Markets in
22
"3%
2%
Feb
15
2,350
26
Aug
12%
14
2%
8,250
*
com
Mar
15%
43%
15
%
3%
1
12
*
2
2
12%
5%
Oct
Oct
Oct
Fyr-Fyter A
%
1%
.
Monroe Chemical Co
*
*
*
Crystal Tissue
Mar
Midland Util—
7 % prior Hen
.100
Miller A Hart conv pref..*
Modine Mfg Co com
*
Oct
4%
139
Nash
*
Feb
2%
Mar
1%
Common
Conv preferred A
Laundry Mach
Mar
Midland United Co-
Natl Union Radio
21
Amer Prod part
Lunkenhelmer...
Corp cap..
Stock purchase warrants
26%
Mar
2,250
18,350
"6%
Oct
2%
30
950
3%
2%
6%
Middle West
Oct
13
4%
1C
1%
3%
%
..1
Feb
Oct
2,800
4%
1%
14%
4%
25%
7%
3%
3%
Cct
11%
9%
22
9
Coca Cola A
1%
26%
2%
22
Feb
3%
%
Oct
Oct
40
6
Jan
13%
34%
19%
15%
Jan
1,500
23
18
50
Oct
Jan
89
3,550
30
26
Oct
3
43%
Oct
10%
90
2%
16
30
Feb
Cct
59
2,550
5%
,
2%
20
90
28%
19
10
33
Jan
5
49%
1,250
6
1,650
Oct
250
4%
1%
2%
3
Par
Stocks—
20
pref
*
Champion Paper A Fibre.*
Champion Paper pref..100
Churngold
*
Cln Advertising Prod
*
Cln Ball Crank pref......*
Cln Street Ry
50
Cln Telephone
50
2,400
14
59
30
"~5%
Mlckelberry's Food Prod
Common...
Feb
16%
12%
29%
Jan
40
3,050
5
Aluminum Industries
Oct
2
McCord Rad A Mfg A...*
Aug
Oct
30
5
55
4
4%
com
Oct
5
...
Lion OH Refining Co com
Loudon Packing com
39
4,150
Libby McN A Libby._.10
Lincoln Printing Co—
10
19%
350
7,550
19
Feb
Feb
Feb
7%
Cumulative preferred..*
com
10
$3% preferred
Lindsay Light com
Feb
51
6
Le Roi Co
Common
Feb
29%
5
La Salle Ext Univ com...5
pflOO
27
4
10%
Jan
6%
24%
Oct
14
Sale
Oct
Oct
7
59
%
18
200
Last
Oct
5%
59
38%
3,900
22, both inclusive, compiled from
13%
3,300
39
"26"
20
750
2
Sept
Oct
Oct
Sept
Oct
Cincinnati Stock Exchange
16 to Oct.
Oct.
400
17%
19%
22
43%
"43 %
Kerlyn Oil Co cl A com..5
Kingsbury Breweries cap.l
Lawbeck Cor 6% cum
Leath & Co com
13%
19%
1%
16%
2
Friday
Jarvis (W B) Co cap
%
60
Jan
Aug
Interstate Power—
Lynch Corp
2
950
TRUST BLDG.
Jan
6
1%
2,050
Phone Cherry 6711—Bell Sys.
May
10
6%
6
2%
11%
4%
Aug
2%
5
July
Apr
1,400
Oct
Oct
Oct
Oct
Oct
BALLINGER & CO.
Feb
49
Mar
26%
4%
12 %
10,150
16
23%
Active
Jan
110
4%
19%
111%
Mar
Mar
15%
15%
1,250
1,300
6%
Oct
7,150
16
23%
Jan
21%
Oct
Mar
Mar
28%
28%
Oct
1,950
Cincinnati and Ohio Listed and Unlisted Securities
June
Sept
Oct
July
15%
33%
6%
Members Cincinnati Stock Exchange
Mar
14
1%
21%
850
Wisconsin Bank shs com.*
May
200
29
1%
*
Jan
52%
4%
Sept
Feb
Oct
43%
%
1%
16%
38%
Oct
9%
16
150
Mar
98
1%
92
26
"~5%
5
July
220
11
4%
~98~"
Common
Convertible pref
Viking Pump Co com
Jan
4,400
1,900
14%
18
13%
"2%
Oct
2%
5,900
3,000
Corp—
Apr
150
7%
6%
3%
Oct
19%
10%
50%
42%
12%
29%
30
9
7
27
5,300
26%
9%
15%
5%
High
83%
Jan
5%
Jan
20% May
Oct
65
Jan
3,400
31
9
*
Zenith Radio Corp com..*
3
19%
5%
45
5% May
Pi
1%
27
c..*
v t
July
70
Oct
26%
8%
15%
Hormel & Co (Geo) com A*
Houdaille-Hershey cl B__*
23%
Oct
9%
30
Hamilton Mfg cl A pt pf. 10
Helleman Brew Co G cap. 1
HelrvWern Mot Pts com.3
Heller (W E) pf ex-warr.25
Hibb Spencer Bart com..25
Horders Inc common
*
Oct
57
4,600
2%
Godchaux Sugar clA
*
Goldblatt Bros Inc com..*
12
100
300
14%
9%
4%
Common
1,350
57
10
12
57
20
Candy Corp A
com
25%
19%
15%
Sundstrand Mach Tool Co
Thompson (J R) com
25
Trane Co (The) com.....2
15
2,750
25
Jan
600
4
15
Apr
25
26
2%
21
Oct
400
17%
16%
24%
20
Oct
5%
4,600
International
3%
13%
16%
7%
26%
19%
%
1%
16%
38%
%
10
com
66
2%
9%
16%
6%
23%
15%
12%
4%
11%
1%
33
Low
Shares
100
65
*
14
3
5C
3
15
Dodge Mfg Corp com....*
Eddy Paper Corp (The)..*
Gen
Stein A Co (A) com
26%
10%
28%
32%
11%
11%
Price
13
Sept
5%
Week
Convertible preferred..*
75
19
....
Fuller Mfg Co com
5H
70
3
Cumul class A pref
Fits
105
Oct
1%
75
10%
Decker (All) & Cohn comlO
De Mets Inc pref
*
Elgin Nat Watch
Oct
97
12,150
for
of Prices
Low
High
65
2
14%
Dayton Rubber Mfg com. *
*
2%
Week's Range
Louis Nat Stockyds cap*
Standard Dredge com
*
75
Curtis Lighting Inc com..*
com
20
97
1%
2%
Cunningham Drg Stores 2%
Dixie Vortex Co
Par
fit
Cord Corp cap stock
5
Cudaby Packing pref..100
Range Since Jan. 1,1937
Last
Sale
Range Since Jan. 1
Week's Range
Sales
Friday
Sales
Friday
Last
2673
Chronicle
70
100
1,9.50
17%
12
*
70
20
10
23%
22%
Oct
30
Jan
20
50
20
Oct
49%
Feb
10
10
23
10
Oct
22%
Feb
100
26
Mar
Foote-Burt
27%
Mar
Great Lakes Towing—100
30
30
45
30
Oct
54
100
5
—100
66
66
40
57%
Feb
73%
Oct
30%
Oct
50
Jan
20
90%
Oct
107
Jan
70
75
Oct
95
Jan
Preferred-.
Halle Bros
Preferred
Jan
20
Oct
7
Jan
22%
*
Federal Knitting Mills...*
Oct
Oct
30
Faultless Rubber
112
18
18
15
18
40
40
50
40
Mar
Apr
Jan
May
2674
Financial
Chronicle
Oct.
23, 1937
fd
Sales
Friday
Last
Week's Range
Sole
Stocks (Concluded)
Par
Harbauer
Interlake Steamship...
Low
8
«
Jaeger Machine
of Prices
Nigh
Price
*
8
*
41
Oct
73X
Oct
37 X
Mar
18
32
18
Oct
30
5X
205
5
Oct
5
13
7X
Oct
27
16
Oct
26 X
6
Oct
14
280
30
Oct
58 X
290
20
Oct
60
4
258
Oct
11X
78
14
85
National Tile
—
3X
18
11X
19
..3
...
3
38
—
*
Seiberllng Rubber
loo
Steuffer class A.
..*
460
4X
490
50
40
1,719
25
2X
20
Troxel Mfg...
43
10
10
25
11
176
33
1
.
10
155
14X
2X
mmmmmm
8% cum pref..
S M A Corp
268
9
14 X
34
mmmmmm
*
1,485
17X
lix
Reliance Electric
3X
35
io x
„mmmrnm
*
641
c* 00 X
9
*
_.
—
4X
2
3X
mmmmmm
Patterson-Sargent
Peerless Corp.
33
5
3X
78
Aug
3X
Oct
2
28 X
6
iox
17X
3
Van Dorn Iron
10X
3%
2X
X
Wolverine Brew com...
Wolverine Tube
67
Feb
10 H
20 X
34
Oct
34
Oct
Tel.
57 X
9X
64X
Sept
19
34
May
Oct
Oct
4X
3
866
3
Oct
6
7
276
6
2X
2
2X
440
2
BLDG.,
Apr
BROADWAY, NEW YORK
Pittsburgh Stock Exchange
Oct. 16 to Oct. 22, both
inclusive, compiled from official sales lists
Feb
Last
Week's Range
for
Oct
15X
Jan
Sale
5X
Jan
of Prices
Low
High
Week
Oct
17X
Friday
14
Feb
26
Stocks—
Par
Price
Allegheny Steel Co com..*
Armstrong Cork Co
...»
Blaw Knox Co.
.....
.
14X
31X
9X
mmmmmm
*
Lone Star Gas Co
90c
Oct
585
Oct
9
2,150
3X
4X
Exchange
Last
Stocks—
Auto
Par
City Brew
Price
1
ri«
1
com
8X
Allen Electric
Baldwin Rubber com
Briggs Mfg com
Capital City Prod com...'"
Chrysler Corp com
5
Consolidated Paper com.10
~2\~"
"66"
16J*
*
Edison
com
100
Detroit Gray Iron com...6
Det-Mich Stove com
1
Det Paper
Det Steel Corp com
1
5
Det Steel Prod
Prod
Low
3,835
Oct
2X
IX
Oct
Oct
Oct
15 X
47
IX
500
14,049
5X
100
29 X
16
21
2c
High
X
8X
540
17
Oct
56 X
16
Oct
35
Oct
7XC
10
Oct
23
3,536
72 X
15X
IX
4X
IX
24
100
55
65
Oct
15X
IX
4X
IX
Oct
692
IX
4X
905
325
IX
2c
Oct
Oct
Oct
X
12,600
1,100
IX
2,000
IX
Oct
2
3X
6,738
2
Oct
2X
ht
"2H
3X
104
2X
3
1,570
5,965
3^c
10
98
582
Feb
July
Feb
10X
Federal Mogul com
*
Fed Motor Truck com...*
11
Feb
11X
3X
Mar
X
145X
Jan
4
18
9,300
Oct
10
15
Oct
28
22
Oct
63 X
5
200
4X
7X
8X
Oct
Oct
Oct
14
27X
23
Vandlum Alloy Steel
*
Victar Brewing Co
Oct
11X
3
Oct
880
4
1,300
2,330
Pennroad
Corp v t
300
1
Oct
2X
13
Oct
21X
1
com
Hall Lamp com
Hoover Ball & Bear com.10
Hosklns Mfg com
B
*
Hudson Motor Car com..*
3H
Kreege (S 8) com
10
Kinsel Drug com
1
Lakey Fdy & Mach com__l
Mahon Co (R C) A pref..*
18 X
Masco Screw Prod com_._l
1%
X
McClanahan Refln com._l
Mich Stl Tube Pr com.2.50
8X
*
com
"~3~X
Mld-W Abrasive com..50c
Motor Products com
*
Motor Wheel com
IH
5
Murray Corp com
10
Packard Motor Car com..*
Parke-Davis com.
43
19 X
29 X
41X
8,134
21,905
11,738
2,000
1,905
2,320
1,640
32
Oct
70
8
Oct
7
10
Oct
22
300
17
Oct
22 X
1,420
9,543
3,820
15,570
I,115
4,400
9
Oct
27X
Feb
4
Oct
23
Feb
4
4X
2X
X
3X
10
13 X
18
13 X
4
9X
X
3X
18X
X
2
16X
X
IX
IX
X
X
7X
X
2X
IX
18
9,6
2X
14,521
1,300
Oct
Oct
Oct
Oct
3X
2,350
6,042
2X June
IX
Oct
125
12
Oct
7X
18.990
4
Oct
4
7X
16,903
4
Oct
Reo Motor com
50
Feb
5X
Oct
15X
Aug
8X
81X
4X
Oct
27
94 x
251
ox
3,978
835
401
2,200
300
6,100
370
32 X
1,290
Oct
Oct
Oct
5
Oct
Feb
12X
1
Oct
2X
2X
Oct
9
Oct
Oct
Oct
23X
2
25
2
40
60
40
65c
2,825
Oct
Oct
Mar
Jan
30
Apr
29X
2X
Mar
4X May
Jan
7X
Oct
11X
61X Mar
Oct
60c
Feb
Feb
147X
19X
Feb
ex
56
Sept
1.25
Feb
Jan
3X
100
3
8X
Feb
27X
3,826
18
Oct
56 X
Feb
90 X 106 X
585
90X
Oct
163 X
Jan
18
2X
Oct
5X
Mar
$2,000
1-1 © 00 £
Jan
3X
mmmmmm
18
mmmmmm
2X
mmmmmm
2X
109 X HO
111
Mar
3X
2X
15
14X
109
109
1
4
2
IX
5X
3X
4X
A
Par
S Aloe Co com
Preferred
American Inv
Jan
Brown Shoe
Jan
Burkart Mfg com
Preferred
Mar
Week
30
m
110
m
*
com
20
37
37
1
mmmmmm
Century Elec Co (new).. 10
Jan
Chic & Sou Air L pref.-.10
Jan
Aug
Coca-Cola Bottling com. .1
Columbia Brew com
5
20X
12 X
Feb
Dr Pepper com.
_.*
Ely <fe Walker Dry G com25
Feb
Feb
2nd pref
Falstaff Brew com
6
28
Feb
13
Oct
19 X
Aug
5X
Aug
2 X
2
Oct
3X
4,980
5,640
4X
1,815
24X
984
5
II,664
16
435
14X
IX
3
ex
2X
15
Oct
.
13
Feb
6X
Jan
9X
Feb
5X
6X
35
Feb
Jan
Mar
Huttlg 8 & D
com
Preferred
10X
Jan
Feb
Knapp Monarch
com
*
Oct
28X
111**
Feb
Aug
Laclede-Chrlsty C Pr
10
Feb
McQuay-Norri8
com
*
com
25
Laclede Steel
com
20
IX
Oct
8
Feb
Mo Port Cemet
Oct
13
Jan
Oct
11
Feb
Midwest Pip & Sup com..*
Natl Bearing Metals com.*
4,635
5X
3X
4X
IX
100
ex
885
Oct
9X
Feb
Oct
8X
Mar
Oct
ex
Oct
Preferred
Natl Candy com
115
Feb
Jan
Mar
6
Oct
9X
Aug
4
Sept
615
24X
Oct
2X
115
Oct
26X
625
Oct
9
39 X
6
Feb
May
Mar
70
2X
19X
21X
Oct
32
Feb
100 X 100 X
20
99X
Jan
106
Apr
7X
1,545
4X
Oct
4X
22
116
100
116
Oct
27
155
24
Oct
2
2
220
2
Oct
11
200
10
Oct
85
45
75
June
24X
10
17X
10
1
4
37
37
32 X
85
33
1
50
1
Feb
Oct
48
nx
116
40 X
6
Mar
Oct
Apr
Feb
20 X
90
Apr
26
Aug
Feb
20
4
Oct
3X
15X
2,075
4
38X
Feb
33
Oct
49
Feb
Jan
Jan
12
11
12
75
11
Oct
nx
mmmmmm
14
15
60
14
Oct
21
Aug
11
mmmmmm
mmmmmm
m
-mm
m m
mmmmmm
30
100
mmrnmmm
*
ex
Nicholas Beazley Air com.5
6
Oct
Feb
31X
24X
com *
Oct
Oct
2
22
492
24
100
27
49 X
116
2
5
Oct
13
4,265
7X
100
Oct
Oct
700
Hyde Park Brew com
10
Hydraulic Pr Brick com 100
Preferred
37
26 X
International Shoe com
*
Johnson-S-S Shoe com—*
109
7X
ex
Oct
25
930
1
Oct
3X
210
4X
2X
*
2X
23
22,856
12,511
109
5X
5X
3X
Aug
6
Hamilton-Bra Shoe com..*
2X
Apr
25
80
25
114
Oct
684
32X
Oct
20
28
1
Aug
110
2X
19X
21X
mm
35
10
4X
mmm
High
Oct
448
24 X
m-mmm<
Globe-Democrat pref-.100
Griesedleck-West Br com.*
Oct
Oct
Oct
2X
30
28
«
100
1,908
4,582
1,150
2,247
22
Low
25
20 X
39
32 X
6
*
44 X
6
110
20X
Range Since Jan. 1, 1937
Shares
30
*
4X
Feb
for
of Prices
Low
High
Price
100
com
37 X
26
4X
Week's Range
20
Feb
Feb
Sales
Last
Oct
3X
2X
Stocks—
Feb
IX
St., St. Louis, Mo.
Sale
4X
IX
2X
New York Curb (Associate)
Board of Trade
Friday
,
2X
18
all
St. Louis Stock Exchange
Oct
2
23
9X
28
1874
on
Oct. 16 to Oct. 22, both inclusive, compiled from official sales lists
14
2X
For footnotes see page 2676
Feb
Telephone Central 3350
28
3X
*
Jan
8X
23
2
315 North Fourth
945
3X
2X
7X
1
5,730
2X
3X
2X
100
X
2
13
Spec
IX June
1X Sept
X
6
United
IX
825
3X
B
Oct
X
13 X
Unlv Cooler A.
X
Jan
Jan
Feb
Apr
4
1
25c
Oct
20
11
60c
Jan
5c June
2X
40
65c
Jan
32
7
23X
2
100
ex
ox
9
mmmmmm
Feb
6X
10
29
Chicago
Chicago Stock Exchange
Feb
X
7X
Pfelffer Brewing com
*
Prudential investing com.l
1
IX
"ex
(Fred'k) com*
10
Oct
Jan
8X
Oct
4X
Oct
18X
IX
2X
3X
New York Stock Exchange
St. Louis Stock Exchange
Feb
29 X
18
3X
Oct
IX
2X
2X
mmmmmm
Mar
3X
22 X
23
1
Feb
Mar
35
140
12X
IX
2X
Jan
14X
4X
72X
12X
9,674
4,100
5
6
m mmmm
Oct
3,675
6c
5X
8X
81X
4X
mmmmmm
Oct
7
2X
23
mmmmmm
Oct
1
2X
25
5c
mmmmmm
5X
44 X
MEMBERS
4X
Feb
2X
Feb
5X June
Oct
952
Penln Metal Prod com___l
Union Investment com...*
United Shirt Dlst com
*
Oct
200
10
103
2X
mmmmmm
mm mm mm
Feb
Oct
2
8X
Parker Wolverine com...*
Preferred
X
19 X
iex
Oct
900
19X
19X
Tlvoll Brewing com
Tom Moore Dlst com
2X
Oct
6,045
34
com..
Oct
4
3
IX
14
Tube B com
Oct
19
IX
28
Stearns & Co
Oct
Oct
X
175
19
Tlmken-Det Axle
2X
IX
675
20
34
com
IX
800
Sept
Mid-Western and Southern Securities
July
3X
2X
Parker Rust-Proof com 2,50
Scotten-Dlllon
3X
m
11,457
44 X
Enquiries Invited
Feb
2X
IX
X
*
Standar
22 X
Feb
19 X
12
6
mmmm-m
m
8
IX
44 X
Business Established
Mar
12
Rlckel (H W) com
2
River Raisin Paper com..*
1
IX
Jan
Mar
110
I. M. SIMON & CO.
Mar
Jan
3
1
Mlcromatlc Hone com___l
33 X
12
Oct
Oct
100
19
McAleer Mfg com
Michigan Sugar
4X
200
18
X
Kingston Products com__l
com
11,743
33X
9
84*
Hurd Lock'& Mfg com__.l
McClanahan OH
7X
17
*
Houdaille-Hershey
4X
18
X
4X
3X
11X
c
Feb
32
3X
2X
General Finance
9
33X
I
1
5X
7X
......
Oct
100
July
ST. LOUIS MARKETS
July
Graham-Paige com
292
41
Bonds—
Feb
500
Grand Valley Brew com__l
102 X
100
Pittsburgh Brew 6%.. 1949
Mar
357
Goebel Brewing com
58 X
Unlisted—
Feb
iox
12
13 X
40
1.25
Oct
1
Jan
2X
7X
13
*
Oct
18X
Jan
IX
*
60c
1,732
Feb
4
10
4,695
3
Feb
100
8X
com
Oct
16 X
70c
23 X
6
Jan
510
1
B
5
60c
18H
Feb
3
General Motors
Feb
3X May
11
1X
13*5
Gemmer Mfg A
24X
11
Jan
Oct
22
2X
7X
Oct
*
Mar
'~3H
Gar Wood Ind com......3
11
1
Waverly OH Wks cl A....*
*
Freuehauf
1,756
1,475
Sprg(new)*
Westinghse Air Brake
*
Westinghse Elec & Mfg.50
Frankenmuth Brew com__l
Fed Screw Works com
15
Shamrock Oil & Gas
Mar
3 X
1,6 May
98
11
Reymer & Bros com
Jan
22
Feb
1
United Engine & Foundry5
United States Glass
25
Feb
132 X
26
mmmmmm
Jan
Jan
Mar
Jan
Oct
mmmmmm
Renner Co
Feb
17
*
Standard Steel
15
4X
Ex-Cell-O Aircraft com...3
Preferred
Feb
Oct
8X
20 X
427
Pittsburgh Coal Co comlOO
Pittsburgh Forging Co
1
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
Pittsburgh Steel Fdry
*
Plymouth Oil Co
5
July;!
4
18
mmmmmm
25
Feb
22
17X
6
Eureka Vacuum com
Shares
X
IX
104
*
com
com
Range Since Jan. 1,1937
29X
28X
Cripple Creek Gold-.l
Detroit
for
Week
High
X
IX
5X
10
Det & Cleve Nav com...10
Det
Low
3HC
Continental Motors com.l
Crowley, Mllner com
Range
of Prices
29X
*
Burroughs Adding Mach.*
Burry Biscuit com...12 He
Week's
24
Bohn Alum & Brass com..5
sales lists
Oct
65c
Pittsburgh Brew Co com.*
Sales
452
Mar
17
10
...
Mar
mmmmmm
Nat'l Flreprooflng com..25
Penn Fed Corp pref._4M%
com
70X
29X
21X
14,810
"
mm mmm m
6
Supply Co
Mar
Oct
Oct
Z4
..*
Mt Fuel
1,586
3X
5X
m
*
McKlnney Mfg Co
1,358
15
100
1
Meeta Machine Co
DETROIT
Phoenix Oil
Sale
pref
39 X
43
mtmmmmm
Koppers G & Coke pref.100
Chicago Stock Exchange
inclusive, compiled from official
High
Oct
4X
Harb-Walker Refrae com. *
New York Curb Associate
Friday
Low
14X
31X
9X
5X
90c
Duquesne Brewing Co—5
Fort Pitt Brewing
1,090
3X
m
10
Follansbee Bros
20X
~"ix
Co
*
Carnegie Metals Co
..1
Clark (D L) Candy Co ..*
Telephone: Randolph 5530
Oct. 22, both
Range Since Jan. 1, 1937
Shares
14X
iox
IX
By ere (A M)
Members
to
Sales
July
WATLING, LERCHEN & HAYES
Oct. 16
Feb
18
A. T. Sc T. Tel. Pitb-391
Mar
Devonian Oil
Detroit Stock
Oct
PITTSBURGH, PA.
Oourt-6800
Columbia Gas & Electric .*
Building
Feb
Specialists io Pittsburgh Listed and Unlisted Stocks and Bonds
Jan
Feb
Exchange—See page 2639.
Philadelphia Stock Exchange—See page 2639.
Buhl
7
Jan
Feb
Aug
10
32 X
4
6
Exchange
Exchange
July
Apr
Oct
2%
Los Angeles Stock
Detroit Stock
X
Mar
Oct
20
125
New York Stock
1,200
200
Feb
f Pittsburgh Stock Exchange
New York Curb Exchange (Associate)
120
Sept
7X
4X
395
Oct
,
BANK
Feb
18
6
20
2X
May
Oct
Oct
14X
mmmmmm
18
3,821
3X
X
Mar
7X
IX
7X
Oct
Mar
7X
Members
UNION
May
Oct
iox
13X
Weinberger Drug Inc..
Oct
X
H. S. EDWARDS & CO.
Mar
190
..2
2
29
Oct
4,050
2
com
Mar
Oct
6X
*
Vlchek Tool
Wayne Screw Prod com..4
20
1,625
X
com
High
Low
603
3X
■ai6
Feb
Oct
4
..*
2
1
Feb
mmmmm-
..1
20
20
*
Week
Mar
12X
5X
Upson Walton
B
Mar
78
Shares
*
Warner Aircraft
Mar
4X
Warren Refining
Jan
37
78
of Prices
Low
High
Range Since Jan. 1, 1937
Jan
25
3X
for
Mar
20
*
RIchman
9
125
30
itefining
.
350
24
100
Corp
1,695
13X
mmmmmm
*
Cum 7% pref
Ohio Confection cl A
Feb
8X June
18
9
Week's Range
Price
Par
Walker & Co A
Mar
20
«
Packer
Apr
100
16
Ohio Brass B
18
220
5
*
National
Oct
47
ex
♦
McKee (A G) class B_.
Medusa Portl Cement-
8
22
5
McKay Machine
Metropolitan Pav Brick
40
Stocks (Concluded)
High
18
mmmmmm
*
Lamson & Sessions
Low
41
47
...
Leland Electric
9
Sales
Last
Sale
Shares
20
Keiley Isl Lime & Trac ..*
Lima Cord Sole & Heel.
Friday
Range Since Jan. 1, 1937
for
Week
13X
1,246
11
Jan
Oct
22
Mar
12
19
686
12
Oct
35
50
32
Oct
32 X
58
Mar
32
11
12X
739
11
Oct
26X
Mar
9X
670
Oct
13
Aug
Oct
70
Mar
Jan
116
Mar
7X
30
30
113X 113X
20
<
30
7X
30
112X
5
ex
602
5
75c
75c
400
50c
Oct
Sept
13%
2
Mar
Mar
Mar
Volume
Financial
145
Last
Week's Range
Sale
Par
Rice-Stix Dry Gds com
of Prices
High
Low
Price
*
2nd pref
6
100
Preferred
Preferred
Scullln Steel pref
Sterling Alum
.
100
119%
.1
com
4
Feb
Shell Union Oil common..*
20
16
20
600
Oct
16
Jan
Signal Oil & Gas Co A...*
22
20%
24
1,515
75
10
70
Oct
90
Jan
Sound view Pulp Co com.. 5
33
22
35
14,506
9
195
7
Oct
1954
Apr
Sou,Calif Gas 6% pref..25
27%
27%
25
31
25
Oct
35
Apr
Southern Pacific Co.-.100
10
870
5
Oct
5
100
Oct
102
Aug
18%
%
%
25
100
Oct
954
11754 June
12
Mar
Standard Oil Co of Calif. .*
128
Mar
Super Mold Corp of Cal.10
Tide Water Ass'dOllcom. 10
27%
24 %
%
%
34%
13%
15%
11%
21%
24%
8%
10
6%
19
319
895
6%
8%
295*
Mar
Mar
So Pac Golden Gate A
*
B
*
5
1,888
Oct
85*
35
325*
8%
Preferred
July
854
Oct
135*
Jan
Transamerica Corp
Oct
4954
Feb
Union Oil Co of Calif..-25
19
1154
Bonds—
2
25
United Air Lines Trans..5
27
1934
_.
6,000
2754
365*
Sept
25
Jan
5
■Preferred
Walalua Agricultural Co 20
Yosemite Port Cem pref. 10
Oakland
Sacramento
Portland
Tacoma
Stockton
*}Fresno
5%
13
Oct
2754
185*
5*
54
Oct
Oct
Oct
Oct
7,660
27
Oct
1,416
11
Oct
135*
95*
175*
Oct
Oct
2,020
14,309
15,228
8,147
115
8%
8«
Oct
22
10.772
3,330
1,093
90
40
17
Oct
Sept
85*
45*
35*
105*
365*
Oct
Oct
Oct
Oct
Oct
75
281
16
Oct
32
23%
37%
2.521
280
32
Oct
3
3%
419
3
Oct
285
281
16
Oct
STRASSBURGER & CO.
(AssoJ, San Francisco Curb Exchange^ Honolulu Stock Exchange
Seattle
200
205*
Private Leased Wires
municipal and corporation bonds
Members: NewYork Stock Exchange, San FranciscoStock Exchange, Chicago Board ofTrade
Sort Francisco
8%
4%
3%
10%
35%
22%
37%
3%
Yel Checker Cab Co A..50
12%
22%
26%
20
281
Western Pipe & Steel...10
Cd.
8c
Dean Witter
13%
9%
17%
40
Wells Fargo Bk & U T.100
250
%
11
5%
11%
60
5,984
%
34%
13%
16%
27
7
10
Universal Consol Oil
Victor Equipment com___l
New York Curb Exchange
Oct
25
Oct
Union Sugar Co com
tUnlted Railways 4s
Oct
16
Oct
3
10
"29%
15
com
20
100
5
Stlx Baer & Fuller com. .10
Wagner Electric
Oct
610
102
High
1
690
4
2
Low
128
1
1
1
Schleslnger Co (B F) com. *
400
3%
9%
9%
118 % 11954
*
.
41
Mar
135*
5
100
_
Oct
Range Since Jan. 1, 1937
for
Shares
100
"16"
*
Southw Bell Tel pref
6
of Prices
High
Low
25
100
Securities Inv pref
Sleloff Packing com
505
Price
Par
7
"_7%
5
com
Stocks (Concluded)
High
Low
Week
12
10
12
100
Scruggs-V-B Inc
Week
Shares
100
3
10
com
Sale
75
100
St Louis B B1 Equip com.*
St Louis Car
Week's Range
Last
Range Since Jan. 1, 1937
for
7
Sales
Friday
Sales
Friday
Stocks (Concluded)
2675
Chronicle
Pp»odeaa
Beverly Hills
Montgomery Street, San Francisco
133
Los Angeles
Honolulu
NewYork
BROAD STREET
(Hanover 2-9050)
NEW YORK OFFICE: 25
Long Beocb
Exchange: San Francisco Stock Exchange; San Fran¬
cisco Curb Exchange; Chicago Board ot Trade; NewYork Curb Exchange (Assoc.)
Members: NewYork Stock
San
Francisco Stock
Oct. 16 to Oct. 22, both
Exchange
Friday
Sales
Week's Range
for
Sale
Par
of Prices
Low
High
Shares
.price
Week
Francisco Curb
San
Range Since Jan. 1, 1937
Last
Stocks—
Teletype S. F. 138
Direct Private Wire
inclusive, compiled from official sales lists
Low
High
95*
155*
l^O
7
93*
173*
1,918
2
4
3,150
2
Oct
1554
3154
75*
4
9
4,423
4
Oct
25
190
9%
17%
3**
8%
195
35
Jan
214
8
2,145
93*
155*
43*
24
20
3%
6,556
1,110
Oct
20
3
5
5*
34
Oct
13
24
3
%
Oct
Oct
19454
45*
578
193*
19%
13
120
Oct
Oct
54
6,200
Oct
Oct
16
11
16
717
11
27
I
Preferred
22
283*
4,075
22
Oct
51
5034
643*
643*
10334 104
67
6554
8
73*
32
335*
1023*
100
150
50
May
51
64 %
Caterpillar Tractor com..
104
6554
7%
33%
'
Clorox Chemical Co
100
*
35
45*
1254
5
123*
J
33*
27
5
93*
715*
423*
3354
63*
693*
423*
)
*
Doernbecher Mfg Co
6
*
19%
>
First Nat Corp of
Portl'd.
43*
133*
3
?
55*
29%
*
)
3
17
50
300
375
2
1634
Oct
100
Oct
901
3,150
27
Oct
4,732
65*
Oct
695* (Oct
40
k June
620
65*
1,095
193*
375
13„.
333*
93*
77
410
423*
343*
25
3,223
2,106
33*
17
60
♦
311
2,654
434
11,790
1934
193*
24
27 %
36
J
35
36
22
3
Preferred
]
*
Apr
Apr
Mar
Mar
Sept
Jan
Mar
Mar
Jan
Oct
Mar
Oct
45*
Mar
Jan
Apr
Aug
Sept
Mar
Aug
Feb
Oct
8
Feb
25
12
2,140
10
Oct
165*
45*
Jan
42
Feb
465*
165*
75*
254
Feb
*
5
8%
5
454
%
5*
13*
54
13*
123*
1033* 1033*
173*
115*
8
93*
10
654
17
7%
57
57*.
57
3
513*
5134
3
1254
513*
125*
3
25
93*
203*
♦
12
♦
18
*
754
13
Pacific Amer Fisheries... 5
103*
75*
263*
285*
255*
3934
*
5
5
5
*
*
1C4
*
45*
*
17
25
5
300
175
3,661
350
A
i 10
7,453
2
Oct
Oct
96
Mar
165*
Mar
Oct
1754
12
Oct
28
20
5,785
340
Calif-Pacific Trading
127,.
Preferred.
3
443*
100.
Oct
1525*
150
87
Oct
109
Feb
10
154
154
15*
300
154
Oct
*
6
5
7
832
5
Oct
3
55
55
60
70
54
3
555*
303*
254
56%
Sept
Oct
5
4,460
36
37
80
I
5
36
1334
95*
1354
6
4
6
13*
•
1
13*
15
00
For footnote* eee itge 2676.
120
23
9,700
10
Oct
82
6,593
5,833
305*
254
35
9J*
.
Oct
Sept
55*
1854
8954
900
25c
Aug
60c
July
Jan
1.90
Mar
Jan
1.90
Mar
1%
Oct
1,240
70c
Jan
5%
3%
Mar
150
3.00
Mar
5.25
Mar
100
1
Claude Neon Lights
4.00
"305*
Continental Oil
4
Curtlss- Wright Corp
z
100
100
Oct
6.50
Sept
Oct
106%
Mar
4.50
131
102
100
9..
3,200
8
Oct
10%
6454
2154
925*
76
50
Oct
79
320
20
Oct
23%
35
80c
16
92%
95
35
50c
13,850
Oct
97
Jan
48%
Mar
Oct
1.60
Mar
255
7%
Oct
3.60
Apr
45c
75c
5,965
3,000
17%
7%
Mar
6.50
45c
Oct
1.85
Mar
65*
654
675
5%
Oct
15%
Feb
II,587
21,343
10,245
30c
Oct
1.25
Mar
1.45
Oct
7%
Mar
10c June
72c
8
30c
55c
2.75
1.45
2.95
20c
1
Kinner Air & Motor
13c
22c
Marine Bancorporation
79
—
1,000
10
Oct
50
Mar
26
10
26
Oct
34
Feb
1354
1.75
960
76c
Oct
4.80
24c
35c
34,925
24c
Oct
63c
Feb
2.00 June
3.50
Sept
6%
4%
Oct
8
Oct
9%
'17%
28%
17%
3.00
3.10
—..10
654
Mountain City Copper..5c
4 54
654
65*
3,840
8
8
Monolith Portland Cem—
5
N ash-Kel vinator
20
100
Oct
4%
335*
65*
345*
610
110
4%
33%
Oct
20
Occidental Petroleum ..1
25c
30c
3,400
25c
Oct
82c
65*
7
310
6%
Sept
17%
North Amer Aviation
Oahu Sugar Co
OlaaSugar^Co
65*
20
Co
Pacific Clay Prod
20
Oct
44
37
Oct
50
410
6
Oct
18%
90c
1.60
6,604
80c
1,995
37
37
6
L55
10
Pac Coast Aggreg
Pacific Dist
50
Pacific Port Cem pref.. 100
10
Pacific Western Oil
Packard Motors
2754
Pennsylvania RR
275*
21
20
Pioneer Mille Co
485*
135*
454
50
"75*
of America
55*
45*
95*
30
73
100
135*
554
650
2%
90c
40c
46
13%
4%
100
2
1
Park Utah Mines
Preferred
25
75*
40c
Onomea Sugar
2754
21
754
45*
10*
30
2
50
27%
15
20
5%
4%
9%
3,756
335
406
38
30
1.25
Oct
Oct
July
Oct
Oct
Oct
Oct
Sept
Oct
Oct
Oct
Oct
Oct
4.15
27
37%
37%
12%
9%
20%
5
9%
30
13
Oct
27
235
25
Oct
41%
Oct
10
5%
Schwabacher & Co.
Members New
Apr
17,844
4
Oct
Oct
900
1
Oct
195* June
1054 May
35* May
15
16
447
15
Oct
33
Mar
120
120
10
114
Apr
122
Sept
York Sleek Exchange
111 Broadway,
New York
Cortlandt 7-4150
offices In Ban Francisco —r Los Angeles —
Del Monte — Hollywood — Beverly Hills
private wire to own
Santa
Barbara
—
Feb
Jan
Apr
8
389
120
Jan
Mar
29%
12%
2.00
554
Jan
Feb
135*
275*
5 54
25
Jan
Feb
1.80 May
1.25
...
Apr
Mar
Mar
60
135*
.
—
Feb
50
Jan
75c
33c
1
290
Aug
Feb
10
26
Menasco Mfg Co
M J & M & M Consol
Jan
Jan
10
10
Klelber Motors..
Jan
Jan
75c
*
Preferred
z
Feb
60c
754
Italo Petroleum
z
Oct
July
5.75
Internat'l Tel & Tel
z
Jan
77c
20
Internat'l Cinema
Preferred
July
"5.00
Holly Development
Idaho-Maryland Mining .1
z
4.50
36
20
Honokaa Sugar Co
z
75
925*
Guggenheim & Copper
Hawaiian Sugar Co
z
8%
28%
Mar
Oct
8
20
20
Preferred
z
48
Oct
300
30%
2%
6%
Oct
2,179
7
50
9
General Metals
Gt West El Chem com
Jan
4
4.50
4.60
100
Flbrebrd Prod pref
305*
25*
65*
Electric Bond & Share—5
Farrallone Packing
4.10
30J*
Columbia River Packer.
Jan
Jan
Jan
Feb
33c
Feb
94
60C
Jan
Oct
Feb
Oct
40c
Sherwood Swan
Apr
6.25
11c
40c
Shasta Water Co com
40
Oct
465
3,200
6,124
Jan
133
Feb
1.05
11c
22,250
Jan
119
25%
100
10C
254
15*
Santa Cruz Port Cem—50
20
Oct
1.05
1.50
Schumacher Wall Board
300
12
1,112
12
Jan
1.65
Jan
Jan
Aug
Oct
Jan
1%
Jan
1,002
*
)
85*
24
31
Jan
1.15
Jan
107
13%
Oct
Oct
1.16
Riverside Cement A
Oct
Oct
Oct
254
15*
Radlo-Keith-Orpheum
Oct
1.50
Oct
1.60
Jan
Oct
2
115*
525
205
1.50
38
97^
Oct
3.00
455
Preferred
Central Eureka
Oct
Oct
200
Oct
Cities Service
z
Radio Corp
6,496
Mar
30c
...
Feb
1043*
4%
173*
2,483
Cardinal Gold
Carson Hill Gold
225*
185*
325*
2954
535*
18%
28,403
500
1854
10
23
Oct
Jan
Jan
Oct
lie
...
Jan
Oct
11.50
1.05
18
Oct
Oct
510
Jan
Apr
Mar
Feb
27%
Oct
45%
9%
15%
13%
7%
12
B
z
8
Oct
45%
2%
15%
3%
135*
Calif Art The A
Oct
2754
265*
355*
135
z
1854
10
Bunker Hill-Sullivan
125* May
2,277
3,732
32
..10
Bolsa Chica Oil A
Oct
40*
134
1354 May
Feb
445*
Feb
135*
1025* Mar
Oct
Oct
23 %.,•
119
Jan
FeD
Oct
15,748
127
Mar
Oct
27*
134
28*
Jan
Jan
5154
95*
205*
95*
853
)
►
B an cam erica-Blair
1,175
65*
1.60
"1654"
Baltimore & Ohio
Jan
57
1,390
25%
235*
108
Feb
10
8*
285*
5
Jan
10
3,471
125*
13*
*
100
654
45*
954
105*
65*
Q
40
Oct
10
7,821
23
113*
Oct
Oct
Oct
6,760
120
97
Oct
Oct
Oct
1,706
2734
253*
353*
454
5*
54
125*
9954
115*
7
19
83*
Oct
1,340
12
prefei
100
Oct
93*
12^
43*
954
103*
63*
araffine Cc
4354
14
7,781
22
85*
5
5
1,005
Oct
Oct
200
363*
14
15*
345*
5,568
2
15*
343*
3.00
3
Aviation Corp
Mar
10
65*
455*
25*
1554
35*
4654
-.50
Atchison
Mar
Oct
J
55*%
Mar
2
123*
1033*
163*
93*
175*
73*
3
6%.
Feb
14
13*
J
6%
Mar
110
„
5
preferred.
Aug
500
2j
1
6%
95
1,100
r a %
B.
54
Aug
1054
4554
354
1654
Feb
16
85
Sept
.
1.80
Feb
31
Feb
12%
315*
854
Oct
Feb
63%
40
22
2754
3654
4454
97c
Oct
435
Oct
Oct
Oct
1,850
8
Jan
55c
32%
4.00
Atlas Corp com
t
50
16
6
5
186%
6,770
65
60
Anaconda Copper
Feb
2.50
60c
55c
1.80
Oct
Oct
I,017
Oct
141
Argonaut Mining
Feb
Oct
157
Feb
7054
185*
1954
Mar
325*
40
35
13
125*
Ocl
24
Oct
60
Oct
670
Feb
3%
125
35*
325*
325*
Oct
60
16
31
9
Jan
60~
Mar
Oct
Jan
Anglo Nat'lCorp
15*
13*
263*
Lyons-Magnus Inc A
65-* % preferred.
425*
575*
141
60c
45c
6
Jan
Anglo-American Mine...
33*
173*
54
2
213*
Nat Automotive Fibres..
2454
475*
1954
965*
15354
1
American Toll Bridge
Feb
1,325
4,000
i
Feb
12
'
B
27
1.75
10
100
American Tel & Tel
High
50
10
Aug
Mar
22
25*
1,474
Jan
65* May
2,329
22
Mar
Apr
9
1.00
10
35*
Low
400
6
Alaska Tread well
Mar
46*»
59
Week
Shares
10
10
American & Foreign Power
10654
25
of Prices
High
Low
5
25
Alaska Mexican
Alaska United Gold
Oct
1654
8
439
Feb
Mar
1085*
175*
Price
Mar
Mar
1,320
-
July
14
13*
334
,
*
Magnavox Co Ltd
Magnin & Co (I) com
56
Par
Stocks-
Range Since Jan. 1, 1937
for
Feb
7
7
847
125*
Sale
Feb
14
J
*
Hutch Sugar Plant
20
125
Feb
Ocl
2,535
13
16
Oct
2
40%
93*
10%
9
Oct
Oct
Oct
Oct
Oct
Oct
27
323*
25*
Oct
1,020
31
31
8
3
1,640
4,255
405*
934
1034
45*
125*
1934
265*
7
Oct
Oct
1,830
31
Galland Merc Laundry...
33
85*
6454
25*
2254
85*
195*
954
35,172
55*
,
32
60
82
27
645*
Oct
1015* May
6654
Oct
75*
Oct
710
35
33
83*
6454
23*
2234
53*
193*
954
80
473
10
345*
325*
125*
15*
465*
485*
63*...
9954
10454
Week's Range
Last
Mar
lists
Sales
Friday
Alaska Juneau Gold M_.
Exchange
both inclusive, compiled from official sales
Oct. 16 to Oct. 22,
-
Feb
Feb
Aug
Jan
Jan
Feb
Mar
Jan
Feb
Mar
Jan
May
2676
Financial
Friday
Sou Calid-Edison
Week's Range
for
Sale
Par
of Ibices
Low
High
Week
Price
25
5%% preferred-
1 9%
20%
23 %
24
237
25%
20%
607
105
105
15
8
7%
20
1.00
7,155
"m
Stearman-Hammond.l .25
50c
18
Texas Consolidated Oil-1
1.45
»
c
for
of Prices
Low
High
Week
Jan
Aug
2.70
Mar
Feb
3.75
Canada
*
Feb
Malting
17
Jan
Canada Vinegars
Canadian Marconi
*
8%
1
1.40
2.90
Feb
Canadian Wire bound
*
Oct
126%
Mar
3
Aug
1.00
100
1.00
Oct
2.50
Jan
8%
Consolidated Press.
3,045
4%
Oct
18
Feb
Consolidated Paper
Central Manitoba
Coast Copper
Crown
Dominion
Oil
21
Feb
7S
1948
Barranqullla 8s'35-40-46-48
Bavaria 6%s to..
1945
Bavarian Palatinate Cons
Cities 78 to
1945
Bogota (Colombia) 6%s '47
8s
1945
Bolivia (Republic) 8s. 1947
W
m
f22
f22
m
nm
Ask
21
24
24
24
20
21
Oct
3.60
1,300
24
Oct
58%
Apr
550
24
Oct
43
Aug
99
Sept
100
Oct
10c
Oct
Oct
3.35
Feb
18%
70
15
5
8
8
95
7%
Sept
21,878
15%
Oct
25
Oct
20
*
25
*
15%
9
21%
25
28
50
9
770
7
Oct
83
80
75
Oct
35%
2%c
35
Oct
65
Jan
10,500
1%C
Oct
4%C
Feb
12c
20c
2,800
12c
Oct
69c
Jan
28
Oct
37%
57%
Jan
Oct
Oct
12c
Jan
Oct
30c
Jan
*
30
28
25%
4%c
18%
3%c
27
9c
7s
1969
/4%
6s
1940
/5%
Brandenburg Elec 6s. .1953
/19
Nov 1932 to May 1935
Nov 1935 to May 1937
1943
71%
Bremen (Germany) 7s. 1935
/20%
/18%
22%
Leipzig O'land Pr 6%s '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light &
Water 7s
Mannheim & Palat 7s. 1941
Chile Govt 6s assented
7s assented
1968
22
Amer
/19%
22
Amer & Continental Corp.
Amer Gen Equities Inc 25c
Bid
Feb
12%c
Jan
15
107%
2%
17%
2%
Oct
122
1945
Basic
Bank
6%s '38
Panama
Mar
Sept
30
38%
723
Oct
62%
1.50
500
1.25
Oct
1.50
505
1,20
Sept
Fund Inc
Bullock Fund Ltd
1967
1967
Frankfurt 7s to
1945
French Nat Mail SS 6s '52
Gelsenklrchen Mln 6s. 1934
1937
15.73
16.34
10.40
11.39
4%
Series S-2
16.43
17.96
6%
Series 3-4
5.50
6.10
.76
3%
Major Shares Corp.
*
Maryland Fund Inc.—10c
6.44
7.05
17.50
Mass Investors Trust----1
Mutual Invest Fund
20.32
21.56
.35
.50
10
11.15
12.19
25.70
Nation Wide Securities 25c
3.31
3.41
Voting shares
National Investors Corp.l
New England Fund
1
N Y Bank Trust Shares.-1
3.64
4%
7%
6%
/24
/98
Corporate Trust Shares.-1
2.35
Bank stock
1
2.24
Building supplies
Electrical equipment
Insurance stock
/19%
/19%
21
1947
51
54
OberpfalV Eleo" 7s" 111946
Accumulative series.-.1
22
Series A A
2.72
/19
/28
/30
/14
22
Crum & Forster
/28
/35
/30
Oldenburg-Free State
7s
to
many) 7s
97
103
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
5s
1941
Rhine Westph Elec 7% *36
3s
1941
Rio de Janeiro 6%
1933
/32
/18
/14
/19%
/19%
1945
posited Insur Shs
21
/29%
30%
/93
97
/40
.'34%
/33%
20%
Fai on & Howard
21
28
13%
1947
Sao Paulo
(Brazil) 6s_.1943
n
n4
/19
6%s
1951
Saxon State Mtge 6s. .1947
/18
/18
Slem & Halske deb 6s.2930 /340
State Mtge
83
2.64
Series 1958.
-1
2.44
1.24
28
30
Class A
*
9
11
1.36
Class B
*
1
2
Plymouth Fund Inc.—10c
29.87
Fidelity Fund Inc.
Fiscal Fund Inc—
19.14
27
30
20.62
3.06
3.04
3.42
.72
.86
*
15.08
15.87
3.10
3.30
Foundation Trust Shs A. 1
Fundamental Invest Inc.2
3.90
4.20
16.71
17.74
State Street Invest Corp. *
83
4.88
5.50
Super Corp of Am Tr Shs A
3.23
8"
B
Apr 15 '35 to Apr 15 *37.
German Young coupons:
Dec 1 '34 stamped
June 1 '35 to June 1 '37-_
Graz (Austria) 8s
1954
Great Britain & Ireland—
1960-1990
Guatemala 8s
1948
Hanover Harz Water Wks
17%
Certificates
/11%
/13%
12
Toho
14%
Tollma 7s
107
50
1955
1947
7% gold ruble
1943
Unterelbe Electric 6s__1953
Vesten Elec Ry 7s
Wurtemberg 7s to
1957
/19
21
1953
see
7s
1946
96
32.81
20
General
Investors Trust-*
4.94
5.37
1.31
1.43
Supervised Shares
.91
1.00
Trustee Stand Invest Shs..
39o"
Group Securities—
Agricultural shares
2582.
C
5.91
D
shares
1.25
1.36
.79
.87
Investing shares
.83
.91
Merchandise shares.
5.91
3
Series C
1
1
2.38
6.41
5.16
Series B
1.00
1.10
Trusteed Amer Bank Shs B
1.19
1.30
1.10
1.20
Trusteed Industry Shares.
U S El Lt & Pr Shares A..
shares
RR equipment shares.
Steel
.78
62
65
n
8
{86.65 91.26
21
/19
1947
21
/19
1945
21
/19
Guardian Inv Trust
Insurance Group Shares
1.03
%
com
1.21
.94
Huron Holding Corp
.1
Institutional Securities Ltd
Bank Group shares
.86
1.11
shares
Tobacco shares
%
.66
1.83
B
Voting shares
1.07
12%
1.93
.78
.86
Un N Y Bank Trust C-3-*
2%
3%
UnNYTr Shs
1
1%
ser F
*
.35
.75
1.42
Bancamerica-Blair
Corp.l
6
7
Central Nat Corp cl A— *
30
35
3
5
1.20
1.34
17.24
18.54
Insuranshares Corp (Del)l
1%
1%
Wellington Fund
1
Investm't Banking Corps
class B
*
First Boston Corp
Schoelkopf, Hutton <fc
13.56
No
par
value,
e
Ex-coupon,
x
10
14%
Pomeroy Inc com—10c
*
.74
.98
12%
1.27
Investors._*
Incorporated
10.54
2.43
-1
Series D
Mining shares
.
9.70
Trustee Stand Oil Shs A.l
Petroleum
21
/58
/46
J52
/40
99
page
3.37
2.14
30.51
Union of Soviet Soc Repub
108% 109%
/40
Electric
1936
1946
4s
.54
88
2.14
BB
*
Food shares
7s unstamped
.50
B
Capital Corp
/42
4s
Inc.50c
General
/60
Certificates
Standard Utilities
AA
4.42
17
Coupons—
9
4.19
Spencer Trask Fund
1.46
/8%
/17%
%
10.53
Standard Am Trust Shares
1.34
Dec 1934 stamped
.50
%
Sovereign Investors
Chemical shares
/19
.45
9.66
7.83
Building shares
__
.58
10.40
9.51
57
Stlnnes 7s unstamped-1936
9.90
10
57
7
11.20
Selected Income Shares—
54
/6 %
Quarterly Inc Shares. _10c
Representative TrustShslO
Republic Invest Fund.25c
Royalties Management--1
Selected Amer Shares. 2%
2.74
54
German Dawes coupons:
.50
10c
1956
Oct 1932 to April 1935
70
Pacific Southern Inv pref- *
1956
Oct 1935 to April 1937
Stettin Pub UtU 7s.
1946
60
6.15
2d series 5s
25
2.69
Northern Securities—100
5s
23
2.21
2.44
/30%
/29
8.59
1
27.80
Automobile
/20
8.09
7.94
21
Bk Jugoslavia
/22
7.47
53%
1
/32
...
9.98
Series 1956
Jan to June 1936
Jan to June 1937
8.55
10.00
Series 1955
July to Dec 1935.
July to Oct 1937
German scrip
7.90
9.23
Fundamental Tr Shares A2
21
/85
Santander (Colom) 7s. 1948
9.02
No Amer Tr Shares 1953. *
19.36
B
fl7
/SO
7.96
8.32
9.25
Insurance stk series. 10c
Fixed Trust Shares A
10
/56
9.47
7.69
8.34
—
1.78
18.02
Bank stock series
10.17
7.35
No Amer Bond Trust ctfs.
Manage-
*
8.76
2.64
5.50
.
2%
9.41
—
Steel
27
3.75
ent Fund series A-l
Agriculture
Machinery
Eqi it Inv Corp (Mass)..5
E mlty Corp $3 conv
pref 1
/54
Santa Fe 7s stamped. 1942
m
13.84
Metals
4.80
1
25c
1.46
5.64
12.87
N Y Stocks Inc—
Railroad equipment
24
1.33
5.39
Oils
26
110
3.50
Dividend Shares
Santa Catharina (Brazil)
Saxon Pub Works 7s_.1945
/58
B1
ser
P
17
140
/18
/30
/26
1948
Scrip
July to Dec 1934
Crum & Forster Insurance
Common B shares
10
i
2.72
23
115
7% preferred
100
Cumulative Trust Shares. *
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
/12
Saarbruecken M Bk 6s '47
Salvador 7%
1957
8%
July to Dec 1933
Jan to June 1935
6%8 *46
8s ctfs of deposit-1948
24
Office
Jan to June 1934
17
1
10
100
com
erslfied Trustee Shares
4s scrip
8s
/60
/19
35
/19
/23
/24
/18
/55
Int ctfs of dep Jan 1 '38
German defaulted coupons
1946
7s ctfs of deposit-1957
/85
1
8% preferred...
35
(Ger¬
Royal Dutch 4s
m
/21
1946
1952
1968
Protestant Church
mod
Series ACC mod
1945
R C Church Welfare 7s '46
21
8%
2.24
/19
21
21
/34
1940
Building & Land6% s
1948
Series A A
2%
24.03
3.45
1948
17.81
3.65
Consol Funds Corp cl A.l
Continental Shares pf-100
Rom Cath Church
21
German Atl Cable 7s. .1945
footnotes
17.22
Series B-3
Series K-2
.83
10
.68
/24
Porto Alegre 7s
European Mortgage & In
vestment 7%s
1966
7%s Income
1966
For
26.79
21.98
Mtge 7s
42
24.56
20.44
1962
A .si
Keystone Cust Fd Inc B-2
Century Shares Trust
*
Commonwealth Invest---1
Hungary 7%s
35
11.04
/87
National Hungarian <fc Ind
Bid
10.44
3.95
30
21
10
1
14%
30
1953
6s
com.
3.45
/7%
/19%
/19
/19
Jan
Feb
16.36
Industry Shares.. 10
Boston
Invest Co. of Amer
Investors Fund C
13%
/25
/19
Jan
3%
5
Series K-l
.75
9
Par
Ask
1
/25
Electric Pr (Germ) 6%s '50
Haiti 6s
30
Canadian Inv Fund Ltd-.l
1959
Duisburg 7% to
1945
East Prussian Pow 6s. 1953
June
58c
2%
/88
1949
22
39
Oct
Jan
6 %S. 1948-1949
Panama City 6% 8
Panama 5% scrip
Dortmund Mun Util 6s '48
Duesseldorf 7s to
1945
Oct
Mar
16c
6%s. 1946-1947
4g
8%
9%
1%
(A & B)
Nat Central Savings Bk of
28
Feb
325
20%
Nat
68
Jan
34
Oct
32
Feb
8%
Oct
45,300
18%
Business Shares_50c
9
/26
June
22%C
2%
5.18
9
/23
4s
1,065
110
32
16c
13.33
/7%
/63
July to Dec 1936
1,860
2,119
2
4.69
/6
Cordoba 7s stamped-.1937
Costa Rica funding 5s. '51
Costa Rica Pac Ry 7%s '49
bank
16c
Oct
12.53
British Type Invest A
1
Broad St Invest Co Inc__5
62'
Funding 3s
/19
Fundjlnc
1%
Amerex Holding Corp
*
/21
/59
German Conversion
Affiliated
Nassau Landbank
1946
6s
21
Par
Ad ministered Fund2ndlnc*
8
99
German
/48
/22
/19
11
/96
6s
Sept
l%c
Quotations for Friday, Oct. 22
22%
21
68
Jan
2%c
Investing Companies
/41
/18%
21
/66
Feb
3%
1.25
/18
15
Feb
6 65
1.25
Municipal Gas & Elec Corp
Recklinghausen 7s. .1947
15
6c
Oct
9,000
*
Munlc Bk Hessen 7s to *45
/22
/12
/12
Oct
June
78,500
Waterloo Mfg A
5%
2%
Munich 7s to
North German Lloyd 6s '47
Budapest 7s
1953
Colombia scrip Issue of '33
Income
2
Jan
5c
32
4%
City Savings Bank
7s
3c
440
Apr
l%c
1%C
107% 110
3%
4%
17%
21%
2%
3%
*
Corp *
9
1.25
5
(C & D)
1934
7s
♦
Assoc. Stand Oil Shares..2
Bankers Nat Invest Corp ♦
62
Central German Power
6%s
20%
75
/9
/6
5s
*
21
Call (Colombia) 7s...1947
Callao (Peru) 7%s
1944
Cauca Valley 7%s
1946
Ceara (Brazil) 8s
1947
Cundlnamarca 6%s
100
7°
/7%
Issue of 1934 4s
l%c
/19
/19
/59
l%c
89,565
4c
1
Am Insurance Stock
Caldas (Colombia) 7%s '46
Chilean Nitrate 5s
1948
Meridionale Elec 7s—1957
Burmelster & Wain 6s. 1940 /112
Madgeburg 6s
1
/58
/28
/20
1,500
2.20
55c
Coupons—
70%
/84
7%s
1962
Brown Coal Ind Corp—
6%s
1953
Buenos Aires scrip
l%c
1.25
2%
38%
Koholyt 6%s
20%
2,500
20% c
Land M Bk Warsaw 8s '41
1940
Ritchie Gold
1
21
British Hungarian Bank
10c
4%
*
Brazil funding 5s. .1931-51
Brazil funding scrip
6s
8%c
18%
3%c
8%c
Too
Thayers
7%
1958
16,500
1
Temiskaming Mines
60%
50%
565
1.33C
4%c
l%c
1
OCG
14%c
45
30
*
100
Jan
Mar
1%C
20c
United Fuel pref
Walkerville Brew
Feb
32%
18%
108
9,900
35
1
*
Feb
19c
14%c
100
1
Feb
Apr
41%
7
"l5c
Apr
1.75
15
75
100
Preferred
48%
90%
Oct
Robb Montbray
48%
Oct
40c
/25
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
Oct
55
200
Stand Paving
Supertest ordinary
11
/4%
/4%
5
10
59%
/24
/9
5%
5%
5%
7s
380
7
47% June
18%
Apr
45
Pawnee-Kirkland
22
Oct
55
Prairie Cities
/19
15
40
Hungarian Ital Bk 7%s *32
Hungarian Discount & Ex¬
1948
15
Feb
July
Rogers Majestic
Shawlnlgan W & P
Ilseder Steel 6s
35c
10c
/89
12
Feb
30c
/16
/24
1936
Sept
97%
Housing <k Real Imp 7s '46
Hungarian Cent Mut 7s '37
change Bank 7s
Mar
2%
60
20
Pend Oreille.*
17
95%
Jan
2,175
Hansa S3 6s stamped. 1939
6s unstamped
1939
fli
no
Jan
17,150
Montreal LH&P
Ask
Sept
1%
10c
Malrobic
Bid
47
89
52c
....
Langley'spref
/74
10
20
10c
Mandy
Bid
1946
May
30c
Oslsko Lake Mines
8s.
1946
Bank of Colombia 7 % -1947
June
19%
•56c
National Steel Car
Antioqula
22
Oct
31%
30%
98
Oil Selections
Anhalt 7s to
Feb
Feb
6
25c
Kirkland Townslte
Foreign Unlisted Dollar Bonds
Oct
12%
160
3.5c
24
*
Preferred-
Closing bid and asked quotations, Friday, Oct. 22
10.00
2.00
45
Mar
"lOc
Humberstone.
Inter Metals A
Tel. HAnover 2-5422
31c
100
-.
Jan
Sept
*
—
Jan
25
2%
24
*
PreferredHudson Bay M & S
BRAUNL
56c
4c
16,377
55
30%
3%
Oct
1,911
9%
94
30
Oct
Jan
Feb
*
Hamilton Bridge
Preferred
Inactive Exchanges
2.75
Oct
1.00
20
17,300
17
6
16
25
Feb
.10
Honey Dew
Foreign Stocks* Bonds and Coupons
9,575
5c
Oct
30%
305
1.45
20
2.00
100
—...
Fraser voting trust
St., N. Y.
Apr
230
10%
38%
2%
*
Dominion Motors--.
Foothills
reorganization.
WALTER E.
12
Oct
55
*
Preferred
Listed,
52 William
21c
Oct
90
*
Dom Found <fc Steel
Ex-rlghts,
July
Oct
4
7
15
*
Dalhousle Oil
or
2.75
"8%
3c
35
710
4%c
*
*
12,800
17%
1.00
""5c
5
-
Dominion Bridge
y
16
Consol Sand & Grav pf.100
Corrugsted Box pref ..100
common stock on
Ex-dlvldend.
High
70
Sept
34
20
..1
40
8
30%
Oct
Oct
z
Low
150
5%c
4%
4
7
1%
Stock dividend of 100% paid Sept. 1, 1936.
Cash sale—Not included In range for year,
5%c
Oct
59
Range Since Jan. 1, 1937
Shares
50
3c
*
95c
A. M. Castle & Co. split its
f In default.
t Company In bankruptcy, receivership
2
1
40
*
d Stock split up on a two-for-one basis.
g
50
Bruck Silk
b Ex-stock dividend.
r
100
Canada Bud
March 9, 1937.
on
Price
Feb
24
Oct
Par
Blssell pref
Brett Trethewey
Jan
49
May
Stocks—
150
4%
a
Week's Range
Sale
3
100
1.00
Cash sale,
Oct
75c
230
1%
m
Last
44
50c
14,600
59
IK
-5
No par value,
3%
1.55
59
Oct
Oct
Sales
Jan
14%
17
Exchange—Curb Section
Mar
7
2,600
95c
59
Utah-Idaho Sugar
Vica Co com.—-—-..-25
Warner Brothers
1.45
3
1
100
com
1937
23,
both inclusive, compiled from official sales lists
Mar
106
Oct
37
Oct. 22,
to
Friday
32%
28%
29%
5%
228
Toronto Stock
Oct. 16
High
Oct
Oct
Oct
May
105
20
20%
75c
United Corp of Delaware..
US Petroleum
two-for-one basis
37
37
Sunset McKenna
19%
23%
25%
1,715
7
Superior Port Gem A.
US Steel
1,693
5%
.....
Studebaker
2
Low
24
Sou Pac Gd Gt Fr 6% pflOO
z
Range Since Jan. 1, 1937
Shares
25 %
*-25
25
6% preferred
Steelier Training
Oct.
Sales
Last
Stocks {.Concluded)
Chronicle
1%
Ex-dlvidend.
v
Ex-Stock dividend.
14.92
16
2%
new
members
Telephone
UTILITY
CANADIAN
IN
SPECIALIZING
Cable address Hartwal
PRIVATE
WIRES
AND
INDUSTRIAL STOCKS
AND
BONDS
ROYAL BANK BUILDING
TORONTO
YORK
NEW
MONTREAL
Volume
dealers association
52 WILLIAM STREET
BUILDING
ALDRED
security
york
Bell System Teletype NY 1-395
2-0980
HAnover
OFFICES
CONNECT
2677
145
Canadian Markets
AND UNLISTED
LISTED
-
Sales
Friday
Provincial and
Last
Quotations for Friday, Oct. 15
Province
of
Ask
Bid
Alberta—
5a
Jan
Oct
1 1950
6s_.
Oct
54
6s
Sept
15 1943
116 % 117%
Internal- Pet Co Ltd
*
May
1 1959
International
June
1 1902
96 33
95
1 1953
5s
Province
95
4%s
Mar
2 1950
91
93
4a
Feb
1
2 1959
92
94
4 Mb
May
1 1961
Dec
81
8%
Oct
23%
Oct
20
84
Sept
98
Jan
45
34%
Mar
38
May
77
36
10
163*
2,130
9
14
♦
13
13
Massey-Harrls
78
Nov
Oct
15 1946
1 1961
75
78
77
Montreal Cottons
*
McColl-Frontenac Oil
74
6%
...
40
Montreal Telegraph
43%
1,745
9
Oct
27
Aug
105
13
Oct
22
Mar
Jan
285
4
Oct
15
25
60
Oct
60
,9284
3,883
Oct
16%
Mar
Apr
15
Mar
Oct
110
Apr
12%
50
102
102
4%
8%
102
Oct
25%
Oct
36%
Jan
75
56
Oct
65
Feb
89
68
80
May
100
Feb
25%
30%
56
57
37%
33
I*
Oct
7
4%
4%
10
11
•
pref.100
Mtl L H & P Consol.....*
Jan
10
60
4
60
60
Jan
Oct
36
Lindsay (C W)
*
MacKinnon Steel pref-.lOO
Mar
4
76
Lang & Sons (John A)
Oct
12%
39%
12%
130
*
Lake Sulphite
15 1943
116
115
4%
100
June
10733 108 33
1 1960
Mar
5s
110%
106% 108
110
110%
100
8,890
12%
4
4%
International Power pf 100
5%s
4%s
104
103
15 1952
High
Low
Shares
30%
23%
30
Jamaica Pub Serv Ltd
5s
10533 107
Province of Nova Scotia—
Sept
1958
for
Week
•
Power
Lake of the Woods
Prov of Saskatchewan—
15 1960
15 1901
Apr
Apr
4%s
109
93
Prov of New Brunswick—
4%s
4%s
of
114
112
15 1954
June
5s_.
Jan
15 1965
Quebec—
4%s
1 1941
Aug
9
*
4a
116% 118
105 % 106 %
Province of Manitoba—
4%s
Par
Internatl Pap & Pow new. *
Oct
99% 100 %
12 1949
July
111
110
6s
Prov of British Columbia—
4%s...
1942
1
1 1937
Range Since Jan.
i
Ask
Bid
Ontario—
57
f54
f52
of Prices
Low
High
Price
6s
1 1948
4%s
of
Province
Stocks (Concluded)
Week's Range
Sale
Municipal Issues
12,628
Montreal Tramways... 100
Ask
Bid
Canadian
Ry—
37
4,686
33
Oct
42%
Feb
37
36
37
305
30
Oct
43%
Feb
26%
17
27
10,265
17
Oct
57%
Jan
725
28
Oct
54
Feb
37%
Oct
83
Feb
Preferred
Ask
Bid
Pacific
*
..25
National Breweries
Railway Bonds
Canadian
88
Paciflo
National Steel Car Corp
*
37
*
4s perpetual
4338
Sept
1 1946
101
101%
Noranda Mines
6s.
5s
Dec
1
101
102
Ogllvle Flour Mills
433s
July
1 1960
4%8
8633
85%
debentures.
Sept 15 1942 f10533 106 %
100
10133
Dec 15 1944
5s
July
9534
96
*
37
37%
47%
10
Canadian Northern
Canadian National Ry—
5a
11233
112
Sept
1 1951
June 15 1955
Feb
1 1950
July
1 1957
July
1 1909
Oct
1 1909
Feb
11970
4%s
4%s
4%s
4%s
Bid
Ask
Bid
114% 11533
11233 11233
6338
Ask
Ry—
1 1940
July
121% 112%
102
Grand Trunk Pacific Ry—
4s
Jan
1 1902
3s
Jan
1 1902
20
93%
94%
100
117 33
117
*
16
12
17
*
213*
15
23
49%
54
15
7%
1833
sy
24%
6s...
Quebec
pref.__10Q
Power
•
"l7
8
Regent Knitting
25
4
.
Week's
Last
Sale
Par
Stocks—
100
Preferred
Corp pref
Associated Breweries
Bell
,
*
*
100
Telephone
Brazilian Tr Lt A Power..*
British Col Power Corp A.
*
Silk
«,m.~
-» ••
-
15933
1733
32%
*
44
Canada Cement
*
10%
*
m^^m
Canada North Pow Corp.*
333
Canada Steamship (new).*
Preferred
11
100
10
105%
June
110
Jan
140
1.50
Oct
7
Jan
933
35
9%
Oct
150
10
11
11
Apr
1.25
1.25
100
1.25
Oct
5.75
Jan
15933
18%
38,568
159
14%
30
44
7%
1733
25
19
*
86
Oct
111
180
10
Oct
20%
255
16%
Oct
29%
6%
18%
61%
9
5%
997
2
July
11
1,695
9
Oct
11,170
35
Sept
90
101
Oct
1233
15%
9%
10,351
18
4,611
19%
1,833
109
50
5%
Oct
12%
15%
Oct
110
21%
Jan
Jan
15
Oct
25%
Feb
Apr
Mar
Jan
Oct
11
June
100
19
Jan
25
Aug
435
7%
106%
Mar
Oct
103%
Apr
15
12
Oct
39%
Apr
43
Oct
98
Aug
17%
Oct
33%
*
2133
16
Apr
Feb
15
"l2%
17
215
15
Oct
30
Apr
110
(H) A Sons pref.100
Southern Canada Power-
1,610
1,678
110
25
101
Jan
110
Aug
12%
244
1233
11%
Sept
18%
Feb
•
67
53
67
1,646
53
Oct
90%
Mar
25
60
49
60
236
49
Oct
Mar
10
10
10
15
Sept
88%
34%
Tooke Bros pref
4,590
3
Oct
11%
Mar
2%
Oct
.100
3
2%
Vlau Biscuit pref...
Wabasso Cotton
"2%
2%
B
16
47
Sept
60
Mar
75
20
Oct
35
June
57
9
70
Feb
70
2
3
3,061
1.85
2%
10%
Jan
1.85
Oct
10
Jan
Oct
43
2
14
65
12%
55
55
16
65
Sept
57
55
58
220
55
Oct
154
155
91
150
100
159
166
113
159
Montreal
100
195
194
19733
143
Nova Scotia
100
305
300
305
54
Royal
100
177
17333 179
203
Woods Mfgpref
100
Feb
Oct
715
10
10
100
Preferred
Jan
40
20
57
*
»
Jan
7
40
20
*
Winnipeg Electric A
75
20
100
Western Grocers Ltd
433
2%
1
Jan
Oct
82%
Banks—
Canada
Canadlenne—
——50
100
Commerce
HANSON BROS
June
60
Aug
Jan
161%
Oct
211
Oct
241
Feb
Oct
340
Mar
Oct
300
173%
i
220
Feb
Jan
Canadian Government
Municipal
Jan
32
Public Utility and
ESTABLISHED 1883
31
126
Mar
10
Sept
Montreal
Mar
Oct
255 St. James St.,
Feb
Oct
110
75
Feb
93
105
Apr
106
17
Oct
33
Feb
Industrial Bonds
330 Bay St., Toronto
Sparks St, Ottawa
Mar
605
56
Aug
15
4%
20
3
4%
3%
5
8%
9%
57%
7
7%
30
194
incorporated
Feb
25
45
833
9%
*
49%
79
Oct
17%
Mar
60
56
25
25
48%
Oct
Jan
20
Apr
11%
5
*
33%
Oct
Jan
Apr
82
17
4%
333
Oct
15
Feb
494
3%
12
Apr
Jan
1133
Canadian Ind Alcohol cl B*
Jan
8,490
3%
Oct
3
Oct
8%
7%
Jan
3,305
100
5
Oct
23%
Montreal Curb Market
Jan
15,796
1,540
12,678
7
Oct
Jan
17%
22%
100%
Mar
7%
Sales
Friday
Week's Range
Last
Sale
Par
Stocks—
official sales lists
both inclusive, compiled from
Mar
Oct
16 to Oct. 22,
Mar
Oct
45
Oct.
14%
1033
15
3,235
10%
Oct
29
3133
24
32
6,570
24
Oct
Abitibi Pow A Paper Co__*
15
18
2,120
15
Oct
68%
23%
Mar
1733
Mar
138
138
5
140
Mar
of Prices
High
Low
Price
6% cum pref
.100
Certificates of depositlOO
Range Since Jan.
for
1 1937
Week
High
Low
Shares
Mar
*
—-.25
Distill Corp Seagrams
Dominion Bridge
Dominion Glass pref...100
138
1333
7%
Dominion Steel A Coal B 26
Dom Tar A Chemical
Textile
*
Paper
•
*
Eastern Dairies
Corp
10
5%
70
76
135
.
1
Mar
18%
Apr
455
70
25
135
Oct
85%
July
Oct
145
Feb
Oct
20
Apr
1.25
1.25
1.25
100
1.25
Oct
15%
1333
11
Oct
Foundation Co of Can
»
13
Gatineau
*
*
8%
6633
General Steel Wares
•
10
GurdCharles
*
Gypsum Lime A Alabas..*
Paper
28%
Oct
5%
2
Preferred
Get
4,755
28
Holllnger Gold Mines
Holt Renfrew prf
10
5%
9%
*
Hamilton Bridge
2,988
Sept
5%
English Electric A
...
46,810
145
9%
Enamel A Heating Prod..*
Preferred
15%
7%
135
74
•
100
Preferred
Howard Smith
22%
19
106% 106%
Cndn Foreign Invest
*
Canadian Indust Alcbol..*
Electro! ux
73
Oct
7%
Jan
82
100
Canadian Cottons pref. 100
Dry den
Oct
Oct
4,398
17,728
Jan
4
57
Mar
2
Oct
12
2
Feb
Mar
44
3,781
4%
10
109
Preferred 7%
100
Canadian Converters -.100
Dominion
170
86
Canadian Car A Foundry.*
Dominion Coal pre
Oct
1133
95%
37
Canadian Pacific Ry
Oct
275
250
433
May
14%
30
880
5
45
157
30%
39%
11%
11%
1,550
101
Con Mln A Smelt new
775
33
37
Cockshutt Plow
Mar
23%
101
Canadian Locomotive
16
Oct
9
Canadian Cottons
Jan
9%
37
Preferred
Apr
10,925
101
Canadian Celanese
30
13%
*
Preferred
'
42%
Sept
25
Jan
June
95
43
Vlau Biscuit
Jan
2.00
100
Canadian Bronze
12
1633
95
100
Can Forgings class A
Jan
25
2
Building Products A
Canada Cement pref
8%
933
25
4%
•
Mills
150
933
13
*
B
Bruck
-
•
1 1937
High
May
23
104
52%
United Steel Corp
Low
103
Jan
30
2133
Preferred
Range Since Jan.
for
Week
Shares
10
-
»
Bathurst Pow A Paper A.*
Bawlf Northern Grain-
106
1.50
2.00
•
50
....
10
106
100
Preferred
Alberta Pacific Grain A..*
Amal Elec
10
10
*
Agnew-Surpass Shoe
Range
of Prices
High
Low
Price
May
20
169
12
Steel Co of Canada
Sales
Friday
103
95
19,875
14,510
2,914
10,537
19%
Simon
both inclusive, compiled from official sales lists
Oct. 16 to Oct. 22,
20
7
Sherwln Williams of Can.*
Exchange
July
18%
95
95
6%
preferred
60
St Lawrence Paper pref 100
Montreal Stock
Mar
158
Oct
104
104
100
Saguenay Power pref..100
St Lawrence Corp
A
11633 11733
300
Apr
10
24%
Price Bros & Co
Shawlnlgan W A Pow
5s
Oct
150
20
Power Corp of Canada
Rolland Paper pref
104 % 106%
170
35
25
102
20
*
Preferred
11133 112%
115
11533
240
12
Price Bros & Co Ltd
Dominion Government Guaranteed Bonds
15,384
153% 153%
Ottawa L H & Pow preflOO
Ottawa Traction
199
185
185
100
Preferred
Ontario Steel Products
11133
110
1 1944
1954
29
47%
Niagara Wire new
Ry—
*
6
833
9
7%
100
19
Industrial Acceptance
Intercolonial Coal
2633
100
Intl Nickel of Canada
•
13%
46%
2
Oct
28
Oct
40
9
Oct
10
8%
1033
74
13
17%
98
17
1233
2433
19%
13%
26%
40
3933
47%
8%
Jan
Jan
Mar
July
31
Apr
Oct
14
Aug
Oct
75%
Aug
8%
7%
Jan
18
Oct
5,805
5%
Oct
1,480
5
Oct
15%
18%
18%
16%
3,002
40
17
90
2,380
00%
24
410
9
7%
7%
11%
6%
5
1,230
13
98
733
11%
Imperial Oil Ltd
Imperial Tobacco of Can.6
4%
2
31%
74
7
2100
»
9
55
16
5.00
680
4,810
515
4%
55
10%
Oct
100
56
Jan
76
6,023
13
Oct
34%
105
98
Oct
14%
Oct
12%
Oct
2,433
18,325
4,990
330
100
33,448
Oct
24%
37% June
39%
Oct
106
24%
15%
38%
46
73%
Mar
Feb
Mar
£1
*
Asbestos Corp Ltd
*
Bathurst Pr A Pap class B *
Beauharnois Power Corp.*
Brewers & Distill of Van.
*
Bright A Co 6% cum pf 100
Brit Amer Oil Co Ltd
*
B C Packers Ltd
*
Canada Bud Breweries—*
Canada A Dora Sugar Ltd *
Canada Malting Co Ltd..*
Can Nor P 7% cum preflOO
Canadian Breweries Ltd--*
Jan
Canadian
Apr
July
Mar
Mar
Jan
Marconi Co
Can Pow A Pap
5%
cum
pref
Can Vickere Ltd
7%
cum
Canadian
pref
Inv
3
75
51
*
No par value •
5633
533
633
25,158
8,948
1.85
1733
Oct
Oct
11
45
3
Sept
100
75
Sept
135
7,278
40
Oct
92
1233
9%
1,079
5,326
333
Oct
4
Oct
110
533
Oct
6
200
6
Jan
1633
1033
7
20%
11%
7
Apr
Sept
6
9
4,755
1633
Oct
633
2633
3,385
10%
Oct
22
733
Sept
20
Apr
Apr
40
6
203i
15i2
80
79%
633
20
533
4
4
10
Feb
Mar
July
Apr
Jan
Apr
Oct
Mar
Mar
"
Jan
*
L80
60
67
155
60
Apr
8233
Aug
32
33
190
32
Oct
39
Apr
109
60
33
110
18
109
Jan
112
1.50
12
TBo
.....
3,205
730
45
1.00
1.50
570
1.50
1.50
198
8
4%
1.80
15
733
733
*
100
Wineries Ltd--*
Co Ltd—*
Celtic Knitting
June
Mar
3
40
15
*
1
*
2233
75
_
JPrcfcrrcd
333
26
75
Aluminium Ltd
Canadian Gen Invest Ltd.
1.85
1733
17
Acadia Sug Refining Ltd
Apr
Sept
3.00
25
2
10
233
1.25
8
10
Feb
1.50
Oct
4.00
Jan
12
Oct
2333
1133
3%
Aug
733
Oct
Feb
Jan
1.00
Oct
1.50
Sept
7.75
Jan
Aug
2733
Jan
17
1,440
2
Oct
16
Jan
17
200
10
Oct
65
Jan
3
310
1.70
July
333
Jan
50
1.25
Aug
3.00
Apr
433
1.25
Financial
2678
Chronicle
Oct.
1937
23,
7H&
Canadian Markets—Listed and Unlisted
Sales
Friday
Last
Stock* (Concluded)
Par
City Gas A Elec Corp
Week's Range
for
Sate
of Prices
Low
High
Week
*
Price
75c
70c
Range Since Jan. 1, 1937
Shares
Low
145
High
70c May
2.50
Duncanson, White
Mar
Claude Neon Gen Adv—♦
30c
30c
30c
100
20c
Sept
80c
Jan
Commercial Alcohols Ltd-*
1.75
1.25
1.75
3,005
1.25
Oct
4.00
Jan
Commercial Alcohol pref—5
Consolidated Paper Ltd..*
"m
2%
6
David & Frere Llmitee A.*
Donnacona Paper A
4%
"s%
*
3%
9%
4%
9
5
8
B
8%
500
2%
9,731
6
Oct
6
Aug
Oct
24%
Apr
50
Mar
Feb
10.936
Oct
5%
19%
Apr
Oct
19
Apr
2,324
E Kooto P 7% cum pt 100
5
90
East Mairles 7% cum p1100
Fairchlld Aircraft Ltd
5
6
41
Oct
33
30
13
29%
15 King Street
Feb
Ford Motor Co of Can A.*
95c
95c
1.C0
325
14 %
95c
Oct
Foreign Power Sec Ltd—*
18%
20
1,414
12%
Oct
50
Apr
18%
12%
13%
13%
Oct
50
Apr
38
38
Eraser Cos
*
Ltd
Voting trust ctfs
*
Frelman Ltd 6% cum pflOO
Gen8tIWares7% cum pflOO
Inter-City Baking Ltd. 100
Intl Paints (Can) A
*
5% cum pref
20
Internatl Utilities Corp B.l
14%
18
1,860
3
1,789
30,509
38
West, Toronto.
Cct
2.50
115
38
Oct
49
75
140
75
Oct
110
Mar
25
10
Last
Stocks (Continued)
Week's Range
for
Sale
Par
of Prices
Week
3%
3
"Too
70c
1.00
*
Anglo-Huronlan
4.00
3.50
June
39%
Jan
Argosy Gold Mines—
1
30c
22c
30c
Sept
11
10,406
3
Jan
Arntfleld Gold
1
22c
18c
25c
20
Jan
Ashley Gold
1
70Ci» Oct
Sept
87
2,305
48
299
40
3%
6c
Feb
Astoria-Rouyn
...1
Aug
Ault & Wlborg pref
Bank of Canada
.100
20
41
13^
Oct
37%
Jan
40
13%
32%
3,490
cu pf 100
590
32 %
Oct
73%
Mar
88
86
90
81
89Ya June
100%
Mar
Bank of Montreal
4%c
1.50
2.00
5
m
230
6
7%
1,797
Page-Herehey Tubes Ltd.*
90
90
90
Power 6% cum 1st pref-100
Quebec Tel A Pow A
*
92
92
96%
4%
4%
4%
1.60 June
645
11
6
4
4
10
10
10
105
106
15
15
United Distillers of Can.-*
85c
United Securities Ltd__100
$1
pref.
cum
111
1.50
1,440
32
37^
3,636
17%
37%
*
18%
18
Barkers Bread pref
..50
110
107
Feb
5
July
Oct
65c
Apr
15% June
22
Jan
B
1st pref
Beauharnoia
25
Jan
Bell Tel Co of
Jan
Bldgood K'rkland
...1
Big Missouri
—1
Oct
20
July
Feb
Canada—
27,350
30c
Oct
1.90
Feb
12,500
l%c
Oct
4%C
Jan
10,500
2,000
19c
Sept
65c
Feb
Bralorne Mines
40c
Get
72c
Feb
Brantford Cordage
19c
20C
Big Missouri Mines Corp.l
40c
40c
40c
Bouscadlllac Gold Mines. 1
Brownlee Mines (1936)-.-1
14c
Bulolo Gold Dredging
6
Can Malartlc Gd M Ltd—*
"22~"
1.01
1.00
1.08
Cartler-M alar tic G M Ltd 1
Central Cadillac G M Ltd 1
Central Patricia Gold M—1
13c
11c
31c
24c
Consol Chlbougamau
Duparquet Mining Co
2.00
23,500
3,300
Oct
10c
20
Oct
1.15
Feb
13c
Brazilian
Mar
5.15
Feb
2.70
Feb
Building Products
17M
5%
20%
32%
Mar
Sept
15c
Oct
2.03
Jan
Burlington Steel
Oct
3.60
Apr
Burry Biscuit
12.75
*
—
123^
34c
Oct
1.58
Feb
Calmont Oils
1
♦
25
6c
6c
1,000
6c
Oct
60c
Feb
Canada Bread
21%
Oct
41%
Feb
Canada Cement
23c
3,835
31,000
15%
18c
18c
Oct
57c
Feb
300
97%c
Mar
1.64
Apr
Canada Northern Power..*
465
46%
3%c
Sept
Canada Permanent
10c
2,800
10c
Cct
30c
l%c
2c
5,000
l%c
Oct
7%c
Jan
4.65
4,925
3.95
Oct
8.50
Jan
Can Bank of Commerce 100
1
1.00
1.00
500
1.00
Oct
1.56
Apr
Canadian Breweries
Mclntyre-Porcupine M—6
30%
30%
Oct
McWatters Gd Mines Ltd *
25c
1,590
1,100
25c
Oct
1.19
Jan
Oct
4.80
Feb
Mining Corp of Canada..*
Moffatt-Hall
1.70
400
l%o
1%C
1
Newbec Mines Ltd
1.68
1
Mines
Murphy Mines Ltd
3c
3c
1,000
1,500
*
3c
1,500
1.68
1%C
Oct
80
Jan
2%C
3%o
Aug
10c
Feb
Pamour Porcupine M Ltd *
Pandora Cad
"~37c
Aug
11c
Feb
1.00
600
1.00
Oct
2.15
July
2.45
3.90
24,815
2.45
Oct
13i8
Jan
2.65
3.50
1
3%c
1
1.00
Normetal Mln Corp Ltd—*
O'Brien Gold Mines Ltd—1
Parkhill Gd M Ltd
Pato Gold
25c
2.78
1,200
2.15 June
4.05
Jan
20c
37c
21,300
20c
Cct
1.10
Mar
9c
Perron Gold Mines Ltd.—1
Pickle Crow Gold
1
12c
9,367
9c
Oct
42c
Feb
2.00
3,550
12,200
1.70
Oct
3.80
Feb
1.25
Oct
6.50
Feb
60c
75c
6,800
60c
Oct
2.51
Jan
700
4.30
Sept
700
12
"Too
4.65
5.00
12
Placer Development
Preston East Dome M Ltdl
Read Authier Mine
1
13
Oct
9.10
17
Feb
Carnation pref
Castle Trethewey
Feb
2.25
3.05
5,700
2.25
Oct
6.85
30c
23c
30c
Sept
2.00
Feb
8c
6c
Sept
22c
Feb
1.35
1.35
500
1.35
Oct
2.38
Jan
39c
300
San Antonio Gold Mines. 1
1.27
Sept
23c
14%
390
13%
Oct
3c
800
2%c
Oct
8c
34
200
30
19
Feb
Aug
Jan
4%
11%
3%
Oct
1,392
7%
Oct
mm «
*»■
3%
7%
85
20
85
565
29
85
Oct
10%
23
2
8%
20
25
467
66
Oct
98
Feb
22
140
Sept
160
July
146%
3%
20
Oct
2
July
7
Apr
11
244
9
July
18
Apr
170
160
Cct
210
477
Jan
1.80
2,840
15
1,210
12
Oct
1,535
3
Oct
18
215
17
9
2,025
6%
Oct
1,935
5%
Oct
23%
10%
20%
12%
21%
3
5%
17
6%
5%
17
13
29%
3%
3%
99c
85c
*
12
11
100
9%
17%
Oct
Aug
Mar
Jan
Jan
Feb
540
13
Oct
32
Jan
470
29%
Oct
47
May
3%
Oct
390
3%
Oct
1.05
45,890
85c
June
116
7
8%
3
2%
3
1
Jan
Oct
10,875
8%
*
1.25
4%
3%
35
12'^
116
Jan
167
1.25
33%
4%
•
Aug
75
66
160
5%
Jan
Apr
110^
28%
12
25
490
11
Jan
5
115
June
15,014
3
Oct
1%
Oct
2,250
Jan
2.30
.
8%
7%
Feb
18%
135
)
17%
4
Jan
Jan
Jan
Mar
Mar
—1
1.30
1.48
1,615
1.30
97%
97%
15
97%
Oct
60c
65c
Cct
1.66
Jan
2.05
1.85
2.18
1.85
Oct
5.25
Feb
7%c
12c
13,450
69,126
25,600
60c
10c
100
Chemical Research
53c 5 Oct
10c
16,500
13%
2%c
Mar
Jan
1.80
7%o
Oct
43c
40c
60c
9,000
40c
Oct
1.44
Jan
38c
54c
27,650
7,350
Oct
1.47
Jan
mmmmmm
Central Porcupine
6c
6,700
39,900
20o
8c
Reward
1,500
Mar
Mar
9
Central Patricia
3.00
Red Crest
54c
Feb
6%c
74%
Oct
1.75
9
Cariboo Gold
Aug
May
53o
12.50
June
Oct
18
Canadian Wineries
Apr
2c
30c
3%
10%
C P R
Preferred
8.25
40
1,140
♦
2.20
Jan
June
37c
*
B
12c 13%c
Jan
65
Oct
30c
*
Canadian Malartlc
Canadian Oil
300
32
1.10
Oct
Feb
167
_
Preferred
45
11c
Mar
6.55
20
_
40
144
*
Canadian Dredge
Canadian Ind Alcohol A..*
1.70
39
44%
mmmmmm
*
1st preferred
1.25
Cct
Oct
*
Canadian Canners
1.95
llMc
29
111
Oct
4
*
Preferred
2.00
new
Pend-Orellle
33^
1.15
10^
*»
.
2nd preferred
Can Car & Foundry
Mar
29
35c
Can Steamship (new). .—*
Preferred new
3.95
Jan
2638
30,680
mmmmmm
1
42
Oct
1.80
.100
1
34
Oct
16%
1.15
*
Canadian Packers
—1
Mackenzie Red Lake
4%
30%
9%
Mar
415
1.70
♦
1(M)
Preferred
Jan
33
*
15%
12%c
Jan
Jan
30
c
5,000
Mines
40
Oct
13,844
4,500
35c
Lee Gold
Feb
Feb
36,644
3,780
34c
Lebel Oro Mines Ltd
72c
16%
6%
18%
5%
2%c
Calgary & Edm
Macassa
465
11.00
Burt (FN)
Jan
30
Oct
21
2c
42%
13%c
14%
*
Bunker Hill
Jan
24
9.10
11.00
*
Jan
59
100
Jan
23%
14%
4%
16%
*
—
Feb
27 %C
32
Jan
Feb
1.70
Oct
Jan
Sept
9
59
10,500
55
Oct
30c
110
36c
Oct
2,200
176
3% May
360
Feb
Apr
9%
Apr
9%
4%
30c
32c
Oct
4c
154
21%
112
Oct
55c 110,040
40c
15,100
36c
36c
4.70
1.25
1,329
4%
700
8%c
49
Aug
11c
2,270
1,300
1.18
1.75
Oct
100
lie
5.85
3%0
13
10
11c
1
Buffalo-Ank erlte
5c
625
3,185
*
B uffalo-Canadian
Jan
14
102% 102%
*
Brown CiL
60c
49
Oct
Jan
65c
1.45
1.18
96c
10
24
*
Sept
34,200
~3%~c
14,945
Jan
22c
85c
1
1.12
Jan
8%c
Lamaque Contact G M—*
96c
Feb
26%
4.70
Lake Shore Mines
Oct
Oct
8%c
Klrkland Lake Gold Mln. 1
4%
23
24,700
50%
Aug
25
Feb
32c
Oct
Apr
10
4%
9.00
5
.
Dominion Oil.
Cct
24M
May
British
Sept
65c
Oct
6.40
Jan
2.06
20
May
Oct
5,989
47 %C
5c
22^ c
48
12c
7.35
Fed Klrkland Ming Ltd—1
Francoeur Gold M Ltd
1
1
Oct
10
6.50
Oct
60c
Hudson Bay Min A Smelt *
36
7.25
lie
1.45
Graham-Bousquet GM..1
50
18,700
1,800
20c
13
29c
Falconbridge Nick M Ltd. *
J-M Consol Gold
36
12c
10
Oct
13c
5c
*
36
8c
*
1~90
1
Mar
23,015
—
Brewers & Distillers.
B A Oil
22o
Jan
Aug
273
30
pref.25
Jan
2.00
1.85
340
*
Feb
36%
Feb
Sept
May
Sept
9
Brit Columbia Power A._*
500
Apr
123^c
Feb
27c
245
8c
2.28
2.15
49c
Oct
12c
90c June
36%
5%c
53c
Jan
6U
Oct
Oct
1
3,150
17,400
22c
32,450
Feb
305
4%
50
—
30
3c June
1,678
6,020
1,235
14,200
12,200
*
East Malartlc
4c
22
36%
"25c
*
Eldorado Gold M Ltd
14c
3c
1
Dome Mines Ltd
10c
20
15o
194
Feb
235
*
ino
Blue Ribbon pref
Bob jo Mines
13
Feb
25c
102%
6%
4%
158% 164
161
l%c
63c
56
12,900
13c
Oct
Oct
8
13
mmmm mm
6
Blltmore Hats
Sept
107
39%c
Oct
17%
5c
4c
100
318
50c
*
*
—
Feb
240
1.10
Jan
.100
Feb
1.15
4%
Feb
Beatty Bros A
1.42
239
18c
Feb
1.15
65c
"loc
Gold
54c
85
Feb
Oct
305
—
12%
*
Beattle Gold
30c
1
Beaufort
-
*
1%0
Alexandria Gold Mines.—1
-
mmm mm
*
Preferred
65c
-
20c
195
10
8.75
Oct
3,800
58
15c
194
60c
305
-
*
Bathurst Power A
.
26
Mines—
Aldermac Copper Corp— *
_
108
32
Oct
_
1
—
.100
.
Base Metals Mln
Feb
3%
51%
1.00
305
Mar
8%
Oct
15
20
1.00
.100
Oct
Jan
7#% Sept
104% Sept
1,500
18%
1.50
Bank of Toronto
Sept
,
4
25
85c
Bankfleld Cons
Bank of Nova Scotia.
Jan
1
4%
fct
200
Sarnla Bridge Ltd A
*
Sou Can Pow 6 % cum pflOO
United Amuse Ltd A
*
Feb
Feb
30
95
66
Rogers-Majestic Ltd A.„*
Walkerville Brewery Ltd.*
Walker-Good A; Worts(H)»
High
Oct
18c
22
79,700
100
56
19c
9%
Oct
87%
65
205
57
m
9.00
£ Oct
7%
-50
6c
6c
4c
100
Bagamac Mines
McColl-F Oil 6% cm pf 100
Melchers Distilleries Ltd.*
105
Low
3.50
16,570
Oct
40
2.00
3,622
17
20
ii
4.25
32
48
*
Range Since Jan. 1 1937
Shares
10
MacLaren Pow A Paper.-*
Pre/erred
High
150
3%
12
12
Mitchell (Robt) Co Ltd-*
Low
Price
Jan
75
Sales
Friday
Feb
25
Lake St John PAP
Massey-Harr 5%
WA. 3401-8
Jan
4%
17%
4%
Exchange
Jan
Cct
Members Toronto Stock
Canadian Commodity Exchange, Inc.
New York Curb (Associate)
Jan
Sept
6%
Co.
&
STOCK BROKERS
mmmmmrn
1
1
*
Chromium Mining
Commonwealth Petroleum*
54c
38
Oct
1.75
107
Jan
Feb
Jan
Shawkey
i
1.13
Feb
Oct
95c
Feb
]
1.40
97c
1.55
97c
Oct
4.00
Feb
Cockshutt Plow
*
9%
7%
9%
990
7%
Oct
22%
Mar
3.05
2.55
3.10
17,300
27,293
23,030
Oct
Sherrltt-Gordon
Siscoe Gold Mines Ltd—.1
Sladen Mai
l
2.65
Oct
6.65
Jan
Coniagas Mines
-.5
1.75
1.75
1.75
200
1.75
Oct
3.50
93c
16,450
74c
Oct
2.50
Jan
1.15
8,550
1.00
May
42c
Oct
2.90
Mar
Conlaurum Mines
Cons Bakeries
1.00
58c 161,693
1.01
37,050
16
17
800
30c
89c
74c
53c
Stadacona-Rouyn
42c
*
Sullivan Cons Mines Ltd.l
Sylvanlte Gold
1
1.00
Teck Hughes Gold
1
4.60
Thompson Cad
1
Towagmac Exploration. .1
37c
2.80
316
4.50
4.70
2,450
39c
78,000
16c
Oct
2.25
Jan
Cons Chlbougamau
2.59 June
4.70
Feb
Oct
6.10
Feb
Consumers Gas
16c
Oct
2.15
Jan
Cosmos
1.10
*
Cons Smelters
4.50
*
16%
5
100%
Mar
Oct
211
Mar
*
22
20
22
20
Oct
1.95
Feb
Dark water Mines
8.40
Aug
Davies Petroleum
♦
19c
30c
75,200
19c
Oct
73% c
Apr
*
5.80
6.50
3,000
5.80
Oct
8.10
Jan
Dist Seagrams
Preferred.
7c
500
7c
Oct
1.25
1.84
4,550
1.25
Oct
25c
35c
73o
300
Mar
14c
29%
13%
100
40%
Dominion Bank
.100
Dominion Coal pref
Dominion Explorers
-25
mmmmmm
.1
Aug
1.70
38c
55c
10,450
38c
Oct
3.60
Feb
Dom Steel Coal B
1.10
80c
1.18
37,235
80c
Oct
4.10
Feb
Dominion Stores
40c
Jan
—
25
13%
*
20
Oct
40
Aug
10%
14%
66%
22,415
10^
66%
Oct
28%
Mar
94%
Feb
41%
17,004
36
Oct
51
44
200
Oct
250
Jan
200
17
Oct
24
Mar
36
206
17
17H
4c
10
4%c
50
12c
4c
2,000
Oct
Oct
24
12c
15c
Jan
28%
12%
Mar
1,745
6%
Oct
Sept
May
85c
7%
495
6%
Oct
59%
Mar
Dominion Tar
Dorval Siscoe
7%
24c
1
24c
21c
32c
65,000
21o
Oct
1.22
200
9J^c
Oct
16c
Sept
East Crest Oil
*
10c
10c
10%
16,600
10c
Apr
45c
*
600
Preferred..
Toronto Stock
Oct* 16
to
Oct. 22, both
100
1
Eldorado Mines
—
•
Friday
Last
Sale
Stocks—
Par
Abitibi
*
6% preferred
Acme Gas A Oil
100
*
Price
3
Sales
Week's Range
of Prices
Low
2
24
3%
26%
18
9%c
9%c
10c
Afton Mines Ltd
1
2c
2c
2c
Ajax Oil A Gas
1
30c
25c
30c
Alberta Pacific Grain
Preferred
100
A P Consol Oils
Aldermac
Alexandria
*
Copper
Gold..
2
10
l
24% c
18c
*
59c
30c
1
l^c
Amm Gold Mines..
1
14c
Anglo-Con Hold Dev
*
1.00
2
9%
l%c
for
Range Since Jan. 1 1937
Week
High
10%
24%c
Shares
Low
6,521
4,035
12,125
2,500
3,200
230
1%
180
Oct
15%
Apr
18
Oct
80
Apr
9%o
Oct
20c
Jan
2c
Sept
10%c
Jan
22 %o
Sept
57c
Jan
Oct
6%
43%
Jan
Sept
Jan
32,600
18c
Oct
95c
Feb
68c 114,465
30o
Oct
1.89
Feb
l%c
26,000
11c
17c
1.00
1.05
1%
Sept
51,900
11c
Sept
26c
1.00
Oct
1.50
Sept
Federal-Kirkland
*
Jan
m
m
-
—
5.60
*
*
,
20c
17%
*
22c
Gatineau Power
Preferred
•
No par value.
Oct
24
Feb
106
15
100
Oct
110
May
60c
*
36c
*
11%
5%
565
53,858
5%
64
11,940
16%0 20% c
7c
15
i6Kc
35c
554
5.75
22
10c
5
60c
4
1.50
Oct
Jan
3.65
Apr
June
5
Apr
4.75
Oct
40
July
8
Aug
12.90 May
Oct
29
16%
Oct
25%
6%c
Sept
54c
Oct
29M
Jan
Oct
1.25
Feb
Feb
18%
13,479
22c
15,200
15
16%c
45c
35,800
Oct
1.58
204
6
23
100
July
Sept
109%
8
125
8
Oct
14
58
65
70
58
Oct
860
35c
11
July
Jan
Oct
Oct
Aug
8
Jan
75%
18%
12c
17c
43,495
12c
Oct
65c
Apr
May
3%c
4^c
19,010
3%c
July
30c
Jan
8%
16c
Apr
10,613
35,900
8
65
Jan
9%
Oct
10
22
2.05
Sept
11^
108%
11
105
1
67,350
2.05
30
4.75
*
100
92c
4%
1.50
100
*
General Steel Wares..
Gillies Lake Gold
—1
Gienora
12
9c
1
Foundation Pete
Francoeur
Preferred
Feb
85
22
Ford A
Frost Steel
Feb
19
28
*
Sept
1,210
4%
-25
Apr
12
4
4
1.85
1
*
Famous Players voting
Fanny Farmer
High
2
9
English Electric A
Equitable Life Insur
Falconbridge
85c
*
Easy Washing
18
Mar
100
mmmrnmm
East Malartlc
Exchange
inclusive, compiled from official sales lists
Jan
Oct
37,119
7
6%
6%
4,785
31c
32
9%c
Jan
Oct
15
10
2.95
Eastern Steel
27c
"3l"
Feb
31,150
rnmmrnmm
"50c
27%
36,800
29%
12c
200
206
712
16c
20
66%
*
Dome Mines
Dalhousle Oil Co
Home Oil Co
56%
1
Oct
7c
Homestead Oil A Gas Ltd
Royallte Oil Co
Southwest Pete Co Ltd
Feb
Oct
192
1.00 May
Feb
2.68
45
215
4.00
6.40
Oct
J an
Jan
Feb
17,002
200
1.70
20c
2.14
23
58
6.50
Calgary A Edmonton....
Calmont Oil Ltd
Oct
194
1,505
25c June
20,016
16
45
62c
Oil-
26c
643
15c
192
4.00
Anaconda Oil Co Ltd
20c
22c
194
45c
Cad
15c
100
4.00
*
Wright Hargreaves M Ltd*
25c
...1
30c
Ventures Ltd
Wood
80c
2.60
20c
10
Aug
Volume
Financial
145
Chronicle
2679
Canadian Markets—Listed and Unlisted
Sales
Friday
Last
Stock* (Concluded)
F. O'HEARN & CO.
STOCKS
BONDS
11 KING ST. W.
Pet Cobalt Mines
GRAIN
Price
...»
...1
Pioneer Gold..
Porto Rico pref_.
1
Lew
Shares
4.10
5.15
Oct
45c
Oct
68c
Jan
Oct
26%
Jan
4.10
Ocl
9.20
Feb
30,718
Cobalt
Montreal
Noranda
Oct
2.35
Ottawa
Sudbury
2.35
3.45
99 %
99c
99 X
10
T.10
1.20
39,250
*
25c
15%
12
16%
689
17c
15c
17c
11,600
15c
Oct
1
2.14
1.50
2.14
17,785
1.50
Oct
4.50
Pressed Metals
*
24 %
Oct
36
1
.65c
100
Powell Rouyn
Power Corp..
The Toronto Stock Exchange
Winnipeg Grain Exchange
Hamilton
Kirkland Lake
Montreal Curb Market
Sarnia
North Bay
Owen Sound
Bourlamaque
Canadian Commodity Exchange (Inc.)
Chicago Board of Trade
Tlmmins
Feb
6.85
3.40
1
Preston E Dome
MEMBERS
Toronto
Jan
3%c
19
25
19
High
lo
4.000
1,497
45c
19
"4~ 95
Week
1%C
45c
45c
Range Since Jan. 1 1937
for
Ranoe
lc
*
Photo Engravers..
Pickle Crow
OFFICES
of Prices
Low
High
1
Petrol Oil & Gas..
TORONTO
WAverley 7881
Par
Week's
Sale
*
Prairie Royalties
Premier
15,820
96
Sept
Feb
2.20
Oct
495
70c
52c
103
June
33%
Feb
29c
July
12
24%
22
Jan
'
75c
64,725
50o
22
Jan
Feb
Oct
1.47
Jan
Prospectors Airways
Last
Par
Stock* (■Continued)
Goldale Mines
Gold Eagle
—
1
22
-
22c
13c
8c
81%
54%
72%
52%
50
Preferred.
Graham Bousquet
.
15c
18c
1
Goodyear Tire
—1
6c
11,800
Jim*
27,616
20c
1.02
49
Oct
15
12c
27c
2,000
11,500
22
13c
88,400
7%C
81%
54%
6%c
*
39c
Mar
68
July
Apr
22c
Oct
Apr
Aug
192
72%
Oct
97%
254
52%
Oct
57
8,500
6c
Oct
63c
Feb
Jan
13c
14,600
100
Sept
57c
Feb
5%c
14,100
4%c
Oct
18c
Jan
Oct
23%
26%
53%
Aug
m
-
Home Oil Co
—
75,140
73c
Oct
3.44
8c
Oct
33c
Feb
3,500
10c
Oct
90c
Mar
12c
Oct
22%
Jan
Oct
15% c
Jan
1.10
34,165
80
Oct
405
Jan
30c
21,500
3c
21c 28%c
70
73
60,725
21c
80c
21c
70
201
*
200
May
87c
Jan
Oct
72c
Jan
144
70
Oct
95
June
76
205
200
Oct
240
May
14%
19%
—5
18%
13%
12
15
2,600
12
Oct
.100
97%
97% 100
30
97
July
350
7
Oct
Intl Milling pref
lnti Mining Corp
...1
International Nickel-
7
--*
46%
*
International Pete
30
*
B
Jan
9*40
26c
.100
Oct
14
585
1.10
.100
3%
Jan
13,946
18
12
28%c
..
Jan
Apr
7
62,800
755
9%
1
Imperial Bank
Apr
7c
40%
,
98C
14
....
Imperial Oil
Imperial Tobacco
18%
Oct
Oct
Jan
8c 12%c
11c
12
Howey Gold
Huron & Erie
2c
30
Jan
73c
12c
—5
Homestead Oil
5%
Sept
3%
♦
Hinde & Dauche
Hollinger Cons
70
Sept
1.25
4
11c
*
Highwood Sarcee
2,000
5
25
June
95c
*
Harker
7,135
65c
3%
1
Hard Rock...
7%
Apr
Oct
18
2%c
32%
Oct
Oct
2
10
26,170
2c
30
_
7
23%
105
80c
5%
2c
_
*
Harding Carpets—--
2
7%
_
4,690
18
58c
73c
—1
Hamilton Cottons pref ..30
2,005
2
—
-
*
Gypsum Lime & Alab.
13
34
18
-
'
_
1
Gold
Halcrow-Swaze
42,232
14%
Oct
24%
15%
105
19%
Mar
Mar
Feb
Jan
39%
23%
7%
47%
30%
79.529
39%
Oct
73%
Feb
36,986
23%
Oct
39%
Mar
65c
1.00
1,375
65c
Oct
3.15
Feb
1.00
44c
34c
50c
1.62
Mar
Mines
...1
28c
24c
30c
58,685
24c
Oct
53c
Mar
Cons
1
75% c
60c
90c
247,560
60C
Oct
2.15
Feb
59c
Feb
1
Jack Waite
Jacola
Jellicoe
*
...1
Kerr Addison
16,000
15c June
18c
24c
25,022
18o
Oct
11%
12%
265
11%
Oct
39
1.40
1.85
147,712
1.40
Oct
3.30
Apr
1.10
13,725
75c
Oct
2.65
Feb
1.25 136,460
90c
4 en
1.70
Apr
22c
M Consolidated
Kelvinator
1.73
Kirk Hud Bay
1
1.00
75c
Kirkland Lake
1
1.18
1.00
37c
25c
39c
9,550
25c
Oct
1.10
1
49%
49%
14%
45%
Oct
59%
14
45%
10%
13,999
*
350
10%
Oct
27
Gold—
Laguna
Lake Shore
Sulphite
3%c
4c
5,600
3o
Oct
33c
47c
50,950
33c
Oct
1.33
1
Lapa Cadillac
*
Laura Secord
Lava Cap
3c
28c
41c
Lamaque Contact
Lebel
Jan
10c
#
Lake
Jan
May
4%c
7
'titm
......
58
June
1.30
July
1
13c
10c
14c
40,500
10c
Oct
30c
Jan
2c
2%c
2c
Sept
7%c
Jan
35c
65c
3,500
45,120
11,228
2,007
35c
Oct
1.35
Feb
1
60c
*
4.40
....
Mines
—
1
19%
21
3.70
80c
68C
*
B
24
4.50
—
22
20
*
A
4.00
24
1.02
Little Long Lac
55c
MacLeod Cockshutt—
Madsen Red Lake
*
McDougall-Segur
&
Mines
Preferred
McColl Frontenac
Preferred
Mines.
...1
*
8.60
.fan
Oct
4.85
Jan
Sept
1.20
Mar
72c
10c
.100
87
86%
...5
35
30
35
15c
*
35c
24c
35c
*
21c
14c
21c
*
8c
6c
8c
♦
1.90
1.30
2.00
*
5%c
166
8,153
74,648
28,875
49,400
11,400
5,700
42,147
16,200
Aug
44c June
16c
11
Feb
6.85
Feb
200
Sept
1.95
*
24c
16c
25c
1,400
16c
Oct
1.78
Feb
*
25c
54c
3,100
25c
Oct
1.52
Apr
2%
8%
2%
14%
275
8%
Oct
29%
70c
78c
25,250
70c
Oct
1.35
26%
100
10c
22,400
*
Remington Rand
1
1
*
Roche Long Lac
1
...100
*
Royal Bank....
Royallte Oil..
St Anthony
8c
Oct
36c
16%
74
50
A__
Oct
101
42%
Oct
2.03
Oct
63c
24o
Oct
1.18
Oct
63c
6c
Sept
39c
Oct
5.00
Oct
1.15
56c
1.40
95o
June
1.98
Apr
45%
1.44
13,679
1.19
Oct
2.40
Jan
40c
27,050
29c
Oct
1.10
Feb
71c
90c
2,600
60c
Apr
1.00
Oct
Sherritt Gordon
1
1.36
Feb
Siiverwoods
*
Silverwood
Dairies
1
1
87c
23c
18c
Stadacona
*
52c
*
9
*
pref
*
Steel of Canada
5c
Oct
25
33
1,321
25
Oct
140
142
75
140
Oct
1
18%c
15c
1
2%C
2%c
*
National Groopps
*
6
100
126
Preferred
National Sewerplpe
#
New Golden Rose
-.25
6%
North Star pref.
O'Brien
Gold
Okalta Oils
Preferred
.
Porcupine...
...1
Uchl Gold.....
Union Gas
3.60
Feb
1.10
Aug
19
Oct
11%
Jan
15c
3,550
12c
Oct
70c
Feb
2%
4%
18,830
2%
Oct
11%
Mar
10,785
12c
4.50
3.30
4.90
3.30
Oct
9.10 May
1.00
1.00
1.00
450
90c
Sept
2.25 June
1.50
1.00
1.65
1.00
Oct
4.65
Feb
37%
79,016
14,330
31
Oct
52%
July
18%
3,187
16%
Oct
20
Walkers
37
.._*
..*
.........
Preferred
31
16%
m
11
._....*
9%
1
Whitewater Mines
White Eagle
~7%c
...100
Preferred
Wood (Alex) pref
Wood Cadillac
4c
2%
Mar
Jan
Jan
Sept
5
4,500
3c
Oct
17
225
2%
Oct
10
Jan
500
10
Jan
l%c
1,000
Oct
2%
17
68
80
10
Oct
10
53
Jan
77
Jan
c
Feb
95
Oct
c
44
68
11
100
30c
2%
2%
"13"
Oct
5c
8,500
3c
3%c
2%
*
B_„
7%c
l%c
3
l%c
—*
...1
*
Wiltsey-Coghlan
Winnipeg Elec A
5c
Jan
Oct
Oct
Oct
87
65
Jan
12%
18%
106%
4
9%
25
3,949
90
87
100
Preferred
4%
11%
4
*
West Can Flour
Westons....
Jan
Aug
Feb
23,460
20c
6.60
8,250
5.80
Oct
8.10
Jan
25c
19,500
18c
Oct
52
Feb
......1
31%c
20c
31%c
Wright Hargreaves
*
6.50
5.80
Ymir Yankee Girl..
*
19c
18c
Toronto Stock
c
c
Exchange—Curb Section
See Page 2676
Government
Municipal
•
•
New York
Bell System Tele.
IIAnover 2-6363
Bid
Abitlbi P & Pap ctfs 5s '63
1955
1958
59%
16c
20c
19,600
14c
Sept
49c
Feb
Canadian Lt & Pow 5s 1949
1.00
101%
85%
*
90c
65c
90c
10,440
65c
Oct
4.10
Feb
2c
lc
2c
10,500
lc
Oct
12c
Jan
38c
30c
40c
62,658
30c
Oct
1.28
Jan
Oct
10
Jan
90
1941
108
June
2.20
Mar
10C
Apr
43% c
Feb
Oct
118
Mar
90
81
90
2.80
2..50
2.85
46,004
1.90
June
4.00
Jan
2%
4%
3,025
2%
Oct
9%
Jan
1
18c
15c
20c
30,000
15c
Oct
35
July
1
12c
8%c
14c
13,200
8%c
Oct
40
Feb
-.1
8c
5c
8%c
7,800
5c
Oct
41c
Apr
46c
Jan
33c
Oct
1.38
Oct
2.50
Jan
101% 102%
98%
86%
111% 112%
1961
/50
51
6% s. 1945
Donnaconna Paper Co—
4s
1956
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
Fraser Co 6s
Jan 1 1950
Gatlneau Power 5s—1956
Gt Lakes Pap Co 1st 5s '55
lot Pr A Pap of Nfld 5s '68
Lake St John Pr & Pap Co
75
77
1961
par
5s
•
-
No par value.
value) 3s
79
3%s
3%s
102
1939
.->1956
1973
45%
102
—
50
50%
99% 100%
94
95
100% 102
5%s'70
Power Corp of Can 4%s '59
104
Ottawa Valley Pow
...Dec 1
Provincial Pap Ltd
Saguenay Power
98
„
92% 93%
102% 103%
/44%
Montreal Tramway 5s 1941
5s
77
...
55
50
Montreal L H & P ($50
—
/63
5%s
Manitoba Power
75
103
100% 101%
1957
6%s '47
4%s A '66
B
1966
Shawlnlgan W & P 4%s '67
Smith H Pa Mills 4%s '51
4%s
ser
98
.
.
99%
102%
101% 102%
98% 100
98% 100
102
102%
99% 100%
92
93
75
80
98
100
67
70
76
98
99
Jan
50%c
91%
109
P 5s '53
5%s 1961
...
85c
60%
Consol Pap Corp
Dom Gas & Elec
98
75
Cedar Rapids M &
5%s ex-stock
Ask
97
5%s.l951
Maple Leaf Milling—
2%s to '38—5%s to '49
Massey-Harrls Co 5S..1947
McColl Prontenac Oil 6s '49
Minn & Ont Paper 6s. 1945
Montreal Island Pr 5%s '67
60
Calgary Power Co 5s.-I960
Canadian Vickers Co 6s '47
MacLaren-Que Pr 5%s '61
112% 113%
97%
Burns & Co 5s
Canada Bread 6s
Bid
A*t
68%
75
f 68%
Canadian Inter Pap 6s '49
Feb
Utility Bonds
Quotations for Friday, Oct. 22
Canada North Pow 5s. 1953
Oct
•
NY 1-208
Industrial and Public
Jan
8c
Corporation
Montreal and Toronto
Royal Securities Corporation
30 Broad Street
Apr
81
•
Private wire connection between New York,
95c
4
SECURITIES
CANADIAN
16% c
Feb
July
Jan
2.60
*
Oct
9,000
Oct
50c June
8,606
14%
Feb
20c
*
Sept
21,150
Feb
Mar
2.00
1
60c
10c
110
126
Oct
Waite Amulet....
2%c
80c
68c
Oct
Sept
38c
Ventures
6,500
8c
30c
80
110
14,493
3,703
18,250
Vulcan Oils
3c
33c 44% c 132,293
Jan
25
"55c
50c
4%
75c
50%c
1.79
39
84
111
11%
*
2.23
Feb
10c
Aug
15c
.....
Uniced Steel
83
Feb
75c
Apr
62
38c
14
Oct
4%
43c
46
May
20c
Oct
4.00
1
Oct
47
~~65c
Sept
13.25
1
4.65
19
9
4,125
2.33
80
90c
Oct
...1
Oct
610
48
111
1.55
ParkhW
Paymaster Cons
Jan
21
1.79
51c
36%
Payore Gold
Paulore Gold
Jan
2.35
Oct
19
1
Tread well-Yukon
United Oils.
00
I
48
7,325
520
1.00
2.33
30,874
31,321
3,500
1
Perron Gold
48,705
1.07
Pantepec Oil
Partanen-Malartic
6.00
1.52
Feb
28%C
2.00
Oct
*
Jan
Oct
Oct
48%
Aug
*
54
3c
4.25
90c
3%
Pamour
Oct
25
7,475
29,180
1.65
1.00
Page Hersey
52
.
4c
36%
12%c
52
,
4.80
50
Exploration..*
Bell Tell Co of Can 5s.
138
Jan
3c
Toronto General Trusts 100
Jan
48,500
42,400
Feb
16%
4.25
Toronto Mortgage
1.49
13c
Jan
4.80
Oct
20
*
Oct
5
3.25
Oct
1.40
1
31c
1.27
Oct
14%
52
50
Preferred
35c
10c
80c
2.50
315
Apr
Beauharnols Pr Corp 5s '73
90c
19,375
24,805
110
Feb
4
1.00
2.85
15%
80c
Mar
12c
1.03
Jan
104
Oct
2.50
_
Feb
40% c
130
2 Ho
235
.
6.90
Oct
108
June
55,481
Oils
Pacalta
Oct
126
3%
*
Oct
9c
107
To burn Gold
Apr
3.95
*
Mining
11
140
3%
*
Plata
Oct
6
2.50
Ora
1.75
34,400
*
Toronto Elevators
Feb
3%
Orange Crush pref
8,200
13c
100
TIpTop Tailors....
Feb
42%
3.50
1
Oct
3.00
Feb
10c
Oct
5
Olga Oil & Gas
Omega Gold
88c
Oct
July
475
50
Sept
15%C
June
...1
*
6
Oct
Oct
Aug
7,500
3,300
20c
Jan
55
16
3c
1
Mar
3%
9%C
192
4c
Alberta Pac Grain 6s. 1946
Nordon Oil
88
200
20,000
4
Feb
Feb
3c
61
.
10
Feb
60c
Feb
70
1.05
3c
96
12
21%
65c
Oct
11
Oct
*
52%
2.50
52
*
Texas Canadian
Sept
1
Jan
Feb
1,835
4.50
20c
North Canada
Apr
8
14%
I
Tashota
12%
1
2.85
68
1.00
125
Norgold Mines
1.00
Oct
52%
2.75
1.00
47%
43c
Jan
15%
4
1
16,300
*
Feb
55
1
*
50
Teck Hughes
Towagmac
Jan
2.50
49%
9c
Tamblyns pref
2.49
Oct
Oct
1.75
Sylvanlte Gold
6.65
Oct
18c
Oct
13c
Tambiyns
Oct
74o
37%
2.75
Sullivan Cons
2.53
,
50
*
1
Sudbury Contact..
Feb
90
14c
Sudbury Basin
110
10
9%c
31c
_.*
53,605
14c
35c
...1
Aug
Oct
37%
4
13%
Normetal
North Star Oil
190
15c
35
5
4%
93c
43c
61
100
33% c May
2%c
100
126
Aug
84
31c
8
"67"
Preferred.:
20c
1.76
Mines
5,300
3%
120
Straw Lake Beach Gold..*
2%c
*
Niplssing
Noranda
10,200
3c
Oct
380
37%
Sterling Coal
12%
35c
Naybob Gold
Newbec Mines
19%c
35
35
1.85
49,650
33,200
57c 167,980
74c
1
Standard Chemical
Sept
3.10
Sladen Malartlc
Slave Lake.........
Standard Steel
3.95
1.50
88 %
2.53
3.05
Oct
25
4
4
90c
2
84
84
100
Siscoe Gold..
1.50 161,439
90c
2
pref..*
Simpsons pref
Aug
Kirkland
Apr
29c
July
1.68
Murphy Mines
Jan
Oct
1.19
Feb
Oct
Morris
i
Aug
50
14%
36%
Feb
32c
National Breweries—
15%
Oct
3%
14%
545
33c
Feb
1.30
21c
A
Mar
32c
85c
Mar
6c
32%
Mar
60
1.36
Jan
14c
25c
*
227
Oct
12c June
Jan
40c
Corp
Oct
24
1
50c
Shawkey Gold...
Sheep Creek..
July
5c
Moore
Feb
48% 0
1
San Antonio
Jan
12c
32c
...1
Jan
Feb
Oct
7o
Mar
33
Mar
Oct
85c
30
21c
Moneta Porcupine
June
169
7
'
Oct
23
16,600
16c
3%
14 %
4
July
175
31
12c
2
3,960
179
24
15c
Mar
25c
4,500
10,000
1.75 103,298
169
175
Mar
14%
June
40c
Oils
7c
9c
1
*
St Lawrence Corp
Mar
Oct
Monarch
Gold
23
10
Feb
Mar
Oct
Model Oils
MInto
75c
1.00
Jan
4%
8%
86%
12c
Oil
Oct
3,800
12%
89%
15c
Corp
June
32
...1
Merland
Oct
2c
1,805
1.10
Mining
lOn
1
17,10
85c
Oils
2,745
11,050
7
1.05
McKlnley Mines
60C
40
McKenzie Red Lake.. „.1
McWatters Gold
59,460
6,925
9
11%
23%
Oct
80c
13,600
8c
Oct
Jan
Feb
3.70
15c
32
8.40
25
19%
3
4%
6%
40
Oct
Oct
3,650
54,063
2%c
2
10c
*
100
4 00
22
1.20 110,910
4.75
2c
2%c
2%
*
_.
Massey Harris
4.60
10c
*
East
Maple Leaf Milling.
Mercury
Jan
68c
Gold
Mclntyre
Jan
28,300
Leltch
Maralgo
77
Feb
89c
1
Manitoba
Oct
58
Jan
73c
Lee Gold
Macassa
86
Feb
Aug
89c
Oro
Loblaw
60
Feb
...1
Gold
Aug
Oct
6,100
Riverside Silk
High
Low
33
*
Great West Saddlery—
.100
Great West pref
J
Shares
48c
22
2.00
2 25
30c
Reno Gold
10c
*
Mines
Preferred..
*
Range Since Jan. 1 1937
5%c
12%
Mines
Great Lakes Paper—
Gunnar
High
-m—m
1
Goodfish Mining
Grandoro
Low
40c
1
50c
Belt
Granada
Week
Price
7,200
11,795
Oct
3.10
24c
Reinhardt Brew
for
of Prices
*
God's Lake Mine
Gold
Week's Range
Sale
1.20
2.25
30c
Reeves-Macdonald
Sales
Friday
1.00
3.00
*
Red Lake G Shore
Exchange
1.10
1
Red Crest Gold
Toronto Stock
*
Read Authier
1961
/ Flat prioe
69
n
Nominal.
Financial
2680
Quotations
New York
Bid
a3s
1 1977
a3Hs July
9tf)4
1 1975
Jan
98
Over-the-Counter Securities—Friday Oct 22
on
New York Bank Stocks
City Bonds
96 H
16 1972
National Safety Bank. 12)4
34
Penn Exchange
16 1976
o4)4b Nov
16 1978
109H 111)4
109)4 111)4
May
1 1957
105
Nov
1 1958
105
a4s
May
1 1959
105
a4s
May
Oct
1
1977
105
a4s
1 1980
-
106
45
38
a4)4g Feb
o4)4s Jan
aZMt July
40
36
a4Jis Apr
<j4)4b June
103
a48
National Bronx Bank...50
32
103H
103 H
101
a4s
115
13 55
102
102
99 H 101H
104
100
-12 H
1 1954
1 1960
102
100
125
1 1954
1 1975
65
Merchants Bank
95
d3Hs May
15 1976
Klngsboro National —100
76
Bensonhurst National —50
109
111
109 X 111)4
1 1977
Bank of Manhattan Co.10
Chase
149
155
Peoples National
900
950
Public National
25
30 H
32 H
Sterling Nat Bank A Tr.25
12 H
24 H
26H
20
25
1 1981
110)4 112)4
First National of N Y ..100 1840
o4Hs May
1 1957
112
114
Flatbusb National... ..100
107 H
107
1 1957
112
a4Hs Mar
1 1963.
112
114
1 1965
112H 114)4
1 1967
113
115
15 1971
113
1880
114
116
107 H
110
108
o4)4s Mar
108 H 110H
Mar
o4Hs June
a4H» July
o4Hs Dec
o4H& Dec
Trade Bank
45
New York Trust
114H 116)4
1 1979
35
Par
Bid
Companies
105
115
426
Guaranty
10
Bankers
1
62.85 less
62.15
4)4s April 1940 to 1949.
'71
Highway Imp 4)48 Sept '63
Canal Imp 4)48 Jan 1964.
Can A High Imp 4)48 1965
.
63.10
mm- m
105
102
48
50
50
58
65
25
15
17
New York
126
mm
126
mmm
123
mmm
-
Title Guarantee A Tr. ..20
119
mm m
109H
Preferred.
108 H 111H
13
14 H
50 X
51'4
Underwriters
10
Empire
43 H
46
44
20
..
20
Corn Exch Bk A Tr
119
to '67
A '46
1945.
1958
Canal Imp 4s JAJ *60
Barge C T 4s Jan *42
Barge C T 4)4» Jan 1
Manufacturers
41
41H
20
24 H
25H
United States
Continental Bank A Tr.10
to *67
4s Mar A Sept
13)4
1750
36
25
Chemical Bank A Trust. 10
...
Highway Improvement—
Canal A Highway—
*1700
Kings County
Lawyers
Colonial Trust
World War Bonus—
267
12H
10
Irving
10
100
Central Hanover
1
56
8
95
Clinton Trust
Ask
Bid
Ask
62.75 less
54
7
100
Bronx County
Brooklyn
250
262
Fulton
417
Ask
230
.100
Itallana.100
Banca Co mm
New York State Bonds
Bid
Par
Ask
Bk of New York A Tr..l00
6s Jan A Mar 1964 to
12
67
..100
Fifth Avenue..
04
1 1962
38 1981
14
10
55
Commercial National ..100
a4 Hs Nov
1 1960
3s 1974
12
mmm
10
50
City (National)
107)4
107 H
o4)4s Sep.
bid
Ask
26)4
24 ^
65
o3Hs Mar
1 1974
Bid
Par
Ask
Bank of Yorktown_.06 2-3
108 X 110 )4
1 1966
u3Hs Nov
c3Hs Jan
Bid
108 H 110)4
108 H 110)4
1 1964
a4)4e Mar
o4)48 Apr
Par
Ask
Bid
Ask
100
1937
23,
Oct.
Chronicle
7)4
60
100
1545
8)4
70
1595
m>~ ~
113
Chicago & San Francisco Banks
Par
Port of New York
Bid
Bid
Ask
Harris Trust A Savings. 100
100
A Trust
Par
Ask
170
320
360
100
545
595
B ankofAmericaNTAS A12H
American National Bank
Authority Bonds
44
46
Northern Trust Co
206
Continental Illinois Natl
Bid
Bid
Ask
Holland Tunnel 4)4s ser E
Port of New York-
Gen A ret 4s Mar 1 1975.
105
106 H
1938-1941
-MAS
Gen A ret 2d ser 3)48 *65
102
103 H
100
1942-1960
Ask
1.75
60.75
33 1-3
Bank A rruat
100
First National
91 H
212
95 H
217
SAN
FRANCISCO
-MAS
Gen A ref 3d ser 3)4s 76
Gen A ref 4th ser 3s. 1976
1977
Gen A ref 3)4s
99
110
61.00
Inland Terminal 4 )4s ser D
91
93
1938-1941
96)4
1942 1960
Insurance
1.75
106 H 108 H
MAS
95)4
112H
MAS
Bid
Companies
Par
Ask
109
Home
37)4
111H
74
39)4
Homestead lire
23
George Washington Bridge
4)48 ser B 1940-63-M N
71
24 H
Importers A Exporters. —5
Fire
Security....10
10
Ins Co of North Amer... 10
70
73
20
21H
Knickerbocker
5
30
Lincoln Flre_.
5
11H
Maryland Casualty
28 H
10
United States Insular Bonds
1
Mass Bonding A Ins.. 12H
27 H
Bid
Philippine Government—
4 Hi
1959
4Hs July 1952
6s
April 1955
Oct
5s
Bid
102
109
109
111
114
1941
Hawaii 4 Hs Oct 1956
6H8 Aug
100 H
106
-
1952
Feb
116
Ask
19)4
21)4
Merch A Mfrs Fire New'k.5
63.50
Ask
101 H
100 H 103
100H 103
100
4s 1946
10 H
30
3.00
37 H
39 H
24)4
26)4
Merchants (Providence)-.5
National Casualty
10
9H
Honolulu 6s
U S Panama 3s June 11961
112
116
March Fire Assur com—5
10
Natlona J Fire
Govt of Puerto Rico—
5%
3.50
dZ.lt
4)4s July 1968
6s
July 1948
109
110
108
6)4
77
110
National Liberty
2
20
National Union Fire
82
540
111)4
107
U S conversion 3e 1946
558
Bid
2)4
14
7H
Ask
3a
15)4
8H
52
54
10 H
12
3
3H
38 H
43
9 H
4
3)4
4)4
42
47
10)4
6
14 H
16
50)4
6)4
52 %
107
7)4
112
2
New Amsterdam Caa
10 H
11)4
17 H
10
25 H
27)4
New
42
36
39
27
New Jersey.
New York Fire
10
20
40
20
18 H
20 H
Northern
2)4
3)4
38 H
40 H
North western
Pacific Fire
33
5H
36
2)4
Eagle Fire
Federal Land Bank Bonds
New Brunswick
21)4
25)4
Carolina
19 H
20 H
18 H
Conversion 3s 1947
Excess..,
Bid
3s 1955 opt 1945
3s 1956 opt 1946
JAJ
JAJ
MAN
3s 1966 opt 1946
3)48 1965 opt 1945. .MAN
4s 1946 opt 1944
JAJ
101 %
Ask
Bid
Ask
100)4 100 %
100)4 100%
100)4 100)4
102
4s 1957 opt 1937
4)is 1957 opt Nov 1937
Federal..
100
100)4
101)4 101)4
—
100
104
Fire Assn of Phlla
10
50
60
100
MAN
MAN
4s 1958 opt 1938
Fireman'8 Fd of San Fran25
73
2
12.60
North River
2.50
15H
17
84
87
21)4
22
National. 2 5
108
107
Firemen'a of
Newark
8
5
108)4 108)4
112
10
Phoenix
72)4
14
15)4
25
27
-
25
Reinsurance Corp
9
26 H
(N Y).2
10
(Paul) Fire.. ...10
6)4
Republic (Texas)
21
19 H
5
General Reinsurance Corps
27 H
30)4
Rhode Island
5
Georgia Home
.10
20
22
Rossla
5
Gibraltar Fire A Marine. 10
19
21
St Paul Fire A Marine. .25
37 H
39)4
Glens Falls Fire
5
Globe A Republic
Joint Stock Land Bank Bonds
5
Bid
100
100
Burlington 5s
/35
California 5a
100
Chicago
f5H
.....
Dallas 5s
95 H
First Carolinas 5s
94H
First of Fort Wayne 4 )4s..
100
mm
m
45
-
Great American
5
20
21H
mm.
Great Amer Indemnity
1
8)4
9)4
100
Halifax
10
21X
22)4
97
98 H 100
99 H 100 H
100
100 H
102
Greenbrier 5s
100
75
Greensboro 6s
.....
Illinois Midwest 6s
HI of MontlcelD
100
81
100
4)4s
Iowa of Sioux City 4)4s—.
93
-
-
-
-
—
86
m
96
100
Kentucky 5s
99
101
Lincoln 5s
85
30
U S Fidelity A Guar
60)4
55 H
62)4
65
6
28)4
29)4
100
100
100
Pac Coast of San Fran 5s.
100
.
•»*
100
Pennsylvania 5s
...
107
/27
...
100
Surety Guaranteed Mortgage Bonds and Debentures
Bid
'
82
86
Arundel Bond Corp 2-5s '53
78
18
Arundel Deb Corp 3-6s *53
Associated Mtge Cos Inc—
56
100
Tennessee 5s
Union of Detroit 4 Ha
98
100
mmm
100
mmm
Debenture
3-6a
1953
m
—
42
Cont'l Inv Bd Corp 2-5s *53
74
41
1954
Series B 2-58
52
75
(all
1953
70
60
Bond
Potomac
Contl Inv DebCorp 3 6s '53
1954
Series A 3-6s
86
45
Issues
mmm
Corp
)2-5a
Potomac Cons Deb Corp—
...
100
mm
44
Bar
Ask
1953
41
44
Potomac Deb Corp 3-6s '53
Virginian 5s
41
44
41
44
3-6s
3-6s
47
1953
32
Potomac Maryland
1953
81
—
ture
Bid
Ask
50
New York
100
10
13
38
42
North Carolina.
100
43
76
Pennsylvania
100
24
1953
Funding series)
/30
Nat Cons Bd Corp 2-5s '53
70
Nat Deben Corp 3-68.1953
41
1953
—
69
Atlantic
41
44
1953
42
45
Unified Deben Corp 5s 1955
30
33
Realty
33
•
Realty
Deb Corp 3-6s
Bondholders part ctfs
Bond
A
Mortgage
deb 3-6s
46
74
Deben¬
Corp 3-6s
Potomac
Nat
60
Deb Co
Potomac Franklin
1945
(Central
100
Ask
Nat Union Mtge Corp—
Allied Mtge Cos Inc—
All series 2-5s
1953
82
Southern Minnesota 5s
Bid
Ask
mmm
30
/15
Southwest 5s
H
mmm
100
San Antonio 5s
2.50
109
Inc 2 5s
Dallas
27)4
10
mmm
'
Joint Stock Land Bank Stocks
100
25)4
101
Pacific Coast of Portland 5s
2-3s
100
44 H
Westchester Fire
Home
Mortgage Bond Co of Md
Atlantic
16)4
43
41
U S Guarantee
/5 5
15)4
41H
U S Fire
57 H
Co..2
4
28 H
10
10
Interstate Deb Corp 2-5s'65
Bid
419
10
Empire Properties Corp—
Par
7)4
409
Hartford Steamboller
90
Atlanta
111
100
Hartford Fire
Virginia-Carolina 5s
La Fayette 5s
6)4
Travelers
Hanover
Potomac 5s
_
108
28"
460
100
St Louis 5s
80
10
24
26 H
410
100
Phoenix 5s
101
Fletcher 3)is
Fremont 5s
5
8
7
6)4
175
100
101
98 H
Pac Coast of Salt Lake 5s..
97
10
10
5H
166
7)4
22 H
21
Sun I.lfe Assurance
98
i
North Carolina 5s.
Pac Coast of Los Ang 5s.
96 H
102
Flrst of New Orleans 5s.
Chicago 4)4s
mm.
2d preferred.
100
New York 5s
Ohio-Pennsylvania 5s
94 H
First Trust of
Stuyvesant
77
mm.
Ask
Oregon-Washington 5s
-
6)4
First of Montgomery 6s—
First Texas of Houston 5a.
8prlngfield Fire A Mar..25
16
100
100
Mississippi-Tennessee 5s..
m
m
100
Denver 5s
Seaboard Surety
Security New Haven
Maryland-Virginia 5s
Bid
m
-
15
Louisville 5s
Ask
Seaboard Fire A Marine..5
13 H
29
34 H
82
Globe A Rutgers Fire... 15
Atlantic 6s
74)4
..5
Providence-Washington. 10
Preferred Accident
Revere
Atlanta 68
%
115
25
76
100)4
103)4 103)4
4)48 1958 opt 1938..MAN
Hampshire Fire
28
Denver
100
11
15
Potomac
100
65
70
Des Moines
100
55
60
San Antonio
100
38
41
First Carolinas
100
4
7
Virginia
5
1
100
1
3
Virginia-Carolina
100
50
100
2
4
44
Fremont
Lincoln
Telephone and Telegraph Stocks
1)4
55
Par
Am Dlst Teleg (N J) com. *
165
Pac A All Telegraph
16
117
Peninsu'ar Telep com
25
*
17
22
100
108
113
100
160
.100
115
Cuban T"Ipd 7% pref-.lOO
45
Telep of Canada
Teler
of
Pa prt-f
.
Preferred A
Eiup At Bay Stau1 TeL-loO
Bid
Ask
Bid
55
59
37
41
♦
84 X
87 H
Telegraph—100
84 H
89 H
re'egrapb
15 1937 b .45%
F I C 1 Hs
15 1937 6 .45%
FIC lHs...May 16 1938 6
FIC 1H8—Jan
F 10 lHs—Feb
15 1938 6 .50%
F I C lHs__.June
15 1938 A.75%
15 1938 6. 55%
FIC 1)43—July
15 1938 6.75%
FIC 1 He...Mar
15 1938 6.60%
100
Apr
15 1938 6.70%
70%
25
19H
Rochester Telepnone—
36.50 1st pref
100
110
So A Arl Telegraph
25
Sou New Engl Telep... 100
3'western Bell Tel pref. 100
17
22
147
150
117
120
Wisconsin Teiep 7 % pf.100
113
117
Gen Teicp Allied Corp—
36 preferred
FIC l)4s-.-Nov
F I C lHs—Dec
Ask
20
franklin
Ask
Bid
New York Mutual Tel.100
91
116
Bell
Debentures
Par
Ask
86
113
Bell
Federal Intermediate Credit Bank
Hi.fl
100
Preferred
Int Oeean
Mtn States Tel A
Ftl-.IOO
For footnotes see
126
page 2682.
.132
Volume
145
Financial
Quotations
on
Chronicle
2681
Over-the-Counter Securities—Friday Oct. 22—Continued
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
john
Tel. REctoir
41 Broad St., N. Y.
2-6600
STOCKS
.
Monthly
Bulletin
e. sloane &, co.
Members New York Security Dealers Association
GUARANTEED
NEW YORK
.
QUOTED
Request
on
Exchange
Dealers in
120 Broadway
.
Earnings and Special Studies
3o$cpb Walkers Sons
Mjtmbm ~Hrw York Sloth
SOLD
.
HAnover 2-2456
-
-
Bell Syst. Teletype NY 1-624
Since 1855
Raliroad Bonds
Guaranteed Railroad Stocks
Akron Canton A Youngs town
6s
Dividend
Par in Dollars
Alabama A Vlcksburg (Illinois Central)
Albany A 8usquehanna (Delaware A Hudson)
..ion
Bid
Asked
6.00
70
76
10.50
140
150
6.00
80
86
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
2.00
30
35
Boston A Albany (New York Central)
Boston A Providence (New Haven)
8.75
107
110
8.50
95
105
Canada Southern (New York Central)
Carolina Cllnchfleld A Ohio (L A N-A C L) 4%
Common 6% stamped
..100
2.85
45
50
-100
4.00
84
88
100
—
5 00
85
90
Cleve Cinn Chicago A St Louis pref (N Y Central) -100
6.00
60
96
Cleveland & "Pittsburgh (Pennsylvania)
...50
3.60
80
84
...50
2.00
47
50
Betterman stock
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)..
Georgia RR A Banking (L A N-A C L)
2.00
39
42
5.50
65
70
10.00
170
180
4.00
59
62
50.00
Lackawanna RR of N J (Del Lack A Western)
900
1050
.100
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
50
3.875
47
50
LA W)__ ..100
5.00
70
76
50
4.00
93
97
4.00
New York Lackawanna A Western (D
Northern Central (Pennsylvania)
46
52
60
4.50
52
58
50
1.50
38
42
Northern RR of N J (Erie)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
..
Preferred.
50
3.00
77
82
Pittsburgh Fort Wayne A Chicago (Pennsylvania) -100
7.00
165
170
7.00
176
180
Preferred
Rensselaer A Saratoga (Delaware A Hudson)
Louis Bridge 1st pref (Terminal RR)
100
6.82
80
84
6.00
141
145
8t
Second preferred
100
3.00
70
6.00
141
Tuone RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania).. ..100
10.00
239
243
,,100
6.00
68
73
Valley (Delaware Lackawanna A Western)
-100
5.00
85
Vlcksburg Shreveport A Paclflo (Illinois Central). ..100
6.00
61
66
6.00
67
75
Warren RR of N J (Del Lack A Western)
50
3.50
40
45
West Jersey A Sea Shore (Pennsylvania)
50
3.00
56
59
634b
1946
56
59
1946
56
59
...1963
92
„
Augusta Union Station 1st 4s
Baltimore A Ohio 43*s 1939
1957
96
April 1, 1943
434s
97
1950
434s....
62
1944
67
1940-45
Convertible 6s
99
55
1942
Prior lien 4a
Prior lien
82
80
Birmingham Terminal 1st 4s
Boston A Albany 1st
Boston A Maine 3s
85
Buffalo Creek 1st ref 6s
1961
Chateaugay Ore A Iron let ref 4a
Choctaw A Memphis 1st 6s
94
1942
....
75
81
1949
/35
45
Cincinnati Indianapolis A Western 1st 6s
Cleveland Terminal A Valley 1st 4s
1965
90
93
1995
85
88
Georgia Southern A Florida 1st 5s
1945
50
56
Goshen A Deckertown 1st 534s
Hoboken Ferry 1st 5s
1978
90
1946
70.
76
Kansas Oklahoma A Gulf 1st 6s
1978
90
96
Little Rock A Hot Springs Western 1st 4s
1939
/9
14
Long Island refunding mtge 4s
1949
93
95
Macon Terminal 1st 5s
1965
100
103
65
Maryland A Pennsylvania 1st 4s
1951
60
1955
89
93
.1949
25
35
1956
90
..1946
60
1966
90
92
1951
58
62
1945
83
86
1957
80
88
St Clair Madison A St Louis 1st 4s
1951
92
Shreveport Bridge A Terminal 1st 5s
1955
86
Somerset Ry 1st ref 4s
Southern Illinois A Missouri Bridge 1st 4s
1955
56
1951
77
82
1957
107
111
1966
1954
91
95
43
48
Meridian Terminal 1st 4s
Minneapolis St Laul A Sault Ste Marie 2d 4s
Montgomery A Erie 1st 5s
New York A Hoboken Ferry general 5s.
Piedmont A Northern Ry 1st mtge 33*8—
Portland RR 1st 334s
Consolidated 5s
Rock Island Frisco Terminal
Utlca Chenango A Susquehanna (DLAW)
Preferred
Asked
Bid
(Guarantor in Parenthesis)
Toledo Terminal RR 434a
Toronto Hamilton A Buffalo
4348
434s
Washington County Ry 1st 334s...
Public
Ask
93
Utility Stocks
Par
65
EQUIPMENT TRUST CERTIFICATES
Quotatione-AppraUaU Upon Requett
Bid
Alabama Power 57 pref—*
62
Arkansas Pr A Lt 7 % pref*
Gas A Electric
64
66
Original preferred
*
4
6
$6 60 preferred
*
8
Par
Mississippi P A L16 pf...*
Miss Rlv Pow 6% pref.100
64
10
Monongahela
West
Ask
53
55
108
111
Missouri Kan Pipe Line.-5
Associated
Stroud & Company Inc.
Bid
4%
5%
Penn
Pub Serv 7% pref
25
Mountain States Pr com. .*
22
24
4
'
*
9
Atlantic City El 6% pref.*
Bangor Hydro-El 7% pf 100
106
110
125"
Birmingham Elec 17 pref.*
60
623*
20 X
213*
New Eng G A E
634 % pf- *
23 3*
25"
78 3*
803*
60
753*
N E Pow Assn 6% pref.100
New Eng Pub Serv Co—
58 3*
73 34
$7 prior lien pref
*
New Orl Pub Serv $7 pref*
New York Power A Light
37
39
44
46
90
93
57
Private Wires tc New York
Philadelphia, Pa.
preferred
11
Railroad
25
Carolina Pr A Lt 57 pref*
Equipment Bonds
6%
preferred
*
Central Maine Power—
Bid
Atlantic Coast
Line
Baltimore A Ohio
4>*843$ s
b 1.90
1.20
Boston A Maine
53.00
2.40
52.75
68.
Bid
Ask
2.00
Missouri Pacific
Consol Elec A Gas 56 pref*
5
53*8
2.50
48
52
-
53.50
2.75
2.50
2.40
2.50
52.76
1.75
52.75
2.00
63.80
2.75
Consumers Power 55 pref- *
2.25
63.00
58
N YNH AHartf
43*s
58
Northern Pacific
2.26
Dallas Pr A
110
116
2.00
Dbrby Gas A El 57 pref..*
35
45
64.00
3.00
Esse* Hudson
100
182
3.00
Federal Water Serv Corp—
56
cum
preferred
6s
Hudson County Gas
Idaho Power—
100
182
*
105
108
54.50
3.60
55.00
4.75
55.25
5s
A St "Paul
43*8
OS
4.85
Chicago R I A Pacific
Dec 1 1937-50
Pere Marquette
43*s
Reading Co 43*s
5s
trustees ctfs 3 3*s
84
87
53$8
53.75
2.25
Southern
St Louis Southwestern 5s__
Pacific
43*s
5s
52.50
6s.
Hocking Valley 6s
1.25
51.75
Northern 434s
1.25
51.80
Great
1.75
1.00
Southern Ry 43*s
53.20
58
Internat Great Nor
Long
1.75
54.00
3 00
53.00
434s..
Island 434 »
2.25
52.50
fxs
Loulsv A Nash
2.40
52.50
434 s
43*8
£
1.50
Virginia
page
89
27
25
50
52
55
South Jersey Gas A El. 100
181
JerCent P A L 7% pf..l00
85
87
Tenn Elec Pow 0% pref 100
44
62.90
2.30
Kan Gas A El 7%
108
111
2.00
50
53
Texas Pow A Lt
7% pf.100
96
99
2.50
54
56
Toledo Edison 7% nf A 100
United Gas A El (Conn)—
95
983*
0% pref series B
Jamaica Water Supply—
734% preferred..
pref. 100
Kings Co Ltg 7% pref. .100
Long Island Ltg 6% pf.100
2.00
7% preferred
100
Memphis Pr A Lt 57 pref.*
2.25
2.25
Mississippi Power 56 pref.*
57 preferred
*
Western
Western
2.40
534s
53.75
3.00
70
493*
52 3*
40
45
47
52
1.00
Bid
Par
Ask
100
Borland
*
7
10
100
90
43 34
45 34
150
*
10
11
303*
33
Kress (8
Bid
Ask
100
Shoe Stores
95
100
preferred
100
B/G Foods Inc common..*
100
Blckfords
62.75
2.25
62.65
Pacific 5s
81
78
104
Chain Store Stocks
Par
95
434s--
50
1.00
95
Maryland
100
Utah Pow A Lt $7 pref...*
Virginia Rv
.100
7% pref
'
46
100 ,483*
preferred
1.00
95
6s
2.40
68
7%
1.50
1.00
61.70
434s
634s
1.10
86
Southern Calif Edison—
2.50
61.70
Ry
5s
1.10
2682.
43*
2.00
9934
7%
Inc
2
23*
H) 6% pref
10 H
113*
Miller (I) Sons common.. *
6
6 3*%
preferred..
100
Murphy (G C) 55 pref-100
27
32
105
108
Reeves (Daniel) pref... 100
100
.
10
2.00
63.75
2.75
63.75
2.75
52 50 conv
Bouack (H
7%
pref
...*
C) common...*
preferred
100
Diamond Shoe pref..-.100
Kobacker
see
963*
63.60
FLshman (M
For footnotes
Utilities—
100
943*
Rochester Gas A Elec—
26
61.50
Wabash Ry 434s
53.20
Minn St P A 88 M 4s....
38
61.50
43*8
5s—
53.20
5s
32
62.25
Union Pacific
51.75
534s
Iowa Southern
62.90
4s
5s
Maine Central
1.10
57
6% preferred C
100
Sioux City G A E17 pf. 100
7
62.90
Pacific
51.75
434 s
58
5
62.75
58
Texas
58
Illinois Central
2.25
Interstate Power 57 pref.. *
2.40
51.80
_
68
1.75
53.10
52.25
434s
103
5434
33*
63.25
53*8
1.75
97
100
1
preferred
Republic Natural Gas
23
7% preferred
62
0%
111
20
98
88 J*
59
62.50
2.50
52.50
108
Interstate Natural Gas...*
97
3.00
53.75
534s.
100
2.25
96
59
873*
63.00
43*6
54.00
4348—
2.00
63.00
63.00
56
*
Philadelphia Co *5 pref..*
Pub Serv of Colo 7% pf 100
62.75
7% preferred
preferred
Queens Borough G A E—
56 preferred
62.00
St Louls-San Fran 4s
6s
Erie RR
Penn Pow A Lt $7 pref
2.00
16*, 49
non call
106
25
62.85
E due
Jan A July
93 3*
99 34 1013*
103
263*
$3
24
4s series
$7 preferred
*
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf—100
89
120
2j*s series G
82
913*
102
preferred...*
*
1.00
713*
81
100
Gas A Elec of Bergen.. 100
3.50
68 3*
*
*
100
96
1.25
54.50
983* 1003*
86
1.00
51.75
Chicago A Nor West 43$s.
109
100
61.60
57 cum preferred
107
100
.—
24
62.00
5s
24
Okla G A E 7% pref...100
Pacific Pow A Lt 7% pf 100
'
61.75
1.20
*
Ohio Edison $6 pref
7%
22
43* s
56.50 cum
4^8
Denver A R G West
Gas
Pennsylvania RR 43*8
Chesapeake A Ohio
ChtcMiiw
93
773*
64.00
43*s
preferred
(Del) 7% pref
(Minn) 6% pref
92
753*
100
Lt 7% pre! 100
7% preferred
cum
100
7% cum pref erred... 100
Northern States Power—
Continental Gas A El—
1.25
62.50
58.-.
N Y Chic A St L
53.25
-
62.90
62.00
334s Dec 1 1936-1944-
43* s_
43* s—
25
120
$6
8
Consol Traction (N J). 100
New York Central
53.20
70
2.50
New Orl Tex A Mex
434s.
67
3.00
2.75
68...
713*
64.00
2.75
Canadian Pacific 434 s
Cent RR New Jersey 434 b
86
63.50
53.50
53.25
76
67 H
63.50
434s
53.50
Canadlan National
100
7% preferred
56 preferred
100
Cent Pr A Lt 7% pref—100
68
68
43$s__„
Ask
—
21
Newark Consol Gas
Buffalo Niagara Eastern—
51.60 preferred
m
20~~
7% preferred...
100
Nassau A Suf Ltg 7% pflOO
Nebraska Pow 7% pref.100
7%
43*
19
7
9
•
9
20
100
70
80
H) Co Inc...*
Stores
preferred
33*
13
963* 102 3*
United Cigar-Whalen Stores
Common
100
55 preferred
...
-*
'16
20
16
23 34
Financial
2682
Chronicle
Oct.
1937
23,
Quotations on Over-the-Counter Securities—Friday Oct. 22—Continued
Specialists in—
Securities of the
Associated Gas & Electric System
Water Works Securities
S. A. O'BRIEN & CO.
Complete Statistical Information—Inquiries InvUeM
SmRT.BRENT 5c CO.
Members New York Curb Exchange
75 FEDERAL ST., BOSTON
HANcock 8920
YORK
150 BROADWAY. NEW
COrtlandt 7-1868
Direct Teletype Connections—New York to
Bell System Teletype—N. Y. 1-1074
Public
PLACE,
Water Bonds
Utility Bonds
Bid
Cumberl'd Co PAL 3 Hi '66
Dallas Pow & Lt 3 Hi-1967
A
Bid
95
93
74
78
Amer
Utility Service 6a *64
Amer Wat Wks A El 5s '76
62 H
91
64 H
94
Federated Util 5 Hi-
-1957
56
60
Ashtabula Wat Wks 5s '58
100
Associated Electric 5s. 1961
45
47
Green Mountain Pow 6e '48
102
103
Atlantic County Wat 5s '68
Houston Lt A Pow 3 He '66
Ask
102
Bid
101H 102 H
Amer States P 8
6H«-1948
Corp—
Assoc Gas & Elec
-
Idabo Power 3 He
Income deb 3
28
Income
He—1978
deb 3Hs—1978
29
30~"
Income deb 4s.. —1978
31
34
36
Kan
..1973
54
68
Kan
58
61
62
1967
Alabama Wat Serv 5s.1957
103 H 104
97 H
98
92
Alton Water
96
32
4HS-..1978
64
Income deb
Conv deb 4s
Conv deb 4Hs
1973
..1973
Conv deb 6s
Conv deb 5He-
1973
8-year 8s with warr.1940
8s without warrants 1940
Iowa Sou Util 6
He—1950
City Pub Serv 4s.l957
Pow A Lt 1st 4H* '66
5s series C
90
102
88
92"
88
92
29
32
Sink fund Income 4s 1983
mm mm
mm
mm
96
97 H
85
88
101H 102 H
1965
Northern N Y Util 5s. 1955
34
103 H
Butler Water Co 5s... 1957
92
43
North'n States Pow 3Hi'67
94
mm mm
33
Ohio Edison 4s...
mm
34
Ohio Pub Service 4s..1962
mm — m
35
Old Dominion par
100
Morgaotown Water 5s 1965
102
M uncle Water Works 5s '65
103
...
103
mmm
101
mmm
102
..1951
64
5s series B.
104
Sink fund inc 4 H-5Hs'86
Sink fund Inc 5-6S..1986
Sink fund lnc 5 H-6 Hs'86
m
mm
mm
96 H
Atlantic City Elec 3Hs '6*
1968
Bellows Falls Hy El 5s
m
Black stone V O A E 4s 1965
102
104
Newport Water Co 5s 1953
95
100
72
1951
—
104
102
5 Hs series A.
1951
City of New Castle Water
.........1941
65
106
92
95
Ore-Wash Wat Serv 6s 1957
1951
-
83
86
Penna State Water—
102 H
mmm
1st A ref 5a.
100
98
1950
100 H
1st consol 4s
100
H
104 H
mmm
-.1948
99
1948
103
1965
105 H
Prior lien
Community Water Service
100
1948
1st consol 5s
mmm
1957
Clinton W Wks Co 5s. 1939
91
97
Peoria Water Works Co—
1954
96 H
89
1st coll trust 4 He—1906
mmm
100
^Chattanooga)
5s
Phila Suburb Wat 4s.
mmm
.
98
99
Pinellas Water Co 6Hs '59
95H
6 H8 series B
1946
60
65
Pittsburgh Sub Wat 5s '58
53
57
6s series A
1946
64
69
Plalnfleld Union Wat 5s '61
99
Richmond W W Co 5s. 1957
102
Parr Shoals Power 5s. .1952
92
98
Penn Telep
Corp 1st 4s *65
Peoples LAP 5H8---1941
Public Serv of Colo 6s.l961|
100"
104 H
4Hs.
1958
-
61
65
93
94 H
68 series B
67
Sou Cities Util 5e A...1958
35
37
5s series D...
Cent Maine Pr 4s
ser
O '60
100 H 101H
Income 6 He with
f2
Colorado
Power
6s... 1953
Conn Lt & Power 3 Hs 1956
3 He series F
1966
3 He series
G——.1968
Consol E & G 6s A
1962
..1962
6s series B
98
102
-I960
97
99
1st A ref 5s A
97 H
60
Utica Gas A El Co 5s..1957
62
118
Western Mass Co 3 Hi 1946
Western Pub Serv 5 Hi '60
3
105 H
100 H 101H
105 H
104 H
100 H 101H
41
40
Wisconsin G A El 3 Hs 1966
101H 102 H
77
80
99 H 100
H
99H 100 H
1st mtge 4s
1961
97
93
97
103
mmm
108
mmm
1977
1960
102
5s series B
1900
104
92
mm
Terre Haute Water 5s B '66
100
»
Texarkana Wat 1st 5s. 1958
101
104
100
102
94
97
5s series B
1954
6s
1954
102
1962
102
99
101H
Union Water Serv 5H> '51
W Va Water Serv 4s.. 1961
99 H
101H
mm
6s
100
■
104
6s series A
m
1949
84
102
94
1951
93
96
1st mtge 5H8
1950
96
99
Westmoreland Water 6s '52
101
103
104 H
103
105 H
Lexington Wat Co 5Hs '40
Long island Wat 5H8.1955
102
90
AMOTT,
Markets
BAKER
5s series B
1956
101
58 series C
1960
103
6s series A.
1949
103
102
105
1
104
92"
90
97
Wichita Water—
101H
W'msport Water 5s... 1952
-
Middlesex Wat Co 5Ha '67
Monmouth Consol W 5s '66
mmm
1st mtge 5s.
1958
1957
99 X
101H
1950
5s series B
Kokomo W W Co 5s—1958
Reports
m
mm
96"
Western N Y Water Co—
1st mtge 3Hs
1966
Indianapolis W W Secure—
Issues
mmm
5s series A
Sprlngfl. City Wat 4s A '66
5 Hs series B
Indianapolis Water—
Estate
63
South Pittsburgh Water—
1st mtge 5s.
..1955
94
104
.1952
Joplin W W Co 5s
Real
60
Illinois Water Serv 5s A '52
99
42
40
100
South Bay Cons Wat 5s '50
Huntington Water—
Pub Serv—
Wisconsin
85
97
5s
Wise Mlcb Pow 3 Hs. -1961
85
82 H
82 H
1907
ser B 1901
Shen&ngo Val 4s
1952
5s series A...
5s series B
mm m
100
98
1958
Scran ton-Spring Brook
Water Serv 5s
1961
100
99
Hackensack Wat Co 5s '77
96 H
Central
stk '52
.1942
Greenwich Water A Gas—
Tel Bond A Share 5s. .1958
General mtge 3HS—1962
Public Utility-
4Hs
mmm
...1942
5s series A.
Central New York Power-
104
E St L A Inter urb Water—
6Hs—1948
Sioux City Gas A El 4s 1966
1st Hen coll trust 6s. 1946
St Joseph Wat 4s ser 19A'66
Scranton Gas A Water Co
92
105
96
Pub Util Cons
96
1958
64 H
91H
95
Davenport Water Co 5s '61
90 H
100
1938
59
62 H
64
86
Rocb A L Ont Wat 5s
104
83
1946
mmm
83
95
102
1st mtge 5s
mmm
1950
91
/57
mmm
96
Roanoke W W 6s
Consol Water of Utlca—
Ceut Ark Pub Serv 6s.1948
_.
-mm
101
104
1967
mm
•
107 H
93
95H
5s..1951
Calif-Organ Pow 4s.. .1966
Central G A E 6 Hs.
85H
Ohio Valley Water 5s.1954
Ohio Water Service 5s. 1958
99 X 101
ConnellsvlUe Water 5s 1939
103 H
107 H
75
82 H
5HS--
6s series B
43
97H
67
71
New York Wat Serv 6s '61
Pennsylvania Elec 5s. 1962
Sink fund inc 4-5S..1986
mmm
■
101H
103 H
102
City Water
103 H
95H
1950
5Hs
1st 6s series C
mm mm
At
Monongahela Valley Water
New Jersey Water 5s.1950
New Rochelle Water—
Chester Wat Serv 4Hs '68
Citizens Wat Co (Wash)—
gg
35
He—1983
Sink fund lnc 5
1954
A.......1954
5e
102
4i
33
93
90
104 H 106
Ohio Cities Water 6Hs '63
N Y state El A G Corp—
Sink fund Income 6s 1983
—1957
5 Hs series
Calif Water Service 4s 1961
Narragansett Elec 3 Hi '66
Sink fund Inc 4 Ha.. 1983
1956
94
101
Newport N A Ham 5«. 1944
4HS--1958
—
Birmingham Water Wks—
27 H
29 H
107 H 108 H
Keystone Telep 5 Hi- -1955
Metrop Edison 4s ser Q '65
Missouri Pow A Lt 3Hs '66
Mtn States Pow 1st 6s 1938
Assoc Gas A Elec Co—
Cons re( deb
Co,5s-
5s series B...
Aft
Oo
NEW YORK
Teletype: New York 1-1073
Tel. HAnover 2-0510
Ask
Bid
INCORPORATED
EXCHANGE
40
Boston
mmm
m
*
-
104H
& CO.
INCORPORATED
BArclay 7
150 Broadway,
2360
Bell System Tel
NY 1-588
N.Y.
Sugar Stocks
Par
Cuban Atlantic Sugar
10
Eastern Sugar Assoc
Real Estate Bonds and Title Co.
Bid
Aiden
1st 6s
Broadmoor
...
1941
(The) 1st 6s '41
B'way Barclay 1st 2s.. 1956
B'way A 41st Street—
1st leasehold 6 Hi--1944
Broadway Motors Bldg—
4_6a
1948
/30
/36
/20
Mortgage Certificates
Ask
mmm
m
mm
22
Bid
6s
50
55
mmm
Munson
Bldg 1st 6HS-1939
/23
26
58
1st mtge 2s stmp A reg'55
55
1st A gen 6s
BJver Bridge 7s
55
N Y Eve Journal 6 Ha-1937
N Y Title A Mtge Co—
36
1947
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952
/5
60
6
...
60H
42
46
6 Hs stamped
..1949
62d A Madison Off Bldg—
6s
Nov 1947
Film Center Bldg 1st 6s '43
37 H
40 Wall St
legended...
Corp 6s
42 Bway 1st 6s
1958
1939
45
60
1st
6 Hs
Oct 11941
Fuller Bldg deb 6s
5Hs unstamped
Graybar Bldg 5s
1944
1949
1946
mmm
1
mmm
/19
21
July 7 1939
1951
44
165 Bway Bldg 1st 5Hs '51
/37
mmm
Prudence
'mmm
48 H
61H
44
43 H
-
mm
60
Bldg—
with stock
57
mmm
/54
60
1947
81
89
/45
47
London Terrace Apts 6s '40
/41
45
100
78
4s s f revenue 1977. A AO
Hi 100 H
82
101H 102 H
1942-68
2.40
3.60
pure goto.
NOTICES
21H
23 H
/16
19
35
38
/21H
23 H
42
and stocks.
a
La Salle St.
Henry T. has been dealing in investments for 14
Murray C. for 9 years has devoted himself
Ralph Phalen has also joined the Straus trading
La
Salle St.
handled
65
.1958
38H
74H
79
52
56
Bldg 1st 4s 1941
40H
Phalen
runs
group.
has engaged in both
everything but municipals.
wholesaling and retailing and
His specialty has been securities of
Chicago.
will also follow their favorite lines,
In his
new Straus connection
Straus Securities
operates in Illinois, Indiana, Michigan and Wisconsin
65
been added three
of
ex¬
now
as¬
men
perience, William Medway, William Wadden, Jr., and James Wolfe.
—
mm
—Robert B.
Westlnghouse Bldg—
1st fee A leasehold 4s '48
The Mathews
real estate, industrial and public utility
To the Illinois group of salesmen have just
A8
His experience
back 15 years, all of which have been spent on
securities.
Walbrldge Bldg (Buffalo)—
1st 6Hs—Oct 19 1938
years and a
more to the sta¬
Mr. Phalen will continue to specialize in traction securities.
1939
1st 5Hs
2 Park Ave
83
on
Henry T. Mathews and his brother, Murray O., who
In the investment field
40
mmm
27"
are
tistical basis of trading.
fii
65
Co., of Chicago, announced that it had enlarged its
well known
for the past four years have been associates actively trading in all unlisted
Trinity Bldgs Corp—
78
101*32 101532
1 1939
a
the elevated and surface lines of
Textile Bldg—
1st 3-6s (w s)
Bauman—
men
trader for 7.
Oct 23 1940
60
1948
15 1938
trading department and sales organization by adding to its organization
number of
---
58
6s
June
securities, with emphasis on real estate, industrial and public utility bonds
1956
3-5He deb ino (w s).1956
60 Park PI (Newark) 6s '37
616 Madison Av 1st 6Hs'38
61 Broadway Bldg—
3 H-5s with stock
1950
Syracuse Hotel (Syracuse)
1st 6Hs
f25
Aug
1 Hs
X Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of
Among these
1st fee A l'boid 6HS.1940
41H
Majestic Apts 1st 6s..1948
Metropolitan Chain Prop—
value
CURRENT
42
40
1st
No par
—Straus Securities
1961
1943
lnoome
Hotel Lexington 1st 6s 1943
Hotel St George 4s.-—1950
ox
28
Reynolds Investing 5s. 1948
Trlborough Bridge—
100 H 100 H
April 1938 100*332 100**32
July 1938
100*32 100 H
40
Roxy Theatre—
3s
1942
1936
100
49"
Sherneth Corp—
(Bklyn)
6Hs (LI)
1953
Alt
103 H
•
Realty Assoc Seo Corp—
42H
1st 6s
April 1 1955
Home Owners' Loan Corp
4s serial revenue
Co—
39 H
Ludwlg
bid
Henry Hudson Parkway—
Interchangeable
b Bash price,
d Coupon
e Ex-rights.
/ Flat prloe
n Nominal quotation,
w 1 When Issued,
x Ex-dlvldend
y Now
selling on New York Curb Exehange.
t Ex-a took dividends
8H
70
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
1st 6s
93 H
t Now listed on New York Stook Exchange
/7
103 E 67tb St 1st 68...1941
5s
/40
Hs..
*
40
Savoy Plaza Corp—
1st 6 Hs
Apr 15 1937
Lincoln Bldg lnc 5H8.1963
Loew's Theatre RIty Corp
4H
50
(The)—
Nov 15 1939
60H
Lewis Morris Apt
H
4s
Sept 1 1939
IHs
19th A Walnut Sts (Pblla)
57 H
Lefcourt Manhattan Bldg
1st 4-68 extended to 1948
3H
50
6H
71
Corp__l
Ask
90
Federal Home Loan Banks
99
I Park Avenue—
39
/5H
/38H
West Indies Sugar
35
5H stamped.
35H
97H
/32
/47
/36
Oliver Cromwell
1400 Broadway Bldg—
1st 3 H-6 Hi stam ped 1948
Fox Theatre A Off Bldg—
20
Federal Farm Mtge Corp—
56
2nd mtge 6s
/43H
27
/46
1st 6s-
/43
20
5 Hs series BK
1st 6s
64
60 Bway Bldg 1st 3s lnc '46
500 Fifth Avenue—
24
/24
5Hs series C-2
5 He series F-l
5 Hs series Q
mmm
East Ambassador Hotels—
1st A ref 5 Hi
1946
lHa
Court A Remsen St Off Big
/25
1
30
Bear Mountain-Hudson
50
/33
H
27 H
Bid
Associates Invest 3s_ .1946
N Y Athletic Club—
50
Apr 28 1940
Dorset (The) 1st 6s—1941
*
Savannah Sug Ref com.__l
Miscellaneous Bonds
93
1945
56
1st 6s..
Haytlan Corp Amer
10 '4
Metropol Playhouses Inc—
48—1945
Bldg"inc
15
9H
16 H
At*
85
1947
Chesebrougb Bldg 1st 6s '48
Chanln
1
...
Ask
Bid
Par
Ask
12
Metropolitan Corp (Can)—
s f deb 5s—
40
Preferred
1
Bid
...
Martin, formerly with Eli T. Watson & Co., is
sociated with Amott, Baker & Co., Inc.
Volume
Financial
145
Quotations
Over-the-Counter Securities—Friday Oct. 22- Continued
on
Industrial Stocks and Bonds
Par
American
Arch
American
Book
Bid
*
28
32
Ganock Packing com
50
55
Gen Fire
90
100
American Hard Rubber—
8% cum preferred... 100
American
Industrial Stocks and Bonds—Continued
Par
Ask
100
-
Hardware
22
25
Amer Maize Products
23
•
14
79 X
85
Andlan National
*
Ask
Bid
49
51
Petroleum
*
10
1
*
15
18
29
32
6
7
Publication Corp
Remington Arms
7
Scovlll Mfg
5
100
49
55
Great Lakes SS Co com..*
34
37 X
Great Northern Paper..26
30
33
Preferred
8H
M
45 X
47 X
Harrlsburg Steel Corp
21
23
Klldun Mining Corp
6
1
Bankers Indus Service A.*
5
King Seeley Corp com
1
X
7 x
Belmont Radio Corp
•
Beneficial Indus Loan pf_*
Bowman-Blltmore Hotels
49
51
Lawyers Mortgage Co. .20
Lawrence Portl Cement 100
X
15 H
10
15
Lord A Taylor com
*
1st preferred
..1
'm
Columbia Baking com
Si cum preferred
4
6
12
14
102
103
*
*
Continental Can 4X% Pf-*
crowell Publishing com..*
17 preferred
100
Dennison Mfg class A
33 X
30
109
2X
100
7% Preferred
Dentists'Supply Co.....10
48
52
Muskegon Piston Rlng.2M
Devoe A Haynolds B com *
36
41
National
47 X
*
44
100
118
(Jos) Crucible.-.100
Douglas Shoe preferred. 100
Draper Corp
*
Du Pont (E1) 4X % pref.*
48
Dictaphone Corp
Preferred
Dixon
Federal Bake Shops
21
100
*
17
18 X
Chicago Stock Yds 5s. 1961
Cont'l Roll A Steel Fdy—
*
15
16 X
Sylvania Indus Corp
Taylor Wharton Iron A
Steel
♦
2X
38 x
95
29 X
80
95
12 H
13 %
Preferred
conv
*
110
113"
*
preferred
7%
26"
Preferred
100
West Dairies Inc
28
cum
IX
....1039
115
1946
/23
90
28
105
107
1942
/21
23
Utd Clg-Whelan St Corp—
5s
1952
24"
21
52
56
/28
31
103 H
81
86*
1st 6Xs assented
103
100
1
1
2
18
21
92
90
White Rock Min Sprlng-
Northwestern Yeast--.100
45
48
Norwich
6
36
38
$7 1st preferred
100
Wickwire Spencer Steel..*
Ohio Leather common—*
12
17
Wlllcox A Gibbs commonSO
16 X
19X
WJR The Goodwill Sta.. 6
24 X
27
3X
2X
100
Pharmacal
Ohio Match Co
*
7
Pathe Film
♦
96
7% pref
8%
Products Common
EDWARDS
Woodward Iron—
1st 6s
1962
2dconvlno5s
9X
8X
1902
100
For footnotes see page
Tennessee
13
L)—
Scovlll Mfg 5^s
1945
Standard Textile Products
105
20 X
12
2X
85
17
.*
com v t c
preferred
75
Wltherbee Sherman 0s 1944
100
West Va Pulp A Pap com. ♦
27%
$3
Preferred 6X%
10
S.
14
Welch Grape Juice com..5
46
71
N Y Shipbuilding 5s. .1940
41X
5X
"I"
18
H.
Martin (Glenn
Nat Radiator 5s
preferred
/68
/H
...1048
Conv 0s
$3
9§X
1937
Conv deb 6s
X
4X
100
94 >4
95
1938
KejAfcy Hayes Wheel Co—
Warren Northam—
27 X
114
91
92 X
1055
Hhyuac Corp 8s
2X
95~X
88
1940
1st 3^8
9X
com
109
92X
Cudahy Pack conv 48.1050
39 X
100
pf.10
cum
1st conv s f 6e
3X
.*
Corp
IX
4X
New Britain Machine
30
common
United Artists Theat
New Haven Clock—
t
shares
106
Am Wire Fabrics 7s. .1942
8X
*
100
preferred
63
Follansbee Bros pref...100
American
American Tobacco 4s. 1951
*
49
95
Bonds—
10
United Merch & Mfg com *
United Piece Dye Works.*
*
Preferred
5%
17
Foundation Co For sha.._*
8~~
6
85
126
32 X
8
Deep Rock Oil 7s
46
Nat Paper A Type com—
53"
100
7
7
120
*
58
*
Preferred
Casket
preferred
31
Tublze Chatlllon
100
preferred
7%
12
64
5X
Mock Judson A Voehrlnger
1%
10
0%
4X
It*
10
59^
*
7% preferred
100
Young (J S) Co com... 100
Stromberg-Carlson Tel Mfg
115
1
4
54
100
York Ice Machinery
45
3
Ask
13 X
10
com
Skenandoa Rayon Corp..*
Standard Screw new
20
110
Merck A Co Inc com
39
31
Trlco Products
*
Worcester Salt
250
Tennessee Products
18
Woodward Iron
30
250
Preferred
com
IX
5X
240
220
Macfadden Publlca'n com »
*
*
com
Bid
Par
Ask
4*
25
100
100
0% preferred
2d 8% preferred
5X
IX
1
Singer Manufacturing.. 100
Singer Mfg Ltd
100
1st
9X
-
4X
10
9H
IX
8X
8X
8
6H
100
Burdtnes Inc com
Chilton Co common
7X
Bid
Petroleum Heat A Power.*
Art Metal Construction. 10
Corp
Par
Conversion
*
Extinguisher
Golden Cycle Corp
Good Humor Corp
Graton A Knight com
17
American Mfg 6% pref.100
American Republics com.*
2683
Chronicle
2682.
WICKWIRE SPENCER STEEL
New Common
& CO
*
/ Pittsburgh Stock Exchange
.
Memoers
\
New York Curb Exchange (Associate)
120
fcxpSLedA-
Broadway, New York
52 Wall Street,
Teletype N. Y. 1-809
Tel. REctor 2-7890
Union
Bank Building,
Wickwire
Pittsburgh
Spencer Steel Co.
Air Associates,
COMMON
STOCK
COMMON
Bought—Sold—Quoted
ROBINSON, MILLER &, CO.
INC.
St., N. Y.
Hanover 2-9030
AUCTION
Telephone
HAnover 2-1282
52 William Street,
were
sold at auction
on
By Barnes & Lofland, Philadelphia:
$ per Share
Stocks
of
Louis
Bossert,
995 Estate of Louis Bossert,
398
Bossert
Terminal,
lc.
lc.
Inc...
Inc
250
5c.
Inc
% per Share
Slocks
Shares
By Adrian II. Muller & Son, New York:
Estate
N.Y. 1-905
SALES (Concluded)
Wednesday
of the current week:
995
Teletype
N.Y.
SALES
AUCTION
following securities
Shares
Incorporated
STOCK
Prospectus on request
Members New York Curb Exchange
The
1-1642
BOUGHT AND SOLD
QUAW & FOLEY
30 Broad
New York City
<
A. T. & T. Teletype N. Y.
HAnover 2-3080
16 Egypt Bakery Co., Egypt, Pa., par $100
12 Heimbach Baking Co., Allentown, Pa., par
$11 lot
$100—.........
$4 lot
9
;
5 John B. Stetson Co. common, no par
Eer Cent
Bonds—
$1,000 Huntingdon & Broad Top Mountain RR.
1&X Hat
1st 6s, 1940.
Corp. (Del.) common temporary ctfs., no par..
12 Cuban Cane Products Co., Inc. (Del.), common, no par; option warrant
27 Temple
to
purchase 10 shares common stock of Cuban Cane Products Co., Inc.,
void Dec. 31, 1939.
1 lot
$3 lot
$4 lot
-
1 Rockwood Hall, Inc. (N.
30 Public Fire Insurance
Y.), no par
Co., Newark, N. J. (N. J.), par $5
Stocks
% per Share
1
$413 Madison Mtge. Corp. (N.
Dec. 31, 1930; int.
Y.) scrip div. on 7%
1st pref. stock, due
5% reg.; $413 Madison Mtge. Corp. (N. Y.) scrip div. on
7% 1st pref. stock, due Sept. 30, 1930, int. 5% reg.; 230 Madison Mtge.
Corp. (N. Y.) $7 1st pref., stamped, no par
$21 lot
230 Madison Mtge. Corp. (N. Y.) common, no par; $1,000 212 Fifth Avenue
Corp. (N. Y.) 6%, due June 1, 1945, reg.; $100 Knickerbocker Yacht Club,
Inc. (N. Y.), 10-year deb. 5%, due July 1, 1932, reg.; $600 Spear Securities
Corp. (N. Y.) mtge. ctf. partic. In B-M of Tonlex Realty Co., Inc., covering
property 155 East 93rd St., N. Y. City. 0%, due Apr. 4, 1932, reg.; $1,500
Spear Securities Corp. (N. Y.) 2d mtge. ctf. partic. in B-M covering prop¬
erty 229-39 West 39th St., N. Y. City, 0%, due May 5, 1933, reg.; 100
Dixie Acres Corp. (Fla.) pref., par $100; 120 Dixie Acres Corp. (Fla.) com¬
mon, no par; 10 50 West 28th Street Corp. (N. Y.) 0% cum. pref., par
$100; 10 50 West 28th Street Corp. (N. Y.) common, no par; 5 Granite
National Bank of Brooklyn, N. Y„ partic. trust ctfs.. no par; 100 Greynolds,
Clark A Shay,
Security Administration, which recently dis¬
Resettlement Administration, announced on
Oct. 9, the distribution of $9,500,000 among farm laborers,
tenants and sharecroppers for purchases of farm land under
Title I of the Bankhead-Jones Farm Tenant Act.
The Act
authorized the appropriation of $10,000,000 for loans during
the 1937-38 fiscal year.
Of the amount allotted, as an¬
nounced Oct. 9, $76,697 went to New York State, $17,693
to New Jersey and $7,195 to Connecticut.
In reporting the
announcement of the FSA, A Washington dispatch of Oct. 9,
to the New York "Times" of Oct. 10, said:
Allocations in this first expenditure are
Electric Power Co. (Me.) 6% cum. pref., par $100;
Power Co. (Me.) 7% cum. pref., par $100; 10 New
York Title A Mtge. Corp. (Del.), par $1; 20 Southern Holding & Securities
Corp. (Del.), no par; 20 Southern Surety Co. of N. Y. (N. Y.), par $1.25;
90 Tropical Groves Co. (Fla.), par $100; 10 212 Fifth Avenue Corp. (N. Y.),
no par; 15 220 Fifth Avenue Corp. (N. Y.), pref., par $100; 15 220 Fifth
Avenue
Corp. (N. Y.), common, no par;
10 United States Electric
Power Corp. (Md.) common, par $1; 10 United States Electric Power Corp.
(Md.) common stock pur. warrants, each entitling holder to subscribe to 1 sh.
common stock at $25 per sh. on or before Jan. 2,
1940, stamped
$175
694 The Belflex Corp. (Del.), no par
$17
100 The Store Cards Corp. (N. Y.) class B, no par...
$1
80 Superior Service Finance Corp. (N. Y.) common, no par
$1
40 Superior Service Finance Corp. (N. Y.) 7% cum. pref., par $100
...$4
1,000 Vislonola Mfg. Corp. (Del.), no par
$4
for
the fiscal
lot
lot
1
Boston
Co.,
Co...
insurance
Oxford
Paper
-
150
25
Paramount
Eastern
2 Eastern
—
Building
Corp.,
Utilities Associates,
Seattle,
convertible
led
Texas
workers
In
all
common...
States,
individual
received $640,595,
the
getting
$917,059. Mississippi farm
Alabama $615,531.
Georgia $635,003 and
District of Columbia
some
land, for $87 was allocated.
tenant or share cropper
The borrower's name was not
wished to
disclosed.
$1,525, least among the States.
will be made in about 300 counties during the
2
1
540
7
Loans
the announcement
not be less than
today said, "and the number
five or more than ten, except in
number of loans shall he less
a
per
Share
10c.
4
2X
made to
county rural re¬
three 1 farmer
Voluntary county committees of
members then examine the plan,
to
1937-38 fiscal year,
of loans per county shall
States in which the total
than five
safeguard, applications for loans are
habilitation supervisors.
$
Equities Corp. common, par $5
This
Mississippi.
As
Stocks
of funds.
Florida,
Alabama,
Nevada got
By Crockett & Co., Boston:
Shares
had been expected, led in the receipt
Georgia and South Carolina, and a
total of $1,718,322 was distributed in that group.
The next largest amount, $1,591,619. was for Region Four, in which
are
Kentucky, North Carolina, Tennessee, Virginia and West Virginia,
and the third, $1,505,041, went to Region Six, Arkansas, Louisiana and
$ per Share
Stocks
100 First Credit Co. common A,
40
as
composed of
own
par $10
Co., par $100
par $100
Ad¬
and Territories.
$500,000 of the $10,000,000 authorized
year.
Region Five,
is
lot
lot
lot
lot
based by law on farm population
of tenancy in the various States
ministrative costs will be limited to
By R. L. Day & Co., Boston:
438 Bradley A Hubbard Mfg.
the
placed
and the prevalence
Inc. (Fla.), par $100; 100 Madison Finance Corp. (N. Y.),
par $5; 5 National
5 National Electric
Shares
Farm
The
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares
$9,500,000 Allotted by FSA for Purchase of Farm Land
by Farm Tenants, Laborers and Sharecroppers—
$76,697 to New York State
buy, and recommend the
experience deemed necessary
appraise the farm the applicant proposes
applicant if he has the character, ability
for successful farm ownership.
and
2684
Financial
General
Chronicle
Oct.
1937
23,
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
There were $23,869,500 of the bonds voted in favor of the
plan and
$7,684,500 against. Of the $48,267,000 principal amount of Abitibi bonds
outstanding, $31,554,000, or more than 67% of the total, was voted at the
meeting.
The plan as voted on included two major amendments
proposed voiudtarily by the bondholders' representative committee. The principal amend¬
ment provided for a reduction of the
$14,000,000 of new money securities,
originally proposed, by an amount equal to the Abitibi earnings before
RIGHTS-SCRIP
Specialists since 1917
depreciation, earned subsequent to June 30,1937 and
date of the
accruals
Members
New York Stock Exchange
New York Curb Exchange
Broadway, Naw York
Bell
Talaphona REctor 2-7815-30
Teletype NY 1-1640
OF
REGISTRATION
STATEMENTS
SECURITIES
The
UNDER
ACT
committee, voiced
statements (Nos.
3477, inclusive), have been filed with the Securities
and Exchange Commission under the Securities
Act of 1933.
Manufacturing Corp. (2-3470, Form A2) of Salem, Ohio,
registration statement covering 205,000 shares of class B com¬
mon stock, $1
par.
Of the stock registered, 200,000 shares are to be issued
for assets of Youngstown Pressed
Steel Co., subsidiary of Sharon Steel
Corp., and 5,000 shares are to be issued to reorganization counsel for
No
underwriter.
Filed Oct. 15, 1937.
George E.
(2-3471, Form Al) of Wallace, Idaho, has
registration statement covering 503,890 shares common
stock, 81
par, and warrants to be issued to stockholders
entitling them to subscribe
to the common shares.
Any of the common stock not taken by shareholders
will be issued to Goldfield Consolidated
Mines Co.
Proceeds are to be used
for purchases of
property, equipment and working capital.
No under¬
writer named.
H. B. Van Sinderen is President or the
company.
Filed
Oct. 16, 1937.
American Business Credit Corp.
(2-3472, Form Al) of New York,
Y., has filed a registration statement
covering 200,000 shares class A
stock, $1 par, and 5,000 shares of class B common
stock, $1 par.
Of the class A stock
registered, 180,000 shares are to be offered through
underwriters at $6.25 each, while 20,000 shares are to
be sold to under¬
writer at .$5 each for resale at .$6.25
per share.
The class B stock will be
sold to underwriter at $5
per share to be offered to dealers ot the class A
stock for investment at $5.50 each.
Clarence Hodson & Co., Inc., will be
underwriter.
Proceeds will be used for working
capital.
Dudley H.
Dorr is President of the
company.
Filed Oct. 16, 1937.
N.
common
Henning Maloney Gold Mines, Ltd. (2-3473, Form Al) of Toronto,
Ontario, has filed
stock.
a
registration statement covering 700,000 shares $1 par
snares are to be
optioned to underwriter at 36 cents
The
share and to be offered for resale at
75 cents a share.
Proceeds will be
used for
renovations, plant development and for working
a
Hanley will be underwriter.
pany.
Filed Oct. 18, 1937.
capital.
John
W.
Callinan is
W. J.
President of the
com¬
International Paper & Power Co. (2-3474, Form
Al) of Boston, Mass.,
has filed a registration statement
covering 3,672,153 23-40 shares of $15
par value common stock, and
scrip certificates representing fractional shares
of
common
stock of which 2,324,405 shares
cumulative convertible
are
for conversion of the
E.
Climax
Filed
Oct.
20,
F.
1937.
Howington,
Engineering Co. (2-3477. Form A2), Chicago, 111.,
of internal
combustion
engines,
has filed
a
registration
manufac¬
statement
covering $150,000 5% first
mortgage sinking fund bonds, due 1946, to be
offered at
$96.50.
The statement also covers 2,500 shares
($1 par) common
stock, represented by voting trust
certificates, which has been optioned to
underwriter by two stockholders.
The option prices to the underwriter
are:
$2.50 each for 1,000 shares; $5 each for
1,000 shares, and $7.50 each
500 shares.
The
common
stock
will
not
be offered
puolicly by the
Proceeds received by the
company are to be used for pay¬
ment of debt and for
working capital.
Scott Mclntyre & Co. underwriter.
Edward F. Deacon, President.
Filed Oct. 20, 1937.
underwriter.
The SEC has announced that at the
request of the appli¬
it has consented to the withdrawal of the
cants
following
registration statements filed under the Securities Act of 1933:
Abitibi
Reserve Gold Mines, Ltd.
(3389) covering 1,000,000 shares
stock (par $1).
Filed Sept. 1, 1937.
Black Mammoth Cons. Mining Co.
(3443) covering 2,000,000 shares of
10-cent par common stock.
Filed Sept. 28, 1937.
Naico North American
Importing Corp. (3228) covering 80,000 shs.
of 7% cum. pref. stock
(par $5) and 80,000 shs. of com. stock (par $1).
Filed June 11, 1937.
common
(K.) Taylor Die-tilling Co., Inc. (3383)
covering 36,800 shares (par $1)
cents dividend cum.rconv.
pref. stock and 73,600 shares (par $1)
common stock.
Filed Aug. 30, 1937.
60
in
Abitibi
The last previous list of
registration statements
our issue of Oct.
16, page 2536.
was
Reserve
See list given
Gold
$233,412
Mines
first page of this
on
Acme Steel Co. (&
Period End. Sept. 30—
Net profit after int.. dep.
and Fed. taxes, &c.._
Shs. cap. stk. outstand.
$3,538,568
$1,463,879
Ltd.-
-Registration
With-
department.—V. 145,
p.
1573.
Subs.)—Earnings—
1937
3
Mos.—1936
1937—9 Mos.—1936
x$305,863
$538,847
*$975,304
$1,444,474
328,108
$0.93
328.108
$1.64
328,108
328,108
$4.40
(par $25)
Earnings
per share
$2.97
After deducting undistributed profits taxes —V.
145, p. 594.
x
Adams Express
Co.—Earnings—
9 Months Ended
Sept. 30—
Income—Dividends on securities
1937
$1,062,274
35,045
6,746
1936
$842,143
6,749
2,184
$1,104,065
$851,077
187,049
344,012
x33,189
145.939
357,772
xl 5,943
$665,068
112,522
293,130
10,612
$539,815
3,841,829
$331,423
3.758,691
3.775,559
Total surplus
Dividends paid on preferred stock
Dividends paid on common stock
$4,381,644
$4,090,114
471,132
167,232
Earned surplus, Sept. 30----
$3,910,511
$3,922,881
Interest
on
securities
Miscellaneous income
Total Income
General expenses
Interest
on
Provision
collateral trust 4%
for
bonds
taxes...
Net income
Balance, surplus, Dec. 31--.Sundry credits.-
x
No
allowance
has
been
1935
$641,171
23,897
$248,803
639
made
for
Federal
surtaxes
on
$4,025,001
197,538
-
$3,827,462
undistributed
profits.
Comparative Consolidated Balance Sheet
5%
President.
for
$417,269
com¬
preferred stock and 1,347,748 23-40
shares are reserved for the exercise of
outstanding common stock purchase
warrants.
Filed Oct. 20, 1937.
(For further details see subsequent page.)
Motor Securities
Co., Inc. (2-3475, Form Al) of Shreveport, La.,
engaged in automobile financing, has filed a
registration statement covering
an
aggregate of $1,000,000 of 8% short term collateral
trust notes.
Tne
notes are to be
issued in units as follows: 70 units at
$3,000 each; 230
units at $2,000 each; 210 units at
$1,000 each, and 240 units at $500 each.
Proceeds are to be used for
working capital.
No underwriter named.
George W. Wray, President,
Filed Oct. 20, 1937.
General Discount
Corp. (2-3476, Form A2), Atlanta, Ga., engaged in
automobile and other
financing, has filed a registration statement covering
6,556 shares of 7% cumulative convertible
preferred stock, $50 par, and
26,556 shares class A common stock, no
par.
The company plans to offer
the 6,556 shares of
preferred and a like number of shares of class A
common
for sale in units
consisting of one share of preferred and one share of common
at $60 per unit.
The remaining 20,000 shares of class A
common being
registered will be used for conversion
purposes.
Proceeds will be used for
working capital.
Grant & Co. are underwriters.
turers
1937—9 Mos.—1936
drawn—
Whitlock is
a
pany's
deprec. & inc. taxes..
145, p. 2536.
—V.
Company states that it is expected that all of these shares will be
investment, but may be offered at the market.
Securities issued
plan of reorganization.
common
1937—Month—1936
Profit after gen. exps.,
but before bond int.,
a
President of the company.
Callahan Zinc-Lead Co.
filed
objection
an
be written into the minutes of the
meeting on tne contention that the
under which the meeting was called was invalid and
consequently
that the action in making these nominations was not
warranted.
Earnings for Period Ended Sept. 30
Mullins
under
mem¬
order
approximately $39,425,464.
(2-3469, Form Fl).
The voting
others) have filed a registration state¬
voting trust certificates for 118,105 shares capital stock,
Filed Oct. 14, 1937.
services.
held for
approximate
to
Tennessee Alabama &
Georgia Ry.
trustees (William H, Coverdale and
ment covering
has filed
up to the
remaining over and above interest
bers of the bondholders protective committee and G.
T. Ciarkson, receiver
manager of the company, G. R. Cottrell, W. H. Smith and Glyn
Osier, tne latter being counsel for the committee.
In connection with these
nominations, Col. J. L. Ralston, counsel for
the recently formed bondholders defensive
3469 to
$5 par.
and
and
following additional registration
The total involved is
assets
new
sanctioning the meeting:
Fleming, E. E. Reid, J. P. Ripley and W. H. Somerville,
Andrew
FILING
transfer of the
the
general mortgage bonds and debentures.
The second
amendment provides that the new debentures to be
given in partial ex¬
change for the present bonds be secured by a mortgage subject to the first
mortgage and the general mortgage.
Eight class A directors for the proposed new Abitibi company were nom¬
inated by a vote of the meeting. They are: G. T.
Ciarkson, G. R. Cottrelle,
Andrew Fleming, Edward E. Reid, J. P.
Ripley, W. H. Somerville, W. H.
Smith and Glyn Osier.
The meeting nominated tne
following to be members of the board as
directed under the court order
ftjc ppNNELL & ftX
120
on
given
Sept. 30,'37 Dec. 31,'36
Assets—
Acer.int. & divs..
Amount recelv. for
3,891,783
98,633
86,019
delivered
Amount
secur.
for
purchased
pay.
—not received..
sold—not
177,460
92,746
113*278
512,597
496.380
9,771,000
9,771,000
Accrued interest..
322,595
Securities at cost47,719,754
Property & equip,
a
less
LlabllUies-
1,757,375
secur.
Sept. 30,'37 Dec. 31,'36
$
Cash
deprec
33,944
53,845,768
13,130
Res. for taxes, con¬
tingencies, &c_.
Collat.
due
notes,
1937-1941
10,870
Funded
4,000.000
debt
in
hands of public.
Common stock and
surplus_b35,434,558 c39,658,511
3,910,511
3,841,829
cap.
Earned surplus
Total
49,898,872 57,880,9981
Total
49.898,872 57,880,998
a
Market value Sept. 30, 1937, $34,579,604 and Dec. 31.
1936, $47,800,689.
b Repre ented by 1,517,700 no
par shares
c Represented by
1,639,600 no par shares.
Note—The
excess
of cost
over
market
ments at
Dec.
Sept. 30,1937 was $13,140,149,
31, 1936.—V. 145, p. 594.
value of the
as
company's
invest¬
compared with $6,045,079 at
Aetna Mills—To Recapitalize—May
Change Name—
A special meeting of stockholders has
been called for Oct. 29 to act upon a
plan of recapitalization.
Under the proposed plan one share of new
prior
Breference in exchangevalueeach share eight shares $100 par preferred
stock, par for $35, and of existing of no par common
issued
e
accrued dividends.
now held by them.
Common stockholders will retain the
All shares of
common
will be carried
will
and
shares
the books at
common
on
declared value of $1 a share
"Inventory and operating losso \nd loss on disposition of the plant in
Newton and Watertown, which had become too
burdensome to be carried,"
President Dunn states, "have createc such a large deficit
that, in spite of
some recent
recovery, net worth as pet books was only $242,985 on
Aug. 28,
1937.
This amounts to about $50 a -hare on
4,900 shares of preferred
outstanding; preferred shares also carry accrued and unpaid dividends of
$90 a share (aggregate $441,000)."
For the period Dec. 31, 1936, to Aug
2S, 1937, the company had a net
profit of $33,920 after all charges, including Federal
taxes, but without
fro vision for surtax on undistributed profits.
936, net income
$16,494.
was
For the year ended Dec. 31,
Stockholders will also vote on changing the name of the
company to
Shirreffs Worsted Co.; increasing the common stock from
10,500 no par
shares to 49,700 shares; creation of
4,900 new 6% prior preference shares.
$35 par, and reduction of authorized capital by amount of
stock now authorized
6% preferred
(5,250 shares).—V. 138,
Addressograph-Multigraph
p.
1398.
Corp.—Reasons
for
Post¬
poning Proposed Financing—
Abitibi Power & Paper
Co.,
More than 75%
Ltd.—Ripley Plan Favored—
of the bonds represented at the meeting of the bond¬
Oct. 15, voted in favor of the plan of
reorganiza¬
proposed by the bondholders' representative committee heaaed by
Joseph P. Ripley.
holders, held
tion
at
Toronto,
On Sept. 29, the directors recommended to the
stockholders that action
on
the proposed amendment to the certificate of
incorporation and the
financing be indefintely postponed because:
(1) To retire the $1,700,000 serial debentures at this time would
not
result in the accrual to
company and stockholders of the benefits
originally
contemplated when these two proposals were first considered.
Volume
145
Financial
Chronicle
2685
(2)
Due to the progress company has made in the interim, such plant
expansion
and additional manufacturing equipment presently required
can be provided for
through regular channels.
(3) Due to substantial increases in volume, collections and operating
We Invite
Inquiries in
efficiency
working capital for the eight months ended Aug. 31, 1937
$750,000, of which $691,000 was in cash.
Accordingly, at the adjourned stockholders' meeting, the two proposals
were indefinitely
postponed and the meeting adjourned sine die.
increased
Consolidated Balance Sheet
Aug. 31'37 Dec. 31*36
Assets—
1,882,008
Notes
and
3,116,071
Inventories
3,095,883
Def. chgs. to oper.
305,072
and
250,647
242,151
207,605
z725,109
credit
x
1,212
4,203
285,436
84,851
352,875
244,971
77,900
Capital stock
7,535,990
7,535.630
Paid-in surplus
Earned surplus
560,999
559,199
4,003,004
for
conting.
and insur., &c..
less
Minorlty
338,576
....
Plant A equip't.
3,085,884
2,704,038
y
applica. for
pats.,
develop't
expense,
trademks. A g'dwlll..
2,508,690
int.
45,194
133,960
108,776
$971,783
$4,326,889
255,489
112,132
1,113,348
461,221
$2,710,183
725,901
309,132
x Net income—
Preferred dividends
Common dividends
$829,649
72,086
569,022
$604,162
123,316
244,685
$2,752,320
258,128
$1,675,150
425,913
1,450,897
672,870
$188,541
$236,161
611,712
$1,043,295
$576,367
758.696
611.712
$3.29
$£.04
In
stks. of subs.,Ac,
Pats.,
49,036
$1,320,379
Depreciation
372,266
Fed. & foreign inc. tax..
118,464
Total income
3,010,627
Res.
540,480
received'from
subsidiaries not cons..
80,060
Operating reserves
531,752
Surplus
Shares
share
per
Before
x
stk. (no par)
com.
Earnings
surtax
2,362,440
on
1937
process of amort,
Assets—
(net)
15,348,067 14,354,755
14,354,755
15,348,067
Total
753,599 shares in 1937, and
z Advances and miscellaneous
securities.
pref. stock.....
Cash
4,649,246
3,487,489
597,491
Accounts payable-
603,567
Notes pay. current
914,128
257,082
621,161
403*2 li
Accrued accounts.
1 ,296,950
792",021
466,814
932,546
TJ. S. Govt.
Marketable
sees..
securs.
after reserves...
Alabama Power Co.—Court Reverses TVA Decision—
and
2,548,639
Res. special contin.
482,989
3,843,749
126,283
Res. gen. conting.
862,104
Note3 pay. not ciu\
290,237
4,092" 167
7,132,822
390,924
196,557
other utilities from proceeding against the Tennessee
The Circuit Court stated that the companies already had
and ruled that the Tennessee jurisdiction was
under attack and, therefore, the Alabama District Court must not interfere
n the utilities' suit against the New Deal power agency.—V. 145, p. 2216.
Tennessee
$133,000 first lien cumulative income bonds due July 1, 1958,
Payment will
Stuart & Co.,
Inc.—V. 145, p. 2061.
1937—3 Mos.—1936
Fed. inc. taxes, &c___
8hs.com. stock (par $1)_
per
$72,329
254,400
$0.28
share
Before
x
145,
Federal
provision for
1573, 1247.
p.
Total
Earned
surplus
136,046
179,336
4,872.457
6,078,609
$403,821
254,400
$1.58
surtaxes
on
undistributed
The
Operating expenses
Depreciation
..
called special
has
meeting of class
American General
Interest earned
$512,902
246,000
$2.08
profits.—V
Interest earned
on
1935
$4,840,051
3.813,497
1.450,968
1934
$4,583,014
3,562,458
1,431,476
for
Sept. 30, 1937
$819,760
bonds
9,260
on account
receivable
8,667
Miscellaneous income
Total income
Operating
911
.;
$838,598
....
348,010
expenses
Interest expense
1936
stockholders
A
Corp. (& Subs.)—Earnings—
Net income before interest expense
$6,487,991
4,712,296
1,146,862
1937
$6,723,653
5,232,622
1,161,164
Cyanamid Co.—May Issue Bonds—
company
Oct. 25 at Portland, Me., to authorize an issue of $6,000,000 4% sinking
fund debentures, due Oct. 1, 1957.—V. 145, p. 2379.
Consolidated Statement for 9 Months Ended
on stocks
Alpha Portland Cement Co.—Earnings—
12 Mos. End. Sept.30—
Net sales
33,892,096 29,985,594
Total.....
Income—Cash dividends
1937—9 Mos.—
$119,203
246,000
$0.48
29,985,5941
...33,892,006
After
depreciation,
y Represented
by 758,696 (611,712 in 1936)
shares, excluding 1,244 (1,224 in 1936) shares held in treasury.
—V. 145, p. 2536.
x
Industries, Inc.—Earnings-
Period End. Sept. 30—
Net inc. after deprec.,
Earnings
Capital surplus
no-par
American
Allied Owners Corp.—Bonds Called—
A total of
have been called for redemption on Nov. 18 at par and int.
be made at the New York and Chicago offices of Halsey,
Allen
_
6 ,579,019
5 ,169,391
Min. Int. in consol.
154,725
Investments
18
Valley Authority.
in
Common stock..12 ,411,850
104,646
Deferred charges.
9,395,500
7,647,150
5 ,492,300
3,292,535
Due from subslds.
The Fifth U.S. Circuit Court of Appeals at New Orleans has reversed the
Northern Alabama
District Court's decision restraining the Alabama
x
y
$
6,444,573
Inventories
Other assets
suit
$
1,518.410
'
Co.
1936
Liabilities—
5M% cum. conv.
Property acct
Notes A accts. rec.,
The earnings for eight months ended Aug. 319 were published in V. 145,
p.2536.
Power
S
9,775,862
x
x After
depreciation;
y Represented by
753,563 shares in 1936 of $10 par value,
started
1937
1936
$
13,157,594
Pat'ts & goodwill- 1,357,200
151,662
Total
758.696
$1.00
$0.78
undistributed profits.
Consolidated Balance Sheet Sept. 30
in
Ac.,
$2,601,407
41,062
taxes
ap-
/
1937—9 Mos.—1936
$4,192,929
on
Prov. for for'n inc.
368,910
machines,
Patents,
divs.
preferred stock.
Pur. mon. oblig'ns
prox. assess.vals.
(& Subs.)
Foundry Co.
Dividends
220,734
balance..
Accrued
foreign cos
Non-oper. props.,
parts,
&
Period End. Sept. 30— 1937—3 Mos—1936
Operating profit
$1,271,343
$926,589
(est.)
Agents' A salesm's'
connec¬
reserves
Shoe
221,141
taxes
97,599
65,297
tion with acquis,
of cap. stks. of
incl.
Brake
Earnings—
Pay. on acct. and
to
American
19,575
108,088
__
Fed. A foreign inc.
97,599
Miscell. securities.
reduced
150,000
1.700,000
Supply contr't ob¬
ligations
227,037
policies..
Rental
debentures.
Deferred income..
33,462
comm.
in
MILWAUKEE* WIS.
Teletype Milw. 488
150,000
1,550,000
Apr. 1, 1938
em pi.
Phone Daly 5392
due
debs,
Serial
Value of life insur.
dep.
accruals..
Serial
3.302,230
2,743,235
228,852
stk .notes A accts.
Agts.'adv.
S
504,861
Sundry
res.
MMwa & m
Dec. 31'36
$
Accounts payable.
1,190,935
accts.
receiv., less
Agents'
Aug. 31'37
Liabilities—
Cash
Wisconsin Issues
Milwaukee &
..
$490,588
317,548
8,814
.
......
Taxes refunded to debenture holders & taxes paid at source
Excess of income
of
over
oper. exps.
(without giving effect to results
$164,226
security transactions), carried to surplus.
Note—In addition to the above there were salaries, taxes, rent, postage
Operating profit..
Other income (net)
$329,867
100,358
$628,833 loss$424,414 loss$410,920
xllQ.547
x!52,316
139,180
Total profit
Federal income tax.
$430,225
77,041
$739,380 loss$272,098 loss$271,740
_
Minority
Net
Crll',964
<>2.917
$353,184 loss$645,646 loss$269,181 loss$259,776
58,334
140,000
644,600
644,600
644,600
profit
Preferred
Surplus from Undistributed Profits and Income, 9 Months Ended Sept. 30,1937
97 139
Cr3!405
interest-.
dividends
Common dividends
Deficit
$972,115
$291,416
sur$l,046
$0.55
$399,776
Includes
$29,915 in 1936 ($23,521 in 1935) net profit on sale of se¬
curities, and $35,743 adjustment of marketable securities to lower of cost
market at close of 1934.
or
y
Excluded $93,561 loss on sale of investments
charged to surplus account.
Note—Above statement includes operations
of Alpha Sand Co., a former
subsidiary of Alpha Portland Cement Co. to March 31, 1936, as the com¬
pany disposed of its interests therein on April 24, 1936.
—
Excess of income over operating expenses
Sept. 30,1937-
1937
1937
$
1936
$
1936
$
$
Liabilities—
stock.16,759,600 16,759,600
339,531
422,517
Property account. 13,885,883 14,307,011
Cash
1,449,290
1,735,666
Accrued taxes
-
3,686,803
158,616
Common
175,042
1,431,445
Misc. inv. at cost.
67,862
10,752
year 1936.
Prem. of 1H%
& exps. of redemption on $12,986,000 Internat.
Securities Corp. of America 5% debs, assumed by the corp. on
Nov. 23,1935, and red
on June 1, 1937
... — ...
Provision for reserve for deferred charges,
Write-down of net investment in Fifty Pine Street Corp— . _. _
Divs. on preferred stock
.
—
Balance, Sept. 30,1937
56,111
Consolidated Balance Sheet Sept. 30,
Cash in banks
643,485
Accts. receiv. for securs. sold—
Represented by 644,600
no par
21,239,001 21,658,742
shares.—V. 145, p. 595.
Oct. 1, 1936 Oct. 3,1935 Sept. 27, '34
$258,526
$2^5,744
$403,074
$386,542
187,818
189,946
175,191
198,534
Sept. 30, '37
profit from oper..
Gen. oper. & adm. exps.
Prov.
First York Corp.,
(87%) owned),
$4,350,000)
at net
underlying asset amount..
Invest,
Street
in
The
Fifty
penses A taxes
Notes pay. to banks
$12,860
Res.
188,162
5,500,000
(see'd)
for taxes, extraordinary
legal, accounting A other
40,570
381,714
exps. A other conting
308,667 Unrealized deprec. (net) of
gen. market sees, owned..Dr4,098,476
Excess of cost of lnvestm't In
stock
(cost
purch.—
Other accts. pay., accrued ex¬
First York
3,652,461
Pine
1
Corp. (100% owned)
over
Corp. com. stk.
carrying amount.....
Preferred stock ($1 par)
Common stock (10c. par)
Dr697,538
198,130
163,438
x31,450,971
Surplus..
for losses on time
sales
on
ship'ts
made
22,113
of mines
Reserve for self-insur'ce.
24,372
23,012
22,980
154,178
7,796
during period
Deprec. of pl'ts & deple.
Net
28,236,112
under contract,
Invest, in
Co. (Del.) (& Subs.)
1937
Accts. pay. for sees,
not received
39,573
119,522
market
lncl. int. to July 29, 1937..
com.
Gross
receivable
quotations
American Agricultural Chemical
3 Months Ended—
.........
Gen. market sees., at
Acct. receiv.
y
$702,353
not delivered-..
Accts. A dlvs.
Total....
320,789
Liabilities—.
Partic. in intermediate credits
....21,239,001 21,658,7421
205,330
53,780
289,050
.$4,572,856
—
A s sets—"
3,516,269
20,411
items
Total
— -
633,127
1,111,304
59,634
Deferred
19,592
— ...
refinancing of 5% debs, applic. to the
Add'l exps. of redemption &
3,248,715
580,754
less reserve
.$5,472,150
——...—$5,452,558
Balance
161,150
Surplus
601,039
238,707
payable
Reserves
157,159
Accts. & notes rec.
Inventories
y
Dlvs.
funds, adv.,
Ac...
164,226
-
Total surplus
.1
... —
Provisionfoi B'ederal normal income tax, 1937.....
Accounts payable.
Marketable secure. 3,588,755
Work
for nine months ended
— ...
_
Consolidated Balance Sheet Sept. 30.
Assets—
Balance, Dec. 31, 1936-.
...$2,975,354
Net profit on sales of securities for nine months, ended Sept. 30,
1937, computed on average cost basis.
2,332,570
$1.00
Earns, persh. on 644,600
shs. com. stk. (no par)
x
the consolidation by which American General
Corp. was formed, amounting to $50,712, charged to "reserve for taxes,
extraordinary legal, accounting and other expenses and other contingencies.'
and net expenses incidental to
156,278
7,543
162,561
129,801
18,255
$20,453
$0.09
$23,158 loss$ 109,600 loss$102,456
$0.11
Nil
Nil
11,954
profit charged to
earned surp. acct.._
Earns, per sh. on cap. stk
Note—No deduction necessary for normal
undistributed profits.—V. 145, p. 1247.
Federal income taxes or surtax
on
American Business Credit
Corp.—Registers with SEC—
See list given on first page of this department.—V.
American
Period End. Sept. 30—
Sales...
—V. 145, p.
145,
p.
2061.
Colortype Co.—Sales—
1937—3 Mos.—1936
$2,201,512
$2,036,747
2379.
1937—9 Mos.—1936
$7,116,864
$6,l2l,25C
.$33,099,261
x Of
which $31,450,971 capital surplus and $4,572,856 surplus from
undistributed profits and income.—V. 145, p. 1088.
Total
—
$33,099,261
American International
Total
.
Corp.—Asset Value—
The company reports net assets as of Sept. 30, 1937, based on market
quotations of $24,626,576 equivalent to $2,141.44 per $1,000 principal
amount of outstanding indebtedness, consisting of note of $1,500,000 and
5*4% debentures of $10,000,000.
Net assets applicable to common stock
amounted to $13.12 per share.
No allowance has been made in these cal¬
culations for Federal surtax on undistributed, profits.
This compares with net assets of $31,065,111, equal to $2,588.76 per
$1 000 principal amount of outstanding indebtedness and $19.06 per share
of common stock on Dec. 31, last, and net assets of $28,311,999 or $2,359.33
per $1,000 principal amount of indebtedness and $16.31 per share of common
stock on Sept. 30, 1936.
Securities were valued as of Sept. 30, 1937, on the same basis as in the
annual report of Dec. 31, 1936.
Those carried at a nominal value at that
time are still so carried.—V. 145, p. 427.
.
Financial
2686
American
Oct.
Chronicle
Writing
American
Republic Corp.—Listing Approved—
approved for listing 1,308.049 out¬
standing shares common capital stock, par value, $10, with authority to
add to the list, upon official notice of issuance, 218,008 additional shares
common capital stock, par value $10.—V. 145, p. 2537.
Paper
Corp.—Earnings—
American Stores Co.—Sales—
1937—5 Whs.—1936
1937—9 Mos.—1936
$10,741,053 $10,449,596 $85,656,237 $85,404,820
—V. 145, P. 2062.
Period End. Oct. 2—
15 approved a proposal to
Stockholders at a special meeting held Oct.
split the common stock 5-for-l, increasing outstanding shares to 539,990.
It is proposed to apply for listing of the new shares on the New York
Stock Exchange and to give stockholders rights to purchase additional
stock up to 20 or 25% of their holdings, probably next March.
See also
V. 145, P. 2062.
Refining Co.—New Chief Officer—
American Sugar
v
June 30, '37 Sept. 30, '37
but before interest
...
$2,508
$31,050
Net loss after providing for interest on current
Federal Reserve Bank loan
$4,781
$34,831
Period—
Loss after all expenses
After adjusting the predecessor company figures prior to April 1, 1937,
to the basis of the present company operations, the following data are
submitted as a matter of information only. After all expenses, but before
($17,512), general mortgage bonds, and Federal in¬
taxes, the profit for the first nine months of 1937 was $82,399.
The
comparable period of 1936 would read as follows: After all expenses, but
before interest on bank loan
($17,512), general mortgage bonds, and
Federal income taxes, the profit was $22,135.
In a letter to stockholders, Thomas H. Blodgett, Chairman, and Leon
M. Yoerg, President, state:
"Lessening in volume of business, combined with substantial increases
in costs for labor and materials unaccompanied by corresponding increases
in selling prices, are responsible for the losses during recent months."
—V. 145, p. 100.
interest on bank loan
come
Split-Up Voted—
American Stove Co.—Stock
Joseph F. Abbott, President of tnis company since 1929 has been ap¬
pointed Chief Executive Officer and official spokesman for the company.
The announcement was made following the regular monthly directors
meeting held Oct. 20.
Mr. Abbott in his new capacity succeeds Earl D. Babst, Chairman of
Appalachian Electric Power Co.—$67,000,000 Financ¬
ing Withdrawn—
;
has been made by Bonbright & Co., Inc., that appli¬
being made by Appalachian Electric Power Co. to the Securities
and Exchange Commission for the withdrawal of its registration statement
filed on Oct. 1, 1937, under the Securities Act of 1933, as amended, de¬
scribing a proposed offering of $57,000,000 first mortgage bonds, and
$10,000,000 of sinking fund debentures. In view of the change in market
conditions since the date of original filing of the registration statement on
Oct. 1, 1937, the company has decided not to proceed further with the
proposed financing at this time. This operation was designed to refund or
discharge existing obligations and not to produce new money for the com¬
pany.—V. 145, p. 2380.
Announcement
cation is
the Board.
made the announcement of the change said: "The board
duties and responsibilities as chief executive
which I have held since
1915.
I continue in the service of the company as Chairman of tne Board
and W. Edward Foster continues as Vice-Chairman of the Board."—V. 144,
p,1772.
Mr. Babst, who
of directors released me from my
officer of the American Sugar liefining Co., a post
American Sumatra Tobacco Co.—New Director■—
A. J. Stein, Treasurer of the company, was elected an
stockholders' meeting.—v. 145, p. 1575.
additional director
at the recent
American Telephone
Arnold Print Works {& Subs.)—Earnings—
& Telegraph Co.—Earnings—
1937—Month-
Period End. Aug. 31—
Consolidated Income Account for the
1937—8 Mos.—-1936
1936
44,455
$8,723,736 $71,975,072 $70,712,628
25,014
376,245
246,773
Operating revenues.-- $8,685,093
Operating expenses—6,478,410
$8,698,722 $71,598,827 $70,465,855
6,018,906
51,677,084
49,334,099
$2,206,683
761,009
$2,679,816 $19,921,743 $21,131,756
841,792
6,579,883
6,789,301
$1,445,674
Operating profit—
Other income
$1,838,024 $13,341,860 $14,342,455
$8,7,29,548
Operating revenues
Uncollectible oper. rev—
Net oper. revenues--
Operating taxes—
Net oper. income
—V. 145, p. 2537.
Type Founders, Inc. (& Subs.)—Earnings—
$1,365,048
69,528
Total
1
1937
1936
$4,146,886
30—
$3,678,375
3,314,974
$299,617
$363,401
,
-
Cost and expenses
Operating profitOther income.-
96,257
102,348
$395,874
62,140
—
-
Total Income
—
-
—
45,850
$186,372
338.636
$0.46
Other charges
Interest
$465,749
165,115
81,262
33,000
$263,749
568,096
—
Federal income taxes
Net profit
stock (par $10)
share
Shares capital
Earnings per
x Before Federal surtax
on
—
undistributed profits.- -V. 144, p. 4333.
Water Works & Electric
American
Co., Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Oct. 16, 1937 totaled 48,623,000
kwh., a decrease of 1.6% under the output of
sponding month of 1936.
Week Ended—
1936
xl937
_
49,473,000 kwh. for the
49,985,000 y460l0,000 41,051,000
--—49,408,000 49,046,000 40,380,000
48,909,000 49,010,000 37,100,000
9---——49,429,000 49,573,000 41,187,000
16
48,623,000 49,473,000 41,682,000
corre¬
1933
1934
1935
Sept. 19
Sept. 25
32,158,000 34,730,000
32,470,000 32,643,000
Oct.
33,077,000 32,196,000
32,904,000 31,221,000
33,001,000 32,184,000
2
Oct.
Oct.
x
Corrected figure,
$652,134
Liabilities—
kwh., against 209,666,885 kwh. for the corresponding month of 1936, an
increase of 1.3 %.
For the nine months ended Sept. 30,1937, power output totaled 1,961,154,989 kwh., as against 1,772,736,074 kwh. for the same period last year,
an increase of 10.6%.—V. 145, p. 2537.
•
(& Subs.)—Earnings—
$820,035
$534,132
$583,826
20,728
16,501
25,863
$2,322,334
Total income
$840,764
$550,633
359,057
175,729
166,704
152,040
$609,689
207,863
Prov. for depreciation--
Extraordinary repairs—
Adminis., sell., develop.
& shut-down, strike &
151,758
324,492
52,870
2,497,164
569,501
Corp
Long-term debt
5% pref. stock (par $30) cum.
from and after July 1, 1940. 1,172,388
x854,935
Common stock
Due from officers & employees,
&c.—not current
10,535
Investment In capital stock of
Arnold Purchasing Corp
150,000
notes rec.,
Earned
Deferred charges
Patented
processes
917
Organization expense—subsld.
Total
1,973,906
surplus
4,707,325
125,426
19,752
Fixed assets
$7,302,468
—
$7,302,468
Total
[Giving effect to terms of the plan of reorganization dated Dec. 15, 1936,
modified Feb. 18, 1937, which are to be consummated subsequent to
June 30, 1937, consisting of:
(1) Provision for current cash payment and
issuance of notes to creditoris whose claims arose from conditional sales
agreements and claims of unsecured general creditors: (2) issuance of 1st
mtge. bonds due Feb. 1, 1952. in exchange for 1st mtge. sinking fund gold
bonds due Feb. 1, 1941; (3) issuance of 5% preferred stock and common
stock as provided in the plan of reorganization; (4) reduction of the value
of fixed assets by a charge to surplus amounting to $2,081,362.]
x Represented
by 170,987 no-par shares, stated value $5 per share,
y Less reserves,
z Collectible from proceeds of sale of the merchandise
after payments to others having prior claims thereto.—V. 145, p. 2217.
as
Associated Gas & Electric Co.—Weekly
electric
output
Output—
15, Associated Gas & Electric System reports
92,415,794 units (kwh.), which is an increase of
5.2% higher than the production for the comparable
of
week a year ago.
Gross output, including sales to
units.—V. 145. p. 2538.
Atlantic Refining Co.
other utilities, amounted to
(& Subs.)
105,082,317
Earnings—
1937—9 Mos.—1936
1937—3 Mos.—1936
Period End. Sept. 30—
Net
profit after int.,
deprec., depl., &c—- $4,049,244
per
share
$7,486,000
$3,023,809
$6,161,200
on
shs.
com.
stock (par $25)
x Before Federal surtax
$1.46
.
$2.20
$2.64
$1.08
undistributed profits.
on
-Y. 145, p.
1409.
x6l 9,962
x648,288
588,349
...
$25,772 Ioss$221,370 loss$186,523
$1,005,173
1,524,738
1,485,665
$1,524,737
$2,529,911
1,893,558
1,707,035
13,300
year's operations
Total
$1,485,666
$1,707,035
Total
$382,439
$448,103
105,208
152,005
$277,231
$296,098
42,008
49,083
$208,269
$165,732
393,060
$0.72
Preferred di vidends
$411,868
36,235
$315,168
33,197
73,702
profit
$346,885
35,554
$421,098
105,930
income
Depreciation, &c
$0.61
Shares common stock
Earnings per share
x
1935
$325,935
95,163
—
Surplus
699,125
$1,718,005
$1,524,737 $1,485,666
$1,707,035
$329,707 in 1937, $88,389 in 1936 and $76,786 in 1935.
Surp. at end of year--
•
xl936
1937
Common dividends—
112,780
property
Preferred dividends
Includes taxes
2538.
p.
3 Months Ended Sept. 30
Net after Federal taxes
Net
—
aban¬
of
145,
Other income
10,379
Profit for year
Court to pay a semi-annual
$2,676,000 of gold bonds.
Judge Oliver B. Dickinson, who granted the permission, has confirmed the
company's plan for reorganization, but the Court authority for the interest
payment was necessary because ail details of the reorganization have not
been completed.—V.
—
x705,707
66,289
profits
Previous surplus
Net cr.'s applic. to prior
The company has been authorized in Federal
interest instalment of $66,900 due Nov. 1 on
Bayuk Cigars, Inc.-—Earnings—
flood expenses
Social security taxes
Fed. surtax on undist.
x
$274,954
-
payroll. Federal, State,
city taxes, &c
Reserve for contingencies
Baldwin Locomotive Works—Interest—
profit from oper.
beforeprov.for deprec. $2,290,339
income, interest,
royalties, &c
31,995
Other
sale
.
Acer,
Aug. 31, '37 Aug. 28, '36 Aug. 30, '35 Aug. 31, '34
Net
on
pay.—trade & sundry
Accts. pay.—def'dcreditors
2,663,999
American Window Glass Co., American Photo Glass & Export Co. and
Years Ended—
doned
Accts.
572,258
Arnold Purchasing
Earnings
Consolidated Income Account
Western Pennsylvania Natural Gas Co.1
Loss
576,698
Inventories
x
American Window Glass Co.
28,298
Equity in mdse. Inventory of
z
4,527,367 units, or
output of the electric subsidiaries of the American Water
Electric Co. for the month of September totaled 212,114,224
power
&
410,773
Accounts receivable
y Due from factor
Due from Arnold Purch. Corp.
For the week ended Oct.
September Power Output—
The
$130,986
Cash
net
Works
215,608
125,000
Consolidated Balance Sheet June 30, 1937
Includes Labor Day.
y
441,833
Net income
$6.55
24,135
$1,434,575
-
Factoring charges, interest on funded debt, interest on grey
goods invoices, and sundry other charges
Provision for depreciation of buildings, machinery, &c
Provision for Federal income taxes
y
3,847,269
6 Months Ended Sept.
Net sales
Yera Ended June 30, 1937
—
Assets—
American
x
3Mos.End.
Month End.
The New York Curb Exchange has
Sales
23, 1937
37,800
73,699
$205,007
$98,262
$2.59
Revised.—V. 145, p. 1090.
Comparative Consolidated Balance Sheet
Aug.31,'37 Awfir.28,'36
$
132,262
142,158
Assets—
Cash
Notes & accts. rec.
less
reserve
Aug. 31/37 Aug.23,'36
$
Liabilities—
payable
Accounts
payable
for
Fed'l
543,930
Prov.
900,834
45,308
36.935
Res. for estraord'y
40,308
States taxes
95,189
repairs
Plants, real est. &
7% cum. pf. Btock 3,995,000
g'dwill, less res.
for deprec'n and
obsolescence —.17,507,411
17,188,046
35,512
39,425
Deferred charges..
172,163
&
410,407
1,254,326
Inventories
Other assets
322,482
272,332
& accrued llab—
for
doubtful accts.-
133,855
Loans
7%
cum.
class
6,991,500
stock
x
Common stock.
Earned surplus
3,995",000
A
_
6,991,500
5,995,615
5,995,615
1,718,005
1,524,737
Beech-Nut Packing
Period End. Sept. 30—
Profit after charges, but
before Federal taxes
__
Co.—Earnings—
1937—3 Mos—1936
1937—9 Mos.—1936
$879,249
$919,905
$2,319,341
$2,123,441
762,991
788,793
1,973,121
1,813,171
Balance after allowing for
est. Fed. inc. taxes &
preferred dividends—
Earns, per sh. on 437,524
shs. com. stk.(par $20)
$1.74
$1.80
$4.51
$4.14
—V. 145, p. 1249.
Beneficial Industrial Loan Corp.
9 Mos. End. Sept. 30—
1937
(& Subs.)— -Earnings
1936
1935
1934
Net inc. after all chgs. &
19,390,123
Total
x
„
18,849,8071
Represented by 129,905 no
par
on
19,390,123 18,849,807
on
the pref. stock from March
classjA capitaljstock from Oct. 1,1927.—V. 145, p. 931.
taxes
Shares common stock
shares.
Note—Dividends have accumulated
1932,.and
Total
1,
Earnings per
—V. 145, p.
share.
2382.
$5,457,631
2,314,989
$4,468,263
2,314,989
$3,917,838
2,092,444
$2.11
$1.68
$1.60
$3,608,681
2,092,444
$1.45
Volume
Financial
145
Beattie Gold Mines,
3 Months Ended
Sept.
Tons milled
Operating profit before
Ltd.—Earnings—
30—
taxes on
—V. 145, p. 1411.
Bethlehem
Steel
depreciation.
1937
154,330
Si 77,621
1 936
139,520
$197,265
Corp.—Company Wins Gold RulingObliged to Pay Interest Abroad
Court Holds Company Is Not
at
Specified Rates—Based
on
Federal Law—
Chronicle
Supreme
P°urt Justice Samuel I. Rosenman of New York ruled Oct. 20
5r^l,^eraI legislation enacted in the banking crisis of 1933 released the
Bethlehem Steel Co. of its
obligation to pay interest on its bonds held by
loreigners in foreign currencies at the rates specified in the coupons.
f he decision is directly contrary to two made in the Federal courts in¬
cluding
the
2687
treasury), and, after allowing for such preference stock at the amount to
which it is entitled in liquidation ($55 per share and accrued dividends), to
$2.08 per share of common stock outstanding. Net unrealized appreciation
of investments at Sept. 30, 1937 was $2,585,921.
These amounts were
arrived at after deducting provision for normal Federal income tax on so
much of the net unrealizeaappreciation as would, upon realization, represent
taxable profit.
Income Account 9 Months Ended Sept. 30.
1937
1936
Income—Dividends
x$1,389,474
$965,080
Interest......
168,356
198,639
Total income—
Interest
....
.....
Prov. for normal Federal income tax
by the Circuit Court of Appeals for the Second Circuit which
U. S. Supreme Court declined to
review, and one made last year by
......
$1,163,720
344,953
$1,155,987
961,705
1,123,422
.......
bank loans
on
$1,557,830
295,922
96,720
9,200
—
Expenses..
$744,463
64,303
10.000
one
Supreme Court Justice Samuel Hofstadter.
say.
conv.
preferred
dividends......
Common dividends
.....
...
971,005
748,948
Includes $22,000 optional stock dividend (taxable).
Note—The net profit on sales of securities, less provision for
Federal income tax applicable thereto was credited directly to
x
v
In his opinion, Justice Rosenman said he did not
regard theprior rulings
as controlling.
In refusing a writ of certiorari to review the Circuit Court
decision, he said, the U. S. Supreme Court did not pass upon the merits of
the controversy.
The suit before Justice Rosenman involved interest due to the Zurich
General Accident & Liability Insurance Co. of Zurich, Switzerland, as the
holder of bonds having a face value of $323,000.
The Swiss
company con¬
tended that it was entitled to payment in Swiss francs at the rate of 129.50
francs for each $25 matured interest coupon as specified in the
coupon itself.
Justice Rosenman held that it was entitled only to $25 in United States
currency.
The bonds and interest coupons involved differ from the usual "gold
clause" bonds issued by United States obligors before 1933 in that, while
providing for payment to foreign holders in gold coin of the United States,
they also specified the foreign currency equivalent of the United States
interest payment.
The coupons entitled British holders to £5 2s. 10*4d„
sterling; German holders to 105 marks; Dutch holders to 1.62 guilders, and
French Swiss and Belgium holders to 129.50 francs,
In his decision, Justice Rosenman asserted that the
Congressional joint
resolution of June 5, 1933, had two objects, providing first that obligations
payable in United States money should be payable, dollar for dollar, in
any legal tender; and second, that provisions in any obligation which gave
the obligee a right to demand payment in gold were
void, as against public
policy.
'
"The joint resolution by its very terms covers
'every obligation' which
is defined as
'every obligation payable in money of the United States,' "
Justice Rosenman said.
"This language is broad enough to cover these
coupons even though they are alternatively payable in other currencies.
If one alternative method of payment is proscribed
by the statute expressly
the entire obligation is covered even though the other alternative
may not
Itself be specifically banned.
J
"From a reading of the resolution in the light of the economic and fi¬
nancial conditions of the time of its adoption and in the light of the avowed
policy of Congress adopted to meet such conditions, I conclude that these
coupons are covered by the resolution.
That conclusion is in line with
established Appellate Court precedent in this State."
The fact that the Bethlehem Steel Co. had announced on Jan. 11,1934,
a policy of
paying undepreciated currency to bona fide foreign holders of
its bonds who had not bought their bonds for the purpose of
specilating after
the devaluation of United States currency is no bar now to its insistence on
its legal rights, Justice Rosenman said.
In a brief, the attorneys for the Swiss company had placed
great stress
on the fact that the
plaintiff had acquired the bonds and coupons between
Nov. 9, 1933, and Aug. 22, 1934, when the steel company announced the
revocation of its policy of making full payments to foreign holders.
"Two decisions in the Federal courts are directly
opposed to the resul
here arrived at: McAdoo v. Southern Pacific Railway Co., 10 Fed. Supp.
953, reversed on other grounds; Anglo-Continentale Treuhand A. G. v. St.
Louis Southwestern Ry. Co., 81 Fed. (2nd) 11, cert, denied, 298 U. S.
655," Justice Rosenman said.
"Since their decision, however, a contrary ruling has been made by the
Appellate Division in this department in affirming without opinion the
holding in Anglo-Continentale Truehand A. G. v. Southern Pacific Co.
The authority of our own
Appellate courts will in such circumstances take
precedence, since the denial of certiorari by the highest court does not
determine the merits of the appeal."
The plaintiffs sought to draw a distinction between the Anglo-Con¬
tinentale case and the present one, since it was alleged In the former that
Anglo-Continentale held only the interest coupons and not the bonds to
which they were attached, and it was also charted that the foreign holders
were attempting to evade United States laws.
They also pointed out that
Justice Hofstadter had adopted this view last year in another suit involving
the same parties.
An appeal was taken from Justice Hofstadter's ruling
but it was dropped before the Appellate Division passed on it.
Bond
Net income..
Optional $3
In announcing the decision the New York "Times" had the
following to
normal
earned
surplus account.
Consolidated Surplus Accounts for the 9 Months Ended Sept. 30,1937
(1) Consolidated Capital Surplus Account—
Balance, Dec. 31,1936and Sept. 30,1937..
———$11,489,067
(2) Consol. Earned Surplus Acct. (Subsequent to Dec. 31, 1932)
Balance, Dec. 31, 1936—
$5,334,224
Net income for the nine mos. ended Sept. 30, 1937
^
1,155,987
—
Net
profit on sales of securs., based on avge. book values (re¬
valuations as of Dec. 31,1932 & cost of subsequent purchases),
after provision of $163,600 for normal Federal income tax and
after write-off of $130,739 book amount of warrants
1,074,298
$7,564,509
Dividends paid in cash:
On optional $3 convertible preference stock
On common stock
....
—
961,706
1,123,422
.......
—
Balance, Sept. 30, 1937—
.......
$5,479,381
Notes—'The indicated net unrealized appreciation of investments, as
shown in the annexed balance sheet at Sept. 30,1937, was $2,585,921, after
deducting provision of $225,000 for normal Federal income tax on the
taxaole profit which would result from the realization of such appreciation.
This compares with net unrealized appreciation at Dec. 31, 1936 of $15,146,792, after deducting provision of $2,350,000 for normal Federal income
tax.
-
-
■
No provision has been made for surtax on undistributed profits for the
current
period which might be payable under the Revenue Act of 1936, as
the amount, if any, of such tax cannot now be determined.
Consolidated Balance Sheet Sept. 30
1937
$
d Investments
—.40,094,159 38,739,236
Divs.
Cash..
...
from
Due
264,550
2,245,688
brokers
for sec. sold
Warrants for
4,470
53,876
85,318
purch...
Prov.for taxes,cont
402,571
Notes pay. to bks. 5,374,333
180,149
406,580
5,416,000
10,788,950
7,489,483
11,489,066
1,422,763
4,101.905
130,739
expenses.
Due to brokers for
securs.
c
pur.
of com. stock...
$
Accts. pay. and ac¬
crued
288,074
1,394,516
...
Preference
stockl0.788.950
7,489,483
11,489,067
b Common stock.
Surplus.
General
1,422,763
reserve
Earned
surplus..-
5,479,381
Treas. stock...._Dra719,205
Total...
.
1936
$
Liabilities—
int.
&
rec.
accrued
\
1937
1936
$
Asscls
.41,781,220 41,380,214
Total—
......
...41,781,220 41,380,214
a Represented
by 15,700 shares of cumulative optional $3 convertible
preference stock at cost, b Represented by shares or $1 par value. Of the
authorized 12,500,000 $1 par value shares, there are 647,337 shares reserved
for conversion of preference stock; 1,142,914 shares for dividends on pre¬
ference stock (maximum annual requirement, 51,983 shares), and 228,301
shares for exercise of warrants (to purchase at any time shares of common
stock at $20 per share), c 431,558 shares, no par value, at stated value of
$25 per share,
d At average book values (based on Dec, 31, 1932 market
quotations as to investments acquired prior to that date and cost as to
subsequent purchases.—-V. 145, p. 598.
Boston Woven Hose & Rubber
Years End. Aug.
Gross
sales—.!
31—
Co.—Earnings—
1936
1937
1935
1934
$6,737,455
$5,202,017
$4,729,421
$4,388,590
6,327,350
5,004,234
4,668,283
4,297,938
$410,105
$197,783
19,469
$61,138
$90,652
23,201
Cost of sales, incl. taxes
and depreciation—
Syndicate Ends—
Members of the selling group which offered $46,003,000 3*4% con¬
vertible debentures on Oct. 5 at 95}4* only to find the market unreceptive,
were notified Oct.
14 that the agreement not to sell bonds under that
price had been cancelled, thus leaving the issue to find its true position. The
bonds so d as low as 85 K on Oct. 15 and later stabilized around 87.
The bonds were originally offered to stockholders on Sept. 8 at 100 and
subscription rights expired on Oct. 1. Around Sept. 1, when the conversion
price of 110 was fixed, the common was selling well above 90.
It had sold
as high as 105 H earlier in the
year.
On the day after Labor Day, which
was the day before the offering to stockholders, the stock market started
its long and severe decline, in which the common sold to 68M at the close
on Oct. 1.
The stockholders took less than $2,000,000 of the bonds, leaving
$46,003,000 to be absorbed by an underwriting group.
The underwriters made formal offering of this balance on Oct. 5 at
95 *4, or less than they paid to the company.
The stock meanwhile had
dropped to 67K at the close on the day before the public offering.
That
offering might have been fairly successful but for the fact that on Oct. 5
the stock market suffered another severe sinking spell in which company
stock was carried below 62.—V. 145, p. 2382.
Birdsboro Steel Foundry &
Operating profit——.
Other income..
Common dividends—.
Earnings pot share on 200,000 shares common stock (no par)
$1.77
Shipments for the nine months were $3,718,404 as compared with $2,371,782 in the corresponding period of 1936, an increase of $1,346,621, or 56.7%.
Orders on the company's books as of Sept. 30 totaled $1,568,143 or
approximately $600,000 in excess of Sept. 30,1936 and sufficient to provide
for operation of the various departments of the company's plant at normal
capacity up to the middle of the first quarter of 1938. Moderate increase in
plant capacity and reduction in operating cost has recently been effected
through equipment changes and additions.
The balance sheet as of Sept. 30 shows net working capital of $1,137,505,
total current assets being $1,527,130 against total current liabilities of
$389,624, or a ratio of 3.91 to 1. Current assets include $846,328 of cash
and receivables.—V. 145, p. 2218.
_
_
,$217,251
1,719,350
xl ,716,599
$82,407
$113,853
1,712,247
.
$2,320,543
45,000
344,000
$1,936,601
$1,799,006
$1,826,099
45,000
45,000
45,000
y64,500
,
~
"6,650
34,656
$1,885,551
$1,719,350
$1,716,599
$2.00
$0.43
$0.80
Declared
Inventory & other adjust
Adj. of Plymouth Land
17,000
value—
$1,914,543
—...
Earns, per sh. on 86,000
shs. of no-par common
$4.53
Surplus after giving effect to common
stock outstanding
x
from earnings of
1934.
*
1937
a
.$3,389,613 $3,258,307
347,024
410,409
1,000,312
450,000
Accts. receivable
818,301
837,744
Notes receivable
107,153
108,794
...
—
TJ. 8. Treas. ctfs.
c
c
1
1937
Preferred stock...
maeb'y, patents,
<fec_
,
Liabilities-
1936
buildings,
Cash
dividend declared,
„
Balance Sheet Sept.
Assets—
b Land,
Earnings for 9 Months Ended Sept. 30,1937
dividends
Preferred
21,269
$434,992
1,885,551
Profit for year
Previous surplus
Machine Co.-—Earnings—
Net earnings after all charges incl. deprec. & Fed. & State inc. tax
but before Federal surtax on undistributed profits
$354,371
24,887
....
Common stock..
Accounts payable,
Accrued taxes
Surplus.
$750,000
4,300,000
192,058
161,074
1,914,543
1936
$750,000
4,300,000
127,089
106,840
1,885,551
Pref. stock (B. W.
H.&R.Co.)—.
17,601
17,601
28,396
2,087,386
52,756
28,396
1,469,258
58,102
Com. stock (B. W.
H. & R. Co.)
—
Inventory....
Prepaid items
Total——$7,317,673 $7,169,481
Total.
$7,317,673 $7,169,481
Represented by 86,000 shares of no par value,
b After deducting
depreciation, $2,366,917 in 1937 and $2,322,073 in 1936.
c After
deducting reserve.—V. 145, p. 934.
a
reserve for
Black
Mammoth
Consol.
Mining
Co.—Registration
Withdrawn—
Brooklyn & Queens Transit System*—Earnings—
Period End. Sept. 30—
1937—Month—1936
Totaloper.revenues.... $1,656,192
$1,672,954
See list given on first page of this department .- -V. 145, p. 2219.
Bliss & Laughlin,
Inc.—Earnings—
9 Months Ended Sept. 30—
Net profit after charges and normal
Federal income taxes.;
Shares common stock (par $5)
-
1937
zl936
Blue Ridge
Corp.—Report—
Sept. 30, 1937 prices for investments, the net assets of the
corporation on that date amounted to $38,536,361, equivalent to $92.67
per share of preference stock outstanding (after deducting shares held in
on
_
1,349,149
1,340,359
Net rev. from oper
Taxes on oper. props...
$307,043
189,649
$332,595
167,498
$888,222
574,039
$947,632
482,986
Operating income—
$117,394
15,511
$165,097
14,651
$314,183
$464,646
45,011
$132,905
135,258
$179,748
124,126
$360,379
1935
*$449,817
$282,159
x$643,203
155.130
155.130
173,902
Earnings per share.......
y$2.81
$1.82
$3.60
x Before provision for Federal surtax on undistributed profits,
y After
dividends paid on 25,000 shares of 5% cum. pref. stock (par $30) for period
from May 22, 1936, date of issuance, to Sept. 30, 1936.
z Revised,
—V. 145, p. 1&76.
Based
1937—3 Mos.—1936
$5,004,128 $5,008,200
4,115,906
4,060,568
Total oper. expenses....
Net non-oper. income—
Gross income
....
Total income deductions
def. carried to
surplus—.——
46,196
408,154
$509,657
374,724
Curr.
$2,353 prof$55,622 ^
Note—The above is without provisio
V. 145. p.2065
$47,775 prof$134933
for tax on undistributed profits.—
Financial
2688
Brewers & Distillers of Vancouver,
Int.
on
Provision
144,357
5,750
928
2,283
_
Dominion
for
153,500
46",550
Directors' fees
12,900
11,622
49,025
10,100
15,016
Legal fees
transferred
72,000
81,113
112,095
49,860
Executive salaries & fees
and Provincial taxes..
Bad debts
Amt.
$292,813
145,206
$526,333
bank loans, &c._
Organization expenses.
1933
1934
$688,279
142,418
$955,919
177,662
Depreciation
Ltd. (&kSubs.)-
1935
1936
YearsEnd. Dec. 31—
13",500
to res.
10,000
for contingencies
$543,685
1,482,663
Net profit for year
Previous surplus
Adjustment relating
93,500
.
—.—
—
$72,396
2,483,108
$169,517
1,977,756
$328,360
1,772,134
to
Crl 0,500
617,830
375,139
$2,036,849
$1,482,663
$1,772,134
$2,555,504
577,748
$2,036,849
$1,482,663
$1,772,134
$1,977,756
Dividend paid.
Consolidated Balance Sheet as at Dec. 31
Assets—
$2,287,022 $2,711,790
of
$164,531
577,738
106,750
payable
387,387
512,761
Canada
Deposits on sales..
bonds
98,673
Res've for Dom. &
197,391
Cash
$200,487
Sundry creditors..
Capital dlstrlbut'n
reserve)
Dom.
1935
1936
Liabilities—
1935
1036
Inventories
Bund, debtors (less
1,252,500
Provincial
333,779
14,268
...
Res've for conting.
Agreem'ts for sale,
&c
18,661
16,923
22,450
230,427
230,962
1,997,769
80,376
101,087
112,290
y2,888,689 x4,514,194
1,009,945
taxes
Share capital
Investments
Capital surplus
Earned surplus...
1,482,663
Land.bldgs., plant,
Goodwill
595,467
Total
pared with the $21,415,000 investment of the first mortgage bondholders
and the $10,000,000 investment of the preferred stockholders.
To these
last two items should be added the unpaid bond interest of over $3,000,000
and preferred dividends unpaid since 1931 of some $4,000,000, bringing
the total investment and interest of these two major groups to some $38,415,000 which must be protected."
|» Among other objections to the company plan, the committee's letter
mentions inadequacy of working capital, the management problem, the
placing of large debt on the Canadian properties and the inadequate con¬
tribution of the common stockholders.
The committee emphasizes "the
tremendous burden of charges placed on the company consisting of early
of early maturities, sinking fund and interest charges, aggregating over
$17,000,000 for the next five years.
The committee feels that the record
of seven years of losses previous to this year can not be disregarded in the
hope that the company will be immune in the future from fluctuations in
business.
Over-optimism is only likely to result in the recurrence of troubles
such as those which have just been experienced."
The committee advises
that "it will continue its efforts to bring about a general accord on re¬
organization."—V. 145, p. 2539.
184,717
2,036,849
Oct. 23^1937
early indicated to the trustees that It was not in favor of selling any of the
valuable patents of the company to foreign interests.
"It is significant that all the organized committees representing both bonds
and preferred stock have opposed the plan or the taking of any action with
respect to it until the completion of the survey.
It is also significant that
independent investment service organizations have advised against taking
action on the company plan.
"A good deal of emphasis has recently been placed on the acceptance of
the plan by the general creditors who represent mostly concerns who are
continuing to sell to the company and who are getting treatment under the
company plan which is much more favorable than that given to the bond¬
holders and preferred stockholders.
In this connection it shomd be re¬
membered that the stake of the general creditors is about $1,521,000 com¬
Brunswick-Balke-Collender Co.—Earnings—
Period End. Sept.
2,153,969
595,467
Deferred charges..
&c
Chronicle
surtax
un¬
on
distributed property.
$7,106,262 $6,452,727
Total
Earns, per
stock
x
x Represented
by 5,777,378 shares without par value, being a total of
6,089,840 shares issued, less 312,462 held by subsidiaries, part of an author¬
ized issue of 7,500,000 shares, y Authorized 750,000 shares of $5 each; issued
608.984 shares, less 31,246 2-10 shares held by a subsidiary company.—
V. 145, p. 1893.
$8,745,521
$4,745,945
Net income after int..
Fed. inc. taxes, &c. but
before
$7,106,262 $6,452,727
1937—9 Mos.—1936
$6,230,206
1937—3 Mos.—1936
$3,358,932
30—
Sales
share
851,055
x65l ,944
64l ,022
„
x533,789
on com.
$1.36
$1.65
After charges, but before Federal income taxes.—Y. 145, p.
1893.
(Edward G.) Budd Mfg. Co.—EarningsPeriod End. Sept. 30—
1937—9 Mos.—1936
1937—3 Mos.—1936
Net profit after int.,.de-
$1,198,329
x$774,404
1,656,808
1,560,330
$0.53
$0.29
x
Includes $635,970 income from Budd International Corp., resulting
from sale by that company of its interest in British Pressed Steel Co.
Note—No provision was made for Federal surtax on undistributed profits.
$107,465 loss$547,400
Shares common stock.1,656,808
1,560,330
Earnings per share
Nil
Nil
prec'n, Fed. taxes, &c.
Brockton Gas Light
Co.—Financing Petition—
The Mass. Department of Public Utilities has taken under advisement the
application of the company for approval of an issue of $850,000 of five-year
4% coupon notes.
Henry F. Knight, counsel for the company, told the Commission that
there are $350,000 of notes due Nov. 1, 1937; also $500,000 of unsecured
notes due on the same date.
To raise funds to meet those maturities the
company seeks approval of this note issue.
The notes will be issued at par.
It is contemplated that all of the notes will be taken by two purchasers.
The sale involves no underwriting expense to the company.—V. 144, p. 2470.
Brooklyn-Manhattan Transit System—Earnings—
(Including Brooklyn & Queens Transit System)
Period End. Sept. 30—
1937—Month—1936
1937—3 Mos.—1936
Totaloper.revenues
$3,997,517
$4,133,038 $12,077,297 $12,536,399
Total oper. expenses
2,800,485
2,715,080
8,605,969
8,353,624
Net
Taxes
rev.
on
from oper...
oper. props...
$1,197,032
513,245
$3,471,328
1,533,521
$1,417,958
462,680
$4,182,775
1,378,942
—V. 145, p. 1250.
Budd Wheel
Period End.
Co.—Earnings—
1937—9 Mos.—1936
1937—3 Mos.—1936
Sept. 30—
Net prof, after int., depr.,
Federal taxes, &c
x$750.055
Earns, per sh. on 965,258
x$140,035
x$596,015
x$658,728
$0.06
$0.13
$0.58
$0.64
145,
shs. common stock
x
p.
No provision made for
„
Federal surtax on undistributed profits.—V.
1412.
Buffalo Ankerite Gold Mines,
Ltd.—Extra Dividend—
dividend of 10 cents per share in
dividend of 12 ^ cents per share on the
capital stock, botn payable in Canadian funds on Nov. 15 to holders of
record Nov. 1. An extra of 7K cents was paid on Aug. 10. last and one of
5 cents was paid on May 15, last.
A dividend of 12^ cents was paid on
Feo. 1. last, and previously regular quarterly dividends of 5 cents per share
The directors have declared an extra
addition to the regular quarterly
$683,787
79,751
Operating income
Net non-oper. income
Gross income....
Total income deductions
$955,278
80,775
$1,937,807
237,950
$2,803,833
247,623
$763,538
690,308
$1,036,053
657,213
$2,175,757
2,064,981
$3,051,456
1,962,068
surplus
Accruing to min. int. of
B.&Q.T.Corp
$73,230
Bal.toB.-M.T.sys'm
$73,230
$110,776
$378,840
$1,089,388
$110,776
$353,190
for tax
on
$1,027,165
Brooklyn
Total oper. revenues
Total oper. expenses
Net
Taxes
rev.
on
Net non-oper. income
Gross income
Transit
System)
1937—3 Mos.—1936
$7,111,397
$7,567,689
4,499,443
4,303,037
$1,094,912
295,182
$2,611,954
959,482
$3,264,652
895,955
$799,730
193,764
$1,652,472
228,766
$2,368,697
359,141
$652,263
576,680
carried
$993,494
555,802
$1,881,238
1,722,687
$2,727,838
1,658,908
$75,583
Total income deducts
inc.
Queens
$575,685
76,578
oper. props
Operating income
Curr.
&
1937—Month—1936
$2,353,483
$2,472,520
1,454,201
1,377,608
$437,692
$158,551
$1,068,930
to
surplus
Note—The above is without provision for tax on undistributed profits.—
V. 145, p. 2539.
Brown Co.
(Me.)—Adams Committee Expects Reports to Be
Basis of Reorganization Plan—
In a letter to holders of the $21,415,000 1st mtge. bonds, the bondholders
protective committee (Charles Francis Adams, Chairman) states that re¬
ports likely to be filed within a few days are expected "to provide the basis
on which a proper plan of reorganization may be developed and presented
to the security holders.
"The committee has been consideraing plans of reorganization which
would place the company 'in a strong and vigorous position in the
pulp and
paper industry'.
After the reports covering the survey are rendered and
studied, the committee will review its contemplated plans in the light of the
important information furnished by the survey and will communicate its
recommendations to the bondholders.
"In the meantime, the committee advises
bondholders
to approve
plan until they have hand an opportunity to review the proposals and
mendations that will be made by this committee."
no
recom¬
With respect to the plan which the debtor company has proposed, the
committee declares that, after full study, it is of the opinion tnat "the plan
as
presented is not sound
interests of the
or
bondholders
practical, is not feasible and is not in the best
or of the company or of the communities in
which the company's New England operations are carried on as a whole."
The new Information which the committee believes may pave the way
for a proper reorganization plan will be obtained from a survey ordered by
the Federal Court, under the direction of the engineering firm of Coverdale
&
Colpitts, the results of which are expected to be available within a few
days.
The Adams group makes clear
its attitude toward reorganization and co¬
operation with others to bring about reorganization in the following state¬
ment;
"The committee is in favor of a prompt and sound reorganization.
The
committee believes that the facts to be furnished by the survey should pro¬
vide a
proper basis for such reorganization.
The committee some months
offered to cooperate with the common stockholders toward this end.
The committee has received assurances of cooperation from other bond¬
holders' representatives and has received full cooperation from the pre¬
ferred stock committee which has appointed representatives to work with
ago
this committee
reorganization.
"Confusing the issues by talk of liquidation of the company or its plants
is'very evidently misleading, since liquidation has never been considered
orjproposed by this committee.
It has always been the committee's opinion
that only through continuous and successful operations could the large
on
investment of the bondholders be safeguarded.
was
paid on Dec. 5, 1935, and an extra dividend of 25 cents per
on Dec. 5, 1934.
See V. 144, p. 600 for detailed
145,
previous dividend payments.—V.
$899,282
323,597
from oper
dividend of 50 cents in addition
distributed
undistributed profits.
Earnings for September
(Excluding
The directors on Oct. 15 declared a special
quarterly dividend of 25 cents per share on the common stock, no par
value, both payable Dec. 6 to holders of record Oct. 30.
A special dividend of 60 cents was paid on Dec. 5, 1936; one of 45 cents
to a
62,223
25,650
Note—The above is without provision
Period End. Sept. ZD—
distributed.—V. 145, p. 1412.
were
Burroughs Adding Machine Co.—To Pay Special Div.—
Current inc. carried to
Further, this committee
p.
share was
record of
1735.
Callahan Zinc-Lead Co.—Registers with SEC—
department.—V. 145, p. 2065.
See list given on first page of this
Cambria
The
^Indiana RR.—Equipment-Trust Certificates—
Interstate Commerce Commission on
pany to assume
14 authorized the com¬
Oct.
obligation and liability in respect of $1,300,000 equipment-
certificates, series H, to be issued by the Fidelity-Philadelphia Trust
Co. of Philadelphia, as trustee, and sold at 101.033 and accrued dividends
in connection with the procurement of certain equipment.
trust
Report of the Commission says in part:
Invitations to bid for the purchase of the trust
certificates were sent to
and bids were
bid of 101.033
and accrued dividends, which was accepted, was made by Salomon Brothers
6 Hutzler, of New York City, bidding for itself and on behalf of Dick &
Merle-Smith, of New York City, and of Stroud & Co., Inc., of Philadelphia.
On this basis the average annual cost of the proceeds to the applicant will
29 banking firms, insurance companies, and savings funds,
received from five groups comprising 11 firms.
The highest
approximate 2.55%.—V. 145, p. 2219.
Campbell, Wyant & Cannon Foundry Co. (& Subs).—
Period End. Sept. 30—
1937—9 Mos—1936
1937—3 Mos.—1936
Net profit after deprec..
Federal taxes, &c
Shares capital stock out¬
$180,828
$849,490
$700,480
348,000
$0.52
standing (no par)
Earnings per share
$165,566
348,000
$0.48
348,000
348,000
$2.44
$2.01
1936
$3,946,415
Increase
$66,735
—V. 145, p. 2384.
Canadian
National Ry.—Earnings—
Week Ended Oct. 14—
Gross
—V.
revenues
__
1937
$4,013,150
145, p. 2540.
(A. M.) Castle & Co.—Extra Dividend—
have declared an extra dividend of 50 cents per share
dividend of 50 cents per share on the new
both payable Nov. 10 to holders of record Nov. 1.
An
extra of 25 cents in addition to the regular 50-cent dividend was paid
May 10, last, and an initial dividend of 50 cents was paid on this new class
of common stock on May 10, last.
The
directors
in addition to the regular quarterly
common
stock,
Directors of the company announced their intention of reviewing earnings
before the end of the year for the purpose of a possible distribution of
additional dividends to avoid excessive surtaxes on
undistributed profits.—
V. 145, p. 2540.
/
Caterpillar Tractor Co.—Earnings—
12 Months Ended Sept.
Net sales
.•*
1937
30—
Cost of sales, oper. exp., &c., less
Depreciation
.L__
.
J
Profit
Interest earned.
2,112,322
)
5,870
x
profit
—
Before deducting provision
surtaxes
on
6,449
$14,564,087 $10,518,242
profit before Federal taxes
2,611,028
Provision for Federal taxes
Net
1,867,753
$14,073,245 $10,006,534
496,713
518,158
Interest paid
Net
1936
|
$66,398,366 $50,945,441
paiscell. income- 50,212,799
39,071,154
-
for any
1,848,109
_x$ll,953,059
$8,670,133
amount which may oecome due for
undistributed earnings—carried to surplus.
Volume
Financial
145
The company recently split
Balance Sheet
Sept. 30 '37 Dec. 31 '36
$
S
Sept. 30 '37 Dec. 31 '36
■
Assets—
$
Cash--——.
S
3,164,618
Liabilities—
2,309,929
Accounts
2,582,147
payable. 2,557,367
Notes & accts.rec.,
less reserves
13,725,022
Accrued
746,056
383,934
Inventories
Notes payable
Res.for Fed. taxes.z2,285,041
500,000
1,983,931
Pat'ts,
11,576,037
19,663,388 16,670,371
trade-mks.
and goodwill...
x
l
Land,
buildings,
equipment, &c.l9,266,628 18.845,241
properties
201,970
Prepaid insurance,
taxes, &c
49,387
35,121
Miscell.
2689
Chronicle
payroll &
expenses
—
6,014,776
Pref.stk.(par $100) 6,014,776
9,411,200
y Common stock. 9,411,200
Capital surplus
13,733,577 13,733,577
Earned surplus...21,121,026 15,029,104
this
split-up
distributed.
its stock on a three-for-one basis.
Prior to
quarterly dividends of 62 Yi cents per share were
$1.10 per share was paid on Dec. 21,
2017 V. 144, p. 1777.
regular
A special dividend of
1936.—V. 145, p.
Charlottesville
Woolen
Mills—Earnings—.
Cost of
1935
$445,940
349,496
$63,310
34,934
$96,444
34,413
3,633
$89,014
1,176
$27,199
5,335
$58,397
5,761
$89,014
4,876
$32,535
$64,159
10~,481
goods sold
$93,890
3,003
14,826
$53,677
$76,060
Gross profit on sales
Sell., & admin, expense
Miscellaneous
expense
Net profit on sales...
49,638,6691
Total........ .65,869,045
x
in
After
for depreciation of $12,043,569 in 1937 and $11,615,154
Represented by 1,882,240 no par shares,
z Does not include
for Federal surtaxes on undistributed earnings.—V. 145, p.
y
amount
2066.
145,
1937
1936
.........................
$3,256,000
$3,202,000
$54,000
Balance Sheet Dec. 31
Assets—
1936
1935
Central Maine Power Co. (&
30—
$588,679
226,705
55,343
13,741
$6,899,719
2,441,535
716,463
277,022
$6,375,798
2,388,636
675,216
134,618
Non-oper. income (net).
$263,567
3,628
$292,890
4,348
$3,464,699
38,638
$3,177,328
45,487
Gross income
Bond interest
Other interest (net)
$267,195
107,142
5,346
10,875
$297,238
114,103
5,533
27,160
$3,503,337
1,300,990
65,236
275,350
$3,222,815
1,411,932
76,702
298,985
$143,832
$108,099
$150,442
$108,099
$1,861,761
$1,297,182
$1,435,196
$1,297,182.
expenses
Fed. taxes (incl. income)
$76,431
221,207
a
78,267
34,445
1,000
1,000
Prepaid insurance.
541
Plant & equipm't.
499,172
$831,547
$848,994
$10,488
536,337
544,906
$831,547
$848,994
1,082
514,827
Investments
Total
a
Net operating income.
1935
$1,609
42,950
250,650
Accrued taxes
235,820
Accounts receiv...
1937—12 Mos.—1936
$576,432
223,818
60,552
28,495
revenues
State & municipal taxes.
$16,745
Inventory
Subs.)- —Earnings—
1937—Month—1936
1936
Liabilities—
,
Cash
Period End. Sept.
Operating
Operating
income—
Increase
2540.
p.
Total
Deduct bad debts
Federal & State Income taxes accrued
Net profit for the year--.-.—$32,535
Canadian Pacific Ry.—Earnings-—
Week Ended Oct. 14—
Gross earnings
—V.
Other income
$541,822
452,809
reserve
1936.
any
55,869,045 49,638,669
Total
1934
1936
$605,558
542,247
Calendar Years—
Net income from sales
Preferred
Common
stock.,
stock
Surplus.-.-
-
Total—-----
After deducting treasury stock, $6,400.—Y.
141,
p.
42,950
250,650
2112.
1937; April 1, 1937; July 1, 1937, and Oct. 1, 1937, respectively.—V. 145,
Chicago Burlington & Quincy RR.—Equip. Trusts
Offered—Formal offering of $3,650,000 23^% serial equip¬
ment trust certificates was made Oct. 21, by Salomon Bros.
& Hutzler, Dick & Merle-Smith and Stroud & Co., Inc.
The certificates mature $365,000
annually from Oct. 1,
1938 to 1947 inclusive, and were priecd to yield from 0.85%
to 2.70%, according to maturity.
The bankers report that
the issue has been oversubscribed with subscriptions received:
for each maturity in excess of the respective amounts
p. 2540.
available.
Other
deductions..
Net
income.
Pref. div. requirements.
—
—
..
Note—Preferred dividends have been paid at one-half of the regular rate
since Oct. 1, 1934, and arrearage for the quarter ended Sept. 30, 1934;
Dec. 31, 1934; March 31, 1935, and June 30, 1935, were paid on Jan. 1,
Central New York Power Corp.—Bonds
Certificates
Called—
All of the outstanding first refunding mortgage 30-year 5% bonds, due
Dec. 1, 1946, of the Rome Gas, Electric Light & Power Co. have been
called for redemption on Dec. 1 at 10234 and interest.
Payment will be
made at the Rome Trust Co., Rome, N. Y.—V.
Central Vermont Public Service
Period End. Sept. 30—
Operating
Operating
120,308
14,025
9,434
675
13,661
3,285
$649,432
6,203
$68,898
20,417
$724,263
Cr378
376
$655,635
298,754
2,413
5,708
1,758
19,507
21,558
34,493
11,822
$29,353
$18,928
;
$720,154
4,109
"l",849
Gross income
Other interest
Dr5
$52,294
20,417
Net operating income.
Non-oper. income (net).
1937—12 Mos.—1936
$2,142,319
$1,940,333
1,154,352
1,094,832
169,841
146,100
97,972
49,969
$68,903
344
State & municipal taxes.
Fed. taxes (incl. income)
96,200
$51,950
expenses
$41,393
$18,928
$437,822
$227,136
$308,153
$227,136
(net)
245,000
Acceleration of amort, of
debt disct. & expense.
deductions
Other
Net
income
Pref. div. requirements.
the State ©
banks In
savings
for
.
2541.
Chicago & North Western Ry.—Hearings Postponed—
Interstate Commerce Commission has
The
Dec.
postponed from Oct. 26 to
15 further hearings in the reorganization proceedings.
postponement was requested by certain bondholders groups and
concurred in by the debtor, for the stated purpose of permitting com¬
pletion of a number of studies now being made of the property and pro¬
The
^
is indicated by the
spective earnings.
Material
alteration
in
the
of reorganization
plan
revelation that the road has obtained
a
commitment from Reconstruction
for a loan of $7,000,000 in connection with the re¬
capitalization. The pending plan makes no provision for new capital from
RFC.—V. 145, p. 2541.
Finance Corporation
Chicago Pneumatic Tool Co.—-New Director—
Charles M. Schwab has been elected a director to fill vacancy
Thayer.—V. 145,
death of Eugene V. R.
Chicago
&
Island
Rock
caused by
1414.
p.
Pacific
Ry.—Hearings Ad¬
journed—
—V. 145, p. 2067.
Central Vermont Ry.,
Period End. Sept. .30—
Railway
Railway
investments
;?:rv:
'
The certificates are unconditionally guaranteed as to par value and divi¬
dends by Chicago Burlington & Quincy RR.
Issued under the Philadelphia plan.
First National Bank, New York,
trustee.—V. 145, p.
Corp.—Earnings—
1937—Month—1936
$195,717
$182,049
revenues.
Bond interest
145, p. 2384.
legal
are
New York.
The
Inc.—Earnings—
1937—Month—1936
$472,981
$477,148
430,987
471,238
oper. revenuesoper. expenses-
1937—9 Mos.—1936
$4,853,100
$4,303,939
4,106,290
4,193,303
Interstate
Commerce
Commission
has adjourned hearings on the
reorganization case until Feb. 28, 1938. The adjournment was granted by
Commissioner Porter after all counsel had joined in requesting additional
to permit the application of a formula showing the segreation of
and expenses for the last half of 1936.
The formula already has
applied to the result of the first half of 1936.
In granting the further adjournment, Commissioner Porter issued a
definite warning that the record would be closed at that hearing that the
record would be closed at that hearing unless some unforseen factor of
major importance intervened.—V. 145, p. 2385.
time
revenues
been
Net rev. from ry. oper.
$41,993
17,859
$5,909
21,617
$746,809
197,498
$110,635
174,040
$24,134
34,919
def $15,708
$549,311
Hire of equip., rents, &c.
67,620
3:.r456
def$63,404
169,578
Net ry. oper. def
Other income
$10,785
1,971
Railway tax accruals
Ry.
income
oper.
-
$83,328pr0f$217,155
$232,982
20,047
20,713
1,958
Chicago Yellow Cab Co., Inc. (& Subs.)—Earnings—
Period End. Sept. 30—
Net income after taxes
Def. before fixed chgs_
Fixed charges
$8,814
107,433
$212,935
972,980
$81,370prof$237,868
106,628
974,668
$35,650
$116,247
$187,998
$736,800
$1,185,915
—V. 145, p. 2067.
Period End. Sept. 30—
shs.
com.
x$438,265
$0.01
$1.46
Including non-recurring profit of $44,052 arising from sale of certain
V"
v""
■■ "■ '•••
-
Fed.
p.
Federal surtax on un¬
431.
(The) Cincinnati Union Terminal Co.—General Balance
31—•
1937—9 Mos—1936
1937—3 Mos.—1936
145,
-i.•
-■ v
Note—No mention is made of any provision for
Net profit after deprec.,
int.,
taxes, &c
Earns, per sh.
$4,125
$1.47
iuvosttn.0d■'•/-••si,,■
distributed profits.—V.
Certain-teed Products Corp. (& Subs.)—-Earnings—
depi.,
x$142,778
$0.11
charges
Earns, persb. on300,000
shs. com .stk. (no par)_
x
Deficit, balance
1937—9 Mos—1936
1937—3 Mos.—1936
and
Sheet Aug.
inc.
$133,529
$131,208
$0.04
Note—Federal and State taxes and
Nil
$0.03
reserves
Nil
for Federal income taxes in
the three months ended Sept. 30, 1937, aggregated $58,174 as compared
with $11,423 in like period of 1936.—V. 145, p. 935.
Inv. in rd. &
1
%
$
I .
eqpt.41,085,038 41,030,918
944,718
1,097,508
21,077
Cash
606,727
Special deposits...
1937
Liabilities—
$
3,500,000
3,500,000
Preferred stock
3,000,000
3,000,000
Mortgage bonds..36,000,000 36,000,000
Common stock
Audited
Net bal. rec. from
1936
$
1936
1937
loss$74*,547
$303,601
'A S$CtS: •' "
625,340
stk. (par $1)
on
accts.
&
payable..
283,941
38,031
3,877
agents &cond..
3 Months Ended Sept. 30—
1937
Dividends
$1.496
$1,358
Interest
30
Total
$1,525
$1,431
38
50
Custodian fee
Trustees' fees (estimated accrued).
Miscellaneous expense
Net income
122
V
$1,352
$630
15.
Balance Sheet
1937
1936
$1,311
Accounts
receiv.
460
_
_
■mmm.
-
-
-
$187
■
-mm
—
1,562
112,915
83,205
23
Investments at cost
$493
bond
Def.
invest
859
Sept., 1937
1937
Liabilities—
1936
$1,902
$859
1,225
Capital
(rep.
by
3,738 shares)
195
111,883
84,479
630
493
$86,027
_-
exps.—regis.
932
Total
951
$115,640
expense.
$86,027
Total
—V. 145, p. 1896.
Chain Belt Co.—Initial Dividend
on
New Stock—
The directors on Oct. 21 declared a dividend of 25 cents per
new common
share
on
the
stock, now outstanding payable Nov. 15 to holders of record
Nov. 5.
Unmat. dlvs. decl.
136
60,000
724
Unmat. int. accr--
480,000
Dlvs.
(accrued
not due)
634.
Other curr. assets.
Working fd. adv..
50
96,829
50
Other def. assets..
84,699
Rents
unpaid.mat. unpaid
prem.pd.ln adv.
6,899
226,921
104,053
unadj. debits
,
2,669
221,405
108,466
117
60,000
447,333
1,200
41,850
558,000
Funded debt mat.
liabil.—
243
1,183
Tax liability...--
178,785
193,058
Accr. deprec.—eq.
2,858
8,345
2,576
37,910
Oth.
def.
Oth. unadj. credits
43,573,418 44,161,901»
Total
272,464
30,529
6,877
16,000
Oth. curr. liabil
—unpaid
& insurance
Disc, on fd. debt..
Oth.
Int. mat.
Total
.43,573,418 44,151,901
—V. 144, p. 2822.
Chrysler Corp.—Dodge and Plymouth Prices Raised—
Prices of the 1938
Dodge automobiles were announced on Oct. 14 by A.
Dodge division of Chrysler Corp.
bumpers, spare tire and tube,
Derzee, General Sales Manager of the
they are:
!
Four-door sedan,
$898; two-door sedan, $858; coupe, $808; rumble seat
$858; four-door touring sedan, $910; two-door touring sedan, $870.
of the company reported that orders already placed at the
factory exceed by 49% orders received for new models this time last year.
The Plymouth division of the Chiwsler Corp. increased tbe 1938 model
prices from $65 to $95 above the 1937 models.
H. G. Moock, Vice-President in Charge of Sales, stated that the new
prices would keep Plymouth in relatively the same competitive price posi¬
tion.
Dealers orders are 39% higher than in the pre-announcement period
last year Mr. Moock said.
The prices are as follows:
Standard models: Coupe, $645 as compared with $580 for the 1937
model; two-door sedan $685 as against $620; four-rdoor sedan $730 as against
coupe,
Officials
$115,640
surplus.
2,080
wages
Including Federal excise taxes, safety glass,
Dividend payableRes. for accr, exps.
Earned
3,684
Rents rec.
van
119
Accrued interest on
i
Misc. accts. pay..
215,326
792,620
191,751
119
$2,532
1,902
Balance of earned surplus, Sept. 30
Assets—
$1,192
40
Total
Cash
59
$1,296
1,237
-
Dividends receiv.
128
69
Balance of earned surplus, July 1
Tax reserve cancelled
Dividend payable Oct.
73
:V:-\
880,154
Mat'1 & supplies..
1936
152
Misc. accts.rec...
Chain Store Investors Trust—Earnings-
162
$665.
Coupe $745 comparing with $650; rumble seat coupe
against $700; two-door sedan $788 as against $715; two-door tour-
Deluxe models:
$785
as
lng sedan $800 against $725;
$865
Cliffs
four-door sedan $818 against $745; convertible
Detroit and include Federal excise tax, safety
delivered at
are
541.
flass, bumpers and bumper guards and spare tire and tube.—V. 145, p.
interest,
Fed.
,v ■
$168,787
surtax on
$0.43
_
$20,747
$7,105
$246,096
$202,551
$614,062
$0.31
undistributed profits
805,734 shs. capital
$0.25
$0.76
145, p. 602.
Climax Engineering Co.—Registers with SEC-—
first page of this department.—V. 145, p. 2068.
$204,809
$0.36
income
taxes, &c._
Earns, per sh. on 475,239
shs. cap. stk. (par $50)
See list given on
Commercial Discount Co. of Los Angeles (&
An
Earnings—
—V. 145, p. 1897.
8 Months Ended Aug. 31—
Clark Equipment
Co. (& Subs.)—Earnings—
1937
..$2,181,090
1936
$1,221,459
1 935
$721,291
1 934
$792,270
52,321
39,627
36,275
43,180
$2,233,411
480,856
138,591
Int. and exchange paid..
16,445
Depreciation..
351,012
Develop, exps. incurred.
359
Federaftaxes
206,342
$1,261,086
391,145
89,973
8,236
338,960
$757,565
309,474
59,878
593
272,762
24,919
134,467
54,323
5,293
14,153
$353,531
60,511
164,300
loss$24,902
59,461
140,266
$200,597
59,481
140,266
$128,720 def$224,629
236,716
251,000
$1.23
Nil
233,776
30—
_
Total income
Admin. & selling exps_.
Cash discount given.—
...
First minority interest
Net prof it
Preferred dividends
Common dividends
62,069
308,968
Surplus..
Shs.
$668,770
stock (no par).
com.
Earnings
per
9
$1,039,807
237,671
$4,11
share..
Note—No provision
has
been
made
for
Federal
provision for surtax
$850
$0.60
undistributed profits
tax.
Special Common Dividend—
ceding quarters; 30 cents paid on Sept. 15, 1936; dividends of 20 cents per
15, 1934 to June 15,1936,
incl., and 25 cents paid on Dec. 28, 1933.
Prior to this latter date, no divi¬
dends had been paid since December, 1931, when a quarterly payment of
25 cents per share was made.
In addition, an extra dividend of 50 cents
was paid on Dec. 15, 1936.—V. 145, p. 1093.
Cleveland-Cliffs Iron Co.
Consolidated
To tal "income.
Bond
Income
J
2222.
Premium
...
b$3,118,463
187,590
bonds retired or purchased
Amortization of bond discount and expense
on
75,870
51,095
a308,608
Provision for depletion and depreciation
Prov. for est. normal Fed. inc. tax applic. to parent company._
_Net profit
a
...... — .
Total provision for
265,497
$2,231,803
___
depletion and'depreciation for the period of three
months ended Sept. 30,1937, was $633,738 (including depletion applicable
to land and standing timber sold in the amount of $9,795), of which the
applicable amount of $315,334 was charged to surplus arising from adjust¬
of properties for Federal income tax purposes,
b After deduction
of provision for estimated normal Federal income taxes.
\
Notes—(A) Company's proportionate share of net profits of subsidiaries
not consolidated, for the period, not taken up, amounted to
approximately
$373,000.
(B) No provision has been made for Federal surtax on undistributed
profits.—V. 145, p. 2067.
ment
„
Cleveland Ry.'—Cancellation of Agreement—
Metropolitan Utilities, Inc., in
a
Cleveland
Trust
Co.
and
Seymour, President, says in part:
'
■
9, 1937, the receivers of United American Utilities, Inc., and
Pacific Freight Lines Corp., Ltd., pursuant to court order, offered for
sale at public auction all of the assets of the receivership estates except
cash and office furniture and supplies.
Company, to protect its interest,
Jan.
purchased certain leaseholds, notes and stock at the receivers' sales.
On June 11, 1937, the receivership estates were liquidated and company
then received cash and certain other assets, bringing into its possession
ail of the assets to which it had claim.
date of incorporation to the end of 1936,
For reasons of economy and because there was
From
the
certain
stockholders
of
Cleveland
company had no
little or no change
during that time, no attempt was made to
inquiries were given individual attention.
Certain recurring questions in the inquiries received from stockholders
make it appear that a brief resume of the company's history would be
helpful at this time.
Company was incorporated on Dec. 2, 1933, to provide an instrument
for the equitable distribution to the security holders of. United American
Utilities, Inc., and Pacific Freight Lines Corp., Ltd., of their rights in
the receivership estate of those two companies—plus additional assets
contributed by the heirs of A. E. Fitkin, deceased, being stock of American
Gas & Power Co., an entirely separate and distinct company in no way
connected with either of the bankrupt companies.
Upon receipt of the American Gas & Power Co. stock. Community Gas
& Power Co. issued its common stock, which was then distributed to holders
of securities of the bankrupt companies upon surrender of those securities
to a depositary.
As a result of this exchange, each stockholder has a
proportionate interest in assets having a value considerably in excess of
the proceeds from the receivership alone.
At this time attention is called to the fact that, because no income is
the likelihood
presently being received by company upon most of its assets,
of any dividend payment in the near future is slight,
the position of company will depend largely upon an
of American Gas & Power Co. common stock.
Income Statement for 6
letter dated July 26, 1937, addressed to
the Cleveland Trust Co., depositary under stock option and
deposit agree¬
ment dated March 30, 1929 (as amended), between
Metropolitan Utilities,
Inc.,
Earnings—■
Community Gas & Power Co.—Acquisition,
F. W.
On
in the status of the company
issue annual reports, although
for_3 Months Ended Sept. 30, 1937
_T.
interest
Corp.—Monthly Output—
& Southern
Output—Electric output of the Commonwealth & Southern Corp.
of September was 712,452,192 kwh. as compared
for September, 1906, an increase of 5 26%.
For
the nine months ended Sept. 30, 1937, the output was 6,441,801,876 kwh.
as compared with 5,658,372,104 kwh. for the corresponding period in 1936,
an increase of 13.85%.
Total output for the year ended Sept. 30, 1937,
was 8,576,056,643 kwh. as compared with 7,412,159,495 kwh. for the year
ended Sept. 30, 1936, an increase of 15.70%.
Gas Output—Gas output of the Commonwealth & Southern Corp. system
for the month of Sept. was 1,045,215,000 cubic feet as compared with
900,721,200 cubic feet for September, 1936, an increase of'16.04%.
For
the nine months ended Sept. 30,1937, the output was 10,708,744,800 cubic
feet as compared with 9,382,404,400 cubic feet for the corresponding period
in 1936, an increase of 14.14%.
Total output for the year ended Sent. 30,
1937, was 14,655,013.400 cubic feet as compared with 12,609,539,700 cubic
feet for the year ended Sefct. 30, 1936, an increase of 16.22%.—V. l4o
Electric
income.
(& Subs.)—Earnings—-
$278,787
x283,759
$0.72
system for the month
with 676,836,355 kwh.
p.
share distributed each three months from March
$0.66
Commonwealth
common
The company paid a cash dividend of 50 cents per share on Sept. 15, last,
and this compares with dividends of 40 cents paid in each of the three pre¬
_________ — —
Adjusted for three-and-a half for one split-up.—V. 145, p. 937.
x
The directors
have declared a special dividend of $3 per share on the
stock, no par value, payable in $100 par 7% cum. pref. stock on
Dec. 1 to holders of record Oct. 30.
Subs.)
1936
$282,642
318,759
—
Shares of common stock
56,026
—
■
Earnings per share
319,569
393
244,704
'
1937
Net income after operating exps., normal Federal
income taxes, deprec. & other chgs,, but before
$835,450
9 Mos. End. Sept.
Gross profit
Miscellaneous income
9 Months
Net profit after charges and Federal
income taxes, but before prov. for
—Y.
1937—9 Mos.—1936
1937—Months—1936
Period End. Sept. 30—
Net inc. after deprec.,
—
Sept. 30 *37 June 30 '37 Sept. 30 *37
Period Ended—
Earns, per sh. on
stock (no par)
Ry.—Earnings—
Cincinnati Street
1937
23,
Corp.—Earnings—
-3 Months-
^against $830 and the four-door touring sedan $830 as compared
Prices
Oct.
Financial Chronicle
2690
and improvement in
appreciation in value
Months Ended June 30, 1937
Income—Rent
—
Interest
—
—
-_
By.,
stated:
$4,445
4,694
Total-_
"Article IX of the deposit agreement provides that for a period of 30 days
after default in the payment of any regular quarterly dividend
upon the
stock of Cleveland Ry., Metropolitan Utilities, Inc., may 'deposit with the
Expenses.
$249
Net loss.
depositary
an amount equal to the dividend so in default, without recourse
right of reimbursement of any character to Metropolitan therefor except
as herein
provided.'
"Cleveland Ry. failed to pay the usual quarterly dividend on July 1,1937.
Article X of the agreement provides that after the expiration of the 30
day period within which Metropolitan Utilities, Inc., may cure such a de¬
fault in payment of dividend, holders of certificates evidencing the
deposit
of Cleveland Ry. stock under the said
agreement shall have the right during
a period of 90
days 'to sell Metropolitan all or any of the shares represented
by the certificates held thereby at the price of $100 per share plus accrued
dividends thereon to a date 15 days after the expiration of said 90 day
per¬
S4.383
63
Balance Sheet June 30,
1937
or
Liabilities—
.$352,973
Investments
Common stock cl. A (par
Cash in banks
1,754
Common stock cl. B (par
Note receivable
2,000
Capital surplus
Accrued interest receivable
335
Prepaid
50c)--$269,500
50c)._
55,500
32,589
249
Earned deficit
278
expenses-
$357,340
Total
—V.
-$357,340
Total
139, p. 1702.
iod.
"Article XI of the agreement provides the agreement shall terminate if
Metropolitan Utilities shall fail to deposit funds equivalent to any defaulted
dividend upon deposited shares within 30 days after default in
payment of
any such dividend, except that agreement in such event continues for the
purpose of and to the extent necessary to the enforcement of any rights of
certificate
as
holders who
aforesaid.
may
have elected to
sell shares
to
Metropolitan
"The Cleveland Ry. has notified us that it will not be able to
pay the
dividend due July 1, before Aug. 1, and that it feels that there is
great advantage to the stockholders and the public in having the status of ownership
of Cleveland Ry. stock fixed at as
early a date as possible.
Therefore,
hereby notify you, and through you the holders of certificates of deposit
issued! under the agreement of March 30, 1929, that without the
payment by
Cleveland Ry. of the July 1 dividend, we will not be able to cure the default
which now exists and has existed since July 1,- 1937.
We hereby waive
the period of time within which it is permitted to cure this
default, and
further notify you, and through you the holders of certificates of
deposit,
that we will be unable to purchase any of the Cleveland
Ry. Co's stock
for $100 per share and accrued dividends, if any stockholders shall
elect to
sell their stock on account of our failure to deposit an amount eauivalent to
the July 1, 1937, dividend on Cleveland Ry. stock.
"We, therefore, consent to the immediate termination of the agreement
of March 30, 1929, and the immediate delivery of the
deposited stock to
we
holders of certificates of deposit upon surrender of their certificates to the
depositary, subject, however, to the right of each such stockholder, after
receiving re-delivery of shares, to elect to sell to Metropolitan Utilities
Inc., such shares under the same terms and conditions in every respect as
is provided in said agreement for sale of shares to
Metropolitan Utilities,
Inc., upon its failure to cure default occasioned by Cleveland Ry. not pay¬
ing dividend on its stock July 1,1937."
The Cleveland Trust Co., depositary, in a notice to the holders of cer¬
tificates of deposit representing capital stock of Cleveland Ry. deposited
under stock option
and deposit agreement dated March 50, 1929 (as
amended), states:
"Certificates for shares of stock of Cleveland Ry. will be delivered upon
surrender of the certificates of deposit you now hold, duly indorsed in blank
Connecticut Light & Power
12 Months Ended Sept.
Co.—Earnings—
30—•
Net income after charges and taxes.
Average number of shares of common stock.
Earnings per share
!
—V. 145, p. 2386.
_______
Consolidated Chemical Industries,
Period End.
Sept. 30—
Net profit after deprec.,
Federal taxes, &c
Earns, per sh. on com¬
1937—3 Mos.—1936
1937
$4,516,062
1,148,277
$3.51
1936
$4,664,385
1,148,009
$3.37
Inc.—Earnings—
1937—9 Mos.—1936
x
$249,756
' $191,682
$927,089
$434,903
$0.78
$0.60
$2.90
$1.36
bined cl. A & B stock.
x
Before surtax on undistributed
Consolidated
Water
profits.—V. 145, p. 1897.
Co.
of
Utica—Bond
Redemption
Deferred—City Drops Purchase Deal—
George C. Hodges, President of the company announced on Oct. 20 that
because of the inability of the City of Utica to complete, at this time, the
proposed purchase of the company's properties, the company had abandoned
its intention to redeem on Nov. 1 its refunding mortgage 4J^% bonds and
first mortgage 5% bonds.
The company had published notices of intention
to redeem the bonds.
According to dispatch from Utica, Oct. 21, the
purchase of the Consolidated Water Co, by the City of Utica was declared
off Oct. 20 by Mayor Vineent Corrou.
He said the city could not sell the
$7,900,000 in bonds for the purchase because buyers would not bid under
the ruling by the State Water and Power Control Commission giving several
suburbs permission to buy parts of the water system in their areas at any
time.—V. 145, p.
Container
2068.
Corp. of America (& Subs.)—Earnings-—
Period End. Sept. 30—
1937—3 Mos
—
1936
1937—9 Mos.—1936
Net profit after int., de-
prec'n, Fed. inc. tax,
res. for year-end adj__
$426,462
$405,987
$1,745,756
$857,832
$2.23
$1.31
with signature guaranteed, at our Corporate Trust Department,
together
with an amount at the rate of 6c. for each share represented
by the certifi¬
cate of deposit, to cover 4 cents transfer tax per share of stock
together with
Earns, per share and est.
compensation of the depositary and printing and postage expense."
Sept. 30, 1937, earnings were $2,174,866 or
$2.78 per share compared with $1,269,522 or $1.94 per share for the 12
months period ended Sept. 30, 1936.
In each instance, earnings are com¬
puted after all charges including reserve for year end adjustments, Federal
income tax and estimated surtax on undistributed earnings.
The company's Fernandina (Florida) pulp mill is expected to be ready
for preliminary operation within 30 days; the first fires were strarted under
the boilers last week.—V. 145, p. 755.
New Director—
A special stockholders' meeting which has been called to give stockholders
opportunity to elect a new board, will be held Nov. 9.
Raymond T.
Cragin has been elected a director to fill the vacancy of the board that has
an
existed since resignation of Paul E. Wilson, former President of the com¬
pany and a director.—Y. 145, p. 2541.
$0.55
cap. stock
Before surtax on undistributed profits.
surtax
x
on
For the
12 months ended
$0.62
Volume
Financial
145
Continental Baking Corp.
Period—
Sept. 36 '36
$1,774,882
2,134
$4,676,649
132,585
$4,344,062
100,397
$1,777,016
2,081
$4,809,234
•
7,830
1,602,836
532,175
8,083
$4,444,459
1 0,664
1,553,892
473,600
lossl8,612
$2,387,691
$1,970,621
Other income
4,243
Total income..
Interest
$1,974,864
4,871
522,576
245,425
Depreciation
Federal income taxes...
Gain in equity disposed of
y
Net profit
552,099
202,600
$1,201,992
Earns, per sh. on
$1,020,236
$2,674,476
$1.37
$0.75
$0.92
291,813
shs. class A stock
x$5.95
Earnings per share on 400,900 shares of 8% preferred stock,
provision for surtax on undistributed profits.—V. 145, p. 1897.
x
Continental Steel Corp.
3 Months Ended Sept. 30—
3,984,373
$323,546
19,658
$85,822
19,245
Provision for depreciation
Total income
....... ..........
Loss
on
for
Federal
Net profit...
Earned surplus, June 30.
2,113
CY137
20
bonds retired-
below.—V. 145, p. 1095.
/
Crucible Steel Co. of America—Director Resigns—
George W. Davidson has resigned as a director of this company.—
Y. 145, p. 1254.
Cream of Wheat Corp. (&
Period End. Sept. 30—
x
Subs.)- -Earnings—
1937—9 Mos.—1936
1937—3 Mos.—1936
Net profit after charges
and Federal taxes
$264,557
$294,362
$848,760
$871,365
$0.44
$0.49
$1.41
$1.45
Earns, per sh. on 600,000
shs. cap.
stk. (no par)
provision made for Federal surtaxes on undistributed profits.
ended Sept. 30,1937, was $1,234,863, equal
to $2.06 a share, against $1,204,801, or $2.01 a share, for the 12 months
ended Sept. 30, 1936.
Net profit for first six months of 1937 included $50,516 refund of AAA
processing tax.—V. 145, p. 938.
No
x
Net profit for the 12 months
$71,842
1,621,627
tax
... .
Refund of premium paid on
299
14,085
$258,890
2,113,868
income
66,400
of properties
sales of dismantlement
Provision
$105,067
15,937
2,902
13,228
2,709
Amortization of debt discount & expense
Interest on loans
possibility of $1 or more.—V. 145, p. 604.
Corporation Securities Co.—Settlement—
338,902
132,069
$343,204
....
funded debt..
on
does offer the
1936
$4,541,167
4,203,928
373,350
109,102
Administrative, selling and general expense
Interest
Late last year the company, through issuance of certificates of indebted¬
in amount of $214,241, paid a $1 dividend on its 214,241 shares of
capital stock outstanding.
This system of dividend payment enabled the
company to avoid Federal surtax on undistributed profits and thus far has
worked out satisfactorily.
To date this year the company has paid cash dividends totaling $1.10 a
share and the regular quarterly dividend of 50 cents will be paid Nov. 30 to
holders of record Nov. 15.
The proposed increased indebtedness, while
offering no clue as to what stockholders will receive in this form of dividend,
ness
See Insull Utility Investments, Inc.
1937
......
proposal to
$214,241 to $500,000.
Before
y
$5,009,926
Cost of sales (exclusive of depreciation)
Other income
increase the indebtedness of the company from
The plan, if approved, will allow for a dividend
payment in the form of certificates of indebtedness.
directors'
(& Subs.)—Earnings—
Net sales
has been called for Dec. 10 to consider
A special meeting of stockholders
-39 Weeks-
sept. 25 '37 Sept. 26 '36 Sept. 25 '37
Operating profit
^
Copperweld Steel Co.—To Vote on Debt Increase—
(& Subs.)- -Earnings-
-13 Weeks-
2691
Chronicle
Crystal Tissue Co.—Earnings—
30—
1937
1937
after deprec., Federal income tax
x$113,332
$73,752
Earnings per share on 93,000 shares common stock
$1.06
$0.63
x After
provision of $5,000 for surtax on undistributed profits.—V. 145,
9 Months Ended Sept.
Net profit
Total
..
Preferred dividends
Common dividends
_
_
$2,372,758
.
..
.
_
_
.
i'_
.
43,206
50,144
i
.
.....
$1,693,489
44,625
100,289
Balance, Sept. 30,1936
$2,279,408
$1,548,574
Earnings per share on 200,648 shares of common..
$1.08
$0.14
Note—No provision has been made for surtax on undistributed profits
during 1937.
Consolidated Income Account
Period Ended Sept. 30,
$16,696,758 $21,923,112
373,753
$965,383
Profits from operations......
....
Total income
on
of debt discount and expense
Amortization
Interest
on
loans
Loss of Superior A1 lotment Co
.
Loss oh sales or dismantlement of properties
Provision
for
Federal
income
11,526
of subs..
$1,132,278
$793,512
profit
provision has been made for surtax on undistrubted
profits
during 1937.
While the company's plants continue to operate at near capacity, there
a marked decline in incoming orders, a condition which seems to
has been
general throughout the industry, according to D. A. Williams, president.
running approximately 25%
"Since the first of October, orders have been
below the first half of September.
Nevertheless, apart from the prevailing
ack of business fconfidenee, we find no change in underlying conditions
that would justify a belief that the present slackening of demand will be
more
than temporary,"
he said.
inventories
Marketable securs.
571,664
2,067,250
3,769,162
1,200
Payrolls payable..
Accrued iDt.,
Gross income........
$104,523
$104,067
$1,492,400
$1,195,818
$32,745
$44,244
$401,845
1,740
210,583
$536,300
2,970
128,402
Bond interest.
_
_
177
7,801,107
7,687,119
1
100,000
1,301,000
1
1,400,000
336,890
140,975
232,948
161,660
2,630,600
5,279,310
Dr79,746
1,850,093
1,548,575
83,542
89,523
Operating reserves
Res. for contlng..
7% cum. pref. stk. 2,527,600
c Common stock..
5,279,310
Initial & cap. surp.
Earned surplus
After
342,896
year
Treasury stock
15,364,100 14,327,5491
Total
reserve
7,348
$52,248
$878,232
$528,146
$19,997
$290,381
$239,964
(net)
Other deductions
Net income
Pref. div.
—V.
145,
$24,580
requirements
2069.
p.
Corp.—Bond Payment-—
advising holders of the general lien 6% income
of deposit for 1st mtge. & coll.
bonds of
Alleghany Gas Corp. that it will pay out of net cash income a sum equal
to 1 Yi%
of the principal amount of its general lien 6% income bonds on
each coupon numbered 8 attached thereto.
Payment will be made on
and after Nov. 1, 1937, upon presentation of tbe coupons at the office of
the Charleston National Bank, trustee.
Holders of coupons numbered
1 to 7 inclusive, who have not heretofore surrendered
them to the trust
for payment, are advised to do so immediately.—V. 145, p. 107.
This
is
corporation
bonds
and
certificates
Cumberland Ry. & Coal Co.—New Control—
Aug., 1937 the Dominion Coal Co., Ltd., purchased from the Dominion
& Coal Corp., Ltd., the total capital stock of Cumberland Ry. &
Coal Co. amounting to $2,000,000.—V. 119, p. 1281.
Steel
Total...
Dr56,548
1,848,771
2,279,408
15,364,100 14,327,549
$53,795
—
$7,733,514 $12,055,273
profit..
Expenses (net).
$1,927 prof$33,470
Net loss for period.
-V.T45, p. 756.
Cusi Mexican a Mining
Co*—Earnings-
Operating income
Operating expenses
Deprec. on bldgs., plant & equipment
$288,926
359,458
98,832
$390,184
440,169
91,832
$182,512
193,512
58,965
Operating loss
Expenditures incident to suspension of
production..
$169,364
$141,817
$69,965
$169,364
39,047
$141,817
78,488
$135,378
63,074
$208,412
$220,305
$198,452
111,640
$208,412
$220,305
122,469
$86,812
62,652
$320,674
$342,774
$149,463
65,413
Total operating loss
Premium on bonds sold
Consol. net loss for the year before
2.366,081
1,350,000
1,485,000
Consol. net loss for the year
Note—The operating income and operating expenses for 1934 shown above
for the eight months ended Dec. 31, 1934.
Depreciation on buildings,
are
plant and equipment was
zl,529,233
Consolidated Balance Sheet Dec.
Common dividends
claims,
$5,373,070
1,288,374
5,692,500
$7,217,893
1,279,630
5,689,329
Surplus Dec. 31
$1,979,585sur$l356,568
21,805.983
22,268,051
51,607,804 sur$248,934
15,228,560
24,820,615
$19,826,398 $23,624,619 $23,620,756 $25,069,549
Total surplus
Special div. Allied Mills,
2,745,050
Inc., stock
Surplus Sept. 30
$19,826,398 $20,879,569
2,530,
b Bldgs.,
$1.47
x
Exclusive
of
surtaxes
on
$2.78
$1.61
undistributed profits,
y After
z Includes interest charges.
$2.35
deducting
estimated Federa 1 income taxes,
For the quarter ended Sept. 30, 1937, net profit was $661,154 equal to
nine cents a share on common, comparing with $2,985,259 or $1.01 a com.
share in tbe September quarter of
plant
1936.—V. 145, p. 604.
1936
c
Capital stock...$1,650,000
30,000
(banks)
Notes pay.
&
320,346
407,086
131,551
130,251
4,048
2,082
prepaid.
of
min. claims
$1,650,000
48,311
14,000
Notes pay. (others)
118,480
Deferred liabilities
$3,108,762 $3,300,903
-.
1935
41,745
72,717
43,728
33,043
2,187,984
&
Accts.
pay.
salaries
& int. accr.
1,770,589
Surplus
Denouncement
new
1,755
74,105
15,015
13,014
Cash
a
36,294
53,620
$3,654,543 $4,006,056
After reserve for
Total
depletion of $1,664,241 in
$3,654,543 $4,006,058
1936 and $1,551,979 in
depreciation of $582,073 in 1936 and $582,073
Represented by shares of 50 cents par.—-V. 144, p. 1105.
b After reserve for
c
Davenport Water
All
1,714
60,052
Supplies on hand..
Accounts receiv'le.
1935.
1935.
000 shs. common stock
period
31
LiaWUies—
1935
&
equipment
Total
$23,620,756 $25,069,549
Earns, per sh. on
(par $25)
lands
Investm't in sub
Expenses
....
1936
Mines, mining
development
$5,003,040 x$8,339,192
1,290,125
1,290,124
5,692,500
5,692,500
Net profit...
Preferred dividends
charged for the eight months operating
only.
a
y
.
112,263
.....
Assets—
-See
'
depletion
Depletion
Federal income and State
1,470,474
1,260,000
1934
1935
1936
Years Ended Dec. 31—
$8,747,127
$6,858,070
taxes
$97,083
63,612
Gross
equipment.—V. 144, p. 4176.
Corn Products Refining Co.—Earnings—
1937
1936
1935
1934
$3,978,232
$9,784,676 y$3,794,362 y$5,808,553
Other income
3,755,282
2.270,597
3,063,708
2,938,574
Depreciation
930,887
$3,389
5,316
I.......-......—
Cost..
Duluth office expenses
9 Mos. End. Sept. 30—
Profit from operation
Total income
$1,027,971
50.406
....
Total loss
Copper District Power Co.— Unsecured Notes—
Company, a subsidiary of Middle West Corp., a registered holding com¬
pany, has filed with the Securities and Exchange Commission a declaration
(File No. 43-84) under the Holding Company Act covering the issuance of
not to exceed $225,000 of unsecured notes.
The notes will cover borrow¬
ings of not to exceed $125,000 from First National Bank of Boston, and not
to exceed $50,000 each from Middle West Corp. and Copper Range Co.
The proceeds will be used to reimburse the treasury for a portion of the cost
of construction and
12 Months
Month
31.1937—r
for doubtful notes and accounts and discounts of $194,768
30, 1937 and $173,855 on Sept. 30, 1936.
b After deducting
reserve for depreciation of $6,600,906 on
Sept. 30, 1937 and $6,316,847
on
Sept. 30, 1936.
c Represented
by 200,648 shares no par value.
—V. 145, p. 604.
Sept.
Deficit
-Earnings-
Cummins Distilleries Corp.Period Ended Aug.
Sales
gen.
Funded debt
buildings,
<fcequip__
due
227
7,001
$64,600
Other interest
246,172
21,610
32,583
Deferred charges..
a
$1,136,389
59,429
within
Bonds
Patents.....
on
$1,430,805
61,595
615,042
456,557
96,723
12,323
.
Other assets
mach.
495,000
430,317
303,208
payable
payable.
Accounts
95,465
23,081
88,998
...
investments
bLand,
Notes
taxes, &c
Real estate held for
sale
1936
LiaWUies—
$
$
455,001
2,421,396
4,394,309
1,200
Notes&accts. rec
1937
1936
1937
AsseZs—
Cash............
Misc.
$99,172
4,895
In
Consolidated Balance Sheet Sept. 30
a
$99,237
5,286
801
3,121
239,110
3,485
1937—12 Mos.—1936
$4,621,555
$4,332,621
2,645,113
2,661,304
364,563
349,952
184,976
181,074
1937—Month—1936
$413,748
$402,732
255,559
250,647
«
30,838
30,356
28,114
22,557
Net oper. income
Non-oper. income (net).
Cumberland Gas
Note—No
oe
Operating revenues
Operating expenses
State & municipal taxes.
Federal taxes (incl. inc.)
7,383
179,920
tax
Prov. for surtax on undistributed profits
S* Net
$1,456,295
58,589
$1,032,258
42,424
8,123
6,769
281
1,228
.........
funded debt
& Light Co.—Earnings—
(Including Cumberland Securities Corp.)
Period End. Sept. 30—
90,007
—
1898.
Cumberland County Power
$1,366,288
66,876
of depreciation)
Administrative, selling and general expense.
Provision for depreciation
Other income
18,549,417
1,523,985
483,421
14,197,728
1,159,894
Cost of sales (exclusive
Interest
12 Mos.
9 Mos.
1937—-
Net sales...........
P.
of the outstanding
Co.—Bonds Called—1st mtge. 5% gold bonds,
in
series A, have been
called for redemption on Nov. 15 at 105 and interest.
Payment will be
made at the Chemical Bank & Trust Co., 165 Broadway. N. Y. City.
—V. 136, p.
4085.
f?
Financial
2692
Mfg.
Rubber
Dayton
Co.—PlutiS to Issue Additional
Canceled—Estimated Earnings—
Stock
Plans for the sale of 25.000 additional share* of common stock to provide
new
capital needed to finance the production and sale ot several new
products the company has developed have been canceled, according to
J, A. MacMillarf, Chairman of the Board.
1 he directors feel that sale
of the stock under prevailing market conditions would entail an unwarranted
sacrifice of stockholders' equity.
While the new capital, which sale of
the stock would have provided, could still be used as profitably as ever,
the management believes that the interests of the company and stockholders
can now be best served by meeting new capital requirements to the extent
possible from surplus earnings which might otherwise be paid out in
^et^ncome for
the present fiscal year, which ends Oct. 31, will amount
share on the 176,535 shares of common stock outstanding,
providing for a year's dividend requirements on the class A stock,
according to Mr. MacMillan.
in the previous year net income on the same
basis amounted to $2.36 a common share.
Sales for the current fiscal year will reach the highest total in the com¬
pany's history.
Sales for the 11 months to Sept. 30 exceeded the total
of $7,224,000 for all of the last fiscal year.
Previous record sales were
made in 1927 with a total of $7,370,000.
The company has already paid out $232,590 in class A dividends during
the current year, partly for current dividends and partly to clear up
arrearages.
An additional $500,000 of earnings was used to build and
equip a new plant for the manufacture of V-belts.
The new plant doubles
the company's capacity for the manufacture of these belts which are used
on
automobile fans, railroad air conditioning equipment and for general
industrial purposes.
During the past year the company had to turn
away V-belt business because of lack of sufficient capacity.
The manage¬
ment expects the savings in material and labor which the new plant makes
possible to pay the entire cost of the plant within a few years.—V. 145,
to at least $3 a
after
2542.
p.
.
1937—8 Mos.—1936
$1,228,379
1937—Month—1936
Sept. 30—
$187,070
$234,177
$1,564,741
—V. 145, p. 2070.
Distillers
the company and its
Duquesne Light Co.—Earnings—
12 Months Ended Aug.
Total inco
ne_
...
Interest
Loss
$5,239,246
3,140,360
a 11,008
$4,781,441 $24,257,692 $19,489,414
2,872,766
13,223,051
12,098,501
and
U.
8.
134,055
8,298
.
118,063
431,840
zl30,205
523,820
46,390
70,741
76,028
517,937
assets & in v.
Flood loss in U. S. A...
Can.
$4,763,705 $24,149,722 $19,381,853
17,736
107,970
107,561
(net)..........
on cap.
236,874
143,438
775,293
......
2,017,627
Special price allowance.
______
Net profit.
[/14,874
187,500
$1,491,356
$1,227,374
$1,491,356
Preferred dividends
Surplus..
Duro-Test
9 Mos. End.
Sept. 30—
$7,444,258
907,350
yl,724,987
.
$6,881,758
Eastern Minnesota Power
Interest
1934
1935
earnings.
x
Total income
x
Before
$62,091
47,450
debt
of
2,122.233
540,211
3,336
1,832,874
1,668,728
1,597,111
571,538
1 9,933
425,231
13,312
717,953
11,544
$2,970,955
305.844
$2,816,006
279,821
$3,047,370
291,976
$14,641
20,625
$3,339,347
and
p.
$8,535
1937
was
2388.
(& Subs.)-
-Earnings—
1937
Years Ended June 30—
Total tons of sugar produced (factory
Income from operations
Dominion
Woollens
At
a
on
&
Worsteds,
meeting of the directors held
amended in order to
Ltd.—Fiscal
Year
$6,258,804
5,215,893
251,366
526,138
Total income.
$7,420,086
5.266,597
365,185
522,160
$265,407
Compensation receivable
105,166
$7,255,446
$1,266,144
Cost of production, manufacturing, &c
Interest paid
Balance, profit
on prior year's crop (incl. in 1937 an adjust¬
shipping and selling expenses of $41,130)
on
ment or
59,370
26,896
Total
$324,777
34,266
$1,293,040
162,292
$290,511
$1,130,749
Net profit....
Consolidated Balance Sheet June 30
1937
Assets—
1936
1937
Loans
secured
rec.
160,837
205.625
Plantera'
accounts
29,875
16,844
auditors' report for the period from July 1, 1936, to Dec. 31,
1937, will be
presented.
The profit from the company's operations for the 12 months'period ended
June 30, 1937, before allowing for depreciation (about $110,000), bond
approximately $217,000.
There¬
fore, the annual charge of $63,510 for bona interest accruing from July 1,
1937, has been earned over three times.
The net working capital of the
company at the end of the 12 months' period amounted to $732,000, subject
to provision for income taxes, which will be reserved for in closing the books
at Dec. 31, 1937.
It is provided by the deed of trust and mortgage securing the company'*
bonds that no bond interest shall be payable in respect of this 12 months*
period if such payment would reduce the net working capital below $1,000,000, and therefore no bond interest was paid in respect of this period.
Interest accruing from and after July 1, 1937, becomes a fixed charge
payaole Jan. 1 and Ju y 1 In each year, and present indications are that the
six months' interest due Jan. 1,1938. will be paid when due.
The company's plants have oeen kept in good condition and during the
12 months' period capital replacements to an amount of $96,000 were made
to facilitate the efficient operation of the company's plants.
The company has on its books a larger amount of unfilled orders than it
had a year ago and except for the labor dispute which resulted in produc¬
tion of the company's two mills at Peterborough being seriously interfered
with for eight weeks, the outlook would have been most favorable.—V. 143,
p. 1876.
(S. R.) Dresser Mfg. Co. (& Subs.)—Earnings—
9 Mos. End. Sept. 30—
Earnings
x
per
share
1935
1937
1936
*$372,796
100,000
$2.42
x$319,060
84,500
$2.36
Before provision for surtax on undistributed
1934
$96,457
84,500
$1.14
$82,048
profits.—V. 145,
84.600
$0.97
p.
1582.
(E. I.) du Pont de Nemours & Co.—Earnings—
The company reports consolidated net earnings of $62,799,523 for the
nine months ended Sept. 30, 1937.
During this period the company re¬
ceived $22,002,195 from its investment in General Motors Corp. common
stock.
After providing for dividends on the company's debenture and
preferred stocks the earnings applicable to the common stock amounted to
$5.33 a share. This compares with $5.31 earned in the nine months ended
Sept. 30, 1936.
Lammot du Pont, President, in announcing the result of the company's
operations for the nine months period, pointed out that during that period
$
Sugar &
molasses,
3,495,513
412,159
1,984,821
427,679
164,640
Deferred taxes (*36
499,728
37,599
incl. notes pay.)
Claims partially
less reserves..
Mat'ls & supplies-
46,929
Compensation rec.
Growing cane
1,045,112
14,424
less
Animals
by
1,717,859
sugar
Loans due June 30,
1938
2,760,011
curr. llabils.
281,268
contested
'
192,779
Mtges. payable
382,605
Res. for contlngen.
&
equip¬
(net)
525,783
5,359,778
30,601
11,142,206
Shs.
487,300
5,181,567
37,224
9,597,224
of
450.559
122,941
195,540
3,424
113,764
257,534
257,534
19,350
162,650
beneficial
interest($l each)
251,253
Capital surplus... 3,784,702
Property and plant
(net)
Deferred charges..
2,956.698
Other
1,849,448
251,253
3,744,702
1,558,937
...11,142,206
9,597,229
Earned surplus...
Total
—V. 141, p. 3688.
Easy Washing Machine Corp.—EarningsPeriod Ended Sept. 30, 1937—
Net profit after deprec. & Fed. inc. taxes, but be¬
fore surtaxes on undistributed profits
3 Mos.
Earnings
per
share
on
shares
$405,197
$0.21
518,615
9 Mos.
$108,994
$0.78
combined
Sept. 29, 1937, by-law No. 1 was
after December, 1937, at which meeting the amending by-law will be sub¬
mitted to shareholders for ratification and the financial statements and
Net profit after deprec.,
taxes, &c
Shs. cl. A stock (no par).
1936
$
Liabilities—
$
$
Cash & accts.
Eaton Mfg. Co.
change the fiscal year-end from June 30 to Dec. 31,
amounts to
164,640
—V. 145, p.1096.
the object being to have the fiscal year coincide with the calendar year.
In view of this change, the next annual meeting will not be held until
interest and income taxes,
_
Profit
class A and B stock
Bonds—
1936
.91,929
$6,211,874
46,929
weight)
....
Changed—No Interest
$14,143
and
-
Eastern Sugar Associates
depreciation and depletion.
The number of tons milled for the nine months ended Sept. 30,
40
2,512
and
expense
Net loss (before provision for Federal income
$3,476,704
429,500,1936; 415,100, and 1935,411,400.—V. 145,
discount
deductions
$3,172,165
$3,095,827
$9,035
20,625
36
debt
—V. 145, p. 758.
ment
304,539
$57,392
48,357
2,515
unfunded
reserves
$5,498,773
Max¬
1936 -V
$227,769
170,376
1937
funded debt
on
Amortization
Development, oper. and
Netincome
Miscellaneous
on
Interest
Investments,
$5,154,641
are:
$239,759
177,667
Net earnings (before Federal income taxes)
Subsidiary deductions
Deposits
1936
They
Corp.—Earnings—
3 Months Ended Sept. 30—
Gross earnings (incl. other income).
Total operating expense
Provision for income taxes.
$5,240,352
general costs
Dominion inc. tax (est.).
Outside explora'n exp
directors to the board.
Inc., and Jack M. Ross.
Oct. 15, stockholders voted to change
the date for all future annual meetings to Jan. 15.—V. 145, p. 1255.
$4,208,673
Earnings—
1937
$5,636,735
new
of Tungsten Research Laboratories,
At their regular annual meeting
$4,208,673
562,500
$3,276,799
Total recovery
Corp.—New Directors—
Stockholders have elected
Depreciation
$0.70
$0.85
$3.95
$2.41
x Less freight
and allowances,
y Special price allowances made to cus¬
tomers in respect of stocks in their hands Jan. 2, 1936, and also adjust¬
ment of duty paid on inventories in hands of the companies, following the
reduction in United States import duties in conformity with the trade
agreement between United States and Canada,
z Depreciation provided
during the year amounted to $825,749, of which $695,544 has been charged
to cost of production and $130,205 as above,
a Depreciation provided
during the period was $223,709, of which there was charged to production
$212,701.—V. 145, p. 1582.
Mines, Ltd.-
$10,653,200 $10,770,346
well M. Bilofsky, President of Duro-Test; Dr. Emanuel Spielholz, director
Earns, per sh. on 1,742,645 shs. common stock
Dome
1 936
14,299,995
$30,691,825 $26,637,795
& retire, res.
x After rents for lease of electric properties, interest, amortization of debt
discount and expense, appropriation of special reserve and other income
deductions.—V. 145, p. 2072.
income
and profits taxes.
1937
14,215,699
^
Net oper. rev. & other inc. after taxes
x Net
income..——
undistributed profits taxes)
1937—12 Mos.—1936
$81,872,168 $60,585,916
57,722,446
41,204,063
$5,212,616
26,630
Selling expenses, &c_...
Depreciation
31—
Gross revenues
(Expressed in Canadian Currency)
.
subsidiaries paid out in wage? and salaries approxi¬
$16,600,000; and that dividends in the amount of $52,506,000 were de¬
clared, payable to about 76,500 stockholders.—V. 145, p. 2072.
other
Period End. July 31—
1937—3 Mos.—1936
xSales
$18,232,979 $14,453,909
Cost of goods sold...... 13,020,363
9,690,204
1937
23,
mately $81,000,000 to about 60,000 employees, which of course does not
include any employees of General Motors Corp.; that the company during
this period purchased large amounts of materials for its manufacturing
operations and its plant construction requirements, a large part of the cost
of which was in turn paid out by other concerns in wages and salaries to
their employees; that Federal, State and local taxes amounted to about
Corp.-Seagrams, Ltd. (& Subs.)—Earnings—
Gross profit
Other income.....
Oct.
Balance
Dejay Stores, Inc.—Sales—
Period End.
Sales.
Chronicle
Period End.
x
(& Subs.)—Earnings—
Sept. 30—
1937—3 Mos.—1936
1937—9 Mos.—1936
Net profit after taxes,
int., deprec., &c
Earns, per sh. on 696,147
shares capital stock
x Before
provision for
To
$432,322
$501,431
$2,141,952
$1,836,716
$0.62
$0.72
$3.07
$2.63
profits.
Federal
surtax
on
undistributed
Pay 75-Cent Dividend—
declared a dividend of 75 cents per share on the
value, payable Nov. 15 to holders of record Nov. 1.
paid on Aug. 16 last and compares with 50 cents per
share distributed each three months previously.
In addition, a special
dividend of $1 was paid on Dec. 22, 1936; extra dividends of 12H cents
paid on Feb. 15, 1936, Nov. 15 and Aug. 15,1935, and a special dividend of
25 cents per share was distributed on Dec. 20,1935.—Y. 145, p. 2389.
The
directors
common
stock,
A like amount
have
no par
was
Ebasco Services
Inc.—Weekly Input—
For the week ended Oct. 14, 1937, the kilowatt hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co. as
compared with the corresponding week during 1936, was as follows:
1 ncr ease-
1937
Operating Subs, of—
Amount
1936
American Power & Light Co. .116,235,000 111,158,000
Electric Power & Light Corp. 58,676,000
52,318,000
National Power & Light Co.. 80,414,000
79,227,000
5,077,000
6,358,000
1,187,000
\6
12.2
1.5
—V. 145, p. 2544.
Edmonton Street Ry.
Period End. Sept.
Total revenue
30—
Operating expenditure
Operating surplus
Fixed charges
Renewals
Taxes
...
Total deficit
—V. 145, p. 2224.
Earnings—
1937—Month—1936
$46,971
$45,780
39,308
37,971
$7,663
5,776
$7,809
5,776
4,000
9,500
4,000
$11,614
$1,967
El Paso Natural Gas Co.-
1937—9 Mos.—1936
$496,146
$496,959
383,771
388,969
$112,374
51,987
55,000
89.171
$107,990
51.987
51,000
$83,784
sur$5,002
-Delisting—
The Securities and Exchange Commission has issued an order granting
the application of the New York Stock Exchange to strike from listing and
registration the 4 H % convertible debentures of this company.
In its ap¬
plication, the Exchange stated that delisting was sought because the number
of these debentures outstanding in the hands of the public has been reduced
as a result of conversion.—V. 145, p. 2390.
Volume
Financial
145
El Paso & Northeastern RR.—Control—
The Interstate Commerce Commission on Oct. 9 authorized control by
El Paso & Southwestern RR. of Texas of the El Paso & Northeastern RR.,
by acquisition of its capital stock and railroad properties.
The entire capital stock of the Northeastern company is owned by the
Southern Pacific Co.
The entire capital stock of the Southwestern is
owned
of
RR., a wholly owned subsidiary
properties of the Southwestern
leased to and operated by the Southern
by the El Paso & Southwestern
Southern
the
Pacific.
The
railroad
and the Northeastern company are
Pacific as integral parts of its system.
imousine $1,550, against $1,425.
The convertible coupe is priced at
Prices
_ _ .
(Geo. A.) Fuller Co. (& Subs.)—Earnings—_
_ _
_
22 222222-22 ....
_ .
._ _
.
.
4,208
31,885
416
_ _ - .
_
Federal capital stock tax, &c_
, _
$159,399
38,387
Net income.
Earned surplus.
_.
Total-786
Dividends
70,475
—_
...
$127,311
Earned surplus Sept. 30,
1937..—..—______
Balance Sheet Sept. 30,1937
A. Sects
''
Liabilities-*
'.'i' ,1
$269,052
"l'~
-
t
*,
Cash in banks and on hand
1,262,007 Capital surplus.....
quotations $1,392,562)
Fed.
receivable
receivable..........
80,891
1,329,298
at cost...
155
—
1,009
stock,
Treasury
depreciation, &c
Gardner-Denver
145,
p.
$1,537,858
$319,274
$1,019,148
$777,945
$501,908
27,690
87,466
81,532
100,420
$291,585
$931,682
$696,412
$401,488
$0.51
for Federal taxes.x_
1935
Net profit for com.stk.
Net profit per share of
$1.65
.....1
......
stk., 562,397 shs.
outstanding.....
(Per sh. on basis of
179,666
shs.
outstanding in 1936 and
1935)
com.
now
'
.
'
$2.23
undistributed profits for 1936, and,
$3.87
$5.18
Includes provision for surtax on
estimated, for 1937.—V. 145, p. 2391.
Gas Utilities
Co.—Progress in Liquidation—
Donald C. Barnes, President of the company
1417.
-
1936
x
Total
9 Months Ended Sept. 30
—■
1937
requirements..
as
$1,537,858
Total
—V.
Co.—Earnings—
Preferred stock dividend
"
.1,208
undistributed profits.
2826.
3 Mos. End.
Period—
Sept. 30'37
Net profit after provision
Deferred charge—Fed. capital
stock tax................ *
$86,310
$14,446
$78,046
$2,592
Note—No provision has been made for surtax on
Z>r4,227
....
'
T
—Y. 145, p. 608; V. 144, p.
shares
.....
1937—9 Mos.—1936
1937—3 Mos.—1936
Period End. Sept. 30—
Net profit after interest,
2,958
127,311
....
Earned surplus
5,435
____:
profits tax refund
excess
$1,626
Federal and State taxes......
Paid-in
ties at cost (value at market
Dividends
i
Capital stock ($0.20 par)
surplus
Investments marketable securi¬
do not include Federal excise tax or
Foreign Bond Associates—Asset Value—
33,316
$195,907
Total
_
retail at the factory, and
local tax.—V. 145, p. 2546.
any
$162,591
„ _ „
_____________
__
____________ ....
are
of the fund on Sept. 30, 1937,
$10.11 per share as compared with $10.33 per share on Sept. 30, 1986.
Dividends of $2 per share were paid during the period.—V. 145, p. 941.
Earnings for 9 Months Ended Sept. 30, 1937
Expense.
Management fee
$1,650, and the convertible sedan at
$1,790.
The company reports that net asset value
Profit from sale of securities
_
New prices compares as follows:
"
Coupe $1,295, as compared with $1,165 for the 1937 model; two-door
$1,355, as against $1,245; four-door sedan $1,375, against $1,265;
sedan
was
Equity Fund, Inc.—Earnings—
Dividends
2693
Chronicle
(In liquidation), has sent
the following letter to stockholders:
Esquire Coronet, Inc.—Listing and Registration—
The New York Curb Exchange has admitted
the capital stock, $1 par
listing and registration.—V. 145, p. 2390.
to
Fairbanks Co.
(.& Subs.)—Earnings—
Operating profit after charging mfg., selling, adm.,
& idle plant exps. & prov. for bad debts.....—
Deprec. of plant & equipment
Interest on serial gold notes (net)
Miscellaneous credits (net)...
x Estimated Federal income taxes
—
$25,105
11,604
4,378
$39,176
18,613
3,589
167
143
1,638
5,060
$7,627
$12,081
Net income
No deduction for surtax.—V. 145, p.
x
1936
1937
3 Months Ended Sept. 30—
Fall River Gas Works Co.
Period End. Sept.
1937—12 Mos.—1936
-1936
Net oper. revenues
$69,192
33,411
8,597
12,542
$869,907
$872,961
459,043
79,463
al 50.650
466.829
67,637
156,750
$11,614
.
Taxes..
$14,642
$180,750
$181,743
5
38
136
219
$11,619
$14,680
5,000
$180,886
60,000
$181,962
60,000
Non-oper. income (net).
Balance
accruals.
Retire, res've
5,000
_
Gross income.
$6,619
$9,680
$120,886
Interest charges.
931
735
11.932
$121,962
11,915
$5,688
$8,945
$108,954
105,890
$110,047
112,508
Net
income
Dividends declared
provision has been made for the Federal surtax on undistributed
1937, since any liability for such tax cannot be de¬
termined until the end of the year.—Y. 145, p. 2073.
No
a
Co.—Earnings—
1937
operations after providing for normal
income tax, but before charging deprec. & depl..
Depreciation and depletion
1936
$372,356
90,200
$253,532
89,544
$282,156
3,635
$163,988
Income from interest, rent, &c
Income before interest and other charges..w_...
Interest and other charges
$285,791
11,922
$169,145
10,945
$273,869
18.99c.
$158,200
12.56c.
depletion.
$70,413
41,657
5,142
all,999
Operating revenues
Operation .... * . * _——
Maintenance
General Box
9 Months Ended Sept. 30—
Profit from
Profit from operations after
Earnings-
1937—Month
30—
759.
"Inquiries have recently been received from stockholders regarding the
probable date and amount of a further distribution in liquidation.
The
company's only undistributed asset consists of approximately $1,200,000
in cash held as a reserve to provide for liabilities, actual ana contingent.
Satisfactory progress is being made in the disposition of liabilities, and,
barring unforeseen developments, it is hoped to make a final distribution
to the holders of the 399,400 shares of capital stock of the company of sub¬
stantially all of such cash in about 12 months."—V. 144, p. 279.
charging deprec. and
—...
— ______ —
Net Income
....
...
...
Earnings per share on capital stock
—V.
5,156
1738.
145, p.
General Cable Corp.—Earnings—
Period Ended Sept. 30—
Gross profit on sales, before
3 Months
12
Months
$1,926,831
$1,431,667 $7,570,598
395,441
368,218
1,709,155
deprec._
Selling, admin. & general expense.__.
plant,
Depreciation
on
permanent
machinery and equipment
Other operating
201,533
27,007
204,357
charges (net)
10,950
819,848
60,848
operations-
$1,302,849
$848,143
14,945
$4,980,748
60,142
$1,302,849
$863,088
$5,040,890
151,378
4,092
3,799
158,708
618,811
16,095
12,824
Net profit from
Metal profit
——
— __
net income for the year
Period End. Sept.
1937—Month—1936
30—
Fed. & State taxes paid on
1937—9 Mos.—1936
$504,393
$423,865
$4,314,243
$3,662,257
68,287
Sales....
Profit after deprec.,
58,125
467,973
154,920
169,732
169,732
154,720
$2.12
$1.83
$0.32
$0.66
made for Federal surtax on undistributed profits.
145,
provision was
759.
$53,918
$102,925
Finance Co. of America
$329,010
(Baltimore)—Extra Dividend■—
dividend of 50 cents per share
stocks, par $5, payable in class A 7%
cumulative preferred stock, par $5, in the ratio of one share of class A 7%
preferred stock for each 10 shares of class A and (or) class B common
stock held.
The dividend will be paid on Nov. 15 to holders of record
Nov. 5.
The regular quarterly dividend of 15 cents per share was paid on
the common stock on Sept. 30, last.-—V. 145, p. 607.
declared
an extra
the class A and class B common
30, 1937, amounted to $9,532,003,
$7,483,280 in first nine months of 1936, an increase of
27.4%.,
with
$2,048,723 or
1937
Net sales
$9,532,003
Net profit before provision for Federal surtax
967,848
Earns, per share on 333,541 shares com. stock..__
$2.90
9 Months Ended Sept.
Business thus far this
30—
1936
$7,483,280
711,754
$2.13
Fall has been at about the same level as a year ago,
the largest business of any period in its 1936
when the company enjoyed
year,
it was stated by J. H. Foster,
treasurer.'—V. 145, p. 2074.
Fonda, Johnstown & Gloversville RR.—Earnings—
Period End. Sept. 30—
Tax
revs,
from
accruals
Operating income
x
$3,681
4,200
$1,188
3,033
$61,454
36,642
$32,935
24,328
x$ 1,845
4,741
$24,812
$8,607
12,984
14,365
15,552
$2,896
13,956
$39,177
128,801
$21,591
127,623
$16,251
$11,060
$89,624
$106,032
x$699
Gross income
loss
loss,
y Includes
145, p. 1900.
Indicates
debt.—V.
$41,576
40,388
Drl80
Ded'ns fr. gross income
Net
1937—9 Mos.—1936
$424,157
$421,422
362,703
388,487
x$519
oper..
Other income
y
1937—Month—1936
$42,718
39,036
Operating revenues
Operating expenses
Net
$4,432,154
49,435
65,907
xl86,352
135,122
236,950
786,229
$919,999
$0.52
$500,809
Nil
$3,408,975
$1.61
interest accruals on outstanding funded
Co.—Lincoln-Zephyr Prices Up—
The Lincoln-Zephyr
division of the Ford Motor Co. has increased the
1938 model prices $110 to $130 over those of the 1937 models.
Two new models, the convertible coupe and convertible sedan,
added to the 1938 line.
stock.
Includes surtax on undistributed profits.
Note—Figures for the fourth quarter of 1936, included in profit and
loss account for year ended Sept. 30, 1937, are after inventory and other
x
year-end adjustments.
Figures as published for
to give effect to the revision of depreciation.—V.
General Cigar Co., Inc. (&
Period End. Sept. 30—
Net profit after charges
and Federal taxes
1936 have been revised
145, p. 608.
Subs.)-—Earnings—
1937—9 Mos.—1936
1937—3 Mos.—1936
$512,975
$562,018
$0.90
$986,394
$1,181,768
$1.53
$1.94
$1.00
sh. on 472,982
(no par)
—V. 145, p. 1258.
.
Earns, per
shs. com. stk.
SEC—
See list
given on first page of this department.
General Electric Co.—Earnings-—
9 Mos. End. Sept. 30—
1937
1936
have been
1934
1935
$
<J£
<jjj
260,773,533 189,263,156 149,173,275 121,735,123
Net sales billed
billed, incl.
oper.,maint.& deprec.
charges, reserves and
prov. for all taxes
228,813,934
Cost of sales
169,804,196 137,917,594 113,306,954
8,428,169
sales... 31,959,599
Sundry inc. less int. paid
and sundry charges—
7,704,332
19,458,960
11,255,681
7,074,707
5,949,651
5,217,382
divs__ 39,663,931
special stock—
26,533,667
17,205,332
13.645,551
1,931,304
26,533,667
17.205,332
11,714,247
Net inc. from
Profit avail, for
Divs. on
Profit avail, for
on com.
divs.
stk. & surp. 39,663.931
ShsStaSdtog<(So8^---t" 28,845,927
28,845,927 28.845,927 28,845,927
Earnings per share$1.38
$0.92
$0.60
$0.41
Orders received during the nine months ended Sept. 30, 1937, amounted
to $305,276,556, compared with $211,891,038 for the corresponding period
.
in 1936, an
increase of 44%.
On Sept. 24,
with 188,985
'
Ford Motor
Earnings per share on common
General Discount Corp., Atlanta, Ga.—Registers with
Florence Stove Co.—Sales-—
Net sales for nine months ended Sept.
compared
Cr38,994
$701,838
s
Net Income
$310,772
p.
The directors on Oct. 21
on
Crl,643
$1,155,787
-
1937—9 Mos.—1936
Shs. cap. stk.
Note—No
Cr12,206
—
Other charges (net)
—.
Provision for taxes and contingencies.
Mogul Corp.—Earnings—
1937—3 Mos.—1936
Earnings per
——
dividends received and
and
other non-operating income.....
Period End. Sept. 30—
Net profit after deprec.
and Federal taxes
—V.
Interest
Profit
(no par)..
share
4,185
341,713
2073.
Federal
bond int..
Other interest paid
but
before Fed. inc. taxes.
—V. 145, p.
Total profit
Interest on 1st mtge. bonds
Fanny Farmer Candy Shops, Inc.— -Earnings—
1937, the number of stockholders was
in September last year, an
General Household Utilities
—V. 145, p.
Co.—Special Meeting—
called a special stockholders meeting for Nov. 12 in lieu
annual stockholders' meeting due Oct. 12, which was not held.
436.
Directors have
ofthe regular
197,104, compared
increase of 4.3%.—V. 145, p. 2391
Financial
2694
Chronicle
General Finance Corp.—EarningsPeriod End. Sept.
Gross volume.
Net inc. after
Fed.
inc.
before
1937—10 Mos.—1936
1937—Month- -1936
30—
...
$29,196,033
$17,747,367
37,239
655,05o
342,902
666,800
$0.46
chgs. incl.
taxes,
surtax
unnAe%
dist. profits
Shares common stock
$66,795
_
853,550
—
Earnings per share
—V. 145. p. 1901.
$0.<2
Corp.—Overseas Sales—
sales of General Motors
cars
and trucks* to dea
ers
in the
overseas
markets
in the 12 months ended
Sept. 30, 1936.
,>
These figures include the products of the corporation's American, Can¬
adian, English, and German factories sold outside of the United States and
Canada.—V. 145, p. 2547.
.
General Refractories
Period End. Sept. 30—
Federal income taxes.
$449,208
$0.96
Earns.per sh.on cap.stk.
$1,516,501
$1.12
$3.23
on
$1,052,308
$2.32
Unfilled orders a-, of Sept. 30, 1937, are approximately
the unfilled orders as of Sept. 30, 1936.
Orders received during the third
50% greater than
Maintenance
Taxes
.
Net operating revenues
-
Other income
Miscellaneous income
$2,672,454
860,197
117,488
257,604
$1,468,312
102,375
81,886
—.
1936
$2,815,540
927,372
140,542
279,313
(oi*her than Federal income tax)
$1,652,574
285,185
452,902
33,853
Amortization of subs, debt & pref. stk. disct. &
exp.
40,011
Provision for amortization of deferred
charges
34,246
Dividends on subsidiaries' preferred stocks——
52,095
Int. on 15-year 5% 1st lien & coll. trust
bonds,
series A, due June 1,1943—
265,395
Provision for Federal income tax (estimated)
58,731
—---------
—
—
—
—
Net income
$430,154
$1,595,627
257,331
471,788
5,917
32.827
29,619
81,959
287,163
61,972
Non-recurring income
40,311
$399,704
$6.16
_—
$367,049
32,655
$470,465
—
$5.23
$0.79
,
Balance
Earned per share:
$3 pref. stock (average no. of shs. outstanding)
Common stock
$1.11
rate case decision of the Public Service Commission of the State of
a
New York
Is^upheld
affecting Consolidated Water Co. of Utica, N. Y., a subsidiary,
appeal now pending before the United States Supreme Court.
also been given to the resultant erduction in the
provision for
on
Effect has
Federal income tax.
JL88GtS~~~*
'
'
'
■
Fixed capital
Miscellaneous
*
_
367,391
_
Reacquired secur's, par value
Special deposits.1
565,000
Inv. in States El. & Gas Corp,
Cash In banks and on hand--
1,868,782
484,280
629,576
Marketable securities at book
t yalue (not above cost)
Accts. & notes rec. (less
res.)
Unbilled revenue
Dlvs. &
Loans
debt
$16,402,600
Notes payable (secured)
Accounts payable (secured)
665,000
Accounts payable
73,530
228,088
Accrued
Accrued
(other)
interest
90,648
Pro v. for Fed. inc. tax
538,747
(est.).
Accr. div.
Accr'd div.
110,170
27,873
(secured)..
74,529
131,945
31,243
1,154,638
Inventories.
Prepaid expenses
Deferred charges
(est.).
37,585
Other current liabilities
48,165
Consumers' & other depos.
d Res've for rate reduction..
85,263
Res've for contingencies, &c_
e Preferred stock of subs
interest
h Pref. stock in treasury
$26,498,7391
4,733
c
Paid-in & capital surplus
Earned surplus
After
Total
490,000
198,595
290,000
36,344
3,814,400
217,622
3,345,362
349,176
Dr41,218
$26,498,739
for
depreciation of $3,652,485.
b Called for redemption,
c Refundable,
d In litigation,
e Publicly held,
f In capital stock and
surplus of subsidiaries,
g Represented by 76,288 no par shares,
h Repre¬
sented by 1,114 shares or $3
pref. stock at cost.—V. 145, p. 1901.
reserve
Refractories
to Parent
Company—
On July 15,1937, the company issued and sold
$6,975,000 1st & ref. mtge.
& Southern Corp. at 100.—V.
145, p. 2226.
4% bonds to commonwealth
Glidden Co.—Warrants Extended—
The company has extended the
maturity date on warrants for common
stock from Oct. 25 to Dec.
Goebel Brewing
Period End.
Sept. 30—
15, 1937.—V. 145,
p.
2548.
Co.—Earnings—
1937—3 Mos.—1936
Net profit after deprec.
Ik and Fed. inc. taxes but
k
before surtax on un¬
1937—9 Mos.—1936
$2,795,300
$2,431,600
$0.75
$1.95
$1.66
Hartford Rayon
Corp.—Listing Approved—
The New
York Curb Exchange has approved for
listing voting trust
representing 465,113 outstanding shares common stock, par
value $1, with authority to add to the list,
upon official notice of issuance,
voting trust certificates representing 128,231 additional shares common
stock, par value $1.—V. 144, p. 4346,
Havana Electric & Utilities Co.—Accumulated Div.—The directors have declared
a dividend of 75 cents
per share on account
the 6% cum. 1st pref. stock, par
$100, payable Nov. 15
1.
Similar payments were made in each of
the
five preceding quarters, on Aug. 15 and May 15,
1935; Aug. 15, May 15
and Feb. 15, 1933, and on Nov. 15, 1932.
The last
of accumulations
on
to holders of record Nov.
payment of $1.50 per
share
was
made
given
first page of this department.
on
Co., Inc.— To Vote
(W. T.) Grant Go .—New Directors—
new
members, R. W. Story and Joseph W. Chinn Jr., were elected
to the board of directors at a special
meeting held Oct. 18.—V. 145, p. 2392.
Great Lakes Dredge & Dock Co.—25-Cent Extra Div.—
addition to
extra dividend
of 25 cents per share in
of like amount on the common
regular quarterly dividend
value, both payable Nov. 15 to holders of record Nov. 3. A
paid on Feb. 15, last, and on Dec. 15, 1936, and an extra
dividend of 50 cents per share was
paid on Feb. 15, 1936 and on Nov. 15,
1935.—V. 145, p. 763.
stock,
If the amendments proposed are
to
every
on
adopted, there will be issued on Nov. 23,
the close of business on Nov.
12, one
stock for each share held
by such stockholder
stockholder of record at
additional share of
common
such record date.—V.
145,
p.
a
2076.
Hibbard, Spencer, Bartlett & Co.—To Pay Special Div.
The directors at a meeting held Oct. 19 declared a
special dividend of 30
cents per share on the common stock,
par $25, payable Oct. 29 to holders of
record Oct. 19.
The regular monthly dividend of 20 cents
had been previously declared likewise bears the
above dates.
144, p. 614 for record of previous dividend payments.—V.
144,
Hiram Walker-Gooderham &
Period End. Aug. 31—
V.
4180.
1937—12 Mos.—1936
.
ture, distribution and
$1,964,795
170,964
$1,625,362
49,738
$8,851,626
412,284
$6,418,353
299,534
$2,135,759
management
.,675,100
144,260
92,068
>,717,887
591,065
247,790
48,371
485,387
274,134
$9,263,910
678,187
381,116
56,563
107,937
1,576,475
$1,276,401
115,205
$1,134,245
115,205
$6,463,633
460,818
$4,796,120
460,818
$1,161,196
724,004
$1,019,040
660,000
$6,002,815
724,004
$4,335,302
$1.60
$1.54
$8.29
Provision for deprec'n—
Deb. int., disct. & exp__
on debs, redeemed
Bank interest
Provisionfor inc. taxes.
194,581
83,100
Prem.
47,920
_
Netprofit—
Pref. dividend
30"393
115",548
967,364
Earnings available for
common
Shares
shares
common
stock.-_
660,000
$6.56
Note—Dividends received in Canada by the
parent company out of earn¬
ings of subsidiaries in the United States will be subject to the income
tax
laws applicable thereto.
On the basis of income tax rates now
applicable
further taxes on the distribution of the
earnings to the parent company for
the quarter ended Aug. 31, 1937 are calculated at
approximately $43,000.
No provision has been made for this since such
taxes may never be in¬
curred or required.—V. 145, p. 1741.
Earnings
per
Hobart
share
Southern
The Interstate
RR.—Abandonment—
Commerce
Commission on Oct. 12 issued a certificate
permitting abandonment, as to interstate and foreign
commerce, by the
company of its entire line of railroad extending from a connection with
the
railroad of the Southern Pacific Co. at Truckee in
the end of the line, at Hobart Mills,
a
northerly direction to
approximately 6.41 miles, all in Nevada
Hollinger Consolidated Gold Mines, Ltd.—Extra Div.
The directors have declared an extra dividend of five
cents per share in
addition to the regular monthly dividend of five cents
per share on the
capital stock, both payable Nov. 4 to holders of record Oct. 2i.
An extra
of five cents was paid on Oct. 7,
Aug. 12, June 17, April 22 and on Feb. 25
last, and an extra of 10 cents was paid on Dec. 31, 1936.
Extra dividends
of five cents per share were
paid on Dec. 1,
March 24 and Jan. 28, 1936, and on Dec.
Nov. 3, Sept. 7, July 14 May 19
2, Oct. 7 and July 15, 1935
See
973, for further dividend record.—V. 145, p. 1903.
Holly Development Co.—Earnings—
Balance, surplus
Earned surplus Dec.
Total
earned
31-_
1937
$72,344
27,000
1936
1935
1934
$40,679
27,000
$37,218
27,000
$40,663
36,000
$45,344
86,806
$13,679
90,698
$10,218
128,638
$4,663
119,913
$132,150
Dividends paid
$104,377
$138,856
$124,576
surplus
Sept. 30
Balance Sheet Sept. 30
1937
Capital assets
1936
$1,418,160 $1,357,408
Invest, and adv..
Marketable secur.
276,250
276,750
12,500
48,363
Accts. receivable..
11,947
Inventory
51,580
1,872
Cash
92,590
105,233
220
317
Prepaid
insurance.
4,924
Liabilities—
Total
..$1,853,173 $1,804,942
-V. 145, p. 1903.
1937
Cap. stk. ($1 par).
Accounts payable-
1936
$900,000
$900,000
7,060
Taxes accrued
4,432
5,529
Res. for dividend.
Res. for deprec. &
4,583
9,000
9,000
793,207
782,550
6,226
132,150
104,377
depletion
Res.
for
Federal
income tax
Earned surplus
was
See also
p.
Worts, Ltd. (& Subs.)—
1937—3 Mos.—1936
Profit from oper'ns after
all charges of manufac¬
no par
similar extra
Split-Up—
special meeting.
Assets—
an
Stock
on
The company announced on Oct. 15 that a
special meeting of common
stockholders has been called for Nov. 4 for the
purpose of voting on proposed
amendments to the certificate of
incorporation, to enable the company's
issued common stock to be split up into twice as
many shares.
Stockholders
of record at the close of business on Oct. 25 will be
entitled to vote at the
1419.
have declared
regular quarterly
May 16, 1932.—V. 145, p. 610.
on
Henniyig Maloney Gold Mines, Ltd.- -Registers with SEC
See list
compares with cash and marketable securities of $677,653, current
of $1,017,697 and current liabilities of
$377,052 on Sept. 30, 1936.
The directors
1937—9 Mos—1936
$1,082,800
share for the 12 months ended Sept. 30, 1936.—V.
145, p. 437.
a
assets
Two
(& Subs.)—Earns.
$0.54
9 Mos. End. Sept. 30—
Net earnings
$180,386
$378,759
$497,555
$808,905
1,359,040
1,323,840
1,359,040
1,323,840
Earnings per share
_•
$0.13
$0.29
"1.37
$0.61
Current assets as of Sept. 30, 1937,
including $441,270 cash and market¬
able securities, amounted to $801,967, and current liabilities were
$322,881.
This
Co.
provision was made for Federa
surtax on undistributed
profits.
profit (estimated) for the 12 months ended Sept. 30, 1937, was
$3,826,100, equal to $2.68 a common share, against $2,991,500, or $2.04
also Y. 140, p.
distributed profits
Shares common stock
—V. 145, p.
$1.01
2227.
$782,100
County, Calif.
Georgia Power Co.—Sells Bonds
242,818
No
3,383
$3 pref. stock.
b Subs, funded debt
on
g $3 cum. pref. stock
Common stock ($1 par)
a
66,285
subs. pref. stock
on
f Minority
Total.
93,175
taxes
313,429
_
int. receivable.
accr.
receivable
Funded
$1.85
-
Total income—
Liabilities—
-
$20,201,135
investments
$0.44
1937—3 Mos—1936
dep'., taxes, &c. (est.)
Earns, per sb. on 1,380,000 shs. common stk_
Other income.
Consolidaated Balance Sheet Aug. 31, 1937
a
$783,637
492,390
per share which
—
,
Note—The operating revenues for both periods are stated after
deducting
$120,000 in respect of estimated reduction which will result in the event
that
$1,144,398
$0.80
Hercules Powder
Provision for depreciation
on subsidiaries' funded debt.
Interest on unfunded debt--.
$450,289
Net inc. after deprec.,
$1,437,165
122,850
35.612
Total income
Interest
$1,518,845
certificates
1937
—
$2,362,651
486,079
732,174
Before provision for surtax on undistributed profits—V.
145, p.
Period End. Sept. 30—
Gas & Electric Co. (& Subs.)—Earns.
revenues
$614,419
164,130
Net
quarter 1937 were equivalent to 83.66%
of shipments
although for the first 14 days of October, 1937, the orders
slightly exceeded the shipments as of the same date.—V. i45, p. 762.
tenths Ended Aug. 31—
$1,931,371
16,667
251,345
144,514
$566,130
Surplus
Earnings per share on
1,016,961 shs. com stk.
x
undistributed profits.
1937—9 Mos.—1936
$2,873,975
33,965
276,260
201,099
$972,218
162,026
244,062
Harbison-Walker
Earnings for the 12 months ended Sept. 30, 1937, total $2,040,447
which is equivalent; to $4.34 per share on the shares
outstanding as of Sept
30, 1937, and 59.27% greater than the earnings for the 12 months ended
Sept. 30, 1936.
Opera big
Opera iOn
Net profit
Preferred dividends
Common dividends
x
$508,941
No provision made for Federal surtax
General Water,
Federal income taxes
x
Earnings—
1936
1937—3 Mos
$1,174,912
$801,054
11,072
10,000
103,172
100,959
88,450
75,676
Deprec. & depletion
1937—9 Mos.—1936
depl., int., amort, arid
12.
Sept. 1,
(M. A.) Hanna (& Subs.)-
Co.—Earnings—
1937—3 Mos.—1936
Net inc. after deprec.,
x
15.
Similar dividends were paid on Sept. 1, last.
Extras of
12 H cents were paid on June 1 and March 1 last and on Dec. 1
and
1936.—V. 145, p. 1420.
Interest
during September totaled 30,109 units, representing an increase of 27%
over the volume in September of last year.
* In the first nine months of 1937, sales of 276,524 units represented an
all-time high volume for that period, and an increase of 11.7% over the
volume in the first nine xnontns of 1936. For the 12 months through Septem¬
ber, 1937, sales totaled 353,643 units—an increase of 12% over the volume
x
1937
The directors have declared extra dividends of 20 cents
per share in
addition to the regular quarterly dividends of 25 cents
per share on the
class A and B common stocks, no par value, all
payable Dec. 1 to holders of
PeriodEnd.Sept. 30—
Operating profit
General Motors
r
23,
record Nov.
but
or
Oct.
Hancock Oil Co. of California—Extra Dividends—
Total
—
$1,853,173 $1,804,942
Volume
145
Financial
Chronicle
2695
Hookless Fastener Co.— Stock Increased—Name
Changed
Stockholdersi at
a meeting held Oct.
5 voted to split the companys stock
change the par value from no par to $5 per share. Tne com¬
was changed to
Talon, Inc.
See also V. 145, p. 1260 for
further details.—V. 145, p. 2227.
Zou to
1 and
pany s
name
Household Finance
Corp.
Period End. Sept. 30—
Gross income from
y
1937—12 Mos.—1936
expenses...
Operating profit
^
$6,445,798
Other income
12,056
$5,442,424
23,307
$8,307,168
24,798
$6,488,032
33,098
$5,465,731
$8,331,966
306,207
1,878,757
$6,521,130
220,827
1,365,978
440,000
r
Total income
Interest..
xFederal
Prov.
income
$6,457,854
210,363
tax, &c
1,553,700
for contg
_
Miscellaneous charges
Minority interests
3,420
6,705
Net income
$4,683,666
Participating pref. divs.
...
5% pfd divs.
Assets—
165,814
1,189,168
290,000
1,121
4,448
$3,815,180
558,340
"
4,504
5,726
8,488
$6,136,772
$4,482,140
1,005,013
3,697
1,148",068
Liabilities—
Cash in banks and on hand...
Cash on deposit for payment of
divs.
on
$6
liability insurance
Notes and accounts receivable
(less reserve
for
doubtful
721
1,347.503
3,274,480
2,409",951
$1,877,559
$1,909,337
$1,714,224
y
previously written-off.—V.
Howe Sound Co.-
145,
p.
1260.
-Earnings—
Pounds
Pounds
Gold
Silver
Copper
8,542,151
7,694,305
Lead
Zinc
1,160,721
1,109,799
31,963,363
30,609,416
24,475,255
23,799,079
Pounds
Period End. Sept. 30— 1937—3 Mos.
-1936
1937
9 Mos.—1936
Value of metals produced $4,570,653
$3,191,169 $10,712,039
$9,116,469
Operating costs
3,461,090
2,677,037
7,663,742
7,723,005
Operating income
$1,109,563
$514,133
200,147
Depreciation
Net income
$1,043,685
Earns, per sh. on 473,791
shares (no par)...
$1,954,379
237,715
$2,925,785
$1,716,664
$1.32
90,799
$1,393,464
560,915
$3,101,167
175,382
$625,241
$1,134,484'
$3,048,297
52,870
$714,280
89,039
24,921
Total income
>.17
$3.62
$2.20
Note—No provision has been made for surtax
—V.
on
undistributed earnings.
145,p. 1903.
Hudson
Motor
Car
Production of Hudson
Co.—Production Best in
12
Years—
of production
rate
shipments will be well over those of any
October since 1925. Comparing the week ended Oct. 16, with the same week
of last year when we snipped 2,290
cars, we find an increase in shipments
of
1,846
Universal
Gas Co
investments
work
in
progress
the
1938
is
off to
excellent start," says Mr.
Tracy. "Our dealer organization is the strongest in many years and will
equipped to handle a fine volume of business. That they are entering the
season with fun confidence is
clearly indicated by the fact that our
distributors and dealers have already received over double the number of
1938 cars that they had of 1937 cars up to this time. At the close of business
Oct. 16, the number of 1938 cars shipped totaled 8,741 cars. Up to
the
corresponding date last year 4,109 cars had been shipped."—-V. 145,
season
39,233
Lands, buildings & equipmentxl.929,387
Total
x
...$2,522,2651
After
reserve
p. 2550.
Indianapolis Water Co.—Earnings—
Earnings for 12 Months Ended Sept. 30,1937
Illuminating & Power Securities Corp.—Div. Increased
The directors have declared
dividend of $1.50 per share on the common
10 to holders of record Oct. 30.
Previously
a
stock, par $50, payable Nov.
regular quarterly dividends of $1 per share were distributed.
In addition,
a special dividend of
$1 per share was paid on Dec. 18, 1936.—V. 145,
1742.
Net income
Interest charges
Incorporated Investors—Earnings—
3 Mos. End. Sept. 30—
1937
Balance available for dividends
Net income
*
number of
1935
1934
$659,365
131,601
$454,162
81,681
$350,532
57,372
$630,599
$527,764
$372,481
$293,160
shares
2,983,408
2,859,496
2,577.911
2.088,503
Assets—
outstanding
earnings
$20,343,281
2,913,967
Notes receivable
Undivided
earns,
number
$0.21
per
of
$0.19
$0.15
$0.14
$581,160
$490,218
$472,621
Accounts receivable
321,012
Capital stock-preferred
Capital stock—Common
$1,054,900
5,250,000
13,827,000
93,734
Funded indebtedness
Consumers deposits
Materials and supplies
106,556
Other current liabilities
Investments—General
21,872
10,473
Main extension deposits
Prepayments...
Special deposits
1,103
Unamort. debt disct. & exps.
Undistributed debits
1,209,235
251,239
34,688
38,281
Accrued taxes
605,599
136,209
23,330
1,739,084
Accrued Interest
Other accrued liabilities
Reserves
Corporate surplus
Total
.$25,178,999
—V. 145, p.
2,376,174
Total
$25,178,999
2228.
Industrial
Rayon
9 Mos. End. Sept. 30—
Operating profit
Corp.
(&
Subs.)— Earnings—
1937
$744,924
170,931
1936
1935
1934
$1,574,113
143.250
$1,057,788
y67,137
$1,597,346
x332,801
$915,855
488,750
90,936
$1,717,363
467,484
142,047
5,275
$1,124,925
485,057
42,762
60,000
17.000
6,506
$1,930,147
3,990
15,000
70,200
Total income
D epr eciat ion
Experiment
i
.
expenses, &c
Prov. for loss
on
18,000
161,000
Yl. 760
z$923,557
$415,919
756,000
$1,208,524
$923,557 def$340,081
$1,208,524
invest-_
Part of cost of pat. rights
Prov. for doubtful accts.
Loss
on
sale of Govt.
493,023
891
sees.
Prov. for aband. &
dry charges
Net
$0.27
$0.23
$0.19
$0.22
sh.
shares
Condensed Statement of Net Resources Sept. 30, 1937
On Sept. 30, 1937, the company had
Cash
Investments, at market quotations—U. S. Govt, securities
Railroad bonds
Common and prefered stocks
Interest and dividends receivable
Total
$3,826,527
5,177,594
2,131,375
49,762,575
223,327
$61,121,398
Against which the
company had liabilities of
Management fee payable Oct. 1, 1937
Estimated State and Federal taxes
76,249
41,591
4,000
Accrued expenses...
This leaves net
resources
resources
of
were
equivalent to
These investments
are carried at their cost of $51,647,043 on the books
A list of investment securities owned on Sept. 30, 1937.
—V. 145, p. 2394.
Industrial Brownhoist
Corp.—Earning,s—
Period Ended Sept. 30,1937—
Profit from operations before
3 Months
norma
12 Months
providing for depre¬
ciation, interest, &c
Provision for depreciation and idle plant expense..
Provision for Federal
z$197,916
$197,916
Surplus
com.
stock
29,260
$368,270
110,447
12,836
606,500
$1.52
600,000
$0.69
600,000
$2.01
Includes $198,787 profit on sale of U.
S. Government securities, and
$40,840 realization of previous write-down of U. S. Government securities
to par value,
y Includes $10,594 adjustment of 1934 tax accruals (net),
z No
provision was made for Federal surtax on undistributed profits.
—V. 145, p. 1742.
Power
Inland
Indiana Gas & Chemical
15,298
$58,023
$242,525
Agreement
An order entered in the U. S. District Court for the Northern District of
Illinois Eastern
Division
on
trustee in
June 8,
Aug. 12, 1936 (V. 143,
p.
1937, approved the settlement agree¬
2054), between Leonard S. Florshein,
Inland Power & Light Corp., Walter Bachrach,
reorganization for Commonwealth Light & Power Co. and Middle
of 120 days from
of said period as
and after the entry of this order and any further extension
this Court shall for cause shown allow, the Middle West
Corp. shall accept all bonds of Commonwealth Light & Power Co. and all
assignments of claims heretofore filed on such bonds, which bondholders or
Claimants may at their option tender to the Middle West Corp., and shall
pay at the rate of $320 flat per $1,000 par amount of such bonds or claims
so tendered; (b) the Middle West Corp. shall assume and pay as hereafter
directed by this Court, but not to exceed the sum of $10,000 in the aggregate,
the costs and expenses including reasonable counsel fees of Walter E. Ken¬
nedy and the New York Trust Co. incurred in contesting said settlement
agreement dated Aug. 12, 1936, and procuring said modifications thereof,
the Middle West Corp. reserving the right to contest and object to the
making of such allowances; and (c) the trustee of Commonwealth Light <fc
Power Co. shall send to every known bondholder of and claimant against
Commonwealth Light & Power Co. a notice stating the substance of this
paragraph of this order enclosing in said notice an assignment to the Middle
West Corp. of claims filed, if any claim has been so filed, and said trustee
notice as the Court may from time to time direct.
shall give such further
—V. 143, p. 2054.
Insull Utility Investments,
Inc.—Settlement—
Wallace Streeter has entered an order approving
brought on behalf of debenture and note holders of
Insull Utility Investments, Inc., and Corporation Securities Co. of Chicago
Referee in bankruptcy
settlement
of suits
against secured Chicago and New York bank creditors of those companies.
No dissent to the settlement was voiced at the creditor's meeting.
Charles H. Hamill, attorney for the bankruptcy trustee of Insull Utility
investmets, Inc., estimated that under the settlement the company's
debenture holders will receive in liquidation approximately eight cents
on the dollar.
C.J. Lord, attorney for the bankruptcy trustee of Corporation Securities
■
„
,
,
estimated its noteholders will receive slightly less than six cents on
the dollar as a result of the settlement and liquidation.—V. 145, p. 1101.
Co
,
m
■
Insuranshares Certificates, Inc.—Quarterly Report—
bid value of the capital stock on Sept. 30, 1937, was
31, 1936, and $7.19 on Sept. 30, 1936.
has acquired 50,300 shares of treasury stock, which will
be submitted to the stockholders for cancellation at their next meeting.
The composition of the portfolio compares as follows:
The liquidating
$6 56 compared with $7.70 at Dec.
The company
Corp. (& Subs.)—Earnings—
Consolidated Operating Statement July 1 to Sept. 30, 1937
Production sales
incl. maint., ad minis, and selling expenses
;
Depreciation
Net income before Federal income taxes.
&
Light Corp.—Settlement
Modified and Approved by Court—
•.
....
Note—No provision has been made in the above figures for Federal un¬
distributed profits tax.—V. 145, p. 611.
.»>
saies
759,325
$0.26
.
$100,119
Jincome tax
Profit available for bond interest
Insurance
out¬
standing (no par)
Earnings per share
$60,999,557
after deduction of above liabilities
$20.45 for each of 2,983,408 shares.
of the company.
49,063
profit
Dividends
Shares
38,000
190,600
85,000
sun¬
West Corp., with the following modifications, to-wit, that (a) for a period
at
outstanding at end of
period
Cost of
261
trustee in reorganization for
$816,071
Undivided
x
Liabilities—
Fixed capital..
Cash
ment dated
P<
number of shares
The net
$557,759
1937
,
4
Total expenses
1936
$733,569
102,970
Gross income from cash
dividends and interest
x
$1,230,099
547,360
124,980
...
Other deductions.
x
on
$2,582,963
810,577
542,287
depreciation
or
All Federal and local taxes
Prov. for contingencies.
Federal taxes
All of the outstanding first mortgage 30-year 5% gold bonds, due Jan. 1,
1947, have been called for redemption on Jan. 1, 1938, at 105 and interest.
Payment will be made at the Bankers Trust Co., New York City.—V.
145, p. 2394.
aver,
$2,522,265
y Represented by 11,700
contingent liability of $5,938 for gross sales
shipments which is being contested in the courts.—
Interest and discount
Idaho Power Co.—Bonds Called—
Aver,
Total..
for depreciation of $164,699.
par shares,
z Includes
taxes on interstate
an
new
p.
61
not
allocated
Other income
that
10,500
100,000
Miscellaneous
our
91.6%.
"We feel
& Warehouse Co
Jan. 1, 1937
yl,170,000
Common stock (par $5)
1,039,243
Earned surplus..
......._v
83,626
is running higher than for any October since
cars
1925, reports William R. Tracy, Vice-President in Charge of Sales.
"Our
shipments of 1938 cars to date are more than double that of last year up to
this date," reports Mr. Tracy.
"For the week ended Oct. 16. we shipped
4,388 cars. This is the best week of corresponding date for 12 years. At the
current
Pref. stock $6 div., cum. after
199
Balance Sheet Sept. 30,
Other income
,
Reserve for contingencies
Operation, maintenance & retirement
2,587
3,842
2nd Quar., 1937..
21,334
5,000
Gross revenues
Ounces
Metals Sold—
3rd Quar., 1937..
710
25,913
7,074
Deferred charges
Common
stock
of
Includes estimated amount for Federal surtax on undistributed profits,
on instalment notes receivable less recoveries
notes
unclaimed
Mortgage note of Wabash Coke
Prepaid insurance
Prepaid interest
Includes provision for losses
on
declared but
Accrued liabilities
z
126,005
281,783
V. 145, p. 944.
x
pref. stock
cum.
$1,067,176
Common divs
Surplus
on
Reserve for maintenance
accounts)
Inventories
Cost of
$6
$73,446
92,492
payable
Divs.
710
on
payable
Accounts
cum.
no
674,808
2,131,299
Notes
$35,247
pref. stock.
compensation and
Deposit
(& Subs.)—Earnings—
1937—9 Mos —1936
oper_$12,930,098 $10,730,809 $16,855,917 $14,020,510
6,484.300
5.288,385
8,548,749
7,532,478
Operating
Consolidated Balance Sheet Sept. 30, 1937
$355,740
293,633
8,073
20,581
$33,453
Sept. 30 *37 Dec. 31 '36
Casualty and surety companies
companies
Fire insurance
Cash, &c
—
24.46%
24.64%
74.85%
74.09%
.69%
$100.00
1.27%
$100.00
Financial
2696
Income Account for 9 Months Ended.
1936
1937
Dividends earned--
Expenses-..-
_
Interest expense.
Dividends paid
-
Oct.
1937
23,
Sept. 30
% of Total
1935
1934
8129,630
$130,918
$112,107
21,544
1,684
$134,386
19,668
1,432
Chronicle
17,268
2,151
127,500
17.614
------
3,860
85,000
Amount
1
Cash and accounts receivable
Net Assets
$668,469
9.05%
6.092,651
82.44%
1,317,313
2,246
17.82%
$8,080,679
109.34%
Investments in securities listed and (or) quoted on
stock exchanges, figured at market value at
Sept. 30, 1937__
Investments
Net
excl.
profit,
in unlisted stocks and mining ven¬
including affiliated companies, stated at
to corporation or its predecessor.----
tures,
of
cost
losses on sales of se¬
Deferred charges
curities charged to
capital surplus
Previous oper. surplus.-
$106,403
loss! 16,001
687,941
643,701
130
572
—
■
Income debits.
170,000
81,280
Dividends..
13,049
------
Less—Accounts payable
Reserves for taxes and
$1,425
contingencies,
incl. Fed. normal income tax
$799,140
$698,659
$671,368
$636,285
14.36c.
12.51c.
13.11c.
10.66c.
transactions to
Deduction
y
23,773
Liabilities—
1936
$40,677
receivable..
1937
$140,000
24,187
Aocrued expenses.
228
394
"7" 790
25,781
850,000
6,294,941
$190,000
Common stock.
838,700
.
3,788,690
Surplus paid In
799,140
Surplus earned..i.
252,722
Treasury stock.
..$5,321,825
—
$6,426,305'
No provision
Interborough Rapid Transit Co .—Sept. Earnings—
Thomas E. Murray Jr..receiver, in his monthly report states:
Traffic—The SuDway Division during the month of September carried
60,978,449 passengers, a decrease of 778,312, or approximately 1.26%,
as compared
with September, 1936.
The American Legion Convention
held during the month was responsible for greatly increased traffic for almost
a
week.
Comparison with the week previous and the week following
Indicates a gain on this division of 1,600,000 passengers due to the conven¬
tion.
Without this gain, the traffic during the month would have shown
a loss of approximately 3.75 %.
The two main lines of the division benefited
mostly by the convention.
The Broadway-Seventh Avenue Line showed
only a slight loss, while the Lexington Avenue Line recorded a small in¬
crease.
On these lines the gain due to the convention was largely at those
stations in the mid-town section of Manhattan, from 42d Street to 86th
Street.
The Manhattan Division during September carried 17,346,977 passen¬
a decrease of 187,349, or approximately 1.07%, as compared with
September, 1936.
This division also gained materially because of the
Legion Convention, the Sixth Avenue Line in particular report¬
ing greatly increased traffic on the day of the main parade.
The effect
gers,
of the convention on the entire division was to increase the traffic by ap¬
proximately 400,000 passengers.
The only line which did not benefit ma¬
terially by the convention was the Ninth Avenue Line, which, on account
of ts location, was too remote from the centers of activity.
The normal
traffic on this division.was off at a rate of approximately 3%.
The number of passengers carried on the entire system in September was
78,325,426, a loss of 965,661, or approximately 1.22%, as compared with
September, 1936.
Subway Division Operations
Net oper. revenue
1937—Month—1936
$3,395,542
$3,410,369
2,228,453
2,052,993
1937—3 Mos.—1936
$9,491,047
$9,722,121
6,718,425
6,170,584
$1,167,088
179,176
_
Balance
Used for purch. of assets
ofe iterprise
$2,772,621
520,792
$3,551,537
428,107
$1,209,068
218,707
$2,251,829
656,122
$3,123,430
$769,204
Income from oper
Current rent deductions
$1,357,375
148,307
$987,911
218,707
Taxes-..
has been made for Federal undistributed profits surtax
or
1937, there were outstanding purchase warrants of prede¬
cessor entitling holders to purchase 47,239 shares of common stock of the
corporation at $10 per share on or before Sept. 1, 1939.
If all of these
warrants had been exercised on Sept. 30, 1937, corporation would have
received $472,390 additional capital; the number of shares of common stock
outstanding in the hands of the public would then have been 585,712, and
the net asset value on Sept. 30, 1937, calculated as above, would have
been approximately $13.42
per
share.
During the month of September, 1937, corporation reacquired by pur¬
chase 22,900 shares of its common stock at an average cost of
$990,360
$1,595,706
$2,467,307
Crl 1,659
33,323
32,704
126,073
$957,037
$1,563,001
$2,341,234
$780,863
848,699
$957,037
870,782
$1,563,001
2,546,099
per
in treasury.
In the above
shares are not treated as an
asset and the cost of such reacquired shares has been deducted; in other
words, the net assets have been figured as though these 22,900 shares had
been retired.
The issued stock of corporation consists of 561,373 shares of
common stock, of which 22,900 shares were held in the treasury at Sept. 30,
1937, and 538,473 shares were outstanding in the hands of the public at
Sept. 30, 1937.
Since Sept. 30, 1937, corporation has reacquired by purchase 8,900 addi¬
tional shares of common stock at an average cost of $8.01 per share (incl.
commission), so that there are outstanding in the hands of the public at this
date of this letter 529,573 shares of common stock.
At its meeting on Oct. 13, 1937, directors authorized an increase of
$100,000 in the reserve for mining venture losses.
No effect has been given
to this increase in the above calculation of net
International Paper & Power
assets.—V. 145, p. 1261.
Co.—Registers with SEC—
The company on Oct. 20 filed
mission a registration statement
with the Securities and Exchange Com¬
(No. 2-3474, Form A-l) under the Se¬
covering 3,672,153 23-40 shares ($15 par) common
stock and scrip certificates representing fractional shares of common stock,
of which 2,324,405 shares are for conversion of the company's cumulative
convertible 5% preferred stock and 1,347,748 23-40 shares are reserved for
the exercise of outstanding common stock purchase warrants.
The company's outstanding cumulative convertible 5% preferred stock is
convertible into fully paid shares of common stock any time on or after
Nov. 8, 1937, on the basis of the original conversion price of $40 a share,
curities
Act
of
1933,
or
2}4 shares of common for each share of preferred.
The outstanding common stock purchase warrants entitle the holder to
purchase the number of fully paid shares of common stock specified in the
warrant at a basic option price of $25 a share.
The initial date for the
exercise of the warrants, the company states, is the date upon which the
registration statement becomes effective, and the expiration date will be
"as many days after May 14,1942, as the date upon which this registration
statement becomes effective is after Oct. 15. 1937."
656,122
$780,863
$9,879
share (incl. commission), which shares are held
calculation of net assets, these 22,900 reacquired
American
Period End. Sept. 30—
9.34%
100.00%
profits tax.
As of Sept. 30,
x Represented
by shares having a par value of $1.
y After reserve for
depreciation of $1,215,907 (after deducting appreciation cost of $186,937)
$685,274) in 1936.
z Cost of 50,300 shares.—V.
145, p. 944.
Operating expenses
160,612
excess
in 1937 and $601,621 (after deducting appreciation cost of
Gross oper. revenue
690,506
$7,390,173
698,659
$5,321,825 $6,426,305
Total
292.496
Reserve for mining venture losses
4,567.971
.
Total
'
and
Sept.30,1937
93,500
payable
Due to brokers
x
235,974
Sept. 30, 1937
Federal normal income
appreciation of
securities
(or) quoted on stock ex¬
changes if such securities had been
sold at
the
closing quotations on
listed
Notes pay., banks,
sec'd by collat..
Dlvs.
Invest'ts (market
value)
5,285,071
for
realized
1936
66,600
Due from brokers-
Divs.
net
tax, which at present rates would
have become payable in 1938 on un-
Comparative Balance Sheet Sept. 30
1937
$12,981
Assets—
on
income and net profit on investment
Undistrib. oper.income
Sept. 30Earnings per share
Cash
.03%
$5,634
762,387
$113,286
767,135
The company states
that none of the shares will be separately offered
for sale but are to be issued only after conversion of the preferred stock and
for exercise of the common stock purchase shares.
None of the shares
are
to
be underwritten.
$2,341,234
2,611,243
According to the registration statement, any funds which may be received
the exercise of the common stock purchase warrants will be used by the
for general purposes, including the making of advances to sub¬
sidiaries for use in acquiring additional properties, retiring debt, or any
other proper company purpose.—V. 145, p. 2550.
upon
Balance—City and co.
Pay. to city under Con¬
tract No. 3
Gross inc. from oper.Flxed
charges
company
International Silver Co. (&
Period End.
x
Net deficit from oper.
$67,836 prof$86,255
711
$983,098
2,341
$270,009
2,159
$67,056 prof$86,966
$980,756
$267,849
780
Non-oper. income
Balance, deficit.
Period End. Sept. 30—
Gross oper. revenue
Operating
expenses
Net oper. revenue
1937—Month—1936
$927,862
$928,295
911,247
830,352
_
1937- -3 Mos.—1936
$2,711,866
2,509,443
$2,663,777
2,763,118
$16,615
$97,942
def$99,341
$202,422
$5,040
3,979
3,538
6,469
$4,954
3,891
3,484
6,461
$15,016
11,487
10,666
19,546
$14,879
11,624
10,460
19,600
$18,791
$56,717
$56,564
$79,150 def$156,058
$145,858
Rental of jointly op. 1 ines
Queensboro Line
Lexington Ave. Line..
White Plains Rd. Line1
Other rent items
$19,027
Bab of net op. revenue.
—"V.
145,
p.
def$2,412
I!orp. (& Subs.)—Earnings—
•
1937
1936
1935
1934
$6,906,100
5,449,977
$4,703,588
3,985,998
$3,154,962
2,842,796
$1,947,968
1,750,094
$1,456,123
$717,590
$312,167
$197,873
111,327
.
Admin, sell., gen. &
82,020
116,510
101,935
$1,344,795
74,663
$635,570
102,849
$195,656
63,185
$95,937
19,789
$1,419,459
103,664
515,385
137,867
174,827
$738,418
164.720
y452,859
21,529
$258,841
173,477
y344,858
$115,727
xl79,799
280.648
bad
debt exp
1
Other income.
Interest & amortiz
Depreciation.
Estimated taxes
Other credits (net)
$837,371
$0.05
Nil
Nil
International Mining
y
Corp.—Quarterly Report—
H. W. Chadbourne, President, in a letter to stockholders states:
Corporation's net assets as of Sept. 30, 1937, as figured by corporation's
accounting department, amounted to $7,390,173, or approximately $13.72
per share for the 538,473 shares of common stock outstanding in the hands
of the public on that date.
The total of $7,390,173 of net assets may be
.
classified
as
follows:
$497,029
Ioss$74,144
.
$0.12,
$2.02
Nil
Estimated.—V. 145, p. 1423.
International
Telephone & Telegraph Corp.—Ex¬
change Divides Dealings in Stock—Foreign and Domestic Shares
Traded in Market Beginning Friday—
(Oct. 22), trading in the capital stock of the cor¬
into domestic share certificates and foreign share
The Exchange decreed this
separation after a report of the company for Oct. 18 showed that foreigners
held 1,186,038 shares, or 18.53% of the outstanding capital stock.
Since
the Federal Communications Act of 1934 prohibits the ownership of more
than 20% of a communications company by foreigners, the Exchange's
officials acted to protect the foreign holders.
This is said to be the first time in the history of the Exchange, two
separate markets in a single stock issue is being conducted as the result of
a ruling announced
Oct. 20 by the Exchange.
The Committee on Securities of the New York Stock Exchange issued
the following notice on Oct. 20:
Referring to the ruling of the Committee on Securities dated May 31,
1935, S-1712, that until further notice transactions in International Tele¬
phone & Telegraph Corp. capital stock may be settled by delivery of either
foreign share certificates or domestic share certificates, notice has been
received that the proportion of International Telephone & Telegraph Corp.
capital stock recorded in alien ownership on Oct. 18, 1937, was 18.53%
(1,186,038 shares);
Beginning yesterday
certificates
on
the New York Stock Exchange.
The Committee on Securities directs attention to Section 310 of the Fed¬
eral Communications Act of 1934, to Section 37M of Article 23 of the Code
of the Public General Laws of the State of Maryland, and to the
provisions
of the
may
by-laws of the corporation and transfer requirement, and further
that, beginning Friday, Oct. 22, 1937, transactions in capital stock
be made as follows:
"Domestic Share Certificates"
"Foreign Share Certificates";
$99,311 loss$259,494 loss$344,720
$0.41
Does not include discount on bonds,
1937—9 Mos.—1936
$114,972
That transactions made without specification shall be considered to have
been in "domestic share certificates";
Includes special charges.
Note—No provision made for surtax on undistributed profits.—v. 145,
p. 1742.
x
$167,897
$0.70
$100)..
rules
Earns, per sh. on 2,000,3hs. cap. stock (no►
000 si
par).
Subs.)—Earnings—
1937—3 Mos.—1936
poration was separated
2550.
3 Mos. End. Sept. 30—
taxes, &c
Earns, per sh. on 91,198
shs.
com.
stock
(par
x
Manhattan Division Operations
Sept. 30—
deprec.
Net profit after
That transactions in "domestic share certificates" may be settled
by
delivery of either "domestic share certificates" or "foreign share certifi¬
cates," but that transactions in "foreign share certificates'7 shall be settled
only by delivery of "foreign share certificates."
The Committee also rules that transactions in "domestic share certifi¬
cates" may be settled by delivery of old undesignated certificates which
have not been exchanged for either "domestic share certificates" or for
"foreign share certificates" until Nov. 5, 1937.
*>
The following are the provisions of the by-laws of the corporation and
transfer requirements to which attension is directed:
"Article XIII, Section 2.
Under no circumstances shall the amount of
stock owned of record by aliens as defined In Section 1 of this article exceed
one-fifth of the total stock outstanding."
"Article XIII, Section 6.
If the stock records of the corporation shall
at any time disclose one-fifth alien stock
ownership,
of domestic record to aliens shall be made."
no transfers of shares
1
.
__
_
—«
Volume
Financial
145
If the stock records of the corporation shall at
any time
alien stock ownership and it shall thereafter be found by
disclose one-fifth
the corporation
that stock of domestic record is in fact held by or for the account of an alien,
such stock shall not be entitled to
vote, to receive dividends or to have any
other right, provided, however, that the holder thereof shall have the right
Chronicle
Kansas Electric Power
In accordance with regulations
Kennedy's, Inc.—Balance Sheet Sept. 30, 1937—
Assets—
Liabilities—
Cash—demand
on
deposits
Accounts
and
hand
Accounts
§297,765
Other assets.......
145,
upon official notice of issuance.—V.
Island Creek Coal Co.-
-Production—
Month of—
Tons of coal mined
—V.
145,
p.
Sept., 1937
387,217
Aug., 1937
315,037
Sept., 1936
362,577
Shares
common
Earnings
—6 Mos. End. June 30—
June 30,'37
stock ($1 par)
share
2395.
per
1937
$274,630
325,425
$0.84
1936
950,500
14,931
32,194
surplus
$4,635,746
Total.
Lamp Corp.—37Y> Cent Cash Dividend
Oct. 19 declared a dividend of 37K cents per share on the
stock, payable Nov. 10 to holders of record Oct. 31. A like
payment was made on June 10, last, and on Nov. 10 and Oct. 10. 1396,
this latter being the first payment made on the common stock since Jan. 30,
1930, when a similar dividend was distributed.—V. 145, p. 2079.
$325,794
308,825
$1.05
$561,286
325,425
$1.72
750,000
$5)
surplus
Note—In the above balance sheet, provision has not been made for Federal
undistributed profits tax.
The income statement for eight months ended Sept. 30 was published in
V. 145, p. 2551.
class A
3 Mos. End.
Period—
1,250,000
for doubtful accounts of $81,990.
reserve
Ken-Rad Tube &
Net profit after depreciation, Federal
income taxes, &c., but before surtax
1,052,500
Capital surplus..___________
$4,635,746
After
x
The directors
(F. L.) Jacobs Co.—Earnings—
Common stock (par
Paid-in
Earned
1905.
—V. 145, p.
70,444
.....
Total
Ironite Ironer Co.—Initial Dividend—
The directors have declared an initial dividend of 10 cents per share on
the common stock, payable Nov. 1 to holders of record Oct. 20.
25.000
67,976
20
expense
Prepaid expenses & def'd chgs.
due
mortgages
on
Long-term debt
$1.25 cum. pref. stock (no par)
142,196
Organization
$347,970
212,651
liabilities
within one year
979,806
2,364,374
Goodwill
ti0
payable
Payment
Inventories..
The New York Curb Exchange has
approved for listing 7,483 additional
shares prior preferred stock, S3.50 series of 1931, no par, and 37,415 addi-
on1 |hares class 13 stock, par .$1,
Accrued
x713,165
receivable
Fixed assets
p. 2078.
approved'for listing $500,000 addi¬
bonds, series A, 3%%, due Dec. 1,
1966.—V. 145, p. 1102.
adopted by the board of directors of the
International Utilities Corp.—Listing Approved—
Co.—Listing Approved—
The New York Curb Exchange has
tional principal amount first mortgage
to transfer the stock to a citizen."
corporation pursuant to its by-laws, a declaration of nationality of the
beneficial owner of stock is required to effect all transfers irrespective of
the number of shares involved or whether transfer is to be made to the name
of the beneficial owner or to the name of a broker or nominee for the account
of the beneficial owner.—V.
145, p. 2078.
vv;V:"v
2697
on
common
Kentucky Utilities CoPreferred Dividend—
The directors have declared
of accumulations
the
on
7%
a
dividend of SI .62^ per share on account
$50, payable
junior pref. stock, par
cum.
Dividends of 87H cents were paid on
Aug. 20 and May 20 last; dividends of $1.25 per share were paid on Feb. 20
Nov. 20 to holders of record Nov. 1.
Johns-Manville Corp.
Period End. Sept. 30—
&
(& Subs.)—Earnings—
1937—9 Mos.—1936
1937—3 Mos.—1936
Sales,
net of returns
allowances.
$16,397,160 $14,128,268 $46,188,636 $34,733,034
Mfg. cost, sell. & admin.
expenses
13,467,588
11,630,603
38,457,290
29,388,569
Depreciation & depletion
677,860
534,218
1,880,794
1,524,761
Prov.
for
inc.
&
excess
470,854
344,788
1,258,361
726,144
$1,780,857
$1,618,659
$4,592,191
$1 75
$4.94
$3.18
Profit per common share
(850,000)
Note—No
provision has
145, p. 1589.
income.—V.
Jones Bros, of
been
made
for surtax
undistributed
on
net
Canada, Ltd.—Reorganization
Announcement is made of the incorporation of a new
of the same name.
This is in accordance
plan adopted by bondholders on April 12, 1937.
Completed
company,
Jones
with the reorganization
pany
Capitalization of the new company is i6,000 preferred shares ($10 par)
and 30,000 (no par) common shares.
Under the terms of the reorganization, holders of securities in the old
will receive the following:
1. Holders of present 6Yu% 1st mtge. bonds will receive $50 in new
20-year bonds, 5 new preferred shares and 2 common shares for each
$100 of bonds held.
This will require $128,900 in new bonds, 12,890
company
preferred shares and 5,196 common shares.
2. Holders of each old preference share will receive 5 new common shares.
This will require 16,530 common shares.
3. Holders of each old common share will receive l-5th of a new common
share, a total of 6,390 common shares.
Bondholders will receive 80% of the new preferred and all the bonds.
Holders of the old preferred receive the majority of the new common.
Directors of the new company will be the same as for the old but some
changes have been made in the officers, the present list being as follows:
C. W. Hunter, President and General Manager; Sidney Smith, Vice-Presi¬
dent; D. G. Wiggins, Secretary-Treasurer.—V. 144, p. 2306.
1937—3 Mos.—1936
no par
Kahuku
Plantation
Co.—Earnings—
per
$1.18
Earnings—
1937—12 Mos.—1936
1936
1937—9 Mos.
(all sources).
$2,222,499
$2,314,154
$3,025,800
$3,108,339
(incl. retire.
exp.) & all taxes
Total fixed charges
1,810,781
1,799,235
283,100
302,554
2,439,453
381,908
2.403,820
414,546
$128,618
$212,364
$204,439
$289,973
revs,
Total exps.
Net
—V.
income
145, p. 767.
Kingston Products Corp. (& Subs.)—Earnings—
per
share on
1,082,896
shs.
1936
$104,114
$0.20
profits
Earns,
1937
$236,863
9 Months Ended Sept. ZD—
Net profit after deprec., Federal income taxes, &c.,
but before prov. for Federal surtax on undist.
$0.08
stock
com.
Note—Earnings do not include results of the H. A. Douglas
acquisition on March 31, 1937.—V. 145, p. 1906.
$14,328
$0.29
share on 50,000 capital shares
—V. 145, p. 2228.
Mfg. Co. prior
to date of
(G. R.) Kinney Co.,
Inc.—Exchange Time Extended—
notified the New York Stock Exchange of the extension
$8 cum. pref. stock may be ex¬
$5 prior pref. stock and common stock.—V. 145, p. 2229.
The company has
16 of the time within which its
Nov.
Co.,
Distilling
Kinsey
after
for surtax.
Earnings
$577,464
$2.55
Kings County Lighting Co.Period End. Sept. 30—
Gross
changed for new
Earnings for 7 Months Ended July 31, 1937
operating expenses, normal Federal income
depreciation and other charges but before provision
taxes,
$1,245,738
$0.34
Surplus available for common stock in 12 months ended Sept. 30, 1937
$1,527,759, equal to $3.13 a share, against $721,949 or $1.48 a share in
12 months ended Sept. 30, 1936.
Note—Earnings for the third quarter include loss of $3,922, representing
adjustment of subsidiary, William Bonifas Lumber Co., profit for year
ended June 30, 1937, from estimated amount of $40,000 shown on state¬
ment for second quarter, to actual profit of that company of $36,078.—V.
145, p. 1263.
to
Net income
$167,371
$0.66
(par $1)
value, payable Oct. 30 to holders of record Oct. 25.
Semi-annual dividends of 87 M cents per share were paid on July 15 and on
Jan. 15 last, and prior thereto regular semi-annual dividends of 60 cents
per share were distributed.—V. 144, p. 282.
stock,
1937—9 Mos.—1936
$322,194
profs. & pref. divs
Earns. per sh. on 487,173
shs. com. stk. (no par)
Kokenge Co.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share on the
common
Corp.—Earnings-
was
Bros, of Canada, Ltd., to take over the assets and business of the old com¬
Julian &
Kimberly-Clark
Period End. Sept. ZD—
Net profit after deprec.,
int., Fed. inc. taxes.
Fed.
surtax on
undist.
$3,093,560
$1.94
profits taxes
Profit after inc. tax...
last, Nov. 20, Aug. 20, May 20 and Feb. 27, 1936; 87K cents paid on
Nov. 20 and on Aug. 20, 1935; 50 cents paid on May 29,1935, and 25 cents
on May 29, 1934.—V. 145, p. 1424.
Linfield,
Pa.—Stock Increase
Voted—
21 voted to increase the authorized amount of
stock. Authorized prior preffered was increased
60,000 shares to 80,000 shares, participating preferred from 60,000
shares to 100,000 shares, and common from 60,000 shares to 100,000 shares.
Approval also was given to amendment of the company's articles of
incorporation giving holders of prior preferred stock the option of con¬
verting their shares into participating preferred and common on the basis
of one-half share of participating preferred and one-half share of common
for each one share of prior preferred.
Prior preferred stock, of which there
are at present 11,984 shares outstanding, has a par value of $10 per share
and is callable at $12.50 per share.
The stockholders on Oct.
all classes of the company's
from
Kansas
City Public Service Co.- -Earnings—
1937—Month—1936
$545,910
$535,187
441,160
426,263
Period End. Sept. 30—
Total oper. revenues
Total oper. expenses
.
1937—12 Mos.—1936
$6,792,659
$6,613,817
5,320,247
5,087,537
$104,750
32,511
$108,923
28,220
$1,472,412
363,505
$1,526,280
293,521
$72,238
114
$80,703
1,292
$1,108,907
9,491
$1,232,758
23,506
$72,352
41,148
5,366
71,718
$81,995
31,985
5,109
70,700
$1,118,398
462,657
$1,256,265
384,056
78.823
860,323
88,278
856,572
$45,881
Net oper. revenue
Taxes
$25,799
$283,405
$72,642
^
Operating income
Non-operating income
Gross income
Int.
funded debt
Other fixed charges
Depreciation
on
Net deficit
—V. 145, p. 2395.
Kansas City
Period End. Sept.
Railway
Railway
Southern Ry.
oper. revenues.
Earnings—
1937—9 Mos—1936
1937—Month—1936
$1,188,064 $10,571,570 $10,049,153
$1,250,826
expenses.
769,537
784,154
6,740,145
6,295.193
from ry. oper.
$403,910
Railway tax accruals
$481,289
88,000
106,500
$3,831,425
880,000
$3,753,960
813,500
Railway oper. income.
Equipment rents (net)__
Joint facility rents (net)
$393,289
34,089
10,433
$297,410
63,399
10,714
$2,951,425
432,319
61,744
$2,940,460
526,128
76,432
Net
oper.
rev.
viously
-
$348,766
$223,297
$2,457,361
$2,337,899
Note—Railway tax accruals for 1937 includes charge for Federal tax on
undistributed profits.—V. 145, p. 2079.
Net ry. oper. income.
(Julius) Kayser & Co. (& Affiliated Cos.)—Earnings—
Depreciation
xl936
$306,681
xl935
$308,672
xl934
$180,192
1,544
1,439
685
69,907
64,091
73,407
15,450
16,845
10,534
$201,885
$225,596
$216,981
provide stock for optional conversion of prior
com.
stock
401,900
402,020
$0.52
$0.21
x Do
not include earnings of Julius Kayser (Australia) Pty., Ltd., or
Kayser Bordor, Ltd. of England in 1937.
>
Note—No provision is made in above figures for taxes on undistributed
profits.—V. 145, p. 1262.
1937—3 Mos.—1936
$430,719
$456,536
$0.58
and taxes
$0.61
Earns, per sh.on 746,371
shs. cap. stk. (no par).
jVole—No provision has
profits.—V. 145, p. 612.
400,000
$0.48
1
$1,023,035
$1.45
$1.37
Lake-of-the-Woods Milling Co., Ltd.(& Subs.)—Earns.
1934
y$738,706
195,913
150,000
49,377
60,439
zCr45,713
y$930,418
165,534
185,000
88,000
60,014
CV15.797
1935
y$777,478
196,383
185,000
58,745
55,640
zCr40,615
$328,689
1,972,949
$447,667
1,630,282
$322,325
1,307,957
$402,372
905,586
$2,301,638
315,000
$2,077,949
105,000
$1,630,282
$1,307,958
$1,986,638
$1,972,949
$1,630,282
$1,307,958
147.689
147.689
147.689
147,689
$1.51
52.32
$1.47
1937
Interest":
Depreciation
Prov! forinc.
Other
-
taxes
expenses
Other income.
Net
profit
Previous surplus
Total surplus
on cum.
pref. stock
401,900
$0.54
,
1937—9 Mos.—1936
$1,082,78
been made for Fede al surtax on undistributed
'
Years End. Aug. 31—
Profits!
Total surplus
out¬
standing ($5 par)
Earnings per share
preferred.—V. 145, p. 767.
profit after charges
Div.
-
participating pre¬
each six shares of
Co.—Earnings—
Period End. Sept. 30—
Net
.$94,132
•
Reserve for taxes
Shares
on
participating preferred now held. Public offering will later be made of any
unsubscribed portion of the 50,000 shares of prior preferred.
The
increase in authorized participating preferred and common wil
1936
74,841
19,750
_
xl937
$292,733
1,191
3 Mos. End. Sept. 30—
Income from operating.
Interest
Net profit
company's outstanding 60,000 shares of
the basis of five shares of prior preferred for
of the
holders
ferred
Lambert
30—
,
additional working capital the 20,000 shares of additional
preferred stock, together with 30,000 shares of the pre¬
authorized, but unissued prior preferred, will be offfered to present
provide
To
authorized prior
Earnings per share
x
After deducting
and
215,890
185,000
$2.01
all expenses of operation and providing for doubtful
Before providing for income
eluding $20,000 credit adjustment arising from other years.
accounts
x$803,262
income taxes,
y
taxes,
zln-
Financial
2698
Consolidated, Balance Sheet Aug.
Property acct...$4,878,068
*
$4,990,428
28,593
cos.
609,166
24,242
609,166
investm'ts
Goodwill,
trade¬
6,532
7,704
Def. chgs. to rev_.
Inv. In contr.
Sundry
250,000
Accts. receivable..
657,574
15,000
15,000
3,531,075
9,737,921
for
payableFederal,
432,724
2,953,780
1,500,000
2,587,000
418,312
97,346
149,172
Earned surplus
...
136,217
169,662
1,986,635
1,972,949
—V.
9,737,921
10,043,660
Total
After reserve for
y
$7,984,522 $11,055,500 $10,986,203
$8,191,578
5,700,543
1,380,226
5,107,956
1,517,780
7,292,445
1,798,299
2,013,299
$1,110,808
income—
145,
6,838,629
$1,358,786
$1,964,755
$2,134,274
2081.
p.
Louisiana Ice & Electric
Co., Inc.—$1 Dividend—
dividend of $1 per share on the common
$1, payable Nov. 1 to holders of record Oct. 15.
A similar
amount was paid on Sept. 15, 1936, and a dividend of 50 cents per share was
distributed on Dec. 20, 1935.—V. 145, p. 1103.
The directors have declared a
stock,
depreciation of $2,304,397 in 1937 and $2,179,955 in
Represented by 147,689 shares of no par value, z Represented
by shares of $100 par.—V. 145, p. 767.
x
1936.
revs
(all sources).
exps. (incl. retire.
exp.) and all taxes....
Total fixed charges
Total
Net
provincial & mu¬
nicipal taxes
Reserves
Period End.
Gross
3,084,939
-»
Inventories......
Total
Accounts
98,867
10,043,660
Investment....
Preferred
Bank loans secured
250,000
66,447
658,779
.......
$
$
Common stock., 2,953,780
stock. 1,500,000
2,924,000
y
z
Pro v.
marks, &c
Cash.
936
1937
Liabilities—
$
1937
23,
Long Island Lighting Co .—Earnings—
Sept. 30—
1937—9 Mos.—1936
1937—12 Mos—1936
31
1936
1937
Oct.
Chronicle
par
Louisiana Ice & Utilities, Inc.'—Bondholders' Rights—
bonds, conv. 6% series A, dated April 1,1926,
being notified that pursuant to a plan of reorganization confirmed
by the District Court of the United States for the Western District of
Louisiana, Alexandria Division, on Nov. 26, 1934, in a cause entitled
"In the Matter of Louisiana Ice & Utilities, Inc., Bankrupt, In Bank¬
ruptcy, No. 4843," the St. Louis Union Trust Co., trustee, holds certificates
for shares of the common capital stock of Louisiana Ice & Electric Co.,
Inc., a Louisiana corporation.
Holders of Louisiana Ice & Utilities, Inc.,
1st mtge. gold bonds, conv. 6% series A, dated April 1, 1936, bearing the
following serial numbers:
67, 221, 222, 235, 236, 237, 238, 414, 664.
1112, 1248, 1249, 1389, 1450, 1451 of the par value of $1,000 each, and
numbers:
33, 34, 36, 162, 165, 219, 220, 292, 451, 544, 643, 656, 669,
670, of the par value of $500 each, are entitled under said plan of reorganizartion, upon surrender of any of said bonds to the trustee, to receive certificates
representing the ownership of said shares of the common capital stock of
Louisiana Ice & Electric Co., Inc., in the ratio of 10 shares for each $500
Holders of 1st mtge. gold
are
Lehigh Valley Coal Corp.—Earnings-
Dr28,980
248,444
$216,418
Dr30,032
313,388
$447,722
Z)r75,251
873,107
$1,743,012
I>r64,754
893,571
loss$75,599
$499,774
$1,245,578
$2,571,829
1,553
37,323
303,603
20,983
894,712
75,489
loss$295,063
coal
selling
Inc. from other oper
Other income
income
Gross
carrying charges
coal lands..
Fed. & State unempl. tax
Fed. old age ben. tax—
Int.
1937—9 Mos.—1936
1937—3 Mos.—1936
Period End. Sept. 30—
Income from mining and
&
"3*213
822,931
144,436
69,053
27,349
500
18,000
C'r4,089
269,210
"Cr 581
Cr3,113
321,563
1,058,095
8,446
1,034,918
$672,894
$149,008
227,409
Nil
227,353
on reserve
Federal taxes
17,381
5,918
....— —
Pennsylvania income tax
Minority interest
Deprec. & depletion
Net loss
117"013
Net inc. per sh. pref
—V.
145,
bondholders' benefit until January,
If on Jan. 1,1938, any of said shares of stock remain undistributed,
such shares of stock will
be returned to Louisiana Ice & Electric Co.,
$873,673prof$423,251
227,353
$1.86
227,409
Nil
Nil
Inc., and thereafter bondholders will be
or
entitled to no further rights therein
thereto.—V. 141, p. 3540.
(Del.) (& Subs.)—Earns.
Louisville Gas & Electric Co.
439.
p.
,
Said shares of stock will be held for
1938.
Shares outstanding Sept.
30, preferred stock...
bonds surrendered.
of such
1937
1936
$10,419,450 $10,839,384
5,124,071
5,648,364
12 Months Ended Aug. 31—
Lehigh Valley RR.—To Pledge Additional Collateral for
Bank Loans—
Because of the decline of the market
Operating revenues
Operating expenses, maintenance and taxes
value of its general consolidated
5% mortgage bonds and the pressure of banks for more collateral, the
has applied to the Interstate Commerce Commission for authority
to pledge and repledge more of these bonds as security for $1,800,000 in
notes held by the Philadelphia National Bank, Marine Trust Co. of Buffalo
and the Marine Midland Trust Co. of New York.—V. 145, p. 2229.
Net oper. rev. (before approp.
income..
Other
for retire, res've). $5,295,379
277,409
—
$5,191,020
379,792
company
Corp.—Management Agreement Voted—
Lehman
Stockholders at their annual meeting held Oct. 20, approved the amend¬
of the management agreement with Lehman Brothers providing for
ment
future compensation for management in cash, and for the
option which Lehman Brothers had
purchase stock of the Lehman Corp. at book value as defined in the
management agreement with any cash compensation paid.
Directors were
the payment of all
elimination of the obligation and the
to
reelected
At
the
Net oper. rev. & other income
for retirement reserve)..
special meeting, held immediately before the annual meeting,
amendment of certificate of incorporation of the
corporation providing for a reduction of the capital represented by shares of
its capital stock having no par value from $1.66 2-3 to $1 per share, and the
change of the no par value stock to a par value of $1.
Elimination of the stock purchase clauses means that Lehman Brothers
shall receive in cash 8H% of the net profits of the Lehman Corp. for each
six months' period after expenses, taxes and reserves, but only to the extent
that the net profits shall exceed 4% a year upon the invested capital, plus
any deficiency in net profits of any prior period below 4%.—V. 145, p. 2397.
Gross
Lehn
Fink
&
Products
Corp.—Earnings—
Amortization of flood expense
Other income deductions..
Divs.
$166,727
$322,020
$453,343
$0.21
$0.42
$0.80
$1.13
Earns, per sh. on 400,000
shs. cap.
.
stk. ($5par).
—V. 145, p.
_
612.
Lexington Telephone Co.—Preferred Dividend Passed—
The directors have decided to take no action on the
payment of a dividend
6H% prior pref. stock, par $100, at this time.
A regular quarterly
dividend of $1.62^ per share was paid on July 15 last.—Y. 141, p. 756.
on
Lion Oil Refining
Period End. Sept. 30—
Net profit after deprec.,
deplet.,
Co. (& Subs.)
$267,794
$1,020,268
$491,939
Philadelphia—Accumulated Dividend—
The directors have declared
to
a
and
share on accout of
$100, payable Oct. 28
on
Note—No provision was made by Louisville Gas & Electric Co. (Ky.) for
or State income taxes or for surtax on undistributed profits for the
Federal
deduction in its Federal and State
unamortized discount and expense
bonds redeemed in 1936, which
During the period from Jan. 1
to Aug. 31, 1936, Louisville Gas & El. Co. (Ky.) made provision for Federal
income taxes in the amount of $271,400, which was reversed over the period
1936, as that company claimed as a
income tax returns for the year 1936 the
year
and redemption premium and expense on
resulted in no taxable income for that year.
No surtax
Act of 1936 was incurred by the
No provision for surtax on
the above statement, as it is
estimated that no such surtax will be incurred by the company or its sub¬
sidiary companies for the year 1937.-—V. 145, p. 2081.
,
on
which
made since Jan. 2,
Loblaw
18—
1937—4 TYte.—1936
$1,521,511
$1,319,077
Net profit after deprec.,
income taxes, &c
—V. 145, p. 2552.
Lynch Corp.—SI Dividend—
The directors have declared a dividend of $1 per share on the common
stock,
par
$5, payable Nov. 15 to holders of record Nov. 5.
A similar
paid on Aug. 16, last, and previously regular quarterly divs. of
amount was
paid
on
distributed.
In addition, a special dividend of $1
June 29, last, and an extra dividend of $1 was paid on Dec.
19,
1936.
-.$889,396
44,489
Gross earnings—
Depreciation
$844,907
Operating profit
9,670
Other income
$854,577
Total profit and income before taxes
Reserve for income taxes
163,653
63,689
1937—16 Wks.—1936
$5,943,613
$5,127,928
227,723
211,833
| 59,469
profit to surplus account
Earnings per share
362,529
Inventories
368,579
Cash
surr.
Invest.
Cement
life insurance
& advs.
Period End. Sept. 30—
Sales
Mfg. & snipping costs
(exci. deprec. & dep.).
Selling & adminis. exp__
Operating profit$2,348,811
59,656
Miscellaneous income
8,207,279
1,826,943
2.453,529
562,243
$2,104,870
40,070
$6,338,514
154,628
6,591,135
1,581,912
$5,354,302
113,166
—145,
$2,408,468
$2,144,940
$6,493,141
$5,467,468
Federal,
& local
State
17,818
$19,144
taxes,
226,867
accrued
Customers' deposits
14,000
674,885
256,850
Paid-in surplus
Earned surplus
477,986
1
113,551
reserves
167,877
$1,669,732
$1,669,732
Total
769.
p.
Louisville Gas & Electric Co.
(Ky.) (& Subs.)—Earns.
1937
1936
$10,284,087 $10,713,412
4,973,939
5,470,235
12 Months Ended Aug. 31—
Operating
Operating
revenues
expenses,
maintenance and taxes
Net operating revenue
(before appropriation for
$5,310,148
$5,243,177
277,409
340,790
and other income (before
appropriation for retirement reserve)
$5,587,558
Appropriation for retirement reserve
1,181,000
Amortization of contractual capital expenditures.37,000
$5,583,968
1,006,000
retirement
Total income...
195,262
reserves
Real estate—Less
Accounts payable & pay rolls..
Capital stock (134,977) shares.
cos.,
-
Total
1937—9 Mos.—1936
1937—3 Mos.—1936
$6,096,372
$5,120,642 $16,372,735 $13,527,348
3,117,865
629,696
54,385
to affil.
Mach., tools &eqpt., less res..
Corp.—Earning
Sept. 30, 1937
Liabilities—
$389,729
Cash in banks
Accts. & notes rec'ble, less res.
Patents—Less
dire^or,
succeeding the late Thomas Nelson Perkins.—V. 145, p. 945.
Star
.
Balance Sheet
Prepaid & deferred charges
Loew's, Inc.—New Director—
At a meeting of directors held Oct. 15 Al Lichtman was elected a
Lone
.$690,924
$5.11
Net
—less reserves
Other
reserve)
income
—
funded debt (incl.
on
taxes
on
int.
pay.)
Net operating revenue
&
amort, of deb. disc. &
468
doubtful
contingencies)
prov.
acc.
fet
Ne profit
common
Earnings
per
stock
share
The results of the
2,627
341,515
243,470
756,538
204,623
809,220
674,929
2,132,532
531,736
2,099,604
201,806
552,428
443,278
$1,206,190
Prov. for dep. & depl
Miscel.
charges
(incl.
93,241
201,803
expenses
Prov. for inc. taxes, cap.
stk & franchise tax, &c
Shares
reversed during December 1936.
Assets—
Groceterias, Ltd.—Earnings—
Period End. Sept.
Sales.
Int.
was
undistributed profits under the Revenue
other companies consolidated herein for 1936.
undistributed profits during 1937 is included in
of $2 was
paid on Oct. 10, 1936, this latter being the first payment
1933, when $1.50 per share was distributed.
The last
regular quarter dividend of $1 50 per share was paid on April 1, 1932.—
V. 144, p. 3677.
one
1,354,920
$1,635,052
dividend of $2 per
the 6% cum. pref. stock, par
holders of record Oct. 26.
A dividend of $4 was paid on Jan. 25, last,
accumulations
1,354,920
-
-
Earnings for 9 Months Ended Sept. 30, 1937
$489,004
—V. 145, p. 1907.
Lit Brothers,
13,647
$1,667,081
pref. stock of Louisv. G. & E. Co. (Ky.)—
Net income
was
1937—9 Mos.—1936
&c., but bef.
Federal income taxes.
$2,989,972
.
.
50 cents per share were
Earnings—
1937—3 Mos.—1936
on
$4,508,813
1,38,3,971
121,221
$3,022,001
(net)
Balance
$5,570,813
1,025,000
37,000
$4,335,788
1,03.3,739
159,133
100,000
20,914
income
Interest charges
amount of $90,060,
$83,890
& Fed. income taxes..
37,000
¥"om Sept. 1company 31, 1936. During the for State income 1taxes in the
to Dec. also made provision period from Jan. to Nov. 30,
936, that
1937—9 Mos.—1936
1937—3 Mos.—1936
$5,572,788
1,200,000
._
Amortization of debt discount and expense.
stockholders approved the
Period End. Sept. 30—
Net profit after charges
(before approp.
Appropriation for retirement reserve
Amortization of contractual capital expenditures
$836,049
789,755
$3,130,627
967,095
$2,051,335
789,755
$3.24
$2.60
Interest
$4,369,558
income
1,042,723
charges (net)
Amortization of debt discount and expense—i—
&
967,095
$1.25
Argentine, Urug
above (together with their charges for
$1.06
and Brazilian
epreciation)
Companies included
figured at average
are
free market exchange rates.
No provision has been made for the Federal Corporation Surtax on un¬
distributed profits under the revenue Act of 1936.—V. 145, p. 612.
Gross
159,133
Amortization of flood expense
Other income deductions.--
37,000
$4,540,968
1,509,865
121,221
100,000
Net income
20,259
$3,047,441
—
12*13
$2,897,067
Note—No provision was made by Louisville Gas & Electric Co. (Ky.) for
Federal or State income taxes or for surtax on undistributed profits for the
tax returns for the
Sear 1936 as that companyyear 1936as a deduction in discount and expense
claimed the unamortized its Federal and State
icome
and redemption premium
and expense on bonds redeemed in 1936 which
During the period from Jan. 1
resulted in no taxable income for that year.
Financial
145
Volume
Electric Co. (Ky.) made provision for
$271,400, which was reversed over
from Sept. 1 to Dec. 31, 1936.
During the period from Jan. 1
to Nov. 30, 1936, that company also made provision for State income taxes
in the amount of $90,060, which was reversed during December, 1936.
No surtax on undistributed profits under the Revenue Act of 1936 was
incurred by the other companies consolidated herein for 1936.
No provision
for surtax on undistributed profits during 1937 is included in the above
statement as it is estimated that no such surtax will be incurred by the
company or its subsidiary companies for the year 1937.—V. 145, p. 2081;
V. 144, p. 3677, 2134, 1114; V. 143, p. 1563.
Marion Steam Shovel
Aug. 31, 1936, Louisville Gas &
to
Federal income taxes in the amount of
the period
McGraw Electric Co.—Earnings—
12 Months Ended
$6,455,151
__
profit after deprec. & Fed. inc. taxes, but
undist profit taxes
Net
bef.
„
Earns, per
145,
$2.62
share on 472,600 shs. capital stock
2398.
Period End. Sept.
—V.
—V. 145, p.
2082.
Mclntyre Porcupine Mines,
1937—6 Mos.—1936
$4,266,115
$4,260,424
_
!,147,654
1,041,460
$1,224,491
1,007,378
$1,106,194
163,652
_
-
145, p. 1265.
The company reports net assets as of Sept. 30, 1937 totaled $115,265,835,
equivalent to $23.44 per share on the 4,918,406 shares outstanding.
On
assets °* $125,729,543 amounted to $26.44 per share on the
4,754,793 shares then outstanding. Net cash and receivables were increased
by $1,262,809 during the third quarter to a total of $7,224,599 on Sept. 30.
Net income from dividends and interest for the third quarter, including a
credit of $34,111 representing accrued dividends included in the price of
shares sold
or repurchased, totaled $1,302,721.
The quarterly distribution
being made to shareholders today, at the rate of 26 cents a share, amounts to
$1,278,468. The previous quarterly distribution was at the rate of 24 cents
a share.—V. 145, p. 2082.
Memphis Natural Gas Co.—Earnings—
Earnings for 12 Months Ended Sept. 30, 1937
Net income after deprec., int., amort., Fed. income taxes
on undist. profits
& surtax
.,217,113
!,173,785
164,261
39,296
73,449
339,446
77,218
347,543
146,053
$903,246
$979,403
$1,757,121
$1,789,419
$1.13
$1.23
$2.20
Costs & develop. expense
Balance
_
Depreciation .......
Net
profit
Earns, per share on 798,000 shs. cap. stk. (par
$5)
—V. 145, p. 1264.
1,977,409
2,092,330
!
,283,015
1937—9 Mos. —1936
Period End. Sept. 30—
1937—3 Mos.—1936
$2,531,492
!,410,919
2,164,378
2,237,179
84,363
Depreciation
82,798
17,699
Depletion
45,595
Interest charges
36,795
36,122
Misc. P. & L. items (net)
GY7,774
6,441
$7,784,202
6,741,735
Net sales.
$2.24
_
..$685,797
$0.70
.
Earns, per share on 918,680 shares com. stock
—V. 145, p. 1265.
Mengel Co.—Earnings-
Ltd.—Earning s-
1937—3 Mos.—1936
Period End. Sept. 30—
Gross revenue
$110,155
Massachusetts Investors Trust—Asset Value—
.
$745,268
$929,651
$343,343
$312,315
1936
1937
$297,251
income taxes.__
Earns.—
1937—9 Mos.—1936
1937—3 Mos.—1936
30—
Net profit after all int.,
taxes and depreciation
■
Inc. (&Subs.)
Co.—Earnings—
9 Months Ended Sept. 30—
^
Net profit after deprec. & charges, but before Fed.
p.
McGraw-Hill Publishing Co.,
Taxes.
874,613
$1.84
1,241,041
.
—V.
1936
$4,758,988
1937
Sept. 30—
Net sales.
2699
Chronicle
Cost of sales, &c„ exps..
Prov.
for
Fed.
&
239,105
101,003
122,152
Cr20,733
$ 6,435,688
5,775,461
230,333
84,657
145,829
State
income taxes
18,343
74,765
127,173
32,970
$82,898
21,465
$399,002
$166,438
Flood loss
Profit
$116,107
Note—No provision made for surtax
on
undistributed profits.
Wm. L.
McKay Machine Co.—Earnings—
1936
1937
9 Months Ended Sept. 30—■
normal Federal inc.
deprec. & other chgs., but before prov.
Net income after oper. exps.,
taxes,
for surtax.
—V. 145, p.
$116,338
$111,099
.
946.
McKesson & Robbins, Inc.—Listing, &c.—
Exchange has authorized the listing of
The New York Stock
(a) not ex¬
convertible
ceeding 78,819 additional shares of preference stock, $3 series,
(cumulative, no par), upon official notice of issuance, 51,319 such shar&s
being issuable in payment of a stock dividend on the outstanding common
stock; and not more than 27,500 shares being issuable in connection with
by the corporation of certain of the assets of Blumauer Frank
Drug Co. (Ore.); and (ft) 157,638 sharas of its common stock ($5 par),
official notice of issuance on conversion of the sharas of preference
stock to be outstanding, making a total amount applied for of 619,204
shares of preference stock and 2,850,513 shares of common stock.
The directors on Sept. 28, 1937, approved the execution of a contract
with Blumauer Frank Drug Co., whereby certain of the assets of the latter
the purchase
upon
corporation are to be purchased for cash,
and in exchange for not more than 27,500
a note
payable of the corporation
shares of preference stock.
Under the provisions of the contract the assets of Blumauer Frank Drug
Co. which are to be purchased consist of merchandise, notes and accounts
receivable, prepaid expenses and miscellaneous supplies and furniture and
fixtures, mechanical equipment, automobiles and trucks, subject to the
assumption of notes, accounts and accrued expenses other than Federal
income taxes and tax on undistributed profits.
The shares of preference
stock to be issued in respect of receivables, after deducting a payment of
$200,000 in cash made by the corporation, are to be valued for purposes of
the purchase at $47.50 per share.
It is expected that approximately
12,500 shares of preference stock will be required for this purpose.
The
shares of preference stock to be issued for the balance of the assets to be
purchased, less the notes, accounts and accrued expenses to be assumed by
the corporation, are, after deducting a payment of $250,000 in the form of a
note payable of the corporation, to be valued for purposes of the purchase
at $50 per share, it being expected that approximately 10,500 shares of
preference stock will be required for this purpose.
All of the stock to be
issued is to be capitalized on the books of the corporation at $50 per share.
The balance necessary to bring the shares issued for the receivables less the
cash payment of $200,000 to the $50 figure will be transferred from capital
surplus and if the estimated total num ber of such shares of preference stock
is so issued, the total to be transferred from capital surplus will be $31,250.
The directors at the same meeting on Oct. 8 also declared a dividend on
each share of the outstanding common stock of the corporation of l-25th
of a share of preference stock payable Dec. 15 to holders of common stock
of record on Dec. 1, 1937.—V. 145, p. 2552.
Hoge, President says:
Except for the quarter immediately preceding, this quarter is the best
since 1930, and brings the net profit for this year to date up to $399,003,
compared with $166,438 for the corresponding period of 1936.
The downward trend of general business and the weakening of commodity
prices that started last spring and steadied about midyear, instead of getting
better, grew worse, and our business, of course, was affected by this as
well as by the prevalent strikes throughout the country, many of which
were in our customers' plants.
Since the very satisfactory termination of the strike in July affecting the
company's three Louisville wood-working plants, labor relations have
returned to the harmonious basis prevalent throughout nearly all of the
company's history.
$200,000 of bank loans were paid off during the quarter and the cash
position remains very comfortable, with cash on hand Sept. 30, 1937 of
$723,000 and bank loans of $100,000.
Unfilled orders as of Sept. 30, 1937 were $1,816,000 compared with
$1,533,000 a year previous, an increase of 18%, which is the same percent
of increase over the previous year as was shown at the end of the second
quarter.—Y. 145, p. 1908.
Metropolitan Edison Co.—Rates Reduced—
Invoking the new Pennsylvania Utility Law, the Public Utility Com.
on Oct. 20 imposed a temporary rate schedule on this company,
It ordered new tariffs filed by Oct. 29.
slashing revenues $795,900 a year.
The law permits the Commission to fix temporary tariffs while investigating
charges of excessive rates.—V. 145, p. 946.
mission
Approved—
Michigan Bumper Corp.—Listing
The
New York
—V. 145, p.
2398.
Piping & Supply Co. (& Subs.)—Earnings—
Midwest
3
Mos.End.
Co.-—Receives Government Contract
This company has received a $1,701,700 dredging contract from the War
Department for work in the Wax Lake outlet.—V. 145, p. 1264.
normal
Federal inc. taxes, deprec. & other
chgs., but before prov. for surtax__
Net income after oper. exps.,
—V.
Mississippi Central RR.—-Earnings—
1936
Calendar Years—
before surtax
145,
$51,037
$0.20
$33,313
$0.13
--
Earns, per share on
—Y.
normal Fed¬
charges but
254,227 shares
operating revenue
Operating expenses
Net oper. revenue
Tax accruals
•
$726,055
638,467
$632,174
589,123
$604,360
552,244
$87,587
27,888
$43,051
30,492
$52,116
34,229
22
2
61
$59,677
$12,558
$17,826
486
International Marine Communications
Ltd.—Interim Dividend—
to
declared
345
6,684
1,393
5,291
1,984
117,801
16,499
$68,951
33,801
8,179
123,795
7,860
$21,499
30,310
8,232
87,776
37,096
$25,446
35,542
8,413
97,008
22,456
$24,152
181,399
$104,684
175,404
$141,915
166,424
$137,974
157,191
$205,551
$280,089
$308,340
$295,165
$164,892
46,239
Gross income
_
...
Miscellaneous
Sinking fund deductions
*
864
7,339
1,355
1,646
Equipment rents.
Joint facility rents.
Int. on funded debt
Deficit
interim dividend of 8 4-10 cents per share
for ordinary shares, payable Oct. 25
holders of record Oct. 1.—V. 144, p. 2833.
The directors have
on
Co.,
579
9,200
Net deficit.
Marconi
an
8.504
Balance Sheet Dec. 31
the American depositary receipts
1936
Assets—
(Figures for 1936 are combined
3 Months Ended Sept. 30—
Gross earnings
Operating expenses..
companies)
1936
$375,866
245,612
217,992
accounts of constituent
1937
$413,286
_____—
•->——
._.
—
103,089
Cash..
Deposits
coups,
to
pay
due Jan. 1
ice balances rec.
from
earnings
1952
1938 to 1947
Amortiz. of debt discount & expense
Interest on lstmtge.4Ks,
—-
8,975
2,502
18.002
72,939
59,316
316
21
counts
(before prov, for Federal income &
undistributed profits taxes)
Note—Figures for 1936 are combined accounts of
$7,809,225
FixM capital,
26,799
Special deposits
36.302
233,852
160,254
8,728
302,188
23,118
(.
1,804
Cash
(less reserve)
Materials & supplies
Prepayments..
Unamort. discount & exp
Other deferred charges
MLscell.
investorts (less res )_
a
Miscell. accts. pay.
Jan. 1
Unmatured
780
37,797
Inter¬
828
828
3,997
10,717
debits
5,809
6,955
Unadjusted
1937
18,625
18,425
Other curr. liabils.
34,570
1,786
439
924
489,919
461,472
42,106
2,869,970
41,820
2,688,441
Deficit
$104,282
constituent companies.
$8,602,272
Total
Represented by
shares.—V.
stock
400,000
„
4)^% bonds
Serial 3-5% notes
Accounts payable
Accrued taxes.
_
_
...
Miscell. liabilities..
4 500,000
.. .
133,0*2
104.088
17,500
-----
7,117
21,084
497,647
i
Total
. _ _ _
Total.
-V. 145, P.
750,000
.
Accrued interest
Consumers' deposits
18,884 no par shares,
p. 946.
145,
$1 ,888,400
1st mtge.
Reserves
a
66,395
Other def. liabils..
Other def'd assets.
S5flpref, stock.
b Common
Su r pi us
par
16,607
80,416
12,335
131,101
1,079,491
863,029
est accrued
Other
;.
_.
unadjusted
credits
Add'ns
to
prop.
through surplus.
Liabilities—
A88ttS~~~~
Acets, receiv.
225,000
20,679
Sinking fund res__
Interest
income
Condensed Balance Sheet, Sept. 30,
payable..
Interest pay.
ac¬
receivable
payable
Audited accts. and
wages
18,017
Miscellaneous
vances
Net
24,878
225,000
Traffic & car serv.
balances
22,324
1935
$3,940,000 $3,940,000
2,187,100 2,251,200
Capital stock
Long-term debt
Loans & bills pay.
receivable
Working fund ad¬
$157,874
$167,674
50,625
7,905
4,861
Int. on serial 3-5% notes,
102,500
Mat'ls & supplies.
for Federal inc. &
(before prov.
undistributed profits taxes)
60,498
agents
and conductors.
Net
79,857
Traffic & car serv¬
Due
1936
Liabilities—
1935
Investment$8 675.977 $8,582,044
Marion-Reserve Power Co.—Earnings—
1933
1934
1935
717,926
$920,228
$153,560
Operating income
Equipment rents
Joint facility rents
442.
p.
$61,950
$202,302
48,742
Gross
9 Months
3 Months
30,1937—
$138,343
$78,368
145, p.2398.
Miscellaneous
Corp. (Del.)
Manufacturers Trading
Period Ended Sept.
Net income after operating expenses,
eral income taxes, deprec. & other
1937—6 Mos.—1936
Aug. 31,'37
Period End. Aug.31—
Uncoil, railway revenue-
McWilliams Dredging
listing 229,000 addi¬
official notice of issuance.
Curb Exchange has approved for
tional shares common stock, par value $1, upon
282,442
$8,602,272
b Represented by 20,000 no
$8,972,770 $8,887,621
2231.
Total
Minneapolis-Moline Power Implement
ization Plan
$8,972,770 $8,887,621
Co.—Recapital¬
Withdrawn—
board of directors on Oct. 15 withdrew the proposals contained
President's letter to stockholders of the company dated Sept. 1
dealing with a proposed recapitalization of the company.
The
action of the board was prompted by unsettled conditions which have
The
in
the
1937,
prevailed since submission of the proposals.
President W. C. MacFarlane, in a letter sent to stockholders in con¬
nection with the dropping of the recapitalization plan, stated in part:
"On Sept. 1, 1937, the company, with the unanimous approval of its
board of directors, submitted to its stockholders a plan for recapitalization
2700
Financial
of the company which provided
for the discharge of dividends in
arrears
the preferred stock of the company.
"Immediately following the submission of the plan stock values generally
declined and have since continued to decline with
increasing severity,
upon
creating a situation having an adverse effect upon the plan.
"Notwithstanding the unsettled conditions, the company has received
favorable proxies from two-thirds in interest of the preferred stock, and
from a majority of the common stock, thereby providing sufficient proxies
to adopt the proposals contained in the notice of meeting.
However,
it was the judgment of the board that the interests of the company and of
its stockholders would be better served by the withdrawal of the proposals
than by continuing the proceedings under present unfavorable
conditions;
and accordingly you are hereby notified of such withdrawal.
^ "In view of such withdrawal, holders of stamped certificates for shares
of conv. $6.50 cum. pref. stock are now entitled, upon surrender thereof
to Manufacturers Trust Co., 45 Beaver St., New York, N. Y,, to receive
unstamped certificates for such shares."—V. 145, p. 2553.
Montour
RR.—Earnings—
$221,662
109,347
101,288
$160,158
65,991
71,050
$178,376
90,717
86,211
1,700,226
736,598
712,002
1,451,263
1,415,620
539,539
569,497
...
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
145,
1935
1934
633,217
655,645
1909.
p.
Morgan Engineering Co.—Bonds Called—
Chicago, 111.—143, p. 2527.
Motors Securities
National Investors
Corp.—EarningsSept. 30, 1937
$588,940
-
(salaries, rent, traveling
Stock transfer issue and redemption expenses.
expenses
expenses,
—
63,500
&c.)_-
12,256
3,935
—
Accountants' fees
Legal
Motor Transit
department.—V. 144,
p.
1792.
expenses
2,989
Stockholders' reports, custodians' services & other corp.
exps.)__
Federal capital stock tax—
11,969
36,850
2,078
New York State franchise tax
New York City excise tax
15,425
1,236
Federal and New York State social security taxes
Other taxes
1,718
$436,981
179,285
...
.
Dividends paid..
Changes in Net Assets, April 1, 1937 (Commencement of Business) to Sept. 30,
1937
as reported at April 1,1937
(3,860,313,516 shs. issued)
issuable, exl. shs. held in treasury) ($7.83 per share)
$30,194,293
Income and security profits or losses:
Net income per income account
$436,981
Profit per security profits account
110,646
Decrease in unrealized prof, on inv. in com. stks.
or
for taxes
reserve
Dr5,958,460
Dr
Sept. 30, 1937
Month
Transportation revenue
Oper. expenses, taxes, rents and depreciation
12 Mos.
$58,858
57,840
$552,355
516,701
$1,018
3,321
$35,654
18,145
$4,339
1,331
615
$53,799
11,335
78,396
35,855
5,451
$10,302
$77,238
W Balance
Income
C
Balance
Income deductions, except interest on bonds
Provision for interest on 6 lA% income bonds
Amortization of franchise cost
8,710
3,984
Amortization of organization and developments
to,
Balance, deficit
5,410,833
Capital changes:
Excess
of amounts
paid out
demptions of capital stock
or
payable
on
re¬
Dr2,354,988
179,285
Dividend paid
Co.—Earnings-
Net assets, as reported at Sept. 30,1937
(3,460,197,456 shares
issued or issuable, excl. shs. held in treas.)
(per sh. $6.42)
22,249,187
Security Profits Account, April 1, 1937 (Commencement of Business) to Sept.
30,1937
Profit realized
on sale of sees.,
computed on basis allowed for
Federal income tax
Provision for taxes charged to security profits account:
New York State franchise tax
New York City excise tax
$111,446
575
225
Net profit on security transactions
Excess of market value over recorded value of investments in
com. stocks, lass reserve for N. Y. State
franchise tax on
$110,646
unrealized profit:
V. 144, p. 944.
April 1, 1937 (after reserve of $244,000)
Sept. 30, 1937 (after reserve of $11,000)
Manufacturing Corp.—Registers with SEC-
7,886.443
2,130,982
See list given on first page of this department.—V.
145, p. 2553.
Mutual Investment
Dividends
$65,410
9,796
Expenses....
Net income
$55,614
Balance Sheet Sept. B0, 1937
Assets—
$2,101,174
Due
on
3,235
subscriptions for Mu¬
tual Investment certificates.
Cash in hands of custodian
32,950
19,271
Deferred charges
2,223
Accrued
distrlb.
on
$40,081
6,862
Reserve for possible New York
State and city taxes
or
1,603,243
627,761
unrealized
defl26,607
$2,158,853 |
Total
$2,158,853
Certificates issued and to be issued on
subscriptions received—150,324.3 shares of $10 par value.—V. 145, p. 2553.
a
American
Importing Corp.—Registration
See list given on first page of this
department.—V.
Nash Kelvinator
144,
p.
4189.
sedan, $805 against $800; four-door trunk
$970,
coupe
compared with $935; Victoria
$1,015, against $990; four-door
against $1,025; cabriolet $1,090, against $1,040.
Ambassador eight: Business coupe
$1,120, against $1,070; Victoria 1,150;
against $1,115; all purpose coupe $1,165, against
$1,130; four-door trunk
sedan $1,200, against $1,165 and the
cabriolet $1,240, as compared with
$1,180.
$1,000, against $975; all
purpose
coupe
trunk sedan $1,050,
Prices
are
delivered at Kenosaha, Wisconsin.—V.
Nassau & Suffolk
Period End. Sept. 30—
Gross revs, (all sources).
$1,370,294
1,056,614
239,677
1,514,350
309,362
1,434,434
321,740
$103,942
Total fixed charges
Net income
-V. 145, p. 771.
National Biscuit
$74,001
$142,130
$77,321
Period End. Sept. 30—
Net inc. after taxas,&c.
Shs.com.stk. (par $10).
1937—3 Mos.—1936
$3,309,738
$3,659,770
6,289,448
6,289,448
Anti-Trust Suit Dismissed—
The Sherman Anti Trust Law action filed
against the company in August,
1932 by the Kellogg Co. of Battle Creek,
Mich., in which an illegal monopoly
in interstate commerce in connection with
production and sales of "shredded
wheat" is charged, has been dismissed
by Federal Judge Alfred C. Coxe.
A motion by the plaintiff
asking that the dismissal decree be vacated was
denied.—V.
145,
p.
444.
National Cash Register Co. (&
Subs.)—Earnings—
Period End. Sept. 30—
1937—3 Mos.—1936
1937—9 Mos.—1936
Net sales
$12,879,703 $10,779,272 $37,755,511 $30,273,944
Net profit after deprec'n,
Fed'1 and foreign taxes
Earns, per sh. on 1,628,000 shs. capital stock.
x827,858
x613,516
x2,831,580
xl,722,528
$0.51
$0.37
$1.74
$1.09
Before provision for Federal surtax on undistributed
profits.
Net profit for the 12 months ended
Sept. 30,1937, amounted to $3,924,39
x
after charges and Federal income taxes and after
provision of $4,373
on undistributed profits,
equal to $2.41 a share,
surtax
$2,299,183
or
sales totaled
$1.41
a
comparing
1936.
share for the 12 months ended Sept. 30,
$50,458,905, against $40,940,106.
$19,-
21,418,106
7,625
335
$22,386,521
16,454
6,653
64,512
13,714
Payable on redemptions of capital stock
Accrued expenses
Provision for taxes.
Reserve for organization expenses
Res. for N. Y. State franch. tax on unrealized
prof,
ments in common stocks
Reserve against purchase warrants
on
invest¬
11,000
25,000
Net assets
$22,249,187
Represented by:
Capital stock ($1 par)..
Capital surplus.....
$3,948,631
18,950,304
$22,898,935
3,149,073
Less—Cap. stk. held in treas., 478,433.177 shs
$19,749,862
Income surplus
257,696
110,646
Security profits surplus
Excess of market value
$20,118,204
over
recorded value of in¬
vestments in common stocks
Deduct—Reserve for N. Y. State franchise tax
unrealized profit
2,141,982
on
11,000
2,130,983
Total
.$22,249,187
The
Securities
and
Co.—Delisting—
Exchange Commission has issued an order granting
Stock Exchange to strike from listing and
the application of the Chicago
registration the $10 par value common stock of this company.
In its ap¬
plication, the Exchange stated that delisting was sought because of the
contemplated liquidation of the company.—V. 144, p. 4189.
National
Malleable & Steel
Period End. Oct. 2—
Net profit after charges,
Castings Co.—Earnings—
1937—3 Mos.—1936
1937—9 Mos.—1936
deprec. & Federal inc.
Co.—Earnings—
1937—9 Mos.—1936
$8,732,531
$9,664,512
6,289,448
6,289,448
Earnings per share
$0.46
$0.51
$1.18
$1.33
x No provision made for
Federal surtax on undistributed
profits.
Net profit for the 12 months ended
Sept. 30, 1937, was $11,708,096
equal to $1.58 a share on common, comparing with
$12,442,252 or $1.70 a
common share for the 12 months ended
Sept. 30,1936.
x
cost,
certificate in corporation formed to
liquidate closed
bank, carried at remaining amount of claim ($40,667) less
allowance for possible loss ($33,042)
Prepaid insurance
National Leather
1937—12 Mos.—1936
$1,965,843
$1,833,496
1.107,955
234,438
all taxes
*
145, p. 2553.
$1,446,336
Total expenses (incl. re¬
tirement expense) and
tax
—V. 145, p. 614.
Lighting Co.—Earnings—
1937—9 Mos —1936
income
Total
Corp.—New Nash Prices—
The Nash division of this
company has advanced the 1938 model prices
from $5 to $60 above the 1937 models.
New prices are as follows:
Lafayette master models: Business coupe $770 comparing with $740 for
the 1937 model; two-door trunk
sedan $850, against $845.
Ambassador six: Business
Federal
4,590
Total
North
$836,843
123,612
Dividends receivable
2,924
deficit
Naico
Cash
Partic.
Mutual
Investment certificates
Accrued expenses
Res. for Fed. cap. stock tax
a Mutual Investment ctfs
$5,958,460
Balance Sheet Sept. 30, 1937
(recorded at
276,123), market value
Paid-in surplus
Earned surplus
Withdrawn—
Decrease in unrealized profit after reserve for taxes
Assets—
Common stocks
Liabilities—
Securities at market value
Accrued dividends receivable.
$5,755,460
203,000
Amount applic. to adjustment of reserve for taxes
Fund—Earnings—
Earnings 9 Months Ended Sept. 30, 1937
for
with
Net
t
on
Income Account April 1, 1937 (Commencement
of Business) to
Income—Cash dividends—
Management
1937
over amounts paid
in on sales of capital stock.
Dr2,864,732
Adjustments of res. for purch. warrants, organiz.
exps. & N. Y. State franchise taxes
509,744
Co., Inc.—Registers with SEC—
See list given on first page of this
Mullins
23,
of Sept. 30, 1937, amounted to $26,591,444 and curren
$9,667,705, as compared with $22,580,653 and $5,658,880*
Sept. 30, 1936.—V. 145, p. 2399.
were
respectively,
after
A total of $73,500 first mortgage series A
20-year 8% sinking fund gold
bonds due Nov. 1, 1941 have been called for redemption on Nov. 1 at 105
and interest.
Payment will be made at the Chicago Title & Trust Co.,
Period Ended
liabilities
as
Net assets
Net after rents
—V.
1936
Oct.
Current assets
Net income
1937
$242,690
109,852
104,850
1,947,929
884,651
855,462
September—
Gross from railway
Net from railway.
Chronicle
taxes, but bef. surtax
on undistrib. profits..
Earns, per share on 472,-
461 shares
—V.
145,
p.
com.
stock-
$435,117
$896,818
$2,329,789
$1,054,211
$0.92
$.84
$4.93
$2.23
2399.
National
Supply Co. (Pa.)—Listing—
The New York Stock Exchange has authorized the
listing of 296,293
shares of prior preferred stock, 53^% series
(par $100); 166,353 shares of
$2 10-year preference stock (par $40); 1,155,967 shares of
common stock
(par $10); and 296,293 shares of prior preferred stock, 6% series
(par $100),
upon official notice of conversion of shares of prior preferred
stock, 5M %
series, within the first 30 days after the effective date of the
consolidation,
(see below); and with authority to add upon official notice of issuance from
time
to time.
907,085 shares of common stock, upon official notice of
conversion of shares of prior preferred
stock, 5H% series, and $2 10-year
preference stock, making the tptal applied for 296,293 shares of
prior pref.
stock, 5}4% series; 296,293 shares of prior preferred stock,
6% series:
166,353 shares of $2 10-year preference stock; and
2,063,052 shares of
common stock.
The 296,293 shares of prior preferred stock,
5H% series, 166,353 shares
of $2 10-year preference stock and 1,155,967 shares of
common stock will be
issued under the provisions of an agreement and
joint plan of consolidation,
dated Aug. 10, 1937, between National
Supply Co. of Del., and
Spang,
Chalfant & Co., Inc., and providing for the
statutory consolidation of the
companies into a new corporation of the Commonwealth of
Pennsylvania,
The National Supply Co.
Briefly, the plan of consolidation provided that the preferred and
com.
stocks of the constituent companies issued and
outstanding on the effective
date of the consolidation be, on such effective
date, converted into and
become shares of prior preferred stock, 5Yi%
series, $2 10-year preference
Volume
stock and
Financial
145
2701
Chronicle
Consolidated Balance Sheet Sept. 30
stock of the company, that all the
properties and assets
be transferred into and become the property
that all debts, liabilities and duties of the constituent
companies attach to the company.
► Stockholders of National Supply Co. of Del. on Oct. 11, 1937 and stock¬
holders of Spang, Chalfant & Co., Inc., on Oct. 13, 1937, approved the
common
of the constituent companies
1937
of the company; and
stock of the
date of the
Accounts
&
544,340
be converted into and become shares of the company, as
follows:
1937)
of $2
10-year preference stock, of the company.
.One share of common stock of National into one share of common
;
353,068
238,739
Divs. & Int. pay__
263,944
95,579
264,542
11,500,000
Reserves:
39,373
54,159
Contingencies
\ ,500,000
preferred
stock.....--.— 3 037,100
1,500,000
Fed. & State tax
divi¬
dends receivable
137,610
190,692
Stocks and bonds.38,474,870
Unamortized bond
45,959,570
One shares of preferred stock of National (on which there were accumuated dividends of $35 per share, or a total of $5,822,355, on Sept. 30,
into one share of prior
preferred stock, 514 % series, and one share
$
41,850
5H% conv. debs__ll ,475,000
c412,854
notes
and
Interest
1936
$
Liabilities—
Accounts payable.
receivable
The plan of consolidation provides, that the various classes of
constituent companies issued and outstanding on the effective
S
S.
U.
Treasury bonds.
consolidation.
consolidation,
and
1937
1936
$
Assets—
Cash
disct. & expenses
369,017
399,211
26,846
_
_
b Clasu A
3,037,100
Class B common
23,000
a
stock
Miscell. assets
Capital surplus
Earned surplus
of the company.
Total
One share of preferred stock of Spang, into one share of prior
stock, 5)4% series, of the company.
One share of common stock of Spang, into one-and-a-half
preferred
shares of
►.The plan of consolidation also provides, that
no
shares of the company
shall be issued in respect of the shares of common stock of Spang held by
National or the shares of preferred stock of Spang held by Spang for retire¬
ment
in its treasury, and accordingly all such shares, on the effective date
consolidation, will have been canceled and all rights in respect thereof
or
of the
by
$5
b Represented
shares,
par
39,774,265 47,355,552
Total
39,774,265 47,355,552
Represented
a
c
stock of the company.
common
7,460,697
7 ,380,000
14 ,704,474 22,180,265
1,263.212
1 332,525
stock
30,371
by
shares.
Cash only.—V. 145, p. 1108.
New York & Richmond Gas
Co.—Earnings—
Earnings for 9 Months Ended Sept. 30, 1937
Net income after Federal income taxes, retirement, interest, &c.j:
but before surtax on undistributed profits
—V. 145, p. 2234.
$87,994
ceased.—V. 145, p. 2554.
New England Telephone &
^
9 Mos. End. Sept. 30—
Operating
Operating
revenue
Telegraph Co.—Earnings—
1934
1935
1936
1937
$49,897,806
36,635,814 35,840,260
4,073,555
4,028,487
$55,759,403 $53,130,011 $50,404,854
40,086,352
37,776,905
6,093,293
expenses
5,148,855
Taxes
Industries,
Noblitt-Sparks
Period End. Sept.
$9,579,758 $10,204,251
47,966
55,658
$9,695,485 $10,029,058
109,822
132,246
—V. 145, p.
Total gross income...
$9,627,724 $10,259,908
2,662,500
2,662,500
867,402
1,038,093
124,730
124,729
$9,805,307 $10,161,304
2,662,500
2,662,500
1,224,335
1,377,225
124,738
124,729
Period End. Sept. 30—
Estimated profit before
$5,793,734
6,000,561
Balance,deficit......
Earnings per share on
capital stock
x
No
$3,712
$360,832 sur$434,025
Federal
surtax
$4.49
$4.34
$4.83
$4.48
made for
provision
$5,996,849
6,000,561
$206,827
Net income
x$5,973,093 x$6,434,586
Dividend appropriation.
6,333,925
6,000,561
a dividend of $1.50 per share on account of
6% cumulative preferred stock, par $100, payable
20.
Similar distributions were made on
Dec. 24, Dec. 1, Nov. 2, and April 1, 1936, Nov. 1 and March 1, 1935,
Nov. 5 and June 15, 1934, and on Nov. 2, 1931, this latter payment rep¬
resenting the dividend due May 1, 1924.—V. 145, p. 445.
the
on
to holders
1
New York Dock
Co.—Deposit Time Extended—
for depositing the 5% serial gold
recapitalization, has been
The company announced that the time
New York Fire Insurance Co.—Extra Dividend-—
a
tributed.
In addition, an extra dividend of 10 cents was paid on
extra dividends of five cents were paid on July 30 and April
Oct. 30, 1936
30, 1936, and a
special dividend of 15 cents per share was paid on Oct. 31,
p. 615.
1935.—V. 145,
New York New
Haven
& Hartford
RR.—Pennsylvania
Offers to Place Holdings in Trusteeship for Period of 10
has proposed to the
Pennsylvania place its stock
Clement, President of Pennsylvania RR.,
Governors of the New England States that the
holdings in the New Haven in trusteeship for 10 years to facilitate reorgani¬
of the
zation
New
Haven.
"This proposal is submitted in a desire, on the part of the Pennsylvania
RR., to assist as far as possible in the settlement of the so-called New
England railroad problem and in a successful reorganization of the New
Haven," Mr. Clement said in the letter.
He said the company would submit the proposal to the Interstate Com¬
Commission upon the approval of the Governors.
His letter was
directed to Governors George D. Aiken, of Vermont; Lewis O. Barrows, of
merce
Maine; Wilbur L. Cross, of Connecticut; Charles
achusetts; Francis P. Murphy, of New Hampshire,
F. Hurley, of Mass¬
and Robert E. Quinn,
of Rhode Island.
Harvard, Yale, Brown and the
in office as the
proposed trustees and a bank or trust company as a joint trustee, in which
ah the voting power of the stock would be placed.
Mr.
Clement
named the presidents of
Massachusetts Institute of Technology and their successors
ICC Permits Intervention in Reorganization—
The Providence & Worchester RR. has been authorized by the Inter¬
state Commerce Commission to intervene in the New Haven reorganization
case.
The Commission also has authorized Provident Trust Co. of Phila¬
delphia to intervene.
Would
authority to abandon six
0.6 miles in Norwalk,
applied Oct. 19 to the ICC for
follows:
Conn.; 0.2 mile in New Haven; 8.2 miies from West Haven to Derby
Junction, Conn.; 7.4 miles from Bridgeport to Trumbull, Conn.; 0.5 mile
in North Kingstown, R. I., and 0.4 mile in Westwood, Mass.—V. 145,
for
$221,654
sns.
E.
will continue bis duties as Secretary.—V.
Other income
1935
$988,734
16,031
$1,055,268
37,398
been elected a
Mr. Simmons
(& Subs.)—Earnings
1936
1937
$911,258
69,832
1934
$907,223
133,765
$1,092,666
$1,004,765
$981,090
$1,040,989
121.176
a524,081
Gross income.--.---.
98,697
553,529
284,214
571,045
282,418
704,114
$447,409
$352,539
$125,831
$54,457
General expenses
Interest, taxes, &c_Balance
-
Security
profits
of
a
wholly-owned subsid.
credited to income
—
______
$352,539
1,196,022
$447,409
1,243,845
income
Earned surplus Jan. 1__
Miscell.
adjust, applic.
289,321
149,826
$415,152
$204,283
1,029,857
960,100
Drl ,273
300
2,523
$1,689,981
$1,548,861
$1,447,532
100,000
136,677
prior years
Gross earned surplus.
for contingencies._
?
Class A pref. dividends.
Class B com. stk. divs._
136,670
136,670
220,787
148,980
Earnedsurp. Sept. 30-
$1,332,525
$1,263,212
No
Nil
$1,037,583
$0.32
par
Nil
2086.
—V. 145, p.
Line Co.—25-Cent Dividend—
Northern Pipe
The
have
directors
declared
a
dividend of 25 cents per share on the
capital stock, par $10, payable Dec. 1 to holders of record Nov. 2.
This
compares with 40 cents paid on June 1 last; 35 cents paid on Jan. 2 last;
15 cents paid on July 1, 1936, and semi-annual dividends of 25 cents per
share distributed from July 1, 1932, to and including Jan. 2, 1936.
The
1932, dividend was the initial payment on
p.3012.
July 1,
this class of stock.—
(Del.)-—Weekly Output—
Northern States Power Co. system for the week
totaled 26,003,498 kilowatt-hours, an increase of
Electric output of the
ended
16,
Oct.
1937,
3.2% compared with the
Ohio
corresponding week last year.—V. 145, p. 2554.
1937—Month—1936
$62,280
$58,697
31—
Operating revenues
179
Uncollectible oper. revs.
,
$58,493
54,670
$483,512
303,579
$454,442
285,882
6,500
$3,823
5,302
$179,933
44,457
$168,560
35,997
income.^$17,633
def$l,479
$135,476
$132,563
$62,101
Operating revenues
Operating expenses
37,968
$24,133
Net oper. revenues—
Net oper.
—V. 145, p.
Co.—Earnings—
1 937—8 Mos.—1936
$484,947
$456,494
204
1,435
2,052
Telephone
Associated
Period End. Aug.
1749.
Co.—Earnings-
Ohio Electric Power
3 Months Ended Sept.
1936
1937
30—
$329,138
239,244
$293,796
225,301
$68,495
abandoned and sold—
$89,894
35,000
9,908
4,372
10,948
(before prov. for Fed. income and
undistributed profits taxes)
$29,666
$6,972
earnings
Gross
Operating
expenses
—
(before prov. for Fed. incomeTand
undistributed profits taxes)
Interest on funded debt
Interest on unfunded debt----Amortization of debt discount and expense
Net
earns,
Amortiz. of loss on property
Net income
Balance Sheet Sept. 30,
Cash
-
provision has
$1,164,383
___
_
143,877
____LLL11I
$1,020,507
undistributed
$1,210,856
been made for possible surtaxes on
profits.
35.000
11,203
4,372
10,948
1937
Liabilities—
Assets—
Fixed capital
55,614,166
-
4,380
Special deposits
70,727
...
„..
224.144
(less reserve).-
70,096
7,245
Prepayments
Unamortized discount & exp.
404,101
abandoned & loss on
property sold
—
317,488
Pref.
6%
& 7%
cum.
pref.
$1,152,500
stock ($100 par).
Common stock (no par).
1,124,236
5% bonds
Notes payable.. ——
Accounts payable
2,800,000
906,241
65,447
1st mtge.
Accrued taxes
...
...
25,596
Other deferred charges.-
3,440
reserve)
Total
_
—V. 145, p.
$6,750,385
—
60,091
54,884
Accrued interest.
Property
liabilities.
5,469
Consumers' deposits.--.
17,829
454,109
109,577
Miscellaneous
Reserves.-.-..
...
$6,750,385
Total
774.
Ohio Finance Co.
Peiod Ended Sept.
(& Subs.)—Earnings—
3 Months
30,1937—
after operating expenses, normal Fed¬
income taxes, deprec. and other charges
.
9 Months
Net income
eral
but before surtax
Earns, per
a
$1,620,034
1,806,-
stk., no
145, p. 2234.
Niagara Share Corp. of Maryland
9 Mos. End. Sept. 30—
Dividends and interest--
Res.
com.
$142,325
Nil
-
RR.—New Vice-President
Simmons, formerly Secretary and Treasurer, has
Vice President.
E.G. Taylor has been elected Treasurer.
to
rentals,
retire.,
_
Surplus--.-..-.
New York Ontario & Western
Net
Co.—Earnings—
1 937—9 Mos.—1936
int., Fed. inc. taxes,
Miscell. invests, (less
2399.
C.
1937—Month—1936
Materials and supplies
segments of its lines, totaling 17.5 miles, as
p.
Northern Indiana Public Service
Period End. Sept. 30—
income after prov.
Net
Accts. recelv.
Drop Rail Lines—
The company
$56,346
$92,964
1910.
Operating taxes
Years—
W.
1937—9 Mos.—1936
$21,899
$35,106
Northern States Power Co.
share in
quarterly di vidend of 20 cents per share on the common stock,
par $5, both payable Oct. 30 to holders of record Oct. 20.
Similar payments were made on July 30, April 30 and on Jan. 30, last,
and previously regular quarterly dividends of 15 cents per share were dis¬
M.
—V. 145, p.
V. 144,
The directors have declared an extra dividend of five cents per
RR.
$3.74
of record Oct.
notes, due April 1, 1938, under the plan of
extended to Nov. 15, 1937.—V. 145, p. 2234.
addition to
150,000
$3.26
1937—3 Mos.—1936
Federal income taxes.
870
The directors have declared
Nov.
$561,560
190.687
1910.
Earns, per sh. on
Preferred Dividend—
$622,757
$1.46
Central Texas Oil Co.—Earnings—
North
&c_
New River Co.—$1.50
accumulations
Earnings per share
undistributed profits.—
on
V. 145, p. 2554.
$219,366
150,000
$189,760
190,687
$0.99
stock._
Total oper. income
Net non-oper. revenue._
on funded debt
Other interest
Debt disct.& expense...
1937—9 Mos.- -1936
&c., but before prov.
for surtax.
Shares of capital
Int.
-Earnings—
Inc.
1937—3 Mos.—1936
30—
Net income after deprec.,
normal Fed. inc. taxes,
—V.
145,
sh. on 140,325 common
p.
-
shs
m.ror»o*
$H7,545
$0.78
$453,234
$2.42
1749
Ohio Water Service Co.—To Pay $1 Dividend—
The directors have declared a dividend of $1 per share on the class A
common stock, no par value, payable Dec. 24 to holders of record Dec. 10.
This compares with 70 cents paid on Sept. 30, last; a dividend of 60 cents
was paid on June 30, last, and previously regular quarterly dividends of
50 cents per share were distributed.—V. 145, p. 1109. tM
jmkum
Products Co.—Stock Offering—Blyth &
Francisco, on Sept. 24 offered 15,408 shares of
common stock (par Si) at $32 per share.
Offer of Exchange to Holders of $8 Pref. Slock—On Aug. 21, 1937, the
company made an offer of exchange to the holders of the $8 pref. stock
to exchange their shares, as of Aug. 1, 1937, on the basis of four shares of
$2 cum. pref. stock, dividends to accrue from Aug. 1, 1937, and }4 share
of common stock for each share of $8 pref. stock.
This offer of exchange
Olympic Forest
Co., Inc., San
has
expired.
of $2 cum.
Of the shares offered on the
pref. stock and 19,451 shares
by holders of
$8 pref. stock.
offer of exchange, 155,608 shares
of common stock were accepted
2702
Financial
Offer to Common Stockholders—On Sept. 7, 1937. the
Chronicle
made an
offer to common stockholders of record at the close of business on
Sept. 2,
1937, to subscribe, at $30 per share, to 25,960 shares of common stock.
This offer has expired.
Of the shares so offered, 10,552 shares were
subscribed for pursuant to the terms of the offer, the balance having been
taken by Blyth & Co.. Inc.
Purpose—The net cash proceeds from the sale of 25,960 shares of common
stock offered on the offer to common stockholders ($721,147 maximum
and $701,677 minimum), together with other
treasury funds, were used
as
follows:
Earnings for Years Ended Sept. 30
Total..
Cash proceeds,
Years Ended April 30
1937
1936
$3,587,067
2,493,758
108,221
246,476
$3,612,871
2,673,262
137,729
230,203
$795,139
1,594
$738,610
4,139
1,063,750
Net income for period..
Profit from operations..
Other income
$796,733
58,918
108,554
30,000
Other deductions.
Provision for Federal normal tax
Surtax on undistributed profits
Net income
Earnings
share
per
share based
per
Pacific
upon
Can
$12.50 par stock.—Y.
Accounts
receivable
Inventories
Amt.
rec.
under
$580,375
138,341
61,000
$577,024
Accounts
Earnings
per share on
Profit for
x
for
inclution
terms of the
195,000 shares capital stock
payable, trade
Serial debentures (193 7)
Property, plant & equip, (net). 4,427,047
Deferred charges
$6,213,9781
Robinson'-Patman Act.—V. 145, p. 1911.
Pacific Lighting
Corp. (& Subs.)—Earnings—
12 Mos.End. Sept. 30—
Gross revenue
1937
1936
share plus
39,997 shares.
Operating
23,525.851
7,776,059
2,604,391
25,746
6,122,554
704,350
1,501,711
expenses
Taxes
Bond interest-.
Other interest
I
Depreciation
Amortization
Pref. divs. of sub.
cos
Minority interest
Int. charged to constr'n.
Earns,
Capital stock
Earned
surplus...........
Total....
$6,213,978
-
176
253
165
*V79
Cr8,554
Crl2,7l6
054,055
$8,410,891
1,179,990
5,067,188
$7,633,763
1,179,990
4,343,304
$7,693,448
1,179,990
4,102,009
$4,998,819
1,178,460
4,825,893
$2,110,469
$2,411,449df$l,005.534
.
-
per
sh.
on average
outstanding.
$4.50
Including other income, net.
x
1937
Assets—
$4.01
1937
Liabilities—
Total income
$70,763
16,199
39,037
Expenses
debentures
Net profit from operations
Net profit from sales of securities
...
profits and surtaxes
Net profit for the
period
Distribution paid to shareholders
$15,527
270,562
56,500
231,576,430
7,626,932
Current assets.. 16,145,675
15,652,965
Deferred charges
5,910,667
8,711,391
occurred
a
net
?££f,119.492
unrealized depreciation
on securities owned, based on market quotations at Dec. 31,
1936, and Sept. 30, 1937.
Of this amount $333,303 was
applied against
net unrealized appreciation of securities owned as of Dec. 31, 1936,
and $786,188 was
charged to profit and loss for the nine months ended
Sept. 30, 1937.
j
Profits and losses from sales of securities
have been computed uniformly
by the company since its inception on the first-in-first-out
cost basis.
Liabilities—
$26,988
Due for securities sold but not
delivered
Accrued interest & divs. rec'le.
a Securities
owned...
Prepaid
taxes
and
other
82,007
7,908
2,491,671
ex¬
penses
3,393
Fed'l & other taxes & exps__
Accrued int. on 5% debs
Total.
x
74,425
Reserve for estimated
reserve..
surpl
3,488,520
3,419,887
110,894
16,750,900
13,312", 356
212,847,387 263,567,719
Represented by 1,608,631
no par
Total
.212,847,387 263,567,719
shares.—V. 145, p. 2401.
Pacific Power & Light Co.—Accumulated Dividends-—
of accumulations
were
paid
stock, par $100, both payable
on
Nov. 1 to holders of record Oct. 18.
on account
Similar amounts
Aug. 1, last.
on
Arrearages after the current payment will amount to $5.25 per share
the7% stock and $4.50 per share on the 6 % pref. stock.—V. 145,p.2086.
on
Panhandle Eastern Pipe Line Co.
(& Subs.)—Earns.—
Operation
Maintenance
Provision
for
and
retirements,
1937
renewals,
1936
$9,318,459
1,904,660
181,423
$4,838,504
1,246,344
111,033
1,560,421
441,142
544,000
1,067,562
970,765
328,528
81,000
1,151,421
depletion
amortization
Taxes, State, local and miscellaneous Federal
Taxes, Federal income
Total interest deductions
(net)
Net income
p.
x$3,619,251
$949,413
Unaudited and before provision for undistributed
profits tax.—V. 145,
2555.
Paraffine
Companies, Inc. (& Subs.)- —Earnings—
12 Months Ended Sept. 30—
1937
Net profit after depreciation,
amortization. Federal
income taxes, &c
*
x$2,562,865
Earnings
per
share
on common
Parmelee
deprec.,
$5.18
on
undistributed profits in the amount
normal
1937—3 Mos.—1936
1937—9 Mos.—1936
'
Fed.
chgs.
per
share on
721,905 shares of cap.
stock, no par
loss$8,651
y$48,108
$86,610
y$227,535
$0.12
$0.31
Earnings
P.
1936
$2,887,823
$4.75
Transportation Co. (& Subs.)—Earnings—
Period End. Sept. 30—
Net profit after int.,
x
56,500
stock
x After
deducting Federal surtaxes
of $64,400.—V. 145,
p. 1595.
Federal
Before Federal surtax
Nil
on
$0.06
undistributed
profits,
y
Revised.—V.
1911.
145,
456,000
585,000
750,000
2,149,687
_.Z>rl,589,372
_$2,611,969|
Total.
$2,611,969
a
Cost, $3,277,860, valuation based on market
quotations, Sept. 30,1937.
b Represented oy 147,172 no
par shares.—V. 145, p. 616.
Owens-Illinois Glass Co.—Dividend Reduced—
a dividend of 75 cents
per share on the new
stock, par $12.50, payaole Nov. 15 to holders of record. Oct. 30.
paid on Aug. 15, last, and an initial dividend of
75 cents paid on May 15, last.
The company's common stock was
split
two-for-one and the par changed from
$25 to $12.50 on April 21, last.
See V. 144, p. 2840, for record of dividends
paid on common stock before
split-up.
1,579,546
9,885,469
The directors have declared a dividend of
$1.75 per share on the 7%
cumulative preferred stock, par $100, and a dividend of
$1.50 per share
on the
6% cumulative preferred
20,228
9,500
Total
This compares with $1
1,404,346
71,122 858
Earned surplus.
inc. taxes & oth.
Sundry accts. payable, accrued
Paid'in surplus
Profit and loss deficit.
The directors have declared
29,937,924
1,728
89,418,000
13,265,S32
_
reserve.
Reduction
$100,000
Due for securities bought but
not received
5% gold debs., due Nov. 1, '47
5% gold debs., due April 1 *47
b Capital stock
common
1,637
59,648,476
Other
x
Collateral loan payable
taxes on income
I
29,937,924
46,000,000
construction
Balance Sheet Sept. 30, 1937
Assets—
Cash
Common stock
Min. int. in subs
Funded debt
19,666,500
25,223,4.50
Dep. & adv. for
$126,569
there
x
1936
%
19,666,500
Pref stk.ofsubs 22,572,350
x
$229,589
103,020
Balance of net profit
Notes—During the period
$2.37
$
Preferred stock.
12 Months Ended
Sept. 30—
Gross revenues
Inc.—Earnings—
excess
$4.05
1936
$
plant
& franchise.. 183,471,273
Invest, in secur.
7,319,772
outstanding
Earnings for the Nine Months Ended Sept. 30, 1937
Provision for Federal income,
1934
18,935,313
5,784,053
5,071,518
31,496
6,741,762
281,328
1,545,623
Crl2,048
common
p. 2237.
on
20,336,056
6,674,556
4.909,729
21,140
6,809,282
325,051
1,514.411
,163,714
Net income
Preferred dividends
Common dividends
425,000
574,000
4,013,821
491,501
shares, out¬
standing, 94,115 shares.
Cumulative
dividends
of $45.33
per
share,
aggregating $1,813,197, accrued on pref. stock to April 30. 1937.—V. 145,
Interest
22,079,693
6,800,845
4,536,254
40,598
7.106,737
986,982
1,513,410
190,000
accrued dividends, authorized 40,000 shares,
Common stock (no par) authorized 110,588
Overseas Securities Co.,
1935
x$50,659,682x$50,689,982x$48,271,122x$43,336,429
72,502
x Preferred stock
(no par), $8 cum., non-partic., preference as to assets
in dissolution $100
per share plus accrued dividends, redeemable at $107.50
per
$1.38
the 12 months ended Sept. 30, 1936, was revised to
allow
of refunds made to Pacific Can's customers last
year under
$304,154
143,000
122,284
Total
1936
x$269,400
Depree.
Unsec. notes payable to bank.
Serial debentures..
x
1937
Current liabil's.
Prov. for Fed. Income taxes..
Other accrued liabilities
5,508
617.
$185,936
$0.95
surtaxes on undistributed profits.
$381,033
84,810
112,500
sales contract
Timberland sales contract
Investments
p.
Co.—Earnings■—
Property,
355,964
839,127
timberland
145,
12 Months Ended Sept. 30—
Net profit after charges, incl. Federal income and
Liabilities—
$266,738
1,329,593
$7.25
Balance Sheet Sept. 30
$742,750
75,705
90,021
$599,261
Assets—
$9,641,996
Includ. depreciation of
manufacturing plants and amortization of
leased equipment, $2,502,570 in 1937 and
$2,198,672 in 1936.
y Earnings
x
Balance Sheet April 30, 1937
Cash
1,361,250
$10,844,608
2,661,204
y$4.08
Number of shares outstanding at end of period
Surplus
expenses.
$12,974,804 $10,483,291
$11,844,541
3,193,946
2,202,545
$571,676
8,698
Sales, less freight, marine insurance,
Selling, admin, and general
Depreciation.
from sale of patent
year,
1935
$3,696,658
2,530,164
112,922
258,432
in
Total income before providing for Federal
taxes.$14,038,554
Provision for Federal taxes
a
Income Account,
rec.
rights and licenses
Business—Company was incorporated in Nevada Jan. 25, 1930.
Is
engaged principally in the business of producing bleached sulphite pulps
and, to a minor extent, in the business of manufacturing lumber and other
wood products.
The capacity of company's pulp mill, including new
capacity completed
since April 30, 1937, is
approximately 235 tons of bleached sulphite pulp
per 24-hour day.
Most of the pulp produced, other than the production
of paper pulp required under the
company's contract with S. I). Warren
Co.
(maximum requirements 36,000 tons per year), comprises certain
grades of highly refined bleached sulphite pulp produced from wood fiber
and used in the manufacture of rayon
yarn, cellophane, staple fiber (a
rayon product used as a substitute for cotton and
wool) and for conversion
into various other cellulose products.
Dissolving pulps produced by or
under the supervision of Rainier
Pulp & Paper Co. are sold by it under
registered trade names, such as "Rayonier," "Purainier," &c.
Such
contracts call for the production of a maximum
of 46,000 tons and a
minimum of 28,000 tons of
Rayonier pulp per annum and for the production
of such quantities of Hicolor and Purainier
pulp as Iiainer can sell and
as the
company has the capacity to produce, the company's production of
Hicolor pulp being credited against its
obligation to produce Rayonier
pulp, the contracts providing for various adjustments between the market
value of paper pulp and the market value of
Hicolor and Purainier pulp
and for certain
compensation to the company by reason of any additional
costs and decreased
production encountered by reason of manufacturing
Purainier pulp.
capacity of approximately 125,000 board
company purchases logs for its operations.
[Stockholders of Olympic Forest Products Co., Rainier
Pulp & Paper
Co., and Grays Harbor Pulp & Paper Co. will vote Oct. 28 on
approving
the merger of these companies into
Rayonier, Inc.
For proposed terms of
exchange offer, &c., see Rainier Pulp & Paper Co. in V. 145, p. 2241.]
$9,668,593
814,697
889,780
-
x 155,608 shares of common stock reserved
for conversion of $2 cum.
pref. stock and the 25,960 shares of common stock now offered have the
present status of authorized but unissued shares.
The company's sawmill has
feet per eight-hour day.
The
198,995
$11,626,800
1,348,005
526,958
Profit
Other income
Outstanding
155,608 shs.
233,641 shs.
200,000 shs.
x500,000 shs.
,
55,372,566
6,036,934
348,910
784,141
193,334
Provision for management bonus
Discounts on sales and provision for bad debts
Sundry expenses and losses
Capitalization, Giving Effect to New Financing
....
1936
$72,404,478
Manufacturing profit and net operating revenues$20,566,499 $17,031,912
Selling, general and administrative expenses
7,323,965
■
Authorized
1937
23,
1937
Net sales, royalties and other
oper. revenues
$93,385,216
x Cost of
sales, royalties paid, patent, development
and other operating
expenses..
72,818,717
(1) $585,997 to redeem on Oct. 1, 1937. at 101 and int., $574,000 serial
debentures.
(2) Approximately $168,816 (assuming dividends accrued to Oct. 1,
1937) were used to provide funds to pay accrued dividends on 1,095 shares
of unexchanged $8 pref. stock and to purchase for retirement at not in
excess of the redemption price or to redeem such
unexchanged $8 pref. stock.
$2 cum, pref. stock ($25 par)
Common stock ($1 par)
Oct.
company
Paramount Publix Corp.—Settlement of Suits—
Charles D.
Hilles, the remaining trustee of the corporation, on Oct. 20,
a petition for approval of a settlement of the
suits
brought by the trustees in bankruptcy of the corporation against former
officers and directors of the company, including several who have
con¬
tinued with
the reorganized
company,
Barney Balaban, President of
Paramount Pictures, Inc., has announced.
Tne suits charged that certain purchases by the
company of its common
stock was issued in payment for theatres were invalid.
The complaint
alleged that at the time of the purchasas the company's surplus had been
impaired.
It was also alleged that various salaries and bonus payments
made to officers of the company were excessive.
All the charges, both of
fact and of law, have been denied by the defendants.
presented to the court
The present settlement contemplates the withdrawal of all
complaints
against all of the defendants and tne payment to the company of $2,150,000.
This settlement will permit the closing of the estates of a number of deceased
directors named as defendants.—V. 141, p. 2746.
Volume
145
Penick &
Financial
Period End. Sept. 30—
1937—3 Mos —1936
$638,791
$1,073,246
507,986
560,059
Gross profit
Expenses..
Oper. profit
$130,805
1937—9 Mos.—1936
$2,029,346
1,583,844
$513,187
£>7-21,187
$445,502
12,803
$492,000
144,454
58,115
$458,305
355,550
30,055
$1,618,337
436,117
199,734
$36,580
Net profit
per sh. on 370,000
-
$289,431
$72,709
Philadelphia Electric Co. Common Stock
Pennsylvania Sugar Common Stock
Lehigh Valley Annuity 43^s & 6s
Buffalo & Susquehanna 1st 4s, 1963
$1,622,049
Dt-3,712
$138,618
89,381
12,657
Depreciation
Fed. income tax, &c
DEAL IN
WE
$3,218,504
1,596.455
7,813
$982,486
Other income ,net
x
2703
Chronicle
Ford, Ltd., Inc. (& Subs.)—Earnings—
Missouri Public Service 1st 5s, 1960
YARNALL & CO.
Earns,
A. T. & T. Teletype—Phila. 22
shs. capital SMJCK
capital stock
$0.10
$0.78
$0.78
$2.66
$0.20
$
x No provision made for surtax on
undistributed profits. -V. 145, P. 775.
sirs.
Pennsylvania Co.—Tenders—
The Girard Trust Co. will until Oct. 30 receive tenders for the sale to
of sufficient 40-year guaranteed gold trust certificates, series E, due
1952 to exhaust the sum of $100,000.—V. 144, p. 2841.
t
Penn Valley Crude Oil
Corp.—Dividend Passed—
Tne directors have decided to omit the dividend ordinarily due at this
on the 50-cent cumulative class A stock,
no par value.
A regular
time
quarterly dividend of 12^ cents per share
1596.
paid
was
on
1528
July 1 last.—V. 145,
To
Net operating revenue
Joint facility rents (net).
Net ry. oper. income.
Other income
$598,730
214,954
$5,692,434
1,246,681
$5,889,921
1,507,822
$420,980
53,065
66,473
Operating income
Equipment rents (net)__
$383,776
27,870
61,498
$4,445,753
372,714
446,753
$4,382,099
442,663
417,489
$301,441
15,510
$3,626,286
295,823
$3,521,947
346,651
$316,423
5,370
$3,922,109
53,204
5,715
271,551
53,335
2,442,999
52,567
2,464,613
$47,729
$33,786
$1,372,572
112
3,346
Philadelphia Electric Co .—Rates Reduced—
A reduction in rates of this company which will result in an annual saving
both domestic and commercial consumers of approximately $3,107,000
was ordered on Oct.
19 by the Pennsylvania Public Utility Commission.
The order is effective
on Nov. 1.
Announcement of the rate reduction, which will continue for a six
Net
Inc.
on
debt
income
applied
& other
to
Utility Law,
contained in
funds.
to
$47,504
$1,369,225
$33,674
$1,295,276
2239.
The Central
Corp., Ltd., Del.—Pays Extra Dividend—
40-cent, dividend is payable Nov. 1
to holders of record Oct. 25.—V.
143,
2221.
Phelps Dodge Corp.—Definitive Debentures Ready—
On and after Oct. 20, 1937, the Central Hanover Bank & Trust Co. will
be
prepared to deliver definitive engraved convertible 314% debentures
due June 15, 1952, in exchange for outstanding temporary debentures.—
V. 145, p. 1270.
12 Months Ended Aug. 31—
Pleasant Valley Wine
Period Ended
1937
maintanance and taxes
(before
approp.
depletion reserves).
(net)__
Other income
—
1936
for retirement and
-$24,493,275 $24,489,135
158,063
177,609
for retir. and depletion reserves)
-.$24,651,339 $24,666,745
Appropriation for retirement and deple. reserves._
7,493,783
7,025,614
approp.
Gross income.
$17,157,556 $17,641,130
989,391
990,014
6,173,428
6,210,463
539,373
539,242
Rents for lease of properties-
(net).
Amortization of debt discount and expense
Guaranteed dividends on Consolidated Gas Co. of
the City of Pittsburgh preferred capital stock
Appropriation for special reserve
Other income deductions
69,192
500,000
325,371
—
-
69,192
500,000
292,397
$391,509
on
$46,006
2,585
$6,879
Net profit before income taxes
Prov. for Federal income taxes (normal tax only)_.
$48,592
6,129
$7,528
1,129
Net profit for period
Earnings per share on 250.000 shares capital stock
(par $l)-_
$42,463
$6,399
$0.17
$0.03
-
Earned Surplus, July
Oct.
31,
_
Net earnings
Interest charges,
Total
$78,845
25,000
—
Cash dividends paid-
Federal income tax
Retirement expenses (or depreciation)
Balance available for dividends
Balance Sheet, July 31, 193
Liabilities—
Assets—
Notes receivable
1,826,466
1,033
150,170
Accounts receivable
Materials and supplies
_
!,472,322
667,863
144,929
$624,514
$16,434
Accounts payable,
x65,742
Accrued expenses
Reserve for Federal inc. taxes
materials and
wine,
Invent.,
supplies
values as
est.
Sept. 30, 1937
86,288
Capital stock—Preferred
Capital stock—Common
Funded indebtedness
Investments—General
Consumers' deposits.
6,911
385
278,469
Excise stamps
1,677
current period).
Capital stock (par $1)
Deposits against purchases
2,400
Paid-in surplus
books
_
_
_
-
_
304,883
-—
trademarks and
Special deposits
Unamort. debt dlsc't & exps.
18,642
Undistributed debits
Earned surplus.
for¬
$28,310,655
Total
9,584
Prepayments & def. charges._
Total.
—
$736,258
-.
$736,258
Total....
After reserve for bad debts of $5,691.
Period End. Sept. 30-
y
After reserve for depreciation
1937—3 Mos.-
-1936
1937- -9 Mos—1936
$750,974
$448,143
$2,113,970
$1,266,199
$0.71
$0.43
$2.01
$1.21
(par $5)-145, p. 2403.
—V.
Pond Creek Pocahontas Co.—Production-
~~Monthof—
Sept. 1937
152,926
Tons of coal mined—
—V. 145, p.
67,881
Aug. 1937
178,828
Sept. 1936
168,221
2403.
Procter & Gamble Co. (&
1936
1935
1934
...
y$6,629,564 x$3,604,505
$4,085,461
6,325,087
6,325,087
6,325,087
6,325,087
ing (no par)
Subs.)—Earnings—
1937
3 Mos. End. Sept. 30—
Net profit after int., de-
$0.76
$1.01
$0.53
$0.61
$700,000 for materials and products price equaliza¬
tion.
y Before provision for Federal surtax on undistributedlearnings.—
V. 145, p. 953.
Earnings per share.
x
After setting aside
Prosperity Co., Inc. (& Subs.)—Earnings—
486,790
deposits
Accrued taxes
217,073
70,993
Other accrued liabilities
13,019
Reserves...
2,310,705
Surplus
9 Months Ended Sept. 30—
Net profit after deprec., normal Fed. inc.
Earn. per sh. on 151,400 class A & class
2,479,469
—V.
1937
$305,687
Ln: SI .99
H936
$193,168
LSI.27
(& Subs.)—Earnings—
Earnings for 8 Months Ended Aug. 31, 1937
Net income after operating expenses,
p.2239.
taxes, &c.
B stock._
1271.
145, p.
$28,310,655
Total.
250,000
210,000
204,493
53,845
1
mulae
Provincial Paper, Ltd.
-V. 145,
6,129
—
Surplus arising from appraisal
y335,518
Fixed assets
Brands,
3.807
57,225
Accrued Interest
.
Prepayments
$3,200,000
2,500,000
16,907,500
Other current liabilities
Main extension
trade
(incl. only normal taxes for
per
prec., Fed. taxes, &c.y$5,044,338
Shs. com. stk. outstand-
165,602
5,116
Other current assets
$7,984
Cash in banks and on hand
Liabilities—
$25,771,574
$53,845
July 31, 1937, balance of surplus.
Earns, per sh. on 1,050,000 shs. capital stock
$1,659,530
676,450
20,338
106,071
232,156
Amortization and other deductions
...
$36,382
42,463
Plymouth Oil Co. (& Subs.)- -Earnings—
Earnings for 12 Months Ended Sept. 30, 1937
Cash....
31, 1937
Net income after deprec.,
revenues
Operation (including maintenance)
Taxes (not including Federal income tax)
Fixed capital
649
1936, balance
depletion, taxes, &c_.
Balance Sheet
57,826
39,629
135,971
Operating profit
$9,039,821
Philadelphia Suburban Water Co.—Earnings-
A sscts
$104,335
209,531
of $195,861.—V. 145, p. 2556.
pref. and common stocks
held by public and minority interest of subs,
companies and divs. on pref. and common
stock of Philadelphia Co
$8,560,800
—V. 145, p. 2087.
Gross
3 Months
9 Months
Other income, discounts, rents, &c
x
Net income for divs.
registrar
Co.—Earnings—
July 31, 1937—
Accounts & notes receivable..
Net operating revenue and other income (before
Interest charges
has been appointed
Cost of goods sold incl. all manufacturing costs and
$55,522,294 $50,176,881
31,029,019
25,687,746
revenues
expenses,
Trust Co.
&
preferred first series 5M%, par value $100.—V. 145, p. 2402.
[Not including Beaver Valley Traction Co. (in receivership) and its sub.]
Net oper. rev.
Bank
Net profit for the nine months ended July 31, 1937--
Philadelphia Co. (& Subs.)—Earnings—
Operating
Operating
Hanover
for 104,750 shares class B 7% preferred stock, par value $100; 104,750
shares class A 5% preferred stock, par value $100, and 41,900 shares prior
depreciation
Selling, general and administrative expenses
The directors have declared an extra dividend of 53 cents per share in
addition to a dividend of 40 cents per share on the common stock.
The
extra dividend was paid on Oct. 18 to holders of record Oct. 11 and the
p.
775.
p.
Pittsburgh Steel Co.—Registrar—
and excise taxes
profit and loss
Petrolite
a
Sales, net after discounts, allowances, freight—out
Income balance transf.
—V. 145, p.
authority of the "temporary rate" section of the Public
made by Governor Earle.
The notice of the order was
telegram addressed to the Governor and signed by Donald M.
was
Livingston, Public Utility Commissioner.—Y. 145,
sinking
reserve
month
trial period under
3,097
equipment-.
company
to
Rent for leased roads and
Interest
of pref.
profits,
shares!of
recommends a dividend of from 6,000 to 7,000
preferred stock be paid on the common stock.—V. 145, p. 1271.
$1,298,374
225
the
$3,868,598
53,043
5,695
258,459
Misc. deducts, from inc.
$294,408
22,015
$316,952
5,068
Total income
meeting of preferred stockholders has been called for Nov. 18,
a proposed plan to pay a common dividend in the form
In order to avoid the payment of surtax on undistributed
stock.
$568,507
147,527
Railway tax accruals--.
Pay Common Dividend in Preferred—
A special
1937—Month—1936
1 937—9 Mos.—1936
$2,641,202
$2,467,063 $24,236,911 $23,220,364
2,072,694
1,868,332
18.544,476
17,330,443
Total oper. expenses
Philadelphia
to vote on
Marquette Ry.—Earnings—
Period End. Sept. 30—
Total oper. revenues
St.
vision for doubtful accounts, $224,923; profit, $1,128,628; other income,
$14,459; total income, $1,143,087; absolescence, $15,000; interest and
amortization, $150,572; Federal and State income taxes, $176,180; net
profit, $801,335; preferred dividends, $49,821; surplus, $751,514.
Current assets as of Sept. 30, 1937. including $593,139 cash and in¬
ventories of $1,839,968, amounted to $3,325,119 and current liabilities
(including sinking fund payments due in one year, were $1,160,456. Total
assets were $13,093,008 and earned surplus was $1,078,594.
p.
Pere
Walnut
deprec., taxes & other chgs—$418,260
7 % preferred stock.
— $11.95
Earnings per share on 35,000 shares of
Pittsburgh Coke & Iron Co. (& Subs.)—Earnings—
3 Mos. End.
3 Mos. End.
3 Mos. End.
Sept. 30, '37 June 30, '37 Mar. 31, *37
profit after int.,
amort., deprec., depl..
Period-r-
x
Total
^
Period End. Sept. 30—
-
Income account for nine months ended
Gross earnings
$801,335
$1.23
Sept. 30, 1937, follows:
Gross
$9,061,197; cost of sales, $7,299,056; depreciation and depletion,
$311,447; ordinary taxes, $97,143; expenses including royalties and prosales,
of New Jersey (& Subs.)—Earns.
1937—Month—1936
$
^
$277,968
$320,879
$202,487
Earn.per sh.on cap.stk.
$0.42
$0.49
$0.29
x Before provision for surtax on undistributed profits.
&c
Public Service Corp.
9 Mos.
Net
Fed. & State inc. taxes
—V. 144, p. 3349/J
Oner
exp.,
maint.,
-
10,559,804
$
1937—12 Mos.—1936
$
$
10,110,438 126,470,803 120.815,623
de-
taxes-—
7,572.737
7,008,200
88,083,836
82,982,218
from oper..
Bal. for divs. & surplus—V. 145, P. 2087.j
2,987,067
1,988,697
3,102,238
2,037,681
38,386,967
24.658,822
37,833,405
24,430,272
precia'n &
Net
inc.
Financial
2704
Chronicle
Quebec Power Co.—Earnings—
9 Mos. End. Sept. 30—
Gross revenue.
-
Amort,
bond
of
2,359
,
449,623
Frank N.
1934
$2,722,220
1,621,095
$2,866,102
1,613,912
3,585
456,399
1,714,455
Oper.,taxes & other exps.
Exchange on bond int—
Fixed charges
1935
1936
1937_
S3,028,976
$2,848,578
1,630,794
3,864
863
456,399
456,399
Assistant
1937
23,
Official—
Morgan has been appointed to the newly created position of
to
President.
the
Wm. Loeb Jr., has been elected a director of this company to.fill the un¬
expired term of his late father, Wm. Loeb Sr., according to President and
General Manager, Don E. Bates.—V. 145, p. 954.
prem.,
J.)
(R.
33,361
disc't & exps
Oct.
Reo Motor Car Co.—New
Reynolds Tobacco
Co.—New Dividend Policy
Announced—
&
deprec.
bef.
Surp.
$792,206
$829,179
inc. tax
$640,862
$760,522
—V. 145, p. 1272.
Queens Borough Gas & Electric Co. —Earnings—
revs,
1937—12 Mos.—1936
$5,440,767
$5,303,253
1937—9 Mos.—-1936
$4,059,842
Period End. Sept. 30—
Gross
Adoption of a new dividend schedule, established on the basis of four
quarterly interim dividends and a fifth or final dividend in each year in¬
of the four quarterly dividends per year heretofore paid, was an¬
nounced by this company following the regular monthly meeting of directors
on Oct. 21.
The new plan, effective in 1938, is designed to better accom¬
modate the dividend schedule to the requirements of the Federal law
imposing a surtax on undistributed profits.
With five dividends per year in contemplation instead of four, the direc¬
tors expect, beginning with the dividend payable Jan. 2, 1938, which will
be declared on Nov. 18, 1937, to establish a quarterly interim dividend
rate of 60 cents per share, leaving the amount of the fifth or end-of-the-year
dividend to be determined late in the year after it is possible to estimate
closely the earnings for the year.
After Jan. 2, 1938, dividend payment
dates are to be the 15th days of February, May, August and November
and, beginning in 1939, Dec. 26 the payment date for the final or year-end
stead
_
(all sources). $4,155,304
Total expenses (incl. retir. exp.) and all taxes
629,443
2,858,264
707,466
3,989,450
822,558
3.731,386
932,351
$448,511
$494,111
,759
$639,516
3,077,349
Total fixed charges
Net income
-V. 145, P. 776.
Prudential Investors, Inc.—Net Assets—
The company reports as of Sept. 30,1937, net assets, taking investments
U. 8. Treasury bills and notes at market quotations at close of the
and
period, amounted to $10,854,914, equal to $239.17 a share on 45,386 shares
of $6 cum. pref. stock outstanding.
After deducting $100 a share for pref.
stock, balance was equal to $12.63 a share on 500,000 shares of common
stock#
This compares with net assets on Dec. 31, 1937, of $13,180,905, equal
$16.97 a share on 504,000 common shares, and with net assets on Sept.
30, 1936, of $12,030,061 or $14.50 a share on 510,540 common shares.
Investments in bonds and stocks are carried in balance sheet as of Sept.
30, last, at cost of $9,612,573 and U. S. Treasury bills and notes at cost of
$901,110.
The aggregate market value of these items was $9,960,347 on
Sept. 30, last.
Total assets as of Sept. 30, aggregated $11,724,964.
Cash amounted
to $997,833.—V. 145, p. 618.
to
dividend.
In the announcement letter which President Jas. A. Gray is mailing to
stockholders, it is added that, upon the figures at the end of the nine
months just completed, it is indicated that net profit from operations
for the year 1937 will be close to that of last year.—V. 144, p. 2498.
Rheem Mfg. Co.
company
1937—9 Mos.—1936
1937—3 Mos.—1936
but before surtax
$142,047
$98,861
$325,957
$214,078
$0.47
share
per
$0.33
$1.09
$0.71
on
300.000 shares
—V.
145, p. 291.
Ritz-Carlton
plan of reorganization (as amended) for the
*
deprec. & other chgs.,
Earnings
Public Gas & Coke Co.—Plan—
The
(& Subs.)—Earnings-
Period End. Sept. 30—
Net inc. after oper. exps.,
normal Fed. inc. taxes,
Hotel,
and Michigan
Fuel & Light Co., its subsidiary was approved by Federal District Court
for the Western District of Michigan on June 15,1937. A petition for leave
to
City,
Atlantic
N.
J.—Plan
of
Reorganization—
Committee
appeal Is now pending before the Circuit Court of Appeals at Cincinnati.—
p
2841.
V. 144
Public Service Co. of New
Hampshire—Earnings—
(Including Manchester Street Ey.)
Period End.
1937—Month—1936
$533,130
$489,954
271,220
262,253
72,110
66,672
26,655
4,512
Sept. 30—-
Operating revenues
Operating expenses.
State & municipal taxes.
Federal taxes (incl inc.).
Net oper. income
Non-oper.
$163,145
4,869
(net)
inc.
$5,972,265
2,834,094
$5,288,587
2,653,338
755,260
117,995
859,090
247,978
$156,517
3,054
$2,031,103
38,169
$1,761,994
$159,571
Bond
interest.
Other interest
Other
1,007
9,215
10,000
$168,014
56,018
CY645
$2,069,272
661,217
CY4.953
111,712
31,300
$1,798,641
621,578
13,225
116,076
122,730
(net)
$87,123
$47,384
$1,269,996
$612,058
$925,032
$555,756
52,226
8,738
deductions
Prov. for special raserve
.
$103,903"
Net income
Pref. div. requirements.
$52,176
36,647
Note—The above figures include the operating rasults of the New Hamp-V. 145, p. 2087.
shire Power Co. from March 31, 1936
Railway & Light Securities Co. -Earnings
9 Mos. End. Sept. 30—
Int.
on
Cash
1937
bonds & notes.-
Net
$190,703
151,853
$379,514
54,887
$330,569
43,815
$342,557
41,937
132,000
132,000
$190,691
"
income
above
$192,627
statement
of
income
unrealized profit and loss on securities.
of
sale, realized
1934
$180,542
150,027
on
funded debt
Note—The
1935
$162,719
216,795
$380,913
58,222
Total int. & cash divs.
Expenses and taxes
Int. & other charges
1936
$132,435
248,478
dividends
net
150,803
does
Based
151,831
$135,950
include
not
on
$148,787
realized
and
book amounts at time
sales of securities for nine months ended
Sept. 30 amounted to $478,447 (after related Inderal tax) in 1937, $466,371
in 1936 and $50,533 (excluding $101,000 loss charged
against investment
reserve) in 1935.
profit on
Comparative Balance Sheet Sept. 30
Assets—
1937
Bonds and
Preferred stocks..
Common
Liabilities—
1936
notes..$2,973,963 $3,397,704
1,044,209
4,023,321
Tax
Cash
407,122
liability
557,395
15,229
114,000
y
par)
Common
stock. 2,146,447
reserve
Spec, surplus
Earned surplus...
No
2,113,600
2,146,447
cum.ser.A ($100
Investment
x
31,650
Preferred stock 6%
52,654
Unamortized bond
Total
31,704
2,113,600
3,457
discount
x6,478
Res. for dividends.
47,014
_
Accrued Int. rec._
42,655
x53,626
108,000
Accts. receivable.
1936
$4,000,000
Accts.
5,639,683
stocks..
1937
Coll. trust bonds..$4,000,000
payable...
1,996
618,990
$9,798,229 $9,204,516
Total..
provision has been made for Federal
60,000
...
1,160,367
290,488
478,452
325,232
$9,798,229 S9,204,516
surtax on
undistributed profits
as such tax, if any, cannot be determined until
the end of the year,
y Repre¬
sented by 163,140 no par shares.
Note—The aggregate of securities owned priced at market
quotations
was less than their book amount by
$146,653 on Sept. 30,1937, and greater
by $2,163,569 on Sept. 30, 1936, after allowance on Sept. 30, 1936, for
possible Federal income tax if the indicated appreciation were realized.
—V. 145, p. 1597.
(C. A.) Reed Co.—Accumulated Dividend—
The directors
have declared a dividend of 50 cents
per share on account
on the $2 cumulative preferred class A
stock, no par value
payable Nov. 1 to holders of record Oct. 25.
A like payment was made
on Aug. 2, April 26 and Feb.
1 last and on Nov. 1, 1936, this latter
being
the first dividend paid since Feb. 1, 1935, when a
regular quarterly dividend
of accumulations
of like amount
was
distributed.—V.
p.
776.
Corp. (& Subs.)-
Sept. 30—
-Earnings—
1937—3 Mos.—1936
$2,248,819
$2,249,567
Net profit after prov. for
Fed. inc. taxes & after
est. prov. for bad debts
& repossession losses.
_
shares common stock.
surtaxes
1937—12 Mos—1936
$9,870,103
$8,681,450
$0.55
$0.68
1,088,306
861,175
$2.78
Remington Rand, Inc. (& Subs.)—Earnings—
1937—3 Mos.—1936
int.. Fed. taxes, &c
$912,401
1,584,883
$268,728
$2,382,569
$712,688
1,392,607
1,584.883
1,392,607
$0.45
$0.04
$1.26
$0.20
per
stock.
share
1937—6 Mos.
-1936
Before provision for surtax on undistributed profits.
Sales for six months to Sept. 30, 1937, exceeded $24,600,000 and were
the largest since first half of the 1929
fiscal year, when volume was
x
$31.500,000.
Earnings for the six months period
of 1929.—V. 145, p. 2556.
Woodbury, N. J.
Depositors were recently advised of the filing of
a
..\.V
petition for reorganiza¬
tion under Section 77-B of the Bankruptcy Act by Ritz-Carlton Restaurant
& Hotel Co. of Atlantic City, tne owner of the Ritz-Carlton Hotel.
Statement of Plan of Reorganization
A
plan of reorganization has
been adopted by the committee,
and If
assented to by depositors will be proposed in the reorganization proceedings.
The plan is submitted pursuant to an agreement dated July 13, 1937, made
by the committee with William Malamut, the lessee and operator of the
hotel.
Under this agreement, Mr. Malamut agrees that he and a new
corporation which he will cause to be formed will make certain payments
set forth in the plan and assume certain obligations in connection with the
property.
The plan in substance provides that Mr. Malamut and the new corpora¬
tion, by making certain payments, will within a maximum of seven years
from the completion of reorganization, pay off all taxes in arrears, all cred¬
itors of the mortgage trustee, and all expenses of reorganization, thus re¬
storing the investment of bondholders to a first mortgage position.
Of
these payments, the sum of $100,000 in cash will be paid at or before the
consummation of the plan of reorganization.
The balance will be paid in
semi-annual instalments, each in the amount of $20,000.
The new corporation is to have the right to place a first mortgage upon
the property in an amount not in excess of the amount of real estate taxes in
arrears with accrued interest to the date of the placing of such mortgage.
This first mortgage may be placed at any time within five years from the
date of consummation of the reorganization, and must be paid in full not
later than seven years from the consummation of the plan.
In the event
that the new corporation exercises this right to place a new mortgage, it
must make amortization payments thereon at the rate of at least $25,000
a year.
These amortization payments are to be credited against the obliga¬
tion of the new corporation to make tne instalment payments of $40,000
per year above referred to, and the balance remaining shall be available
for the payment of reorganization expenses and obligations of the mortgage
trustee.
In addition to
providing a method for the payment of the prior charges
the plan also contemplates the making of a new trust
The aggregate principal amount of bonds
issuable under the new trust mortgage will be $1,761,500, which will be dis¬
tributed to all holders of bonds of this issue at the rate of $500 in new bonds
for each $1,000 of the present bonds, together with all claims with respect
to interest thereon.
The new trust mortgage is to be a first lien on the
property, subject to the prior liens or to the new first mortgage which may
be placed for the funding of real estate taxes.
above referred to,
mortgage for a term of 20 years.
The bonds issued under the
new
trust indenture will bear fixed and con¬
tingent additional interest, the fixed interest to commence at the rate of
1% per annum and to be increased to 3% per annum.
Bondholders will
share in any improvement in the hotel's business through the provision for
the payment of interest based on gross income, in addition to the fixed
interest requirements.
Amortization will be paid by the new corporation
on the new bonds commencing with the 11th year of the life of the new trust
mortgage.
In consideration of the cash payments and other obligations assumed by
Mr. Malamut, all of the stock of the new corporation will be issued to him.
This stock upon its issuance will be placdd in escrow with the trustee under
the
new
mortgage and the stock will be delivered to Mr. Malamut, or his
designees, only in the event that all of the chargas prior to the new trust
mortgage are fully paid and discharged.
The effect of this is that until
real
estate
taxes
in
arrears,
reorganization
expenses
and trade creditors
of the present mortgage trustee have been paid in full, the stock of the new
corporation will not be turned over to Mr. Malamut, but will be pledged
under the new trust mortgage as additional security for the benefit of bond¬
holders.
If these payments are made in full, the stock will then be dis¬
tributed to Mr. Malamut, or his designees; if any default is made by the
corporation in the performance of its obligations, the stock may be
acquired by the trustee and the trustee may at its option sell such stock,
or increase the capitalization of the new
corporation and distribute the stock
pro rata among the bondholders.
Antelope Copper Mines, Ltd.—Earnings—
1936
1935
1934
£1,752,289
£1,879,903
£1,376,678
£3,549.042
£1,752,289
£l ,800,901
the largest since the
424,223
Total
1,355,573
900,968
£1,879,903
1,194,053
Realization expenses
London administration &
other expenses
Debenture interest
130,008
79,919
95,328
36,373
72,638
31,382
29,048
89,947
Depreciation
175,000
150,000
91,549
150,000
31,944
95,347
150,000
3,884
Crl4,742
Crl 7,481
Crlo',295
Cr5,58l
456,500
103,500
65,500
82,500
29,900
200,000
28,306
200,666
£1,113,808
£181,087
£236,420
Oper. expenses at mine-
Reserve
same
reserve
against
Reserve
for
Rhodesian
1,057,608
83,643
holding
in Govt, securities
Interest receivable
3,067
Northern
taxation.
_
Conting.
res.
for mine
pension & benefit fund
Deb. stock red. reserve-
General
were
1937
£3,549,042
June 30—
Copper sales account
$2.19
on
Period End. Sept. 30—
Net profit after depr.,
Earnings
Nestel as trustee under the mortgage.
As Mr. Steedle died
before taking office as trustee, the committee, with the approval of the
U. S. District Court, designated as his successor Alexander L. Rogers of
Metal stocks
$35,010.
All figures for 1937 are subject to audit and adjustment at the
end of the calendar year.—V. 145, p. 2088.
common
succeed Mr.
Roan
260,362
undistributed profits have not been deducted from
the profits shown above.
Such taxes for the full year 1936 amounted to
Shares of
depositors at that time upon the termination of the litigation involving the
under the mortgage securing the bonds of this issue.
De¬
positors were further advised that Robert E. Steedle of Atlantic City would
Years End.
226,678
Earns, per sh. on 354,620
Federal
1937, the Real Estate Bondholders* Protective
new
Reliable Stores
Period End.
Sales
145,
9,
successor trustee
1937—12 Mos.—1936
^
Gross income
Under date of Apri
(George E. Roosevelt, Chairman) reported to depositors of
1st mtge. 6% gold bonds on the financial position of tne Ritz-Carlton Hotel
and on the operating results for the year 1936.
The committee also advised
reserve
20,000
period
£305,440
Volume
Financial
145
3 Mos. End. Sept. 30—
1937
1936
£1,182,500
£505,500
£489,126
£408,500
2705
Chronicle
dividend of $7
1934
1935
paid on June 25 last, and dividends of $1.75 were paid
1, May 1, March,22, and Feb. 1 last, Nov. 1, Aug. 1, May 22, and
29, 1936, and on Nov. 30, 1935.
Accumulations after the current
payment will amount to $14 per share.—Y. 145, p. 620.
on
was
June
Feb.
Oper. exps., incl. London
and mine adm. charges
446,000
271,500
249,500
354,355
£736,500
£234,000
£159,000
£134,771
& prem. on redemp'n.
Reserve for deprec'n
50.006
22,000
37,500
22,500
37,500
22,926
37,500
Profit, subj. to taxa'n.
£686,500
£174,500
£99,000
£74,345
Saguenay Power Co., Ltd. (& Subs.)—Earnings—
Est. surplus over work¬
ing expenditure
Prov. for deb. stock int.
Period Ended
3 Mos.
$1,296,812
142,265
54,833
_
1937
Proper, (nominal)
Expend, on devel.
& equip, of prop¬
£1
£1
4,963,095
4,932,419
1
1
314,918
199,322
903,773
erties, at cost
Invest, (less res.)
£1,663,320 £1,557,945
6% deb. stock (se¬
1,441,800
cured)..
....
General reserve... 3,838,682
2,298,990
543,514
_
_
Materials & suppl.
Metal stocks.
Sundry debtors, &c
12,838
Cash..
1,710.163
Conting.
res.
for
mine pension and
20,000
-
•.
«.
-
-
Deprec. res. acct._
on funded debt
Other interest
514,179
514,301
Debenture Interest
Res. for taxation..
570,731
8,261
180,112
Sundry cred. & res.
294,056
208,986
—V.
145,
Period End. Sept. 30—
356*466
58,200
263,120
58,200
147,445
..£7,904,789 £6,772,506
Total
Capital Increased—
in extraordinary general meeting
held Oct. 20 to
£5,000,000 and capitalize £3,327,390 out of
Note—Figures
145, p. 1273.
Corp.—Earnings—
Net after oper., taxes, &
4,485,620
Rock-Ola Mfg.
4,327,943
4,417,755
1,685,632
Surplus after all charges,
incl. pref. dividends..
—V. 145, p. 1598.
4,259,953
1.241,021
1,398,648
$4,782,795
1,050,000
$3.96
before Federal surtax on undistributed profits.—V.
are
Commercial
Seaboard
$4,657,175
1,260,000
$3.11
Corp.-
-Earnings1936
1937
9 Months Ended Sept. 30—
Net profit after operating exps.,
1937
1936
1935
1934
$15,359,915 $14,473,432 $14,024,894 $13,509,689
reserves
stock outstdg.
com.
$1,716,847
1,050,000
$1.44
$1,248,504
1,260,000
$0.79
taxes, &c-._
Earns, per share
capital to
general reserve.—V. 145, p. 1751.
Gross sales
1937—9 Mos.—1936
deprec., conting., Fed.
Shs.
12 Mos. End. Sept. 30
206,255
1,260,000
Net profit after interest,
Profit & loss acct.
Rochester Gas & Electric
68,752
210,000
1937—3 Mos.—1936
623,886
£7,904,789 £6,772,506
nominal
-
Schenley Distillers Corp. (& Subs.)- -Earnings—
55,000
Deb. stk. red. res.
Stockholders decided
-
-
777.
p.
Prov.for div. No. 1
increase
43,429
169,439
4
Net income for the period
Preferred dividends.
Common dividends
Prov. for mine pen¬
sion & benefit fd.
$1,130,997
___
—
3,615
43,554
1,053.695
unclaimed
Total
100,757
$3,114,959
1,074,857
3,601
130,288
502,339
272,877
$432,935
Interest
Amortization of expense
Provision for depreciation
Provision for income taxes
....
11,478
$1,102,935
356,375
Total income
Capital stock
benefit fund
$3,103,481
3,221
_
1936
1937
Liabilities—
1936
Net operating income
Other income-
Balance Sheet June 30
Assets—
Taxes (other than income taxes)
9 Mos.
$3,692,852
415,266
174,104
$1,099,714
Sept. 30, 1937—
Operating revenue
Operation, maintenance, administration, &c
normal Federal
& other charges
100,260 shs. common stock
$201,335
Earnings per share
($10 par)
on
$164,842
$1.72
inc. taxes, depreciation, surtaxes
$1.52
—V. 145, p. 1914.
1,512,665
Seaboard Public Service Co.-—Final Distribution—
In reply to our inquiry we are advised that the bankrupt estate of Seaboard
Public Service Co. is closed and distribution to creditors was made pursuant
to order of April 22,1937. The dividend paid was 28.71 %.
Corp.—Earnings—
The stockholders in this estate were not entitled to any
Earnings for 6 Months Ended Aug, 31,1937
$517,782
386,516
Gross profit from sales
Operating expenses
distribution of
the funds.
The
16, 1936,
Revenue under date of Jan.
of Internal
Commissioner
stock became valueless in 1933,
ownership may be taken as of, and only as of,
advised that for income tax purposes, the
profit—-'--.
Operating
$131,266
32,920
Other income
$164,186
52,400
Total income.
Other
deductions
and losses resulting from its
1933 —V. 143, p.
$111,785
Net profit
Note—as at May 31, 1937, the net assets of the Rock-Ola Mfg. Corp.,
Illinois corporation, were transferred to the Rock-Ola Mfg. Corp., a
Delaware
poration
corporation.
was
increased
The capital stock of $50,000 of the Illinois cor¬
to $391,000 in the Delaware corporation by a
All other assets and liabilities were transferred
RR.—Plan
have
directors
declared
Operative—Listing—
Prov. for
Ogdensburg & Lake Champlain Ry. 1st mtge. gold bonds, due
July 1, 1948
3,508,000
Rutland-Canadian RR. 1st mtge. gold bonds, due July 1, 1949907,000
Bondholders on Oct. 11, 1937, had expressed their willingness to deposit
their bonds with the respective depositaries as soon as said plan is declared
operative, in the following amounts:
Rutland RR. 1st consol. mtge. bonds.
$230,000
Ogdensburg & Lake Champlain Ry. 1st mtge. bonds.
574,000
Rutland-Canadian RR. 1st mtge. bonds
263,000
831,063
34,944
678,860
38,792
595,327
38,914
$13,019
16,560
$107,091
21,415
$101,555
21,800
$34,887
2,525
Operating loss.
Balance, loss
Interest
prof$3,541
4,065
$85,676
5,051
$79,755
1,937
11,750
$525
3,000
$90,727
35,000
$93,443
42,700
$125,727
$136,143
Compensat'n for injuries
"""853
Other charges
$38,266
Net loss
$2,984,000
$532,685
933,937
35,849
depreciation._
Other income.—.
agreement.-'..'A-CRutland RR. 1st consol. mtge. gold bonds, due July 1, 1941—
xl933
$610,561
and
admin, expenses, &c_-
The plan
xl934
$852,988
$48,931
14,044
Cost of sales, selling
dated Dec. 26, 1936 providing for reduction in the fixed interest
31, 1936 to and incl. Jan. 1, 1941 on the funded debt of the
company has been declared operative as of Oct. 31, 1937 by the directors.
The bonds which are to be stamped as having accepted the terms of the
plan, and which have been authorized for listing on the New York Stock
Exchange, when so stamped, are as follows:
$3,499,000 Rutland RR.
1st consol. mtge. 4 }^a due July 1, 1941; $4,400,000 Ogdensburg & Lake
Champlain Ry. 1st mtge. 4s due July 1, 1948 and $1,350,000 RutlandCanadian RR. 1st mtge. 4s due July 1, 1949.
Bonds in the following amounts respectively had been deposited Oct. 11,
1937, with the respective depositaries, in accordance with the plan and
,
xl935
yl936
$920,855
Calendars Years•—
rate from Dec.
<'
a
stock, par $10, payable Nov.
Seagrave Corp.- -Earnings-
transfer from earned surplus.
at the same values.
Rutland
Co.—40-Cent Dividend—
dividend of 40 cents per share on the
15 to holders of record Oct. 30. A
like amount was paid on May 15, last, and compares with 25 cents paid on
Dec. 30, 1936; 50 cents paid on Nov. 10, 1936; 25 cents paid on May 15,
1936 and on Dec. 30, 1935, and 12H cents per share distributed on Feb. 15,
1932 and on Nov. 16, 1931—V. 144, p. 2844.
The
common
an
1571.
Seaboard Surety
Preferred dividends
$3,525
$38,266
Deficit.
-
__
bonds may deposit their bonds at any
thereby a party to the plan and deposit agreement.
with respect to interest upon the bonds during the
period between Jan. 1, 1937 and Jan. 1, 1941, both inclusive, shall be as
The holders of the non-assenting
x
% of Jan. 1
6 Months' Interest
Income to May 31
$100,000 or under
Over $100,000 to $150,000
Over $150,000 to $200,000
Over $200,000
Coupon to
12 Months' Interest
Be Payable
Income to Nov. 30
30%
$200,000 or under
50%
Over $200,000 to $300,000
75%
Over $300,000 to $400,000
100%
Over $400,000
Coupon to
Be Payable
selling and
administrative exps..
50%
75%
100%
If the interest income for any 12 months' period ended Nov. 30 exceeds
the sum of (a) the interest payment made on the preceding July 1 and (b)
the interest payment to be made on the ensuing Jan. 1, then such excess
shall be carried
forward and deemed a part of the interest income for
succeeding six months' and 12 months' period for the purpose
termination of the interest payable in respect of such periods;
the
of the de¬
provided,
however, that if the 12 months' interest income to Nov. 30 in any year
shall exceed the sum of $400,000, such excess shall be applied on the next
succeeding Jan. 1 towards the payment of any
interest.—V. 145, p. 2557.
St.
The
tion
previously accrued and unpaid
Joseph Union Depot Co.—Operation—
on Oct. 9 authorized the opera¬
of the company by the Atchison
Interstate Commerce Commission
under
contract
of the
properties
Topeka & Santa Fe Ry., Chicago Burlington & Quincy RR., St. Joseph &
Grand Island Ry, the trustees of Chicago Great Western RR., the trustees
Rock Island & Pacific Ry., and the trustee of the Missouri
of the Chicago
Pacific RR.
The directors have
holders
of record
1,157,108
668,255
635,728
514,728
$20,988
12,660
$49,941
11,039
$14,590
9,075
.prof $103,678
28,407
$5,515
17,373
$8,328
19,266
$35,107
7,887
$27,594
y$42,994
Other income
4,300
$27,188
prof$75,271
.
Operations suspended Feb. 28, 1936.
y After
burden for the period, amounting to $13,487.
x
including unabsorbed
Balance Sheet Dec. 31
1936
Assets—
x
$496,398
$507,616
$450,000
$40f)"666
5% cum. pf. stock
y Common stock.
1
1
Municipal bonds..
4,500
19,900
Stk. in to reign corp
3,400
39,570
59" 655
Notes & accts. rec.
183,965
270,266
417,905
335,611
58,114
83,505
3,798
6*13*565
613,500
Prem. on pref. stk.
Inventories
3,120
Goodwill
Long-term notes &
receivable
--
Deferred charges
.
.
Notes & accts. pay.
79,805
72,425
Accrued item
34,088
20,223
Capital surplus
98,500
98,500
Earned surplus
Cash
defl8,241
20,026
Divs.
$1,207,653 $1,279,674
3,000
payable
2,000
$1,207,653 $1,279,674
Total
x After depreciation of $388,400 in 1936 and $355,155
resented by 122,700 no par shares,
z Consolidated.—V.
30—
■
Earned finance, interest and insurance
Direct income
1937
$10,264,586
678,182
__
483,772
272,548
180,963
$215,626
18,616
30,229
debentures
Federal taxes
Fixed charges on 5%
Net income
$155,691
6,389
21,061
$166,781
$1.10
—
Earnings per share on common
stock
Earned
Dec. 31,
Net income
1936
$6,803,287
charges
Profit...
Balance
y Rep¬
145, p. 620.
.
income
General operating expenses
Pro vision for
in 1935.
Corp.—Earnings—
Securities Acceptance
9 Months Ended Sept.
Volume of business.
1936
on
a dividend of $1.75 per share on account of
pref. stock, par $100, payable Nov. 1 to
A like amount was paid on Aug. 1 last: a
$203,576
16,466
74,788
preferred stock
stock
1937
$128,241
$1.15
$36,795
166,781
-
on common
Balance Sept. 30,
fi
Surplus Sept. 30, 1937
for 9 months ended Sept. 30, 1937
Dividends
cum.
26.
zl935
1936
Liabilities—
Z1935
,
6% cum. pf. stock
Land, buildings,
mach'y,eqpt.,&c
Dividends
declared
Oct.
14,834
1-
gines, Ltd.
Total
accumulations on the 7%
$464,787
.prof.$92,639
Operating loss—
Co.—Accumulated Dividend—
St. Louis Screw & Bolt
1934
1935
$614,740
$653,665
$1,249,747
sales
Cost of sales,
Total...
30%
duo
y iuuiuura
jjdu.
1936
1937
Net
(a)
% of July 1
nutsmra,
rue
1936 of Seagrave Fire Engines, Ltd., a sub¬
operations during February, 1936.
Earnings for 9 Months Ended Sept. 30
The amounts payable
As to the interest payable on Jan. 1, 1937, an amount equal to onehalf of the present interest coupon attached to the bonds payable on such
date, such payment to be made to the bond-holders at the time of the
deposit of their bonds.
(b) As to the interest payable on July 1, 1937 and semi-annually on each
interest due date thereafter to and incl. Jan. 1, 1941, the percentages of
the respective coupons to be paid shall be determined in the following
manner:
The percentage to be paid of each July 1 coupon shall be based
upon the interest income of the Rutland for the six months' period ended
on the preceding May 31; the percentage to be paid of each Jan. 1 coupon
shall be based upon such interest income of the Rutland for the 12 months'
period ended on the preceding Nov. 30.
The term "interest income"
means the income available for fixed charges of the Rutland, less rent for
lease of road and equipment and interest on equipment trust certificates,
determined in accordance with the classification of accounts of the Inter¬
state Commerce Commission.
The interest payment made, if less than in
full, shall be noted on the coupon.
The following schedule gives the basis for determining the exact percentage
of each interest coupon to be paid:
oeagrave
operations for a short period in
sidiary which discontinued its
time and become
follows:
suosiuiary,
tnciuaing
-
$112,322
2706
Financial
Balance
Assets—
1937
$567,948
Notes receivable.. 4,813,296
Repossessions
16,662
Other notes rec'le.
Accts. receivable..
172
Cash val. life
Dividends
17,927
insur
85,644
28,976
Furniture and
Reserves for losses
104,654
60,759
Deferred income..
11,260
91,172
302,729
8,927
13,025
Deferred charges..
100,975
32,835
payable
Contingent reserve
fix¬
101.516
.
72,338
57.494
212,494
5% conv. debens.,
tures
due June 1,1946
489,000
Preferred stock
Common
365,900
stock
Surplus
547,024
127,303
...
500,000
300,000
530,804
101,745
Corp. (& Subs.)—Earnings—
Expenses
290,000
and
1937
23,
Period End. Sept. 30—
1937—3 Mos.—1936
1937—9 Mos.—1936
Gross oper. earnings
$71,460,419 $66,159,966 $197139,014 $173149,931
$1,581,000
225,000
long-term......
Accts. payable
accrued
7,140
12J03
_.
.1936
notes..83 ,200,000
Coll. trust bonds—
Sink.fund.for red.
Of debentures.
1937
Liabilities—
Coll. trust
$431,970
3,192,239
4,510
Oct.
Shell Union Oil
Styeet Sept. 30
1936
Cash
Chronicle
53,561,469
572,808
8,838,680
Interest
Deprec., depletion, &c_.
Minority interest
Federal taxes
48,889,772
598,554
8,675,182
17,742
768,487
984,171
130,062,445
2,068,355
25,829,431
45,862
1,541,592
149,836,394
1,724,847
27,053,220
36,113
2,504,222
Profit from sale if invest¬
ment affiliated co
Cr2,909,807
Net profit
$7,503,291
Earns, per share on 13,070,625 shares
com¬
mon stock (no par)
$0.54
$7,210,230 $15,984,218 $16,512,053
1
$0.51
$1.11
$1.14
Note—Exclusive of any surtax that may accrue on undistributed profits.—
Total
$5,556,179 $3,747,393
Total
$5,556,179 $3,747,393
Y. 145, p. 778.
Sisters of Notre Dame,
Larger and Extra Com. Dividend—
The directors have declared
and
a
quarterly dividend of 25 cents per share
dividend of 50 cents per share on the common stock, par value,
$4, both payable Dec. 24 to holders of record Dec. 10.
The extra dividend will be paid in $25 par, 6% preferred stock.
an extra
The company had previously paid
20 cents per share on Oct. 1 and on
July 1, last, and dividends of 15 cents per share were paid quarterly pre¬
viously, In addition, a dividend of 50 cents per share payable in 6% pref.
was paid on Dec. 24,1936.—V. 145, p. 2244.
stock
Shareholders
Corp.—Earnings—
Earnings for the 9 Months Ended Sept. 30, 1937
Income—Dividends
Expenses
$32,758
11,207
1
Income—Less expenses
$21,551
Statement of Surplus for the 9 Months Ended Sept. 30, 1937
Paid-in surplus
Profits on sales of securities
Excess of sales price above par value
x$548,907
21,494
81,348
Total
Dividend paid
$651,750
14,079
Cost of 10,184 treasury shares acquired
92,434
$545,237
3,219
21,551
Total...
Dividend paid
$24,766
13,790
Earned surplus, Sept. 30,1937
$556,213
Balance. Jan. 1, 1937, consisting of surplus arising from reduction of
capital and portion of proceeds from sale of capital stock, less revaluation of
securities, net losses on securities sold, Federal income taxes applicable to
profits, on sales of securities, cost of treasury shares acquired and divs.
paid.
Balance Sheet, Sept. 30
1937
Investments
Divs.
1936
Liabilities—
1937
$716,984
$322,923
Managem't fee pay
23,751
4,788
14,934
receivable..
3,655
Def.
charge—Fed.
cal. stock tax..
$2,196
to
Treasury stock
Port
laws
Del. in
184,345
Dr46,356
payable A.
7,741
127,000
Dr33,329
if called before Oct. 1, 1943; at 100% if called after Oct. 1,
The Order of the Sisters of Notre Dame was founded
Germany, in 1850.
The Order
Somerset Union & Middlesex Lighting
33,329
196,336
10,976
been merged into Public Service Electric & Gas Co.
(In Chronicle of Oct. 16 it was stated that company was merged in Public
Service Corp. of N. J. which is in error).—V.
145,
p.
2559.
Soundview
Pulp
Co.
Period End. Sept. 30—
Net income after oper.,
inc.
phspffpo
Notes & accts. rec. 2,110,929
Inventories..
Bal.
of
4,011,416
assets
$342,637
exps.,
Shs.
common
but
quired from
Liabilities—
Due
the
Youngst'n
on ore
f
Steel
$788,854
488,250
$1.57
equipment
202" 110
30,000
103,781
160,574
274,483
190, 982
&
State
inc.
payable
Bal. of liabs. of the
9,204,804
assumed
50 475
_
accr.
liabll.
113 ,053
76,194
366,737
2,000,000
538,474
15-yr. 4}4% conv.
debentures
Reserves
Paym'ts under stk.
purch. contracts
x
Serial pref. stock
,583
5,972 ,000
4,000,000
z
Common stock__
3,897 ,740
3,773,090
capital surplus._ 4,7213,690
1,589,691
4,700,910
72,506
Paid-in surplus and
Earned surplus...
Total
,
x
....18,711,969
18,157,938
Represented by 59,720 (40,000
Total
624,286
18,711,969 18,157,938
in 1936)
no par shares,
z Represented
shares,
a Consolidated.
The earnings for 9 months ended
Sept. 30 were published in V. 145, p. 2559
by 387,773
(377,309 in 1936)
Lines—Earnings—
1937—Month—1936
iHnu8 te b°ard
special meet'ng on Nov. 15 will consider
directors to issue, in the
year
1937, not to exceed
as a stock
5,162,158
1,485,714
912,910
56,607
5,387,897
902,516
823,864
52,051
39,950,858
12,932,980
8,047,714
585,490
35,574,331
9,673,580
6,667,038
514,242
2,706,926
3,389,714
3,609,464
4,245,075
18,384,674
24,426,490
18,719,470
24,589,862
1937
General, operating & maintenance expenses
Reserve for
exchange
'
•
r
ry.
after
Before
1936
.-.$10,943,972 $10,225,470
2,438,041
2,217,533
1,357,548
1,326,307
326,025
310,036
715,661
606,509
18,000
75,000
depreciation..
deprecia'n
—V. 145, p. 2245.
Southern
Net operating revenue
...
Surplus before depreciation and income taxes..
1273.
—V. 145, p.
Ry.—1938-1939—Maturities
$6,088,696
2,874,285
119,355
$5,690,084
2,929,868
101,845
$3,095,057
c.
«.
*
J. Watson of New York was elected a director for a term of three years to
fill the vacancy on the board caused by the death of Walter S. Case.
New President—
The election of Ernest E. Norris
was
announced
company
c
k Federal
'surtax
Earnings
income
per
—V. 145, p.
taxes,
but
on com.
,
stock
$78,293
$0.44
as
President of this railway to succeed
This was the first change in the
Oct. 21.
years.
Mr. Harrison had requested that
Until
recently Mr. Norris had been Senior Vice-President of the com¬
pany, Avhich he has served since 1902.
The announcement was made
following what had been expected to be a routine meeting of the board of
through the ranks.
the Bar
in
this
President of the Southern Ry. to have worked
His predecessor, Mr. Harrison, is a lawyer who entered
The latter, who is 66 years old, will continue as
State.
Chairman of the Finance Committee and
p.
a
director of the railway.—V. 145,
2559.
Southwestern Associated Telephone
Period End.
Sept. 30—
1937—Month—1936
Co.—-Earnings—
1937—9 Mos.—1936
$78,740
100
$868,006
1,150
$704,408
Uncollectible oper. rev..
$99,189
150
Operating revenues.
Operating expenses
$99,039
55,826
$78,640
$866,856
72,647
513,349
$703,508
460,472
$43,213
8,198
$5,993
5,489
$353,507
67,271
$243,036
45,586
$35,015
$504
$286,236
$197,450
revenues
Net operating income—V.
1937—9 Mos.—1936
before
_
share
2406.
Sept.30,'37
on
in 24
he be retired.
Net oper. revenues...
3 Mos.End.
.
Financed
At the 44th annual meeting of stockholders of the company, held at Rich¬
mond, Va., Oct. 19, the management announced that a commitment had
Reconstruction Finance Corporation to enable the
company to meet its maturities of 1938 and 1939, provided in the meanwhile
the company was not able to secure satisfactory terms through private
banking channels.
President Harrison was very complimentary of the
cooperative spirit shown by Chairman Jones of the RFC.
There was voted in favor of the no par stock charter amendment 866,286
shares of common stock, or 67.19%, and 363,482 shares of preferred stock,
or 60.58%.
The total number of shares voted in favor of the amendment
was
1,229,768, while the total number of shares against the amendment
was
only 1,565 shares.
President Harrison, chairman of the meeting,
stated that further action by the stockholders was necessary before the
amendment may become effective and suggested an adjournment of this
stockholders'
meeting for two months, and a resolution was adopted
adjourning the meeting until Dec. 14, 1937.
Directors reelected for a term of three years were Guy Cary, Richard S.
Reynolds of New York, and Ernest E. Norris of Washington, D. C.
John
Operating taxes
Period End. Sept.H0—
Be
$2,658,370
Signode Steel Strapping Co.—Earnings—
Net profit after deprec., int. & normal
to
Through RFC Advances if Private Capital Is Not Available—
Charter Amendment Postponed—
Operating
Fixed charges
Amortization of bond premium, disct. and
expense
income
oper.
the company.
Mr. Norris is the first
Shawinigan Water & Power Co.—Earnings—
Power purchased
Water rentals
Taxes and insurance
$
Net rev. fromry. op__
Railway tax accruals-..
Equip, rents (net)
Joint facil. rents (net)
oper.
Presidency of the
au-
8,000 shares of convertible $5 preferred stock of the
company
dividend upon the common stock.—V.
145, p. 2559.
9 Months Ended Sept. 30—
Gross revenue
1937—9 Mos.—1936
$
' $
143,052,858
107,478,527
no par
Special Dividends
a
$414,284
418,509
$0.96
expenses.
oper. revs.____
Fairfax Harrison
Preferred stockholders at
$2.92
been secured from the
YoungstownOther
488,250
171,090,003
131,139,145
533,984
Dividends
1,544,074
7,520,248
1,171,326
400 317
Fed.
79,277
$1,459,833
18,231,571
12,843,674
$
taxes
45,375
$147,038
418,509
$0.31
19,798,292
14,636,134
Railway
Railway
31*36
172 203
contra.
Accrued gen. taxes
Co
a Dec.
491, 835
400, 000
235,,881
Accrued payrolls..
Accrued interest..
Deferred charges..
158,315
Invest. & advances 3,610,468
Property, plant and
1937—9 Mos.—1936
ho■
stock
Earnings per share..
—V.
145, p. 2089.
Net
Accounts payable.
Notes payable
ac¬
Subs.)—Earnings—
normal Federal
taxes,
deprec.,
nthpr
(&
1937—3 Months—1936
747
$746,954
Co.—Merger—
The company has
jj
Sept. 30 ,'37
s
1,287,547
2,313,236
3,728.999
1943.
in Muelhausen,
the United States in 1874, and since
academies, orphanages, colleges, and other similar institutions devoted to
care and education of the youth, without
regard to color or creed.
The Province of Toledo is represented in the Archdiocese of Cincinnati
and in the Diocese of Toledo.
The 275 members of the Order comprising
the Toledo Province, conduct 26 grammar schools,
6 high schools, 1
academy, and 5 schools of Music.
Balance Sheet—
$
came to
the
Southern Pacific
46,356
545,237
Total.
Sept. 30,'37 aDec. 31'36
1,255,218
Oct. 1,
Interest
then their work has expanded until at present time the membership of the
Sisters of Notre Dame in the United States is over 1,000, which includes
and Postulants.
Their work comprises the operation of schools,
__
Assets—
maturities
&
Period End. Sept. 30—
-V. 144, p. 3517.
Cash
for
O.
Principal and int. payable at Manufacturers Bank &
Trust Co. of St. Louis, trustee.
Bonds in $500 and $1,000 denoms. and
callable in whole or in part on any int. date at 101% upon 60 days notice,
of
Earned surplus...
$342,6371
Corp.
int.
The proceeds of this loan are to be used to refund a present first mortgage
debt bearing a higher rate of interest, and for the construction of an addi¬
excess of
standing stock..
Paid-in surplus...
Sharon Steel
and
tion to the mortgaged security.
4% serial real estate first mortgage bonds.
Bonds are dated
1937 and are due annually 1939-1949.
Denom. $500 and $1,000.
par value of out¬
$746,954
100
This loan constitutes the direct obligation of the Sisters of Notre Dame,
Province of Toledo, Ohio.
Bonds are secured by a first mortgage upon the land and improvements
valued at $1,225,000.
of legal cap.
n
under
Total..
and
1941
fore surtax
4,200
Com. stk. fparll)
1,125
maturities
1942-1949.
$1,445
9,367
Accrued taxes
1,432
for
1936
Dlv. pay. Oct. 15,
1936
Cash in banks
$375,000 Sisters of Notre Dame, Province of Toledo, 4%
serial real estate first mortgage bonds.
Price: 101 and int.
10,976
-
30,1937
x
Assets—
Toledo, Ohio—Bonds Offered—
Co.,
St.
Louis, recently offered
&
Novices
Paid-in surplus, Sept. 30, 1937
Earned surplus, balance Jan. 1, 1937
Dividend income—Less expenses
Total surplus, Sept.
Eckhardt-Petersen
$404,633
$2.59
*
$253,953
$1.46
145,
p.
900
2245.
Standard Gas & Electric Co.—Weekly
Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Oct. 16, 1937, totaled
109,839,289 kilowatt-hours, an increase of 2.5% compared with the correspond¬
ing week last year.—V. 145, p. 2560.
Volume
Financial
145
Standard Steel
Spring Co.—Initial Div.
The directors have declared
amount of common
record Nov.
stock,
on
Sunshine
New Stock—
dividend of 50 cents per share on the larger
a
outstanding payable Nov. 26 to holders of
now
13.
A stock dividend of
100% was paid on Aug. 20, last.
Dividends paid on the smaller amount of stock outstanding prior to
were as follows:
$1 on Aug. 5, last; $1.75 paid on Dec.
1936, and 25 cents per share distributed each three months from Jan.
1935 to and including July 3, 1936.
The Jan. 16, 1935 dividend was
first paid since December, 1931 when a quarterly dividend of 50 cents
share had been distributed.
stock dividend
Mining Co.—Earnings—
9 Months Ended Sept. 30—
Net profit after deprec., Fed. income taxes, &c
Earns, per sh. on 1,488,821 shs. of capital stock-_
—V.
the
24,
16,
the
per
2707
Chronicle
145,
Superior Oil Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
profit
Earnings
per
share
on
$393,800
$1.97
199,712 shares of capital stock
Exps., ord. taxes, &c.__
Star
Oil
&
Corp.,
Refining
Ft.
Colo.—
Morgan,
The
Securities and Exchange Commission reported Oct. 15 that the
corporation, E. G. Markley, Charles H. Woodin, P. C. Saunier, and C. T.
were enjoined by Judge Foster Symes of the U.S. District Court
for the District of Colorado from making untrue and misleading statements
in the sale of stock of that corporation in violation of the Securities Act
Ablstrand
$153,107
$818,352
747
8,908
$153,854
4,548
85,857
35,386
1,576
$827,260
22,047
304,787
182,460
3,769
$644,929
22,480
349,960
Surrender leases, &c
Federal income tax
$303,273
1,825
70,706
56,074
3,250
Net profit
Shs. of cap. stk. ($1 par)
$171,418
1,388,979
$26,487
988,979
$314,197
1,388,979
$170,011
988,979
$0.12
$0.03
$0.23
$0.17
Court based its findings and decree
other things, that the defendants represented that an oil
alleged, among
lease acquired
by the defendants was at one time carried as an asset on the
books of a well-known oil company at $1,000,000 and failed to disclose to
purchasers that the lease was acquired for less than $4,000.
It also alleged that the defendants also represented that the stock offered
at one-cent per share was being offered by the company when in fact the
offering was made by the defendant Ahlstrand who received 50% of the
funds received for selling the stock.
The defendants consented to the entry of the decree.
State
Street
Investment
Balance
Corp.—Comparative
Total income
Earnings
1937
1936
$
$
Assets—
1936
1937
LlaMlUies—
4,173,908
9,230
Mgt. fee payable..
Res. for Federal &
56,768
7,532,062
Accts. receivable
806,853
State taxes.....
Divs.
declared
49,427
150,260
374,993
337,447
6,754
Capital stock...26,391,010 22,633,750
18,591,388 28,467,399
Earned surplus
45,472,816 51,659,982 j
...45,472,816 51,659,982
Total
a Cost of securities, $32,358,592 in 1937 and $31,888,354 in 1936.
b Re¬
presented by 499,990 no par shares (449,930 in 1936), after deducting
treasury shares.
The earnings for the nine months ended Sept. 30 were published in V.
145, p. 2560.
Stedman
Bros., Ltd., Toronto—Pref. Stock Offered—
Co., Ltd., Toronto, recently offered and sold
$300,000 6% cumulative redeemable convertible preference
Harrison &
shares at par
For
Authorized
$500,000
*120,000 shs.
Issued
$300,000
90,000 shs#
20,000 shares reserved for conversion of the 6% cumulative convertible
preference shares
on
the basis of two
10,000 shares
preference share of $50;
shares (no par) for each
reserved for issue at the dis¬
employees, at any time after
common
are
cretion of the directors to the executives and
July 16, 1939.
There are now outstanding 1,146 shares of 7% cumulative redeemable
pref. shares (par $100), which are being called for redemption, and 3,000
common shares (no par), which are being split on the basis of 30 new shares
of no par value for one of the present common shares of no par value.
Transfer agent and registrar:
Guaranty Trust Co. of Canada.
Company
the
nine
months
equal to 22 cents
or
14 cents
1936—V.
a
a
share
145,
ended Sept. 30, 1937, net profit was $308,109,
on 1,388,979 shares, comparing with $142,807,
988,979 shares for the nine months ended Sept. 30,
share
on
1116.
p.
Tacony-Palmyra Bridge Co.—Earnings—
9 Months Ended Sept. 30—
Gross profit from operation
Administrative and general expenses______
Reserve for contingencies
Net
profit—
;
Surplus Jan. 1_
Federal capital stock adjust., year end. June 1937Federal tax refund, 1934Transfer of
Profit
on
reserve
for
$477,417
34,334
49,500
$404,979
49,229
24,684
81,514
16,495
37,533
10,000
Operation and maintenance
Depreciation
Interest.
1936
1937
$493,161
34,181
54,000
Income—Tolls
$393,582
46,717
25,787
131,231
$185,524
212,773
1,246
$163,239
125,074
26,607
110
25,406
2,600
contingencies
% preferred shares
retirement of 7 ^
35,625
45,000
36,000
$316,320
13,130
23,746
30,000
24,000
$280,536
Total
$225,444
$397,161
714% cum. pref. stock dividends.
5% cum. conv. pref. stock divs_.
Class A stock dividends
Common stock dividends
Surplus Sept. 30
Note—Deducting $35,625 for dividend paid on 5% cum. conv. stock,
a balance of $149,899, or $2.77 earned during the nine months' period
on 30,000 shares class A stock and 24,000 shares common stock, as com¬
pared with $2.34 per share for the same period of 1936, after deducting
$23,746 on the 5% cum. conv. pref. stock and $13,130 for dividend on 7}4%
cum. pref. stock.—V. 145, p. 1753.
leaves
($50) and div.
Capitalization—
6% cumulative conv. pref. shares ($50 par)
Common stock (no par).
*
8,301
Note.—No provision has been made for Federal surtaxes on undistributed
___.
accrued expenses
b
$64,372
on
stk. of this corp.
Other accts. pay. &
Total
share
per
94,177
profits.
Other expenses
Reserve for Federal and State taxes-.
$
Accounts payable.
37,940,754 46,679,221
Securities
a
_
Taxes
Sheet Sept. 30—
Cash
.
Interest, &c_..
Deprec. and depletion!
of 1933.
The bill of complaint upon which the
$636,197
8,732
$301,275
1,998
__
Enjoined—
1937—12 Mos.—1936
$1,316,236
$1,068,563
497,884
432,366
1937—3 Mos—1936
$440,230
$261,771
138,955
108,664
Gross.
Other income.
—V. 145, p. 2245.
1936
$2,666,945
$1.79
1600.
p.
Earnings for 9 Months Ended Sept. 30, 1937
Net income after charges and taxes, but before surtax on undistrib.
1937
$4,073,112
$2.73
-
was
in
incorp.
retail small wares business.
on a wholesale and
Company owns and operates 43 retail stores—
1912 and today carries
12 in the Maritime Provinces,
1 in the Province of Quebec and 30 in the
Province of Ontario (of which 4 are in the City of Toronto under the name
(James) Talcott, Inc.—Earnings1936
1937
Period Ended Sept. 30—
Net earnings
after taxes, but before year-end ad¬
justments and reserves.
Earnings per share on common stock
—V. 145, p. 1916.
$419,559
$0.96
$447,246
$1.02
Talon, Inc.—New Name—Registrar—
See Hookl&ss Fastener Co., above.
The Central Hanover Bank & Trust Co. has been appointed registrar for
1,000,000 shares capital stock $5 par value of this company.
Taylor
(K.)
Distilling
Co.,
With¬
Inc.—Registration
drawn—
See list given on first page
of this department.—V. 145, p. 2247.
of "Stedman 5c. to
$1,000 Stores")—operating under the name of "Selrite
it has extended franchises to 92 stores, of which
9 are in the Maritime Provinces, 2 in Quebec, 78 in Ontario and 3 in Western
Canada.
The latter stores buy all their stock from Stedman Bros., Ltd.
and are operated under their management and direction, but do not neces¬
sarily trade under the name of Selrite Stores.
Stores."
In
addition,
Provision for
Taxes
Provision for
Dominion and
Net Profit
Available
Provincial Taxes
For Dividends
$40,652
66,406
106,823
150,033
213,376
$4,839
8,927
14,331
21,755
34,891
$35,813
57,479
92,492
128,278
178,485
1932..
1933..
1934..
1935..
1936-.
Before
Mining expense.
Milling expense
— _
General expense
1936
19, 1937 (being six operating periods of four
corresponding figures as compared with the same period in
were:
$4,905,387
181,084
1,114,326
431,004
277,381
$4,810,545
332,317
1,083,287
286,502
$5,983,525
442,813
1,322,603
457,355
229,881
431",739
279,■454
253,006
224,016
456,809
—
&
Examination
explora¬
properties.
35,212
46,491
35,286
24,352
$2,203,391
3,982,714
tion of new
$2,423,360
3,740,306
$2,336,888
3,787,962
19,027
$3,029,498
3,648,421
Profit on securities sold.
19,104
of
necessary for expansion
—
Corp.—New President—
John R. Lots has been elected President of this corporation,
succeeding
development
$6,697,023
2,884,286
17,737
cost,
24,775
Vicour Gla. Mines,Ltd
H.
Manning.
Mr. Manning, who resigns as President and Chairman of the board in
order to devote more time to personal affairs, will continue his association
for the present with the corporation in a consulting and advisory capacity.
—V. 143, p. 3335.
$6,143,878
2,403,572
$6,163,666
2,163,215
$6,336,105
2,403,572
Net
—
.
Additional provision for
Federal income tax
and additional working capital.
Stone & Webster.Engineering
150,000
Lamaque bonds—___
Proceeds'will be used to retire $114,600 7% cumulative preference stock,
retire advances from shareholders and directors, and to provide cash
James
$4,675,732
105,098
1,227,379
422,642
294,752
'
$45,143
78,430
$8,599
14,939
$53,742
93,369
1937.
to
1934
$5,877,974
105,551
Provision for taxes
Profit on redemption
19$(5
1935
$4,678,875
131,670
Depreciation on bldgs. &
fixed plant
For the period ended June
weeks each)
1936
$4,777,666
127,721
387", 258
_
Devel. & explor. exps—
calendar years were as follows:
Net Earns.
exchange.
Interest and
-Earnings—
1937
$4,570,855
104,877
Years End. Aug. 31
P" Total income
Earnings
Net earnings for the past five
Teck-Hughes Gold Mines, Ltd.
$3,932,533
$3,982,714
$3,740,306
$3,787,962
4,807,144
4,807,144
4,807,144
$0.46
$0.50
$0.48
4,807,144
$0.63
of capital stock
outstanding $1 par—
Shares
Earnings per share
Balance Sheet Aug. 31
Sun Oil
Co.—8% Stock Dividend—
The directors
on
no par value in addition to the regular quarterly dividend of 25 cents
share both payable Dec. 15 to holders of record Nov. 24.
The company has paid on the no par common stock quarterly cash
dividends of 25 cents per share since Sept. 15, 1925.
In addition, the
following stock distributions were made in December of the respective
years: 1936, 6%- 1935, 7%' 1934, 9%
1933, 9%; 1932, 3%; 1931, none;
1930, 9%; 1929, 9%; 1928, 6%; 1927, 3%; 1926, 6%; 1925, 3%.—V. 145,
p. 957.
'V- ''
•'
'■
Assets—
4,552,881
596,710
Government bonds 2,901,827
stock
Capital assets..
per
Cash.
-
Gold
bullion
Period End. Sept. 30—
Net profit after charges
& normal Fed. inc. tax
Earns, per sh. on287,000
shs. cap. stk. ($10 par)
Note.—No
PrNet
to
Co.—Earnings-
1937—3 Mos.—1936
$245,159
$227,604
>
9 Mos—1936
$<36,594
$621,807
$0.85
profit for the 12 months ended Sept. 30, 1937, was $844,902, equal
a share, comparing with $767,736, or $2.68 a share, for the 12
1936.—V. 145, p. 1437.
$2.94
liabilities—
102,597
3,540
79,888
401
Gold Mines. Ltd
1,587,163
wages
117,645
106,629
payable
721,071
480,714
Unclaimed dlvs...
27,950
27,934
Sundry liabilities
for Fed¬
8,067
5,307
payable
1,939,218
15,363
4,807,144
1,913
Prepaid Insurance.
&
$
4,807,144
Capital stock
Accounts
Dividends
281,642
1936
S
Inventory
of
gen¬
_.
eral stores
Accts. rec., general
in
eral & Provincial
&
recelv.,
402,156
443,229
3,932,533
3,982,714
..10,016,568
9,853,674
munic. taxes.
Earned surplus
Gold
Mines, Ltd
Inv.
2,335
Provision
Lamaque
17,359
-
$2.17
$0./9
$2.56
provision has been made for Federal surtaxes on undistributed
months ended Sept. 30,
4,553,730
475,847
2,501,741
256,083
Lamaque
1937-
I
1937
I
on
hand & in transit
Accounts
Sutherland Paper
1936
$
1937
Oct. 19 declared a stock dividend of 8% on the common
10,016,568
Total
—V.
145,
p.
9,853,674|
Total..
2407.
Tennessee Alabama &
See list given on
Georgia Ry.
first page of this departmr .t
.-
-Registers with SEC
V
129,
p.
3324,
Financial
2708
Chronicle
Tide Water Associated Oil Co.
Texas^Hydro-Electric Corp.- —Earnings—
Teriod End. Sept. 30—
Gross oper. rev. (electric)
Operating
1937—12 Mos.—1936
$261,875
$250,521
99,005
89,205
1937—3 Mos. -1936
$68,278
$38,956
23,962
20,419
expenses, &c_
9 Mos. End. Sept. 30—
Total volume of busi¬
a
done
ness
Total
$162,870
$161,315
1.620
$44,315
$18,536
Net operating income-
loss$9,074
$15,858
$42,514
$19,035
23,291
lstmtge. ixmds_
on
interest
-
"
Amort, of dt.disc.& exp_
Federal income taxes
93,927
CY57
9,299
10,808
8,001
Fed. undist. prof, taxes.
income
Net
$162,126
89,130
5,494
8,622
9,853
$164,491
2,324
2,493
$44,315
22,282
1,437
2,155
2,581
Gross income
Int.
provision has been made for Federal undistributed profits
taxes other than reflecting the accrual for the calendar year 1936 in the
figures for the 12 months ended Sept. 30, 1937.—V. 145, p. 2247.
Texas & Pacific
incident
expense
83,036,026
to operation.,
1,655,346
143,884
95,275
7,548
15,444,659
1,695,085
$390,824
36,987
$470,732
70.958
$4,387,144
367,084
$3,746,138
Other income
Total income
Miscell. deductions
$427,811
7,803
$541,690
$4,7.54,228
5,215
74,991
$4,125,777
46,194
327,894
331,660
2,969,957
3,035,392
$92,114
$204,815
$1,709,280
$1,044,191
Net ry. oper. income-
charges
13,955,650
1,306,252
1,069,368
65,729
1,171,813
41,351
379,639
—V. 145, p. 2560.
Thermoid
Period End.
available
Balance
a$81,310
of net
Dec. 31*36
Common
$166,808
1,058,300
$3
1,308,754
46,801
b$36,260
June 30*37
Dec.
Gold notes
1,467,428
43,716
Cash dep. with skg.
Earns, per common sh_.
$1.61
$0.99
$0.53
$0.31
a Exclusive of
inter-company sales and transactions,
b $6.50 per share
paid or declared representing all dividends due up to and including April 1,
1934, and $0.50 per share on dividend of $1.50 due July 1, 1934.
c In¬
cluding dry hole losses,
d No provision for surtax on undistributed profits
is
included
fund trustee
35,827
Prop'ty, plant and
$474,592
pref.
stock (par $10).
$301,645
lien
405,560
405,560
2,514,500
coll.
trust
5% bonds
2,847,481
2,711,145
399,818
239,492
2
2
Pur.
money
310,000
bond
1940
Local
88,750
458,952
446,620
......
taxes
Mtge. instal. curr.
40,605
2,500
......
Min.stkbldrs.' int.
in
subsidiary...
12,653
12,107
117,533
167,032
99,472
71,000
1,967,315
1,206,808
Accrued note int..
Acer,
wages,
int.,)
Surplus
$5,982,077 $5,567,1281
Total
The earnings for six months ended June 30
Total
85.982,077 $5,567,128
were
published in V. 145,
p.
1276.
1937—3 Mos.—1936
$3,207,501
$3,965,851
1937—9 Mos.—1936
59,272,449
$8,779,679
Net
profit after taxes,
deprec., int., amort.
charges
loss68,576
18,750
Nil
lossl20,636
$0.06
69,096
Nil
regular quarterly
See
dividend of 12)^ cents per share was distributed on Aug. 16, last.
V. 144, p. 293 for detailed record of previous dividend
payments.
built
up
during periods of profitable business, the
has maintained dividends during deficit years," John R. Thom¬
Jr., President of the company, said, "but prudence dictates that this
policy should be discontinued until such time as conditions are stabilized
company
son
and warrant resumption of payments."—V.
145,
p.
1753.
Total ry. oper. rev
Total ry. oper. exps
expenses
6
(net)..
Depreciation
Prov. for estd. nominal income taxes.
5,927,806
$591,284
12,526
51,692
67.293
Operating profit
$973,993
19,495
101,038
811,514
109,456
Netprofit...
$459,774
$744,004
being an interim statement, the results herein reported are subject
year-end adjustments, including possible excess profits tax and surtax
undistributed net income.
June 30*37
Dec. 31'36
$524,500
$247,542
Cust.
Liabilities—
accepts. & accts.
receivable
1,931,104
1,513,272
Mtge. note of sub.
Mtge. note of sub.
Inventory (lower of
cost or
not current
mkt.val.) 3,102,108
Investments
Pers. & misc .notes
Plant
orders
Goodwill,
Total
137,749
x
z
$5
cum.
597*226
244,840
840
940
959
302
$25,508
$25,477
$4,423
Trane
1936
$2,022,568
$3,010,378
288,985
394,733
Co.—Earnings—
Sales
Net profit, incl. Canadian subsidiary,
eral and State income taxes
Truscon Steel
Co.—Earnings1937—3 Mos.— -1936
911,865
2,928,900
Capital surplus...
374,339
Earned surplus... 2,605,848
and other
x$231,905
charges
After Federal surtax
on
145,
p.
783.
Cc.—Earnings—
(Including Berwick & Salmon Falls Electric Co.)
Operating
Operating
1937—12 Mos.—1936
1937—Month—1936
Sept. 30—
revenue.
$219,944
159,581
16,265
8,252
$205,911
141,163
$35,846
$43,286
?5
$35,941
11,165
7,809
_
Fed. taxes (incl. inc. tax)
Net oper. income.___
Non-oper. incf (net)
Gross income
(net)
$2,372,606
1,576,470
124
$621,869
1,536
$538,275
3,757
$43,410
19,519
1,986
$623,405
133,986
109,355
$542,032
234,236
31,306
"2",265
34,000
27,185
29~860
$14,834
20,790
State & munic. taxes
$2,526,962
1,639,217
197,164
68,712
2*133
—
expenses
debt disct. & expense
deductions
$19,640
20,790
$318,879
249,475
$246,630
249,475
15,443
6,019
"
.
Other
Net
income
Pref. div. requirements.
—V. 145. P. 2409.
Underwood Elliott
Period End.
179,467
78,394
1937—9 Mos—1936
$826,172
15,924
J54,368,321
85,047
$2,719,445
40,677
$1,055,729
$842,096
554,453,368
$2,760,122
120,912
123,148
127,981
60,051
362,736
707,387
362,392
252,208
$806,836
733,084
$1.10
.
x
(& Subs.)—Earnings-
$1,030,244
25,485
.
$658,897
!53,383,245
$2,145,522
731,296
$0.85
733,084
Depreciation
Shares
Fisher Co.
1937—3 Mos.—1936
Net after expe
Other income.
.
_
_
common
stock..
share
per
Before Federal surtax
on
731,296
$2.76
$4.62
undistributed profits.—V. 145, p.
1117.
949,860
2,846,100
171,600
on
funded debt and
dividends
on
preferred
stock of subsid.
cos
Deprec. & other charges
Shares
standing (no par)
Earnings per share
191,624
2,403,445
208,192
2,159,920
580,756
7,182,499
627,067
6,342,460
2,154,337
Balance
89,461,666 87,863,963
Subs.)—Earnings—
Earnings for Period Jan. 1 to Aug. 14, 1937
operating expenses, normal Federal income
taxes, depreciation and other charges
Earns, per share on 290,084 shares common stock
x After surtax of
$17,300.—V. 145, p. 2560.
Corp. (& Subs.)—Earnings—
1937—3 Mos.—1936
1937—9 Afos.—1936
Earnings after provision
for income, &c.,taxes.$12,608,103 $10,480,009 $38,229,142 $30,520,477
123,724
Tilo Roofing Co., Inc. (&
$632,257
x$456,863
$312,041
undistributed profits.- -V.
Twin State Gas & Electric
830,896
Total
1937—9 Mos.—1936
Net income after deprec.,
Federal income taxes
828,999
113,904
...$9,461,666 $7,863,963
1937
before Fed¬
—V. 145, p. 2560.
13,513
com.
.$10,013,034
stock
out-
$8,111,897 $30,465,887 $23,550,950
'
9,000,743
$1.11
9,000,743
$0.90
Note—No mention made of Federal surtax
on
9,000,743
$3.38
9,000,743
$2.61
undistributed profits.
For the 12 months ended Sept. 30,
1937, net profit was $43,767,144, equal
to $4.86 a share, also the best 12 months' period in the company's history.
This compares with $34,024,317, equal to $3.78 a share, for the 12 months
ended Sept. 30, 1936.—V. 145, p. 784.
Union Gas Co. of
The
after
$4,726
—V. 140, P. 3059.
Int.
convert.
prior pref. stock
Common stock..
Represented by 9,600 (10,000 in 1936) no par shares,
y After reserve
reserve for depreciation
of $1,176,659 id 1937 and $1,098,418 in 1936.
aRepresented by 292,890 (284,616 in 1936) no par shares.—V. 145, p. 1438.
income
719
$26,436
Union Carbide & Carbon
x
Net
712
$26,448
$12,312
Period End. Sept. 30—
patent
rights, &c
Prepaid exp., &c..
l",373
$4,007
$13,152
Net income
33,930
process
1,119
100,000
794,509
286,825
payable.
"
$25,724
200,000
109,379
2,515,216
in
$600,000
100,000
Prov. for inc.taxes
Accrued accounts,
& accts. rec.,&c.
73,733
Ld., bldgs., machin'y, eq., &c_ 2,792,021
Dec. 31*36
150,000
Accounts
2,482,052
61,366
95,552
14,583
34
2,287
Deductions from income
Earnings
& trade creditors$l ,200,000
1933
$115,515
$169,469
124,614
17,978
162,291
20,982
$24,933
1,515
...
Net income
June 30*37
Notes pay. to bks.
notes, trade
31,1937.
2,280
—
Total income
Federal income taxes
Consolidated Balance Sheet
Assets—
959.
$11,106
2,046
Operating income
This
Cash
p.
Acceleration of amort, of
Mos.—
$7,713,314
3,204,394
441,766
Selling, general and administrative
145,
$2io,493
Railway tax accruals.19,811
Uncollectible ry. rev
Other interest
Thompson Products, Inc. (& Subs.)—Earnings-
on
Corp.—To Pay 27% Cent Div.
$199,287
166,089
.
Bond interest
Period Ended June 30, 1937—
—3 Mos.
Net sales
$4,237,444
Cost of goods sold incl. materials, labor and factory
to any
145,
products.—Y.
other
Income Account for Calendar Years
1936
"
1934
1935
Period End.
Common Dividend Omitted—
x
and
The receivership which began July 19,1932 was terminated July
$0.23
The directors have decided to omit the dividend
ordinarily payable at
on the company's common
stock, par $25. A
this time
x
oils
a dividend of 27 3^ cents per share on the
stock, payable Nov. 15 to holders of record Nov. 1.
Til*" com-
.
shs. cap.stk. (par $25)
Other deductions
lubricating
gasoline,
on
Tonopah & Goldfield RR.—Receivership Terminated—
x
Earns, per sh. on298,464
of the surplus
taxes
958, 783.
Period End. Sept. 30—
(John R.) Thompson Co.—Earnings-
"Out
accounts.
9 Months Ended Sept. 30—
taxes, &c
Prov, for Fed. tax.
and other
p.
Other income.
& mtg. due Jan.
28,
Accts. due others.
Period End. Sept. 30—
Gross sales
above
Equip. & jt. facil. rents.
2,446,000
...
Notes pay., bank.
equipment
the
in
Note—Above statement for 1937 does not include the amount of $20,860
Government and State governments in the form
collected for the Federal
31*36
cum. con v.
1st
Prepaid exp., &c_.
Gooowiil, &c
$4,582,669
b4,135,437
W. L. Laehnlen and H. A. Johnson, were the receivers.
stock...
8206,076
Mlscell. investm'ts
$5,829,237
4,090,437
1,705,068
Sares with 15 cents paid 1933, March 1936; 10 cents on March 6, 1931. 1935;
(ov. 15, 1934, Nov. 1,
in Nov. 16, 25, 1932 and paid on Nov. 15, On
Liabilities—
1,017,558
Inventories
$8,504,934
2,817,995
..$12,171,435
1,973,641
4,437,979
profit
Preferred dividends
Common dividends
Jan. 2, 1920 a 5% stock dividend was paid.—V.
June 30'37
Cash....
797,370
T. W. A. Oil Co. stockholders'
proportion
'
b$270,986
$2,029
on
Consolidated Balance Sheet
Notes & accts. rec.
805,395
earnings
The directors have declared
$0.17
Nil
$0.57
$0.07
a After
preferred dividend requirements of $29,885.
b After preferred
dividend requirements of $90,528 in 1937 and $159,689 in 1936.
Assets—
664,651
$5,380,039
common
for
per
share
common stock
345,000
$6,634,631
1937—9 Mos.—1936
1937—3 Mos.—1936
stock...
common
Earnings
d7~72~,275
$8,610,776
105,843
prop,
dl,401,800
Tobacco Products Export
Co.—Earnings—
Sept. 30—
572,642
9,526,923
512,298
9,712,034
90,000
.$12,171,435
of
Netprofits
interests
625,675
9,141,163
522,000
10,011,512
veloped leases
Deprec. & depletion
of
Net income
$17,879,125 $17,187,665
285,319
754,947
389,840
288,464
$26,222,547 $20,393,461
1,127,026
621,463
c898,774
622,109
Prov. for contingencies..
Estimated Federal taxi I
current
1,779,464
172,194
107,819
7,895
Fixed
Total income
Int., disc, on debs., &c._
Property of retirements.
1937—9 Mos .—1936
1937—Month—1936
$2,372,785 $22,740,052 $20,143,137
$2,458,196
Operating revenues
Operating expenses
Railway tax accruals.
Equipment rents (net)-Joint facil. rents (net)__
56,149.463
61,045,280
70,352,542
$24,915,355 $19,570,939 $16,971,427 $16,272,765
907,698
914,901
1,307,192
822,522
Other income
Min.
Ry.—Earnings—•
30—
1934
1935
$78,016,707 $72,422,228
$89,923,481
Amortiz. of inv. & unde¬
$49,027
Note—No
Period End. Sept.
Subs.)—Earnings
1936
$107,951,381
Operating income
Other
1937
(&
811
498
Non-oper, income
1937
23,
Oct.
directors
have
Canada, Ltd.—Larger Dividend—
declared
a
dividend
of
15 cents
per
share
on
the
stock, payable Dec. 15 to holders of record Nov. 20.
This com¬
pares with dividends of 15 cents paid on Sept. 15 and on June 15 last, and
common
x$252,282
$0.87
with
12^ cents paid in each of the three preceding quarters, and dividends
of 10 cents per share paid on June 15 and May 15, 1936.—V. 145, p. 960.
Volume
Financial
145
"Prosperity certificates" without
Union Oil Co. of Calif.—Extra Dividend—
1934
$41,800,000
1935
1936
1937
Sept. 30—
$61,100,000 $48,200,000 $47,650,000
Profit after Federal taxes,
15,900,000
7,050,000
Net profit
x$8,850,000
com. stk. outst'g-4,666,270
$4,400,000
4,386,070
$1.00
9,650,000
6,700,000
5,650,000 ♦ 5,000,000
10,800,000
6,400,000
&c
interest,
Deprec., depletion, &c_„
Shs.
Earnings per share
x
Before surtax
$1.90
$1,700,000
$4,000,000
4,386,070
$0.91
Corporation,
and Exchange
for
Payroll,
for last
Louisiana
Ice &
Coal Co
,
demand promissory note of
30—
note.
a. m..
Nov. 4.—V. 145, p.
1937—Month—1936
U. S. Hoffman Machinery
from ry. op._
28,421,534
9,769,167
Railway tax accruals...
1,072,326
Net
are
_
30—
Before
surtax
Common stock
$0.54
$0.87
undistributed
profits.—V.
$1.54
41,593 shares
1937.
1937—9 Mos.—1936
$793,828
Of the
$1.58
preferred stock outstanding
30, 1937.
407,631 shares, or 11.31%, were in
30,1937, an increase of 498 shares over the 407,133
shares, or 11.30%, so held on June 30, 1937.
Investors' holdings of pre¬
ferred amounted to 3,195,180 shares, or 88.69% of the outstanding issue
on Sept. 30, 1937, as compared with 3,195,678 shares, or 88.70% held by
brokers' names on Sept.
$1,016,621
145, p. 625: V.
Corp.-—Number of Stockholders
1937, amounted to 8,703,252
outstanding as of Sept. 30.
$2.07
them on June 30,
144, p.
New York State
1937.
brokers' holdings of common
_
stock as of Sept. 30, 1937,
or 21.71%, on
1.872,927 shares, or 21.52%, as against 1,889,676,
June 30, 1937.
On the preferred stock their holdings were
or
10.19%, on Sept. 30, 1937, compared with 368,270,
were
Ltd.—-Accumulated Dividend—
dividend of 75 cents per share on account
of accumulations on the $1.50 cumulative class A stock, no par value,
payable Nov. 15 to holders of record Oct. 30.
A similar dividend was paid
on Aug. 16, May 15 and Feb. 15, last; one of $1 was paid on Nov. 16, 1936;
75 cents was paid on May 15, 1936, and one of 50 cents was paid on Nov. 15,
1935, this latter payment being the initial distribution on the class A stock.
—V. 145, p. 452.
The directors have declared a
United Drill & Tool
On Oct.
New York State
United Gas Improvement
Week Ended—
—V.
146,
p.
(kwh.)__
dividend of 80 cents per share on the
Co.—Weekly Output—
Oct. 16, *37 Oct. 9, '37
Oct. 17, '36
92,744,748
92,573,451 90,279,908
2561.
United Prosperity
Plan, Inc.—Court Enjoins Plan—
The Securities and Exchange
Commission reported Oct. 18 that Federal
Judge Tillman D. Johnson of the U. S. District Court for the District of
Utah, has permanently enjoined United Prosperity Plan, Inc., Isom Lamb,
Meriam Lamb, Con Thueson, Mabel Smith, and J. D. Lamb, from selling
1937,
36.31%,
798,210
8.36%
Electric Co.—Bonds Called—
gold bonds series C. due June 15,
15, next, at 104 and interest.
5% gold bonds series E, due
been called for redemption on Jan. 1, 1938 at 105 and int.
Utica Gas &
All of the
outstanding 5H% gen. mtge.
1949 have been called for redemption on Dec.
Ail of the outstanding 20-year gen. mtge.
dividend notes is paid,
Electric output of system
stock on Sept. 30, 1937,
investors' holdings of common
1,297,991, or 14.91%, as compared with 1,318.038, or 15.14%, on
1937.
On the preferred stock their holdings on Sept. 30,
were 1,298,122 shares, or 36.03%, as against 1,308,065 shares, or
on June 30, 1937.
Foreign holdings of Steel common on.Sept. 30. 1937, amounted to
shares, or 9.17% of the issue, as compared with 727,879 shares, or
so held on June 30, 1937.
Of the preferred stock 75,280 shares, or 2.09%,
were owned abroad on Sept. 30, 1937, as against
73,925 shares, or 2.05%
sold held June 30, last.—V. 145, p. 2561.
June 30,
outstanding $2.50 par value common stock of the company, payaole Dec. 1,
1937, in dividend notes series 1937, to stockholders of record Oct. 25.
The dividend notes series 1937 will be dated Dec. 1,1937, will bear interest
at the rate of 5% per annum payable at the time the principal amount of the
and will be due June 1, 1938.
The dividend notes
may be called for payment by the company, upon at least 10 days' written
notice, at any time prir to maturity.
Directors have been advised by
counsel that these dividend notes series 1937 will constitute a dividend paid
credit to the company in respect of the undistributed profits tax imposed
by the Federal Revenue Act of 1936, and that the receipt thereof will con¬
stitute taxable income *o the stockholders, in the same manner as though
the dividend were paid in cash.
This dividend of 80 cents per share, together with the cash dividend of 20
cents per share paid June 25, 1937, brings to $1 per share the total dividends
paid by company in the year 1937.
This is the same amount as company
paid out in dividends in the year 1936.
If stockholders approve the recapitalization of the company at the
special stockholders' meeting called to be held Oct. 26, the proposed new
class A stock and class B stock will be substituted for the company's present
$2.50 par value common stock, on the basis of one share of class A stock and
one share of class B stock for each share of the present common stock.
Thus,
company would pay no further semi-annual or other dividends on the present
common stock, the 80 cents per share dividend payable Dec. 1 being the last
dividend payable on the present $2.50 par value common stock.
After the
recapitalization becomes effective, if it is approved by the stockholders, the
only regular dividend payaole by company would be the 60 cents per share
per annum cumulative dividend on the new class A stock, which will be
payable quarterly, on the first day of February, May, August and Novem¬
ber in each year, beginning Feb. 1, 1938.
The directors may, of course,
from time to time decalre dividends on the new class B stock as may be
deemed advisable by them.
It is the present intention of the directors to make arrangements for the
retirement of the dividend notes series 1937, at the time of the proposed
offering of new class A stock and class B stock.—V. 145, p. 784.
367,267 shares,
or 10.22% on
were
Corp.—HO-Cent Dividend—
14 the directors declared a
Co. (& Subs.)—
25.81%, were in brokers' names, representing an increase of
over the 2,204,571 shares, or 25.33%, held by brokers on June 30,
Investors common stock holdings on Sept. 30, 1937, were 6,457,088 shares,
or 74.19%, as compared with 6,498,681 sbs, or 74.67%, on June
3858, 3024; V. 143, p. 2864.
United Corp.,
,
shares.
30, 1937, 2,246,164 shares, or
160,647
stock
on
fJ_
shares while preferred stock amounted to 3,602,811
Of the common stock outstanding on Sept.
459,054
common
outstanding (no par).
x
$423,302
$272,519
Fed. income taxes, &c.
shares
__
,
United
United States Steel
.$1,121,982
after deprec.,
Earns, per sh. on
,
,
1937—3 Mos—1936
1937—9 Mos.—1936
Net loss after all charges
$124,741
$129,500
$358,402
$397,831
Note—The figures for both years are exclusive of those of George A.
Fuller Co. and subsidiaries and'of Plaza Operating Co. and subsidiary.
The loss of Plaza Operating Co., for the nine months ended Sept. 30,
1937, amounted to $49,922 before depreciation and $280,561 after deprecia¬
tion, as compared with a loss for the corresponding period of the previous
year amounting to $9,026 before depreciation and $239,665 after deprecia¬
(& Subs.)—Earnings—
1937—3 Mos.—1936
collected.
tion.—V. 145, p. 625.
after operating expenses, normal Federal inc. taxes,
depreciation and other charges but before surtax
Earnings per share on 104,000 shares of common stock
—V. 145, p. 1754.
Period End. Sept.
when collected.
and loss
United States Realty & Improvement
Net profit
Net profit
accrued on instalment accounts
taken into income only
Period End. Sept. 30—
8 Months Ended Aug. 31, 1937
Net sales
x
$108,299
$115,713
not include interest
does
operations of the foreign subsidiaries have been expressed in
of par before revaluation of the United States
dollar or current rates of exchange prevailing at end of each respective period.
Note—-No provision has been made for "surtax on undistributed profits.
—V. 145, P. 625.
Corp.-—Earnings—
Biscuit Co. of America
81,281
$420,537
The
road, both were on his staff as Assistants to the Executive Vice-President,
which position since has been abolished.—V. 145, p. 2409.
United
111,620
$579,765
States dollars at the lower
Officials—
Earnings for
24,070
adjustments) at parity before revaluation of the United States dollar.
Ail profit on instalment sales is taken into income at the time the sales
are recorded on the books and Federal income taxes are accrued thereon
although such taxes are paid only as the instalment accounts receivable
George F. Ashby and Edward J. Connors have been appointed Assistants
Prior to the election of W. M. Jeffers as President of the
Wire Rope
$764,644
115,958
137,220
9,648
Represents exchange profits and losses realized, and profit
adjustments arising from expressions in United States dollars of assets and
liabilities of foreign subsidiaries (after deducting the reserve for exchange
to the President.
Union
$944,863
112,480
123,456
17,541
38,920
40,548
4,215
y
Net...
$3,548,959
$3,336,046 $13,534,962 $12,978,979
Note—Approximately $286,700 was credited to railway tax accruals in
September (similar amounts aggregating $860,100 were credited during the
month, e June to August, incl.), representing one-seventh of the amount
(approximately $1,801,000) charged to that account from March 1 to Dec.
31, 1936, incl., that would have been payable under the provisions of the
Taxing Act (companion to the Railroad Retirement Act of 1935) which
was repealed by the Carriers' Taxing Act of 1937, and one-seventh of the
different (approximately $206,000) between the amount charged to railway
tax accruals from Jan. 1 to May 31, 1937, incl., under the repealed Act,
based on a tax rate of 3}4 %, and the amount accruing for that period under
the new Act, based on a tax rate of 2%%.
The balance of approximately
$860,200 will be credited to railway tax accruals in equal proportions in
each of the months October to December, 1937, incl.
New
$216,053
receivable because such interest is
$4,294,035 $19,564,407 $18,652,367
908,632
5,603,814
5,250,530
49,357
425,631
422,858
Railway oper. income. $4,533,178
Equipment rents
.
944,761
Joint facility rents (net).
39,458
$606,747
157,897
(est.)
income
This item
x
1,017,864
$750,990
193,873
23,508
Loss on for'n exh. (net)
Prov. for Federal & for'n
y
income taxes
$5,605,504
rev.
Deprec. of physical prop.
Int. & other inc. charges
1,269,626
$164,114
51,939
$232,304
38,052
45,452
9,579
Int. & other income
x
1937—9 Mos.—1936
£5,238,035
$3,971,365
3,217,419
2,346,753
$170,574
61,730
Profit from operations
234
158
Transp. for inv.—Cr
Net
156
$5,448,494 $30,388,885
1,154,459
10,824,478
472,272
General expenses
sold--_
Sell., adm. & gen. exps__
21,688,424
2,885,888
35,513,174
2,392,309
4,909,143
14
425,556
4,753,276
355,231
14,816,334
23,405,664
3,457,147
40,393,246
2,762,187
4,503,057
Corp. (& Subs.)—Earnings—
1937-—3 Mos.—1936
$1,321,876
1,015,170
793,034
422,333
364,728
$1,608,077
sales
Cost of goods
13,394,370
1,666,494
2,604,726
278,263
4,458,581
313,268
561,679
2,433,026
Traffic
Transportation
Miscell. operations
Period End. Sept. 30—
Net
$15,331,491$119,726,364$109,204,608
1,529,576
961.
1937—9 Mos.—1936
$12,590,150 $ 12,676,683 $96,026,576 $88,737,654
11,283,434
1,709,869
1,506,918 13,228,795
Mail revenue
385,194
380,162
3,566,126
3,393,512
Express revenue..
169,264
196,062
1,598,887
1,547,742
All other transp. rev
462,807
368,033
3,346,275
2,690,623
Incidental revenue..256,999
203,633
1,959,705
1,551,643
Railway oper. revs...$15,574,283
demand note of $2,into a similar longin these matters will be given at
Opportunity for hearing
10:00
Earnings—
Freight revenue
Passenger revenue
Maint. of way & struc..
Maint. of equipment
$933,531.10 of
into a 6% note due
Inc., would be extended
Jan. 1, 1945; and in the second application (46-75) a
964.16 of Cap F. Bourland Ice Co. would be converted
term
Union Pacific RR.—
Period End. Sept.
Fund Debt of
Corp.—Would
a registered holding company, has filed with the Securities
Commission applications covering the funding into longer
two subsidiaries held by the applicant.
term debt, the indebtedness of
In one application (46-74) a
due to stable and better prices
products, greater crude oil production and increased sales volume.
as well as material
costs, show substantial increases over those
year."—V. 145. p. 452.
Utilities
Subsidiaries—
$0.39'
L. P. St. Clair, President, reports:
"The improved earnings this year are
Public
United
4,386,070/
undistributed profits.
on
Securities Act
"Prosperity certificates" were certificates which were used as money
among members of movements sponsored by the defendant corporation.
Special stamps were sold by the corporation which had to be affixed to the
certificates before they could be used.
The stamps had the effect, under
the plan, of bringing new funds to the corporation, which were to be returned
to members of the corporation in the form of new "Prosperity certificates."
The defendants maintained that the certificates were not securities and
that the corporation functioned as a charity.
Judge Johnson held, on the
contrary, that the plan did not constitute a charity and that the certificates
were securities in that, among other things, there was promised a return
higher than their investment to the contributors.
The
distributed.
9 Mos. End.
registering them under the
of 1933.
share in
addition to the regular quarterly dividend of 30 cents per share on the
common stock, par $25, both payable Nov. 10 to holders of record Oct. 25.
A quarterly dividend of 30 cents was paid on Aug. 10 and on May 10,
last, and previously regular quarterly dividends of 25 cents per share were
The directors have declared an extra dividend of 25 cents per
Sales.
2709
Chronicle
Jan. 1, 1952 have
All of the outstanding
5% 30-year gen. mtge.
gold bonds series D, due
April 1,1956 have been called for redemption on April
Payment of all three of the above issues will be
Hanover Bank & Trust Co., N. Y. City.—V. 145, p.
1, 1938 at 104 and int.
made at the Central
961.
Light Corp.—Reorganization—
Trustees of Public Utilities Securities Corp. and the trustee of Webster
Securities Corp. have filed an application (File No. 52-3) with the Securities
and Exchange Commission for approval, pursuant to Section 11(f) of the
Holding Company Act, of a plan of reorganization of Utilities Power &
Light Corp.
This plan, dated as of July 6, 1937, is the same plan that was
filed by the trustees last July in the U. S. District Court for the Northern
Utilities Power &
District of Illinois, Eastern Division.
The plan in substance provides that
will receive $250 in
of
a new
holders of each $1,000 of debentures
accrued to June 30, 1937,
and 2^ shares of 5% cumulative
cash, plus interest
20-year 5% debenture,
and $500
preferred
stock*
guaranteed 5% bearer notes, with interest to
June 30, 1937, of Utilities Power & Light Securities Co., a wholly-owned
subsidiary, will receive .$250 in cash, $500 of new 20-year 5% debentures
Hoiders
'
of each $1,000 of
and 2K shares of 5% cumulative preferred
Holders of each share of 7% cumulative
receive 10 shares of new common stock.
Holders of each share of class A stock will
stock.
($100 par) preferred
stock will
receive M of a share of new com¬
'
of class B stock will receive 1-5 of a share of new
stock.
Holders of each share of common stock will receive 1-15 of a share of new
common stock.
On this basis cash to be distributed to holders of debentures and guar¬
anteed notes will aggregate $15,028,175 and the new securities to be out¬
standing will consist oi $25,953,950 of 20-year 5% debentures, 129,769
shares of 5% cumulative preferred stock and 2,559,400 shares of common
stock.—V. 145, p. 1918, 2092.
mon
stock.
_
Holders of each share
common
Virginian Ry.—New Director—
Edward C. Delafield has
jamin, who resigned.—V.
been elected a director to
145, p. 2249.
succeed W. E.
en-
2710
Financial
Van Raalte
1937—9 Mos.—1936
profit after Fed'l
normal inc. tax, depr.,
Before provision
$199,646
$660,227
$583,600
$4.40
$163,186
$1.31
_
$3.80
$1.03
.
for Federal surtax on undistributed profits.—V. 145,
1119.
p.
'
(Tom) Walker, Inc.—Earnings—
Period Ended Aug. 31, 1937—
Month
$259,366
218,222
-
—
$274,664
183,361
$15,435
-
-
8 Months
$1,388,301
1,113,637
$41,144
25,709
Sales
Cost
$91,303
Gross profit
Expenses—net
Net
profit
-
Warren Bros. Co.—Time
for Plan Extended—-
Federal Judge McLellan of Boston has granted three months' extension
of time in which company is required to propose a plan of reorganization.
The company is operating under Section 77-B of the Bankruptcy Act and
the original time limit set for filing of a plan of reorganization was Oct. 15.
Report of Operations for 8 Months Ended Aug. 31, 1937
Company reports combined net earnings of the parent company, its
wholly-owned subsidiaries and its proportionate share of the net profits
and losses of its controlled subsidiaries for the first eight months of the
current year, at $34,919 before interest on the parent company's
5M%
notes and 6% debentures amounting to approximately $257,000.
Net current assets, including preliminary expense on contracts in process
of construction, of the parent company and its wholly-owned subsidiaries
were as of Aug. 31, $1,098,887, an increase of $72,117 since the
beginning
of the year.
Cash on hand Aug. 31 was $464,897, of which $36,449 was
in foreign countries subject to exchange restrictions.
Similarly net cur¬
rent
assets of controlled subsidiaries increased
approximately $170,000
and
funded
debt decreased approximately
$127,000 during the eight
months' period.
Purchases of fixed assets, principally machinery and
equipment, less disposals by the several wholly-owned and controlled
companies during the eight months amounted to approximately $418,000.
There has already been charged against operations in the form of
depre¬
ciation reserves $231,486.
The balance has been provided out of current
resources and will be returned in large measure through further
depreciation
charges against the year's remaining operations.
The combined net secured debt of the Argentine wholly-owned
subsidiary
has been reduced during the eight-months' period $293,221.
The entire
issue of 7% serial debentures has been retired before
maturity from the
proceeds of the sale of certain tax liens long in default, collections from
municipal securities, and additional bank loans.
The indebtedness on
Aug. 31 consisted of a secured bank loan of $408,876.
Routine collections
by the company on its municipal paper are at present sufficient to retire
the outstanding bank loan at the rate of approximately $20,000 per month.
Contracts secured by the several operating companies over the first
eight months amounted to $7,928,224, an increase of 9.41% over the
comparable period of 1936.
With $3,853,984 of contracts carried over
from the previous year, this provided a total amount of available work
aggregating $11,782,208.
Of this volume, $6,804,176 had been completed
by Aug. 31, leaving $4,978,032 yet to complete, or approximately 1.5%
in
of that
excess
on
hand at the
date in
same
company had approximately that much working capital in excess of the
requirements for financing the business of the company upon the restora¬
tion of normal conditions.
zj.937
1936
$1,485,954
579,133
$2,130,395
713.783
Provision for deprec
See
$1,451,449
523,396
268,990
146,055
19,674
See y
a
b388,027
1,760
188,541
013,274
1934
$819,562
362,076
276,154
23,500
36,442
Period End. Sept. 30—
taxes but before surtax
Earns,
$1,026,825
500,000
$731,553
270.000
$493,335
120,000
$121,389
$526,825
3,046,150
$461,553
2,584.597
$373,335
2,211,263
$1,389
2,209,873
Balance, surplus
Surplus July 1
Surplus, July 31
share on 3,106,818 shs. cap. stk.
(no par)
—V. 145. p. 786.
_.
$3,572,975
$3,046,150
$2,584,597
$2,211,263
400,000
$i.83
xlOO.OOO
$4.93
Earnings
per share
x£No par.
$1.21,
The provision for depreciation of fixed assets of the con¬
y
solidated companies amounted to $257,596 for the
year,
z
As at Aug.
1936, three wholly owned subsidiaries, previously consolidated,
1,
dis¬
were
solved and their assets acquired by the parent.
Since that date the opera¬
tions of the former subsidiaries have been conducted as branches,
a The
provision for
depreciation
of fixed
assets
amounted
$262,987.
to
x
b 1937
1936
Prop., plant and
a
equipment
$1,839,556 $1,787,080
550,482
665,252
Contract deposits.
1,157
y Customers' accts.
Cash
_
& notes receiv..
Inventories
1,332,609
2,485,609
other
115,101
Accrued
35,633
15,000
28,390
15,000
76,233
213,558
investm'ts
Patents & patterns
133,215
3,046,150
c393,983
197,346
87,918
i
.stocktax s.
$0.80
Co., Inc.—Earnings—
Years Ended Aug.-31
1936
1935
1934
$65,139,177 $62,906,117 $38,582,236
59,875,885
56,126,349
35,137,237
775,021
749,811
676,806
$4,488,271
198,601
$6,029,956
323,737
$2,768,193
225,106
$4,465,424
69,065
996,081
6,420
$4,686,872
60,278
868,519
$6,353,694
138,627
1,214,431
$2,993,299
24,235
566,790
$3,393,858
7,160,240
240,000
$3,758,074
6,048,320
$5,000,634
4,043,841
$2,402,274
3,412,213
Total
..$10,794,098
Divs. on $4 pref. stock..
1,180,310
$9,806,394
1,182,620
1,463,535
$9,044,475
1,182,620
1,463,535
$5,814,487
1,182,620
588,026
$7,160,240
585,414
$6,048,320
585,414
$6.52
Total income.
undist.
on
prof..
Net profit
Prev. earned surplus
Transfer of reserves
dividends
2,044,167
Prov. for add'l Fed. inc.
taxes, incl. int. thereon
Bal., earned surplus._
Shs. com. stock (no par)
Earnings per share
—V.
145,
p.
350,000
$7,569,620
582,000
$3.80
$4.40
$4,043,841
585,414
$2.08
1121.
Westchester Fire Insurance Co.—To Pay Extra Div.—
The directors have declared an extra dividend of 10 cents per share in
addition to the regular quarterly dividend of 30 cents per share on the
common stock, par $10, both payable Nov. 1 to holders of record Oct. 20.
Similar payments were made on Aug. 2, May 1 and on Feb. 1 last and prior
thereto regular quarterly dividends of 25 cents and extra dividends of 10
cents per snare were
paid in each of the 12 preceding quarters.—V.145,
p.
626
Worthington Pump & Machinery Corp.—Earnings—
Period End. Sept. 30—
Net
earns,
income
Earnings
per
common
145,
after
1937—9 Mos—1936
$501,300
$330,023
$1,402,076
$2.08
share
$0.76
$5.46
$492,552
on
stock
p.
1937—3 Mos.—1936
normal
taxes
2562.
Nil
V
(William) Wrigley Jr. Co. (& Subs.)—Earnings—
Period End. Sept
Operating profit
Expenses
30—
Depreciation
Federal taxes
_*
1937—3 Mos.—1936
1937—9 Mos—1936 ^
$5,866,422
$5,918,676 $16,360,234 $16,046,980
2,897,709
2,742,533
7,870,715
8,496,826
146,711
147,056
457,323
440,276
436,365
456,727
1,291,658
1,108,803
Net profit...
Shares capital stock out¬
$2,385,637
$2,572,360
$6,740,538
$6,001,075
1,959,467
1.959,467
$1.31
1,959,467
1,959,467
$3.43
$3.06
1
for
product
standing (no par)
Earnings per share
and
guanantees
sundry
Sundry
3,572,975
$1,88
and
119,573
Res.
anu
advances to sub.
253,915
Surplus
Prov. for inc.
243,296
83,506
expenses.
1,084,346
ca
prepd.exps
Investments in
185,193
$0.37
$4,153,467
311,957
operation.
Other income..
1936
Capital stock.__$2,000,000 $2,000,000
Accounts payable.
Notes pay., bank.
Divs. payable
1,915,953
Prepaid insur. and
License fee refund.
1937
$0.59
.$70,109,763
Cost of sales & expenses. 65,135,063
Deprec. & amortia'n...
821,233
—V.
Liabilities—
$2,503,764
sales.
b In¬
Consolidated Balance Sheet July 31
'Assets—
$5,838,134
1937
Net
cludes surtax.
Note—The accounts of the wholly owned
subsidiary, not consolidated
show a net income of $313 for the year ended
July 31, 1937, which is not
reflected in the profit and loss account of the
parent for the year.
The
net wortn of this subsidiary at July 31 1937 was
$255,589, having been
diminished by $51,849 througn
operating losses and other charges since
date of acquisition.
'
$1,153,091
Consolidated Income Account for
xlOO.OOO
standing (par $5)
1937—9 Mos—1936
$1,846,833
Wesson Oil & Snowdrift
120.000
400,000
$2.56
—
Shares capital stock out¬
1937—3 Mos.—1936
per
Common
Dividends.
advisable for the
Net profit after deprec.,
& Fed. & State income
Surtax
1935
seem
sufficient to warrant a further distribution to the stockholders of
approxi¬
mately $2 per share.
The present amount of the company's paid-in surplus, exclusive of the
amount required to pay the two unpaid 25-eent instalments, is approxi¬
mately $2 per share, being the $6,344,221 retained as aforesaid plus that
portion (approximately $15,000) of the instalments heretofore paid that
was not distributed because applicable to treasury shares owned
by the
company and fractional shares outstanding at the record dates for payment
of the said instalments.
It is the judgment of the directors, moreover,
that the interests of the company and of its stockholders will best be ad¬
vanced by action of the stockholders authorizing this distribution through
a return of capital from and equivalent to the remaining available
paid-in
surplus and the board recommends such action. It is further recommended
that the portion (approximately $5,000) of the two instalments aforesaid
not yet paid applicable to treasury shares owned by the company and
fractional shares outstanding be included in the proposed distribution, so
that the entire amount of the paid-in surplus will be distributed. A distri¬
bution as outlined above is taxable to the recipient under the present
Federal IncomeeTax Law, inasmuch as it represents earnings or profits
accumulated after Feb. 28, 1913.
If such distribution out of paid-in surplus is authorized by the stock¬
holders, the directors recommend that $1.25 per share be distributed on
Dec. 23, 1937, to holders of record Nov. 27; that 25 cents per share be
distributed on April 30, 1938, to holders of record March 31, 1938; that
25 cents per share be distributed on July 30, 1938, to holders of record
June 30, 1938; and that the remaining 25 cents per share, together with all
restorations (approximately $20,000) to paid-in surplus as hereinbefore ex¬
plained, be distributed on Oct. 31, 1938, to holders of record Sept. 30, 1938.
Federal & State taxes
Co.—Earnings—
At that time it did not
stockholders to direct the distribution of more than that sum, so the re¬
maining $6,344,221 of paid-in surplus was retained in the belief that such
amount was necessary to insure an adequate supply of
working capital for
the requirements aforesaid. Meanwhile, the am ount of company's working
capital has increased As a result of improved business conditions and the
consequent resumption of earnings from operations, and it is now the
judgment of the directors that the present amount of working capital is
Profit from
Consolidated Income Account for Years Ended July 31
Prov. for income tax
Miscell. charges (net)
commencing April 30, 1936.
there remain to be distributed two instalments of 25 cents each, one
payable on Oct. 30, 1937, and one on Jan. 31, 1938.
The basic reason for such $6,344,221 distribution was the fact that the
Interest
Profit from operation
General expenses
1937
23,
instalments were paid to the stockholders during the year
1936, three have been paid during the elapsed portion of the current year,
1936.
Aggregate overhead expenses of the parent company and wholly-owned
for the eight months were $311,681, a reduction of
$72,012,
or 18.8% from the
corresponding figure for 1936.—V. 144, p. 4030.
subsidiaries
Waukesha Motor
per quarter,
and
Earns, per sh. on 129,281
shs. of common stock,
x
share
Three of such
1937—3 Mos.—1936
Net
and all other charges.
Oct.
at the rate of 25 cents per
Co., Inc.—Earnings—
-Period End. Sept. 30—
x
Chronicle
28,670
reserve
$1.21
Note—No provision was made for Federal surtax
V.145,
p.
on
undivided profits.—
2250.
Youngstown Sheet & Tube Co.—Stock Increase—Total
$6,549,838 S5,703,513 i
Total
$6,549,838 $5,703,513
xJAfter deducting reserve for depreciation, $3,003,578 in 1937 and $2,742,616 in 1936.
y After deducting reserve for bad
debts, $75,000 in 1937
and $47,200 in 1936.
a Represented
by $5 par shares,
b See z above.
cjProvision for income taxes only.—V, 145, p. 294.
Wayne Pump Co.—Delays Offering—
In
view of existing market
conditions, the company will file an amend¬
delaying the offering of its additional shares of capital stock until
Dec. 21, according to an announcement Oct. 19
by the company.
The directors have not yet fixed a date for the flotation or
the price at
ment
about
which
p.
the shares
will
be
offered
to
stockholders, it
was
stated.—V.
145.
2411.
Westinghouse Air Brake Co.—Special Meeting to Vote
on
Dividend—
A
A
special meeting of stockholders has been called
notice
ent
to
stockholders
relative
to
this
to
Nov.
16.
contained
the
convene
meeting
following:
Pursuant to unanimous action
by the holders of
a
At
a meeting held Oct. 17, common shareholders of the
company approved
increase in the authorized common shares from 2,000,000 to 2,500,000
shares and the release of preemptive rights of common shareholders on not
an
exceeding 400,000 common shares, and granted authorization to the board
of directors for the issuance of securities convertible into common shares.
The company's statement said that such action was taken for the
purpose
of placing the company in a
position to undertake new financing when and
as the board of directors
may consider such action advisable.
No definite
Elans for that proposed financing be approximately $30,000,000. expected,
It is Any new
owever, the
the amount would have as yet been made.
securities issued would be offered first to
common
shareholders pro rata.
Purposes of the new financing would be to provide funds for new equip¬
and plant
betterments in both the company's Youngstown and
Chicago plants; to add to working capital, and to pay off bank loans
amounting to $5,000,000. In the shareholders' meeting Mr. Dalton pointed
out that $11,500,000 of the $35,000,000
spent by the company for plant
improvements and betterments since Jan. 1, 1934, had been taken out of
the working capital of the company and that the amount of
capital re¬
quired for inventories and receivables has substantially increased, indi¬
cating the present desirability of adding to the working capital of the
ment
company.
Earnings for Period Ended Sept. 30
majority of the shares
of the capital stock of the company at a
meeting held on Dec. 20, 1935,
the company's stated capital was reduced from
$47,581,660 to $34,893,217
and a paid-in surplus of $12,688,442, equivalent to the
amount of the
reduction, was established.
At the same meeting the stockholders au¬
thorized a distribution of $6,344,221 out of the
paid-in
Net prof after all charges
but before Federal sur¬
lished,
—V.
to be paid in eight
quarterly instalments
over
a
surplus so estab¬
two-year period
1937—3 Mos.—1936
tax
on
undistributed
profits
145,
1937—9 Mos.—1936
$3,586,495
p.
1603.
$2,359,998 $10,494,627
$6,845,386
Volume 145
Financial
Chronicle
2711
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
,
Friday Night, Oct. 22, 1937
'
Coffee—yOn the
16th inst. futures closed 13 to 17 points
higher in the Santos contract, with sales of 30 lots.
The
to 14 points
higher, with sales of 15
net
Rio contract closed
11
lots.
Strengthening of the exchange rate brought about a
sharp recovery in coffee futures
today (Saturday).
Prices
10 to 17
points higher in the Rio contract, and
13 to 26
points higher in the Santos contract.
Brazilian
prices strengthened in
response to an improvement in the
started
exchange
2o
For the
rate.
lower to
Rio
100 reis
contracts
were
week, Brazilian markets were from
higher on Santos C contracts, while
from
75 reis
Spot No. 7 in Rio de Janeiro
higher to 75 reis lower.
was 200 reis
higher at 16.600.
In the Havre market
losses amounted to.
1434 points for the
week.
On the 18th inst. futures
closed 22 to 26 points off
in the Santos
contract, with sales of 22,250 bags.
Rio con¬
tracts, which were unchanged at the
opening, closed 11 to
points lower, with sales of 3,500
bags.
The milreis again
turned
decidedly weak, touching the previous low of 16.95
24
the dollar. In
Brazil, Rio de Janeiro futures were un¬
changed to 100 reis lower, while the Santos C contract was
unchanged to 250 reis lower.
The free market
exchange rate,
after
recovering to 16:7 at the opening, dropped to 16.95
to
On the 21st inst. futures closed 6 to 7
points net higher.
The opening range was 10 to 16
points up.
Thereafter profit
at 4 p. m.
On the 19th inst. futures closed 20 to 2
points
higher in the Santos contract.
The opening
range of this con¬
tract was 11 to 18
points below the previous closing.
The
Rio contract
opened 17 points lower to 1 higher, and closed
2 to 12 points lower on
total sales of
14,750 bags.
Santos
transactions totaled 36,250
bags.
In the Brazil market
Rio
de
Janeiro
futures
were
taking and hedge sales drove prices back, after which there
was another advance due to short
covering.
Transactions
totaled 374 lots
5,012 tons.
London came in 9d. up on the
outside, while the Terminal Cocoa Market closed 734d. to
Is. 3d. higher.
Local closing: Oct., 5.84; Dec., 5.90; Jan.,
5.92; May, 6.10; July, 6.20; Sept., 6.30.
Today futures
closed 4 to 5 points down.
Trading was slow and prices
easier, with Dec. selling this afternoon at 5.84, off 6 points.
unchanged to 75 reis lower,
while in Santos the C contract
was 25 to 100 reis off.
The
free market
exchange rate touched a new low for the
year
at 17.25 milreis to the dollar.
In Havre futures were 12 to
1224 francs lower.
On the 20th inst. futures
closed un¬
changed to 7 points lower in the Santos contract.
The
opening range in this contract was 2 to 11
points off from
the previous finals.
Santos sales totaled
18,000 bags.
In
the Rio contract the market
opened 6 points off to 4 points
higher and closed 4 lower to 4 points higher, with sales for the
shey, into actual
thereby reducing the open interest
continued to buy cocoa, but are
aggressive buyers.
Warehouse stocks decreased 9,200
bags.
They now total 1,357,000 bags.
Arrivals of cocoa
in
higher at the opening and closed 1 to
sales of 11,750 bags.
Rio de Janeiro
25 reis
lower to 125 reis higher, while the Santos
"0" contract closed 25 reis lower to 150 reis
higher.
The
spot No. 7 price was off 200 reis.
The free market
were
exchange
rate improved
by 50 reis late in the afternoon, after an initial
drop of 180 to a new low for the year, 17.55 milreis to the
dollar.
to
up,
were
the
December
the
with sales of 34 contracts
Santos coffee
prices closed
March
as
follows:
9.45
8.43
8.48.
Cocoa—On the 16th inst. futures closed 9 to 11
points off.
opening range was 1 to 7 points under the previous
finals.
Transactions
totaled
122
lots, or 1,635 tons.
London came in unchanged to 3d. lower on the
outside and
134d.to 73^d. easier on the Terminal Cocoa Market, with
360 tons trading.
Selling of December in the local market
regarded as further hedging of Brazilian cocoa.
Local
closing:
Oct., 5.92; Dec., 5.98; Jan., 5.97; May,
6.14;
Sept., 6.33.
On the 18th inst. futures closed 35 to 45 points
net lower.
Infuenced by a very weak stock
market, cocoa
,
1
contracts
on
movement
the local
under
Exchange dropped to new lows for the
moderately heavy selling.
The break
proved the widest since the severe market decline
coming at
the end of September.
Opening sales were 6 to 12 points
under Friday's finals.
Sales totaled 521 lots, or 6,981 tons.
London
the
came
Terminal
in Is. weaker
Cocoa
on
the outside, while futures
Market finished
434d.
to
Is.
on
lower,
On
the
19th
inst.
futures
closed
un¬
1 n the market for
3.20c.,
was
totaled 17,450 tons.
The
was
there.
raws a sale of
Philippines, 9,400 tons
reported made to an operator, the sale being
made late Monday.
A cargo of Philippines, due late this
week, was offering at 3.20c., with arrangements made to
put the sugar in store if that price was not met.
In addition
several cargoes of Cubas were
reported offering at 2.30c.
Refiners were still bidding 3.15c.
The world sugar contract
closed 1 34 to 234 points down.
Transactions in this contract
5.50
-.8.80 December
8.63 September
May
July
market
tons.
at
5.30
,
quiet and steady.
Raws were still offered in
6d., with refiners evincing little interest in
changed to 1 point higher.
The opening range was un¬
changed to 2 points higher, the market later selling off and
recovering toward the close.
Transactions totaled 7,550
25 to 75 reis
6.15 March—
5.36 July
5.28
market
London at 6s.
The Rio
higher, while
unchanged to 175 reis higher.
The free market
exchange rate improved 100 reis to 17.4.
Havre futures were
234 to 5 francs higher.
Brazil cost and
freight offers were unchanged.
Rio coffee prices closed as follows:
May
September.
unchanged
34 point higher.
Transactions in this department totaled
5,750 tons.
London futures were 34 to yd. higher, with
approximately 18%.
Havre futures were 434
Today prices closed 22 to 15 points up
Brazil Rio de Janeiro futures
in Santos the contract was
The world sugar contract closed
to
934 francs lower.
in the Santos
contract, with sales of 99 contracts.
contract closed 9 to 18
points
this
frees at 3.20c.
Since Aug. 7 the milreis, in terms of the
dollar, has
declined by
far
Sugar—On the 18th instj futures closed unchanged to 3
points up.
Sales totaled 12,350 tons, with buying reported
from several important trade sources.
The market opened
unchanged to 3 points higher, and after having gained 2 to 4
points, closed at the opening range.
The sugar market
showed up exceedingly well
notwithstanding the weakness in
securities and other commodity markets.
The market for
raws registered a sale of
5,200 bags of Puerto llicos, due first
half of November, to an operator at
3.20c., which was a
5-point gain over the last previous sale.
There was a steadier
undertone in evidence following this sale, with
good buying
interest at 3.15c. and limited offerings of Cubas and
duty¬
On the 21st inst. futures closed 5
lower to 4 points
higher
in the Santos
contract, with sales of 28,000 bags.
Rio con¬
tracts were 9 lower to 1
on
cocoa,
Manufacturers
month have totaled only 75,000
bags against
260,000 bags in the comparable period of last year.
Local
closing: Dec., 5.86; March, 5.95; May, 6.05; July, 6.15;
Sept., 6.25.
so
low at 17.37 milreis
points higher
Dec.
not
to the dollar, a
drop of 120 reis from the
previous night and 230 reis under the rate
quoted at about
1.30 p. m. today.
Havre futures were 234 to 734 francs
higher for the day.
14
or
Sales totaled 210 contracts.
Earlier in the day 115 lots of
Dec. had been switched by a manufacturer said to be Her-
day totaling 4,750 bags.
In Brazil, Rio de Janeiro futures
were
unchanged to 100 reis lower, while the Santos C con¬
tract was
unchanged to 200 reis lower.
The free market
exchange rate at 4.30 p. m. Brazilian time, touched a new
futures
with 910 tons
trading.
Local closing:
Oct., 5.55; Dec.,
5.61; Jan., 5.60; March, 5.68; May, 5.78; July, 5.88.
On
the 19th inst. futures closed 28 to 32
points net higher. This
was in contrast to initial losses
of 11 to 16 points.
A swing
of nearly 50
points showed between the day's highs and lows
in the active deliveries.
Sales totaled 731 lots, or 9,795 tons.
Stop losses at the opening and liquidation that had not been
completed the previous day encountered little resistance or
support at the call.
As a result prices yielded readily to the
pressure.
United Kingdom and Continent were among the
sellers.
Later, however, active short covering, influenced
somewhat by a better stock market,
pushed prices higher.
Local closing:
Oct., 5.83; Nov., 5.82; Jan., 5.89; March
5.95; May, 6.10; July, 6.20; Sept., 6.33.
On the 20th inst.
futures closed 4 to 7
points off.
The opening range was
10 to 16 points under the
previous finals.
During the session
the active contracts showed losses of 23 to 26
points, from
which levels there was a substantial
recovery as noted in the
closing range.
Transactions totaled 517 lots or 6,928 tons.
London rallied on the
Tuesday strength here, outside prices
coming back 9d. to Is. and the futures market gaining 6d.
tp 1034d., with 1,250 tons trading.
Local closing:
Oct.,
5.78; Dec., 5.84; Jan., 5.85;Mar.,5.92;May,6.03;Sept.,6.24
.
The London futures market was 34 to
134J- lower, "with raws there still held at 6s. 6d. per cwt.,
equivalent to about 1.12c. per pound, f. o. b. Cuba, with
freight figures at 28s per ton.
On the 20th inst. futures
closed 1 to 3 points up.
This was but a slight change from
the opening level of prices, which latter was the same as
the previous night's close.
Sales for the day were 5,850 tons,
of wliich 5,000 tons were in the March, 1938 position, within
a range of 2.32 to
2;36c., the high representing a gain of 10
points over the low established a fortnight ago.
Further
firmness
in
evidence
in the raw sugar market, with
3.25c.
Approximately 5,000 tons
of Philippines, for November arrivals, were
reported held at
that figure.
Buying interest was reported in the market
at 3.17 to 3.20c. for specified arrivals, but no transactions
were
reported.
The world sugar contract market experi¬
enced a dull session, with transactions
only 3,700 tons.
was
holders generally asking
Prices
in
this
department opened unchanged to
34 point
Financial
2712
higher and closed unchanged to 1 point higher, compared
with previous finals.
London closed unchanged to Yd.
lower.
Raws there were offering at 6s. 5 Yd., equivalent
pound f. o. b. Cuba.
closed unchanged to 2 points off.
early trading gains of 2 to 4 points were registered, but
subsequently lost.
Transactions totaled 9,650 tons, of
which 5,050 tons were in the March position, which closed at
2.34c. against a high for the day of 2.37c.
The spot price
for raws moved up 5 points today when it was learned that
Sucrest had bought late Wednesday, from an operator, 5,000
tons of Philippines.
Light offerings of duty frees were
reported today (Thursday) at 3.25c., when refiners, after
indicating that they might be willing to pay 3.20c. for Nov.
arrival, withdrew to a lower level when sellers appeared to be
unwilling to shade offers.
The world sugar contract closed
1 point up to Y point off, with transactions totaling 950 tons.
The London market was unchanged to Yd. higher.
Sellers
of raws there advancing their asking price to 6s. 6d. in Lon¬
don, the price at which most of the recent sales have been
made.
Today futures closed 1 point off in the domestic
contract, with sales totaling 21 contracts.
Trading in
domestic sugar contracts was quiet, but prices were firm.
Additional sales of raws at 3.20c. were reported in the trade,
with light offerings at 3.25c.
Dee. demand for refined sugar
was reported as holding up well.
In the world sugar market
prices were irregular, standing unchanged to % point down
at the close.
Total sales in this department were 15 con¬
tracts.
London prices were unchanged to
Yd. lower.
Sellers asked 1.12Hc., f.o.b. Cuba for raws.
Prices follows:
to about 1.11c. per
On the 21st inst. futures
In the
-_2.37 January
December
November
Lard—On
2.31
2.29 March
2.30 May
July
.2.35
the 16th inst. futures closed
2.32
10 to 22 points
The opening range was 7 to 12 points higher than
the previous finals, but later in the short session further
gains were registered due to additional support for trade
account.
Selling on the bulge was mostly by scattered
speculative interests.
Hog marketings today (Saturday)
were light and totaled 11,200 head
against 21,200 for the
same day last year.
Liverpool lard futures at the close of
the week were very steady and final prices were 6d. to Is.
higher.
On the 18th inst. futures closed 37 to 22 points net
lower.
This was the low range of the day.
Lard prices were
depressed from the start.
The nearby October delivery was
exceptionally weak, due to selling induced by weakness in
hogs, this option selling 37 points below the previous close.
high
,
r.
of lard for export over the past weekend
151,320 pounds, destined for Bristol and Hamburg.
Liverpool lard futures were steady, with the spot position
unchanged, while the other deliveries were 3d. to 6d. higher.
Total clearances
were
Chicago hog prices were lower due to the heavier hog market¬
ings.
Total receipts for the Western run were 67,400 head,
against 99,700 head for the same day last year.
Closing
quotations were mostly 25c. lower, the top price registering
$11.10, while the major portion of sales ranged from $9.90
to $10.85.
On the 19th inst. futures closed 35 to 15 points
net
lower.
The
slump in prices today (Tuesday) was in¬
Hog quotations
at Chicago were off 25c. to 50c. on average weights, due
principally to the heavier hog marketings than expected.
The nearly October delivery was the weakest option in lard.
At the opening this delivery was off 47 points, while the
distant deliveries were only down 15 to 20 points.
Lard
exports from the Port of New York today were the heaviest
in quite a few years, totaling 979,790 pounds, destined for
London, Liverpool and Glasgow.
Final hog prices at
Chicago were around the inside prices of the day, or 25c. to
50c. below the previous closing level. - The late top price
reported was $10.40.
Early in the session sales were reported
at $9.75 to $10.35.
Total receipts for the Western run were
66,800 head, against 72,800 head for the same day last year.
Liverpool lard futures were weak, and closed Is. to Is. 6d.
lower.
On the 20th inst. futures closed 5 to 25 points higher.
Opening prices were 10 to 25 points higher, but shortly after
the bulge futures eased a few points from the highs, due to
profit taking by nervous speculators.
A rally followed this
setback, due to reports of a moderately heavy export demand.
Commission house buying encouraged by the strength in
grains also contributed and most of the gains were held until
the end.
No lard clearances were reported from the Port of
New York today (Wednesday).
Western hog receipts were
again quite heavy and totaled 51,600 head, against 77,900
head for the same day last year.
Prices at Chicago de¬
clined 10c. and scattered sales were
reported at $19.75 to
$10.25.
The top price for the day was $10.35.
Liverpool
fluenced largely by the weakness in hogs.
lard futures
were
6d. to Is. lower.
lard futures were
unchanged 6d. higher.
Lard shipments
of New York totaled only 2,362 pounds,
destined for Genoa.
Today futures closed 22 to 8 points
down.
The heaviness in lard was attributed to the weak¬
the
from
ness
Port
of grains
and somewhat heavier hog receipts.
PRICES OF LARD FUTURES IN CHICAGO
DAILY CLOSING
Mon.
Sat.
October-.
December
-
January
May...
10.32
9.82
---9.80
9.82
Wed.
Tues.
Thurs.
9.95
9.60
9.60
9.45
9.75
9.65
9.60
9.62
9.40
9.45
9.65
9.70
Fri.
9.67
9.57
9.57
9.60
9.47
9.45
9.40
9.52
Pork—(Export), mess, $36.12^5 per barrel (per 200
pounds); family, $37.12Yz (40-50 pieces to barrel), nominal,
per barrel.
Beef: (export) steady. Family (export), $26 to
$27 per barrel (200 pounds), nominal.
Cut meats: dull.
Pickled hams—picnic, loose, c. a. f. 4 to 6 lbs., 19%c.; 6 to 8
lbs., 18c.; 8 to 10 lbs., 15^c. Skinned, loose, c. a. f—14 to
16 lbs., 203^c.; 18 to 20 lbs., 18^c.
Bellies: Clear, f. o. b.
New York, 6 to 8 lbs., 24c.; 8 to 10 lbs., 24c.; 10 to 12 lbs.,
24c.
Bellies: clear, drv salted, boxed, N. Y.
16 to 18 lbs.,
16%c.; 18 to 20 lbs., 16^c.;
20 to 25 lbs., 16%c.; 25 to 30
Butter: Creamery, firsts to higher than extra
and Premium marks: 29^0. to 36 Yc.
Cheese: State, held,
'36: 22 to 24c.
Eggs: mixed colors, checks to special packs:
173^ to 27Yc.
Oils—Linseed oil is still being offered in some quarters at
lbs., 16Mc.
10.2c., though rumors were current that some crushers were
advancing prices of Unseed oil to 10.4c.
Quotations: China
wood: resale, nearby, drums 22 to 23V2c.
Coconut: crude,
Nov., forward, 4^sc.; Pacific Coast, nearby, 0.4^c.; Jan.,
forward, 4^c.
Corn: Crude, West, tanks, nearby, 0.07c.
Olive: denatured, nearby, drums, $1,273^ to $1.30; new
shijiments 95c. to $1.00. Soy bean: crude, tanks, West,
.06%g.
Edible: 76 degrees, 11c.
Lard: Prime,
12J^c.; Extra winter strained, 11 %c. Cod: crude, Japanese,
nominal; Norwegian, light yellow 41 to 41}^c. Turpentine:
323^ to 36Hc. Rosins: $8.00 to $8.85.
Cottonseed Oil, sales, inc uding switches, 99 contracts
crop,
forward,
Crude, S. E., 6Yc.
October
November
-----
December
January
-
Prices c
osed
as
February
7.35 @
7.33 @ 7.36 March7.33® 7.34 April
7.35®
May
Rubber—On the 16th inst. futures
follows:
7.34®
7.35®
--—
7.38®
7.40®
closed 35 to 43 points
prices again broke into new low ground today
(Saturday), and nearby months sold off to within a few
points of 16c. The weakness of the stock market proved a
very
disturbing influence.
Rubber futures opened un¬
changed to 4 points higher, but lost ground rapidly during
the day, with sales totaling 2,130 tons. Gutside prices were
quoted at 16Yc. for standard sheets, a new low for the year.
The London and Singapore markets closed steady, prices
unchanged to 1-16d. higher.
Local closing: Oct., 16.04;
Dec., 16.12; Jan., 16.16; March, 16.23; May, 16.33; July,
16.32. On the 18th inst. futures closed 37 to 48 points net
lower.
The market was again under severe pressure today
off.
Rubber
(Monday). Futures started 8 points higher to 18 points lower
sold off sharply during the day. Short covering was
virtually the only support the market received. Trading
was
very active,
with transactions totaling 7,860 tons.
Little buying of actual rubber was reported.
Outside prices
were quoted on a spot basis of 15 %c. for standard sheets, a
new low for the year and the lowest since June, 1936.
Lon¬
don and Singapore closed weak and quiet, respectively,
prices 7-32d. to Yd. lower. British rubber stocks last week
declined 240 tons, to 50,299 tons. Local closing: Oct., 15.06;
Dee., 15.74; Jan., 15.75; March, 15.85; May, 15.85; July,
15.91; Sept., 15.95. On the 19th inst. futures closed 9 to 15
points net lower. Transactions totaled 4,940 tons, or con¬
siderably less than Monday. The opening range was 23 to
44 points lower than the previous closing prices, with active
deliveries dropping some 12 points further following the
opening. With the turn in the stock market for the better,
short covering in sufficient volume came into the market to
rally prices upward almost 40 points from the low of the
day. Factories came into the market on the break, and a
fair volume of factory buying was reported in the outside
market.
Outside prices were quoted on a spot basis of
15%c. for standard sheets. C.i.f. offers were quite liberal,
and a good amount of shipment business was worked. Local
closing: Oct., 15.57; Dec., 15.62; Jan., 15.63; March, 15.71;
May, 15.75; July, 15.79; Sept., 15.83. On the 20th inst.
futures closed 29 to 34 points net higher. The opening range
was 9 to 17 points above the previous finals.
Transactions
totaled 5,070 tons.
Futures sold off slightly toward' the
close on rumors that the Firestone Tire & Rubber Co. is
and
going to close down its Akron plants for two weeks. Reliable
information received later was to the effect that the shut¬
only for a week, and is for the purpose of the
inventory-taking only. Factory buying in the
outside market was reported as in fair volume today, with
prices on the outside quoted at 16c. for standard sheets.
London and Singapore closed steady, prices unchanged to
3-16d. higher.
Local closing: Oct., 15.91; Dec., 15.96;
Jan., 15.93; March, 16.00; May, 16.04; July, 16.09.
On the 21st inst. futures closed 9 points down to 5 points
down will be
On the 21st inst. futures closed 7 to 10
points off.
market opened with gains of 10 to 15 points on the
The
nearby
deliveries and 5 points higher on the distant months.
When
grains firmed up speculative covering lifted values 10 to 20
points over the previous closings.
On the bulge heavy profit
taking wiped out all of the gains, futures in fact closing well
below the previous close.
The hog market was easy; prices
at the start were unchanged to 10c. lower, but late in the
session offerings were available at 10c to 15c. below Wednes¬
day s finals.
Sales were reported throughout the day from
$9.75 to $10.20.
The late top price at Chicago was $10.20.
Total receipts for the Western hog run were
57,900 head
against 79,900 head for the same day last year.
Liverpool
1937
23,
Oct.
Chronicle
usual annual
The opening range was 11 to 20 points higher than the
previous close.
Transactions totaled 3,240 tons. Outside
prices were on a spot basis of 15 15-16c. for standard sheets.
up.
London and Singapore
closed quiet and firm respectively,
Erices15.87; Jan. little change.
showing 15.87; March
)ec.
Local closing: Oct. 15.82;
15.97; May 16.05; July 16.12;
Volume 145
Financial
Sept. 16.18. To-day futures closed 5 points
Transactions totaled 209
market
was
contracts.
to unchanged.
Sentiment in the rubber
up
mixed and prices moved
erratically.
3 points lower to 2
points higher.
Both
was
Singapore
close.
It
were
The opening
London and
quiet and steady at slight advances on the
estimated that stocks of rubber in the United
was
Kingdom had increased 1,150 tons this week. Local closing:
Dec. 15.92; March
16.00; May 16.08; July 16.12; Sept. 16.20.
Hides—On the 16th inst. futures closed 8 to 6
points net
The opening range was 4 to 11 points off, the list
higher.
gradually working higher
totaled 680,000 pounds.
as
buying increased.
There
Transactions
little or no change in
Local closing: Dec., 13.10;
was
the domestic spot hide market.
Mar., 13.42; Sept., 14.05.
On the 18th inst. futures closed
78 to 79 points net lower.
The market broke badly right
from the start, the
opening range being 12 to 25 points below
the previous finals.
The weakness was attributed largely
to the
sharp break in securities markets.
Transactions
totaled 5,120,000 pounds.
No change was reported in the
domestic spot hide market.
Local closing: Dec., 12.31;
Mar., 12.64; June, 12.96; Sept., 13.27.
On the 19th inst.
futures closed 22 to 25 points net lower.
The market was
weak at the start initial prices
showing losses of 6 to 55 points
from the previous close.
The sharp drop in the securities
market was held partly responsible for the weakness in hides.
Transactions in hide futures totaled 10,680,000
pounds.
Stocks of certificated hides in warehouses licensed
by the
Exchange remained unchanged at 832,537 hides.
Local
closing: Dec., 12.06; Mar., 12.40; June, 12.72; Sept., 13.05.
On the 20th inst. futures closed 23 to 27
points net higher.
Trading was of fairly generous proportions during the day,
transactions totaling 5,520,000 pounds.
The opening range
of prices was 5 to 21 points decline.
Reflecting the marked
strength in the securities market, the hide market worked
steadily higher as the session progressed.
The domestic
spot situation remains featureless.
Local
closing: Dec.,
12.31; Mar., 12.67; June, 12.97 Sept., 13.28.
On the 21st inst. futures closed 38 to 42
points net higher.
This market
staged
a
sharp rally to-day (Thursday), and
sentiment in the trade
been in
time.
some
appeared more cheerful than it has
The market started with initial
gains of
18 to 27
points. These gains were substantially increased as
progressed, the improvement being sustained
throughout the session.
Transactions totaled 7,800,000
pounds. Stocks of certificated hides in warehouses licensed
by the Exchange were 831,333 hides, a decline of 1,063 hides.
While no trading was reported in the domestic
big packer
hide market to-day, advices from Argentine indicated that
there were 19,500 October frigorifico steer hides sold at
13and 2,000 light steers sold at 12 13-16c. Local
closing:
Dec. 12.70; March 13.05; June 13.39; Sept. 13.70.
To-day
futures closed 30 points off.
Transactions totaled 69 con¬
the
session
tracts.
The market
lower.
It firmed up
news
of
soft on the opening, 20 to 29
points
subsequently as demand improved on
activity at better prices in the South American
was
market.
This afternoon December sold at 12.64
cents, off
points.
Sales to that time totaled 1,440,000 pounds.
Following large sales in South America yesterday, the trade
6
heard that reject steers sold to-day at 13 y
cents, up % of a
cent.
The tanners of this country will hold their convention
in Chicago next week, when
perhaps the deadlock with
packers will be broken.
12.75; June 13.09.
Local closing: Dec.
12.40; March
Ocean
Freights—The undertone of the freight market in
general continues easy and shippers appear to be chartering
in spots in anticipation of a further decline.
Charters in¬
cluded: Grain
booked: 14 to 28 loads (reported), Montreal
Antwerp, Nov., 243^c. Grain: St. Lawrence to
Rotterdam, Nov., 23 loading, 4s. 9d.
Rosaria to picked
ports United Kingdom Jan. 15—February 28, 34s., with
Continental reductions.
Trips: Trip across, New York to
United Kingdom-Continent, Nov., $4.25.
Pacific Coast to
United Kingdom, f. i. o., Nov.-Dec., 41s. 3d.
New York,
South African trade, trip down, Nov., no rate.
Scrap: New
York to Genoa or Savona, Nov., $8,373^.,
PortsmouthNew York range to Genoa or Savona, Nov., $8.75.
New
York to Gdynia, Jan., 28s. 6d.
or
Sorel to
Coal—It is reported that the weak spot in the current
coal situation is the price of slack, a circumstance attributed
to the steadily declining rate of operations at steel
plants.
Offerings
are reported locally from $1.50 per ton upward,
with much lower prices named in some of the interior mar¬
kets.
Size coals in general appear to be holding
up well.
territory is routine, in¬
report.
Production of anthracite registered
a further gain
during the week ended Oct. 9, according to
the United States Bureau of Mines, the total being
1,135,000
tons, or 5.3% in excess of the tonnage reported for the pre¬
The movement of smokeless in this
formed
vious
with
sources
week.
some
While
the retail
distribution
has
proceeded
acceleration in parts
appears more
of the West, the local trade
affected by current mild weather.
Chronicle
2713
market is the almost entire absence of manufacturer buying
on a continued trend downward in raw wool
prices.
Top-
makers
reported as still bidding well below the market,
up occasional odd lots at their own ideas of prices.
Demand for spot foreign wools, too, is at a very low ebb even
though the spot market here is practically at a parity with
are
picking
the
easier
situation
raw
Australia.
It
is
said
informed
in
dealers in the reasonableness of their policy of withholding
their
materials.
Most houses
their fine wools for 90c., but
reported to be holding
selling of wool of less
are
some
desirable quality is occurring at 80c., 83c. and 85c.
^
Silk—On the 18th inst. futures closed 2L£c.
Under the influence of
one
of the most
severe
to 6c. down.
stock market
collapses seen to date, silk futures on the Commodity Ex¬
change, Inc., ran into liquidation that drove prices down
23^c. to 5}/£c. in the early trading.
Opening sales were at
lc.
decline
easier
cables from Japan.
However, the
relatively limited, only 1,330 bales
changing hands.
Japanese cables came in unchanged to 5
yen lower for grade D, putting this price at 770 in Kobe and
leaving it at 772l/2 in Yokohama.
Bourse prices at these
centers ranged 4 to 9 and 4 to 10
yen easier, with sales of
volume
of
on
sales
was
futures 3,650 bales.
The trade in actual silk amounted to
775 bales.
Local closing: Oct., 1.65; Nov., 1.60; Dec., 1.57;
1.53^;
Jan., 1.54Mar.,
May,
1.52^.
On the 19th inst.
futures closed 3^c. to 2c. net
higher.
This market followed
the general trend of other commodities and the stock market
today (Tuesday).
within
Liquidation drove prices off sharply, and
short time the market suffered losses of
in the day as a
pronounced recovery in
13^
a
Later
market
to 4c.
the stock
developed,
all markets benefited, and the silk
exception, prices recovering a good portion
of the early losses.
Reflecting the local break of Monday,
Japanese cables reported weaker markets there.
Grade D
broke 15 yen, being reported at
7573^2 and 755 yen in Yoko¬
hama and Kobe.
Futures in these markets registered,
respectively, losses of 12 to 18 and 8 to 19 yen.
Cash sales
in these markets totaled 975
bales, while transactions in
futures were 6,625 bales.
Local closing:
Oct., 1.67; Dec.,
1.573^; Jan., 1.563-12; March, 1.553^; May, 1.55. On the
20th inst. futures closed lc. to 23^c. net higher.
The open¬
ing range was L£c. lower to IL2C. higher.
Transactions
totaled only 730 bales.
Japanese cables reported gains of
17 lA to 25 yen for grade D, putting that
price at 775 to 780
yen.
Futures prices on the Yokohama and Kobe markets
revealed respective gains of 8 to 18 and 17 to 26 yen.
Cash
sales totaled 975 bales, while transactions in futures totaled
6,650 bales in both markets.
Local closing:
Get., 1.69;
Dec., 1.60; Jan., 1.58HvMarch, 1.57; May, 1.57.
On the 21st inst. futures closed ljHjc. lower to lc. higher.
Transactions totaled 1,280 bales. Yokohama came in steady,
while Kobe was closed by a
holiday. Grade D rose 23^ yen
to 777Yl.
Bourse prices ranged 4 yen lower to 7 yen higher.
market
was
not
an
Sales of cash silk amounted to 750 bales, and the trade in
totaled 1,800 bales.
Local closing: Oct. 1.673^;
futures
1.613^; Dec. 1.60; Jan. 1.59; March 1.58; May 1.57.
To-day futures closed 3^ to 23^ cents down. Transactions
totaled 20 contracts.
Disappointing Japanese cables were
reflected in a lower opening here.
After starting 13^ to 3
cents lower, the market this afternoon was 13^ to 2 cents
below last night's close on small trading, which totaled
only
Nov.
140 bales to that time.
In the New York sj)ot market the
price of crack double extra silk declined 3i cent to $1,753^.
The Yokohama Bourse closed 3 to 11 yen lower, while the
price of grade D silk in the outside market was off 23^ yen
a
bale at 775 yen.
Local closing: Oct. 1.67; Feb. 1.553^;
March 1.55
April 1.553^; May 1.55.
COTTON
Friday Night, Oct. 22, 1937.
The Movement
grams
week
of
the
Crop,
indicated by
as
from the South tonight, is given
our
below.
tele¬
For the
ending this evening the total receipts have reached
323,319 bales, against 379,066 bales last week and 441,721
bales
the
previous
week,
making the total receipts since
Aug. 1, 1937, 3,510,942 bales, against 2,841,713 bales for
the same period of 1936, showing an increase since Aug. 1,
1937 of 669,229 bales.
Receipts at—
Galveston
Houston..
Sat.
Mon.
13,186
_
9,840
305
—
Corpus Christi..
Beaumont.
New Orleans
Mobile
-.
—
—
Tues.
30,083
10,869
9,839
12,705
400
—
-
34,160
3,568
-
-
Wed.
Thurs.
8,451
5,939
6,668
5,678
Fri.
Total
15,286
25,281
272
957
mm
667
667
28,452
4,132
13,122
2,854
26,616
737
13,157 133,912
1,807 13,749
-
mm
18,405
651
mm mm
246
268
'
mm
mm
mm
mm
.
mm
m.
mm
mm
mm
—
—
mm
m
m
mm
mm
m.
^
mm
'mm
mm
-
mm
1,876
mm
mm
mm
m.
'
Savannah
Charleston
Wilmington
Norfolk
^
_
700
87
'mm
544
m
307
532
••—
96
Baltimore
Totals this week.
83,513
70,312
2,448
'
Pensacola, &c—
Jacksonville
Lake Charles
Wool—The
wool market is reported to be in a rather
unsettled state, due to dealers who for one reason or another
are meeting
current thin demand at lower prices.
These
sales of course are making a lower market, but such
supplies
apparently are not coming from the larger houses.
The
foreign situation, too, at the moment is none too favorable to
stability of domestic values.
An outstanding feature of the
t*.
in
quarters that this widespread lack of interest on the part of
manufacturers and topmakers in raw wool is confirming wool
-
757
837
'mm
-
mm
mm
-
m
—
520
1,011
311
1,106
mm'mm
mm
m.
105
68
258
688
597
390
mm
mm
mm mm
117
148
3,546
2,425
1.876
310
3,602
6,419
2,425
57,659
62,040
33,597
44,075
The following table shows the week's total
141
785
402
2,769
532
....
62,486
310
307
532
63,462 323,319
receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
with last year:
!
Financial
2714
Chronicle
On the
1937
This
Since Aug
This
Week
1 1937
Week
Galveston.
Texas
Since
943,201 127,443
83,513
Aug
1937
1936
1
1936
907,450
789,187
730,580
'
City
-mm
948,012 107,283
375,270
5,218
5,132
769,085 112,953
101,225
9,136
41,968
706
119
2,581
97,035
3,474
70,312
Houston..
2,448
667
Corpus Christi...
Beaumont
133,912
13,749
Pensacola. &c—1,876
New Orleans
Mobile
310
Jacksonville
3,602
Savannah
mm
mm-mm
—'
mm
50
-
823,281
586,810
258,864
6,511
760,536
111,534
66,462
3,209
86,752
455,824
72,788
26,853
728,809
128,583
107,524
13,745
797,920
91,664
18,538
12,830
2,803
158,114
3,625
170,622
'
Brunswick
'
•'«.
Charleston
■
.
137,078
64,594
3,523
15,055
785
Wilmington
2,769
Norfolk..
w
.
—
-
6,419
2,425
Lake Charles
m.
7,177
mm
mm
mm
'mm
mm
mm
2,498
mm
mm
mm
'-m'm.
»
93,589
47,558
9,826
21,419
100,961
46,850
6,362
10,686
1,562
1,014
-
-
-
mm
mm
69,976
31,656
13,230
sized orders.
28,423
Government loan
'
"
Newport News—
'
mm
:mm'mm.
;»
m.
m
'mm
J
mm
•:
~
-
-
-
-
-
—
—
'mm
rnm
mm
mm
mm'-'mm
—
-
mm'fm.
mm
mm
'
Now York
mi
—
100
mm
m.
-
—
-
mm.mm
mm
mm'
mm
m.
.m
4,440
925
mm
100
3,050
-
m
-
4+
~
875
'
Boston
■im
~
-m
532
Baltimore.
mm
7,183
100
mm
6,989
Philadelphia
Totals.------- 323,319 3,510,942 378,683 2,841,713 3,110,836 2,465,934
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1937
Receipts at—
1935
Orleans-
Mobile
Savannah
127,443
107,283
112,953
"6",419
Houston
New
1936
83,513
70,312
133,912
13,749
3,602
Galveston
1934
1933
3,474
102,994
130,890
90,539
19,250
19,162
50,758
61,626
71,144
8,327
4,454
9,136
1932
118,390
119,367
128,082
149,322
52,859
9,647
6,683
66,265
8,541
4.532
237
Brunswick
Wilmington.
"7", 177
14",074
"4",707
1,970
"6",292
785
1,014
2,498
2,098
2,629
1,330
5,048
506
2,769
Charleston
2,078
2,044
2,331
_
Norfolk
Newport News
"8",258
Total this wk_
7,705
23", 528
24*665
26,578
3~0~, 247
323,319
All others
378,683
405,164
232,059
348,464
387,507
Since Aug. l._ 3,510,942 2,841,713 2,881,547 2.039,530 3,272,633
2,947,547
The exports
for the week ending this evening reach a
were to Great Britain,
29,941 to France, 35,841 to Germany, 17,484 to Italy, 3,457
to Japan, nil to China, and 31,314 to other destinations.
In
the corresponding week last year total exports were 226,656
total of 144,316 bales, of which 26,279
bales.
For the
season
to date
aggregate exports have been
1,325,001 bales, against 1,342,950 bales in the same period
of the previous season.
Below are the exports for the week:
Week Ended
Exported to—
Oct. 22, 1937
Exports from—
Great
Ger¬
Britain
Galveston
France
7,299
Houston..
13,323
Corpus Christi
Italy
many
9,759
5,427
13,463
17,564
4,853
9,663
4,055
1*204
Beaumont
China
Total
51,242
4,904
■
:;
Other
13,554
3,910
Japan
7,167
mm
T.800
New Orleans
1,266
1,409
Mobile
2*912
1,317
1,707
3,350
4,483
"604
Pensacola, &c
1,832
~318
Norfolk
Total
113
3,262
i"66o
2,974
578
896
L750
26,279
29,941
35,841
17,484
3,457
Total
1936...
41,917
19,892
43,910
Total
1935...
50,385
17,511
29,640
10,775
15,482
93,289
35,158
From
9,974
5,749
3,516
"224
Los Angeles
45,077
18,622
3,004
3,508
Lake Charles
31,314 144,316
800
2,550
16,073 226,656
21,247 171,973
Exported to—
Aug. 1, 1937, to
Oct. 22, 1937
Exports
Great
Ger-
Brllaln
from—
Galveston
71,174
Houston
70,807
Corpus Christi.
Beaumont
France
Italy
many
China
Japan
64,532
71,501
63,202
57,941
32,130
.4,978
69,074
3,178
61,084
50,705
1,900
46,389
? 0,078
New Orleans..
41,754
35*075
20,941
23~304
Lake Charles..
4,100
23,717
4,589
Mobile
35,807
2,909
16,311
Other
Total
52,970
306,905
4,834
55,512
297,703
3,040
52,984
303,354
200
9"656
"200
5,278
33,845
164,775
19,577
10,849
3,048
16,106
M66
5,578
Jacksonville...
49,915
180
67
Pensacola, &c.
17,698
9,415
"ioo
130
Savannah.....
27,346
24,376
19,523
548
Charleston
2,391
46,838
48,254
1,395
Norfolk
348
...
Gulf port
247
12,996
6,514
420
62,545
10,212
2*524
3,034
712
1,046
"677
1,484
7,457
5,381
23,110
458
16
1,296
166
166
"374
New York
132
"84
Boston
"70
Baltimore
_.
"92
515
Los Angeles...
3,366
3,244
Philadelphia.
San
1,298
4
250
1,632
Francisco.
Total
70
200
2,600
1,062
822
1.1 379,190245,597 261,949141,208
59,612
10,983 226,4621325,001
Total
1936
307,305 235,300
204,72l!
64,275
376,201
Total
1935
280,209132,815
2,285152,863 1342,950
184,507. 91,532
295,139
7,478189,9591181,639
In addition to above
exports, our
give us the following amounts of
cleared, at the ports named:
telegrams tonight also
on
shipboard, not
cotton
'
Great
Galveston.
12,900
32,862
9",785
_
New Orleans
21,700
19,238
19,315
_
Houston
Leaving
Ger¬
Other
Coast¬
many
Foreign
wise
"450
8,058
18,000
4,530
10,298
Savannah
34,600
18,361
4,972
3,500
2,649
Stock
Total
90,700
52,836
67,447
Charleston
Mobile
1,755
Norfolk
Other ports
Total 1937.
.
Total 1936-.
Total 1935-_
70,038
13,561
24,830
Speculation
54,270
41,769
27,017
32,828
14,736
59,688
39,181
20,531 114,425
area
11",990
816,750
770,445
730,473
170,622
93,589
79,674
21,419
204,891
from Texas and Oklahoma
4,127 113,374 2,352,560
1,987 188,790 2,418,245
government loan
rather than into usual trade channels has
placed the market
in somewhat of a
stalemate, with traders
completelv "nuzzled
with the
over
the entire central belt,
precipitation very heavy at some points.
It was
believed that this heavy rainfall would check any desire
farmers may have had to move their cotton to market.
Private reports from the South indicated that a large per¬
centage of the cotton moved is going into the loan.
Southern
spot markets, as officially reported, were 2 to 5 points lower.
Average price of middling at the 10 designated spot markets
8.25 cents.
was
On the 19th inst.
prices closed unchanged to 6 points up.
During the early part of the session prices declined 8 to 13
points when the stock market was breaking violently.
How¬
ever, with the sharp rally in securities the cotton market also
seemed to benefit, a good part of the early losses being erased.
The undertone of the cotton market was more or less steady
throughout the session, due largely to the remarkably light
offerings from the South, where much of the large cotton crop
is either being held off the market or going into the Govern¬
ment loan.
Most of the day cotton traders seemed disposed
to stand on the sidelines and watch developments, especially
as
concerns
the stock market.
As a result, trading was
relatively light.
Reports from the South indicated that
much of the cotton moving is going into the Government
loan.
Southern spot markets, as officially reported, were
unchanged to 5 points higher.
The average price of mid¬
dling at the 10 designated spot markets was 8.27 cents. On
the 20th inst. prices closed 2 points up to 2 points lower.
Trading was comparatively quiet, with the range of fluctua¬
tions 7 to 11 points.
Offers from the South were small, and
with only a limited supply of contracts, the market was
easily sustained by trade, local and Liverpool buying. There
was
some profit taking towards the close, prices receding
somewhat from the earlier gains.
With farmers generally
either placing their cotton in the Government loan or holding
for further developments, the flow of the staple into com¬
mercial channels has been slowed up considerably, and con¬
sequently has removed the pressure of the new crop from the
market.
Advance in prices from recent low
levels has
reduced demand and volume has fallen off in practically
every department;.
This applies to operations for spot
cotton in the South where withdrawal of offers has sent the
basis
higher and above buyers' limits.
Southern spot
as
officially reported were unchanged to 6 points
higher.
Average price of middling 8.28 cents.
markets
On
21st inst. prices closed unchanged to 2 points
The market ruled dull most of the session.
The
the
higher.
movement of cotton into government
loan rather than into
usual trade channels has placed the market in a stalemate,
with traders completely puzzled over what to expect.
Prices
a
very narrow
range
of 2 to 8 points.
Under
interest has dwindled to small
proportions, and has also been diverted into the stock
ket by the recent great
mar¬
activity and wide price fluctuations.
immediate solution of the problem,
deadlock
and
the contract market
contracts
the
which might break the
bring buyers and sellers together.
selling
are
below
a
only slightly above the
prices closed
was
on
S^c.
loan, while
cotton
basis mid-
Average price of middling at the 10 desig¬
nated spot markets was
Today
Prices in
parity with the loan price,
government will loan farmers 9c.
dling % staple.
6,149 222,973 2,887,863
cotton
what to expect.
inclined to sell,
Cotton merchants complained of small business and had no
during the past week has been
relatively light, with prices showing no marked
movements
either
way.
Movement of cotton into
over
not
with the
market
in
were
these conditions speculative
Shipboard Not Cleared for—
Britain France
Farmers
offering a better inducement than prevail¬
ing prices.
This situation resulted in a general scarcity of
contracts.
Southern spot markets, as officially reported,
were 4 to 10 points higher.
Average price of middling at
the 10 designated spot markets was 8.30 cents.
On the 18th
inst. prices closed 2 to 10 points net lower.
The contributing
factors in the declines today were the weakness of the stock
market and declining Liverpool and Bombay cotton markets.
There was little or no support to the local market and prices
yielded readily to the slightest pressure, at one time de¬
clining 18 to 21 points.
Heavy rains, coupled with a general
disposition to hold cotton or place it in the Government
loan, did much to lighten hedge selling.
Weakness in the
stock market had a very depressing effect, and considerable
liquidation came from Wall Street sources.
However, when
shorts attempted to cover, the cotton market rallied in a
rather substantial way.
Rains in the South covered a wide
moved within
On
Oct. 22 at—
inst. prices
market derived its strength
ixeceipio iv
Oct 22.
16th
1937
23,
closed 4 to 9 points up.
The
chiefly from active foreign buy¬
ing, which caught the market with a limited amount of
offerings.
Initial prices were steady and 8 to 14 points
advance in response to firmness abroad, and on active foreign
buying.
Most foreign orders came from Bombay, although
there was fair business from Liverpool and Japanese interests
were buyers.
After the early demand had spent itself, the
market developed a sagging tendency, though the tone was
steady and traders appeared cautious about taking any
aggressive position on the selling side.
The holding move¬
ment in the South is becoming more and more pronounced.
Hedge selling was small and mostly in the form of moderate
Stock
1936
Oct.
8.29c.
3 points down to 1 point
up.
barely steady in rather quiet trading.
The
At the
beginning of the final hour the list was down 3 to up 2
from yesterday's closing levels.
Futures opened
steady, unchanged to 3 points lower, with Southern selling
points
liquidation taken by the trade and foreign buying.
price-fixing was a little more active,
yesterday's larger sales of cotton goods.
apparently
Trade
against
Bombay and Liver-
-
Volume
Financial
145
pool also took contracts supplied by the South, commission
houses, locals and New Orleans. Although hedge selling was
small, buying soon dried up and the market sagged a point
or
so
during early trading.
Cooperative interests were
credited
with
tions
the
of
selling December.
central
belt
Cold rains
north
in
sec¬
expected to further delay
were
crop movement.
Oct. 16 to Oct. 22—
Sat.
New York
1935
...12.22c.
9.40c.
1925
6.25c.
1924
6.70c.
1923
1922
...
-
...
...
-
„
-
-
..
„
-
Fri.
8.49
Wed.Thurs.
Tues.
8.52
8.49
8.52
8.51
Quotations for 32 Years
1921
...18.50c.
—
1920
20.z0c.
-
1927
1926
—
..
1930
-
1928
11.20c.
-.10.50c.
1933
1931
1929
-.12.50c.
..
1934
1932
8.49c.
...
Mon.
8.62
Middling upland
._
India cotton afloat for Europe...
—20.00c.
1918
.—21.75c.
1917
...24.20c.
1916
—30.30c.
-.23.9,5c.
...
1919
...12.55c.
1915
—
—
—
—
...
1914
1912
1911
28.45c.
1909
—
18.50c.
1908
1907
9.75c.
14.45c.
.
13.95c.
9.40c.
.
-
.
1906
...
11.00c.
.
1910
12.45c.
—
—
14.50c.
_
21.00c.
—36.60c.
—32.00c.
—
above, totals of American and other descriptions are as follows:
'
*"
• •'
YY"
i" V -"-"7 '•/- :<• :V,'A ' \
:V V'-.-i
v>
Liverpool stock
bales.
258,000
214,000
121,000
234,000
Manchester stock
64,000
45,000
29,000
35,000
Bremen stock
70.000
95,000
112,000
291,000
Havre stock
159,000
133,000
49,000
121,000
Other Continental stock
35,000
50,000
87,000
American afloat for Europe
440,000
382,000
342,000
230,000
U. S. port stock
--.3,110,836 2,465,934 2,607,035 3,087,041
U. S. interior stock
.2,051,912 2,179,563 2,220,751 1,829,198
U. S. exports today
30,276
32,384
15,873
17,113
——
_
1913
..18.60c.
...7,785,024 7,366,881 6,802,659 7,899,352
Of the
AtflCTiCdTi—
..
—
11.45c,
11.25c.
.
Total American
..—.6,219,024 5,546,881
East Indian, Brazil, &c.—
Liverpool stock...
Manchester stock
Market and Sales at New York
38,000
34,000
20,000
39,000
171,000
199,000
Havre stock
Other Continental
SALES
Futures
Spot Market
_
_
....
Market
Closed
Closed
3",666
200
250
Total week.
The
14.800
15,790
78,000 101,287
990
23,287
______
above
increased
totals
that
show
3,000
3,400
1,900
7,000
250
3,400
1,600
6,800
"300
-
—
the
stocks
interior
have
147,877 bales and are tonight
127,651 bales less than at the same period last year.
The
receipts of all the towns have been 16,925 bales less than
the
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
240
240
...
Steady
Steady.
Steady
Steady.
Total
Contr'ct
Spot
Steady—
Steady.
Steady, 6 pts. adv..
Quiet, 10 pts. dec—
Steady, 3 pts. dec—
Steady, 2 pts. adv..
Steady, 1 pt. adv
Steady, 3 pt. dec
Since Aug. 1
stock....
Indian afloat for Europe
week last year.
same
lowest and closing prices
week have been as follows:
at
highest,
New York for the past
Oct.
Oct. 18
16
Wednesday
Oct.
At the Interior Towns the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year'—is set out in
detail below:
Towns
Oct. 22
21
Movement to Oct. 23, 1936
Week
8.35ft
8.34ra
8.40ft
_
8.37ft
8.36ft
8.34 n
Ala., Birming'm
4,450
864
_
8.17- 8.36
8.15- 8.35
8.27-
8.28- 8.36
8.28- 8.34
Montgomery.
3,018
8.27- 8.28
8.29- 8.30
8.31- 8.32
8.32
8.29- 8.30
Selma
5,160
8.37
8.22- 8.30
8.14- 8.28
8.26- 8.33
8.28- 8.31
8.28- 8.32
8.22
8.28
8.29
8.30
8.30
8.38
Ark. Blytheville
Jan.(1938)
Range..
8.31-
Closing
8.32
_
—
—
13,053
3,840
Forest City..
Helena
6,271
5,460
3,720
10,721
3,479
Hope
Feb.—
Jonesboro
Range—
Little Rock__
8.21ft
8.26ft
8.27 ft
8.29 ft
8.28- 8.34
8.12- 8.31
8.09- 8.28
8.23- 8.32
8.22- 8.30
8.24- 8.29
Pine Bluff...
8.30
Closing.
8.20- 8.22
8.23- 8.25
8.25- 8.26
8.27
8.26- 8.27
Walnut Ridge
8.31ft
8.28ft
Newport
March—
—
Closing.
—
—
Ga., Albany
April—
.
930
I
29,288
352|
9,619
352j
2,048
Stock
Oct.
Week
23
Season
8.28- 8.38
30,521
346
2,194
2,475
14,070
6,436
31,241
46,803
105,596
2,567
18,838
37,789
3,796
5,529
49,511
57,202
86,828
21,608
38,155
21,476
14,692
766
19,314
854
66,849
6,616
14,321
23,857
72,537
2,933
71,059
19,447
46,019
42,047
27,053
13,619
1,494
1,508
6,963
1,605
61,985
28,765
1,182 19,030
750 24,805
1,686 99.754
3,794127,592
1,100 33,900
5,440
2,193
5,400
4,126
2,126
8.29- 8.31
8.24
—
25,995
9,779
324
6,449
94,384
900
10,500
2,538
31,607
825
35,786
1,957,
2,165
11,292
12,562
8,706
990
990
5,557
8,622
2,001
2,001
19,278
61,691
72,956
2,450
11,251
8.22- 8.30
8.24- 8.29
8.25- 8.26
8.27- 8.28
8.27- 8.28
June—
La., Shreveport
Range.
8.26 ft
8.26ft
8.13- 8.34
8.13- 8.33
8.25-
8.26- 8.27
8.26
8.28
8.27ft
8.27 ft
Columbus...
8.25ft
8.29ft
Closing
19,980
8.24- 8.31
8.26- 8.30
Greenwood..
8.28
8.27
Jackson
19,843
4,279
Miss.Clarksdale
July—
Range..
Closing
8.30
8.37
8.29-
—
—
8.34
—
—
VIcksburg...
1,399
3,930
Yazoo City_.
1,131
Mo., St. Louis.
Natchez....
Aug.—
.
95,390
107,003
48,596
150,789
41,841
7,192
54,388
7,925113,983
2,326
31,083
5,686
765
6,643
18
21,187
42,155
42,155
27,956
618
618
1,136 17,278
1,440 36,436
6,804
1,499
5|
1,802
15 towns *..
30,142
174,553
19,939147,554
8.36- 8.40
S. C.,Greenville
4,450
30,174
8.39
Tenn., Mem phis 115,038
610,727
27,506
Range..
8.33ft
8.30ra
8.30ft
8.31ft
8.31ft
8.31ft
8.36ft
Closing.
8.34ft
8.34ft
8.34ft
8.34ft
8.35ft
Sept.—
Range..
N.C.,Gr'nsboro
_
8.40- 8.52
8.25- 8.46
8.26- 8.45
8.37-
Closing
8.40
8.38
8.39
8.37ft
—
—
—
8.44
8.358.38
8.40
—
19 1937 12.40 July
8 1937 13.93 Apr.
Nov. 1937-
8.15
Oct.
19
8.36
Oct.
18
8.15
Oct.
Dec.
1937—
8.14
Oct.
19
8.37 Oct.
16
7.60
Oct.
1938—
8.14
Oct.
19
8.37
Oct.
16
8.09 Oct.
19
8.34
Oct.
16
9 1937 13.94 Apr.
5 1937
8.40 Sept. 27 1937 13.85 Mar. 31 1937
7.52 Oct.
8 1937 13.97 Apr.
5 1937
1938—
7.50
10,207
61,230
5,421
1,000
58,196
31,849
8,723108,885
2,312 36,049
712
7,105
872 17,532
3,390 25,115
758
10,282
50.863
9,605
1,668
741
4,183
16,254'
6,396
2,439
75,519
1.963!
60,740
79,464 495,869 165,910
3,164
6,889103,852
58,412
3,583; 51,249
890,749119,008637,954
24,518
5,586
5,633
9,849
1,544
2,677
3,283
452
452
3,494
512
2,767
5,338
5,875
63,179
64,804
15,645
15,645
6.878
6,878
24,354
24,354
70,163
70,163
4,652
6,074
196
126
2,457
14,389
19,124
1,592
643
14,650
5,332
5,148
55,345
51,088
4,456
5,142
17,588
1,044
166
1 66
2,648
2,305
18,207
9,559
2,665
731
12,118
11,737
Dallas.
.—
Paris...
18
13 7
4,250
1.948
San Antonio.
8 1937 12.96
Oct.
19
8.38 Oct.
16
7.60
Oct.
9.63
8.13
Oct.
18
8.37
Oct.
16
7.65 Oct.
Aug. 27 1937 11.36 July
8 1937 11.36 July
—
Waco.......
1,493
4,996
1,661
262
262
12,793
5,143
1 40
22,135
58,095
2,131
9,317
Total, 56 towns
*
27 1937
27 1937
Sept. 1938._
~8?2~UOct?"i8 "8.52" Oct?" 16 ~8?2 5 "Oct18* 1937 ~8?52~ Oct." 16~1937
356,3852,386,131 208,5082051912 373,3102,541,286268,8302179563
Includes the c ombined totals
of 15 towns in Oklahoma.
Overland Movement for the Week and Since Aug. 1—
May 21 1937
Nov. 1938—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week
Aug. 1 in the last two years are as follows:
and since
1937
1936-
_
Since
Oct. 22—
The Visible
Supply of Cotton tonight,
made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
■only.
648.000
1936
693.000
1935
387,000
125,000
89,000
55,000
773,000
108,000
193,000
782,000
442,000
166,000
70,000
13,000
28,000
53,000
9,000
3,000
342,000
1937
Stock at Liverpool..
Stock at Manchester..
bales.
Total Great Britain—
Stock at Bremen.....
139,000
Stock at Genoa
28",000
Stock at Venice and Mestre
10,000
3,000
172,000
10,000
35,000
20,000
7,000
6,000
356,000
389,000
Stock at Havre
Stock at Rotterdam,
14,000
Stock at Barcelona...
Stock at Trieste
Total Continental stocks
Total European
stocks
1,129,000 1,171,000
1934
859.000
77,000
Via St.
Via Rock
145,000
&c
Island.
points
Via other routes, &c
Via Virginia
Inland, &c., from South
Total to be deducted...
^
*
6,804
5,550
206
Aug. 1
Week
Aug. 1
29,001
31,245
10,282
7,250
466
100
1,571
3,796
47,886
62,350
38,315
—
1,032
261
44,558
77,527
4,450
21,362
35,922
Deduct Shipments—
Overland to N. Y., Boston, &c—
Between interior towns
Leaving total net overland *
Since
,
3,827
19,535
-
-
Total gross overland
147,000
784,000 1,581,000
-
Via Louisville
936,000
8,000
8,000
Louis
Via Mounds,
354,000
25,000
54,000
49,000
_
Week
Shipped—
as
.
Oct. 22—
13,317
5 1937
Aug. 1938—
1938.
35,638
600
10,164
548
12 1937
Oct.
8.11
1938
1938—
827
1,200
400
13,687
1938
1938—
23,003
10,373;
7,830
2,089
12,032
12,032
Range Since Beginning of Option
Range for Week
Jan.
1938-
3,288
1,723
3,265
200
559
Robstown...
May
18,685'
8,485
17,847
22,467
90,471
140,024
33,750
38,656
24,302
46,245
200
Texarkana
July
675
2,091
Brenham....
Option for^~
June
9,265
38,052
106,455
4,775
24,822
7,693
79,318
89,109
25,459
164,463
Texas, Abilene-
Nominal.
Range for future prices at New York for week ending
Oct. 22, 1937, and since trading began on each option:
Feb.
298
1,230
9,724'
2,433
200
1,898
Austin
Mar. 1938—
5,278 54,628
3,458 23,269
Oklahoma—
Oct.—
Range.
51,981
10,434
2,486 66,541
1,969 81,151
12,420115,138
1,579 18,194
2,633 32,735
3,630 23,778
2,463 12,328
10,213 108,679
2,044 16,729
52,435
4,256
Macon......
8.23- 8.32
—
3,085
620
38,557
11,485
109,173
15,565
8,007,
Augusta
Columbus.—
Atlanta.....
8.11- 8.30
8.12- 8.32
Closing.
Closing
6,927
Rome.——
Range..
Dec.
Ship¬
ments
Receipts
Week
22,168
44,272
8.26ft
May—
Oct.
22
11,962
8.27 ft
8.26
8.22ft
.
8.25ft
8.24ft
8.30ft
Closing
—
14,036
5,096
1,343
Athens
Range..
Apr.
8,134
33,240
52,886
71,619
22,116
8.36
8.32- 8.33
8.31-
__
Closing
n
23,397
Eufaula
Dec.—
Range
Oct.
Week
Season
Stocks
__
Closing
Range
Ship¬
Receipts
Woo.(1937)
Range
660,000
Friday
Thursday
Oct. 20
19
21,000
37,000
53,000
173,000
190,000
417,000
Continental imports for past week have been 122,000 bales.
ments
Oct.
625,000
42,000
63,000
26,000
57,000
54,000
183,000
258,000
1,566,000 1,820,000 1,256,000 1,968,000
6,219,024 5,546,881 5.546,659 5,931,352
Movement to Oct, 22,1937
Tuesday
Monday
Saturday
266,000
26,000
73,000
Total visible supply
7,785,024 7,366,881 6,802,659 7,899,352
Middling uplands, Liverpool
4.89d.
6.96d.
6.47d.
6.92d.
Middling uplands, New York
8.49c.
12.18c.
11.30c.
12.50c.
Egypt, good Sakel, Liverpool....
9.53d.
11.38d.
9.46d.
8.77d.
Broach, fine, Liverpool
4.12d.
5.66d.
5.84d.
5.25d.
Peruvian Tanguis, g'd fair, L'pool
6.09d.
8.06d.
C.P.Oomra No.l staple,s'fine.Liv
4.27d.
5.67d.
during the week
Futures—The
614,000
Total East Tndia, &c.
Total American
5,546,659 5,931,352
479,000
44,000
65,000
39,000
57,000
45,000
168,000
275,000
648,000
390,000
61,000
Bremen stock
Saturday
Monday
Tuesday
WednesdayThursday
Friday
1936
American cotton afloat for Europe
Total visible supply
quotation for middling upland cotton in the
New York market each day for the past week has been:
1936
1935
1934
39,000
45,000
53,000
54,000
440,000
382,000
342,000
230,000
Egypt, Brazil ,&c., afl't for Europe 171,000
168,000
173,000
183,000
Stock in Alexandria, Egypt
199,000
275,000
190,000
258,000
Stock in Bombay, India.
614,000
648,000
417,000
660,000
Stock in U. S. ports.
3,110,836 2,465,934 2,607,035 3,087,041
Stock in U. S. interior towns.
2,051,912 2,179,563 2,220,751 1,829,198
U. S. exports today.
30,276
32,384
15,873
17,113
1937
-
The official
1937
2715
Chronicle
183,829
43,705
532
189
5,518
7,183
2,448
52,035
175
6,989
3,528
4,480
88,618
—-
100
94,814
248,732
6,239
61,666
4,755
99,135
29,683
122,163
38,950
149,597
Including movement by rail to Canada.
foregoing shows the week's net overland movement
been 29,683 bales, against 38,950 bales for
year, and that for the season to date the
aggregate net overland exhibits a decrease from a year agoof 27,434 bales.
The
this year has
the week last
Financial
2716
-1936-
-1937In Sight and Spinners'
Total
Excess
Southern
mill
taking
consumption to Oct. 1
over
Week
38,950
135,000
4,551,310
996,796
378,683
5,038,105
1,201,939
>
*253,838
*108,248
657,113
625,879
5,986",206
Total in sight Oct. 22-^----
North, spinn's* takings to Oct. 22
*
Aug. 1
2.841,713
149,597
1,560,000
552,633
104,480
Aug. 1
3,510,942
122,163
1,405,000
478,002
.147,877
of
Since
Since
Week
Receipts at ports to Oct. 22323.319
Net overland to Oct. 22
29,683
South'n consumption to Oct. 22.-125,000
Takings
40,569
5,439",858
291,229
45,920
339,416
Decrease.
Movement into sight in
previous
years:
Since Aug. 1—
Bales
Week—
1935—Oct.
25
615,890
1934—Oct.
26
1934
1933—Oct.
27
411,862
543,435
Bales
5,126,371
3,589,112
5,279,731
1935
1933
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Closing Quotations for Middling Cotton
Saturday Monday
Galveston
8.18
8.13
Economics—According to the U.S.Department of Agriculture
W. B. Lanham and F. H. Harper in the October issue of
"The Agricultural Situation", monthly publication of the
Bureau of Agricultural Economics, answer with statistical
proof to the contrary allegations made from time to time
that the American Cotton Carry-Over is of poor quality.
The announcement by the Department of Agriculture said:
The cotton marketing specialists point out that this charge is made
frequently by persons apparently ignorant of the facts and of the influence
such statements may have upon the value of American cotton.
They saybluntly that "the cotton carry-over of the past 10 years did not include
large quantities of unspinnable' cotton; it did not include excessively large
quantities of untenderable cotton."
The cotton quality reports are based upon the classification of samples
representingcotton in storage, a service that was started by the Bureau in
1928.
8incei928, it is reported that "although there has been a marked
increase in the proportion of upland cotton shorter than an inch in staple
in the carry-over, and a corresponding decrease in the proportion that was
1 inch and longer in staple, cotton shorter than an inch in staple has not
been made up of excessively large proportions of the very short lengths.
"The average staple length of the annual carry-over of upland cotton
during most of this period was longer than the average staple length of
upland cotton ginned from the preceding crop. And upland cotton carried
over in consuming establishments has averaged longer in staple than the
aggregate of that carried over in public warehouses and other places of
on—
cotton
Tuesday
Wed'day Thursday
8.15
Friday
New Orleans
8.38
8.36
8.38
Mobile
8.42
8.37
8.39
8.17
8.38
8.41
8.15
Savannah
8.43
8.38
8.39
8.46
8.47
8.50
8.40
8.56
8.50
8.50
8.40
8.40
8.57
8.54
8.17
8.38
8.38
8.42
Oct. 23,1937
storage.
"Ab >ut 64% of the upland cotton in the 9 carry-overs of 1928-36 was
Extra White and White Middling and above in grade.
Spotted cotton con¬
stituted only about 13% of those carry-overs, and most of the spotted
Week Ended
Oct. 22
Chronicle
8.39
8.44
Norfolk
8.55
8.50
8.50
Montgomery
Augusta
Memphis
8.45
8.40
8.40
8.57
8.30
8.52
Houston
8.17
8.25
8.12
8.54
8.30
8.15
8.15
8.30
8.15
8.30
8.15
Little Rock
8.20
8.15
8.15
8.15
8.15
7.77
7.72
7.74
7.74
7.77
7.72
7.74
7.76
7.76
7.77
Fort Worth
7.77
12%
was
tenderable cotton
was
shorter than
7.74
8.30
% inch in staple."
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening denote that there has been considerable
8.15
Dallas
Middling and above in grade.
1% of the upland cotton in the carry-overs of 1928-37 was
the lowest of the established grades, and only about
untenderable on futures contracts.
About one-half of the un¬
was
"Less than
lower in grade than
rain in the eastern third of the cotton belt.
remnants
more
or
left in
less
the
There
fields and they are
cotton
are
only
sustaining
damage to grade from day to day.
Rain
Days
New Orleans Contract Market—The
for
closing quotations
Rainfall
Inches
High
Low
Texas—Galveston
4
2.62
81
60
Amarillo
1
0.04
82
36
59
Austin
1
0.26
82
44
63
Abilene
1
0.06
86
44
65
3
5.18
86
48
67
leading contracts in the New Orleans cotton market for
week have been as follows:
the past
.
Brenham...
Saturday
Oct.
Nov
Monday
16
Oct.
18
Tuesday
Oct.
Wednesday
Thursaay
Oct. 21
8.38- 8.39
8.35- 8.36
8.38
8.39
8.39
8.31
8.36
8.37
8.37
—
8.37- 8.38
8.27
8.33
8.32- 8.33
8.34
a8.34-a8.35
April
8.35- 8.37
8.26
8.32
8.35
8.34
8.39
8.30- 8.31
8.35
8.37
8.36
48
66
78
dry
44
61
1
0.22
78
44
61
2
1,15
84
34
59
2
1
3
1.36
0.94.
3.30
88
86
80
36
46
66
42
61
2
1.04
82
48
_
Paris
1
62
65
t
8.42
8.49
8.48
—
8.465-8.47a
8.45
—
8.45
—
Steady.
__
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
,
0.54
80
40
60
San Antonio
2
1.44
86
54
70
Taylor
8.37
Tone—
Spot
Options.
84
4
3.18
86
44
65
Weatherford-
—
August
September
-.
71
2
Palestine.
b8.34-a8.36
June
October
72
56
Lampasas
Luling
Nacogdoches
.
March
July
58
86
Kerrville
8.36
May
86
1.38
3.13
Henrietta
8.37
8.36
February
0.20
.....
El Paso
(1937)
DecemberJan.
(1938)
2
2
Dallas
Oct. 22
19
Mean
71
Corpus Christi
Friday
Oct. 20
Brownsville
Thermometer
2
0.90
82
40
Steady
Steady
Steady
Activity in the Cotton Spinning Industry for Sep¬
tember, 1937—The Bureau of the Census announced on
Oct. 20 that, according to preliminary figures, 26,843,020
cotton
spinning spindles were in place in the United States
on
Sept. 30, 1937, of which 23,886,948 were operated at
some time during the month,
compared with 24,353,102 for
August, 24,394,300 for July, 24,558,398 for June, 24,656,284
for May, 24,727,106 for April, and 23,518,904 for Septem¬
ber, 1936.
The aggregate number of active spindle hours
reported for the month was 7,658,339,165.
Since the in¬
auguration of this inquiry in 1921, the average hours of opera¬
tion for the day shift for all of the mills was used in computing
the monthly percentage of activity.
The hours of emoloyment and of productive machinery are not uniform
through¬
out the industry.
However, in order that the statistics may
be comparable with those for earlier months and years, the
same method of computing the
percentage of activity has
been used.
Computed on this basis the cotton spindles in
the United States were operated during September, 1937,
at 124.1% capacity on a single-shift basis.
This percentage
compared with 130.5 for August, 121.9 for July, 136.6 for
June, 137.6 for May, 146.4 for April, and 125.8 for Septem¬
ber, 1936.
The average number of active spindle hours per
spindle in place for the month was 285.
The total number
of cotton spinning spindles in place, the number
active, the
number of active spindle hours, and the
average hours per
spindle in place, by States, are shown in the following state¬
4.00
78
41
1
0.36
74
44
59
2
2.20
72
40
56
4
Fort Smith
Steady.
61
55
59
3.06
78
40
4
3.60
79
48
64
3
79
40
60
80
58
69
44
61
59
Oklahoma—Oklahoma City
Arkansas—Eldorado
dry
3
...
Little Rock
:
Pine Bluff
Louisiana—Alexandria
Amite....
Active Spindle Hours
for August
In Place
Active Dur¬
Sept. 30
ing September
United State3
26,843,020
23,886,948
7,658,339,165
285
Cotton-growing States
18,774,878
7,171,786
896,356
17,694,270
5,546,998
645,680
6,184,681,582
1.326,815,802
146,841,781
38
59
New Orleans
2
Shreveport
Mississippi—Meridian
Vicksburg.
1
2
2.12
3.14
78
74
44
3
0 35
48
60
Alabama—Mobile
3
45
'65
Birmingham
Montgomery
Florida—Jacksonville
2
8.94
2.08
72
82
72
44
1.24
74
46
60
0.04
2.88
78
68
68
72
52
48
3
1
Miami
4
1
'
58
1
0.50
88
80
86
1
1
0.06
80
0.32
84
42
63
Atlanta.
1
40
1
0.16
1.01
70
Macon
84
44
55
64
Pensacola
Tampa
Georgia—Savannah
Augusta
South
Carolina—Charleston._
4.62
dry
80
,
66
72
64
58
80
1
0.70
Asheville
Newbern
2
1
0.28
76
32
0.69
80
43
Raleigh
Wilmington
1
1
0.60
78
36
66
58
59
56
54
62
57
Greenwood.
Columbia
North Carolina—Charlotte
2
2
Tennessee—Memphis
2.26
0.41
52
80
35
78
40
76
36
0.30
Chattanooga
4
3
Nashville
2
78
42
60
2.66
69
36
57
1.00
1.20
74
38
56
68
36
57
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:
Oct. 22,1937
Feet
New
Orleans
Above
Nashville
.Above
zero
_.Above
zero
zero
of gauge.
of gauge.
Above
...
zero
Above
Memphis—----
zero
of gauge.
—
—
Shreveport
Vicksburg
of gauge.
of gauge.
2.0
Oct. 23. 1936
Feet
2.6
5.0
9.4
7.9
0.2
8.1
9.0
5.9
8.0
Receipts from the Plantations—The following table
indicates the actual movement each week from the
planta¬
tions.
State
72
2.67
5.18
ment:
Spinning Spindles
*
The
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
329
New England StatesAll other States
Average per
Total
Spindle in Place
Southern
185
Week
164
Ended
Receipts at Ports
1937
Alabama
._
Connecticut
Georgia.
Maine
Massachusetts
Mississippi
New Hampshire
New York
North Carolina
Rhode
Island
South Carolina
Tennessee
Texas
Virginia
All other States
__
1,910,934
669,360
3,239,890
70S,752
3,999,212
206,436
679,134
443,540
6,047,234
1,016,816
5,682,860
601,782
256,162
633,248
747,660
1,766,594
609,256
3,0/4,916
542,866
2,947,720
167,240
557,532
234,456
5,613,506
812,648
5,491,976
588,492
213,470
625.094
641,182
536,575,350
126.332,500
1936
1935
189
1,064,974,182
329
143,171,126
658,377,429
62,487,856
148,141,905
50,615,874
1,763,762,710
233,0S4,074
2,163,346,604
242,365,020
78,874,257
227,335,232
158,895,046
202
165
303
218
114
292
229
381
403
308
359
213
American Cotton Carry-Over Held Not
Deteriorating
LQuality by Specialists of Bureau of Agricultural
1936
1935
Receivedf rom Plantations
1937
1936
1935
281
July
23_.
28,601
28,419
37,205
30..
55,199
39,742
46,866
68,215
38, 915
56,583
848,9351,255,364 1,133,563
828,1471,206,417 1,121,646
3,764
34,411
Nil
Nil
25,760
34,849
Aug.
6..
13..
94,093 52, 891 61,492
20.. 149,210 76, 336 96,074
27..
21,570 141, 365 159,138
811,1821,167.401 1,111,532 39 ,236
796,1501,144,6601,097,283 79 ,061
788,408 1,132,176:1,094,124 141 ,468
806,649,1,140.7811,119.686,239
Nil
46,569
30,140
47.243
63,862
92,915
,811 149,970 184,700
Sept.
3_. 300.222 201, 842 188,943
836.739:1,219,831 1,178,879:330, 292|280,892 248,136
10.. 309.808271, 456 215,017
918,1781.339,682 1,274,081361, ,614391,307,310,219
17.. 347,270 340, 815 265,021 1,050.9141,499,275 1,414,604480, 006
500.408405,544
24.. 411,538 314, 287 336,897 1.245,5391.677.862'
Oct.
1-. 479,801319,754 326,252
*n
Stocks at Interior Towns
1937
8..
1,610,222,606, 163492,874 532,615
1,490,5641,832.0261.784,489'724,826 473,918'500,419
441,721330,033 387,0601.715,6931,980,3361,990,723 666,850478,343 593,294
15.. 379,066370,723 372,945!i;904,0352,098,733 2,132,345
596,889,489,120 514,566
22.. 323,319 378,683 405,164 2,051.912 2,179,563
2,220,751471,196 483,1631493,570
Volume
2717
Financial Chronicle
145
Shipping News—Shipments in detaii:
(1) That the total receipts
plantations since Aug. 1, 1937, are 4,730,767 bales;
in 1936 were 3,835,997 bales and in 1935 were 3,977,900
bales.
(2) That, although the receipts at the outports the
past week were 323,319 bales, the actual movement from
plantations was 471,196 bales, stock at interior towns
having increased 147,877 bales during the week.
The above statement shows:
from the
GALVESTON—To Manchester—Oct.
1,143
To
To
19—Tubeck,
Bremen—Oct.
13,290
Hamburg—Oct. 19-—Tubeck, 110—Oct. 18—Nienburg, 63
173
Gdynia—Oct. 19—Tennessee, 800—Oct. 15—Tatra, 802-1,602
To Puerto Colombia—Oct.
-
Nevada, 3,109
amounts gone out of
19356
Of which
*
a
657", i 13
5,986,206
112,000
81,000
483,200
90,000
17,000
8,000
86,000
7,000
5,439,858
137,000
96,000
519,200
103,000
11,000
5,000
90,000
7,000
7,366,881
366,000
247,000
3,306,404
2,184,604
1,121,800
471,990
364,990
107,000
3,827,435
2,984,235
Utrecht, 87
To Copenhagen—Oct. 18—Tennessee, 1,036
To Gdynia—Oct. 18—Tennessee, 600—
To San Jose—Oct. 14—Genevieve Lykes, 30
7,366,881
119,000
843,200
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
1.560,000 bales in 1936—takings
Southern mills, 1,405,000 bales in 1937 and
being available—and the aggregate amount taken by Northern and
foreign spinners, 1,901,404 bales in 1937 and 2,267,435 bales in 1936, of
which 779,604 bales and 1,424,235 bales American,
h Estimated.
not
receipts
India Cotton Movement from All Ports—The
and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
of India cotton at Bombay
1935
1936
1937
Oct. 21
Receipts—
Weet,
Since
Since
Since
Week
Aug. 1
Since Aug.
For the Week
Great
Conti¬
1
nent
Great
China
Conti¬
Total
nent
China
Total
Bombay—
12,000
7~oo6
19,000
6.000
39,000
6,000
15,000
21,000
5,000
63,000
153,000
101,000
134,000
143,000
3,000
3,000
1937
4,000
48,000
13—Auditor, 492
To Bremen—Oct. 16—Porta, 1,800
CORPUS CHRISTI—To Genoa—Oct. 15—Ada O,
To Bergen—Oct. 15—Tennessee, 1,066
To Gdynia—Oct. 15—Tennessee, 350.
734
6,000
2,000
8,000
26,000
55,000
2,000
5,000
44,000
52,000
10,000
45,000
68,000
113,000
6,000
5,000
11,000
30,000
103,000
24,000
50,000
91,000
31,000
50,000
131,000
Joliet, 1,511
1936
3,000
14,000
7~6oo
1935
3,000
13,000
15,000
275,000
324,000
143,000
Alexandria Receipts
of Joliet, 1,075
13—Yaka, 2,912-Hamburg—Oct. 14—Frankfort, 394..
To
LOS ANGELES—To
To
Japan—Oct.
This
Since
This
Week
7,000
Liverpool
&c
To Continent & India—
Aug.
27,455
27,755
134,104
3,981
To Manchester,
2l",666
To America......
1
Week
To
9,000
Aug.
1
16,000 36,215
9,000 31,728
32,000 134,110
5,219
1,000
27,797
26,964
20",666
Since
This
Week
1
100,473
4,391
—
28,000 193,295
58,000 207,272
29,000 159,625
High
20 were
8* hbs. Shirt¬
Cotton
8* Lbs. Shirt¬
32s Cap
ing s, Common
32s Cap
ings, Common
Flume
.67c.
.52c.
Japan
,52c.
.67c.
Shanghai
d.45c,
.60c.
to Finest
Upl'ds
Twist
to Finest
d.
s.
13*@14* 10
30-. 12*@14* 10
d.
8
4*@10
6.60
11
7*
6.12
10* @12
Aug.
Only small lots,
10
10
d.
10*@10
5
@10
-
-
Total imports
Of which American
The tone of the
2
7.10
Spot
4* @10
7*
4*@10
6.92
12:15
6.74
10
1*@10
1*@10
1*@10
0
@10
4*
4*
4*
5.56
1*@10
4*@10
4*
7*
6.70
5.46
5.38
10*@11* 10
10
10*@12
10*@11* 10
0
@10
3
6.98
3
5.08
10*@11* 10
0
@10
3
6.73
9 10*@10
1*
4.89
10*@11* 10
0
@10
7.02
4.75
11
@12* 10
0
@10
3
3
6.86
4
4.82
11
@12* 10
4*@10
7*
6.99
P. M.
4.89
10* @12
6
6.96
Sept.
10
10
10
9
9
@10
9 10*@10
9 10*@10
1*
1*
■
10
3
@10
Oct. 15
Oct. 22
60,000
726,000
358,000
103,000
61,000
234,000
163,000
59,000
773.000
322,000
109,000
-93,000
171,000
96,001)
and futures
daily closing prices of
Liverpool market for spots
Moderate
Quiet.
6.99
'
Futures.
Market
opened.
Market,
Tuesday
Friday
Quiet.
demand.
4.93d.
4.92d.
4.87d.
Wednesday
Thursday
A fair
A fair
business
business
business
doing.
Monday
6.70
Mid.Upl'ds
Oet.
week:
A fair
Saturday
P. M.
1*@10
224,000
59,000
34,000
239,000
168,000
the past week and the
Market,
7.02
1*@10
@10
6.20
5.93
56,000
686,000
7.33
7*
10*@11* 10
3
7*
6
6
Oct. 8
49,000
684,000
216,000
54,000
21,000
266,000
718,000
e.
5.63
@10
L.
Of which American..
5.78
3
d Direct steamer
Oct. 1
Forwarded
Total stocks
Of which American
4*
4* @10
Gothenb'g
.72c.
.600.
.67c
_
1*@10
11*@13*
11*@12*
8- 11*@12*
15- 11*@12*
22- 11*@12*
9
67o.
•
Liverpool— Imports, stocks, &c., for past
10
27-.
1-.
s.
.72c.
.52c.
7*
4*
6
20-.
11*@13
10-. 11 *@13
17-. 11*@13
24-. 11*@13
@12*
.57c.
.52c.
10* @12
10*@11* 10
10*@11* 10
10
12*@14
12*@13* 10
12*@13* 10
3..
d.
9
.65c.
Hamburg
each day of
d.
s.
@10
.60o.
Bremen
Upl'ds
d.
.60c.
Bombay x
.73c.
x
1.00
Copenhag'n.57o.
Naples
d.45c.
Leghorn
d.45c.
.78c.
quotations.
1.00
Venice
*
■
,58c.
No
.85c.
♦
*
.63c.
•
Standard
1.00
d.86c.
Salonlca
Barcelona
.67c.
Oslo
Middl'g
Twist
from New
Density
Piraeus
.60c.
d.45c.
.67c.
52c.
Havre
Cotton
Middl'g
,
.85c.
,60c.
d.45c.
Amount afloat.
s.
Density
Trieste
Stockholm
1936
300
1.266
2,313
-
High
Standard
High
Standard
.67c.
Manchester. 42c.
Genoa
that the market in yarns is
Demand for home trade is
improving.
We give prices today below and leave those for
previous weeks of this and last year for comparison:
23_.
1,000
1,870
-144,316
....
Density
Market—Our report received by cable to¬
July
J.750
-----
Freights—Current rates for cotton
,52c.
Liverpool
night from Manchester states
firm and in cloths is steady.
1937
—-^r.
as
Rotterdam
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Oct.
430,000 cantars and the foreign shipments were 28,000 bales.
Note—A cantar is 99 lbs.
Manchester
-
113
furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
York,
Antwerp
Total exports
—-
Liverpool—Oct. 18—Pacific Pioneer, 224. - - 18—President Harrison, 250; Buenos Aires
Total
2,017,571
Since
Aug.
—
Harrison, 1,000—
Ghent—Oct. 18—Edgehill, 1,870
Antwerp—Oct. 18—Edgehill, 300
Havre—Oct. 18—Edgehill, 1,266_
Rotterdam—Oct. 18—Edgehill, 2,313
Cotton
Exports (Bales)—
1,075
2,912
394
210
318
§0
489
1,317
113
'oo?
224
To India—Oct. 18—President
550,000
450,000
2,593,478
430,000
2,446,155
3,77?
LAKE CHARLES—To
1935
To
1
19—West Kyska,
19—Brand, 1,832
To Antwerp—Oct.
To
Since Aug.
14—Frankfurt, 210
To Bremen—Oct.
Oct. 20
This week
5,887
-
NORFOLK—To Bordeaux—Oct. 20—Cellamer, 318
To Bremen—Oct. 22—City of Baltimore, 89-To Hamburg—Oct. 22—City of Baltimore, 489_____--PENSACOLA, &c—To Manchester—Oct. 15—Yaka, 1,317
Maru, 1,500
1936
Receipts (cantars)
of
-----
-
-
MOBILE—To Manchester—Oct.
and Shipments
1937
Alexandria, Egypt,
400
-
21—City
2,l76---Oct.
To Rotterdam—Oct. 21—City
To Bremen—Oct.
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
6,000 bales.
Exports from all India ports record a decrease
of 13,000 bales during the week, and since Aug. 1 show a
decrease of 41,000 bales.
2,013
of
Dunkirk—Oct"." Y6—Belgique"," ¥.2651" Oct" " 21—City of
To
234,000
101,000
134,000
21—City
-
16—Belgique,
To Havre—Oct.
all—
1937
4,055
200—Oct.
16—Belgique,
Joliet,200
81,000
96,000
7,000
■
150
712
492
1,800
4,055
l.Obo
350
-
_
_
To Antwerp—Oct.
200
1,279-.-Oct. 21- -City of Joliet,
To Ghent—Oct. 16—Belgique,
179,000
211,000
3,900
3,000
1937
13-.
50
000
1.409
14—Breedijk, 5014—Breedijk, 900
15—Marina O, 1,409
To Buena Ventura—Oct. 3—Santa Marta, 200- —— -—----To Talchuano—Sept. 28—Contessa, 150BEAUMONT—To Liverpool—Oct. 13—Auditor, 712
To Genoa—Oct.
Other India:
6_.
30
14—Genevieve, Lykes, 249
— 249
14—Genevieve Lykes, 10
10
To Cartagena—Oct. 14—Genevieve Lykes, 190
190
To Valparaiso—Oct. 14—Genevieve Lykes, 21
21
To Ghent—Oct. 19—Belgique, 606; Nevada, 357—963
To
Havre—Oct.
19—Belgique,
1,266—Oct.
18—North
Cornwall, 1,486; Nevada, 1,645—
4,397
To Dunkirk—Oct. 19—Belgique, 786; Nevada, 244
1,030
To Antwerp—Oct. 19—Nevada, 11_
11
To Rotterdam—Oct. 18—North Cornwall, 800
§00
To Genoa—Oct. 18—Ada O, 3,648
--3.648
NEW ORLEANS—To Gdynia—Oct. 16—Kentucky, 850
850
To Varborg—Oct. 16—Kentucky, 100
100
To Riga—Oct. 16—Kentucky, 100
„
100
To Japan—Oct. 18—Assuan, 1,707___
1-707
To Valparaiso—Oct. 20—Cefalu, 700
700
To Havana—Oct. 20—Cefalu, 200
_
200
To Havre—Oct. 14—Oakman, 3,508
3,508
To Ghent—Oct. 14—Breedijk, 100
100
To Manchester—Oct.
Japan &
Britain
Jap'n&
Britain
From—
To
186
1.036
600
„
-
To Rotterdam—Oct.
Exports
Total
13,730
To Porto Colombia—Oct
To Antwerp—Oct.
156,000
21,000
137,000
112,000 110,000
17,000
Bombay
18
1.107
3,746
To Havana—Oct.
Aug. 1
Week
Aug. 1
„
„
14—Oakman, 3,746
—
To
Bremen—Oct.
16—Nienburg,
5,012—Oct. 21—Simon
Von Utrecht, 8,718
---To Hamburg—Oct
16—Nienburg, 99--.Oct. 21—Simon Von
To Venice—Oct.
7,785,024
1
„
14—Oakman, 1,107
To Trieste—Oct.
7,785,024
other
100
18-.-—--------------
To Manchester—Oct. 14—Historian,
7,838,871 11,194,316
8,151,024 11,091,428
Total takings to Oct. 22 a
Of which American
1,000
3,252
2,700
2,301
300
300
l.^Zo
1.498
1.866
13,305
——
Naples—Oct. 15—Ida, 300—
To Oslo—Oct. 15—Tatra, 200---Oct. 18—Topeka,
To Gothenburg—Oct. 15—Tatra, 1,672
To Liverpool—Oct. 16—Historian, l,498--_
To Genoa—Oct. 16-—Ada 0,1,866
HOUSTON—To Liverpool—Oct. 14—Historian, 13,305
4,899",2 58
4,339",022
625", 879
Visible supply Oct. 22
8,759
---
1,171—Oct. 13—
14—West Hobomac,
Rotterdam—Oct.
To
Season
7,068,758
7,407,145
Total supply
Deduct—
21—
-
Exchange, 2,081
To Venice—Oct. 15—Ida, 2,700
To Trieste—Oct. 15—Ida, 2,301
1936
Week
Season
Week
Other supply to Oct. 20 * 5
3,180
---
London
Week and Season
Visible supply Oct. 15
--IT
Visible supply Aug. 1
American in sight to Oct. 22-_
Bombay receipts to Oct. 21-Other India ship'ts to Oct. 21Alexandria receipts to Oct. 20
1,565
_ -
278
5,650—Oct.
To Dunkirk—Oct. 21—Nevada, 1,000
To
1937
Takings,
200
90
Lykes, 200
15—Genevieve Lykes, 90
Exchange, 1,843-—Oct. 21—Nevada,
To
Havre—Oct.
14—Wrest
Hobomac,
"
Cotton
--
Antwerp—Oct.
14—West Hobomac, 400—Oct.
13—
London Exchange, 963---Oct. 21—Nevada, 202
To Ghent—Oct. 14—West Hobomac, 1,059
Oct. 13—London
supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
or
3,634
To
the world's
obtainable; also the takings
sight for the like period?
14—Gonzen-
6,795—Oct.
To Havana—Oct. 15—Genevieve
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
World's
are
1.693
-
-
heim, 2,861---Oct. 18—Nienburg,
To
5,801
Oct. 15—Tatra,
Copenhagen—Oct. 19—Tennessee, 550
To
Bales
19—West Tacook, 5,801—
doing.
doing
4.89d.
4.90d.
4.89d.
Quiet, un¬
Quiet,
3 to 4 pts. 1 to 2 pts. changed to
6 to 9 pts. 5 to 7 pts. 6 to 7 pts.
3 pts. adv.
advance.
advance.
decline.
decline. "
advance.
Steady,
Quiet,
Steady,
Steady, un¬
9 to 10 pts.
advance.
Barely stdy
Quiet,
Quiet but Quiet, 1 pt. Quiet but
Quiet but
adv. to 1 pt steady, un¬
changed to stdy., 6 to stdy., 4 to
decline.
changed to
5 pts. adv.
3 pts. dec. 8 pts. dec
1 pt.
dec.
2718
Financial
Prices of futures at Liverpool for each
Oct.
16
Sat.
Tues.
Mon.
day
are
Wed.
given below:
Thurs.
Fri.
to
Oct. 22
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
October (1937).
December
d.
4.73
4.79
January (1938).
March.
d.
d.
d.
4.73
4.72
*4.77
d.
d.
4.65
4.67
4.79
d.
4.70
4.76
d.
4.76
4.78
4.68
4.68
4.75
4.75
4.72
4.73
d.
4.69
4.69
4.71
4.78
4.78
4.74
4.76
4.76
4.84
...
October
4.82
4.83
4.77
4.76
4.80
4.80
4.83
4.81
4.81
4.88
4.86
4.87
4.81
4.79
4.84
4.84
4.86
4.84
4.84
4.91
May..
July
4.89
4.90
4.84
4.83
4.87
4.87
4.90
4.88
4.88
4.94
4.87
4.92
4.92
4.99
4.97
4.91
4.95
4.96
4.95
5.02
5.00
4.93
4.97
4.98
4.98
4.96
5.04
5.01
4.95
4.99
5.00
5.00
5.05
....
5.03
4.96
6.00
5.01
5.01
export business either in Canadian
hectic and
recent
nervous
Today prices closed 3 to l%c. down.
and future needs about 10
ago
the
current
apathy.
days
is also responsible for
Shipping instructions
running along quite
27,460,000 bushels.
are
reported
as
DAILY
was
CLOSING
little
or
Trade
Australian rains—wheat futures
dull most of the session.
was
Traders here ignored a sharp advance of 234c.
February
There
was
active demand and very little selling
pressure.
no
delivery
authorities said
wheat
of
full
a
crop
at
Rains
are
bushel in the
where
could not be expected
favorable weather conditions prevailed
of the crop year.
a
Argentina,
trade
of the wheat belt, with trade estimates
many
even
if
portions
already 20,000,000
bushels below earlier forecasts at 220,000,000
bushels, and
this comes from the most
optimistic of the experts, so it is
stated.
The rains in Australia were
reported to have been
general, and
were
considered to have
beneficial to the crops there.
States wheat overnight was
bushels of Canadian wheat
come
in time to prove
Export business of United
disappointing.
was
About 300,000
reported worked.
On the
18th inst. prices closed 34c. off to
l%c. up.
The wheat
market showed up exceptionally well in face of the
extreme
weakness of the securities market.
Big concentrated buying
attributed to Eastern sources, led to a
prices late in the session, much
earlier
severe
bushel that
decline.
was
From
associated
a
spirited rally of wheat
than offsetting an
temporary fall of 3c. a
more
largely with sensational weakness
of
securities, the Chicago wheat market ran up in some
cases to a maximum net
gain of l%c., and closed at the
day's top.
Export purchases of North American wheat
today
(Monday)
were
disappointing, amounting
500,000 bushels, mostly Canadian.
to only
Latest advices are to
the effect that unless
something unforeseen develops in the
few weeks, the Southern
Hemisphere new crops will
be able to furnish
weekly exports of 4,000,000 to 5,000,000
bushels of wheat during
next
this
season.
Such
1938, an amount nearly as much as
figuring is said to be on the basis of a
100,000,000-bushel
prospective exportable surplus in Aus¬
tralia and a
125,000,000-bushel surplus in Argentina.
On
the 19th inst. prices closed
1% to 2^c. off.
The wheat
market seemed to feel the full effects of
the upheaval in the
stock market.
At one time wheat values on the
Chicago
Board broke as much as 4c. a
bushel.
Export buying of
North American
wheat,
totaling upward of 800,000 bushels,
helped to bring about the best wheat rallies.
The day's
top quotations for wheat, however, were not well maintained
and nervousness
regarding the course of the stock market
was much in evidence
during the late session.
Late estimates
said
more than
500,000 bushels of Canadian wheat had been
bought today (Tuesday) for
overseas, principally Great
Britain, and that the remainder of
export purchasing was
United States hard winter wheat
taken by
European con¬
tinental countries.
A remarkable item
of news was the
overnight break of 9c. in wheat values at
Buenos Aires,
the November
delivery registering this break.
Later advices
said dealings in Buenos
Aires November contracts were
suspended except for purposes of
liquidation.
On the
20th mst. prices closed
1% to 2}<c. higher.
Big export
purchases from North America, more than
2,500,000 bushels,
helped to hoist wheat 5c. a bushel
today (Wednesday) at
Winnipeg and 3%c. on the Chicago Board.
Heavy profittaking on the bulge, however, caused some
reaction at the
last from the day's
top level.
The sharp turn about of the
stock market, with its marked
degree of strength, was de¬
cidedly a contributing influence to the
strength displayed in
wheat.
Grain traders,
though, gave more attention to the
huge volume of Europe's wheat
takings, finally estimated as
2,000,000 bushels from Canada and
500,000 of United States,
hard winter wheat.
Activity of domestic flour trade in all
sections also
aided
the rise.
Soaring of Winnipeg wheat
prices to the day's allowable limit of 5c.
capped the climax
for Chicago traders.
Cash wheat at
Winnipeg brought as
much as 25e. a
bushel
equivalent of $1.50
a
over
the
bushel.
WHEAT
Mon.
Sat.
— -
High and
13134
122%
10554
NEW
YORK
Wed.
112%
Thurs.
114%
FUTURES
Mon.
9934
9934
9234
—
-
IN
Tues.
115%
WHEAT
OF
.
May
July
was
97 %
97%
91%
93%
When Made
I
Season's
July
6, 19371 December
July 29. 19371 May
Sept. 28. 1937) July
Low
Fri.
113
CHICAGO
Wed.
Thurs. Fri.
99%
99%
97%
9934
9934
97%
93%
9334
92
Tues.
99
100
114%
IN
and
When
93
93
Oct.
Oct.
88%
Oct.
Made
13,1937
13,1937
13.1937
DAILY CLOSING PRICES OF BONDED WHEAT AT
WINNIPEG
Sat.
Mon.
Tues. . Wed.
Thurs. Fri.
October
_____123% 123
December
11834
11734
May
12034
115%
11434
118
11654
12534
120
12634
12054
125%
119%
117%
118
117
Corn—On the 16th inst.
prices closed unchanged to 34c.
early minor dip and maintained
steady undertone the balance of the session.
Receipts were
liberal, estimated at 232 cars.
Cash corn was reported in
lower.
Corn rallied after
an
a
during the remainder
badly needed in
PRICES
December
Season's
16th inst.
influenced by reports of
eased off.
OF
PRICES
11334
May
July
evenly.
prices closed 1 to l%c. net
Depressed by weakness at Liverpool, which in turn
lower.
CLOSING
No. 2 red
December
Wheat-—On the
The open interest in Avheat
bushels.
Sat.
Extensive covering of spot
A persistent lull in
demand for North American wheat did much to
thrust quotations down V/2C.
Light beneficial rains were
reported in Santa Fe, Entre Rios and Cordoba Provinces of
Argentina.
Chicago wheat futures purchases yesterday
DAILY
effectively halted flour buying.
States wheat
export
108,101,000
wheat market has
United
or
indicating that the previous day's
big European demand for North American wheat had been
spasmodic.
Meanwhile, the Liverpool wheat market, due
VA to l%c. higher, closed today y4c. net off to %c. up.
Friday Night, Oct. 22, 1937
Flour—The
1937
23,
put through today,
was
totaled
BREADS!UFFS
Oct.
On the 21st inst. prices closed unchanged to
%c. off.
A
decided let-up of export demand for wheat from
North
America was largely responsible for wheat
price losses that
at one stage amounted to l^»c. a bushel.
Only a scattered
4.92
December
January (1939).
March..
May..
Chronicle
October future there, the
moderate demand.
On the 18th inst. prices closed
to
The corn market outdid the wheat market
in that it showed strength
throughout the entire session.
1
%e. net higher.
Indications
prompt
were
that rains would be
of
movement
the
corn
material hindrance to
a
On the 19th inst.
prices closed 34c• to 134c. net lower.
The heaviness of corn
was
to be expected, especially in view of the
pronounced
early weakness of wheat and the securities market.
How¬
ever, corn values didn't experience the same wide fluctua¬
crop.
^
tions as wheat.
Small quantities of corn were
bought for
export to Canada, and this seemed to counter to some extent
the
bearish
influence
of
the
declining markets elsewhere.
to %c. higher.
strength displayed
On the 20th inst. prices closed
unchanged
This was a poor response to the marked
in wheat and the
sharp upward
of the stock market.
surge
Corn prices, however,
were unsettled, owing to
uncertainty
reports of corn loan conferences at Washington.
The
removal of Saskatchewan duties on corn
over
imports for drought
relief purposes encouraged
export hopes.
On the 21st inst. prices closed
% to l%c. higher.
Corn
owed its rise chiefly to the fact that United
States corn
now
is figured to be within 2 to 4c.
of a working basis for
Trade authorities here said it looks as
export to Europe.
if the remaining surplus of corn in
Argentina may be insuf¬
for European needs.
Particular
ficient
on
emphasis
the fact that the Buenos Aires
day)
reached
new
peaks for the
corn
was
put
market today (Thurs¬
and that at Liver¬
season
American corn is speculatively about 22c. over
Chicago December delivery.
Another item of interest
pool
the report that Canada has been
the
was
importing around 2,000,000
bushels of corn a month from South
Africa, and should be
in the market extensively for United States corn
this winter.
Today prices closed
% to l%c. down.
evidently affected prices of corn.
was 37,068,000 bushels.
The
corn
DAILY
CLOSING PRICES OF
CORN
Sat.
No. 2yeUow_
:___
Mon.
8054
IN
in
in
NEW
Tues.
8234
heaviness
Open interest
wheat
YORK
Wed.
81%
Thurs.
81%
81%
Fri.
8034
DAILY CLOSING PRICES OF CORN
FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed.
Thurs. Fri.
October.
December
6134
_____
6234
5934
6134
6134
59
___
May.
July
60
60%
Season's High and
October
7434
Dec. (new)___ 8634
May
July
74
66%
61%
59%
6034
61
When Made
Season's Low
Sept. 25, 1937 October
July
8, 1937 Dec. (new)—
July 29, 1937 May
Sept. 30. 1937 July
6134
5954
6134
61%
and
6334
61%
6234
5934
60%
61%
61
60
When
59%
55%
57%
58%
Oct.
Oct.
Oct.
Oct.
Made
12,
13,
13,
13.
1937
1937
1937
1937
Oats—On the 16th inst. prices closed
There was very little of interest in this
y8c. to %c. off.
department of grains,
apparently being influenced by the lower ten¬
dency of wheat. On the 18th inst. prices closed 34c. to
34c.
higher. A fairly good spot demand together with the firmness
the market
of the other
grains, had
a
the 19th inst. prices closed
wholesome effect
34c. to
on
net lower.
oats.
There
On
was
very little of interest in this grain, the slight declines
being
influenced largely by the
depressing action of wheat and
securities markets.
On the 20th inst.
prices closed 34c. to
V8c. higher.
The steadiness of this market was influenced
by the firmness of wheat.
Trading was light and more or
less routine.
On the 21st inst. prices closed
Trading
closed
was
light and of
y8 to %c.
off.
unchanged to y2c. higher.
character.
Today prices
a routine
There
was
very
little
to
this grain.
DAILY
CLOSING
PRICES
OF
Sat.
No. 2 white
.—
4334
OATS
Mon.
4354
IN
NEW
Tues.
Wed.
4354
43%
report
on
YORK
Thurs. Fri.
44
43%
Volume
145
Financial
DAILY CLOSING PRICES
OATS
•.Sat.
«•'
_
OF
December
Mon.
30 %
..
May.
30%
High and
41%
December
May.
July....
30 %
30%
29%
When Made
Season's
July
6, 1937 December
July 29, 1937 May
Oct.
2, 1937 July
33%
32%
Fri.
Thurs.
When
and
27%
28%
28%
30%
30%
29%
31
30%
29%
30 %
30%
29%
Low
13, 1937
13, 1937
13, 1937
Oct.
Oct.
Oct.
FUTURES IN WINNIPEG
Mon. Tues.
Wed. Thurs. Fri.
52%
51%
52%
51%
53%
52%
48%
48%
47%
46%
47%
46%
Sat.
,
October....
December..
Rye—On the
16th inst. prices closed
2719
The exports
from the several seaboard ports for the week
Saturday, Oct. 16, 1937, are shown in the annexed
ended
statement:
Made
DAILY CLOSING PRICES OF
OATS
.
Chronicle
CHICAGO
IN
Wed.
Tues.
30%
30%
29%
July
Season's
FUTURES
Exports from—
Wheat
It
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
New York
41,045
384,000
294,000
Albany
43,000
40:666
New Orleans..
Galveston.
_
6,000
17,000
1,019,000
1,246,000
..-i i.
..
*
r!
01 01 01
co>
74:660
1
OOi 0 1 0
lOLOOO
699:000
9,000
131,045
125,865
40,000
124,000
204,000
752,000
Halifax
0
would have been
surprising had rye acted differently from the
declining grain markets.
On the 18th inst. prices
other
Total week 1937
Same week
2,983,000
2,124,000
1936
closed
y%o,. down to
higher.
This was a disappointing
showing in view of the strength displayed in the other grains.
Rye usually responds vigorously one way or the other. Small
of domestic rye were reported sold for
On the 19th inst. prices closed lj^c.
amounts
shipment
to lKc.
pronounced as that
displayed in the wheat market. Some export business was
reported in rye, but not sufficient to prove a factor in the
day's price movements of rye. On the 20th inst. prices closed
lc. to l7/s. up.
Absence of selling pressure featured the
overseas.
down.
This weakness
almost
was
Today prices closed %c. off.
what
heavier
receipts
given
as
the
causes
heaviness in rye.
DAILY
CLOSING
PRICES
OF
RYE
May....
July
December
96
May...
July
84
70
Season's
When Made
May
6, 1937 December
Aug. 10, 1937 May....
Oct. 21, 1937 July
Low
CHICAGO
IN
Wed. Thurs.
72%
72%
72%
.....
and
the
When
69%
69
70
Oct.
Oct.
Oct.
Sat.
October
Mon.
82%
82%
...
Tues.
81%
81%
Sat.
Mon.
Wed.
78
77%
Tues.
Oct. 16
July 1
1937
1937
Barrels'
Barrels
United
Kingdom.
Thurs.
80%
Fri.
82%
82%
83
82%
79%
Wed.
Thurs.
Fri.
WINNIPEG
Sat.
Mon. Tues.
Wed. Thurs.
63
62%
62%
62%
61%
61%
60%
60%
61%
61
^
October
December
Closing quotations
were as
Fri.
61%
60%
Soft winter straights
Hard winter straights
Hard winter patents
Hard winter clears
July 1
1937
Bushels
•
1937
Bushels
Bushels
Bushels
1,246,000
20,950,000
1,713,000
15,304,000
197,000
19,000
140,000
West Indies.
25,500
342,000
1,000
15,000
Brit. No. Am. Col.
Other
293:606
17:666
146,000
17,000
439,000
"
6~145
61,681
4:600
315:666
131,045
1,501,435
2,983,000
36,724,000
125,865
1,720,798
2,124,000
46,122,000
count. ies__
Total 1937
Total 1936
1,000
visible
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Oct. 16, were as follows:
GRAIN
United States—
Bushels
Boston.
STOCKS
v
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
2,000
"
afloat
85,000
189,000
Philadelphia*
Baltimore.
18,000
62,000
New York*
tfV
^
.
■
.;
....
22,000
186,000
176,000
258,666
80,660
36,000
66,000
2,171,000
......
15,000
46,000
_
1,576,000
..
New Orleans
63,000
2,000
92,000
52,000
36,001
77,000
1,000
'
Galveston
2,402,000
..
Fort Worth..
..
St. Joseph
Kansas City.........
Omaha....
35,000
150,000
62,000
48,000
665,000
199,000
28,000
73,000
1,565,000
321,000
30,000
138,000
36,000
113,000
15,000
■
..
986,000
84,000
..
7,057,000
78,000
84,000
1,891,000
123,000
737,000
■
*
.
1,725,000
933,000
afloat......
Duluth
.........
•V
1,389,000
•
707,000
199,000
27,000
902,000
5,142,000
2,207,000
3,000
818,000
105,000
15,000
13,559,000
3,536,000
1,372,000
2,249,000
2,000
_.
....
...
Detroit
"
......
2,885,000
..
125,000
7,482,000
1,405,000
afloat
On Canal
3,000
4,000
390,000
935,000
227,000
..
5,000
.......
19,000
4,700,000
11,566,000
11,954,000
..
6,000
326,000
88,000
Buffalo
15,000
5,749,000
On Lakes
Milwaukee.
7,000
5,000
8,648,000
10,000
Minneapolis
...
.
„
..
Indianapolis
-
30,453,000
..
..
Sioux City..........
St. Louis
..
95,000
466,000
2,119,000
5,702,000
__
Hutchinson
......
7,727,000
..
Wichita
"
4.85@5.10 Corn flour
2.25
5.60®5.90 Barley goods—
5.80<cu6.1.0
Coarse
4.00
5.10@5 30
Fancy pearl, Nos.2,4&7 5.60@6.10
Since
16
1937
772,034
128,720
Chicago*...
Rye flour patents
4.80® 4.95
Seminola, bbl., Nos.1-3. 6.95®
Oats, good
2.40
Oct.
July 1
13,500
Peoria
follows:
16
1937
67,585
18,315
FLOUR
Spring oats, high protein _6.50@6.85
Spring patents
._5.95@6.20
Clears, first spring
5.85@6.10
Oct.
Week
Continent
....
DAILY CLOSING PRICES OF BARLEY FUTURES IN
Since
Week
S. & Cent. Amer..
Wheat
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
^
Since
July 1 to—
Made
13, 1937
13, 1937
21, 1937
Corn
Wheat
Week
70
.....
and
Fri.
72%
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
December
Flour
and Since
71%
72%
for the week and since
below:
as
Exports for Week
The
FUTURES
Sat. Mon. Tues.
73%
73%
71%
73%
73%
71%
December
Season's High
for
.
^
July 1, 1937, is
A light spot demand and some¬
were
17,000
The destination of these exports
as
market for rye.
On the 21st inst. prices closed unchanged to lVsC. down.
There were no noteworthy developments in this market.
53,000
T.666
Baltimore
Montreal
lc. net lower.
Corn
Bushels
73,000
......
74,000
25,000
531,000
140,000
487,000
63,000
'■
36,000
19,000
GRAIN
Total
Wheat, New York—
No. 2 red, c.i.f., domestic
Oats, New York—
113
Corn, New YorkNo. 2 yellow, all rail
...
80%
43%
Rye, No. 2. f.o.b. bond N. Y
80%
Barley, New York—
47% lbs. malting
58
Chicago, cash.
,....40-55
.
129,346,000
72,902,000
6,651,000 10,133,000
6,404,000 10,431,000
6,289,000 17,252,000
Foreign corn in bond—New York, 1,000 bushels; Philadelphia, 81,000; Chicago,
36,000.
Note—Bonded grain
not Included above:
Oafs—On Lakes, 393,000 bushels;
393,000 bushels, against none in 1936.
Barley—Duluth, 235,000 bushels;
Buffalo, 110,000; N. Y. afloat, 20,000; on.Lakes, 687,000; total, 1,052,000 bushels,
Wheat—New York, 478,000 bushels; New York afloat,
against 2,028,000 In 1936.
69,000; Albany, 10,000; Buffalo, 501,000; Buffalo afloat, 326,000; Duluth, 10,000;
on
Lakes, 3,630,000; on Canal, 371,000; total, 5,395,000 bushels, against 23,024,000
bushels in 1936.
\
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—
Lake, hay, river and sea-
'
3.809,000 27,497,000
4,146,000 27,268,000
3,181,000 48,407,000
*
total,
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
9 1937
Total Oct. 171936
.....
All the statements below
of the last three years:
16 1937...128,202,000
Total Oct.
No. 2 white
Manitoba No. 1, f.o.b. N.Y._160%
Oct.
Bushels
Bushels
Bushels
Bushels
,
783,000
532,000
120,000
2,210,000
21,814,000
685,000
4,436,000
elevator stocks......_
34,559,000
4,785,000
373,000
4,932,000
260,000
Total Oct. 161937....
67,871,000
6,100,000
1,178,000
11,578,000
730,000
Total Oct.
67,488,000
5,710,000
1,278,000
11,520,000
128,202,000
3,809,000 27,497,000
6,100,000
6,651,000 10,133,000
1,178,000 11,578,000
3,809,000 33,597,000
7,829,000 21,711,000
7,682,000 21,951,000
board
11,498,000
Ft. William & Pt. Arthur
Receipts at—
Flour
bbls 196 lbs
Chicago
223,000
Minneapolis..
Wheat
bush 60 lbs
Corn
bush 56 lbs
Other
Canadian & other
bush 32 lbs bush 56 lbs bush 48 lbs
376, 000
505, 000
114,000
466, 000
303,000
5 i 5,000
29, 000
573,000
American
1,000
Canadian
312,000
345,000
50"666
116,000
242.000
55,000
166,000
37,000
71, 000
19,000
1,000
55,000
Toledo......
Barley
399,000
900,000
1,248,000
Milwaukee...
Rye
382,000
13,000
Duluth
Oats
162, 000
9 1937.—
Summary-
4,000
Indianapolis..
Peoria
40,000
18,000
279,000
241,000
472,000
Kansas City..
13,000
800.000
266,000
146,000
.....
32, 000
St. Louis..
..
Omaha
St.
24, 000
1,000
46400
Total Oct. 16 1937
44, 000
38,000
77,000
Total Oct.
417,000
42, 000
45,000
106,000
53, 000
135,000
3,000
9,000
82,000
2, 000
6, 000
6,000
2,269,000
Joseph..
168,000
516, 000
6,000
2,838,000
2,328 000
Sioux City...
Buffalo
1,033, 000
Total
wk.
'37
405,000:
Same
wk.
'36
394,000
6,754,000
5,968,000
Same
wk.
'35
514,000
12,581,000
3,609 000
15,000
394,000
ended Oct. 16, and since July 1, 1937, and July 1, 1936, are
shown in the
2,611,000
390,000 2,520,000
968,000 2,336,000
23,448,000
1936
4,983,000
1935.
4,649,000174,373,000
40,209,000
21,503,000
33,326,000:
66,988,000!
...
91,856,000
Flour
Wheat
bbls 196 lbs bush 60 lbs
Corn
bush 56 lbs
Oats
Rye
Barley
bush 32 lbs bush 56 lbs bush 48 lbs
New York...
146,000
392,000
6,000
57,000
Philadelphia..
33,000
9,000!
2,000
26,000
18,000
Baltimore
11,000
21,000
31,000
21,000
13,000
19,000
30,000
23:666
30,000
28,000,
Montreal
7~4~666
1,246,000
161,000
699,000
Boston
20,000
4,000,
9,000
2,000
968,000
6,951,000
Galveston
293,000
314,000!
51,000
173,000
502,000
Since Jan. 1*37 11,021,000! 68,994,000
27,982,000
4,399,000
4,874,000
2,378,000
584,000
144,000'
188,000
Jan.1'3611,920,000:100,003,000
6,683,000
5,758,000
4,180,000
*
Oct. 15
July 1
July 1
1936
1937
1937
1936
Bushels
Bushels
Bushels
Bushels
Bushels
4,370,000
46,860,000
70,893,000
19,000
3,504,000
365,000
27,480,000
13,445,000
22,880,000
15,719,000
6,343:606
2,013,000
20,622,000
8,216,000
2,320,000
7,520,000
9,272,000
1,000
6,702,000
19,518,000
88,000
544,000
...
Australia
Oth. countr's
Total.
10,884,000124,143,000 140,602,000
385,000
2,757,000
116,778,000 116,565,000
2,091:666 31,378:666
6,880:666
8,453,000151,298,000 129,948,000
Weather Report for the Week Ended Oct. 19—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Oct. 19, follows:
3,624.000
advanced
into the northern Great Plains, attended by a sharp drop in temperature,
but abnormally warm weather prevailed in the more eastern sections of
the country.
The "high" moved slowly southeastward, reaching the Mid¬
dle Atlantic States by the morning of the 16th, with much lower tempera¬
prevailing; freezing weather extended as far south as the southern Ap¬
palachian Mountain districts.
During the latter part of the week there
was a reaction to generally warmer over the eastern half of the country.
A period of rather general precipitation in the East and South on the
12-13th, was followed by mostly fair weather during the following 2 days.
tures
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
July 1
1937
At the beginning of the week an extensive high-pressure area
2,170.000
283,000!
Since
July 1
246,000
471,000
37,000
Since
Amer.
Argentina
India
on
Corn
Week
Black Sea...
North
receipts of flour and grain at the seaboard ports for
the week ended Saturday, Oct.
16, 1937, follow:
Since
YlY'YV-
Since
Bushels
6,333,000 40,742,000
8,180,000 29,335,000
Total
Week 1936...
■
Since
1937
48,771,00014,883,00033,274,000
Total wk. '37.
Wheat
Week
Oct. 15
4,331,000135,175,000
Halifax
following:
,
Exports
1937
New Orleans *
4,146,000 32,978,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
Since Aug. 1
Receipts at—
196,073,000
196,834,000
547,000
2,790,000
2,440,000
.
Wichita
9 1937
69,871,000
Financial Chronicle
2720
However, low pressure prevailed from the west Gulf area
northwestward to the Canadian border on the morning of
northward and
the 17th, while
generally extensive "low" extended from the Appalachian to the Rocky
Mountains by the following day.
This brought widespread rain over the
entire eastern half of the country, with many heavy to excessive falls.
For the 24 hours ending at 6:30 a. m. on the loth. Mobile, Ala., re¬
ported 8.04 inches and New Orleans, La., 5.16 inches of rainfall.
Numer¬
ous other stations in the South and in the Central Valleys had from1 inch
to around 3 inches for this period, while by the close of the week the rain
area had extended eastward to the Atlantic coast.
For the week as a whole, about normal warmth prevailed in the extreme
South, but elsewhere from the Rocky Mountains eastward it was unseason¬
ably cold, with weekly mean temperatures ranging generally from 6 de¬
grees to as much as 11 degrees below normal.
The cold weather was un¬
usually extensive, covering moro than half the country.
West of the
Rocky Mountains temperatures ranged generally high for the season, with
the averages for the week mostly from 3 degrees to 5_degrees in excess of
normal.
r
►
■Wl'N
While the central and eastern portions of the country had an abnor¬
mally cold week, the line of freezing temperature did not extend appreci¬
ably farther south than the average frost date at this time of year.
First
order Weather Bureau stations south of Louisville, Ky., St. Louis, Mo.,
and extreme southern Nebraska did not report suDfreezing temperatures.
This conforms roughly to the average southern line of killing frost on
Oct
20.
The lowest temperature reported for the week was 14 degrees
at Huron, S. Dak., on the 14th.
Extensive and mostly heavy rainfall occurred from the Appalachian
Mountains and Georgia westward to the central Great Plains, but the
beneficial
minor crops
had only light falls.
Plains area
northern
Generous amounts occurred
They were especially
helpful in the Central Valleys, the Great Plains from
southward, and in the Rocky Mountain States.
In most of
been needed for a long time and the week's rain¬
fall was largely sufficient for present needs.
The outlook, especially for
winter wheat, has been greatly improved in many places.
More rain is
needed, however, in some sections, especially extreme southern Texas, the
Dakotas, northeastern Wyoming, parts of eastern Washington, and a few
other western localities.
Heavy snow
occurred in parts of the northcentral area, ranging up to 10 inches locally in Iowa.
In the Great Plains, where rainfall in recent months had been scanty,
the situation, as a whole, is now much better.
Oklahoma has plenty of
moisture, with seasonal farm work delayed; conditions have greatly im¬
proved in Kansas, while slow, steady rains in Nebraska were very helpful,
with the seeding of winter wheat resumed.
Montana is also in good shape,
with winter wheat coming nicely.
Northern Minnesota continues too dry;
moisture is again needed in North Dakota and northeastern Wyoming, while
further good general rains would be helpful in South Dakota.
***
Nebraska
these areas moisture had
Small
Texas,
Grains—In the western Winter Wheat Belt, from
Nebraska to
of the week were
resumed in Nebraska and Kansas and
More rain is still needed in Missouri,
general, light to moderate rains the latter part
very beneficial.
Seeding has been
the outlook is improved generally.
but moisture is now generally ample in
the Ohio Valley, as well as in Iowa.
Condition of early wheat is good in the Ohio Valley
late-seeded has been favored by the increased moisture.
and germination of
Wheat made very
good progress in Oklahoma and Texas, while the early sown is making
favorable growth in Nebraska.
Little advance was reported in Missouri
preceding the rains, but general improvement is now anticipated.
Winter grains are looking well in Minnesota and they are up to good
stands in Montana, with the late-sown germinating well.
A good, general
rain is needed in the Dakotas.
Precipitation was rather widespread in
many more western districts, with only light to moderate rains in the
Pacific Northwest, where more moisture is needed locally; wheat is ger¬
minating well generally, except in some areas that are still too dry.
* *4
Corn—Corn husking made fairly good progress during the
improved.
Oklahoma—Oklahoma
a
extensively from Texas northward to Nebraska and in the Mississippi
Valley from the Gulf of Mexico northward to southern Minnesota.
In most of the Atlantic area the weekly totals were small, while the far
Southwest had but little rain, though moderate amounts were reported
from northern California northward.
Substantial precipitation occurred
in most of the Rocky Mountain area.
An outstanding feature of the week's weather was the extensive and
substantial rains that occurred over the greater portion cf the country.
Oct. 23, 1937
germination.
Late-planted truck, ranges and
General rain still needed in extreme south.
for planting and
much
Farm
where.
and
City:
Cloudy and
cool, with excessive rains in
moderate to heavy falls else¬
Picking cotton slow advance
deterioration of grade by continued rains.
Only a little corn
of southeast
some
gathered.
northwest;
work
and south-central and
almost at standstill.
Progress of winter wheat very good; some being pastured in
considerable remains to be sown in south.
Harvest of late
feed delayed,
but crops ready to cut.
last parts
but excellent advance remainder of time;
Arkansas—Little Rock: Picking cotton slow progress first and
due to moderate to heavy rains,
grade damaged some by rains, but very little by frosts of 15th.
Weather
very favorable for wheat, oats, meadows, pastures, late potatoes and fall
and winter truck.
Some frost damage to sweet potatoe vines and other
tender truck.
Tennessee—Nashville: Planting wheat and oats and other routine work
Heavy frosts, but no damage.
Corn about matured and being
gathered.
Picking cotton proceeded until rains at end.
Stored tobacco
cured, with dry conditions, and prepared for handling by moisture at end.
Potatoes mostly out of ground, but sweet potatoes being dug. Pastures good.
first part.
THE DRY GOODS TRADE
New
York, Friday Night, Oct. 22, 1937.
Adverse weather conditions and the unsettlement in the
security markets put somewhat of a damper on retail busi¬
ness during the last week, and according to reports, many
stores were unable to continue the rate of sales gains esta¬
blished during the recent past.
A fair consumer call existed
apparel merchandise, but other divisions, notably of the
luxury and semi-luxury variety, made a less satisfactory
showing.
Department store sales in the metropolitan area
during the first half of October, according to the usual
survey of the Federal Reserve Bank of New York, registered
an increase of 3% over the corresponding period of 1936.
New York and Brooklyn stores gained 3.4%, while the
increase in sales of Northern New Jersey establishments was
limited to 1%.
Trading in the wholesale dry goods markets continued
very spotty.
Although a number of further price reductions
was announced,
and inventory conditions in wholesale as
well as retail fields were said to have improved materially,
buying continued on a disappointing scale, with the defla¬
tionary movement in the security markets intensifying the
previous uncertainty over the outlook for the remainder of
the year.
Predictions were heard in some quarters that in
the event of a sudden revival in buying, delivery difficulties
may occur notably in the holiday goods division.
Business
in silk goods turned slightly more active as lower price
demands appeared to stimulate the call for this merchandise.
Trading in rayon yarns continued quiet, with the reported
curtailment in the weaving plants exerting a retarding influ¬
ence, and resulting in a further moderate increase of stocks
in producers' hands.
for
Domestic
week unti
Cotton
Goods—Trading in the gray cloths
quiet fashion, and the dulness
the widespread rains the latter part.
In the western Ohio Valley consid¬
erable was picked, but cribbing is not active because of dampness of grain.
In Missouri and the Plains States husking made good advance during most
markets started the week in
week, though in the southern Plains there was considerable inter¬
In Iowa a survey as of Oct. 11 shows that the average
moisture content of corn in that State was 21.7%, compared with a 10year average of 23.5%, thus being considerably drier than usual.
buyers even more cautious than
heretofore.
Later in the week, a sudden spurt in buying
developed, chiefly because of growing fears of an excise tax
on cotton, without an accompanying floor tax.
The rebound
of the
ference by rains.
Cotton—The cotton crop has been largely gathered in the southern por¬
In northern districts picking made mostly good advance
tions of the belt.
because of rain.
There was more
unpicked cotton in western States.
picking is practically completed, except in west-central sec¬
tions where there was some lowering of grade by rain.
In Oklahoma
farm work was nearly at a standstill and picking made slow progress, with
some damage to open cotton. In the central States of the belt, only part
of the week was favorable for harvest and progress of picking varied con¬
siderably.
In Arkansas very little cotton was damaged by frost of the
15th, but there was some lowering of grade by the rains that followed.
In the northeastern belt the week was favorable for outside operations
and picking made very good advance.
in eastern sections, but is slow in western
or
less moisture damage to staple of
In
Texas
The Weather Bureau has furnished the
following
resume
of conditions in the different States:
Virginia—Richmond:
Temperatures
averaged
below
normal; rainfal
light in east and heavy in west.
Frosts general on 15th.
Wheat sowing
further delayed by wet weather locally.
Crops mostly harvested in central
and west.
Southeastern truck undamaged and looking good.
Excellent
week for harvesting peanuts.
Digging sweet potatoes continues.
North
Carolina—Raleigh: Cold through Sunday, followed by warmer,
heavy to excessive rainfall in mountain region.
Killing frosts in
mountains and parts of Piedmont on 15th.
Not much damage as crops
practically matured and mostly harvested.
Seeding wheat and oats begun.
Picking cotton made good progress.
with
South
Carolina—Columbia: Averaged cool,
but warm at close of week.
Generally fair, except excessive rains locally
day.
Favorable for general harvesting.
Picking
cotton good advance in north and completed in south; ginning good pro¬
gress.
Haying completed locally.
Oats, wheat and rye sown, except
Light frosts in north 15-16th.
in
northwest
on
last
where too wet?
Georgia—Atlanta: Picking cooton good advance and practically com¬
pleted, except in some places in north.
Corn harvest well advanced, but
few late fields still growing. Favorable for harvesting peanuts and sowing
grain; oats coming up.
Pastures and truck good.
Pecans ripening.
a
Florida—Jacksonville: Heavy rains in west and moderate in east.
Cotton
about over.
Early potatoes good; sweet potatoes being dug.
became further accentuated
mostly good; plantings
Strawberry plants doing well.
continue.
Citrus
maturing and coloring.
~
Alabama—Montgomery: Heavy rains Sunday night and Monday, pre¬
by cool and mostly dry weather.
Picking cotton good advance
through Saturday and nearing completion in most of north.
Harvesting
corn and cane continues.
Pastures, sweet potatoes, vegetables and mis¬
cellaneous crops doing well.
ceded
Mississippi—Vicksburg: Generally cool to Sunday, with light to mod¬
erate frosts in central and north.
Frequent rains.
Progress of cotton
picking fair on about 2 days, otherwise poor, with staple considerably
damaged.
Poor progress in housing corn.
Gardens poor advance; pas¬
times fair to good.
Louisiana—New
Orleans:
Temperatures somewhat below normal; scat¬
tered light frosts in north Friday.
Light to moderate rains at beginning
and general heavy to excessive rains at close.
Picking cotton
of week
slow advance, but only
by rain.
Only fair
minor portion remaining in fields; work hindered
in harvesting rice, corn, cane and sweet pota¬
Too much
progress
Fair to good progress in planting oats and cover crops.
rain for truck and minor crops.
toes.
Texas—Houston: Temperatures averaged about normal in extreme south,
somewhat cool elsewhere.
Mostly light to moderate rains in Pan¬
handle, extreme south and extreme west, but heavy to excessive elsewhere.
Picking cotton practically completed, except in west-central where con¬
siderable amount remains in fields and damaged somewhat by recent rains.
Early planted winter wheat coming up nicely and moisture proved very
but
the dramatic events in
the
in the stock market also served to revive the confidence of
buyers.
Most
transactions
were
for
nearby
or
current
quarter deliveries, whereas forward buying was somewhat
impeded by the re-introduction of a protective clause
permitting mills to pass on any increased cost resulting
from Federal legislation.
Prices showed a firmer trend.
Business in fine goods expanded moderately.
The better
statistical position resulting from the extended curtailment
program, has caused a number of buyers to re-enter the
market.
Dobby weaves and novelty cloths met with in¬
creased interest, and a fair call was shown for pique-voile
shirtings for summer wear.
Closing prices in print cloths
were as follows:
39-inch 80's, 6^c. to 6%e.; 39-inch 7276's, 6^c.; 39-inch 68-72's, 5^c. to 5^c.; 38^-inch 6460's, 4%c. to 4^c.; 38^-inch 60-48's, 4^c.
Woolen
Goods—Trading in men's wear fabrics continued
with prices showing a distinctly lower trend,
partly as a result of declining quotations for the raw material
and re-sales of goods by clothing manufacturers.
Reports
were current that
Spring fabrics, after having been with¬
drawn by several mills, will show price reductions ranging
up to 12 Yl cents a yard.
Prices for gabardines were reduced
from 10 to 123^ cents a yard.
Reports from retail clothing
centers gave a fairly
satisfactory account although the
unsettlement in the security markets tended to retard sales
very
in
dull,
some
sections.
season
Truck
as
security markets made
have
been
While inventories of retailers
are
said to
reduced
materially, merchants continued to
display extreme caution in replenishing their stocks. Busi¬
ness in women's wear
goods held up fairly well. The demand
for materials in the higher price brackets fell off somewhat,
but other fabrics moved in satisfactory volume, and no
easing of prices was reported as, in the absence of burden¬
some
surplus stocks in this division, mills were able to
refrain from pressing their goods on the market.
Foreign Dry Goods—Trading in linens made
a
slightly
better showing as scattered orders for dress goods and holiday
were received.
While foreign primary centers con¬
items
tinued
to
note
the
dearth
of
orders
from
United
States
importers, it was believed that import stocks are being
steadily drawn on by users. Business in burlap remained
quiet although interest in spot and afloat goods was reported
to
be
slightly increased.
Prices showed few changes.
Domestically lightweights were quoted at 3.85c., heavies
at 5.20c.
Volume
Financial
145
Chronicle
2721
Indiana—Utility Law Held Invalid—The public utility
sponsorship of former Governor
law enacted in 1933 under the
McNutt to open the way for the acquisition of utility proper¬
ties by municipalities has been held unconstitutional by
Judge Edgar A. Rice of Crawfordsville, we are informed.
Judge Rice, ruling on an action brought by the City of
Lebanon, for acquisition by condemnation of the Lebanon
property of the Public Service Co. of Indiana, sustained
the demurrer of the utility which set out that under the
1933 law the proceedings would result in the taking of the
utility property without proper compensation.
Judge Rice's conclusions are said to have been based
principally on decisions by the Supreme Courts of Texas
and New Jersey, which held that similar laws enacted in
those States
unconstitutional.
were
Problems Discussed—Local gov¬
autonomy must try to solve
their financial problems through their own efforts as much
as
possible, advises Carl Hi Chatters, executive director
Municipal Finance Officers' Association. "The more local
governments seek from superior governments," says Mr.
Chatters, "the greater will be the domination of the larger
units.
Asking the Federal Government for 'hand-outs' is
neither the proper political not financial way to solve local
Municipal
Revenue
ernments that wish to retain
difficulties."
He
this
4
1.
Get
on
15-point
own
outlines
work out their
financial salvation:
the
to
tax
rolls
on
program
an
equitable
for cities anxious to
basis
every
parcel
of real
property and every dollar's worth of personal property.
2. Since it is clear that the real estate tax will continue to be the cities'
chief
revenue
source,
assess
as
suggested above,
collect
taxes
promptly
and vigorously, and do not remit, cancel or postpone tax penalties.
3. Curtail tax exemptions as far as legally possible.
4. Work .for statutory and constitutional power to classify intangible
personal property for tax purposes.
This will encourage and permit an
honest listing of intangibles.
5. Where local taxes are not a burden, but local taxpayers are com¬
plaining, try to obtain their understanding and cooperation by giving full
information about the city.
6. Develop adequate accounting
and budgeting plans so that revenue
be accurately estimated and expenditures controlled.
Get complete facts about the community, its actual resources, its
ability to pay, and the cost of public services, to compare with cities of
may
7.
like size and character.
8.
9.
Make every public utility completely self-supporting.
Do not build up fixed charges for debt service of any
kind.
Before
constructing capital improvements such as auditoriums, hospitals, and
air ports, consider the cost of their maintenance as well as the debt incurred,
if any.
10. Every time a new State law is proposed making it necessary for
cities to spend money, call this to the attention of the legislature and request
new revenues to finance the new activity.
j
11. Demand a portion of the State gasoline tax, without strings to the
1
funds
12.
so
distributed.
Seek
from
the
States
Ruling
May
Affect
School Dis¬
brief filed in the State Supreme Court on Oct. 13
by attorneys for Dixon County School District No. 60, it
was declared that all school districts in the State may be
affected adversely if the high court does not reverse a ruling
of the Dixon County District Court, which allowed a group
of farmers a reduction of 25% in their assessed valuations
New
York,
N.
Y.r—Board
Guardia's
of
Estimate
Increases
1938
1938
executive budget of
$589,222,376.15 was increased by the Democratic majority
in the Board of Estimate on Oct. 20 by $762,670.49.
The
Democratic majority succeeded in restoring to the budget
65 county positions eliminated by the Mayor, increasing
county salaries all along the line, raising the pay of court
clerks and other exempt employees and transferring men
from new departments created under the city charter back
to the offices
La
of the Borough Presidents.
Since it takes about $1,950,000 in the
budget to equal
one
point in the tax rate, this new increase will amount to about
of one point.
The board has until Oct.- 31 to
decrease the budget.
Public hearings on decreases were set
for Oct. 25 at 10:30 a. m., and on Oct. 26, at 2:30 p. m., both
one-third
in Citv Hall.
gracious invitation to attend
your
convention
each day as the funds grow.
Perhaps from this discussion we can learn
something to our mutual advantage, for you gentlemen of the Savings
Bank Association have the same problem we have—the safe and wise
investment of trust funds.
Curiously enough, the State has always had an investment policy and it
be summed up in two words—safety and yield.
One of the first in¬
by the State was by Comptroller Mclntyre in 1809, when
he advised the legislature to invest some of the State's surplus funds in
bank stocks.
And so the State purchased 1,000 shares of the Bank of
Manhattan Co. stock (now 5,000 shares) at $50 a share.
This investment
cost $50,000, but it has returned over $2,000,000 in dividends and rights.
Thus was laid down the principle of safety and yield.
The State Comptroller is the trustee of the State's own sinking funds
and the sole administrator of the Employees' Retirement Fund and various
other smaller trust funds.
The investments eligible for
these funds are
defined in Section 81 of the State Finance Law, and include only:
1.
United States Government bonds.
can
vestments made
2.
Bonds of the State of New York.
3.
Bonds
the State.
of any city, county,
town, village
or
school district within
special authority created by act of the legislature,
where the eligibility is specifically named in the act, such as the Port of
New York Authority, Hudson River Regulating District, Buffalo and Fort
Erie Public Bridge Authority, &c.
5.
Bonds of the Home Owners'Loan Corp.
4.
Bonds
of any
6.
Mortgages insured by the Federal Housing Authority against property
in the State.
At the present time the total amount invested in all funds is over $235,000,000, showing an average return of better than 4%, a profit of at least
$25,000,000, and not one single dollar of interest delinquent or of principal
in default.
Of this, about $135,000,000 is invested in the State's own
sinking fund, $90,000,000 in the Employees' Retirement Fund, and $10,000,000 in several other smaller trust funds.
•
Prior to 1921 the State issued 50-year term bonds against sinking funds.
About $235,000,000 are outstanding, issued mainly for canal and highway
purposes, and maturing for the most part from 1955-1965.
The funds are
amortized at a 3% rate, so you can see why, with no loss of principal and
an average vield of better than 4%, they are considerably ahead of schedule,
for with still over 20 years to run, on the average, almost 60% of the funds
needed have been accumulated.
Pennsylvania—Supreme
Court
Approves
Balloting
on
Amendments—The State Supreme Court on Oct. 14 ordered
the five proposed constitutional amendments kept on the
Nov. 2 ballot, according to news advices from Philadelphia.
It is said to have unanimously upheld a ruling of the
Dauphin County Court in dismissing a suit to bar them
the ground that they were not properly advertised.
One of the amendments calls for a graduated State income
on
inheritance tax.
Another proposes the consolidation
Philadelphia city and county, while a third amendment
would legalize pensions for the blind and indigent, and for
and
of
mothers' assistance.
on
Others ask the abolition of the present
constitutional amendments, and authorization
of
a
$42,000,000
.LcV
bond issue
for improvements
to
State
institutions.
United States—Report on Special State and Municipal
Proposals Up for Approval on Nov. 2—An off-year for
elections, Nov. 2, 1937, will see citizens of only five States
going to the polls to vote on questions of State-wide appli¬
cation, survey by the Council of State Governments showed
on
Oct. 18.
Municipal mayoral and councilmanic elections,
occurring Nov. 2 in over 200 cities, however, in some cases
will decide additional governmental questions.
The five States with 1937 State-wide elections are Ken¬
tucky, New Jersey, New York, Virginia and Pennsylvania.
New Jersey
and Virginia will elect Governors; both these
as Kentucky and New York, will elect a
portion of their legislators also.
States,
for taxation in the said school district.
Budget—Mayor
your
a
Nebraska—Assessment
a
deeply appreciate
"time lock"
portion of State-collected, locally-shared
taxes rather than grants-in-aid.
If a State passes a sales tax law, cities
should share in the revenue produced.
13. Search out and rigidly enforce every local revenue source now granted
in the city charter or the State statutes.
14. Do not lend the public credit for private purposes such as the con¬
struction of improvements by special assessment, general revenues, or
general bond issues in speculative real estate subdivisions.
15. Have every service performed for a limited group piad for specially
and separately by that group.
.
.
tricts—In
I
and to have the opportunity of discussing with you the investment policy
of the State of New York.
It is a big subject and becoming more important
as
well
New York arid Pennsylvania
York voters -will select 168
ballots will contain other issues.
delegates to
a
In New
constitutional convention schedued
April, 1938—first in 22 years—to draw up a new constitution for the
State, into which, it is reported, may be written a reorganization of the
State's fiscal policy; revision of the powers of the Legislature; creation of a
State Department of Justice; and revision of home-rule provisions.
The
Nov. 2 vote, also, will express the people's opinion of proposed constitutional
amendments providing a four-year term for Governor, Lieutenant Governor,
Comptroller and Attorney General, aU of whom now serve two-year terms;
and two-year terms for Assemblymen, who now serve one year.
Pennsylvanians, pending court action on a restraining injunction, will
vote on five constitutional amendments that have already been approved
for
by two successive Legislatures. The proposals are:
(1) for removal of the
"timelock" prohibiting submission or proposed constitutional amendments
to the electorate more often than once in five years; (2) to authorize the
legislature to write a graduated income tax law, and a homestead exemption
(3) for permission to put the city and county governments of Phila¬
delphia under a single administration; (4) for a $42,000,000 bond issue for
State institutions; (5) for an amendment to remove doubt of the legality of
mothers' assistance and old-age pension appropriations.
New York City, Pittsburgh, Detroit and Cleveland are four of the
large cities seeing mayoral elections this year.
law;
Oct.
Chronicle
Financial
2722
Among municipalities whose Nov. 2 ballots will carry special issues, in
and councilmanic candidates are:
Columbus, Ohio, where continuance of a 2.4 mill levy to finance relief
is up, along with a charter amendment giving classified city em ployees the
right of appeal to the Civil Service Commission in event of dismissal;
Heading, Pa., which will vote on a municipal loan for a municipal electric
generating plan; Allegheny County, Pa., with a proposal for establishing a
county utility authority for any purpose; Yonkers, N. Y., which will
consider adoption of the Council-Manager form of government, the pro¬
portional representation system of voting, and a non-partisan ballot.
Election "off-years" find fewer people exercising their voting privilege
than in Presidential election years.
Texas, in a special called late this
summer, for example, drew out only about 12«>,000 of the 900,000 eligible
voters on six proposed constitutional amendments.
Although many of the cities in which councilmanic elections are scheduled
this year anticipate bigger polls than usual, the number or votes cast in
municipal elections is usually small, except when they are held the same day
as the Presidentential elections.
A special analysis made of 39 cities holding
municipal elections on the same day as the Presidential election in Novem¬
ber, 1936, showed 78% of the registered voters balloting in citi«? holding m
November elections, as comapred with 67% in cities which held elections
1937
23,
addition to mayoral
at
Largest Retail Distributors
WALTON, SULLIVAN & CO.
Issues
ARKANSAS
descriptions since effective date of Oct 11 of 1934 follow:
Highway A bonds, $4,157,000; toll bridge A bonds, $1,123,000; higlrway
and toll bridge B, $165,985
road district A, $6,170,250; road district B,
$1,849,440; DeValls Bluff Bridge, $27,777; certificates of indebtedness,
$333,907; funding notes, $229,481; total, $14,059,210.28.
Purchases by
Scheduled— In connection
of $170,000,000
EL
follows:
DORADO,
Oct. 18—V. 145, p.
wish to point out that, as is
customary at the general elections, the voters will be called
upon to pass on the issuance of numerous State and city
bonds. The New York "Herald Tribune" of Oct. 18 carried
an
article on these future authorizations, from which we
with the above statement we
quote in part as
ARK.
LITTLE ROCK,
other times.
Bond
BONDS
ARKANSAS
Ark.—BONDS DEFEATED—At the election held on
2424—the voters defeated the proposal to issue $655,000
bonds, according to the City Clerk.
in water system revenue
W
BONDS
MUNICIPAL
CALIFORNIA
Revel Miller & Co.
■■>'''>
Los Angeles Stock Exchange
MEMBERS
month voters will be asked to*approve bond
issues aggregating approximately $170,000,000.
The list of items is re¬
latively small, tut ft includes a few large proposals and the total thus
compares with those common during the depression.
Two issues of New
York State and Commonwealth of Pennsylvania bonds account for nearly
half the aggregate, while City of San Francisco bond proposals account for
much of the remainder. Other suggested financing is relatively small.
At the election early next
650 -So.
Spring Street
Los Angeles
•
Telephone: VAndike 2201 Teletype: LA 477
'
SAN FRANCISCO
k
SANTA ANA
The main items are:
New York State, institutions
_
San Francisco, subways,sewers,
CALIFORNIA
$40,000,000
__
Pennsylvania, institutions....
airport, hospital
Cincinnati, flood control
Cincinnati, school district
Lexington, Ky., property purchase
Reading, Pa., power plant
Hamilton County, Ohio, library
Philadelphia, water and sewer.
Newark, N, J., school..
Jamestown, N. Y., gas plant
Warren, Ohio, sewer and incinerator.
-
-
—
-----—-—
42,000,000
58,700,000
5,000,000
4,000,000
4,800,000
4,750,000
3,500,000
2,500,000
2,132,500
registered warrants was offered for sale on Oct. 21
awarded to a group composed of the American Trust Co., the Bankamerica Co., the Anglo-California National Bank, all of San Francisco,
and the Capitol National Bank of Sacramento, as Is on a net basis cost of
unemployment relief,
and
Warrants to be dated and delivered Oct. 23, 1937. An estimate
indicates that the warrants will be called for payment
Feb. 23, 1938.
Legal opinion will be furnished by Orrick,
Palmer & Dahlquist, of San Francisco.
of the State's revenue
1,200.000
1,039,198
CULVER CITY,
O. El
Centre), Calif.—FINANCIAL
financial report, covering all
prepared by the Gatzert Co., 215 West 7th
Street, Los Angeles.
It is pointed out that of the 16 school districts there
are six in default of principal and .(or)
interest payments.
Three of the
four high school districts and both road improvement districts are shown in
default.
According to the report, the general obligation court house and
general obligation highway bond issues are at present also in default of
The report in detail shows:
principal and interest payments.
PasTDue
Past Due
Cash Bal.
Shortage~
Principal
Interest
in Fund
in Fund
Unpd. as of Lnpd. as of
as of
as of
Sept. 25 *37 Sept. 25 *37 Sept. 25 *37 Sept. 25*37
County of Imperial:
$15,382
Court House
$7,500
$8,222
$339
the country
hike
will
compilation of the'State and local
Submitted—In addition to the larger
pass on numerous
smaller proposals, which
of scheduled authorizations to
about $195,000,000, made up of submissions by the officials
of 230 local governmental units.
The following is a tabula¬
tion of the larger bonding proposals up for consideration:
aggregate
Tuberculosis hospital, Butler County,
Court house, Jefferson County, Ohio
(P.
~~
listed in the
the
COUNTY
IMPERIAL
preceding account of proposed
financing, the voters of various municipalities throughout
would
Bank of Los
bond issues in the county, was
that remain partly or wholly unused. Since
number about 170,000, any such compilation would
be difficult. But it is known in a general way that few large authorizations
of the major units remain unexhausted or available for early financing
are
Calif.—NOTE SALE—An issue of $30,000 tax antici¬
STATUS OF BOND ISSUES—The following
government bond authorizations
Other Bond Issues to Be
about
pation notes has been sold to the Security-First National
Angeles on a 4% interest basis.
Due Dec. 31, 1937.
local government units
issues which
or
on
and local government
this influence will prove ephemeral.
There is no such thing as an exhaustive
was
0.85%.
financial trends incline to the
belief that most of the proposed bond issues will be approved'by the'voters.
In San Francisco the plebiscite remains in the doubtful column, but the
tendency elsewhere is almost sure to be in favor of the loans. Som e expansion
of borrowing thus is anticipated on the basis of the new authorizations, but
Students of State
SOLD—An issue of $3,350,000
WARRANTS
CALIFORNIA (State of)—
—
21
14,200
1,044
975
Road Impt. Dist. No. 5Road Impt. Dist. No. 9School Districts:
3,684
54,492
1,011
32,135
41
150
180
15
11,339
3,500
2,070
30
813
20,380
1,639
5,650
4,756
12,000
2,000
5,400
120
382
87
2,120
39
17,017
2,032
Alamitos
Brawley
School, Cuyanoga Heights, Ohio School District
500,000
Judgment, Dunmore, Pa
500,000
Penitentiary, Monroe County, N. Y_
500,000
Art gal'ery, Sacramento, Calif
—
500,000
Fire station and swimming pool, Dearborn, Mich
446,000
Bridge and incinerator, Roanoke. Va
—
440,000
Hospital improvement, Lakewood, Ohio
420,000
Road, Bee County, Texas.
—
350,000
Construction, Fresno County, Calif., Coalinga School District
350,000
School construction, Mount Vernon, Ohio, Scucol District
340,000
Sewage disposal plant, Wooster, Ohio
——_
325,000
Sewage disposal plant, Cleves, Ohio
—
304,000
Electric light and power plant revenue, Irvine, Ky
—
275,000
School improvement, Lancaster, Ohio School District225,000
School, Western Ohio, Rura School District225,000
Flood control. Ironton, Ohio
200,000
—
■
.___
Calexico
El Centro
Heber.
60
Holtville
Imperial Union
Jasper
Mt. Signal
Mulberry
—
1,000
180
2,000
60
390
Niland
Westmoreland
West Side
500
-
Winter haven
High School Districts:
Brawley Union
Calexico
86,476
90
1,000
Acacia
575,000
520,000
106,853
4,268
4,653
1,210
363
680
Alamo
595,000
School, Iowa City, Iowa School District
Redwood City, Calif
Bridge construction. Youngstown, Ohio
Power system,
56,000
Highway
$750,000
700,000
Ohio
50,875
Westmoreland San. Dist.
2,454 1
7,817
318
323
816
"lMO
181
1,500
862
1,433
929
3,000
Union
1,020
765
3,254
24,582
5,430.
20,000
Calipatria Union
30
Central Union
847
33,545
LOS ANGELES COUNTY (P.O. Los Angeles), Calif.—LONG BEACH
SCHOOL BONDS OFFERED—As previously reported in these columns,
Bond Proposals and
Negotiations
$65,000 Jefferson County, Alabama
bond* due
3
Price
May 1,
1003^
to
1954 to 1956
10034
McALISTER, SMITH & PATE, Inc.
NEW YORK
BROAD STREET
67
Telephone WHitehall 4-6765
GREENVILLE, S. C.
CHARLESTON, S. C.
County Clerk, will receive bids until 2 p. m. Oct. 26 for
purchase at not less than par of the following bonds, which are to bear
no more than 5%:
L. E. Lampton,
the
interest at
$100,000 Long Beach City School District school building bonds.
Due
$10,000 yearly on Nov. 1 from 1937 to 1946, incl.
33,000 Long Beach City High School District school building bonds.
Due $3,000 on Nov. 1 in 1941 and 1942, and $3,000 yearly on
Nov. 1 from 1945 to 1953.
Denom.
$1,000.
Dated Nov.
1, 1933.
Principal and semi-annual
interest payable at the County Treasury or at the fiscal agency of Los
Angeles County, in New York.
Certified check for 3% of amount of bonds
bid for, payable to the Chairman of the Board of Supervisors, required.
RIVERSIDE COUNTY (P. O.
Riverside), Calif.—BANNING SCHOOL
BONDS SOLD—The $110,000 Banning Union High School District bonds
offered on Oct. 18—V. 145, p. 2262—were awarded to The William R.
of Los Angeles and the Bankan.erica Co. of San Francisco at
premium of $5.50, equal to 100.005, the first $90,000 bonds to
and the remaining $20,000 at 3 H % •
Dated Nov. 1,
1 as follows: $5,000, 1942 to 1959, and $10,000,
1960 and 1961.
Kaiser & Co. of San Francisco bid-a premium of $1,730
Staats
par
Co.
plus
a
bear interest at 3 % %
1937.
Due on Nov.
ALABAMA
HUNTSVILLE, Ala.—BOND ELECTION—It is reported that an elec¬
on Nov. 16 in order to vote on the issuance of $75,000 in
school construction bonds, to be used in connection with a Public Works
Administration grant on the project.
tion whl be held
ARIZONA
MARICOPA COUNTY SCHOOL DISTRICT No. 21 (P. O. Phoenix),
Ariz.—BONDS NOT SOLD—The $31,000 bonds offered on Oct. 18-—V.
145, p. 2577—were not sold, all bids being rejected.
SCHOOL DISTRICTr^r\^-BONbS~VOTED—The voters of
the district have authorized the issuance of $34,000 school building bonds.
PIMA
ARKANSAS
for
4% bonds.
SACRAMENTO
COUNTY
(P.
O.
Sacramento), Calif.—SACRA¬
F. Patterson, County
MENTO SCHOOL DISTRICT NOTE OFFERING—T.
Clerk, will receive bids until 10 a. m. Oct. 25 for the purchase of $315,546.69
tax anticipation notes of Sacramento City Unified School District.
Bidders
are to specify rate of interest not to exceed 5%.
Denom. two for $112,000
and one for $91,546.69.
Dated Nov. 1, 1937.
Due Dec. 20, 1937.
Certified check for $5,000, payable to the Chairman of the Board of
Supervisors, required.
SAN
BERNARDINO
COUNTY (P. O. San Bernardino), Calif.—
SOLD—The County Treasurer has agreed to
Needles High School District.
NEEDLES SCHOOL BONDS
purchase $7,000 bonds of
(City and County), Calif.—NOTE OFFERING—
that sealed bids will be received until 3 p. m. on Oct. 25, by
for the purchase of an issue of $1,500,000 tax anticipation notes.
Dated as of the day of delivery.
Due on
Dec. 21. 1937.
SAN
FRANCISCO
It is reported
ARKANSAS, State of—CUMULATIVE REPORT ON HIGHWAY
TENDERS RECEIVED—The State Refunding Board, in a cun ulative
of purchases
report
of highway debt on tenders since effective date of
$14,059,210 par value of bonds, notes and certificates
the Clerk of the Board of Supervisors,
Act 11 of 1934, lists at
at $11,194,894 for gross discount of $2,864,315.
The State's
discount has been narrowed sharply
since the first tender on Sept. 19,
bought
$2,000,215 of notes, bonds and certificates were
$1,279,632 for saving of $720,582.10.
1934,
when
bought at
SAN'LUIS
O. San Luis Obispo), Calif.—
SOLD—The $30,000 Shandon Union High
Oct. 18—V. 145, p. 2425—were awarded
& Co. of San Francisco, as 3Ms, at par plus a premium of
OBISPO
COUNTY (P.
SHANDON SCHOOL BONDS
School District bonds offered on
to Dean Witter
Volume
145
Financial
$210, equal to 100.70, a basis of about 3.10%.
Dated Oct. 1, 1937.
Due
on Oct. 1 as follows:
$5,000, 1940; $6,000, 1941 to 1943, and $7,000 in 1944.
SANTA
BARBARA,
bonds
offered
&
of San
Co.
for
$52,000
2Ms and $10,000 2s.
$4,000. 1938 to 1952,
follows:
as
Calif.—BOND
on
Oct. 21—V. 145,
Francisco at par plus
SALE— The
$62,000 recreation
awarded to Donellan
2578—were
p.
premium of $12, equal to 100.002,
Dated Oct. 1, 1937.
Due on Oct. 1
and $2,000 in 1953.
Donellan & Co.
a
also submitted
a bid of par
plus $58 premium for $23,000 6s and $39,000 2s.
Lawson, Levy & William of San Francisco bid a premium of $203 for $16,000
5s and $46 2J4s.
■
'
'
Chronicle
$11,000 Anthony Special Tax School District No. 35 5% coupon bonds.
Dated June 1, 1937.
Due $1,000 yearly on June 1 from 1940 to
1950.
11,000 Weirsdale Special Tax School District No. 9 5M% coupon bonds.
Dated Oct. 1, 1937.
Due $1,000 Oct. 1, 1944, and $2,000 yearly
Oct. 1 from 1945 to 1949.
on
,
SELMA,
Calif.—BONDS
approval to
a
VOTED—The
recently
voters
gave
their
proposal to issue $20,000 electrolier bonds.
SHASTA COUNTY (P. O.
Redding), Calif .—SLATE CREEK SCHOOL
BONDS OFFERED—Erroll A. Yank,
County Clerk, will receive bids until
Nov. 1 for the purchase of $3,000 5% bonds of Slate Creek Scnool
District.
Denoms. $300.
Certified check for 10%, required.
2 p. m.
SIERRA COUNTY (P. O.
Downieville), Calif .—LOYALTON SCHOOL
BOND SALE RESCINDED— It is
reported by F. H. Turner, County
Clerk, that the sale of the $27,000 Loyalton Elementary School District
bonds to Lawson, Levy & Williams, of San Francisco, as noted in these
columns
recently—V. 145, p. 2425—was rescinded owing to an error in
the length of maturity.
Due $1,000 from Dec. 1, 1938 to 1964, as reported
here previously.
COLORADO
DENVER,Colo.—BOND SALE—John
F. McGuire, Manager of Revenue,
$15,967 Local Improvement District bonds have been
sold to Bosworth, Chanute, Loughridge & Co. of Denver, as 4s at a price
announces
that
of 101.941.
GREELEY, Colo.—BONDS AUTHORIZED—An ordinance has
passed which authorizes the issuance of $170,000 refunding bonds.
been
ROCKY
FORD, Colo.—BOND OFFERING POSTPONED—'The sale
$375,000 water refunding bonds, originally scheduled for Oct. 19—
145, p. 2578—has been postponed to Nov. 15.
Bids will be received
on the new date
by Mayor George F. Babcock.
Bidders are to specify
the rate of interest.
The bonds are to be dated Jan. 1, 1938, and will
mature serially on a schedule not yet determined.
of
V.
SAGUACHE AND RIO GRANDE COUNTIES CENTER JOINT
CONSOLIDATED SCHOOL DISTRICT NO. 26 (P. O. Saguache),
Colo.—jBOND CALL—It is reported that 5% bonds of Feb. I, 1919,
numbered from 30 to 72, are being called for payment at the International
Trust Co. of Denver, on Nov. 1, on which date interest ceases.
Denom.
$1,000.
Dated Feb.
1932 to 1937.
1,
1919.
Due
Feb.
on
1, 1939; redeemable Feb.
1,
STERLING, Colo.—BONDS CALLED—1The City Treasurer is said to
have called for payment on Oct. 15, Nos. 263 to 272, of Central Paving
District bonds, dated April 15, l92i.
On Nov. 1 the following bonds are being called for payment: Nos. 215 to
222, of Paving District No. 2, dated May 1, 1922; Nos. 41 to 45, of SubDistrict Nos. 3, of Curb and Storm Sewer District No. 1, dated March 1,
1931.
CONNECTICUT
NEWINGTON, Conn.—PROPOSED BUDGET LOWER—The propose
budget of the town for the fiscal year 1937-1938 provides for total expendi¬
tures
of $325,436.68.
Actual disbursements
in
the
1936-1937 period
reached $380,700.04, including $18,649.09 cash on hand at Aug. 31, 1937.
Debt is r ported as follows:
Statement of
.
_
Issue of 1935._
tration
and
other
purposes.
1
■
The Mayor has written Mr. Taber asking him to come to Tampa as soon
possible or send an associate to complete the operations, which must go
through by Dec. 1, interest payment date.
The bonds will have to be called
by Nov. 1 in order to have them refunded.
Mr. Taber already holds options from bondholders to refund $615,000
of the issues, obtained in getting holders of old issues to take tne new bonds
in July.
At that time he received authority of the board of aldermen to
as
refund these in proper time.
The July refund was said to save the taxpayers of Tampa $80,000 this
year, and $180,000 thereafter.
However, Mr. Taber pointed out that full
benefits could not be realized until the additional $2,000,000 are refunded
because of sinking funds that will be released at that time.
The city has been borrowing from time to time from sinking funds and
pledging delinquent taxes to obtain payment.
City Attorney McMullen
said loans now total $283,000.
Delinquent taxes for 1935 and prior years
are pledged.
Delinquent tax receipts are required first to meet budget needs.
After
these needs are met they may be used to buy material for the WPA.
For
that reason the administration is eager to get the refund completed.
Funds to be released will take care of the city's loan from the
sinking
fund, pay refunding costs, and perhaps leave a few thousand over.
Mc¬
Mullen said it was impossible now to figure how much will be available.
WALTON
COUNTY SCHOOL DISTRICTS (P. O.
De Funiak
Fla.—BOND OFFERING—Sealed bids will be received until
16, by A. N. Anderson, Secretary of the Board of Public Instruction,
for the purchase of two issues of bonds aggregating $25,000, as follows:
$15,000 Special Tax School District No. 13 5% bonds.
Due $1,000 from
July 1, 1938 to 1952, incl.
These bonds were originally scheduled
for sale on July 3.
10,000 Special Tax School District No. 7 4% bonds.
'
Springs),
ISov.
GEORGIA
AVONDALE
SCHOOL
DISTRICT,
Ga .—BONDS
VOTED—On
Oct. 9 the voters of the district gave their approval to a proposed $43,000
bond issue for construction of a high school building.
COLUMBUS, Ga.—BOND OFFERING CONTEMPLATED—We
are
in¬
formed by Wm. de L. Worsley, Acting City Manager, that the city intends
to offer for sale about the latter part of December, a $30,000 issue of
3%
semi-f nn. street improvement bonds, payable serially in one, two and three
They will be payable to the registered nolders only
mittee
on
Ga .—BOND
ISSUANCE
PENDING
LEGISLATIVE
advised
are
Finance,
that
matter in his call and the
$349,000.00
•
,
July 1.
city is hopeful of its passage.
$324,000.00
25,000.00
,
-
The additional refund is provided for in a contract with Norman S.
Taber,
the city's financial agent, who refunded $3,637,000 of callable bonds as of
27,000.00
____„__
Tax anticipation notes
DELAWARE
DELAWARE
laying plans for the refunding of an additional $2,100,000 of city bonds to
make available certain delinquent tax funds for Works Progress Adminis¬
by Henry F. Meyer, Chairman of the Com¬
there can be no definite developments in the
proposed amendment to the State Constitution which would permit the
city to issue refunding bonds until the Governor issues a call for a special
session.
Mr. Meyer states that the Governor has promised to include this
$42,000.00
42,000.00
113,000.00
45,000.00
50.000.00
____
Certified check for
TAMPA, Fla.—NEW REFUNDING PLANNED—Mayor Cnancey is
ACTION—We
_____
Issue og 1933
Issue of 1934
Denom. $1,000.
Interest payable semi-annually.
2% of amount of bonds bid for required.
SAVANNAH,
Debt of Town
Bonded indebtedness—Issue of 1915
Issue of 1922
:________
Issue of 1929
2723
MARION
COUNTY
(P.
O.
Ocala),
Fla.—SCHOOL
DISTRICT
BONDS OFFERED—Don T. Mann, Secretary Board of Public
Instruction,
will receive bias until 2 p. m. Nov. 5 for the purchase of the
following
school district bonds:
;
(State
of)—BOND OFFERING— Charles L. Terry Jr.,
Secretary of State, announces that the Governor, Secretary of State and
State Treasurer will receive sealed bids until noon (Eastern Standard Time)
on Nov.
1 for the purchase of all or any part of $290,000 not to exceed
4% interest State Building bonds of 1937.
Dated Nov. 15, 1937.
Denom.
$1,000.
Due as follows: $15,000 each year from 1939 to 1957 incl. and
$5,000 in 1958.
On and after Nov. 15, 1944, any of the bonds outstanding
will be redeemed at 104 on any interest date, upon 30 days notice properly
advertised.
Bidder to name one rate of interest, expressed in multiples of
fi of 1%.
Principal and interest (M. & N. 15) payable at the Farmers'
Bank of the State of Delaware in Dover.
Bonds will be exempt from
taxation by the State or any of its political subdivisions for any purpose.
They may be registered, although not convertible again into coupon form.
The public faith and credit of the State is expressly pledged for the prompt
and full payment of both principal and interest and upon the sale and de¬
livery to the purchaser the legality and validity of the bonds shall never be
questioned in any court of law or equity by the State or any person or
persons for its use or in its behalf.
A certified check for 5% of the bonds
bid for, payable to the order of Ernest C. Blackstone, State
Treasurer,
must accompany each proposal.
IDAHO
ADA
COUNTY
(P.
O. Boise),
Idaho—BONDS NOT SOLD— The
$195,000 issue of not to exceed 6% coupon semi-ann. court house and jail
bonds offered on Oct. 20—V. 145, p. 2579—was not sold as all the bids
received were rejected, according to Stephen Utter, County Auditor.
He
states that the bonds will be readvertised at once.
The highest bid sub¬
mitted was a joint offer of 100.34 for 2%'s, by HaJsey, Stuart & Co., Inc.,
and Childs & Montandon. of Boise.
D"°''n from 2 to 10 years after date
of issu
JEROME
Charlotte
COUNTY (P.
JO. Jerome), Idaho—BOND OFFERING—
Roberson, Clerk, Board of County Commissioners, will receive
bids until 2 p. m. Oct. 29, for the purchase at not less than par of $60,000
courthouse and jail bonds.
Bidders are to specify rate of interest, not to
exceed 3}4%Dated Dec. 1, 1937.
Principal and semi-annual interest
payable at the County Treasurer's office.
Due on the amortization plan,
beginning two years after date of issue, and continuing to 10 years after
date of issue.
Certified check for 5% of amount of bid, payable tolthe
County Treasurer, required.
RUPERT, Idaho—BOND OFFERING PLANNED—The city is farming
$30,000 municipal building bonds for sale in the near
to offer an issue of
future.
Municipal Bonds of
FLORIDA
ILLINOIS INDIANA MICHIGAN IOWA WISCONSIN
BONDS
Dough t—Sold—Quoted
0tcfan&cm IP
Clyde C. Pierce Corporation
Barnett National Bank Building
JACKSONVILLE
-
-
-
-
-
c€cmifoatiuf <$nc.
MUNICIPAL BOND DEALERS
FLORIDA
135 So. La Salle St.,
Chicago
State 0540 ^Teletype CGO. 437
Branch Office: TAMPA
First National
Bank
T. S, Pierce, Resident Manager
Building
ILLINOIS
ALTAMONT,
FLORIDA
DADE
COUNTY
O. Miami), Fla.—BONDED DEBT SHOWS RE¬
DUCTION—The bonded debt of the above county on Sept. 30 was $8,342,000, or approximately $300,000 less than at the same time last year, accorrding to W. E. Norton, clerk to the County Commission.
The county has on hand in interest and sinking funds a total of $1,058,039.27 and the State administration, $1,329,170.57, or a total of $2,387,209.84, which makes the net bonded debt of the county $5,954,790.16.
It is estimated that the assessed valuation of property for 1937 will be
$85,000,000 while the actual valuation will be approximately $340,000,000.
Collections on the 1936 real estate tax roll were 95% as compared with
92.5% on the 1935 roll and 82% on the 1934 tax roll.
DE
LAND
Fla.—BOND
(P.
SPECIAL
TAX SCHOOL
ELECTION
DISTRICT
CONTEMPLATED—We
(P.
are
District Clerk tnat petitions are being circulated for an
on the issuance of $150,000 in construction bonds.
O.
De
Land),
informed
by the
election to be held
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT
NO. 9 (P. O. Tampa), Fla.—BOND OFFERING—Ed. J. Keefe, Chairman,
Board of Public Instruction, will receive bids until 11 a. m. Nov. 4 for the
purchase of $4,000 6% coupon bonds.
Denom. $400.
Dated
1937.
Principal and semi-annual interest (June 1 and Dec. 1)
at
the
from
Hillsboro
State
Bank,
Plant
Due $400 yearly
City.
on
Dec.
1,
payable
Dec.
1
1939 to 1948, incl.
LEON
COUNTY
Tallahassee),
will be
held
SPECIAL
TAX
SCHOOL
DISTRICTS
Fla.—BOND ELECTION—It is reported that
Nov.
9 in order to
vote
an
(P.
O.
election
the issuance of the
following
bonds aggregating $33,000, divided as follows:
$18,000 Woodville Special
Tax School District and $15,000 Miccosukee Special Tax School District
bonds.
on
We understand
that
these
on
bonds
with Public Works Administration grants.
are
to
be issued in
connection
i
III.—BONDS
SOLD—[The
White-Phillips
Corp.
of
Davenport has purchased an issue of $23,000 3%% sewage disposal plant
bonds, subject to result of an
election in November.
(On Sept. 7 the
city failed to receive a bid for $22,000 5% coupon sanitary sewer bonds
dated Sept. 15, 1937, and due from 1939 to 1954 incl.
Callable at any
interest
date.)
ALTON, III.—BOND ISSUE REPORT—In connection with the previous
these columns to the effect that, following a survey among local
investment houses recommended by the Illinois Commerce Commission,
report in
city had completed arrangements for the sale of approximately $2,~
000,000 water revenue bonds to a Chicago investment company, Chairman
M. Slattery now reports that the Commission had made no such
the
James
recommendation and does not propose so doing "under any circumstances."
CARMI, 111.—BOND SALE—An issue of $44,000 4M% water revenue
bonds was sold recently to Lewis, Pickett & Co. of Chicago, who are now
offering the bonds to investors.
CHRISTY
(P.
O.
Sumner),
III.—BOND
OFFERING—The
Town
Clerk will receive sealed bids until 1 p. m. on Oct. 23, for the purchase of
issue of $11,000 road bonds.
an
COOK COUNTY (P. O. Chicago), 111.—WARRANT CALL—Horace G.
County Treasurer, announces that the following described
paid on presentation through any bank or to the County
Treasurer.
Interest accrual will terminate on Oct. 20, 1937, if warrants
are not presented for redemption on or before that date:
Highway tax warrants of 1936, Nos. H-601 to H-750 incl. of $1,000 each.'
Corporate tax warrants of 1936, Nos. 1886 to 2535 incl. of $1,000 each.
Lindheimer,
warrants will be
GIBSON CITY, III.—BOND SALE DETAILS— In connection with
the previous report in these columns of the sale of $21,000 334% coupon
city hall bonds, we are advised that the purchaser was the firm of Vieth,
Duncan, Worley & Wood of Davenport.
Financial
2724
Farina), 111 .—BOND SALE DETAILS
LACLEDE TOWNSHIP (P. O.
19391 to
1948"Incl.
Denom. SI,000.
D.
Interest payable J. &
LAKE COUNTY SCHOOL DISTRICT NO. 64 (P. O. North Chicago).
III.—BOND SALE—Lewis, Pickett & Co. of Chicago have purchased and
are now
less than par
bonds of Hammond Park District.
Denom. $1,000
Dated Oct. 15, 1937.
Principal and semi-annual interest
(Jan. 1 and July 1) payable at the office of the City Controller.
Due
$4,300 yearly on Jan. 1 from 1940 to 1959, incl.
Cert, check for total
amount of bid, plus accrued interest, is required with bids.
of $86,000 coupon 3M %
NASHVILLE, III.—BOND SALE—-An issue of $76,000 4% water revenue
Chicago, who are now offering
bonds has been sold to Lewis, Pickett & Co. of
the bonds to investors.
NEWTON, 111.—BOND SALE—Lewis. Pickett & Co. of Chicago have
purchased and are now offering to investors an issue of $19,000 4% water
bonds.
revenue
$300.
informed that the district has refunded an issue of $35,000 bonds.
.
,
„
.
a. m.
INDIANA,
State
of—MUNICIPAL
O.
Shelby
will receive
Morristown)
township trustee
Nov. 3 for the purchase of
HELD NOT VALID INVESTMENTS—It
that
(P.
OFFERING—The
Ind—BOND
County,
bids until 10
TOWNSHIP
SCHOOL
HANOVER
$30,000 bonds.
UTILITY REVENUE
has been stated in
a
BONDS
legal opinion
bonds issued by a city in Indiana for utility financing are not
securities for State bank investments.
This ruling is said to be
revenue
valid
OAK PARK, 111.—FINANCIAL STATEMENT—T. R. Leth, Village
Comptroller, has issued the following statement in connection with the
offering on Oct. 25 of $115,000 3% funding bonds, fully described in a
previous issue:
Ind.—BONDS REFUNDED—We
SCHOOL DISTRICT,
HAMMOND
are
refunding bonds.
offering to investors an issue of S4.000 4 34 %
1937
23,
receive bids until 10:30 a. m. Nov. 1 for the purchase at not
and
as
Oct.
Chronicle
Chapter 33, Sec. 18, Indiana Laws, 1937, which limits a State
purchase of investment securities for its own account to United
of the State or of any munici¬
pality in the State.
based
on
bank's
States obligations or the direct obligations
Financial Statement
'
$40,020,0.54
Assessed valuation, 1936
Basis of assessment
Bonds
now
37 %
-
836,500
outstanding.,
115,000
Bonds in this issue
$951,500
-
SCHOOL
Village incorporated 1902.
Population, 1930 census, 63,982.
Present
population, estimated, 70,000.
Area, 4M square miles.
Fiscal year,
Jan. 1 to Dec. 31.
Municipality has never failed to pay bonds and interest
Special assessment bonds and coupons are paid pro
collections, in accordance with State law governing the same.
promptly when due.
rata from
Tax Collection Report—Fiscal
Collected in one year—
Collected to July 31,'37
393,095
497,582
Uncollected July 31'37-
125,137
a
Year Jan. 1 -Dec. 31
1934
$626,740
453,128
486,938
139,802
1933
$622,719
Year—
extension...
Tax
1935
V
$617,733
463,869
468,333
149,400
1936
$600,300
a223,998
223,999
*376,301
* Second instalment will go into collection Nov. 1, 1937
1M months.
SCHOOL
DISTRICT
NO.
117, 111.-—BOND SALE DE¬
TAILS—The $20,000 bond issue reported sold in these columns recently
was taken by the Onarga State Bank as 4s.
Due in 15 years.
ONARGA
PENDLETON
TOWNSHIP,
Jefferson
111,—BOND
County,
SALE
issue of $25,000 4M% gravel road bonds has been sold to Lewis,
Pickett & Co. of Chicago, who are reoffering the bonds to investors.
—An
TOWNSHIP
POTOMAC
(P. O.
Ind.—BOND
bids, until
4M% interest
school
building bonds.
Dated Sept., 1937.
Denom. $1,000.
Due as
follows: $3,000, Sept. 1, 1938; $3,000, March 1 and Sept. 1 from 1939 to
1951, incl., and $4,000, March 1,1952.
Bidder to name one rate of interest,
expressed in a multiple of M of 1%.
Interest payable M. & S.
Delivery
and payment for bonds to be made Nov. 10.
No conditional bids will be
considered.
Bonds are direct obligations of the school township, payable
HIGH
DISTRICT
SCHOOL
NO.
ROODHOUSE, 111.—BOND OFFERING— Sealed bids will be received
by the City Clerk until 7:30 p. m. on Oct. 26 for the purchase of $60,000
(P.
Trustee,
Jr.,
O.
will
Evansville),
receive
sealed
8 p. m. on Nov. 10 for the purchase of $85,000 not to exceed
from
be
to
taxes
lievied
prascribed by ](iw(
(The above issue
p..
awarded
was
on
all
taxable property
of its
within the limits
originally scheduled for sale on Oct. 26—V. 145,
The terms of the issue have been revised in several particulars.)
2579.
TOWNSHIP
MARION
SALE—The
$14,500
(P.
bonds
O.
R.
offered
F. D. CommUkey), Ind.—BOND
Oct. 15—V. 145, p. 2264—were
on
follows:
as
$7,250 School Township bonds were sold to the Napoleon State Bank,
Napoieon, as 3s, at par.
Dated Oct. 15, 1937 and due Dec. 15 as
follows: $500 from 1939 to 1948 incl. and $750 from 1949 to 1951 incl.
7.250 Civil Township bonds were awarded to the Fletcher Trust Co. of
Indianapolis, as 3Ms, at par plus a premium of $116, equal to 101.60,
a basis of about 2.98%.
Dated Oct. 15, 1937 and due $725 on Dec.
329
equal to 100.01, a basis of about 3.249%.
Due Jan. 1 as follows: $2,000,
1939 to 1941 incl.; $2,500,1942 to 1949 incl.; $3,000 from 1950 to 1956 incl.
Fickas
OFFERING—Frank
15 from 1939 to 1948 incl.
111.—BOND SALE—The $47,000 high school building
Potomac),
bonds offered at public/auction on Oct. 15—V. 145, p. 2579—were awarded
to A. S. Huyck & Co. of Chicago, as 3 Ms, at par plus a premium of $5,
TOWNSHIP
were sub¬
on Oct. 15—V. 145,
Due 10 bonds annually
bonds offered
One bond for $436.30, others $500 each.
starting on Jan. 1, 1939.
2264.
KNIGHT
Total..
Ind.—BONDS NOT SOLD—No bids
JEFFERSONVILLE,
mitted for the $67,436.30 4M% funding
p.
NEW
CASTLE, Ind.—BOND OFFERING—John Rutlidge, City Clerk-
Treasurer, will receive sealed bids until 10 a. m. (Central Standard Time)
on Oct. 25, for the purchase of $5,000 4%
armory bonds.
Dated Oct. 1,
1937.
Denom. $500.
Due Feb. 1 as follows: $2,000 in 1943 and 1944, and
$1,000 in 1945.
Principal and semi-annual interest payable at the office
of the City
Clerk-Treasurer. A certified check for 2M% of the bonds bid
payable to the order of the city, must accompany each proposal.
for,
water revenue bonds.
SEYMOUR
SUMPTER
TOWNSHIP
(P.
O.
Toledo),
111.—BONDS SOLD—An
issue of $12,000 4% road bonds has been sold to the Municipal Bond Corp.
of Chicago, at a
price of par.
Due Dec. 1 as follows:
$1,000 from 1939 to
$2,000 in 1947 and 1948.
sold at a price of par.
Bonds are dated Aug. 1, 1937,
coupon in $1,000 denoms., with interest payable J. & D.
1946, incl. and
The issue
was
W1LBERTON
Township,
Fayette
111.—BOND
County,
SALE—
The township recently sold a block of $15,000 4M% gravel road bonds to
Lewis, Pickett & Co. of Chicago.
The bankers are offering the bonds for
investment.
WILL COUNTY SCHOOL
DISTRICT NO.
88
(P. O. Joliet), III.—
SCHOOL
CITY,
Ind.—BOND
OFFERING—Don
A.
Bollinger, Secretary of the Board of Trustees, will receive sealed bids until
p. m. on Nov. 1 for the purchase of $35,000 4% school building bonds of
1937. Dated Nov. 15,1937. Denom. $500. Due $1,000 on June 1 and Dec.
1, 1939, and $1,500 on June 1 and Dec. 1 from 1940 to 1950 incl. Interest
payable J. & D. A certified check for $1,000, payable to the order of the
school city, must accompany each proposal.
No conditional bids will be
considered.
The approving legal opinion of Matson, Ross, McCord &
Clifford of Indianapolis will be furnished the successful bidder.
Latter will
be required to accept delivery and pay for the bonds at the Seymour National
Bank, Seymour. The bonds are direct obligations of the school city, payable
out of ad valorem taxes to be levied on all its taxable property within the
limits prescribed by law.
1
BOND
SALE—Lewis, Pickett & Co. of Chicago have purchased and are
offering to investors an issue of $58,800 4M % school site improvement
now
bonds.
.
SHAWSWICK SCHOOL TOWNSHIP
(P. O. Bedford), Ind.—BOND
Township Trustee, will receive sealed bids
the purchase of $7,500 4% school bonds.
Dated Oct. 11, 1937.
Due $500 each six months from July 1, 1938 to
July 1, 1945, both incl.
Denom. $500.
Interest payable J. & J.
Prin¬
cipal and interest payable at the Citizens National Bank of Bedford.
A
certified check for 3% of the issue must accompany each proposal.
OFFERING—Norris
until
HAWAII
HAWAII
(Territory
of)—BOND OFFERING—W.
C.
McGonagle,
Treasurer of the Territory of Hawaii invites sealed proposals for the pur¬
chase of both, or either of the two bond issues described below, to be sold
at the office of the Bankers Trust Co., 16 Wad St., N. Y.
City, Corporate
Trust
Department,
up to
11.00 a.m., Easter Standard Time, Oct. 27:
$3,300,000 Public improvement issue. Coupon form, denom. $1,000.
All
dated Nov. 15, 1937. Maturing serially in numerical order as
follows:
$183,000 Nov.
$189,000
15 each
Nov. 15,1956.
on
year 1939 to 1955, inc.., and
Interest dates May 15 and Nov. 15.
10
m.
a.
on
C.
Nov.
Ray,
9
for
SALE NOT CONSUMMATED—The above bonds are being
was
rejected
The award
it
as
was
was not
accompanied by the required good faith deposit.
highest bidder, the Bedford National
premium.)
then made to the next
Bank of Bedford, which bid a $5
Proceeds of this issue will be expended on public improvements
which will outlast the life of the bonds.
1,500,000 Refunding issue.
Coupon form, denom. $1,000.
All dated
Nov. 15,1937.
Maturing serially in numerical order as follows:
$170,000 Nov. 15 each year 1939 to 1946, inc
and $140,000 on
Nov. 15,1947.
Interest dates May 15 and Nov. 15.
Proceeds
.,
of this issue will be used to call at par, and cancel, a like amount
of term bonds which would mature 10 years henec
(1947).
A
sinking fund of $796,419 has accumulated against this issue and
will be used as required for the new serial maturities.
Principal and interest for both issues payable in any coin or currency of
the United States which at the time of
payment, is legal tender for public
and private debts, at the office of the Bankers Trust Co. in N. Y,
City,
or at the office of the Territorial Treasurer in Honolulu.
Bidders wi 1 be
required to name one interest rate for all maturities of either issue.
Bidders
may bid for either or both issues.
The right is reserved to reject any or
all
bids.
Interest rate
one-tenth
any
of
one
interest rate
per
must
be
centum.
are not
tendered
Bids
acceptable.
in multiples of one-quarter or
specifying net yield basis without
No price less than par plus accrued
interest will be considered.
No offer for less than all of either issue will
be accepted.
Award will be based on lowest interest cost to the Territory.
Each issue to be judged separately.
Each proposal must be
accompanied
value of bonds bid for, on a bank
by a certified check for 2% of the par
satisfactory to the Treasurer.
Both issues
and
are
tax exempt,
except estate
inheritance
taxes, and are general obligations against consolidated
Territory.
Approving opinion of Messrs. Thomson, Wood
& Hoffman, New York, will be furnished to the
successful bidder upon
request.
Definitive bonds must be sent to Hawaii for signature.
Interim
revenues
within
a
few
days
INDIANA
4^l?eN«f2coHo??k
p.
SM&'CT
2426—were awarded to the Fletcher Trust Co. of Indianapolis at
E|uf » premium of $1,563.60, equal to 113.03,
Dated
June
,
par
basis of about 3.14%.
a
Oct.1,1937.
Due $800 Dec. 30, 1938; $400 each
30,1939 to Dec. 30,1951, and $800 June 30,1952.
six months from
ALEXANDRIA. Ind.-BOiVp SALE—Tne $10,000 4%
on
coupon park
16—V. 145, p. 2264—were awarded to the Com¬
Co., Alexandria, at par plus a premium of $526,
basis of about 2.95%.
Dated Oct. 16, 1937 and due
Oct. 16 from 1938 to 1947, incl.
bonds offered
mercial
Oct.
Bank &
equalto 105.26,
$1,000
on
Other bids
Trust
a
were as
follows:
Bidder
Premium
Anderson Banking Co
Indianapolis Bond & Share Corp
McNurlen & Huncilman
$525.00
provement bonds will be voted upon.
Iowa—BOND OFFERING DETAILS— In connection
of the $6,000 water
145, p. 2579—it is
stated by James W. McNee, Town Clerk, that the bonds mature $500
annually as follows:
1940, 1942, 1944, 1946, 1948, 1950, 1952, 1954, 1956,
1958, 1960 and 1962.
BLAIRSBURG,
with the offering scheduled for 7:30 p. m. on Oct. 21,
works bonds, as noted in these columns recently—V.
Iowa—BOND SALE—The $36,000 issue of coupon
improvement revenue bonds offered for sale on Oct. 18—
2580—was awarded to the Carleton D. Beh Co. of Des Moines,
as 3 Ms,
paying a premium of $235, equal to 100.6527, a basis of about
3.10%.
Dated Nov. 1, 1937.
Due from Nov. 1, 1938 to 1953; redeem¬
able on and after Nov. 1, 1942.
BLOOMFIELD,
water
works
V. 145, p.
DES MOINES, Iowa—BOND OFFERING—John T. Stark, City Treas¬
will receive bids untn 10 a. m. on Nov. 4, for the purchase of the
following bonds aggregating $254,500:
urer,
$15,000 grading fund bonds.
Due $5,000 from Nov. 1, 1941 to 1943 incl.
15,000 improvement fund bonds.
Due $5,000 from Nov. 1, 1944 to 1946
inclusive.
EAST CHICAGO PARK
263!00
oasis of about 3.15%.
EMMETSBURG, Iowa—BONDS VOTED— At a recent election the
approved a proposition calling for the issuance of $79,000 municipal
plant bonds.
voters
gas
FERNALD
CONSOLIDATED
purpose
$1,120, equal
a
Dated Nov. 1, 1937.
The entire issue matures on Nov. 1 as follows:
$6,500 in 1939; $9,000, 1940; $14,000, 1941 to 1944; $34,000, 1945; $29,000,
1946, and $20,000, 1947 to 1952.
The bonds are being issued to finance
the city's share of a works progress improvement program.
Coupon bonds,
payable M. & N.
Authority for issuance given by Code of Iowa, Sections
6211 and 6578, &c.
Prin. and int. are paid from the regular operating
funds of the city.
These funds are supported by general tax levies as
authorized and provided for by the laws of Iowa.
The approving opinion
of Stipp, Perry, Bannister & Starzinger, of Des Moines, to be furnished
by the city.
Printing of bonds will be at the city's expense.
Bidders must
post a certified check for $3,000 before being permitted to bid, as a guar¬
antee of good faith.
ELECTION—On Nov. 15
DISTRICT, Ind.—BOND SALE—The $110,-
Due $5,000 each
on
Jan. 1 from 1940
to 1961 incl.
HAMMQNO RARKl DISTRICT (P. O. Hammond), Ind.—BOND
FERING—G.
B.
OF¬
Smith, City Controller of the City of Hammond, will
an
SCHOOL DISTRICT, Iowa—BOND
be held in the district for the
election will
of voting on a proposal to issue $22,000 school building bonds.
LENOX INDEPENDENT SCHOOL
DISTRICT (P. O. Lenox), Iowa
—BONDS SOLD— It is stated by the District Secretary that $3,500 gym¬
nasium bonds were awarded to the First National Bank of Diagonal, as
2Mg. paying a premium of $12.50, equal to 100.35.
NEVADA
SCHOOL
DISTRICT,
Secretary, Board of School
INDEPENDENT
OFFERING—C.
^
1,
29,500 park and cemetery fund bonds.
Due on Nov. 1 as follows: $1,500
in 1939, and $4,000 from 1940 to 1946 inclusive.
522 00
000 swimming pool construction bonds offered on Oct. 18—X.
145, p. 2264
—were sold to a local bank, as 3
Ms, at par plus a premium of
101.01,
35,000 sewer fund bonds.
Due $5,000 from Nov. 1, 1939 to 1945 incl.
160,000 sewage purifying plant fund bonds.
Due $20,000 from Nov.
1945 to 1952 inclusive.
400 00
.
City Securities Corp
to
IOWA
AVOCA, Iowa—BOND ELECTION—The Town Council has called an
10 at which a proposal to issue $20,000 water works im¬
election for Nov.
of the
certificates in $1,000 denominations will be furnished
after award, if desired, for the
refunding issue only.
readvertised
a technicality arising at the sale held Oct.
11.
On that
occasion, as previously reported in these columns—V. 145, p. 2579, the
bid of the Fletcher Trust Co., Indianapolis, naming a premium of $306,
and resold due to
F.
Wilson,
Iowa—BOND
Directors, will
receive bids until 3 p. m. Oct. 25 for the purchase of an issue of $30,000
bonds. The district will furnish the bonds and the attorneys' opinion.
Volume
Financial
145
BOSSIER PARISH CONSOLIDATED SCHOOL DISTRICT NO. 3
(P. O. Benton), La.—BOND SALE DETAILS—It is stated by the Secre¬
OTTUMWA, Iowa—BOND OFFERING—M. Von Schraeder, Secretary,
Board of Waterworks Trustees, will receive bids until 10 a. m. Oct. 29 for
the purchase at not less than par of $158,000 waterworks revenue bonds.
The bonds
tary of the Parish School Board that the $35,000 school bonds purchased
by Scharff & Jones, Inc., of New Orleans, as noted here recently—V. 145,
payable solely from earnings of the waterworks system and
on those earnings.
Bidders are to name rate of interest.
Principal and semi annual interest (June 1 and Dec. 1)
payable at the office of the Board of Trustees. Due $25,000 on June 1 and
constitute
2725
Chronicle
are
first lien
a
Dated Dec. 1,1937.
Dec. 1
in
each of the years 1938 and 1939; $25,000 June 1, 1940
Certified check for $2,500, payable to the Board
and $33,000
of Trustees,
Legal opinion of Stipp, Perry, Bannister & Starzinger of Des
!
Dec.1, 1940.
required.
POLK
COUNTY (P. O. Des Moines),
Iowa—CORRECTION—We are
funding
the Harris Trust &
Savings Bank of Chicago, at a price of 100.836, as noted in these columns
—V. 145, p. 2580—were sold as 2 Ms, (not 2s), giving a basis of about 2.07 %.
Dated 8ept. 1,1937,
Due from Nov. 1,1941 to 1943.
informed by the County Supervisor that the $404,000 coupon
bonds purchased on Oct.
15 by a syndicate headed by
on the
bonds maturing as follows;
$500 in 1939; $1,000,
1957, according to
OFFERING—The
certificates
on or
(P.
O.
Fort
as
DISTRICT NO. 13 (P. O. Augusta), Kan—
BOND OFFERING—Sealed bids will be received until 8 p. m. on Oct. 25,
APPROVED—H.
Franklin),
DORADO,
Kan.—BOND OFFERING—Frank
La.—BOND
receive sealed
will
$60,000
OFFERING—R.
bids until
9.30 a.
1964
Manahan.
not to exceed 5% interest coupon school building
Dated Jan. 15, 1938.
Denom. $500.
Due serially
VERMILION
PARISH
(P.
S. Lichlyter, City
chased
the $25,000
Board that
as
MAINE
of)—BOND SALE—The issue of $1,000,000 2% coupon
highway bonds offered on Oct. 21 was awarded to Barr Bros. & Co., Inc.,
New York, at a price of 101.199, a basis of about 1.805%.
Dated Nov. 1,
1937 and due $100,000 each on Nov. 1 from 1939 to 1948 incl. The bankers
are
reoffering the bonds for public investment at prices to yield from
1 % to 1.90%, according to maturity. Second high bid of 100.669 was made
by a group composed of Brown Harriman & Co., Inc.; First Boston Corp.,
both of New York; Northern
Trust Co., Chicago, and the Mercantile
Commerce Bank & Trust Co., St. Louis
BOND ISSUE DETAILS—Principal and interest (M. & N.) payable
EUREKA, Kan.—BOND ELECTION—The voters of the city will decide
$135,000 bonds to finance the
FREDONIA, Kan.—BOND SALE—An issue of $9,500 unemployment
was sold recently to the Lathrop-Hawk-Herrick Co. of Wichita
relief bonds
of 99.90.
GARNETT SCHOOL DISTRICT, Kan.—BOND SALE—'The Board
an issue of $66,000 2 M% school building fund bonds
of Education has sold
Topeka at par plus a premium of $242, equal to 100.366.
DISTRICT
SCHOOL
(P.
O.
purchased by the Small-Milburn Co. of Wichita as 2Ms at par, and mature
m from 1 to 18 years.
VALLEY
UNION
HUTCHINSON
SCHOOL
DISTRICT
NO.
50
(P. O. Hutchinson), Kan —BONDS PURCHASED—H. H. Palmquist,
of the Board of Education, states that $10,000 school addition
bonds were taken up by the State School Fund Commission at par.
KANSAS
CITY, Kan.—BOND SALE—On Oct. 21 an issue of $40,000
2M% improvement bonds was sold to Callender, Burke & McDonald.of
Kansas City, Mo., at a price of 100.739.
Dated Oct. 1, 1937.
LABETTE
COUNTY
(P.
Ofwego),
O.
payable at the State Treasurer's office in Topeka.
Due $3,000 yearly for
five years and $2,000 yearly for the following five years.
LOGAN,
Kan.—BOND ELECTION—A special election will be held
proposal to issue $24,967.20 sewer system bonds.
to vote on a
LYONS, Kan.—BOND SALE DETAILS—We are informed by the City
Clerk that the $20,000 bonds which were sold recently, as noted here—
V. 145, p. 2427—were purchased by the Citizens State Bank, of Ellsworth,
2Ms,
as
dated
paying
a
Aug. 1, 1937.
premium of $148,
Denom. $1,000.
'
.
equal to 100.74.
Due in 10 years.
Coupon bonds,
Interest payable
F. & A.
was
Kan.—BOND SALE—An issue of $12,000 water
works
local banks as 2%b, at a price of 100.75.
SAWYER, Kan.-BONDS AUTHORIZED—'The City Countil has passed
an ordinance authorizing the issuance of $15,000 water plant bonds.
SEDGWICK COUNTY (P. O. Wichita), Kan.—BOND SALE— The
$40,000 2M% public work relief bonds offered on Oct. 12—V. 145, p. 2427
awarded to the Ranson-Davison Co. of Wichita*and the Columbian
Securities Corp. of Topeka at a price of 100.201, a basis of about 2.46%.
Dated Oct. 1, 1937.
Princial and semi-annual interest (April 1 and Oct. 1)
payable at the State Treasurer's office in Topeka.
Due $4,000 yearly on
Oct. 1 from 1938 to 1947, incl.
The bankers are offering the bonds to
at prices to yield from 1% to 2.30%,
according to maturity.
The bonds are approved as to legality by Long, Depew,
Stanley, Weigand
investors
& Hook, Wichita.
(P.
O.
Wichita)
Kan.-BOND SALE DE¬
TAILS—In connection with the sale of the $75,000 2M % coupon semi-ann.
poor relief bonds to the Ranson-Davidson Co. of Wichita, as noted in these
columns recently—V. 145, p. 2580—we are now informed that the bonds
Sept. 10 as follows:
$8,000, 1938; $7,000, 1939;
$7,000, 1941; $8,000, 1942; $7,000, 1943; $8,000, 1944;
$8,000, 1946 and $7,000 in 1947.
These bonds were sold
101.275, giving a basis of about 2.26%. Prin. and int. (M.
mature on
at the State Treasurer's
$8,000, 1940;
$7,000, 1945;
at a price of
& S.) payable
office.
KENTUCKY
MIDDLESBOROUGH, Ky.—BOND SALE—The city has entered into
agreement with Lewis, Pickett & Co. of Chicago for the sale of $175,000
an
revenue
bonds.
PIKESVILLE,
Ky.—BOND
ELECTION—The
voters
will
decide
on
Nov. 2 whether or not the city is to issue $45,000 park bonds.
VANCEBURG, Ky .—BOND OFFERING—On Nov. 1 the city will offer
bonds.
for sale a block of $2,500 waterworks revenue
receive sealed bids
accrued interest from date of bonds to
Bonded debt (excluding present
Floating debt
$77,000,000
2,755,000
Principal and semi-annual interest (Jan. and July) payable
Gonzales, in Gonzales.
Due serially from Jan. 1, 1939 to
1, 1935, incl.
Certified check for $1,000, required.
Legality ap¬
proved by Chapman & Cutler of Chicago.
issue)
None
-
Md.-—BOND SALE—The $80,000 bonds offered on
awarded to Stein Bros. & Boyce of Balti¬
CUMBERLAND,
Oct. 18—V. 145, p. 2265—were
more as follows:
$50,000 2M%
flood bonds at 98.559, a basis of about 2.62%.
Dated
1936.
Interest payable June 1 and Dec. 1.
Due $24,000
June 1,
June 1 in 1951 and
on
1952.
W.
2.37%.
Dated
1.
Due $5,000
& Co. of Baltimore bid 103.629 and
offered prices of 103.53 and 97.263.
98.429 while
yearly on Oct. 1 from 1942 to
W.
1947.
Lahanahn
Alex Brown & Sons
'
^
30,000 3% public works bonds at 104.299, a basis of about
Oct. 1,1937.
Interest payable April 1 and Oct.
.
following other houses were associated with the above-mentioned
firm in the purchase: Mackubin, Legg & Co.; Baker, Watts & Co.; Strother,
The
Brogden & Co. and the Mercantile
Trust Co., all of Baltimore.
GEORGE'S COUNTY (P. O. Upper Marlboro), Md.—
BOND OFFERING—Boykin E. Watson, President of the Board of Edu¬
cation, will receive sealed bids until noon on Nov. 9 for the purchase of
$250,000 not to exceed 5% interest coupon school bonds. Dated Nov. 1,
1937.
Denom. $1,000.
Due Nov. 1 as follows: $5,000, 1939 and 1940
$10,000 from 1941 to 1958 incl. and $12,000 from 1959 to 1963 incl. Rate
of interest to be expressed in a multiple of M of 1 %. Principal and interest
(M. & N.) payable at the First National Bank of Southern Maryland.
Upper Marlboro. The price bid must be for each $100 of par value. Award
will be made to the bidder whose offer figures the lowest net interest cost
to the county. The bonds will be issued pursuant to Chapter 277 of Acts of
General Assembly of Maryland of 1937T and resolutions of the Board of
Education and the county. They will be issued on the full faith and credit
of the county, and will bear the endorsement of the County Commissioners
and its promise to pay both principal and interest through the agency of the
Board of Education of the County. They will be payable by an unlimited
ad valorem annual tax on aU assessable property of the county. A certified
check for $1,000 must accompany each proposal.
The approving legal
opinion of Niles, Barton, Morrow & Yost of Baltimore will be furnished the
successful bidder.
PRINCE
LOUISIANA
(P. O. Donaldsonvilie), La.—BOND OFFER¬
previously reported in these columns—V. 145, p. 2580—A. C.
Simoneaux, President of the Police Jury, will receive bids until 10 a. m.
Nov. 2 for the purchase of $55,000 courthouse and jail bonds.
Bidders
are to name rate of interest, not to exceed 6%.
Denom. $500
Dated
ING—As
MASSACHUSETTS
Mas*.—NOTE SALE DETAILS—The First National
Bank of Boston was the purchaser of the issue of $100,000 notes reported
sold .n these columns recently—V. 145, p. 2581. They aature Oct. 14,1938.
AMESBURY,
BEVERLY, Mam.—BOND OFFERING—John
wLl receive bids until 11a.m. Oct. 27 for the
at the Bank of
urer
July
nar
date of delivery.
Financial Statement
mASCENSION PARISH
Nov. 2, 1937.
Cumberland), Md.—BOND OFFERING
Clerk of the Board of County Commissioners, will
until 11 a. m. on Nov. 2 for the purchase of $60,000
not to exceed 5% interest coupon, registerable as to principal only, road
bonds, issue of 1936.
Dated Nov. 1, 1937.
Denom. $1,000. Due Nov. 1,
1942.
Bidder to name a single rate of interest, expressed in a multiple of
M of 1%.
Principal and interest (M. & N.) payable at the County Treas¬
urer's office.
The bonds, issued pursuant to Chapter 17, General Assembly
Acts of Special Session of 1936, are exempt from all taxation in Maryland.
Price bid, which must be not less than par, to be for each $100 of par value
of issue.
A certified check for 5% of the bonds bid for, payable to the
order of the County Treasurer, must accompany each proposal.
Purchaser
—Thomas P. Richards,
—were
COUNTY
--$661,209,219
30,244,500
Assessable basis
sold recently to two
SEDGWICK
;h■■■■■■ ■},
1,1937
MARYLAND
ALLEGANY COUNTY (P. O.
to pay
RUSSELL,
bonds
.
„
„
POMONA, Kan.—BONDS VOTED—An issue of $25,000 water bonds
has been approved by the voters.
,
Financial Statement
Valuation of the State
...—
Bonded debt (exclusive of this issue) on Nov.
Kan.—BOND OFFERING—
Wm. A. Dearth, County Clerk, will receive bids until 10 a. m. Oct. 25, for
the purchase of $25,000 2M% coupon poor relief bonds.
Denom. $1,000.
Dated Aug. 1,1937.
Principal and semi-annual interest (Feb. 1 and Aug. 1)
Nov. 1
Treasury Department,
taxation in Maine and from all
direct obligation
for the payment
DETAILS—It is stated by the District Clerk that the $45,000
construction bonds sold recently, as noted here—V. 145, p. 2580—were
SALE
Clerk
Augusta. The bonds are exempt from
Federal income tax. They are an unqualified,
of the State, the credit and good faith of which is pledged
of both principal and interest.
Opinion of the Attorney
General of the State as to legality of issue was to be furnished the successful
Didder.
Payment of the loan and accrued interest, if necessary, may be
made on or about Nov. 1, 1937, at which time the definitive bonds are
expected to be ready for delivery. The bonds are part of a total of $5,000,000
authorized pursuant to Chapter 96 of the Resolves of the 86th Maine
Legislature, and were approved by the voters at the Sept. 9, 1935 special
election;
•:v.
't
at the State
Kan~B0N5
Howard).
Abbeville), La.—ERATH SCHOOL
Erath
MAINE (State
construction of a filtration plant*
HOWARD
O.
by the Secretary of the Parish
School District No. 2 bonds pur¬
4% bonds by the First National Bank of Abbeville, at 100.39, as
noted in these columns recently—V. 145, p. 2427—are due on Aug. 15 as
follows: $1,000, 1938 to 1947, and $1,500. 1948 to 1957, giving a basis
of about 3.96%.
School
EUDORA, Kan.—BOND SALE—Anissue of $19,000 3% street resur¬
facing bonds recently authorized has been sold to Estes & Co. of Topeka
at a price of par.
to Estes & Co. of
construction
Interest
incl.
P
at a price
Nov. 16 for the purchase of
BOND SALE DETAILS—It is now reported
Clerk, will receive bids until 9:30 a. m. Oct. 25, for the purchase of $18,500
bonds.
Dated Oct. 1, 1937.
Due serially on Oct. 1
Certificated check for 2% of amount of bid, required.
Nov. 9 whether or not the city is to issue
(P. O.
Robinson, Superintendent,
L.
on
previously in these columns.)
2M% storm sewer
from 1939 to 1947.
on
m.
from 1938 to
payable semi-annually in Jan. and July, except in
1938 when amount due will be paid on one date.
A certified check for
$1,000 must accompany each proposal.
Legality approved by Chapman &
Cutler of Chicago.
(This report of the offering supersedes that given
bonds.
City Clerk, reports that the notice in our columns recently of the approval
by the City Council on the issuance of $30,000 in water system bonds—
V. 145, p. 2427—was incorrect.
EL
yet.
ST. MARY PARISH FOURTH SCHOOL DISTRICT NO. 1
by Alma Berthe Hite, Clerk of the Board of Education, for the purchase
of a $61,270 issue of 2M% semi-annual coupon building bonds.
Denom.
$1,000, one for $1,270. ~Dated Sept. 1, 1937.
Due on^Sept. 1 as follows:
$5,270 in 1938; $5,000, 1939 to 1942; $7,000, 1943 to 1946, and $8,000 in
1947; optional on and after Sept. 1, 1943.
Principal and interest payable
in Topeka.
Legality to be approved by Long, Depew, Stanley, Weigand
& Hook, of Wicnita.
A certified check for 2% must accompany the bid.
NOT
Denoms. $500 and $1,000.
Springville), La.—BONDS NOT SOLD—It is stated by the Superintendent of the
Parish School Board that the $30,000 6% semi-annual school bonds offered
without success on May 26, as noted here at the time, have not been sold
SCHOOL
K&n.—BONDS
awarded to the New Iberia National Bank of New Iberia on a
was
LIVINGSTON PARISH SCHOOL DISTRICT NO. 26 (P. O.
about Oct. 21.
CUNNINGHAM,
CHARLES
on
bid of 100.50 for 5s.
KANSAS
AUGUSTA
m.
Oct. 18
Iowa—CERTIFICATE
planning to sell $600,000 road
Dodge),
County Supervisors are
a.
LITTLE BAYOU GRAVITY DRAINAGE DISTRICT NO. 1, Iberia
Parish, La.—BOND SALE—An issue of $35,000 bonds offered for sale on
1940 to 1943; $1,500, 1944 to 1952, and $2,000, 1953 to
the District Secretary.
P*WEBSTER COUNTY
Oct. 6—V.
FIRST SEWERAGE DISTRICT
(P. O. Lake
La.—BOND OFFERING— Sealed bids will be received until
Nov. 16 by Emma H. Squires, City Clerk, for the purchase of
an issue of $160,000 public improvement bonds.
Interest rate is not to
exceed 5%, payable M. & N.
Denom. $1,000.
Dated Nov. 1, 1937.
Due from Nov. 1, 1939, to 1957, incl.
The approving opinion of a recog¬
nized bond attorney will
be furnished.
A certified check for $3,500,
payable to the district, must accompany the bid.
LAKE
10
£ ROYAL INDEPENDENT SCHOOL DISTRICT (P. O. Royal) Iowa—
2.97%,
ISSUE—The
on
Charles),
BOND SALE—The $28,000 issue of school building bonds offered for sale
on Oct. 18—V.
145, p. 2580—was awarded to the Carleton D. Beh Co. of
Des Moines, as 3s, paying a premium of $77.00, equal to 100.275, a basis
of about
(P. O. Mansfield), La.—SALE OF LONGSTREET
$7,500 coupon Longstreet School District bonds
145, p. 1618—were awarded to the First National
Bank of Mansfield, as 5s, at a price of par.
No other bidder.
Dated
July 15,1937 and due July 15 as follows: $1,300,1938; $1,400,1939; $1,500,
1940; $1,600 in 1941 and $1,700 in 1942.
offered
Moines will be furnished with the bonds.
now
DE SOTO PARISH
SCHOOL
rate
of interest, in a
C. Lovett, City Treas¬
purchase at not less than
municipal relief loan bonds. Bidders are to name
multiple of M%. Denom. $1,000. Dated Nov. 1,
of $30,000 coupon
Chronicle
Financial
2726
Dated Oct. 1, 1937. Principal and semi-annual interest
(April 1 and Oct. 1) payable at the National Shawmut Bank of Boston.
R. L. Day & Co. and Estabrook & Co. of Boston joined in submitting the
second high bid, offering a price of 100.819 for 2Ms.
The following is a list of the other bids submitted for the issue:
These bonds will be valid general obligations of the City of Beverly,
exempt from taxation in Massachusetts, and all taxable property in the
city will oe subject to the levy of unlmiited ad valorem taxes to pay both
principal and interest.
They wilt be engraved under the supervision of and authenticated as to
their genuineness by the First National Bank of Boston.
The favorable
opinion of Hopes, Gray, Boyden & Perkins as to the validity of this issue
will be furnished without charge to the purchaser.
The original opinion
and complete transcript of proceedings covering all details required in the
proper issuance of the bonds will ne filed with The First National Bank of
Boston, where they may be inspected.
Bonds will be ready for delivery on or about Thursday, Nov. 4, 1937, at
The First National Bank of Boston, 17 Court Street Office, Boston.
,
.
,
^
Brown Harriman &
follows:
Halsey, Stuart & Co., Inc
Maiden Trust Co
Bidder—
MASSACHUSETTS (State of )—BOND SALE—The $3,000,000 fully
registered Metropolitan additional water loan bonds offered on Oct. 18—145, p. 2428—-were awarded to the Bank of the Manhattan Co. and
Barr Bros. & Co. of New York as 2Ms, at a price of 100.275, a basis of
about 2.23%.
Due $100,600 yearly on July 1 from 1938 to 1967, incl.
R. L. Day & Co. of Boston and associates bid 102.099 for 2Ks.
The bankers are re-offering the bonds for public investment priced to
yield from 0.50% to 2.40%, according to maturity.
The following is a complete list of the other bids submitted for the bonds
None
uncollected $76.00.
——-
2%
2%
Co.; Estabrook & Co.; The First Boston
Corp.; Whiting, Weeks & Knowles, Inc.; Lee Higginson Corp.; Jackson & Curtis
The First Nat. Bank of N. Y.; R. W. Pressprich &
Co.; The Northern Trust Co.; Newton, Abbe &
Co.; Hornblower & Weeks; Preston, Moss & Co
Lehman Brothers; Lazard Freres & Co.; Kean, Taylor
& Co.; H.C.Wainwright& Co.; and associates
Stone & Webster and Blodget, Inc.; Brown Harriman
& Co., Inc.; F. S. Moseley & Co.; Kidder, Peabody
& Co.; Phelps, Fenn & Co
Bankers Trust Co., New York; The National City
Bank of N. Y.; HarrisJTrust & Savings Bank; Paine,
Webber
&
Co.; Eastman, Dillon & Co.; Burr,
100.41
100.395
2%
2%
100.329
100.289
2%
Harris Trust & Savings Bank &
Knowles.
100.281
2%
100.099
2%
100.019
101.099
100.912
Whiting, Weeks &
Brown Harriman & Co., Inc
Halsey, Stuart & Co., Inc
First Boston Corp
—
Goldman, Sachs & Co. and Newton, Abbe & Co.;—
Tyler & Co..
2H%
2M %
First National Bank of Boston
DEDHAM, Mass.—OTHER BIDS—The $100,000 notes awarded recently
Safe Deposit & Trust Co., Boston, at 0.40% discount, plus
145, p. 2581—were also bid for as follows:
to the Boston
$7 premium—V.
Discount
Bidder—
Second National Bank of Boston
Merchants National Bank of Boston
New England Trust Co_
Norfolk County Trust Co
Whiting, Weeks & Knowles
R. L. Day & Co
-
First National Bank of Boston————
Faxon & Co
—
———— — —
0.40%
0.44%
0.44%
—0.44%
0.46%
0.49%
——————0.525%
—0.55%
EASTHAMPTON, Mass.—NOTE SALE DETAILS—The $16,000 per¬
pavement notes sold Aug. 31 to the Merchants' National Bank of
Boston, as 1 %s, at a price of 100.333, as previously reported in these
columns, mature Sept. 1 as follows:
$4,000 in 1938, and $3,000 from 1939
to 1942, inclusive.
The Merchants National Bank of Boston for Boston funds.
Legal papers incident to the issue will be filed with
National Bank of Boston where they may be inspected.
The
Merchants
HAVERHILL, Mass.—BOND OFFERING— Gertrude A, Barrows, City
Treasurer, will receive bids until 11 a. m. Oct. 26 for the purchase at not
less than par, of $50,000 municipal relief loan bonds.
Bidders are to name
rate of int., in a multiple of %
%•
Denom. $1,000.
Dated Nov. 1, 1937.
NORFOLK
$11,000
>100.7299
100.339
2ZA%
101.888
COUNTY
(P.
O.
Dedham),
Mass.—NOTE SALE—The
tuberculosis hospital land loan, Act of 1937 notes offered
19—V. 145, p. 2581—were awarded to the Second National Bank
of Boston, as Is, at a price of 100.021, a basis of about 0.99%.
Dated
Oct. 1, 1937 and due Oct. 1 as follows:
$4,000 in 1938 and 1939, and
on
coupon
Oct.
$3,000 in 1940.
Other bids
were
as
follows:
Bidder—
♦
Int. Rate
Edward B. Smith & Co.
Tyler & Co_
—
—
Merchants National Bank of Boston
Whiting, Weeks &
i
Knowles
Jackson & Curtis
First National Bank of Boston
Mansfield
&
Co
Rate Bid
1%
1M%
1M%
1M %
\H%
1M%
1 M%
100.001
100.391
100.26
100.22
100.117
100.10
100.205
PEABODY,
Mas s.—PROPOSED
FINANCING—Mayor
McVann's
request that City Council issue $48,000 street improvement bonds and
borrow $13,000 on notes for emergency funds has been referred to the
Finance
Committee.
We
genuineness by the National Shawmut Bank of Boston; their legality will
be approved by Storey, Thorndike, Palmer & Dodge, whose
opinion will
be furnished the purchaser.
All legal papers incident to this issue will be
of
101.3197
$33.80 per $1,000.
Prin. and semi-ann. int. (M. & N. 1) payable at the National Shawmut
Bank of Boston.
Due $5,000 yearly on Nov. 1 from 1938 to 1947, incl.
The bonds are engraved under the supervision of and certified as to
filed with said bank, where they may be inspected.
Bonds will be delivered to the purchaser at the National
2M %
2M%
;
101.74
101.3896
MELROSE, Mass.—BOND ISSUE REPORT—In connection with the
previous report in these columns concerning a proposed $120,000 sewer
bond issue, we are advised by the City Clerk that the order adopted by the
Board of Aldermen providing for such an issue of bonds or notes contains
the provision that no financing will be undertaken unless the Federal Govern¬
ment agrees to pay 45% of the cost of the projected improvements.
The
assessed valuation of real and personal property on Jan. 1, 1937 amounted
to $37,406,200.
Net bonded debt at Dec. 31, 1936 was $906,500.
The
tax levy for 1937 includes $129,500 to redeem principa" and interest during
the present year.
The city has no sinking funds and this year's tax rate is
manent
GLOUCESTER, Mass.—BOND OFFERING—J. Russell Bohan, City
Treasurer, will receive bids until 11 a. m. Oct. 26, for the purchase at not
less than par of $25,000 coupon pier loan bonds.
Bidders are to name rate
of interest, in a multiple of A%.
Denom. $1,000.
Dated Nov. 1, 1937.
Principal and semi-annual interest payable at the Merchants National
Bank of Boston.
Due $2,000 yearly on Nov. 1 from 1938 to 1942, and
$1,000 yearly on Nov. 1 from 1943 to 1957.
These bonds will be prepared under the supervision of and certified as
to their genuineness by The Merchants National Bank of Boston, and
their legality approved by Ely, Bradford, Thompson & Brown, of Boston,
whose opinion will be furnished the purchaser.
Delivery will be made at
2M %
2M%
2M%
Gannett & Co
Chase Nat. Bank; Salomon Bros. & Hutzler;
Blyth & Co., Inc.; L. F. Rothschild & Co.; E. H.
Rollins & Sons, Inc.; Coffin & Burr, Inc.; Kennedy,
Spence & Co., Inc.; Chace, Whiteside & Co., Inc
Halsey, Stuart & Co., Inc.; Bancamericar-Blair Corp.;
Laden burg, Thalmann & Co.; Geo. B. Gibbons &
Co., Inc.: Darby & Co.. Inc.; Manufacturers &
Traders Trust Co. of Buffalo; G. M.-P. Murphy &
Co.; Burr & Co., Inc.; Adams, McEntee & Co., Inc.;
Schoellkopf, Hutton & Pomeroy, Inc.; First of
Michigan Corp.; J. N. Hynson & Co., Inc
-—118,075
-
102.099
2M%
The
2,348,232.94
160,279.55
————————- ———
Rate Bid
1
Financial Statement, Oct. 1,1937
Assessed valuation, 1937, including motor vehicle excise—$175,323,500.00
Total bonded debt, not including present issue
9,888,000.00
Water bonds, included in total debt
806,000.00
Sinking funds, other than water
Water sinking funds————
Population, 1935
Int. Rate
Bidder—
R. L. Day &
Rate Bid
Int. Rate
•
R. L. Day & Co. and Estabrook & Co—
Lazard Freres & Co. and Burr & Co., Inc.....
—
2%
2M%
100.35
2M%
100.779
2M%
100.50
2100.82
V.
'
•
i
Chace, Whiteside & Co
CAMBRIDGE, Mass .—NOTE SALE— The issue of $200,000 coupon
municipal relief bonds offered Oct. 22 was awarded to Bancamerica-Blair
of New York, as 2s, at 100.613, a basis of about 1.88%.
Dated
Nov. 1, 1937 and due $20,000 on Nov. 1 from 1938 to 1947, incl.
Other
as
100.379
100.627
100.73
100.179
100.359
2%
Middlesex County National Bank
Lazard Freres & Co., Inc
Corp.
were
Co., Inc
Rate Bid
2%
2M%
2M%
Bank
Shawmut
Harris Trust & Savings Bank
First National Bank of Maiden.
Financial Statement, Oct. 15, 1937
bids
Int. Rate
Bidder—
National
,
Assessed valuation for year 1937 (incl. motor vehicle excise) ..$41,919,400.00
Total bonded debt (present loan not included) .
-----972,000.00
Water debt, included in total debt.-—————
123,000.00
Sinking funds
Population, 25,871.
1935, tax levy $1,423,566.00
1936 tax levy $1,430,256.00, uncollected, $7,480.00.
1937
23,
Denom. $1,000.
Principal and semi-annual interest (May 1 and Nov. 1) payable at
•the First National Bank of Boston.
Due $6,000 yearly on Nov. 1 from
1937.
.
Oct.
Buy for
Our Own Account
MICHIGAN MUNICIPALS
Shawmut Bank
Boston, 40 Water St., Boston.
Cray, McFawn Si Company
HOLYOKE, Mass.—NOTES NOT SOLD—It is reported that the city
decided to reject all bids submitted for the $400,000 notes offered Oct. 21,
because of the asserted difficulty of certain prospective bidders to enter
DETROIT
their tenders
by telephone as provided for in the notice of sale. It is expected
that a new offering will be made shortly.
As offered, the notes were to be
dated Oct. 21,1937 and mature $200,000 each on April 15 and
May 17,1938.
The rejected bids have been given as follows:
Bidder—
Discount
•
Lazard Freres & Co
Jackson & Curtis
First Boston Corp. (plus $1.85 premium).
Bank of The Manhattan Co
Chase National Bank..
Whiting, Weeks &
Knowles
Leavitt & Co
First National Bank of Boston (plus $1 premium)
r
...
LEOMINSTER,
Mass.—BONDS AUTHORIZED—'The
recently authorized the issuance of $40,000 welfare bonds.
City
0.55%
0.56%
0.57%
0.57%
0.59%
0.595%
0.615%
0.62%
Council
LEXINGTON, Mass.—NOTES SOLD—Two
$124,000, which
were
tional Bank of Boston
offered
as
on
Telephone CHerry 6828
issues of notes, aggregating
Oct. 19, were awarded to the Second Na¬
follows:
$100,000 notes, dated Oct. 20 and due July 29, 1938,
on a
MICHIGAN
BEDFORD TOWNSHIP SCHOOL DISTRICT NO.
a
complete list of the bids submitted for both issues:
$100,000
Issue
Bidder—
Discount Bid
Second National Bank of Boston
NeWiEngland Trust Co
Chace, ^Whiteside & Co
First National
Bank of Boston
R. L.'rDay &iCo
Lexington Trust Co
Tyler
Co—
x
Plus
0.486%
0.469
x0.51
$24,000 Note
Issue
Int. Rate
Rate Bid
1 H%
100.486
1 A%
100.439
1 H%
100.25
100.399
0.66
0.67
0.68
1^%
$1 premium.
MALDEN, Mass.—BOND SALE—The $210,000
coupon bonds described
offered on Oct. 20, were awarded to Tyler & Co. of Boston
on a bid of 100.447 for 2s, a basis of about
1.90%:
$150,000 municipal relief loan bonds.
Due $15,000 yearly on Oct. 1 from
below, which
were
1938
to
1947.
35,000 water loan bonds. Due $7,000 yearly on Oct. 1 from 1938 to 1942.
25,000 street construction loan bonds.
Due yearly on Oct. 1 as follows:
$3,000, 1938 to 1942, and $2,000, 1943 to 1947.
(P. O.
Battle
BENTON HARBOR, Mich.—BOND OFFERING—John F. Null,
City
Clerk, will receive sealed bids until 1 p. m. on Nov. 1 for the purchase of
$20,000 water works junior revenue bonds.
Dated Oct. 1, 1937.
Due
$2,500 each on Oct. 1 from 1940 to 1947, incl.
These bonds are a second
lien on the revenues of the water department.
Bidder to name rate of
interest and will be required to furnish bonds and legal opinion.
A certified
check for $500 must accompany each proposal.
BUCHANAN,
voters
^The following is
3
Creek, R. F. D. No. 4), Mich.—BOND SALE—The issue of $18,000 4%
improvement bonds offered on Oct. 20—V. 145, p. 2581— was
awarded to Siler, Carpenter & Roose of Toledo.
Dated Oct. 15, 1937 and
due April 15 as follows: $3,500 from 1939 to 1942 incl. and $4,000 in 1943.
school
.468% discount
24,000 notes, dated Oct. 20, 1937 and due serially from 1938 to 1942 incl.
at 100.486 for 1^% notes.
The New England Trust Co. of Boston bid
.469% discount for the
$100,000 loan.
Chace, Whiteside & Co. of Boston offered 100.439 for
$24,000 1A% notes.
A. T. T. Tel. DET 347
approved
a
Mich.—BONDS
VOTED—At
a
recent
election
the
proposition to issue $35,000 sewage disposal plant bonds.
DETROIT, Mich.—EDITORIAL COMMENT ON RECENT ELEC¬
TION—Because of the interest evinced in municipal circles over the out¬
of the primary election held in the above city on Oct. 5, we
quote
an editorial appearing in a recent issue of the Detroit "Free Press":
Though it nominated a candidate for Mayor, the Committee for Industrial
Organization machine did not develop enough strength in the primary
election to threaten seriously the safety of Detroit if voters interested in
good government and the public welfare will do their duty in November by
turning out at the polls in force as they did Oct. 5.
Richard W. Reading
ran
far ahead of the John L.
Lewis candidate,
and an overwhelming
majority of the ballots cast for losing candidates unquestionably were antiC. I. O., perhaps practically all were.
The present councilmen seeking
re-election, all targets of C. I. O. opposition, also outdistanced their
competitors.
This does not mean that the people of Detroit can sit back hereafter and
go off guard.
Vigilance against a crafty enemy is necessary until the last
come
from
vote is cast at the November election.
Carelessness and indifference has
lost many a "sure" fight.
There is just one thing for the intelligent voter
interested in good government in Detroit to do.
That is to make himself a
committee of one to see that Mr. Reading is elected and given the
support
of
a
good Council.
This should be the business of every person who wants to prevent strong-
class domination of Detroit by a crowd of C. I. O. bosses, with no
regard for law, order or private and legal rights.
It will be particularly
easy to get behind Mr. Reading, too, because from every viewpoint there
arm,
Volume
Financial
145
afe strong indications that he will be
elected.
distinctly competent Mayor if
to this
official
a
This belief is amply justified by a public record which up
time has revealed him as a
capable, efficient, honest and courteous
who attends to business and does his work
intelligently.
DETROIT, Mich.—CALL FOR TENDERS—City Controller John N.
Daley is asking for sealed offerings of SI ,575,000 city bonds presently out¬
standing.
In requesting offerings until 9a.m. Oct. 27 covering S575.000
callable and non-callable
bonds, offers are sought under the following con¬
ditions:
If callable bonds
(a) When
puted to the
(b) When
puted to the
If bonds
are
offered at
a
premium:
the interest rate is 4K%
first call date.
or
the interest rate is less than
higher, the yield snail be com¬
4J^%, the yield shall be com¬
2727
Chronicle
terest rate is
not
be exceed
years redeemable after
one
4%, payable annually.
Due serially in ten
year.
SHELLY, Minn.—PRICE PAID—The State Bank of Shelly, purchasers
on Oct. 12 of $10,000
3% water bonds, paid par for the issue.
The bonds
are
coupon
Interest payable
July 1 from 1938 to 1957 redeemable on and after
in form, in the denomination of $500 each.
July 1.
Due serially
July 1, 1938.
on
UNDERWOOD, Minn.—BONDS VOTED AND DEFEATED—,At the
election held on Oct. 12—V. 145, p. 2429—the voters approved the issuance
of the $13,000 water bonds, but defeated the proposal to issue $8,000
bonds.
It is stated by the Town Clerk that if the water
bonds are issued it will be to the State of Minnesota.
sewage system
fourth call date.
offered at par or less than par; yield
are
shall be computed
Offerings Wanted:
to the date of maturity.
(c) If non-callable bonds
offered at
are
a
premium, yield shall be com¬
LOUISIANA &, MISSISSIPPI
puted to the date of maturity.
Offerings shall show the purpose, the rate of interest, date of maturity,
MUNICIPALS
the dollar value and the yield.
Offerings will be accepted on
computed from the dollar price.
the basis of the highest net yield as
In connection with the call for offers until
noon
on
^vBond
mately SI ,000,000 callable refunding bonds, conditions are stated as follows:
If callable bonds are offered at a premium:
(a) When the interest rate is 4K%, or higher, the yield sha 1 be com¬
puted to the first call date.
Department
WHITNEY NATIONAL
Nov. 3 on approxi¬
NEW ORLEANS,
BANK
LA.
Bell Teletype N. O. 182
Raymond 5409
.
(b) When the interest rate is less than 4^%, the yield shall be com¬
puted to the fourth call date.
If bonds
offered
are
at par or
)
,
Tenders shall show tne purpose, the rate of interest, date of
the dollar value and the yield.
Tenders will be accepted on the basis of the highest net
.
,
.
maturity,
.
yield
as com¬
puted from the dollar price.
;v,.
Only 1962-63 maturities of callable bonds will be accepted.
EVART, Mich.—BONDS SOLD—Local bank 'has purchased an issue of
$15,000 paving bonds.
Issue was approved at an election held Sept. 22.
FENTON TOWNSHIP SCHOOL DISTRICT (P. O. Fenton),
Mich.
—BOND OFFERING—C. J. Furlong, District Secretary, will receive sealed
bids until 8 p. m. on Oct. 26 for the purchase of $22,000 not to exceed 4%
interest school oonds.
Dated Sept. 1,
1937.
Due Nov. 1 as follows:
$3,000 from 1937 to 1942 incl. and $4,000 in 1943.
No bid for less than
A certified check for 5% of
Treasurer, must accompany
opinion of Miller, Canfield, Paddock &
par and accrued interest will be considered.
the bid, payable to ,the order of the District
each
proposal.
The approving
Stone of Detroit will be furnished the successful bidder.
PONTIAC, Mich—ADDITIONAL REVENUE NEEDED—At
meeting
as
a
recent
attended
by private financial experts and city officials it was
thorough study of the city's financial set-up was needed
prelude to the submission of recommendations on the 1938 budget.
determined that
a
a
The city is
confronted with a decrease of about $300,000 in revenue for
1938 because of the dwindling backlog of delinquent tax returns.
RIVER ROUGE, Mich.—BOND SALE—The city has issued a block of
$15,000 refunding bonds to the sinking fund.
SANDUSKY,
Mich.—BONDS
TO PWA—The Public Works
purchased an issue of $19,000 4% sewage disposal
system bonds.
Dated Oct. 1, 1937.
Due serially on Oct. 1.
Principal
and interest (A. & O.) payable at the City Treasurer's office.
,
Administration
SOLD
has
EARTH
COUNTY
(P. O. Mankato), Minn.—BOND OFFER¬
145, p. 2581—B. E. Lee,
County Auditor, will receive bids until 2 p. m. Oct. 22, for the purchase
of not less than par of $104,000 drainage funding bonds.
No n ore than
$10,000 bonds will be awarded to any one purchaser.
Interest rate is not
Denoms. $1,000 and $500.
Dated
$21,000.1940, 1941,1942 and 1943
2K%. payable semi-annual.
Due Nov. 1 as follows:
and $20,000, 1944.
Nov. 1,1937.
CHISAGO COUNTY
(P. O. Center City), Minn.— WARRANT OF¬
FERING—Archie F. L. Stromgren, County Auditor, will receive bids until
4 p. m. Oct. 26 for the purchase of $15,000 4% public relief warrants.
Denom. $500
CHISHOLM,
Minn .—CERTIFICATES NOT
SOLD—It
is
stated
by
Frank Centra Jr., City Clerk, that the $50,000 issue of not to exceed 6%
the,time,
at
was not sold as no
CROMWELL
SCHOOL
of the district
May 12, as noted in these columns
bids were received.
on
DISTRICT,
have approved
Minn.—BONDS VOTED—The
the issuance of $14,000 gymnasium
bonds
EVELETH, Minn.—BOND SALE DETAILS— It is stated by the City
that the $270,000 3% semi-ann. funding bonds purchased by the
Board of Investment, as noted here recently—V. 145, p. 1457—
were sold at par, and mature $27,000 from July
1, 1943 to 1952, jncl.
Clerk
State
FERGUS FALLS, Minn.—WARRANT OFFERING—B. M. Lein?City
Clerk, will receive bids unt 17.30 p. m. Nov. 1 for the purchase of $3,708.60
4% impt.
warra"
GIBBON,
Minn.—MATURITY—It
is
now
reported
by
the
Village
Recorder that the $7,000 3% semi-ann. water bonds purchased by the State
Bank of Gibbon, at 100.14, as noted here recently—V. 145, p. 2581—are
dated Aug. 1, 1937, and mature $1,000 from 1940 to
of about 2.95%.
1946, giving
a
basis
HOPKINS, Minn.—CERTIFICATE OFFERING—Frank N. Whitney,
Village Recorder, will receive bids until 8 p. m. Nov. 2 for the purchase of
$1,055.20 4% certificates of indebtedness.
Certified check for $105.52,
require
LAKE
CRYSTAL, Minn —BOND SALE POSTPONED—It is stated by
J. T. Wiger, City Clerk, that the sale of the $45,000 not to exceed S}A%
semi-annual power plant construction bonds, which was scheduled for Oct.25
as notea here—V.
145, p. 2581—has been called off.
It is said that the
present plan is to call for bids about Nov. 12.
Dated Nov. 1, 1937.
Due
from Nov. 1, 1940 to 1953; optional before maturi'
LAKE
OF
DISTRICT
THE
NO.
Ill
WOODS
(P.
An election is to be held
to issue
on
O.
COUNTY
Baudette),
INDEPENDENT
SCHOOL
Minn.—BOND ELECTION—
voting on a proposal
Oct. 26 for the purpose of
$17,000 school remodeling bonds.
MINNESOTA,
State
of—CERTAIN
ASSESSMENT
BONDS
HELD
VALID INVESTMENTS—It was held by the Attorney-General in an
opinion given on Sept. 30 that special assessment district bonds issued by
a village for financing the extension of its waterworks in the district bene¬
fitted are valid State bank investments.
The ruling limits the amount
of bonds to 10% of the assessed value of the taxable property in the village.
'
MOORHEAD
INDEPENDENT
Moorhead), Minn.—BOND
SCHOOL
OFFERING
DISTRICT NO. 2 (P. O.
DETAILS—In connection with
the offering scheduled for 8 p. m. on Oct. 27, of the $20,000 building bonds,
as noted in these columns on Oct. 16—V. 145, p. 2582—it is stated that both
sealed and oral bids will be received by O. D. Hilde, District Clerk.
Interest
rate is not to exceed 4%, payable M. & N.
Dated Nov. 15, 1937.
Due
$4,000 from Nov. 15, 1938 to 1942, incl.
designated by the purchaeeRED WING SCHOOL DISTRICT
Prin. and int. payable at a place
(P. O. Red Wing), Minn.—BOND
OFFERING—In
offer
are
an
now
connection wuth a recent report that the district will
issue of from $100,000 to $125,000 bonds for sale on Oct. 28, we
informed that the Board of Education has determined to offer
Bids will be received until 7.30 p.m.
2}4%, by N.
C.
Clerk of the Board.
Denom. $1,000.
Dated Dec. 1, 1937.
In¬
terest payable semi-annually.
Due $2,000 yearly on Dec. 1 from 1938 to
1944, and $7,000 each six months from June 1, 1945 to Dec. 1, 1950, and
$2,000 June 1, 195
an
issue in the amount of $100,000.
Oct. 28 for the purchase of the bonds, bearing interest at
Lien,
REDWOOD
Due on Jan. 1 as follows: $1,000, 1938 to 1940; $2,000, 1941 to 1947: and
$5,000 in 1948 and 1949.
Dane & Weil of New Orleans bid a premium of
$11 for 5% % bonds.
BILOXI, Miss.—BONDS OFFERED FOR INVESTMENT—Dane &
Weil of New Orleans are making a public offering of $142,000 5H % general
refunding bonds at prices to yield from 3.50% to 5%, according to maturity.
Denom. $1,000.
Dated April 1, 1937.
Principal and semi-annual interest
(April 1 and Oct. 1) payable at the city depositories in Biloxi.
Due serially
on April 1 as follows:
$4,000, 1939 to 1944; $6,000, 1945 to 1954; $7,000,
1955 to 1960; $5,000, 1961 and 1962, and $3,000,1963 and 1964.
COLUMBIA, Miss .—BONDS SOLD— It is started by Mrs. H. W.
Hardgrove, City Clerk, that $35,000 3M % semi-ann. refunding bonds were
purchased by Wiggins & Walton, of Jackson.
Dated April 1, 1937.
Due
from 1938 to 1952.
Legality approved by Charles & Trauernicht, of
St. Louis.
GREENVILLE,
Miss.—BOND SALE DETAILS—It is now reported
purchased by the Whitney
100.283, as noted in these
columns recently—V. 145, p. 2109—were sold as 3Ms, and are dated Oct. 1,
1937.
Legal approval by Charles A. Trauernicht, of St. Louis, Mo.
that the $30,000 water, sewer and street bonds
National Bank of New Orleans, at a price of
HARRISON
COUNTY
(P.
O.
Gulfport),
Miss.—D' IBERVILLE
NOTES OFFERED—Eustis McManus, Clerk, Board of Super¬
visors, will receive bids until 10 a. m. Nov. 1 for the purchase of $1,500
4% notes of d'lberville Consolidated School District.
Denon. $500.
Due $500 on Oct. 11 in each of the years 1938, 1939 and 1940.
SCHOOL
LAUDERDALE COUNTY (P. O. Meridian), Miss .—BIDS
REJECTED
refunding bonds were rejected at a
meeting of the Board of Supervisors.
—Bids received on an issue of $80,000
recent
LAUREL,
Miss .—BOND OFFERING
DETAILS—In connection with
the offering scheduled for Oct. 22, of the $65,000 not to exceed 6% semi¬
annual refunding bonds, noted in these columns recently—V. 145, p. 2582—■
it is stated by J. C. Coats, City Clerk, that the bonds mature as follows;
$1,000, 1940 to 1945; $2,000,1946 to 1950; $5,000,1951 to 1955, and $6,000,
1956 to 1959.
LeFLORE COUNTY (P. O. Greenwood), Miss.—BOND OFFERING
reported in these columns—V. 145, p. 2582—an issue of
$300,000 road bonds will be offered for sale on Nov. 1.
The bonds will be
offered at public auction at 2 p. m. on that date by A. It. Bew, Clerk,
Board of Supervisors.
Bidders are to name rate of interest, not to exceed
6%, payable semi-annually.
Denom. $1,000.
Due yearly as follows:
$8,000, 1938 to 1942; $12,000, 1943 to 1952; and $14,000, 1953 to 1962.
Cert, check for $1,000, payable to the Clerk, Board of Supervisors, required.
The bonds will be validated, and legal opinion of a prominent bond attorney
will be secured.
All expenses in connection with the issuance, including
—As previously
certificates of indebtedness offered
voters
coupon funding
bonds of 1937, offered on Oct. 20—V. 145, p. 2582—were awarded to the
Merchants National Bank of Bay St. Louis, as 5Hs, at par plus a premium
of $11, equal to 100.04, a basis of about 5.49%.
Dated Oct. 15, 1937.
ITTA BENA, Miss.—BOND ELECTION—A special election will be held
Oct. 28 for the purpose of voting on a proposition to issue $50,000 electric
light and water system revenue bonds.
ING—As already reported in these columns—V.
to exceed
BAY,ST. LOUIS, Miss;—BOND SALE—The $27,000
on
MINNESOTA
BLUE
MISSISSIPPI
less than par, .the yield shall be com¬
puted to the date of maturity.
FALLS,
Min n.—CERTIFICATE
OFFERING—F.
B.
Forbes, City Recorder, will receive bids until 7:30 p. m. Nov. 1, for the
purchase of $4,000 sidewalk construction certificates of indebtedness.
In¬
attorneys' fees, printing of bonds and validation, will be paid by the county.
Miss.—BONDS OFFERED FOR INVESTMENT—Public
Bank of Memphis of a new
priced to yield from 3.25%
to 3.75%, according to maturity.
Denom. $1,000.
Dated Nov. 1, 1937.
Principal and semi-annual interest (May 1 and Nov. 1) payable at the
Chase National Bank, New York.
Due $7,000 yearly on Nov. 1 from 1943
to 1953, and $9,000 from 1954 to 1957.
MERIDIAN,
offering is being made by the First National
issue of $113,000 4% bonds.
The bonds are
MISSISSIPPI, State of—NOTE OFFERING—Greek L. Rice, Secretary
the State Highway Note Commission, is calling for sealed bids until
a. m. on Nov. 2, for the purchase of a $2,150,000 issue of highway
notes, first series, sub-series E.
Interest rate is not to exceed 4%, payable
A. & O.
Dated Oct. 1, 1937.
Due on Oct. 1 as follows: $200,000, 1938;
$100,000, 1939 to 1949; $125,000, 1950 to 1953 and $175,000 in 1954 and
1955.
Issued in coupon form, in the denomination of $1,000 each, or, at
the option of the holder, in registered form, in the denominations of $1,000,
$10,000 and $50,000.
The notes shall be redeemable in whole or in part
at the option of the said Commission on any interest payment date in
the inverse order of maturity at a price per note equal to the principal
amount thereof plus accrued interest to the date fixed for redemption and
a premium of M of 1% of the principal amount of the note for each year or
fraction thereof over the full number of years from the date fixed for re¬
demption to the stated maturity of the note. Principal and interest payable
at the Chemical Bank & Trust Co., New York City.
Interest rate to be
specified in multiples of % of 1%.
Coupon or registered notes, fully inter¬
changeable.
If definitive notes shall not be ready for issuance at the time when same
are to be issued, interim certificates shall
be issued in lieu of such defini¬
tive notes.
Such interim certificates shall be in the denomination or de¬
nominations of $1,000 or any multiple or multiples thereof and shall be ex¬
changeable without cost to the holder thereof for the definitive notes de¬
scribed therein when the latter are ready for issuance.
The interim cer¬
tificates shall provide that the bearer thereof shall be entitled to all the
rights and privileges of an owner or holder of the notes described therein.
The notes are payable as to both principal and interest solely from the
highway note sinking fund, provided for by House Bill No. 38, Laws of
Mississippi, 1936, into which is required to be paid monthly an amount
equal to the amount produced by a 1M cents per gallon gasoline tax levied
under the statutes of Mississippi, including among others House Bill No. 38,
Laws of Mississippi, 1936, and House Bill No. 94, Laws of Mississippi,
1936, and in the event the highway note sinking fund shall at any time
be insufficient to pay when due the principal of and interest on the notes,
the Act provides that the deficiency shall be paid into the fund out of any
funds then in the State Treasury to the credit of the State highway fund
derived from any excise tax on gasoline, all in accordance with the pro¬
of
10
visions
of the Act.
.
approving opinion of Thomson, Wood & Hoffman of New York,
such notes are valid and legally binding obligations of the
State, will be delivered to the purchaser.
Each bid must be accompanied
by a certified check, payable to the State Treasurer in a sum equal to 2%
of the par value of tne notes bid for.
The
to the effect that
MISSISSIPPI. State of—LARGE REDUCTION IN PROPERTY TAX
FOR RECENT YEARS—The property tax has been reduced
SHOWN
during the past seven years, according to the State Tax Com¬
A survey of property tax and assessments shows that the total
assessed value of all property in Mississippi has declined from $742,502,531
in 1930 to $442,508,137 in 1936.
31.66%
mission.
Chronicle
Financial
2728
have accounted for a
State tax of $102,065,565, but
Homestead exemptions within the past four years
total
reduction
in
assessments subject
to
assessed values have declined sharply on property subject to tax.
The tax commission's report shows that Mississippi's assessed
seven
years ago.
,
,
,
liable to State tax is on homes valued above $2,500, real
estate holdings, personal property and public utility assessments.
Of the total assessments of $442,508,137 for 1936, real estate bears
$279,135,155 or 63.07% of the total, public utilities $89,381,311 or 20.19%
The property
and personal property
$74,030,701
or
1943
Mont.—BOND ELECTION—A
be submitted to the
FORKS, Mont.—BONDS SOLD TO PWA—The City Clerk
$32,000 4% semi-ann. water main bonds have been purchased
by the Public Works Administration.
THREE
states that
at par
COUNTY SCHOOL DISTRICT NO. 16
(P. O. Har-
lowton), Mont.—BOND OFFERING—As previously reported in these col¬
145, p. 2582—Alma Jacobs, District Clerk, will receive bids until
7:30 p. m. Nov. 9 for the purchase of $55,000 school building bonds.
Amortization bonds will be the first choice and serial bonds will be
umns—V.
the second choice of the School Board.
bonds tire sold, the entire issue may be put into one
divided into several bonds, as the Board of Trustees may
the time of the sale, both principal and interest to be
payable in semi-annual instalments during a period of 20 years from the
If amortization
Miss.—BOND SALE DETAILS—It is stated by W. P.
Williams, Town Clerk, that the $35,000 coupon industrial building bonds
purchased by local buyers, at par and accrued interest, as noted in these
columns recently—V. 145, p. 2582—were awarded as 6s.
Dated Sept. 1,
1937.
Due from 1938 to 1962, incl.
Mr. Williams informs us that the
UNION,
issue was heavily
oversubscribed.
DRAINAGE DISTRICT NO. 2 (P. O. Pope), Miss.—
BOND SALE DETAILS— The Secretary of the Board of Commissioners now
VOCONA
refunding bonds sold to the Recon¬
Corporation, as noted in these columns in July—V. 145,
ing
purchased at par, and mature over a 30-year period beginni
reports that the $70,000 4% semi-ann.
struction Finance
&156—were
1939.
DISTRICT.
proposition to issue $32,000 school building bonds will
voters at a special election called for Oct. 23.
WHEATLAND
1957.
to
SCHOOL
SHERIDAN
/
$16.72%.
PHILADELPHIA, Miss.—BOND OFFERING—As previously reported
145, p. 2582—O. V. Welsh, City Clerk, will receive
bids until 10 a. m. Nov. 1 for the purchase of an issue of $35,000 coupon
5% school building bonds.
Denom. $1,000.
Dated Oct. 1, 1937.
Int.
payable Apr. 1 & Oct. 1.
Due as follows: $1,000, 1938 to 1942, and $2,000,
In these columns—V.
23,
7
Mont.—BOND\OFFERING—Henry Walder, District Clerk, will receive
bids until 2 p. m., Nov. 9 on an issue of $2,000 school building bonds.
valuation
$100,000,000 higher 10 years ago than today, and $300,000,000 higher
was a
Oct.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 29 (P. O. Outlook),
single bond
or
determine upon at
of issue.
date
If serial
bonds
are
issued, they will be in the amounts of $1,000, $500,
$250 each; the sum of $2,750 will become payable on
and a like amount on the same day of each year thereafter.
and
bonds,
_
_
Markets in all State, County
Board of Trustees.
payable to the order of Alma Jacobs, Clerk of the
BONDS
MISSOURI
June 1, 1938,
whether amortization or serial bonds, will bear date of
June 1, 1937, and will bear interest at a rate not exceeding 6%, payable
semi-annually on June 1 and Dec. 1, 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 $1,000,
The
NEBRASKA
& Town Issues
Neb.—BOND SALE DETAILS— It is reported by the
Village Clerk that the $37,000 4% semi-ann. refunding bonds purchased
by the State, as noted here in September—-V. 145, p. 2110—are dated
May 1,1937, and mature from May 1,1943 to 1957; optional after five years,
MAYWOOD,
SCHERCK,[RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIS, MO.
an
RULO, Neb—BONDS AUTHORIZED—The city authorities have passed
ordinance providing authority for the issuance of $52,790.25 refunding
bonds.
COUNTY
O. Stockton),
(P.
field),
ELECTION—An
Mo.—
election will be held in the county on Nov. 16 to vote on a proposition to issue
$75,000 court house bonds.
that
(P. O. St. Louis), Mo.—BOND ELECTION—It is said
election will be held on Nov. 6 to vote on the issuance of $150,000
an
sewer
bonds.
;
KIRKWOOD
NO.
15
(P. O.
Litch¬
VALENTINE, Neb.—BOND SALE—An issue of $10,900 city hall
of Omaha at par for 4s.
said
bonds
SCHOOL DISTRICT
Bartlett), Neb.—BONDS VOTED—
At a recent election the voters of the county approved a proposal to issue
$36,000 warrant funding bonds.
COUNTY
WHEELER
O. St. Louis), Mo.—BOND
OFFERING—Sealed bids will be received until 8 p. m. on Oct. 25, by
Mildred G. Priest, Secretary of the Board of Directors, for the purchase of
a
$253,000 issue of 2M, 2% and 3% school bonds.
Denom. $1,000.
O.
MUNICIPAL BONDS
1, 1937.
Due on Feb. 1 as follows:
$14,000, 1942; $16,000,
1943; $15,000, 1944 and 1945: $16,000, 1946 and 1947: $17,000, 1948 and
1949; $31,000, 1950 and 1951; $32,000, 1952, and $33,000 in 1953.
All
bonds shall bear interest at the
(P.
(P.
Dated Nov.
New
Bonds will be sold at not less
same rate.
Secretary.
The approving opinion of Charles & Trauernicht, of St. Louis,
will be furnished.
These.bonds were approved by the voters at an election
held on Nov. 17,1936.
A certified check for $5,000, payable to the district,
Jersey and General Market Issues
B. J. Van
than par and accrued interest.
Prin. and int. (F. & A.) payable at a place
to be designated by the purchaser, subject to the approval of the Board of
Directors.
All bids must be made on a form to be furnished by the above
must accompany
DISTRICT
Neb.—BONDS SOLD—Steinauer & Schweser of Lincoln are
purchased $9,000 3Yi% semi-ann. building bonds at par.
has been sold to the Wachob Bender Corp.
KIRK WOOD
in
to have
SCHOOL
COUNTY
SHERMAN
MISSOURI
CEDAR
57
WILLIAM
Ingen & Co. Inc.
Telephone: John 4-6364
STREET, N. Y.
Newark Tel.; Market 3-3124
A. T. & T.: N. Y. 1-730
the bid.
MISSISSIPPI COUNTY (P. O. Charleston), Mo.—BOND ELECTION
—A proposed $50,000 bond issue for construction of a county jail will be
submitted to the voters at
NEOSHO,
an
election to be held
on
Nov. 9.
$22,000 Borough of No. Arlington, N. J.
Mo.—MATLRITY—In
connection with the sale of the
$40,000 city hail and auditorium bonds to Ed. Haas of Los Angeles, a former
resident of Neosho, as 3s at a price of 100.87, as noted in these columns
recently—V.i 145, p. 2428—we are now informed that the bonds mature
as
follows:
$2,000, 1938 to 1951, and $3,000, 1952 to 1955, giving a
basis of about 2.90%.
ST.
CHARLES
SCHOOL
DISTRICT
(P.
O.
St.
Charles),
4s, due November 1, 1943-60
To
Colyer, Robinson $ Company
INCORPORATED
Mo.—
1180
BOND OFFERING—Sealed bids will be received until 8 p. m. on Oct. 28,
by Aug. Westerfeld, Secretary of the Board of Education, for the purchase
or an issue of $130,000 land purchase and improvement bonds.
Bidders
are requested to designate the price they will pay for bonds beraing interest
at a rate to be specified; provided, however, that all of said bonds shall
bear the same rate, which shall be an even multiple of M of 1%.
Denom.
Dated Nov. 1, 1937.
$1,000.
Due on Feb. 1 as follows: $6,000, 1943;
$7,000, 1944 to 1946; $8,000, 1947 to 1949; $9,000, 1950 to 1952; $10,000,
1953 to 1955, and $11,000 in 1956 and 1957.
Prin. and int. (F. & A.)
payable at the Mercantile-Commerce Bank & Trust Co., St. Louis.
The
district will furnish the legal opinion of Charles & Trauernicht of St. Louis,
and will pay for the printing of the bonds and the registration fee at the
office of the State Auditor.
Delivery of the bonds will be made on or before
Nov. 18.
These bonds were approved by the voters at the election held on
Jan. 23, as noted in these columns at the time.
A $2,500 certified check,
payable to the district, must accompany the bid.
MONTANA
BAINVILLE, Mont.—BONDS SOLD—It is stated by Earl J. Summers,
Town
Clerk, that the $5,000 armory and auditorium bonds offered for sale
success on Feb. 27, as noted in these columns at the
time, have been
sold to the Farmers State Bank of Bainville, as 6s, at par.
without
CLYDE PARK, Mont.—BOND OFFERING—3. M. L. Payne, Town
Clerk, will receive bids until noon Nov. 1 for the purchase of $10,000 3%
coupon refunding water bonds.
Denom. $1,000.
Dated Jan. 1, 1936.
Interest payable Jan. 1 and July 1.
Due Jan. 1, 1950; redeemable on any
interest payment date.
Certified check for $500, payable to the Town
Treasurer, required.
EUREKA, Mont.—BONDS EXTENDED—It
Clerk that
not
to
no
is
stated
by the
Town
further action has been taken toward the sale of the $6,000
exceed
6% semi-ann. refunding bonds that were offered without
success on May 10, as noted in these
columns, since arrangements have
been made with bondholders for the extension of the present bonds.
HILL COUNTY SCHOOL DISTRICT NO. 67
(P. O. Simpson),
Mont.—BOND SALE—The $4,000 issue of refunding bonds offered for
on Oct. 13—Y. 145, p. 2429—was purchased
by the State Board of
sale
Land Commissioners, as 5s at par,
MILES
CITY,
Mont.—BOND
according
to the District Clerk.
SALE—The
$36,648 issue
of
funding
bonds offered for sale on Oct. 15—V. 145, p. 2267—was awarded to
Paine,
Rice & Co. of Spokane, as 3Ms, at a price of 100.41, according to report.
It is also stated by the City Clerk that the State Board of Land Commis¬
sioners was the only other
bidder, offering par for the bonds.
MONTANA, State of—PWA LOANS APPROVED—It is stated by R. J
Kelly, Assistant Secretary of the State Conservation Board, that the Public
Works Administration approved the following loans
aggregating $901,000,
to the State Water Conservation Board: $247,000 West Fork-Bitter Root
project; $427,000 Upper Musselshell River Basin Dam construction; $142,000 Nevada Creek project: $54,000 Sidney pumping project, and $31,000
Columbus Irrigation project.
Mr. Kelly reports that the details of these
issues have not as yet been worked out and it is not expected
they will be
taken up
by the Federal Government until
next
spring.
PONDERA COUNTY (P. O. Conrad), Mont.—BOND SALE—The
$60,000 courthouse construction bonds offered on Oct. 18—V. 145, p. 2267
awarded to the Montana State Department of Lands and Invest¬
ments, as 3Ms, at par plus a premium of $75, equal to 100.125,
The bonds
are to mature on the amortizations
plan over a 20 year preiod.
The bonds
are
to be furnished and printed by the
purchaser.
Kalman & Co. of
Minneapolis bid a premium of $5 for 3M % bonds.
—were
yield 4.50%-4.70%
Raymond Blvd., Newark
New
York
MArket 3-1718
A. T. & T. Teletype
NWRK 24
Wire:
REctor 2-2055
NEW
JERSEY
ALLENDALE, N. J.-^BOND OFFERING—Sealed bids will be received
by George M. Wilson, Borough Clerk, until 9 p. m. on Oct. 28, for the
purchase of $118,000 (part of authorized amount of $169,000) not to exceed
4%
interest coupon or registered refunding
bonds.
Dated June 15, 1937.
$1,000.
Due Dec. 15 as follows:
$2,000, 1938: $1,000, 1939 and
1940; $3,000, 1941; $10,000 in 1942 and 1943, and $13,000 from 1944 to
1950, incl. Principal and interest (J. & D. 15) payable at the First National
Bank, Allendale, or at the Chemical Bank & Trust Co., New York City.
A certified check for 2% must accompany each proposal.
The approving
legai opinion of Hawkins, Delafield & Longfellow of New York City will be
furnished the successful bidder.
Denom.
ATLANTIC
CITY,
N.
3.—TREATMENT
OF
SINKING
FLND
HOLDINGS—We quote as follows from the minutes of the State Funding
Commission meeting of Oct. 8 with regard to the treatment of sinking fund
holdings of the above city.
Question has arisen with regard to the treatment of the sinking fund
of the City of Atlantic City.
The Chairman reported that the city Comp¬
troller had requested certain information as to the effect of the refunding
the
on
sinking fund and it
was
the opinion of the Commission that it should
§o on record as to the the City of Atlantic City. beThe following resolution
'und Commission of investments which should
retained by the Sinking
was, therefore, proposed by Commissioner Woolston,
missioner Darby and adopted by unanimous vote;
seconded by Com¬
Whereas, the Funding Commission has hitherto approved the refunding
of certain obligations of the City of Atlantic City, and
Whereas, included in the obligations to be refunded were sinking fund or
term bonds of the city, and
Whereas, certain sinking fund bonds have not been refunded by exchange
or otherwise, and
Whereas, application has been made by the City for the approval of the
Funding Commission to the cancellation of certain investments of the
sinking fund and retention of others, and
Whereas, there were outstanding as of Sept. 29, 1937 $163,000 of general
term bonds and $35,000 of water term bonds, and
Whereas, the application proposes to retain in the sinking fund as invest¬
the payment of the above bonds $144,000 of permanent general
City of Atlantic City and $19,000 of cash on hand in
the sinking fund for the protection of the $163,000 principal sum of general
sinking fund bonds and $31,000 principal sum of permanent water serial
bonds of the city together with $4,000 of cash on hand in the sinking fund
for the protection of the $35,000 of water term bonds.
Now, therefore, be it resolved, that the Funding Commission approve
the retention of the above ineestments for the protection of term bonds of
ments for
serial bonds of the
the City of Atlantic City which have not been exchanged and the cancellation
and return to the city of other notes and bonds of the City of Atlantic City
presently held uncanceled in the sinking fund of the city, said bonds con¬
sisting of temporary bonds and notes of the City of Atlantic City in the
principal sum of $1,553,850 and permanent serial bonds of the city in the
principal sum of $268,000 together with $108,000 of permanent serial water
bonds of the city.
CAMDEN
COUNTY
(P. O.
Camden), N. J.—BOND ELECTION—A
proposition calling for the issuance of $675,000 park bonds will be
on
the November ballot.
placed
Volume
Financial
145
DUMONT, N. J.—BONDS NOT SOLD—No bids were submitted for the
$20,000 not to exceed 6% interest coupon or registered bonds offered on
Oct. 18—V. 145, p. 2429.
The total consisted of:
$13,000 public improvement bonds.
Due $1,000 each on Oct. 1 from 1938
to 1950, inclusive.
7,000 sewer assessment bonds.
Due $1,000 each on Oct. 1 from 1939 to
1945, inclusive.
Each issue is dated Oct. 1, 1937.
i
FORT
LEE,
N.
J—BONDHOLDERS
COMMITTEE
PLAN OFFERED BY FINANCE COMMISSION— In
a
REFUNDING
letter sent out to
its
depositors under date of Oct. 19, the Committee for Bondholders of the
Borough of Fort Lee, Chairman of which is Edwin H. Barker, 100 Broadway
New York City, announced its rejection of the plan for refinancing the
borough's indebtedness as prepared by the Municipal Finance Commission
and bearing date of Oct. 8, 1937.
Details of the proposal appeared in
these columns in V. 145, P. 2583—together with comment thereon by
Chairman Walter R. Darby.
In advising bondholders of the reasons for
their rejection of the program, the Bondholders Committee stated, among
other things, that "it fails to provide the essentials of security and sufficient
financial satisfaction to the creditors of Xhe borough."
The Committee
further declared that it is engaged in the preparation of a renewal of its legal
proceedings for the protection and satisfaction of the bonds deposited with it.
It is also disclosed that the Commission's plan of debt readjustment has
similarly been found unsatisfactory by the New Jersey Bondholders Com¬
mittee, which is also representing creditors of the borough.
This group,
headed by Charles H. Plenty of the Hackensack Trust Co., Hackensack,
reportedly contends that the plan does not include the cardinal and indis¬
pensable provisions which were incorporated in the program previously
submitted to the borough on behalf of both committees.
FORT LEE,
N. J .—TAX COLLECTIONS—Tax. collections by the
borough for period ended Sept. 20, 1937, as made public in the minutes
of the meeting of the Municipal Finance Commission on Oct. 8:
The collections of 1937 taxes to date amount ot $261,692.98 or 43.09%
of the 1937 levy of $607,370.67.
Collections of 1936 taxes for a corre¬
sponding period were $260,163.44 or 42.03% of the 1936 levy of $618,935.82.
Total collections of 1936 taxes now amount to $392,019.55 or 63.34%
of the levy of $618,935.82.
*
Total collections of 1935 taxes now amount to $461,169.50 or 69.51%
of the levy of $663,443.26.
Collections of tax title liens in 1937 to date amount to $76,496.64 as
compared with $48,526.61 for a similar period in 1936.
Collections of assessment title liens amount to $17,018.01 as compared
with $24,540.80 for a corresponding period in 1936.
Collections of assessments receivable in 1937 to date amount to $11,662.38
as compared with $12,534.71 collected in 1936 for a similar period.
HIGHLAND PARK SCHOOL DISTRICT (P. O. Highland Park),
N. J.—BONDS SOLD—An issue of $11,000 4% school site bonds has been
placed with the Teachers Pension and Annuity Fund.
Due $1,000 yearly.
HOBOKEN, N. J.—BONDS APPROVED ON FIRST READING—'The
City Commission on Oct. 14 gave first reading to an ordinance providing
authority for the issuance of $89,600 paving bonds.
MULLICA
TOWNSHIP
(P.
O.
Elwood), N. J.—BOND ISSUE AP¬
PROVED—The proposal of the township to issue $30,000 refunding bonds
has been approved by the State Funding Commission, with the understand¬
ing that the successful carrying out of the proposed refinancing is con¬
tingent upon the municipality performing certain functions, as follows:
The holding of complete tax sales as and when required by statute and
the enforcement of the collection of taxes by all legal means.
Maintaining an assessed valuation not lower than that on which the ap¬
proved plan is based.
Maintaining a budget for operating expenses which shall not at any time
exceed that used in the estimates made part of the approved plan without
first advising the State Auditor of any such increase and the reason therefor.
(As previously noted in these columns, the ordinance covering the above
issue will come up for final reading on Oct. 20.)
NORTHFIELD, N. J.—BONDS SALE DETAILS— Christensen & Co.
of Atlantic City which purchased at private sale sometime ago an issue of
$116,000 refunding bonds, paid a price of 95.25 for 4s, a basis of about
4.39%.
Bonds mature Dec. 1 as follows: $5,000, 1938 to 1951 incl.;
$2,000, 1968; $8,000 from 1969 to 1973 incl. and $4,000 in 1974.
RARITAN, N. J.—BONDS NOT SOLD—No bids were received at the
Oct. 15 offering of $145,000 not to exceed 6% interest sewage disposal,
improvement and incinerator bonds.
A local taxpayer previously had
questioned the authority of the municipality to undertake the financing in
a writ filed in the Trenton
Supreme Court.
193645.
Chronicle
ject to the taxing power of the town.
Tax Data
Taxes levied for the following three fiscal years:
$89,645.42
82,154.26
82,893.54
Taxes of the fiscal year commencing Jan. 1, 1937, amount to $97,995.75
of which $71,301.69 has been collected.
Pursuant to the Erie County Tax Act, the Town Collector first pays to
the Supervisonof the town all the moneys levied to defray town expenses or
charges.
the
The residue of the moneys so collected is paid to the Treasurer of
to whom the Town Collector also delivers an account of
County of Erie
the unpaid taxes.
Said taxes for the current fiscal year ending Dec. 31,
1937, became delinquent Feb. 25, 1937.
CROTON-ON-HUDSON,
N.
J .—BIDS RETURNED
UNOPENED—Al 1 bids
received for the $163,000 not to exceed 6% improvement bonds of 1937
which were offered on Oct. 19—V. 145, p. 2111—were returned unopened.
NEW
voters
(P. O. Alexander),
approved a pro¬
of the district have
posal to issue $279,000 school building bonds.
BINGHAMTON,
N. Y.—OTHER BIDS—The $175,000 North Senior
High School bonds awarded Oct. 14 to the Equitable Securities Corp. and
Gregory & Son, Inc., both of New York, jointly, as 1 As, at a price of 100.14,
a basis of about
1.45%, as previously reported in these columns, were
as
follows:
Int. Rate
Bidder—
H. C. Wainwright & Co
1.50%
1.50%
Bank of the Manhattan Co
Brown & Groll
Rate Bid
100.139
100.10
1.50
Paine, Webber & Co
A. C. Allyn & Co., Inc.; Safford, Biddulph & Co., and
R. D.White & Co
Barr Bros. & Co
Sherwood & Co
Weeden & Co
Bankers Trust Co
Washburn & Co
Halsey, Stuart & Co
Harris Trust & Savings Bank, Chicago
Marine-Midland Trust Co., Binghamton
100.095
1.50%
1.50%
100.086
100.044
1.50%
1.50%
1.50%
1.50%
1.50%
1.50%
1.60%
1.60%
1.60%
1.60%
1.60%
Lehman Bros, and Eastman, Dillon & Co
100.042
100.039
100.02
100.005
Par
Par
100.188
100.147
B. J. Van Ingen & Co., Inc
J. N. Hynson & Co. and Schlater, Noyes & Gardner, Inc
1.60-e
Granberry & Co
1.60
F. S. Moseley & Co
Lazard Freres & Co., Inc., and First of Michigan Corp__
Geo. D. B. Bonbright & Co.; Manufacturers & Traders
1.60%
1.70%
100.089
100.08
100.059
100.057
100.056
100.049
100.04
100.149
1.70%
1.70%
1.75%
100.11
100.033
100.06
Francis I. DuPont & Co
Brown
Harriman & Co., Inc
Trust Co., and Adams, McEntee &
Co., Inc
Blyth & Co., Inc.
Phelps. Fenn & Co...
CLARENCE
L.
*
WATER
DISTRICT
NO.
1,
N.
1.60%
Y.—FINANCIAL
STATEMENT—In presenting below the latest public statement regarding
the finances of the above district, we wish to make note of the fact that an
award
was
made Sept.
7 of $10,000 water construction bonds to the Bank
about 2.69%—V. 145, p. 1776:
of Clarence, as 2.70s, at 100.089, a basis of
Financial Statement
The assessed valuation of the real property of the town subject to taxa»
as it appears in the last preceding town assessment roll is $5,243,033.00,
tion
and the total contract debt of said town, including the issue of bonds herein
advertised for sale, is $181,000.00.
Deducting $13,000.00 obligations for
which taxes have been previously levied, $168,000.00 obligations issued to
Erovide for the of supply water, drainage system or sewers or drains where
nprove or maintain a sewer or and $ none obligations issued to provide,
Financial Statement
A
The assessed valuation of the property (for the current year) subject to
the taxing power of the Board of Trustees of the Village of Croton-on-
Hudson, New York, is $10,412,963.
The total bonded debt of the issuer, the Village of Croton-on-Hudson, is
$217,000 including the bond issue of $25,000 offered.
The population of the Village of Croton-on-Hudson, New York, accord¬
ing to the 1930 Federal Census was 2,436 persons, and at the present time
is estimated at more than 4,200 persons.
The bonded debt of the Village of Croton-on-Hudson, New York, does
not include the debt of any other subdivision having power to levy taxes
upon any or all of the property subject to the taxing power of said Village.
The tax collection record of the Village of Croton-on-Hudson, New York,
for each of the preceding four years is as follows:
1933-1934—Tax levy, $84,676.85.
1933-1934—Uncollected, $12,587.87 at end of fiscal year.
1933-1934—Uncollected, nothing at date of report on Aug. 24, 1937.
1934-1935—Tax levy, $83,668.73.
1934-1935—Uncollected, $8,569.65 at end of fiscal year.
1934-1935—Uncollected, nothing at date of report on Aug. 24, 1937.
1935-1936—Tax levy, $82,664.55
1935-1936—Uncollected, $8,657.05 at end of fiscal year.
1935-1936—Uncollected, nothing at date of report on Aug. 24, 1937.
1936-1937—Tax levy, $92,931.78.
1936-1937—Uncollected, $7,880.49 at end of fiscal year.
1936-1937—Uncollected, nothing at date of report on Aug. 24, 1937.
1937-1938—Tax
levy,
$93,716.67.
Collections not due until after
June 1.
Uncollected at date of report, Aug. 24. 1937, $15,507.41.
EAST HAMPTON, N. Y.—BOND OFFERING—Edward Gay Jr., Village
Clerk, will receive sealed bids until 2 p. m. on Oct. 27 for the purchase of
$20,000 not to exceed 3 A 7c interest coupon or registered bathing pavilion
bonds.
Dated Oct. 1, 1937.
Denom. $1,000.
Due $2,000 each Oct. 1
from 1938 to 1947, incl.
Principal and interest (A. & O.) payable at the
Osborne Trust Co., East Hampton.
Bidder to name one rate of interest,
in a multiple of A of 1 %.
The bonds are general obligations of the village
payable from unlimited taxes.
A certified check for $1,000, payable to the
order of the village, must accompany each proposal.
The village will not
make allowance to the successful bidder for any fees or other disbursements
for approving legal
opinion.
FREDONIA, N. Y.—BOND SALE DETAILS—'The $6,500 3% sanitary
sewer
at
p.
extension bonds sold Oct.
a price of 100.184,
2584, mature $650
as
on
11 to the Citizens Trust Co.
previously reported in
these
Oct. 1 from 1938 to 1947 incl.
of Fredonia,
columns—V. 145,
GREENBURGH UNION FREE SCHOOL DISTRICT NO. 7 (P. O.
Hartsdale), N. Y.—BOND OFFERING—Frank E. Barrett, District Clerk,
will receive bids until
par
10
a.
m.
Oct. 28. for the purchase at not less than
of $300,000 coupon, fully registerable, general obligation, unlimited tax,
school building bonds.
Bidders are to specify rate
of H% or 1-10%, but not to exceed 4%.
Denom.
of interest, in a multiple
$1,000.
Dated Nov. 1,
Principalland semi-annual interest (May 1 and Nov.l) payable at
the Hartsdale National Bank, Hartsdale, with New York exchange.
Due
$15,000 yearly on Nov. 1 from 1939 to 1958, incl.
Cert, check for $6,000,
payable to Robert W. Clark, District Treasurer, required.
Approving
opinion of Clay, Dillon & Vandewater of New York will be furnished by the
1937.
district.
SCHOOL
DISTRICT
NO.
4
(P.
O.
Hurley),
VOTED—The district has voted to issue $40,000 school
BONDS
N.
Y.—
building
bonds.
MONROE COUNTY (P. O. Rochester), N. Y.—BOND ELECTION—
referendum will be held on the question of authorizing the issuance of
$500,000 county penitentiary construction bonds.
NEW
ROCHELLE,
N.
Y.—BOND OFFERING—Walter J. Brennan,
Director of Finance, will receive sealed
divided
as
bids until
noon on
Oct. 28 for the
follows:
$250,000 home relief bonds.
Due $25,000 on Nov. 1 from 1938 to 1947, incl.
261,000 Federal projects bonds, proceeds to pay city's share of cost of
various improvements.
Due $29,000 on Nov. 1 from 1939 to
1947, inclusive.
132,000 municipal improvement bonds.
Due Nov. 1 as follows: $13,000
from 1938 to 1946, incl., and $15,000 in 1947.
46,000 equipment bonds.
Due Nov. 1 as follows: $9,000 from 1938 to
1941, inch, and $10,000 in 1942.
1, 1937.
Denom. $1,000.
Rate of in¬
by the bidder in multiples of A or l-10th of 1%.
respective issues, but all
Principal and interest
(M. & N.) payable at the City Treasurer's office, but interest will at the
request of the registered holder be remitted by mail in New York exchange.
Award will be made on the basis of the bid figuring the lowest net interest
cost to the city.
The bonds are general obligations of the city, and all of
its taxable property will be subject to the levy of unlimited ad valorem taxes
in order to pay both principal and interest.
The preparation of the bonds
will be attended to by the Bank of the Manhattan Co., N. Y. City, which
will certify as to the genuineness of signatures of city officials and the seal
impressed thereon.
Delivery will be made on or about Nov. 5, 1937, at
said bank.
A certified check for 2% must accompany each proposal.
Successful bidder will be furnished with the approving legal opinion of
Caldwell & Raymond of N. Y. City.
All of the bonds are dated Nov.
terest
to
be expressed
Bidder is permitted to name different rates for the
bonds of each issue must bear the same coupon.
NEW
YORK,
Frank J.
worth of
N.
Y.—$15,000,000 DEBT PAYMENT—Comptroller
Oct. 20 that $15,000,000 of the $25,000,000
Taylor announced
revenue
bills borrowed three weeks ago had been redeemed by his
The bills do not mature until the end of the year and are issued in
office.
anticipation of second-half taxes for this year.
Y.—NO TAX RATE NECESSARY FOR 1938—
of Oyster Bay will have no tax rate,
Town Board at which
the 1938 budget was adopted.
The total budget was placed at $210,550,
with anticipated revenues of $134,000 and a surplus of $76,550 from 1937,
Supervisor Harry Tappen said there would be no need to raise funds by
taxation.
The budget for 1937 was $285,399.
It was explained by members of the Town Council that with the new
Nassau County charter going into effect Jan. 1, the Health and Welfare
Departments of Oyster Bay Township will be taken over by the county,
thus relieving the town of the cost of maintaining these bureaus.
Property
owners will have to pay a county tax, whicn is expected to make their pay¬
ments about the same as they would have been if a township tax were
OYSTER
BAY,
N.
For the first time in its history, the town
it
was
announced Oct. 18 at a special meeting of the
exacted
PALMYRA, N. Y.—BOND SALE—The issue of $32,000 water system
18—V. 145, p. 2430—was awarded to Union Trust Co.,
bonds offered Oct.
Rochester, as 2.40s, at 100.13, a basis of about 2.385%.
1937 and due $2,000 on Nov. 1 from 1938 to 1953, incl.
as follows:
Dated Nov. 1,
Other bids were
Int. Rate
2.60%
Rate Bid
100.125
2.60%
100.109
Bidder—
assessments in an amount not less than such
Sherwood & Co
ized
Sage, Rutty & Co
liability have been or are author¬
by law to be assessed upon the property especially benefited thereby,
the net debt is $ none.
The population of said town (1930 census) was
3,208.
The total debt above stated does not include the debt of any other
STATEMENT—In
wish to record that the most recent
Sept. 14 when $25,000 Harmon Fire
House bonds were sold to J. & W. Seligman & Co. of New York, as 3.30s,
at 100.39, a basis of about 3.26%—V. 145, p. 1937:
we
purchase of $659,000 not to exceed 6% interest coupon or registered bonds,
ALMA (P. O. Allentown), N. Y —RATE OF INTEREST—In purchas¬
ing on Oct. 14, as previously reported in these columns, an issue of $19,000
registered paving bonds at a price of 100.10, tne First Trust Co. of Wellsboro
bid for the loan as 3 As, the net interest cost to the community being about
3.48%.
also bid for
Y —FINANCIAL
A
YORK
ALEXANDER CENTRAL SCHOOL DISTRICT
N. Y.—BONDS VOTED—The
N.
presenting the following statement,
by the village occurred on
award
HURLEY
RIDGE WOOD,
2729
subdivision having power to levy taxes upon any or all of the property sub¬
The Marine Trust Co. of Buffalo, not
Palymra Branch,
the Union Trust Co. of Rochester,
purchased the issue. Other bids were as follows:
Financial
2730
2.70%
100.39
2.80%
2.90%
3%
3%
100.13
100.40
100.42
100.16
-
Barr Bros. & Co., Inc.--Roosevelt & Welgold
—
Bacon, Stevenson & Co
E. H. Rollins & Sons, Inc
PEEKSKILL,
100.19
2.70%
Inc
-
J.
Y.—BOND OFFERING—Albert
N.
Cruger,
Com¬
missioner of Finance, will receive sealed bids until 4 p. m. on Oct. 26, for
the purchase of $25,000 not to exceed 5% interest coupon or registered
Dated Nov. 1, 1937.
Denonx. $1,000. Due $5,000
Bidder to name a single rate of Interest,
multiple of M or l-10th of 1%.
Principal and interest
(M. & N.) payable at the Commissioner of Finance's office with New York
exchange. The bonds are general obligations of the village, payable from
unlimited taxes.
A certified check for $500, payable to the order of the
street paving
on
bonds.
Nov. 1 from 1938 to 1942, incl.
expressed in
a
village, must accompany each proposal.
Clay, Dillon & Vandewater of New York
ful bidder.
The approving legal opinion of
City will be furnished the success¬
Financial Statement
The assessed valuation of the property subject to the taxing power of the
The total bonded debt of the Village, including
Village, is $26,217,494.
bonds, is $1,718,588.30, of which $431,000 is water
the above mentioned
debt.
The
of the
Village
(1930
such
taxes uncollected at
census)
17,346.
The
bonded debt above stated does not include the debt of any other sub¬
division having power to levy taxes upon any or all of the property subject
to the taxing power of the Village.
The fiscal year commences Jan. 1.
The tax collections begin July 1.
The amount of taxes levied for each of the
fiscal years commencing Jan. 1, 1934, Jan. 1, 1935 and Jan. 1, 1936, was
respectively $388,726.63, $386,179.43 and $377,080.40.
The amount of
population
was
the end of each of said fiscal years, was respec¬
$67,489.73, $46,112.45, and $43,601.45.
The amount of such
remaining uncollected as of Oct. 5 is respectively $23,773.21, $26,373.61, and $33,708.96.
The taxes of the fiscal year commencing Jan. 1,
1937, amount to $391,951.54, of which $341,813.20 have been collected
since the tax collection period beginning July 1st.
tively
taxes
RICHFIELD,
OTSEGO,
EXETER
COLUMBIA
AND
WARREN
CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Richfield Springs),
N. Y.—BOND SALE—The issue of $250,000 coupon or registered general
obligation, unlimited tax, school building bonds offered Oct. 20—V.
145,
P. 2584h—was awarded to the Marine Trust Co. of Buffalo, and R. D. White
& Co. of New York, jointly, as 3 34». at a price of 100.2709, a basis of about
3.23%.
Dated Oct.
1, 1937 and due April 1
as
follows: $7,000,
1939 to
1943 incl.; $8,000, 1944 to 1948 incl.; $9,000, 1949 to 1951 inc..; $10,000
from 1952 to 1965 inc
and $8,000 in 1966.
The bankers are re-offering tne bonds for public investment priced to
.
yield from 1.30% to 3.30%, according to maturity.
the following:
Among the other bids
were
Bidder
Adams, McEntee & Co., Inc---
Rate Bid
Int. Rate
.
Manufacturers & Traders Trust Co
E. H. Rollins & Sons, Inc., A. C. Allyn & Co., Incl.
and George B. Gibbons & Co., Inc
-
Halsey, Stuart & Co., Inc
Bancamerica-Blair Corp. and Bacon, Stevenson & Co.-
3.30%
3.30%
100.31
100.189
3.40%
334%
3.60%
100.45
100.178
100.26
of assessed valuation is still downward."
SARATOGA SPRINGS, N. Y.—BONDS AUTHORIZED—On Oct. 14
City Council passed an ordinance authorizing the issuance of $25,000
public works bonds.
the
SHERRILL-KENWOOD WATER DISTRICT
(P.
O.
Kenwood),
N. Y.—BOND SALE—The $5,000 434 % coupon bonds offered on Oct. 22—
V. 145, p. 2584—were taken by the district at par.
Dated July 1, 1937.
Due serially, beginning July 1, 1942.
SYRACUSE,
N. Y.—TAX COLLECTIONS HIGHER—According to
Frank A. Rapp, City Treasurer, collections of 1937 tax levy of $10,274,495
to and including Oct. 13 totaled
89.75%. In 1936, the tax levy was $9,157,635 and in Oct. 13 collections amounted to 87.14%. On the corresponding
date in 1935, only 84.87% of the tax levy for that year.
$7,688,009, had
been paid.
TUPPER LAKE, N. Y —BOND SALE—The issue of $20,000 coupon
registered park bonds offered on Oct. 18—V. 145, p. 2584—was awarded
of New York, as 2.40s, at a price of 100.08, a basis of
about 2.385%.
Dated Oct. 1, 1937 and due $2,000 on Oct. 1 from 1938 to
1947, incl.
Among other bids were the following:
:
:
to Sherwood & Co.
int. Rate
Rate Bid
2.70%
2.70%
2.90%
100.17
100.08
100.31
WATERVILLE CENTRAL SCHOOL DISTRICT (P. O. Waterville),
N« Y.—BONDS VOTED—At a recent election the voters
approved a bona
$100,000 bonds for construction of
an
addition to
a
the First Trust
Co. of Weilsvihe, with New York exchange.
Due yearly
follows:
$4,000, 1941 to 1950; $5,000, 1951 to 1954; $6,000,
1955 to 1958; and $7,000, 1959 to 1961 .Certified check for
$2,100, payable
to the Village,
required. The approving opinion of Ciay, Dillon & Vande¬
water of New York will be furnished
YONKERS, N. Y.—BONDS
Council passed
a
by the village.
AUTHORIZED—On Oct. 13 the Common
resolution to issue $35,875 school
equipment bonds.
1938-4120—
$184,000
25,000
Total
—
Population, census 1920, 2,941
March
1952-53
Tax Data
@95 interest
Richmond, Va.
A. T. T. Tel. Rich. Va. 83
NORTH
BELMONT,
CAROLINA
—BOND OFFERING—W.
E. Easterling, Secretary
Commission, will receive sealed bids at his office
pn Oct. 26 for the purchase of $25,000 not to exceed
of the Local Government
m
Raleigh until 11
6% interest
a. m.
coupon,
registerable
to
principal only, street improvement
Due Nov. 1 as follows:
$2,000, 1940 to 1945, incl.; $3,000, 1946; $5,000 in 1947 and 1948.
Prin.
aodnit. (M.
&_N.) payable in N. Y. City in legal tender.
They are general
obligation, unlimited tax bonds and will be delivered on or about Nov. 9,
1937, at place of purchaser's choice.
Bidder may name two rates of inter¬
£2nAsg
,Dated Nov. 1, 1937.
as
Denom. $1,000.
est, one covering the earliest maturities and the other to
apply to the later
dated bonds.
Tender to specify the amount of bonds covered
by each rate
and the award will be made on the basis of the bid
figuring the lowest net
interest cost to the town. This issue was
approved by a vote of 278 to 2. A
certified check for $500, payable to the order of the State
Treasurer, must
accompany each proposal.
Approving legal opinion of Masslich & Mitchell
of N. Y. City will be furnished the successful
bidder.
of May 1, 1937
as
1933-34
1934-35
$
$
1935-36
1936-37
$6
$
Assessed
valuation.-5,445,870.00 6,296,023.00 6,190,749.00 6,365,258.00
Levied
30,138.07
36,278.68
35,212.11
37,203.68
Collected
29,454.84
34,611.45
34,057.77
34,986.74
Uncollected
683.23.
1,667.23
1,154.34
2,216.94
The assessed valuation for 1937-38 is $6,834,725, the amount levied is
$41,008.35 and the tax rate 60c. per $100 valuation.
Serial Bond Maturities for Next 10 Fiscal Years (Not
1938-4250.
1937-38 (remainder of fiscal
Incl. Bonds Now Offered)
1942-43
1943-44..—
$3,500.00
year)
$14,000.00
14,000.00
1944^5.
1945^6
1946-17—-
.15,500.00
15,500.00
15,500.00
14,000.00
14,000.00
4,000.00
16,500.00
-----
FUQUAY SPRINGS,
C.—BOND OFFERING—W. E. Easterling,
N.
Secretary of the Local Government Commission, will receive sealed bids
Raleigh until 11 a. m. on Oct. 26 for the purchase of $10,000
not to exceed 6% interest coupon, registerable as to principal only, water
and sewer bonds, comprising $4,000 water and $6,000 sanitary sewer.
Dated Oct. 1, 1937.
Denom. $1,000.
Due $1,000 on April 1 from 1940
to 1949, incl.
Bidder is permitted to name two rates of interest, one to
cover the early maturities and the other to apply to the longer dated bonds.
Interest rate to be expressed in a multiple of M of 1%.
Where two rates
are named, it is required that the amount of bonds covered by each coupon
must be designated in the bid.
Prin. and int. (A. & O. 1) payable in N. Y.
City in legal tender.
No dissenting votes were cast at the election held by
the town in connection with the authorization of the bonds.
Bid figuring
the lowest net interest cost will be accepted.
A certified check for $200,
payable to the order of the State Treasurer, mjust accompany each pro¬
posal.
The approving opinion of Masslich & Mitchell of N. Y. City will be
furnished the successful bidder.
Delivery on or about Nov. 9, 1937, at
place named by successful bidder.
at his office in
Financial Statement Oct. 1, 1937
Population, 1930 U. S. Census, 963; present estimated population, 1,300.
Outstanding debt—Floating debt
None
Water and sewer bonds
$65,000
-
_______
offered
now
10,000
>
Total debt, including bonds now offered
Tax Date—
Assessed
Amount
—
collected
Percentage collected---Assessed
$100
for
valuation
valuation;
The
1935-36
$910,000 and the tax rate is
1937-38 is
estimated
actual
property
1945-46
1946-47
1947-48
1948-49
1949-50
1950-51
$3,000
3,000
3,000
3,000
3,000
3,000
3,000
1936-37
$733,267.00 $774,300.00 $799,185.00
.45
.55
.55
3,333.42
4,424.25
4,515.94
3,142.74
4,186.08
4,169.32
94.3%
94.6%
91.5%
Bond Maturities of All
Town
$75,000
1934-35
valuation
Rate per $100---------Amount levied
valuation,
$1
per
$1,500,000.
Outstanding Bonds
1951-521952-53
1953-54
1954-55
1955-56
1956-57
—$3,000
3,000
3,000
3,000
4,000
4,000
-
-
-$4,000
4,000
4,000
4,000
4,000
4,000
of
Fuquay Springs has never defaulted in the payment of
either principal or interest of any of its obligations.
JACKSON
COUNTY
(P. O. Sylva), N. C.—REFUNDING PRO¬
ADOPTED—The County Commissioners have adopted an order
providing that the county refinance $507,000 outstanding bonds by the is¬
suance of a like amount of refunding bonds at lower interest rates.,'
GRAM
NORTH
CAROLINA,
State
DEFAULT SITUATION—In
furnished to
is
of—STATEMENT
a letter
OF
MUNICIPAL
dated Oct. 20 the following informa¬
by Geo. H. Adams, Assistant Director and Chief
of the Refinancing Division, Local Government Commission, Raleigh, N. C.:
In 1934 62 counties out of 100 were listed in default, as were 152 cities
and towns of the 267 with bonds outstanding.
As of this date, only 24
us
counties and 89 cities and towns are
Of the counties,
delinquent in debt service payments.
have already proposed refunding plans, in some of
11
being made.
Others are awaiting assents from
Of the 13 others, six are evolving refunding programs.
the cities, 25 have proposed refinancing with exchanges in
operation in about half of them.
The others are securing the approval
which
exchanges
are
now
sufficient creditors.
Regarding
of creditors.
In the remaining districts in the State, only
in the process of
PASQUOTANK
SALE—The
22 are in default, six of them
refunding.
COUNTY
$20,000
coupon,
(P.
fully
O.
Elizabeth
registerable,
City),
general
N.
were
C.—BOND
obligation,
limited tax, courthouse addition bonds offered on Oct. 19—V.
145,
p.
un¬
2431—
awarded to McAlister, Smith & Pate of Greenville, as 4s, at par plus a
premium of $5, equal to 100.025, a basis of about 3.99%. Dated Sept. 15,
1927. Due $2,000 yearly on Jan. 1 from 1939 to 1948. Oscar Burnett & Co.
Trust Co. of Greenville, jointly,
bid a $26 premium for 434s.
of Greensboro and the Guaranty Bank &
VANCE
COUNTY
(P.
O.
Henderson), N.
C.—BOND SALE— The
$20,000 coupon, registerable as to principal, general obligation, unlimited
tax, school buliding bonds offered on Oct. 19—V. 145, p. 2585—were
awarded to F. W. Craigie & Co. of Richmond, as 3 34s, at par plus a premium
of
$17.44, equal to 100.0872, a basis of about 3.24%.
Due $2,000 yearly on Nov. 1 from 1938 to 1947, incl.
Dated Nov. 1, 1937.
Nunn, Shwab & Co.
bidders, offering a premium of $7.77 for 334s.
NORTH
F. W. CRAIGIE & COMPANY
Phone 3-9137
population, census 1930, 4,124; present
estimated population, 5,500.
$20,000
Due
-.$209,000
—
All outstanding bonds mature in annual series.
of Nashville were second high
CUMBERLAND COUNTY, N. C. 4i/2s,
None
Total outstanding debt--Bonds now offered
school building.
WELLSVILLE, N. Y.—BOND OFFERING— Otto P. Engelder\ Village
Clerk, will receive bids until 1 p. m. Oct. 28 for the purchase at not less
than par of $105,000
coupon, fully registerable, general obligation, unlimited
tax, sewer bonds.
Bidders are to specify rate of interest, in a multiple of
°r'140%, but not to exceed 5%. Denom. $1,000. Dated Nov. 1,
1937.
I rincipal and semi-annual interest
(May 1 and Nov. 1) payable at
1931
23,
$24,000.00
160,000.00
Other bonds
tion
or
issue of
Floating debt
Outstanding bonded debt—Water bonds
Bonds
ROCHESTER, N. Y.—MAY LOWER TAX RATE— On the basis of the
budget for 1938 submitted to City Council by City Manager Baker, the
tax rate for that year may show a reduction of from 7 to 12 cents under the
present figure.
Mr. Baker has fixed appropriations in the coming year at
$20,123,494 for municipal departments and $7,070,000 for the Board of
Education.
Assuming these figures are not increased, the tax levy would
call for a rate of $27.34 per $1,000, according to report.
In submitting the
proposed budget, which must be acted upon by council within 30 days, the
City Manager noted in an accompanying measure that the new assessed
valuation of taxable property, at $616,976,625, is a reduction of $2,734,863
from a year ago.
In reporting the reduction, he noted that the "trend
Bidder—
R. D. White & Co_
A. C. Allyn & Co., Inc.---.-.Bacon, Stevenson [& Co
Oct.
Corrected Financial Statement
Rate Bid
Int. Rate
Bidder—
A. C. Allyn & Co.,
R. D. White & Co
Chronicle
ADELAIDE
SCHOOL
Dak.—CERTIFICATES NOT
ness
offered
on
Oct.
DAKOTA
NO. 26, Bowman County, N.
$1,500 certificates of indebted¬
2270—were not sold, as no bids were
DISTRICT
SOLD—The
7—V. 145, p.
received.
BROWN SCHOOL DISTRICT NO. 16 (P. O.
Rolla), N. Dak.—BONDS
SOLD—It is stated by the District Clerk that the $2,000 school bonds offered
for sale without success on May 22 have been purchased by the State as
5s
at
par.
BURLINGTON SCHOOL DISTRICT NO. 7, Ward County, N. Dak.
—CERTIFICATE OFFERING—Olava Johnson, District Clerk, will receive
bids until 2 p. m. Oct. 30 at the County Auditor's office in Minot for the
purchase at not less than par of $2,000 certificates of indebtedness.
rate is
not to exceed
7%, payable annually.
Interest
Due Oct. 11, 1939.
GARRISON, N. Dak.—BONDS SOLD— It is stated by H. T. Holtz,
City Auditor, that the $8,000 auditorium bonds offered for sale without
Aug. 27, as noted here at the time, have since been purchased by
success on
the Garrison State Bank.
HAZEL SCHOOL DISTRICT (P. O. Wildrose),
OFFERING—Mrs. Adolph Jacobson,
Clerk,
CATE
will receive bids until 8 p
of indebtedness.
HILTON
m.,
N. Dak.—CERTIFI¬
Board of Education,
Nov. 2 for the purchase of $1,000 certificates
SCHOOL DISTRICT NO. 149, Ward County, N. Dak.—
OFFERING—Knute Sopklie, District Clerk, will receive
CERTIFICATE
bids at
the
County Auditor's office, Minot, until 2 p. m. Oct. 30 for the
purchase of $1,500 certificates of indebtedness.
Interest rate is not to
exceed
7%, payable annually.
Due Oct. 15, 1939.
Volume
Financial
145
RICHMOND
SCHOOL
DISTRICT
NO.
19,
Burleigh County,
N. Dak.—CERTIFICATE OFFERING—Amelia Williams, Clerk, Board of
Education, will receive bids until Nov. 1 at the County Auditor's office in
Bismarck for the purchase of $500 certificates of indebtedness.
ROOSEVELT SCHOOL DISTRICT NO. 58, Ward County, N. Dak.—
Herman Newman, District Clerk, will
CERTIFICATE OFFERING—Mrs.
receive bids until 2 p. m. Oct. 30 at the County Auditor's office in Minot
for the purchase at not less than par of $3,000 certificates of indebtedness.
Interest rate is not to exceed
Due Oct. 30, 1939.
7%, payable annually.
SOUTH VALLEY SCHOOL DISTRICT, Rolette County, N. Dak.—
CERTIFICATE OFFERING—Mrs. Mae Deeter, Clerk, Board of Education,
$28,000 water works system construction
bonds, issued pursuant to
authority of the Uniform Bond Act of Ohio.
Dated April 1, 1937.
Denom. $700.
Due $700 on April 1 and Oct. 1 from 1938 to 1957
incl.
Interest payable A. & O.
A certified check for not less
than 1% of the bonds bid for, payable to the order of the village,
must accompany each proposal.
15,000 first mortgage water works system construction bonds, being part
of an authorized issue of $20,000.
Dated Dec. 1. 1937.
Denom.
$500.
Due $500 on June 1 and Dec. 1 from 1939 to 1953 incl.
Interest payable J. & D. 1.
A certified check for 1% of the bonds
bid for, payable to the order of the village, must accompany each
proposal.
t
will receive bids until 2p.m. Oct. 29 at the County
Auditor's office in Rolla
for the purchase of $1,000 7% certificates of indebtedness.
Denom. $500.
Certified check for 5% required.
TOLGEN SCHOOL
139, Ward County, N. Dak.—
District Clerk, will receive
bids until 2 p. m. Oct. 30 at the County Auditor's office in Minot for the
purchase at not less than par of $1,000 certificates of indebtedness, bearing
interest at no more than 7%, payable annually.
Due Oct. 30, 1939.
CERTIFICATE
DISTRICT NO.
OFFERING—Marjorie
WOOSTER
County,
ness
us
voters
for
Sept. 30—V. 145, p.
on
Due
April 11,
on
DISTRICT, Wayne
the coming general election a
SCHOOL
the
approval.
R. J. EDWARDS, Inc.
certificates of indebted¬
1939—were not sold.
that the $1,500 not to exceed 7% interest
offered
RURAL
Bry,
Municipal Bonds Since 1892
WILLISTON, N. Dak.—PRICE PAID—We are now informed by W. H.
Robinson, City Auditor, that the $20,000 certificates of indebtedness sold
on Oct. 5, to the Bank of North Dakota, of Bismarck, as noted in these
columns—V. 145, p. 2431—were awarded as 5s at par.
Dated Oct. 11,
1937.
TOWNSHIP
Ohio—BOND ELECTION—At
proposal to issue $65,000 school building bonds will bo submitted to
WASHINGTON SCHOOL DISTRICT NO. 19, Bowman County,
N. Dak .—CERTIFICATES NOT SOLD—Arthur Nordby, District Clerk,
informs
2731
Chronicle
Oklahoma
Ok Cy
AT&T
City, Oklahoma
Long Distance 158
19
1938.
OKLAHOMA
MUNICIPALS
OHIO
Okla.—BOND SALE— The following bonds aggregating
$35,060, offered for sale on Oct. 20—V. 145, p. 2585—were purchased by a
local investor, on rates ranging from 1 % to 3 34 %:
ARDMORE,
$15,000 water works system extension
MITCHELL, HERRICK & CO.
700 CUYAHOGA BUILDING,
CLEVELAND
COLUMBUS
CINCINNATI
AKRON
CANTON
Due from Nov. 1, 1940 to
bonds.
1947 incl.
Due $1,000 from Nov. 1, 1940 to
7,000 traffic signal system bonds.
1946 incl.
8,500 city hall completion bonds.
Due from
4,500 railroad overpass construction bonds.
SPRINGFIELD
Nov. 1, 1940 to 1948 incl.
Due from Nov. 1, 1940 to
1944 incl.
(P. O. Delhi),
1948 incl.
The successful
bid
was
for 3s, a basis of about
plus a premium of $342, equal to 100.76,
Other bidders were:
Int.Rate
Price Bid
par
2.87%.
Bidder—
Banc Ohio Securities Corp.
Stranahan, Harris & Co
Wei., Roth & Irving Co
$45,285.84
45,401.00
45,302.80
45,157.50
45,342.00
45,175.50
45,096.00
45,153.53
45,126.00
45,205.00
45,175.50
45,092.85
45,178.00
45,317.25
45,243.00
3*4%
3*4%
3*4%
3*A%
334%
334%
434%
334%
334%
3%
3*4%
334%
334%
334%
334%
Johnson & Kase
Fox, Einhorn & Co
Fuller ton & Co.
Myer, Smith & O'Brien
Middendorf & Co
Prudden & Co
Pohl&Co
Provident Savings Bank &
Trust Co
Ryan, Sutherland & Co
Saunders, Stiver & Co
Seasongood & Mayer
Brain & Bosworth & Co—
BAY VILLAGE. Ohio—BONDS EXCHANGED—'The village has almost
the exchange of $123,800 4% refunding bonds for obligations
which matured in 1936 and 1937, according to Jesse L. Sadler, Village
Clerk. No bids were received for the new obligations at the Sept. 11 offering.
completed
BLOOMVILLE, Ohio—BOND SALE—The village has so'd a block
$20,000 general obligation water works bonds to Bliss, Bowman &
of
CONSOLIDATED
SCHOOL DISTRICT NO. 9
Okla.—BOND OFFERING—Sealed bids will be received
Oct. 26 by C. C. Morgan, District Clerk, for the purchase
of a $6,300 issue of school bonds.
Bidders to specify the rate of interest
desired.
Due $1,000 from 1940 to 1945, and $300 in 1946.
A certified
check for 2% of the bid is required.
JOINT
OCINA
OHIO
ALLIANCE, Ohio—BOND SALE—The issue of $45,000 street improve¬
ment bonds offered on Oct. 16—V. 145, p. 2270—was sold to Ellis & Co. of
Cincinnati.
Dated Sept. 1, 1937 and due $4,500 on Nov. 1 from 1939 to
until 11
OKLAHOMA,
DAYTON, Ohio—VOTE ON EXTRA LEVIES—At the general election
Nov. 2 the voters will be asked to approve the following: Two-fiftns of
mill levy to provide $201,000 in a 2-year period for completion of the
a
municipal airport, and a three-fifths mill levy to provide $301,000 within a
two-year period to finance much needed improvements for the fire de¬
partment.
HOLLOWAY,
Ohio—BOND SALE—The
$2,500
municipal
building
bonds offered Oct. 14—V. 145, p. 2270—were awarded to Saunders, Stiver
& Co. of Cleveland as 4s at par plus a premium of $3, equal to 100.12, a
basis
of
about
3.97%.
Dated Oct.
1,
1937 and due Oct.
1
as
follows:
$100 in 1939, and $300 from 1940 to 1947, inclusive.
Due $2,000 yearly,
of interest.
bids
received:
were
$142,000 series B bonds.
Due Oct. 1 as follows $12,000 in 1942, and
$13,000 from 1943 to 1952, incl.
9,000 series A bonds.
Due Oct. 1 as follows: $1,000 from 1942 to 1946,
incl., and $2,000 in 1947 and 1948.
Each issue is dated Oct. 1, 1937.
TO EXCHANGE BONDS—Clara
L.
Brueggemyer, Village Clerk, states
that exchange will be made at her office on or about Dec. 1,
above-described 4% refunding bonds for a like amount of
1937, of the
general and
special assessment obligations which matured Oct.
1, 1937.
Interest
coupons dated Oct. 1, 1937 will be paid following receipt of the tax settle¬
ment, which will be about the middle of December.
The new bonds, dated
Oct. 1, 1937, have an average maturity of 934 years and are subject to call
in 1940 or thereafter.
Payment of principal and interest will be made at the
"TULSA,
Okla.—COURT
RURAL SCHOOL
TOWNSHIP
required.
MAY AFFECT ALL HOME¬
DECISION
subdivision in Oklahoma issuing funding
incurred prior to 1936 can levy against homesteads
without exemptions if the State Court of Tax Reviews upholds the above
city in a case involving $40,000 of funding bonds.
It is sought by the city
to hold homesteads liable for the debt, the purpose of which was to refund
an obligation contracted in 1922 and 1925, before the Homestead Exemption
Act was in effect.
It is asserted by the city's counsel that the funding
bonds should be paid from taxes levied against homesteads without the
STEADS—It is said that every
bonds to
pay
debt
exemption.
customary
Okla.—BOND
WELCH,
Town Clerk,
OFFERING—Delia Woolard,
Oct. 25 for the pruchase at not less than
and sewage disposal plant bonds.
Rate of interest will be determined by the bidding.
Due $1,000 yearly
beginning four years from date of issue.
Certified check for 2 % of amount
bids until 10 a. m.
of $13,000 sanitary sewer system
par
of bid required.
OREGON
IRRIGATION DISTRICT (P. O. Hood River), Ore.—
BOND CALL—John N. Mohr, Secretary of the Board of Directors, is said
to be calling for payment at the County Treasurer's office at par, on Jan. 1,
1938, the following series 3, issue 1. bonds of 1932:
Nos 17 to 24, due
on Jan. 1, 1938; 25 to 33, due on July 1, 1938; 34 to 42, due on Jan. 1,
1939- 43 to 50, due on July 1, 1939; 53 to 60, due on Jan. 1, 1940, and
EAST FORK
61 to 70, due on July
1, 1940.
Denom. $500.
JUNCTION CITY, Ore.—BOND OFFERING NOT SCHEDULED—
with the $70,000 water system bonds approved by the voters
on Sept. 7, as noted here—V. 145, p. 2114—we are informed by Carl Bhrup,
In connection
it is not yet known when
these bonds will be offered for
sale.
LANE
COUNTY SCHOOL
DISTRICT NO. 76 (P. O. Oakridge),
on
Ore.—BOND SALE—The $10,000 coupon construction bonds offered
11—v. 145, n, 2431—were awarded to the First National Bank
(w
a bid of par for 3s.
Denom. $1,000.
Dated Oct. 1,
payable April 1 and Oct. 1.
Due $3,000 Oct. 1 in 1939 and
and $4,000 Oct. 1, 1941; redeemable after Oct. 1, 1939.
Eugene
on
Interest
COUNTY UNION HIGH SCHOOL DISTRICT NO. 5 (P.
Ore.—BOND SALE—The $25,000 school bonds offered
145. P. 2431—were awarded to Hess, Tripp & Butchart
Portland.
Dated Oct. 1, 1937.- Due on Get. 1 as follows: $2,000,1941
1943; $2,500, 1944 to 1947; and $3,000 1948 to 1950.
LINN
Harrisburg),
11—V.
Oct
LONG
CREEK,
O.
on
of
to
Ore.—BONDS SOLD—It is reported that $4,000 of
was being held under
6% semi-ann. water bonds for which a bid
consideration, as noted in these columns last January,
the $12 000
of
1937.
1940,
have been purchased
by local investors.
Cleveland Trust Co., Cleveland.
MONROE
BE
TO
ISSUE
Member-Secretary, State
beginning three years after date of issue.
2% of amount of bid,
Cert, check for
City Recorder, that
LYNDHURST, Ohio—BONDS NOT SOLD—The bonds dascribed be¬
low, which were offered on Oct. 16—V. 145, p. 2585—were not sold, as no
BOND
fFTISHOMING07"Okla.—BOND OFFERING—Grace W. Smith, Town
Clerk, will receive bids until 7:30 p.m. Oct. 26 for the purchase at not less
than par of $30,000 waterworks extension bonds.
Bidders are to name rate
project.
on
OF
of—LEGALITY
Highway Commission, that the suit to determine the legality of the $35,000,000 road bonds, authorized at the recent session of the State Legis¬
lature, is still pending in the State Supreme Court.
He says that briefs
have been filed by both sides and the matter will be argued before the
Court on Nov. 2.
He believes that within 10 or 15 days thereafter the Court
will hand down its opinion whether they approve the issue.
will receive
Ohio—WAITS RELEASE OF WPA FUNDS—Release of
more than $1,300,000 in Works Progress Administration funds for street
and sewer improvements to be undertaken during the coming 12 months
waits only approval of President Roosevelt and the Comptroller-General's
office in Washington, according to report.
The State WPA office has
forwarded to Washington for final approval a $2,000,000 county road repair
DAYTON,
State
TESTED—We are informed by A. L. Commons,
m
Co. of Toledo.
m. on
a.
DISTRICT
(P.
O. Mon¬
roe), Ohio—BOND OFFERING—L. H. Means, Clerk, Board of Education,
will receive bids until noon Nov. 8 for the purchase at not less than par of
school building bonds.
Denom. $500.
Dated Oct. 1, 1937.
payable annually.
Due $500 each six months from April 1, 1939
1, 1958.
Cert, check for $1,000, payable to the Board of Education,
required.
NEWPORT,
Ore—BONDS AUTHORIZED— On
Oct.
Council passed two ordinances providing authority for the
total of $105,000 refunding Itonds.
$20,000 6%
ONTARIO,
4
City
the
issuance of a
Ore.—BOND OFFERING—Sealed bids will
Nov. 1, by F. P. Ryan, City Recorder, for
be received
the purchase
Interest
until 7 30 P. m. on
to Oct.
series 10-A bonds. Interest rate is not to exceed
5% payable J. & D.
Denom. $1,000. Dated Dec. 1, 1936. Due $5,000
from Dec. 1, 1940 to 1947, incl.
Prin. and int. payable at the the City
Treasurer's office.
The approving opinion of Teal, Winfree, McCulloch,
ShSfer & Kelley of Portland, will be furnished. An $800 certified check
must accompany the bid.
_
(This report supersedes the offering notice given in our issue of Oct. 16
NEW BOSTON, Ohio—BOND SALE—The $7,380 debt funding bonds
on Oct.
19—V. 145, p. 2431—were awarded to Ryan, Sutherland
offered
Co. of Toledo as 3 34s, at par plus a premium of $19, equal to 100.25,
basis of about 3.45%.
Dated Sept. 1, 1937, and due Oct.. 1 as follows:
$1,080 in 1939 and $900 from 1940 to 1946, incl.
Other bids were as follows
&
a
Int. Rate
Bidder—
Fox,
Einhorn
Middendorf
&
&
PAULDING SCHOOL
of the
Board
-
WEST
,
us
Dec. 1, a
of the sale of $120,000 3%
.
.
.
,
952.'
total of $151,639.03 street
Dated Dec. 1, 1934.
City Council
to redeem on
lighting bonds, numbered from 791 to
coupon
UNITY, Ohio—BOND OFFERING—William F. Held, Village
Nov. 15 for the purchase
will receive sealed bids until noon on
bonds, divided as follows:
of $43,000 4%
,
PORTLAND, Ore.—BONDS TO BE REDEEMED—The
have authorized William Adams, City Treasurer,
is said to
6.85
DISTRICT, Ohio—BOND SALE—The Clerk
of Education informs
,
—V. 145. P. 2586.)
$59.38
11.00
WADS WORTH, Ohio—BOND ELECTION—A proposal to issue $25,000
swimming pool bonds will oe placed on the ballot Nov. 2.
Clerk,
$40,000 issue of water,
4%
4%
high school building bonds to Siler, Carpenter & Roose of Toledo, at par
and
a
small
premium.
Dated Sept.
1, 1937.
Denom. $1,000.
Due
serially from 1939 to 1958, incl.
Interest payable J. & D.
r
a
434%
!
Co
Co
Seasongood & Mayer
F
Premium
of
PENNSYLVANIA
CREEK, Pa .—BOND OFFERING— As already reported in
these columns, Harold A. Robb, Borough Secretary, will receive bids until
7-30 p. m. Oct. 29 for the purchase of $32,500 coupon, registerable as to
principal, water works mortgage bonds.
Denom. $500. Dated July 1,
1937
Prin. and semi-ann. int. payable (Jan. 1 & July 1) at the Beech
Creek National Bank.
Due in 20 years; redeemable on any interest
payment date.
BEECH
Financial
2732
Oct.
Chronicle
1937
23,
not only bond issues for public improvements
entirely self-supporting, but also such portions of other bond
self-supporting. The Constitution states that the Legislature
shall fix the method in which such deductions are to be made.
"The city now has borrowed $35,000,000 above its present borrowing
capacity. But the income from the subways is sufficient to carry $35,000,000
of the $149,000,000 subway debt.
Under our plan $35,000,000 would be
deducted from the gross debt of the City, thus wiping out the amount by
which the city has exceeded its capacity.
"Examination of the Controller's annual report shows other income from
various sources and projects for which bonds have been floated of between
$1,300,000 and $1,400,000 annually. This would carry about $27,000,000
of the bonds sold for the stadium, hospitals, streets, wharves and docks,
sewers and similar projects and that amount would be added to the bor¬
rowing capacity to take up the deficit.
"Serial bonds are urged because of the constant danger of manipulation
of the sinking fund and the annual amounts due it.
As the serial bonds
are paid
off each year more borrowing capacity is freed.
"Finally, legislative approval of the Constitutional amendment to base
Philadelphia's borrowing capacity upon 15% of the nine-year average of
assessed value of real estate would be sought.
The present base is 10%
of the combined current real estate and personal property assessments.
The new plan would eliminate rapid fluctuations in the borrowing capacity
and place it upon a sounder footing.
"Its adoption would give the city adequate borrowing capacity to fund
the deficit, should our first plan not be approved.
"The amendment passed the legislation in the 1937 session, vnll be voted
upon again in 1939 and can be approved by the people in the fall of that
deduct from its gross debt
which
City of Philadelphia
Price:
issues
4% Bonds due July 1, 1980/50
105.616 and Interest to Net 3.45%
Moncure Biddle & Co.
Philadelphia
1520 Locust Street
PENNSYLVANIA
TOWNSHIP SCHOOL DISTRICT <P. O. Beaver), Pa.—
BOND OFFERING—J. M. Glasser. District Secretary, will receive bids
CENTER
until
8 p.
than par of $.30,000
Oct. 25, for the purchase at not less
m.,
coupon, registerable as to principal bonds.
Interest rate is to be in a
multiple of
not to exceed 4^%.
Denom. $1,000.
Dated Nov. 1,
1937.
Interest payable May 1 and Nov. 1.
Due $1,000 yearly on Nov 1
from 1939 to I960, inch, except that in the years 1941, 1944, 1947, 1950,
1953, 1956, 1959 and 1960, $2,000 will mature.
Certified check for $500,
payable to the District Treasurer, required.
The purchaser must pay for
printing the bonds, but the district will furnish the approving opinion of
Burgwin, Scully & Churchill of Pittsburgh.
Bids are to be mailed to Holt,
Richardson & West. Solicitors, Beaver, Pa.
Sinking
The issue was approved
issue of $45,000 school bonds.
by the Department of Internal Affairs last June.
GREENVILLE TOWNSHIP SCHOOL DISTRICT (P. O. Meyersdale, R. D. No. 4), Pa.—BOND SALE— The issue of $12,500 coupon school
bonds offered Oct. 18—V. 145, p. 2272—were awarded to the Second
National Bank of Meyersdale. as 3^s, at par and a premium of $25, equal
to 100.20, a basis of about 3.46% .
Due Dec. 1 as follows: $500 from 1939
to 1947 incl. and $1,000 from 1948 to 1955 incl.
Other bidders were:
Premium
Par
Int. Rate
3 Vi%
Bidder
Citizens National Bank, Meyersdale
Singer, Deane & Scribner
$17.75
15.00
4%
4%
4%%
4lA%
--
Biglerville National Bank—____
Glover & MacGregor, Inc
Johnson & McLean
—-
156.25
37.50
Upper Darby), Pa.—SINKING
fund the
system bonds which was approved on Oct. 7 by the Depart¬
HAVERFORD
(P.
TOWNSHIP
O.
FUND PURCHASE—The township has purchased for its sinking
$50,000 sewage
ment of Internal Affairs.
We
A. Fritschman, Township Secretary, that the
2% interest, were sold at par and int., bear date of Oct. 1, 1937,
1, 1967.
Callable Oct. 1, 1942.
Coupon in denoms. of
Interest payable A. & O.
informed by H.
are
bonds bfjar
and mature Oct.
$1,000.
HOOVERSVILLE, Pa.—BOND SALE— On Oct. 21 an issue of $15,000
registeranle, bonds was awarded to the Hooversville National
Didder, at par.
Denom. $500.
Dated Nov. 1, 1937.
Principal and semi-annual interest (May 1 and Nov. 1) payable at the
Hooversville National Bank, Hooversville.
Due Nov. 1, 1952; redeemable
on and after Nov. 1, 1939,
4%
coupon,
Bank,
the
only
NEWTON TOWNSHIP SCHOOL DISTRICT
R.
D.
2),
D.
OFFERING—O.
Pa.—BOND
(P. O. Clark* Summit
Secretary
Coon.
Board
of
Directors, will receive bids until 8 p. m. Nov. 6 for the purchase at not
registerable as to principal, funding
1, 1937.
Interest payable Jan. 1
and July 1.
Due $1,000 yearly on July 1 from 1940 to 1962, incl.
Certified
check for 2% of amount of bid required.
less than par of $23,000 3lA% coupon,
bonds.
Denom. $1,000.
Dated July
TOWNSHIP
PENN
BOND SALE—We are
SCHOOL DISTRICT (P. O. Lathrobe), Pa.—
informed that the $69,000 school bonds offered on
19—V. 145, p. 2432—were awarded to Johnson & McLean of Pitts¬
as 3J^s, at par and a premium of $434, equal to 100.629, a basis of
Dated Nov. 1, 1937.
Due $3,000 yearly on Nov. a from
1939 to 1961.
S. K. Oummingham & Co. and Glover & MacGregor, Inc.,
Oct.
burgh
are
year."
FERNDALE SCHOOL DISTRICT, Pa.—BONDS SOLD—The
Fund purchased an
are
as
RANSOM TOWNSHIP SCHOOL DISTRICT
(P. O. Clark* Summit
R. D. 2), Pa.—BOND OFFERING— C. D. Lacoe. Secretary, Board of
Directors, will receive bids until 8p.m. Nov. 6 for the purchase at not less
than par of $23,000 3H% coupon, registerable as to principal, funding
bonds.
Denom. $1,000.
Dated Juiy 1, 1937.
Interest payab'e Jan. 1
and July 1.
Due $1.000 yearly on July 1 from 1940 to 1962, incl.
Certified
check for 2% of amount of bid required.
SHENANDOAH, Pa .—DEFAULT REPORT—Cecil P. James,
Borough
Secretary, is reported to have stated that the borough is in default or
$165,000 principal on two issues of special assessment bonds.
A 5H%
issue dated 1921 was defaulted in 1931 and a 4J^% loan dated 1925 became
delinquent in 1935.
Ail defaulted interest has been paid, it is
4^-mill levy is made for payment of delinquent principal.
said, and a
DISTRICT (P. O. Skippack),
will receive
the purchase of $20,000 2, 2)4, 2
2M,3,3Mf 3n.3% or 4% coupon, registerable as to principal only, school
bonds.
Dated Dec. 1,1937.
Denom. $1,000.
Due $1,000 each on Dec. 1
from 1938 to 1957. incl.
Bidder to name a single rate of interest.
J. & D.
coupons.
A certified check for 2%, payable to the order of the District
Treasurer, must accompany each proposal.
The bonds will be issued sub¬
ject to approving legal opinion of Townsend, Elliott & Munson of Phila¬
SKIPPACK
SCHOOL
TOWNSHIP
Pa.— BOND OFFERING—W. J. Wright, District Secretary,
sealed bids until 8 p. m. on Nov. 8 for
delphia.
SCHOOL DISTRICT (P. O. Lake
OFFERING—J. F Shaffer, District Secretary,
for the purchase at not less than par
to principal, school bonds.
Denom.
$500.
Dated Jan. 1, 1937.
Interest payable Jan. 1 and July 1.
Due on
Jan. 1 as follows: $500, 1939 and 1940; $1,000, 1941 and 1942; $500, 1943;
$1,000, 1944 to 1954; $1,500, 1955; $1,000, 1956; $1,500, 1957: $1,000,1958;
$1,500, 1959 to 1961, and $1,000, 1962; the bonds to be paid each year to
be drawn by lots, the Board of Directors reserving the right to call any of
the bonds on and after Jan. 1, 1949.
TOWNSHIP
SOUTH CANAAN
Ariel R. D. 2), Pa .—BOND
will receive bids until 8 p. m. Nov. 9
of $25,000 3% coupon, registerable as
WORMLEYSBURG, Pa.—BOND OFFERING— S. S. Bruce, Borough
Secretary, will receive bids until 8 p. m. Nov. 1 for the purchase of $10,000
street improve, bonds.
Bidders are to name rate of int., making
choice from 2%, 2M%, 2H%, 2^%, 3%, 3M% and 3Vi%Denom
$1,000.
Interest payable semi-annually June 1 and Dec. 1.
Due $1,000
yearly on Dec. 1 from 1939 to 1948, incl.
Certified check for 2%, required.
coupon
about 3.44%.
both of Pittsburgh,
BONDS
bid
PUBLICLY
a premium
K.
Cunningham & Co., Inc., of
Pittsburgh are offering for public investment a new issue of $69,000 3H%
bonds, priced to yield from 2.10% to 3% for maturities from 1939 to 1947
incl., and at 104.25 for maturities from 1948 to 1961 incl.
Principal and
Interest (M. & N.) payable at the Glass City Bank, Jeannette.
Legality
approved by Burgwin, Scully & Churchill of Pittsburgh.
Ashaway), R. I .—BOND SALE—The issue of
$47,000 coupon school bonds offered on Oct. 16—Y. 145, p. 2433—was
awarded to F. W. Home & Co. of Hartford, as 2j^s, at a price of 100.337,
a basis of about 2.43%.
Dated Oct. 1, 1937 and due Oct. 1 as follows:
$5,000 from 1938 to 1946, incl., and $2,000 in 1947.
Other bids were as
not
include
division
having power to levy
District of Penn Township.
Real valuation, estimated
debt
the
taxes
on
any
of
other political sub¬
property within the School
any
$5,503,250
2,751,625
154,000
_
Assessed valuation, 1937
Bonded debt, including this issue
Less legal deductions—Sinking fund.
____
$11,227
30,368
Uncollected taxes, 75% of .face
follows:
Net debt (4.09% of assessed valuation)
$112,405
2%%
100.286
F. W. Home & Co. made public reoffering of the bonds at prices to yield
from 0.90% to 2.60%, according to maturity. Prior to the formal reoffering,
orders had been received for the first three maturities.
„
Total
Year—
„
,Levy
SCHOOL DISTRICT NO. 8 (P. O. Saint
Matthews), S. C.—BOND SALE—The District recently disposed of an
issue of $15,000 bonds.
COUNTY
MANNING,
Collected to End
Per Cent
Uncollected
of Fiscal Year
Collected
Oct. 1, 1937
Uncollected
80.6%
87.7%
$6,883.15
4,200.69
5,819.30
S.
$49,893.87
49,809.63
49,150.56
87.6%
Per Cent
11.1%
7.4%
is
of Municipal Affairs.
Information includes name of the
municipality, amount and purpose of issue and date approved:
Municipality and Purpose—
Date Approved
Amoun'
Williamstown Borough, Dauphin County—Fund¬
ing floating indebtedness, $5,000; constructing
swimming pool, $6,000; purchase pipe for con¬
struction of. trunk line sewer. $5,000
Oct. 11,1937
$16,000
Hooversville Borough, Somerset County—Re¬
funding bonded indebtedness
*
Oct. 14,1937
$15,000
Ridley
Township,
Delaware
County—Con¬
structing a sewer
s^^^^
Oct. 15, 1937
15,000
Nanticoke City School District, Luzerne County
—Fund floating indebtedness
Oct. 15,1937
100,000
Pa—'OFFERS
PLAN
TO
FUND
$27,000,000
DEFICIT—A long-term financial program for the city
calling for funding
of the city's $27,000,000 deficit in the general fdnd in
20-year serial bonds;
authorized, but unissued loan funds
to take up
the
$6,129,361 in mandamus execution and awards against the city; imposition
a graded income tax
by City Council; institution of drastic economies
through elimination and consolidation of various departments; and the
placing of city on a pay-as-you-go basis is recommended by City Controller
of
C
result of
a
White
and
is
stated
by
Luther
Harr,
State
Secretary of'Banking, as the
joint study of municipal finances, made publie by them Oct. 18.
Mr.
White is a candidate for reelection and Mr. Harr is a candidate for
office of City Treasurer on the Democratic ticket in the
coming Novem¬
ber election.
Success of the program,
the study concedes, depends on cooperation of
city and county officials; cooperation of the Legislature at Harris burg
which would be asked to enact the enabling legislation, and
cooperation of
the entire body of citizens whose approval of constitutional amendments
is necessary for levying of income tax,
city-county consolidation and the
changing of the method for computing the city's borrowing capacity.
In their study, Messrs. White and Harr report as follows:
''There remains approximately $7,500,000 of authorized but unissued
debt which could be sold to retire the $6,100,000 in mandamuses and war¬
rants.
Because the city now pays 6% on these obligations, considerable
savings could be effected by their funding in 20-year serial bonds paying
around 4%.
"The $2<,000,000 deficit can also be funded and
paid over 20 years.
"It is proposed to obtain the necessary borrowing
capacity in one of two
ways.
Obtain from the Legislature approval of a plan to permit the city to
DAKOTA
SOUTH
Affairs, Bureau
Robert
INVITED—It
bonds offered.
(State
of)—LOCAL
ISSUES APPROVED—The
following bond issues have been approved by the Department of Internal
of
TENDERS
Durant, Town Clerk, that he will receive tenders until Nov. 25 for
purchase of bonds of the town.
The amount now available for purchase
$1,500.
Tenders should describe fully the series and maturities of the
R. R.
the
PENNSYLVANIA
£M^DE,LrH 1A'
C.—BOND
10.4%
,
1934-35___$61,9O4.50
1935-36.._ 56,778.00
1936-37-. 56,094.75
r,
CAROLINA
SOUTH
Tax Levies and Collections
Fiscal
100.08
100.06^
2H%
2H%
-
—
Estabrook & Co
41,595
5,591; present estimate, 6,500.
Rate Bid
Int. Rate
Kidder, Peabody & Co
Kennedy, Spence & Co
CALHOUN
Population: 1930 Census,
O.
Bidders—
(As officially reported—Oct. 1, 1937)
does
statement
(P.
HOPKINTON
Financial Statement
This
ISLAND
RHODE
of $350 for 3Ks.
OFFERED— S.
S.
ABERDEEN INDEPENDENT SCHOOL DISTRICT (P. O. Aberdeen)
Dak.—BOND OFFERING—Frank E. Wyttenbach, Clerk, Board of
Education, will receive bids until
less than par of $150,000 coupon
8 p.m. Nov. 5 for the purchase at not
school building bonds.
Bidders are to
specify rate of interest, not to exceed 4%.
Denom. $1,000.
Dated Dec. 1,
1937.
Principal and semi-annual interest payable at any suitable bank or
trust company designated by
from 1938 to 1947: and $8,000
the successful bidder.
Due $7,000 yearly
yearly from 1948 to 1957.
Certified check,
payable to the Clerk of the Board of Education, required.
The
district will furnish the executed bonds and the approving legal opinions of
for $3,000,
Fletcher,
Junell,
Dorsey,
Barker
&
Colman of Minneapolis, George H.
Fletcher of Aberdeen and A. C. Campbell of Frederick.
ESTELLINE,
Council
on
S.
Dak.—BONDS
Oct. 5 adopted a
AUTHORIZED—The
Common
resolution authorizing the issuance of $30,000
light plant bonds.
FLANDREAU,
Clerk,
as
S.
Dak.—BONDS
NOT
SOLD—Carl
Hanson,
City
that the $93,000 3 3^% semi-ann. electric light and power
bonds scheduled for sale on June 29. but not awarded at the time,
states
revenue
noted in these columns, still remain unsold.
KADOKA INDEPENDENT
SCHOOL DISTRICT, S. Dak.—BONDS
has been approved by
VOTED—An issue of $14,000 school building bonds
the voters.
SOUTH
DAKOTA, State of—BOND OFFERING POSTPONED—It is
reported that the offering of the $1,000,000 refunding bonds by the Rural
Credit Board, which had been scheduled for Oct. 20, as noted in these
columns—V. 145, p. 2587—has been postponed until Nov. 9.
Dated Nov.
15, 1937.
Due
on
Nov. 15, 1947.
TRIPP, S. Dak.—BOND OFFERING— Sealed bids will be received until
a. m. on Oct. 28, by P. J. Hofer. City Auditor, for the purchase of a
$15,000 issue of 4% semi-ann. refunding bonds.
Denom. $1,000.
Dated
Sept. 1. 1937. Due from Sept. 1, 1939 to 1945.
10
TURNER COUNTY
COMMON SCHOOL DISTRICT NO. 13 (P. O.
S. Dak.—BOND OFFERING—Sealed bids will be received until
2, by Harry Bemelman, District Clerk, for the purchase of
$2,500 4% building fxmds.
Dated Dec. 1, 1937.
Due $500 from Dec. 1,
1938 to 1942 incl.
Prin. and int. (J. & D.) payable at the office of the
District Treasurer. * A certified check for 10% of the bid, payable to the
District Treasurer, is required
Parker)
8 p. m. on Nov.
Volume
Financial
145
WAGNER INDEPENDENT SCHOOL
S.
DISTRICT
Dak .—BONDS SOLD
CONSOLIDATED
SCHOOL
DISTRICT
NO.
2
(P. O.
Amherst), S. Dak.—BOND OFFERING—As previously reported in these
columns—V. 145, p. 2587—J. K. Turrill, District Clerk, will receive bids
until 9 p. m. Oct. 25 for the purchase at not less than par of $21,000 coupon
refunding bonds. Bidders are to specify rate of interest, not to exceed 4)4%Denom. $1,000.
Dated Oct. 1, 1937.
Principal and semi-annual interest
(April 1 and Oct. 1) payable at the place designated by purchaser.
Due
§2,000 yearly
on Oct. 1 from 1939 to 1947; and $3,000, Oct. 1, 1948. Certi¬
$500, required. Approving opinion of Junell, Fletcher, Dorsey,
be furnished by the district, which
fied check for
Barker & Colman of Minneapolis will
will also supply the blank bonds.
ZIEBACH
COUNTY (P. O. Dupree) S. Dak.—MATURITY—It is
County Auditor that the $57,000 4M% semi-ann. refunding
exchanged with the holders of the original bonds, as
noted here recently—V. 145, p. 2433—are due on Jan. 1 as follows: $2,000,
1940 and 1941 $3,000, 1942 and 1943; $4,000, 1944 to 1947; $5,000, 1948
to 1952, and $6,000 in 1953.
stated by the
bonds
which
were
TENNESSEE
HUMBOLDT, Tenn.—BONDS NOT REOFFERED—It is
Mayor
Howard
sale without
have
Foltz
success
been
not
J.
on
that
the
Feb.
23,
for
sale
reoffered
as
stated
by
$215,500 refunding bonds offered for
noted in these columns at that time,
as
WEST
(P. O. Wagner),
TO PWA—It is reported by tne District Clerk
$18,000 4% semi-annual auditorium-gymnasium bonds have been
purchased at par by the Public Works Administration.
that
WESTON
Chronicle
2733
HARRIS
SCHOOL
DISTRICT
(P.
O.
an election held on Oct. 9
proposal to issue $55,000 in construc¬
INDEPENDENT
Houston), Texas—BONDS DEFEATED—At
the voters
tion
are
said to have defeated a
bonds.
WEST
UNIVERSITY PLACE (P. O. Houston), Texas—BOND OF¬
FERING—Sealed bids will be received by Harvey T. Fleming, City Secre¬
tary, until 6 p. m. on Nov. 5 for the purchase of an issue of $100,000 sewer
revenue bonds.
Interest rate is not to exceed 5%, payable semi-annually.
Bonds to mature approximately level as to interest and principal, 1939 to
1958.
All bonds maturing after Jan. 1, 1944, redeemable at par on 30
days' published notice.
Alternate bid for $50,000 to mature approximately
level as to interest and principal may also be submitted.
The bonds will
be secured by pledge of sewer revenue and pledge to maintain a rate suffi¬
cient for debt service. Printed bonds and market attorney's opinion to be
furnished free of cost to the purchaser.
A certified check for 2% must
accompany the bid.
(A similar issue of bonds was scheduled for sale on Oct. 8, as noted in
these columns recently—V. 145, p. 2433.)
VIRGINIA
GLADE SPRING ROAD DISTRICT (P. O. Abingdon), Va.—BOND
SALE DETAILS—It is now reported that the $19,000 4% semi-ann. road
bonds purchased jointly by the Farmers Exchange Bank, and the Washing¬
ton County National Bank, both of Abingdon, as noted in these columns
recently—V. 145, p. 2433—were sold at par, and mature $9,000 in 1953,
and $10,000 in 1954.
yet.
JACKSON, Tenn.—BOND OFFERING—As already reported in these
columns—V.
145,
2587—on Nov.
p.
1 at 3
p.
m.
City Recorder D. W.
^NORTHWESTERN MUNICIPALS
Luckey will offer at public auction
an issue of $15,000 electric plant revenue
and general obligation bonds.
Int. rate is not to exceed 4%, in a multiple
of )4%>
Sale will not be made at less than par.
Denom. $1,000.
Dated
Nov.
Prin. and semi-ann. int. (M. & N. 1) payable at the City
Treasurer's office.
Due $1,000 yearly on Nov. 1 from 1940 to 1954.
Certified check for $500, required.
Washington—Oregon—Idaho—Montana
1, 1937.
MARYVILLE, Tenn.—BOND ELECTION—At
for Oct. 30
a special election called
proposal to issue $85,000 high school building bonds will be
a
submitted to
5)rumhi?lbr, Ehrlichman & lPhih?
SEATTLE
SAN FRANCISCO
Teletypes SEAT 187, SEAT 188
a vote.
^.Teletype SF 2961
.
^£SS;fii£^TEXAS
EL PASO, Texas—BOND SALE—The city has sold an issue of $139,000
refunding bonds to Dewar, Robertson & Pancoast, and Mahan, Dittmar
& Co., both of San Antonio, at par.
Dated Dec. 1, 1937.
Of the bonds,
$45,000, bearing interest at 3Yi%} will mature $9,000 yearly on Dec. 1
from 1938 to 1942; the remaining bonds will bear interest at 4% and will
mature on Dec. 1, as follows: $9,000, 1943 to 1948, and $10,000 from 1949
to 1952; the bonds being redeemable after 10 years.
FORT
WORTH,
Texai—BOND
OFFERING—Sealed bids will be
received until 2:30 p. m. on Nov. 10 by H. C. Michael, Commissioner
of Accounts, for the purchase of three issues of coupon bonds aggregating
$632,500, divided as follows:
$137,500 hospital, series 65 bonds.
Denom. $1,000, one for $500.
Due
on Nov^l
as follows:
$1,500 in 1938; $1,000, 1939 and 1940;
$3,000, 1941 to 1945; $5,000, 1946 to i960; $6,000,1961 to 1965,
and $i,000 in 1966 and 196^.
275,000 city hall, series 66, bonds.
Denom. $1,000.
Due on Nov. 1
as
follows:
$3,000, 1938; $2,000, 1939; $1,000, 1940; $6,000,
1941 to 1945; $10,000, 1946 to 1959; $11,000, i960; $12,000,
1961 to 1965, and $14,000 in 1966 and 1967.
220,000 library, series 67
bonds.
Denom. $1,000.
Due on Nov. 1
as follows:
$2,000, 1938- $1,000, 1939 and 1940; $6,000, 1941;
$5,000, 1942; $3,000, 1943; $1,000, 1944 and 1945; $9,000, 1946;
$12,000, 1947 and 1948; $7,000, 1949; $1,000, 1950: $7,000,
1951; $5,000, 1952 and 1953; $6,000, 1954; $7,000, 195& $8,000,
1956; $9,000, 1957; $10,000, 1958; $11,000, 1959; $10,000,
1960; $9,000, 1961; $11,000, 1962; $12,000, 1963; $13,000,
1964 and 1965; $11,000, 1966, and $12,000 in 1967.
Dated Nov. 1,1937.
Interest rate is not to exceed 4%, payable M. & S.
Rate to be in a multiple of 14 of 1%.
Prin. and int. payable in lawful
money at the Central
must show the gross
Hanover Bank & Trust Co., New York City.
Bids
No bid for less than
and net interest cost to the city.
par and accrued interest will be accepted.
Bids must be submitted on
each issue separately and may be submitted on all issues.
The award
will be made on the lowest cost of interest by a legally acceptable proposal.
A certified check for 1% of the face amount of the bonds, payable to E. S.
Birdsong, City Secretary-Treasurer, must
accompany
the bid.
GALVESTON
COUNTY
(P. O. Galveston) Texas— WARRANTS
AUTHORIZED—The Commissioners' Court is said to have approved
recently the issuance of $50,000 in 3% seawall extension warrants.
JACKSON COUNTY ROAD DISTRICT NO. 7 (P.O. Edna), Tex.—
VOTED—A proposed bond issue of $17,000 for road impt. was
approved by the voters of the District at a recent election.
BONDS
JOHNSON
COUNTY
O.
(P.
Cleburne), Texas—BOND SALE—An
issue of $45,000 jail bonds will be taken by the county as in vestments for the
Road District No. 3 Interest and Sinking Funds, the Johnson County
Road Bond Interest and Sinking Fund and the Bridge Bond, Interest and
WASHINGTON
BELLI NGHAM,
Wash.—BOND
ELECTION—At
the
November
elections the voters will decide whether or not the city is to issue $400,000
city hall general obligation and $750,000 water revenue bonds.
CLARK COUNTY (P. O. Vancouver), Wash.—LA CENTER SCHOOL
School District No. 101
building bonds offered on Oct. 16—V. 145, p. 2433—was awarded to the
State of Washington, the only bidder, at a price of par for 4s.
Dated
Nov. 1, 1937.
Due in from 2 to 20 years, redeemable after two years.
BONDS SOLD—The $18,900 issue of La Center
KING COUNTY WATER DISTRICT NO. 7 (P. O. Seattle), Wash.—
VOTED—The voters of the district have given their approval to
BONDS
the issuance of $40,000 water system
bonds.
TACOMA, Wash .—BONDS CALLED—C. V. Fawcett, City Treasurer,
is said to have called for payment the following bonds:
On Oct. 3—Nos. 20 to 29, of Local Improvement District No. 1470, and
Nos. 118 to 164, of Local Improvement District No. 4348.
On Oct. 7—Nos. 127 to 131, of Local Improvement District No. 4047,
and Nos. 308 and 309 of Local Improvement District No. 4059.
On Oct. 8—Nos. 199 to 218, of Local Improvement District No. 4140.
No. 12. of Local Improvement District No. 4208. No. 12, of Local Improve¬
ment District No. 4214.
Nos. 7 to 9, of Local Improvement District No.
4300.
4216»
1485. Nos. 42 to
Nos. 82 to 85, of Local Im¬
On Oct. 9—No. 20, of Local Improvement District No.
On Oct. 10—Nos. 51 to 182. of Local Improvement No.
69, of Local Improvement District No.
provement District No. 4270.
f
1616.
WASHINGTON, State of— U. S. SUPREME COURT TAKES JURIS¬
TAX CASE—A press dispatch from Washington, D. C.,
DICTION IN
had the following report to make: Supreme Court decided to take jurisdic¬
tion in an appeal by the Washington State Tax Commission against a special
three-Judge Federal Court decision that the Washington State tax on use
of tangible personal property is unconstitutional.
At the request of the Northern Pacific Railway Co. the Federal Court
enjoined the Tax Commission from collecting the 2% levy on the ground
that it was an invalid burden on interstate commerce—the tax is a com¬
pensating levy intended to protect State merchants from discrimination in
application of the sales tax which the State cannot levy on goods bought
outside the State.
WHITE SALMON, Wash .—BONDS TO BE SOLD— It is now reported
by the Town Clerk that the $30,000 not to exceed 5% semi-annual water
bonds offered for sale without success on July 15, as noted in these
columns—V. 145, p. 649—will be sold privately in the very near future.
Dated March 1, 1937.
Due from Sept. 1, 1938 to 1956.
revenue
Sinking Fund.
MOUNT PLEASANT, Texas— BONDS VOTED—At a recent election
the voters approved a proposition to issue $90,000 water supply bonds.
PALESTINE INDEPENDENT SCHOOL DISTRICT (P. O. Palestine)
Texas—BONDS VOTED—At the election held on Oct. 12—V, 145, p. 2115
—the voters approved the issuance of the $200,000 in school improvement
bonds, according to report.
as
(These bonds were sold subject to the election,
August.)
noted in these columns last
PALMER
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Palmer),
Texas—BOND
OFFERING DELAYED—The offering of $40,000 school
bonds which had been planned for Oct. 20 was deferred to a later date, and
now
will
probably be sold in the first half of November, T. E. Daly, Presi¬
dent of the Board of Trustees, informs us. Bidders are now being sought for
bonds.
Interest rate is not to exceed 4%, payable semi-annually.
the
Dated Sept. 1, 1937.
Due as follows on April 15: $500 in 1938 and 1939;
$1,000, 1940 to 1945, and $1,500, 1946 to 1967. Bonded debt of the district,
including this issue, is $42,000. Assessed valuation of property, $732,000.
PARIS, Texas—BOND SALE—i $41,000 issue of street improvement
bonds
was
offered for sale
on
was awarded to the Liberty Nac¬
Due as follows: $1,000, 1938 to 1956,
Oct. 18 and
tional Bank of Paris, as 4s at par.
and $2,000, 1957 to 1967.
PORT
ARTHUR, Texas—BONDS REFUNDED—The City Commis¬
accepted a joint offer by Mahan, Ditmar & Co. and the
Co., Houston, to take $45,000 4)4% bonds for a like
amount of 5% Port Arthur Improvement District No. 2 bonds, callable
Oct. 10 and maturing in 1951.
A greater saving is possibile,'since F. T. Fletcher, representing the
Houston firms, agreed to hold a pubilc sale so that the city may profit
sioners
have
Brown-Crummer
more
if
a
lower
int.
rate
is
offered.
The Commission deferred action on Mr. Fletcher's proposal to refund the
remainging $85,000 worth of bonds callable in the near future.
If their bid is successful, the Houston firms will make no charge for
printing and sale of the bonds.
If a lower bidder is found, the brokers
will ask a small percentage for having handled the paper.
,
PORT ARTHUR INDEPENDENT SCHOOL DISTRICT (P. O. Port
Arthur), Texas—BOND OFFERING DETAILS—In connection with the
offering scheduled for Oct. 27 of the $325,000 not to exceed 4% semi-ann.
building bonds, noted in these columns recently—V. 145, P. 2433—-it is
stated by L. B. Abbey, Business Manager of the Board of Education, that
bidders may submit offers at any rate of int., not exceeding 4%, provided
that all bids must be at par and accrued int., with no premium or discount.
The date of the bonds will be determined when the bonds are sold.
Due
from 1938 to 1957, incl.
Purchaser will assume full preparation of, and
secure all legal documents necessary, printing of bonds on
paper approved
by the Trustees of the District, secure approving legal opinion, including
Chapman & Cutler of Chicago, or other national bond attorneys.
A
certified check for 2% must accompany the bid.
WEST
VIRGINIA
(P. O. Berkeley Springs), W. Va .—BOND
ELECTION—A proposal to issue $125,000 high school construction bonds
will be submitted to a vote at the Nov. 2 elections.
MORGAN
COUNTY
p* WEST VIRGINIA (State of)—BOND OFFERING—Governor Homer
A. Holt will receive bids until 1 p. m. Oct. 26 for the purchase at not less
than par of $500,000 coupon, fully registerable, road bonds.
Bidders are
to name rate of interest, not to exceed 4%, in a multiple of \4 %. provided
that the bidders may name one rate for the entire issue, or one rate for one
part of the bonds and another rate for the remainder.
Coupon bonds are in
the denomination of $1,000 each, and registered bonds in tbe denoms. of
$1,000 and $5,000.
Dated May 1, 1937.
Principal and semi-annual
interest (May 1 and Nov. 1) payable at the office of the State Treasurer,
or at the National City Bank in New York, at holder's option.
Due $20,000 yearly on May 1 from 1938 to 1962, incl.
To secure the payment of these bonds, principal sum and interest, when
other funds and revenues sufficient are not available for that purpose, it
is agreed that, within the limits prescribed by the Constitution, the Board
of Public Works of the State of West Virginia shall annually cause to be
levied and collected an annual State tax on all property in the State, until
fully paid, sufficient to pay the annual interest and the principal.
Each bid must be accompanied by a certified check upon a bank or trust
company for two per centum of the face value of the bonds bid for, payable
to the order of the State of West Virginia.
Delivery will be made in New York City, about 10 days after date of sale.
Interim certificates will be furnished purchasers.
The purchaser or purchasers will be furnished with the final approving
opinion of Caldwell & Raymond, 115 Broadway, New York, but will be
required to pay the fee for approving said bonds.
Option
The successful bidder will be awarded an option until 1 p. m. Oct. 28 to
purchase an additional $500,000 of road bonds alike in all respects to this
issue at the same price, conditions and terms bid for this issue.
In case
the option is not exercised, the additional bonds will not be offered for sale
until after the successful bidder has had a reasonable opportunity to dispose
of this issue.
The following
information was furnished with the official offering notice:
Financial Statement
$1.783,121,691
Assessed valuation 1937
Bonded Indebtedness—
1.
2.
77,069,000
State road bonds
State refunding
3.
4,000,000
1,120,000
bonds—
1935 Virginia debt refunding bonds
Total bonded debtedness—not including
Outstanding notes
this offer
$82,189,000
None
ir*r
f
Financial
2734
Issued pursuant to the Good Roads Amendments to the Constitution
payable serially, last maturity May 1. 1962.
Payable serially $250,000 each year last maturity June 1, 1953.
3. $560,000 to be retired annually, July 1. 1938, 1939.
All of the original issue <1919 Virginia debt $13,500,000) retired except
as hereinafter stated.
$861,225 of the 1919 Virginia debt bonds (3H%)
were held in escrow
by the State of West Virginia to be exchanged for
Virginia deferred certificates which had not been deposited with the Com¬
monwealth 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 part of the $447,300
1.
and
2.
presented for payment prior to Jan. 1, 1939.
Population (1920 census) 1,463,701; (1930 census) 1,728,510.
These bonds are issued under authority of amendment to the Constitution
known as $50,000,000 State Road Bond amendment, and under authority
of an Act of the Legislature of the State of West Virginia known as Chapter
Nineteen, Acts of 1935, Regular Session.
To secure the payment of this bond, principal sum and interest, when
other funds and revenues sufficient are not available for that!purpose, it is
v
^
_
agreed that, within the limits prescribed by the Constitution, the Board
of Public Works of the State of West Virginia shall annually cause to be
levied and collected an annual State tax on all property in the State, until
said bond is fully paid, sufficient to pay the annual interest on said bond
and the principal sum thereof within the time this bond becom es due and
payable.
COUNTY
WIRT
OFFERED
TO
(P.
Elizabeth),
O.
PUBLIC—In
MAY BE
in these
Va.—BONDS
W.
the
with
connection
report
given
that the State would purchase the $33,060 high school
bonds—V. 145, p. 2588—we are informed by the Secretary of the Board
of Education that if these bonds are not sold to the State of West Virginia,
columns recently
they will probably be placed on the open market.
WISCONSIN
Chronicle
by Mrs. Rachel Steen of Uncas, Alta., after he refused to enter a statement
the validity of the Debt Adjustment Act.
Mr. Wallace
ordered to pay Mrs. Steen $1 damages.
She sued for $5,000.
was
Que.—BOND OFFERING—F.
Houle, SecretaryNov. 3 for the purchase
dated Oct. 1, 1937 and payable at Arthabaska, Montreal
and Quebec.
Separate prices to be named for interest rates at 3)4% or 4%
on the following basis:
One bid for the issue to bear 3% % interest; one bid
for the first 15 maturities to bear 3M% interest and the other 15 at 4%.
ARTHABASKA,
Treasurer, will receive sealed bids until 7 p. m. on
of $45,000 bonds,
"Wis.—BOND OFFERING— Sealed bids will be received
Clerk, for the purchase of a
$21,500 issue of 314% semi-ann. sanitary sewer and sewage disposal bonds.
Denom. $500.
Dated Oct. 1, 1937.
Due on Oct. 1 as follows; $500, 1940;
FREDERIC,
until 8 p. m. on Oct. 25, by Mary Peake, Village
$1,000, 1941 to 1949, and $1,500, 1952 to 1957. The Village Board reserves
the right to sell $21,000 or less, as they deem advisable.
Payable at the
office of the Village Treasurer.
(A similar amount of sewer bonds was sold
Sept. 20,
as
noted in these columns—V. 145, p. 2116.)
COUNTY
(P. O. Lancaster), Wis.—BOND OFFERING—
Aupperle, County Clerk, will receive bids until 10 a. m. Nov. 4
purchase at not less than par of the following coupon highway
improvement bonds;
Alonzo
for
the
$185,000 series A bonds.
1944.
Due $150,000 May 1, 1943, and $35,000 May 1,
98,000 series C bonds.
Due $80,000 May 1, 1945, and $18,000 May 1,
1946.
Separate bids are asked on each series.
Bidders are to name rate of
interest, not to exceed 5%.
The bonds are to be secured by a general
ad valorem tax without limit upon all taxable property in the county.
Denom. $1,000.
Dated Nov. 1,1937.
Interest payable May 1 and Nov. 1.
Certified check for 1 % of amount of bid requiretf.
The county will furnish
a legal opinion of the Attorney General or Wisconsin.
Purchasers are to
furnish and print the bonds at their own expense.
LA CROSSE, Wis.—BONDS AUTHORIZED—A resolution authorizing
the issuance of $47,500 swimming pool bonds has been passed by the City
Council..
■
.
MANITOWOC
COUNTY
(P. O. Manitowoc),
'Wis.—BOND OFFER¬
ING—Sealed bids will be received until 10
a. m. on Nov. 8 by Albert Tetzlaff, County Clerk, for the purchase of an issue of $110,000 3% coupon road
bonds.
Denom. $1,000.
Dated Sept. 1, 1937.
Due on March 1, 1942.
Prin. and int. (M. & S.) payable at the County Treasurer's office.
Prin¬
cipal of the bonds to be retired by the State from gasoline license fees,
interest will be paid by the county.
Legal approval by the State's Attorney
General.
A certified check for 2% must accompany bid.
OCONTO JOINT SCHOOL DISTRICT NO. 2, Wia.—BONDS VOTED
—At a recent special election a bond issue of $18,000 for school construction
was
approved by the voters.
RICHLAND
CENTER
SCHOOL
DISTRICT,
Wis.—BOND
ELEC¬
TION—An election will be held Oct. 26 for the purpose of voting on a pro¬
position to issue $50,000 school building bonds.
RIVER FALLS, Wis.—BOND SALE—On Oct. 11 an issue of $55,000
hospital bonds was sold to the Northwestern National Bank of Minneapolis
plus a premium of $930, equal to 101.69.
at par
WYOMING
CAMPBELL COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Gillette),
Wyo.—BOND OFFERING—It is reported that Mrs. Axel Ostlund, District
Clerk, will sell at public auction on Nov. 8, at 1 p. m., two issue of bonds
aggregating $62,000. divided
as follows:
$56,000 building bonds.
Due as follows; $2,000,1940 to 1942, and $2,500,
1943 to 1962; optional 15 years after date.
6,000 funding bonds.
Due $500 from 1951 to 1962; optional 15 years
after date.
'
R|
>*P
Interest rate is not to exceed 3 )4 %, payable semi-annually.
check for $2,000 must accompany the bids.
Bonds and legal opinion will be furnished by the district.
CHEYENNE,
Wyo.-INTEREST
RATE
officially informed that the interest rate
airport extension bonds which
were
0
A certified
REDUCED—We
are
un¬
the $165,000 coupon municipal
awarded on Sept. 27 to the American
on
National Bank and the Stock Growers National Bank of Cheyenne—V. 145,
2274—has been reduced from 2 % % to 2 )4 %.
p.
SHERIDAN
COUNTY
SCHOOL
DISTRICT
NO.
22
(P.
O.
Clear-
Wyo.—BOND SALE—The $15,000 issue of 6% coupon semi-ann.
bonds offered on Oct. 16—V. 145, p. 2116—was purchased
by the Stockgrowers National Bank, of Cheyenne, according to report.
mont)
construction
Canadian Municipals
ed
act
to
Ont.—REFUNDING
that C. W. McDiarmid,
as
the refunding of the Essex Border
connection with
Utilities Commission's
debt.
McDiarmid will draw up a plan for refunding the Essex Border
Utilities Commission's debt consisting of approximately $3,000,000 of
debentures and $200,000 in loans from the Canadian Bank of Commerce.
Mr.
which
Any plan
he prepares will
be presented to the Windsor Utilities
Board for approval.
debt of Essex Border Utilities Commission has been
Windsor refinancing plan but the shares owned by
Riverside, Tecumseh, Sandwich East, Sandwich West, Sandwich South,
La Salle and Ojibway have still to be settled before a final refunding is
possible. All of these municipalities, with the exception of Ojibway, are in
default.
The Province of Ontario has agreed to accept responsibility for
Ojibway's share of the debt.
Commission and the Ontario Municipal
About 65% of the
taken care of in the
LaTUQUE, Que.—BOND OFFERING—The Secretary-Treasurer of the
receive sealed bids until 8 p. m. on
purchase of $80,000 4% school bonds. Dated Oct. 1, 1937.
Due as follows:
$5,000, 1938 to 1940 incl.; $1,300, 1941; $1,400, 1942;
$1,500, 1943 and 1944; $1,600, 1945; $1,700, 1946 and 1947; $1,800, 1948;
$1,900, 1949; $2,000 in 1950 and 1951, and $46,600 in 1952. Principal and
interest (A. & O.) payable at the Royal Bank of Canada at Montreal,
Quebec and LaTuque.
A certified check for 1% must accompany each
Roman Catholic School Commission will
Oct. 25 for the
City
Que.—BOND OFFERING—A.
SOREL,
and Montreal.
THREE
OFFERING—J. U.
Que.—BOND
RIVERS,
Treas. of the Roman Catholic School Commission,
Gregoire,
Sec.-
will receive sealed bids
bonds,
Rivers,
asked for 3% % and 4% bonds.
until 8 p. m. Oct. 25, for the purchase of $125,000 30-year serial
dated Nov. 1,1937.
Denoms. to suit purchaser. Payable at Three
Montreal and Quebec.
Alternative bids are
C.—REFUNDING PLAN ANNOUNCED—W. F.
Mcllroy, Secretary of the Victoria Debenture Holders Committee, 302
Bay St., Toronto, is issuing through the medium of a circular the details
of a plan for refunding all of the outstanding debt of the city, with the
exception of $76,000 debentures issued under the "Better Housing Act."
In announcing the program, the Committee states that the city is urgently
in need of an immediate easement in the financial requirements under the
present debt structure if default is to be avoided on its debenture pay¬
ments.
The plan, it is pointed out, does not provide for any concessions
by holders of the city's obligations, other than a recasting of maturities in
order to assure the continued payment of debt charges.
Before coming
effective, it must be approved by holders of 51% of the debt concerned.
Stressing the importance of early approval by creditors, the committee
reports that it is intended that the plan be embodied in a Special Act of
the British Columbia Legislature, which is expected to commence in the
immediate future and stay in session until probably the end of November.
The plan, it is said, was worked out after a thorough study of the city's
finances at the instigation of the Committee.
This action followed sub¬
missions by the city that it was unable to meet principal and interest pay¬
ments under the present set-up of its debt structure.
Its study of the
situation, the committee sought and obtained the cooperation of represen¬
tatives of creditor interests in the United States and Great Britain.
The
salient features of the projected refinancing are outlined as follows:
(a) Present city securities held by the City Sinking Fund are to be
VICTORIA,
B.
cancelled
(b) There will be set up a Board of Debenture Retirement Fund Trustees
will be charged with the duty of administering the existing Sinking
Fund and receiving and disbursing moneys in accordance with this plan.
who
After the cancelation of city securities held in the City Sinking Fund
of
by
new city debentures, hereinafter referred to as "refunding debentures."
(d) The refunding debentures will mature on Dec. 31, 1966.
They will
be of the same face value and will be expressed in the same currencies as
the respective debentures they replace, and will be payable in the countries
of those currencies.
They will bear interest at the same rates as the deben¬
tures or debt they replace for the period up to the date of maturity of the
debentures they replace, and thereafter at 4}4% until paid.
(e) The city will have the option to provide for interest only during the
years 1937, 1938 and 1939, but commencing with 1940 will provide in each
year an amount equal to the sum required to retire the total of such refund¬
ing debentures by means of equal annual instalments of combined principal
and interest by Dec. 31, 1976.
The portion of the annual instalments provided in each year for principal
will be paid to the debenture retirement fund trustees and used by them
(c)
all outstanding debentures and capital debt of the city (except $76,000
debentures issued under the "Better Housing Act") are to be replaced
to
purchase refunding debentures at a price not exceeding their face value
and accrued interest, or to call such debentures at face value
and accrued
which
interest in the order of the maturities of the outstanding debentures
Not less than 20% of such portion of the annual instalments
will be used each year in the purchase or call of refunding debentures payable
in sterling only so long as any such sterling refunding debentures remain
they replace.
outstanding.
(f) The refunding
accrued
interest
on
debentures
any
will
interest due
also be callable at face value and
date out of funds from any source
other than the said annual instalments.
Refunding debentures purchased or called except when purchased for
(g)
the Interest Equalization Fund (see clause 19 of Legal Counsel's Summary
of
Plan) will be canceled.
S) While1966,refunding debentures will carry an ultimate maturity date
31, the a portion of them will be paid off each year commencing
ec.
with the year 1940 through the operation of
the purchase and call feature
(see Clause 11 of Legal Counsel's Summary of Plan).
Legal counsel for the committee has advised that the following summary
of the plan contains the salient features thereof:
In this summary the existing debentures as well as the securities, debts
and liabilities of the City of Victoria which will be subject to refunding are
referred to as "outstanding debentures."
The term "outstanding deben¬
includes
the
The debentures
issued
following:
and stock of every kind and description of the city
and
outstanding,
except
debentures
issued under
"Better Housing Act."
2. The securities held by the Bank of Montreal as security for
bank loan of the city.
6438
will
City Clerk,
O. Cartier,
8 p. m. on Oct. 25, for the purchase of $46,400 4%
bonds, dated Nov. 1, 1937 and due serially in 10 years.
Payable at Sorel
1.
ELGIN
Treasurer,
receive sealed bids until
3.
WEST, TORONTO
Que.—-PLANS $4,500,000
BOND OFFERING—Eugene
has announced that the $4,500,000 bond issue
QUEBEC,
Barry,
authorized by the provincial Legislature for funding temporary loans con¬
tracted in the past four years will be offered for sale shortly.
It is expected
that at least half of the issue will be ready for sale within 10 days.
heretofore
BRAWLEY, CATHERS & CO.
KING ST.
COMMISSION,
fiscal agent for Windsor in its refunding plan, has been appoint¬
in a similar capacity for the Windsor Utilities Commission in
who acted
tures"
Information and Markets
25
UTILITIES
BORDER
ESSEX
AGENT APPOINTED—Announcement was made
proposal.
OF MAUSTON AND PARTS OF THE TOWN OF LEMONWEIR AND LINDANA, JOINT SCHOOL DISTRICT NO. 1 (P. O.
Mauston)
Wis.—BOND SALE— The $50,000 issue of school building
bonds offered for sale on Oct. 15—V. 145, p. 2434—was awarded to the
Bank of Mauston, according to the District Clerk.
Dated Feb. 1, 1937.
Due from Feb. 1, 1938 to 1952.
GRANT
1937
23,
of claim challenging
CITY
on
Oct.
The treasury bills
Columbia.
the
the capital
of the city held by the Government of the Province
of British
4.
The
bonds of the Panama Pacific Grain
Terminals, Ltd. guaranteed
by the city.
5.
CANADA
r<>f)—LAW
LEGISLATION HELD
BARRING
COURT
TESTS
OF
INVALID—The Alberta Government's Order-inclosing the Province's courts to actions attacking validity of its
was declared "invalid and of no effect"
by Justice W. C. Ives on
Council
laws
Oct. 20.
a
Order-in-Council, passed Sept. 25, forbade any one from starting
court action questioning any measure passed
by the Government without
Governor-in-Council.
pronouncing judgment in a
damage suit brought against R. P. Wallace, Alberta Supreme Court Clerk,
bonds of British
Columbia Worsted Mills, Ltd.
guaranteed
by
the city.
6. The indebtedness of the city to the Esquimalt Water Works Co.
7. The mortgage indebtedness of the city held by the Royal Trust Co.
for the Estate of the late James Dunsmuir.
New debentures which are to be issued in exchange for the foregoing are
referred to
as
"refunding debentures."
three by-laws numbered
The
first obtaining the permission of the Lieutenant
Justice Ives declared the order invalid in
The
Existing stock which is issued under
1194, 1501 and 1611, will be replaced by "refund¬
ing stock" which will be subject to like conditions as to rates of interest,
purchase and callability as the refunding debentures in the interpretation
of this summary.
The term "outstanding debentures" is intended to
include existing stock and the term "refunding debentures" to include
refunding stock.
@FedFRASER