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mi TWO COPYRIGHTED IN 1937 BY WILLIAM B. OANA VOL. 145, COMPANY, N^W YORK. l"""lwn&3g.?C'Copy~ SECTIONS—SECTION ENTERED AS SECOND-CIASS MATTER JUNE 23, 1879, ATTHE POST OFFICE NEW YORK, OCTOBER 30, 1937 AT NEW CORK, NEW YORK, UNDER THE ACT OF MARCH 1, NATIONAL McLaughlin NEW BROOKLYN NEW YORK CITY THE OF NEW YORK Kidder, Peabody & Co. President The BOSTON YORK PHILADELPHIA chase is ditionally For Member Federal BANK IM6 OF George V. CHASE THE company 1B7B. NO.3775. William cor. Spruce Sts., N.Y.City trust brooklyn Chartered ONE bankers' bank. a years many Deposit Insurance Corporation served a tra- it has large number of banks and bankers as New York . White, Weld Members New & Co. York Stock Exchange correspondent and depository. reserve Member Federal Deposit Insurance C»r f oration STATE Boston New York amsterdam london Correspondent Quotations AND MUNICIPAL United States BONDS Facilities Corporation Government Paris Securities FIRST BOSTON Hallgarten & Co. Ettabliahed J8S0 CORPORATION boston new york CHICAGO NEW PHILADELPHIA YORK AND OTHER Chicago London SAN FRANCISCO PRINCIPAL CITIES Brown Harriman & Co. Incorporated 63 Wall Street, New York Telephone: BOwling Green 9-5000 Boston Philadelphia San Francisco Chicago Washington Representatives in other leading Cities . Financial u Oct. 30, Chronicle 1937 BAKER, WEEKS Becker & Co. G. A. & HARDEN Incorporated Established J. & W. Seligman & Co. Investment Securities 1893 Members Wall 54 No. New York Stock Exchange Street New York Curb Exchange Investment Securities NEW Philadelphia Stock Exchange YORK Chicago Board of Trade Commercial Paper 52 WALL STREET, NEW YORK London Graybar Building, New York New York Chicago And Correspondents Commercial Trust Bldg., Philadelphia Buhl Building, Detroit Other Cities SELIGMAN BROTHERS 6 Lothbury, London, E. C. 2 Bourse Building, Amsterdam Foreign Leading Out-of-Town Investment Bankers and Brokers NATIONAL BANK of EGYPT newark birmingham Head Office New MARX & CO. Jersey State & Municipal Bonds FULLY Newark Bank & Insurance Stocks Cairo PAID CAPITAL FUND RESERVE £3,000,000 . 3,000,000 .... BIRMINGHAM, ALABAMA LONDON AGENCY 6 and SOUTHERN MUNICIPAL AND BONDS CORPORATION 7, King William Street, E. C. 4 J. S. RIPPEL & CO. 18 Clinton St. detroit Branches in al the principal Towns in Newark, N. j. EGYPT and the SUDAN ' hartford :V' Dividends Specialists in Connecticut MUNICIPALS MICHIGAN and Securities CORPORATION PUTNAM & CO. WATLING, LERCHEN & HAYES Members New York Stock Exchange Members New York Stock Exch. Detroit Stock Exchange 334 BUHL New THE ATLANTIC REFINING CO. BONDS York Curb. Assoc. Chicago Stock Exch. BLDG., 6 CENTRAL Tel. 5-0161. ROW HARTFORD COMMON NUMBER DIVIDEND 129 A. T. T. Teletype—Hartford 35 DETROIT At meeting of the Board of Directors a held October 25, 1937, a palm beach and west palm beach twenty-five cents the share per dividend of declared was stock of the Company, payable December 15, 1937, to stock¬ on common holders of record at the close of business MICHIGAN MUNICIPALS Specializing in FLORIDA BONDS November 22, Checks will 1937. mailed. w October 25, 1937 Charles A. Parcel Is & Co. DETROIT. MICH. Secretary CARLBERG & COOK, INC. Members of Detroit Stock Exchange PENOBSCOT BUILDING, be M. O'CONNOR Palm Beach—West Palm Beach, Fla. Bell System Teletype: W-Palm Beach No. 84 " INCORPORATED V MIAMI : • LOUIS 129th We buy and sell for own Florida New York City Fifth Avenue 111 ST. " Common Consecutive A dividend of our 5% (£1.25 Dividend share) has been a declared upon the Common Stock and Com¬ account mon Municipal Bonds Stock B of The American Tobacco Company, payable in cash St/x COKIU6AN.MIL,I,EB£CO. 4 Co. baint Laura Ingraham Bldg., MIAMI on December 1, 1937, to stockholders of record at the close of business November 10, Checks 1937. will be mailed. OO9OUVE St Edmund A. Harvey, Bell System Teletype MMI 80 Treasurer October 27,1937 Members St ."Louis Stock Exchange INTERNATIONAL HARVESTER MILWAUKEE Quarterly dividend No. 77 of seventy-five cents ($1.75) per * V COMPANY one dollar share on and the preferred stock, payable December 1, 1937, has t> been < Missouri and Southwestern WISCONSIN North Water Street, Milwaukee, Wis. stockholders of record at the close of business November 5, 1937. SANFORD THE Smith, Moore &Co. EDGAR, RICKER & CO. 750 to B. WHITE, Secretary. Stocks and Bonds CORPORATION SECURITIES Teletype—Milwaukee 92 declared St. The First Boston Corp. Wire Louis St. Louis Stock Exchange BUCKEYE 26 PIPE LINE COMPANY Broadway, New York. October 27, 1937. A dividend of Seventy-five (75) Cents per share has been declared on the Capital Stock of this Company, payable December 15, 1937 to stockholders of record at the close of business November 26, 1937. J. R. FAST. Secretary. Volume Financial 145 This advertisement is neither an offer to sell nor Chronicle in solicitation 0} offers to buy a any of these securities. offering is made only by the Prospectus. The October 28,1937 NEW ISSUE 33C;3:33 ;;3 3 |g;; £'*3 $13,000,000 Lighting Properties North Boston (A Massachusetts Voluntary Association) Series due 1947 Secured Notes, 3 XA% Dated October 1, Due October 1937 1, 1947 Price 100% and accrued interest Copies of the Prospectus may be obtainedfrom such including the undersigned, as are registered dealers The First Boston of the several underwriters^ in securities in this State. Corporation Lee Higginson Corporation F. S. Moseley & Co. Lehman Brothers Bodell Harris, Hall & Company (incorporated) Halsey, Stuart & Co. Inc. & Co. 3 White, Weld & Co. Chas. D. Barney & Co. Dividends To the Holders of Greek Government '73o?dm/i Forty-Year 7% Secured Sinking Fund Refugee Loan of 1924. Dividend Common No. Forty-Year 6% Secured Sinking Fund Gold Bonds Stabilization and Refugee Loan of 1928. Ill quarterly dividend of forty cents per share has been declared on the outstanding common stock of this Company, payable December 1, 1937, to stockholders of record at the close of business November 15, 1937. A The Greek Government ^ to pay and with the offer of August 21st, are invited to present, when due, the November 1, 1937 coupons to Speyer & Co., Fiscal Agents for the 7% Loan of 1924, and the February 1, 1938 coupons to Speyer & Co. or The National City Bank of New York, Fiscal Agents for the 6% Loan of 1928. The 40% payment will be made by order and for account of the Bank of Greece, which has undertaken to provide the Fiscal Agents with sufficient funds. Such payment will be made on and after November 1, 1937 at the rate of $14 for each $35 coupon and of $7 for each $17.50 coupon of the 7% Loan, and on and after February 1, 1938 at the rate of $12 for each $30 coupon and of $6 for each $15 coupon of the 6% Loan, upon presentation of the coupons at the office of the Fiscal Agents for the stamping of Bondholders who desire to be mailed. Treasurer L. NOETZEL, NORTHERN PIPE LINE COMPANY 26 such Broadway, New York, October 21, 1937. been declared on collect the 40% payment in accordance payment thereon. Coupons which may presented for payment must be accompanied by letters of transmittal obtained from the Fiscal Agents. After stamping, the coupons will be re-attached to the bonds from which they were detached. be returned and should be Cents per share the Capital Stock ($10.00 A dividend of Twenty-five (25) has A. APOSTOLIDES, value) of this Company, payable December 1, to stockholders of record at the close of business November 12, 1937. par 1937 J. R. FAST, Under Secretary of State Athens, Secretary. Greece, inc. UNITED GAS CORPORATION $7 Preferred Stock STOCK EXCHANGE BUILDING PHILADELPHIA Business Established 1912 Dividends a meeting Gas WESTERN TABLET & STATIONERY CORPORATION Dividend of the Board of Directors of Corporation, held on October 27, 1937, a dividend of $1.75 per share was declared on the $7 Preferred Stock of the Corporation for payment December 1, 1937, to stockholders of record at the close of business November 12, 1937. E. H. DIXON, Treasurer. At United for Finance September 29, 1937. Dividends Harper & Turner Investment Bankers bondholders 40% March 31, 1938. The Borden Company E. announced as of August 21, 1937, an offer to of the face amount of coupons due during the current financial year ending Bondholders were then invited to present for payment at this percentage the May 1, 1937 and August 1, 1937 coupons respectively of the 1% Loan of 1924 the 6% Loan of 1928. ( 40 4 ) Checks will Gold Bonds Notice is rate of 50c hereby given that a per share on dividend at the and out¬ the issued standing shares without par value of the Common Stock or Western Tablet & Stationery Corporation has been declared to the holders payable on November 15, 1937, of record of such shares at the close of business on November W. W. 5, 1937. SUNDERLAND, Treasurer Thf ontmetrtai Vol. 145 OCTOBER 30, 1937 No. 3775. CONTENTS Editorials page Financial Situation 2735 The 2748 The Responsibility of Congress Changed Position of Great Britain Who __2749 Buys Bonds Today? 2751 Comment and Review Book Review: World Economic Week Survey, 1936-37 - the European Stock Exchanges Foreign Political and Economic Situation on 2753 2739 2740 Foreign Exchange Rates and Comment-.......2744 & 2785 Course of the Bond Market 2753 Indications of Business Activity Week on the New York Stock Exchange 2754 Week on the New York Curb Exchange .2737 2784 News \ Current Events and Discussions Bank and Trust 2765 Company Items 2783 General Corporation and Investment News 2832 Dry Goods Trade 2882 State and 2883 Municipal Department Stocks and Bonds Foreign Stock Exchange Quotations Dividends Declared ... Auction Sales New York Stock 2787 & 2797 2790 2831 Exchange—Stock Quotations 2798 New York Stock Exchange—Bond Quotations ..2798 & 2808 New York Curb Exchange—Stock Quotations .2814 New York Curb 2818 Other 2820 Exchange—Bond Quotations Exchanges—Stock and Bond Quotations Canadian Markets—Stock and Bond Quotations 2825 Over-the-Counter Securities—Stock & Bond Quotations .2828 Reports Foreign Bank Statements .2743 Course of Bank Clearings 2785 Federal Reserve Bank Statements 2795 General Corporation and Investment News 2832 Commodities The Commercial Markets and the Crops Cotton 2875 Breadstuff s 2880 2873 Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business Manager Other offices; Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone 0613). London—Edwards & Smith, 1 Drapers' Gardens, London, E. C. Copyright 1937 by William B. Dana Company. Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March 3,1879. Subscriptions United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year. $9.75 for 6 months; South and Central America, Spain. Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain. Continental Europe (except Spain) Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months. Transient display advertising matter, 45 cents State □ >er P< or agate line Contract and card rates on request. NOTE; On account of the fluctuation in the foreign subscriptions and advertisements must be made in New YTork funds. rates of exchange, remittances The Financial Situation MANY GROUPS, markets, them far removed from the securities some of have duly taken note of and drawn encouragement late from the announcement profits status of corporations whose securities are bought and sold in those markets. Wednesday, by the Board of Governors of on the Federal Reserve What Are the System, of changes in the margin trade upon the For this there is Not requirements imposed upon those who stock exchanges good of the country. the To those closely identified with reason. stock market, it had long been painfully evident that regulations to be replaced at the beginning of next week were unreasonable and onerous, both by reason the margin required and by of the amount of of greatly de¬ bility of the requirements in the face The program now to go into effect is flated prices. obviously, sake, but because it may be which own altered attitude in Washington an before long lead to other steps of more funda¬ may the action of the Board of Gov¬ mental importance, of the Federal Reserve ernors to be of much otherwise be attached to it cause of it their situation undistributed profits tax, Constructive Coalition ists at it the Board ex¬ It is of regretted that to throw a sop professional stock mar¬ ket baiters by placing a to 50% margin requirement upon short sales, but at taken has Wall cognizance of does it appear Nor acted to accede in part to the urgings men of finance. The margin Board however, is, it will be re¬ whether were or offered not he has a as by of greatest reason tions he Such a seems markets, significance of the implica¬ lutely hopes reside in it. should no us to be No to suppose of experience see to it a vestor in the generally will step as a In other and trade out¬ look is being seriously questioned by those who would normally provide markets for securities. There is words, the whole financial, industrial as to set in find themselves. Naturally, if New Deal managers rest now upon proceed to their the oars, will ments lose its very influence elsewhere. forts to If further cies to the needs of the rent ef¬ adjust public poli¬ situation were cur¬ to be misdirected, the results those turn both the securities markets and very well margin action now taken. the quickly in results into entirely They might instruments of in¬ jury. buying freely in existing circumstances. only offset even that need of reassurance, not itself situation More Is Needed one suffered both by trouble today lies not may be in the path of the in¬ desirous of buying securities, but in the doubts investor's mind concerning the advisability of obstacles now ness that it does not recur. enough that the really basic in man for its recurrence, and we reduction in the margin required of the speculator in the securi¬ ties markets. If he happens to be a member of the financial community, and particularly if he happens to be in the stock and bond business, he knows well simple the that been done is which all branches of busi¬ the utter failure of every and insight is likely markets and business be cured by so of could that the ills now being securities or can sufficient eminently man now aright painfully so suppose change in margin require¬ to excuse to as what has view of the matter to sound. the direct interest the securities naive to the New Deal a year ago at the time. In retrospect, it clear re¬ It is dif¬ of experience to man Washington is that the real trouble was to be found in the indecision, the timidity, the want of constructive ideas, and the general weakness of the opposition. Now is the time to make certain that all this does not occur again. There would be abso¬ be now regarding believe that officialdom in the opposition must in ness heeded. Many explanations of garded by the intelligent business man, taken ficult for the average busi¬ particular, and the whole Republican Party in general. It is excellent advice. We hope action of the strengthened quired margins. ship with convictions and common sense. In essence, this seems to be what Mr. Hoover is telling the Young Republicans of Boston in practical of rational fact, but they have been been number of in¬ any may to have little basis acquainted with human nature or with the course of history can well doubt that what is needed to reach this essential goal is leader¬ and has the whole country, that such hopes by the step that has effort to organize well-directed stronger. grown appreciably of the New Deal. throughout markets and in telligent citizens of this country who are utterly weary and disgusted with the vagaries that matter in the securi¬ ties our and render articulate the large and for Street, prove sincere been happening has what in Washington official least has gram "of fusion and coalition . • . but the people fuse or coalesce around ideas and ideals, not around political bargains or strategems. If the Republican Party meets the needs and aspirations of the people who are opposed to the New Deal, they will fuse and coalesce, and not before. They only join in the march if they know where we are going." In the feud or dispute, if one exists, as is currently alleged, between two groups or factions of the* Republican Party, the great rank and file of the people of the United States, we believe, have little interest. No thoughtful man with the good of his country at heart can, however, be indifferent to any apparently felt it necessary Be¬ other provi¬ some Of course, talk," evening, present. to be course actually could men. the capital gains tax, and only living ex-President told Boston Young Republicans on Tuesday "There is suitable to the as by thoughtful sions of the New Deal pro¬ long positions in the market are concerned, more to many seems hope for constructive change in the upon much System greater possible significance than at least far as only for its indicative of Implications? perhaps requirements placed as the inflexi¬ regarding the tioning of the securities markets, but to the proper func¬ If, time has been rumored for some consideration is being given of jarge quantities of silver certificates for example, past, as serious to the issuance against bullion acquired in accordance with one of the most foolish of the New Deal measures, and if positive action we of this nature were presently to be taken, should, apparently, find that the ultimate con¬ harmful than those of the It is true, however, that we now have definite evidence that the Administration is aware that something is really sequences were far more margin action could possibly be helpful. awry, and it has, in one instance at least, shown more willingness than in the past to practical men of experience. heed the counsel of 2736 It Financial those in tions that short sales will not upon burdensome those vailing in actual practice as to have a very more the is be to probably might managers, easily be can unexpected otherwise by seen marked effect be the New on day made public the preliminary results of statistical studies it has been issues selected for the or about 22.7%. lowest the For our highest part, markable, discreditable in the fact shares of week that or we can four companies sold hundred one the upon short sales a be course tial a the and the nothing see re¬ five hundred or during this threefor were short concentrated in point of time in such "break the market," particularly of prices. feature of forces and of influential for that matter, or, in ^determining 4the After all, short sales are free market where the a general public, ton interplay of as are other types of sales, or, for that matter, purchases. has of late taken , short render this type of the market Questions are inquiries has already discovered "where transac¬ tions reported as short sales were in fact sales made against identical securities owned by the sellers." tion of dence transactions of having found in an examina¬ involving 117,000 shares "evi¬ transactions members, their firms of or this character made by partners to the extent of 24,800 shares and in addition short sales amounting ments upon to together aggregating nearly 38%. It could hardly be said that this type of selling constitutes speculation in the ordinary acceptation of that term, point is: not been What would have happened if it possible to hedge by selling either against the identical securities held ers for which there time? would many or no market at the Presumably holders of identical securities of same as those themselves which little simply have made "long sales" with results largely the what was against oth¬ or the those actually experienced. But groups against market who losses was undertook to on other protect securities all, and effort purposes non-existent? on their part to do of Governors of others in the completely demoralized the market for a large number of less well known issues. ; " Now it is generally understood that aggravated. as Reserve again it un¬ why the market in to sell better known stocks a to System, and many was as past own The Board well, ought not to fail to dinary issues against which it as of these or¬ found necessary hedge thin was so suggest such action. The Exchange the data it has it may was certain in¬ of Short Selling doubtless well advised to offer compiled and other material which be able to assemble to the Twentieth Century Fund for thorough study and "effect of short Fund in the has value in the selling determination of the a security markets." on past made The contributions of some general field of security marketing. It should, however, be fully understood both by the Exchange and the Fund that data such quences of the case determination ments of the economic affected of the economic can no conse¬ are not watertight compart¬ They affect and system. by conditions throughout the whole nomic system. highly abnormal. movement of are eco¬ General conditions, particularly in regard to banking and credit, have for been these as furnish material for of short selling in normal circumstances. The securities markets We have had an some years inflationary major proportions, whether the general public yet realizes it or not. When events of this sort take and inevitably reflect the fact. case prior to the declines of the past few months, the effect place, the is to market at the dition. believe It is that, raise securities markets invariably prices in peak is in a When, a in such periods certainly it would be foolish to of short the con¬ We do not as this, short sell¬ or restricted, but assume that a study selling from the time that the market began to recede from the was notable way, the exceptionally vulnerable. even as definitely abnormal ing should be either prohibited an exceptional peak to the bottom of valley would provide material for adequate ap¬ praisal of its value in general. We had suposed that the function of short selling, along with rational public policies in general, particularly was to such help prevent the markets from an untenable as ever to credit, reaching position. Federal Reserve Bank'Statement BANKING and credit changes of considerable im¬ portance reflected this week in the state¬ are ment stitutions, particularly investment trusts, have in or Federal Washington ask themselves so by selling the securities they owned would doubt¬ less have imaginary, which its or have either created acts Apparently they would not have been able to protect themselves at Here short sales is to try by further tinkering in extremely thin, indeed in instances for practical decline? to that what the Administration is remedy ills, real amounts had new sufficient to are dertaking to do in placing heavy margin require¬ to 19,400 shares are known to have been hedges against long positions in other securities," the two but the after all that the protective action infeasible and continues -would appear selling that And what of these matters selling margin requirements in the nature BUT other problems of immediate practical im¬ portance involved. The Stock Exchange in Its committee reports place? in the future if it should prove conclusive its which the authorities at Washing¬ profess to be protecting with all their regula¬ as essen¬ differing opinions fixes values, Other "widely owned by many small investors. What, therefore, "would the Economies of throwing purpose are account. question—that suggests that these were way as to to among nothing in the record and the Exchange has compiled certain figures for the light widely being 33.1 economically out of place of every out these period There is Of reported at 473,300, are The percentage of total sales that issues, 5.7. extensive Total sales of five made for short account varies were individual Thurs¬ 2,082,000 shares. some these, sales for short account it is well known course securities tions, have gained had regulations been in effect study from Sept. 7 to Sept. 25, inclusive, amounted to trust wliich would have prevented the short making of the short leading stocks. two, and of or investment Deal consequences Exchange late 1937 How case. to It brief consideration of the a The New York Stock sales of certain pre¬ of affairs in the stock market. course and facts. already hoped that such is indeed the serious, prove 30, large part been "hedge short sellers" during the very imposed now upon Oct. past month than so hope, of Chronicle position to know that the margin regula-. a much be the view, or at least the to seems covering weekly reporting member banks in New York City, issued in conjunction with the bined Federal Reserve condition statement com¬ by the Volume Financial 145 Board of Governors of the Federal Reserve A System. sharp deflation of bank credit is the outstanding feature. Loans to brokers and dealers collateral fell direct consequence of the stock a highly perturbing, not only to the entire banks but to community, but it re¬ whether it reflects the seen That drastic business recession. business activity now is in progress The drop in number of factors. a with $38,000,000 recorded in the week to Oct. 27. mains to be a market collapse. the decrease, now on are The latter recession is the security $150,000,000 in this city, which is a Business loans also fall of on it may for their need In view of again to the United States Treasury issues market, adding $50,000,000 to their holdings of direct United States Government obli- cess at its was duced condition statement of the 12 Fed¬ The combined eral Reserve banks reflects only anticipated changes. Member bank reserve balances advanced moderately this, together with a favorable variation in the $33,824,000 a This year's import ex¬ Since then each month's trade has the export on ended with side. peak at the end of June when it was $146,736,000. balanced year the export on adverse balance of $33,- was an six-months side, the balance increasing month, with the consequence successive adverse balance has been re¬ by two-thirds in only three months. $296,when there was a balance of $31,961,000 on the favorable side, exports were $277,668,000 and imports, $245,707,000 in September, 1936, exports of $220,539,000 The figures for September were, exports, 729,000 and imports $233,361,000; in August and imports of $215,701,000 left an export excess of $4,838,000. exports aggregated $2,- In the first nine months 379,145,000 in comparison with gations. and balance the earnings assets, the local reporting banks have turned once and that 474,000 that business loans part of it. period of 1936 there decline in is confirmed by For the same 57%, leaving it at only $48,446,000. beginning of some surplus accumu¬ eight months of the year, by about lated in the first each be that greater reliance by manufacturers on inventories accounts for a resulted which reduced the import with registered is not overwhelming, of course, and now 2737 Chronicle $1,734,865,000 last and imports totaled $2,427,591,000 compared with $1,768,339,000 in the same period of 1936. The increase in exports was chiefly attributable to larger year of iron and steel products, machinery, and petroleum products. Cotton ex¬ shipments own deposits, made it possible for automobiles, the member banks to add $50,000,000 to their excess ports were also greater in nature of their reserves over legal requirements, bringing the aggre¬ Currency in use tended still gate to $1,070,000,000. to decline, with the current figure $78,000,000 under the total of that Sept. 12, when the Governors announced the autumn increase market additions to the Treasury securities. is noted in the open Naturally enough, no change market portfolio at this time. stocks gold Monetary would be offset by open Reserve Bank portfolio of of the country moved up $8,000,000 in the weekly period, with the new aggre¬ gate $12,801,000,000. Of this sum $1,270,000,000 is sterilized in the Treasury's inactive fund. of the 12 regional banks increased tificate holdings $2,000 to $9,126,391,000 in the week to a Oct. 27, while specie and certain other forms of return flow of currency Gold cer¬ contributed more heavily to an increase of $11,571,000 in total reserves, making the aggregate $9,451,301,000. culation Total Federal Reserve notes in actual cir¬ $14,126,000 to $4,256,097,000. dropped with the regional banks increased deposits $30,413,000 to $7,529,346,000, with the account varia¬ tions consisting of a gain in member bank reserve increase balance by $12,489,000 to $94,046,000; a recession of foreign bank balances by $10,553,000 to $265,891,000, and an in¬ balances of the crease 679,000. counts by $11,928,000 to $6,950,730,000; an Treasury general account of deposits by $16,549,000 other The reserve ratio by the System remained at 80.2%. Dis¬ increased $4,942,000 to $23,- industrial avances dropped $28,000 to $19,450,000. Open market holdings of bankers' bills were unchanged at $2,830,000, and United States Government security holdings remained at $2,526,190,000. September FOREIGN tradeCommerce statistics, involved De¬ in September, according to the partment of largest exports of and the year to that time, and in fact Imports in September, on the smaller than in any other month 1930. other hand, were year, September compared with August and 582,September, 1936. percentage increase for the month, over 1936 8.2% in quantity but only 1.9% in value, very 245,194 bales worth $15,903,056 in 425 bales, valued at $38,220,891 in The was, different from the nine in imports in crease feeds, months figures. the commodities contributing to Among vegetable meats, the in¬ the first nine months were corn oils, oil seeds, unmanu¬ and non-ferrous metals. factured wool, crude rubber amounted to $145,$105,013,000 in August and $171,866,000 in September 1936. Exports of the metal were only $129,000. Silver imports of $8,427,000 were considerably larger than $4,964,000 imported in August and a little greater than the $8,363,000, in September, 1936. Only $285,000 of silver was exported. %. ■ %. Gold exports in September 623,000 compared with , The New York Stock Market MUCH confusion prevailed the sharp upwardNew stock market, but this week on the and York downward swings left quotations considerably higher last night than they were a week earlier. There were indications that a calmer view of the business and security situations was being taken, lacking. It is still impossible to say whether the drastic liquida¬ tion that developed 10 days ago finally has spent itself, but it is evident that Administration leaders in Washington are among those who now are in¬ although panicky moments were not Foreign Trade in this valued at $38,961,111 in to $218,- 426,000, while since October, the 1937 period, but ac¬ of the total in¬ crease. During the nine months 3,562,333 bales were shipped, 5.15% more than in 1936; the value of the shipments this year, $240,069,000, was 11.5% greater than in |the first three-quarters of 1936. Cotton' exports in September showed the customary large increase over August and were likewise higher than last year. They amounted to 630,041 bales counted for only about $25,000,000 a favorable balance of $63,368,000 clined fact in to take itself a more appeared portant buying at reasonable attitude. to account for That some im¬ times, especially when it was 2738 Financial rumored that some changes might be effected in the irk- of capital gains taxes, issued corporations largest our and surplus corporate Some third- quarter earnings reports this week, and the results were Chronicle equal to expectations. It with was future On Oct. 30, the touched touched New Stock York low levels. new stocks touched New and in that respect keen apprehensions Rallying tendencies, accordingly, followed On the New York new low levels. now Curb high levels and 60 Call loans the on requirements important developments, of shares; be singled out here. can Tuesday, 1,822,840 sharse; Wednesday on The System decrease in margin a security purchases to 40% from on 55%, this being the first change since early last year, Along with this reduction the Board lowered also the requirements of collateral brokers from under its banks. be must The Board, next Monday, sellers. These modest variations of the New York Stock rulings short on margin changes, augmented by were requirements, more Exchange designed mainly to bring them into conformity with the Federal Reserve Earnings issued Corp. and the of case shares; the third quarter were other large numerous concerns. Big Steel the directors declared a 2,343,940 shares; were on Thursday, 2,459,560 shares, and on on Monday, 375,510 shares; Quotations shares; were on on Saturday last, and major issues finished the points. ous Losses for the day were especially conspicu- the rail shares. among Monday soon gave way A lower costs of operations In all the earn- evident that vastly increased are curtailing profits, and it also is plain that the higher wages and burdensome taxes not are to whittle down easy offset. or statements to that effect sometimes earnings reporst. Specific accompanied the This brought the problem of in- dustry, trade and finance again narrowly down once to the attitude of the Administration. ment it is rather hope than a At the mo- certainty that the a antogonism displayed by Mr. Roosevelt and his advisers toward "economic But the which royalists" will be modified. hope is strengthened by the realization, no reasonable punishment such as person now can evade, that this Administration has visited large and important section of the populanecessarily will affect adversely all other upon one tion sections. The stock market suffered Saturday, when prices in leading issues. followed covery on were But a lowered 1 to 10 points equally pronounced an Monday. The dealings day and Wednesday occasioned ments, On although the main heavy shock last no trend Tues- on conclusive was re- move- downward. Thursday the market moved forward easily, bethe margin rulings were interpreted favorably. cause The upturn was extended levels lent of most on stocks yesterday, and at the close were Friday last week. the over figures preva- In the listed bond market good buying of United States Treasury issues took place, were while fluctuated than a obligations speculative tinge movements. equities and bonds varied widely, being highly active, while others commodity in corporate Bonds with widely, in line with stock Turnover in sessions The highest-rated maintained. recent markets showed more were Prices at closing time reflected the day's best levels. Erratic movements can were dull. describe main ranged from fractions to two points. trading moved in closing prices a were dull and were on In greater. some Uncer- Wednesday, and narrow At groove. steady and irregularly lower. Word of the revision in margin requirements came too late in the day to have any bearing on equity values, but did influence opening prices day. As "up from a one to six points in heavy trading. day progressed was on Thurs- result of this action leading stocks moved some As the liquidation asserted itself, but largely offset by heavy buying in the final hour, and prices for the most part held their Yesterday witnessed a early gains, continuance of the forward movement in stocks which got under way late on Thursday, and quotations at the close rested much higher ground than week ago. was true of Friday on a General Electric closed yesterday at 43% against 40% on Friday of last week; Consolidated 28%; Columbia Gas & Elec. at 9% against 8%; Public Service of N. J. at 363% against 36%; J. I. Case Threshing Machine at 105 against 103; vester at 76% against at International Har- 75%; Sears, Roebuck & Co. 71% against 65%; Montgomery Ward & Co. at 44% against 39%; Woolworth at 41 against 40%, and American Tel. & Tel. at 156 against 153%. Western Union closed yesterday at 33% against 30% on Friday of last week; Allied Chemical & Dye at 165 against 163; E. I. du Pont de Nemours at 126 against 124%; National Cash Register at 21% against 19%; International Nickel at 47% against 46%; National Dairy Products at 16% against 15%; National Biscuit at 22 against 21; Texas Gulf Sulphur at 32% against 31; Continental Can at 52 some against 48%; Eastman Kodak at 169 against 165; against 19; Westinghouse Mfg. at 105% against 100%; Lorillard at 18% against 18%; U. S. Industrial Alcohol at 21% steadiness > best Tuesday's markets, and price fluctuations in the quiet. weeks, with lower levels the rule. Foreign exchange dealings on spurted upward with gains of from two to ten points. Edison Co. of N. Y. at 26 against , opening to heavy buying, and market tainty played an important part five-year interval. that of short session with declines running from one to ten payments after was over A sharp reaction occurred in trading of the better stocks the losses a Thursday on Friday, 429,020 shares, dividend of $1 a share on common, and thus resumed ings reports it 272,775 shares; the New York stock market the on week ago. Fri- Tuesday, 277,590 on present week show much improvement a on On the New York Curb Ex- Wednesday, 170,890 shares; on 367,340 shares, and on Wednesday, 1,064,120 change the sales last Saturday leaders for by the United States Steel Corp., General Motors In measure. reports Monday they on day, 2,800,240 shares. took moreover, by stipulating that 50% of values put up by such effective loans obtained by on wing the problem of margin requirements short sales on unchanged On the New York Stock Exchange the sales at Board of Governors of the Federal Reserve announced Jate remained the half-day session on Saturday last were 1,565,020 few a Exchange were were numerous only almost were Stock York by renewed bursts of liquidation, rule as a There which y stocks at 1%. universal. 3 high levels for the year, while 78 stocks new Exchange 2 stocks touched prospects, however, that the market concerned itself, Exchange 1937 Standard Elec. Brands at 9 & against 19%; Canada Dry at 15% against 12%; Volume Financial 145 Schenley Distillers at 30% against 29, and National Distillers at 24% against 23. The steel stocks recovered much ground and closed United States Steel closed yester- higher this week. day at 64 against 57% on Friday of last Inland Steel at 72 week; against 70; Bethlehem Steel at 54% against 47%, and Youngstown Sheet & Tube at 45% against 42%. Auto closed In the motor group, Auburn New York closed yesterday at 44%c., the close on Friday of last week. In the matter of the foreign exchanges, cable transfers on London closed yesterday at $4.96% as against $4.95 3/16 the close on Friday of last week, and cable transfers on Paris closed yesterday at 3.37%c. as against 3.38%c. the close on Friday of last week. yesterday at 11% against 10% on Fri- Eurooean Stock Markets European Stock Markets day of last week; General Motors at'43% against 40%; Chrysler at 75% against 65%, and Hupp Motors at In the rubber group, Good- 2% against 2%. year Tire & Rubber closed yesterday at 25% against 21% on Friday of last week; United States Rubber 30% against 25%, and B. F. Goodrich at 22% at against 19%. The railroad shares were irregularly changed the present week as compared with the close Friday last. on Pennsylvania RR. closed yesterday AtchiYork Central at 22 against 21%; Union Pacific at 99% against 100; Southern Pacific at 23 against 23; 24% against 26% on Friday of last week; at Topeka & Santa Fe at 42 against 44; New son Southern Railway at 15% against 15%, and North- Pacific ern at 14% against 14%. Among the oil stocks, Standard Oil of N. J. closed 53% against 52 yesterday at Friday of last week; Shell Union 20% against 20%, and Atlantic Refining at Oil at 24 on against 22%. In the copper group, Anaconda 30% on & Refining 58% against 55, and Phelps Dodge at 27% Copper closed yesterday at 32% against Friday of last week; American Smelting at 2739 Chronicle uncertain start this week, stock exchanges in the principal European financial centers displayed increasing optimism, chiefly in consequence of the rise in prices on the New York market. The long continued decline in American securities proved exceedingly worrisome to traders in London, Paris and Berlin, who professed to see little reason for the collapse of values here. When the market in New York showed a trend toward improvement, a relaxation of tension followed in Europe and business assumed a more normal aspect, Changes in margin requirements here were accepted, especially in London, as an indication of a decided change in the official attitude, and buying enthusi- AFTER * an \ resulted. Considerable gains thus were registered for the week at London, and the trend at Paris also was favorable. The German market was unsettled to some extent by the quietly circulated report that Dr. Hjalmar Schacht's resignation from the Economics Ministry had been accepted. Trade indices in the leading industrial countries of Euasm //X/./' ; rope remain favorable, although declines in cornmodity prices are noted, as a matter of course. The able than favorable comparisons with previous international political situation is causing less apperiods. Steel operations for the week ending today prehension, despite the grave dangers that still rewere estimated by the American Iron and Steel main. Optimistic views, in short, remain prevalent Institute at 52.1% of capacity against 55.8% last in most European markets notwithstanding the unweek, 74.4% a month ago and 74.3% a year ago. settlement of recent weeks. Production of electric power was reported by the Trading on the London Stock Exchange was reEdison Electric Institute for the week ended Oct. 23 sumed for the week in an air of general uncertainty, against 27%. Trade and industrial reports show more unfavor- 2,281,636,000 kilowatt hours against at 2,276,123,000 preceding week and 2,170,127,000 in the corre- in the sponding week of last year. Car loadings of revenue freight for the week to Oct. 23 are reported by the Association of American Railroads at 773,353 cars, This was a and week same As decrease of of 42,889 36,591 cars from the previous cars from the figure for the week of 1936. indicating the course of the commodity mar- wheat in Chicago closed yesterday at 96c. against 97%c. the close on Friday of last week. December corn at Chicago closed yesterday at 59c. against 59%c. the close on Friday of last week. December oats at Chicago closed yesterday at 30%c. as against 30%c. the close kets, the December option for on Friday of last week. spot price for cotton here The in New York closed 8.49c. the close on The spot price for rubber yesterday at 8.32c. as against Friday of last week. 15.91c. the close on Domestic copper closed yesterday with offerings by custom smelters at ll%c., while primary producers held the price at 12c. as against the dual price of 12c. to 13c. the close on yesterday was 15.50c. as against Friday of last week. Friday of last week. In 19 London the price of bar silver yesterday was 15/16 pence per ounce as ounce on against 19% pence per silver in Friday of last week, and spot occasioned by gloomy week-end dispatches from New York. Gilt-edged securities moved fractionally lower, and most industrial stocks also receded, Anglo-American favorites were marked sharply lower to conform with the trend at New York, but a rally occurred late in the day. The tone improved on Tuesday, under the stimulus of the over-night reports of better doings in New York markets. Giltedged issues moved forward and strength marked the dealings in domestic industrial shares. In the international section a decided advance of American issues took place, while other foreign securities likewise improved. Even the commodities issues did well, despite the poor tone of some basic materials, Trading on Wednesday was marked by firmness in nearly all departments. British funds and industrial stocks moved ahead readily on sustained buying, and base metal issues also advanced. Anglo-American favorites were better at first but suffered a reaction toward the close. The session on Thursday reflected enthusiastic buying in almost all groups. Gilt-edged issues moved higher, as did the industrial shares, Commodities stocks were in broad demand. But the Anglo-American issues attracted most interest, owing to a buying spurt occasioned by the changes in margin regulations in the United States. Sharp gains were recorded in transatlantic issues. Giltedged issues and industrial stocks were in good de- i^2740 Financial inand, yesterday, and international securities also improved. Movements irregular were the Paris Bourse on in the initial session of the week. tuations in both early fluc¬ directions, prices tended lower and large net losses at the close. were common showed fractional lost 3 to After Rentes recessions, while French equities 4% of valuations. International issues not much were changed. Fresh uncertainty regarding po¬ unsettled the French market Tues¬ litical programs day. Rentes lost little ground for the day, but rail, utility and industrial equities were variable, with movements a small. International marked upward rather able were vigorously, owing to favor¬ overnight advices from New York. A broad ward movement took and issues place Wednesday, with rentes equities alike in excellent demand. wiped out week. fresh The of waves quiet session gains optimism. on forward again Changes Thursday. were Rentes on small in showed a smal recessions, while domestic equities and yesterday little a slightly uncertain, with were prominent than losses. more Losses resignation already appeared in most stocks. session motionless. in were ranging from fractions to quiet and circulation. point a or more Fixed-interest issues Another weak and were listless followed, Tuesday. Declines in heavy indus¬ trial, shipping, motor and textile stocks were 1 to 2 points, while inquiry was Reports specific of this on bank shares reported for Dr. matter had ment of in leading smaller recessions. on in no vouchsafed while The trend the advance, but other ing even was Great King information German points others finally point a or move¬ were showed Heavy industrial stocks led groups joined and Mr. and some reported in high-grade bonds. cautious, King praised the served." "the with principles. war is to be ended without only solution offered by Mr. Mr. Hull of that these emphasized the require¬ international rules be conduct honored and be ob¬ He also expressed the belief that "the out- * of mankind forces which will tional Canada peace utterances, he added, raise the rules conscience raged of application of the "teachings of the an and aligned supporter The war. that defined will in set motion create, in the sphere of interna¬ relations, unshakable order based law." on Spain ONLY the usual notable lack of any real progress non-intervention interna¬ toward tional marked the developments with regard to Spain this week. The mild flicker of hope caused buy¬ Deal¬ days some ago by apparent Italian willingness to consider "token an withdrawals "from either side conflict by the foreign coun¬ Spain died quickly. A developed in the London Non-intervention Committee between Italy and Russia, the former in¬ sisting upon tionist regime when "substantial" withdrawals of recognition of the Franco insurrec¬ troops had been effected, while Russia maintained that all belligerent rights could not be granted until volunteers objections had been Tuesday, on a "incidents" involving foreign ships. by ship on fresh series of A French mer¬ bombed off Barcelona, last Sunday, was "unknown" an and The negotiations were ren¬ additionally troublesome by chant Russian for the control scheme, which fiction in any event. dered The country announced discontinuance financial support a withdrawn. overruled were Thursday that airplane carrying a maltese cross. was reversed two appeared On the following day a placed at the disposal of was French submarine chaser, a private French air line, burned at Minorca after airplane set it afire. bomb from another a The British Government on Wednesday ordered the huge battle cruiser Hood to Majorca in replacement of French naval forces in a the smaller vessel, while Balearics also were augmented. There was officials of the Canadian and United States Govern¬ ments, late last week, at the conclusion of a visit by Secretary of State Cordell Hull to Canada. Both Mr. Hull and Prime plored the current treaties aggressor Minister tendency whenever it Mackenzie King de¬ of breaking interna¬ suits the nations, but the expressions in the most general terms and lay out a course no of action. purposes of were couched attempt was made Mr. Hull concluded his visit at Toronto, Oct. 22, and felicitations then exchanged regarding the amity of United States-Canadian reminiscent of relations. The statements were the "good neighbor" policy which to be spreading throughout the Americas under the able the to was ment of INTENSE observance question of treaty concern regarding the broad by leading expressed In a Prince of Peace." the appears as baffling question of how recourse Treaties and Lawlessness were Roosevelt, Britain But the President's is proved. to positions. were 1937 and disturbing speech made at Chicago by vague quite ings were small yesterday and the trend irregular. Heavy industrial stocks were soft, but others im¬ tional their President securities. were the Declines to 3 long list of issues. More sharp downward stocks, Thursday, when gains of a though was a price levels. recorded steady. resignation even been public, and the result were fixed-income Schacht's Wednesday, on befits tries that sent volunteers to Dealings at Berlin reflected general uncertainty, Monday, as the rumors regarding acceptance of Dr. Schaeht's Canadian and United States leaders as 30, gains international securities held close to former levels. Movements Oct. good part of the previous losses of the a International issues urged fractional up¬ Chronicle leadership of our Secretary of State. larger sphere of world relations, both the was a loyalists lullThis vreek in the fighting between and the insurgents. The victory of General Francisco Franco in the complete, now agreed that large contingents centers of battle. were attack, loyalist being French also rumored was centers prepared frontier that the former rumor It but Gijon had fallen denied they received foreign press ferences Rome, no to such for Saragossa indicated another points that sharp circulated for a the time a that Madrid insurgents, but loyalist, statements confirmation Italian the learned there that vras vehemently, from the representatives in Madrid. between over near capital might be abandoned. population revolted wrhen it officials being transferred change in the immediate situation. from was is Aragon and Madrid Sporadic fighting occasioned little Dispatches area that Gijon has fallen, and all reports from the Asturias front to the Madrid Biscayan and the wTeek-end, it German was and numerous After con¬ officals in indicated that the Volume two fascist Powers Franco. Chapei, adjoining the International Settlement, un¬ fully intend to stand by General Premier Mussolini made this Wednesday, when he declared before even a tenable. clearer, broad huge fascist and assemblage that "communism" must be driven from Europe. ' .V,/'' Kv : on between by Japan and China were dimmed this week Japanese refusal to attend the Brussels gather¬ a ing. This noteworthy decision of the Tokio Govern¬ ment was made known on Wednesday, as the Japa¬ troops were smashing through the Chinese de¬ nese fense lines advanced at Shanghai, and the Japanese armies Although the China. north rapidly in forced were to retreat in daylight, Tuesday, under the continuous fire Several small behind bombing of Japanese airplanes. troops remained Chinese of fight the invaders to the death, but the main body withdrew PROSPECTS for the impending Nine-Power Treaty conference the undeclared war Chinese The concentrations to Sino-Japanese War j 2741 Chronicle Financial 145 to prepared positions, where the grim Territorially, the Japanese gain is not important, for the line merely has been struggle was resumed. The fact that two months were straightened out. required for this small gain by the mechanized nese Japa¬ makes the Chinese defense all the more army * There were several un¬ involving foreigners during the impressive and significant. fortunate incidents latest A group of foreigners was push. strafed at Settlement, Sunday, by a Japanese the border of the the course American given the marines, Wednes¬ Japanese decision may be considered disappointing airplane, which killed a British guard in in of the fusillade. quarters, it is obvious that the Brussels some conference Tokio will extensive no the far It is well understood that Rumors that some secret agreement Hoare-Laval ill-fated the embarrassing without less diplomatic preparations were made for gathering. like be representatives. President of view United scheduled to start was com¬ originally today, but a postponement until Belgium. invitation accompanied by a lengthy official statement ex¬ was Together, these docu¬ familiar Japanese allegation plaining the Tokio attitude. ments the repeated that the nese present situation, owing to the based that the their spread of com¬ Technically, however, the Japa¬ rejection on the general ground meeting results from the League of Nations denunciation, and since the League already pressed an has ex¬ unfriendly view "causing a reflection the honor of Japan," the bid was regretfully turned down. There is more than a little reason to upon believe, however, that the Japanese would welcome an offer of mediation from other Powers that is by not tainted in advance "high Japanese an a condemnation of their Paris dispatches of activities. a Thursday stated that authority" there had authorized with the prin¬ announcement that conversations would be welcomed. The it is well known, already has far exceeded in cipal interested Powers war, difficulty and costliness Diplomatic tarists. method of loss invaders, In the assault expectations experts surmise of that any the their already in north China. Shanghai area a tremendous push was last week, and the heavy continued unremittingly, with rather by the Japanese late was achieved. The irregular and strategically vulnerable Chinese line was attacked fiercely at its weakest point, near Tachang. That town fell over the last week-end, and the threat to the Chinese communications made the position at important gains finally On the Shantung seemingly prevailed, and by the attacking troops. quiet conditions observers surmise between the off Amoy, in island that parleys are in progress Japanese and the local War Lord. An south China, was occupied by The Chinese General¬ issimo, Chiang Kai-shek, minimized the Japanese gains on Wednesday, in a statement that called attention to the unexpected character of recent the Wednesday Japanese on time for defense prepa¬ deeply the possibility of Russian involve¬ developments and the lack of It seems clear rations. concerned over that the Japanese are winter nears and the freezing rivers for the Red army. Gen¬ Araki, former War Minister, warned his ment, now that make military moves easier eral Sadao it "probably is necessary to strike Russia." Some reports from China insurrection was in progress in the countrymen that directly against stated that an .Japanese troop puppet-State of Manchukuo, and heavy movements to that area seemed to lend color to the rumors. European Affairs mili¬ "face" would prove welcome to provided they could keep withdrew and warnings of extensive to retreat in some areas. enter¬ withdrawing from Shanghai without too extensive gains started the the sanguine Japanese tained last summer by much week some It was also claimed once again that the Nine-Power Treaty is not applicable Shanghai re¬ the defenders merely the defenders found A pass lead¬ ing from Hopeh Phovince into Shansi Province was reported pierced by invading forces, Wednesday, which probably tends to relieve the army of 50,€00 men that the Chinese isolated for a while. It is in Shansi that the main advances were reported this it necessary all obstacles in a foreign land are fighting in "self-defense." for The peril to gains, and it seems clear that front munism in China. detachment. fighting already have been issued by the Japanese. In north China the Japanese claimed extensive Nipponese invaders who are smashing head¬ long through to the British Soochow Creek, Japanese rejection of the Belgian The a across Wednesday was found necessary, owing to the Cabinet crisis in Japanese tank fired some shots, credited, in that the attacking near them. Thursday, toward A great, assurances meeting day, to fire on any airplanes on the parley without any Brussels The mitments. next Roosevelt's States enters marinse and orders were mains understanding Ethiopia might result hardly are to be Aerial activity menaced UNUSUAL diplomatic activity appears to apart in many parts of Europe, quite be in progress from the consultations on Spain and China, unhappy countries may be contributing to the developments. In the diplo¬ matic game of battledore and shuttlecock being played by the fascist Powers, it is plainly the turn of Germany to attempt new strokes. The German although the events in those press campaign against Czechoslovakia was con¬ did not the understanding with France. In Danzig, where the German Nazi party affiliate now rules, typical anti- tinued without abatement occasion too much concern this week, but in Prague, owing to 2742 Financial Jewish campaigns in progress. are ported somewhat aroused but far so What Poland the has German remains to be seen, Warsaw is taken diplomatic any measures, offensive and in the meantime degree of in the transport of goods by road, and for speeding reorganization of the coal mining industry. The speech, of course, expressed the broad views of that the recent Italy support given by the question of Spain now is on the being repaid by Italian assistance to Germany in other spheres. The German Ambassador to London, Joachim von Iiibbentrop, visited Rome week-end, and he departed quietly out explaining the made Thursday, however, some on over interesting when he the last progress made addressed Rome. on Belgian Cabinet PERSONAL charges leveled on huge a Conveniently year, ^ . Belgian * sioned Cabinet, Paul at the head of the Zeeland, van occa- governmental crisis in that country, Mon- a day, when Premier over- looking his admitted 40,000 "volunteers" fighting in Spain, II Duce thundered that peace will be the watchword of in the last Premier comments favorable, with all indications pointing to maintenance of the gathering in Rome, assembled for the cele- bration of the march Cabinet, and it is noteworthy that the outlook for trade and industry was considered Sunday with- for the trip. reason Mussolini fascist preventing frauds in share dealings, the seem the Reich to 1937 for regulating wages and conditions of employment uneasiness exists. It would for measures portends a Oct. 30, the session now formally started, it was indicated, Among questions of financial interest will he new re- the Danzig incidents, over not Chronicle van Zeeland and all his associ- ates tendered their resignations to King Leopold, Fascist elements in Belgium attacked the Premier, on the basis of allegations relating to payments by the fascists. But lasting peace, he added, requires "the elimination of Bolshevism from the National Bank of Belgium in 1932 and Europe." quent years, while Dr. Some absurd clauses of existing treaties should be revised, according to the Italian dictator, who proclaimed: like the which German they people have again the place entitled, and which they are nor "It is necessary that great peoples fusion under the African sun." In other took a of areas more it a dent Kurt week-end visit official lems tween Austria and The and Metaxas. China. on neces- Treaty No great significance were promised ever, con- seems to Turkey generally agreed that the Belgian will continue to rule. the on it is as ister of Finance and Henri de Man, former Min- one of the leaders of the Social- Austrian statesman to War- ist party, was requested by King Leopold, Foreign an Viennese There is This inci- coalition of Socialist, Catholic and Liberal parties to form a were visit to Istanbul a longer accept the responsibility no deplored not only in Belgium, but also in was ference con- unjust at- attach to the changed political circumstances, how- even Secretary, Schmidt, undertook the journey. Greece "passionate and though the usual Poland first official visit of saw. by sary a postponement of the Nine-Power pact, Wednesday, which marked the a radio a that diplomatic probImproved cultural relations be- avoided. signature of to be rather other countries, for the Cabinet crisis made to statements declared were appear Zeeland announced in of conducting the affairs of the country. Hungarian colleagues, Koloman Daranyi, and was generally assumed that political matters occupied the two leaders, of Premier course. Schuschnigg of Austria paid his occasioned tacks," he could Europe the diplomatic events ordinary The attacks van subse- Vice-Gover- was address to his countrymen that in the political to had, once of the Bank. flimsy, but Dr. Zeeland van Guido Close ties between reaffirmed in the lieved, will land course prove only answers recent by the Greek Premier, John n Thursday, regime which, it is generally be- successor a stop-gap until Dr. charges and returns to w l Q van Zee- power, u some interest in an impending trip to London, Paris and Rome, to be undertaken early in November by King George II of ja mar C ac EUROPEAN reports for several months have been ^ predicting the resignation by Dr. Hjalmar Greece. Schacht of his several posts in the Third Reich. now was ntis ar indicated in fresh Berlin lament dispatches It of last Tuesday that Dr. Schacht's resignation from the MORE than ofordinary interest attaches to the opening the British Parliament, Tuesday, for the George occasion VI was addressed the on first which on ordinary from the throne was the conflict in Both the pert is to continue his direction of the speech which also is clearly by the King, regarding the continuance of tion. problems are studied garded intensely by the British Cabinet, he indiOn session impends, conspicuously absent. improvements made of were a score such purposes. as promised, and brief mention was proposed enactments designed for In industry, trade, agriculture and were promised. Such of elec- housing program of will occupy the Parliament in Germany is quite generally with his re- decisions, appointed his favorite; General in a autarchy, for General was realms Schacht Dr. of finance has To all caused can as and attained Schacht's therefore, self-sufficiency, Goering cannot by imagination be regarded . or four-year plan. great deal of friction of improvement in the distribution far time ago, to insure the completion of some bodied and tricity, the production of milk and furtherance the Reich, Minor fisheries, modest advances things Hitler the Nazi idea of reforms course, Hermann Goering, as the economic overlord of the with startling innovations social Schacht, of personal significance of his moves, for linked indissolubly Chancellor questions of domestic policy the King merely confirmed the prevailing impression that a quiet as ex- Reichsbank, strictly governmental institu- a the financial fate of being cated. now The actions by Dr. transcend the Spain and the position in the Far international For the time being, however, the German financial delivered who expressed concern East. The apparently at the insistence of the incumbent. King matters newly-assembled Peers and Members. office of Minister of Economics has been accepted, as em- appearances a by this incident, any stretch of the fully competent in the economics, whereas Dr. preeminence in these fields, resignation of the Economics post, only be regarded as an indication that Financial Volume 145 Lis wise and to temperate counsels were Chancellor Hitler and General Dr. Schacht made known that his Economics not acceptable When Goering. resignation of the intention of retiring an entirely from public affairs when his term as Presilent of the such Reichsbank post in Any expires next spring. development would be even more 'than his saddening voluntary abdication of a strictly political government toward which he is known to a entertain on call at London open at great sympathy. no Friday on was At Paris the %%• market rate remains at 3%% and in Switzerland 1%. Bank^of EnglandJStatement post, submitted last August, had been accepted, he also intimated 2743 Chronicle THE statement offurther contraction of £1,199,000 the Bank for the week ended Oct. 27 showed a of notes in circulation but as this was loss of attended by a £36,115 in gold holdings, the net gain in re¬ £1,162,000. Gold holdings now aggregate serves was £328,024,445 compared with £249,665,408 a year ago. Public deposits £2,400,000 while other deposits rose decreased BOUNDARYAmerican have occasioned many wars disputes republics in the last hun¬ between dred years, arms but it is possible that such resorts to will diminish hereafter under the influence of the Good Nicaragua and Hon¬ Neighbor policy. accepted, according to a Washington an¬ duras have nouncement of Oct. the United of solution of 22, a tender of good offices by States, Venezuela and Costa Rica for their differences over territorial divid¬ The long-standing dispute suddenly was ing lines. £1,307,420. The latter consists of bankers' accounts Nicaragua and Honduras which portion decreased the adorned one disputed area. of its mail emblems with a map that territory, and threats of war filled also took in the In view of the many America. the air of Central regulating the rela¬ international agreements now tions of American countries, of any actual existed of use great apprehension no and the latest arms, developments suggest that the optimism was lished notes from United States Minister Panama, Frank P. Corrigan, as with Venezuelan and Costa trators. By Rican delegates as arbi¬ strange and perhaps not entirely a both Nicaragua and Hon¬ coincidence, fortuitous duras promptly was named representative who will act States United the expressed fullsome praise in their notes of the "enlightened government" of the United States and Central American its "noble" endeavors to preserve peace. Central Banks Discount Rates of Foreign any Present at rates leading the centers are DISCOUNT RATES OF BANK mciN> Effect Date July Established 1934 1933 £ £ £ £ £ 483,147,000 442,741,194 399,888,875 378,369,499 372,197,364 7,541,286 16,893,757 32.174.000 27,607,859 26,225,911 154,350,535 124,273,710 127,902,350 121,076,565 140,231,352 Other deposits 110,643,752 87,678,784 86,533,230 82,524,413 100,419,410 Bankers' accounts. 43,706,783 Other accounts 36,594,926 41,369,120 38,552,152 39,812,122 77,020,905 100,238,000 80,183,337 85,889,999 80,894,164 Gov't securities.. 23,019,131 Other securities 29.018.001 26,103.381 23,480,737 19,648,873 8,647,880 8,901,297 11,210,370 6.600,787 Disct. & advances. 8,108,686 14,371,251 Securities 20,909,315 19,502,594 12,270,367 10,747,576 74,280,526 79,660,327 66,914,214 55,633.091 Res've notes & coin.. 44,876,000 192,650,024 191,757,691 Coin and bullion 328,024,445 249,655,408 195,521,966 49.14% 47.27% 37.76% 43.00% 28.6% Prop, of res. to liab__ Public deposits Bank of France Statement THE weekly statement dated note 21 showed a loss 524,000,000 francs in Oct. circulation, the of total of which is now Hungary... 4 Aug. 28 1935 pared with 85,240,888,830 francs a year ago 3 Nov. 29 1935 Ireland 3 June 30 1932 3)4 3)4 7 Italy 4 )4 May 18 15 1935 Bulgaria... 6 Canada 2M Aug. 15 1935 Mar. 11 1935 4 Jan. 24 1935 4)4 Java 4 July 18 1933 5 Jugoslavia 3.29 Japan •» m 3 vakia Jan. 3H 4 Jan. 2 1937 Denmark.. 4 Oct. 19 1936 England... 2 June 30 1932 Estonia 5 Finland 4 Sept. 25 1934 Dec. 4 1934 Jan. 14 1937 5 Feb. 1 1935 5)4 1 1936 May 28 1935 July * Morocco 6)4 5 1 1936 Danzig Apr. 1936 6 1936 3 . Lithuania.. Czechoslo¬ Norway 4 Dec. 3)4 2)4 5)4 Poland 5 Oct. Portugal... 4 Aug. 11 1937 Rumania.. 4)4 ... 5 1936 25 1933 5 of against securities of 54,000,000 francs and in creditor current accounts of 338,000,000 francs. The Bank's gold holdings again showed no change, the total remaining at 55,805,French commercial bills discounted francs, in 528,000,000 francs, in advances The year ago and 74.92% the year before. Below we fur¬ items with comparisons for previ¬ years: BANK OF FRANCE'S COMPARATIVE No change Gold holdings Credit baLs. abroad, a French commercial bills discounted., b Bills bought Adv. 6 Note circulat ion abr'd against secur.. 4)4 Credit, current accts 3)4 c 6 4)4 7 1934 6 1937 Oct. 23, Francs 1936 Temp. advs. with¬ out int. to State._ Propor'n of gold on hand to sight liab —1,000,000 Francs Oct. 25, 1935 Francs 55,805,022,187 64,358,742,140 72,157,944,791 7,887,656 9,674,204 15,565,964 m 9,926,955,910 6,933,666,893 8,101.082,377 1,464,860,679 1,253,094,472 809,664,710 No change 3,129,910,171 —54,000,000 3,714,251,890 3,435,686.691 82,034.700,935 —524,000,000 90,100,404,435 85,240,888,830 14,283,430,264 —338,000,000 17,870,055,829 13,841,294,080 —528,000,000 No change 26,918,460,497 12,302,602,000 51.69% 64.95% 74.92% 4 4)4 Dec. South Africa 3)4 May 15 1933 July 10 1935 5)4 3H Sept. 2 1937 Spain 4 Sept. 30 1932 Jan. 4 1937 5 Sweden 2)4 Dec. 1 1933 3 Germany 7 Switzerland 1)4 Nov. 25 1936 2 6 Oct. 21, Francs 6)4 France.... _ STATEMENT Changes 4 5 . with 64,358,742,140 francs and 72,157,944,791 francs the previous year. reserve ratio is now 51.69% as against 64.95% a last year 3.65 4 Greece and 82,- 034,700,935 francs two years ago. A decrease was also recorded in credit balances abroad of 1,000,000 4)4 India 10 1935 1 1935 May 90,100,404,435 francs, com¬ 2)4 2)4 July 2 . 2 1936 4)4 3)4 4 Belgium . Dec. 4~ Austria Colombia 2% 2% 2% 2% 2% Bank rate. Rate 2 Holland 1 1936 Batavla Chile 1, Oct. 31, 1935 vious Oct. 29 Country Rate Established Mar. ■Nov. Oct. 30, 1936 27, Circulation Pre¬ Rate in vious Date 3)4 ... Oct. 28, 1937 Oct. for Week Argentina.. preceding COMPARATIVE STATEMENT OF ENGLAND'S , BRKKB'-' . Oct. 29 ' *1 ous FOREIGN CENTRAL BANKS Pre¬ Rate in Effect No change was Below we show a 2% discount rate. nish the various shown in the table which follows: Country £1,640,914 and se¬ £2,340,758. 022,187 francs, compared THERE have been no changes the foreign week in the discount rates of of during the central banks. fell off Nicaragua and Honduras accept¬ ing offers of mediation, and to other securities, years: Department in Washington pub¬ State The fied. justi¬ on Other securities consist of dis¬ comparison of the different items with of the country that Honduras promptly postage stamp with a map included £635,000 and advances which rose curities which made in the other ac¬ The reserve pro¬ it was 43.0%. Loans on government £699,844. counts and £1,650,635 and £343,215. slightly to 28.6% from 28.1% a week year securities increased aggravated some months ago, when Nicaragua issued a rose last ago; off fell which increased counts Foreign Money Rates +0.41% discounted abroad, c Rep¬ resenting drafts on Treasury on 10-bllllon-franc credit opened at Bank. Since the statement of June 29, 1937. gold valuation has been at rate of 43 mg. gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26, 1936, gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.6 mg. • Includes bills purchased In France, b Includes bills of gold to the franc Bank of Germany Statement INbills Friday market discount rates9-16% on LONDON open 9-16% as against for short on were 9-16% for three months' Friday of last week. Money Friday of last week, and bills as against 9-16% on THE quarterlygold and bullion Oct.56,000 marks, statement dated of 23 showed an in increase which brought the total up to 70,054,000 marks, com- 2744 Financial pared with 63,830,000 marks 000 marks two years ago. tion of a year ago and six and 87,760,- A decline in note circula¬ A decrease marks. foreign also recorded in remain dealers and checks of 159,108,000 reserves marks, in advances of 12,- 592,000 marks, in other assets of 61,358,000 marks marks. it reserve ratio is now quoting the are market acceptances SPOT is 150 Days— Asked Asked 916 X 90 Days Asked Bid 716 X DELIVERY WITHIN Asked 716 THIRTY X 30 Days Bid Asked 60 Days— X FOR Bid »»• 916 Bid Prime eligible bills The 120 Days Asked Bid X 2.45%. years market follows: are as Bid were comparison of the various items for three Open those reported as DELIVERY —180 Days ....- registered in bills of exchange and checks, in investments and in other liabilities. A rates same by the Federal Reserve Bank of New York. rates for open 1.66%; last year holdings of acceptances $2,830,000. at Prime eligible bills.....^ 1.62% and the previous was Increases unchanged daily maturing obligations of 48,374,000 The Bank's The 120-day bills, and 1% for 121- to 180-day bills. in was %% bid and 9-16% asked. months, The Federal Reserve Bank's of 149,000 marks, in bills of exchange currency and in other 91- to 3,786,444,000 year 1937 30, y2% for bills running from 1 to 90 days; %% for Circulation last year totaled 4,274,- 518,000 marks and the previous Oct. bill-buying rate of the New York Reserve Bank is 164,000,000 marks reduced the total to 4,712,- 000,000 marks. year Chronicle 7i« X DAYS Eligible member banks X% bid Eligible non-member banks X% Bid furnished below: REICHSBANK'S COMPARATIVE Discount Rates of the Federal Reserve Banks STATEMENT Changes Oct. for Week 23, 1937 Oct. 23, 1936 Oct. 23, 1935 Reichsmarks THERE have been no changes this week banks. rediscount the Federal Reserve in the Reichsmarks of rates Assets— Relchsmarks Gold and bullion Of which Reichsmarks + 56,000 depos. abr'd No change Res've In for'n currency —149,000 Bills of exch. & checks. —159,108,000 +34,916,000 Sliver and other coin. .. Advances —12,592,000 Investments + 51,000 Other assets —61,358,000 Liabilities— Notes In circulation.... 63,830,000 87,760,000 20,055,000 27,873,000 21,038,000 5,922,000 5,318,000 5,269,000 4,843,695,000 4,431,130,000 3,698,843,000 207,965,000 201,146,000 239,467,000 19,947,000 36,192,000 34,403,000 397,929,000 524,125,000 669,301,000 747,552.000 581,945,000 663.379,000 The Oth. daily matur. oblig. Other liabilities... clrcul'n. + 0.10% 1.66% 1.62% 2.45% following is the schedule of rates the for classes various of now in effect the different at paper Reserve banks: DISCOUNT —164,000,000 4,712,000,000 4,274,518,000 3,786,444,000 —48,374,000 626,520,000 683,773,000 734,353,000 + 13,950,000 312,212,000 261,834,000 270,668,000 Propor'n of gold & for'n curr. to note 70,054,000 RATES OF Rate in Federal Reserve Bank Effect on Date Previous Oct. 29 Established Rats IX 1 2 1937 Aug. 27 1937 Philadelphia. IX Sept. Cleveland. IX May Richmond Money Market Boston New York New York BANKS FEDERAL RESERVE 2 Sept. IX 4 1937 2 11 1935 2 jf\ be said about the New York can 2 market this week is that demand for modation was accom¬ lacking, while the supply of loanable funds increased. were money Both business and repaid in large sums Treasury sold last Monday an issue of $50,- 000,000 discount bills due in 140 days, and the age rate on awards was annual an ings were paper, bank Hardly any on deal¬ bankers' bills and commercial while rates remained unchanged. the New York Stock on aver¬ only 0.261%, computed discount basis. noted in Call loans Exchange held to 1%, with the drop of $150,000,000 in brokers' loans, ported by member banks here for the week to last Wednesday night, indicative of conditions. Time loans still were Aug. 21 1937 IX Aug. 21 1937 2 St. Louis IX Sept. 2 1937 2 Minneapolis Kansas City IX Aug. 24 1937 2 IX Sept. 3 1937 2 Dallas IX Aug. 31 IX Sept. 1937 3 1937 2 Ban 2 Francisco as re¬ quoted at 1%% for maturities to 90 days, while four to six months' datings STERLING exchange on balance is easier than a in terms of the dollar. The only wreek other All ago currencies sterling other dollar units or Money Rates between on the the was ruling quotation all through the week for both loans and renewals. continues this week. 90 quiet, The market for time new money transactions having been reported Rates continued nominal at 1 M% up to no days and 1%% for four to six months' maturities. Prime commercial paper have been in good demand throughout the week and active. Rates are $4.94 15-16 has been compared with a Bankers' Acceptances Commercial During this in past Paris and However, seem a official quotation as issued by the Federal Bank of New York for The Reserve bills-up to and including 90 days/ are %% bid and 7-16% asked; for bills running for four months, 9-16% bid and %% asked; for five sterling for cable $4.9611-16 trend two until weeks is change is to be after mid-January. factors among to this side on no which firmer sterling was a a slight recession in French hoarding. during the present week, to have ceased to Tuesday there were move French funds out of London and on evidences of Continental hoard¬ ing in the London gold market. During the week ended England showed bank notes. This a Bank likewise Oct. decrease was Bank of £5,512,000 the in 20, of contraction a attributed be can place. no doubt that Nevertheless showed a seasonal London some some de- should be decline lation, amounting to £6,266,000 while the it corresponding week last time Continental hoarders in by decline in French hoarding of British There recalled that in the change in the rates. and considerable movement of French funds from London to light and the supply of high class bills has been no for might be considered adverse hoarding took There has been The range $4.95 extreme low and THE market for week. The demand has been quieted down this prime bankers' acceptances small. bankers' for of between $4.95 a range of between $4.95% and $4.96 demand an the observers to very to this week has been $4.96% between a range respect week ago. circulation. , and 1-16 and $4.95 15-16 last week. transfers with sympathy with sterling- The range sight bills, compared with the market has been quite quoted at 1% for all maturities. weaker close in fluctuations. espected DEALING in detail with call loan rates Stock Exchange from day to day, 1% either are move seasonally at New York apparently firm with reference to the Dutch guilder and the Swiss franc. are sterling 1%%. were 2 Course of Sterling Exchange and the large commercial issues to minimize the drop in earnings assets. ury Aug. 27 1937 IX Chicago security loans banks turned to the market for United States Treas¬ The IX Atlanta LL that a market in deposits, and investment. were at year the in circu¬ the same conspicuously active demanding notes, gold, , Volume Financial 145 heavy movement of funds into Amsterdam the Swiss centers at this time imparts firmness The and under the circumstances long prevailing funds now seeking refuge or employment in either Switzerland or Holland were formerly sent to London or to New to these currencies as York by against sterling, because of London. way ( A funds from Aside from the constant movement of all parts of the world to London for the maintenance indebtedness dues, insurance, and interest of large balarces there and to on account of on investments owed to shipping meet London bankers, in the past has derived a measure of firmness week sterling special requirements of Japanese interests. market to in the past need for a observers, Japanese from According financial authorities many week was reported to "unknown for taken been have during the market London destination," but practically the entire amount was account of hoarders and placed on deposit it is believed that taken for the great London houses. in the vaults of there day On Satur¬ available £250,000, on Monday Tuesday £700,000,- on Wednesday Thursday £691,000, and on Friday was the situation wras em¬ £432,000. The urgency of fact in the London money This would account for the by sterling Japanese heavy purchases interests. The urgent commercials an opportunity to sell sterling without upsetting the market, thus substituting for the American stabiliza¬ Japanese need of spot sterling gave holding the Jnarket stable. tion fund in responsible authority that much sterling purchases by Japanese interests last were being financed by means of dollar loans reported on of the Over last week-end $13,200,000 engaged for shipment to the United States from Japan. The proceeds are to be converted into sterling. Including gold now in transit from on gold in transit. of gold was Japan, the total the beginning shipped to the United States since of the movement amounts to approxi¬ wThich the principal part is been exchanged into sterling. mately $191,000,000, of understood to have the New York Stock weeks, with the con¬ sequent adverse effects on European markets, dis¬ patches from London and Continental centers show that American issues there are well taken and that on balance more money has gone into American securities than the total recently liquidated by European interests. This of course is an element favoring the dollar and adverse to a firmer sterling. Foreign Despite the marked decline on Exchange during the past few Tuesday emphasized that American issues, including steel, copper, and rail shares, were in good demand in London and Amsterdam. The London "Economist" index of British com¬ dispatches on modity prices, based on the average of 1927 as 80.7 on Oct. 20, as compared with stood at two Lombard Street continue easy. months, call money against bills has been in supply at %%. Two- and three-months' bills are 9-16%, four-months' bills 19-32%, and six-months' bills 23-32%. All the gold on offer in the during on market. Last week it was reported that London bankers had suggested that the volume of paper should be re¬ week about a Money rates in As on financed by paper was restoration the of the Bank of making every effort to bring of international trade. are £512,000, that Japanese interests in Tuesday's market in New York bought sterling heavily, apparently on a more expensive basis than wrould have been required had there been no need for haste. Some weeks ago it was indicated that a considerable volume of Japanese trade had been It Montagu Norman, Governor England, £390,000, phasized by the of London bankers, following marked than usual. lead of few days were faced with an unexpected considerable amount of sterling balances in London. duced. 2745 Chronicle weeks earlier, with 82.2 a with 60.04 on Sept. 100, 81.6 month previous, and 18, 1931 just prior to pension of gold payments by Great Britain. British industrial activity continues at the sus¬ high slight setback due to rising costs. Shipbuilding is suffering to some extent because of the high costs which are checking the placing of orders for new tonnage, but most other industries have recovered from the seasonal down¬ ward trend in August, which this year was less level, with here and there a York, Reserve Bank of New reported by the Federal was as follows: MOVEMENT AT NEW YORK, GOLD OCT. 21-OCT. 27, INCL. Exports Imports SI,775,000 from Canada 1,404,000 from India None S3,179,000 total Net Change Account in Gold Earmarked for Foreign $1,632,000 Decrease: notified that approximately $13,340,000 of gold was of which $13,242,000 came from Japan and from Australia. Note—We have been received at San Francisco, $98,000 figures above The for the week ended on are On Thursday $2,828,900 of gold was There were no exports of Wednesday. received from Canada. metal the gold held earmarked for change in or Friday $1,401,600 of gold was foreign account. On received from India. There were no imports or metal or change in gold held earmarked It was reported on Friday that $6,662,000 of gold was received at San Francisco exports of the account. for foreign from Japan Gold held in the inactive fund, as indicated in the daily Treasury statements issued during the week ended last Wednesday, was as follows. The day-to- calculations: day changes are our own GOLD HELD IN THE TREASURY'S Date— Oct 1.-——.. 21 Oct. 22 Oct —- - Oct. 23 - - - - 25 - Oct. 26 Oct. 27 - - Increase for INACTIVE FUND Daily Change +2,419,885 Amount 1,263,869,566 1,264,962,043 1,267,806,093 1,268,734,513 1,269,342,860 1,269,539,974 +1,092,477 +2,844,050 +928,420 +608,347 +197,114 Week Ended Wednesday , $8,090,293 during the week was steady. Canadian exchange ranged between par and a premium Montreal funds of 1-32%. The following rate tables show the mean Paris, the on and the price LONDON CHECK RATE ON 146.25 146.90 148.11 Saturday, Oct. 23 Oct. 25 Tuesday, Oct. 26 Monday, LONDON OPEN Saturday, Oct. 23 Monday, London check London open market gold price, paid for gold by the United States: MEAN Oct. 25 Tuesday, Oct. 26 PRICE PAID a York the gold movement for At the Port of New the wreek ended Oct. 27, as PARIS 148.26 147.38 ...147.25 Wednesday, Oct. 27 Thursday, Friday Oct. 28 Oct. 29 MARKET GOLD PRICE 140s. 8d. 140s. 7XA&. 140s. 7d. FOR GOLD BY 140s. 8d. Wednesday, Oct. 27 Thursday, Friday, Oct. 28 .....140s. 7d. Oct. 29 ...140s. CA¬ THE UNITED STATES (FEDERAL RESERVE BANK) $35.00 35.00 35.00 Saturday, Oct. 23 Monday, Oct. 25. Tuesday, Oct. 26.. Referring to Saturday last previous close. 4.953^8 1 cable Wednesday, Oct. 27 Thursday, Friday, Oct. 28. Oct. 29 $35.00 35.00 35.00 exchange on little changed from Bankers' sight was $4.94 15-16@ day-to-day rates sterling was steady, transfers $4.95@$4.95 3-16. On 2746 Financial Monday exchange continued steady in limited trad¬ ing. The $4.95@$4.95% for bankers' sight 1-16@$4.95 3-16 for cable transfers. On range was and S4.95 Tuesday sterling displayed a soft undertone in dull trading. Bankers' sight was $4.95@$4.95 3-16; cable transfers sterling $4.95 1-16@$4.95 3-16. steady. was The On range Wednesday $4.95 3-16@ was $4.95% for bankers' sight bills and $4.95%@$4.95% for cable transfers. London continued range On Thursday steady in exchange limited market. a $4.95 7-16@$4.95 11-16 was for on Friday the market presented The range sight and $4.96@$4.9611-16 Closing quotations demand and for Friday on transfers. for Commercial at Cotton and grain for payment finished at Oct. 17, is again showing signs of on The currency was firm enough Satur¬ on day last, when in a in New York quoted 3.38%-3.38% cents to the was largely nominal market the franc, while the mean for the 146.25 francs to the pound, tional day was improvement After London check rate on rate Paris the previous close. over Saturday the rate steadily weakened until was quoted at 148.26 francs to the pound and the New York rate French dropped control, it was vened in the market to It is believed authorities franc's the in low as resistance The understood, frequently inter¬ steady the action of the unit. some consider 3.33% cents. as quarters that the should be that central around the Certain present misgivings are Front as to francs to responsible in in the as a measure organized at for the present Confidence of French currency. for 18 months or more. The continuance of the a new Fluctuations in the franc several weeks rather that the market is buying thin, selling has or are wide for that so financial crisis a and the have reason important influence an has been displaying a firmer undertone his during the past few weeks, despite the upset on Oct. 25, when Premier Van Zeeland Cabinet resignation gave tendered their resignation. The five days in which to reform the Cabinet in time for the official Belgian Government conference called which are United the at 1921, States and obtained Massachusetts will Institute M. replace Franck a of as President of the Belgian bank. At present there the on above the at to be seems belga and the currency further pressure no has been ruling well gold shipping point, although future belgas discounts. Thirty-day belgas spot. able at were quoted at were discount of five points under spot, and Oct. 27, discount of 17 points under a on In recent weeks Belgium has shipped consider¬ gold to New York and other points in order to the support Nevertheless, the banking currency. position of Belgium is strong. On Oct. 21 total gold 3,453,400,000 belgas and the ratio of gold to notes was 79.47%. The ratio of gold to total stock stood at liabilities 69.56%. was German marks present no and new features of impor¬ Official reports relating to German business production favorable. almost constantly unqualifiedly observers find frequent are Nevertheless evidences of uneasiness with respect to the economic and financial outlook. German industry is perturbed by the bank balance sheets figures, released to sell Reich a for Sept. 30. few days ago, show an These unexpectedly to the banks and rather short-term securities. This indicates Announcement of the resignation of Dr. Hjalmar as Minister of Economics was made on Schacht Oct. 25. as host inauguration by the of the Far Eastern by the League of Nations members signatories It is believed that Dr. compelled ! to remain President even after the his effort and to exports Schacht of the expiration of his term because of the difficulty of finding maintain Dr. balance a Schacht has to the Nine-Power Treaty may be Reichsbank on March 18 a successor. between evolved In imports numerous ingenious methods of currency control, including the to conserve on the flow of currency Germany and has maintained mark used in negotiated the with "free" or from "gold" and of barter. to currency arrangements, he European and Latin various governments nature materials a solely in limited international transactions. Besides his elaborate has In efforts gold and foreign exchange he has placed the strictest limitations American The Belgian currency Cabinet the Technology in small amount of the rate. and in degree "tourist" mark and the "blocked" marks. Popular Front nevertheless assured until and unless develops. official studied doctor's the unity of purpose of Government Roque from secret Government funds on who It is considered probable Heymans, President of Kredvetbank, sharp rise in indebtedness also suffered a setback by reason of the disclosure that the former Tardieu ministry and its successor under M. Laval had given active support to the Fascist movement of Col. Francois De La been for present year, having reached the limit for the position. sharp decline in deposits, which compelled the banks the investors seems at the end of the that credit has become somewhat strained. Popular weakness but it judicial of pound. the a French point 150 for him to testify in expected resign the presidency of the Belgian National Bank tance. in the middle of the week the London check rate personally involved in of mismanagement, It is understood that Governor Franck is to frac¬ a charges inquiry and he felt that such testimony would be 90-day belgas THE French franc, which displayedwhich the firmness following the cantonal elections, of not incompatible with the dignity of his office. a Continental and Other Foreign Exchange 1937 five-year political dispute over Belgian National Bank. a •would be necessary are weakness. opposition that M. Paul $4.96%. second occurred of Premier Van Zeeland is the bankers' $4.96%, 60-day bills at $4.95%, 90-day bills at $4.95 3-16, documents for payment (60 days) at $4.95%, and seven-day grain bills at $4.95%. climax for $4.96% for cable transfers. sight bills finished the age $4.96 7-16 30, methods of managing the features. cable were is new no $4.96%@$4.96 15-16 was Oct. supposed to guaranty China's political and territorial integrity. The crisis is purely a technical one and The bankers' sight and $4.95 9-16@$4.95% for cable transfers. On Chronicle trade In conserve agreements order to Germany's largely obtain raw dwindling foreign exchange and gold resources, Dr. Schacht has paid high prices for raw materials, but always in the form of German manufactured raw have materials been once products. The fabricated in German factories, reexported and sold at extremely low prices, thus resulting in the acquisition of foreign exchange. . Not infrequently when hard pressed, Volume he has Financial 145 reexported products, underselling the raw During many months signs have multiplied that foreign nations have become extremely dissatisfied with their dealings with Germany. While still at the head of the Reichsbank, and even if he continues in that capacity after March, it is believed that the real control of economic and financial policies is and producing nation in its own foreign markets. will continue in the hands of others to whose Dr. Schacht has The 24.94against 24.88 and 24.88. are policies Range Old Dollar This Week Parity (a) 3.33H to 3.38 3.92 6.63 13.90 5.26 16.95 8.91 16.86 Switzerland (franc) 19.30 32.67 23.04 Holland (guilder) 40.20 68.06 55.28^ to 55.30 (franc)... Belgium (belga) Italy (lira) a New dollar parity as to 16.91 5.26KtO 6.26^ to 23.12 before devaluation of the European currencies b The franc cut from gold and allowed to to the United States dollar, "float" on June 30. at 147.25 sight bills on on Paris closed on Friday Friday of last week. In the French center finished at against 146.22 New York situation exchange on Friday of last week; cable transfers at 3.37%, against 3.38%. Antwerp belgas closed at 16.90% for bankers' sight bills and at 3.36%, against 3.38 on Southern republics lis export the of The constantly improving owing to their stronger as of Oct. The Central Bank of Argentina statement 15 showed gold reserve ratio to notes in circulation of notes and 132.34%. The ratio of gold to reserve sight liabilities was 90.40%. Friday, official bills, against 33.02; cable transfers at 33.07, against 33.02. The Argentine paper pesos closed on quotations, at 33.07 for bankers' sight unofficial close market free or 29.70@29.75, was Brazilian milreis, official rates, were 8.86, against 8.84. The unofficial or free market in milreis, was 5.55@5.65, against 5.50@ 5.65. Chilean exchange is nominally quoted at 5.19, 29.75@29.85. against The London check rate dollar-sterling fluctuations. relation rto close position. leading the United States dollar: Parity b France quoted in New York. not EXCHANGE firm, asSouth American countries in generally on the these currencies move is long objected. New Dollar transfers at Spanish pesetas Norway finished at 24.94% and cable following table shows the relation of the European currencies to 2747 Chronicle Peru is nominal at 25%, against against 5.19. 25%. 16.90% for cable transfers, against 16.86 EXCHANGE on features ofEastern countries the the Far interest. For is without Final greater part these currencies are and 16.86. quotations for Berlin marks were 40.17% for bankers' sight bills and 40.17% for cable transfers, in comparison with 40.16% and 40.16%. Italian lire closed at 5.26% for bankers' sight bills and at 5.26% for cable transfers, against 5.26 and 5.26%. Austrian schillings closed at 18.85, against 18.85; exchange on Czechoslovakia at 3.50%, against 3.50%; on Bucha¬ rest at 0.74, against 0.74; on Poland at 18.93, against 18.92; and on Finland at 2.20, against 2.20. Greek exchange closed at 0.91, against 0.91. new allied to sterling. gold to the United States in order to support the yen. Thus far this movement has approached $191,000,000. For the most part, however, it is understood that the gold sold to the United States Treasury has been used Japan has recently shipped more London. To protect foreign balances the materials, authorities EXCHANGE on the countries neutral during the presents features from those of war no new recent weeks. close The Scandinavian currencies move in sympathy with sterling, to which they are allied, but also display a certain independent firm¬ due to improving business conditions in those countries. The Holland guilder and the Swiss franc ness, are especially firm. Guilder futures have for some slight especially firm with generally ruling at a slight premium over spot. been weeks The current statement of the Bank of The Nether¬ Dutch equalization fund has the bank. Gold Netherlands bank now stand at steadily transferring gold to reserves of seeking measures to limit commercial checks yesterday were of last week. Hong¬ kong closed at 31.09@31%, against 311-16@31%; Shanghai at 29%@29 11-16, against 29 9-16@ 29 23-32; Manila at 50 3-16, against 50 3-16; Singa¬ pore at 58.30, against 58 3-16; Bombay at 37.49, against 37.40; and Calcutta at 37.49, against 37.40. Closing quotations for yen 28.93, against 28.81 on Friday ruling flat and sometimes at a lands shows that the been are the gold reserves and to imports to bare necessities. the and the reserves are now practically double the devaluation level of a year ago, when they amounted to 669,000,000 guilders. During the past four weeks the gold reserves have increased by 65,000,000 guilders, reflecting the inflow of capital into Holland. The bank's ratio to total sight liabilities stands at 83.5%. Bankers' sight on Amsterdam finished on Friday at 55.29%, against 55.29 on Friday of last week; cable transfers at 55.29%, against 55.29; and com¬ mercial sight bills at 55.23, against 55.23. Swiss francs' closed at 23.11 for checks and at 23.11 for cable transfers, against 23.04 and 23.04. Copen¬ hagen checks finished at 22.16% and cable transfers at 22.16%, against 22.10% and 22.10%. Checks on Sweden closed at 25.59% and cable transfers at 25.59% against 25.53 and 25.53; while checks on 1,330,600,000 guilders Banks Gold Bullion in European premium, while Swiss francs are futures balances in provide which could be used to buy needed Japanese economic and financial purchase of sterling to build up for the THE following table indicates the amounts of gold bullion (converted into pounds sterling at par exchange) in the principal European banks as of of statements, reported by special cable yesterday (Friday); comparisons respective dates of most recent to us shown for the are corresponding dates in the previous four years: v 1937 England... France. Germany b. Spain Italy Neth'lands. Nat'l Belg . Switz'land Sweden Denmark . . Norway 1935 1934 £ Banks of— 1936 £ £ £ 328,024,445 293,710,643 2,499,950 87,323,000 25,232,000 107,568,000 99,622,000 79,159,000 25,982,000 6,548,000 6,602,000 249,655,408 514.869,937 2,065,250 88.092,000 42,575.000 47.491.000 105,997.000 75.559.000 24,211,000 6.552.000 6,604,000 195.521,966 192.650.024 577,263.558 2,916,650 659.806.445 3,085.650 90.630,000 66.712.000 73,476.000 74,656.000 67.241.000 15,663.000 90,381.000 43,537,000 46,818,000 99.177,000 46.699.000 21,031,000 6.555,000 6,602,000 1933 £ 191.757.691 648.256.283 16,374,400 90,413,000 76.204.000 73,086.000 77.424,000 61,652.000 14.163.000 7.396.000 7.397.000 6,580.000 6.573.000 1,131.502.174 1,257.896.119 1,263,300,374 Total week. 1,062,271,038 1.163.671.595 1.268,653,449 1,149,334.939 1.136,856.840 1,258,647.300 Prev. week. 1,063,167,353 b Gold holdings of the amount of which Is now latest figure available. 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 less 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 65.5 mgs. previously. On the basis of 65.5 mgs., approximately 125 francs equaled £1 sterling at par; on basis of 49 mgs. about 105 francs equaled £1 sterling, and at a 31, 1936. lateet figure available, exclusive of gold held abroad, the Amount held Dec. Bank of Germany are reported at £1,002.750. c Amount held Aug. 1. 1936. The gold of the Bank of France was revalued on July 43 mgs.. there are about 190 francs to £1. 2748 Financial rpi The D -l-f«x £ Chronicle striking .characteristics of the in the light of all relevant growing volume of hostile criticism of the New Deal that is being rolled President, the Federal for what bility shadow. Government, is happened Congress In the that the to throw the as other The members never that there to can who be at will to occur be the election obedient. more It great numbers of citizens Washington effective will any except that of the President, any policies that he originate either directly or indirectly, any does not ideas of or public welfare that do not from come him, any standards of public duty that he does not set. If lie happens to have Congress that a him, opposes that is his misfortune and hence the misfortune of the of country, while if Congress, even with some show opposition, eventually does his bidding the larger share of credit nevertheless redounds to him. To but it is tional system. seem entirely alien to the American The constitutional strange, constitu- of powers the President are undoubtedly large, and at a number of points decisions regarding public policy are necessarily for him to make. He is specifically directed the Constitution to about "the state of the to it such and legislation keep Congress Union," and to as may seem to him "necessary Nothing in the Constitution, howsets him above the Congress or makes him its ruler. As far as the initiative in legislation is con- cerned, his duty has been performed when he has recommended to Congress what he thinks the try needs and given Congress the information coun- upon which it may act. If the legislation which Congress unsatisfactory to him he may veto it, but frames is even the veto may sires. Between the approval or stitution be overridden if Congress extent "must" veto of that he a bill, no on lobbying tion to influence the minds either house, he exercises stitution To say < . never de- the other hand, the Con- power, whatever, and to the designates this resorts to or so suggestion of legislation and the gives him or a or or that proposal as other courses of ac- votes of members of which the Con- power intended he should possess. that the legislative Government is vested in power utter ultimate Congress bears the responsibility. It is under do what the President demand, and in its way. reasonable even a no asks, least of all obligation to to Presidential veto need Comity, of yield to a not stand course, will suggest that any proposal of a President shall be respect- fully received and carefully considered, and the fact that a a proposal involves radical some new departure change in national policy is not or even a suffi- attention Congress that enacted upon also the to Na- about their constitutionality. set up the Tennessee It was Congress that Valley Authority and launched the abortive resettlement scheme, established a cial security system that promises only a very certain security, and wrote so- un- "death sentence" for a utility holding corporations. It was Congress that took the country off the gold standard, deprived the banks of most of their legitimate independence, and impowered a Federal board to interfere with the securities markets. alized It is Congress that has nation- bituminous the coal industry, projected a grandiose scheme of Federal housing, voted huge which the President might spend at discretion sums for public works and unemployment relief, truckled to organized labor in the Wagner Act, and heavily the dangerous owe 'It is to Congress that we Neutrality Act and the costly plan for a subsidized merchant marine, and it was the Senate that confirmed Associate Justice Black, Unless President Roosevelt had thrown the Con- stitution to the winds and openly proclaimed himself dictator, a important part of the New Deal no program could have been inaugurated if Congress had not authorized it by its votes, The point is because of the particularly worth stressing near last session is Compared with previous one. now approach of another session of Congress. The record of the sessions a mixed since Mr. Roosevelt became President, the legislative output not of great importance, although largely be- was long list of bills which had cause a for passage was not tion, on finally acted the other hand, much very any more seemed destined The opposi- upon. distinctly larger and was outspoken and determined than time since Mr. Roosevelt took office. There at was open defiance of the President on his court-packing demand, and the scathing criticism of the measure by the Senate Committee on the Judiciary has hardly a parallel in Senate history. Vigorous oppo- sition developed also to the Black-Connery wages and hours bill, with its open invasion of intrastate business and trade and its provision for Federal a board with practically unlimited authority, and the pass the bill registered another Adminis- tration rebuff. It is a com- monplace, but it is the commonplace that is most often forgotten. For every bill which finds its way to the Federal statute book the was their tional Industrial Recovery Act and the Agricultural Act notwithstanding strong doubts failure to of the Federal Congress is to It direct if as over- Adjustment informed recommend expedient." ever, would subsidized the farmers. foreign observer, accustomed to parliamentary forms of government and ministerial respon- by Congress. a sibility, this phenomenon might not or speak the sole, or in any event the were shadowing, force that has put the New Deal punishes offending members by withholding patronof It would be well if those who feel Mr. Roosevelt the country the proposal of important legislation, it is widely assumed, belongs primarily to him, and if Congress fails or refuses to give him what he asks, no great surprise is expressed if he secure and available informa- which the Constitution intends shall responsi- conception the President is age, or even uses his influence to one into completely 1937 prevail. largely responsible so almost common "the whole show." seems tion, is the head of the Executive department of has of is the tacit assumption up as 30, dent ground for rejecting it, but the decision of Congress, arrived at after all due consideration and r* Responsibility of Congress One of the Oct. of this developing opposition, this new spirit independence, that the supporters of intelligence and reason tively to in national government ought encourage. now ac- The members of the Congress which will reassemble in November are, with a few exceptions, the same as in the previous session, and the debit side of their record longer than the credit side. ever, must use such materials the materials in this should every be strong case and are is, unhappily, One who as not are Congressional district and at hand, and negligible. continuous far builds, how- support, every There from State, for Volume Financial 145 members who take a stand multiplication of Fed¬ boards, against financial fa¬ eral commissions and for any vors against financial extrava¬ and waste, against the gance class and against Executive interfer¬ Wherever the increase with the Federal courts. ence of Executive power is opposed the members in op¬ position should be left in stituents behind are prisals, if they doubt that their con¬ and them that Executive attempted, will fail. are re¬ istration has erected can be taken down only and the Senators otically Representatives who patri¬ it should be assured that their efforts essay approved. are ently exist only in be ruled by intended that the people never an the should all-powerful Executive, dominating announcing principles and if he alone grams as was and pro¬ able to read the country's Consti¬ tution set up is one in which the people rule, in leg¬ islative matters, through the Congress which they themselves elect, and it is the Congress, speaking and acting for the people and responsible to the peo¬ ple, that ultimately determines what Federal legis¬ mind. The lation system of government which the If that be. shall its run the Federal course, It is for Congress to name. controlling instrument of a say serve as Federal government whether, through Executive usurpation, it shall or become only The historical document. a Changed Position of Great Britain When the political history of the present decade be to comes written, system is to be preserved a large place is likely to be given to the decline in the political influence and prestige of Great Britain. low. Not for generations has rating of Britain appeared to be With its world-wide The Congress, burdening the country with an army of bureaucrats, dear to the hearts of the New to whether the Constitution shall continue to so Constitution so allowed system wThich the Constitution established will pres¬ of saying that the people ruling and being ruled. between choose is the international All this is another way must "planning" Dealers piece by piece, but at whatever point the task is under¬ taken tional The huge regulation which the Admin¬ of Federal structure no 2749 Chronicle foreign trade registering and its empire still intact, its appreciable an at least nominal basis of peace, a international waned. It is councils no has which Powers and offensive it oppose the conferences, and obviously far weaker in wealth defensive do not hesitate resources follow and The contrast is courses. materially longer able, as it often has been, are or on its influence in nevertheless to turn the scales in international to recovery, diplomatic relations with other Powers their independent own striking when one recalls great part that Britain has played in world af¬ fairs and well the designed to confer safeguard are to be obtained, the people must and that it is not see was respect with which its opinions as of there infringed. Differences of opinion will be, and not every course be clear, but the decisions of Congress, made ways freely in good faith upon mature sideration, are recognizes as expressing the people's will. tution in response to under the influence of Executive demand, Executive fear or favor, is people's decision. of a surrender by Congress of The consequences Constitution gives it the progressive increase of Ex¬ The advance already made in the right of decision which the are twofold. ecutive that autocracy. methods Stalin, happened is not dictatorship because are or not those of an its Hitler, a Mussolini or It is dictatorship in essence and increasing extent in form, and it will go far¬ ther if it is not can a because some liberty of speech or con¬ duct still remains. to Deal is too obvious It would be idle to protest that description. what has a One is direction under the New to need boldly checked. The only body that check it is Congress, for without a complaisant hardly turn a wheel. is the progressive subordi¬ Congress the President could The other consequence nation of the States. tem The essence of the Federal sys¬ preservation, in full vigor, of the right States to exercise all the powers which, under Constitution, have Federal not Government or not been delegated to the of which the States have Step by step, the Federal Government has encroached voluntarily divested themselves. however, State authority, and still larger encroachments are planned. Here, again, the responsibility of Congress is clear. It is for Congress, representing the several States and their people, to safeguard the rights which the States possess and prevent infringement by Federal author¬ ity. If that responsibility is shirked, and the na¬ upon Italy invaded Ethiopia, but there were cumula¬ tive incidents before that. the When Japan challenged League of Nations over Manchuria and eventu¬ ally withdrew from the League, Great Britain found it inadvisable allow to the episode to mar its friendly relations with Japan notwithstanding that diplomatic recognition of the new State of Manchukuo It declined to acquiesce in the withheld. was the constitutional field of France for collective security beyond of what the guarantees of the Locarno pacts provided, notwithstanding that refusal appeared to France to evidence the development of an Anglo-German rap¬ prochement. It is clear now, although it was not so clear at the time, that British interest in the work, Disarmament the of Conference was only half¬ Kellogg-Briand anti-war pact was accompanied by reservations which greatly restricted the scope of that agreement. French opinion was further alienated by the sudden hearted, and its acceptance of the conclusion of an independent Anglo-German naval followed Japan out of it treaty, and when Germany League and announced its purpose to rearm, the was not from Great Britain that any special protest against the disregard of the Versailles treaty was heard. All is the of the the significant proof of change was afforded when demands the not inquiry and con¬ Consti¬ the only decisions which the A decision made or path will al¬ might have everywhere been regarded. The most which it benefits and the its as as these incidents could, perhaps, be explained illustrations of the characteristic British tion to disposi¬ irrespective of the purpose to keep its for¬ accept accomplished facts theories involved, and of a eign policy free of embarrassing commitments. The other hand, brought a In the face of Mussolini's aggres¬ Ethiopian incident, on the direct challenge. siveness, British predominance in the Mediterra¬ Canal and the Red Sea route to India, and its influence and prestige in North Africa, Egypt and the Near East were threat¬ ened, and by a Power whose resources for war had never been regarded as of the first class. The events nean, its control of the Suez 2750 that Financial followed seriously dimmed British safety of Malta and the British fleet, was substantial hurriedly withdrawn, and the original naval strength new a not restored was until a strategic plan had been worked out at London. The revelation of the Hoare-Laval tition of Ethiopia brought plan for the par¬ England upon the Baldwin Government, and standing of British diplomacy was further im¬ paired when it was later learned that the plan, in¬ stead of being, as had been supposed, a hasty and the arrangement Foreign Office had for terested. The sanctions to meet discomfiture time been in¬ some was intensified when failed, and Italy carried to completion its original plan with neither Great Britain League able to The an back to negotiations in which the emergency, traced British designed it say nor the nay. Spanish imbroglio followed close on the heels Ethiopian rebuff. The diplomatic phase of the war in Spain has been a melancholy record. civil spite of its apparently sincere desire to isolate the conflict by joint agreement for non-interven¬ a tion, the results of British effort to date almost exactly nothing at all. have been In the interminable London, Great Britain has been only one, and by no means the most the no members, and elicited more than It has not been Italian influential, of plan that it has proposed has qualified or temporary approval. able to induce the withdrawal of German volunteers from or Spain, and its intimations of decisive action have not been effect. It has acted ing Mediterranean rate" given jointly with France in protect¬ commerce from attacks been strained have by radical differences about other matters connected with the from by "pi¬ submarines, but its relations with France several times war. Aside praiseworthy aid to Spanish refugees and such credit as be due for keeping the idea of may non¬ intervention ish alive, the only tangible result of Brit¬ policy has been to leave Italy, Germany and Rus¬ sia free to intervene in such ways and to such ex¬ tent as those Powers have severally thought best suited to their national and international interests. A search for causes of this marked position leads in two directions. quality If reversal there is of one than another that the governments of more Ramsay MacDonald and Stanley Baldwin lacked it political farsightedness, yet one definite trend was appears to have been perceived. It had become clear, before even could not be restrictions Hitler came to power, that Germany kept much longer within the strangling of would not be a the Versailles treaty, and that it democratic Government that would break the bonds. It was equally clear that the ample of Italy, firmly established before Hitler only was encourage in a as a ex¬ Fascist State position to act, would not dictatorship in Germany but also challenge democracy elsewhere in Europe. With Naz¬ ism and Fascism in the saddle and Communism trenched in Soviet Russia, Great Britain found en¬ it¬ self isolated from the dominant currents of Euro¬ pean political thought. with dictatorships, but the theories of government to which it It could still "do business" committed and the economic policies which it advocated were at most points those for which was dictatorship has no dictatorship and parliamentary democratic had to hold the outpost almost alone, for France, which earlier would have been its natural far weakened so ally, was by the growth of Communist and Fascist sentiment as to make its support precarious. oth^r direction looks ultimately toward war. The Whether Mussolini would actually have Great Britain at been of if his arms interfered with is resources Ethiopian challenged had program doubtful, for the disparity between the two countries is overwhelm¬ ingly great, but his bold front made Great Britain and pause, it had hesitated it could not once advance. way to before the note. It see its The retirement of Great Britain thinly-veiled threats of Mussolini demonstration of weakness of which all was a Europe took compelled the British Government to iterranean rec¬ use. The battle was on was as good as the British, it encouraged Germany to believe that its designs in Central and Eastern ter Europe, whatever they are, will not serious British opposition, Great Britain from later influence in in discussions which have gone on in the Non-interven¬ tion Committee at 1937 ognize that the Italian claim to control of the Med¬ of the In Oct. 30, government, and Great Britain, to its chagrin and alarm, found itself on the defensive. Moreover, it of public criti¬ a storm cism in ill-considered between prestige. Perceiving that the Italian air force jeopardized the part of the fleet Chronicle exercising German, Italian encoun¬ it prevented and any determining Russian intervention or Spain. The to chaotic political situation which has come prevail in Europe is not of Britain's making, but it nevertheless sive sharply emphasizes Britain's defen¬ position. It would be useless for Great Britain to talk of peace rearmament after having launched the greatest program that any nation has under¬ taken, but the program itself is lagging, the first instalment of one-third rearmament loan a subscribed, and luctant that British only about enlistment is so re¬ conscription is being considered. ian intervention in also army was public Ital¬ Spain is certainly resented by opinion, but strenuous efforts being made to reach ing with Italy. At no a are general good understand¬ point is British influence ap¬ parent in the policies of the Hitler Government, and it is wholly negligible in the domestic and foreign policies of Russia. Palestine, under broken down, recommended a The British administration of mandate from the League, has proposed division of the country a by a royal commission and endorsed by the Government has failed to receive the approval of Parliament, and the Pan-Arab movement is omi¬ nously gathering headway. The Japanese operations in China be cannot challenged without impairing British naval strength in Europe, and the great val station at no portant It is Singapore it formerly did. as itself, that at least the support of the United States should be nestly desired. their Different are, ear¬ positions there and are many interests that tend to draw the two nations together. In spite of frequent contrary, however, there is allegations to the clear reason no yet as believing that President Roosevelt intends ally the United States with that London and war debts are any Washington the matters in which there is The their as foreign policies obviously common for na¬ im¬ appears as natural, in view of the critical position in which Great Britain finds moral longer still talked-of commercial a British cause, see eye to eye in all some common concern. weighty obstacle, the much- treaty has not yet been pro¬ duced, and the Brussels conference has failed arouse any to or British enthusiasm. to Looking at the sit- Voium* nation whole, it seems probable that Great as a ain will be slow in the on Brit¬ hand and the advance of political will continue all and economic nationalism on the other to keep it at side from the main course of Euro¬ one to that by far bond offerings during recent years has been absorbed by institu¬ tions, and unless new security offerings meet with their approval and substantial orders are forth¬ coming, failure of the offerings is the almost certain procedure may be found in the fact and to prepare for another test result. , institution The place. see a marily Who Buys of life insurance ities our are a quence, Bonds Today? changed machine today and that, in conse¬ has been relatively narrow field is evident to a Whereas indentures of a all students of the market. decade prepared by the issuing corpora¬ were ago tions, the underwriters and their respective attorneys without specific consultation with prospective pur¬ chasers, large institutional investors ♦ in these days freely consulted on every important are provision in advance of its final In addition, the terms ultimate document. prices, have often been dictated by limited of absorbed a and means the country banks goodly proportion of most new security of offerings these im¬ Furthermore, where individual in¬ portant buyers. vestors and con¬ offered, their coupon rates ditions of the bonds to be and mortgage determination, and suggestions materially influence the their ideas and 10 years ago, these investors have largely ignored the low-yield bonds ing the past few years, and the originated dur¬ bulk of these offer¬ companies, trust aggregations of investment capi¬ ings has been taken by insurance funds and similar tal. We have, in an direct to indirect important sense, gone over from collection of capital funds. During October of 1927 a bankers offered and sold an York Power & interest to compounded total will always yield 4.72%, and while the bonds within a cannot sold out the window," they were reasonable time. In all, it was a successful despite the low rather heavy funded debt, and the fact that it was the largest single issue of public utility bonds that had been marketed up to that time. In the preparation of and profitable piece of business, coupon for the existing market, the this issue for the to the terms market, careful thought was given and conditions of the bonds and to the securing them by both the corporation and its bankers, but few if any of the prospective pur¬ chasers were consulted during the formative period. mortgage The period of original distribu¬ private investors of every finan¬ rank, to large banks and small, but only to a bonds, during the tion, were sold to cial limited extent to Contrast institutional investors. this situation during the present when, because with that which exists autumn—just 10 years later— of the peculiar conditions surround- equal, at least, the demands made upon it by matur¬ A temporary impounding of funds anticipation of more advantageous investment ing contracts. in opportunity is permissible, but the period during which these funds may be withheld from employ¬ ment A limited. is somewhat similar condition applies to trust funds, except that liabilities are not insolvency result from a income for the beneficiaries. usually created nor does failure to an earn have sources of employ¬ life insur¬ Banks, on the other hand, ment for ance as their funds which are closed to companies and trust funds, legally restricted fields of investment, while indi¬ have every channel of investment or they are in their vidual investors speculation open to them as well as the undeniable inactive for indefinite periods. Accordingly, since certain institutional and fiduciary investors must, except for brief intervals, keep their funds employed, since banks of late years have shown a preference for a high degree of right to keep funds liquidity, and since individual investors have refused to accept the present low yields on bonds, it has been the largely quality institutional buyers of the absorbed the greater proportion offerings. And, since they have in effect country who have of new bond constituted the only source of large investment capi¬ enjoyed a buyers' market in the sense ideas concerning not only mortgage pro¬ tal, they have that their visions but, to a syndicate of investment issue of $66,000,000 New Light Corp. 4%s of 1967 at 96 and be said to have "gone pri¬ the principle of prompt and continued contributions of its participants on the end that the to the distribution of corporate issues restricted to ■" investment of the underwriting and distributing facil¬ bond ■'l^V is based By Ernest R. Abrams That and greater proportion of all new held, to mediate where mediation accepted, major terms of the bonds, including coupons the will of strength when the test comes. It is essentially a defensive program and one quite without prestige, but for any other program it is difficult at present be be can ence important institutional investors on more this international influ¬ to be to hold whatever of seems proposed issues in constant prices, but every important indenture provision is discussed with them. The simple explanation of The task of British statesmen development. pean writers of with the one the under¬ consultation ing the investment markets, not only are recovering the commanding posi¬ lost, and that its democratic prin¬ tion which it has ciples 2751 Financial Chronicle 145 and considerable extent, coupon rates prices have prevailed. The smaller group community banks of the country as a have, in the past, been notorious buyers for second and lower grades of bonds depreciated more sharply during the early years of the depression than did those of highest grade, the effect of this drastic write-down in market values was often disastrous. Many small banks, otherwise rate, and since the receivership during that quotations for their bond invest¬ ments. Naturally, "once bitten, twice shy," they have largely confined their recent bond purchases to United States Government obligations, and where solvent, were forced into period by declining offerings they have first de¬ institutional investor in whom they had confidence was also participating. This, of course, merely aggravated institutional domination of the new capital market. they have bought now termined that some large Likewise, the individual limited the capital in the past highest possible rate liberal return than the investor of average or sought not necessarily but certainly a much more obtained from could have been high-grade lists of the period, and he, too, suf- , 2752 fered Financial depreciation and often total losses in severe his bond Chronicle holdings. And, having had Oct. 30, 1937 volume of funds devoted to the purchase of these portion of of receiv- small governments, on the basis of the latest report, approximated one billion dollars, an amount which erships and reorganizations that swept the country, might otherwise have remained in savings banks, his capital washed he is now from returns he is more loth than to ever wave again—and 1929 knowingly—placing vulnerable fall of position he occupied indirectly, or through the purchase of listed vidual reaction to Still another authentic is instance here of the proceeds of called bonds holders. The Association presented actual devoted by individual were America addressed an appeal on 30, 1937, to all individuals who had purchased the then recently-called American Telephone & Tele- vidual investors who in A. T. & T. Government bonds of obligations,, 19% had purchased other presumably higher yield, 13% ing their funds in anticipation of hold- were favorable more investment opportunity, 30% had purchased stocks, 7y2% had purchased real estate or mortgages, and the remaining 7%% had devoted their funds to variety of for the Only 23% had used their funds purposes. purchase of low-yield bonds, while 49% had purchased higher-yield bonds foregoing be too small may individual a Perhaps bond one reason investor to offerings densely sample to confirm the low- current straw in the wind. participate fully in more new be found in the lack of may Prior to the sections populated described wider of the issues in person to new surplus funds of a While the any depression, security distributing organizations employed staffs of salesmen who covered the more large were stocks. for the failure of the indi- active effort to sell him. most or investors' attitude toward yield offerings, it is at least vidual a> country individuals with tradable securities. or and In those days contracts. It Even new issues. With the present under- induced to participate miles to individuals with but dollars to invest. The recent of utility well-known by a successfully banking syndicate for investors; but 20 funded issue and their a consum- commission of were sold to insti- when the individual representatives were offered reason regards this reduction have gen- areas purely temporary. as were Then, the a the once principal medium for individual investment outside large metropolitan centers have always returned minimum of 5%, and supply of these loans still a exists in the smaller cities and towns. And finally, with 6% the prevailing rate charged by the smaller community banks loans to individuals, the pri- on vate investors continue to believe that they are en- titled to they somehat comparable return. a be eventually forced to accept may Although lower turn if the Federal Government is successful in a reex- tending its cheap money policy over the years, the individual investors of the country are not now, and of group medium to new and bond be, attracted If this large and important small investors is to be offerings, yields must be in- above 4%, and not until they have approached 5% will any substantial volume of buying follow. And if such buying is to come, it will again be largely the direct result of active solicitation by security salesmen, the provisions of the urged on, new properly restricted by regulatory statutes, but nevertheless, by the prospect of adequate remuneration. were in widely sold to all would light participation of the current enormous Federal the every discourage vidual future funds purchases from share to and debt to divert It the investors and the banks of the country to active non-metropolitan" participation in low-yield offerings bond offerings is primarily dependent upon amount of surplus provement Government, now post office in the land. indi- contracts. however, that the full return of seem, individual for the investors through in savings, and while this rate has on too, farm and city mortgages which proportionately funds which has gone into the purchase of the of extent over a genera-. The recent sharp decline in the quoted values of be found in the bonds" great any For well listed stocks will undoubtedly have a tendency to types of investors. may to re- years ago, first compensated, and the bonds Another dis- publicly offered, the undereight points' commission, the deal- was writers received ers was points, but most of the bonds tutional few thousand a refunding of the bonds and been reduced in recent years, the average investor creased compensation of dealers and their sales- correspondingly reduced, it is no longer economically feasible to employ salesmen to travel mated underwriters tion, banks outside the metropolitan erally paid 4% and with the two security present low-yield offerings. attracted to a of tributors increased, it is not altogether clear that the individual investors of the country could be writing commission ranging from 1% to 2% points, men Federal the Federal budget balanced and the were compensation by current low returns. wider the as budget is brought into balance, there is little indication they soon will distribution for many from the pursuit of this until such time only profitable but they secured a well and so doubtful whether many of appears be weaned away can underwriting margins, these sales efforts not same are hesitant about placing any sizable proportion of their surplus funds in this type of securities, preferring to assume the risks inherent in partnership replied, 16% had reinvested 3%, 7% had purchased United States offerings in the often that individual investors in this country protective policy indi- bond new France and Italy has been told many, so institution he Of the 160 amount capital market. new of 10 years ago is the constant fear of as them been made of the funds received. or for the failure of individual reason graph 5s of 1946,1960 and 1965 from the investment headed, asking what disposition had companies active and devastating inflation. The story of the experience of investors in fixed obligations in Ger- one which the to use the as President of the Investment Bankers of volume low-yield investment has received publicity, it insurance sizable proportion of this a investors to absorb Although the following single example of indi- Jan. with life would have reached the stocks. some deposited invested directly in current bond offerings. Directly Rather, sometimes same in been accept the low present-day bond offerings. himself in the the by the tidal away a in bond yields, a restoration an of new iincon- "baby fidence in the fiscal policies of the Federal Govern- being ment, The and an adequate compensation for under- writers, distributors and their representatives. Volume Financial 145 The Course of the Bond In The substantial, but week's gains in this group. they did not quite cancel last grades made less spec¬ Utilities and industrials of the lower tacular this week. speculative rail issues have been in governments there Among high grades and moves. has been virtually fluctuation. 110 gained 5%, at 000,000 North made fractional gains. 1958, were unchanged at 109%, while Norfolk & Western 4s, 1990, at 117% gained %. Medium-grade and speculative railroad bonds have lost ground this week. Pennsylvania 4%s, 1970, at 94% lost 1 point, while Baltimore & Ohio 4s, 1948, dropped 5% points to 84. Defaulted railroad bonds also declined. Chicago & North Western 6%s, 1930, declined 2% points to 23%; Missouri Pacific 5s, 1905, at 22% were off %. Utility bonds of prime investment grade have moved ahead fractionally to reach the highest level obtained in some time. In this group, Consolidated Gas of Baltimore Chicago Burlington & Quincy 4s, advanced 4% to 81; which closed un¬ 1977, 1939, which offering—$13,Lighting Properties 3%s, 1947, for International Tel. & Tel. 4%s, There was one new 86%. Boston refunding purposes. and medium grades. Receding tendencies have been evident among the nonferrous metals, General Cable 5%s, 1947, declining 1 to 103. Some of the oils have advanced, Socony-Vacuum 3%s, 1950, closing at 106%, up 1%. In the packing section, Wilson & Co. 4s, 1955, stood out with a gain of 1 point to 98%. Sugar company obligations have been quiet with the notable exception of Manati Sugar 7%s, 1942 (ctfs.), which ad¬ vanced 14% iJoints to 46%. Liquor issues have been in favor, National Distillers Products 4%s, 1945, rising 1% Industrial bonds there has been railroad bonds have High-grade changed at 40; which 5%s, Electric & Gas Associated 1956, 5s, Electric California Market general, bonds have been reactionary losses 2753 Chronicle grade have been firm, highest of pronounced trend among 110 103%. ' v foreign bond market to v 3%s, 1971, closed at 102%, up showed improved sentiment dur¬ ing the latter part of the week, which was particularly reflected in better prices for Japanese and South American issues. Italian bonds remained under pressure, while Ger¬ nating 3%s, 1905, at 110 were up mans %; Cleveland Electric Illumi¬ 1; Philadelphia Electric 3%s, 1907, advanced % to 104%. Lower grades displayed relative stability, but some strength was noted among cer¬ tain second-grade and speculative issues, such as NevadaMOODY'S BOND The showed a firming tendency. limits. moved within narrow •, Moody's computed bond prices and are given in the following tables: MOODY'S PRICES (REVISED) (Based on 7 bond yield averages AVERAGES (REVISED) YIELD BOND Better-grade foreigns Individual Closing Prices) (Based on Average Yields) 1937 Dailyi Bonds tic Corp.* Averages 120 h. R. P. U. Indus. Corp,. 120 Domestic * Corporate by Groups by Ratings tic Averages 120 Domestic Corporate Domes¬ Aaa Baa Aa R. R. U. P. * Indus. 3.63 4.25 5.77 5.04 3.61 3.26 4.05 4.23 29.. 3.65 4.27 5.82 5.08 4.07 30 For eigns 5.66 3.62 4.09 3.63 114.09 106.73 95.78 74.89 84.01 99.14 107.11 98.80 28- 113.68 83.46 106.92 95.62 74.32 3.28 95.46 4.26 106.36 5.84 98.45 4.28 83.60 3.64 74.10 3.29 106.54 27-. 113.48 106.73 95.62 95.29 4.26 5.07 5.75 4.96 4.09 3.63 98.45 4.25 85.10 3.61 75.12 3.29 95.78 4.23 107.11 26- 113.48 106.73 96.11 5.74 3.65 3.29 4.10 107.11 95.78 25- 4.22 4.93 106.36 4.25 85.52 98.28 3.61 75.24 3.64 4.23 4.96 106.54 5.77 98.45 4.26 85.10 3.60 95.62 23- 107.30 74.89 3.29 4.09 3.64 75.58 85.93 .£4 22-'- 3.29 4.10 4.21 4.90 106 4.24 5.71 98.28 3.60 4.25 5.78 3.65 106T36 4.29 97.78 3.63 84.96 3.30 4.13 21- 4.97 3.67 4.33 5.91 5.06 4.17 3.70 3.32 Oct. 29- 108.60 28- 108.46 96.11 27.. 108.44 26- 108.36 108.28 96.28 113.48 23- 108.29 96.11 113.48 25- Baa A Aa Aaa * 1937 Daily Corporate by Groups by Ratings Domes¬ Govt. All 120 Domestic * 120 Domestic Corporate 120 All U. S. Oct. ■ 22.. 108.34 96.44 113.48 107.30 95.95 108.37 95.78 113.27 106.73 95.13 74.78 73.31 83.73 4.31 105.98 94.49 20.. 112.86 105.41 94.81 97.11 3.32 4.40 6.11 5.16 4.2& 82.40 3.67 71.15 4.38 105.98 93.37 19- 112.86 104.48 93.69 96.28 5.94 5.03 4.14 95.95 113.48 107.11 74.66 85.38 3.29 4.26 5.74 4.90 75.24 3.29 95.62 4.22 107.11 15- 113.48 106.17 96.28 98.11 15- 108.44 85.93 3.61 96.61 113.27 107.30 98.62 4.20 4.86 96.11 14.. 5.67 106.36 4.23 86.50 3.60 76.05 3.30 4.11 4.08 3.66 16- 108.46 95.46 4.24 4.94 4.12 16- 5.79 105.98 4.27 97.95 3.61 3.67 18- 108.55 84.14 3.30 4.32 72.98 4.30 106.92 94.65 18- 113.27 105.04 94.97 97.61 3.62 3.72 19- 108.05 3.64 113.27 107.49 96.44 76.17 86.64 98.62 106.54 96.78 4.05 3.63 99.14 11- 4.16 4.81 87.21 106.73 5.56 77.36 4.04 3.61 4.14 4.76 9- 5.51 107.11 4.21 3.59 3.30 Exchan ge Clos ed 4.20 3.59 3.29 4.18 3.57 3.29 4.85 4.08 13- 5.66 4.17 5.48 4.73 4.05 3.60 3.56 4.17 5.46 4.71 4.05 3 61 d 5.77 3.75 20-. 108.25 21 — 14.. 108.39 13- 108.31 Clos ed Exchan ge 12- Stock 4.19 12- Stock 108.34 97.28 113.48 107.49 96.61 97.61 113.48 107.88 96.94 77.96 87.93 99.31 9- 108.41 97.11 78.33 88.36 99.14 107.30 8- 4.13 108.08 99.14 107.11 7- 4.12 3.29 11 — 8- 108.39 97.78 113.48 3.29 3.56 5.75 3.65 5.59 61 7- 108.39 97.95 113.48 108.08 97.11 78.58 88.65 3.56 4.16 5.45 4.70 78.70 4.12 108.08 97.28 6- 113.27 107.11 97.95 99.31 5.44 4.70 4.03 88.80 3.30 4.15 78.82 4.11 108.08 97.45 5- 113.27 107.11 4.12 4.64 4.01 98.62 113.48 108.66 89.69 99.83 4.01 113.48 108.66 79.45 3.53 5.40 4.67 4.01 3.58 89.25 3.29 97.95 4.09 108.66 79.32 1- 98.45 99.83 1 113.48 107.69 4.12 5.42 98.62 99.83 2- 108.38 98.11 4.08 4.65 2- 5.39 107.69 4.11 89.55 3.29 3.53 3.58 4.. 108.44 79.70 4.08 3.29 97.95 4- 5.37 107.49 3.53 3.59 5— 108.43 98.11 99.48 3.56 3.61 6- 108.38 88.80 3.30 4.04 3.58 5.39 3.30 4.69 4.00 4.09 5.41 107.69 3.54 4.11 100.00 Weekly— Sept.24.. 4.06 5.23 5.33 3.50 3.52 3.29 3.97 4.02 4.58 17- 4.05 6.21 5.38 3.50 3.54 3.30 3.95 4.02 4.56 10- 5.07 4.48 3.9J_ 3.60 5.28 6 28 — 108.36 Weekly— Sept .24.. 108.47 98.45 113.27 108.46 98.11 99.66 109.24 98.97 81.48 90.59 100.53 17- 108.36 113.48 108.85 99.14 81.74 90.90 100.38 108.46 79.20 88.95 10- 107.78 99.66 113.27 109.24 3.48 92.12 3.28 83.60 3.96 100.64 99.66 3- 4.45 T.91 5.33 109.84 100.00 3.43 3.95 4.98 100.88 84.83 3.90 110.63 13- 5 00 4 37 100.88 84.65 93.85 5.02 4.37 3.47 110.63 100.70 84.28 5.13 114.72 3.50 101.58 101.94 July 30- 109.52 93.85 109.84 3.96 5.13 114.72 111.03 110.24 6— 109.49 101.76 388 ~3:89 3 45 102.12 3 41 3 95 6.09 114.93 110.24 101.76 102.30 13- 109.12 94.01 3.22 3.87 5 08 114.09 4.36 3.45 101.06 101.94 20- 108.86 92.75 3.26 4.44 84.41 3.94 6.01 109.64 4.00 3.48 100.70 3.47 3.89 Aug. 27— 108.28 Aug. 27— 20- 5.04 101.58 3.49 99.66 92.59 3.27 109.44 84.01 3.96 113.89 109.24 4.02 3.60 100.70 101.58 3- 108.04 113.68 109.24 4.02 100.88 85.10 94.97 109.24 101.76 110.63 101.76 109.22 114.09 110.24 100.53 16-. 113.89 108.85 101.58 101.58 108.90 94.97 16- 85.24 108.59 101.58 110 24 100 53 85.24 95.13 101.06 9_. 113 89 109.24 109.84 100.00 83.87 94.33 100.18 23.. 6- 3.90 3.23 30-. 3.91 3.23 3.43 3.90 3.43 3.95 4.96 4.30 23.. 3.26 3.90 4.95 3.91 3.52 5.20 3.27 3.97 4 30 3.91 3.45 3.97 4.95 5.15 9-. 3.45 3.50 3.27 3.94 3.91 4.29 4.00 MS, 5.17 3.28 3.47 3.53 3.95 4.34 2.. 5.05 108.66 108.66 3.96 3.29 3.48 5.05 4.34 June 25.. 4.01 18- 3.92 3.27 3.45 3.98 4.96 3.96 4.92 108.39 100.38 113.68 June 25.. 108.36 IUQ.70 113.48 109.64 99.83 93.87 94.33 99.83 110.24 100.35 85.10 95.13 100.70 July 109.24 2- 3.53 5.12 4.29 3 96 3.50 5.13 4.24 3.95 3.50 5.11 5.19 18- 108.44 101.41 113.89 3.27 85.65 3.90 100.70 11- 110.43 109.24 3.98 4.92 4.27 3.51 100.70 3.45 110.04 100.35 95.62 4.89 4.27 100.88 3.47 95.46 3.31 86.07 3.91 109.84 100.35 21- 4.88 4.29 3.95 5.38 101.23 3.51 3.56 3.34 3.93 3.91 4.25 7-. 4.81 108.08 3.99 5.37 112.25 108.27 4.01 95.13 3.35 86.21 3.93 99.83 14- 109.44 100.88 3.49 3.55 101.58 113.07 108.66 3.98 5.27 113 27 3.53 101.41 3.95 May 28— 108.73 21- 108.22 85.65 3.92 4.26 May 28-. 4.92 108.85 3.98 100.53 3.46 3.52 3.30 *OT> 108.59 85.65 3.91 110 24 100.35 4.. 113 48 109.05 101 58 95.46 3.29 3.96 108.53 113.89 95.95 11- 101.76 100.88 3.44 4.86 5 41 3 96 4.03 3.62 Apr. 30-. 3.55 OB* 3.39 4.30 4.03 4.83 4.28 3.96 3.64 5.31 3.40 3.58 4.81 4.26 3.96 3 64 5.33 5.33 4— 14- 107.97 101.23 7— 108.03 101.58 112.45 109.05 100.18 87.21 95.78 108.27 99 48 86 50 94.97 100.70 107.59 111.43 106.92 100.70 86.92 95.29 100.70 106.54 23- 3.96 99.48 16.. 3.96 3.41 3.57 4.03 3.48 4.09 4.92 4 33 4.04 4.03 3.61 3.70 4.85 4.29 4.0X- 3.66 5.38 3.60 5.33 Apr. 30— 23- 107.17 100.70 111.23 1C7.69 100.70 107.88 99.48 87.21 100.70 107.79 95.62 16- 111.03 106.54 109.64 85.65 94.49 99.31 105.41 99.48 98.45 9- 107.11 99.83 106.17 2.. 3.99 3.43 3.59 4.07 3 93 3.37 3.53 4.03 4.76 4.23 Mar. 25- 4 05 4.76 4.23 3.95 3.60 5.28 3.54 3.90 3.55 5.30 9- 107.19 100.18 110.63 107 49 98.80 86.64 95.13 2.. 108.27 99.48 87.93 100.70 108.40 111.84 107.30 101.23 96.11 25.. 3.93 109.32 108.46 99.14 19- 111.84 107.30 101.23 100.88 3.37 87.93 96.11 19„ 3.98 109 24 89.40 4.57 4.09 3.81 103.38 4.55 98.45 3.26 90.75 3.79 101.76 5- 110.43 109.44 3.90 5 24 112.86 3.49 110.76 102.30 101.76 3.50 97.45 3.32 100.35 12- 4.66 108.27 3.87 4.15 12- Mar 107.23 5.13 109.84 3.88 103.93 3.42 4.47 3.23 178 3.78 4.08 Feb. 26- 4.58 3.77 3.86 4.55 4.06 5 13 19.. 3.42 3.49 3 25 3.77 3.84 4.52 4.02 3.76 3.46 6 18 3.41 3-Z2 3.43 5.19 5- 103.74 114.09 112.18 103.93 114.72 110.83 102 12 90 59 98.62 26.. Feb 111.82 110.83 102.48 91.05 98.97 104.11 109.44 104.11 114.30 99.66 104.30 110.04 110.63 19.. 11.. 5.. 112.12 ' 11-. 3.75 3.22 3.72 3.18 3.37 3.81 4.51 4.CO 5.. w 4.52 3.72 5.34 3.70 3.80 4.00 29.. 3.35 3.39 3.14 4.47 3.93 3.68 3.36 5.39 5.41 112.20 104.48 114 93 111 03 102.84 91.51 111 84 103.38 91 66 1C0.00 112.34 115.78 105.04 105.04 112.25 103.56 91.51 100.00 105.04 111.43 112 05 22.. 3.66 3.09 3.30 3.76 3 07 3.75 4.47 3.93 3.66 3.65 3.29 3.35 4.49 3.93 3.66 3.35 5.43 3.75 3.34 5.08 Jan. 29.. 112.21 105.41 116.64 112.39 106.17 117.72 113.27 104 30 92.38 101.23 105.79 22-. Jan. 92 28 101.23 106.17 106.36 104.48 15- 113.48 112.25 118.16 106.17 112 25 8.. 3.65 3.27 101 23 3 08 91.97 1937 3.64 4.46 3.92 112.45 3.74 106.17 3.27 92.43 101.41 3.07 3.66 5.16 4.22 3.75 5.75 3.48 6.11 104.48 4.40 96.28 3.67 5.64 6.5 V 15.. 112 53 8.. 112 71 106 36 117.94 113.89 104.48 Hlgh 1937 112.78 106.54 118 16 113 89 104.67 1937 107.01 93.69 109.64 105.98 93.37 104.48 115.78 112.25 101.58 Low 1 Yr. Ago Oct.29'36 110.87 2\Yts.Aqo Oct.29'35 107.38 • level 94.81 103.93 92.43 71.15 Low High 1937 1 99.31 103.74 111.03 4.38 Yr. Ago Oct.29'36 3.75 3.18 3.35 3.91 2 Yrs.Ago 85.38 78.20 computed Irom average the average movement yield averages, 82.40 91.20 yields on the of actual price quotations, the latter being the truer picture of the bond These prices are or 109.44 , 96.44 basis of one 104.11 Oct. 29*35 4.31 3.49 3.78 4.46 World Economic Survey, Economic Intelligence comprehensive the sixth in the 261 Pages. Geneva: series prepared by the of Nations, is a Service of the League review of in sifting the great mass from writer, J. B. world economic history September, 1936, to August, 1937. The Condliffe, continues to show, as in previous tional skill 5.49 4.21 3.77 do not purport to show the relative levels and the relative moveme reports, excep¬ of material available and trade and in presenting it in Beginning with an account of the tripartite currency agreement of Sept. 25, 1936, the immediate results of currency devaluation, and exchange rates, prices and capital movements, the report reviews the various factors in industrial and commercial expansion dur¬ ing the year and the stimulus given by rearmament; the movement of production, stocks and trade; the rise in whole¬ sale prices and increase in profits; the improvement in labor conditions and the widening scope of labor legislation; the orderly and readable League of Nations > This annual report, 3.79 4.94 market. REVIEW 1936-37. 4.04 "typical" bond (4% coupon, maturing In 30 years), and illustrate In a more comprehensive way the They merely serve to regarding finance, industry BOOK 4.54 3.41 form. 2754 Financial progress of international trade and conflicts of commercial policies; gold prices, Chronicle interest rates, it appeared in July of the present year. the report are a Appended to chronological list of significant economic events and lists of the many statistical tables and diagrams embraced in the text. The writer several times reminds his readers that the report a record and that prediction is outside its is only sphere. The limitation does not prevent him, however, from menting occasionally results of national com¬ the significance of events and the upon international experiments. or He notes, for example, that "the dominant influence" in the few free gold markets that remain "has been the existence of an un_ limited buyer," the United States, "at $35 a fine ounce," and points out "that the ingenious new technical methods that have been devised to insulate national monetary systems from the disturbing effects of short-term capital movements cannot be used indefinitely to correct a continuing exchange disequilibrium." The extent to which, since about middle of 1936, production, prices and trade in most been affected by rearmament "should tries have the coun¬ rearmament in recent months "has added a fresh, temporary, stimulus to industrial activity which is be¬ ginning to have important effects upon the nature of recov¬ if ery." pace of The fear and "nervous instability" which have pre¬ financial and business circles in recent months vailed in show "the degree to which economic organization is now dominated by political factors and decisions, and by rumors and anticipations of such decisions. The restora¬ ... tion of stable monetary conditions and the national trade, however, are less freeing of inter¬ to achieve than their easy abandonment in times of stress. . . There is . no cer¬ tainty that the normal correctives of disequilibrium, such as gold shipments and differential price movements, will be allowed to tinuous management work without is interference. to reduce this burden tional routine, modified tion, the and sooner associative munity as a of con¬ The sooner it becomes on possible by transferring it to proved institu¬ only by limited short-term interven¬ will the confidence born of understanding responsibility return to the business com¬ whole." The report bia task The heavy responsibility carried a comparatively few shoulders. not," he thinks, "be exaggerated," although the accelerated 1937 30, European capital flow and the growth of domestic debt, and the general economic situation as Oct. is available in this country through the Colum¬ University Press, New York. The price is $1.50. Indications of Business Activity THE STATE OF TRADE—COMMERCIAL EPITOME Friday Night, Oct. 29, 1937. Business activity showed further a recession minous coal the past Car loadings, week, steel output leading the decline. bitu¬ production and automotive activity lower, while electric output made small gain. a also were The "Jour¬ nal of Commerce" business index figure of 97.5 for the week ended Oct. 23 was 3.8% below the corresponding week of 1936, and week ended Oct. that with compares 16, 1937. steel production revised a The "Iron Age" survey estimates has declined capacity, off 4% points from in the in mid-week in its current the hands summer of were and consumers larger than industry itself. a of the summary authority further states that it is now be necessary that the steel buying will looks for usual a that buying is mission generally users uncertain. the industry. This realized are the living off their on It by is a larger scale further stated belief that spotty remainder of the but year, fairly substantial rise in January in line with expectations. major no now The "Iron toward move Age" further ob¬ resumption of railroad relief to the carriers, rises in cover costs for materials and labor. This authority further states that although the automobile industry is approaching a high rate of production, its vol¬ of steel purchases is still less than had been expected. The motor car manufacturers are ume proceeding cautiously be¬ cause of fear of further labor to test out the market for and curtailment disturbances and the desire cars following the price advances of spending power. tricity in the United States totaled hours in the week corresponding week showed ended Oct. week loss a of last of gain of 5.1% a Output year. for week, so the Edison Industrial output in of elec¬ October, over the 5,513,000 kilowatt hours pared with the preceding stitute reports. 23, Production 2,281,636,000 kilowatt when the latest com¬ Electric In¬ as measured by the Federal Reserve Board index of production, prob¬ ably fell almost 8% below the level registered by the index for that month the a production counted Board year ago, of 15 according to major for almost 70% a survey industries of the based upon whose output ac¬ fluctuations in the Reserve over their fifth- the preceding Public construction 15% 2% to 5% the over over comparative period to Dun & Bradstreet. was retail the previous week Freight volume, 5% to- and of last year, according loadings declined 36,591 car to 773,353 cars in the week ended Oct. 23. This was a drop of 0.5% from the previous week. The week's total car loadings were 5.3% below the corresponding 1936 period. cars Domestic and week current Canadian was output of automobiles during the estimated at 90,155 units compared with 91,905 last week and 71,095 in the comparative period of 1936, according to "Ward's Automotive Reports." The out¬ standing feature of the week's weather that caused the waters of two Potomac Thursday on River wrere so to the heavy rains was overflow. The flooding high that they forced residents small mining towns to abandon waterfront homes through storm sewers into low-lying streets of Cumberland, Md. At the same time, in Pennsylvania, the and backed historic "flood city" of Johnstown awaited of at least 12 feet on the Stonycreek River. is 14 feet. homes ment as At weather marked peratures Plains, of predicted crest The flood stage evacuated overflowing creeks, &c. report contrasts more weekly Meyersdale, Pa., 50 families result a a The states that for the week in temperature country were noted. conditions It was as in their govern¬ a whole different relatively warm Northeastern States and abnormally high tem¬ rather generally west of the Great prevailed especially in the means were from Pacific Northwest, where the 9 degrees to 11 degrees above nor¬ mal. On the other hand, the weather was abnormally cold over a wide north-south belt extending from the Appalachian Mountains to the eastern Great Plains. While frequent and largely heavy rains in the Atlantic farm work and caused some area flood retarded seasonal damage in the Middle Atlantic States, the additional moisture was favorable for replenishing the water supply quite generally in the north¬ eastern section of the country. In the New York City area the weather during the week was more or less unsettled, with temperatures unseasonably mild. Today it was fair and cold degrees. here, with The forecast cool tonight. temperatures was ranging from 49 to 58 for partly cloudy and moderately Saturday partly cloudy and somewhat warmer. Overnight at Boston it was 50 to 54 degrees; Baltimore, to 62; Pittsburgh, 34 to 44; Portland, Me., 50 to 52; Chicago, 46 to 58; Cincinnati, 40 to 54; Cleveland, 38 to 46; Detroit, 36 to 50; Charleston, 48 to 66; Milwaukee, 44 to 60; Savannah, 42 to 68; Dallas, 64 to 88; Kansas City, 54 to 76; Springfield, Mo., 50 to 74; Oklahoma City, 52 to 80; Salt Lake City, 40 to 76; Seattle, 48 to 56; Montreal, 46 to 50, and Winnipeg, 50 to 66. 48 It is estimated that the Reserve Board un¬ index of industrial output will show 103 for this month, compared to 1.11 in October, 1936, and 115 in August of this year. A cheering item was the report on engineer¬ construction $62,866,000, over reached 42% index. adjusted ing awards gained in the general trade movement this week which gained parts of the further and dropped 6% from 1936. Bethlehem Steel Corp. makes a glowing report on their earnings for the third quarter, which total $9,249,560 and compare with $4,575,058 for the same period last year. This is the Bethlehem's best third quarter since 1929. Featured in the granted Private 1937 week, and 121% over the 1936 week. increased 44% over last week, but expected until the Interstate Commerce Com¬ granting of higher freight rates being far from sufficient to News-Record." have shall the recent over decline apparent that stocks industry is resigned to the prevail seasonal serves still a ever, jobbers at the end of the was While steel is 51% of time, "Iron Age" stocks, the time when replacement buying will sharp so short so to Rarely, if ago. history of the steel industry has observes steel at week a production occurred within in figure of 100.0 for the ing highest week of an for the week, increase of 43% which over showed last week a total and of 40% the corresponding 1936 week, as reported by "Engineer¬ Decline During September Shown in "Annalist" Monthly Index of Business Activity Economic conditions in the United States -were less favor¬ able in .September more pronounced," said H. E. Hansen in the quarterly issue "Annalist," New York, issued a week ago. The only of the "as irregularity and hesitance became Financial Volume 145 outstanding favorable development was a widespread gain in retail trade, according to Mr. Hansen. His remarks were further summarized as follows in an announcement issued by the "Annalist'-: A substantial decrease in accompanied by a rise in the cost of living; a marked drop in real wages which, however, were still slightly above the 1929 high level; a slight decrease in wholesale commodity prices, and a sharp decline in construction contracts awarded. Other changes principal industrial sharper production; reduction follows: as were decrease in factory employment a payrolls; in further a lowered, industry was forced to reduce "Annalist" preliminary index of employ¬ ment showed a comparatively moderate decline to 100.7 from 101.8 for August and 103.4 for July, but our preliminary payrolls index is down nearly 4 points to 100.6 from 104.5 for August. For July, the high for the year to date, the payrolls index stood at 105.5. The cost of living continued to advance last month, so that the workers' position was threat¬ ened from two directions. Taking the recovery record as a whole, how¬ As schedules production were employment and payrolls. The impressive improvement, For Septem¬ ber, the preliminary index of real wages was still slightly above the 1929 level, but showed a drop of 5.2% from the record high point reached ever, the last July. For the week ended those for the like the corresponding week of 1935. Loadings for the week ended Oct. 9, 1937, showed a loss of 3.8% when compared with 1936 but a rise of 11.0% when comparison is made with the same week of corresponding week of 1935. for the Oct. 16, 1937, loadings were 2.0% below weeks of 1936 but 10.6% over those for 1935. . major railroads to report for the week ended Oct. 23,1937, loaded a total of 361,424 cars of revenue freight The first 18 their on lines, compared with own index of real LOADED AND RECEIVED REVENUE FREIGHT the of One of the month was the favorable developments more recovered most of the preceding month's Sales gains for nearly all types of outlets were registered. The Reserve Board's index of department store sales rose to 95 from retail which trade, This August. Fairchild index, resulted 106.9 activity last month to 24,930 25,546 7,772 7,843 6,838 33,682 25,846 20,648 36,325 17,894 18,214 27,710 11,982 12,381 10,296 22,594 17,769 23,006 9,226 9,152 17,678 12,714 10,370 9,161 18,049 12,272 12,697 12,933 2,879 2,718 2,705 1,603 2,080 2,216 2,738 1,574 2,832 5,261 5,736 17,923 5,776 18,485 2,640 3,055 18,683 10.023 9,894 43,033 45,094 45,534 44,483 44,956 10,367 10,438 4,804 4,915 44,075 44,451 19,907 Federal Chicago <fc North Western Ry... 16,629 a lower of business (preliminary) from 111.0 for August. the decline of the combined index important single factor in most The than seasonal decrease in steel ingot production. Next in importance was a contrary to seasonal decline in electric power pro¬ duction. Declines were also recorded in the adjusted indexes of cotton was Ry. Baltimore & Ohio RR Chesapeake & Ohio Ry 21,575 fluctuations, freight shipments, after all allowance for seasonal in a substantial decline in the "Annalist" index of 26,313 32,065 25,372 Atchison Topeka & Santa Fe Gulf Coast Lines International Great Northern RR Ml&souri-Kansas-Texas RR Missouri Pacific RR . New York Central Lines 4,994 5,197 5,493 25,206 24,956 Pennsylvania RR 67,131 6,573 70,280 25,491 72,362 6,899 New York Chicago & St. Louis Ry Ry. Pittsburgh & Lake Erie RR Pere Marquette 5,045 6,959 5,862 34,417 5,724 6,183 6,279 Wabash Ry... freight consumption, leadings, car consumption rayon x8,958 7,341 8,774 225,603 361,424 373,613 382,042 220,696 224,127 Total Excludes cars Interchanged x 6,039 x9,294 8,636 6,952 33,714 Southern Pacific Lines 1,529 2,072 3,329 9,728 44,297 10,807 4,924 47,376 5,632 7,960 x9,319 8,927 3,372 6,158 6,652 32,655 greater a 9,760 19,879 Norfolk & Western Ry. physical volume of sales gained more than the dollar volume. Reduced rates of operation in most leading industries and volume Oct. 24, Oct. 23, Oct. 16. Oct. 24, Oct. 23, Oct. 16, 1936 1937 1937 1936 1937 1937 Chicago Mllw. St. P. & Pac. Ry. for September, 1936. Retail prices as measured by declined for the first time in 14 months, indicating Received from Connection Weeks Ended— Weeks Ended— Chicago Burlington & Qulncy RR. 92 for FROM CONNECTIONS Loaded on Own Lines decline. 109.0 for the that with a high for the year to date of compares 102.5 and July gain in days ended (Number of Cars) moving into new high ground. wages 373,613 cars in the pre¬ week and 382,042 cars in the seven Oct. 24, 1936. A comparative table follows: ceding the position of factory workers has shown an with 2755 Chronicle between S. P. Co.-Paclflc Lines and Texas & New Orleans RR. Co. TOTAL LOADINGS and automobile Only three of the compbnents for which September figures are showed increases. These are pig iron production, silk consump¬ CONNECTIONS AND RECEIPTS FROM (Number of Cars) production. available and zinc tion The as Weeks Ended— production. forced to curtail production industry was steel substantially reduced by a unfilled orders had been the in in but operations brought comparatively little, and production more in line with consump¬ industry had been expected to place develop. Some increase in buying is automobile The tion. New demand changed preceding months. decrease the sharply last month high rate of activity failed these to large orders expected this hand-to-mouth buying predominates. The farm equipment industry continues to operate at high level, and certain miscellaneous buy¬ ers have maintained operations. But the principal consumers have failed to enter the market in a big way, although some hope is held out that railroad equipment demand will increase. Steel ingot production per day fell to 165,457 tons from 187,526 in August. This decrease caused the monthly index still of a high rate of half of the month. The most drastic curtailment half of the month, the weekly steel mill activity index to decline to 111.0 from 124.8. The a comparatively high level, partly because adjusted stood at operations in the first in the second occurred 94.3 for the week ended Oct. 9. dropping from above 130 to Electric high the from production per day is estimated to have declined slightly level for August. A sharp temporary dip in seasonally power the month caused the adjusted to 143.0 (preliminary) from Lumber production continued its decline, after allow¬ adjusted production during the middle of automobile index to decline moderately 147.2 August. for for seasonal ance I—THE TABLE variation, as new business lagged. INDEX OF BUSINESS "ANNALIST' COMPONENT GROUPS ACTIVITY AND Sept. 1937 Aug. 1937 July 99.4 Freight car loadings 124.2 117.4 X124.8 114.4 132.7 127.2 *114.2 125.6 X120.3 131.2 Textile activity... Cotton consumption 143.9 137.2 98.2 Ry Total 129.4 *143.0 X147.2 88.0 X95.0 66.8 63.5 37,703 15,968 81,527 81,787 American Railroads in reviewing reported as follows: freight for the week ended Oct. 16 totaled 809,944 of 16,581 cars or 2% below the corresponding decrease of 121,161 cars, or 13% below the same week This was a decrease week in 1936 and a in 1930. Loading of revenue freight for the week of Oct. 16 was a decrease responding week in 1936. Loading of merchandise less than carload lot freight totaled 169,791 cars, preceding week but an increase of 474 cars above the corresponding week in 1936. Coal loading amounted to 159,136 cars, an increase of 2,188 cars above the preceding week and 1,992 cars above the corresponding week in 1936. Grain and grain products loading totaled 35,923 cars, an increase of 100 cars above the preceding week and 3,344 cars above the corresponding week in 1936. In the Western districts alone grain and grain products loading for the week of Oct. 16 totaled 23,330 cars, a decrease of 944 cars below the preceding week but an increase of 1,989 cars above the corre¬ sponding week in 1936. Live stock loading amounted to 21,840 cars, an increase of 1,268 cars above the preceding week but a decrease of 771 cars below the corresponding week in 1936. In the Western districts alone loading of livestock for the week of Oct. 16 totaled 17,908 cars, an increase of 281 cars above the pre¬ ceding week but a decrease of 620 cars below the corresponding week in a decrease of 3,863 cars below the 1936. Forest above totaled 37,227 cars, an increase of 3,226 cars week and 1,194 cars above the corresponding week products loading the preceding in 1936. amounted to 50,103 cars, a decrease Ore loading of 8,374 cars below the 89.8 production. Combined index 89.6 93.3 preceding week but a decrease 90.3 production.. 95.7 preceding week and 5,178 cars below the corresponding week in Coke loading amounted to 9,574 cars, an increase of 248 cars 100.4 *106.9 Mining xlll.O 108.9 COMBINED INDEX SINCE TABLE II—THE 1936 1937 1935 1934 The Allegheny, Pocahontas and Northwestern and Southwestern dis¬ while the Eastern, Southern and Central Western in the number of cars loaded with revenue freight compared with the corresponding Pocahontas, 79.6 67.5 73.4 January 104.2 92.3 87.2 105.7 89.0 86.7 83.2 66.1 71.4 February 106.8 89.5 84.4 84.6 62.5 69.8 March 107.0 94.1 82.8 85.9 69.2 95.9 81.8 86.4 77.3 64.3 106.7 97.6 82.0 83.8 87.5 63.9 108.9 week in 1936. All districts, except the with the corresponding week reported decreases compared 66.8 110.0 April.. May — ...— June..... in 1930. Loading of revenue 62.9 5 weeks in January 75.1 87.5 64.4 4 weeks in February 86.1 71.4 82.0 68.5 4 weeks in March.. 103.3 89.1 74.6 78.5 69.2 4 weeks in April... 92.0 76.0 75.3 68.8 96.7 82.4 77.5 - . - - November December ' 94.0 Preliminary, x Revised Car Loadings off 4.5% in Week Ended Oct. 23 the week ended Oct. 23 This is a decrease of 36,591 cars or 4.5%, from the preceding week; a decrease of 42,889 cars, or 5.4%, from the total for the like week of 1936, and an increase of 62,732 cars, or 8.8%, over the total loadings Loadings of revenue freight for 1937, totaled 773,353 cars. 9 16 Total In the 4,246,552 3,506,899 3,515,733 3,618,960 4,593,449 3,718,983 4,475,391 3,752.048 3,725,686 809,944 819,597 820,570 826,525 954,782 931,105 28,640.235 38,010,843 3,316,886 2,778,255 3,003,498 2,955,241 3,897,704 2,976,522 3,812,088 3,115,708 847,245 2 Week of Oct 1930 1936 2,974,553 2,512,137 2,415,147 2,543,651 3,351,564 2,786,742 3,572,849 2,954,522 3,062,378 3,182.943 September. Week of Oct. — 4 weeks in August Week of Oct. Freight ..... 5 weeks in May... 4 weeks in Revenue - 4 weeks in June 5 weeks in July * with 1936 and 1930 follows: 31,511,156 78.0 84.9 107.1 October 82.7 102.5 102.9 110.5 September 102.4 111.0 August freight in 1937 compared 1937 *106.9 July week districts reported increases 1932 1933 1936. above the of 1,008 cars below the corresponding In 1936. tricts reported decreases, JANUARY. 1932 of below the preceding week. Miscellaneous freight loading totaled 326,350 cars, an increase of 29 cars above the preceding week but a decrease of 16,628 cars below the cor¬ 5,178 cars, or 6-10 of 1% 93.9 production production the Loading of revenue cars. X122.8 *82.5 production. Automobile production X112.1 125.0 Rayon consumption X103.4 1936 26,826 38,235 16,726 The Association of week ended Oct. 16 65.8 83.0 Silk consumption 65.2 Oct. 24, 27,856 35,392 14,925 Pacific Ry. Illinois Central System St. Louis-San Francisco 82.7 68.2 Wool consumption Lead xl06.9 135.5 production Pig iron production Steel ingot Cement xl13.3 111.0 Manufacturing Lumber 98.7 111.5 X108.6 96.1 production Boot and shoe 96.8 106.0 *105.8 Miscellaneous Othpr Electric power Zinc 1937 104.0 101.7 1937 27,401 77.718 Chicago Rock Island & but month, Oct. 16. Oct. 23,. 1937 ... 815,122 following we undertake to 971.255 show also the loadings roads and systems for the week ended Oct. 16. During this period a total of 64 roads showed increases when compared with the same week last year: for separate 2756 Financial REVENUE FREIGHT LOADED AND RECEIVED FROM Total Revenue from Connections 1937 1936 1935 1937 1937 Central Indiana Central Vermont 760 1,627 7,478 1,845 1,797 251 252 8,428 10,649 2,174 10,477 2,324 26 Boston A Maine 559 1,779 7,716 1,776 Bangor A Aroostook 31 57 116 1,139 5,131 1,897 Tennessee Central 7,769 Winston-Salem Southbound 1,109 1,397 Delaware A Hudson Delaware Lackawanna A West. Detroit A Mackinac.... Detroit Toledo A Ironton..... Detroit A Toledo Shore Line 6,124 10,872 39 1,303 5,492 9,737 8,819 545 438 482 152 1.908 1,803 2,352 283 362 393 Erie.. Grand Trunk Western Lehigh A Hudson River...... 13,809 5,192 13,946 4,301 13,250 4,383 1,232 1,844 7,679 6,888 1,221 3,504 15,713 8,532 2,186 1,218 8,628 2,784 1,269 _ Lehigh 190 Lehigh Valley... Maine Central Monongahela Montour. New York Central Lines N. Y. N. H. A Hartford New York Ontario A Western. Pere Marquette Pittsburgh A Shawmut Pittsburgh Shawmut & North Pittsburgh A West Virginia 386 Total. Allegheny DistrictAkron Canton & Youngstown. ... of New 60 6,039 12,150 1,921 10,565 7,289 5,699 30 26 180 256 333 273 1,343 1,514 1,393 658 874 935 6,261 4,497 5,740 3,708 8,774 3,467 3,534 161,743 151,224 172,558 8,942 111,299 99,731 67,569 746 810 759 2,406 21,787 18,469 12,697 2,827 2,870 22,225 23,614 3,340 9,152 4,052 1,392 7,976 2,431 21,026 4,357 8,359 1,250 6,048 495 416 359 198 25,782 24,846 24,158 3,201 742 776 651 549 2,582 2,093 2,242 2,643 75 2,334 2,334 6,889 2,535 2,722 4,482 4,269 11,963 1,500 6,441 474 12,593 352 328 227 336 1,443 2,768 2,157 1,601 135,575 114,710 54,709 24,930 3,445 24,637 3,325 22,570 3,186 7,843 2,510 614 346 293 *107 20,648 2,100 14,126 3,133 1,639 20,605 2,259 10,296 1,030 9,627 2,754 1,650 4,155 1,067 13,511 3,287 1,660 5,503 1,140 1,397 2,054 1,634 1,120 19,314 1,352 12,364 2,919 1,671 5,162 1,001 1,668 1,939 1,655 1,310 206 342 340 0 26,595 24,947 21,090 450 311 300 21,241 22,043 18,615 5,607 1,510 11,630 Central Western District— 882 920 16,724 2,963 383 303 8 10 Bingham A Garfield. 1.394 1,486 6,085 17 18 11,543 11,993 Chicago Chicago Chicago Chicago 6,291 855 660 90 319 400 42 29 149 196 22 37 838 840 2,688 1.395 1,281 61,038 13,571 8,429 57 1,507 44,451 2,685 1,350 46,135 17,229 18,436 6,223 4,189 51 84 1 0 3,501 6,232 6,644 160,445 133,420 109,353 114,224 Atch. Top. A Santa Fe System. Alton ..............i.._. Burlington A Quincy.. A Illinois Midland Rock Island A Pacific- A Eastern Illinois Colorado A Southern Denver A Rio Grande Western- 5,454 Denver A Salt Lake Fort Worth A Denver City 1,149 1,474 2,064 1,843 Illinois Terminal Nevada Northern North Western Pacific Peoria A Pekln Union Southern Pacific (Pacific) Toledo Peoria A Western Union Pacific System Utah 25,846 24,956 1,023 4,947 27,315 25,599 1,011 4,671 25,531 22,419 56,772 58,596 11,486 4,702 1,329 4,186 12,381 4,915 1,527 1,006 53,125 19,829 18,391 989 25 1,345 1,619 134 419 798 643 711 17 1,716 1,776 1,771 3,081 134,692 132,540 119,131 65,359 214 5,875 Western Pacific Belt Line 376 6,513 125,244 Total 18,214 2,238 3,655 Virginian.. 8,220 13,893 14,196 ... 575 151,760 Norfolk A Western Norfolk & Portsmouth 4,677 16,626 7,407 Spokane International Spokane Portland A Seattle... 31,295 3,676 41 Pocahontas DistrictChesapeake A Ohio 4,352 20,181 Minn. St. Paul A S. S. M Northern Pacific 622 3,598 Total 873 Lake Superior A Ishpeming Minneapolis A St. Louis 35,313 6,630 72,566 15,074 14,910 Western Maryland 195 Elgin Joliet A Eastern Ft. Dodge Des Moines A SouthGreat Northern Green Bay A Western 170,534 752 West Virginia Northern 739 179 Duluth Mlssabe A Northern Duluth South Shore A Atlantic. 1,393 (PIttsburghjIIIIIIIIII 15,616 454 Chicago St. P. Minn. A Omaha 43,858 70,280 15,422 12.484 Seashore Lines. 7,705 20,073 459 Northwestern District— 37 181 Pennsylvania System Reading Co 8,310 22,201 493 208 44,956 12,217 1,677 10,438 7,294 234 A Pennsylvania._ Llgonler Valley* Long Island ..I.I. 9,214 22,462 242 319 410 Cumberland 1,485 1,065 3,259 Chicago Chicago A North Western Chicago Great Western Chicago Milw. St. P. A Pacific 7,623 2,757 694 1,330 6,893 Jersey 344 Belt Ry. of 418 Erie...I..I Gauley 388 112,967 470 A Indiana 1,382 447 403 ... Total 33,682 4,172 & Ohio Bessemer A Lake Buffalo Creek & Penn-Readlng 7,883 2,024 1,358 408 162,313 Central RR. Cornwall 5,854 6,919 1,104 405 16;761 1,456 4,536 1937 398 Seaboard Air Line... Southern System 148 6,183 ITIII'I Erie""III Wheeling A Lake Baltimore 2,528 44,061 10,901 1,988 5,432 7,502 6,621 1,404 Piedmont Northern. Richmond Fred. A Potomac... 1,163 699 Wabash Union 1,720 7,742 2,811 3,783 2,510 42,036 10,742 1,781 4,900 Norfolk Southern 3,125 339 . 1935 6,738 1,254 . _ Cambria 1,920 9,882 3,203 4,922 476 A Lake Erie Rutland 179 5,197 5.909 6,959 N. Y. Chicago & St. Louis Pittsburgh 161 1,910 9,805 2,914 4,803 2,435 45,094 10,168 1,532 A New England from Connections 1936 Southern District—(Concl.) 611 Chicago Indianapolis A Louisv Total Loads Received Freight Loaded 1936 Total 874 Southwestern District— Total Alton A Southern 233 235 Burlington-Rock Island *i 2,418 2,559 1,574 2,832 1,244 277 196 187 774 1,366 1,415 636 672 749 927 822 10,196 4,035 8,838 4,427 8,313 4,746 4,453 2,874 480 483 413 4,534 2,710 1,086 998 Litchfield A Madison Midland Valley Missouri A Arkansas 1,230 2,000 1,693 523 409 302 356 Mlssouri-Kansas-Texas 132 132 379 357 614 34 58 116 87 1,084 1,091 1,527 1,649 421 435 458 486 443 2,199 26,607 23,165 2,175 25,984 24,286 1,903 1,173 22,980 11,857 20,068 5,377 1,170 13,153 5,345 583 571 736 214 A Ohio Nashville Chattanooga A 164 510 456 202 192 381 309 2,271 3,088 I... St. Ll 212 249 Mississippi Central 2,247 1,832 2,830 2,492 week ago. A low of 160.2 new advanced, and prices of silver, lead and made no net changes. The movement of the Index during the week, with parisons, is as follows: 166.5 -.164.5 Oct. 25 163.6 161.9 Oct. 26 Oct. 27 Oct. 28 Oct. 29 as sugar ... Two weeks ago, Oct. 15 Month ago, Sept. 29 218 185 263 5,909 16,255 3,372 9,894 46 61 59 23 131 120 189 99 9,707 3,800 7,822 5,712 2,931 10,531 7,754 5,499 2,421 8,857 2,972 8,009 5,270 2,554 4,525 2,552 3,351 269 285 335 65 20 38 43 38 66,196 66,327 60,963 64,786 Terminal RR. Assn. of St. Louis Wichita Falls A Southern 3,389 3,830 19,330 Wetherford M. W. A N. W Total. other hand, coffee, sugar, hides, rubber and copper declined to com¬ new On the seasonal lows. THE 'ANNALIST" WEEKLY INDEX" PRICES OF WHOLESLE Oct. 26, 1937 Farm products Food products Textile COMM ODIATY (1926=100) 89.9 Oct. 19, 1937 Oct. 27. 1936 72.4 90.7 Building materials 80.7 *65.8 90.7 89.0 105.9 ....... 85.5 65.9 Fuels. 88.9 84.0 products 93.8 106.4 90.1 1936 160.2 161.4 1937 161.3 70.6 70.6 89.8 89.8 86.3 76.6 76.9 69.3 All commodities 89.9 91.4 84.7 Chemicals 172.0 _ _; ; _t _ ....... 66.4 185.4 Year ago, Oct. 29... ..181.6 .208.7 High—Dec. 28. Low— May 12. High—April 5— Low—Oct. 27... .162.7 228.1 ♦Revised. Regarding prices during October the "Annalist" also made available on Oct. 28 its monthly index showing that the of prices for October declined from September. monthly index follows: .160.2 average The Weekly Down Index 1.5 of Points dropped Wholesale During Commodity Week Ended THE "ANNALIST" some time," it On was 1 lA points, announced on bears fought for positions. most of the futures OF WHOLESALE COMMODITY"* (1926=100) Oct., 1937 Sept., 1937 Oct., 1936 as com¬ The bulls and All of the leading commodities, including the Farm 93.8 99.6 89.0 85.4 88.2 80.5 Textile products.. Fuels. 66.7 70.4 71.8 91.0 90.9 89.2 106.7 108.9 89.9 Building materials. 70.6 69.9 66.4 89.9 *89.9 86.3 Miscellaneous. largest Oct. 28 by the markets INDEX Chemicals "the Oct. 26 was at a fast pace in MONTHLY PRICES the index stood at 89.9, as pared with 91.4 on Oct. 19 and 84.7 on Oct. 27, 1936. "Annalist" also stated: Trading 256 5,947 18,663 Texas A Pacific Metals. Commodity markets continued ttTdecline during"the week ended Oct. 26 and the "Annalist" Weekly Index of Whole¬ sale Commodity Prices "Annalist." 885 5,776 18,485 St. Louis Southwestern Texas A New Orleans Oct. 26—October Average Below September break in 963 976 1,141 Miscellaneous Oct. 22 Oct. 23.... Prices . Quanah Acme A Pacific St. Louis-San Francisco.... was cocoa "Annalist" 357 grains and cotton, remained above the lows established last week. to The principal factors in the decline were lower prices of hogs and steel scrap. There were also declines for hides, rubber, wheat, corn, copper, cotton, wool and coffee. Silk Fri., 487 344 2,423 240 Lines. Wednesday. Thurs. 194 * Previous figures. Moody's Commodity Index Declines Sharply Moody's Index of Staple Commodity Prices continued decline sharply this week, closing at 161.3 on Friday, a 315 2,033 3,259 2,049 2,468 Note—Previous year's figures revised. compared with 166.5 1,694 1,415 Natchez A Southern 41 . 149 1,496 1,048 Missouri Pacific 197 2,096 281 . 1,389 980 A Nashville Macon Dublin & Savannah-. 274 237 546 Louisville 2,216 413 2,271 1,495 Louisiana A Arkansas... Louisiana Arkansas A Texas 174 Gulf Mobile A Northern Illinois Central System ... Kansas Oklahoma A Gulf. Kansas City Southern 1,420 Southern.. 567 Fri., Sat., Mon., Tues., Wed., 2,405 2,845 900 Gainesville Midland ...III.II" Georgia Georgia A Florida IIIIIII and 236 2,718 331 Florida East Coast. on 225 836 Charleston A Western Carolina Cllnchfield Columbus A Greenville made 216 260 258 Atlanta Birmingham & Coast-. Atlantic Coast Line Central of Georgia Mobile 232 296 International-Great Northern.. Alabama Tennessee A Northern Atl. A W. P —W. RR. of Ala.. A 188 Fort Smith A Western... Gulf Coast Lines Southern District— Durham 1937 16 Total Revenue Railroads Eastern District— Ann Arbor Oct. 30, Total Loads Received Freight Loaded Railroads Chronicle CONNECTIONS (NUMBER OF CARS)—WEEK ENDED OCT. 77.4 79.4 69.0 All commodities.. 91.5 94.4 84.7 products..., Food products Metals. * ......... Revised. Volume Wholesale the Week Ended Oct. 23, National Fertilizer Association to advances, the outnumbering modities ' /. the wholesale feed advanced 6.9% during the week. Crude rubber declined 6.4% and paper and pulp decreased 1.4%. Prices of Pennsylvania cylinder oil and soap products also declined. Automobile ' . prices for meats as well Lower the offset small downturn recorded since price average, food the in for dairy products, resulted taking it to the lowest Cotton and grains were early last summer. somewhat higher but recessions in livestock prices lowered the farm product price index to the lowest level recorded by it since July of last year. A decline in the textile price index followed the rise of the pre¬ ceding week; the trend of this index has been generally downward since last spring. A continuation of the decline in scrap steel and non-ferrous metals caused another drop in the index of metal prices, making the sixth consecutive week that this index has moved downward. The only group during index register to of prices more week, the an that representing the during the week was advance miscellaneous commodities, with advances in cattle feed prices offsetting a decline in rubber. The building material and material averages also fell off during the week. than fertilizer included in the index declined week there were 40 second preceding week there were 37 Thirty-seven price series and in the preceding advanced; 22 in advances; the did not change. during the week declines and 17 declines and 12 PRICE INDEX National Fertilizer Association. (1926-1928=100) Compiled by the Late 81 Per Cent Preced'g Week Week Each Group York and Chicago, lemons, alfalfa hay, fresh milk at San Francisco, alfalfa seed, flaxseed, timothy seed, and white potatoes in the eastern markets. The livestock and poultry subgroup declined 1.6%. apples at New eggs, Ago remained unchanged at 72.8. continued to decline. Raw silk, silk yarn, and burlap rose sharply. The clothing, knit goods, and woolen and worsted goods sub-groups remained unchanged at last week's level. The housefurnishing goods group index remained at 92.7/ Average whole¬ sale prices of both furnishings and furniture were stationary. The index of the Bureau of Labor Statistics includes 784 price series weighted according to their relative importance in the country's markets The index for the textile goods and manila hemp prices Cotton and is based on the average for 80.4 60.0 95.7 77.5 78.5 85.1 79.4 46.0 47.0 67.2 74.0 92.2 100.8 . ... Grains.. _ .... Fuels _ ....... 85.8 88.0 93.1 86.6 83.5 86.1 67.7 68.8 70.1 102.0 102.5 85.1 85.2 86.3 95.6 95.6 95.6 Fertilizer materials... 72.8 73.8 72.C Farm machinery 96.4 96.4 96.4 83.3 83.9 . ... .... ...... 1934 1933 84.9 85.2 86.0 86.9 87.5 81.1 80.3 76.2 70.9 80.7 80.3 82.7 85.4 87.3 84.2 78.6 70.8 55.6 85.0 85.4 86.9 87.8 88.7 82.1 84.8 75.4 64.2 96.5 95.1 84.5 87.7 71.2 72.8 69.9 79.6 77.3 74.3 75.0 74.5 products.... .... combined Commodity Prices Dropped 0.4% According to United States ment 79.5 95.9 95.6 95.8 96.4 86.3 85.9 85.5 82.4 95.4 95.9 95.9 96.2 96.5 87.3 85.9 85.2 83.5 80.6 80.9 81.2 81.0 81.2 82.3 81.3 77.2 72.7 92.7 92.7 92.7 92.7 92.7 83.2 81.9 82.8 81.3 71.5 67.4 69.8 65.2 of in It is 3% below the level of a month ago and 4.7% above that of a year ago. The Labor Department's announcement continued: In addition to the foods and hides and leather products groups, decreases were also registered in fuel and lighting materials, metals and metal pro¬ ducts, building materials, chemicals and drugs, and miscellaneous com moditias. Farm products was the only group which advanced. Textile products and housefurnishing goods remained unchanged at last week's January. level. index remained unchanged at 80.5. It is 5.3% corresponding week of Jast month and 1.9% below Semi-manufactured commodity prices with a decrease of The raw materials group The current index— corresponding week in September and 7.2% above a year ago. Average prices of finished products have declined consistently throughout October. This week's index—87.9—shows a decline of 1.8% from the last week of September but is 7.6% above the the level of the in meats and 0.1% in cereal products resulted in the Quotations were lower for butter, hominy grits, corn meal, dried apricots and prunes, cured and fresh pork, cocoa beans, coffee, copra, glucose, lard, pepper, raw sugar, edible tallow, and 0.5%. reported for cheese, flour, peaches, fresh fruits and vegetables, lamb, and corn oil. This food index-—85.0—is 4.2% below the corresponding week of last Higher cottonseed oil. and 3.5% prices were canned week's 85.4 76.4 88.2 88.7 fir, oak, and for fats, resulted in a Average prices for superphosphate, and tankage chemicals and drugs group index. * # 81.7 80.5 80.7 77.4 74.1 80.1 78.4 78.0 77.1 86.2 86.8 87.2 85.0 85.2 85.3 85.6 85.9 computed, Spend $125,000,000 on stores are spending that: disclose reporting companies remodeled 8.3% of all their 0.4% drugs New stores units. of the number in operation as of the identical companies, operating 13,026 stores, shows that whereas 468 new stores were opened this year there is a net increase of only 30 stores, the other 438 new units being relocations or being offset by discontinuance of units. The 1937 expenditures, reported by the chains, are $28,226,253 higher than the $97,310,000 spent by the chains in 1936, and 82% greater than the 1935 figures. The average spent per job this year, for new stores and remodeling work, is $11,537, indicating the strong trend to larger opened this year total only 3.2% first of the year. A study of 50 and finer Variety stores. and department store combined spent fields The spent amount Drug chains are second with a third with $11,064,725. All other $50,896,176. by all chains for air conditioning installations is $10,902,950—a new high for this purpose. The "Chain Store Age" survey covers expenditures made themselves without inclusion of expenditures by landlords to for erties chains hotels, as • •1- ^ Electric Edison Electric Institute, disclosed that the the service the survey. t During Week Ended 2,281,636,000 Kwh. Production Totals The by the chains prepare prop¬ Chain gasoline stations and banks and theaters are not included in chain store occupancy. such in amounts chains lead all other groups with a total of $49,248,472. $13,326,910, arid grocery chains expended total of Oct. 23 in its weekly statement, production of electricity by the electric industry of the United States for the week ended Oct. 23, 1937, totaled 2,281,636,000 kwh., or 5.1% above the 2,170,127,000 kwh. produced in the corresponding week of 1936. The Institute's statement follows: light and power PERCENTAGE INCREASE Major Week Ended Geographic Gel. 23. Regions 1937 OVER PREVIOUS YEAR Week Ended Oct. 16. 1937 Week Ended Oct. 9, 1937 Week Ended Oct. 2. 1937 0.7 1.1 4.1 4.8 3.6 6.3 5.4 Middle Atlantic 6.6 7.7 6.3 7.3 Central Industrial West Central 2.1 5.8 7.1 6.2 4.0 6.8 6.7 13.0 7.0 5.7 4.6 3.4 4.9 11.0 5.1 5.5 0.7 England Southern States Rocky Mountain Pacific Coast - remained steady. Lower prices * * * 89.5 85.9 Not New poplar lumber, yellow pine flooring, red cedar shingles, paint materials, gravel, and prepared roofing caused the building materials group index to decrease 0.5%. Yellow pine lath prices averaged higher. Brick and tile, cement, and structural steel decrease in the * * 89.1 than other month above that of last year. Weakening prices for douglas 83.9 products.. other than The than farm products," dropped 0.3% during the week. The index for the group—85.9—-is 1.9% below that for the week ended Sept. 25 but is 6.7% above the Oct. 24, 1936 index. Wholesale prices of industrial commodities, as measured by the index for "all commodities other than farm products and foods," fell 0.2% and are 1% below the level of a month ago. The present index—85% is, however, 6.1% above that of a year ago. Sharp decreases in wholesale prices of hides, skins, chrome calf and sole leather caused the index for the hides and leather products group to fall 0.7%. No changes were reported in prices for shoes and other leather products such as gloves, belting, harness, and luggage. Decreases of 1.4% 83.4 products and foods ther non-agricultural commodity prices foods group declining 82.5 * Store Modernization $125,536,253 for store mod¬ ernization this year, according to the annual survey to appear in the November issue of "Chain Store Age." Al¬ though this sum is 29% greater than the amount spent by the chains last year, there is no evidence of expansion by the chains this year but, rather, a strong trend toward improvement of existing units. The "Age's" survey will fur¬ corresponding week of last year. "all commodities other 82,1 87.6 Chains the index for the According to the index for 85.0 During Depart¬ commodity index has declined. It now stands at 84.9% the 1926 average, the lowest point reached since early point reached this year. 76.8 83.9 87.9 .... 76.6 82.1 81.9 _ . 76.3 80.5 commodities All wholesale commodity prices of the Bureau of Statistics, United States Department of Labor, declined 0.4% during the week ended Oct. 23, largely due to weakening prices for foods and hides and leather products, according to an announcement issued Oct. 28 by the Depart¬ ment of Labor. For the fourth consecutive week the all- 81.9—is 4.1% below 76.0 77.1 80.5 ...... commodities All Cliain 0.7% dropped to the lowest 76.3 TO.2 Finished products The index of that of last year. A Semi-manufactured articles Labor below .. _ Raw materials Labor of . 79.1 * Week of Oct. 23 ^ 95.6 farm Wholesale . . Miscellaneous. 79.9 87.1 _ 79.4 farm All groups 100.0 . Housefurnishing goods_..... 92.6 .3 .3 1935 Chemicals and drugs....... 74.6 Fertilizers 80.5 80.4 .3 80.5 1.3 1936 Building materials 67.8 6.1 28 1937 products........ Fuel and lighting materials.. Metals and metal products._ 96.2 Metals....-—--..-.——. Oct. 27 26 24 25 1937 Textile 82.4 Building materials Chernica s and drugs 7.1 ...— — Sept. 2 9 1937 107.7 108.1 108.2 108.3 Hides and leather products.. 106.9 74.5 73.9 73.3 72.8 72.8 85.8 — Oct. 16 1937 Foods 69.8 105.9 Textiles Oct. 23 Commodity Groups Oct. Oct. Oct. Farm 79.8 83.7 Miscellaneous commodities 8.2 ! ' Oct. All commodities.. 78.7 10.8 26, 1935, 1933: 1937 75.1 85.5 ——— . . ... the main groups of com¬ and for Oct. 24, 1936, Oct. the past five weeks for 27, 1934, and Oct. 28, 1936 85.5 Livestock the year 1926 as 100. table shows index numbers for The following Oct. 81.3 70.6 72.4 75.3 products......—— Cotton.. 17.3 87.2 68.8 46.3 Cottonseed Oil......... Farm 23.0 83.8 70.7 —— Portland (Oregon), month index—80.7—is 7.6% below a and 4.2% below a year ago. products group ago Oct. '24, 67.4 _ Fats and oils. The current farm products and wool. poultry at New York, dried beans, white potatoes at clover seed, oranges, Ago 83.6 Foods... 25.3 reported for cows, hogs, ewes, live Lower prices were Year 1937 16, oats, rye, wheat, for barley, corn, (1926—100) Month 1937 Totai Index Oct. grain prices. Quotations were higher calves, steers, lambs, wethers, cotton, principally to a 3.6% increase in due Oct. Sept. 25, 1937 Oct. 23, Group Bears to the dropped 0.1% due to bituminous for prices modities WHOLESALE COMMODITY and lighting materials group coal and Oklahoma gasoline. Anthracite averaged fractionally higher and coke remained unchanged. Wholesale market prices of farm products rose 0.5% during the week lower advances. WEEKLY . The index for the fuel in a point metal products group index advanced sharply. Average prices of motor vehicles, and plumbing and heating fix¬ agricultural implements, tures quicksilver, zinc sheets, steel, pig lead, lead pipe, caused the metals and Antimony prices 0.3%. decrease 79.9%. The Association's of Oct..25, continued: as several other food items, which more higher prices of effect steady. Falling prices for scrap pig tin, and pig zinc registered 87.1%, and a year ago than wholesale prices of cattle Average tires and tubes were com¬ compiled by the National Fertilizer Asso¬ ciation dropped to the lowest level yet reached in 1937, during the week ended Oct. 23. BaBsed on the 192G-28 aver¬ age of 100%, the index last week stood at 83.3% as com¬ pared with 83.9% in the preceding week. A month ago it modity price index announcement, under date unchanged at last week's level. According industrial com¬ products, foods and With declines in farm and mixed fertilizers were and pharmaceuticals Low Point Commodity Prices Reached New in Year During 2757 Chronicle Financial 145 Total United States. 5.1 5.0 5.3 5.5 2758 DATA Financial FOR RECENT WEEKS (THOUSANDS OF Per Cent Change Week Ended 1937 1936 1937 1935 1932 1929 from 14 2,261,725 2,300,547 .. 21 2,304,032 28 2,294,713 2,320,982 2,154,276 2,280,792 2,265,748 „„ 4 11 __ 18 25 Oct. 9 .... Oct. 16 23 Oct. 30--,... Nov. .. 6 1,821,398 1,819,371 1,832.695 1,839,815 1,809,716 + 10.0 + 8.0 +8.6 + 2.6 .. -- 1,426,986 1,415,122 + 4.4 1,851,541 1,857,470 1,863,483 1,867,127 1,863,086 1,895,817 1,897,180 + 5.5 + 5.1 + 5.0 + 5.1 1,724,728 1,729,667 1,733,110 1,750,056 1,761.594 1,674,588 1,806,259 1,792,131 1,777,854 1,819,276 1,806,403 1,798,633 1,824,160 1,815,749 1,431,910 1,436,440 1,464,700 1,423,977 1,476.442 1,490,863 1,499,459 1,752,066 1,827,513 + 12.4 2,175,810 2,275,724 2,280,065 2,276,123 2,281,636 __ Oct. +8.8 + 10.6 2,166.656 - 2 2,079,137 2,079,149 2,093,928 2,125,502 2,135,598 2.098,924 2,028,583 2,170,807 2,157,278 2,169,442 2,168,487 2,170,127 the 1,506,219 1,507,503 1,528,145 1,533,028 1,525,410 industrial for August, showing light and power statistics industry, 100% released were of the electric Oct. 26 by the on Edison Electric Institute: SOURCE AND DISPOSAL OF ENERGY AND SALES TO ULTIMATE CONSUMERS Month Kilowatt-hours Generated *(Nel): By fuel By water power the 7,070,637,000 3,028,404,000 6,412,827,000 2,752,734,000 + 10.3 10,099,041,000 Total kilowatt-hours generated Additions to Supply— 9,165,561,000 + 10.2 + 10.0 total the 292,858,000 109,907,000 ... 32% for 150,298,000 116,001,000 + 94.9 266,299,000 +51.2 43,125,000 107,020,000 41,436,000 114,451,000 Total 150,145,000 10,351,661,000 1,706,738,000 Total energy for distribution months Kilowatt-hours sold to ultimate consumers. Sales to Ultimate Consumers (Kwh.)— £,644,923,000 _ 1,381,889,000 1,538,853,000 Commercial—Small light and power (retail). Large light and power (wholesale) Municipal street lighting Railroads—Street and inter urban 5,071,578,000 153,833,000 326,464,000 96,633,000 75,673,000 Electrified steam. Municipal and miscellaneous. Total sales to ultimate consumers 8,644,923,000 $182,057,200 Total revenue from ultimate consumers i':/; + 9.9 + 11.9 Ended 1,179,829,000 1,360,637,000 4,487,257,000 187,965,000 340,066.000 97,174,000 70,485,000 + 13.0 in at Production industries. 1936 Change + 13.8 + 10.9 + 12.8 +27.6 —2.9 + 13.6 + 7.0 98,010,686,000 85,306,289,000 $2,158,757,800 $2,002,614,800 35.3 + 14.9 + 7.8 35.9 705 4.82 —6.8 $2.91 of $2.83 + 2.8 Aug. + 10.2 31 activity became the down¬ more a a about relatively high level for certain types of Regarding the survey, an announce¬ Oct. 27 by the Conference Board also said: fell off seasonal in the Domestic of 1937 by largely models electric power and somewhat because well into less than two the large month. orders were for machine tools dropped about 8% below the only 51% of those reported at the peak of recovery April. retail proportions prices, the during September, the production steel curtailed was seasonally adjusted basis, bituminous coal production advanced by 13%. On a similar basis, the index of machine tool orders rose sharply in September as a result of a material increase in foreign orders. last building, petroleum, production amount trade advanced during September. by substantially The dollar value of than more seasonal department store sales the recovery peak established in February. Department store measured by the Conference Board's index, continued upward, but as increase result that small was net not sufficient offset the to physical volume recovered and towns rural sharp rise in value, with the most of the August losses. Sales increased areas by almost double the usual five-and-ten-cent store sales also increased seasonal amount. more Variety seasonally. than and Country's Foreign Trade in September—Imports and Exports The Bureau of Statistics of the Department of Commerce Washington on Oct. 28 issued its statement on the foreign trade of the United States for September and the nine months ended with September, with comparisons by months back to 1932. The report is follows: as United States export trade again increased in September, after having advanced almost continuously in the preceding months of this year. The increase over the value of exports in and over the value of exports in Imports were August, 1937 $19,000,000 was September, 1936, $76,000,000 8% larger in value than or or 7%, 35%. a year ago, but showed a decline of 5% in comparison with the value in the preceding month Import trade has declined in value during each month since June, when it was 50% higher than in the corresponding month of 1936. Exports, including re-exports, amounted to $296,729,000, compared with $277,668,000 in August, 1937, and $220,539,000 in September, 1936. imports (goods entered for storage in bonded warehouses, plus goods which entered merchandising channels immediately upon arrival in the country) amounted to $233,361,000 compared with $245,707,000 in August, 1937 and $215,701,000 in September, 1936. Imports for consumption (goods which entered merchandising or con¬ sumption channels immediately upon arrival in the country, plus with¬ drawals 1937 Generating capacity (kw.)-—Steam. Total generating capacity In kilowatts.. Number of Customers— large). IIIIIIII I.II.Ill power Large light and power... Other ultimate consumers 24,079,100 34,236,725 . Domestic service Commercial—Small light and 1936 24,100,415 9,521,547 614,763 Water power Internal combustion Farms in Eastern area (Included with domestic) Farms in Western area (Included with commercial, 33,590,300 9,011,800 499,400 (863,605) (302,400) 22,123,271 3,848,704 (641,407) (236,638) 21,409,389 3,779,426 511,410 565,391 69,559 61,659 Total ultimate consumers 26,606,925 * As reported to the Federal Power plants not considered electric light Commission, with 25,761,884 deductions for and power enterprises. certain -*» Business Conditions Disturbed national Security The Bank of by Declines Markets, Montreal Montreal, in its Reports in Inter¬ Bank of "Business Summary" of Oct. 22, reported that "business conditions in the past month have been somewhat disturbed as a result of sharp declines in international Canada is security markets," and said that "so concerned this far as movement has developed in the face of improving trade and of maintained industrial activity as attested by official statistics and reports of private companies." The Bank continued: Apart from the serious reduction in this year's wheat output, the basic of the Dominion have been doing well, although there are now some indications of a possible lessening in demand for certain exportable commodities that are affected by developments in the United States, the Far East and in Europe, and by higher shipping costs. Figures available at the close of the summer industries tourist that tourist in any traffic has year since brought greater stimulus 1929. . . . to in Board Reports Down¬ Activity More Extensive Business General 777 4.49 as Production at Total kilowatt-hours generated. 114033160,000 101104 953,000 Purchased energy (net) 4,167,583,000 3,266,481,000 Energy used in electric railway & other depts 2,116,934,000 2,179,367,000 Total energy for distribution 116083 809,000 102192067,000 Energy lost in transmission, distribution, &c 18,073,123,000 16,885,778,000 Basic Information 1935. Conference in Automobile usual On + 7.4 73,792,220,000 64,830,631,000 40,240,940,000 36,274,322,000 Use)— Avge. ann. consumption per customer (kwh.) Average revenue per kilowatt-hour (cents).. Average monthly bill per domestic customer of of last year —4.0 Kilowatt-hours Generated *(Net): Kilowatt-hours sold to ultimate consumers.Total revenue from ultimate consumers Important Factors— Per cent of energy generated by water power Domestic Service (Residential months period same and 1936, production 1936. business producers continued —0.6 Percent power for the ingots August, nine-month merchandise. + 13.1 Aug. 31 1937 By water nine steel with extensive, to the regular monthly review of business con¬ by the National Industrial Conference Board. The only favorable developments were the increases in the esti¬ mates of crop yields and farm income and the maintenance + 7.3 + 17.1 V; i-v ^ By fuel The output first of tons compared according + 11.9 $169,636,200 as —18.2 7,723,413,000 the 126,695 ditions in Domestic service 12 Months —3.7 + 11.6 the of ending Trend trend Domestic 155,887,000 9,275,973,000 1,552,560.000 7,723,413,000 the During September reached Energy lost in transmission, distribution, &c above of +4.1 —6.5 1937 30, continuance of a During September and the first half of October —5.3 402,765,000 Deductions from Supply— Energy used In electric railway departments Energy used In electric and other depts that September, nine August level and Total output. National Industrial rather Energy purchased from other sources Net International Imports- been Canadian mills produced 2,729,089 tons September, an increase of 426,784 tons, or 18.5% over 1936. Production is now slowing up somewhat, a number of the mills having adopted a five-day week. in the ; has a high level, the September output of 312,351 being only slightly less than that of August and 16.1% higher than tons Percent Change the July was above ment issued 1936 58% over 66% retail 1937 production increase of 3% of demand of August there newsprint has continued at Consumers covering whole a a tons 1,077,462 ward following as an of gain a and August Sales of Electricity to and Revenues from The field castings, ward Ultimate Oct. marked activity which has been apparent throughout the year. The steel industry has been showing increased activity, the last official returns, those and 7 Oct. In direct steel 1936 Aug. Aug. Aug. Aug. Sept. Sept. Sept. Sept. Chronicle KILOWATT-HOURS) season indicate Canadian business than from warehouse for consumption) amounted to $234,076,000, com¬ pared with $249,083,000 in August, 1937 and $218,425,000 in Sept., 1936. There was a net balance of merchandise exports $63,368,000 in September as corresponding month of 1936. compared As with which of one amounted $4,838,000 result of the large a in to the export balance in September, the net balance of imports for the year to date was reduced from $112,000,000 at the end of August to $48,000,000 at the end of September. This latter figure compares with a net import balance of $33,000,000 in the first nine months of 1936. Larger shipments of agricultural products were mainly responsible for the increase in the export total in September, as was the Exports of cotton increased from raw case in August. value of $15,903,000 in August to $38,961,000 in September; unmanufactured tobacco exports increased from $8,814,000 to $22,359,000; and fruit exports (including nuts) were $7,251,000 and $8,180,000 in the two months, respectively. Among other exports of food products, fish increased from $807,000 in August to $2,064,000 in September. Exports of wheat did not reach so high a volume in September as in August; in the former month shipments were valued at $6,567,000 and in a the latter month, at $2,999,000. Exports of non-agricultural products September products, than in industrial the were somewhat preceding month. machinery, crude smaller in value in Shipments petroleum, of iron and lubricants, agricultural implements, and aircraft, declined in value in each steel lumber, case. Automobile exports totaled about the same value in September as in August; although exports of complete passenger cars were smaller than in August, exports of parts for assembly abroad were larger. The change in the import total from August was likewise mainly accounted for by the change in trade in agricultural products. As a result-of the larger United States crop this season, imports of corn decreased from $8,389,000 in August to $4,018,000. Imports of other agricultural com¬ modities, particularly feeds, vegetable oils, sugar and unmanufactured wool, were also smaller in value in September. Some imports iron and steel, of non-agricultural copper and siderably smaller in value cotton products and its also declined. manufactures were Imports of each August. Exports of domestic merchandise in the first three quarters of 1937 $633,000,000 greater in value than in the 1936. con¬ than in were January-September period of Of this increase $151,000,000 was the result of larger exports of Volume 2759 Financial Chronicle 145 SILVER BY MONTHS GOLD AND $106,000,000 the increase in machinery, $77,000,000 $82,000,000 was accounted for by increased iron and steel products, the increase in automobiles, and 25 million dollars about each were products. of petroleum shipments Unmanufactured cotton and grains larger in value than in the first nine than during the same have shown about the same cultural products products agricultural 1937 were 600 period of 1936. Agri¬ percentage increase as non- three quarters of Imports for consumption in the first periods. Notwithstanding the September, imports of corn, and oilseeds have been much larger in between these two 1934 1937 1936 1935 1934 months of 1936. million dollars greater in value Silver Gold 1935 1936 1937 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars 338 11 859 1,248 612 363 253 4,715 51 23,637 734 1,661 611 February 46 141 2,315 39 665 1,425 3,128 1,593 346 540 237 March 44 535 468 2,885 1,717 203 341 197 244 214 Exports— January ■ m m feeds, volume vegetable oils and meats than the first in Including Exports, Balance of Trade General Imports, and Re-exports, 4 1,638 166 77 81 2,404 114 59 695 206 1,789 1,547 138 32 169 1,741 2,009 143 278 14,556 22,255 102 86 42 204 285 76 117 260 268 2,173 310 242 127 512 411 140 170 99 1,424 1,162 1,698 1,014 1,472 769 236 12,678 16,551 17,260 18,801 2,050 May 6,586 June July August September 9 mos. end. Sept. 50,136 1,472 52,759 1,960 27,534 Imports— 1,000 1,000 1,000 February March Dollars Dollars Dollars Dollars Dollars 296,729 233,361 + 659,252 May 215,701 2,379,145 2,427.591 + 644,280 Imports. 1,734,865 1,768,339 April.. 220,539 4,838 63,368 June August 48,446 33,474 October. 1936 1935 1934 1933 1932 1937 1,000 1,000 1,000 Dollars Dollars Dollars Dollars Dollars Dollars Exports, Including Reexports— 1,955 11.002 4,490 2,821 4,435 13,501 4,989 3,165 10,444 23,981 6,574 6,025 4,476 16,637 4,964 8,427 121,199 210,810 75,962 92,249 190,180 November December 1,000 58,483 17,536 8,115 14,080 20,842 57,070 1,000 1,000 19,085 16,351 1,823 3,585 156,805 171,866 13,010 315,424 218,929 September 176,223 198,564 222,665 101,513 108,015 105,217 172,220 162,752 190,938 179,427 163,007 185,026 182,024 195,113 192,795 256,565 268,946 160,197 165,459 200,772 289,922 119,790 144,109 170,519 161,672 170,244 173.230 August 108,599 132,037 131,473 160,119 193,069 184,256 192,638 171,984 September 206,413 194,712 170,654 172,126 198,803 221,296 269,838 185,693 180,390 178,975 220,539 264,949 265,341 268,185 July 131,899 114,148 106,830 114,203 1455587 9 mos. end. Sept. 960,213 1024566 792,157 1740979 1144117 5,431 2,458 21,926 20,831 14,425 15,011 8,711 30,230 30,820 45,689 8,363 48,898 26,931 60,065 4,451 47,603 5,589 2,267 64,579 197,965 149,168 102,725 354,531 182,816 52,392 233,125 164,151 2,848 3,593 2,128 7,795 154.371 28,106 215,825 54,785 148,670 35,362 140,065 169,957 155.366 70,291 230,538 277,851 262,103 16,074 175.624 16,287 52,460 46,085 67,524 105,013 51,781 July. Excess of imports Month or Period 3,399 2,965 45,981 121.336 7,002 120,326 1,947 149,755 452,622 122,817 13,543 237,380 January 1,000 Exports. Excess of exports 652 27,191 12 mos. end. Dec. 1937 1936 1937 1,000 5 Decrease(—) Exports and Imports 1936 Increase!. +) Sept. 9 Months Ending September 51 49 April October MONTHS MERCHANDISE TRADE BY 62 December much larger value this year. been imported in have also other non-ferrous metals are crude rubber and Unmanufactured wool, leading commodities that months of 1936. nine 37 1,780 November recorded in some instances during recession 13 150,022 153,972 154,876 135,095 January. February March April May June ... 153,090 October November. 138,834 ..... 131,614 December 9 mos. 12 120,589 ended Dec.. 307,474 170,533 156,754 176,631 191,697 191,077 195,056 193,073 154,647 110,280 79,421 91,102 98,411 November.. 146,643 105,499 104,468 ..... October 150,867 128,541 133,518 97,087 December 136,109 127,229 119,513 131,658 129,635 150,919 132,258 154,918 1,036,633 1,242,243 ended Dec.. 1,322,774 1,449,559 1,655,055 ended Sept.. 1,015,720 169,030 161,647 189.357 169,385 186,968 Exports and Imports 244,723 2,422,154 or department-store sales. Increase!^-) Sept. 1937 1,000 1,000 1,000 1,000 1,000 Dollars Dollars Dollars Dollars 217,925 218,425 293,525 1,706,210 1,770,025 2,339,701 + 633,491 2,370,009 +599,984 1936 1937 1,000 1,000 Dollars Dollars 1,000 1,000 1,000 Dollars Dollars Dollars 173,560 195,689 219,063 99,423 169,577 159,617 160,312 229,671 106,293 103,265 187,418 176,490 181,667 111,845 157,161 159,791 179,381 192,405 189,574 197,020 117,517 167,902 159.128 167,278 181,386 256,481 141.573 167,865 177,006 264,614 129,315 169,851 169,683 274,197 157,490 188,860 203,536 196,040 218,184 175,825 217,925 192,156 168,442 267,258 262,173 223,920 220,931 226,666 146,906 151,048 151,403 132,268 128,553 February March April. May 118,559 November 109,478 104,276 106,270 129,538 151,035 136,402 December 128,975 — July ... September •October. 190,842 181,291 189,808 160,511 252,442 264,628 285,081 293,525 1,536,002 1,536,708 1,706,210 2,339,701 2,100,135 2,243,081 2,418,969 ended Dec.. 1,576,151 1,647,220 9 mos. ended Sept.. 1,159,739 1,085,279 i 12 mos. Imports for Consumption— stood at 128,976 168,482 186,377 228,734 84,164 125,047 189,590 130,584 123,176 91,893 88,107 153,396 141,247 152,246 175,485 166,070 194,296 199,776 260,224 295,929 112,611 147,467 166,756 189,008 May 109,141 123,931 141.018 135,067 155,313 194,311 June 112,509 281,287 278,642 278,722 124,010 173,096 180,381 197,458 263,312 200.783 249,083 234,076 February March April. 79,934 July.. November. December 9tmos. 149,288 137,975 125,269 95,898 October 12 117,262 149,893 104,662 105,295 September. i 147,599 127,170 149,470 126,193 93,375 102,933 August 152,714 189,806 162,828 218,425 213.419 200,304 179,760 240,230 168,683 GOLD AND and Net Balance 9 Months Ending Sept. September Exports and Imports 1937 1936 1,000 1,000 1,000 1,000 Dollars Dollars Dollars Dollars Dollars 652 than the output (re¬ shipments were 3% above shipments of that week; new orders were 7% below that week's orders, according to reports to the National Lumber Manufacturers Association from regional associa¬ tions covering the operations of important hardwood and softwood mills. Production in the week ended Oct. 16,1937, was shown by softwood mills reporting for both 1937 and 1936 as 14% below output in corresponding week of 1936; shipments were 20% below last year's shipments of the same week; new orders were 34% below orders of the 1936 week. The Association further reported; During the week ended Oct. 16, 1937, 547 mills produced 232,200,000 feet of hardwoods and softwoods combined; shipped 217,278,000 feet; booked orders of 183,695,000 feet. Revised figures for the preceding week mills was 3% less of the preceding week; figure) Mills, orders, feet; 561; production, 240,360,000 feet; 196,697,000 feet. regions but Oct. Southern cypress reported Southern pine, West 16. 1936 week. ended Oct. 16, 1937, by 467 soft¬ 20% below the production of the same mills. Shipments as reported for the same week were 207,608,000 feet, or 6% below production. Production was 220,172,000 feet. Reports from 97 hardwood mills give new business as 8,184,000 feet, or 32% below production. Shipments as reported for the same week were 9,670,000 feet, or 20% below production. Production was 12,028,000 feet. mills reported for the week totaled 175,511,006 feet, or Identical Mill Excess of 458 Exports...... 129 145,623 27,191 792,157 1,455,587 17L824 145(495 764(966 1,454(935 204 285 2,050 8,363 8,427 149,168 3,399 52,392 Imports Excess of Excess of 8(l42 147(118 48(993 — Automobile Production Year of the Census has issued the figures in the of factory sales of automobiles the United States (including foreign assemblies from parts manufactured in table below " "8(159 September Higher Than in The Bureau + 1,349 —96,776 made in the exports imports 218,615,000 respectively, 174,140,000 263,656,000 feet. + 663,430 42 Silver— Reports identical softwood mills was feet, and a year ago it was 253,110,000 feet; shipments were, 206,174,000 feet and 258,816,000 feet, and orders received, week's production —26,539 171,866 of exports of imports shipments, 209,987,000 orders below production in the Coast, California redwood and Cypress reported shipments above production. All regions but Northern hemlock reported orders below those of corresponding week of 1936; all but California redwood reported shipments below last year's week, and all softwood regions but Northern pine reported production below that of All week ended Last Excess week; 1937, by 3% fewer Last 1,000 Reported production slightly below the preceding Again all three items, as reported, corresponding week of last year. production reported for the week ended Oct. 16, National feet and Gold— Exports Imports lncrease!+) Decrease(—) 1937 1936 shipments. week's reported pro¬ business booked and shipments were above. were less than in the Lumber orders SILVER BY MONTHS Exports, Imports ended Oct. 16, 1937, of production and during the week business were new wood 1,506,512 1,770,025 2,370,009 1,019,237 1,031,285 1,222,365 1,636,003 2,038,905 2,423,977 ended Dec.. 1,325,093 1,433,013 Week Ended G8% of the 1929 weekly average 7% heavier than reported similar ended Sept.. mos. Movement, 16, 1937 66% of average 1929 shipments. The duction was 26% greater than new were: 92,718 134,311 129,804 January Lumber Oct. vised 1,000 Merchandise— August 1935 Dollars Exports—U. S. January June. 1934 1933 1932 Month or Period of Report The lumber industry Consumption 1936 234,07G calculation) 111.6 in August and with Weekly Dollars consumption index (111, by preliminary 101.7 in September, 1936. Slight increases from August to September in industrial production and in freight car loadings were enough to almost offset declines in bank debits and and Exports (U. S. rndse.).. September position of the The compares 768,339 2,427,591 1,501,775 2,047,485 Decrease(—) 1937 1936 265,223 245,707 233,361 an 196,400 9 Months Ending September 286,828 284,912 285,925 215,701 212,692 Merchandise and Imports States Exports of United during January- announcement in the matter, "which continued: 106,869 122,197 142,980 August-- said 1936, 192,774 and 113% of the 1923-25 average against 93% to 103% as 198,701 202,779 158,105 146,523 July... Imports for of between 110% 177.356 170,500 132,753 94,860 88,412 June mos. range 152,491 83,748 May 12 Co. September, 166,832 112,276 ...... 9 mos, a earlier, according to the Wells Fargo Bank & Union of San Francisco. The bank's index indicates year 277.709 135,706 131,189 126,522 March September a Trust 240,452 96,006 130,999 February April of 229.800 187,482 135,520 January activity has held steady since last averaging better than 10% above those business California level this year, General Imports— f tinued Above Year December at levels 226,364 223,469 Activity During September Con¬ Ago, According to Wells Fargo Bank & Union Trust Co. (San Francisco) Business California 277,668 296,729 1,568,271 1,734,865 2,379,145 ,187,479 1,105,030 1,561,022 2,455,978 .611,016 1,674,994 2,132,800 2,282,874 ended Sept.. mos. 191.313 12 mos.end. Dec. 1186671 of vehicles) United States and for September, reported as complete units 1937. Canadian production 2760 Financial figures have been supplied the Dominion by Bureau Chronicle the of Statistics. brackets made. Figures of automobile production in July, 1937, 1936 and appeared in the issue of the "Chronicle" of Oct. 2, are being made 1937, public 2142. page VEHICLES (INCLUDING United Slates (Factory Sales) Canada (Production) Total (All Passenger Trucks, Vehicles) Cars &c. end. mos. 311,456 82,866 10,742 5,814 4.928 171,203 118,671 52,532 4,417 1,926 2,491 3,793,342 3,077,488 715,854 161,671 117,076 44,595 1936— 271,274 ----- September Total 9 209,351 90,101 135,165 mos. end. Sept 61,923 4,660 2,789 1,871 45,064 4,655 2,223 2,432 This & Co., is Lamborn 2,712,836 622,894 125.738 97,878 27,860 181,130 56,270 7,657 5,003 2,672 or 1,786 in New York, forecast of 87,540 56,097 31,443 5,188 3,402 2,875,304 2,358,998 516,306 137,324 107,177 .... end. mos. Sept 6.6% 20 years. 30,147 1937, Consumption Rico at for Hawaii and Puerto by AAA—-Also Reports on Con¬ state year's long Sugar consumption quotas for Hawaii and Puerto Rico approved on Oct. 20 by Secretary of Agriculture Henry Wallace, it was announced that day by the Agricultural Adjustment Administration. The sugar quota for local con¬ A. for the calendar established was 1937 year at 30,600 in the short Territory tons, of value, raw while that for local consumption in Puerto Rico was fixed at 72,390 short tons, raw value. These quotas, it is ex¬ plained, have been established in accordance with the Sugar Act of 1937, and are contained in General Sugar Quota Regu¬ lations, Series 4, No. 3, approved Oct. 20. The AAA on Oct. 15 announced statistics on the distribu¬ tion of sugar for local consumption in Hawaii and Puerto Rico for three periods, and explained that the reports would be used in determining consumption quotas for the areas as required in the Sugar Act of 1937. Monthly reports will be included hereafter in the ^ monthly statistical statements of the Sugar Section, the Administration tion for the value) raw said. The distribu¬ for the three periods is as follows (short areas that this year's tons, raw sugar. 1,798,000 tons, outturn of years ago tons, the previous 1936-37 The year. ending Aug. 31, increase of 110,000 tons, an consumption the is largest on May 6, • London, export an long tons Sugar Agreement, which the world for quota was executed market 1937-38 for of allocated to Germany. was September Income from Farm Marketings Reported $64,000,000 Above Year Ago by Bureau of Agri¬ cultural Economics—Increase Over August Less Than were sumption the 1937 for Quotas Announced sumption in Two Countries Hawaii by the in Germany during the crop year sugar the over Under the International 118,104 Sugar is determination available 318,000 tons, or 17.7%. Seven Germany amounted to 2,491,000 said, adding: in firm Consumption of which 1937, is preliminarily placed at 1,775,000 tons, Total 9 the made by the Act required 2,116,000 at with last compares increase production 237,400 tons, data by La inborn 3,335,730 1935— September and crop with The 1937-38 beet .sugar crop in Germany is expected to be the largest in seven years, according to advices received an August.. 1937 accordance investigations It applies solely to the 1937 crop. production Sept in the Largest Beet Sugar Crop in Germany in Seven Years Trucks 394,322 ... time are ■ Predicted for 1937-38 Total {A 11 Pass'ger Cars Vehicles) 1937— August...-., September this at 1937 SO, deductions or CHASSIS) Year and Month ....; increases proportionate \ ; harvesting the now bearings and crop. NUMBER OF above .. Growers 1935 Total 9 Oct. indicated : increasing from August to September by less than the usual amount, income from farm marketings in Septem¬ ber was $64,000,000 greater than a year earlier, it was re¬ ported on Oct. 22 by the Bureau of Agricultural Economics,v United States 'Department of Agriculture. Total income from farm marketings in September amounted to $816,000,000, the Bureau reported, compared with $766,000,000 in August and $752,000,000 in September, 1936. Govern¬ ment payments under the Agricultural Conservation pro¬ gram increased the September income by $5,000,000, com¬ pared with $5,000,000 in August and $6,000,000 a year ago. In its announcement, the Bureau of Agricultural Economics also had the following to say: The increased income in last year, 12-month perined ended Oct. 31, 1936Calendar year 1936... -Puerto Rico 28,484 69,220 29,466 come 49,'o75 more the The information in the reports, the AAA pointed out, was obtained in connection with provisions of the Sugar Act of 1937, which requires the Secretary of Agriculture to estab¬ September, as compared with the same month entirely due to the larger receipts from the sale of as over a earlier were wheat and tobacco, and to year of which considerably were earlier. C:.v % - than in lower -V% During the first 9 months of the September C'C: same period been larger of 1936. Government thus far in 1937. " a year ■• 7 current year, cash income from the sale of farm products totaled $5,825,000,000 compared with the lesser extent a crops and fruits. 'The increases in income from these crops have than offset smaller receipts from such crops as potatoes and cotton, prices 68 427 24,086 January-August, 1937 was almost income from livestock and livestock products was only slightly larger than in Sept. 1936. Crops contributing most to the increased in¬ crops, truck Hawaii • . Usual While payments to $5,222,000,000 in farmers also have The total farm income, including Govern¬ lish quotas for the amounts of sugar which may be marketed for local ment payments, AAA August to September, farm income in September was 81% of the 1924-29 monthly average, compared with 85% in August and with 77.5% in Septem¬ ber last year. The failure of farm income in September to make the usual consumption in these Announces "Fair areas. Price" for Cane—Applies Solely The Louisiana to 1937 Sugar Crop Adjustment Administration announced Oct. 19 the determination of the "fair price" for the 1937 on Louisiana sugar as cane crop. The Sugar Act of 1937 requires of the conditions for payment to processors who are producers that they shall have paid or contracted to one also pay to other the producers prices for sugar Secretary of Agriculture determination Rouge, La., In was made Oct. 4. on accordance with season of the each one cane for cane 3%c. averages sugar 1937 fourth thus the of cent a receive season 314c. $3,50 not cane less than less not 3c. than 94c. for sugar than at raw less for par sugar pound. the pound, cane If than cent of the each of cent would grower ton of to pound, one- The grower would price of of par for sugar should average receive for par sugar $3.15 or ton. a would sugar cane the price, or $2.82 a ton. No provided for when the price averages below 2%c. per pound. basic rate for par sugar cane increases by not less than 3% when the price of sugar averages above 3^c. a pound. Thus, for example, if sugar should be 3%c. a pound, the growers would receive deductions are Similarly, ton sugar Par in for less not cane juice defined than purchase contracts, sugar year 1935 year, par than greater sucrose the is no below to not are content par each cent of be in the less than above by for a each sucrose the price processor well as basic 0.1 ton of of content normal for price, 1% falls and of the decline in to 9Vz%. paid use cane the at sugar in 1937 than that during the during that to are year sucrose 1935 juice maximum premium cane, be processor par during as in more his in For each 0.1 of par. minimum per the contracts paid by the the below l'21/2%, 2% those premiums or to be paid the purchase below processor no Premiums to in sucrose the containing the written. or more cane deducted above than until verbal minimum cane base price is more cane required by discounts those however, established for of sugar and similarly addition, for sugar as was containing cane as $1.03 August not seed, as was due well as be 1935. discounts least 0.7 the sucrose For prices of some a more than seasonal decrease fruits and with sufficient a offsetting increase in the volume of marketings. Income from livestock and livestock products, however, increased contraseasonal ly from August to creased and With September than offset the more as marketings of meat animals in¬ decline in meat animal prices. slight weakening in the domestic consumer demand for farm pro¬ ducts now in prospect for the remainder of 1937, it is probable that income a from farm marketings in October will also show less than seasonal increase. a ♦ Exports Sugar from Dominican Republic During Eight Months of Year Above Year Ago of First Sugar exports from the Dominican Republic during the eight months this year amounted to 428,114 metric valued at $10,690,770 compared with 383,881 metric tons valued at only $7,615,230 exported during the corres¬ ponding period of last year, according to the Foodstuffs Division of the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, based upon re¬ ports from Ciudad Trujillo. An announcement by the Com¬ merce Department also said: first tons Because of the result of the quota restrictions which went into London effect Sept. 1 as a Sugar Conference, practically the entire exportable surplus of Dominican sugar had been exported before that date, the re¬ port stated. Although figures are not yet available, it was estimated to 10,000 short tons ago, it was The Dominican London on hand at the mills Aug. 31 on compared with 68,000 tons on was only 8,000 the same date a year reported. administering the the as Sugar export Conference, Institute quota was which allotted established was to charged the by with Dominican law during the task of Republic by September, ac¬ cording to the report. no In are 1% increase in maximum principally to from vegetables. Prices of of these crops declined sharply from August to September and were accompanied locally that sugar stocks is cane normal defined than ton. sugar the cane a cotton many the per of $3.86 Oi* and the on 1937, per over in income from grains and a less than usual increase in income from cotton ptir per ton 3%c. price of sugar, a for based 18, sugar or 14% larger than in the corresponding period of last year. After allowing for the usual seasonal changes in farm marketings from the price for each the the price of pound, the rate for for if $1 Oct# of the base per price" than below 3^c. for sugar sugar, period averages raw "fair less not the of the 3% tor each a paid), price of 6ugar per 97c. be of more in 3Y2c. of 3%c. If sugar should be quotations ton a if the price (duty pound of the price of price decline public hearing in Baton a is established crop the averages instead pound per price The The announcement of the AAA said: deduct not may following determination, per cent average of weekly March 1, 1938. If processors the determined by cane to be fair and reasonable. was $743,000,000 increase Agricultural for the first 9 months of this year of $6,175,000,000 1% discount content between Increase Jan. Noted 1 to in Cuban Sept. 15 as Raw Sugar Exports from Compared with Same Period of 1936 Cuba's export trade in raw sugar from Jan. 1 to Sept. 15, 2,123,588 long tons, compared with 2,075,597 long tons in the same period of 1936, according to 1937 amounted to Volume available made statistics and reported to the in Habana Domestic Commerce, United States Department of Commerce, by Albert F. Nufer, American Commercial Attache,' Habana. Of this total, 1,606,512 long tons were shipped to the United States during the period under review compared with 1,370,670 long tons during the corresponding period of 1936, it was reported. Sugar stocks in Cuba on Aug. 15 aggregated 1,141,271 long tons com¬ pared with 958,852 available on the same date a year ago, according to the report. : Bureau of Foreign and Wheat by Affected Outlook Price Several daily total 23,000 barrels below the In its current wheat ment of Agriculture, said that wheat prices depend on a Depart¬ during the next number of factors including crop Argentina and Australia, reports on areas of next year's crop in the Northern Hemisphere, Soviet Russia's policy regarding exports, developments in the European political situation, and general business sentiment. An announcement by the Department of Agriculture summarized the Bureau's report as follows: prospects in and sown progress The world wheat crop for now 1937-38, excluding U. S. S. E. and China, is 3,809,000,000 bushels, slightly more estimated by the Bureau at than of the past two years. The combined wheat crop of Argentina and Australia is still estimated at about 40,000,000 bushels smaller than last year. Drought has prevailed over large areas in these two countries. The wheat crop estimate for China is for 140,000,000 5% above the world harvests bushels less than the 1931-35 average. Wheat exports to from the United States from July 17,000,000 about bushels. 1 to Oct. 15 amounted shipping The extreme shortage of ocean small exports, the Bureau said. It is pointed out, however, that the spread between wheat prices in the United States and those in importing countries has widended recently, thus tending to offset "the highest ocean freight rates in recent years." "Cheaper offerings from other countries and the uncertainty regarding the quantity of Russian shipments," it was reported, "also have been significant factors in reducing the foreign demand for United States wheat." Soviet wheat exports are still uncertain, it was said, as prices are dependent accounts in part for these space Govermnent policy. upon Moisture conditions for the winter wheat crop in this country are better than they were a year ago, areas are generally the Bureau reported, but some western still very dry. Textile Institute Exchange annual meeting of the in New York Oct. 27, stated that Chief of the Commodity Administration, speaking before the Cotton-Textile Institute that the the purpose of that Federal agency was to insure futures markets in agricultural commodities are conducted honestly and free of manipulative and artificial influence. He said: being received daily by the Com¬ will be summarized and published in the information will enable cotton merchants and manu¬ Reports on cotton transactions now modity Exchange Administration near This future. facturers to judge what futures are most liquid and to determine more It will tell them when open com¬ mitments in any future are on the increase or decrease and will give informa¬ tion of value in connection with the shifting of hedges from one delivery month to another. These reports will also serve as a warning to the Administration in those cases where a cotton merchant has his own short intelligently their hedging policies. which his call sales are based. accounts are not of special importance to the CEA unless a number of are controlled by one person acting under power of attorney and hedges placed in futures other than those on Small them directing the trading for all such accounts. Mr. Mehl concluded his talk (1) mechanism. (2) extremely sensitive and delicate market \ impartial and unbiased manner to advantage to any inidvidual or group. Commodity exchanges are public markets and must serve the general The CEA must function in an avoid giving competitive (3) public interest. Petroleum and Its Products—Oklahoma and Kansas Quotas Below Bureau of Mines' Recommenda¬ tions—Daily Average Crude Output Up—Petroleum Stocks Show Sharp Slump—API to Elect New Directors—Madison Trial Continues Fix Kansas and Oklahoma control agencies acted this week to below the recommended figure of the United States Bureau of Mines, following the leadership of the Texas Railroad Commission, which already had fixed November allowables for that State at a daily average more than 60,000 barrels under the Federal sug¬ pare their November allowables gestion. Corporation Commission fixed the daily allowable for next month at 180,215 barrels, off 5% from the 189,700-barrel level suggested by the Federal agency, which was in turn a cut from the 199,200-barrel level recommended for the current month. The Kansas Commission set an October allowable of 193,800 barrels The Kansas average daily in contrast to the higher market estimate of the Bureau of Mines. production and the level to meet market de¬ month again widened during the Oct. 23 period after having come within approximately 10,000 barrels of meeting the recommended total earlier in the month. The American Petroleum Institute reported a gain of 11,150 barrels in the Nation's daily average produc¬ tion for the latest period lifted the total to 3,613,300 barrels. This compared with the 3,568,100 barrels suggested by the Bureau of Mines, and actual production in the comparable period of 3,083,050 barrels. 1936 Only two of the "Big Five" oil-producing States showed gains but they were sufficient to wipe out the effect of les¬ productions in other areas and establish a net gain for period. Texas production gained 5,650 barrels to 1,466,450 barrels, far above the State allowable of 1,427,767 and the Federal figure of 1,430,300 barrels. An increase of 5,300 barrels for California lifted the aggregate there to 704,300 barrels daily, against the joint Federal-Industry recommended level of 660,000 barrels. sened the Oklahoma producers cut down production by 5,650 barrels daily, the resulting figure of 589,800 barrels being under both the State quota of 600,000 barrels and the Bureau's level of 629,200 barrels. Kansas also held below both of its quotas, the total of 185,850 representing a decline of 5,850 barrels compared with 193,800 and 199,900 barrels, respectively. production dipped 2,150 barrels to 244,700 bar¬ rels, against the State quota of 266,700 barrels and tjie Bureau of Mines' estimate of 254,600 barrels. and Louisiana joined the ranks of oil States controlling produc¬ proration order on Oct. 23. The Conservation Commission set a maximum daily allow¬ able of 10,000 barrels for the Miller County area, included in the tri-State Rodessa fields. The active drilling campaign Arkansas tion with the issuance of its first there, with its threat of over-production, combined with the fact that the parts of the field lying in Texas and Louisiana were under strict control of their respective control boards, credited with bringing Arkansas "into The new the fold." will mean a allowable for the Miller County area reduction of 5,000 barrels daily in production there. Under well is 50% bot¬ tom-hole pressure and 50% acreage with a top allowable of 400 barrels on a 40-acre tract; 300 barrels for a 20-acre tract, and 250 barrels for a 10-acre tract, with the same bottom-hole pressure. The orders affect only Miller County. Stocks of domestic and petroleum crude oil held in the United States showed a sharp contra-seasonal contraction during the week ended Oct. 16, dipping 1,112,000 barrels to 307,897,000 barrels, the United States Bureau of Mines announced on Oct. 27. The decline was eomjirised of drops of 885,000 barrels and 227,000 barrels in stocks of domestic and foreign crude, respectively. Current stocks, however, are still around 20.000,000 barrels above the 15-year low new set last ruling, the basis of allocation per January. The terms of office of 51 members of the board of direc¬ American Petroleum Institute expire tors of the 18th annual meeting of during the the trade organization to be held in Chicago Nov. 8 to 12, and will be filled by election during its sessions. The nominations for membership on the board will be made by the Board of Councillors, which is scheduled 10, and the elections will be held at the general session later in the day. Testimony in the anti-trust suit against the major oil companies indicted by the Madison Federal Grand Jury continued along the same lines as earlier during the week with defense attorneys endeavoring to strengthen their con¬ tention through witnesses that the acts complained of were initiated and committed with Government approval, and the prosecutor seeking to prove otherwise. Witnesses for disappointing, dispatches indicating of several "key" witnesses failed to prove damaging to the defense contention. Inter-office communi¬ cations seized from various oil companies were introduced into the case late in the week to bolster the Government's the Government were that testimony argument of conspiracy. The Mexican Government late in the week issued orders petroleum industry, requiring all unions to go through a series of actions before any strike is voted. Antonio Villalobos, of the Mexican Labor Depart¬ ment, warned that the wave of strikes were bringing the labor movement into disrepute and inasmuch as they cur¬ tailed tax revenues were also a danger to the country's tending to curtail strikes in the economic stability. There were no crude oil price changes Prices of Typical (All gravities where A. P. I. degrees are not shown) 22.35 Lima (Ohio Oil Co.) 125 Corning, Pa. ....... 1.27 Illinois. -—1-35 Western Kentucky 1.40 Mld-Cont't, Okla., 40 and above.. 1.30 Rodessa, Ark., 40 and above 1.25 otnackover, Ark., 24 and over 0.90 Bradford, Pa posted. Crudes per Barrel at Wells J 1.27 1.35 Eldorado, Ark., 40 Rusk, Texas, 40 and over Darst Creek Central Held. Mich - 25,000 barrels from its October allowable barrels daily was ordered by the Oklahoma Cor¬ A reduction of of 600,000 regulatory mand during the current to meet Nov. by emphasizing three facts: The CEA is dealing with an level suggested by the set by the State between actual October The gap the J. M. Mehl, Assistant was estimated by the Bureau as necessary was Impartially Enforced Mehl, Assistant Chief of CEA, Tells Cotton- Commodity Exchange Act Will Be J. M. allowable conformance with recommendations of Okla¬ homa's leading producers submitted to W. J. Armstrong, the agency's chief conservation officer. Oklahoma currently has a State quota of 600,000 barrels, in contrast to the 629,200-barrel figure of the United States agency. Factors Agricultural Economics, United States of new in agency Agricultural Economics situation report, issued Oct. 23, the Bureau The Bureau. Reports Bureau of few months 2761 Financial Chronicle 145 poration Commission for November, which represents a Sunburst, Mont HuDtington, Calif, 30 and over . Kettleman Hills, 39 and over Petrolla, Canada. ..... 1.09 1.42 1.22 1.22 1.43 2 10 2762 Financial REFINED PRODUCTS—SUN FI^EL PRICES—MOTOR OIL CUTS STOCKS PENNSY SHOW Chronicle SEASONAL Oct. 30, DAILY GASOLINE 1937 AVERAGE CRUDE OIL PRODUCTION RISE- (Figures In Barrels) REFINERY OPERATIONS, CRUDE RUNS HOLD UNCHANGED FUEL STOCKS OIL NEAR 120,000,OOO-BARREL B. of M„ MARK counties 9 to cents 264,400 206,750 Coastal Total Louisiana in several a one cent a J__$0.7% Socony-Vacuum.. .08 reductions did Tide Water OU Co .08 % .$.07% .08% Chicago Colorado ports... Tulsa I North Texas INew $.04 $.05% | Los Angeles.. .03%-.05 I $1.35 2.201 (Bayonne)— I Chicago— 27plus $.04% I 28-30 D Tulsa 03%-.04 | Oct. $.1651 Boston current Buffalo I .18 $1.75 Chicago 177 Institute estimates Week that the This was a gain of output of the previous week, and figures remained above the week's for the at for 3,568,100 the four Further details, as a States daily average 138,429 the four weeks of ended barrels Oct. 23, 1937, is daily average output 1936, totaled 3,083,050 barrels. reported by the Institute, follow: the 118,000 the Oct. 9 and 23 week The and receipts use ended' barrels, week ended Oct. California compared ended Oct. for of barrels for Receipts week ports aver¬ Oct. 24, Imports of petroleum for domestic United Daily weeks ended 3,610,500 barrels. week ended +5,850 2,912,450 2,499,550 +5,300 698,050 583,500 Stocks of Finished and Unfinished Gasoline Stocks of Finished Reporting Rate East Coast-. Total 669 P. C. P. C. Aver- Oper¬ At Re¬ age ated Unfin'd Gas of Terms., Nap'tha Daily tial and fineries i 669 100.0 576 86.1 5,265 dec. Fuel Distil. OU 11,673 1,189 15,640 Appalachian. 146 129 88.4 102 79.1 843 1,564 240 529 917 489 92.4 454 92 8 5,617 3,735 587 7,349 3,444 2,207 452 383 84.7 285 74.4 Inland Texas 378 355 201 56.6 3,927 139 69.2 Texas Gulf.. 1,451 145 320 833 797 95.7 710 89.1 6,070 342 174 168 96.6 1,810 1,810 11,342 126 75.0 955 671 453 58 63.7 52 89.7 201 107 89 78 62 69.7 47 75.8 821 746 90.9 582 78.0 1,179 8,592 2~283 3,702 Mt 89.0 3,073 83.0 91 - Reported 85 ^3,527 ft 455 9 1,470 666 70,651 33,617 22,727 457 307 2,610 710 4,159 4,159 3,380 3,380 36,227 35.672 23,437 23,076 6,890 119.634 7,012 119,155 z3,005 Estd.unrepd. 31,754 19.524 6.419 112.857 6,610 116,284 280 3,350 4,159 4,159 U.S. B.of M. Estimated Bureau of Mines' basis, z Oct. 1936 daUy average. Companies ended Oct 23 compared Oct. 16 bond at principal totaled 826,000 barrels, with and in a daily 144,179 average barrels totaled at Atlantic and Gulf Coast ports 259,000 barrels, a daily average with a daily average of 31,571 barrels for 18,671 barrels for the four weeks ended Oct. of daily for 23. oil Gain 252,000 Customers in Eight Months Domestic customers served by manufactured and natural utilities totaled 15,816,700 on Aug. 31, an increase of 252,000 during the first eight months' interval, it on for of the the 37,000 Oct. 22 by Paul was an¬ Ryan, Chief Statistician of the Gas Association. He stated that this gain in reflected in the fact that more than a million gas ranges were sold in the country during the first eight months of 1937. This was an increase of 13% over the first eight months of 1936. Approximately 80% of such sales consisted of relatively customers is high-priced ranges modern automatic incorporating features, such as oven-heat control, &c. Revenues of manufactured and natural gas utilities the oil-producing States during October. estimated 4,900 80,900 3,613,300 + 11,150 3,610,500 3,083,050 to Stills Poten¬ nounced barrels calculated by the United States Department of the Interior to be the total of the restrictions imposed by the various age production 15,500 gas 3,613,300 barrels. 11,150 barrels from the 704,300 Crude Runs $.02%-.03 I $.053 Petroleum was 2,909,000 x66C,000 District Gas Terminal or average gross crude oil production for the week ended 23, 1937, 30,450 41,650 1.35 Crude Oil Production During Ended Oct. 23 Placed at 3,613,300 Barrels American 660,000 $.105 Average The daily + 200 104,000 Capacity American Daily —250 104,050 xOct. 23 '36 I Tulsa I Newark .19 ... —50 Daily Refining Oct. 23 '37 Not including 2% city sales tax. ■ + 7,250 17,500 4,100 CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL, WEEK ENDED OCT. 23. 1937 Rocky Gasoline, Service Station, Tax Included Brooklyn 63,560 | N. Y. ■ + 650 3,568,100 x $.19 28,150 114,600 54,250 Recommendation of Central Committee of California OU Producers. Note—The figures indicated above do not include any estimate of any oU which might have been surreptitiously produced. Oct. 16 '37 | New Orleans C $1.00-1.25 PhUa., Bunker C Gas Oil, F.O.B. Refinery New York 233,700 42,300 134,850 53,950 58,950 17,850 4,400 106,600 131,800 Orleans.$.05%-.05% I California 24 plus D Diesel 28-30 D 250,950 x Fuel OU, F.O.B. Refinery or Terminal Bunker C —2,150 +3,950 +2,100 106,400 California........... Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery (Bayonne)— 76,1.50 157,550 xEst.tot.U.S. New York * Mexico. California... -.05% .06%~.07 .05% 05%-. 05% Orleans. Gulf .07% . Richfield Oil(CaL) .07% Warner-Qulnlan.. .07% (Bayonne) 78,400 172,550 + 650 $.05 New . Shell Eastern. —2,800 17,600 4,500 No. La.-Ark. Other Cities— Gulf 180,200 +5,650 1,468,900 1,194,700 57,300 Montana Mo gallon in gasoline The Octane), Tank Car Lota, F.O.B. Refinery Texas 170,900 La. Gulf New York— Stand. OU N. —1,950 71,500 438,600 Ind.,111., Ky. Okla., Kan., Pennsylvania counties. U. S. Gasoline (Above 65 112,550 480,750 264,050 211,500 +500 +4,600 a Philadelphia price structure. New York— + 1,700 + 150 64,850 65,300 33,800 169,550 244,700 266,700 Total east of Calif.. 2,908,100 reduction of + 250 43,500 Michigan Wyoming.... New + 150 36,000 128,800 Eastern o. Representative price changes follow: dealers 168,550 75,800 74,250 34,200 215.800 46,950 254,600 Arkansas off 25,000 barrels to a daily average of 765,000 barrels. Stocks of gas and fuel oil climed 479,000 barrels to come within striking distance of the 120,000,000-barrel level at 119,634,000 barrels. to 586,450 185,550 73,900 170,800 Louisiana gasoline Oct. 23—Sun Oil Co. posted Week 588,150 +250 1,430,300 1,427,767 1,466,450 North Louisiana the There was no change shown in refinery operations at 83%, daily average runs of crude oil to stills also holding un¬ changed at 3,380,000 barrels. Production of cracked not affect the —6,650 —5,850 185,850 79,000 74,750 34,650 215,700 109,200 482,000 Total Texas expiring contracts. was 589,800 600,000 193,800 Southwest Texas. Coastal Texas barrels, as consumption lagged in response to the usual seasonal slip in consumption at this time of the year, according to the report of the American Petroleum Institute. Refinery stocks climbed 555,000 barrels, and bulk terminal stocks were up 361,000 barrels. Holdings of unfinished gasoline dipped 122,000 barrels. N. Y. 629,200 199.900 East Central Texas... East Texas Stocks of finished and unfinished motor fuel rose 794,000 barrels during the Oct. 23 week to 66,554,000 prices 1937 West Central Texas— West Texas b., duty-paid, bunker 1937 Week Oct. 24, 1936 North Texas Atlantic ports at a flat price of $1.05 a barrel, f. o. b., ter¬ minal, while a maximum price of $1.25 per over Oct. 23, i The Standard Oil Co. of New Jersey is making contracts for bonded bunker fuel oil "C" for the calendar year 1938 with steamship companies at all United States North barrel Previous Panhandle Texas. products market firmed up with the consumption of gasoline reported far ahead of normal demand for this season. Exceptionally favorable weather saw the roads throughout the East clogged and the contra-seasonal spurt in disappearance aided the New York 5 cents Ended Oct. 1 Oklahoma. local refined terminal, will be offered on domestic, or This price basis represents an increase of Ended Kansas week-end fuel oil. Weeks from lations not affected. barrel, f. Change Ended Oct. 23, 1937 (October) a bulk market to strengthen. Fuel oils responded to approaching cold weather with other products quiet. Week Allowable Calcu¬ gallon to dealers. The new prices, posted Oct. 23, affect Lancaster, York, Adams, Franklin Dauphin County south of Spieceville, and a portion of Chester County. Philadelphia prices The State Interior and Cumberland counties, were Four Devi. of Scattered price reductions in gasoline continued to feature the week's news in refined products, with Sun Oil Co. re¬ ported posting cuts of a cent a gallon in several Pennsylvania aggre¬ gated $541,061,400 for the first eight months of 1937. This was an increase of 4.6% over the corresponding period of 1936. Revenues from industrial and commercial users creased 11.5%, while revenues from domestic in¬ customers gained 1.4%. Manufactured gas industry totaled $240,695,900 Revenues from manufactured gas gained revenues for the first eight months, a gain of 0.8%. industrial and commercial uses of 6.2%. Revenues from domestic uses, such as cooking, water- heating, refrigeration, &c., were 1.1% less than for the corresponding period of 1936. Revenues of the natural gas industry for the first eight months year amounted ago. while to $300,365,500, a Revenues from industrial revenues from domestic uses gain of uses 7.8% over a increased 17.5% gained 3.7%. week 23. Reports received from refining companies owning 89.0% of the 4,169,000barrel estimated daily potential refining capacity of the United States indi¬ cate that the industry basis, 3,380,000 barrels companies had in whole as a of crude ran to stills, on a oil Bureau of Mines daily during the week, and that storage at refineries, bulk terminals, in transit and all in pipe lines as of the end of the week, 66,554,000 barrels of finished and unfinished gasoline and 119,634,000 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 whole, on a Bureau of Mines daily during the week. basis, produced an average industry as a of 765,000 barrels Weekly Coal Production Statistics The National Bituminous Coal Commission, in its weekly coal report, stated that the total production of soft coal in the week ended Oct. 16 is estimated at 9,550,000 net tons. Compared with the preceding week, this shows an increase 100,000 tons, or 1.0%. Production in the corresponding of week of 1936 amounted to The cumulative 9,733,000 tons. production of soft coal for the year to date stands 7.8% ahead of 1936; the total of all coal, 5.9% ahead of 1936. Volume Financial 145 weekly coal weeks the pro¬ duction of anthracite in Pennsylvania has shown an increase over the preceding week. For the week ended Oct. 16 total output, amounting to 1,150,000 tons, gained 1.3% when compared with the week of Oct. 9, and was 11.1% above production in the same week of 1936. States The United of Bureau Mines, in its 2763 Chronicle PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND CEMENT. BY DISTRICTS, IN SEPTEMBER 1936 AND 1937 statement, reported that for five successive The organizations follows: ESTIMATED UNITED STATES COKE Barrels) Stocks at End Production District Eastern Pa., N. J., 2,318 1,779 2,192 and Md 1936 1937 1936 of Month Shipments • 1936 1937 2,254 1937 3,550 BEEHIVE PRODUCTION OF COAL AND (IN NET TONS) 820 718 801 808 Ohio, western Pa. and W. Va 1,305 1,059 1,308 1,256 Michigan above-mentioned report of both of the consolidated (In Thousands of 1,030 874 1,238 1,116 Wis., Ill,, Ind., and Ky 1,465 1,011 1,215 1,423 1,418 1,104 971 1,196 1,298 1,617 1,140 1,382 2,110 851 807 836 865 4,456 1,694 2,739 1,920 1,946 1,686 2,166 1,596 1,564 2,631 1,017 1,556 New York and Maine Va., Tenn., Ala., Ga.f Fla., <fc La. East. Mo., Iowa, Minn. & S. Dak W. Mo., Neb., Kan., Okla. & Ark 1.673 1.674 Bituminous coal: 1936 Oct. 17, Oct. 9, 1937 1937 Texas 595 574 450 581 731 745 Colo., Mont., Utah, Wyo. & Ida. Oct. 16, Week Ended— 290 321 316 312 348 F 449 1,098 882 1,183 938 1,324 1,345 California a Dally average 9,733,000 9,450,000 1,575,000 c9,550,000 cl,592,000 Total, including mine fuel Total Pennsylvania anthracite: b 1,135,000 191,700 189,200 172,500 1,095,000 1,081,000 986,000 56,100 9,350 51,500 8,583 54,200 Dally average... Commercial production.! Beehive coke: United States total Daily average 329,974,000 1,333,000 423,403,000 1,702,000 h43,116,000 h56,221,000 159,900 179,300 233,800 Dally average Commercial March April August 21,977 and statistical convenience the production of lignite and anthracite and semi-anthracite outside of Pennsylvania, b Includes washery and dredge coal and coal "hipped by truck from authorized operations, c Subject to revision, f Sum of 42 full weeks ended Oct. 16, 1937, and corresponding 42 weeks of 1936 and 1929. g Comparable data not yet available, h Sum of 41 weeks ended Oct. 9. I Excludes mine fuel. of historical comparison WEEKLY PRODUCTION OF COAL (IN THOUSANDS OF NET TONS) ESTIMATED BY STATES 11,503 12,599 September. 5,428,300 4,820 11,377 12,347 October 12,470 10,977 8,971 1937 24,394 J 5,163 7,879 22,971 21,126 20,571 20,431 19,281 18.975 18,920 18,738 25,059 j 25.622 1 25,747 i 11,890 12,645 12,619 13,089 8,942 6,246 112,396 1936 22,686 10,272 11,240 11,104 July 1,190,500 11,132 - Includes for purposes 6,616 6,837 8,443 10.402 11,634 11,163 11,597 Stocks at End of Month 4,689 3,917 3,177 7,186 9,182 May.. 2,749,700 United States total 1937 1936 June g g Beehive coke: a Shipments 1937 3,650 3,475 6,311 8,612 January February g production.! Dally average STOCKS OF FINISHED PORTLAND Production Month h38,459,000 Total, including mine fuel 647 21,389 (In Thousands of Barrels) 1936 Daily average 560 18,738 Cement, by months 355,705,000 1,437,000 Pennsylvania anthracite: b 604 12,773 9,033 Bituminous coal: a Total, including mine fuel 483 12,619 PRODUCTION. SHIPMENT8, AND 1929 1936 1937 f— 486 11,223 1,035,000 1,150,000 Total, including mine fuel Calendar year to date 475 12,347 Oregon and Washington 1,622,000 25,4931 112,566 November December .... Total a 12,521 11,823 12,624 11,804 11,223 12,237 12,291 12,773 24,011 23.370 a22,940 21,389 18,079 20,117 22,441 Revised. compiled from reports for September, re¬ manufacturing plants. Note—The statistics given above are ceived by the Bureau based on railroad car loadings and river shipments and are subject to revision on receipt of monthly tonnage reports from district and State sources or of final annual returns from the operators.) of Mines from all (The current estimates are Non-Ferrous Metals—Prime State Oct. 9, 1937 p 1937 10, Oct. 12, Oct. 12. Oct.Av. 1923 e 1929 1935 1936 r p 2 Alaska. 2 251 239 3 3 Alabama... .... ... 227 8 8 ....... 382 16 398 92 95 83 101 138 88 168 190 163 206 217 l 1 1 1,100 1,153 1,173 1,135 1,318 1,558 389 363 384 376 520 developments in securities 349 67 73 73 77 83 116 feature in 161 Colorado 1 Georgia and North Carolina..... Illinois.. Indiana Iowa ........ ; s 8 134 137 187 160 864 896 863 735 1,051 764 164 202 174 183 340 238 34 Kansas and 34 35 39 56 35 28 116 Missouri Kentucky—Eastern ... Western Maryland Michigan 12 18 67 81 75 67 82 34 33 38 28 54 New Mexico 58 78 843 s36 74 46 55 Dakota North and South 10 8 9 Montana 509 531 516 529 568 817 2,288 2,385 1,828 3,056 3,149 111 119 100 25 104 118 14 15 16 14 22 Texas 88 81 93 86 137 312 Virginia 321 271 227 268 231 43 42 45 38 47 68 1,928 1,896 1,990 1,912 2,283 645 570 480 817 1,488 805 138 145 142 170 184 1 1 s8 s4 9,651 8,491 11,787 Washington.. 612 Northern, b 146 Wyoming * * Other Wee tern States, c Total bituminous coal 9,450 Pennsylvania anthracite, d 1,135 1,078 1,116 1,125 1,884 11,310 1,968 10,585 10,708 10,767 9,616 13,671 13,278 9,630 M., B. C. & G.f and on b Rest of State, including the Panhandle District and Grant, Mineral, and Tucker counties, c In¬ cludes 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 operations on the N. & W.f C. & O., Virginian, K. & the B. & O. in Kanawha, Mason, and Clay counties, Includes Western States." The Shipments of Portland September Cement During monthly report of the United States Bureau of Mines showed that the Portland cement barrels, shipped 12,773,000 bar¬ and had in stock at the end of the month Production of Portland cement in September, 1937, showed a decrease of 9.1% and shipments an increase of 1.2% compared with September, 1936. Port¬ barrels. 21,389,000 Large mine-producers of copper adjusted their prices a move that was generally expected to take place as soon as land cement stocks at mills were publication further reported: Copper Oct. 26th from 13c. to open-market quotation of 12c. that prevailed since Oct. 6th. Following this announcement all fabrica¬ tors reduced their prices to this basis. Sales during the week totaled 4,760 tons, slightly above the volume reported in the week previous. The trade believes consumers' needs are amply covered for near-by require¬ ments, and anticipate little activity at present price levels so long as the bewildered business outlook continues. Sales for the month to date total 17,087 tons. Some in the trade anticipate domestic deliveries for October will be around 60,000 tons, against 66,229 in September. London prices again broke sharply on Oct. 27, following the price an¬ nouncement by producers here. Sales of copper abroad, however, con¬ tinued to be made In good volumn during the last week. About 100,000 All copper producers lowered their quotations on Valley, 12c. 14.1% higher than a year _ # ended Sept. 30, compared with 79,1936, and the total shipments for the nine months ended Sept. 30,1937, amounts to 89,839,000 barrels compared with 84,289,000 barrels in production for the nine months 1937, amounts to 88,809,000 barrels, 978,000 barrels in the same period of the same In tons have been sold abroad this month. the United States con¬ and according to the latestcompilation by the American Bureau of Metal Statistics, were higher in the third quarter than earlier in the current year. The supply available for con¬ sumption abroad averaged 126,620 short tons monthly in the last three months covered by the report, which compares with a monthly average of 126,068 tons so far as reported this year and 106,023 tons monthly for Deliveries of copper for consumption outside of higher rate than last year, all of 1936. . Favorable September period of 1936. of relation of production to capacity the total output of finished cement is compared with the estimated capacity of 160 plants at the close of Septem¬ ber, 1936 and 1937. RATIO OF PRODUCTION Sept. 1937 AUQ. 1937 July 1937 June 1937 57.1% 53.1% 54.4% 38.1% 47.1% 47.6% 53.1% 47.8% 47.8% Sept. 1936 The month The 12 months TO CAPACITY ended.._ 52.8% Lead lead statistics and a few days of encouraging news from Wall Street brought in a good volume of business in lead. The mar¬ 21 and Oct. 22, but slowed down later in the again became uncertain. Sales of lead for the week totaled 7,901 tons, the largest single week's business booked since the middle of August. Virtually all classes of consumers of lead were ket was week as quite active on Oct. the trend of securities represented in a buying move. A fair volume of October metal was bought for November. lead decreased 12,776 tons during September, producers would not be surprised if the supply on hand increased moder¬ Though stocks of refined ately in October. than in the Shipments to consumers during October will be smaller preceding month. Quotations 6.50c., New York, which was also the contract American Smelting & Refining Co., and at 5.36c., St. Joseph Lead Co. sold its own brands held at settling basis of the St. Louis. the following statement the thereby meeting had but most of the call was ago. The total commodity markets quieted down made a new low for the movement. Platinum, quicksilver, and tungsten ore were lower. The Tin sufficiently. industry in September, 1937, produced 11,223,000 rels from the mills The the 12c. basis, to tinue at a * Less than 1,000 tons. Production and and in Washington closely. price changes was another reduction in zinc of 121 Utah All coal.. h£c. purchasing agents throughout the country following 26 Tennessee.. West Virginia—Southern, a with 82 2,307 Ohio Pennsylvania bituminous Copper its issue of Oct. 28, reported that lead sold in fair volume during the last week, but the other major non-ferrous metals remained quiet. Business continues to reflect the mood in Wall Street, 175 Arkansas and Oklahoma........ a Mineral Markets," in & "Metal Oct. Oct. 2, Western Zinc Reduced to 5.75c.—Large Mine Operators Meet 12c. Week Ended— As for some time past, for delivery in the East at a premium. Zinc Continued weakness in London and unsettlement in business here brought for the current month. The price of Prime Western was reduced one-quarter of a cent on Oct. 25th, from 6c., to 5.75c., St. Louis. The week's business was small, less than a thousand tons being sold. Producers believe that business by consumers has ex¬ perienced a reduction during the month, due to apprehensive views over the decline in the stock market. Shipments to consumers are smaller and reflect a contraction in new business. the third decline in the price of zinc 2764 Financial Tin f On Oct. 25 International the Tin v Committee, after special a • Chronicle ■ "IRON AGE" .' . London, announced that the quota for the first quarter of 1938 will be Oct. 26, 1937, 2.605c. a Lb. One week ago wire, rails, black ODe month ago 2.605c. rolled strips. at One year ago 2.197c. 85% December the of meeting Committee." the This sharp reduction decided was The rate at present according to upon, is unofficial end of this The year. Inquiry from 99%, was dropped below 48c. PRICES OF METALS Oct. Oct. 22 2.330c. Dec. 28 2.084c. Mar. 10 2.130c. Oct. 1 2.124c. Jan. 21st, ...2.199c. Apr. 24 2.008c. 8 Jan. 2 2.015c. Oct. 3 1.867c. 1932 Apr. 18 1.977c. Oct. 4 1.926c. Feb. 2 1931 2.037c Jan. ,13 1.945c. Dec. 29 1930 48.625c.; 22d, 2.273c. Jan. 7 2.018c. Dec. J." QUOTATIONS) M. 9 Pig Iron Oct. 26, Lead Zinc New York St. Louis 5.35 1937, 123.25 a Gross Ton Based 23.25 6.00 11.775 10.900 49.750 5.50 5.35 11.775 10.900 49.375 5.50 5.35 6.00 11.775 10.525 48.250 5.50 5.35 5.75 Oct. 26 11.775 10.625 48.625 5.50 5.35 5.75 Oct. 27." 11.775 10.450 47.750 5.50 5.35 5.75 | Average.. 11.775 10.704 49.021 5.50 5.35 18.73 High 6.00 Oct. 23 on average of basic Iron at Valley furnace and foundry irons at Chicago, Philadelphia, Buffalo, Valley, and Southern Iron at Cincinnati. One week ago..............—.-$23.25 One month ago^. One year ago................... St. Louis 5.50 Oct. 25 5.875 ; 2 1936 New York 10.825 Mar. 1935 50.375 Dom.,Refy. Exp., Refy. 11.775 & Straits Tin, Electrolytic Copper Oct. 21 ("E. 2.330c. 1934 48.000c.; 23d, 47.625c.; 25th, 46.500c.; 26th, 46.87.5c.; 27th, 46.000c. DAILY 9 1933. follows: as - Low Mar. the on light all week. nominally of the United States output. 2.605c. yesterday. comparatively little influence New York, tin, consumers was Chinese tin, had news Straits beams, tank plates pipe, sheets and hot These products represent High 1937 advices, because surplus stocks are expected to increase materially by the price structure. 1937 Steel Based on steel bars, ..2,605c. 85% of standard tonnages, "this decision being subject to reconsideration 110%. 30, COMPOSITE PRICES Finished meeting • in Oct. THE 1937 $23.25 Low 9 $20.25 1936 19.73 Nov. 24 18.73 Aug. 11 1935..... 18.84 Nov. 17.83 May 14 Mar. 5 ' Feb. 16 1934 17.90 May 1 16.90 Jan. 27 1933 16.90 Dec. 5 13.56 Jan. 3 1932 14.81 Jan. 5 13.56 Dec. 6 f.o.b. 1931 15.90 Jan. 6 14.79 Dec. 15 refinery, 11.775c.; export copper, 10.813c.; Straits tin, 49.458c.; New York lead, 1930 18.21 Jan. 7 15.90 Dec. 16 Average prices for calendar week ended Oct. 23 Domestic are: copper, 5.500c.; St. Louis lead, 5.350c.; St. Louis zinc, 6.000c., and silver, 44.750c. Steel The above quotations are "M. & M. M.'s" appraisal of the major United States markets, based on sales reported by producers and agencies. the basis of cash. New York or St. Louis, as noted. Copper, lead and zinc quotations are Sc*ap Oct. 26, 1937, $14.83 a Gross Ton They are reduced to One week ago One month ago.. One year ago All prices are in cents per pound. based on sales for both prompt and future fBased $15.58{ 17.58 on No. 1 heavy, melting steel quotations at Pittsburgh, Philadelphia and Chicago. 16.50 [ . deliveries; tin quotations are for prompt delivery only. ■ • High . 1937 .$21.92 Low Mar. 30 $14.83 Oct 26 1936.... 17.75 Dec. 21 12.67 June 9 1935 13.42 Dec. 10 10.33 Apr. 23 1934 13.00 Mar. 13 9.50 Sept. 25 Dally London Prices Copper, Sid. Copper Lead Tin, Std. Zinc Electro. 1933 Oct. 21 441516 Oct. 22 45 Oct. 25 453,6 455,6 42)4 43",6 42'3,6 42)4 435,6 427,6 , Oct. 26 Oct. 27 3M Spot [Bid) 49 222 49 22214 218)4 204)4 208)4 204)4 208)4 47)4 206 206 49 48 3M Spot 18)4 189,6 177,6 181,6 1733,6 218)4 18)4 189,6 17)4 175,6 17)4 18 10516 17',6 17)4 . 1754 17)4 169,6 17)4 1615,6 1633,6 Production Continues Decline—Down to 51% reported that steel ingot production for the country has declined this week to districts that the present some low rates would suggest that a bottom has been reached. example, where there had been a rate has lost another ing-Weirton district is down in the 11 Buffalo rise of two points to district to 52)4%, points in the St. have occurred elsewhere, as for two points in eastern Rarely, if 76% has occurred. 18)4 to area 60%, the downward more 11)4 points off 46%. a short time. It is now jobbers at the end of the adjustment rapidly than decline of steel in sharp so production summer were has probably taken steel will be necessary to the belief that spotty but looks for is still uncertain. users on The steel industry is buying will prevail over are larger a resigned the remainder of the year, fairly substantial rise in January in line with usual seasonal a expectations. IkHopes that the granting of higher freight rates to the railroads would result in an almost pelled when the immediate release amount of the of some railroad increases, which do not for materials and labor, became known. buying cover dis¬ were rises in costs are these known to have inquiries ready may not be immediately expected to stimulate demand for for about 1,000 released. steel The view of the fact that the maximum increase is 20c. not enough of a rate box a cars decision from miscellaneous each, is not consumers in ton, which is probably saving to induce buyers to anticipate the effective date of the advance. Although the automobile industry is approaching are high rate of produc¬ been expected. proceeding cautiously because of fear of further labor disturbances and the desire to test out the market for following the price advances and curtailment of spending spotty improvement mainly due to the as has occurred in steel buying, belated automobile orders. Some cars Such power. however, has been units of the farm machinery industry, which has been running at top speed, have curtailed emporarily because of shutdowns for annual inventory. steel shipments Lettings of steel for construction projects make a better showing this week, totaling 23,400 tons, of which about 13,000 tons is for the BronxWhitestone Bridge, New York. New projects are also in larger volume at 32,500 tons, including 10,700 tons for a section of the Delaware River aqueduct in New York State, 3,000 tons for the Calvin Coolidge Bridge at Northampton, Mass., and 4,000 tons for a Ford Motor Co. blast furnace at Dearborn Mich. The Ford company is taking bids this week tons of structural teel for a new press shop. of Chicago's transportation system to cost on 20,000 A program for reconstruction $157,000,000 has been proposed by the Mayor of that city. t at No. 1 heavy ton at Pittsburgh and Philadlephia and 25c. Chicago, reducing the "Iron Age" scrap composite to $14.83, or $7.09 a below the high point of the year and back approximately to the level early August, 1936. 11.25 and Iron Steel Institute on Oct. 3 Dec. 25 9 an¬ 1937— 5 12 Jan. 18 Jan. 25 Feb. 1937— 11 Jan. 1 Nov. 2 __75.3% 75.9% 74.2% 74.3% 74.7% Nov. 9 74.0% Feb. 15 Feb. 22 Mar. 1 Mar. 8 Oct. 19 Oct. 26 Nov. 16 Feb. 78.8% 80.6% 77.9% 79.6% 80.6% 81.6% 82.5% 85.8% 87.3% 88.9% 89.6% 90.7% 89.9% 90.3% 91.3% 8 Dec. 7 Dec. 14 74.1% 74.3% 75.9% 76.6% 79.2% Dec. 21 77.0% Mar. 29 Dec. 77.0% Apr. 79.4% Apr. 12 Apr. 19 Nov. 23 Nov. 30 28. Mar. 15 Mar. 22 1937— Jan. 4 5 1937— Apr. 26 May 92.3% 91.0% 91.2% 90.0% 91.0% 3 May 10 May 17 May 24 May 31 77.4% June 7 76.2"/, June 14 76.6% 75.9% 75.0% 67.3% 82.7% 82.5% 84.3% 85.5% June 21 June 28 July 5 July 12 July 19 July 26 Aug. 2 Aug. 9 Aug. 16 84.6% 83.2% 83.8% 84.1% Aug. 23 Aug. Sept. Sept. Sept. Sept. 30 7 71.6% 13 80.4% 76.1% 20 27 74.4% Oct. 4 Oct. 11 66.1% 63.6% Oct. 18.-...55.8% Oct. 25 52.1% "Steel" of Cleveland, in its summary of the iron and steel markets on Oct. 25, stated: While steel consumers are buying only from hand to mouth and are using backlogs of material bought earlier in the year, producers firmly believe the present setback is temporary and not the beginning of a major recession. Signs that the market is nearing the bottom of the decline are beginning to appear, as buying of certain products shows being taken in larger volume, are Bookings of steel bars are of oil country an upward trend. Sheets automotive schedules are increased. approaching September volume, and cold-finished steel shows improved demand. shows definite signs as In tubular goods the downward movement of leveling off. A recent order was placed for 30 miles line pipe for export. Tin plate producers are operating at about 85% and sheetmakers at 66 to 67%, both these rates being definitely higher than the average for all steel crease are at Automotive sheet products. steadily and requirements requirements seem certain to in¬ for refrigerator and stove manufacture good rate. a With backlogs cleared in many products and new business failing to keep pace with deliveries steelworks operations last week declined 10 points to of capacity, the lowest level since early February, 1936. Heaviest cuts in production were at the larger centers, Pittsburgh dropping 11 points to 49%, Chicago 11 points to 46%, Eastern Pennsylvania 4 points to 47, 53% and 3 Youngstown 3 points to 55. Wheeling lost 4 points to 70, Cleveland 65, Buffalo 9.5 to 58, Birmingham 6 to 64, New England 5 to 65, to Cincinnati 4 to 66 and St. Louis 8.4 to 51.6. While some Detroit registered a gain of of these schedules will continue this week, further shortening is in prospect at some centers. Manufacturers of cold-finished bars have reaffirmed current prices, to on alloy steel and carbon steel grades. Following action by the leading interest in reaffirming current prices on apply on deliveries to March 31, 1938, practically all steel products for first quarter, most independent producers have made similar announcements, thus assuring a steady market through No action has been taken on pig iron and sharply lower scrap quotations apparently have removed cause for expectation that an advance the winter. might be made late this year. Failure of Ford Motor Co. to get into quantity production held down total automobile output last week. lines was on 1938 models Total units from assembly 91,905, compared with 89,680 the preceding week. General Motors produced 44,970 compared with 43,600; Chrysler 27,675 compared with 27,250, and Ford 765 compared with 300. total of 18,495 compared with Other builders brought a 18,530. With steel production sharply curtailed from the volume six months ago melters are indifferent to scrap and prices continue to recede absence of buying. steadily in Prices are largely nominal or based on broker transac¬ Production of scrap from industrial operations con¬ higher rate than steelmaking, as steel inventories are tions in many cases. Scrap prices have again dropped sharply in all districts. melting steel is down $1 18 3 points to 95%. a tion, its volume of steel purchases is still less than had The motor-car manufacturers Feb. 1936— No major move toward resump¬ of railroad buying is now expected until the Interstate Commerce Commission shall have granted further relief to the carriers. Three large but 15.00 Oct. tion roads 29 larger Meanwhile, how¬ While consumption. decline a 5 Dec to declines apparent that stocks living off their stocks, the time when replenishment buying scale Ohio Lesser example three points at Youngstown and generally realized by the steel industry itself. ever, Production points down in southern Louis district to history of the steel industry has in the hands of consumers and place Pittsburgh the Pennsylvania. ever, in the in production occurred within was At eight points to 42%, though in the neighboring Wheela points in the Cleveland-Lorain and 9)4 At Chicago, for decline of 33 points within four weeks, a further drop of only one point was recorded this week. July 8.50 Oct. 51% from 55% last week, and the industry is looking to Operations have dropped so sharply in Jan. 6.43 6 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 52.1 % of capacity for the week beginning Oct. 25 compared with 55.8% one week ago, 74.4% one month ago and 74.3% one year ago. This represents a decrease of 3.7 points, or 6.6% from the estimate for the week ended Oct. 18, 1937. Weekly indicated rates of steel operations since Oct. 5, 1936, follow: The "Iron Age" in its issue of Oct. 28 additional orders from the automobile industry to prevent a further recession. The "Age" further reported: 6.75 12 Jan. The American Exchange; prices for copper and tin are the official closing buyers' All are In pounds sterling per long-ton (2,240 lb.). Ste6l 8 Jan. nounced that Prices for lead and zinc are the official buyer's prices for the first session of the prices. than Aug. 8.50 11.33 1930 3M Spot London Metal 48% 12.25 1932 1931 3M Spot of tinues at a and the market is heavy with drawn on offerings. "Steel's" composite of steelmaking scrap last week receded 63 cents to $15.37. This is a fall of $6.71 from the high point of $22.08 reached the first week in April and is the lowest level since the latter half of August, Volume with The fiuished steel composite the nearest corresponding Steel ingot production for the week down an additional seven points from ended Oct. 25 came the preceding week, according to the "Wall Street Journal" of Oct. 28. U. S. Steel Corp.* subsidiaries are estimated at a drop of nearly 9 points, while leading independents are credited with declin¬ ing about 4 points. The "Journal" further reported: immediately preceding: with 71% in the preceding week and 40 —9 67 —4 69 —1 77X -IX —7 1936 74 —1 1935 53 42 1934 24>* 22 + 1933 33 32 —3 1932 20 19X 1931 28 31 1930 50 1929.. 80 1928 87 +1 1927 industry as a whole, the average is placed at 54%, 72% two weeks ago. Independents U. S. Steel Industry 54 65 + 1937 compared with 61% in the previous week and 65% two weeks ago. U. S. Steel is estimated at slightly over 40%, against 49% in the week before and 56% two weeks ago. and leading independents are credited with 67%, compared the week of previous years, together with the approximate changes, in points, from the week is unchanged at $61.70. For of the percentage of production The following table gives a comparison Scrap decline lowered the composite for 1936, when it stood at $15.13. Iron and steel products by 13 cents to $39.47. 2765 Chronicle Financial 145 X + 63 36 20 X 26 X 47 —2 55 —2X 26 X — 78 X + 82 X X 88 86 67 X 63 Current Events and Discussions taneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held until the following Monday, before which time the statistics cover¬ ing the entire body of reporting member Banks in 101 cities cannot be compiled. \ Banks The Week with the Federal Reserve During the week ended Oct. 27 member bank reserve balances increased $12,000,000. Additions to member bank reserves arose from a decrease of $27,000,000 in money in circulation and increases of $5,000,000 in Reserve bank credit and $2,000,000 in Treasury currency, offset in part by increases of $3,000,000 in Treasury cash other than in¬ active gold, $12,000,000 in Treasury deposits with Federal Reserve banks and $6,000,000 in non-member deposits and other Federal Reserve accounts. Excess reserves of member banks on Oct. 27 were estimated to be approximately $1,070,000,000, an increase of $50,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,270,000,000 on Oct. 27, an increase of $9,000,000 for following will be found the comments of the Board System respecting the returns of the entire body of reporting member banks of the Federal Reserve System for the week ended with the In the of Governors of the Federal Reserve The condition statement of weekly reporting member banks in cities shows ended Oct. 27, in items related during com¬ Oct. 27, 1937 v . -. . trict, and $31,000,000 at all reporting member banks. and dealers in securities declined $39,000,000 in New 000.000 at +5,000,000 Gold stock... each in the —7,000,000 —2,000,000 + 1,000,000 +108,000,000 +8,000,000 +1,770,000,000 +2,000.000 + 93,000,000 6,951,000,000 Member bank reserve balances 6,519,000.000 3,666,000,000 deposits with F, K. bank.. 94,000,000 Money In circulation Treasury cash ...... Demand + 12,000,000 in the St. member banks showing a net decrease of $12,000,000 for the week. Time deposits increased $14,000,000 in New York City, $6,000,000 in the Cleveland district, and $15,000,000 at all reporting member banks. Government deposits declined $46,000,000 in New York in the Cleveland district, and declined $10,000,000 each and districts $8,000,000 + 219,000,000 + 12,000,000 —6,000,000 +6,000,000 + 266,000,000 Deposits credited to domestic banks declined $21,000,000 System for the New York City member member banks for the cur¬ rent week, issued in advance cf full statements of the member banks, which latter will not be availaole until the coming Monday: Federal Reserve banks and also for the Chicago Deposits credited to foreign banks declined $24,000,000 Borrowings of weekly reporting member banks on amounted to $7,000,000 Oct. 2. A summary of the principal assets and liabilities of the reporting member banks, together with changes for the week and year ended Oct. 20, 1937, follows: Increase (+) Oct. 20. 1937 IN OF WEEKLY REPORTING MEMBER BANKS CENTRAL RESERVE CITIES (In Millions of Dollars) unsec'd 235 1,649 238 1,684 * * 34 424 34 442 187 * 30 30 ♦ 779 929 40 46 972 unsec'd 240 134 banks..55 135 66 230 194 2,799 Real estate loans............ 75 74 131 23 14 2 loans for purchasing +4,000,000 —42,000,000 663,000,000 —10,000,000 1,167,000,000 93,000,000 —1,000,000 727,000.000 822,000,000 7,896,000,000 —3,000,000 + 2,000,000 —21,000,000 1,132,000,000 2,949,000,000 5,368,000,000 318,000.000 1,787,000,000 —1,000,000 —6,000,000 +29,000,000 —29,000,000 —41,000,000 ...... 14,789,000,000 5,285,000,000 —12,000,000 +15,000,000 deposits 508,000,000 —87,000,000 6,088,000,000 —54,000,000 Foreign banks.....-...------- 617,000,000 7,000,000 —24,000,000 +3,000,000 ... ... ... * * 3,738 21 36 898 21 37 899 14 5 Other loans: unsec'd U. S. Govt, direct obligations Obligations fully guaranteed by United States Government On securities Otherwise secured & unsec'd U. 8. Govt, obligations Obligations fully guaranteed United States Government 229 197 2,849 139 61 92 269 656 36 195 69 1,492 452 1,485 453 1,600 435 137 49 52 89 2,423 422 513 6 517 6 .-— .... .... ---- 350 18 18 22 1,479 1,478 1,432 245 244 237 389 984 2,578 58 69 463 464 1,067 2,509 56 77 463 100 257 608 30 145 61 5,941 734 5.947 734 6,385 609 deposits— 257 279 Domestic banks...--------. 1,887 453 ..... Balances with domestic banks.. Other assets—net.....--..---. 100 256 595 25 Liabilities— deposits—adjusted.... Time deposits........ Inter-bank deposits: Foreign banks........-.---Borrowings .... Other liabilities Capital account Comparable figures not - Complete Returns of Member Banks of Reserve System for the Preceding banks—. * * —1,390,000,000 —122,000.000 —331,000,000 + 18.000,000 —75.000.000 —602,000.000 Liabilities— Demand deposits—adjusted..—.. Time deposits United States Government Inter-bank deposits: Borrowings.........-.---* Comparable figures not —439,000,000 +213.000.000 —264.000,000 -996,000,000 + 51,000,000 + 7,000,000 available. Britain, France, Germany and Italy Reach Agreement on Partial Withdrawal of Foreign Troops from Bel¬ War reported this week during conferences of the Spain—Russia Continues Refusal to Grant ligerent Rights to Both Sides in Spanish Civil the Federal Week explained above, the statements of the New York and banks are given out on Thursday, simul¬ Balances with domestic +37,000.000 5 available. Chicago member banks.... Cash in vault..— +24,000,000 627 375 1,942 476 3 384 389 974 2,624 62 68 458 Res. banks.. ..... Reserve with Fed. Res. 1,108 by Other securities... Cash in vault Other securities * * -59,000.000 or Otherwise secured and • 14 2 * —681,000.000 +1,162,000,000 —6,000.000 —25,000,000 482,000,000 1,119,000,000 securities.. Loans to banks Other loans: United States Govt, 599,000,000 4,241,000,000 Open market paper Loans to brokers and dealers In On securities......-.------- 238 carrying securities As - - Otherwise secured and Real estate loans 40 (—) On. 21, 1936 $ cultural loans: On securities carrying securities...... * * 186 Other loans for purchasing or ♦ ..... Domestic banks......---—--- On securities Otherwise secured & Open market paper —Loans to brokers and dealers. Demand investments—total--—21,890,000,000 -109,000,000 ... 9,913,000,000 —81,000,000 Commercial, industrial, and agri¬ Cther agricultural loans: Reserve with Fed, $ Assets— Loans—total.. Chicago — Oct. 27, Oct. 20, Oct. 28, On. 27. Oct. 20, Oct. 28, 1937 1937 1936 1937 1937 1936 Assets— $ $ $ $ $ $ Loans and investments—total.. 7,914 8,075 8,653 1,931 1,955 2,059 Loans—total 3,702 3,903 3,384 676 700 590 Commercial, industrial, and Loans to $ or Decrease Since Oct. 13, 1937 Loans and New York City— in the Chicago and $54,000,000 at all report¬ New York City. in Chicago—Brokers' Loans Board of Governors of the Below is the statement of the banks. City and $87,000,000 at all reporting member ing member banks. Member Banks in New York City and ASSETS AND LIABILITIES in Louis district, all reporting district, $11,000,000 in the Cleveland district Returns of member banks showing Holdings of "other securities" deposits-adjusted increased $14,000,000 in the Chicago district Minneapolis and Kansas City the —27,000,000 +217,000,000 + 12,000,000 +1,276.000.000 749,000,000 of $21,000,000 for the week. and $8,000,000 other Fed¬ eral Reserve accounts net decline declined $6,000,000. +5,000,000 2,607,000,000 declined $12,- York City and $5,000,000 Chicago, Minneapolis and Kansas City districts, and increased $14,000,000 in the Richmond district, all reporting a Treasury currency New York City and in the 000,000 in the Boston district, $7,000,000 in New +17,000,000 2,570,000,000 12,801,000,000 Total Reserve bank credit.. Other loans for purchasing or Holdings of United States Government direct obligations Including (not dis¬ Loans to brokers York City and $42,- Chicago district. Oct. 28. 1936 + 96,000,000 $14,000,000 commitm'ts—Oct. 27) Other Reserve bank credit all reporting member banks. carrying securities declined $5,000,000 each in 19,000,000 U. S. Government securities Non-member deposits and reporting member banks in New York City, $6,000,000 in the Chicago (— 3,000,000 2,526,000,000 Bills bought advances or Decrease Since Oct. 20. 1937 * 23,000,000 ■ Bills discounted (+) and agricultural loans declined $24,000,000 at industrial Commercial, ended week and the year the Increase Treasury $54,000,000 in deposits credited to domestic banks, $24,000,000 in deposits credits to foreign banks. and follows: Oct. 27, 1937, were as Industrial States Government direct obligations, $87,000,000 In holdings of United corresponding date last year, will be found on pages 2796 and 2797. Changes in the amount of Reserve bank credit outstanding $21,000,000 in to brokers and dealers in securities, Government deposits, The statement in full for the week in commercial, industrial and agricultural loans, Decreases of $31,000,000 parison with the preceding week and with the 101 leading for the week ended Oct. 20: the following principal changes $42,000,000 in loans the week. and Oct. 20: close of business Progress was International Non-intervention Conimittee in London, when Italy and Germany agreed to grant belligerent rights to both parties in the Spanish civil war, Great Britain, France, 2766 Financial Chronicle "substantial progress" in the withdrawal of foreign volunteers. The Soviet Government, however, blocked this proposal, and the Committee held another meeting yesterday (Oct. 29) at which efforts were made to conciliate the Russian delegates. Previous negotiations of the Committee were described in the "Chronicle" of Oct. 23, page 2618. A Lon¬ They declared the withdrawal upon ecuted with analyzed the situation that Soong, in a statement prepared for the New York although foreign experts had repeatedly urged with and wounded. He insisted Powers working together and ready to Russia have agreed fighting man not even on Soochow Creek, the granting of belligerent rights discuss as in Russia peated his former attackB on He re¬ Nansiang obduracy on the part of the Russians is needed to more a field of European Already the there is talk of against At create in the limited safety. revived in the wider has improved so much sector that meeting next month between Foreign Secretary Anthony try's British areas the town of Nansiang. forces guarding the borders of it the killing of prisoners by the victorious The Japanese were said to have lined disarmed Chinses soldiers Soochow Creek guarded by United States Marines the over were said to have shot civilians who were attempting to flee to In the vicinity of the Jessfjeld railway bridge opposite the British gunners killed more than 30 civilian men, women seeking to cross to safety, according to British offi¬ At this sector the British dressed the wounds of more than 100 Chinese entered the Settlement there. refugees from the Jessfield and Chenju have entered the Settlement. Two new areas camps were established for them. The Japanese army spokeman said that on Monday six divisions of troops from Kwangsi Province under the command of General Li Pingshen entered convenient pretext for meeting Mr. Bden and Foreign Minister the coun¬ fighting along the Tachang and Nansiang fronts and suffered enormous casualties. delegation. The United Press reported last night Russia has isolated herself further from interventionists Powers by (Oct. 29) Yesterday (Oct. 29) United Press accounts from Shanghai that the 26 other said: non- Japanese shrapnel rained announcing that the Soviet on the question of belliger¬ The same advices of Oct. 29 of Government would refuse to vote ent French Nantao and adjacent 500 yards from witnessed the More than 35,000 civilian Nine-Power Conference in Brussels. a Pootung, wall and mowed them down with machine guns. civilians who Foreign Minister, possibly at Yvon Delbos of France, who has already been named as head of his Chinese Creek. and Japanese machine cers. much because he is interested in the Far Ease but because the conference so a bridges Japanese It is understood that Count Ciano may head the Italian delegation, not might be American and children who were atmosphere Eden and Count Galeazzo Ciano, the Italian the the front line only bank of Soochow Settlement little affairs. Anglo-Italian a see hold to high, the soldiers He stressed that the the International Settlement and Creek. International field of the Non-intervention Committee the four Power g-oup that Chan¬ cellor Hitler and Premier Mussolini would like to bank, resulting Nansiang advancing Japanese detachments have already reached Japanese. Only continued remained Although officially denied by the Japanese spokesman, who termed long time since the Italians, Germans, British and French have a Chinese armies for the retreat. reason "impossible," the danger of carrying stubbornness far. It is and on South of the north This led the British and French to hope that he would yield still further too of the The Japanese army claims it is in full occupation of the village of Little there were no further arrivals. worked together in such outward friendliness and harmony. where it crossed and followed the south morale of Soochow south belligerent rights if the bulk of the foreigners had been withdrawn and if see new line ran nearly straight Yangtse River in the neighborhood of Liuho to forces had not lost contact with Italy and Germany as "the real culprits" in Russia "might perhaps consent to discuss" by Friday Russia would the Concession but unmistakable signs of discomfort. and that said understanding the foreign Maisky, felt chilly in his isolation today and showed slight but he also said that wounded important shortening of the Chinese positions. an He Saturday insisted belligerent rights until the last But the Russian Ambassador. Ivan M. Spain, unhurriedly, Soong's statement pointed out that the north and south from the been removed from Spain. bad conducted was Stresses Line's Strength Mr. ahead without go alone has refused to agree to this formula and only last would the retreat minimum of losses instead of the huge numbers of killed, a and captured claimed by the Japanese spokesman. there has been "substantial progress" in the withdrawals. she X 7 ] heavy lists*of killed Russia if the Soviet Government does not yield. that "Times,"rsaid retirement! beyond* the the delay had been caused by guns foot gained in the vicinity of Shanghai square The Russians now have until Friday to back down on the issue of bel¬ as over¬ He said the Japanese suffered 60,000 casualties in this area—20,000 in the week. He admitted the Chinese had proportionately ligerent rights, for Friday morning the Committee will meet again with the All except were p v last the "volunteers" from Spain. soon They denied the Chinese forces China's unanimous determination to make the Japanese pay the heaviest made swift progress toward an agreement on the procedure for withdrawing four other great 1937 smoothly ex¬ was debacle. possible price for every follows: as V. long planned and was punishing range of the Japanese naval complete today as Italy, Germany, Great Britain and France more a T. The diplomatic isolation of Russia in the Non-intervention Committee became minimum losses. whelmed in don cable of Oct. 26 to the New York "Times" from Ferdi¬ nand Kuhn Jr. Oct. 30, rights in the Spanish war. Shanghai tonight over British and American residential sections the western boundary of the International Settle¬ on ment, where a shell wiped out a British outpost, killing two and wounding three of the detachment of six. added: Ivan Maisky, Soviet Ambassador, told the delegations to the non¬ Spanish Rebels Said to Be Preparing for Major Drive intervention committee that Soviet Russia cannot accept in entirety either Madrid—Consolidate Gains in the British plan or the French proposals, based on the former, governing the on Spanish control scheme. Mussolini The Soviet Government, he said, reserves the right to put forward its own calculated proposals cussions on this to strengthen control during the forthcoming dis¬ subject. North—Premier of Italy Congratulates Insurgent Victories on General Franco Spanish Government spokesmen asserted late this week was concentrating insurgent troops, artillery and aircraft preparatory to a major offensive against Madrid. Meanwhile the rebel forces this week con¬ solidated recent gains, which were reported in the "Chronicle" of Oct. 23, page 2619. Insurgent headquarters in Spain on Oct. 25 published a telegram from Premier Mussolini of Italy to General Franco, expressing "personal felicitations" on the conquest of north¬ ern Spain. Premier Mussolini said that the news was re¬ that General Francisco Franco Japan and Germany Refuse Invitation to Nine-Power Conference—Japanese Advance in Northern China and Capture Important Areas in Shanghai The Japanese Government on Oct. 27 made public the text reply to the invitation from Belgium to attend a con¬ ference at Brussels of signatories of the Nine-Power Treaty, to discuss the alleged violation of that treaty in connection with the Japanese invasion of China. In its reply Japan declined to participate in the Brussels conference, which it asserted was inspired by the League of Nations and would "put serious obstacles in the path of the just and proper of its solution" of the conflict. The note reiterated the Japanese by China and that only defending the legitimate interests contention that the conflict Japanese troops were was started of the Tokio Government. ceived "with greatest enthusiasm by all Italy." Associated Press advices of Oct. 25 and 26 from France, outlined the military situation in Spain The insurgent drive border to the Saragossa bloody infantry battles had been repulsed, the defense. reiterating The clared "the it Office simultaneously released Japan's contention that Japan statement because of what to Foreign asserted termed the infiltration Japanese Nation, rising was Chinese-Japanese difficulties negotiations between the two Powers can on of effecting be solved a informal fighting in self- Treaty Communism in as one man, is united in surmount all obstacles for the purpose "The of Nine Power of long a was China a determination only through responsibility for the stability of East Asia." the informal the action of Japan, Germany on Oct. 29 declined the invitation to participate in the Belgian Con¬ ference on Nov. 3; Germany refused on the ground that she was not a signatory to the nine-Power treaty under which the meeting was called. The Sino-Japanese conflict was last referred to in the "Chronicle" of Oct. 23, page 2619. Japanese troops this week continued their advance in northern China, and same time captured vital points in the Shanghai area, including Chapei and Kiangwan. Chinese officials said that the retreat from Shanghai was strategic and was conducted in an orderly manner. A wireless dispatch of Oct. 28 from Hallett Abend in Shangai to the New York "Times" discussed the military situation as follows: The Chinese defense line from Chapei, Kiangwan and. been greatly strengthened other spokesmen here and in Nanking. halted throughout the new line. by the retreat strongholds, according to Chinese They said the Japanese drive had been Frontier virtually unchanged following artillery duel at Zuera, an the north Aragon front on and their troops in the Sabinanigo sector had moved was artillery an reported moving heavy forces of Italian and Moroccan troops Saragossa Province after the conquest of northwestern Spain. He said 56 air raid shelters, protecting 27,000 persons, had been completed and work 12 additional evacuate shelters non-combatants to by accomodate the 23,000. Madrid-Valencia was Plans capable of being rushed were made to railway. Insurgent military dispatches said General Franco, pressing his offensive the Aragon front in northeast Spain, was relying on defections from the Catalonians to help cut off Valencia, present seat of the Government, from Barcelona. The insurgent press at Salamanca asserted that the recent trip of Luis Companys, President of Catalonia, to Madrid of the Government to Barcelona, already was made to oppose transfer burdened with press described the Catalonians as tired of the war and refugees. The anticipating a quick rebel victory. According to Associated Press advices Get. 28 from Palma, Majorca, Vice Admiral Francisco Moreno Fernandez an¬ nounced that Insurgent warships were establishing a com¬ plete blockade of the Valencia Government's east coast from Almeria to the northern frontier. Admiral Moreno, Palma and took over command under his The advices added: 35* ships under his command, with Also With has remained the Pyrenees and fully prepared to defend itself. on Following Spain. Rafael Henchen, Mayor of Madrid, was quoted as saying the city was statement argued. at the into direct burden follows: encountered uplands east of the Hermitage of San Pedro under Franco on whom falls the common Valencia barrage. de¬ speedy settlement. sector near Insurgents and government counter attacks obsolete and and 15 miles north of Saragossa. into Japanese Catalonia stiff resistance today along the Aragon front in northeast said: The separate reports said the line extending more than 100 miles south from the French After reporting on the dispatch of the note from Japan to Belgium, Associated Press advices of Oct. 27 from Tokio statement to Hendaye, as arrived today at command of the land, sea and air forces of Majorca. were the admiral's arrival, the gunboats Dato and Jose Canalejas. Palma, port of this largest of the Balearic Islands, became the sole Insurgent naval base. United Press accounts from r ported that the Loyalist Hendaye yesterday (Oct. 29) Government had moved to Volume Financial 145 Barcelona in the face of huge insurgent offensive in eastern a Spain. Statement of Condition of as International for Bank of Settlements Sept. 30 According to its Sept. 30 statement of condition, total of the Bank for International Settlements, Basle, increased Swiss at francs Swiss francs the September during close 718,852,864 to 706,249,112 month from the of Aug. 31. The increase was due to gains in holdings of gold in bars, cash on hand, and time funds at on interest. ■>x-.X : .1 xv . ' ■'' J ;• The statement for follows, Sept. 30, as compared with Aug. 31, contained in advices from Basle, Oct. 5, by the as Associated Press (figures in Swiss francs at which our issue of Oct. 16, page 2477, only changed the cash provisions of the earlier offer, reference to which appeared in these columns of Feb. 27, page 1359. ' :*j In its announcement of Oct. 24 the Foreign Bondholder^ Protective Council said: par): Cash on hand and September! SO $18,338,375.76 33,055,547.32 with banks.. on current account 15,986,715.78 Sight funds at Interest The ,J 2. August 31 $10,873,546.23 23,702,366.09 21,105,366.27 113,423,148.51 163,884,068.90 122,589,173.05 170,767,846.92 $293,357,019.97 $64,876,209.91 1,526,939.14 $45,134,944.47 571,100.00 $66,403,149.05 $38,289,189.00 112,299,773.51 rate of 434% this .... 44,556,338.34 47,228,190.12 55,231,729.38 35,603,309.65 55,358,039.55 45,580,189.37 .... Between three and six months Total .... Sundry bills and Investments: time. (a) Treasury bills (b) Sundry Investments^ Between three and six months: ' X ■ (a) Treasury bills (b) Sundry investments Over six months: 3. (a) Treasury bills...................... (b) Sundry Investments Council is informed that to advise bondholders to accept i $1,030,321.48 265,882.78 $1,084,625.53 177,872.22 Total......... $1,296,204.26 $1,262,497.75 Guaranty of central banks on bills sold 2. Sundry Items $718,852,864.48 $706,249,112.48 Total assets LIABILITIES $125,000,000.00 $125,000,000.00 Capital paid-up Dividend reserve fund 3. General reserve fund ... ...... .... the Council has 6,315,304.73 12,630,609.44 $23,183,521.77 deposits........_..-_$152,973,750.00 $153,096,250.00 76,486,875.00 76,548,125.00 1,045,100.00 1,142,200.00 guarantee fund 31,875,464.93 34,837,007.03 German Government deposit 3. French Government deposit (Saar) 4. French Government Total initiative, it provides for of various creditor continue to Total $247,023,141.56 $234,591,417.63 Central banks for account of others: $3,408,355.86 $4,395,921.82 (a) Not exceeding three months......... (b) Sight $1,154,453.51 6,450,239.20 $834,822.97 6,609,534.16 Total $7,604,692.71 $7,444,357.13 Sight... Other depositors: 8,408,089.31 ... 8,755,759.35 $1,410,589.16 40,433,284.18 $37,254,552.75 MlsccllEHooiis* Guaranty on commercial bills sold. 2. Sundry items. 1. Total ' . " ' 000,000—foldings in Japan Figured at $60,000,000 Oct. Department 10 American officials of Commerce investments in esti¬ China at $125,- 000,000 and in Japan at $60,000,000, it is learned from an Associated Press went on negotiations With external loans as foreign nese when dollar $7,000,000 for between bonds and basis of non-discrimination in the sold their two countries in the United governments) investments $40,000,000 in and the two the to press Greek Government's on (defined coupons unilateral the remaining on offer, which coupons is of their and Sept. 8, 1937, well within the capacity of was temporarily. )p» League Loans Committee emphasize that they remain of the opinion that the offer of 40% is wholly they cannot recommend it to holders. the acceptance of bond¬ , The previous announcements in the matter by the two referred to in our issue of Sept. 18„ 1821, Aug. 21, page 1184, and Aug. 7, page 848. bondholders' groups were page ■/'< ♦ Payment of Outstanding Balance of Arrears Certificates of Republic of Colombia of 1933 Which Matured Oct. 1 Hallgarten & Co. and Kidder, Peabody & Co.,'both of fiscal agents for external dollar bonds of Republic of Colombia, announce that they have received funds to re¬ deem in full the outstanding balance of dollar arrears certifi¬ cates of Republic of Colombia of 1933, which matured Oct. 1, 1937. Certificates may be presented for payment at the New York, New York offices of either of the fiscal agents. September Above States by Japanese and Chi¬ 31, 1936, were listed at Dec. countries, SEC department 6aid, $45,000,000. Now commenting on the recent offer of the Republic of for the servicing of its external loan bonds, the Poland Foreign Bondholders Protective Council, Inc., New York, said on Oct. 24 that while it feels that the offer does not represent the maximum service which the Republic is not able to make, nevertheless, "it is the best offer it has been possible to obtain up to now, it is made upon Poland's own initiative, it provides for a cash payment which is substan¬ tially in excess of the amount provided in the offer of Feb. 24, 1937." The Republic offered on Oct. 14 to holders of the coupons on its external loans due between Oct. 1, 1937, and April 30, 1938, a payment in cash in exchange for the coupons at the rate of 434% per annum, as against the previous offer made on Feb. 24 to purchase the coupons by paying 35% of the face value in cash. The offer of Oct. 14 i in changes crease decrease of 25 Oct. on value Stock sales, increase of amounted bonds sold $1,761,098,549, in¬ an the. value of sales in August, but a added: 0.7% over stock, Bond sales were valued at $159,293,161, was August. including rights and warrants, in September were 70.5% over August's total. Total principal amount $212,855,750, an increase of 13.5% over August. or leading New York exchanges accounted for 95.8% of the value sales all to securities ex¬ including rights and warrants, had a value of $1,601,793,211, of sales all registered on 6.4% from September, 1936, it was announced by the Securities and Ext-bange Commission. 65,761,719 shares, of sales increase of 43.1% over August. Total of over Commission The of September of 37.9% The two the Sales on National Securities Exchanges August but Below Year Ago, According to The dollar by the department Foreign Bondholders Protective Council Comments on Voluntary Offer of Poland for Servicing of External Loan Bonds—Says Plan to Pay 43^% is Best to-day, to pay 40% they expressed the opinion that it on registered exchanges, 95.4% of stock sales, and 99.9% of sales. bond The Possible for falling duo within the financial year April 30, 1937 to March The Council of Foreign Bondholders and the China and $316,000,000 for Japan. Philanthropic In the Government had declared its ability to pay 50% permanently, it was obvious say: individuals range and their governments, and is prepared groups on mittee draw attention to their announcements of Aug. 6, dispatch from Washington, Oct. 10, which investments The Council 31, 1938, the Council of Foreign Bondholders and the League Loans Com¬ an to made uponPoland's which is substantially ip Groups Again Reject Offer of Greek for Servicing of Two External Loans reference published in the an Portfolio cash payment The League Loans Committee (London) have requested Speyer & Co. and The National City Bank of New York to publish on Oct. 25 the following announcement affecting dollar bonds of the Greek Government 7% refugee loan of 1924 and the 6% stabilization and refugee loan of 1928: '" United States Investments in China Estimated at $125,- States nevertheless, it is the Government $718,852,864.48 $706,249,112.48 Total liabilities on a the represent $1,358,893.78 35,895,658.97 $41,843,873.34 Sight deposits (gold) United able to make, not maturing after the expiration of the present offer. $206,264,996.70 $197,772,709.39 40,758,144.86 36,818,708.24 mated now does believe that the Polish Government is making a serious effort Funds Remitted for (various currencies): (a) Not exceeding three months (b) Sight .1 b offer present has been practised by other governments, either voluntary or under the as Central banks for their own account: 3. the of the amount provided in the offer of Feb. 24, 1937. reason to .$262,381,189.93 $265,623,582.03 - Short-term and sight deposits The Nether¬ to avoid discrimination between bondholders of different nationalities such Long-term commitments: 1. Annuity trust account 2. that feels best offer it has been possible to obtain up to now.it is own inadequate, and Total 2. Council of Foreign the 434 % per annum offer now made. maximum service which Poland is $4,237,607.60 6,315,304.73 12,630,609.44 $23,183,521.77 Legal reserve the sterling coupon ac the lands is advising bondholders not to accept the 434 % per annum payment that it could do so $4,237,607.60 fund 1. 2. that Greece to make substantially larger payments and stated that as the Greek Reserves- 1. British the ■ x!., ■ 1. deposited in on Council is also informed that the bondholders' Association in the $306,465,654.90 $310,242,271.70 Total Other assets i 1937 that is being offered to the bondholders at per annum is all The Bondholders Maturing within three months: 2. been have 15, due on Oct. coupon Bondholders has notified the holders of the sterling bonds that it is unable pressure Not exceeding three months.. that sufficient funds in full the tranche of the Stabilization Loan, although interest on $15,628,325.97 101,891,188.35 29,616,634.26 35,425,019.10 Total.... understands pay $45,706,044.47 ..... Time funds at interest: 1. to and not to sign the letters of transmittal. $277,307,217.41 Treasury bills Council London excess Rediscountable bills and acceptances: 1. Commercial bills and bankers'acceptances.. j and equality of treatment agreement of February 1937. While Gold in bars '' ' w ' have assured the Council that the making of this betterment offer leaves in full force and effect the non-discrimination ASSETS ' referred to in was The Polish representatives resources Switzerland, 2767 Chronicle crease total of value sales of on all exempt exchanges was 8.8% from August. $812,397, a de¬ , Coupons from $26,000,000 of Peruvian External Loan Bonds Purchased by Paying Agency Under Recent offer Dr. Juan Mendoza, Counsellor of the Peruvian Embassy ill Washington, who currently is supervising the activities of the Paying Agency for the Republic of Peru in New York, an¬ nounced Oct. 25 that the Paying Agency had purchased, up to the close of business that day, coupons, in accordance with the offer made Aug. 25, from a total of $26,000,000 principal amount of bonds. The coupons included in the offer, re¬ which Loan Bonds, First and Second Series, and the September, 1931 and March, 1932 coupons from the so-called Tobacco Loap ferred to in matured in issue of Aug. 28, page 1342, are the two 1931 on the Republic of Peru National our Bonds. _ The offer is being the i brought to the attention of bondholders as rapidly as holders can be located. But the bonds appear to.,be, very widely difr- Financial 2768 cributed not only In this country but In Europe. In purchasing coupons Chronicle NEW YORK FOR from the total of bonds above mentioned, for example, the Paying Agency has been called upon to draw 3.498 separate checks. use EXCHANGE—TRANSACTIONS ACCOUNT OF MEMBERS Week Ended Oct. 2, Another evidence of a STOCKS Total for Per Week Cent, b 7,408,900 of its clients. Round-lot For the September 1931 and March 1932 coupons together of the Tobacco Loan, the Republic is offering $5.60 on the $1,000 denomination bonds, and $2.80 on the $500 denomina¬ transactions members of except transactions of specialists and odd-lot dealers In stocks in which registered: on the door—Bought... 1. Initiated 560,480 594,850 Sold On the June 1931 and December 1931 coupons tion bonds. 1937 ALL 1937 of 3,000 letters of transmittal for together of the first series National Loan, the offer is $5.97 on the $1,000 denomination bonds, and $2.99 on the $-500 denomination bonds; and on the April 1931 and October 1931 coupons together of the second series, $4.76 and $2.38 re¬ spectively. Only coupons expressed in dollars are being purchased in New York, Dr. Mendoza stated; sterling coupons from National Loan Bonds, Second Series, are being purchased in London. IN (SHARES) banking house in Europe the widespread nature of the holdings is that one ha* requested by mail and cable a total Oct. 30. STOCK Total 1,155,330 Initiated off the floor—Bought. Sold 2. 325,742 Total. Round-lot 7.79 262,240 587,982 transactions of specialists In stocks in 3.97 which registered—Bought 804,820 Sold 815.980 Total 1,620,800 10.94 Total round-lot transaction^ of members, except transactions 1.627,540 1,736,572 Committee Governing of New York Stock Exchange Rules Committee on Stock List May Place Voting Trust Certificates on List Without Preliminary Report Total regi«te"ed: Governing Committee had interpreting Article X, Constitution in relation to Exchange's announcement The Governing 1, day adopted Fourteenth, the of gives to certificates. The 971,277 1,379.542 Sold follows: Total Committee the 550,020 2. In odd lots (Including odd-lot transactions of specialists): Bought voting trust ruled that Article X, Section which 438,610 111,410 Total. ruling a (e) Committee of the New York Stock Exchange, at a meet¬ ing this afternoon, Constitution, that Section Fourteenth, (e) 1, Stock on List NEW i YORK CURB of the 2,350,819 EXCHANGE—TRANSACTIONS IN ALL 8TOCKS FOR ACCOUNT Of MEMBERS a <SHARES) Week Ended Oct. 2. 1937 its "in power 22.70 '^v/; 1. In round-lots—Bought Sold The New York Stock Exchange announced on Oct. 22 that the 3,364,112 Transactions for account of odd-lot dealers In stocks In which ■' discretion, when in its opinion the circumstances warrant, to place upon without report and recommendation to the Governing Committee, securities of corporations which have other securities of the 6ame or Total for Week the list, junior rank listed be respect interpreted terminated, the Exchange, Governing applying as of listed stock tificates have been act the upon be made to report shall may to and to stock in listed whenever the that the Committee and but in trust respect such every Committee at voting of its case next certificates which full a Total volume of round-lot sales effected Round-lot voting trust 1. Initiated in Stock List may be on the of members, which the except Exchange. transactions empowered of registered: floor—Bought 36,370 40,275 Sold Total. to 2. accordingly. 76,645 Initiated off the floor—Bought. Sold... on New York Stock and New York Round-lot and the New York Curb the stock on was announced traded for their an own amount which own account The Stock during the week Exchange account in amount of was stocks In members 214.090 194,750 408,840 Bought Total. 21.75% of total transactions of 8,850,200 shares. 587.440 19.94 Odd-lot transactions of specialists in stocks In which registered. Bought 3,364,112 shares, On the New York Curb 13.88 301,400 286,040 ....... Sold Sold 22.70% of total transactions of 7,- on the Exchange during the week ended During the preceding week ended Sept. 25 trading by the Stock Exchange members amounted to 3,850,580 3.46 which Total round-lot traasactions lor accounts of all members: 98,646 109,768 • „ Total 408,900 shares or In Total. Sept. 25, Oct. 2. shares, specialists 8old yesterday (Oct. 29) by the Securities and Commission. Exchange of Exchange (except odd-lot dealers market) for their ended Oct. 2, was above the previous week ended it 101,955 transactions registered—Bought... Exchanges During Week Ended Oct. 2 Trading by all members of the New York Stock Exchange 2,60 50,940 51,015 Total. Member Trading ? Curb Per Cent, b 1,473,035 , cer¬ voting trust agreement expires or is on transactions specialists In stocks In meeting," issuable on a 208,414 The term "members" Includes all Exchange members, their firms and their partner*, including special partners. b Percentage of members' transactions culating to total Exchange traasactions. In cal¬ the total of members' transactions Is compared with total exchange volume for the xeason that the total of members' trans¬ those percentages twice the actions Includes both purchases and sales while the total exchange volume includes Exchange, total round-lot trans¬ actions for account of all members during the week ended Oct. 2 were 587,440 shares; as total transactions on the Curb Exchange during the week amounted to 1,473,035 shares, the member trading for their own account was 19.94% of total transactions, which compares with a per¬ centage of 16.86% in the preceding week ended Sept. 25, when member trading amounted to 637,190 shares and total only sales. transactions 1,889,430 shares. The data issued by the Securities and Exchange Commis¬ sion is in the series of current figures being published weekly in accordance with its program embodied in its report to Congress last June on the "Feasibility and Advisability of the Complete Segregation of the Functions of Broker and Dealer." The figures for the week ended Sept. 25 were given in our issue of Oct. 23, page 2621. In making available the data for the week ended Oct. 2, the Commission said: The New York Stock Exchange made public on Oct. 28 tabulations it compiled from data received from members in The figures given for total round-lot volume for the New York Stock Exchange and the New York Curb Exchange represent the volume of round-lot sales of stock effected the volume reported week ended Oct. was 7.7% 2 by the on all those exchanges as distinguished from ticker. The total round-lot volume for the on the New York Stock larger than the volume reported Exchange, 7,408.900 shares, on the ticker. On the New York Curb Exchange, total round-lot volume in the same week, 1,473,035 shares exceeded by 5.4% the ticker volume (exclusive of rights and warrants). The data published are based upon reports filed with the New York Stock Exchange and the New York Curb Exchange by their respective members. These reports are classified as follows: New York New York Stock Number of reports received specialist* Other than as specialists initiated on floor as Stock Exchange Initiated off floor Reports showing no transactions...... 206 283 105 66 323 134 466 583 *Note—On the New York Curb Exchange the round-lot transactions of specialists stocks In which registered" are not •In The number of reports in the various classifications may total more than the number of reports received because, at times, a single report may carry one classification. tion to Further Survey answer to an Exchange questionnaire on transactions in five leading stocks from Sept. 7 to 25, inclusive. The compila¬ tions, drawn up from more than 40,000 separate reports, show that transactions in the five stocks during the threeweek period aggregated 2,082,300 shares, of which 473,300 shares, or 22.7%, were for short account. The issues cov¬ ered by the survey were the common stocks of General Motors Corp. and United States Steel Corp., and the capital stocks of the American Oil Co. of New Co. Telephone & Telegraph Co., Standard Jersey and the New York Central Railroad The ratio of transactions in the number of short sales to the total stocks during the period concerned, these follow: Short Total Sales Transactions General Motors 104,700 529.600 19.8 United States Steel 270,475 881,000 30.7 61,600 33.1 ■ 20.400 Standard Oil of N. J In Percentage 6,425 111,800 5.7 71.300 New York Central 867 strictly comparable with data similarly designated for the New York Stock Exchange, since specialists on the New York Curb Exchange perform the functions of the New York Stock Exchange odd-lot dealer, as well as those of the specialist. entries in more than Exchange Reveals Short Sales in Five Leading Issues Were 22.7% of Total Transactions —Releases Tabulations Showing Findings for Period Sept. 7 to 25—Requests Research Organiza¬ American Tel. & Tel Exchange 1,076 Reports showing transactions » New York Stock 498,300 14.3 an announcement accompanying its statistics the Stock Exchange explained that while the questionnaires submitted to members information several facts disclosed conclusions to the as are on weeks ago were intended to produce general character of the market, "the insufficient to form the basis for accurate the effect of short selling and short covering However, with the information already in the possession of the Exchange and additional data which can be obtained, a comprehensive study of short selling is possible." The Exchange said that it has asked the Twen¬ tieth Century Fund, a private research organization, to make on the market. Volume Financial 145 study of the effect of short selling on security markets and publish its findings. "The Exchange has offered," the announcement pointed out, "subject to the condition that the individual names will be held in confidence, to make available to the Twentieth Century Fund all data now in its hands and to obtain such additional data as the Twentieth a to Century Fund may reasonably deem necessary." The data Securities and Exchange Com¬ is also to be available to the mission. In discussing the statistics made availabe Exchange, the New York "Times" of Oct. 29 by the Stock said: revealed for hedge selling and "selling against the box," the former accounting for 21% and the latter for 17% of short sales of 117,500 shares covered in a special investigation. Statisticians working on the problem do not expect "selling against the box" to acvount for any such percentage in the entire investigation, but believe that hedge Unexpectedly large figures were selling will be even higher. market, except for one day, with the result that round lots bought by odd-lot brokers gave a net long position of 104,100 shares for the three weeks. Specialists were long of 1,900 shares more than when the survey started but other members sold 18,400 shares on balance. Counting purchases by odd-lot dealers on the long side, there¬ fore, members of the Exchange bought 87,600 shares on balance, nonmembers sold 80,600 shares on balance and foreign arbitrage resulted in a Odd-lot dealers were steadily long of the These figures should balance but do not, Exchange complained. evidence that short selling was a direct market depressant. On the five days of weakest markets. Sept. 7, 10. 13, 17 and 24, short selling ranged from 20 to 28% of total sales, the higher percentage being for Sept. 17, the lightest day of the five, for which the average was 24%. On the five strongest days of the period. Sept. 9, 11, 14, 16 and 22, short sales averaged 23% of total sales. The average for the whole period long position of 400 shares. net discrepancies of which the due to the The report contained no was 22.7%. following is the announcement Exchange on Oct. 28 accompanying its issued by the Stock statistics: the character of transactions Business Conduct of the New York Stock Exchange recently issued questionnaires requesting members to sub¬ mit a record of all full lot transactions for the period from Sept. 7 to Sept. 25. inclusive in the common stock of General Motors Corp. and United States Steel Corp., and in the capital stocks of the American Telephone & Telegraph Co., the Standard Oil Co. of New Jersey and the New York In order to obtain information with respect to in the general market, the Committee on Central Railroad Co. More made to the State Unemployment for the past 22 months. Commissioner Andrews said on Oct. 28 that the Division of Placement and Unemployment Insurance of the New York State Labor Department will continue to collect from State banks monthly contributions under the law. An announcement by the Division of Placement and Unemployment Insurance of the State Labor Department had the following to say regarding Attorney General Ben¬ tributions than 40,000 separate reports were received in answer to these A tabulation of the data disclosed by these reports is This tabulation has been broken down so as to show, questionnaires. they have Insurance Fund the basis of their payrolls on nett's ruling: Attorney General's opinion finds The under the Banking Law of the that State banks, State, have only powers incorporated derived from this become Federal Reserve bank members, but are allowed powers the Federal Reserve bank confers on member banks only when those powers are "not in conflict with the lawB Thus, State banks are permitted to law. of this State." Banking Law provision that specifically points to the State The opinion officers and stockholders shall con¬ member bank and its directors, "such be subject, however, to all liabilities and tinue to them by the law of this State and to all the to banks." duties imposed upon provisions of this Chapter relative Among the liabilities and duties so imposed. Attorney General Bennett the Unemployment Insurance ruled, "would fall compliance with Law." from an earlier opinion in which he found National banks to be instrumentalities of the United States and not subject to the Unemployment Insurance Law, the Attorney General cites United States Supreme Court precedent. He Indicated that a specific Supreme Court decision was the sole basis for his opinion exempting Na¬ Distinguishing his present opinion tional banks. Among numerous other references cited to support the opinion, Attorney Division, Third Department, that of the State, and is allowed to conduct business quotes the Appellate Bennet General "the bank is a mere creatuie only on the terms and in the a The 2769 Chronicle circumstances prescribed by the 8tate." From "A corporation is a purely act only in accordance with the decision, the opinion quotes: Court of Appeals artificial body created by the law. It can law of its creation." The Attorney General noted that "the Louisiana and New Jersey have which are members of the banks been State Federal Reserve System are not instru¬ rulings of like import Pennsylvania, West Virginia, Wisconsin and the United States, and administrative mentalities of the have Attorneys-General of the States of rendered opinions to the effect that issued in District of Columbia." "that no implied immunity they are employed by the Federal Government, wholly or in part. The same rule which applies_to National banks cannot be extended to cover State banks." "It is attaches settled," the opinion declares, well to such corporations merely because herewith made public. separately, the purchases, the long sales and the short sales made registered firms and partners thereof; Exchange, members of the (1) by for foreign arbitrage transactions; the United States and (6) by nonThe tabulation also shows for each one of these categories the amount bought and sold on balance for each day of the period. In addition, the price changes on each day, both in the over-night position and in the course of the day are shown separately, as well as the total volume of transactions both reported and non-reported on specialists: (3) odd-lot dealers; (4) accounts located in by (5) by non-member located in foreign countries. member accounts ' the ticker. qualifications. The total purchases of 2,089,000 shares is not in balance with the total sale of 2,082.300 shares, due to errors in reporting. This error of 6,700 shares amounts, however, to less than 0.3 of 1%'. In other instances similar small discrepancies may be noted. In the time available it was not possible to break down the The tabulation is subject to certain Accounts located in foreign countries have been treated as a separate category but the totals shown under this heading should not be considered as disclosing the extent of foreign participation in the market because of transactions routed through reports so as to reflect foreign ownership. questionnaires is not complete and the investigations. The information in hand reveals the names of buyers and sellers, the total purchases and the amounts sold for long account and short account, but it does not show the time when The information is disclosed by these continuing its reported purchases and sales were made and the time and the amount of assumed by specialists in an effort to maintain orderly markets. Furthermore, instances have been discovered where transactions reported as short sales were in fact sales made against identical securities owned by the sellers. The Committee has already found evidence of transactions of this character made by members, their firms or partners to the extent of 24,800 shares and in addition short sales amounting to 19.400 shares are known to have been hedges against long positions in other Bhort covering or the positions securities. These questionnaires were intended to produce information as to form the possession of the Exchange and additional data which can be obtained, a comprehensive study of short selling is possible. The Exchange believes that such a study should be made. Accordingly, It has invited the Twentieth Century Fund to undertake a thorough study of the effect of short selling on security markets and to publish its findings. The Exchange has offered, subject to the condition that the individual names will be held in confidence, to make available to the Twentieth Century Fund ail data now in its hands and to obtain such additional data as the Twentieth Century Fund may reasonably deem necessary. The Exchange will make the same data available to the Securities and Exchange Commission to facilitate such investigations and studies as the Commission may be making or have under consideration. Association School children in the United States to the number of 2,823,246 deposited $14,258,790 in school savings banks during the year ended June 30, 1937, according to reports made to the Savings Division, American Bankers Associa¬ tion. Of this amount $4,660,832 remained on deposit at the close of the year, the report says, while deposits in¬ creased over the previous year by $1,177,606, or 9%, and net savings by $930,746, or 24.95%.' "The gain over last the greater financial freedom now being country," says W. Espey Albig, Deputy Manager of the Association in making, the report public. Mr. Albig adds: indicates year achieved throughout the "These results were accomplished by a group numbering only Therefore Subject to New Exempt State banks are held subject to the New York State Un¬ employment Insurance Law in an opinion issued in Albany, Oct. 28, by Attorney General John J. Bennett Jr. denying the claim that State banks which are members of the Federal Reserve System are instrumentalities of the United States and therefore not subject to the law. A ruling was sought by Industrial Commissioner Elmer F. Andrews after certain State banks, claiming exemption, sought refund of the con¬ 36,993 the year previous. than during witnessed a great improvement in school sav¬ ings. Five years ago they were suffering the shock of a business depression without precedent in our history. 14 of 43 States afforded opportunity for school savings and showed a greater volume of deposits than withdrawals. "The past five years have This year the one State with an excess of withdrawals over deposits was the complete transformation marking the past five years better advantage than in the buoyant reaction in exception. The nwohere is shown to school savings." : - that about 9,000 schools have school sav¬ The "honor roll" compiled in the report shows that in 53 towns and cities the grammar or high schools had 100% of their enrollments participating in the plan. The report says ings facilities. Governors of Federal Reserve System Reduce Margin Stock Purchases from 55% to 40%—Also Fix 50% Margin Regulation on Short Sales—New Rules Effective Nov. 1—Text of Amend¬ ments to Regulations T and U—New York Stock Exchange Revises its Regulations The Governors of the Federal Reserve System on Oct. 27 announced that effective Nov. 1 margin requirements on purchases of stock will be reduced, while for the first time the Board placed a margin requirement on short sales. The new regulations increased the maximum initial loan value of securities purchased by customers on margin from 45% to 60%, and provided for a 50% initial cash coverage for se¬ Requirements on curities sold short by customers. York State Unem¬ ployment Insurance Law—Attorney General Ben¬ nett Denies Claim Member Institutions of Federal Reserve System are Agencies of United States and Rules State Banks Year Reported by American Bankers the the market and the facts disclosed are insufficient to basis for accurate conclusions on the effect of short selling and short on the market. However, with the information already In the general character of covering of School Depositors During Ended June 30, 1937 more banks and trust companies. Committee Increase in Savings (2) by Previously the Board of had not required official margin requirements short sales. The changes were made by amendments to Governors on Regulation T, covering the extension of loans by brokers and Regulation U, covering advances by banks. The Board provided also that the maximum initial loan value of securities pledged by brokers and dealers to other brokers, dealers or banks will be 75% of the current market value instead of 60%, as previously, while a 35% initial cash coverage requirement for securities sold short in special ac¬ counts between brokers or dealers will be required. The Board did not change the present 80% maximum loan value for securities on which credit is extended to distributors and dealers, and to syndicates. 2770 Financial Chronicle At his press conference on Oct. 28 Secretary of the Treasury Morgenthau had the following to say, according to advices from Washington to the New York "Times": "I did did anything^bout know not the margin change until Mr. the supplement to Eccles For the purposes of this regulation, the adjusted debit balance of every account in which any short position in securities (other than unissued or exempted The Secretary said he did not know whether the change in margin require¬ would stimulate foreign investment and speculation in the United securities) or any credit is extended or maintained for the purpose of purchasing or carrying securities shall be computed in accordance with the above rules, regardless is carried States. of whether it be Reaction of financiers to the regulations new was described The follows in the "Times" of Oct. 28: last ment cordial. announce¬ night to regulations of stock market margin requirements was Brokers, interviewed in their homes, hailed the development as sign of a more cooperative attitude on the part of Washington, declaring that this, rather than any technical improvement in the market to be made new Officials regulations, of the the important consideration. was New York Stock Exchange and the New York Exchange admitted that their governors will revision but or be now Curb obliged to consider abolition of rules demanding 10 points margin Some pointed equal to about 38% of the average value of stocks on the Curb Action the Stock on Exchange, and a considerably higher percentage disappointment and short deals expressed that the board had was on an not seen 35%. fit to Some place long equal basis. The present 55% margin rule 1934, supplanting sliding a value on scaie of securities long transactions arrangement to went into effect Oct. based on price ranges. 45%. 55% of the market value 1, It This 1. own margin requirements, designed tect the positions of their member firms. The New York Stock Exchange has a limit of to pro¬ 22% of the market value of the security, below which members are not supposed to allow margins to fall. Brokers . remarked .transactions last night that probably will have a a reduction the margins long on They admitted, however, that the market might lose some of its 7 and 8(a) or carrying of securities, the Federal &c." They interpret this power market to set circles rule, legal margins do not to mean short on some in but a has anticipate, however, has never been given the simply assumed it. any court attack on Stock the new Exchange acted on 5% of the principal amount, whichever is larger. At the same time the Exchange revised, effective Nov. 1, its margin requirement on transac¬ tions made during a single day in accounts of members of the Exchange and member firms and partners thereof, to 40% of the market value of all securities account. the long in the account market value of all securities short in the announcement Oct. 27 of the several follows: of the Governors of the System of changes made in Regulations T and U The Board of Governors of the Federal Reserve system today adopted the following amendment No. 10 to Regulation T, effective Nov. 1, 1937: Amendment No. 10 of Regulation T—Effective Nov. 1, 1937 ■ Be it resolved, that, effective Nov. 1, 1937, Regulation T, as amended, is further amended in the • following respects: 1. Section 2 (D) , of said regulation is amended to read as follows: (D) The term "combined account" means the combination of all accounts (except "special accounts") between any creditor and any customer, or any group of custo¬ mers acting jointly. ^ * 2. Section 2 (M) of said regulation is amended to read as follows: : (M) The term "customer" means any person (including any partner of a creditor firm in his relations with the firm) to or for whom, or any group of persons to or for whose joint account, a creditor is carrying any short position In securities or extending or maintaining any credit; provided, however, that a partner shall not be deemed to be a customer of his firm within the meaning of this regulation with reference to his financial relations to the firm as reflected In his capital and ordinary drawing counts. 3. Clause (2) of Section 3 (B) of said regulation is amended to follows: read ac¬ as 4. Clause (3) of Section 3 (F) of said regulation is amended to read as follows: current market value of any securities sold short than unissued securities) plus, for each such security market value of the complies with Subsection (B) an or of Section 3 exempted security) dealer, which special of Regulation T, as current market value of the security. Extension (i) of Section 3 of Regulation T, as amended, shall be 80% of the current market value of the security. Margin Required of the Securities on Short Sales—Pursuant to the provisions of Section 7 Exchange Act of 1934 and Section 3 of Regulation T, amended, the Board of Governors of the Federal Reserve system hereby prescribes that the amount to be included in the adjusted debit balance of an account, pursuant to Section 3 (F) (3) of Regulation T, as amended, as as required margin on short sales of securities exempted securities) shall be 50% of the security except that in the broker or (other than unissued dealer, which special or current market value of each such case of a special account with another account complies with amended, such member, Subsection amount shall be (B) of 35% of such current market value. Regulation U The Board of Governors of the Federal Reserve System today adopted ' Be it resolved, that, effective Nov. 1, 1937, the supplement to Regula¬ tion U is amended by changing the maximum loan value figure "45%" in the paragraph of said supplement to "60%," and by changing the maximum value figure "60%" in the second paragraph of said supplement to "75%," so that as thus amended the supplement will read as follows: Supplement to Regulation U—effective Nov. 1, 1937. first loan a National securities exchange, shall be 60% of its current market value, as determined by any reasonable method. "Loans to brokers and dealers. registered value of on a Notwithstanding the foregoing, National securities exchange shall have 75% of its current market value, method, in the case of a loan to a broker to the as or in the,account (other (other than an unissued or a a stock, special maximum determined by any reasonable dealer from whom the bank provisions of Regulation T (or that he does ac¬ (1) That he is subject not extend or maintain credit to or for customers except in accordance therewith as if he were sub¬ ject thereto), and (2) That the securities hypothecated to secure the loan securities parried for the account of his customers other than his partners." Assets of Dec. All 31, Banks but in Above United Year States June 30 Below Ago—Reported at $68,941,069,000 by Comptroller of Currency—Deposits Given at $59,822,370,000—Detailed Data The Comptroller of the Currency, J. F. T. O'Connor on Oct. 25 issued compilations showing the assets and liabilities of all active banks in the United States as of June 30, 1937, and presenting a comparison of the figures with Dec. 31 and June 30, 1936, and June 30, 1933. 30 Assets of the 15,580 active banks in the country on June last, the Comptroller reported, amounted to $68,941,069,000, as against $70,121,289,000 (15,704 banks) Dec. 31, 1936; $67,198,581,000 (15,803 banks; June 30, 1936, and $51,301,908,000 (14,624 institutions) June 30, 1933. Of the June 30, 1937, figure, $30,337,071,000 represented the assets of 5,299 National banks, while 9,632 State commercial banks (including loan and trust companies and stock savings banks) resources of $26,154,156,000; 564 mutual savings banks $11,644,741,000 and 85 private banks $805,101,000. The 15,580 banks held deposits on June 30 last of $59,822,370,000 (in comparison with .$61,155,014,000, $58,339,815,000 and $11,533,470,000, respectively, six months, a year and four years ago), as follows: $26,765,913,000 by National banks, $22,192,742,000 by State commercial banks, $10,213,402,000 by mutual savings institutions, and $650,313,000 by private banks. The principal assets of all banks on the latest date were loans on real estate, $8,601,412,000; other loans, including rediscounts, $14,071,081,000; United States Government securities, $16,968,486,000; State, county and municipal obligations, $3,572,402,000; other bonds and securities, had $6,733,251,000, and balances (2). In such account transactions are permitted and credit is extended or main¬ tained solely for the purpose; of enabling such member, broker or dealer to carry accounts for his customers other than his partners, and (3). The registered security (other than complies with Subsection are 50% of the a special account with another member, broker cepts in good faith a signed statement to the effect Board Oct. 28 to make its own margin rules conform to the revised regulations of the Board of Governors of the Federal Reserve System. Effective Nov. 15, the Exchange has established a minimum margin on short sales in stocks of 30% of the market value, or $5 per share, whichever amount is greater. On bond transactions in the short account, a similar mimimum margin of 30% of the market value is required, or and current of Credit to Distributors, Syndicates, &c.—The maximum loan value of a registered security (other than an exempted security) in a special account with a distributor, syndicate, &c., which special account if of credit for the purchase Reserve Board shall prescribe rules that the saies to or not. The New York Stock loan value of mum of the Securities Exchange Act of use registered security (other than of any stock, whether or not registered on "pursuant "For the purpose of preventing the excessive a of the "For the purpose of Section 1 of Regulation U, the maximum loan value short transactions already is the subject of Financial leaders point out that it has been passed 1934," and that the first section reads: for the purpose of Regulation T: provided in paragraphs (2) and (3) of this shall be 60% the following resolution: on the requirements of Section as Extension of Credit to Other Members, brokers and Dealers—The maxi¬ account Short Sale Rule Stirs Debate debate. exempted security) an dangerous thinness due to the greater freedom of action which the 40% rule will give to specialists and floor traders. Under recent rules these operators are re¬ quired to be fully margined at all times, which has circumscribed their operations and kept them from giving their usual support in times of weak prices. Now, while their hands have not been untied, the bonds are more elastic. The 50% margin rule General Rule—Except supplement, the maximum loan value of on stock prices time must pass before the some T, Values—Pursuant to the provisions of Section 7 of the Section 3 of its Regulation temporarily bullish effect but that this must not be overestimated, as cumulative effect of the changes will be felt. Regulation Exchange Act of 1934 and Section 3 of Regulation T, as in to 1937: security. securities purchased. changes, however, have their special account. a following supplement (other than exempted securities) of the After the original transaction, the Federal Reserve Board has no further interest in the deal, as such. It merely rules that accounts in which margin falls below 55% shall be restricted, unable to trade freely. The stock Ex¬ or T, as amended, the Board of Governors of the Federal Reserve system hereby prescribes the following maximum loan vaiues of registered securities 3. the ordinary customer at that the original margin must be means the amended, shall be 75% of the Greater Freedom of Action is Seen sets the loan Securities 2. by the Reserve Board had been expected, many believing that adopted Supplement to Regulation T—Effective Nov. 1, 1937. Exchange. the margins on both sides of the market would be set at about 1, Maximum Loan short sales, on would predict that such changes would be made. out that the present 10-point margin is none combined account also Be it resolved, that, effective Nov. 1, 1937, the supplement to Regulation T is amended to read as follows: a by the a Board effective Nov. Reaction of Wall Street leaders to the Federal Reserve Board's margin re¬ 5. The first sentence of the last paragraph of Section 3 (F) of said regula¬ ments as 1937 tion is amended to read as follows: ing the board meeting," said Mr. Morgenthau. r 30, the Board shall prescribe from time to time in this regulation as the amount to be Included as the as quired for such short sales, except that such amount so prescribed need not be included when there are held in the account securities exchangeable or convertible into such securities sold short: the courtesy to call me on the telephone yesterday afternoon follow¬ me Oct. exempted security), such amount with other banks, including $14,670,297,000. Aside from deposits, principal liabilities were: Surplus, $3,700,484,000; common stock, $2,593,491,000; preferred stock, $472,195,000, and undivided profits (net), $787,737,000. The Comptroller's data, which will be included in his reserve with Reserve agents, annual report, follows: Volume 2771 Financial Chronicle 145 STATEMENT OF ASSETS AND LIABILITIES OF A^L BANKS JUNE 30. 1937 Banks Other Total All All National Banks Banks Banks Than National Other 15,580 ASSETS Other loans, including rediscounts. Overdrafts- $8,601,412,000 14,071,081,000 k Savint/s Private 85 9,632 564 $7,094,142,000 6,770,569,000 7,337,000 7,666,512,000 1,082,779,000 2,120,773,000 4,281,788,000 $2,187,196,000 6,572,724,000 $4,903,835,000 93,885,000 6,146,000 8,000 5,155,018,000 832,665,000 1,244,396,000 2,257,279,000 713,538,000 1,098,640,000 513,719,000 6,737,026,000 517,175,000 572,706,0.,0 399,085,000 456,597,000 6,108,759,000 361,585,000 2,145,526,000 245,501,000 828,413,000 1,958,529,000 133,500,000 697,998,000 55,577,000 473,474,000 108,495,000 $3,111,000 103,960,000 1,183,000 365,968,000 4,613,000 47,904,000 65,980,000 7,332,000 1,557,000 1,545,000 154,793,000 47,095,000 10,281 5,299 $1,507,270,000 7,300,512,000 v. Loans on real estate Mutual (Commercial)* Number of banks. State Than National 12,450,000 14,569,033,000 2,399,453,000 3,572,402,000 6,733,251,000 1,349,208,000 1,261,049,000 958,317,000 14,670,297,000 743,116,000 5,113,000 6,902,521,000 1,316,674,000 1,451,629,000 2,451,463,000 635,670,000 162,409,000 444,598,000 7,933,271,000 225,941,000 $30,337,071,000 $38,603,998,000 $26,154,156,000 $11,644,741,000 $805,101,000 $68,941,069,000 $23,698,641,000 24,571,685,000 3,579,261,000 $12,430,183,000 7,469,842,000 2,203,466,000 467,873,000 3,790,587,000 403,962,000 $11,268,458,000 17,101,843,000 1,375,795,000 338,962,000 2,560,716,000 410,683,000 $10,745,037,000 6,856,771,000 1,372,532,000 338,962,000 2,469,718,000 409,722,000 $3,752,000 10,208,277,000 1,078,000 $519,669,000 36,795,000 2,185,000 U. S. Government securities—Direct obligations Obligations fully guaranteed State, county and municipal obligations . Other bonds and securities Banking house, furniture and fixtures Real estate owned other than banking house... Cash in vault Balances with other banks, lncl. reserve Other assets with reserve agents . Total assets. LIABILITIES Deposits of individuals, partnerships and corporations: Demand Time , State, county and municipal deposits U. S. Government and postal savings deposits 806,835,000 6,351,303.000 Deposits of other banks Certified and cashiers' checks, 814,645,000 cash, letters of credit, &c— $26,765,913,000 $33,056,457,000 $22,192,742,000 $10,213,402,000 $7,968,000 562,000 676,000 113,410,000 51,221,000 $44,443,000 $35,901,000 2,005,000 193,000 121,066,000 $2,768,000 $5,774,000 $52,411,000 2,567,000 869,000 276,780,000 70,959,000 45,255,000 433,427,000 27,703,000 157,453,000 $184,964,000 472,195,000 2,593,491,000 3,700,484,000 787,737,000 475,268,000 1,283,154,0C0 1,073,154,000 389,233,000 155,623,000 319,645,000 12,024,000 10,268,000 9,847,000 421,000 22,292,000 $5,024,266,000 $3,521,492,000 $1,403,783,000 $98,991,000 $38,603,998,000 $26,154,156,000 $11,644,741,000 $805,101,000 Bills payable ... ......... .... ..... Agreements to repurchase securities sold — reporting banks. Interest, taxes and other expenses accrued and unpaid Dividends declared but not payable and amounts set aside Acceptances executed by or for account of ^ I - for undeclared dividends and for capital notes and debentures accrued interest on — Other liabilities Capital notes and debentures — Preferred stock......... — Common stock .... Surplus — Undivided profits—net : Reserves for contingencies....... Retirement —-—... fund for preferred stock debenttues.. Total liabilities, Including 2,000 14,052,000 248,744,000 3,500,000 19,513,000 ""7",71"7:660 $167,992,000 173,218,000 1,266,808,000 1,394,560,000 235,857,000 273,210,000 $16,972,000 398,504,000 "43",529:666 1,200",294;666 32,476,000 416,000 22,570,000 162,231,000 23,865,000 and stock savings banks. Includes loan and trust companies STATEMENT SHOWING "42",364:665 ~T,77~5~666 $184,964,000 173,218,000 1,310,337,000 2,627,330,000 S30,337,071,000 $68,941,069,000 capital account ' 17,961,000 17,552,000 275,974,000 $3,212,165,000 $8,236,431,000 - 2,005,000 193,000 163,370,000 19,738,000 298,977"000 and capital notes and .... Total capital account * 882,000 $650,313,000 $59,822,370,000 Total deposits. Rediscounts "90",782:666 216,000 79,000 BANKS IN THE UNITED STATES AND POSSESSIONS COMPARISON OF ITEMS OF ASSETS AND LIABILITIES OF ALL ACTIVE AS OF JUNE 30, 1937, DEC. 31, 1930, JUNE 30, 1936, AND JUNE 30,1933 Dec. 1937 June 30, June 30, 31, 1936 June 30, 1936 15,580 16,704 $8,601,412,000 14.071.081.000 $8,500,175,000 13,1(4,844,000 $9,627,534,000 12,749,837,000 10,447,000 7,795,999,000 $8,515,708,000 12,313,497,000 13,108,000 1933 *14,624 15,803 9,954,000 Number of banks assets Loans on real Other loans, estate including rediscounts U. S. Government ._ ... .... _ __ _ __________ securities—Direct obligations. 12,450,000 14.569.033.0001 2,399,453,000/ . _ 17,497,059,000 /14,840,174,0001 1 2,518,026,000/ 3,572,402,0001 Overdrafts..... 10,700,905,000 /3,628,711,000 16,872,622,000 1,346,665,000 1,288,396,000 1,025,586,000 15,871,668,000 Obligations fully guaranteed State, county and municipal obligations 6,733,251,000/ 2,881,139,000 7,253,525,000 1,382,831,000 743,116,000 $67,198,581,000 $51,301,908,000 $24,770,038,000 23,887,355,000 3,358,907,000 1,124,463,000 7,079,554,000 $22,464,588,000 23,446,681,000 3,342,848,000 1,346,116,000 934,697,000 6,905,794,000 833,788,000 $14,001,839,000 20,245,615,000 1,603,576,000 1,037,913,000 3,364,885,000 $59,822,370,000 $61,155,014,000 $58,339,815,000 $52,411,000 2,507,000 276,780,000 70,959,000 $55,456,000 560,000 1,215,000 270,399,000 72,157,000 45,255,000 33,644,000 33,473,000 433,427,000 390,514,000 527,305:600 $184,964,000 472,195,000 2,593,491,000 3,700,484,000 787,737,000 475,268,000 22,292,000 $204,845,000 524,349,000 2,563,820,000 3,733,961,000 651,400,000 448,972,000 14,971.000 $8,236,431,000 _ 772,883,000 $23,098,641,000 24,571,685,000 3,579,261,000 806,835,000 6,351,303,000 814,645,000 banking house Cash in vault $70,121,289,000 $8,142,324,000 $7,971,093,000 $7,385,288,000 $70,121,289,000 $67,198,581,000 $51,301,908,000 1,349,208,000 1,261,049,000 958,317,000 14,670,297,000 Banking bouse, furniture and fixtures Real estate owned other than 1,363,426,000 1,263,742,000 1,018,951,000 14,103,430,v00 750,340,000 $68,941,069,000 Other bonds and securities _ including reserve with Reserve agents ............J.................. Balances with other banks, Other assets 637,646,000 672,556,000 7,092,229,000 1,198,165,000 Total assets -'>/■: - :v ■ "A? : • liabilities corporations—Demand Deposits of individuals, partnerships and Time - .i...-. ..... State, county and municipal deposits U. S. Government and postal savings deposits Deposits of other banks. ......... Certified and cashiers' checks, cash letters of credit, &c 679,642,000 $41,533,470,000 Total deposits Bills payable ......... A.. Rediscounts 809,000 securities sold Acceptances executed by or for account of Interest, taxes and other expenses accrued Dividends declared but not payable and accrued interest on capital notes and Agreements to repurchase reporting banks. and unpaid. amounts set aside for undeclared dividends and for debentures $45,221,000/ 1,010,OOOJ 883,000 208,005,000 71,776,000 730",435:606 — ........ National bank circulation $503,883,000 20,799,000 445,187,000 76,300,000 600,546,000 Other liabilities Capital notes and debentures _ _ _ _ _ _ Preferred stock Common stock. ; Undivided profits—net Reserves for contingencies _ preferred stock and capital notes Retirement fund for Total capital account - ._ _ and debentures * operating on an unrestricted The Investment Bankers Asked to Consider Appointment of Permanent Committee to In¬ formally Discuss Their Problems with Pennsyl¬ vania Securities Makes Requests Commission—Chairman Baker Luncheon of Bond Club of at Philadelphia 468,180,000 luncheon, Oct. 23, of the Bond Club of Philadelphia, Colley S. Baker, Chairman of the Pennsylvania Securities Commission, asked investment bankers of Philadelphia whether it would be helpful to the bankers to appoint a permanent committee to represent them and to meet with the Commission at regular stated periods for informal discussion of problems of mutual inter¬ est and exchange of thoughts. Also present at the luncheon, held at the Bellevue-Stratford Hotel, were the two other members of the Commission, Anthony P. In concluding his Commission would Barrett and A. F. address, Mr. Baker said: be happy to hear your views expressed through time, as representatives and protectors of the investing public of Pennsylvania, to informally advise you of our thoughts. We both desire to prevent frauds; we both wish to aid industry in our State and furnish employment to more of our people. By working such a committee, and at the same together, you can help us. Replying to Mr. addressing the monthly Chandler. 3,371,321,000 646,246,000 basis. Philadelphia W. 2,899,541,666 including canital account Licensed banks: i. e., those In 706,427,000 423,632,000 11,390,000 ; $68,941,069,000 Total liabilities, $244,719,000 633,667,0001 2,542,840,000/ 3,408,418,000 President given to of the We think we can help you. Baker's suggestion, C. club, said that Newbold Taylor, consideration would be this proposal and that any action taken would probably be in conjunction with the Pennsylvania of the Investment Bankers Association. Stock of Money in groups the Country Washington has issued the customary monthly statement showing the stock of money in the country and the amount in circulation after deducting the moneys held in the United States Treasury and by The Treasury Department at 2772 Financial Federal Reserve banks and agents. are for Sept. 30,1937, and show that the at that date (including, of Chronicle and in circulation money what is held in course, vaults of member banks of the Federal Reserve bank System) was $6,542,404,887, as against $6,523,901,587 on Aug. 31, 1937 and $3,266,539,446 on Sept. 30, 1936, and comparing with $5,698,214,612 on Oct. 31, 1920. Just before the outbreak of the World War, that is, on June 30, 1914, the total only $3,459,434,174. ? was © © © © cT r-" to co s oo ci -i d io -fceoN eo © d ©* S § 00 t>T co" ©" 00 d d O O O 1< co h w co eo n i ' 00 flH d eoNfiMo;® CO <6 <*' CO d © 00 "Of eo I © I CO "5 CO o d eo oo <M N eo GO !>■* <N ® CO CO 51 00 O) i/5 N co" -1 , NOdll n CO I CO CO <N , wifeoH d h eo c co h co | 1 — i pi PI r- © © -- d r- © eo id 1* ID i<* — i* eo d ID t» O ii 11 l-H — o o> Reserve CD eo d 1/5 d + eo" ©" oo f CO 51 ©, ii, d d* ©* ©* eo "5 d d © fi eo ph d d I O 1« 11 pi ID O I © O CO 1/5 N © d 1/5 eo © © © iq d, © pi i< © 1<" eo" oo I ! US*®5 1 CO* O* 1^" —* 00 -r , S e CO 51 M 51 | ©* eo" CO © eo CO pi d pH 00 pi eq d s eo" eo* 1< © © © i< eo © © d © d N © Ii P) N eo" eo • © d eo, • © © 00 d 05 •—1 1 o r- d i< co © 00 eo © !>• -a1 D 115 - S© oo n pH n © © CO eo © ti 00 d, © © © eo © © d 11* d* ©* ©* ID CO 11 i< CO eo »-i eo oo "5 d eo © 51 eo, © ©_ ii pi roo oc* © rJ mi" ©* pi , §3 oo eo © eo compares with 0.362%, the rate at which 273-day bills sold over a week ago. The following details on the offering of bills dated Oct. 27 is from Secretary Morgenthau's announcement of Oct. 25: Total applied for, $143,108,000 © High © d © pi 3^ • • • ©* I o 1 • { © c oo CO CO ti o i< " ! ©* I* I | oo © © , O CO pi i ©, ! d* d* d d p- Average price I* CD © © pi d * ©©*©*©©* t>T eo © 00 ©, © I* o ip New eq oo eo, w, oo eo* ph" © © © pi eo © CO d* d* ip oo o" O © Pi 00 © eo eo ph pi o © © © oo .« © eq ii" pi* d* d • d eo 00 © Treasury Henry Morgenthau Jr.* pi © d I © © CO • banks and the branches thereof up to 2 p. m., Eastern Standard Time, yesterday (Oct. 29). The tenders to the offering had been invited on Oct. 26 by Secretary of the serve S CO I ©* jjlHbi d pi © eo d © o d o © © ii, ii, ©, © © © © CO © eo V* Pi eo ©* «• o © © CO tP IP © © © © © © © © o © ! ~ The bills sold were on a discount basis to the highest bidders. Nov. 3, 1937, and will mature on March is \SL !|ll Offering of $50,000,000, or Thereabouts, of 133Day Treasury Bills—To be Dated Nov. 3, 1937 a new offering of $50,000,000, or thereabouts, 133-day Treasury bills were received at the Federal Re¬ of ' accepted.) Tenders to eo ! 0.249% 0.267% 0.261% © © © amount bid at the low price was rate d eo rate rate ©, ©, eq d_ a t~ ii* ©* ri" oo' © 14 co © - - eq oo J I : i • •g o 00 -1 I • © 99.903—Equivalent 99.896—Equivalent 99.899—Equivalent Low 1 oo ©" ©* ©* ©' eo* (85% of the CO r— CO Total accepted, $50,065,000 Range; ii, d, i<, d ©* ©" ©" pi ©, © r- ii* our the last issue of «i CO, © CO, ©" ©" ii* r>." ©" eo t- t»* O W IO N © 1 •Is I t'v r~- ii, co" -* © Of the amount 0.261%, which CI I S © branches thereof. issue of Oct. 23, page 2623, was the first of a series of bills that will be offered to mature around the March 15 in¬ come tax date, designed to offset any strain on the money market at that time. The issue sold at an average rate of d Pi co : ■3 o © t- © d* eo" o" o" n © -1 ©" ©* ©* a N d_ C d -C d O 00 the received, Secretary Morgenthau said, $50,065,000 were ac¬ cepted. The offering, previous reference to which was made in ©* ©* § banks and © 00 I «D ©" ! oo eo 5? g c that bids of $143,108,000 had been re¬ offering of $50,000,000, or thereabouts, of 140day Treasury bills, dated Oct. 27, 1937, and maturing March 16, 1938, was made on Oct. 25 by Henry Morgenthau Jr., Secretary of the Treasury. The tenders were received up to 2 p. m., Eastern Standard Time, Oct. 25, at the Federal ceived to the onoeoa® i*- 1/5 NOCiHrtiOlM® i! CS. Announcement i-< a Si *5 ^ $143,108,000 Received to Offering of $50,000,000 of 140Day Treasury Bills Dated Oct. 27, 1937—$50,065,000 Accepted at Average Rate of 0.261% © 8o O O O ,0000 |^|csl £ 1937 a The following is the full statement: © § Oct. 30. first Hen on all the assets of the Issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as Is eligible under the terms of the Federal Reserve Act, or, until June 30, 1939, of direct obligations of the United States If so authorized by a majority vo'« of the Board of Governors of the Federal Reserve System. Federal Reserve baik* must maintain a reserve in gold certificates of at least 40%, Including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation. "Gold certificates" as herein used Includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve bank notes and National bank notes are in process of retirement. The figures this time They will be dated 16,1938, and on the maturity date the face amount of the bills will be payable without interest. There is a maturity of similar securities Nov. 3 in amount of $50,385,000. In his announcement of the offering said: on Secretary Morgenthau a 00 © 11 © © 00 00 1 © N d N © © 00 © ©, iH 00 ©, ©* d" © IP © IP 11, CO tp CD © Pi M eo* ii* CO 00 00 d © © Pi" >p" P-* © © Pi 00 © d 11 oo d © IP © © © ii, eq © oq ©, ©* 11* 1<" pi* oo* d* Pi 00 »• Ml i> fp They (the bills) will be issued in bearer form only, and In amounts or denominations of SI.000, $10,000, $100,000, $500,000, and »1,000,000 (maturity value). No tender for o an © d ©* must be in amount less than $1,000 will be considered. Each tender multiples of $1,000. The price offered must be expressed on the basis of 100, with not more than three decimal places, e. g., 09.125. Frac¬ tions must not be used. . ti J-N © M< I © CO CO © 00 ID t I © 00 O © CO 11 00 © iT ii" ©* t>T 00 © CO OS 11 © o* - © Ii ti* d" d d s eo ii ! Pi 11 11 © CO H © eo © CO © IP 00 »p O 11 o S3 eo 1< pi o , S© Pi © d © Tenders will be accepted without cash deposit from incorporated banks d © 1^ eo, oo, ii, ©* 11* i<" ©* ©" ©" co CO ; ©, ti ©, ©, ii ©, d and trust companies and from responsible and recognized dealers in invest¬ ment securities. Tenders from others must be of d ii pi are Pi eo 11 © © © oo d eo d" d* d" co* 00, ©, ©, 1<, ©* fp* ©" d* ©" d* tp ' d d d pi , pi" S© 00 - .1 H CO 11 CO 11, ft* rH N Pi, © Pi CO 10% of the face accompanied bank amount of by an accompanied by a deposit Treasury bills applied Tor, unless the tenders express guaranty of payment by Immediately after the closing horn- for receipt of tenders p-x © ii © all tenders received at the Federal Reserve banks n pi © o pi © oo d ^ © pi d © o © eo co pi 22 oo © 2 £ oo * • * 11 pi CO 1"* fp" 00 d PI .-I © ii © - © p-J 2* d _ - - oo © r-t ii 00 N CO ii tp © tp d n © eo oo oo* iT d, eo, eo, ©* © n-* d © © © ^ d* Zr t-* d CD © © 11 "2 eo pi eo rfi © oo © © © eo 11* © tp pi Pi o fp © fp tp 1" eo tp © © 3 ° 11 g £ ° CO 8* CO CO pi eo, I* oq CO, O 11, qD fp oo © eo pi d © d 00 ©, CD © 00 © pi* eo* ©* ©* fp* IP* © d "^5 © © incorporated an trust company. or or Oct. 29, 1937, on branches thereof up to the closing hour will be opened and public announcement of the accept¬ as soon as possible thereafter, probably on the follow¬ ing 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 able prices will follow submitting tenders will be advised of the acceptance or rejection thereof. Payment at the price offered for Treasury bills allotted must be made at the Federal Reserve banks in cash or other immediately available funds Nov. 3, 1937. . . S*3 i i i i i i tP © O fp n © eo © eo © © © © 00 ^ to rH rH *H vH vH r-4 s pi O pi pi © §1 pi pi fp ft % a S a gain from the sale taxation, except or other estate as to principal and interest, and any disposition thereof will also be exempt, from all and inheritance taxes. (Attention is invited Treasury Decision 4550, ruling that Treasury bills eo eo eo eo co cj 5^ d a gift tax). No loss from the sale shall be allowed as of any tax o on , Treasury bills will be exempt, pi _ a The or now or other are not to exempt from the disposition of the Treasury bills deduction, or otherwise recognized, for the purposes hereafter imposed by the United States or any of its a • Revised figures. possessions. a Does not Include gold other than that held by the Treasury. Treasury Department Circular No. 418, as amended, and this no ice prescribe the terms of the Treasury bills and govern the conditions of their b These amounts are not Included In the total, since the gold or silver held as security against gold and silver certificates and Treasury notes of 1890 Is Included under gold, standard silver dollars, and silver bullion, respectively. issue. This total Includes credits with the c Treasurer of the United States payable In certificates In (1) the Gold Certificate Fund, Board of Governors, Federal Reserve System, In the amount of $6,311,942,437; and (2) the redemption fund for Federal Reserve notes in the amount of $10,422,962. gold President Aid d Includes $1,800,000,000 Exchange Stabilization Fund; $1,209,981,077 Inactive gold, and $141,037.5/6 balance of Increment resulting from reduction in weight of the gold dollar, e Includes $59,300,000 lawful money deposited as a reserve for deposits Restore to and in Armistice Day Policy—Pledges Confidence Threat to and Proclamation United States Order Civilization Among in "Law¬ Strife" Postal Savings President 1 The arrive at the total amount of money In the United States. g Includes money held by the Cuban agency of the Federal Reserve Bank of Atlanta. Includes any tinental limits of the United States. paper currency held outside the (iv) as Roosevelt, in a proclamation issued in Wash¬ Oct. 23, called upon the Nation to appropriately Armistice Day on Nov. 11, which he described as nineteenth anniversary of the "cessation of the most ington on observe the destructive, con¬ Note—There is maintained in the Treasury—(1) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 In gold bullion: (11) as security for Treasury notes of 1890—an equal dollar amount In standard silver dollars (these notes are being canceled and retired on receipt): (111) as security for outstanding silver certificates—silver In bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates: and security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States Peace Nations—Sees lessness amount of gold and silver certificates and Treasury notes of 1890 should be deducted from this amount before combining with total money held In the Treasury to h The money In circulation Roosevelt Reiterates annals." sanguinary and far-reaching The President said that in war in human view of the "lawless¬ ness and strife in many parts of the world which now threaten international security and even civilization itself," it is "particularly fitting that we should again express our wish to pursue a policy of peace, to adopt every practicable means to avoid war, to work for the restoration of con¬ fidence and order among nations, and to repeat that the Financial Volume 145 will to peace still characterizes the great majority of the peoples of the earth." President's proclamation: The following is the text of the of the most Nov. 1937, 11, the nineteenth anniversary of the is destructive, sanguinary and far-reaching war in cessation human annals; and June the lamation suitable for Congress, passed is requested to issue a proc¬ all States observe to Nov. day the display to government buildings on in the flag of the and our United 11 and inviting the people of schools and churches, or other ceremonies expressive of our desire for the continuance of friendly relations with places, peace officials the upon United States the of appropriate gratitude with all declared Whereas, lawlessness international threaten ticularly fitting that of peace, to adopt restoration will to we every still peace world which now civilization itself, make it par¬ should again express our wish to pursue a policy practicable means to avoid war, to work for the and order among nations, and to repeat that the strife in many parts of the and security confidence of and even the great majority of the characterizes the President today were James no was States United the Done at nineteen United hundred and 22d day of October, in the year and of the Independence hundred and thirty-second. thirty-seven, States of America the one FRANKLIN D. ROOSEVELT. By the President: CORDELL DULL, Secretary of State. conferences, with Roy Howard of the Scripps- Roosevelt at Hyde Park, was Governor Carl Bailey of Next N. Y., Confers on Speak at Dedication of Gainesville, Ga., Nov. 25—In 14 Will Start Unemployment Week—To Nov. on Census of Commerce Roper's Advisory Council visited the President, presenting account of the Council's work and extending an invita- On Oct. 25 four members of Secretary Business an ton of its private dinners in Washing¬ one been at his family estate in Saturday (Oct. 23), conferred the past week with several Administration officials and men active in business and finance, the subjects of the talks for the most part dealing with the Federal budget and plan* for the special session of Congress to convene on Nov. 15. The President Roosevelt, who has last Saturday afternoon, and arrived in Hyde Park at about 9 o'clock that evening. He will remain there until after the local election on Nov. 2, returning to Washington to make final preparations for the special session. He said on Oct. 26 that he would probably meet with legislative leaders on Nov. 8. On Nov. 14 President Roosevelt will make a radio address starting the voluntary census of the unemployed and par¬ tially employed. He will make another address on Thanks¬ giving Day, Nov. 25, in Gainesville, Ga., at dedication cere¬ monies of a monument to him there. The President also President left Washington at 2:15 plans to attend a Thanksgiving dinner at the Warm Springs Foundation, Warm Springs, Ga., on Nov. 15. He expects to leave Washington for Georgia on Nov. 24 and return immediately. / In Hyde Park last night (Oct. 29) Secretary of the Treas¬ ury Henry Morgenthau Jr. and Acting Director of the Budget Daniel W. Bell were to dine and confer with President Roosevelt on budgetary matters and crop surplus control. Earlier in the week, on Oct. 26, the President confeired with William O. Douglas, new Chairman of the Securities and Kennedy, the former Commission. As to and these and other Park advices that day to the New Exchange Commission, and Joseph P. Chairman, now head of the Maritime the discussion between the President on Oct. 26, Hyde hbaded by W. Averell Harriman, New York banker, discussed with the President long- group, Chairmamof the Council, business and not current conditions. range More said: probable that the SEC would have some gen¬ The statement, he explained, general "checkup." but he denied that it would make in the near future. be made after a would discuss stock market history. Instead, it conditions." Mr. Douglas and the President described their conference as a one. in which routine affairs were discussed. Mr. Douglas was with reporters. They had discussed nothing specific, he said, any investigations into recent would merely relate to Both general reticent "general economic revisions of SEC laws. that the Commission's regulations and present mar¬ responsible for much of the recent stock market and had not touched on any new Critics have contended gin requirements were SEC policies, or any decline. in a state of flux would be taken some time. He de¬ regarding the general work of the Com¬ mission in administering the three laws for which it has responsibility— the Securities Act of 1933, the Securities and Exchange Commission Act, Douglas remarked, Mr. that an the Important Than Tax Revision Hyde Park yesterday (Oct. 29) President Roosevelt referred to the prime social and economic objective of his administration viz.: to provide increased purchasing power for the one-third of the population he has descrivbed as "ill clothed, ill-nourished and ill-housed," and intimated, ac¬ cording to the United Press, that he considered that accom¬ plishment more important than revision of the present capital gains and surplus profit taxes now in force, j. The United Press added: and the however, that matters were of Congress. after he was asked about current reports from Washington that the administration is consider¬ ing modification of its capital gains and profits taxes which affect big busi¬ ness. He pointed out that in all the newspaper reports on the subject there was no mention of that portion of the population which has very little money to live on. he said, did not discuss an increase The reports, President said The of 1935. discussed business conditions Holding Company Act Kennedy said he had Commission, the Chairman told "extremely controversial" report which he expects to As to the Maritime while a ship Is at sea or In foreign harbors. of purchasing power. hour both the minimum wage and maximum that labor bill and the surplus crop control farm measure to be considered by of Congress would be steps in raising living the standards of the country's masses. ♦ Come Roosevelt Warns New Farm Bill Must President Expenditures—Any Additional Burden on Treasury Must Be Met "100% by New Taxes," He Writes Chairmen of Agriculture Com¬ Planned Within mittees . President Roosevelt on Oct. .■■■ 23 advised the Chairmen of Committees that the new the Senate and House Agriculture legislation should be kept within farm existing planned ex¬ penditures, and that if any additional burden is placed on the general fund of the Treasury by the measure it be "hacked 100% by additional revenue from new taxes." "It is, of course, especially important that any new legislation should not unba'ance the expected balancing of the budget," wrote to President the South Senator Ellison D. Smith of Representative Marvin Jones of Texas, Chair¬ the respective Agriculture Committees. "In other Carolina and of men President the words," said, "whatever goes out must be by an equivalent amount coming in." The new farm legislation will be introduced at the balanced session Congress called for of special Nov. 15, and the President suggested that it should safeguard farmers' income as as their soil fertility. He further suggested: provide for storage of reserve food should It well supplies in an ever-normal that if severe and widespread drought recurs consumers will be assured of more adequate supplies with less drastic increases in price than would otherwise be the case. It should provide for control of sur¬ granary, the so when pluses export both and necessary, as but at the same time it should preserve markets that still are open to our farmers. It should protect and consumers against extreme ups and downs in prices of farmers farm shou'd It products. administration should be financed by sound fiscal methods. hands. Local be kept in the farmers' expressed the hope that the be made permanent. He his letter that any price stabilizing features that Roosevelt President also existing soil-conservation program warned in he incorporated in the measure should effective provision against the piling up may by able I the or to be reinforced of unmanage¬ He said: supplies. wish loons stabilizing features, through by effective provision against emphasize especially that anv price other devices, should be reinforced unmanageable supplies. We must never a'rain invite the prices, the stoppage of farm buying and the demoraliza¬ that followed the Federal Farm Board's attempts to prices without control of farm surpluses. piling up of collapse of farm of maintain In one with the Presi¬ the President of an get out next week as a result of his survey of the shipping industry. The report, which will embody recommendations to Congress for legislation, will cover all phases of the field, building, subsidies, rates and labor conditions, Mr. Kennedy said. He had not discussed with the President the charges made against him by some maritime unions as a result of his attitude on strikes Mr. dent. specifically as to his plans, if any, for tax legislation at the forthcoming session Roosevelt's discussion of purchasing power came inventory of legislation conference as Economic Objectives At tion scribed Intimates Park, N. Y. That He Views His Social and Douglas said it was Mr. eral statement to It is stated that the at'^is convenience this winter. Nov. 15 special session York "Times" of Oct. 27 conferences in Arkansas, a crop loan for cottonseed and railway freight rates. Hyde Park, N. Y., since last callers seat Mr. Bailey said he had laid before the Joseph T. Robinson. President two problems discussed at recent revision Monument to Him in Broadcast Arkansas, recently defeated special primary election for the Senate a The President did not comment Budget and Plans for Special Session—Talks with Business Men and Others—To Return to Wash¬ ington each fall, talk to any number of people representing any by Representative Miller in Mr. President Co. The He said the number of different interests. President affixed. be H. Per¬ old Harvard They were merely part of a series he holds Howard newspapers. the President added; he may direct that on Nov. 11, 1937, City of Washington this the Lord Our of the to Roosevelt, D. Franklin I, America, do hereby of an in these discussions., news President; Roosevelt at Hyde of the United the nineteenth anniversary of the Armistice, the flag of the United States be displayed on all government buildings, and do invite the people of the United States to observe the day with appropriate ceremonies in schools and churches, and other suitable places. 7 In witness whereof, I have hereunto set my hand and caused the seal therefore, Now, States Bank and peoples of the earth; and there of another of the day's -tipnto him to attend other peoples"; and of President of the late President calling on United the 18, Sixty-ninth Resolution Concurrent 1926, provides: 4, "That States Senate upon friend, and Paul Shields, head of the brokerage firm of Shields & Another caller Whereas, of Among those who called kins. Chairman of the Board of the National City same PROCLAMATION A Whereas, 2773 Chronicle business farm discussing the President's letter, advices from 23, to the New York Oct. 24, by Albert L. Warner, said: ington, Oct. Wash¬ "Herald Tribune" of of the out¬ for all responsible the farm program outlined will cost more money. The expenditures planned in the current fiscal year for the existing agricultural program come to $475,000,000. The farm policy backed by the President is generally estimated The effect of the President's letter was to support revival processing taxes as a source of additional revenue, officials at the Department of Agriculture admit that lawed as in than 1 thereby indirectly contem¬ This confirms indications of a few likely to cost $700,000 000. $200,000,000 of new taxes is farm circles as More plated in the White House program. 2774 days Financial ago that taxes, Secretary Wallace described probably rice. Mr. of fees," cotton, upon wheat substitute one immediate checks. for increased compulsion But both the on he and the cost, because letter he the paves asks for restored congressional challenge a Federal control to of the Supreme In the next bill the taxes will not be linked total cost of may be incorporated in even Marvin Jones, the Agriculture aid Com¬ President's letter clearly outlines essential farrri the The ready for consideration in the early part of the session." the balancing letter, and therefore, the was necessity of lie to seen in the making additional Although discussing farm plans, the President did additional loans on project corn prices. $130,000,000, and it was not of the current last Tuesday for not refer to the The included in I.'.-" revised This year. more. will cost the "There should "There to is other some the deficit some •. to as give farmers the benefit it of that time, as you well aware, exceptionally arc over most of the country and falling prices for brought the surplus problem once more into sharp The pressing nature of this problem was recognized in days of the last lution the 207, to as early session committee position of and fulfillment Congress the to of and House this to pledge, the farm I have Nov. convene Agriculture into ahead move National new their plies soil in Farm fertility. consumers drastic said he should ups should I be for that if so assured wish it Bhould It the preserve should and downs be to must farm in will storage of and be never to again and invite the methods. the collapse of still sup¬ of business maintain farm to prices, that the farm conservation for surpluses intrinsic collapse, will program of is, additional from value as wrecking a the assure being now the made farm safeguard continuity carried the of and forward important and of above the that any from the general existing planned Treasury, the and the of mind the whatever purposes by goes be must out the program together to their draft can to by are the wholly benefit consistent of A each and the new help, am and the added counsel of practical In equivalent an other permanent legislation that will farmers and your serve the and can Com¬ throughout fellow members Nation for Agrees to Bonneville Power Rate . opment pointed Administrator of the Commission, recently new Roosevelt Bonneville Dam on for that an¬ custom our I purpose. more about our Navy, citizenry that the Navy derives for preparedness of all the world and for that of conquest; harbor we we no defense at our are thankful. imperial 6ea. We designs. as War the preservation righteous a my and that earlier Navy the the of democratic our ideals and the peace. personal Navy and official association splendid efficiency, its on competent leadership which will maintain its on directs with honor with the the record it. I of have heritage of traditions. yours, D. ROOSEVELT. sent was by President Roosevelt to be placed at Oyster Bay, L. I., of former President Theo¬ the anniversary of the latter's birth. on Roosevelt Praises Automotive!Industry Message Show in Occasion on on of New York it upon he use." My The following is the President's letter: dear Mr. the Macauley: New in York timely to review developments in the automobile industry which reflect made by the Nation during the year. Production this year, I am informed is 5,000,000 vehicles, a record progress only to that made that of kinds, traveling the are we more with of this an vast minimizing 1929, while employment in that means miles today than that in increase ever world of 33% before. markets in have we in the fields, of production an traffic to Automotive accidents the mines, American our all the industry 6ets over 1936. national forest and The economy carry on use. Safety Foundation to your of 30,000,000 fam¬ exports this year consumer industry has vehicles in operation cars this this more With transportation development upon They begin processes establishing in Thi6 nearly 25,000,000 passenger gratifying, too, obvious. In 1929. have now standard through of the 38th National Automobile Show opening of is the ap¬ the establihsed our national economy are obvious. They be¬ pointed out, "in the fields, the mines, the forest and carry on through processes of production to consumer gin," effects conference Oct. 27 with J. D. Ross, former member and Exchange Securities the Macauley, President of the Manufacturers Association, on the occasion of annual National Automobile Show, which opened at the Grand Central Palace in New York on Oct. 27, Presi¬ dent Roosevelt praised the industry on its achievements, and said that "the effects of this vast transportation devel¬ exceeded Plan a our 38th It is Roosevelt Theodore to with letter addressed to Alvan a second ROOSEVELT. read: Automobile many yours, D. of National Automobile With confident that your committees countrymen the accordance Achievements—Sends ilies the insure President law. FRANKLIN At to dore Roosevelt obliga¬ Senate Agriculture Very sincerely of plans no the grave on receipts agriculture and the Nation. committee birthday with peace wreath no legislation and the exist¬ with in Very sincerely of come. President at have worthy Treasury additional balanced new Swanson again commending Day vigorous incentive to strive are confidence its expenditures. 100% of the proposed request of both your the Nation, I years full should words, incurring of additional backed in Navy the Happily recalling the words, shaping the of Navy, I congratulate the the you With most Secretary this day the American people wil learn on sufficient new mittee, Secretary Wallace and his aides in the Department of Agriculture, who have had experience in administering farm programs in the past, have been making studies which I know will be of great assistance to in pleasure 4,000,000 other of to FRANKLIN legislation fund we year's observance, the sixteenth to be held, League of the United States. Its the calamity In plans of conquest; no designs." through the moral support of maintenance of farm enacts nearly new balancing of the budget. expenditures over part ing conservation be related is nation the fertility. permanence by nation have as a means. To keep the peace is a fundamental policy of the United States; to live and let live in the spirit of the good neighbor is our earnest desire. I believe it entirely consistent with our continuing readiness to limit armaments, to maintain a defense at sea stoppage followed prices soil a peace will be avoided by all honorable should coming in. my it We taxes. other amount At expected only exception to this would be on new To especially course, Federal be warm observance open against though it is not entirely program, suf¬ Secretary: setting apart hope that prices without control of against price Mr. have past achievement, great unbalance In Peace righteous peace." The President is the fundamental policy of "We are at peace with all the world," imperial no of maintain States. dear nual of its are consumers administration farm to United I a Local that declared, "and My well as food reserve that and farmers. from Insure to of sponsored by the Navy President Roosevelt's letter widespread drought markets farmers demoralization Board's attempts keep has agricultural The United States Builds Navy Sufficient Writes was shaping the value must be made lasting. Therefore, it is my sincere hope that the Congress, when it legislation to protect agriculture and the Nation tions Says Defense Plans and the opening to the public of ships and shore income great should No This prices of farm products. present agricultural income, It Roosevelt stations. emphasize Farm adequate not cheaper rate than a programs surpluses. farm why Bonneville should have that therefore task of farmers' severe export both protect financed buying Federal The reason been especially that any price stabilizing features, through loans or other devices, should be reinforced by effective provision against the piling up of unmanageable supplies. farm Ross told both of by fiscal kept in the farmers' hands. We everybody," Mr. know I have and the safeguard should provide granary, will fanners. It of fixed interest Navy Day was observed by the Navy on Oct. 27, the an¬ niversary of the birth of Theodore Roosevelt, with special call a more adequate supplies with less in price than would otherwise be the case. provide for control of surpluses when and as necessary, but at time same our extreme be no ideals harbor increases It should the from the project. to limit armaments, to maintain a defense at sea to insure the preservation of our democratic the issued 15. Committee situation expeditiously with Act It ever-normal an recurs to power The TVA has system of rates for and the maintenance focus. bill. The as figure the cost of Roosevelt on Oct. 26, in a Navy Day message Secretary of the Navy Claude A. Swanson, said that he believed "it entirely consistent with our continuing readi¬ ness • permit extra making extensive inquiries new can President session the problem. an a navigation sent to 1938 during the closing by both houses of Congress in Senate Joint Reso¬ prompt action at the next session of Congress to pledging in as a Conquest or Imperial Designs, Secretary of Navy Swanson in Navy Day Message commodities some have your one Maintain He favorable growing weather So designed capital cost figure from the ficient Since for no —Has season. meet was his place." President My dear Mr. Chairman: You will recall that on July 12 I wrote you concerning the need for further legislation to stabilize agriculture and give it added protection against disaster. My letter pointed out not only the need for this legislation, but the importance of placing it on the statute so be ■■ Jones: early date obtains newspaper men after his conference with Mr. Roosevelt at the President's to an he family home. The following is the text of President Roosevelt's letter, sent in identical form to Senator Smith and Representative book at after The Boulder Dam interest rate is 4%. imme¬ $70,000,000 time budgetary statement boost may V ,:■■/... be The dam there development. power rate, he said. self- Secretary Wallace to make Federal guaranteed bolster to corn of Federal Valley Authority projects, financing. diate a short The engaged in separating the now upward of $50,000,000, into two items power. allusions costs as runs production. power Boulder Dam and wherever the Government is engaged in the production policy significance of budget Bonneville, which a to to all points referred to by Mr. Roosevelt have figured constantly in the utterances of Mr. Wallace and of the White House also. to allocated Ross asserted, is hopes that the Bonneville yardstick would be extended Federal projects meant application of it, not only to other projects in the Pacific Northwest, but to the Tennessee embodying these principles. along these lines, and I am hopeful may have a bill we is Power Commission, he said, he Mr. Ross said his principles In reference to farm "I feel confident that legislation can be worked out "The committee has already been working All well as Within legislation. that Bonneville that -—navigation and electricity. House mittee, said: "The of Power Commission, Mr. directly to the control system of President's chief advisers on power matters, said interest and amortization—paying back the capital power projects. 40-year system would be applied to that part of the He said the 3 K % separate measure. a Chairman same cost—plan could be applied to all Federal and co6t Representative of the one plus 3lA% Hyde Park, stated: was Ross, that he hoped the apparently welcomes processing taxes to finance it. In its decision out¬ lawing the earlier Agricultural Adjustment Act the court, in a six-to-three decision, abrogated the taxes and held Federal control unconstitutional. and at the Bonneville project, Associated Press advices from In Oct. 27, it com¬ production originating power interest. instead Mr. to way 1937 30, a namely, farmers Oct. Washington-Oregon border, President Roosevelt approved 40pyear amortization plan as the basis for fixing rates for and compulsion to be secondary. President's Court for Treasury want The only proposes machinery additional mittees equalization Chronicle of processing * Wallace government "tariff as pressing for restoration was industry again continue has the work contributed * to Volume constructive Financial 145 Safety public service. be a prime of human life must ever on which the United States will consider granting-concessions demands a constant effort looking to an improved product. This policy is reflected in the expenditure of large sums in research and engineering development to produce a safer, more comfortable and more efficient form of trans¬ portation. I congratulate the industry on its opportunities for service and automobile has always believed that progress industry for a successful show. extend my greetings Very sincerely yours, FRANKLIN D. ROOSEVELT. United States trade with Venezuela $96,080,206 in 1929. Of this trade $23,912,570 in 1936, $18,390,054 in 1945, and $44,856,362 in 1929. United States imports from Venezuelat represented totals of $26,261,067 in 1936, $21,455,377 in 1935, and $51,293,-; 844 in 1929. While 1936 trade was still below pro-depression levels, it represented a 25% increase over the 1935 movement and exceeded the totals, exports to Venezuela were valued at since 1930. During the first seven months of 1937 Court Denies Review to Hay¬ wood Patterson, Scottsboro Defendant—Justice Black Voluntarily Abstains from Decision—Court to Review PWA Power Loans and New York City Tax on Utilities—Denies Rehearing on Commodity United States Supreme Exchange Act to while the import figure membership in the Ku Klux Klan. that it would review litigation attacking the validity of Public Works Adminis¬ tration loans and grants to municipalities for power project construction, as noted in the following Washington dispatch to the New York "Journal of Commerce": Black because of his past Court on Oct. 25 announced Public Works municipally owned hydro-electric plant at Buzzard's Roost, S. C. Up for review last session, the lower court ruling was returned for corrections in procedure. Under today's action, the case will be argued before the high tribunal on Dec. 6, the same week in which the Court will hear similar pleas filed by Alabama Duke Co. suit specifically Power attacks legality of the and grant for construction of a loan Administration on Proposed Trade Treaty With Czecho¬ slovakia—Representative Rogers Indicates Concern of New England Manufacturers Over Proposed Pact—Secretary Hull Describes as "Theoretical" Another Washington of Commerce", had denied a dispatch of Oct. 25 to the "Journal Court constitutionality Commodity Exchange Act, added: * which announced that the Supreme rehearing of a case involving of the Federal denied earlier this term by the Supreme Court and today's action merely reaffirms the Supreme Court's Original ruling to the effect that it would not review the case. Petition for rehearing was based upon the fact that subsequent to the The petition was of a filing petition for certiorari last July the Secretary of Agriculture promulgated a series of regulations under the Commodity Exchange Act. The case was brought by the partners of James E. Bennett & Co., by S. F. Co., Uhlmann Grain Co., Bartlett-Frazier Lewis & Co. and others Board of Trade, Secretary of Agriculture, Secretary Attorney-General of the United States and various other against the Chicago of Commerce, The Court on Oct. 25 court cases agreed to review New York State companies to in¬ unemployment relief tax of involving suits of two transit validate the New York City's on the gross income In discussing the denial 3% said: The contrast between toward the petition week was Justice Black's attitude toward the Patterson case investment men acted on last As no announcement to the con¬ of the Florida oil observed with great interest. the new Justice apparently shared in further chance to fight threatened seizure of their telegrams by the Securities and Exchange Commission. As head of the Senate Lobby Committee Mr. Black had emphatically defended similar seizure of private messages, but, as far as is known, he has not expressed himself publicly on the Scottsboro case, and, in his radio trary was forthcoming last Monday, denying the Southerners speech before taking his toward any race or seat on the bench he asserted a lack of prejudice the ground that fought his latest conviction on instead of the State permission was refused him to be tried in the Federal State court and that the trial judge's charge allowed the jury to find him conspiracy to rape even though the assault had not In both these instances, he asserts, he was deprived of guilty if he joined in a been committed. of law. tried in Jackson County, Ala., a short time after the alleged crime on March 25, 1931. All were found guilty and sentenced to death except Roy Wright, in whose case a mistrial occurred. The Alabama Supreme Court upheld the verdict but the Federal Supreme Court reversed the conviction on the ground that the Negroes were not property represented by counsel. When a new trial was set Patterson and other defendants obtained a change of venue to Morgan County. They were again sentenced to death, but Judge Horton set aside the verdict. Another trial was held in Mdrgan County in November, 1933, before constitutional guarantee of due process Patterson and Judge death. eight other Negroes were Negroes had been In Norris were sentenced to sustained the verdict, the reversed the State tribunal on the ground that Callahan, and Patterson and Clarence Although the Alabama Supreme Court Supreme Court once more the most excluded from the jury. recent trial, in January, 1936, Patterson vainly asked to Alabama Federal District Court, but it was held that the Alabama law allowed only one change of venue. It was in this trial that the judge uttered the charge objected to by Patterson, who was again convicted and sentenced to serve 75 years. have the the plans Shoe Co. Oct. 25 of hearings in Washington, trade treaty- of the United States to negotiate a with Czechoslovakia, Representative Edith Nourse Rogers (Republican) of Massachusetts cited the concern of New" manufacturers on the effects of the proposed, treaty. Mrs. Rogers was the first of four members of Congress heard with the opening of the hearings before the Committee on Reciprocity Information. The others were Representatives George J. Bates and Richard B. Wigglesworth, both Republicans of Massachusetts, and James M. Fitzpatrick, Democrat of the Bronx, N. Y. Mrs. Rogers said that she was "fighting and arguing for all New England industry." She specifically mentioned textiles, shoes and leather, according to Associate Press advices from Washing¬ ton, from which the following is also taken: England England manufcaturers, she said, petition of Czechoslovakian influx of low-cost enjoy would the "are afraid not only of the com¬ cheap labor products but of the almost sure and other countries which labor products from Japan same tariff concessions under the most-favored-nation clause." She quoted Commerce Department reports as Czechoslovakia were steadily increasing. "We feel," she showing that imports from She said employment conditions industries were still serious. in New England asserted, "the duty on textiles and shoes should be raised." in Massa¬ Representative Bates told the Committee that the shoe industry chusetts was at its "lowest ebb in 20 years last month." Mr. Bates also appealed for the textile industry, asserting one Massachusetts community he represents "the - mill in a employs 3,000 persons and pays highest wages in the world." "I wonder what will happen to them if duties are lowered on ipiports," he observed. vakian Czechoslo¬ r Committee's attention to New ' England employment conditions and said the situation would be further aggravated if tariff barriers were lowered. Chairman Henry F. Grady of the Reciprocity Committee said it was case heard in the Northern Reciprocal Trade Treaty Between United States and Venezuela Planned, According to Secretary Hull Announcing on Oct. 25 that a reciprocal trade treaty be¬ the United States and Venezuela is contemplated, Secretary of State Hull on Oct. 25 asked that those interested submit suggestions as to the products which should be con¬ sidered. Indicating that later a list of products will be issued , tween "mindful of the labor problem." policy," he said, "has for its purpose the im-' standards and the condition of American workers."* "Then Mr. Chairman," Mrs. Rogers broke in, "we can expect this Com¬ mittee to recommend higher tariffs." Representative Fitzpatrick said that he appeared to protest any lowering" of tariff rates on carpet floor covering and rugs. He said any reduction ' would effect a factory in Yonkers, N. Y., employing about 6,000 persons.* "If the tariff rates are lowered," he said, "it may cause this factory to provement of living close, which would of its almost ruin this city and bring hardship to thousands' ;//f citizens." Mayor Joseph F. Loehr of Yonkers said he was "deeply concerned." conference in Washington on Oct. 26, Secretary . questions regarding the hearings was.» reported as saying that the objections of shoe and textile interests thus far were "theoretical." .. " On Oct. 26, J. Sidney Bernstein, representing the Bata Shoe Co. of Czechoslovakia, told the Committee on Reci¬ At a press Hull, in response to . creed. The Scottsboro prisoner the With the opening on on "This whole trade treaty of utilities. of the Patterson petition for review Washington dispatch of Oct. 25 to the New York "Times" and by Representative of Bata Representative Wigglesworth called the officials. a ment Interests—State-, of Shoe and Textile Objections New Power Co. shows a decline of about Hearings disqualified Associate Justice Black period of about 100%, $1,000,000 from the total , gain over the like 1936 months of 1936. for the corresponding Court on Oct. 25 refused to review the conviction of Haywood Patterson, one of the defendants in the famous Scottsboro case, who was sentenced the defendants' petition for review, but there was no explanation of his decision to do so. News¬ paper reports from Washington said that if he had joined in the denial, counsel for the negro defendant might have challenged the decision on allegation of prejudice by Justice exports to Venezuela amounted , reached a total of $13,014,000, $25,096,000 and imports from that Republic The export figure represents a The United States Supreme to 75 years in prison. himself from acting on • amounted to $50,173,640 in 1936, as compared with $39,845,431 in 1935 and of all preceding years The from Washington to( Venezuela, special advices Oct. 25 the New York "Times" said: to consideration. The 2775 Chronicle 4 procity Information that efforts to exclude shoes from the' pact "is the biggest job of propaganda I've ever seen carried' on on any subject before the people in years." Further advices Oct. 26 (Associated Press) from Washing¬ ton said: Mr. Bernstein facturers that States. characterized as "ridiculous" claims competition from Bata Imports of Czech shoes of American manu¬ threatened the industry in the last year," he said, United "amounted to only production." Earlier, the Committee heard from representatives of American manu¬ facturers that low-priced competition from Bata was hitting producers of low-cost shoes in this country "right between the eyes." Jay O. Ball of New York, President of the National Boot and Shoe Manu¬ facturers Association, asserted that unless imports of Czech shoes were curbed American producers would be driven from the $2 market. Charles F- Johnson Jr. of the Endicott-Johnson Corp. said his company already had lost $1,000,000 in business to the Czech firm. He estimated that during the fiscal year 1937 Bata would take $3,000,000 in business from one-half of 1% of the total American Endicott-Johnson through low-price competition. St. Louis, Mo., said the influx of would force American manufacturers to compete in the same price-class and thus reduce the factory income available for wages. Representative Bert Lord, Republican, of Afton, N. Y., characterized the proposed treaty as "an unholy alliance, which," he said, "if concluded, will bring chaos and disaster" to the Endicott (N. Y.) area. John A. Bush of the Brown Shoe Co., low-priced foreign shoes Oct. 27 Powers Hapgood, organizer for Workers of America, asserted that an epi¬ cutting dangerous to the Nation's prosperity At the hearing on the United Shoe demic of wage might result if tariffs on shoes were reciprocal trade agreement with lowered in a proposed Czechoslovakia. He 2776 Financial Chronicle pleaded for the maintenance of American purchasing power by keeping out products of low-wage foreign industries, according to the Associated Press, which in part, also stated: P His plea was echoed clearance Industrial by John Mara of Boston, President of the Boot and slums J. Sidney Bernstein of New York, could company was There Under questioning directed at determining the financial and commercial concern, he said Czech shoe imports had not "demoral¬ that Bata had Bernstein a denied selfish basis for assertions by American a but monopoly existed and declared Bata had . the Committee the firm expended 1516. page been ever for cause, criticism only 20% < of the every one of its citizens. As I All of it. the real estate see intelligently I think as gladly, whenever you prepared are worth-while more whole is in for of its production The plans to negotiate the treaty, were referred to in Sept. 4, there country and well-being of to lives for it. occupy can our Isn't fortunate it produce, at the time, same underprivileged citizens and spite of the girations of stock feudalism." markets, the real estate business steady improvement for as a number of years to a come. whereas the American shoe producer spent. 60%. Mr. Miller was the last of about 40 representatives to appear on behalf of increased tariffs against Czech shoes. issue of has nor the part of the real estate interests of the country. objective the economic prosperity of our At the convention, the delegates reviewing' in their sessions the demand for housing' for the masses, increasirg business volume and industry, etc., were convinced that in . for labor, costs cause, on happier and Mr. Bernstein contended that "no demoralization Is possible." At the evening session operations of the Bata Co. were characterized by F. I. Miller of the National Boot and Shoe Manufacturers Association as He told no stabilization and enhancement of real estate values? He said he had never heard of any export subsidiy given the company to aid it in competing with American shoe producers. "industrial is that this great social and conomic movement competitors "who also sell shoes here although they represent only a small part of the total Czech exports." . be to prove you are and as I hope that you are. Do not forget that the Government at any time will withdraw from this field, not only willingly, manu- monopoly in its home country. that estate inescapable by the Government, if properly carried out, will you are as Mr. Grady asked if there was any real interests of the country ought to be the strongest supporters of the Govern¬ ment's slum-clearance program. And you will be if backgrounds of the urers neighboring as a common the social ized" the American shoe market. Mr. have us but admitted that it could undersell in others. faci were Government lines, some decreased or I suspect, you will find that values have gone up. consider valuation of your city would be boosted if all of your eradicated. If my premises are correct, then the as the greatest possible boon to real estate interests wherever that program is put into effect and, as a natural consequence, the greatest possible boon to those whose livelihood depends upon real estate. Bata representative, said that his a with American manufacturers in not compete increased our slum- conclusion is that the permanent slum-clearance program that has just been the labor movement taking a high tariff position." over have 1937 30, Find out whether the total undertaken Organization. Henry F. Grady. Chairman of the Reciprocity Committee, said he "concerned projects values and if. how much Workers Union, an American Federation of Labor affiliate, and Daniel Collins, Lynn, of the Brotherhood of Shoe and Allied Craftsmen, as independent union. Mr. Hapgood's union is affiliated with the Committee for the tax revenues of every community. upon Shoe Oct. Activities of the Federal Government through its various agencies working in the low-cost housing field and in real estate finance our of the in for debate. came Association ' President Paul E. Stark (Madison, Wis.), voiced, it is said, general opinion when he stated that real a estate boards and State real estate Secretary Hull in Letter to Senator Capper Administration's Reciprocal Trade associations should in his judgment offer constructive criticism to the activities of Federal agencies, and should at the same time Defends Treaty Program The Administration's reciprocal trade treaty program defended in a letter dated Oct. 18, addressed study slum and housing prob¬ suggestions and answers for the guidance of the Federal Government. He pointed out that lems and was by Secretary of Capper (Republican) of Kansas, Oct. 27. According to a dispatch on Washington to the New York "Times" State Hull to Senator Arthur made that public date on from Secretary Hull was moved to write the letter by newspaper proposed to conduct a "grass-roots reports that the Senator campaign" against the reciprocal trade agreements program. In the same advices it was noted that Mr. Hull's letter was made public while public hearings were being held on a pro¬ posed reciprocal trade agreement with Czechoslovakia, 1 of 19 foreign nations with which such agreements have been made in process of negotiation. United Press accounts from Washington on Oct. 27 had the following to or are say regarding Mr. Hull's contentions: Mr. Hull cited trade statistics and agriculture products prices to show that the treaties had helped, not injured, the farmer. "It hardly needs to be recited that as a general proposition agriculture stands to gain far more by a liberal commercial policy and to lose far more by a high tariff than other elements of our population," he said. "The price of the bulk of what the farmer produces is governed by prices and no amount of tariff can increase his return." "Those who continue to advocate higher import duties to protect the "seem to forget the terrible experience that we had only a few short years ago." farmer" Mr. Hull said, with excessive tariffs "In my opinion no greater disservice could be rendered to lation than by alienating their support of which, is not only the most effective way of return to conditions our present our farm popu¬ liberal trade policy our farmers from a safeguarding prevailing under the Smoot-Hawley Act, but is also the policy which offers the only solid foundation for peace." I Secretary Hull told Senator Capper that the "notion that farmers have been 'sold down the river* by this Administration, either through its tariff policies or otherwise," was fantastic. "On the contrary, the actual fact is that the real 'sellout' occurred when Smoot-Hawley Act was passed," he said. "That was the time when agriculture received the real body blow from which this Administration has •ought for the past five years, with marked success, to rescue it." Mr. Hull cited increased farm produce prices from 1932 to 1937 as indica¬ tion that the trade treaties had not injured the farmer. Senator Capper has been a bitter opponent of the trade treaty program •ince ts inception. He fought the issue in the Senate and after the last session of Congress announced he intended to return home and develop their Government own is probably in the real estate field to stay far-reaching social effects of blight and slums. Revaluation of city planning methods and the rebuilding because of the of cities with the our neighborhood unit as the basis of thought urged by the r altors in formal resolutions which asked for the aid of public officials, architects, and the construction industry in this effort. and action were Unfair taxes came in for criticism by the realtors, who asked for State constitutionsl limitations of \lA% annually real estate on States. values, has been done in Ohio and other under such a limitation was re¬ as Ohio's experience counted as being very favorable by former Governor Myers Cooper, Cincinnati, who addressed the convention. He asserted that no essential pubhc services had suffered through this limitation and cited as his authority the chairman of the state tax commission. In addition, the realtors asked President Roosevelt to set up coordinating agencies so as to bring some order in the chaos of local State, and national taxing agencies. Joseph W. Catharine, head of the Chauncey Real Estate Co. of Brooklyn, N. Y., was elected President of the Asso¬ Y. ciation for 1958 to succeed Mr. Stark. Mr. Catharine has been President of the Real Estate Association of the State of New York and for years an officer and director of the national body. Mr. Catharine affirmed his purpose of con¬ tinuing the policies initiated by Mr. Stark. The latter will continue in office until the last week in January when the installation of new officers will take place in Ciiicago at a meeting of officers and directors. the begin paigning against it. cam¬ ♦ Secretary Ickes Says Federal Housing Program Will Aid Real Estate Interests—Says Government Will Withdraw Eliminates from Field When Private Enterprise Slums—Convention of National Asso¬ ciation of Real Estate Boards The social factors and were stressed on Oct. 22 problems involved in bad housing by Secretary of the Interior Ickes, who addressed the annual convention of the National Asso¬ ciation of Real Estate Boards at Pittsburgh. Mr. Ickes declared that the Federal Government would retire com¬ pletely from the housing field when private enterprise can eliminate slums. He said that the present Federal slumclearance program will, if properly carried out, prove "the greatest possible boon" to real estate wherever it is put into operation, and would stabilize and enhance realty values. He pointed out that Federal efforts would t?e confined to the supplying of adequate housing for families by private enterprise. cared for The not being properly see our the record. housing projects if you have not already done so. Study Look up for yourselves the heavy burden that slums impose Conservation Program for 1938 Approved by Secretary Wallace—Cotton Acreage Reduced 2,000,000 Acres—Benefit Payments Raised to 2.4 Cents Pound—Provides for Control of Potato a Plantings The Agricultural Adjustment Administration announced Oct. 25 the formal approval by Secretary of Agriculture Henry A. Wallace of the 1988 Agricultural Conservation Program BuLetin which conforms, in the main, to the tenta¬ tive outline of the program announced on Sept. 20, and referred to in our issue of on Sept. 25, changes, however, is set now 000,000 at 27,000,000 to 29,000,000 31,000,000 acres originally to referendum a page of 2003. Among the decrease in the cotton goal which was a inclusion of definite provisions for acres against as announced, 29,- anil the a potato goal, following potato growers. With the commercial change in the cotton goal, the rate of payment for the com¬ modity is increased to 2.4c. a pound on the normal yield in each acre in the cotton goal. rate In the tentative outline the 2c. per pound on the larger goal. In its announce¬ was of ment The Oct. 25 the AAA change in the dinary large cotton cotton crop tentatively decided upon, 16,000,000 bales. This and bales since so a as the convention adopted a resolution urging sweeping changes in the National Housing Act to make it more effective in promoting home ownership. After outlining the Government's plans for promoting better housing, Mr. Ickes said: Go to AAA half to put cotton further said: goal this the was estimate that time. acreages in decided upon At year. the forecast crop has been in view of the extraor¬ time put the revised the previous 1937 crop goal was around at upward by a million Consequently, the goal has been revised 1938 more in line with needs in view of further increase in the indicated supply of cotton this year. Subject to the approval of the potato growers, a potato acreage goal of from 3,100,000 acres to 3,300,000 acres was included in the announcement of Sept. 30. Growers proposed acreage Oct. More 2. in commercial stabilization potato provisions in producing a areas referendum voted on which than 82% favored the proposed potato program. lesult, the potato goals will be included in the 1938 conservation Goals three will acres be or the ended As a program. established more of only potatoes on and commercial which are potato located farms in which counties grow where Volume potatoes are 6c. areas Financial 145 important commercial an bushel per will be farm's potato goal. potato-producing The from The goal based The to maximum will ments above The become farm national goals under the crops 1938 acres. betterment the of the Act that goal "The can smaller planted as acreage goes either and program Rate of Payment per Yield per Acre 1938 Goal (Acres) Corn 92.000,000- 96.000.000 10.0 Cotton 27.000.000- 29,000,000 825.000875.000 850.000900.000 2.4 Rice Tobacco—1'1 ue -cured cents per bushel cents per 1.0 the Lignite steel done in be given further attention, the case of the emergency finding with respect to the our coal and coke, ranging from 3c. amounts from amounts ranging from to 3c. 2c. and district 10c. per coal, Scrap and cents per pound 20%, 5c. ore, (except maximum lc. maximum net per western 2c. ton, 6crap to 8c. per net ton; iron and and steel in the western district and between that 100 per 6c. per gross ton. or 500.000 0.5 cents per 170.000- 180,000 1.7 cents per pound Cement, lime, plaster, mortar and gypsum, lc. per 85.000- 0.8 cents per pound Petroleum 2,800- 90.000 3.000 2.0 cents per 1.500.000- 1.600.000 0.2 cents per pound General soll-depleting......... bush. 3.100.0003,300.000 145.000.000-155.000.000 $1.50 per acre, varied for productivity All soil depicting 273.000.000-288.000.000 4 or 6 cents per Potatoes Additional computing in farm payments are: Conserving land, non-crop pasture land, commercial orchards, and vegetable acreage. ' commercial Rates of commodities were determined in a uniform rates increasing as the goals decreased in relation to the 10-year average acreage. As the was when case 1937 Agricultural Conservation the Program was The 1938 for next year's program therefore, dependent is upon Act. Allotment provisions approved, the next step in the 1938 program bulletins for each State or region containing the national bulletin. Community meetings are to be held in most States during November to elect community committees and to discuss current farm problems in be will the the preparation of applicable provisions of relation the to the of subject hearings, authorized were posed, subject While fied, in increase in trans-continental rates on an Mountain-Pacific the to the proposed freight rate increases to be justi¬ of the most Minnesota Southern specific findings were made, but the carriers publishing the rates which they have pro¬ no possible suspension. to increases proposed on anthracite coal, iron Superior docks, and refined petroleum rejected Commission the from In mines to Lake territory. articles, extent the increases were not approved to proposed. A proposal and An classification to estimate the railroads declined tive on fares from l^e. to 2c. a Commerce Commission. Interstate the coach Approved by ICC territory was approved pn Oct. 23 by Southeastern Representatives of what the increase, effec¬ Nov. 1, would amount to in terms of annual revenue. applies to all railroads, and to bus lines hav¬ The increase ing through fare arrangements with tory south of the Potomac and railroads, in the terri¬ Ohio Rivers and east of the Mississippi. The order, which came virtually as a matter of course in opposition, follows by one day the Commis¬ sion's increase in commodity freight rates, which gives the railroads an estimated increase in annual revenues of the absence of The Association met in Washing¬ decided to file notice of passenger fare increase with the Commission. The notice, filed on Oct. 21, said the additional revenue was ton, D. C., on Oct. 20, and it was the steadily mounting expenses. meet The Association also asked the Commission to waive the of its order of December, 1035, so that the higher fares might become effective on Nov. 1. The Commission's order, dated Oct. 22, provided that the new notice provision 30-day schedules might be placed in effect in 10 days. further year however, in added revenue. more Grants Freight Rate Increase of $47,600,000 Approximately new rate publication of the new schedules as authorized by the Inter¬ state Commerce Commission. At the same time, the tariff men filed with the ICC a also to file on 15 days' notice commodities not specifically acted on in the recent case. The Commission, in its decision, vacated outstanding orders that prevented the carriers from filing schedules covering proposed increases on a further long list of commodities calculated to yield up to $25,000,000 asking permission petition schedules covering other of revenue annually. income. The figures are predicated on 11)30 The New York "Times," in reporting the gross _ HOLC Directors Oppose Lower Reduction in Interest Rate on Interest Not Justifiable the Home Owners' Loan Oct. 23 through Charles A. opposition to any legislation designed to extend the HOLC mortgage period or reduce the interest rate on loans. The Board, Mr. Jones said, "is unanimous in its conviction that no reduction from the present interest rate is justifiable." In advices from Wash¬ ington, Oct. 53, the following was also stated: The Board of Governors of Corporation announced on Jones, general manager, its quoted to the effect that enactment of a measure to re¬ cent and permit them to run for twenty years than $1,000,000,000, "which would have to come out of the United States Treasury." • "In the end," said Mr. Jones, "the neighbors of HOLC borrowers would Experts were more taxes." for this loss in have to pay list of basic commodi¬ ties, expected to yield an additional $47,500,000 a year to tlie rai roads, were authorized on Oct. 22 by the Interstate Commerce Commission in a 10-to-l decision. The carriers had proposed rate increases on a larger list of commodities which they estimated would have added $53,532,070 to their traffic in Washing¬ Oct. 20, decided to make an effort to place the increases in effect on Nov. 10, upon five days' finance the loans at 2 ^ per Freight rate increases on a limited annual Nov. 10 at a meeting held ton, D. C., on would cost ICC sixth-class rejected by the Com¬ protest and Loans—Hold The Southeastern Passenger to and certain granted permission to the roads to file possible suspension, covering increases on a long list of commodities which would produce up to $25,000,000 a Commission, tariffs, subject to $47,500,000. needed fifth-class territory was also mission. Freight Rate Increase Eff ective of railroad increase of ratings increase to official in gypsum, Railroad traffic officials, mile in petroleum products and the full lignite coal, some of the rates on of case related 1938 program. Southeastern Coach Fare Rise liquefied petroleum trans-continental rates,, which had been and tariffs file to finding articles the national With appropriation program, lubricat¬ also permitted. was gas ore has not been the action of Congress, although the Congress, in 1936, authorized an annual appropria¬ tion for carrying out a program under the Soil Conservation and Domestic announced, the actual made. territory, and for all payment with manner, the used items 100 pounds. except in Southern territory; also products, ing oils and greases, asphalt, pitch and tar, lc. per 100 pounds. These increases were authorized for application in Mountain-Pacific As restoration acreage, its and district pounds. 480.000- Peanuts other iron Fire-cured and dark-aired cured. pound in net ton 100 pounds. per the in and steel iron others, Iron pound articles related 10%, Burley.. Oigrar filler and binder Georgia-Florida type 62 bituminous individual commodities were: to 15c. per net approved increases on the western and district), pound 0.125 cents per pound as districts. Acre or per Unit uf Crop was must which shall, we time limit on a general, in ton • however, one, reason Bituminous are: pooling arrangement. is rates." In established for soil-depleting payment of and rates that charges, put coal goal. we a matter for division of earnings which unfortunate such the Payments will be planted, up to the limit of a farm's goal. be earned by planting the full goal. Pay¬ the above acres the pooling and to resort result could be avoided. In view of possibilities in this direction were not canvassed in the shall not at this time take steps with a view to virtually permits, fact situation. railroad general "By appropriate requiring such acreage railroads, and it shocks the other present record, tend will for increasing their rates on justification of the 3,346,000 acres. was sole needs to encourage acreage up to progressively below the or in acreage for potato The average annual change this traffic lies in conscience that, in accom¬ plishing) this purpose, their revenues should be swollen by more than $6,000,000 which they do not need and which will not be used for any "The the The national goal 3,300,000 program discourage payment slight very years. and 1937 through number of the a bushel will be made in the late per involve 10 past stabilization and on the 3,100,000 1928 potato the normal yield of each acre in 4c will potatoes for between from acreage the for average is acreage payment of In the early potato-producing crop. on areas. program the A paid 2777 Chronicle He asserted Government that for times of stress, most HOLO borrowers were not only grateful to the which enabled them to keep their homes in assistance but were evidencing their attitude by opposing proposals legislative changes. charged that the movement behind the bills to contracts did not spring from the borrowers, but "came for lie groups of men who thought they saw an the expense change the loan from a few small opportunity to make money at of borrowers." volume. increase, for the what it called the recognized need of the carriers increased revenues, the Commission's majority said it could not escape conclusion that "the net earnings of the railroads are now inconsistent, on standards as to the rights of the private owners, but also with the conditions necessary for the proper con¬ duct of the public service of railroad transportation by private enterprise." The most important of the increases were applicable to bituminous coal and coke, which the roads estimated would account for $31,383,391 of the aggregate revenue increase, and of which amount $26,882,030 would general, not only with constitutional in derive from bituminous traffic alone. - $6,263,053 of additional bitu¬ Chesapeake & Ohio, the Norfolk & Western, an! the Virginian RRs., for which the Commission said there was "not a shadow of justification," it was stipulated that the increased bituminous rate6 should remain in effect only until Dec. 31, 1938. Meanwhile, the Commission served notice of its expectation that the roads benefiting from the bituminous increase would pool all such revenues For minous for this coal reason their common Pocahontas region, further fact that and the rate revenues would benefit. go to the Referring to the prosperous the Commission said: Relief Expenditures and Vigorous Capital Regarded as Fundamental* Reduction In Federal stated, in part: Basing its action coal carriers of the Flow of Private Re-Employment and More Production Says R. Gay, President of New York Stock Exchange—Stresses Need of Business Confidence to Charles Speaking yesterday (Oct. 29) on "Stock Markets and Conditions." Charles R. Oay, President of the New York Stock Exchange, turned, toward the end of his remarks to "that wtrcP is fundamentally the most important Business problem facing this country today and which at the same problem with which conditions capital markets are closely associated," time is a in the security and and said: depression expenditures of the Federal Government rather than to the employment and wage disburse¬ ments resulting from private expenditures of new capital invested in pro¬ ductive enterprises. It seems clear to careful observers, and it is increas¬ ingly receiving general recognition, that reduction in Federal relief expendi"It is an Obvious fact that much which this Nation has of the recovery since the experienced has been due to the Financial 2778 productive capacity and living standards underlying processes by which are enlarged, and employment of the unemployed are becoming dependent re of private capital into productive enter¬ goods that are imperatively upon a renewed and vigorous flow prise. The accumulated shortages of capital fundamental and start again the processes which lead to more jobs, better wages, more good things for all the people." production and thus more of the Continuing, Mr. Gay said: It is in terms of the flows of new capital that recent market developments Oct. The alleviating consideration I have just men¬ are already woefully small and the extent of further be most significant. may tioned is that these flows restricted. In recent years the annual new secured through new issues has ranged between $160,and $1,200,000,000. Just before the depression the annual totals The is the common But conditkms in the security inactive. market are permissive rahter than The best of markets will not generate new capital investment behind them is present. } This force is the compulsory. originating force the initiative of the business man. There is no substitute in our create a standardized medioc¬ profit. Laws may bring forth initiative and enterprise. rity, but they cannot . / . desirable levels, and the panied by a restoration of new capital flows to possible shrinkage in such flows is thus not great. The restoration of long term confidence in the profit prospect is a first requisite to a renewed flow of the and the establishment of security market conditions permissive anticipated flow is a second. Gay's address was delivered at Worcester, Mass., joint meeting of the Kiwanis Club, Rotary Club and Worcester Chamber of Commerce. In his opening the a remarks he said: "I speaking to you on the eighth anniversary of a well-remembered am New York Stock Exchange. On the 29th of October, 1929, more than 16 million shares of stock were sold on the Ex¬ change, and the tickers reporting these transactions ran until darkness. day in the history of the liquidation of securities, and with further liquida¬ With that extraordinary following three years, the Nation terminated a long period tion during the prosperity that had become known as the 'new era* and began the longest and most severe period of depression within the span of its recorded history. of Nor this Nation alone in business recession." was a which on the upon negotiations formula that would a foundered. The O. I. O. industries, while the mass The Federation deliberated until late today before rejecting the C. I. O. offered proposal had but yesterday, rejected within half hour an the Federation's counter-proposal after its submission. Indeed, the C. was I. O. statement in the hands of newspaper men this morning an hour before a Each side blamed the other for bringing the negotiations to "It has been clearly demonstrated chairman of the C. industries Federation Labor is be must organized to prevent mass industrial on proposal indicates that determined such impasse. an I. O.," said Philip Murray, production and other The lines. the American organization, the organization of the millions prevent may by the C O. committee "that the I. of Labor still American Federation of though even of unorganized it workers in such industries. "An analysis clear that it of the proposal submitted by the C provides basis for no a I. O. committee makes settlement," said the Federation com¬ "We have not received any help from the representatives of the mittee. Mr. before rock the was basic K The relationships between security markets and capital flows may there¬ fore have been altered. The long rise in security prices was not accom¬ of capital, follows in as - . inability of the two factions to agree stood out for exclusive control of workers in the obliterate productive initiative that progress shall cease. order for the prospect of described it informed the Federation committee of its action. ki To take away the prospect of profit is to and to guarantee were A. F. of L. contended for organization along both industrial and craft lines. when the security markets are thin and weak or difficult to sell new issues unless affected by conditions in the security markets. observation of any underwriter's office that it is extremely conferences permit craft and industrial unions to exist side by side in the major indus¬ tries Capital flows are vitally The 25. Tribune": possible contraction is therefore fnged between $4,500,000,000 and nearly $9,000,000,000. 1937 Washington dispatch of Oct. 27 to the New York "Herald capital of corporations 000,000 so, peace terms were rejected by delegates from each group. The conference, attended by 10 CIO delegates and 3 A. F. of L. representatives, recessed until Nov. 4. Plans for the meeting were described in the "Chronicle" of Oct. 23, page 2628. Despite the technical recess, leaders indicated fears that the conference might not reconvene. Both sides agreed that no progress had been made in the negotiations, which began on estimated in billions of dollars. There is no problem than how and when we shall make them good, needed to be made good are more Oct. Committee for Industrial Organization, designed to bring about harmony and a working agreement among the leaders of organized labor, ended in a deadlock on Oct. 27, when Federal budget, resumption of the fundamental balancing of the tures, Chronicle C. I. O. in composing the existing differences. their attitude, and complete willingness Unless there is change in a to approach the consideration of the problems at issue in a constructive spirit, it is doubtful if any progress can be made toward peace." The Federation statement also accused the C. I. O. negotiators of inter¬ posing needless obstacles to public of the C. Federation "Such I. understanding. an Referring to the making O.'s rejection of the Federation committee informed, was the proposal Federation before the statement said: procedure seriously jeopardizes the possibility of success." The conferees explained that the recess until Nov. 4 was taken because members of both committees had pressing engagements the next few days. As he was leaving the Hotel Willard, where the deliberations were held, Mr, Murray asked if the was recess that meant the negotiations had collapsed. He described "this "an appropriate occas¬ ion for us to review the situation, and ascertain if there may have been structural changes in the security markets affecting their ability to reflect the current status of business and to indicate the course of coming events." In part he went on to anniversary", say: Security Markets as Reflectors and Forecasters ' Since corporations intimately are associated production, with with the growth of living standards, it is wholly natural employment and with "I don't care to discuss that," he replied, as would If current business reflectors of the present and indicators of the future. deteriorate and conditions becomes stocks corporate desirable. less profits diminish, of the ownership Similarly, if millions of security peer The becomes less desirable. Thus when prices collapse people have come to believe, correctly or incorrectly, that it portends When I say that markets have become thin, I mean that the markets have become unable to absorb with their accustomed promptness moderate vol¬ of stock offered for sale without an unaccustomed umes deterioration in The same is true with respect to the purchase of stocks. * Markets price. have been unable to supply the demand for moderate volumes of stock with accustomed their promptness without unduly sharp advances in prices. Without undertaking to expound the reasons for this, I believe that it can be substantially established as a non-controversial fact. market has been approximately measured by a number economists, condition Thinness of the of statisticians and and there seems to be nearly unanimous judgment that this exists. . . . The Market as a Forecaster Although the market may have been distorted as a reflector of business, that, of course, does not mean that it has necessarily been equally distorted as a forecaster. As I have said, I have no intention whatever of indulging 'in prophecy, but it might be helpful to point out three ways in which market developments tend to bring about the things which they believed to are forecast: First, the direct effect upon the purchasing power of the people; ' Second, the effect upon business confidence; and Third, the extremely important effect upon the flow of new capital into productive enterprise. a executive officers. Earlier, the conference had boycott of Japanese manufactured goods and condemned all a come from the projected A. F. of L.-C. I. O. Lewis had been more the number of dollars which they diminished by one dollar. have in the banks may not have been Under such circumstances business initiative is people circulate their purchasing power tends to be diminished. . . . Business confidence and initiative are principally important, not to the maintenance of subnormal production, but to achievement of full employ¬ ment and real prosperity. This is because in a Nation which has learned produce a minimum living standard with a relatively small propor¬ productive power, it is the additional activities of an optional a delegation to arrange a He named 10 members of the C. I. O., headed by Philip Murray, chair¬ man of the Workers' Steel Organizaing Committee, In with meet the taking this step Mr. Lewis yielded to the Federation whose officials frowned on Lewis' Mr. earlier proposal of peace conference among 100 delegates from each organization. The C. I. 0. on Oct. 13 formally recorded its belief in the sanctity of collective bargaining contracts with employers and pledged its cooperation in safeguarding the operation of these agreements. On Oct. 12 the C. I. O. delegates un¬ animously voted to ask the American Federation of Labor to confer regarding the possibility of unifying the labor move¬ ment. The C. I. 0. proposal suggested that a committee of 100 C. I. O. representatives meet with a similar Federa¬ tion body. The Federation rejected this proposal. Proceed¬ ings at the C. I. O. convention on Oct. 13 were reported as follows in United Press advices of that date from Atlantic delegates also condemned recent decisions by the National Labor as being contrary to the provisions of the Wagner-Connery Act by which the board was created and approved a four-point Federal legislative program. This program called for industries operating Works in interstate a wages-and-hours bill, licensing of all appropriation commerce, L. Representatives Adjourn Peace After Failing to Reach Agreement—Negotiations to Be Resumed Nov. 4—CIO Convention Votes to Safeguard Bargaining Contracts Conference, this week in Washington resentatives of the American Federation of between rep¬ Labor and the of sufficient Progress Administration and Public Works Administration funds to provide jobs for every American worker and expansion of the Social Security Act. Resolutions were prepared adequate Federal farm Harry Bridges, for program West Coast adoption tomorrow and outlining maritime boycott of all Japanese goods because a recommending an State legislative program. leader, called for of the undeclared an war economic in China I. O. officials tonight said that the Sino-Japanese war will resolution, but they expressed doubt that would be indorsed unless President Roosevelt made it of to Federation's delegation. be the subject of a » Negotiations by conference. peace Responsible C and voluntary character which round out the prosperity. ' move City. repressed, new investment is curtailed and the rapidity with which the F. An earlier He supervised the preparation of conciliatory. Labor, in which the C. I. O. agreed to meet with The A. aggressor telegram to Frank Morrison, Secretary of the American Federation of Board and a "vicious." as will peace Mr. The effect of important changes in stock prices on business confidence is .CIO adopted I. O. promised to join Mr. Lewis' fighting speech cast doubts among labor experts tonight that Intangible; it qannot be measured, but it is important. When owners of securities see the prices of their securities decline, they feel poorer, although tion of its a ... Confidence how to his of resolutions including one in which the C. nations diminishing profits, shrinking volumes of business and decreasing employment. It seems true that the American markets for securities have become thirr. 150 delegates who stood and cheered Mr. Lewis at the close of re-elected series owners into the future and see a clouded profit prospect, then the ownership proposals recess. 60-minute speech unanimously re-elected him chairman of the C. I. O. and in of stocks also during the new The animal CIO convention, which was held at Atlantic City, was closed on Oct. 15 by John L. Lewis, head of the organization, who criticized the New Deal and Congress and asserted that none of the CIO policies would be sacrificed at the meeting with Federation representatives. United Press advices of Oct. 15 from Atlantic City said: that the markets in which their securities are sold have come to be regarded as be exchanged adding that no a a boycott matter of national policy. Then Lee Pressman, chief counsel of the C. attacking the National Labor Relations Board. the board's decision in the in which it groups to was case I. O., read the resolution The resolution referred to of the Commonwealth Steel Co. of St. Louis, held that minority groups held equal rights with majority bargain collectively with the management. It embraced also decision, unlisted, and referring to the "automobile industry " a Volume Mr. 2779 Chronicle Financial 145 important" from its It stated the O. I. O. objectives of obtaining written collective tions of the Act with Pressman resolution. then read what he described as "most a A special committee was appointed to study opera¬ operation." bargaining agreements; attacked what it termed "false propaganda" about the Reaffirm Stand O. unions in contractual obligations and i"irresponsibility" of O. I. Hearings resolved that: "The C. O. expresses Its firm policy as I. being O. in carrying through the full administration the C. I. bargaining and wage agreements." He contended that C. I. O. unionists give fair treatment to employers who sign collective bargaining agree¬ Workers of 70-car coal of America, "snap" whose strikes them. head ot' ^ M . will best committee Problems A vania that State regulatory will measures be by imposed they do not Government if Federal or coal operators of Pennsyl¬ to solving the industry's problems is contained in a report of Anthracite Industry Commission, prepared the Wharton School of Business, University of Pennsylvania, the first section of which was issued in Philadelphia on Oct. 9. The Commis¬ industry study," he said. present problems," the report with itself "Such unified action must supervise states. activities from production to consumption. It should concern establishment of pricing and quality standards. all marketing the endeavcr to "It should improve the organization and operation of whole¬ with such establishments. Finally, it should coordinate the promotional efforts of the industry, including its advertising, the sale of automatic burning equipment, and the development of possible new uses for anthracite. outlets, and retail sale and the but capacity apparently does not the industry by some outside agency. forced upon "The plight present of many the of operating companies, and their the primary reason for investigation of the anthracite industry. The livelihood of and their families is dependent upon the continued prosperity present 100,000 men of the industry." "Anthracite at and commercial present consumers "The present price of sizes steam sizes make impossible "Freight half of tions the if financial sound in the producing rates and internal other activities industry of a of anthracite fair of While the prices margins represent of marketing can be developed unless practices are eliminated. every believed most self-government be attained through future courses but enforced by government; industry of coal must permanently be placed on a which coal miners shall have working to conform American standards; the arrive at complete to the a prices; the dependable coal industry must enlist the of coal values and to better determination of utilization the coal; people of our Nation an coal industry owes to obligation to maintain a state competition." leaders of the industry had urged the "fair and impartial trial," but the govern¬ permanent regulation of the industry by the a little NRA declared Association, the soft coal industry. for Koppers Coal Co. and retiring President Williams Jr., head of the P. J. establishes The Act ment. of spoke after several Hosford to strive to avoid also operation the law of industry about $6,500,000 a year. "Certainly he as we The "easiest should be able to do that job at substantially less cost," into large companies of the producers answer" to stabilizing prices. convention approved unanimously Public Relations a suggestion by Charles O'Neill, and Guffey-Vinson Eastern Coal Sales Corp., that its Government President of the United Act's costing the was now > He advocated mergers asserted. the Committee conduct a thorough study of the operation and submit suggestions for changes. Heath S. Clark of Indiana, Pa., President of the Rochester Pittsburgh Coal Co., with offices in New York, was elected President of the Association, succeeding Mr. Williams. W. L. Robinson of W. Va., price-cutting Unless the at its command to combat the further declines in the consumption weapon inevitable." Cleveland, C. C. Dickinson of Charleston, and Douglas Millard of Denver were chosen Vice- Ord of Landgraff City, W. Va., was Treasurer, and J. D. Battle was reelected Secretary. W. Presidents; D. Lamont of J. P. Morgan & Co. ViewsllnTrade as Having Direct Bearing on War and Peace—Believes Conflict Will be Averted Thomas W. ternational But Urges U. S. Build up Reserve of Capital and Have Nation Live Within Income and Business Freed from Regula¬ tion which Hampers Industry approximately onecoal. Reduc¬ competitive exerts he as operators to give the Guffey-Vinson Act a Mr. pays for his beneficial to the industry. powerful competition, are to the end that the levels Strength—Would Economic distribution said far great national resource must be preserved a at reasonable to more and continue to operate on a prices which the domestic consumer so by the distributor of coal must be recognized and justly coal of a secure basis. such costs will prove anthracite companies are to Hosford Mr. Associated the rights of labor in the industry must be recog¬ to wage science of finds its market practically limited to domestic in the New England and Middle Atlantic States. structure for anthracite is unsound. may be too high, the low prices "No effective program and aid received for the further reductions in the mine price of the domestic sizes domestic the supplies named conclusions which Professor Mead reached are: Other major in & inability to solve their manifold problems, are not the President of the retiring compensated; the consumer must always be assured adequate and It manner. and services rendered willingness to attack these various problems in a cooperative would, therefore, appear necessary for such cooperation to be a possess has industry anthracite "The the relations of the producing companies as by the coal basis; protected, conditions solve its expects to "Coal production and distribution itself industry objectives as evolved plan a "it may become necessary for some measure of control to be exercised by the State or Federal Government in order that this objective may be achieved." the Oct. 7 and of those that on the '' offer these and if Hosford still "in kindergarten" were "May I the opposition • nized necessary <• "fellow coal man," a as in the concerned. was is Chairman, was appointed by Governor Earle of Pennsylvania, under authority of the State Legislature. In directing its warning to the operators, the report said that "in many ways it would be much more satisfactory for the industry to solve its problems without outside interference. If this proves impossible," the report is prospective taxation were economic marketing future welfare of rather than raising opposed to the principle study existing and appointed to Williams Jr., J. P. sound "Unified as Battle, Executive Secretary of the Association-, urged Speaking men under summarized as follows in the Philadelphia "Inquirer" of Sept. 10: record on summarized as follows Press advices from Pittsburgh, Oct. 7: ot The report was the said adopted lowering rate levels such measures as the Black-Connery wages and hours bill. of day by Professor Richard It. Mead of continued, was working time. any the Pennsylvania sion, of which W. Jett Lauck of the Federal electric power the railroads with on resolution a The remarks of Mr. the cooperate in pending, also be served by was Association, the anthracite warning to of another to investigate the many proposals now being pressed for measures, John D. Solve bill, Association likewise went The shorter Pennsylvania Anthracite Operators Urged to Unite— Commission Appointed by Governor Earle Threat¬ ens State or Federal Control if Industry Fails to entry sale government ownership of railroads. A but blamed employers for contributing to the "quickie" strikes. and scored as designed to consequent raising Citing the coal industry's position with regard to fuel, piped the automobile industry in of the C. I. O. leaders, supported the resolution, the to generation projects. power limit train freight rates. the carriers brought a majority of the criticism of "irresponsibility" down on the opposition of impose further statutory burdens of the United Automobile Then Richard Frankenstein, assistant President its business the into competitive ments with them. reaffirmed and other large-scale The "quickie" strikes by C. I. O. unions and exemplified by the Tennessee Valley Authority, the St. Lawrence Water¬ way Workers, denounced "wild-cat" or President of the Amalgamated Clothing Commission short time. a Association Government as Sidney Hillman, head of the Textile Workers' Organizing Committee and must within The of such collective National the before progress Charles announced determined adherence of its contract obligations and responsibilities. Power on preliminary to establishment of new prices, and Commission F. Hosford said the new rate structures would be Chairman ^"Employers who enter into such collective bargaining agreements will receive the complete cooperation and support of the unions affiliated with in now are district boards committed to the one for its improvement. view to advancing suggestions a Before the Commercial Thomas W. Lamont of J. P. "net" of his impressions Club in Chicago on Oct. 22, Morgan & Co. in presenting the "gained from two visits made to Europe within the last six months" emphasized "the fact that there is no so-called inside information to be had by one," and that his "own contacts and sources of in¬ over there are much the same as yours would be." As to whether Europe is "on the verge of another general war," or whether the counter forces are "strong enough to avert it" he ventured a reply by saying: any Regulation of Soft-Coal Industry under Plan Evolved by Industry Suggested by Chairman Hosford of NBCC—National Coal Association Convention Pledges Cooperation on Guffey-Vinson posed to Other New Deal Measures Act—Op¬ Regulation by the Federal Government of the bituminous coal industry, under a plan evolved by the industry itself, was advocated on Oct. 7 by Charles F. Hosford, Chairman of the National Bituminous Coal Commission, in addressing National Coal Asso¬ ciation, held in Pittsburgh. The convention ended its ses¬ sions on Oct. 8 after pledging cooperation with the NBCC in the administration of the Guffey-Vinson Bituminous Coal Act of 1937, enacted at the last session of Congress and under which the Commission will fix. prices pud regulate interstate commerce in soft coal. However, the Association went on record as unalterably opposed to several other New Deal measures, it was stated in the Pittsburgh "PostGazette" of Oct. 9, from which we also take the following regarding the convention's final session on Oct. 8: ^ 500 delegates to the convention of the disapproval of the Act, under which the Commission will fix prices for the industry, the convention adopted a resolution 6tating that "in as much as it is now law, the Asso¬ ciation will cooperate to the end that the best results may be obtained Without expression of either approval or formation That is the asking today. question which many millions of peace-loving opinion that such a the immense that Americans are I cannot answer the question for you, but I can express my conflict will be averted. I say this even in the face of complexities difficulties of the Spanish situation and of the might arise from the Far Eastern struggle. making for war were cited by Mr. Lamont, viz. "the intense Nationalism that has grown by leaps and bounds since the close of the World War," and "excessive ex¬ Two factors penditures being made for military purposes." "Many people" he said "would name as third among the baleful forces the aggressive tactics of those Nations which seek to attain their ends by what may be called a 'power policy' as distinguished from peace means under established Interna¬ tional law and treaties." "We hear much these days" he added "of the so-called Have-Not Nations and the Haves, and of the demands for over sea colonies." Toward the end said "as I have tried to make clear, I feel that, for the long pull to prevent world conflict, freer International trade is the greatest single necessity. Therefore I urge that we in America give that matter our of his remarks Mr. Lamont 2780 Financial Chronicle Oct. 30, 1937 /. : i foreign trade normally is only 10% of the country's entire turnover therefore such 10% is rather negligible and we could lose the most of it and ■ most earnest had the thought." following to In closing his remarks Mr. Lamount as to America's domestic situation: say Finally, with the world in its present threatening state, are our still do very well on the remaining 90%. doing we of stress arising from either foreign or for America ness means not domestic difficulty? merely a first class navy. It key Real prepared¬ This means to living within our income: it and necessity importance, business profits: it that check and from even the means a Government's standpoint, bureaus. of They Prior, Europe, it to me that we seems then, policeman of the seven from psace 1815 to 1914 With seas. the end Great Britain of the War and bulwark against world a for eventual peace. British rearmament is not It is war. It is a detriment, but of the greatest forces making today world that we live in—one far different harsh a or two. the great growth of armaments, we scan we that confess one from that which the statesmen at Versailles envisaged as a bright hope for the future. Therefore we may view British rearmament with sympathy and approval. And It is well for us to remember that any grave scheme a Thus I feel that of those by am European no certain means modus operandi who as some that of they are fear. us far removed as Further, I both sides on of the water say: "What is the use—nothing can be accomplished by try¬ ing to meet the aggressive nations half way. The only thing is to make determined stand at once, a have indicated, this world, matter no with that what the cost." I do not, as I Even in the lesser affairs of view. business, international, etc., in which I have part, hold at all seen so I have played a crises that seamed completely hopeless many minor finally* surmounted through delay and composition, that I am sanguine that in this Continental situation some peaceful solution may be found. Certainly the idea that Great Britain and France should wage a general war in order to stop local a day—has no idea seemingly entertained war—an appeal for by many host of new a Improvement in Economic Conditions economic situation there tourist traffic of ihe last less seems season tense has been than a year The ago. heavy boon to a Germany, Italy, France And the action taken by the French Cabinet three weeks in reversing most of the more crippling economic decrees of the Blum and England. ago, regime, deserves far more note in this country than it seems to have re¬ Under the sit-down strikes, under the higher scale of wages and ceived. shorter hours for labor, production costs in rise. As rapid rate, ruin producer the country a was France had had losing both domestic and foreign trade. ahead for the country in time, a I believe, to The government reverse such saw policies as throttling industry, again to reject the idea of exchange controls, and for building up rather than tearing down the country's economy. And it was striking that M. Leon Blum was to start again on a campaigh suffici¬ ent of a realis, himself to vote for a reversal of some of his edicts. the question of international course tors to war that served 1914 were, and peace to maintain trade has direct bearing upon I suppose that the two greatest single fac¬ the peace during the century from Waterloo Great Britain's ability to police the seven seas; and next, the comparative freedom of international trade that prevailed. . . . The attempts of certain great for self sufficiency which powers are being carried we at home and at facts are zation are witnessing on the part only at incalculable sacrifice on the continuing risk of precipitating trouble abroad. fully appreciated by the powers themselves, and it is this which leads them to their urgent by force, fresh sources of policy—quite our own. would be involved is not as the money value of them; but it or Buy Sell as and is vital to our development of it will vastly lessen the danger in the world, then we must also realize that trade, both at home and war abroad, is that is a two-way street. notion that a foreign lands which than Well as foreign trade has been our Why any of we When can country of International will gain, cannot The imagine. more But buy from we furnish certain supplies to us better and more cheaply them at home, the more we shall ourselves sell abroad. can secure the tide us should think that we can sell buy in return, I has lodging in many minds. no one will trade lose. is rising all And over the world, America's natural as every resources are so superior to those of most countries, then America, in any substantial increase of International trade, is likely to be the greatest gainer. Now that we have become the greatest creditor Nation of the world, do not let us shy at the idea of an increase in our imports; Nobody Wants War To return at the end to our subject of the evening. I will attempt no prophecy. But I will repeat that the greatest force, the greatest safe¬ guard of all against general war is that today, Nobody Wants War. Re¬ member that: Nobody Wants War. And that attitude is the one that leads the more hopeful individuals like myself to the idea that a workable settle¬ ment in some of the more important European situations is nearer than we have a right, from surface indications, to expect. It was a great statesman, General Smuts, who not long ago declaied that the world had in the last decade gone through so many critical illnesses that it had now, in his belief, set up within itself a sort of immunity against any fatal attack. . . A And the on Method of Cooperation subject of America's taking operation to prevent war, what a hand in International co¬ I have to say is this: The America people will not depart from their traditions in refusing to mix in the general quarrels of foreign Nations. But with the world as closely knit as it is today, our practical objective should be to do what we prudently can to avert wars everywhere, because of the certainty of the damage that such conflicts cause to us. We should not assume that we have a higher conception of morals than other peoples, or that Divine Providence has selected us to I have mentioned, as realize that punish the wicked. a But it we start will Importance of International Trade Of a handsome, fresh depression all a foreign markets all the goods in the world and not a were the question of we disastrous going down the toboggan slide at great many. any problems. conomy; if we realize that the of . As a certain factor bearing upon the situation I might point out that, despite the difficult political conditions prevailing on the Continent, the a Neutrality Act, entanglement and persons to¬ me. Isolation centres. So, when we talk about the entanglement of foreign wars, one of the important things for the country to do is to consider whether, in our Neutrality Act and its obvious tendency towards isolation, we have not swung just to the other extreme and deliber¬ ately created for ourselves a veritable Frankenstein of war To from attaining a I know that defeatists Figures Government seriously both farms and industrial Next, if seeking composition. are of various lies further in the loss of employment in thousands of lesser industries and com¬ mercial enterprises that, for their prosperity, are dependent upon these very exports which I have mentioned. And such unemployment would affect Wars to Prevent War s atesmen even politics, of building up ill will valuable foreign markets permanently—is that we For the measure of such loss of weakening afford to applaud rather than critize the tactics we can the reports Toward of embargoes on of the British Empire would be a threat to American civilization Against Swing merely the exports thrown away, presumably be accomplished within another year realists as ruin, regions of the years of the depression, during which all exported in certain important fields roughly shall be calling down on ourselves has Thus, when in critical vein on for ourselves, of losing Collective security under the League of Nations failed, and new situations carrying the threat of war arose very sharply. Two years ago Britain decided upon rearmament on a great scale And must from few of the striking figures out of a aside rude awakening. that phase will The certain and cotton were added to the list—the consequence of such from considerations of International ex¬ under the League and collective security, such a role was no longer essential, Great Britain lek. down in the matter of defense both of the British Isles and of the Empire. In the last few years there a with scale that would be effective.—and the embargo of finished munitions alone would be of little use unless wheat pectation that, been industry). be clear that if, under the operations of the must in was the we following These are but Great Britain, with peace. During the century of world an havoc percentages of our total production: Cotton 50%; wheat 20%; tobacco 40%; lard (almost) 50%; rice (almost) 33%; dried fruits (almost) 50%: office applicances (over) 30%; agricultural machinery 25%; automobiles 18%. France, to continue its efforts of appeasement to prese've the European peace, which in the long run may mean the maintenance of world the the to A count on as work Leaf also quote: can drawn are Continuing Effort for Peace As to would foreign trade has fallen off, the production and merely hamper the development of enterprise we agriculture industries any harm to industry. From Mr. Lamont's address (counting of such them. repeat recognition of the in business itself freedom from forms of regulation means notion has been exploded a country and would throw out of employment millions of persons. along this line have been quoted many times, but it never does intelligent taxes, levied means but to produce the revenues; it punish industries partial, means a well ordered Nation running smoothly. not Such again and again, yet it still persists. Its fallacy lies of course in the fact that the 10% of foreign trade is a marginal part, and that it falls in certain best to build up our own economy, to accumulate the reserve of capital, trength that the Nation would require in a time our of financial and economic Such reali¬ should calculate, not At every step in the development of world affairs, we simply like moralists but like practical men, as to what is the best way to avoid the disaster of holds out the best prospect for this, concerted action should refrain. to be, would And we can well no merely we mean matter how magnifying strong we feel working together in harmony for of all, the general our own afford to keep before us for the long future great democratic countries of the world, with own, Where concerted action war. should be willing to go along. the maintenance of world peace. an no Where mess, we great country a vision of the aggressive purposes of their end to the common For without some advantage such ultimate accomplishment the world perishes. attempts to try to gain, sometimes supply ab oad. An Essential to J. Peace P. Morgan It must be clear that the greatest single necessity for world peace today is the renewal of greater freedom in Jett of the great totalitarian states work & Co. Replying to Statement by W. Regarding Control of Anthracite Is International commerce. The policies directly against such development, and a policy of restricting foreign trade must accept conditions its own which share of responsibility for any continuance of dislocated make war more likely. As some "Trade consdtu.es the very life blood of Nations. frontiers, armies will." Now we in America have for decades been has one blessed with an cross abundant And it has, until the last few years, been carried on so easily we have been inclined to accept it without giving thought to it. In fact we have rather underrated its satisfactorily that much over importance to was tersely said: If goods cannot foreign trade. and our immense whole economy. enacted in 1935 and renewed a When our year later, so-called Neutrality Law embodying the same principle without any thorough study of whether the operations of the Act would actually lessen the chances of America's being drawn into war; or of what the economic as in the original posed bill, it was done apparently embargo policies might be effects of the pro¬ upon our people. President Roosevelt showed his distrust of the efficacy of the Act when, in a message accompany¬ ing his signature of it, he said: "It i3 conceivable that situations may arise in which the wholly inflexible provisions of Section 1 of this Act might have exactly the opposite effect from that which was intended. In other words, the inflexible provisions might drag us into war instead of keeping us out." What Just ours. Industry Says Ownership of Shares of Corporations Negligible other Nation that tends towards any a Foreign word before conclusion There is an Trade Mians to We have read foreign trade of a statement was issued as follows, the Press release given to this morning's newspapers by Mr. W. Jett Lauck, purporting to speak as Chairman of the Pennsylvania Anthracite Coal Industry Commission, in which he summarizes prepared by Mr. C. V. Maudlin All that the release has to say on the control of the anthracite about "control" exercised by our a Report industry. firm over the anthracite industry and anthracite carrying railroads is sheer nonsense. Our ownership of shares of corporations in either industry has for been years utterly policies that negligible. are In neither of the industries mentioned are the followed subject to the "domination" of members of our firms. The actual fact of the whole matter is this: the Maudlin Report, do That Mr. Lauck, in endorsing great disservice to the anthracite industry by diverting attention from its real problems. These problems have already been considered at great length by the Anthracite Coal Industry Com¬ may a mission of Pennsylvania in the collection of Reports which it published May 15, 1937. From these reports it appears that of anthracite already us certain phases of this impression, rather prevalent among us, that because Under date of Oct. 25 by J. P. Morgan & Co.: on apart from the question freight petitioned rates, which the the Interstate anthracite-producing companies have Commerce Commission to reduce, the industry is confronted by a combination of major problems entirely beyond the control of any banking or financial interests. Among these are the competition of other fuels, including bituminous coal, coke? anthracite on Lauck Financial Volume 145 oil, and natural gas; the overwhelming burden in producing regions of Pennsylvania; the production, largely imposed on the companies control; the prevailing of State and local taxation of by conditions beyond their within the industry itself. the vastly increased costs cutthroat competition And the failure of the Pennsylvania authorities to companies the protection of law and order against a factor that all experts extend to the producing bootlegging operations is unfortunate that the real In matters of such magnitude it is mining com¬ control of the anthracite is definitely in the hands of the same financial of the control of anthracite by the anthracite-carrying railroads, the industry at the present time interests that control the anthracite-carrying railroads. indicating that the report was not an expression of opinion by the Anthracite Coal Industry Commission, we quote the following from the New York "Sun" of Oct. 25: Prof. James W. Angall of Columbia University, a member of the Anthra¬ cite Industry Commission, informed "The Sun" today that the Commis¬ sion's report, published today in Philadelphia and charging that the Morgan interests dominated the anthracite industry, was written by C. V. Maudlin, Managing Director of the Federal Bureau of Applied Economics, and was not an expression of opinion by the Commission. He pointed out that the report As has not yet been acted upon by the Commission. by financial interests in the hands of the railroads serving the district located. "This control was exercised in a manner that was not considered to be in the public interest, and the situation was brought before the Supreme Court. After a full hearing the Court ordered certain of the railroad com¬ panies to divest themselves of the control and domination of anthracite Philadelphia on Oct. 26 Mr. Lauck, according to the reiterated that financial interests domi¬ nated through directors, both railroads and the hard-coal industry. The Associated Press added: His assertion was made in reply to a statement made yesterday by J. P. Morgan & Co. and Jackson E. Reynolds, Chairman of the Board of the First National Bank of New York, that termed "sheer nonsense" the Commis¬ sion's report that the financial houses rule Pennsylvania's anthracite Lauck at Washington. Class "Taxation of Cleavage S. Knudsen, "just reaching Corporation as ahead of confiscation, He said, "I sincerely added, "that ways and means will be found to class movement before it becomes so strong that the point where it is but a few steps and we all know what that means." trust," he arrest this stop it." Mr. Knudsen's comments were made nothing can it York "Sun": advancement in the Industry and the steps taken snutdown period and eliminate all criticism, he said: "The one-sided Wagner Labor Relations Board, which antedated the one sided labor relations act, confused the issue, so finally the President took matters into his own hands and appointed the Automobile Labor Board, headed by Dr. Leo Woiman, to try to bring order out of chaos through the medium of proportional representation. "The manufacturers tried to co-operate. They knew the administration wanted the workers to have representation, but here was one the unions could buck to a finish, and they did " . . . "I do not want ever to be in a position of criticizing our administra conditions which might be open to and cry about collective bargaining considerably less expensive if some ground rules had up. As it was, the early stages of the conflict resembled very ball game without an umpire, and with everybody in the grand tlon, but I do could have been set much a think that ail this hue been stands hollering advice. everything depends upon If it won't, it wiu probably fall of its own weight, or it will be necessary to strengthen It so that it will function in an orderly manner. To say that it is the Magna Charta of labor is ah right, but it must prove its value in giving men un¬ interrupted work with consequent better earnings, or it will be a Magna "I think that with the Wagner act in force, whether it will smooth out or lessen industrial stoppages. manufacturers in the automobile industry will obey the law. demand that men shah be accused publicly Calling each other names will fix It is a pity that politics seem to before they are brought before the law. muckraking are always questionable. "Collective bargaining will eventually become orderly, but to have intelligent collective bargaining both sides must know and be willing to present the facts. When they are known there nothing. The motives for much trouble about a "American we can go in order the facts is seldom settlement industry must go Let us hope orderly manner without class forward, fight or no fight. forward peacefully and in an thrift and prudence. On the contrary, it words, it is a final assault upon this "Does business grow? help of revenue out of chief source off the definitely shuts which most plant expansion has occurred in the United States. On the contrary, it guarantees will be none of the reserves available, which, to the tune of at least $15,000,000,000, kept workers on our payrolls in 1929 and 1930 when there was no current income to support "Does it when that depression comes there next It is irrational them. labor? promise advantage for the and unsound." Deal New the Attacking representing "haif-hearted, but whoily as trends, which undermine economic stability and progress, which is to say, jobs for the man on the street, and which refuses prosperity a fair chance," he pleaded for the substitution of a program of collectivist devastating "enlightened" and "social heritage, minded" capitalism to conserve the American toward social justice move and permit honest business to be prosperous. Deal New enterprise. New pattern, consistent of unlimited central power which follows mell from one vindictive dream in the manner and form of which rushes pell another, and which is to asserted, has created such uncertainty abolished through business expansion and he Declaring the "faltering" in the pace of recovery Deal's "collectivist" trends, he continued: . primarily the creation is "It . . result of the no program, unemployment cannot be that wholly unpredictable experimental use. its whim unpredictable, since it is usually at the mercy of one man's judgment—take your choice—it is impossible for American busi¬ look ahead and plan ahead and build ahead so much as one day or to ness with any degree of assurance. does not know "It the value of the money in which its commitment authentically anticipate a reasonable price range President, himself alone, can manipulate the price index cannot It made. are because the through the inflationary or 'scarcity theory,' of goods distribution goods, while the does "It structive see Mr. killing the domestic production of into de¬ against it because the President, himself and does allocate gigantic relief funds to any socialistic purpose fit. . . . 'incentive taxation" by substantial tax exemp¬ Vandenberg urged and He by limiting or increasing costs of living pinch the famiiy purse. what moment the government will enter know not commercial competition alone, can tions reflationary influences of his czardom over greenbacks; to say nothing of the effect of the weird which still expediently expects to increase the domestic profit-sharing between labor and capital. monopoly," but freeing enterprise and regulation of the securities exchanges without killing a rewards to assure favored curbing of • from restraint free market illegitimate . legislation instead of Federal, standards, protection of the right to responsibility was maintained and of both "the right to strike" and the "right to work." Substitution of a "contingent reserve" for the 'full reserve" of the Sociat Security Act was urged to relieve labor and the employer of taxes levied under the act. The Senator attacked the President's Chicago speech calling for a "quarantine" on aggressor nations and declared that it was not the function of the United States to "police the world." In "the approaching critical session of Congress I do not propose to sustain any policies which needlessly entangle us with others or which put the feet of Uncle Sam needlessly upon the first steps which lead to war," The Senator also with Federal asked state wage and hour protection of State organize where contract he said. condemned the method of handling the Social Securiry He asserted that the Wagner act did not work revision. Once more urging a coalition of Republicans and Democrats to follow "the middle ground," he said he was ready to follow himself such a path, The Senator also tax well and predicted a change. "unilaterally," and called for a regardless of what party Charta no longer. "The which "crucifies" and "reck¬ reduction of corporate debts, particularly impairs the and prohibits the creation of reserves. In other the penalizes he manufacturers to reduce the the by grow. profits tax a levy credit of 'little business' gold, silver and in Boston on Oct. 28 at a dinner of the Associated Industries of Massachusetts. In his speech Mr. Knudsen reviewed the developments in the case of General Motors relationship with labor, and in part was quoted as follows in Boston advices to the New Discussing technical and the surpius "Being capital" is described by William President of General Motors be rescued from expand to declared, cannot be relieved of "punitive" exaction if it is to be Senator Vandenberg declared In an the Senator industry, must and prevents it from producing and pay¬ ing its share of the tax burden, the major portion of taxes. "This tax, as every one knows, seeks to force the complete annual dis¬ tribution of all annual corporate profits," he went on. "By the same token, a Confiscation Says Motors Corp.—Ex¬ Hope Industry Can Go Forward Orderly Reaching A Point Near President Knudsen of General Without also quote in part: lessly stunts" honest business, The presses it but called He new Taxation and Commerce taxation industry. evade the issue," said Mr. dispatch to the "Times" we Attacks "Punitive" Taxes Press, "They are trying to the Administration. deposits and breakers were producing companies." At termed he what asserted, has been achieved companies was at that time contrasted such a plan with business-strangling policies of the employers and employes and address here today. through a system of anthracite producing companies and anthra¬ cite-carrying railroads, thereby maintaining the unified control of the industry which has "existed for more than a century." ... Reviewing the Supreme Court decision, the report said: "Studies of the anthracite industry made in 1916 and 1917 by the Federal Trade Commission showed very clearly that the control of the producing Associated Money must go to work before men can go to work." According to advices from Grand Rapids to the New York "Times" Senator Vandenberg put forth a proposal for "incentive taxation" to encourage profit sharing among encouraged interlocking directorates with in which the anthracite fair chance to. a From the Directors Held Interlocked This control, the report American business does profitably survive, none of us has a chance to survive" was made by Senator Arthur H. Vandenberg (Republican) of Michigan, in addressing, on Oct. 28, a joint meeting of luncheon and community clubs at Grand Rapids, Mich. Senator Vandenberg in his remarks criticized the New Deal declaring "it is a fine ideal to 'share the wealth.' Wealth ought to be as widely shared as possible in a democracy. But wealth has to be created before it can be shared. Business has to succeed before it can make jobs. not have Court decision in 1920. the Morgan, Drexel Co. of Philadelphia. Deal Policies Tax Hinders Honest on Thrift and Prudence Surplus Profits Business and Is An Assault Declares held that, contrary to industry is controlled dominated by J. P. Morgan Co. of New York, and the spirit of a Supreme In Criticism of New Senator Vandenberg ... Industry's Commission's report The Anthracite unquestionably tend to lower this The assertion that "if legitimate making public the Maudlin report on Oct. 24, had the following to say: This report shows conclusively that despite the Supreme Court decision panies gqjf between capital tained by narrowing the facts should be substituted in their place. Mr. Lauck, in of 1920. ordering the dissolution Our standard of living has been ob¬ and labor. To widen it will standard of living instead of raising it." question. cleavage entering into the regard as of the highest importance. be passed over and fanciful theories 2781 Chronicle 51% of the label was attached. American people He predicted that at least would be ready to do likewise. Calls for Reorganization of Party—Says Greater Attention Must Be Paid to Benefits for Middle Class—Asks Series of Questions in Attacking Moral Basis of New Deal A call for the reorganization of the Republican Party, with a new platform and convictions opposed to the New Ex-President Hoover Republican 2782 Financial Chronicle Deal, was issued on Oct. 26 by former President Herbert Hoover, in a speech before the Republican Club of Massa¬ chusetts at Boston. Mr. Hoover declared that the Republi¬ do the integrity of the Administration, including the following queries: it for moral wages for their government a under workmen of security and the spend then collect to hundreds that promise this fund they its on of millions kept are current in Merchants' Proposition fund State and expenses to tell half truths deliberately Treasury manipulate bonds and expect the citizen not to do the "Do and "Is of group, down the the expect market in citizen thing in stocks? honesty in high officials same intellectual high government officials to stir hate of against common the the When expression—'You beat cannot Santa is dams in its rivers citizens. its or ships Hoover from reiterated his time should be moral cial whole If has his address, assertion reported as people, duce policies that party has he does "true the issues, not dispatch Republican Party which its foreign he listed safeguards, standard of as finan¬ living being against - it "must pro¬ and joyriding on '.-i K/'v-7•. ;>>. mis¬ ,'^V . emancipate the people from "creeping collectivism" and restore but warned Deal Dealers Fusion for matter the humanitarian day when around ideas and no who one but and: social would Americans problems, work Mr. would also must be think Hoover hoped "underclad, of "the to see underfed great or economic middle class." "I not am thinking of the drones, either rich or poor," he added. "The skilled workers, the farmers,, the professional people, the small merchants and manufacturers—they need to be remembered. Why should they be forgotten men? They have worked and saved to secure the homes, the farms, insurance ductivity He the of middle housed policies, this asserted savings, which policies that government build constituted the "tax, and sustain harry and the pro¬ greatest danger to demoralize" the "underclad, under- he argued, by preserving the underfed." The redemption of the middle class and not "Santa and country." that class and Claus latter lican of as New Be Voted may Opposed to Creating a Nov. for 2 Construction come, dragging it down. increased never the on Oct. 21. of The statement issued under consideration by the subject very carefully. Governor and standard of living of a nation," he to government fiscal policies conservatism as expressed by the Repub¬ needed in dealing with the people's money. was the Taxation and Public on As a result of the expendi¬ State debt of The Committee agrees for puolic construction to carry out sound and established State We not, however, in agreement with him that the are financing such a program is by means of a bond issue. best method of The present huge State debt and its rapid increase in recent years is one of the most facts in the .State's financial situation. disturbing Several times this Association has recorded its opinion tnat the debt should not be further increased, and it has witnessed with regret and concern the large annual bond issues which have been forced on the State by the necessities of unemployment relief. £ So far be as it is possible to predict, there is every prospect that there will annually recurring need for an the State. a substantial amount of rapidly reducing the net State debt ourselves at the end of that over period with present even if there snould be nefther tion public construc¬ If this construction is financed by bond issues instead of nor a recurrence of a a the next 10 years, we shall find debt practically as depression conditions necessitating bond issues. large as it is at continuation of the present situa¬ That would be a targe outlays for situation in the State's deplored. Death of G. H. Lorimer, Former Editor-in-Chief "Saturday Evening Post" of George Horace Lorimer, former editor-in-chief of the "Saturday Evening Post," died on Oct. 22 at his home in Wyncote, Pa. He was 69 years old and had been ill with pneumonia over a week. Mr. Lorimer had edited the ^'Saturday Evening Post" for 38 years when he retired on Jan. 1, last. A native of Louisville, Ky., Mr. Lorimer, after finishing a course at Yale, became employed in Armour & Co., Chicago packing house, where he worked himself up to head of the glue department at $5,000 a year. He left this position to take special courses at Colby University, and then obtained a cub reporters job on the Boston "Post." it was from this paper that he went to the "Saturday Evening Post" as literary editor to become editor-in-chief in 1899. Publishing Co., publishers of the magazine, in 1927, President in 1932 and Chairman of the board of directors in 1934. Chairman of the company at the same time as the post of editor-in-chief. as Party power including necessary. York on $40,000,000 be Mr. Lorimer became Vice-President of the Curtis must added. As powers 1, 1937, was $676,000,000. finances greatly to be Republican Party meets the needs and aspirations of the people who are opposed to the New Deal they will fuse and coalesce and not before," he added. underhoused," of was of Jan. the As full "devoutly to be wished for," was that people "fuse or coalesce ideals, not around political bargains or stratagems." "If Debt relief financed by anti-New coalition of anti-New or asserted, as sums tion by it knows, he said, that liberalism." Fusion trustee policies. the of relations. .V'-V:-; For he and besides program Boston a when the affect relief, ; must asserted, fundamental "read history," principles and in personal liberty and which security and takes." It the with the Governor that the State is faced with the necessity of spending "Times," follow: Hoover five to government, economic the Mr. come, "reoriented" integrity in and original loan contract an to the bond holders, improvements and unemployment relief, the net this State Nations die when these weaken." Oct. 26 to the New York The this for tures the on "It is great by the moral public office, but that he will "keep on fighting for those things vital to the American people." Other ex¬ of 1 to Revenue went into this through great not any tracts give Legislature last spring, the Association's Committee Claus' large Mr. will by the Merchants' Association said, in part: workman? deposits in its banks," he continued. fiber and character of its wish which the protection of Association of New York against group public morals? nation for Opposition to Proposition No. 1 to be voted on at the forth¬ coming election for the creation of a State debt of $40,000,000 for the construction of buildings for hospital* charitable and correctional institutions, was voiced by the Merchants' government in citizens? workman in or for let can does "What "A you conscience up it moral mean sea think you hold and truth? the whole the form 1937 30, Buildings broadcast government your "Can practically all the States legal Association from a 'extravagances? "Can in necessary security holders, and such other series of questions on the "Is drawn anything in securing additional funds prior to the bonds, management of the property, acceptance of new security upon reorganization of the debt on behalf of party must insure justice to the "great economic middle class," including the truly "forgotten men." He propounded the be may to can a Oct. It is believed that He resigned relinquishing Miss Russell, General Counsel of FHLBB, Urges That Commercial Mortgage Financing Field Be Reorganized—Recommends "Proper Legal Loan Contract" to Prevent Forced Sales of Properties Reorganization financing field General of Counsel for of means the of the a entire urged was who recommended method Federal 23 by Home mortgage Horace Loan Russell, Bank "proper legal loan contract" Board, the best as preventing forced sales of properties built by financing. He pointed to the huge commercial decade, to the ruin, he said, Mr. Russell, one of lenders. commercial Oct. on volume of such property forced American Bar Association on both a the market in the past of the borrowers and of members of the group studying mortgage practices in this field, said: The field of commercial real probably affects the life of estate financing is almost large as The than the $12,000,000,000 depression lenders A 1930, debt and Not the of the nearly only and seriously deal all the were real Nation wise first accomplished may consider to went into equity estate appears to be how be by a to more default owners market before completely can a some be loan contract. States, but it appears accomplished the upon by contract. borrower to devise better financial structure than $12,000,000,000 commercial mortgage structure in 1930. the sold, secured were in old by default if system, a in deed a of $3,000,000 trust depression, upon there worth a but there committees all As were was no of generally Efforts market for the property. formed, but were bonds $5,000,000 were provided for the protection of the bondholders. close, result, were building, no issued and and they adequate were Bondholders' protective the equity owners and chaos. not only rendered invaluable service to the Treasury so outstanding and so years here, but her activity in various inter-de¬ effective as to constitute a most notable contribution to the entire work of the Government. So that the Government may continue to have the benefit of her advice and help the President has asked Miss Roche to continue as a member of the Activities of the Federal Government, of which she has been Chairman since its creation by Executive Order a year ago, but which actually has been at work under her guidance since a year before it attained this official status. It is my hope that Miss Roche's absence from the Treasury will not be permanent, but that she will be able to make such arrangements as weU With this in mind I have determined with the Presi¬ dent's approval not to recommend at this time any one to fill the Assistant Secretaryship which she will vacate on Nov. 1. Because of her value to the Government service and our pleasant personal associations in the last three years it will be a source of great satisfaction to me if I is now am able later to recommend her reappointment to the position she leaving. Surgeon General Parran made the following statement: were ruined, the bonds, the original savers on account of and investors sold out, and the property was finally dropped into a hopeless market, creating economy Roche has partmental enterprises—mainly those dealing with social welfare—has been means made to fore¬ generally unable to get the cooperation fear, went down to a nominal price, greater Miss Department in her three permit her to return. bondholders. a was announced on Oct. 27 by Secretary of the Treasury Morgenthau that President Roosevelt has accepted "with the greatest reluctance" the resignation of Miss Josephine Roche as Assistant Secretary of the Treasury, a position that she has occupied since Nov, 15,1934. "The resignation said Mr. Morgenthau" was submitted to the President through me in mid-September. It was not promptly ac¬ cepted for the reason that both the President and I hoped that Miss Roche would be able to adjust the personal affairs which seemed to her to make her resignation necessary so that she could remain in her present.position." Secretary Morgenthau's announcement continued: but ruined, was legal proper in necessary much primarily for the development of and means Under of amounted Other Activities It Inter-departmental Committee for the Coordination of Health and Welfare be can responsibility ways the in statutory amendment be The mortgage down. great Some our over. was suffered broken to commercial manent and people equally as much as railroad financ¬ ing, and yet much less constructive attention has been given to the ques¬ tion. Josephine Roche Resigns as Assistant Secretary Treasury—In Hope Absence Will Not be Per¬ Secretary Morgenthau to Take no Action Toward Filling Post—Miss Roche to Continue of Horace "With the retirement of Assistant Secretary Roche, the Government loses its ablest and most sincere advocate of Assistant public health. As the first woman Secretary of the Treasury, and as the first person occupying that position primarily because of her knowledge of public health and social - Volume Financial 145 service. problems, Miss Roche has rendered a splendid and unique been a plesure to work under her direction. she|will continue to give some of her time to further coordination I Percy H. Johnston, Chairman of Board, It has I am delighted to know that activities of the Government. health and welfare New of the hopejthe loss of her York Robert Charles Denver to re¬ sume Presidency of the Rocky Mountain Fuel Co. formerly held. "y Chemical Bank & Trust Co., City. Merchants National Bank, Muncie, Myers, Vice-President H. E. Des Moines, Iowa. National Bank, Huntingdon, Pa. Iowa Bankers Association, Charles F. Zimmerman, President First appointed the following as Chairmen Mr. Adams has Commissions: John C. Korn Appointed York New The an Stock Assistant Secretary of Exchange Committee of the New Governing Agricultural, At of the Secretary's Office, Secretary to the committee Next Week of Investment of America More Attention Than Usual Will be Given to Economic Subjects— Convention Annual Bankers' Association Nov. —Meeting 3-7 at White Economic Sulphur Springs, of seldom before, becomes a "Forum on Hall of Harris, Hall & Co., Chicago, President of the Association, said on Oct. 29 when he announced the complete program of formal addresses for the meeting to be held Nov. 3 to 7 at White Sulphur Springs, W. Ya. "Our members are going to the Convention with the intention of studying problems that confront them at the moment in their function of providing sound securities to investors and essential capital to industry", Mr. Hall said. "However, investment problems lie so close to the heart of the big economic questions facing the country today, that broad economic subjects will be given more than usual at¬ tention at our meeting." Mr. Hall went on to say: Affairs", Edward B. that investment "The role banking plays in the immediate picture will Dr. John H. Williams, Nathaniel Ropes Professor of Economics at Harvard University and a Vice-President of the Federal Reserve Bank of New York, will formally present the subject— which is, 'New Capital Issues with Relation to the Business Cycle*. "Taxation and Government regulation, subjects that bear directly on the difficulties of private financing, are to be discussed at other forums. 'Federal Taxation for Welfare Purposes' will be discussed by T. Jefferson Coolidge, formerly Under Secretary of the Treasury, now Vice-President of the First National Bank of Boston and Chairman of the Board of the Old Colony Trust Co. 'Capital Gains and Undistributed Profits Taxes; A Suggested Program', is the subject of an address to be delivered by Ellsworth C. Alvord of Alvord and Alvord, Washington attorneys, who was special Assistant to the Secretary of the Treasury from 1926 to 1930. At the forum on regulation, George C. Mathews, a member of the Securities and Exchange Commission will speak on 'Some Things Done and to be Done'. "Public utilities, the most laggard of ail the major industries in inaugurat¬ be the topic of one day's session. will be the subject of another forum. Alex Dow, Edison Co., will speak on 'Some Puzzles of the Utility Man'; while 'Federal Regulation and Power Securities' will be dis¬ cussed by Frank R. McNinch, who recently took a leave of absence from the Chairmanship of the Federal Power Commission to become Chairman of the Federal Communications Commission. ' "The financing of State and local Governments will be discussed in the forum on 'Municipal Problems of Today' at which Charles M. Johnson, Treasurer of North Carolina, will speak on 'Some Aspects of the Lea Bill and their Effect on Municipal Readjustments', and Morris S. Tremaine, Comptroller of the State of New York, will speak on 'The Value of Govern¬ ing new construction, President of the Detroit ment to the Taxpayer'." An item bearing on the Conference appeared in our Oct. 23 issue, page 2637. al Bank, New Orleans, Adams American Bankers By President Council—Chairmen of Com¬ Executive Committees Named to publication, the American Banker's Con¬ in which we present in detail the proceed¬ annual vention Section, annual convention of the American Banker's held at Boston, Oct. 11-14, is issued today (Oct. 30). Following our usual custom we give in full the addresses which featured the General Convention, as well as those which went to make up the programs of the various Divisions and Sections. Likewise there will be found in our special edition the reports which formed a part of the proceedings and the resolutions which were adopted, to¬ gether with the list of the various officers elected. Items bearing on the Convention appeared in these columns Oct. 16, pages 2487-2491 and Oct. 23, page 2633. It was announced on Oct. 26 that Orval W. Adams, President of the American Bankers Association, has named as Presidential appointments to the Executive Council of the association for one year the following members: W. F. Augustine, Vice-President National Shawmut Bank, Boston, ings of the Association, Mass. E. F. H. Lake W First Security Bank of Idaho, Boise, Idaho. L. Carson, President First National Bank, Wichita, Kansas M. Chamberlain, Vice-President Walker Bank & Trust Co , Salt G. Bennett, President City, , Utah, S. Elliott. Vice-President and Cashier Harry J. Haas, Bank of Canton, Canton, Ga. Vice-President First National Bank, Philadelphia, Pa. Vice-President First National Bank, St. Louis, Mo. Richard 8. Haws, follows: Vice-President Utah State Orval W. Adams, Executive Administrative, Utah. National Bank, Salt Lake City, Ilanes, President Wachovia Bank & Trust Company, Winston-Salem, N. C. Finance, Philip A. Benson, President Dime Savings Bank of Brooklyn, Federal Robert Legislation, M. Brooklyn, N. Y. Foundation Trustees, William , Trust Company, Insurance, W. B. Gladney, Vice-President Bastrop Bank & Trust Com¬ Bastrop, La. pany, Vice-President Northern Trust Com¬ Chicago, 111. pany, > of Board Guaranty C. Potter, Chairman New York City. State Legislation, B. A. pany, Lynch, President Farmers Blythville, Arkansas. BANKS, ABOUT ITEMS TRUST Bank & Trust Com¬ V.K;v7;;c COMPANIES, &c. Banking Department on Oct. 18 has authorized the Central Hanover Bank and Trust Co., New The New York State branch office in London, England, York, to open a before March 1, 1938. » Guaranty Trust Co. of New York announces Delville as Secretary of its Brussels ment of Elie Delville was formerly Assistant Secretary, the appoint¬ office. Mr. Brussels office. * resigned in 1933 as Vice-President of the Chase Securities Corp., an affiliate of the Chase National Bank of New York, died on Oct. 28 at his home in William L. McKee, who He was 59 years old. Securities Corn, in 1927. Rye, N. Y. Mr. McKee joined the Previously he had been Executive Vice-President of the National City Co., security affiliate of the National City Bank of New Yoik. Mr. McKee was one of the organizers of the retail activities of both the Chase Securities Corp. and the National City Co. Chase « Bailey H. Moore, for the past two years Manager of the departments of the Allegheny Trust Co., Allegheny, N. Y., has become an Assistant VicePresident of the institution, it is learned from "Money & Commerce" of Oct. 16. Mr. Moore (who prior to joining the trust company was a builder and real estate man for many years) will continue to have charge of the institution's real estate and mortgages. Elmer E. Bauer is President of the real and estate mortgage company. • Bigelow, a partner in the banking firm of Hayden, Stone & Co. with offices in Boston, New York and other cities, died of a heart attack on the night of Oct. 27 on a tram enroute to his home in Chestnut Hill Mass. He was Prescott (Boston), the deceased University in 1906. of Hayden, Stone & Co., he was estate firm of Poole & Bigelow of 53 years old. Born in Jamaica Plain banker was graduated from Harvard joining the firm Before He was former Secretary of the a Boston Real Estate Exchange. Section—Appointments missions and Cleveland Trust Hibernia Nation¬ La. connected with the real Our Annual Number, of Convention Our Hecht, Chairman of Board Chairmen of committees are as Boston. Issuance Ayres, Vice-President P. Leonard Public Education, Rudolf S. Membership, Fred A. Cuscaden, Investment Bankers Association America this year, as Public Policy, Company, Cleveland, Ohio. W. Va. The convention of the Trust Company, New York City. Arrangements. of Kent, Director Bankers Commerce and Marine, Fred I. Securities, chief clerk on and, five years later, Assistant Continental National First National Bank & Winton, Elmira, N. Y. Trust Company, on by the Exchange in 1918, as a stenographer. In 1929 he became Secretary to the Arbitration Committee and Com¬ mittee Vice-President H. H. Griswold, President H. Ed. Bank Management, York Stock Ex¬ of • Bank, Forth Worth, Texas. Oct. 27 appointed John C. Korn an Assistant Secretary of the Exchange. Mr. Korn has been Secretary of the Committees on Bonds and Arrangements since 1034 and 1935, respectively. He was first employed change at its meeting Bank, Boston. ^ . Frank Warner, Secretary which she Vice-President First National Spencer, Jr., Mass. It is stated that Miss Roche will return to ' Ind. Secretary will be only temporary." services as Assistant 2783 Chronicle # O. C. Holmquist has become Cashier of the St. Clair Deposit Bank of Pittsburgh, Pa., succeeding Harry G. But¬ ler, who resigned to become Vice President and a Director of the Keystone State Building & Loan Association of Pitts¬ burgh. In noting this, "Money & Commerce" of Oct. 23, added: position from the Peoples-Pittsburgh department. ... He began banking with the Second National Bank of Allegheny, going to what is now the Dollar Branch of the Peoples-Pittsburgh, being transferred to the main Mr. Holmquist went to bis new Trust Co. where he was in the auditing office. 4 Effective Oct. 18, the Peoples' National Bank of Somerset, National Bank of Friedens, Pa., a learned from Somerset advices, ap¬ pearing in "Money & Commerce" of Oct. 23. Bruce E. Matthews, formerly Cashier of the First National Bank of Friedens, has been added to the personnel of the enlarged bank. Dr. Fred B. Shaffer is President of the Peoples' National Bank, and J. F. Collins, Cashier. The dispatch Pa., absorbed the First nearby institution, it is continued, in part: The First had resources of $220,000. Assets not Bank will be liquidated for the benefit of stock¬ National of Friedens transferred to the Peoples' holders. The opened Its doors for business Dec. 23, 1933, who continued as its head until a Mr. Beerits continues a member of the Board. Peoples' National Bank under the Presidency of John H. Beerits, few months ago. . . . 2784 Financial Concerning the affairs of five defunct banks, viz.: tional Bank, Bank of Pittsburgh, N. Diamond National A.; Pittsburgh, Duquesne National Bank, Bank, and the Exchange National Bank, the "Gazette" of Oct. 20 carried the following: receiver The loans received been of of Pittsburgh from banks amounted Cash repaid. 92%%. Bank the hand on to Pa., Na¬ Monongahela reports of as Pittsburgh 30, 1937, $25,827. Depositors have received estimated value of $2,204,120. Monongahela National Bank had no bank loans. Cash on hand amounted to $412,149. mated been received Cash repaid. 75%. which of Remaining assets are ■ Bank National hank loans of had hand amounted on Bank received $466,100 been has repaid. 70%. Depositors have received hand on Depositors have value of $1,902,248. amounted Remaining assets had $8,305. to estimated an value $541,093. National Exchange loans $2,127,300, totaling amounted hand on had assets Bank Reconstruction Finance Corporation which $1,893,800 has been repaid. Cash Depositors have received 80%. Remaining of $8,270. to estimated an received value of tributed leaving the to pension fund, current resources are six months shown (as compared Westiiiorelaml President Oct. P>, on At the Co. Trust the of of Greensburg, institution at Pa., meeting a elected was tlie directors of his uncle, the late Thomas Barclay. to succeed time, O. Sliupe Collins, who has been Assistant same Treasurer of the bank, was advanced to the office of Treas¬ In urer. noting changes, the "Money and Commerce" of Oct. 23 further said: John Barclay Jr. He Princeton. been has . . bank served since as the with recently . governor a his graduation the of at Bankers Club of Pittsburgh. The Fogg, other MacDonald, and officers Secretary; H. are: Jchn Marker E. Vice-President; Sr., F. Lcasure, Assistant Officer; Trust Matthew Watson Joseph B. Secretary-Treasurer; Assistant Jr., S. W. Officer, Trust Lloyd B. King, Real Estate Officer. The Nescopeck National Bank, Nescopeck, Pa., was closed Oct. 22 following the discovery of an alleged $77,000 shortage in its funds. The shortage, it is said, was found after Earl B. Hess, Assistant Cashier of the hank, disappeared on Oct. 18. From Nescopeck advices to the Philadelphia "Inquirer" on Oct. 22, we take the its directors on following: The was bank, place! which investigation was carries charge in by deposits the of $350,000, today averaging Federal Bureau Federal Deposit Insurance Investigation of agents in 22) (Oct. Corp., and an Philadelphia ordered. tion's National books, and said it would Bank took Examiner, remain closed until over institu¬ the he had completed an examination. United States Meanwhile, issued United the a the for warrant States I. Myers, in Scranton, the request of Assistant Commissioner Jerome arrest Mr. of Hees at The latter specifically charged Attorney Joseph P. Brennan. with embezzlement of $750 June 24. missing Assistant Cashier • Distribution of $93,044 to 9,200 depositors of two closed Cook County, 111., banks—the Des Plaines State Bank, Des Plaines, and the West Highland State Bank, Chicago—was announced of Oct. 21 on Illinois, it by State Auditor Edward J. Barrett is learned Oct. 22, which also said: The largest Plaines State amount The the of other money to made by was chain. It "Tribune" the to depositors 3,200 of of the Des This lifted to 50% the the West Highland State Bank, amounted to $42,441, or 5%, and received by the 6,000 depositors since the hank failed. old bills and $56,397 of preferred claims one was A previously of the total had paid. The First National Bank & Trust Co. of Minneapolis, Min¬ neapolis, Minn., in its statement of condition as of Sept. 30, reports total assets of $14(5,252,C04 (as compared with total of $14(5,559,2S0 on June 30 last), of which tlie are: Cash on lianil and due from banks, $40,530,780 (against $48,725,219 at the earlier date) ; United resources principal items States Government securities, direct or fully guaranteed, $52,805,707 (against $54,305,707), and loans and discounts, $41,101,198, as compared with $34,039,520). On the liabilities side of the statement, total deposits are shown at $130,979,208 (as compared with $132,440,512 on June 30). Capital and surplus, both at $0,COO,000, remain the same, but undi¬ vided profits are up to $1,307,SCO from $1,020,505 at tlie earlier date. • Edwin N. Van Home, of the Continental National Rank of Lincoln, Neb., will join the personnel of the American National Bank & Trust C o. of Chicago, 111., as a Vice-President on President Dec. 1, it is learned from the "Com¬ mercial West" of Oct. 23. been active in Nebraska Mr. Van Home, it banking circles for a was said, has number of years. A condensed balance sheet of the Mitsui Bank, Ltd. (head of June 30. 1937, shows net profits for the six months ending that date of 14,971,129 yen (in¬ cluding bahmce from last account of 10,381,540 yen and office Tokio, Japan) as transfer from pension fund of to pay bonus, profit and loss account. Total statement as 1,132,702,871 yen bonds to 142,180,018 yen; municipal and other bonds to 141,790,395 yen; foreign bills purchased 74,309,908 yen; cash in hand and at Bank of Japan, &c., 89,040,455 yen, and money at call and short notice, 50,900,000 yen. On the liabilities side of the statement deposits are given at (comparing with 85(5,924,636 yen on Dec. 31). The bank's paid-up capital, at 60,000,000 yen remains un¬ changed, but its reserve funds and undivided profits have risen the yen to 72,711,129 yen from 71,181,540 yen at the first of The New York agency of the Mitsui Bank, Ltd., 01 Broadway. year. is at CURB EXCHANGE Irregular price movements with a tendency toward higher levels marked the trading on the Curb Exchange during the early part of the week, and while most of the changes were fractional, there were a number of substantial gains among the higher priced shares. As the week progressed the list showed further gains, due in a measure to a number of favorable earnings statements and to the announcement of the margin cut, effective Nov. 1, from 55% to 40%. The volume of transfers dropped off moderately heavy was on Monday but the market quieted down. Lower prices prevailed throughout the Curb list during the two hour session on Saturday. Opening quotations were below the previous close and the declines were largely ex¬ tended as the day progressed. The recessions were usuallythough the losses were generally a point or more among the higher priced issues. The transfers totaled ap¬ proximately 273,000 shares against 335,000 on the previous Saturday. The widest declines were among the specialties and the preferred stocks of the public utilities, and included as others Arkansas Power & Light pref., 8 % points to 661/2; Childs Co. pref., 5 points to 35; Pepperell Manu¬ facturing Co., 3 points to 82; Singer Manufacturing Co., 10 points to 235; United Light & Power pref., 2% points to 19%; and Aluminum Co. of America, 2 points to 923^. An early decline followed by a vigorous upturn around midamong session were the features of the trading on Monday. The section of the list but they were sufficiently numerous to give the market an appearance of V strength as many of the trading favorites canceled their morning losses and in some instances added moderate gains. 80,317), which was allocated to every Aluminum Co. of America to 90 and then climbed was particularly active back to 98 with as it dipped net gain of 5% points, Gulf Oil Corp. forged ahead 4 points to 43, Babcock & Wilcox advanced 5 points to 75 and Duke Power moved forward 5 points to 60. Other noteworthy gains were a American Cyanamid B, 2 points to 253^; Brown Co. pref., 334 points to 41; Electric Power & Light pref. A, 6 points to 31; and Pepperell Manufacturing Co., 3 % points to 853^. Unsettled price movements in the early part of the session a brisk advance into new high ground during the with closing outstanding characteristics of the trading on were especially active, and while the gains were not particularly large, the demand for these shares was fairly steady. Oil shares were mixed, but mining and metal stocks, as a group, climbed to higher levels. Specialties were featured on the side of the advance by Childs pref. which reached 42 at its top for the day and closed at 41 with a gain of 6 points, Mead Johnson moved up to 95 with a gain of 2% points, Newmont Mining advanced 23^ points to 62, Consolidated Mining & Smelting, 2 points to 55, and National Power & Light pref., 2 points to 60. Quiet trading and fractionally higher prices were the out¬ standing characteristics of the curb market dealings on hour made was Chicago the depositors since the bank closed. payment Bain $109,000 of been from Bank, amounting to $50,603, or 5%. returned former first repayment the yen be carried forward 1,103,502,5G4 yen on Dec. 31 last), of which loans and discounts amount to 531,853,724 yen; Gov¬ ernment gains did not extend Scharfensberg, Ray in to fractional ♦ by 230,000 $618,240. heretofore Treasurer of the Barclay- Barclay Jr., 1937 with THE John and balance of 10,911,129 yen a 904,347,2.91 banks totaling $591,600, from Cash :,VV' ■ $112,755. to loans esti¬ $600,900, of which $420,400 Remaining assets had an estimated National Duquesne of 80%. received $900,656. at Diamond has have Depositors an Oct. as follows: 2,400,000 yen to pay a dividend to the share¬ holders; 1,000,000 added to reserve fund; 430,U00 yen con¬ to Sept. $1,911,800, of which $1,756,300 has totaled Remaining assets had Chronicle were Tuesday. the Public utilities Wednesday. Some of the less active stocks moved toward lower levels but the bulk of the dealings were on the side of the advance and the tone of the market was fairly strong. Jones & Laughlin Steel was an active feature as it moved briskly forward 6% points to 38. Minnesota Power & Light jumped 10 points to 70 on' a very small transaction and Utilities Power & Light pref. moved forward 5% points to 19MIn the mining group Lake Shore Mines was the feature and moved up to 51 with a gain of 1 % points. The volume of transfers simmered down to 171,990 shares against 276,755 on the previous day. Renewed activity with snarply higher prices featured the early dealings on Thursday. The advances were fairly well scattered through the list, many usually inactive stocks joining the upward surge. As the day progressed some profit taking appeared which checked the forward movement to some extent but this was rapidly absorbed and the list ended substantially above the previous close. Industrial specialties were in demand and gains ranging from 2 to 10 or more points were registered by some of the market leaders. Singer Manufacturing Co. plunged forward 15 points to 250 at its top for the day but slipped back 5 points and closed at 245 with a net gain of 10 points. Other stocks prominent on the session the side of the advance included Aluminum Co. of America Volume •5M points to 97 J4, Cleveland Electric Illuminating Co. 5 points to 40, Duke Power 4 points to 65 and Cities Service pref. 3 points to 25. Transfers were again higher, the total volume reaching 368,725 shares against 171,990 on Wednesday. t Curb stocks continued to move forward during the morning dealings on Friday but the advance was checked to some extent as profit taking developed around the noon hour, and while there was further disquieting news regarding held closed. interested in trade abroad geous to use our and there was considerable interest mani¬ fested in the industrial specialties and mining and metal stocks. Noteworthy among the advances were Childs Co. pref. 7y points to 52, Draper Corp. I0l/i points to 7C% Penn Salt 7 points to 142, St. Regis Paper pref. 7% points to 7824 and Sherwin Williams 5 points to 92. As compared with Friday of last week prices were higher, Aluminum Co. of America closing last night at 98 V2 against 94 y2 on Friday a week ago, American Gas & Electric at 26 against 2434, Carrier Corp. at 3324 against 2834, Commonwealth Edison (New) at 26 24 against 25 Electric Bond & Share at 1134 against 934, Ford of Canada A at 1824 against 1724, Gulf Oil Corp. at 44 against 40, Hudson Bay Mining & Smelting at 22 against 20, Humble Oil (New) at 65 against 6324, Lake Shore Mines at 5034 against 4934, New Jersey Zinc at 6824 against 62, Niagara Hudson Power at 934 against 834, Sherwin Williams Co. at 108 against 93 and United Shoe TRANSACTIONS AT Member Federal Reserve System Member New York Clearing House Member Federal Deposit Association Insurance Corporation Bonds (Par Domestic Shares) York Rate for Cable Trans''t, in Mew ,am Money Noon Buyino Value in Unlteu Unit Oct. Oct. 26 Oct. 28 Oct. 27 % Oct. 25 23 $ Europe— 188333* .188300* .188300* .168641 .168767 .012850* .012875* .035000 .035009 .035005 I .220970 .220983 .221100 England, pound8terl'g4 ,950541 L950583 .950791 .952500 Finland, markka .021883 .021885 .021883 France, franc .033840 .033641 .033361 Austria. schilling .168578 Bulgaria .188250* .188266* Belgium, belga .012850* .035000 .220970 lev koruna Czechosio'kla. Denmark, krone 168675 .... .012850* Oct. 29 I $ I 168801 , .188300* | .168990 012850* .012875* , 035005 .035006 . 221218 221610 .964750 .021890 4. 955916 ,021875 .033383 033649 .033687 I .021892 .401615 .401638 .401592 401607 .009076* .009078* .009078* 009080* .552828 I .552850 .552871 .552866 .197425* .197425* .197425* .197425* 197425* .197425* .052602 .052601 .052603 .052604 052604 Italy. lira .052604 248989 .249391 Greece, drachma I I 552846 .401645 .009083* ! .552871 .248706 .248708 .248716 .248839 .188825 .188733 .188750 .189033 189000 .188925 .044862 .044833 .044833 .044850 044940 .044866 Rinnan la, leu Total Corporate (Internment .401614 .009076* relchsmark Germany, Portugal, esoudo Value) .007282* .007282* .007282* 007282* .007282* Spain, peseta .062750* .061812* .062000* .007282*, .061937* .255339 .230566 230635 .230928 023045* .023050* Norway, krone 1.456.000 55.000 8,000 170.890 1.269.000 40.000 25,000 1.334.000 Thursday 367,340 1.621,000 18,000 47.000 1,686,000 Friday 429.020 1,806.000 15.000 31.000 1,852,000 272.775 $1.045.000 $15,000 $15,000 375.510 1.585.000 27 000 32,000 277.590 .255218 062125* .062125* 255504 .255889 Sweden. krona $1,075,000 1,644.000 1,519.000 Saturday Monday.... Tuesday FEDERAL RESERVE ACT OK 1930 BY 1937, INCLUSIVE 1937. TO OCT. 29. Country and Monetary Poland, zloty Foreign Foreign of 1937 23. OCT. CERTIFIED TREASURY UNDER TARIFF BANKS TO Hungary, pengo YORK CURB EXCHANCE (Number Week Ended RATE8 EXCHANGE FOREIGN Holland, guilder NEW THE Stocks Oct. 29. AND FOREIGN DEPARTMENT: STREET, NEW YORK UROAI) 55 group Machinery at 7234 against 71. DAILY world-wide banking facilities. OFFICE FKINCLPAL Public utilities preferred will find it advanta¬ MANUFACTURERS TRUST COMPANY goodly part of their gains until the market were active, especially those in the a and others Bankers, manufacturers, merchants prominent the President's reference to Tax Revision, many issues 2785 Financial Chronicle 145 .255208 .255212 Switzerland, .230375 .230485 .023020* .023040* .023045* .023050* .294062 .293958 .293958 .294062 .293958 .293958 .294062 .293958 .293958 .294062 .309346 .293958 .293958 .309631 .309787 franc Yugoslavia, dinar I .230464 ! Asia— China— York Curb New Exchange 1,893.125 Stocks—No', of shares. 1936 1937 1936 1937 .294062 .294062 .309453 .373827 .294062 .294062 .294062 .294062 .294062 .294062 .309453 .309296 .373781 .374100 .374559 .288200 .373805 .288317 .373918 .288166 .288360 .288606 .288941 .580562 .580562 .581000 .581125 .581500 Tlentalntyuan) dol'r Hongkong, dollar.. .580562 ,944947*3.944598*3.944776*3.945714*3.948035*3.954553* ,973035*3.975500*3.971964*3.976562*3.974776*3.983750* Australia, pound Zealand, pound. New Africa— Bonds $8,782,000 $13,952,000 $360,067,000 $681,114,000 170,000 258.000 10.655,000 158.900 Domestic 147,000 8,765.000 15,415.000 10.429,000 $14,357,000 $379,487,000 $706,958,000 government.. Foreign .294062 Chefoo Australasia— 10l.882.092 92,907,217 2,377.685 .294062 .294062 Japan, yen Jan. 1 to Oct. 29 Week Ended Oct. 29 Sales at $9,110,000 .294062 Shanghai (yuan) dol $158,000 $170 000 $8,782,000 1,893,125 Total (yuan) dol'r Singapore (S. 8.) dol'r .... Hankow(yuan) dol'r India, rui>ee Wednesday South Africa, pound.. 4.904453*4.004765*4.903671*4.907321*4.910089*4.919375* North America— $9,110,000 Total .000000 1.000000 1.000000 1.000000 1.000228 1.000360 Canada, dollar .999000 .999166 .999166 Mexico, peso. .277500 .277500 .277500 .999166 .277500 .997500 .999166 .277500 .999166 Cuba, peso Foreign corporate .997929 .997773 .330379* .330800* .087238*, .055877 I .087255* .051680* ,56')905* .791100* .051680* .569905* .791200* Newfoundland, .997500 .997500 .997500 dollar South America— Argentina, peso STATEMENT COMPARATIVE PUBLIC DEBT Brazil (ofriclal) mllrels (Free) rulirela statements) (On the basis of daily Treasury .330233*, .330033* .330050* .087221* .087221* .087222* .087222* .055662 I .055875 I .056311 ' .056277 I .051680* .051720* .051680* .051680* 569905* .569905* .569905* .509)05* .791500* .791600* .791100* .791100* .330033* Chile, peso Dec. Aug. 31, 1919, March fund. Gross debt less net bal. Debt $1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.52 fund $12.36 capita of Int. $250.18 $129.66 4.196 3.750 rate per annum on Interest- bearing debt outstand- (per cent) Sept. 30, 1936, a Year Ago Gross debt... Net bal. In general fund Gross debt less net bal. in general fund Gross debt per Computed Sept. 30, 1937 $31,645,312,149.99 $34,142,849,747.34 $34,015,429,059.42 a$286.07 a$284.6l 2.569 $262.97 a bank clearings from all cities of the total stands at same week ended $5,931,429,695 for is a gain for the Our comparative summary At this center there Friday of 3.9%. for the week follows: Clearings—Returns by Telegraph Week Ending Oct. 30 1936 $2,742,376,724 $2,638,929,127 264.766.649 96,207,364 88,297,731 54,501.675 Chicago FINANCIAL MARKET—PER CABLE daily closing quotations for securities, &c., at reported by cable, have been as follows the past The 19%d. fineoz,140s. 8d. Holiday British 3%% War Loan.Holiday Gold, p Consols. 2%%. Thurs., Fri., Oct. 28 Oct. 29 19 16- 16d. 19 15-16d. 19 15-lCd. 19 15 16d. 19 15 16d. 140s.7%d. 140s. 7d. 140s. 8d. 140s. 7d. 140s. 6%d74 % 74% 74% 74% 74% Mon., Oct. 25 Wed., 27 Tues., Oct 26 Oct 262,061.935 282,000.000 191,935,000 75,681,293 75,800,000 114,763.000 113,980,840 91,611.638 73,171.438 53,270,685 $4,123,845,016 $3,973,204,956 + 3.8 801,641.480 734,687,055 + 9.1 - 300.000,000 Holiday 101% 100% 100% 100% 100% 110% 110% 110% 110% 111% price of silver per ounce (in States on the same days has been: The Bar N. Y.vfor.) U. 8. Treasury. U. 44% 50.00 Closed 50.00 44% 50.09 8. Treasury 77.57 (newly mined) 77.57 FOREIGN Pursuant to the Act of 1930, the 77.57 cents) in the United 44% 44% 44% 50.00 50.00 50.00 77.57 77.57 77.57 Boston St. City. 77,500,000 Louis 124,817,000 111.660,908 San Francisco.. Pittsburgh Detroit Cleveland Baltimore Eleven cities, five days - requirements of Section 522 of the Tariff Federal Reserve Bank is now certifying record for the week just passed: Total all cities, five days $4,925,486,496 1,085,097,299 All cities, one day Total all cities for week $6,010,583,79* + 1.0 +6.4 —2.2 +0.3 + 2.2 , $5,931,429,695 +8.8 —2.0 + 5.0 +20.7 + 2.4 $4,707,892,011 1,223,537.684 Complete and exact details for the week covered foregoing will appear in our issue of next week/ We them today, inasmuch as the week ends furnish + 3.9 +4.6 —11.3 + 1.3 by the cannot today figures will not be available until noon today. Accordingly, in the above, the last day of the week in all cases has to be estimated. In the elaborate detailed statement, however, which we present further below, we are able to give final and complete results for the week previous—the week ended Oct. 23. For that week there was an increase of 0.9%, the aggregate (Saturday) and the Saturday EXCHANGE RATES daily to the Secretary of the Treasury the cable transfers in the different countries of give below a 187,743,933 75,923,032 Other cities, five days British 4% 1960-90 London, week: Cent 1937 New York I Kansas Silver, peroz.. be 1.3% below Our preliminary $6,010,583,795, against week in 1936. Philadelphia Sat., 23 United States from which possible to obtain weekly returns will those for the corresponding week last year. 2.550 2.578 Subject to revision. Oct. compared year ago. Per ing (per cent) as CLEARINGS week will show an increase 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. 30) with of Int. Interest- ENGLISH .055777 available COURSE OF BANK Bank clearings this the bearing debt outstand¬ a jjeso it is Aug. 31, 1937, Last Month $33,832,894,227.85 $37,045,040,598.38 $36,875,090,831.26 2,859,661,771.84 2,902,190.851.04 2,187,582,077.86 capita... rate per annum on Uruguay *Nouilnal rates, flrui rates not 2.395 Gross debt per Computed Lowest Post-War SI,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07 306,803,319.55 1,118,109,534.76 74,216,460.05 Gross debt In general When War Debt Was at Us Peak 31,1917, Pre-War Debt Net bal. in general 31, 1930, Colombia, peso .277500 buying rate for We the world. of clearings for the whole country having amounted to 2786 Financial $6,501,699,431, against $6,444,914,196 in the same week in 1936. Outside of this city there was an increase of 8.1%, clearings at this center having recorded a loss of 4.3%. 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 register a loss of 3.9% and in the Boston Reserve District of 1.3%, but in the Philadelphia Reserve District the totals record a gain of 6.0%. In the Cleveland Reserve District there is an improvement of 10.6%, in the Richmond Reserve District of 10.5%, and in the Atlanta Reserve District of 9.8%. The Chicago Reserve District has man¬ aged to enlarge its totals by 12.4%, the St. Louis Reserve District by 2.1%, and the Minneapolis Reserve District by 9.2%. In the Kansas City Reserve District there is an increase of 8.8%, in the Dallas Reserve District of 5.4%, Chronicle Oct. 30, Week Ended Oct. 23 Clearings at— the bank Inc. or 1937 1936 Dec. 1935 $ % Seventh Feder al Reserve D istrict—Chi cago — 440,063 399,293 + 10.2 Mich .-Ann Arbor Detroit-——— Grand 112,197,226 3,069,152 1,953,855 1,094,533 18,385,000 1,620.552 5,667,503 22,166,891 1,268,184 8,462,058 Rapids Lansing Ind.—Ft. Wayne Indianapolis . South Bend Terre Haute... Wis.—Milwaukee Iowa—Cedar Rap Des Moines 102,974,707 3,244,110 1,256,108 1,016,685 16,661,000 1,258,257 4,982,560 19,959,523 1.009,475 397,437 + 9.0 87,370,640 —5.4 2,190,440 965,812 875,834 12,498,000 + 55.5 + 7.7 + 10.3 +28.8 1,063,256 3,959,853 15,410,082 937,290 6,830,197 3,239,505 + 13.7 + 11.1 +25.6 427,413 —12.9 351,493 358,751,030 1,142,411 4,386,342 1,374,373 1,463,720 314,666,816 + 14.0 266,584,785 971,306 + 17.6 668,630 4,721,805 —7.1 3,336,392 1,004,340 + 36.8 688,096 1,122,133 + 30.4 932,536 547,232,170 486,888,096 + 12.4 408,300,278 3,444,089 Waterloo.—. Chicago Decatur - Peoria. Rockford--.-- districts: + 2.8 x - 111.—Bloornington 11.4%. by Federal Reserve a summary 372,188 Springfield furnish we + 7.6 Total (18 following 7,863,532 3,349,033 Sioux City. and in the San Francisco Reserve District of In the 1937 SUMMARY OF BANK CLEARINGS cities) Inc.or Week Ended Oct. 23, 1937 1937 1936 Dec. 1935 1934 Federal Reserve Dists. 8 $ % $ S 1st Boston 2nd New 12 cities 289,067,313 293,022,334 —1.3 237,909,859 221,569,455 3,859,699,564 —3.9 3,419,894,129 2,970,747,722 " 436,877,280 412,084,584 301,255,839 241,998,060 142,932,077 3rd Philadelphia 10 4th Cleveland.. 5 6th Richmond .6 " flth Atlanta 10 " 187,565,125 170 808,998 7th Chicago 18 " 547,232,170 486,888,096 8th St. 4 " 172,125,410 9th Minneapolis 7 " " 122,503,955 112,199,444 157,592,558 144,889,640 12tb San PYan_.ll Total 168,541,106 " 82,051,388 77,851,508 " 305,998,254 274,741,006 6,501,699,431 6,444,914,196 112 cities Outside N. Y. City Canada 37.229,686 2,923,399,962 32 cities 2,705,520,762 392,906,734 122,411,158 Qulncy 135,230,923 Total (4 112,892,825 98.116,514 80,871,684 129,689,761 172,125,410 cities). 64,202,538 Ninth Federal 97,791,609 45,285,682 219,852,778 178,903,122 5.566,149.953 4,745,120,164 +0.9 +8.1 2,250,890,342 First Federal 1936 Reserve Dist rict—Boston Me.—Bangor —6.8 289,581,904 135,230,923 Dec. 3,795,407 80,881,850 29,845,649 N. D.-—Fargo.— S. D»—Aberdeen- 664,753 —19.2 2,064,798 252,188,164 —1.6 2,683,204 Fall River 812,333 Lowell 444,964 734,040 394,946 708,401 3,081,588 2,034,596 12,712,475 New Bedford 827,616 3,626,640 Springfield Worcester..... 2,418,497 Conn.—Hartford 1935 $ + 10.7 + 12.7 360,273 + 38.2 599,243 + 13.2 3,173,175 + 9.7 688,907 2,836,603 112,199,444 + 9.2 98,116,514 —9.8 3,240,220 10,084,500 332,729 221,569,455 —13.2 Total (12 cities) 289,067,313 293,022,334 —1.3 237,909,859 15,572,839 1,277,686 + 6.2 + 1.3 7,119,562 —22.3 + 1.2 168,731 2,604,458 —5.0 2,519,777 35,381,822 1,824,544 2,925,230 110,494,703 2,740,900 31,670,534 1,938,292 3,139,041 100,818,331 + 11.7 33,353,243 2,918,075 11,743,749 + 32.6 + 23.6 655,538 802,985 551,338 3,578,269,469 3,739,393,434 8,825,617 7,113,432 Elmira Jamestown New York Rochester —19.2 616,166 411,215 + 45.6 642,499 418,973 —0.3 —4.3 + 24 1 5,834,461 872,082 31,200,000 6,828,037 5,541,678 5,082.675 + 9.0 Westchester Co 3,092,403 + 26.1 Conn.—Stamford 5,194,269 496,902 2,452,703 4,667,217 3,524,025 1,928,776 + 11.3 3,551,302 *300,000 + 65.6 250,000 18,076,666 30.729,481 + 22.1 16,588,023 32,799,147 J.—Montclair Newark 22.062,993 30,114,854 Total (13 cities) 3,709,581,300 Third Federal St. Joseph Colo.—Colo. Spgs 526,393 Bethlehem 496,705 Chester 350,563 Lancaster 1,274,268 423,000,000 Philadelphia-.. 1,389,870 2,434,859 1,053,148 1,716,474 4,635,000 ... Scranton Wilkes-Barre.. York _ Total (10 cities) 3,859,699,564 436,877,280 403,899 *430,000 296,601 1,333,624 400,000,000 1,242,956 3.9 3,231,775 —9.7 2,959,833 604,100 524,784 + 15.1 477,994 629,000 594,382 + 5.8 492,474 Total (10 cities) 157,592,558 144,889,640 + 8.8 129,689,761 Eleventh Fede ral Texas—AustinDallas Ft. Worth.. + 30.3 + 15.5 + 18.2 —4.5 292,402 408,140 228,870 2,918,087 —16.6 964,217 1,363,200 3,132,000 +25.9 +48.0 412,084,584 + 6.0 351,282,147 + 5.8 + 11.8 + 9.2 Wichita Falls.. _ 5,066,295 2,805,359 1,318,664 2,591,634 248,215 14,686,560 26,082,060 269,055 Total (6 cities). 844,683 283,000,000 911,877 3,704,000 —20.8 2,873,438 774,393 + 26.0 850,542 3,413,179 + 20.0 2,642,220 77,851,508 + 5.4 64,202,538 45,276,025 Franci SCO Ore.—Portland.. 40,101,373 40,089,615 11,401,000 1,333,139 33,864,781 JJtah—S. L. City 18,193,265 17,589,878 +3.4 4,518,986 3,768,964 + 19.9 3,166,296 4,664,166 3,508,026 156,011,169 + 33.0 + 9.8 2,830,677 128,885,267 12,105,000 1,419,510 Spokane Yakima Calif.—L'g Beach Pasadena San PYancisco. 171,248,000 + 12.9 + 6.2 29,344,711 10,361,000 + 6.5 845,131 + 18.4 25,358,811 13,461,346 San Jose.... 3,793,743 3,119,898 +21.6 2,687,519 Santa Barbara. 1.749,623 2,928,563 1,549,909 2,504,627 + 12.9 1,053,901 + 16.9 1,858,119 305,998,254 274,741,006 + 11.4 219,852,778 Stockton Total (11 Grand cities) total cities) 6,501,669,431 6,444,914,196 Outside New York 2,923,399,962 _ + 18.9 48,740,986 68,034,768 + 13.7 8,760,300 38.971,616 55,901,913 8.443,900 1,805,095 + 22.8 1,339,420 956.000 136,566.408 +3.4 115,122,586 81,563,041 301,255,839 + 10.6 241,998,060 185,836,470 Inc. or 444,216 Va.—Norfolk 2,744,000 53,311,238 1,455,678 76,922,938 22,999,998 1 Richmond S. C.—Charleston Md.—Baltimore. D. C.—Wash'gt'n x Winnipeg.... Ottawa Quebec Halifax....... __ Hamilton.. St. John. +48.1 London 171,385 2,039.000 2,599,000 +5 6 46,671.820 + 14.2 1,311,892 + 11.0 70,500,721 2.1,548,663 + 9.1 58,347,221 + 6.7 17,277,907 43,411,835 1,163,810 95,599 1,583,000 38,009,702 970,918 Edmonton Reglna Total (6 cities). 157.87S.068 142,932,077 Reserve Dist rict—Atlant Tenn. —Knoxville 1 4,121,192 Nashville 20,338,042 Ga.—Atlanta 67,000,000 1,439,234 1,178,554 18,820,000 24,735,938 1,686,891 x 155,640 Orleans. 48,089,634 Total (10 cities) 187.565,125 + 10.5 + 12.1 1,095,632 17,162,000 25,423,968 1,434,043 + 7.6 x Lethhridge... Saskatoon S 1934 121,780,711 111,301.651 75,345,627 20,229,742 S + 1.9 88,586,133 122,957,707 + 6.9 71,191,996 —27.5 93,004,892 50,494,226 14,570,073 6,674,589 —44.0 55,462,669 14,220,440 16.749,673 3,630,602 1,929,113 3,606,412 7,998,890 1,369,576 1,222,850 2,262,186 3,423,708 5,867,900 470,089 431,521 +8.9 284,655 620,387 550,529 + 12.7 494,556 473,653 1,658,498 528,364 38,353,593 4,214,883 2,576,556 5,286,270 7,907,781 1,903,123 1,904,101 3,187,999 4,961,963 —3.3 —46.3 + 38.6 + 10.8 + 11.7 —1.7 —0.3 —3.1 +4.4 —4.2 4,584,701 3,637,899 2,235,628 3,876,574 6,091,753 1,821,770 1,322,301 2,666,196 3,805,909 5,238,653 321,196 2,045,470 —15.4 1,889,246 773,643 964,072 —19.8 736,037 1,132,363 1,057,418 + 7.1 Fort William 918,462 807,759 + 13.7 598,535 660,382 680,715 646,790 Medicine 437,952 441,370 269,540 Moose Jaw 122,411,158 100,169,918 + 24.6 + 6.7 —5.9 + 9.7 —2.7 + 17:6 x 2,870,674 13,991,853 49,200,000 1,337,790 1,023,169 13,010,000 17,965,489 1,460,363 x 2,315,795 10,952,742 43,400,000 1,089,000 692,468 757,511 321,099 290,923 +5.2 + 10.4 Peterborough 723,358 Sherbrooke 726,037 659,158 622,030 + 16.7 481,064 Kitchener. 487,066 1,292,099 3,538,002 1,139,193 2,903,883 + 13.4 842,365 1,919,828 364,187 1,133,720 1,876,352 829,380 Hat Windsor Prince Albert + 9.7 +21.8 296,892 496,614 553,852 455,996 502,377 —9.2 12,292,000 Moncton 981,867 700,493 Kingston 709,213 882,753 625,841 + 11.2 17,858,987 + 13.3 470,094 538,314 1,080,273 Chatham 597,919 + 13.4 Sarnia 380,781 412,450 513,420 —1.4 370,921 603,068 407,202 764,124 289,581,904 328,734,181 919,051 x —22.8 192,142 99,935 + 16 8 36,210,328 527,115 520,873 312.925 28,615.798 Sudbury....: Total (32 cities) 170.808,998 1935 % New "Westminster 47,437,471 12,073,228 a— 3,676,839 16,320,268 62,800,000 1,529,795 201,732 41,164,721 Dec. $ 124,084,785 118,949,958 54,616,377 19,565,665 20,588,962 5,840,759 2,855,209 5,903,340 7,774,827 1,896,846 1,844,723 3,329,667 4,752,125 3,737,056 1 Brandon. Brant ford / Sixth Federal 1936 1,730,882 Vancouver Victoria.. Richm ond— 299,981 1937 S Calgary Reserve Dist rict W.Va.—Hunt'ton + 8.1 2,250,890,342 1,865,427,449 Week Ended Oct. 21 Montreal x 2,705,520,762 +0.9 5,566,149,953 4,745,120,164 Clearings at— Toronto + 13.5 x 178,903,122 (112 291,259,103 x x . — 6,656,853 2,461,000 60,845,797 90,523,539 11,515.000 Youngstown--. Miss.—Jackson 50,138,866 930,200 333,196,610 Columbus Mobile 1,040,619 + 4.1 + 19.5 1,881,399 756,313 141,241,581 Cleveland Mansfield Fla.—J'k«onville. + 11.6 7,350,348 Twelfth Feder al Reserve D istrict—San Wash.—Seattle.. x 204,576 69,048,672 107.592,290 13,098,000 2,216,067 Ala.—Blrm'ham. 1,249,182 61,360,406 82,051,388 Galveston.—-. . x Cincinnati Augusta District—Da 11a s- 1,393,647 __ La.—Shreveport Reserve 63,869,246 8,783,355 2,933,000 975,731 4,096,409 ... 25,215,998 3,419,894,129 2,970,747,722 1,116,980 341,000,000 1,033,668 2,220,134 819,724 1,108,229 3,054,000 Ohio—Canton Macon 85,452,104 — Pueblo Canada— Fifth Federal 1,411,844 2,774,263 + 9.6 804,973 Feder al Reserve D istrict—Clev eland- Pa.—Pittsburgh —5.9 —6.8 Reserve Dist rict—Philad elphia Pa.—Altoona— N. J.—Trenton. —2.0 11,405,061 ,315,259,611 2,879,692,715 Syracuse...... Northern N. J- Mo.—Kan. City. 79,498 York- 1,033,331 37,900,000 37,800,000 529,600 City 101,014 130,587 708,920 1,660,410 as 78,460 132,166 Wichita 2,209,275 1,437,281 13,511,500 584(826 Buffalo....... 2,116,853 640,776 823,676 Reserve Dis trict—Kans Omaha 334,176 639,294 2,693,381 + 18.9 507,845 Binghamton... 2,777,396 64,983,554 24,113,958 122,503,955 Total (7 cities). 607,355 + 17.7 N.H.—Manches'r Y.—Albany__ 423,539 1,468,332 193,612,566 + 16.8 10,956,605 3,420,847 13,036,200 458,228 Feder al Reserve D istrict—New + 7.2 + 8.1 932,708 Helena 1934 $ 11,466,941 4,610,518 13,693,400 4,342,247 + 9.3 885,365 _ Lincoln R. I.—Providence New Haven + 17.1 3,479,772 Mont.—Billings Neb.—Fremont- 533,456 1,702,115 201,688,697 759,353 —7.5 3,241,647 73,996,356 27,841,428 2,482,386 years: _% 637,188 x Reserve Dis trict—Minn eapolis St. Paul.. 328,734,181 1,909,952 248,212,419 Portland--,..... Mass.—Boston.. La.—N. +2.1 Minneapolis... Kan.—Topeka— Vicksburg 168.541,106 Minn.—Duluth.. 1,865,427,449 421,699,409 $ Total (5 cities) 359,000 Hastings 1937 Fourth + 39.2 118,623,581 Inc. or Reading. 464,000 + 6.8 x . Tenth Federal N. 25,218,899 646,000 111.—Jacksonville Clearings at— N. 81,300,000 28,353,024 —23.3 341,168,993 Week Ended Oct. 23 Second + 19.5 39,714,980 Tenn.—Memphis 100,169,918 137,261,808 408,300,278 figures for each city separately for the four , 97,200,000 31,162,126 30,449,724 _ 185,836,470 157,878,068 103,800.000 . Ky.—Louisville. 291,259,103 333,196,610 +6.0 + 10.6 + 10.5 +9.8 +12.4 +2.1 +9 2 +8.8 +5.4 +11.4 351,282,147 " " Louis.. Eighth Federa 1 Reserve Dis trict—St. Lo uis— Mo.—St. Louis. 3,709.581,300 York. 13 10th XansasCity 10 11th Dallas 6 ' +9.8 137,261,808 980,885 893,115 +9.8 392,906,734 421,699,409 —6.8 118,623,581 a Not included in totals, x No clearings available. * Estimated. Volume LONDON THE 2787 Chronicle Financial 145 EXCHANGE STOCK o Quotations of representative stocks each day of the past week: Central Mln & Invest. Cons Goldflelds of S A. 5/9 435/- 68/1H 278/9 49/£12^ 278/9 Courtaulda S & Co.... 48/9 De Beers £12 Distillers Co.. Electric <fe Musical Ind. Ford Ltd Gaumont Pictures ord. A 5/9 Geduld (E) Geduld Prop Mines... Gold Exploration & 180/177/6 Finance of Australia. 3/9 185/180/- Imp Tob ofGB 4 I.. IMP 8 HOLI¬ Lake View South Gold Mines of Metal 12/3 £7 H ! w g § D 154/4% Shell Transport £4Jf So Kalgurll Gold M... Sub Nigel Mines 13/3 46/3 Ltd... Corp United Molasses to to £5'32 7/6 7/6 205/59/37/6 7/9 7/9 198/9 201/10^ 205/58/6 58/58/37/3 36/6 35/9 157/6 160/162/6 26/9 27/3 27/32 /6 +31/10H 32/6 7/9 Triplex Safety Glass— £40% £5'6 £5 £4'S|6 0 18/3 19/1% £40% £39% > £7% £7% 17/9 ' 18/£39 H 18/70/12/9 45/7% 18/72/6 13/45/7% £714 £7V* 18/3 £38 Vs Antelope Cop M_ Royal Dutch Co ( ( -J © C3 o> O Oi I I "tOOWMOW ooi i C> OS I I to 37/9 163/9 27/6 33 4I to to © M Oi 4. i-4 M1 1 G/3 i-'iaif'©© 1 tooii-tOM © 4^ © 1—4 4^ ^5 c* I I I I I I S I I 00 -J I 00 I I I I I © I I I I I —11 I a © I I £7 £7% £7% M 1 1 I 0I oil /1% to I £6Vs £G% to to i— • 4. -j to 1 <fvjcoi tootO'-'M-a ifkMCIi Q3MCO Witwaterwand Areas » Oi -Ji ©rfkoo ' _ 5819 165/28/33/1 % OS I 207/6 .. r rfkM ootoo to -O © to m o» I 00' .1111 West Rand Consol M._ West CO M 45/10^ Unilever CO P Rand Ft Est Gold Union 151/3 152/6 18/71/9 18/72/6 12/9 45/10^ 18/70/- Box Rand Mines > DAY Kalgoorlle. Palmletkull Gold M Roan 26/3 151/3 151 /3 150/150/- o 3/6 26/3 153/9 3/6 3/6 25 ft 25/6 26/3 148/9 149 /4M 24/6 5/3 2 h 185/180/- 5/3 2/~ 3/6 Hudson Bay Mln A Sm 108/6 l»/6 24/9 182/6 > £13% 18/9 185/- 2/185/181/3 2/- 49/6 2 /- CO 72/6 278/9 49/9 £13% 108/3 108/— 18/6 24 /6 5/3 PfsfSIoii 440/- 440/72/6 278/9 £12% 18/24/9 5/3 o 109/4% 5/9 Thurs., 280/49/3 107/6 107/17 /3 24/5/3 ... Oct. 28 108/1% Wed., 108/3^ 68/1^ Crown Mines Oct. 27 108/1 >4 5/9 440/72/6 Oct. 26 Oct. 25 107/6 5/6 425/— received by cable Fri., Oct. 29 Tues., Mon., Sat., Oct. 23 British Amer Tobaooo. Canadian Marconi as I'll to I tn 4» I + Bid. THE BERLIN Closing prices of representative stocks each day of the past week: V! Oct. Oct. Oct. Oct. 4^. to I 25 26 27 28 29 to to CI to -J -o -J Berliner Kraft u. Llcht M 125 123 122 121 121 134 134 134 *03 -1 OS©0 to © OS Oi I i Oi i I i O' I « M4' I to ; re I 1 I OS tn 1 © Ol 1 i—41—41 OCi ) I I I » © tOl o 001 » ' 1 PI H-* 1 I . W*M . 4* © 1 I |fk I 121 134 ©rfk 00 Oi Ol M M -q I -O O CJ I tn O to 1 I ..135 (6%) to«« ©; 41. "to I OitOCni KKOOl I—4 CSC 1 t g. . : p: ——Per Cent of Par Handels-Gesellschaft cn ! V —1 © to O O If. Oct. 23 Berliner Ol © -4 Ol 1 itkl 03 tO > ' ; Oct. Ailgemelue Elektrlzltaets-Gesellschaft cn to to -J to oo w s°\ received by cable as (ktOMU W CO i-100 © 00 to M' EXCHANGE STOCK <1 134 168 167 168 119 119 120 119 119 119 Dessauer Gas (7%)... (8%) 117 117 117 117 Deutsche Bank und Dlsconto-Gesell. (5%).124 Deutsche Krdoel (6%) .146 124 124 123 142 123 141 123 144 142 142 Deutsche Relchsbabn (German Rys pf 7%). 129 Dresdner Bank (4%) 115 129 115 160 129 129 115 157 145 129 115 158 Is 168 119 167 119 168 Commerz-und Prlvat-Bank A. G. (5%) © OS 1 413 rfk M 129 115 158 . Farbenlndustrle I. G. (7%) Gesfuerel (6%) .161 149 115 Hapag 148 146 147 145 144 146 to M 1 (JktOl m OI I 80 80 80 116 116 116 81 81 81 207 206 204 82 204 206 ... 230 229 157 206 < ' I I I I I I I 161 211 Siemens & Halske (8%) 159 209 ... 208 1 ' i ootoi m I 160 232" I © I to 1 I O I ' i CO CO i 'OS as I ©' la I I 1 l-4 0 I M M I . 1 I OS Oi' OH1 . II I I i 230 Rhelnlsche Braunkohlen (8%) Salzdeturth (6%). I I I I I I O I - I o © Oi I I I I - 00 i 00 I I 83 80 117 83 . 1 I I 111 ....119 (4%%) tr? i . I 145 83 Mannesmann Roehren Norddeutscher Lloyd Relchsbank (8%) i Ml I 1 I Ol I 147 148 Hamburger Elektrlzltaetswerke (8%) 160 147 i to; M-w lf»© to to *© GO 21 p-; • "rfk Vj i a I 00© © O I-41 01 © OS © 00 1 I 1 116 . 83 205 I ■I OS I r 206 207 ' l-i W os to J © I ©i ©i I Ol OS CO. CD CO GO*©- J -J I—* to tn I-1 it* it» ~4cOtO©©00 Cn to O 4. M 00 to OS OtOOO to O I © —J i-1 tn to OS I © © 4» tO © 4. 1 Ex-dlvldend. x ; «<>: t© REPORT ON GOVERNMENTAL ! P! ©1 I ©I I to -J ©1 MCirfk. i-4 RATIONS AND CREDIT AGENCIES AS OF AUG. Oi i Cn i l 00 I? ! 1 4. -I (., 00 I I CORPO¬ 1 r I-4©! p MONTHLY , 4» 31, 1937 O 1 The monthly report of the Treasury Department, showing as of Aug. 31, 1937, of governmental corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's "Daily Statement" for Sept. 30, 1937. The report is the 39th such to be issued by the Treasury; the last previous one, for July 31, 1937, appeared in our issue of Sejit. 28, 1937, assets page and liabilities to © Oi ©00 <1 VowCiSM I t-1 OS rfk os M ' M OS Ol I OiOitOCO^IIOilOOitO I Ol © © OS © © © OOCO OS i—1 i-4 to i—* © to 4^ COrfk©rfktO©©COl<k. Ol OO CO to © OS 00 03 M 00 *© Vj Ol © *o *G0 *CO OS !f.OitnOSOiOO©tO© O OS o to ^ © 00 to © © i-4 ! 4. I to H 3 . ! M to GO I-41 MWl MC3 00 OS © © 00. I—4 1—41 . 1-1 M I—4 <1 M 4* tO OS 4» t-4 tO © I—4 © 00 . •v|0OM>|kMM©-tt5ifkC © "to "4. OS V *00 *© "to "© CO MMOHOSrf.OOO© OS © © © GO © M Q CO © § 1844. The report for Aug. 31 shows financed wholly from Government I of agencies a proprietary in¬ terest of the United States as of that date of $2,855,977,561 which comjiares with $2,641,040,147 July 31, 1937. The Government's proprietary interest in agencies financed partly from Government funds and partly from private funds as of Aug. 31 was shown to be $1,220,600,623. This compares with $1,219,321,882 as of July 31, 1937. In the case of these Government agencies, the Government's pro¬ prietary interest is the excess of assets over liabilities, ex¬ clusive of inter-agency items, less the privately-owned in the funds I I I I I 1 I I I I I I 111,1 I CO I I I © I 2a "© GO t\ : i ssS I I case ft, ft © M I-4 HI I-4 O1 O© ©©© ©COM© ©OS *© ©I —J © *© 0 to *0 © CD © CO M rfk © 00 © 00 © rfk CO © ©1 M © l ©OS 1 © 4» M © 00 © © © Hi o1 00 © j to © 4-1 to © © *©1 -4 © OS © © "4 4- © 00 4. GO © OS © © 00©©©*©*© Mcni © OS 1 © 4» M ' OS Cn [ t— 1—4 c,s I M O >—4. 1 tor 00©©it. —4 f M1 OS osto© I™4 © 1—4 1 OSQI-4©! J ' M 1—4 4^ MO 4 © 4- [ i © 1 4k 4-1 . © 4»* v-4*©00 OStOk-4 GO © © 4k 1 OS© M © 1 © I ^ sssf ,. ©00 G* M*©*M rf- J M © CO interests. t-4 M I-4 I-4 FOOTNOTES a Nod Htock (or Includes non-stock proprietary b Excess lnter-agency assets c FOR ACCOMPANYING TABLE 4k 004kO©©©"4©-4 ©G0©©©M©O4k to *CO OS©©tOM4-MM00 4k ©©O4k-JMt0C0©4to O O *-4 interests). (deduct). *03 *© S 1 00 4kt0t0 to QO © OS H4 *4k ©"© OS M 4^M©O„ -1 Ol -4 M © O*© M 4k"© • tO-4tO©0O©©©GO-4 © © tO © -J i-4 M00 OS© Deficit (deduct) d Exclusive of lnter-agency assets and 5 liabilities (except bond Investments). held for sale, e 0 Also Includes real estate and other property t Adjusted for lnter-agency Items and Items In traMlt. 1 OS 1 « 1 undivided prorlts totaling $5,069,170. h Subject to minor qualification as indicated under liabUltles of RFC and g Includes I ' © 1 I 1.1 I I r».M! CO 1 —4 I legal reserves and FHA, II ! p° to I I QO*© 1 I I ©1,1 1 tO 4k 1 © 1 -J © 1 "© 1 I 1 1 I I «! the latter being included under captaion "Other." I Includes U. 8. Housing Corporation, U. k. 8, Railroad Administration. U. 8. Spruce Production Corporation, and notes received on account of sale of surplus war supplies Autbgrlty; Farm Credit Federal Housing Administration; Federal Prisons Industries, Inc.; Indian Rehabilitation loans: Inland Waterways Corporation; Puerto Rice RecoMtruction Administration; Resettlement Adminis¬ tration; Rural Electrification Administration; The RFC Mortgage Company; Tennessee Valley Associated Cooperatives. Inc.; Tennessee Valley Authority; loaM to railroads and infer-agency interest held by the United States Treasury. k Net after deducting estimated amount of uncollectible obllgatloM held by the J Includes Disaster Loan Corp.; Electric Home and Farm Administration (crop-production and other loans); Farm Credit I Includes subscriptloM Shares $5,779,855 due to Federal Land banks from the to of paid-in tO © © ©00©©MOO©©OT ©O ©**4 ©*©*tO"-4*05 0S©©tOMMO5MCO© ©OO4k-44kt0C0©M 1 004kt0t04-»-4©O,j4. I )OCOOSM—4©-4M©Gh a © © OS *M *© Oi M 4- © )-4t0©00O©CJi00-4 > © tO © -4 M M CO OS © . O M M tO M M tO M ©4k©©t04kO-4M © 00 O © M O O © © *© OO*©*© ©*©"©*© MO©OOMOO©tO OOOOOitkOOOM n ) V tt M M to M 4. >osoo > 00 © —4 © SJO M © to © © © © M © © G" >00 ©©"©*© 33 O © © >©©©©© ©OO© > 4k © O O © M © O © not classified. O shares 1 I M I 00 -4 - J ©00 © to to XI 4k to I M to © « M H, 33 tO ' M CH © ' o'er © , Id liquidation. ^*-<*H>ondlng organizations. "-1 4. CJI ©1 4.1 -4 1 „ ** ■e capital stock held by the Represents capital stock, paid-in surplus, and other proprietary tnter-agency interests which are not deducted from the capital stock and paid-in surplus of the r I 00j ©lot O of I Includes only the amount of United States. ^1 ©©; I • $34,876,600; Less than $1,000. Assets U. 8. Treasury for surplus. State o q M M M M M M 0< 4k O © to © -4 Administration. building and loan associations, Federal savings and loan assoclatlOM, $159,380,500. m § M to M . to .®I ,°'? ® ^ I ©1 I © I 1 © 1 © «4 ©00 M X M © © m cn -4 »i : > > . _ ty 3" ^ M os J ©cnco«* © 1 *© © to to I 1 cn 1 O tO 4k 1 1 © 4k Cn eoco ii* is? Financial 2788 TREASURY Oct. 30, APPROPRIATIONS AND EXPENDITURES SHOWING STATEMENT Chronicle RELIEF AS OF SEPT. 30, RECOVERY FOR 1937 AND 1937 The various agencies of the Federal Government, it is shown in a tabulation given in the Treasury's "Daily Statement" of Sept. 30, appropriated $21,079,640,104 for recovery and relief 100,147 appropriated as of Aug. 31, 1937. up $21,173- to the end of September, which compares with The figure for Sept. 30 does not include amounts advanced under the Kerr-Smith Tobacco Act, the Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws were repealed by Congress in February, 1936, after the United States Supreme Court had held the Agricultural Adjustment Act unconstitutional. The Treasury's tabulation for Sept. 30 follows: APPROPRIATED AND ALLOCATED FOR RECOVERY AND RELTEF, EXPENDITURES THEREFROM FUNDS AS OF SEPTEMBER 30. AND UNEXPENDED BALANCES 1937 Sources oj Funds Expenditures A pproprtations Statutory and Executive Allocations Organizations National Fiscal Year Reconstruction Industrial Emergency Emergency Finance Recovery Specific Appropriation Relief Corporation Act Act 1935, A p proved Acts Prior Years b Unexpended of 1035, June 19.1934 1936 A 1937 Agricultural aid: S Agricultural Adjustment Administration Federal 1937 and 1938 Appropriation Approved June 16. 1933 Fiscal Year Total Farm Mortgage C 'ft pittil Stock cl60,770,787 37,455,672 198,220.460 198,226,460 200.000.000 200,000,000 Corporation: tm m Reduction In Int. rates * m m m m •» m <• m 200,000.000 •» 6,000,000 5.000.000 125.000.000 189.000.000 on 125,000,000 103,950.000 mortgages 5,000,000 Federal Land banks: Capital stock Paid n i,urplus Reduction In Int. rates on mortgages 189.000,000 6443.150 6,133.181 120,064.745 142,160,468 40,706,349 103,950,000 7,518,331 81,401,999 15,029,668 475,537 3.074,249.696 8,688.166 5,378.405 Relief: Fcd'l Emergency Relief Administrated h604.868.457 934.842,359 Civil Works Administration h332.481.750 152.072.584 399.548,290 480,590,000 i i Civilian Conservation Corps. 93,101,630 317.566,732 32f.069~.666 594,936,258 i ... Department of Agriculture, relief.. 83,940,285 41,506 817,423.102 3,525,431 718.625 1,318,407,420 7,547.575 1,310 255.488,217 River and harbor work & flood control. Rural Electrification Administration... 438,041.640 256.300.525 2,239 93,708,085 Works Progress Administration All other 83,339.960 ... 830,047,838 88,696,725 83,919,948 19,025 61,920.938 3.863.840,876 33,077.785 1,061,243.460 9,816,545 467,177,385 7,422,071 11,673,706 333,926,213 3,160,108.148 108,483,945 3,863.840,876 Public works (Including work relief): Public highways Aid to home 911,040.000 3.083.413.401 820.990,040 88,960.000 1,326.673.620 83,940,285 369.806.514 560,292,518 1,562,377,043 67,074,152 1,296,543,241 198,759,649 120.006.100 3,486,000 509.273.094 190.228,199 15.420.938 1,202,805,191 540.236,811 46,500,000 63,242,879 42.825.160 owners: Home-loan system: Home loon bank stock 125.000.000 200,000,000 Home Owners' Loan Corporation Federal savings and loan associations. 125,000,000 Emergency housing 29.299,469 Federal Housing Administration 1,000,000 26.333,465 3,390,000 19.315.142 50,000.000 200,000.000 ~~ 50,000,000 137,535,584 9,069 49,952,826 38,104 17,055,408 82,490.030 37,990,146 56,621,074 5.201.619 47.208.553 4,210,902 494,354,688 43,017,291 355,507,468 95,829,928 25,000,000 Farm Security Administration k 1,507,900 200,000,000 j50,000.000 108.236.114 55,621,074 464,631,222 Miscellaneous: Federal Deposit Insurance Corporation. Administration for Industrial Recovery. 150,000,000 Tennessee Valley Authority.......... Subtotal 65,205 24.245.466 67,450 75,000,000 532,548,194 13137010,229 1,010,035,303 e Commodity Credit Corporation Farm Credit 150.000,000 24,307,711 75,000,000 2,153,000,804 2,556,981,362 1,101,388,903 7,241,701.582 1,627.121.074 14680193,727 Revolving funds (net): Agricultural aid: l 150,000.000 4,992,568 57.635,551 ... 3,000.000 60,000,000 91,361,620 16,900,000 593.164.064 Administration 115,503,871 321,836,877 1327,957,731 316,885,778 330,957,731 542,782,950 507.762 122,125.135 208.324,833 64,694,053 372,346,241 175,130,761 1,030,504,813 51,801,923 618,869,623 359,833,265 6818,307 18,166.574 28.901.733 Public works: Loans and grants to States, munic¬ ipalities, <fcc Loans to railroads. Miscellaneous: Export-Import Bank of Washington. Reconstruction finance Corporation- 1,250,000 45.000,000 direct loans and expenditures..... Subtotal 57,635,551 657,414.064 206,865,491 Unallocated funds...... k/The emergency year 338,736,877 4,298,185,703 5,558.837,689 28.447.040 2,828,838,845 2.701.551.803 560,995,235 15965849,074 3.712,187,106 835,218 ......... Grand total ......... 840,608.687 560,995,235 15965849,074 4.552.795,793 statement for the period prior on account of the Reconstruction to capital stock of federal Land banks under authority of the Act of Jan. 23, 1932. and Act Expenditures by the several departments establishments for public works under the Emergency Relief and Construction of 1932 were made from general disbursing accounts, and, therefore, are not to segregation establishments c on 839,540,225 840.608.687 expenditures Included In this subscriptions 233,243 2,210,636,356 m3215230 645 n1308487,63 9 o8419.978.684 5.925,306,778 21079640,104 1934 Include only expenditures finance Corporation and susceptible from the general expenditures of such departments and the basis of the daily Treasury statements. T.he. "UP1.0' ®I60'770,787.95 represents the balance under appropriations provided by the Acts of May 12,1933, May 25, 1934 and Aug. 24, 1935. Corporation Is authorized by Federal Surplus Commodities Corporation from Emergency Relief Administration. e Expenditures are stated on collections, the details ment below. f Net, after a net basis, 1. e.. gross expenditures less repay¬ of which are set forth In the supplementary state¬ deducting repayments to the Reconstruction Finance Corporation. k Includes allocations and expenditures on account of subsistence homesteads. Exclusive of the $84,769,354.29 transfer referred to In note o. Exclusive of the $39,124,759.65 and $47,704,412.27 transfers referred to In note o, and $5,500,000 transferred to salaries and expenses, Farm Credit Admlntration; and $25,358,189 carried to the surplus fund of the Treasury n o Includes $4,000,000,000 specific appropriation under the Act of April 8, 1935, $1,425,000,000 specific appropriation under the Act of June 22, 1936. $789,000,000 specific appropriation under Act of Feb. 9, PJ37, $1,500,000,000 specific appro¬ priation under the Act of June '29, 1937. and transfers of unexpended balances as follows: g Excess of credits (deduct). by the Federal J Includes $700,000 allocated for savings and loan promotion as authorized by Sec. 11 of the Act of April 27. 1934. m funds provided for the Federal to purchase marketable securities acquired Emergency Administration of Public Works. The purchase of such securities by Reconstruction Finance Corporation Is reflected as expenditures of the Recon¬ struction Finance Corporation and as credits against expenditures of the Federal Emergency Administration of Public Works. the d Includes expenditures made ments and 618.350,284 1.697,331,270 1,929,361.208 2,210,636,356 3,214,395,426 1,308,254,395 7.580,438,459 5,925,306,778 20239031,410 Total to the fiscal 46.250.000 3,608,342.194 3,608,342.194 From the Reconstruction Finance Corporation, $500,000,000: from the appropriation of $3,300,000,000 for National h The appropriation or $050,000,000 allocated by the President as provided In the Act of Feb. 15. 1934. was follows: Federal Emergency Relief Administration which $131,542.23 has been trasnferred to the Emergency Relief appropriation, and Civil Works Administration, $345.0UO,000. of which amount $7,300,000 has been transferred to the Emergency Relief approrlation, and $5,218,250 transferred to the Employees' Compensation Commission. $605,000,000, of 1 Under and the Industrial Recovery, $84,769 354.29; the appropriation of $525,000,000 for relief In stricken agricultural areas pro¬ vided in the Emergency Appropriation Act of 1935. approved June from the provisions of the Emergency Appropriation Act, fiscal year 1935, Emergency Relief Apprlpriatlon Act of 1937, the Reconstruction Finance DETAILS OF REVOLVING FUNDS INCLUDED IN 19. emergency relief and public Emergency Appropriation Act of 1935. approved June 19, 1934, $47,704,412.27; from the appropriation of $950,000,000 for emergency relief In the and civil works provided In the Act of Feb. 15, 1934, $7,431,542.23; from unobli¬ gated moneys referred to In Sec. 4 of Act of March 31, 1933, $21,527,113.76. and moneys transferred, pursuant to Sec. $12,921,502.64, less' transfer 1937. 15 (f) of the Agricultural GOVERNMENT RECEIPTS AND Fiscal Repayments and Farm Credit Administration Loans and grants to States, Net Collections Expenditures $1,637,060.68 1,180,530.30 14,742,794.94 21,507.75 $316,366.81 1,900,665.16 724,628.88 31,885.00 744,695.79 23.159,189.21 19.609,298.63 $1,953,433.49 3.081,195.46 municipalities, &c 15,467,423.82 Loans to rail;oadti Export-Import Hank of Washington.. Reconstruction i'l nance Corporation—direct loans a Excess of repayments and collections & expenditures (deduct), b Counter entry (deduct). Act, EXPENDITURES Organizations Payments Adjustment of $7,500,000 to War Department under Act of July 19, This Month Commodity Credit Corporation 1934. $19,- 124,759.65; from the appropriation of $899,675,000 for works provided Year 1938 Repayments and Payments Net Collections Expenditures $3,684,169.13 $3,176,406.52 $507,762.61 b224,309.60 4,469,743.55 4,933,891.05 a4.694.053.l5 a31.885.00 56,844,279.59 10,590.00 a723,188.04 3,549,890.58 41,725.02 860,032.54 a818,307.52 168,499,762.15 186,850,046.89 al8,350.284.74 119.054.88 51.910.388.54 a 108,464.88 Volume Financial 145 AND RECEIPTS GOVERNMENT EXPENDITURES Through the courtesy of the Secretary of the Treasury, we are enabled to place before our readers today the details of Government receipts and disbursements for September, 1937 and 1936, and the three months of the fiscal years General & Special Accounts - -Month of September—■ 1930-37 $ $ 593.528.806 359.641.732 160,653.804 707.190.731 625,335.765 555.973 Taxes under Social Secur. Act 288.451,497 185.0J9.053 revenue Unjust enrichment tax 5,734 1.122.105 5,734 _ 35,554,232 36,172,619 115,611,274 101,898,006 se¬ 2.686.208 22,208.072 14,934,428 2.101.256 receipts. 6,322.430 6.372.9S9 5,335.064 10,800.896 14.408.310 4,190,148 30,032,931 13,318,734 788,072,145 Other miscellaneous 2,136.864 3.580.620 5,353.476 .... 499.01.3551 1,650.690.764 1,135.915.678 1. General: 47.835.369 River and flood 7,887,254 49,221,054 22,539,863 8,869,152 43.664.157 28.607,524 715,488 3,146,479 55.901,623 65,764,505 8,355,348 d69,787,115 52,723,188 13,351 31,618 290,762 4,814,680 9,271,460 14,836,940 32,606,420 4,111,000 145,639.000 15,109.000 50,000 gold: 1,477 .! 575.000 amended).—..... retirement of national Old-age 400,000 200,000 ....... account: reserve dl.OOO.OOO (net).. Investm'ts A transfers 99,472 (net).. 253,910 -.4.000.000 Benefit payments Railroad retirement account: d24.000.000 11.849.807 4,451.136 Benefit payments 55/99.832 38.407.611 134.125.783 85.753,243 9.292,119 Excess of expenditures 10,000.000 14,307.256 12,527.758 210.278 137.896 1,082,090 324.642 9,934,003 6,539,002 56.517.078 Public Debt Accounts Market operations: 350,481,000 5,000,000 1,101,047,000 700.647.000 469,972.250 (lncl. savings bonds unclassified sales) 8. U. 250.324.000 469,972,250 Treasury bonds 32.062,484 5.000,000 89.026,429 33,204.583 29.555.151 101,001,451 44.466.639 40.539.115 134,779,188 117,986.548 47.704.274 47.866.082 144,774.927 144.265.404 756,308,572 1,199,823,359 1,259.645.679 1,207.900 13,019,650 4.111.050 99.0.7.550 42 Treasury savings securities- 96,103.828 Navy 98,776,317 28,127.016 a Army.. 36,012,322 378,608.016 - Dist. of Col. (U. S. share) 72.719.916 Administration Veterans' 167,118.875 85.394,558 15,012,630 credits 2.752.537 4,941.522 Social Security Act National defense: 16,656,452 Cash: 836,636 Retirement Act 81.365.632 Receipts— 8,930.987 2,815.570 a 219,520.351 4,751.843 14,795.516 Postal deficiency c Railroao 136,987.650 21.826.434 16,682,193 a Reclamation projects a b Panama Canal 150.469.295 1,699,833 and work harbor control 42.755.276 14,210,901 Public highways a 29.115.492 47,955,000 agencies (net), Ac... Chargeable against increment on Excess of receipts or a 15,187,636 11,211,616 Investm'ts A transfers jExpenditures— Public buildings a 273,498 13,177,412 155.259.841 acc'ts in checking Total Departmental 102.421 26,671.137 3,784,602 d9,236,549 accounts of Govt, Other.... 3.982.820 other Seigniorage 34.434 5,803,835 70,512,462 Investments Interest—for'n obligations. Total 35,128 48,415,196 Unemployment trust fund Trust 52,727,086 7,060.526 tion In weight of Seigniorage Unemployment trust fund: curities: Panama Canal tolls. Ac 3L486.952 For Principal—for'n obliga'ns.. All Increment resulting from bank notes.............^. Govt.-owned 19,492,621 (sec. 13b, Fed. Res. Act. as receipts: of $ $ Payments to Fed. Res. banks 91.081 38.673 employees Customs Proceeds reduc¬ gold dollar.. 1936-37 1937-38 1936 15,001,612 accounts Melting losses, Ac 163,782,437 50,247,092 Taxes upon carriers and their Miscellaneous Trust —July 1 to Sept. 30— September- $ Transactions 500.990.563 tax... Miscell. internal -Month of 1937 ■ Gold, &c. on Receipts— Expenditures— 1937-38 $ $ Revenue: —July 1 to Sept. 30 1936 1937 Receipts— Income Trust Accounts, Increment Total 1937-38 and 1936-37: Internal 2789 Chronicle a.. Agricultural Adjust. Program Civilian Conservation Corps a 15.362.515 46.733.314 29.415.324 25.425.240 92,646.959 d911.630 1.943.063 205,153 Exchanges: 49.231.770 Farm Credit Administration-. Adjusted service bonds.. dl,072,517 10.015.487 t 4.875.951 4,339.066 11.901.905 144,424,137 192,237,951 1,140,291 3,761.469 3,967,371 3,917.955 1,449.391 9,508.537 8,222,049 Internal revenue Processing tax on farm prod. 355.815 2.174,333 1,245,576 2,591,635 392.822.285 445.938.586 Sub-total. 775,514,200 Sub-total 511.870.800 511.870.800 511.870.800 775,514.200 511.370.800 180,211,494 Special series: Refunds: Customs Treasury bonds 8.128,680 159,267,794 1,384,376 Tennessee Valley Authority.. Interest on the public debt... 775,514,200 notes Treasury 775,514,200 Uuemploy. trust fund 925,910,479 4,111,000 (notes) 145,639.000 41.000.000 10,000,000 15,159,000 123.000.000 20,000,000 fund service retirement Civil 1.092,951,260 47,955.000 (ctfs.). Old-age reserve acc't (notes). Railroad retirem't acc't (notes) 71,300,000 43,700,000 - Foreign Service retirem't fund 367,000 363,000 469,000 600,000 (notes) Canal 2. Recovery and relief: Agricultural aid: 3,291.172 Reclamation projects b__._ 15.468,979 1,236,980 2,001,996 898,912 7,427,593 (notes)........ ....— Alaska Railroad retirem't fund 56,887,339 4,423.278 13,568.283 28,461,604 33,077,786 13.694,202 9,816,546 42.083.902 4,111.000 360.976,000 59.722,000 1,254,285,116 1,285,310,022 2,340,424.609 1,930,266,029 589,435.000 246,770,000 1,004,200.000 696,386,000 98,955,000 Sub-total Total public debt receipts.. harbor work and control 3,177,098 422.601 7.422.071 1,072.901 Works Progress Admin 98.891.493 164,487,920 333.926.213 479.168,389 Ail 15,561,840 30,677,218 59,646,560 329 2,702,932 1,516,970 Expenditures— 98,351,949 5,198.683 Electrification Adm. Rural 201.000 (notes) 90,175,366 3,212.642 Public highways flood 13,208.363 7,685,148 relief) Public works (incl. work River and 3.624,716 397,413 Federal Land banks Relief fund retirement Zone other Market operations: Cash: Treasury Aid to home-owners: Home Loan system housing Federal Housing Admin... 5.692.662 2.416.244 17.055.408 2.553.813 dl.348.847 5.201.619 997,176 Adminlstra'n 10,786,011 Admin, for Indus. Recovery 220 Treasury 7,373,932 Emergency Farm Security 10,057,456 43,017,292 d5.206 3,591 263,778,691 159,134,972 Sub-total 532,548,195 506.050 596,100 31,882.800 20,788,350 376,400 10,000 4,835,352 2.066.480 13,328.311 6,668,772 8,468.400 532,305,700 ■ bonds 45,911.300 29,461,750 747,100 1,108.000 3,198,400 849,200 1,949,300 2,373,550 6,451,300 3,080 3,720 718.440 895.600 24,571 36,848 77,469 113,576 5,377.080 10,623,887 16,963.940 38,078,297 1,100,630,310 1,301,858,495 — Liberty bonds Postal Savings bonds Fourth Other debt items t bank notes and Fed. Res. bant notes National 3. Revolving funds (net): e Agricultural aid: Commodity Credit Corp. 1,637,067 Public 2,657,616 507,763 d2,165,285 d4,694,053 d7.875.716 13,148,285 51,910,389 58,563,583 d 108,465 157,951 d818,308 712,215 Treasury municipalities, State Ac Loans to railroads d31,885 ... 313,673,635 Exchanges: works: Loans and grants to 639,869.683 Sub-total d63,748,485 1,180,530 14,742,795 Farm Credit Adminlstra'n. 376,400 307.750 Adjusted service bonds First Liberty bonds 834,692,700 137/00 4,021,200 ' U. S. savings bonds 33,487,213 dl,415 14,750 30,554,500 notes Treasury Miscellaneous: . bills... 1 Certificates of Indebtedness 775,514.200 511,870,800 775,514,200 775,514,200 notes 511,870,800 775,514,200 511,870,800 Treasury bonds Sub-total 511.870,80 0 Miscellaneous: Bank Export-Import of 1,178,662 d723,188 Washington Finance Reconstruction Corp.—oirect 28,447,041 d224,595,261 Foreign Service retirem't 41,000,000 44,000,000 73,255,000 8,551,164 241.255,000 Zone (sinking Sub-total 46,735,300 . 95,039,796 29,272,200 6,623,700 29,302.750 29,752,050 709,750,967 674,152.304 1,924,514,246 1,660.799,765 .... I 175,138,753 expenditures 273,823,482 524,884,087 retirements.. .—78,321,173 29,272,200 +175.138,753 6,623,700 29,302,750 +168,515,053 +244,520,732 +495,132,037 gold, (—) or Trust accts., increment on Ac., excess of receipts —122.606,008 of retirem'ts +85,753,243 4,814,680 +177.807.172 +159,126,164 +580,885,280 9,271,460 14,836,940 32,606,420 • —127.420,688 +168,535,712 +144,289,224 +548,278,860 —42,529,079 ( + ) or receipts (—) +283,889,875 +306,187,875 —493,928,126 + 54,350,734 decrease (—) in Increase (+) or decrease (—) in —169,949,767 at beginning date + 452,425,587 +450,477,099 37.045,040,598 debt month or year Public debt this —86.394,568 expenditures general fund balance debt +3,554,000 +96,847,000 (+) or Decrease (—) -238,954.000 bills +4,261,000 —137,400 —508.050 -596,100 —30.554,500 —31.682,800 —532,659,150 Treasury notes -515,892,000 + 14,871.134 +978,790,721 +55,887,316 +621.000.868 —24,571 —36,847 —77,427 -113,578 —5,377,080 —10,623,887 —16.963,941 —38.078,297 i CO a -a +455,654,587 +103,304.099 +53,814.734 —3,229,000 eral Reserve bank notes Sub-total • 1 • 1 • 1 +347,173,000 +536.000 +450,477,099 +64,350,7?4 —169,949,767 Total +452,425,587 a +9,292,119 —15,012,630 expenditures ( + ) the public 54.350,734 169,949,767 Special series —107,593,378 debt retirements) Public 1,875.915,295 450,477,099 —14,750 29,752.050 ( + ) or receipts (—) (excluding public Less nat. bank note Treasury +273,823,482 +524,884.087 of expenditures Increase (+) or 1.889.947,510 National bank notes and Fed¬ (+) or receipts (—) excess 832,884,435 operations: Other debt items i expenditures Les8 public debt Total Increase Market Certificates of indebtedness.. 78,321,178 Summary Excess 1,424,234,883 Bonds Excess of receipts.... of 59,186,000 in Public Debt— Total expenditures Excess 13,803,000 (notes) Excess of expenditures Excess of 57,000 7,340,000 fund retirement Fed. Dep. Ins. Corp. 48,304,496 8,551,164 55,000,000 retirements 79,000 41,000 50,000 fund (notes) 124,000,000 14,000,000 Adjusted service ctf. fund Govt, employees' retirement funds (U. S. share) fund, Ac.) 62,000 11,000 452,425,587 2,376,464 Canal 6. Debt 29,000 8,851,000 Civil Ac.: Sub-total. 4,000,000 28,000 d212,404,809 (notes) Old-age reserve account Railroad retirement account.. 2,300,000 3,900,000 25,000 dl8,350,285 (notes) 4. Transfers to trust accts., 55,000.000 2,000,000 dl2,442,814 20,355,210 Sub-tOtal 4,800,000 service retirement fund 3,549,891 expenditures 5,000,000 1,800,000 Unemploy. trust fund (ctfs.). I and loans Special series: Adjusted service certificate fund (certificates) 33,380,468,641 36,424.613,732 33,778,543,494 36,875,090,831 33,832.894,228 36,875,090,831 33,832,894,228 of these accounts for the months and the fiscal year are included under "Recovery and relief expenditures," the classification of which will be shown In the statement of classified receipts and expenditures appearing on page 7 of the dally Treasury statement for the 15th of each month. b General expenditures under this caption for the fiscal year 1937 are included In "Departmental." "Recovery and relief expenditures" under this caption for the fiscal year 1937 Include only Boulder Canyon project, other reclamation project for that year being included in "Public WorkR—All other." c The expenditures under this classification for this month and the fiscal year 1938 have been reduced by J84.433.86 and $718,699.88 respectively on account, of transfers by the Post Office Department to the U. 8. Maritime Commission pursuant to the Act of .June 29. 1936 (49 Stat. 1988). These transferred funds when expended by the U. S. Maritime Commission are classified on this page as "Departmental." and on page 7on the 15th of the month as "Departmental—U. S. Maritime Commission." a Additional expenditures on d Excess of credits e (deduct), Details are shown in supplementary statement. 2790 Financial Chronicle Oct. The market in New York closed for the Columbus was 1937 30, Day holiday on the 12th inst. Established 1874 The highest rate of exchange on DeHaven 8k Townsend from the 7th to the 13th October New York recorded during the period $4.96, and the lowest $4.95%. was Members New York Slock Exchange NATIONAL BANKS Philadelphia Stock Exchange PHILADELPHIA 1513 Walnut Street The following information regarding National banks is from the office of the Comptroller of the Currency, Treasury Department: NEW YORK 30 Broad Street CHARTER Philadelphia Stock Exchange Oct. 23 to Oct. 29, Sales Last Week',8 Sale Stocks— Par Range\ for of Prices High Range Since Jan. 1,1937 Week Low Price National Bank of 18—First Mundelein, Mundelein, 111 Capital stock consists of $40,000 preferred stock and $10,000 common stock. President, Joseph P. O'Hern; Cashier, R. J. Dwyer. Succession of the State Bank of Mundelein, 111. both inclusive, compiled from official sales lists Friday COMMON Low Shares ISSUED Amount Oct. High $50,000 CAPITAL STOCK INCREASED Ami. of Increase 15—The First National Bank of York Springs, York Springs, Pa., from $37,500 to $50,000 $12,500 Oct. 19—The Kilgore National Bank, Kilgore, Texas, from Oct. American Stores 12% 12% 182 157% 832 148 Oct 13% 17% 115% 116M 4% 6% 4% 5% 59% 74% 5% 6% 24% 26% 37% 43% 104% 105% 25% 25% 100% 100% 4% 5% 7 8% 1% 1% 6% 8% 2% 3% 23% 25% 111% 113 30% 31% 2% 2% 3% 4 8% 11% 35% 36% 22% 25 2 2% 2% 3% 29 31% 10% 11% 103% 104% 0% 11 50 10 Oct 241 112 Oct 127% Oct 14% Jan Oct Oct Oct Oct Oct 13 Feb American Tel & Tel.... 100 Barber Co 148 —-10 Bell Tel Co of Pa pref.,100 Budd (E G) Mfg Co * 6% 5% Budd Wheel Co...—... Chrysler Corp..........5 Curtis Pub Co. Elec common. "e A .* 26 Storage Battery.. 100 General Motors 10 Horn <fc Hard't (Phil) com. * Horn & Hard't (NY) com. * Preferred 100 Lehigh Coal & Navigation* Lehigh Valley 50 Mitten Bank Sec pref 25 Nat Power & Light......* Pennroad Corp vtc 1 Pennsylvania 8 3 RR......50 24% Phlla Elec of Pa $5 pref..* Phlla Elec Pow pref Phlla Rapid Transit '30H 25 50 7% preferred.... 50 Salt Dome OH Corp...... 1 11% Scott 37 Paper.. ..* Tacony-Palmyra Bridge.. * Union 50 "~2% * Traction United Corp common Preferred 3% 31% U% 104% United Gas Impt com Preferred. * Westmoreland Inc * * 11 10% 2% 2% 50% 3% 21% 1,953 1,135 1,712 587 235 2,088 37% 15 104% 26 134% 2,893 92 673 250 14 4,015 58 11 1,807 41% 15—Seattle-First National Bank, Seattle, Wash. Location of branch: West Lewis St., in the City of Pasco, Franklin County, Wash. CHANGE Oct 24% TITLE National Bank of Concord." Jan Mar Oct OF 15—The First National Bank of Concord, Concord, N. H., «o "First Oct. Feb 13% AUTHORIZED Certificate No. 1381A. Feb 112 Oct Jan 5% Feb 14% Jan 5% Apr 50% Mar 117% Feb 35% Apr 7%. Feb 13% Jan 20 Jan 8% 100% 8% Oct 447 Oct Oct $5,000 5% Oct 16% 374 25 Oct < DIVIDENDS Dividends first are Then current week. we grouped in two separate tables. bring together we Aug have not yet dividends the follow with we dividends the show all a been paid. In the announced the second table in which previously announced, Jan 45% 35% 7% 8% 46% 17% 114% 14% 1,815 331 Feb 139 6% Oct 2% Oct 19% Oct 108% June Oct 30% 1% Oct 2% Oct 5% Oct 27% Jan 22% Oct 1% Oct 1% Oct 7,237 Oct. Jan Oct 140 .505 50,000 BRANCH Feb Feb 20% 44% 70% Oct $50,000 to $100,000 Mar 1 457 168 - Jan Mar 100% 3% 4% 435 10,293 Feb 43 Oct 24 1 . 26% 187% Oct but which Further details and record of past Feb dividend payments in many cases are given under the Jan Jan pany name Jan News Department" in the week when declared. Mar Jan in The dividends announced this week Jan com¬ "General Corporation and Investment our are: Bonds— Elec & Peoples tr ctfs 4s *45 * 5% 6 Per Name of No par value. Share Company Acme Wire Co Nov. We ENGLISH reprint GOLD AND SILVER the following from the weekly circular of & Co. of London, written under date of Samuel Montagu Oct. 13, 1937: GOLD The Bank 406,625 on of England gold reserve against notes the 6th inst., showing no change as amounted to £326, compared with the previous Wednesday. of demand for gold from those quarters which fear tion of currencies. Consequently the the arbitrage a a slackening further world devalua¬ amounts dealt with and the premium shipping parity with New York have tended Altogether during the week under review about to decrease. £2,790,000 has changed hands at the fixing and the premium has ranged from 2%d. to Id. Quotations: . Per Fine Equivalent Value of £ Sterling Ounce Oct. 7 Oct. 8 140s. 6%d. 140s. 6%d. ...140s. 6%d. 140s. 6%d. Oct. 9 Oct. 11.... Oct. 12 Oct. 12s. 13 12s. registered from midday on 7,536 6,035 626,941 611,442 339,348 94,821 19,261 57,310 1,906 Belgium Netherlands France Switzerland. Venezuela Other countries ... 1.07d. 1.07d. 12s. 1.25d. 12s. 1.29d, 12s. 1.14d. Kingdom imports and exports of gold, the 4th inst. to midday British South Africa..... £1,942,700 British India 245,724 on the 11th inst.: Exports United States of America. £2,148,227 Argentine Republic 2,002,779 Netherlands 900,555 Switzerland 249,185 Yugoslavia 306,447 France 133.277 Finland 23,140 17,450 12,115 Syria Other countries £3,953,024 £5,793.175 The SS. Kaisar-i-Hind which sailed from Bombay on Oct. 9 carries gold to the value of about £195,000. SILVER Indian on Monday. markets However yesterday, with both the American closed, little interest was shown here and prices de¬ by %d. and l-16d. for the respective deliveries; today has seen no change. The general undertone remains steady. clined The following were the United Kingdom imports and exports of silver registered from midday on the 4th inst. to mid day on the 11th inst.: Imports Exports Japan.. Germany.. £22,346 5,999 Other countries 2,305 United States of America. Aden. British India £111,230 xl4,805 x3,380 x4,055 France 7,760 x8,683 8,265 Iraq Otber countries £30,650 Coin not of legal tender in the £158,178 United Kingdom. Quotations during the week: IN LONDON -Bar Silver per Oz. Std.— Cash 2 Mos. Oct. Oct. Oct. Oct. 7—19 15-16d. 8_._20d. 9...20 l-16d. 11...20 l-16d. Oct. 12.-.19 15-16d. Oct. 13...19 15-16d. Average—19.990d. IN Oct. 6 Oct. 7 19 15-16d. 19 %d. 19 %d. 19.906d. NEW YORK (Per Ounce .999 Fine) 19%d. 19 15-16d. 19 15-16d. Oct. —45 cents 45 cents 8... 45 cents 9 45 cents Oct. 11 45 cents Oct. _ 30 Dec. 1 Nov. 16 Dec. 13 . Dec. ■ _ . _ Allied Stores — . . - 15c American Home Products (monthly)_ American Metal Co Preferred Dec. 13 Dec. 21 $1% Nov. Nov. 20c Dec. 50c (quar.) Nov. Nov. 19 Oct. 25 25c — ... Dec. Nov. 15 Nov. 19 ----- Anglo-Iranian Oil (interim) Arkansas-Missouri Power, 6% preferred Armour & Co. (Del.), preferred (quar.). Armour & Co. (111.) $6 preferred (quar.) - — - — Barber Co., Inc— Barker's Bread, Ltd. (monthly) Beacon Mfg. Co., 6% pref. (quar.) Belden Mfg. Co. (quarterly) Belding-Oorticelli, Ltd. (quar.) Preferred (quar.)... — ---.Bethlehem Steel Corp 7% preferred (quar.) 5% preferred (quar.) Birmingham Water Works 6% pref. (quar.) Blue Ribbon Corp., Ltd., 6%% preferred Borden Co., common (quar.) Boston Fund, Inc Bridgeport Gas Light Co. (quarterly) Bright (T. G.) & Co., 6% pref. (quar.) Common (quarterly) Brompton Pulp & Paper Co., Ltd. (resumed) Brooklyn Edison Co. (quar.) Brooklyn Teleg. & Messenger Co. (quar.) Brooklyn Union Gas Buckeye Pipe Line Co Bucyrus-Erie Co., preferred Burlington Mills Corp. - _... . - - ... - $1% $1% Dec. Dec. 25c - 1 Nov. 12 15 Nov. 22 Nov. 20 Nov. $1% Nov. 16 Nov. 8 Nov. 15 Nov. 9 $1% Nov. 1 Oct. 3 26 Nov. 15 Nov. 1 Nov. 15 Nov. 5 Jan. 3 Dec. 15 Jan. 3 Dec. 15 $1% $1% $1% Jan. 3 Dec. 3 Jan. 3 Dec. $1% t50c Dec. 15 Dec. 3 1 Nov. 1 Oct, 40c 18c 50c $1.10 50c 7%c $2 Dec. 24 Dec. Dec. 1 Nov. Nov. 20 Oct. Dec. 29 Dec. Dec. 15 Nov. 17 28 15 30 15 30 Dec. 15 Nov. 30 Nov. 15 Nov. 1 Nov. 30 Nov. 5 Dec. 1 Nov. 21 40c Jan. 3 Dec. 75c Dec. $1% Oct. 1 15 Nov. 16 1 Sept. 20 5 - Nov. 15 Nov. Dec. 37 %c — 25c 15c — -— Dec. $1% 5c $1% Carborundum Co 1 Nov. 12 1 Nov. 12 Dec. 15 Dec. Dec. 15 Dec. Nov. 15 Oct. 1 1 31 Sept. 30 Caterpillar Tractor (quar.) 50c Stock dividend i Central Eureka Mining Co., non-cum. pref..... Central Massachusetts Light & Power (quar.).. 6% preferred (quarterly) Charis Corp., common ; • Chester Water Service Co., $5% pref. (quar.) Chicago Mail Order Co Chicago Yellow Cab-— Chile Copper Co City of New Castle Water Co. 6% pref. (quar.). Clear Springs Water Service Co., $6 pref Commercial Acceptance Co. of Boston (s.-a.) Commercial Discount Co. (Los Angeles) (quar.). Commonwealth Edison Co. (special) Compania Swift Internacional (quar.) Consolidated Edison Co. (quar.) Continental Service Co. (quar.) Connecticut Light & Pow. Co., 5%% pref. (qu.) Connecticut Power Co. (quarterly) Consolidated Amusement Co. (quar.) ... —. — ... — Extra.' ' Cresson Consol. Gold Min. & Milling Crown Cork & Seal Co., Ltd. (quar.) Extra Curtis Mfg. Co. (Mo.) Curtis Publishing 7% preferred preferred (quar.) Nov. 25 Nov. 15 $1% Nov. 25 Nov. 15 Nov. 22 Nov. 2 Dec. — Payable at rate of 3-100 shs. of 5 % pref. stk. Preferred (quar.) Deere & Co., 10 1 Nov. 10 1 Nov. 12 25c - — Preferred (quar.)_ —■— 7% pref. (quar.) Calgary & Edmonton Corp., Ltd..______ Canada Iron Foundries, Ltd., 6% pref Dec. Dec. 2 Dec. 3c — Butler Water Co. Jan. 50c $1 — — 2 Dec. 10 15 Nov. 25 Jna... 2 Dec. 10 Dec. $1% $1% — — 10 Jan. 15c 15c — — Nov. 13 8c — . Nov. 19 Nov. 10 75c — ______ _ Dec. Nov. ... ----. — Dec. $1% $1 5% Dec. 24 Dec. 7% preferred (quar.) Armstrong Cork (interim) Associated Dry Goods Corp., 1st preferred..— Second preferred Atlantic Refining Co. (quar.) Bandini Petroleum Co. (quar.) Bankers & Shippers lasurance (N.Y.) _.- Butler Bros.. 2 $1% Anaconda Wire & Cable . Dec. Dec. 25c ... Jan. 75c --r Corp., 5% pref. (quar.) American Arch Co. (quarterly) American Distilling Co., 5% pref. (s.-a.) American Furniture Co _ New Zealand x 15c Oct. Dec. • ._... The week under review opened with sellers proving reluctant and in consequence, modest demand sufficed to bring about a slight improvement in prices to 20 l-16d. for cash and 19 15-16d. for forward quoted both on and Allied Laboratories, Inc. (quar.) Extra. -i — Imports Tanganyika Territory Kenya Germany 1.07d. 12s. __140s. 5.75d. The following were the United 1.07d. 12s. 140s. 4%d. 140s. 4d. Average Saturday and 40c (quar.) American Tobacco Co., com. and com. B (quar.) Some return of confidence in the French franc has resulted in over Preferred MARKETS Holders De Allegheny Steel Co THE When Payable of Record ... 6c 50c $1% 25c 15 Nov. 15 Nov. 30 Oct. Nov. 15 Oct. 30 Nov. 29 1 Oct. Nov. 15 Nov. 25c Dec. 25c 21 5 Dec. 50c $1% t$l% $2 17%c 1 Nov. 10 1 Nov. 19 Nov. 29 Nov. 9 Dec. 1 Nov. 20 Nov. 15 Nov. 5 Oct. 15 Oct. 13 Nov. 1 Oct. 15 31 %c 50c Dec. 50c Dec. 15 Nov. 7%c $1% 62%c Oct. 29 Oct. Dec. Dec. Dec. 30c Nov. 30c Nov. 2c 20c 20c 50c $1 35c Dec. 1 Nov. 10 1 Nov. 15 5 14 1 Nov. 15 1 Nov. 15 1 Oct. 20 1 Oct. 20 15 Nov. 15 Oct. Nov. 15 Oct. 30 30 Nov. 22 Nov. 6 Jan. 3 Nov. 30 Dec. 1 Nov. 15 Volume 1 Nov. 15 Nov. (special). — Dwight Mfg. Co 25 Quaker State Oil Refining Corp. 29 30 Oct. 22 Nov. 26 Nov. 17 1 Nov. 20 1 Nov. 20 Dec. SIM SIM SI .35 6% preferred Eddy Paper Corp El Doracfo Oil Works (quar.) Electric Shareholding preferred Dec. Dec. 10 28 Dec. St. Lawrence Corp 1 Nov. 15 Dec. Dec. Nov. Nov. 25c Dec. SI Nov. 12 Dec. Nov. 12 SIM SIM Preferred Dec. Nov. 12 Nov. Oct. 25 Nov. 40c Oct. 26 Preferred 31 Nov. Oct. Oct. 37Mc Oct. Sept. 30 Sept. 30 5c 50c Dec. Feb. Jan. 13 5% Keith Nov. 15 Nov. Oct. Nov. Oct. Dec. 90c - Oct. Oct. 18 Oct. Oct. 18 Dec. Nov. 15 Oct. 1 Nov. 16 Dec. Dec. Nov. 15 Dec. Nov. 26 17 Dec. Nov. 12 Nov. Nov. 5 Oct. Dec. Nov. 11 Dec. Dec. .. Tidewater Assoc. Oil Co. Nov. 15 Dec. Nov. 15 Dec. Nov. 15 Towne Securities Corp. Dec. Nov. 8 Troy & Greenbush RR. Twin Coach Co Dec. Nov. 15 Nov. 50c Nov. Nov. Nov. Oct. 21 Nov. Oct. 21 — 1 19 20 Nov. 15 Nov. Oct. Nov. Nov. 5 Nov. Nov. 3 Sept. Aug. 22 Nov. Oct. Dec. Nov. 20 Nov. SIM SIM Nov. Oct. 30 West Michigan Steel Foundry, 7% pref. Wesson Oil & Snowdrift Co., Inc., pref. (qu.).__ Nov. Oct. 30 Westvaco Chlorine 25c Nov. Nov. 10 Nov. Nov Nov. preferred (quar.) Westinghouse Electric & Mfg. Co Wentworth Mfg. Co., Dec. Nov. Nov. 1 10c Nov. Nov. 1 Nov. Oct. Nov. Oct. 20 20 Nov. Dec. Nov. 15 SIM 87 Mc Dec. Nov. 15 Nov. Oct. Below Dec. Nov. 15 Nov. Oct. 15c Nov. Nov. 26c Nov. Nov. 50c SI Nov. Oct, Old Dominion Co.. Oct. 25 22 Adams Dec. Nov. Oct. 25 51 Nov. 20 50c Dec. Nov. 25 $2 Dec. Dec. SIM tSl M Dec. Nov. 15 1 Dec. Nov. 15 Nov. Nov. 5 — Dec. Nov. 10 Oct. Dec. Nov. Nov. 10 12Mc Nov. Nov. 15 25- 28 1; Nov. Nov. 6 Nov. Nov. 6 SIM Dec. Nov. 12 25c Dec. Nov. 30 Dec. Nov. 30 50c $i y Nov. 24 ( Nov. 20v Nov. 25c Dec. Dec. 10c Oct. Dec. Nov. 15 29, 7M% 25c Dec. Nov. 201 75c Nov. Nov. 25c Nov. Nov. Nov. Nov. 4, 1 9s 9 Nov. Nov. Nov. Oct. 15, Dec. Nov. l5> 25c 171? Dec. Nov. 10 Nov. Nov. Oct. Oct. 21 Oct. Oct. 21 Nov. Nov. 10 Nov. Nov. 8 Nov. Nov. Dec. Nov. 20 Nov. Oct. 37Mc Share 8, i 8 15 Preferred -- (quarterly) $5 pref. (quar.)... Alaska Juneau Gold Mining (quar.) Alabama Power Co., Extra - _ _ _ . — —.. (quar.) — Albany & Vermont RR. Co___ — _ — ___ — Allied Chemical & Dye Corp. common (quar.). Alaska Packers Assoc. Nov. 26 Oct. 15 Aloe (A. Nov. Oct. 19 Altorfer Bros., pref. (quar.) Nov. Oct. 27 Aluminum Dec. Nov. 20 Dec. Dec. Oct. Oct. 3 25 5 26 3 Dec. Dec. SI Dec. Nov. 10 25c Dec. Nov. 29 15c Nov. Nov. Nov. 1 5 Allied Kid Co., common Amalgamated Sugar Co., 5% pref. (quar.) — _ American Bakeries Co 7% pref (semi-annual). , (quar.) American Cities Power & Light S3 cl. A (quar.)__ Opt. div.. l-32d sh. cl. B stk. or cash. Amerada Corp. (quar.) American Cyanamid Co., cl A & B com This is a special div. payable in cash or in 5% cum. conv. pref. stk. at the rate of one American Can Co. common Nov. Oct. Dec. Nov. 15 American Envelope 25c Nov. Nov. American Gas & 15 5 Oct. 31 Nov. Oct. 23 Nov. Nov. 5 Dec. Dec. 1 Dec. Nov. 15 Nov. Nov. 87 Mc Dec. Nov. 20 SIM Dec. Nov. 20 Nov. 10 5 10c Nov. 15c Nov. Nov. Dec. Nov. 12 5 for 10. Co.. 7% pref A (quar.). .. Electric Co., pref. (quar.) Corp. (monthly) American Investment Co. (111.) $2 pref. (quar.). American Light & Traction Co. (quar.) Preferred (quar.) American Machine & Foundry, common American News N. Y. Corp. (bi-mo.) American Paper Goods, 7% preferred (quarterly) American Reinsurance Co. (quar.) — American Shin Building Co American Smelting & Refining Preferred (quar,) — American Thermos Bottle American Home Products 50c Dec. Nov. 5 25c Dec. Nov. 5 Extra 10c Nov. Nov. 1 $7 pref. 80c 25c Dec. Nov. 10 Dec. Nov. 10 Dec. 10 Dec. 10 Dec. 10 — ;• 1 Oct. 22 & Smelting, prior Anglo-Canadian Teleg. Co., 5M% pref. (semi-ann.)— 15 Nov. 1 Oct. 15, SIM Nov. Nov. 30c Nov. 1 Oct. 1 Oct. 1 Oct. 15 15c Nov. 10 Oct. 30 $2 ... pref (quar.). 9 9 1 Nov. 15 Nov. SIM 1 Oct. 11, SIM Nov. 25c Nov. 50c Nov. Nov. Dec Dec 12Mc S3M 20 21 Nov. 1 Oct. 16 Jan. 3 Dec. 10 1 50 ct. 25* 11 1 Oct. si Nov. 75c Nov. 50c Oct. SI 1 Oct. 1 Oct. 1 Oct. 31 Dec. 31 Dec. 15 16 15 15 30 Oct. 18 Nov. 26 Oct. - Dec. *1M SIM Nov. 20c Nov. 50c Nov. 30c Nov. 37Mc Nov. Nov. 50c 1 Nov. 25 7 1 Oct. 1 Oct. 14* 1 Oct. 20. 1 Oct. 15 1 Oct. 1 Oct. Nov. 15 Nov. 40c 15 Dec. Nov. 15 Oct. 50c Nov. $1 M SIM SIM 25c 75c Dec Nov. Jan. Dec. SIM 68Mc 10c 15c 1 Oct. Nov. 30 Nov. Oct. 30 Oct. Nov. 2c Bridge Co. (ouar.)__ American Zinc, Lead Argo Oil Co. Extra Nov. 87 Mc (quar.) American Toll 22 SIM Manufacturing, Inc. (quar.) Nov. 15 1 Oct. 1 Oct. 50c - — 7% preferred (quar.) 30c 1 Oct. Nov. Nov. 75c (quarterly) S.) Co. (quar.).. SIM tSl Nov. 50c 60c Alabama Mills, Inc., common Nov. 1 Holders When Payable of Record 30c 15c - Nov. 1M% Jan. Jan. 1M% 1M% Jan. Nov. 10 25c (quar.) Nov. 10 SIM — Oct. Dec. $1M (J. D.) Mfg. Co. Dec. 10c — — Nov. announced in previous weeks Extra Dec. Nov. SIM $3.52 25c of Company Nov. SIM 1st Nov. 10 SIM Adams-Millis Corp Dec. 10c Paauau Sugar 21 Nov. 20 Dec. tSl M 8 Nov. Nov. Oct. Dec. Per Name Dec. SIM Nov. 1 63c 5 21 Nov. _____ 29 50c 5 tS43M pref. (quar.) 29 Oct. The list does not include dividends an¬ this week, these being given in the preceding table. Jan. Nov. Oct. paid. S3 Dec. Nov. Nov. 30 S2M Elec. $4 pref. (quar.).... North River Insurance Co. Northwestern Life Insurance (Minn.) Occidental Insurance Co. (quar.) Ohio Public Service Co. 5M % 1st pref. (quar.).. Ohio River Sand Co., 7% preferred Northeastern Water & nounced give the dividends S3 SI Nonquit Mills Norfolk & Western Ry. (quar.) we and not yet 29 SIM Nov. Nov. Nov. SIM $2 SIM 8 8 Nov. SIM Nov. 15 25 S2M Products (quar.) (year-end div.)— — Winchendon Electric & Power (increased) Weymouth Lighting & Power Wood (Alan) Steel 7 % preferred Williams (J. B. ) Co. (quar.) 75c. preferred (quar.) Williamsport Water $6 pref. (quar.) Zeller's, Ltd., 6% preferred (quarterly). Nov. 10 40c Dec. ____. Wilson-Jones Co. 3 Nov. 19 Oct. - - - - - - (qu.)__ 25c — ...—... - - Dec. SI Extra Preferred Nov. Dec. 15c Nov. 15 25 Nov. Nov. Dec. Jan. 25 4 10c 68 Mc 20c Nov. 7% cum. pref.. Assoc. (s.-a.) Dec. 110c (quar.) Nov. 15 10c _ (quar.) Feb. 52 5 Nov. 15 25c (quar.) City of New York. 20 30c Elec. Light & Power...... 5 Nov. 10c Union Bag & 25c — --- Nov. Dec. 56c Dec. A Nov. 15 25c Nov. 10 qp Nov. 15 Dec. Dec. 37Mc - Oct. $1$1 Nov. 15 Dec. Dec. 25c Nov. 15 Dec. 12Mc Oct. SIM SIM SIM SIM Nov. 15 Dec. 25c --- Paper Corp. (new) United Engineering & Foundry Co. (quar.) Preferred (quarterly) - - United Gas Corp. $7 preferred-United Gas Improvement (quar.) Preferred (quarterly) United Profit Sharing Corp -United States Steel Corp. (resumed) Preferred (quarterly) Universal Insurance Co - - - - ------ — Venezuelan Oil Concessions (interim) Virginia Coal & Iron (quar.) 1 SIM Wash.)5% pf. (qu.) 1 Neon Products of Western Canada 6% pf. (s.-a.) New England Water Light & Power, 6% pref— New Haven Clock Co. pref. (quar.) - Dec. 25c Jan. 25c Nov. 15 Dec. Extra Nov. 5 Nov. 15 Dec. Dec. Liquidating. SIM $2M Nov. Dec. 75 7% pref. (qu.)_ . $1M SI M M 25 Dec. 20 50c _ —-.—.---- (semi-ann.) Third National Bank of the 1 15|Nov. 18 Oct. 40c $25 par (s.-a.) Texas Pacific Coal & Oil Co. Nov. 15 llNov. 12 Dec. Nov. 20c Oct. Oct. (semi-ann.) .. 26 20c Nov. 15 Dec. 30 40c — 20* Oct. 25 Nov. (quarterly) Seal Corp. (quar.) Stromberg-Carlson Telep. Mfg.. Preferred (quar.)—- -i Sunray Oil Corp Preferred (quarterly) Super Mold Corp. (Calif.) (quar.) Swan-Finch Oil Corp. pref. (quar.) Sylvania Industrial Corp.. Tampa Electric Co. (quar.) 20 Oct. Dec. 2 Jan. preferred Stewart-Warner Corp. Extra 30c National Lead Co. pref. A (quar.) (quarterly) Nov. 15 $2 50c 25c National Credit Co.(Seattle, (quarterly) Dec. (s.-a.).(initial) 20c — National Container Corp. (Del.) 5M% preferred (quarterly) Oct. 40c SIM (qu. National Acme Co Pure Oil Co., common Nov. 24 Nov. Oct. 90c Pitney-Bowes Postage Meter (quar.) Nor. Illinois (special) Oct. Dec. $1M SIM SIM 7% pref. (quar.) — Security class A & B (quar.). Preterred (participating) Metropolitan Storage Warehouse Co. (quar.) —. Mid-Continent Petroleum (interim) Midland Grocery Co 6% preferred (s.-a.) Midland Mutual Life Insurance Co. (quar.J.¬ Minneapolis-Honeywell Regulator pref. (qu.) Monsanto Chemical Co. (quar.) ... Muncie Water Works 8% pref. (quar.) — Muskogee Co., preferred (quar.) — Nassau & Suffolk Lighting preferred- Public Service Co. of Nov. 20 Nov. Nov. 20c Merchants & Mfrs. —— Dec. — 15c — preferred (quar.) < Plantation (monthly) Pacific Fire Insurance (quar.) — Pender (David) Grocery class A quar.) Pennsylvania State Water $7 pref. quar.) Pepeeko Sugar Co. (monthly) PharisT're& Rubber quar.) Philadelphia Suburban Water, 6% pref__ Phillips Petroleum Co Nov. 10 $1 SIM 25c Co Oswego Falls Corp Otis Steel 7% prior preferred Nov. 10 40c SIM Mercantile Stores Co., Inc., Ontario Steel Products, 7% Nov. 43 Mc 37 Mc Dec. — 5% preferred (quar.).— Nov. Nov. SIM $7 stock (quar.) Fully participating (quarterly). Marlin-Rockwell Corp. (special) —— Oct. Nov. Extra 30 26 26 Oct. 75c 40c — _ New Jersey Zinc Co.. $3 25 1 Oct. 20c SIM (Phila.) (quar.)-- Massachusetts Bonding & Insurance McColl Frontenac Oil (quar.) Nov. (quar.) Agricultural Chemical Co. (increased) Common $100 par 30 SIM SIM Masonite Corp. (quar.)__l Preferred (quar.) Nov. Oct. Preferred (quarterly) Dec. SI __ Oct. $3 ;— Standard Oil Co. (N. J.), com. Extra— 1 SIM SIM (quar.) Nov. 50c $2 23 50c Marine Bancorporation, initial 6% preferred Nov. 50c Manufacturers Casualty Ins. •5% preferred Nov. 30 Nov. 50c (quar.j. £ Extra— Oct. Dec. 50c preferred (quarterly) (Geo. C.) preferred 1900 Corp. class B Oct. SI 20c - — - New York & Queens 25c 6% 75c Stockyards of Maine (quar.) — Nov. 20 $1M (Byron) Co. (quar.) Extra Dec. — ■--- Manhattan Shirt Co. SIM — Kroger Grocery & Baking Co. (quar.). 6% preferred 7% preferred (quar., Lake-of-the-Woods Milling preferred. Preferred (quar.) Lawson Realty Co., 7% pref. (quar.) Lee (H. D.) Mercantile Co_ — — — Lehigh Coal & Navigation (semi-ann.) Lehigh Power Security Corp Preferred (quarterly) Lexington Water Cck 7% pref. (quar.). Loraine Telephone Co. (quarterly).Luzerne County Gas & Electric, $7 1st pref. 1st preferred (quarterly) Mac Millan Co. (quarterly) 35 non-cumul. preferred (quarterly) Madison Square Garden (quar.) Nov. t$l (quarterly) Standard Cap & Extra 25c — 20c Stamford Water Co. Nov. " Extra 5 5 Sept. 20 75c (semi-ann.). (quar.). )rp.7%pref. Huntington Water Corp. 7% pref. (quar.)_-_.-. 6% preferred (quar.). Illinois Water Service Co., 6% pref. (quar.) — :' Nov. Nov. Oct. 43 Mc (quarterly)_ Hummel-Ross Fibre Corp. Kansas City Nov. Nov. 15c 30c 37Mc Harrisburg Steel Corp Hawaiian Pineapple Co. (quar.) Heyden Chemical Corp. (quar.) Holophane Co.. Inc. Hooven & Allison Co. 5% pref. (quar.).. Horn & Hardart Co. (N. Y.) pref. (quar.). Jackson 5 Nov. 15 preferred South Coast Corp., 4% pref. Southern Pine Chemical Co. Nov. 15 SIM Class A preferred (quar.) Hale Bros. Stores, Inc. (quar.)-- - - - Nov. Dec. 6% preferred (quarterly) South Bend Lathe Works (quar.) 1 Nov. Nov. 30c Smith Dec. Inland Steel Co Nov. Sierra Pacific Electric Co. 6% pref. 75c — Ingersoll Rand-- 1 25c $1M Milling, Ltd Savage Arms Corp 2nd preferred (quarterly) Savannah Gas, 7% pref. (quar.) Security Realty Corp., 6% pref. (quar.) Selby Shoe Co. (quar.) Sherwin-Williams (quar.) 5 25c Hamilton Watch Co. (quar.) Prelerred (quar.) Nov. Cold Storage (s.-a.) 6% preferred (semi-annual) Nov. 20 10c Extra preferred , 21 Nov. 18 Nov. 50c San Carlos at option of holders, $1M in cash. Empire & Bay State Telep., 4% gtd. (quar.)-.Equity Shares, Inc Fairbanks Morse & Co. (quar.) 6M% Oct. Dec. $1.85 St. Louis Refrig. & Div. of 44-1000ths of a sh. of com. stk. or, Hackensack Water Co. Nov. 1 Nov. 15 _ Nov. 30 Nov. 16 40c (quar.) Fairfield Securities, 6% pref. (quarterly) Fall River Gas Works (quar.) Farallone Packing Co. (initial) Fisher (Henry) Packing Co. (initial)---.-6% preferred (quarterly) Forest Cleaners & Dyers, Inc — Freeport Sulphur Co. (quar.) — — — Preferred (quar.) General Acceptance Corp., conv. pref. (initial)-SI M preferred (quarterly) - — General American Oil Co. of Texas, 6% pf. (qu.) Globe Democrat Publishing Co., 7% pf. (qu.)_ Globe Hoist Co. (quar.) Golden Cycle Corp Gorham Mfg Co., common ._--Gossard (H. W.) Co Graton & Knight 7% pref. (quar.) t75c 5% preferred Reading Co., 1st preferred (quar.) Roan Antelope Copper Mines, Am. shs Rolland Paper Co. quar.) Preferred (quar.) St. Helens Pulp & Paper. - 1 6 Nov. Nov. 50c -- 15 Nov. 30 Quincy Market Cold Storage & Warehouse— 82.8c East St. Louis & Interurban Water Co. 7% pref. 1 Nov. 15 Dec. quar.) 1 Oct. Oct. 25c Dominquez Oil Fields (monthly) — Nov. 15 Oct. SIM SIM t$l-125 Dec. Dec. 37Mc 25c Poor & Co., class A Class A (quarterly) 14 25 Oct. Dec. 30c Diamond Ice & Coal Co., 7% pref. (quar.).---Dominion Tar & Chemical, 5M % pref. (quar.).. Duke Power Co. Oct. $1 Dentists Supply Co. of N. Y. (special) Detroit Gasket & Mfg. Co. pref. (quar.).. Payable of Record Share Company Name of Payable of Record Holder When Per Holders When Per Share Name of Company 2791 Chronicle Financial 145 15 15 5, 6 29, 15 5 8, 1 Oct. 2° 1 Oct. 20 3 Dec. 20 15 Dec. 1 1 Oct. V 20 1 Oct. Nov. 15 Oct. Nov. 15 Oct. 15 Nov. Nov. 15, 15, 2792 Financial When Per Name of Company Share Archer-Daniels-Midland Co., pref. (quar.) Ashes ion Mfg. Co. $1.40 pref. (quar.) $1.40 conv. pref. (quar.) Assoc. Telep. Co., Ltd.. $1 X pref. (quar.) Associated Telephone & Telegraph, 7% 1st pref. SIX Nov. i;oct. 21 — 35C Nov. Feb. 1 Oct. 20 35c Nov. i 31 Xc 49c 42c - SIX *2$1 SIX SIX Berland Shoe Stores, Inc., 7% pref. (quar ) 1 Oct. 15 liOct. 20 1 Oct. 11 Dec. Nov. Nov. tSl SI X Nov. 15 Dec 15 Apr 28 Feb. Special 1 Oct. 20 3 Oct. 20 3 Oct. 20 15 Nov. 1 . , , 10c SIX , , 30c 15 Nov. 1 1 Oct. 15 1 Oct. , SIX , 37 Xc 25c 50c - Canada & Dominion Sugar, Ltd (quar ) Canadian Bronze Co., Ltd., common (quar.) ideferred (quar.) SIX 37 Xc 62 Xc 30 15 15 15 Oct 15 Oct. 25c 50c 30 30 15 Oct. SIX 31 24 Nov. _ 1 Oct. . . . . . . Itapids Mfg. & Power (quar.) CeianeseOorp. oi Am. 7% cum. lstpf. (s.-a.) . Central Arizona Light & Power Co., $7 pf. (qu.) $6 preferred (quarterly) Central Cold Storage Co. (quar.) Central Hudson Gas & Electric (quar.) 3 Oct. 15 1 Nov. 15 1 Oct. 20 . Extra Cedar 20 30 8ept. 30 1 Oct. 15 1 Oct. 15 1 Oct. 18 10 Nov. 1 10 Nov. 1 15 Oct. 30 31 Dec. 15 15 Nov. 1 5 Sept. 30 1 Oct. 15 1 Oct. 20 1 Oct. 15 1 Oct. 1 Oct. 15 . . . . . . «, will be issued in leu of fractions. Cleve. Cine. Chicago & St. Louis Ry pref Cleveland & Pittsburgh RR. Co. gtd. (quar.).. Special guaranteed (quar.) Cliffs Corp. common Cluett, Peabody <fe Co.. Inc.. common (quar.).. Columbia Gas & Electric Corp., common 6% cum. preferred series A (quar.) 5% cum. preferred (quarterly) 5% cum. preference (quarterly) ... Columbia Pictures Corp., $2X conv. pf. (quar.) Columbus Foods Corp., S3X pref. A Edison Co International Corp. (quar.) Investors (Del.) (quar.) Ut lilies 6X% pref. C (quar.)-. Community Pub. Service Co. vot. tr. ctfs. (qu.)_ Voting trust certificates (special) ConfederaHon Life \ss«»r (quarterly)... Concord Gas Co. 7% preferredConnecticut 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.).. Consolidated Cigar Corp. pref. (quar.) Prior preferred (quar.) Consolidated Laundries preferred (quar.) Consolidated Press Ltd., class A ft 6 1 Nov. 20 1 Oct. 18 1 Oct. 18 . . 26 15 Nov. 15 Nov. . (quarterly) 15 Nov. 5 1 Oct. 15 1 Oct. 25 15 Oct. 30 1 Dec. 15 1 Nov. 1 Dec. 1 Nov. 15 1 Nov. 19 Dec. Nov. 1 Oct. 1 Oct. 1 O t. Nov. Nov. 23 25 27 Nov. 15 Nov. 10 Nov. Nov. 1 Oct. 20 1 Oct. 1 Oct. 20 20 1 Oct. Nov. Dec. 30 Oct. 30 Oct. 7 Dec. Nov 10 Dec. Nov. 10 Oct. Oct. 22 Nov. Nov. Nov. Nov. Nov. Oct. 15 Oct. 15 Oct. 21 15 Oct. 15 Oct 20 20 Nov. 15 Nov. 20 20 3 Nov. 15!Nov. 3 Nov llOct. 15 Nov. 15, Oct. 15 Nov Dec. Oct. 14 Novl 15 Nov. Oct. Nov. lJOct. Dec. 31 Dec. Nov. 15 Oct. Dec. 1 Nov. 30 15 Nov. Nov. ljOct 15 1 Oct. 5 Oct 15 _ * ov. Dec. Dec. 31 Nov. Sept. 23 Pec. Dec. 14 Nov. Oct. Oct. 16 Nov. 20c Nov. 50c Nov. Oct. 10 Oct. Dec. SIX 16 20 15 Dec. Cutler-Hammer. Inc., stock dividend 1 Sept. 30 additional share for each share held. Dallas Power & Light. $6 pref. (quar.) $7 preferred (quarterly) Oct. .16 Oct. 16 Jan. SIX Nov. 7Xc Oct. Oct. Oct. 2 Nov. Oct. 22 Nov. Oct. 20 Dec. Nov. 20 Pec. Pec. Dec. fiX Nov. 20 Dec. 20 Nov. 1ft Feb. 15 Jan. ?ftc I >»»*». 75o (quar.) Mar. SIX SIX Nov. Jan. 3 Dec. 3 Dec. 20c Dec. 1 Nov. 62Xc : 31 20 10 Oct. Jan. 50c Class A (quarterly) 23 Oct. Nov. 37 Xc Dow Chemical Co 22 S2 75c - Doctor P©pi>e (V> (c"arterly) Domestic Finance Corp., cum. pref. (quar.)... Dominion Bridge Co., Ltd. (quar.) 4 l|Oct. 20 30iOct. ""55c Detroit Hillsdale & Southwestern RR. (s.-a.)— Diamond Match ('o 30c 10 Oct. Oct. Nov. 25 30 75c Nov. Nov. 1 SIX lYeferred (quar.) Dow Drug Co Nov. 15; Nov. 1 15c Duquesne Brewing Co. (quarterly) Eastern Utilities Assoc. (quarterly) East Shore i'ublic Service Co. $6X 25c 60c pref. (quar.) $6 preferred (quar.) Eaton Manufacturing Co SIX SIX 75c 25c Electrographic Corp. (quar.) Preferred (quarterly) Electric Bond & Share Co., $6 pref. (quar.) $5 preferred (quarterly) Elmira & Williamsport RR (s.-a.) SIX SIX SIX SI-14 Empire Power Corp.. participating stock Employers Group Association (quar.).. Emporium Capwell Corp.. 4X % cum. pf. A(qu.) 75c Nov. 15 Nov. 4 Nov. 1 Oct. 20 Nov. Nov. 9 Dec. Nov. 10 Dec. Nov. 10 Nov. Nov. Dec. 1 Nov. 10 Dec. Nov. 10 Nov. 7 7 20 30 Oct. Nov. Oct. Nov. Oct. Nov. $6 preferred $6 preferred (quarterly) Erie & Pittsburgh RR. Co.. 7% gtd. (qu&r.) Guaranteed betterment (quar.) Eureka Pipe Line Co Faber, Coe & Gregg, Inc., 7% pref. (quar.) ... Fair (The) (Chicago). pref. (quar.) Fall River Gas Works (quar.) Fansteel Metallurgical Corp $5 pref. (quar.) Federated Dept. Stores pref. (quar.) Fiberboard Products. 6% pref. (quar.) Fidelity & Deposit Co. of Md. (quar.) Fidelity Fund, Inc. (quarterly) Fiduciary Corp. (quar.) Oct. Oct. Dec. Jan. Dec. 10 Jan. Dec. Jan. Jan. Dec. t$3 ... Oct, Jan. SIX tS-'X six $5 preferred (quarterly) $5 X preferred $5 X preferred (quarterly) 25c 56 Xc t$2 X Engineers Public Service $5 preferred Co. Nov. 25c Dentists Supply Co. of N Y. (quar.).. 7% preferred (quarterly) Denver Union Stockyards 5X % pref. (quar.)... Finance Nov. Jan. SIX SIX Darby Petroleum Corp (s.-a.) Davenport Water Co., 6% pref. (quar.) Davidson Bros., Inc Deere & Co Stock div of 200% (2 shs. for 1)— I)e Mets, Inc.. preferred (quar.) Dennison Mfg. Co., debenture (quar.) Jan. Dec. SIX 87 Xc Jan. Dec. 10 10 10 10 10 30 Dec. Dec. Nov. Dec. Nov SI Nov. SIX SIX Nov. Nov. Oct. Oct. 40c S1 X Nov. 30 15 20 20 Oct. Oct. 26 Pec. Dec. UMH Oct. Nov. Oct. Oct. Oct. SI 25c SI America (Bait.), class A & B (extra) 16 23 Oct. 16 20 16 18 Nov. Oct. 20 Nov. Oct. 20 of Payable in class A 7% cumul. pref. $5 par, stock one share of pref. for each 10 shares of . „ Nov. six SIX Press, Inc. (quar.).Preferred (quar.) Nov. 15 Oct. 22 Oct. 15 Oct. 30 Nov. Nov. Jan. $2 Cuneo common . Corp. (quar.) $6X preferred (quar.) Champion Paper & Fibre (quar.) 6% preferred Chartered Investors, Inc.. $5 pref. (quar.) Chicago District Electric Generating Corp.—• fi 9 Nov. 10c 15 . "I"""""""" Oct. Oct. Oct. SIX (quar.) Cumberland Co. Power & Light 6% pref. (qu.)__ 5X% preferred (quarterly) Cummins Distilleries Corp., 8% conv. pref. (qu.) of one U Nov. Nov. Nov. 75c 15 . Centrifugal Pine Gnrp. (quar.) Century Ribbon Mills, Inc Pref. (quar.) Cerro de Pasco Copper Special Jan. 25c 5% preferred (quar.) Crown Central Petroleum Crum & Forster 8% preferred Distribution 5 258 30 Dec. 15 Dec. Jan. 62Xc (initial) 1 Oct. . Central Power & Light 7% preferred 6% preferred Central Railway Signal class A Chicago Yellow Oab__ Cincinnati Sandusky & Cleveland RR., pref Cincinna i S reet Railway 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) Clark Equipment Co. special Payable in 7% cum. pref. stock. Scrip ctfs. Exchange Bank Trust Co. (quar. 1 Oct. . - Nov. 50c . . - Oct. Oct. 15c . __ (qu.) 11 20 30 2 Dec. 1 Oct. Canadian Industries, Ltd.. class A & B-_ Canadian Investment Fund, ordinary shares Special shares Canadian Investors Corp., Ltd Castle (A. M.) & Co. (quar.) Central N. Y. Power Corp., 5% pref. (initial) Central Ohio Steel Products 15 1 Oct. 10 Oct. 6 Oct. 6 Oct. 40c Calgary Power Co., pref. (quar.) California Packing Corp. (quar.) 1 deferred (quar.) California Water Service, pref. (quar.) Campbell. Wyant & Cannon Foundry (quar.)__ Camden Fire Insurance (semi-ann.) 1 14 1 |12Xc Calamba Sugar Estates (quar.) Commonwealth Commonweal1 h Commonwealth CommonweaPh 31 .15 Nov. SIX Six Bunker Hill & Sullivan Mining & Cone. Co.,com. Burroughs Adding Machine Co. (quar.) preferred ljSept. 30 six X 18 liSept. 30 Nov. h (quarterly) $6 1 Oct. Nov. $1X SIX Dixie-Vortex Co. (quarterly) Nov. Nov. Nov. $ik Preferred (semi-ann.) Diem & Wing Paper Co. 5% pref. (quar.) Distillers Corp.-Seagrams. pref. 12 Xc 50c Bullock's, Inc., pref. (quar.) 15 25|Nov. 20 Nov. 150ct. 15 Nov. ll SIX S2X six Buffalo Niagara & Eastern Power 1st pref. (qu.)> Bullock Fund, Ltd. Chain Belt Co. (new)__. Chain Store Investment 30|Oct. 15 Oct. 15 Nov. 15 Oct. 21 30c -- Cosden Petroleum Corp., pref. Cosmos imperial Mills (quar.) Nov. Dec. SIX (W. B.) Co Nov. $1 Bonus 5 20 Corn Holders 75c 5'Ac Preferred (quar.) Copperweld Steel Co. (quarterly) Nov. l'Oct. 11 Nov. 15 Nov. 1 Nov. l,Oct. 15 40c Buckeye Steel Castings Co 6% preferred (quar.) 6X% preferred (quar.) Buffalo Ankerlte Gold Mines, Ltd. (quar.) 1 Nov. 1 Oct. 30 Oct. Oct. Oct. *S2 Preferred (quar.) Brown Fence & Wire Co.. pref. A (seml-ann.) Buck Hill Falls Co. (quar.) . Dec, 68Xc ——„ 15 15 Oct. Nov. pref (quar.) 13 20 25 Oct. _ 75c Broadway Department Stores pref. (quar.) Broadway & Newport Bridge Co. (quar.) 5% preferred (quar.).. Brooklyn-Manhattan Transit— 15 15 Dec. Nov. 16 Nov. 15 Nov. 1 Nov. 15 Nov. 1 25c Boston Edison Co. (quarterly) Bourjois, Inc., pref. (quar.) Brentano's Book Stores, inc. (quar.) Brewer (C.) & Co.. Lid. (monthly) Brewers & Distillers of Vancouver British Columbia Telephone. 6% 2d 1 15 15 1 I Oct. Nov. 15 Oct. Nov. 1 Oct. 75c (quar.)— Opt. div. payment of 1-32 sh. of com. or cash Blum's, Inc., SIX cumul. conv. pref. (quar.).. Bon Ami Co. class A (quar.) Class B (quar.) 18 Dec. Nov. $3 (quarterly) 16 1 Oct. 30 Oct. Dec. 20 Dec. Oct. 30 Oct. Dec. 20 Dec. SIX Preferred <quarterly) Blue Ridge Corp., $3 pref. 15 Nov. 25c (quar.) Blackstoue Valley Oas & Electric, 6% pref—.. 9 Oct. SIX 1'referred 1 llOct. Dec. 30 Dec. 1 Oct. 6221c° (quar.) 1 Oct. Nov. 87 Xc ....— Birtman Electric Co. (quar.) Exira Preferred 1 Oct. Nov. 15 Nov. Best & Co Blauner's Nov. Nov. 1937 Payable of Record Nov. 8X % preferred (quar.) Coon Nov. 30c 87 Xc ....... JTeferred series A......_ 20c .... 5 25 25 20 Nov. 25c Preferred series A Consolidated Oil Corp. (quar.) Preferred (quar.) Consolidated Rendering Co Coniainer Corp. of America (quar.) Continental Can Co., Inc., common (quar.) Continemal Cushion Spring Continental Telep. Co. 7% partic. pref. (quar.)_ 30, When Share Cooksville Co.. Ltd., 5% pref. (quar.) Nov. 50c 37 Xc — Beneficial Industrial Loan Corp., com... Common . 23 3% SIX — 1 8 Company 25 25c Beatty Bros. Ltd., 1st pref. (quar.) 1 Nov. 10 Oct. 1 Oct. Nov. 1 Oct. Nov. 15 Oct. 25c — Bellows & t'o..class A (quar.) Belmont Radio Corp. octris Nov. 15 Nov. Nov. 15 Nov. Nov. 1 Oct. Nov. 75c 25c Barber (W. II.) Co. (special) Barnsdall Oil Co. (quarterly) Bith iron Works C«>ru.. payable In stock Per Name of Nov. SI 50c 32c — Oct. Holders Payable of Record —- $0. 1st preferred Atlantic City Electric Co., $6 pref. (quar.) Atlantic Coast Line RR. Co., 5% pref. (s.-a.)_AtlanticMacaroni. Inc. (qnar.)__ Atlantic Refining Co. preferred (quar.) Atlas Plywood Corp 1'referred (quarterly) Atlas Powder Co., pref. (quar.) Ault & Wiborg Proprietory Ltd., 5X% pref-— Badger Paoer Mills. Inc.. 6% prei. iquar.) Bangor Hydro Electric Co Chronicle 20 20 24 1 Nov. 1 Nov. 15 1 Oct. 15 Nov. 1 Oct. 15 Nov. 1 Oct. 15 class A or B held. Scrip ctfs. issued for fractional shares. Fire Assoc. of Philadelphia (semi-ann.) Extra.. 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)-- Freeport Sulphur Co Franklin preferred (quar.) Fire Insurance (quar.) SI 50c 15c Nov. 15 Oct. Nov. 15 Oct. Nov. 15 Oct. S25 Jan. 87 Xc Jan. Nov. 1 Oct. Nov. 15c Nov. 1 Oct. 1 Oct. 30c - General Mills (quar.) Motor* Corp., $5 preferred (quar.).. Public Service. $6 pref. (quar.) (quar.) Telep. Allied Corp. $6 preferred $6 preferred (quar.) General Tire & Rubber, new (special) Georgia RR. & Banking Co. (quar.) Gillette Safety Razor Co pref. (quar.) Globe & Republic Insurance Co. . (quar.) Nov. SIX (quar.) Gardner-Denver Co. preferred (quar.) Gas Securities Co. (monthly) 6% preferred (monthly) General Baking Co.. common (quar.). General Box Co. (quar.) General Cigar Co.. Inc., 7% preferred (quar.).. 7% preferred (quar.) 7% preferred (quar.) General Foods Corp. (quar.) General Metals Corp., new (initial, quar.) Extra Goldsmith (P.) Sons Nov. 10c Fuller Brash Co. A Nov. 12 Xc Nov. 1 Oct. 75c X % Nov. Nov. 1 Oct. 1 Oct. 50c Nov. 1 Oct. 15c SIX SIX SIX 50c 25c 75c SIX SIX nil six 50c S2X SI X 20c 1 Oct. 1 Oct. June 20 20 20 15 15 16 25 20 15 15 1 May 20 Nov. 15 Oct. Nov. 15 Oct. 1 Oct. Nov. Nov. Nov. 1 Oct. 4 1 Oct. 1 Oct. 1 Oct. 1 Oct. 15 15 15 15 29 1 Nov. Nov. Nov. 10 Oct. Jan. 15 Jan. Nov. Oct. Oct. I < 9 >ct. 1 30 Oct. 30 Oct. Oct. 20 15 Oct. Oct. 11 Oct. tSl Nov. Nov. 25c Nov. 25c Nov. 15;Nov. Nov. 15iNov. $1 25 30 Nov. 50c Extra Great Western Electro-Chemical Co Green (H. L.) Co. (quar.) 22 1 Oct.* 16 Dec. 20 Dec. 4 Dec. 1 Nov 20 Mar. 1 Feb. 18 SIX 7% preferred (quar.) Great Lakes Dredge & Dock (quar.) 22 Nov. 2c 5c Gotham Silk Hosiery Co., Inc., 7% pref 5 3 Dec. 15 3 Dec. 22 1 Oct. 1ft 25c Froedtert Grain & Malting (interim) Preferred (quar.) Frost Steel & Wire, 7% preferred preferred Nov. 15 Nov. , Extra General General $5 X General 50c __ Nov. 20 11 3 3 5 15 40c Greenfield Gas Light Co 6% pref. (quar.) Greenfield Tap & Die, $6 preferred Preferred (nuar.L Griesedieck-Western Brewery Grocery Store Products Co. (initial) Gurd (Chas.) & Co., Ltd., 7% pref. (quar.)--. Hale Bros. Stores (quar.) Halle Bros. Co.. Hancock Oil of Calif., class A & B (quar.) Class A & B (extra) Hart (L.) & Son Co., Inc. (initial)-Hartford Electric Light - Hartford Tlmrg. inc., 5X% pref. (quar.) Hat Corp. Preferred (quar.) Havana Electric Utilities 6% 1st pref Nov. 75c l'Oct. 15 15;Nov. 30 1 Oct. Nov. 15 Nov. 4'Oct. 22 Nov. 15 Nov. 5• 88 50c 25c 25c 25c 20c 10c 73c 68Xc SIX t75c llOct. Nov. Dec. Nov. 15 Nov. 15 Dec. liNov. 25 Oct. 30 Oct. 23 Dec. 1 Nov. 15 Dec. 1 Nov. 15 Nov. Nov. Nov. 1 Oct. Nov. 31 1 Oct. 15 1 Oct. 1 Oct. 15 15 Nov. 15 Nov. 1 Volume 75c Hawaiian Oct. Oct. 50c Pine apple Co Hearn Dept. Scores, pref. 15 30 Oct. 20 40% Hawaiian-Electric Co., payable In stock.., Nov. Nov. 75c (quar.) 15c Hecker Products Corp. (quar.) 1 Oct lc Extra. Jan. Nov. Nov. 30 $14 Nov. Oct. 20 25c Nov. Oct. 50c Dec. Nov. Dec. Dec. 14 1 1 1 1 4 50c Dec. 25c Nov. 15 Oct. 29 Meadville TeleD. Co. (quar.) E x tra - . _ _ ; - . _. 21 Nov. 4 Oct. 21 Melville Shoe Corp. common (quar.) Preferred (quar.) Nov. 1 Oct. 16 Mercantile Acceptance Nov. 1 Oct. 15 1 Oct. 15 30c -—.. (quar.) Horne (Joseph) Co., pref. (quar.) Hardart (N. Y.) Nov. Nov. nOc Extra Nov. Nov. 10 Nov. 25c Co. (monthly) Nov. 1 Oct. 1 Oct. 1 Oct. 5 1 OctJ 5 >ct. 25 15 Nov. 1 Oct. 1 Oct. 50c Nov. 1 Oct. 15 Hussnian-Ligonier Co. (quar.) 25c Nov. 1 Oct. 20 Hutchins Sugar Plantation Co. 10c Nov. 5 Oct. 15 86 preferred (quar.) number sit) ne Shoe. Ltd. (quar.)... (monthly) Huttig Sash & Door Co. 7% preferred (quar.).. Idaho Maryland Mines (extra) ; — Idaho Power Co.. 7% pref. (quar.) $6 preferred (quar.) Illinois Northern Utilities 6% pref. (quar ) Illuminating 6c Power Securities Nov. (increased)- — 7% oreferred (quarterly) Imperial Chemical Industries (interim) Imperial Life Assurance of Canada (quar.) Incorporated Investors (special) Indiana Pipe Line Co. Iugiewood Gasoline Co Interchamical Corp. (quar.) Preferred (quar.) International Cigar Machine Co Dec. $14 < 15 814 $1 4 $14 814 15 Nov. 15 Oct. 30 Co. (quar.) Monmouth Consol. Wire Co., 87 pref. (quar.)_. Monsanto Chemical Co. $14 cl. A pref. (s.-a.). Represents proportion of the s.-a dividend for the unexpired period ending Dec. 1. Montana Power Co. $6 preferred (quar.) Jan. 4 30 Oct. Oct. Nov. 15 Oct 22 1 1 Oct. 20 50c Nov. 814 Nov. 1 Oct. Nov. 1 Oct. 15 Nov. 1 Oct. Dec. 1 Nov. 15 5 814 85 Nov. 10 Oct. 15 Nov. 21 Oct. 25 Munis'ng Paper Co., 5% 1st pref. +814 Nov. 21 Oct. t$lU Nov. 25 2 Muskogee Co. 6% cum. pref. (quar.) Mutual Chemical Co of Amer ftpref (quar.) Mutum Telephone Co. (Hawaii) (monthly)--. 1 Oct. Nash- Kel vinator 22* Nashua & 1 Oct. 25 1 Oct. 25 National Automotive Fibres, (initial) National Bearing Metals Corp. pref. Nov. 15 Nov. — 1 Oct. Nov. Inter type Corp. common Iron Fireman Mfg. Co iquar.) 1 1 Oct. Nov. 1 Oct. Island Mountain Mines 1 Oct. Dec. 1 Oct. 20 30 Oct. 25 28 Oct. 5 Oct. Nov. 15 Kalamazoo Stove & Furnace— Nov. 1 Oct. Louis 6c Chicago RR., 6% prefKayser (Julius) & Co Kekaha Sugar Ltd., (monthly) Kellogg Switchboard & Supply... Preferred (quar.) Kendall Co participating preferred A (quar.)— Kemper-Thomas Co.— 7% special prefern-ed (quar.).. Ken-Rad Tube & Lamp Nov. 1 Oct. Kansas City St. 11 31 Oct. 11 1 Nov. 10 Dec. 1 Nov. 10 Oct. Nov. 1 Oct. Nov. 1 Oct. Nov. 1 Oct. 8% preferred (quar.) Loew's Boston Theatres Lone Star Gas, 14 1 Oct. 2 Jan. 20 Nov. 20 lOct. 1 1 Oct. 20 Nov. 1 Oct. Nov. 1 Oct. Dec ' 1 Oct. 20 20 24 20 Nov. 16 Nov 6 15 Dec Nov. 1 Oct. 5 Dec. Nov. 31 Dec. Dec. 14% 25c 81 814 374c 10c 15 Nov. 10 Nov. 10 Nov. 30 1 Oct. Nov. Nov. Nov. 1 Oct. 1 Oct. 20 14* 15 1 Oct. 22 81.125 Nov. Dec. 15 Dec. 1 60c 25c +50c 814 3% $1 81 30c I Dec. Nov. 15 Nov. 10 Oct. 30 Nov. 10 Oct. Dec. 30 27 Dec. 20 Dec. 1 Nov. 16 Dec. 1 Nov. 16 Nov. 1 Oct. 26 1 Oct. 15 50c Dec. 1 Nov 15 814 Jan. 2 Dec. 15 874c Nov. (quar.) (quar.).. Preferred (quarterly) 1st pref. (quar.) 2d pref. (quar.)— Louisiana Ice & Electric Co., Inc., com Louisiana Power & Light Co., 86 pref. (quar ).. Ludlum Steel Co : — Lumberman's Insurance Co. (Phila.) (s.-a.) LunkenheimerCo pref. (quar.)............... Abingdon Telegraph Co. (semi-an.) Dec. Dec. 1 Nov. 10 tl24c Dec. 1 Nov. 10 Oct. 75c (quar.) 81 10 125c 10 Nov. 26 10 Nov. 26 75c Lord & Taylor 1 Nov. 30 Nov. 20 75c $2 Inc., $64 preferred $64 preferred Loose-Wiles Biscuit Co Loew's, 11 15 25 1 Oct. Nov. Dec. 24 Dec. Land is Machine Monthly Nov. 15 Oct. Nov. Oct. Dec. Jan. 3 Dec. 15c Nov. 1 Oct. 50c Dec. 814 81.62 10c 814 814 30 Oct. Dec. 31 Dec. Nov. 15 Oct. Jan. 20 31 23 29 1 Oct. 19 25 1 Dec. 17 Oct. Nov. 1 Nov. 20 15 4 15 Nov. 15 Nov. Oct. 75c 20 1 Nov. Nov. $14 $1.64 Dec. Nov. 10 $14 Nov. Oct. 11 Nov. Oct. Nov. Oct. 31 30 Oct. Sept. 30 75c Nov. 15 Nov. I Oct. 20 Nov. $14 $14 $2 Jan. Jan. 2 Nov. Oct. 15 Dec. Nov. 2ft $1 Oct. Dec. Nov. 15 8c Oct. Dec. 16 30 Oct. 20 30 15 1 18 12 12 30 Dec. 25c Nov. 20 Oct. 1 Oct. Nov. $3 4 24'Nov. Nov. Nov. 1 Oct. Dec. 15 Nov. Nov. 30 Nov. Nov. 15 Oct. LOct. 20 20 Nov. 16 Oct. 30 Nov. Oct. Oct. Oct. 15 25 Nov. Oct. 14 Nov. l(Oct. Nov. 1 15c Dec. Nov. 814 134c Nov. Nov. Sept. 27 Oct. 14 5c Nov. Oct. Oct. $2 $14 .... Nov. 15 Nov. $14 $14 Dec 1 Sept. Nov. 16 15 1 30 1 Nov. 16 1 Nov. 16 1 Oct. 20 , Dec. 16c Nov. 50c Nov. 10 Oct. 20c Nov. 15 Nov. $14 England Fund, ben. int Zinc Co -— New Mexico Gas Co.. common.--,—— . Nov. 20 Dec. 814 81.184 Nov. Nov. 15 Nov. 50c 1 Oct. Nov. 1 Oct. 21 Nov. 1 Oct. 20 20c 30 Oct. 1 Oct. Nov. 20 20 10c Co., preferred New York Fire Insurance (quar.) New York Merchandise Co. (quar.)— New River Nov. l,Oct. 20 814 Nov. llOct. Nov. 8 Oct. 15 11 20c Extra Niagara Hudson Power Corp.— 5% 1st pref. and 5% 2nd pref. ser. A & B (qu.) Nile8-Bement-Pond Co. stock dividend Dividend in stock of Shepard-Niles Crane & Hoist Corp. at rate of 1 sh. Shepard-Niles for each 10 shs. of NIles-Bement-Pond held. Nineteen Hundred Corp.. class A (quar.) Norfolk & Western Ry. preferred (quar.) North American Edison Co. preferred (qu.) North American Oil Consol. (quar.) Northern Illinois Finance Corp. (quar.) $14 preferred (quar.) — Northern Oklahoma Gas Co. 6% pref. (qu.) Northern Pipe Line Co Northern RR. of New Hampshire (quar.) Northern RR. Co. of N. J .4% pref. (quar.) — Northwestern Engineering Co Noyes (C. F.) Co., 6% preferred Nunn-Bush Shoe Co. (quar.) 5% preferred Oahu Sugar Co. (monthlv) Ohio Public Service Co. 7% pref. (monthly) — 6% preferred (monthly) 5% preferred (monthly) 54% preferred (initial, quar.) Ohio Water Service, class A Old Joe Distilling Co. 8% pref. (quar.). Oliver United Filters, class A (quar.) — Class B (resumed) Ontatio & Quebec Ry. (semi-ann.) Orange Crush Ltd., 70c. conv. pref. (s.-a.) Outlet Co. common (quar.) 1st preferred (quar.) 2d preferred (quar.) Owens-Illinois Glass Co., common Paauhau 8ugar Plantation (monthly)-. Pacific Finance of Calif. 8% pref. (quar.) 64% preferred (quar.) 5% preferred (quar ) Pacific Gas & Electric. 6% pref. (quar.) 5 4 % preferred (quarterly) Pacific Lighting (quar.) Nov. 20 5 5 21 $14 $14 New Jersey — Oct. 50c $1 814 1 30 LNov. 15 5! Oct. 25 1 Oct. 15 Nov. 15 Nov. Nov. 19 Oct. Dec. 25c Nov. 25c Nov. 374c Nov. Oct. 15 •SS Dec. Nov. 16 Dec. Nov. 12 Oct. 30,Oct. 1 Nov. l'Oct. +45c Nov. 25c $14 20c 11 Nov. 20 Dec. 25c llOct. 15 27 15 Oct. 30'Oct. Oct. 30 Oct. 15 5 Nov. Nov. 58 l-3c Nov. Oct. 15 Nov. 50c 41 2-3c Nov. Oct. 15 Oct. Nov. Oct. 15 15 Dec. Dec. $14 $1 Dec. 10 15 50c Nov. Oct. 21 50c Nov. $3 Dec. Oct. 21 Nov. 10c Jan. 1 35c Nov. Oct. 15 75c Nov. Oct. 20 814 $14 Nov. Oct. Nov. Oct. 20 75c 10c Nov. Oct. Nov. Oct. 30 15 20c Nov. 164c $14 374c 344c 20 Oct. 15 Nov. Oct. Nov. Oct. 15 15 - 7% pref Nov. Oct. 30 Nov. Oct. Nov. Oct. Nov. Oct. +814 +$14 Extra Pacific Power & Light, 20 Nov. $14 814 50c Preferred (quar.) 1 Nov. 15 Nov. 10 Knapp Monarch Co., new (initial) 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.) Monthly Dec. Nov. Nov. 24c $14 Co 6% cum conv. pref (quar.)New Process Co., common 31 Nov. 20 Nov. Feb. (monthly) 15 Nov. 15 Dec. 50c 14c New Dec. Kokomo Water Works Lynchburg & Lynch Corp 31 Oct. Nov. Extra Oct. 75c 8% pref. (quar.) pref. (quar.) A (quar.) Newberry (J. J.) Co., pref. 5% pref. A (quarterly) Oct. Emil) (quar.) Machine. pref. (quar.) Lehigh Portland Cement Co., com. (quar.) Leonard Custom Tailors Co. (quar.) Lerner Stores Corp. I"ref. (quar.) Leslie Salt Co. (quarterly) Le Tourneau, Inc. (quar.) Lexington Utilities, preferredPreferred (quarterly) Libby, McNeill & Libby pref. (semi-annual) Liggett & Myers Tobacco Co. (quar.)— Common B (quar.) Lincoln National Life Insurance Co. (qu.)—-Lincoln Printing Co., pref. (quar.) Link Belt Co. (quar.) Preferred (quar.) Little Miami RR.. special guaranteed (quar.).. Original capital Loblaw Groceterias, class A & B (quar.) 15 +81.80 Oct. 25c Nevada-California Elec 25 Oct. Preferred (quar.) Preferred (quar.) Monotype Neptune Meter Co., 1 1 Oct. Nov. King Oil Co.. Kings County Trust Co. (quar.) Kirkland Lake Gold Mining (interim) Lock Joint Pipe Co. 20 19 Nov. 15 Nov. Kentucky Utilities Co., 7% jr. pref. (quar.) Keokuk Electric Co. 6% pi ef. (quar.)— Keystone Steel & Wire Lanston Oct. »% (semi-annual) National Power & Light common (quar.) Preferred (quar.) — National Tea Co. preferred (quar.) Nation-Wide Securities Co. (Colo.) B; Neiman-Marcus Co. 7% prpf. (quar.) Neisner Bros. 44% preferred (quar.) Nov. 15 Nov. 15 Lawbeck Corp. 6% 20 -182.10 Oct. 25c $3 preferred (quar.) National Credit Co., A (quar.) National Distillers Products (quar.) National Electric Welding Machines National Lead Co.. pref. B (quar.) 1 Nov. 25 Nov. (quarterly) (quar.) 20 Oct. 40c National City Lines, Inc. (quar.) 3 Nov. (quarterly) (quarterly) 7% preferred (quarte ly) Lane Bryant, Inc., 7% preferred Lansing Co. (quar.) 22 Oct. Nov. $14 (quar.) (quar.) National Casket Co. 20 20 Nov. 24 Nov. 13 1 Oct. Nov. 11 Jaeger Machine Co., common Jamaica Water Supply Co. 7 4% pref. (s.-a.)— Jantzen Knitting Mills, (quar.) ]"referred (quarterly). Johnson Ranch Royalties (semi-ann.) Julian & Kokenge Co. (extra) Klein (D. Preferred 18 Nov. 15 Nov. - Lowell RR. (semi-ann.) National Biscuit Co 1 Nov. 10 Dec. Nov. (initial) 8% preferred (quar.) Ironrite Ironer Co. 6% preferred 22* 1 Oct. Nov. Nov. Kabie Bros. Co. 1 Oct. Nov. Mills, Inc Oct. Nov. 25c (quar.) Nov. 87 prior preferred (quarterly) 83 4 prior preferred (quarterly) Interstate Dept. Stores Preferred (quarterly) Interstate Hosiery (Uuarterly) Moody's Investors Service pref. (quar.) Moore Drop Forgings, class A ;Moore (Win. R.) Dry Goods (quar.) Morris & Essex Extension RR. (s.-a.) viorrls Plan Insurance Society 'quar ).— +814 convertible preferred 6% convertible preferred series A International Nickel of Canada, pref. (quar.) International Utilities Corp— Nov. 25c 37c (quar.) Montreal Light, Heat& Power Co. 20 50c (quar.) 20c $14 171S Montgomery & Erie Ry. Co. (s.-a.) Nov. II Oct. 35c 6% cumulative Modine Mfg. 8 Sept. 22 3 Dec. 31 Nov. lc International Match Realization Co. (liqulda.). International Metal Industries. Ltd.— 21 Missouri Gas & Electric Service Co., common.. 50c Extra International Harvester Co., pref. 20 Oct. Nov. 15 25c — 30 Oct. Nov. 15c 30 1 Oct. Nov. $14 3% 83 4 15 Oct. +2 5c 75c 1 Oct. Nov. 20 23 30 Oct. $14 pref. (qu.) Minneapolis-Honeywell Regulator (quar.) Mississippi Power & Light, pref. (quar.) - 15 1 Oct. Nov. 1 Oct. Nov. Oct. $3 Milwaukee Ry. & Light Co. 6% 1 Nov. 10 Nov. 5 30 Oct. 25c Milnor. Inc.. increased 30 Dec. 20 Oct. +834 Nov. 10 Oct. 10c Dec, 15c Metropolitan Industries, 6% pref Metropolitan Investments, Inc. (quar.) Michigan Bakeries. Inc.. $1 prior pref (quar).. $7 preferred (quarterly) Michigan Gas & Electric 7% prior lien... 86 prior lien Midwest Oil Co. (semi-ann.) 23 Nov. Nov. > 7% pref. (quar.).. 25c of N. Y. 7 % pref 5 Dec. 30c Mrsslnger Corp (quar.) Metal & Thermit Corp. (increased) II %2 $14 «*tts. (ouar In--., vot.tr Houston Lighting & Power - Corp. of Calif.— Merchants Refrigerating 20 2C $14 $14 Hotel Barrqzon $14 74c 6% preferred (ouar.) 5% preferred (quar ) Merchants & Mfrs. Fire Insurance (quar.) J Oct. 1 Oct. Nov. 37 4c 4 Oct. 15c Nov. 50c - Nov. 10c Dec. 15 Dec. 20c 81 4 Preferred (quarterly) Macy (R. H.) & Co. (quar.) I Nov. 15 1 11 11 Dec. 1 Nov. 5 Nov. 15 Oct. 31 Nov. 1 Oct. 15 Nov. 1 Oct. 15 75c Mc I .el Ian Stores Co 25c Border'8. Inc. (quar.) Horn & 25 Nov. 29 Nov. 19 Dec. 31 Dec. 21 T5c 81 4 Extra. Honomu Sugar 25 1 Nov. lo Dec. J5c i. Oct. 43 4 C Hollander (A.) & Son. (quar.) Holly Sugar Corp. preferred Home Insurance Co. (quar.) Nov. 6 15 15 15 374c 20c Holllnger Conol. Gold Mines (monthly) Oct. -- McOlatcby 50c 20c Oct. Nov. 16 15 Nov. Newspapers 7% pref (ouar.) McCrory Stores Corp. 6% preferred (quar.)—McGraw Electric (new. quar.) Mclntyre Porcupine Mines, Ltd. (quar.) ... McKesson ft Bobbins, Inc.,stock dividend Div. of l-25th of a share of $3 pref. stock on the common. 83 preference (quarterly) ... Nov. 15 Nov. Nov. 15 Oct. Nov. 15 0»:t. Oct. Nov. McCall Corp. common (quar.) (G.) Brewing Co. (quar.) Hercules Powder Co. preferred (quar.) Hers hey Chocolate Corp. (quar.) 1 "referred (quar.) Hoyden Chemical Corp. (quar.) Hibbard. Spencer, Bartlett & Co. (monthly) Monthly Hires (Chas. E.) Co.— ('lass A common (quar.) .............. 81 Oct. Nov. 1 Dec. 1 Nov. Nov. 15 Nov. r5c Nov. 10c SI * 9 25c Heileman $14 Nov. Maytag Co. 1st preferred (quar.) Cumulative preferred (quar.) 27 1 Oct. 1 Dec. 3c Hedley Mascot Gold Mines, Ltd. (quar.) of Company Lyon Metal Products, Inc., 6% pref. (quar.)— Macassa Mines, Ltd Magnin «I.> 6i Co. 'nunr.i preferred (quar.) Nov. 30 Nov. 24 5 Nov. 15 Nov. 20c Hawaiian Agricultural Co. (monthly) Hawaiian Commercial Sugar Name Payable of Record Share of Company Holders When Per Name 2793 Chronicle Financial 145 Nov. Oct. 30 20 20 18 18 Oct. 75c 50c Dec. 1 Nov. 17 11 81 Nov. 1 Oct. 16 Nov. 1 Oct. 15 Pacific Public 1st preferred +32 4c Nov. Oct. 16 Nov. 1 Oct. 15 Oct. Nov. 15 Oct. 25c Nov. 20 20 814 814 Nov. 15 Oct. 30 22 $14 Nov. 25c (quar.) Package Machinery Co., 7% pref. Nov. 814 324c 50c $2 Dec. Oct. Nov. 15 Nov. Oct. 15 314c Nov. Oct. 25 Jan. 3 Dec. 2 83 Jan. 3iDec. 15 81 Nov. 15 Nov. 5 Service 1st preferred (quar.)... Airways (new) Parker Pen Co. (quar.) Passaic & Delaware Extension RR. (s.-a.) Pearson Co., Inc., 5% pref. A (quar.) Pan American Nov. Oct. 16 2794 Financial Per Name of Company When Share Peninsular Grinding Wheel Co. (quar.) Peninsular Telephone, 7% pref. (quar.) Oct. Nov. Nov. 5 Feb. Feb. 5 Nov. Nov. 5 Oct. 21 Sterling, Inc. (quar.) Preferred (quar.) Nov. 12 Stix-Baer & Fuller 7% pref. (quar.) Stouffer Corp., class B 43 Mc Class A (quar.) Strawbridge & Clothier, 6% pref. A (qu.)_. Sullivan Consol. Mines, Ltd Sun Oil Co., common Common (stock dividend) 56Mc SIM Nov. 25c Dec. SIM 55c 55c sim 50c tsio SIM Nov. Oct. Dec. Nov. 20 Nov. 20 Dec. Oct. 31 8 Oct. 8 Nov. Oct. 25 Nov. Nov. Nov. Oct. Oct. Oct. 1 11 SIM SIM Nov. Oct. Ian. Dec. Nov. 1 Nov. 1 91X tlX Dec Nov 20 Dec. Dec. 15 91X $1 4 SI Nov. Oct. Oct. 20 Oct. 20 50c Nov. Dec. Oct. 25 Dec. 20 six 6Mc Nov. 20 Nov. Dec. Dec. 25c Nov. SI Nov. 62 He — Extra Public National Bank & Trust (quar.) Public Service Co. of Colorado 7% pref. (mo.).. Dec. SIM SIM Oct. Oct. Dec. 50c Nov. Dec. Nov. Nov. SIM SIM SIM Public Service Electric & Gas, $5 pref. (quar.). - 37 Mc SI 4 X 25c Oct. Nov. Oct. Dec. 20 Nov. Dec. 20 Nov. S2M Nov. 15 Oct. Nov. 1 1 Oct. 20 25c Nov. 1 Oct. 20 Nov. 1 Oct. 75c Nov. 1 Oct. 20 20 50c Nov. SIM Nov. Oct. Oct. 22 t50c Nov. Oct. 25 14 40c Dec Nov. 15 25c Nov. Oct. 15 Nov. Oct. 21 Oct. 20 Nov. 20 Oct. Quarterly 11 Oct. 20 Oct. 15 Oct. Oct. 15 15 Oct. 20 Oct. 30 Oct. Oct. 30 11 Oct. — 25c 11 Oct. _ 15 Nov. 12 Dec. 10 Mar. 10 June 10 Apr. 25c : July 17c , Nov. Oct. Oct. 15 Oct. 20 8c 15 Dec. 1 Nov. 15 Dec. 16 Dec. 6 lOp SIM Dec. 16 Dec. 6 Nov. 25c Nov. 1 Oct. 15 20 1 Oct. S3 Jan. Oct. 1 SIM Nov. 20 Dec. 1 SIM Jan. Nov. SIM 1 1 7c Nov. 5 75c Dec. 15 50c Nov. 1 (quar.) Schwitzer-Cummins Co 15 Dec. 15 Oct. 26 Oct. 20 Dec. 1 Oct. 15 37Mc Nov. 1 Oct. 20 40c Nov. 15 Nov. 5 1 Oct. 20 SIM Nov. Scotten-Dillon Co.; Seagrams, Ltd., pref. (quar.) Sears, Roebuck (quar.) Seaboard Surety Co 75c ... Seasoned Investments (quarterly) Securities Acceptance Corp Payable in $25 par 6% pref. tock. Securities Corp. General $7 40c 20c 50c pref. (quar.).. Servel, Inc. preferred (quarterly) (Quar terly) Sharp & Dohme. pref. A (quar.)_ Shawinigan Water & Power Co. (quar.) Signode Steel Strapping (quar.) Dec, 15 Nov. 15 Nov. 15 Oct. 30 Nov. 1 Oct. 22 Dec. 24 Dec. 10 SIM SIM Nov. Nov. 35c t37 Mc 2 M % Security Insurance Co. (New Haven) (qu.) Selected Industries SIM preferred Selfridge Provincial Stores Jan. 3 Dec. SIM 25c 87 4c 1 Oct. Oct. Nov. 1 Oct. 15 Nov. Dec. 1 Oct. 16 8 Nov. 16 1 I (liquidating)..: South American Gold & Platinum Co (qu.) Southern Canada Power Co., Ltd. com. Southern Indiana Gas & Electric Co.— Dec. 1 Nov. Nov. 1 Oct. Nov. 15 Oct. Nov. 15 Nov. Nov. 15 Nov. Nov. 10 Oct. 75c Nov. t20c 62Mc 62 Mc Simpson's, Ltd., 6M% preferred Simpson (R.) Co., 6% pref. (semi-ann.) Sioux City Gas & Electric Co., pref. (quar.) Skelly Oil Co. preferred (quar.) Smith (8. Morgan) Co. (quar.).. Solvay American Corp., 5 M % pref. (quar.) SIM SIM II 22 20 4.8% preferred (quarterly) Spencer Shoe Corp., common Spiegel, Inc. (quar.) Preferred (quar.) Sovereign Investment, Inc Squibb (E. R.) & Sons, 1st $6 pref. (quar.) Standard Brands, Inc. $4M pref. (quar.) Standard Steel Spring. Stanley Works (The) 5% preferred (quar.) 15 Oct. 25 Nov. Oct. 15 Nov. Sept. 17 15c Nov. Oct. Jan. Dec. SIM SIM 18 1 1 30 25 1 Oct. 23 1 Oct. Nov. 10 Oct. 30 Nov. Nov. Nov 16 1 Oct. 4 1 Nov. 1 SIM Nov. 15 Oct. 15 10c Nov. 24 Nov. 9 Nov. 15 Oct. 20 120c Nov. 15 Oct. 30 Nov. 15c Oct. 25c Nov. $1,125 Dec. Nov. »i$l Nov. 50c Nov. 31Mc Nov. Dec. Nov. 10 15 50c 15 15 Jan. Dec. 15 20 Oct. Dec. Nov. 15 Jan. Dec. 15 60c . Nov. 50c Nov. Oct. 20 60c Dec. Nov. 15 90c 15 16 Oct. Oct. 16 SI Oct. 30 Oct. 20 25c Nov. 15 Nov. 1 Dec. 1 Dec. 1 Dec. 15 Dec. 1 Dec. 15 Dec. 1 — $6 preferred (quarterly) Truax-Traer Coal Co., 6% pref. (quar.) 5M% preferred (quar.) (Quarterly.) Tung Sol Lamp Works pref. (quar.) _ Dec. Oct. 30 Nov. 1 2c Nov. 22 Oct. 22 lc Nov. 22 Oct, 22 58 l-3c Nov. 1 Oct. 15 50c Nov. 1 Oct. 15 41 2-3c Nov. 1 Oct. 15' 27Mc — Jan. Nov. Nov. Nov. 15 Nov. 15 60c SIM SIM Trane Co SIM SIM — 20c Oct. 20c - (quar.) Nov. Dec. J20c 30c Extra 25c United Biscuit Co. of America Preferred (quar.) Dec. Dec. 50c — — ■ Union Gas Co. of Canada Union Oil Co. of Calif 15 Jan. SI-80 30 Oct. 15 1 Oct. 19 15 Nov. 20 Nov. 10 Oct. Nov. 10 Oct. 25 25 40c Prefeered (quar.) United Corp., Ltd., $1M class A United Drill & Toll (payable indiv. notes) United Dyewood Corp.. pref. (quar.) Dec. 1 Nov. 15 SIM SIM t75c , Feb. 1 Jan. 18 Nov. 1 Oct. Nov. 15 Oct. 30 80c Dec. 1 Oct. 15* 25 10 Jan. 3 Dec. SIM t$l Dec. 15 Nov. 30 75c Nov. 6 Nov. 1 United Fuel Invest., Ltd., 6% preferred United Gas & Electric Corp., common United Light & Ry. Co., 7% pref. 58 l-3c Nov. 1 Oct. 15 (mo.) 7% preferred (monthly) 58 l-3c Dec. 1 Nov. 15 7% preferred (monthly) 58 l-3c .1 Dec. 24 Dec. 15 6.36% preferred (monthly) : 53c Nov. 1 Oct. 15 6.36% preferred (monthly) 53c Dec. 1 Nov. 15 6-36% preferred (monthly) 53c Dec. 24 Dec. 15 6% preferred (monthly) 50c Nov. 1 Oct. 15 6% preferred (monthly) 50c Dec. 1 Nov. 15 6% preferred (monthly) 50c Dec. 24 Dec. 15 United New Jersey RR. & Canal (quar.) S2M Jan. 10 Dec. 20 United States Fire Insurance Co. (quar.) 50c Nov. 1 Oct. 21 United States & Foreign Securities— 1st preferred (quarterly) Nov. 1 Oct. 25 SIM United States Graphite Co. (quar.) 50c Dec. 8 Nov. 24 United States Hofrman Machinery 5M% pref— Nov. 1 Oct. 20 68Mc United States & Intern'l Securities, 1st pref Nov. 1 Oct. 25 tSIM United States Pipe & Foundry Co.. com. (quar.) 75c Dec. 20 Nov. 30* United States Ply-wood Corp. (initial) 25c Nov. 1 Oct. 15 United States Sugar Corp preferred (quar.) Jan. 15 Dec. 15 SIM Preferred (quar.). SIM Apr. 15 Mar. 15 Preferred (quar.). SIM July 15 June 15 ' Universal Leaf Tobacco Co., Inc 75c 1 Oct. 20 Nov. Utica Chenango <& Susquehanna Nov. 1 Oct. 15 S3 Valley RR Utica Clinton & Binghamton RR Debenture (semi-ann.) Dec. 27 Dec. 16 Vapor Car Heating Co., Tnc. 7% pref. (quar.) Dec. 10 Dec. 1 Virginia Railway, pref. (quar.) Nov. Oct. 1 6 SIM Walgreen Co. (quar.) 50c Nov. Oct. 15 Preferred (quar.) SI.125 Dec. Nov. 26 Walton (Charles S.) & Co., Inc., 8% pref. (qu.) Nov $2 Oct. 15 Warren Foundry & Pipe Corp. (quar.) 50c Nov. Oct. 15 — Extra ' Warren (Northerm) Corp., S3 pref. (quar.) 50c 75c Washington Gas Light (quar.) 30c $4M cum. conv. preferred (quar.) SI.125 Washington Light & Traction Co. (D. C.) (qu.)_ $2 Washington Ry. & El. Co., 5% pref. (quar.) SIM 5% preferred (semi-ann.) S2M Wayne Pump Co., special SI Weisbaum Bros. Brower (quar.) 10c West Jersey & Seashore RR. Co. (s.-a.) SIM 6% Special guaranteed (s.-a.) SIM West Penn Electric 6% pref. (quar.) SIM 7% preferred (quar.) SIM West Penna. Power Co., 7% pref. (quar.) SIM 6% preferred (quarterly) SIM West Virginia Pulp & Paper Co., pref. (quar.) SIM Westchester Fire Insurance (quar.) 30c — Extra Western Cartridge Co., pref. (quar.) Western Maryland Ry., 1st preferred Western Tablet & Stationery (quar.) 10c Oct. 15 Oct. Oct 15 15 Dec. 1 Oct. 30 Oct. 15 Dec. 1 Nov. 13 Oct. 30 Nov. Dec. Nov. Nov. Nov. Dec. Dec Oct. 15 Nov. 15 Oct. 15 Oct. 30 Oct. 22 Nov. 15 Nov. 15 Nov. Oct. Dec Nov. 9 Dec. 15 Nov. 15 1-3Dec. 13 Nov. Oct. 22 Nov. Oct. 22 Nov. Oct. 5 Nov. Nov. Nov. Nov. Nov. Nov. Oct. Oct. Oct. Nov. 5 1 21 21 1 ■97 Westinghouse Air Brakes (irregular) Subject to approval of stockholders. Quarterly ; Quarterly Quarterly Quarterly Weston (Geo.) Ltd. pref. (quar.) Westvaco Chlorine Products, pref (quar.) Wheeling & Lake Erie Ry., 4% prior lien (quar.) Whitaker Paper Co Preferred (quar.) White (S. S.) Dental Mfg. Co. (quar.) Will & Baumer Candle Williams (R. C.) & Co Nov. Nov. 1 50c Nov. Nov. 5 Dec. Nov. 27 SIM 25c 25c 25c 25c SIM 37 Mc 10c 15c 12Mc SIM SIM Extra 50c Wisconsin Telephone Co., 7% pref. (quar.)_ W. J. R., The Goodwill Station, Detroit (quar.) Woolworth (F. W.) Co. (quar.) Worcester Salt Co., 6% pref. (quar.) Wrigley (Wm.) Jr. Co. (monthly) Special Monthly Monthly Yuba Consol. Gold Fileds, Inc Zeller's, Ltd Zenith Radio Corp. (quar.) SIM _ Oct. 31 Sept. 30 31 1 Oct. 15 1-30-38 Dec Nov. Nov. SI Nov. 30c Wilson & Co., Inc., common Preferred (quar.) Winstead Hosiery Co. (quarterly) Apr. 30 Mar. 31 July 30 June 30 1 Oct. 1 1 Oct. 25 2 Dec. 18 ' SIM SIM ; - $1.20 30 Jan. — 17 27 3 Oct. ItSlM Nov. S3 22 37Mc (quar.) Oct. Nov. S3 ... 25c —————— Dec. Nov. . — 10c rtxtra Saguenay Power Co., Ltd., pref. (quar.) St. Lawrence Flour Mills (quar.) Preferred (quarterly) St. Louis Bridge Co., 6% 1st pref. (s-a) 3% 2d preferred (semi-ann.) Nov. 24 Nov. 24 SIM — Oct. Dec. Dec. 20c — Nov. — Nov. 12 SI M Nov. 15c Nov. Rockland Light & Power (quar.) Roos Bros., Inc preferred (quar.). Rose's 5-10 & 25c. Stores, new, (quar.) Roxborough Knitting Mills, Inc.— Participating preferred (quar.) Ruud Mfg. Co (quar.) 25 50c 6% preferred A & B (quar.) 15c Nov. Republic Portland Cement, 5% preferred (quar.) Dec SIM Revere Copper & Brass 5M % pref. (quar.) $1.31 M Nov. 7% preferred (quar.) Nov. SIM Rhode Island Hospital Trust (Providence) $20 Nov. Rhode Island Public Service $2 pref. 50c (quar.) Nov. $4 class A (quar.) SI Nov. Rich Ice Cream, Inc 40c Nov. Rich's, Inc. (quarterly). 50c Nov. Richmond, Fredericksburg & Potomac RR— 7 % guaranteed S3M Nov. (semi-ann.). _ 6% guaranteed (semi-ann, l.) S3,Nov. Richmond Insurance Co. of N. Y. 15c [Nov, (quar.) Riverside Cement Co., 1st $6 pref. (quar.) SIM Nov. Rochester Gas & Electric 6% C & D (quar.) Dec. SIM 5% preferred E (quar.) Dec. SIM Roeser & Pendleton, Inc. (quar.) 25c Jan. common 25 1 Oct. 15 Dec. Dec. 15c Reliance Mfg. Co. (111.) (quar.) Republic Investors Fund, Inc.—• Ltd., 20 20 Nov. 15 Oct. 25 Nov. 30 Nov. 1 50c Nov. 60< 15 15 Oct. 25 31 Dec. 15 Oct. 23 Nov. Oct. 23 Dec. Nov. 13 Dec. 37 Mc - Extra 15 Nov. 1 Nov. 20 Oct. 15 Nov. Nov. 8% SIM 6% preferred (monthly) 5% preferred (monthly) Toronto Elevators, Ltd 15 Nov. 20 Nov. 20 Oct. 1 Dec. 18 7 2Mc 25c Toledo Edison Co. 7% pref. (monthly) 15 Oct. Oct. 50c 75c 20 21 Dec. Nov. 20 50c 6% preferred (monthly) Public Service Co. of Nor. 111. (quar.) 7% preferred (quar.) 6% preferred (quar.) 20 Oct. Dec. $2 10 Oct. 37 Mc Jan. 58 l-3c Nov. 50c Nov. 41 2-3c Nov. — — 20 Nov. Nov. SIM — ... 25c 5% first prererred (quar.) 6% preferred (quar.). 7% preferred (quar '.)■ 7.2% preferred (quar.) 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.) Thatcher Mfg. Co., pref. (quar.) Tobacco Products Export Corp Toburn Gold Mines, Ltd. (quar.) 5 $1 X - 7% preferred (quar.) Pullman, Inc. (quar.) Quaker Oats Co. preferred (quar.) Quebec Power Co., com. (quar.) Randall Co., class A (quar.) Rapid Electrotype Co (quar.) Rath Packing Co., 5% pref. (s.-a.) Raymond Concrete Pile Co Special Preferred (quar.) Reading Co. (quar.) Railway & Light Securities Co., 6% pf. (quar.). Reed (C. A.) Co. prior pref. A Regent Knitting Mills, non-cumu., pref. (qu.)__ Regent Knitting Mills, Ltd. (initial) Nov. 37Mc Dec. Tennessee Electric Power Co.— Nov. 20 Nov. 15 Nov. — 6% preferred (monthly) 5% preferred (monthly) Public Service of New Jersey, $5 pref. (quar.) 7% preferred (quar.) 8% preferred (quar.) 6% pref. (mo.) 6% preferred (monthly) 5c Nov. 1 Oct. 25 . - 5% 2nd preferred Public Electric Light Co. (quar.) Oct. Nov. — - 31 Dec. Dec. Dec. Dec. Nov. 40c (quar.) .v Super Mold Corp Syracuse Binghamton & N. Y. RR. (quar.) Tacony-Palmyra Bridge Co. pref. (quar.) Telautograph Corp. (quarterly) 20 50c Holders Payable of Record SIM $43 Mc Profcrrod Sun Ray Drug Co. pref. 8 12Mc 50c Savannah Sugar Refining (quar.) 22 Oct. Nov. Nov. Oct. 40c 45c -— Stecher-Traung Lithograph 7M% pref. (quar.) Steel Co. of Canada (quar.) Stein (A.) & Co 20 SIM Pittsburgh Coke & Iron, $5 pref. (quar.) Pittsburgh Suburban Water Service Co.— $5M preferred (quarterly) Pittsburgh Youngstown <fc Ashtabula Ry. Co.— 7% preferred (quar.)__ Pollock Paper & Box Co. 7% pref. (quar.) Potomac Edison Co., 7% pref. (quar.)__ 6% preferred (quarterly) — Princeton Water, N. J. (quar.) Procter & Gamble Co. (quar.) Prosperity Co., Inc., pref. (quar.) 5% pref (quar.) Pressed Steel Car 6% 1st preferred St. Louis Screw & Bolt preferred San Antonio Gold Mines S*n Francisco Remedial Loan Assoc. 26 1937 When Share Nov. 75c Pennsylvania Sugar Co Pere Marquette Ry prior pref--Prior preferred (quar.) Petrolite Corp., Ltd. (Del.) Philadelphia Co. 6% pref. (semi-annual) Philadelphia Electric Co. (quar.) $5 pret. (quar.) Phillips-Jones Corp., pref. (quar.) Phoenix Finance Corp., 8% pref. (quar.) Pick (Albert) Co Sou. Calif. Edison. Per Name of Company SIM Pennsylvania Power Co. $6.60 pref. (monthly)-. $6.60 preferred (monthly) $6 preferred (quar.)— Preferred (quar.) Silex Co Simms Petroleum Co. Holders Payable of Record 5c Oct. 30. SIM 7% preferred (quar.) Penmans, Ltd. (quar.).. Preferred (quar.) Pennroad Corp $6 preferred (quar.). Chronicle Jan. Jan. 2 Dec. 18 Nov. 15 Oct. 30 Nov. 15 Nov. 1 Nov. Oct. 21 Dec. Nov. 15 Nov. Oct. 15 Nov. Nov. Oct. Oct. Oct. 16 IK 30 Oct. 20 40c Oct. 30 Oct. 20 60c Dec. 1 Nov. 10 $14 Nov. 15 Nov. 25c Nov. 50c 25c 25c Nov. Dec. Jan. 10c Nov. SIM Nov. 50c Oct. 5, 20 Oct. 20 Nov. 20 Dec. 20 1 Oct. Oct. 13 Oct. 15 30 Oct. 15 •Transfer book* not closed for thi« dividend t On account of accumulated dividends t Payable in Canadian funds, and in the case of non-residents of Canada, a tax of 5% of the amount of such dividend will be made. deduction of Volume Financial 145 OF MEMBERS THE OF Capital Net Demand Deposits, Average the corresponding ___ 1937 Oct. 28^ 1936 Deposits, Average with the previous week and 1 Time Profits • Clearing House in comparison date last year: YORK CLEARING HOUSE SATURDAY, OCT. 23, 1937 Undivided ♦ shows the condition of the Federal Reserve business Oct. 27, 1937, The following Bank of New York at the close of NEW ASSOCIATION FOR THE WEEK ENDED York New The weekly statement issued by the New York City Clearing House is given in full below: STATEMENT Bank of Condition of the Federal Reserve York City Weekly Return of the New Clearing House 2795 Chronicle Surplus and Members 27. Oct. 1937 Oct. 20, S $ $ Assets— Gold certificates on hand and due from Bank 0INY4 Trust Co Bank ol Manhattan Co. 90,000,000 Manufacturers Trust Co 42,661,000 Cent Hanover BkATr Co 404,752,000 25,804,400 58,932,400 al,461,450.000 409,484,000 54,330,900 180,657,900 51,348,871,000 447,092,000 44,247,000 696,507,000 68,756,100 245,725,000 17,632,600 433,646,000 105,095,400 465,186,000 61,140,100 38,137,000 4,095,300 126,158,500 el,839,229,000 47,848,000 3,529,900 76,151,400l d762.438.000 13,482,000 1,301,800 98,716,000 9,061,900 20,000,000 77,500,000 20,000,000 Guaranty Trust Co 21,000,000 Corn Exch Bank Tr Co. 15,000,000 First National Bank 10,000,000 Irving Trust Co.. 50,000,000 Continental Bk A Tr Co 4,000,000 Chase National Bank... 100,270,000 Fifth Avenue Bank 500,000 Bankers Trust Co Title Guar A Trust Co.. 25,000,000 10,000.000 Marine Midland Tr Co.. 11,070,000 46,773,000 137,898,000 13,252,400 6,000,000 National City Bank Chem Bank & Trust Co. 5,000,000 3,608,896,000 3,561,968,000 3,240,051,000 1,527,000 1,476.000 1,515,000 74,523,000 65,512,000 82,278,000 United States Treasury.x Redemption fund—F. R. notes 199,230,000 Other cash 16,139,000 70,753,000 103,099,000 53,804,000 24,956,000 4,208,000 7,431,000 8,247,000 58,814,000 3,199,000 48,273,000 f Total reserves-- 3,692,689,000 3,638,018,000 3,307,039,000 .. Bi.is discounted: Secured S. Govt, obligations, U. by direct 9,005,000 4,953,000 1,016,000 1,016,000 4,672,000 market Bills bought in open 6,367,000 2,638,000 9,063,000 bills discounted Total v 2,417,000 4,680,000 1,097,000 6,299,000 211,831,000 6,646,000 lully guaranteed or Other bills discounted ;.. 2,862,000 2,091,000 7,000,000 7,000,000 Totals 894,916,300 523,431,000 58,059,000 270,523,000 73,545,000 77,796,000 28,125,700 7,976,700 8,665,900 12,500,000 Public Nat Bk A Tr Co Industrial advances Treasury notes 211.830,000 332,485,000 Treasury bills New York Trust Co Comm'i Nat Bk A Tr Co 2,498,000 3,322,000 34,720,000 2,080,000 180,714,000 332,269,000 180,929,000 100,381,000 383,224,000 161,638,000 725,029,000 725,029,000 645,243,000 739,780,000 739,730,000 657,592,000 56,000 56,000 86,000 United States Government securities: Bonds ... 756,675,000 9,272,325,000 Total U. S. Government securities*As per official reports: National, Sept. 30, 1937; State, Sept. companies, Sept. 30. 1937. Includes deposits in foreign branches as follows: C$125,336,000; d $38,966,000. a 30, 1937; trust §275,930,000; 5 $96,724,000; Total bills and securities Due from foreign banks The publishes regularly each week number of banks and trust companies which members of the New York Clearing House. The of are not following INSTITUTIONS 10,005,000 10,005,000 8.052,000 137,618,000 10,856,000 All other assets 12,075,000 11,761,000 29,538,000 Uncollected items the figures for the week ended Oct. 22: 4,614,907.000 4,585,862,000 4,150,781,000 Total assets CLEARING HOUSE WITH THE CLOSING WEEK ENDED FRIDAY, OCT. 2*. 1937 NOT IN 8,540,000 177,752,000 Federal Reserve notes of other banks..- a are 7,636,000 152,666,000 Bank premises "Times" York New returns OF BUSINESS FOR THE NATIONAL AND BANKS—AVERAGE FIGURES STATE Liabilities— 841,818,000 952,992,000 947,960,000 3,072,842,000 2,920,453,000 Deposits—Member bank reserve acc't— 3,109,994,000 22,325,000 23,158,000 31,005,000 U. S. Treasurer—General account 24,323,000 98,278,000 95,972,000 Foreign bank 83,148,000 141,376,000 160,453,000 Other deposits F. R. notes in actual circulation Loans, Res. Dep., Other Cash, D\sc. and Bank Notes Trade Bank of N. Y. Gross Trust Cos. Deposits 3,145,800 1,004,000 117,097 9,505,000 2,348,146 335,460 $ $ $ 6,958,800 123,600 474,000 21,265,000 23,908,000 6,316,927 Sterling National Banks and Elsewhere $ $ Manhattan— Grace National Y. and N. Including Investments Dep. Other Total deposits 27,607,800 6,799,746 Capital paid in 299,600 1,698,400 263,800 92,000 6,425,000 4,922,000 National. People's National 718,000 268,000 $ $ 55,349,000 9,223,347 11,140,300 20,561,700 12,013,100 1,549,511 761,112 231,296 United States 400,500 70,332,100 10.695,694 15,258,655 55,000 114,115,000 37,157,771 557,400 81,700,000 31,407,809 3,320,0C0 2,331,028 Includes amount with Federal Reserve as x Federal Reserve notes or a 9,362,000 bank's own Federal by the United States Treasury for the gold taken when the dollar was, on Jan. 31, 1934, devalued from These are certificates given over from the Reserve banks 100 cents to 59.06 cents, these certificates difference, the difference under the Itself having been being worth less to the extent of the appropriated as profit by the Treasury of 1934. provisions of the Gold Reserve Act Banks of the Federal Reserve System Following is the weekly statement issued by the Board of Governors of the resources and liabilities of the reporting member banks in 101 leading principal Federal Reserve System, giving the cities from which weekly returns are obtained. for the Reserve banks themselves. The comment of the Board of Governors of 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 May 19, 1937, various changes were made in the breakdown Federal Reserve Bank of New York of April 20, 1937, as follows: Commencing with the statement of described in an announcement of the 4,952,000 ad-' Reserve bant notes. items of the These figures are always a week behind those the Federal Reserve System upon the figures for industrial make f "Other cash" does not Include follows: Weekly Return for the Member to 84.8% 670,000 purchased bances Empire, $7,027,300; Fidu¬ ciary, $865,806; Fulton, S6,462,700; Lawyers, §11,008,400. , ' ■* 85.0% 85.0% 955,000 4,934,000 Commitments 10,666,473 23,990,800 38,169,200 72,725,861 and to deposit combined reserve liability on bills for foreign correspondents Brooklyn— Brooklyn Kings County total of Contingent 36,994,000 9,267,777 #1,243,299 *6,744,300 27,439,900 *11,626,300 64,062,923 23,389,556 Lawyers. 4,319,100 1,756,981 12,274 838,900 #9,022,100 Federation Fulton $ $ Ratio F. R. note liabilities Empire. Fiduciary Deposits 7,373,000 Gross Trust Cos, Elsewhere $ Manhattan— Banks and 50,825,000 7,744,000 8,849,000 7,744,000 9,117,000 1,768,000 4,614,907,000 4,585,862,000 4,150,781,000 Total liabilities Dep. Other Y. and N. Cash ... All other liabilities Res. Dep., Loans Disc, and Investments 51,474,000 7,744,000 9,117,000 1,885,000 Surplus (Section 13b) Reserve for contingencies FIGURES TRUST COMPANIES—AVERAGE 51,077,000 Surplus (Section 7) 7,796,700 5,434,000 133,677,000 50,246,000 176,034.000 51,079,000 51,474,000 148,226,000 Deferred availability items Brooklyn— Lafayette 3,397,424,000 3,335,654,000 3,050,249,000 .... 29,589,000 member banks for a week later. of loans as reported in this statement, which were classification of loans and discounts. This classification has been changed primarily to show tne 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 loans" and would each be segregated as "on securities" and "otherwise secured and unsecured." A more detailed explanation of the revisions was published in the May 29, 1937, issue of the "Chronicle," page 3590. The changes in the report form are confined to the "other loans* ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING New York Boston Total Federal Reserve Districts— CITIES, BY DISTRICTS. ON OCT. 20. Cleveland Richmond Phila ~~~ 21,890 investments—total San Fran Dallas S S i 5 $ 633 552 3,022 657 511 2,138 1,147 1,885 708 8.953 405 1,279 280 1,034 316 187 1,049 4,356 251 247 732 289 466 9,913 Loans—total 706 12 53 40 15 13 44 19 256 44 11 39 53 599 132 587 342 99 141 175 262 161 1,812 89 298 143 4,241 55 11 25 4 35 53 6 4 4 18 14 16 56 20 21 369 Commercial. Indus, and agrloui. loans: On securities — Otherwise secured and unsecured.. 482 Open market paper Loans to brokers and dealers Other loans for purchasing or ... 87 199 23 19 13 1,119 37 940 19 25 4 4 carrying 318 37 40 19 15 89 84 243 60 176 29 27 86 4 66 2 4 1 3 5 26 45 727 On securities unsecured. United States Government obligations Obligations fully guar, by U. S. Govt. Otherwise secured and Other securities Reserve Bank- Cash in vault 66 M 48 119 30 55 259 58 43 41 53 417 3,011 315 830 277 166 11 10 15 11 83 28 53 30 37 104 197 159 250 186 683 1,405 15 50 28 121 61 96 60 33 188 44 285 73 100 50 263 65 119 1,152 270 44 133 395 2,949 322 100 806 113 327 127 168 2,696 237 76 257 139 5,368 11 20 1,132 23 434 40 17 41 11 58 6 37 76 11 318 18 12 89 200 110 162 167 145 190 136 139 63 106 280 1,787 23 29 209 79 570 88 104 40 40 92 24 1,314 397 921 420 2,219 396 1,077 330 492 6,501 799 262 975 999 198 184 127 289 185 147 1,145 747 122 274 868 5,285 — 16 14,789 domestic banks Other assets—net 2 17 44 12 6 26 70 508 13 11 8 356 197 257 LIABILITIES Demand deposits—adjusted Time deposits United States Government deposits.. 287 12 236 115 211 2,009 275 321 188 705 5,088 478 3 1 1 1 10 7 517 1 1 1 1 6 22 6 "326 89 366 57 327 - Domestic banks Foreign banks 3 7 Borrowings O ther liabilities— 263 822 7,896 ... Inter-bank deposits: 2 1 — Other loans: Reserve with Federal 10 46 93 Loans to banks 36 13 663 1,167 securities Real estate loans Balances with 1937 (In Million* of Dollars) Minneap. Kan. City % S ASSETS Loans and St. Louis Chicago Atlanta 218 866 - — ""*25 396 """23 17 3.617 — Capital account 27 237 1,612 227 348 92 89 1 15 Financial 2796 Chronicle Oct. 30, mi Weekly Return of the Board of Governors of the Federal Reserve System The following was issued by the Board of Governors of the Federal Reserve System showing the condition of the twelve Reserve banks at the close of business for the System as a week last year. Wednesday. Thursday afternoon, Oct. 28, on The first table presents the results whole in comparison with the figures for the eight preceding weeks and with those of the corresponding The second table shows the resources and liabilities separately for each of the twelve banks. Reserve Agents and the The Federal (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve note statement returns on Federal Reserve banks. for the latest week COMBINED RESOURCES The comments of the Board of Governors of the Federal Reserve System the upon in our department of itCurrent Events and Discussions. appear AND LIABILITIES OF THE Oct. Three cipher» (000) omitted Oct 27. 1937 1937 % S A8SET8 20. FEDERAL RESERVE BANKS AT THE CLOSE OF Oct. 13. 1937 Oct. 6, 1937 $ $ Sept 29, 1927 S Sept. 22, 1937 t BUSINESS OCT. 15, Sept. 1937 1937 1**7 Sept. 1, 1937 9 9 27. Sept. 8, Oct. 28, 1936 s 9 Gold ctfs. on hand and due from U. S. Treas.i 9,126.301 9,126.389 9,126,889 9,127,381 9.127.392 9,129,890 9.129.89C 8,830,896 Redemption fund (Federal Reserve notes).... 9,421 9,438 9.646 10.422 10,422 8,661 9,192 8,964 — 315.489 303,903 293,765 300.80U 316,143 308,416 296.320 271,248 294,237 265,825 Total reserves........................... 9,451,301 9,439.730 9,430,300 9.438.626 9,453,967 9,446,969 9,435,402 9.111,102 9,134,575 8,913,929 Other cash • ......... 8,831,389 8.63S831 8.94! 12.273 Bills discounted: 8. Government obligations, Secured by U. direct or fully guaranteed 17.800 13.193 13,268 12,327 11,951 13,356 13.151 12,187 12,915 3,421 Other bills discounted.. 5,530 6,291 10,183 10.729 11,639 10.839 10,047 11,372 10,811 2,686 Total bills discounted 23,126 18,484 23,451 23.056 23,590 24,195 23.198 23,559 23,720 6,107 2.830 2.830 2.830 2,813 3,026 3,026 3.067 3,070 3,076 3.087 Bills bought In open market 19,450 Total U. 8 20,598 20.601 20.603 20,709 20,785 26,299 738.073 738.073 738.073 738.073 738,073 738,073 378,077 1,157.713 1,157.713 1,157.713 1,157.713 1,157.713 1,157,713 1,157,713 1,157,713 1,443,363 630.404 630.404 630,404 630,404 630,404 630.404 630,404 630,404 608,787 2,526,190 2.526,190 2,526.190 2,526.190 2,526,190 2.526.190 2,526.190 2,520,190 2,526,190 2,430,227 2,571,896 Government securities 19,680 738,073 629.654 Treasury bills 19,622 738.073 1,158.463 Treasury notes 19,478 738.073 Industrial advances.. United States Government securities—Bonds.. 2,506,982 2,572,093 2,671,739 2,573,404 2.574.012 2,573,058 2,573.534 2,573,777 Foreign loans on gold Total bills and securities 2,465,720 • Gold held abroad Due from foreign ba """l73 s 173 173 190 """190 190 ""231 """221 """221 """220 28.526 27,814 28.172 27,370 27,419 29,143 23,057 27,785 24,720 714.261 657.615 633.125 637.059 093.3'8 859.544 569,257 625.356 45.435 Bank premises All other assets 28.43 L 622.341 Federal Reserve notes 01 other banks... Uncollected Items 45,455 45.456 45.456 45.514 45,417 45.428 45,425 45,423 573,806 48,062 40,807 39.679 40.849 39.114 37.952 37,292 36.704 46.931 45.515 39.116 12,760,479 Total assets 12,834,711 12,774,300 12,756,416 12,775.446 12.824.627 12,979,510 12,369,527 12,452,052 12,065,573 LIABILITIES Federal Reserve notes I n actual circulation.... 4,256,097 4.270,223- 4,291,619 4.284.339 4.246.268 4,253,156 4.271.313 4,295,483 4.260,604 4,086,242 Deposits—Member banks' 6.950.730 6,938.802 7,003.033 6,977.186 6.864.732 6,709,993 6.731.214 6,732,003 287,311 7,032.833 140.273 243.378 94.016 United States Treasurer—General account.. Foreign banks Other deposits Total deposits....... 81,557 265.801 218.679 reserve account 276,444 6,918.902 83.231 283,014 202,130 174,745 134,065 76,183 99,903 193.490 347,686 130,390 156.264 199.837 200.427 189,657 65,479 125.612 237.332 124,734 112,978 113,616 140,887 154,170 7,529,346 7,438.933 7,459.892 7.500.692 7.542,096 7.632,742 7,525,233 7.154,426 7,224,022 7,051,555 Deferred availability Items 624.534 716,041 690.025 834.534 570,018 620.482 577,408 132.683 132,679 622.374 132.627 637.764 Capital paid in Surplus (Section 7) Surplus (Section 13-B) 672,090 132.656 132,604 132,005 132.590 132,588 132,594 130,241 145.854 145.854 145.854 145.854 145.854 145,854 145,854 145,854 145,501 27.615 27.615 27,490 27.490 27,490 27.490 27,088 35,769 35,803 35.804 35,803 35.803 35,839 34.236 8.582 7.597 8.996 7.336 35,803 7.567 27,490 35,838 27.4!H) 35,768 145,854 27.490 6,952 6.693 7,230 5,767 13,302 12,760,479 12,834.711 12,774.300 12.756,416 12,775,446 12.824.627 12.979.510 12.369,527 12.452,652 12,065,573 80.2% 80.2% 80.2% 80.1% 80.2% 80.2% 80.0% 79.6% 79.5% 80.0% 2,326 1,855 1,511 1,365 1,338 1,643 1,579 1,727 1,873 14.488 114,554 tl4,654 14.739 14,880 14,970 15,021 15,236 15,404 22,790 21,044 21,422 20.537 4,262 ..... Reserve for contingencies All other liabilities Total f liabilities.......................... Ratio of total leserves to deposits and Federal Reserve note liabilities combined Contingent liability on bills purchased for - foreign correspondents Commitments to make Industrial advances... Maturity Distribution of Bills and Short-term Securities— 1-16 days bills discounted 16-30 days bills discounted 31-60 days bills discounted 61-90 days bills discounted _ Total bills discounted 1-16 days bills bought In 16-30 days bills bought in 31-60 days bills bought In 61-90 days bills bought In Over 90 days bills bought . ... 21,306 21,534 21,219 21.223 301 291 434 1,429 445 706 802 564 612 824 954 1,012 850 854 1,024 478 348 318 436 556 603 333 652 334 1,101 1,092 594 492 Over 90 days bills discounted 21,744 456 515 . 16,604 823 234 187 174 141 73 74 194 162 23,426 18,484 23,451 23,720 6,107 23,056 23,590 24,195 23,198 23,559 391 1,200 1,271 69 132 1,016 391 391 1,555 1,200 154 302 1,235 723 168 416 285 2,486 1,317 200 682 1,284 1,328 2,617 2,830 2,813 3,026 3,026 3,067 3,076 3,076 3,087 960 1,009 1,179 1,133 887 908 970 1,092 open market 171 26 26 open market 232 297 200 49 open market 117 222 273 278 2,310 2,285 2,331 2,830 2,830 1,086 1,057 open market .. . in open market Total bills bought In Open market......... I- J/days Industrial advances 16-30 days Industrial advances 31-60 days Industrial advances 61-90 days Industrial advances Over 90 days Industrial advances 257 525 31 Total Industrial advanoes . . 1-16 days U. S. Government securities 16-30 days U. 8. Government securities...... 31-60 days U. 8. Government securities 41-90 days U. 8, Government securities Over 90 days U. S. Government securities 301 290 190 209 422 445 334 818 645 604 572 561 423 462 526 608 830 928 903 696 723 728 667 498 984 16,519 .... 161 712 876 16,612 16,788 16,814 17,961 17,975 18,143 18,227 18,457 23,314 19,450 19,478 19,622 19,680 20,598 20,601 20,003 20,709 20,785 26,299 29,685 31.370 60,168 52,853 30,190 27,349 25,282 27,472 20,006 28,366 27,472 57.034 59,655 103,105 26,006 101.670 32.189 54,821 37,521 184,628 30,190 27.549 25,282 59,655 60,794 61,055 59.729 57,016 59,486 2,352,114 51,7b8 2,351.335 60,168 63,358 2,352,485 2,350.438 2,350,146 2.351,815 2,526,190 2,526,190 2,526,190 2,526,190 2.526,190 4,612,569 356,472 4,618,979 4,608,405 348,756 316,886 4,609,199 324.860 4,602,269 356,001 4,270,223 4,291,519 4.284,339 4,637,132 23,186 32,000 4,641,132 4,639,132 18,276 32,000 23,149 32,000 4,692,318 Total U. 8. Government securities.... 29.685 63.358 2,526,190 . 29,539 4,256,097 .. 301 4,691.408 4.694.281 4,690,954 42,362 61,055 28,951 2,353,663 55,472 60,794 2,280.813 2,270,455 2,136.765 2,620.190 2,526,190 2.520,190 2,430,227 4,613,505 360,349 4,620,315 4,624,774 4.563,174 4,388,746 349,002 329,291 302,570 302,504 4,246,268 4,253,156 4,271,313 4,295.483 4,260,604 4,086,242 4,636,132 4.633.132 4,633,132 4.600.632 4,365.838 22.183 22.755 4.632.132 22,807 4,619,132 22,822 4,361 32,000 32,000 32,000 23,166 32,000 23,339 32,000 20,000 93,000 4.687.315 4,687,887 4,686,939 4,674,298 1-15 days other securities 16-30 days other securities 31-60 days other securities.. 61-90 days other securities Over 90 days other securities Total other securities . Federal Reserve Notes— Issued to Federal Reserve Bank by F. R. Agent Held by Federal Reserve Bank In actual circulation Collateral Held bp Agent at Security for Notes Issued to Bank— Gold ctfs. on hand and due from U. 8. Treas.. By eligible paper United States Government securities Total collateral • x "Other cash" does not Include These are cents on Jan. Federal certificates Reserve notes, 4.643,971 4,463,199 f Revised figure. given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.04 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 Federal Reserve System (Concluded) Weekly Return of the Board of Governors of the Three Ciphers (000) Omitted $ RESOURCES Gold certificates on band and 1 1 I I Atlanta S 1 due $ 9 9 % S San Fran Dallas Louis Minneap. Kan. City St Chicago I Richmond Cleveland Phila. New York Boston Total Federal Reserve Agent at— BANKS AT CLOSE OF BUSINESS OCT. 27, 1937 EACH OP THE 12 FEDERAL RESERVE AND LIABILITIES OF OF RESOURCES WEEKLY STATEMENT 2797 Chronicle Financial 145 483,494 1,032 690 525 1,385 782 934 515 175 312 25,022 16,516 17,049 13,969 39,078 17,759 6,680 21,228 16,945 694,905 1,460 29,769 315.489 451,134 3,608,896 96 1,515 82,278 29,196 686,405 480,426 3,692,689 509,548 703,611 320,494 242,648 1,782,921 295,561 200,102 298,160 199,007 726,134 9,451,301 255 120 262 184 498 174 818 224 4? 294 1,080 408 540 9,126,391 from United States Treasury 9,421 Redemption fund—Fed. Res. notes.Other cash ♦ Total reserves 181,750 276,757 192,907 276,868 227,294 1,743,061 302,920 Bills discounted: Secured by U. 8. Govt, obligations. direct and(or) fully guaranteed.. 17,890 1,419 6,646 4,824 640 608 1,104 1,330 5,536 700 2,417 204 141 139 607 70 747 1,711 1,400 Otber bills discounted 23,426 2,119 9,063 5,028 205 1.016 291 268 110 98 352 78 54 79 2,830 2,902 53,791 84,429 45,889 4,672 3,637 804 1,875 149 774 244 664 502 1,122 2,105 19,450 Total bills discounted. Industrial advances 211,830 62,330 71.851 32,428 81,339 32,543 64,000 332,485 97,832 112,775 61,007 50,899 127,668 51,079 37,684 36,267 56,921 28.816 53,174 61.296 33,159 27,664 69.391 27,763 20,482 30,939 45,233 24,585 100,451 180,714 111,385 82,176 124,127 98,634 219,049 83,188 125,788 100,243 221,894 738,073 8. Government securities—Bonds. Treasury notes Treasury bills 1,158.463 629,654 ... 38,868 2,526,190 184,109 725,029 213,336 245,922 133,034 110,991 278,398 2,571,896 189,335 739,780 222,292 247,775 135,766 112,949 280,924 173 14 56 19 17 8 7 23 28,526 Total bills and securities...... 530 7,636 152,666 1,006 50,894 1,604 3,392 2,260 3.295 Fed. Res. notes of other banks.. 10,005 12,075 4,847 5,112 Total 13 2 6 6 ^,073 777 2,639 27,178 1,141 18,349 34,468 3,171 31,589 3,363 , 59,200 54,912 21,500 6,254 2,728 2,554 2.202 4,620 2,353 1,513 4,361 1,517 3,699 1,527 1,418 1,778 737,486 4,614,907 793,718 1,022,822 519,854 383,083 2,159,705 440,756 305,713 465,444 328,401 988,590 947,960 315,096 433,776 '214,537 342,537 3,109,994 31,005 2,442 358,728 452,948 214,153 3,466 9,416 6,775 95,972 160,453 26.059 24,464 11,434 6,276 11,554 3,865 366.705 3,397,424 394,529 498,382 236,227 58,541 12,943 54,107 4,877 61,781 3,015 40,807 2,385 12,760,479 resources. 54,598 25,581 1,364 1,423 45,435 premises All other resources 200 79 84,223 ■V. 622,341 Uncollected Items... 24,010 111,962 2 2,173 Due from foreign banks Bank 255 781 Bllls bought In open market U ' ' ■ 2,958 • V : ■ ' ■ • . LIABILITIES F 284,259 4,256,097 R. notes In actual circulation Deposits: 6,950,730 Member bank reserve account 94,046 U. 8. Treasurer—General account. 19,412 265,891 Foreign bank Other deposits 2,314 218,679 7,529,346 Total deposits Deferred availability ltems. 624.534 62,327 148,226 50,009 Capltal paid In 132,683 51,077 12,259 Surplus (Section 7) 145.854 27,615 9,385 9,826 2,874 35,768 1,570 8,582 540 9,117 1,885 Surplus (Section 13-B) Reserve for contingencies— All other liabilities 157 "Other cash" does not Include 1,839 242,730 186.296 538,996 4,617 3,345 11,922 30,846 7,977 1,401 5,885 182 7,712 2,854 18,880 3,786 6,116 2,659 4,575 7,712 2,369 9,307 183,420 1.051,932 220.560 138,489 255,199 199,231 587,248 21,238 85,116 29,014 3,844 35,000 4,065 34,136 12,899 21,504 3,613 3,878 3,851 10,174 4,655 19,042 2,891 3,116 27,778 4,391 5,616 17,450 9,645 4,869 754 1,416 545 1,003 1,142 1,262 2,121 1,690 7,721 1,200 2,027 941 1,847 2.037 363 1,412 408 475 292 298 724 465,444 328,401 988,590 3,000 3,121 1,138 729 318 793,718 1,022,822 519.854 440,756 305,713 198 92 75 249 65 49 62 62 152 210 144 New York 875 1,687 354 10 1,035 51 117 269 3,173 383,083 2,159,705 RESERVE NOTE STATEMENT X 356.472 Atlanta 331,885 461,216 % 227,812 16.789 27,440 St. Chicago $ S $ i 333.563 1,058.861 110,901 49.304 4,612,569 Bank . Cleveland Richmond Phila t % 13,275 Louis Minneap. Kan. City San Fran. Dallas % S S S S 184,985 1,009,808 32,103 19,374 193,855 13,325 144,803 177.589 98,336 389,856 6,133 12,397 8,080 47,351 947,960 315.096 433,776 214,537 165,611 977,705 180,530 138,670 90,256 342,505 284,259 165,192 4.256,097 337,000 464,000 228,000 190,632 148,000 101,500 781 747 255 257 1,080 408 540 5.028 168,000 1,020,000 1,400 1,528 399,000 341,000 1,060,000 9,043 2,119 180,000 4,637,132 circulation actual Boston Total Federal Reserve notes: In 126,369 3,422 1,497 4,934 Omitted Held by Federal Reserve 342,505 202,081 Federal Reserve notes Federal Reserve Bank of— Issued to F. R. Bank by F. R. Agent 90,256 166,284 1,009,614 10,071 4,043 1,007 FEDERAL Three Ciphers (000) 165,192 14,323 955 14,488 * 2,326 correspondents for foreign 138,670 4,325 737,486 4,614,907 12,760,479 Total liabilities 180,530 13,362 51,474 7,744 bntlngent liability on bills purcl 977,705 165,611 148,257 181,080 101,908 399,540 by Agent as security Issued to banks: Collateral held for notes Gold certificates on band and due from United States Treasury Eligible paper.. 23,186 U. 8. Government securities 32,000 United Securities Government States York Stock 342,028 343,119 1,069,043 4,692,318 Total collateral 12,000 20,000 on 464,7811 the New 228,747 189,528 1,021,400 Transactions Stock and Bond United States Treasury Rates quoted are the at Averages—See page 2813. 0.20% Mar. 23 1938. 0.27% 0.30% 0.30% 10 1937 0 20% 0 20% Nov. 24 1937 0 20% Dec. 1 1937 0.22% Dec. 8 1937 0.22% Dec. 15 16 17& 0.22% Dec. 181937 20 21 & 22 1937- 0.22% Dec. 29 1937 0 22% Jan. 5 1938 0 23% 6 1938. April 13 1938. April 20 1938. April 27 1938. May 4 1938. May 11 1938. May 18 1938. May 25 1938. 12 1938 0 23% June 1 Jan. Quotations of representative stocks as each day of the past week: 0 27% Nov. 17 1937 April Oct. 25 Oct. 26 Oct. 27 Oct. 28 Oct. 29 Francs Francs Francs Francs Francs Bank of France 6,300 Banque de Paris et Des Pays Baa Banque de l'Union Parlslenne.. 1.054 427 33% 0.33% 8 1938. 0 35% Cle 15 1938 0.35% Citroen B 1938 0.35% Canal de Suez cap Cle 222 460 1,410 Generale d'Electrlclte., Generale Transatlantlque 19 1938 0 23% Jan. 26 1938 0 23% June Feb. 2 1938 0 25% June 22 Feb. 9 1938 0 25% June 29 1938 0.35% Coraptolr Natlonale Coty 8 A Feb. 16 1938 0 25% July 0.38% Courrleres. Feb. 23 1938 0 25% 2 1938 0 27% 1938 July 13 1938 July 20 1938. July 27 1938 9 1938 0.27% Mar. 16 1938 - Credit Commercial de France. 0.38% Credit Lyonnalse 0.38% Eaux Kuhlmann Littoral— .... Llqulde. Lyon(PLM) L'Alr Treasury Notes—Friday, Oct. 29 a more 32ds of Capital Rentes Maturity Bid A sled Maturity 100.25 100.27 99.26 Mar. 15 1942. Dec. 15 1939... June 151941... 1 X% 100.5 100.7 Mar. 15 1939... 1H% IX % M% IX% 101.2 101.4 Feb. 100 21 100.23 June 100.27 100.29 Mar. 15 1938. 100.25 100.27 151938... 15 1941... Sept 15 1939... Mar. 15 1941... June Dec. 15 1940 15 1940... 100 28 100 30 Sept 15 1942. 100 28 100.30 June 1 H% 1 1938. 15 1938. A sled 101.10 100.25 100.27 101.15 102.3 102.5 2X% 2%% 2%% 101.29 101 31 3% 2% Perpetual 3% 4%, 1917 4%, 1918 - %, 1932 A Rentes 4)4%. 1932 B 1920 Royal Dutch Rentes 5%, 101.17 15 1939. Sept. 15 1938. Bid 101.8 Mar. 15 1940. 99 22 1 H% 1H% 1H% IX % Dec. Dec Rate - Rentes 4 H Int. Int. Rate 100.23 100.25 101.22 101.24 101.9 101.11 Saint Gobaln C <fc C Schneider & Cle Soclete Ford Generale Fonclere Soclete Lyonnalse Soclete Francalse Soclete Marseillaise.... Hllk. pref Tublze Artlflcal Union d'Electrlclte Wagon-Llts -- 626 1,090 628 1,090 _ Pechlney Rentes 1,350 291 741 360 24 1,926 Orleans Ry 6% Rentes, 1,350 291 502 720 Nord Ry Pat he Figures after decimal point represent one or point. HOLIDAY du Nord Energle Electrlque du Quotations for United States - Lyonnalse cap Energle Electrlque 205 452 1,410 d'Escompte 0.38% 0.27% Mar. 690 200 238 25,000 .... Jan. 6.300 1,044 427 246 25,000 613 1,280 49 522 685 210 Cle Dlstr d'Electrlclte 1938. 1,302 1,300 49 520 Canadian Pacific 0.33% 0 33% 0.35% 6 cable Francs 0 30% 0 received by Oct. 23 0.30% June Mar. BOURSE PARIS Asked Bid Asked Mar. 30 1938. Nov. Exchange, Bills—Friday, Oct. 29 THE 3 1937 Stock for discount at purchase. Bid Nov. York New Yearly—See page 2813. Daily, Weekly and Exchange—See following page. 202,887 72.30 69.30 68.40 75.30 74.40 94 80 5,720 j .960 1,090 505 716 744 362 24 1,928 72.10 69.10 68.10 75.20 74.10 94 80 5,850 1, J85 1,085 ID* 1,350 6b G4 1.34Z ---- ---- 125 *00 124 396 90 90 ---- 6,400 6,400 6.400 1,079 1.099 440 439 251 256 254 25,200 24,900 25,000 625 622 1,300 'mm 1,320 49 522 'm mm - - - 1,330 49 _ 516 ' 687 687 200 220 204 232 454 460 1,430 1,430 1,430 1,370 1,370 1,350 298 298 515 507 635 645 1,110 1,120 739 mm, m - mw mm' 1,120 371 24 - m + 762 369 200 m 743 754 mmmm 24 rn m mm 372 mm 1,975 1.990 73.00 73.00 73.40 69 40 69.20 69.20 68.50 68.25. 68.30 75.80 75.60 75.40 74.90 74.60 95.00 94.75 5,910 2,015 5,880 2,020 1,110 1.095 65 66 114 114 1,368 1,367 mm mm 74.40 94.60 5,940 ' ' mmm* mmmm 66 m mm mm mm "l36 ~140 405 398 90 89 ■mrnmm 2798 °ct' Stock and Bond Sales—New York Stock 30' 1937 Exchange DAILY, WEEKLY AND YEARLY Occupying Altogether Sixteen Pages—Page One Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day. of such sales in computing the range for the year. NOTICE No account Is taken United States Government Securities Below furnish the Neu) on York Stock Exchange the transactions in Treasury, Home Owners' Loan and Corporation bonds on the New York Stock Exchange during the current week. Quotations after decimal point represent one or. more '62ds of a point. we daily record of a Oct. 23 Oct. 25 Oct. 26 Oct. 28 Oct. 29 Daily Record of V. S. Bond Prices Oct. 23 115.15 115.12 115.11 115.16 115.23 Treasury 115.15 115.12 115.10 115.14 115.19 (Close 115.15 115.12 115.10 115.16 115.19 Total sales in $1,000 units... 1 2 9 (High 106.11 106.12 106.15 106.20 106.19 106.10 106.11 106.12 106.17 106.17 106.18 106.10 106.12 106.15 106.17 106.19 8 16 5 11 10 Daily Record of U. S. Bond Prices Treasury [High 4MB, 1947-62 {Low. 3*8. 1943-46 jLovv Total sales in $1,000 units-.. Oct. 27 .... 100.16 100.19 100.19 100.20 100.15 100.16 100.20 100.19 100.20 Total sales In $1,000 units... 2 3 17 8 31 2 [High {Low [Close 99.17 99.20 99.24 99.29 99.29 99.31 99.15 99.15 99.19 99.26 99.26 99.25 106.19 99.17 99.20 99.24 99.29 99.28 99.28 9 17 Total sales in $1,000 units... 9 15 11 35 7 31 High 99.11 99.10 99.13 99.15 99.18 99.20 *.17 106.21 111.3 111.9 111.7 {Low 111.4 111.5 111.7 110.31 111.1 111.3 111.7 2*s, 1956-69.. Low. 99.6 99.2 99.8 11 Close Total sales In $1,000 units... 99.6 2 111.7 3 109.16 109.23 109.24 Low. 109.19 109.24 109.16 109.23 109.24 99.19 99.15 99.20 5 27 97.22 97.24 97.30 98.4 Low. 97.22 97.16 97.25 Close Total sales in $1,000 units... 109.27 1 11 6 1 (High 106.28 106.26 {Low. 106.28 106.25 106.28 106.26 7 3 3«S. 1943 47 99.15 99.15 2 97.22 97.22 97.30 22 29 28 {High 102.20 102.24 2Mb, 1949-63 109 27 Close Total sales in $1,000 units— • 99.15 32 • 109.27 109.16 99.10 99.10 10 (Hirh 111.16 High 3*B, 1946-66 2*8, 1951-64 111.16 111 17 [Close Total sales in $1,000 units.. 107 106.29 107 Federal Farm 106.29 107 Mortgage 3*s, 1944 64 98.4 130 26 102.29 102.20 102.24 102.24 102.20 102.24 102.29 2 4 102.26 102.16 102.17 102.25 102.13 102.22 102.25 102.28 Close 102.11 102.14 102.17 102.25 102.25 102.29 Total sales in $1,000 units... 24 9 4 7 8 32 104.2 104.3 104.4 104.6 104 104 104.2 104.4 104 [Close 98.3 98.3 104 {Low. 102.10 {Low. 98.1 98.4 Total sales in $1,000 units..- 102.14 104.3 104.4 104.6 Total sales fn $1,000 units.. 97.31 1 102.11 [High 98.8 106.29 Low. 3l, 1946-48. 88 98.5 150 •— High 3B, 1961-66 100.26 100.15 110.29 12 Oct. 29 100.20 100.13 111.1 ICiO06 Oct. 28 100.20 100.13 110.31 Total sales ii} $1,000 units— Oct. 27 100.16 Low 111.2 ■'•••j' Oct. 26 100.15 QJOgg [High 4s. 1944-64 Oct. 25 100.14 HJgh 2*s, 1948-51 Federal Farm Mortgage 104.5 Federal Farm 102.30 104.5 104.12 104.5 6 3 5 105.18 105.22 105.21 102.3 102.9 102.9 49 102.22 High 105.23 102.26 19 103 102.26 102.22 102.23 102.29 102.26 102.22 102.26 102.29 102.26 5 12 10 10 High 101.15 101.16 Low.. Close Total sales in $1,000 units... 104.12 11 102.9 102.6 {Low. 1 Federal Farm Mortgage 3s. 1942-47 4 102.6 [High Total sales in $1,000 units... 104.12 12 Mortgage 38. 1944-49 [High 105.14 105.13 {Low. 105.14 105.12 105.14 105.17 105.17 105.22 Low. [Close 101.12 101.16 105.14 105.13 105.14 105.22 105.17 105.23 .Close 101.12 Total sales in $1,000 units... 101.16 8 2 18 7 12 5 Total sales In $1,000 units... 13 10 106.13 106.15 102.10 102.10 102.11 3^s, 1940-43...— Federal Farm Mortgage 2KB, 1942-47 Home Owners' Loan High 106.10 106.7 106.10 106.13 106.15 Low. 101.31 102.3 102.7 102.7 Close 3^8, 1941-43— 106.7 Low 102.9 106.7 106.10 106.13 106.15 .Close 101.31 102.5 102.10 102.10 Total sales in $1,000 units... 102.11 Total salts in $1,000 units... 2 3 4 104.30 104.24 104.24 104.26 104.24 104.24 104.30 152 4 104.18 104.19 104.21 {Low. 104.18 104.15 104.18 I Close 104.18 104.19 104.21 Total sales In $1,000 units... 20 114 12 25 3*s, 1946-49 104.7 [High {Low. 1949-62 Total sales 104.7 [Close , 104.7 ln_$l ,000 units... 104.8 106.11 106.12 106.3 106.2 106.11 106.3 106.4 106.11 20 Total sales in $1 .OOO.unlla... 41 16 106.13 106.10 106.13 106.14 106.12 106.13 106.17 8 2 101 100.16 100.14 100.14 100.19 100.21 100.24 100.16 100.15 100.19 100.21 100.23 100.24 25 2 18 61 62 5 100.9 100.13 100.12 100.15 [High 100.8 {Low. Note—The bonds. 106.8 106.6 106.11 106.13 106.14 106.18 1 106.4 106.7 106.11 106.12 106.15 4 106.4 106.10 106.11 106.14 106.15 1 210 5 337 5 1 100.9 100.9 100.14 100.18 100.18 100.8 100,5 100.9 100.12 100.15 100.8 100.9 100.13 100.12 100.15 32 12 100 13 13 {Low. 100.8 100.3 100.8 100.16 100.15 I Close 100.6 table includes only sales of coupon were: Treas. 4*s, 1947-52 Treas. 3*>, 1943-45 Treas. 2*s, 1955-'60 115.14 to 115.14 106.10 to 106.14 100.15 to 100.15 Treas. 2*s, 1956-59 Fed. Farm 3s, 1944-49 99.13 to 102.2 99.13 to 102.2 100.19 100.9 above Transactions in registered bonds 100.22 100.20 [High 100.13 100.18 Total sales In $1 ,000 units... 100.17 8 120 71 150 71 [High 102.13 102.13 102.19 102.20 102.2, ......[Low. 102.10 102.10 102.14 102.18 [Close 102.1 102.10 102.13 102.15 102.20 102.19 102.22 5 12 21 14 43 1 2*s, 1945-47 100.24 106.17 1 2*s; 1966-60 100.23 [Close 106.4 5 51 100.23 Total sales in $1,000 units... 106.4 Total sales In $1 .000 units 15 100.19 2KB, 1942-44 [Hlgh [Close 6 100.15 Home Owners' Loan {Low. 3*8, 1944-46 46 100.16 Total sales in $1,000 units... 4 106.7 13 [High 104.16 5 102.6 1939-49..{Low. [Close 2*8, series B. 104.13 104.8 — Homo Owners' Loan 104.16 106.8 [High ......{Low. [Close 3*8. 1941 104.24 104.8 2 3s, series A, 1944-52.. 16 104.24 [High 101.31 High Total sales In $1 ,000 units United States 93 Treasury Bills—See previous page. .02.22 ( 102.22 United States Treasury Notes, &c.—See previous page. New York Stock Record LOW AND Saturday HIGH SALE PRICES—PER SHARE, NOT PER CENT Sales STOCKS for Monday Tuesday Oct. 23 Wednesday Oct. 25 Oct. 26 Thursday Friday Oct. 28 Oct. 29 $ per share YORK Ranoe Since Jan. 1 On Basis of 100-Share Lots Week $ per share NEW the Oct. 27 *38*2 39 *40 58 3834 *40 $ per share 3834 38% 58 48% 4978 10*2 11*4 10 *19% 21l2 22 2212 1% 1% 60 22 1% 6034 1% * 10 10t? *68 1*2 13% 1412 5934 1% 87 134 15 15 *12 13*2 15% 20*8 934 10*4 15578 163 1*4 * 1*2 1212 *13*4 *12 15 1412 18*2 1734 9*4 156 12l2 12l2 12 15 16 15 9*2 59 10*8 60 41*4 1234 234 43 13 3 1% 61*2 1% 8V8 56 40*2 12% 278 10% 134 58 *40 58 60 *52 62 58% 117« 11% 58% 12 2134 23% 1% 60*s 1*2 20 20 23 23% 15s *1*2 59% 1% # 1*2 *19% 2234 22l4 1% 178 61 58 1*2 10% 1% 15% 16 14 14 14 16*2 20% 934 16% 20 16% 21% 10 10 158*2 165 12 10*4 2134 87 10*8 *12*2 12% II4 * 11*4 2134 2238 1% 11% 1% 14 14 *12 14 12l2 *15 20 978 157 *11% 1478 13*4 16% 20% 978 160 12% 10*2 15*2 10*4 10% 10% 1512 10% 57 58 56 57 44l2 13 16 4634 13*2 44 1312 *20 22*4 1*2 58 134 85 10 11% 1% 59% 56 13 385s *40 16 45*2 38% *50 14 12% 157« S per share 38*2 11% 15 166 38% 57 *19*2 22% 22% 87 10 $ per share 38% 11*4 22 50 38 58 57 54l2 11*2 22 $ vsr share 39% *40 4534 13l2 1*4 * 85 11 1% 14% *12i2 *1212 1134 17« 15*4 14 14 16 1678 20% 22 978 10% 159% 165 115s 115s 15 1034 *56 4458 14 155s 1158 57 *40 Lowest Shares Par 1,500 r 13S 59 112 * 11% 1% 15is 14% 14 178 16U 14% I4I4 17 17 2Q78 10% 2134 1034 163 167i2 11 lll2 1478 15i4 IH4 12 57l2 571o 47 47 49 10,000 500 700 14 14% 314 25% 15 300 61 59 65 63 64 64 64 60 64 6212 60 64 65*2 64*2 63 62 62 63 *62 65 63 14*2 65 15*2 15*4 16 15 1658 58 *55 16l2 1634 • *57 58 *55 58 Bid and asked prices; no sales on this day. 15% *55 31S 26 58 *55 t In receivership, Mar 70 69 Apr 7434 9 Oct 19 No 10 ' No par 17% Oct 19 16i2 Oct 19 1% Oct 15 28*8 Feb 3 95a Apr 177| June 36 9 22*8 53 par Appliance.-No par VickBburg RR Co..100 80% Jan Oct 19 Jan 43# Jan 26 7 Jan xl*a Jan Apr 68 l2 Oct 19 5% Jan 25 2 97 Mar 11 100*2 Jan 22 91 Mar 10 8 Oct 19 15*i Feb 25 13 July 146 Oct 5 166 6*8 Feb 18 2*8 11 Oct 19 59«4 Feb 11 123s 12*4 12*2 Oct 20 69 10 Oct 19 58*2 52*8 455s 237s pref.No par Co 13 No pot Industries lnc Corp.....No 6t2 Oct 19 1 150 11 10 3,900 6% n Preferred New stock, Cash sale. 2l7|Mar 6 Oct 19 85 9 34 Oct 19 83*2 Jan 22 8% Oct 19 39*4 Jan 28 878 Mar 13 1% Oct 19 19 Oct 20 59 Oct 25 53% Oct 19 10 x Oct 19 56 50 r Oct 29 Oct 19 Apr 12 258*2 Mar 9 17*8 Aug 14 33*8 Jan 16 50 Amerada Corp ..No par Am Agile Chem (Del)..No par American Bank Note—....10 , Oct 19 Feb 17 Oct 18 6% par 5% preferred ..100 Allls Chalmers Mfg No par Alpha Portland Cem No par Amalgam Leather Cos Ine 1 6% conv preferred 50 400 Oct 19 Feb 11 Feb 18 Mar 15 Oct 15 Ex-dlv. y Mar 52*4 Mar 15 1147|Marll 101*2 Jan 22 413s Jan 16 75*8 Feb Ex-rlght-. 4 Jan 178 Aug Oct 19 11 conv Aug 10 1 10% Oct 19 Allied Stores 3,800 Def. delivery Express Allied Chemical A Dye.No par Allied Kid Co 5 Allied Mills Co lnc No par 58 a 42 No par Allen 5,500 15 56 3i8 26 8 6 Aug 13 223gMar 11 Allegheny Steel 1.100 15% 1478 *55 3 24 Mar Mar $2.50 prior 5,700 36,400 1,900 29,100 2,800 60 3 24 55 Sept 5*%Pref A without warlOO 1,000 1.200 6,900 1,800 13,500 1,300 312 2 534 66% 3*4 25 Highest $ per share $ per share 85 Oct 19 Albany A Susq RR 100 Allegheny Corp No par 5* %Pref A with $30 warlOO 6H %Pret A with $40 warlOO 7,500 3 share 69 Alaska Juneau Gold M1e 20,800 *24 per 8 Aia A 3 $ Oct 19 38 Air Reduction lnc——_Ne par Air Way El 22:500 26 share 56 Address Multlgr Corp Advance Rumely 8,100 *23 per 45 Co...— Adams-Mlllls 4,600 23 Year 1936 Lowest 25 Adamg 3,800 *22 $ Highest Acmt Steel "iloo 85 11 Range for Previous Abbott Laboratories...No par Abraham A Straus No par 58 158 57 STOCK EXCHANGE 27 Apr Jan Jan Jan Apr 2678 July 35«4 103 Mar 6*2 Nov 61*2 Nov 60*8 Nov 60 Nov 54*2 Nov 40*8 245 23 Aug 34 Oot Aug Nov Jan 20*8 Nov Jan 90 35>s Jan 19>4 May 4 Nov 17% Sept 195 Jan 6*4 Feb Feb 37*4 Oct 21*2 Jan 88*2 Nov 6*8 Apr 157 69 Nov 15*4 Nov Oct 31% N or 81 Nov Dee 34it Nov 5*4 Dee 39*4 Dee 12512 Mar 75 Jan 49 July 36 Dee 55*2 65 Jan 73 89 Nov Apr Nov T Called for redemption. Volume LOW HIGH AND PRICES—PER SALE On Basis of STOCK NEW YORK for EXCHANGE the Saturday Monday Tuesday Wednesday Thursday Oct. 23 Oct. 25 Oct. 26 Oct. 27 Oct. 28 Get. 29 Week $ per share Shares 41 40 130 40 85 87 152 $ per share $ per share $ per share 152 84% 40 $ per share 42 *128 130 40 ' 92 153% 15378 154 154 20«4 23% 2112 23% 2058 22 2214 24 24 451s 47 4334 15% 4334 18% 47 47 46 47% 47 48 17% 18 48U 1878 17% 16% 1838 17i2 95 *87 95 *87 95 94 94 94 65 97 97 *2334 28 *2334 12% 1634 90 384 175 8i2 1258 8I2 13 17 1612 17 17% *86 87 86 86 86 3% 8 26i2 10% 21% 21% 21% 12 12 12 614 9l2 5,200 Am Comm'l Alcohol 18i2 3,900 American 86 514 658 5 658 6% 20 5 26 27 2914 1134 12 1314 23 23 23 24 *11 12 11 11% 11% 4% 25 25% 25% 24 2434 24% 25% 25% 26% 34% 36% 37 37 37 3734 37% 38% 38% 39 Oct 19 Oct 19 No par 2 18 500 2 2 15 15 7% 21% 18% 21% 714 18% *62% 65% 63 6458 13 13% 13 13% 734 68 33% *103% 109 58 *55% 59% 5 5% 5% 5% 31 33% 110 *103 4% 5% 4% 33% 6% 41 2 *15 15% 3% 3% 1% *15% 16% 73g x-'P, 4 V' 1% 16 7% 1% 1% 1% 15 7% 4 4% : 2 2 1% *16 ' 17 16% 8% 43% 34% 33 34 11% 140 22 76 23 21 22% 20 21% 20% 71 71% 70 68 67 14 14% 14% 13% 13% 13% 6% 6 6% 5% 5% 5% 5% 5% 35% 33% 34% 33 31% 31% 32 3334 *103% 108% *103% 108% *103% 108% *103% 108% 62 62 60 59 59 59 58 57% 738 7 6*4 6% 534 5% 6% 5% 45% 49% 43 44 43 4434 44% 42*4 43 39 36 38% 37% 38 37 36 13% 12% 13 12% 13% 12% 12% 13% 12,200 American Locomotive. .A o par 8% 20 21% 66% 8% *65% 13% 734 19% 64% 14 14%] 14% 29% 28 28% 54 50 56% 55% 134 133 133% *133 51 51 51 52 128 *125 128 33% 12% 33 33 %1 32 32% *109 17 156 151 74 138 12% 82% 82 5% 0 534 31% 42 6 5% 6% 37% 3834 38% 6% 6% 634 *32 39% 35 34% 34% 3138 29 31% 27% 29% 4434 45% 45% 45 45 *30 40 7% *35 13 14 14 15% 14% 15 *14 15 16 100 100 98 98 96 96 *96 100 *97 15 14 14 33 ' 96% 7 m. - — 33% *118% 70% 97% 35% 7% 37% *80 * *14 *4 34% 98 97 97 7% 4% 4% 4*4 34% 35 *33 *11834 *118*4 6% : 7% 70 69% 7% 97% 4% 34% 'V- 97 97 70% 4-% 13% *4 5 *4 33 *118% . 13 15 14% 96% 7% 9734 7% 99 7% %5 preferred Am Rad & Stand San'y.No par 26,300 800 700 2,900 9,100 700 5,500 35,800 400 97 *92 97 100 39 41 40 41 Cable..No par 9% 9 ; 50% *40 81 *_.._ 81 *75 81 *75 41% *-—" ~40% 4234 "39" 41% ~40% * 83 "39" 86 85 23 2558 43 86 86 2712 26% 634 634 634 7% 7% *1178 12l2 22l2 12% 12% 13% 21 22% *103% 106 9% 9% 42 40 50 55 * 8 3% 20 3% 86 27% 8 14% 2334 103% * 82 80 85 ■*'■85% 25 7% 25% 7% 13% r.13% 22% 103 23% 103 85 25% 14 23 104 7 8 1334 23% 23% 104 104 7% 1,900 1334 1,200 24% 12,300 104 10% 900 12,900 934 9% 10 10 10% 9% 41% 41% 42 42 43 43% 43% 44 1,400 55 55 55 55 "*"55 51 53 5434 5434 1,500 *110 ■115 *110 115 7 7 7 7 9% 9% 7 10% 9% *3% 3% 21 9% *20 3% 37s 10% 3% 22 4 3% *20 3% 3% 22% 3% 115 634 10 3% 21 334 115 * 115 30 8% "7% 7% 2,000 1134 10% 11% 7,300 1,300 3% 3% *20% 22% 70 4% 15,500 3% 21 4 4 778 9 9% 11 13% 13 14% 12% 16 18 14% 16% 16% 17% 1534 *33 *97 13i2 III4 *30 13i8 117S 36% 104 1434 75« *33% 104 13 307s *30 *10912 110 12% 12 1434 12 *109 11034 *17 18% *97 100 103 33 *9312 99 v 834 878 *93 8% *81% 11% 99 *31% 95 9% 9% 86% 13% *81% 1234 18% i834 1734 3734 38 4234 1834 38 12% 17 16 18U 125s 110 33 38 12% 28% 15 12% 17 *90 12% 14% 110 18 865S 28% 1534 110 33 12i8 30 14% 12 110 101 *82 *10% 11% 30 * 13% 16% 35 34% 3534 103% 103% *100 16% 17% 17 11% 33 *3012 16i8 1534 11% 17 ♦ *100 15 11 117S 3534 36 *100 12% 14 834 9% 49% '39% 33% 95 9% 84 97 *30% *97% 9 *80% 13% 12% 1834 18% 9% 14% 9 9% 44,700 13% 14 83,400 17 17% 1734 14% 1834 834 8% 14 *3334 35% 500 103% 30 18% 12% 18% 19% 14,400 12% 13% 1,900 29 29 29% 30 15 15% 15% 16% 34,100 12% 13 1234 13% 2,500 99 1734 *11% 110 18% 100 *100 11034 *110% 111 19% 18 18% 97 *85 97% 33% *31% 33% 98% 99 9% 834 9 83% 13 19 *8034 99 35% 35 7,800 120 100 1,600 *33% 99% 9% *8034 111 Jan 43 Nov 7 Nov 37 Apr 60 Jan 121% Feb 8 118 May 122 Jan Mar 6 105% 110% 7% Jan 7% preferred 100 Armour&Co(Del)pf 7% gtdlOO Armour A Co of Illinois 5 pref.......-No par 7% preferred 100 Armstrong Cork Co ...No par 96 conv Preferred pref with warrants..100 href without warrants 100 [Topeka A Santa Fe-.lOO 6 %' preferred ..100 Att RR...100 W I SS Lines..No par Atlantic Coast Line Atl G <fc 4% conv pref series A... Atlas Corp No par No par Auburn Automobile—No par Austin Nichols........No par $5 prior A No par Avla u Corp of Del (The)----3 fBaldwln Loco Works.No par Atlas Tack Corp Feb 16% Feb 27 17% Jan 21 July 23 7% Jan Jan 95 100 24*4Mar Mar 125 82% Oct 19 5 Jan 28 101 Aug 27 Oct 19 9 35 Aug 5 Oct 19 88 35 78 Oct 20 18 Oct 19 04% May Feb 9 7 65% Mar 17 29 Mar 13 5 Oct 19 9 Oct 19 44 Jan 18 18 Oct 19 37 Mar 11 101% Sept 29 7% Oct 19 39% Oct 19 40% Oct 19 11234 Oct 20 4% Oct 19 6% Oct 19 2 Sept 25 15% Oct 19 2% Oct 19 3% Sept 10 3 Sept 11 5 8% 0 18% Mar 6 52% Mar 10 116% Feb .26 Beatrice Creamery Oot 124 Oct 09 Jan 90% Jan 107 Oct 21% Apr 49 Dec 109 Sept 84 NOV Jan 131 Nov 26% June 62% Mar 25 29%June 36% Feb 9% Feb 9% Jan 12 5% June 3 Apr 11% Jan 29 2% July 9% Jan 30 2% July 23% Aug 18 Oct 19 40% Mar 17 Oct 19 47% Mar 17 21 Apr Feb 11 39 Dec 46 99 Oct 19 Oct 19 Oct 20 Oct 19 110% Feb ~16% Apr 8 24% Nov 13% Jan 14% Jan 16% June 110 28% Feb 105% Mar 18 Jan 100 Aug May —6 par 14% 25",400 2,800 Beneficial Indus Loan..No par 1,400 Best A Co 15% 14% 3,000 92 90% 15% 9034 1534 90% 92 92 98 3,500 28 29 33 31% 31% 2934 32 16% 18 17 18% 18 18 19 1934 12 12 13% 12% 133s 20 12 13 1234 13% 18 18 18 18 18 18 70 *59 65 *59 114,900 65 30 *18% 13% Bethlehem Steel —No (Del).No par pa* .20 8% Oct 19 15 Oct 19 3734 Oct 25 41 Oct 19 14 Oct 19 15% Feb 88% July 30% Feb 11 23% 30% Feb 54% Mar 10% Jan 46% Jan 7% Mar 11% Deo 9% Dec "27% Nov 41% Oct 49% Feb ~3~8% Deo 82% Nov Jan 21 20% Jan 17 115 Aug 16 Bendlx Aviation No $5 preferred w w 35% Apr 118% Deo Jan Oct 19 10% Oct 19 31% Oct 64% Nov June Oct 19 13% Apr 14 30 108 Apr 13% 48 10 9% 11 20% June 88% Aug *112 35% Feb 100 112 Feb 9 2 1 42 ..._.— Dec 98 Jan 13 Oct 19 preferred 96 Mar 11 18% Jan Oct 19 1st Apr 94 10 par Feb May 27% Nov 12% 133 28 No 18% Nov 22% 108 June 29 101 85 .60 5k% preferred... Jan 57% Feb 18 Feb 18 Barnsdall Oil Co——— ..5 Bayuk Cigars inc 8% 62% Mar 106 107 43% Mar 9 32 Jan 21 19% 13 47% Oct 19 18% 15% 28 70% Mar 13 9 I no 10 Brothers...—..No par Barber Co Barker 13% 15% 28 13 Ohio....——100 19% 15 21% ctfs 83% 14% 57 29 tr 4% preferred .——100 Bangor A Aroostook ...60 Conv 5% Drererred—.-.100 19 41% 21% Vot Baltimore A —.....— 13% 53 18% 100 6% conv preferred Oct 19 Oct 19 Deo June 40 27% 6% 75 Jan 128 83 51% 2834 1 60 6% preferred... Atlas Powder Oct 19 2% Oct 19 Mar 2 Jan Aug Beldlng-Hemlnway No Belgian Nat Rys part pref. 3934 2034 4% 95 104 84 Feb 4834 19 Oct 19 6 Jan Dec 3934 28i2 30 Jan 126 66% 13 38% *59 Feb 1 85 4834 70 100 4 96 13*4 Feb 27 99% Mar Jan 4% June 8 4 47 23% 4% Oct 19 Oct 20 65 111 43% Feb 19 17% 18 25 4 Oct 18 114*4 July 14 33 *60 ....100 5% preferred Atlantic Refining Oct 19 Oct 19 17 66 93 Oct 13 32 23 Co ..No par 31 11634May 7% Oct 19 Jan 16 84 38% No7 July par 90% *54 Jan 15% Oct 20 1534 *19 2 33 90% 70 24*4 Aug 111 9034 1534 20 89% Deo 26% Mar 95 90% 20 55% Jan .50 15% *55 Jan .20 40 Deo 35 Beech-Nut Packing Co 50% Feb 7% Mar 28 Beech Creek RR 84 70% 50 Feb 23 97 130 2,400 Oct Feb 69% Mar 10 100 9% 11% 24 400 *6 *31 52% Sept 3% July May Feb 23 27% 109% Sept 79% Feb 23 33% 99% 90 *15 14% Jan 18 Jan 12 79 20 97% * 46% 15% 43 Jan 7% Sept 3 Assented 12i8 Apr 92% 10% Feb 10 40 Feb 18 1,600 2734 7% 1384 19% 1 Feb 2% Oct 19 .., 12,200 Deo May 86 29% Mar 18 June 44,200 27 Oct 20 Feb 150 3 29% Jan 13 9 45 82 39 104 8% June 136 20% Feb 107 3% Oct 19 30% Oct 19 3% Oct 19 x27% Oct 19 2434 Oct 19 88% Mar Jan 4 150% Jan 26 97 81 85 4% Oct 19 99% Feb Jan Feb Feb 13 "41% 85 68% Oct 19 128%May 13 20% 37% Jan 12 *75 * 42 115 634 23% 103 8134 102% Oct 19 Assoc Investment 42% * 190% Nov Mar Oct 26 48 81 "39" Apr 87 20% Mar Oct 19 *42 12,700 ...... 149% Jan 28 99 7 96 1034 Jan 129 10 80 9% - Dec 03% Aug 145 Sept 96 *75 78 64 36 No par Copper *75 48 : Jan NOV Mining 20 A P W Paper Co No par Archer Daniels Mldl'd.No par Andes 5 Corp...—...No par 100 Associated Dry Goods.. 1 6% 1st preferred....... 100 7% 2d preferred 100 10% 9% *40 9% 73% Jan 145% Dec 16 50 conv preferred.No par Anchor Cap Corp Artloom 50% 378 Anaconda W A Arnold Constable Corp *38 33(5 1 $5 prior conv pref 25 Anaconda Copper Mining..50 5,700 55 21 LeadfA Smelt 3,200 *37% 358 No par 100 Preferred Amer Zinc 534 55 33s Founders Inc 16 1st preferred American Woolen 9 96 21 100 10 6% preferred 5 *37% 10 Oct 19 8% 9% 152% Mar 143*4 Jan 13 25% Jan 25 187 Jan 8 Oct 19 66 5% *70 8I4 140 26 Common class B........25 8% 96 "7" Telep A Teleg Co...100 Amer American Tobacco 4234 *75 7 Am Sumatra Tobacco..No par 5 8% 103 28% Oct 19 104% Oct 11 14 Oct 19 8% V Jan Jan 67% Mar Refining.. 100 41% — 66% 130% 68% Jan 29 148 Feb 5 Jan 5% *75. 115 Sept 24 ....100 Oct Mar 19 Apr Dec Apr 8% '.U'-'-' 28% Nov 45% Dec Jan 24% 48% 5 95 Apr 20% 8% *80 18 133% 5% 78 * 11,400 39% 73% Jan 21 Preferred Nov Dec 26% Jan 20 66% Jan 11 American Sugar 37 31 10% Oct 19 8% 96 *50 127 105% Aug 22% Oct 19 8% *75 978 100 74% Sept 27% Jan Jan No par 6% preferred 4% *75 9 46,800 *92 96 40 2,200 98 934 78 *103 900 *92 *75 106 200 97 *75 2114 10,600 *92 78 24 1,600 1,200 96 85 Oct 19 Oct 20 73 *75 81 46 Nov Feb Amer Steel Foundries.-No par American Stores 5 9% 83 25 Snuff American 69 26% 68 Oct 19 73 95 Feb 106% Mar 11 154 Jan 28 Oct 19 8 72 *80 Jan 15 54% Nov 134 July Apr 23% July Feb 20 29 45% Oct 19 133 82 72 95 29% 18% 167 45% Mar 11 No par 71 *80 122% Nov 36% 3 Jan 21 101% Aug 18 36 Feb 3 100 Preferred 43 Oct 19 70 Am Water Wks A Elec. No par *70 95 Dec 15% Oct 19 Am Type 72 *80 118 29% Feb 11,900 *60% *75 * Amer Smelting A 8% 95 27 Apr Apr 72% Jan 12 35,000 434 4634 Co-No par Refg.No par Amer Ship Building 40% *80 May 10 170 Oct 23 7% Oct 19 27 Oct 27 36% 7% Oct 19 American Seating Co..No par 36 99 Oct 19 9% 140 3,600 1,470 43,200 1,800 1,500 *4% *32% 78 884 *75 20% Oct 19 26 2,600 5,200 40 31 17% Oct 19 7% 4% 95 21 129% Feb American Safety Razor.. 18.50 500 7% 100 4k% conv pref 4,300 1,100 6% 25 American Rolling Mill 44,900 41 100 Preferred 30 86 No par ..No par 16 preferred 3,100 4,000 61,400 *1334 45 8 13% Jan 20 Jan 15% Nov 4838 Deo 14% July "35% 8 5 5 29% Mar 125 Oct 19 10% Oct 19 Jan 24 87% Sept 40 734 Feb Apr 23% Apr 66 Apr 9% Jan 5% Jan 1,000 8 61% Nov Feb 15 7% 46 Jan 2% Sept 16% Sept 27% Feb 15 1784 Mar 11 58% Feb 4 6% Oct 19 14% Oct 19 53 Oct 37 Feb 100 98% Oct 20 14 31% 3 484 Mar 16 Amer Power & Light—par 66,600 13 99% 62% Mar Deo 7% *97 98 8% Mar 4% 11% Mar 13 65*4 Mar 13 *35% 46 *4% *33% *11834 21% July Oct 734 Oct 19 2% Oct 19 20% Oct 19 32% Oct 19 1% Oct 19 22% Deo 1 15 434 Jan Feb 15 100 *11834 Apr 13 16% Jan 13 87% Jan 18 3234 176,900 19 18*4 25 75 30% 48 12 58% Jan 22 21 Feb 5 Oct 19 45 31% 29% *46 38% Jan 22 Oct 20 : *42 68% Jan 18 Oct 19 Oct 22 34,700 6% 7% 40 Oct 19 3 157% 39% 6% 50% Deo 53 400 6% 6% 26*4 29% 40% 6% 60% 105 6% conv preferred Amer News N Y 440 12% *81 86 *81 86 Oct 9*4 Mar 100 Corp..No par 8,600 32 154 39% 5% 38 6% 7% 35 33% 27% 38% 5% 6% 6 6*4 11% *81 5% 37 38% 37% 19% 19% 15234 157 Feb 6% Apr 13®4 Jan 22 08% Mar 10 115% 115% 1934 1934 117 *108 18% Deo 14% 175 Oct 19 Amer Metal Co Ltd 40 *81 73 138 10% 32 Oct 29 29% 12% 73% 82 31% Jan 9% 175 4 No par 130 86 70% 72 11% *12% Aug Sept 8% Oct 19 72% 71 7134 71% 73 74% 74 73% 7234 71% 139 137% 137% *13634 138% *137 8% 7 7% 734 634 7% 1438 1234 1234 11% 12% 11% 71 7034 69% 82% 12% 31 150% 153 69 70*4 *136% 138% *137% 138% 7% 6% 6% 6% 10% 117 18% 1834 18% 147% 155% *108 109 108 117 17 17 28 12% 12% 32% *51 *125 32 101 3 51% 52 28 Jan Apr 3% Apr 16% 89 Amer Mach & Metals.-No par 134 130 Mar 35*8 NOV 20% July Amer Mach A Fdy Co..No par 60 57% 7% July 10,500 32 29 133 26% 2734 *31% 12 120 51 *125 33% 12% 17 52 12% 12% 57 129 26% 12% 27 28% 55% 133% 134 52 28% 12% 28% 28 55% 134% 100 Preferred 1,100 Oot 35*4 Deo 16% Dec 9,400 16 15% 1534 128 128 25 149% 151% '170 70% 72 34 71% 134 52% 51% 28% 1434 29 53% 57% 128 14% 27 31 13334 26 ♦109 14 14% 28% 51 *125 100 pref 4,900 12% 28% 133 No par 8% 734 14 13 50 Home Producta._.l Amer Internet Corp...No par 44% 37% 13% 12% *142 150 *142 150 *142 150 *142 150 140 *140% 156 26% 20% 27% 24 25% 25 23*4 24% 25% 20% 24% 79% 79% 81 78% 79 77% 77% 77 79 78% 78% 23 23 22% 23% 24 24 23% 23% 22% 24 23% 43 10 6% preferred non-cum 113% 534 Oct 19 No par American Ice 6% Deo 87% May 27 Nov Jan Apr 17 American Hide A Leather... 1 American 120% 29% 19 ..No par Hawaiian 88 Co 225 2% Oct 19 $7 2d preferred A...No par Amer Nov 23% Mar Oct 19 5 2,200 1,700 3% 2 175 2,400 35% 4 86 17 preferred Deo lTl" 13% Jan 28 17 Jan 18 100 Deo 100 3 30% Mar 31 33% Jan 21 99% Mar 2 Encaustic Tiling.. 1 Deo 60% Apr Jan 25 1st preferred 174 57 Aug 12 29 100 12,800 24 4% 25% 4% 24 35% 3*4 112 Oct 20 No par 900 11% 4% 11% 11% Oct 19 10 137% July 30% Apr 4 3334 Aug 25 23% 5% 8% 12% Sees Co 2,800 22 4 90 16 preferred 22 9 Feb Apr 25 Amer & For n Power 36,600 Jan 71 104% Feb Oct 19 Oct 19 Oct 19 Oct 27 Amer Express 13,800 45s 174 Oct 19 /150 10 Corp..20 Amer European 5,700 1034 175 May May Dee 141 Dec 162 Oct 19 Crystal Sugar American 300 5 2612 *175 110 86 American Colortype Co 80 300 512 175 4% 26% 10&S 25 23 *21% 2338 12 9% "2",800 1434 5% 6i4 4% 300 4*4 438 26% 1Q3s 4% 26 *175 300 *175 43s 25 9% 25% *3 412 8 *4U *4i2 4% 8% 4*4 4% 300 43g 25% 3% 9 29 938 9,300 9 100 18 86 87 124 Jan 11% Oct 19 Am Coal Co of N J(Alleg Co)25 14U 91 1414 18 Feb 18 121 No par American Chicle 86 13% 8 *175 175 8% •14 838 17 160 36 100 5% preferred 100 800 *9758 103l2 *2334 127s *5 9 29 28 834 334 4i2 *4 *2334 *2334 15% *8634 *85 29 *2334 95 17% 1134 1634 *97% 103% 28 8% 13 8 8% 7*4 12% *88% 97% 97% 95 95 95 *87 *85 19U No par Am Chain <fc Cable Inc.JVs par 19,700 Mar 25 151% Oct 22 15% Oct 19 100 ; Preferred 1,500 4814 1934 ...25 American Car A Fdy yper share $ per share share 40 70% Dee Apr 80*4 Feb 18 per 79% Oct 19 125 100 pre! Preferred 10,700 23% conv American Can 400 25 21% 16 5k % 50 8,000 *15414 158 158 *154 Am Brake Shoe <fc Fdp.No par 4,300 97 9534 96 % 9 per share 28 Oct 19 Highest Lowest Highest Lowest Par 130 *128 130 89% 4112 41% 4334 42i4 *128 91l2 88% 89J2 91 152 152 $ per share 43 *127% 130 4112 130 Range fa* Previous Year 1936 1 l00-8/»ar« Lots Range Since Jan. STOCKS Sales CENT NOT PER SHARE, Friday *127% 130 2799 New York Stock Record—Continued—Page 2 145 Jan 62% Jan 5 8 105% Mar 11 20 Jan 18 6% preferred....——— 100 7% preferred 87 Oct 20 129% Feb 16 par Oct 25 09% Feb 10 38 Jan 21 35 Feb 28% Deo 22% Nov 115 Dec 16% Mar 89% May 32% Oct 25% Oct 21% Jan Jan 48 Jan 72 45*4 Apr Apr 20 107% July July 42% Oct 112 20 -10% Deo 28% Nov 105 77% Nov Deo Dec 135% Nov 23 Jan 65% 28% Deo Deo 1,800 Oct 19 29% Mar 10 14% July 14% 14,700 9 *34% 24% Doc 1934 Blgelow-Sanf Carp Inc.No Black A Decker Mfg Co No par Blaw-Knox Co No par 28 32% Jan 7 38% Nov Bloomlngdale Brothers.No par Oct 26 18% May 190 18 Blumeotbal A Co pref 100 66 Oct 94% Jan 10 77% July -5 16 Oct 19 49% Mar 3 16% Apr 37% Boeing Airplane Co 21 Oct 19 48% Feb 13 40% Dec 63% Mar 32 21% 22% 23 24% 23% 2434 28 28% 28% 29% 3Q34 31 1,900 42",900 1,600 Bohn Aluminum A Brass. r .6 Cash sale. 13% Oct 19 2 120 Dee Oct Deo 'I New York Stock Record—Continued—Page 3 2800 LOW SALE HIGH AND PRICES—PER SHARE, NOT PER CENT Sales 8TOCK8 far J'JT NEW Saturdau Monday 1 Tuesday Wednesday Thursday Friday the Oct. 23 Oct. 25 1 Oct. 26 Oct. 27 Oct. 28 Oct. 29 $ per share 82 81 % per share 80 80 $ per share Range Since Jan. 1 On Baste of STOCK Week S per share YORK Shares 9 % per share 84 *81 share per 84 *80 ♦ 84 ♦82 * * 40 39 40 40 "16% 167g 16 16% 20 20% 20 20% 16% 20% 30 33 297g 34% 33% 16% 21% 36% 5 5 5 5 1% 22% 10% 28% *1% 2134 10% 27% 38 35 33 *33 13g 22% 10% 28% 3578 33% 5% 1% 5% 1% 22 2078 9% 25 1% 20% 9% 10% 25 28% *35% 37 33 33 2% *35% 33 23„ 8% 2% 8% 2% 8% 117g 36% 2% 23% *37 9% 9 11% 1078 35 36 23 24% 37 37 9% 10% *95 5% 49% 47 47 5% 478 4% 35 33 16 16% 16% 9% 20% 8% 19% 19 3% 3% 3% *9% 10 934 14 14 87g 22% 3% 95g 13% 878 22% 334 10% 38 38 9% 21 3% 9% *37 16% 20% 3% 9% 14% 3 10 14% 10 934 2278 3% 2278 3% 10% 36% 11 40 18% 17% 21 25 25 61% 14% 10% 2278 37g 51% 2% 9% 21 16% 2% 8% 17% 17 18 18 11% 12 113g 13% 12% 8 ♦45 7% 48 8 34% 83g 34% 7 *45 7 734 33 6% 42 *34 *40 90 * *84" 20 * 90 * 4% 4% 34 42 *40 * 110 58 6134 *4% 100 100 23 ■ 105 "22" 2478 23 67 56 60 *55% 26% 3% 26 26 26% 4 3% *98 100 13 3% 13 6 5% *90 *98% 100 11% 6% 5% 5% *5% 106 44 *90 13 6% 6 106 *90 25 43 6i2 6 7 25 28 27 106 106 *106 30 *105 106% 4814 4534 684 90 2 2 5 15 278 1% U2 534 534 *212 13s 2% 1*4 2 214 534 11% 30i8 1% 3 2i2 6 178 684 12 10*8 *29 30% 1% 1*2 378 3I4 10 10 13i2 234 2% 1312 5 934 65% 1478 70 70 75 *50 4 107 15 1578 *127 104 105 * 58% 12 97 29 1% 2% 2 6I4 1214 30% 1*8 3 2i2 10 13i2 5% *42 14i8 34% 1538 101 58% 10% *._ — 15 5818 12 97 *10 1312 8 *11 36 1678 9 13i8 11 *9 12 19% 1978 19% 19 19 18 20% 19% *82 734 *76 15 14 31 1418 *31 8i8 712 78 *____ 97 78 79 *6H2 85 3 H2 16 878 *11 *9i8 19i2 *18% 82 40 ♦35 90 * 90 * 45g *8% 4% 100 + 60 58 *103 25% 25% * 105 27 57% 90 *86 45 49 4412 49 49 *96% 101% 834 938 1% 178 37 38% * Apr 13% 29% 2% Dec 16% Nov Dec 33% Nov 6 par 6 Oct 19 100 No Bar tic preferred 9% Feb 25 33% Mar 9 24 Oct 19 91 4% 13 5 15i8 1% 2i2 14 2% 6i2 1234 1212 30i2 30% 1% 1% 1 218 1334 5% 1,600 4% 7% 48% 7% 73g 2978 3134 *106% 107 39% *8878 6 27,000 1,700 1% 234 2% 6% 1% 2% 2% 634 1334 32% 1&8 67g 13I4 14 31 31 134 1«4 3% 234 334 3% *278 278 11 11 3,700 5 ~2~5o6 25g 16,000 6,700 2% 8,800 634 2,600 7,600 1478 33 800 53g 578 43% *43% 743g 14% 77% 306,600 1478 3,200 71% 14 14 15 70U 70 4% 75 37? 33 32 *28 108 32 * ~36~ 15U 15 1134 * 113 58% 11% 100 13 36 *10 36 17% 834 *11% *9% 19% *18% 8% 10 10 *19 20 *18 86 19 82% 834 83 84 78 78 45 46% 79 90 *<<5% 90 4934 48% *97% 8% 1% 49% 40 99% 9% 2 40 day , 13% 1978 191? 84 15 16 35 8% * 18 9% 1234 *31 8 78% *97% 101% 9 93s 134 178 38% 38% 58% *10 19i2 19i4 79 115 35 13 46»4 10,400 *127 *76 * 9% 78 79 45% •»«.«>«. 114 119 58% 117g 58% 1*% 600 14,600 100 36 6,500 32% 101% 101% *10 30 36 18% 834 19 4,400 10 750 13% 13% 10 80 10 40 20 21 1,400 19% 20 86 88 2,400 18% 8,200 16% *31% 87g 80 35 934 81% *_.. 46 *89 90 90 90 48 50 49 5034 99 99 47% 878 17« 4134 { In-ecelvershlp. 1,200 100 80,000 500 79 47% *97% 101% 87g 938 2 178 4034 41% m'm, 6,100 *96% 100 9% 2% 45% a 53 Nov Jan *100 Oct 88% Oct 1 106 Jan 18 91 Jan 18 Oct 19 27g Oct 19 Oct 19 Oct 27 53% Oct 19 102% July 35%June 9% Apr 20 191% Aug 3 129% Jan 22 100 15,400 300 16,900 100 Feb I Oct 23 Oct 16 115 9% Feb Jan 186 June Jan 143 July 54% Jan z91 Nov "21% May June 9 106 Dec 8 19 Apr 7 64 May 52 Oct 21 82% Jan 24 Oct 19 39% Jan 12 2 Oct 19 12% Jan 28 96 June 29 Oct 19 41% Jan 15 4 Oct 19 32% 110 397g Jan Dec Dec 107% Jan 26 8 24% Jan 11 in 3% Oct 19 100 Preferred par 95 Sept 23 40% Oct 19 3% Oct 19 18% Oct 19 Cerro de Pasco Copper. No par Certain-Teed Products 1 6% prior preferred 100 ChampPap A Fib Co 6% pf 100 Common... Checker Cab ..No par 5 Chesapeake Corp No Chesapeake A Ohio Ry par 25 105 C ct 21 29% Oct 19 5 Oct 19 41% Oct 19 31 Oct 19 100 89% Oct 19 {Chic A East 111 Ry Co... 100 6% preferred 100 {Chicago Great Western.. 100 4% preferred ...100 34 Oct 19 Chic ind A Loulsv 4% pf__100 Chicago Mall Order Co 5 {Chic Mil St P A Pac_.No Preferred 100 Chicago Pneumat Tool. No 92 conv preferred ...No 2 Oct 19 1 Oct 19 3 Oct 15 4% Oct 13 10% Oct 19 78 par 6% preferred 100 {Chicago A North West'n. 100 par par 1% Oct 19 1 Oct 19 3 Oct 19 634 Oct 19 29% Oct 19 1 97% May 47% jau 8% June 108 Oct 74 Nov Feb 10 Feb 57% bept 101 Mar 19 Aug 38% Dec 48 22% Jan 69% Apr Feb 13 90% Mar 6 59 Jan 687g Mar 4 51 Jan 100 Mar 8 18% Mar 6 12%May 19 32 Nov 1% May 2% Jan 1% Apr 77% Nov 4 Jan 6 May Jan 20 25% May 3% Mar 18 1% Apr 2% Apr 7% Mar 17 6% Mar 4 19% Feb 17 33 Feb 45 2% Apr 6% May 3% 8% 2% Jan Deo Feb 14% Deo 12 Jan 3378 Nov 278 578 478 Feb Feb Feb 12% Oot 2478 Dec Aug 28 9 12% Apr 3 8 Jan 8 July No par 6% Oct 19 12 Oct 19 3 Oct 19 Oct 19 10 6 52% Oct 19 No par 11 Oct 19 27% Jan 14 22% Jan 29 3 7 Jan Mar 11 25 Jan 85% 15% 7278 Jan 1578 Mar 80 135% Feb 11 21% Feb 18 100 ,70 Sept 24 92 Feb 18 100 60 Feb 16 74 July 15 6 Preferred 2 Oct 19 100 No par Colgate-Palmollve-Peet No par No 6% preferred par 100 No par 5% conv preferred 100 Colonial Beacon Oil...No par Colo Fuel <fe iron Corp .No par Colorado A Southern 100 4% 1st preferred 24% Oct 19 179 Columbia Gas A Elec.-No par 6% preferred series A...100 6% preferred 100 Commercial Credit.. ...10 conv preferred Comm'l invest Trust.-No 100 par pf ser '35.No par Commonw'lth A Sou Solvents.-No Jan 89% Nov Mar 1 4% Jan Aug 10 23% Jan 50 Nov Nov 13% Nov 46% Mar Oct 18 156% Jan Jan 107% Jan July ill% Deo 47% Oct Dec 82 Oct 7 200 48% Aug 16 33 8 90 Jan 14 82 Feb 90 47% Mar 31 28% Oct 19 50% Feb 26 48 Mar 51 37 48 Apr 77% 13% Oct 19 125% Aug 11 9334 Oct 19 56% Jan 29 8% Oct 19 97 Oct 26 2034 Oct 19 100 Sept 25 26 Jan 18 11% Oct 19 5% Oct 19 8% 75 2978 July 15 13278June 3 124 Jan 129 July 2 84 Jan 134 Nov 9 55% Jan 58 Nov 59 June 25% Mar 19 104% Jan 6 62% Feb 13 112% Mar 11 45 13 June 21% Dec 100 Aug 106% Feb 39% Apr 66% Nov Apr 12 5178 Feb 10 30 Oct 28% 8ept 48 Dec 27% Mar 19 Dec 36% Feb Jan 14 19% Jan 3778 Mar Jan 25 16 Jan 36 30 Oct 21 29 Oct 19 32 Oct 19 Oct Dec 170% Apr Oct 19 17% Oct 19 Oct Oct 26 5 Aug Jan Mar 2 31% Aug 125% Apr 8% 2 1 94 Jan 10 136% Aug Oct 19 39% Jan 20 31 May 27 Oct 19 46% Jan 20 2078 Jan 14 39% Dec x4% Oct 19 z68% Oct 19 75 July 8 14 Jan 108 Jan 8 90% Jan z45% Jan 51% Jan 23% July 108% Oct 101 Jan 14 80% Jan 103 44 Jan 33% Oct 19 90 Sept 29 39% Oct 19 114 95 120 Oct 19 69% Jan 8 Jan 12 80% Jan 26 Jan 25 100% July 55 Jan 97 Jan par 5 Oct 19 21% Jan 21 14% June No par S6 preferred series...No par 1 Oct 19 34 Oct 19 4% Jan 13 75% Jan 13 69% Apr Cojsh sale. Deo 23 179 9 Columbian Carbon v t c No par Columbia Plct v t c.-.No par 92.7b conv preferred. No par 61 138% Nov Jan 113 Oct 19 18 2.50 48 45 32% Oct 30% Jan 14% Deo Oct 18 23 100 Class B 10% Mar Feb 10234June21 4% 2d preferred 100 Columbia Broad SysIncclA2.60 r 100 Deo Mar 11 4% Mar 16 13% Mar 17 4 111 1% Apr Coca-Cola Co (The) Class A New stock, 72% Dec 4 63%June 10 3% Apr 3% Apr 19% Jan 17% Sept guar 4% 50 Molybdenum ..No par Cluett Pea body A Co No par n 19% Mar 10% Feb 19 8% Mar 8 Oct 19 36 Commercial Jan 14 1% Oct 19 Climax conv Nov 1 Clark Equipment No par C C C & St Louis Ry Co...100 Clev El Ilium |4.50 pf.No par Clev Graph Bronze Co (The).l 14.25 Fet> 12 100 26 Collins A Alkman 57 35 3% Mar 17 ......No par Chrysler Corp City Ice A Fuel... 6j^% preferred City Investing Co City Stores Sept Dec Dec 100 Chlckasha Cotton Oil Chllds Co 4M% Oct 19 9% Apr 86% Mar 10 82 37% 6% Apr 23% Feb 10 111 86 Jan 6% Nov 3 14% Mar 115 25% Oct 16 100 .. Chile Copper Co 70,300 Pet, delivery, 6% Ma) 92% 116 48% Mar 100 31,700 4,800 103% Dec 2 21 Clev A Pitts RR Co 7% gtd.50 17 105 11 88 15% *9638 100 16 2,200 16 32 8 ""216 31% * 3,800 *101 11 30 20 37 31 16 106 35 35% 105 32% 1612 878 12i2 220 "5,200 36% *101 •30% 45g Jan 87 89 Special *127 58% 1134 60 107 *32% 32% 6,800 60 75 4% 107~" 88 3~6% 111 *58 32i2 102 *63 434 32 1,500 634 71 75 .... 14i2 *127 97 71 4% z31% 107" *106" 83 ~36~ 1512 . 31 * 37" 71 *j63 414 32 107" 2978 84 70 *63 75 15% 6 45% 8 100 7% preferred.... 6% preferred Chicago Yellow Cab 43% 2 Feb 100 2,100 16 Feb Jan 102 No par 3,300 43 18% 8 41%May 20 3% 43 68% Nov 105% Aug 11 35g *13% 5% Ap12% Mai Oct 18 9 {Chic Rock Isi A Pacific. 700 37 Apr Oct Oct 19 prior pref Ceiotex Co Jan 33 17 2,000 11 Jan 14 Mar 6 Jan 9 Mar 11 % 90 109 No par H% 60 5i2 Caterpillar Tractor Preferred series A 3,000 2% *10 80. 700 15% 1% Oct 25 100 5% preferred 100 Cuianese Corp of Amer. No par 91 684 1 Oct 25 6% 100 Preferred 7201 l3g 6% *3% 5 Carriers & General Corp Case (J I) Co 1 4% 15 100 Century Ribbon MUla__N9 8,700| 9,6001 I3g 214 11% Stamped Carpenter Steel Co Central Vioieta Sugar Co.. 100 4 33 1 6% preferred 5,500 1,400 1% 5 No par 678 Central Agulrre Assoc. -No par Central Foundry Co .1 Central Id Lt 4^% pref.. 100 Central RR of New Jersey. 100 20 4 6% 25 10 Carolina Cllucb A Ohio Ry. 100 310 "i"66o 15 100 Capital Admin class A |3 preferred A 7% 1,600 20,200 2% *314 1 41 1 Pacific Ry Cannon Mills 100 32 *2 6 *10 100 3,700 6 10 11,300 50% 1434 3i8 234 6,400 1,950 1% 12i2 3012 1*8 40 12% 23s 2i4 3% *2l2 1,000 49 2 3i8 2i2 Feb 1,600 12% 4 13g 578 434 1484 114 Nov Oct 19 Oct 19 9% 49 3i2 3 1 4 Deo 47 134 Dec Aug 14% 7% 91 Oct 48% 16 *98% 100 40l2 33% 60 38 134 Apr 30% Apr Jan 3634 1134 134 22 2 Jan 106 *88 91 134 314 138 57g *314 2 48% Feb 52% Sept 29 Mar 22 107t *95 *88 34% Mar 50 54 106 90i8 12% Oct 19 20% Oct 19 17% 61% 18% 62% 7 12l2 48% 3914 29% Deo 88% Dec 61 *6 30 50 6% Mar 16% Apr 54% June Oct 19 7 40% 1284 4778 6% preferred Jan 11 Jan Oct 21 105 "3l" 35 Bid and asked prices; no sa]^ oo this 14% 2 3 45 *95 15% 90 1 18% Mar Canada Sou Ry Co *6 35 90 45% Feb 36% Mar 30 C anadlan 60 107 *31 46 Oct 19 -.10 17,906 26% 2884 Oct Mar 9 33% Dec 31% Nov 87S 58 48% 7% Jan 30% 26 714 Jan 8% 10% Apr 58 45% 34% Apr 2% 1 38% Mar 19 19,800 7% 25 11% Jan 29 18% Nov 60 62 58% 106 105% *102 26 27 26% 13 Deo Dec 40% 26 7% Mar 5% Oct 19 16% Oct 19 2% Oct 19 290 13 14 69% 35% Jan 3,200 98% 115% Sept 8% Apr 11% Jan 20% Apr Jan 109 98 85 39 Feb Dec Sept 15% May 6 47g 107% 4% 9 115 Jan Jan 9% 30 90 4% 30 35% Feb Deo 6% Feb 26 20% Jan 12 109 4 28 *15 78 Oct 19 22% 21% 37% Feb 13 57% 45l2 678 1612 79 15 Oct Jan 10% Oct 19 9% Oct 19 26 106 31 46 par Oct 57 65% Callahan Zinc-Lead 102 105 "30" 107% 8ei>t 58% Sept Calumet A Hecla Cons Cop..5 Campbell W A C Bdy Nt par Canada Dry Ginger Ale 5 "moo 484 10678 44% May 45 Sept 8% May 878 Jan 51% Mar 106 19,200 22% *108% 109 106 1534 8% 7812 *61% Oct 19 2 Dec Apr 28,500 6,000 33,700 238 958 90 11" 22 12% Mar 10 100 42 *35 * 90 "22" 22 Jan 4% 34.'% 34 90 7 7 5% conv preferred* Byers Co (A M) 48 8% 42 50% July Feb 15 1 Butte Copper A Zinc.. 14% 8% Jan 13 45% Jan 18 18% July 14 134 Oct 19 834 Oct 19 Jan I Bush Term Bldggu pf ctfh 100 9,200 16% *46 34% *7% 31 834 90 * 34% 7% 98 Oct 19 100 4% 20 8«4 117% Mar 12 14% Jan 11 6478 Mar 69 41 Butler Bros 2,400 2% 87g 19% 48 83g 16% 42 101% 9% I84 178 3784 38 *46 83S 34% 33 45 9 48 28 111% 114 58i4 58% 11% 12% 4278 *97 13 23g 938 20% 1378 Oct 19 7 10% No par 6% 36 *127 111 9,800 24% Jan 11 24% Feb 3 2% Oct 19 No par Debentures Jan 65% Mar No par 26% 378 *98% 100 11% 11% 634 6% *5% 63g 107" 10734 35" tBubh Terminal "18% "Feb Jan Oct 19 35 Jan Dec Feb 60 Oct 13 11% 47 97% Jan 14 2% Oct 19 Nov 32% Aug yl2% July 43% Apr 40% 2 Oct 21 94% 47 5% Nor 33 Jan 12 Oct 19 ..No par Burl'ngton Mills Corp Burroughs Add Mach_.No Apr 63 26 Byron Jackson Co 4 "32" 100 Watch California Packing *63 28 7% preferred... 4,000 4 *,... 100 No par 3,300 2% 834 share per 100% Apr 1% July 38% Jan 14 102% Jan 62% 6% Oct 19 -..6 7% preferred Burtd <E O) Mfg 21 75 84 6 52 4 3034 Bruns-Balke-Collender.No par 2734 1434 108 37 *50 143g 27 No par *27% 70 108 Brown Shoe Co z20% 71 *8 *29 21% 7434 ► 450 10% Oct 19 No par 150 18% 13% 8 par 6,000 8,800 2% 8% 1778 67g Oct 19 par Brooklyn Union Gas Bucyrus-Erle Co. 6 Jan 13 Bullard Co.. 1178 71% 31 8 No par 39% 14% 3078 Oct 19 No par 16 4 pat Bulova 23 22% Jan 23 Budd Wheel 11% 70 2884 21 47 Oct 19 32% Sept 24 19% Oct 19 680 39 14 978 82 9% 20% 3% 11% *15% 10% Oct 19 1 5,300 38 22% 334 67% 11% 82 18 29 $6 prerfered series A. No par 600 14 *10 16 1134 725s *10 884 378 2,600 25,000 2,900 1378 102 15 938 67% 28i2 31 105 10H2 10H2 *102 11 17,800 14l2 30 36 57 5% 38;% 18% 6978 *127 *58i8 11% 97g 57 5% 36% *67 29% "33% *34% 15 33« 3i8 10 3% 55 5% 37% 183s 9% 2134 37g *70 31 83 1% 1312 534 59% 1438 108 27 * 31 40 414 29% 13 1314 53g 60 6H8 14i2 1% 2i2 2i8 6% 40 538 *40% 5 15 5% 334 134 3»4 1% 6 *212 14% 1% 53 *34 134 334 31,600 106 *87% 13s 5% *2% 14% 30 6% 6% 578 106% 107 *3278 35l2 12i2 12 58 47% 47i2 38% 3834 93 3% 11,500 95% , 26 27i2 106% *88 134 1034 95% 6% 5 52 *44 40% 6l2 10 97 Jan 4% Jan 11 '53% Feb 13 7 June 25% 1634 Mar 23 Oct 19 28 *90 39 1®8 10% 11 *55% 7% 40 5% 6,000 80% June 39 34 Oct 19 22 47 37 334 1134 400 18% Oct 19 18 *50 106 47 134 11 10% 9% 4,400 37 "27" 4 47 *114 11 3734 Highest share 9 per 50% Aug 25 % Oct 19 33 X27 * 57 12 4 38 Bristol-Myers Co Brooklyn A Queens Tr.No $6 preferred... No Bklyn-Manh Transit No Oct 19 Jan 22 Aug 14 23% Feb 23 5978 Feb 11 52 5834 26% 4434 214 23% 38 11 2378 24 48 96 2334 3734 Roller 207g 27% *103 25% 12!8 184 23 3 100 Bearing Co. 17 Bridgeport Brass Co No par 3,100 10% 227S 37g II84 4% 61% 105 46 *8712 22,400 37 *20% 4% 34l2 125s 37 1234 37% 24% 16 40 22 13 1212 ll3g 36 15 * 33 *33 3,500 1,000 12% 14% 9% 22% 3% * 33 34% 10 238 10% 36% 7% *98% 100 13 *1134 634 638 *5% 63s 4534 6l8 23g 934 11% 8% 34% 90 105 55 23g 11 110 26% 3% *9 106 "24" 1,000 11 109 * 333g x20 100 60% 33% 21% 3% 10% 110 235g 33 9 109 105 17,800 1,400 884 110 62 36% 17 105 110 *105 106 *105% 106 21 22% 213s 237g * I *21% 21% 4% 11% 303g 36 167g *45 42 . 29 36 36 *95 123g 73g * 323g 8% 17% 34 7 5 Brlggs Manufacturing.No par Brlggs A Btratton No par 30% 36 2 2% 9% 18% 133s 8% 34 7% Corp Maine RR 20% *26% ~ 48 8 8% 95% 105 112 60 *45 90 4 95% 101 112 48 90 "2l" 20% 2% 8% Bon?-Warner *50 ' - Jan 18 Bower 36 36 21% 273g 26% *50 28 25,500 17% Oct 19 24% Oct 19 $ Aug 16 15 2,300 17,100 534 55% 5% 3% *10% 11% 25 Borden Co (The) 23% 9% 9% 2234 36% 3,300 17,700 tBotany Cons Mills class A.50 97 3% *9% 14% 10 46% Apr 13 Boston A 834 2034 22% 3% 20% 93 Oct 19 Oct 18 300 2% share. 15 600 11 per 7634 Oct 19 1% 22% 10% % 39 6 223g share 1 *1 16% 9 8% per No par .... *5 35 58 353g f No par Class B.. 1%. 63g 52% 4% 5% 36% 17% 35 343g Bon Ami class A 6 9% *95 57g 5 5% 3534 17% 8% 26 10 96 5% 50% 50% 16% 2 934 9% 21 Year 1936 Lowest Highest Bond Stores Inc 40 1% 21% 103g 28% 35% 9% 11% 36% 23% 37% 10% 10% 11 *95 16% 20% 2134 3534 160 40% 17 Par *5 23g 24 5% 25 *51% 2 2% *8% "38 934 434 33 87g *33 23 96 16% 2034 33% 82 40 17 Lowest 34 27% 34% *37 10% *81 40 Range for Previous 100-Sftare Lots EXCHANGE 1% 21% 1038 27% 34% 35% 22% 37% 11 878 9% 5 ♦20% 978 11% 37% 24 34 *1 9 10 95 5 32 23s 35 9% 95 20% 16% 21% 5 38 8% 10% 36 ♦ 40 "15% Oct. 30. mi 2% Apr Aug 8478 Sept 128 Nov 91% Nov 136 Nov 24% Feb 5% Feb 82 Feb EaST Volume LOW AND SALE PRICES—PER HIGH NOT PER SHARE, NEW Saturday Monday Tuesday Wednesday Oct. 25 Oct. 26 Oct. 27 Oct. 28 $ per share S per share 25 26 25 11 107g *9i2 10 10^8 9i2 11 11 IOI2 9 1178 7% 7&S 68 7% *61 73 *61 73 *68 69i2 *6814 6912 26 312 35fi % % i2 434 19i2 5 2034 *19 514 2078' 82 82 *80i2 82%7 *8012 1518 1634 12i2 2 , 17 1314 12 2 80 134 72 *72i2 48 46 H2 2912 1538 48i2 523g *157t8 412 32i2 2 49i2 lli8 11 11 283s 29 1% 2414 2414 97 24i2 *34% 41i2 *33 36 79I2 7912 3034 92 7$ 7g 34 5 50 412 8012 18% 57g 4814 378 11 '4 3i2 10i8 20 638 6% 49 3% 10U 85 400 53 10.600 16i2 51 5512 Continental Steel Corp .No par 51 680 Corn Exch Bank Trust Co..20 58 11,400 *155i2 160 100 47% Oct 25 50% Oct 20 153 Apr 14 538 578 3314 9,300 4112 35 """766 1434 31,000 80 81% 700 32 35% 12,700 34 1 1 6% 7 7 7 53g 5 5% 78 78 75 75 80% 80% 18 18% 18 18 18% 18% 1,100 6is 634 6% 4934 50 4 12% 497g 4 1134 4312 8i2 14i2 42 46 47 834 8% " 1234 4% 63,800 13% *55 547g 23% 834 *32% 547g *32% 9% 15 18% 20 14,600 Delaware A 93g 9% 10% 26,600 102 101 102 7 40 13 *13 19 *13 19 19 *13 19 55 *40 45 *39 45 38% 40 *38% 55 *40 21 2134 *31 33 3134 934 3134 10 *31 10% 14 14% 14 133g 10 10% 14 13 70 317g 22 3178 10 912 2134 3312 *30 10 *13 22 2U2 70 14% 1334 72 70 70 70 *70 *1634 9 *4% 12 *478 8 *534 200 32 10% 10% 10% 2,500 15 1438 1434 76% 300 3134 *66 1734 *17 17*2 *17 17% 17% 17% 36% *0314 *2334 3912 3312 24U 41% *33% 34% 33 33 17% 3334 17% *32 3334 *33% 34% 24 2434 25% 24% 25 43%, 45 44 45 7 24 44% 6% 24 *6 23% 41% *57g '41% 4058 98 *30 45 6 *6% 6% 200 31 32% 33% 3478 3378 36% 35,500 98 98 96 97 94 96 99 *34 37 *31 45 9534 39% *31 41 15 *147g 16 45 *34 6% 1312 1312 13% 14 14 *3g *78 1% II4 2% H4 25g *7$ *1012 13214 13214 '132% 133 10712 107l2 10712 107% 112 IIU4 111% *111 514 6-% 53s 534 159 164 161 22 458 2214 434 2312 63s 43s 4U' 57g 169 6% 169% 24 478 51s 24i2 5% 13 23 634 1 300 3 78 1,100 13% *12% 400 12434 130 26,200 132 132 400 109 10934 700 109% 111 6 63g 110% 110% *110% 111 7 7% 7 6% 8,300 167% 168 168 173 169 162 163 16234 163 120 26 6,400 109% *108% 110 24 25 5 2578 _ 24% 25 47g 5% 5% 22% 6% 2334 4% 10% 24 6»4 4% 107g 7% 257g 5% 25% 7% 4% 4,600 173 25% 2434 5% 650 6% 10,300 40,000 26 7% 778 38,800 4% 458 7,800 4% 43g 85s 11% 12% 12 13% 166,800 34 1034 40i2 10% 36 934 39 678 4% 11% 40 42 37 39% 40 44 43% 47% 10,200 33 31 37 36 38 35 37% 36% 39 40 43% 33 2658 2658 7g 234 25i2 2638 25 2578 4,000 5,200 *34 2i2 7g 234 19 1634 5-38 4I4 9 *84 234 17 18 *4012 47 40% *106l2 107 *106% 108 514 6 478 5i2 40% 44 *45l2 *4812 3 45 46 *46 55 *50 65 45 55 60 3is 8I2 8 *71 478 10 178 2 8% 29% 9% 7734 *2% 18 *40% 18% 17% 47 397g *106% 109% *106% 534 *45 46% *48 6% 5% 70 78% 5 8% *71 434 12 2% 1034 2% 23g 2 2% 2% 1034 10 10% 31 28% 31% 25% 7734 34% 934 978 978 912 9 *2% *9% *95 77 *75 *75 100 *48 12% 36 500 65 2 34 2,400 47 *48 137g *92 7% 7 47 65 llBg 34% 20 *48 178 9 300 65 2 2812 5,800 18% 60 978 10 30 1934 40% 106% 106% *40 *4512 734 11% 600 60 10 ... 35 107g 77 *95 33% 97g *75 3% 3% 3% 3% 3% 1,600 9 13 9% 834 9% 9 97g 13 14% 17,300 4,800 1034 3,200 78% *71 5 11% 9 2% 10% 27% ... 34 978 77 9% 5% 1334 934 133s 9% 78% *71 78% 5% 5 53g "2,700 1234 13 137g 12,300 2% 2% 2% 2% 1,000 *2% 23g 2% 2% 830 ,11 11% 930 31 33% 12,100 12 1034 11 28 30% *100 *97 34% 34% 34% 35 10% 1034 1034 12% 2,400 1,900 7734 10 *75 7734 *75 800 *65 75 70 75 *65 75 70 75 78 80 78 *65 101 *90 101 *90 101 *90 101 *90 101 *90 *90 101 4% 3,400 4«4 2,000 2% 2% 5,900 5.900 378 334 334 51.0-4 178 2 35s 378 4% 312 3«4 2 . * -a 2i8 Mm 3«4 4% ^ *2% 5% non-cum preferred. .100 'taynolds A..No par Match No par Devoe & Diamond 6% participating Diamond 37g 334 4 4 4 4% 4% 4% 4% 2% i7o 17g 21. 2% 2% 2% 4% 2% 21, «■* *!. t u. pref..-.25 T Motor Car Co..2 Corp-Seagr's Ltd No par 5% pref with warrants..100 Dlxle-Vortex Co No par Class A No par Doehler Die CastlngCo No par Dome Mines Ltd No par Dominion Stores Ltd.-No par Distil • Du P de Nemours (E I)& Co 20 100 No par Duquesne Light 5% 1st pf. 100 Eastern Rolling Mills 5 Eastman Kodak (N J)-No par 6% cum preferred -100 Eaton Manufacturing Co 4 Eltlngon Schllu No par Electric Auto-Lite (The) 6 Electric Boat —3 6% non-voting deb $4.50 pref Am shares. -Electric Power <fc Light.No par Elec & Mus Inc preferred..——No $6 preferred No Elec Storage Battery.-No {Elk Horn Coal Corp..No %7 6% preferred El Paso Natural Gas Endlcott-Johnson Corp preferred Engineers Public Service 5% par par par par 50 3 50 100 1 preferred—.No par 15Yi preferred w w._No par $6 preferred No par Equitable Office Bidg..No par Erie Railroad 100 4% 1st preferred.. 100 4% 2d preferred 100 Erie & Pitts RR Co 50 Eureka Vacuum Cleaoer 5 Evans Products Co 5 Exchange Buffet Corp.No par Fairbanks Co 25 8% preferred 100 Fairbanks Morse A Co.No par 6% preferred 100 Fajardo Bug Co of Pr Rlco.20 Federal Light A Traction.. 15 $6 preferred ...100 Federal Mln A Smelt Co.—100 Preferred.. 100 Federal Motor Truck..No par Federal Screw Works..No par Federal Water Serv A..No par Federal Water Serv A..No par , ue.. d..,»CT,. 15 conv n New ,t<>cir jCfcefa sale. 3684 Jan 33% Nov 5484 Oct 147g Apr 10% Feb 18 Jan 4% 23% Feb 9% Feb 153 Feb 128 May 19 May 13 4 Apr 1178 Oct 13 June 213g Jan 22 12% Oct 15 30 Oct 27 18% Oct 19 30 Oct 15 36% Feb 38% 107 7 Oct 19 Jan May 76% Feb 19 40% Feb 2 4 42 Jan 63 30% Oct 40% 37% Oct 43 Deo 634 Oct 19 Oct 19 23 29 Mar 17 18% Apr 34% 60% Oct 20 96 Mar 9 93 Dec 95% 15 Oct 15 25 Feb 9 19 Oct 27 Oct 19 41% Jan 25 40 Aug Jan Aug Apr 10 10 16% Oct 19 Oct 19 35 534 Oct 20 Dre8ser(SR)Mfg conv A No par Class B No par 100 Apr 5 Oct 19 preferred 19% 116% Oct 19 8% 5 Jan Oct 19 30 No par 32% Nov 98 94 Silk Deo Jan 24% Mar 17 No par Duplau Deo IO884 27 58% Mar 17 26% Oct 19 fDuluth S H <fe Atlantic.-.100 6% preferred 100 Dunhlll International 1 108% Jan 5 29 134 Oct 19 Dec 52 3134Mar No par Douglas Aircraft Dow Chemical Co 1,500 *45% 2 1118 7g 234 *45 3 5 26% **4 234 47 55 9-% *71 2534 *4334 *45% 3% 9% 25% 2434 2434 7g 78 7g 234 2% 234 18% 18 18% 42 *40 40 109% *106% 109% 6% 6% 5% 46% 47 9 12% *4% 47 3% 5 5 *92 34 *71 5 24% 78 97g 7812 734 78% 7g 2% 13% 12 10 *34 2% 9% 7i2 14 4% 3% 3 10 1214 6% lOo Co.—lOO — Det & Mackinac Ry 50 162% 162% 111% 111% 2434 2114 12 400 *112% 115 *108 109 *161% 22 24 109 169i2 *161 *161 3 800 % 3 112% 112% *112% 115 122% 129% 122% 127 12434 130-34 *13034 133% *13034 133 132% 133 129 119 1% 3 12 11% 12 *7g 1,900 *3g 58 112% 113 112% 112i2 1201s 12412 *2% 338 *10% 12 . *3g 1% 3% *7, 14% % 5g 1% *2% *34 1334 13 13% 78 *112% 115 13,700 6 343s *'4 12 120 9812 99 234 400 1,500 3378 301s *96 Hudson Detroit Edison 300 31% *6 ——. {Denv& RlcGr West6%pfl00 14,600 72 72 17% 2,300 2134 *16i2 6ifi 3212 Pref erred. 10 19 55 21% 3134 217g 21% 197g Nov 143% July 23 ' 23 *10'4 Oct 19 14% 18% 8% *21 234 Oct 19 5 15 17% 914 *5i2 13 13 14% *38 1218 100 Delaware Lack & Western..50 14 17 5% *13 3034 Oct 19 13% 16% 102 Apr 8 1,800 101 7% 5 16,600 99 Jan 16 18% Oct 20 82% 233g 100 Jan 90% Mar 10 Deo 21 79% 233g 100 Jan 8884 ....20 Diesel-Wemmer-Gllbert 10 83 1,200 1,600 Dec 90 Jan Sept 5 23% 3% 9% Mar 2178 43% Jan 76% 23% 3% Apr Deo 70% Feb 78% 3% 114 36% May 24 23 3 Jan 24% Feb 27 109 77 234 44% 69 12% Oct 19 23 234 Deo 129 62 Oct 19 6 Jan Deo 14% Mar Jan 14 96% Oct 21 68% Oct 19 5% pref 82% 102 39% Oct 19 5 Jan 4 10% 20 86 .....25 Conv 77 25g No par Tnc 2 Dayton Pow & Lt 4^ % pf. 100 Deere A Co ...No par 400 25g 8% Mar No par 1,500 2,300 109% Jan 48% Oct 25 23'4Mar Davega Stores Corp— 400 87$ Mar Oct 19 1 Cutler-Hammer 15 8% Jan 11 8% Oct 19 67% Aug 19 30 Sept 20 1 — preferred 98 314 6i8 $8 10 15 278 4034 A..- 98 9% 2178 4034 Class 15 8% 102 ...No par Preferred Curtlss- Wright 98 1634 2178 6 4 6 99% Mar 98 137s *67 167g June *14% 1414 13 1 20% Feb 11 14% 1878 938 153s Jan 43 98 7% 14 18 Sept Oct 18 14% 934 16 Deo 9 6% Oct 19 98 734 1314 Oct Deo 3% 4 14 2414 23i2 6684 125 16 Packing 97 2334 15 183s 2418 14 127 Apr Apr 1% Sept 95% 17% Jan 4 14% Jan 12 234 Oct 19 75 Oct 28 Deo 28 8H4 Mar 3 MarlO 3 Jan 11 Oct 19 3 19% 50 Preferred 14 *23 10 100 Deo 7% May 135 Oct 20 % Oct 19 Dec Curtis Pub Co (The)...No par 97 81 Sugar Oct 19 44 63% Jan 35% May 1378 71 91% Nov 68% Nov 49% Nov 46% July 50% IO884 Apr 15 90 9712 1378 * 35% Sept Jan Oct 19 21 No par 100 1,500 27 9% 9 9 5478 25% 25 16% Mar 43% 3 8% Oct 19 100 Preferred Cushman's Sons 7% pref-.100 70 70 5 Crucible Steel of America.. 100 25,900 7% Mar Jan 15 8 47% Jan 28 25% Apr 13 70 2,900 49% 378 1234 *55 24 12,300 49 70 *32% n23% 834 4734 50% 4% 12% 67g 6% 634 3% 50 334 6% 49% 634 Oct Deo 170 377a Nov Oct 29 Cudahy Apr 82% June Mar 35 Cuban-American Deo 69% 35 No par Cuba RR 6% pref Mar 46 65% 56% Jan (The) 4 447, Dec Apr 63% Aug 158 Aug Feb Jan 16 100% Feb Cuba Co 46 28®4 Oct 19 7 No par 180 1858 55 9i2 370 10,100 80i2 *32% 13 5,400 1 25 Jan 24% Mar 37 Oct 21 15 conv pref Nov 87.% Oct 3138 Oct 19 Crown Zallerbach Corp 100 *93% 100 1 No par No par ex-warrants Nov 109 July 40 Pref 4 Jan Dec 17% June 35% Apr 2% Apr 28% June 67% 6384 9 23 23 11 19 8 4 2134 Oct 20 6 $2.25 conv pref w w_.No par 14 100 Radio Corp 35% Nov Jan 41 100 Crown Cork & Seal 26% Mar Jan 1% 115 Crosley 4,100 Deo 10% Mar 16 Oct 19 5% conv pref 11,400 Deo 56% Feb 3 Aug 13 Oct 19 Oct Cream of Wheat ctfs—No par 1134 Jan 9% 377g 10% 171% Jan 14 3 1,600 42 38iS 1% June 1584 May 71% Jan 15 90 1,200 11 12«4 Nov % May Feb 13 77 27 25 3734 35% Mar 25 9912 100 25 49 Oct 19 No par Co Crane *34i2 434 100 Coty Inc 11,100 3214 35 47g 25 Corn Products Refining Preferred 84 6% 3% Feb July 9% Oct 19 24 6 Continental Oil of Del 11 3914 30% Oct 19 3,500 1414 *92 78 1 Motors 7,800 41,400 1778 3214 98l2 25 *34i2 30 33 912 Continental 134 3634 1% 36 11% 4234 Jan 23 17 18% 334 Oct 19 56 3012 '8 11% 2534 Jan 35 82 434 5% Oct 19 Continental Insurance. —%2.50 Deo 106% June 2 5% Jan 15 10934 Feb 17 69% Jan 7,300 17% Jan 12% June 6 6 373g Apr 13 3734 Jan 14 Oct 18 2,400 Oct 5% Sept 101 1% Feb 27 41% Oct 19 III4 13 6% 65 2934 Feb 9% Nov Apr 11% Apr 6 Feb July 109 3% 105% Jan 23 10% Jan 4 20 11 *15512 160 5 5l2 100 1 100 preferred 2838 36 27l2 7 17% Apr Jan 102 13% Feb 26 Oct 19 lll2 82 *92 1 29 134 347g 1758 5112 12% 33 *5 8% 20% 48% 92% Aug 16 No par B Continental Can Inc 37 12>8 35 102 Class Co$4.50pf No par 11 4078 *33 100 Consumers P 2812 1% 3218 37 70 24 5% preferred v t c Continental Diamond Fibre. _5 10l2 *55 7834 52% Apr 70 50 3634 70 72 13% Apr Oct 19 1,400 *78 10l2 *55 97i2 3g Oct 16 Oct 19 16 24 2U *24i2 1034 70 8i8 *1378 3 100 6,100 22 108 2% Oct 19 7812 50U 7712 47i2 5 *55 * Oct 19 Oct 19 100 10,300 *55 4238 7 102 4,700 60,700 2ig *77 *78 4 H78 78 78 *18i2 Oct 27 2 2 9712 5i8 93 3% Oct 19 7% Apr Apr 15% 27% No par Consol Laundries Corp 5 Consol Ol) Corp No par $5 preferred ....No par Consol RR of Cuba 6% pf.100 {Consolidated Textile. .No par Consol Coal Co (Del) v t C..25 preferred 4% Sept 9 Jan 23 Jan 12 3,100 15 65«4 June Jan 20 534 7% Oct 19 *36 5 497g 80% Oct 19 1034 Oct 19 16% 1 47g 80i2 18% 6r,8 4814 4% 414 1834 Jan Oct 19 Continental Bak class A No par 2 7 1 6i2 5 5i2 Oct 19 Container Corp of America. 20 25 97 Oct 19 400 95 32 1 4% 1 ..No par 12 partlc pref 12,700 *24 82 Nov 26,600 155 13i8 30 94 1458 54 36 81 Nov Feb I8I2 *51 1214 *92 95 73% 82i2 36 31 2512 Jan 5 Consol Film Industries 2,200 38 534 72% Mar 93,800 6 ^2 Mar 11 92 22 414 l2 384 4 lo Nov 95 8 Consol Edison of N Y..No par 104 53s 5414 36 82 *91 334 95 100 *77 27 92 1078 *101 85 Oct 21 7834 Oct 14 *34l2 13 514 5 11 104 5034 4078 36 434 1012 104 3234 38 Ills 12% 1112 9734 5l2 III4 Oct 18 63 17i2 45s 1078 *3412 9514 3112 37 41 27 95 48l2 11 28% 134 3314 155 10 *34 11% 36 25i2 94 53 I8 3712 9i2 33U *34i2, 10 34 3.400 2434 50 24l2 1H2 "moo 878 7 July 18% Jan 15 87 Mar 2 65 8158 1558 97 2i8 8 Jan 100 100 17l2 15s 24 2 44% Jan 2584 Mar .100 preferred 1434 3112 98i2 7% 6H% prior pref w w 0Vi% priorprf ex-war— 90 8U2 2778 97 Deo 1318 1078 28i2 24 Jan 19«4 """"70 6912 2 8I4 2634 784 80 11 97 33% June 26 434 Oct 19 17 178 3012 *94 Aug 8 22 Oct 19 8 No par 8H2 4634 158 158 H2 134 31 323g 28>2 3234 16is 16% 1434 16-'% 1534 50 51 47U 50 50 53l2 543g 5134 54i2 5314 *15514 160 *155i2 159 160 458 5 4i2 5 47S 3234 34 3U2 34% 33 15 634 Oct 18 1 Consolidated Cigar I6I4 12i2 26 ll'^S 2814 Jan 14 Consol Aircraft Corp 813; *75 49l2 16 22 >2 12 2ig 48 19% Jan 23 21 1578 78 *74 Oct 19 55s 221? *80 17l8 1314 69i2 *68 Dee 10 No par Cigar Congress 73 *61 90 '.178 514 21 82i2 16 10U 46 *68 90 5 558 2112' 5% 2034 _ 15 7U2 *68 90 *68 2 2 2i8 2i8 2is 714 7i2 73s 712 73s 235s 253s 27i2 24% 26*4 93 94% 93 94i2 9512 412 5 478 5 5i8 10 IOI4 10 10l2 10% *102l2 104 *102l2 104 104 334 37« 384 4 358 % % 12 % 12 412 III4 712 80 15% 30% Aug 2,200 69i2 7i2 share per July 45% Mar 11 10,400 878 share per 19% Feb 11 Oct 19 No par Conn Ry <& Ltg 4H% Pref-100 210 1338 778 *67 95 94i2 4 514 *434 934 10U 9i2 *10212 104 *102i2 28 1034 128s *61 134 738 2734 178 *8 1212 712 712 9478 11 1034 III4 $ Congoieum-Nalrn Jnc—No par 300 *8 per share % per 7 4% Oct 19 9,000 Ills 73 2% 3i2 2612 10 6512 *68 17S 6% 243s * 25 11 % Highest Lowest Highest share 21 Conde Nasi Pub Ino 1,300 2512 24i8 *10 7% 69% *67 734 11 75s Par Shares 8 8 1 100-Share Lots Lowest Week 29 S per share 8 65% * 73 *67 812 1012 83s 1078 712 26 11 1078 24i2 *912 *85s 26 *9% ♦75s 8 25 *9l2 83s 7i2 7% 8 7% 2414 6i2 6i2 3 per share $ per share 8 *6*2 Oct. On Basis of STOCK EXCHANGE the Friday Thursday Oct. 23 YORK Range for Previous Year 1936 Range Since Jan STOCKS Sales CENT for $ ;per share 2801 New York Stock Record—Continued—Page 4 145 Oct 19 9 Oct 25 % Oct 19 1% Oct 19 10 Oct 19 % 46«4 Feb 17 51 Jan 28 Jan Deo Nov 25 4078 Deo 61% June 41% Jan 8 7% Apr 12% Jan 25 60% Jan 82% Oct 29 Jan 51 Deo Jan 36% Deo 12% Mar 77% 14334 July 13 65 Jan 16 39% Jan 7 1% Jan 5 3% Feb 19 8% Jan 16 17% Jan 19 5% Deo 184 Jan 3 Jan 478 July 884 Oct 13% Aug 18% % May 1% Jan Jan Deo Jan 19 114 Feb 120 113% Oct 19 Oct 20 Apr 184S4 Nov 130 180% Jan 18 135% Feb 19 133 129 Feb 136% 107% Oct 21 10934 Oct 29 109% Oct 27 2% Oct 19 145 Oct 19 115% Jan 22 198 2 163 May 28 112 150 Apr 122 Mar 17 5 Jan 11 45% Feb 11 3% Oct 19 6% Oct 19 27 Oct 19 24 Oct 19 Oct 19 22 % Oct 19 1% Oct 19 14% Oct 19 37 Oct 15 105%June 10 3 Oct 19 41 Oct 21 46% Oct 63%Sept 134 Oct 4% Oct 8% Oct 5 26 24 19 19 19 Oct 19 a;75%May 27 3 Oct 19 7 Oct 19 1% Oct 14 1 Oct 19 7% Oct 18 1578 Nov 47% Nov 784 Feb Feb 26% Jan 14 Jan 257g Deo Deo Deo Jan 6 17% 92% Jan 7 3234 Jan 87 Jan 8 29% Jan 94% 87% 44% Jan 16 39% Dec 55% % Jan 1% Jan 6% 2234 Nov 29% 2 Jan 19 8 Jan 18 29 Jan 18 60 Feb 11 115% Jan 19 Jsp16 17% 78% Jan 30 69 Feb Aug 116 July Jan 16% Deo 45% Jan 8484 Oct 89% June June 97 48 Jan 55 Jan 80 14% 15 17 17 17 Jan 14 Jan 21 3 6'4 Jan 21 5% Jan 28 34% Mar 28 717« 26 Oct 18 70 7% Oct 19 77 Oct 18 103 29% 150 129 Jan 28 Jan 15 Jan 14 Jan 11 Jan 18 Jan 4 Mar 11 Apr 2 11% Feb 19 11% Feb 25 6 Jan 14 J'4 2 , E,^v. . EwWU, Feb Deo Deo 7% Feb 19 934 Jan 23% Mar 35% Mar 28% Mar 1% 63% July 110 86% Feb 10 81 210% Oct 19 1% Oct 19 40% Nov 684 6% Oct 19 2% Mar Jan Apr 3034 Apr 10 Apr 28% Dec Feb 23 7% Feb Mar 31 66% Jan 27 90 Oct 19 2 Oct 19 166 12% 5 16 150 23% Deo Aug July 152 15% Oct 19 334 Oct 19 Apr Aug 16 Oct 19 3 Deo Deo 116 185 5% July 156 37% Feb 11 16 Mar 17 15% Oct 19 rlll% June 11 107« Deo 18% Sept 16 34% Oct 5% Apr Apr Apr 1184 Jan 68 12 29 Oct Jan 69 Jan Jan 15% Aug 40% Jan 23% July 4% Jan 2% June 8% Mar 434 Mar Apr 25 Deo 3484 Jan 71»4 Deo 122% 210% Deo 31% Jan Feb 8% 61% Deo I884 Apr 2784 Deo 84 Jan 101% Deo 37 Aug 697g Mar 7% Jan 92 Mar 123% Nov 12% Mar 3 Apr 6 Deo 2% Jan 6 Oct " : " g , CaUe,! „ gdggUoe .1 ■! New York Stock 2802 LOW AND HIGH SALE PRICES—PER SHARE, Record—Continued—Page 5 NOT PER CENT Sales STOCKS NEW for Saturday Monday Oct. 23 Oct. 25 per share Tuesday . Oct. | % per share 21% 21 22% 73 73% 72 73 28% 23% Friday the Oct. 27 Oct. 28 Oct. 29 $ per share $ per share 28 29 *22 39 ♦22 39 *21 39 23 24 22 23 22% Shares 23% *91 94 93 91 91 22 23% 1,200 74% *73% 74 74% 74% 30% 700 30 29% 30 30% 39 *22 39 23% 22% 24% *22 39 24 15% *34 39 *34 39 *34 39 *34 38 *34 100 *22% 2% 32% 30 *22% 2% 30 *22% 2% 20% *22% 27 *22% 2% 32% 26% 2% *22% 26% 3 36 30 14% 2% 90 15 2% 33% 86 30 35% 15% 32 33% « 37 13% 15 3 2% 2% 33% 32 32 80 80 80 35 34% 15% 33 93 85 85 87 94 *92% 34% 32% 33% 18% 17 16% 2% 33% 33% * 87 3,700 3,400 90 17% 18% 10% 17% 17% 19% 19 20% 11,800 *70% 4% 80 80 71 70 70 70 76% 130 1,600 *31 58 5% 5% 57% 64 22% 23% 108% 109 4% 59% 21% 106% 21 105 *25 20 22 105 105 59% 20% 12 2% 5% 22% *14% 106 29 23% 23% 25 25 11% 12% 2% 12% 2% 6% 12 2% 6 2% 6% 2% 6% 22% 22% 24 24% 5% 15 13% 14% 91 91 23% 14% 93 93 90% 6% 7% 6% 7% 7% 7% 4% 4% 57 57 21 21% *103% 106% 22% 106 12 % *23% 4% *32% 4% 14% 90% 7% 7% 21% 12% 2% 5% 6 24% 13% 23% 14% 90% 90 7 7% 7% 7 7 100 *90 100 *90 100 *92 95 41 39 42 41 42 41 42 42 7% *24% 2% 5% 23% 14% 14% 7% 96 980 120 Gen Amer Investors No par 5% Oct 19 38% Oct 19 «. *» M> 82 82 82 82 82 81 81 25 24% 24% 25 25% 25 26% 2,600 111% 111% 41% 40% 32% 32% 1% 1% 111 42% 33% 1% *32 53 *110 1% 1% 40 33% 1% 42% 40% 32% 1% 115 105 2 20 * 40 *32 55 55 56 *100 2% 1% 21 * 23 21 27 45 2% 3% "l8~ 58 12% *21% 12% 11% 11% 10% *61% 10% 9% 58 *58 28% 45% 2% 3% 58% 19% 82% 4% 86 4% *56% 4% 58 2 *60 2% 2 5 4% 20 58% 2% 2% 3% 2% 3% 3% *._ 99 *19% 19% 22% 58% 21% 85 83 2% 5% 68 *60 18 26 28% 13% 13 14 25% 28 25% 28% 29% 13% 26% i'fi A' 17% 26% *32 *17 4. 5% 5% *18 17% 26% 2% 23 101% "21% *121 7% *73 2% 90 7% *91% *130 ft 14% 22% 20% *73s 75 *73 2% 91% 2% 90 8 7% *92 98% *130 16% 14% 114% 113 125% 12534 *125 53 23% 94 92 24% 132 24% *121 7% 7% 75 *73 2% 2% 96% 92 8% 8 *92 98% 154 *130 17 17% 122 126 135 30% 29 29 13% 8% 101 27% 8% *25% *32% 8 7% 23% *24% ~24% 24% 128 123 *7 7% 75 97% *73 2% 2% 96 8 *92 7% 98% 154 17 *92% 17 17% 135 *130 17% 132 135% 135% *125% 128 125 24% 88% 60 5% 2% 14% 19 31% 14 9 6% 17 8% 7% 125% *125 75 26% 8 18% 53 *50 50 92% *91 92 93 93 27 *21% 20% 27 *21% 20% 26 "l2% 19% .94 1234 23% * "l2" 22 ♦ 94% 13% * 94% * 95 22 23% * 42% 43% 9 » 9 22 *19% 23 41 42 *43 51 734 734 8% 8% *19 43% *7% Bid and asked prices; no sales on tnis day, 22 23 44% 42 9 *7% 140 128% Nov 69% June 65 Deo 44 Nov 3% Jan 18 % Jan 14 Jan 68 July 117 May 1 Oct 19 31% 124 Feb 1 70% Feb 11 Oct 15 15% Feb 19 Oct 19 Jan 19 94 Oct 26 1 1 14 Oct 19 18 Oct 19 Oct 19 conv No par No par preferred..-.60 par par No par 100 pref series...No par Granite City Steel No par Grant (W T) No par Gt Nor Iron Ore Prop .No par Great Northern pref 100 Great Western Sugar..No par Preferred 100 25 7 % preferred class A Hall Printing Hamilton Watch Co 6% 25 10 65% Feb 4 117% Jan 22 6% Jan 20 48% Jan 70% Feb 7 4 88 6 58% Jan 18 %« Oct 2 6% Feb 25 6H% preferred 55% Oct 18 87% Mar 11 55 Oct 19 96 3 Oct 19 1% 10 Jan 2 June 15 12 65 22 Apr 39% Nov 16% Feb 14% Dec 17% Nov 8 Jan 9 Oct 19 17% Mar 5 9% 59% Mar 34% Feb 6 30% 8 30 Jan 36 7 33 June 434 Oct 19 4% Jan 11 Jan 1% July July Jan 24 20% Feb 10 6 Jan Jan 14 Jan xl04 Dec 100 June Oct 26 18 Oct 19 123 Oct 28 1 5 Oct 19 7134 Oct 19 1% Oct 19 89 Oct 20 6 Oct 19 963s Aug 25 May 6 140 105 17% Jan 11 12 Jan 104 Nov 107 Feb 26 8 Jan 14 117% Aug 13 15% Jan 25 Holly Sugar Corp 7% preferred Homestake Mining No par ..__.100 12.50 15% Oct 19 Oct 20 10 Oct 19 15% Oct 19 109 Oct 19 115 Jan 9 Mar Mar 12% Aug May 21% 117 141 Jan 150% July 25% Apr 105 Dec 39% Feb 11 185 41 Oct Feb 3 84 Jan 150 Deo 135% Feb 2 126 Aug 135 Apr 67% Jan 21 Jan 19 June 58% Sept 102 Sept 80 Jan 119 Feb 4 52% Feb 120% Jan 30% Mar 9 43% Jan 114% Mar 50%June 29 30% Jan 108 June 9 Jan 19% Jan 49*4 124 33*4 42% 108 Feb 115 407 Dec 544 Oct 19 Oct 19 41 5 39% June 44% 6 Oct 19 27% Feb 11 33 stk.No par 44 Oct 19 73 Jan 11 22% July 54*4 June 82 Oct 12 94 17% Jan 22 90% Mar 10 5% Jan 21 Deo Dec Oct Deo Oct Mar 20 Oct 19 100 v 10..25 5 Manhattan 5% preferred Hudson Motor Car 10,100 434 37 Oct 19 Jan 100 1% Oct 19 3% Oct 19 No par Oct 19 16% Jan 21 23% Feb 17 100 Hupp Motor Car Corp Illinois Central 1 4 1% Oct 19 6% Jan 48*4 Jan 3% June 8% Apr 13% May 38 30 June 43% 67% Mar 11 510 41 Oct 18 72 10 58 Jan *8% 270 Leased lines 4% RR Sec ctfs series A 6 Oct 19 25% Mar 11 Ex-div. y ...100 1000 Cash sale, x Feb Feb Mar z78% Nov 13% Deo 65 Deo 5% Jan 17% Feb 22% Nov 4% Aug 17 Oct 19 Oct 19 r Jan 9 6 23 Hudson A New stock, Deo 133 x39% 5% preferred Houston OH of Texas Howe Sound Co n 55 par Class B 28,400 Def. delivery, 105% Mar 135% Deo 18% Nov No par Houdallle-Hershey cl A.No com Dec Nov 125% Nov Apr 4% 8 a 15% 32 Oct Dee Aug 99% Deo 16 t In receivership, 37 Jan 37 94 02% 34% Feb 111 5 Deo Deo 19*4 Mar 120 Oct 19 No par 4*4 06 160 Oct 19 preferred..No par Jan Jan Oct 15 Hollander A Sons (A) 30% 120 21 Holland Furance 5 Feb 26 49 88 Oct 19 Jan 22 58% Mar 140 No par Hersbey Chocolate Oct 11% Mar 18 Feb 18 94 conv preferred No par Hlnde A Dauche Paper Co. 10 200 149% Aug 60% Mar Feb 10 900 Deo 64% Mar 10 31 2 44 Jan 108 100 14% Deo 90% July 4% Feb 11% Mar 6% Jan *25% Nov Jan Oct 19 w 31% Apr 105% Deo Jan 59 100 w Oct 80% Nov 31 Oct 19 Oct 19 26% Oct 23 26% Apr 17 92 Feb Dee 32% Oct 19 3% 35% Feb 130 Jan Oct 15 12 7% 10% 118 52% NOV 22% Oct 46% Oct 42% Deo 16 Oct 27 300 20,600 Apr 24% Aug 28% Jan Nov 39% Mar 10 Oct 19 600 1% July 3% Apr 16 19 cum preferred Household Fin Jan 12 5% Jan 22 May 22 200 Deo 8% Apr 77 125 43,200 7,400 *100 9 27% Feb 1 48% Feb 8 47% Jan 5 28% Mar 8 56% May 20 42% Jan 2 145% Mar 2 23% Oct 19 23% Oct 19 7% % Sept 21% July 5 Oct 19 Oct 19 Jan Jan Oct 19 16% Oct 23 25% Oct 19 Feb 4% Feb 1% Oct 19 10 0% Nov 116 13% Jan 18 105 500 Jan 74 100 16", 100 3% 13% No par 21,300 1,200 Jan Dec 50% Mar 11 Powder 1,900 55% 50 Oct 19 Mar 11 Jan 37% Dec 52% Sept 13 47% Mar 11 "Oct 92 8% Feb 19 141 19% Oct Oct 28 Oct 19 Deo 27% Nov Oct 19 3% Oct 18 89 Jan 2 Hercules conv 6% 96 16% Oct 19 Deo 90 '32 Oct 6 1% Oct 19 77 Deo 71 13% June Aug 19 Feb 17 4% 48% Deo 31% Deo 44% Nov 25 115 Feb Deo 118% Mar 30% July 84 1 June 0% 57 Apr 101 6% preferred.. 6% 2 26% May 33% Apr 32% Apr 17 July 9 51% Jan 28 800 5", 100 Jan 90% Mar 19 11 "2,500 106 70 ...No par " Jan Apr 100 Hat Corp of America cl A 0% 110 3% 32% Apr No par preferred Hanna (M A) Co 95 pf.No par Harbison-Walk Refrac. No par 110 Jan 105 5% Jan 13 88% Feb 23 29% Mar 9 50% Sept 14 15% Oct 19 7% Oct 19 0% preferred Hackensack Water 123% Nov 59% Dee 15*4 Deo 20% Feb 19 Green Bay <fc West RR Co. 100 Green (H L) Co Ino 1 6H % preferred 10 Guantanamo Sugar....No par 8% preferred 100 Gulf Mobile A Northern.. 100 Jan Oct 19 734 Oct 49% Oct 20% Oct 43 Oct 131% Oct 27 par Jan 5*4 Oct 19 100 Greyhound Corp (The)-No Jan 18% Oct 19 8 1 conv 118 8 1 93 Nov 56 6 Grand Union Co tr ctfs Aug 77 43% Feb 11 24 Aug 30 No par Graham-Paige Motors Granby ConsoJ M S<fcP 123 6% preferred series A...100 9% Jan Oot Jan 100 43 Feb Oct 10 500 23 4% 71 70% 53 7$ 24% 44% 23 Deo Mar 20 110 1% Oct 19 17 No par 95 conv preferred Gotham Silk Hose Preferred 95 *22 *20 Jan 152 Motors 50% 26 . 20 Deo Jan Dec 49 Jan Hercules _ 20 60% 17 70% Feb "3', 600 94 "l3% 23 Jan Deo 65% Jan 18 par Hayes Body Corp r 131 "l3" 13% 13% il3% 14% "13% 13% 22 22% 22 22% 22% 22% 21% * * 110% 110% *109% 110% *109% 110% *109% 110% *109% 110% "43" 44 "43% 44% 43 45 43 44 47 44% 43% 45% 27 27 30 26% 26% *25% 27 27 *26 30 27% 27% 11 13 13% 12 13 10% 14 12% 12% 13% 13% 14% 52 52 51 54 52% *53% 54 55 52% 62 54% *56% *81 85 85 *82% 85 *82% 85 85 *82% 85 82% 82% 6% 7% 6% 7% 7% 8% 7% 7% 8% 8% 8% 9% 46 49 54 49 48% 53 50 49% 50% 53% 52% 54% 2% 2% *2 2% 2% *2% 2% 2% 2% 2% 2% 2% *4% 634 *4% 6% 5% 5% *5% 6% 6% 6% *5% 6% 8 834 7% 9% 8% 9% 10 8% 8% 9% 9% 10% 2% 2% 23s 2% 2% 2% 2% 2% 2% 2% 2% 2% 11% 13% 13 13 1134 13% 11% 12% 12% 13% 13% 14% 23 11% 28 Apr 9 1 Hazel-Atlas Glass Co 25 Hecker Prod Corp v t c-No par Helme (G W) 25 Preferred 100 23,700 7% 98% 93% *21% 22% Oct Jan 33% 2 1,200 154 50% 92% *21% Oct 7 34% 9 60% Jan 3,400 126% 126% *50 Dec Nov 64% Jan 21 122% Feb 6% preferred No Goodyear Tire & Rubb.No 10 3% 18% *130 1,300 73 *92 *130 Jan 13 70 20 165 44% Feb Oct 25 Gobel (Adolf) 1 Goebel Brewing Co ....1 Gold & Stock Telegraph Co 100 Goodrich Co (B F) No par 10 98 7% 98 8,100 7% 3 154 100 125 98 91% 22 3,000 94% 73 3 97% 152 Jan 5*4 4 Mar Jan 141 4 65 Nov 104% Apr Feb 11 32% Mar 30 97 42% Apr 10% Apr 64% Jan 29 Rights 70 7% 50 22% 20 .500 25 91% 50 500 200 25 *123 50 53 1,900 101 "93" 126% 20 8% 25 7% 132 1,600 3,400 33 * 25% 123 42,600 20% 27% 33 25 4,700 7 20 33 Feb 105% Aug 17% Nov 14% Nov Oct 19j No par No par Brothers 4>S% 90 1% *20 27% 80,300 1,600 25 6% *21% 22 6,900 9 1% *20 93 22% 94% 67,800 7,500 1,700 1,900 3,200 3,200 2% 15% 19% 32% 14% 31% 9 1% 25 27 20 50 2% 5 *21% 20% 22 1,500 2,300 5% 60 *92 27 29,400 1,100 62,800 25% 80 94 *130 10 00 2% 101 2% *93% 7% 7,900 5 101 *73 98% 17 33 7% 3 6% 19 "23% *121 5,100 3% 2% 94 7% 96% *20 6% * 75 *8% 1% 1% 25 14 4 Nov Oct 22 100 96 preferred Glldden Co (The) 31,800 % 5% Glmbel 600 60 14% 30% Feb Oct 19 Oct 19 Oct 19 Gillette Safety Razor. _No par 95 conv preferred...No par 6,200 22% 31% 153 33*4 Jan 25 700 46 "2l" 2% 13% Deo 16% Dec 8% May 19% Jan 14 9% Oct 19 3 20 78 53% 7% Aug 11% May 100 86% Feb 17 13% Oct 19 99 61 Jan 10 33 19% Oct 19 58% 29% 3 5% Oct Feb Apr z39%June 21 106% Jan 28 Gen Steel Cast 96 pref.No par Gen Theat Equip Corp-No par 500 29 28% 30 30 29% 29% 131% 132 *131% 135 *50% 64% *50% 64% 20% 21% 23% 21% 10% 11% 11% 11% 11 *15% *25% *32% 7% 23% 25 154 2% 12% *5% 23% 128 2% 4% 2% 13% 18% 31% 13% 19% 8% 1% 101% 92 2% *18 8 7% 22% 101% *101 60 6 10% 33 114 1*50 *16 68 27% 6 21 5% Jan 21% 3% 8% 10334 Railway Signal...No 96 preferred 26,000 3% 86 29 20% 27% *121 7% 154 6 *25% *93 9434 132 6 *32 22% 80 5% 131% 132 *50% 64% 20% 20% 22 26% * 23% 83 18% 30% 13% 8% 1% 22 32 o714 23 ^101% 8% 1% 22 8 22% 2% 12% 14% 26% 6% 58 2% 4% 4% 32 33 58 3% Gen Time Instru Corp .No var General Tire & Rubber Co.. 5 12% * 21% 59% 24% *60 28% 29% 29 29% 29 2834 29% ♦ 132 *125 131 131% *125 *50% 64% *50% 64% *50% 64% 19 20% 21% 21 20 21% 9% 10% 11 93s 10% 11% 134 20% 5% 13 8 19% 83 30 13 838 1% 90 Jan 38 48 No par General Refractories 14,400 18,800 12% % 3% 3% 2% 3% 96 21% 18% 27 %' '16 58 2% 4% 2% 12% 11% 58% 28% *45% 3% "l9" 68 2 11% 57% 28% 99 5% 18 22 10% 57% 27% 2% 3% 85 4% 67 % * 20% 58% 23% 59 14% 11% 67 40 Nov zl35 Apr 1,600 10,000 15% 11% 66% *43 Deo Fob 97% 35% 23% July 108 52% Jan 23 Oct 19 July 47% 900 13% 10% 45 l16 28% 65 27% 2% 1% 25 27% 12 8% 23 15 63 126% Mar 31 34 45% 127 31% Oct 25 28% Oct 19 34 Oct 19 Apr 4 111 6% preferred Gen Realty & Utilities 11,400 15% 22 44 17% 20 14% 22 28 2% . 14% 25% 14% 25 13% 45 % 2% 23 27% a*8 10 1,400 45 h 95 7,600 10% 57% 11% Gen 20 13% 24% 95*4 July 8 22% Oct 19 110 Sept 27 06 Deo 11% Mar 48% Deo June 7% Mar 3 15% July 19 Oct 19 2% Oct 19 6% Oct 19 14% Oct 19 Dee Deo 34% 3% Aug 9 5 Oct 13 42% 60% Jan 73 15% Mar 105% Jan 117 68% Nov Dec 25% Mar 1 Oct 20 36% 105*4 Nov Apr 45 48% Jan No var General Printing Ink 1 96 preferred ....No par 4,700 30 10% 06% 10% 57% 40 40% Sept Dee Jan 30% Sept 32 Mar 25 No par No par Gen Public Service 19 13 10 Common 3,900 29% 25 .100 23% * 95 preferred Gen Outdoor Adv A ... "2% 10% *00% 58 6% General Motors Corp 95 preferred 2% 2% 21% 2% 18% 10% 60 *100 2% 21% 29% 23 13 13% No par *6 conv pref series A .No par General Mills.. No par 100 18% 14% 10% 123 28 21% 14% *60% 10% 30 1,100 27% 24% 23% 13% Gen'l Gas & Eleo A 6,900 No par Feb ' 20 27% 12% 17% 27% 8% 1% .*18 .... 2 *17 28% 26 2% 5% 2% 12% 4% *2% 12% 16% * 95 "l% 2% 2% 21% 14 1034 13 100 ..No par General Foods 44% 312,500 900 112% 112% 29 29 2,000 6 5% 8,900 13% 13% 2,700 6% preferred General Electric 42% 27% 100 No par Jan 100% 32% Jan 13 117 19% Feb 5 No par preferred.. cum 7% 44% 132,500 14,100 1 *119% 43% 5% 2% 21% 62 99 "l7% 94 120 11238 11238 *27 21 * 27% 1334 10% 66% 41 1% *100 2% 19% 25 28 ♦ 21% 84 *17 120 *100 2% 21% 2 43 2% 3.% 20 94 23 %« 59 2% 20 2% 18% 25% 24% 14% 26% 19% *100 2% 21% 43 16 99 _ 16% 66 »I6 • ""1% 13% 21% 105 95 18% 26% 9% 56 *32 55 27 58 40 50 40 55 18% 24% 22% 12% 21% 10% 40 56% *30 55 2 *60% 40 60 33% 1% 40 "1% 12 32% 1% 55 21 100 42% 33 1% *118% 123 T*118% 123 ^ 119 119 { *119% 123 37% 39% 40 37% 42% 42% 41% 39% 111 111 111% 111% 111 *111% 112 111% 26 26 26 27 27 26 26 27% 5 6 6 5% 5% 5% 5% 5% 12 11% 11% 11% 12% 13% 13% 12% 100 115 *110 43% 32% *30 54 111 41% 7% General Cigar Inc Apr 9 Oct 19 94 5 Jan 4 • No var Cable Class A 1,300 1,000 24% No par General 4,700 9,700 82 1% t $8 1st preferred General Bronze M 72 115 Oct 19 %6 preferred No par Gen Am Transportation.....5 General Baking 5 25 37% 32% Oct 19 6,200 8,100 66 *110 Oct 19 10% 3,300 24% 40 20 90 10 8 95 43% 4»% 72 33% Oct 19 3,200 24% 115 Oct 19 7% 72 33 18 Gamewell Co (The) No par Gannet Co conv >6 pf. .No par Gar Wood Industries Ino 3 38 20% z24% Jan 14 83 6% Oct 19 1% Oct 18 3% Oct 19 24% 38% 9 102 1 40% NOV 115% Nov 49% Nov 3 June share per Jan Dec 18% Jan 12 20% Oct 19 8 8% 7% 8% 8% 8% 8% 8% 8% 108 118 *108 134% *108 125 *108 125 *108 125 134% *108 4 4 4% 3% 4% 4% 4% 4% 5 4% 4% 4% 10% 11% 12 10% 12 11% 13 12% 11% 13% 11% 12% 22 24 22 25 25 25 24% 25 20 26% *23% 27% -110 Sept 54% Feb $6 2d preferred No par Gabriel Co (The) cl A ..No par Galr Co Inc (Robert). J3 preferred 20% 105 1 5 5 9 98 Fuller (G A) prior pref.No pa* 2,200 Mar Feb Feb Mar 135 100 13,800 1,600 9 Oct 20 11% 660 15% 42% 8% 7% 100 Feb Oct 19 Oct 25 234 Oct 19 80 -.10 preferred 107% 52% 46% 58% 39% Highest share I per 1 3 9 55 conv 413gMar 11 Apr 70 6% 4 9 45% Jan 18 39*4 Feb 19 Oct 19 conv ( share 58 27 F'k'n Simon A Co Inc 7% pf 100 Free port Sulphur Co 10 240 8 22% Oct 18 1% Oct 19 preferred...No par Francisco Sugar Co No par 5,700 91 *90 42% 17 180 24% *90% 7% 7% 7% Foster-Wheeler Oct 13% 2% 6% 2% 6% 24% 31 29 13 12% 90 *90 39 7% 29 7% 7% *88 6% 22% 108 *24% 11% 2% 11% *2% 5% 23% 13% 90% 59 108 29 *23% 5% 11% Oct 19 No par 1 Follansbee Brothers.-No par Machinery Corp 100 4Yi% conv pre! 100 per 9% Feb Oct 18 30 No par Food 60 19 70 4% National Stores.-No par Florsheim Shoe class A.No par 15% 4% Oct 22 91 Fllntkote Co (The) -» 70 4% S share Florence Stove Co 10% * First 3,000 14,700 80 15% *70 Year 1936 Lowest Highest 22% Oct 19 25% Sept 30 16% Oct 19 6% preferred series A... 100 38 30 *90 Range for Previous Share Lou Oct 19 ^43% Mar Oct 19 108% Mar x65 Fllene'8 (Wm) Sons Co.No par Firestone Tire <fc Rubber... 10 .... per 17 Fidel Phen lire Ins N Y..2.50 9,100 25% 93 9 Federated Dept Scores-No var Fed Dept Stores 414% pf--100 4,200 • 39 14 . Par 22 *32% 36 On Basis of 100 Lowest 22 23% *92% 33% 15% *90% Ranot Sine* Jan. 1 STOCK 1937 30, EXCHANGE 22% 22% *73% 28% *21% 80 YORK Week % per share 23% *73% 28% 20% Thursday 20 t per share *20% 27% Wednesday . Oct. Ex-rights Mar 17 Jan 20 18% Apr 11 May 29% Oct 54% Sept 73% Oct 20 f Called for redemption. Oct Oct. 23 8% 22 21 Oct. 27 23 23% 20% 24% 25% Par Shares 9% 2,300 24% 25% 14,700 85 85 89 89 *86 89 *86 89 85 87 85 86 *128 132 132 132 132 132 *126 134 *126 134 *126 134 74 Inland Steel 68% 9% 3% 10% 3% 4 110 68% 11% 12% *3% 4 4 4 4% 4% 4% 30% 30% 28% 4-3g *27% 4 37g 9 10% 3 3% 24 25 25 138 138 72 75 26 4 4% 4% 4% 7% 8 7% 8% 47 4258 45% 44% 9% - • 3% 25% 3% 3% 4 141 43% 39% 46% 43 6% 7% 6% 778 4% 3% 4% 4 4% 3% *20 217g 35% 35 71 4% 5% 9% 75 10 10 20% 21 22% 71% 8% Canada..No par 100 111,500 14 70,300 Preferred 400 6% Class 15 88 10% *20% 21% 54 125 9% 8% 20% 21% 19 19 7% 6% 7% "35% 86 12 12 *12 14% 11% 22% 30 14 15 18 17 18% 8 30 *30% 840 16% 7% 17% 16,000 7% 900 29% 29% 500 197g 8,800 17% 16% 17% 7% *6% 12% 16 20% 19% 16 13 13 100 21 23 16% 21 108 1% 1% 5% 5% 6 4,200 27% 2878 27% 29% 31 10,600 12 12 12 28% 11% 29% 11% 12 12 1,300 27 27 27 27 27 28% 27% 29% 5,400 Lerner 46 49% 44% 46 45% 46% 46% 9% 49% 15,600 9% *26% 26% 1% 1% 1% 5 5% 4% 5% 29 12 27 2812 26 28 46i2 48% 914 26% 8478 87 44 48% 26 26 26 26% 26, 26 26% 84% 86% 84% 84% 84% 85 85 85 85 85 86 1,900 86% 86 86% 86 86% 86% 89 3,400 8% , 87 86% 18 158% *157% 158% 18% 18% *18 158% *156 *156 158 18 9% 9 9% 9% 9% 18% *18 18% 25 18i2 2914 24 27% 26 27 25% 26% 28% 29% 40 40 40% 40% 43 43 43% 43% 4278 43 18 18% 19% 19 19 19 19 1878 19% 64% 63 62% 62 65 62% 64% *105 105% *102% 105% *104% 105% 105% 105% 18 1% 1% 36% 35 3% 3% *22 23 22 *102 106 *102 18 18 18% 130 *100 1% 36% 3% 1% 3678 3% 22% 22% *102 106 18 18% *115 *100 129 18 18% 1%1 1% 36% 37% 3% 4 *21% 2278 106 *102 18% 129 19 18% 18% 18% 58 60 57% 60 60 62 *56% 19% 17 20 19 29 19 *28% 32 29 29% 18% 32 *29 "25 23 " 21% 25 31% 34% 33 37% 4 4% 4% 21% 106 18% *29% 65 19% 31 *128% *128 *128 1% 37% 25% 25% 27 26 27 3,800 2% 6% 6 12% 1% 12% 2 7% 7 1% *4% 10% 1% 26% 12% 13% 3% 27% 25% 2 6% ♦ ~*7% 7% 13 12% 6 6% 26% *26% 13% 12% 13% 378 29 25% 12% 13% 6% 7% 12 6% 7% 12% 6% 11 9% *8% *13% / 7 7% 2,900 13 13 13% 2,100 15 2% 2% 2% 7% 7% 7% 8 7% 8 7% 1% *4 12 11% *1% 1% *1% 1% *1% 1% 560 *4 7 *4% 7 6 6% 60 11% *10% 12 *11 2 36 12 *1% 2 *29% 32 12 180 2 210 33% 500 16,700 14% 13% 15 14% 15% 14% 13% 13% 14% 16 14% 16 3% 28% 2478 25% 37S 30 2.534 3% 28% 25% 4 4 4 1,500 30 30% 30% 31% 4,800 25% 25% 26 25% 26% 4,200 3% 157 *142 157 *145 157 42 43 44 45 44 44 6% 6% *25 96 1 6% 27% *93% 106 157g 15-% 10% 6 25% 9,600 29 *142 16 *1% 33 13% 35g 82 2 33 13% 14% 10 *1% 33 14% 28% 16 *11 14 14% 5,000 12,300 1% *29 35 350 7 2 2 """366 9 6% 25% ♦93% 106 16 15% 11 11 *1078 11% *71 82 *70% 82 4 *145 43% 6% *25 147 45 7 29% *93% 106 15% 11 *70% 16 12% 74 ♦145 43% *6% *25 147 45 "3",800 7 3,200 27% 500 *93% 106 15% 15% 2,400 12% 7,000 11% *72 82 No par Link Belt Co— Corp.No par Inc No par preferred...—.No parr Liquid Carbonic No Corp No Long Bell Lumber A...No Loose Wiles Biscuit 5% preferred Loft Inc Lone Star Cement Bid and asked prices; no Bales on this day. X In receivership, Apr 58% Jan 113 par par 25 100 10 7% preferred -100 Louisville Gas A El A ..No par Louisville A Nashville..---100 Ludlum Steel -....--1 MacAndrews A Forbes 10 6% preferred No par No par Co Inc No par Gard—No par Magma Copper ——10 X Manatl Sugar 100 Certificates of deposit... 100 Mack Trucks Inc Macy (R H) Jan 8 126 Jan 2 76% May Nov 13 Jan 19% Jan Oct 19 17 Jan 27% Jan 18 110 Jan 14 136 39% July 2378 Dec 80 X Manhattan Ry 23% Feb 11 19% Oct 19 19% Jan 14 17% Dec Oct 29 109% Feb 46% Apr 14 28% Jan 17%June 18% Jan 9% Mar 30 71 Feb 30 30 20% Mar 8 35% July 29% Jan 378 May 6 2 16% Jan 16 4% Apr Oct 19 47% Jan 23 35% Aug Oct 19 19%June 6 Oct 19 24% Jan 14 27% Jan 14 8 Oct 19 41% Jan 14 Oct 19 24 101 4% Mar 1578 July 1 July 1 15% Apr Feb 1 94% Apr 203 19 Oct 19 3812 Oct 19 5 Oct 19 Oct 19 9% Apr 89 29 May 12 Jan 3878 May Jan 47% Jan 16 79 July 2 18% Jan 18 43%June 10 21% Feb 11 58% Jan 9 23% Oct 19 8 Oct 19 Jan 8% 24% Mar 17 Oct 19 23 Jan 7% 12 51% Feb 3% Jan 18 34 Oct June 32 27% Mar 11 ; Oct 19 Oct 19 3 20% Apr 6 17% Mar 6% Oct 19 9% Oct 19 Oct 19 15% Mar 2 7 May Aug 5 25 May 82% Oct 19 113% Feb 4 97 Mar 83% Oct 19 114 Jan 28 May 20 175 Jan 13 23 151 37 Oct 19 53 Oct 19 1 June 22 32 Oct 19 3% Feb Jan 36 July "43" 26% July 26 87% Aug 11 110 Jan 23 Oct 19 101 Apr 19 2578 Apr Aug 14 63 Oct 19 14 97% Mar Oct 160 23%May 5 83% Feb 15 15% Oct 19 18% Oct 19 *04% Feb Apr 2' 75% Mar 11 10% Jan 26 18 Oct 19 43% Jan 8 £38% 102 Oct 19 Jan Jan Oot 35% Oct 19 2% 3% May May 12 107 Oct 19 125 Oct 29 14% Oct 19 49 Oct 19 8 147% Jan 20 28% Jan 13 140 Dec 20 May 13% Oct 19 26% Oct 20 41% Mar 11 36 Feb 11 110 99 132% Feb 18% Oct 19 27 Oct 19 62% Mar Oct 19 18% Oct 19 1% Oct 19 1 Oct 15 58% Mar 15% Jan Mar 63 7% Jan Jan 11 Oct 16 30 Oct 11 21% Apr 4% Oct 19 16% Jan 20 29% Jan 30 preferred. 100 prior preferred 100 6% 2d preferred —100 Marlln-Rock well Corp 1 Marshall Field A Co...No par Martin (Glenn L) Co 1 Martin-Parry Corp No par Masonlte Corp No par Mathleson Alkali Wks.No par 7% preferred 100 May Department Stores... 10 Maytag Co No par $3 preferred w w No par $3 preferred ex-warr. No par $6 1st cum pref No par McCall Corp. No par McCrory Stores Corp 1 6% conv preferred 100 d Change of name from Intern 3 Oct 19 20 9 Oct 16 39 Oct 19 6% Feb 17 5% Oct 19 1 Sept 10 6% 6% 14% Feb 13 1% Oct 19 26 Oct 21 9% 10 Oct 19 Oct 19 1% Oct 19 20 Oct 18 22% Oct 19 142 May 17 36 Oct 19 4% Oct 19 24% Oct 20 35 June 3 93% Oct 21 13% Oct 19 7% Oct 19 3% Mar 29 Jan 21 Ex-dlv. t Jan 20 6% Mar 27 51% Mar 4 30% Mar lu 29% Apr 30 13% Jan 10 74 Feb 5 41% Jan 165 Oct 27% Jan Jan 40% Apr 127% - 8% Jan 34% Jan 1% Jan 7% Jan 8 Jan 25 7 June 32 Dec 1278 Doc 17% May 2% Jan 8% Apr 1% Jan 6% July Jan 2% July 18% 41 11% May Jan 6% Apr 27% Apr 15378 Jan 66% Mar 11 43% May 11 13% Apr 15% Jan 43% Deo 44 Jan 13 45 Jan 13 44 22 36 Jan 2 24% Feb 11 106% Mar 2 103 Jan 29 Feb 111 Ino z 33 6 16% Jan 11 39 Jan 14 9% Oct 19 1% Jan 22% July Mar 30 9 100 9 8 8 20 10 12 7 6 6% Oct 20 10 Oct 19 57% Mar 17 127% Aug 10 8% 21% Apr 28% Feb 15% No par 7% guar. 100 Cash sale Apr 20% Apr 14% 25' Maracalbo OH Exploration.. 1 Marine Midland Corp 5 Market Street Ry 100 n New stock Feb 87 4 69% Mar 10 Manhattan Shirt a Def. delivery, Jan Dec Oct 19 —-.—...100 100 Mandel Bros Feb 121% 4478 Jan 16 35 Mar 6 Madison Square Modified 5% guar May 88 155 Oct 19 pa- Lorlllard (P) Co Preferred Jan 24% Aug 116 £25 25 100 Preferred Jan 15 6 26% Jan 30 30 Apr 15 127 Aug 4 87% Jan 5 16% Oct 19 Oct 19 4 Tobacco..25 r • 10~% Apr 82 107% Apr Mar 17 Pref ctfs of deposit 15 *7 11% Sept 15% Feb 19 8 Oct 29 36% Jan 18 • 1% Oct 19 20% Oct 13 Oct 19 12 Lily Tulip Cup Corp...No par Lima Locomotive Wka.No par """926 *13% 6% June 22% Oct 25 Gl.No par Libby No par Corp 5 Liggett A Myers Series B 15 2 3% *70 9% *6 12% 25% 10% 15 7% 6% 16 12 *6 2 25% 82 10% 10 12% 6% 10% 10 *6 17« 27% 16 *8% 12% 6% *70 10 10 400 2% 8 26% 24% 106 *2 2% 26% *94 2% 12% 9 2 3% 2 1% 10% *3 12% 7 2 3% 2 1% 10% *2 12,100 12% 7 43% 43 12 3% 15 10 778 1% 157 *142 53 9,300 25 3% 12 26% 1,300 2% "7% 20 12% *2 9 500 12% *2 15 32 35% 3 *12% 12,800 12 *2% ~*7% *30 128% 128% *128% 25% 25% 24% 1,100 22 36% 3 15 60% 12 *278 778 58% 20% 10 1,300 35 3 *1% 18% 11% 26% * 125 18% 20 5,500 35 24% 9 18% 24% 25% 3% 125 2,300 102 18% 11% 10% 15 30 102 34% 24 8 21% 20% *20 3,100 24 10% *1% 30 58 4% 4% 7,600 Apr 60 30% Oct 19 5% Oot 19 (The)...No par Prod Corp 5 Stores Corp No par Life Savers $6.60 30,300 15 Feb 19 92 Llbby McNeill A Loew's 1% Mar 11 7 Llbbey Owens Ford 39,000 39% 1% 38 4 52 4 50 preferred Oct 47 14% Oct 19 82% Oct 19 Lehman Corp 400 65% 105 11% 25 ♦ 18% 4,200 20 19% 63% 105 700 800 43 6% conv Jan Apr 23 Mar 17 No par Lehigh Valley Coal 300 5,400 25% 36% 10% 278 57 £20% 18% 32 34% 24 25 278 106 18% 159% 18 30% 900 *11% 34% 11 *2% 21% 19% 102 128% *120% 128% *115 19 18% 19 18% 18 *128 1%: 37 1% 159 43 59 62% 105% 105% 60 % 1 7,000 10 9% 26% *155 158 4,000 49% Jan Jan 3 15 Lehn A Fink 12 5% 28% 12% 5% 29 8% 1 35% 3% 1% 11% 6% 1% Jan 19% 29 Lehigh Valley RR 27 8i2 1 3% 14% 4% conv preferred Deo Jan Feb 16 46 Cement—25 100 50 Lehigh Portland Deo Feb Jan 1% 14 Tire 8 18% Feb 2% 121 13 2,700 108 15",800 125% 8 No par No par —5 Lane Bryant 10% 43% May Oct 19 (The) Lambert Co Lee Rubber A 8: Jan Dec Oct 19 115% Apr .100 500 20% 4% 13% 5 £18 preferred.. 1% 5% 714 18l2 5% 3,900 8 9 7 Ian - 8% *95 83. 1% 7% 2,200 Apr 110 Oct 27 Stores.$12.50 Kayser (J) A Co— ...5 Kelth-Albee-Orpheum pf.,100 Kelsey Hayes Wheel oonv cl A1 Class B 1 Kendall Co $6 pt pf A .No par Kennecott Copper No par Keystone Steel A W Co No par Klmberly Clark No par Kinney (G R) Co 1 $8 preferred No par $5 prior preferred No par Kresge (S S) Co 10 Kresge Fept Stores No par Kress (8 H) A Co No par Kroger Grocery A Bak.No par Laclede Gas Lt Co St Louis 100 15% 15 19% 19 *95 8 16% 16% 7% "l5" 2% Feb 15 Jan 6 72 100 preferred Apr 8% Jan 30 67% Feb 16 28% Jan 25 Mar 18 120 Kaufmann Dept 350 *7% 14 4% 160 10 52% Oct 25 74 Oct 19 par 1001 7l2 1% 4% 8% 7% 86% 19% 13% 20 19% 108 *95 108 20% *12 7% 14% 20% 7% *13% *1978 14% 13% 31 16 1578 8 *7 7% 7% 19% 19 20 16 17% 16% 31 31 *30 19 158 60 17% 127g 8I4 600 16% 18% 847g 2% 3% 16% 13 26 3 6,500 900 27 27 3 16 7% *95 26 16% 18% 19% 10% 9% 10 9% 92,800 15% 31 18% 108 38 80 92% 36% 16 20% 19% 92 26 13 *95 4,600 778 7% 96 37% 34% 26 20 1834 7% 7% 10 2,700 11% 25% 15 108 800 25% 21 7% 1,100 93 2% 19% 14% 21 25 16% 16 21 25 *10% 15% *7% 12% 2,800 *87 26 19 14 21 11% 9% 13% 16 7% 20% 93 *92 17% 17% 4,200 *11 26 2% 10% 20 17% 35% 9% *24 10% £17% 96 ~34% 1,140 Jan Oct 19 par Steel pref.. 100 Kalamazoo Stove & Furn—10 Kan City P & L pf ser B No par Kansas City Southern 100 Deo 148% liar 101 135% Jan 5 19% Sept 22 18 Apr 6 9i| A.pr 6 68% Sept 22 6% Oct 23 9% Oct 19 72% Oct 18 Jones & Laugh 2,300 11% .No No Johns-ManvIIle Preferred 80 78% 20 19% 118% 118% 17% 7% 7 * 2% *29 34 15,500 *87 19 1134 77 10% 17 4*4 28% 90 Deo 105% 73% 9% Oct 20 20% Oct 19 1 £116 Sept 23 preferred $6 58 85% Deo Jan 18% . Jewel Tea Inc *51% 194 Apr 160 Aug 15% Apr No par 1 Corp Island Creek Coal 125 75 12 18 *100 57 25 7 7% 7% 30 *92 24 87% 93 24 *2% *22% 15% 16% 2% *2% 15% 13 24 125 *100 Intertype 700 7% 16% Jan 29 Oct 19 4 ——100 Preferred 1,400 24 23% 73 10% 10 24 *20% 12,200 50 *75 17 38% 9% 9% 23 16% 86 65 .100 Foreign share ctfs...No par Interstate Dept Stores.No par 578 Mar 2% July 56% 19% Oct 19 30 Oct 19 16 Oct 19 No par Inter Telep & Teleg 5,700 *75 125 70,900 8 preferred- 7% 70 77g 15% 16% 15% 14% *87 96 38% 34 35 1578 7i8 7% 7% 17 7% ♦ 96 8% 7% 78 7% 7% 7% *16 11% 11% 7% 11% 10% 96 22% 15% 17% 74 72 80 95 9% *2% 73 7 83 *87 23% 278 *22 73 ' 2% 5 Jan 18 4% Sept 25 Oct 19 .100 *49 *16% 36% 9 Shoe 55% 17. 67g 23% 200 International 85% 93 97 35% 21% International Silver 84 *86 10% 9% 21% 1,100 *49 17 17 6% 2,880 19 20 18% 18% 20 19% 20 18% 118% 118% *118% 120% *118% 120% *118% 120% 10 9% 8% 8% 9% 8% 85g 7% 21 20 20 20% 20 21% 19% 19% 20 19% 19% 20 20 19% 19% 18% 85% *96% 50% 1,100 88 *100 17 17 85% 49% 24% 86% 72% 77 75% 76 20% 118% 53 36% 7% Deo 22% July 35 100 5% preferred International Salt 123% *122% 123% *122% 123% *122% 123% 123% *122 123% *122 Am.. 100 Internat Rys of Cent Voting trust certlfs.-No par 23 55% 84% 86 79 3,310 24% 22% 125 *49 6% 22% 11% 22 *100 54 52% 85 75 13 *10% 21% *75 5% 100 36% *75 90 6% No par .... 5% conv pref 49,900 127%May 27 7% Oct 19 22% 14% 15% 145g *75 51% 39% Oct 19 8% Sept 13 4% Sept 10 36% Oct 19 2% Oct 19 35 6% 6% 45% 73 Deo Oct 19 15 Co.. B 20% 6% 578 18% Oct 19 ..No par Inter Pap & Pow Sept Jan 178 Oct 19 6 1 Internat Mining Corp.. Int Nickel of 48 *35 Oct 19 3 A...25 112 9% July 162 Int Hydro-Eleo Sys cl Jan 48% Nov 28% Mar 11 9% Apr 14 Oct 19 2 Int Mercantile Marine. No par 46% *21 Sept 20 6 No par No par *71% 6% 65g Apr 14478 Apr 30 35% 71% 6% *100 125 *49 20% *35 10% *100 *118 36 22% 12% *122 36 107 120 4,500 48% . 111% July 16 11% Mar 16 Oct 19 5,800 5% 21 6% 14% 77% 81% 21 74 6% 13 22 20% 6 67g 6% 48 20% *71 6% 6 45 35% 20% 20% 71 45 *20% 23 *20% 35 20% 42 42 39 41 41 100 Oct 19 Preferred 44% 5% May 63 50,000 4% 8% 46% 47% 45% 134% 134% *133% 11% 11% 10% 45 42% 4% 47% 37 13% 132 Harvester Class C 40 64% Apr 20 No par 100 100 4% 46% li2 Oct 19 Oct 19 Jan 20 20 100 34,000 8% 7% 1878 63% Apr 14 189 Jan 4 Internat Jan Oct Dec Int Business Machlnes.No par 2,200 Deo 5 18% Oct 19 2,300 79 78 76% 72% *146% 151% *146% 151% 77 45% 30 142% 28 28 142% Jan 6% 1078 2% Oct 19 Prior preferred Nov 24% 33% Feb 23 6 Jan 18 No par No par Internat Agricultural..No par 10,200 Deo 122 Oct 19 Iron Interlake 140 Oct 19 Intereont'l 2,400 55,700 26% preferred Rubber. 6% 70 47S 12% 133% 134% 10% 9% — 11% 10% 11% 8% 10% 110 4% 11% 47 44% *133 *133 *133 100 *102 4% 146% 146% *146% 152 6% 5% 6 6% 4% 5 4% 4% 8 8% 8% 8% *146% 152 5 6% "5% 1,200 6 3% Corp..No par 31 Aug 88% July 125 July 30 6% Transit-—100 12% 74 78 74% 77 697g X Interboro Rap d Interchemlcal 4% 140 131% Mar 5,300 11% 3% 137% 140 143 Oct 25 5% 4% 25 140 Oct 16 64 Inspiration Cons Copper...20 Insuranshares Ctfs Inc 1 3% 27 139 140 132 400 10% 3% 144 38,800 10% 11% Oct 19 3% 30 110 *102 106 *4 4% 80 13% 3% 4% 30% 30 29% 106 3% 3% 25 4 106 4% 10% 10% 8% 27g 138 *146% 5% *28% 106 106 *98 4 3% 68 11% *37g 3% 30 *98 68 10% 11% 9% 378 30 65% 35g 71% 10% 12 4 *3%/ 4% 4% 68% 70% 64 66% Oct 19 preferred— 6% 22% Jan 20 47% Apr 20 Feb 5 16 100 Ingersoll Rand 5,600 69% 11% share Oct 19 per 5% Highest Lowest $ per share $ per share 15% Nov 4% Jan 41% Nov 25% May 147 Feb 106 May $ per share No par Industrial Rayon 1,600 40 g 10 No par No par Indian Refining 9% 26 9 24% Lots Highest Lowest 9 9 25% *8 S per share $ per share $ per share $ per share 8 7% the of 100-Share On Basis Week 29 Oct. 28 Oct. NEW YORK STOCK EXCHANGE Friday Thursday' Wednesday Oct. 26 $ per share 7 7 $ per share 7% Tuesday Monday Oct. 25 Saturday STOCKS for Range for Previous Year 1936 1 Range Since Jan. Sales NOT PER CENT SHARE, PRICES—PER SALE HIGH AND LOW 2803 New York Stock Record—Continued—Page 6 145 Volume Jan Nov 2% May 92 June Irik(5nrn Ex-rlghts. T Called for redemption. New York Stock 2804 LOW AND HIGH SALE PRICES—PER SHARE, NOT PER Record—Continued—Page CENT Sales STOCKS for NEW Saturday Monday Tuesday Wednesday Thursday Friday the Oct. 23 Oct. 25 Oct. 26 Oct. 27 Oct. 28 Oct. 29 S per share $ per share $ per share $ per share ( per share YORK On Basis Shares 1634 16 1534 121# 12 1734 1834 12 34 81# 347# 34i2 2414 95# 3512 812 *35 23 36 8 8*2 8214 *81 24 9 3612 8l2 8 82 15 85 15 14 90 *80 *80 *55 62 5314 5% 2434 *151# 61# *24 24l2 *15 1712 *91 *34 7# *13# 21# 21# 18i2 2 18*2 3 *80 6I4 26 6 23l2 17l2 *15*2 17l2 ♦151# 417# 97 97 91 91 *9U2 65 65 65 102 1011# 7/ 70 2 *34 *134 2 ♦H4 18 ♦60 34 *184 314 3 35# 3i2 33# 9 II84 105# 21# 1H2 334 334 4 20 18 83 17i2 *191# 87 83 91 86 88 4,500 4,700 108 108 108 *107 108 100 45 119,000 25 25 49l2 4H2 395# ♦2414 49*2 20 17 131# 14l2 21 19 23 65# 64 13 64 557# 54i2 108 *106 19i2 143# 20 207# 15i2 207# 1434 15 155# *24 24l2 24i2 25 23 24l2 66 56 57 59 108 108 108 7 7U 712 48 48 48 48 12 1234 1434 12 13 1234 133# 141# 117# 141# 14'2 634 *47i2 1234 *141# 48 1212 7 201# J1* 201# 2034 *148i4 150 *18 2114 150 1834 • 150 *1734 * 88 44 19 20 177# 151# 155# 147# *107 "43" 110 109 7 8 110 5 215# 20 1914 110 2334 1934 77# *712 21 201# 2012 *1483# 153 19 18 18 * 48 *42l4 217# 15i2 110 2134 2312 *20 5 834 2314 237# 241# 19 19 *126 138 25 25 26 *126 *25l2 714 *5# 6 6 10 25 20 700 6*4 6*4 25i2 26*4 2834 1525# 1557# *1525# 156 *131 27 28 2134 23l2 96 96 97 97 *97 100 5 5 5 5 5 75# 34 *5# 34 4 h % 38 *8 *14 64 8U 8I4 25i2 8 45" 40 1«3# 20 30 26 85 *65 843# 65 47# 4U , 412 6) *2 « 69 61# 2 I84 45# 47# 37 37 *85 92U *96i4 102 Us lh 193l2 200 9214 ♦96 *H# „ 108 * 78 "318 35# 81# 10 110 195 *106 * 78 77# 5 37 38 9214 9214 102 *93 15# H4 40 1*4 61# »9012 121# 937# *37 39 14 234 284 *1914 39 *2l2 *18i2 714 1414 40 7 *85 *92 13U *37 712 93 534 41 9214 1*8 22 78 7*4 *134 55# *37 3i# 77# 41 2284 215,900 2434 6,100 44*4 2,500 * 78 "3" 3*8 75# 8*4 2 2 2 6*2 6*8 63# 44 *37 89 89 *89 *96 100 100 1*2 1*2 1834 1934 50 50 93 93 7*4 1212 397# 2l2 19l2 *37 32 31*2 3314 103# 10 103# 95i2 9512 *90 9512 834 8I4 1834 4834 14 91# 2l2 1912 131# 17*2 483# 634 92 12 1634 7*2 2 92 271# *451# *11414 6712 * 3*4 94U 143# 10 152 2H4 22i2 4134 44 92i2 100 13# 1*2 110 29 *54 22 *105 9 934 38,500 110 12 7l2 187# 39*# *105 28 22l2 *130i4 1712 108 1984 127# 9512 1734 37 108 25# 19i2 133# *90 1634 108 95 "117# 30 37 J 1234 *106 93 14 397# 7*4 *93 95 39*2 2l2 1912 31 32l2 934 *37l2 2*2 *18*2 1334 32*# 10*4 95 *90 *90 1334 77# 98*4 *92*4 13i2 2l2 1912 13l4 93# 1434 27# 22 195# 215# 5034 7*2 9634 51 4l2 95 *92*4 141# *37*2 25# 12 ♦ 22 22 Mullins Mfg Co class Nat 6% 100 No par Nat Distillers Prod Nat Enam A Nat 72 123# 13*2 13l2 125# 7i2 125# 12 8i2 8 and asked prices; no sales on this day, 8*2 434 13*2 9 5 5*4 14 15 8*2 t In receivership, 93# a 108*2 Jan 26 Jan 62*2 Nov Oct 19 145 May 18 Oct 19 16 90 9 333s Mar 167 2 Jan 18 3384 Jan 13 20*2 May I2i2 Apr 9*2 Apr 28«4 Oct 153 107*2 Dec Dec 12 Oct 19 Apr Apr Oct 19 21 26*8 Feb 8 112*2 Mar 11 10784 112 107 Dec 10 Apr 245# Mar 9 Oct 325# Nov 28*4 July 11234 Mar 112 June 24*4 Nov 1078 Jan 28 No par 17 Oct 19 35 Mar 17 2558 June 338# Mar 18 Oct 19 38 Mar 28 377# 1 Lead. 10 A ferred 4l2 Oct 19 18 100 Oct 19 153 127 6% 2d preferred National Steel Oct 19 July 9 21*2 Oct 20 5 Oct 19 i2Sept 9 *4 Sept 11 100 3 44 Mar 11 263# June Apr 36*2 Nov 171 Jan 22 155 Oct 171 Dec 150 Jan 29 13784 Jan 147 Nov 54 Dec 6178 Jan 22 1484 Jan 14 2*4 Jan 18 1 95# May 78 Jan Jan 18 55 Oct 19 10 18 Oct 19 100 92 40 24 Oct 27 30 73 Oct 27 80 *2 61*2 147# Deo Feb 3 Jan Feb li2 Feb Oct 29 100 Oct 29 Oct 19 .. National Tea Co No par Natomas Co No par 3*2 Oct 19 65# Oct 19 1 2334 Oct 20 Newport Industries N Y Air Brake Oct 18*8 Apr 22 25 Corp National Supply of Del Preferred 1 Oct 27 65 37 Oct 19 100 Apr 99*4 Aug 14 413s Aug 6 137 Aug 2 12*8 Jan 15 13*8 Feb 25 57*4 Feb 13 87 6434 Mar 10 7 109 Jan 11 37 Mar 17 10*# Oct 19 57*4 Apr 1978 Jan 74*8 Jan 133 77# July 10*4 June 3234 Apr 60 78 Deo 75*2 Nov Dec 12*4 Nov 13*4 Jan Nov Sept 21 Sept 25 12 41«4 41 Apr 104*2 Apr 10*4 Feb "64*4 Nov 110 Nov 43 Apr 9 Apr 40 Dec 98*2 Feb 10 32*2 Jan 83 Dec 151# Oct 19 55*4 Mar 27*4 Jan 495, Oct 14 Oct 19 72 Mar 17 1734 Jan A... 100 53*g 31 Oct 19 100 Jan 22 Jan 95 NYC Omnibus Corp.-No par New York Dock No par 36*2 Oct Sept 15 15 Nov No par New York Central... No par N Y Chic A St Louis Co... 100 6% preferred series 5% preferred Oct 28 36 Oct 19 234 Oct 20 No par 5 Oct 19 50 110 Oct 19 N Y A Harlem t N Y Investors Inc N Y lAck A West No par Conv preferred 100 7% preferred 135 Oct 18 2 97 Oct 15 Jan 18 17] 317s Mar 19 1278 Jan 22 253# Jan 22 Oct, 23 3# Jan 20 7 1 Jan Feb 10 90 Jan 3 Apr 99*4 Sept 6*8 Dec 73# Apr July 9*2 Apr 57 May 18*4 Deo 7*2 Feb 155# Mar 99 Sept Jan 984 Mar 8 Oct 19 26*2 Feb 25 Oct 19 678 Feb 11 3 Oct 15 19*2 Feb 11 Oct 19 76*2 Jan 22 10234May 3 112'4May 5 30 2,100 June 9 *2 Oct 19 434Mar 3 4 83 Mar 93*2 Apr 1*8 Aug Western 100 180 Oct 19 272 Jan 14 210 Jan Adjust 4% pref North American Co 100 102 Apr 8 114 Jan 105 May No par 6% preferred 141# 50 Oct 19 48*4June 18 North Amer Aviation ...1 No Amer Edison (6 Qt.No par 3 Oct 19 Oct 27 104i2 Jan 91 Oct 14 105 97# Oct 19 Sept 25 13s Oct 19 8 3478 Jan 14 67*4 Feb 3 93 34 173s Jan 21 8 Jan 28 365# Mar 11 63*2 Jan 22 67s Mar 3 23*8 Apr 5234 Feb 65# Jan 98 Jan 97ig Apr 237j July 50 Aug 2 Jan Preferred Ohio Oil Co Oct 19 40 No par 9 Oct 19 No par 25 Oct 19 227# Apr 6 73 Apr 20 19 Aug 12*8 Aug 24*s Jan 26*2 Feb 16 17 July Feb 13 107 Jan 15 50 Corp(The)vtc No 6i2 Oct 90*2 Sept 5i2 Oct 20*8 Oct par 2,700 8% preferred A 100 Oppenhelm Coll A Co.-No par 9,500 Otis Elevator No par 6% preferred 126 100 Otis Steel No par 6*8 17% prior preferred 100 (5.50 conv 1 st pref. .No par Outboard Marine A Mfg 5 Outlet Co ...No par Preferred 19 24 19 19 July 7 Oct 19 112i2 Jan 23 55 114 Jan 18 1938 Mar 1 45*4 Jan 21 140 Feb 3 243# Mar 8 154*2 Oct 25 Oct 22 97 145g Oct 19 28 75 Jan 12 8 Jan 24*4 Apr 123 Jan 1212 July 100 114 Owens-Illinois Glass Co. .12.50 63 2,200 Pacific Amer Fisheries Inc.—5 Pacific Coast 10 934 2*2 Oct 13 May 4 Oct 25 115 Mar June 8 Oct 115 Oct 35*2 July 59 14*4 June Dec 106*2 July 103 36*4 57 Nov Feb Mar 4*2 Mar 32 Nov 18 Dec 59*2 Dec 25*8 Mar 115*2 Feb 195s Nov 3934 Nov 136 June 2034 Mar 12084 Nov Dec 83*2 Jan 70 Nov 9 114 July 114 July 13 July 22 23 Jan 7 153$ Feb 1 3*2 40 Mar 3 2d No par 4 27*4 Feb 2 8*4 July 4*4 Jan Oct 19 Ex-dlv. y Deo 103*4 Aug 11 Oct 19 Oct 19 7*2 Oct 19 x 310*2 79 No par Cash sale, Nov 109*4 Aug 2?8 Jan 47 1st preferred r 104 Feb July 540 New stock, Oct 2*4 70 810 n 150 Jan 26 48 23,900 pref 29*4 Nov Jan 1 100 3*8 July lOU May 119 41# ...100 Def, delivery, Jan Dec Deo 21 4 3884 3784 100 May 20 Dec 155# Mar 164*2 387# Feb 25 1 Oct 19*2 Jan 103*2 Feb 3 57*4 Aug 17 10412 Oct 19 5*4 Oct 19 47*2 307# Dec Oct 19 t Norfo'k Southern 550 Mar 183# Jan 21 Aug 20 Oct 19 Norfolk A 1,000 x24&8 Jan 28 47*2 Mar 11 13 1,500 70 1 39 73 400 Mar 24 61# Oct 19 18*# Oct 19 63i2June 14 39,600 Dec 43 No par 20 79*2 Aug 108 71 No par 10 101*2 Nov 3684 Dec Oct 18 N Y Steam (6 pref (7 pref series A 60 Jan 47 JNY Ontario A Western.. 100 N Y Shlpbldg Corp part stk.^1 6,800 May Nov 2284 Mar 6% preferred B 100 Nat Mall A St Cast's CoNo par National Power A Lt No par Nat Rys of Mex 1st 4% pf.100 pr 70 21 447# May 1021# July Oct 27 Stamplng.Ns par' Gypsum Co National Mar 13 43*2 Jan Apr 900 30 283# Apr 14 10 Oliver Farm Equip 67 Apr 100 3l0734June preferred Omnibus 13 Mar 15 2*8 Nov 2034 Feb 11 No par Depart Stores 12,000 69 Feb 13 61 Nov Oct 19 10 31,600 12*2 434 12*2 26 Oct 20 21,000 Z6634 19 19 Oct 19 14*2 121# 84 5 36*2 12*4 95*2 6834 Feb 3*2 Feb 26 38*2 Jan 15 8 14 6734 Feb 71 10 Dairy Products Dec Mar 3 1 7% pref class A 7% Pref class B 33*2 103 5934 6 par No par No par Oct 68" 90 Corp No Feb Jan Oct 20 Aviation Corp 734 Jan Jan 52 National Biscuit Feb Dee Murphy Co (G C) No par 5% preferred 100 Murray Corp of America...10 Myers F A E Bros No par Nat Feb 4 60*2 15*4 Aug 16 993# Mar 19 36*2 Feb 11 Nash-Kelvlnator Corp Dec 95# 333a 41*2 Oct 20 National Acme Feb 3584 Oct 20 102 Feb Feb 17 4*4 Oct 19 2 10 Mar 10 46 Feb 5*4 66*2 Jan 18 12 No 69 40 69 2«4 6*2 297# Jan Sept 24 63 pref erred... No Ry Co..100 50 Jan 23 109 Dec 12 19 34May 12*2 Oct 8*4 Oct 18*2 Oct JNYNHA Hartford...100 270 Mar 17 par conv 94 16*4 June 5*2 Jan 1412 Jan 2 Sept 378 Jan 1978 Aug 79 May Mar 17 Deo Jan 234 Apr 5 Mar 17 Dec 123# Mar 13# July 2*2 Aug Mar 17 Nov I684 Jan 8 107*2 Aug 27 2478 Oct 15 45*2 Oct 20 9,300 11,100 8,500 34 934 34^8 6*4 12*4 4078 Oct 19 B...1 6*2 57*4 65 Jan 4 5*8 Mar 6*4 Jan par (7 107# *90 30 1 Munslngwear Inc 34 *11?4 434 121# 8*2 400 Oct 19 6 Co 143# 5 Brass 1034 9512 834 25*4 1214 Bid Wheel 19 13 19 19 19 105 —....50 347# 7~il2 JSE Essex Norwalk Tire A Rubb-.No par 5 7i2 Morris A 50 1214 7l2 10 2,800 68 12 20 (4.50 preferred No par Mont Ward A Co Inc__N« par Morrel (J) A Co No par 234 153# 1214 484 712 Mohawk Carpet Mills Monsanto Chemical Co 39*2 Yf" 12 7 100 Northern Central Ry Co...50 Northern Pacific 100 Northwestern Telegraph...60 11 5 200 2,100 400 63 434 1,330 77# 7l" " 5 1,070 98*2 7i2 83# 85# 8*4 8*4 9 834 9*2 22i# 2314 2414 2514 23*4 24l2 233# 24*4 2534 131 130i4 13014 *120 *120 131 *120 130 *120 130 10l2 12 93# 11«4 11*4 12 11*4 123# 127# 1234 133# 152 154l2 15412 *154i2 1555# 154l2 154l2 *154*2 155&# 154i2 154*2 6112 62 6034 6O84 *57 62 *56i2 62 62 64 64 17 1634 1634 17 163#* 167# *16 *15*2 17 165# 1634 50 50 50 *48 *451# 50 *451# *48 50 *48 50 *11414 *11414 *114*4 *114*4 *114*4 24 132 2,600 61,500 1,500 41,500 111# 11 conv preferred Oct Oct Oct Oct Oct Jan Aug 3 2*4 Jan 23 Oct 19 51# 15# 158 14*4 7978 100 100 103 12 108 191# 2,200 2,800 1214 191 49 *85 5 93# 190 175# t 4*4 ,9*4 193 49 7 5 *190 18*4 fMissouri Pacific 6% 2 100 $2 pref 192 49 No par A 5bi% prior pref 192 161# No par series 6 16*8 Mar 11 5# Sept 15 1*2 Oct 15 78 Oct 19 16*8 Oct 19 100 Mission Corp Preferred 65 ...100 Mo-Kan Texas RR 600 195 49 7% preferred 4% leased line ctfs 457# 100 "i*8 108 300 193 18 95 * Oct 28 80 196 50 63# *89 9214 100 120 *51 78 41 Dec 30 18 53# Nov 119 103 *101# 40 57# 112 Mar 10 *51 1834 7*4 *134 2 5 Sept Apr 124 103 39 "3" 109 z65 98*# Oct 19 4% Oct 19 *40 2112 * 33# Mar 78*2 195# 19l2 195# 5 4l2 5 47# 5 5 4*2 10l2 10*4 10*2 107# 11*4 11*4 1134 110 *110 115 *110 115 *110 115 h 58 58 &8 34 84 84 "314 314 77# 17# Feb 88 Mar 17 27 4I2 11 81# 110 110 110 Jan 22 120 45 20*2 20*2 39 2 106 Oct 27 *37 20 *17*4 122 Oct 26 60 1st pref 45 20 19 Oct 19 91 cum 4H % conv serial pref...100 Newberry Co (J J) No par 5% pref series A 100 t New Orl Tex A Mex 100 19 41 88 pf-100 Minn-Honeywell Regu.Mo par 4% conv pref ser B 100 45# Oct 19 Mllw El Ry A Lt 6% 100 40 19 100 485# Sept 131*2 Mar 75 38 45 Jan *651# 40 2234 215# 75 39 207# 23l2 48*2 Mar 65 39 1914 21l2 3934 18«4 Oct 19 Nelsner Bros Inc. 1214 16l2 21 15 400 *934 1534 19 9 37 51 No par Midland Steel Prod 30 I2I4 17i2 *42 120 31# 65# 134 45# * 3078 Nov *27 15i2 181# 19 69 *37i2 Jan 74 934 5 Apr 2534 9 72*4 Mar 405# 584 26 13,700 9,700 Deo zl7*4 30 39 4214 *2 45 103 "♦714 ""166 12 26*4 Feb 23 5 *265# *651# 17 19 18l2 4l2 8i2 * 10H2 12l2 81# 137# 21 40 *37 h 70*2 "45" ~6~ct 3538 Mar 10 66i2 24i2 5 2634 "*612 20 *90 47# 91# 81# *2634 N 401? 1634 47# 8i2 8 40 84 "31*2 "Jan 9 8 Jan 16 Oct 19 7% 1,200 27,100 300 30 40 *991# 102i2 17 ♦SU 141# 157# *49 73i2 *60 *40 *106 25U 73 8*2 *5# *14 26 25 0:75# 66 23 fc22i# *2634 *5H# *110 6314 73 25i2 64i4 23i2 24 47# 25,100 16,200 138 27 23 22 500 245# 5*4 138 65 % 300 8,000 1,000 18,200 27 62 34 Oct 19 Nov -9l" "Oct 14 Copper... Continent Petrol Nat *131 62 34 Mid Nashv Chatt A St Louis.. 100 140 10,000 2,500 24,700 122 55*4 Jan 67s May 10 Miami 40 5 8 41 130 634 27*2 75# 163s Feb 4734 Mar Oct 21 37,200 26 56i2 1912 *14 38,000 20 73# *5# Oct 19 Oct 18 Nat Cash Register 138 734 3 18 11,800 26 63i2 *5# 400 Jan Dec 1284 Jan 13 20 ""500 *130 *14 5934 205# *5# 40 24,300 49*4 Nov 213# Nov 108*4 Deo 2834 Deo Dec *95 z95 Feb 16 1 pref 215# 16*4 28 634 712 1,500 Oct 19 100 1st conv 7% cum pref 100 Nat Bond A Invest Co.No par 5% Pref ser A w w. 100 Nat Bond A Share 138 7i2 Meogel Co. (The) 610 111 9 86 Mueller 900 Jan M84 Nov 93*2 Aug 13 Motor 13,100 106*2 109 5 1914 . *110 5 27 6 161# 106 914 514 247# 5 243# 63# 207# 157# 111 106 101 Oct 25 Mother Lode Coalition.No par Motor Products Corp ..No par 7,000 5,000 88 *42* 22 *110 107l2 *100l2 109 8'4 93# 812 834 *434 22 8 Oct 19 47 ♦ 47 20i2 15i2 155# 110 10.600 10,700 78 88 *43* 46 2012 151# 110 * 88 107 7 61# 138 2434 634 131# 17 14U 814 19l2 63# 23 28 275 2734 2612 277# 1525# 1557# *1525# 1557# *1525# 1557# - —•gig 6i2 243# 26 *1525# 1557# *126 147# 110 23 *19 21 *4 7 50 14 88 *4ii"4 43 2114 1512 1514 17 152 *1812 ♦ *106*2 109 834 05# 558 *43# *4l2 22 151 1834 88 "43" *106 141# *14l2 75# 2014 8 80 69 14 *106 5412 300 1 7 7l2 7*2 77# 70 6912 6934 14*2 151# 135# 147# 63 63 63 6H4 *10534 108 10712 107*2 7 3# 734 75# 8*4 50 50 50 *47l2 13io a:13l4 1334 137# 17 *14i2 18*4 1534 15 1514 141# 1534 8 8I4 812 812 2014 207# 207# 223# *1483# 153 *1483# 153 19 183# I8I4 18*4 6934 *1334 26 49 49 1 7 69 1334 48 1434 117# 7*# 1 6l2 68 1334 108 6 67# *49 431# *24i2 1412 201# 7*4 16 *2412 50 43l2 281# 50i2 2212 1834 143# 2214 65 *14 i 41 405# 281# *24i2 *47l2 \ 1914 137# 4912 7 55# 3914 1 21 6i2 421# 25l2 1 1914 14-% 547# 2112 86 *107 Jan 12 Jan Mercb A Mln Trans Co.No par Mesta Machine Co 5 7,100 87 181# 1312 *106 4 108 4912 13 35# I9i2 23# 35# 197# 1,700 13,800 23,600 2,100 85 1 64 2 334 127# 2i2 19 50 Minn St Paul ASS Marie. 100 20 12 Deo 498# 85# Apr 37«4 Jan 11 *2 Apr 62 600 ♦106 36 6I4 «10*2 35# 24*4 Oct Mar 17 80 No par """416 85 247# 4912 247# 21# 334 20 1914 12i2 21# 334 201# June 38*8 No par $6 pref series A 2 21# 19i2 35# 16 Jan 19 11*2 Oct 19 7) *5# *134 share ( per share Jan 14 Mar 24 No par Corp Minn Mollne Pow lmpl No par (6.50 conv preferred.No par 108 39's *4612 ! ?# 1912 7# 2 2 Oct 19 Oct 19 400 23,400 70 Oct 19 6 79 214 70 81 108 37 18 *5# 3l2 35# 83| 390 33 1 100 preferred Highest per Sept 21 28*2 42*2 42i2 16*4 4712 19 ( 112*2 Jan 14 3434 Apr 19 8% 10 5,500 53# Oct share per 21 Oct 19 19*2 Oct 19 No par Stores Melville Shoe 420 98 6 534 *101*2 102 83, 81# 68 *134 *U2 185# 3i2 113# 11 *2 214 99i4 63 *105 8712 *105 214 35# 9914 *9H2 75# 65 18 31# 97# 27,900 13,400 5,400 98 102 34 ~3~406 257# 101 2 18 44 9 5 preferred conv 600 101# 233# 0l4 62 2 *H4 2 2l2 I8I4 18 27l2 I7i2 99 60 69 20 22i2 24l2 *9H2 10134 10214 67# 73# 734 *60 9 98 61*2 60 102 7*4 73# 70 2>4 31# 9,600 20i2 233# 334 2 7 65# 26 20 23 1134 214 83a 500 *151# 42l2 12*2 Oct 19 30*# Oct 19 Lowest (5.60 pref ser B w w'sNo par 200 58 8I4 97 34 *134 *134 1734 67l4 195# 217# 97 Mead 83 91# 96 3,900 58 67# conv 6% *55 26 87# $3 McLellan 140 *80 25 41 914 McKesson A Rob bins ( 1937 Year 1938 Highest share Per ll new Mclntyre Porcupine Mlnee..6 McKeesport Tin Plate 10 5,000 31,100 1,200 3,700 67*4 *151# 417# McGraw Elec Co % McGraw-Hill Pub Co -.No par 4,100 83 207# 2334 40*4 38 91# Par 56*2 56*2 612 8i2 43 " 12 38 17l2 42l4 97# 22 24i4 9584 57b 1634 *55 9 ♦62 6! 1512 64 95l2 *61 16*2 83 24 101 82 5612 6I4 24 2012 2234 10H# 1011# 6i4 67g 82 *55 25i2 20 3# 6334 105# 6'# 26 17h 4212 *91 697# 10 *53 21 97 697# 25 1014 38 914 85 11 Lowest 30, Range for Previous of 100-Share Lots EXCHANGE 1,200 2,800 2514 *801# 151# 153# 83 18 35i2 2534 64 95 23*2 97 8% 85 14l2 17i2 *35 56i2 6 7% 181# 8&a 191# 36i2 *8i4 *81 18 12 36i2 56i2 5314 38 40 8 185# 21*2 95*2 914 36 83 18 12 3534 24U 934 37*2 8*2 3684 241# 9 1534 ♦80 62 65 56 55# 145# 17i# 12 23 85 83 65 171# II84 3334 834 *81 157# *53 39*2 19 12i2 347# 24i2 93# 37 12 33i2 91# 23 12 34i2 24* 34*8 Oct. Ranee Since Jan. 1 STOCK Week $ per share * 7 Ex-rlghts. Jan Dec 15 Dec 32*2 297s Deo Dec 1 Called for redemption. Volume LOW AND SALE HIGH PRICES—PER SHARE, Saturday Monday Tuesday Oct. 25 Oct. 26 Oct. 27 14% 25i8 38% 135s 15 26i8 3914 14 15% 25 37 15% *13% 17 25% 38% 14% 26% 38% 14% 25% 25% 37% 26 39 25% 26% 26 39 37% 15% 123% 39% 39% Par Pacific Finance Corp 900 15 15 16% 16% 15% 1334 15 15% 410 123 123 124 124 *123 123 125 126 124 124 125% j *133% 137 *133% 137 *133% 137 *133% 138 *133% 138 *133% 138 16 16% 2,900 14 14 14 15% 15% 14% 14i2 14% 14% 12% 6% 97,700 6 6 6% %; 6 6% 6% 634 634 6% 6% 100 934 9 *8% *8 9 *8 *8 8% 9 8% *8% 8% 2,100 i84 1% 134 1% 1% 1% 138 1% 1% 1% 1% 1% 55 790 52 48 50 37 51% 40 47% 4734 50 40i2 47% 46 43 1,700 42 42 42 43% 43 42 43 43 43 43 20 99% *95% *95 *95 99% ♦95 95% 95% *95% 99% 99% 99% 1534 232,500 1434 11 14% 13% 12% 13% 12% 13% 1034 13% 12i8 5,500 99 10734 110 100% 105 92 97 98% 100% 102 89% 104% 14% 23,700 12 1338 1338 1134 1238 12% 11% 105s 113s 10% 12% *. — No par 20% 33 18% 19 84 20 20% Pac Western 2% 33% 33% 33% 34 20% 19% 20 20 2034 21 223g 2% 2% 534 934 2% 5% 6% 11% 4% 5% 11% 40 39% 9% 4% 4% 40 39 2 *2 4% 22% 15% 2434 2012 1514 1434 20% 15% 25 23% 25 n 20% 36 114 *116" 34 *110 31 34 *110 5% 17 17 17 4314 407s 43U 43 43% 407s 42 42% 45 15 15 15 1434 36 * 74 214 5% 5% 27% 36 ♦34 36 75 *.... 75 4 9 9 3918 334 31 31 2312 23 32 30% *7% 8 "*6% 634 67% 7% 35 *36 * % 5 35 24 *22 60 60 60 *59 70 65 65 *65 169 *166 169 *166 169 *166 169 8_5s 8is 13 59 lh 13 14 13 13 60 *55 60 *55 2l2 9 15i2 "l3i2 138 13s 1734 i8i4 *lig 1714 19U 15 15 15 15" i6i4 *1% 15 13s 3% 13s 37s 4l2 10 49*8 4712 115 115 36 3412 lSg 334 19 19% 2038 15 15 3% 10% 3% 1% 1% 4% 4% 1138 3% 138 5 11% 1034 33 13s *1 1% 4% 4 4% 934 *9% 29% 30 92 93 93 93 107 *107 110 *107% 110 118h *119 130 *120 *92 9% 1438 8% 1438 7 612 13 13% 1H9J6 111% 91 91 92 92 93 8l2 914 834 14i8 0% 14i2 712 *14i2 9% 1434 7% 7% *88 115 56% 53 56 45s 54 4 5 414 4% 27% 25% 30% 56i2 27 27 *27U 28 247s 25 *24 26 36 36 36 36 2714 25% *357s *25 31 3012 31 *25 5 5 50*2 50 434 *40 434 47s 50 *40 1*8 10i2 1034 11% 15 *11 *112 *8% 48% 116% 116% *96% 94 94 50 116% 116% 36 37% 37 35% 500 8,900 1,400 800 5,500 23,400 3,200 1,900 7,100 140 13,600 1,200 58% 5 40 4% 52 1% 9% 12% 56 57% *27% 434 27% 24% *35% 25 40 4% *25 115 57 4% 27% *24 •*35% 59 5% 28 25% 40 57% 5% *28 24% *35% 60% 534 500 900 400 *25 30% *25 30% 300 5 5 5 5% 800 52 *40 *40 59% 100 30% 1% 5% 59% 1% 600 12 *834 1134 *1% 9% 1*4 *8% 9% v 300 11 11 12 12 12% 12% 1,100 10% 11 14 14% *4% *40 *1% 1% 11% 1534 12 600 15% 16 31,300 72 71 *65 69 *64 70 *64 70 70 70 300 *65 *62 *80% 84 33s *81 84 *80% 84 *80% 84 *80% 3% 84 3% ~ *80% 3% 133s 27s 314 *107s 1434 3% 11% 11% 15% 3% 11% 3% 3% 1434 12 1634 153s 18i4 17% 19% 17% 18% 19 20% 20 80 74 78 78 78 80 80 81 81 90 *70 71 75 70 70 67 67 69 69 74 74 77% 14 1412 1334 16 153s 16 15% 16 16 1634 96 40 * 96 75 ~14% *85 *30 95l2 *60 35 35 38 95 90 95 *90 95 75 *60 75 *60 18 1834 17% 18% 92 *75 92 11 12 *1034 11% 45i2 4534 4534 4612 46% 48 47 4734 60 61 *60 61 *60 61 *10 12 *10 12 *10 12 518 1214 22i8 3 158 134 318 37s *5 *12 85s 18 2l2 33 H2 3 367s H2 3i8 3i2 8% *534 *12 18 *2% 36 3 37% 1% 1% 3% 3% 6% 6% *12 Bid and asked prices; no 18 47% 61% 61 12 *10 *2% 37 *21% 56i4 22 47% 61 35 *53% 24 53l2 22 6.100 48% 56 23% 3% *5234 22% 58 22 100 12 61 534 *22 6% 13% 58 23% *2% 4 36% 38 5,366 92 47 57 *12 20 11% *10 *11% 13% 55 19% *75 12 534 5% *1134 1934 92 11% 13% 5% 578 1214 *53 36 5% 1834 *85 6 13,800 6% 18.800 12% 13 700 56 24 25 1,300 1,000 *234 3 500 4 10,900 1,900 3,000 *6 10 *6 10 *6 10 *12 18 *12 18 *12 3% rales on this day 134 3% 1% 334 37 1% 334 t In receivership 38% 1% 2% Oct Jan Jan 29% Apr 22 1% Apr 11% Jan 33% Feb 72% Feb No par 834 Oct 19 100 ....100 107%June 28 85 Oct 18 No par Quaker State Oil Ref Cor p.. 10 Radio Corp of Amer. ..No par preferred B 93.50 conv 1st No par pref..No par JRadlo-Kelth-Orph No par Raybestos Manhattan.No par Reading 50 4% 1st preferred 50 4% 2d preferred ...50 Real Silk Hosiery 6 Preferred 100 Re la (Robt) A Co. ...No par 1st preferred 100 Corp...No par Reliance Mfg Co 10 Remington Rand ...1 Preferred with warrants..25 Rensselaer A Bar RR Co—100 Reliable Stores Reo Motor 5 Car Republic Steel Corp. ..No par 6% conv preferred.. 0% conv pnor pref wet Revere Copper A Bras* a Def delivery, Aug May 91% May 9% May 10% Oct 984 May 6 83% 8 Jan 15 Jan 68% Apr 14% Jan 108% June 80 Jan 28% 35% Jan 10% Nov 383s Nov Jan 50«4 39 Jan 50 Deo 8 133s Jan 10 37 Jan 47 Nov 43% Jan 83 9% Mar 8% Oct 19 223s Feb 8% Oct 19 Oct 21 29% Mar 31 35% Mar 31 4% Mar Sept 11 Oct 21 30 16 Aug 9 17% Aug 79% Oct 19 94% Jan 30 110 Feb 18 99% Sept 134 Oct 19 9% Feb 18 4% July 62 81 Dec 1071 Apr 47% Mar 11 Apr 23 12% Oct 19 Oct 19 i684 100 12% May 8 984 Oct 19 Jan 05% Oot 1% Apr Jan 20 5 5 May 4% "25" 29% 128 5 10 493s Apr 14 35 Oct 28 98 Apr 14 79% 90 Oct 28 139 Apr 17 24% June 90 Apr 70 Oct 18 9584 Jan 26 1234 Oct 19 303$ Jan 14 112 Jan 8 -100 r Cash sde. 8 Oct 25 Oct 19 Oct 19 55 Oct 19 34% Jan 22 58 Jan 8 67 Jan 26 14 Feb 23 11% Sept 10 4% Oct 19 9% Oct 19 Oct 19 31% Feb 38 17% Oct 19 1 4 80% Mar 10 June 2734 Oct 19 1 Oct 19 Nov Apr Deo Deo Oot Dee Deo 138 Oot Deo 98 Nov 34 Feb 105 Apr 117 Jan 25 July 30% Nov Apr 58% Sept 00% Nov 60 884 Nov 65% 13% Feb Jan 19% Feb 35 Mar 32 Jan 75*4 Deo 4 9% Feb 19 05 Mar 11 Oct 19 Deo 22% May 92 6% Oct 29 53 Deo 8% Mar Oct 19 43 Jan Deo 90% Nov 114 9 * Oct 24% Nov 104% 3984 72 93 July 5 78% May 10 Apr 100 100 Apr 117% Mar 20% Nov 19% Oct 37% Aug 25 47 Mar 8 49 Jan 11 30% Oct 25 3% Oct 19 50 Oct 19 8 Deo 24% Mar 13384 10% Apr 19 June 26 1 Apr 69% 77 Southwestern—100 st»>ck. Jan July 144% July 164 July 110% MarlO Francisco.. 100 6% preferred ...100 n New 114 16 103 80 Oct 19 36 Jan 36% 105 Oct 19 21 Feb 112 Feb 15 12% Mar Sept 484 Oct 19 Jan 7 Dee 50% Nov 113 July 130 23«4 Feb 25 18% Jan 21 48% Oct 19 2% Oct 19 50 122% Apr Apr Apr 128 3 112% Feb 27 103 Deo Dee Deo Deo Deo 146 113% 24% Feb 107 3*4 13% 28% 28% 73% 124 t St Louls-SaD preferred 113% Jan 41% Apr 384 Feb 2784 Deo 20% Mar 29% Deo 11% Deo Oct 26 El A Pow... Richfield Oil Corp No par Rltter Dental Mfg No par Roan Antelope Copper Minea Ruberoid Co (The) No par Rutland RR 7% pref 100 St Joseph Lead ....10 5% 162% Jan 8 21 20 25 25 4 Dec 30% Dec 9% Apr 112% Nov 67 10 Common 140% Jan 684 Oct 19 14 Oct 20 20 40% May Deo 39 Apr 103% Feb 11534 4% 100 A. 100 Reynolds Metals Co No par 6H% conv pref 100 Reyno da Spring 1 Reynolds (R J) Tob class B.10 t St Louis 112% Feb 25% Oct 19 f8% conv preferred 6% preferred.. Purity Bakeries 17»4 57% 5284 Jan 21 3038 Oct 19 91 Oct 20 Oct Oct Oct 17% 4 118% Jan ...No par Pure Oil (The) 684 May 15% Jan 20 128% Jan pf $5.No par Pullman Inc 18 3% 1% June 21 47% Mar 6 3 Jan 12 103% Oct 19 117 Oct 25 132 Sept 29 110 June 17 100 ..100 100 8% preferred. Pub 8er El A Gas 10 1% par Rhine Westphalia *52% Dee Oct 19 13 95 preferred ........ No pat 60 12 110 58% 8% Feb 1 141 July 14 114% Mar 25 75 *85% Jan 14 Jan 12 28 5% pf (ser of Feb. I '29) .100 Pub Serv Corp of N J ..No par 7% preferred.. 5M% preferred 35 *60 Oct 22 1% Oct 19 X97% Apr 29 8% Oct 19 % Oct 19 9 Deo 1% May Jan 12 Oct 19 1 Deo 29 49 MarlO 122 59% Oct 26 Oct 13% 23% Deo 65% Jan 15 140 *25 *90 72 12 3 8 43% Oct 19 Class A 95 I8I4 33U Mar pref......—.6 50 200 40 93 534 43 No par 5% conv 1st 5% conv 2d pref Procter A Gamble 6,100 *60 1134 1212 Oct 19 31% Feb 11 31 Feb 10 86 Feb 11 18% *90 14 125g 7% Apr tPostal Tel A Cable 7% pf.100 Pressed Steel Car Co Inc 1 16% *25 93 5i2 8 Jan 700 70 15 12 900 May 187 7 Mar Jan 77% 96 12U 61 95 40 98 *59 30,600 21% 228,500 38 117s » - 84 3% 160 Feb 176 Jan 20 3% Jan 22 4^606 29% 26 40 Mar 155 190 34 Oct 19 2% Oct 19 5% Oct 19 5% Oct 19 20 Oct 19 95 *1034 *25 Apr 12 Jan " 52,400 Deo 1% 200 115 *88 77 par 138 1034 ► 100% Aug 14 175 Jan 18 174% Apr 23 4% Oct 19 8 18% Deo 37% Jan 02% Aug 18% Deo 14% Aug 16 6% Oct 19 Oct 23 May 111 *88 Dec 7% June 35% Apr 4% 111 115 *88 4934 12 136 13% Deo 20 111 200 27% 4 135 19,300 Feb Jan 11% Jan 22 135 33% Deo 8 22% Aug 30 7% preferred 31% Deo 84 1% Oct 19 6% preferred..... 32 Mar 11% 14% Oct 20 7 Oct 19 100 "30% Nov 52% 5% July 70 July 76% Jan 22 60 5 300 * 10 88 par 125 *1% 1534 2 165 Mar 10% Mar 3% Jan ioi84 July Jan 38% par Pocahon_.No .No Porto Rie Am Toh cl A.No Class B No 110 *8i2 3 18% Jan Oct 19 Oct 12 May Poor A Co class B 125 lh 1334 33% Jan ,56 Feb 4% Oct 19 1 Plymouth Oil Co *108 9 *10iz 2084 Apr July 9% Jan 102% 784 Apr Pond Creek 130 11 14 145s lh 9 10% Oct 19 25 6% preferred.. ...100 Pittsburgh United 25 Conv pref unstamped 100 Pittsburgh A West Va 100 Pittston Co (The) No par *122 120,900 14% 15 1334 14% 2,400 111% 1112132 1U2%7 1111 '3a 1U1%6 1111116 96 9734 1,000 93 93 9234 97 9 10,300 97g 834 9% 8% 9 800 15 15 1434 15 *14% 1434 734 8% 251,000 7% 8 6% 7% 115 *90 115 *88 74% Jan 20% Oct 19 40 July 16 100 7% pref class B Pitts Term Coal Corp Oct 19 4 No par *107% 110 123 133 133 133% 133% *110% 111 *110i4 112 32% 30% 311s 33% ih4 1312 11H2 11H2 3034 4834 48 48 48% *116% 117 35% 34% 93% 92% 37 1034 1034 1034 29% 934 *28 4812 49 116h 117 11 10 9% 9% 10% 934 30 35% 11,2P0 15 11 117 33 100 19% 107 31 710 1 10% 3% 1% 4% 9% 95 134 138 133 110% IIOI4 *110i4 112 17 1 *14% 3% 93s *134 16% 1% 10 *3 29 4612 48 115% 116i2 34% 3714 16% 15 3% 0 9; 30 20 19 4% 10 8% 5,600 15 lh 13g 412 31s 3 99 2% 99 18% 1034 120 llll2 iill2 500 08 04 19% Mar 6684 Deo _54% Aug Mar 66 6 26 20 13 5 18 17 87% Jan 30% Oct 19 234 Oct 19 No par Pittsburgh Steel Co 1 27 100 Plttsb Screw A Bolt 2 95% Aug 31 20 Jan 16 Oct 20 64 Jan 81% jan 3% Jan 8% Jan 1% July 8 3% Feb % Oct 15 Oct 19 558 Oct 19 No par 5 Preferred ...100 Pierce Oil 8% conv pref... 100 Plllsbury Flour Mills 25 Pirelli Co of Italy "Am shares' Pittsburgh Coal of Pa .100 6% preferred 100 Pitts Coke A Iron CorpNo par $5 conv pref No par Pitts Ft W A Chicago 100 7% gtd conv pref 100 840 13 *10 3 17 110 12 13,100 2,700 40 19% 95 11 10 *1 1% *117 33 1% ' 16 15 *1 138 *106 315s 13% 61% ' 99 97s 3i8 1012 27 27 60 64% 169 *1% 13 2% 99 "l5" 15% ♦lis 1834 *15 9% 2% 8% 914 9 27 * 99 "1414 3 200 64% 1% *10 3 234 2% 2% 13 *9% 13 *9-% 23g 21* 99 iii4 500 8% *166 65 Nov 18% Deo 10% June 25% Jan Jan 12 14 • 100 9«4 *1% 1% *1% 1«4 *1 35% 2,200 *176% 9% 9% 14 13% 60 5934 12 69% 1 9 13 *914 2l4 * 13 60 1 1,600 8 ____ 9 8% ♦45 11% 13 *50 8% 8% 7% *176% *176% 8% 8% *176% *176% 24 '40 8% 70 *166 5,900 8% 35 10 169 20 35 24 67% *8 200 ""714 7% *32 4% * 40 "7% 49,300 *3% *31% 7% 7% * 4734 46% 46% No par No par 7% preferred Phillips Petroleum Phoenix Hosiery..... 70 ♦64 Oct 18 Phillip Morris A Co Ltd...10 Phillips Jones Corp 400 Deo 31 45% 2% Oct 19 Nov 90 Jan 1238 June 100% Jan 7% Feb June 28 2 ... Phlla <fe Read C A I 22,900 7% 7% 7% preferred 4,300 % 90 76 50 50 tPhlla Rapid Tran Co 430 5 «4 84% 70 ""40 234 *4 No par $6 preferred 75 ~*2% 84% 7% 200 122 Jan 16 64% Jan 14 9% Oct 19 3 Oct 19 Oct 7% Feb 46% Aug 50 21% Mar 11 13% Feb 19 59% Mar 10 24% Oct 19 35 Oct 15 25 50 Phelps-Dodge Corp Philadelphia Co 6% pref Oct 58 25% Apr 64% Jan , Pfeiffer Brewing Co..mNo par 60 " 7 8 Jan 11 Petroleum *166 *176% Jan 25 3,600 *334 67% 7% *31 10 *7% Jan 91 6,700 45% 7% 87 36,100 *31% 40 40 *26 30% 8 *7% 20% 23% - "634 7 Oct 21 3934 Oct 19 11 Oct 15 6% *64 7% 22% 42 No par Corp of Am 5 45 Jan 5 Deo 59% Nov 11684 June Apr 4 4 12% 5 38 Mar 48% Mar 28% 234 6 17 Oct 19 12% 5% 39 65% Feb 9 27 6% 7 35 634 7% *^v-^ 40 "0% 73g 45 7 2334 40 3% *32 15 74 Mar Oct 15 Milk Jan 2784 July 110 Oct 19 Pet 6% Feb 3 27 34 4334 3% 41% 5 *32 7% 6% 2334 7 15% 500 83 70 *64 45% *3% 30% 30% 560 Feb 73 112% Nov June 17 30 22 Pere Marquette 17% Nov 384 Deo 10% Mar 11634 Jan 27 110% Sept 27 1178 Apr 28% Apr 50% Mar 17 63 Mar 9 34 Apr 10 3% June 4% Jan 2834 Jan ...100 Peoria A Eastern 800 Mar 69 ...100 5% Prior preferred.....100 5% preferred 100 710 47% 7% *634 70 42% 6 *4 334 49 75 % 8134 78 7% *64 44 38% 4034 *6% 70 48 46 *4 4 10 6,100 5% 14% Oct 21 Oct 19 Oct 25 Pennsylvania RR 800 45% "*2% 234 3% % % 78% % 74% 78 *64 70 "*2% 4% 20 1,700 47,400 1,200 75 * 234 74% 35 ......50 Peoples Drug Stores...No par 6% conv preferred 100 People's GL4C (Chio)__100 16% 25% 37% 18 534 25% *34 5% 15 No par Cement 32% Nov Jan 6% June 10% May 1% Jan 00 Aug 76% Feb 1 2934 Feb 10 17 conv pref ser A No par Penn G1 Sand Corp v t oNo par 5% Jan 47% Mar Apr 4% 7% Feb 18 Jan 9 Oct 19 Penn-DIxle 37% Deo 2% July 23 10384 Mar 8 6% Jan 23 12% Feb 2 1,100 46% 14% 12% 14% 11% 11% ♦34 4 4 % *634 12% "*2% 2% 68% *6% 1 73i2 27 25% 4 7114 30 17 10 Coal A Coke Corp Deo 2234 Dec 40 s4 May 64 65% Oct 19 1% Oct 19 2% Oct 19 No par (J C) Penney Oct 19 8 2% Oct 19 37% Oct 19 No par 1,100 40 18 46% 1134 10% Jan 5 23% Mar 11 6,900 23g 434 27 37% 5% 17% 17% 45% 46 263s • 4 23 46 46 1134 ""2% 2i4 57s 46 45 5% 2734 Oct 19 4 174 8% Aug 17% Jan 7% Jan 14 Penn 110% 110% *110% 114 36 35% *5 5% 46 11 55s 1% Oct 19 Transporta'n.iVo par Pat he Film Corp No par Patlno Mines A EnterprNo par Peerless Corp 3 82 16 i434 Oct 19 Parmelee Deo June 97% 59 Oct 19 18% Oct 19 Feb Deo 25 Apr July Jan 34% 109% 7% Aug Oct 19 81% *36 2634 Jan 28 Jan 4% Apr 74% Apr 67 1 8034 25% 15% 24% 200% Jan 28 Oct 19 20% 103 12 79% 15% 2884 Jan 28 Parker Rust Proof Co. ..2.50 Penlck A Ford 2% 109% Mar 18 8 23% Deo 13% Oct 6% Jan 12% Aug 13$ Jan 18% Jan 28 6,100 4% July Oct 19 1 Ino C M Parke Davis A Co 2,700 9,000 2% 4% Deo 152 1 Park Utah 5 2% 4% 153 Jan 47% Deo 1134 Apr No par Park-Tllford 41% 4% Jan 140 5 8% Feb 25 4484 Feb 3 29% Aug 25 40 434 *15 16% 100 10 July 6884 July 118 Jan 29»4 Apr 6 12% Feb 18 Sept 30 *95 6% 1st preferred... 6% 2d preferred 41 4484 Deo 14% May 8% Oct 19 80% Oct 19 38 100 1 39% Nov Jan 17% Jan 20 4% Jan 25 121 J fay 13 90 MarlO No par Inc 4% conv preferred Paramount Pictures Inc 40 4% 3434 5% 4% Parafflne Co Deo 30'4 2 Oct 19 39 114 34 5% 25% 113s 277s *64 36 36 107s 6% 2534 % 35 *110' 29 17,400 253s *14% 11% 5% ♦14% 133s 13 12% 15% 2334 534 5% 16% 45% 678 15% 24% 35 34% 5% 16% 6% 6% 1234 23 23% 114 34 114 30% 33 ♦4 6% 23 *15 35 34% 6 21 * 100 share per 30 Jan 12 149 Oct 19 _ Highest share 9 per 53«4 Jan 14 44% Jan 9 152 Jan 4 Oct 19 1 share 32% Jan 14 Oct 19 7 No par 8% conv preferred 1,900 14,500 4% 39% 7834 2% 4% 22% 15% 2334 20 2% 36 438 *14% 233s 2% 2% 21 23g 4% 5% 12% 3 2% 11% 438 39% 77% *2% 4% 80% 78% 2% *2% 3% 2i8 414 4 80 76 78i2 12 4% 39% 4% 2%' 534 6% ioi4 4*4 38% 76I2 2% 2% "< 3 4 5 t Pan handle Prod & Ref No par Pan-Amer Petrol <fe Trans p. 22,700 1,800 3,500 234 33% Oil Corp Packard Motor Car 1,000 3% 23% 2% 33% 2% 2% 23s 53g 24% 24% 24 23% 2% 35 20 34% 2134 234 34 20% 2% 33% 2% 24 2134 20% 20% 2% 100 10 6% preferred ■ 33 100 Pacific Telep & Teleg ^ $ per 38 19 19 19 20 133 Apr28 12% Oct 19 No par Pacific Mills % Oct 19 22 Oct i3434 Oct 10% Oct 120 Oct 25 Pacific Ltg Corp 1,600 2,800 17 share per 11 (Cal)_10 Pacific Gas <fe Electric 11,800 26% 39% $ Lowest Highest Lowest Shares 17 17 17 16% the Week $ per share $ per share 9 per share $ per share % per share 28 Oct. Range for Previous Year 1930 EXCHANGE Friday Oct. 29 Thursday Wednesday Oct. 23 On Basis of YORK STOCK NEW 1 100-Shaie Lots Range Since Jan. STOCKS Sales CENT NOT PER j"1 $ per share 2805 New York Stock Record—Continued—Page 8 14S 6% 22 June July "16% "Feb 50% Dee 4*4 Mar 17 1% Jan 3% Mar 1% Oct 15 11% Feb 25 2% Jan 684 3% Oct 20 Sept 201 2084 Mar 7% Jan 15 Oot Jan 37 Oot 18 x Ex-dlv. y 5 37% Mar 11 Ex-rights 18 Deo •, Calle t for redemption. New York Stock 2806 LOW AND HIGH SALE PRICES—PER SHARE, NOT PER Record—Continued—Page CENT Sales STOCKS NEW YORK JUT Saturday Monday Tuesday Wednesday Thursday Friday the Oct. 23 Oct. 25 Oct. 26 Oct. 27 Oct. 28 Oct. 29 Shares % per share 26 % per share 25 263j *92 $ per share 2534 24l2 95 *92 95 *92 *__-- 97 *.... 97 10134 101«4 *10134 102*4 14 14 1514 133s 27i2 2914 273s 30% 79 79 79 *7534 1 1 1 1U 638 6«4 63j 57s 36 36 1 36 $ per share 25 *2412 95 97 * $ per share 253j *92 25i2 95 ♦ *92 1 8 65g 36 1 36 36 92 92 * 97 1 1 8 36 8l4 36j2 3584 1 300 1 36l2 4,300 12,800 36k 1% 1 1 1 Ds 1 1 314 *3 33g 3l2 3,000 64 65i2 6212 17 1714 9i8 15i2 314 22i2 *414 6618 173s 884 3i2 21 4U 8»4 lh 4% 47s 66 69 64&s 17 17*s 17 1914 21 19 2214 8h 21% 70 70 70 72 74i2 5*4 734 578 5I2 2284 412 673s 175« 8&s 4i2 578 9 812 23 6i8 *20*4 2212 74i2 6I4 *70 79 6 50 *4812 50 50 50 *49 *25 27i2 1914 98i4 83s 25 25 26 26 25 26 18i2 97 8 24 17l2 20 18% 1914 97i2 977s 98 98 8's 2258 8i2 2634 *23s 3 85s 9i8 2758 32 34 34 3434 98 *80 95 *80 98 70 71 70 75 75 82 21 2118 32i8 2118 22 25i2 26's *130 2518 140 20 2S12 130 130 20*4 21i2 197s 20*4 19% 15l2 19i8 13*8 1214 223s 153s 18*4 213g 31 334 *30 *36is *76i2 3ia 76 *8 * "22l"2 127g 1712 *4U2 1134 17 40k ll*s 13 63 ♦20 60 20*4 20 97« IOI4 10318 10314 3i2 3i2 458 414 8 9l2 12% 43 978 1031s 3i2 4 18 914 1812 2212 3134 3458 34 24?s 2434 26 35i2 38 39 4012 92 94 93 94 700 82 84 100 420 20 21% 21 44 *4 4 4 40 37 33s 37 38% 384 10% Ills IDs *50 75 *21 23 *2178 13U 24 *2178 23 14 20 19 *18 *41 12% 4112 1334 62i2 60 20% 978 22 6212 2018 20l2 10% 938 10% 10314 *10212 104 3i2 334 338 3l2 4l2 47s 4k 478 912 103s 10 9i8 21 2134 *19% 2012 23*8 25 2212 2378 2 *112 1®4 *V2 134 1434 1438 135s 6OI4 2014 6,100 49,900 1,100 37S 57s 11% 914 10378 378 414 5i2 6i4 13 113S 25 27 26l2 27l2 H2 31% H2 33 34U 334 5 IOI4 21% 2434 *112 1®4 33l2 35*4 32l2 33l2 36 3334 323s 33i8 35i2 *25 36 33l2 3358 *25 32l4 3414 353s 3414 36 *25 4712 5184 50l8 52 50 5178 515s 23 23 5338 25 25 *25 30 28 57is 10i8 58 5634 57 5714 5734 1178 1034 12% 12 13 57i2 12% *1014 Ills 57% 1258 1034 1178 58 10i8 1278 1038 IDs 7 978 678 758 5514 55I4 *120 1314 2414 234 13i8 2118 *40l8 5i2 634 4018 3l2 30l4 7l2 7 20i2 22 *65j4 5*4 75 24 478 214 23 *8 1234 18*4 2534 18 24l2 712 6i2 734 *40i8 512 638 4134 378 3114 8is 714 2234 2212 65i8 534 75 3 15% 2112 534 1334 *26% 278 15% 2334 *814 16*4 2534 812 27 234 13 714 35 1414 39 312 2914 738 9 7% 42% 378 378 3014 812 738 31 87s 734 22% 22% 65ls 19% 2234 *56 6 77% 041~4 *25 *40i8 538 738 534 7% 4334 6 ♦ 734 44 7 *2184 2214 *5514 7*8 8 *23g 2l2 5 5 1518 1684 *5i8 I5I4 2i2 167s 278 16l2 278 10 278 9i8 3 534 13!2 1,100 2,000 14,300 10U 13i2 300 125 20 25% 45 45 *2 62 64 45 914 97S 76 1058 79 20U 90 8412 *2234 2H8 93i2 8412 24 167s 9I4 *2 61 9*8 733s 5% 10% 238 65 11% 80 25l4 *32 5% *46 10 214 65% 10i2 7914 20i8 2534 914 7i2 734 2584 26 834 9 7 7is 714 758 8 8 *40i8 44 44 44 *5 31% 73s 43 30 4 512 7l8 4214 334 5l2 778 44l2 3058 9 7 20i2 2312 20 6i2 7U 20 40 2*8 5*s 17% 3 1,900 12,800 6,400 8I4 8 1,200 —I - 10 5l2 1,100 85s 12,400 45i2 414 45i8 4i8 467s 438 65,700 14,900 32 32 3278 103s 6,700 19,400 8 17,300 3,400 1,500 31% 834 20 26% 21 6*2 26i4 *55 678 7 7 75 5 538 40 558 538 *25 238 18 62 70 75 *2l8 *5'8 17% 27« 1034 16% 22 26 62 "5" *25 17% 278 IOI4 1534 914 7i2 20i2 24l2 ♦ 2l2 53s 914 758 738 678 478 38 *2is *5i8 16*4 . 5l2 *55 75 *25 *. 8i8 . 2434 "458 _ 5i8 8is 4 60 *---. 514 - 10 734 *44 - 19,800 27 8 44 • 44i8 8i2 *2234 5914 *614 65i8 2658 978 758 8i2 12% I8I4 5l8 758 37s 8I4 734 11 - 200 1,800 *238 5i8 2l2 ""800 514 600 185S 8,700 3l8 18 5,900 125S 8,200 46 48 48i4 49i2 12% 12 12% 75« 12% 12% 18,900 8 13,500 94 8 7 35 11 93 86 23% 22*4 17*8 2234 18*4 v 434 94 712 . *634 26i4 5312 IOI4 214 65i2 812 4l2 *90 714 512 7 67S 10 86 3 11*8 4714 96 Bid and asked prices, 3i8 1034 1634 12 85 4Sm Stokely Bros & Co Inc.. 1 2458 3112 10i2 25i2 31l2 5 5 *46 50 10 IOI4 7 812 434 92 712 *612 2434 3158 53s 47 978 7l2 87« 87s 514 92 778 10 2612 32% 7,400 934 5,900 5 5'8 13,000 *91 935s 712 200 7i2 9l2 2512 2638 32 3212 6 6 10 2,700 500 13,800 1,000 638 52 5212 10% 10 4,100 54i4 1034 6,700 270 2 2 2 65 66 67 10*8 7758 11 11 12 12 13 7978 77 82 79i2 8214 2134 9978 9,500 20 2038 2034 2 67% 215s 93 95 93 97 86 86 87 *2234 23l2 2234 17% 18% 1834 87% 2234 2OI4 no sales on thin day 2l8 68 21 97l2 *87 90 24 2334 19i2 X In ro^tvershlp. 2i2 71 205s a Def Apr 9i2 July 6i8 Apr 9i2 Jan 24*4 Apr Jan 12 7 No par 26i2 26*4 Apr 3058May 14 42i2 Oct 19 22i8 Oct 19 5412 5i2 834 612 800 Mar 5 24*4 May Sweets Co of Amer 65 16i2 Apr 335s Jan 29 145a 9i8 Jan 70 Dec 4 118 Jan 20i2 July 12 6134 Feb 3 27 Jan 3 Jan 3 Oct 19 20 Oct 19 7712 Jan 11 100 118 8 Oct 19 18 Oct 13 50 734 Oct 19 1514 2214 Oct 19 Oct 19 434 Oct 19 Symington-Gould Corp ww__l Without warrants 1 (James) 4i8 Oct 19 612 Oct 19 9 5M% preferred Telautograph Corp Feb 17 125 U2 Oct 19 25 Swift International Ltd Talcott Inc 6 Aug Jan 17i2 Jan 20 54 (The) Jan Jan 29 Jan 734 Mar 4714 3978 20i2 2858 2 Mar 11 Jan 95s July 23 Jan 25 Jan ■ Jan 20 Mar 8 3378Mar3l 2334 Jan 20 173s Jan 21 1534 Jan 8 658 Jan 20 U Apr 28i2 Apr 15 Nov 123a Nov 50 44 Oct 28 57i2 Feb 5 4 Oct 19 5 5U Oct 19 25 Tennessee Corp Texas Corp (The) 3434 Oct 19 2 Oct 19 83s 1538 65i8 95s Mar 15 6 Nov 2334 Oct 19 538 Oct 19 55s Oct 19 16i2 Oct 19 44 Mar 30 33 Jan 165s Jan 22 1538 Jan 28 64j4 Mar 6 28 Texas Gulf Produc'g Co No par Texas Gulf Sulphur No par Texas Pacific Coal & Oil 10 Texas Pacific Land Trust 1 Texas & Pacific Ry Co 100 3 Jan 12 Mar 3 Apr 22 6*4 May 55g Apr 287b Jan 7i2 Jan 914 June Jan Thatcher Mfg $3.60 conv pref No par 19 Oct 19 48 Feb 19 337s Apr No par 55 Oct 19 64 Jan 13 59 The Fair No par Preferred. 100 Thermold Co conv 1 pref 10 Third Avenue Ry 100 Thompson (J R) Thompson ProdB Inc..No Thompson-Starrett Co. No par $3.50 com $4.50 25 par conv pref Tide Water Assoc Oil No par 10 pref No par Tlmken Detroit Axle... 10 Tlmken Roller Bearlng.No par Transamerlca Corp 2 Transcont & West'n Air Inc. 5 Transue & Williams St'l No par Tri-Contlnental Corp..No $6 preferred Truax Truer Coal 21S Oct 20 1334 Mar 1 Oct 29 93^8 Jan 131s Feb z40 Sept 3 Oct 19 36 Sept 25 U2 Oct 19 434 Oct 19 10 U8 Oct 19 Oct 19 6i8 Oct 19 13i8 Oct 19 8178 Oct 15 834 Oct 19 36 Oct 19 Jan 25 26 Feb 14*4 Jan Feb 11 12is Jan 56 4 4 273s Jan 22 Oct 19 10918 Jan 21 Oct 19 1138Mar 12 8 Mar 3 265s Mar 8 4078 Mar 13 50 Mar 13 171* Jan 22 40 Oct 19 94 Jan 20 7 Oct 19 25 Oct 19 Oct 19 1712 Oct 19 865* Oct 19 78 100 Oct 19 22i2 Oct 19 1034 Oct 19 5 r Apr 1478 Jan 103s May 71$ 93 47b 7i8 Jan Jan Jan Apr 22i2 June 313s Apr 8*4 May 65U Jan Mar 29 U8 No par Apr 2 7i2 Oct 16 18i2 Oct 19 2512 Oct 19 234 Oct 19 100 Jan Aug 13 Feb Oct 19 Cash sale, JaD Aug Oct 19 r 47# 17 9 yew stock, Jan 25 79 57 n Jan Jan 225s Jan 11 67 4% preferred Union Tank Car 314 8U 24&8 Oct 19 414 1 Oct 8i2 May 5 Oct 19 90 Twin City Rap Trans ..No par Preferred ..100 8*4 June 85 Feb 11 Mar 5i8 Oct 19 3% Oct 19 par United Aircraft Corp 8i2 Jan 13 15U 2878 10U 4034 215s 98i2 2878 Mar 2 4 Truscon Steel 10 20th Cen Fox Film Corp No par $1.50 preferred^ No par Union Pacific 4 10 No par No par Twin Coach Co Ulen & Co 312 70 par delivery, 48 Mar Feb 11 Carbide & Carb. No par Union Oil California 25 600 55>s 75 Union 57,200 9 21 17,400 800 Mar Oct 19 Oct 19 Oct 19 37,100 12,500 25 76 1 Swift & Co jan 36i2 July 12 Oct 19 No par Under Elliott Fisher Co No par Union Bag & Pap new .No 2,400 9 No par Sun Oil $3 div 46I2 88 85s 10 5 35 123s 7i2 85S 434 83l2 2314 71s 20*4 Sterling Products Inc Ste wart-W arner 170 9,700 48 82is 20*4 95k 20i8 723s Jan 2514 157s 31 65 *8l2 1738 2634 938 700 23io Oct 19 2412 19 Jan 143s Oct 19 12% *2312 *8l4 17% 12% 17 44 21*4 Apr Oct 19 5 25 *8*4 I684 255s 8*8 Jan 18 14 Oct 19 12% Aug 14 10 No par No par Jan 104i2 Oct 2l2 Oct 19 2i2 Oct 19 No par No par Apr June 29*4 May 1578 Apr 133s Jan 2 123s Jan 22 143g Mar 8 325g Mar 8 1 prior pref prior pref Oct 20 Mar I6I4 Jan 20 Oct 19 7l2 Oct 19 18 17 30-% 434 18 101 July June 28»4 Feb 11 95i2 Apr 28 483s Mar 8 Oct 19 Superheater Co (The)..No par Superior Oil 1 Superior Steel 100 Sutherland Paper Co 10 84 514 4534 93g 214 55 2,800 29,400 7,000 1,300 1612 z5 85s Oct 19 1 tStand Gas & El Co 35 50 Oct 20 19 1514 30i8 23>4 Jan 12 1412 Oct 19 40 28l2 3% 84 23i2 30is Oct 19 10 1 1714 84 10 2 26 155s 438 Jan 318 1634 84 *90% 7U *834 36 2712 145s 7 Oct 19 3 1438 94 2 25 84 65S 85s Feb 26 1378 *90 94 25 84 67s 9i2 Feb 26 20 par No par Stone & Webster 1578 91 31 No par $4.50 pref Stand Comm Tobacco 9i2 Jan 28 Oct 19 7358 Sept 20 par Studebaker Corp (The) 3,000 1534 6*4 *858 7 preferred A ..No par Spiegel Inc 2 Conv $4.50 pref No par Square D Co class B Standard Brands 775a Mar 17 104i2 Jan 7 U2 Oct 19 conv 34,500 85 91 No par $3 Oct 21 76 1 54,700 14 8% 100 No par Jan Jan 6*4 6314 10Uj 5*4 678 73&8 Standard Oil of New Jersey.25 Starrett Co (The) L S__No par 85 8I4 4i8 34 Feb 15% 7 19 6518 Jan 20 117* Mar 16 Aug 14 46l2 1178 6 Oct 16 ll2 Oct 19 3514 Oct 19 2 83 714 834 434 60i2 Mar 31 par 23i2 Jan 12*4 Apr 32*4 1458 12% Oct 19 Oct 18 29 I8I4 Feb 9 Oct 19 24 Jan 25 15 9 24 160 100 10 25 2 32i2 Jan 13 653s Mar 11 433s Mar 17 Oct 19 35 58l2 137s 10i2 1478 8&S 56% 3 Jan Mar 378 July Apr 26 Feb 10% 16 155 1734 Oct 19 17 6% preferred Sunshine Mining Co 3 63g Feb 26 42i2 Jan 12 100 15,800 15i2 Sept 12i2 May 110 Feb 19 12% 46% Oct 25 21 9 50 82 6 130 25 June 50 15'8 III4 H2 Oct 19 20i2 Oct 19 No par ..100 115 Oct 19 14 44 Oct 19 Mar 18 28ig Oct 19 1,300 21,100 46i2 1178 65« 8U 434 13 110 40U June Jan 11 234 10% 15U 9 934 Oct 19 8 Jan 11 Standard Oil of Calif..No par' Standard Oil of Indiana 25 Standard Oil of Kansas 10 10% 15% 10 45l2 lll2 6i2 7i2 4i2 ♦ *5 40ig Feb 16 2934 Feb 15 23U Aug 14 19i2 Jan 975s Dec 54 Sept 22,600 46,500 85 145S *82 1514 238 Oct 19 147S 77 258 13 14l2 45s *25 MarlO Mar 1478 234 ar3i2 June 8 64i2 14% 15 Oct 120 1414 3 26 197 1358 6i4 * 5 35 Oct 19 Dec 8*4 July 19*4 Jan 4U Apr 21 Oct 19 1414 165s 102 Marl6 4 27i2 *122 68 U2 Oct 19 13l2 125 19 Apr 14*4 Apr Stand Investing Corp..No par 36 8i4 5514 30 U 400 27i2 812 8 Oct 19 cum 58 57 Feb 3434 Feb 19 1053g Feb 2 177b Mar 11 Oct 19 $7 14 8is Jan 44 Oct 21 13 cum 58 *122 Jan 10 $4 preferred 28 56 125 4*4 43is Oct 28 $6 68,700 13% 1 Jan 21 June 17 (A O) Corp Jan July Feb 92 3,700 18,100 55 1214 89 14 96 50,000 5284 *10 778 5534 55 *122 1258 44 414 *25 7i2 56 125 87s 7i2 8I4 634 7*4 55 25 8 8 124 3 8 1212 8I4 55 147s 2H2 1234 193g *7 11% 124 2558 I884 1034 54 1378 25 *1014 *122 124 7,600 34,600 36% *25 5II4 26 *10 • 3538 36 49*4 III4 2112 9 MarlO 70 Spencer Kellogg <fc Sons No Sperry Corp (The) vtc Spicer Mfg Co No 43,100 103 984 103 120 100 1st preferred 1,560 23 103 Jan Jan 65 28I4 Spang Chalfant A Co 6% pflOO 110 62 1558 Ills 20®4 100 Sparks Withington Spear & Co 1,600 60 4 No par Spalding (A G) & Bros.No 24,600 ' *25 1034 1438 2012 Feb Jan Apr 175s Feb 10 42i2Mar 10 512 Oct 19 17i2 Oct 19 3 Sept 13 10 $5.50 preferred 4112 1434 1 985g Aug 18 100 Mobile & Ohio Stk tr ctfs 100 "566 14 22 195s 9l8 103 10 *41 63 14% 62 2n2 24% 20l2 4U2 1358 19 4112 *18% 41% 1278 *41 135s Mar 78 2 30i2 Aug 3i2 July 695s Jan 2478 Oct 20 15i2 Oct 19 5% preferred.. 75 24 *217g 14i8 193S 6 Southern Railway 1,000 *. 2 Dec Oct 19 97 No par 8% preferred 11,400 20% 2 Jan 34 334 Oct 19 47 100 Southern Calif Edison 40 358 Oct 19 Jan Apr Southern Pacific Co 700 38i8 Oct 19 612 Oct 19 South Am Gold & Platinum. 1 100 412 Oct 19 3l2 No par So Porto Rico Sugar 13,200 37s 3i2 IOI4 2is 8i2 54>s III4 16 Oct 19 Socony Vacuum Oil Co Inc. 15 Solvay Am Corp 5 H % pref 100 20 314 *9i4 10 13 24 43s ♦ 4514 Jan 14 Oct 19 H2 Oct 19 93 605s Apr 22 IO2I4 Feb 4 Smith 2,900 44 *30 Oct 28 3534 34 pref ser A.No par $6 preferred 197s 1,700 1458 3,300 17% 138,300 215s 44 434 *36% 2238 *30 23 *10 2114 14 15s May 77s June Oct 19 Sloes Sheff Steel & Iron June 3U Feb 9 235g Feb 10 15 conv preferred 11 377g July 70 6% preferred 430 100 19 2 51'4 Mar 17 98U Mar 16 Smith <fe Cor Typewr._No par Snider Packing Corp No par 82 18l2 27i2 Mar Simonds Saw & Steel ..No par Skelly Oil Co 25 1,900 102 13l2 Oct 19 2412 Oct 19 77l2 Oct 29 k Oct 19 3i2 Oct 19 No par No par Simmons Co 10,400 80 13 11 11018 Sept No par pref 81mms Petroleum 100 20 18 3 Silver King Coalition Mines.5 7,000 102 2214 137s I8I4 41% 13% 61*4 2234 10% 10314 3B8 434 31% 33*4 36i4 *29 24 78 17% Feb 1 conv 5K% 18,300 82 312 ' 3378 *234 75 *112 \ 2712 3 *20 7?s H2 93s 287s conv 13.50 2,500 9 13% 113 Sheaffer (W A) Pen Co. No par Shell Union Oil No par 10,700 3 75 20 20l2 9878 9i2 2878 314 27 *20 18 20 lh 98 75 1312 177S 63 9 "2 h~2 2212 19l2 98 19 4l2 338 *_ 2014 102 1978 80 3% 9 75 19 98 *1938 Aug 10U2 100 Sharpe & Dohme 100 120 17 3934 31s 12 55 27 22l2 3414 95l2 *30 *76 76 338 *49 *26i2 13 44 *4l8 *36% 42 85 $5 3,600 53 19 22i2 *30 4 *36% 4134 2OI4 44 4 378 700 155s 16 16% 165s 16% 1113s 1113s ♦11U2 115 *111% 115 100 25g 314 3 314 278 3% 18,500 27 26 2712 26 2612 27 26i4 2714 4,200 *131 140 *132 140 *13214 140 *13214 140 50 1934 2014 1934 20 20l2 20's 1934 207s 13,500 2014 22 1934 2138 207s 22i2 22i8 237s 110,100 14% 15k 133s 14% 1412 15% 1434 16% 56,800 2212 18l2 31 6,300 27 9 Dec 108 No par Shattuck (F G) Sharon Steel Corp 5,300 27 918 96 6 13i2 Oct 19 3 *75l2 IO2I4 10212 *102 IO2I4 19 19 1714 1878 16 *16's 17% 17l2 17% 13 127s 1214 13% 1314 16 155s 163s 1534 16% 115 *111% 115 *11138 112% 2l2 238 234 25s 234 12l2 15is ♦lllSg 2i2 63s 6 Jan 57 102 10234 10284 18iS 185s 16 93s 2414 777s 6l2 77i2 Mat Servel Inc 46,700 18,200 19 22i2 76i8 634 103 113 Seagrave Corp No par Bears, Roebuck & Co..No par 26 ♦80 20 3H2 3 23 6 72 9 Highest July Oct 29 Seaboard Oil Co of Del. No par *49 834 26% *2i2 21% 87s 27 Oct 16 1,100 98 18l2 *9734 *80 314 18 Jan 13 Oct 20 1N0 par Air Line 4-2% preferred 46 96 8,400 414 25i4 1914 2534 *2i2 *2l5g 3414 *214 26 414 6734 1784 6884 21 53 24 4i2 *70 6%l *48 25h fSeaboard Oct 19 92 100 Scott Paper Co 6,900 3 22 312 23 278 22k 45j 6714 17*4 834 1 S per share 1 8% preferred. 510 1 234 19i2 458 n« % per share 21 100 JBcbulte Retail Stores 1,700 2114 414 3 1912 5 53^% preferred 16,400 Lowest No par 100 5% preferred 6% preferred 100 7% preferred 100 Savage Arms Corp No par Scbenley Distillers Corp 6 90 8k Year 1936 Highest f per share Par Safeway Stores 10 8k Range for Previous Lowest 97 10234 *101% 10234 19 I8I4 1834 19% 29l2 3114 30 305s *7634 78 77l2 79 1937 30, EXCHANGE 4,700 102" lh 634 634 36i2 27 255s 95 * 97 10234 10234 *10U2 102*4 18 17*4 16% 17% 29 29*4 31 30 81 *76 79 *76i4 1 26j4 Oct. Range Since Jan. 1 On Basis of 100-Share Lou STOCK Week $ per share 9 Ei-dlv. y t>78 Jan 25 lOOis Jan 8 183s Sept 17 111 Feb 20 28U Feb 4 148®4 Mar 16 9934 Jan 13 3H2 Feb 35i8 Mar Ex-rights. 4 5 278 June 745s June "715s 'Jan 20*4 Aug 108i2 Jan 9018 Jan 225s Jan 205s Apr T Called fur redemption 1 ^ Volume LOW AND SALE PRICES—PER HIGH SHARE. NOT PER //)* Oct. 27 Oct. 28 $ per share $ per share $ per share $ per share *9 9% 10% 10% 18 18% .... 8*4 *9% 18% 18% *110% 8% 7% 9 ♦110% 63 64% ♦23% 23% 3 3% 30% 778 7% 3 11 82 82 4 30 30% 59% 60 10% 11% 6 *31 10% : 5% 4% 778 85 1% 1% 7 9 : 10 7 9% 97« ♦1 *75 ♦75 108 31 33 5 23% 60% *60 65 65 65 59% 59% 65% 62% 12% 59 ♦136 138 *136 33 33 31 33 ♦50% 78 13% 7S 21% 14% 21 24 38 * 74 *56 '■ 4% 27% 4% 10% ♦112 120 52 52 *53 65 ♦118 125 *118 125 3% 3 4% 5% 4% 4% 4 4 8% 8% 9 22 21 86 2034 •76 *74 86 3% 3 3% 5% 4% *4% 4% 8% 22 22% 80 *74 86 6% 7% 37% ♦177B 18% 13% *!778 13% 18% 12% 13% 3% 3% 37g 37g 3% *42 39 *37 7% ♦42 50 67g 378 *8% 1534 22 •21 3% >".r, 4v. 4% 21 21 4% 21% 1,600 5% 5,500 4% 4% 38% 38% 18% *1778 11 22% 378 *42% 9% *40 4% 4% *10% 8,700 500 1,300 3,400 4 50 9% 9 4934 8% 42" 000 16 15 49 *40 4% 8% 39% 18% 734 334 3,100 78% 77» 15 1,300 2334 23% *74 80 7% 40 g 23% *42 8% 22% 21% 23 3% 41 *9 3% 5 4% *13% 49 .4'^ :v 3% 5 9% 3% *37 12 *10 16 *10 3% 3% 47b ♦4% 16% 10 125 177s 18 7% 8% 45 *37 6"% 37 38 *42 48 778 8% 40 * 3% 39 38 119% *54 ♦118 125 *24 7% 678 37% 17% *12% 37s 42l2 7% ♦37 5 *112 67% 8% 34% 14 13% 3% 42l2 7% 160 *118 22% 30 300 120 200 94,800 46 5 4% "9",500 100 12 13% 13% 22% 22% Oct 26 86 Jan 21 "57% Apr 92 Nov 164 Jan 19 153 Mar 165 Aug pref.100 Oct 20 108 Jan 18 50 Jan 115 Apr 23 24 1,300 Cbem 17 16 16% 16% 18 17% 18 3,300 31% 29% 30% 31 32 32 34 5,300 Co.100 No par Wayne Pump Co 3 3 3 3% 3 3 1,400 Webster *1% 1% 30% 30% *1% 30% 75% ll2 29 ♦1% 28% *1% 29% 1% 30 1% 31 *75 76 86 84 84 89 92 90 79% 80 80 *75 76% 77 75 75 *84 87 84 84% 85 89 90 89% 89% 76 76 76 79 1% 1% 3i4 378 2978 31 25 26i4 9412 98 118i8 1181s 13i2 14I8 ♦35i2 3534 14i4 25i2 14i4 lis 314 30 2414 90 119 1*2 3*8 1% 3% 32 33i4 119 ♦60 2412 95 *60 2314 28% HO 60 60 *55 65 ♦15 18 27*4 *80 *60% *16 29 22,200 43,200 26% 100% 28% 99% 104% 121 ~15~ 15 15% *35% 3534 *35% 14% 14% 14% 15 3534 1534 24% *2334 *14 110 *75 95 *60 27% 2934 26 *24% 110 *75 95 *60 2734 29 25% 28 104 70 16% *35% "16% 1534 16% 100 25% 700 25% 110 *75 90 *60 31% 30% 110 *80 65 *61 63 63 63 65 65 18 *16 18 Ills 1034 2% 2% 2% 2% 2% 258 16% 16% 17% 17 12% 11% 11% 1034 12% 11 2% *16 12% 11% *258 18 19% 13% 11% 16% 1278 *11% Wilcox Oil A Gas 9,200 Willys-Overland Motors 6% conv pref 3 2% 3 278 3 278 334 378 4 334 4 8 7% 8% 8% 378 8% 4% 8. 3% 77g 6% 678 578 6% 60% 60 4038 59% 39% 41 39% 41% 18% 21 20 21% 6534 20 6534 63 66 3978 18% 8 8% 6% 678 6% 60 *69% 61% *65 77 *68 65 *66 6% 60 6% 8% 7 2,600 15,700 1,300 40% 1958 42 2034 39% 61% 40% 22% 21% 62 41% 23% 77 71 71 190 27,100 10,500 $4 conv 72 72 270 62% 62% 62% 200 62% 400 6% preferred B *60 70 *28% *60 70 150 63 64 1,400 30 30 30 700 88,000 117« 11% 12% 11 1134 1178 12% 12% 13% 97% *92 97%, 97% 97% *91 97% 95 95 97 98 25 25% 25 25% 2478 25% 25 25% 26 27% 4,700 39% 42% 37% 44% 41% 45% 2578 44% 44% 46% 50,300 78 70 75 73 73 80 80 80 21 3% 18% 22% 22 2278 3% 24% 3% 22% 3% 24% 4% 10% ♦90 ♦70 19% 3% * 11 10% 3% 3% Bid and asked prices: no sales on 2478 41 *73 20 3% 4234 80 42% *72 21% 21% 3% 3% this day. 3*2 1 In receivership, a Get, 330 37,500 Zenith Radio Corp Deo 19% Apr 39% Deo 38% Feb 19 Oct 19 50% Aug 10 1 6 6% June 1 Aug Mar 17 33% June 9% Feb 2% Jan 56 "11% Feb Jan 2% 52% Dec Dec 83% 78 Feb Oct 25 108 Aug 26 91% Jan 107 Oct 20 109 Feb 11 96 Jan 110 Apr Oct 23 103 Aug 26 87 Feb 102 Sept Jan Jan 124% Sep J Zonlte Products 4 84% Feb Oct 19 123% Mar 9 115% Jan 9 8 29% July 12 11% Mar 5 Oct 19 6 23% Mar Oct 15 4% Mar 17 11% Mar 17 83% Jan 22 57%Mar Jan 22 116% 111% "8% Aiy 15 Apr 178 Nov 5% Aug Sept 116% Deo "l2% Feb 23% Sept 4 Feb 978 Feb 72% May 96% Nov 34% Jan 94% Jan 123% Jan x5078 Dec 153% Oct 160 Oct Jan 22%June 33% Oct 11 30% Jan 22 39 May 6 35% Oct 39 Jan 10% Oct 19 27% Feb 23 19% June 32 July Oct 19 3478 Jan 7 115 Apr 13 126 Aug 6 65 Mar 11 31% Nov 34 Jan 35% 35% 24 75 Oct 19 114 Jan 18 19 Oct 19 85 Oct 18 60 Oct 18 126% Aug 14 90% Aug 31 33% Feb 16 18% 1878 Jan 25 13% July 1% Oct 19 II Oct 19 6% Oct 19 6% Mar 22 4 6% Jan 25 5% Sept 7 12 Sept 7 46% Jan 12% Feb 27 2 3% 16 2% 23% Apr 36% 56 Apr 86% Dec 47 Jan 112 Aug 40 Oct 19 100 Mar 10 50 Oct 21 Oct 19 128 Mar 58% Oct 19 76 Jan 28% Oct 25 7% Oct 19 95 Oct 28 62% Jan 27 33% 37% Feb 16 142 Jan 23 8% 80% Oct Aug 11 6 7 21 Oct 19 46% Feb 15 35 Oct 19 Oct 25 10178 Mar 6 115 Jan 27 Oct 19 43% Aug 31 9% Deo 6 Oct 19 v Jan Jan Nov 55 Oct 19 5% Mar 11 65% Jan 20 47 Jan 22 2% 6% Nov Nov 43 71 112% Mar 25 Ex-dlv. Jan 87 54% Oct 20 70 12 Apr Apr 70 44% 92 Apr 28% Nov 17% Nov June 91% Mar 38 Feb 6% June 4% Oct 19 5634 Oct 20 35 Oct 19 12 Oct 19 z Oct Nov 23Way 15 Oct 19 8% Oct 19 6 1 91 Oct July 2120 3978 Dec 21% July 109% Feb 84 July 99 14% Oct 19 No par 20,200 delivery Deo 170 100 Cash sale Nov 37% Deo Oct 18 Aeronautical-..No par (Del) .No par Mfg Co 25 Yellow Truck A Coach cl B..1 Preferred 100 Young Spring A Wire.-No par Youngstown S A T No par r 7% Nov Apr MarlO 46 Oct 19 stamped 100 Corp Nov 52 105 21 Oct 19 10% Oct 19 Wright New stock, Dec Dec 90 Wrigley (Wm) Jr n 12% 49% Nov 20 Nov 38% Apr 44 113 Yale A Towne 5H% 39% Deo Jan 9% 5 Jan 6 167% Jan 22 Preferred A preferred. 400 Ma Nov 61 1578 1% Oct 19 25% Oct 19 17% Oct 19 Co WorthlngtonPAM (Del)No par 70 63% 7% 76 100 10 63 63% 10% Mar 88 No par 80 *28% Feb 4% 35% Jan 16 134 Oct 19 *56% 29 Feb 86 137%June Deo 2% Oct 19 *56% 62% 41% Dec 131% Aug 12% 1 10 65 29 Dec Deo 18% I 56% *56% 8% 58% 114% May 13% Dec 69 2% Oct 19 5% Oct 19 *55% 28% Aug JJWQ 16 65 63% Aug 48% July 80 Apr 110% Apr 60 60% Jan 49% Nov 116 4% 117% 65 63% Apr Deo 84 *56 28% Jan 2% Deo 30% 12% Jan 25 18 23% Oct 19 75 Sept 25 *56 60 1078 47% 57 69% Jan 23 1 56% 28% Apr Oct 2% Oct 19 20 55 63% Oct 19 Jan Apr 1778 8 50% Feb 1 10% Feb 26 99% Mar 2 11% Oct 19 66%, 56 5% 26% 1978 Jan Oct 19 16 56% 55 30 8 an Apr 6% Mar 2% Oct 19 11 Sept 25 55 28% Oct 20 434 Oct 19 66 63 Oct 19 Jan 9% 92% Aug 18 18% Mar 11 51% July 15 Oct 19 5 $6 preferred Wool worth (F W) Feb 49 36 preferred.—-No par Wilson A Co Inc 5 19% Feb 11 7% Oct 19 70 64% 31 16 Oct 20 2 57 57% 4% June 40 63 63% Mar 17 17 63 55 Aug 2% Aug 32 ♦50 65 120 10% Mar 16 18% Mar 16 Oct 19 3% *50 77 122% Jan 11 18 7%~——100 7% pref A stamped 100 Preferred B 6% -100 *60 2 75 Mach—.No par 3,600 *2% 4% 6% White Sewing 4% 27« 8% 1,300 Aug 7% Oct 19 Corp..-No par 100 $5 conv prior pref—No par) WhlteDent'lMfgCofThe SS) 20 White Motor Co 1 White Rk Mln Spr ctf. -No pari 900 3% 60% 25,300 70 2% Oct 19 2% Oct 19 preferred--.100 2,900 2% 2 Wheeling Steel 278 14% 6% 13% 12 Jan Mar 12 11734 Feb 100 20 278 4 60 16% 100 Apr May 2114% Oct 16 52 preferred.. 100 Telegraph. 100 Westingh'se Air Brake-No par 50 Westinghouse El A Mfg 1st preferred 50 Weston Elec Instrum't.No par Class A No par Westvaco Cblor Prod--No par 30 5% conv preferred.. Wheeling A L Erie Ry. Co.100 2% 2% 98 4 4 Oct 23 Mar 14 5 Preferred ""360 28% Aug 109 7 Jan Mar 6% 18% 234 12% Jan 37 135 Jan 4% 6 6 Oct 20 Western Union 19 16% 5934 9,800 110 xll0% 5 Feb 15 115 3% Oct 19 100 4% 5H% conv 90 33 *80 11 15 110 110 12 *2% 1,600 3534 *80 18 15 10834 *121 110 10 2% 27% 120 *15 *11 2,400 3,800 1134 12 1% 20,400 101s 11% ♦1% 334 14 *80 134 2d preferred.. Western Pacific 34% 14% *60 26 1,400 3% 13% 110 6,500 9% 32% 3534 24% 534 9% 378 *35*2 *75 5% 33% 12% Apr 74% Apr June 29 8 Supply Co...10 Maryland 100 9% Mar 119% Sept 23 7% pref.100 100 West Penn Power 6% preferred 5% 3% 97 238 Oct 19 18% Oct 19 105 100, 100 Western 31% 2578 May Western Auto 1% 3534 24 110 250 3,700 3% 33*2 72 1 preferred preferred 21 20% 32% 15" 110 7% 6% 1% 15 24 190 3% 30% 14% *75 5% 9% 134 Mar 27 Co 1 Wesson Oil A Snowdrift No par $4 conv preferred No par West Penn El class A ..No par 240 134 13% *35i2 ♦80 5 9% *121 95 *75 5 *8% 80 July 15 112 112 Apr 2% Oct 19 91% *118% 119 21 Jan Feb Elsenlohr.....No par 82% ♦80 112% 19% 100 91% 82% 119 119 19% 300 86 3*4 *121 110 ♦24 112% *112 77 84 90 *80 119 19% 26*4 27*2 9834 105 27% 10134 90 80 32% T.OOO 28% 40 Wells Fargo A 1% *76 75% 90 112 .... 31% 86 118 117% 118l4 *11814 113% ♦113l2 11334 ♦113i2 11334 113 19 18 187g 19 1778 19i2 5 5% 5 5% 534 4% 8 9 934 8 9 10i4 ♦119 1% *84 3% 3% *1% 31% Apr May 12 No par Walk(H)Good A W Ltd No par Preferred... No par Ward Baking class A...No par Class B No par Preferred 100 Warner Bros Pictures 6 $3.85 conv pre! No par tWarren Bros.. No par $3 convertible pref--No par Warren Fdy A Pipe No par Waukesha Motor Co 6 17 June 16% 47 Walworth Co... 297S 30 39% Mar 11 44% Jan 20 115 No par Walgreen Co No par 4 yi % pref with warrants 100 16 58% Jan 20 Oct 19 Oct 19 Waldorf System 31 3% Oct 19 14% Oct 19 100 15 1 36% Oct 19 66 Sept 27 pref...No par Virginia Iron Coal A Coke. 100 5% preferred 100 Virginia Ry Co 6% pref—100 Vulcan Detlnnlng 100 Preferred 100 tWabash Railway 100 5% preferred A 100 5% preferred B 100 27 Jan 20 97 Va El A Pow $6 15l4 2% Jan July 9% Inc—..—...5 preferred 6% 3% 16 1st preferred....—100 Vlck Chemical Co 5 Va-Carollna 4% Jan 13 % Oct 19 7% 29 3% 34 Oct 19 100 Van Raalte Co 67% May Oct 21 Preferred 15 3l8 July 8% Nov 102 Nov 50 Vanadium Corp of Am.No par 2778 318 *1% 2834 *7434 168 29 JUt ill ties Pow A Light A 1 Vadsco Sales No par 7,400 4% 125 21% *74 21% 13,600 13% *118 9 5% 110 *109 Apr 138 Vlck Shreve A Pac Ry 4% 125 6% 1,000 12% *54 9 30 5 *114 *4 3,200 13 70 5% 25,600 30% 28 110 5 Apr Deo 154% Nov 144 July 100 preferred Universal Pictures 1st - 11% 120 678 ♦18 - *4% *55 3712 1834 6^8 35% 4,700 74 "4% 4% 28 110 *110 *3 3% 5% 580 13,800 5 60 *52% *118 ♦ Universal-Cyclops Steel Corp 1 Universal Leaf Tob No par 8% 11% *4% ♦10 120 *113 3% 4% 110 *108 4% 11% 4% 10% VvW 800 1 110 4 10 9% 119% ♦110 4% 9% 62 30 27 1 75% 7978 May 17 1 "4% Apr Oct 21 *22 4% 160 9 5 84% Jan 11 1 26 131 5 Oct 18 30 4% 9 Oct 25 1 25 Jan 9% Feb 8% Feb 11% *22 28 Mar 169 Nov 101 Jan 2% Oct 19 Dec 103% Nov Jan 115% 46 500 1 4% 4% 136 Apr 29 Corp $6 conv pref. A 100 13% *55 74 Oct 22 147 46% Jan 22 150 No par 52 - * 114 126% Mar 11 Oct 19 30 74 No par S Tobacco Preferred Jan Jan 1 1 * U 6378 19% Dec 49% Nov Jan 68% United Stores class A..No par *20 74 26 ♦108 108 108 110 *4 1% 1% 61% Oct 25 100% Oct 19 100 Jan Apr 72% July United Stockyards 1397s 13978 *136 35 32 32 33% 1% 1% 1% 1% 32 Mar 11 75% Jan 18 100 Sept 104 47 Feb 18 105 Oct 21 8,700 1 *-.-- 74 i: 22% 27 ♦108 13 53 118 Oct 19 5,300 30 1 ' *22 ""3% 4% 37* 24 12% 32 200 16 18% 1778 17% 14% 16% 15% 15% 17% 12% 27 25 26 26 24 25% *23% 25 20 24% *100% 110 *100% 110 *100% 110 100% 100% *100% 110 39 39 38% *39 40% *38% 39% 38% *38% 41 *100% 110 37% ::i 28 12% Oct 19 57 63 3 278 ♦48 12% 48 Jan Jan 978 18% 7% 16% 478 4% 3% 52 *11 1% 1% 1 78 ♦20 47g 2% ♦48 ♦48 32 31% 1% 1% 4% 234 52 53 50 50% 50% 1397g *136 1397g *136 60 138 4% 100 60 Preferred Jan Apr 59 21% 72% Mar 31 Preferred 62% Nov Oct Aug 71 Mar 30 72% Mar 9 19% Jan 12 U 8 Steel Corp Jan Aug 10 Oct 19 3% iNo^ 39% Jan 125% Nov 169% Feb 20% Nov 4% Oct 18 8% 1st preferred 20 2% 12% *48 13 ' 117 *149 *149 52 2% 2% 46 2% 46 ♦11 *115 4% 4% 2% 4% 65% 358,400 10,100 116% *115 117 *149 *149 4% 4% 113 117 *115 117 62% Oct 19 24 Jan 23% 878 20 U S Smelting Ref A Mln 400 65 65 112% 114% zlll% 113 112% 11478 *115 -w— *135 ♦18 70 65 115 1% 13,900 68 5,200 112 5 31% Aug 9 15% Mar 13 22% Mar 17 Feb Nov 100 May 49 Mar 22 70 43% Feb 100 60% 68 29 Oct 20 16% Oct 19 3% Oct 19 6% Oct 19 85 Sept 23 "20" Apr 160 23% Mar 22 6% Oct 19 l34 No par Impt Jan Jan * 80% May 3 50 89,500 58 287s 68% U S Rubber 54 Feb par 19% 24% June 34% Jan 13 No par U S Realty & 66% 10 Feb 10 100 20 U S Pipe & Foundry 6,900 27% 114% A.No Prior preferred 20% Jan 19 137 No par Partlo & conv class 17,700 54 115 10,300 6% 6% 56*4 10% 90 33 35% 5% *63 1,900 31% 3278 5% 65 61% 67g U S Leather 2 172 U S Industrial Alcohol.No par Nov 113% July j_ Apr JL Jan 91 Oct 28 62 ...60 5H% conv pref 13 3 154% Oct 19 Corp—5 U S Hoffman Mach 300 9 35s Jan 28 Oct 20 5% Oct 19 100 6,400 34% 32% 5% 62% 56% 4,700 10% 21% Jan 2434Mar ™4% No par 20 preferred 7% 10 6% 32% 26% U S Gypsum *70 90 53 110 1% 10 24% 149% *149 50% 678 64 115 13 9 108 U S Freight 9,900 42 21% 6% 934 678 9% *70 3,800 10% *37% 21 56*2 59% % 109 100% Feb Deo 87 Jan 8 Oct 16 June 8% 50% Nov 14% Nov Jan 14 113% Jan 14 % Oct 19 100 preferred.. 66% 157 42 20 28*4 111 2% 52 6 10% 10% *36% Conv 480 29% Aug 105 66% ,86% Mar 19 17 Jan 32% June 2 16% Feb 80 100 ...No par S6 first preferred U S Dlstrlb Corp 8% 63 9% Oct 20 USA Foreign Secur.__lVo par 100 10% *155 63 149 ♦46 10% 984 19 Oct 19 Mar 3% Oct 19 6% Oct 19 10 5,000 1% 8% 54 115 4 13 50% 8 2534 51% 4% 1% 7% 40 9 101 par 63 Feb 9% July Oct 19 United Paper board... 8% *1 Jan 4 62 No $5 preferred 200 15 93 Oct 19 4,900 4878 Aug 16% Feb 26% Apr 19 5 Fruit 35% Nov 106% Feb 26 9% Mar 11 24 United Gas Improvt.—No par 25,000 8 *70 88 64 110 4% 2% 8 8% 7% ' 55 *60 57% 52% United 96% Nov Oct 25 2% Oct 19 5 No par 1,500 6,900 8 Jan Jan 6% Oct 19 82 100 61 Mar Jan 117 5% Apr 40% Apr 10S4 Apr 8% Jan 14 16' Oct 68 46% Jan 14 Oct 19 5 37% Nov 33% Nov Apr 22% 3 Oct 19 2 10 Dyewood Corp Preferred United Electric Coal Cos 34 65 57g 5*2 United 10 15,300 Feb 16% 24% Mar 111 Mar 17 25% Oct 19 par No par 5 preferred $3 United Drug Inc 60 157 35 22% 48% 61% 65 *60 34 No United Corp 33% 55g 27 4% 25% 53% 61% 50 35 31% 5% United Carr Fast Corp No par 35 60% 62 8% 91 Oct 19 31% *155 90 Oct 19 United Eng&Fdy. *1 10 6 55 20 _ 1,400 13% t>% 68 19 No par United Carbon 7,800 85 159 *70 *70 5 13% 63 9% *36% Oct 15 71,300 8% 159 70 68 65 70 67% 66% *154% 161 *154% 161 ♦154% 161 10% 9% 10% 8% 9% 8% 40 *36% 42 ♦35% 3478 35 21 18 21% 19 20% 18% 6 6 6% 6% 6% 6% 9% 9% 8% 7% 9% 8% 108 *80 5% 110 Preferred 8,100 1 11% 11% 1078 106 104% 104% ♦104 7 6% 6% 5% 7% 10 12% 86% Oct 19 59% 1% ♦7 10% 8 *70 7 /: *1 6 7 800 3% 33 243s Jan 12 31% Feb 10 30% Jan 11 117% Feb 6 Oct 19 No par __100 32 88 *70 8% 478 3,600 5 No par 7 United Biscuit Highest $ per share $ per share 13 Jan 25% Sept share per 15 United Amer Bosch 10 31 *80 4% 4% 85 ♦65 80 *1 1% 6% 9% 11% 6% 70 80 *1 60 *102% 104 5% 778 7 ♦60 12 ♦80 31% 325s 32% 32% 59 60 59% 59% 11% 10% 1078 10% 103% 103% *103% 104 5% 55s 5*4 5% 7% 7*4 75s 7*2 34% 58% ♦102% 104 *10% 85% 478 4% 8 Un Air Lines Transport $ $ per share 5% Oct 19 Par 1,600 25 3% 30% Year 1936 Lowest Highest Lowest 1,000 65% Range for Previous 100-Share Lots EXCHANGE 24,600 19% 3% 3% 29% 7% 12% 12 ♦80 9% 11 25 247g 2478 3% 8 478 9 10 19 19 18% 113% 113% *110% 63 62% 62% 30 12 11% 87 4% 3% 28% 7% 8 8 11% 10 24 24 3% 30% 30 9 10 8% 9% 18% ♦18% 2378 3% 3% 31% 9 *110% 113% 60 61% 63 2378 29% 8% 8*4 18% .... 6078 24 60 30 4 Shares Oct. 26 $ per share 778 9 ♦82 Week Oct. 25 7*4 7% 10% the Oct. 29 Oct. 23 $ per share 18% ♦110% 5978 23% Friday On Basis of STOCK NEW YORK Thursday Wednesday Range Since Jan. 1 STOCKS Sales CENT JOT Tuesday Monday Saturday 2807 New York Stock Record—Concluded—Page 10 145 Jan 16 Ex-rights. "62% "Jan 63 83% Aug 79 Feb Apr Jan Jan 51 Nov 42% July 41% 105 Jan Jan Jan 5% July 11% 140% Sept 23% Dec 163% Dec 55 87% 122 Apr Oct Aug 42% Nov 9% Jan H Called for redemption. 2808 Oct. 30, NEW YORK STOCK Bond 1937 EXCHANGE ,yadiWeekly and Yearly rF,droceR "and Interest"—except for Income and defaulted bonds. Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote In the week In which they occur. No accountjs taken of such sales In computing the range for the year. NOTICE—Prices are . Friday BONOS Week's Last STOCK EXCHANGE N. Y. Range Sale Week Ended Oct. 29 Price Bid & Low Since Asked High Treasury 3HS—.Oct. Treasury 4s Dec. Treasury 3Hs Mar. Treasury 5%8 June Treasury 3s -Sept. June Treasury 3s A O 15.19 115.10 A O J D M S J Jan. 1 No. Low Y. STOCK Last EXCHANGE D Mar. 15 1941-1943 M S Week Ended Oct. 29 High Low 2 59 104 .2 109.26 ♦Sinking fund 7s of 1926 1946 M N 21H 21H 23 106.21 22 2 47 109 .12115.20 ♦Sinking fund 7s of 1927 1947 F A 22 H 22H 5 20 109.27 19 107 .12114.9 106.25 107 102.10 102.30 84 101 104.12 104 102~29 161 104 .28110.18 106.28 104.12 46 102 .10107.30 105.23 105.12 105.23 52 104 .20107.27 106.15 106.7 106.15 25 104 .24108.24 Copenhagen (City) 6s 25-year gold 4 Ha 1952 J D 1953 M N ♦Cordoba (City) 7a ♦7s stamped... 1957 F 1957 F Cordoba (Prov) Argentina 7s..1942 J Costa Rica (Republic of)— A J 104.30 327 102 .20108.24 104.16 11 102 .24108.18 106.17 188 104 .24108.24 External 5s of 1914 O 106.15 106.4 106.18 567 104 109.25 External loan 4 Ha 1955-1960 M S 1945-1947 M S 1948-1951 M S 1961-1954 J D 100.20 100 3 100.22 513 99 104.30 Sinking fund 5Ha..-Jan 15 1953 J ♦Public wks 5 Ha—June 30 1945 J D 102.22 102.10 102.22 100.20 100.13 96 100 18106.16 8 63 H 8 60H 80 94 H 95 6 94H 99 16 90 2 25 M 36 H 100H 105H 1949 F A *102 J 103 103 3 102 H 105 99 2 104.16 103.17 99.20 99.2 99.20 164 98 97.16 98.8 339 96 6 101.22 Denmark 20-year extl 6a 102.29 10 101.7 106.10 External g 4 Ha Apr 15 1962 Deutsche Bk Am part ctf 6s... 1932 55 H 53 101 103 H 102 97 H 56 H 733 47H 68 H 103.18 98.4 102.29 102.30 102.3 102.9 68 100.11105.17 102.22 103 37 101.8 105.23 2 H8 Mar. 23 99.6 104.10 J S 101 12 101.16 Home Owners' Loan Corp— 3s series A——May 1 1944-1952 M N 102.11 101 31 102 11 J 77 29 98 4 16 1942-1947 J A 63 3 105H 63 15 1944-1949 M N J 96 14 29 108 May 1 1939-1949 F 29 97 105H ♦104H 99.31 Jan. 2Ha aeries B—Aug. 2Haserie8 G— 99 81 A 100.26 3a IW 96 H 96 1949 F A ser 99.15 3s 1 1942-1947 31 30H 30H 101H 100H 61H 95 ♦7s Nov 1 1936 coupon on...1951 M N 1944 M S Czechoslovakia (Rep of) 8s Sinking fund 8s ser 1951 A 99.24105.3 100.24 100.14 100.24 123 98.28103.2 100.15 100.5 100.15 170 98.16102.31 O 103H 103H 1942 105H 105H 1955 101H 100H 100 H {♦Stamped extd to Sept 1 1935— M Dominican Rep Cust Ad 6 Ha—1942 M S 8 2d series sink fund 5 Ha 1940 A O Customs Admins 5 Ha 2d ser. 1961 M S 6 Ha 1st series 1969 A O 99H 9 103 H 105 H 103H 104 22 103 H 105 H 105H 26 104H 107H 102 23 100H 51 100H 103H 97H 101H *60 H 70 H 69H *70 H 70 O 1940 A 1st ser 5 Ha of 1926 131 O 1942 A B External gold 5 Ha M Mar. 15 1944-1964 20 H 80 Cuba (Republic) 5s of 1904 99.28 Federal Farm Mortgage Corp— 3HB 98 H 97 A 104.30 104.15 1966-1959 M S 15 1949-1953 J D High 20 111.16 106.17 106.2 A Low High 109.27 109.16 104.16 104.7 15 15 15 15 15 Since Jan. 1 111.16 110.29 O ♦Colombia Mtge Bank 6 Ha.—1947 A A 15 1944-1946 u 0Q!>3 106.19 106.10 113 16121.14 D Treasury 2Hs Mar. Treasury 2Ha—Sept. Treasury 2 Ha—Sept. Treasury 2Ha...June Treasury 2 Ha—-Sept. Treasury 2Ha—-Dec. Asked 46 D Treasury 3Ha—Apr. dk (Cord.) Aug. 16 1941 F 3Hs_ Bid Range or Friday Price Treasury 3 Ha June 15 1946-1949 J Treasury 3Ha—Dec. 15 1949-1952 J Treasury Range Sale 115.23 D 1951-1955 M S 1946-1948 J D Treasury 3Ha—June 15 1940-1943 J Treasury 3Hs N. Foreign Govt. & Mun, 1947-1952 1943-1945 1944-1954 1946-1966 1943-1947 15 15 15 15 15 15 15 BONDS Range U. S. Government Treasury 4HS—Oct. Week's Friday or Friday *70 45 60 70H 69 H 74 70H 82 H 82 70 70 82 77H 71 74 74 70 81H 81H O *70 80 ♦Dresden (City) external 7s...1945 M N 1942-1944 *19 69 H 19 26 1969 A 5 Ha 2nd series 74 81 Foreign Govt. & Municipals— ♦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 1963 ♦Antioqula (Dept) coll 7s A—.1945 ♦External s f 7s series B 22 H 4 23 13 22 H 22 H 99 100 26 97 8 8 13 22 H M N J 22 H J 1945 8 7H 6H 4 8H 6 30 30 100H 20 ♦External s f 7s series C 1945 8 8 8 2 6 20 ♦External s f 7s series D 1945 8 8 8H 11 6 f 7s 1st series 20 H s 1957 7 7H 6 6H 17 H 7 7% 14 6H 16H 7 7% 99H 2 6 16H sec s ♦External sec s f f 7s 2d series. 1957 7s 3d series. 1957 7H Antwerp (City) external 6s 1958 Argentine (National Government)— 99 lExtl s f 6s of May 1926 1960 M N lExtl 6s Pub Wks May 1927.1961 M N S f external 4Hs 1971 M N S f extl conv loan 4s Feb 1972 F A 1972 S f extl conv loan 4s Apr Australia 30-year 5s O A 1956 M N External g 4 Ha of 1928 Austrian (Govt) s f 7s. 101 1955 J ..1957 J J ♦Bavaria (Free State) 6 Ha 1945 Belgium 25-yr extl 6 Ha 1949 M S s f 6s ..1956 J External 30-year s f 7s 1955 BergeD (Norway) extl s f 5s—.I960 ♦Berlin (Germany) s f 6Hs 1950 ♦External sinking fund 6a... 1958 ♦Brazil (U S of) external 8s 1941 ♦External a f 6Hs of 1926.-.1957 ♦External s F J A A 113H 100 100 O ♦20 H J D A O O 30 H 31% 100H 1 103 H 110H 112H 118H 99 103 H 6 99 H 102H 4 22H 22 H 4 100 100H 28 100 100 85 85 ♦Sinking fund 7Hs ser 101 103H 105 H s 1 22H 33 H 100 102 H 97 H 106 H 82 H 93 H 1961 J A ♦6s Apr 1 1935 coup on..Oct 1961 A ♦6s July 1 1935 coup on..Jan 1961 J 26 21H 29 H 22 32 H 104 H 110H 109 H 114H 99 99H 39 97 97 H 98H 98H 42 96 H 103 H 99 H 98 93 44 92 H 1 51H "32 H 36 "32 91 101H 95 ♦Sec extl s f 6Hs ♦Montevideo (City) 7s 1952 60 32 H 54 H 40 New So Wales (State )extl 5s—1957 F External s f 5s .Apr 1958 40 H Norway 20-year extl 6s 20-year external 6s 31H 8 31H 31H 20 26 H 26 H 14 30 H 48H 14H 15 26 12 25 H 25 External sink fund 4 Ha External s f 4 Ha 58 12 15 36 12 25 4s 34 12 24 H 24 H Municipal Bank extl 14 15 33 11H 14H 15 10 12 15 15H 42 12 12H 12H 12H 13H 11 10H 13 10 12 H 13 13 UH UH 13 24 H 24 H 21H 21H 21H 17H 19H 17H 19H 19H 22 73 18H ♦20H 9H 9H 8H 53 H 19H 8 4 26 H 14H 38 14H 38 14 21H 104H 8 8H 20 17 4 2H 8H *3H *3H 5 5« 3 8 11H 11H 11 5H 2 9 9H 3H 2H 9H 2% *1H J 2H 3H 3 3 1H 5H O 65 A O 65 45 18 3 17 % 18 18 66H 18 D 62 H 17H S S 9 4H 66H *62 101H Z101H 101H 101H 6 66 101H 101H "23 13H 2H J 13 60 82 16H 34 16 33 65 H 60 H 68 H 76 101H 105 H 74 101 105 A 106 106H 13 "l06H 104 H 108H 106 H 107 H 17 105H 109 —.1956 M S 105H 102H 101H 103H 105H 36 101 H 106 H 102 102H 46 101 102 H 44 1965 1963 f 5s_..1970 J Extl deb 5 Ha Oslo (City) s f 4 Hs Panama (Rep) extl 5Hs ♦Extl s f 5s ser A ♦Peru (Rep of) external 7s ♦Nat Loan extl s f 6s 1st O A D *102H S 20 H ~20% "~6 53 H 62 H 59 58 52 H 85 50 30 47 H 79 H 70 97 H 103H O 101 % 102 1953 D 105H 105H 1947 M 1959 M 54 H 54 H 1 54 45 48 7 43 76 16 17 14 13H 11% 11H 12H 11H 30H 28 26 26 55 8 S 14H D 12H ♦Poland (Rep of) gold 6s 1940 A ♦Stabilization loan s f 7a. ....1947 A O 12H 54H O 63 53 H 63 50 H 49 H 1950 J 104 H 107 48 O 1960 8 25 H 54 H f 6s 2d ser..1961 A ser.. 104H 102H 103 H 59 1955 A 1963 M N 1963 M N 99 H 95 H 102 H 17 62 H A 1958 M N ♦Stamped Pernambuco (State of)— ♦7s Sept coupon off s 6 *2 A ♦Nuremburg (City) extl 6s....1952 F Oriental Devel guar 6s... 1953 M ♦Nat Loan extl 26 100H 95 1944 F f ext loan s 42 19 H *95 29 H *18H D 8H 67H 100H 89 H 52 H 1943 ♦External sink fund g 8s 2813, 77 39 A 1959 M N 27H s 39 O 3H 1959 M ♦6s series A 15 13H 144 62 H 1954 48 H 14H 13 82 H 75 55 H J 1958 M f 6 Hs 13H 14H 115H 69H J Milan (City, Italy) extl 6 Hs—.1952 A Mlnas Geraes (State)— 15 47 H 111 7H 28 H 15 1 62 H 1945 Q ♦{Treas 6s of *13 assent(large) '33 ♦§8mall s 26 4 ♦Assenting 4s of 1904 ♦Assenting 4s of 1910 large ♦Assenting 4s of 1910 small ♦Sec extl 58 H3H 1954 15 15 F 77 113H 74H 75 1945 Q 30 H 8 J 18 111H O O 32 H 1 111 'Guar s f 6s ..1962 M N ♦Chilean Cons Munlc 7a 1960 M S ♦Chinese (Hukuang Ry) 5s..i—1951 J D ♦Cologne (City) Germany 5 Hs.1950 M Colombia (Republic of) 28H 111H 99H 15 30H 30H 27H 62 H 93 H 71H 59 98H J 19H 94 85 H 107 "is" 24 63 69 106H 31H 31H 30H 19H 19H 14 30 107 * J 17H 67 ♦Mexico (US) extl 5s of 1899 £ ♦4s of 1904 O 19 23H 25H 65H D ♦Medellln (Colombia) 6Hs 1954 ♦Mexican Irrlg assenting 4HS.1943 M N 86 H 88 O 20H J 84H 65 H 1938 A 25 107 65 H 92 73 1960 A 15H 65 67H 56 1960 J 17 104 11 83 H 15 "36 7 96H 101H 94 84 15 S 1 17/4 104H 70 76 H 76 H 26 1950 M 17H 104H 78 H 6 56 H "92 H 35 H 69H 6 78 1954 J 36 S D 86 H 86 80 H ♦External slucing fund 6s... 1963 M N ♦Chile Mtge Bank 6Hs 1957 J D ♦Sink fund 6Ha of 1926 1961 J D page 1957 A ♦Leipzig (Germany) s f7s 1947 Lower Austria (Province) 7H"-1950 56 31H A Japanese Govt 30-yr s f 6Hs—1954 F A Extl sinking fund 6Ha 1965 M N Jugoslavia State Mtge Bank— 77 28H F 1960 M N f 6s 73 ♦Extl sinking fund 6s..Sept 1961 M S ♦External slDklng bind 6s_..1962 M S see 1961 M N B ♦Hungary (Kingdom of) 7 Ha—1944 O 98 % ~29H 17H *17H *17H *17H 57H J M N M N 1967 J J ♦7a unmatured coupon on... 1946 ♦Hungarian Land M Inst 7 Hs.1961 J F 104 Hungarian Cons Municipal LoaD— ♦7Ha unmatured coup on...1945 ♦Assenting 5s of 1899 ♦Assenting 5s large ♦Assenting 5s small ♦Chile (Rep)—Extl s f 7s 1942 M N ♦External sinking fund 6s... 1960 A O ♦Extl sinking fund 6s...Feb 1961 F A For footnotes 1952 ♦Hamburg (State) 6a 1946 ♦Heidelberg (German) extl 7H» *50 Helslngfors (City) ext 8Hs 1960 ♦7s with all unmat coup 1944 J 1961 1 100H 102H Bulgaria (Kingdom of)— f 68 16 H3H 100 47 H 25H 99 H 103 H A s 105H 111 9 72H •Guar 25 H 108 72 73 H Jan 18H 22 32 H 76H s f 6s_ 2 100 H *76 H ♦Ry ref extl 20 99 H 103 H 98 104H Italy (Kingdom of) extl 7s 1951 J Italian Cred Consortium 7s ser B ,'47 M Italian Public Utility extl 7s...1952 J 8 ♦Carlsbad (City) s f 8s ♦Cent Agric Bank (Ger) 7s ♦Farm Loan s f 6s.-July 15 ♦Farm Loan s f 6s Oct 15 ♦Farm Loan 6s ser A Apr 15 98H 20 104H 110 47 H 47 A ..1961 J 34 20 Haiti (Republic) s f 6s ser A 25 H F Aug 15 1945 30 H 99 A "31" 104 H 110H 25H M 10-year 2H* 25-year 3Ha 7-year 2Hs 30-year 3s 25 H 23 31H 28 H 42 75 Refunding 1952 M N "3l" '111 25 H 26 H 28 169 Extl s f O 14 2 O 1968 32 D 1960 A 24 27 ♦6s part paid 32 100H Canada (Dom of) 30-yr 4s 6s 124 20 H 18 H 26H 94 H Irish Free State extl A ♦Sink fund 7s July coup off.. 1967 J J ♦Sink fund 7 Hs May coup offl968 M N 100 27 H 26 H 25 H -.1958 F J 24 H 31H 59 H 8inklng fund gold 5s 20-year s f 6s Budapest (City of)— 4H8-4H8 1977 s f 4Hs-4Hs 1976 Extl re-adj 4Hs-4Hs 1976 Extl s f 4H8-4HS —1975 3% external s f $ bonds 1984 25 H 25H D 25 8 A 118 105H 130 23 H 18 D ..1961 F 25 % 25 H 2 3 18H ..1957 M ♦6 Ha stamped 36 22 30 H ..1952 J 100H 102 % 29 1968 F 54 ♦7s (Central Ry) 1950 J 110 101 34 H ♦Sink fund secured 6s "I 37 Brisbane (City) s f 5s ♦6s July 1 1935 coupon on...1962 J D Buenos Aires (City) 6Hs B-2..1955 J J ♦Buenos Aires (Prov) extl 6s—.1961 M 8 ♦6s stamped ..1961 M 8 1965 J 29H 30 f 6Hs of 1927—1957 A ♦6 Ha of 1930 stamped 20 % 40 20 H 40 108 102 28 108H 22 j"D German Govt International— 29H 31H 100H D J 1949 25 H 124H 119H 31H 90 U3% J D M S 1949 17H 34 H 96 H 103 H 89 H 95H 22 External 7s stamped 7s unstamped 13 28 99**32 102 H 96 *19H 108H 104H 1941 20% 8 107 108H 97 98 30 H 180 5 102 15 103H 29 91H 91H 105H 105H 101H 103H 84 22 98 D 105H 109 ♦(Cons Agrlc Loan) 6Ha 1958 J D ♦Greek Government s f Ber 78—1964 M N 99*«32103H 100H 103H J 104 7Hs unstamped 55 H 66 H 98 100H 4 241 3 54 103H ♦Frankfort (City of) a f 6Ha... 1953 M N French Republic 7 Ha stamped. 1941 J 70 25H 11 43 106 H *56 H 24 100*32 100H 104H 104H 100H 106 H 20 J ♦7s unstamped 1949 German Prov & Communal Bks 100«16 91 *99H S 98 H 102 90 H 91H 105H 105H J 1945 M ♦5Hs unstamped 1965 ♦5Hs Btamp(Canad'an Holder)'65 ♦German Rep extl 7s stamped. 1949 A 99*«32 99*'32 99H 91 1957 M S External 6s of 1927 External 99j,32 100*32 99H 12 1967 J 20H ♦External ♦External 1948 J Estonia (Republic of) 7a Finland (Republic) ext 6s 85 14H 11 13 74 12% 61 10 H 14 47 66 H 8 60 80 50 H 22 45H 64 10 H 62H Volume 145 New York Bond Record—Continued Week Ended Oct. 29 Week's Last Range or Range Sale Friday Bid <fe Asked Since Price ■Nft, Foreign Govt. &Munie. (Concl.) D 18X J ♦7Xs July coupon off Prague (Greater City) 7X8 1952 MN ♦Prussia (Free State) extl 0X8.1951 M S 18X ___1961 J 1966 J __1952 A Jan. 1 No. 19X 18X 4 f 6s 18X 16 X *96 X O 13 X 17X 20 X 106 X 10 107 X 1 Beth Steel cons M 4Xs ser Cons mtge 3Xs series 113 32 X 107 20 36 X *19 1946 A O 1953 F A ♦6 Xs Aug coupon off Rio Grande do Sul (State of)— ♦8s April coupon off 1946 A 20 O 21X ♦6s June coupon off ♦7s May coupon off D 16X N 18X ♦7s June coupon off D 1968 J 1966 M 1967 J Rome (City) extl 6Xs 1952 A Roumanla (Kingdom of) Monopolies ♦7s August coupon off......1959 F ♦Saarbruecken (City) 6s 1953 J Sao Paulo (City of. Brazil)— M ♦8s May coupon off 1952 ♦Extl 6Xs May coupon off.. 1957 M 21X 21X 11 14 33 28 16X 32 X 15 32 X 20 "36 66 X 65 39X 10 25 X 41X 20 X 7 20X 27 21 21 1 Bklyn Un Gas 1st cons g 5s 1st lien A ref 6s series A 17X 19X 19X 17X 35 X 3 36 X 36 X 1 34 44 Brown Shoe s f deb 3Xs 18X 17X 15X 79 X 43 X Bruns A West 1st gu g 4s 19 X 34 X 1936 ♦External 8s July coupon off. 1950 ♦External 7s Sept coupon off 1956 ♦External 6s July coupon off. 1968 J §48s July coupon off J 36 X J J 22X 22 23 X 8 M S 22 X 20 X 22 X 18 J J 16 17 X 12 81 83 67 "83" O Secured s f 7s 1940 A ♦Saxon State Mtge Inst 7s.... 1945 J D 1946 J D Serbs Croats A Slovenes (Kingdom) M N ♦8s Nov 1 1937 coupon on...1962 M N ♦7s Nov 1 1937 coupon on...1962 ♦811e8ia (Prov of) extl 7s 1958 J D F A ♦Slleslan Landowners Assn 6s.-1947 F A Syria (Province of) 7s. .1946 F A Sydney (City) s f 5Xs ,.—1955 J Taiwan Elec Pow s f 5Xs .1971 J M S Tokyo City 5s loan of 1912 1952 A O External 8 f 5Xs guar 1961 M N Trondhjem (City) 1st 5 Ha 1957 F A ♦Uruguay (Republic) extl 8s...1946 ♦External s f 6s 1960 M N M N ♦External s f 6s ..1964 A O Venetian Prov Mtge Bank 7s.. 1952 1952 ♦Warsaw (City) external 7s—1958 Yokohama (City) extl 6s......1961 Buffalo Gen Elec 4 Xs ser B Buff Niag Elec 3Xs 98 Buff 25 {§»Burl C R A Nor 1st A coll 5s 5s.1953 {|*Abltlbl Pow & Paper 1st 4s 1948 stamped.. 1946 Adriatic Elec Co extl 7s 1952 Ala Gt Sou 1st cons A 6s......1943 1st cons 4s series B 1943 Albany Perfor Wrap Pap 6s—1948 6s with warr assented...—1948 Alb & Susq 1st guar 8 Xs 1946 10-year deb 4Xs Alleghany Corp coll trust 15 49 73 X 50 "23 59 X 80 X "48 57 60 181 49 70 X 57 60 67 49 70 X 82 78 83X *95 97 88 100 x 7 50 49 50 61X 55 X 61X * 39 X 51X 41 57 86 X ♦Coll & conv 5s... ♦as stamped 68 X *90 X 95 93 X ~6 97 29 *80 *105X A *- 100 x 80 77 X 83 X A A O M * S M 1949 5X8--1949 51 1 30 X S M N 108 X 107 X 112X 93 6 92 X 101X 90 13 89 X 101X 104 100X 105 101X 389 67 a91 103X a91 102 X 103 X 97 X 96 113 X 112X 103 X A O J D 100 J 103 100 X J 1955 100 99 X O 102 X Jan Q r M 1995 1995 1995 1965 Conv gold 4s of J A O Rocky Mtn Dlv 1st 4s 111X 114 104 101X 113 100X 235 96 X 100 X 336 103 X A 93 X 99 X 95 X Bangor A Aroostook Con ref 4s 1st 5a 106 X 106 X 1 107 107X 103 X 110 104 104 108 D D J D J J 107 * ioex 106X 106 X 105 111 105X 105X 105 107 II3"" 113 113 110 114 111X 111X iiix 111 113X *__.._ 167" 118X 118X 107 mx *102" 106 X 109 X 94 98 113 80 83 65 98 X 99X 27 98X 108 X 81 83 33 79 X 99 X 33 X 32 36 X 36 33 X 60 X 32 1 32 54 63 63 X 5 J 8 J D *99X J J J 95 81 N MN J J J J J J J J J J 34 X "63" 29 99X 2000 1960 1996 1943 2813. 99 X 30 100 X 3 21 116 89 X 105 X 75 99 X 83X 29 85 X 99 X 107 X 102 102 1 84 82 91 244 82 M N O 108 X 119X 1121 42 7X 24 109 X 116 115X 12 113 117 20 116X 114X 116X 114X 10 112X 112X 112X 32 110X 116X 112 mx 112X 20 110X 116 J J 121 X 122 J J 86 X 121 x 84 M S 102 101X J J 111X J D 103 J J 96 J J J D J D 120 128 X 146 80 99 X 102 37 100 mx 112X 40 101 x 103 X 89 98 X 110X 94 x 96 X 71 90 X 105 X 103 108 X 108 X D A 78 93 80 X 22 75 97 X 20 ft 8 18 40 71 75 X 18 * "12" "l3 15 10 10 "~8X O 9 8X i 23 X 7 23X 6 40 19 24 31 14 11X 18 18 1 18 102 108 11 90 244 79 125 X 106 "~6 102 96 39 90 J J S 18 108 M S M S F A A O J J J J J J 78 *65 105 X 105X 94 96 23 X 34 109 104 X 100X 108 X *104X 55 55 75 X 36X 39 28 88 X *....» 35 35 78 X *48 38 A A M N *""" M N M S M S M N 8 M N ilex ilex 108 X 71 104 X 88 95 X 86 X ♦ 101 87 X "76X "77 X M N 100X 112X 80 102 104 O F 105X 104 FA 1996 8X 25 "*5" J F 81X 36 X 6 24 X * M 9X *9X D J '41 70 O M 89 X 100 x 90 * 80 X M N .1949 105 X 107 X 111X "77" D F 2 83 X 102 "4 *85 A J 105X 109 X 115X 55 102 M N A 86 X 61 '162" F 1 7 *50 J 88 92 3 117 116X 125 X 48 55 90 X 59 62 X 105 105X 4 104X 108 105X 105X 106 X 30 105X 109 U7X 117X 117X 2 94 X 94 X 95 X 28 94 95 54 62 x 105 A X 116 X 128 X 93 X 102 X 92 X 102 X J 109 X 107 X 111 J 105X 105 X 111X 105X J *109X M S *106X, A O 108 *113X J 38 X 33 X 34 120X 109 X 115 108 X 108 33 33 X 58 X J J 106 X 107 5 104 X 110 J J 110 110X 5 108X 113X 107X 117X 1958 1977 1st ...1971 fl^Chlcago A East III 1st 6s... 1934 M S 109 X 109X 110X 75 F A 105X 104X 106 X 46 F A U2X 110 112X 25 A O 4s Xs series B_. A ref 5s series A {♦C A E 111 Ry (new Co) gen ♦Certificates of deposit Chicago A Erie 1st 5s.1951 102 X 110X 119 110 97 X 101X 94 *92 gold 6s 1982 1st 4s—1959 {♦Chic Ind A Loulsv ref 6s ♦Refunding g 5s series B 1947 1947 ♦Refunding 4s series C 1947 ♦1st A gen 6s 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 4 X« 1969 Paul— May 1 1989 B_.May 1 1989 ♦Gen 4Xs series C May 1 1989 ♦Gen 4Xs series E—May 1 1989 ♦Gen 4Xs series F—May 1 1989 {♦Chic Mllw St P A Pac 5s A--1975 ♦Conv adj 6s— Jan 1 2000 {♦Chic A No West gen g 3X8--1987 Chic Mllw A St. ♦Gen 4s series A 102 104 108X D 51 48 X 57 266 41X O 89 X 88 98 311 88 116X J D 58 54X 68 244 54 103 X M N 79 79 90 97 79 105 68 80 68 107 X 72 99 X 38X 93 X ♦Gen 4Xs 70 X ♦ 81 68X '202 94 X ♦General 4s 1987 1987 tax..1987 ♦Stpd 4s non-p Fed lnc tax stpd Fed lnc 49X 46X 56 43 X 40 X 48 X 888 33 82 X ♦Gen 5a Btpd Fed lnc tax 50 47 56 284 38 X 93 X ♦4 *112X 107 X 108 X * 7 71X "5 116 § ♦Secured 6Xs 110X 106 X 116X ♦1st A 78 X ♦1st A 101 103 X 1936 ♦1st ref g 71 106" 111 103 .... 106 1987 Xs stamped—.......... 1987 101 loi" 101 117 X 117X 117X 13 115X 121X 125 126X 23 120 131 5«--—.—May 1 2037 ref 4Xs stpd.May 1 2037 ref 4Xs ser C.May 1 2037 ♦Conv 4Xs series A.....—1949 "lex 13 X 15X M N {♦Chicago Great West A J 10 HO 114X A 1st A ref 4 J J 13 I 11 102 X 105X S D F ♦Gen g 3 Xs series A "40 13 * I03X M ref g 3s 1949 Dlv 3X8—-1949 Illinois Division 4s 1949 General 100 X 103 X 63 J M M 104 X 109X 27 IOOX2 104X 116X J Chic A Alton RR D 73 X 20 60 31 118X 114X 121 U4X 121 112X H8X Chic Burl A Q— 111 J 83 57 A 106X 116 112 1951 1951 Battle Creek A Stur 1st gu 3s..1989 Beech Creek ext 1st g 3Xs 1961 Bell Telep of Pa 6s scries B 1948 1st A ref 5s series C 1960 page 64 99 X 112 109 X 4s stamped For footnotes see 105 85 X 100 X 86 43X 47 X 57 111X mx 115 114X J May 1940 4s...1946 R A A Dlv 1st con g 4s 1989 2d consol gold 4s .1989 Warm Spring V 1st g 5s 1941 102 3Xs-5e_.1950 4s A... 1959 M 5s series F "81 87 95 90 X 108X Craig Valley 1st 5s Potts Creek Branch 1st 100 "94" 95 Tol A Cin Dlv 1st ref 4Xs 74 100 stmpd.1940 Bait A Ohio 1st g 4s July 1948 Refund A gen 5s series A 1995 1st gold 5s July 1948 Ref A gen 6s series C 1995 PLEAWVa Sys ref 4s 1941 Ref A gen 45 1 Baldwin Loco Works 5s Conv Ref A lmpt M 3 22 May 1 1946 Oct 1962 Atl & Dan 1st g 4s 1948 Second mortgage 4s 1948 Atl Gulf A W I SS coll tr 6s 1959 Auburn Auto conv deb 4Xs—1939 Austin A N W 1st gu g 5s 1941 1st 42 X 103 X 10-year coll tr 6a LAN coll gold 4s 5s series D 23 85 13 F 4s... 1954 1960 Xs ser E 32 102 X 5s series B 1944 M S Atl Coast Line 1st cons 4s July j952 J D General unified 4 Xs A 1964 Ref A gen 110X 99 X 107 86 J 4Xs *50 1939 General gold 4Xs..._-.----1992 Ref A lmpt mtge 3 Xs ser D. . 1996 110X 1st 30-year Southwest Dlv 91 153 32 9 O Champion Pap A Fibre deb Cbes A Ohio 1st con g 5s 102 X J 1946 1944 200 93 15 104 X A |*Cent RR A Bkg of Ga coll 5s 1937 5s extended to May 1 1942 Central Steel 1st g s f 8s—.—1941 Certaln-teed Prod 5 Xs A 1948 3 50 J 5s Atl & Charl A L 1st 4Xs 102 X 95 13 100 96 X 9 105 30 X * 95X 102 X 47 9 O J .1987 1st ref gu gold 4s. Through Short L 1st gu 102 X J 4s—1958 ref 4Xs A 1962 Atl Knox & Nor 1st g Cent Pacific 108 X Trans-Con Short L 1st Cal-Arlz 1st A 109X 86 X 106 X N 1955 Conv deb 4Xs 99 36 81 15 46 X O 100 74 60 9 * A 1987 Central of N J gen g 5s... General 4s 53 60 J 4s.-1961 ♦Mac A Nor Dlv 1st g 6s 1946 ♦Mid Ga A Atl Dlv pur m 58.1947 ♦Mobile Dlv 1st g 5s 1946 Central Foundry mtge 6s 1941 Gen mortgage 5a 1941 Cent Hud G A E 1st A ref 3 Xs.1965 Cent 111 Elec A Gas 1st 6« 1961 Cent Illinois Light 3Xs 1966 {♦Cent New Eng 1st gu 4s 1961 Nov M .1960 1948 1965 1910 87 198 Atchison Top A Santa Fe— Conv 4s of 1905 X 87 X 55 1 125 45 50 S A 4s series B.1955 C (Del) 1957 J Adjustment gold 4s Stamped 4s Conv gold 4s of 1909 93 X 102 113X 28X J F Term 5s. 1964 99X 99 M N A 1967 General 4s 1 172 63 67 96 102 104X 105X *85 J J 103 X 107 108 X 111 * O ♦Chatt Dlv pur money g Guaranteed g 5s Armour & Co (Del) lBt M s f 4s ser 72 X 93 X 102 X 91X J ♦Am Type Founders conv J Ann Arbor 1st g 4s Ark A Mem Bridge & 93 X 25 262 96 X 40 101X i03X M N ♦Anglo-Chilean Nitrate— 8 f Income deb 60X 89X 20-year sinking fund 6Xs—1943 J Convertible debenture 4 Xs—1939 ....1961 101X 92 X *108X Telep & Teleg— 1966 deb. 1950 Amer Wat Wks A Elec 6s ser A. 1975 Anaconda Cop Mln s f deb 4 Xs 1950 71 47 1957 July 1969 Oct 1969 109 103 5 J 6s..Nov 1945 1945 6Xs series B 1959 5s series C 1959 ♦Ref A gen 87X 106 105 57 MN ♦Consol gold 5s ♦Ref A gen 112X 132 X 105 O A 122 X 111 1 11 89 *no~x O {♦Central of Ga 1st g 74 27 112X ""5" deb 5s w w 1950 gold 4s 1198 Celotex Corp deb 4Xs w w 1947 ♦Cent Branch U P 1st g 4s 1948 61X 5 80 114 112X 100 M N Carriers A Ger Corp 100 X 107 57 101X 112 87X A A 83 78 "1 USX 20 D Cart A Adlr 1st gu 76 85 6 1970 Guar gold 4Xs June 15 1955 Guaranteed gold 4 Xs 1956 Guaranteed gold 4Xs..8ept 1951 Canadian Northern deb 6 Xs. - -1946 Canadian Pac Ry 4% deb stk perpet Coll trust 4 Xs 1946 6s equip trust ctfs 1944 Coll trust gold 5s Dec 1 1954 Collateral trust 4 Xs 1960 t*Car Cent 1st guar 4s —1949 Caro CliDch A Ohio 1st 6s 1938 1st A cons g 6s ser A.Dec 15 1952 59 71 92 X Alplne-Montan Steel 7s 1955 M S Am & Foreign Pow deb 5s._—2030 American Ice s f deb 5s 1953 J D 5Xs 106X 40 ■ 105X 105X 99 X 110X 115 103 X 110 27 "29X O debentures .1951 M S Ailia-Chalmers Mfg conv 4s... 1952 4 Xs debentures debentures 76 67 A 3Xs 93 X 40 71 O F 3X8 90 59 *40~" O Am Internat Corp conv 69X 57 X 109 X 94X 106 93 X Allegh Val gen guar g 4s 1942 A Allied Stores Corp deb 4Xs....1950 Amer I G Chem conv 99 90 J 1998 Allegh & West 1st gu 4s 63 X "82 X 67 F 104 65 106 X Guaranteed gold 5s 67 X 58 60 ■■ 104 X J 85X 97 X 105 X 48 X 106 1940 Guaranteed gold 5s 99 X 103 72 50 101X 246 104 1955 4X8 "57 62 X 106 X 1952 Guaranteed gold 5s 101 x 58 104" —I960 G A E Corp unif A ref 5S..1937 Canadian Nat gold 72 .,58 I60X 60 J 78 X 49 X 57 * 101X A Cal Pack conv deb 5s 101X 106 J A 34X 41X 41X 101X ♦Camaguey Sugar 7s ctfs 1942 A Canada Sou cons gu 5s A......1962 16 *66 X J 7X F 39 X A 1949 1950 ...1950 Coll A conv 5s 18 J 98X D 5s...1944 12 M N 90 X 29 104 X 60 X ioo x 10X 112 X tCal 60 F 7X D 57 60 A 5 112X J 40 X 28 3 50 X A 11 M N 49 X 5§X A 11 M N tBush Term Bldgs 5s gu "60 X F 9X 82 X 31 *101 J 1 A 31X 104 X 54 S M 1947 Coll trust 4s of 1907 11 F 24 RAILROAD AND INDUSTRIAL COMPANIES Adams Express coll tr g 91X 11 t 25 * D 49 X 46 J 59 *94 67 90 13 * 22 *19 "59 X 48 37 M N 49 104 X 127 50: O 28 : 112 56 X 12 1934 99 X 107 55 X A 28 X Consol 6s 89 X A 25 X D J series C..1967 Roch A Pitts consol 4 Xs- -1957 {Bush Terminal 1st 4s 217 46 ♦Certificates of deposit.. 25 93 X 49 X F 26X 28X A J 35 X 34 X 22 32X *19 M N F , 25X *19 ♦Sinking fund g 6X8 (City of) 6s 1947 1950 1957 1950 1938 1981 1st lien A ref 5s series B San Paulo (State of)— 99 X 106 X "48X O 1941 Debenture gold 6s 25 138 50 X A j Bklyn Union El 1st g 5s 26 X 20 "~8 23 48 S M 1950 1945 37X 20 X 27 18X 102 X M N gtd 5s.1491 J 18 X 25 *107X 83 X 60 A N D Brooklyn City RR 1st 5s 1941 M N Bklyn Edison cons mtge 3XS--1966 M N Bklyn Manhat Transit 4 Xs.—1966 Bklyn Qu Co A Sub con 1st 5s stamped N J 1934 ^♦Botany Cons Mills 6 Xs ♦Certificates of deposit 28" 11 High ! 92 x 93 X series JJ 1961 {♦Boston A N Y Air Line 1st 4s 1955 18 17 66X 40 Low 100 X 102 1st g 4Xs 18X 16X *16X O 9 1967 1955 C 20" 22 X ...1944 1st M 5s series II 33 15X 29 4 20 X 1966 E No. 25X 20 X *19 D..1960 Big Sandy 1st 4s 34 X 13X 20 18X 17 X 17X 18X 20 X 19X High 25 ♦Berlin Elec El A Undergr 6 Xs 1956 25 X 25 X 104X H3X 8 Since Jan. 1 *104X 1955 ♦Debenture 6s 16X 20 X 105 X 106 X ♦Deb 31 100 92 .... Range Friday <fe Asked Low deb 6 Xs—1951 sinking fund 6Xs 1959 Boston A Maine 1st 5s A Rio de Janeiro (City of)— ♦8s April coupon off Amer Bid Price ♦Berlin City Elec Co 33 X 14 107 X Queensland (State) extl s f 7s. .1941 26-year external 6s 1947 F A ♦Rhlne-Maln-Danube 7s A....1950 M S ' Vienna Sale STOCK EXCHANGE Week Ended Oct. 29 High Low 6 100 20 X 20 O A a Y. Range or Last BONDS N. Belvldere Delaware cons 3X8.-1943 Porto Alegre (City of)— ♦8s June coupon off ♦External " High Low Week's Friday Friday tl BONDS N. Y. 8TOCK EXCHANGE 2809 Page ? 13 X MN "21" M S J J J J J "10" M N 7X J J J D J 18 18 I 42 6X 7X 112X 112X 31 29 32 31 34 X J 31 X 31 33 X 41 . * F 11X 4X M N M N 10 x 3X 18 X 18 19 X 19X 20X 20 X 107X 40 27 X 27X 00 57 X "36 31 69 X 15 31 j09X 38X 8 71X 30 X 12 X 1128 542 4X 3 12 X 18X 2 18 49 X 21X 26 52 X 54 X 19 X 19X 5 23 X 7 22 21 22 X 19X 19X 22 19X M N M N 43 5X 6 X 110X 112X 401 *25 M N 44 X 97 X 97 X J A 51X 16 39 X 45 J J 15 15 *93 X 29 X 45 X 22 3 7X 6X "I12X 40 X 9 16* "15 15 7X 10 116X 124 20 * *15 J 41 330 22 19X 18 156 116X *113 J J 17X 15X 22 X 25 21 50 52 X 37 52 M N 23 X r-i 27X "33 21X 61 D 12 X 12 13X 50 10X 38 9 30X 9 36 X 5X 24 X M N J 1 « I J D 11X 11 12X 70 J D 10 X iox 12X 68 8X 7X 8X 468 M N New York Bond Record—Continued—Page 3 2810 Oct. Friday BONDS N Bennett Bros. & tMembers { Y. Last EXCHANGE STOCK Johnson Detroit Edison Co 4%s ser D.. 1961 F Gen A ref 5s ser E 1952 A Gen A ref M 4s ser F Y< 1965 A One Wall Street Private Wire Ttlgby 4-5200 Hell System -4' Teletype •>- Cgo. 543 BONDS Range or Friday Sale Price Bid dc Low {{♦Chicago Railways 1st 5s stpd Feb 1 1937 25% par paid {♦Chic R I & P Ity gen 4s 50 1988 1934 A 20 '10% O 9 8% 1952 MS {♦Secured 4%s series A Low 50 18% 18% 19% ♦Certificates of deposit 9 8 1960 8 6 5% 1951 50 19% 14 11% 113 7% 9% 61 6% 22% 10% 9% 6% 162 6% 22% 15% 11 118 4 m Dec 1 1960 m ... .1963 .1963 1st mtge 3%s series E .1951 guaranteed 80 "59% 37 55 M N 110% 107% 103% 106% 103% 97 Chi I da Co deb 5s .1943 97 95% .1962 1st A ref M 4%s ser D 94% 68 64% 5s....1952 cons .1966 Cincinnati Gas A Elec 3%s * 101% .1967 1st mtge3%s 4s....1942 Cln Un Term 1st gu 5s ser C....1957 1st mtge guar 3%s series D_..1971 Clearfield A Mah 1st gu 4s 111% 16 5 161" ""5 83 105 18 100 73 97 27 68 34% 101% 22 rn.m-.rn ""64 Nor Dlv 1st 4s—1948 Electric Auto Lite conv 4s..-.-1952 J F A - - - - 104% *100% 105% 7 108% 109% 27 103% - 109 105 41 .1943 General 6s series B ... Ref A Irapt 4 %s series .1977 E Cairo Dlv 1st gold 4s 93% .1939 103% 91% 94 Spr A Col Dlv 1st g 4s.......1940 *101% 1965 A El Paso A S W 1st 5s *90 104% 104% 108% Series A 4 %s guar *95 +109% .1948 +102 ...... .1950 Erie RR 1st cons g 105 106% J *101 103 106 J *101 103% 107 4s prior 4s 1996 1996 J ....—1953 o 1st consol gen lien g Conv 4s series A J 1953 4s series D— Ref A Impt 5s of o 1953 B Ref A Impt 5s of "52~~ 48 1938 IVI 1954 Fairbanks Morse deb 4s 1956 J D * 109% 107 113" 109 105 111% 107% 106% 106% 108" 116% 101 .1973 102% 97% 99 105 99, 71 113 111% s Flat deb s S 68 94% 90 105% 92% 105 91% 93% 90 105 2%s debentures 1942 Commercial Invest Tr deb 3 %s 1951 100% 101% 97 102 97 94 100 100% 109 100% 101% 21 1951 *105% *106% 104% 104 104 105% 104% 101% 101% 102% 100% 108% 102% 106% 99% 107% 21% 26 107% 108% 1951 97% 107% 41% 41% deb 4a_.1954 20 ..1955 19 ♦Debenture 4s 1955 ♦Debenture 4s 1956 ♦Consolidation Coal s f 6s May 1 1965 1970 1st mtge 3%s Container Corp 1st 6s 40 106% 104 103 ..-1966 100% 1946 15-year deb 5s 40% 71% 110% 107% 108% 103% 105% 1960 Consumers Power 3%s.May 1 1965 I 1st mtge 3%s 1st mtge 3 %s 102% 1943 92 103% 102% Copenhagen Telep 5s.-Feb 15 1954 Crane Co s f deb 3%s 106 105% 112% 104% 107% 1951 ♦Debenture 4s non-conv 114% 108% 100% 99% 101 99% 105% 104 107% 104% of Upper Wuertemberg 78—1956 {♦Consol Ry 96 69 105 *104 1951 Consol Gas (N Y) deb 4%s Consol Oil conv deb 3%s 104% 1943 3%s A .1961 Consol Edison (N Y) deb 3%s.l946 3 %s debentures 1956 ♦Consolidated Hydro Elec Works 1951 Gas A El of J A 1940 J 15-year 3%s deb ~54~~ 57% A 16 "38% 104% 90 15 4 146 "17 20 25 mtge 4%s 98 98% 1956 Goodyear Tire A Rub 1st 5s—1957 M N 4%s..l94l 5 97 J D Gt Cons El Pow (Japan) 7s 1st A gen s f 6%s 1944 F A 1950 J J *85 * J 1947 J 102% 103 *106% * 40 29% 40 98% 105 98% 105% 100 103% 54 97% 44% 20 20 *19 99% 100% 121% 122% 99 102% 103 106% 30 41% 30 78 98 20 106% 107% 107 110% 50% 87% 52 21% "99% 102 99 103% 90 30% 107 94% 101% 142 100 90 88% 104% 108% 106 107% 103% 103% 108% 111 95 Great Northern 4%s series A..1981 General 5%s series B_._ General 5s series C "76" 71 74% 114 95 95 3 69 54 61 98% 95% 1973 General 4 %s series D 1976 General 4%s series E General mtge 4s series G 1977 "92 1946 106 34 92 103% 97 98% 1967 83% 84% Feb ♦Debentures ctfs B 27 101% 92% 1946 ♦Green Bay A West deb ctfs A 21 106 100 101% 114 105 114 -1952 Gen mtge 4s series H Gen mtge 3%s series I *50 .... Feb Greenbrier Ry 1st gu 4s Gulf Mob A Nor 1st 5%s B 1st mtge 5s series C 1940 70% 74% 7% M N 94% 94 107% 100% 87 37 55 982 472 72 60 50 "77 *104% 1950 A O 91 1950 88 Gulf A 8 11st ref A ter 5s Feb 1952 8% 110 116% 100% 119% 99% 115% 91% 109% 89 108% 98% 141% 89 111% 96 83% 7% 106 "9l" "5 65 15 106% 90% 106% *80 Stamped 90 Gulf States Steel s Gulf States Utll 4s series C 10-year deb 4%s *80 1961 f 4%s 13 "91% 1952 *88% 95% 1966 97% 103% 99 1946 103% Hackensack Water 1st 4s 1952 1949 22 1999 1944 *115 * Hudson Co Gas 1st g 5e Hudson A Manhat 1st 5s *45" 1937 M N Houston Oil sink fund 5%s A-.1940 IVI N Hudson Coal 1st s f 5s ser A—1962 J D 1949 98 34 32% 118% M N A.1957 F A "52" ♦Adjustment Income 5s Feb 1957 A O 17 ser 103% 93% 86% 99% 97% 105% 102% 105% 103% *106% ♦Harpen Mining 6s Hocking Val 1st cons g 4%s Hoe (R) A Co 1st mtge {♦Housatonlc Ry cons g 5s 83 90" 105% 108 "22 22 116% 74% 60 100 28 114% 120% 75 97% 50 25 35% 53 118% 1 80% 96% 103% 28 57% 116% 124 50 52 83 48 15% 18 204 14 85% 30% 103 44 65 Telep 3 %s ser B—1970 A gold 4s 1951 J O 46% 1951 J * 107% 109% 75 101% 110 110 J 1951 A 106% 107% J 1st gold 3%s Extended 1st gold 3 %s 46% O 111 100% 107% 100% 107% 92% 93 35 1st gold 3s sterling... 47 42% Collateral trust gold 4s 1951 IVI 1952 A O 59 58% 59% 29 50 7%s series A extended to 1946 6s series B extended to 1946 Dayton Pow A Lt 1st A ref 3 %s 1960 35 54% Refunding 4s 1955 M N 57 57 61% 33 57 96 Purchased lines 3%s Collateral trust gold 4s 1952 J 71 71 1 71 90% 7 54% 166 37% 105% 101% Del A Hudson 1st A ref 4s 1943 Del Power A Light 1st 4 %s 1st A ref 4%s 1971 107 104 1969 Refunding 5s 103 101% 40-year 104% 106% Cairo Bridge gold 4s Litchfield Dlv 1st gold 3s 1951 Louisv Dlv A Term g 3 %s_._ 1953 37% 37% 38% 104% 102% * IlUnols Central 1st For footnotes see page 2813. 37% 373% 37% 103% 101% *22 Illinois Bell 1951 103 37% Oct 1 '45 106 1936 103 J D {{♦Ga Caro A Nor 1st ext 6s__1934 ♦Good Hope Steel A Ir sec 7s.-1945 Goodrich (B F) conv deb 68-...1945 107 {♦Consol gold 4%s 1936 {♦Den A R G West gen 5s_Aug 1855 ♦Assented (subj to plan). ♦Ref A Impt 5s ser B Apr 1978 {♦Des M A Ft Dodge 4s ctfs...l935 {♦Des Plains Val 1st gu 4%s._.1947 J "57% 102% Stamped as to Penna tax { §*Den A R G 1st cons g 4a 54 100% 104% 102% 104% 15s...1951 5 107" *116% 1951 1951 s 0% 2% 3 86% Gen Pub Serv deb 6%s 1939 Gen Steel Cast 5%s with warr.1949 1942 1969 9% 3 100 1948 M N Gen Motors Accept Corp deb 3s '46 F 9 100 1947 J ♦Sinking fund deb 0%s ♦20-year s f deb 6s Cuba Nor Ry 1st 5%s 1st mortgage 4%s-. Den Gas A El 1st A ref 20 3% A ♦Gen Elec (Germany) 7s Jan 151945 J 1950 1952 20% 6 17% D Gen Amer Investors deb 5s A..1952 F Crown Cork A Seal s f 4s Crown Willamette Paper 6s Cuba RR 1st 5s g 5% 105% 111% 115 1955 f 54 O Grand HA I ext 1st gu g 109 4%s A 5%s A—1938 Berg Co cons g 6s.-1949 77% *112% s 114 8% *2% *104% 46% +105% guar 90% 81% 87 7% 1941 J Galv Hous A Hend 1st 1st 82 70 60% *2% Gotham Silk Hosiery deb 5s w w '46 M S Gouv A Oswegatchle 1st 5s 1942 J D 94 3 "~7% ♦Certificates of deposit 96 93 94 77 . f 5%s 2 64% 8% 8% 108 93% Apr 16 1952 Columbus Ry Pow A Lt 4s 1965 Commercial Credit deb 3%8...1951 Stamped 21 88% 105 103% 98% 102% 97% 103% 99% 104% 88% 105 1952 65 Columbus A Tol 1st ext 4s Conn Rlv Pow 1 101 94 103 Debenture 6s Jan 16 1961 Columola A H V 1st ext g 4s..1948 Conn A Passum Rlv 1st 4s Conn Ry A L 1st A ref 4 %s 100 {{♦Proof of claim filed by owner M N (Amended) 1st cons 2-4s 1982 s 80% 98 *25 J Grays Point Term 1st gu 5s Columbia G A E deb 5s..-May 1952 64% 99 6 D ♦Certificates of deposit Gen Cable 1st 89 23 88% 1974 M S ♦1st A ref 58 series A Fonda Johns A Glov 4%s 89 40 99% 100 101 1946 J f 7s X*Fla Cent A Penln 5s 1943 J {♦Florida East Coast 1st 4%s.-1959 J 41 114% 119 114 118% 109 114% 101% 100 1942 M 1954 J stamped 94% 94% 93% 99% 1942 IVI f 5s stamped 30-year deb 6s series B +101% 46% .... 5s International series..-.1942 M 1st lien 6s *105 .1980 2 58 100% 100% S 94% 105% 109 112% 65 14 100% 92% 52% 52% 101 Framerlcan Ind Dev 20-yr 7 %s 1942 J al06% Z107 Francisco Sugar coll trust 6s—1956 MN 54 50% 103 317 115 A Federal Light A Traction 1st 5s 1942 M 297 54 116% *108% S F 1 54 115% Fort St U D Co 1st g 4%s 106 .1970 Debenture 6s 48 48 1947 M N 105% ....... Colo A South 4%s series A 58 60% 115 3d mtge 4%s {♦Ga A Ala Ry 1st cons5s 1st s f 4%s series C .1977 Coal River Ry 1st gu 4s ....1945 Colo Fuel A Iron Co gen s f 5s.. 1943 ♦6s Income mtge 52 28 60% N Y A Erie RR ext 1st 4s 107 Cleve Union Term gu 6%s.....1972 f 5s series B guar 85 208 52% "55" 91 A 1975 42 64 60 89% o 1967 IV1 N 1927 1930 91 61% 52% 62% 99% 1st lien 113% 112 1965 59% 106% Gen 4 Ha series A .1977 Gen A ref mtge 4 %s series B. 1981 Cleve Short Line 1st gu 4 %S-...1961 s 109% 111 100% 1940 Series C 3%s J 104% 108 105% 111% 110% 110% 110 111 .1942 Series C 3 %s guar Series D 3 %s guar 1st 104% .1942 3%s guar 100 "16 139% 97% 108% 100% 100% B-.i-1940 stamped Erie A Pitts g gu 3%s ser 1957 J >104 131 102% O Genessee River 1st s f 6s 101 Cleve A Pgh gen gu 4%b ser B..1942 Series B 102 118% O 98% 104 .1940 Cleve-Cllffs Iron 1st mtge 4%s..1950 Cleve Elec Ilium 1st M 3%8--..1965 103% 69% 98% 103% 106% 91% 104 94% 104% "78" 76 .1990 W W Val Dlv 1st g 4s. 103% 107% 115% 118 Cln Wabash A M Dlv 1st 4s..1991 St L Dlv. 1st coll tr g 4s 104% 116% 14 111% 51% 91% 107% .1993 111 11 102 {{♦Proof of claim filed by owner M N Cleve Cln Chic A St L gen 4s....1993 107 108 104% 101% 115% 104% 105% 104% 108% 105% 109% 101 110% 104% 104% 72% 110 *110 J 94 102 *131% 103 Elgin Jollet A East 1st g 5s 1941 M N El Paso Nat Gas 4%s ser A..—1951 J D O 55 106% *107 104% J 1955 J 40% 97% 104% 29 57 104% O A 1956 M N Ed El 111 Bklyn 1st cons 4s 1939 J Ed El 111 (N Y) 1st cons g 5s.. 1995 J Erie A Jersey 1st 8 f 6s 35 100% 102% 6 105% 106% 94% 107% 104% 113 103 111% 101% 108% 95 108% 93% 105% 111 5 OO 29 113% 104 110% 107% 1 101 104 J 111% 100% 78 " 60 *106% mmm-m 4s....1952 con con gu 55 90 89 mm m 60 .1944 1st mtge 4s series D CIn Leb A Nor 1st *36 Ernesto Breda 7s Guaranteed 4s {♦Choc Okla A Gulf D 105 Chicago Union Station— 3 Ha 65 48 86 * Chic T H A 8'eastern 1st 5s... 1960 Chic & West Indiana 53 45 1965 J conv 60 65 49 9Q Series 60 *36 *36 101 Gen 6 24 70 D J 25% 7 16% 100 3%s. June 15 1951 Memphis Dlv 1st g 4s 1951 5s High 153 Gold Inc gu 1 . 83% 43% 42% 20% 7% 10% ♦Certificates of deposit ♦Conv g 4%s Cb St L A New Orleans 5s Since Jan High 111% 116 % 100% 110% 105% 111% 101 109% D D 5s ♦Certificates of deposit.- {♦Refunding gold 4s Range Asked High 104% *36 1951 J Duquesne Light 1st M 3%s Week's Last STOCK EXCHANGE Week Ended Oct. 29 104% Low 31 21 1995 J East T Va A Ga Dlv 1st 5s Y. S X {*Dul Sou Shore A Atl g 5s„. 1937 J East Ry Minn N. 103 O D No 1995 J Dow Chemical deb 3s Randolph 7711 Friday High 113% 108% 109% Jan. 1 1995 J Detroit Term A Tunnel 4%s.. 1961 135 So. La Salle St. Connectiont Y. 1-761 ♦1st 4s assented.. ♦Second gold 4s. ♦2d 4s assented Chicago, III. > Asked 111% 107% 112% 108% Gen A ref mtge 3 %s ser G... 1966 M ♦Detroit A Mac 1st lien g 4a._. 1995 J Since dt 109% A O ... Range Friday Bid Price Low ^ew r°rk Stock Exchange c^ew rmrk Qurh Exchange %AILROAD "BONDS Tiew York, Range or Sale Week Ended Oct. 29 1937 30. Week's 70 74% 68 106% 11 11 6% 4%s Aug Omaha Dlv 1st gold 3s St Louis Dlv A Term g 3s Gold 3%s 4 Springfield Dlv 1st 7% 2% Western Lines 1st g 4s 42 93 J 1953 M N 1955 M N 1 1966 F A 1950 "55" 55 *55 "45" 43 56% 75 48% 104% 78 95 90 104% 80 *80% 104 109 87 93 98 88 95 1951 79% 82% 89% 1951 86 88 92% 90 90 98% 1951 90 g 3%s—1951 1951 102% 100% 100% 87% 90 101% Friday Week's Last Range or BONDS N. Bid Price 50 .1963 C_ 1963 463*" 473* 7 1940 1065* j 1073* 6 Illinois Steel deb 43*8... Ind Bloom A West 1st ext > .1950 51 1947 51 80 49 953* 133 13 3* 56 55 573* 40 543* 56 43 53 79 75 80 117 67 993* T100 213* 993* J 213* 63* 78 21 21 4 21 20 10 20 90 1955 1st 5s B—1972 53* 55* A A 67 60 68 182 46 A 563* 55 583* 34 51 J 93 3* 93 935* 59 M 89 803* 89 71 95 94 102 Mead Corp 1st 6s with warr.. 1945 F A 94 95 J 56 49 57 233 383* 75 Metrop Wat Sew & D J 863* 80 865* 165 74 943* 54 {{♦Met West Side El (Chic) ♦Mex Internat 1st 4s asstd F A 603* M S 3 5* J 94 M 8 A O A O 985* 1st g 4s—1949 Co Lighting 1st 5s 1954 Kings County Elev 1954 1941 5)*s ext to Koppers Co 4s ser A 1951 Kresge Foundation coll tr 4s..1945 3 3*s collateral trust notes—1947 615* 66 1083* 1033* 28 64 69 583* 100 42 1095* 1023* 105 40 115* 20 35 100 913* 108 1155* 983* 89 3* 1013* 993* 99 " 993* * 109 102 17 1073* 1083* 146 3* 161 6 833* 1085* 1503*] 1503* 84 84 84 J J J D 4 1053* 105 * 1123* 102 102 < 98 3* 1023* 1005* 1003* M N O 1113* 1023* 33 37 95 37 89 92 535* 705* 54 703* 43 49 683* 70 913* 993* 25 A 66 603*'S 663* A 66 61 66 83 1942 1942 F A 563* 48 563* 10 F A to—1947 J J 1941 J J J D 1997 1940 2003 2003 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 68 1951 General cons 5s debs..1947 series A—1962 Liquid Carbonic 4s conv 4s Loews Inc s f deb 33*s Lombard Elec 7s ser A Long Dock Co 35*8 ext to Long Island gen gold 4s Little Miami gen gold 4s stamped Lorillard (P) Co deb 7s— 5s 1946 1952 1950 70 66 94 3i 80 80 1003* 35 35 30 31 30 30 31 20 86 86 86 1003* 78 77 75 85 107 68 68 70 10 68 1035* 323* 29 36 237 26 32 375* 88 29 363* 43 57 333* 845* *77 *88 *106 J * J IVI N IVI N 35 M N 403* A O A * O F *25"" 100 A D 117 1263* 103 106 S IVI S 1945 South Ry Joint Monon 4s—1952 Atl Knox A Cln Dlv 4s 1955 Lower Austria Hydro El 6 Kb.-1944 43*s Corp s f deb 5s.1951 McKesson A Robblns deb 53*8-1950 Maine Central RR 4s ser A—1945 Gen mtge 4 )*s ser A 1960 McCror> Stores {{♦Manati Sugar 1st s f 73*8.-.1942 ♦Certificates of deposit Y) cons 4s. 1990 ♦Certificates of deposit W♦Second 4s 2013 Manila Elec RR A Lt s f 5s—1953 Manila RR (South Lines) 4s...1939 {♦Manbat Ry (N ,__1959 W 1st 33*8—1941 99 70 65 108 "44 953* 1013* 795* 65 18 101 102 1065* 1013* 1035* 943* 108 953* 94 955* 44 943* 94 95 22 94 1263* 119 4 126 1 1163* 1243* 76 '1013* 61 101 106 3*v 1063* 1 1263* O 119 A J S 74 1013* s J 119 71 1055* 106 104 953* 93 973* 93 o o 1 104 1055* o o 4 94 863* 85 863* 10 54 135 675* 1003* 993* 102 5* 112 3* 106 1055* 1093* 4 103 93 1085* 7 93 1035* 16 83 111 98 963* 855* 1103* 115 92 1003* 873* s S *1113* J —. 915* 1093* 115 *1123* 93 95 95 A 1063* 1043* 1053* 1115* M IVI N 93 62 *1083* A J F 108 "95^* IVI F 136 10134111013* S A 1295* 126 *_____ M 1944 116 5 19 * O J ~~3 41 655* D J 96 106 983* 100 100 IVI N 1015* 101 J ♦ 1005* ~ 1023* 973* i 98 D 15 100 82 99 14 993* 106 1053* O 973* 1053* 86 3* 575* 59 5 ¥ 32 45 19 25 90 I 31 465* 131 25 903* 29 127 293* 107 25 575* 1263*1 283* 74 23 53 59 D A 45 465* J A O 28 J IVI D 15 , 12 33 3* 925* rie" 823* 90 70 M N IVI N *68 J *20 J 11 92 3* 69 3* 783* 27 32 41 15 12 s j| 895* 83 8 22 4 55 9 IVI s 1949 1978 1941 f 4s 5 69 3 J *96 J J 35 J D 753* 725* J J 49J* 48 553* J 39 383* 45 J 42 433* 17 "273* 26 293* 66 F A 223* 21 93 20 233* 213* 7 83* 174 233* 513 1977 s 1978 83* S IVI MN 195* 22 233* 21 20 233* 20 195* 209 22 213* FA 21 17 254 51 89 MN M 835* S "265* F A M S M S M S 215* 8 113* 15 39 11 133* 133* 153* 34 813* 813* 3 106 107 61 1023* 1033* 20 953* 22 913* 52 IVI N "1063* A O 1023* A O 95 94 D 91 895* 100 101 18 O 80 80 3 O *69 79 1005* J 823* o *69" o "82" D 79 79 M N 75 75 M N 635* 63 70 *113 115 J M N 5s—.1947 IVI Mut Un Tel gtd 6s ext at 5%--1941 f Namm (A I) A Son—See Mfrs Tr F Nash Chatt A St L 4s ser A 1978 J Nassau Elec gu g 4s stpd 1951 J Nat Acme 43*s extend to 1946 IVI Nat Dairy Prod deb 35*8 w w._1951 IVI Nat Distillers Prod deb 4 3*8—-1945 Mexico— J ♦43*8 Jan 1914 coup on 1957 J ♦43*8 July 1914 coup on 1957 J ♦4 3* July 1914 coup off 1957 ♦Assent warr A rets No 4 on *57 833* J 833* 30 833* A 31 1035* 101 99 101 N 1033* 1013* J 72 *2 J 251 *23* J 1 24 1003* *97 D N *2 2 O *25* A O *23* J J A O *2 *2 1914 coupon on—.1977 ♦4s April 1914 coupon off 1977 ♦Assent warr A rets No 5 on '77 Nat RR of Mex prior lien 4 3*8— ♦Assent warr A rets No 4 on. 1926 ♦4s April 1914 coupon on 1951 ♦4s April 1914 coupon off—1951 ♦Assent warr A rets No 4 on *51 A A O ...1965 J D ♦4s April 803* N National Rys of 1954 5s—1948 {♦New England RR guar 6s—1945 ♦Consol guar 4s 1945 New England Tel A Tel 5s A..1952 1st g 4 3*s series B 1961 1st 4s..1986 NJPow A Light 1st 4 3*8 I960 New Orl Great Nor 5s A 1983 NOANE 1st ref & imp 4 3*8 A 1952 New Orl Pub Serv 1st 5s ser A—1952 N J Junction RR guar New 228 53* 20 213* 35*8.1966 B Orleans Term 1st gu ..... 213* O A Mutual Fuel Gas 1st gu g 1st A ret 5s series 19 101 233* 20 *19 M N 1980 ret 5s 1941 Gen A ref s f 5s series A 1955 Gen & ref s f 5s series B 1955 Gen A ret s f 43*8 series C—1955 Gen A ret 8 t 6s series D 1955 Morris A Essex 1st gu 33*8 2000 Constr M 5s series A 1955 Constr M 4 3*s series B 1955 23 21 20 21 223* ..... I960 1965 {♦Naugatuck RR 1st g 4s 54 J 1977 ♦Secured 6% notes 1938 Mohawk A Malone 1st gu g 4s. 1991 Monongahela Ry 1st M 4s ser A '60 Monongahela West Penn Pub Serv coll s t 4a 111 O ♦Ref A lmpt 43*8 Nat Steel 1st 55 76 A IVI 1949 "35" "~2 J {♦Mobile A Ohio gen gold 4s—-1938 ♦Montgomery Dlv 1st g 5a..1947 1st A ref 12 M N deposit 4%..July 1938 6s debentures— 7 10 1981 I 29 123* 68 J 1959 A F deposit G ♦Certificates of deposit ♦Conv gold 53*8 ♦1st A ret g 5s series H ♦Certificates of deposit ♦Certificates of at 4 *3 J ♦1st A ret 5s series ( 37 3 J Int ♦1st & ref 5s series Mo Pac 3d 7s ext 55 ..... 93 1975 ♦1st A ret 5s series 213* *173* * 13 Newark Consol Gas cons IVI N 18 * 133* 103* Montana Power 1225* "99" A F 20 95 *77 10 Montreal Tram 1st A 128 *1093*1 1103* M N 32 101 103* 93* 86 103 "ioe" 993* ■ 1015* 10 765* 109 1215* D 1003* 1015* 72 1263* 128 A J 1183* 1183* O A 945* 923* O 13 1st mtge 43*s J J J 993* 1053* *78 31 1938 [j For footnotes see page 2813 jjttfaSvmmmmmmmmmrnmmm 'niM " m mm ■" mm i i m 109 35 5s ser A—1969 M Elec 33*8——1966 IVI Louis A Jeff Bdge Co gu 4s 1945 Louisville A Nashville RR— Unified gold 4s 1940 1st A ref 5s series B 2003 1st A ref 43*s series C 2003 1st A ref 4s series D 2003 1st & ref 35*8 series E 2003 Paducah A Mem Dlv 4s.-—1946 IVI St Louis Dlv 2d gold 3s...-.1980 1st ext 4s S IVI N 1035* J .♦General 4s 109 3* 98 993* S A Louisville Gas A {♦Man G B A N 101 865* 993* F Louisiana A Ark 1st Mob A Montg 1st g 21 785* M 1951 - 505* 213* 355* 805* 1063* 90 1045* 29 28 O A 1949 1949 —...1949 Unified gold 4s M gold 4s 1990 5s ser A—1962 40-year 4s series B 1962 Prior lien 4 3*s series D 1978 ♦Cum adjust 5s ser A Jan 1967 {♦Mo Pac 1st A ret 5s ser A 1965 ♦Certificates of deposit 1003* 1063* 103 1023*111033* J fund 43*s ser 43*s 4s * J 1954 C—1954 4s A—.1965 4s 1945 Lehigh Val Coal 1st A ref s f 6s. 1944 1st A ref s f 5s -1954 1st A ref s f 5s 1964 1st A ref s f 5s 1974 Secured 6% gold notes 1938 Leh Val Harbor Term gu 5s 1954 923* *88 29 1975 Lehigh Val (Pa) cons g General cons 4 J*s J ♦Certificates of Lehigh A New Eng RR Lehigh A N Y 1st gu g Leh Val N Y 1st gu g 1 54 54 RR— 43*8 A J M-K-T RR pr lien 54 26 D Mo Kan A Tex 1st 90 F 1035* J J {♦Mo-Ill RR 1st 5s series 99 F 1035* M S J 1st Chicago Term s 16 T 15* *15* 15* 45* J 53*8 1st ref 53*8 series B 24 92 3 93* J 25-year 94 94 1013* J 1st A ret 6s series A 305*' 33 87 1938 1938 1946 1st cons 5s gu as to 913* S 1043* ♦7 A 1st cons 5s 1123* 1193* 98 3* 102 995* 1043* 54 57 4s int gu.1938 M St P A SS M con g 114 105 "~i 101 J* 983* M ♦1st mtge Income reg S 1940 1961 J D J J 1st mtge 5s 1971 D J { §*Mllw&No 1st ext 4 3*s(1880) 1934 J D 1st ext 43*s 1939 Con ext 43*8 1939 IVI 8 {♦Mil Spar & N W 1st gu 4s—1947 J J {♦Mllw A State Line 1st 3 3*8-1941 M N {♦Minn <fe St Louis 5s ctfs 1934 IVI S ♦1st A ref gold 4s 1949 ♦Ref A ext 50-yr 5s ser A 1962 Q F 1093* 1095* *100 deposit 1959 Laclede Gas Light ref A ext 5s. 1939 Coll A ref 53*s series C 1953 Coll A ref 53*8 series D 1960 So g 3 3*8 Co Ltd— A 1075* 1083*^109 * 1033* 1013* O M 1977 1 100 .... 91 109 J gold 5s 31 25 A extended at 3% 25 91 F Lake Erie A Western 44 *26 J A 6s series B A F 1914 coupon) 85 973* 1045* —1968 1950 Low 2 75 733* 85 4S.1938 53*8 {♦Mid of N J 1st ext 5s Mllw El Ry & Lt 1st 5s B 106 20 14 "993* S 1977 1956 Michigan Central Detroit A Bay City Air Line 4s 1940 Jack Lans A Sag 33*8 1951 1st gold 3 3*8. 1952 Ref A lmpt 43*s series C 1979 ♦4s (Sept 95 140 *24 A A 26 4 50 *163* J Toll secured 5s 975* 108 663* 28 21 *35 J Uniform ctfs of 106 103 76 66 109 104 723* 76 5 1023* 98 25 283* 28 1950 A O Apr 1950 J J 1960 J J J D Kansas Gas A Electric 4)*8—1980 M N ♦Karstadt (Rudolph) 1st 6s—1943 ♦Ctfs w w stmp (par $645)..1943 M N ♦Ctfs w w stmp (par $925).. 1943 ♦Ctfs with warr (par $925)-.1943 m"s Keith (B F) Corp 1st 6s 1946 Kentucky Central gold 4s 1987 J J J Kentucky A Ind Term 43*s.~1961 J Stamped.. 1961 J Plain 1961 J 4 3*8 unguaranteed 1961 A O Kings County El L A P 6s 1937 F 87 87 985*' 100 3£ 975* 975* 303* 313* deposit Coll tr 6s series 93* 23* No. J IVI Metrop Ed 1st 43*s ser D 805* 40 *845* D 1st gold 3s Ref A lmpt 5s Kansas City Term 1st 4s Kinney (G R) 201 35* High 1035* 75 O IM N ♦Miag Mill Mach 1st s f 7s Clear 1st 1st A ref 6 ^s 613* 25* Asked 103 5* 1035* D J 1947 A April 1940 Q Market St Ry 7s ser A J A ref 4s. 1951 1943 f A I Namm A Son 1st 6s Marlon Steam Shovel s f 6s 763* 1015* 82 <fe Bid Price in Mfrs Tr Co ctfs of partlc 893* 1025* 93 . 86 *82 IV1 N Kan City Sou 4s Friday Low J Lehigh C A Nav s f Range or Sale Week Ended Oct. 29 1939 .1955 1947 4s.-.1959 Jones A Laughlln Steel 43*s A..1961 Kanawha A Mich 1st gu g 4s__1990 {{♦K C Ft S A M Ry ref g 4S.1936 Guar ref 173* 43* deb g 4 3*8. -1952 ♦Certificates of Week's Last EXCHANGE STOCK "4 Debenture 5s Lautaro Nitrate Y. 405* {♦Iowa Central Ry 1st Lake Sh A Mich Friday BONDS N. 405* 20 Conv deb 4)*s Cons sink 78 J 1st lien A ref 6 3*8 Int Telep A Teleg 2d 91 993* 102 17 423* 19 20 A. T. A T. Tele. N. Y. 1-1598 1043* J f 6s series A Int Rys Cent Amer NEW YORK 913* 53 O A Stock Exchange Wall St. Telephone WHltehaU 4-2900 1956 1944 1941 A A B—1947 C Internat Paper 5s ser 5s 1937 63 1952 1952 El deb 6s Int Merc Marine s f 6s Coll tr 97 1956 Internat Hydro {♦Kreuger A 50 J ♦1st 5s series B Kings 221 Members New York 108 20 M N 1942 {♦Int-Grt Nor 1st 6s ser A ♦Adjustment 6s ser A_.July James Frank A 101 53 Interlake Iron conv deb 4s s 60 153* 543* 20 .1932 M S §♦10-year conv 7% notes ♦Certificates of deposit. Ref 985* 1053* 101J* 49 O 1932 A D. H. SlLBERBERG & Co. 43 20 20 1035* ^ 1045* 50 *11- 543* •>'" 50 ♦Certificates of deposlt. §♦10-year 6s ♦1st g 5s series ™ 1043* .1966 {Interboro Rap Tran 1st 5s_ it *100 1961 Inland Steel 35*s series D Corp 5s stamped 104 3* 1043* 1003* 107 1015* ♦13 {♦Ind A Louisville 1st gu 4s— 1956 Ind Union Ry 3He series B__ .1986 873* 106 3* 108 4s_ .1940 Ind 111 & Iowa 1st g 4s DEALERS FOR BANKS AND 915* 46 3* 148 58 50 Joint 1st ref 5a series A 1st A ref 43*s series BROKERS IN BONDS HiOh Low High A N 52 Since Jan. 1 Asked A Low 111 CeDt and Chic St L Range I Friday Sale 8TOCK EXCHANGE Week Ended Oct. 29 Y. Int Agric 2811 New York Bond Record—Continued—Page 4 145 Volume 1955 4s...1953 *23* 33* *23* 45* *2 3* 1163* J J J J D 1163* D J 1063* * IVI N J 23* 1055* 1063* 80 ♦ 55 " 493* 1225* 1233* 120 1203* * 1233* IVI N F 100 * A *1053* 106 783* * *45" 693* 953* 94 94 94 933* 953* 845* 845* 845* 130 .... High New York Bond 2812 Friday BONDS N. Y. EXCHANGE STOCK Range Sale Week Ended Oct. 29 bid Inc 5s..1935 n-c ♦1st 58 series B ♦1st 4%s series D 5 35 38 34 30 35 2013 A 2013 A 1 61M 59% 64% 35 35 37 34 38 M 20 30 55% 35M 39 M 53 30 82% 38 57 111M 95 M 94 M O 35 111 M 5 51 60 110 88 % 97 M 84 84 72 10 56 111 M 84 113% 106% 92 M 104% 59 M 96% 165 69 73 O 80 76 M 81 165 Conv secured 3%s../--1952 Wl N N Y Cent A Hud River M 3 Ms. 1997 J J 68 90 88 92 M 95 258 83% 109% 94 M ..1942 J Debenture 4s Ref A Impt 4 Ms ser A 2013 A Lake Shore coll gold 3%s 1998 Mich Cent coll gold 3 Ms 1998 |N Y Chic A St L 1st g 4s 1937 Ref 5 Ms series A 1974 Ref 4Mb series C -.1978 3-year 6s Oct 1 1938 4s collateral trust - F 1st guar 5s series B 73 M 155 86 21 85 96% 98% 12 84 97 M 74 M 172 289 63 82 M 84 95 96 51 108% 109M ------ 109 M 43 51 40 43 14 O ioiM *38 M 100 % 101 M 1#0M 101M 66 42 % - 122 2 113M 2 2000 Wl N 1973 Wl N A - - ~ * - — - - - - - - - - 22% 22% 35 J 23 M 22 1956 M N 23 M 23M 22 23 M 29 M 1948 J J ♦Collateral trust 6s 1940 A O ♦Debenture 4s *21 ------ 1967 Wl N {N Y Rys prior lien 6s stamp.-1958 J 10M ■ 12 M 9 8 *65 - - - - — 105M 17 95 1961 Wl N 105M 1956 M N 105M 105 ref mtge 3Ms ser B N Y Trap Rock 1st 6s 6s stamped A g *72 *80 - - 103 % *107% m 3 70 117M 16 112 70 97 101 18 98% 105% 103% 12 101% 106% 95% 107 97 % 99 46 *.. 125 ♦Og A L Cham 1st gu g 4s Ohio Connecting Ry 1st 4s - F - - - - J J 97 167 88 112 88 17 88 32 103 3 *107 102 J 1963 Wl 111 % 98 ------ 99 M . 100% 100% 110M ------ - _ „ *115 - - - - J Pacific Coast Co 1st g 5s 1946 Pacific Gas A El 4s series G... 1964 - - - - 109 95 97 111 M 1 99M 100M HOM 27 ----- 17 4 - - - - 103 104% 107% 1938 33% 109% 109% 96 106% 91% 100 109% 112% 95 100% 97% 104 110% 115 107% 115 -—1970 A O 109 137 O 94% 101% 95% 1981 A 100 101% 174 1984 J J 102 100 102 221 1952 A O 91 94 cons 6s 1943 A April 1990 91% 92% O 1947 M *116% 105 7 127 116 Ill 110 73 72 75 1974 F 8% A 1956 J — — J - 7% 88 87% 111% 111% 82% 111% 116% 121% 110 117% 9 72 22 111 107 99 20 8% 111 - 88 98 ---- 111 Apr 106% 123 600 ----- S O 4s.-.1940 A cons Peoria A PekinUn 1st 5 Ms Pere Marquette 1st ser A 5s 99 5% 26% 2 113 73 88% 107 80 106 1956 J J 75 75 75 1st g 4 Ms series C 19 75 101 1980 Wl S 80 M 76 80% 93 71 207 Phelps Dodge 3 Ms deb...1952 J conv Phlla Bait A Wash 1st g 4s General 5s series B ♦Conv deb 6s Series B 4 Ms guar Series C 4 Ms guar Series I cons Series J cons guar 46 8 84 106 103% 107% 99% 103% 69% 92% 1 54 82 106% 71 103 111 103 64 90 99 M 90 100% 101M * D 93% S J 104% 19% s 6% 51 5 101% 56 101 M 3 106 98 97 98 36 63 M 63 63 M 14 J 107 ----- ----- 87 108 O ----- Gen mtge 5s series A *110% 110M ----- 110% *110 5 — - - — - 116 - - 104 87 106% 104% 150 102 53 13 104% 50% 20 6% 77 12% 109 8 107% 26 106 - - « 4% 87% 87 7 108 1 - - — 106 1 113% 110% 113% 112% ---- D 110 — O 120 — - 104 — - 116 112% 1 111 1 112 103 - - - 105 112% 124 112% 123% - 47 103 107% 112% 113 64% 96% D N *106 A ser ------ D ----- O ----- 63 65 1948 J - - - 64 65% - 65% 1st gen 5s series B 1962 F 1st gen 5s series C 1974 J 4 64% 10 63 96 8 65 97% 108 110% 119% 124% D 1977 J 64% D 1st 4Mb series D Port Gen Elec 1st 4 Ms 1st 5s 1935 extended to 1950 Porto Rlcan Am Ton A *110 1960 M S J 55. J 6s..1942 J J Pressed Steel Car deb 5s J conv - 49% mmmm 99 41 3 104 55 1 48 11% 102% 85 85 *6% ----- ----- 87 {♦Radio-Keith-Orph pt pd ctfs for deb 6s A com stk J D (65% pd) {♦Debenture gold 6s 1941 J D Reading Co Jersey Cent coll 4s. 1951 A O ' 56 104 55 - 103 {♦Providence Sec guar deb 4s..1957 Wl N {♦Providence Term 1st 4s 1956 Wl s Purity Bakeries s f deb 5s 1948 J J " 104 - 13% J 1951 J — - - — , J {♦Postal Teleg A Cable coll 5s. 1953 J Potomac Elec Pow 1st M 3 Ms. 1966 J 114% 114% 125% 124% 109 - 113 112% * O — 116 — - ----- J Pitts Y A Ash 1st 4s *117 — - - 111 116 D 1943 M Pitts A W Va 1st 4Mb ser A—1958 J 1st mtge 4 Ms series B 1959 A 1st mtge 4Mb series C 1960 A *108% — 111 109 *111 V A 1977 J 100% 107% 111% 109 113% - 110% ----- 30 85% 102 _ ----- 26% 108% 108 A 1975 A 119 93% 108% 117 A 1970 J 129 110 2 87 O 103% 97% 119% 107 113% 109% 90% 103% 17% 5% 10% 107 M 1964 Wl N Gen mtge 5s series B Gen 4 Ms series C Pitts Va A Char 1st 4s guar 109 12 O 1963 F 4 Ms Gen A ref 4Ms series A Gen A ref 4 Ms series B 1997 J ioo" 75% 108% 88% 14% 201 103% 41 100 106 5 85 1B0 85 10 - ----- - 87% - ^ - — _ 13 9% 7% 85% 85 99% 107% 94% 100% 90 102% 95 102% 99 105% 98% 104% 108% 108% 97 101% 62 95 96% 96% 99 96% 45% 28% 9> 101 F 116 . A 85% 84% 107 M lu6 87 85 J 100% J 24 J 20% *24% M N 1952 Wl N 1953 F O 1952 Wl 23 A 1955 A Rlchm Term Ry 1st gen 5s s f 7s S 1952 J 22% *24% ♦1st 91 89 J 1955 F J A coll trust 4s A....1949 A O Roch G A E 4 M8 series D 1977 M S 1962 Wl s }{*R I Ark & Louis 1st 4Ms.-1934 Wl s ♦Ruhr Chemical s f 6s RR 1st con s 1948 A g 4s....1949 J 4M8—-1941 J f deb 4s g 4s 1947 J - — — - *115 109% 112 116 4 110 212 87% 76 107% 109% 9% O J J D 101% 24% 99% 130% 85 17 5 21 5 ----- - - — - 24 6 25 21 30 67 J ----- — - 91% - — . — - - — -- 4 16% 101* 76 100* 13 110% 100 94 N 100 — 1950 y 1978 wi~s j - - - — - - 14% 64 24% 70 70 12% 14% 94 12 14 78 13% 15 116% 117 107% 109% 8% 28% 20% 25% 13 32% 13% 34% 99% 103% 97 104% 107 112% 97 10 1®»jj 96 103% 92 65% 23 - 92 52% 64% 14% 28% 84% 84 63 J 19% 18% 98% J 27% 28% 91 17* * 19% 50 1 * 26% 27% 17 8 * 32 18 19 14 51% 20% 10 § 26 f * 22 103% 104% 53% 60 100% 100% 100 100% 106 19% 91 109% 16 84% 100 92 *12% - 115% 85 88 *19 — — — — 1933 Wl N {♦S L Peor A N W 1st gu 5s._.1948 J 8t L Rocky Mt A P 5s stpd...1955 J {♦St L-San Fran pr Hen 4s A.. 1950 J ♦Con M 4 Ms series A ♦Ctfs of deposit stamped 18% ----- ♦Certificates of deposit ♦Certificates of deposit ♦Prior Hen 5s series B 88 69% 50 Saguenay Power Ltd 1st M 4M8 '66 A O St Jos A Grand Island 1st 4s..1947 J J ISt Joe Ry Lt Ht A Pr 1st 58—1937 M N St Lawr A Adlr 1st g 5s 1996 J J 2d gold 6s 1966 A O St Louis Iron Mt A Southern— ♦§Riv A G Div 1st 96% 108 78 *105 * D con Gen mtge 5s series E 68 99 A {♦Rio Grande June 1st gu 5s..1939 J ♦Rio Grande West 1st gold 4s..1939 J 126% 104% 108% 112 S ♦Certificates of deposit 75% 80 201 J M 84" 56 101% 101% Richfield OilCorp— ♦Rlma Steel 1st 5 88% 95 Wl N Revere Cop & Br 1st mtge 4Ms. 1956 J ♦Rhelnelbe Union s f 7s 1946 J ♦Rhine-Ruhr Water Service 6s. 1953 J ♦Direct mtge 6s ♦Cons mtge 6s of 1928. ♦Cons mtge 6s of 1930 ioo" 80 95% s Wl Purch money 1st M conv 5 Ms '54 M N Gen mtge 4 M8 series C 1956 Wl N ♦Rhine-Westphalia El Pr 7s.-.1950 loo" 80 J 1997 J Remington Rand deb 4 Ms w w.1956 Rensselaer A Saratoga 6s gu... 1941 Republic Steel Corp 4 Ms ser A. 1950 Gen mtge 4 Ms series B 1961 Safeway Stores 98 M J Wl 1960 F 4Ms 112% ----- 1957 M N ♦Rut-Canadian 1st gu 54 D 1953 J 4s 123% *101% 1942 M N cons guar 110 104% 110% *116 J 1942 A Series G 4s guar Series H 102% J Pitts C C C A 8t L 4Mb A—1940 A ♦Rutland , 103 ----- A J 1949 Wl 121% 78 1974 F {♦Phlla A Reading C A I ref 58.1973 J 114 101% D 1943 M N General g 4Mb series C 1977 General 4 Ms series D— 1981 Phlla Co sec 5s series A 1967 Phlla Electric 1st A ref 3Ms.-.1967 123 95 A 110M 116 1938 s D 96 105% 108 ---- 1968 J 117 102 101 M 112% 93% 102 96% 106% 112% 116% 109% 116% 89% 103% 115% 126 101 115% 1 5 106% 112% 14 105 101 % 95 103% 109% 2 72 M ------ 98% 99% 109% 109% <zlll% nl 11 % *112 88 102 103% 107 109% 111 ---- 104 M 9 54 Pacific Tel A Tel 3%s ser B... 1966 Ref mtge 3%s ser C 1966 Paducah A 111 1st s f g 4 Ms 1955 — - - D 17 105 99 M — — 1965 J 4s s f conv debentures 103 1966 page 2813. 85% 110 86% 109% 106% 1961 ----- General 5s series B J08M 101 78 6 22 117 116% 119M 106M 118 105 102% 104% 117 116% - - 96 108 108M - s 1955 F 15 102 93 % J 1962 J Panhandle Eastern Pipe L 4s.. 1952 Wl Paramount Broadway Corp— 16 ----- 99 95 D Oslo Gas A El Wks extl 5s 1st A ref mtge 3%s ser H... 1st & ref mtge 3 Ms ser I Pac RR of Mo 1st ext g 4s 2d ext gold 5s 106 i Otis Steel 1st mtge A 4 Ms 112% 82% 80 14M J J 1961 61 12 107 D 1946 J Nav 4s 52 103 S A 1946 J 66 84 94 J 193S Q 1947 F 81% 98 85 % 86 M 86 1965 M N 1972 J 140 J Ontario Power N F 1st g 5s 1943 F A Ontario Transmission 1st 5s... 1945 Wl N Oregon RR A Nav con g 4s... 1946 J D Ore Short Line 1st cons g 5s... 1946 J Guar stpd cons 5s 72% IOOM 83 87 63 M ------ — 95% 106% 32 117 125% 120 80 95 J 120 72% 98 ------ 76 96 107 — 87 82 *70 - 65 M J 1966 J ... - - 98 0 1943 M Ohio Edison 1st mtge 4s 1st mtge 3%s Ohio Indiana & West 5s_ .Apr 1 lOhlo PubUc Service 7s ser B— Oklahoma Gas A Llec 3Ms 4s debentures J J 1948 J 122 106% 119 ------ *70 1938 A 82% 100M *-.. Northwestern Teleg 4 Ms ext.-.1944 J 31 99 % ♦Oct. 1 1934 &aub coupons. 1945 ♦Oct 1937 and sub coupons. .1945 ♦Stpd as to sale of April 1 '33 to 2047 J 104 116% S 2047 J 10 55 guar 5s—- Ref A Impt 5s series C Ref A Impt 5s series D_ Nor Ry of Calif guar g 5s 108 39 103M „ 100 106 37 108 M 98 22% 109% 12M 103M see 104 4% 11M A For footnotes 78% . 97 6M 94% 75 100 Gen Hen ry A Id g 3s Jan..-.2047 Q Ref A Impt 4Mb series A....2047 J Ref A Impt 6s series B 2047 J 77 95% 109% 9 32% 117M 1st M s f g 3s loan ctfs - 51 100M A - 47 100 M Q 50 97 M 8 Ore-Wash RR - - 93 *40 M S - - 10 98 — 99% 109% 69% 89 A April 1 1937 lncl coupons.. 1945 North Pacific prior Hen 4s 1997 91 8% 95% 11% A 1974 Wl 13 16 84 5M -- Nov 15 1969 N Wl - - 80 1996 O 1974 Wl 107% 92% 103 1957 Wl Gen A ref 4Mb series A 98 106% 109% 1961 ♦{Northern Ohio Ry 1st 108% 106 58—1941 Wl N North Cent gen A ref 5s 100 101 11M Aug 15 1963 F 95 102% 108% 98% 107% — - 42% 101% 101% 109% 91% 105% 32 90 No Am Edison deb 5s Deb 5 Ms series B Deb 5s series C 6% 100 72 6M A 104 A 46% 8% 143 97 M 16 98% ----- 1945 M N 107 O 105% 99% O 1949 F 103 ------ 101% 106% 103% 107% 104% 110 1970 A Peop Gas L A C 1st 96 1 - ----- 1960 F Refunding gold 6s Peoria A Eastern 1st ♦Income 4s 77% 85 7 104% - 92% 102% 4s sterl stpd dollar May 1 1948 Wl N Debenture g 4 Ms General 4 Ms series D Gen mtge 4Mb series E Conv deb 3Ms 103 40 116% 122% 9 Gen mtge 3Ms ser C_. Consol sinking fund 4 Ms General 4 Ms series A Series D 4s guar 101M ------ O Series E 3 Ms guar gold Series F 4s guar gold 106% 104 A Wl N 55 21 - 9M 37% 106% ------ ------ F 16 16 Norf A W Ry 1st cons g 4s North Amer Co deb 6s ser A 5 16% *30 47 103 J D Nord Ry ext sink fund 6 Ms 1950 A |{*Norfolk South 1st A ref 5s.-1961 F ♦Certificates of deposit 6 18 105M 105% 8% {♦N Y Westch A Bost 1st 4 Ms. 1946 j"j Niagara Falls Power 3 Ms 1966 M S Nlag Lock A O Pow 1st 6s A..-1955 A O Niagara Share (Mo) deb 6 Ms—1950 Wl N § {♦Norfolk A South 1st 15 * ------ MN 1967 J 1946 J 1946 90 105% 96% 90 31 ---- 104 — — 1948 Wl N 99% 70 108 ------ Pennsylvania P A L 1st 4 Ms—-1981 Pennsylvania RR cons g 4s 1943 86% 45 - - 101% Wl N 45 ----- High 92 72% 103% 99% J 20 86 79 104% *91M ------ 7% 2 100 J J 71 107 *98 M A 22 105 —- 96 60 26 107% 105M F 1981 35 88 100 J - Penn-Dixle Cement 1st 6s A.-.1941 M S Penn Glass Sand 1st M 4 Ms—1960 J D Pa Ohio A Det 1st & ref 4 Ms A. 1977 A O 20% 27 % 107% F - A 45 - 38 1951 Wl N |*2d gold 4 Ms 1937 •General gold 6s 1940 ♦Terminal 1st gold 5s 1943 N Y Telep 1st & gen s f 4 Ms—1939 1963 F 20 - 191 1947 Wl N {♦§N Y Susq A West 1st ref 58.1937 1952 Wl N Pirelli Co (Italy) conv 7s. 1952 Wl N Pitts Coke A Iron conv 4 Ms A.ln52 Wl s 11 N Y Steam 6s series A - 93% 104% 28-year 4s Consol gold 4s Low 7 58 103% 1944 4Mb series B No. 97 81 *105 Guar 3 Ms trust ctfs D Guar 4s ser E trust ctfs ^Philippine Ry 1st s f 4s 1937 J Plllsbury Flour Mills 20-yr 68-1943 A 38 N Y A Rlchm Gas 1st 6s A 1st mtge 58 1st mtge 5s S Since Jen. 1 High 95 Range gS Asked 78% 93% 92% 45 41% *119% 88% Parmelee Trans deb 6s 1844 A O Pat A Passaic G A E cons 5s... 1949 Wl S ♦Paullsta Ry 1st ref s f 7s 1942 Wl Penn Co gu 3 Ms coll tr serB.. 1941 Guar 3 Ms trust ctfs C 1942 47 26 ------ s 20 23 M J 1968 Wl 37 10 105M 97 28 35 8 A 80 46% 23 ------ J s 44% 47% 88 {♦N Y Providence A Boston 4s_1942 A O N Y A Putnam 1st con gu 4s.-.1993 A O N Y Queens El Lt A Pow 3 Ms-1965 M N 1955 J 1947 Wl debentures Paris-Orleans RR ext 5 Ms conv 5 or Friday Bid Low 3Ms 19% 18% 11 11 98 20% - 2 26 1992 M 8 ---1955 J D Range Sale Price Ntft, 21 - - 36 M ♦1st & ref 4 Ms ser of 1927... 1967 J D ♦Harlem R A Pt Ches 1st 4s. 1954 WIN 109% 99% 102 3 22% 20 J 101 105% 106% 106 108% 98 20 1956 J - 100 *21 ------ o 99% 107 94% 105% - 106M ------ ♦Non-conv debenture 3 Ms-. 1954 ♦Non-conv debenture 4s 1955 116% 125% 109% 117% - 1C2 * - *97 s - 93 M 100 o s - ♦ --- - - 60 97% 101% - *... ------ ------ 72 97 105% 97% 105% 95 *80 - EXCHANGE 1st 4s series B *102 ♦General 4s.-- - 112% * 4s - 122 N Y A Greenwood L gu g 5s... .1946 Wl N {♦NY4NE (Boat Term) 4s.. 1939 {♦NYNH4H n-c deb 4s„.. 1947 ♦Non-conv debenture 3%s.. 1947 - 109% 37% 40% 62 101M N Y & Harlem gold 3 Ms N Y Lack A West 4s ser A g 106 108M 109% 47 M 72% 12 O N Y Gas El Lt H A Pow g 58-1948 Purchase money gold 4s 1949 ♦Conv debenture 3 Ms ♦Conv debenture 6s 95% 77% 100% 92 105M 2 108% 109M 50 ------ 106 8 1966 A ♦Non-conv debenture 4s 73 M 53 45 95 STOCK Paramount Pictures deb 6s 99«,«102% 78 68 64% 82 M 4 Ms series B .1973 Wl N N Y L E A W Coal A RR 5%s. 1942 M N N Y L E A W Dock A Impt 5s. •1943 J J N Y A Long Branch gen 4s 1941 M S 105 108% 85 M 1965 A 1st Hen A ref 3%s ser E N Y A Erie—See Erie RR {♦N Y Ont A West ref 101 M 59 M M f 1938 A O Certificates of deposit N Y Edison 3%s ser D 92 M 22 A 1951 Serial 5% notes 49 102 *99 M 73 M ------ O 103 85 ------ A 148 84 86 F A 1953 1953 N Y Dock 1st gold 4s 94 101 M 69 M - 72 1946 N Y Connect 1st gu 4Mb A - * Y. Week Ended Oct. 29 36 1946 A O 1937 30, Week's Last High 35 36 M 36 N. 36M 1998 F 10-year 3%s sec s f Ref A impt 4%s series A Ref A Impt 5s series C Low 35 *35 N Y Cent RR 4s series A Since No. High 35 Newport A C Bdge gen gu 4 >$81945 J Oct. BONDS Jan. 1 35 1956 A 1954 O A ♦1st 5%s series A ♦Certificates of deposit 2 c 38 1954 ♦Certificates of deposit ♦1st 5s series C.------—--1956 F 5 Friday Range Asked & Low }|*N O Tex A Mex 2 or Friday Price Nft. Record—Continued—Page Week's Last 102 18 64 4 63 89% 88% 12 23 48 4 70 85 10% 37% 10 33% 12 11% 36% 13 12 13 13 10% 12% 10% 11% 13% 268 9% 33% 33% 10 12% 144 9 30% -» Volume Last BONDS N. Y. Week Ended Oct. 29 11 High No. 76% 16 Bid Price Low {St L SW 1st 4s bond ctfa 1989 ♦2d g 4s inc bond ctfs—.Nov 1989 76 >4 M N J 75% J J J 4s_.1968 J D 1990 con g {♦St Paul E Gr Trk 1st 41(8—1947 {♦St Paul & K C 8h L gu 4%s_1941 102 11 11 10 10% 11 J F A 54 Va A Southwest 1st gu 4s 5 ♦99 37 Virginian Ry 3%s series A 27 10 10 ♦{Wabash RR 1st gold 5s ♦2d gold 5s ♦1st lien g term 4s 7% St Paul Minn & Man— J J J S A <fe Ar Pass 1st gu g 4s 1943 J J San Antonio Pub Serv 1st 6s_.1952 J J tPacific ext gu 4s (large) San Diego Consol G <k E 4s—1965 68—1942 Santa Fe Pres & Phen 1st 108% 108 * S J series B 1946 O Scioto V & N E 1st gu 4s 1989 ♦Guar s f 6 %s 32 110 110 O 25 A O ♦Adjustment 5s Oct 1949 1959 ♦Certificates of deposit F A 4* 4 (♦Refunding 4s A O 7% 6)4 -.1945 M S 6s series A 1933 :♦ Seaboard All Fla 6s A ctfa... 1935 F 47 10% 416 6% 22% 6% 3% 14% 19 5 14% 98% 122 93 71 71 72 13 O 93 34 91 93% 60 85 1951 J J O 160% ! Skelly Oil deb 4s Socony-Vacuum Oil 3%s 1950 A South A North Ala RR gu 5s—1963 A Southern Calif Gas 4)48 1st mtge A ref 4s 97% 30 106% 44 100% 107% 96 105% 100% 100% "52 106% 106% 5 J 101% Southern Kraft Corp 4%a 1946 J D 107 12 101% 107% 102 20 100% 106% 47 95% 94% Southern Natural Gas— ISo Pac of Cal 1st con gu g So Pac RR 1st ref guar 4s 58—1937 82 Devel A gen 6%s Mem Dlv 1st g 5s St Louis Dlv 1st g 4s 70 96 76 124 70% 74% 63 101% 105% 90% 103 88% 100 88% 12 88% 48 100 45 18 103 101 155 95 103 "86% 178 106% 23 D .*--86 J 106% J Tenn Cop IVI M "99" "§3% ~85_" "82% 104" 39 115 *116% lie 116% Gen A ref 5s series B 1977 91 92% 19 Gen A ref 5s series C 1979 1980 90 92 24 92 14 8 f g 4s Texas Corp deb 3 %s Tex A N O con gold 6s Gen A ref 5s aeries D 109% 109% lio" 104% 90% 102% 104% * 91 J 1960 J Third Ave Ry 1st ref 4s. ♦Adj lnc 5s. .....Jan 1960 A 1937 J (♦Third Ave RR 1st g 5a 1952 J Tide Water Asso Oil 3 %s 38 O 8 34 7 79 J Too" J 99% Tokyo Elec Light Co Ltd— 1953 J 1st 6s dollar series Tol A Ohio Cent ref A Imp 3%s 1960 J 1950 A Tol St Louis A West 1st 4s Tol W V A Ohio 4s ser C 1942 M Toronto Ham A Buff 1st g 1946 J 4s.- Trl-Cont Corp 6a conv deb A.. 1953 60 D 102 53% 102 J sec a S 104% 95 ♦95% A 8 1962 J J 73 105% 70 104% *11 {(♦Union Elev Ry (Chic) 5a.. 1945 O Union Oil of Calif 6s series A.. 1942 A 111" 116% J 4s.. 1947 1st lien A ref 4s__.._—June 2008 1st lien & ref 5s. June 2008 .j! 108% {♦Wis Cent 50-yr 1st gen 4s 102% 107% 116 119 105 90 97 90 7 73 105% 106% 100 """3 116% 121% 101 114% 102 7 35 47 47 62 104 102 97% 99 90% 90% 30 15" *108% 13% "IB" "41 186% 115 35% 10% 10% 20 j""j 100% 99% 100 IVI N 25% 24 7 7 96 105 28 *6% 32% 6% 9% 9% IVI N 12% 14 *10% 11411 included In the yearly current week and not during current week, a Deferred delivery sale; only week, n Under-the-rule sale; only transaction during f Negotiability impaired by maturity t Accrued week, payable at exchange rate of x $4.8484 nearing maturity 255 92% 94% 11 106% 106% 10 94% "82% K 84 "25" J IVI N 81 111 110% 25% 109 111 59 91 105% 109 72% 103% 111 — ♦ Bonds selling flat. z Deferred delivery sale® 104% 25 New Transactions Number of Shares 23% 5 22 33% 23% 1 23% 32% 19% 25% "24 88 32% 91 92% 91 92% 55 45 55 191 41 O 55 41 Thursday 24 89 45 89% 89 107% 90% 107% M N J Week Ended Oct. Sales at New 391,000 9,574.000 610,000 8,119,000 944,000 666,000 1,057,000 971,000 848,000 620,000 7,876,000 9,119,000 10,228,000 $5,838,000 $3,500,000 $52,496,000 York Slock Jan. 1 to Oct. 29 1936 1937 351,079,654 396,346,150 12,055,720 8,426 000 $3,500,000 5,838,000 43,158,000 $8,914,000 $327,917,000 293,947,000 $253,152,000 6,725,000 51,615,000 1,796,033,000 2,399,675,000 $52,496,000 $67,254,000 $2,417,897,000 $2,925,421,000 Stocks—No. of shares. Bonds Government.. State and foreign Railroad and industrial Total.. Stock and Bond Below are 272,594,000 Averages of representative York Stock Exchange the daily closing averages listed on the New compiled by Dow, Jones & Co.: stocks and bonds as 29 1936 1937 67% A J $43,158,000 .... Total 1,005,000 1,188,000 $6,542,000 8,178,000 6,321,000 6,266,000 7,091,000 8,760,000 12,055,720 Wednesday $796,000 $7,580,000 69 192 54% 1959 1,565,020 2,343,940 1,822,840 1,064,120 2,459,560 2,800,240 Sales $242,000 105% 90% 1947 Bond Bonds Slocks, 103% 107% 104% Total States Bonds State, Railroad dk Mis cell. Oct. 29. 1937 United Municipal dk For'n Bonds Week Ended Saturday Stock Exchange, Yearly the New York at Daily, Weekly and 170% 104 23% week and not included 1942, Oct. 29 at 106%. South Wales 5s, 1957, Oct. 26 at 101%. 36% 106 129 *22 transacted during the current In the yearly range: 114% 4 50 23 J No sales transacted Friday's bid and asked price. * Exchange 101% 91% 101% 93 O receivership, or reorganized under by such companies. during current week. { Companies reported as being In bankruptcy, Section 77 of the Bankruptcy Act, or securities assumed 23 11 34 J 8% Ex-Interest. current 102% 105% 94% (♦Vera Crux A P 1st gu 4 %s. —1934 J (♦July coupon off 12% 6 9% Cash sale; only transaction r transaction during current 97% 69 33 13 117 101% 111% 116% F 15 23 range: Friday 123 104 95 5 1955 1957 12% 90% Cash sales transacted during the Tuesday. 115% A 105 24% 97% 104% 89 100% ♦Certificates of deposit {♦Wor A Conn East 1st 4 %s__.1943 Youngstown Sheet A Tube— 1st mtge s f 4s serC 1961 103% 97 "98% 1949 (♦Sup A Dul dlv A term 1st 4s *36 ♦Certificates of deposit— 1 85 97 102 1960 Monday..—... 103 96 115% 1944 101 8 1944 Cons s f 4s series B 1 M 1947 Vandalla cons g 4s series A 102 109% Vanadium Corp of Am conv 5s. 1941 9% 1947 Conv deb 3%s 116% J 22% 1938 Winston-Salem S B 1st 4s 94% *20% 19% 9% J 1942 Wilmar A Sioux Falls 5s 113% 92 {♦Wlckwlre Spencer St't 1st 7s. 1935 . 107 106 97 93 Wheeling Steel 4 %s series A—1966 F A 1940 M N ♦Ctf dep Chase Nat Bank 96 105 111% 111% J 74% 108 *107% White Sew Mach deb 6s 83 103 1951 ♦Debenture 5s 51 110 1951 {♦Utll Power A Light 5 %s 60 127 96% 101% 46 1947 J Utah Power A Light 1st 6s 108 27 s ♦Sink fund deb 6 %8 ser A.¬ 100% 113 1944 IVI ♦Sec s f 6%s series C. 101% 79 106% United Drug Co (Del) Utah Lt A Trac 1st «fe ref 5s— 5% 3 105 s A. 146 111% O U S Rubber 1st A ref 5s ser A. 100% 73% 46% 102% 1953 IVI ♦Un Steel Works Corp 6 %s 8 30 106% 1950 A 5s..—- 38 29 113 1971 M N ({♦United Rys St L 1st g 4a— 1934 U 8 Pipe A Fdy conv deb 3 %s 1946 108% 105% United Biscuit of Am deb 5s.. U N J RR A Can gen 4s 91 S 1970 A 35-year 3%s debenture.... 75 107% 110% J Union Pac RR 1st A Id gr 34-year 3 %s deb. 29 80 *73 108 M 1952 3%s debentures.. 25% 81 66% 107% 63% 109% Framerlcan 7%s, 90 110% 79% 110 115% 128% 90 106% *116% 104% .1945 IVI UJigawa Elec Power s f 7s Union Electric (Mo) 3%s "l"6 *104% J 1952 F f 7s 105 - 105% S M N Tyrol Hydro-Elec Pow 7%s___ 1955 Guar 100 172 93% O D 1949 M Trenton G A El 1st g 5a D 105% 111% 89% 108% 27 10 92 106 ♦109% Tex Pac Mo Pac Ter 5%s A...1964 109% 118% 106 107% lstg4%s...1939 gold 58 19 77% 72 168 5 Bonds called for redemption or 85 Texas A Pac 1st gold 5s cons 62 40% 3 Interest 126 93% 105 1944 1953 1950 1951 1943 2000 1st Gen refund 33 100% 100 100 39% 16% 104% 100 65% 111% No sales. 59% 159 102% 107% S Texarkana A Ft S gu 5%s A... 106% 115 *96 S Tennessee Corp Term Assn of St L 25 21 103 "75% 106% *114% J A Chem deb 6s B 1944 deb 6s ser C—1944 Tenn Elec Pow 1st 6s ser A 1947 20 21 e 102 97% N 40 11% "39 102% 98% J 18 16% 98% 106% 98% 102% IW 109% 102 107% A 1943 deb 68.1945 95% 80 99% D Swift A Co 1st M 3%s 1950 Tenn Coal Iron A RR gen 5s—1951 J 105 100 100 *15% 106% 107% 100 105% 110% 60 93% F Staten Island Ry 1st 4%s 18% Wilson A Co 1st M 4s series A. .1955 73 111% 53 21 100% 100% 68 108% 106 22 70 {♦Wllkes-Barre A East gu 5s.. 71% 98 12 18% 72% 135 85% 44 107 19 76 100',« 103% 94% 108% 112% 129 70 103% 109% 43% 96% 101% 108% 66% 61 87 95 100 95% 72 105% 161 26 96% 100 123% 106% 111% 109% 102 89% 106% 117 71% 88% 102% 409 107 10 70 98 56% 106 107 110% 76 93% 97% 1 120 D 92 98 97% 72 100 J 63 93% 110% 108% 112% 104% 108% 127% 116 IVI N 1950 1951 30-year 5s .1960 ♦Westphalia Un El Power 6s 1953 West Shore 1st 4s guar 2361 Registered 2361 Wheeling A L E Ry 4s ser D—1966 RR 1st consol 4s 1949 64 98 106 25-year gold 5s 63 50% 76 80 102% Funding A real est g 4 %s 102 1961 J 1946 Western Union coll trust 6s 140 *87~" 55% 30 106% 121% 98% 1938 J 207 54% "32 100 110 1946 IVI ♦5s assented 69 "88 100% 77 120 IVI 69% 99% 99% 70 107% 107% A 1943 1946 gold 4s {♦Western Pac 1st 5s ser A 69 ♦{Spokane Internat lstg 6s... 1955 ♦Studebaker Corp conv 86 99% 100% 1st A ref 5 %s series A West N Y A Pa gen 66 94% 83 *108% 1966 J 1952 A 1977 J 1st mtge 3%s series I Western Maryland 1st 4s 65 98% 2 100 ♦Ctfs for col A ref conv 7s A. 1935 MN J 90 67% 70 *121 92% D S-western Bell Tel 3 %s ser B —1964 J S'western Gas A Elec 4s ser D..1960 M N J J Staley (A E) Mfg 1st M 4s Standard Oil N J deb 3s 72 1003,6 103% 109% 81 "46" "33% "~4o" West Penn Power 1st 5s ser E—1963 IVI 1st mtge 4s ser H 1961 J 66 M N 86% Westchester Ltg 5s stpd gtd—1950 J Gen mtge 3%s 1967 J 68% 1938 M S Devel A gen 6s 94% 101% 54 82 104% 40 83 *106 69 Mobile A Ohio coll tr 4s A 26 79% . 44 12% 42 81% 1939 J 69 East Tenn reor lien g 5s 1st 4s stamped Devel A gen 4s series 89% 100% 98% 97 75 79% 76% 1955 J 1955 J 1994 J 1956 A 1956 A 1956 A 1996 J 1951 J 1938 M Southern Ry 1st cons g 5s ' 98%' A O J D M S M S M N M N J J —.1950 A O San Fran Term 1st 4s 107% 105 100% 95)4 1951 coll)-.1949 1st 4Ha (Oregon Lines) A.-.1977 Gold 4 )4s 1968 Gold 4)4s 1969 Gold 4)4s 1981 10-year secured 3%b 1946 98% 100% 106% 1947 J 4 %s 130 118 *114% Southern Colo Power 6s A 1st mtge pipe line 25% 82% 102% 94% 102% O So Pac coll 48 (Cent Pac 73 18% 1962 A O 1961 M S 1965 F A South Bell Tel & Tel 3%s 100 50% 22% *19% 39% 10% 44% {♦Warner-Qulnlan Co deb 6s.. 1939 {♦Warren Bros Co deb 6s 1941,IVI S| %s...2000 F A Washington Cent 1st gold 4s.. 1948 Q-NI Wash Term 1st gu 3%s 1945 F A 1st 40-year guar 4s 1945 F Wash Water Power s f 5s 89% 54% 100 "62 43% 12 . 68 1952 A deb 4s 5 *98% 41 10% 1 76 Warren RR 1st ref gu g 3 102 D J S A A 86 13 83 "85" 98% 106% 12 1 71% 76 s 38% 1952 J 1935 J 1951 M 1946 F 1941 F 104% 19 104 104% s 6% 1 66 12% O 1939 23% 12% 13% 12% 14% 12% 12% Warner Bros Plct deb 6s 17 25 12 O 1955 20% 20 Shlnyetsu El Pow 1st 6 %s Simmons Co 44 50 14% 12% O 5 S ♦Silesia Elec Corp 6%s SUeslan-Am Corp coll tr 7s 44% 41% 10% 15 12% D 5% 1951 M ♦Debenturesf 6Hs-.4 10% 12% 13 1955 5% 58 O Walker(Hlram) G&W deb 4% s. 1945 5% 61% 99% 12% 13% 231 56% A Walworth Co 1st M 4s 6s debentures Shell Union Oil deb 3%8 ♦(Siemens A Halske s f 7s 71% 97% A 36% 2% 98 10 97 81 60 13% 1976 F 1980 A 7 98 % 60 ♦Certificates of deposit 22% A 97 58 ♦Ref A gen 5s series D. 20)4 4)4 6)4 A certificates....—1935 F ♦Series B 82% 91 1978 10 127 7% 8 10 (♦Alt & Birm 1st gu 4s 7% 6 10 34 MS 6% 22 34 ♦Certificates of deposit 68% ♦Certificates of deposit 35% 103% 44 63 ♦Ref & gen 4 %s series C ♦Certificates of deposit 43% 107% 69 ' * - ♦Certificates of deposit 121 101 6 46 93% 1941 5 %s A.1975 gen 85 44 * 43 25 15 8% 69 71 20 104% 72% 103% 104% S 44 110 "~77 5% )'■' 101% 1941 ♦Ref A gen 5sseries B_. 41% 19 15 13 14 110 84 A 19 2 *13 O 67 103 3 IVI N 27% 2 M N A cons 40 29% {♦Wabash Ry ref A 115 110 20 23 ({♦Seaboard Air Line 1st g 4s.-1950 (♦Gold 4s stamped 1950 ♦1st A 105% 110% 17 A ♦Stamped 45 "~14 84 1939 4 .... 21 48 103 84 ♦Toledo A Chic Dlv g 4s 22% 29% 29% *40 1941 103% 108 112 J A ♦Det A Chic Ext 1st 5a 89 41 20% 124 108% 112% High 8 41% 104% 109% Low 22 13 103 1939 F 1954 ♦Des Moines Dlv 1st g 4s ♦Omaha Div 1st g 3 %s 74 No. High J IVI 1966 1939 34 93 109% *22)4 J J ♦Stamped 113 91% 91% 1946 {♦Schulco Co guar 6%s 101% 106% 119 M N M 104% 119 *102)4 1940 1972 J St Paul Un Dep 5s guar 108% Jan. 1 O J 2003 .—.——1958 A 1st cons 5s 100% 109% *"ri 108% Virginia El & Pow 4s ser A 1955 M N Va Iron Coal A Coke 1st g 5s... 1949 M S 15% 68 19% 19% J 30 74% 65% 36 30% 30)4 J (♦1st terminal & unifying 68.1952 ♦Gen & ref g 5s series A St Paul & Duluth 1st 10% 108% 13 D J 1942 Since Asked Low ♦Vertlentes Sugar 7s ctfa 100 74 Range & Bid Price Week Ended Oct. 29 1? Friday Sale STOCK EXCHANGE Y. ; High Low 1 36 36 J N. Since Jan. 1 Range or Last BONDS Range Range or Friday dk Asked Sale STOCK EXCHANGE Week's Friday 3 Week's Friday f 2813 New York Bond Record—Concluded—Page 6 145 . 2% ""2% 89 4 Bonds 88% 106% 111 Stocks 10 Dale 4 10 Total Total 10 First Second 10 20 Indus¬ Grade Grade Utili¬ 40 70 trials Rails Rads ties Bonds Rail¬ Utili¬ trials roads ties Stocks 94.74 22.93 46.33 102.49 34.68 104.66 138.48 105.15 Oct. 29. 102.21 94.32 22.11 65.93 33.74 104.21 135.22 104.94 28. 45.12 Oct. 66.15 94.39 Oct. 27 32.90 104.79 104.46 132.26 44.02 102.15 21.33 44.28 102.15 95.06 Oct. 26 21.39 67.76 33.33 105.52 132.78 104.80 105.89 25. 34.04 104.68 Oct. 134.43 45.04 102.01 22.11 69.04 101.75 Oct. 23 20.84 67.43 32.32 104.73 105.88 127.15 42.61 5% 4 20 Indus¬ 107% 111 110 113% 2 30 •-zi 66.64 95.41 94.95 =^F8tf New York Curb 2814 Exchange—Weekly and Yearly Record Oct. 30, 1937 NOTICE—Cash andTdeferred delivery sales are disregarded In the week's range unless they are the only transactions of the week, and when selling outside of the No account Is taken of such sales In computing the range for the year. regular weekly range are shown In a footnote in the week In which they occur. 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. 23, 1937) and ending the present Friday (Oct. 29, 1937). It is compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in which any dealings occurred during the week covered: Week's Range for Sale Par of Prices Low r High Week Price 20 Acme Wire v t c com 30 Low Shares Class B Alnsworth Mfg common..6 1 "lb Air Devices Corp com "~7~X "ii IX IX 2 Conv preferred Warrants Alabama Gt Oct Sept Mar Feb 38 6X % 1% Oct Oct Oct 22 Feb 4 May 2,700 IX IX common...* 2,600 300 X 16 Southern..50 Ala Power $7 pref 62 * * S6 preferred 500 X 1% Oct Jan 50% 77 55 110 2% Oct Sept 2 Sept Allied Internat Invest com* 10 25 Class A. Aluminium Co common 6% X * pref Allied Products com conv 100 preference 13 11 14% Ltd common.* 19 100 16 4,300 76 Oct 109 Oct 400 14 Oct 5X 100 5X July Mar 4% Oct Feb Mar Jan Feb 69 74 2,600 65 Oct 140 Mar 120 72 120 250 120 June 131 May 14 3,200 *14" American Beverage com__l American Book Co 100 12% 9% IN Amer Box Board Co com.l IX 13 5% 10c x S3 preferred 15.50 prior pref Amer Centrifugal Corp... 500 1 Oct 50 Sept 5 Oct 5X 2,000 X Oct 4 900 X 4 Oct 2,900 52 10X 7% 40 IX 51 American Capital— Class A common—10c Common class B 650 14N 14 Jan Jan 16% 26% Oct 102 111X 112X Jan Mar 177% 119% 17% 14% 19 90 100 6% preferred American Airlines Inc. —10 24 Oct 5 600 Oct 98 % 112 Aluminum Industries com* Aluminium 14% Jan 5% 5X 2% Oct ? 19 Aluminum Goods Mfg...* Jan June 53 X 32% 3% 75 11 25 IX 2% Oct 42 78% 2% Oct 1% Oct 89% 5% 3,500 Jan Apr Mar 1% Oct Jan Mar 24% Feb Feb Mar July Am Cities Power A Lt— 25 29 23 X 29 375 Class A with warrants 25 27 23 27 1,600 3,700 Class A Class B 3N Amer Cyanamld class A. 10 Class B n-v 10 25% Amer Equities Co com_..l Amer Foreign Pow warr... 2X 2% Amer Fork & Hoe com...* * Amer Gas A Elec com * Preferred 14 26 23~ Amer Laundry Mach Amer Lt & Trac com "26 IX 14 21X 103% 99 25% 24 American General Corp 10c S2 preferred 1 S2.50 preferred 1 Amer Hard Rubber com.50 Amer Invest (111) com * 3X 5 2X 14% 26X 103% 5% 25% 17,800 600 675 20 12% 19 19 12 Oct Oct Oct 12 36% Feb Feb Oct 8 Oct 32 Jan May 37 Mar 14 Oct 38 Feb Oct 26% 28% 54% Apr 550 79% Oct 20 Oct Oct X 5% 1% 25 600 3 Oct 4 4 4% 1,300 2% Oct 14% 2,200 8% Oct 102% 103 80 100% Oct % 1 2,800 4% 4% 8,900 % 2% Oct 25,300 1,400 2 Oct 7 71 66% Oct Common 10% X IX 1% 1% 2,200 15,300 11% 'l6 4,200 V tc common '32 % Oct Atlas Corp warrants Oct 1 Avery (B F) 5 5% 39% Oct ?32 July 3i« 5 Sept 30 25 10 83 Oct 90 5X 800 3 Oct 240 20 13% 57% 30 1 1% 9,000 15% % 14 15% 2,600 1 10 % 2% 3 8 2% 8% 8% 10 * Oct X 9% Oct Oct 1,900 1,600 % Oct 1% Oct 700 6% Oct 400 6 Oct 4 29% 3% 9 11% 16% 5% 9% Canadian Car A Fdy pfd 25 Canadian Indus Alcohol A* B non-voting Mar Canadian Mar Capital City Products Carlb Syndicate Barium Stainless Steel 1 Barlow & Seellg Mfg A.-5 2% Apr * Jan Jan Jan Feb common Feb Feb Jan Mar Jan Jan Jan Jan Feb Celluloid Corp Sept Feb Mar Jan 7% 1st pref Beaunlt Mills Inc 3% Cherry-Burrell 15 Mar Oct 57 Mar 73% 12% 75 20 Oct 14 300 83 88 50 8 10 Sept Aug 1% 1% 5 Mar Oct 8 Feb Oct 21 Feb f 1.50 8% """300 conv pref 20 Beech Aircraft Corp Bell Aircraft Corp com__.l Bellanca Aircraft com Bell Tel of Canada 1 13% 4% Bell Tel of Pa 6% % Pf-100 Benson A Hedges com Conv pref 117% * Oct % 18% 2 Oct 8% 10 159 Feb 20 113% June 4 May 4 100 1% 1 % '16 7,200 4,700 10% 11% 300 Machine Co com 2% X ..100 T18 13% * Bliss (E W) & Co IkCrtfs for u v * com 5 1 23 1% ♦ page g ■■ M 8% 700 8% 47 2% 27% 6% Oct 14% Mar Feb 2819. | *- July Sept 15 24% 10 Sept 15 Oct 41 Aug 1% 34% Oct 4% 48% 43% 4 300 Oct Oct Jan Jan Jan Jan Jan Jan Jan Jan 7 Mar Oct 19 May f Oct Oct 650 11 X 52 32 7 300 1,450 2 2% 41,500 21 28% 4,100 pref 30 1% 15 Oct Sept Oct Oct Oct Oct New common 18% 2% 92 51 60 5% July Feb Apr Jan Jan Jan 20 26 20 13 Oct 30 38 100 27 Oct 79% Feb 35 25 28 Oct 76 Feb 7 3,700 5% 3% 20 IX 1% IX 4 Oct 3 Sept 15% 4% Feb 20 Oct 40 Apr Jan 3% 10% 48% Mar Oct % 5,000 4 200 40 400 4% Jan 100 3% 6% 58 600 3% 24 33% 3 Oct 32% Feb Jan Jan 6% 4,700 2 Oct 16 Aug 3 3% 500 3 Oct 9 1 * 1% 400 Apr Mar % Oct 7% 12 3 2% 3% 8,300 2 Sept Sept Sept 3% ..£1 25 Feb Sept Apr 76% May 35 Rosenberger Inc.* Colon Development ord conv Oct 7ie 16% 27% 123 38 Cleveland Tractor com * Cllnchfleld Coal Corp..100 6% Get 22 95% 1,300 47 40 7% 50 50 22% 100 26 Clayton A Lambert Mfg..* Cleveland Elec Ilium * Conv 5% preferred.. 100 Columbia Oil A Gas 1 Columbia Pictures com * Oct Oct 100 8% Feb Apr Oct 6 1% Preferred BB Cities Serv P A L $7 pref.* $6 preferred... * City Auto Stamping * City & Suburban Homes 10 Clark Controller Co 1 Claude Neon Lights Inc..l Feb Oct Oct 4,400 300 1,700 3% 3% 700 3 Oct Columbia Gas A Elec— Oct 9% 8 41 52 * Colorado Fuel A Iron warr. Colt's Patent Fire Arms.25 4% 34% 4% 8 * Jan 6% 6% Oct ..* Feb Mar 50 2,600 Jan Oct 175 22 4 100 1% Jan 33% 26% 150 100 19 5,800 1% 52 7 25 Oct 6% 75 Oct Cohn A 8% 24 500 Cockshutt Plow Co com..* Mar 2% 15% 37% 12 18 Oct 8 com-.5 Club Alum Utensil Co 12% 34% * For footnotes see « 8% 8% 12% 5% 6% Oct 4 10 new Mar 125% 5% Oct 9 Oct 875 7 4% „ 4% 4% 6% 5,200 47 49% 500 41 60% 6% 149 60% 50 57 3% 5 15,200 2% w * Oct Oct Sept 2% 29 Commonwealth Edison— 8% common..* Bliss A Laughlin com Blue Ridge Corp com $3 opt conv pref Blumenthal (S) A Co % X 19,100 1 8% 7X * Oct 22% 91% 61 2 »A 27% 8 ...... 5 July Sept Jan Feb Oct "1% "2% "4",200 5% May 170 30% * com Aug 19 96 88 Sept 1 Sept 16 1% 22.60 conv pref * Birdsboro Steel Foundry A Blauner's Get 1,100 1,600 8 4% 4 * common % 13% 2% Purchase warrants..... Blckfords Inc May 200 * Berkey & Gay Furniture. 1 *18 July 1% 117% 117% Aug Oct 8 1% 9% 160 % 160 June Jan 22% 100 11% 11% Mar Oct Oct 800 9% 100 15 103 105% Oct 88 % Oct Oct June Oct Oct 175 9% Oct Apr 124 300 Chllds Co preferred Cities Service common 5 4% 6,300 300 1 2 3% 3% 95 ..4 2,300 100 94 Chic Rivet A Mach Chief Consol Mining 13,800 2,100 400 1,000 5% Chicago Flexible Shaft Co 5 5% 4% 3% 94 8 Strip Co Charis Corp 9% 8 15,200 7 16% 100 warr Preferred B 80 10 35% 6% 14 * Preferred Oct 25% 7 16% Chamberlln Metal Weather Jan Oct 6,100 29% Mar Aug 1% 4 Chesebrough Mfg Feb 500 22 25 Conv preferred 100 Conv pref opt ser *29.100 Jan 100 com.. '""166 100 15 com 6% pref without 7% preferred 43 4% Bath Iron Works Corp 1 Baumann (L) A Co com..* 5,700 33% Cent A South West Utll 50c Cent States Elec com 1 156 10 1% 1% Cent Ohio Steel Prod....l Cent P & L 7% pref 100 Oct 300 1% 9 * common. $7 dlv preferred 1st preferred Mar Mar 7,300 1% 1 19 7% 1st partic pref...100 Jan Oct 200 100 5% * Feb 16 14,900 Jan 75 20 i% Castle (A M) com_._.__10 Catalln Corp of Amer. 1 Celanese Corp of America Feb 60 1% Mar Mar 1,100 "~4% ""4% 1 com $6 preferred.. 220 2% Jan 1,200 9 "In Carrier Corp Carter (J W) Co common. 1 Casco Products.. * 2,050 10% 5% Mar 3,700 1% ■ 19 2% 1% 4% 5% * Jan Marconi 75 10% 4% 8 "16 316 18 5% _25c Carman A Co class A Class B Jan 68 3% 7% 1% 500 700 4% . _ "3% Jan 38% % 5% * Locomotive— Purch warrants for com. Baldwin Rubber Co com.i Bardstown Distill Inc 1 600 350 »16 316 Amer dep rets pref shs £1 Calamba Sugar Estate. .20 Canada Cement Co com..* 16 70 70 Apr 5% Sept 30% Mar 51% Feb 25% Mar 106% Jan 31% Aug 100 % . ... 1% % May 83% . 3,100 95 3" 3% Am dep rets A ord sh. £1 Am dep rets B ord shs_£l Centrifugal Pipe 83% 10 common 3 Oct Tobacco— Babcock & Wilcox Co 13% Oct 1,200 IX * Automatic Products 5 Automatic Voting Mach.. (Baldwin 3 1 * Atlas Plywood Corp Austin Silver Mines Class A 59% 4% 5% 8% 42% 110% 5% Birmingham A Coast RR Co pref 100 Atlantic Coast Fisheries..* Atlantic Coast Line Co..60 4% 9 Feb Apr Jan Cables A Wireless Ltd— Cent Hud G A E Oct 8% 2,000 5 Cent Maine Pow 7% pf 100 Cent N Y Pow 5% pref. 100 Oct 1% Option warrants Assoc Laundries of Amer.* 9 Burma Corp Am dep rets.. Burry Biscuit Corp__12%c Cable Elec Prod vtc. * Jan 4% 4,600 1% 4 3% June zl5% 28% 12% * Feb 2,400 1% 11% 3% ... 15% 8% 8% 1 200 .* common 13 convertible pref Warrants Jan 4% * 800 Feb Feb Mar 85 3,200 8 50 96 4 1 47 20 7% 20 3% Oct 6% <5 preferred 8 5 30 £1 37 45% com Oct 8%l Class A Axton-Flsher Jan Jan Industries Amer deposit rets Brown Rubber Co Bruce (E L) Co 4% 66% Assoc Gas A Elec— Jan Feb 2% Brown Forman Distillery. 1 16 preferred * 12% 13% 10% 4% Ashland Oil A Ref Co... Elec Oct 4% 71 33 32 Carolina P & L $7 pref...* Oct 6 Oct Oct 39 * Jan 1 7 Class A pref 99 6% 3% 4% 25% 25% 9% Oct 1,000 10 Preferred Mar . Carnegie Metals % Common class A Mar 25 Class B Brown Co 6% pref 100 Brown Fence A Wire com.l Carnation Co 1% Arkansas P & L J7 pref...* Art Metal Works com 5 26% Oct Am dep rets ord reg. 10s British Col Power class A.* Jan 4 3% 3% Oct £1 Jan 18 103 16 Am dep rets ord bearer£l Amer dep rets reg British Celanese Ltd— 3 1% Arcturus Radio Tube Arkansas Nat Gas com...* Atlanta 10% 4 11% 2% 53 14 14% 100 19% Oct 4 200 2% Oct 78 1,400 82 59 Oct % 27,600 1% Wupperman. Apex Elec Mfg Co com * Appalachian El Pow pref Associated """"50 Sept 18 Angostura Mar 42 Amer Pneumatic Service.* 5 Jan Jan Oct Oct American Thread pref Anchor Post Fence Feb Oct Oct Preferred 24 48% 112% 4% 10 "30* 21 ; 500 15 1 21 7% British Amer Tobacco— % 21% Mar May % 99 Mar 28 Burco Inc Jan Jan Feb 12% 31 Oct 100 10,000 Aug 6% 4% 77 Oct 7% 37 Oct Oct 30% Mar 14% Mar 5% Aug 21% Jan 108% Apr 3% Feb 7% Feb 16% Mar 28% Oct 1 Jan Jan 7% 2,300 23 4% 16% 450 25 8 28% British Amer Oil coupon.. Registered Oct 21% 200 30 25 Oct 2% 20% 225 5% 1% .100 7% preferred Brlllo Mfg Co common Class A Oct 800 1,500 2 117% 7,300 Amer Seal-Kap com 2 Am Superpower Corp com* 1st preferred * 4% 1% 3% 20% 4% Oct Apr % 1% i 21 90 14% Amer Potash & Chemical.* 2 Class A 7 108% 95 22% 10 200 "l6 21% S* 650 7,200 1,100 5,300 % 100 20% 30 82 Oct Bunker Hill & Sullivan 2.50 25 1% 24% Oct 2 Aug 12% 1 Oct 3 37 23% 82 15 Oct 27% 17% 4% 23 20 600 1,000 11% 10 11% Preferred Bright Star Elec cl B Brill Corp class B Jan 32% Sept 1,700 Jan Mar Oct Oct Oct 1% Jan % Sept 7% Buckeye Pipe Line 14% 1 Bridgeport Machine Feb 3% 5% 2% Buff Nlag A East Pr pref25 $5 1st preferred * 30 82 3% Jan 25 * 18 "~7% Jan 25 Amer Meter Co 900 Jan 25 Preferred... 100 Amer Maracalbo Co... 3 8 Amer Mfg Co common 100 6% preferred 1 Aeronautical... 1 Jan 19 10 200 17 * Breeze Corp 56% Oct 3% % 200 % 13 2 Brazilian Tr Lt A Pow Brewster Oct % 200 4% % 10 Oct Oct 3,500 100 4% com... 11 3% *""900 Oct 27 10% """% """% 2 x20 12N 120 23 23% 7,200 25,000 20 3 87 High Oct 11 150 4% Bowman-Blltmore 100 80 55 Bourjois Inc 2d preferred Oct A lies A Fisher Inc com. ~"x 4 15 20 Jan Oct 65N 25 (Botany Consol Mills Co. Low 9 100 "l3~~ 55 61X 7% 1st preferred Borne Scrymser Co Range Since Jan. 1 1937 Shares 4 100 57 65% Price 7% 1st preferred 450 180 Week Jan 62 60 Alliance Invest common $3 May 5% 34% Sept 7 for of Prices Low High Bohack (H C) Co com.. Jan Oct ~2~406 Agfa Ansco Corp com— Air Investors 56% 14% "*2N "1% Week's Range Sale Par IX 16 3% - Last High Oct 25 75 33 Supply Mfg class A. Aero STOCKS Continued) Range Since Jan. 1 1937 Last Sales Friday Sales Friday STOCKS Oct 2% 22 Mar 9% 8% 4% 24% 74% Apr 104% 10% Jan Feb Feb Feb Feb Jan June 39 Jan 33 Aug to-* 26% 23% 27% 16,800 20% Oct % % % 8,100 X Sept Commonwealth A Southern Warrants 7n Jan Volume 2815 New York Curb Exchange—Continued—Page 2 145 Sales Friday Last Week's Range for Sale of Prices Low High Shares Par Commonw Distrlbut Price Week 2% Oct 13 Oct 64 Jan 18 Oct 34 Jan Preferred and Common 150 20 20 Jan 250 A22~ ~23~~ 23 Cities Service Co. High Low 1 Community P & L $6 pre! * Community Pub Service 25 1, 1937 Range Since Jan. STOCKS (Continued) BOUGHT—SOLD—QUOTED Community Water Serv__l "~X % X 600 % Oct 2% Mar Compo Shoe Mach— New v t c ext to 1946— 11% 11% 11% 200 8% Oct 17% Jan Oct 38 Oct 38 53 preferred Consol Biscuit Co * 1 3X Consol Copper Mines 5 5% 3% 4% 65% 68% >2% Oct 11 3% Oct 11% 89% 114% 4% Jan 68 60 100 5% pref class A 1 Consol Gas Utilities Consol Mln A Smelt Ltd .5 53 58% 1 4K 4 4% Consol Retail Stores 100 8% preferred 3% Oct Oct 9,200 2% 25 69% Oct -3~, 800 9% 6% 9% Jan Apr ord reg—£1 Ford Motor of Can cl A—* Class B * Jan Oct Oct * 8,300 5% conv Crocker Wheeler Elec Croft Brewing Co Fruehauf Trailer Co July Game well Co 36 conv 6% preferred Oct 28 12 Oct 14% Jan Oct Aug 9% 1,100 : 18% 18% 25 3% 3% 200 35% 35% 100 19% Class A.——-------- Derby Oil & Ref Corp com* .. 16 33 Apr Oct 16 Jan June 87 May 89 8% Oct 19% May Oct 20 1% Oct 1,000 2 Oct 11 Feb 1,700 2% Oct 10% Jan 1,900 64 Feb 100 1,300 10 Oct 28% Mar 15 May 17% Apr 10 Sept 10 12% 15 70% 70% 20% 300 10 11% 6% "Tx "1M0 "B" 10 3% Oct 12,300 7 V Oct * 2 1 Elec Bond A Share com. .5 Edison Bros Stores Elsler Electric Corp Mar Oct 6% 1,200 13% 1% 1% 11% 8% 57 54 1 1 4% * 4% 3% 3% 1,200 11% 138,800 1,900 55% 3,400 58% 1% 4% 4% 2,100 2,200 32 25 32 100 15 51 200 10 Oct Oct 4% Jan Oct 28% Jan 48 Oct 80 Feb 50 Oct 87% 11% Jan Jan 9% Jan X 5% 2% 1% Oct Oct Oct 22 80 Jan Jan 6 Option warrants 3% 6 3,200 2% Oct 14 2% IK 2% 2,300 1% Oct Electric Shareholding— 1 Common. conv. pref ww * Elec Shovel Coal $4 pref..* $6 20 61% 68 6% 7 11% Electrographlc Corp com. 1 15 pf.100 Empire Gas & Fuel Co— 6% preferred 100 6%% preferred 100 7% preferred 100 8% preferred 100 Empire Power part stock.* Emsco Derrick «k Equip..5 Equity Cora com _10c Esquire-Coronet 1 Eureka Pipe Line com 50 European Electric Corp— 33% 400 ""160 "l6% 1% 55% 10 8% 2% 2% 7% 7 1 * 5 1 1 Corp Fldello Brewery page Feb 4,450 24 Oct 77 Mar 26 Oct 81 Feb 22% Oct 7 Oct 31% 19% 2% 1% % % 9% 11% 3% 8 11,800 % 1% 3% 45% 27% 8% 11% 25% 17% 15% 47% 1% 300 5 Oct 7 Oct 1% Oct 7% 1,000 5 Oct "6% ""7% """600 16% 5% Oct Oct 10% 600 8% Oct 25% 25% 2,000 15% Oct X X 2,800 % Oct 2819. 21 % 125 Oct 74 Hydro Electric Securities. * Hygrade Food Prod 5 Hygrade Sylvania Corp. Illinols Iowa Power Co.. Preferrred —...50 "ex "Y" Two 4% % 44% Oct 4 Oct 3 Oct 200 3% 516 50O Oct 12% 12 400 200 June 10 3% 3% July 84 12,800 Oct 72 38% 33 Sept 2% 12 ♦ Illinois Zinc 56 May 1% IX 300 X Oct 1 1% 800 % Oct 6 300 5 400 7 Oct 1,000 5 Oct 40 Sept 6 13 12% 10% 9% "T Oct 5 5% 4% Oct Oct Oct 50 20 20 7",500 200 "10% 10% 500 33 33 100 14% 15% 11% 12% 14 17 9% 20 Ireland..£1 10 6% pf-100 7% preferred.. 100 Indpls PAL 6% % preflOO Britain 15 *16" Oct 7% 900 16 4 25 Oct Jan 14% Oct 9 Oct 10 Oct 16 50 4 4 200 23% 26% 725 16 Oct 18% Oct Oil— Non-voting class A._. Class B Oct Oct 11 15,700 22 18% 22% 65 60 65 5,200 x7X 1,800 z7X 6% Oct Sept 2% 101 15% Oct 55 Oct 4% 17 Oct Jan % 9% 150 Sept "4X ~~5X '""260 2% 2% 2% 1,000 16% 13% 39 4% 18 5K 250 "1% 37% 3% 5 6 Oct 24 7% Feb 4% Oct 1% Oct 35 Oct 6,100 2% Oct 2,100 8 Oct 2,800 3% 15% 15% 350 Oct 18% 17% *13% 17% 12% 9% 18% 18% 13% 37% 37 K 8% 300 13 Oct 50 15% Sept 8% June 600 14% 14% Oct Oct 1,500 12% Oct 200 35% 10,100 8 500 12 *0 5% 10% 10% "86% 7 12 8 Indiana Service Indian Ter Ilium Oct 32 5% and Indiana Pipe Line Oct 36 1,000 1,600 Illuminating Shares cl A.* Imperial Tobacco of Can. 5 Imperial Tobacco of Great Oct Oct Sept 8 4% 5% Ctfs of deposit Oct 116% 27 4% 5 7% pref stamped—-.100 7% pref unstamped.. 100 Imperial OH (Can) coup—* Registered Oct Aug 780 Common.— Feb Feb Mar Mar Feb Mar Aug Feb Mar Feb Jan Oct 3u Oct Oct 7 10% Imperial Chem Indust— Am dep rets ord reg—£l 400 Oct jHylers of Delaware Inc— Feb 47% 77 120 Hussman-Llgonier Co... 10% Oct 6,100 2,200 8% 25c * Class A * Heller Co com.— 2 Preferred ww ——25 Hewitt Rubber com 5 Hey den Chemical 10 Hires (C E) Co cl A Hoe (R) & Co class A. -.10 Hollinger Consol G M—5 Holophane Co com * Holt (Henry) & Co cl A. ' Hormel (Geo A) Co com Horn (A C) Co com 1 Horn A Hard art— * 6% preferred 100 Hubbell (Harvey) Inc 5 Hud Bay Mln A Smelt---* Humble Oil & Ref * Hummel-Ross Fibre Corp 5 Rubensteln Oct % 9,600 1,100 10 60 preferred Feb Mar Jan Oct 24% 8% Co Feb 74 100 9% Metallurgical 72% 2,300 10% Fanny Farmer Candy Oct Oct 10% 7% preferred 100 Ex-Cell-O Corp-—-—..3 1 1 25% 22% % Jan 26% 56 Lead...* Mar 1,200 45 l'ts 9% Oct 1,700 43 9 1% Jan Jan Feb Feb Mar 350 55 55 % 716 Falstaff Brewing Oct 22% 55% Option warrants Fairchlld Aviation Oct 10 1% 43 "53"" 60 5 100 33% 43 Oct 100 7 11% 30% 52 Oct 22% Get 150 Elgin Nat Watch Co Empire Dlst El 6% 7% 98% 22% 17% 5% 40% 60 68 1% 1 Electrol Incvtc For footnotes see 24 Oct 16% 53% Ferro Enamel Get 23 150 $5 preferred.....__...* $6 preferred. Feddera Mfg Sept Jan 400 26% 15 J 23 27% >■: 120 74 120 75% * 100 25 Greenfield Tap A Die * '""8 4% Grocery Sts Prod com..25c Guardian Investors 1 Gulf Oil Corp 25 Gulf States Util 35.50 pref * #6 preferred * Gypsum Lime & Alabas. 3% Hall Lamp Co * 12% Haloid Co 5 Hamilton Bridge Co com.* Hartford Elec Light 25 Hartman Tobacco Co * 1% Harvard Brewing Co 1 6 Hat Corp of Am cl B com.l Hazeltlne Corp * 10% Hearn Dept Store com. .6 Helena 23 15 1st preferred Hecla Mining Co 23 5% Non-vot com stock 23 16% Oct Jan Oct 400 Oct Feb Jan Jan Jan Jan 1% Oct 4% 7 Gt Northern Paper 6% 2% 24 1,400 26% 6% 82% 82% 13% Oct 6% Feb 1,100 7% 71 26% 26 Jan 3% 6% Oct 52 950 A___* * Easy Washing Mach B * Economy Grocery Stores.* Mar % 3% % June 1,500 1 Oct 400 $6 preferred series B % 3% Oct Sept 8 Jan 11% J 7 preferred series 85 Gray Telep Pay Station. 10 Great Atl & Pac Tea— 7% Oct 9% 700 Jan 55 "Ik "l% T,506 Mar 13% 12 13 900 8,200 10% 35% ~T% Feb Oct 24 1% 80 32 Malleable Iron.25 Feb 5 250 7 30 10% Oct 2 55 4% % prior preferred. 100 6% preferred. 100 6% 1% 7% 10% 27% T1,500 1,100 Jan May 79 Oct 6% 3% Jan 96 42% 111 Oct 4 34% 3% Evans Wallower % Apr 50 Oct 52 3% 52% * pref A Oct 11% 5% East Gas & Fuel Assoc— Class A 1% ; """5% Elec Power Assoc com Oct Aug 700 65 58 X64 100 cl B com * 1 Duval Texas Sulphur * Eastern States Corp Oct 14 1,300 2 1 % 2 Durham Hosiery Common Oct 105% ...100 Eagle Plcher Lead 55 10 18 70% 19% 50 21 19% Sept Oct 3,300 6% 6% 9% Oct 13 5 1% Jan 100 200 Oct 10% Apr 13% 15 July extend.* Inc 1 10% 29% 5% 22% Jan 32 39 Sept Rapids Varnish—* 10% Aug Oct 10 Sept 22% 1% 30 July 6 Oct x22% V t c agreement Sept Oct 800 Oct 85 * Sept Mar 65 6% 30 * 33 preferred. Gorham Mfg Co— Grand 2% 25 39 Grand National Films i",6o6 13% Duro-Test Corp com Gorham Inc class A Sept ""■3% "T* 66% 8% 37 preferred * Goldfield Consol Mines.-1 Sept Apr 20 6% * 35% 9 85 7 * * Godchaux Sugars class A.* July 26 Dubiller Condenser Corp-1 Elec P & L 2d Oct Feb 3% May Oct 45 32% Glen Alden Coal Class B Oct 200 2,400 66% Gilchrist Company 16% 75 9 9 3K 10 Duke Power Co Aug 2,700 19 18% 100 ..* 7% preferred July Oct Oct 300 100 7% preferred 8% 2% 62% 1 8% 1% com—.1 200 Jan Oct 85 85 100 6% preferred A Oct Sept 13% Rubber— 3,000 Douglas (W L) Shoe Co— Draper Corp A 28% 10% 5 Driver Harris Co Tire Oct >32 1,000 1 13 com.20 pref———* Apr £1 5% % preferred 33 conv General Oct Oct 65 11% Co A stock—* 15% 28% 15 % 50 General Telephone Oct 25% 1 Dominion Steel A Coal B 25 Domin Tar A Chem com.* Fansteel Feb Gen Rayon Oct 20% »16 % pflOO 5 23% 10% 85 33 preferred.-..--—* Georgia Power 36 pref-.-* Gilbert (A C) com » Preferred * 3% 400 4,000 pref— Gen Water G & E 6% 15% 1, Feb 60 Oct 3,100 l3ie Feb 10 Oct 19 19% 15% % "Tx Dobeckmun Co com . Feb Oct Oct 19% 18% 1% 3% 3% 2% Dlvco-Twln Truck com__l Eastern Sept Feb . Distillers Co Ltd June 10% 1% 1% Diamond Shoe Corp com_» Distilled Liquors Corp Gen Pub Serv 36 Jan 15 Fdy—1 Det Mich Stove Co com..1 Detroit Paper Prod 1 Detroit Steel Products—* De Vilblss Co com 10 Preferred ...—10 Gen Outdoor Adv 6% Jan 50% 65% v 1% 68 2% 2 Oct 20 6% pref ww._ Detroit Gray Iron Feb 108% 16% 70 800 65% 68 100 Warrants. 2% Oct 9% * 25 Oct Jan 8% 9X 9% * ord reg-£l Gen Fireproofing com.— General Investment com.l Jan 15 Oct pf._* 36 preferred Oct 75 Aug 4.300 10 coml Oct Amer dep rets 5 . Detroit Gasket & Mfg 6% 12% 1it 300 3% 4K 900 14 6% 4% 71 8% 600 1,600 8% 71 7 Dejay Stores 1 Dennison Mfg 7% pref-100 Oct 7 700 14,300 12 21 9% 12 Oct 4 14% 10 8 5 200 16 % 8% 100 6% 8% 8% K com.u.5 Davenport Hosiery Mills.* Dayton Rubber Mfg com.* Darby Petroleum Oct 7% 6 * Feb 13 10 Cusl Mexican Mining. _50c Sept 8% Sept Oct 35% 5 Curtis Mfg Co 2% 7% 100 16 May 2% 102 100 6%% preferred Oct 0 Gen Electric Co Ltd— Feb 12 Oct % 4 3K Oct 13 Gatlneau Power Co com Mar 1% Oct Sept Oct 8% Oct 1% Oct 16% Sept % 6% 4% 2,800 Jan 20 Oct 3 900 2 1% IK Oct 17 18% 14 General Alloys Co 5% 11 14 300 18 1 5% preferred Oct 1% 38% Feb 20% X 4,000 16% 18% 15 preferred 13% 5% * Cuneo Press Inc Conv 1,200 9 11 Cuban Tobacco com v t c.* . July .* 10 Crystal Oil Ref com Preferred Mar 5% 6,200 25 Preferred 7% 94% Oct 4,900 %, 5% 18% 1 Common Oct % 5K com..25c Crown Drug Co Jan ---Oct 8% Oct 4,200 5% 6 18% 100 frcs 5 1 2 300 % Crown Cork Internat A. __ 1% 5% 21% 25 Froedtert Grain A Malt— "9",700 8% Crowley, Mliner & Co * Crown Cent Petrol (Md) »5 Amer dep rets. 72 12% 12% "26 Oct 1,750 6 Franklin Rayon Corp com 6,100 "23% "26% 12% Cramp (Wm) & Sons com.l Creole Petroleum 5 50 32% Fox (Peter) Brewing 16% 15 16% £1 Courtaulds Ltd Jan 2% 2% 2% 50 preferred 5% Oct 1% May 58 25 Motor Co Ltd— 100 72 72 34 12,300 58 Am dep rets Jan 18% Oct Mar 8% "32"" * Florida P & L 37 pref 800 3 2% 3 Oct 4% 20 1 ...100 16 preferred 109% June 3% Oct 50 112% 115 6% 8% 100 7% 1st pref— Fisk Rubber Corp. Jan 52% 3% 19 2% Jan Stores— Feb 35 300 First National Mar 21% 61% Oct 400 2% 2% Oct 400 22% 20 Oct Ford Motor of France— 9 7% 6% Low 41 200 60 54 56% Ford 7,500 20 19% 1 S6 preferred A (Phila).lO Feb Corroon & Reynolds— Common Fire Association Jan 15 52 9% 7K 9 "7% Cosden Petroleum com— Price Oct * * * Copperweld Steel com..10 Cord Corp -...5 Par Shares Jan Oct '""406 40* 'ia Cook Paint & Vara com. Copper Range Co Week a;- 4 Oct 5i« Cooper Bessemer com S3 prior preference for of Prices Low High 4 5% 77% 5% Continental Secur Corp..5 54 preferred Week's Range Sale 3% 17% 102% 2% 26% Continental Oil of Mex._ .1 Cont Roll & Steel Fdy—* Last Mar 135 Oct Oct Range Since Jan. 1, 1937 STOCKS (Continued) 10% 1% 1% & IK Sales Friday Feb Mar Mar 100 Oct 90 400 1% 4% 77% 10 Consol Steel Corp com * Cont G & E 7% prior pf 100 K 48 X Oct 20 90 90 90 Consol Royalty Oil Oct Oct 1,500 4,500 1,200 IK .1% IK 57 K York City Teletype: N. V. 1-1943 Mar 110 Consol GELP Bait com * Street, New HA 2-5383 Jan 600 23,700 1,100 3% 5% CO., INC. WILLIAM P. LEHRER 60 Wall Conn Gas A Coke Secur— Oct Oct Oct Oct 25 84 Oct "86% "86% 1% 1% Oct Oct New York Curb 2816 Sales Friday STOCKS Week's Range Last (Continued) Sale Par of Prices High Low Price Exchange—Continued—Page 3 Range Since Jan. 1, 1937 for STOCKS Week 1 7% preferred 100 5% 51 55 % 2,050 46 19% 21 5* 1,500 18 Oct 25* 60 2 2% 700 19 12% % A stock purch warr.. 19 1% 9% 5,100 5* 500 5% 30% 16,200 12,000 3% 7% 500 2% 600 4 % Internat Metal Indus A 10 Internat'l Paper & Pow war 3 45* International Petroleum. 30% 28% 3 6% 23 % Oct 38 *16 400 % Oct 4 3 45* 4,100 Oct 45* 4% 1,200 2% 3% 5* % 7% 45* Oct 7 16 1 Interstate Home Equip.. 1 29 29 25 1% H 11% 5% 45* 716 716 0% 716 1,300 Iron Fireman Mfg v t O..10 16 % 16% 16% 200 Irving Air Chute 1 85* 7% * 1 8% 1 400 Italian Superpower A Warrants Jacobs (F L) Co Jeannette Glass Co 1 % 9 5* 7% 3% 3% 64 64 75 75 75 % 100 83 83 85 Jonas A Naumburg-._2.60 Jones A Laughlin Steel. 100 39 ..100 3% 2% 31% 75* 14 5* 3% 41 3% "is % 965* 83 3,500 2,400 Oct 103% "8 50 "8% 51% 3% 3% 4,600 2,800 12 Aug 15* 13 5* 55* % 22% Oct Oct 6% 100 Sept 6 Oct Oct 45% Oct 1% Oct Feb 13 45* "»6 20 13 9% 11 300 6,800 10,900 800 10,500 100 Apr Jan Jan Feb Jan Jan Feb Mar Feb Feb Oct % 8% 9 2% Oct 20 Jan Oct 135* 25* Apr 13% Oct 39 Aug Oct 305* 125* Oct 34 13 Oct 13 Feb Feb July Oct Oct 7 Mar Oct 25 * Sept Oct 185* 165* 145* Oct 5% Oct Jan Feb 68% 55% 170 63 Oct 93 Mar 275 48 Oct 80 Jan 1% Oct Jan 7 Oct tf. 2% 3% 200 7% 8% 17,300 »I6 600 1% % 42% 1% 3% 3% 300 % Sept Oct Oct Oct 82 Oct 155* Apr 19 1,150 5001 % 2% 10% 35 65* 155* 25* 555* 55* 105* 42 % 425* Oct 255* May 26 Oct ' 8% Sept 17 Jan 7% 700 5 Oct 2% 5% 7% 15% 16% 3% 3% 10% 13% 92% 100 1,000 4,100 2 Oct 4% Oct 650 14 6% 2% 2 Massey Harris common..* 7% 16% * 3% Dredging...* 12% Mead Johnson & Co * Memphis Nat Gas 6 4 Mercantile Stores com Merchants & Mfg cl A...1 24 100 4 4% 20% 24 1,000 5,900 375 1,000 400 Oct 2% 7% 2% 18 3% "40% 42 % 26% 1 3,300 425 % 20% Jan 9 % 3% 5% Sept 200 700 Jan 18 85* 1,100 75* Oct 15* 15* 15* 25* 1,200 15* 900 15* H 10% Oct 14 15 15 % 1,300 % 300 "365* "41" "406 1st pref 60 """30 % Oct Oct Jan Oct 37 Feb Sept 106 Jan Oct Oct 45* 35* 115* 185* 15* 8 Jan Jan Mar Feb Jan Jan 2% Oct 7 Feb % Oct 2 Feb 29% 70 Oct 10 Jan Oct 24 Mar Oct 90 Mar Oct 45* 145* Mar Sept 13 Aug Oct 5 Feb Oct 9% 6% Monarch Machine Tool..* 8% 4% 13 Monogram Pictures com.l 1% 29 Oct 43 Jan 60 Oct 98 Jan Oct Oct 165* 115* Apr 25 1 3 700 10,200 13% 400 12 Oct 900 1 Oct 400 3 Oct ""350 131 3 10 * 9% 6% 2 135 135" 30 2819. 137" 30 Jan 50 100 5% 2% 5% 27% Oct 90 25* 25* 45* Feb May Sept Feb 25* 155* 95* 745* 17* *20 75* 695* 95* 875 76 Jan 695* 125* 55* Oct 65 Jan Oct 4 29,100 Mar Feb Oct 4 "26" Oct Feb Mar 105* Feb Feb Feb 5* 5 Class A pref 316 5* 1.800 15* 15* 15* 200 7 * 55* 75* 4,500 4% 365* 1,666 30 6% 1st preferred Ollstocks Ltd com.. Oklahoma Nat Gas Aug 15 Aug 15* 1,500 1% Sept 3,200 25* Oct 35* 115* Feb 55* 25* 9,800 1,250 15* Oct 37 42 37 275* 900 23 Oct 295* 1,300 25 Oct 485* 100 15* 100 % Oct Oct 45* 100 3% conv Oct 3 145* 65* 105* % 925* 1045* 65* 100 145* $1.30 1st preferred: Pacific Tin spec stock Parker Pen Co 95* 1 33 5* 325* 925* 925* 1045* 1045* Pender (D) Claas B "25* 8 285* 700 150 75 100 106 20 98 40 75* $0 preferred 17 Jan 157 Feb Pepperell Mfg Co 37 Jan Perfect Circle Co 1045* Oct Oct 1025* June 98 Oct Sept 95* 6% Oct 95* 2,700 900 19 5* Oct 125 85 Oct 25* 2,400 25* 8 35* 75* 285* 265* 1% Oct Oct 8 500 8 45* 400 25* Oct 75* 100 7 Oct 285* 1,000 265* 400 Oct 265* Oct 255* Oct 200 May 585* Sept 2% Oct 145* Oct 33 5* 350 26 175* 45* 195* 6,700 zl5 55* 61,200 25* Oct Oct 2,500 3% 155* 145* 25 Oct 20 Oct 1015* 19 55* 20 16 21 265* 35* 275* 150 45* 1,100 * 35* 19 100 Oct Apr Oct Oct Oct Oct Oct 1095* May • 28 Oct Mar * 65 June Mar 1 1 35* 25* 35* 11,400 * 35* 25* 95* Oct Feb Oct Mar Sept Jan 86 Oct Jan 795* Oct Jan * 885* 865* 89 525 * 82 82 83 50 125 142 350 115 Oct June 2 "69 % '700 Sept Mar "66" 62 Oct Feb 865* 29 250 65 Oct Apr 150 25 Oct Feb Penn Salt Mfg Co 50 Penn Traffic Co 2.50 Pa Water A Power Co * Oct Oct 22 5* 45* 45* Pennroad Corp vtc Pa Gas A Elec class A Pa Pr A Lt $7 pref Oct 28 5* 92 315* * $5 preferred Penn Mex Fuel Co Oct Oct 855* * 205* Penn Edison Co— $2.80 preferred 5* 125* 20 21 10 com Oct Oct 103 Gorcery A...* Peninsular Telp Preferred 7 85 * Parkersburg Rig & Reel-.l Oct Oct 90 225* Page-Hersey Tubes Ltd..* Pan-Amer Airways new..5 Pantepec Oil of Venez 1 Paramount Motors Corp.l Sept 2,500 98 15 pf.25 55*% 1st preferred...25 Pacific Ltg $6 pref * Pacific P & L 7% pref.. 100 Pacific Public Service .* 5* 785* 5% 1,300 105 ..100 1 475* 68 50 pref Jan Oct 26 100 com. $3 preferred Apr Aug 25 42 * Ohio Oil 6% pref ..100 Ohio Power 6% pref...100 Feb 98 62 "29 k~ 10 Ohio Brass Co cl B com..* Ohio Edison $6 pref * 10 Sept 15* 2 50 A.. 100 Feb Feb Oct 15 55* Nor Ind Pub Ser 6% pf.100 7% preferred 100 com cl Feb Oct 15* 1 Northern Pipe Line 115 4 5 6% prior preferred Feb Oct Oct 915^ "345* Nineteen Hundred Corp B1 Common ..1 16 preferred * North Amer Rayon cl A..* Class B com * 3I6 % 315* —100 Nlles-Bement Pond Oct Sept Oct 800 ""*260 45* Patchogue-PIyraouthMllls* 100 Voehrlnger 1 975* Mar 98 Oliver United Filters B___* Overseas Securities » Pacific Can Co com * Pacific G & E 6% 1st Feb Feb 400 70 70 445* 3,700 29 99 100 Jan 1% 985* 300 Oct "~1% "l% "i"6oo 99 Mar 155* 1155* 1055* Aug Class A opt warr Class B opt warr Niagara ShareClass B common 0% 34 Oct 2,400 Mar 16 Oct 85* 14 Mar Oct 35* 22 50 500 795* 25* 805* 25* 55* 9 200 10 94 Oct Oct 1% 6% 55* 26 26 7 Oct Oct 10 125* 2% 400 55* Oct Oct 26 21 535* 20 10 Novadel-Agene Corp Oct 1,900 700 Oct Oct 2d pref cl B Oct Oct 1% 1,600 22 §Nor Texas Elec 6% pf_100 Northwest Engineering * % 8% 67 20 ..5 5 1% 3,100 595* Ohio P S 7% 1st pref...100 2% 7% 15* 15* 15* 67 22 Mar 500 1H 1,300 Oct Oct 100 Jan Oct 7% 685* Sept 58 1075* 105* x57% 1% 51% Oct % 53 59 1,000 Oct Feb Feb July % % 100 685* 30 Mar % 60 15 200 61 1085* 1085* 125* 15 3,f '16 Feb Oct Sept 45* 19 60 61 1085* 316 35* 53 45* 100 July Oldetyme Distillers 105* 5 68 45* 335* 225* 35* 165* 255* 145* 200 4 Oct 93 Jan 26% Oct Oct 5* 485* 1% 45* Aug Oct 3 65* 65 7 14,100 Mid-West Abrasive....60c 2.60 100 115* 27 795* 45* Mar Oct 400 "i% Jan Oct June 30 300 Utility Securities.* Jan % Oct Oct 102 No Am Jan Oct Oct 8 25* Nor Cent Texas OH 5 Nor European 011 com._.l Jan Oct 25 195* Oct 2d pref cl A 100 2d preferred.... 100 Oct 1% 3,600 Midwest Oil Co Oct 300 20 185* Feb 2% Midwest Piping A Sup * Mining Corp of Can * Minnesota Mining & Mfg. * Minnesota P & L 7% pf 100 page 5% 5% 5% 5% Jan 3 A % 35* 25 19 5 6% pf_100 Niagara Hudson Power— Common. 10 125 1,000 5 85* Midland OH conv pref Midland Steel Products— Montreal Lt Ht & Pow Sept Aug % * Oct % 45* Oct 4,800 15* 3 % * Montgomery Ward A 35* 200 Oct Shipbuilding Corp— 315* 82 Class B vtc Montana Dakota Util N Y Founders shares New York Transit Co N Y Water Serv Oct 1 Metropolitan Edison pref.* 10 N Y Pr A Lt 7% pref..100 $6 preferred % 3% 1H 4% Oct Oct 3% Warrants. * '4,500 -"16 15* Oct 90 24 Metal Textile Corp com.. Partlc preferred * Oct 10 * Warrants N Y & Honduras Rosario 10 N. Y. Merchandise 10 Nor Sts Pow 7% 100 Jan Oct "l6 6% preferred.. New England Tel A Tel 100 New Haven Clock Co * New Jersey Zinc 25 New Mex & Ariz Land.__l Nipisslng Mines 1 * Middle States Petrol— Class A v t c 7 55* 316 25* 100 Noma Electric Nor Amer Lt & Pow— 5,300 65* com Jan 2% 8% 3 Jan Sept 6,900 2% 45* % 4,700 7% Oct 10% 2% 500 7 8% 52 Mexico-Ohio Oil Michigan Bumper Corp._l Michigan Gas & Oil l Michigan Steel Tube..2.60 Michigan Sugar Co * Preferred. io Oct * Newmont Mining Corp. 10 10 1% 55 65*% A preferred... 100 Mesabl Iron Co ___l 55 Nelson (Herman) Corp ..5 Neptune Meter class A...* Nestle-Le Mur Co cl A ♦ New Process common N Y Auction Co com N Y City Omnibus— 110 10 65 Participating preferred.* Merritt Chapman & Scott * 850 4 * Jan Oct 20 68 com 65 58 » Nehl Corp common 1st preferred Feb Aug 100 * For footnotes see Mar Feb 135* 175* 1115* 125* 215* 785* 695* 95* Oct Oct Jan 10 MassUtil Assoc vtc Monroe Loan Soc A 21 Oct Feb Sept 95 100 Common 285* 1075* 35* 885* 655* 85* 85* 1% Oct Mar 60 22% 1 Oct * Nev-Callf Elec Oct "800 47% 100 Master Electric Co McCord Rad A Mfg B Oct 25* 245* 7% preferred ..100 New Bradford Oil 5 New Engl Pow Assoc * Mar 10% 13 * Conv part preferred Jan 52 1145* Oct 175* Margay Oil Corp 12 100 "0% National Steel Car Ltd * National Sugar Refining..* National Tea 5% % pref. 10 Jan Oct Feb 15* 8 5* 50% 35* * Molybdenum Corp 30 Oct Mar Oct 15% Communication ordreg£l Jud, Jan "200 1 $2 non-cum div shs Mid vale Co Jan 95* 1265* '11% "ib% Marconi Intl Marine— Mock, 29 100 1% 2% »»,« preferred.. McWilllams Oct Oct 1% MOO 1,800 13 Marlon Steam Shovel 3,500 3 Nebel (Oscar) Co com Jan 135* 27 June 65* 25 Jan Oct 125* 27 62 * Oct 200 4,000 27 _ Jan Feb 8% 105* 43 4 Nat Rubber Mach Nat Service common Oct July 105* 8 9% 13% * com 14 73 , .... conv Nat Mfg A Stores Oct Oct % 50 89 40 3% 4% 103 Loudon Packing * Louisiana Land A Explor. 1 $5 "95* Oct 8% 7 National Container (Del).l National Fuel Gas * Feb Jan Oct 6 * . pref 12 4 15* National Transit 12.50 Nat'I Tunnel A Mines * Nat Union Radio Corp 1 Navarro OH Co * 185* Oct Long Island Ltg— Manlschewltz (B) Co Mapes Consol Mfg Co.. conv "95* com National Refining Co Feb Oct 21% Lucky Tiger Comb G M.10 Lynch Corp common 5 Majestic Radio A Tel 1 Mangel Stores Nat Bellas Hess Feb Mar Oct * 6% pref class B 11 12 New common... Jan 63% * preferred * t c v National OH Products National P A L $6 pref.. 3,700 49 5 7% Feb Feb Sept Aug 185* 25* 130 52 1 Common.. 10,000 Oct Oct • Corp 15* Feb 2,000 % Lone Star Gas 1 275* 1 3 13 5* 5 Locke Steel Chain Lockheed Aircraft 1,700 Oct 1,300 1 35* » Refining 95* Jan 14% 4 26 Lipton (Thos J) cl A Lit Brothers com Loblaw Groceterias A 85* Jan 32 Le Tourneau (R G) Inc._l Line Material Co * Lion Oil Oct »*j« 12% 1 Develop Oct 12 425* 6% 10% 105} Lane Bryant 7% pref..100 Langendorf Un Bakeries A* Lehigh Coal A Nav 10 24 J* 600 50 1 * 100 2,100 Oct 7% Lackawanna RR (N J). 100 Lefcourt Realty com Preferred 11' Oct 10 Lakey Foundry A Mach. 600 Oct 175* Sept 6% 1 Kleinert (I B) Rubber..10 Knott Corp common Koppers Co 6% pref.-.100 1 Oct 11 30 1 Kreuger Brewing Oct 1345* 95* 165* Sept 23% Kings Co Ltg 7% pref B100 5% preferred D 100 Lake Shores Mines Ltd 45* * 108 Kimberly-Clark Co preflOO Kingsbury Breweries 1 Kress (S H) A Co pref 45* * % 100 Julian & Kokenge com * Kansas G & E 7% pref. 100 Kingston Products 5,200 2,800 Nebraska Pow 7% pref. 100 100 Keith (Geo E) Co 7% pflOO Kennedy's Inc.... 6 Ken-Rad Tube <fe Lamp A * 75* 55* Nat Auto Fibre A hz 4% 1% 1,500 Apr 7% Murray Ohio Mfg Co Nachman-Sprlngfilled 900 Jersey Central Pow & Lt— Oct Jan July Mar Oct Oct Aug 1,100 Mar 80 0% 3% 27 75 25* Mountain Sts Tel A Tel 100 Oct 100 300 "e% 1 Klrby Petroleum Klrkl'd Lake G M Co Ltd. 1 Klein (D Emil) Co com..* Jan High Oct 5 National Baking Co com.l Oct Oct Low 25 25 180 National Candy Co com. National City Lines com.l 8 H 34 25* Mar 215* 35* 155* 100 Range Since Jan. 1, 1937 for 100 85* Apr 155* May 15* Feb Oct 3,200 34 34 Mtge Bk of Col Am shs Mountain City Cop com 5c Mountain Producers 10 1937 Week Shares 25 Moore (Tom) Distillery 38 Oct 'i. Investors Royalty Feb * Mar 30 % New warrants Vitamin Feb Moore Corp Ltd com Class A 7% pref $3 * Interstate Hosiery Mills..* Interstate Power $7 pref.* Feb 25 395$ Oct % * Leonard Oil Low Sept 9 Oct July Oct 7% -1 11.76 Preferred 13.60 prior pref Old warrants 65*% preferred 6% preferred 7% preferred of Prices High Price Jan 25* 185* Oct * Class B_ Feb 44 Oct Oct Sept 335* International Products...* Internat Radio Corp 1 Internat Safety Razor B-* International Utility— Oct 2% Registered Class A July Oct 19 2% 22% 75% 285* 4% 54 % Holding & Inv_.* Internat Ilydro-Elec— Pref S3.60 series Oct Oct % Insurance Co. of No Am. 10 International Week's Range Sale Par High Moody Investors pref.. International Cigar Mach * Internat Last (Continued) Low Shares 30, Sales Friday Industrial Finance— V tc common Oct. 100 « 142 82 285* Volume New York Curb Exchange—Continued-Page 4 145 Last Week's Range for (Continued) Sale of Prices Low High STOCKS Wee\t Price l PhUadelphla Co com » Phlla Elec Co 55 pref....* Phila El Power 8% pref.25 * "II" .......1 414 Conv pref series A.... 10 23% * 1414 6% Pierce Governor com 1 19 400 1114 1414 000 *5% .... 5 Oct Oct 34 Mar Feb Southern Calif Edison— 5% original preferred.25 6 % preferred B 25 26 % Oct Oct Oct Oct Oct 11% Mar 15% 6 56 6% Oct Oct Oct Oct ~92~~ ,600 82 pf 100 1 21 2 23 % 7^4 100 preferred 147% Feb 300 Oct Oct 2% 19 Jan Apr ,300 ,400 ,800 2% % 3% Oct Oct Oct 6% July 4% Jan 12% Feb Oct Oct Feb Jan Jan 35% Feb »t« Jan 4% Oct 200 16 6 Oct Oct 7% 6 98 100 Oct Oct Sept Oct 103 109 Jan Jan Jan Jan 98 June 105 500 . .. 17% Mar 11% 14% Public Service of Indiana— * * 57 prior pref 56 preferred 31 17% 24 1414 31 17 60 Common 74 .. I. "Ill II" 120 117% Sept 115 90 90 28% 13 7% 33*/. 18 y< 8 Oct 96% 99 99 1,575 10% Oct 200 6% 95 Oct 14% * 56 preferred * Pyrene Manufacturing.. 10 17 32 ig% Quaker Oats com * 11..—, 6% preferred 100 "" Quebec Power Co *1111-Ry. A Light Secur com...* Railway A Utll Invest A.. 1 " Rainbow Luminous Prod— Class A ....* Class 3 * I'll 124% 17 16 12% »,6 Oct 28% Oct 1% 20 125% 100 .... 18) 38 17 * 18 53 conv preferred • 38 Raytheon Mfg com...50c .. Red Bank Oil Co * " Reed Roller Bit Co * 26% Reeves (Daniel) com * Relter-Foster Oil _...* II Reliance Elec A Engin'g .6 "".I Reybarn Co Inc 1 Reynolds Investing 1 " is16 Rice Stlx Dry Goods * 6% Richmond Radiator 1 2 Rio Grande Valley Gas CoVoting trust ctfs 1 % Rochester G A E6%pfD 100 Rochester Tel 6 % % pf.100 Common 38 2% 3 Oct 49 57 38 53% Mar 7% Feb 21% Sept 200 1 Oct Oct 400 3% Oct 2,100 2,200 pref Royal Typewriter Russeks Fifth Ave 4 400 "600 3% 1,900 4 .... 1 1,100 8 9 40 3 2 80% *16 9 57 2% 2 86 86 Safety Car Heat A Lt ...* St. Anthony Gold Mines. 1 3% 76 2% 4 78 3 5 H__-_ • Manufacturing..25 28% 1% 15 28% 1 15 2fi Sanford Mills com Savoy Oil Co Schlff Co common Scovtll Scranton Elec 56 pref ♦ * Scran ton Lace Co com Scranton Spring Brook Water Service pref 110% July 14% Apr Jan 50 36% 1% Oct 75 80% Oct 200 % Apr Oct Jan 6 4% 78% 3% 7% preferred 21,100 75 900 2% 1% 25 1% Seeman Bros Inc * 100 300 1,700 1 13 Oct Oct 23% Oct Oct 109 36% Sept 1 * * 3% 1 5 Common Convertible Stock 55.50 prior stock Sentry Safety Control Seton Leather com 17 25 -- ] 1 68% ... - 5,100 2,600 250 si6 * Simmons Hard're A Paint * Simplicity Pattern com... 1 Singer Mfg Co. 100 Singer Mfg Co Ltd— Amer dep rec ord reg.£1 Sioux City G AE 7% pf 100 Skinner Organ com * Smith (H) Paper Mill * Solar Mfg Co 1 Oct Oct Oct 2 Oct Oct 350 69% Oct Oct Jan % 19% 2,050 92 87 21 9: 108' 107 10: -- 20 11% Apr -- 7% 100 Jan 5%, Jan Jan 4% Feb 9% Mar 30 4% Jan Jan 28% Mar 101% Mar 104 June 12% Mar 6% 28% Jan Feb 18 Oct 33% Feb 85 Oct .. 2% 7% 2% 6% 235 25 2,500 29% 2 500 5 40 230 4% -- Aug Oct Oct Oct Oct 98 2 3 2819 600 July 16 -- Apr Oct 1% Oct Tonopah Mining of Nev.l ...... Trans Lux Pict Screen— 3% 6% ,5u 11% 44 Class A 1 Tung-Sol Lamp Works... 1 7% * 80c div preferred Oct 54% May Feb Jan 154% Mar 114 Feb 28% Apr -- — Tonopah Belmont Devel.l 109 Oct Oct % Sept 6 Oct ...... Union OU of Calif deb rts Union Premier Foods Sts.l Union Stockyards 100 United Aircraft Transport Oct Sept 44% 100 Mar Oct Oct 7% preferred A 55 % 3% 21 Am dep rets def reg.__£l Todd Shipyards Corp * Toledo Edison 6% pref. 100 Ulen A Co 7%% pref...25 5% preferred 2 Unexcelled Mfg Co 10 Union Gas of Canada • Union Investment com..* 4 106% x3 * £1 Am dep rets ord reg 117% Jan 6% July 69 Feb 4% Jan 26 May 2% 1% 300 200 pref For footnotes see page % 16% 1 100 Apr 60% 14 5,500 6,700 Apr 78% 68% J ! ! 15% 38% Oct Oct 800 8,000 Simmons-Broad man Pub— Conv 1% 6 31 and Allied Stocks* July 1 Common .1 6% Jan Transwestern Oil Co 10 8 Mar Tri-Contlnental warrants.. 141 Apr Trunz Pork Stores * % Jan Tubize Chatlllon Corp_..l 51 Oct 23% 40 5 1% 7% 2 9 Sherwln Williams of Can.* Shreveport El Dorado Pipe Line stamped 25 Silex Co com .* 7( 71 74 79 * 1 Shattuck Denn Mining..5 Shawinlgan Wat A Pow..* Sherwin-Williams com..25 5% cum pref ser AAA 100 1 5 1' 100 1% 1% £1 1 Seversky Aircraft Corp 1% 3 16% 1% 25 Allotment certificates... Selfrldge Prov Stores— Amer dep rec 25 25 1 - Segal Lock A H'ware Selby Shoe Co Selected Industries Inc— Oct May ... * * Selberling Rubber com Oct Oct 71 58 ... Securities Corp general 18 17% - Samson United Corp com. 1 Jan Jan 5% 29% Tobacco Securities Trust 13% 108% 110 15% Thew Shovel Co new com 5 Tllo Roofing Inc 1 Tobacco Prod Exports Feb Oct 2% 3% 36 Superior Ptld Cement B._* 13.30 class A partlcipat * Swan Finch Oil Corp... 15 Swiss Am Elec pref 100 110 Taggart Corp com 1 6% Tampa Electric Co com..* Tastyeast Inc class A...1 1 Taylor Distilling Co 1 2 Technicolor Inc common.* 21 Teck-Hughes Mines 1 5 Tenn El Pow 7% 1st pf.100 55 Texas Oil & Land Co 96 Texon P A L 7% pref—100 2 Aug Oct 600 II"" * ..1 50 Aug Oct 1,800 18 27% 15% 4% 5 Oct Oct Sunray Drug Co Sunray OU pref 5%% conv 3% 14 Tishman Realty A Const.* Tobacco Sept 5% 7 July 112 1 Jan 55% Mar 50 200 2,300 St. Lawrence Corp Ltd.. .* 50 5 100 Feb % July 104% Feb Oct Oct Oct 27% .. Feb 7% Oct 32 8 7% 40 3 2% Oct 2 11 Apr 13% Mar June 5% 516 51 55 8% Oct 1 7 6% ... * Ryan Consol Petrol * Ryerson A Haynes com__l St Regis Paper com Sept 97% July % Feb 1% Oct : 8% Oct 1 12% 200 110 4 * 2% 52 conv pref A Oct 500 3,100 % . 52.50 conv pref ' % 3,200 6) 2) * * Rustless Iron A Steel 32% Mar 5% Jan 5% 1% ..20 Rotallte Oil Co Ltd Oct Oct \ 3} ts 26 ord reg.£l com...5 Roosevelt Field Inc 5 Root Petroleum Co 1 conv 3% % Amer dep rets 51.20 46% Mar 3% % Rolls Royce Ltd— Rossla International 21 Oct 4% Sept % Oct 20 Sterling Brewers Inc 1 Sterling Inc 1 Stetson (J B) Co com • Stlnnes (Hugo) Corp 5 Stroock (S) A Co * 8Stutz Motor Car * Sullivan Machinery__._.* Mar 14 . Sterling Aluminum Prod.l Feb 800 5) 27 5% 23 % 25% 1 5% 2d preferred Jan 2 H June »i. July ..... Raymond Concrete Pile— Rome Cable Corp 25% » 2% Jan 150 18 Stein (A) & Co common..* 6%% preferred 100 Sterchl Bros Stores * 1st preferred 50 Jan Jan 60% 19% Standard Wholesale Phosp & Acid Works com...20 Stairctt (The) Corp vtc.l Steel Co of Canada ord..» Jan Jan Jan Jan Jan 200 2% "19 Standard Silver Lead 1 ""i,j Standard Steel Spring new5 11% Standard Tube cl B l 4 Feb Oct Apr Oct % ... Puget Sound P A L— 55 preferred Preferred Standard Products Co. Jan Oct 26 Oct 90 10 * Pub Utll Secur 57 pt pf 103 106% 4% 87% 100 7% prior Uen pref...100 5% preferred Feb Pub Service of Okla— 6% prior lien pref Jan Feb Aug Apr 93 Oct Sept Ill .. 98 Oct Oct "" 100 100 6% preferred 7% preferred 350 74 Pub Serv of Nor 111 com..* 6% 26 100 101 1 2 .* 1% Standard Pow A Lt Common class B 68% Jan 41 Mar Oct Oct 22 10% 250 7% 40% SI.60 conv preferred..20 Standard Invest *5% pref* Standard Oil (Ky) 10 Standard Oil (Neb) 25 Standard Oil (Ohio) com 25 Feb 200 _ o % .... I.I" HHH "III " 33% 41 Oct 1% ,000 ,400 8% 6% 6 11 15 100 600 ,800 8% 7% 16% June Oct 1% 8% 500 1% 9 3% 1% 5% 15% 22 2% 24% 34 4% 15% "~6% Southland Royalty Co...5 South Penn Oil 25 So West Pa Pipe Line..50 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 A Seal com. 1 Conv preferred 10 Standard Dredging Corp— 9% Jan 27% Feb 116% Mar * 56 preferred 6% 810 3% __ Prudential Investors 4% 500 1% com..* * "21 1 2% Pressed Metals of Amer..* Producers Corp 1 14 Prosperity Co class B • g% * * 200 9 Premier Gold Mining 33% 3% 6% 8% 86* Pratt A Lambert Co Providence Gas 6 Mar Feb Feb Jau 40 30 5%% pref series C 25 Southern Colo Pow cl A. 25 7% preferred 100 "III" South New Engl Tel 100 Southern Pipe Line 10 " Southern Union Gas * 63% 7% 58 5% Power Corp of Can 300 5% Pittsburgh Forgings—.1 g% Pittsburgh & Lake Erie. 50 Pittsburgh Metallurgical 10 "I" Pittsburgh Plate Glass..25 "90% Pleasant Valley Wine Co. 1 1% Plough Inc * 9 Polaris Mining Co 25c 3% Potrero Sugar com 5 1% PowdreU A Alexander "3% 3" II Pltney-Bowes Postage Meter ....._* Pub Serof Col 7% 1st 700 4% 23% ... Pioneer Gold Mines Ltd-.l Stores 4% 2% 19 6% 1% 2% 700 ' ...1 Pines Winterfront High \y 7^ South Coast Corp com 30 2 ... 354 1 1 Feb June Phoenix Securities— Common Low 116% 111 "4% 4~ Range Since Jan. 1. Week Price 300 "I Phillips Packing Co for of Prices Sonotone Corp Boss Mfg com 8% July 20 Jan Oct Oct 4 400 3 7 Week's Ranoe Sale Stores 4*^ 7 4% 41s Last (Continued) 1, 1937 Range Since Jan. STOCKS Pharls Tire A Rubber Sales Friday Sales Friday 1 10% Jan Aug 35 Feb 7% Feb 13% July 370 6% Jan Apr Jan 6% Sept 100 29% 7 Mar Mar 13% 91/. Warrants United Chemicals com...* $3 cum A part pref * United Corp warrants */ * United Elastic Corp United Gas Corp com.... 1 1st $7 pref non-voting.* 5) 94 1} Option warrants United G <fe E 7% pref. 100 United Lt A Pow com A.» * * Common class B 56 1st preferred United Milk Products $3 preferred United Molasses Co— 4) H26J * * 5% Am dep rets ord reg United N J RR A Canal 100 United Profit Sharing * Preferred 10 United Shipyards cl A...1 Class B 1 1! Preferred 25 United Specialties com__.l ..... 7. 8 1 U S and Int'l Securities..* 1st pref with warr • U 8 Lines pref * U 8 Playing Card 10 U S Radiator com 62 2 5 1 U S Rubber Reclaiming..* U S Stores Corp com * J7 conv 1st pref * United Stores v t c * Oct Oct Oct 21 72. U S Foil Co class B % 8% 2 1] com.25 United Shoe Mach Jan Oct 244 , 3 % Oct 63 Oct 37% Apr Oct 6 Oct 4 % 56% % Oct Oct 19 Oct Oct Oct 1% Oct JI8 June 2% Oct 1 % Oct 1937 3C New York Curb 2818 Friday STOCKS . United Verde Exten Week's Range Sale Par of Prices | Week Low High\ Shares Price 50c United Wall Paper Universal Consol Oil 3% 2% Loto Cities Serv PAL 6 Jan 18 Oct Feb July Apr 2% 2 4% IX Oct 9% 3% Oct 19 Jan 35% Feb 1st Sept 1st 42 45 300 1 325 45 2% 3% 42 53 53 preferred 7 |UtU Pow A Lt common.. 1 sis 'is TOOO 7i Sept 4% Oct 6 Oct X 1% Jan Sg Oct 61 60 22 Oct 2% 2% 500 53 "lX "~2~ Conv Oct Jan Oct 6% Feb Oct 5,400 Class B 20 Van Norman Mach Tool-5 Venezuela Mex Oil Co.. 10 I'H 200 26 Oct 73 Feb 200 14% Oct 33 Apr 3% IX 1 8 8X 500 Oct 3% % Sept Oct 10,300 9X 1,300 2X 15 2X 14X 900 7 9% 3% Oct 100 18% 15 Oct 23 Aug 98 Aug 1 8 8 6 100 Oct Oct ♦ 4% 11% 2% Oct Walker Mining Co Weisbaum IX Oct 5 8 8 100 6 Oct Aug 6 5H 6 300 4% Oct 6% 2X 4X Mar Mar IX 9 ""50 9 Oct 9% 10% 13% 7% 13% 102% 21% 83 90 50 70 Oct 117 21 23 100 20 Oct z32 9 June 2X 6X 2X 4% 4 5 Oct 2 Oct 2% Oct 1,900 2,600 800 101 Co...20 9 Feb Western Maryland Ry— 7% 1st preferred Western Tab A Stat • 23 8% West N J & Seashore RR 50 West Texas Utll $0 pref..* West Va Coal A Coke 60 77 X 77 2% 2 * Weyenberg Shoe Mfg 78 60 74% 1% Apr Jan Wilson-Jones Co Wlllson Products 14 9% July Oct 12% Feb Sept 1% Jan 800 2 X 200 '.6 >11 1 1 10 Oct May 100 11 Oct 16% May Gary Electric A Gas— 6 6s ex-warr stamped. 1944 Gatlneau Power 1st 58 1 956 2% Jan 10 61 2% Oct 95 2 Oct 400 Jan Jan 8% 6 6% 500 4% Oct 18% Feb 6% 600 5 Oct 12% Jan 15% 0 7 6% 19 17% 1% 5 2 102% 7 8,700 Oct Apr 4,000 2 5% 17% Oct 6,400 20% 1% Oct Oct *99 104% General Bronze 6s 1st & ref 5s 1946 98 97 99 lst&ref 5s 1951 94% 93% 94% 1st A ref 5s 1956 88 68 1968 80% 79% 75 72 Aluminium Ltd debt 5si948 Amer G A El debt 5s__2028 Am Pow A Lt deb 6S..2016 Amer Radiator 4%s__ 1947 Amer Seating 6s stp._1946 Appalachian El Pr 5s. 1956 165" 100 Jan 4%s...l941 87 Oct 105 Jan 86 Oct Oct 105% 99% Jan 78% Jan Jan Guardian Investors 53.1948 107% June 108% June Oct Apr * 96 105% 107% 95% 42% 96 105 105% 107% 107% 113 113 *5*666 51,000 104 68 103% 96 5,000 103% 105% 1,000 109 33% 1949 1950 33% 35% 35% 1968 1977 73 105% 76 ♦6 stamped x W..1938 75% Telep of Canada— 1st M 5s series A 1955 1st M 5s series B...1957 113% Bell ..... 1960 Cedar Rapids M A P 5s *53 Central 111 Public Service— 5s series E 1956 ser F. 1967 5s series G 1968 II 1981 Oct 36 42% 65,000 28 Oct Jan 3.000 55 Oct 83% May 23% 20% 22% Oct 02% Jan 6s series B 1949 111 Northern Utll 58.^.1957 111 Pow A Lt 1st 6s ser A '53 Oct 61 Jan Oct 1st A ref 5s Oct 65% 05% Jan 22 Jan S f deb 32% Oct 69 Jan 31% 29% 33% 9,000 33% 93,000 32 36 30% 36 92,000 76,000 40 6,000 73% 78 42,000 69 Oct 97 9,000 95 Oct 77 67 78 112% 113% 117% 117% 121 121% 58,000 236,000 . ... 102% 110 12,000 13,000 13,000 128 95 ..... 102% 92 132 84 12,000 60 64 88 89 3,000 8,000 102% 102% 104% 105% 21,000 33,000 32,000 Oct 105 86% Oct 29,000 95 Oct 87% Cct 104% 104% 103% 104% 99% 95 86 5,000 90% 128,000 44 6s series B__ .1955 Cities 1966 68 45% 104% 105% 105% 105% 91% 93% 106% 106% 1,000 8.000 102 Oct 91 Sept 88 Oct Jan 89 Jan 94 Feb Jan 33 103% 104% Oct Jan Jan Jan Apr 107 Sept Mar 107 June Oct 100 Jan "91% 61 59% Cities Service Gas 5%s '42 Service Gas Pipe 95% 1943 D Sept 96 Oct 99 12,000 96 Sept 82% 1,000 81 Oct 91 1,000 85 Oct 5s series B. 76% 85% 61% *19 page 2819 Mar 26 Feb 21% Apr 25% Feb 16 79 13,000 72% Oct 48,000 74 Oct 64% 14,000 58 Oct 88 Jan Mar 31 Aug 89% 89% Feb 21% 24% Isotta Fraschinl 7s... 1942 Italian Superpower 68.1963 60 8,000 56 Oct 6,000 94 Oct 105 Jan Jan 107 June Oct 106% 1,000 80 68 Oct 8~66O 94% 43 Oct 62 35 39 17,000 28 Oct " 100% 105% 105% 88 "3*660 102 Sept Apr 84 Oct 23 15,000 *18 Jan 26% 20% *88 91 91 Oct *99 101 99 Sept *96 100 98 Mar *22% Jan 3*7*666 *101 30% 60% 25 1,000 65% 69 Mar Oct Oct 74 Sept 106 75% 109% 107 102% 37% 27% 104% 105% 103% 33% 88% 86% Jan Jan Jan Jan Jan Oct Feb Sept Aug Feb Sept June Apr Feb Feb 107 *2*666 Jan 108 Aug 97% 96 98 Febl 92% 84% 83% 106% 92 45,000 10,000 Oct 92% 88% Oct 106% Jan 88% 90 39,000 79 Oct 104% Jan 82 81 82 14,000 75 Oct 99% Jan 107 107 " *107% *81 106% *84*" 106% 106% 111 111 78 2 ,000 1 ,000 99 Aug 108 Oct 101 Jan Oct Jan Mar 107% June Feb 111 June 55 59% 20 ,000 45 Oct 79% Jan 56 48 '*51** 7 ,000 Cct 78 Jan 51 51 3 ,000 51 Oct 105% 104 106 119 ,000 *53 57 103% Mar 2,000 Jan 53 Oct 83% Feb 60 62 Oct 81 Feb Mar 109 May 5*666 105 40% 46 161,000 32 Oct 26 32 56,000 18 Oct 70 72% 22,000 62 62% 64% 49,000 28,000 58% 95 105% 97 96 3,000 105% 105% 99 2,000 "46% 99% 21,000 57 61 31,000 *65 "6l" Apr 77 29% '94% Jan Oct 45% 94% 82% 106% 52 80 Oct Oct 92 June 92 July Apr 104% 99 Oct 76% 69% Jan 96 Jan Jan 88% Jan 104% Feb 104% Feb 106% May 105% Jan 79% Feb 54 Oct 71 Oct 80 Feb 32% Oct 71 Feb 46% 47% 40*666 35% 3,000 35 Oct 56% Jan 104% 104% 21,000 103 Mar 60,000 105% 105% 97% 121% 104% Apr 102% 103 Mar 99% 107% 103% Jan Lt-^ 5s series B 1947 1961 91 Sept 45 Oct 82 Jan 42 Oct 83 Jan 96% 88 H...1961 6%s series D__ 1948 Oct 103 Jan 5%s series Kansas Elec Pow 3% 8.1966 Kansas Gas A Elec 68-2022 Kansas Power 5s 1947 102% 97 "98% 96% 97 *110 115 " 10,000 ser 1955 1969 99 Oct 93% June 113 June 98% 99% 2*8*666 98% Oct 79 82% 23,000 65 Oct 96 99 10,000 93 Oct 90 90 1,000 85 Oct Kentucky Utilities Co— F 5s series I Lake Sup DIst Pow 105% 109% Oct 54 59% Stamped... 8,000 Apr Jan 35 Jacksonville Gas 5s... 1942 1st mtge 5s 97 105% 46 66% *64 Jan 90 43 82% "66** 81% 3%s '66 77% 94 "162" 102 Lexington Utilities 5s. 1952 ootnotes see 77 Oct *71 Lehigh Pow Secur 6s_.2026 ♦Leonard Tietz 7%s__ 1946 For Oct Jan 11 70% *18 Jan 70% 95% 106% 106% 84 Jan Jan 58% 61 88* Jan 37,000 94 39 Jan Jan 24,000 65% 1961 Iowa Pow A Lt 4% s—1958 Iowa Pub Serv 5s 1957 Isarco Hydro Elec 7s. 1952 91% Jan Jan Jan 72 60 72 61% 24,000 60% 403.000 Jan 90 75 20 94 64 91% 56% 52% 94% 104% Oct 99 60 1956 Oct Oct 101% 104% 102% 101% 101% 104% 99% 82 2,000 70% '70% 1958 4%s series F. Iowa-Neb LAP 5s... 1957 Oct 92 100% 71,000 61 Mar 4,000 Oct 52,000 7s series F 48 98 Aug Sept 98 ..1957 88 96% 93 72 7s series E 106 27,000 Oct 103% Jan 1,000 Cities 102% 5,000 Jan 2,000 26,000 Jan 105% 105% June 4,000 Jan Sept Mar 105 88 Feb 103 101% 106% 50 84 Jan 3,000 Feb Mar Oct 48% 110 73% 108% 93% Oct 4%s series C 101% 105% Oct 63 89 85% 100% 101% Jan 82 Ind'polls P L 5s ser A. 1957 International Power Sec— 6%s series C ..1955 series Oct Oct 85 % 70 A 1952 Jersey Central Pow A 91% 54 103% June oe'ooo 72 1957 ♦Indianapolis Gas 5s 5s Jan 87% Interstate Power 5s... 1957 Debenture 6s 1952 Interstate Public Service— Jan Oct 95 July Jan 65 17,000 61 Jan Feb 104% 103% 93% 32,000 101% 101% 104% 105 104% 104% 107 Jan 115 Oct 94,000 75 *12% *12% 64% Jan July 82% 75 Jan Jan 90% 85 97% 97% "99" Mar 101 65 85% 109 Jan Jan Mar 102% May 9,000 105% 107 99 Oct Oct *58 Oct 31 57% 1952 Oct 72% 72% 75% 65% 73% 108,000 105% 105% 1,000 103% 103% 2,000 International Salt 5s. .1951 73 Oct Mar Jan 63 31 100% *91 101% 13% 12% 4% 4% 95% Oct 27,000 68 86% 72 137,000 105% *55 104% 104% 1 2,000 77 Oct Oct Sept Sept ,000 88 49 1.1950 Line 6s *3*666 96,000 37 44% 108,000 41% 47 77,000 104 % 105 31,000 Chic Jet Ry A Union Stock Yards 5s 1940 {♦Chic Rys 5s ctfs 1927 Cincinnati St Ry 5%s A '52 67 90% 5s , 1% 105 75 1963 Aug 4 9,000 77 1950 Mar 4 5,000 1% 1% 71 1st lien A ref 5s 101 16,000 5 77 Indiana Service 5s Jan Oct Oct 1951 Jan Jan 97 97% 105% Jan 109% Mar 107% Apr 106% May ,000 Jan Jan 60,000 55,000 6% 105 Oct Jan ,000 Jan 99 Jan Oct 98% 106 1,000 89% 91% 124 88% 80 52 15,000 85 145 101% 61 100 101% 108% 108% 103% 105 99% 101 Jan 85% 125 Oct July 88% Oct Oct 101 91 Mar Sept Oct 1947 Mar 73% 94% 93% Mar 1953 B 114% Feb 98 C...1956 113 60 July 95% 105% Indiana Gen Serv 5s.. 1948 Indiana Hydro Elec 5s 1958 Jan 85 98% 104% 82% Indiana A Mich Elec 5s '55 99% 90% Chicago A Illinois Midland Ry 4%s A 1956 Mar 115% 111% 37 1961 227 2,000 95 89 6s series B Oct Mar 12,000 62,000 *88 6% s series Feb 112% 112% 99% ser 6s series A Jan 225 101% 102% 89% 92 94 ser B.1954 5%s___May 1957 Indiana Electric Corp— Feb Oct 104% 114% 105% 113% ...... 43 52% 52% 13,000 82 89 5%s 5s series C 67 128 . 91% 105% Oct 78 6%8 with warrants. 1943 ♦Hungarian Ital Bk 7%s'63 1st A ref Jan Oct 82% Hygrade Food 0s A... 1949 64% Jan Jan Jan Oct 86 Heller (W E) 4s w w__ 1946 Houston Gulf Gas 0s..1943 Oct 68 Chic DIst Elec Gen 4%s'70 Jan 98 44 1954 May June 89 Cent Pow A Lt 1st 5s. 1956 Cent States Elec 5s 1948 ex-warrants 107 110% 119% 102% 104% 67% 43,000 59,000 Cent Ohio Lt A Pr 5s..1950 Cent Power 5s ser D..1957 Cent States PAL 5%s '53 Oct 95 "77% ♦6 without warrants 1938 Canada Northern Pr 5s *53 ♦Canadian Pac Ry 63.1942 Carolina Pr A Lt 5s... 1956 Mar Feb 109% 125% 60% 99% 9,000 85 1977 Hall Print 6s stpd.... 1947 104% 60 77 ♦Hamburg Elec 7s.._ 1935 ♦Hamburg El Underground A St Ry 5% s 1938 98% 100% 93 95% Works— Broad River Pow 5s..1954 5s series A Jan Aug Oct Mar 37 Assoc T A T deb 5%s A'55 Atlanta Gas Lt 4%*_1955 5s series C Sept 100% 106% 108% 63 Associated Gas A El Co— Conv deb 5%s ^1938 Conv deb 4%s C 1948 Bethlehem Steel 6s 1998 Birmingham Elec 4%s 1968 Birmingham Gas 5s... 1959 Oct Oct Jan 95 Apr 80 292,000 73% 36,000 101% 101% 1% 1% 74% 105% Hackensack Water 5s. 1938 71 102 118 5 Guantanamo A West 6s '58 33,000 43,000 Arkansas Pr A Lt 5s. .1956 Associated Elec 4%s_.l953 Conv deb 5%s 108% 105% 3,000 "ioe" 105% 106% 79,000 84 X 80 85% 147,000 *105 105% "166% Conv deb 4%s Apr Oct 98% 105 5,000 5 79 Grand Trunk West 4s_ 1950 Gt Nor Pojv 5s stpd.. 1950 Grocery Store Prod 6s. 1945 105 Appalachian Power 5s_ 1941 Debenture 6s 2024 Ark-Louisiana Gas 4s 1951 Conv deb 5s Debenture 5s 75 104% 97 Jan *51 101% 90 ♦Gesfurel 6s 1953 Glen Aid en Coal 4s... 1905 Gobel (Adolf) Jan Jan 130 | * 26,000 68 90% 101 July Apr 123% *90 Gen Wat Wks A El 58.1943 2,000 80% 1967 4%s. 61 79% 101% {♦Gen Vending Corp 6s.'37 ♦Certificates of deposit- 4.000 88 1st A ref 5s 1st A ref $44,000 Jan 103 107% *119% 122 1940 Gen Pub Utll 6%s A. 1956 ♦General Rayon 6s A. 1948 23% Jan 6% Apr 8% Jan 30% Sept 4% Mar 102 102 107 Georgia Power ref 5s. .1967 Georgia Pow A Lt 5S..1978 Abbott's Dairy 6s 1942 Alabama Power Co— Service 5s Conv deb 5s . General Pub Serv 5s._ 1953 BONDS 5%s 1,000 91 Deb gold 6s. June 15 1941 Deb 6s series B 1941 Feb 6% 6% preferred £1 Wright Hargreaves Ltd—* Youngstown Steel Door..* 4%s series First Bohemian Glass 7s '57 Florida Power A Lt 5s. 1954 Jan 400 Petroleum 1 Woolworth (F W) Ltd— Amer dep rets 5c 4%s Banks 6s-5s stpd...l961 Firestone Cot Mills 5s. 1948 Firestone Tire A Rub 5s '42 15 2 124 Sept Aug 1950 11 Woodley 1st A ref 1950 Federal Water Serv 5%s '54 Finland Residential Mtge Mar June Oct 1959 A. 1947 11 Wise Pr & Lt 7% pref. 100 Wolverine Portl Cement. 10 Locom ser 13% 11 Winnipeg Electric cl B.__* com Oct Oct """266 6 Oct 93 1941 Ercole Marelll Elec Mfg— 6% s series A 1953 Erie Lighting 5s 1967 Apr 4 "lx 56 14,000 May 107% Aug 106% Jan 104% I June Oct 6,000 97 1944 Empire DIst El 5s 1952 Empire Oil A Ref 5%s. 1942 Mar 95% 5% 2,000 4X * Oct 62 Oct 2% *5* Williams (R C) & Co * Williams Oll-O-Mat Ht..» JWH-low Cafeterias Inc._l Conv preferred » {Baldwin City Gas 6s 99% 67 96 1954 1940 66,000 112 Oct 65 Jan 113% Apr 113% Sept 112% July Mar 124 ser ♦Certificates of deposit Eastern Gas A Fuel 4s. 1956 Edison El 111 (Bost) 3%s '65 Elec Power A Light 5s.2030 Elmlra Wat Lt A RR 5s '56 Apr Mar Mar 8% 1 Yukon Gold Co 4%s 1,000 97 1939 El Paso Elec 5s A 100 Westmoreland Coal Co...* Wolverine Tube 101% 102% 111 104% 67 ♦6%s Aug 1 1952 ♦Certificates of deposit ♦Deb 7s Aug 1 1952 Feb July Aug 6X Wentworth Mfg 1.25 Western Air Express 1 West Cartridge 6% pf.100 Grocery 1,100 102% Detroit Internat Bridge— Feb 8 1 100% Jan Jan Apr Apr 102 23,000 5s 1st series B Jan 5 Wellington Oil Co 48,000 Denver Gas A Elec 5s. 1949 Jan Bros-Brower.-l Wayne Knit Mills 111 Det Jan IX Oct 104 Crucible Steel 5s Cuban Telephone 7%s Cuban Tobacco 5s Delaware El Pow 5% s Jan July 500 Jan 62 110% 110% 107% 107% 3,000 A stamped... 1943 Cont'l Gas A El 5s...1958 Feb 95% * 80 104% 106% Gen mtge Jan 10 Oct 40% June 111 6s Jan Oct 36 9,000 5,000 111 Consol Gas Utll Co— Feb Oct 111% 112% 111% 111% 112 112 79% 6,000 111% High Oct 106% 5b Feb 1% 11% 100 Wahl (The) Co common Waitt A Bond class A.. Class B Jan 16 3X ix 28% 10% 2 56% 62 Low 36% 116,000 37,000 104% 1965 (Balt) 3%s ser N—1971 Consol Gas (Bait City)— Mar Oct 1,300 33 26 X 15 * 7% preferred 3,100 3 % 72% Petroleum... 1 Wagner Baking vtc 20 3 '~3X Va Pub Serv 7% pref.. 100 Vogt Manufacturing.... Waco Aircraft Co 13 3X 33 47% 60% Conn Light A Pow 7s A '51 Consol Gas El Lt A Power- Jan Sept 7% preferred 100 Valspar Corp vtc com__l Vot tr conv pref 5 56 Range Since Jan. 1 1937 Shares 1st M 4s series F...1981 Jan 2 45 54% 4%s series C...1956 4%s series D 1957 Com'wealth Subsld 5%s '48 Community Pr A Lt 5s '57 Community P S 5s.— I960 Jan 89% High 3%s series H Jan Apr Oct Low 54 1st M 5s series A...1953 1st M 5s series B...1954 Oct Utah Radio Products.. Utility Equities Corp * Priority stock * Utility A Ind Corp com.,.6 Venezuelan 5%s. 1952 "360 2% Week 5%s__ 1949 Oommerz A Prlvat 5%s'37 Commonwealth Edison— Oct 7,700 Universal Products Utah-Idaho Sugar Utah Pow A Lt *7 pref—• for of Prices Price 2,200 2 "VA "IX Week's Range Sale 12% IX Universal Pictures com...l Western Oct 1937 Sales Last High 2% 1% 2,800 8 2 rONDS (.Continued) 8 2% 2% 1 UnlversaJ Insurance Range Since Jan. 1, 1937 for 10 Universal Corp vtc 2% 2X Oct. 30, Friday Last (Concluded) Exchange—Continued—Page 5 Sales "95" *18 94% 82% 31,000 94 3,000 21,000 102% 29 95% "7",000 65% 93 99% 18% 93 Oct 99% Jan Jan Jan Jan Jan Jan Mar 101% Jan Oct 111% Jan Mar 26% July Oct 105 Jan s= 2819 New York Curb Exchange—Concluded—Page 6 145 Volume Sales Friday Sales Friday Sale (.Continued) of Prices High Low Price Libby McN & .Libby 6s *42 ♦Manitoba Power 17,000 104" 104 103 10233 103 h 534s1951 104 Oct 10534 100 Oct 107 Oct: 10654 May 31,000 10234 80 t Mansfield Mln & Smelt— ♦7s without warr'ts_1941 Marlon Res Pow 98 9833 "93" 634 s *45 1943 Milw Gas Light 4348—1967 Minn PAL 434s 1978 Midland Valley RR 5s. 7333 104 Jan Oct 104 8034 Oct 118 20,000 64 Oct 14,000 9634 Oct Oct 106 90 92 7,000 99 9733 99 17,000 95 Oct 69 74 13,000 68 Oct 8153 84 14,000 7934 Oct 74 2,000 10833 10833 *68 5934 70 70 1960 4 433 2030 4433 Deb 5s series B 108 Nelsner Bros Realty 6s '48 81 New Amsterdam Gas 5s *48 "60" 51 10634 Oct 12634 Oct 110 69 Oct 113 Apr 9934 12134 8434 54,000 4i"666 4734 Oct 85 55 5933 36,000 45 Oct 55 60 47,000 44 Oct 8454 1948 1954 8633 8333 86 % 48,000 81 Oct 88 8553 8833 56,000 8434 Oct 10134 10254 New Orleans Pub Serv— 6533 71 ♦income 6s series A. 1949 *99 N Y Central Elec 534 s 1950 13.000 85 60 Oct 71 10133 9934 May New York Penn & Ohio— 10533 N Y & Westch'r Ltg 4s 2004 10133 115,000 10454 98 *10133 15,000 9434 Oct 101 Nippon El Pow 634S--1953 , 6,000 100 Apr 3,000 11034 Apr 14,000 No Amer Lt & Pow— 8533 38 5348—1948 No Indiana G & E 6s. 1952 Nor Cont'l Utll 6,000 4033 85 1956 534 s series A 9,000 10733 108 7,000 Northern Indiana P S— 6s Ssserles D 6034 534 s 1939 7834 80 {Standard Pow A Lt 6sl957 5934 48 34 60 ♦Starrett Corp Inc 5s. 1950 17h 1734 1834 Stinnes (Hugo) Corp— 2d stamped 4s 1940 54 Oct Oct 10034 6934 35 10654 Jan Jan Jan 108 May 95 Oct 107 Jan 16,000 95 Oct Jan 92 14,000 8934 10554 10434 3,000 10154 9833 10234 10253 N'western Pub Serv 5s 1957 92 88 9,000 Oct 10534 Jan Jan Oct 88 105 Jan 11154 Jan 107 Oct Oct 1945 102 103 33 9,000 10134 Ohio Power 1st 5s B..1952 106 10633 6,000 10454 Oct Jan 434 s ser D.1956 105 105 20,000 103 Feb 4348—1951 93 96 63,000 92 Oct 54,000 85 Oct 10554 May 10034 Jan 10834 Jan Ogden Gas 5s 1st & ref Okla Nat Gas 8633 9053 82 1946 5s conv debs... Okla Power & Water 5s '48 85 10333 10333 10333 115 Pacific Coast Power 5s '40 11433 115 9,000 82 Oct 100 Jan 7,000 102 Oct 108 Jan Pacific Gas & Elec Co— 1941 Invest 5s ser A. 1948 Ltg & Pow 5s. .1942 Pow & Ltg 5s__1955 1st 6s series B Pacific Pacific Pacific ""6833 1938 Palmer CorD 6s —1964 Penn Cent LAP 434s-1977 1st 5s 1979 1971 8934 *80 *11133 115 61 6833 *10033 10034 Oct 119 Jan 10234 Jan 117 Jan 84 81,000 Oct 113 Mar 51 Oct 9934 Mar 9334 103 Aug 27~,660 30 Oct 3534 Oct 8633 8533 8733 62,000 83 34 Oct 9533 95 9533 3,000 95 Oct 10534 10554 Jan Jan 8833 8633 8833 11,000 85 Oct 103 Jan 93 94 11,000 89 Oct 106 Mar 84 80 Oct 10554 Jan 105 May 109 Apr 1950 8933 14,000 *106 107 10233 10333 "4",000 Penn Water A Pow 5s. 1940 10833 10833 2,000 10034 May 10734 Mar 1968 10633 10633 1,000 105 76 Deb 534s series B..1959 8933 Penn Pub Serv 6s C..1947 5s series 1954 D 434s series B_ '10234 Peoples Gas L A Coke— 4s series 8433 1981 B {♦Peoples Lt A Pr 5s. .1979 12 534s.-1972 1962 634 s '60 Pittsburgh Coal 6s—1949 Pittsburgh Steel 6s—1948 112 Phila Elec Pow 27,000 112 62 Pledm't Hydro El *10454 11233 31,000 76 62 ~5~66o E.1956 Oct 1834 Apr 25 Aug Oct 85 Jan 107 2,000 10554 Jan 108 July 8,000 104 Apr 109 Jan 81 Mar 61 61 2,000 61 Oct 9834 9833 4,000 96 Oct 104 Feb Oct 102 Feb Mar 25 July Oct 147 Jan Electric 6s. 1954 13133 133 12,000 Public Service of N J— 13233 110 10434 1978 10233 1980 103 ser F-1981 ;—1960 "l0433 Pub Serv of Oklahoma— 1st A ref 4348 ser 18 12834 12,000 10734 10454 105 19,000 10354 10233 10233 10,000 100 110 11033 Oct Mar Oct Mar 102 103 12,000 101 102 10233 22,000 100 34 10334 10433 12,000 102 Mar 8,000 94 Oct Oct 9833 73 6733 9933 73 Oct 6653 71 74,000 28,000 6034 71 57 Oct 6133 63 51,000 5434 Oct 9433 9433 2,000 9434 24 2,000 2234 Oct Mar D.1950 1952 24 ♦Ruhr Gas Corp 9034 9933 Queens Boro Gas A Elec— 6348-1953 ♦Ruhr Housing 6348--1958 Safe Harbor Water 434 s '79 {♦St L Gas A Coke 6s. 1947 San Antonio P S 5s B.1958 San Joaquin L A P 6s B '52 Sauda Falls 5s 1955 ♦Saxon Pub Wks 6s—1937 ♦Schulte Real Est 6s.. 1951 Scripp (E W) Co 533s_1943 Serv el Inc 5s 1948 Shawinlgan WAP 434s '67 1st 433s series B 1968 1st 433s series D—1970 Sheridan Wyo Coal 6s. 1947 Sou Carolina Pow 5s. 1957 Southeast PAL 6s—2025 Jan 96 1,000 534s series A Jan 5734 12,000 Puget Sound PAL 5348 '49 1st A ref 58 series C. 1950 Feb 108 1,000 19 ..1966 77 Jan 2,000 17~66O 95 4s series A Mar Oct 9733 19 ..1966 Oct 65 9433 —1956 9934 Jan 2033 19 1st A ref 5s. 113 Jan 60 95 6s series C 3034 9653 Power Securities 6s—1949 434s series D 434 s series E 1st A ref 434 s 434s series I 52 100 107 10734 10734 434s series F.j. 1961 stmpd.1947 (Can)434sB '59 Potrero Sug 7s 6% perpetual certificates Pub Serv of Nor Illinois— Oct 10834 -Mar 7834 Oct 107 "65 Power Corp ♦Prussian Oct 534 10654 108 10634 Jan 11134 Jan Mar, 108 June 2033 9733 ♦Pomeranian Elec 6s. .1953 Potomac Edison 5s 14,000 12 *65 Phila Rapid Transit 6s Portland Gas A Coke 5s '40 86 753 18 2633 *18 10734 10733 1054 *9 10033 10134 *125 *110 Apr "eM 10434 7 Oct i3~666 10034 Apr Jan 11234 10554 Aug Apr 105 July 10434 June 10334 June 10554 May 10534 9834 Jan Jan 96 Jan 9234 Jan 126 Oct 132 Jan 10754 127 Feb 11134 Oct 24 25" 2,000 22 Mar 35 Sept 2533 26 5,000 24 Oct 47 Mar 10033 19,000 9954 10554 102 10253 35"66o 10134 102 10233 18.000 10254 102 33 100 10,000 100 *10634 10234 10134 10134 Oct Apr Oct Oct Mar 10354 Jan 10734 May 105 Feb 10434 10534 July 62 Oct 72 Mar 80 2,000 7,000 60 7933 70 Oct 101 95 Mar Oct 9534 Mar 40 Oct 96 Mar 96 Mar 3934 3,000 7834 Oct Oct 102 Jan 61,000 35 Oct 96 Mar 4,000 16 Oct 4434 2,000 37 Apr 56 37 May Mar 4954 Jan 10654 Aug 10654 sept 102 11,000 10234 75 6,000 74 Oct 55 60 34,000 55 »Oct 61 10,000 53 Oct 80 98 85,000 Mar 106 96 98 10934 Oct 10754 June 9834 Jan 8534 Jan Jan Oct 106 Feb Oct 113 Feb 80 Oct 10434 Jan Jan 109 Apr "5",606 10734 10834 6434 67 106 32,000 83,000 Tletz (L) see Leonard 108 1962 6634 City Rap Tr 534s '52 10634 55 den Co— Oct 9434 Oct 55 Mar 4134 13,000 31 11234 h334 11,000 111 40 Conv 6s 4th stamp. 1950 United Elec N J 4s... 1949 5934 60 1956 9,000 60 4934 Oct Mar Mar 22 22 "3",000 2034 1934 United Lt A Pow 68—1975 65 5634 47 1974 1959 Rys (Del) 534s '52 27,000 53 9934 98 Oct 75 7134 9734 6134 s 6348 534s.. Un Lt A "22" 1945 f 6s 35 13,000 9934 108,000 75 United Lt A Rys (Me)— Jan Feb 27 July 28 Oct ♦1st *18 634s-'41 Jan June 11734 7934 Oct 5834 65 68 63,000 68 ♦United Industrial Feb Oct 102 8634 8234 Mar 9234 10234 103 * Tide Water Power 5s__1979 Oct 62,000 10234 10334 10334 2022 United El Serv 7s Jan July 58 Texas Power A Lt 5s_.1956 Aug 8954 9454 Jan Jan Jan 107 9654 Oct Jan Jan 115 37,000 103 55 60 11,000 62 Oct 80 80 79 Oct 103 Jan 88 88 2,000 1,000 6,000 88 Oct 102 Jan 10334 105 105 1952 1973 Utah Pow A Lt 6s A..2022 6s series A 6s series A 4348 1944, tVamma Wat Pow 534s-'57 Va Pub Serv 534s A..1946 June 8934 Jan 8634 88 13,000 85 1st ref 5s series B...1950 84 82 84 7,000 81 Oct 10234 Oct Jan Jan 84 77 84 7,000 75 Oct 101 Jan 1946 19 15 20 19,000 11 Oct 6s 104 10434 ♦3s income deb Wash Gas Light Wash Ry A Elec 1954 58—1958 4s—1951 Wash Water Power 5s 105 '16434 1960 95 West Penn Elec 5s...2030 West Penn Traction 5s '60 West Texas Utll 5s A 1957 ""8734 '44 West United G A E 534s '55 Wheeling Elec Co 5s.. 1941 4334 West Newspaper Un 6s 41 1966 Yadkin River Power 5s '41 82 2234 1951 Buenos Aires (Province)— *18 *82 Oct Oct Oct 33,000 11,000 307,000 96 *82 10434 39 23 23 50 1952 1947 Oct Feb Jan Jan 75 IS",660 90 92 734 1937 York Rys Co 5s Mar 10654 10554 11434 9934 7934 10534 Jan Feb Jan 10234 Oct 10534 104 10434 *108 10534 10634 Q9 9034 9134 10534 10534 10534 Wise Pow A Lt 4s Jan 107 21,000 24,000 10634 WIsc-Mlnn Lt A Pow 5s '44 108 93 4,000 July Apr June 42,000 4434 3234 June 103 6,000 95 94 10434 10434 84 8734 10434 10434 Feb 10434 10534 26,000 3,000 17,000 10454 105 10634 10634 10434 10534 Oct 10234 Waldorf-Astoria Hotel— Feb 108 Apr Oct 107 Apr Oct 10234 10734 10034 Jan Jan 105 9034 10354 June 8134 May Jan FOREIGN GOVERNMENT AND MUNICIPALITIES— Agricultural Mtge Bk (Col) 1946 1947 ♦20-year 7s ♦20-year 7s 22 34 ♦Baden 7s ♦7s stamped ♦7348 stamped 734 .1948 German State A ♦Cauca Valley 7s Cent Bk of ♦Prov Banks 6s ♦6 series A 1953 External *2034 ♦Lima (City) Peru ♦Maranhao 7s ♦Medellln 7s series Mtge Bk of Bogota 7s. ♦Issue of May 1927 ♦Issue of Oct m 1927..— ♦Mtge Bk of Chile 6s. 1931 6s stamped 1931 Sept 21 Feb 29 sept 2754 July 10234 Jan 10134 Feb Apr 77 Feb Jan 17 Jan 2534 2534 Aug Aug Mar 1754 2,000 13 15 92 92 23 23 11,000 13 13,000 18 6,000 1934 1,000 8,000 10 Apr Sept 26 Aug 2534 2934 Mar Oct 33 July 7 Oct 21 Feb 85 Oct 9634 Apr 22 Apr 2154 Oct Oct 11 1134 9534 July Apr 9654 1934 9734 6348--1959 Govt 6348---1919 1634 17 54 34 ♦634s certificates—1919 ♦534s 1921 ♦534s certificates—1921 ♦Santa Fe 7s stamped. 1945 54 54 54 27,000 2,000 34 30,000 54 54 6254 Jan 2,000 1034 Oct 1054 2734 Feb 2734 Feb 2134 Mar 1334 Aug 10034 June Oct 1,000 Oct Mtge Bk of Denmark 5s '72 ♦Parana (State) 7s—1958 ♦Rio de Janeiro ♦Russian 1949 ♦Santiago 7s —1961 ♦7s *54 1034 *11 1034 Oct 13 34 Oct 16 3534 54 15 2 Oct 34 1 73 73 Aug 2154 1,000 *5 1947 Aug 96 17 2,000 2,000 30,000 934 9434 50 2254 1254 934 92 Feb Mar 25 17 — 23 1958 E.1951 1951 Mendoza 4s stamped.. 2934 - ■■ ■■'.m 2334 22 Apr Feb 30 m 19 *1154 634s-*58 Apr 97 10,000 Mar 99 30 19 Apr 20 25 *18 19 8334 May 8434 Mar 634 Oct 4,000 25 *2034 '47 ♦Secured 6s 1947 ♦Hanover (City) 7s—1939 ♦Hanover (Prov) 6348-1949 ♦German Con Munic 7s Apr Sept 1954 58 58 1952 634 s 10,000 22 2734 Danzig Port A Waterways Oct 21 18 *10054 10154 9934 10034 1955 5s 5,000 3,000 35 *22 *20 B..1951 1952 534 s i Danish ♦ Oct 134 134 154 8154 2034 2054 Oct 87 91 48,000 77 Oct 10934 Jan No par value, a Deferred delivery sales not included In year's range, Jan Jan Apr Apr Apr Apr Mar Mar Mar n Under not Included in year's range, r Cash sales not included In Ex-divldend. y Ex-Interest. ♦ Friday's bid and asked price. No sales were transacted during current ♦ Bonds being traded flat. 5 Reported In receivership. 1f Called for redemption. the rule sales range, e z Cash sales transacted during the current week and not Included year's week. in weekly or yearly range: No sales. y Under-the-rule sales transacted during the current week and not included in weekly or yearly range: Jan t Oct 42 10434 105 60 Texas Elec Service 5s. 1960 Feb 61 91 42 Jan 2854 Aug 2554 Aug 10854 May 1834 Mar 107 Mar 2,000 634s.-1953 Jan 107 95 10534 Tenn Public Service 5s 1970 Twin Oct Jan 35 Penn Ohio Edison— 6s series A 113 34 32 Park Lexington 3s Penn Electric 4s F 10,000 42 15,000 Tennessee Elec Pow 5s 1956 Toledo Edison 5s Mar 74 1970 1954 1957 6s series A 95 3834 104?* Ternl Hydro-El Jan Oct 43,000 45 105 1st Jan 106 10534 3834 3834 10534 434s ^Syracuse Ltg 5348 If 5s series B 10934 Jan 10734 Aug 10434 Jan 10434 May 11254 July 8654 Feb Oct 85 45 1946 Super Power of 111 434 s '68 Jan 9733 1970 434 s series E N'western Elec 6s stmpd'45 50 7834 Feb 19,000 98 -.1966 ..1969 series C 60 Jan 92 Oct 9433 9533 1954 Debenture 5s 18,000 10534 106 11233.11233 52 5633 434s *67 N Y State E & G 434 s 1980 Debenture 6s. Dec 11966 Standard Investg Jan 10454 Mar 103 10433 105 stamped..1950 Ext 4%8 N Y P & L Corp 1st 60 Jan Jan 9554 Oct 14,000 88 85 8733 1951 Debenture 6s Jan \ 5933 60 1942 102,000 Jan Jan Jan 81 7533 11733 *113 60 54 33 1948 5s stamped 61 Jan 90 1950 534s 61 50 Jan Conv deb 5s Debenture 6034 5034 "el" ♦Certificates of deposit May 6s New Eng Pow Assn 5s. 5234 1935 ♦Convertible 6s Jan 110 3"666 92 90 Oct Oct Oct 10454 9934 18.000 Jan May Jan 7634 52,000 9,000 37,000 Feb Jan June 44 Jan 104 62 Feb Jan 10634 10354 Oct 6034 2d stamped 4s 10754 9734 Oct 93 52 "62" ♦Certificates of deposit Jan 87 5234 |♦Stand Gas A Elec 6s 1935 Jan 87 40 10134 Jan May 105 Oct 10134 Oct 107 67 97,000 *11133 117 Nevada-Calif Elec 5s. 1956 N E Gas & El Assn 58.1947 10833 17,000 4433 108 2022 6s series A 20,000 67 6933 {♦Nat Pub Serv 5s ctfs 1978 Nebraska Power 434s 1981 71 583* 8734 11054 Jan 108 Jau 57 So'west Pub Serv 6S..1945 Feb Oct 10054 58 8734 Mar 104 108 10234 80 Jan Apr Oct 234 2,000 61,000 8133 6933 4433 75 105 9834 Jan Oct 35,000 433 101 101 "80 105' 7634 Jan 10054 1434 June 106 M Aug 10734 Mar Apr 9934 9934 96 Jan 70 10134 10234 105^ 10634 Mar 103 100 M Mar Feb Jan 9954 10034 10934 8454 Oct 92 1,000 93 93 Oct 70 ~i~66o Dakota Power— by s 1944 ♦Munson SS 634s ctfs.1937 Nassau & Suffolk Ltg 5s '45 Feb 107 70 70 {♦Missouri Pub Serv 5s '47 Nat Pow & Lt 6s A...2026 Oct 79 7433 9633 10234 24,000 58,000 36,000 11,000 12,000 7,000 1,000 14,000 16,000 11,000 10234 High Low So*west Pow A Lt 6s..2022 Jan 10734 9934 9734 10634 10254 Week 10534 101 S'western Lt A Pow 5s 1957 Apr 10134 May 105 10234 S'western Assoc Tel 5s 1961 Jan 86 Miss River Pow 1st 5s. 1951 5s series A Oct 92 1955 Mississippi Pow 5s—1955 Miss Power & Lt 5s. —1957 Montana 77 85 96 96 Aug 40,066 94 10133 — *7933 7333 Middle States Pet 101 81 8233 88 Aug Oct 2,000 *- Metropolitan Ed 4s E.1971 1st & rel 5a 77 *81 Memphis P & L 5s A.. 1948 Mengel Co conv 4348-1947 99 77 434s.1952 Jan 2734 105 1945 1960 Ref M 354s B.July.l '60 1st A ref mtge 4s—1960 Sou Counties Gas 434s 1968 Sou Indiana Ry 4s 1951 354s Ref M 354s. May 1 9754 13,000 Shares Debenture Apr May 105 July 2234 May *18 McCord Rad <fe Mfg 6s *43 - 87 for of Prices Low High Price 106 25~66o Week's Range Sale Sou Calif Edison Ltd— Feb Oct 10234 *102 Last High | Low 103 1 1937 Range Since Jan. BONDS —■ — Shares 10333 10533 10433 TLone Star Gas 5s 1942 Long Island Ltg. 6s—1945 Louisiana Pow & Lt 5s 1957 Week (Concluded) 1, 1937 Range Since Jan. for Week's Range Last BONDS N() z Deferred delivery sales transacted during the current week and not included In weekly or yearly range: No Bales Abbreviations Used of deposit; *cons," consolidated; mortgage; "n-v," non-voting stock; "w w," with warrants ;"x-w." Above—"cod," certificates **cum," cumulative; •'conv," convertible; "m," "vt c," voting trust) ertlficates "w i," when Issued; without warrants. 2820 Financial Chronicle Oct. 1937 30, Other Stock Exchanges Friday New York Real Estate Securities Bid Bryant Park Bldg 6%sl945 11 West 42d St 6XS--1945 Ask Unlisted Bonds 35 Park 40 m 1943 6 6 10 East 40th St Bldg 5s 1953 250 W 39th St Bldgs 6s '37 --- Ask Dodge Corp— Income bonds v t c mm Internat Commerce Bldg— 6Xs Place Bid mmrn 78 m mm 12 ... Stocks (Concluded) Par Week's Range for Sale Oct. 23 to Oct. 29, both inclusive, compiled from official sales lists Unlisted Bonds Sales Last Exchange of Prices Low High Week Price Nat'l Tunnel A Mines... New England Tel A Tel 100 109 N Y N H A H RR (The) 100 North Butte 2.50 Old Colony RR 100 Certificates of deposit 108 X 110X Established S. Calvert St. IS53 39 57c 65c 1,625 40c Sept 7 8 6 6 50c "65c 50c 170 25 16X 13X 16 50 24 X 25 X 4X 12X 14 X BALTIMORE, MD. Louisville, Ky. 14X * 29 Utah Metal A Tunnel York, Pa. Venezuela Members New York, Baltimore and Chicago Stock Exchanges Chicago Board of Trade New York Curb Exchange (Associate) Jan June Feb U8 170 10X 19 X Oct 200 3X 2X Oct Sept 930 10X 2,902 1,211 6X Oct Oct 30c 100 25c Sept 1 30 22 X Sept Oct 98 4 2 29 30c "25" 23 813 9X X 27X Jan 50 Mar 11% Mar 3X Jan Feb 16X Jan 33% 41X May Oct Mar 24 25 70 X 39 73 X 1,549 64 X 39 X 225 Apr 46 X Jan 90c 99c 7,390 36 X 51c Oct 2% June 2 United Shoe Mach Corp.25 Preferred 25 NEW YORK Hagerstown, Md. "12 X Mar 29^ July Oct 31X * * Mar Oct 50c 1,122 23X 3X 2X 11 X Union Copper Ld A Min.25 Union Twist Drill Co 5 100 Mar Mar 9X Oct 4X 5 5 Old Dominion Co Pacific Mills Co (new) 142 Oct Torrlngton Co Broadway Oct IX Stone A Webster Stein Bros.&Boyce 6 x6 326 Qulncy Mining Co 25 Reece Folding Machine.10 Exchange 105 High Oct 3X Shawmut Assn tr ctfs Baltimore Stock on 349 v. 1 2X Pennsylvania RR Orders Executed Low 310 2 IX Range Since Jan. 1 1937 Shares 2 2 8X 3X 9X 4X 261 IX 7X Apr Oct 295 2X Oct 12 X Jan Oct 89 Feb 73X "~99c 1 Holding Corp..* Waldorf System Inc * 9X Warren Bros Co * 4X 35 32X Aug Jan Mar Feb Bonds— Baltimore Stock Oct. 23 to Oct. 29, both Sales Last Arundel Corp Atlantic Coast L Week's Range for Sale Par of Prices Price 17 Low 16 17 29 29 * 1,043 14 10 23 X 27 IX 253 1 Aug 3 Jan 2X 55 2 Oct 9 Jan Apr 54 16 % 19 X 510 13 X Oct 38 66 68 X 662 62 Oct 89% Jan 112)4 112 Eastern Sugar Assoo— Common 1 Preferred 131 110X 709 5 Oct 302* 108 10 Oct 48 20 Oct 136 135 89 Houston Oil pref 100 is x 16X 18X 2,479 14 pref-..25 7X 7X 7% 39 .25 X X 2X 2X 22X 2% 2% Common class A 2 X Monon W Penn P 87% pf25 Mt Ver-Wdb Mills pref. 100 Apr Oct 23% Aug Oct. 12 X Jan Oct 2% 4k Jan Apr 1,450 2 Oct 157 22 Oct 4% 27% 20 61X Oct 82 June National Marine Bank..30 42 X 42 X 20 42 X Oct 45 New Amsterdam Casualty5 10X IX 11X 1,040 1,460 8X IX Oct 18% North American Oil com.* 2 2 X com. * U S Fidelity A Guar 2 Western National Bank_20 16H 200 X 68 68 43 Feb 2 Sept Oct X 68 Jan Sept Feb 1% Oct 95 Feb 14X 16X 4,790 11 Oct 29% Jan 32 X 32 X 61 32 Oct 37 Jan 23X 25X 26 26 Finance Co of Amer 4s 1942 98 98 4% .1947 93 X 93 X Oct. 29, both to 25,500 1,500 1,000 1,000 22 X 25 Oct 98 Oct 41% Oct 93 X Jan 48 Jan 100 X Oct Sept 96 Aug Established Common (new). * Adams (J D) Mfg com * Adams Royalty Co com..* Advance Alum Castings..5 1887 Boston Stock Exchange to * com Sale Stocks— Par Price of Prices American Pneumatic ServCommon * 6% non-cum pref X 50 Amer Tel A Tel 100 Blgelow-Sanf Carpet pf 100 Boston A Albany 100 Boston Edison Co Boston Elevated 100 100 Boston-Herald-Traveller -• 155X 87 113 128tX m Boston A Maine— Common 100 Prior pref 100 Class A 1st pref stpd. 100 Class B 1st pref std..100 Class C 1st pref std__100 Brow-Durrell Co Copper Range * 4X% prior pref 6% preferred Gillette Safety Razor Hathaway Bakeries— c Maine Central 5% cum com preferred Mass Utilities vtc Mergenthaler Linotype..* Narragansett Racing Ass'n Inc For footnotes 1 see Oct 9 Mar 3% 200 3 Oct 9 Mar 1,350 1,450 22% 11X 15% 14% 14% 8X 7% 25X 1,800 16% Oct 30 35% 4,250 24 Oct 8X 9% 400 5 Oct 1,600 6 10 15 3 3 3X 3% 10% 13% 14 14 5 13 X 1 8X 11% 7% 6% "25X 5 com 35 1 8X 7% * 9X 8 com 10 ..... 1 7 ..10 10X 5% conv preferred 30 Castle (A M) common.. 10 Central Cold Stor com..20 28X Central Illinois Sec— Common 10 Oct 800 9 Oct 20% 23% Feb 500 13 Oct 22 Aug Oct 30% 14% 14% 43% Mar Oct 50% 15% 30% Mar Oct 15 Oct Oct 13 July Oct Mar 250 Oct Oct 7% 500 iox 6,150 6X 5% Feb Feb Feb Aug Feb 23 300 17 Oct 18% 36% 28 30 350 24 Oct 43 July 12 12% 130 12 Oct 19 Feb IX 200 1% 7% * * 8% 15 8X 4X 6 1,450 Feb 21% 1 $1.50 conv pref Cent 111 Pub Serv pref Central 8 W— 15 Feb 52 50 7X 53 50 750 X 6X 50 Oct Oct 3% 19 Mar Feb Jan Oct *81% Feb Oct 6% 110% Mar 60 78 Oct Oct 115 Feb 30 Oct 75 Oct 147 Jan Oct 20% Oct 73 Mar Sept 87 90 68 108X U5 128 X 131 222 87 715 108 X 124 53 54 X 386 52 X Oct 19X 21 430 18X Oct 265 14 5X 17X 4 5X 73 4 6 10 5 100 8 25 Oct 3X Oct 13X 160 69% 30% Jan Jan Mar Jan Mar Cherry-Burrell Corp com. 5 Chicago Corp common * Preferred * Oct 14% 56% Mar 20 Mar Oct 24% Mar Oct 23 Mar Common... ..100 Chic Rivet A Mach cap. .4 Chi Towel Co com Oct 29 5X 10% 2X Oct 2 X 100 9X 867 3X Oct 7 666 4X Oct Oct 18 Mar Jan Chicago Yellow Cab Co..* Cities Service Co com Club Aluminum Uten Feb 20% 17% Jan Commonwealth 2X Oct 10% * 4X 15X 28 X 30 10 7 77 10 4X 15X 584 iox 12X 1,125 X X 9 20 2X 25 3 2X 29 3X 11X 2% IX 450 6X Oct 4,600 1% Oct 1 Oct 27% 5% 2% Mar 1 Co of Cudahy Packing pref. .100 Cunningham Drg Stores 2% 74 X "l2" Preferred 25c Oct 2 Jan Dixie Vortex Co Oct 2% 6% Jan 650 22 Oct 33% 48% 3% 700 2 Oct 11 2 100 2 Oct 3X 14% Jan Aug 6 6 40 5 Oct 97 10 97 Oct IX 74% Oct 5X Feb Oct Mar 12 Oct 110% 26% Oct 28% Apr 2X 74% 2% 4,550 74% 20 14 15 750 10% 12 750 4 4% 5 X 105 July Apr Feb 2 Oct 11% 100 15 Oct 25 Feb 33 34 200 31 Oct 41 Feb 14% Oct Dodge Mfg Corp 19 com * Elec Household Utll cap.5 Elgin Nat Watch ..15 Oct 64 Fitz SlmAConDkADge Jan Fuller Mfg Co com.. Feb 4 14% 3% 27 X 26% "2X 7% 2% cm* 16X 650 4X 28 5,000 300 21 Oct 26% 12% 40% 7X 250 5 Oct 20 2% Oct Gardner Denver Co— cum conv Feb 150 23% May $3 Aug 18 Oct Apr May 17 Oct 11% 37 Jan Jan * sx Oct Oct Oct Feb * com Class A 13 X 2 X 32 20 X Mar 97 100 35c 56 25,800 Continental Steel— 76 Oct 6% 2 Conv partrshs vtc B__* Vtc pref part shares..50 Mar 23 140 Oct 3% 47 3% 200 1% 111— Oct Oct 2 24 450 1,835 10 22 1 New common 2% 11X 2X 23 X Dayton Rubber Mfg com.* Decker (Alf) A Cohn comlO 380 May 2X 2 X 50 Feb 37% Compressed Ind Gases cap* Consolidated Biscuit com.l Feb 625 Mar 77 5 Mar 77 Oct Cord Corp cap stock 20 Oct 33 X Mar 240 35 Mar Oct Mar Jan 600 20 8 Oct Jan Feb 46 27 14% . 32 33 20% 10 Oct 24% Oct 95 48 26X 8% 10 26% 6% Oct Edison— Oct 13 X 23 X Oct 33 X 15 64 July Mar IX 550 30 15% 8% 26% 2 Oct 19,150 ...25 Consumers 21 X 2% 150 * 6 620 150 Jan Jan 2X iox 51 28X 21% 3X 40 69 X Oct 15 190 35X 18% 34 2% Oct Jan 130 Jan 10 7 Jan 4X 45 X IX 64 3 275 7 X Jan Aug 12,500 69 X Oct 26X 345 30 X 6 Jan 3% 42% 21% 2% 2% 41% Coleman Lp A Stove com.* Jan New.. 10 * 7X 1% 18 2X 35X Chic A N W Ry— Oct 12 X 4 21X Chic El Mfg class A.. * Chic Flexible Shaft com..6 4 45 2X Cent States Pr A Lt pref. * Chain Belt Co com * 6 605 X X 2X 13X 3 Jan 100 3 Mar 30 7 page 2824 17 83 30 25 Oct 32 81 2X Oct 3% 1% 4X July 80% 48% * Oct 34% 550 43 4% Oct 30 Oct 23 X X 350 1% 39 4X 1 Jan 1,850 IX 43 6 450 83 Oct 100 7X IX Feb 32 51 100 7 Jan 84% 13% 12% 4% 57% Oct * 26% Isle Royal Copper Co 25 Loews Theatres (Boston)25 43 Oct 4X * 145 1 Oct 48 9.000 1 137 Class B Helvetia Oil Co t 30 70 8 Prior lien pref Preferred 55 X 12X 20 49 7 Common 35 * 30 48 7X 7X Jan 54 "7 30 Oct Jan 33 * Oct 2% 6% 187% Oct 55X Gilchrist Co 12 Oct 9% Oct 34X 15X 600 Oct 5X 90 Oct 100 Employers Group General Capital Corp 19% 3 8X X 70c 100 Class B pref 100 Eastern Steamship com. 16% 750 300 5% 139% 4 100 Oct 19X Oct 50 East Mass St Ry— 1st preferred 7 Sept 5 298 2X 7 X 6X 25 1,350 Oct 10 4,858 East Gas A Fuel Assn— Common 1937 High 12 X 25 13% 37 90 X 5 * com Low 6 Class D 1st pref stpd. 100 Boston Personal Prop Tr_* Calumet A Hecla Range Since Jan. 1 for Shares 6 5 10 650 1,150 IX IX 147X 157X 5 15X 13 10X Butler Brothers. Week High High 10 5X 4% 7% 15X Bunte Bros common Burd Piston Ring com Exchange Low 10 10 (New) Sales Low pref. * conv Brown Fence & Wire Bruce Co (E L) com Lewlston Week's Range * .. 11 5 5X 1 com 38% 10% Borg Warner Corp— N. Y. Tel. CAnal 6-1541 inclusive, compiled from official sales lists Last Range Since Jan. 1 1937 Shares 55% Feb 17% Feb Jan 12% 12% Mar 14% May Apr 17% 23% Feb 26% Feb Altofer Bros conv pref * Amer Pub Serv Co pref. 100 Armour A Co common 5 Aro Equipment Corp com 1 Bliss A Laughlin Inc cap. 5 Portland Fridafl High 38% Berghoff Brewing Co Blnks Mfg Co capital Exchange 30 State St., Boston Oct. 29, both 38X 10X 5X Barlow A Seelig Mfg A com 5 New York Curb Exchange (Asso.) Boston Stock Oct. 23 Low Belden Mfg Co com Bendix Aviation com Private Wire System Bangor Price Bastlan-Blesslng Co com.* UNLISTED TRADING DEPARTMENT Boston Tel. LAP 7010 Week Aetna Ball Bearings com. 1 Allied Laboratories com..* Autom Washer Members New York Stock for of Prices Abbott Laboratories— Automatic Products com.5 Tyson Week's Range Sale Par Asbestos Mfg Co Associates Invest and Sales Last Stock*— Athey Truss Wheel cap. Townsend, Anthony inclusive, compiled from official sale* list* Friday Allied Products Corp com 10 Class A 25 Bonds— Bait Transit Co 4s (flat) '75 A 5s Hat 1975 Oct. 23 Mar 62 Penna Water & Pow St., CHICAGO Chicago Stock Exchange Jan Oct 22 X 62 Owlngs Mills Distillery_.l Chicago Stock Exchange Chicago Curb Exchange 10 So. La Salle Jan 2 235 Exchange (Associate) Aug 7X X 10 1 New York Curb Jan 10 X 9 Mfrs Finance 1st 2d preferred Mar Tex Oil 115 Oct 18 X 19X 101 105% 1 Fidelity A Deposit 113 Unlisted Member* New York Stock Jan 68 H 100 5% preferred 67 PaaJ H.Davis & Mar * Consol Gas E L A Pow $9,000 SECURITIES Listed and High 1 .... -* com Low Oct Oct Bait Transit Co com v t c. * Black & Decker CHICAGO Range Since Jan. 1 1937 Shares High 2X (Conn) 50 69 Week * 1st pref vtc. 67 inclusive, compiled from official sales lists Friday Stocks— Eastern Mass St Ry— Series A 4Xs .1948 Exchange pref 15X 20 3 14 15X 58 58 1,900 2% Oct Jan Aug Jan Mar Jan 5% May 650 12 Oct 23% July 50 57 Oct 70 July Volume Sales Friday Gen Candy Corp A for of Prices Low High Shares Price Members Cincinnati Stock Exchange weec, High Low Trading Markets in Active 5 Gen Finance Corp com Weel's Ranoe Sale Par 1 1937 Range Since Jan. Last Stock* (Concluded) 2821 Chronicle Financial 145 1 Feb 19 9k Oct 1,850 3k Oct 3 4 H 350 4k 8.700 11 10 4 Cincinnati and Ohio Listed and Unlisted Securities 5k May Gen Household Utll— Common 120 lk 27 Oct 26** 600 19 k Oct 8 9k 1,650 5k Oct 13 15 « 2,000 9 Oct 10k 50k 42k 12k 29k 100 7k Oct 14 Apr 10 Mar 2** 30 "26r~ *Gossard Co (H W) com..* Great Lakes D & D com..* 9 15k Hamilton Mfg cl A pt pf.10 7k 8** 8** 6 6 Hlbb Spencer Bart com..25 Hormel & Co (Geo) com A* "45** 7k 7H Harntschfeger Corp com. 10 Helleman Brew Co G cap. 1 Heln-Wern Mot Pts com.3 Oct 25 27 300 25 Oct 49 Mar 450 5 Oct 10 k May 6** 5** 29k Feb Cln Telephone 500 19k Oct 51 Feb Cln Union Stock Yard 39 Oct 55 Aug 1,700 4 Oct 5 Oct 16k 12k 6k 65* 12** 7k 1,000 13k 800 26 27 7k "26 k 3** 5k 3k Oct 13k Feb Mar 24 k Oct 8k Oct 34k 19k Oct 15k 2,100 5** 2** Oct 12k 27** Oct 45 Jan 2k 30 80 2** 60 Oct 4k 450 10 Oct 33k 6k 3 550 35 43 700 20 Oct 56 21 150 18 Oct 48 k 1 700 Oct 4k 30 k 2,150 2.050 9 Oct 4k 4 Oct * 80 22 Oct 1 2 2k 2,100 lk Oct 5** 21,100 2,250 3k Oct 1** 7k 2k k Oct H X 600 k Oct 1,950 IX Oct 12 k Oct 9k Oct 9k 2k Common... 4 ,_* Midland Utll— 7% prior lien.. Montg Ward & Co cl A Nachman ~27~ 10 7k lk 110 1 Oct 8k 21 Oct Oct 46 k 10 Jan 4 * com.6 Pines Winterfront com 1 Potter Co (The) com 1 Prima Co com * Public Service of Nor 111 Common..* Common 60 Perfect Circle Co com 100 134 k Oct 156 10** Oct 22 50 2 100 2 Oct 12k 100 100 ♦ 18 Oct 36 k Feb lk 27k 800 Oct 3k 137 IX "27" 22% Sept 25 Jan Oct 36 Feb Oct 30k Apr 8 Feb 23 23 35** 35k 35** 35 Oct 49k 94 94 94 2 94 Oct 101** 18k m 17k 18k 55 15 Oct lk IX 282 1 Oct 3 10 Oct 20 92 44 Oct 65** 10 48** 10 10 48** M CO isas; Jan Jan 24 Feb 4k May Jan ♦ 4 Oct 11** Jan 24 23 24 165 22 Oct 38 Feb 10 22 21 22 270 19** Oct Feb 3 3 5k 5X Mar _ Card Western Bank ........ ..10 3** 75 1 50 5X Oct 5k 10 3 Oct 54k 6k 12k Oct 26 Mar 15 15 15 100 102 102 Jan 134 Apr 175 102 15 30 100 Wurlitzer Preferred - 92 Feb 2k 7** 8k 20 Oct 2 Oct 9k Oct 10 k Jan 15 12 k 12 k 20 16 16k 1 100 44k 14 k 20 350 1 44 145* 12 k 58 10k Oct 37 Oct 54 Jan 15** Oct 29** Jan 44 Oct 55 11 Oct 24 k 50 Oct 17** 350 4k Oct IX lk 2 850 k Oct 450 ik Oct 1 1 450 k Oct 77 k 81 107 109 112 112k lk Feb Jan 66 Oct 99 k 74 June 99 Jan 40 104 Oct 120 Jan 130 105 Oct 122 Jan 125 k I 94 430 Oct 121 Apr 100 7 90 110 99 17 v 136 17 17 Oct Jan Jan 150 37** Mar r- Feb lk 3k 1,200 lk ik X Oct 250 Oct 7k 3k Ilk 2k 11 10 5k 3k Feb Jan A 135 3 Jan Msr 100 81 81 97 Jan 7k 3k 300 80 81 U2'~ 25 Mar 35 110 5k IX ..... Feb Oct 7k 9H 30 28k Jan 2 k Oct 5 9** ..... ;..5 570 0 Oct 30 k Jan 2 k July Feb "10" 6,350 k 27 450 24** Oct 42 Apr 850 Ilk Oct 28 k Feb ik 1 15 16 70 04 k 70 150 64 k Oct 98 Aug Co com.* 9 8k 9 950 6k Oct 14k Mar 1 B com Stgnode Steel Strap— Serrlck Corp cl Slvyer Steel Cstgs com—* So Bend Lathe Wks cap..5 com..25 Southw Gas & El 7% pf 100 Southwest Lt <fc Pw pref. * St Louis Nat Stockyds cap* Standard Dredge com * Convertible preferred..* Storkllne Fur com 10 Swift International 15 Swift & Co.... 25 Sundstrand Mach Tool Co* 17** 2 Utah Radio Products com * Utll & Ind Corp com 6 Convertible pref 7 Viking Pump Co com....* Wahl Co (The) com * Walgreen Co common * Wleboldt Stores Inc com..* Amer Coach & Body 21** Harbauer. ... ^ ^. Oct Oct 7 Jan 107 Jan 15 Oct 95 Jan Oct 83 k Jan 2k Oct 5k Jan 60 68 20 65 4 5,350 20k May 15k Mar 33 k Mar Van Dorn Iron. Warren Refining 1.450 15k Oct 28 k Mar 14k 250 12k Oct 28 k Mar 850 4k Oct 15k Ilk Oct 26 k 6k 23 15 2k . lk Oct 550 k Sept 550 lk lk 19 19 10 2 350 k 2** 1,050 21 23k 14** 5 5k 6 6k 18** 23k 2 Jan Oct 6k Feb 16k Oct 24k k Oct Oct 49k Feb Oct 26** Mar 2k Oct 12 k 900 4k Oct 2,150 5k Oct 15k 5 Oct 14 Mar Feb June 8** Jan Mar 10 10 Oct 25 30 Oct 26k 58** 22** 55 20 Oct 60 Feb 78 10 78 Aug 85 Mar 10 160 15 Oct Mar 3k 225 3 200 2 Oct 1 500 1 Oct 12k 10k 2k 34 65 Oct 1 12 * 12 31 18 140 4k 13k 4k 13k 50 "40 38 40 26 25 10** 31** 20k Mar 34 Feb 7k Mar 13k Oct 18 Sept 34 Oct 57k Mar Oct Jan May 1 10 k Apr 13** Mar Oct 3 34 Oct 6 305 Oct Oct 4 365 Aug 19 31** 4 Apr 64** Sept 10 70 135 9k Oct 2k 20 5k 7** 3k 2k Mar Oct 68 10** 7 4 115 32 5 7** 696 Feb 67 Oct 3 240 3** 26 Feb Oct 28** 10** 17** 100 4k Mar Jan 4k 7** 3** Oct 2k 20 Weinberger Drug Inc... 12k 43 k 960 2k 40 20k Watling, Lerchen 14 New York 11,650 Detroit Stock Exchange Telephone: Randolph Detroit Stock for of Prices Low High Oct. 23 to Oct. 29, both inclusive, 1, 1937 Range Since Jan. Week's Range Week Shares Feb Jan 5k 240 4** 16k Oct Oct 13** 36k Feb Feb 5k 19** 3k 18 3 May 8 35 35 10 30 Oct 63 June 107 105 107 15 105 Oct 111 Jau Stocks— Feb 35 55 Associate Exchange Exchange compiled from official gales lists Range Since Sale 5k 19** 3k July 5530 Friday High 5k 19** 3k 26 & Hayes Last Low Oct Feb DETROIT Buhl Building Mar 12 ** New York Curb Chicago Stock Stock Exchange Au« 13 2 17 Member* Feb Oct 18 50 300 Sale 135 Feb 850 Last 20 * * 100 30 Oct Jan 5 ' Sales Friday Aluminum 37** Oct 5 16 4 Feb V Cincinnati Stock Exchange inclusive, compiled from official galea lists Price Oct 18 195 33 7** * 2 Oct. 29, both Par 20 360 5k 6** Apr 5** 5 14** 5 ♦ com.* 2 Radio Corp com..* 50 19 July 4k 21 Mar Mar 550 73** 78 Upson Walton......... Oct 4,850 18 Oct , 21** 1 Troxel Mfg.... Oct 19 Oct 41 33 ...1 Oct 26** 5 Woodall Indust com 6k Jan 8 278 18 5 Apr Apr 344 8** 47 21** 100 6k 16k 14 J* Williams Oll-O-Matlc com 104 3k 9k 23 k IX Wisconsin Bank shs kOct Feb May 16 5 * 50 ' ~23** 94 Steuffer cl A__ 80 ** 2** 50 ... 8% cum pref S M A Corp.. 3 2 19 94 Selberllng Rubber 14 "55* | Oct 50 18 -... - Richman Oct 25 18 40 45 .3 2 75 1.450 40 80 _* A..* Reliance Electric 7 73** 32** Mar 15** 49 k Feb Ohio Brass B 12 90 k -i Aug Oct 57** .25 - 100 20 * * Feb 68 2 94 * pf 100 Miller Wholesale Drug...* - \ Jan 4 Met Pav Br cum 7% . Mar 117 10 18** 5k 6** Jau 50 Aug 60 * Packer Corp.* - > Oct 105 40 Lamson & Sessions Nestle Le Mur cum cl 63** 14 16 66 21 National Tile fcJan 22 Jaeger Machine National Refining. 112 66 Kelley Isl Lime & Tran...* Lima Cord Sole & Heel_..l Feb Mar 3,651 108 8 McKee A G class B___ Feb 21 40 k 101** 22 ...* McKay Machine Oct 31 147 33k {Jan Feb 14** 20k July 60 .... Interlake Steamship.. 27k 7 108 Oct 58k 103** June 2 40 26 Ilk 323 106 Peerless Corp. 66 4 302 15 Patterson-Sargent 78 15** Oct 372 73 36 Apr 60 Oct 18 14** 24 106 Mar 100 13 14 65 21** Mar 400 Oct 36 35 2 Oct 20 14** 100 * Dow Chemical pref. 100 Elec Controller & Mfg..—* Federal Knitting Mills * Great Lakes To wig pfd .100 Halle Bros pref. j._.... 100 Hanna M A $5 cum pref.. * 40 93 6 11 110 Cleveland Railway Oct 2 25 280 7 Cliffs Corp v t c Jan Oct Oct 8 13 5 Cleve Elec 111 $4.50 pref. i0k 17** 5 8 12 * * City Ice & Fuel * Clark Controller _....... 1 Cleve Cliffs Iron pref. * 25 k 16k High Low Shares Low .100 Akron Brass 20 . 25 Airway Elec Appl pref. 250 93 1, 1937 Range Since Jan. for Week of Prices High Sale 25** 17** 17** 10 lists compiled from official sales Week's Range Last 23** 17** & 566 Sales Price Par Stocks- 25** South Colo Pow A 29, both inclusive, Friday 23 Common.;....-...-.--* Preferred 30 Cleveland A. T. & T. CLEV. 565 [Cleveland Stock Exchange Oct. 23 to Oct. Medusa Port Cement Oct 26 lk 1 Common Union Truat Building, Telephone OHerry 5050 Mar 12 100 800 Exchange GILLIS Feb 5k 1,650 14 Hos Mills— Sangamo Electric Co * Schwltzer-Cummlns cap__l Members Cleveland Stock Feb 2,100 3 85* IT 6% pref v tc Ohio Listed and Unlisted Securities Jan 350 3 c__._...50c Industries Amer Ldry Mach Amer Prod part pref Champ Paper & Fibre Champ Paper pref. 14 Feb 10 Common v t Stocks— Jan Feb 27k Oct 23 * Jan 750 Raytheon Mfg— to 5 Jan Mar Feb 11 100 Thompson (J R) com Trane Co (The) com 9 Jan 26 Pictorial Paper Pack Sears Roebuck & 9k Oct 24 Jan 400 350 2 .5 Reliance Mfg Co com... Oct 5k 10** Jan 25 10 pref erred.....-.100 Penn El Switch conv A.. 10 Penn Gas & Elec A com..* Rath Packing Co com 7X 68 Jan "20" 6% Preferred 100 5k 10** Jan 136 100 Peabody Coal Co B com. Oct. 23 :•••• 15k Mm 6% preferred.. 7% preferred Quaker Oats Co com 7k 5k 10** Jan Jan 20 * Jan 4k 2** 11 Parker Pen Co (The) com Zenith >2 Jan 5 27 k :V> — preferred Rollins 2 26 Springfilled com* Tr pref..* National Standard com..10 Natl Union Radio com.._l Noblitt-Sparks Ind com. .5 North American Car com20 Northwest Bancorp com..* Northwest Eng Co com—* 7% 22 25 US Printing... Feb 7 31** 136" Natl Repub lnv N*west Utll 30 4 * • Monroe Chemical Co com 2 2X pref__* com..—* Modine Mfg Co lk 2 1** 100 100 Miller & Hart conv Oct 60 Mar 4** Midland United Co— 6% prior lien 12** Feb 7 5 purchase warrants Middle West Corp cap preferred A 203 15 . U S Playing Jan 1** 155* 13 MIckelberry's Food Prod Conv 13 Jan Mar X 25** 45* Mer <fc Mfrs Sec cl A com. Common 100 * Ai'g 25 15k Marshall Meld com Prior preferred Oct Jan IX Manhatt-Dear'nCorp com 79 Feb 25* 3 43 _ Rapid Jan 18 * 5 _ _ 113 5k 26 2.50 Randall A July Oct 2 82 10k 15 ;. P&G Mar 22** 2** 18 Oct 23 Magna vox Manischewitz.. Jan 5 25** * Mar 318 108 15 100 Kroger. July 5k 20 10 Oct 26 .. Kahn 1st pref _ _ Jan 94 * * Hobart A _ Jan 14*1 Oct 10 116 * _ . Hilton Davis pref Aug 250 10k 27** 2% Jan _ • Gibson Art. Jan 1,600 26 4k 22 7k 3k Oct k 10 Formica Insulation Mar Oct 3 1,200 5 5k 30 Oct ik 2.400 8** * 89 Jan 3k 2** "16" Lindsay Light com 10 Lion Oil Refining Co com. * Jan 650 * Eagle-Picher Lead.. Feb 43k 300 IX 10** 10 28k Oct 54 330 4k 1 26 26 preferred..* Oct 19 4H 3** Mar 12** 7** 5k 10** * Dow Drug.. 13k Oct 5k 5k 10 k 7 96 5k 80** 12** 7** 82 * 6 7 94 7 95k 5k ..50 Crystal Tissue Feb 10 ** 90 60 54 50 "i'x Cln Street Ry. Oct 45 5H * 13 k 25** 45 High Low Shares High 6k 6** Churngold Cln Advertising Prod. 100 22 6 Jan Aug 1,450 21 Low Price 50 5k Lynch Corp com McCord Rad & Mfg A Week Cln Gas & Elec pref.. .100 17 1, 1937 Range Since Jan. for of Prices Aug 4k 19k 111k 92 6 Llbby McN & Llbby.-lO Lincoln Printing Co com* Stock Oct Par Stocks (Concluded) Week's Range Sale 50 Leath & Co com _ IX 4k 100 16k Sales Last Jan 23 Sept Oct 15 Tel. Cln. 363 Friday 110 com—5 _ Oct 450 20k 50 6% preferred 100 Kerlyn Oil Co cl A com..6 Kingsbury Breweries cap.l Loudon Packing com 43 k 98** 5 1 $3** preferred. 70 Jan 11** 13k Mar 52** May 95 Kellogg Switch & Sup com* com Oct 25 Ky Utll Jr cum pref Cumulative 20 Oct 3k 7** Ken-Rad T <fe Lamp comA* Le Rol Co Oct 5 450 2** Electric com...* La Salle Ext Unlv 8** .6 47** CINCINNATI BLDG. TRUST Phone Cherry 6711—Bell Sys. 98 X 1 Katz Drug Co com Jan 6 Indiana Steel Prod com__l Jefferson UNION July 2X com Joslyn Mfg & Supply com BAL1INGER & CO. Feb Mar 550 8** 5** 45** Illinois Brick Co cap Jarvis (W B) Co cap Oct ■■■7 16 (new)__l 10 111 North Utll pref 100 Indep Pneum Tool v t c._* Hupp Motor Jan 30 25 2k _ Godchaux Sugar cl A * Goldblatt Bros Inc com__» Par 1 Baldwin Rubber com. ..1 * Price k 9k 29k 1,980 2k X Oct 5k Oct 15 k Feb Feb Oct 56 k Jan 1.625 9.670 Jan. 1, 1937 High Low 24 2822 Financial t Friday Par Burroughs Add Mach Week's Range for Sale (Concluded) of Prices Low High Shares Price * 19 * Burry Biscuit com...12He 3c 3* 1 3% 5 Aircraft com..3 Federal Mogul com... 12 Federal Motor Truck com * Federal Screw Works Gar Wood Ind com General Motors 4* * com "ix 3 Goebel Brewing com Graham-Paige com..... 7% 10 com 43 * 3 % 1 1 .. 2* 1 com Hosklris Mfg com B "\S Jan 3% May "16 400 * Oct 4% 850 600 431 98 Oct 1 23 H 20 Standard OH of Calif * 34H 33 200 15 Oct 28 1 Feb 3% 25 Oct 27* Sunray Oil Corp Superior Oil Co Transamerica Corp Jan Union Oil of Calif. 25 Feb Universal Consol Oil 555 7H 1,203 8H Oct 23 1,150 2% Oct 11* 3 Oct 1 Oct 4% Oc* 200 100 5,127 5,341 32 4.770 7 Jan Oct 22 Feb 22* July 27* 10 5,003 Oct 23 Feb "16 7,338 17% 1,190 9.6 3% 19% IX 1% 4 1.150 3% 19% 800 Oct 1% Feb Oct 8* Feb 16% Oct Jan % Oct 2* Oct 29* 1* 9* Feb 28 Apr % 2 305 125 19 Oct 2,851 j 3,745 i Oct 600 i Oct 1* June J 875 3 1% 10 s% 6% 8% Packard Motor Car com..* 6% 6 33 Prudential Investing com 1 5 3* 2 3 X 3 3% 4% 24% 3% 10% Paper com..* 10 1 com Stearns A Co (Fred'k) com* Timken-Det Axle com..10 14 17,269 10% 15% 100 350 5,330 2,835 4* 3% 2% Union Investing com 4% 2% * 7% 5% 7% 5 5* 2% * *sk" 5% * 2* B Walker & Co A 2% * B 24 * Warner Aircraft com 3 • W 3 31 Aug 17* 28* Oct 62* Mar Oct 49* 800 12* 21* 2,000 3,700 Feb 7 800 6 Oct 3H 6% 3% 7 YosemltJPtld Cement 3* 500 3* Oct 2,000 17c 17c 2c 2*c 8,000 lc Mar 4c Feb 20c 20c 3,000 20c Sept Feb 4H 4% 5 550 Imperial Development 25c Apr 2c 2c 2 *c 24,000 Jan 9c Feb Zenda Gold... IX l*c 82 *c 5 6c 6c 6c 2,000 5c Oct 15c Jan Oct Feb 1 3% 3% 3% Oct 2 3* 2% 200 2 300 1* Oct 9 9 9 100 9 Oct 29* 9% 5* 20* 2H 2 2% 200 1* Oct Jan Curtiss-Wrlght Corp 4* 4 3% 4 200 Oct Mar 100 2% 39% 100 22 Mar 12 12 100 42* 42* 42% 7% U S Steel Warner 5% 7% 7 8 6* 13 Feb Oct 22* 2% Oct 35 Oct 10* 15 Oct 27 Oct 28* Oct 10 Oct 8 Oct 13 Oct 11 * Feb 9* 8* Oct Oct Oct Mar 7* 1* Feb % % 300 July ,516 9X *7* 270 BANK 15* 120 Oct 18 Oct. 29, both to Stocks— I Allegheny Steel ar Teletype L.A. 290 of Prices Range Since Jan. 1, 1937 Shares 100 58* Oct 400 5* Oct July Feb 2790. page 3% 42* 13* 11* 1% High 2% 9% Jan 60c 35c Oct 90c Apr 1% 300 62 He Oct 3H Jan 1.700 1.10 Oct 7% Jan 1,000 2,000 5c 14c Feb 4c Sept Sept 8c 5c 5c 5c 13c Feb l 6c 6c 6c 250 6c Oct 17c Feb 1 6c 6c 6c 1,000 5c Oct 16c Feb 8% 200 25 25 25 76 76 76 8* 10 4% 9% 9 10 5% 9% 10 24 Oct 43 Feb 100 60 Oct 135 Feb 200 6% 7% Oct 200 2% 100 7 10% 1,000 75c 92 He '5.700 Mar Oct 17% Mar Oct 24% Feb 19% Mar IX Mar 7 Oct 50c Oct 410 410 2 410 Oct 10 10 10 200 8 Oct 400 5 Oct 18 Oct 21% 0% 22 Jan 12% 17X Oct 410 6% 10 10 460 Jan 30* 11* 27% Mar Jan 85c 65c 85c 1,100 1,000 Oct 1.50 Mar 20c 20c 23c 9,100 16c June 72 He Jan 15c 15c 18c 6,440 10c Oct 60c 1 * 8% 2% 6% 8% Oct 16 X 2% 2,800 Ang Investment Co.10 Mascot Oil Co 1 5 5 5 100 4% Oct 10 75c 65c 75c 600 50c Oct 1.45 Menasco Mfg Co Merchants Petroleum 1% 1% 1,200 90c Oct 4% 35c Oct 2,525 90c Oct 750 Oct 10 684 3% 4% 20* Oct 17 Oct July 8* 20* 34* 245 Feb Mar Mar 26 35 Oct 4 Feb Feb Jan Aug Feb 575 11 Oct 12 100 10 Jan 24* 14* Aug 15 240 5 Oct 41 July 60c Oct 18* Oct 14* 65c 70c 500 25* 502 102* 104 7% 8% iy 1% 5% 6% 70 2% 1 3,316 Oct $1.25 Jan Mar 58* 110 1 Oct 3* Oct Oct Sept 14* 4* 12* 10 5* 325 4,545 Oct 100 Feb Jan Feb Jan Oil A Gas 1* 1 Oct 2* Oct Mar 1* May Feb 8* 80 23 Oct 50 Feb 20 30 Oct 53 July 8* 1% 89* 9* 25 8* 1* 81* 4* Oct 27 Feb 8 1 San Toy Mining Co Shamrock Oil A Gas 80 300 30 87 5 Renner Co 1,475 1 8% 1% 5 Pittsburgh Steel Fdy Plymouth Oil Co.. 2* 2* 23* 30 1 Plate Glass..25 Pitts Screw A Bolt Corp..* 1 * 7 1% 17* 1% 3 200 38 1,135 170 8 65c .1 Oct Mar 5% 147* 19* Feb Mar Oct 30 Feb 5 29* 2% Mar Jan 2c 2,400 2c Jan 4c Jan 3* 6,650 2* Oct 9 Oct Mar Sept 120 12 372 31* 50 Oct 900 10 * Feb 19* 1* 2c "3% 1 Standard St Spring (new).* United Engine A Fdy 5 Vanadium Alloy Steel Victor Brewing Co Oct Mar 2% 23% 100 Jan 35c 2X Brew Co pref..* Coal pref Forging Co 12* 70* 29* 21* Oct *ur> Brewing Co...* Mar 1% 8% 1% Natl Fireproof Corp com.5 Pittsburgh Pittsburgh Pittsburgh Pittsburgh Pittsburgh Pittsburgh Oct 10 Penn Federal Corp com..* Feb 2% 5H IX -tttI 43 4 21* 10 4 14 70c ..* ** 245 20* 20 948 High < Oct 12 15 Hoppers G A Coke pref 100 Mt Fuel Supply Co. 9% 1* 3% 7% 20% 50 253 Low 14* 3% 31% 9% 5% 35* 135 50 50 50 65c 65c 930 24* 28* 104* 1,310 12* Oct 1 23* Oct Oct 56 Jan 7* 11* 61* 40 Apr Oct Feb 500 14% * 100 Harb-Walker Refrac com.* h l Chrysler Corp m Range Since Jan. 1, 1937 Shares 285 20 1 Clark (D H) Candy Co...* Columbia Gas ,A Elec Co.* McKinney Mfg Co. Oct 8c 12 for Week High 3% 35% Lone Star Gas Co Low m 21 * Follansbee Bros pref Fort Pitt Brewing Low 18 Electric Products 2,600 4,000 4% Centra. Investment....100 Holly Development .1 Klnner Alrpl A Motor...1 Lincoln Petroleum Co.lOc Lockheed Aircraft Corp..l Los Ang Industries 2 Loa 1 1 St. Louis Stock 35c 100 32 c June 11c 12,100 lc Jan 60c 100 60c Oct 2.25 Mar 20c 13c July 45c Oct 80c Feb Oct. 29, both to 20c 18c 35c 30c 35c 1.25 1.10 1.30 12,100 1.4O0 1.700 70c Oct 25c 22c 25c 9,900 16c Sept 7% 6% 7H 200 6H Oct 80c Richfield Oil Corp com Par American Inv 2.00 Mar Brown Shoe 40c Mar Burkart Mfg Central Brew 18 Feb 38 com ..5 65c Oct 500 Oct 32 Jan Chic A Sou Air L pref...10 Cocoa-Cola Bottling com. 1 Oct 35 Feb Columbia Brew Feb Dr Pepper com 20 5% 18c Security Co units ben Int. 6% 1% 5% 1% 2% 2 page 2824 4% 15c 5% 1% 5% 1% 2% 30 600 5% 5,800 2% Oct 18c 1,030 18c 20 May July 13% 87HC Mar 5 com 8.500 4H Oct 10* May 400 1.25 Oct 3% July 9% 3% 6% Jan Hussmann-Ltgonier Feb Huttlg SAD com Hyde Park Brew com 1% 2% 32 500 4 Oct 1,100 1.35 Oct 300 2% Oct 156 29 Oct 56 Feb Feb Falstaff Brew com Griesedieck-West 1 Br com. 27* 3 Feb Jan Hydraulic Pr Br pref 5 10 100 21 25 38* 2* 5 27* 28 Range Since Jan. 1, 1937 Shares Oct 171 37 Oct 49* 35 22 Oct 37 400 50 105 3 3 200 27 320 21* 7* 7 High 20 21* 7* Low 66 25 * com..* 20* 37* 5 Ely A Walker D Gds com25 1% 5% High 2* * 6% Low 25 1 com 900 1% iTlce * com 70c Roberts Publlo Markets..2 Ryan Aeronautical Co 1 Samson Corp 6% pref...10 Feb 56* 163* Week 21 16% 12 % 15 for of Prices * com 65c * $1.25 Oct Sales Week's Pange Sale 14* 19% Warrants Oct Oct Exchange Last Stocks— 70c .1 60c 18 89* inclusive, compiled from official sales lists Friday Mar 23c June 16* Pacific Indemnity Co...10 Republic Petroluem com.l 629 Feb 25c Oct. 23 1 Rice Ranch Oil Co see Feb 10 com For tootnotes Westinghouse Air Brake. .* Westing Elec A Mfg 50 Feb 10c * Pacific Clay Products Pacific Distillers Inc 0V 60c ...1 Olinda I-and Co Pacific Finance Oct Aug 11c Nordon Corp Ltd 5 Occidental Petroleum..__l Oceanic Oil Co 55c 60c Mid-Western Oil Co...10c Mills Alloy Inc A * > Jan Jan. Sales Week's Range Price Duquesne Brew Co com..5 Sales' 8c 22 Oct inclusive, compiled from official sales lists * 3 * 3 PITTSBURGH, PA. * com Byers (A M) com.. Carnegie Metals 1% 2% com 200 Jan Feb A. T. & T. Tel. Pitb-391 * com San Francisco Stock Exchange 45c 0% Oct Pittsburgh Stock Exchange Feb Arkansas Nat Gas for Globe Grain A Milling..25 15 BROADWAY, NEW YORK ,.* 1% Hancock Oil Co A 100 12* 21* 8* 117* 17* Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds Blaw-Knox Co.... 3 A Co..* 17* 15* 3* 58* 9* BLDG., Tel. Oourt-6800 Chicago Board of Trade Barnhart-Morrow Cons..l Gladdlng-McBean 68* Oct Jan Week 90c Mar Oct Oct 5 New York Curb Exchange (Associate) 1 Feb 6% * 6* Berkey & Gay Furn Co..l Bolta-Chica Oil A com..10 Farmers & Merchs NatllOO 32% 3% 600 Feb of Prices Low High 5% 9% 10% 100 Feb Mar 29 7* 3% Preferred Feb I Pittsburgh Stock Exchange MAmhara UNION Feb Oct 4% 57 %c Emsco Der & Equip Co..5 Exeter Oil Co A com 1 15* H. S. EDWARDS & CO. Jan Oct Week's Range 10 Oct Mar * Sale Consolidated Oil Corp Consolidated Steel Corp 42 6% Jan 6* Oct 58 H 5 Pictures Jan Last 8% Oct Oct 100 Philadelphia Stock Exchange—See Feb Los Angeles 5 Jan Feb 2* Exchange Claude Neon Elec Prods Jan Feb 560 Friday c Jan 8* 62* 1,300 8 3% 58* Corp Bros Feb 1* 5* 3* 4* 1* * 15* 3H (Del) Feb 2 Corp Feb 13 Jan 6% 9* 5* Angeles Stock Exchange t c 12 Aug * Oct. 29, both inclusive, compiled from official sales lists Preferred vt Oct 12 Devonian Oil. v 39c June Cities Service Co........* Commercial Solvents * Commonwealth A Sou * Copper weld Steel Preferred Oct Unlisted— Montgomery Ward A Co.* Nor American Aviation..l Radio Corp of America..* Tide Water Assd Oil Co. 10 6% Buckeye Union Oil com._l 12c Amer Rad A Std Sanitary * Aviation Corp (Del) 3 6% 950 * Price Apr 5* June 17c Armstrong Cork Co Par 13* 2 He 20c Cardinal Gold Ming 1 Cons Chollar GAS Mng.l 40 "i« 3% . Lob Angelee Stock Exchange Stocks— Feb 9 Mining— Blk Mammoth Cons MglOc Calumet Gold ___.10c 22 MEMBERS Bandml Petroleum Co Aug July 6* Wm. Cavalier & Co. Los 16* 18* Sale to Oct 28* Last Oct. 23 Mar Oct 40 Jan Feb 55 Oct 22 Mar 5 Oct 17* 6H 7% Feb Oct 29* 9* 40 4% 2 300 30 Friday 523 W. 6th St. 600 Jan Mar Oct Oct. 23 New York Stock 600 , 5 Feb Oct 2 Oct 22 Oct 423 Oct 300 Jan 5 Feb Oct 20 24* 27* * Oct 123 1,100 29* 28* * Oct 2,395 Oct Co 2* 1,349 1,100 25* Intl Tel A Tel Corp % 3* 2 com 24 8 l Wayne Screw Prod com..4 Wolverine Brew com 1 Wolverine Tube 6 600 Goodrich (B F) 2H 3H 555 Feb Jan Feb 2 ' 41 Jan 1* 2* 1,680 602 Oct 1 General Electric Co.....* 2,030 295 34* 200 Aug 10* 2% 3% 4% Jan 10 200 19* 28 985 32* 8% Oct 1,435 1,022 210 14* Oct 5 Oct 34% 13% 2,980 Oct 6* United Oct 3% 5% 2% 3% 3% 4% 24% 9 19 5 Jan 4 2% * 20 600 2,000 5 Feb Oct 1 com 29* 11* 12* 21H Mar 48 8* 4* 4 1 Universal Cooler A * Oct 10 Weber show A Fix 1st pf..* Wellington Oil Co .1 20* 12* •44* 8,901 5,095 Tivoll Brewing com Tom Mooro Dlst com United Shirt Dlst 30 High 24 20* 35* 26* 24* 28* 23* 34* 3% Feb 18 Oct 3% 2*. June Oct 1* 2,050 Jan 2* Oct 6% 12% 3* 5X 2% 3% 3* Feb 1 com Feb Oct 2H 245 Standard Tube B Feb 8 10 4 Scotten-DUlon 70 725 3% 1% River Raisin Feb Oct pref... 10 Motor com Feb Oct Mid-West Abrasive com50c Reo Feb 2* 19* Oct 4 384 9 Oct % % 1 7% Rlckel (H W) com Mar 9 16% X 13 26 Jan 17 8 * 25 25 Feb 284 1% * * 24* 28* 5H% pref C Low 100 9* 19* 35* 10 215 com 9 So Calif Gas 6% pref A.25 Southern Pacific Co 100 ..25 Shares 25 20% 35% 26% 24% 28% 11 i" Parker Wolverine com 9 25 Original pref 6% pref B Oct 9 Parke-Davis * So Calif Edison Co 25 Oct 1.200 3 Peninsular Metal Pr com.l Pfeiffer Brewing com * 25 Oct i* Murray Corp com * Range Since Jan. 1, 1937 for Week High jOw, 1* 3% 3% com Signal Oil A Gas Co A Sontag Drug Stores Price 2% Mich'St Tube Pr„'com2.50 Sugar Par 2 McClanahan Refining coml Micromatlc Hone (Concluded) of Prices 1,300 18 3 6 1 1937 30, Sales Veek's Range 4,417 3,985 3% 13 * Masco Screw Prod com___l Michigan Jan 14* ""3k" 10 com Mar X 145% 730 10* Lakey Fdry & Mach com.l Mahon Co (R C) A pref..* McClanahan Oil 3% May Jan Feb 4* Feb 2% 5* June Hurd Lock & Mfg com.__l Kinsel Drug com 1* Oct Mar 22 Oct 11% 14% 9* Hudson Motor Car com..* Kresge (S S) com.. Oct 18 * Kingston Products com__l Oct 15H Mar Oct "~4% * Houdaille-Hershey 55 307 7*c 132 H 2* 1H Hall Lamp com...,.....* Hoover Ball A Bear com. 10 Jan Oct 22,030 Grand Valley Brew com_.l General Finance 35 2c 4% 3% 1 Det Frankenmuth Brew com..1 Oct Stocks 16 Det-Mlch Stove com Ex-Cell-O 2,646 High l% 't« * 99% 103 1* 1% 2% 3% 3% 4 15% 17 9 9% 10% 12 3% 4% 3% 4% IX 1% 7 7X 38 44% 3% 3% 2 2% 5 Paper Prod com Corp com 73 H 17 16 1,545 1% Det Gray Iron com Det Steel 1,995 3c 16 Detroit Edison com.... 100 Last Sale Low 60 Cripple Creek Gold..! Friday Range Since Jan. 1, 1937 Week 22 3c Chrysler Corp com 5 Consolidated Paper com. 10 Det A Cleve Nav com... 10 Der Oct. Sales haul Stocks Chronicle 25 939 2* 4 Oct Sept 25 Aug Feb Jan 5* Apr 9 Feb 24* 2* 19* 21* 4* Oct 6 Oct 48 Oct 32 Oct Mar 24 Oct 11* 40* July Oct 39* May Mar Feb Feb 26 "IB" 26 14* 10* 24* 15 145 Oct 23 10* 24* 120 10 Oct 20* Feb 100 17* Feb 26 Aug Oct 15* Feb 4 4 50 20 14* 4 Apr Volume 28231 Chronicle Financial 145 Sales Friday Last Stocks ST. LOUIS MARKETS Par (Concluded) of Prices Low High Price 5 11 11 * 73* 263* 73* 253* 283* 26 263* 53*% Pacific Securities New York Curb (Associate) Stock Exchange Chicago Board ot Trade Chicago Stock Exchange Stocks of Prices High 5 Oct 185* Oct Oct 89 Oct 133* Feb Sept 50 Apr 5 60 52 12 50 11 Oct 30 10 30 Oct 36 Apr 385 11 Oct 22 Mar 183* 595 12 Oct 323* Mar 4 32 Oct 58 Mar 556 11 Oct 22 Mar Standard Oil Co 13 9 9 145 Oct 13 Aug 30 50 28 Oct 70 Mar 130 5 Oct 135* Mar 153* 65 Oct 6% 385 6 Oct 3% 12% 45 3 Oct 133* 83* 270 10 Oct 16 50c 12 13 1 Oct 43* 195* 293* 50c 8 7 Oct 5 520 Oct 33 765 1 Oct 75* Apr 123* Apr 483* Mar 693* July 303* Aug 653* Mar 23* Aug Union Oil Apr 6 7 445 5 Oct 27 30 1,115 19 Oct 115* 495* Mar 29 3* 26 % 26% 26% 3,000 26 26% 10,000 25 24 Sept Sept 363* 343* Oct 283* 28 233* 3* 3* 343* 133* 163* 193* 3* 375 31% 133* 153* 343* 3,564 27 Oct 493* 601 11 Oct 213* June 280 $ 275* 2,438 193* Oct Oct 325 283* 235* 3* 5* 3* Oct Oct 14 com...25 263* 10 83* 53* 123* 393* 1 __5 Walalua Agricultural Co 20 Wells Fargo Bk & U T.100 Western Pipe & Steel Co. 10 Yel Checker Cab Co A..50 Victor Equipment com _ 12 393* 213* Oct 98 Oct Oct 163* Aug 283* Feb 283* Oct 183* 93* July 173* July 2,189 3,264 17 2,227 43* 33* 103* 353* 666 53* 123* 393* Feb Oct 93* 173* 11,342 9 Feb 135* 10 123* 213* 263* Jan 1 85 1,913 163* 85 115* 203* 243* 63* 53* Jan Jan Feb Oct 22 4,445 85 Preferred Oct 203* 360 35 Mar 343* 123* 213* Jan Oct 2 490 53* 27 85 Union Sugar Co Mar 2 15* 4 93* 223* 393* 2 Co of Calif—25 Universal Consol Oil Mar 173* 13* 53* o'fCalifl I * Feb Mar 53* 27 * B Mar 128 1173* June 58 1193* 119 155* 40 13 73* 0% 13 73* 29 6 3% ..1 15 193* June 105* May Oct Transamerica Corp 63* 153* pref A. * Wagner Electric com Oct 15 $43* preferred.. Feb "Y 5 ..* 4 383 Super Mold Corp of Calif. 10 Tide Water Ass'd Oil com. 10 7 Gds com...* Equip com.* St Louis Car Com 10 Sterling Alum com Jan U% Southwest'n Bell Tel pf 100 4,381 So Pac Golden Gate A...* 493* 173* 36 St Louis B B1 Scruggs-V-B Inc com Scullln Steel pref 1,575 6.3* 173* Signal Oil Gas Co A 17 Rice-Stix Dry St Louis Pub Serv 14 Southern Pacific Co...100 13 * National Oats Co com 36 133* —__25 Preferred. 100 35 Schleslnger Co (B F) com.* . Jan 28 * com.* * Natl Candy com High 35 Jan 133* 63* 173* * 1 33 Midwest Plp'g & Sup com Natl Bearing Metals 1, 1937 Range Since Jan. 6 303* 25* Feb 36 5C .1 Roos Bros common 6? 43* 53* 1 Petroleum 36 25 Mo Port Cement com 63* 5 Rainier Pulp & P Cap.. 10 1,511 13 Jan 1,622 3,137 2,945 11% —♦ McQuay-Norris com. Jan 87 36 183* 20 Laclede Steel com Jan 1523* Oct * Sound view Pulp common. 5 Sou Calif Gas 6% pref. .25 13 Oct 40 30 * Laclede-Christy C P com_» 119 466 Oct * Johnson-S-S Shoe com 83* 24 44 12 Knapp Monarch pref Jan 107 Oct 126 35 36 * International Shoe com Oct 44 Ry Equip & Realty com..* Low Oct 2 113* 300 123 Richfield Oil Corp com Shares 98 345 1,820 44 Week Low Price Par (Concluded) Jan Jan Jan 666 1,327 . 123 Sales Sale I 323* 29J* 533* * Paraffine Cos common Republic for Oct Oct Oct Jan Pacific Tel & Tel com..100 53*% preferred Week's Range Jan 273* 253* 353* 17 17 Rheem Mfg Co common. Last Feb 38 ■ 188 3350 Friday 1033* .* (non-v) com. * Preferred St. Louis, Mo. Telephone Central 223* 183* Oct 505 373* 403* 1023* 104 43* 43* 403* com 6% preferred..... New York Stock Exchange 315 North Fourth St., 25 oreferred Lighting Pac Pub Ser MEMBERS St. Louis 283* 263* 6% 1st pref____.___._25 Enquiries Invited on all Mid-Western and Southern Oct Oct 23 2,668 73* 263* 283* Pacific G & E common..25 Established 1874 Business 103* 63* 4,142 11 Pacific Can Co i. m. simon & co. High Low Shares 100 Pacific Amer Fisheries. 1, 1937 Range Since Jan. for Week Week's Range Sale 210 40 Sept Oct Oct Oct Oct June — 75 Jan Feb 350 280 280 280 10 280 Oct 22 21 23 805 16 Oct 405* 36 37 40 32 Oct 64 37 Mar Jan Ik Bonds— fUnited Railways 4s..1934 fUnlted Ry. 4s, c-d's STRftSSBURGER & CO. Street, San Francisco 133 Montgomery (Hanover 8c Co. Dean Witter Curb Exchange; Chicago Exchange, SanFranciscoStock Exchange, Chicago Board ofTrade New York Curb Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange Members: NewYork Stock San Francisco Oakland Sacramento Portland Tacorno Seattle Stockton iFresno Board NewYork Honolulu Los Angeles Beverly Hill* Pp*adena Long Beoch both inclusive, Oct. 23 to Oct. 29, both inclusive, ! Friday Last Par Alaska Juneau Price Gold Mln 10 12 S F.20 18 173* 18 525 Atlas Imp Diesel Eng..._5 _ 73* 93* 20 Calavera Cement * Calif Packing Corp com..* Preferred 50 Caterpillar Tractor pref 100 10 Oct 23 828 20 Oct 343* 323* 233* 3* Oct 22 60 Oct 503* 316 Oct 1013*iMay Mar Feb Feb Aug 53 Aug 104«* 76 254 653* Oct 125 627 63* Oct 123* 1063* 83* 50 5 Oct 3 Oct 50 325 113* 773* Oct 33 200 343* 43* 100 -542 102 320 83* 820 643* 825 23* 223* 193* 26 30 270 193* 193* 133* 150 616 34 490 13 323* 93* 1,315 103* 93* Feb Mar 63* May 325 Jan 25 Apr 1083* 173* Oct Oct 63* Apr 243* 473* Mar Mar Mar Oct Oct Jan 71 76 250 693* 33 36 660 27 Oct 975 2 Oct 7 Mar 675* Mar preferred 25 173* 17 33* 173* Galland Merc Laundry ...* 32 30 32 433* 93* 443* 1,355 Oct 703* 10 common—* 93* 140 7 Oct 103* 540 Oct 183* 313* Feb 103* 43* 8 Co..* * Inc——* Hancock Oil Co.—....—* Hawaiian Pineapple * 393* 93* 93* 33* 123* 213* Feb 43* 3,588 23* Oct 83* Apr 9 Oct com..23* Foster & Kleiser ^ |A General Motors com General Paint Gladding McBean & Golden State Co Ltd Hale Bros Stores 10 —* Honolulu Plantation 20 Hunt Bros common——10 Preferred —10 Hutch Sugar Plant * Langendorf Utd Bak A..* B * Leslie Salt Co 10 LeTourneau (R G) Inc. —1 Lockheed Aircraft 1 Ltd___._23* Magnin & Co (I) com * Marchant Cal Mach com. 5 Meier & Frank Co. 10 Automotive Fibres..* One... 223* 263* 26 1.00 - Co Honolulu Oil Corp Nat 13 1.15 Rights Home F & M Ins Magnavox Co 23* 3 ... * North Amer Inv com.. 100 North Amer Oil Cons.—10 Occidental Ins Co .10 O'Connor Moffatt & Co AA * Oliver United Filters A__* B * Natomas Co 30 29 13* 33* 16 16 Oct 493* Oct 31 Aug 323* 43* Mar 10 29 10 14 Oct 25 10 Oct 100 13* 343* Oct 163* 43* Jan Oct 42 453* 163* 2,244 14 Oct 1,954 5 Oct 133* 173* 595 233* 28 Jan 4.25 113* 32c Carson Hill Gold 28c 85c Aug Oct 10,607 32c Jan 183* 153* 133* Mar Oct Oct 31 Oct 253* 943* Mar Aug 65 25c 1,500 11.50 Oct 15 Feb 50c July Oct 123* 3% 15 Feb Oct 8 Jan 97c 273* Oct 1.80 1863* Oct 13% 113* 140 Jan Mar Feb 2,617 10 Oct 443* 9 Oct 10 63* 10 93*1 12 12 18 18 73* { 3,355, 3,325 10 1,135 23c 5,400 10c 82c Feb 20c Oct 20c 1.75 18,380 40c Jan 1.90 Mar 1.45 1 1.70 1.75 1.90 Mar 1.45 Jan 23* 2 23* 13* Jan 53* 33* Mar 15* 70c Claude Neon Lights 13* 5,700 3,945 1,076 40c Cities Service 3.00 Mar 5.25 3.90 3.90 30 Mar 3.90 105* 113* 595 103* 23* Oct 113* Preferred ... ... Columbia River 1 Packer Consolidated Oil.. 1 Curtlss-Wright Corp ..... Holly Development 1 Idaho-Maryland Mining 1 2 Internat'l Cinema 1 .1 1 Preferred Matson Bancorporation — Co 1 M J & M & M Consol 1 Monolith Portland Cem Mountain City Copper..5c z Petroleum..1 20 Occidental 5.75 4,100 3.60 Apr 73* Jan 4.95 70c 1,600 45c Oct 1:85 Mar 65c 63* 295 53* Oct 155* Feb 63* 50c 1,420 30c 1.25 Mar 42c Oct 50c 2.95 11,425 1.45 73* Mar 2.25 Oct 2.85 23c 10c June 72c Feb 35 100 343* June 363* June 25 1.95 25 20 19c 1.60 Oct 4.80 Jan 24c Oct 63c Feb 2.00 June 3.75 Oct 30c 33c 12,200 3.75 205 73* 1,375 43* Oct 17}* Mar 6 30c 200 25c Oct 82c Feb 30c Sept Feb "73* ..... 63* 400 6 Oct 173* 183* 3,040 90c Oct 4.15 Jan 75c 300 1.80 May 7 7 1.40 1.50 70c 70c 52 52 Cem pref .100 33* ..... 19 Radio-Keith-Orpheum 43* 60 2 Oct 19 Oct 2,743 53* 150 Feb 8 373* 125* Oct 53* Feb 123* Oct 125 445 83* Oct 93* 203* 10 133* Oct 33 40 20 1.25 Oct 2.50 May 53* 25 53* Oct 10 9 53* Oct 163* Mar Oct 32 Jan Apr Oct 60 130 1,596 12 43* 173* Oct 28 Oct 123* May Mar Jan 28 140 25 Oct 205* 803 193* Oct 413* 323* 283* 539 Oct 293* Jan 27 233* 253* Oct Mar 24 205* 253* 26 25 California-Edison 25 25 53*% preferred.. 6% preferred 320 Schwabacher & Co. Members New York Stock 111 Broadway, Exchange New York Cortlandt 7-4150 offices in San Del Monte — Private wire to own Santa Mar May 28 Shasta Water Co com Mar Oct Jan Jan Feb 1.25 1.25 Feb Oct Feb 43* 83* *| 85* Ryan Aeronautical Sherwood Swan Co Oct July 50 63* 33* 20 63* 53* America 40c 46 100 52 63* 33* 63* Jan 175 73* 1.55 63* Riverside Cement A. Sou Feb 75c 355 2.00 34 Oct 25 3.50 33c Packard Motors.. Radio Corp of 3,700 35 23c Pac Coast Aggregates. .10 Pioneer Mill Co Oct Mar 65c Pacific Distillers 1 20 July 1.60 5.50 7 Park-Utah Mines.. 79 "87c Co Products Pac Portland Oct Oct Pacific Clay 2 50 50c Menasco Mfg Olaa Sugar 20 Oct 1,900 Marine 2 93* Oct 92c 1 Motor Navigation Kinner Air& 2 Apr 8 173* 83* 103* Mar 776 75c Internat'l Tel & Tel—-— Italo Petroleum Jan 397 60 60 Gt West El Chem com Oct 1% 4 4 83* General Metals 2 Oct 93* 203* Feb 1.70 Feb 11 Oct Jan Aug Cardinal Gold. ......1 Central Eureka.— 1 2 133* May 18 Oct Oct 55c 123* 10 65 18 Feb Sept 141 467 65* 203* 113* 50c 40c 565 95* 143* 2.65 Jan Feb Oct 133* 233* 7 Oct Oct Oct Mar 8 12 | 2,207 3* 123* 113* 5 Feb 440 133* 233*1 73*' 175 8 10 11 12 153* Jan 6c 150 65 "203* pref. 100 45c 1,400 93* 125* 5% 50c Feb Oct 83* 13* 11 18 489 65c 56c Feb Jan Feb 11 233* Feb 16 22 9 Oct 3 20 8 3 100 300 260 93* Oct 27 13* 23* 353* 10 1.00 4 13 153* 93* 163* Mar Oct 23* 353* 93* 173* Oct 16 13 13 Oct 35 23* 353* 213* 13* 133* 173* 24 273* Aug 363* Sept 1.50 13 73* 13* Oct Feb 1.20 520 8 193* 22 Jan 1,025 223* 13* 33* Mar 8,065 36 29 Mar 40 1,849 1.20 36 20 22 Oct 300 223* 263* 22 Oct 30 593 13 36 163* 60 323* 143* 1485* 1563* 4.00 65c Calif Art Tile A Mar Jan 27 20c 70c High Low 10c 2,500 3,210 3,300 2,750 15 1563* 1 10 Calif-Ore Pow 6% 15c 57c — Bancamerica-Blalr Bunker Hill-Sullivan Mar 59 2.65 17c 2 Apr 46 Oct Oct Oct Oct Oct 27 ; Mar Apr 15,699 143* 833* 63* Baltimore & Ohio Jan Mar 1.50 Jan. 1,1937 Week 31c ...—5 Atlas Corp com Mar 13* 463* 533* 483* 20c 2.50 5 25 Alaska United Gold 5 Anglo-American Mining... American Tel & Tel 100 American Toll Bridge 1 Anglo Nat'l Corp... Argonaut Mining 5 2 30 320 5 *133* 82 Preferred * 63* Di Giorgio Fruit com...10 30 |ft S3 preferred 100 193* Eldorado OU Works * 13 Emporium Capwell Corp. * 323* 9k43*% cumjpref w W...50 103* Emsco Derrick & Equip..5 76 Fireman's Fund Insur—25 36 Food Macb Corp com... 10 393* 273* 523* 333* 43* Crown Zeller Corp com Oct 256 Mar Mar 104 102 333* 43* 11 40 743* 63* 8 Oct 450 31c Alaska Tread well 2 Oct 3 173* 393* 273* 523* 76 320 213* June 150 4 104 102 43* 50 213* 16 273* 523* 104 5 Prods. CstCosG&E6% 1st pref 100 Cons Chem Indus A * Creameries of Amer Inc_.l Crocker First Nat Bank 100 Oct 13 200 40 Claude Neon Elec Feb 100 1,769 223* 213* % 173* Chrysler Corp Feb 25 7 22 4 Calif-Engels Mining Co__l Calif Cotton Mills com. 100 Cal If Ink common Oct 1,038 7 4 "com—* Oct £15% |Feb Feb Oct Oct >lar 17 223* 213* com—..20 preferred 447 33* 93* 33* 33* Co...........5 a 7 22 Jackson Co * Calamba Sugar 7% 93* 153* 360 Fund Inc... 10 1, 1937 rti High Low Shares 103* Bishop Oil Byron Range Since Jan. Week 11 Anglo Cal Nat Bk of Assoc Insur of Prices Low High j for Week's Range Sale Stocks— sales lists Shares Low Price Alaska Mexican Range Since for of Prices ; High Last Sales Friday] lists Sales Exchange compiled from official Exchange compiledfrom official sales" eek's Range Sale Francisco Stock Exchange; San Fran¬ NewYork Curb Exchange (Assoc.) Teletype S. F. 138 Francisco Curb San Octf23Ito Oct. 29, Stocks- San Francisco Stock or Trade; Direct Private Wire Private Leased Wires CORPORATION BONDS MUNICIPAL AND cisco 2-9050) NewYork Stock Exchange: San Members: STREET OFFICE: 25 BROAD NEW YORK Barbara — Francisco - Hollywood Los - Angeles Beverly — Hills Jan 2824 Financial Friday Week's Range for Sale Par of Prices Low High Week Price Sou Pac Gd Gt F 6% pi 100 z Stearman-Hammond 1.25 8 8 82c 8 Low 10 7 Oct Oct. 23 44 Texas Consol Oil Exchange—Curb Section Friday Sales 90c 7,295 50c Oct 2.70 Mar Last Week's Range for 464 5H Oct 145* Aug Sale Feb Shaies 20 of Prices Low High 20 1.15 Warner Brothers 5 West Coast Life Ins 2 6 9M 7 3* 24 Feb 40 Oct 80 Mar 45 Oct 623* July 430 Oct 583* 193* 13* 43* 100 TOO 9% 1,045 320 .100 ... 50 4c 43*c 83* 235 33 3* 17 343* 375 Canada Vinegars 18 Oct 1265* 29?* Mar Oct Aug Canadian Marconi... Oct 3 Aug Canadian Wlrebound. Oct 18 Feb Oct 215* Jan Central Manitoba Coast Copper d Stock split up on a two-for-one basis. Ex-divldend. y Ex-rights. t Company In bankruptcy, receivership or reorganization. 16 1.00 Oct 19?* Oct 5c 33,500 4c Sept 31c 2.60 2.60 2.75 260 Oct 10 00 lc lc 4,000 lc Oct 33*c 15?* 10 123* Feb 22 93* 7,877 Oct 19?* May 62c 4,675 7 55c 1.95 6 Oct 3.60 Oct 22 3* Feb Oct 583* Apr Oct 43 Aug July 99 Sept 470 24 28 30 195 24 98 .10 100 55c .10 Hudson Bay M & 8... 8 543* 163* 18?* 223* 8.106 50 5,200 3.35 183* Apr Oct 90?* Oct 29 Apr July 15?* Oct 41?* Feb Oct 32?* Feb 7 Oct 30 1 3*c 17 17 10 Montreal L H & P.. 30 29 3* 30 150 NationaJ Steel Car.. Oil Selections Tel. HAnover 2-5422 30 243* 33* 13*c 30 1,114 43* l?*c 8,000 2,000 1.25 D. Pawnee-Kirkland . .. Pend Oreille Prairie Foreign Unlisted Dollar Bonds Closing bid and asked Quotations for Friday Oct. 29 Bid no Antloqula Ask _1939 /91 24 Housing <fc Real Imp 7s '46 /18 J22 24 Hungarian Cent Mut 7s *37 /18 /193* 213* /22 7s. change Bank 7s /14 /12 7s. 7s. < 6s. Brandenburg EJec 6s.. 15 /H /53* /5 8s. 14 /5 /53* /19 63* 50 48 50 Coupons— 53* Nov 1932 to May 1935 73* Nov 1935 to May 1937 21 71?* 24 /58 /41 /19 /52 22 213* Water 7s 1948 - lunlch 7s to 1945 lunlc Bk Hessen 7s to '45 f7H i S7 Recklinghausen 7s. .1947 83* 8?* /4 .— /193* 21H /19 21 I] /22 * 15 /65 68 63*8.1946-1947 63*3-1948-1949 Hungary 7?*b /61 27 5s. > Cundlnamarca 6j*s. /25 7s .1947 to 1945 83* /19 21 /19 3 /19 213* 213* _1946 21 /193* /193* 21 rov Bk Westphalia 6s '33 5s. .1941 /28 7 5 2 6s 1941 /35 /29 /19 3* 213* 103 100 0 /99 3* /993* /993* 5 /21 7 8 Int ctfs of dep Jan 1 8 Royal Dutch 4s Jan to June 1934 . July to Dec 1934 - Jan to June 1935 - July to Dec 1935 ... July to Dec 1936 /19 21 30?* /93 . German scrip German Dawes coupons: 97 1947 /40 /353* /343* /30 /24 /24 ~ m » - - — • - - - - - - «. 26 26 /8 3* /17 9 18 /H 12 143* 4 /133* 1073* 108?* 109?* - - - - --- /40 50 s 6s. 7 footnotes see /19 21 3 For 96 99 page 2830. 35 40 17 /19 /24v /24 /18 6 65 3?* Jan Oct 16c Feb Oct 13*c 23* June 123*c 83* 2c 32 Oct 1.50 16c 505 Mar 93* 39 June 58c Oct 1.20 Jan Feb Oct 30 Jan 34 Oct 29,700 195 Oct 173* 23* Feb 623* Sept Mar Jan 5 Feb 17 /19H 21?* fl9H 21?* Keystone Cust Fd Inc B-2 24.78 27.03 86 9 Series K-2 Corp * 4?* 5 Assoc. Stand Oil Shares..2 Bankers Nat Invest Corp * Basic Industry Shares.. 10 53* 6?* 2?* 3?* Boston P'und Inc.... British Type Invest A...1 17.17 18.36 .38 .53 25.15 26.90 14?* 153* 3.70 4.10 20.85 1 mod 1 1 B 14.36 3.86 Agriculture - * M— - - - - 2.80 ' - - * 1.74 Saxon State Mtge 6s..1947 Siem & Halske deb 6s_2930 /18 /360 State Mtge 390 2.76 2.71 3.45 5.70 6.35 1.30 1.42 - — - - 56 1956 2d series 5s 54 54 56 Coupons— Oct 1932 to April 1935 Oct 1935 to April 1937 Stettin Pub Utll 7s... 1946 Stlnnes 7s unstamped-1936 Certificates 4s Unterelbe Electric 6s. Vesten Elec Ry 7s Wurtemberg 7s to _ 4.32 2.71 3.02 Selected Income Shares— 3.09 3.48 Sovereign Investors Spencer Trask Fund 10 Foundation Trust Shs A.l Fundamental Invest Inc.2 Fundamental Tr Shares A2 * 9.84 7.85 - - - Group Securities— Agricultural shares Automobile shares 4.25 State Street Invest Corp.* 88 5.63 Super Corp of Am Tr Shs A 3.33 4.54 - - — - 31.93 34.33 5.14 5.60 1.48 Chemical shares Food shares 1.26 1.37 .81 .89 .90 .99 1.34 .95 1.04 3* 3* shares equipment shares shares.. Tobacco shares Holding Corp 1 1945 /193* 21 21 Group shares Insurance Group Shares Incorporated Investors..* Insuranshares Corp (Del)l 3.46 2.19 C 6.05 6.05 value, e 10.04 Series C 1 Series D__ 1 6.05 Trusteed Amer Bank Shs B Trusteed Industry Shares . U S El Lt & Pr Shares A.. B Voting shares 2.46 6.60 .66 1.02 133* 1.95 2.05 .85 .93 Un N Y Bank Trust C-3.* 23* UnNYTr Shs serF 1 33* 1?* * .80 Wellington Fund 1 Inveatm't Banking Corps 14.09 1.23 Bancamerica-Blalr Corp.l Central Nat Corp cl A...* 63* 1.37 17.75 18.91 13* 1?* z .74 1.11 13 1.39 Ex-coupon, 10.92 2.41 Trustee Stand Oil Shs A.l Series B 1 class B * First Boston Corp Schoelkopf, Hutton Pomeroy Inc com par 3 .40 21 No .64 93 2.19 BB 1.25 Institutional Securities Ltd Bank 1947 AA .59 Trustee Stand Invest Shs.. 1.08 Guardian Inv Trust com.* 91.33 Inc.50c Supervised Shares 1.23 186.72 /19 /19 Utilities 1.47 .99 Huron Standard 1.35 .87 83* 3.76 18.37 1.27 65 16.53 3.00 4.99 1.33 61 .82 15.70 12.25 1.36 Steel z.74 * D shares .52 Standard Am Trust Shares B General Capital Corp * General Investors Trust. * .62 10.65 .47 3.95 .79 /734 Amer 10c 1.22 /41 1953 11.01 1.16 /48 .1947 Union of Soviet Soc Repub 7% gold ruble 1943 .75 10.10 Petroleum /53 1955 .40 Shares.23* 1.16 1946 Toho Electric 7s Tolima 78 10.15 1.06 1936 4s Representative TrustShslO Republic Invest Fund.25c Royalties Management-.1 Mining shares 1946 Certificates 2 29.93 Insurance stk series. 10c Fixed Trust Shares A 10 RR 10 1 11.68 Merchandise 21 29 8 Quarterly Inc Shares._10c /42 /60 * 19.40 /60 /19 Class B 2.31 27 .54 Investing shares 1956 Northern Securities 100 Pacific Southern Inv pref. * Class A * Plymouth Fund Inc.—10c Building shares Bk Jugoslavia 9.37 2.24 Selected B 21 8.29 1 1 B 20 7.66 8.66 533* 1 14 /18 10.88 1 283* /19 — 10.07 Series 1958 30 3* 83* 9.34 10.30 Series 1956 . 21.47 18 9.10 9.53 2.59 273* /73* 9.34 8.64 Oils 2.74 19.93 /15 8.41 1062 Machinery Series 1955 Fiscal Fund Inc— Bank stock series 21 9.06 — No Amer Tr Shares 1953.* 4.84 /32 /27 813* 8.47 8.32 Electrical equipment Insurance stock No Amer Bond Trust ctfs. /183* /793* 7.83 Steel 26 27.85 /18 8.64 Railroad equipment 23 110 3.50 — Bank stock Metals «. 24 • 9.83 Building supplies 2.38 115 100 3.54 23* N Y Stocks Inc— 9 Equity Corp S3 conv pref 1 Fidelity Fund Inc * 1951 63*8. 1.55 13.36 N Y Bank Trust Shares.. 1 21 shares... 10 7% preferred 12.56 22.42 Crum & Forster Insurance Common 22.23 5.85 6 100 8% preferred 20.45 11.50 1.42 83* 2.80 7.30 1 10 Mass Investors Trust Mutual Invest Fund 6.61 3.44 4 10 6.89 2?* 5.63 2.31 Series A A 18.94 6.22 Wide Securities 25c 2.31 Series ACC mod Crum & Forster com 17.32 Series S-4 18.69 12.77 Voting shares.—— National Investors Corp. 1 New England Fund 1 3.61 1 17.52 17.14 Major Shares Corp. * Maryland Fund Inc. —10c Nation 38 11.69 Series S-2 3.78 33 16.01 Series K-l 10 .70 10 com. Series B-3 .79 78 . 18.06 /58 /55 Ask 193* Dividend Shares 25c Eaton & Howard Manage¬ ment Fund series A-l... Equit Inv Corp (Mass)..5 140 Invest Co. of Amer 29 Bid 17?* Diversified Trustee Shares /18 /15 Par 11.41 Deposited Bank Shs ser A1 Deposited Insur Shs A...1 Deposited Insur Shs ser B1 1945 _ 7s unstamped Great Britain & Ireland— 8 (Brazil) 6s__1943 5s 7 Apr 15 '35 to Apr 15 '37. German Young coupons: Guatemala 8s 22 f85 Santander (Colom) 7s_ 1948 0 Dec 1934 stamped 7s stamped. 1942 Scrip Saxon Pub Works 7s. /63* - 1948 depo8lt-1948 8% /58 /313* . 1957 4s 8crip 8s Santa Fe /33 - Jan to June 1937 7% 8s ctfs of /29?* . July to Oct 1937 /19 Santa Catharlna (Brazil) - Jan to June 1936 1945 Saarbruecken M Bk 6s '47 Sao Paulo . 63*8 '46 R C Church Welfare 7s '46 24 e July to Dec 1933 1933 7s ctfs of deposit-1957 German. Building & 6 Oct June 2 Ask /12 ,lo de Janeiro 6% Rom Cath Church Salvador 4 6s. 57 22 /33 /34 7 35 25c 40 Jan 10.75 C._ European Mortgage & 3 Feb 1 Cumulative Trust Shares. * many) 7s 5 3 Jan 6c Investors Fund C Series A A 223* 3 Frankfurt 7s to 11 French Nat Mail SS 6s 553* /19 /28 /30 /l5 30 /73* /193* 5 7s. Bid Accumulative series... 1 /983* 31 ) 3 12c 5.44 Consol Funds Corp cl A. 1 Continental Shares pf.100 Corporate Trust Shares.. 1 /22 .1946 4 1 573* 13.71 Century Shares Trust...* 67 m Oct Oct Oct 4.93 Commonwealth Invest... 1 /22 1948 Mtge 7s 63 /63 /24 1 63*s /91 /90 _1962 Ind 4s. 7 183* 33*c 13*c 12.94 Canadian Inv Fund Ltd-.l fatlonal Hungarian & /23 I Jan 13* Fund Inc Bullock Fund Ltd Panama (A & B) City Savings Bank 1 21 fat Central Savings Bk of 15 3 /l9 /21 Bank [at (C&D) Central German Power /13 170 32 35 Broad St Invest Co Inc..5 8?* /13 373* Amerex Holding Corp...* Amer Business Shares 50c 223* 11 f7H 7s assented. Par Amer & Continental Corp luniclpal Gas & Elec Corp f9 Oct Investing Companies Amer Gen Equities Inc 25c Am Insurance Stock 70 61 63 ) /112 J 3 1.25 22 /19 /193* /20 /60 615 19c 40 263* Closing bid and asked Quotations for Friday, Oct. Affiliated 21~~ /19 /27 Brown Coal Ind Corp— 6?*s 196 20c .100 Administered Fund2ndlnc* /22 Bank 196 22 48 /183* 75*s United Fuel pref Waterloo Mfg A /19 5?* /21 British Hungarian 32 Temiskaming Mines. /26 285 Jan Apr •No par value 70?* /85 6s. 1936 64,500 43* Feb 69c 40 100 22 2?* . /22 17 13*c 4 20 43*0 Oct Oct 41,600 13*c "213* 12c Jan 17 58.815 43* 33*c 2c 13*c Rogers Majestic Shawinlgan W & P.. Stand Paving Supertest ordinary. /2 2 22 Bavarian Palatinate Cons oliv Ask m 6s unstamped 1.95 43* Apr 65 Oct 13*c 1,700 1.55 ~23*c ...... Robb Montbray Bid 21 /25 1.85 Cities Ritchie Gold 5,000 1 3*c 20c 20c Jan 55c Oct 1 3*c 10 183* Oct 143*C 20 17 Mandy Mercury Mills pref Feb 25 205 16c 34 Oct Oct 543* 163* 45 93* 30 30c 50 14**c .10 Feb 5 345 163* 223* 253* 8 Kirkland Townsite. 973* 1,200 59 3* 25 Inter Metals A 50 55c 7 Jan 83* 20 32?* 83* Feb June 35c 83* 30 "32 3* Malroblc St., N. Y. Jan Jan Mar 15?* 60c Dominion Bridge..... Dom Found & Steel.. Langley'spref 62 William 33* 25 lc Humberstone BRAUNL Feb 670 400 Howard Smith WALTER E. 21 Oct 1.50 Feb 15?* 93* Consolidated Press Consolidated Paper... Hamilton Bridge Preferred Inactive Exchanges Apr Oct 203* 5c Preferred Foothills Foreign Stocks* Bonds and Coupons Feb 103* 383* 1.25 DeHavilland x 21c Oct 303* 30 July Oct 19?* 43*c Dalhousie Oil 1, 1936. Cash sale—Not Included In range for year, Listed, t In default. 3c 7 3-5Q ... b Ex-stock dividend. 18 High 70 Sept 19?* Cobalt Contact common stock on 40 5,510 7?* 34 Feb Low 5 83* 2.90 • 50 43*c Canada Malting Oct 11 No par value, c Cash sale, a A. M. Castle & Co. spilt Its two-for-one basis on March 9, 1937. g Stock dividend of 100% paid Sept. Price Canada Bud 4,380 13 Range Since Jan. 1, 1937 Feb 3.75 75c 95c 2 11 May Par 21 61H 19H 2 17 Stocks— Blssell pref Brett Trethewey ■ 1.55 583* 19H 100 Utah-Idaho Sugar 21 100 40?* 1.30 United Aircraft Oct 100 45 1.40 12 35 45 com 60 1.15 40 USPetroleum—...1 7 30, inclusive, compiled from official sales lists 73* 12M 1 Title Guaranty pref Texas Corp corn.. z Oct. 29, both to Jan 12 Sunset McKee Sales Bk A. r Toronto Stock High 70c Superior Port Cera B US Steel Range Since Jan. 1, 1937 Shares 7 3* Studebaker z Oct. Sales Last Stocka—(Concluded) Chronicle Ex-divldend. y 15.50 73* 28 32 2 4 10 143* 15?* 10c 13* 23* & Ex-Stock dividend. UTILITY CANADIAN IN SPECIALIZING 52 BUILDING ALORED Cable Address Hartwau NY 1-395 OFFICES 2825 Canadian Markets Provincial and AND UNLISTED Montreal Stock Exchange Municipal Issues Closing bid and asked Quotations for Friday Oct. 29 Province of Alberta— 1 1948 /54 55% Oct 1 1956 /52 53% 6s 5s July 12 1949 99 % 4%s Oct 1 1953 95% Sept 15 1943 5s Prov of British Columbia— May Jan 4%s Aug 1 1941 93 95 4%s 5s June 15 1954 91 93 4s 2 1959 92 94 58... Dec 4%s_ 103 105 103% 108 115 .Mar Pacific ...Sept 15 1942 /105 99% Dec 15 1944 6s 4%s 5s 5s 86 4s perpetual debentures. 1 1944 ....July 106 Oct * 30% 29 30% 1,897 23% Oct Ask 112% 112% 1 1946 July 6%s Ask 111% 115% 3s. 1 1962 1 1962 4s.......... Jan 114% Oct 1 1969 Feb 1 116% 25 National Steel Car Corp..* 106% 95 94 Mar 4% Oct 16% Mar 8% 1,733 Apr 15 Mar Jan 48 Mar Oct 110 Apr 953 45 10 38 100 123 102 25% Oct 36% Jan 50 56 Oct 65 Feb 56 80 May 100 Feb 1,421 33 Oct 40 36 Oct 5,830 17 Oct 42% 43% 57% 37% Oct 83 Feb 170 Oct 300 Mar 4,721 29% 29% 30% 56 89 36 37% 37 24 30% 9,932 167 * 49 44 49 Ogiivle Flour Mills * 200 184 200 Ottawa L H & Pow IOC 80 80 83 Feb Feb Jan 40 95 Feb 99 Jan 16 14% 17 1,261 12 Oct 22% 19 22% 7,834 15 Oct 33% 48% Feb * .100 Power Corp. 105 Aug 22 52% 49% 15 55% 1,245 49% Oct 79 15 Oct 25% Oct 11 June 25 Aug of Canada..* Price Bros & Co Ltd Preferred Quebec Power.. Regent Knitting 787 9 900 25 * 16 8 ...* 25 Apr Mar Jan 116% 117% 5s. Jan 27 Oct 11 Noranda Mines 121% 112% Oct 37 37% Jan 43% Oct 9 89 * Jan 13 56 40 Montreal Tramways—100 Jan 98 10 100 30% Jan Mar 1,245 45 100 * Preferred 7% 5% Oct Sept 10 10 100 Preferred Grand Trunk Pacific Ry— 111% 6s. 7% 4 Jan 295 13 13 13 * National Breweries Bonds Bid 111% 112 114% 114% 14% Montreal Telegraph Ask Sept 1 1951 June 15 1955 1 1956 4%s Feb 4%s .July 1 1957 5s.........July 1 1969 17 13 * 96% Canadian Northern Ry— 4%s 4%s__. 15 McColl-Frontenac Oil Mtl L II & P Consol 95% Canadian National Ry— •V; l7■■■■■;. 14 101% 102% 102% 103% 1 1960 112 Bid 100 * Montreal Cottons 1 1946 Government Guaranteed Dominion 77 84 845 70 85 28 4% 4% 4% 76 Massey-H arris 100% 111% * 100 Preferred 1 1954 Mar Oct 39% Bid Dec Mar 7% 38% 73% 39% 12% 24% Lang & Sons (John A)...* ..July Mar 15% 60 International Power — 4%s 24% Oct 9,748 76 July Oc 7 47% 78 Apr 106 Feb 14% 12% 1,190 26 74 Sept 3.025 7 42% 74 4%s. 7,057 13% 7 25% 1 1951 Canadian Pacific Ry— Ry— 19 13 47 Railway Bonds Canadian 18 7 * Lake of the Woods Ask Oct 34% Oct 98 Intl Nickel of Canada Lake Sulphite Bid 13 167 Industrial Acceptance 116% 5s 1,160 £1 Preferred Internat-Pet Co Ltd Oct 17 100 81 79 109 1 1960 Imperial Tobacco of Can.5 110% 15 Jan 14 Jan 13% Imperial Oil Ltd 108 Nov 15 1946 5%s. 4%s 102 ..Sept 15 1952 Province of Nova Scotia— 4%s 110 109 14 98 17 * ...100 106% 11961 High Low 40 18% Howard Smith Paper 109 June 15 1943 Week 20 20 1 1958 .May Shares 100 Holt Renfrew Preferred- Saskatchewan— 5s for of Prices Low High Price Par 2 1950 Mar .Feb Prov of Brunswick— Apr 15 1960 .Apr 15 1961 4%s 4%s 113 112 Province of Quebec— Province of Manitoba— Prov of New 105% 106% 15 1965 Stocks (Concluded) Week's Range Sale 118 117 1 1962 June 4%s Range Since Jan. 1, 1937 Last 1 1959 4s 100% 96% Sales Friday 110% 111% 116% 117% 1 1942 ..Oct 5s Ask Bid Province of Ontario— Ask Bid .....Jan 4%s BUILDING 145 LISTED 6s BANK ROYAL TORONTO CONNECT WIRES BONDS AND STOCKS INDUSTRIAL STREET YORK NEW r^VATE association dealers AND WILLIAM MONTREAL Volume security Bell System Teletype 2-0980 HAnover york new members Telephone 1970 117% 9 7% 19 Jan Rolland Paper vot trust— 18 18 35 18 Oct Saguenay Power pref.. 100 96 96 1,100 95 Oct 7 7,605 4 Oct 15 Apr 20% 4,850 12 Oct 39% Apr Aug 25 Preferred Montreal Stock Exchange Oct. 23 to Oct. 29, both inclusive, compiled from Par Price for of Prices Sale 1, 1937 Range Since Jan. Week's Range Last Week High Low High Low Shares * 50 St. Lawrence Corp A preferred. St Lawrence Paper Sales Friday stoclc8— official sales lists Jan 8% 105% June 10 10 10 104 104 10 Alberta Pacific GrainpflOO 10 10 15 Amal Elec 25 25 20 25 Sept 12% 75 11 Jan * Agnew-Surpass Shoe 5C Corp pref Associated 104 ...100 Preferred 12% * Breweries 110% 110% 100 Preferred 12% Bathurst Power & Paper A* Bell Telephone 100 * 18% 35% Bruck Silk Mills * 4% Building Products A * Brazilllan Tr Lt & Power. * British Col Power Corp A. 6 B.. 5 12% 5,500 11% 763 9% 110 9% Oct Oct Oct May 167 110 Apr Viau Biscuit.. Wabasso Cotton * 110% 23% Apr Apr 10% * Feb Preferred. 35% 30% 39% Mar Oct 6 965 4% Oct 11% Jan 500 2 Oct 11% Jan 190 42 Oct 73 Oct 22% 100 Preferred Can Forgnlngs class A 247 95 95 95 10% Mar 86 Oct 111 14% 10 10 Oct 20% 1 31 Apr 31 Apr 18 20 345 Jan Apr 3% 3 2 July 10% 10 3% 10% 356 100 456 9 Oct 37 38% 156 35 Sept 61% 10 101 Oct 105 100 Preferred 105 16% Oct 69 936 53 Oct 62 62 80 49 Oct 3 Oct 2% 2% Feb 18% 96% 88% Mar Mar 7 Jan 20 Oct 35 June 1,015 2 Oct 10% Jan Jan 10 275 1.85 Oct 10 15 5 12% Oct 43 50 2% Mar 11% Oct 195 3% 2% 2% 50 100 Woods Mfg pref 1,495 2% 21 15 15 100 5% 3% 2% 20 3% 2% * Winnipeg Electric A 1( 55 Sept Jan Oct 82% V" ' . ' Banks— Canadienne 57 154 103 164 - June 60 55 Ocl 45 160 Jan 161% 308 159 Oct 211 155 163 93 57 155 50 100 100 Canada Aug Jan 110 HANSON BROS Canadian Gnvernment Mar 5% Oct 21% 16 11 22% 5,411 22 4,907 12% Oct 32 ..* 19 20 1,075 15% Oct 31 Mar Public Utility and ESTABLISHED 1883 Feb 20 Municipal INCORPORATED Apr 25 Mar Canadian Car <fc Foundry. * Preferred Canadian Celanese 11% 63% Sept Jan ' Canada Steamship (new).* Canadian Bronze 12% 340 Jan 35 29% 6% 18% Preferred Apr 13 Feb 14% 20 Canada North Pow Corp. * Feb 30 Apr 35 * Canada Iron Foundries. 100 33% Oct Jan 4% 9% 98 Oct 15 21 B 170 Commerce Canada Cement Oct 17% 160 62 * Mar Oct 7% 43 2,532 5% 16 14% 2,167 2.218 16 12% 25 Preferred 30 30 42 59 21% 69 United Steel Corp 1,053 42 48 20 15 * Jan 9,487 4 Apr Jan 42% 160% 161 18% 16% 32% 5% Apr 58 Canada Power.* Steel Co. of Canada Jan 5% 17% 33 103% 21% pref 100 Shawlnlgan W & Pow * Sherwin Williams of Can. * Southern 12 6% 20% 90 10% 7% Feb 100 108 108 100 110 Oct 126 20 20 100 19 Oct 22 20 20 30 17 Oct 33 Feb Montreal Industrial Bonds 330 Bay St, Toronto Sparks St, Ottawa Mar * Canadian Indust Alcohol.* Class B * 255 St. James St., 56 Preferred 7% Rights Cndn Foreign Invest * Canadian Locomotive 25 Canadian Pacific Ry * Cockshutt Plow Con Min & Smelt new ... 25 ...... . * 25 Dominion Glass pref...100 Dominion Steel & Coal B 25 Dominion Coal pref _ . Dominion Textile 3% 6 4% 7% 8% 51 8% 9 58% 12 14% pref.. 100 Hollinger Gold Mines 5 Hamilton Bridge Oct 1,330 8% 7% 23% 17% 22% 100% Montreal Curb Market Jan Jan Mar Mar Mar Jan Oct. 23 to Oct. 29, 14% Last Sale Par 15 15 3 "30" 16 3% Abltlbl Pow & Paper Co..* 6% cum pref 100 Aluminum 6% cum pref 100 26% Sept Asbestos Corp Ltd. ......* Bathurst Pr & Pap class B * Brewers & Distill of Van.. * 58% 49% 58% 5% 4% 5% 6% 6 18 5% Oct 6 6 50 6 Jan 10 Oct 5% Oct 86 Aug 5% Oct Oct 2 Oct 28 Oct 13 900 Apr Aug 1.25 145 10 June 9 Oct Mar 18% 20 365 12 28% 91 85% Oct 10 145 Oct 70 11 10 5.00 24 8% 40 July Bright & Co 6% cum pf 100 Brit Amer Oil Co Ltd * 3 Jan Canada & Dom Sugar Ltd Jan Canada Malting Co Ltd..* 21 B C Packers Ltd 31 Apr 1.85 10 8 10 1,811 67 63 67 901 10% 9% 53 "9 7% 9 6% 10% 53 9 7% 55 54 55 12% 11% 12% 3,275 10 4% 55 Apr 130 Mar 4,700 9,145 40 Oct 92 July Oct 12% 3% 8% 31 10% Oct 22 Mar 82% Aug 100 32 Oct 39 Apr 23 109 Jan 112 Feb 18 10 17% Aug 20 1.65 1.50 1.80 1,095 1.50 Oct 60 33% 10 60 53 15 200 pf 100 70 70 39 93 Aug Can Int Inv 5% cum 18 Mar Canadian Sept 56 Jan 260 7% Oct 1,305 5% Oct 15% 18% 25 63% Jan 90 500 10% Oct 15% Feb Mar Marconi Co—1 1.50 * Can Vickers Ltd * Canadian Wineries Ltd..* 1.00 Can Pow & Pap Inv Apr Jan No par value • Mar 109 33 105 Jan Oct 2,070 15 Aug Apr Oct 200 14 Apr 16% 15 75% 9 6% 26% 200 Oct Apr 80 Oct 17% -* Oct 15i2 Oct 118 12 Preferred Oct 100 18 Canada Vinegars Ltd Jan 11 9,051 5,700 109 33% Can Nor P 7% cum 16% 20% 21 60 * pref 100 * Canadian Breweries Ltd..* Mar 3% 26% 118 10% Apr July 2% 22% 118 Canadian Indust Ltd B._* 12% High Low Jan 105 10 1 1937 — Mar Mar 850 30 Week Share* Mar 1,335 33 High 29 74 231 o] Prices Low Range Since Jan. for 94% 58% 23% Oct 32.916 10 Range Oct 15% 8 85 1,180 Price Week's Feb Oct 6% Sale* 'Friday 10% Mar 11% official sales list both inclusive, compiled from 92% 24 72 145 * '27—50 Gurd. (Charles). * Gypsum Lime & Alabas..* Oct 15 9% Goodyr T pref inc 7% 45 140 1.25 General Steel Wares.... 8,452 50 8% * * Oct 475 1.25 Preferred Oct 7 18% 145 17 139 9% Gatineau 5 805 5 1.25 . 77 4,313 1,460 * Foundation Co. of Can— * Oct 75 * B 3 33 Eastern Dairies... * 1,470 29% Dryden Paper English Electric A Oct 85 ' 18% _..* 1 Enamel A Heating Prod..* 3% 75 "32% 100 Electrolux Corp 2,206 Stocks— 8 Dom Tar & Chemical _ 9 57% 100 Dominion Bridge Preferred ""8% 14% Distill Corp Seagrams... Preferred 3% 5% 3% 6 5% 6 Apr Oct Oct Jan Jan 4.00 Jan 23% Aug 248 Mar 97 Apr 1.50 50 1.00 Oct ,3% Jan 1.00 1 1.50 Sept 7.75 Jan 16 Jan 4 6 810 3 3 60 2 1.70 Oct July 3% Jan 2826 Financial Chronicle Oct. 30, 1937 Canadian Markets—Listed and Unlisted Montreal Curb Market Sales Friday Last Stocks (Concluded,) Par Week's Range for Sale of Prices Low High Price City Gas & Elec Corp.—* 70c 70 25c 1.60 2,00 2.00 1,280 2,125 Commercial Alcohol pref..5 Consolidated Paper Ltd.* 3 * 45 s% 200 2.50 80c Jan 4.00 Jan Oct Oct 5 6 Oct 24% Sept 73 Apr 5 Oct 2% Aug 15 King Street West, Toronto. Oct 8* 115 6 Oct 30 1,180 3 Cct 13 Jan 14% Oct 29% Feb Friday 95c 95c 200 95c Cct 2.50 Feb Last Week's 16% ""5% Ford Motor Co of Can A.* is% 18% 19% 1,161 18,755 12 % Oct 50 Apr Sale 13% Oct 50 Apr of Prices Low High 6 4Ji 16% Foreign Power Sec Ltd...* "l8 5 375 755 WA. 3401-8 Apr 6% 5% 18% 7% East Malrles 7% cum pf 100 Falrchlld Aircraft Ltd..-.6 Exchange Canadian Commodity Exchange, Inc. New York Curb (Associate) Apr 51 2,760 8% 8 Members Toronto Stock Mar 36,822 45 7% 7% 70c May 20c Sept 1.25 STOCK BROKERS High 10 3% 9% 7 Donnacona Paper A B Ltd.........* Low 20c Commercial Alcohols Ltd.* Eraser Cos Range Since Jan. 1, 1937 Shares 75c Claude Neon Gen Adv...* Dominion Eng Works Ltd Duncanson, White & Co. Week Apr Toronto Stock Jan Stocks (Continued) Par Price Exchange Sales Range Range Since Jan. 1 1937 for Week Low Shares Voting trust ctfs Frelman Ltd 6% cum pflOO 19 % 15% 38 38 38 118 38 Oct 49 Jan pflOO 79 79 80 102 75 Oct 110 Mar Inter-City Baking Ltd. 100 25 25 25 10 32 June 39% Jan Aram Gold Mines 1 25c 14c 4 4 85 3 Sept 11 Jan Anglo-Con Hold Dev.—.* 3.90 3.65 4.10 5.1/5 7 7 25 7 Oct Feb Anglo-Iluronlan 1.05 1 00 1.07 3,060 3.50 GenStlWares7% cum Intl Paints (Can) A * Internat'l Util Corp A....* Internatl Utilities Corp B. 1 Lake St John P & P..... MarltlmeT&T7% Massey-Harr 5% cu pf 100 Sept 87 Aug 65 Oct 65 Oct 18 24 917 13% Oct 37% Jan 16% 37% 88 2 "44 % 6 % pref cum 16% Oct 44% 89% 236 32 % 35 2% 208 6% 12 % Oct 100% Mar 1.50 June 9.00 Feb 5 Oct Feb 9% 1,431 7% Oct 30 Jan 90 40 87% Sept 110 Mar 96 98 28 95 Oct 107 Feb 106 105 106 104% Sept 108 65c A pr 8% 12% 1.40 73 85c 200 18% 35 1.50 455 85c 18 1.40 1.00 Feb - 1.15 Jan 25 15% June Oct Jan Jan 35 39% 835 32 Oct 3% 51% 18 39 * Gold 1 l%e * 18 130 17% Oct 20 11,300 30c 3.000 l%c Oct 1.90 Oct 4%c l%c 2%c 500 7c Feb 8c Feb 19c 21c 6,950 19c Sept 65c FCD 42c 36c 42c 1,400 40c Get 72c Feb 14c 12c 14c 7,500 10c Oct 1.15 Feb 3c 3c 500 3c Oct 15c Jan 3%c 2,100 Brownlee Mines (1036)... 1 3c 23 22 3c June 23% 1,731 1.00 97c 1.10 4,900 Cartier-Malartlc G M Ltd 1 13c 12%c 14c 10,000 11c Central Cadillac G M Ltd 1 33c 30c 34c 24,200 22c 2.35 2 35 200 2.00 Feb Oct 47% c Jan Sept 65c Mar Duparquet Mining Co...* 5c 84c 95c ~T80 1.45 1.85 Falconbridge Nick M Ltd. * 5.25 5.50 355 4.70 Francoeur Gold M Ltd...l 38c 46c 2,400 34c 7c 7c 500 6c Oct 22% 22% 440 15% 21c 25%c Hudson Bay Min & Smelt * J-M Consol Gold "22 % Lake Shore Mines 1 50% Lamaque Contact G M..* 4c 1,550 17,473 Oct 1.42 Feb 18c Oct 1.15 Feb 7c 3,000 5c Sept 13c 3%e 3c 81,600 3c Oct 25c Feb 5%o 5%c 500 5%c Oct 16c Feb 29c Astoria-Rouy n .......—1 50c Aztec Mining Bank of Canada 50 57% Bagamac Mines..... —-.1 24c Bank of 100 Montreal Bankfield Cons —. Oct 2.03 Jan Oct 3.60 Apr Oct 12.75 Oct 1.58 Feb Feb •Oct 41% Feb 7,400 18c Oct 57c Feb 400 23c Oct 45c Apr 49% 3%c 60% 375 46% 3 %c Sept 59 4c 3,450 1,000 10c Cct 30C Jan 1,000 Oct 7%c Jan Macassa l%c 1 4.45 5.00 2,975 1.05 1.05 200 33 %c 33 %c 55 30% Oct 3.95 8.50 340 Aug Sept 273 Mar Base Metals Min......-.* Bathurst Power A 18c Beatty Bros A 100 Aug 112 5 99 Sept 105% 100 Apr Oct Oct 42 400 1.61 Oct 4.80 Feb 10c 1,000 10c Oct 45c Mar 2%c 1,000 2%c Cct 10c Feb 500 3c Oct 11c 95c 500 95c Oct 2.15 July 3.30 4.00 10,575 95c Oct 1318 Jan 2.75 2.80 850 2.15 June 4.05 Jan 34c 36c 8,000 20c Cct 1.10 Mar 13c 4,968 9c Oct 42c Feb Parkhill Gd M Ltd new._l Pato Gold. 12c 11c 2.10 1.90 2.10 11,900 1.70 Pend-Oreille Oct 3.80 Feb 1.75 1.60 2.00 7,750 1.25 Oct 6.50 Feb 75c 97c 5,400 60c Quebec Gold Mining Read Authier Mine., 5.00 1 Red Crest 5.10 Oct 2.51 Jan 4.30 14c 660 12 Oct 17 1.07 1.09 1,000 1.06 Oct 2.01 Mar 60c 60c 500 53c Oct 1.27 Aug 55c 3.15 400 13 %c 1 55c 510 30c Oct 85c Feb 2.P0 3.20 Sept 9.10 Feb May 3,350 2.25 Oct 6.85 Feb 34c 30c 9,400 20c Feb 6%c 7%c 10,700 6c Sept Sept 2.00 7c 22c Feb 2%c 2c 3%c 20,100 2c Oct 16c Feb 34c 40c 5,500 30c Oct 1.13 Feb Feb Reward Ritchie Gd Mines Ltdf. Shawkey 36c 35c Sherritt-Gordon 1.50 1.25 1.55 SIscoe Gold Mines Ltd...l Sladen Mai 9,646 3.25 97c Oct 4.00 2.95 3.30 13,360 2.55 95c Oct 6.65 Jan 82c 1.05 10,600 74c Oct 2.50 Jan Stadacona-Rouy n * Sudbury Basin Minesf...* Sullivan Cons Mines Ltd.l Sylvanlte Gold 1 Teck Hughes Gold Wood 3.00 ..1 Thompson Cad.. 1 Towagmac Exploration..1 Ventures 52c T.03 Ltd *~37c 58c 69,260 42 c Oct 2.90 Mar 2.50 200 2.50 Oct 6.50 Mar 98c 1.05 12,899 80c Oct 2.25 Jan 3.00 3.10 2.59 June 4.70 Feb 4.55 4.80 300 4.50 Oct 6.10 Feb 32c 38c 4,700 16c Oct 70 • 2.15 Jan 50c Wright Hargreaves M Ltd* 50c 500 50c Oct 1.95 4.85 10 4.00 Oct 8.40 Aug 29c 33c 14,150 19c Oct 73%c Apr 0.35 32c Cad 50c 2.50 4.85 * 6.50 650 5.80 Oct 8.10 Jan Feb Oil- Calgary & Edmonton....* Caimont Oil Ltd * 2.05 1.70 Ti5 Co 2.05 5,300 50c 1 Home nil 1 ... 50c 1.02 1.22 1.25 Oct 3,100 73c 7,030 80c 6.40 Feb Aug 1.70 Mar Oct 4.10 Feb Okalta Oils Ltd * 1.00 1.00 Oct 1.55 * "34c 1.00 Royallte Oil Co Southwest Pete Co Ltd. Sept 28%c 34c 1,820 24c Oct 13c 12 %c 59% Mar * 13c 2,000 9,%c Oct 16c to Oct. 100 Last Sale Stocks- Abltibi Par * — 6% preferred Acme Gas & Oil Afton Mines Ltd 41c 100 Price 3 26 of Prices Low 22 for 1937 Shares Low 5,215 2 High 931 18 Oct 18" * Dominion Oil Oct ll%c . 2%c Burlington Steel 25 2,830 6.40 May 9.00 Feb 23% 18% 30 23 Oct 26% Jan Mar 16% 21 40 10 Jan 4% 16% Oct 30% 9% 5,730 Oct 26-% lie Oct 11,752 33 5% 20 16c 500 30c 32c 8,300 10%c ll%c 2%c 2%c 2,760 30 130 Oct 8.25 1.10 65 Jan Mar Mar Jan June Apr 12.50 Feb 2c June 1,500 43% 13c' 13%c Oct 6%c 74% Mar Sept 23c 40 15,300 10c Mar Feb Jan Jan 8,550 48,669 Feb 30 Oct 44% Jan Oct 6.55 Feb 1.75 Mar 46c 100 "74" Oct 11,000 30c 55 3% Oct 10% 265 7% Oct 23 94 10 85 Oct 110% Jan Apr Aug 70 74 61 65 Oct 98 Feb 144 100 145 38 140 Sept 160 July 72 2 July 7 Apr "3% * 3% 3% 10 10 157 9 July 60 60 50 50 May 79 Apr Aug 23 new. Canadian Wire A 20 23 545 19 Jan 34 Aug 160 Cct 210 * B Can Bank of Commerce 100 164 Canadian Canners 6 ..20 * "9% * Can Car & Foundry Preferred. Canadian Dredge 10% 165 71 180 1,485 Oct 3% Jan 15 25 12 Oct 5% 6 310 3 Oct 17% 8% 18 325 17 10 1,100 23% 10% 20% 12% Aug Mar Jan Jan 1,589 8 16 10% 22% 36 B 33 36 5% * P R 163 22 ...25 Canadian Ind Alcohol A..* Canadian Malartic Canadian Oil prdf 1.00 100 112 25 8% 330 1,705 90 %c 1.15 112 112 28,450 8 50 5 Oct 3% Oct 85c June 112 Oct 8% 7% Jan 2.30 Feb 135 Oct Oct 1.75 65c 9,425 60c Cct 1.66 175 1 9c 9c 10c 7,700 60c 51c 65c 20c 30c 20,450 33,350 9% 8% 9% 1.85 300 1.25 5,100 2.24 ... Coniagas Mines Coniaurum Mines. 5 * 1.25 Cons Bakeries * 16% 2.05 1 84 22c 1 5 57% 195 * 1 __* 1.05 16 22c 2.32 28,200 725 290 17 27c 51% 58% 193% 195 15% 100 72 Dome Mines _.* 44% Dominion Bank 100 /I 25 1 18% Dom Steel Coal B 25 "14% Oct 43c Jan Feb Jan Cct 1.47 Jan 15c Oct 95c Feb 7% Oct 22% Mar 1.75 Oct 1.00 May 16 Oct 3.50 2.14 23 Jan Jan Feb 100% Mar 211 Mar 20 Oct 27% Oct 2.95 30,300 5,395 20c 12c Oct 2.68 Feb Feb Jan 20 Oct 40 Aug 10% 66% Oct 28% Mar Feb 72 39% 204 Dominion Coal pref Dominion Explorers 7%o 38 5.25 Oct 150 13 Oct Jan Oct Oct 15,300 14% * 1.85 Mar 45 15c 32 175 Mar 192 21% 27 Oct 4 176 13c 32 175 17% Jan Jan 19,500 12,811 21% 13c Dlst Seagrams Preferred Dominion Tar Preferred May Oct 28c Dominion Stores 47 1% 1 Davles Petroleum Jan Oct 3 175 Feb 32 29% 3% 1.30 5,390 * Commonwealth Petroleum* Cockshutt Plow * Dark water Mines 21% Oct 205 3 Central Porcupine Chromium Mining Cosmos Oct Jan 13 1,300 8% 1 100 Oct Oct 1.60 Central Patricia Chlbougamau 6% 6% 1.50 2% "T58 Castle Trethewey 1 Central Canadian Loan 100 Consumers Gas 1.25 60c * 1 1,425 5% 3% 4% 3% ..* Canadian Wineries Cariboo Gold Cons Smelters 18 15 Preferred. 1st preferred 2nd preferred 11 150 Canadian Breweries Cons 1.15 4% 9% 94 18 30 45 10,704 36 Oct 51 43 200 Oct 250 Jan 315 17 Oct 24 Mar 3%c Oct 15c Jan 28% 12% Mar 206% 19 Oct 94% Jan 4c 3,500 12 15% 17,576 10 Oct 6 6% 170 6 Oct 7 7% 84% 140 6% Sept 18 84% 10 84% Oct 116 22c 26c 31,700 10,100 21c Oct 1.22 Feb 9c Oct 45c Feb 3%c * 100 Dorval Siscoe East Crest Oil 1 25c * 12 %c * 9c 17 12 %c 17 315 12 Oct 24 Mar Apr Feb Feb 1 87c 83c 98c 36,550 60c Oct 2.05 Jan 1 1.75 1.50 1.95 62.262 1.50 Oct 3.65 English Electric A * 29% 29% 29% 9 Apr July 2.r Falconbridge * Fanny Farmer * 1 5% " 5" 50 21 20c 10 c Jan 18c Oct 95c Oct 1.89 Feb Gatlneau Power Preferred Feb 30c Preferred • No pa'' value. 5.25 7 110 5 Apr Oct 6%c Sept 54c Jan 16c Oct 26c July Oct 29% Jan 1.25 Feb 1.58 Feb 16c 16c 1,100 18% 4,420 26c 14,800 18,100 20c 10c 15 16%o 9% 35c 46c 11 4 * 11% 125% 96 6 2,230 100 9% 70 119 7% 65 Aug Oct 16% 16% 125% 8 4 75 2,904 42.750 18 % 100 40 4,713 ...» 100 June 5.50 8c 25r 10 21% 19 10c 43c 57c 30 Aug 60 10% 4 Canadian Packers C 19 Sept 35c "l"6"~ Can Steamship (new) Preferred Oct 35 21.545 * Canada Cement Canada Permanent 13% 150 435 . 2.05 Caimont Oils Canada Bread Preferred 200 14% 40 36 23c 43% 8.00 1.51 * Sept 28c Jan 7.35 32 * Sept 60c 29c 2.02 * * 9 54c Oct 46c - Calgary & Edm Frost Steel 3,700 22c 8c 36 50 Foundation Pete 22 %c 28c 7,900 14% Burry Biscuit pref Burt (F N) Francoeur Sept 60c 12c 13%c Jan Oct 2c * Feb Oct 42 Bunker Hill Apr 9 %c 2,200 Copper.. Feb Sept ""31c 80 9,700 3c 13 72c 16% Oct 9 16c * . Firestone Petroleum 10c Alberta Pacific Grain pf 100 A P Consol Oils 1 Jan 30 * Apr 2c 28c 34 %c 10 13 Feb 1.70 45 9 5 "20% 15% 10c 34%c Jan 9% 176 100 5 B A Oil Federal-Kirkland.. 1 * 1 29c Oct 23% Brazilian Brewers & Distillers Ford A 3% 26% Apr 36o 10c 8.00 Equitable Life Insur Range Since Jan Week High 2% 154 32% 9 Brantford Cordage pref_25 Brown Oil 42c 434 Oct 4% 1,651 60,200 4,600 Jan Apr Mar East Malartic Sales Week's Range 40c 96c 32% Bralorne Mines British 56c 10 Eldorado Mines Exchange ...1 Ajax Oil & Gas Aldermac Sept 29, both inclusive, compiled from official sales lists Friday 46c * Eastern Steel Toronto Stock Oct. 23 5% 6% 160% 163 48c - 50 Feb 95c Placer Development Powell Rouyn Gd M Ltd.l Preston East Dome M Ltdl 162 1 Biitmore Hats.. Jan 10c Perron Gold Mines Ltd... 1 Pickle Crow Gold 1 6% Canada... Big Missouri 21% 20 102 100 Blue Ribbon pref Bob jo Mines Feb Oct 13 15% 102% Bldgood K'rkland Apr 1.75 220 15 100 ; 24% Oct 3,700 100 2d preferred 65c Oct 350 1.17 5,500 Feb Oct 12% 1.00 * 1st pref 12c 18c 11% 1.10 ♦ 15c 12 .* Beattle Gold Jan 1.56 Oct 1.00 Jan 27% c 2%c Pamour Porcupine M Ltd * Pandora Cad Jan Oct 235 Jan 11c 3c 1.85 290 Feb 60c Feb 18 Mar 60c Sept Apr 38 * 1.45 Jan 49c 245 243 * 6,500 Oct 53c 82,183 60 Oct 294 Building Products 75,575 194 240 Buffalo-Canadian 15c 75c 6 290 Jan Sept 55c 15o 39,075 196 294 Feb 3c Feb 240 Feb 6c 24c Oct 56 57% 18c ""74c -1 2.70 7,000 57 196 100 5.15 2%c 3.95 5%c Bank of Toronto 50% 11c Newbec Mines Ltd * Normetal Mln Corp Ltd..* O'Brien Gold Mines Ltd..l 5 22 Bank of Nova Scotia—100 Cct 1.61 Feb 32c Sept 23c 1.61 8.75 29c 22o 2%c 5.00 Oct Jan 29c 36% 1 1 Sept 20c 8,870 1 Mclntyre-Porcuplne M..6 Minlna Corp of Canada..* Montague Gd Mines Ltd.l Murphy Mines Ltd 1 Oct 1.50 6%C 3,210 Lebel Oro Mines Ltd Lee Gold Mines Mackenzie Red Lake 31c Oct 30c 24c 21c 1 Kirkland Gold Rand Ltd. 1 Sept 654c 44% 6c 11c 1.00 31c 635,400 4% 1 Buffalo-Ankerite 22c 41 Graham-Bousquet G M..1 Feb 2.28 5c * Jan 30 Oct 90c June "~23c .1 Jan 13c Oct 20 Central Patricia Gold M..1 Consol Chlbougamau ....1 Dome Mines Ltd ..* East Malartic Eldorado Gold M Ltd Feb l%c Brazil Gd&Diamond M..1 Bulolo Gold Dredging 5 Can Malartic Gd M Ltd..* 60c 2%c Big Missouri Mines Corp.l Bouscadillac Gold Mines. 1 Sept 1 Feb 21c Amity Gold Mines Ltd..-1 Beaufort Gold— ...1 High 1% Arntfield Gold Bell Tel Co of 55c 11,000 Argosy Gold Mines Beauharnois........ .—.* 60c l%c Ashley Gold....1 July Mines— Aldermac Copper Corp...* Alexandria Gold Mines... 1 l%c Mar 89% June 402 C Oct 16% 73% 90 United Distillers of Can..* $1 100 98 United Securities Ltd.. 100 Walkerville Brewery Ltd.* Walker-Good & Worts(H)* Feb 40 50 16% Page-Ilcrwhey Tubes Ltd.* Power 6% cum 1st pref.100 Sou Can Pow 6% cum pflOO Oct 500 65 "22% * Mitchell (Robt) Co Ltd..* 70c 45 65 McColl-F Oil 6% cm pf 100 Melchers Distilleries Ltd.* Preferred 925 44 pflO cum 1.00 90c 45 Laura Secord Candy Ltd. * MacLaren Pow & Paper. '21% 3% Alexandria 68 80 35o 7% 58 Oct Oct July Sept 12.90 May 25% 11 109% July Oct Oct Oct 14 Aug Oct 75% Aug Volume 2827 Chronicle Financial 145 Canadian Markets—Listed and Unlisted Toronto F. O'HEARN & CO. stocks 11 KING ST. W. > Stocks (Concluded) Par Partanen- M alartic OFFICES Cobalt Montreal Noranda of Prices Low High Price 1 Paulore Gold.. MEMBERS Toronto Sales Week's Sale TORONTO WAverley 7881 Exchange Last grain bonds Stock Friday 7c 8c 10c 1 Perron Gold. 1 1 19 19 H Winnipeg Grain Exchange Kirkland Lake Montreal Curb Market * Sarnla North Bay Canadian Commodity Exchange (Inc.) Photo Engravers Pickle Crow 1 5.15 4.80 Owen Sound Bourlamaque Chicago Board of Trade Pioneer Gold 1 3.40 3.10 Powell Rouyn Power Corp.. Timmint 1 Pressed M etals Toronto Stock Week's Sale of Prices Low High 14c 4c 3%c 4c 50c 45c 50c 19c 19c Goldale Mines Gold ..... 50 c Belt Goodfish Mining Goodyear Tire 37c 81 50 Graham Bousquet 1 1 * 5Hc Mines— Granada Mines— Grandoro * Lakes Paper Great 5Hc * Great West Saddlery ii Z- 2.30 2.00 * 1.00 1.78 Feb Oct 1.52 1 75c 77c 70c Oct 1.35 Riverside Silk * Roche Long Lac....- Oct 7 He Oct Oct 5Hc 4 He Oct 7 23 % Oct Oct 2 60 49 39c May Apr 68 22c Apr 97% Aug Feb 57c Feb 18c Jan Silverwood Apr Aug Feb Slave Lake. 5H Oct 2c Oct Oct 1.10 45,665 70c Oct 3.44 Jan Preferred 90c 80 Oct 33c Feb 10c Oct 90c Mar Oct Jan Occ 22% 15Hc Jan Oct 405 Jan 9Ho 9,805 80 28c 8,900 27c 29 He 15,275 May 3c Oct 21c Apr Jan 87c Jan Jan 72c 95 June 240 May Tashota.. 14,783 24% 15% 97H 97 H 10 97 July 7 Oct 19% Oct Oct 73% Feb 39% Mar 8 400 42 % 48 54,536 39 H 29 31 10,604 23 H 8 B._ Jan Preferred.. Feb 59c Feb 13H 85 11% Oct 63,477 1 40 Oct 3.30 Apr Feb 1.28 40c 4c 48 H 13 15 48c 60 49c 38c 20 115 4.85 2,000 10c Oct 4,000 2c June 120 2 % Jan 16Hc 19Hc 2Hc 11 25 12% Jan 9c 9c 10c 6,075 8c Oct 36c 5,620 4% Oct 16 % Oct 74 14H Oct 40Hc Oct 3.25 Jan Oct 4.80 Feb 15 15M 100 14H Oct 4c 5,100 3c Oct 16M 28%C Feb 4.25 Oct 6.00 3c . . 7H 32 820 1,400 8% June 130 86 H Oct 30 Oct 42H 85c Oct 2.03 Jan 12c Oct 63c July 24c Oct 1.18 14c Oct Mar 6c Sept 39c Oct 5.00 20c 7c 7c 3,315 15,635 II,265 10,100 5c 5c 27c 25c 30c 1.73 1.60 1.85 2,200 1,100 11,050 10,000 8,700 51,848 34 H 31H 34 H 947 25 Oct 50 140 Oct 1.60 "l8c 2 He 6% 6c 18c 19c 2Hc 6% 2%c 7% 7,100 13,050 5c Oct Mar 101 Jan Oct 56c 2%c 83 80 Oct 110 Feb 110 Sept 126 Mar 38c 61c 14M 55c 2.00 2,463 11H Oct 50c June Feb 1.10 Oct 4,100 17,600 Aug Jan 19 13Hc 3% 17c 5,355 12c Oct 70c Feb 5H 2 H Oct 11% Mar 4.30 5.00 8,940 5,085 3.30 Oct 9.10 May 1.00 1.12 1,815 90c 1.30 1.60 23,071 1.00 Sept Oct .. . . . 2.25 June 4.65 Feb July 38H . 39% 7,000 31 Oct 52% 17H 18% Oqjt 20 10H 11H 1,642 3,537 16 % 11H 9% Oct 18^ Jan 8C 9Hc Oct 30c Mar 2c 7,677 1,500 5c 1 He lHc Sept 5 C Jan 3c * 1 35 18 3 He 2,000 3e Oct 17 C Feb 114 2% Oct 10 Jan 95 Oct 77 * 1 3 3 60 100 60 5 53 Jan Aug 33c 16,400 20c 5.80 Oct 8.10 18c Oct 52 5 Oct 6.30 6.90 22,660 22c 18Hc 22c 2,500 5H 5H 20 Toronto Stock Jan 28c 33c C Feb Jan c Feb 5H Oct Exchange—Curb Section See Page 2824 Government Municipal • Royal Securities Corporation HAnover 2-6363 30 Broad Street 1.98 45% Abltibi P & Pap ctfs 5s '53 Alberta Pac Grain 68.1946 Oct 88c Feb Beauharnols Pr Corp 5s '73 10c Feb Bell Tell Co of Can 5S-1955 Apr Feb Calgary Power Co 5s-„1960 Oct 11 Oct 212 .1958 Burns & Co 5s /68 H - — « - 60 « - Feb Canada Bread 6s 12c Feb Canada North Pow 5s. 1953 Jan Canadian Inter Pap 6s '49 98 H Feb Canadian Lt & Pow 5s 1949 101H 1.90 49 3.60 925 1.55 Sept 13,087 36 % Oct Oct 2.23 83 1941 Canadian Vickers Co 6s *47 87 Cedar Rapids M & P 5s '53 112 Consol Pap Corp 5%b 1961 r 62 1961 f51 90c 3,757 2 He 65c 23,000 1,500 2He Oct 16% c Jan 60c Oct 95c Apr 5%s ex-stock 2,100 14c Sept 49c Feb Dom Gas & Eiec 1.60 225 1.00 Oct 4.00 Feb Donnaconna Paper Co Jan Oct 65c Oct 4.10 Feb East Kootenay Pow 7s 1 4.500 lc Oct 12c Jan Eastern Dairies 6s 35c 43c 22,794 5% 6 "To5 * 13hc 89 1.00 1.14 35,700 10c 13 He 73,725 89 90 220 85c June 10c 81 2.20 Apr 43% C Oct 118 3.05 2.65 3.20 18,610 5 He 4%c 2% 12,500 15c Oct 11c lie 15c 7.934 8 He 1 90 June Oct 35 101 % Gt Lakes Pap Co 1st 5a '55 92% 93% '68 99 H — 40 --- Lake St John Pr & Pap Co 5s * No Dar value 1961 98 69 70 45H 1945 t Flat prioe 46 H 103 Montreal L H & P ($50 value) 3s 3%a 3%s 50 1939 1956 1973 99 H 93 102 % 99% 102 H 101H 102 H 98 H 98 H 4%9 '67 Smith H Pa Mills 4%b '51 United Grain Grow 5s. 1948 United Securs Ltd 5Ha '52 Winnipeg Elec 6s.Oct 2 '54 102 H ser B 94 98 H 1966 4%b 50 % 100 H 101 % 104 1941 5Hs'70 Power Corp of Can 4%» '59 5s Dec 1 1957 Provincial Pap Ltd 5%8 *47 Saguenay Power 4%b A '66 Montreal Tramway 5s Ottawa Valley Pow Shawlnlgan W & P 99% 99% 103 99 H 77 79" 64 66 75 99 1961 5%b Feb 1 Int Pr <fc Pap of Nfld 5s Jan July 58 1 101 % Gatineau Power 5s Jan 4.00 Oct 17c 5Hc 19Hc 4.500 17 He - 1956 Jan Feb - 52 102 Fraser Co 6s...Jan Mar - Minn & Ont Paper 6s. par - 1 Jan Mar • 88 100 2.50 6,425 56 102 H 103 % Montreal Island Pr 5%8 '57 112% 99 37,440 4s - - 78 1.07 10 - 98% 79 4.00 Oct 96 H - 2%b to ,38—5%3 to '49 Massey-IIarris Co 5s..1947 McColl Frontenac Oil 6s '49 77 2 He 4 95 H - 91 - 1.00 130 86" 5^8-1951 Maple Leaf Milling— 77 H 6%b.1 1 He 1.28 75 1 20c 1.50 Oct 99 Manitoba Power 102 H 103 Feb 2Hc 30c 105 July 85c MacLaren-Que Pr 5Hs '61 75 - -- Ask 69 63 62 112H 113 1.49 32c Bid Ask Bid Aug June July 6 Utility Bonds Closing bid and asked Quotations for Friday, Oct. 29 15c 200 t<9 w w * Industrial and Public 2 He 305 • NY 1-208 "wmw Apr 190 New York • Dell System Tele. vevtf 1.05 3.25 Corporation • Montreal and Toronto Private wire connection between New York, 1.05 3.80 SECURITIES CANADIAN 13.25 * * 1 Aug 1.60 43c 1 Apr 52 4.95 . . 2 He Pantepec Oil 4.65 46 Oct 1.10 . 19c 1.50 Payore Gold P ark hill Oct Oct 1 53c 13 Jan 1.79 18H 9 120 49c Jan 46 2,005 83 120 I20"" Oct Oct 65c * 1 * 2.45 6.90 July June 85c Normetal........ Page Hersey Pamour Porcupine— Apr 8 Oct 1.90 Oils 110 270 31c 44 H Ora Plata Mining Mar 48 20C 1.90 Orange Crush pref 104 20 2 He 48 H ... 44 2.15 3.400 * 1 * 107 18H 9,850 5,500 1 Gold Aug 46 3c 5 Okalta Oils 16 18 H 35c Nipissing North Star Oil Feb 00 I 48 33c 27C New Golden Rose Nordon Oil 2.35 10 106 ~ 3c — Oct 81 * 33Hc May 21c 95c 3 200 200 "§0c 2.00 155 155 100 North Canada... 9,298 * Feb 37 19c 1.90 Norgold Mines 12,535 1.50 13 4.50 1.49 Feb 1.25 11 89% 33 H * Mines—.; Jan 5.05 1.30 11 5.00 13 5% Jan 63c 10 88 Oils Jan 45 38c Naybob Gold Newbec Mines Jan Mar 5% 37 32c Pacalta 9c 80c 2.50 Wright Hargreaves Mar 7% 44 36c * —100 4,800 13,730 II,280 14c Ymir Yankee Girl.... Mar 16c 1 Jan 15c 1.05 3.00 15% * (Alex) pref... Mar 1.12 Kirkland Feb Oct Oct Oct 14c Olga Oil & Gas Omega Gold 5 1 3 1.00 * Feb 6.90 Feb 1,035 14c O'Brien 16c 3% 3% 1 * Corp 17 Oct 44c June 5 1 Moneta Porcupine Oct Oct 1.75 5,890 98c Mar McKinley Mines 25c __ Apr 2.75 York Knitting Mills Ltd Jan 1.20 3% Corp 15HC Wood Cadillac Jan Oct 1.11 Murphy Mines National Grocers— Aug Feb Oct 10 H A 23% 125 Sept "35 H Noranda Oct Oct Jan Feb 60c 5 National Trust 19H 8.40 25 80c * —100 Morris Oct Oct July 3 70 Mines McKenzie Red Lake Moore 4 00 1.30 2H 3% Maralgo Oils 77 5 3% Gold Oct 13 50 2.75 14c 100 ... White Eagle 20,995 77,134 * Oil 9Hc * Whitewater Mines 73c 108,300 Manitoba & - Westons..... Jan Jan 1.33 8.60 19Hc Minto June 35c 20 * Monarch Mar 75 Oct McDougall-Segur Mining Oct 58 22 1.10 Merland 33o 10,825 2,640 2,936 5.15 Mercury Oct Jan Oct 50,375 60c Mclntyre 6,000 13 2.35 2.85 1.02 * Wood 97c 100 Sept 1 Preferred..—...... Jan 4.35 .... 6 3c Walkers Jan 65c . 3c 55 H Feb Feb 1.05 McWatters Gold 5,200 Aug 30c ~5"00 Preferred-..- 28c 27 1.35 1 1 McColl ITontenac 59% 7%c 1 Preferred Jan Oct Oct Oct Madsen Red Lake 2Hc Jan 1 .... ... Sept 21H 3H 12c 12 He — 2c 115 1,910 6 6 * ...... . 10c 24 Mar ..—* Waite Amulet 77c 23 H 115 Vulcan Oils. 5.00 57 He 4.30 21H Ventures Feb 700 2c 76c Apr 1.10 2c llHc Feb 88 ....... 14c 13c 96 Oct 13 Wiltsey-Coghlan Winnipeg Elec A 1.04 Oct 14 68c 85c 4.95 1.70 10 H 69,350 52 H 55 2~40 12,650 36,948 T04 23H kei Oct 75c 45 % 110 65 65 Oct 90c 25c 3,700 63,986 I,500 6,742 16 4c 3Hc 60 Oct 110 * 2.65 170 51H 43C 910 60 H 2.95 _..... United Steel 1.15 66,590 68 H 60 2.60 United Oils 1.90 35C 60c 64% ""58c 1.61 95c 50 He 68 H 50 Exploration..* 13H 1.10 Jan 6.65 62 .25 Union Gas.- 60 Mines.........1 Massey Harris * ...... Uchl Gold Feb pref.. 100 Preferred... Feb Toronto General Trusts 100 2.15 1 10 * Feb 2.00 Toronto Mortgage Oct 14H Maple Leaf Card pref Maple Leaf Milling Jan 2.50 Oct Mar Oct 50H East 2.49 Oct 40c Mar 18c Lake Sulphite Mines Oct 16c 1,100 53c 60C 40c MacLeod Cockshutt 74c 14,300 1.62 18,500 Lake Shore Macaasa 23,250 60c 3.15 88c 137,887 1.23 Oct 25c Oct Towagmac 1.05 Feb 2.53 1.04 Oct 24c 39 110 31,415 85c 15c June 2,000 22,697 1.78 Oct 3.35 40c 50 30c " 83 85 2.85 21c Preferred 48c 21c 25Hc Jan 425 83 Toburn Gold 1.05 68c 17 23c Toronto Elevators 46c 24 He Oct 95c Tip Top Tailors..... 26 He 84c Cons.. 6 10 3~20 Feb 65c 400 Feb 105 90c --* Aug ............ 27c B 4% 6 6 100 48c 1 — Loew's (Marcus) Aug Texas Canadian..... 97 H ... - Oct 3H * y. Teck Hughes...... Oct "30% ... Mar Oct 12 1 * Lava Cap Gold 1 Lebei Oro 1 Lee Gold.... ......... 1 Leitch Gold. 1 Little Long Lac. ■-* Lo blaw A* Sept 75 1H 3% 6 * Mar 14 H Lapa Cadillac Laura Secord 1H 3% Tambiyns Oct 1,145 100 Feb 1.85 * Oct 200 19 Lamaque Contact 3.95 Sylvanite Gold.. 70 32 13 % Landed Banking Oct 1.50 Straw Lake Beach Gold..* 80 13 1 ;.-l 90c 54 Stuart Oil pref......... 70 17H Gold 77,678 "52 c 205 13H International Nickel— Laguna 1.60 Steel of Canada 100 1 Kirkland Lake 1.24 * Stadacona Jan 70 "l8H Kirk Hud Bay Oct ~l".49 ... 7c 201 * Feb 1.00 Southwest Pete.... 18% -5 Kelvlnator Jan 1.10 Apr .1 Sudbury Contact... Sullivan Cons... 5,150 1.22 Kerr Addison 2.40 Oct 60c Sudbury Basin 12 H M Consolidated Oct 29c Sterling Coal 25c Jellicoe 1.19 4,200 ...1 Sladen Malartic... Jan 1.00 Mines 8,525 13,735 87c 1 18c 14 Apr 41c Siscoe Gold 3H 180 Aug 1.39 * 100 185 4,100 Jan 14% 36% 85o Dairies pref..* 1.25 26,650 20 Oct Oct 33c Simpsons pref 7 Mar June 32c 1 25 Simpsons b Sept Mar 60 36c ... Sept 7c 227 Oct 1 Silverwoods.... 5 Oct 24 1.3 6 Sherritt Gordon... 26% 53% 169 1 60c Sheep Creek 63c 28 I,515 33 20 Jan Feb 48HC 1 San Antonio Shawkey Gold Jan 57 174 50 1,480 13c Oct 7c 14,000 7 He 9MC 178 174 30 65c June 11 H Waite—...— 9 He 25 Mar 26c International Pete 1 100 Apr Feb 33 Oct 23 5 l2o 22 912 12c 25 25 3% 14 H 1.19 lnti Mining Corp 75c 355 12H J Oct 25c 54,700 5 Jacola Feb 16c 1,300 14,200 20c Hollinger Cons Jack Apr 18% 1.95 37,100 40c 6% 17 — — Sept 13,550 25c 2,000 70 20c 35c 3c 29 He Feb 36c 3H 100 Aug 6.85 25c 8% 100 2.00 Oct 14c 10c Imperial Bank Imperial Oil.. Imperial Tobacco Intl Milling pref Oct 21 He 2 He Homestead Oil 1.00 2 25 33c 1,000 Home Oil Co Jan 100 6,655 24Hc 14,500 12c 1.47 6% 16H Huron & Erie 3.20 Oct 6% 11c Howey Gold 1.00 2.80 50c 17Hc "l7" . Feb 38,800 * * _ 36 22 130 84c * 82c Highwood Sarcee Jan Oct 23 % 59c 1 Illnde & Dauche— Harker. 4.50 * 7 He "i"07 Oct * 7 1 ........——* Hard Rock 1.50 Red Lake G Shore Red Crest Gold ""3c 1 July 22 H * 70c * Feb 29c 80c 1 7Hc Carpets Harding 33% Oct 7,610 2.35 — - Feb Oct "T.io . 3H Gypsum Htne & Alab Halcrow-Swaze 2.20 1 80c 1 Gold Gunnar June 15c 12 110 St Lawrence Corp A 12c 1,447 2 2 Grull Wiksne Mining.... 1 76c Jan 5,000 Jan Opt Oct 15 74,660 18c St Anthony 6c 37% 1.32 16 Royal Bank Royalite Oil 3,250 28,000 2,200 11% 1.02 Jan 7c 31 Feb Jan 52 H 15 6.85 May 100 37 % Preferred-. Oct 30c July Oct Oct 5Hc 10%c 8c 5Hc 2.35 65c 72 H 6c 8,140 1.02 Oct 53 H """7c 3.45 July 15 81 53 Preferred-.—. Feb June 12c 14c 126,700 101 11c 81 9.20 40c 1,700 13,500 10,200 37c 28 He 13Hc Oci 3Ho 23,200 8,000 15,850 26c 23c 1 1 1 Gold Eagle 16c Ju» 8 960 15c High Low Shares 1 * 1 4.10 Reno Gold Week 10 8% Jan 21,952 Reeves-Macdonald 1 1937 Range Since Jan. for Range Gillies Lake Gold-...—1 - Oct 3%C 26% 16 He Prospectors Airways Sales Last - Jan lc Oct 18c Preston E Dome Exchange Friday .... 2.50 19 25c Read Authier God's Lake Mine Oct 15% 1.28 16 Prairie Royalties Premier Glenora Jan 50HC 11.800 5.25 * Jan 1.38 1,000 Sudbury Hamilton General Steel Wares Apr 46c Oct • 75 ...1 Pet Cobalt Mines Price 41c Oct 2,900 The Toronto Stock Exchange Par Oct 8c 49,205 95c 5c 33c 2,000 47c 75c 45c 1 1937 High Low Shares 9c 1 Ottawa Stocks (Continued) Range Since Jan. for Week 40o __1 Paymaster Cons. Range f 2828 Financial Quotations Bid a3s Jan 1977 1 a35*s May a35*s Nov 1 1954 1 a35*s Mar a35*s Jan a3?*s July I960 15 1976..*. 1 1975. a4s May 1 1957 a4s Nov 1 1958 a4s May 1 1959 a4s May a4s Oct 1 1977 1 1980 1 1960 a45*s Sept. a45*s Mar a45*s Mar 1 110?* 111?* 110?* 111?* 110?* 111?* 1962 1 1964 I 97 991* 100?* 102?* 104 1954 1937 New York Bank Stocks bid a4j*s Apr a4?*s Apr a4?*s June 102?* 104 a4?*s Feb 102'* 103 a4?*s Jan 101?* 102?* a4?*s Nov 102 Vt 104?* a4?*s Mar 106?* 107?* a4?*s May 107 108 a4>*s Nov 108 107 a4?*s Mar 106?* 108?* a4?*s June 108 109?* a4?*s July 1 1975— 1 City Bonds Ask 96 % a35*s July Oct. 30, Over-the-Counter Securities—Friday Oct. 29 on New York Chronicle a4?*s Dec a4?*s Dec 1966 110% 112 15 1972 112 1 1105* 1974 111 1125* 1115* 112?* 15 1976 1 1977.. 111 X 15 1978 1125* 1115* 113 1 1981 113 114 113 1957 1 Par Ask 114 1 1957.. 1135* 1145* 1 Bid Ask Pai Bid Ask Bank of Manhattan Co. 10 24?* 25?* Klngsboro Bank of Yorktown..66 2-3 65 76 Merchants Bank Bensonhurst National ...50 Chase 13.55 95 125 33?* 35?* 100 National Bronx Bank...50 National Safety Bank. 125* City (National) 30?* 32?* Penn Exchange 10 10 12 Peoples National 50 55 67 25 305* Commercial -12?* National ..100 Fifth Avenue 154 ..100 890 940 oO 1815 100 .... First National of N Y 148 35 1 Flatbush National... 1855 45 Natlonal—.lOO Public National. 65 115" 100 40 45 13 15 32 Sterling Nat Bank & Tr.25 24 20 25 114 1963— 1 1965 115 125* 1155* 1145* 1155* 1 1967— 15 1971 1 1979.— — 116 New York Trust 1155* 1165* 1185* 1175* Par Banca Comm Bid Companies Ask Par Bid Ask Italiana.100 105 115 Fulton 100 230 250 Bk of New York & Tr__100 419 427 100 246 251 10 53 Bronx County........-.7 Brooklyn. ......100 8 10 Guaranty Irving Kings County 92 97 Lawyers Bankers. New York State Bonds Central Hanover 20 55 10 12 Ask Bid 3s 1974 b2.75 less 1 3s 1981 62.85 less 1 Canal 25 World War Bonus— 45*8 April 1940 to 1949. & Highway— Highway 5s Jan & Mar 1964 to *71 62.95 129 Highway Imp 4?*s Sept"63 Canal Imp 4?*s Jan 1904.. Can & High Imp 45*s 1965 52.15 Improvement— 4s Mar & Sept 1958 to '67 Canal Imp 4s J&J '60 to '67 ... 65 ...—..25 145* 16?* New York 13 5* 15 Title Guarantee & Tr...20 51?* 245* Underwriters i-.lOO 70 United States......... 100 1560 20 505* Empire 10 235* Manufacturers 20 Preferred 20 25 ... 39?* 44?* 104 41?* 46?* 107 6?* 7?* 80 1610 1205* 1095* iarge C T 129 126?* 47 58 ..50 Corn Exch Bk & Tr 1205* iarge C 1 4s Jan '42 & '46 - 4C?* 995* 1005* 45 Clinton Trust Colonial Trust 1700 35?* Continental Bank & Tr.10 Ask 13 100 1660 Chemical Bank & Trust. 10 Bid 5* 26 Trade Bank 113 45*s Jan 1 1945. Chicago & San Francisco Banks Par Bid Ask American National Bank Port of New York & Trust-.——.-. Authority Bonds Ask Port of New York- Bid Holland Tunnel 4?*s 106 107 Gen & ref 2d ser 104 ser 3?*s '65 3?*s "76 102 Gen & ref 3d 3s 1976 92 94 1938-1941 .M&S 1977 96 97 1942-1960 M&S Gen & ref 4th Gen & ref ser 3?*s 99?* M&S 1942-1960 100?* M&S Inland Terminal 4?*s & Trust...33 1-3 First National... 60.75 110 61.00 100 112?* Par Aetna Cas & Surety 10 Aetna ———10 — — Aetna Life 10 Agricultural .——.25 American Alliance American of American Bid 1946 45*s Oct 45*8 July 100 1959.. 1952 1955 Ask 101?* 100?* 103 100?* 103 100?* 102 5s Apr 5s Feb 1952 106 1941 109 111 ... Hawaii 45*8 Oct 1956 63.50 U S Panama 3s June 1 1961 Govt of Puerto Rico— 109 55*8 Aug Bid Honolulu 5s 4?*s July 1958 5s 1948 July 114 525 565 90 NT&SA—12?* 44 46 94 205 212 SAN FRANCISCO Bk of Amer Ask 3.00 118 Newark—.25* Bid Ask 71 73 40?* 24?* 42?* 25% 72?* 69 Par Home Fire Security Homestead Fire.. Importers & Exporters Ins Co of North Amer... 10 20 Knickerbocker 5 Lincoln Fire 5 11 Maryland Casualty 1 10 11?* 30?* 32 % Mass Bonding & Ins..125* Merch Fire Asaur com 5 10 20 25 38?* 25?* 21?* 40?* 26?* Merch & Mfrs Fire New'k5 Merchants (Providence). 5 National Casualty 10 Re-Insurance. 10 American Reserve American Surety Automobile 10 _ dS.7t 108 3.50 110?* no?* Baltimore Amer.. 25* Bankers & Shippers 25 Boston 100 Camden Fire.. —_5 5?* 77?* 540 6?* 82 558 10 National Liberty 108?* Ill Federal Land Bank Bonds 17?* 19?* 10 20 % 10 5 25* 18?* 28?* 21?* 21?* 20?* 29?* 23?* 3?* New 10 .. Employers Re-Insurance 10 Excess Bid 3s 1955 opt 1945 3s 1956 opt 1946 3s 1956 opt 1946 J&J 100?* J&J 101 M&N J&J Bid 4s 100?* 101 100?* 101 102?* 102?* 109?* 109?* 35*8 1955 opt 1945..M&N 4s 1946 opt 4944 Ask is 1957 opt 1937 1958 opt 1938 M&N M&N 45*s 1957 opt Nov 1937... 45*8 1958 opt 1938..M&N Ask 100 1005* 1015* 101",6 100 1005* 1035* 1035* 20 2 New Brunswick Carolina Continental Casualty Eagle Fire Conversion 3s 1947 .....2 National Union Fire New Amsterdam Cas Connecticut Gen Life 116 5 29?* 18?* 28?* 9?* City of New York 114 10 10 National Fire 109 U S conversion 3s 1946 10 American Equitable—5 American Home 10 United States Insular Bonds 4s 2?* 40 43 47 9 4 14?* 52?* 6?* 105 11?* 26?* 8?* 25?* 41 40 87?* Northern 12.50 North River 2.50 Bid Atlanta 5s Ask Bid 100 Atlantic 5s /35 121 110 74 78 5 13?* Providence-Washington .10 26?* 15?* 29?* Reinsurance Corp (N Y).2 27 Preferred Accident Republic (Texas) Revere (Paul) Fire 10 10 6?* 20?* 19?* 100 Chicago Dallas /5?* os 100 Denver 5s 95?* First Carolinas 5s 55 - Oh • - 97 102 94?* First of New Orleans 5s; - 97?* 95 100 First of Fort Wayne 45*s__ First of Montgomery 5s_._ 97 98?* 100 99?* 100?* First Texas of Houston 5s First Trust of Chicago 45* s Fletcher 35*8 . 100 102 70 Fremont 5s Grefenbrler 5s 101 100 80 100 Greensboro 5s Iowa of Sioux City 45*s... 92 Kentucky 5s • Rhode Island 5 5 22 Roesla 5 5?* 19 21 St Paul Fire & Marine...25 37?* Seaboard Fire & Marine..5 5 13?* 39?* 14?* 15 30?* 35 Seaboard Surety Security New Haven 15 75 80 Springfield Fire & Mar..25 .5 Stuyvesant 99?* 100 100 10 7?* 23?* 10 27 20?* 7 6?* 183 9?* - 28 106?* 109?* 19?* 8?* 20?* 5 6 7 1 Sun Life Assurance 100 440 490 10 22?* 24 Travelers 100 415 425 10 28?* 30 U 8 .10 Great Amer Indemnity Halifax Hanover Hartford Fire 9?* Fidelity & Guar Co. .2 68?* 61 28?* 29?* Westchester Fire. 44?* .2.50 26 27?* U S Guarantee Home 44?* 41 U 8 Fire 58 15?* 42?* 10 06?* Hartford Steamboiler—10 ...6 4 _ . _ 16?* 101 100 Pennsylvania 5s 173 7?* 22?* m 100 ... Surety Guaranteed Mortgage Bonds and Debentures 100 107 •» M. m 109 Bid 100 5s /26 San Antonio 5s Allied Mtge Cos 30 80 /16 18 100 Union of Detroit 45*s 98?* 100 Virginia-Carolina 53 Virginian 5s 100 100 — - » --- 1953 82 Arundel Bond Corp 2-5s '53 Arundel Deb Corp 3-6s '53 85 Southern Minnesota 5s A st Inc— All series 2-5s 100 Southwest 5s 97 - 101 Tennessee 5s 85 99?* 100?* 85 m m m 98?* 100 /60 65 Pac Coast of Salt Lake 5s.. Pac Coast of San Fran 5s.. St Louis - 100 La Fayette 5s Lincoln 5s Oregon-Washington 5s Pacific Coast of Portland 5s Pac Coast of Los Ang 5s.. Potomac 5s .... 100 81 100 Pennsylvania 5s 30 Great American Ask 100 98?* North Carolina 5s. Ohio Phoenix 5s 100 Illinois Midwest 5s 111 of Monticello 45*s 100 New York 5s - 28 Globe & Rutgers Fire 2d preferred 100 Maryland-Virginia 5s Mississippi-Tennessee 5s.. 100 Burlington 5s__ California 5s. Louisville 5s 16?* 23?* 106 20 5 12?* 28?* 15% 83?* 22?* 10 . 7?* 110 39 General Reinsurance Corp5 Globe & Republic 6 54?* 37 Gibraltar Fire & Marine. 10 Glens Falls Fire 10 16 10 Georgia Home Bank Bonds 5 ?* 75?* 9?* 72 5 42 43 59?* 55?* 5 11?* 3?* 116 108 Fireman's Fd of San Fran25 57 2?* 4?* 38?* 10 105 Firemen's of Newark 8?* 25 Fidelity & Dep of Md—.20 10 3?* 16 National_25 6 37 — Ask ...20 2 New Jersey New York Fire Northwestern 2?* 14?* 7?* 54?* 10?* Pacific Fire 5 35 Fire Assn of Phlla 10 Hampshire Fire Bid Phoenix 5 10 Federal Franklin Fire Joint Stock Land Ask 360 100 Insurance Companies 1.75 100?* 108?* 109?* 111?* Philippine Government— Bid 320 Northern Trust Co 1.75 — 1940-53.M N ser B Ask D ser George Washington Bridge 4?*s 200 E ser Gen & ref 4s Mar 1 1975. 1938-1941 170 Concinental Illinois Natl Bank Bid Par Harris Trust & Savings. 100 100 56 86 78 Associated Mtge Cos Inc— Debenture 3-6s 1953 Cont'l Inv Bd Corp 2-5s '53 41 45 74 44 1945 Interstate Deb Corp 2-5s*55 Mortgage Bond Co of Md Joint Stock Land Bank Stocks Inc 2-5s 1954 Bond Bid 1953 Atlanta Par Bid 100 60 60 New York Atlantic 100 100 10 38 42 North Carolina.*. 100 40 43 100 22 issues) 2-5s 57 1953 70 Potomac Cons Deb Corp— 3-6s 1953 41 47 3-6s. 1 1953 44 41 44 41 44 32 Potomac Maryland Deben¬ 81 ... ctfs ture Deb Corp 3-6s Realty Corp 3-6s 1953 69 Atlantic 41 44 1953 42 45 Unified Deben Corp 5s 1955 30 33 1953 63 37 part (all 25 100 Bondholders 75 Corp Potomac Nat Par 52 Potomac Deb Corp 3-6s "53 Potomac Franklin Deb Co Empire Properties Coro— 2-3s 1954 Series B 2-5s Potomac 90 •>» Ask Corp— 60 42 Contl Inv DebCorp 3-6s'53 Bid Nat Union Mtge Series A 3-6s 40 Dallas 100 73 As* 75 Pennsylvania Denver 100 11 15 Potomac Des Moines 100 55 60 San Antonio 3 First Carolinas 100 100 6 Virginia... 1 3 Virginia-Carolina. 2 »... Fremont Lincoln _ 100 Ask 13 (Central Founding series) /30 Corp 2-5s '53 70 Corp 3-6S.1953 41 Nat Cons Bd Nat Deben 4 5 1 100 50 33 Bond & Mortgage deb 3-6s 44 Telephone and Telegraph Stocks 15* 65 Par Am Dist Teleg Bid A st (N J) com.* 84 88 100 113 Bell Telep of Canada...100 Bell Telep of Pa pref 100 159 163 116 118 Cuban Telep 7% pref..100 45 Par Bid . --- New York Mutual Tel. 100 20 Pac & Atl Telegraph Peninsular Telep com 15 Preferred A 25 FIC 15*s.. .Nov 15 1937 b b F I C I5*s Dec 15 1937 I5*s Jan 151938 15*8...Feb 15 1938 FIC 15*8 FIC FIC Mar Ask 21 23 108 113 115 55 59 36 40 100 110 * 86 89 17 Int Ocean Telegraph...100 Mtn States Tel & Tel..100 So & Atl Telegraph 25 Sou New Engl Telep...100 85 90 126 132 S'western Bell Tel pref. 100 Wisconsin Telep 7% pf.100 Telegraph 100 .45% 45% FIC b .50% FIC b. 55% FIC 15*8...Apr 15 15*8—May 16 I5*s—June 15 FIC 15*s_..July 15 1938 b .70% 1938 b 70% 1938 b .75 <7, Rochester Telephone— S6.50 1st pref Gen Telep Allied Corp— $6 preferred 15 1938 b .60% Bid 1938 b. 75% For footnotes see page 2830. 19 * Franklin Ask 25 100 Emp & Bay State Tel..100 Bid Ask 116 Preferred Federal Intermediate Credit Bank Debentures Realty 22 148 150?* 118 121 114 Volume 2829 Chronicle Financial 145 29—Continued Quotations on Over-the-Counter Securities^Friday Oct. RAILROAD BONDS Guaranteed Railroad Stocks BOUGHT Sloth Extbang* AtwWn ^rw Yerk Dealer* in Members New York Security c to it 41 Broad St., N. Y. GUARANTEED NEW YORK HAnover 2-2455 - Bulletin Dealers Association - 2-6600 STOCKS Monthly e. sloane & co. john Tel. RE Since1855 Raliroad Bonds Parenthesis) Dividend 54 57 .1945 54 57 (Illinois Central). 100 Allegheny A Beech Creek (New 8.50 95 105 2.85 45 50 4.00 84 88 85 6.00 90 96 50 3.60 80 47 60 2.00 39 42 — 85 1961 94 9734 .1942 70 75 .1949 /25 35 1st 5s. .1965 90 93 .1995 80 83 .1945 45 50 .1978 90 .1946 66 70 .1978 90 95 .1939 fS 11 .1949 93 .1965 99 101 .1951 60 65 .... Cincinnati Indianapolis A Western Goshen A Deckertown 1st 634s 6.50 65 70 10.00 170 180 4.00 59 62 60.00 , 900 1050 49 51 3.875 Hoboken Ferry let 5s Kansas Oklahoma A Gulf 1st 5s 5.00 70 75 4.00 92 95 4.00 46 52 4.50 52 58 Macon Terminal 1st 5s Maryland A Pennsylvania 1st 4s 1.50 3.00 77 82 7.00 165 170 100 7.00 176 180 100 0.82 81 84 , Preferred (Delaware A Hudson) Louis Bridge 1st pref (Terminal RR)-- , Rensselaer A Saratoga 6.00 3.00 70 6.00 10.00 United New Jersey Utlca Chenango A 239 243 6.00 100 (Terminal RR) .100 RR A Canal (Pennsylvania) 100 Susquehanna (DLAW) -100 Valley (Delaware Lackawanna A Western) .100 Vlcksburg Shreveport A Pacific (Illinois Central).. Tuone RR St Louis 68 73 5.00 85 5.00 58 63 5.00 67 .1946 60 1st mtge 354s. .1966 90 3* 92 .1951 60 63 .1945 Piedmont A Northern Ry 84 86 .1957 80 86 .1951 88 92 .1955 90 95 .1955 56 .1951 76 82 .1957 107 111 334s Consolidated 5s... 434s 3.60 40 45 50 3.00 56 59 (Del Lack A Western) . St Louis 1st 4s St Clair Madison A Shreveport Bridge A Terminal 1st 6s Somerset Ry 1st ref 4s Southern Illinois A Missouri Bridge 1st 4s. a... • 4348-- Toledo Terminal RR .1966 Public Utility CERTIFICATES Quotation*-Appraiaal* Upon Request 6534 pref* Associated Gas A Electric Original preferred » Arkansas Pr A Lt 7 % Stroud & Company Private Wires tc New Inc. 31.60 preferred—--.26 Equipment Bonds 6% pref* * preferred Central Maine Power— Bid Coast Line 4>4s. Atlantic 61.90 Bid Ask 1.20 64.00 Missouri Pacific 434 s 2.75 63 25 4>4s 6s 2 50 5s 2 25 5}*8 63.75 63 50 2.75 New Orl Tex A Mex 6s 63 50 2.75 New York 3Hs"Dec l" 1936-1944"! 63.50 2.75 4mb.. 63.25 2.50 63.25 2.50 Boston A Maine 4^8 Canadian National 6s 63.20 2.40 Cent RR 62.76 1.76 434 s New Jersey 434s. 434 S- Central 4348— 2.75 62.90 2.25 2.00 64.00 3 00 3 00 61.76 1.20 1.25 61.50 434 a— 2.26 62.00 5s Northern Pacific 63.00 64.00 4348--- 1.25 62.50 4H8— 58 N YNHAHartf Pennsylvania RR 434s Chesapeake A Ohio 63.80 62.00 5s N Y Chic A St L Canadian Pacific 1.00 2.00 5s 61.75 1.00 4s series E due 19b/-49 62.85 2.00 64.75 4.00 64.76 4 00 2^s series G non call Dec 1 1937-50 62.75 2.00 65.00 4.75 Pere 63 00 2.25 65.25 434s- 5fl Chic"Milw"A St Paul 434 s.* 68 Chicago R T A 4.85 Reading Co Marquette 4348 62.00 86 trustees ctfa 334» 88 4s 3.00 2.50 534s 63.75 2.25 Southern 62.50 5^8 64.00 1.75 Southern Ry 534s 62.50 6s 1.75 61.80 Illinois Central 1.25 61.80 1.25 61.75 Northern 434s 6s Hocking Valley 6s 1.00 63,25 2.50 Maine 1.60 6s 1.10 63 25 Minn St P A 2.50 63.75 88 M 4s 2.50 63 25 Central 5a 3.00 3034 Gas.--100 182 » 100 105 108 109 111 * 21 23 pre!.-* 4 7 38 43 100 3 34 10734 109 34 120 • 2434 25"" 6034 6134 4134 4334 46 49 92 94 98 m 9934 7034 7334 87 86 93 99 101 -.100 pt-.lOO 100 7% pref...100 106 pf 100 Penn Pow A Lt 27 pref * 54 Ohio Power 0% pref. Okla G A E 108 34 89 87 99 97 preferred 102 34 58 100 Pacific Pow A Lt 7% 88 34 83 85 111 2.30 7% pref. 100 Kings Co Ltg 7% pref. .100 48 51 Long Tsland Ltg 6% 5434 56 34 71 2.00 68 2.25 2.25 62.25 63 97 103 1.00 59 56 34 334 434 100 94 34 9634 87 89 26 27 Rochester Gas A Elec— 6% preferred O pf.100 Southern Calif Edison— 25 EL 100 Tenn Elec Pow 0% pref 100 7% preferred -...100 Texas Pow A Lt 7% pf. 100 Toledo Edison 7% pf A 100 United Gas A El (Conn)— 181 *» - 50 52 55 57 1.50 1.00 8934 59 100 1 0% preferred Republic Natural Gas South Jersey Gas A 52 734% preferred 50 Jer Cent P A L 7% pf—100 2.50 Kan Gas A El pf.100 7% preferred 100 Memphis Pr A Lt 37 pref. * Mississippi Power 36 pref.* 37 preferred _.* 5534 48 Utah Pow A Lt 27 pref. 46 51 Virginia Ry. Chain Store Par Bid Beriand Shoe Stores * 8 10 100 88 95 100 100 Blckfords Inc 62.75 2.25 2.75 2.75 234 1134 3034 3134 2.00 63.75 22.60 conv pref * * 2 Bohack (H C) 7% common—* 100 100 preferred Diamond Shoe pref Flshman (M H) Co Stores preferred 234 13 434 4534 155 145 Stocks 6 34% Murphy 10 6 common..* preferred 100 (G C) 25 pref. 100 Song Reeves (Daniel) 1134 11 H) 0% pref Miller (I) Ask Bid Par Kress (S 98 7% preferred 100 B/G Foods Ino common..* 81 78 — 9834 100 43 34 * -100 Ask 100 96 34 98 100 7% pref.„ 53 43 1.00 1.00 63.75 . 31 * 17 preferred 6% pref series B Jamaica Water Supply— 2.00 62.65 Maryland 4348-- 25 28 92 Sioux City G A E 27 Iowa Southern UtlUtles— 7% preferred 20"? Queens Borough G A E— Idaho Power— Interstate Power 37 24 Philadelphia Co 25 pref--* Pub Serv of Colo 7% pf 100 120 7% 2830. 28 preferred---* * 37 cum preferred Kobacker For footnotes see page 27 34 28 34 Gas A Elec of Bergen. -100 95 - Western Pacific 5s 5tfs 26 34 2534 Interstate Natural Gas 6 22 * 7% 30 cum preferred 7% preferred 11034 5 Ohio Pub Serv 0% 95 434s 5s 534s 45 182 95 Wabash Ry Western 38 100 Corp— 62.90 61.70 5348 1.10 pref..* 108 61.70 434a 5a 61.75 Nash 4348-- 5e 2.25 61.75 68 Loulsv A 434s 5s 63 00 434 8-. Island 4348 Derby Gas A El 37 Gas Federal Water Serv Essex Hudson 61.50 — Virginia Ry 1.75 114 61.50 5s 3 00 pref 100 110 62.90 434a 64 00 (Minn) 6% pref 81 62.90 4s. Union Pacific 62.50 Internat Great Nor 2.00 Ohio Edison 26 pref 79 62.75 5s Texas Pacific 62:50 6s Dallas Pr A Lt 7% 5534 108 100 * (Del) 7% pref 100 7% preferred 53 Northern 8tates Power— 95 63.25 434b 5s 434 s 2.60 2.40 62.25 4H8 1.75 63.10 6s 9934 i 62.50 Pacific 434s— 5a Erie RR Great 5e. 63.50 63.00 St Louis Southwestern 63.76 West 434»-- 58 1.10 98 97 St Louis-San Fran 434« Denver A R G 2.25 90 91 Continental Gas A El— 36 preferred 63.00 434® 58 Pacific 50 45 Consumers Power 35 pref.* Hudson County Jan A July Chicago A Nor West 7% preferred 100 36 preferred -.100 Cent Pr A Lt 7% pref.-100 Consol Elec A Gas 36 pref* Consol Traction (N J)-100 36 50 cum 62.75 4Xa 68 Long 3.00 2.75 63.75 63.00 Baltimore A Ohio Ask 12 Ask Bid Par Mississippi P A L $6 pf---* Miss Rlv Pow 6% pref. 100 Missouri Kan Pipe Line.-5 - 6% pref. Bangor Hydro-El 7% pf 100 Birmingham Elec 37 pref.* Atlantic City El Carolina Pr A Lt 37 Stocks Penn 25 Mountain States Pr com. * 934 7% preferred. 100 106 Nassau A Suf Ltg 7% pf 100 125 115 Nebraska Pow 7% pref. 100 65 63 Newark Consol Gas 100 2034 2134 New Eng G A E 634 % P'- * N E Pow Assn 0% pref-100 82 80 New Eng Pub Serv Co— 77 75 17 prior lien pref -* 81 8334 New Orl Pub Serv 17 pref* New York Power A Light 74 72 10 cum preferred * 75 73 7% cum preferred.-.100 734 434 * 37 preferred 48 Monongahela West Pub Serv 7% pref 5 Buffalo Niagara Eastern— Railroad 72 934 36 50 preferred Philadelphia, Pa. York 6634 70 pref—* Alabama Power 17 95 44 Ask Bid Par 90 .1954 434s 3348 Toronto Hamilton A Buffalo Washington County Ry 1st EQUIPMENT TRUST 65 75 50 (Pennsylvania) .1956 mrnmrn 100 Preferred 35 general 5s. Rock Island Frisco Terminal 141 92 25 90 New York A Hoboken Ferry 145 141 100 100 . preferred 2d 4s. Montgomery A Erie 1st 5s Portland RR 1st 88 .1949 ... Minneapolis St Laul A Sault Ste Marie 50 9434 .1955 Meridian Terminal 1st 4a 42 38 1st 4s. Long Island refunding mtge 4s 50 . (Pennsylvania). - Little Rock A Hot Springs Western -100 Erie (u S Steel) Preferred Sea Shore 70 80 84 26 West Jersey A 60 Choctaw A Memphis 1st 6s 5 00 (Pennsylvania) Fort Wayne A Jackson pref (N Y Central) 1(H) Georgia RR A Banking (L A N-A C L) .100 Lackawanna RR of N J (Del Lack A Western) 100 Michigan Central (New York Central) -50 Morris A Essex (Del Lack A Western) .100 New York Lackawanna A Western (D L A W)— Northern Central (Pennsylvania) Northern RR of N J (Erie) 60 Oswego A Syracuse (Del Lack A Western) Warren RR of N J 1942 1944 Chateaugay Ore A Iron 1st ref 4s .100 Delaware A Chicago 65 99 1940-45 434s Convertible 5s 90 Betterman stock Pittsburgh Bessemer A Lake 54 Buffalo Creek let ref 5s 2.00 (Pennsylvania) Cleveland A Pittsburgh 1950 .... .... ... 55 Prior Hen 8.75 Louis pref (N Y Central). 97 Georgia Southern A Florida 1st 5s 35 115 .100 Cleve Clnn Chicago A St 96 .April 1, 1943 Prior lien 4s 30 .100 stamped 1957 Cleveland Terminal A Valley 1st 4s..j... 82 75 2.00 York Central) .100 Carolina Cllnchfleld A Ohio (L A N-A C L) 4%.— Second Boston A Maine 3s .100 Canada Southern (New St 150 111 (New York Central) Boston A Providence (New Haven) Pittsburgh Fort Wayne 140 6.00 .50 York Central) Boston A Albany Common 5% 76 10.50 — A Hudson) Western (Buff Roch A Pitts) 70 71 68 Baltimore A Ohio 434s 1939 Birmingham Terminal 1st 4s Boston A Albany lat 434 s 6.00 92 .1953 Augusta Union Station 1st 4s Asked Bid Par in Dollars Albany A Susquehanna (Delaware Asked Bid .1945 534s Akron Canton A Youngstown 68 Alabama A Vlcksburg 1-624 Bell Syst. Teletype NY Guaranteed Railroad Stocks (Guarantor In . . QUOTED . Earnings and Special Studlea on Request 3oscpb Walkers Sons 120 Broadway SOLD . 24 31 106 108 100 pref—-100 • — 16 9634 10234 Inc—* * 7 9 8 18 ---100 70 80 United Cigar-Whalen Stores 100 Common 25 preferred * Vi - 20 'H 23 2830 Financial Quotations Chronicle Oct. 30. Over-the-Counter Securities—Friday Oct. 29 -Continued on Securities of the Specialists in — Associated Gas & Electric System Water Works Securities S. A. O'BRIEN & CO. Complete Statistical Information—Inquiries InvU*h Members New York Curb Exchange Swuit.Brent&Co. I50;BROADWAY, NEW YORK 75 FEDERAL ST., BOSTON HANcock 8920 COrtlandt 7-1868 INCORPORATED Direct Teletype Connections—New York to Boston Bell System Tel. HAnom 2-0510 mmm 65 67 Bid Cumberl'd Co PAL 3 %s '66 Dallas Pow A Lt 3 Vis. 1967 89 93 46% 48% 30 Idaho Power 3%s 1967 Iowa Sou Utll 6 Vis.-.1950 33% 31% 31% 34% 36 37 Kan city Pub Serv 4s. 1957 Kan Pow A Lt 1st 4 Vis '66 Corp— federated Utll5Vie... 1957 Green Mountain Pow 5s '48 Houston Lt A Pow 3 Vis *66 197 30% Conv deb 4s 60 61 63 99 Mtn States Pow 1st 6s 193« 34 mmm m ser G '65 1966 _ . ' mmmm 91% 64 68 Central Public 105% 102% 105 101% 1962 43 1962 42 Butler Water Co 5S...1957 104 100% 101% 102% 104% 104 mmrn 1951 102 6 Vis series A 1951 102% • mmrn mmrn City of New Castle Water 1941 1954 1st 5s series C 1957 1951 65 70 72% 75% 87 90 Newport Water Co 5s 1953 90 Ohio Cities Water 5%s '53 Ohio Valley Water 5s. 1954 Ohio Water Service 5s. 1958 106 mmrn 05 72 97~ 94 83% 86% 90 92 Penna State Water— 1st col! trust 4%s—1966 Peoria Water Works Co— 104% mmrn ' -mmrn 1st A ref 5s 1950 97% 100% 1st consol 4s '■•mm 100% 1948 99 1st consol 5e 1948 98 1948 103 Prior Hen 5s Ohio Pub Service 4s. .1962 Old Dominion par 5s..1951 1946 63 96 Vi 68 Plain field Union Wat 5s '61 104 57 60 Richmond W W Co 5s. 1957 104 Parr Shoals Power 5s.. 1952 92 101 105" 101 6s serlee A ... Pennsylvania Elec 5s. 1962 Clinton W Wks Co 5s. 1939 98 Connellsvllle Water 5s 1939 92% /64 66" Public Serv of Colo 6s. 1961 103 62 104% ' mmm 106 'mmm 93 Vi 44 37 93 96 1942 5s series D— 1960 62 Utlca Gas A El Co 5s—1957 118 98% 100% 100% 102 98 101 1952 5s series B 1952 92 95 Hackensack Wat Co 5s '77 5 Vis series B 1977 104 mmrn 108 --- 75 77 99 Vi 101 100 1954 1954 5s 1962 Illinois Water Serv 5s A '52 101 • - - 1st mtge 4s 1961 1st mtge 3 Vis—....1966 100% 103 87 84 87 98 100 00 03 1st mtge 5s 1955 5s series A.. 102 mm- Sprlngft. City Wat 4s A "66 Terre Haute Water 5s B '56 mmrn 92 ... 95' 101 ' 103% 99 ' m m m 101 102 85 90 1957 103 103 Middlesex Wat Co 5 Vis '57 Monmouth Consol W 5s *56 82 1967 B 1961 ser 102 100 Lexington Wat Co 5 Vis '40 Long Island Wat 5Vis. 1955 Reports—Markets Water Serv 5s....1901 104 1958 Joplin W W Co 5b 104% 105% 99% 101% 102 105 104 0s series A 1949 Texarkana Wat 1st 5s. 1958 Union Water Serv 6%s *51 101% 104 99 102 W Va Water Serv 4s.. 1961 Western N Y Water Co— 5s series B 94% 97 93 .1950 1st mtge 5s 97 1951 91 1st mtge 5%s 1950 Westmoreland Water 5s '52 Wichita Water— 100 94 08 101 102% 5s series B 94 1956 58 series C 1960 101% 103% 6s series A Utilities—Industrlals—Railroads 91 mmm 102 1949 104 W'msport Water 5s... 1952 Public ... 101 Scranton-fiprlng Brook i960 Indianapolis W W Secure— Estate Securities 98 ..I960 Indianapolis Water— Pub Serv— 104% 1958 mmrn ■ m Water Co 5a serlee B 5s series B * 100 South Bay Cons Wat 5s '60 South Pittsburgh Water— 95 6s ... 87" 95 1st A ref 5s A 93 103 90 84 4 %8 Huntington Water— 102 1950 Shenango Val 4s 6s serlee A 38 60 Wisconsin 1958 93 Roch A L Ont Wat 5s. 1938 St Joseph Wat 4a ser 19A'66 93 6s serlee B 94 1958 Wisconsin O A El 3 Vis 1966 Wise M lob Pow 8 ha—1961 90 Greenwich Water A Gas— 98% Western Mass Co 3 Vis 1946 Western Pub Serv 5 Vis *60 1958 105% 107% . Roanoke W W 6s E St L A Interurb Water— 68 serlee A 1942 65 72 Pblla Suburb Wat 4s. 1965 Pinellas Water Co 6 %s '59 Scran ton Gas A 104% Pub UtU Cons 5 Vis-.1948 3% 98% 1st mtge 5s 68 . mmm Consol Water of Utica— 100 86 City Gas A El 4s 1966 ' 4Vis. Corp 1st 4s '66 Peoples LAP 6Vis—1941 Sioux 99 Community Water Service 6s Real 1951 ' 100 City Water (Chattanooga) Kokomo W W Co 58-1958 6s series B 5s series B 6%s New York Wat Serv 6s *51 •• • 105 Ore-Wash Wat Serv 5s 1957 6s— 5s serlee B 101 Vi 101% 103 Vi 103 99 Vi 97 103% /2% Conn Lt A Power 3 %s 1966 3 Vis series F 1966 3 VI s series G 1966 103 99 Sou Cities UtU 6s A- Colorado Power 6s...1953 Consol E A G 6s A 94 Vi Tel Bond A Share 5s.. 1958 98 101% 1954 Pittsburgh Sub Wat 6s '68 Utility— Income 6%s witb stk '52 1954 65 100% 101% Central New York Power— General mtge 3 %8—1962 ..1957 ••• 101 60 Penn Telep 84 6s series C 6 Vis series A mmm 105 New Jersey Water 6e.l950 New Rochelle Water— Birmingham Water Wks— 103 M uncle Water Works 5s '65 1946 107% Pub Serv 5s. 1948 mmm 5 Vis serlee B 99 (./em Ark mmrn 101 6s 93 As* 100% 97% 41% Central G A E 6%S— 1946 1st lien coll trust 68.1946 < 'ent Maine Pr 4s ser O 60 101 Atlantic County Wat 5s '68 5%s 1950 Morgan town Water 5s 1965 96 % 98% Blackstone V G A E4s 1965 Ashtabula Wat Wks 5s '58 Chester Wat Serv 4 Vis '58 Citizens Wat Co (Wash)— Bid Monongahela Valley Water North'n States Pow 3 Vis'67 Ohio Edison 4s 1967 mmmm Calif-Oregon Pow 4s..1966 94 Nortiiern N Y UtU 68.1956 36 mm 102 Ask 91 104% 106% 34 mmmm By El 5s 1958 1956 41% 32% mmmm 'mm 87 90 102 % 102% 102 Vi 103 Vi Corp— 4s North Boston Ltg Prop's Secured notes 3 Vis 1947 36 Atlantic City Elec 3%s '64 Bellows Falls N Y State El A G 32% mmmm Alabama Wat Serv 5s. 1957 Alton Water Co 5s 97 98 Missouri Pow A Lt 3%s '66 92 31 Bid Calif Water Service 4s 1961 92 Assoc Gm A Elec Co— ' 95 102 Metrop Edison 4s Narragansett Elec 3 Vis '66 Newport N A Ham 6s. 1944 fundlno4%-6%s'86 102% 103 102% 102% 98 % 98% 101 74 89 Sink fund inc 4-5S..1986 103 % 104 Vi 60 63 68% 88 Sink fund Inc 5-08—1980 Sink fund lno5%-6%s'86 96 5s series B 66% Cons ref deb 4His.. 1958 A 28 % 30 Vi 108 108% 89 93 72 Sink fund income 4s 1983 Sink fund 1bo4%8—1983 Sink fund Income 6e 1983 Sink fund inc 5He.. 1983 95 Keystone Telep 5Vis. .1966 mmm NEW YORK Teletype: New York 1-1073 Water Bonds Ask 77 Income deb 3 Vis EXCHANGE PLACE, Utility Bonds Bid Assoc Gas A Elec 40 Teletype—N. Y. 1-1074 Public Sink 1937 102 ... ... 104" AMOTT, BAKER A CO. INCORPORATED BArclay 7 160 2360 Sugar Stocks Broadway. N. Y. Par Real Estate Bonds and Title Co. Rid Aiden 1st 6s Broadmoor 1941 Ask /32% (The) 1st 6s '41 /21 Bid 6s 23" 1947 37% 39% 58 60 Clianln Bldg ire 4s... 1945 51 53 Chesebrough Bldg 1st 6s *48 62 Court A Remsen St Off Big 1st 6s Apr 28 1940 /33 37 Dorset (The) 1st 6s... 1941 125 52 56 Munson Bldg 1st 6%S-1939 N Y Athletic Club— 1st mtge 2s stmp A reg'55 /20 25 Eqult Off Bldg deb 5e. 1952 Deb 5e 1952 legended.. Bway Bldg 1st 3s inc *46 500 Fifth Avenue— 50 6 Vis stamped 1949 52d A Madison Off Bldg— 6s Nov 1947 Film Center Bldg 1st 6s *43 10 Wall St Corp 6s 1958 42 Bway 1st 6s /5 60 6% 64 60 24% /25 27% 38 1st 68 Nov 15 1939 1 Park Avenue— 2nd mtge 6s ..1951 /43 36 50" 15 49 138 H 1946 56% Hotel Lexington 1st 6s 1943 Hotel fit George 4s 1950 1st 6Vis Apr 15 Lincoln Bldg Inc 5 Vis l-oew's Theatre Rity 1st 6s 1937 5% stamped ..1961 Realty Assoc Sec Corp— 6% 52 1943 59% April 1938 50 l%s July 1938 /48 35% 60% * /37 41 /19 21 P 10 147 133 1st fee A i'hold 6%s. 1940 72 57 mmm /43% 46% 24 26 42% 44 6l« Madison Av 1st 6 Vis'38 /22 Corp— 3-5% s deb Inc (w s) . 61 Broadway Bldg— 3V4-5s witb stock... 1950 Syracuse Hotel (Syracuse) 1st 6 Vis Oct 23 1940 60~" 89 London Terrace Apts 6s '40 Textile Bldg— 1st 3-5a (w s) /43 46 37 Bauman— 41 Mateettr Apts 1st 6s. 1048 /24 6s 1948 1958 38 76% 52% 2 Park Ave Bldg ls<4al941 60 24% 26" 25% 85 Ask 93 101 100.23 100.26 1007|6 1009,« 1005,6 IOOU32 Bid Interchangeable Aik Henry Hudson Parkwayis..— April 1 1955 103 % Home Owners' Loan Corp 2s Aug 15 1938 101% 101 % 1 %s June 1 1939 100.23 100.26 Reynolds Investing 5s. 1948 Trthorough Bridge— 4s s f revenue 1977.AAO 6 Baals price, issued, d Coupon, m m m 82 77 104 104% 62.40 e 3.60 Ex-rlgbts. Nominal quotation, to i When t Ex-dividend y Now on New York Curb Exchange, s Ex-etock dividends, t Now listed on New York Stock Exchange. t Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gold* n NOTICES board of directors of the company and a Vice -President in charge of the stock department, according to Robert H. Parsons, Vice-President Oct 19 1938 1st fee A leasehold 4s '48 The firm is a member of the Chicago Board of Trade Angeles Stock Exchange, with head offices in Los Angeles. —F. S. of the and the Los Moseley & Co., members of the New York Stock Exchange, opening of a Buffalo office under the management of William Culbertson. Associated with him in the new office will be John W. MacLean. ... — 40 Mr. Culbertson and Mr. Mac Lean were formerly associated Starkweather & Co. and prior to that were with Chase Harris Forbes Corp., the former as manager of the firm's Buffalo office. —Paul A. Schmuck, formerly associated with E. A. Pierce & Co. and Merrill, Lynch & Co., and more recently a partner in Robert & Co., an¬ nounces the .... formation of Paul A. Schmuck & Co., Inc., to transact a general investment securities business, with offices at 50 Broad Street, New York. —G. A. Saxton & Co., Inc., Walbrldge Bldg (Buffalo)— 1st 6 Vis —Nichols Milbank, Jr., who has been prominent in California financial 13 years and associated with the stock department of Pacific Company of California since 1930, has become a member of the H /18 65% announces that Frank E. Mulligan, formerly Distributors Group; Peter J. Cole, formerly with Williams, Bailey Benjamin, and Charles J. Edwards, formerly with Van de Water & Co., have become associated with them in their trading department. with mmrn & Westlnghouse Bldg— 82 4% with 65 1939 1st 5 Vis 60 Majestic Corp 4s (w-s)1956 Metropolitan Chain Prop— 1 31 3% announce the Trinity Bldgs Corp— 1942 1936 Ask % 28 selling 19 60 Park PI 1956 (Newark) 6s '37 /18 44 /40 95 firm. 1956 73 58 (Bklyn) Bid circles for the past 41 — 92 CURRENT 60 71 87 1st 6 Vis (L I) 20% Par Haytlan Corp Amer ♦ Savannah Sug Ref com... 1 West Indies Sugar Corp.. 1 — J55 41 1947 1st 6s 9% 47 38% fihernetb prloe, a /39 Savoy Plaza Corp— 1963 Corp Ludwlg 16 4s serial revenue 1942-68 No par value, f Flat Roxy Theatre— 3s with stock 58 Atk Co— 42 i^fcourt Manhattan Bldg 1st 4-5s extended to 1948 Lewis Morris Apt Bldg— 103 E 67tb 8t 1st 6s... 1941 165 Bway Bldg 1st 5 Vis '51 Prudence ... — (The)— 5s income.... 1949 Harrlman Bldg 1st 6s. 1951 Hearst Brisbane Prop 6s '42 ... 5 Vis series F-l 6 %s series Q 19tb A Walnut Sts (Pblla) 1st 6a July 7 1939 36 /45 95 Federal Farm Mtge Corp— 1 Vis Sept 1 1939 Federal Home Loan Banks IVis Oliver Cromwell 1400 Broadway Bldg— 1st 3 Vi-6 Vis stam ped 1948 Graybar Bldg 5s 6%s.l937 45" 47 19 Bid Associates Invest 3s.. 1946 Bear Mountain-Hudson River Bridge 7s 1953 N Y Title A Mtge Co— 6 Vis series BK 60 5 Vis unstamped -.1946 42 1939 Fox Theatre A Off Bldg— 1st 6 Vis Oct 1 1941 Fuller Bldg deb 6s 1944 1st A gen 6s 5 Vis series C-2 • 8% Miscellaneous Bonds 93 1945 N Y Eve Journal East Ambassador Hotels— 1947 1 14 Metropol Playhouses Inc— 65 1st A ref 5 Vis 1 Bid Atk 86 8 f deb 5s 1st leasehold 6%s—1944 Broadway Motors Bldg— 4-«a 1948 10 Metropolitan Corp (Can)— /36 B'way Barclay 1st2s.. 1956 B'way A 41st Street— Mortgage Certificates Cuban Atlantic Sugar Eastern Sugar Assoc Preferred 68% Volume Financial 145 Securities—Friday Oct. 29 Quotations on Over-the-Counter 49 American Republics com. * 9 10 Andian National Corp._.» 48 50 21*4 Petroleum 19 Petroleum Heat A Power.* 30 33 Publication Corp com 6 7 Remington Arms com Harris burg Steel 23 51 17 * Gen Fire Extinguisher...♦ Golden Cycle Corp 10 Good Humor Corp 1 Graton A Knight com ♦ Preferred 100 Great Lakes 88 Co com..* Great Northern Paper. .25 Ask KUdun Mining Corp American Arch ♦ 27 American Book 100 50 Gariock Packing com 31 55 American Hard Rubber— 100 8% cum preferred... 100 21 Hardware....25 American 22*4 14 American Mfg5% pref.100 Art Metal Construction. 10 17 79 *4 ♦ Amer Maize Products 85 Bankers Indus Service A.* 5 7 7*4 6*4 Lawyers Mortgage 51 49 38 9 Standard Screw 1*4 9*4 v% 8*4 9 6*4 10 5 Chilton Co common Columbia Baking com...* 4 12 preferred t-ruweil S7 100 * 1*4 10*4 27*4 29*4 United Piece Dye Works.* 54 1*4 114 80 95 13*4 14*4 7% Preferred 100 Piston Ring.2 *4 3 Dentists'Supply Co.....10 Devoe A Raynolds B com • Dictaphone Corp » 53 M uskegon 35 40 Natl oral 19 23 New Britain 72 7 27*4 New Haven Clock— Preferred 6*4% 4 5 20 Northwestern 100 15 16*4 Norwich 26*4 Leather common Ohio 2*4 .. . pref 100 Preferred... I White Rock Mln Spring— 92 36*4 38*4 100 Wickwire Spencer Steel..* 10*4 11*4 17 Wllicox A Glbbs commo: 17 20 WJR The Goodwill Sta. 24*4 27 2d conv lno 5a 12 ♦ * • 8*4 7*4 95 New York Curb Exchange Bank Building, 59 /30 34 Woodward Iron— 101 1962 1962 85 9o"~ 2830 New Common [xpfieAA (Associate) New York City 62. Wall Street, A. T. & T. Teletype HAnover 2-3080 Pittsburgh Air Associates, Steel Co. Wickwire Spencer 22 57 WICKWIRE SPENCER STEEL Teletype N. Y. 1-869 Union /20*4 98 New York 2-7890 104*4 106*4 Products 1st 6s 1st preferred 27 95 assented.. .1942 Utd Clg-Wheian St Corp— 6s 1952 Wltherbee Sherman 6s 1944 52 $7 125 1st 6 *4s 21 17*4 /23 5*48—1945 Textile Standard 2 1 * Pittsburgh Stock Exchange I 120 Broadway, Scovlll Mfg 25 22 CO. S. EDWARDS & 1939 1946 Shipbuilding 58—1946 *■ £98*4 101*4 West Dairies Inc com v t c 1 Common Tennessee Products - 85 (Glenn L)— Nat Radiator 5a « 13 75 Co— Conv deb 6s N Y /H 1948 Kejgey Hayes Wheel 90 .6 Ohio Match Co 28*4 West Va For footnotes see page Tel. REctor 75 49 100 Pharmacal Pathe Film 7 % H. 1937 1938 0117s Hkytian Corp 8a 19 105 $3 cum preferred Yeast... 100 3*4 * * shares American 24*4 100 Machine... * preferred 5% 54 17 Foundation Co For she 98 /73 Deep Rock 6 17 100 Pulp A Pap com. ♦ preferred 7% 5 Nat Paper A Type com.. 49 ..30 Preferred 96 1965 1st 3 *48 39 * Welch Grape Juice com..6 110 • Preferred 48*4 117*4 91 97 Conv 6s $3 conv preferred 101 93 Martin 46 Casket 4 100 Preferred 85*4 95 92 Warren Northern— 100 6% 85 1940 1st conv s f 6e 2*4 8*4 com 100 Cudahy Pack conv 48.1950 99*4 United Merch A Mfg com ♦ United Artists Theat Wire Fabrics 7s.. Am 3*4 95 American Tobacco 38*4 8 Trlco Products Corp Voehrlnger 68 2*4 37*4 50 preferred 44*4 15*4 * _* 6 ... Mock Judson A (Joe) Crucible... 100 Douglas Shoe preferred. 100 Draper Corp... _..* Federal Bake Shops. ♦ * Steel common Tennessee Products 47 2 Follansbee Bros pref 17 109 Cont'l Roll A 8teel Fdy— • 1 Preferred 50 100 48.1951 1942 Bethlehem Steel 3*4s.l952 Chicago Stock Yds 5s. 1961 Tublze Chatlllon cum pf.10 110 2d 8% Dennison M fg class A... 10 Preferred 8*4 16*4 120 preferred Merck A Co Inc com Dixon 106 9 33*4 19 109 Publishing com..* preferred 126 7*4 zl5*4 250 104*4 105*4 30 33*4 Continental Can 4*4 % pf.* 100 31*4 17 14 cum preferred 20 220 1st 6% 6 * SI 95 Bonds- 100 100 9 4 70 85 7% preferred.....100 Macfadden Publlca'n com • 14*4 100 1 1st preferred 66*4 Stromberg-Carlson Tel Mfg Sylvanla Indus Corp • Taylor Wharton Iron A 1*4 *4 Co..20 Lord A. Taylor com 15 100 com—100 5*4 7*4 Skenandoa Rayoi Corp..' 10 36 29*4 *4 Cement 100 Lawrence Portl Hotels Burdlnes Inc com 4 17 58 13*4 preferred 7% 250 240 15*4 54 Young (J S) Co 4*4 28*4 25 Singer Mfg Ltd York Ice Machinery 45 3*4 Singer Manufacturing.. 100 35 8*4 Bowman-BUtmore Scovlll M fg 52 Worcester Salt Bid 10 100 • Woodward Iron com 4*4 39 * * 32 1*4 *4 4 Ask Par *4 1 Conversion £48 Corp.-.6 1 King Seeley Corp com 1 7*4 B elm out Radio Corp * Beneficial Indus Loan pf.* Bonds—Continued Ask Bid Par Bid Par Ask Bid Continued Industrial Stocks and Industrial Stocks and Bonds Par 2831 Chronicle N. Y. 1-1642 Incorporated COMMON STOCK COMMON STOCK SOLD BOUGHT AND Bought—Sold—Quoted Prospectus on request QUAW & FOLEY Members New York INC. Hanover 2-9030 St., N. Y. 30 Broad ROBINSON, MILLER A CO. Curb Exchange AUCTION SALES Christmas securities were sold at auction on of the current week: The following By Adrian H. Muller & Son, Wednesday Revolving Door Co. (N. J.), common v. t. c., no Mines Co. (Colo.), par lc 1,000 Public Service Holding Corp. (Del.), class A common, no par 60 2295 Seventh Avenue Realty Corp. (N. Y.), no par 50 2295 Seventh Avenue Realty Corp. (N. Y.), no par 1,000 Royal Tiger By Adrian H. Muller & Son, 6,287*4 Jersey City, N. J.: $ per Share Perpetual Self-Windlng Watch Corp A Electric common and 100 Natural Gas common....... 500 European Gas 530 $ per Share par..$1,500 lot 836 lot $13 lot $1 lot $1 lo^ Stocks Shares Eureka 7% 2d preferred — ..... Corp. common and 50 preferred— 2,000 Plant Cultivation By R. L. Day & Co., $159 lot $31 lot $3 lot $43 lot Brunswick Associates Corp.. par $1_. 5 New England Public Service, $6 preferred 36 Profile A Flume Hotels Co. of Franconla, N. H., par Mortgage Investment Corp., Boston, par $100 $5 lot 10*4 SI00, and 100 Lwayers $56 lot Boston: 3 per Share $10lot $1 lot 29*4 $1 lot 18*4 50 Atrato, common Investment Trust (Boston), 8% pref., par A Rubber Co., common.... 12 Federal Investment Trust (Boston), common 6 Mass. Power A Light Associates preferred 30 Federal ?100.. 2 Boston Woven Hose By Barnes & Lofland, Philadelphia: Stocks Sclver Co., common, par $100.. 15 Ninth Bank A Trust Co., par $10 100 Land Title Bank A Trust Co., par $5 35 Pennsylvania Company for Insurances on Lives Shares 100 J. B. Van 8 per Share 16 10*4 4*4 and Granting Annuities, 30 $20 lot ... 50 31*4 22c. par? 10 2,000 Bahia Corp., common, no par 10 Pratt Food Co., par $100 25 Philadelphia Electric Co., common, no par.. 500 Crosse A it was Blackwell Co., common, no par announced on of Mutual Savings Oct. 26 by Banks, which reported this year's deposits at $51,657,361. An increase is also shown in the number of depositors, the total of accounts rising to 1,226,891, a gain of for the 14 States was The average account said, further 163,300. $42.10, the Association reporting: accumulation of savings is soon part will find its way into Christmas The State of New York led in point of 527,497 savers and the larger A total 321,928,107, a gain of boroughs the figures for the City of New York have to their credit $3,309,456 for the year. to be available, buying. of deposits and depositors. the sum of By $5,355,725, held in follows: Manhattan, $7,693,623, in 200,658 accounts; Queens, Stocks Shares Depositors Also previous record year, the National Association are as By Crockett & Co., of the This huge $ per Share Stocks Shares Banks at Reports De¬ Association $8,000,000 Above Year Ago Increased. Christmas club savings in mutual savings banks in the 14 States in which such institutions operate these clubs reached a new peak this year, and are about $8,000,000 above 1936, Boston: 300 Level—National Number 1,500 Van Kannel in Mutual Savings Club Savings Record posits at $51,657,361, or New York: Stocks Shares K#|»" haS55m»s 52 William Street, N.Y. 111,403 accounts; Brooklyn, $1,438,698, in 39,802 accounts; ir^ 15,107 accounts, and the Bronx, $755,000 in 19,806 Total deposits in the five boroughs this year are $15,968,046, Richmond. $725,000 accounts. $13,485,176 last year, while the contrasting with to number of accounts rose 386,776 from 323,573 Isat year. rank in this order: Albany $1 446 060; Ro¬ chester; $600,000; Yonkers $480,000; Schenectady $480,000; Utica, $400,000; Poughkeepsie, $170 000. In every case these figures reflect a substantial gain over totals of 1936 in number of depositors as well as Figures for cities upstate amount of deposits. deposits Connecticut is third with deposits of $5,355,020 and 131,509 depositors New Jersey ranks next, with $2,841,000 deposits and 62,241 depositors; then come Pennsylvania, $2,672,000 deposits and 46,938 accounts; Maryland, $1,903,Massachusetts stands there amounting 600 deposits and to second among the States, Christmas Club $13,254,000 with 316,000 depositors. 54,243 accounts, and Maine, deposits, $1,186,672 and 28,888 accounts CURRENT NOTICES Officials of mutual savings in —Amott, of Doyle, that John P. Gahan, formerly Baker & Co., Inc., announce associated with its trading depart¬ specialize in public utility and industrial bonds and O'Connor & Co., Inc., is now ment, where he will average a banks expressed the number of depositors now citizen. million and a satisfaction at the increase saving in Christmas Clubs, pointing out increased surplus in the These accumulated funds assure a pleasant quarter savers and their families. that this is further evidence of the hands of the Christmas to stocks. —Announcement was made pal bond firm Ella Fohs that Louis 8. Lebenthal, head of the munici¬ of Lebenthal & Co., has been reelected President of the Inc., for Undernourished, Underprivileged Adolescent CURRENT Camp, —Announcement is made that with the New George A. Hurty has York Stock Exchange firm become associated of Fenner & Beane. D. Barney & Co., —Chas. Girls. announce the appointment as B. Knapp, NOTICE members of the New York Stock Exchange, their representatives in Hartford of Stuart for the last ten years associated with Salomon Bros. & Hutzler. 2832 Financial General Chronicle Oct. so, 1931 Corporation and Investment News RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS Trusteed Annuities Inc. (3457), covering 200 participation certificates, A, and 300 participation certificates, series AA. Filed Oct. 2,1937. series United RIGHTS—SCRIP conv. The last Specialists since 1917 in ISO OF Net income UNDER ACT approximately $23,312,669. a unit. Proceeds will be used for No underwriter Southeastern Discount was - $144 - $7,889 12,330 Total $20,219 Balance of distribution account (2-3479, Form Southeastern Investment Co., Inc., will be underwriter. Filed Oct. 22, 1937. Eisele is President of the company. 144 Balance of earned surplus, Sept. 30,1937 Capital surplus, Sept. 30,1937 stock. Stock is to be offered in units of one preferred and one. common share until 23,000 shares of preferred and common are sold. Balance is to be sold in units of one share of preferred stock and one-half share of com¬ mon stock. Price per unit, $25. Proceeds are to be used for working $20,363 4,910,739 Surplus per books at Sept. 30,1937 Excess of cost of investments over market value Sept. 30,1937 Lewis _ have been optioned ££ underwriter at $5.10 per share for resale at $6 each, and the remaining 63,233 are outstanding or reserved and not to be presently offered. The company will use its portion of the proceeds to replenish working capital, to retire preferred stock and for dividends. Sadler & Oo. will be the under¬ writer. A. &. Campbell is President of the company. Filed Oct. 23, 1937. Commonwealth Investment Co. (2-3482, Form A-2), of San Fran¬ cisco, Calif,, has filed a registration statement covering 858,000 shares of stock, $1 par, to be offered at the market for an estimated $3,672,Proceeds will be used for investment. Underwriter will be North American Securities Co. S. W. Coleman is President of the company. Filed Oct. 25, 1937. common 240. A.ffiliatod Fund, Inc. (2-3483, Form A-l), of Jersey City. N. J., has a registration statement covering 1,000,000 shares of $1.25 par value stock to be offered at the market for an estimated $4,480,000. Proceeds will be used for investment. Lord, Abbett & Co., Inc., will be underwriters. Andrew J. Lord is President of the company. Filed Oct. Zo» lwo7• filed $4,931,102 515,077 ... Surplus at Sept. 30, 1937, incl. net unrealized deprec. under cost of investments ..$4,416,025 ..... „„^ationa* Airlines Inc. (2-3480, Form A-l), of St.Petersburg, Fla., has riled a registration statement covering 130,000 shares $1 par common stock. Of such shares, 100,000 will be sold by the company at $3.75 each and 30,000 by two stockholders at the same price. The company will use its proceeds to purchase airplanes, other equipment and for working capital. Under¬ writer will be named by amendment. G. T. Baker is President af the company. Filed Oct. 22, 1937. A.. S. Campbell Co., Inc. (2-3481, Form A-2), of East Boston, Mass., has filed a registration statement covering 113,233 shares common stock, ?? value. Of such shares, 25,000 are to be offered by company and 15,000 by present stockholders at $6 each; 10,000 shares CV582 31,884 ... quariy, plant, equipment W. Horace Williams named. A-l), of Washington, D. C., has filed a registration statement covering 25,000 shares of $20 par 7% cumulative preferred stock and 24,000 shares of no par value common capital. — Earned Surplus Account Sept. 30,1937 Arising from sales of investments: ' Balance, June 30,1937 Net profit for period, before pro v. for Federal income taxes Filed Oct. 21, 1937. Corp. 237 .... ............... Balance Cotton States Portland Cement Co. (2-3478, Form A-l), of Jackson, a registration statement covering 30,000 shares of $50 par value 6% cumulative preferred stock and 30,000 shares of no par value common stock to be offered in units of one preferred and one common working capital. $32,175 —... ...... Dividends declared Miss., has filed and $48,176 14,479 1.522 Total $32,412 Amts. lncl. in price paid for shares of cap. stock surrendered for purch. at liquidating value equal to the per share portion of dis¬ tribution account at time of purchase 966 Amounts allocated from the proceeds of the issuance & reissuance of shares of capital stock to equalize the per share amount available for distribution on then outstanding shares The following additional registration statements (Nos. 2478 to 2488, inclusive) have been filed with the Securities and Exchange Commission under the Securities Act of 1933. The total involved is is President of the company. — ——.... Balance, June 30,1937- STATEMENTS SECURITIES share at $50.10 —— Tolophona REctor 2-7815-30 REGISTRATION given Second, Inc.—Earnings— State franchise, Federal capital stock and original issue taxes Boll Teletype NY 1-1640 FILING was Earnings for the 3 Months Ended Sept. 30.1937 New York Curt Exchange Broadway, Now York previous list of registration statements issue of Oct. 23, page 2684. Income—Cash dividends., Management fee Members Exchange our Administered Fund frjc pONNELL & Co. New York Stock Specialties Co. (3353), covering 25,000 shares of $1.40 cum. pref. stock (no par) and 37,500 shares of common stock (par $1). Filed Aug. 16, 1937. Balance Sheet Sept. 30,1937 Assets— Liabilities— Investments ..$4,442,050 293,214 Cash in bank. Amt. due on subscription capital stock Total 145, 23,839 9,770 $4,768,873 p. $31,884 2,127 to ... Cash dividends receivable —V. Dlv., payable Oct. 20,1937... Prov. for State & Fed. taxes.. Capital stock (par $1) 318,837 Surplus & unrealized deprec.. 4,416,025 Total $4,768,873 929. Affiliated Fund, Inc.—Registers with SEC— See list given on first page of this department Air Reduction -V. 145, p. 747. Co., Inc. (& Subs.)--Earnings— Period End. Sept. 30— Gross sales, after dis¬ 1937—3 Mos.—1936 1937—9 Mos.—1936 count, &;c Oper. exp. & deprec $8,336,628 6,066,768 $7,429,266 $24,116,384 $20,461,573 5,206,738 16,934,807 14,485,336 Operating income $2,269,860 71,700 $2,222,528 70.828 $7,181,577 172,078 $5,976,237 246,760 Federal taxes $2,341,561 350,565 $2,293,356 353,371 $7,353,655 1,122,223 $6,222,997 950,536 Net profit Shares capital stock $1,990,995 2,579,391 $1,939,985 2,532,066 $6,231,432 2,579,391 $0.77 $0.76 $2.44 $5,272,461 2,532,066 $2.08 Other inc. less inc. chges. common Belden x Manufacturing Co. (2-3484, Form A-2), of Chicago, 111., has common stock, $10 to purchase common stock. The rights are to be sued common stockholders entitling them to purchase an aggregate of 22,412 shares common at $10 each. The remaining 3.476 shares of common being registered are to be sold to approximately 60 employees at $10 each. Proceeds will be used for working capital and a portion may be used for dividends. There will be no underwriters. Joseph O. Belden is President of the company. Filed Oct. 25, 1937. filed a Total income registration statement covering 25,888 shares Earnings per share Sar, and 224,112 rights u has .?•aManagement Corp. filed (2-3485, Form C-l), of Jersey City, N. J., registration statement covering 10,000,000 trusteed industry shares to be offered at the market for an estimated $10,900,000. Proceeds will be used for investment. F. D. Crosby is President of the company. Filed Oct. 25, 1937. G?I,d®n Age Breweries, Inc. has filed a (2-3486, Form A-2), of Spokane, Wash., registration statement covering 300,000 u shares S°ntag Chain Stores Co., Ltd. (2-3487._Form A-2), of Los Angeles, a registration statement Calif,, has filed covering 28,476 shares no par comstock. Of the stock registered, 2,310 shares have been sold to em¬ ployees in units of six shares each at $30 per unit; 7,746 shares have been sold to employees in units of six shares each at $40 per unit; 720 shares are £red to employees in units of six shares each at $40 per unit, and 17,700 shares will be offered to employees at $6.67 per share. Proceeds are to mon be used for general corporate purposes. There is no underwriter. Morris Sontag is President of the company. Filed Oct. 26, 1937. JffTO.!"®- (2-3488. Form A-l), of Pensacola, Fla., has filed a regis¬ covering 75,000 shares of 60-cent cumulative participat¬ ing class A stock, no par. Proceeds will be used for development, construc¬ tion and working capital. Joseph Mills & Co., Inc., will be underwriter. August J. Petrie is President of the company. Filed Oct. 26, 1937. Tampa Electric Co. (2-3489, Form A-2), of Tampa, Fia., has filed a tration statement registration statement covering 31,508 shares of no par common stock to be offered on or about Nov. 18 to stockholders of record Nov. 12 through warrants in the ratio of one share for each 18 shares held at $20 per share expire Dec. 20. Proceeds will be used to meet bank loans and for completion of a turbine generator. No underwriter was named Peter O Knight is President. Filed Oct. 27, 1937. warrants 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: Appalachian Electric Power Co. (3456), covering $57,000 000 1st 3H% bonds and $10,000,000 4% debentiires. Filed Oct a, 1937. Submarine Gold Dredging Co. (3396), covering 2,500,000 units of one mill par value, class A stock, and 2,500,000 of one mill par value class B stock. Filed Sept. 3, 1937. mtge. Transcontinental Petroleum Corp. (3051), covering $1,000,000 5% bonds and 875,000 shares (par $1) common stock. Filed convertible March 31, 1937. No mention made of any provision for Federal surtaxes was 145, p. 1937 -Earnings— 1936 $189,466 72,556 43*524 1935 $159,373 49,032 29,456 $129,543 32,510 10,928 1,661,809 574,662 271,669 Net from railway Net after rents.. —V. 145, p. 2215. 1,652,036 612,687 338,196 1,439,284 464,694 267,170 1,307,724 448,639 219,554 Alabama Great Southern September— 1937 Gross from railway Net from railway 1934 RR.—Earnings— 1936 1935 1934 railway Net from railway Net after rents $641,709 188,169 95,460 $588,342 172,598 109,020 $505,020 134,555 80,319 $409,918 73,117 54,289 5,635,795 1,606,284 954,022 . Net after rents From Jan. 1— 4,783,867 1,196,196 654,275 3,852,105 572.669 242,886 3,662,860 729,436 —V. 145, p. 2216. Alabama Power Period End. Sept. 30— Gross revenue x undis¬ $174,190 50,470 24,447 Net after rents. From Jan. 1— Gross from railway Gross from on 1732. Akron Canton & Youngstown Ry.September— Gross from railway Net from railway1 common stock, $1 par. Of the shares registered, 150,000 will be offered to stockholders at $1 each and the remaining 150,000 will not be offered at this time. Proceeds will be used for payment of debt, for plant and for working capital. There will be no underwriter. Martin Woldson is President ofthe com¬ pany. Filed Oct. 25, 1937. * x tributed profits.—V. Oper. exps. & taxes... Prov. for retir. reserve.. 482,281 Co.—Earnings— 1937—Month—1936 1937—12 Mos.—1936 $1,769,383 $1,725,327 $20,280,803 $18,065,231 763,965 790,069 9,014,719 8,218,728 228,105 140,500 2,431,291 1,629,406 Gross income Int. & other fixed charges $777,312 407,558 $794,757 398,538 $8,834,793 4,822.045 $8,217,097 4,843,552 Net income Divs. on pref. stock $369,754 195,178 $396,218 195,178 $4,012,747 2.342,138 $3,373,544 2,342,138 $174,576 $201,040 $1,670,609 $1,031,406 Balance ... No provision was made in 1936 for Federal surtax on undistributed as all taxable income for that year was distributed. No provision has been made for such tax in 1937.—v. 145, x profits p. 2685. Alden Apartment Hotel, N. Y. City— The announcement that the 585 room Alden Apartment Central Park West, New York will be offered at foreclosure Hotel at 225 sale on Nov. 10, 1937, indicates that consummation of the reorganization plan for the first mortgage bonds and the resumption of Interest payments thereon will be effected in the near future, according to Eli T. Watson & Co. The foreclosure sale scheduled for Nov. 10 will be held in accordance with a judgment of foreclosure entered on Oct. 5. The property will be offered by auctioneer James R. Murphy. The trustee for the first mortgage oonds will be authorized to bid not less than $2,500,000 and not more than $2,736,000, the presently unpaid principal amount of the first mortgage bonds. The 1937 assessed valuation is $2,675,000. Volume Financial 145 2833 Chronicle The sale will be held pursuant to recently approved by New York State of this plan, bondholders will receive Principal amount and will receive new of the terms of a reorganization plan Supreme Court. On consummation a cash payment of $40 per $1,000 first mortgage bonds in the amount $950 bearing 3% interest to Feb. 1, 1941, after which the interest rate will increase by ^ of 1% at the expiration of each four year ing a maximum of Inquiries in We Invite Wisconsin Issues Milwaukee & period, reach¬ 5% per annum in 1953. JSing & Bing, Inc., or its nominee, in consideration of a cash payment of $126,000 will receive the entire capital stock of the new owning caompany and will manage the property at a receipts.—V. 145, 1890. p. wism & m compensation of 3 % of the gross cash v; v., Vf'd V;'.': ■ Allegheny Steel Co.—Earnings— Phono Daly 5392 Period Ended Sept. 30,1937— Net profit after deprec. and Federal income taxes After Beginning May 1, increases were made in depreciation rates. x giving effect to corresponding increases in depreciation rates for the first of this year, earnings for nine months become $1,604,514 or $1.90 a share on common stock after providing for dividends on pref. stock. No provision has been made for any Federal surtax on undistributed profits.—V. 145, p. 747, 1936 1935 1934 ,241,970 542,045 $6,049,836 545,794 $5,186,565 $4,082,930 549,337 452,469 $8,784,015 $6,595,630 $5,735,902 2,026,757 1,720,711 1,553,139 $4,535,399 1,369,397 1,289,106 1,089,344 313,163 869,052 306,980 612,62 8 331,278 363,650 49,980 62,70 1 83,52 1 79,092 x$4,235,957 x$2,803,266 $2,533,969 2,520,370 $1,573,988 2,520,373 1937 30— Oper. profit after exps.. Other income _ Total income Deprec. & depletion.... Inc.—-Extra Dividend dividend of 15 cents per share in The directors have declared an extra Cyanamid Co. (& Subs.)- —Earnings— American 9 Mos. End. Sept. four months Allied Laboratories, regular quarterly dividend of like amount on the common value, both payable Dec. 27 to holders of record Dec. 13.— 4164. v Research & de- process velopment expense... addition to the Interest stock, Prov. for income tax... no par V. 144, p. . Netincome... 1937 1936 $1,753,201 $2,784,266 946,000 886,888 $1.85 $3.13 depletion Federal income taxes and surtax on un¬ 12 Months Ended Sept. 30— x Net profit Shares capital Earnings stock share per After x depreciation, distributed profits.—V. 1407. 145, p. Co.—Earnings— Allis-Chalmers Mfg. 9 Months Ended Sept. Net sales billed.. 59,782,325 39,805,061 25,740,384 Operating income $8,123,985 $4,343,998 446,292 186,393 195,158 ,728,599 311,951 176,554 Int. & discounts (net). Miscellaneous (net) $8,756,671 19,334 Total income Deb. int. & amort, of discount & exp. Miscellaneous charges... .._•*-_..__ ,217,105 f $4,988,943 459,132 128,997 574,186 820,000 $1,374,919 1,335,326 1,951,000 Net income outstanding $3.53 y$2.30 $1.03 x Before provision for Federal surtaxes on undivided profits, y Based on current number of shares outstanding, Sept. 30, 1937, the earnings for the nine months ended Sept. 30,1936 were equivalent to $2.02 a share. Billings for the nine months were $67,906,309 compared with $44,149,060 in the corresponding period of last year, an increase of $23,757,249 or 54%. Orders booked for the nine months amounted to $79,321,908, an increase of $31,535,756 or 66% over the $47,786,152 bookings in the same period of 1936. Unfilled orders Sept. 30, 1937 totaled $25,233,936 compared with $11,147,684, Sept. 30,1936, and $13,818,337 at the close of 1936. For the third quarter the next income was $2,644,588 or $1.49 a share compared with $1,492,212 or 96 cents a share in the similar quarter of 1936. Billings were $24,209,497 and orders booked $26,325,075 in the third quar¬ ter, which compare with billings of $16,750,007 and orders booked for $17,121,315 in the 1936 third quarter. The provision for Federal income and excess profits taxes of $1,951,000 was based on higher taxable income than the net income (before Federal taxes) reported herein. This was occasioned by unapplied reserves set up out of earnings and which are not allowable as such for tax purposes until The working assets Sept. 30, 1937, reflecting effect of the debentures, were $69,454,704 and the current liabilities new $14,090,704. Alton a ratio of 4.93 to 1.—V. 145, p. 2379. American-Hawaiian Steamship Co. (& Subs.)—Earns. Period End. Sept. 1936 1935 $1,407,666 284,751 24,940 $1,223,339 193,807 def51,855 7,901 Operating earnings Operating expenses $1,204,534 224,195 def6,198 1— From Jan. Net after rents. 9,922,436 2,157,145 229,913 10,084,249 1,255,480 def785,231 11,871,307 2,452,257 110,770 12,660,270 2,980,561 580,314 Gross from railway..... 2216. Inc. -Earnings— Industries, 6 Mos. End. June 30— Gross sales 1934 1935 1936 yl937 $1,656,700 "$1,076,973 48,134 Not 57,425 Returns, allow. & rebates $1.464,427 56,589 $185,467 6,755 $165,435 8,557 $599,686 50,037 $1,232,387 Total profit Provision for deprec $192,222 60,139 $173,992 56,564 $649,723 577,363 $1,280,418 $132,083 $117,428 $72,359 5,764 $765,191 24,593 $132,083 $117,428 $78,124 $789,784 Net profit from oper.. Cost of sales Balance, Income Total income incident to mari¬ Exps. time strike... before Fed, Net profit After on sales. __ depreciation, undistributed profits. on Registrar s Federal income tax *$102,889 26,046 1,936 $74,906 $48,468 20,000 20,000 $0.74 . $0.49 After all charges for material, depreciation, y ........ trade Inventories ...... & employees $67,728 $0.35 $0.68 1936 b 1937 $200,000 284,222 $174,988 Dividend payable. 91,830 10,000 74,272 Reserves 26,666 57,947 1,580,006 289,645 1,580,006 378,915 Dr8,271 J0r6,246 Notes payable payable. 426,379 423,469 862,023 821,078 20,283 15,805 royalties, t &c y 33~482 292,689 taxes, * ... Capital stock Surplus... 10,000 cost. See Spec, depos., &c._ 16.058 Other assets 48,671 ....... 141,604 123,551 Plant property -. 922,803 1,046,823 Deferred charges.. 48,083 z 23,080 share per 19,274 43,768 1,807 $342,769 Total $2,474,098 $2,562,572 $847,584 in 1936. b Consolidated.—V. 145, p. y Repre¬ 1732. Corp. (& Subs.)—Earninqs— 9 Months Ended Sept. 30— 1937 1936 x Net income $2,312,482 $2,157,981 Earnings per sh. on 741,060 shs. capital stock $3.12 $2.91 depreciation, provision for surtax on interest $3,977,880 x$l,211,391 on $0.80 $0.20 $2.92 $0.66 profit doas not include a loss on sale of securities of 1935 of $275,746, nor a gain during the first of 1936 of $130,947, both of which amounts have been transferred common stock The 12 months' net x quarter to contingent reserve. V Fifty-Cent Dividend— ■ have declared a dividend of 50 cents per share on the stock, payable Dec. 1 to holders of record Nov. 19. An extra dividend of 25 cents in addition to a dividend of 25 cents was paid on Sept. 1, last, and a dividend of 25 cents was paid on June 1, last, this latter being the first dividend to be paid since Dec. 1, 1930 when 25 cents per share was also distributed.—V. 145, p. 931. The directors common and Federal income taxes, but before undistributed profits.—V. 145, p. 1087. & Radiator American Standard Sanitary (& Subs. & Affils.)—Earnings— Net profit depreciation, after - - - —Y. 145, p. 4,544,000 10,158,738 $0.42 profits $0.63 share 596. American Rolling - Mill Co. (& Subs.)—Earnings— 1937—9 Mos.—1936 1937—3 Mos.—1936 30— profit after deprec., Period End. Sept. int. and 6,537,000 10,045,087 Federal income &c., but before surtax on undistributed Shares of common stock (no par)..... Earnings per 1936 $91,201,000 subs. pref. divs., minority int., taxes, interest, * $2,646,525 Federal taxes. figures Corp. 1937 S114,380,000 Ended Sept. 30— Sales profits tax.—V. 145, p. American Home Products After Cr4,793 $1,081,185 profit Note—Above depreciation of $769,044 in 1937 and sented by 100,000 shares (no par), x Cr99,225 Crl4,553 280,774 —• $2,063,603 $0.89 before provision for $0.79 are $9,289,296 ■ $3.09 Federal $4,368,667 $1.94 undistributed 2061. American Water .........$2,474,098 $2,562,572 After 208,604 608,147 682,365 undist. surtax on profits. 50,793 x 6,804 5,017 92,402 Cr41,304 — Contingent reserve F. S. & for. inc. taxes— Earns, per share on com¬ mon shs. outstanding. 11,445 Total 147,045 495,879 478,067 129,669 443,348 321,381 57,340 686,856 195,568 Depreciation Depletion Adj. of metal price fluc¬ Net 29,3081 Treasury stock at Z43.318 33,103 " x ',630,985 139,597 396,570 433,787 51,627 93,198 121,341 26,981 191,032 44,350 income Amortization of invest.. Net $3,214,356 $858,074 20,902 93,993 73,214 15,446 179,620 32,700 1,856,645 I Total income Interest, &c Admin. & selling expense S. ■■■" . preferred stock and 1408. 1937—12 Mos.—1936 $4,489,759 $1,628,266 3,116,199 1,576,883 25,027 9,207 1937—3 Mos.—1936 $1,184,646 $651,352 Other income 662,321 205,121 Profit on foreign exch— 9,678 1,571 U. ,v• appointed registrar of Ltd.—-Earnings- American Metal Co., Period End. Sept. 30— 9 Months June 30 Payrolls, commis's, 60,909 value $34,999 Accounts Life Ins., cash sur¬ render $112,953 30,423 14,801 Liabilities— $52,234 Investments Patents & develop. Sheet Balance officers from $111,112 1.841 labor and manufacturing expenses, in¬ ac¬ Other curr. assets. Due • $73,538 30,625 7,914 36,168 9,479 acc'ts ... $70,126 3,412 11,213 1936 bl937 $70,600 ■ ■. ■ during the last quarter Consolidated. Condensed cept 's & receivable $452,420 341,308 $94,115 profit Dividends declared Earns, per sh. on 100,000 shs cap. stk, (no par). Cash $347,864 277,739 $82,902 Net Notes, ' Trust Co. has been Bank Of New York & 140,000 shares of 6% non-cumulative $100 par value 560,000 shares of no par common stock.—V. 145, p. Earnings $97,894 4,995 ■iV Other deductions 955,418 x$4l 8,670 335,769 Other income Assets— xt., Nil Nil Federal income taxes, &c., but before $0.73 $0.58 interest, Federal surtax The $305,361 $521,817 $616,752 $535,709 sh. 1937—9 Mos.—1936 1937—3 Mos.—1936 Sept. 30— 559,200 shs.com stk. (no par) x Earnings— & S"bs.) American Ice Co. Net income Earns, per $789,784 2216. Period End. x 515,227 def$80,459 $117,428 $132,083 income tax —V. 145, p. 48,031 158,583 $1,407,838 680,975 $445,069 347,175 Gross profit from sales Selling & gen. exps x $1,028,839 $1,599,275 1,154,206 Net sales cluding - Minority interest reported Net profit on ^ Other income tuation reserve. Aluminum 1937—Month—1936 1937—9 Mos.—1936 $1,617,859 $1,385,133 $11,333,251 $11,457,824 1,432,392 1,219,697 10,733,565 1 0,225,437 Taxes other than Net from railway —V. 145, p. 1934 1937 $1,430,946 251,615 Net after rents........ 30— Profit before exchange.. RR.—Earnings— September— Gross from railway Net from railway $1,391,632, equal 30, 1937, net income was class B common shares, com¬ in Sept. 30, 1936 quarter.— current and of the $0.62 $1.00 55. cents a share on combined class A and paring with $1,095,263 or 43 cents a share V. 145, p. 2685. to V actual liabilities are established. 292,297 328,993 Federal surtax on undis¬ Non-recurring items Earnings per share sale $1.11 made of any provision for 891,632 870,345 2,520,368 $i.68 was tributed profits. For the quarter ended Sept. 268",000 x$6,786,336 x$3.580,813 1,772,510 1,558,090 Prov. for normal Federal inc. taxes Common shares 449,786 No mention x .$67,906,310 $44,149,060 $27,468,984 incl. deprec. & all exps., except Federal income taxes 2,520,368 Combined shs. stk. outst. Earnings per share 1935 1936 1937 SO— Cost of sales, Other income; Minority interest Inc. (& Subs.)—Earnings— Allied Mills, WTS. MILWAUKEE Teletype Milw. 488 3 Months 9 Months $271,579 x$l,687,082 Works & El. Co. Inc.—IFeeHv Output of the electric properties of American Water Output of electric energy Works & Electric Co. for kwh., a decrease of 3.6 corresponding period of the week ended Oct. 23, 1937, totaled 48,276,000 under the output of 50,073,000 kwh. for the 36. 1937 1936 Oct. 16... 48,9)9,000 49,429,000 48,623,000 Oct. 23., 48,276,000 49,010,000 49,573,000 49,573,000 50,073,000 Week End. Oct. Oct. 2— 9—. -V. 145, p. 2686. 1935 37,100,000 41,187,000 41,682,000 42,l09,o00 1934 33,077,000 32,994,000 33,001,000 33,625,UOo 1933 32,196,000 31,221,000 32,184,000 32,669,000 2834 Financial American Zinc, Lead & Smelting Co.—-Exchange Chronicle Time Gross output, Extended— units.—V. The company has notified the New York Stock Exchange that the time within which $6 cumulative preferred stock may be exchanged for $5 prior Oct. including sales 30, to other utilities, amounted to 100,810,088 145, p. 2686. Associated Gas & Electric Corp.—Earnings— Consolidated Statement of Earnings and Expenses of Properties Irrespective of Dates of Acquisition Sreferred 1938.—V. 145, p. 2216. of the company has been extended to 15. stock and common stock an. - Anaconda Wire & Cable Co.—$1 Dividend— The directors have declared 12 Mos. Ended Sept. 30— 1937 Electric---. -.$100,035,948 dividend of SI per share on the common stock, no par value Nov. 20 to holders of record Sept. 13. A like payment was made on Sept. 13 and on June 21, last, and a Gas....... Transportation Heating. Water... compares with 50 cents paid on March 15, last. A special dividend of $2 paid on Dec. 22, 1936; a dividend of 50 cents in addition to a special div. of SI per share paid on Nov. 16, 1936, and a quarterly dividend of 50 cents per share distributed on Sept. 14, 1936. Prior to this latter date regular quarterly dividend of 25 cents per share were distributed.—V. 145, p. 931. Total gross oper. revenues-.$123,939,373 interim dividend Ann Arbor 1937 Net after rents From Jan. — railway.. _ Net after rents..______ —V. 145, p. 2217. Appalachian drawn— ; 3,026,209 550,976 250,227 2,908,843 519,631 259,880 S352,021 92,341 39,647 Electric Power 2,890,152 Period Ended Sept. 30— Gross income- $111,480 1 35,432 1,155 — 138 207 $75,196 — $99,814 No provision has been made for Federal undistributed profits of Sept. 30, 1937, the company had outstanding 18,897 preferred stock, $50 par value, on which stock a cumulative As shares of 6% dividend requirement of $3 per share or $56,692 eight months period ending Dec. 31, 1937. Initial $160,983 59,054 1,907 interest and miscell. deductions Net income (2) 675 i $111,921 ; — first mortgage bonds interest..— Notes— (1) $160,307 440 - tax. $568,662 408,354 ... on on 5 Months $370,189 258,709 ! will during the accrue The directors have declared an initial dividend of $3 per share on the 6% cumulative preferred stock, par $50, payable Dec. 24 to holders of record Dec. 10.—V. 145, p. 2381. Arkansas Power & Light Operating revenues Oper. exps., incl. taxes._ Prop .r etir e. r es. approp' ns Co.—Earnings-— 1937—Month—1936 $794,539 $750,025 435,074 417,738 102,700 54,000 6 2 $8,835,412 3,624,633 3,815,347 33 $44,577,250 8,671,641 $1,395,432 2,473,030 29 $34,828,011 $35,905,609 x$l,077,598 x3 8 6 1937—12 Mos.—1936 $8,784,806 4,793,585 758,200 3 I36cr6cis0 Note—No provision is included for Federal surtax on undistributed profits, if any, of the corporation and (or) its subsidiaries, for the year 1937.— Y. 145, p. 2063, 1733. Associated Railways Co.-—Rejection of Minneapolis Road Urged— of Dismemberment Rejection of the proposed plan to dismember the Municipal & St. Louis RR is recommended to the Commission in a proposed report of its examiner. It recommended that the Commission find: (1) That modification of the plan for the consolidation of railway proper¬ ties established pursuant to section 5(3) of the Interstate Commerce Act as to permit the Associated Railways to acquire the properties of the Minneapolis & St. Louis RR and its receivers, and to permit the Chicago & North Western Ry and its trustee, the Chicago, Burlington & Quincy RR, Chicago, Milwaukee, St. Paul & Pacific RR and its trustees, Chicago, Rock Island & Pacific Ry and its trustees, Great Northern Ry, Illinois Central RR, and the Minneapolis, St. Paul & Sault Ste. Marie Ry to acquire parts of these properties will not promote the public interest; (2) That acquisition by the Associated Railways of the property of the Minneapolis & St. Louis RR and its receivers, and acquisition of parts thereof by the other applicants will not be in harmony with and furtherance of the plan for the consolidation of railway properties established pursuant to section 5(3) of the Act, and will not promote the public interest; and (3) That the application of the Associated Railways to abandon segments of the line of the Minneapolis & St. Louis RR in Iowa, Minnesota, and South Dakota, and to abandon operation under trackage rights over lines of other railroads in these States and in Illinois, and for authority to issue $80,000 of common stock and $7,200,000 of mortgage bonds, and the ap¬ plication of the other carriers to assume obligation and liability in respect of these bonds, and of the Chicago & North Western Ry and its trustee for authority to operate under trackage rights over a line of railroad extend¬ ing from Northwood, Iowa, to Albert Lea, Minn., be dismissed. (The report covers 400 pages]—V. 142, p. 1973. Preferred Div.— Period End. Sept. 30— xl 71,376 so 2686. 3 Months __ ... Net operating income. Other income (net) p. Corp.—Earnings- Total operating revenues Total operating expenses and taxes Taxes assumed With¬ ':'V' department.—V. 145, Arkansas-Missouri Power General 2,486,572 561,698 276,574 673,004 371,022 Co.—Registration : / See list given on first page of this Interest $257,158 39,282 10,949 47,869 19,633 x 1934 1— Gross from railway Net from 1935 $323,533 . 9 $45,972,682 11,144,671 Net operating revenue Provision for retirements Operating income. 1936 $302,649 48,601 20,142 . 9 2 540,484 xll,089 20.809 of RR.—Earnings— September— % $7,917,430 296,402 $115,103,961 59,014,830 11,511,881 expenses & maintenance Provision for taxes.... 5% less tax, on the company's common stock. A similar interim dividend had been previously disbursed.—V. 143, p. 4333. Gross from railway Net from railway Xtictccisc Amount 62,639,463 15.327.228 Oper. an 1936 $92,118,518 13,165,696 5,717,535 1,607,392 1,278,561 1,216,259 13,462,098 6,258,019 1,596,303 1,299,370 1,287,635 ----- Ice Angle-Iranian Oil Co.—Interim Dividend-— The directors have declared 1937 $7,719,490 4,333,535 594,600 Atchison Topeka & Santa Fe Ry. System—Earnings— (Includes Gulf Colorado & Santa Fe Ry.—Panhandle & Santa Fe Ry.] Period End. Sept. 30— 1937—Month—1936 1937—9 Mos.—1936 Railway oper. revenues.$13,577,521 $13,247,908 $128121,691 $119242,011 Railway oper. expenses. 12,266,691 10,674,028 103,722,395 91,580,444 Railway tax accruals. xl,009,116 xl,162,094 y9,236,466 ylO,105,925 Other debits or credits.. Dr97,632 Dr8,568 />r605,587 C'r334,016 _ Net ry. oper. . income-'; $204,081 $1,403,217 $14,557,241 $10,889,658 Includes for 1937 and 1936 respectively $356,042 and $291,730 accruals Retirement and Unemployment Insurance taxes. y Includes for 1937 and 1936 respectively $2,968,675 and $2,101,516 accruals of Railroad Retirement and Unemployment Insurance taxes, with a credit in 1937 of $2,234,363 reversing charges in 1936 account Railroad Retirement taxes.—V. 145, p. 2217. x $256,765 $278,287 Rent from lease of plant (net) Dr3,915 on 105,944 110,916 $3,338,965 802 16,644 $2,902,271 11,839 $253,172 151,339 9,363 $290,848 151,161 7,383 $3,355,609 1,815,935 99,770 Cr 18,600 $2,914,110 1,814,880 78,299 Cr9,689 $1,458,504 949,265 $1,030,620 949,265 chgd. to construc'n. CY946 Cr401 $93,416 Net income, x 11,759 $290,046 322 mtge. bonds Other int. & deductions. Int. $2,791,355 $252,850 Operating income Other income (net) Int. $3,233,021 $132,705 Dividends... Balance. $509,239 $81,355 x Applicable to preferred stocks for the period, whether paid or unpaid. Dividends accumulated and unpaid to Sept. 30, 1937, amounted to $1,186,581, after giving effect to dividends of $1.75 a share on $7 preferred stock ajm$1.50 a share on $6 preferred stock, declared for payment on Oct. 1, 1937. Dividends on these stocks are cumulative. Provision * for 1936, inasmuch was made for Federal surtax on undistributed profits the company reported no undistributed adjusted net as income for that year. —Y. 145, p. 2062. No such provision has been made to date for 1937. The directors common on Oct. 23 declared a stock, par $5, payable Dec. dividend of 15 cents per share on Sept. 15 and forward to the successful efforts of 12 months.—V. 145, p. p. staff our 597. during the coming Armstrong Cork Co.—Interim Dividend— The directors have declared an interim dividend of 50 cents per share on the common stock, no par value, payable Dec. 1 to holders of record Nov. 10. Dividends of 50 cents were paid on Sept. 1, June 1 and March 1, last and previously regular quarterly dividends of 37H cents per share were distributed. In addition, an extra dividend of $1 1936, and 1409. an extra dividend of 25 cents p. was paid Refining Co.-—Earnings— Period Ended profit paid on Dec. 19, Dec. 2, 1935—V. 145, was on , Ashland Oil & et Sept. 30, 1937—• after depreciation, depletion, and State incon Earns, per sh. on —V. 145, p. 932. e 958,990 shs. of Associated Dry Goods — 3Mos. 9 com. stk. ($1 par) ... def37,330 def54,373 2,511,350 2,250,000 161,084 def72,174 2,135,297 def20,lll def215,347 306,320 50,460 Corp.—Accum. 2d Pref. Div.— Atlanta Gas Light Co.—Bonds— The underwriters and the respective Chandler & Co., Inc., Philadelphia. to Associated Gas & Electric $31.50 per share. Co.—Weekly Output— Associated Gas & Electric System reports net electric output of 92,9/2,844 units (kwh) for tue week ended Oct. 22. "lhis is an increase of 4,616.143 5.2% higher than the output for the comparable week or ay a year aeo. $625,000 is for 99% and int., amounts underwritten are: $507,000 368,000 „ G. L. Ohrstrom & Co., Inc., New York The net proceeds received by the company from the sale of the bonds exclusive of accrued interest, and after deducting estimated expenses in with the issue and sale thereof was $842,472. have been and will be used for the following purposes: connection (a) as on $837,562 of the proceeds was paid to Such proceeds Georgia Natural part of the purchase price for its properties and hand and in banks. Gas Corp. assets, excluding cash (b) The remaining amount, approximately $4,910 (estimated) will be used for the construction of additions and betterments to the plant and facilities of the company. The property acquired by the company as part consideration for 5,000 shares of common stock, plus $837,562 of the proceeds from the sale of the bonds consisted of gas distribution systems. The property was acquired from Georgia Natural Gas Corp. (Del.), which was authorized to and engaged in the distribution of gas in'the State if Georgia. Capitalization—Capitalization the issuance on July series, due 1955 and 22, 1937, of the as company adjusted to reflect of $875 5,000 additional general mortgage bonds, 4Yt.% shares of common stock, are as follows: First mortgage 5% 50-year gold bonds, due June 1, 1947 General mortgage bonds, 4H% series, due Sept. 1, 1955 Preferred stock (6% cumulative, $100 par) Common stock ($25 par) $403,000 5,875,000 13,000 shs. 93,745 shs. Earnings for Stated Periods Years- 12 Mos.End. 1934 Gross oper. revenues.__ expenses Non-oper. revenues. Non-operating income. _ . 1935 1936 $3,051,182 2,278,501 $3,313,996 2,496,567 $4,048,528 3,081,014 May 31 '37 $4,120,315 3,130,240 $772,681 1,790 $817,429 1,299 $962,514 3,926 $990,075 6,692 $774,471 120,735 $818,728 136,556 $966,440 112,308 $996,767 115,438 $854,132 $881,329 15,606 on amount 1934 $190,469 The company sold to underwriters on July 22, 1937 at 98 and int., $875,000 general mortgage bonds, 4% series, due 1935, for a total con¬ sideration of $857,500, exclusive of accrued interest. Subsequently one of the underwriters, G. L. Ohrstrom & Co., Inc., sold $250,000 of the bonds privately at 99M plus int. to Modern Woodmen of America, which purchased the same for its own account for investment purposes only and Operating Accumulations after the current dividend or railway..... Mos.— $561,483 $0.57 $0.28 —V. 145, p.1409. units Net from Net after rents. —V. 145, p. 2217. $241,929 15,081 def2,550 2,823,412 326,590 defl6,157 rents.. $283,141 44,879 22,660 -Calendar $275,881 a dividend of $1.75 per share on account of the 7% 2d preferred stock; par $100, payable Dec. 1, to holders of record Nov. 12. A similar payment was made on Sept. 1, June 1 and on March 1, last, this latter being the first dividend paid on the 2d preferred stock since June 1, 1932, when a regular quarterly dividend of $1.75 per share was distributed. | after 1935 $270,306 12,965 def27,885 From Jan. 1— Gross from railway 1936 Federal taxes, &c The directors have declared accumulations Net -Earnings— 1937 for distribution. Accordingly, only the balance, public subscription which was scheduled to be offered yield 4.52%. Commenting on the current dividend declaration, Robert H. Cabell, President of the company, said, "our results for the year to date have been fairly satisfactory, quite sufficient to warrant the directors in declaring the fourth dividend of tne year on the common stock. It was a matter of great satisfaction to the directors and management that they were able to continue dividend payments on the common. We have had a difficult end of the year, but have fortunately marketed our products fairly well, look Atlanta Birmingham & Coast RR.September—• Gross from railway_i._ Net from railway to 15 to holders of record Nov. 25. on June 15, last, and 15, last, this latter being the first dividend paid on the present common stock. The last preceding dividend paid on the common shares was the $1 dividend paid on the old class a common stock in 1926. This compares with 20 cents paid on dividend of 15 cents paid on March and Railroad not Armour & Co. (111.)—Smaller Dividend— the of Balance Provision for retirements> aBalance $653,736 $682,172 b Miscellaneous interest and other income charges.. Balance before income taxes and interest on long-term debt.. b Annual int. requirements on total funded debt $865,723 outstanding on July 31, 1937 a Before income taxes, interest and other income of amortization of debt discount and expense. 284,525 charges, b Exclusive Volume Financial 145 '____ revenues___. _ _ 1937 \ 1936 3,877,305v $3,5-16.245 2,722,210 \ 2,512.373 57,161 63,501 8,575 16.576 146.704 25*.132 _ Operation Maintenance. I I" I" I I ________ _ ■ Uncollectible accounts a Taxes ' "■ ~: . _ —9 Mos. End. Sept. b Profit a 46,857 4,240 $703,157 247,985 21,000 143 $944,402 loss$132,949 $2,289,218 a Company's proportion of the undistributed net earnings of companies more than 50% owned (not included above) amounted to $447,517 for 9 mos. ended Sept. 30,1937, $241,900for 9 mos. ended Sept. 30,1936, and$213,370 $434,029 84,500 421,538 debt interest. on Net income.______ ___ Preferred dividends._____ Common dividends Including Federal income tax of $82,176 in 1937 and $z6,232 in 1936 (1) The company, during July, 1937, purchased entire assets, Gas Corp. (an aff'l. co.) in consideration of assumption of its liabilities and payment to latter of $-$37,562 in cash and issuance of 5,0jo shares of common stock. The funds for payment of the specified cash consideration were provided by the sale by the comoany to the public of $875,000 general mortgage bonds, 4}^% series, due 1955, The above statement of income includes the operations subsequent to July 1, 1937 of the property formerly owned by Georgia Natural Gas Corp. (2) No provision was required for Federal surtax on undistributed profits for the year ended Dec. 31, 1936. Federal surtax on undistributed profits for the calendar year 1937, if any, is undeterminable at Sept. 30, 1937 and no provision therefor has been made.—V. 145, p. 1409. income _!___ $9,136,856 $651,649 275,000 $507,366 Net oper. revenues 300,000 Taxes 3,850,000 $7,289,301 3,525,000 $207,366 Cr37,l59 $376,649 $5,286,856 060,216 Drl ,067,530 $3,764,301 0753,890 Net ry. oper. income. —V. 145, p. 2217. $244,525 $436,865 $4,219,326 $3,010,411 and general expenses, including provision and notes, but before depreciation.—Y. 145, p. 749. b After selling, administrative for doubtful accounts Baltimore Transit Co.—Earnings— Including Baltimore Coach Co. (Intercompany 1937—Month—1936 30-— $929,033 $963,572 779,276 812,686 7,480,374 7,376,710 $1,360,699 861,916 $1,338,222 $67,420 1,861 $498,782 18,380 $491,134 $64,836 $69,281 6,224 9,962 $517,162 64,157 $506,856 91,839 $453 ;005 353,076 $415,017 $99,928 $179,636 ' 87,846 Taxes Operating income Non-operating income. ;.V $63,039 1,796 _ Gross income Net income.. Interest declared on Remainder. $58,611 $59,319 series A, 4% & 5% debs July to September, inclusive, deduction is made above, totals 1934 $9,606,832 2218. $4,618,446 depreciat'n) 331,358 296,286 3,091,105 3,039,013 $52,046 $95,286 $1,273,083 8,544,455 tenance & Tax accruals. $1,508,029 y243,719 $1,314,342 200,605 $956,551 136,692 $1,085,824 160,208 $1,264,310 $1,113,738 4,391,550 $819,858 4,188,198 $925,616 4,063,867 4,565,385 __ $39,401 59,409 1,387 $65,738 59,107 1,406 $1,136,214 532,001 17,097 $^69,168 532,171 16,488 def$21,395 surplus Preferred dividends Common dividends $5,008,056 $5,505,288 297,254 257,239 625,212 354,993 374,946 562,417 $4,989,483 377,916 372,525 $60,317 in 1935. $5,225 $587,116 $320,509 804,126 275,000 1,257.000 700,455 Fed. 2,584,112 Social security tax. 837,129 324,720 2,465,892 _ S $ Liabilities— Accts. & notes pay 2,455.861 701,181 Accts. & notes rec_ 2,867,416 Other curr. assets. 86,931 95,718 Inventories 3,012,998 Other investm'ts 3,540,389 7,453,911 a Plant, prop. & eq G'd-will, pat., &c_ 4,053.072 2.572,070 y 3.583,376 6,690,994 Instal. paid on stk. on pref. stock 46,205 items 7,237 by ployees 958,360 cost $4,091,264 886,265 220,782 income. 2381. $2,796,130 Net ry. but not em¬ 26,190 _._ 39,059 9 ,860,900 9,860,900 Common stock._ 8 760,325 Total .25,451,323 24,966,813 $629,649 $1.61 stock Note—No deduction 1937 __$11,357,525 • 577,243 204,447 ____ $0.66 '____ . —__ shares issued Equivalent per share on annual basis to — x After Federal and State income taxes, but $3,403,002 $20,851,462 $21,146,578 1937—12 Mos.—1936 $855,589 $0.56 1936 $7,416,059 385,914 103,010 $0.32 $0.88 $0.43 before preferred dividends Dividend— dividend of 75 cents per share on have declared a Ltd.—Earnings-—See page 2872. Ltd.—Earnings— Ended Sept. 30— milled ________ _ _ _ — _____________ — _ production (gross) 3 Months Tons ore Metal Marketing charges Comparative Balance Sheet Sept. 30 1936 $748,721 Hash in banks on 5461.256 and Notes and hand ■-Totes — — 3,809,787 30,190 counts 55,064 608,695 18,192 Preferred stock 1,000,000 Beaumont — _ 3,987 stock 493,784 1937 $152,905 8,866 def41,979 1—• Gross from railway Net from railway._____ 327.423 __ paid int., RR. —Earnings— 1936 $145,247 13,006 def.33,331 Insur¬ 37,885 161,770 —deprec'd value equipt.—de¬ preciated value. -V. 145. p. _______ profit Earns. per sh. on 2,097,663 shs. capital stock. 155,548 & Total Sept. 30— 27,708 2381. Total $6,784,530 $4,550,647 1,266,777 1,293,986 297,597 def73,155 316,784 def76,556 (& Subs.)—Earnings— 1937—3 Mos.—1936 $646,631 260,505 $641,886 245,250 4,744 $279,207 4,090 102,829 Include? $0.13 1937—9 Mos.—1936 $3,130,480 $3,431,127 765,553 8,403 445,356 733,325 11,350 549,582 $267,310 $1,911,168 $2,136,870 $0.12 $0.91 $1.01 124,582 provision for surtax on undistributed Net profit for the 12 months ended Sept. 30, equal to $1.33 a share, against $3,341,680 or $1.50 a ended Sept. 30, 1936.—-V. 145, p. 749. a 16,085 $6,784,530 $4,550,647 Federal taxes Net fixtures 1,618,372 412,180 def47,549 j $118,953 14,327 def23,686 Co.—Registers with SEC— department.—V. 145, p. 2538. Bendix Aviation Corp. Period End. a 22.013 2,246,708 932,392 374,918 1934 1935 $136,358 29,671 def7,129 first page of this Interest.- & expenses furniture, See list given on Operating, profit Depreciation Land & office bldg. wia. 145, p.2218. Belden Mfg. 307,101 Det. charges—pre¬ ance Net after rents 89,427 Earned surplus 289,809 $197,266 $177,622 has been made for taxes or Sour Lake & Western September— Gross from railway Net from railway 67,105 402,372 896,100 auto¬ $487,074 299,728 depreciation.—V. 145, p. 2687. —V. 60,628 cruals Common and ac¬ receivable mobiles 26,905 20,640 of life insurance. Repossessed $4,294,000 $2,788,541 Accts. & insurance Reserves. 2ash surrender val. )ther notes payable 1936 139,520 $589,216 102,142 $477,350 Operating profit for period Note—In the above figures no allowance payable and ac¬ accept¬ receivable 5,739,422 ances 1937 Liabilities— 1936 1937 154,330 $587,227 109,878 _ - _______ _ _____ Metal production (net)___ Operating costs _ _' — _ _ _— From Jan. 1937 .51 undistributed profits. the of record Nov. 9. This Dec. 22, 1936. and with the first payment made since Dec. 17,1935, when 25 cents per share was distributed. Prior to this latter payment no dividend distributions were made since June 15, 1932, when 25 cents per share was also paid.—V. 145, p. 749. directors The Net after rents undistributed profits. Assets— $199,565 $2.19 $218,605 capital stock, par $10, payable Nov. 16 to holders compares with 25 cents paid on June 1 last, and on 50 cents paid on Dec. 10, 1936, this latter being Automobile Finance Co.—Earnings-— Sept. 30— 7,523,564 2,164,018 1,458,439 made to cover surtax on (N.) Bawlf Gram Co., 145. p. 932. Gross income 1,508,963 171,827 1937—9 Mos.—1936 Beattie Gold Mines, Represented by 262,809 (261,439 in 1936) no par shares, y Includes 30,012 shares of preferred and 12,982 shares common in 1937 and 12,472 shares common in 1936. x Includes accrued liabilities, a After reserve for depreciation and obsolescence of $7,516,021 in 1937 and $7,293,936 in 1936. Net income 30—• depre¬ ciation, taxes, &c____ Earnings per share on .25,451,323 24,966.813 ___ $32,292,599 Inc.- —Earnings— 4,645,617 4 ,947,245 x Net earnings per common profit after Net 22,850 Paid-in surplus — 145, p. —V. $4,678,562 $32,914,651 841.224 8,402,332 262,509 2,151,894 188,087 8,714,625 _ Surplus..... 9 Months Ended oper. Larger 57,164 596,870 57.164 593.491 yet issued-_____ Preferred stock x Total volume of business 1937—Month—1936 1937—9 Mos.—1936 ^ revenues_$14,600,133 $14,934,370 $1.31445,24t $123297,542 10,508,869 10,255,808 98,531,589 91,004,943 41,443 __ subscr. 4,053,019 Secur. of afilliated accruals in Tax), credit to cancel Ohio RR.—Earnings— accruals. _ _ Equipment rents (net).. Joint facil. rents (net)__ 228,317 accrued Dividend of re¬ 1937 includes adjustment account Railway oper. expenses. capital Res. for contg. &c_ 956,940 Railway oper. income taxes accrued Other mark. secs__ 429,713 Period End. Sept. 30— Barber Co., 1936 1937 S $ Assets— Cash for nine months of Period End. Sept. 30 Sept. Sheet 1936 1937 _ peal of Excise Tax Act of 1935 (Pension 1936, $64,988 —V. 145, p. 2064. share on common, $4.95. Balance Consolidated Net income. Railway tax 1937 Sales, $17,670,914; cost of goods sold, delivery and other expenses, $15,909,987; net operating profit, $1,760,927; other income, $120,521; gross income, $1,881,448; Federal income taxes, $300,794; net income for period, $1,580,653; dividends on preferred stock, $342,985; dividends on stock, $936,041; earned per — _ Net rev. from ry. oper. undistributed profits. Earnings for 12 Months Sept. 30, , _ funded debt. Other deductions. Baltimore & $4,947,245 $4,645,617 $4,278,117 $4,239,042 $4.03 $3.28 >$1.86 $2.19 profit from sale of securities $2,758 in 1937, $2,864 in 1936 and Surplus, Sept. 30 Earns, per sh. on comstk Includes provision for surtax on Gross income. Tax accruals $5,829,696 Total and surtax on $843,370 25,798 Interest on Surplus begin, of year. x $16,319 23,082 $1,123,635 12,579 Other income. Net income Total 42,586 $52,700 13,038 Operating income $1,011,887 73,937 Gross income U. S. Govt, secur 35,727 $1,527,341 4 3,716 _ $773,446 xl83,104 Federal income tax —V. (incl. main¬ $1,226,859 x87,482 _ $4,312,096 $391,572 profit__ $1,404,824 xl03,206 Net operating Other income 1937—9 Mos.—1936 $383,4u4 $9,556,342 8,833,385 ___$13,560,145 $11,784,531 Cost of goods sold, de¬ livery and other exps. 12,155,322 10,557,671 the the stipulated rates, approximately $235,391.—V. at the full Bangor & Aroostook RR.—Earnings Period End. Sept. 30— 1937—Month—1936 Oper. exps. 1935 1936 1937 Sept. 30— 235,380 5% debentures, in only. Interest for deductions for series A 4% and are for six months to June 30 Note—Interest p. 15,722 _ cumulative figures, for which no 847,088 Net rev. from opers__ Subs.)—-Earnings— Net sales 1937—9 Mos.—1936 58,841,073 $8,714,932 $149,757 82,337 $150,885 Net operating revs_._ 145, ] Items Eliminated) Period End. Sept. Operating revenues Operating expenses Gross oper. revenues Atlas Powder Co. (& 150,510 three months, Operating income Equip. & jt. facil. rents, 71", 320 ended Sept. 30, 1937. for 12 months Fixed charges. 1937—9 Mos.—1936 1937- Month—1936 $3,193,029 $36,616,494 $32,305,896 $3,302,032 2,541,380 27,479,638 25,016,595 2,794,666 1 Net profit Atlantic Coast Line RR.—EarningsPeriod End. Sept. 30— Operating revenues Operating expenses 15,254 paid Provision for Federal income taxes Notes: except cash, of Georgia Natural Deferred $2,483,982 15,254 179,510 $389,250 78,000 319,482 of debt discount and expense. Federal & State taxes cos.a loss$61,629 136 . Interest. common $1,110,166 $818,292 115,135 Interest 15 J.451 Gross income y 535,390 6,432 $679,427 269,040 21,000 __ Provision for retirements. Includes 84,842 4,143 Interest and exchange Total x 516,401 $1,942,160 $815,091 3,201 Gross income 9 Mos End. 394,031 $1,059,069 loss$150,614 Net profit on operations Income from investments $829,878 Non-operating income. a $208,263 358,878 $1,453,100 operations Depreciation of bldgs., mach'y, &c on 30— 12 Mos.End Sept. 30 '37 $2,458,561 1936 1937 Period— $823,225 6,653 Net operating revenues. Amortiz (& Subs.)—Earnings— Babcock & Wilcox Co. Earnings for Years Ended Sept. 30 Operating 2835 Chronicle profits. 1937, was $2,799,789, share for the 12 months 2836 Financial Bessemer & Lake Erie RR. September— From Jan. Earnings 1937 _ 1936 1935 $1,999,677 1,313,511 1,317,039 $1,024,247 477,392 403,978 1,037,789 15,050,302 8,450,685 7,127,828 Net after rents. 11,090;446 5,398,744 4,728,647 7,333,208 2,481,249 2,165,932 a share on Dividends ojq these stocks Note—Njb provision for 1936, Inasmuch net income for that 1937.—V. 145, 6,640,278 1,443,693 1,282,890 Corp.—Report for Third Quarter— , v Grace, President, says in part: The net income for the third quarter of 1937, after deducting dividends for that quarter on the preferred stocks, was equal to $2.31 per share on the common stock outstanding and compares with $2.56 per share for the second quarter of 1937, $,1.84 per share for the third quarter of 1936 and pursuant to Earnings for 1937—3 Mos.—1936 ...$14,997,287 1,662,626 Cash..... (partly for 4,085,101 $2.31 Deferred charges_..... $7.95 ... Blue Ribbon * $1.25 dividend of $1.50 per share on early in 2687. Bing & Bing, Inc.—Earnings—See Bird & —3 Period— Profit from operation Amt. set. aside for deprec. uage 2872. Exchange has approved for addition to the list 600,000 common stock, without par. In the absence of inter¬ vening action by the Securities and Exchange Commission, registration of these shares under the provisions of the Securities Exchange Act of 1934 will become effective on Nov. 22. 1937.—V. 145, p. 1892. Bireley's, Inc., Hollywood, Calif.—Earnings— expense Administration and general expense Operating profit $67,307 5,368 Other income (net) Net income-. Provision for Federal income and undistributed profits Net income Cash dividends paid Stock dividends paid $72,675 10,565 taxi! $62,110 IIIIIIIIHII! -II._I.II. 60,000 60,000 Balance Sheet July 31, 1937 Assets— Inventories $110,532 244,266 442,687 609,307 Fixed assets Pats., trademarks & goodwill. Organization & recap, exps 24,€68 Deferred charges 76,764 Other assets 12 14,362 Notes and contracts payable.. Accounts payable Customers' Total After $1,522,598 raserve deposits $131,950 299,659 (bottles and cases) 104,433 Accrued expenses Deferred income and reserve.. 59,046 Capital stock Capital surplus from sale of stk. Earned a surplus 13,941 200,000 380,000 333,569 Ended Oct. 3 '36 $161,464 303,711 $537,180 301,054 53,237 for Carolina Power & $318,143 loss$142.245 Federal surtax on $182,889 undistributed profits.— Light Co.—Earnings— Period End. Sept. 30— 1937—Month—1936 1937—12 Mos.—1936 Operating revenues $1,089,735 $979,578 $11,985,833 $10,517,318 Oper. exps., incl. taxes. 547,297 490,416 5,847,172 5,170,110 Prop, retire, res. approp. 90,000 80,000 1,000,000 960,000 Net oper. revenues for lease of plant\ mortgage bonds. Other int. & deduc'ns Int. charged to constr'n. Net x incon $5,138,661 17,050 205,901 205,655 $392,112 2,259 $4,932,760 32,054 $4,181,553 31,127 $437,317 191,667 5,430 $394,371 191,667 $4,964,814 2,300,000 70,554 Cr 112 $4,212,680 2,300,000 57,847 Cr 1,457 $240,220 Operating income Other income (net) $409,162 $435,287 2,030 (net).. on $452,438 17,151 Rent $197,593 $2,594,372 1,255,237 $1,856,290 1,255,237 : ■ $4,387,208 . 5,186 Crib Dividends. Balance $1,339,135 $601,053 x Applicable to preferred stocks for the period, whether paid or unpaid. Regular dividends on $7 and $6 preferred stocks were paid on July 1, 1937. After the payment of these dividends there were no accumulated unpaid dividends at that date. Regular dividends on these stocks were declared for payment on Oct. 1, 1937. Note—No i rovision was made for Federal surtax on undistributed p profits for 1936, inasmuch as the company reported no undistributed adjusted net income for that year. No such provision has been made to date for 1937. —V. 145, p. 2066. _ _ 1937—Month—1936 $657,486 $583,464 477,455 436,834 Amortization of limitedterm investments Prop .retire .res .approp'ns Net oper. revenues Other income (net) Gross income on mtge. bonds.._. Other int. & deductions. Net income Dividends Balance. Bon Ami Co. ' & 9 Mos. End. Sept. 30— Gross profit on sales Profit before deprec Depreciation Federal x 1937 $2,009,004 1,256,260 56,789 176,134 Net profit. z$l ,023,337 Class A shs. outstand'g 92,647 1936 1935 1934 $1,894,121 1,110,325 60,438 152,159 $1,729,592 935,466 50,442 117,793 $1,825,584 1,005,604 53,856 127,924 z$897,728 88,870 200,000 $767,231 87,000 199,800 $823,824 87,000 311 316 40,000 40,000 $139,720 $106,314 Class B sbs. outstand'g 200,000 x Earnings per sh. under participating features. Earnings per sh. under participating features. $5.00 $4.44 $3.75 $4.08 $2.80 $2.51 $2.20 $2.34 y 1937—12 Mos.—1936 $7,477,467 5,550,925 $6,549,422 4,970,955 2,804 480,000 3,791 480,000 $1,443,738 7,065 $1,094,676 853 Dr3 $140,573 45,750 4,300 $106,311 45,750 4,373 $1,450,803 51,450 $1,094,768 549,000 50,056 $90,523 $56,188 $850,353 429,174 $495,712 429,191 $421,179 $66,521 549,000 92 Applicable to preferred stocks for the period, whether paid or unpaid. Dividends accumulated and unpaid to Sept. 30,1937, amounted to z $214,587, Before surtax on 199,800 undistributed profits. Note—The class A stock is entitled to $4 a share per annum, then after class B stock has received $2.50 per annum, both issues participate equally as a class in further distributions. For quarter ended Sept. 30, 1937. net profit was $344,339, equal to $1.68 a share on class A and 94 cents a share on class B shares. This compares with net profit in Sept. 30, 1936 quarter of $309,975. or $1.54 a share on class A and 86 cents a share on class B shares.—V. 145, p. 428. Brandon Corp.— Earnings—See uage 2872. Brazilian Traction, Light & Power Co., Period End. Sept. 30— Gross earns, Operating Net x taxes Subs.)—Earnings— $1,522,598 for depreciation of $134,813.—V. 144, p. 1775. Period End. Sept. 30— Operating revenues Oper. exps. (incl. taxes) x Mos. Oct. 2 '37 $476,749 105,369 x53,237 y Total. Birmingham Electric Co.—Earnings Int. made -9 Oct. 3 '36 Liabilities— Cash Acc'ts receivable (less reserve). a Ended- $64,169 No provision 145, p. 933. Int. $1,924,107 951,341 592,735 143,662 169,062 Cost of goods sold Sales expense, Delivery V. Mos. $172,084 101,833 x6,082 Net profit x Gross income Income Account Year Ended July 31, 1937 sales 1411. Oct. 2 '37 lies've for taxes, &c Son, Inc.—Listing— The Boston Stock issued shares of the Net Corp., Ltd.—Accumulated Dividend— the intimated by President Eugene G. Grace, who said directors December to consider the situation. "We earned $6.88 a common share in the nine months, and paid out $4 a share to common stockholders. We will wait until we get the estimated results for October and November, and then call a meeting early in December and base our judgment on the probable results for the quarter."—V. 145, p. Unite Subsidiaries— p. year was meet $282,496 b Represented by 10,165 (Sidney) Blumenthal & Co., Inc. (& Subs.)—Earnings stock, no par value, payable Dec. 24 to holders of record Dec.17. A like payment was made on Sept. 15, last, and compares with $1 paid on June 15, last, and a dividend of $1.50 paid on Dec. 24, 1936, this latter being the first distribution made on the common stock since Feb. 15, 1932 when a dividend of 50 cents per share was distributed. That there is a possibility of another common distribution before the end of the would Total... The directors have declared a dividend of 50 cents a share on account of accumulations on the 0)4% cum. pref. stock, par $50, payable Nov. 1 to holders of record Oct. 28. Similar distributions were made in each of the twenty-three preceding quarters, prior to which regular quarterly dis¬ bursements of SH cents per share were made.—V. 145, $1.50 Common Dividend Declared— a $282,496 reserve for depreciation of $37,195. shares.—V. 139, p. 753. Officers subsidiaries will retain their respective statuses." Subsidiaries affected are Pittsburgh Rolls Corp., Lewis Foundry & Machine Co., Union Steel Casting Co. and National Alloy Steel Co.— V. 145, p. 2538. imposed by the Revenue Act 1936 on undistributed net income for 1937 until the end of the third quarter, when a provision of $650,000 was made for such surtaxes out of earnings for that quarter. 28 declared 17,603 of the former of common Deficit strengthen the corporate structure and to effect certain economies. 1936 $32,857,759 $11,005,540 per share on common After preferred dividend requirements. Note—No provision was made for surtaxes x 1,616 201,800 82,076 b Common stock After Blaw-Knox Co.—To $55,904,620 $33,333,822 6,962,393 6,646,956 16,084,468 15,681,326 Net income. Earnings 1,748 7% cum. pref. stock ($100 par) A consolidation of all domestic subsidiaries of this company into one corporate unit has been announced by William P. Witherow, President. Effective Nov. 1 domestic subsidiaries will lose their corporate identities and be known as divisions of Blaw-Knox. "This action has been taken," Mr. Witherow said, "to simplify and $1.01 1937 ,, 2,859 1 Total no par $10,000 payable Accrued wages.. Income tax prov., Dom. of Can. 1,800 Goodwill... $8,609,514 Total income Interest and other charges Provision for depletion and depreciation Accounts 131,601 3,750 2,153 New patents & trademarks 12,117,212 $4,575,058 $27,566,267 $0.84 $6.88 $9,249,560 1937 Bank advances, secured $1,636 83,952 57,602 ...... Land, power rights & devel., bldgs., mach., equip., &c__ Organization expenses.. ._i a 12,148,829 $9,141 a Earnings for 12 Months Ended Sept. 30 Oct. Year Ended May 31, 1937 Liabilities— — 1937—9 Mos.—1936 4,095,880 on $16,124 5,349 1,635 Bills & accts. rec. (less res.)... Inventories $9,948,192 $44,765,218 $25,328,902 1,277,254 5,050,122 4,602,176 Interest charges.....__ on 73.6c Includes $14,212 gain operations Balance Sheet May 31, on The directors on Assets— Earnings for 3 and 9 Months Ended Sept. 30 x y $683,395 272,260 28.1c Net profit. Sept. 30, 1936. Steel production (ingots and castings) averaged approximately 85.1% of capacity during the third quarter of 1937 as compared with 92.9% during the previous quarter and 69.5% during the third quarter of 1936. Current steel production is approximately 65% of capacity. > ™ 25.9c Sept. 30'37 Reserve for depreciation. Reserve for income tax were charged to income account for the third quarter. The estimated value of orders on hand Sept. 30, 1937, was $125,820,124 as compared with $147,216,591 at the end of the previous quarter and on com. Sept. 30,'37 $268,825 103,972 an estimated) incident to the issue and sale of the debentures Net profit Earns, per sh. $229,971 y95,892 Includes $18,182 gain on sale of securities, Profit underwriting agreement made with them Aug. 30, 1937, at the price of 100% of their principal amount plus interest accrued thereonufrom Oct. 1, 1937," to UctrTFri9377Tbe~cTo8ing date. The underwriters' commissions in connection with the sale of the debentures (amounting to $945,025) will be set up as a deferred charge to be amortized over the term of the debentures. The other expenses deprec., obso¬ lescence & depletion.. 9 Months June 30. 31 $184,599 x72,396 19.6c (T. E.) Bissell Co., Ltd.—Earnings- on Period End. Sept. 30— Total income... 3 Months Mar. 31,'37 Note—The consolidated net profit is after deducting all charges including depletion, depreciation and Federal normal income tax. No deduction has been made for the Federal surtax on undistributed profits.—V. 145, p. 1576. , x , of SGcuritifis for each share of its common stock hold of record by them, respectively, at the price of 100% of the principal amount thereof. Such rights were evidenced by subscription warrants which expired on that date. $1,996,700, principal amount, of the debentures were subscribed for on the offering, and the remaining $46,003,300, principal amount, of the total issue of $48,000,000, principal amount were purchased by a group Prov. 2064. p. Period— Gross income.... Net pifofit. x 3)4% debentures of the corporation $93,272,198 on undistributed profits company reported no undistributed adjusted No such provision has been made to date for year. Net profit per share $6.88 per share for the first 9 months of 19.37. During the third quarter the corporation offered to holders of record of its common stock the right to subscribe on or before Oct. 1, 193'7, for $15, principal amount, of the 15-year sinking fund convertible of underwriters cumulative. made for Federal surtax the V* ' Bethlehem Steel 30, 1937 on are was as a Bishop Oil Corp.—Earnings— —V. 145, p. 2218. I. G. share $7 preferred stock and $6 preferred stock, declared for payment on Oct. 1, 1937. $1.50 1934 $836,082 274,070 255,745 1— Gross from railway Net from railway. Oct. after giving effect to dividends of $1.75 $2,063,580 1,303,387 Gross from railway Net from railway Net after rents Chronicle expenses earns, before & amortiz 145. p. 2065. prec. -V. from oper._ Ltd.—Earnings 1937-—Month—1936 1937—9 Mos.—1936 $3,517,667 $2,828,576 $29,183,469 $23,600,598 1,530,991 1,262,995 13,022,062 10,659,340 de¬ $1,986,676 $1,565,581 $16,161,407 $12,941,258 Volume Financial 145 Boston Edison Operating Operating revenues expenses Uncollectible revenue.._ Taxes accrued $1,205,507 52,659 Net oper. income $1,146,853 Non-oper. income.61,626 Gross income-...-— Miscellaneous on 1937—3 Mos.—1936 1937—12 Mos.—1936 $7,432,172 $7,000,856 $32,753,679 $31,372,829 3,939,455 3,573,440 15,261,418 14,240,969 865,000 865,000 3.460,000 3,460,000 37,016 36,809 159,230 149,363 1,443,847 1,320,100 6,329,167 5,810,573 Depreciation: $1,208,479 18,381 547,660 rents Interest and discount.— Income balance * $642,438 The company's plan proposed issuance significant. Co.—Earnings— Period End. Sept. 30— $7,543,863 207,998 $7,711,923 257,138 $1,258,166 18,369 549,220 $7,751,861 84,207 2,199,392 $7,969,061 82,243 2,759,855 $690,577 $5,468,262 2837 Chronicle $5,126,963 Adams of Boston, took the approval of the plan be position that final deferred until the independent report the need for expansion. of Coverdale & Colpitts in the world." The forecasts of 1937 and 1938 net income were Boston & Maine RR.—Earnings— $3,780,330 2,895,267 revenues expenses $6,560,890 $885,063 $1,116,030 $9,628,195 303,191 Equip, rents—Dr 163,864 Jt. facil. rents—Dr8,809 284,466 2,734,045 2,493,811 161,731 1,656,106 1,633,496 8,190 101,902 75,850 Net oper. revenue Taxes $409,199 deductions (rent- p. 875,234 875,356 $752,148 $6,011,374 $3,233,089 634,110 5,655,915 5,706,948 $2,473,859 - Net deficit-.. 145, 90,505 623,627 als, interest, &c.) —V. $2,357,733 $127,500 sur$118,038 sur$355,459 Gross income Total $5,136,140 $496,127 income- $661,643 86,928 Net ry. oper. Other income 2218. Bridgeport Brass Co* (& Subs.);—Earnings— [Including Unconsolidated Subsidiaries] 9 Months Ended Earnings per share Note—-No provision made for 145, p. 1935 , taxes. However, an possible surtax on $658,806 $480,692 739,592 646,704 $0.89 $0.74 undistriouted profits. supplemental report by Hardy S. Ferguson the company was contained in a It further report. filed in conjunction with the Coverdale & Colpitts that these improvements should produce a net & Co., engineers, stated return of $1,206,000 a year. making the estimate of earnings for 1937 and 1938, the report makes it plain that this potential addition to the company's earning power is not included. Nor do the estimates take into account the added earning In that might be expected from the La Tuque expansion, it was stated. & Colpitts report emphasizes the diversity of products Co. at its Berlin mills and credits the company's foresightedness. • "Brown Co. has been farsighted in adapting its processes, equipment and products to the changed conditions in the markets for commercial pulp," the reporf stated. "Its research and development, and its commercial position as a pioneer in the field of highgrade and specialty pulps give it an established head start and a leading position in this field. power The Coverdale manufactured by Brown "Its comprehensive $931,152 926,990 $1.01 Shares outstanding. —V. 1936 1937 Sept. 30— depreciation Net earnings after taxes, and all other charges.. txfth given after deduc¬ depreciation and depletion and provision for income additional $1,018,000 would be deducted each year to cover reorganization costs and to provide a large arbitrary addition to depreciation and depletion. Company and its subsidiaries control by ownership and by rights 21,969,000 cords of softwood and 2,736,000 cords of hardwood, according to the report of Mr. Sewall. The recommendation that $2,968,000 be spent on the Berlin Mills of tion of interest, normal 1937—Month—1936 1937—9 Mos.—1936 $3,942,834 $35,679,769 $33,773,041 2,826,804 26,051,576 27,212,151 Period End. Sept. 30— Operating Operating confirmed trustees stated that the proposed expansion net income by $3>000,000 annually on the basis of the 1938 price of sulphite pulp of $80 a ton. It said that in addi¬ tion to the $4,950,000 needed for expansion another $2,000,000 would be needed for working capital requirements. "Estimated income bears high and attractive relation to the investment involved in such expansion," the report said. "As it stands today, the La Tuque mill is believed to be fully competitive in production cost and well intrenched in diversified consuming markets in comparison with practically any commercially operated mill in the United States or Canada This report filed now by the at La Tuque would increase or —V. 145, p.2065. of $6,500,000 bonds the Canadian property and provides for the sale of these bonds to under¬ Proceeds would be used for expansion at La Tuque. The bondholders' protective committee, headed by Charles Francis writers. undoubtedly will retard and pos¬ markets which the become the basis for patent structure competitive encroachment of certain has captured. Conceivably its patents may substantial revenues from licensing arrangements." sibly prevent company President, in Herbert J. Brown, 1091, statement issued Oct. 23, a said: Briggs Mfg. Co.—Earnings— The 1937—9 Mos.—1936 1937—3 Mos.—1936 Period End. Sept. 30— Net profit after deprec., Fed. taxes, and surtax on $7,815,310 x$8,867,248 $1,886,640 x$l,993,146 undist. profits Earns, persh. on 1,979,- $0.95 000 shs. no par stock. Before provision for x p. $3.95 $4.48 profits.—V. 145, $1.01 Federal surtax on undistributed pany's present position and its Brush-Moore Newspapers, opera'ns Net profit from Period End. Sept. $1,399,196 63,496 $1,647,131 89,312 $1,390,884 65,156 $1,031,119 $1,557,819 $1,325,728 91,369 Depreciation.. $1,079,930 48,811 $1,335,700 before depreciation..- 65,104 120,242 82,574 Gross cellaneous charges in¬ before profit $1,096,223 $1,678,061 y271,394 203,618 $1,408,303 y296,983 244,478 1,210,976 $75,150 19,613 $635,636 192,977 8.851 75,924 $623,016 176,566 76,957 1,686 $366,736 $369,493 158,172 expense Other deductions, $1,427,069 taxes 4,371 6,094 277,907 1,333,272 30,065 Operating profit come 12,959 27,225 134,120 $39,592 expense used Total dept. net.. Prov. for Federal taxes. $1,155,675 Net profit-..- $1,235,913 x$l,035,934 Includes x$892,605 Net profit - 233,665 provision for Federal surtax on undistributed profits, y undistributed profits on 1936 income.—V. 145, p. 1412. Before surtax on 138,704 145,166 employees Federal & State inc.taxes 17,802 Period End. Sept. 1937—12 Mos—1936 1937—3 Mos.—1936 30— Operating revenues: From sales of elec. energy$11,121,711 $10,668,967 $47,918,612 394,240 514,750 1,701,969 From miscel. sources $45,077,171 2,956,024 174,168 47,838 229,205 81,634 Inventories 1,337,190 54,325 1,217,531 1,320,876 Other assets 925 Sinking fund assets Permanent assets 1,281,516 good¬ 3,575,035 will, &c 157,490 Deferred assets y 1,017,531 2,450,647 2,293,500 5,494,989 Retirement expense (incl. deduct.. Gross corporate income Int. on long-term debt.. amort, int., debt disc. & exp. $2,645,161 $13,415,080 $13,185,468 120,893 609,886 431,858 Dr12,992 Drl27,0l7 Dr83,740 $2,681,513 596,545 $2,753,063 $13,897,950 $13,533,586 596,545 2,386,180 3,262,241 of and 31,542 deductions $2,053,426 Net income 40,176 130,545 268,418 —V. 145, p. 1217269,387 750. Co.—40-Cent Dividend— dividend of 40 cents per share on the common stock, payable Jan. 3, 1938 to holders of record Dec. 1. Similar amounts were paid on Oct. 1- and on July 1, last, and compares with dividends of 75 cents paid in each of the six preceding quarters, and prior to then regular dividends of $1.25 per share were paid each three months from July 1, 1927 to and including Oct. 1, 1935.—V. 145, p. 2383. directors Brown have declared a Co. (Me.)—Coverdale-Col pitts Upholds Expansion Proposal—Survey Places $20,000,000 Higher Value on Timber Linds— long-awaited survey of Brown Co. made by the engineering firm of Ooverdale & Colpitts was filed in Federal Court at Portland, Me., Oct. 23 by the trustees of the company. This report was ordered by Federal Judge Peters to assist in considering reorganization of the company. Most sensational feature of the report was revelation that the company's timberlands in both the United States and Canada have an estimated present value of $32,000,000. These vast properties were carried at only $10,980,000 in the company's Aug. 7 consolidated balance sheet which was included in the report. The estimate was based on a survey made by James W. Sewall of Old Town, Me., expert forester hired by Coverdale & Colpitts. An After allowance for x z highlights of the report were: that net income after interest estimate 1938 net earnings will reach $4,210,000. Recommendation that $2,968,000 be expended on plant improvements at Berlin, N. H., and that an additional $723,250 be spent to carry out deferred maintenance there. Statement that expenditure of $4,825,000 to $4,950,000 for expansion of Canadian subsidiary at La Tuque, Quebec would double that plant's output of wood pulp from 300 tons daily to 600 tons. Citation of the company's far-sightedness in product development. In view of the widespread discussion that occurred after the company filed a plan of reorganization two months ago, this statement as to the expansion possibilities at La Tuque will probably be viewed as particularly the company's 7% cum. 1st stock.:..--.— cum. stock z 1,185,300 1,226,000 927,500 802,995 1,359,950 902,400 802,995 1,194,551 2d pref. Common stock.. Total 27,874 114,392 pref. $6,956,333 $6,828,516 1937 and $203,563 in 1936. in 1936. Co.—Smaller Dividend— have directors stock, par Burlington & Rock Island 1937 September— Net after rents 1934 $73,603 def5,459 def23,576 $69,542 defl4,707 def29,951 591,336 defl09,903 def252,390 591,097 defl43,243 def287,243 577,828 def96,819 def217,266 145, p. 2219. Butler Brothers—Earnings— 9 Months Ended Sept. a 1935 $74,018 defl8,108 def35,898 1— Net from railway Net Earninas— 1936 1,004,233 147,637 def67,367 after rents From Jan. Gross from railway —V. RR.- $120,166 22,505 def6,434 Gross from railway 30— Net profit a After provision - for Federal tax, distributed profits.—V. 145, p. 934. California Water Service 12 Mos. End. Sept. 1937 30— Co.—Earnings— 1936 1935 $2,459,474 Gross revenue and 1937 $1,093,177 i936 _ $911,037 but before Federal surtax on un¬ $2,295,562 1,245,439 1,171,978 Net earns, before deprec. $2,072,957 v 1934 $2,049,447 _ Fed. inc. tax.— 1,012,885 990,060 —V. 145, p. 2219. Calumet & Hecla 30— sold.. Period End. Sept. $7,049,720 3,664,458 ^,568,706 1,604,908 $723,483 Operating gain Other income Consolidated Copper Co.—Earnings 1937—;9[Mos —1936 1937—3 Mos.—1936 $1,792,568 $2,770,069 1,069,085 Rev. from copper Cost-.----.--. A forecast that 114,637 Reserves declared a dividend of 75 cents per share on the $50, payable Dec. 15 to holders of record Nov. 26. This compares with $1 paid in each of the four preceding quarters, 75 cents per share paid each three months from Sept. 15, 1932, to and incl. Sept. 15, 1936, and $1 per share distributed quarterly previously.— V. 144, p. 3489. charges in 1937 will total $1 338 000. long- debts doubtful of $204,340 in Buckeye Pipe Line The common The Other 200,481 Net from railway Brooklyn Union Gas 2,375,000 term Deferred income.. After allowance for depreciation of $856,300 in 1937 and $962,461 Represented by 50,000"no par shares.—V. 145, p. 1091. $2,116,342 $11,381,225 $10,002,927 325,154,822 296,971,949 1328347,934 2,201,500 28,108 and Funded __$6,956,333 $6,828,516 Total y Sales of electric energy— Kilowatt hours 116,783 Surplus 9,688,873 162,833 Dr34,105 $2,552,785 Operating income Non-operating revenues Non-oper. rev. 9,893,840 868,522 93,328 3,556.496 5,082,034 for prov. Federal income tax).. miscel. $49,620,581 $48,033,195 21,658,251 20,416,775 1,163,022 4,653,410 4,742,079 revenues.$] 1,515,952 $11,183,717 Total oper. $243,016 Accounts 7% Circulation, - Operating expenses payable- Accrued liabilities. $222,684 $309,653 Notes & accts.rec x 1936 1937 Liabilities— 1936 1937 Assets— Cash Cash surrender val. Inc.—Earnings— 30 Balance Sheet Sept. ot life insurance, Brooklyn Edison Co., The 3,078 10% paid to all Bonus of Miscel. 1937—9 Mos.—1936 $2,262,852 $2,088,935 $67,907 19,912 8,403 Advertising expense Materials each $1,000 bond 145, p. 2688. Inc.—Earnings— 1937—Month- -1936 $237,630 $258,046 446 331 690 1,571 30—• revenue. Circulation Net profit from oper.. Other income, less mis¬ Taxes future earnings prospects. With the report now on file there is no reason for further costly delay in consummating the reorganization. I now urge all remaining bondholders and institutional holders of bonds to send in their assents to the plan so Briggs & Stratton Corp.—Earnings— PeriodEnd.Sept.30— 1937—9 Mos.—1936 1937—12 Mos.—1936 x knowledge of the com¬ submitted with a full and accurate zation plan was that the company may pay the $145 past due interest on and reestablish its current bond interest payments.—V. 1091. Net report substantiates the reor¬ findings of the Coverdale & Colpitts ganization plan submitted to the Court by the company. It should be evident now to all financially interested parties that the company's reorgani¬ $1,165,161 $3,385,262 $2,708,696 Depreciation Depletion Federal income tax est_. 9,073 6,500 50,101 $732,556 207,362 142,308 .... Total incom e $1,171,661 370,670 $3,435,363 705,336 555,902 614,592 289,000 44,000 ------ 3,860,010 27,401 $2,736,097 903,075 1,354,625 ""312 Oth er charges Net profit Note—No p. 1251 — - $338,885 provision made for surtax $245,079 $1,826,434 $478,086 on undistributed profits.—V. 145, 2838 Financial Chronicle (A. S.) Campbell Co., Inc.—Registers with SEC— See list given Cambria & Indiana September— 1936 $119,962 54,146 86,151 956,078 918,994 163,644 569,757 From Jan. 1—-1 Gross from railway..— Net from railway.. income for that year. inasmuch the as 357,404 716,409 1935 Central Electric & 1934 $73,523 14,818 65,405 $79,095 defl6,822 39,621 786,468 217,808 654,028 769,154 146,065 603,440 —V. 145, p. 2688. Telephone Co. (& Sub.)-—Earns.— Earnings for the 12 Months Ended June 30, 1937 Gross earnings— K Operation 4 __ Maintenance Provision for depreciation..... Interest deductions Provision for income taxes. September— 1937 $121,229 def2,507 def43,180 From Jan. 1— Gross from railway Net from railway 1,117,490 def45,922 def446,437 Net after rents —V. 145, p. 2219. 1,002,87 1 defl81,017 def553,941 revenues expenses Net revenue $2,342,485 September— $2,962,637 $10,527,862 1935 1934 $106,154 def26,215 def44,367 $100,784 defl3,833 def34,261 1,634,266 106,464 1,838,303 329,914 71,146 Net after rents 1,421,981 73,060 defl50,154 September— 1936 $88,668 defll,963 def37,581 875,859 defl01,286 def337,373 752,420 def256,711 def487,416 1935 $75,458 Period End. Sept. 30— expenses 703,106 defl86,917 def379,799 earnings 707,585 defl66,391 def360,971 1937—Month—1936 1937—9 Mos.—1936 $14,355,271 $14,312,164 $105,101990 $99,943,579 11,213,558 10,889,280 92,028,049 88,116,110 $3,141,712 $3,422,884 $13,073,941 $11,827,468 1937 1936 Increase $3,296,000 $3,205,000 $91,000 on 1937 profit Caterpillar Tractor Co.—Extra Stock Dividend— The directors have declared an extra dividend on the common stock of 3-100 of a share of 5% preferred stock, par $100, payable on or about Dec. 15 to holders of record Nov. 15. This dividend is subject to approval of the Corporation Commissioner of California. also declared the the common 15. regular quarterly cash dividend of 50 stock payable Nov. 25 to holders of record Commenting on the current dividend, the company stated that "though earnings for the year pending physical inventories can only be esti¬ mated, this extra dividend of 3-100 of a share of preferred stock has been fixed in an amount which it is thought will disperse the current year's earnings to such an extent as to keep company's undistributed profits tax liability within or below the 17% bracket. Non-dividend bearing war¬ rants will be issued for fractional shares."—V. 145, p. 2688. the Celanese Corp. of America (& Period Ended Sept. 30, 1937— Operating profit income — 3 Months Net profit- 1,000,000 shs. Before surtax on com. stock (no par) undistributed profits $6,352,084 953,699 142,071 787,000 $4,469,314 $2.54 $0.43 or excess 751. $6,340,222 11,862 $1,025,208 Interest Federal income taxes- 9 Months $1,573,749 2,769 _ . Total income x Central Arizona Light & Power Period End. Sept. 30— Operating profits taxes.—V. 145, (incl. taxes) $361,059 235,020 $290,727 189,284 2,913 31,500 2,984 19,890 Amort, of limited-term investments.— Prop, retir. res. approp- Net oper. revenues.._ Other income (net).. —_ Gross income Int. on mortgage bonds. Other int. & deductions. Int. charged to construe. x 40,684,811 1,498,137 560.704 9.973,113 1,419,429 418,777 2220. p. Co.—Earnings 1937 revenues — Balance 1937—12 Mos.—1936 $3,888,991 $3,343,359 2,612,259 2,240,559 $2,155,736 Gross income Provision for retirements 34,821 273,539 —— $78,569 12,357 $916,551 146,840 $101,855 18,958 $90,926 31,250 618 575 $1,063,391 272,979 7,758 Cr3,293 300,000 _ — — 7,152 . 5,179 11,161 — $856,411 stock common $794,732 764,692 593,936 Incl. Federal income 1937, $101,220, 1936, $57,158. Note—No provision required for Federal surtax on undistributed a profits Sept. 30, 1937 and provision therefor has been made.—V. 145, 935. p. Central Illinois Public Service Co.- —Earnings— $794,440 173,618 $968,058 375,000 7,052 2,301,025 Net operating income. $1,129,355 5,854 31,246,342 17,713 $2,976,042 8,957 $2,989,670 43,334 $1,135,210 577,473 6,395 $1,264,056 580,034 5,917 $2,984,999 1,737,393 17,301 $3,033,004 1,754,954 17,063 27.665 27,771 83,184 84,181 17,128 17,138 51,405 51,415 11,965 10,800 36,086 32,400 $494,582 $622,394 $1,059,628 $1,092,989 Other income (net) Gross income Interest on funded debtGeneral interest (net) Amort, of bond discount — and expense Amort, of pref. stk. sell., commissions & exps— Taxes assumed on int. & miscell. deductions Net inc. before dividends. pref. .... Notes— (1) Div. requirements at full cum. rates for a three months' period on pref. stock outstanding Sept. 30, 1937, amounted to $427,078. (2) Cum. divs. unpaid at Sept. 30, 1937, aggregated $5,267,301 or $18.50 per share on the outstanding pref. stock. A div. of $1 per share was paid on Sept. 15, 1937. (3) It is estimated that the company has no liability for Federal undistributed profits tax.—V. 145, p. 1092. Central Indiana Gas Co.—Earnings— Years Ended Sept. 30— 1937 $785,947 $586,006 108,054 1936 $2,309,577 1,816,116 $1,655,634 1,323,491 $493,460 798 $332,143 3,399 $494,258 86,566 $335,542 69,902 $407,691 278,099 $265,639 307,437 Net oper. revenues before pro v. for retirements Non-operating income Gross income before provision for retirements.. Provision for retirements Interest . Federal and State taxes on bond interest. 556 Notes (1) No provision profits for 1936. 1937, if was required for Federal Federal surtax any, on 567 $129,036 Net income loss$42,364 surtax on undistributed undistributed profits for the calendar is undeterminable at Sept. 30. 1937 and no provision ^ (2) Dividends aggregating $170,625 are in arrears on the 6M% cumula¬ tive preferred capital stock for the period from July 1, 1932 to Sept. 30, 1937. Comparative Balance Sheet Sept. 30 Assets— Property, Miscel. 1936 $ plant 1937 ? Liabilities— & 6H% 10,914,532 investm'ts 10,841,207 4 4 Special deposits 24,291 6,233 83,586 55,996 915 293,797 1,452 167,131 4,396 Notes receivable._ Accounts receiv Due from affil cos. Merch., 155,985 stock x ($100 par) Common stock.. Long-term debt 1,281,000 45,683 3,984,025 10,558 111,615 136,544 128,187 93,607 192.029 141,851 5,265 4,650 250 5 225 2,065 18.361 13.591 11,496,094 11,184,207 Represented by 54,000 145, p. 935. 4,018,969 2,417 195,542 Service exten. dep. Def. credit items __ Earned x $ 500,000 Consumers' depos. Accrued accounts. $477,952 Total 500,000 4,648,969 4,581,000 Due to parent and affiliated cos Reserves in 1936 —V. 1936 $ pref. 2,919 materials Appli.on rental. Def. debit items.. cum. Notes payable Accounts payable. 108,054 the $677,893 1937—9 Mos.—1936 $9,682,166 $9,348,219 6,706,123 6,358,548 2,435,623 and supplies for $1,660,522 844,397 4,870 5,179 11,344 842,762 — Cash $59,101 $1,960,522 $1,722,666 — Amort, of debt disc, and expense on bonds Federal and State taxes on debt interest Net income Dividends on $2,157,666 435,000 — Interest on funded debt Other interest (net)-.-. equipment x Regular dividends on $7 and $6 pref. stocks were paid on Aug. 2, 1937. After the payment of these dividends there were no accumulated unpaid that date. dividends at ; $1,958,995 1,527 1,930 1937 35,691 324,490 $91,626 10,229 Net income $82,279 applicable to pref. stocks period, whether paid or unpaid Dividends 1936 $4,549,882 1,851,557 248,751 14,091 476,488 — therefor has been made. Co.—Earnings— 1937—Month—1936 revenues exps. 919,631 Net oper. revenues year Oper. ; $4,966,232 Operation 1,965,242 Maintenance 282,334 Uncollectible accounts—3,327 a Taxes 559,592 Subs.)—Earnings— $1,576,518 325,091 50,219 176,000 — Depreciation p. 12,909,137 1,971,128 Years Ended Sept. 30— a$557,369 After on 11.591,795 1,746,446 651,580 62,897 «... Total oper. exps. & taxes deducting the following: (1) Reserve for Federal income taxes! large proportion of the moving expenses; (3) considerable excess over¬ head that could not be absorbed during the moving period. The balance sheet as of Sept. 30, 1937, reveals the following: Current assets, $4,964,041, of which $852,510 is cash. Current liabilities, $1,741,915, of which $250,000 is in notes payable to banks on Dec. 31, 1937. The Sept. 30 balance sheet does not contain the $250,000 which was raised under the sponsorship of the Syracuse Chamber of Commerce, and which is now on hand in the bank available for payment to Carrier Corp.—V. 145, p. 600. x $1,033,242 149,223 51,979 Period End. Sept. 30— 1937—3 Mos.—1936 Total operating revenues $3,564,978 $3,547,368 Corp.—Earnings— a Earns, per sh. 1934 313,922 215,594 Central Illinois Electric & Gas undistrib. profits.$255.115 Earnings for 9 Months Ended Sept. 30, Other 145, 1935 $1,262,197 269.268 142,191 154.660 Net after rents no Earnings for 3 Months Ended Sept. 30, 1937 Net profit before provision for Federal surtax V. 145, p. 2384. — on after rents. 1936 $1,358,683 $1,360,500 - for year ended Dec. 31, 1936. Federal surtax on undistributed profits for the calendar year 1937, if any, is underterminable at Carpenter Steel Co.—Earnings— share 1937 From Jan. 1— Gross from railway Net from railway. —V. $235,964 Georgia Ry.—Earnings— September— Gross income.. Ry.—Earnings— Week Ended Oct. 21— Traffic earnings —V. 145, p. 2689. directors $149,900 — 1934 $67,026 def25,657 def47,968 def22,886 def43,654 2219. Gross earnings Nov. Central of 1936 before Non-operating income Canadian Pacific The 1937 but Federal taxes.; —V. 145, p. 751. defl9,702 Vermont—Earnings— 1937 Net from railway Net after rents cents per 480. p. America—Earnings— • $85,175 def9,523 def29,972 Net after rents From Jan. 1— Gross from railway a excess 144, p. 4172. Corp., below.—V. 131, 9 Months Endec Sept. 30— after charges and depreciation Operating Gross from railway Net from railway (2) profits the amount cannot be determined as Profit 1,554,351 225,043 defl49,347 Canadian Pacific Lines in Net ... on Carborundum Co^—Sells Unit— See Micromatic fIone Net $125,538 def8,559 def29,666 13,583 510 .... * 1936 $133,750 —V. 145, p. 2219. Carrier jarnings, if any, until the close of the calendar year.—V. $6,205,461 Maine—Earnings— 1937 Net after rents From Jan. 1— Gross from railway Net from railway Net and (or) undistribui 819,879 defl71,839 def600,050 defl88,394 def546,459 $226,518 184,770 — Gross from railway Net from rail we Gross from railway Net from railway...... Working 855,381 Balance to surplu■» Annual div. requirement of pref. stock (at full 6% rate) Note—No provision has been made for Federal taxes Rys.—Earnings— Canadian Pacific Lines in 145, p. defl0,301 def59,803 [All-inclusive System] 1937—Month—1936 1937—9 Mos.—1936 $17,930,439 $17,956,964 $146075,299 $134448,312 15,587,954 14,994,327 135,547,437 128,242,851 —V. 145, p. 2688. —V. 1934 $92,358 Catalin Corp. of Canadian National • 1935 $108,209 def6,171 def43,891 771,709 ' Period End. Sept. 30— Operating Operating 1936 $125,422 def9,578 def51,923 $1,921,958 - 228,621 —154,833 318,347 182,001 39,929 Taxes—State, local, &c.._ Canadian National Lines in New England—Earninas— Gross from railway..'... Net from railway Net after rents 1937 company reported no undistributed adjusted No such provision has been made to date for ... after rents........ 30, undistributed profits on 1937.—V. 145, p. 2220. RR.—Earnings— 1937 1936, net $117,257 50,185 88,453 Gross from railway Net from railway—..— Net after rents.. " Net for first page of this department. on Oct. Note—No provision was made for Federal surtax no par Total surplus. 1,179,526 1,123,515 8,866 defl20,170 11,496.094 shares in 1937 and 50,000 11,184,207 no par shares Volume Financial 145 2839 Chronicle Co.—Earnings— on $2,665,315 ;9,192 $2,249,513 2,583 $825,571 $2,674,507 426,051 428,855 10,612 1,285,229 19,766 33,107 98,797 funded debt- * 6,836 General interest Amort .of bd.disct.& exp. Taxes assumed on int—_ Net income before 32,763; 8,957 i Charis The 22,147 99,743 18,701 This compares with each three months. $1,248,568 $808,404 6,291 $346,705 $534,770 Sept. 3,1935 and a Notes—(1) Dividend requirements at full cumulative rates for a threeperiod on preferred stock outstanding Sept. 3.% 1937, amounted to $210,616. (2) Total cumulative preferred dividend^ not declared or accrued on books at Sept. 30, 1937, amounted to $2,264,130, or approxi¬ mately $18.81 per share on the 7% and S16.12H per,tshare on the 6% preferred stock. Dividends of $1.75 and $1.50 per share on the 7% and 6% preferred stocks, respectively, were declared Sept. 29, 1937, payable Nov. 1, 1937. (3) It is estimated that the company has no liability for Federal undistributed profits tax.—V. 145, p. 2220. I 1935 $2,686,552 $2,52GJ47 784,203 150,336 732^37 113 464 Net from railway Net after rents —V. 145, p. 107,978 23,280,685 5,698.487 1,015,762 22,084)349 6,054,482 24,658.613 6,878,391 Net after rents. 2,015,850 —V. 145, p. ^ $113,600 53,353 7,980 $110,343 7,465 12,382 6.348,688 '2,418,595 2,048,^.04 10,402 2,082 $90,209 3,758 $89,914 5,007 Gross income of subs. $33,617 $35,169 $93,967 $94,922 Int. charges of subs Fed. inc. taxes of subs._ 469 128 1,390 States y $33,148 $35,041 $92,577 $94,151 1,660 12,522 1,392 13,125 6,419 50,967 6,244 52,515 $18,966 $20,523 Central of Edison, Inc Interest Net income. miscellaneous income, y collateral trust bonds.—V. 145, p. 752. After deducting x Inc. 796 Cr25 Balance Expenses Expenses and taxes Prov. for Fed. inc. tax $35,191 $35,392 On Central States Edison, 1937 1936 $495,351 268,250 $449,808 - - Operation 256,383 - Maintenance— „ Provision for depreciation 139,155 Engineering Corp., Cedar Rapids, Iowa— Offered—Priester-Quail & Co., Davenport, Iowa, recently offered $125,000 1st (closed) mtge. con v. 5% serial bonds at 100 and int. Bonds offered to residents of Iowa Principal July 1, 1937; due serially July 1, 1940 to July 1, 1947. and interest (J. & J.) payable at Peoples Savings Bank, trustee, Cedar Rapids, Iowa. Coupon bonds in denoms. as follows: Maturities 1940 to 1946, inch, $1,000; 1947 maturity, $1,000 and $500. Red. in whole or in part at any time upon 60 days' notice at par plus a premium of M of 1% Dated thereof to maturity. Convertible, at option of holder, into common stock at the rate of 100 shares for each $1,000 bond, providing application for conversion is made on or before two years prior to the maturity of the bond. Bonds called for redemption on or before two years preceding maturity are convertible into common stock on or before the 15th day preceding the redemption date. No provision is made for conversion of bonds during the two years prior to maturity. Corporation was incorporated May 31, 1927, being the outgrowth of the business established in 1926. Company manufactures and assembles oil burners, air conditioning equipment , special type burners, warm air furnaces, boilers and hot water heaters. The majority of the products are for use by individual home owners, small apartment house owners, &c. As of May 1, 1937, the company had 85 plant employees. unexpired year or portion Capitalization as of May 3_, 1937 (Giving Effect to Present Authorized Including $125,000 (12,500 Financing) Outstanding $125,000 — 150,000 3,900 y750,000 339,071 shares) reserved for conversion of bonds. convertible 5% serial bonds 6% cumulative preferred stock (par $100) Common stock (par $10)._■ $125,000 ... Earnings for Stated Periods 3 Ending Dec. 31, 1936 19341935-1936 Net sales $528,702 $394,739 ... 264,756 116,106 from operations- Other income Balance Other expense- $37,655 4,561 $17,473 1,812 — 352,209 138,838 $13,876 3,597 Operating expense including depreciation Selling and administrative expense Available for int., other fixed $42,216 2,626 chgs. & inc. taxes. $39,590 $15,660 $125,000 serial 5% bonds au¬ 6,250 thorized furnished by the company, net 1937 were approximately 32% ahead According to information sales for the of the same period in 1936. Century Ribbon 9 Mos. End. Preferred 1937 Sept. 30— & x$ 111,766 30,413 30,000 dividends Common dividends $51,353 Balance, surplus Earns. per sh. on 100,000 shs. of no par common n Sept. 30, 1936, quarter. $690,755 176,123 182,141 183,123 1936 $327,941 6,255,969 Int. 1936 7,265,028 3,850 1935 1934 $76,950 $69,357 $133,807 34,995 c $34,363 9,965 shares of $5 cum. V. 145, p. 752. Checker Cab Mfg. 30— after taxes, interest, &c._ Treasury Total shs. cap. Ohio Net from railway $9,389,642 4,408,334 3,377,968 82,135,097 82,396,949 36,389,233 27,462,708 96,445,664 41,937,102 31,644,492 . Net after rents . 1934 1935 $9,689,294 4,422,404 3,510,356 From Jan. . 1252. 1936 4,073,217 . 1— railway—.. x$606,462 $5.59 $11,630,398 1937 . after rents 1937—9 Mos.—1936 Ry.—Earnings■— September— railway.— .$11,501,864 5,324,361 Net from railway Gross from c Represented by 6,204 shares in 1936.— Nil $0.57 Nil undistributed profits.—V. 145, p. Gross from Net $6,268,558 $7,600,062 x$62,601 Joss$274,684 loss$74,555 Federal surtax on Chesapeake & 591,485 Corp. (& Subs.)—Earnings— sh. on 108,361 stk. (par $5)_ Before x 170,000 5,693,262 stock.. Dr249,125 Drl55,100 __ 1937—3 Mos.—1936 profit deprec., 1,275,000 __ pref. stock in 1937 and Period End. Sept. Net 5,779,911 4,772,453 98,065,084 45,677,203 36,219,032 35,075,845 27,034,366 2541. —V. 145, p. Burlington & Quincy RR.—Earnings— 1934 1Q35 1936 1937 $7,851,695 $7,413,743 $8,939,974 $8,625,848 2,265,382 2,236,582 2,640,446 2,464,069 1,361.629 1,444,321 1,427,150 rents. 1,278,952 Chicago September— railway—__ Net from railway Gross from Net after From Jan. 1— 73,815,662 17,455,671 8,699,349 railway Gross from railway Net after rents —V. 145, p. 2689. Net from Chicago & The Interstate 70,649,382 17,563,996 7,952,350 Eastern Illinois Commerce 58,987,466 11,359,794 3,866,967 at Ry.—Abandonment— certificate trustee, of part of a to the end of the 1936 1935 1934 $1,088,221 109,418 $1,116,890 212,986 29,673 12,213,354 2,815,996 891,459 railway Net from railway Gross from Net after rents —V. 145, p. line $1,281,135 11,476,772 2,704,481 9,643,633 1,762,592 9,507,845 2,008,420 741,843 177,893 337,501 1937 1— From Jan. Ind. $1,346,867 315,100 150,484 September— railway Net from railway Net after rents Gross from 332,090 250,602 74,400 2220. Chicago Great September— railway Net from railway Gross from Western RR.—Earnings— 1937 1936 1935 $1,744,697 $1,681,203 $1,484,077 472,819 607,027 487,039 129,803 302,228 232,314 471,127 208,708 13,954,089 3,077,776 432,327 13,425,040 3,636,605 1,220,884 11,264,239 2,364,528 321,826 11,524,351 3,039,648 858,140 2220. Indianapolis & Louisville 1937 1936 September— railway.n— Net from railway...... Gross from Net after rents. Net from 1— railway railway Net after rents $856,134 86,140 def51,967 $879,989 208,091 62.845 7,666,151 1,158,053 32,861 7,532,886 1,497,036 213,367 Jan. Gross from —V. 145, p. 1934 $1,527,083 .... railway —V. 145, p. From 8,496,238 approximately three miles, all in Sullivan County, Earnings for September and Year to Date Hymera, Net from 59,282,388 16,003,701 Commission on Oct. 18 issued a permitting abandonment by Charles M. Thomson, branch line of railroad extending from milepost 201 Chicago $0.94 18,665 by 51,000 no par shares, b Represented 39,370 $94,437 5,250 payable on 17,098 preferred stock. S5 pref. stock.__ 1,275,000 170,000 Common stock Capital surplus.._ 4,371,809 076,363 Surplus (earned) __ $7,600,062' $6,268,558 Par $1. 5,883 a Net after rents x$109,251 32,302 b 7,093 re¬ ceivable...— $1,500 $1,530 Divs. $8,739 (mar¬ ket) 1936 1937 Liabilities— Capital stock tax. Reserve for Fed'l income tax Gross from railway..... Inc.) $0.77 $0.34 x No deductions made for surtax on undistributed profits. For the quarter ended Sept. 30, 1937, net profit was $30,695 equal to 20 cents a share on common, comparing with .$51,273 or 41 cents a share $0.81 stock outstanding $715,251 $676,363 Sept.30 Net after rents From Jan. 1— Mills, Inc.—Earning (Including Century Factors, Net after depreciation Federal taxes 1,100 $767,608 int. - Accrued Yr. Yr. Aver. > 1,363 Dr23 1937 Earns, per only. 1st mtge. \ 1,250 599,300 uninvested, Bal. Century of $188,580 500,812 accr'd Assets— a 3831. months $196,096 519,155 Cash Bonds five $207,950 558,558 $591,485 $533,109 $507,632 1937—Balance Dec. 31, 1936, $5,850,250; (difference between cost and market value 1936), $294,220; balance Dec. 31, 1936, before provision for unrealized loss on securities owned as at that date, $6,144,470; deduct, excess of cost over the stated value of $25 per share of preferred stock reacquired in 1937, $195,876; net loss on sales of securities in 1937, $20,185; balance, $5,928,409; deduct, unrealized loss provided for (difference between cost and market value of securities owned at Sept. 30, 1937), $1,556,600; balance, Sept. 30, 1937, $4,371,809. Comparative Balance Sheet Sept. 30 income as at $3,610 $28,718 Balance, loss first :} Capital Surplus as at Sept. 30, add, unrealized loss provided for of securities owned at Dec. 31, Total Annual interest on $221,329 (31,499 pref. stock on 60,738 32,048 137,925 53,983 29,005 Taxes—State, local, &c Net profit $229,486 33,390 159,312 Total income. declared & Investments 12 Months Ended March 31— Gross earnings. y $250,467 42,517 $835,675 Co for each $278,402 42,006 Clark, Dodge & Central West Co.—Earnings— -V. 144, p. $191,489 29,840 Balance, Dec. 31— Adjust, of prov. made for capital stock tax Unapprop. div. & $33,087 x 15,004 $203,771 25,715 Int. earned on bonds Divs. 25,927 38,640 28,975 49,530 $32,418 1,199 Net oper. income 1934 1935 1936 ' 1937—12 Mos. —1936 $369,726 $405,610 185,872 203,433 29,372 33,462 7,278 51,749 7,826 than Fed. Non-oper. income 465,093 290,306 $230,791 19,675 $263,398 ' Subs.)—Earnings— 1937—3 Mos.-—1936 Maintenance 1,470,389 234.249 Inc.—Earnings- 1937 30— 9 Mos. End. Sept. Dividends received , Central States Edison, Inc. (& Operating expenses 16,831 1,467,739 386,992 $236,397 ' _ 2540. 1934 2220. 21,839,808 222,467 From Jan. 1— (other income) Depreciation 1,650,882 524,226 324,778 1— From Jan. Gross from railway $2,312,527 704,705 Net after rents Taxes 1,927,439 643,997 399,465 Net after rents 1934 728,696 Gross from railway Net from railway 26,255 46,152 21,323 Net from railway $125,131 22,422 6,222 $144,404 30,822 $170,226 $193,299 471601 Gross from railway 1395 1936 1937 Chartered Investors, 1936 - share on the Carolina Ry.- -Earnings— Charleston & Western September— Jersey—Earnings— 1937 $2,672,181 September— Gross from railway Net from railway dividend of 25 cents per a payab e Nov. 1 to holders of record Oct. 29. dividends of 3734 cents per share previously distributed In addition, a special dividend of 50 cents was paid on special dividend of 25 cents was paid on Nov. 1,1933.— V. 145, p. 431. months' Central RR. of New have declared stock, no par value, 34,127 „ dividends Corp.—Smaller Dividend— directors common pref. notes aggregated amounted total $2,252,097 1,291.121 $1,009,709 Dr330 Gross income Interest $820,410 5,161 $1,009,378 Net operating income. Other income (net) payable to current $4,753,371 and current liabilities, including $1,850,000 notes banks, were $2,650,075. Tnis compares with cash of $516,264, assets of $4,197,143, and current liabilities, including $1,375,000 payable to banks, of $2,188,482 on Sept. 30, 1936. Inventories $1,553,794 against $1,300,279. Total assets as of Sept. 30, 1937, to $6,382,970 comparing with $5,836,336 on Sept. 30, 1936 and surplus was $1,102,494 against $1,017,454.—V. 145, p. 601. to 1937—9 Mos —1936 $6,843,354 $5,897,713 4,178,039 3,648,199 30— 1937—3 Mos.—1936 Totaloper.revenues.... $2,478,055 $2,073,686 Total oper. exps. & taxes 1,468,346 1,253,275 $464,816 cash, amounted 30, 1937, including Current assets as of Sept. Central Power & Light Period End. Sept. 2220. Ry.—Earnings— 1934 $673,915 135,160 def9,749 5,884.761 5,557,380 986.649 930,171 def79,491 def344,254 1935 $740,795 160,217 46,321 2840 Financial Chronicle Chicago & Illinois Midland Ry.—Earnings— September— Clark 1937 1936 1935 1934 $333,258 105,963 67.590 $309,076 133,850 103,393 $231,688 42,633 44,208 $292,326 101,702 89,872 2,930,906 972,376 669,154 2,604,527 2,427,726 702,763 635,050 2,160,982 Gross from railway Net from railway Net after rents From Jan. 1— Gross from railway Net from railway Net after rents .... 925,363 765,324 —V. 145, p. 2220. a dividend of 25 34,481 39,446 30,534 651,975 550,409 Chicago Milwaukee St. Paul Accrued interest.. Int. Net from railway after rents. Net 1935 $9,800,470 79,981,772 15,823,583 4,954,010 66,546,719 9,314,921 741,945 become to effective Jan. 1, 1937.—V. Real est,, $8,380,435 2,124,607 1,246,506 $7,389,276 1,585,346 859,941 67,696,249 Net from railway...... 5,180,623 Net after rents......_defl,021,668 —V. 145, p. 2689. 67,568,170 8,945,927 1,408,150 56,602,178 7,660,994 1,132,321 Chicago Rock Island & Pacific $857,899 480,000 241,144 97,821 $9,955,922 x3,325,721 2,578,005 821,305 $6,630,086 4,355,396 2,287,142 851,074 $353,645 $38,934 $3,230,891 def$863,526 1936 excise tax accruals amounting to $1,220,400 Taxing Act of 1935.—V, 145, p. 2689. Chicago St. Paul Minneapolis & Omaha Ry.—Earnings after 1937 1935 1934 $1,769,613 $1,633,822 $1,611,256 360,662 119,345 335,415 83,385 400,997 170,934 $1,425,892 291,033 132,415 13,374,338 1,328,797 def373,014 13,630,803 2,305,197 337,804 11,079,536 1,335,666 defl71,405 11,110,578 2,012,301 693,035 rents. From Jan. 1— Gross from railway Net from railway...... Net 1936 after rents. —V. 145, p. 2221. Childs Co. (& Costs and expenses 1937 1936 1935 1934 $13,084,244 $12,167,771 $12,752,354 $13,607,976 12,048,385 11,313,973 11,982,836 12,842,056 Operating profit $1,035,860 13,473 Total income Interest.. Federal taxes Deprec. <fc amortiz Other deductions...... $853,798 13,743 $769,518 18,207 $867,541 325,854 $787,724 331,586 3,853 477,153 20,145 * 450,181 Cr331 $279,653 Net profit —V. 145, p. 753. 450,246 $80,035 loss$45,012 Texas Pacific 11,405 Orleans & Co.— on Oct. 25 declared a special dividend of 31 lA cents per share new common stock, par $25, payable Dec. 1 to holders of record 10. A dividend of 31U. cents will be paid on this issue on Nov. 1., this latter being the initial distribution on the $25 par shares. The company's stock was recently split up on a 4-for-l basis—four new $25 par shares being issued in exchange for each old $100 par share. Dividends of $1.25 per share were paid on the old $100 par stock on Aug. 2, May 1, and on Feb. 1, last, and previously regular quarterly divi¬ dends of $1 per share were paid. In addition a special dividend of $1 was paid on Dec. 17, 1936. James Simpson, Chairman of the Board, issued the in connection with the current dividend: "With this payment dividend disbursements share will have been paid on the 1937 $1,343,844 503.005 Net after rents 335,730 From Jan. 1— Gross from railway Net from railway Net after rents —V. 145, p. 13,140,999 5,219,275 3,808,652 2221. City Ice & Fuel $1,116,891 422,813 329,797 $906,298 234,706 140,648 12,343,395 4,877,072 3,575,503 9,918,971 3,409,838 2,531,527 1934 3,580,711 Period End. Sept. 30— 1937—3 Mos.—1936 1937—9 Afos.—1936 Revenue. $12,805,386 $11,659,453 $25,557,214 $24,349,227 Costs, exp. &ord. taxes. 9,205,992 7,290,309 20,033,342 18,070,908 Depreciation 917,716 926.278 1,808,140 1,852,453 y Operating profit Otner income $2,681,678 82,849 x and P. Net income. Before State $3,442,866 49,421 $3,715,732 211,079 $4,425,866 $2,764,527 33,148 464,119 $3,492,287 60,726 513,710 $3,926,811 134,765 $4,532,160 174,685 642,678 $2,267,260 Total income. Interest. Federal income taxes... x $2,917,851 subsidiary preferred dividends, beverage taxes. y 627,156 Clear Springs directors have $3,164,890 $3,714,797 Less allowances and Federa1 amount to a ,5. on May 15 last. $5.25 per share.—V. 145, p. Colorado & Southern September— Gross from railway Net after rents.. 145, p. 1936 1935 $575,445 140,473 5,871,271 1,417,616 674,978 5,260,427 1.047,610 261,297 4,300,180 537,067 defll6,696 paid on 936. $714,340 206,234 106,163 2221. was Ry.—Earnings— 1937 Net from railway. —V. an ount the current payment will $732,031 231,951 88,784 Net after rents From Jan. 1— Gross from railway Net from railway. Sin ilar Arrearages after 52.882 its associated companies 1934 $542,034 137,539 57,938 4,044,274 648,279 defl5,127' on Oct. 28 tendered their Commonwealth Investment Co.—Registers with SEC-— Commonwealth & Southern Corp. (& Subs.)—Earns. Period End. Sept. 30— Gross revenue Oper. exps. & taxes... Prov. for retire, reserve- x e Int. & other fixed chgs_. income Divs. y on pref. stock._ 1937— Month—1936 $ $ 12,574,086 6,609,139 1,346,083 1937—12 Mos.—1936 $ $ 11,333,711 147,036,545 5,972,760 76,774,533 968,627 14,703,378 131,375,343 68,154,086 11,266,927 4,618,864 3,284,726 4,392,322 3,234,971 55,558,634 39,561,793 51,954,329 40,254.293 1,334,138 749,699 1,157,351 749,768 15,996,840 8,997,301 11,700,036 8,997,075 407,583 6,999,539 2,702,961 Balance 584,43 9 Includes provision for Federal surtax on tax undistributed profits for 1936. 1937. y Reflects deduction in requirement at the rate of $6 per share per Dividends were paid in full to Jan. 1, 1935, and at the rate of $3 per share per annum since that. date. annum. New Director— Percy H. Clark has been elected a 2690. p. director of this company.—V. 145, Community Power & Light Co. (& Subs.)—Earnings— Period End. Sept. 30— Oper. revs.—subs. cos.. Gross inc.—subs. cos.._ 1937—Month—1936 1937—12 Mos.—1936 $397,320 $385,325 $4,189,218 $3,992,474 147,236 138.735 1,407,154 1,232,006 available for dividends and surplus of Community Power & Light Co 450,263 235,9.36 Note—No provision has been made for the Federal surtax Balance on undis¬ tributed net income for the year 1937, since any liability for such tax cannot be determined until the end of the year.—V. 145, p. 2387. Concordia College Corp., Moorhead, Clay County, Co., West Bend, offering $120,000 4%-4K% 1st mtge. serial bonds Minn.—Bonds Offered—B. Wis., at are par C. Ziegler & and interest. Dated Sept. 1, 1937; due serially July 1, 1938 to July 1, 1947. Principal and int. payable Jan. 1 and July 1 at the office of First National Bank, West Bend, Wis., or at option of holder at office or agency of the corporation at Moorhead, Minn. First National Bank in Moorhead is paying agency. Both principal and int. payable in lawful money of the United States of Denom. America. Water Service Co.—Accumulated Div.— declared dividend of $1.50 per share on account of accumulations on the $6 cumulative preferred stock, no par value, pay¬ able Nov. 15 to holders of record Nov. Aug. 16 and and See list given on first page of this department.—V. 144, p. 2123. 106,294 Note—No mention was made of surtax on undistributed profits.—V. 143. 580; V. 142, p. 2493 —V. 145, p. 602. The company resign," he stated. Companies associated with Commonwealth Edison Co. are Public Service Co. of Northern Illinois, Illinois Northern Utilities Co. and Western United Gas & Electric Co.—V. 145, .p 2221. 2,556,600 Co.—Earnings— a as members of the Edison Electric Institute, James Simpson, Chairman, revealed. "Being an integrated, operating intrastate unit, we are not concerned with many of the questions that are of vital import to a large number of members of the Institute and therefore we considered it good judgment to 9,448,572 1935 $1.56K Withdraws from Edison Electric Institute— No provision has been n ade for such for full preferred stock dividend 1936 $1,376,014 529,053 391,591 to resignations x to Date following statement equivalent company's $25 par value shares during This is equivalent to $6.25 on the old shares of $100 par value." 1937. Committee. Earnings for September and Year September— Gross from railway..... Net from railway Corp.—Earnings— the Net Vice-President, was elected President succeeding Fair¬ Harrison, resigned. Mr. Harrison will continue on the board as Chair- 616,473 7,669 Nov. / Ernest E. Norris, mand of the Finance deft,263 Commonwealth Edison Co., Chicago—Special Dividend , fax 663,741 3,557 def8,246 Directors on loss$81,466 Ry. $82,557 7,368 1,863 1937—3 Mos.—1936 $239,997 $583,452 2,636,878 2,636,878 com. outst. Gross incom Cincinnati New New President— 25,139 20,556 15,914 839,897 lu4,864 56,327 13,9/6 Sept. 30— 1934 $100,825 $11.1,825 1937—9 Mos—1936 $1,102,377 $1,667,400 (no par) 2,636,878 2,636,878 Earnings per share $0.09 $0.22 $0.41 $0.63 y After depreciation Federal taxes, &c. but before deduction for Federal surtax on undistributed profits.—-V. 145, p. 1581. $783,557 349,278 2,559 473,863 39,323 1935 956.957 124,652 Net profit y $765,920 17,637 $1,049,333 319,831 Other income 1936 $124,078 35,349 Commercial Solvents Period End. Ry.—Earnings— 1937 Net after rents —V. 145, p. 2222. The Subs.)—Earnings— 9 Mos. End. Sept. 30— Sales and rents $9,557,084 $8,665,275 $112,893 18,513 6,296 From Jan. 1— Gross from railway Net from railway Ry.—Earnings— & Gulf Ry.J 1937—Month—1936 1937—9 Mos.—1936 $6,728,248 $6,533,374 $61,675,779 $57,717,197 5,556,131 5,675,475 51,719,857 51,087,111 Total y Columbus & Greenville 898,707 x Includes cancellation of under repealed Carriers' Net 36,682 reserve 1936. Shs. $1,172,117 474,576 253,806 90,090 September— Gross from railway..... Net from railway 56,665 September— [Including Chicago Rock Island Net oper. income 99,803 4,435,850 Gross from railway. Net from railway 57,477,761 10,378,103 3,575,245 rents 7,133 4,631,351 .. for depreciation of $3,787,445 in 1937 and $3,495,662 Represented by 237,671 (236,716 in 1936) no-par shares, a Includes $100,000 due in 1938. The earnings for nine months ended Sept. 30 were published in V. 145, p. 2690. $7,060,094 1,734,588 Equipment 607.948 723,613 3,668 Net after rents $8,385,315 1,296,739 420,933 Joint facility rents Common stock.. 4,811,844 Capital surplus.__ 608,048 Surplus 1,321,267 y $9,557,084 $8,665,275 After x in 1934 from oper... Railway tax accruals... 150,922 800,000 1,164,900 4,797,310 bldgs., prepaid expenses 145, 1935 rev. 417,516 a700,000 1,180.200 Preferred stock... 3,024 1,636 Total 943,826 1936 Total oper. expenses 3,024 machinery, &c.. 1.920,301 1937 Period End. Sept. 30— Total oper. revenue royalties, <fcc., accrued Notes payable stock Special tool acc't x Chicago & North Western Ry.—Earnings— after rents........ From Jan. 1— Gross from rail way com. H 68.271 banks 65,666,189 13,813,302 4,851,442 6,821,697 p. 2220. Net 61.921 owned $8,347,632 2,162,289 877,912 $9,169,469 1,790,844 806,938 Act recently amended Net 24 1,775,341 1936 $420,582 1934 $9,802,532 2,292,105 1,038,917 ... September— Gross from railway Net from railway...... 65 2,506,212 1937 $518,209 Claims agst. closed Note—Income for the period Sept. 30, 1937, includes a credit of $1,523,755 reversing charges made against income in 1936 account of Railroad Retire ment 7 Deferred charges <fc 1936 80,702,359 15,324,644 after rents........ From Jan. 1— Gross from railway 38,611 & ad vs. to Miscell. RR.—Earnings 1937 Net from rail way...... in subsidiaries cents & Pacific Taxes, „ payments.—V. 145, P. 752. September— Gross from railway Liabilities— Current accts. pay. and payrolls 244,619 Inventories have declared 1936 47,000 insur. policies.. Notes receivable.. Accts. receivable. per share on the common stock, par $5, payable Dec. 1 to holders of record Nov. 10. This compares with dividends of 373^ cents per share previously distributed each three months. In addition, an extra dividend of \2lA cents was paid on March 1, last, and in each of the last three quarters of 1936. A special extra dividend of 50 cents was paid on Dec. 26, 1936. See V. 144, p. 767 for detailed record of previous dividend Net 1937 $1,516,173 $1,378,441 U. S. Govt, secur. Cash surr. val. life 598,533 565,871 30, Equipment Co.-—Consol. Balance Sheet Sept. 30— Assets— Cash Chicago Mail Order Co.—To Pay 25-Cent Dividend— The directors Oct. $1,000, $500, $100, pal. coupon, registerable as to princi¬ First National Bank of West Bend, Wis., corporate trustee and registrar; Louis Kuehlthau, West Bend, co-trustee. Wis. (presently Vice-Pre. of said bank), All bonds maturing on or before July 1, 1941, bear interest at 4% per annum; all bonds maturing July 1, 1942, to and incl. July 1, 1947, bear interest at 4H% per annum. At the option of the corporation and upon not less than 30 days' notice, any and all of the bonds, of maturities specified by the corporation, n ay be redeemed by the corporation on any interest payment date by the payment of principal, accrued interest and a premium on the principal as follows: 1% if red. be effected on or prior to July 1, 1942; A of 1% if red. be effected after July 1, 1942. In addition, the corporation may, on each int. date, at its option, which shall not be cumulative, redeem bonds drawn by lot by the corporate trustee in not to exceed an aggregate principal amount of $5,000 without payment of any premium. The net proceeds including accrued of this .issue of bonds, $110,700 (estimated without interest from Sept. 1,1937, and after allowance for $9,300 Volume 145 Financial estimated expenses) will be used principally to pay construction costs in the completion of Fjelstad Hall, a new girls' dormitory on the campus of Con¬ cordia College, Moorbead, Minn. Construction of the building was coftiJune, 1937. College is the principal property of The Concordia College Corp. Included in the lien of the indenture are the buildings of Concordia College, together with certain fixed and movable equipment therein and the site thereof. The buildings constituting Concordia College and seven dwellings are appraised at $849,246. Concordia College is one of the several co-educational liberal arts colleges operated under the supervision of the Norwegian Lutheran Church of Amer- menced in Concordia Chronicle The company advises us that on Aug. 7, last, when the par value of its was reduced from $100 to $25 per share, and a four-for- ©Id common stock one each. Consumers Power Co.—Earnings— Period End. extra dividend of 30 cents per share Oper. 1937—Month—1936 1937—12 Mos.—1936 $2,624,596 $36,731,401 $32,201,087 1,378,140 18,574,269 16,130,653 335,500 262,500 3,657,000 3,075,000 $3,149,292 & taxes.1,629,923 exp. Gross income. in quarterly dividend of like amount on the common $10, both payable Nov. 1 to holders of record Oct. 20. Similar amounts were paid on Nov. 1, 1936.—V. 143, p. 2673. stock, Sept. 30— Grossrevenue Prov.for retire, reserve. Consolidated Amusement, Inc.—Extra Dividend— an split-up was effected, it at the same time paid a stock dividend of 25% increasing the capital stock to $10,000,000 or 400,000 shares of $25 For detailed record of cash dividends see V. 145, p. 2541. thus x The directors have declared addition to the regular 2841 Consolidated Water Power & Paper Co.—Stock Div.— $983,955 $14,500,131 $12,995,434 331,227 4,295,869 4,634,014 $1,183,868 358,161 Int. & other fixed charg. par Int. on Int. on 1936 1937 400,264 98,079 10,943 10,489 5,109 354,443 108,339 12,377 10,478 4,941 $32,796 15-yr. 1st mtge. 6% cum. inc. bonds 15-year 6% cum. income notes Bond discount and expense ^ Loss on retire, of fixed assets, oper. of dwellings, &c $557,680 $75,452 $8,361,420 4,207,989 $302,047 $5,803,385 $4,153,431 No provision was made in x 794,247 $566,029 $652,729 $10,204,262 350,681 4,009,207 391,669 $475,004 Balance $1,360,277 834,801 Gross profit on sales Selling & adminis. exps., incl. expense applic. to nonoper. periods (less miscell. income) $825,707 285,424 65,278 pref. stock on Amort, of pref. stock exp $1,392,482 ——v Net income Dividends Consolidated Cement Corp.—Earnings— 12 Months Ended Sept. 30— Net sales..--..-. Cost of goods sold ' 1936 for Federal surtax Erofits as made for such tax infor that all taxable income 1937. been as O. Sewall Clark has been elected a director of this company O. M. Clark, deceased.—V. 145, p. 2222. Continental Insurance Co,—New announced 1, 1936, the company started providing full depreciation Fredonia, Kansas and Cement City, Michigan during nonoperating periods. Hence, in order to have truly comparable figures in the above statement it was necessary to add to active plants at both operating and actual profit-and-loss figures for the last three months of 1935 the ap- Eroximate additional amount of depreciation which would have been taken ad the present depreciation policy been in effect at that time. Figures in the above statement for the first nine months of 1937 are per company books and are subject to adjustment upon final audit at the end of the cal. Earnings for 12 Months Ended July 31, Total operating expenses and taxes Net earnings from operations Overalina From sales of elec.energy$42,177,791 $41,923,783 $182731,632 $176735,897 From sales of gas From sales of steam From miscell. 8,129,664 822,218 463,679 sources-__ 8,491,252 819,066 622,204 2,027,173 Total oper. revenues..$51,593,352 $51,856,305 $234849,328 $232616,942 Operating expenses 28,193,783 26,385,167 114,740,102 110,738,630 Retirement expense 3,921,323 4,291,050 19,043,224 18,694,180 Taxes (incl. provision for Federal income tax) 11,872,365 10.377,532 x48,151,776 44,695,772 _ . Operating income $7,605,881 $10,802,557 $52,914,226 $58,488,359 99,563 94,495 417,419 265,906 Non-oper. rey. deduct'ns -Prl21,952 Dr116,746 Dr502,643 Dr461,392 Non-oper. revenues Gross corp. income... Int. on long-term debt__ Miscell. int., amortiz. of debt discount & exp. & $7,583,492 $10,780,306 $52,829,002 $58,292,873 4,132,085 4,438,197 16,092,877 19,876.640 miscell. deductions Divs. on affil pref. stock held cos. 229.252 215.518 899,075 1,098 158,144 y301,984 Net income Cotton States Portland Cement Co.- Crescent Public Service Co. (& Subs, Period End. Sept. 30— Gas purchased. 10,585,384 10,496,245 25,808,436 14,345,659 55,057 stock of affil. .——----- - ----------- subs.) ----- Income from operationNon-operating income (net) M.kwh. 1,345,559 7,593,992 894,832 1,246,035 7,572,091 902,347 5,540,653 37,843,586 10,461,255 $485,138 14,761 $663,853 23,523 $497,055 $499,899 229,053 $687,376 304.223 227,925 89,629 77,390 151,542 $179,501 $193,455 $231,611 171,113 - $60,498 Notes—It is the policy of subsidiary companies to make appropriations the reserve for renewals and replacements at the end of each calendar therefore the above statement for the first nine months of 1937 and results before deducting such appropriations. Provision for and replacements for 12 months ended Sept. 30, 1937 is the amount set up for the calendar year 1936.—V. 145, p. 1095. year; 1936 shows renewals Crosley Radio Corp.—New Vice-President— Charles R. D'Olive has been appointed refrigeration division.—V. Vice-President in charge of the 145, p. 1095. Crowell Publishing Co.—New Chairman— 4,972,234 37.664,650 11,368,644 x Includes a provision of $5,384 for Federal surtax on undistributed I profits, y Exclusive of divs. in arrears on New York Steam Corp. cum. pref. stocks held by the public amounting to $83,668. Joseph P. Knapp has been elected Chairman of the Board, succeeding W. Maxwell, who resigned recently. Mr. Knapp will continue as Chairman of the Executive and Finance Committees.—V. 145, p. 756. Lee Crown Cork & Seal Co., Ltd.—Extra Dividend— Earnings for 3 and 12 Months Ended Sept. 30 (Company Only) Sept. 30— 1937—3 Mos—1936 1937—12 Mos.—1936 Electric Operations— Operating revenues: From sales of el.energy$22,479,266 $23,087,745 $98,846,172 $98,017,784 From miscell. sources. 477,455 701,071 2,140,051 3,300,254 The directors have declared an extra dividend of 20 cents per to the regular addition quarterly dividend of like amount stock, both payable Nov. 15 to holders of record Oct. 30. were distributed on Nov. 16, 1936.—V. 143, p. 2364. Cummins Distilleries Earnings for Total oper. revenues$22,956,721 $23,788,816 $100986,224 $101318,038 13,151,402 12,694,938 52,185,574 50.099,347 1,769,003 2,006.508 8,156,958 8,134,303 Operating expenses Retirement expense Taxes (incl. prov.for Oper. income—electric $3,735,826 Manufactured Gas Opers.— Operating revenues: From sales of gas 6,791,852 From miscell. 3,596,688 x18,233,100 Total oper. revenues $6,796,811 Operating expenses—5,512,551 Retirement expense 285,006 Taxes (incl. prov.for Fed. income tax) 1,672,238 $3,062,841 Non-oper. revenues 5,150,220 Non-oper. rev. deduct'ns Dr383,628 long-term debt-Miscell. int., amortiz. of debt discount & exp. & on $7,829,433 2,568,083 miscell. deductions 1937 $1,022,655 923,477 $99,178 — Total income 7.160,545 34,064,755 163,860 126,350 34,962,244 649,280 7,357,006 $136,390 $1,793,071 $3,120,646 $5,627,073 $24,203,663 $29,693,612 4,585,252 23,509.281 17,881,998 Pr339,911 Drl ,455,710 Prl ,370,505 - Balance Sheet Aug. 31, 1937 Assets— i — 18,844 Notes & trade (less res.) 13,317 Accrued expenses and taxes Inventories.——— bank loans Securing collateral trust notes. accept—(unsec.) Acc. pay.—officers & erap Notes payable—banks (sec.) 1,585 Accrued interest receivable a UaMlitlesAccounts payable $10,279 . 105,456 378,945 Notes Deferred charges &c - b Collateral trust notes 104,864 5% bonds payable 5% Mortgage lien notes 147,639 628,884 Capital surplus 962,607 Earned surplus Divs.deciared $5 on common stock. Sales of 10,589,858 10,496,245 x Includes a $24,746,847 $21,281,029 _ gas—M.cu.ft— provision profits.—V. 145, p. 2541. $1.144,8101 Total cum. Balance avail, for divs. on 775,803 6,628,571 of $5,384 - 27,500 2,017 8,771 172,857 233,210 14,664 102,924 $6,700,317 $35,336,705 $31,777,274 preferred stock Sales of electric energy— M. kwh 1,000 16,000 - Preferred stock $102,651 49,055 14,979 5,228 53,952 340,000 Deferred Income Reserve Common stock $5,108,818 — payable—misc.—sec.).. 511,519 Fixed assets $9,872,414 $46,257,234 $46,205,105 3,024,458 10,291,645 13.465.224 152,531 Net income $28,218 17, 286 14,481 _ Cash 7,037,908 I Net profit $7,324,405 $34,191,106 $35,611,524 5,073,841 23,215,181 23,178,158 299,723 1,918,691 2,181,970 1,814,451 $162,756 134,538 —-—- Dividend paid on common stock. Dividend paid on preferred stock. Coll. pledged on Total oper. income— 31, Expenses-- Accounts resolvable, Oper. income—gas--.loss$672,984 Aug. — 16,511,422 $5,490,683 $22,410,592 $26,572,966 4,958 sources. Gross corp. income— Ended Gross profit on sales 4,300,490 share in on the common Similar amounts Corp., Inc.—Earnings— Year Net sales Cost of goods sold Fed. income tax) Int. $479,650 17,405 - energy— Sales of gas—M.cu.ft-Sales of steam—M.lbs_. Period End. ___ Depletion 151,469 def$913,809 $11,104,160 elec. - Taxes (incl. Fed. inc. tax of held by minority Balance of — - Operationg (incl. uncoil, accts.) Maintenance )—Earnings— 12 Mos. 1937 1937—9 Mos. —1936 $1,830,294 1,732,306 $2,457,586 356,333 334,271 473,299 72,799 68,312 99,449 613,019 552,914 808,515 96,587 116,688 141,146 200,570 162,523 255,698 11,334 12,458 15,625 Total operating revenue Power purchased. to pref. stock the ■Registers with SEC Balance to surplus stockholders Sales $88,793 - Provision for renewals and replacements. N.Y.,Inc.,com.stk. com. $150,439 56,052 5,594 - Balance On Consol. Ed, Co. of cos. --$150,927 $35,535,067 $36,097,532 On Consol. Ed, Co. of New York, Inc., $5 On ' -.-$303,284 *152,357 See list given on first page of this department. the cum. - 2691. p. * cos. held by public, deducted from income): - Includes $10,435 provision for Federal undistributed profits tax for x _ of affil. - calendar year 1936. No provision for such tax has been made in 1937. The amount included in this statement is approximately $7,365 less than a tax computed on the income for the 12 months ended July 31, 1937.—V. 145, 639,081 $3,221,058" $5,968,447 - Dr487 Fixed charges of subs Divs.deciared (excl.divs. declared on pref .stks - Amortization of bond discount and expense of x 1937 ; -------- 1,679.621 by the public ... Net earnings Interest on funded debt 40,933,209 10,696,804 4,251,033 40,245,609 9,844,914 , ---------- Income from other than operations Net income Consolidated Income Statement (Company and Affiliated Cos.) Period End. Sept. 30— 1937—3 Mos.—1936 1937—12 Mos.—1936 Secretary— Copper District Power Co.—Earnings— Total operating revenues.-------- year.—V. 143, p. 2678. Consolidated Edison Co. of New York, Inc.-—Earnings succeeding was elected Secretary of thiscompany.it was by President Bernard M. Culver.—V. 145, p. 1414. Sept. 30, 1937, Effective Jan. undistributed No provision • New Director— Note—Charges included in the above profit-and-loss accounts and in finished cement inventory for depreciation and depletion were as follows:12 mos ended Sept. 30, 1936, $174,365 and 12 mos. ended on on year was distributed. Victor Kurbyweit on Oct. 21 Net profit before Federal income tax.. ----- ----- a After reserve for depreciation Total of $38,020. $1,144,810 b $25,000 is in effect a demand note secured by a collateral trust certificate for a like amount. Note—Before the completion of audit all warehouse receipts for whiskey sold were withdrawn or were in process of withdrawal as direct collateral. —V. 145, p. 2691. 741,283 6,612,664 for Federal 3,258,385 32.638,517 surtax on 2,938.280 32,813,578 undistributed Curtis Mfg. The Co.—To Pay 50-Cent Dividend— have declared a dividend of 50 cents per share on the stock, par $5, payable Nov. 22 to holders of record Nov. 6. A directors common Financial 2842 27, last; a dividend of 50 cents was paid 1936, and 25 cents per share was distributed on Aug. 1, 1935, dividend paid since April 1, 1932 when a regular quarterly dividend of like amount was distributed.—V. 145, p. 2223. Chronicle similar amount was paid on Feb. Feb. on 1, has Curtis The Publishing Co.—Accumulated Dividend— have declared directors a per July 1 and April 1 last; Dec. 15 and Oct. 1, 1936, and in each of the eight preceding quarters, and compares with $1.25 per share paid on July 2, 1934, 75 cent? per share on April 2, 1934, and 50 cents per share on Jan. 23, 1934 In addition, a dividend of 25 cents was paid on Dec. 21, 193o.—V. 145, p.. 2388 wi:..-;';; v";• . 1937—9 Mos.—1936 $1,312,639 $980,553 p. After Federal 2069. 1935 1934 4/6,295 322,676 $1,967,462 286,286 180,027 $1,767,366 56,987 18,416,061 2,995,223 17,199,499 1,906.016 17,580,321 1,687,676 1,831.204 1,167,960 1,155,128 1936 $2,155,460 206,828 91,610 19,216,840 3,594,910 2,330,476 Net from railway Net after rents From Jan. 1— _. Net from railway Net after rents ... also will company debentures; $185,000.— 1934 1935 1936 $511,689 191,836 120,550 $525,582 206,893 140,532 $493,797 239,740 179.211 $391,319 156,144 99,899 5,855,254 5,788,295 2,918.237 2,024,927 6,160,407 3,239,276 2,441,649 4,585,504 2,298,463 1,615.065 - . Net from railway—__ Net after rents 2,839.283 . 1,816.327 - ' 145, p. 2224. Detroit & Toledo Shore Line RR.- -Earnings— 1937 1936 1935 1934 $278,654 141,465 68,602 $254,727 $288,399 160,416 84,382 $169,490 63,626 13,517 railway—2,836,003 Net from railway 1,554,610 Net after rents 801,422 —V. 145, p. 2388. 2,812,010 1,511,628 2,534,272 1,351,803 699,838 2,221,635 1,163,249 Seplember— Gross from railway Net from railway Net after rents From Jan. 1— defl0,010 2223. 127,276 57,649 Diamond T Motor Car 752,475 567,262 Co.—Earnings— less discounts, re¬ Federal excise & State sales taxes... $10,792,983 Gross sales of new trucks and service parts, turns, allowances. 9,398,517 Cost of sales Gross Delaware Lackawanna & Western ' September— Gross from railway Net from railway 1937 $3,878,056 768,132 338,743 RR.—Earnings1934 $3,514,103 658,631 300,137 1935 1936 $4,071,763 Net after rents... From Jan. 1—'.'V- $3,802,275 921,346 542,235 921,664 571,730 $1,394,466 ! 8,645 Total $1,403,111 profit ...^ Gross profit on sales of used trucks 965,563 Selling, general & administrative expenses Profit... $437,548 22,072 — ■ 37,882,199 8,487,010 4,498,005 Gross from railway Net from railway Net after rents —V. 145, p. Other income 33,781,776 6,891,318 33,181,009 5,165,745 2,000,836 36,527,237 7,015,011 3,853,756 3,531,098 2223. Dentists ..U. Supply Co. of N. Y.—Pays Special Dividend— 1937 $2,899,613 703,686 September— Gross from railway Net from railway 358,151 Net after rents.. From Jan. 1— Gross from railway Net from railway...... Net after rents Distilled Liquors Corp. $0.93 -Earnings— (& Subs.) xl935 1937 1936 $1,048,997 25,084 $1,253,492 81,175 $829,451 28,589 $1,023,912 $1,172,317 $800,862 .... 19,597,443 943,453 1,171,538 710,358 Net $80,459 $779 1,176,920 def746,963 $90,503 62,068 51,728 80,605 83,965 31— RR.—Earnings- 1936 $2,663,056 736,395 441,370 17,962,989 2,565,072 275,968 14,414,069 2,518,903 716,590 1934 1935 $2,166,314 677,185 447,795 $2,064,382 583,915 314,222 , 13,623,704 3,100,011 1,509,332 Returns and allowances. Net sales Denver & Salt Lake Ry.-—Earnings1937 September— $280,736 88,306 94,809 Gross from railway Net from railway Net after rents 1935 $261,784 146,183 1936 $296,140 137,581 1934 154,920 175,227 $242,492 151,589 173,678 1,880,858 430,285 604,606 1,404,680 556,593 1,010,496 379,274 812,321 415,569 From Jan. 1— 1,848,452 378,265 Gross from railway Net from railway 508,323 Net after rents.. 2223. profit from sales General expenses and other charges (net) Idle plant expenses. Net loss from sale of office furniture, fixtures and plant. Prov. for Fed. inc. & excess profits tax 1937—Month—1936 - $127,559 $34,262 x Operations of Bluebell Importing Corp. are for the period from date of acquisition, April 1, 1935 to Aug. 31, 1935. y The amount of $47,733 Feb. 1, 1936. Consolidated Balance Sheet Aug. 31 1937—9 Mos.—1936 $119,605 $53,538 Accounts receiv. 31,892 98,933 Notes receivable.. 1,592 Cash $50,000 Note pay., bank.. Accts. payable & Net 33,825 49,580 $27,120 343,264 $435,677 Current Assets and Current Liabilities Sept. Current assets Current liabilities Working capital —V. 145, p. 2070. z Capital stock Capital surplus... 1936 $361,251 130,000 1,159,342 795,989 363,354 743,750 furn. & fixtures. x 1934 $74,033 29,800 18,856 1935 $70,848 26,006 21,771 672,433 150,133 76,702 544.911 101,292 57,935 459,516 50,319 22,760 462,161 75,214 88,454 25,632 1— Net after rents.. —V. 145, p. 2223. Detroit Motor Bus Detroit Steel Corp.—Earnings— [Including Craine-Schrage Steel Co., subsidiary] z 770,051 195,659 $1,527,847 $1,585,806 Sept. 30— Net profit capital stock out¬ standing (no par) Earnings per share Co.—Earnings 1937—3 Mos.—1936 $219,595 $260,247 1937—9 Mos.—1936 $936,209 $710,552 Shares 206,195 280,426 206,195 $2.99 $3.34 $0.93 $0.91 a After depreciation, Federal income taxes, &c. Net profit for the 12 months ended Sept. 30, 1937, was $1,121,926 after depreciation, normal Federal income and excess profits taxes and provision of $110,000 for surtax on undistributed profits, equal on present capitaliza¬ tion, to $4 on 280,426 shares of capital stock outstanding at close of the period.—V. 145, p. 605. 280,426 (The) Drake N. Y. City—Hearing on Reorganization— Earnings for 9 Months Ended Sept, 30, 1937 hearing to be held Nov. 12, 28, 1937 for the $2,417,000 6% bonds according to Eli T. Watson & Co. reorganization to be considered at the Nov. 12 hearing con¬ templates the acquisition of the property for the sole benefit of the present first mortgage bondholders wno would receive new income bonds on a par for par basis. These new bonds would bear interest, if earned, up to a maximum of 5% per annum, of which 3% would be cumulative. The new bonds would mature in 15 years and would be entitled to amortization out of the balance of net earnings remaining after payment of the income interest. —V. 145, p. 2388. Supreme Court Judge Cotillo has ordered a 1937 on the reorganization plan dated Sept. first mortgage The plan of Net profit after depreciation, Federal income taxes and provision for undistributed profit surtax $566,459 Earnings per share on 206,250 common shares. 145, p. 1416. $2.75 —V. (W. S.) Dickey Clay Mfg. Co .—Dividend Rescinded— declared on the preferred stock of this company rescinded at a special meeting held on Oct. 18, banking interests and representatives of four insurance companies. The dividend of $1 a share on the preferred called for payment of 25 cents in cash and 12 shares of common on each 100 shares. Objections were was attended by officers and directors of the company, made by the Hartford Accident & Indemnity and the Maryland Casualty Insurance Co. and two other companies, which own about 70% of the outstanding common stock. Under the agreement reached on Oct. 18 the new dividend on the pre¬ ferred stock will remain at $1 a share, but will be paid 50 cents in cash and one-half share of $1 pAr class A stock for each share of preferred. For each 100 shares the holder will receive $50 in cash and 50 shares of class A stock. The class A stock will be treated the same as a note, in that it will be entitled to 6% interest, payable annually. The stock has no and if interest is not paid it is entitled to voting privileges. Draper Corp.—To Cancel Treasury Stock— Stockholders have been called to vote on Nov. 16 on a proposal to shares The $1 a share dividend Total 169,304 770,051 2 29,922 surplus... Deficit 743,750 177,000 and allowances of $10,086 in 1937 and $5,751 After reserve for depreciation of $102,583 in 1937 and $77,718 Represented by shares of $5 par.—V. 143, p. 2676. y 1936. a Paid-in 5,611 ............ Co.—Liquidating Dividend-— a liquidating dividend of 10 cents per share Nov. 10 to holders of record Nov. 1. This dividend paid and compares with 10 cents paid on July 10, last; 15 cents paid on Dec. 10, 1936; 25 cents, paid on Dec. 10, 1935; 10 cents paid on May 6, 1935; 22 cents on Dec. 10, 1934; 12H cents on Dec. 20 1933; $1 in Feb., 1932, and 40 cents per share paid in December, 1932.—V. 144, p. 4177. ago 12,167 expense After reserve for losses in 1936. have declared the capital stock, payable will be the ninth liquidating on weeks 49 8,635 _ $1,527,847 $1,585,806 Period End. 1936 $79,262 26,866 19,723 after rents. Gross from railway Net from railway several 785,016 748,708 49 Total in 35,054 63,343 Deferred charges. Ry.—Earnings— 1937 $88,722 28,227 Net from railway The directors Ld., bldgs., ma- Suspense account. 636,102 Doehler Die Casting Mackinac September— Gross from railway From Jan. MLscell. reserves.. accrued _ 617,366 Trade mark 594,104 Due banks. y $232,060 $618,421 180,000 1,534,818 940,714 Cash in bank Net 333,128 30 1937 Detroit & $565,188 Inventory $12,692 profit $778,942 $9,321 2,000 chin'y, equpt. & $76,700 1936 1937 Liabilities— 1936 1937 Assets—• x $46,517 2,000 prof$4,538 represents total idle plant expenses for the period from Feb. 1, to Aug. 31 1936. Prior to this period idle plant expenses were charged to inventory. Cost of sales during the year includes a pro rata portion of charges for idle plant expenses prior to Sept. 30— Oper. profit, before nonprod. devel., deprec. and depletion....... Non-prod, dev., deprec., and depletion y47,733 925 Net loss for the year. Derby Oil & Refining Corp. (& Sub.)—Earnings— Period End. • Cost of sales, advertising and selling — 145, p. 2542. p. $391,204 expense Denver & Rio Grande Western 145, $459,620 744 67,671 Net income (subject to Federal surtax) Earnings per share on 421.259 shares capital stock —V. 145, p. 1899. Years Ended Aug. —V. . ..J. Total profit...... Interest paid..: Provision for Federal income & excess profits taxes The company paid a special dividend of $1 per share on the common stock, no par, on Oct. 25 to holders of record Oct. 14. The regular quar¬ terly dividend of 75 cents per share which had been previously declared will be paid on Dec. 1 to holders of record Nov. 20. An extra dividend of 50 cents was paid on Dec. 21, 1936.—V. 112, p. 266. —V. be RR.—Earnings— 1937 . Net from railway Net after rents _ Gross from railway —V. 145, p. Detroit Toledo & Ironton September— Gross from railway. Gross from RR.-—Earnings— 1937 $2,012,803 September— Gross from railway the V. 145, p. 108. income taxes, deprec., interest, &c., Delaware & Hudson . distribution, cash the preferred called for a retirement of about $130,000 of the current dividend action will call for a retirement of about —V. but before surtax. Current assets as of Sept. 30, 1937, including $511,576 cash amounted to $5,260,966, and current liabilities, including $600,000 notes payable, were $748,426. This compares with cash of $815,148, current assets of $4,279,692 and current liabilities of $676,577 on Sept. 30, 1936.—V. 145, a provided for. increased $2.97 $3.97 $1.23 $0.94 or the Gross from railway 1937—3 Mos.—1936 $310,146 $406,759 Period End. Sept. 30— Net profit Earns, per sh. on 329,999 Shs. cap. stk. (no par) of required to retire about $50,000 of additional 5% debentures, as provided for in the indenture of the reorganization. The 25-cent cash distribution from Jan. 1— Cutler-Hammer, Inc.—Earnings— a retired view 1937 30, on share on account of $100, payable Jan. 3,1938 to with $1.75 paid on Oct. 1, dividend of $1 been In this latter being the first accumulations on the 7% cum. pref. stock, par holders of record Nov. 30. This compares Oct. be paid on the outstanding common until the class A No dividend can fixed maturity now cancel the held in the treasury and to pay a 25% stock dividend on outstanding shares. There are outstanding 350,000 no-par shares of stock, carried at a stated value of $50 a share, of which 35,900 shares are held in the treasury. The stock dividend on the remainder would increase outstanding shares to 392,625, with a stated value of $35 each. Of the reduction in capital, $1,795,000 would be accounted for by retirement of the treasury stock, and $1,963,125 carried to surplus, which was $1,485,065 on Jan. 2.—V. 144, p. 3669. Driver-Harris Co.—To Call Bonds— notified the trustee that it will call for redemption on 1, $250,000 principal amount of its outstanding bonds and $25,500 sinking fund purposes. This will leave outstanding, excluding amount held in the treasury, $119,000 principal amount. On Jan. 1, 1937, there was outstanding $667,500 principal amount. It is understood that if conditions are sufficiently favorable the company The company has Dec. for may consider retiring the additional amount of $119,000 before the 145, P. 2071. of 1937 —V. close Volume Financial 145 Duluth Missabe & Iron Range Ry. —Earnings— r Gross from railway Net from railway Net after rents—.—... From Jan. 1 — : Gross from railway Net from railway $3,201,930 2,356,472 2,379,530 $1,710,768 1,074,178 954,732 768,064 776,313 23,999,877 15,920,657 12,972,736 14,433,891 9,709,906 4,751,756 3,922,461 8,241,218 2,992,813 2,336,441 8,437,584 7,106,693 2224. p. Duluth South Shore & Atlantic Ry. 1935 $196,307 49,143 31,020 2,268,294 2,201,630 1,792,431 1,707,064 629,553 458,169 W* , 691,654 503,664 464,136 341,666 of the lamps would in their use infringe the patent rights and would be sued for infringement." By so doing, it is claimed, these two companies have "induced prospective customers who are to buy Duro-Test products The directors have declared $88,635 def2,897 def 16,300 $110,074 26,814 8,455 def643 1934 1935 1936 1937 $116,522 16,670 after rents East Coast Public Service Co. .(& $81,455 def 2,369 Operation (including uncoil, accounts) Maintenance Taxes (incl. 1,080,314 1,011,747 758,710 649,947 215,382 15,585 Gross from railway 171,766 def38,ll4 def 18,975 def138,990 def48,557 $174,586 15,685 (E. I.) du Pont de Nemours & Co. (& Subs.)—Earnings 1937—3 Mos.—1936 1937—9 Mos.—1936 Fixed charges of East operations..$14,527,617 $13,534,892 $47,282,362 $38,167,630 102,847 61,004 169,900 180,609 475,000 382,648 855,853 730,040 2,834 718,009 2,359,799 1,653,256 1,304 loss288,024 84,989 9,779,138 12,091,378 22,002,195 29,333,949 investments securities (net) Income received from in¬ vestment Motors Before provision for renewals Int. 68,226 68,845 90.959 $121,745 $80,745 $152,119 and repla.. emants, Federal income and Period End. Sept. 30— Railway oper. revenuesRailway oper. expenses- before shows results Eastern Massachusetts Street deducting Ry.—Earnings— 1937—9 Mos.—1936 $5,102,155 3,181,671 3,214,234 1937—Month—1936 $504,000 $502,308 355,100 327,292 $4,946,134 $148,900 $175,016 $1,764,463 42,298 33,206 371,701 314,131 $106,602 $1,392,762 53,443 $1,573,790 71,063 General in Corp. Net ry. oper. revs Taxes--. Total — - undistributed profits taxes of East Coast PuLLo Service Co., &c. Note—It is the policy of subsidiaries to make appropriations to their reserves for renewals and replacements at the end of each calendar year; miscellan¬ from Balance. therefore, the above interim statement such appropriations.—V. 145, p. 1096. owned on $243,077 ---------- a 589,148 securities Income from investment in controlled cos. not eous 307 $149,589 Coast Public a Income $243,385 7 $189,971 __ Service $18,636,158 $17,322,927 $59,391,136 $49,521,933 deprec, &obsol. 4,108,541 3,788,035 12,108,774 11,354,303 Income from marketable Profit $149,596 public Net income. for deprec. and wholly $222,317 21,067 300 (net).. Gross income in hands of obsolescence Inc. from $140,280 9,316 $190,271 Non-operating income Fixed charges of subs, on obligations 2224. Period End. Sept. 30— Income fr. opers. before Prov. for _ def 60,145 • prov. Federal income of subs.) Subs.)—Earnings— 1937—9 Mos.—1936 12 Mos. '37 $547,432 $496,867 $713,419 61,415 52,122 80,313 227,145 206,620 297,391 37,003 59,678 52,553 47,283 38,166 60,844 def20,557 Income from operations Net from railway Net after rents p. dividend of 50 cents per share on thf capital Total operating revenue Power purchased From Jan. 1— 145, a stock, par $12.50, payable Nov, 26 to holders of record Nov. 17. This compares with $1 paid on July 15, last, and on Dec. 31, 1936 and 50 cents paid on Dec. 31. 1935. ana on Jan. 25. 1935—V. 145. p. 109. • 155,260 Winnipeg & Pacific Ry.—Earnings- Gross from railway Net from railway —V. so."—V. 145, p. 2692. Dwight Mfg. Co.—Smaller Dividend— Period Ended Sept. 30— September— Net manufactured by Duro-Test that 346,468 Net after rents...... —V. 145, p. 2224. Duluth of lamps purchasers 1934 $255,357 104,263 90,986 1— Gross from railway Net from railway prospective the Duro-Test lamps infringe patent rights of the Walsbach Street Lighting Co. of America and the American Development Co., and that purchasers to refrain from doing 1936 $263,999 73,075 46,720 .. Net after rents From Jan. -Earnings— 1937 $277,647 94,812 72,391 September— Gross from railway Net from railway Street Lighting Co of America and the American Development Co., defendants, has been upheld by the U. S. District Court for the District of Delaware, over the objection of the defendants, who moved for dismissal on the grounds that there was no cause for action. Maxwell M. Bilofsky, President of Duro-Test Corp., in a statement Oct. 25 said that the two defendants "have been representing to purchasers and Net after rents 145, $1,383,451 $3,783,507 2,700,244 2,180,958 _ —V. 1934 1935 1936 1937 September— 2843 Chronicle $25,617,476 $26,789,235 $72,382,085 $70,009,581 outstanding bds_ 14,187 14,187 42,562 42,562 — — — $1,887,921 4,745 $141,810 7,281 7,400,000 Gross corp. income-.Int. on funded debt, $111,347 $149,091 $1,446,205 $1,644,853 $22,963,289 $23,875,048 $62,799,523 $62,567,019 Divs. on debenture stock 1,639,396 1,639,396 4,918,189 4,918,189 Div. on preferred stock —$4.50 cumulative-a675,000 -----a675,000 ------ &c r Deprec'n & equaliza'n__ 52,261 478,425 561,420 104,472 55,900 103,178 942,228 978,208 $45,386 $9,987 on Prov. for Fed. taxes on applic. (S. de to com¬ du I.) Eastern Utilities Co.'s " , stock is__ 58,802,062 22,554,444 , 58,661,815 , and surplus " „ 11,036,490 $5.33 11,048,128 11,026.596 $1.92 $2.04 11,050,973 $5.31 — be determined until the end of the For Surplus Account Sept. 30 1937 1936 62,799,523 Adjustment resulting from revaluation of Invest¬ ment in General Motors Corp Transfer to capital stock account in connection with issue and sale of 500,000 shares pref. stock—$4.50 cumulative for $48,750,000 62,567,019 1,890,112 Note—No provision has been made for the Federal surtax on undistrib¬ net income for the year 1937 since any liability for such tax cannot uted Ebasco Services $226,236,595 $196,312,228 1,700,341 309,824 1,851,898 Other income of Eastern Utilities Associates Balance for Eastern Utilities Associates dividends out¬ Surplus at beginning of year Net income nine months year.—V. 145, p. 2389. Inc.'—Weekly Input— the week ended Oct. 21, 1937, the kilowatt-hour system input of which are subsidiaries of American Power Co., Electric Power & Light Corp. and National Power & Light the operating companies & Light Co., as compared with the corresponding week during 1936, was as follows: Increase a8,500,000 al4,000,000 1936 Electric Power & Drl,250,000 Amount % 111,873,000 52,071,000 81,255,000 Operating Subsidiaries of— 1937 Co—114,769,000 Light Corp__ 56,982,000 National Power & Light Co-.-- 81,804,000 —V. 145, p. 2692. American Power & Light —$296,286,118 $272,879,247 on deb. stock ($1.50 quar.—$4.50)._ 4,918,189 4,918,189 Div. on pref. stock—$4.50 cum. ($1.35 a share) b675,000 Divs. on com. stock (1937—$4.25; 1936—$4.10) 46,913,359 45,314,585 Total Dividends 1936 $8,466,225 1,673,168 309,824 Utilities Associates.' 21,170,467 b footnote below. See. 1937 Operating revenues, subsidiary companies $8,673,266 earnings of subs. cos. applicable to Eastern number of shares of common stock standing during the period Amount earned a share- Associates—Earnings— Net owned, amount earned a sur$25,552 sur$105,225 12 Months Ended Sept. 30— in undivided profits or losses of con¬ trolled cos. not wholly Avge. loss before prov. for retire, losses Pont & Nemours common Net —V. 145, p. 2389. equity on rents, $20,648,893 $22,235,652 $57,206,334 $57,648,830 stock... mon Incl. 9,540,000 2,900,000 2,640,000 income Bal. after taxes Other income inc. (incl. prov. for sur¬ tax on undist. profits) Net Net 2,896,000 4,911,000 549,000 2.6 9.4 0.7 - Eddy Paper Corp.—Larger Dividend— The directors have declared a dividend of $1.35 per snare on tne common value, payable Dec. 28 to noldors of record Dec. 10. This with 75 cents paid on Aug. 30, last; 60 cents paid on May 28 last; 30 cents on Feb. 27 last; 20 cents paid on Dec. 20, 1936; 30 cents on Nov. 30, Aug. 31 and May 30, 1936; 40 cents on Feb. 29, 1936, and on Nov. 30, 1935, and 30 cents per share paid on Aug. 31, 1935.—V. 145, p. 2072. stock, no par compares Surplus at Sept. 30 a In accordance the company $243,779,570 $222,646,473 - the value of du Pont Co.'s Invest¬ Corp. common stock was adjusted on the books of with past custom, ment in General Motors in March, 1936, to $176,000,000 ($17.60 a share) and in Elgin Joliet & Eastern Ry.—Earnings— 1937 1936 1935 March, 1937, to $184,500,000 ($18.45 a share), which closely corresponded its net asset value as shown by the balance sheets of General Motors September-— to 31, 1935, and Dec. 31, 1936, respectively. b An initial dividend of $1.35 a share on the new pref. stock—$4.50 cumulative, was declared Aug. 16 for the period from July 7, the date of issue, to and including Oct. 25.—Y. 145, p. 2692. Corp. at Dec. Duquesne Light Co*—Earnings— 12 Months Ended Aug. 31— Operating revenues Operating expenses, maintenance Net operating revenue Net operating revenue and other income (before Appropriation for retirement reserve Gross income Rents for lease of electric properties Interest charges (net) Amortization of debt discount and expense Appropriation for special reserve Other income deductions.-, p. $14,215,699 $14,299,996 181,474 177,706 2,451,209 2,457,206 315,940 316.143 500,000 113,874 Pay Div. on Account of Litigation— announced that since it made final settlement of patent July 1, last and previously regular quarterly were distributed.—V. 145, p. 1582. -Bill of Complaint Upheld by Delaware A bill of bulb complaint brought by the corporation, largest independent manufacturer in the United States, against the Welsbacb 384,784 $676,560 49,692 def66,016 13,578,784 4,032,297 10,193,107 2,786,216 7,930,340 1,560,367 2,720,174 1,917,531 470,894 $1,562,299 470,686 17,786,036 5,981,176 3,788,762 (& Subs.)—Earnings■— Earns, per sh. on 1,237,500 shs. com. stock--_ 1937—9 Mos.—1936 1937—3 Mos.—1936 $541,675 and Federal taxes ■ $0.44 $2,153,893 $632,574 ■ ■ " $2,191,332 - $1.74 $0.51 $1.77 2073. Equity Shares, Inc.—Dividend Reduced— The directors have Nov. 18 to holders of declared a dividend of 10 cents per share, payable record Nov. 5. This compares with 50 cents paid on May 18, last: and 20 cents paid on Oct. 20, 1936, and on Dec. 20, 1935, this latter payment being tnc initial distribution on the stock.—V. 145, P. 940. ' Erie RR.—Earnings— [Including Chicago & Erie RR.l Net from railway-----Net after rents.. GrossTrom71railway Net from railway- Net after rents.. —V. 145, p. dividends of 75 cents per share Court Decision-— electric Sept. 30— profit after charges —V. 145, p. 1934 $1,110,082 265,189 172,960 $1,958,151 655,324 382,244 2225. Gross from railway litigation which had been pending many years, directors directed distribu¬ tion pro rata to common stockholders of the net income accruing from this source through payment on Nov. 6 of 82.82 cents a share on the common stock to holders of record Nov. 1. A dividend of 75 cents was paid on Oct. 1, last; one of $1.25 was paid on Duro-Test Corp.- . Electrolux Corp. Net 78,594 2692. company — September— Duke Power Co.—To The —V. 145, p. .$10,653,200 $10,770,346 Net income.. 145, $16,671,045 $16,431,019 2,455,346 2,131,023 500,000 —— Gross from railway. Net from railway Period End. $16,120,718 $15,516,098 550,327 914,921 appropriation for retirement reserve) —V. 1937 1936 $30,691,825 $26,637,795 14,571,107 11,121,697 and taxes reserve) Other income (net) Net after rents From Jan. 1—r Net after rents (before appropriation for retirement Gross from railway—— Net from railway 1937 $6,843,214 1,700,689 982,970 64.614,185 18,756.880 11,732,983 $6,627,363 2,028,450 1,392.755 1 934 6,201,088 1,584,433 892,441 61,764,507 54,932,795 13,914,036 8,593,228 57,176,520 15,996,720 9,977,774 1 936 18.196,282 ll.527,551 profit---$196,157 $151,387 stock ($3 par) 386,848 381,003 Earnings per share $0.51 $0.40 a After charges and Federal income taxes, but tributed profits.—V. 145. P. 1256. Net Shares cap. 1 935 2225. Ex-Cell-O Corp.—Earnings— Period End. Sept. 30— 1937—3 Mos.—1936 a „ $7,343,770 2,361,886 1,466,448 1937—9 Mos.—1936 $480,205 $285,264 386,848 381.003 . $1.24 $0.75 before surtax on undis¬ Financial 2844 Chronicle Equity Corp.—Earnings— 3Mos. End. Sept. 30— Earnings for 9 Months Ended Sept. 30,1937 Tons on stocks of associated and sub. cos. American General Corp General Reinsurance Corp Cash dividends on stocks of other corporations - 275,973 7,700 9,986 _ Total.. -— debentures Taxes refunded to debenture holders and taxes paid at source.. Excess of income oper. exps. (without giving effect to transactions amounting to $1,737,992)— 605,928 market 30, 1937 at market (book quotations 9,754,732 Pref. stock at market bid quotations (book cost $464,584). stock (54.78% of outstanding), at net asset 394.740 _ amount (book cost $5,831,832) General Reinsurance Corp. ^capital stock (36.94% of out¬ standing), at book cost First York Corp. common stock (13% owend) at net under¬ lying asset amount (cost $650,000) Real Estate Equities, Inc. (100% owned) capital stock and advances, at cost Total 1,800,857 The property is assessed by the City of Fall River at more than Title will pass to Firestone on Nov. 1. The sale includes all five cotton mills of American Printing Co., 20 auxil¬ iary buildings, and 4,000 feet of water frontage with dock and wharfage facilities. Floor space totals 1,000,000 square feet. In announcing the sale to the press, Mr. Miller said that Firestone would 62,134 spend $200,000 remodeling the buildings, installing concrete floors, &c. New machinery will also be installed. Firestone will use the property for manufacture of sponge rubber cushions for buses, sleeping cars and furniture, as well a numerous other latex $32,700 143,370 27,917 debentures outstanding articles, such Reserve for Federal income taxes—1937 (without provision for undistributed profits realised for the period) Excess of cost of investment in First York Corp. common stock Dr368,928 265,618 479,129 $22,553,735 Consolidated Income Account for Years Ended July 31 1935 $5,733,711 f56,507 21,535 180,499 a203,401 b961.064 $7,501,729 $7,914,991 $6,875,531 5,493,472 5,317,690 4,866,014 379",490 $2,597,301 19,736 333,979 $2,009,517 60,490 313,935 $2,426,737 103,186 421,020 127,889 62,704 . Deduct—Producing 157,185 Interest paid Depreciation 183,159 180.756 of prior sugar 1,048,548 130,516 $8,087,904 crops $1,756,657 $8,271,063 $2,306,289 5,420,099 $1,635,092 4,126,830 $1,902,531 2,239,039 $8,854,199 $7,726,388 $5,761,922 $4,141,570 Income and profit taxes of prior years Add'l inc. tax assessm'ts c264,152 cl75,400 453",446 cl70,727 g73,929 97,167 14,740 973,940 $7,616,107 $7,097,542 $5,420,099 $4,126,830 ©323,890 e323,890 d64,778 Shs. of com. stock out¬ standing Earns, sh. per on com. Net from railway Net after rents $5.42 $7.12 $25.24 $29.37 Under sugar cane production adjustment contract based on tonnage b In respect of restriction of sugar production during 1934-1935 crop, per government appraisal, c Income tax only, d Par value $100. e Par value $20. f Under the _ g the current year. Relative to prior Agricultural Consvervation Pro¬ years paid under protest during Consolidated Balance Sheet July 31 1937 Assets— a b Livestock Growing 874,321 rec. 1,295,375 380,486 56,507 hand. Mortgage bonds . _ Chattel mtge8 Misc. Investments bills accts, 203,401 232,735 1,189,408 120,368 215,484 26,637 accounts Raw sugar on hand Miscell. 889,773 1,162,991 315,202 from the Fed. Govt.. on c Capital stock Stock cane Molasses Liabilities— 7,246,198 and Mat'ls & supplies. Planters' 1937 $ 7,101,395 equipment Compen. 1936 $ Prop'y & plant-. 170,868 1,104,845 70,073 293,155 15,850 100,000 100,000 of 1936 $ 6,477,800 84,921 3,401,512 97,887 129,260 p. 5,963,718 870,008 defl33,369 _ Total ®oar^noded^?g in 1936. $3,514,502 ®6nted $65,251 by 1,000 „ shares of $20 Mortgages payable 89,444 79,709 d492,522 247,232 83,970 370,252 Planters' accounts Accounts payable. Reserve for insur¬ Florida Power ance, 1937 $3,129,082 (electric) expenses and maintenance revenue 1.662,871 219,293 Provisions for retirement. Provision for taxes 232,698 Operating income Other Gross $1,014,218 income. 80.660 Income Interest on Interest 1,094,878 on funded debt 543,539 unfunded debt Amortization of debt discount and expense Interest charged to construction 58,310 98,868 Crl ,586 . Balance of income Dividends on preferred stock $395,747 ments Note—No provision f any, for 1937 —V. Earned surplus 165,247 319,216 7,616,107 Florida Power & Light on 222,124 $170,213 undistributed Co.—Earnings— $357,276 221 $5,432,783 2,650 $4,934,602 2,650 $347,449 10,73 9 $357,497 8,520 $5,435,433 451,557 $4,937,252 $358,188 216,667 110,000 19,786 $366,017 216,667 110,000 26,099 $5,886,990 2,600,000 1,320,000 272,221 $5,282,175 2,600,000 1,320,000 288,370 $11,735 $13,251 $1,694,769 $1,073,805 Dividends applicable to preferred stocks for the period, whether paid or unpaid 1,153,008 1,153,008 $541,761 def$79,203 Operating income on on __ mortgage bonds. debentures Other int. and deduc'ns. Net income... x " Balance. Total 15,306,296 14 762,261 and account and now no longer 30. 1931. paid. Obituary— Percy C. Brooks, 65. Executive Vice-President died at his home on Oct. 15, after an association with the company which had lasted 38 years. J 344,923 x Dividends accumulated and unpaid to Sept. 30, 1937, amounted to $5,476,788. Latest regular quarterly dividends paid Jan. 3, 1933. Divi¬ dends on preferred stocks are cumulative. Notes(.1) Income account includes full revenues without consideration of rate reduction in litigation for which a reserve has been provided by appro¬ priations Sept. 30, (2) No for 1936, from surplus in amount of $593,019 for the 12 months ended 1937 and of $773,589 for the 12 months ended Sept. 30, 1936. provision was made for Federal surtax on undistributed profits inasmuch as the company reported no undistributed adjusted income for that year. No such provision has been made to date for 1937.—V. 145, p. 2074. extra dividend of 25 cents per share and per share on the common stock, no par a quarterly dividend of 25 cents value, both payable Dec. 1 to holders of record Nov. 12. Similar payments made on Sept. 1, June 1 and March 1, last. An extra of 50 cents was paid on Dec. 21, 1936 and an extra of 25 cents in addition to a quarterly dividend of like amount was paid on Sept. 21, 1936, these latter being the first disbursements to be made on the common stock since June —V. 145, p. 941. profits, $347,228 221 • Other income (net) 7,097,542 were was Cr352 $392,338 __ Net oper. revenues net dividend of 40 cents 1,101,026 608,600 52,475 47,965 222,124 made for Federal surtax 145. p. 760. 319,216 Fairbanks, Morse & Co.—Extra Dividend— a $1,053,113 47,913 Period End. Sept. 30— 1937—Month—1936 1937—12 Mos.—1936 Operating revenues $1,011,766 $899,446 $13,598,030 $12,135,886 Oper. exps. (incl. taxes). 597,871 508,837 7,265,247 6,801,284 Property retirement re¬ serve appropriations 66,667 33,333 900,000 400,000 Int. e230,498 Capital surplus originally set aside from this required.—Y. 144, p. 3173. when 1936 $2,742,646 1.231,084 209,699 248,749 $173,622 Balance Int. contingen¬ cies and replace¬ deducting reserve for depreciation, c Reprepar. d Includes sundry accruals, e Includes an 323,262 Corp. (& Subs.)—Earnings— 12 Months Ended Sept. 30-— Gross income. 119,807 The directors have declared 5,915,672 1,347,048 1,000 LaTLve f°r depreciation of $3,698,781 in 1937 b After reserves 1934 $330,145 defll9,4l5 def213,960 2225. Rent from lease of plant aries with public 14,762,261 Cash 10 '36 $ 2,897,739 97,886 15,306,296 6,458,392 1,597,929 531,576 1936 $430,451 def29,639 74,470 Spec, cash deposits Deferred charges. 145, Operating Operating 6,477,800 subsidi¬ & receivable. 7,129,789 1,807,411 689,054 after rents. —V. the (since collected). defl30,481 1935 $335,911 defl0l,355 defl95,l86 From Jan. 1— Gross from railway Net from railway....... stock certified to by AAA. gram Oct. Ry.—Earnings— 1937 $449,125 def38,394 defl28,521 September— Gross from railway d64,778 Dividend paid.. 9 '37 ------ 7,097,542 Previous surplus.. 52 Weeks Ended Oct. undistributed profits. Net and mfg. costs, &c_ 40 Weeks Ended 9 '37 Oct. 10 *36 Oct. Florida East Coast 5,844,327 $2,008,257 Interest, net 686,090 80,968 Subs.)—Earnings— ..$12,418,165 $10,720,728 $15,373,695 $13,241,705 x Net income...... 1,091,991 944,881 1,318,144 1,160,172 Shs. com. stock outst'g. 668,746 668,046. 668,746 668,046 Earnings per share $1.63 $1.41 $1.97 $i.74 x After Federal, State and foreign taxes but before provision for surtax 1934 855,395 103,533 $7,554,405 Corn pens. rec. from Fed. Govt on Flintkote Co. (& Period— Net sales on ■ an initial dividend of 75 cents per share on stock, payable Oct. 15 to holders of record Sept. 30.—V. 144, For the three periods ended Oct. 9, 1937. net income was $432,757 or 65c. a share, as compared with net income of $473,482 or 71c. a share in the corresponding period of 1936.—V. 145, p. 1257. Fajardo Sugar Co.—Annual Report— 1936 common 278. p. 3,445,547 Total Profit (Henry) Fischer Packing Co.—Initial Dividend— Drl 04,230 —V. 145, p. 1584. 803.339 98,035 $7,243,188 rubber thread battery separators, tubing and adhesives. shipped direct to Fall River from Firestone's plantations 144, p. 4344. The directors have declared 14,917,479 Miscellaneous in Liberia.—V. the Surplus 1937 as The latex will be 326,593 38,541 3,350,000 over carrying amount Unrealized depreciation (net) of general market securities owned $3 convertible preferred stock, the first series Common stock (10-cent par) V Co.—Acquisition— business. .$22,553,735 in American General Corp. preferred and common stocks are carried herein over book cost, without provision for any Federal taxes if realized first page of this department. $1,000,000. 545,770 Liabilities— Reserve for contingencies Debentures assumed by the corporation Excess of amounts (net) at which investments on American Printing before its closing two years ago, was the largest single employer of labor in Fall River, carrying more than 4,000 hands on its payroll. It conducted a cotton weaving and printing and finishing 9,347,224 Accounts payable for securities purchased—not received Other accounts payable, accrued expenses and taxes Cane, ground, tons Sugar output, tons Sugar, &c., produced dividend of five cents per share 15 to holders of record Oct. 31.— This company on Oct. 20 purchased for a subsidiary, Firestone Rubber & Latex Co., all the property at Fall River. Mass., of American Printing Co. The sale was negotiated for Firestone by H. C. Miller and Richard K. Hawes of Firestone general offices, Akron. No sale price was announced. Common on 119,591 initial Firestone Tire & Rubber Investments in securities of associated and subsidiary cos.: American General Corp.: on an stock, payable Nov. common See list given cost — possible surtax have declared directors the $608,542 39,736 — $10,123,659) Accrued interest $190,048 Farms, Inc.—Registers with SEC— on securities, $506,395 V. 145, p. 1417. hand Accounts and dividends receivable General $287,878 1,014,022 $354,639 45,000 Farallone Packing Co.— Initial Dividend— The on Assets— Cash in banks and 1934 70,005 2,598,174 1,231,154 2,388,056 Net profit.. $113,198 dividends Balance Sheet Sept. 1935 77,883 2,850,449 1,336,449 2,734,227 1,304,783 $719,052 66,000 146,658 Note—Above figures exclusive of non-operating revenue.—V. 145, p. 1097. over results of security Preferred Deprec. & def. develop. 1936 59,923 2,060,621 984,901 2,834,248 1,060,725 $521,354 64,500 168,976 $266,967 Gross operating profit-_ Prov. for taxes (est.) $425,662 184,849 125,625 1.990 — expenses on 1937 109,830 3,580,701 1,700,791 2,740,305 1,262.395 $572,023 46,000 259,056 treated Nickel in matte prod., lb Copper in matte prod.,lb Iief'd nickel prod., lbsllef'd copper prod., lbs. $21,679 110,323 Underwriting profit Miscellaneous income Interest 1937 Falconbridge Nickel Mines, Ltd.—Earnings— Income—Cash dividends Operating Oct. 30, Foreign Bond Associates, Inc.—Earnings— Earnings for 9 Months Ended Sept. 30, 1937 Interest earned Operating $15,779 11,240 expenses.. Excess of interest earned over operating expenses Profit realized from sales of securities (based on average cost).. Total $99,224 13,722 Provision for Federal normal income tax Net profit carried to earned surplus account $4,539 94,685 ... $85,502 Volume Financial 145 Surplus—For the 9 Months Ended Sept. 30, Statement of Capital surplus balance at Dec. 31, 1936. Excess of received amounts stock common over of issuance on the par value of the shares 1937 $262,123 of shares 39,842 451,516 issued 2845 Chronicle Galveston Electric Co.—Earnings— $27,034 $22,902 $285,787 $242,585 15,558 13.743 2,832 177,( 26,648 8,785 161,829 1~566 a27,209 18,096 $5,127 $4,761 $45,178 $30,454 $5,127 Operating revenues—.. Operation $4,761 $49,612 2,089 1,530 a2,729 Maintenance. Balance at Sept. 30, $713,639 33,941 1937 Earned surplus balance at Dec. 31, 1936 Net profit for the nine months ended Sept. 30, 1937 Retirement accruals.... Taxes 85,502 . Net oper. revenues— Total __ $119,443 - - _______ . Adjustment of provision for Federal income tax for prior years. Dividends paid paic 475 38,601 . Balance Int. on ...... ..........i.$707,973 Balance No a Balance Sheet Sept, J\. &S&3' •'' Cash •'*"1 "s '' ' • determined until the end of the year.—V. 145, p. 2225. Ry.—Earnings— ... Maintenance Taxes 15,516 chise taxes. 691,671 Accrued 2,653 Accrued interest receivable. 285 Operating revenues Operation...... .... Provision 2,040 Securities owned $45,198 payable, fiscal agent's fees for Federal and fran¬ Accts. delivered...31,462 Miscell. accounts receivable purchased expenses Common stock (par 10c,) ..... 705 — 7,075 Capital surplus.— 713,639 Earned surplus... 80,366 Excess of cost over market value of securities owned. .Dr86,033 on on $776,752 ....... -V. 145, p. 2693. Fort Worth & Denver 167,444 92,223 181,268 116,675 5,560,241 2,131,757 1,489,772 4,286,540 1,272,605 678,498 3,781,353 after rents From Jan. 29,402 .. .. 4,329,021 1,626,178 1,066,134 833,326 312,522 $28,809 61,300 $824 $46,677 $32,490 Co.] [Including Gary Heat, Light & "Water 1937—12 Mos.—1936 1937—3 Mos—1936 Period End. Sept. 30— Operating $2,717,021 $768,120 $2,951,704 12,481 50,424 $779,756 Total Income $680,933 11,636 revenue Other income — Gross from railway— Net from railway $14,623 61,300 Gary Electric & Gas Co.—Earnings— $433,642 99,911 $514,511 $518,311 _ 5,108 provision has been made for the Federal surtax on undistributed net income for the year 1937, since any liability for such tax cannot be de¬ termined until the end of the year.—V. 145, p. 2225. 1934 1935 1936 $524,698 133,694 44,027 Gross from railway. Net from railway— $4,284 $2,564 1st mtge. bonds. No a City Ry.—'Earnings—- 1937 September— Net ;>::Total.i^^^iiw^ii^^^i'.i.$776,752. ~T099 $2,544 5,108 Balance Int. 12,271 670 G. II. Co. bds__ , $27,189 1,620 $1,682 $4,284 $1,445 Net oper. revenues... Int. Oil royalties. Net deficit Total.... 1937—12 Mos .—1936 $214,721 $42,728 130,297 23,818 41,129 6,541 16,104 al0,686 1937—Month--1936 $19,693 $2,426 307 11,223 2,851 1.335 "a673 Period End. Sept. 30— Payable for securities but not received bank.............. $48,926 Receivable for securities sold but in not 30,1937 UaWities— $30,454 $47,657 $4,761 $4,707 provision has been made for the Federal surtax on undistributed for the year 1937 sinqe any liability for such tax cannot be income net Galveston-Houston Electric < $30,454 1,955 419 equipment notes. Net income. Total surplus.... —$794,006 Excess of cost over market value of securities owned.. ......-86,033 32,204 4,434 Non-oper. income (net). $80,366 Balance at Sept. 30,1937. 1937—12 Mos.—1936 I 1937—Month—1936 Period End. Sept. 30— $693,415 $3,002,128 $2,756,908 " 39,886 .. Period, End. Sept. 30— 1,976,606 1,823,176 $1,025,523 362,252 14,107 $933,732 364,273 10,471 69,000 276,000 276,000 $120,288 S.395 $373,164 $282,987 Int. 1937—9 Mm.—1936 1937—3 Mm.—1936 $495,638 $699,518 Consol. net income... $1,979,360 unfunded debt.. Retirement expense $1,510,511 Net $0.85 $0.60 $2.41 $1.82 provision for preferred dividends, depreciation, depletion and other than surtax on undistributed profits. Company's share of the net income of Cuban-American Manganese Corp., its leading subsidiary, for the nine months ended Sept. 30, 1937, was $162,105. Its share of the net loss for the same period of 1936 was $138,110. A substantial part of the Manganese company earnings for the nine months' period was made in the third quarter. Freeport's snare amounting to $107,406 for this period. For the same period of last year Freeport's share of the losses of the Manganese company amounted to $69,227. taxes, Fifty-Cent Dividend Declared— The Similar of 50 cents per share on the Dec. 1 to holders of record Nov. 15. 1 last and compares with dividends of share previously distributed each three months.—V. 145, declared have directors dividend a stock, par $10, payable amount was paid on Sept. common cents per 608. • Fundamental Investors, Inc. income —V. 145, p. 761. (Del.)* 47,544 *$54,806 $33,864 $46,231 x$189,152 Does not include income from securities x national agreements. Noteholders desiring to take advantage sold. Surplus Account for the 9 Months Ended Sept. 30, 1937 of amounts $3,193,735; Capital surplus—Balance, Dec. 31, 1936, $6,554,175; excess received upon issuance of cap. stock over par value thereof, Balance Sheet Sept. Cash Securities owned. 8,318,275 _ z28,613 36,293 Divs. & int. receiv. Rec. for sec. sold.. Rec. from mental General Acceptance Corp .—Initial Preferred Dividend— declared an initial quarterly dividend of 30 cents per preferred stock and also a regular quarterly dividend of 37He. per share on the $1.50 preferred stock, both dividends being payable Nov. 15, to holders of record Nov. 5.—V. 145, p. 1585. General American Transportation $1,372 4,471,399 13,150 fees 13,809 Res. for legal exps. Unrededmed scrip. 3 2,800 6,200 700 manage't Res. for taxes x Earned 900 3.061 ... 545,634 1,017,306 Capital stock Paid-in 3,061 $92 4,200 payable. Accrued Group surplus...18,836,413/ 4,351,559 surplus J \ 446,732 4,096 stock $9,877,062 Par $2. z $5,353,7181 $9,877,062 $5,353,718 Total Divs. receivable only.—V. 145, p. 2075. (Robert) Gair Co., Inc. (& Subs.)—EarningsPeriod Ended Sept. 3 Months profit $1,887,260 204,830 25,160 9,750 615,143 77,130 / 29,250 49,443 44,330 133,951 180,330 $179,525 ... Net 9 Months $513,038 30, 1937— depreciation Interest on bonds of subsidiary companies Dividend on preferred stock of subsidiary company Provision for interest on income notes Provision for Provision for income taxes $851,456 depreciation, interest on bonds of subsidiary companies Inc., income notes, dividend on preferred stock of subsidiary company and income taxes, but excluding earnings, until re¬ ceived as dividends, of companies whose common stock is less than 100% x Before deducting Robert Gair Co., owned Note—Statement includes profit of $33,397 on retirement of income notes, proportionate interest of $14,744 (for third quarter) $85,478 (for first nine.months) in earnings of companies whose common stock is less than 100% owned. No provision has been made for surtax on undistributed profits.—V. 145, p. 760. and excludes company's and Shs. cap. x Before surtax on undistributed profits.—V. 145, p. 2075. General Foods Corp. (& Subs.)* 1937—3 Mm.—1936 Period End. Sept. 30— Net $33,436,281 sales. Cost of sales, incl. depr. 22,963,640 profit after depreciation, &c $10,472,641 Expenses, &c~ 7,176,987 Gross Balance $3,479,864 557,513 Federal income taxes (no Earnings1937—9 Mos.- -1936 $101,812,722 67,319,224 „ 184,210 Total income 593,926 590,719 $4,552,662 $11,674,097 779,390 1,882,823 $12,644,105 91,586 $3,773,272 $0.55 5,251,- $12,053,386 $4,461,076 $11,080,171 $2,922,351 2,026,905 $9,791,274 $10,617,200 $0.72 . capital stock par) $2,059,917 1,017,603 $2.02 $11,827,375 $34,493,498 $34,543,366 7,366,299 23,413,327 22,489,980 $3,295,654 — Other income Net profit Earns, per sh. on $3,854,370 1,022,095 $3.77 $1.86 $2.02 Including proportionate share in results of operations of controlled companies. Note—No provision was made for Federal surtax on undistributed profits. —Y. 145, p. 761. x General Motors Corp.—Financial Statement— Alfred P. Sloan Jr., Chairman, says in part: In General—The third characterized by a continuing con¬ quarter was demand for the corporation's products, substantially in line with the trend which has characterized the year's operations. Under the present Profit and $1,029,328 1,017,603 $1.01 $1,352,143 stk. (par $5)-1,022,095 per share $1.32 sumer 507 382 Deferred charges.. Total Net prof, after charges, Earnings x Corp. (& Subs.)— 1937—9 Mos.—1936 1937—3 Mos.—1936 Period End. Sept. 30— x 440 shs. 1936 1937 Accounts $864,566 Funda¬ Corp.. ........ Scrip red. fund Subscrip. to capital z 30 Liabilities— 1936 such that 5.—V. 144, p. 1958. The directors have deprec. & Fed. taxes.. 1937 $1,490,436 Assefe— in New York in dollars on Nov. share on the convertible total, $9,747,910. Earned surplus—(a) Arising from sales of securities: Bal., Dec. 31, 1936, $196,397; restoration of excess pro v. for transfer taxes applic. to prior years, $413; net profit from sales of securities on basis of specific certificate costs, without prov. for Federal income taxes, $209,630; total, $406,441; less adjustment due to allocating costs applic. to rights sold in prior years, $16,900; cash divs. declared, $158,788; bal., Sept. 30, 1937, $230,753. (b) Undistributed net inc. (excl. of security profits & losses): Balance, Dec. 31, 1936, $10,149; restoration of excess prov. for transfer taxes applic. to prior years, $2,587; taxable inc. on subscription rights received in prior year, $375; net inc. for the nine months ended Sept. 30, 1937, as annexed, $189,152; total, $202,262; less, cash divs. declared, $189,745; bal., Sept. 30, 1937, $12,517; earned surplus, Sept. 30 ,1937, $243,270; unrealized net deprec. under cost of investments witnout prov. for costs of realization. $1,154,767; total surplus on the basis of carrying investments at market quotations, $8,836,413. Note—During the nine months ended Sept. 30, 1937 the net change in unrealized appreciation or depreciation without provision for Federal income taxes and costs of realization was as follows: At Dec. 31, 1936, unrealized net appreciation, $1,695,035; at Sept. 30, 1937, unrealized net deprec., $1,154,767; total decrease, $2,849,802. of the offer, which will remain to and including Nov. 3,1937, should arrange for delivery of Schroder Trust Co., 46 William St., New York, on or before date against payment 1934 $61,467 15,236 $102,349 66,309 Net income... •Earnings— 1935 $50,815 16,951 $255,461 Expenses Gelsenkirchen Mining Corp.—Tenders— J. Henry Schroder & Co. of London are offering to purchase, at a flat price in dollars equivalent to the face amount of the notes, Gelsenkirchen Mining Corp. (Gelsenkirchener Bergwerks-Aktien-Gesellschaft) 6-year 6% secured notes due March 1, 1934, together with all claims for interest accruing from Sept. 1,1937. No adjustment is to be made for interest and the Federal tax is to be paid by the seller. The offer applies whether the maturity of such notes has been extended or not. Under the terms of the offer, the coupons and interest maturing up to and including Sept. 1,1937, on notes purchased pursuant to the offer must be collected by the sellers for their own account. Payment of these coupons and interest is governed by existing German exchange regulations and inter¬ open up notes to 1936 1937 9 Mos. Ended Sept. 30Total income x on After x Federal 25 441,715 $251,700 91,787 2,517 Bond interest. Earns. per sh. on 796,380 shs. common stock p. 497,323 $282,433 90,350 2,796 69,000 2225. Freeport Sulphur Co.—Earnings— X Oper. exps., maint. & tax Inc.avail.for bond int. Net after rents— —V. 145, p. plan of introducing the following year's models in October or early in November, the third quarter is necessarily one of adjustments, by which is meant tapering off of production of the current models, completion of the sales of those on hand, and the general rearrangement of plan and tooling incident to the forthcoming model program. So far as the current year is concerned, this period of transition has fol¬ lowed the normal course of events. Stocks of 1937 models in the hands of the dealer organization were in no sense excessive. The shut-down of the corporation's plants incident to the change-over period has been successfully accomplished with a less than normal interruption from the standpoint of time. The production of 1938 cars has progressed satisfactorily and, in fact, is well ahead of the corresponding period of last year. A limited num¬ ber of 1938 models have, during the period, passed into the hands of the consumer. While it is too early to make a report regarding the public ac¬ ceptance of the complete 1938 line, it can be safely anticipated that the competitive position of the corporation, so far as attractiveness and general characteristic^ of its products are concenred, will be well sustained. Sales in Units and Value—Total sales to dealers, including Canadian sales, overseas shipments and production by foreign manufacturing subsidiaries, during the third quarter ended Sept. 30, 1937, amounted to 497,008 cars and trucks. This was an increase of 43.7% over sales of 345,924 units for the same quarter of a year ago. Total sales, on the same basis, for the nine months ended Sept. 30, 1937, were 1,594,378 units, being 5.2% over sales of 1,516,092 units for the corresponding nine months period of a year ago. 2846 Financial Chronicle Oct. Sales by General Motors operating divisions to dealers within the United States during the third quarter amounted to 403,050 units, being an in¬ crease of 43.0% over sales of 281,880 units for the corresponding quarter a year ago. Sales, on the same basis, for the nine months ended Sept. 30, 1937, were 1,282,238 units, being an increase of 1.8% oversales of 1,260,154 units for the corresponding nine months period of a year ago. Deliveries of motor cars and trucks by General Motors dealers to con¬ sumers in the United States for the third quarter totaled 408,704 units, being an increase of 6.9% over deliveries of 382,464 units for the correspond¬ ing quarter of a year ago. Deliveries for the nine months ended Sept. 30, 1937, on the same basis, were 1,279,930 units, being a decrease of 5.0% from deliveries of 1,346,915 units for the corresponding nine months period of a year Sept. 30, '37 Mobilities— 5 Accounts payable Taxes, payrolls, & sundry accrd. items. $ 1937 Sept. 30.'36 $ 76,804,423 57,864,640 77,622,260 53,445,268 40,169,286 47,742,823 42,465,070 43,739,312 39,566,231 1,806,017 6,069,320 5,415,106 6,716,500 1,562,805 U. 8. & foreign income & excess profits taxes & surtaxes Employees funds, savings within one year payable — Contractual liab. to Gen. Motors Man¬ agement Corp — ..... Accrue divs. on pref. capital stock 1,562,805 Reserves: Deprec. of real estate, plants and equipment ago. 5,136,915 1,562,805 331,020,310 301,979,395 288,047,911 9,053,229 9,227,692 10,057,620 Employment—Total wages and salaries disbursed for the third quarter and for the first nine months of 1937 showed substantial increases, notwith¬ Employees standing the important influence of the "General Motors strike" and subse¬ ........ Employees bonus (at Dec. 31, 1936, baseu upon cost of stock distrib¬ payable savings funds, subsequent to one year quent interruptions of production on the corporation's payrolls. For the third quarter there was disbursed for wages and salaries $117,719,411—an increase of 49% over the corresponding period of a year ago. For the nine utable as bonus) Sundry and contingencies..... Int. of min. stockholders In 6,716,500 32,813,502 187,536,600 435,000,000 435,000,000 2,201.382 419,790,657 2,191,626 368,081.225 2,142,651 371,335,216 1,617.837,647 1,518,188,800 1,488,098,733 b $5 preferred stock a 34,568,240 187,536,600 435,000,000 ended Sept. 30, 1937, there was likewise disbursed on this account $348,839,967—an increase of 32% over the corresponding period 10,990.000 41,742,514 187,536,600 months period Common stock (par $10) year ago. The average number of factory workers on the corporation's payrolls for the quarter totaled 207,958. This compares with 158,944 for the corre¬ compared with 200,924 for a year ago—an increase of 28%. average rate for all hourly workers in the United States |i> The Total......... a for the par quarter was $0.93 per hour, compared with $0.74 per hour for the corre¬ sponding quarter a year ago, or an increase of 26%. The average earnings for all hourly workers, on a weekly basis, for the three months period was $35.05, as compared with $29.01 a year ago—an increase of 21%. The relation of weekly earnings to hourly earnings. 1937 compared with 1936, reflects the restriction imposed by the shorter work week with the consequent spreading of work among a greater number of employees as well Period End. Sept. 30— 1937—3 cars & trucks-units: Gen. Motors sales to Mos.—1936 dealers, incl. Cana¬ dian sales, overseas shipts. & prod, by foreign mfg. subs— Retail sales by dealers 497,008 Genl Motors sales 345,924 1,594,378 1,516 092 382,464 1,279,930 1,346,915 to dealers—U. S. 403,050 Net sales—value.. —.$375,510,034 x Profit from opers. & in¬ from come (incl. divs. 281 ,'880 1,282,238 1.260,154 $261233,445 $1212772,783 $1068653,947 invests. from rec. subs, not consol.) 51,451,096 35,789,139 185,284,992 203,813,250 Gen. Motors Corp's equity in undivided profits or losses of sub. (&, for the third quar. & 9 mos. ended Sept. 30, certain less than owned) cos. General 1936, 50% 5,240,270 6,942,191 14,040,873 Sept. 30— 1937 Operating profit $1,228,419 Other income 85,381 16,725,279 ..— Net profit from employees ings fund. on Inv. fund acct. of 133,659 200.349 410,143 551,316 Net profit— com. stk. reversions Shs. maturities Cr67,030 0268,567 Cr354,941 Cr860,205 2,597,000 1,811,000 10,990,000 1935 $783,391 125,819 , 1934 $618,422 67,468 paym't to Gen. Motors Management Corp.).. Amts. prov. for empls. bonus paym'ts by cerfor'gn subs, having separate bonus plans. Prov. for U. S. & for'gn income & excess profits 97,500 84.500 316,400 6.226,000 32,822,000 Operating Maintenance— (other income) on $477,542 1937—Month—1936 $497,326 $468,190 196,675 181,588 18,058 23,836 1937—12 Mos.—1936 $5,336,951 $4,915,275 2,159,190 1,960,241 255,617 227,064 than Fed'l _ 36,374 45,222 464,267 532,382 422,209 486,189 $196,963 1,570 $181,170 $1,925,494 40,444 $1,819,571 Dr826 $1,965,938 99,011 $1,862,272 8,399 $180,344 6,187 $190,134 36,537 $174,157 35,620 $1,866,927 457,489 $1,792,572 $153,597 73,493 $138,536 71,359 $1,409,438 891,148 $1,376,742 867,998 $67,177 $518,289 $508,744 3,242 — 41,375 44,255 $80,104 _ 3,242 38,910 38,910 $34,678,048$155,142,263$175,372,418 Net oper. 34,626,078 154,958,000 175,198,624 income Non-oper. income __ Total held Expenses and taxes.__ a 2,294,555 $650,150 $198,533 Depreciation (less divs. to stock in treasury x$856,743 Utilities, Inc. (& Subs.)—Earnings— expenses Taxes Gen. Motors Corp's pro¬ portion of net income. 44,412,734 Divs. on pref. cap. stock $685,890 124,228 84,120 y735,960 General Public 31,711,000 Net income for period$44,481,237 $909,210 145,273 113,786 zl83,990 zl83,990 zl83,990 $1.13 $3.82 $2.68 $1.71 x Before Federal surtax on undistributed earnings, y $1 par after 4-for-l split up. z No par.—V. 145, p. 941. 331,000 9,449,000 $1,145,184 132,936 155,505 outst'g Period End. Sept. 30— Gross oper. revenues— taxes... applic. $1,313,800 147,014 180,293 — (par $1) Earnings per share 13,433,000 Empls. bonus (&, in 1936, earned 1936 $1,071,416 73,768 x$986.493 Other deductions Federal taxes withdrawn before class Amt. Total income.. $56,691,366 $42,731,330$199,325,865$220,538,529 sav¬ empls. savings —$5 series no opers. and investments Less provision for: Int. by 1,875.366 Printing Ink Corp.—Earnings— 9 Mos. End. not consol b Represented New Chevrolet Prices— . 408,704 consumers—U.S. to for doubtful accounts, Simultaneously with the announcement of its new 1938 passenger cars, being displayed in 9,600 dealer showrooms throughout the United States, Chevrolet on Oct. 23 made public its new prices. They represent an increase ranging from 3.4% to 5%, or in dollars, of $26 to $34 per model. The polular sedan in the Master DeLuxe series shows an increase of $26, from $770 to $796. Tne increase in the case of seven models is less than $30, ana in the case of the other five is between $30 and $34, the latter figure applying to the Master Sport Sedan. Tnese new prices now include the S. A. E. group of accessories such as front and rear bumpers, spare tire and tube, radiator ornament, and in addition, on the DeLuxe models, the right hand tail lamp, all of wnicn were not heretofore included in the total prices listed but were sold at an extra charge to the buyer. The increase bears out the statement made by M. E. Coyle, General Manager of the Chevrolet Division of General Motors, before the company's National Sales Convention last month. Addressing the field wholesale organization, Mr. Coyle asserted that the forthcoming new models would be introduced at an increase in price due to the steady advance in manu¬ facturing costs. Follwing are the new prices: Master series: sedan, $730: coacn, $668; coupe, $648; cabriolet, $755; town sedan, $689; sport sedan, $750. Master Deluxe series: Sedan, $796; coach, $730; coupe, $714; sport coupe, $750; town sedan, $750; sport sedan, $817. The prices quoted are the delivered prices at Flint, Mich., exclusive of State and local taxes.—V. 145, p. 2694. 1937—9 Mos—1936 Sales of ... reserve shares. now overtime due to stoppages. as After 5,304,124 sub. with respect to capital <fesurplus.. Earned surplus sponding quarter a year ago. The average number of employees in all categories on the corporation's payrolls for the quarter amounted to 257,112, . 30, Dec. 31, '36 2,294,555 6,883,665 6,883,665 Gross income. Charges of subsidiaries. com¬ capital stock..$42,118,179 $32,331,523$148.074,335$168,314,959 of shs. of com. cap. stk. outstanding during the period 42,727,651 42,850,905 42,804,787 42,887,557 Amt. earned per sh. of common capital stock. $0.99 $0.75 $3.46 $3.92 x After all exps. incident thereto, and after providing $10,725,354 and $31,605,800 for the third quarter and the nine months ended Sept. 30, 1937, and $9,581,888 and $28,288,964 for the third quarter and the nine months ended Sept. 30, 1936, respectively, for depreciation of real estate plants, and equipment. 42 701 69,700 415,829 mon Avge. Note—The above 1936 make no earnings for the nine months ended Sept. 30, 1937 and provision for surtax on undistributed profits accruing during the respective periods. n 1937—3 Mos.—1936 „ Period End. Sept. 30— Earned surplus at beginof period $ $ 44,412,734 Pref. divs.—$5 series... Common dividends Amt. received or accrued by Gen. Motors 2,344,208 43,500.000 34,626,078 154,958,000 175,198,624 Cr862,442 Grl,659,055 Crl.988,896 Sept. 30, '37 $ Cash 182,007,115 U. S. Government securities Other marketable securities 58,104,642 (short'term) 2,900,974 Amount due from Gen. Motors Manage¬ ment Corp 419.790,657 371,335,216 a Period End. Sept. 30— Net profit after depr., taxes, &c Shs. com. stk. Before surtax 7,248,615 * Accts. receivable & trade acceptances inventories a Investments (sub. not consol., & mtso.) Invest, in G. M. Management Corp ' Gen. Motors cap. stock held In treasury Real estate, plants & equipment Prepaid expenses & deferred charges Goodwill, patents, &c Total 961,620 49,211.247 263,845,019 245,260,587 2,372,746 23.656,140 726,493,180 5,453,065 50,322,697 on 188.559,023 4,998,667 2,100,482 255,357,723 24,687,704 4,351,835 5,709,025 3,596,057 1,373.645 976,758 228,733,566 10,491,114 19,774,562 690,190.826 4,687,377 50.324,906 1937—9 Mos.—1936 $231,535 $556,014 321,030 321,030 $0.66 $0.61 $1.41 undistributed profits.—V. 145, p. 1259. Period End. Sept. 30— sales of oper,, excl. of deprec., depl., int. & taxes $50,316 321,030 Nil Co.—Earnings— 1937—3 Mos.—1936 $3,386,807 $2,983,293 1937—12 Mos.—1936 $14,220,545 $9,670,332 exps. 2,725,518 2,237,578 11,128,459 7,523,567 $661,290 $745,714 $3,092,086 $2,146,764 117,817 Gross profit Other income from vari- 69,209 384,788 246,197 $779,107 113,953 6,033 37,238 $814,924 103,982 $3,476,875 $2,392,962 398,138 30,877 135,964 ' Profit before allow, for $ 9,859,407 69,899,699 225,644,813 $245,030 321,030 General Refractories Cost of sales & Co.—Earnings— 1937—3 Mos.—1936 Sept. 30, '36 11.947,600 and C. O. D. items (no par). per share ous sources Dec. 31, '36 $ Sight drafts with bills of lading attached Notes receivable common 2391. a Consolidated Balance Sheet Assets— Inc. General Railway Signal 427,191,982 523,039,225 506,878,943 2,344,208 7,032,623 7,032,623 54,375,000 97.875,000 130,500,000 — U. $76,861 $63,935 $479,379 $469,834 a (Other than Federal income) of General Public Utilities, Inc. (excluding operationg divisions.) Note—No provision has been made in the above statement for Federal Earnings Earned surplus at end of period .419,790,657 371,335,216 P. stock stock and surplus.. Net Cr755,735 G. Bal. avail, for $ on cap stock held in treasury. income. on $5 pref. p. $ Motors proportion Earned surplus before dividends 464,879,130 Net Divs. 1937—9 Mos.—1936 -.420,466,396 392,565,904 368,081,225 331,680,319 of net income Charges of G. P. U. Inc. 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, Summary of Consolidated Surplus Gen. Balance no. H ABTAP interest', rlATll vpq &c— Depreciation Depletion. Corp. & property taxes. Bond disc. & exp. amort. Interest other than on 30,161 327 funded debt— Int. on funded debt 165,847,807 Extraordinary items 262,899,022 22,014,129 18,194,158 637,652,474 5,928,717 50,325,110 x 8,641 2,440 27,563 3,091 10,904 25,313 22,669 32,062 25,379 155 Federal and Penna. in¬ come taxes 464.585 21,761 194,394 20,626 13,958 118,125 56,385 20,463 1,958 133,312 155,206 (est.)_.._. 111,349 105,107 546,593 235,909 Net profit Shs. cap. stock (no par). $449,208 470,036 $508,941 454,281 $2,040,447 470,036 $1,281,131 $0.96 $1.12 $3.23 Earnings x 1,617,837,647 1^518,188,800 1,488.098,733 ' per share No provision has been made to cover'estimated surtax profits. on 454,281 $2.32 undistributed Volume Balance Sheet 1937 Real estate, &c___ll ,962,619 Repair parts, &c__ 199,726 Patents at cost... 14,273 530,988 yl ,027,075 .... o from and employees. due for Fed. inc. 2 ,746,871 2,046,531 441 18,657 13,210 6,898 tax...... 296,864 178,055 Accounts payable. 548,455 414,919 Accrued accounts. 549,679 275,808 insurance 243,939 &■; come 90,078 47,271 _ secur. ... P. 37 26 884 1,029 invest'ts. 831,584 826,596 accounts 168,998 172,285 mortgages. Deferred Total x 79,519 accident Res. for Federal in¬ vestment Miscell. Grant Finance Corp. will receive stock and one quarter common bal. tax 44 Represented Grays Harbor Pulp & Paper Co.—Merger— Total (Except Cinema Bldg. Corp., J. M. Wall Machine Shaver tVp.]. Sept. 30, 1937 estimated Federal undistributed profits. ... $257,805 Due to the exercise of warrants, the corporation had outstanding on Oct. 1 600,922 shares of stock, compared with 542,634 shares outstanding on net income taxes, but before surtax on 1585. June 30.—V. 145, p. Period End. Sept. $101,272 98,179 Rail. oper. expenses $68,546 60,819 $4,467 7,222 $140,403 $237 Cr2,785 Dr 1,975 def$2,754 Dr629 $75,698 Z)rl1,283 Drl,923 Drl7,519 Crl,960 Dr 17,444 $1,047 1,409 def$5,307 1,307 $46,896 11,913 def$7,757 11,832 def$4,000 1,003 $58,809 8,468 $4,075 8,714 $50,341 def$4,639 $3,093 Net rev. from ry. oper. 2,856 Railway tax accruals Railway oper. income Equip, rents (net) Joint facility rents (net) _ Net ry. oper. income. Non-operating income. 1937—9 Mos.—1936 $1,026,515 $885,503 886,112 816,956 1937—Month—1936 $98,074 93,606 30— Railway oper. revenue.. _ 974 64,705 $7,727 ■Week ■Week $1,049,143 Jan. 1 to 1936 1937 $908,304 Georgia Power Co.—Earnings— 1937—12 Mos—1936 Period End. Sept. 30— 1937—Afonfh 1936 $2,276,880 Gross revenues $2,490,8b i 230,QUO $969,926 550,453 $979,688 $11,551,530 $11,076,583 527,226 6,454,431 6,239,940 $419,473 245.862 $452,462 245,870 $5,097,099 2,949,749 $4,836,642 2,950,427 $173,611 Oper. exps. & taxes... $28,754,147 $25,659,963 1,163,442 14,702,616 13,004,630 133,750 2,500,000 1,578,750 $206,592 $2,147,350 $1,886,215 1,290,935 Pro v. for retire, res Gross income. Int. & other fixed chgs. income- - ---—- -. pref. stock Balance provision was made in 1936 for Federal surtax on profits, as all taxable income for that year was distributed. has been made for such tax in 1937.—V. 145, p. 2694. x Net 18,952,090 after rents No undistributed No provision Georgia Power & Light Co.—Earnings— 1937 $1,045,513 638,052 124,075 81,466 Provision for taxes Operating income $201,919 ... Other income 2227. Interest on funded debt on _ ....... . unfunded debt............... Amortization of debt discount and expense Interest chargea to for 1937.—V. 144, p. Federal surtax on 4179. Georgia Southern & Florida Ry.1937 1936 $176,334 16.657 def4,293 21,757 9,791 Net from railway Net after rents CY142 lossS 1,519 undistributed profits, if 1,702,486 237,668 45,095 Net from railway Net after rents 123,714 1935 1934 $1.53,996 16.206 1,038 $134,156 1,419,364 1,419,266 140,594 73,190 * • 139,911 17,975 def241 def6,820 2226. 114,600 2227. Gossard Co .—Dividends— (The H. W.) The company Earnings for 9 Months its common stock, paid dividends of 25 cents per share on value, on Sept. 1, June 1 and March 1 last. Prior to this latter payment no dividends were distributed since April 1, 1931, when a cash dividend of 33 1-3 cents and a stock dividend of 1 1-3% had been paid. —V. 145, p. 2392. no par Gulf Mobile & Northern RR.—Earnings— 1937 1936 1935 $631,081 $642,610 $573,506 197,691 278,147 215,288 Net from railway 85,183 156,010 130,507 Net after rents. Frpm Jan. 1— Tool Co.—Earnings— Ended Sept. 30, 1937 Gross sales Net from railway __ —Y. 145, p. 4,423,667 3,893,951 1.432,817 1,071,002 726,572 5,326,523 2,000,859 1,000,344 5,716,733 2,019,374 1,032,053 __ Net after rents 346,382 2227. Gulf & Ship Island RR.- -Earnings— stock (par $2)_. $2.73 The Sept. 30 balance sheet gives effect to the recent financing of the company, which eliminated $264,500 of funded debt, increased cash, and boosted surplus to $1,023,931. Current assets stood at $485,445, $138,918 24,457 def4,197 $135,968 21,679 def4,760 1,220,362 221,338 defl3,608 1,100,182 151,182 def74,265 in sharp contrast to the $39,405 of total There are no bank loans outstanding. Not included in United States Government bonds, listed at cost of $99,- the end of September, common stock and surplus totaled over $1,- 200,000, resulting in a book value of more than $12 a share. Fixed assets are carried at $590,920, after depreciation of V. 145, p. 2226. See list given on 971,440 153,109 def57,293 — Gross from railway Net from railway Net after rents —V. 145. P. Ended Sept. 30— operating revenue Gross non-operating revenue Net earnings (before deductions & Federal income taxes) Interest charges (net) £ Grand Trunk _■— for int., retire. the company All taxes to which .. Net from railway Net after rents From Jan. ... Net from railway Net after rents —V. 145, p. RR.—Earnings— 1936 1935 1934 $1,807,361 223,253 42,324 $1,618,392 146,737 defl58,662 $1,649,526 354,148 244,152 $1,192,506 4,782 defll7,042 1— Gross from railway... _. ... 2226. 18,564,860 4,389,959 2,128,791 17,451,493 3,958,448 1,956,516 $1,558,283 538,129 216,023 80,565 85,875 - - dividends $2,895,761 8,783 544,783 220,292 — Balance available for . $1,564,973 —■ - . $714,023 $723,566 is subject have been provided for.—V. Hagerstown Light & Heat Co. of Washington 1937 Years Ended Sept. 30— Operating revenues Operating expenses and taxes Net oper. rev. before pro v. for retirements $38,674 7 19 $34,523 14,400 $38,694 14,400 $20,123 14,550 provision for retirements. Gross income on funded debt-- $24,294 14,550 1,595 919 Other interest — 193 Net income dividends — 15,085,648 2,750,934 1,506,880 208 $4,460 10,000 Sundry deductions Common stock 1936 $166,846 128,171 $34,515 — Non-operating income Gross income before County $159,799 125,284 $7,940 18,000 undistributed undistributed at Sept. 30, Note—No provision was required for Federal surtax on profits for the year ended Dec. 31, 1936. Federal surtax on profits for the calendar year 1937, if any, is undeterminable 1937, and no provision therefor has been made. Comparative Balance Sheet Sept. 30 Com. stock (5100 $838,702 5830,267 1 2 Cash.......----- 1,718 7,623 13,391 Notes receivable.. 107 107 30,497 40,272 7,946 8,381 22,327 4,551 23,743 Accrued accounts. 2,960 1,583 3,198 Service exten. deps Prop., pl't & equip Miscell. invest'ts. Mdse., materials and supplies Appl. on rental..Cash in closed bks. Def'd debit Items. 264 6.217 1936 1937 Liabilities— 1936 1937 Assets— Accts. receivable._ 1937 September— Gross from railway... 862,519 110,401 defll8,496 1936 1937 $2,917,688 8,335 c Retirement x Federal income taxes x - Subs.)—Earnings- 9 Months Gross Special deposits Inc.—Registers with SEC— first page of this department. Western 3,321 def20,203 2227. Hackensack Water Co. (& Due from affil. cos $426,386.— . Golden Age Breweries, $86,176 $112,723 24,816 1,584 Net from railway. 000. At 1934 1935 1936 1937 September— Gross from railway Interest $1,112,342 272,978 profit before taxes 100,000 shs. common current assets were $397,941 85,070 8,008 _ Gross from railway. Earns, per sn. on current liabilities. 1934 September— Gross from railway— Provision for retirements Giddings & Lewis Machine 802,659 39,066 def22,653 1,043,996 223,852 145, p. 2227. 1—- Gross from railway 1,183,188 278,896 1,303,486 360,076 220,078 railway —V. 145, p. _ ■Earnings— $176,501 28,555 9,612 1,847,623 368.924 183,863 Gross from railway Net 157,570 Cr504 September— —V. 145, p. $187,457 $17,245 Note—No provision made for From Jan. 1,822 construction Balance of income any, $185,634 $203,016 157,570 18,914 9,791 Gross income... Interest 12,163 1— Gross from railway Net from 1934 $106,182 19,176 From Jan. 1— 1936 $894,793 506,338 125,944 76,876 1,096 - ... 21,235,028 14,966,243 Bay & Western RR.—Earnings— September— 1937 1936 1935 Gross from railway $166,726 $126,988 $122,479 Net from railway 71,061 20,687 29,291 Net after rents 65,458 2,049 15,686 Net after rents 12 Months Ended Sept. 30— Operating revenues Operating expenses and maintenance ... Provision for retirements...................... 51,748,698 15,102,289 8,872,896 58,060,627 65,235,833 22,897,548 16,244,222 73,136,857 26,145,554 Green " 7 Oct. 1934 $7,884,882 3,554,072 2,733,863 From Jan. 1— Gross from railway Net from railway 14—1 1936 $22,800 Ended Oct. $931,604 $1,072,293 $22,650 Operating revenues —V. 145, p. 2548. 1 to 1937 $23,300 Oct. 7— 1936 1937 Period— Jan. Ended Oct. 14 1936 1937 $23,150 Period—• on 4,415,416 after rents Net Year to Date 1936 1935 ,815,615 $10,463,264 5,411,825 4,560,760 4,600,859 3,594,468 1937 $11,952,314 5,926,350 Net after rents. Operating revenues. Net Earnings for September and Gross from railway Net from railway —V. 145, p. def$5,004 $1,482 Surplus applic. to int. Divs. dividend was actuated to some extent by the The company paid nothing on account of this tax last year and will pay only a small amount this year, he added. The net income of the company should be about $12,000,000, or $4.80 a share this year, it was estimated. He said payment of the undistributed profits tax. From Jan. $2,456 Gross income Deductions from income x described by W. P. Kenney, President, as an "irregular" one. September— Georgia & Florida RR.—Earnings— r - , meeting held Oct. 26 a the preferred stock, no par The current dividend was Co., Inc., and Zephyr Earnings for 3 Months Ended profit after provision for Consolidated on distributed. Subs.)—Earns. Equipment Corp. (& Dividend— Ry.— To Pay $2 declared a dividend of $2 per value (the only stock issue outstanding), payable Dec. 20 to holders of record Dec. 1. This wixl be the first dividend to be paid by the company since Feb. 1, 1932, when $1 per share was The directors at share with American Mutua Lability Insurance special deposit p. 2694. Includes $25,000 Co.—V. 145, under agreement General Theatres Inc. below.—V. 145, p. 2226. Great Northern 18,634,460 17,458,761 470,036 (454,481 in 1936) shares of no par value- by 2694. See Itayonier, 17,458,7611 18,634,460 (Delaware), Grant Estates, Co. Grant Co., except Grant Estates, Inc., and for each share now held one share of $10 par share of $20 par 5% cumulative preferred stock of the new company. Stockholders of Grant Estates, Inc., and Grant Finance Corp. will receive with respect to 654,801 shares of W. T. Grant Co. and other assets valued in excess of $1,300,000, an aggregate of 650,000 shares of new $10 par common stock and 215,000 shares of $20 par 5% cumulative preferred stock. After the consolidation, it is expected that the new company will have outstanding 350,138)4 shares of $20 par 5% preferred and 1,190,554 shares of $10 par common stock. This compares with 1,195,355 shares of no par value capital stock outstanding of the present W. T. Grant Co.—V. 145, 32,063 Res. for employees Accrued int. on in¬ Em pi. 25,313 12,135 group T. Present stockholders of W. T. Grant sink¬ 1,405,800 officers Marketable W. Corp. 11,993 ...... 2,850,000 the consolidation of the present Inc., and Grant Finance of the same name through corporation ing fund bonds. Allowance for This plan contemplates porate structure. 1st on ,619,445 1 Acer. int. receiv'le Due q79 in hands of receiver Inventories int. record date for a special meeting of consider a plan for simplifying the cor¬ the formation of a new Delaware The directors have set Nov. 4 as the stockholders to be held Nov. 26 to V 4J^% mtge, sink, fund bonds 2,250,000 19',512 Accts. receivable.. banks 1st Acer. ~5~966 Notes receivable.. in $ Cap. & surplus.. 14,871,421 13,682.362 mtg. 4)4% Special deposit for unpaid taxes Cash x 1936 $ Liabilities— 11,964,764 126,979 12,025 Cash 1937 $ Simplify Capitalization— (W. T.) Grant Co .—To Sept. 30 1936 $ Assets— 2847 Chronicle Financial 145 $200,000 291,000 291.000 1.409 15,295 Accounts payable payable. 12,248 Consumers' depos. 727 $200,000 13,066 5,918 12,848 par) 1st mtee. Due to 5% bds. parent and affiliated cos Notes Def'd credit Items. Reserves — Earned surplus... 800 7,687 6,000 - mm mmm 10,345 6,000 377 165,614 177,652 210,894 216,434 $919,957 $924,633 13,455,035 2,068,261 491,994 $919,957 Total -V. 145, p. 942. $924,633 Total " 2848 Financial Hamilton Watch Chronicle Co.—Larger Common Dividend— The directors have declared Oct. dividend of 75 cents per share on the com¬ a 6 Mos. End. stock, no par, payable Dec, 15 to holders of record Nov. 26. This compares with 60 cents paid on Sept. 15, last 40 cents paid on June 15, last and 25 cents paid on March 15, last, this latter being the first dividend paid since Sept. 1, 1931, when 15 cents per share was distributed. mon June 30 '37 Sales will distribute Operating a depreciation) A stock. dividend — &c., charges Honolulu Rapid $275,887 210,601 34.521 $114,381 $30,764 $113,397 D/-984 Period End. Sept. 30— rev. from transp'n Operating of 50% $30,764 Transit Co., Ltd.- -Earnings-— 1937—Month- -1936 $103,129 $85,630 65,702 56,221 Gross interim dividend of 10%, less tax on the was distributed in the year 1936.— an 174,734 $115,491 3.051 expenses Net profit available for note interest Handley-Page, Ltd.—Interim Dividend— The directors have declared Dec. 31 '35 561,309 112,985 _ wages common '36 $969,947 680,831 $789,786 — Other income. to all employees with the company less than a 12 Mos. Ended Dec. 31 $118,542 * _ _ Operating profit..... Christmas present in the form of one the company for one year or more. Those with year will receive l-12th of a week's wages for each month of employment. The additional compensation, which will be paid Dec. 1, goes to all employees, except executives.—V. 145, p. 764. company .. Cost of sales (including Christmas Bonus to Employees— This week's 1937 30. Combined Comparative Operating Statements expenses 1937-/-9 Mos.—1936 $865,741 576,982 $747,525 501,796 V. 145, p. 610. Net Haverhill Gas Operating Operation 1937—Month -1936 $46,948 $47,436 28,556 27,418 revenues. ______ Net oper. revenues.__ $29,409 3,601 $288,759 30,116 $245,729 25,620 from oper..,. $40,416 $33,010 $318,874 $271,349 8,489 8,604 75,291 11,795 114.761 1937—12 Mos. —1936 2,536 $562,314 362,039 28,574 7,150 2,521 a7,447 ______ $37,426 2,989 Taxes assignable to rail¬ way operations— Light Co.—Earnings— Period End. Sept. 30— Maintenance. Taxes from transp'n Rev. other than transp'n a84,296 Net $5 >1,666 354.375 23,126 86,200 $8,424 $10,331 $87,405 6 2 73 Balance Retire't reserve accruals $8,430 2,917 $10,333 2,917 $87,477 35,000 $7,417 $52,477 111 181 2,189 $7,236 $.50,288 Net 1 charges income $5,403 _ Dividends declared Net -V. Earnings x per Before share Federal 1936 $1.15 $0.72 surtax on undistributed profits, y Based on End.Sept. 30— — a Net earns., all sources. Fed. income tax (est.).. Undist. profits tax present stock com. in 1936 1935 Assets— 1934 Cash z3,546,142 614,693 z2,669,206 420,715 $4,283,823 10,623,674 $2,931,449 10,178,157 $2,248,490 10,229,141 Instalment notes receivable. Accounts receivable, &c Loans to employees & officers _ ownership plan pursuant to former (no director participated 295,172 35,439 551,994 Office equipment and improvements y 1936 $6,520,889 45,808.908 13,269 56,881,113 — — in this plan). Other receivables, «&c $2,439,288 10,040,110 Sep 1937 $8,858,207 x 2,853,197 413,909 Total 430,535 $15,338,032 $13,109,606 $12,477,631 $12,479,398 on pref. stock on common 457,169 35,993 441,821 393,696 2,663,174 stock. 459,312 554,059 1,313,113 ...$19,765,000 $16,550,000 Employees, officers and others 193,930 221,440 Fed'l & Dominion income & capital stk. taxes (incl. an estd.amt.for the Fed.surtax on undist 1,988,322 .profits) 1,390.470 Dividends payable 941,773 637,430 Miscellaneous 49,609 33,516 Reserve for Canadian exchange fluctuations (un¬ realized appreciation) 76,204 76,451 Reserve for contingencies 500,000 745,220 Minority interest in subsidiary company 27,332 22,030 Preferred stock (par $100) 18,000,000 Participating preference stock (par $50) 10,635',050 Common stock zl7,922,586 554,067 1,897,607 1,166,658 Surplus at Sept. 30—.$12,281,162 $10,752,687 $10,610,460 $10,758,674 .stk.out.(no par) y592,527 y583,870 y583,596 y583,046 Earnings per share $6.57 $4.23 $2.90 $3.23 x After deducting all expenses incident to manufacture and sale, ordinary and extraordinary repairs, maintenance of plants, accidents, depreciation, &c. y Average nun oer of shares, z Includes other income of $179,907 in 1937, $269,420 in 1936 and $375,902 in 1935. b Decreased by prior adjustments of $1,554. c basis of dividends paid during On period. .$66,621,926 $53,278,049 m Notes payable—banks Shs.com tax Con. Balance Sheet 1 hand and in banks on J' /I fl.fj'l If f "J 0 year on $0.31 excess Total Divs. Divs. 1937—9 Mos.—1936 $1,744,292 $1,966,573 $1.81 $2.09 income taxes, minority interest, &c., but undistributed profits.—V. 145, p. 765. Nil Household Finance Corp. z5,439,076 b937,606 c217.647 of stated valuation... „ 1937—3 Mos.—1936 $96,711 $352,742 before provision for surtax stock Net profit for period.. Surplus at begin, of year Proceeds from sale of Sept. 30— Earns, per sh. on cl. Bstk. a After depreciation, Federal $35,229,409 $26,033,551 $21,747,686 $21,071,254 x Taft, N. Y. City—Distribution— Period End. Net profit Earnings— 1937 $94,846 Houdaille-Hershey Corp. (& Subs.)—Earnings $191,814 240,218 y$0.44 1902. Hercules Powder Co. $121,152 $12,606 trust department of the Bank, 40 Wall St., New York. This distribution does not apply to certificates of deposit issued by Brooklyn Trust Co. according to the announcement.—Y. 145, p. 1260. 1935 x$258,862 240,218 _■ capitalization.—V. 145, p. 9 Mos. Net sales 1937 $16,641 participation certificates in the Prudence-Bonds Corp. Hotel Taft (formerly (Walter E.) Heller & Co.—Earnings— x$368,442 245,108 314 Hotel Manger) issue of which the Prudence Co., Inc., is guarantor. Holders will receive payment upon presentation of these certificates at the corporate provision has been r ade for the Federal surtax on undistributed net inco r e for the year 1937, since any liability for such tax-cannot be determined until the end of the year.—V. 145, p. 2075. 9 Months Ended Sept. 30—Net profit after taxes and charges Shares common stock 259 7,763 2227. p. Hotel 106,162 Cr 109. 3 1,714 revenue 145, 69,767 16 -_- 13,571 Bank of the Manhattan Co., as depositary, announces a final distribution in cash, of an amount equal to better than 87% of the principal amount of 860,198 58,968 ' —54,054 _- Replacements. No a _. Profit and loss $63,039 2,841 Gross income Interest . Deoreciauon.. $98,039 35,000 $5,514 Interest 74 e rev. — $97,9'?5 (net). Non-oper. inco rev. * Class A authorized the listing of 677,834 (voting), no par value, to be issued to stockholders in effectuation of the change in the number of the issued shares of the capital stock of tne company from 677,834 shares to 1,355,668 shares. At a meeting of the directors held Oct. 15, resolutions were adopted declaring advisable and recommending for adoption at a stockholders meet¬ ing to be held on Nov. 4. 1937, amendments to tne amended certificate of incorporation to enable a split up of tne company's issued common stock into twice as many shares.—V. 145, p. 2694. Heywood-Wakefield Co.—Earnings— 9 Mos. End. Sept. 30— Net profit after all chgs. Earns, per share on com. stock. 1937 1936 x$414,565 1935 1934 x$401,212 loss$58,981 $4.72 $4.49 Nil Nil Federal surtax on undistributed profits. Sales billed to Sept. 30 are 34% in excess of those for the corresponding period last year. Reduction of receivable and inventory balances since June 30 has per¬ mitted retirement of $275,000 in bank loans, which now stand at $625,000. 145, p. 1741. Hinde & Dauch Paper Co. Period Ended Sept. 30, 1937— Net profit after deprec., Federal and (& Subs.)—Earnings— 3 Months income $436,840 common stock— $1.09 per Registrar, Peoples $100,000 Notes Offered—The same bankers offered $100,000 par and interest (only to bona fide Dated Aug. 1,1937. Due Aug. 1,1939. Principal and interest (F. & A.) payable at Merchants National Bank, paying agent, Cedar Rapids, Iowa. Coupon notes in denom. of $1,000. Red. in whole or in part at par plus i nt., at any time upon 15 days' notice to the bankers and the paying Capitalization—After giving effect 30,000 shares of follows: m agent. to the sale of $100,000 two-year common 4^% stock, the capitalization will be as Authorized , Two-year 4M% notes. Common stock (par $5). $100,000 750,000 Outstanding $100,000 x380.000 Not including 10,000 shares reserved under options to July 31, 1939 to underwriter and management at $8 a share. x Company—Is engaged in the manufacture and distribution of high protein content commercial feeds for livestock and poultry. These products supple¬ ment the feeding of coarse grains and grass, and are an aid in preparing livestock for market, and in increasing the production of dairy products. The feeds are sold and advertised under well known and copyrighted trade mark names. Incorporated on July 1,1937, the company is an outgrowth of Honeymead Products Co. and R. P. Andreas & Sons, both partnerships. Purpose—Proceeds will be applied approximately as follows: for the erection of of the property $66,621,926 $53,278,049 After Houston Electric Period End. Sept. 30— Operating revenues Operation Maintenance Retirement accruals Taxes Co.-—Earnings— 1937—Month—1936 $242,341 $202,345 119,559 99,964 33,796 28,825 27,279 a24,579 b27,209 20,730 $34,496 15,989 2,541 1937—12 Mos—1936 $2,730,811 1,340,783 382,728 291,334 b307,320 $2,341,444 1,156,659 325,331 308,711 233,839 $316,903 227,995 7.731 4,509 $76,668 $28,246 17,725 Net income 646 680 $408,644 197,212 17,705 7,880 $15,320 Interest on bonds Other interest, &c Amort.of debt disc.& exp $9,382 $185,847 459 a This amount excludes a credit adjustment of prior 1936 accruals in the amount of $30,034; which amount, however, is included in the twelve months' figures. b No provision has been made for the Federal surtax on undistributed income for the year 1937 since any liability for such tax cannot be net determined until the end of the year.—V. Houston 145, p. revenues incl. taxes.. Prop, retire, res. approp exp., Net operating revs — Other income Gross income.. Int. on mortgage bonds. Other interest & deduc— Net income x 2227. Lighting & Power Co.—Earnings— Period End. Sept. 30— Operating Oper. 1937—Month—1936 1937—12 Mos.—1936 $877,800 $10,517,234 $9,413,486 418,415 5.031,082 4,492,510 199,431 143,787 1,622,673 1,173,521 $1;010.312 483,834 $327,047 1,221 $315,598 $3,863,479 17,142 $3,747,455 650 $328,268 80,208 12,617 $316,248 108,125 7,600 $3,880,621 1,074,166 131,239 $3,761,475 1,297,500 $235,443 $200,523 $2,675,216 315,078 $2,368,562 315,078 Dividends 14,020 95,413 Balance $2,360,138 $2,053,484 x Applicable to preferred stocks for the period, whether paid or unpaid. Regular dividends on 7% and $6 preferred stocks were paid on Aug. 2, 1937. After the payment of these dividends there were no accumulated unpaid dividends at that date. Note: No provision was made for Federal surtax on undistributed profits for 1936, inasmuch as the company reported no undistributed adjusted net income for that year. No such provision has been made to date for 1937.— V. 145, p.2076. Houston Oil Field Material Co., Inc.—New Director— new 8,802,325 189,554 7,732,986 reserves for losses of $3,232,412 in 1937 and $2,779,369 in 1936. After reserves for depreciation and amortization of $420,810 in 1937 and $374,527 in 1936. z Represented by 716,903 no par shares. a Represented by 249,663 no par shares, b Includes an estimated amount for the Federal surtax on undistributed profits. The income statement for the 9 and 12 months ended Sept. 30 was pub¬ lished in V. 145, p. 2695. $125,000 solvent extraction plant; $50,000 in the purchase formerly owned by the Cedar Rapids Grain Co.; and the balance will be added to the company's working capital. a ; y Shares trans- two-year 4)^% notes at residents of Iowa). _ 295,515 6,861,654 share. Savings Bank, Cedar Rapids, Iowa. erable at office of the company, Cedar Rapids, Iowa. notes and of . Total. x $1,245,846 $3.06 Honeymead Products Co.—Stock Offered—Priester-Quail & Co., Davenport, Iowa, offered recently (only to persons and corporations resident within the State of Iowa) 30,000 shares of common stock at $8 a6,24l'575 ; Earned surplus.... Net oper. revenues , 9 Months taxes surtax Earns, per sh. on 360,250 shs. —V. 145, p. 765. stock loss$46,435 Before —V. stock common Capital surplus _ x common Class B Listing— The New York Stock Excnange has additional share of common stock Jose L. Tweedy recently appointed representative in Texas for Robinson, Inc., has been elected a director of this company.—Y. 145, Miller & Co., p. 1587. Volume Financial 145 Howe Sound 2849 Chronicle Indiana Associated Telephone Corp.—Earnings— 1937—Month—1936 1937—9 Mos.—1936 revenues $111,741 $102,566 $969,860 $895,637 Co.—Earnings—Correction— Period End. Sept. 30— the" figures published therein for the nine 1937 were incorrect. Below we give the corrected statement, the figures having been compiled from the company's quarterly In the "Chronicle" of Oct. 23, Operating months ended Sept. 30, 625 706 60,120 $102,566 52,266 $969,235 525,868 $894,931 473,065 $51,621 $50,300 $443,367 $421,866 50 50 491 668 15,322 10,600 137,091 106,350 $36,249 $39,650 $305,785 $314,848 Uncollectible oper. rev.. ^ - __ statements: Operating revenues Operating expenses..... _. _ _ $3,165,633 64,531 $4,275,196 89,452 $1,393,464 560,915 Operating taxes $1,134,484 90,799 $3,230,164 173,693 $4,364,648 264,492 $1,954,379 238,715 —V. 145, p. $1,043,685 . Total income. $3,056,471 $4,100,156 $1,715,664 ... Depreciation Net income. . . property $1,109,563 24,921 Operating income Other income 6 Mos. End. $111,741 Net oper. revenues— Rent for lease of oper. 9 Mos. End. 9 Mos. End. Period— Sept. 30, '37 June 30, '37 Sept. 30, *37 Sept. 30, '36 Value of metals produced $4,570,653 $10,704,561 $15,275,214 $9,116,469 Operating costs :>— 3.461,090 7,538,928 11,000,018 7,723,005 3 Mos. End. ...... Earns, per sh. on 473,791 shares (no par) $6.45 $2.20 Note—-No provision has been made for surtax on Net income oper. 2228. Water Sept. 30, 1937— $8.65 $3.62 undistributed earnings. Co.—Balance Securities Works Indianapolis Sheet Liabilities— Assets— Indianapolis Waiter Co. stock (499,935 shares) 56,000,000 Hudson & Manhattan RR.—Earnings— Period End. $633,255 419,836 Oper. expenses & taxes. _ $618,881 388,892 $5,809,190 3,824,968 $229,989 17,975 $1,984,222 111,216 _ Special deposits..."; 203,753 $225,763 $247,964 $2,095,439 chgs.—Inc. int. on adj. inc. bonds at 5%. 290,098 298,401 2,613,863 2,783,922 Deficit $64,334 $50,437 $518,425 $404,423 145, Inc. Hummel-Ross Fibre Period End. Ingersoll-Rand Co.—$1.50 Dividend— a dividend of $1.50 per share on the common Dec. 1 to holders of record Nov. 8. A like 1, last, and compares with $1 paid on June 1, last, and previously, regular quarterly dividends of 50 cents per share were distributed. In addition, an extra dividend of $4 was paid on Dec. 24, 1936, an extra of $3 was paid on Dec. 28, 1935 and an extra of $2 was paid on Dec. 28, 1934.—V. 145, p. 944. : Vv: >' 1^:0 -.O ; ;-ivr .v:; > ;;-i: value, payable no par payment was made on Sept. Corp.-—Earnings1937— 9 Mos.—1936 $603,563 $275,870 1937—3 Mos.—1936 $162,570 $117,469 Sept. 30— 5,178,766 2228. p. The directors have declared stock, —V. 145, p. 2076. Net profit Earns, per sb. on 389,611 common shares 529,277 Total. $6,178,766 Total -V. $2,379,499 a 44,981 1,462 $2,175,746 Reacquired securities Operating income Non-operating income. 4,545 accrued 137 Unmatured Interest oii funded debt accrued 343 109,881 Other accrued accounts 2,799 Surplus..........: 11,000 ... TJnamort. debt disct. <fc expense $5,757,633 3,581,887 $213,419 12,344 Gross operating revenue. 54,605 Coupon receivable Sinking fund 1937—9 Mos.—1936 1937—Menth—-1936 Sept. 30— Taxes $2,000,000 3,598,500 Capital stock—common Secured 5% gold notes Ca-h —V. 145, p. 2695. Rapid Interborough Adjourned— $0.42 $0.30 $1.55 $0.71 a After provision for Federal income & undistributed profits taxes and provision for preferred dividends. Net sales for first three quarters of 1937 amounted to $2,731,763, as against $1,913,349 for the first nine months of 1936.—V. 145, p. 438. Due to the absence of of the necessary 175,001 shares of com¬ stock, the adjourned annual meeting held Oct. 22 was further mon Again Co.—Meeting Transit a quorum adjourned to Nov. 22. elected Chairman of the Board, stated at the meeting when questioned by a stockholder, that be believed that the I. R. T. can be reorganized and be made to pay. He also stated that in his opinion unification of the New York City subway systems is not essentail to the welfare of the company.—V. 145, p. 2696. Ernast A. Bigelow, newiy Hupp Motor Car Corp.—New 1938 Prices— The company has announced Detroit delivered prices of six-and eight-cylinder four-door sedans as follows: Standard six, fqr its 1938 line $1,045; regular six, $1,180; de luxe six, $1,222, and custom six, $1,340. International Business Machines Regular eight. $1,325: de luxe eight, $1,365, and custom eight, $1,465. prices include standard accessories and Federal excise tax but Announcement will be made later of prices of the These 145 coupes.—V. 1261. p. Corp.—New Director— Huron & Erie Mortgage Hobbs John W. elected was director of this corporation at a meeting a of the board held on Oct. 19.—V. 144, p. ... mortgage on $4,749,839 x2.417.243 $4,303,534 2,109.385 $2,332,596 Drl,457 . Net revenues from operation Gross corporate income $2,194,149 construction $2,331,139 on on common Federal Includes x year $17,600 on —V. 145, p. $1,070,010 414,342 undistributed profits for the j 7% cum. pref. stk. ($100 par) $6 cum. pref. stock Common stock ($100 par)... x Consigned materials (contra) Deferred charges.. Miscellaneous 6,008 695,742 . Consignments (contra) Sundry credits $41,607,836 Total.... Paper the . . Power & , Co.—No 1937 2,235,461 .$41,607,836 Total $9,731,304 Gross from railway 3,467,043 2,454,487 Net from railway Net after rents 1936 $9,706,859 2,589,127 T. Caldwell, Total gross 1,529,556 $8,589,361 2,347,461 1,659,664 $7,845,102 2,061,518 1,156.845 . . . 84,640,021 19,556,436 11,325,141 82,237,391 19,213,344 9,839,758 70,696,735 14,152,830 7,525,066 67,545,994 17,216,742 -Earnings1937 Cr5,759 Interest 1937 Gross from railway . Net from railway after rents From Jan. 1— . Net . . Net from railway—.... . after rents —V. 145, p. . 72,714,937 71,213,381 15,699,533 9,223,797 15,827,885 8,391,032 1937 Jan. 145, 1936 1934 1935 deprec. int.,&c. Shares of capital stock outstanding (no par).. 136,110 $398,070 122,250 80,119 4,670,328 1,724,786 1,164,786 4,386,936 1,584,541 1,084,203 3,844,688 1,196,769 817,339 3,659,161 1,088,805 700,717 181,783 Earnings per share. ."'J — Income from railway operation. Non-operating income Excess of revenues over operating expenses. 145, p. 2077. ' - $1,235,686 1,183,574 Including $322,388 $53,296 Subs.)—Earnings— 1937—3 Mos.—1936 1937—9 Mos.—1936 $359,113 x$448,754 $1,062,607 x$974,682 378,680 $0.95 359,680 $1.24 378,680 $2.80 359,680 $2.71 non-recurring profit arising th-ough sale of an $2,921,755 and currenr liabilities weer $728,881. E S. Dulin, President, announced billings for third quarter an increase of about 129% over the like period of 1936. this year showed To ' Pay Extra Dividend— have declared an extra dividend of 50 cents in addition quarterly dividend of like amount on the common stock, 15 to holders of record Nov. 1. A dividend of 50 cents was paid on Aug. 14 last, and dividends of 25 cents per share were paid each three months from May 15, 1936, to and including May 15 last. In addition, a special dividend of $1 was paid on Dec. 19, 1936, and extra dividends of 25 cents were paid on Nov. 16 and Aug. 15, 1936.—V. 145, The directors to the regular both payable Nov. $52,112 1,184 amount of 1st affiliated company, y Before provision for surtax on undistributed profits. Current assets as of Sept. 30, 1937, including $689,516 cash, amounted to 2228. Earnings for the Month of July, 1937 prof, Net taxes $486,080 Operating revenues Operating expenses 30— after Fed. Period End. Sept. x rents.... P. issued and sold an additional $1,000,000 principal 5% series due June 1, 1957.—V. 145, p. 1102. mtge. bonds, y Independent (Subway) System of N. Y. City- -Earnings —V. pany 9,189,869 1— Net from railway after 909,229 $514,903 188,533 124,411 rents Gross from railway —V. 58,933,825 14,991,849 $536,383 228,758 155,174 Gross from railway—_. Net 61,825,144 12,138,594 7,192,621 (Byron) Jackson Co. (& Net from railway.. From $6,583,016 1,576,152 Co.—Earnings— September— after $7,251,351 1,821,399 1,333,330 2394. Illinois Terminal Net 1,847,941 1,027,582 $604,927 5,664 38,793 Notes—(1) No provision was made for Federal surtax on undistributed profits for the year ended Dec. 31, 1936, as it is believed that all taxable net income which would have been subject thereto has been distributed. Since Jan. 1, 1937, no provision for Federal surtax on undistributed profits has been made, inasmuch as the amount, if any, applicable to this period is not determinable at the present time. (2) On July 2, 1937, the com¬ 1934 1935 i Gross from railway Net $8,121,872 2,716,574 1,936,661 1936 $8,014,909 charged to construction Net income Earnings of Company Only September— on $1,458,419 811,995 6,809 38,914 Cr4,226 $618,096 unfunded debt Amortization of bond discount and expense Interest $4,407,699 1,894.127 289,659 387,690 377,804 $1,472,734 815,940 (incl. Federal income tax). $4,355,893 51,806 $4,579,572 1,939,638 308,493 415,297 443,408 earnings 1936 $4,540,375 39,196 Net earnings Interest on funded debt 9,634,004 chief engineer Oct. 21 a director of 145, p. 2696. Provision for retirement reserve. Taxes 1934 1935 Corp.—New Vice-President, technical director and Operation From Jan. 1— Gross from railway Net from railway Net after rents on the reorganization plan Telegraph & 12 Months Ended Sept. 30—' perating revenues on-operating revenues (net) RR.—Earnings of System— Illinois Central Action 2696. Spanish National Telephone Co. was elected on Iowa Public Service Co.- 6,008 55,821 surplus Telephone Maintenance September— 2,568,570 1,145,597 . their regular semi-monthly meeting held Oct. 26 took no declaration of a dividend on the new 5% preferred stock. scheduled for Nov. 9. So far, no dividends have been this corporation.—V. Represented by 28,457 no-par shares.—V. 145, p. 2695. x on Fred of the 3,383,417 Reserves Earned ' ' International 364,973 liabilities 649,485 Miscellaneous assets 9,512,917 Director— .... - Miscell. current assets 16,304 paid on this class of stock which was issued under that became effective on Aug. 3, last.—V. 145, p. $3,801,000 2,845,700 15,000,000 1st mtge. 30-yr. 5% gold bds. 13,000,000 Accounts payable 60,885 ; 175,691 179,987 Customers' deposits 671,807 13,296 Accrued accounts 7,070 16,245 Miscell. current liabilities..- Materials and supplies. Prepayments 8,546,168 1,459,404 362,161 26,878 $1,098,212 302,279 149,187 The next meeting is Liabilities— * $933,617 130,351 21,142 8,854,981 1,337,413 2228. Directors at action .4'i 63,863 International ■ .; 1934 1935 $1,065,496 178,415 Preferred Dividend—• Balance Sheet Dec. 31, 1936 Plant, property, franch., &c_$38,888,968 Investments 9,155 Cash in banks—on demand.. 277,655 Notes receivable... 13,970 Accounts receivable 857,322 -Earnings- 1936 9,875,223 1,686,698 358,931 after rents Net 500,000/ suytax of after rents Net from railway 170,7421 stock 1936.' « foreign From Jan. 1— Gross from railway 420,000 470,000 $1,140,792 243,600 preferred (7%) stock $6 preferred stock — Dividends estimated Federal taxes, $1,174,449 224,131 from railway.. Net Cr7,127 Balance carried to earned surplus on Net 650,000 65,648 Property retirement reserve appropriations-.-.:^- Dividends and 1937 Gross from railway $2,198,531 __ Dividends depreciation International Great Northern RR.September-— 4,382 650,000 70,347 —_ . ... bonds Other interest and deductions..______ Interest charged to reserves, present blocked by governmental restrictions. Similar blocked profits for the years 1936 and 1935 were fully covered by reserve.—V. 145, p. 766. 1935 1936 Years Ended Dec. 31— Interest interest, but before provision for Federal surtax on undistributed profits. The earnings reported above include those of the company's subsidiaries, of which $639,960 was in countries where exchange is at Operating revenues Operating expenses, including taxes - After x 938. Idaho Power Co.—Earnings— Other income (net) Corp.—Earnings— [Including Foreign Subsidiaries! Period End. Sept. 30— 1937—3 Mos—1936 1937—9 Mos.—1936 x Net profit $2,608,618 $2,261,905 $6,572,666 $5,738,406 Shs. capital stk. (no par) 775.880 738,934 775,880 738,934 Earnings per share $0.00 $2.58 $ 8.47 $7.76 exclude State sales tax. p. 611. 2850 Financial Jantzen Knitting Mills of Canada, Years Ended July 31— Sales Cost of sales Dominion and Provincial income tax. 190 1, 1937. Note—No provision was made for Federal $210,828 147,146 8,526 59,451 Kansas Power Co. $646 Period End. Sept. 30— Total oper. revenues loss$4,294 1937 Merchandise $100 38,430 78,704 3,448 24,000 hand and in transit.. on Deferred charges and prepaid expenses Investments at cost — LPlant, machinery andcost md (factory site) at fixture Total .... $174,001 496 821 1,143 $181,320 66,660 2,281 $174,498 65,691 1,553 $399,997 196,697 7,092 $397,175 197,175 7,342 7,427 22,033 22,288 discount and expense. Taxes assumed on int. & miscell. deductions— 1,250 1,250 3,750 3,750 395 277 1,835 Sales tax. 1,372 Net inc. before pf. divs Pref. stock dividends... $103,390 29,885 $98,298 29,885 $168,589 89,655 $167,649 89,655 $73,505 $68,413 $78,934 $77,994 liability for Federa 1935 $117 ""775 """539 3,397 3,535 190 zl40 10,065 6,345 S.W.Miller 82 Reserve for claims—Swim suits Goods in transit, per contra Bills receivable under disc., per contra 1,554 29,436 218 15,236 3,934 4,283 4,787 Guelph Carpet & Worsted Spin¬ ning Mills, Ltd Jantzen Knitting Mills (Portland, Ore.) Miller, Court & Co., Ltd. (Van¬ 4,434 Total 9,180 250,000 167,598 83,428 9,044 250,000 $375,787 accounts of Jersey Central Power & Light Co.—Earnings— oper. mdse. Non-oper. 1937—9 Mos.—1936 1927—12 Mos.—1936 $8,487,563 $7,935,038 $11,142,428 $10,386,974 1,051,498 837,518 1,235,821 1,024,429 31,081 22,971, 41,143 33.297 revenues... revenue revenue. Total gross revenue.. $9,570,143 3,062,480 957,684 766.249 1,102,940 506,877 1,463,437 Oper.exp.—general Oper. exp.—mdse Maintenance expense... Taxes (incl. Federal)... Retirement expense $8,795,527 $12,419,393 $11,444,700 2,841,426 4,064,349 3,748,161 795,939 1,147,316 975,536 776,057 1,043,019 1,042,913 995,194 1,416,080 1,264,913 414,209 43,104 106,612 44,567 628,326 1,951,250 142,822 50,299 $1,560,469 $1,358,084 $1,975,929 Bond interest Amort, debt, disct. & exp Other miscell. deductions 1,463,437 106.900 Net for dividends 515,143 1,951,250 142,297 53,739 $1,750,746 Consolidated Balance,Sheet Sept. 30, 1937 Liabilities— Flxec. capital $77,249,066 2,139,142 Cash Notes receivable Accounts receivable.... Unbilled 47,873 1,940,266 income. ..." 469.397 Material and supplies 947,730 Prepayments 67,773 Miscellaneous current assets. Miscellaneous assets 13,150 16,201 Deterred charges Co.'s own 2,951,335 pret. stock held... 132,200 7% cum. pref. stk. ($100 par) 6% cum. pref. stk. ($100 par) 5Yi% cum. pf.stk. ($100 par) x Common stock Funded debt $7,100,000 7,030,300 7,910,800 10,537,700 42,225,000 Notes payable (banks) Discounted contracts Accounts 455,000 247,168 177,277 677,252 952,762 payable Consumer./ deposits..... Taxes accrued. ___ Period End. Oct. 9— 145, p. 2228. i 769,338 1,908,155 surplus no-par Total $85,974,135 shares.—V. 145 p. regular quarterly preferred stock, on See also V. 145, p. 1905. dividend railway. after rents Jan. Meeting Postponed which arrears still amount Gross from railway Federal income taxes, &c revenues $26.25 a share. 1935 1934 $201,319 103,418 59,010 $144,265 49,359 19,360 $163,186 65,432 32,071 1,773,314 1,839,370 961,504 590,121 1,428,673 1,424,682 602,029 343,771 689,865 409,267 941,547 605,713 Co.—Earnings— 1937—Month—1936 $539,312 $527,507 285,652 253,370 .... investments Gross income Int. on mtge. bonds Int. on debenture bonds Other int. & deductions. Int. charged to construc¬ but 1936 x$225,705 $382,049 x Includes special income of $20,500. $0.37 $0.30 $0.49 y Before surtax on profits. 1935 undistributed At the beginning of the quarter the company reduced the rate of depre¬ on steel mill equipment from 5% to 3)^ % to make the rate conform closely with actual experience. This action increased net income for the quarter by $12,873. At the 5% rate the steel mill equipment would have been completely written off by 1940. Shipments thus far in October are running at approximately the same volume as in September, according to W. H. Sommer, President, and indi¬ cate earnings for the present month at least as good as in October last year.— V. 145, p. 2229. ciation more Kimberly-Clark Corp.—■Earnings— Period End. x Sept. 30— Net sales Costs and expense Operating profit.. Other income 1937—3 Mos.—1936 1937—9 Mos.—1936 $6,421,513 $5,330,992 $20,260,459 $16,726,680 5,701,547 4,844,823 17,808,735 1 5,151,062 $719,966 41,845 $486,169 $761,811 106,250 180,000 $529,163 $2,451,724 151,375 $1,575,618 120,579 $2,603,099 245,104 700,000 $1,696,197 120,000 $475,561 3,922 $340,163 23,347 $1,657,995 $1,049,146 prof.36,078 23,347 $471,639 149,445 $316,816 149,445 $1,694,073 $1,025,799 448,335 448,335 $322,194 $167,371 $1,245,738 $577,464 $0.66 —- Profit.... Loss of subsidiary Preferred dividends Earns, per share on stock x $0.34 $2.55 $1.18 42,994 69,000 249,551 397,500 com. Exclusive of interplant sales. x Net 1937 1936 $26,397,642 $21,968,163 23,399,665 20,071,691 sales Costs and expenses Operating profit $2,997,977 230,588 $1,896,472 $3,228,565 314,104 825,000 $2,075,263 341,012 402,000 Profit Profit of subsidiary $2,089,461 36,078 $1.332,251 Net profit Preferred dividends $2,125,539 $1,319,729 597,780 597,780 Surplus Earnings per share $1,527,759 $721,949 $1.48 Other income... Total income. Bond interest on common stock $3.13 Period Ended Sept. 30, 1937— Sales... Month $55,089 29,105 Gross profit.. Expenses (net). $203,660 $224,137 1,189 $2,274,639 16,383 $2,168,116 14,315 $225,326 60,000 $2,291,022 720,000 15,000 7,656 180,000 104,922 $2,182,431 720,000 180,000 Net income $120,609 $142,670 Dividends applicable to preferred stocks for the period, whether paid or unpaid 90,501 CM ,977 Cr461 $1,288,077 520,784 $767,293 $671,607 § Months Ended July'SI— Net sales. $242,517 1936 $2,432,702 2,344,278 13,150 1937 $2,443,493 $75,274 27,805 $19,365 17,352 $103,079 13,831 Cost of sales and operating expense Provision for depreciation Profit, before miscel. inc. and Fed. income $36,717 6,627 $89,248 $30,090 tax. Interest and miscellaneous income Profit x Regular dividends on 7 % and $6 preferred stocks were paid on July 1, 1937. After the payment of these dividends there were no accumulated $681,435 438,918 Kresge Department Stores, Inc. (&Sub.)—Earnings— $1,192,391 520,784 profit $5,517,587 4,836,152 $25,984 463 600,000 Net 10 Months $508,543 453,454 Cost of sales 600,000 $204,570 60,000 15,000 8,961 lossl 2,522 Kolmar, Inc.—Earnings— 1937—12 Mos.—1936 $6,123,738 $5,718,541 3.249,006 2,949,962 50,000 910 178,791 Exclusive of interplant sales.—V. 145, p. 2697. 50,000 tion &c. 1937 per share on 757,632 shares capital stock (no par) 93 approp. Net oper. revenues Other income (net) Balance tax, y$203,693 Earnings x _ Oper. exps. (incl. taxes). Ainortiz. of limited-term to $225,165 117,533 77,100 Kansas Gas & Electric Period End. Sept. 30— res. ... Federal income and surtax 1936 —V. 145, p. 2228. Prop, retire, subsidiary Keystone Steel & Wire Co.- -Earnings— 3 Months Ended Sept. 30— Net income after all charges, including Ry.—Earnings— 1937 1— Net from railway. Net after rents Operating $1.87 a were share Kansas Oklahoma & Gulf September— Gross from railway x Sept. 30, 1936, Surplus.. was of Its From $1.46 income operating earnings for the nine months equal to $1.48 a share on the combined issue of class A and class B stocks.—V. 145, p. 767. ened 1102. meeting of the board of directors, postponed indefinitely, as the directors wished to obtain a clearer view of this year's operating results and profits prior to taking dividend action. This year the company has paid three dividends of $1.75 on each Net from Nil Earnings for 12 Months Ended Sept. 30 Jones & Laughhn Steel Corp.—Div. scheduled for Oct. 26, Net Nil non-recurring profit of $203,692 from sale of Federal income & surtax 1937—4 Weeks—1936 1937—40 Weeks—1936 $1,813,108 $1,512,912 $17,588,415 $15,274,680 - The a Net profit ..$85,974,135 | Represented by 1,053,770 —V. Including a 1937—9 Mos.—1936 $789,081 a$990,278 company, b After depreciation, interest, Federal before provision for surtax on undistributed profits. Exclusive of non-recurring profit, Total income Bond interest Jewel Tea Co., Inc.—Sales— Sales bined issues of class A and class B stock 5,018,083 Capital surplus 1937—3 Mos.—1936 $24,004 a$42,140 61,618 Reserves Earned Kelsey-Hayes Wheel Co. (& Subs.)- -Earnings— Period End. Sept. 30— b Net profit-..-. Earns, per sh. on com¬ 565,208 accrued Miscell. current liabilities x on 338,472 accrued Interest Dividends Total no June 21, last, Nov. 5, 1936 and on Oct. 28, 1935, this latter being the first distribution made since July 1, 1931, when a regular quarterly dividend of $1.75 per share was paid.—V. 144, p. 4182. $379,605 167,598 84,074 $2,182 in 1937, $3,000 in 1936 and $3,039 in 1935. y After reserve for depreciation of $49,005 in 1937, $40,561 in 1936 and $32,331 in 1935. z Bills payable.—V. 143, p. 3321. Period End. Sept. 30— has The directors have declared a dividend of $1 per share on account of accumulations on the 7% cumulative 1st preferred stock, par $100, payable Oct. 28 to holders of record Oct. 19. A similar payment was made 3,750 $426,074 pref. shares ($100 par) 4,434 3,753 9,197 250,000 167,598 81,624 Common shares (no par value) Deficit. 4,434 3,750 couver) for doubtfu 4,939 (George E.)Keith Co.— Accumulated Dividend— 587 8,926 (deferred Deferred under exten. agreement: reserve $396,032 150 ... Municipal taxes, 1933-34 under city by-laws) Gross Balance Note—It is estimated that the company undistributed profits tax.—V. 145, p. 1262. 3,675 $399,176 stock 123 7,593 — Gross and expense of pref. $379,605 $186 3,953 14,414 Dom. and Prov. income taxes payable payable (trade) Guelph Carpet & Worsted Spinning Mills, Ltd Notes Int. on funded debt. General interest. Amort, of bond discount 535 __________— ... Ainortiz. 1936 $1,043 Gross income 24,000 208,487 30,000 50,000 '$375,787 1937 Trade accounts After 1937—9 A/os—1936 $1,241,406 $1,164,856 842,229 768 823 606 Net oper. income Other income (net).. 2,239 50,000 $426,074 - — Royal Bank of Canada—Overdraft.. x Earnings— $180,714 Total oper. exps. & taxes $5,343 23,436 36,099 30.000 50,000 Liabilities— Due to salesmen— cum. (& Sub.) 1937—3 Mos.—1936 $461,037 287,035 1935 $2,389 25,029 36,446 1,770 24,000 206,152 201,391 30,000 Trademarks and patents 7% were undistributed profits ^ Accounts receivable x 1936 surtax on 1937 stocks $486,645 .305,931 Balance Sheet July 31 Assets— Cash these on for 1936, inasmuch as the company reported no undistributed adjusted net income for that year. No such provision has been made to date for 1937 —V. 145, p. 2228. 123 $1,804 — Regular dividends declared for payment on Oct. 1935 $252,545 172,464 9,479 69,833 Oct. 30, unpaid dividends at that date. Earnings— 1936 1937 $319,019 224,270 11,419 81,336 Warehouse and shipping expense Selling, admin, and general expense. Net profit from operations Ltd. Chronicle Provision for Federal income tax. Profit for six months ended July 31 As of July 31, 1937 current liabilities of —.— 2,410,053 14,075 current assets were reported at $2,160,383, against a ratio of 6.19 to 1.—V. 145, p. 2079. $348,752, Volume Financial 145 Laclede Gas Light 12 Months Ended Sept, Operating revenues.. Operating expenses Maintenance. , _ _ _ _ . _ .... current for Federal period of $73,420prov. _ _.. . _ . income .' funded debt unfunded debt ... Interest charged to construction Amort, of debt discount and expenses Taxes on $1,647,628 $4,326,879 55,328 210,239 257,500 629,741 $1,975,692 97,070 $1,382,061 $3,439,637 $1,615,494 $1.80 $4.77 $2.07 Sundry chgs. to income. $3,224,627 190,538 Federal tax estimate..._ 433,768 $2,052,592 1,944,497 Total. 6,520 Cr 7,537 CrS ,612 186,850 _ 183,678 13,097 13,755 loss$87,662 $572,599 has been made for Federal surtax on surplus.^y$2,600,322 Earns, per sh. on 675,573 shs. com. stock $3.61 Net credit to ... Ltd.—Accum. Div.— Milling Co., dividend of $8.75 per share on account of accumulations on the 7% cum. pref. stock, par $100, payable Dec. 1 to holders of record Nov. 15. Dividends of $1.75 were paid on Sept. 1 and have declared a $ $ Accts. x 5,037,406 3,522,163 3,324,877 Sees, owned at cost 3,277,280 b4,321,792 4,783,441 on plant in 445,093 35,040 Other assets Preferred stock Common stock. will total $7 per share. detailed record of previous x security _ 8,640 7,071 93,343 158,195 38,555 169,287 social taxes.. Reserve Pref. stk., 6Vx% c Common stock. (par $100) 3,277,800 3,277,800 .10,584,739 10,584,739 cum. 5,828,617 Surplus 4,168,535 525,932 525,932 After reserve for receivables of 22,231,068 19,631,585 Total.. ...22,231,068 19,631,585 Total dividend payments.. 53,153 243,013 33,000 pur. trusts z 5,733 for c employees' stock a after the current payment 5,478,613 172,600 177,898 261,076 stk. taxes... Prov. & equipment..... 5,935,951 Invest, in affll. co. 129,600 Int. 549.478 taxes 45,167 29,850 securities Prop., y 946,623 inc. Prov. for Fed. Prov. for cap. Accrued int.receiv. on See V. 143, p. 2683 for —V. 145, p. 2697. payable. 1,451,198 Acer. State, local 281,965 & Canad'n taxes Accounts notes & receivable Inventories 1936 Liabilities— 1,935,638 1,998,477 Cash :VV'\' 1937 1936 Assets— ended Sept. 39, Lake-of-the-Woods 30 Consolidated Balance Sheet, Sept. " 1937 1936, the 5% gross receipt tax would amount to approxi¬ mately $169,700 and the net loss for that period would be increased by this amount.—V. 145, p. 945. undistributed profits. has been made for Federal surtax on undistributed St. Louis has enacted an ordinance, effective March 20, 1936, imposing a tax of 5% on gross receipts from the sale of gas. Company is contesting the validity of the ordinance in court and, in consequence, no provision has been made in the above statement for tax of approximately $358,700 on the gross receipts during the 12 months ended Sept. 30, 1937, wnich tax, after adjustment of $44,800 for income taxes, would reduce the net income shown above by approximately $313,900. For the 12 months 263,128 x Includes depreciation of $342,846 for nine months ended Sept. 30, 1937, and $335,639 for nine months ended Sept. 30, 1936 $471,482 for 12 months ended Sept. 30, 1937, and $466,107 for 12 months ended Sept. 30, 1936. y In computing net income from operations above, no provision The City of June 3, last. Dividends arrearage $1,704,539 271,153 369,210 bond & note interest and other charges The directors $4,013,156 313,723 $1,683,382 Net income.. Notes—No provision net income. 200,502 $2,716,094 1,945,043 6,460 ...... on $1,447,126 897,193 Gross income on $2,992,424 232,203 sales.. Other income 13,605,190 $2,383,521 332,573 .... Interest Net profit on 1937—12 Mos—1936 $26,189,053 $18,765,060 22,175,898 17,060,521 17,459,470 Costs of sales x 789.777 — Interest Period End. Sept. 30— 1937—9 Mos.—1936 Sales to customers $20,451,894 $15,052,316 380,232 499,460 for tax Profit Non-operating income 3,586,886 351,438 505,785 * „ $6,939,737 $7,236,158 3,098,221 / ^ 1936 1937 Provision for retirements Taxes—Incl. (& Subs.)—Earnings— Link-Belt Co. Co.-—Earnings— 30— .... 2851 Chronicle $466,595 in 1937 and $408,650 in 1936. After reserve for depreciation of $9,116,453 in 1937 and $8,738,358 in 1936. z Represented by 292 shares of preferred stock in 1937 (72 shares in 1936). a Represented by 33,604 shares of common stock, b At market, y Lake Superior & Ishpemmg RR.—Earnings— Net 1935 1936 1937 September— $475,116 356,904 285,928 $350,883 243,443 194,213 $188,689 98,705 72,828 2,780,067 1,759,998 1,316,711 2,258,790 1,354,482 983,190 1,614 213 1,187,795 820,911 480,851 298,482 from railway Net after rents Gross from railway Net from railway Net after rents ... 586,326 Lane-Wells Co.—Initial on Oct. dividend of 40 cents per share the new capital stock, payable Nov. 16 to holders of record Nov. 10. Intention of placing the shares on a regular $1.60 annual dividend basis was also announced, with the fourth quarter disbursement scheduled for payment in December, according to W .T. Wells, President. Net profits of this company, organized earlier this year as a consolidation of six oil-well equipment and service companies, for the 8 months ended Aug. 31, last, amounted to $516,893 after all charges including normal Federal income tax, but before provision for State income taxes and the undistributed profits tax. This compares with $217,899 earned by the predecessor companies on a comparable basis for the same period a year earlier and indicates an increase of 137%. Earnings for the first eight months of 1937 were equal to $2.06 per share on the 250,000 shares out¬ standing at the close of the period, Aug. 31.—V.145, p. 2397. 1935 1934 $129,747 $130,666 $123,153 39,328 16,246 53,952 44,752 28,345 20,391 $114,638 33,442 8,925 Net from railway. after rents.. 1,240,031 1,150,371 1,113,425 1,093,371 377,823 158,460 334,760 362,703 147,523 314,513 110,459 Net from railway after rents.. 111,817 3 Months Ended Sept. 30— Gain before deductions 1937 after rents.. Net 1936 1935 1934 $320,255 81,533 62,115 $287,435 67,763 62,436 $271,743 2,926,645 From Jan. 1— 673,650 —V. 145, p. 593,449 53,125 53,602 Depletion . 2,589,534 2,644,926 663,762 572,411 667,721 670,400 602,097 Accrued Fed. surtax on Gain for Net from Net undistributed profits been made for surtax on Long Island RR.—Earnings—r1936 1935 $2,224,759 474,602 def57,709 $2,060,728 410,998 def118,363 590,248 99,347 2,049,281 709,123 240,873 19,063,564 19,272,927 3,891,582 def78,774 4,917,272 1,013,960 18,127,571 4,344,404 616,655 18,494,401 5,296,423 1,652,021 _ Net after rents From Jan. 1— Gross from railwayNet after rents —V. 145, p. .... .... 2229. Net $4,113,740 977,449 1,249,470 833,351 From Jan. 2,940,559 476,841 182,536 1— 29,972,134 6,080,720 3,163,462 29,930,966 6,436,954 3,438,471 Lehigh Valley Coal Corp.—Earnings— 30— 1936 and selling coal $2,325,820 Income from other operations Dr80,987 $1,260,457 Z>r97,778 $2,244,833 1,074,473 $1,162,679 1,257,825 $3,319,306 $2,420,504 1,093,716 36,919,124 8,741,989 4,340,218 Gross from railway Net after rents 35,530,823 9,520,948 6,083,842 —V. 145, p. 2698. 1937 12 Months Ended Sept. Income from mining Total income from operations. Other income ...... _. ... Gross income _ Int. & carrying chgs. on reserve coal lands... ... 1,193,744 Federal and State unemployment tax....75,489 Federal Old Age Federal taxes. benefit tax Pennsylvania income tax Minority interest Depreciation and depletion __ _. __ 123,663 18,000 11,017 1,309,364 736 1,440,588 $588,028 loss$473,998 227,353 227,409 $2.59 and nine months ended Sept. 30 were published & depletion pref. stock pref. stock Net income after deprec. Shares outstanding Sept. 30 Net income per share, 167,628 69,053 118,981 3,800 ... — - The earnings for the three in V. 145, p. 2698. Lehman The New Corp.—Listing— York Stock Exchange has authorized p. 2698. Life Savers Corp. Period End. Sept. 30— Net profit after deprec., Federal taxes, &c Earns, per sh. on 350,140 shs. (par $5) com. stk. Note—Before surtax on (& Subs.)—Earnings— 1937—3 Mos.—1936 Net $421,386 161,867 118,852 4,403,878 1,449,368 933,233 after rents—_ 4,208,056 1,585,451 1,016,810 3,467.324 1,191,358 805,282 3,314,719 1,148,114 768,691 145, p. 2230, & North West RR.— Reorganization Plan— Stock Instead of Income Interstate Commerce Commission of the company pursuant Act, as amended. The company on Bonds— Oct. 19 approved a plan to Section 77 of the Bankruptcy on April 1, 1935, filed a petition in District of New York stating the U. S. District that it was unable and that it desired to effect a plan of the Bankruptcy Act, as amended. The debtor, on April 2, 1936. filed in the Court, and on April 3, 1936, with the ICC, its plan of reorganization. No other plan has been filed. The protective committee of bondholders, of which Amos L. Beaty is Chairman, representing the holders of $946,000 of defaulted first mortgage 5% bonds, Middle States Petroleum Corp., controlling stockholder, and Louisiana & Arkansas Ry., intervened and submitted evidence and briefs in support of the plan. An appearance was entered on behalf of the bond¬ holders' protective committee of which Arthur L. Barnes is Chairman, and a statement made expressing approval of the plan. This committee repre¬ sented bondholders owning $293,000 of defaulted first mortgage bonds. The holders of $10,000 of these bonds and the St. Louis Southwestern Ry. and its trustee, intervened in opposition to the plan. Practically all the debtor's traffic is freight, the passenger business being negligible in amount owing to bus competition. Were it not for a mail contract, all passenger service would be abandoned. The debtor is controlled by the Middle States Petroleum Corp., which owns 99.7% of its outstanding capita! stock, the remainder being owned in small amounts by various individuals. The debtor was in receivership from August, 1913, to May 20, 1922. Following the discoverv of oil in the so-called Homer-Haynesville field in the years 1918 and 1919, its gross revenues increased from approximately $309,000 in 1918 to a peak of $1,695,000 in 1922. The territory traversed by the debtor's railroad is principally for the Southern Court its debts as they matured reorganization under Section 77 of pay although its serves several lumber and other mills, warehouses, and various mercantile establish¬ indicates that truck farming is increasing in the territory served. All the crude oil produced in this territory is handled through pipe lines and the only tonnage that the railroad now handles as a result of the oil and gas production is casing-head gasoline, which approxi¬ mates 100 carloads a month. About 85% of the traffic handled by the debtor originates on its line or is destined to points thereon. adapted to farming cotton ments. compresses, cotton The testimony Present Financial Structure consisted of 23,000 shares of capital funded debt unmatured $100,000, being the first-mortgage 5% bonds of 1945; current liabilities $2,198,702, including $2 069 000 of first-mortgage 5% bonds which matured April 1, 1935, and $68,587 of interest matured unpaid. As of March 31, 1936, liabilities stock ($100 par), $2,300,000; debtor's outstanding prior-lien The 1937—9 Mos.—1936 146,668 121,196 after rents 1— the listing of 2,086,884 capital stock (par $1), in substitution for a like number of shares of capital stock (no par) previously listed on the New York Stock Exchange and now outstanding (including shares held in treasury). See also V. 145, shares of $399,714 133,926 /9,826 From Jan. —V, principal of the debtor's amount of first mortgage bonds $2,069,000 has been in outstanding in the default since April 1, 1935, when the matured. Interest was paid to date of maturity. By orders Jan 7 and June 22, 1937, the court ordered that interest for the ADril 1 to Dec. 31, 1935, and one-fourth of the interest for the Jan 1 1936, to July 1,1937, be paid. Interest on the outstanding of prior-lien first-mortgage bonds has been kept bonds $346,233 x$271,850 $883,847 x$698,030 $0.99 $0.77 $2.52 $1.99 undistributed profits.—V. 145, p. 1263. 1934 1935 $444,388 .... Gross from railway. to Net from railway —Earnings— 1936 1937 $504,197 177,537 114,803 .... Net from railway.. of reorganization 1934 $3,780,375 505,274 1934 1937 $2,063,915 Net from railway. Louisiana 1935 $3,269,475 705,211 395,742 railway $296,584 $69,937 undistributed profits.— 145, p. 768. The 1936 after rents 249,479 203,939 50,324 263,067 225,036 51,690 7,500 23,495 period Note—No provision has V. Lehigh Valley RR.—Earnings— Gross from railway ...—-- . ...... Accrued Federal and State income taxes ICC Suggests 1937 * __ Depreciation ........ 2229. September— 1936 $573,678 Interest Net from railway.. 753,520 2,788,919 Gross from railway Net from railway Net after rents 1937 $867,372 ■ .. Gross from railway- $316,296 74,828 62,504 .. Bell Lumber Co. and interest Louisiana & Arkansas Ry.- Lehigh & New England RR.—Earnings— September— $3,755 for depletion, depreciation September— Gross from railway 293 $4,131 Interest 2229. Net from railway $3,462 168 Net from railway.. From Jan. 1— Gross from railway 1936 $3,963 Gross from railway. 1936 1937 Gross from railway Net 1937 Loss before deductions for interest September— Lehigh & Hudson River Ry.—Earnings— September— —V. 145, p. stock.—V. 145, p. 2229. Long Bell Lumber Corp.—Earnings- Earnings of the Long Dividend—Earnings— 28 declared an initial for the third quarter on Net Includes treasury Loss for period —V. 145, p. 2229. Directors c 3 Months Ended Sept. 30— 1— From Jan. 1934 $473,999 339,848 267,615 Gross from railway. current. dated period period $100,000 The prior lien 2852 Financial Chronicle first mortgage 5% bonds are secured by a mortgage filed April 2, 1895, on the line of the debtor from Homer, La,, to Bienville, La., a distance of approximately 35 miles. The first mortgage 5% bonds are secured by a mortgage upon all the equipment of the debtor and fixed property extending from Magnolia, approval of a plan, and the act may not be construed as authorizing or requiring our approval of the form of the documents necessary for its consummation. Our review of the mort¬ should be limited to the ascertainment provisions conform to the plan approved by us. to Chestnut, La., and upon the abandoned line Natchitoches, La., a distance of approximately 114.8 miles, subject to the lien of the prior lien first mortgage. Ark., Debtor's Plan of Reorganization $100,000 of prior lien upon therefor. The yearly interest liability in connection with the income debentures the designation of fixed charges, because interest would be paid in a particular year only if earned. But, nevertheless, the proposal is that the interest be fixed in amount and made falls just outside cumulative, whether earned or not, and would have to be paid before dividends on stock. interest thereon, or even a record of inability to pay the financing through the issue of stock. ing is the time of purchase, or The plan provides equitable proportions of the would participate. should have been paid. ' It is proposed that $517,250 of these general mortgage bonds be issued at consummation of the plan. The new income debentures would be issued under an identure providing that the amount outstanding be limited to $1,241,500, would be dated as paid. It on the debentures should have been is proposed that $1,241,500 of these once upon consummation of the 5% income debentures The plan of reorganization filed $2,065,700 as by the debtor proposes a . an allotment to them of fair and class of stock in which the bondholders $1,344 850 The provisions of the plan relative to placing the stock in a 10-year would terminate after new trust, with proviso that the voting trust payment of all interest requirements for three successive years, apparently was intended to insure a unity of control during the initial period following reorganization during which the company was not expected to earn interest on the funded debt. Under the plan as modified herein it is reasonably probable that the railroad would earn Interest on the funded debt success¬ ively for the three years following its reorganization. In view of this and in order to avoid the expense and delay incident to the formulation and approval of the terms and conditions of the voting trust, the plan should be modified so as to eliminate the provision inregard thereto. The question next presented is what share, if any, of the new stock the present stockholders should receive. The record shows that in the five-year period 1925-29 the debtor earned an annual average of $5.38 a share of stock outstanding after payment of all charges, and during the 11-year period, 1925-35, embracing six years of the depression, the annual earnings averaged $1.06 a share. The present and probable future limitations on the debtor's earning power raise grave doubts that the common stockholders have any equity in the debtor's property. But such a finding at this time would appear to accord undue weight to the present earnings and those during the depres¬ sion. It would seem reasonable in this case to consider and give some effect to the possibility that unforeseen future conditions in the rather limited territory served by the debtor may partially restore, either tem¬ porarily or permanently, the earning power of the company. Giving due weight to the considerations already mentioned, to the past and prospective earnings of the debtor, to the extent to which the bondholders have agreed to the plan proposed by the debtor, to the extent to which the debtc-'s plan is modified herein, and to all other relevant facts, we find that an exchange of one-quarter (0.25) share of $10 par value stock for each of the outstanding 23,000 shares of $100 par value stock will be common plan. The new stock provided for in the debtor's plan to be issued to holders of the outstanding $2,069,000 of first mortgage bonds of 1935, in partial exchange for their bonds, in the ratio of 10 snares for each $1,000, principal amount of such bonds, would be of no par value or of a par value deter¬ mined by the board of directors. The only other new stock to be issued under the plan would be five qualifying shares for the directors, resulting in a total issue of 20,695 shares of new stock. It is proposed that all the new stock be deposited with a trustee or trustees in exchange for votingtrust certificates to be issued under a voting trust agreement in such form and on such conditions as to voting by trustees, and such other terms not inconsistent with the other terms of the plan. It is provided, however, that the term of the voting trust be for 10 years, except that after payment by the company of all interest requirements for three successive years, the voting trust would be terminated and the deposited stock, which would would have cumulative voting power, distributed to the holders of the voting trust certificates. tion of sound reason for approv¬ based upon an im¬ par value. of Jan. 1, all matured and accumulated interest debtor, by same voting from Jan. issued at no earnings We find that stock should be issued, all of the same class and of $10 a share par value, and that 65 shares thereof should be issued to the holder of each $1,000, principal amount, of the new outstanding first mortgage bonds. This partial exchange of stock for now outstanding first mortgage bonds will result in the issue of 134,485 shares of capital stock of once upon 1936, mature Jan. 1, 1972, and bear int. at rate of 5% per annum 1, 1936, payaole oniy out of net income available therefor. It is indenture provide that the interest be cumulative whether or not earned. The debentures would fce redeemable at the principal amount thereof, together with interest accrued and unpaid to the date of redemption. They would be issued in denominations of $1,000 and $500, together with such scrip as necessary. There would be the same provision as to exchangeability of debentures of lower denominations for larger denominations as in the case of the general mortgage bonds. The debtor would covenant in the indenture that so long as any of such debentures are outstanding, it would not pay any dividends on the common stock unless upon protection of its interests. The equity of the general creditors and that «f the present stockholders, if any, can be adjusted, on a basis similar in effect to that proposed by the any interest date at the principal amount thereof plus accrued interest. The mortgage would contain a covenant of the deotor that so long as that the There is ... in lower. any of the bonds are outstanding, no interest could be paid on the income debenture bonds proposed to be issued, or dividends on the stock unless all matured sinking fund payments and interest on the general mortgage bonds proposed predicated prosperity. We conclude that the issuance of the proposed debentures is unwarranted and that any equity existing in the debtor's property over and above the represented by the prior lien mortgage bonds and the proposed issue of $517,250 of general mortgage bonds should be represented by stock. There is but one class of bondholders which would be entitled to this stock that the sinking fund be invested in the now outstanding prior lien bonds in the same manner. The new general mortgage bonds would be redeemable on structure liens mortgage bonds at their cost to the debtor company in the same amount, whichever future . denominations to bonds would be registrable as to principal only. They would be entitled to the benefits of a sinking fund cumulative at the annual rate of $5,172.50, to be paid either in cash or by tender of general thereof, financial For the foregoing reasons we cannot approve the suggestion by certain of the parties in interest that a smaller principal amount of debentures be issued than is proposed in the debtor's plan. Under these cir¬ cumstances, it is our view that no contingent interest fixed maturity obli¬ gations should be superimposed upon the fixed interest bonds approved above. semi-annually. They would be in coupon form $1,000, $500 and $250, bonds in the two smaller be exchangeable for bonds of a larger denomination. All price a probable per annum, payable in denominations of redemption Accumulated interest, were the obstacle to their being practically impossible further interest made non-cumulative, would be a serious refunded at maturity, and would render general mortgage bonds would bear interest at tne rate of 5% the cost not to exceed the current market price at wil> produce earnings sufficient to pay interest considerable amount of such debentures. interest the opinion that we should not approve the proposed capitalization with a relationship of funded debt to stock of 9 to 1, although a relationship more nearly normal may require the payment of additional taxes. The stock under the proposed plan would represent a very speculative equity and would be of value only as a means of control. The payment of one-quarter of the interest on the old first as stated above, has been authorized by the Court and up to July 1, 1937, as a measure of relief to the blondholders, in line with the proposed plan. The plan further provides that holders of common stock receive, in exchange for each share, $9, principal amount, of the new income debentures. All unsecured claims allowed by the Court would be paid in cash. The new general mortgage bonds proposed to be issued would be dated as of Jan. 1, 1936, would mature Jan. 1, 1972, and would be secured by a mortgage upon all the fixed properties and equipment of the debtor, subject only to the prior lien first mortgage upon approximately 35 miles of the road. The proposed mortgage securing the new general mortgage bonds would provide that the principal amount of bonds to be issued thereunder be limited to $1,000,000 and that they be issued only for the following purposes; (a) $517,250 in partial exchange for the now outstanding first mortgage bonds as above stated: (b) to provide for the payment or retirement of the prior lien mortgage bonds of 1945 now outstanding, and (c) for capital funds, construction, additions and betterments to property, and equipment. the their requirements of the proposed issue of $1,241,500 income debentures would be $62,075, if earned, and the totai interest and sinking requirements under the proposed plan would be $98,110. We do not believe that this uncertain and fluctuating stratum of earnings should be absorbed by an issue of income debentures. Such a slender equity should be represented by stock rather than by bonds or other evidences of debt with fixed maturities. Under the circumstances of this case, we are of The plan proposes the payment of interest from April 1,1935, to Dec. 31, pursuant to the Court order referred to above, payment of this interest has been made to the bondholders, as a step in line with the new face, fund 1935, in cash, and These any The fageincome debentures, and (c) issued; (b) of new principal amount, of new 5% bonds, proposed to be 10 shares $500, common stock or voting % proposed plan. their on of traffic which consistently 5% bonds, which matured April 1, 1935, receive for each $1,000, principal amount, of such bonds, (a) $250, principal amount, of new general mort- mortgage bonds, carried out that It does not appear, however, that the past, present and probable pros¬ pective earnings of the debtor justify the issue of 5% income debentures in an amount of $1,241,500. The debtor's plan proposes that the interest upon these debentures shall be cumulative whether or not earned. It appears improbable that the debtor will experience in the future a growth first mortgage 5% bonds, due Jan. 1, 1945, shall remain undisturbed. It is proposed that holders of the $2,069,000 of outstanding first mortgage trust certificates 1937 30, to gages from Chestnut to The plan of reorganization contemplates that the Oct. plan of reorganization is limited ... amply represent equity remaining to the stockholders. total capitaliza¬ any This issue of 5,750 shares in addition to the 134,485 shares referred to above, makes a total of 140,235 shares of a par value of $1,402,350. In view of the small amount of preferred and compared with the present capitalization of $4,469,000. . general claims, the plan provides for the payment of all of them in cash. There has adjudication by the Court as to which, if any, of these claims are to priority. The debtor's plan should be modified in this respect to maintain the relative positions fixed by law of claims of creditors Proposed Agency Operation On March 16, 1936, the debtor entered into an agreement wjth the Louisiana & Arkansas By. Corp. whereby the debtor appointed the Arkansas company its manager, custodian and agent, for and in the name of the debtor to to maintain supply adequate working capital for maintenance and operation, that the agent would furnish all managerial, supervisory and administrative services and expenses, that the agent would use its best efforts to preserve the traffic and secure new business for the debtor and provide an economical and efficient exceeded debtor In the actual cost of superintendence and administration by approximately $19,000, $11,000 and $2,000, respectively. addition to by the savings to the debtor with respect to the cost of superintendence and administration through the operation of its property by the Arkansas company as agent, the latter estimated that it could save the debtor any approximately $14,917 in operating expenses each year. The debtor also contemplates that tne Arkansas company would build the traffic along its line dv the establishment of new industries and more effective operation. The debtor gave as one of its reasons for entering into this agency operation contract the fact that most of its executive officers reside in New York and consequently are not able to give the railroad the benefits which flow from the frequent personal contacts between the execu¬ tives and the operating officers. up Conclusions of Commission Approved the proposal in the debtor's plan of reorganization that the prior lien bonds be left undisturbed. The proposal to issue $517,250 of general mortgage bonds together with the establishment of a sinking fund as provided in the debtor's plan of reorganization, is reasonable and will not result in an excessive amount of fixed interest bearing securities. Provision in the debtor's plan requiring that the form and provisions of the general mortgage be approved by the ICC should te eliminated. Our as it relates to a jurisdiction in these reorganization proceedings insofar been no entitled in order entitled priority over existing mortgages, those of secured creditors, and those of unsecured general creditors. However, for the sake of economy in the expense of issue of new stock and the subsequent necessary bookkeeping accounting, and transfer expense, it would appear that the interests of all the debtor's claimants will be best served by the payment in cash of general claims of minor amounts. Accordingly, we find that all claims adjudged to be entitled to priority over existing mortgages and each general unsecured claim of $100 or less should be paid in cash but that general unsecured claims in excess of $100 each, not entitled to and operate the properties of the debtor for a period of five The agreement provided that the debtor's facilities, supplies and equipment should be used by the agent, that the debtor would years. operation and maintenance of the properties in the interest of the debtor, and for and in the name of the debtor do and perform all acts and things which the debtor would be required to do by law, comply with all franchises, agreements and leases pertaining to the properties and all Federal, State and municipal laws and regulations, and maintain the properties in as good condition and repair as the earnings and funds avail¬ able for maintenance permit and the volume of available traffic justify. The compensation to accrue to the Arkansas company as agent is fixed on a sliding scale, according to the amount of operating revenues and net income of the property operated by the agent, with a minimum compensa¬ tion of $26,000 and a maximum of $90,000 a year. In 1935, had the contract been in effect, the amount payable to the Arkansas company would have been $3,468 iess than the debtor's actual cost of superintendence and administration. Similar savings would have occurred in the years 1931, 1932 and 1934, but in 1929, 1930 and 1933 the compensation accruing to the agent, in accordance with the terms of the contract, would have debtor's be paid in • new stock, the exchange, to be on par value stock for each $10 of allowed claim. of $100 be not a preference, should basis of one share of $10 8hould any claim in excess evenly divisible by $10, the balance of the claim not so be paid in cash. The evidence indicates that not more 2,000 shares of stock, and possibly none, will be necessary for this divisible should than purpose. As hereinbefore indicated, the debtor's plan, drafted provides that the new securities should be dated as of Jan. is early in 1936, 1, 1936. There no reason apparent to us why they should not be dated as of Jan. 1, 1938 The debtor's balance sheet as of July 31, 1937, shows that it had cash on hand of $353,283. Apparently there will be no material reduction in this cash during the last half of 1937. Assuming that it would remain the same in amount, we are of the opinion that it should be distributed, on the basis hereinafter described, to the holders of the defaulted bonds, after reserving sufficient for the other requirements of the plan. If one-quarter of the interest on the first mortgage bonds for the period July 1 to Dec 31 1937, amounting to $12,931 and the semi-annual interest of $2,500 on the prior lien mortgage bonds be paid in line with the debtor's plan, and $206,900 be distributed to the holders of the defaulted first mortgage bonds on the basis of $100 to the holder of each $1,000 bond, making total dis¬ tribution and interest payments of $222,331, there would remain approxi¬ mately $131,000 for general unsecured claims of $100 each or less, priority claims, reorganization expenses and working capital. will be ample, and the debtor's plan should be so modified. possible This amount In connection with the contract for the agency operation of the debtor's railway by the Arkansas company, it is pertinent to consider our plan for the consolidation of railway properties of the United States. We there allocated the debtor and the Arkansas company to different systems, the former to System No. 10—Illinois Rock Island-Frisco. It is true that the Central, and the latter to System No 19— ... operation agreement falls short of being a consolidation or merger, but it does bargain away from the debtor for a term of years important rights as to the traffic and general operation of the railroad. In that agency respect it retard, the consummation of would our detract from the possibility of, and plan of consolidation by voluntary action carriers insofar as our plan relates to the debtor's property. To summarize: The debtor's plan should be modified so as . . . (1) to elimi¬ for the creation of $1,241,500 principal amount of 5% income debentures; (2) to eliminate the proposal for the issue of 20,685 nate the proposal Volume Financial 145 of capital stock; (3) to create in lieu of the income debentures the 20,695 shares of stock, upon the cancellation of the now out¬ standing capital stock, approximately 142,235 shares of new capital stock having cumulative voting power and a par value of $10 a share, to- be issued as follows: 65 shares to the holder of each $1,000 of now and first mortgage 5% bonds due April 1, 1935; one-quarter (0.25) share to the holder of each of the 23,000 shares of now outstanding capital stock, and 2,000 shares or such other amount as may be neces¬ sary to satisfy outstanding general unsecured claims in excess of $100 each, upon the basis of one share for each $10 of allowed claims; (4) to eliminate the proposed provision that the new capital stock be placed in a voting trust; (5) to provide that the new securities to be issued shall be dated as of Jan. 1, 1938; (6) to pay interest on the outstanding first mortgage bonds from July 1, 1937 to Dec. 31, 1937, at the rate of 1)4% a year, in addition to the 1M% from Jan. 1, 1936 to June 30, 1937, and the full interest to Dec. 31, 1935, on said bonds already paid; (7) to pay to the holder of each of the 2,069 one thousand dollar first mortgage bonds due April 1, 1935, $100 in cash; (8) to pay unsecured general claims not exceeding $100 each in cash; (9) to eliminate the provision relating to the operation of the debtor's line for a period of years by the Arkansas company, and (10) to eliminate or modify certain of the provisions in the plan relating to participation therein or consummation thereof as hereinbefore indicated. With the above modifications of the debtor's plan, the following capital liabilities will result: Prior lien first mortgage 5% bonds due Jan. 1, 1945, outstanding mortgage 5% bonds, due Jan. 1, 1974, $517,250, and approximately 142,235 shares of capital stock of $10 par value, $1,422,350. Total capitalization will thus amount to about $2,039,600. We find that, as above modified, the plan of reorganization submitted by the debtor will meet with the requirements of subsections (b) and (e) of Section 77 of the Bankruptcy Act, as amended, and will be compatible $100,000; general the public debtor's accounts interest, provided, however, that modifications of the as the result of such plan should be subject to our approval the reorganized company should submit its journal entries for our approval before making its permanent accounting records. In view of the provisions of subsection (f) of Section 77, we will give con¬ sideration, when a plan is finally adopted, to the granting of such authoriza¬ tion as may be requisite and appropriate for the execution of the plan, including the issue of securities. We conclude that the plan submitted by the debtor, modified in accord¬ ance with the views expressed herein, should be approved. Commissioner Mahaffie dissented.—V. 144, p. 4012. and Casualty Manufactuers shares with 2853 Chronicle the to Mills Co.—Stock Dividend— Marathon Paper have declared directors The 68,070,361 17,250,500 Net from railway 12,296,398 after rents. Net 65,046,364 17,339,131 13,442,457 54,756,313 12,609,836 9,565,056 52,161,468 12,231,673 9,260,377 2230. Corp.—New Director— Luscombe Airplane elected a director of this Daniel Simondsll, has been 1937—9 Mos.—1936 1937—3 Mos.—1936 $696,773 $478,788 $182,784 $150,985 226,642 194.264 226,642 194,264 $3.01 $2.40 Earnings per share$0.78 $0.75 a After depreciation, normal Federal income taxes, provision for con¬ tingencies, &c., but before Federal surtax on undistributed profits.— a Sept. 30— Net profit Shares common stock V. 145, p. 2398. > declared a dividend of $1.50 per share on the common payable Nov. 18 to holders of record Nov. 8. A regular The directors have stock, no par value, Net 1937—3 Mos.—1936 $1,250,977 $862,312 892,933 553,525 13.456 7,118 Net $3,639,146 2,501,496 $344,588 $301,669 $1,097,337 8,159 6,634 27,124 $698,171 25,388 $352,747 sales- goods sold.. Depreciation Cost of $308,304 $1,124,461 $723,559 173,063 156,256 525,919 403.147 46,000 41,704 148,000 x75,004 $110,344 $450,541 $245,409 ).53 1.15 $1.17 mfg. profit Other income other income advertising, ad¬ Est. Fed. inc. & profits taxes & surtax on un¬ distributed profits—-Net $133,684 profit Cost of goods Net sold, gen., increased income and profits taxes to $80,103, and reduced provision for Federal net profit to $240,309. Balance sheet as of Sept. 30, 1937 & allow._ $6,455,151 admin. & selling exps 5,006,250 $4,758,988 3,754,571 $1,448,901 49,304 __ $1,004,418 31,645 22,200 $1,498,205 $1,058,262 profits from operations purchases & miscell • accruals set up in prior years Adjust, of reserves & before provisions for income taxes.. 256,164 Provision for income taxes Net profits Earnings per share a 1936 - —— 183,650 $1,242,041 $2.62 Based on present Square Garden Corp.— To Madison The directors have mon Pay 20-Cent Div.— a dividend of 20 cent? per share on the com¬ payable Nov. 30 to holders of record Nov. 19. Like declared stock, no par value, Sayment last; madeof 20 cents was paid dividend on Aug. 31, last; a on Feb. lay 20, was one 1937, showed current assets of $1,826,888 $585,550.—V. 145, p. 2230. Corp.—Earnings— Masonite 1936 1935 $4,286,031 $3,434,447 $2,597,940 1,939,003 1,620,023 1,259,502 177,033 162,324 151,953 from operations $2,169,994 income-.-——85,755 $1,652,099 110,312 $1,186,484 74,649 $2,255,749 124,509 State inc. taxes x403,149 $1,762,412 44,899 287,863 $1,261,134 53,522 203,340 $1,728,091 $1,429,649 94,339 $1,004,271 31— profit on sales, before deducting deprec. & amort, of patents Shipping, selling, admin. & gen. exp. (exclusive of depreciation) Provision for depreciation & amortiza¬ Gross tion of patents Net profit Other Total profits and income Other deductions. - Miss. Net profit Dividends on preferred stock In addition, an 145, p. 2398. yl08,358 — 377,356 stock 1,473,675 600,050 Shares of common stock outstanding. 536,740 266,689 266,689 Earns, per share on common stock.._ z$3.03 $5.01 $3.41 x Including $9,000 for Federal surtax on undistributed profits, y $15,768 paid on 7% cum. pref. stock from Sept. 1, 1936, to Oct. 31, 1936, date of redemption, and $92,589 paid on 5% cum. pref. stock from Oct. 1, 1936, to Sept. 1, 1937. z Figured after deducting $98,270 for dividend require¬ ments on the presently outstanding preferred stock. Dividends on common Condensed Balance Sheet Aug. 1936 1937 Assets— 31 1936 1937 Liabilities— Plant & 1,110,678 947,366 763,843 61,385 62,269 Prepaid Ins., &c_. Due from empl'S-. pat. cation 11,396 lb" 712 appli¬ 627,785 271,370 187,411 430,000 158,752 35,596 286,000 2,086,345 1,958,538 Common stock.. Accounts payable. expenses, 192,386 196,919 $5,985,434 $4,809,556 48,262 Acer, wages, taxes. Ac 40,000 Refinancing exps. Prov. for Fed. and State income tax trademarks, &c_ Total 795,885 242,083 x Interest, Inv., advs., &c.._ Pats., $1,347,700 Res. for self-Ins equip...$2,269,257 $1,723,185 Cash1,162,458 Receivables 1,197,316 Inventories 1,085,817 7% pref. stock z 5% cum. pf. stk.$1,965,400 Earned surplus y of 75 cents was paid on 26, last, and previously quarterly dividends of 15 cents per share were distributed. extra dividend of 10 cents was paid on May 29, 1936.—V. 1937 Years Ended Aug. $874,613 $1.84 capitalization of 472,600 shares of common stock ($1 par) outstanding in hands of the public. Note—No provision has been made for taxes on undistributed profits. The account "adjustments of reserves and accruals set up in prior years" includes $21,664 representing the excess provision for 1929 Federal income taxes which were settled in 1935.—V. 145, p. 2699. a Jan. 1, 1936, would have accrued liabilities of Co•—Earnings—• Int., received, disct. on Net profits 210,- ).64 000 shs. com. stock— x 1936 tax law made retroactive to $2,263,662 1,537,316 28,176 40,313 Total mfg. profit and Selling, Prov. for Fed. & McGraw Electric 12 Months Ended Sept. 30— Net sales after deducting disct., returns (& Subs.)—Earnings— 1937—9 Mos.—1936 Master Electric Co. Period End. Sept. 30— and current and McCord Radiator & Mfg. Co.—Meeting Postponed— Meeting of stockholders, called for Oct. 25 to approve directors' plan to create a special stock for dividend payment of prer. arrears, has been post¬ poned to Nov. 3. Officers wish to allow time for the arrival of proxies now in transit from foreign and other holders.—-V. 145, p. 2230. Oct. 1, last. In addi¬ 1936 and one of $1.25 quarterly dividend of 50 cents per share was paid on tion, a special dividend of $2 was paid on Dec. 18, was paid on Jan. 2, 1936.—-V. 145, p. 2552. company.—V. 145, McColl-Frontenac Oil Co., Ltd.— To Issue Rights— The company has notified the Montreal Stock Exchange that it proposes to issue right to its shareholders to subscribe to one new share for each five held at $10 per share. The rights, which will involve the issue of 132,000 new shares, will be given to shareholders of record Nov. 5 and will expire Dec. 10.—V. 145, p. 1591. ^ , Dividend— Marlin-Rockwell Corp.—To Pay SI.50 2398. p. share on the preferred stock on Oct. 30 to stock dividend of $3 per Calculating Machine Co.-—Earnings— Marchant Period End. Earned per sh. on 1— From Jan. Gross from railway—.. —V. 145, p. 1934 $5,63^.594 1,236,046 946,356 a stock payable in 6% cumulative holders of record Oct. 20.—V. 144, p. 457. common ministrative exps., &c. Louisville & Nashville RR.—-Earnings— September— 1937 1930 1935 Gross from railway $7,725,102 $7,756,161 $6,824,652 Net from railway 1,970,670 2,380,718 1,833,127 Net after rents. 1,523,870 1,992.297 1,315,004 Insurance Co.—Extra Div.— extra dividend of 10 cents per sharelin regular quarterly dividend of 40 cents per share on the capital stock, par $10, both payable Nov. 15 to holders of record Nov.|l. Similar payments were made on Aug. 16, May 15 and Feb. 15, last, and on Nov. 15 and Aug. 15, 1936.—V. 145, p. 946. The directors have declared an addition Dividends 313,858 $5,985,434 $4,809,556 Total Represented by 536,740 no par shares in 1937 and 266,689 on par shares y After depreciation and depletion reserves of $1,187,829 in and $1,042,027 in 1936. z Represented by shares of $100 p. 1104. , x Magma Copper Co.-—Earnings— 6 Mos.End. per x 3 Mos. End. June 30 '37 Sept. 30 Period— 9 Mos.End. 9 Mos.End. '37 Sept. 30 '37 Sept. 30 '36 17,319,126 5,267,635 22,586,761 22,046,175 10.369c. Copper produced, lbs— Average net selling 13.355c. 11.066c. 9.124c. price pound. 7.911c. 6.120c. 6.769c. 11.665c. $568,423 $78,162 $646,585 $662,270 (incl. railroad) 75,180 57,546 132,726 92,854 Other inc. Mayfair Investment capital stock, Co.—Earnings— Maytag [Excluding $779,312 $755,124 x The average cost of producing copper is after deducting gold and silver values and includes all operating costs, Arizona taxes, Federal social security taxes, depreciation and administrative expenses, but does not include any allowance for mine depletion, capital stock tax or Federal $643,603 $135,709 income tax. Note—During the third quarter there was no production for a period of one month due to the summer close-down, resulting in the usual increase in costs for the quarter. The fourth quarter production has been sold at an average price in previous quarter of 1937. Present indications are tnat tne "income from mining operations" for tne last three months of the year should approximate that of the first nine months.—V. 145, p. 1265. excess of that for any Maine Central Period End. Sept. Operating revenues Operating expenses Net oper. revenues Taxes... 1937—9 Mos.—1936 1937—Month—1936 $1,023,030 $1,003,728 762,806 763,982 $9,577,441 6,876,441 $8,929,128 7,032,851 $239,746 $2,701,000 68,965 69,806 623,412 $1,896,277 4,657 25,184 $260,224 588,200 Equipment rents—Dr.. Joint fac. rents—Dr 28,847 188,020 245,555 244,178 16,740 income. $169,862 $115,909 $1,644,013 41,289 40,810 338,397 $798,923 362,565 $211,151 $156,719 $1,982,410 $1,161,488 171,076 168,663 1,556,626 1,527,156 $40,075 def$ll,944 Net ry. oper. Other income Gross income.. Deduc'ns (rtls., int.,&c.) Net income —V. 145, p. 2230. Period End. Sept. Net 30— sales Wholly-Owned Canadian Subsidiary] 1937—3 Mos.—1936 1937—9 Mos.—1936 $4,979,251 $4,741,824 $14,036,403 $12,684,923 & expenses- Int. & divs. 264,976 $425,784 def$365.668 4,197,537 3,749,868 11,751,036 10,141,724 $781,714 Cost of sales $991,956 $2,285,367 10.843 34,706 17,298 55,850 $2,543,199 53,120 16,751 "9,815 43,236 129,088 52,425 44,912 received— Dist'cs, royalties, &c— Proceeds of life ins. pols. Sundry income a Deduction.... Total profit.. Sundry deductions—net Depreciation Fed. & State inc. taxes. RR.—Earnings— 39— Dividend— 1936.—V. 143, p. 2526. paid on Nov. 2, Total net income (after deducting estimated Fed. norm. inc. tax) Co., Los Angeles—Extra have declared an extra dividend of $1 per share in addition regular quarterly dividend of 75 cents per share on the both payable Nov. 1 to holders of record Oct. 20. Similar amounts were The directors to the Average net production cost per pound Income from mining oper i 1937 par.—V. 145, in 1936. Profits on securs. a In reserve current year, $2,555,030 61,249" 200,809 344,500 $2,780,855 59,909 200,771 $1,948,472 $2,184,099 $0.70 $0.84 Dr310 $643,202 b Earnings per 24",383 10,000 $1,074,920 $844,015 19,874 19,876 66,923 66,936' 149,000 114,000 sold.. 150,153 $838,813 $0.35 386,500 Cr50,425 $0.23 share.._ — _ for credit losses due to improvement in receivables during b On 1,617,922 common shares (after dividends on preferred stock) Federal surtax on un¬ be payable upon the paid for the first nin approximately $172,000.—V. 145, p. 1104. Note—Net income is stated before provision for distributed net income. The surtax which would above nine months' net income, based on dividends months, would Meier & be Frank Co., Inc.—Special Dividend—■ have declared a special dividend of regular quarterly dividend of 15 cents both payable Nov. 15 to holders of record Nov. 1. 15 cents was paid on Aug. 16, last.—V. 145, p. 770. The directors addition to the 15 cents per share in on the common stock, An initial dividend of 2854 Financial Melchers Distilleries, Chronicle Ltd.—Earnings— Earnings for 8 Months Ended Aug. 31, 1937 Net profit, after allowing approx. for amounts Preferred dividend paid... — — — September— Balance, surplus. $18,651 Balance Sheet Aug. 31, 1937 Assets— a Accountsreceivable— Inventories. Deferred . _ . — -- 335,100 ........... charges..8,554 6% b Fixed assets 906,963 Trademarks, goodwill &c._— c cum, partlc. $1,615,629 1,377,842 550,166 Minneapolis-Honeywell 11,911 5,434,287 383,825 49,850 $773,667 121,577 5,550,698 defi 16,815 66,040 417,552 def81,870 Common stock............ surplus 250,000 94,347 ... Regulator Co. (& Subs.)— ... ,250,000 Total 1934 $783,545 181,957 95,601 i56,385 Period End. Sept. 30— 1937—3 Mos.—1936 1937—9 Mos.—1936 Net sales $4,055,117 $4,272,224 $11,798,975 $8,891,029 Cost of goods sold and pf. stock (par Earned Total 963,082 245,936 after rents 1937 $9,370 $10)... 1 6,683,125 —V. 145, p. 2231. Accts. pay. & accrued llahils.. Approx. allow, for Dom. and Provincial Income taxes.... $249,599 115,411 6,286,146 Net LiaMlities- Cash SO, Date 1935 $752,828 . to 1936 $873,444 257,120 118,611 From Jan. 1— Gross from railway..... Net from railway.. $56,151 37,500 — 1937 Gross from railway..... Net from railway. Net after rents.. depreciation and income taxes Oct. Earnings for September and Year operating expenses... Depreciation .$1,615,629 2,935,612 117,360 Net prof, from oper'ns $1,002,145 Int. and divs. earned... 1,072 Miscellaneous income.._ 6,631 a After reserve of $2,000 for doubtful accounts, b After reserve of $11,387 for approximate amount of depreciation, c Represented by 62,500 shares.—V. 144, p. 4185. 2,770,582 114,524 8,625,479 305,530 6,418,282 246,264 $1,387,117 $2,867,967 1,170 1,536 $2,226,483 3,321 3,078 10,924 8,165 Gross income x Provision for income & capital stock taxes Other deductions The New York Curb Exchange has admitted to listing and registration 15 year 4M% sinking fund debentures due the March dates M-S 15).—V. 145, p. 946. 15, 1952 (interest Memphis Power & Light Co.—Earnings— Period End. Sept. 30— 1937—Month—1935 $65-',512 405,753 58,169 $692,523 .382,452 57,029 $8,462,905 5,452,563 704,951 $7,637,316 4,897,360 684,544 Net oper. revenues— Other income (net) $194,590 $163,042 1,302 $2,304,491 29,613 $2,882,211 $2,237,727 209,896 20,995 293,826 20,648 601,947 60,224 444,558 43,018 $778,956 $1,075,350 $2,220,040 $1,750,151 x Includes provision for normal Federal income taxes; no provision has been made for the liability of the company, if any, for surtaxes on un¬ distributed net income imposed by the Federal Revenue Act of 1936 as the amount of any such liability is not determinable until the end of the year.—V. 1937—12 Mos —1936 Operating revenues. Oper. exps., incl. taxes.. Prop.retire.res .approp'ns $1,389,824 Net inc. for the period Memphis Commercial Appeal Co.—Listing & Registration $1,009,848 $2,055,412 27,854 111 Gross income Int. on mtge. bonds $194,701 61,448 3.096 $164,344 61,448 3,134 $2,334,104 737,375 38,666 $130,157 $99,762 $1,555,107 394,876 $1,307,225 394,876 $1,160,231 $912,349 Other int. & deductions. Net income. Dividends x Balance.. x Applicable to preferred stocks for the period, whether paid Regular dividends on the $7 and $6 preferred stocks After the payment of these dividends there dividends at that date. Regular dividends declared for payment on Oct. 1937. unpaid were were paid or on Freight revenue.. Passenger revenue All other revenue.— Total Metropolitan Personal Loan SEC Suspends Registration— An order has been issued by the suspending the effectiveness of oper. Co., Allentown, Int. $100,032 1,720 $266,203 3,437 $101,753 57,919 636 413 '1,771 1,255 inc. before 372 4,575 479 —V. manufacture, sale Barnes Drill that part of the business relating to the and service of honing tools and replacement parts and will absorb the business of manufacture, sale and gear lapping machines.—V. 145, Mid-Continent Petrole' The directors have declared rr» p. 1265. Co-n.—To Po?-$l fvferirn Div interim dividend of $1 per share on the com. stock, no par value, payable Dec. 1 to holders of record Nov. 8. This compares with 50 cents paid on June 1, last, 75 cents paid on Dec. 1, 1936: 40 cents paid on June 1, 1936; 25 cents paid on Dec. 2, 1935; 15 cents on June 1, 1935, and 25 cents paid on Nov. 15 and May 15, 1934. This latter payment was the first made since Feb. 16, 1931, when 50 cents per share was paid; this same rate had been maintained each quarter since and including Feb. an 15, 1929.—V. 145, Midland Valley 1937 Net after 145, rents.. p. 62,890 49,563 $145,047 77,559 62,464 1,106,662 500,381 349,710 946,938 400,889 271,690 959,582 394,669 274,876 2231. Midland Steel Products Period End. Sept. 30— Manufacturing profit.__ Expenses. Other deductions _ xNetprofit.. x Before provision for tax ' 1937—9 Mos.—1936 $2,827,110 $2,374,732 330,027 323.563 ' $607,519 43,187 105,183 $445,988 20,764 101,147 $2,497,083 $2,051,169 61,985 45,915 134,970 319,133 46,269 15,620 274 642 70,367 302,073 227,986 151,086 204,298 $351,249 $262,188 y$l,564,040 undistributed earnings, $1,299,657 After deducting dividend requirements of $6 per share on 8% cum 1st pref., and $1.5) per share on $2 non-cum. div. shares in the hands of $907,640 remains for com. shares. There public, being 234,915 com. shares in hands of public, above earnings for first nine months of 1937 would amount to $3.86 per share. On same basis of y share in same calculation, earnings period of 1936.—V. 145. p. 1265. were $2 74 per Minneapolis & St. Louis RR.—ICC Examiner Urges Rejection of Proposal to Dismember Road—See Associated Railways Co. above. $3,992,631 $4,357,167 1936 1935 1934 $2,374,851 579,747 234,160 $2,554,865 855,437 795,605 $2,233,188 19,751,448 4,179,403 1,428,526 17,219,878 2,682,928 637,301 16,855,508 737,827 446,175 3,125,891 717,939 1936 1935 1934 $86,630 26,972 19,086 $68,753 15,669 10,705 $55,365 8,244 2,517 683,772 180,609 115,161 530,216 84,102 31,498 483,085 45,527 def4,552 Net 145, p. 1935 1934 $86,871 11,195 defl,390 $87,975 25,339 14,276 $77,178 17,854 6,843 757,260 142,961 41,199 434,088 118,492 67.099 721,848 148,101 47,708 2231. Missouri Illinois Ry.—Earnings— From Jan. 1— Gross from railway Net from railway Net after rents... 1937 42,467 1936 $89,938 15,430 14,678 def4,668 1,150,419 370,981 184,041 800,872 175,159 29,827 $135,722 From Jan. 1— Gross from railway.____ Net from railway Net after rents V. 145,'p. 2231*. Missouri-Kansas-Texas Operating Operating Income revenues avail, for charges..... charges 145, p. 361,925 352,125 ... > $9,800 2231. Minnesota Power & Light revenues Oper. exps. (incl. taxes). Property retirement re¬ serve 1934 $83,222 14,324 def2,133 775,020 147,440 713,139 152,505 36,595 27 812 Lines—Earnings— fixed after fixed chgs__ 1935 $92,457 12,363 def4,624 1937—Month—1936 $2,929,943 2,090,454 exoenses Fixed —V. 1936 854,156 138,438 19,721 after rents —V. Ry.—Earnings— 1937 $103,248 24,463 9,168 Net from railway Net after rents.... From Jan. 1— Gross from ra:lway Net from railway Operating $713/99 105,580 on $413,222 2699. p. Period End. Sept. 30— $549,274 103,286 $120,398 Dr305,295 4.172,271 Missouri & Arkansas Inc Co.—Earnings— 1937—3 Mos.—1936 Operating profit..,.. Depreciation Federal income taxes Res. for profit sharing. 1934 $125,562 1,131,365 506,265 357,844 railway from railway —V. 1935 $148,897 77,482 58,097 after rents From Jan. 1— 145, Period End. Sept. 30— $152,685 73,489 50,758 Net Gross from 1936 railway...... September— 1104. RR.—Earnings— September— Gross from railway Net from railway Net p. $695,671 351,549 4,336,753 701,968 115,009 36,284 after rents Co. honing and $73,556 26.194 460,584 190,700 144,047 1937 Gross from railway 2231. over from Net —V. Micromatic Hone Corn.— Acquisition— service of $455,145 $92,981 26,723 14,298 From Jan. 1— Gross from rail way..... This company and the goodwill of the Hutto the $1,114,893 239,741 179,480 2398, 2231. p. Net tax. (?) Cumulative prior lien stock dividends not declared or accrued on the books at Sept. 30, 1937, aggregated $253,812, or approximately $18.58 per share on the 7 % and $15.92 ££ per share on the $6 prior lien stock. Divi¬ dends of $2.10 and $1.80 pe^ share on the 7% and $6 prior lien stocks, re¬ spectively, were declared Sept. 29, 1937, payable on Oct. 25, 1937. (3) Cumulative pref. stock dividends not declared or accrued on the books at Sept. 30, 1937, aggregated $127,036, or $28 per share on the and $6 preferred 6% Corp. will take $123,393 32,913 16,924 Mississippi Central RR.—Earnings— prior Barnes Drill Co. have purchased the assets and Machine division of the Carborundum Co. Micro¬ 145, Gross from railway Net from railway. Net after rents $48,751 undistributed profits matic Hone $1,299,521 844,375 21,396,173 4,714,413 2,403,087 September— 1,909 lien & p. $1,669.5 6 554,693 $3,056,408 1,138,022 741,672 From Jan. 1— Gross from railway Net from railway Net after rents pref. divs.. $44,755 $37,805 $76,117 Notes—(1) No provision has been made for Federal stock.—V. 145, $225,872 102,478 318,947 4,482,484 568,958 1937 Gross from railway Net from railway Net after rents $240,559 173,848 1,069 13,725 636 $269,640 173,848 2,269 13,725 1,909 _ Net September— $236,334 4,224 Taxes assumed on int. & miscell. deductions 62,090 sur$3,596 Net deficit 1937—9 Mos. —1936 $1,020,930 $935,626 754,727 699,291 $109,873 57,949 1,476 4,575 General interest.. Amort, of bd. disc. & exp. Miscell. amortization.. *10,406,633 1.701,437 2,035,285 1,793,247 2,206,411 315,47 » 4,841,728 526,741 Earnings of System (Including Wisconsin Central Ry.) 242,908 811 683,298 950,162 $518,723 Dr38,192 476,935 funded debt on 731,389 $605,239 69,794 16,721 Net after rents.. Other income (net) Securities and Exchange Commission 71,956 $717,432 112,192 a $109,061 Gross income Int. on funded debt $11,353,189 Net after taxes Hire of equipment Pa.— 265,79? Net oper. income Other inconie (net) $1,281,371 241,572 224,265 35,316 492,254 207,659 222,879 32,421 587,846 58,828 Rental of terminals 1937—3 Mos. —1936 $374,854 $342,940 revenues $1,827,066 Net railway revenuesTaxes 145, p. 1908. Total oper. exps. & taxes 1,030,007 General expenses Michigan Gas & Electric Co.-—Earnings— Total 117,273 revenues. Transportation expenses registration statement (2149) filed May 6, 1936 under the Securities Act of 1933 by the company.—V. Period End. Sept. 30— $1,092,141 no 1, 1937. Note—Includes provision of $145,199 made during the 12 months ended Sept. 30, 1937, and $16,000 made during the 12 months ended Sept, 30, 1936, for Federal surtax on undistributed profits.—V. 145, p. 2230. 1937—9 Mos.—1936 $9,591,792 $8,773,172 .$1,628,586 71,352 127,127 Traffic expenses unpaid. July 1, Ry.—Earnings Ry.] 1937—Month—1936 Main of way & struc exp. Main of equipment accumulated these stocks were on & Sault Ste. Marie [Excluding Wisconsin Central Period End. Sept. 30— $2,083,266 737,375 41,622 145, p. 613. Minneapolis St. Paul 1937—9 Mos.—1936 $2,783,226 $24,191,568 $22,916,237 1,934,853 17,953,.>62 17,359.460 576,382 2,894,723 3,155,847 2,490,854 3,178,929 349,203 $227,179 def$261,123 def$688,075 Co.—Earnings— 1937—Month—1936 $600,443 245,711 $561,348 274,393 1937—12 Mos.—1936 $6,815,019 $6,144 974 3,210,268 2,715,438 appropriations.. 38,750 33,750 480,000 405,000 Net oper. revenues... $315,982 $253,205 31 $3,124,751 95 $3,024,536 2,639 1,256 *316,013 $253,300 137,004 $3,127,390 1,638,905 $3,025,792 5,703 Crl91 68,975 62 786 Cr5,485 Crl',613 $1,424,995 $1,311,072 990,744 990,646 Other income Gross income. Int. on mtge. bonds Other int. & deductions. Int .charged to construc'n x 136,217 5,839 Cr561 Net income..----$174,518 $110,784 Dividends applicable to preferred stocks for the period, whether paid or unpaid 1,653 547 Balance $434,251 $320,426 Dividends accumulated and unpaid to Sept. 30, 1937, amounted to $310,171. after giving effect to dividends aggregating $2.33 a share on 7% preferred stock, $2 a share on 6% preferred stock, and $2 a share on $6 preferred stock declared for payment on Oct. 1, 1937. these stocks are cumulative. Dividends on Note—No provision was made for Federal surtax on for 1936, inasmuch as the undistributed profits company reported no undistributed adjusted net x No such income for that year. —V. 145. p. 2082. after rents. No such provision income for that year. 1937 1936 1935 1934 $7,933,416 1,996,079 981,964 $6,752,927 $6,372,324 1,186,579 65,676,220 15,620,200 7,218,133 54,168,495 9,392,477 3,100,653 1,558,219 767,889 ,vV/ 2232. —V. 145, p. 332,640 .. 69,733,690 16,532,023 9,114,562 _ Net from railway Net after rents Years Ended Sept. 30— Operating revenues Operation. Net Maintenance Uncollectible accounts Taxes before provision operating revenues retirements........ Net Gross income before 426 31,444 ? 21,427 $78,752 45,825 . $98,524 ...— provision for interest on 1st mortgage income bonds, series A and series B Provision for interest on aDOve income bonds Remainder 1936 1937 32,347 3,419 receivable. receivable from affil. cos. _ Due 94,483 253 18,981 17,278 25,870 25,586 6,340 472,479 5,740 419,882 9,607 6,439 5,747 11,226 Mobile & Ohio Total $2,815,720 $2,762,122 shares.—Y. 145, p. 947. 1— Gross from railway Net from railway. Net after rents 92,607 3,477 6,474,734 _ 6,184,016 812,535 9,511 7,699,290 1,575,754 681,267 9,181,883 1,970,906 882,439 970,422 56,210 9Mos.EndedSept.ZO— Selling & adm. expenses Other income x 735,740 1934 interest - 674,769 351,915 $2,212,162 taxes., Prov. for income $5,167,005 333,092 $3,957,544 175,142 $3,315,826 324,775 $4,132,686 $3,640,601 268,556 yl, 110,611 122,040 672,953 550,321 41.956 95,756 384,260 $4,120,930 $3,337,693 $2,866,812 $1,945,230 121,172 46,972 58.125 75,687 $3,290,721 $2.89 $2,732,999 $2.76 . charges for period Net inc. applic. to min. Net income —- - _ 467,000 12,500 37,500 395, 292 104,053 6,577 ,750 6.103,525 Reserve for contin¬ gencies, &c 110,292 246 Profit and loss Total $5 par value, y 13,735,452 12,452,475 After depreciation of $4.- 1936. ended June 30 were published in V. Nashua Mfg. 255,042 $2,467,204 42,959 180,508 dividends Co.—Preferred Stock Dividend— have declared a dividend of one-half share of 2nd pref. share of $5 1st pref. stock outstanding, payable Oct. 27 to holders of record Oct. 20. Similar amount was paid on Sept. 27 last. —V. 145, P. 2232. directors The stock on each Nashville Chattanooga Net from railway. after rents Jan. 1— Net & St» Louis Ry.—-Earnings—* 1934 1935 1937 1936 $1,158,582 93,320 33,564 September Gross from railway $1,186,924 203,046 150,097 $978,672 71,715 $1,009,212 95,995 36,168 10,999,281 1,668,924 963,214 10,259,153 1,327,908 838,784 9,118,960 783,443 262,828 9,667,686 1,406,937 824,986 115,844 From _ railway. after rents. —V. $4,524,294 1,285,447 $3.55 Gross income _ 1935 $6,768,529 2,020,487 x 931,678 665,333 500,537 $3,999,759 ... 129,293 244, 236 ... Represented by shares of Net $5,500,097 profit from opers. Bond and note Subs.)—Earnings— 1936 $6,756,975 2,134,098 1937 $8,309,971 2,407,226 Deprec. and obsolescence Research expenses..... 1,361,102 137, 984 Accrued taxes, roy¬ 13,735,452 12,452,4751 Total Net from Chemical Co. (& Gross profit 84 _ Gross from railway 2232. Monsanto interests $689,119 $816,440 166,877 82,141 $956,277 263,789 162,492 From Jan. Preferred 1934 1935 1936 1937 $1,003,672 139,154 28,846 railway Net from railway Net after rents. Gross from 600, 000 1,517, 691 145, p. 1266. RR.—Earnings- September— 282 ,490 ______ bond disct., &c 4,250,000 payable Accounts payable. 2,254,458 Federal income tax purchase 3,067,857 Timber contract. 297,389 Prepaid taxes, Ins., x Represented by 5,000 no par —V. 145, p. Other assets 4,250, 000 alties, &c 932,449 in 1937 and $4,821,579 in The earnings for the six months $2,815,720 $2,762,122 Total Other 208 26,824 Customers' notes & accts. receivable 2,711 ,966 Inventories...... 3,797 ,999 y Common stock.. Notes 110.067 30,508 40,447 Applic. on rental. Def. debit items.. Net 101 402 5,814 chinery, &c $ $ Liabilities— $ 809 Dec. 31 '36 June 30 •37 Dec. 31 *36 x Land, bldgs.,ma¬ Cash_i_...-v 942 540 2,617 25*452 $2,654,682 Total. 5,613,564 998,848 $430,701 1,833,000 1,833,000 3,180 affil. cos.. Reserves ... _.... . Merchandise, ma¬ terials & supplies x stock._ Funded debt 2,321 Due to 2,024 Notes payable 17,794 Accounts payable. 3,002 Consumers' depos. 108,380 Accrued accounts. 2,894 Servic. exten. dep. 120 9,175 Accounts Common x 706,534 Deficit.... Corp.—Comparative Balance Sheet$ Assets— y 1936 $430,701 Liabilities— I plant & equipment $2 620,120 $2,577,531 Property, Operating reserve Other unadjusted, credits ,654,682 Jurte 30 •37 Marketable securs. 1937 16,903 259,262 29,333 5,000 Miscellaneous liabilities Retirement reserve 46,880 11,680 ... Motor Wheel ■ Sept. 30 Comparative Balance Sheet Notes 6,983 33,869 Total............ undistributed undistributed at Sept. 30, Cash ...... ....... -V. 145, p. 2700. Nil Nil — Special deposits. __ .... » bonds. provision was required for Federal surtax on profits for the year ended Dec. 31, 1936. Federal surtax on profits for the calendar year 1937, if any, is undeterminable 1937 and no provision therefor has been made. Miscel. investments . . unadjusted debits Reacquired securs.: 6)4% inc. $51,601 51,601 $31,977 31,977 Note—No Assets— . Capital stock Net income before $700,000 1,655,000 32,632 189,383 29,825 2,283 432,182 9,412 _ Other 45,825 1,098 950 income charges • .$1 ,090,636 Capital stock ($10 par) 13,664 1st mtge. 6)4% inc. bds. 1952. 1 ,171,254 Paving liens. 180,926 Equipment notes Organization & development. Cash Z: • 76,106 Accounts payable 2,606 Interest accrued Accounts receivable 14,289 Interest on bonds Material and supplies 5,786 Taxes accrued Prepayments ..... Plant and property $119,952 $110,196 5% bonds Sundry interest and other Sept. 30, 1937- 'L1ah171ftfiq— Assets— Special deposits income Gross Interest on first mtge. 1,739,818 843,563 i-m . Motor Transit Co— Balance Sheet $119,525 44 provision for retirements— 2,909,731 846,297 sub. cos Franchise cost (unamortized) for Provision for retirements 2,864,092 1,728,779 129,855 922,671 rents Invests. & advances —$110,152 ... after 243,528 1— —V,. 145, p. 2232. 339,038 18,066 2,673 47,277 21,195 2,201 51,827 ' , ... rents Jan. $293,955 175,209 81,729 $526,580 $525,460 340,084 — ... Non-operating income (net) 1936 1937 - _ 1,989,682 3,384,474 2,051,712 999,390 after Net From Corp.—-Earnings— Mobile Gas Service 3,416,475 Net from railway 2231. —V. 145, p. $265,022 152,604 63,557 $386,597 Gross from railway Gross from railway $406,880 240,522 117,724 Gross from railway..... 55,568,182 12,252,767 5,371,439 1934 1935 1936 1937 September— 1— on Earnings— Monongahela Ry. Net from railway Jan. From declared for pay¬ undistributed profits undistributed adjusted net has been made to date for 1937. ""Vi/ /:■;/.' Note—No provision was made for Federal surtax for 1936, inasmuch as the companies reported no $7,772,154 1,781,752 877,967 Net from railway dividend on this stock was dends at that date. Regular ment on Nov. 1, 1937. date for 1937. RR.—Earnings— Missouri Pacific September— Gross from railway Net provision has been made to 2855 Chronicle Financial 145 Volume 145, p. 2232. Nassau & Suffolk Lighting have declared a The directors Co.—To Pay Pref. Dividend account of $100, payable dividend paid share was dis¬ dividend of $1.50 per share on the 7% cumulative preferred stock, par Dec. 1 to holders of record Nov. 15. This will be the first on the preferred stock since July 1, 1936 when 75 cents per tributed.—V. 145, p. 2700. accumulations on National Acme Co.—25-Cent Dividend— the Simi¬ 20 and Aug. have declared a dividend of 25 cents per share on stock, par $1, payable Nov. 15 to holders of record Nov. 5. lar payments were made on June 30 last and on Dec. 22, Nov. 20, 1936, this latter being the first dividend paid by the company May 1, 1931, when a quarterly dividend of 20 cents was V. 145, p. 1267. The directors common since distributed.— (Conde) Nast Publications, Inc.—Seeks Extension of Bonds— Net earns, common Earnings per avail stock. share for Depreciation and obsolescence x surtax on undistributed net income. Comparative Consolidated Sept. 30,'37 Dec. 31/36 Reserves $ 2,572.575 1,170.562 pay. preferred stock. Minority in cos.. 33,001,819 27,717,384 1 1 309,674 206,707 Deferred charges.. $4.50 cum. stock Com. 2,346,802 2,285,983 A Pref. stock, ser. Patents & processes 82,000 ...11,305,018 10,145,733 int. subsiuiary bldgs., ma¬ - 1,304,744 5,876,558 878,474 chinery & equip. &c 2,411,645 Dec. 1, 1937, on series A cost or market......6,861,572 Other assets. 816,240 Land, $ pay.&accr. Div. for 30/37 Dec. 31/36 Estimated inc. tax Accts. 2,959,815 - lower of Sept. 4,891,067 2,417,235 4,135,476 U. 8. Treas. ctfs.. 5,035,529 Receiv., less res.. 3,397,984 Inventories—at the Cash Balance Sheet Liabilities— $ Assets— $2.25 Includes $172,000 y not reported, $1,945,230 &redx5,000,000 (par $10) Paid-in surplus... Earned surplus. 11,143,880 11,144,090 8,273,138 8,345,293 _.l 1,691,069 9,283,004 holders of the $737,000 1st mtge. 6%% bonds, Conde Nast, President says in part: There is now outstanding $737,000 bonds which mature on Dec. 15, 1937. In view of certain capital expenditures undertaken during 1937 and certain other liabilities maturing before the end of this year, the retirement of all of the outstanding bonds out of the corporation's own cash resources would reduce its working capital below the level conservatively required In a letter to the normal operations. of the small amount of mortgage indebtedness represented outstanding bonds, and because of prevailing financial the corporation considers that the extension of the maturity date bonds would be the most satisfactory form of financing, rather than refunding thereof through customary channels, with its attendant for its by conditions, of these the delays and expense. This plan would enable the corporation to conserve its present cash resources, carry out its expansion program, fund the liabilities referred to above maturing before the end of this year, and still have ample working capital for its normal requirements, without resorting to short-term banking accommodations. Furthermore, this plan would afford its present bond¬ holders an opportunity to continue their investment in the corporation's first mortgage bonds on favorable terms, and holders of $263,500 of these bonds have already consented to the extension of the maturity date thereof. The corporation therefore urges its other bondholders to accept the following Because these proposal: x Represented by 50,000 no par Montana Power Co. (& 53,558,296 44,947,240 Total 53,558,296 44,947,240 Total shares.—V. 145, p. 1593. Sept. 30-— & depletion appropriations reserve Net oper. „ 146,133 $234,702 4,208 (net) Gross income. Int. on mortgage Int. on debentures Other int. & Int. bonds. deductions. Net income Balance ~' 52,083 23,391 Cr 197 - $20,008 $217,129 preferred stock for the unpaid $6,317,203 25,572 $5,330,215 3 5,375 £6,342,775 1,854,891 597,496 $5,365,590 1,571,352 384,784 CT231,536 625,000 283,287 C'rl97 $3,737,140 $2,886,148 957,227 956,605 $2,779,913 $1,929,543 preferred stock was paid on Aug. 1, 1937. dividend on $6 payment of this dividend Regular After the 128,467 Cr23,172 Dividends applicable to period, whether paid or x $420,873 charged to construe- tion x $414,763 6,110 $238,910 160,948 44,125 37,001 revenues— Other income 1937—12 Mos.-—1936 $15,125,465 $12,349,394 7,433,210 6,301,260 59,584 1,375,052 717,919 Prop, retire. - there were no corporation, subject to the approval of its stockholders, bonds to consent to the extension to Dec. 15, accumulated unpaid divi¬ requests the 1942 of the of their bonds. In view of the prevailing interest rates on industrial first mortgage bonds tin interest rate on the extended bonds will 5H% instead of 6Vi% per annum. The extended bonds will be at option of corporation, in whole or in part, on any interest date, at of principal, with successive annual reductions in the redemption price Yt of 1% on each Dec. 15, beginning Dec. 15, 1938 until maturity. Among the properties covered by the mortgage securing these bonds are the real estate, buildings, plant, machinery and equipment now owned by the corporation, and the new equipment and building being acquired erected at present, subject only to the chattel mortgage lien on new presses. maturity date Subs.)—Earnings— 1937—Month—1936 Operating revenues $1,146,503 $1,004,474 Oper. exps. (incl. taxes). 765,668 530,127 Period End. The holders of the be redeemable 102 H % of and other assets of the corporation as copyrights, trademarks, magazine titles, and stock of subsidiary corporations. The capital expenditures undertaken this year were for the purpose of expanding and enlarging the corporation's printing plant in order to meet the increased requirements of its printing activities. This expansion pro¬ gram consists principally of the purchase of seven new presses and of other miscellaneous equipment, and the building of an additional wing at the corporation's plant in Greenwich, Conn. The expenditure necessary for The mortgage this program also covers such amounts to $590,000, of which amount $281,000 is to be met and $77,000 in 1940. owned by the corporation at Sept. 30, 1937, and pledged under the mortgage was in excess of $5,912,000. The net book value of these assets, after allowing for depreciation reserves of $3,097,000, was $2,815,000 as at Sept. 30, 1937. The sound value of such assets, however, is substantially in excess of the present book value. this year, $132,000 The original cost in 1938, $100,000 in 1939 of the various fixed assets 2856 Financial Chronicle Oct. 30, 1937 The consolidated net earnings of the corporation and its domestic and foreign subsidiaries, for 1935, 1936 and the first nine months of 1937, were as follows: Calendar Years— cl937 Consol. net earnings Depreciation b Consolidated net earnings a :* 1936 408,978 $485,362 162,813 322,548 ... 236,150 172,827 at $113,596 in 1936), and 10,946 shs. of com. stock at $51,301 in 1936). (11,497 shs. at $60,659 in 1936), d After reserve for bad debts of $58,239 in 1937, $46,062 in 1936. e In respect to accrued wheat processing taxes which were not paid by reason of the invalidation of the Agricultural Adjustment Act. f After reserve for depreciation of $1,633,743 in 1937, $1,532,596 in 1936 —V. 144, p. 3680. 1935 $131,775 235,471 lossl03,696 National Before charging deprec., int. on mtge. bonds, amort. & Federal income b After charging deprec., but before int. on mtge. bonds, amort. Federal inc. taxes, c Nine months ending a taxes, See list given Airlines, Inc.—Registers with SEC— first page of this department. on Sept. 30. The Interest charges on the outstanding first mortgage bonds, if all extended, will amount to $40,535 per annum. However, should any of the bondholders not desire extension of the maturity date of their bonds under the National Container are The directors have declared to consent mon the to the corporation has concluded arrangements whereby such bondholders may receive, prior to mtaurity, 100% of the principal amount of such bonds from certain purchasers, not Operating 1937 Assets— Cash 5567,817 763,856 Accts. & note" rec., less res... Employees' accounts........ 3,588 422,877 Inventories Real est., bldgs., &c„ less deprec 2,814,716 Deferred charges............ 238,857 Magazine titles, subscription ■ lists, Ac 1,846,144 profit from operations preciation of $107,187) . Invs. In for. subs., not consol. Advances & current accts 239,406 4,507 Accrued liabilities be extended to mature 5H%: and giving effect (non-current).. payable and $37,050; and amounting to $89,550. (2) After giving effect to the acquisition of 1,323 shares of the company's common stock, as noted above, the company will continue under a revised agreement, to be committed to repurchase 11,354 shares of its common stock for $318,085 in three equal instalments, on Jan. 15, 1939, Dec. 15, 1939, and Dec. 1, 1940; except to the extent to which such shares have been otherwise acquired on or before the date of the revised agreement. (3) Under contracts of employment, certain officials of the have options, company expiring Dec. 31, 1938. to buy 10,000 shares of its authorized but unissued common stock at $5 per share. (4) The real estate, machinery and equipment, and the magazine titles, subscription lists, trade marks, copyrights and goodwill of the parent and the capital stocks of certain subsidiary companies, are pledged under the first mortgage securing the 5^% bonds outstanding. (5) No provision nas been made in this balance sheet for Federal surtax on undistributed profits, since, in the opinion of counsel, certain restrictions in the bond indenture provide exemption from this tax.—V. 145. p. 772. 1937 1936 $3,645,575 3.120,568 244,670 1935 $2,641,181 2,245,785 $2,060,453 1,759,558 171,918 $280,336 78,033 $197,425 85,694 $128,976 43,154 $358,369 32,529 33,419 30,937 $283,118 $172,130 35.055 22.947 30,937 12,401 38,102 15,056 30,937 6,652 1,865 7,103 7,763 42,900 deprec.. 23",550 Other income. 197,971 Net profits before interest and other deductions and provisionf or Fed- Bond interest Other int.. bond disct. & exp., &c Amortization of goodwill Loss on disposal of fixed assets Dividends on preferred stock of sub¬ sidiary in hands of public Miscellaneous deductions (net) Prov. for Federal income taxes Net profits, carried Preferred dividends to surplus acct." y$210,068 82,972 x77,672 stock dividend of $310,700 was $151,125 18", 600 $62,270 Common dividends x In addition a Net oper. revenues... $6,817,550 (net) 30,119 paid (1-50 share of pre¬ ferred stock for each share of common stock). y Exclusive of profit on marketable securities acquired in prior years, less Federal income taxes and surtax on undistributed profits applicable thereto, credited direct to earned surplus. Dividends paid during the year were in excess of the net and the entire income provision made for undistributed profits tax has been con¬ sidered by the company to be applicable to the profit on marketable se¬ curities. Operating income.— $6,787,431 Other income 1937 receivable Cash surr. value of life insurance... on $1,038,606 $779,673 355,968 745,659 d Accts. and notes Inventories Cash 1936 (Dr.). 86,627 Gross income... $6,789,945 Int. to public & other deductions Int. charged to constr'n. 230,623 439,321 securs. Other assets f Prera. assets ... Goodwill Deferred charges.. accts. $276,490 432,796 $174,256 payable.. 84,390 Accrued liabilities. Salesmen's guar¬ 143,390 105,027 anty deposits Other curr. liablls. 79,137 63,744 49,500 52,500 501,500 53,527 2,503 355,615 2,800,675 2,263,762 30,937 61,875 113,510 Res've for Federal 93,107 income taxes Deferred notes and Funded debt Res.for Fed. Balance Pref. di vs. to public 454,500 taxes, payable.. Insurance reserves Res. for e438,218 247,271 120,911 21,339 27,949 115,263 13,861 undeter¬ mined liabll. for Federal taxes 79,375 Pref. stock of sub¬ sidiary company 94,150 Preferred stock, 2,060,575 Common stock. 166,290 Paid-in surplus... 338,388 Earned surplus 1,026,121 a b c Treas. cost r 95,950 1,399,900 159,291 407,426 830,413 Drl68,110 Drl74,255 12,393,254 CY17.343 CV21.584 $3,159,347 $16,197,943 $14,307,359 1,515,831 6,062,813 6,063,326 $2,273,248 666 $1,643,516 $10,135,130 5,470 $8,244,033 11,372 $2,272,582 $1,642,103 $10,129,660 $8,232,661 $2,272,582 36,049 $1,642,103 $10,129,660 Balance Por. applic. to min. int. Net equity of N. P. & L. Co. in inc. of subs Nat. Pow. & Lt. Co.— Net equity of N. P. & L. Co. in income of subs. Other income 1,413 7,048 $8,232,661 60,376 61,548 341,191 $10,253,889 dl99,116 1,358,018 $8,293,037 194,223 1,356,070 $1,246,412 $2,308,631 Expenses, incl. taxes 50,536 Int. & other deductions. 341,474 1*4,229 $1,649,151 Total... $8,696,755 Balance carried to con¬ sol. earned surplus. $1,916,621 $6,742,744 Includes provision of $49,251 for Federal surtax on undistributed profits in 1937. b Includes provision of $16,000 for Federal surtax on undistributed profits in 1936. c Includes provision of $42,814 made within this period for Federal surtax on undistributed profits in 1936, and $127,753 in 1937. d Includes provision of $1,410 made within this period for Federal surtax on undistributed profits in 1936, but includes no provision for 1937. Note—All inter-company transactions have been eliminated from this Interest and preferred dividend deductions of subsidiaries represent full requirements for the respective periods (whether paid o- not paid) on securities held by the public. The "portion applicable to minority interests" is the calculated portion of the balance of income applicable to minority holdings by the public of common stocks of subsidiaries. Minor¬ ity interests have not baen charged with deficits where income accounts of subsidiaries have so rasulted. The "net equity of National Power & Light Co. in income of subsidiaries" includes interest and preferred dividends paid or earned on securities held, plus the proportion of earnings which accrued to common stocks held by National Power & Light Co., lass losses where income accounts of individual subsidiaries have resulted in deficits for the statement. respective periods. The statement includes full revenues of sidiary without provision for possible for each revenue losses, a sub¬ not exceeding $120,000 12 month period, from natural gas rate reduction nowr involved in litigation. Figures for 1936 as previously published have in certain arranged in this statement.—V. 145, p. 2084. National Radiator Period End. Sept. 30— Gross profit Sell., admin. & gen. exps Including provision p. $236,337 $12,260 4,144 13,929 $209,457 18,024 $240,481 $26,188 $227,481 25,078 63,614 54,244 53,071 206,699 170,010 162,188 175,637 162,731 $45,299 prof$97,546 $403,592 $273,076 on income debentures issued or to be for interest National Steel Corp. (& depl. Interest charges, &c., on funded debt Prov. for Fed. inc. tax.. Net profit Net profit per share on 2,167,777 shs. outst'g. a Based on Subs.)—Earnings— 1937—3 Mos.—1936 $8,344,660 1,418,580 Note—No 595,658 1,103,352 610,727 706,056 145, p. 1,792,258 3,425,256 $5,227,071' $3,359,705 $16,935,967 $2.41 2,157,777 shares provision 1937—9 Mos.- -1936 $5,794,731 $26,223,725 $14,963,911 1,118,243 4,070.244 3,094,841 a$1.56 outstanding, sales, selling and general expenses, &c. earnings.—Y. 1937—9 Mos.—1936 $873,608 $908,257 861,348 698,800 18,748 68,538 57,393 2233. Period End. Sept. 30— b Profit from oper. and inc. from int. & divs__ Prov. for deprec. & re¬ $99,382 Loss— x been $94,066 5,316 Profit Other exps., incl. maint. of idle properties Deprec. of oper. prop Accrued int. on debs issued.—Y. 145, cases Corp.—Earnings— 1937—3 Mos.—1936 $402,801 $517,174 308,735 280,837 Oper. profit before de¬ preciation Other income at ...$5,468,150 $4,318,1071 Total $5,468,150 $4,318,107 Represented by shares of $100 par. b Represented by shares of $1 par. Represented by 3,656 shares of pref. stock at $116,809 in 1937 (2,896 shs. a c stock 12,147,932 $3,788,783 1,515,535 . x &c accts. Total 3,105,348 Cr5,519 Cr8,110 68,699 1,086 266,918 51,714 38,100 1936 notes & 63,074 dep. with trustee Marketable Equipment 1937 $6,259,176 $28,324,291 $26,683,270 3,009,272 ' Liabilities— Accounts payable. Notes pay. to bank 1,244,176 $28,253,389 $26,566,025 107,417 351,810 381,095 92,417 280,908 263,850 (Cr.)—89,141 Other inc. deduc. __ Consolidated Balance Sheet June 30 Assets— Cash $6,279,565 $28,379,205 $26,708,352 35,389 125,816 142,327 a Baking Co. (& Subs.)—Earnings— Operating and general expenses Provision for depreciation 1937—12 Mos—1936 Rent for lease of pl'ts 502,612 corporation's common stock for maturity date of certain notes payable Years Ended June 30— Gross profits on sales before Subs.)—Earnings— revenues 1,700,000 $6,901,769 of 1,323 shares of the to the extension of National Operating Light Co. (& 1937—3 Mos.—1936 a959,135 1,719,288 Total company, $435,117 on $20,669,802 $19,072,594 $83,198,240 $76,089,690 Oper. exps., incl. taxes..all,890,554 bll, 178,252 c47,446,369 b43,299,511 Prop, retire, res. approp. 1,961,698 1,614,777 7,372,666 6,081,827 maturing Dec. 15, 1937 Dec. 15, 1942 with interest rate reduced to completion of the present plans and contracts bonds held in the acquisition Sept. 30— Subsidiaries— 89,550 339,681 $590,778 of which $127,707 had already been paid Sept. 30, 1937; to the application of $47,500 first mortgage treasury to the liquidation of $10,450 of notes to $627,776 22,159 170,500 reports for Federal income tax purposes National Power & Period End. on to the of $604,065 23,711 a calendarbasis and no provision has been made in the above statement for Federal surtax on undistributed earnings.—V. 145, p. 2700. 66,388 a After deducting cost of 1,496 shares of treasury common stock. Notes—(1) The above balance sheet is prepared on the assumption that the outstanding $737,000 first mortgage bonds will Note—Company year 737,000 Capital surplus for plant expansion for up to and incl, (after deducting provision for de¬ Provision for Federal income taxes.... 81,083 Deferred revenue Common stock (340,000 shares no par).. $6,901,769 Castings Co.—Earnings— Net profit before deductions and Federal income taxes Other deductions 210,150 Earned surplus Total 1 937—12 Mos.—1936 Net profit Federal & State taxes Serial notes (non-current) Reserves com¬ Subs.)—Earnings— $94,827 22,357 1. Int., divs., rents, and miscellaneous._ Other income & credits: $116,704 380,176 payable........... 1st mtge. 5Hs Notes payable $126,542 31,217 the initial divi¬ Earnings for 3 Months Ended Oct. 2, 1937 Net (Including Domestic lAabililies— Berlal notes(current)... Accounts Corp. (& 1937— Month—1936 revenues on 2084. p. 145, p. 2233. New York. Subsidiary Companies) Sept. 1, last.—V. 145, National Malleable & Steel Bondholders consenting to the extension of their bonds should detach and retain the interest coupon dated Dec. 15, 1937, which should be presented for payment in the usual manner, and should then forward their bonds on or before Nov. 20, to the corporation, c/o. Manufacturers Trust Co., 45 Balance Sheet, Sept. 30, dividend of 25 cents per share holders of record Nov. 10. An on $1,151,339 Gross inc. after deprec-_ $989,312 251,757 222,926 Net income.... 174,191 147,270 Note—No provision has been made for the Federal surtax on undistributed net income for the year 1937, since any liability for such tax cannot be determined until the end of the year.—V. purchasers. Consolidated Corp.—25-Cent Dividend— a to paid Period End. Sept. 30— Unless such bonds are received by Goldman, Sachs & Co., agents, on or before Nov. 20, 1937, it will not be possible, due to shortness of time, for such bonds to be extended and they will have to be paid at maturity. Con¬ sequently the corporation urges bondholders not consenting to the extension of their bonds to transmit their bonds prior to that date to Goldman, Sachs & Co. Beaver St., was National Gas & Electric includiig the corporation, by transmitting such bonds, on or before Nov. 20, 193/, to Goldman, Sachs & Co., agents, 30 Pine St., New York, against payment therefor. Goldman, Sachs & Co. will act as agents for the purchasers and will charge no brokerage or other commission to the bondholders. The bond transfer taxes will be paid by the Pro Forma stock, payable Dec. 1 dend of like amount foregoing proposal, has been made for b 1,676,229 1,650,421 $8,542,419 $7.81 After Federal deducting tax 1746. on a$3.96 cost of undistributed National Tea Co.—Sales'— Period End. Oct. 9— Sales Company had 1,237 stores a 1937—4 Wks.—1936 1937—40 Wks.—1936 $4,742,552 $4,922,132 $48,259,233 $47,037,759 stores in operation on Oct. 9 year previous.—V. 145, p. 2084. last, as against 1,209 Volume Financial 145 Nebraska Power Co. Period End. Sept. 30— 2857 Chronicle New York Dock Co.—Earnings— Earnings Oper. exps. (incl. taxes). Prop, retire't res. approp $675,738 369,629 4-X.166 $600,451 334,896 37,500 $7,353,034 4,055,884 547,500 $7,039,985 3,850,269 450,000 Net oper. revenues.._ $261,943 $228,055 12,731 $2,749,650 76,108 $2,739,716 262,536 $240,786 61,875 17,500 7,326 1,162 $2,825,758 742,500 $3,002,252 $181,804 $155,247 Dividends applicable to preferred stocks for the period, whether paid or unpaid $1,817,186 Corp.] 1935 [Including New York Dock Trade Facilities 1937—12 Mos.—1936 1937—Month—1936 Operating revenues Other income 544 9 Mos. End. Sept. Revenues. $2,153,381 1,105,472 1,117,926 $2,236,996 $26,945 loss$129,360 loss$70,017 $26,027 $2,373,971 1,262,450 1,084,576 Expenses..... Taxes, interest, &c Net 1934 1936 $2,068,627 1,096,896 1,101,091 1937 30— profit 2701. 1,114,107 1,096,862 -V. 145, p. Gross income Int. on mtge. bonds $262,487 61,875 Int. on deb. bonds Other int. & deductions. Int. chgd. to constr.—Or Net x 17,500 i 9,236 7,928 742,500 210,000 210,000 104,028 47,956 income 88,754 5,471 $1,966,469 499,100 499,100 $1,318,086 Balance $1,467,369 x Regular dividends on 7% and 6% preferred stocks were paid on Sept. 1, 1937. After the payment of these dividends there were no accumulated unpaid dividends at that date. Note—No provision was made for Federal surtax on undistributed profits for 1936, inasmuch as the company reported no undistributed adjusted net income for that year. No such provision has been made to date for 1937.—V. 145, p. RR.—Earnings— New York New Haven & Hartford 1937—Month—1936 1937—9 Mos.-—1936 $7,012,095 $6,808,181 $61,880,500 $57,240,526 a Netry. oper. income.. 305,913 1,068,517 4,226,141 4,295,114 c Net def. after charges. b721,359bsurl22,224 b4,635,141 b4,814,937 a The leases of the following companies were rejected on dates stated below, but net railway operating income includes the results of operations of these properties: Old Colony RR., June 2, 1936; Hartford & Connecticut Western RR., July 31, 1936; Providence Warren & Bristol RR., Feb. 11, 1937. b Effective as of those dates, no charges for the stated leased rentals are included covering the Old Colony RR., Hartford & Conn. Western Period End. Sept. 30— Total oper. revenue RR. and Prov. Warren & Bristol RR. leases, c Before guarantees on sepa¬ . New Jersey & New York RR.—Earnings— Net $60,318 defl3,414 def29,879 $61,638 defl8,714 def37,841 def243,741 579,607 defl48,809 def321,153 630,713 def66,058 585,366 def55,304 def254,760 .. $63,368 def8,279 def28,922 559,528 after rents $59,848 def9,593 def29,941 From Jan. 1— Gross from railway. Net from railway Net after rents 1934 1935 1936 1937 September— Gross from railway Net from railway .. ... defl37,750 def319,578 —V. 145, p. 2233. Co,—To Pay $1 Dividend— The directors have declared dividend of $1 per share on the a capital $25, payable Dec. 10 to holders of record Nov. 20. A dividend of 50 cents which had been previously declared will be paid on Nov. 10. Dividends of 50 cents per share were also distributed on Sept. 10, Aug. 10, June 10 and March 10, last. See also V. 145, p. 2233. par -Earnings— New Orleans & Northeastern RR.- From Jan. 1934 1935 1936 1937 $272,948 101,568 41,537 $263,708 104,253 59,761 $221,458 79,984 43,085 $180,864 38,897 2,260 2,469,409 978,101 465,959 September— Gross from railway Net from railway Net after rents 2,003,572 653.449 248.450 1,716,815 434,947 126,656 1,645,792 387,791 45,887 1— 1934 1935 Gross from railway Net from railway $126,910 def27,624 1936 $143,337 4,215 $127,542 $116,306 407 def3,298 Net after rents def16,800 def 1,736 def1,893 13,482 2,007,033 1,496,615 346,430 244,972 1,276,822 279,869 338,119 1,292,301 751,455 1937 September— 1— Gross from railway Net from railway 784,775 Net after rents Period End. Sept. 30— Operating revenues Netry. oper. income 317,354 439,259 Earnings of System 1937—9 Mos.—1936 1937—Month—1936 $8,945,949 $977,410 $842,301 $12,240,391 2,732,405 645,995 5,342 def 37,183 3 Months 9 Months 1937 1937 Sales—Net... x ....... Gross profit on sales. _ Maintenance & repairs Prov. for depreciation.. Charges in respect of equip, dismantled $1,530,511 854,516 $675,995 36,933 47,808 $1,995,088 95,994 142,767 2,556 442 21,907 109.194 Taxes other than Federal v 63,013 Months- Prov. for doubtful accts. 15"O6O expenses. 1936 1937 $3,999,158 2,774,361 $5,749,102 3,291,780 $2,457,322 123,798 161,433 $1,224,797 2,339 65,766 9,132 57,103 379,375 GY5.258 1,749 3,839 Sell., gen. & admin, exps Miscellaneous $4,452,947 2,457,859 •12 I 32,174 103,752 203,393 426,442 13,076 35,285 309,915 def62,551 66,805 5,014,242 640,848 6,752,691 1,677,577 def71,075 917,960 rents $1,344,829 3,018 $1,629,182 4,477 $475,551 2,499 $445,381 5,063 $1,347,848 8,520 $1,633,659 10,654 $478,050 9,897 86,743 220,158 275,500 64,134 $444,712 Net profit from oper.. 669 Total income Interest paid (net).. Federal income & excess profits taxes New York & Richmond Gas x y $353,575 Net profit Repairs and repiacem't charged to reserve for depreciation account. Before prov. for Fed. surtax on undist. prof., and before prov. for red. in $4,946 $18,237 $404,019 $1,347,505 119,063 Net income $10,638 $21,174 income for the year New York & Queens $4,912,409 146.384 $5,440,412 3,063,894 506,526 _ Operating expenses Retirement expense Taxes 34,337 46,047 99.685 ■: $5,058,794 $23,071,691 $21,535,264 2,956,399 11,892,358 11,847,325 475,177 2,036,304 1,870,332 (incl. provision for 1,129,364 833,019 4,559,872 3,441,374 Operating income Non-operating revenues. $740,628 3.333 $4,583,157 $4,376,232 Non-oper. rev. deduc'ns Dr3.378 $794,198 2,895 Dr3,294 12,748 Drl3.494 9.722 Drl3,673 $793,798 218,750 $4,582,4x1 875,000 $4,372,281 830,694 Federal income tax).. Gross corp. $740,583 income— debt.. 218.750 48.415 10,291 136,371 111,445 $473,418 $564,757 $3,571,040 $3,430,141 60,945 & miscell. deductions. Net income 60,755 Divs. declared on pfd.stk Bal. available for divs. on common $3,510,285 1936 Net after rents From Jan. 1— 278 ,404,92 1 261,539,073 225,938,957 222,599,596 52,756,287 55,472,890 64,422,062 67 ,330,539 23,364,904 23,455,934 32 ,155,055 32,679,976 Gross from railway Net from railway after rents— —V. 145, p. 2554. Corp.-—Earnings- New Yori: Steam Sept. 30— Operating Revenues— _ 59,844,914 $10,696,804 55,572 51,111 $822,240 47,050 310,094 __ Operating expenses..... $819,066 3.175 $825,375 1,055,757 From miscell. sources... 68,030 $9,900,487 $10,747,915 6,375,543 6,352,551 502,849 473,520 1,424,796 1,471,834 expense.— Taxes.... — & St. Louis RR —Earnings— Net from railway ... after rents..______ From Jan. 1— Net Gross from railway Net from railway. after rents 1936 1935 1934 $3 ,449,445 1 ,122,076 $3,626,278 1,311,966 782,466 $3,015,538 1,100,262 721,752 $2,686,048 659,720 32 ,305,156 10 ,830,661 6 ,498,016 30,360,837 10,852,274 6,493,820 24,877,596 7,749,156 25,197,229 8.2x5,019 4,362,305 4,470,1/5 810,438 Drl0,290 y$2,450,009 77,672 Dr33,672 $578,793 352,307 $460,773 y$l,666,043 354,757 1,413,831 y$2,494,009 1,421,096 loss. long-term debt.. Miscell. int., amortiz. of debt disct. and exp. & Gross corp. Int. on 58,597 55.340 237,909 237,588 $989,698 $870,872 *y$14,301 x$835,323 x313,758 627,535 def$299,457 $207,788 September— railway$151,821 from railway—... 95,109 after rents........ 38,086 Gross from 1934 $240,936 194,472 134,529 $231,280 184,447 116,646 $203,852 154,986 82,707 2,106,915 1,635,749 1,055,092 2,025,559 1,549,357 935,044 2,018,713 1,569,.383 929,634 1— Gross from railway.. Net from railway...... 145, p. on New York Net from railway 1,990,317 1,516,373 986,774 2234. ; Net from railway 145, arrears 1937 Gross from railway Net after in Susquehanna September— —V. 902,347 10,461,255 11.368,644 on cumulative preferred stocks Profit.—V. 145, p. 2234. 894,832 of Exclusive ______ ______ .... steam" 1,000 lbs. dividends amounting to $312,243. y x rents & Western RR.—Earnings—1935 1934 $268,632 33,375 $265,444 66,218 21,239 2,454,597 2,694,083 752,112 312,580 738,400 268,419 2,757,192 692,892 315,819 1936 $238,386 54,664 6,522 $260,600 2,441,919 809,028 273,846 83,810 52,034 14,639 2234. p. Noranda Mines, Period End. Sept Total recovery Reserve for taxes. RR.—Earnings— 1937 1936 1935 after rents... declared preferred stocks—— Costs and expenses. 145, p. 2554. Jan. Dividends 39z,434 New York Connecting Net 267,149 $473,778 y$l,597,299 19,335 109,535 Dr6,331 Dr40,791 $587.526 19,023 Gross from railway..<— 1937 Gross from railway. —V. 960,840 ~ Operating loss. Non-operating revenues. rents From Jan. 1— New York Chicago From _ $822,218 3,157 From sales of steam Total oper. revenues 1937—12 Mos.—1936 1937—3 Mos—1936 Period End. Net after September— Net „„„ „ 1108. —V. 145, p. Sales of 1934 1935 $30 ,603,439 $30,568,132 $26,719,331 $23,240,016 7,180,403 4,839,300 7,787,077 6 ,476,076 3,797,744 2,138,319 4,356,071 3 ,165,634 Gross from railway Net 528,196,280 „ ^ 158,693,835 kilowatt-hours Retirement $3,369,196 129,230,723 629,634,791 stock.. Sales of electric energy— Balance RR.—Earnings— 1937 Net from railway Net 1937—12 Mos.—1936 22,502,907 $20,249,078 568,783 1,286,186 $5,306,121 134,291 From miscell. sources Total oper. revenues. Electric Light & Power Co.— 1937—3 Mos.—1936 Net loss 19,503 157,986 provision has been made for the Federal surtax on undistributed 1937, since any liability for such tax cannot be until the end of the year.—V. 145, p. 2701. Note—No net miscell. deductions— New York Central September— —V. Co.* -Earnings— ^55^ 1937—12 Mos.—1936 $1,159,436 $1,189,892 266,427 311,595 investment in Armstrong-Newp't Co. (50% int.) which is charged to deficit acct. —V. 145, p. 223J. Net $1,119,169 1,547,231 882,807 1937—Month—1936 $100,256 $97,135 24,169 27,557 Period End. Sept. 30— Operating revenues Gross inc. after deprec.. Non-oper. rev. deduc'ns y 6,420.229 1934 $798,026 170,188 80,572 Ml 7,377,233 1,851,989 1,005,892 —V. 145, p. 2701. . Miscell. other income 1935 $664,197 128,120 62,792 1— Gross from railway Net from railway. Net after Ry.— -Earnings- Miscell. int., amortiz. of debt disct. and expense Newport Industries, Inc. (& Sub.) —Earnings— Period End. Sept. 30— Cost of sales Net from railway. Net after rents Int. on long-term —V. 145, p. 2233. 18 issued a certificate 1936 $700,109 159,074 1937 $484,647 1,328 From sales of elec. energy ■Earnings— Commission on Oct. New York Ontario & Western September— railway Gross from Sept. 30— Operating Revenues— New Orleans Texas & Mexico Ry.- Jan. Commerce Interstate Period End. —V. 145, p. 2233. From The permitting abandonment by Howard S. Palmer, James Lee Loomis and Henry B. Sawyer, trustees of the company, of a line of railroad extending westerly from a point 220 feet east of Slatersville passenger station, in the Town of North Smithfield, to Harrisville, 6.34 miles, all in Providence County, R. I.—V. 145, p. 2701. determined Gross from railway Net from railway Net after rents properties. Abandonment— From Jan. New Jersey Zinc stock, rately operated _ 1937—3 Mos.—1936 $5,033,037 $4,765,733 2,242,334 1,880,632 .1. 435,000 : 485,000 .. Total income ... Depreciation. Estimated net profit__ Est. earns, per share —V. 145, p. 1108. 1937—9 Mos.—1936 $14,654,107 $13,285,791 5,824,117 5,187,808 1,410,000 1,360,000 $6,737,983 $2,355,703 121,707 Profit Other income. Ltd.—Earnings—- 30— $2,400,101 $7,419,990 -89.346 324,527 236,909 $2,477,410 $2,489,447 $7,744,517 $6,974,891 135,000 141,000 375,000 423,000 $2,342,410 $1.05 $2,348,446 $1.0o $7,369,517 $3.29 $6,551,891 • $2.92 2858 Financial office Nonquitt Mills—To Pay SI Dividend,— The directors have declared a dividend of $1 tier share on the capital stock, payable Nov. 15 to holders of record Oct. 26. A similar dividend was paid in August and May of this year and on Dec. 24, 1936 and compares with 50 cents paid on Nov. 15, 1936, and dividend of $1 per share paid on Aug. 15, 1936, this latter being the first payment made since 1930, when a $5 partial liquidating dividend was paid. A $10 partial liquidating dividend was paid in 1929, prior to which no disbursements were made since 1924. —V. 145, p. 2085. Norfolk & Southern RR.- -Earnings- 1937 September— Gross from railway Net from railway 1936 1935 1934 $398,624 68,407 14,012 $367,382 60,548 16,489 $364,074 53,234 6,700 $406,597 82,622 29,564 3.764,431 858,476 359,026 3,309,807 613,019 197,360 3,530,378 727,242 257,271 3,683,071 963,457 459,677 Net after rents From Jan. 1— Gross from railway Net from railway after rents Net —V. 145, p. 2234. ""Norfolk & Western Period End. Sept. 30— Ry.—Earnings — Net ry. oper. revenues $3,623,483 1,160,849 $3,990,196 $32,237,096 $30,910,503 1,340,239 10,611,214 9,806,181 Railway oper. income. $2,462,633 408,524 Joint facil. rents (net) Dr 15,003 $2,649,957 $21,625,881 $21,104,322 360,618 2,966,631 2,621,723 18,013 116,157 233,209 Net ry. oper. income.. $2,856,154 137,997 $2,992,562 $24,476,354 $23,492,835 66,167 825,953 493,872 $2,994,152 178,816 $3,058,730 $25,302,308 $23,986,708 178,816 1,609,350 1,609,317 $2,815,336 $2,879,914 $23,692,957 $22,377,391 Railway tax accruals Equip, rents (net) Cr Other inc. items (bal.)_. Gross income Interest on funded debt. Net income -V. 145, p. 2234. North American Co. (& 12 Months Ended Sept. 30— Total operating revenues. Operating 1937 expenses. Maintenance ; operating Non-operating revenues 291,889 ..... Gross income Interest on funded debt. Amortiz. of bond disc, and expense.. Other interest charges... _ construction $59,132,887 14,347,962 722,952 365,869 Minority interests in net inc. of subs.. Appropriations for deprec. reserve. _ CV118,428 7,693,763 1,459,295 15,242,076 Balance for divs. and surplus.....$19,419,397 on North Amor. pref. stock... 1,819,077 Divs. for common 54,421,917 $50,946,072 14,625,382 15,244,388 639,551 689,422 186,628 178,546 charged to property and plant Preferred dividends of subsidiaries Balance 1935 -.-.$51,911,757 $48,487,835 $45,555,786 7,221,130 5,934,082 5,390,286 revenues Interest during 1936 ... Taxes, other than income taxes.. Provision for income taxes Provision for Federal surtax... Net Subs.)-—Earnings— ..$120,770,582 $113,961069 $104.501158 44,033,860 42.060.411 38,363,137 7,482,615 6,748,858 6,277,051 12,414,143 12.302.412 11,286,451 4,636,317 4,361,551 3,018,731 stock 045,880 8,188,089 1,309,385 13,983,927 0357,571 8,162,693 1,096,442 13,517,825 $15,534,833 $12,414,325 1,819,077 1,820,034 divi¬ dends and surplus $17,600,320 $13,715,756 $10,594,291 Notes—(1) This statement reflects the accepted accounting practices of the company on the basis of interim figures as shown by the books of the It does not include company and its subsidiaries and is subject to audit. the results of operations of North American Light & Power Co. Transit Co. or Capital The North American Co. and subsidiaries on Sept. 30, 1937 common stock of the former company, and 51.3% of the capital stock of the latter company. owned (2) 73.5% of the The provision for Federal surtax undistributed income shown in on Oct. 30, of the company in New York. Coupon notes in denoms. o $1,000, registerable as to principal, or fully registered notes without coupons in interchangeable denoms. of $1,000 and such multiples as may be au¬ thorized. Notes red. at any time as a whole or in part on at least 30 days' notice at following prices and int. to date of redemption; at 103% to and incl. Oct. 1,1939; at 102>£ % thereafter to and incl. Oct. 1, 1941; at 101 thereafter to and incl. Oct. 1,1943; at 101% thereafter to and incl. Oct. 1 1945; at 100H% thereafter to and incl. Oct. 1, 1946; and thereafter to maturity at 100% of their principal amount. Pledged Securities—Notes are to be issued under an indenture of trust between the company and State Street Trust Co., Boston, as trustee, under which will be initially pledged the shares and promissory notes of utility subsidiaries of the company listed below; or agency of Subsidiary— Beverly Gas & Electric Co— Shares Gloucester Electric Co. a24,028 pine months ended Sept. 30, Sept. 30, 1937, and no provision 1936 is included in the consolidated income statement for the 12 months ended North Penn Gas Co. (& on that date.—V. 145, p. 773. Light Co_______. North Boston Lighting Properties Company—A voluntary association, created in Massachusetts by an agreement and declaration of trust dated Feb. 1, 1911. Company controls 10 corporations and a real estate trust, nine of such corporations being public utilities operating in Massachusetts. The utility properties controlled by the company are a part of the system of utility properties controlled by New England Power Association, which system constitutes the largest electric power system in the New England States. In the year 1936 the utility subsidiaries of the company made total sales of 191,901,000 kwh. of electric energy and 2,148,289 mcf. of gas to cus¬ tomers in cities and towns horth of Boston, Mass., served by such sub¬ sidiaries. Power is generated in six steam-electric plants and in 1936 such plants generated in excess of 46% of the total generated and purchased for that year. Gas is mapufactured in two combination water and coal gas plants and in the year 1936 such plants manufactured in excess of 98% of the total gas output. The system of distribution supply lines of one subsidiary interconnects in two separate groups the steam-electric generating stations of the company's other subsidiaries and through connection with the transmission lines of New England Power Co. the power resources of New England Power Association system are available to such subsidiaries. Purpose—The estimated proceeds, $12,660,000, will be applied to the following purposes: (1) To payment on or before Dec. 1, 1937, of notes of the com¬ pany in principal amount of $11,500,000 evidencing borrow¬ ings under secured bank credit, due Nov. 22, 1939, plus $115,000 for payment prior to maturity, which, exclusive of accrued int. to date of such payment, will require the sum To payment of demand notes of the company, held Massachusetts Power & Light Associates, (2) $2,627,041 1,869,222 67,521 9,260 121,787 Operating ..... $2,534,313 1,786,351 58,996 expenses General taxes Federal surtax ____ on undistributed earnings Federal and State income taxes Net earnings Interest on funded debt 674,375 and to reimburse the treasury of the company for amounts heretofore devoted to tbe acquisition of capital stocks and obligations of subsidiaries, the balance of such proceeds to be applied to future acquisitions of additional shares of capital stocks and obligations of subsidiaries 95,625 Capitalization—Capitalization as at June 30, 1937, adjusted to give effect to the issuance and sale of the entire issue of $13,000,000 of notes, is tabulated below as follows: Secured notes, 3>£% series due 1947 $13,000,000 $3 dividend (cumulative) preferred shares (par $50) (authorized and outstanding, 228.080M shares) 11,404,013 13,754,553 Common shares (nopar) (autb. and outstanding, 433,354^ shs.) Earnings of the Company -Calendar 1934 Years- YIMos.End. 1935 1936 Dividend & int. income: Cash divs. on shares of June 30, '37 on shs. $2,382,015 $2,192,180 $2,211,049 216,430 199,782 233,079 249,727 5,400 10,713 4,200 28,126 2,676 94,443 2,768 94,580 $2,805,507 12,558 $2,614,123 11,332 $2,522,379 19,360 $2,558,125 20,817 125 divs. 1 2 2 of pledged Cash divs. from other investments ... subs Total Corporate & legal exp__ Taxes 113,758 275,000 plied by such company to redemption on Dec. 1, 1937, of its $650,000 first mortgage 5% gold bonds, series A, due June 1, 1942, which, together with premium thereon but exclusive of accrued interest, will require the sum of (4) To finance capitalizable plant expenditures of subsidiaries, Interest from Total gross earnings of-$11,615,000 by which, exclusive of accrued int. to date of such payment, will require the sum of. (3) To advance to Haverhill Electric Co., a subsidiary, to be ap¬ sub. not $2,492,857 41,456 425,000 785,000 The above shares are all shares of such companies owned on Oct. 1, 1937, and such notes will constitute all notes of such companies owned at the time of the delivery of the notes. 1936 $2,597,139 29,901 Operating revenues. Non-operating revenues (net) 96.86 99.28 92.47 Suburban Gas & Elec. Co.... 96.04 a Par value $25 each, b Par value $50 each. Cash 1937 235,000 1,014,375 200,000 92.21 a41,938 a60,108 pledged subsidiaries $2,572,963 Subs.)—Earnings— 12 Months Ended Sept. 30— 93.65 53.33 Haverhill Electric Co a63,800 Maiden Electric Co al30,0Q5 Maiden & Melrose Gas Lt. Co. a246,983 Salem Electric Lighting Co... b51,294 the consolidated income statements for the 12 months ended Sept. 30, 1937 was made in Dec.* 1936, for the year 1936. No provision has been made for the surtax for the nine months ended for the Shares and Promissory Notes of Subs. % of Total Shs. Outst. Amount of ^ ~ — and of Voting Power Prom. Notes a27,923 63.46 $650,000 No. of Name Salem Gas 1937—Month—1936 1937—9 Mos—1936 $8,360,979 $8,505,334 $72,590,192 $67,303,472 4,737,495 4,515,138 40,353,096 36,392,968 Railway oper. revenues. Railway oper. expenses. Chronicle Net inc. before int., &c. $2,792,824 $2,602,789 $2,503,016 $2,537,306 The annual interest requirement on the notes offered amounts to $455,000. unfunded debt Amortization of bond discount and expense $559,250 201,666 1,704 13,883 $575,207 206,812 2,157 14,999 Principal Underwriters—The name of each principal underwriter, and the respective amounts severally underwritten are as follows; Net income Divs. accrued $7 cum. prior preferred stock Divs. accrued $7 cum. preferred stock $341,996 44,991 92,120 $351,239 TheFirstBostonCorp.,Boston. $2,500,000 Interest __ on glance North Principal Amount Name— $204,885 $213,797 Boston Notes Lighting Properties—$13,000,000 10- Sold—Primarily for the of repaying bank loans and to finance additions and improvements over the past few years to electric and gas properties, public offer¬ ing of $13,000,000 10-year secured notes was made Oct. 28, signalling a resumption in corporate financing. The notes carry a 3^% coupon, mature on Oct. 1, 1947, and were priced at 100. The offering was made by a group of 28 underwriters headed by The First Boston Corp. and including Lehman Brothers; F. S. Moseley & Co.; Lee Higginson Corp.; Harris, Hall & Co., Inc.; Bodell & Co.; Halsey, Stuart & Co., Inc.; Chas. D. Barney & Co., and White, Weld & Co. It was announced Oct. 29 that the offering has been success¬ fully completed. The offering represents one of the few recent examples of financing by a holding company for its operating com¬ panies, and upon its completion the subsidiaries will have no bonds, preferred stock or notes with the public, and will be entirely free of mortgage debt. An advance of $674,375 is to be mhde out of the proceeds to Haverhill Electric Co., a subsidiary, to redeem on Dec. 1, 1937, its outstanding 1st mtge. 5% bonds, due 1942. purpose The notes will be dated Oct. 1,1937, and will be due Oct. 1,1947. Interest Principal payable at principal office in Boston of State Street Trust Co., trustee, and interest payable at principal office in Boston of First National Bank, Boston; both principal and interest payable A. & O. payable at an Lehman Brothers, New York. F. S. Moseley & Co., Boston.. 1,500,000 1,000,000 Lee Higginson Corp., Boston. _ 45,321 92,120 N?te~r^° Provision has been made for Federal surtax on undistributed profits for the period Jan. 1, 1937, to Sept. 30, 1937.—V. 145, p. 1108. Year Principal Name— — 700,000 Harris, Hall & Co. (Inc.), Chi. Bodell & Co., Providence, R. I. 700,000 700,000 Inc., Boston Whiting, Weeks 450,000 Edward 350,000 H. P. Minsch, 250,000 Otis & Co., Cleveland, 0 Jackson & Curtis, Boston Estabrook & Co., Boston 250,000 700,000 350,000 250,000 250,000 250,000 Sheet as at on M. Inc., Bradley & Co., 200,000 200,000 200,000 Wood & Co., Boston... Monell & 250,000 250,000 Co., New Haven. 200,000 Inc., New York 100,000 Chace. Whiteside & Co., Inc., Boston Arnold 100,000 W. Jones & Co., Inc., Providence. June 30, 1937 Asscts 100,000 (Company Only) Liabilities— Cash in banks Div. 250,000 _ 450,000 250,000 e Knowles, Burr, Gannett & Co., Boston. R. L. Day & Co., Boston Arthur Perry & Co., Inc., Bost. Tenney & Co., Boston Hornblower & Weeks, Boston. Balan 250,000 & Inc., Boston.: Halsey, Stuart & Co., Inc., Chi. Chas. D. Barney & Co., N. Y. White, Weld & Co., N. Y Paine, Webber & Co., Boston. Kidder, Peabody & Co., Bost. Baker, Young & Co., Inc., Bost. Coffin & Burr, Inc., Boston Amount Stone & Webster and Blodgett, $49,057 stock of non-affll. co. 692 Notes receivable from subs.. Accts. receivable from subs.. 325,000 Accts. 7,714 Investments In subs., at cost: pay. to affil., not sub. 33,377,039 2,620,000 _ Stock of non-affll. co., at cost Unamort. debt disc. & exp__ 72,082 Disc. & commissions & exp__ $290,733 42,486 2,590 Other current liabilities Secured Capital stocks Notes receivable... Notes payable to parent Accrued int. on bank credit.. bank credit. 21 Preferred shares 11,500,000 11,404,013 Common shares 13,754,552 620,027 Total Earned surplus 127,436 50,223 $37,121,834 Total $37,121,834 -V. 145, p. 2554. Northern Alabama Ry.Septemberrailway Net from railway 1937 Gross from Earnings— 1936 $75,124 35,426 12,873 $57,063 From Jan. 1— Gross from railway 608,557 Net from railway Net after rents 268,405 97,042 510,284 217,962 73,369 Net after rents —V. 145, p. 2235. ... 19,578 1,982 1935 1934 $54,016 23,256 11,649 $45,166 16,743 417,365 403,352 139,393 20,589 147,123 11,351 3,093 Volume Financial 145 Northern Pacific l rom Jan. 1— Gross fromwailway Net from railway...... Net after rents ... 1936 $6,487,669 2,362,836 2,056,729 1935 $6,142,885 2,343,731 2,032,009 1934 • $5,152,288 1,427,119 49,161,055 9,217,665 8,059,284 Gross from railway..... Net from railway Net after rents........ 44,331,888 7,940,417 5,702,726 £8,313,082 38,196.589 7,200,859 5.364,519 4,896,616 3,185,202 1,179,287 —V. 145, p. 2235. Northern States Power Co. 6.2% compared with the corresponding week last year.—V. 1936 $125,845 66,765 16,304 al0,012 14,220 11,515 $29,407 paid---598 $33,344 ... ... . $58,411 179 205 $546,423 1,614 $514,905 2,257 Operating revenues Operating expenses $61,297 39,807 $58,206 32,452 $544,809 343,386 $512,648 318,334 Net oper. revenues $21,490 6,608 $25,754 6,796 $201,423 51,065 $194,314 42,793 $14,882 $18,958 $150,358 $151,521 Operating taxes. —V. 145, p. 2701. Ohio Edison Co.- -Earnings Gross x 1937—12 Mos.—1936 1937—Month -1936 $1,441,914 $19,515,001 $17,204,058 690,912 9,395,326 8,014,704 1,425,000 2,050,000 ~ 125,000 200,000 30— 1,593,853 788,387 revenue.-- Oper. exps. and taxes. Prov. for retirement res_ $605,465 255,904 Divs. on Balance No provision has income for the year $8,069,675 3,228,558 $7,764,353 3,805,494 $347,579 155,576' $4,841,116 1,866,923 $3,958,858 1,866,914 $193,984 pref. stock $626,001 278,421 $349,561 155,576 Gross income Int. & other fixed chges. $192,002 $2,974,193 5,091,944 ------ $28,808 $33,344 been made for the Federal surtax on undistributed net 1937, since any liability for such tax cannot be de¬ Balance before depreciation a 1937—9 Mos.—1936 $61,476 Operating revenues Uncollectible oper. rev.. Net income. Net operating revenues.. Miscellaneous interest Co.—Earnings— 1937—Month—1936 Sept. 30— Period End. Sept. 1937 $121,838 66,114 Month of September— Operating revenues (ry., bus and miscellaneous).. Operation Period End 145, p. 2701. Co.—Earnings of Subsidiaries— Maintenance Taxes 2859 ; ■ Net operating income. (Del.)—Weekly Output— Electric output of the Northern States Power Co. system for the week ®Qded Oct. 23, 1937, totaled 26,742,693 kilowatt hours, an increase of Northern Texas Electric ■ Ohio Associated Telephone Ry.—Earnings- 1937 $6,754,459 2,294,997 1,932,64 1 September— Chronicle provision was made in xNo 1936 for Federal surtax on Erofits as made for such tax infor that year was distributed. been all taxable income 1937.—V. 145, p. 2400. : as undistributed No provision termined until the end of the year. Note—Figures appearing in this report have been compiled from, those shown on the books of the subsidiary companies and of A. F. Townsend, Receiver of Northern Texas Traction Co., after intercompany eliminations. —-V. 145, p. Oklahoma 2085. Uncollectible oper. rev__ Gross from railway Net from railway Net after rents —V. 145, p. Operating revenues.$2,881,522 Operating expenses 1,781,495 Operating taxes an amount Operating revenues $4,917,918 $4,999,656 48 48 600 Operating income. . Other income (net) 260,000 260,000 $92,808 17,271 $1,418,930 209,469 !51,289,885 205,887 $85,857 $75,537 Dr3,927 $1,209,461 $71,610 31,443 $1,205,721 Dr89 29.522 bonds 17,531 . Dr3,740 Cr24 . 365,434 200,096 Cr96 18^278 Crl40 $506,571 Gross income. Interest and 334,178 ; 334,175 cumulative. made for Federal surtax on undistributed profits the company reported no undistributed adjusted net No such provision has been made to date for 1937. Note—No provision was 2236. Northwestern Pacific RR.—-Earnings1937 September— $357,991 40,336 Gross from railway.--. Net from railway 7,266 after rents From Jan. 1— Net 2,934,278 246,738 2,845 Net from railway Net after rents —V. 30— Net oper. Gross on 16,552 2,783,094 371,272 2,461,120 2,482,823 151,008 217,255 def42,439 284,825 37,892 Earnings— 1937—9 Mos.—1936 $2,099,496 1,524,925 $2,067,294 1,453,723 $574,570 4,889 $613,571 $209,302 99,662 1,333 $579,460 298,575 $618,665 301.973 7,505 5,698 6,225 6,234 18,676 2,096 1,027 5,394 3,129 $90,223 70,463 $101,045 70,463 $249,309 211,389 $288,968 211,389 487,935 $199,325 $208,580 965 722 $200,291 99,525 funded debt 2,221 General interest (net)— Amort, of bond discount and expense.-- pf. divs Pref. div. requirements. 5,094 . Olympic Forest Products Co.—Merger-— Rayonier, Inc. below.—V. 145, p. Co.—To Steel Otis held Oct. 26 declared dividends of $1.75 per share on the 7% cum. pref. stock and $1.50 per share on the 6% cum. pref. stock of the company, payable on Dec. 1 to holders of record Nov. 20. Similar payments were made on Sept. 1 and on June 1 last. See also V. 143, p. 3157, and V. 143, p. 2855, for detailed dividend record. —V. 145, p. 1109. Directors at a meeting Ohio Bell Telephone Co.— To Sell Stock to Parent Co.— The Ohio State Utilities Commission has authorized the con pany to sell $38,000,000 additional common stock. Proceeds will reimburse the com¬ pany's treasury American for uncapitalized capital $38,000,000 common expenditures for 5-year period will purchase the additional stock, increasing its holdings to $168,000,000 or shares.—V. 145, p. 2400. Telephone & Telegraph practically 100% of the 2701. Up All Preferred Accruals— Kulas, J. President of the company, announced that the directors dividend of $1.37 H per share upon the company's for the quarterly period ending Dec. 15, 1937, payable on such date to the holders of record Dec. 1, 1937. They further declared a dividend of $43.75 per share upon the company's prior preference stock, payable Nov. 15. 1937, to the holders of record Nov. 5,1937. Such payment will satisfy all dividends accrued on this stock. The directors also authorized the redemption of the prior preference stock at the price of$111.75a share, being 110% of par plus the dividend of $1.75 for the last quarter of 1937. While the stock will be called for redemption on Jan. 1, 1938, tne full redemption price will be paid upon the surrender of stock certificates at any time on or after Nov. 16, 1937. With the redemption of the prior preference stock the revision in the capital structure of the company started during 1936 was completed on Sept. 30, 1937, there being outstanding 142,323 shares of 5conv« 1st pref. stock, 896,597 shares of no-par common stock, and $14,700,000 of 1st mtge. 4M% sinking fund bonds, of which $406,000 are held in the on Oct. 23 declared a 1st pref. stock Earnings for Periods Ended Sept. 30 1937—3 Mos.—1936 1937—9 Mos. profit after taxes, int., deprec., &c Shares common stock— x -1936 Net $948,285 $495,110 $2,691,106 $1,395,460 896,597 841,002 896,597 841,002 $0.84 $0.35 $2.33 $0.94 x No provision has been made for surtax on undistributed profits. In commenting on the company's earnings Mr. Kulas said that the flexibility of its continuous hot strip and cold rolling mills installed in 1931 has contributed in no small way to the company's operating results. These mills were the largest in the country at the time of their installation and were erected when construction costs were low. The major portion of the company's current $3,000,000 plant improve¬ ment program is designed to keep these mills in line with present-day operating practices and customers' requirements, and include widening of the hot mills to permit the production of sheets of the widths now most generally in demand. The improvements being made were based on a complete survey to determine the sizes and quality of the strip and sheets now most generally required by the consumers of these products.—V. 145, „ Earnings per share p. 2400. Pacific Power & Light Operating revenues Oper. exps. (incl. taxes)Prop, retire'tres. approp Co. (& Subs.)—Earnings- 1937—Month—1936 $540,469 $549,629 255,920 308,015 57,708 57,708 1937—12 Mos.—1936 $5,630,794 $5,188,952 2,699,059 3,109,630 692,500 692.500 plant. $183,906 17,533 $226,841 17,271 $1,828,664 209,469 $1,797,393 205,887 Operating income.... $201,439 $244,112 Dr70 Dr22l $2,038,133 Cr3,757 $2,003,280 Dr 1,040 $201.369 85,417 $243,891 $2,041,890 $2,002,240 bonds. Other int. & deductions. Accumulated Dividends.— ended Oct. 31, 1935. Pay Preferred Stock Called In— 21,788 85,417 17,812 1,025,000 238,490 1,025,000 220,625 $94,164 $140,662 Net oper. revenues... $30,582 $37,919 $77,579 Notes—-(1) Cumulative preferred dividends not declared or accrued on the books at Sept. 30, 1937, aggregated $381,676, or $9.48 per share on the 7% and $8.12^ per share on the 6% preferred stock. (2) It is estimated that the company has no liability for Federal undistributed profits tax on its operations for this period. $19,760 Balance 133,200 No Period End. Sept. 30— & $834,337 55,500 $1,513,150 6% prior preference stock. provision has been made for the Federal surtax on undistributed net income for the fiscal year beginning Dec. 1, 1936, since any liability for such tax cannot be determined until the end of the fiscal year.—V. 145, 18,895 512,006 ncome Net inc. before Service Co. $696,515 — — Taxes assumed on int. miscell. deductions 1,529,626 1934 $277,654 23,875 def4,129 $711,331 income Other income (net) 185,426 652,829 company's treasury. 1935 $293,985 38,444 1937—3 Mos.—1936 Total oper. revenues Total oper. exps & taxes Int. 1936 $346,596 61,234 46,884 145, P. 2236. Northwestern Public Period End. Sept. ... amortization, &c Dividends paid on conv. conv. , Gross from railway $2,496,350 1,662,012 Retirement accruals i51,076,079 384,370 $306,109 $172,396 x Dividends accumulated and unpaid to Sept. 30, 1937, amounted to $1,051,653, after giving effect to dividend of $1.75 a share on 7% preferred stock, declared for payment Oct. 1, 1937. Latest dividend on 6% preferred stock was $1.50 a share paid Oct. 1, 1932. Dividends on these stocks are Balance...... p. $3,382,083 1,335,733 $3,032,777 Net operating revenues Non-operating income (net) E. 145, $3,753,089 78,993 $4,204,187 1,171,411 Taxes p.2236. $640,287 $38,730 $24,960 preferred stocks for the period, whether paid or unpaid Net income —V. $4,183,604 20,583 Maintenance a Dividends applicable to income for that year. 1936 $7,485,732 2,867,387 Net income l£>,231 Crl5 l —Earnings1937 $8,140,467 2,982,282 203,862 a770,718 30— Operating revenues See $85,768 for 1936, inasmuch as 2236. 12 Months Ended Sept. !51,083,998 Dr7,919 - - Gross income x 250,278 79,129 def8,416 600 21,667 $103,389 17,532 _ 324,666 120,118 39,071 Balance 1937—12 Mos.—1936 $4,597,760 $4,088,234 2,918,230 2,537,749 21,667 Net oper. revenues mtge. $558,694 5 Rent for lease of plant. 406,862 190,082 110,511 55,650 Oklahoma Natural Gas Co. (& Subs.) Co.—Earnings- investments Property retire, res appropriations— $25,247 5,721 def3,486 for possible additional 1937—Month—1936 $346,833 $394,465 232,310 269,361 30— Oper. exps., (incl. taxes) Amortiz. of limited-term on $7,666,905 2,667,249 2236. Northwestern Electric Int. $8,171,647 x3,253,729 Federal net 1936 due to adjustment of depreciation expenses of $41,154 income tax for the year for the year 1936.—V. 145, p. Period End. Sept. $858,998 300,304 $705,376 Net operating incomeIncludes $2,691,491 $25,130,582 $24,000,288 1,832,493 16,958,935 16,333,383 $1,100,027 394,651 Net operating revenues $28,873 7,290 def 1,339 From Jan. 1— 1937—Month—1936 1937—9 Mos.—1936 $2,889,031 $2,704,959 $25,211,429 $24,078,837 7,509 13,468 80,847 78,549 Operating revenues $44,186 10,559 def1,087 389,723 139,843 Net after rents Telephone Co.—Earnings— Northwestern Bell 1934 1935 1936 1937 $42,639 19,593 9,185 Net from railway... Period End. Sept. 30— x City-Ada-Atoka Ry.- Earnings— September— Gross from railway Co. Rent from lease of Other income (net) Gross income. Int. Int. on _ mortgage Cr 147 charged to constr.. Net x —... income... Dividends applicable to Balance. x 458,478 458.478 $319,922 $298,284 unpaid.—.. ...... Dividends accumulated and unpaid to Sept. $756,762 $778,400 preferred stocks for the period, whether paid or 30, 1937, amounted to Latest dividends, amounting to $1.75 a share on 7% preferred $6 preferred stock, were paid on Aug. 1, 1937. Dividends on these stocks are cumulative. Note—No provision was made for Federal surtax on undistributed profits for 1936, inasmuch as the companies reported no undistributed adjusted net income for that year. No such provision has been made to date for 1937 —V. 145, p. 2702. $420,272. stock and. $1.50 a share on 2860 Financial Chronicle Packard Motor Car Co. (& Period End. Sept. 30— prof., after taxes, Subs.)- -Earnings— 1937—3 Mos.—1936 1937—9 Mos.—1936 Net Mines & Enterprises Consolidated Sales, less cash discounts and allowances Cost of sales, incl. packing, shipping and barge expenses Selling and administrative expenses.. Maintenance and repairs The of Profit from operations Other income (Inc.)— York Stock Exchange has authorized the listing on official of 1,380,316 American share certificates for capital $10 per share, in substitution for a like number of American par share for capital stock without previously listed and now outstanding. The presently outstanding shares of the capital stock, without par, are represented by certificates of two series, one designated "American shares" and the other designated "foreign shares." The shares of capital stock, par $10, which are to be issued in exchange therefor will also be represented by certificates of two series, also designated "American shares" and "Foreign shares," respectively. The certificates for foreign shares are and will be transferable the books of the corporation on $104,244 x For the period from Jan. 1,1937 to Sept. 30,1937, depreciation has been charged to operations on the basis of the cost of properties to the prede¬ companies, which is also the basis allowable for Federal income taxes. Additional provision for depreciation amounting to $558,850, together with $3,448 on account of properties written off, has been reflected in the transfer out of the special reserve. cessor kept by Bank of London Consolidated Balance Sheet Sept. 30 & South America, Ltd., its transfer agent in Santiago, Chile. Certificates for foreign shares are not interchangeable with certificates for American shs., but the holder of certificates for foreign shares, upon surrendering the same to the transfer agent in Santiago for cancellation, may require such transfer agent to transmit to the Secretary of the corporation in New York, N. Y., notice of such cancellation and to deliver to said holder an order addressed to the Secretary of the corporation for the issuance of certificates for a like number of American shares. 1937 the said American shares, holder certificates representing the same aforesaid. In like manner, certificates as Notes & accts. Accts. directors (a) the sterling in the instead of at rate which is such $13,803,160 shall be converted into the year nor income interest from reserve of interest on the general mortgage bonds, coupons dated Nov. 1, 1937, should not be presented for payment, says Douglas G. Wagner, President. payment 1937 1936 1935 $85,219 for $78,812 $88,141 incl. exps., doubtful prov. accts 52,364 21,981 13,500 ltea! estabe'taxes... Interest Interest on on 1st mortgage gen.mtge.bd. Net loss for year 47,383 1934 $85,677 49,634 23,872 13,500 4,601 $4,676 $5,456 1937 bldg., equipment from tenants (net) 1,216 Deferred charges.. 1,252 12,172 10,154 x 518 48 807 463 and Capital stock 202 shs. no 373 x 308 52,555 3,184 $17,884,817; transferred from special Dr457 Pennsylvania Gas & Electric Co. (& Subs.)—Earnings 12 Months Ended Sept. 30—■Gross earnings... Operating expenses General taxes. Federal surtax 1937—3 Mos —1936 on undistributed earnings $3,495,167 3,701,870 $81,609 $24,244 $206,702 $13,209 b6,177 cl8,996 c63,844 , prof$99,063 91,324 (incl. divs. Ih, from allied co's.) f Gross loss . _ Divs. accrued on $75,432 19,369 paid per annum General From Jan. 1— Gross from railway Net from railway Net after rents —V. 145, p. 2238. defl52,552 5,187,523 586,092 def1188,265 1936 $641,944 139,371 def93,005 — expenses taxes Federal and State income taxes (incl. prov. for sur¬ tax of $14,160 on 1936 undistributed profits).— been declared and 1937 $5,387,286 92,416 $5,157,257 160,359 $5,479,702 3,659,538 226,531 $5,317,616 3,452,995 192,042 1936 248,560 248,347 Net earnings $1,345,073 Interest and other charges of sub. cos. (incl. divs. on pref. stocks and minority common stock¬ holders' int. in net income of sub. co.) $1,424,231 654,524 289,862 703,153 307,895 $400,686 210,000 Net income.. Divs. accrued on Balance x Operating to pref. stock of Pa. Gas & El. Corp. $413,183 210,000 $190,686 $203,183 $243,334 in 1937 and $455,714 in 1936 with delivered during the period under gas sales contracts, for revenues include gas Note—No provision has been made for Federal surtax on undistributed profits for the period Jan. 1, 1937 to Sept. 30, 1937.—V. 145, p. 1111. Pennsylvania Power & Light Co.—Earnings— Period End. Sept. 30— Net oper. revenues— Rent for lease of plant. 1935 1937—Month—1936 1937—12 Mos.—1936 $3,153,458 $3,018,158 $38,427,247 $36,048,507 1,811,040 1,774,770 21,756,255 20,137,785 210,000 160,000 2,515,000 1,894,000 $1,132,418 $1,083,388 $14,155,992 $14,016,722 1,711 5,198 21,151 $1,132,418 14,215 $1,081,677 $14,150,794 $13,995,571 17,986 223,123 247,909 $1,146,633 453,750 $1,099,663 $14,373,917 _ Operating income Other income (net) prof$7,739 Gross income -Earnings— $486,845 18,306 def 174,710 revenues Oper. exps., incl. taxes.. Prop.retire. res.approps. on 1937 and two dividends have Operating revenues Non-operating revenues (net) on $61 >,866 67,146 $71,277 105,000 Pennsylvania Gas & Electric Corp. (& Subs.)—Earns. Int. _ $65,099 105,000 pref. stock of Pa. Gas & El. Co.. 12 Months Ended Sept. 30— Int. September— 14,450 282,627 paid at the rate of 3% per annum. (2) No provision has been made for Federal surtax on undistributed profits for the period Jan. 1, 1937 to Septl 30, 1937.—V. 145, p. 2086. 82,536 Gross from railway 13,204 264,022 Balance, deficit. $39,901 $33,723 Notes—(1) Reflects deduction for full pref. stock dividend requirements 7% per annum. Dividends were paid in full to Jan. 1, 1936. For the 12 months period to Jan. 1, 1937, dividends were paid at the rate of 5% per annum, since which date one dividend has been declared and included above. 2 I $8,146 c Dividends received from allied companies in excess of the corporation's share in earnings of said companies during the period, were—$2,162 for 3 months ended Sept. 30, 1936, $148 for 9 months ended Sept. 30, 1937 and $6,883 for 9 months ended Sept. 30, 1936.—V. 145, p. 775. Net from railway Net after rents $368,355 at the rate of Operating Pennsylvania Reading Seashore Lines 7,320 $342,325 Net income cll2,273 $5,248 $142,858 a^Churges to income.. 24,564 86,786 lb fat Net loss (before Fed. F income taxes) $94,800 $29,812 $229,643 a]Includes depletion & depreciation 18,634 20,890 82,845 b Undistributed earns. of allied companies for the period, not inc. 850 7,376 Net earnings Interest and other charges of sub. cos. (incl. divs. on preferred stocks held by public) Interest and other charges or Pa. Gas & Elec. Co.. $3,325,639 3,338,849 Loss 1936 $1,128,122 714,173 38,273 Federal and State income taxes.. 1937—12 Mos.—1936 $820,872 845,116 Misc. 1937 $1,123,178 716,958 5-5,667 - which payments were made in advance in prior years. Corp.—Earnings— $799,003 880,612 Oper. exps. and taxes... at predecessor companies, included appraisals of June 30, 1926, of $8,837,010. a Includes surtax on un¬ profits, b Represented by 121,200 no par shares.—V. 145, p. 775. def 1,891 from Allied Companies Operated by virtue of Clearfield Bituminous Coal Corp. Lease] Period End. Sept. 30— Gross earnings. as date, 1, 1937, $562,298, distributed respect r reserve since Jan. Interest and other charges of Pa. Gas & EL Corp.. (9,- par). Treas. stock & Coke 12,965,754 23,028,145 After depreciation and deple¬ and special reserve created out of capital surplus for elimination of appre¬ ciation over original cost of properties to $1,188,009 Pennsylvania Coal y in $1,191,040 Total $1,188,009 $1,191,040 165 shares in 1937 and 80 shares in 1936.—V. 145, p. 1912. [Including Income Total shares, 52,555 Dr942 __ Surplus x Total no par 2,812 ... deposit 12,965,754 23,028,145» Represented by 400,000 Operating 1936 2,812 rent 6,260 36,953 (cash).. x $225,000 912,200 Accrued taxes. Accrued expeases. tenant 35,000 43,256 168,771 232,150 1,279,433 1,085,613 tion of $17,289,912. z After reserve for depletion and depreciation June 30, 1926, together with provisions out of earnings since that 13,500 $225,000 903,700 mortgage Prepaid Other reserves.... Surplus.. 35,000 172,626 al42,072 146,309 inc hands of Total 25,635 1937 Gen. mtge. bonds. Accrued int. on 1st j 15,481 Total gross earnings Liabilities— 1st mtge. 6s, 1937. $1,154,770 $1,154,725 21,868 22,890 Cash Due 1936 and 238,131 Fed. taxes Deferred charges.. Condensed Balance Sheet Aug. 31 Asseis— Land, for 400*000 8.515,000 140,165 int. taxes, &C._.._.i Res. pledged in 400,000 7,763,000 160,629 51,998 $3,467 22,605 13,500 $2,606 Accr'd at the rate of 4% Earnings for Years Ended Aug. 31 Opcr. sec. $ pref. stk. b3,030,000 Common stock.. 1,274 trustee pounds Place-Dodge Corp.—No Interest— There being no income for 8. Assets accounts of the corporation at the even rate of $5 per pound the current rate of approximately $4.95, or at any other prior periods available for 11,014 cum. 12,120,000 Gold bonds...... Accounts payable. from for self-insur'ce. subject to fluctuation. At the meeting of Oct. 1, 1937, directors called a special meeting of the stockholders to be held at office of corporation, 20 Exchange Place, New York, on Nov. 24 for the purpose of considering and acting upon the pro¬ posed reduction of capital, amendment to the certificate of incorporation, and amendments to the by-laws of the corporation.—V. 145, p. 2556. Park 29,786 x 656,948 subsidiary, &c__ U. a that ree'le $7 1,373,719 investments 1936 $ 7% pref. stock... Inv. in <fc adv. to a' number of reduction decided 556,000 1, 603,657 officers. MLsc. Authority for and Purpose of Issue meeting held on Oct. 1, 1937, proposed and declared of the capital of the corporation from $30,373,340 to $13,803,160 by (i) retiring 1.38,351 shares of capital stock without par value in the treasury of the corporation and (ii) reducing rom $20 a share to $10 a share the amount of capital represented by the 1,380,316 shares of capital stock remaining outstanding at the retirement of the 138,351 shares in the treasury, the total amount of such reduction of capital to be credited to capital surplus on the books of the corporation; (b) an amend¬ ment to the certificate of incorporation whereby the authorized capital stock will be changed from 2,500,000 shares without par to 2,500,000 shares, par $10 each. In respect of the $13,803,160 capital which will represent the 1,380,316 shares of capital stock, par $10, to remain outstanding, the The directors, a* rec. Inventories representing American shares may be surrendered by the holder thereof to any American transfer agent of the corporation and certificates representing an equal number of foreign shares will, in due course, be issued to said holder by the transfer agent of the corporation in Santiago, Chile, against receipt by said transfer agent of notice from the Secretary of the corporation and against surrender to said transfer agent of the respective order issued by the said Secretary. The certificates for foreign shares without par value are now listed on the Santiago (Chile) Stock Exchange and the London Stock Exchange, and the new certificates representing foreign shares of the par value of $10 each will also be listed on such Exchanges. advisable 1937 Liabilities— bldgs., ma¬ chinery, &c. z7 739,353 yl7817,178 Cash 2 ,958,701 3,074,318 Upon the receipt by the Secretary of the corporation in New York of such notice and the surrender him by the holder of such order for the issuance of American shares, Secretary instructs the transfer agent of the corporation in New York to $ Land, the issue 1936 $ Assets— to to $593,793 489,549 ... Profit before provision for Federal taxes. value par $557,261 36,532 Total income Interest on funded debt issuance certificates 493,373 x781,948 233,063 45,214 „ New notice 1934 $600,246 110,96) def97,311 5,128,768 4,530,661 4,713,244 868,443 232,363 423,842 def863,613 def1,296,630 defl.347,394 S $6,121,419 2,816,053 1,194,507 Provision for depletion and depreciation Taxes, other than Federal income tax and surtax Provision for doubtful notes and accounts receivable Listing— stock, 1937 Earnings for 12 Months Ended Sept. 30, 1937 (Before Federal Income and Undistributed Profits Taxes) depreciation, <&c. loss$2,324,852 $42,791 $1,494,205 $3,562,918 Earns, per share on 15,000,000 shs. cap. stk_ Nil Nil 80.10 $0.23 The balance sheet as of Sept. 30, 1937, shows current assets of $26,613,714, incl. cash of $4,089,409, marketable securities of $3,497,164 and inventories of $15,137,068. Current liabilities were $11,003,277. On Sept. 30, 1936, cash and marketable securities combined were $13,681,163. —V. 145, p. 2238. Patino Oct. 30, Pennsylvania-Dixie Cement Corp. (&Subs.)—Earning mtge. bonds debentures Other int. & deductions. Int. chgd. to construct'n x Net income. Dividends 453,750 50,000 50.000 14,189 Cr3,949 17,636 $632,643 $578,554 GY277 5.445.000 600,000 213,645 Cr21,198 $14,243,480 5,455,666 600,000 209,532 Crl4,661 $8,136,470 3,846,544 $7,992,943 3,846,545 Balance $4,289,926 $4,146,398 x Applicable to pref. stocks for the period, whether paid or unpaid. Regular dividends on all classes of pref. stock were paid on July 1, 1937. After the payment of these divs. there were no accum ulated unpaid dividends at that date. Regular dividends on these stocks were declared for payment on Oct. 1, 1937. Note—No provision was made for Federal surtax for 1936, inasmuch as the company reported no net income for that year. —V. 145,p.2238. undistributed profits undistributed adjusted on No such provision has been made to date for 1937. Volume Financial 145 2861 Chronicle Pennsylvania RR. Regional System—Earnings—. WE DEAL IN Excludes Long Island RR. and B. & E. RR.] Period End. Sept. 30— 39,337,450 27,571,115 1937—9 Mos.—1936 $ $ 39,594,181 354,086,760 320,804,480 27,071.278 261,597,382 229,161,762 (Dr. bal.l. 11,766,335 3,214,600 373,425 517,780 612,035 12,522,903 2,717,709 173,874 598,381 399,948 92,489,378 24,177,500 3,399,665 4,532,738 2,694,564 91,642,718 20,438,797 1,462,588 3,910,856 5,241,515 renjts (Dr. bal.) 121,388 244,620 1,391,506 1,926,380 Net ry. oper. income. 6,927,107 8,388,371 56,293,405 58,662,582 1937—Month—1936 $ Railway oper. revenues. Railway oper. expenses. Net rev. from ry. oper. Railway taxes Unempl. insur. taxes... RR. retirement taxes.._ Equip, rents Jt. facil. Philadelphia Electric Co. Common Stock Pennsylvania Sugar Co. Common Stock Lehigh Valley Annuity 4)^s and 6s Buffalo & Susquehanna 1st 4s, 1963 Missouri Public Service 1st 5s, 1960 $ YARN ALL & CO. A. T. & T. 1528 Walnut Teletype—Phila. 22 Philadelphia St. Earnings of Company Only Period End. Sept. 30— Railway Railway oper. oper. 1937—Month—1936 1937—9 Mos.—1936 revenues.$39,247,924 $39,496,378 $353343,229 $320019,854 expenses. 27,476,785 26,985,161 260,778,317 228,342,101 Net rev. from ry. oper.$11,771,139 $12,511,217 $92,564,912 $91,677,753 Railway taxes. 3,201,142 2,704,871 24,094,483 20,359,135 Unemploy, insur. taxes. 373,165 173,738 3,396,477 1,461,331 x RR. retirement taxes. 516,663 597,142 4,522,561 3,902.398 Equip, rents (Dr.) bal.. 609,564 397,923 2,680,579 5,229,080 Jointfac. rents (Dr.) bal. 121,711 244,922 1,394,411 1,929,104 Net ry. oper. income. x 1, $3,902,398 in the nine New Director— C. Jared Ingersoll was elected a director of this railroad to late Edgar C. Felton.—V. 145, p. 2086. 1937—3 Mos.—x1936 Divs. Provision for depreciation General taxes $7,060,862 $30,361,932 $30,317,822 2,131,079 7,793,370 8,434,652 $4,929,783 $22,568,561 $21,883,169 598.322 2,374,040 2,393,290 $4,473,416 $4,331,460 $20,194,521 Restated and adjusted for comparative purposes, and replacement reserve and y —V. 145, all taxes. provision for profits which may be applicable to the year 1937. an extra a 715,275 39,090 $30,740 on 1 Consolidated Balance Sheet Sept. 30 [Exclusive of Willamette Valley Ry. Co., Now in Process of Reorganization] Pref. stock a Invests. In 84,680,920 5,823,031 176,785 176,800 Earned deficit.. & 123,039 surl63,600 Capital surplus. 1,729,517 2,710,422 (par SI) 53,736 2.1,509 2,694,885 2,422,250 98,353 7,515 Power Co.. 3.197.682 540,649 Deferred liabils. Funded debt: Portland Elec. special depos. 4,305,268 468,690 Notes receivable 14,809 44,702 1935. Accts. receivable oper. accts. & def'd charges. exps., sold, taxes & 20,825.788 18,902,359 59.054,978 53,329,167 operating profit..$11,540,019 Res.—Deplet., deprec. & retirements 4,405,381 ... Net profit $7,134,639 Avge. shares outstanding 4,449,052 Earnings per share $1.60 $9,369,842 $32,268,247 $24,356,102 3,871,239 823,559 256,520 (consumers).. provide for possible Federal surtax undistributed profits. Frank Phillips, President, and K. S. Adams, The recent drastic decline in the market price Treasurer state: of all securities is bewilder¬ ing and was unjustified in the case of our stock. The actual value of our shares has been substantially increased by recent discoveries of additional reserves, favorable earnings and increased volume of business. Many other factors have improved the position and stability of the company which is in excellent condition. The statistical position of this industry is sound and usually is less affected in times of general depression or prosperity than any other industry.—V. 145, p. 2239. 1937 $2,080,194 533,013 Net from railway._____ Net after rents From oan. 576,050 18,654,935 3,993,594 3,988,212 Net after rents...__... 1934 $1,189,446 99,404 1936 $2,118,552 605,205 605,037 1935 $1,518,763 282,433 324,992 receiv. 12,314,915 2,483,512 2,885,396 11,787,181 2,084,320 3,917,996 2,607,398 Pittsburgh & Shawmut RR.—Earnings— 1934 1937 $62,941 2,412 defl2,99) def8,458 376,512 def29,194 441,300 9,317 477,048 44,844 25,043 Net after rents 1935 $23,115 1,540 479,344 def 1,859 Net from railway. 1936 $43,670 8,879 8,156 September— railway notes 94,132 Net from railway Net after rents defl8,8l0 33,686 116,181 1,087,622 249,264 5,270,100 275,132 4,293.819 CV323.236 850,446 101,514,277 101,189,059 credits Reserves.. —V. Willamette 789,452 144, p. Valley Ry., Portland Gas & Coke 1937—12 Mos.—1936 $3,387,289 2,376,252 268,750 $3,258,938 $742,287 Dr4,484 $581,297 Dr4,609 $576,688 487,250 50,924 $95,541 Dr425 Dr448 $74,605 40,604 4,249 $95,093 40,604 4,462 $737,803 487,250 49,121 $29,752 mortgage bonds- Other int. & deductions. $50,027 $201,559 ... $38,514 Div. app. to pref. stks for the period, whether 430,167 430,167 $228,608 paid or unpaid Balance, deficit $391,653 accumulated and unpaid to Sept. 30, 1937, amounted to Latest dividends, amounting to $1.25a share on 7% preferred 6% preferred stock, were paid on Feb. 1, 1937. Dividends on these stocks are cumulative. Note: No provision was made for Federal surtax on undistributed profits for 1936, inasmuch as the company reported no undistributed adjusted net income for that year. No such provision has been made to date for 1937. —V. 145, p. 2240. x Dividends $1,662,058.. Public Service Co. of Northern Illinois—To The directors have declared a to holders 1937 $77,199 6,541 def5,796 after rents... 1935 1934 12,550 $56,324 def2,644 def7,688 $60,566 def-4,070 defll,183 766,510 101,067 25,055 707,285 64,000 def3,921 679,203 9,526 1936 $97,564 22,833 of record Nov. 10. special dividend of 80 cents per share on par -Comparative Balance Sheet— Prudential Investors, Inc. Sept. 30,'37 June 30,'37 Sept. 30.'37 June 30/37 758,962 80,251 def26,313 Net from railway...... Net after rents —V. 145, p. 2210. Liabilities— Assets— a def58,503 ' Invest. Govt, V. Pref. 8. stock 8 div. payable. 600,406 bonds... ... Pittsburgh & West Virginia Ry.—Earnings— 1937 1936 1935 $350,923 64,978 Net after rents $340,366 86,270 $273,384 99,313 82,698 Net from railway 102,438 108,744 1— 368.576 b Res. for taxes 382,093 434,213 c stocks 46,741 60,477 _ . Net after rents 3,261,087 833,794 934.383 2,822,657 9'J5,946 971,611 2,152,550 663,249 707,820 2,106,878 603,591 666,657 145, p. 2240. Poor & Co.—Accumulated Dividend— The directors have declared a dividend of $1.50 per share on the $1.50 cum. and part, no-par class A stock, payable Dec. 1 to holders of record Nov. 15. Dividends of $1 were paid on Sept. 1 and on June 1, last a dividend of 50 cents was paid on March 1, last, and one of $1 was paid on Dec. 24, 1936. this latter being the first dividend paid on the class A stock since Dec. 1, 1931, when a quarterly dividend of 37K cents per share was paid.—V. 145, p. 1433. — 8,882,844 9,279,048 mand deposits), 0. 8. Treas. bills 997,833 and notes 901,110 24S.635 6.000,000 Operating surplus. 464,328 Capital surplus 4,943,922 69,444 281,225 6,000,000 443.709 901,110 Cash in banks (de¬ a Capital stock 68,079 382,555 Common 1934 $210,890 „ Gross from railway Net from railway. 347,635 Preferred stocks Bonds September— Gross from railway.____ value) payable Dec. 1 Regular dividends of 75 cents per share were paid on Oct. 15, last, and in each of the three preceding quarters; a special dividend of $1 was paid on Dec. 17, 1936; dividends of 5) cents were paid since Nov. 1, 1933 when 50 cents per share was also paid.—V. 145, p. 2240. 1— Gross from railway..... Pay Special Common Dividend— the two classes of common stock (par $6 ) and no September— —V. 2,427,641 250,000 Crl27 Net income x jobbing. Co.—Earnings $75,030 (net) Gross income on and b Merchandise 1937—Month—1936 $284,539 $304,493 186,592 188,119 22,917 20,833 Net operating rev Other income Int. Total net. 4020. Period End. Sept. 30— Operating revenues Oper. exp. (incl. taxes)-._ Prop, retire, res. approp. 1,120 2240. Gross from railway.... Net from railway Br From Jan. 999,105 Cr363,762 101,514,277 101,189,059 From a 84,036 $45,371 def2,075 Pittsburgh Shawmut & Northern RR.—Earnings— . 3,644,109 Accrued taxes.. & accts, Total From Jan. 1—'/■" Gross from railway From Jan 828,205 530,730 stock and $1.07 a share on Gross from Net Accrued interest 3,332 325,074 2,699,973 Deferred Mat'ls & suppl. 166,519 15,761,358 3,708,433 145, p. 2556. —V. 145, p. 42,276 442,425 1— Gross from railway..... Net from railway. —V. 540,065 payable. Notes payable.. Int. charged to constru.. Pittsburgh & Lake Erie RR.—Earnings— September— Gross from railway 2,598.380 pur¬ Res. for uncollec. 11,521,196 $5,498,60'3 $19,813,719 $12,834,905 4,191,258 4,449,052 4,165,643 $1.31 $4.45 $3.08 Sufficient accruals have been made to on 12,454,528 equip, chase oblig 1,210,342 Accts. receivable receivable Net & Accts. (mlscell.) interest 15,952,000 52,929,000 Loan, real estate Unamortlz. debt products 15,895,000 Subsidiary cos 51,863,714 2,712,725 4,537,326 of 18,020,144 18,025,987 stock Common Prepd. b Accts. $ $ Liabilities— property, 83,162,880 rights, &c Non oper. prop, 5,810,485 1936 1937 1936 $ Assets— Plant, dlsct. &exp._ Cash Cost sur$53,328 undistributed profits. of 50 cents per share on the common stock, no par value, payable Dec. 1 to holders of record Nov. 5. Simiiar payments were made on Sept. 1 and on June 1 last. A dividend of 50 cents was paid on March 1 last; $1 on Dec. 1, 1936, and extra dividends of 25 cents per share in addition to regular quarterly dividends of 25 cents per share were paid on Sept. 1, June 1 and Feb. 29, 1936, and on Nov. 30, 1937—9 Mos.—1936 $91,323,225 $77,685,269 717.840 41,339 Before income deductions of Portland Electric Power Co. Sink. fd. & other in addition to the regular quarterly dividend 168,992 $812,507 Note—The figures shown are exclusive of any provision for normal Federal income tax (excepet for minor subsidiary companies) and for surtax dividend of 25 cents per share Period Ended Sept. 30— 1937—3 Mos.—1936 Gross income. $32,365,808 $28,272,200 1,894,281 284,780 Net deficit-C Mis cell, assets.. Oct. 22 declared on 1.864,424 1,673 collateral trust income bonds of 6% on receivables Phillips Petroleum Co.—Declares Extra Dividend— The directors $2,875,780 Sundry income deductions 2703. p. $2,874,107 Income deductions of subs.: Int. on funded debt of co. (incl. interest on collateral notes) Sundry income deductions $19,489,879 Including renewals Note—Above summarized statement does not include any surtaxes on undistributed 1,217,091 $2,865,088 7,740 $2,872,829 1937 x 1936 $8,930,756 3,232,879 840,458 766,221 1,361,776 Portland Electric Power Co... $5,063,489 590,072 Balance.. 954,792 , Other miscellaneous income (net) Interest xl937—12 Mos.—xl936 $6,799,665 1,736,176 pref. stock.... on 1,004,747 Maintenance Operating revenue (incl. nonoperating) $16,542,137 $15,905,338 $70,186,792 $66,890,715 y Operating expenses... 9,742,471 8,844,476 39,824,860 36,572,893 Net income 3,621,299 $723,625 succeed the Philadelphia Electric Co. System—Earnings— Net earnings Income deductions 1937 $9,807,704 Operation of 3Yi% of payroll, effective 1936.— Period End. Sept. 30—■ (& Subs.)—Earnings— 9 Months Ended Sept. 30— Gross operating revenues $8,392,621 $56,476,401 $58,796,705 $6,948,894 Amount of $597,142 included in Sept., 1936 and months period of that year, on basis of charge March Portland Electric Power Co. [Exclusive of Willamette Valley Ry. Co., Now in Process of Reorganization] Accounts, receiv.. Due for sec. sold.. Accrued int. rec._ Furniture & fixt.. Total 4,250 204,431 4,767 1 5.204,899 2,700 22,784 7,883 1 11,724,964 11,999,277 Total... 11,724,964 11,999,277 the investments and U. S. treasury bills 1937 was $9,960,347, as of June 30, 1937, $12,313.503 taxable cost as of Sept. 30, 1937 was $10,459,575; as of June 30, 1937, $11,438,653. The estimated Federal normal income tax applicable to the unrealized appreciation of the investments and U. S. treasury bills and notes amounted to $131,227 at June 30, 1937. No computation nas been made of Federal surtax on undistributed profits or Federal excess profits tax with respect to such unrealized appreciation, b No reserve has a Aggregate market value of and notes as of Sept. 30, 2862 Financial Chronicle been provided with respect to passible Federal surtax on^undistributed profits, c Represented by 45,386 shares of $6 cum. pref. stock at Sept. 30, 1937 (46,296 shs. at June 30, 1937) and 500,000 shares of common stock, all of no par value.—V. 145, p. 2704. i Portland General Electric Co. 9 Months Ended Rayonier, Sept, 30— $3,087,407 3,233 Provision for depreciation General taxes $3,090,640 1,864,424 166,353 Pulp Pro- Consolidation of the three companies brings together an aggregate market of capital stocks, based on recent quotations, of approximately $50,000,000. The new company will have 626,205 shares of $2 convertible preferred stock and 963,872 shares of common stock, all of which is ex¬ changeable for the stocks of the predecessor companies. Application will $2,821,779 $2,820,911 1,894,281 152,112 — Three Organization of Rayonier Inc. to consolidate Rainier Pulp & Paper Co., Grays Harbor Pulp & Paper Co. and Olympic Forest Products Co. was by the stockholders at special meetings held in San Francisco Thursday. $6,527,405 Maintenance Consolidate approved 1936 1937 _ $7,221,818 2,002,901 367,228 628,654 1,135,628 ..... -Formed to Inc.- 30, ducers— (& Subs.)—Earnings— Gross operating revenues... Operation Oct. value 1,741,193 300,124 617,192 1,047,117 be Net earnings from operations Other miscellaneous incon e—(Net) Total net earnings before income deductions Int. on funded debt (incl. int. on coll. notes)...... Sundry income deductions.. — ..... ... — Net income.. . $1,059,863 .... made in due course to list both classes of stocks on the New York and Francisco Stock Exchanges. Directors of the new company have been selected from the boards of the predecessor companies. E. M. Mills will be President and J. D. Zellerbach will be executive Vice-President and these officers, together with Charles R. Blyth, will constitute the executive committee. The purpose of the consolidation, it is understood, is to facilitate expan¬ sion plans necessary to meet the projected demand for rayon and cello¬ phane pulps. Included in the expansion plans is a mill now under con¬ San Dr868 $774,517 struction at Fernandina, Fla., representing an investment of approxi¬ mately $6,000,000 and designed to have an annual output of approxi¬ mately 65,000 tons of rayon pulp. Rayonier Inc. has assumed the sales contracts of the predecessor com- Note—The figures shown are exclusive of any provision for normal Federal income tax (except for minor undistributed profits.—V. 145, subsidiary companies) p. 1912. Potomac Electric Power depreciation 1936 $5,245,769 102,578 In addition to pulp for rayon purposes, Rayonier Inc. will produce paper pulp for sale under contract to S. D. Warren Co., Boston, and will continue $5,072,372 416,329 8,784 228,599 49,116 Crl8,339 the one funded debt Amortization of debt discount and premium (net). a Interest on note and advances 27,813 46,627 Other interest charges Interest during construction— 025,981 Net income $4,823,838 Washington Ry. & Electric Co.—parent company. a the larger customers in the United States are E. 1. duPont de Nemours & Co., American Viscose Corp., Sylvania Industrial Corp. and North Ameri¬ can Rayon Corp. $4,955,988 116,383 $5,348,347 487,500 Crll,451 revenue on Note—The the whereunder sale of pulp for rayon production are made to Sanies United States, Japan, England, France, Belgium and Italy.customers Among \ 1937 $14,581,830 $13,861,621 9,336,061 8,905,633 Gross income Interest on . Net operating revenue.. Non-operating surtax ' 12 Months Ended Sept. 30— expenses, taxes and for Co.—Earnings— Total operating revenue Operating and provision for Federal surtax on income Reading Co.—Earnings— Period End. Sept. 30— 1937—Month—1936 $4,438,521 $4,745,063 3,320,252 3,213,640 $45,082,015 $43,164,410 31,169,868 29,745,478 from ry. oper. accruals— $1,118,269 227,020 $13,912,147 $13,418,932 3,597,884 3,727,965 Railway oper. incomeEquipment rents (net)._ Joint facility rents (net)_ $891,249 Net ry. oper. income. $960,625 Totalry.oper. Net fjrovision for the for themonths ended Sept. 30, 1936, is included 952. in the statement nine 12 months ended Sept. 30,1936.—V. 145, p. rev. Railway of $34,111 for the 12 months ended Sept. 30, 1937, represents the provision made in the last quarter of 1936 for the year 1936. No provision has been made for the surtax for the nine months ended Sept. 30, 1937, and no Hammermill Paper Co. and production of sulphite printing writing papers.—V. 145, p. 2241. Total ry. oper. revenues. $4,387,881 undistributed arrangement previously existing between of the predecessor companies for the and expenses. tax 1937—9 Mos.—1936 $1,531,423 483,233 $1,048,190 $10,314,263 82,115 448,864 Dr5,278 18,272 64,739 4,637 $9,690,967 381,768 Dr39,404 ncome Pure Oil Co.—Payment for Stock Received—Offering by Underwriters Deferred—The company announced that pay¬ ment received was office of Edward Oct. B. 22 Smith from & the Co. in underwriters New York for the $43,439,400 of 5% cum. conv. pref. stock not subscribed for by the stockholders, and that the stock was delivered to the participating underwriters. As previously announced, due to unsettled market conditions, no public offering of such shares is contemplated by the underwriters at this time. The company deposited part of the proceeds to be applied to the retire¬ ment on Oct. 125 of existing bank loans, whereupon the company will have no funded debt or bank loan outstanding. Part of the proceeds has also been deposited for the purpose of redeeming on Jan. 1, 1938, the company's outstanding $7,662,000 8% preferred stock. Following these transactions, the company's capitalization will consist of 442,434 shares of 5% cum. conv. pref. stock (par $100), 282,997 shares of 6% and 5)4% cum. pref. (par $100), and 3,982,031 shares of common stock.. ",.. It was announced that earnings for the nine months ended Sept. 30, 1937, were in excess of $9,000,000 after all charges, as compared with $4,800,000 for the corresponding months of 1936. Giving effect to the elimination of all interest Reliance Steel funded debt and all bank loans, which have been paid a portion of the proceeds of the sale of its 5% cum. pref. shares by the company, and to the retirement of the 8% pref. shares, these earnings of approximately $9,000,000 would be' equivalent to $1.77 per share on 3,982,031 common shares now outstanding. This compared with 94 cents per common share which was earned on the basis on by the application of Net profit after bonuses, and before surtax Earnings 1936, on existing capitalization, during the nine months ended Sept. 30, the 3,257,610 common shares outstanding on that date. Resumes Common Dividend— Directors at share on the meeting held Oct. 23 declared a dividend of 25 cents per 10. since p. a company's common stock, payable Dec. 1 to holders of record This will be the first dividend to be paid on the common stock Sept. 1, 193u when 37lA cents per share was distributed.—V. Nov. Market Cold Accumulated Dividend— Storage & Warehouse Co.— The directors have declared a dividend of 75 cents per share on account on the 5% cumulative preferred stock, par $100, payable Nov. 1 to holders of record Oct. 21. A similar payment was made on Aug. 2, and May 1, last and compares with $5.45 paid on March 26 last; $2.75 paid on Feb. 1 last, and dividends of 75 cents per share were paid in each of the 12 preceding quarters. In addition, a special dividend of $1.25 per share was paid on May 1, 1934. A distribution of 25 cents was made on Feb. 1, 1933, and 50 cents per share was distributed in the three preceding quarters, prior to which regular quarterly dividends of $1.25 per share were paid. Effective with the current payment, accruals will amount to $6.30 per Radio p. 2240. Corp. of America—Exchange Time Extended— Corporation has advised the New York Stock Exchange that the time within which B preferred stock may be exchanged for $3.5'J cumulative convertible first preferred stock and common stock of the corporation has been extended to Nov. 3u, 1937.—V. 145, p. 2403. Railway Equipment & Realty Co., Ltd.—Earnings- Period End. Sept. 30— 1937—3 Mos —1936 Gross (incl. non-op. inc.) $1,496,064 x$l,561,043 84,590 43,543 $5,950,880 4,865,630 317,429 336,485 228,659 $5,990,134 4,800,791 138,164 328,027 142,883 $84,241 Operating expenses Taxes, licenses & percent Depreciation Int. & misc. deductions. Net income Profit & loss charges credits (net) 1937—12 Mos.—1936 $150,197 $202,676 $580,267 Drl53 xCr67,415 Cr39,481 1,210,994 71,716 & Netx in $84,088 $217,613 $242,157 $603,684 $17,441 included in gross, and the major portion of profit & loss credits quarter are of an unusual as well as non-recurring nature arising of prior periods. this out Consolidated Balance 1937 $ 26,736,335 26,728,692 1.297,920 1,127,433 Cash Receivables Materials & sup... Deferred charges.. Sept. 30 1936 $ iwcis— Capital assets Sheet 108,461 256,100 916,856 1937 Liabilities— S Long-term debt.. Accrued interest Dividend payable Deferred credits _ 29,315,673 28,665,938 3.750,301 334,142 . Total 29,315,673 28,665,938 —V. 145, p. 776. Rainier See Pulp & Paper Co.—Merger Approved- Rayonier, Inc. below.—V. 145, 13,454 95,812 287,849 3,812,456 59,844 342,053 Reserves 3,646,200 Capital & surplus .19,579,668 20,519,942 . . Total $ 5,148,945 368,443 22,499 . Accounts & wages 184,342 263,207 362,262 1936 p. 2241. accrued stock.. liabilities p. $144,944 $0.55 $0.28 current assets of approximately of $598,829, leaving net 2088. 1937—3 Mos.—1936 1937—9 Mos.—1936 $8,345,258 CV12.947 Interest Depreciation & depletion x Federal income tax T-C Furnace pfd. divs.. Net profit. $8,082,883 Dr12,835 $8,358,205 1,164,486 2,756,563 1,200,000 Profit $8,070,048 $24,536,163 1,040,707 3,623,988 2,599,580 8,020,705 1,118.206 3,600,000 $24,578,816 Dr42,653 $19,393,970 Ct-49,121 $19,443,091 3,656,323 7,504,673 1.891,000 57,446 $3,237,156 5,832,028 13,311,555 $9,291,470 $6,333,649 Shares of com stock 4,046,767 5,832,028 4,046,767 Earns, per share on com. $0.45 $0.66 $1.28 $1.10 x Includes surtax on undistributed profits.—V. 145, p. 1914. Richmond Fredericksburg & Potomac RR.— Earnings September— 1937 Gross from railway Net from railway 1935 1934 Net from railway. $563,544 136,913 77,195 $440,927 42,439 321 $390,444 10,729 defl4,557 6,585,610 1,759,880 859,453 Net after rents —V. 1936 $604,231 86,695 42,212 Net after rents From Jan. 1— Gross from railway 5,558,127 1,237,323 503,713 4,920,563 837,329 281,525 4,685,390 918,306 351,788 145, p. 2242. Roan Antelope Copper Mines, Ltd.—Dividend— The directors have declared a dividend of $1.85 per share on the American shares payable Nov. 5 to holders of record Nov. 1. A dividend of $1.11 was paid on June /.—V. 145, p. 27u4. Roanoke Gas Light Co.—Earnings— Year Ended Sept. 30— 1937 revenues . Maintenance Uncollectible ... accounts Taxes 1936 $441,548 199,184 31,655 2,226 41,000 $437,238 $167,482 Operating Operation $127,035 Non-operating income. $131,109 79,585 22,810 3,222 2,461 on debt interest Net income on common provision 466 $127,501 34,816 $92,685 79,585 22,110 1,501 2,787 $23,031 Federal and State taxes Note—No 33,358 2,148 37,876 $167,977 36,868 Interest on funded debt Interest on indebtedness to parent company. Other interest Dividends 236,821 495 Provision for retirements. Cr23,417 1,184,335 81,530 75,886 70,071 and but $80,329 com. Sept. 30 showed $1,948,541.—V. 145, Period End. Sept. 30— Operating profit Adjustment for min. int of accumulations share.—V. 145, of tax, Republic Steel Corp. (& Subs.)—Earnings— ; . Quincy 240,000 shares as current current assets of 145, 2241. Sept. 30 '37 June 30 '37, for Fed. income undistributed profits per share on $2,547,370 and $10,033,331 deprec., allowance for employee pro v. on The balance sheet conv. of the then $10,781,399 Corp.- -Earnings— 3 Months Ended— the at $1,125,027 —V. 145, p. 2241. loss$13,298 30,000 stock required for Federal surtax on undistributed profits for the year ended Dec. 31, 1936. Federal surtax on undistributed profits for the calendar year 1937, if any, is undeterminable at Sept. 30, 1937, and no provision therefor has been made.—V. 145, p. 954. was Ruberoid Co. (& Subs.)—Earnings— [Except The Ruberoid Purchase Corp.] Period End. Sept. 30— Net sales... 1937—3 $4,762,230 Mos—1936 $4,677,012 less other income 4,431,187 4,278,976 12,818,399 Profit for period $331,043 $398,037 $805,470 x$2.02 $11,938 $20,429 $68,829 Cost of goods sold, exps., deprec., Fed. 1937—9 Mos.—1936 $13,623,870 $11,063,711 taxes, 10.455,850 $607,862 x$0.83 y$3.00 y$4.58 397,806 shares of capital stock outstanding, y Based on 132,602 shares of capital stock outstanding. Earnings of Ruberoid Purchase Corp. (Wholly Owned Subsidiary) Period End. Sept. 30— 1937—3 Mos.—1936 1937—9 Mos—1936 Gross earnings $68,782 $42,141 $172,511 $106,013 Expenses 56,845 21,712 103,682 59,498 Earnings x per share Based on Profit for period $46,515 Note—Directors have deemed it advisable to discontinue the business con¬ ducted by Ruberoid Purchase Corp., which is now in process of liquidation, and, by reason of this change, the earnings for the corresponding periods are not strictly comparable. No provision has been made for possible surtax on undistributed —V. 145, p. 2088. profits. Volume Financial 145 Seaboard Air Line Rutland RR.— -Earnings— $295,742 23,130 1,168 $299,184 38,233 24,494 $307,529 39,789 16,616 $284,373 2,699.783 2,550.354 173,811 55,414 2,412,771 51,014 def 116,846 2,482,666 248,699 50,003 .. Net after rents From Jan. 1— Gross from railway Net from railway ._ Net after rents —V. 145, p. 2705. Ry.—Earnings1937 1936 1935 1934 $2,973,255 $2,971,805 498,213 363,290 $2,504,658 248,704 69,856 $2,270,856 294,151 57,218 29,110 defl56,800 31,983,691 6,374,183 3,196,402 27,595,848 4,125,005 1,669,729 25,098,013 3,738,437 1,222,758 25,529,343 4,073,051 1,315,252 September— 1934 1935 1936 1937 September— Gross from railway Net from railway 2863 Chronicle 29,695 12,920 Gross from railway Net from railway Net after rents From Jan. I— 160,507 7,242 Gross from railway Net from railway Net after rents —V. Ryan Aeronautical Co.—Initial Dividend— 1937 Earnings for the Year Ended July 31, five cents per share, The directors have declared an initial dividend of payable Nov. 30 to holders of record Nov. 10.—V. 145, p.2243. Shakespeare Co.—Earnings$1,941,734 1,234,435 ;Net^:salesu. I.-.i 145, p.J2243.— Cost of sales___..___.;_. Corp.—Accumulated Dividend— SL Lawrence The dividend of $1 directors have declared a share on account of per 4% cumulative class A preferred stock, par $50, payable Nov. 15 to holders of record Nov. 1. This will be tihe first dividend paid on this issue since April 15, 1931 when 25 cents per share was dis¬ tributed.—V. 145, p. 1570. accumulations the on St. Louis Brownsville & 135,101 Gross from railway-.... Net from 1936 $369,286 39,662 railway Net after rents. From Jan. 1— 21,599 def42,892 6,066,495 2,320,228 4,010,280 887.685 442,544 419,226 operations income $321,696 ____ and excess profits 115,306 „ $206,390 __ ... _____ Consolidated Balance Sheet July 31. 1937 Liabilities— Assets— $75,107 Cash. 3,499,292 1,069,773 3,466,104 785,393 1,740,32 8 Net 4,593 v." -.-iv. Gross from railway Net profit on 1934 $283,409 34,065 1935 $245,556 defl8,060 1937 $507,309 $707,299 216,406 169,197 profit on sales Other expenses, incl. prov. for Federal income taxes (less other income).__ ...... Mexico Ry.—-Earnings—• 112,912 September— \ Gross Selling and advertising expenses and general expenses Administrative payable & accrued, sala¬ railway. 1st mtge. 6% bonds, Net after rents........ —V. 145, 2243. p. ; , due seri¬ 1945, ; Pay Off All Accumulations in St. Louis Car Co.—To Stock dividend of one share of common stock for each share of 7% cum. pref. stock, held payable Oct. 28. This dividend is in lieu of all arrears on the pref. stock up to and including Nov. 1.— have declared a The directors Creditors' debit balances Mdse. & supplies inventory... 601,046 231,908 570 401,218 Other assets Net from 33,915 Reserve for contingencies 437,602 Minority int. in capital stock & surplus of Shakespeare Prod. 27,940 accts. a Fixed assets Deterred charges 30— $396,416 294,808 33,250 26,466 $1,826,349 1,269,222 136,117 $82,984 1,074,642 V. 145, p. 2558. St. Louis-San Francisco _ 1936 1935 After reserve for depreciation of a $3,739,636 $3,508,917 672,425 467,201 524,065 254,993 34,800,889 6,139,330 3,579,909 29,631,940 3,189,670 30,494,938 5,461,052 2,831,441 741,650 447,702 Net after rents From Jan. 1— 37,743,601 Gross from railway.. Net from Net 6,760,976 4,724,666 railway after rents 973,776 Earnings of System. Period End. Sept. 1937—9 Mos.—1936 1937—Month—1936 $4,576,118 $39,430,117 $36,412,394 $4,395,778 3,594,102 32,427,215 30,400,122 3.653,446 628,520 x4,601,202 2,986,886 408,943 11,838 109,296 174,059 12,583 30— Total operating revenues Total operating expenses Net ry. operating income Other income.......... $421,527 5,682 $640,359 5,375 $4,710,499 48,325 $3,160,945 Deductions from income Bal. avail, for int., &c. $415,845 $634,983 $4,662,174 ^ ... 56,200 Includes credit of $720,100, effort to avoid excessive surtax on an time each the common and preference on Signode International, Ltd., represents a segregation of Signode Steel Strapping Co.'s interests in foreign subsidiaries effected about a year ago. distributed a special dividend of one share of Inter¬ of its own outstanding common stock holding a International when the payment was effected.—V. 145, At that time Signode national share each on minority interest in p. 2706. Statement of Co,—Earnings— int. on notes 1937—9 Mos ■—1936 12,036,677 $1,520 $705 $5,486 2,108 $58 61 6,718 5,116 stations, &c _ - _ _ Tank car mileage recs. Prof, on sale of storage oil _ 1937—9 Mos..—1936 1937—3 Mos .—1936 & receivable— Rentals of marketing accts. $1,522,504 $15,952,815 $13,921,304 1,016,533 Consolidated Income (Incl. Simms Co.) Period End. Sept. 30— Inc., Earnings— 1937—Month—1936 $1,811,867 1,400,556 holders of have the choice of taking either cash or shares of Signode International, Ltd. ; Those electing to take stock of the International concern will receive two sharas for each five shares of Signode Steel Strapping common held, which would place a valuation on the International shares of $1.56M each. _ Period End. Sept. 30— Ry. oper. revenues Ry. oper. expenses stocks payable Nov. 15 to Holders of common stock, however 1. Nov. record 2243. Ry. Lines undistributed profits and at the retain as much cash in the businass as possible, directors on Oct. 20 voted to give common stockholders the option to take stock in a former subsidiary in lieu of the regular cash dividend. The board declared the regular quarterly dividends of 62 3^ cents a share account adjustment of St. Louis Southwestern Dividend— Signode Steel Strapping Co .—Optional In same Simms Petroleum 1936 accruals under the Amended Pension Act, and debit of $970,906, for accruals under the Pension Act and Social Security Acts, for the period Jan. 1 to Sept. 30, 1937 as compared with $680,882 for same period in 1936.—V. 145, p. x Co.—Accum. Did.— paid a dividend of $4 per share on account of accumulations par $100, on Sept. 15 to holders of the 8% cumulative preferred stock, record Aug. 31.—V. 115, p. 621. $3,104,745 Total income $1,208,260 $410,322.-—V. 145, p. 1113. Signal Mountain Portland Cement on 1934 $4,381,359 977,015 677,269 Net from railway.__ 145,696 Total $1,208,260 Total Earnings— Ry. 1937 $4,246,882 September— Gross from railway. surplus 153.816 The company Net income 58 92,175 317,342 285,508 Paid in surplus..... 106.837 $309,709 $42,898 258,906 36,025 26,138 $1,418,279 111,301 $363,967 $41,891 & taxes.. Interest charges Depreciation & depletion expenses 30,000 Co Co.—Earnings— 1937—12 Mos.—1936 1937—3 Mos.—1936 188,500 inclusive Earned Rocky Mountain & Pacific Period End. Sept. Gross earnings Cost, ally on Mar. 1,1938 to 7% cum. pref. stock ($10 par). Common stock ($5 par) V. 142, p. 1134. St. Louis $148,981 ries, wages, txaes and int.. trade acceptances and receiv. (less reserve). Notes, Accts. _ 169 8,165 6.273 — 298 488 941 2,350 $356 4,796 $10,561 13,841 $1,706 $27,837 37,085 211 2,116 1,501 9,777 35 Miscellaneous income. 498 287 2,978 9.435,802 Total $505,971 $3,916,137 $4,485,501 100,405 696,311 833,412 Railway tax accruals $411,311 112,026 Ry. oper. income Other railway oper inc. $299,284 29,551 $405,565 27,661 $3,219,825 229,176 $3,652,089 $328,835 $433,227 $3,449,001 $3,873,129 149,043 130,899 1,814,230 1,619,290 $179,792 6,300 $302,328 6,001 $1,634,771 55,244 $186,092 273,273 $308,329 270,445 $1,697,897 2,443,351 $2,309,083 2,564,035 $87,180 sur$37,884 $745,454 $254,952 15,949 $2,253,839 63,126 Net rev. Total from ry ry. oper. oper . . _ inc Deducts, from ry. oper. income. ,2. __ 221,040 Administrative expenses (watchmen, insurance, &c.)___ Taxes (other than Fed. inc. & excess profits). Int. (on Fed. inc. tax Field exps. 721 327 liability) Co.'s portion of def. for the period of sub. not 83 78 $16,114 $22,803 consolidated Net ry. oper. income. Nonoperating income , Gross income Deducts, from gross inc. Net deficit— V. 145, p. _ 2243. San Antonio Public Operating General $1,852,837 revenue 927,278 123,707 expenses. oper. Maintenance 160,283 211,600 Pro v. for retirement Gen. & Fed. income tax. ,777,974 894,182 113,170 148,752 192,850 $8,025,632 4,293,289 461,359 645,755 808,650 7,621,480 3,928,585 445,079 587,932 743,950 obligations Amort, of bond discount Tax on bond interest a $220,905 ____ 7,401 $430,136 245,350 3,651 9,891 2,282 $1,823,555 981,400 16,195 22,152 9,781 5,000 $1,923,334 981,400 $170,092 $789,026 $168,961 $880,837 (1) No deduction made for surtax on unditributed profits. (2) Certain reclassifications have been made in the 1936 accounts to them consistent with 1937.—V. 145, p. 778. San Antonio Uvalde $104,090 6,902 def21,478 Gross froxn railway Net after rents From Jan. 1— ; ... Gross from railway Net from railway. Net after rents —V. 145, p. & Gulf RR. 1937 948,579 91,526 defl82,190 make Earnings— 1936 $97,610 18,576 def6,877 958,427 295,994 40,033 1935 1934 $78,342 $58,833 def19,102 def41,990 22,365 def2,239 655,465 def24,740 def244,065 823,878 261,307 41,566 stock since September, distributed.—V. 145, p. 778. the common 1931, when 25 cents per title & litigations, & excess profits taxes, &c cap. & 718,217 728,235 surplus 416,209 1,070,097 2,362,098 2,275,302 Undtstrib. 183 Unrealized prof, on sale of Simms Nil Oil Co. stock... at 3,782,304 prepd. ins., taxes, &c__ a in income Nil chgs., 331 1,781 $3,499,080 $4,107,726 Total... $3,499,080 $4,107,726 Less reserve. agreement of May 14, provided that $4,155,000 blhe stock, Oil Co. payable Co.) only if, as, 1935, relating to sale of Simms of the consideration therefor was by Tide Water Oil Co. (now Tide Water Associated Oil and when oil is produced. Instalments on this contingent payment due monthly in an amount equal to one-fourth of the value of the are net produced from tne Simms Oil Co. properties, except that for each of the first 36 months the instalments are one-fourth of such value oil and Toe Savage Arms Corp.—Larger Dividend— declared a dividend of 75 cents per share on the com¬ stock, no par value, payable Nov. 20 to holders of record Nov. 10. This compares with 50 cents paid on Aug. 30, last; 25 cents paid on May 28, last, and $1 paid on Dec. 15, 1936, this latter being the first distribution on oth. 5,208 gas less $6,250. 2243. The directors have made Def. Res. for conting. loss property, b Conting. assets. 3,271,624 Total mon share was c 99 consol., d Fixed 555 Other accr. taxes., sub. a 7,464 22,346 2,513 prior year...... Sobrantes Oil Corp.. not Notes: Net from railway 3,243 $1,766 1,998 Fed. inc. taxes for 7 3,456 1936 $3 . Accrued expenses. Instalments ma¬ of payable. 89,058 turing subseq.to Sept. 30, 1938.Invest, in cap. stk. Accounts charged to 1937 Liabilities— $224,300 Notes receivable— Due from a director cost September— """69 Accrued int. rec'le $1,915,933 6,977 14,255 39,567 7,275 during the 30 1,646 2,589 receivable Notes Accounts receiv'le. $1,816,578 Misc. reductions Net income. amounting to $19,(>54, which were 1936 1937 Assets— Cash $431,135 245,350 5,119 7,404 3,169 Total income Interest on bonds include the amounts received Consolidated Balance Sheet, Sept. $429,019 1,117 non-oper.rev.(net) Int. on other 1937—12 Mos.—1936— -1936 1,165 $429,969 Operating profit Misc. $ period— Notes—The foregoing does not $6,223 . period from Tide Water Associated Oil Co., representing payments aggre¬ gating $535,574 on account of principal of the amount receivable if, as, and when oil is produced, and $72,140 interest thereon, of which $39,476 was deposited in escrow. The above statement does not include net Josses during the period on proj>erty retirements, &c., the reserve for revaluation. Service Co. -Earnings 1937—3Mos.- Period End. Sept. 30— Def. for the $4,686 ... principal amount of this contingent , t payment remaining „ tJ unliquidated 3% is receivable Tide the escrow funds, is subject to reduction in the event that liability is established under the covenants of warranty in the agreement of May 14, 1935, or if certain other non-admitted contingent liabilities of Simms Oil Co. referred Sept. 30, 1937, was $2,866,780. In addition, interest at thereon. The amount to be received Dy Simms Petroleum Co. from Water Associated Oil Co. on tnls contingent payment, and also from on to tnerein are established. 2864 Financial By agreement made May 7, 1936, it Chronicle provided that Tide Water Oil Co. (now Tide Water Associated Oil Co.) might withhold from the last portion of the contingent payment a sum equal to approximately $67,000 plus interest if, at the time payment of such funds to Simms Petroleum Co. would otherwise accrue, the title to a certain oil property is still in controversy. on was Oct. 30. See list given on first of this department. page Southern Pine Chemical Co.—Initial Dividend— The directors have declared initial an dividend of 50 cents c At Sept. 33, 1937, certain litigation was pending against Simms Oil Co., involving possible liability of the nature referred to in note b. which, if unsuccessfully defended, would result in loss to Simms Petroleum Co. Included in such litigation is a suit brought by the trustee in bankruptcy of Virginia Oil & Refining Co. in which the trial court decreed a judgment on June 12, 1936. against Simms Oil Co., et al. On appeal, the United States Circuit Court of Appeals sustained this judgment in part and reversed it in part. Further appeal to the United States Supreme Court may be made. The liability of Simms Petroleum Co. under the decision of the Circuit Court would approximate $205,uOO. Another action, Second week October Third week October From Jan. 1 per payable Oct. 30 to holders of record Oct. 25.—V. 139, p. 1879. brought by the Southern of Texas for violation of the excess September— From Jan. 1— Gross from railway- included above for the right of Simms Petroleum receive from Tide Water Associated Oil Co. under the agreement of Co. Simms Oil Co. from May 1, 1935, to Dec. 31, 1939. Co. ceased operations in March, 1936, and was dissolved to Consol. — net income after undistributed profits tax Earnings share per on all — — deducts, _ _ except _ —■ _ Southwestern Discount on September— railway xl ,729,648 .. stock$3.46 cash holdings of $2,228,522. that date.—V. Sioux $7,477,727 Current on liabilities Sept. 30, 1937 amounted to included 12 1937 1936 $2,946,073 38,163 $2,984,236 1,054,104 141,441 300,469 378,878 $1,044,043 418,875 5,715 100,315 Cr. 1,862 reserve. $1,098,899 518,789 7,387 $530,821 Federal & State income taxes— Interest Interest funded debt unfunded debt Amortiz. of debt discount, premium & expense, etc Interest charged to construction on on — x Includes dividend on common stock — of $85,534. Note.—It is estimated Federal normal income that the Iowa Public 42,565 Or. 664 Service Co. of had no liability for either tax, Federal Surtax on Undistributed Profits or State Income tax for the calendar year 1936, on the basis of claiming for tax purposes certain deductions not shown in the foregoing statement of income representing principally premium paid on retirement of, and un¬ amortized discount and expense applicable to certain bond issues which were refunded during the year 1936. In the accounts and financial state¬ ments such premium, discount and expense is Deing amortized over the original lives of the refunded issues. Accurals for such taxes for the period »^n\,]Lto June 30, 1936 were reversed in July, 1936, the adjustment of $26,457 being included p. 1752. Operating 1937 revenues Non-operating $492,280 3,917 Provision for retirement Taxes. Interest on $484,968 263,174 77,302 46,325 46,721 Maintenance $480,528 79,798 (net).— 45,000 37,309 $57,125 58,098 2,714 $62,182 62,233 2,907 reserve funded debt —————— Amortization of bond discount and expense. Net deficit. Note—provision profits.—A. 145, p. 4,439 $3,687 has been made for Federal surtax on 1114. $2,958 undistributed Smith Agricultural Chemical Co.—Dividend Doubled— The directors have declared a dividend of $2 per share stock, no par value, payable Oct. 28 to the holders of record Oct. 18. dend of $1 was $2.50 Southern Pacific Co/—Earnings—September— railway Net on common A divi¬ paid on Aug. 2 last, and previously dividends of 12H cents distributed each three months. In addition an extra dividend of was paid on Nov. 16, 1935.—V. 145, p. 780. Gross from railway Net from after rents From Jan. 1— Gross from railway Net from railway Net after rents —V. 145, p. 2706. 1937 1936 1935 1934 $9,834,219 2,596,865 1,513,929 90,119,527 23,289,982 11,109,318 84,901,153 23,327,421 12,738.626 Southern Pacific SS. Lines—Earnings— September— Gross from railway Net from railway Net after rents 1937 1936 1935 $616,123 def36,794 $573,190 def6,358 def6,296 $393,217 def35,579 def46,746 $381,204 def71,311 def69,943 4,294,023 def91,181 defl32,065 3,527,269 def413,300 3,343,385 def570,119 def430,950 def571,926 def56.568 From Jan. 1— Gross from railway Net from railway 5,789,831 Net after rents def23,441 —V. 145, p. 2245. 186,909 1934 $1,537,962 None 2,415,907 768,032 263,923 p. Standard Period End. Sept. 30— Cost of sales.... 1937—3 Mos.—1936 1937—12 Mos.—1936 $30,279,777 $29,682,069 $123752,432 $111294,082 19,696,772 17,958,477 79,685,478 64,968,765 Gross profit— $10,583,006 Sell., admin. & gen. exps. 7,860,721 Net profit from opers. Other income credits $11,723,591 $44,066,954 $46,325,316 7,211,926 30,283,016 28,462,584 $2,722,285 133,749 Income charges Fed'l & foreign inc. taxes Surtax on undist. profits $4,511,664 135,704 $2,856,034 108,152 421,392 Gross income $4,647,369 $14,360,859 $18,355,439 194,869 542,730 709,463 682,169 2,199,767 2,720,692 69,767 5,690 5,861 23,195 ... Minority interest Net income Surplus charges— Preferred dividends.... Common dividends July 31 or $3,764,640 $11,542,734 $14,902,088 7,968 1,475,014 27,941 $2,400,212 53,338 412,500 2,529,622 Total Includes $13,783,938 $17,862,731 576,921 492,707 $2,326,490 73,722 Surplus credits.. per 780. Brands, Inc.—Earnings— Net sales $3,772,609 $13,017,748 $14,930,030 77,898 3,680,382 206,454 123,713 745,678 494,560 2,529.065 13,278,768 10,116,311 $595,247sur$1041,933 12,648,108 12,645,423 share $0.17 operations of $4,-687,080sur$4,112.703 12,648,108 $0.29 12,645,423 $0.87 certain foreign subsidiaries Aug. 31, 1936 and 1937.—V. 145, p. 1599. $1.14 for ended periods Standard Cap & Seal Corp.—-Extra Dividend— The directors have declared addition to the regular extra dividend of 20 cents per share in quarterly dividend of 40 cents per share on the $1, both payable Dec. 1 to holders or record Nov. 15. Similar payments were made on Sept. 1 and on June 1, last. See V. 144, p. 292, for detailed dividend record.—V. 145, p. 1116. common stock, an par Standard Gas & Electric Co.— Weekly Output— Electric output of the public utility operating companies in the Standard and Electric Co. system for the week ended Oct. 23, 1937, totaled 111,097,084 kilowatt-hours, an increase of 2.8% compared with the cor¬ responding week last year.—V. 145, p. 27u6. Gas Standard Oil Co. of New The directors Jersey—Extra Dividend— Oct. 26 declared an extra dividend of 75 cents per share regular semi-annual dividend of 50 cents per share on capital stock, par $25, both payable Dec. 15 to holders of record Nov. 15. Similar payments were made on June 15 last and on Dec. 15, 1936 An extra dividend of 25 cents per share was distributed on June 15, 1936, on Dec. 16, 1935, and on Nov. 1, 1934.—V. 145, p. 622. in addition to on a the Inc.—Earnings— 3 Months Ended Sept. 30— Net income after all charges, including provision for Federal income Earnings per share on 300,000 common 109,277,975 29,509,451 16,273,048 $4,985,826 — Standard Products Co., + $15,287,105 $14,081,183 $11,053,665 4,294,167 4,516,784 3,281,287 2,334,606 3,052,993 1,751.413 130,186,784 31,508,807 14,780,759 .. $2,692,441 2,253,445 673,358 30,703 Note—No provision has been made in this staten ent of earnings for the liability, if any, for excess profits taxes, or for surtax on undistributed net income imposed by the Federal Revenue Act of 1936.—V. 145, 1936 $496,197 266,228 revenues 1937—12 Mos —1936 $1,713,592 1,618,969 531,140 Net profits Earnings 12 Months Ended Sept. 30— 383,472 9,970 def42,989 loss$436,517 loss$265,065 — Deficit for the period. Shs. com. stk. outst'g. City Service Co.- -Earnings- 43,715 def8,857 9 Mos. 1937 Federal income taxes—estimated in 145, Sioux Expenses. Depreciation company the 1936 column above. Since Jan. 1 1937 normal provision for Federal and state income taxes has been made, but no provision for Federal surtax on undistributed profits has been made inasmuch as the amount, if any, of the latter applicable to this period is not determinable at the present time.—V. 431.816 143,216 65,638 (A. E.) Staley Mfg. Co. (& Subs.)—Earnings— 15,240 $520,999 Provision for retirement General taxes ; $2,928,362 1,100,517 123,266 259,645 330,795 65,300 Maintenance $2,804,050 xl24,312 $46,502 1,860 def 2,261 578,707 643,440 159,885 90,097 Period End. Sept. 30—■ Gross earnings City Gas & Electric Co.- -Earnings- Months Ended Sept. 30— Operating revenues Non-operating revenues (net) railway 1934 $57,986 11,551 2,159 16,837 7,017 —V. 145, p. 2245. $1,437,669 145, p. 2244. 1935 $71,572 Frg Jan. 1— Gross from on 1936 $88,463 Net from railway 35,584 Net after rents..23,610 Net from railway.. Net after rents of Corp .—Registers with SEC— 1937 Gross from Fed. deducting a reserve of $164,236 for the undistributed ^profits final liability for which cannot be determined until the close of the the company reports adjusted net income of $1,565,410, or $3.13 per share of common stock. assets $2,056,297 def$696,421 first page of this department. tax, current 1935 $13,522,609 $13,580,036 $10,827,318 12,388,739 11,523,739 11,523,739 $1,133,870 year, Consolidated 1936 provision is included in respect of the undistributed profits imposed by the Revenue Act of 1936, since the amount of such tax, if any, cannot be determined until the end of the year.—V. 145, p. 2407. After x Co.—Earnings— 1937 ..$64,392,295 $59,702,296 $55,421,007 49,316,337 44,455,831 42,357,217 1,553,349 1,666,429 2,236,472 Surplus .$8,281,085 — _ common 8,755,791 14,475,254 Note—No Simms Oil - 500,000 shares 58,379,747 9.098,345 1,601,734 Spokane International Ry.—Earnings— _ for prov, — 2,263.428 tax Co.-—Earnings— net sales. 60,285,577 14.735,683 Net income Earnings for 9 Months Ended Sept. 30, 1937 Consolidated 69,843,579 20,135,963 13,399,651 Dividends........ See list given Simonds Saw & Steel 75,281,358 21,350,906 12,690,904 Interest Aprd 15, 1936.— V. 145, p. 2559. 1934 $6,180,956 1,306,306 711,116 Expenses, including taxes a sum taxes of 1935 $7,265,907 Southwestern Bell Telephone May 14, equal to the amount by which $200,000 exceeds the aggregate Federal income, capital stock, and excess profits and corporate franchise 1935, 1936 9 Months Ended Sept. 30— Total revenues. of expenses is Dec $8,400,007 2,827,091 1,978,811 —V. 145, p. 2706. d The reserve for revaluation provided at June 1, 1935, was based on an estimate made at that date of the amount to be realized on sale of fixed property. The amount realized to Sept. 3d, 1937 exceeded the total of this estimate (although all of the property had not been disposed of) and the amount of such excess was credited to capital surplus. No reserve has been provided in the accounts for future value or +$15,649 —105,632 —22,146 +95,653 +7,588,215 1,189,566 —. Net from railway Net after rents.. adequate. No Inc. 1937 Net from railway Net after rents,... The above reserve has been provided for these and other possible losses of this nature, as well as for Federal income and excess profits taxes for 1935 and subsequent years. It is impossible to determine with even approxi¬ mate accuracy at the present time the ultimate cost of these items. The reserve of $718,217 is believed by the Board of directors to be a reasonable estimate thereof, but it may prove to be excessive or substantially in¬ administration. $3,496,888 2,698,883 2,661,860 2,649,742 100,671,844 $8,173,216 2,139,278 Gross from railway brought by the statutes, involving State anti-trust of $1,400,000. 1936 $3,512,537 2,593,251 2,639,714 2,554,089 108,260,059 Earnings for September and Year to Date plaintiff and involving substantially similar issues, although a different property, is pending. Simms Petroleum Co.'s liability thereon, if decided the basis of the Circuit Court's decision, would approximate an additional $1 JO,000. Among other pending actions is that State 1937 same share Ky.—Earnings- Period— Fourth week September First week October upon possible maximum penalties in 1937 Sontag Chain Stores Co., Ltd.—Registers with SEC— x tax 1937 $65,272 $0.10 $0.40 $0.22 fhares on undistributed profits.—V. 145, p. 2245. Staten Island Rapid Transit September— Gross from railway.. Net from railway Net after rents.. From Jan. 1-— Gross from railway Net from railway Net after rents 145, p. 1935 x$118,925 stock Before provision for surtax —V. 1936 x$30,984 .... 1937 Ry.—Earnings—1936 $129,954 1,618 def27,630 1935 1934 $136,862 1,173,177 def5,916 def252,312 $126,252 6,268 def29,632 1,066 1,202,001 391 def322,284 def35,389 $129,860 14,857 defl8,521 1,117.5/6 def55,183 def390,970 def89,220 2246. Submarine Gold Dredging See list given on first page of this 1,287,332 205,494 Co.—Registration Withdrawn department.—V. 145, p. 1753. Volume Financial 145 Chronicle Stewart-Warner Corp. (& Subs.)— Earnings— Period End. Sept. 30— TamparElectric*Co.—Earnings— 1937—9 Mos. 1937—3 Mos.—1936 2865 -1936 Period End. Sept. 30— ^ Gross profit from oper., Operating 1937—12 Mos.—1936 1937—Month—1936 - Net profit before Federaltax Net prof, car'd to Earnings $1,840,275 360,161 $469,795 $0.38 $2,084,546 $1.68 $1,524,157 $1.23 1936 2,843,607 Accounts payable. 6,161 Bank loans Dividends payable 584,554 470,032 receivable 3,552,248 Accrued liabilities. 3,196,969 Deferred Income.. Res. for possible loss on royalty & 445,558 4,613,899 6,448,055 prepaid 1,988^722 Contracts 538,971 &c expenses, & $114,735 970 $1,449,208 12,784 $1,382,539 13,015 $110,014 $113,764 $1,436,423 $1,369,524 _ patent claims... d Reserve 100,000 199,258 112,096 750,000 54,117 750,000 Capital surplus... 6,209,235 5,251,992 4,010,366 6,209,235 5,251,992 1,957,667 113,705 67,916 Land <fc bldgs. not used in oper'ns. 974,525 1,074,525 6,595,547 6,189,907 c Patents, licenses, goodwill, &c Common stock.. net income 931*385 17,376,8931 See list given on first page Tennessee Central 19,871,936 17,376,893 Total railway Net after finance companies. rents From Jan. 1— directors have declared an extra dividend of 25 cents per share addition to the regular semi-annual dividend of 25 cents per share on the common stock, par $5, both payable Dec. 1 to holders of record Nov. 5. Similar payments were made on June 1 last. An extra dividend The paid on Tennessee Public Service Period End. Sept. 30— Prop, retire, income and tax Provision for depreciation Prov. for inc. taxes and est. surtax on $61,378 157,377 $336,519 157,909 $572,115 218,109 8,181 $68,308 $824,866 Other income... 1,285 918 13,466 7,976 $83,057 32.417 382 $69,226 32,417 355 $838,332 389,000 5,135 $640,248 389,000 3,965 $50,258 $36,454 $444,197 297,618 $247,283 Dividends $146,579 def$50,335 on mtge. bonds Other int. & deductions. Net income x pref. stock for the period, whether paid or unpaid. accumulated and unpaid to Sept. 30, 1937, amounted to $756,446. amounting to $6 a share on the $6 p^ef. stock, was paid on have par Divs. declared $1 Superior Steel Corp.—-Earnings— Period End. Sept. 30— 1937—3 Mos.—1936 1937—9 Mos.—1936 $6,874,003 $4,550,405 6,297,711 4,083,641 $2,221,256 2,040,949 $1,723,583 1,537,846 $180,307 9,768 $185,737 11,961 $576,292 34,471 $466,764 32,428 $190,075 $197,698 $610,763 $499,192 86,583 79,688 300,503 293.368 $103,492 $118,010 $310,260 $205,824 $0.91 Costs & expenses $1.04 Operating income.... Other income Total income Int. depr. Fed. inc. tax, &c Net profit Earnings per share 114,276 shares com V. 145, p. $1.81 $2.72 ■.it ; The directors have declared common an $283,487 $306,739 5,000 $3,149,305 15,000 $3,069,193 60.000 Operating income income (net) $283,487 316 $301,739 106 $3,134,305 5,114 $3,009,193 Dr4,825 Gross income $283,803 $301,845 140,542 2,342 $3,139,419 1,686,500 19,163 $3,004,368 1,686,500 26,970 Net income $149,792 $158,961 Dividends applicable to preferred stock for the $1,433,756 $1,290,898 Other Int. on mtge. bonds Other int.& deductions. x initial dividend of 8 cents per share on 1937—Month—1936 $84,286 $82,901 63,993 60,121 4,000 4,000 144, $973,261 695,859 48,000 $206,057 $229,402 725 $206,638 5,450 99,430 $230,127 5,450 95,083 Cr25 $16,293 $18,780 Gross income Int. $16,293 454 454 8,293 mtge. bonds interest 7,842 on Other $18,780 Cr34 Int. charged to constr.. x Balance $129,628 1, 1937. made for Federal surtax on undistributed profits inasmuch as the company reported no undistributed adjusted net income for that year. No such provision has been made to date for 1937.—V. 145, p. 2090. for 1936, Ry.—Earnings—• *1937 September— Gross from railway Net from railway Net after $94,628 after $84,182 10,551 def370 $89,676 23,145 13,654 967,220 264,002 151,827 914,965 263,234 167,174 687,174 163,073 74,114 1— Gross from railway Net from railway Net $98,756 22,198 7,570 1,142,875 342,062 227,671 rents From Jan. 1934 1935 1936 $113,738 r 19,220 4,168 rents 35,000 $66,783 period, whether paid or unpaid $101,783 35,000 Net income $7,546 $10,484 Dividends applicable to preferred stock for the $915,220 x Regular dividend on $6 preferred stock was paid on July 1, 1937. After tne payment of this dividend there were no accumulated unpaid divi¬ dends at that date. Regular dividend on this stock was declared for pay¬ Texas Mexican Net oper. revenues 375,678 $1,058,078 - Note—No provision was $986,059 732,002 48,000 Other income 375,678 ment on Oct. 1937—12 Mos.—1936 581 Operating revenues Oper. exps. (incl. taxes). Prop, retire't res. approp 140,542 2,469 Balance. Superior Water, Light & Power Co.- —Earnings— 30— Co.—Earnings— period, whether paid or unpaid stock, payable Nov. 20 to holders of record Nov. 10.—-V. undistributed profits 1937—12 Mos.—1936 $8,142,689 $7,264,953 4,233,386 3,808,258 759,998 387,502 Net oper. revenues... Rent for lease of plant . 953. Period End. Sept. cumulative. 1937—Month—1936 $748,724 $695,126 372,737 359,221 92,500 29,166 30— Operating revenues Oper. exps. (incl. taxes). Prop'y retire, res. approp Superior Tool & Die Co.—Initial Dividend— p. are 2247. Texas Electric Service on —V. 145, p. 782. the this stock for 1936, inasmuch as the company reported no undistributed adjusted net income for that year. No such provision has been made to date for 1937.— Period End. Sept. Net sales... on Note—No provision was made for Federal surtax on a dividend of 10 cents per share on the payable Nov. 24 to holders of record Nov. 4. Similar amount was paid on Aug. 20 last. Dividends of five cents per share were paid on April 26 last, on Dec. 21 and on Sept. 1, 1936; this latter being the initial dividend.—V. 145, p. 2246. stock, 297,618 Applicable to Divs. Dec. 12, 1936. directors $632,272 8.186 Latest div. Sunray Oil Corp.—10-Cent Dividend— The 359,424 $81,772 Int. $60,127 $533,498 98,774 Operating income.... x loss$95,998 $178,609 $290,506 —V. 145, p. 1916. common 376,579 Rent from lease of plant. 63,500 Net profit $73,586 on undistributed profits undistributed profits res, approp. 1937—12 Mos.—1936 $3,701,421 $3,260,127 2,598,284 2,367,205 Balance 1935 1936 and surtax Co.—Earnings— $726,558 98,308 Earnings— 1937 9 Months Ended Sept. 30— before prov. for deprec. 1,566,013 412,629 248,874 Gross income. paid on Dec. 1, 1936, and an extra dividend of 25 cents Dec. 2, 1935.—V. 145, p. 957. 1 Profit 1934 $173,286 39,651 22,498 '..J. 1,631.659 459,859 301,389 1,818,839 514,967 318,809 1937—Month—1936 $3 19,963 $296,683 214,078 205,269 32,299 31,287 Net oper. revenues... was Sullivan Machinery Co.- Federal .... 70,704 47,380 //"/; ■■;;//- 1,919,876 504,211 263,839 1935 $207,807 —V. 145, p. 2247. in was rents 1936 $225,748 74,356 'A 45,027 -v Gross from railway Net from railway Operating revenues Oper. exps. incl. taxes.. Extra Dividend— of this department.—V. 145, p. 2407,2247. Ry.—Earnings— 1937 $230,464 76,696 47,047 September— Gross from railway Net from a Less drafts outstanding, b Less reserve, c Par value $5, issued 1,300,582 shares, less 58,735 shares in treasury, d For possible loss on repossessions under resale installment contracts and notes discounted with of 50 cents 1937, since any liability for such tax cannot be Registers with SEC— Net after 19,871,936 for the year determined until the end of the year. 750,000 Res. for cap. losses b Plant & equip.. Total r Preferred dividends 70,000 70,000 Common dividends 1,269,547 ,1,269,376 a No provision has been made for the Federal surtax on undistributed 82,278 def'd receivable $111,099 1,085 Taxes 1,470,927 114,969 $ Liabilities— $ notes Inventories accts. 1937 1936 $ Supplies, Gross income Interest Operation, Maintenance 316,118 secure, & $1,812,539 430,000 Balance Retirement accruals $2,444,708 587,233 Accts. b $1,879,207 430,000 Non-oper. income (net). Earned surplus... Assets Cash $150,568 35,833 $147,312 Consolidated Balance Sheet Sept. 30 a $146,932 35,833 Net oper. revenues... $602,034 132,239 1937 Marketable $1,794,499 18,040/ $1,825,280 14,995 $542,625 $0.44 sur. share per $1,882,490 Dr3,282 $2,543,686 Dr98,979 $624,164 81,539 Prov. for Federal tax... $150,069 499 Net income . Dr380 $597,438 4.596 $634,799 Drl0,634 Profit from oper Other income $4,175,053 1,650,262 251,209 479,082 918,329 183,616 1,029,063 196,047 gen. exps. $4,465,761 1,782,638 244.851 a555,780 $4,910,589 2,538,778 546,530 $1,699,384 Sen., adm. & Depreciation. $340,111 132.714 18,392 38,935 $366,202 152,664 21,716 a44,509 revenues $6,093,108 2,972.629 576,792 before deduct, deprec. $1,859,909 o —V. 145, p. 2247. Texas Gulf Sulphur Co.—Earnings- Regular dividend on 7% preferred stock was paid on July 1, 1937. the payment of this dividend there were no accumulated unpaid dividends at that date. Regular dividend on this stock was declared, for x Period End. a Sept. 30— Net profit 1937—3 Mos.—1936 $3,145,607 $2,912,383 $0.76 1937—9 Mos.—1936 $9,023,055 $7,723,391 $2.35 $2.01 After b Earnings payment on Oct. 1, 1937. Note—No provision was made for Federal surtax on undistributed profits for 1936, inasmuch as the company reported no undistributed adjusted net income for the year. No such provision has been made to date for 1937—V. 145, p. 2089. income taxes, b On 3,840,000 shs. capital stock. For the 12 months ended Sept. 30, 1937 net income was Sylvania Industrial Corp.—To Pay Smaller Dividend— The directors have declared a dividend of 25 cents per share on the capital stock, payable Nov. 15 to holders of record Nov. 1. Previously regular quarterly dividends of 35 cents per share were distributed. In addition, an extra dividend of 50 cents was paid on Dec. 15, 1936.— Y. 145, p. 1916. a chgs__ Net income on pref. stock Balance x No .... $487,519 234,339 $408,208 222,334 $5,233,197 2,770,260 $4,865,017 2,692,671 $253,179 128,966 $185,874 129,005 $2,462,936 1,550,866 $2,172,345 1,550,854 $124,213 $56,869 $912,071 provision was made in 1936 for Federal surtax on . been Erofits asmade for such tax infor that year was distributed. No provision all taxable income 1937.—V. 145, p. 2247. as undistributed 623. Texas & New Orleans after 1936 $3,577,198 877,470 562,768 1935 1934 $2,802,637 424,861 131,191 $2,727,413 329,798 def94,579 35,113,389 8,255,142 3,627,357 29,480,859 6,156,060 2,578,487 24,672,791 3,865,693 952,512 23,484,243 3,196,576 def682,560 1937 Gross from railway Net from RR.—Earnings— $3,895,065 904,785 428,889 September— railway rents From Jan. 1— Gross from rail way.. ... Net from railway...... Net after rents —V. 145,p. 2247. Texas & Pacific $621,492 undistributed and Federal $11,152,679, share, for the profits will be due, according to H. F. J. Knobloch, Treasurer, no deduc¬ tions therefor are reflected in the earnings figures. As at Sept. 30, 1937 current assets (including cash and U. S. Treasury notes. $12,969,599) amounted to $16,036,957. This does not include inventories of sulphur above ground or materials and supplies. Current liabilities (including provision for current taxes, $2,295,201) amounted to $2,689,595. Reserve for contingencies amounted to $1,390,322.—V. 145, Net Gross income— Divs. After charges for depreciation, amortization, contingencies Sept. 30— Int. & other fixed $0.82 $2.90 a share, compared with $9,926,198, or $2.58 a 12 months ended Sept. 30, 1936. As it is expected that no Federal surtax on the company's p. 1937—Month—1936 1937—12 Mos.—1936 Gross revenue $1,413,585 $1,324,189 $15,965,656 $14,571,285 x Oper. exps. & taxes 821,066 810,981 9,472,459 8,446,268 Prov. for retire, res've.. 105,000 105,000 1,260,000 1,260,000 share— or Tennessee Electric Power Co.—Earnings— Period End. per Ry.—Equipment Trust Certificates— 21 authorized the company obligation and liability in respect of not exceeding $1,275,000 The Interstate Commerce Commission on Oct. to assume equipment trust certificates, series D. to be issued by the New York Trust Financial 2866 Chronicle as trustee, and sold at 100.434% of par and accrued dividends in of certain equipment. The report of the Commission says in part: The certificates were offered for sale through competitive bidding. The highest bid. 100.434% of par and accrued dividends, was submitted by by P. S. Moseley & Co., on behalf of itself and associates, Kean, Taylor & Co and It. W. Pressprich & Co. On this basis the average annual cost of the proceeds to the applicant will be approximately 2.703%.— V. 145, p. 2708. Oct. Registration With- Transcontinental Petroleum Corp. Co., connection with the procurement 30, 1937 drawn— ^ Texas Pacific Coal & Oil Co. (& Expenses.... 5,748 25,659 $291,211 19,209 $1,165,057 83.823 365,685 $493,336 367,484 $4,622,198 3,531,285 $4,244,314 3,150,208 Net oper. revenues $128,852 46,220 "$125,852 30,461 $1,090,913 409,304 $1,094,106 285,087 $82,632 $95,391 $681,609 $809,019 Operating taxes $839,083 64,828 103,731 $529,726 400,874 19,341 $416,408 27,675 307,702 Net operating income. -V. 145, p.2247. Trusteed Annuities, Inc.—Registration Withdrawn— See list given on first page Reserves for deprecia'n, Twentieth $260,042 Surplus $168,271 $715,548 $466,553 Federal income and excess profits and taxes surtax on a tax of California Co.—Earnings— 1937—Month—1936 1937—12 Mos.—1936 Operating revenues $1,152,842 $1,006,684 $10,813,239 $9,732,398 Oper. exps. (incl. taxes). 494,432 459,048 5,432,328 4,456,213 Prop, retire, res. approp. 110,983 47.225 778,088 542,751 $547,427 Net oper. revenues— 544 $547,971 177,708 10,000 20,243 $500,411 1,745 $4,602,823 $502,156 177.708 $4,611,456 2,132,500 120,000 215,050 $302,213 Dividends applicable to preferred stocks for the period, whether paid or unpaid $2,143,906 865,050 Balance $1,278,856 $1,465,768 mortgage bonds. debenture bonds Other int. & deductions. income Net 10,000 12,235 - stock, have declared a of dividend 15 cents per share on the no par was the authorized shares.—V. 145, common . 600,000 stock, par $1, from 500,000 shares to 624. p. 120,000 ' $340,020 Realty Corp. Realty Corp. 1753. , crease 865,050 on June 1 last.—V. 145, p. on value, payable Nov. 15 to holders of record ^ov. 10. paid on July 15, and on May 10 last. A special dividend of $1 was paid on Dec. 16, 1936. A regular quarterly dividend of 10 cents per share was paid on Oct. 15, 1936. An extra dividend of 10 cents was paid on Nov. 14, 1936. Stockholders at their annual meeting held on March 8 last voted to in¬ $2,330,818 on Int. directors A like amount $4,741,846 2,134,283 Int. x The common $4,733,434 8,412 8,633 redeemed were Twin Coach Co.-—15-Cent Dividend— Period End. Sept. 30— Other income (net) Subs. of Film Corp.—Bonds All of the outstanding 1st mtge. 6% s. f. bonds of Fox Film and all of the outstanding 1st mtge. 6% s. f bonds of the Fox undistributed profits, as it its estimated that after basis there is no taxable income.—V. 145, p.'633. Texas Power & Light of this department.—V. 145, p. 2408. Century-Fox Called- N0te—No provision has been made for adjustment to .. Operating revenues Operating expenses non¬ recurring income Deductions _ 1937—9 Mos.—1936 $4,647,158 $4,255,227 10,913 24,960 1937—Month—1936 $532,010 $494,876 2,284 1,540 revenues. Incoll. oper. revenue $819,742 9,359 and income $1,139,398 128,691 Other $285,463 Telephone & Telegraph Co.—Earnings— Period End. Sept. 30— iperating 1937—9 Mos.—1936 $2,959,541 $2,451,999 1,820,144 1,632,256 $407,049 Operating profit Tri-State Subs.)—Earnings 1937—3 Mas.—1936 $1,056,952 $835,512 649,903 550,049 Period End. Sept. 30— Grossearnings.....!— of this department.—V. 144, p. 3195. See list given on first page Twin 156,745 City Rapid Transit Co. (& Subs.)—Earnings— 9 Months Ended Sept. 30— Operating revenue Operating expenses 1937 1936 $2,074,069 763,759 $1,124,779 21,702 $1,310,310 $1,146,482 719,005 49,625 8,437 $1 ;342,696 834,609 49,990 11,788 x$369,4l4 assignable $6,826,733 4,752,664 $1,966,443 841,664 Net operating revenue. Taxes Regular dividends on 7% and $6 preferred stocks were paid on Aug. 2, 1937. After the payment of those dividends there were no accumulated unpaid dividends at that date. Note—No provision was made for Federal surtax on undistributed profits for 1936, inasmuch as the company reported no undistributed adjusted net income for that year. No such provision has been made to date for 1937.—V. 145, p. 2090. _ $6,749,029 4,782,586 x$446,308 x Operating income Non-operating income income Gross Interest on funded debt Amortization of discount on funded debt Miscellaneous debits Thermoid Co. (& Period End. Sept. 30— Subs.)—Earnings— 30,625 3,600 20,024 491 $161,025 44,778 40,651 10,500 9,673 164 $806,743 184A47 129,613 23,710 88,930 1,083 $111,195 $55,259 $378,960 ^206,623 $0.55 $0.18 45,885 Interest expense.. Federal income tax—.. Minority interest profit Earnings per share Ulen & 639 $0.17 Nil —V. 145, p. 2708. Third Avenue Period End. Ry. System—Earnings— 1937—Month—1936 Sept. 30— 1937—3 Mos.—1936 $3,352,788 $3,279,073 2,646,571 2,453,115 Total oper. revenue Total oper. expenses $1,111,841 868,741 $1,089,762 809,468 Net oper. revenue $243,101 127,546 $280,294 Taxes Operating income Non-operating income.. $115,555 25,755 $171,619 $141,310 217,624 $209,163 227,986 $401,678 659,149 $614,079 686,424 $76,313 $18,823 $257,471 $72,345 $706,217 381,806 37,544 $825,958 326,957 $324,411 77,267 108,676 Before provision for surtax on undistributed $499,001 115,078 Union Bag & Directors new Total deductions Net loss —V. 145, 1937 $1,991,805 1,045,992 182,383 282,309 $1,855,170 940,976 152,157 248,969 $481,121 35,811 $513,068 7,157 $516,932 313,075 27,435 13 ,925 Cr2,460 $520,225 313,075 19,903 13,925 $164,957 143,148 $173,325 143,148 $21,809 $30,177 Gross income funded debt unfunded debt Amortiz. of debt discount and expense Interest charged to construction on ... Balance of income preferred stock. Balance Note—No provision made for if any, for 1937.—V. T. 145, Federal surtax on 1936 Depreciation undistributed profits, 133. p. Commerce September— Net railway after rents 75.739 $3,037,353 161,745 $774,433 307,578 $397,491 4,194 25,337 3,770 $3,199,098 30,326 438,809 9.265 $1,082,011 $1,032,643 y2,530,295 $364,190 z2,505,467 $0.14 $2,720,698 y2,530.295 $1.07 $912,750 *2,505.467 $0.40 183.543 x Net profit Shares capital stock Earnings per share 30,304 131,734 7,223 $9.38 x Before provision for surtax on undistributed profits, y Will be out¬ standing when all exchanges of common stock of United Aircraft & Trans¬ port Corp. have been effected, z Average number of shares outstanding in September quarter of 1936.—V. 145, p. 1118. United-Carr Fastener 9 Months Ended Sept. 30— Corp. (& Subs.)—Earnings— 1937 1936 1935 „ Net sales and commission income $5,600,886 $4,482,075 4,210,374 3,410,220 Cost of goods sold & oper. expenses.. Net operating profit , $3,868,521 3,004,861 $863,660 160,618 $1,390,512 $1,071,854 Other deductions less other income Obsolescence of idle plant 127,368 33,000 80,067 Depreciation 221,664 186,240 20,946 188,652 141,267 17,008 177,680 Income taxes, exclusive of surtax Profit applicable to minority interests $801,295 $644,858 $415,703 $2.64 $2.29 Consolidated net profit. Commission _ Consolidated Balance Sheet Sept. Oct. on Toledo Peoria & Western RR. Gross from railway $321,752 Earns, per sh. of com. stk. outstand. 18 issued 1936 1937 poch 97,463 12,793 a certificate Accts., notes surr. 1937 1936 1935 1934 $183,546 35,713 7,630 $171,124 56,241 25,367 $137,164 23,591 2,246 life insurance 1,754,040 497,687 1,782,005 497,618 223,999 1,308,897 284,208 113,393 1,301,638 276,263 108,762 a 1936 Deferred income.. 11,829 Res. for conting.. 15,000 Min. int. in subs., 61,481 67*213 1,212,808 1,088.924 1,554,132 1,147.306 31,102 b Cum. conv. 16,477 20,336 c 3,550 5,015 equipment. 2,590,570 5218,184 210,973 $197,764 311,144 taxes—est 38,541 217,789 152,356 17,575 2,286,400 invest'ts. Property, and 1937 634,518 989,801 Inc. 699,486 1,298,345 Misc. notes, accts., MLscell. $201,468 58.430 16,212 Liabilities— Accounts payable. Accrued expenses. value receivable, &c__ Earnings— .66 $487,540 and accpts. rec., net Mdse. inventories. Cash $i 30 56,044 5530,995 Gold bullion permitting abandonment by the company of part of a branch line of railroad, extending from Peoria westerly to station 891 plus 00 east of and near Bellefontaine, approximately 16.55 miles, all in Union and Logan Counties, Ohio, and abandonment of operation thereof by the New York Central RR., -V. 144, p. 4026. Net from (& Subs.)—Earnings-— 2,881 deductions Assets— Interstate Prior 20 r Toledo & Ohio Central Ry.—Abandonment— !"" The s basis. $1,224,311 5,244 Total income Other first page of this department. on 4-for-l $1,187,570 36,741 Operating profit Other income Cr3 I.J5. Management Corp.—Registers with SEC— See list given a Co.—Earnings— Operating income on recently split up on $6,983,665 5.630.731 165,364 Minority interest Other income Dividends New Stock 1937—3 Mos.—1936 1937—9 Mos.—1936 $5,110,729 $20,689,785 $17,165,069 4.642,860 17,174,106 15,959,389 146,117 478,326 431,247 Sept. 30— Fed. & Can. inc. tax Provision for retirements Provision for taxes. on was United Aircraft Corp. Sales & oper. revenues.. Costs and expenses distributed.—V. 145, p. 2708. 12 Months Ended Sept. 30— Operating revenues Oper. expenses and maintenance. Interest Interest company's stock Period End. Tide Water Power on a dividend of 12M cents per share on the outstanding, payable Nov. 18 to holders of record , The amounts were paid on Sept. 1, last and compares with 20 cents paid on June 1, last: 15 cents paid each three months from June 1, 1936 to March 1, last, inclusive, and a special dividend of 25 cents paid on Jan. 15, 1936, this latter payment being the first made since Feb. 16, 1931, when 30 cents was now split up a dividend of 50 cents was paid on the old stock on Aug. last and each three months previously.—V. 145, p. 2409. Tide Water Associated Oil Co.—Extra Dividend— share Paper Corp.—Initial Dividend Oct. 28 declared stock Nov. 15. The directors have declared an extra dividend of 10 cents per share in addition to a quarterly dividend of 25 cents per share on the common stock, no par value, both payable Dec. 1 to holders of record Nov. 10. Similar per . to the 2407. p. on common * Gross income Co.—Earnings— profits.—V. 145, p. 783. Company and subsidiaries for the three months period ended Sept. 30, 1937, report a loss, before adjustments to surplus, of $21,634, and after surplus adjustments a net loss of $20,628. This compares with a loss of $133,157 and a loss after surplus adjustments of $194,284 for the corre¬ sponding three months ended Sept. 30, 1936. For the annual period ended Sept. 30, 1937, company and subsidiaries report a loss, before adjustments to surplus, of $148,076, and after surplus adjustments a net loss of $169,370. This compares with earnings of $51,552 and a loss after surplus adjustments of $254,403 for the correspond¬ ing 12 months ended Sept. 30, 1936. The income and surplus statement for the year ended Sept. 30, 1937, includes $158,075 interest on Poland bonds previously credited to the reserve for expenses and contingencies.— V. 145; p. 1601. on stock common x $603,168 171,312 157,121 43,500 23,973 $211,820 Depreciation Net Net income 1937—12 Mos—1936 1937—3 Mos.—1936 Profit Amortization 32,386 plant Pat'ts (nom. val.)_ Prepaid expenses. pref. stock Earned surplus Capital surplus 4 __ ... 2,007,898 1,181,335 4 52,685 111,076 Common stock 43.374 From Jan. 1— Gross from railway Net from railway Net after rents —V. 145, p. 2247. 199,294 Total.... 55,230,653 $4,554,138 Total $5,230,653 $4,554,138 After allowance for depreciation of $1,583,146 in 1937 and $1,339,166 1936. b Represented by 27,769 no-par shares, c Represented by 303,202 no-par snares in 1937 and 272,231 shares in 1936.—V. 145, p.1917. a in Volume 145 Financial United Fuel Investments, Ltd. (& Subs.)—EarningsConsolidated Income Account for the 3 Months Ended $223,294 — • 70,431 9,652 1,255 54,768 Bond and loan expenses and discount absorbed HZII"HI Premium paid for bonds purchased for sinking fund Provision for 1937 June 30, Profit from operations before charging depreciation or bond int. Interest on bonds depreciation Chronicle 2867 at $1,068,359, their estimated fair value in the opinion of the directors, and the 15,000 shares of the corporation's own common stock at the nominal value of $1, the securities owned had an indicated value (which should could be not be sold construed for or either which the as for amount which they could be repurchased) securities the of approximately $36,830,732, which is greater than the above book value by approximately $5,473,074. f 94,100 shares of 2d pref. stock and 1,987,653 shares of common stock had Combined profits, less losses, for all companies for 3 months, before provision for Dom. of Can. income taxes Consolidated Balance Sheet June $87,187 an indicated value, based on underlying assets, as set forth in that company's report at Sept. 30, 1937, of approximately $3,250,000, which is less than the above book value by approximately $6,247,704.—V.145,- p. 30,1937 784.-V. Liabilities— Property $9,840,269 Premiums paid on acquisition of sub. cos., &c 6,378,954 Cash on hand and in banks.. Accts. receivable, less reserve Inventories.. Cash pref. $9,000,000 Common stock x 100,000 Consolidated earned surplus. 481,807 Reserve for sinking fund Gen. mtge. 6H% bonds 830,397 Hamilton for sinking funds Bond discount 315 315,655 Def. charges & prepaid exps. Stores and spare equipment.. U. S. Hoffman Machinery stock 848.785 deposit with trustees on 6% cum. red. (par $100) 70.906 69,551 1.083,228 11,210 450,000 Instal. accts. rec_. Other accts. rec__ Prepd. & def. chgs. of Due Hamilton, Ltd., bonds 336,499 Union Gas Co. of Can., Ltd.. Meter 5,108 14,467 45,390 deposits Accrued interest on bonds Res. for deprec. & renewals.. Total $18,836,642 I Total United Gas The p. Corp.—Accumulated Dividend— have declared a dividend of $1.75 per share on the $7 non-voting preferred stock, no par value payable Dec. 1 to holders of record Nov. 12. A like payment was made on Sept. 1, June 1 and March 1 last, Dec. 1 and Sept. 1, 1936, this latter being the first pay¬ ment made since March 1, 1933, when 25 cents was paid. A dividend of 87Yi cents was paid in December, 1932, and prior thereto regular quarterly dividends of $1.75 per share were distributed.—V. 145, p. 2409. United Gas Improvement Co.'—Weekly Output— Oct. 23, *37 Week Ended— Electric output of system (kwh) —V. 145, p. 2709. United Gold Oct. 16, *37 93,177,317 92,744,748 Oct. 24, "36 89,658,403 1937 $32,689 1936 $55,005 90,631 Years Ended June 30— 48,189 Net profit on sales of in¬ vestment securities 1935 $23,260 yl934 $6,670 $103,194 $23,260 $33,879 9,904 20,932 x2l ,746 19,820 4,183 1,349 $113,416 $60,516 29,636 26,223 $3,440 23,963 $28,347 3,006 Exps., taxes, auditors', legal & trust company fees, &c Organiza'n writ .off exps. Net profit. Dividends Includes $397 for furniture written off and $20,000 for amount written off book value of investments, y Income account for period from date of x incorporation, May 19, 1933, to June 30, 1934. Liabilities— 1936 1937 $9,959 Accounts payable. Call loan, fully gtd. 24,000 Stand .shs.(par Due from brokers. 9,633 $7,039 Cash securities. 480,701 Divs. &int. receiv. X6.140 412,100 7,625 Prepd. & def. chgs. 506 208 $494,387 Total 1936 $5,016 202,588 Capital surplus... 268,060 Earned surplus... 14,815 2,907 216,689 1,000 228,784 15,218 1,292 $494,387 $463,525 Prov. 1,000 for taxes.__ Total Dividends receivable only.—V. 143, p. 2540. x United have declared a dividend of 10 •• Sept. 30— 1935 1936 1937 $1,333,158 $958,772 116,853 1934 1,153 5,906 $778,743 98,713 23,553 $1,081,532 GV730,980 $901,010 58,019 121.795 Int. received & accrued_ Other income Net realized loss on invs. $726,462 80,267 $806,729 729,244 Cr6,000 Cap. stk. & other taxes. $1,613,227 23,885 Prov. for Fed. inc. taxes United $1,812,513 31,682 119,648 88,477 117,016 $83,485 $842,991 31,316 34,200 87,880 3.155 70",906 period.. $1,430,325 $1,572,705 Cash and securities received during $9,424 $689,595 1937 in settlement of reichsmark Calculating the investment in United States & International Securities Corp. at its indicated value based on underlying assets, securities without regularly quoted markets at their estimated fair values in the opinion of the board of directors, the 15,000 shares of the corporation's own common stock at $1, and all other securities at market quotations, the approximate unrealized appreciation or depreciation in securities owned was: Appreciation as at Dec. 31, 1936 (before Federal normal income taxes of approximately $2,440,000) $16,657,988 Depreciation as at Sept. 30, 1937 774,630 $17,432,618 Difference Comparative Balance Sheet Sept. 30 1937 C 1% o Sees, sold but 1937 1936 34,455 Sees, 173,862 (at cost)_..e31,357,658e32,258,813 Inv. in U. Int. See's S. General reserve. a 1st d Common stock. Divs. receiv'le. Int. 141,423 accrued, &c pref. stock..21, 000,000 21,000,000 2d pref. stock 50,000 50,000 c 419,362 not delivered Sec. . 4, 950,000 4,950,000 100,000 100,000 purchased but not received 1 43,056,243 32,852,039 accrued expenses 93,000 Total 154,256 954,329 5,643,454 .43,056,243 32,852,039 210,000 shares (no par) $6 cumulative dividend, b 50,000 shares (no par) $6 cumulative dividend, c General reserve set up out of $5,000,000 paid-in cash by subscribers to 2d pref. stock, d 1,000,000 shares no par value, e Securities, at cost, include 15,000 shares common stock of the corporation under option to the President until March 1, 1939, at $25 per a shtftr0« Calculating securities with regularly quoted markets on the quotations as of Sept. 30, 1937. securities without regularly quoted 34,448 $1,328,759 18,323 Capital stock and other taxes 22,500 Provision for Federal income tax Other expenses Profit. . . The approximate depreciation from cost in ties owned 110,026 .U $1,177,910 the indicated value of securi¬ was: As at Dec. 31, 1936....—...i*———— As at Sept. 30,1937—.—. —————— $1,333,915 10,484,871 $9,150,956 Difference 1 Balance Sheet Sept. 30/37 Dec. 31/36 Sept. 30/37 Dec. 31/36 Liabilities— $ $ Assets— 437,856 742,957 Secure, 121,687 Cash Reserved for taxes not delivered... 2,553 and accrued exps 160,626 203,871 interest, &c Securities at cost._42,771,584 42.748,462 43,675,167 43,511,876 Total purch. not delivered Securities sold but 123,875 50,000 46,297 b 1st pref. 2nd pref. stock..23,920,000 23,920,000 stock.. 500,000 500,000 d Special reserve.. 9,475,000 9,475,000 e Common stock.. 24,855 24,855 Capital surplus... 9,346,831 9,346,831 Operating surplus. 355,928 75,018 c 43,675,167 43,511,876 Total by 239,200 no par $5 div. shares, c Represented by $5 div. shares, d Set up out of amount paid in cash by 2d pref. stock, e Represented by 2,485,543 no par shares. 2561. b Represented 100,000 par no 145, p. United States Steel Co.—To New Pay $1 Common Dividend— Officials— The directors on Oct. 26 declared a dividend of $1 per share on the com¬ stock, par $100, payable Dec. 20 to holders of record Nov. mon This 20. since March 30, 1932 Important executive changes were announced after the board meeting. Myron C. Taylor announced his intention of declining re-election as Chair¬ man of the board at the annual meeting April 4, next, and he will be suc¬ Edward R. Stettinius Jr., present Chairman of the Finance Mr. Taylor will continue a member of the board and of the and will maintain his present offices at 71 Broadway, the headquarters of the Steel Corp. Benjamin F. Fairless, President of the Carnegie-Illinois Steel Corp. was elected President of the United States Steel Corp., effective Jan, 1, next, succeeding William A. Irvin, who will then become Vice-Chairman of the ceeded by Committee. finance committee, of dirGCtors Ender M. " ■ Voorhees, now i Vice-Chairman of the finance committee, will Chairman on April 5, when Mr. Stettinius J. L. Perry, now President of the Tennessee Coal, Iron & RR. Co., will become President of the Carnegie-Illinois Corp. on Jan. 1, next, succeeding the United States Steel Coal, Iron & RR. Co. on Fairless and Robert Gress, Vice-President of Corp., will become President of the Tennessee date. Thomas Morrison of Pittsburgh has resigned as a director of the corporation, and Mr. Fairless was elected to Steel fill the vacancy. Accompanying the quarterly report of its earnings and of 1937, the corporation issued income for the third quarter the following statement: demand The showed for steel products during July, August and September gradual decline in volume each month as the quarter progressed booked in the first half of the year, but exceeded con¬ a from the tonnage siderably the tonnage booked in corresponding quarter in 1936. Operations for the third quarter as measured by finished product output averaged 73.6% of total capacity, compared with 88.4% in the previous quarter, and 63.6% in third quarter of 1936. Shipments of steel products during the third quarter were 3,342,572 tons a decrease from the previous quarter of 14.6%. For the nine months of totaled 10,956,846 tons, or at the rate of 81.4% of In recent weeks a rather marked falling off in shipments to occurred resulting in an October average to date of approximately this year shipments capacity. customers 54^xpenmDire8'made during the first nine months of 1937 for additions and betterments to plant and property, and for payment of maturing bonds and obligations of subsidiary companies, amounted to approxi¬ At this date the unexpended balances on authorized appropriations for additions and betterments stood at about $113,000,000. Net working assets of the corporation and the subsidiaries, exclusive of dividends declared and unpaid, were, at the respective dates named below, as capital mately $81,000,000. Res. for taxes and & Corp_f9,497,704 $1,144,620 Total Income..............^-——...i..**..-....$1,280,520 Net realized profit on investments.................. 48,239 other 60,013 984,459 Capital surplus Operating surplus.15 818,771 Total 1936 Liabilities— % b 2,025,003 Corp.— Other income Mr. balances received in prior years. A Securities Earnings for 9 Months Ended Sept. 30,1937 Interest.*....—101,451 that Cash International & States . assume 42,000 x .$8,799,376 $6,680,152 Including $119,143 in 1937 and $154,082 in 1936 y the position of the Finance becomes Chairman of the board. xCr 101,225 Profit for the reserves, Cash dividends fooctrd syndicate par¬ ticipations on Expenses Total $8,799,376 $6,680,152 ..... 1,343,733 2,085,972 of funds in foreign countries subject to governmental restrictions. The income statement for 3 and 9 months ended Sept. 30 were published in V. 145, p. 2709. will be the first dividend paid on the common stock when a distribution of 50 cents per share was made. Corp.—Earnings— $1,456,106 CY55.895 Cash divs. received Profit per of this department.—V. 145, p. 1439. United States & Foreign Securities 9 Mos. End. cents Co,—Registration Withdrawn— See list given on first page Earned surplus... subscribers to share on the common stock, no par value, payable Dec. 15 to holders of record Nov.24. A similar payment was made on June 15, last, and on Dec. 15, 1936, this latter being the first dividend paid since July 15, 1929 when 60 cents per share was distributed.—V. 145, p. 1439. United Specialties Capital surplus... 1 —V. Profit-Sharing Corp.—10-Cent Dividend— The directors 725,338 1 $542 $1) $1) Com. shs. (par $463,525 Invest, 864,126 par) Divs. rec., accrued Balance Sheet June SO 1937 Assets— Plant property.. Pats., good will, «fec. 27,209 $123,320 Total income 42,670 After 1,111,767 1,297,838 1,556,702 ($50 stk. par) Common stock ($5 7,000 42,670 Total 1,497,500 1,130,082 5)4% conv. pref. 19,596 273,135 1,406.450 Reserves Cum. 423.615 21,969 312,825 uncomplet. sales Total.. Equities of Canada, Ltd.—Earnings— Interest and dividends.. stk., 498,345 acct. on com. at cost x x directors 10,378 94,750 15,494 15,503 2561. cumulative 5,608 with¬ pay. in one year 20,466 94,550 ...$18,836,642 Represented by 100,000 no par shares.—V. 145, x 2,912,690 29,354 Sundry in v.,at cost Treas. shs. 127,547 tax & other taxes come Deposits leases, on $500,000 accts., Incl. Fed. taxes est. to be¬ contracts, &c_._ Mtges. rec., at cost Reserve for Dom. of Can. in¬ come 499,372 from Deposits accrued charges 1,297,660 34,696 41,859 empl's, incl. exp. funds. 1.569,000 Accounts payable and sundry 3,623,003 1,759,986 lower or Sept. 30'37 Dec. 31'36 Notes pay., banks $2,000,000 Accts. pay. & accr. Inventories at cost Coke Co. 4,744,917 730,725 Corp. (& Subs.)—Bal. Sheet Liabilities— Sept. 30'37 Dec. 31'36 $316,324 $470,077 Cash 3,181,600 By-Product Ovens, Ltd., bonds United Gas & Fuel Assets— y basis of markets follows: Dec. 31, 1935_ Dec. 31, - 19361— - Sept. 30, 1937 - $389,123,253 391,330,660 419,031,875 the payroll in September, Approximately 276,000 employees were on 1937. Statistics of employment and payroll for the nine months of compared with the corresponding period in 1936, are given below: 9 Months Ended Sept. Number of employees.. Total payroll 30— 1937 1936 263,542 216,709 $354,217,827 $242,635,540 1937 % Inc. 21.6 46.0 Financial 2868 Consolidated Income Statement 1934 1935 1936 30,192,889 13,469.570 a3,768.863 15,838,232 14.992,332 11,597,860 10,224,776 32,375.223 1,323,818 3,363 15,200,557 1,225,518 3,362 1,871,710 1,223,553 3,362 x6,455.913 1.252,895 3,363 31,048,042 13,971,677 644,795 430,404 187,000 148,500 30,617,638 13,636,177 _ V Net profit Int. on bonds of subs Int. on U. S. Steel bonds fe Profit x7.712,171 Net loss from disposal of sundry prop, assets & securities b Extraord. deduction-_ Net profit 2,114.596 1,950,000 xl x9,826,767 1,801,405 ,305,205 1,801,405 6,304,919 dl3,5l0,542 dividends Preferred 8,703,252 Common dividends 15,609,467 $2.79 125,635 $0.84 y3,106,610 yll,628,172 9 Mos. End. Sept. 30— Net earnings (see note) .147,190,286 77,084,519 40,015,883 a31,429,983 47,461,648 41.986.702 34,343,312 33,488,481 99,728,638 3,896,631 10,088 35,097,817 3,676,326 10,087 5,672,571 3,723,984 10,086 x2,058,498 3,784.870 10,087 95,821,919 31,411.404 1.938,501 x5,853,455 6,180,000 5,613,036 Surplus Earn, per sh. on common Nil Nil Chgs. & allow, for depr. depl. & obsolescence. _ Net profit Int. on bonds of subs Int. on U. S. Steel bonds Profit Net loss from disposal of sundry prop, assets & securities 238,000 469,066 ... 1,298,500 b Extraord. deductions. 29,874,904 18,914,758 x4,241,499 xll,466,491 5,404,215 5,404,215 ©34,408.842 10,960,146 y9,645,714 yl6,870,706 $8.78 $1.25 95,352,853 Net profit Preferred dividends c52,240,759 8,703,252 Common dividends Surplus. Earn. per sh. on common Nil Nil a Includes $278,849 profits from sale of capital assets, b Proportion of overhead expenses of the Lake Superior Iron Ore Properties, normally Included in the value of the season's production of ore carried in inventories, because of the extreme curtailment in tonnage of ore to be c Includes 934% tor balance of $33,326,002. d Includes 2% for arrearages, amounting to $7,205,622. © Before deducting contingent pro¬ vision on account of Federal surtaxes on undistributed profits estimated amounting to $4,500,000. x Loss, y Deficit. but which, mined and shipped, is not so applied, accumulated arrearages, amounting to Note—The net earnings above shown as are stated after deducting all expenses, icnluding those for ordinary repairs and maintenance, in¬ cluding also estimated Federal, State and local taxes (exclusive of charge for proportion of overhead and taxes shown) expenses and for reserves contingencies. Note—No allowance made for surtax on undistributed profits.—V. p. 145, 2709. Universal Gas Co.-—Earnings— Operating Statement July 1 to Sept. 30, 1937 $43,083 32,334 Total gas sales Total cost of sales incl. administrative expenses 260 Insurance 1,706 10,696 Taxes Interest, depreciation and other deductions $1,915 Net loss before Federal income taxes Balance Sheet Sept. 30, 1937 Liabilities— Assets— $2,678 receivable Notes 35,424 Cash in bank Accounts $16,000 Accounts payable payable 12,831 Accrued liabilities Deposit premium on workmen's a8,199 Insurance premiums prepaid.. 476 10-year 6% mortgage bonds.. Preferred $6 cumulative...... Inventory (storehouse supplies) 421 Common stock Corporate trustee service fund Prepaid interest 48 823 1,121 161 compensation Insurance Deferred charges Cost of work in progress Earned 100,000 225 surplus 292 *414 y472,556 lines $514,4151 Total After zlOO.OOO 2,160 Capital surplus not allocated Auto trucks, &e Pipe (par $100) 275,000 1 Gas franchises $514,415 Total. for depreciation of $267. y After reserve for depreciation Represented by 1,000 no par shares, a Includes contingent liability of $421 for gross sales taxes on interstate shipments which is being contested in the courts.—V. 145, p. 961. x reserve of $68,171. Utah z Ry.—Earnings— 1936 1937 $117,810 47,209 Net from railway Net after rents 36,628 873,278 151,270 63,055 Gross from railway. $110,963 42,933 31,392 Sepiemuer— 730,018 178,702 105,519 1935 1934 $83,136 34,123 26,468 $71,515 14,779 def3,938 619,464 426,600 35,293 defll9,515 From Jan. 1— Gross from railway Net from railway Net after rents —V. 145, p. 140.002 32,783 The The Securities and plan contemplates that $14,000,000 of the company's trustee, prior to the consummation of the plan shall promptly initiate the purchase of debentures in the open market. Upon the confirmation of the plan, accrued and unpaid interest will be paid on the remaining outstand¬ ing debentures. As soon as possible after confirmation of the plan, the new company shall offer, for a period of 30 days, to acquire on tender the remaining debentures paying therefor a price that will exhaust the remainder of the $14,000,000 cash. The principal amount of debentures acquired through purchase up to the date of confirmation of the plan shall be de¬ ducted from the $19,000,000 of debentures to be acquired and the cost thereof shall be deducted from the $14,000,000 in cash to be used for that purpose. The portion of the $14,000,000 so remaining divided by the portion of the $19,000,000 of debentures so remaining to be acquired would give an average price that can be paid for such remaining deben¬ tures. In no event, however, shall such price exceed 75% of the principal amount of debentures co be acquired. Atlas Corp. guarantees that, if not less than $3,000,000 of said $14,aOO.OOO in cash is used for the purchase of debentures in the open market, Ond that the remainder of said $14,000,000 is used for the acquisition of additional debentures through tender, not less than $19,000 000 in aggregate principal amount of debentures will be canceled. Immediately upon the termination of the aforesaid 30 day period during which holders of debentures shall have the right to tender such debentures for cash, remaining holders shall, for a period of another 30 days, have the right to acquire common stock of two new companies that shall have been formed; namely, Central States Co. and the non-utility company. Central States Co. will owr all of the securities of Central States Utilities Corp. and its subsidiaries, Interstate Power Co., Maritime Coal, Railway & Power Co. Ltd. and Missouri Natural Gas Co. now held by Utilities Power & Light Corp. and (or) its wholly-owned subsidiaries, Utilities Power & Light Corp. Ltd., Utilities Power & Light Securities Co. and Casco Securi¬ ties Corp. The new non-utility company will own securities of "nonutility" subsidiaries and miscellaneous investments now held by Utilities Power & light Corp. and (or) the same wholly-owned subsidiaries. The following companies will be subsidiaries of the non-utility company: Bemidji Wood Products Co., City Theatres Co., Electric Building Corp., Litchfield & Madison Ry., Mt. Olive & Staunton Coal Co., Newport Water Corp., Southampton Corp. Investment (Fawiey) Ltd., United Collieries, Inc. and Utilities Elkhorn Coal Co. The Central States Co. will issue to Utilities Power & Light Corp. 1,000,000 shares of its common stock (par $1). These shares will be offered in one block only to holders of the debentures and to the general public to be paid for either in cash or debentures, the fair equivalence as between cash and debentures being first fixed by the trustee (if there be a trustee) or the court. Atlas Corp. will guarantee that the stock of Central States Co. will be sold for not less than $5,000,000 of debentures or their cash equivalent, but such guaranty will be conditioned upon a finding by the Commission that Atlas Corp will not become a holding company, as defined in the Holding Company Act, or will be exempt as such a holding company from provisions of the Act, in spite of any such acquisition under such guaranty. At.as Corp. will make no competitive bid for the stock of Central States Co. & These cash or debentures, the fair equivalence as between cash and debentures being first fixed by the trustee, or the court. Atlas Corp. will bid $5 per share of such common stock, payable in debentures, but agrees to subordinate its bid to other bids of equal price. The guaranty of Atlas Corp. is subject to a condition that certain utility subsidiaries of Utilities Power & Light Corp. will execute coal and coke contracts with certain subsidiaries of the The new non-utility company likewise will issue to Utilities Power Light Corp. 1,000,000 shares of common stock (par $1) per share shares also will be offered for sale generally to be paid for either in non-utility company. The non-utility company shall hold the new company harmless from liability which may arise from claims filed in connection with a contract of Utilities Power & Light Corp. to meet interest and sinking fund payments of bonds of Utilities Elkhorn Coal Co., which will be a subsidiary of the non-utility company. The non-utility company shall deliver its one-year 4% notes to the new company in the amount of the claim that finally shall be allowed with respect to this contract. Ail cash received as a result of the sale of the common stocks of the Central States Co. and the non-utility company will be used for retirement of debentures of Utilities Power & Light Corp. Each $100 principal amount of remaining debentures will be entitled to receive $90 principal amount of 4% 10-year collateral notes and 2 H shares of common stock of the new company. The collateral notes will be secured by all the securities and funded indebtedness of subsidiaries to be owned by the new company. Provision will be made that proceeds of the sale of assets of the new company shall be used to retire collateral notes. The collateral notes will be convertible, subsequent to 90 days after issuance, into common stock at the rate of 20 shares per $100 principal amount for a period of 90 days, and thereafter at the rate of 10 shares per $100 principal amount. A sinking fund equal to 10% of the amount of dividends paid upon the common stock also will be established. General unsecured claims are to receive the same treatment as that to be accorded to holders of debentures. The 5% bearer notes of Utilities Power & Light Securities Co., guaranteed by Utilities Power & Light Corp., are to receive the same treatment as debentures, except that unpaid and accrued interest will not be paid in cash but be added to and treated as a part of the principal of such notes for all purposes of the plan. The pian provides that the claim of Atlas Corp. for commission due it by Utilities Power & Light Corp. Ltd. on the sale of the English properties be pHid c<isfa Subject to certain conditions, the exact effect of which cannot be deter¬ mined at this time, it is claimed that the maximum capitalization of the company will be comprised of $20,476,000 of 4% 10-year collateral ($1 par), and warrants to purchase 2,477,047 shares of common stock. No hearing date has been set, but ample notice will be given before such hearing.—V. 145, p. 2709. new notes, 2,o19,252 shares of common stock Kamp's Holland Dutch Bakers, Inc.- -Earning Van de Light Corp.—Amended Reorg. Plan— Exchange Commission announced Oct. 26 that the „ idle cash shall be used in acquiring at least $19,000,000 of debentures of the corporation in the open market. The corporation or the trustee therefor, if there be a 2249. Utilities Power & ^ . 3 Mos. End. Sept. 30— Net earnings (see note). 48,213,455 Chgs. & allow, for depr., depl. & obsolescence, 1937 30. including more than $16,000,000 now held by Utilities Power & Light Corp., Ltd., a wholly-owned subsidiary. .This cash will be used for purposes of the reorganization. forlZ and QlMonths Ended Sept. 30 1937 Oct. Chronicle Dec. 27, *36 Years Ended— Dec. 31, '35 Dec. 31, '34 Dec. 31, '33 $3,846,248 Sales Atlas Corp. and the protective committee for the preferred stockholders of the corporation has filed an application for approval of an amended plan of reorganization. This amended plan of has been filed pursuant to Section 11(f) of reorganization (File No. 52-5) the Holding Company Act and is proposed as a substitute for the plan previously proposed by the trustees of Public Utilities Securities Corp. and the trustee of Webster Securities $2,624,595 $2,396,872 3,086,871 2,103 62,803 38,786 23,733 2,480,802 18,263 62,949 29,640 2,282.915 Miscell. charges (net) Corporation. $3,310,672 3,507,369 4,832 63,497 41,354 Cost of sales, oper., gen., & admin, expenses I " Prov. for Fed. inc. tax.. Deprec. & amortization & repairs. . Maintenance 39,490 x31,000 Taxes 10,451 84,149 24,421 " 1~666 12,200 Tne plan states that Atlas Corp., which had previously opposed the Commission in the appointment of a trustee for Utilities Power & Light Corp., is withdrawing as a party to the appeal now pending from the order of the U. S. District Court in Chicago appointing Willoughby G. The Commission understands that Atlas Corp. has filed notice of a motion to be filed Oct. 27 in the district court in Chicago specifically requesting the appointment of Mr. Walling as trustee. The effect or the proposed plan on present security holders is as follows: All old debentures not retired are to receive 90% in new 4% collateral trust notes and 2H shares of new common stock for each $100 debentures, plus all unpaid back interest in cash. The old preferred stock is to receive 10 shares of the new common stock. Walling as a share of the new common stock. granting the holder the right to purchase threequarters of a share of new common stock at $5 per share for the first six months and $7.50 per share thereafter, will oe issued for each share of class B stock and old common stock. Upon the exercise of the awrrants, payments for new common stock may be made either in cash or in collateral notes taken at the principal amount. All cash paid to the new company upon the exercise of the warrants is to be used to retire collateral notes. The plan provides in substance that the corporation will dispose of its investments in Central States Utilities Corp. and its subsidiaries, in Inter¬ state Power Co., Maritime Coal, Railway & Power Co., Ltd., and Missouri Natural Gas Co., and in all of its non-utility subsidiary companies, and One five-year warrant miscellaneous investments. will be organized to acquire the remaining assets of the corporation, which will consist mainlv of tne investments in Derby Gas & Electric Corp., Illinois & Missouri Pipe Line Co., Indianapolis Power & Light Co., The Laclede Gas Light Co., Iaclede Power & Light Co., New¬ port Electric Corp., and Utilities Power & Light Operating Corp., and cash new $ 8,518 19,976 $18,357 21,328 $65,568 15,949 dividends Preferred $84,174 18,606 $158,706 ... def$ll,457 def$2,971 104,739 Common dividends trustee. The old A stock is to receive l-5th of A Net income company Balance, x $38,017 surplus Including $4,000 surtax on undistributed profits. Comparative Balance Sheet Assets— 31,'35 $144,549 64,650 5,465 Liabilities— Dec. 27,*36 Dec. Cash $190,321 Cash val. of life ins 71,609 Sundry accts. rec. 2,691 Accts. Prov. 12,559 futures.. accts. Property, 12,200 271,300 288,000 270,000 270,000 Drl6,157 Z>r20,644 85,609 Paid-in surplus 226,376 221,772 23,655 30,539 Earned surplus 119,133 81,115 72,784 288.922 283,313 $934,782 $871,276 1,185 1,691 d Treasury stock. payment leasehold Total __ plant & equipment on __ real estate. Initial Common stock 72,784 expenses. Unimproved b $18,832 32,219 114,500 receivable Inventories a Dec. 31,*35 $31,911 Federal Preferred stock. c Employees notes & Prepaid for Dec. 27,'36 & expenses income tax Margin deposits on wheat payable accrued 169,112 $934,782 170,115 $871,276' Total a After reserve for depreciation of $473,807 in 1936 and $425,312 in 1935. b Of Los Angeles Bakery property for which title will be received at expira- Volume tion Financial 145 c Represented by shares of preferred stock at shares of common at cost in Wailuku 1963 and additions thereto, less depreciation, in no par shares, d Represented by 367 cost in 1936 and 144 shares of pref. and 2,087 40,000 1935.—V. 145, p. 1755. 2869 Chronicle Sugar Venezuelan Oil Concessions, The directors have declared an Ltd.—Interim Dividend— interim dividend of 7 H % on the common A similar amount was previously distributed.—V. 3 Months Ended Sept. 30— and Fed. inc. taxes__ Depreciation of buildings and equipment Amortization of patents......... 1937 $40,918 5,106 1,436 $34,377 18,017 '•( $424,675 74,255 $597,445 147,060 $504,068 123,858 $191,353 48,966 $498,930 106,675 $450,385 480,000 $380,210 420,000 $142,387 $392,255 270,000 360,000 $29,615 $39,790 $127,613 sur$32,255 $16,360 Net income Dividends paid Balance, deficit Comparative Balance Sheet Dec. 31 Assets— 1936 Inventory $0.20 $0.31 Pers. & tr. accts.. 11,907 Accts. receivable.. Virginia Iron, Coal & Coke Co.—Earnings— 1937—3 Mos.—1936 1937—9 Mos.—1936 Liabilities-— $281,929 $1,023,737 344.032 310,770 1,065,954 958,524 accounts 3,511 Cash 452 614,810 187,419 172,732 14,188 10,047 $6,158 $27,910 $26,161 x 36,493 119,328 $30,335 —V. 145, p. $8,030 $93,167 $89,986 1934 1935 1936 1937 944.034 $1,618,336 926,854 $1,198,157 Net from railway Net after rents 828,587 880,680 533,224 14,648,186 12,633,910 6,821,743 6,226,574 11,428,444 Gross from railway $1,752,521 . 622,318 $1,220,283 687,298 611,243 From Jan. 1— Gross from railway—. 7,888,536 6,781,251 Net from railway Net after rents . 6,062,773 5,063,711 10,634,462 5,586,552 4,868,154 Ry.—Payment on Coupons— K. Atkinson, treasurer for receivers on Oct. 28, issued the following authority contained in an order entered in the Federal Court Mo., Oct. 28, there will be paid on and after Nov. 1, 1937, at 15 Broad St., New York, 80% from the following mortgage bonds of the the office of the treasurer for the receivers, of coupons of the face amount Gross oper. revenues Maintenance. Wabash RR., 1st mtge. 5% bonds, coupon series No. 97, due Nov. Columbia & St. Louis RR., 1st mtge. 4% bonds, coupon series due Nov. 1, 1937. When payment 1,1937. No. 71, has been effected, the coupons will be stamped to indicate the partial payment Earnings for September and Year to Date 1936 1935 $3,848,303 933,238 444,750 $3,462,165 859,945 436,257 $2,954,203 569,243 126,887 34,898,017 7,902,056 Net from railway Net after rents 33,826,621 8,090,514 3,681,785 30,346,142 7,060,585 3,141,017 28,870,257 7,285.418 3,027.338 From Jan. 1— Net from railway 3,341,821 Net after rents 109,882 73,101 118,404 72,202 1935 1934 101,203 $446,280 277,597 $620,338 368,859 $584,336 370,424 144,000 7,516 21,628 144,000 5,974 21,730 192,000 192,000 10,051 28,853 Other inc. deductions.187 204 353 6,896 29,001 2,127 def$3,226 $20,222 def$16,113 on on 1st mtge. bonds. 1st lien & general mortgage bonds Other interest Amortization Net income r $7,064 Note—Dividends at p. on the 7% cumulative preferred stock were in arrears Sept. 30, 1937, to the extent of $33.25 per share or $447,811.—V. 145, 1120. ' .... Washington Water Power Co. (& Subs.)—Earnings— Period End. Sept. 30— 1937—Month—1936 1937—12 Mos.—1936 Operating revenues $1,115,376 $788,746 $11,271,580 $9,457,977 Oper. exps. (incl. taxes). 726,137 431,539 6,502,847 4,861,740 Prop, retire't res. approp 83,595 87,228 1,014,259 893,419 Gross income on mtge. Int. on bonds $305,644 1,976 $269,979 988 $3,754,474 33,071 $3,702,818 38,253 $307,620 82,963 Net oper. revenues Other income (net) $270,967 82,963 $3,787,545 995,550 "2,865 "1,629 $3,741,071 995,550 5,825 41,720 deb. bonds Other int. & deductions. 51,126 Cr9,797 Int. charged to constr__ 1933 Gross receipts from sugar andmol sses $3,875,472 $3,629,968 $3,186,204 Costofpr d. & market'g 2,801,349 2,511.659 2,531,492 $3,585,192 2,576,518 $2,750,666 $186,375 $221,792 income Dividends applicable to preferred stock for 622,618 622,518 $2,128,148 Balance x $2,697,976 the $2,075,458 period, whether paid or unpaid Regular dividend on the $6 preferred stock was paid on Sept. dividend there were no accumulated unpaid date. After payment of this Gross profit on sugar $654,712 151,415 $1,008,674 184,941 $806,127 64,454 $1,193,615 8,919 $1,271,968 696,758 $1,307,307 346,940 $741,673 184,118 $1,191,555 128,488 3,207 3,317 $1,074,123 $1,118,309 208,970 197,918 $1,283,093 $1,316,226 11,125 and molasses Other operating income. Total income Operating charges Gross operating profit Financial inc., divs., &c. on sale of Note—Includes provision made during December, 1936, of $1,500 for Federal surtax on undistributed profits of a subsidiary for 1936. No such provision has been made to date for 1937.—Y. 145, p. 2249. 2,060 Wesson Oil & Snowdrift Sheet Aug. 1937 b L'd, $ $1,971,933 ' - Profit for year Income and excise taxes (estimated) 8,743 $925,791 7,982 $1,657,564 5,711 $1,320,962 Inv. in 362 $1,963,190 $1,651,853 $917,809 $1,320,600 369,504 334,322 219,982 9,807,423 170,130 155,496 3,844,283 3,481,265 Advs. (current)... 911,843 996,410 1,709,126 1,139,696 298,980 300,241 290,465 Loans — cos to Net profit for year car¬ ried to surplus acct. c $1,593,686 y2,148,265 $697,827 487,500 $1,317,531 x4,420,000 $1,030,135 780.000 Co.'s com. stock. 303,083 $3,102,469 sur$210,327 sur$250,135 x Including stock dividend paid (50%) of $3,250,000. y Dividends paid: Cash (9%), $877,500; stock of Hawaiian Pineapple Co., Ltd., at book value, $1,236,005, and cash in lieu of fractional shares of Hawaiian Pineapple Co., Ltd., stock, $34,760. Comparative Balance Sheet Dec. 31 25,917 notes 488,414 150,496 84,327 1935 S Payrolls 55,716 49,126 Long-term contr.. 35,610 63,076 51,183 52,486 Deferred liabilities 543,470 637,765 Reserves 415,154 354,624 Accts. & other pay. and oth. receivables. & 16,945 915,174 Due from agents.. $ Liabilities—- S $ Assets— Cash. molasses 9,887 in transit 270,872 Mat'ls & supplies. 284,220 219,033 Growing crops. 1,311,100 1,311,100 Investments 7,128,855 Common stock... 9,750,000 Surplus 4,484,429 9,750,000 4,884,886 8,255,385 1,471,253 2,600 Outstand. drafts.. 1,457,482 138,129 Real estate & water rights.... 127,330 Leased lands mach., equip, improv.. 3,924,678 3,539,528 ..15,335,563 15,794,565 Bldgs., Total After reserve Total .....15,335,563 15,794,565 for depreciation of $3,987,512 in 1936 and $3,893,344 1935—Y. 145, p. 2249. Waldorf System, Inc. Period End. Sept. 30— Total sales. Net credits. Earned per sh. (& Subs.)—-Earnings— 1937—3 Mos.—1936 1937—9 Mos.—1936 $3,802,234 $3,819,162 $11,032,237 $10,815,751 129,164 174,886 298,925 461,821 of com. stock on 426,419 shs__ $0.30 $0.41 $0.70 $1.08 a After depreciation, Federal and State taxes, including undistributed profits tax.—V. 145, p. 1602. ^ 202,375 5,678,510 13,074,103 for 585,414 140,000 Miscell. invest m't. 548.014 369,078 Prepaid expenses. 207,436 Ins. fund invest.. 346.068 255,534 317,425 ...42.038,260 42,429.522 Fed. and 1,694,909 761,900 Res. for fire Ins.,Ac State Inc.tax... 1,619,181 761,900 Purch. money note 42,500 payable 240,000 Other reserves.... Paid-in U. S. Govt, bonds. Total Res. surplus 3,200" 000 6,237,465 Earned surplus... 7,569,020 Capital surplus 3,200,000 6,237,465 7,160,239 42,038,260 42,429,522 Total Represented by 300,000 no par pref. shares and 600,000 shares of no stock, b After reserve for depreciation of $10,428,154 in 1937 and $10,073,557 in 1936. c Represented by 18,000 shares at cost in 1937 and 14,586 snares at cost in 1936. d Represented by 5,600 shares at cost in 1937 and 4,3^5 shares at cost in 1936.—V. 145, p. 2710. a 1936 1935 1936 303,149 pref. stk. Cash $554,579 Balance deficit 148,805 10,928,082 11,521,068 Inventories d Inv. In * Com. dlvs. payable glnners, &c__. Dep. in bk. in liq. Dividends. 1936 $ Capital stock...20.571,786 20,571,780 Accts. payable & accrued liablls.. 1,957,330 1,672,738 Due to allied and 85,143 affiliated cos 2,748 295,055 Pref. dlvs. payable a & advs. to allied 1937 Liabilities— $ Accts. & bills rec_. Income charges -Consolidated Balance 1936 ; bldgs., ma- chln'y & equip..10,588,355 Total Co., Inc. 31— Assets— 919 15, 1937. dividends at that real estate and securities.. a $517,699 66,637 $456,941 276,544 Int. Int. x 1936 x 134,284 $394,189 52,090 Net Agricultural Co., Ltd.—Earnings— Calendar Years— in 137,956 94,262 2249. Waiaiua x 1937—12 Mos.—1936 $1,652,225 $1,550,150 704,398 760,844 92,566 116,826 $395,271 61,670 income Non-oper. income Int. Gross from railway Sugar 786. $542,336 78,002 1934 1937 $3,823,950 785,903 281,100 September—• Gross from railway Accts., 8,400 Net oper. made thereon and returned. accompanied by the required Federal income tax ownership certificates, should be placed for collection through the usual channels and such coupons must be presented separate and apart from any other coupons of this company's issues. Profit p. 1937—9 Mos.—1936 $1,237,123 $1,164,410 564,247 514,786 86,998 72,450 (other than Fed¬ eral income) Depreciation Coupons, —V. 145, p. 35,162 Taxes the dates stated: series due on 77,102 19,425 6,555 $4,333,256 $4,509,223 Total Represented by shares of $20 par.—V. 145. Operating expenses statement: Pursuant to 79,184 income accrued Gross income 2709. at St. Louis, $4,333,256 $4,509,2231 Period End. Sept. 30— Virginian Ry.- ■Earnings— Wabash 1,272,937 Washington Gas & Electric Co.—Earnings— September— A. 3,000,000 1,108,086 Capital stock tax. Total 786. —V. 145, p. 3,000,000 Capital stock Territorial x Net loss 58,028 ... Res. for Fed. taxes 105,636 plants, &c. sus¬ Surplus $15,651 35,940 sales pense tax Total profit 18,637 Suspense $80,590 96,241 $42,217 68,378 3,420 employ. tax Sugar ..... 12,857 Social security un- 452 Deferred Items $15,141 29,595 $15,387 i Personal and trade 334~350 478,644 agents.... $877,933 51,717 30,844 Payroll C. Brewer & Co., $325,930 1935 1936 » Unsettled labor... 10,847 334,350 Accrued interest.. Period End. Sept. 30— $28,841 56,751 1935 $2 ,973,499 $3,087,785 251,395 248,124 70,554 37,410 Investments $18,103 24,261 $72,983 118,370 - Properties Crops $23,308 Earnings applicable to common stock Per share earnings on common shares outstanding Sept. 30, before provision for Fed. income tax.. —V. 145, p. 962. - Operating loss $445,244 58,824 Net profit $39,749 16,441 Profit before Federal income tax. Preferred dividend Other income 9133 $1,577,238 1,152,563 Other income 1936 $49,578 7,951 1,877 Profit before deprec., amort, Expenses... 1934 $1,133,843 1.060,861 Taxes, &c Equipment Co.—Earnings—„ Gross 1935 $1,491,360 1,046,116 140, p. 3916. Total income Victor _ $1,668,737 1,151,621 $517,116 80,329 Oper.—marketing ^exps stock. Co.—Earnings— 1936 Calendar Years— Gross profit par common West Ohio Gas Co.—Reorganization Plan•— A committee for the holders of 6% first mortgage bonds has filed with Exchange Commission an application (52.4) under Section 11 (f) of the Act and Rule 12E-4 asking for a report by the Com¬ mission on a plan for the reorganization of the company. The company is an operating subsidiary of the trustees of Midland Utilities Co., a registered holding company, and has been in the process of reorganization under Section 77-B of the Federal Bankruptcy Act since June 25, 1934. A reorganization plan was filed by this company with the Commission on Aug. 13,1937. The committee filing the present application is composed of David C. Patterson, New York, and Max J. Mauermann and David Copland, Chicago. Under the present plan the capitalization of tne new company would consist of $676,500 of 6% first mortgage bonds, 155,611 snares of common stock of a stated or par value to be determined subject to the Court, and warrants evidencing the right to purchase an additional 7,860 shares of such common stock. Tnis set-up compares with the present capitalization of $1,353,000 of 6% first mortgage bonds, $65,633 of demand notes due to the the Securities and tji parent company, 7,196 shares of 7% cumulative ($100 par) preferred stock, and 78,600 shares (no par) common stock. The present bondholders would receive 95.44% of the new common stock, while Midland Utilities Co., as holder of tne demand notes, 52.1% of the present preferred stock, and all of the common stock would receive 2870 Financial 3.82% of tne warrants stock. new common Chronicle Midland Utilities Co. would also receive Western Maryland it to purchase an additional 7,860 shares of the new The preferred stockholders, other than Midland Utilities entitling common stock. Co., would receive the remaining 0.74% of tne new common stock. Holders of the 81,300,000 of the company's 6% first mortgage bonds, which no interest has been paid since Dec. 1, 1933, would receive $500 principal amount of tne new 6% first mortgage bonds and 111 shares of the new common stock for each $1,000 principal amount of the present bonds. Holders of the 6% first mortgage bonds of Delphos Gas Co., on which interest has been paid to April 1,1937, would receive $500 principal amount of the new 6 % first mortgage bonds and 79.5 shares of the new common stock for each $1,000 principal amount of the present bonds. The holder of $65,633 of demand notes of the company would receive 3,916 shares of the new common stock. The preferred stockholders would receive 3.33 shares of the new common stock for each 10 shares of the present preferred stock. Holders of the common stock would receive for each 100 shares now held, (a) one share of new common and, (b) one common stock purchase warrant evidencing the right to purchase 10 shares of common stock at the rate of $7.50 per share between Jan. 1, 1938 and Jan. 1, 1940 and at $10 per share thereafter up to Jan. 1, 1943. General claims are to be paid by the new company to the extent allowed by the Court. The Commission has not yet fixed a date for a public hearing on the application.—V. 145, p. 1278. Oct. Period End. 30. 7 Ry.—Earnings— 1937—Month—1936 1937—9 Mos.—1936 $1,477,532 $1,386,837 $13,587,420 $11,885,528 976,911 866,027 8,935,747 7,819,857 Sept. 30— Operating revenues Total oper. expenses on 1937—3 Mos.—1936 Sept. 30— 502,869 $26,018 173,210 Gross profit on coal sales Other oper. profit & inc. $500,621 100,000 $520,810 100,000 $4,651,673 1,055,000 $4,065,671 870,000 $400,621 19,825 12,916 $420,810 17,223 13,542 $3,596,673 201,856 116,532 $3,195,671 197,031 121,577 income. $407,530 9,048 $424,491 4,002 $3,681,997 74,168 $3,271,125 56,533 Gross income.—— $416,578 263.013 $428,493 262,866 $3,756,165 2,356,992 $3,327,658 2,371,550 $153,565 $165,627 $1,399,173 $956,108 Operating income— Equipment rents—Cr— Jt.faeil. rents (net Dr.). Netry. oper. Other income. Fixed — charges— Net — — income — V':;' Gross earnings—— 1.780,327 $103,512 555,695 1,872,004 $183,319 546,582 $182,351 121,626 $729,901 414,312 $659,207 $74,055 17,900 134,030 6,707 $60,725 18,500 132,401 4,140 $315,590 53,700 399,494 14.132 $302,656 55,500 382,845 25,775 $84,581 $94,316 $151,736 $161,464 356,551 $322,354 funded debt- on Prov. for Fed. inc. taxes Net loss. Balance Sheet Sept. 30 Assets— 1937 Cash Sales billed ----- $238,248 (net). 1,322,895 1,081,418 682,043 and notes receivable in 659,225 hand trustee 1,850 3,466 6,053 182,233 27,237 Fixed assets Operating 158,958 y 30,208 6,880,689 6,791,906 depreciation 105,438 377,346 160,000 164,325 1,540,000 437,572 stock. 5,103,066 1,124,965 151,736 131.026 reserves Common Surplus Deficit Total Operating 1,600.000 420,338 5,103,066 1,217,056 161,464 in 1937—3 Mos.—1936 Taxes 1937—12 Mos.—1936 $2,643,045 $10,794,571 $10,864,811 8,311 sources- 30,251 45,789 204,686 Net profit after depreciation, for 524,789 338,155 1,681,903 1,254,845 Oper. income—electric $627,418 $746,324 $3,113,507 $3,209,862 $1,330,707 21,229 929,060 82,084 265,540 expenses expense Taxes Oper. income—gas on $6,191,462 3,993,636 517,450 810,560 $6,031,851 4,175,972 451,071 591,924 • ,322 rev. deduc'ns long-term debt— $210,493 ,817 $812,884 $956,817 2,560 Dr7,870 $3,983,324 12,375 Dr37,243 $4,022,745 Dr9,221 $691,607 397,113 revenues Gross corp. income Int. $5,970,964 60,886 $695,741 4,252 DrS,386 Total operating income- Non-oper. $6,180,853 10,609 $1,351,936 910,941 74,392 156,109 Total oper. revenues $1,345,006 Non-oper. $951,507 244,454 $3,958,456 1,129,075 $3,970,164 996,117 Dr43,360 Misc. int., amort, of debt disc. & exp. and miscell. deductions Net 68,413 183,909 618,002 977,295 $226,081 income Sales Of electric energy— kw. hours... $523,144 $2,211,379 $1,996,753 69,415,957 63,360,171 257,978,467 233,208,524 Sales of gas—cubic feet-965,420,800 959,426,4005,205.069,2004,851,071,400 —V. 145, 1918. p. Western Canada Flour Mills Co., Ltd. Subs.)— Year Ended 11 Mos.End '37 July 31 '36 July 31 '35 $205,235 $177,862 loss$l,378 Julu Operating profitProv. for deprec. & doubtful accounts r^Ee} profit- ----- Dividends on 31 xl32,629 preference shares.. xl39,461 50,977 $72,606 - $38,400 loss$52,355 36,195 Including income taxes. Consolidated Balance Sheet July 31 Assets— 1937 1936 Liabilities— Real estate, build¬ ings, &c_- backlog of orders on its books but these evenly distributed; some departments are still working at capacity, are experiencing a letdown. Employment and production are being maintained at a high rate." Unfilled orders at Sept. 30, 1937, were $78,155,632 as compared with $40,605,205 at Sept. 30, 1936.—V. 145, p. 1121. "The company has a substantial are not Patents, tr-marks and goodwill..- 1 807,575 398,556 1,707,899 39,528 Inventory. Cash- Total 1937 2,586,701 45,513 54,027 _ —V. 145, p. Common stock.. Costs, &c Repairs & maint 145, p. 2562. 8,646,928 1,169,611 . Deprec. & depletion 1937—9 Mos.—1936 1937—3 Mos.—1936 $23,838,723 $21,161,888 $72,234,142 $57,087,001 17,250,344 bl5,370,258 52,192,506 b42,507,601 1,852,524 1,467,705 4,704,561 3,779,319 1,412.481 1,434,205 4,109,894 3,646,164 , & adminis expense, &c Prov. for doubt, accts— gen. Operating profit— 1,540.636 78,770 Net profit 4,255.493 199,806 $1,340,956 281,875 $6,375,598 483,696 $2,698,618 588,525 $1,856,836 409,940 216,703 Total income Interest, &c c Est. Fed. income tax__ 4.603,863 247,720 $1,703,968 152,868 — Other income 1,474,156 74,608 $1,622,831 389,515 46,656 $6,859,294 1,190,028 667,233 $3,287,143 1,132,215 86,069 $1,230,192 $1,186,660 $5,002,033 $2,068,859 576,189 387,744 576,189 387,744 $1.29 $1.58 $6.18 $0.91 &c. b Including losses and expenses in the amount of $89,613 for the September quarter and $223,538 for nine months' period, caused directly by the strike at the Portsmouth Works, c No pro¬ vision made for Federal surtax on undistributed profits. Expenses and losses directly attributable to the floods of March, 1936, and January and April, 1937 in the amounts of $751,035 and $1,192,813, respectively, have been charged directly to surtax account. These items are allowable Shs. of com. stock Earns, per share — a After discounts, returns, deductions for tax purposes. of the books and accounts by independent additional profits aggregating approximately Note—Upon an examination accountants as of July 31,1937, $400,000 were indicated (primarily as a result of checking inventory) in respect of the first seven months of the year 1937, which profits have not been reflected in the foregoing or other quarterly statements, since the corporation customarily makes any such adjustments upon closing the accounts for the year. Time for Exchange Extended— The corporation has extended to Dec. 10, the date on which holders of the 6% cumulative preferred stock can exchange one share of their stock into one share of $5 cumulative prior preferred and one-half share of common stock under the recapitalization plan. As of Sept. 30, 1937, 347,777 shares of old preferred or nearly 90% of the 382,862 shares outstanding, had been exchanged. In October thus far there have been further exchanges, so that only about 8% of the old stock remains outstanding.—V. 145, p. 2411. Whittenton Manufacturing Income Account for Co., Inc.—Earnings—- 12 Months Ended Jan. 2, 1937 Net sales Cost of manufacturing $1,123,180 988,036 - Manufacturing gain. $135,143 20,165 60,481 - Depreciation stock no par $9,385,308 $7,997,903 value, y Represented Manufacturing profit after depreciation abandonment in 1936 of plant items. $54,496 70,278 Net loss. Total.. of $15,781 Losses charged for by Balance Sheet Jan. 2, 1937 1937 $1,619,187 315,957 142,421 1936 Assets— $1,606,932 348,990 155,940 12,025,570 406,327 def811,229 10,369,893 678,803 def723,862 UabUitie&y Cash a $32,447 Accounts receivable - Inventory Drugs & miscell. supplies Fuel oil 1935 $1,332,618 302,279 159,990 1934 $1,313,33 319,261 189,207 From Jan. 1— Net after rents. 2,033,986 Wheeling Steel Corp. (& Subs.)—Earnings— Interest Western Pacific R R.—Earnings— —V. 9,743,361 2,332,734 1,604,639 2250. Gross sales . Hanna, President, announced at the recent annual meeting his decision to retire from the Presidency and said that he would be succeeded by A. J. Mitchell, now Vice-President. Mr. Hanna will remain on the board.—V. 143, p. 2702. Gross from railway Net after railway 11,296,370 3,204,518 2,398,632 Period End. Sept. 30— D. B. Net after rents $778,556 142,515 57,065 12,673,477 4,165,443 3,767,695 Net from railway Net after rents New President—• September— 1935 $1,176,522 385,964 310,285 51,919 135,000 shares common 3hares of $100 par. Gross from railway Net from railway 1936 $1,401,488 459,850 384,262 . $9,385,308 $7,997,903| x 1934 1937 $1,432,519 487,467 396,638 Net after rents. 1936 6)4% pref.stk.. $2,413,000 $2,413,000 2,205,700 2,205,700 Bank loan 1.942,000 833,000 Accts. & bills pay. 797,349 693,483 Reserves 1,660,037 1,558,104 Profit &lossacct_. 367,222 294,616 x 1 Accts. & bills rec— Deferred charges.. others Wheeling & Lake Erie Ry. —Earnings— y $5,103,266 $5,042,331 788,225 757,667 Investments profit rose 50%, Andrew W. Roberston, Chairman, reports. the net while Year Ended Period— x - "Incoming orders continue at a fair level, although below the peak of the year," Mr. Robertson states. "There is some reduction in inquiries and in a few cases prospective purchases have been postponed temporarily. Sell., Manufactured Gas Operations— Operating revenues: From sales of gas $1,337,812 From miscell. sources. 7,194 Retirement Fed'1 taxes, &c 20,702,105 14,284,446 9,375,989 Earnings per share on combined preferred and common stock— $7.75 $5.36 $3.52 Orders booked in the nine months increased 43%, sales billed rose 33% a Federal income tax)-- Operating 1937 1936 1935 $239,573,704 $162,295,156 $122,849,880 193,316,391 146.561,629 114,932,970 Orders received. $2,673,296 $10,840,361 $11,069,497 1,401,615 5,234,005 5,799,927 187,202 810,945 804,863 171,791 prov. $4.18 From Jan. 1— expense (incl. 11,123,706 $6.26 Sales billed Gross from railway Totaloper. revenues $2,651,139 Operating expenses 1,327,141 Retirement 16,726,520 ,$1.20 September— Co.—Earnings— $2,642,829 energy 3,185,728 $2.02 com¬ Gross from railway Net from railway From sales of electric „ on Earnings for 12 Months Ended Sept. 30 1936. revenues: From miscell. 5,394,748 „• sb. $9,137,713 $9,077,618 of $4,462,687 in 1937 and $3,989,833 no-par shares.—V. 145, p. 1279. Westchester Lighting per bined pref. & com. stk. Represented by 400,000 Period End. Sept. 30— Electric Operations— 14 Net profit after deprec., and conting.. ' $9,137,713 $9,077,6181 After $502,156 107,959 Funded debt Res. for Investments x $434,215 taxes Notes payable Cash in closed bks. Total accts. Accrued interest & of Prepaid, accrued & other items y & 1936 1937 payable Inventories Cash Vouchers to Oct. 1937—3 Mos.—1936 1937—9 Mos.—1936 $48,991,283 $45,268,298 $191,200758 $134,148358 52,978,366 38,764,470 154,839,997 115,992,637 - Liabilities— $148,901 Accts. x 1936 1 Westinghouse Electric & Mfg. Co. (& Subs.)—Earnings Period End. Sept. 30— Earns, Depreciation & depletion Jan. 14 1936 1937 1936 $338,466 $14,233,867 $12,547,171 1937 taxes, &c Net profit before fixed Interest $353,059 $14,577,292 $12,900,230 $328,207 —Week Ended Oct. Period— 1937—9 Mos.—1936 579.387 $10,039 172,312 $199,227 125,172 charges Jan. 1 to Oct. 21 1937 1936 —Week Ended Oct. 21 1937 1936 . Periods— Orders received Gross profit from oper. Sell., adm. & gen. exps. , — Gross earnings —V. 145, D. 2562. West Virginia Coal & Coke Corp.— ■Earnings— Period End. Productions—tons. Net oper. revenue Taxes-.--— 8,774,648 1,048,655 def40,606 8,892,229 1,719,580 850,542 Unfinished and finished cloth Real estate & machinery New York furniture & fixtures Profit and loss Preferred stock 600,000 327,500 9,415 505,538 600 $959,7501 reserve . 800 2,020 2,500 28,101 Total After 79,208 $26,929 146 Prepaid items Prepaid insurance a Accounts p cable 191,072 Reserve forapital stock tax. 90,365 Reserve for Federal taxes 18,742 Reserve for Mass. excise tax. 4,112 Common stock of $2,737.—V. 133, Total. p. 305. $959,750 Volume Financial 145 White Pass & Yukon Ry.—Debenture Stock Extended— operating 1935 1937 S5,526,375 4,774,888 ... Cost of sales <c expenses Net profit from operations Other income Other deductions. 1936 $4,402,165 3,809.588 $3,817,013 3,403,415 $751,487 Cr48,896 119,902 $592,577 Cr34,383 106,532 $413,598 Cr73,177 114,067 .__ _ $680,480 105,892 $520,428 68,570 Woodall Industries, $574,588 321,296 $451,858 139,607 2,371 272,540 $328,267 defl8,485 Dividends paid 477,400 Earned surplus Shs. stk. outstanding, share common Earnings per no par $2.10 Note—In arriving at net income no charge has been for income depreciation Assets— 1937 1936 Accts. & notes 848,092 1,624,940 rec. Inventories Investments 15,001 Notes & accts. rec. —off'rs & em pi. a 10,503 Plant <fc equip._ 1,209,360 b Idle plant 39,236 _ 10,935 Total a 39,992 1,208,557 256,107 42,681 8,103 244,042 Deferred charges. Patents $139,607 136,140 $2.41 ' . H 1937 $239,341 67,971 3,000,000 478,285 321,296 come taxes. 3,000,000 Capital surplus 478,285 Earned surplus.__ 418,484 c 1936 $343,090 104,234 Accts. pay. & accr. Prov. for Fed. in¬ Capital stock $1.10 Sept. 30— Ry.—Earnings— 1937—12 Mos.—1936 1937—3 Mos.—1936 loss$4,89l $16,704 $242,737 $185,022 9.86 cts. 9.99 cts. 9.74 cts. 9.87 cts. 4,870,655 4,723,645 16,850,711 16,496,701 Wright-Hargreaves Mines, Ltd.— Years Ended Aug. 31— ' 1935 1936 1937 $7,714,486 Develop., exploration & pumping 509,653 Stoping. yl,042,751 Transporting ore (hoist¬ ing, &c.) 348,858 Milling charges 509,618 Deprec., bldgs. & equip. 281,657 Prov. for taxes (excl. of 1934 $7,595,231 x$6,844,539 x$6,797,579 848,399 488,238 713,854 357,223 748,532 278,500 477,974 306,737 260,998 462,896 292,287 275,119 665,000 700,000 470.000 275,000 452,192 521",830 390,374 182,111 462,318 Profit from operations Other income $3,904,756 46,835 $3,874,964 68,345 $3,765,890 80,155 $3,763,422 72,709 Net to surplus..... Previous surplus $3,951,591 4,550,921 $3,943,309 3,958.260 $3,846,046 3,420,375 $3,836,131 2,624,845 $8,502,512 3,854,492 56,000 $7,901,570 3.320,561 $7,266,421 .3,308,160 $6,460,977 3,040,601 Aug. 31- $4,592,021 $4,550,921 $3,958,261 $3,420,375 bullion tax) Prov. for aeplet. of min¬ 586,827 459.090 274,762 Other expenses $4,344,094 $4,106,893 Total for depreciation of $1,688,162 in 1937 and $1,591,606 b After reserves, c Represented by 272,800 no par shares in reserve in 1936 $329,385 $0.68 ing properties $4,344,094 $4,106,8931 After 31 1937 $203,220 300,000 shs. capital stock Worcester Street made against net Liabilities— $842,995 642,714 1,050,741 15,001 $341,983 on Proceeds from bullion Balance Sheet Aug. Cash share Period End. idle plant. on per Net profit Average fare. Rev. fare pass, carried._ —V. 145, p. 627. 170", 175 $321,296 136,400 $3.31 $418,484 272,800 _ Inc.—Earnings— Note—No mention was made of Federal surtax on undistributed profits.— V. 145, p. 627. ■ ■. $372,708 44,442 Net income for the year. Previous earned surplus Profit on sale of treasury stock 31, 1937 above, includes $2,660 9 Months Ended Sept. 30— Net profit after charges & Federal income taxes— Earnings Net income before Federal taxes Provision for Federal taxes provision for Federal income taxes in the consolidated representing provision made by the subsidiary company for Federal income taxes for the calendar year 1936, which amount includes $820 for surtax on undistributed profits. No provision for surtax on undistributed profits during 1937 is included in the aDove statement, as it is estimated that no such surtax will be incurred by the corporation or the subsidiary company for the year 1937.—V. 145. p. 2093. Wilson-Jones Co.—Earnings— Years Ended Aug. 31— expenses as income account for the year ended Aug. The £300,000 7% prior lien debenture stock due Dec. 31, 1935, das Deen extended t« 1940.—V. 113, p. 2820. Net sales 2871 Chronicle 1936. 1937 and 136.400 shares in 1936. Year-End Div.—New Officials— The directors have declared a year-end dividend of 50 cents per share the no-par common stock, payable Nov. 12 to holders of record Nov. 8. Total Dividends — _ on Backfilling—undist. w/o This compares Addit. inc. tax for 1935 with 25 cents paid on Aug. 19; $1.50 paid on May 1 last on Nov. 12, 1936; $1 per share paid on May 1, 1936 and on Nov. 1, 1935; 75 cents paid on May 1, 1935, and 50 cents on Nov. 1 and April 2, 1934. This latter payment was the first made since June 1, 1931, when a quarterly dividend of 37H cents per share was distributed. It was stated that while results of the company's operations for its fiscal year ended Aug. 31, 1937, would ordinarily have warranted declaration at this time of a large year-end dividend, present unsettlement in world conditions and in domestic business has led the directors to adopt a con¬ servative policy. It is the present intention of the board to give consideration in the early spring of 1938 to payment of an interim dividend on the company's 30,088 and stock. Surplus x After deducting special bullion tax. y After deducting $56,000, back¬ filling; undistributed proportion written off to surplus. Balance Sheet Aug. 31 Kulp was Robert G. are G. Cutler. President to will continue P. & supplies hand 240,189 4,916 35,259 (cost).. 368,174 Mining properties. y Plant & equip.. 1,000,000 General management Govt. & munic. se¬ of the company 964. curities Hydro-Electric Co.—Earnings— other income) .____ 193b $145,326 deductions 3,373 3,505 (Rudolph) Wurlitzer Co. (& Subs.)-—Earningsx Net Maint. $1,093,480 $10,042,984 $9,344,815 Traffic expenses 1,167,395 1,487,469 230,500 3,716,917 395,874 1,052,489 1,297,680 218,835 3,445,588 450,340 expenses General expenses 141,276 175,237 26,788 427,416 38,034 137,975 147,724 23,949 384,709 45,246 Net after taxes Hire of equipment Rental or terminals Net after rents ... Other income (net) Int. on funded debt Netdeficit.. -V. 145, p. $420,590 77,569 $353,875 72,898 $3,044,826 438,191 $2,879,882 638,418 $343,020 64,051 46,020 Net railway revenues. $280,977 75,944 44,429 $2,606,636 517,427 371,793 $2,241,464 542,409 390,926 $232,948 Dr72,229 138,438 $160,603 Dr86,440 $1,717,415 Dr670,889 1,249,679 $1,308,127 Dr659,945 1,281,143 128,478 54,315 sur$22,281 203,153 632,961 2250. (& Subs.)- 12 Months Ended Aug. 31— Operating revenues Operating expenses, maintenance and taxes work retire, res.) $3,588,808 33,042 & contract Dr2,551 & other income (before appropriation for retirement reserve) Appropriation for retirement reserve oper. $424,016 $297,345 16,427 4,682 13,425 9,697 13,916 6,681 $492,224 101,799 $447,138 102,987 $317,942 103,403 $1,257,304 308,189 ,425 Total Depreciation charges $344,151 $214,539 $949,115 after taxes (no deduction made Gross income Interest charges (net) Other income deductions Net income.. Dr63,362 $3,619,298 930,000 $3,237,092 916,666 $2,689,298 1,004,699 158,158 25,833 $2,320,425 $1,500,608 $947,787 1,274,301 74,337 24,000 Pi Note—No provision has been made by the corporation for Federal income taxes or for surtax on undistributed profits for 1936 or for State income taxes for 1936 or 1937 as the corproation has claimed as a deduction in its income tax returns for 1936 the unamortized debt discount and expense and redemption premium and expense on bonds redeemed in 1936 which results in no Federal or State income taxes for that year or State income taxes for 1937. During the period from Jan. 1 to June 30, 1936, the corporation made provision for Federal income taxes for 1936 in the amount of $20,100 which was reversed over the period from July 1 to Dec. 31, 1936. During the period from Jan. 1 to Aug. 31, 1936, the corporation also made pro¬ vision for State income taxes in the amount of $50,000, which was reversed ov*r the period from Sept. 1 to Dec. 31, 1936 The amount included in undis¬ Yazoo & Mississippi Valley RR.- 1937 September— Gross from railway..... Net from railway $1,609,432 750,469 508,226 Net after rents Earnings— 1936 $1,691,950 741,186 491,774 1935 1934 $1,338,010 526,062 $1,262,086 485,366 236,039 321,334 From Jan. 1— Gross from railway Net from railway Net after rents York „ 11,925,084 3,856,903 2,015,794 11,024,010 3,385,459 1.368,229 8,871,591 2,014,236 273,370 8,612,169 2,224,893 353,204 2250. Rys.—Extension of Bonds— The holders of the 1st mtge. 30-year 5% gold bonds due Dec. asked to agree to an extension of the maturity date to Dec. 1, are the same a J. E. Wayne, President, says: investment, prompt acceptance of our letter to the bondholders, In order to protect your offer is 1, 1937, 1947, at rate of i-terest. extension required. continuously and diligently applying itself to current problems with a view to improving the propsects of the company for the future. Last July the Pennsylvania P. U. Commission ordered a drastic reduction in the electric rates of Edison Light & Power Co.. a direct sub¬ sidiary of York Railways and its principal source of income. The action by the Commission was appealed to the courts by the management and an injunction has just been obtained whicn restrains tne Commission from enforcng the ordered rate reduction. Some rate reduction will probably be necessary, but tne decision of the court cannot but be of considerable benefit to the bondholders of the company. Other plans are under con¬ sideration for further improving the position of the bondholders of the company, including the contemplated changes to eliminate unprofitable The management is revenue Amortization of debt discount and expense on tributed profits) —V. 145, p. 1122. $3,273,456 26,999 '37 Net profits In Net oper. revenue (before approp. for Miscellaneous non-operating revenue Income from merchandising, jobbing Net $471,115 Sept. 30,'37 $1,192,476 43,768 21,060 Otner income 1936 $7,745,845 4,472,389 9 Months -3 Months- Earnings— 1937 $8,333,633 4,744,825 $3.27 and State income taxes.— Mar. 31/37 June 30, '37 Sept. 30, Net earnings from opers. Interest received —V. 145, p. Wisconsin Public Service Corp. „ Mfg. Co.- -Earnings— Period— for surtax Taxes _ for contingencies Federal & struc¬ ture expense Maint. of equipment... Transportation $8,399,031 308,657 637,127 reserves $1,242,107 $1.67 380,520 shares 2562. p. Yale & Towne 1937—9 Mos. -1936 $9,050,332 305,990 686,661 $1,229,342 revenue. revenues of way Ry.—Earnings— 1937—Month—1936 $981,535 35,237 76,708 $1,107,269 36,653 85,419 145, $633,868 $1.60 on stock After all x V. Wisconsin Central Total $4,484 share per common $ 12,346 $608,239 profit Earns, Period. End. Sept. 30— Freight revenue Passenger revenue — 3 Months Ended 6 Mos. End Sept. 30, '37 June 30, '37 Sept. 30,'37 Period— Net income (before provision for Federal income 1918. $8,508,486 $8,507,363 Total $2,087,187 in 1937 and $1,805,530 1936.—V. 145, P. 1442. and other ... ... 709 5,860 $8,508,486 $8,507,363 After provision for depreciation of y $35,448 26,750 596 Amortization of debt discount & expense out¬ on Total 109,877 $42,403 26,087 taxes) unfunded debt 1,231,700 side exploration. 1937 $154,663 112,260 . Net earnings (before Federal income on funded debt All other __ 373,809 1,000,000 1,368,278 Kulp. Interest p. payroll 34,358 on n 145, 4,550,921 Accrued expenses _ Dividend declared 290,461 6,030 Gross earnings (including Total operating expense —V. 4,592,021 Accrued 8,978 Expendit. on Surplus 1,520 8,803 Prepaid charges.. 3 Months Ended. Sept. 30— Interest 770,430 57,418 3,697 825,000 2,205,000 1,929 Accrued interest.. Gardner Jr., G. H. Dawson, O. E. Pickhardt and H. Dawson, formerly a Vice-President, was elected heretofore under direction of G. P. Gardner Jr., Chairman Wisconsin Capital stock 72,653 5,989 825,000 2,205,000 Accts. receivable.. Solutions in mill.. of the Board, and Mr. Kulp.—V. 145, p. w $94,896 742,187 Accounts Other members of this succeed Mr. as 1936 $65,636 Liabilities— .$5,051,197 $5,165,142 Bullion in transit. 310,173 509,072 elected to the newly-created office of Chairman of the Executive Committee. committee 1937 payable. Reserves for taxes. 1936 1937 Assets— Cash Mat'ls At the annual meeting Benjamin as at transportation operations. The management feels that it is doing its utmost to protect your ment in this company and therefore beiieves that in self-interest you The invest¬ should joining witn other bondholders and extending the bonds ' extension offer was designed to save a waste of the company s assets do your part by which you hold. , , costly legal reorganization which fwould undoubtedly result from a default. In the event that an involuntary reorganization should become necessary, it is more than likely that instead of a voluntary extension, without loss of principal or interruption of payment of interest to bond¬ holders, as contemplated, there would instead be an enforced recapitaliza¬ tion, preceded for an indefinite period by a stoppage of all interest pay¬ in a ments. - Financial 2872 Chronicle Bonds should be forwarded by registered mail to York Railways Co., care of Transfer & Paying Agency, 41 Trinity Place, New York, N. Y.— V. 144, p. 4366. (N.) Bawlf Grain Co., Ltd.—Earnings— Years Ended July 31— 1937 Operating profit lossx$73,348 Bond interest ) Youngstown Sheet & Tube Co. (& Subs.)—Earnings— Period End. Sept. 30— x 1937—3 Mos.—1936 Operating profit bondf 1936 x$119,222 17,498 $5,273,514 $20,061,898 $15,510,306 1,468,892 5.267.699 4,361,950 856,178 2,077,622 2,865.215 588,446 2,221,951 1,437,755 1935 i 1934 $97,482 22.0711 $194,919 25ISS5 19,824 98,667 72",330 500 ""267 4,800 loss$90,847 378,012 $231 383,415 $1,063 416,551 $13,044 403,508 $287,165 53,789 3383,646 1,485 $417,615 17,140 $416,551 Depreciation $4,727,723 $18,796,857 $13,825,590 545,791 1,265,041 1,684,716 $6,207,595 1,765,917 Other income U. S. A. exch. on int. & bond redemp__J 1937—9 Mos.—1936 $5,765,113 442,482 Oct. 30. 1937 Directors' fees 141,525 1,750 "9",685 Sundry property adjustTotal income Deprec. & depletion Interest 636,336 Mlscell. 218,847 charges Net profit Shares common stock— Earnings per $3,586,495 1,675,008 share $2.02 After Federal income taxes.—V. x $2,359,998 $10,494,626 1,200,000 1,675,008 $1.79 $5.89 Prov. for inc. tax (est.). Previous surplus. $6,845,386 1,200,000 Property 145, p. 2710. Adjustment to surplus. Loss Bing & Bing, Inc.—Earning. Income Account for on Year Ended Dec. 31, 1936 so%^ Owned Profit from operations of properties, management and agent fees, interest earned, &c Profit from sale of real estate ' Assets— $531,111 18,115 96,126 $549,226 316,672 10,415 def$97,618 $222,140 Depreciation and amortization of properties, lease¬ 167,520 $266,150 Provision for Federal Income tax of subsidiaries $307,478 Proportionate share of net losses of 50% owned subsidiaries apportioned to outside stock interests1 subsidiaries apportioned to companies consol 133,075 7,329 $660,363 1,397,069 119,841 subsidiaries Unavailable 1,589,498 50,664 mortgages receivable, 226,125 Investments in two real estate companies, at cost or less... Receivable from officers & em¬ 13,839 ployees, less reserve Investm'ts In 14 affiliated real 30,868 estate cos. less than 50% less x in 46,014 6,048,470 made on mtge. 10,800 ($368,466 by 29,958 Interest on on 1,301,412 910,000 stamped deb. bonds Outside stockholders' x y at 1936 13,561 72,053 18,185 Surplus- 73,049 Res. for . . $1,405,900 3,342,900 $6,329,659 $6,197,3961 Contgs... 75,939 1,057,736 Total 20,596 158,659 253,548 1,015*792 $6,329,659 $6,197,396 After depreciation reserve of $4,742,439 in 1937 and $4,514,313 in 1936. p. 273. Zaca Mining Corp. (Nev.)—Stock H. Offered—N. Bennett & Co., San Francisco are offering 90,000 shares of common stock at par ($1 per share). was incorp. in Nevada, June 27, 1936. Corporation was partial payment to a syndicate for mining properties, including mill and mining equipment, and 22,000 shares for liquidation of indebtedness. These are placed in escrow subject to the order of the Commissioner of Corporations of the State of California. The corporation has legal title to 26 quartz lode mining claims, con¬ sisting of over 500 acres of mineral-bearing lands. These claims are all adjoining one another, and were acquired during the past three years from a syndicate. The present officers and directors who were members of said syndicate and the approximate amount paid by each is as follows: Norman H. Bennett, $77,123; Samuel G. Blythe, $23,684; and C. A. Lindstrom, $5,500. The corporation has agreed to issue, subject to the order of the California Commissioner of Corporations, an additional 216,000 shares of capital stock to said syndicate as full consideration for these properties, including mill and mining equipment. These 216,000 shares when issue are required to be escrowed and the persons entitled to same shall not dispose shares Commissioner and the holders have agreed in writing to waive their right to participate in any distribution of capital assets, until all other stockholders who paid cash or its equivalent for their shares, shall have received the return of the full amount and officers are: Norman H. The proceeds properties. of this issue will be used Bennett, (Pres.); Samuel G. (V.-Pres.); E. A. O'Connor, to further develop and equip Zimmerknit Co., Ltd.—To Liquidate— a special general meeting of shareholders held Oct. 6, a resolution unanimously passed authorizing the voluntary winding up of the com¬ under the Ontario Companies Act, and appointing V. W. Scully, chartered accountant, as liquidator. The liquidator has proceeded to take an account of the assets and has advised that these consist only of 33,652 common shares without nominal or par value in York Knitting Mills, Ltd., and that the company has no liabilities which have not been provided for. The York company is a shareholder of the Zimmerknit company but has waived any right it has to participate as a shareholder in the distribution pany to a stockholder Total 228,512 506,690 929,135 $8,291,540 depreciated of the assets of the Zimmerknit company. The liquiuator advises that the issued shares of the Zimmerknit company held by shareholders other than the York company, amount to 33,652, and that, therefore, each shareholder is entitled to receive the number of shares of the York company which he now holds in the Zimmerknit company. The liquidator is ready to proceed with this distribution and the Royal Trust Co., Toronto, as his agent, is now in a position to distribute certificates Of York Knitting Mills Ltd.—V. 145, p. 456. aggregating $9,These exclusions continue items so provided for at Dec. 31, 1935. It is believed that the properties have been or can be released without further liability -•> Bing & Bing, Inc., or any of its subsidiaries. Foreclosure and reorganization proceedings were pending at Dec. 31, 1936 on three of the said prop«cties, carried at $8,583,250 with related mortgages payable of that amount, and the net rentals of the fourth such property were assigned to the mortgagee. —V. 143. p. 1714. CURRENT NOTICES amounts 273,250, with related mortgages payable of $9,273,250. 1937 56,860 Represented by 33,429 shares.—V. 144, Note—The consolidated balance sheet at Dec. 31, 1936 is after giving effect at that date to the elimination of four properties carried on the books subsidiaries Liabilities— Common A stock 3,342,900 Notes payable 120,596 Accounts payble.. 119,012 Accruals 218,577 y was mortgages represent bonds and mortgages and serial mortgages and serial mortgage bonds of 50% or more owned subsidiaries. They are not direct obligations of Bing & Bing, Inc., except for the pledge of a leasehold on bonds amounting to $1,007,900. owned 1936 $747,421 31 At propor¬ ledger amts. of 50% own'd cos., after deduct'g $10,000 x At amounts appraised by independent appraisers, Jan. 1, 1925, plus subsequent acquisitions at cost; Ledger amounts less depreciation $31,281,404, mortgages payable $25,232,933, balance $6,048,470. These wholly 15,044 $784,527 Sheet Aug. cash Total at advanced of $1,057,736 25-year sinking fund debenture against his equity Capital stock ($5 par) Capital surplus $8,291,5401 15,291 $1,015,792 - year—. deposit tionate sh. of the net assets 33,619 $934,462 187,041 $899,574 100,002 42,243 Blythe, (V.-Pres.); Beverley B. Haslett, (Sec.-Treas.) and C. A. Lindstrom. owned Bonds, due March 1, 1950.. 3,481,500 2 & expense, less amortization $1,073,326 23,161 56,860 Deferred charges Directors cos. are ll",043 of the purchase price. The cost of acquisition of these properties, develop¬ ment thereof and installation of machinery, approximates $200,000. owned by a stockholder) to some of the which $1,481,614 400,715 of such shares without the written consent of said 51,624 50% by Bing & Bing, Inc 171,488 Total a prepaym'ts, of rent, Advances, lncl. Int., made by cos. Main office furn. & furnlgh's, & patents, at nominal amts. Mortgage discount are Tenants' certain of their stockholders & fix. in mortgages) 10,433 If & when collec¬ Res. for reorganization exps. of two released properties hotels & apartments, at cost less deprec. ($21,708 pledged on pay. &c $6,000) Real estate & leaseholds benture bonds, from Sept. 1, 1936 at % receivable 400,001 Furniture, furnishings 7,644 438,139 tions 83,541 syndicates, reserves $346,013 39,679 capital Accrued mtge. int., real estate taxes, water rates, &c_ Accrued int. on unstamped de¬ sales, hotel company, at cost (pro¬ portionate sh. of net assets at ledger amts.about Inc., Res. for inc. taxes on instalm't owned, at proportionate sh. of their net assets Dec. 31, 1936 at ledger amount Invest, in cap. stock & debs, of Participations Fed. stk. & State franchise taxes. at ledger amounts & of managed properties Accts. pay. & sundry accruals. Estimated 555,667 prior <1937 Corporation owners 83,729 organized for the purpose of engaging in the business of mining. The authorized capital is $1,000,000 ($1 par). There are outstanding 106,000 shares of common stock, 84,000 shares of which was issued as a subsidiaries] Liabilities— supplies, &c 2nd 225 on Investments Consolidated Balance Sheet Dec. 31, 1936 deposits 302",663 $367,751 Preferred stock ...$1,394,900 $929,135 to 227',188 59,347 1,015,792 .$3,964,092 $3,897,829 141,919 237,716 Accts. receivable.. 226,941 352,228 Inventories 1,854,234 1,561,526 as income and respective operating results of Bing & Bing, Inc. and wholly owned subsidiaries, and of the 50% owned subsidiaries, as follows: Managing agent fees charged to subsidiaries 50% owned, $34,559; interest charged to subsidiaries 50% owned, $24,560. No provision has been made, nor is deemed to be required, for Federal surtax on undistributed profits. security 217,216 $288,113 1obs$216,012 784,527 747,421 366,605 686 1,559 $754,143 Plant included both due 1934 $11,176 15,554 Assets— Deg. 31,1936 Unexpired Insurance, fuel and taxes, 1935 Cash... expenses in the above statement in order to show the amts. Accounts receivable $564,677 229,486 101,432 Previous surplus Adj. prior years' deprecProfit on retire. of stock x $55,324 Tenants' y 69,765 Balance 20,000 or more owned value, 1936 1937 $450,043 past due divs Income tax prior years. $35,324 employees 300,000 296,425 378,011 $3,278,043 $3,705,714 Total no par $850,725 ... Total surplus Dividends paid $1,644,822 Additional income tax for prior years Additional provision for receivables for officers and 265,000 296,425 230,909 Corp.—Earnings- Surplus end of ... $866,585 70,314 250,008 $3,278,043 $3,705,714 Net profit 25,751 9,325 Elevator Co Capital surplus Operating surplus. 25,000 Years Ended Aug. 31— Operating profits Painting mills & cottages Net 17,674 hand 137,666 __ Brandon 60,000 353,200 reserve 1st mtge. bonds of Bawlf Terminal repairs Red in inc. 14,009 61,151 Reduction in reserve for syndicate and income applicable to prior years, &c Restoration in part of previous write-down of secur. on 40,000 8,594 years carrying costs of a property sold to a less than 50% owned company Reduction of depreciation for prior years liquidation or sale of investments in Assets— 40,000 29,369 4,850 _ as Marketable securities Amounts receivable 10,930 Special 18,460 Income taxes Profit from Cash In banks and 11,745 156.460 & Total Credit arising from capitalization in 1936 of certain [Company and its 50% 27l"647 Acer, taxes, partly estimated Depreciation bonds purchased are 248,656 851,378 expenses. in process 212,480 Loss before special items applied to cap. surplus Capital surplus, balance reported Dec. 31, 1935-- Notes—Intercompany opening items Accounts payable. 203,501 x Represented by 60,000 shares of only.—V. 143, p. 2358. 133,075 Proportionate share of net losses in 14 real estate companies less than 50% owned Interest on debenture bonds, including $210,000, the payment of which is deferred by agreement of Jan. 16, 1933, less credit for accrued interest payable canceled by purchase of bonds. Capital surplus, balance 129,808 ships owned Net surplus Due to correspond x Bank loans Inventories of grain and coal $304,545 2,933 60,000 106,119 Life lnsur'ce, cash surrender value. 526,685 $265,138 1,012 1936 $1,995,500 $1,995,500 Common stock.. 14,772 yl83,047 receivable, advances, &c__. Prepaid 1937 Liabilities— Preferred stock 136,786 Accts. Constr. prior year items 1936 $2,574,939 $2,532,816 Cash Invest. & member¬ Operating loss, after depreciation. &c on own 1937 Fixed assets holds and mortgage discount $416,551 executive salaries and legal including expenses, Compatative Consolidated Balance Sheet July 31 Wholly def$ 1,492 Proportionate share of net losses of 50% deducting all $383,415 $378,012 $230,909 fees of $29,854 in 1937 and $30,747 in 1936. Owned Subs. def$l,492 Salaries and general expense of parent company.. Interest expense on loans and advances 17,060 2,467 Inc. and , Subs- After x Bing & Bing sidiaries Discount 4,149 " - investments Profit and loss surplus o ■ adjustments-_ Income tax adjustments for prior years $5.18 —Safford, Biddulph Co., Inc., announces that Joseph Ward Hunter is now associated with the firm. Mr. Hunter was previously associated with Dean Witter & Co., and before that with E. H. Rollins & Sons, Inc. —H. Hentz & Co., 60 Beaver Street, New York, are distributing a cir¬ cular containing a selected list of lower priced securities, both dividend and non-dividend-paying issues, ranging from about $4 to $25 a share. Volume 145 Financial 2873 Chronicle The Commercial Markets and the Crops COTTON—SUGAR—COFFEE—GRAIN GOODS—WOOL—ETC PROVISIONS—RUBBER—HIDES—METALS—DRY closed 10 to 17 The Rio 4 to 13 points down, with sales of 22 lots. developed an irregular tone in Saturday's points lower, with sales of 48 lots. contract closed Coffee futures short session. 31 with lots Trading sold was the as fairly session active at under got the opening, way, Santos starting unchanged to 10 points lower, while Rios were 2 points up to 6 points off at the opening. spectacular in was 35 to 45 There was nothing the trading. The cost and freight market points down for the week, with Santos 4s offering as the week ended at a range of 9.90 to 10.15c., and reports of business for shipment done at 9.85c. weakened. Brazilian milreis touched a also 17.55 milreis the to dollar before steadying. Mild coffees new low of At the low points, the milreis had lost about 18% in value since the best rate of the year, 14.85, on Aug. 7. On the 25th inst. futures closed 6 points lower to 3 points Santos contract, with sales of 10,750 bags. higher. The higher in the The Rio contract closed unchanged to 3 points unchanged to 5 contracts was 4 to 5 points up. Total sales in the Rio contract were 3,250 bags. Futures were unchanged to 225 reis lower in the Brazilian market, with the spot No. 7 price advanced 200 opening range in the Santos contract was points higher, while the opening range in Rio The reis. market free exchange rate held unchanged at The Havre futures market was 17.35 milreis to the dollar. 2% to 3% francs higher for the day. On the 26th inst. futures closed unchanged to 5 points lower The in Rio with the contract, Santos with sales of 14,250 bags. 7 points higher, contract closed 2 points down to totaling transactions 2,500 bags. Rio futures were unchanged to 25 reis lower in Brazil, with the Santos "C" contract 100 reis higher to 25 reis lower there. The free market exchange rate was dollar. Coffee 9% francs higher. On the 27th with sales of 70 reis off at 17.42 milreis to the futures in the Havre market were 7% to > 12 points net lower, The Rio contract closed 5 to 8 inst. futures closed 4 to 25,250 bags. of only 500 bags. In the Brazilian unchanged to 25 reis higher on Rio Janeiro futures, with the Santos "C" contract 25 to 125 reis lower for the day. The free market exchange rate, after touching a new low for the year at 17.56 milreis to the dollar, improved to 17.50. Havre futures were 3% to 3% points off, with sales market, futures were francs lower for futures closed 3 to 9 points off in the Santos contract, with sales totaling 20,750 bags. The open¬ ing range on this contract was 10 to 12 points higher than previous finals. Rio contracts here opened 2 to 8 points higher and closed 4 to 12 points net lower on sales of 4,000 bags. Futures at Rio de Janeiro were unchanged to 75 reis higher, with the free market exchange rate 150 reis better at 17.35 milreis to the dollar. A report from Brazil during the Consultative Council had not yet arrived at any definite recommendations for future guidance of the market, and would continue its deliberations. Havre futures were 7% to 8francs lower. Today futures closed 5 to 8 points up in the Santos contract, with sales totaling 74 contracts. The Rio contract closed 7 to 11 points up, with sales of 5 contracts. Trading in coffee futures was limited day stated that the largely to the Santos contract, which after opening 1 point lower to 3 points higher, stood 7 to 10 points higher this after-, noon, with March at 8.63c. The market had a sold-out 25 reis higher to appearance. Rio de Janeiro futures were 150 reis lower. The free market exchange rate was un¬ In Santos the "C" contract was un¬ changed to 17.35. changed to 100 reis higher, a fact which seemed to spike rumors that Government support had been withdrawn. Cost and freight offers were unchanged. In Havre futures were 3^ to 1H francs lower. h Rio coffee prices closed as follows: December f. 921 March 5-43 Mav 5.321 July 6.30 September 5.281 Santos coffee prices closed as^follows: §.60" .8.42 May. December 9.09 September 8.25 .8.32 July. Cocoa—On the 23d inst. futures closed 7 to 12 points net higher. London ruled iy2d. higher to iy2d. lower, while futures on the Terminal Cocoa Market ranged net 3d. lower to unchanged, with sales totaling 10 tons. Local closing: Oct., 5.71; Dec., 5.76; Jan., 5.77; May, 5.93; July, 6.03; Sept., 6.13. On the 25th inst. futures closed unchanged to 6 points lower. Transactions totaled 132 lots, or 1,769 tons. Open¬ ing sales were executed at 7 to 14 points under Saturday's finals. London came in 6d. to 9d. easier on the outside, while futures on the Terminal Cocoa Market finished 4% opening range was 1 to 3 points net Transactions totaled 1,353 tons. Outside prices in lower. The 5.76; with 880 tons trading. down, 5.76; Jan., 5.81; March, Local closing: Dec., May, 5.88; 5.98; July, Sept., 6.07. On the 26th inst. futures closed 5 to 9 Opening sales Transactions were executed totaled 107 at lots, or points net higher. gains of 3 to 6 points. 1,434 tons., London re¬ ported cash prices at 1% to 6d. higher, while the Terminal Coc^a Market closed unchanged to l^d. easier, with 880 tons of futures In the local market the December trading. delivery our equity of some 2,000 to 2,500 lots. Local closing: Dec., 5.83; Jan., 5.84; March, 5.86; May, 5.95; July, 6.01; Sept., 6.13. On the 27th inst. futures closed 7 to 2 points net higher. This closing range compared with maximum gains of 10 to 13 points in the earlier trading. The sales volume rose to 270 lots, or 3,618 tons. London came in 3d. higher on the outside and V/2 to 6d. stronger on the Terminal Cocoa Market, with 340 tons of futures trading. Local closing; Nov., 5.87; Dec., 5.90; Jan., 5.90; May, 5.97; July, 6.06; Sept., 6.15. On the 28th inst. futures closed 8 to 15 points net higher. The market displayed strength during a good part of today's session. Short covering of December and trade support of the later deliveries carried prices moderately higher. Open¬ ing sales were 9 to 15 points up from the previous final quo¬ tations. Transactions totaled 375 lots or 5,025 tons. London came in unchanged to lj^d. firmer on the outside. The Terminal Cocoa Market closed irregular, showing no delivery in for much attention, in which came leading manufacturer is still believed to hold an a gain of 3d., with 1,440 tons changing hands. closing: Nov., 6.02; Dec., 6.02; Jan., 6.02; March, 6.02; May, 6.05; July, 6.16; Sept., 6.26. Today futures closed 23 to 27 points net higher. Transactions totaled 570 contracts. The market was bid up on talk of a tightening December position. That month held at a premium over later positions, with sales today at 6.20c., up 18 points. News of a cocoa holding movement in West Africa was the chief market influence. Warehouse stocks continued to decrease. Withdrawals of about 27,000 bags were reported, change to Local leaving stocks of approximately 1,324,000 bags. closing: Dec., 6.28; Jan., 6.23; March, 6.23; May, July, 6.42; Sept., 6.51. Local 6.32; Sugar—On the 25th inst. futures closed 1 to 2 points off. that was in evidence the past week, and which sustained the market so well in the face of declining mar¬ The buying kets all along the day. On the 28th inst. March 6d. to COMMERCIAL EPITOME Coffee—On tlie 23d inst. futures in the Santos contract the line, was conspicuously absent today (Mon¬ day). Today's session in the domestic sugar contract was decidedly a dull one, with prices sagging and closing at the lows of the day. Transactions totaled 2,100 tons. In the market for raws, very little business was transacted. Sell¬ ers were small lot holding for 3.25c., although it was reported that a of Perus was available at parity of 3.20c. The world sugar contract closed % to 1 point lower, with sales Futures in London were V2 to while spot raws there were still quoted at 6s. 514d. per cwt., equivalent to approximately l.liy2c. per pound f.o.b. Cuba, with freight at 27s. 6d. per ton. On the 26th inst. futures closed unchanged to 1 point lower. This was exactly the range at the opening, which reflected the extreme narrowness of the market. There was limited Cuban selling, and hedg ng was reported in of 2,350 tons for the day. l*4d. down, early trading, with contracts absorbed l)y trade and sion houses here. A depressing inflience in the market was a 5-point market was futures break in the spot raw sugar price, bringing the market back to a low for the commis¬ 3.15c. basis and equaling the Recent firmness in the spot raw sugar in sharp contrast to the weakness displayed year. 750 tons of Peruvian Co. at 3.15c., this price equaling the low for the year The sugar involved is due to arrive next week. The world sugar contract closed 3 to 3 y2 points off, after showing maximum declines of 4 to 4y2 points. Transactions totaled 16,850 tons. evidenced in the sale of today as sugar, duty paid, to American Sugar I.efining On the market's 27th inst. futures closed rally towards the close The 2 to 3 points up. was due largely to the strength of actuals. Trading interest was centered largely in the March position, six lots trading at the opening at 2.30 to 2.31c., and 65 lots during the remainder of the ses¬ sion at prices ranging from 2.31 to 2.34c. A 2-point advance spot raws developed in today's market. The stronger trend was made evident late Tuesday with the sale of 1,500 in tons of Perus, due to arrive Nov. 21, to American at 3.17c., of 2,000 tons of Philippines, due Nov. 5, to the same company at 3.17c., yesterday. The world sugar contract closed unchanged to lVi points lower, with trans¬ actions totaling 14,600 tons. The spot month was l%d. lower in London, with the remainder of the list unchanged to V2d. lower for the day. Raws were reported offering in London at 6s. 2*4 d., a further decline, and equivalent to followed by a sale 2874 Financial 1.00c. approximately f.o.b. pound per with Cuba, freight On the 28th inst. futures closed 1 to 2 points up. Trading the dullest of the year, it was stated, with only 200 tons transacted during the session. Continued firmness was in evidence in the market for raws, but it failed to have any appreciable effect on the futures market. In the market for raws Pennsylvania bought 7,000 tons of Philippines, due Nov. 80, at 3.20c., and 1,267 tons, due Nov. 29, at the same figure. Limited offerings of raws on an arrival basis were reported at 3.25c. and up, with refiners apparently not interested beyond 3.20c. Some raws previously offering at 3.25c. were withdrawn by sellers during the day, however. The world sugar contract closed 234 to 3 points higher, with sales totaling 13,250 tons. Futures were 34d. to Id. higher in London, with raws advanced %d to 6s 3d per ewt., following sales at 6s 2}{d, equivalent to about 1.07c. per lb. f. o. b. Cuba. Today futures closed unchanged to 1 point up in the domestic contract, with sales of 29 contracts for the day. Sugar prices were steady in light trading. In the domestic market quotations this afternoon were unchanged to 1 point higher, with March at 2.34c. Raw sugars generally were held at 3.25c., but the American was reported a buyer of 1,000 tons of Louisiana sugar at 3.17c. The world sugar market was unchanged to 34 point lower this afternoon, after opening gains of 34 to 1 point. In London futures were Md. lower to 34d. higher. Freights to the United Kingdom from Cuba were reported lower. The world con¬ tract market closed unchanged to 34 point up, with sales of 167 contracts. Closing quotations were as follows: 2.37 January December ? 29 2.30 May Lard—On dovty. 23d the inst. Opening prices 2.31 March closed The market ruled heavy during most 10 15c. lower at of the session. Chicago. The Oils—Linseed oil in tank cars is still quoted 10.4c. per pound. Quotations: China wood—resale, nearby, drums 19 to 2034c. Coconut: crude, November, forward, .0434c.; Pacific Coast, nearby—.0434c. Corn: crude, West, tanks, nearby—bid nominal, offered .07c. Olive: denatured, nearby, drums, $1.2734 to $1.30; new crop shipments 95c. to $1.00. Soy bean: crude, tanks, west, forward .06 to .0634c.; L. C. L., N. Y. .08c. offered. Edible: 76 degrees 11c. offered. Lard: Prime, 1234c.; extra winter strained, 1134c. Cod: crude, Norwegian, light yellow, 41 to 4134c. Turpentine: 32 to 36c. Rosins: $8.25 to $9.05. Cottonseed Oil, sales, including switches, 35 contracts. Crude, S. E., 634c. October November follows: as 7.28@ February. 7.26 April Api 7.25® 7.27 Ma ay - Rubber—On lower. displayed the 23d Although 7.34( 7.35® closed futures inst. rubber 7.29 7.28C March —- 7.23 @ January net Prices closed 7.35@ 7.25® — December markets 2 to 6 points Saturday on again developments in the stock mar¬ ket, prices showed considerable resistance and closed with nervousness over Transactions totaled 1,210 tons, short Saturday trading session. Outside lower. to 10 which is fairly heavy for a points unchanged to 7 points were 15 prices Were to 7 Bellies: clear, f. o. b., New York—6 to 8 lbs., 24c. lbs., 24c.; 10 to 12 lbs., 24c. Bellies: clear, dry salted, boxed, N. Y.—16 to 18 lbs., 16J4c.; 18 to 20 lbs., 16%c.; 20 to 25 lbs., 1634c.; 25 to 30 lbs., 16%c. Butter: creamery, firsts to higher than extra and premium marks: 29)4 to 35Mc. Cheese: State, held '36—22 to 24c. Eggs: mixed colors, checks to special packs—17 to 25He. 1834c. 8 to comparatively light losses. 2.32 2.35 futures 1937 30, f., 4 to 6 lbs., 19%c.; 6 to 8 lbs., 18c.; 8 to 10 lbs., 15Mc. Skinned, loose, c. a. f.—14 to 16 lbs., 2034c.; 18 to 20 lbs., was November Oct. c. a. figured at 27s. per ton. July... Chronicle prices standard sheets. quiet, Hog unchanged were London and spot basis of 16c. for a respectively, prices showing slight advances. closing: Oct., 15.83; price again fore¬ top on Singapore closed steady and Dec., 15.88; Jan., 15.88; Local March, 15.97; May, 16.02; July, 16.08. reported Was $10. Heavy hog marketings were this week. Liverpool lard futures were easy, clos¬ ing 9d. to ls> 6d. lower. On the 25tli inst. futures closed 10 to 20 points net lower. On cast for the 25th 31 to futures closed with inst. declines net of 26 The market fluctuated sharply today (Mon¬ the trend following closely the stock market points. day), with action most of the day. At the opening futures were 37 to Transactions totaled 4,720 tons. Outside prices were quoted on a spot basis of 15%c. for standard Trading was fairly active, with the market displaying a heavy undertone throughout most of the session. Chicago 43 hog prices are being depressed owing to the very heavy hog marketings at the leading Western hog centers. Prices at the close were mostly 25c. lower, the late top price was $9.75 and sales were reported throughout the session at and $9.15 to $9.85. Total receipts for the 82,800 head against 99,100 head for the Western same run sheets. The London and Singapore markets closed steady quiet, respectively, prices declining % to 3/16d. Local closing: Oct., 15.52; Dec., 15.57; Jan., 15.57; March, 15.70; May, 15.75; July, 15.81. were On day last year. 34 Liverpool lard closed 6d. to Is. lower. On the 20th inst. futures closed This was quite a 2 to 3 points net setback after the earlier to 20 points over the previous closing. advances of developed, which caused prices to ease off rather sharply. The opening range was 2 to 5 points above the previous finals. Hog marketings continue to run very heavy. Prices on same at Chicago closed 50c. lower, and throughout the session sales were reported at prices rang¬ ing from $8.75 to $9.25. The top price reported was $9.35. leading Western markets were 79,700 head against 104,000 head. Export clearances of lard from Total receipts at the the Port of New York were reported quite heavy and totaled 372,244 pounds, destined for London, Liverpool, Manchester and Southampton. higher. Liverpool lard futures closed 6d. lower to 3d. On the 27tli inst. futures closed Lard futures opened moderately ing for speculative account. 7 to 10 Subsequently there of about 10 points, which was later taking. and The prices hog market at points net lower. lower, due to scattered sell¬ displayed Chicago finished was a rally wiped out by profit- on steadier a unchanged to undertone, 10c. higher, the top price being $9.40, and scattered sales were recorded prices ranging from $8.75 to $9.30. Total hog receipts at the leading Western packing centers were fairly heavy at and totaled day last from 01,300 head, against 92,900 head for the There year. the Port were no of New York. export clearances same of Liverpool lard futures lard were unchanged to 3d. higher. On the 28th inst. futures closed unchanged to 5 points net higher. Prices at one time during the session showed gains of 7 to 10 points on the deferred deliveries. Trading was comparatively light. Lard clearances from the Port of New York today (Thursday) were 18,850 lbs., destined for Gothenburg. Liverpool lard futures continued easy, closing 6d. to Is. lower. Hog prices at Chicago .were mostly 10c. higher on the close, the top price registering $9.50, with the bulk of sales ranging from $8.85 to $9.40. Total receipts for the Western run were 48,900 head, against 85,800 head for the same day last year. Today futures closed 15 to 5 points net higher. (There was no news to account for these firmer prices outside of shorts covering. DAILY CLOSING PRICES Sat. October OF LARD Mon. FUTURES IN Tues. Wed. 9.35 9.15 9.17 December 9.30 9.20 9.25 January May. 9.30 9.22 9.25 9.40 9.35 9.37 - 9.10 9.15 9.17 9.37 CHICAGO Thurs. ' Fri. 9.10 9.25 9.25 9.35 9.22 9.35 9.47 9.52 Pork—(Export), mess, $34.1234 per barrel (per 200 pounds); family, $35.1234 (40-50 pieces to barrel), nominal, per barrel. Beef: (export) $26 to $27 per barrel (200 pounds), noninal. Cut meats: dull. Pickled hams—picnic, loose, inst. futures closed with The market and ruled started heavy markets . closed steady throughout and changed to 3/16d. lower. were quoted low for the cn a net losses of 31 to declines with Transactions totaled 3,650 tons. 17 profit-taking the 26th points. points, higher. On this bulge heavy points lower. most of of 4 the to The London and Singapore dull, respectively, prices un¬ Outside prices in the local market basis of 15%c. for standard sheets, a current 12 session. Dec., 15.25; Jan., 15.26; 15.49; Sept., 15.52. new Local movement. closing: Oct., 15.20; 15.35; May, 15.41; July, March, On the 27th inst. futures closed 47 to 51 points net lower. The market had another severe heavy liquidation and short the 15c. level the break the a outside for the first break today as a result of selling. time January, 1936. good amount of factory buying market, with outside was On reported in prices quoted basis of 14%c. for standard sheets. closed Prices broke through since on a spot London and Singapore quiet and steady, respectively, prices declining 3/16 closing: Nov., 14.75; Dec., 14.77; Jan., 14.78; March, 14.86; May, 14.92; July, 15.00; Sept., 15.05. to Local 5/16d. On the 28th inst. futures closed 50 to 56 points net higher. The market opened sharply higher on the strength displayed foreign rubber markets and on short covering in sympathy in with the rise in securities. Commission houses were the best buyers in early dealings, while trade interests were reported the selling side. Following the strong opening, the rubber market experienced a few hours of extremely wide fluctua¬ on tions. Prices sold off almost to the lows of Wednesday, but showed another burst of strength later on and closed at the highs of the day. Transactions totaled 5,980 tons. London and Singapore closed steady and firm, respectively, prices 1-16 to 5-32d. higher. Outside prices were quoted on a spot basis of 1534c. for standard sheets. Local closing: Nov., 15.27; Dec., 15.30; Jan., 15.31; March, 15.41; May, 15.47; July, 15.50; Sept., 15.61. Today futures closed 20 to 14 points net higher. Transactions totaled 108 contracts. Rubber futures opened lower, but recovered sharply on active commission house buying and short covering, with the result that this afternoon prices were 26 to 34 points net higher. Offerings came mostly from dealers, some of which believed to be hedge selling against shipment purchases. December sold at 15.56c. and March at 15.57. Primary markets were firm and c. i. f. was offerings workable basis, it was said. Kingdom stocks would show a It an were generally above estimated that United increase of 550 tons this was week. London closed 34 to 3-16d. higher. Local closing: Dec., 15.50; March, 15.55; May, 15.64; July, 15.72; Sept., lo.78. Hides—On the 23d inst. futures closed 45 net lower. Business session. The previous close. opening was active range With the was throughout to 47 the points half-day 5 to 20 points below the pronounced weakness of the Volume securities the Financial 145 markets, session hide progressed, Transactions totaled values sank 3,520,000 pounds. cated hides in warehouses licensed by 2,027 hides to 829,306 hides. market cow it was lower ending about the and lower as of the day. lows Stocks of certifi¬ by the Exchange declined In the domestic spot hide reported that 900 July-August heavy native hides sold at 15c. a pound. Local closing: Dec., 11.93; March, 12.30; June, 12.62; Sept., 12.93. On the 25th inst. futures closed 9 to 12 points up. Trad¬ ing was very active, with transactions totaling 6,520,000 pounds. The stocks of certificated hides warehouses in licensed by the Exchange decreased by 1,018 hides to a total of 828,288 hides. The local futures market showed a rather spectacular comeback, recovering from an opening range of 20 to 28 points below the previous close. The short element played a prominent part in the snapback of the market. Local closing: Dec., March, 12.05; 12.40; June, the During but steady, near early reported that was native cows tanner. session the close totaled 3,680,000 pounds. it ^ Silk—On the 25th inst. futures closed % to 2c. net higher. Opening On the 26th inst. futures closed with net losses of 6 to 9 points. large holders refuse to yield, a number of wool houses now operating in conjunction with the wool top futures market, seem to be doing a moderate business at lower prices than generally credited. In the low-priced brackets are reported certain Texas and territory wools classed as 4s and 5s. Class 3 wools have been affected only partially, class 2 wools less so, while wools in class 1, comprising delaine and strictly staple territory, are practically unaffected. It is said that manufacturers and topmakers are not making any serious attempt to buy wool at this time and the raw wool market during this interlude is practically unaffected in face of out¬ side stress. Manufacturers are interested in wool, but are as much at sea as are the wool men, it is said. Reports of a break in prices by the National Wool Marketing Corp. met emphatic denial. It is said that this corporation is under no pressure from its consignors to sell. 12.71; Sept., 13.04. a the began to market ease. held fairly Transactions In the domestic spot hide market, lot of around 2,000 September light 13%c. a pound to a specialty had been sold at However, trade observers maintain that the dead¬ 2875 Chronicle Transactions totaled 1 to l%c. lower. range was 740 bales. Strength of the October delivery on the eve of its final day of trading proved Covering time. price 3c. higher at notice tendered has the feature of today's trading. been at Yokohama of business here, one To date a contract. Grade D Friday, the final day parity with Kobe at 770 yen. against the 5 yen lower than was going to a lock between the big packers and tanners is still virtually unbroken. Local closing: Dec., 11.96; March, 12.31; June, At Yokohama futures were 1 to 6 yen 12.65; Sept., 12.96. markets On the 27th inst. futures closed 5 to 8 points down. The opening range was 3 to 21 points off from the previous clos¬ ing. Transactions totaled 2,000,000 pounds. No spot busi¬ ness was renorted. Local closing: Dec., 11.91; March, 12.26; June, 12.57; Sept., 12.88. On the 28th inst. futures closed 20 to 22 points net higher. At the start of the session prices showed advances of 17 to Buying stimulated by the show of strength in the securities market, was held mainly responsible for the upward surge in hide futures prices. Transactions totaled 3,080,000 pounds. Stocks of certificated hides in warehouses licensed by the exchange remained unchanged at 828,288 hides. No new developments were reported in the domestic spot hide situation during the course of the day. Local closing: Dec., 12.13; March, 12.48; June, 12.77; Sept., 13.08. Today futures closed 1 to 2 points up. Transactions totaled 72 contracts. Operations in hide futures were mainly of a local character as the trade awaited news from the tanners' council in Chicago. Sentiment was better on the Washington news. Prices were firm, December selling at 12.17c. and March at 12.65c. Trading was moderately active, totaling 1,680,000 pounds to early afternoon. Certificated stocks of hides decreased 1,752 pieces to a total of 826,536 hides. Local closing: Dec., 12.15; March, 12.50f June, 12.78. 24 points. October single delivery the part of the short interest sent the on higher, while at Kobe lower to 3 yen firmer. Cash sales for both totaled 350 bales, while transactions in futures they were 7 totaled 3,650 bales. Local closing: Oct., 1.69; Dec., 1.59; Jan., 1.58; March, 1.57; May, 1.55%. higher. On the 26th inst. futures closed 1 to 3c. net The l%c. up to 2%e. down. Transactions totaled 1,660 bales.; The October delivery closed out at noon, with June opening for trading at the same time. There were 48 notices on the final delivery day for Octo¬ opening was range ber, making the total tenders 49, or 1.4% of the 3,487 lots during the life of the contract. Japanese markets were firmer. Grade D rose 12% yen in Yokohama to 782%, traded Kobe Bourse prices in these centers gains of 9 to 17 yen and 11 to 15 yen. Cash sales in Yokohama were 650 bales, while trans¬ actions in futures totaled 5,600 bales. Nothing was reported with showed unreported. respective at Kobe, that cable being mutilated. Local closing: Nov., 1.64%; Dec., 1.62; Jan., 1.60%; March, 1,58; May, 1.57; June,' 1.56. On the 27th inst. futures closed 1 to 2c. net lower. The ^ Freights—Recently there has been a sharp decline freight rates, and the demand for tonnage during the past two or three weeks has been rather slow. Ten steamers, an unusual number for one day, were chartered Wednesday to transport grain g,t higher rates. Charters included: Grain: 36 loads, Montreal to United Kingdom, Nov. 1-15 loading, 4s. 9d. 38 loads, Montreal to Antwerp 4s. 7%d., Rotterdam, 4s. 9d., Nov. 1-15. 32 loads, Gulf to AntwerpRotterdam 4s. 3d., United Kingdom 4s. 6d., Dec. 20-Jan. 10. 38 loads, Gulf to Antwerp-Rotterdam 4s. 3d., United Kingdom 4s. 6d., Nov. 25-Dec. 8. 31 loads, Gulf to Ant¬ werp-Rotterdam 4s. 6d., Dec. 10 cancelling. 35 loads, Gulf to Antwerp-Rotterdam 4s. 3d., option Hamburg 4s. 9d., November-December. 36 loads, Gulf to Antwerp-Rotter¬ dam 4s. 3d., option Hamburg 4s. 9d., Dec. 6-25. Gulf to Antwerp-Rotterdam 4s. 3d., option United Kingdom 4s. 6d., Dec. 15-Jan. 5 loading. Gulf to Antwerp-Rotterdam, 4s. 3d.; option Hamburg, 4s. 9d., Dec. 10-27. Gulf to Antwerp-Rotterdam, 4s. 3d.; option United Kingdom, 4s. 6d., Dec. 20-Jan. 7. Scrap: St. Johns to United King¬ dom November, 28s. Savannah, Portland range to Gydnia, December-January, 28s., one port, loading, 28s. 6d., two Ocean in all , Trip: Transatlantic, round-delivery, St. Lawrence, redelivery north of Hatteras, Nov. 10-22, $2.25. Coal—There were not a few in the coal trade who had looked for an upward trend in sales in anticipation of the higher freight rates, but observers in the bituminous trade are not able to discern any expansion in industrial buying at this time* It is pointed out that too many uncertainties face the industrial user of coal at the moment, the general business recession being foremost, together with the new minimum prices which the National Bituminous Coal Com¬ mission is expected to issue some time next month. These may not be made available until Nov. 15. The market for slack is still in an easy position and no settlement is expected in this trade until the new price basis becomes known. Price levels for anthracite remain the foremost topic of discussion in the coal trade, and dealers in and out of the New York ports. eventually will have to be Notwithstanding, a local market com¬ opening range was 1 to l%c. below the previous final quota¬ tions. Transactions fell to 120 bales. Members of the Ex¬ change estimated American raw silk takings of 37,160 bales for October against an actual of 36,372 in September and No change was reported in Grade D yen at Yokohama and 785 yen at Kobe. Bourse quotations on these markets ruled 4 yen lower to 12 yen higher at Yokohama and un¬ changed to 12 yen higher at Kobe. Sales of cash silk in these centers were 1,000 bales, while there were 8,675 bales of futures traded. Local closing: Nov., 1.63%; Dec., 1.60; 4,093 in October, 1936. in Japan, the price remaining at 782% 1.59; March, 1.56%; May, 1.55%; June, 1.55. Jan., !**• On*the 28th inst. futures closed %c. higher to %c. lower. the previous close. Trans¬ actions totaled only 230 bales. Grade D in Japan lost 12% to 15 yen, Yokohama quoting 772% and Kobe 770 yen. Bourse ^quotations on these markets were respectively, 11 to 13"and';5 to 11 yen off. Cash sales of 600 bales were recorded, while a total of 2,225 bales of futures changed hands. Local closing: Nov., 1.63; Jan., 1.59; March, 1.56%; May, 1.55%. Today futures closed 4% to %c. up. Sales totaled 34 con¬ The opening range was %c. The market opened tracts. over unchanged to lc. advance but firmed up on strong Japanese cables in dull reached only 200 bales to early afternoon. crack double mained but a extra silk in the New trading which The price of York spot market re¬ $1.76, unchanged. Interest was rather small, better feeling was reported. Yokohama's Bourse at closed 2 to 6 yen higher, while grade D silk was 5 yen lower 767% yen a bale. Local closing: Nov., 1.67%; Jan., 1.64%; March, 1.59%; May, 1.56%; June, 1.56%. at COTTON The Friday Night, Oct. 29, 1937 as indicated by our tele¬ Movement of the Crop, grams from week ending the South tonight, is given below. For the this evening the total receipts have reached 313,437 bales, against 323,319 bales last week and 379,066 previous week, making the total receipts since Aug. 1, 1937, 3,824,379 bales. bales the Receipts alGalveston Houston Corpus Christi. Sat. 14.312 7,361 Man. Tues. 24,310 16,344 9,899 9,443 Wed. 5,890 6,521 New Orleans— adjusted upward. Mobile. 6,185 5,529 268 596 483 914 259 38",979 9",076 34",650 19",567 3,050 1,212 2,120 5,249 2,361 16,109 2,036 Beaumont City market believe that these Thurs. 2,023 Fri. Total 79,881 63,058 284 2,804 2,361 16",025 134,406 2,888 16,555 2,023 12,840 24,305 week finds it to be accepted that the prices whicn became effective on Sept. 1, will remain for the rest Pensacola, &c_. Jacksonville "298 298 Savannah 771 283 610 503 1,305 597 of the active anthracite season. Charleston— Lake Charles 327 247 327 352 122 2,519 1,125 4,069 3,894 1.125 "83 "58 "69 "64 "ioo 103 477 211 324 323 271 143 383 1,655 831 831 mentator this Wool—There is little tion. It still seems or no to be a change in the raw wool situa¬ policy of "watchful waiting" the part of dealers and manufacturers. The raw material shows no resiliency whatsoever. Yet "while some both Wilmington Norfolk Baltimore on Totals this week. 65,362 45,549 64,825 39,331 36,172 62,198 313,437 Financial 2876 The Speculation following table shows the week's total receipts, the and the stocks tonight, compared total since Aug. 1, 1937, with last year: This Since Aug This 1, 1937 Week 1, 1936 1936 1937 79,881 1,023,082 130.079 919 266 911,101 l,0lT070 108",762 695,572 263.048 8,039 873,597 121,140 828"005 515,737 106,506 16,106 851,063 73,102 26,293 50 Jacksonville Savannah Brunswick 4,069 378,074 4,184 7,493 1,528 903,491 113,061 9,606 117,780 554 43,991 50 2,879 4,138 101,104 Charleston 3",894 140",972 8", 138 109",099 89",565 Lake Charles 1,125 1,615 1,655 65,719 4,000 16,710 2,602 48,465 7,056 13,288 46,393 10,303 22,170 78,114 32,125 13,924 27,467 """ioo ""i66 3,123 3,535 831 8,014 100 7,089 950 925 Mobile- 16,555 2,023 - Pensacola, &C-. 298 477 Wilmington Norfolk 67,016 3,259 90,890 694 Newport News New York Boston — Baltimore 781,967 130.828 11,307 2,853 161,753 98,695 16,969 3,922 168,690 Totals 313,437 3,824,379 385,111 3,226,824 3,173,661 2,670,665 In order that we comparison may be made with other years, give below the totals at leading ports for six seasons: 1936 1937 Receipts at— 1935 1932 1933 1934 47,752 3,894 ""8", 138 12",314 "5",332 477 Houston Orleans. New 99,963 123,603 83,853 16,249 13,739 Mobile Savannah Brunswick 694 2,536 2,447 1,493 4,865 61.716 51,240 4,567 5,143 " Charleston Wilmington.. 1,655 2,602 "9", 442 "8",031 17",445 19",824 20",834 313,437 Norfolk 118,292 155,326 ,72,155 13,649 3,434 8,562 4,923 2,558 2,323 112.305 105,423 56,490 3.648 4,208 1,849 5,287 1,364 1,703 385,111 372,149 201.932 313,111 Newport News All others Total this wk. 22",847. 404,069 Since Aug. 1.. 3.824,379 3,226,824 3,269,650 2,241,462 3,585,744 3,351,990 The exports for the week ending this evening reach a total bales, of which 70,246 were to Great Britain, 40,011 to France 46,035 to Germany, 11,455 to Italy, 14,453 to Japan, 460 to China, and 46,581 to other destinations. In the corresponding week last year total exports were 153,193 bales. For the season to date aggregate exports have been 1,554,242 bales, against 1,496,143 bales in the same period of the previous season. Below are the exports of 229,241 leading cooperative association had a mate the on Week Ended Exported to— Great Ger¬ France Britain Galveston crop, Reports from Washington said that President had expressed himself definitely against any Italy many that would interfere with the plan farm legislation new general increase in volume of brokers, and there was an hedging. for This was interpreted as indicating possible curtailment of government loans. Apparently farmers were still more inclined to accept the government loans than to sell through ordinary trade channels. South¬ balancing the budget. reported, were 10 to 17 points spot markets, as officially Average price of middling at the 10 lower. markets designated spot 8.13c. was On the 25th inst. prices closed net unchanged to 6 points declines of almost all the early losses. Most activity occurred during the first hour, when the market was under pressure from abroad. Liverpool and Bombay were lower, and active selling from those markets, as well as early commission house selling and hedging, was responsible for the market's early weak ap¬ pearance. After the early selling had spent itself, the Trading was fairly active, and after early off. points, the market rallied and wiped out 12 to 15 show strength, prices responded readily. However, there was no real aggressiveness on the buying side, traders not being disposed to take on sub¬ short stocks When steadied. market developed covering stantial commitments with began to cotton, and in much uncertainty surround¬ so ing the market. Spot demand continued quiet, as textiles were inactive and mills were not inclined to buy. Southern officially reported, were unchanged to 1 as point higher. Average price of middling at the 10 desig¬ nated spot markets was 8.13c. On the 26th inst. prices closed 3 points up to 4 points Oct. 29, 1937 Exports from— net lower. issued a new esti¬ indicating a yield of 18,100,000 bales. This compares with an estimate of 17,573,000 bales made by the government in its last report. These new figures were circulated widely and had considerable bearing on the day's developments. This was particularly true in as much as increased selling developed through cooperative that spot markets, for the week: definite trend. Developments were of a decidedly bearish character, with the stock market showing renewed weakness and rumors ern 130,079 108,762 113,061 9,606 4,138 79,881 63.058 134,406 16,555 4.069 Galveston no prices closed 15 to 19 points the 23d inst. On Roosevelt Philadelphia with in the doldrums, 810,584 63,058 2,804 Corpus Christ!— Beaumont 2,361 New Orleans 134,406 There was com¬ much cotton reported experienced no severe pressure. Traders show no disposition to aggressiveness either way, with the result the market has been generally Since Aug Week Texas City— Houston during the features; in fact, for future delivery cotton paratively little hedging, and with going into the loan, the market Stock Receipts to Galveston in past week was devoid of any spectacular the futures market was relatively dull. _ 1936 1937 Oct. 29 1937 Oct. 30, Chronicle Influenced by firmness abroad, values advanced early Other Total off. 19,073 71,247 13,647 49,014 2,213 There was moderate foreign, trade and commission house buying. Offers from the South continued 1L455 China Japan 67,249 5 13 to points. 25,805 16,870 8,688 14,272 5,469 5,344 3,630 20~693 21~992 7*607 51603 2" 453 3*893 2,122 ll056 Savannah 5~ 7 40 "166 "166 5,940 the outlook, price movements Charleston 7,918 7,918 the movements of the stock market. 633 633 Houston .... 3,409 4,054 Corpus Christi.. New Orleans Lake Charles... 460 1,753 3*592 Pensacola, Ac 599 San Francisco... 398 Total 728 1,409 5,237 1,648 70,246 40,011 46,035 11,455 14,453 460 46,581 229,241 32,481 26,170 7.237 41,303 1,612 Total 1935 75,741 18,349 20,404 12,998 13,813 59,880 761 23,986 153,193 31,715 213,257 From Exports Great many Italy China Japan Other Total Galveston 96.979 73,220 77,474! 35,807 19,720 2,909 Houston 87.677 76,970 63,285 35,760 72,043 378,152 69.159, 346,717 69,074 61,084 46,389 3,500 52.984 Beaumont Orleans.. 3,178 62.446 50,705 1,900 9,032 21,831 4,834 Corpus Chrlstl. 571067 28,448 28,907 Lake Charles.. 6,390 4,589 39 23,717 5,501 19,999 New into the loan, and perhaps in agricultural officials had anticipated. Credit Corporation reported the total rapidly was The Commodity 200 200 45,300 232,024 21,867 8.13c. was On the 27th inst. prices Trading wTas the market displayed a heavy undertone. 31588 6,634 59,439 67 "166 *130 30,938 Savannah 25,263 648 2,491 52,778 Charleston 48,254 1,395 1,298 70,563 take 10,845 orders either way. Norfolk 348 Gulf port 247 20,914 166 1,632 7,147 420 166 "374 New York ""no Philadelphia... Los Angeles... San """4 2^524 250 132 712 ""84 Boston 3,965 1,220 Francisco. 70 "677 1,484 12,694 5,381 31.083 458 515 1,266 2,944 200 4,653 3,328 1,062 Total. 449,436285,608 307,984,152,663 Total 1936 339,786261,470 368,607151,423 Total 1935 3,034 1,046 "76 Baltimore 11,443273,0431554.242 225,125! 71,512 417,504 199,419108,899 355,089 3,897176,8491496,143 8,239223,2371414.913 In addition to above exports, our telegrams tonight also give us the following amounts of cotton on shipboard, not cleared, at the ports named: was On Shipboard Not Cleared for— Leaving Galveston Houston New Orleans.. Ger¬ Other Coast¬ many Foreign wise 19,300 14.126 14,691 29,000 7,158 12,117 11.500 9,178 23.501 Savannah 23,600 17,714 4,337 500 2.000 2,379 85,400 50.555 500 Charleston Mobile 14,396 "484 "417 15",297 . Other ports subcommittees and — . 62,513 19,699 33,555 44,663 45.083 28,413 48.275 46.568 27,129 56.657 34,664 132,990 influenced by small endeavoring to prepare a new farm was where it even is not off the market ern 2 It is said that not inclined to sell cotton are going freely, and into the loan, it is being held pending developments at Washington. South¬ spot markets, as officially reported, were unchanged to points lower. nated Average price of middling at the 10 desig¬ was 8.12c. spot markets On the 28th inst. prices closed 2 points up to 2 points off. market with moderate Liverpool buying and 825,701 777.450 796,417 168,190 89,565 83.398 22.170 204,372 Total 1937-Total 1936. Total 1935 —r was Toward the close prices hardened fol¬ bill to be acted upon at the special session. Stock Total 54,646 Norfolk the market and opened steady and 5 to 9 points higher in response to firmness in Liverpool, and held steady early, Oct. 29 at— Britain France poor lowing the action of the stock market. The Agricultural Committee in Washington was in conference with numerous The Great Hedge selling was light, but there was considerable liquidation as well as selling by New Orleans and commission houses. The off¬ Southern farmers 74,065 closed 5 points off to 2 points up. During the greater part of the day inactive. 9.415 Ac. Southern spot markets, quantities. moderate officially reported, were 1 point higher to 4 points lower. Average price of middling at the 10 designated spot markets 305,567 5,278 10,849 9*656 as 180 Pensacola, going pledged in the loan was 757,000 bales up to and including Friday of last week. With comparatively little cotton 21,290 24.376 Mobile Jacksonville in cotton appeared to parallel Reports indicated that greater volume than taking only Ger¬ France cotton of pressure prices were easily On the whole, underlying session. early not changed, and with traders puzzled over being offered in the South, except at a high basis, the spot situation was more -or less deadlocked, and mills wTere Exported to— from— Britain the were 7,973 ll250 absence the in in conditions Total 1936 Aug. 1, 1937, to Oct. 29, 1937 and sustained 9.524 3,592 Norfolk Los Angeles light, 2,290 2,290 Mobile 4,379 206,398 2,967,263 16,065 164.633 2.506,032 2,012 231.634 2,525,758 commission house tion by early buyers. on differences and local buying. Subsequently prices fluctu¬ ated feverishly, but toward the close sagged under liquida¬ characteristics that nite trend. from held the off There South, the The market displayed about the have prevailed was some hedge selling, but where much market or all week, with going of the crop into the no no same defi¬ pressure still being government loan. was Spot houses reported domestic demand for spot cotton and a pick-up in exports was assumed to be a reflection of purchases made abroad earlier in the season. In no branch Volume of the industry market was brought down to Thursday evening. To make complete figures for tonight (Friday) we add the item of exports from the United States, for Friday only. figures there any marked changes, and the tiie doldrums awaiting further were more markets, spot officially re¬ Average price as ported, were unchanged to 10 points lower. middling at the 10 designated spot markets was 8.11c. Trading was very quiet throughout most of the session, though the undertone was steady. Spots on the Liverpool market opened with moderate business done and prices steady. Futures here opened steady, prices being 2 to 4 points lower, with steady Liverpool cables offset by hedge selling. Soon after the opening the market quieted down. Today prices closed 1 point down to 1 point up. Staple—The Premiums and Discounts for Grade and are the total show the less in or Southern developments. of 2877 Financial Chronicle 14S premiums and discounts for grade and staple in relation to the base grade, Middling y$, established for deliveries on contract on Nov. 5, 1937. Premiums and discounts for grades and staples are the average quotations of 10 markets, designated by the Secretary of Agriculture, and staple premiums represent 60% of the average premiums over %-inch cotton at the 10 markets on Oct. 28. table below gives the 1937 1 936 1 935 1 934 637,000 686,000 403,000 871,000 34,000 8,000 2,000 777,000 160,000 197.000 12.000 33,000 18,000 6,000 7,000 460,000 167,000 76,000 13,000 29,000 58,000 3,000 936,000 363,000 149,000 23,000 56,000 45,000 9,000 9,000 394,000 433,000 357,000 654,000 Total European stocks 1,164,000 India cotton afloat for Europe—. 29.000 1,210,000 Oct. 29— Stock at Liverpool bales. 133,000 Total Great Britain Stock at Bremen Stock at Havre Stock at Rotterdam Stock at Barcelona Stock at Genoa Stock at Venice and Mestre Stock at Trieste Total Continental stocks % 15-16 1 In. <fc % Longer Inch 1 In 15-16 Inch Inch 525,000 42,000 360,000 Egypt, Brazil,&c.,afPt for Europe 161,000 176,000 195,000 U. S. exports 268,000 630,000 31,898 3,103,194 1,882,223 24,259 46,077 8,028,706 7,678,934 7,059,751 7,963,494 31,241 today dk Longer Of the above, totals of .American and other descriptions are as follows: American— bales. Liverpool stock Spotted— White— .65 on .90 on 1.14 on Good Mid--.-. .14 on .33 on .54 on .83 on 1.07 on St. Mid .05 off .15 on .36 on Bremen stock Good Mid .43 off .23 oft .50 on .75 on .99 on Mid .64 off St. Mid .35 on .61 on .84 on ♦St. Low Mid.. Mid Basis .25 on .48 on ♦Low Mid .48 off 1.32 off 1.18 off .24 off 2.14 off 2.07 off .18 off .36 off .61 off 1.41 oil 1.25 off 1.13 off Good Ord. 2.15 off 2.10 off 2.05 off •Good Ord 2.76 off 2.75 off 2.73 Off •St. Continental stock American afloat for Europe Good Mid .45 off .29 off .13 off U. S. port stock U. S. interior stock St. Mid .71 off '.63 off .36 off U. S. exports today; ♦Mid .50 off 1.39 off 1.27 off Tinged— .30 off 2.24 off 2.17 off .89 off 2.84 off 2.80 off Low Mid.. ♦St Extra White— ♦Low Mid .75 on .99 on .35 on .61 on .84 on Even .25 on .48 on Good Mid St. Low Mid—. .59 off .35 off .16 off ♦St. Mid .93 off .22 off 1.05 off .72 off 1.62 off 1.43 off Manchester stock Mid ♦Mid .41 off 2.28 off 2.22 off Havre stock 1.39 off 1.22 off 1.11 off •St. Good Ord. 2.13 off 2.08 off 2.02 off 2.74 off 2.72 off 2.71 off •Good Ord 629,000 479,000 73,000 57,000 34,000 19,000 29,000 46,000 70,000 38,000 42,000 25,000 65,000 19,000 56,000 57,000 161,000 176,000 195,000 224,000 591,000 297,000 625,000 168,000 1,562,000 1,834,000 1,253.000 6,466,706 5,844,934 5,806,751 1,926,000 6,037,494 8,028,706 7,678.934 7,059,751 7,963,494 6.79d. 12.30c. Bremen stock Other 251,000 374,000 Liverpool stock Graf— 5,806,761 6,037,494 Brazil, &c.— East Indian, .50 on St. Mid Low Mid 45,000 90,000 159,000 15,000 360,000 6,466,706 5,844,934 Total American Good Mid Yel. Stained— 242,000 152,000 32,000 31,000 103,000 294.000 57,000 121,000 57,000 81,000 371,000 237,000 3,173,661 2,670,665 2,757,392 3,103.194 2,129,804 2,266,371 2,253,100 1,882,223 31,241 31,898 24,259 46,077 .... Havre stock Other 207,000 263,000 60,000 91,000 158,000 35,000 525,000 Manchester stock .58 on Continental stock Good Mid .56 off .36 Off .19 off Indian afloat for Europe St. Mid .80 off .59 off .43 off ♦Mid ♦ .40 off 1.26 off 1.15 off Egypt, Brazil, &c., afloat Stock in Alexandria, Egypt Stock in Bombay, India 61,000 34,000 69,000 28,000 61,000 39,000 268,000 630,000 182,000 403,000 Not deliverable on future contract. Total East India, &c quotation for middling upland cotton in the day for the past week has been: The official New York market each for 8.32c. 1929 -_ __18.10c. 1921 19.20c. 1913 — __12.11c. 1928 — __19.55c. 1920 22.20c. 1912 __11.35c. 1927 — -_20.70c. 1919 1911 __12.45c. 1926 — --12.65c. 1918 38.35c. 31.35c. 5.75c. 1925 — __20.25c. 1917 27.85c. 1909 _-24.20c. 1916 ,18.85c. 1908 -_31.75c. --24.30c. 1915 12.30c. 1935 — 1934 1933 __ — 1932 6.20c. __ 1931 — — 1930 1924 6.00c. 1923 __11.45c. — --- 1922 Futures—The — - --. 11.35c. 9.45c. 14.40c. — ---14.85c. - 9.35c. 1907»-_ __.l0.80c. --.10.50c. 1906 9.60d. 11.77d. 3.98d. 6.13d. 4.13d. 5.6ld. 8.03d. 5.62d. g'd fair, L'pool C.P.Oomra No.l staple,s'fine.Liv Peruvian Tanguis, Continental imports for past week have Range. 65,212 bales over 1934. - at Towns Interior the At Thursday Friday corresponding period of the previous year—is set out in Oct. 27 Oct. 28 Oct. 29 detail below: 8.13- 8.27 8.05- 8.15 8.09- 8.20 8.13- 8.14 8.13- 8.14 8.13 8.15- 8.29 8.00- 8.13 8.12- 8.20 8.03- 8.12 8.09- 8.16 8.06- 8.11 Closing 8.15 8.09 8.12 8.07 8.09 8.08 _ Jan. (1938) 27,032 8.11w 8.07a 8.09a 8.01- 8.10 8.06- . 8j.08 8.07- 8.08 8.09- 8.25 7.96- 8.13 8.09- — Closing 8.09- 8.21 8.10 8.09 8.09 8.14 8,597 35,444 57,249 7,779 79,398 Forest City-. 8.08n 8.09n 8.12» 4,363 Ark.,Blytheville Range.. Closing. 2,204 Selma 2,412 24,528 4,633 4,360 50,652 Eufaula March— 80.2- 8.12 Helena 8.07 Hope Jonesboro April— Little Rock.. — 8.09» 8.0 On 8.09n 8.08a 8.08a 8.07a Range.. 8.08- 8.25 7.95- 8.12 8.08- 8.21 8.00- 8.10 8.04- 8.15 8.03- 8.11 Closing 8.08- 8.09 8.08 8.08 8.07 8.07- 8.08 8.07 Closing . May— Newport Pine Bluff..Walnut Ridge 25,854 85,234 30,084 30,162 109! 9,973 683 51,032 1,584' 59,981 4,384' 90,223 1,123 22,897 4,444 38,344 5,774^ 20,062 820 21,553 5,688 74,468 963 20,481 5,6311 69,051 2,855 28,941 2,761 8.07a 8.07a 8.09- 8.27 8.09 8.05- 8.19 7.99- 8.09 8.05- 8.15 80.3- 8.11 8.05 8.14 7.97- Closing 8.09 — —■ 8.07- 8.08 8.06 8.06- — 8.10a 8.09a 8.11n 8.09n 8.13» 8.12n _ 700 1,470 33,077 921 36,335 1,500 10,206 1,500 19,278 8,366 103,756' 6,100 10,117 117,120 10,074 1,000 16,217 49,596 167.006 11,761 4,160 46,001 2,770 63,957 72,999 54,388 118,439 32,473 1,771 Vicksburg—. 2.408 8,963 23,595 Yazoo City.. 1,246 Columbus Greenwood Sept.— 8.15n 8.20- 8.36 8 07- Closing 8.20 8.20 Closing 8.15a 8.12n 8.14a 8.10- 8.19 8.16- 8.24 8.12- 8.20 8 18 8.13a 8.17n Range.. 8.16 8.17 Oct.— — 8.24 — 8J28 8.168.16 — — — Nominal. prices at New York and since trading began on Range for future Oct. 29, 1937, _ ending option: 2.620 8,639 30 648 27i towns •_. 29,546 204,099 S. C.,Greenville 15 2,523 32,697, Tenn., Mem phis 110,587 721,314 2,066 29,572, Nov 1937— Dec. 1937— Jan. 1938— Feb 8.02 Oct. 25 8.28 Oct. 8.00 Oct. 25 8.29 Oct. 7.96 Oct. 25 8.25 Oct. 23 23 1938— Mar. 1938— Austin Oct. 7.60 Oct. 19 1937 12 40 July 8 1937 13.93 Apr. 7.50 Oct. 9 1937 13.94 A nr. 8.40 23 7.52 12 1937 6 1937 5 1937 Sept. 27 1937 13.85 Mar. 31 1937 6 1937 8 1937 13.97 Apr. Oct. 724 14,411 Brenham 8.15 310 12,343, 67,788; 69,736, 15,652, Dallas 4,609 Paris 4,932 May 1938— 7.95 Oct. 25 8.25 Oct. 23 7.69 July 1938— 7.97 Oct. 25 8.27 Oct. 23 7.65 Oct. 8 1937 12.96 May 21 1937 Aug. 27 1937 11.36 July 27 1937 Oct. 8 1937 11.36 July 27 1937 Rent 1938 8.07 Oct. 25 8.36" 23 8.07 Oct. 1938— 9.63 Oct. Visible Supply of Cotton 25 1937 tonight, 8.52" as made 16 1937 up by telegraph, is as follows. Foreign stocks as well afloat are this week's returns, and consequently all foreign cable and 1,690 1,805 2,900 169 Texarkana Oct. 30 2,247 57,885 480 10,449 68,122 495 2,844' 79,608 12,490115,901 4,135 16.570 3,656 32,197 2,866 25,293 722 13,060 9,423110,864 993 19,374 5,220, 57.975 3,428 25,411 179, 18,238 1.925 2,647 23,692 96,684 7,483141,198 300 34,050 26.2C6 1,309 9,693 84,998 95,377 28,359 182,356 52,174 11,396 26,104 37,577 71,072 4,352 600 38,731 29,802 44,703 7.222 4,536 415 59,928 34,334 8.833117,945 2,845 34.515 155; 1,556 2,730 10,067 8.741 19,077 24,324 533 2,608 11,641111,006 2.971i 56.190 6,176 15,226 55.783 4,103 13,909 13,006 397 451 5,594 289 893 2,767 2,950 24,902 2,056 61,045 7,212 12,829 7,475 213 6,933 253 445 3,054 27,408; 2,011 16,693 73,208 2,507 18,745 55 94,314 66,324 ,037,491 105,735 678,961 4,005 4,627 27,517 10,502 2,163 1,167 444 2,799 3,970 69,159 1.487 . — Total, 56 towns ♦ 22,129 154,971 18,795 2,940 60,323 7,912 86,900 519,556 146,742 3,609 2,999 1.621 653 531 1,686 476 510 3,083 3,014 15,984 3,814 4,695 4,326 19,730 3,045 San Antonio 2,481 295,1892,681,320217,2972129804 334,7042,875.991247,897 2266371 Includes the combined totals of 15 towns In Oklahoma. the interior stocks have 77,892 bales and are tonight 136,567 bales less than at the same period last year. The receipts of all the towns have been 39,516 bales less than The Oct. 8,348' 6,862 17,797 35.062 6,268 17,893 1,311 1,791 3,101 1,939 9,842 112 7 Robstown Waco. 1938 595 1,889 43,401 36,495 Texas, Abllene. Range Since Beginning of Option Range for Week Option for— 1,000 600 1,384 2,000 5,680 115,112 5,375 Stock Week Oklahoma— for week each . Jackson — 31,565 10,349 Mo., St. Louis. N.C.,Gr'nsboro __ 120,781 19,203 61,002 12,415 46,912 2,831 129,846 500 34,100 La., Shreveport Mlss.Clarksdale Aug.— 13,253 2,511 3,118 4,381 1,454 11,608 3,638 8,567 5,570 570 99,469 11,200 — 6,931 33,317 48,104 118,849 21,349 40,907 42.938 12.939 1,301 3,150 8,860 8,667 5,085 Macon 495 2,076 18,946 1,234 107,927 Rome 38,672 25,420 53,679 Natchez 8.07 8,151 634 14,169 23,603 9.407 550 Season 820 1,435 — Columbus Range. The 75,946 Ship¬ Receipts Week Augusta 8.07a 8.07» 8.09rt 8.08k . July— Closing 17,751 29 ments Oct. Week Atlanta Athens — Closing 46.407 3,059 9,097 1,997 "12,697 3,031 Ga., Albany.— June— as 3,635 463 Ala.,Birming'm Montgomery. . Feb.— Oct. Season Week Stocks ments 8.12 Range.. Ship¬ Receipts 8.08- 8.16 Closing 8.02- 8.19 8.14- 8.15 Apr Movement to Oct. 30, 1936 Movement to Oct. 29, 1937 8.13a 8.15a 8.15a 8.16n 8.17n 8.18n . 8.14- 8.15 n the Wednesday 8.14- 8.28 Range is, Oct. 26 Range.. Range movement—that the receipts for the week and since Aug. 1, the shipments for the week and the stocks tonight, and the same items for the Dec.— Range been 164,000 bales. figures for 1937 show an increase over last week of 243,682 bales, a gain of 349,772 over 1936, an increase of 968,955 bales over 1935,^and a gain of Towns Range 5.25d. _ Closing Range 8.87d. 5.87d. above The (1937) Nov 6.45d. 11.40c. 9.63d. 6.8ld. 12.06c. Tuesday 25 Oct. 8.32c. 4.83d. -- lowest and closing prices week have been,as follows: Monday Oct. 23 - highest, New York for the past Saturday -_.14.40c. „ 1910 1914 Total visible supply Middling uplands. Liverpool Middling uplands, New York Broach, fine, Liverpool — 1936 Total American Egypt, good Sakel, Liverpool — 1937 Fri. 8.32 middling upland at New York on of the past 32 years have been as follows: quotations Oct. 29 for each 8.33 Quotations for 32 Years New York The Wed. Thura. 8.33 8.33 Tues. Mon. 8.34 Sat. 8.34 Oct. 23 to Oct. 29— Middling upland i 168,000 224,000 297,000 182,000 591,000 625,000 403,000 3,173,661 2,670,765 2,757,392 2,129,804 2,266,371 2,253,100 Stock in Alexandria, Egypt Stock in Bombay, India Stock in U. S. ports Stock in U. S. interior towns Mid. Fair Low Mid 11,000 American cotton afloat for Europe St. Good Mid- St. Low Mid- 65,000 57,000 817,000 1,590,000 57,000 39,000 371,000 237,000 Total visible supply Inch 91,000 770,000 148,000 192,000 10,000 Stock at Manchester above totals show the week increased during the week last year. same that 2878 Financial Market and Sales Chronicle New York at NUMBER For on the spot each day during the indicated in the following statement. of the reader, we also add columns convenience which show at a glance how the market for spot and futures on same Spot Market _ Alabama SALES Closed Arizona Market Closed - Quiet, 15pt8.dec— Steady, unchanged. Steady, 1 pt. dec— Steady, unchangedSteady, unchanged. Steady, 1 pt. dec— Barely steady.Steady Barely steady. Steady Barely steady. Steady Total 1,200 450 450 100 100 Since Aug. 1 268,085 1,541,379 209,453 41,284 214,107 190,680 409,973 275,613 3,124,024 2,081,900 149,523 1,599,227 10,466 6,262 South Carolina Virginia United States 2,662 *8,569,476 *11,068,319 *6,590,402 Includes 142.983 bales of the crop of 1937 ginned prior to Aug. 1 which was counted in the supply for the season of 1936-37, compared with 41,130 and 94,346 bales of the crops of 1936 and 1935. 1936Since Week The statistics in this report include 186,174 round bales for 1937,148,827 1936, and 103,676 for 1935. Included in the above are 3,669 bales of Aug. 1 for 857 600 505 2,171 4,301 5,395 33,593 3,888 23,933 51,774 118,747 The statistics for 1937 in this report are subject to revision when checked against the individual returns of the ginners being transmitted by mail. The revised total of cotton ginned this season prior to Oct. 1 is 8,260,201 bales. 54,844 238,673 44,968 293,700 CONSUMPTION, 831 100 198 7,089 3,726 95,760 6,490 8,014 2,625 58,525 7,498 69,164 7,440 169,509 37,528 American-Egyptian for 1937 4,158 2,308 bales of Sea-Island for 1937. aggregate net overland exhibits decrease a from a 1937 In Sight and Spinners' ' Week Receipts at ports to Oct. 29 Net overland to Oct. 29 313,437 47,346 Southern consumption to Oct. 29-125,000 485,783 77,892 5,523,888 1,279,831 of Southern mill takings consumption to Oct. 1 Came into sight during week Week 3,824,379 169,509 1,530,000 . excess Since Aug. 1 Aug. 1 385,111 3,226,824 187,125 1,695,000 37,528 135,000 557,639 *253,838 WORLD 60,717 idle, is about 149,000,000. covered the eastern half of the cotton belt, increasing the damages done to grades. Rain Austin Abilene Brenham Bales EI Paso.t Lampasas Luling Palestine. Since Aug. 1— Paris Bales 5,664,840 3,939.140 5.842.614 1934 1933 principal cotton markets for each day ... San Antonio Taylor Weatherford Oklahoma—Oklahoma City Arkansas—Eldorado Fort Smith Little Rock. Pine Bluff Louisiana—Alexandria Low 86 Mean 67 65 66 48 44 90 42 90 42 90 42 86 58 66 72 88 38 63 66 82 50 66 90 dry dry dry dry dry drydry dry dry dry dry dry dry dry dry dry - Kerrville Nacogdoches 1935 -Thermometer IT dry Henrietta 396,131 Quotations for Middling Cotton at Other Markets— Below are the closing quotations for middling cotton at Southern and other of the week: ' Brownsville Decrease. 522,515 I 350,028 531,774 I Inches dry dry dry dry dry dry dry Amariilo Movement into sight in previous years: Week— 1935—Nov. 1 1934—Nov. 2 1933—Nov. 3 Rainfall Days Texas—Galveston Dallas 56,715 pounds lint, while States) for The total number United Weather 6,084",305 351,946 STATISTICS the consumption of cotton (exclusive of linters in the the year ended July 31, 1937, was 30,820,000 bales. of spinning cotton spindles, both active and 644,447 6,549,881 North, spina's' takings to Oct. 29- IMPORTS, AND EXPORTS—UNITED The world's production of commercial cotton, exclusive of linters, grown in 1936, as compiled from various sources, was 30,024,000 bales, counting American in running bales and foreign in bales of 478 *108,248 563,675 also 991,224 bales, and in public storages and at compresses 6,926,365 Dales. The number of active consuming cotton spindles for the month was 23,The total imports for the month of September, 1937, were 5,042 bales and the exports of domestic cotton, excluding linters, were 617,444 bales. 5,108,949 1,083,604 86,808 1935; Reports by Telegraph—Reports to us by tele¬ graph this evening indicate that general rains have again 1936 Since Takings for 886,948. year ago of-17,616 bales. 4,885 was The foregoing shows the week's net overland movement has been 47,346 bales, against 37,528 bales for the week last year, and that for the season to date the and STATES Including movement by rail to Canada. year STOCKS, 1936, consumed during the month of September, 1937, amounted to 601,837 bales. Cotton on band in consuming establishments on Sept. 30 187,125 7,142 for , Cotton 106,575 47,346 Leaving total net overland * * 8,594 , 1,649 49,953 111,120 Total to be deducted over 8,720 617 shipments— Interior stocks in : 510.183 72.417 44,290 177 Excess 11,803 AU other States 16.545 142,975 10,067 5,975 Overland to N. Y., Boston, &c.— this 629.640 Tennessee Texas 68,620 269,017 391 Via Virginia points * 375,926 351,289 1.022,681 37,349 37,745 „ Via other routes, &c Deduct 33,725 * Aug. 1 8,348 6,500 668,835 161,493 Oklahoma 2,384 103,671 Since Week 25,065 871,432 476.934 1,661,189 North Carolina follows: Oct. 29— 53,339 S07.696 New Mexico movement -1937- Shipped— 33,283 451,027 1,125,954 823,546 for the week and since Aug. 1% as made up from telegraphic reports Friday night. The results for the week and since years are as 891,537 57,694 923,154 149,601 25,978 Mississippi Overland Movement for the Week and Since Aug. 1— We give below a statement showing the overland 1935 Louisiana "634 78.666 Half Bales 953,069 32,396 Georgia Missouri "634 2,384 25,671 Via St. Louis Via Mounds, &c Via Rock Island Via Louisville — - week, Aug. 1 in the last two — California Florida 1..200 _ as 1936 1,203,423 65,863 1,043,066 148,177 Arkansas Conlr'ct Spot y Total 1937 and Excluding Linters) 1937 Futures Saturday Monday Tuesday Wednesd ayThursday Friday Running Bales (Counting Round State days. i 30, OF are the closed BALES COTTON GINNED FROM THE GROWTH OF 1937 PRIOR TO OCT. 18, 1937, AND COMPARATIVE STATISTICS TO THE CORRESPONDING DATE IN 1936 AND 1935 The total sales of cotton week at New York OF Oct. 36 36 63 88 92 62 63 34 90 44 67 57 82 32 86 61 86 36 30 88 48 68 90 38 64 58 88 84 34 61 34 83 29 30 32 59 56 82 78 78 56 55 31 80 55 Amite. Week Ended Oct. 29 Closing Quotations for Middling Cotton Saturday Monday Galveston 8.00 8.21 Tuesday 8.00 8.21 8.00 8.22 Wed'day Thursday Mobile Savannah 8.24 8.24 8.23 8.00 8.20 8.23 8.29 8.28 8.28 8.40 8.25 8.39 8.15 8.00 8.00 8.30 8.40 8.25 8.39 8.15 8.00 8.00 7.59 7.59 8.29 Norfolk 8.40 8.40 8.25 Friday 8.40 8.25 8.38 8.05 8.00 8.00 7.58 7.58 New Orleans Montgomery Augusta Memphis.-Houston Little Rock DaUas 7.59 7.59 Fort Worth 8.25 8.38 8.38 8.15 8.00 8.00 7.58 7.58 8.15 8.00 8.00 7.58 7.58 New Orleans Contract Market—The for leading contracts in the New Orleans the past week have been as 8.00 8.20 8.23 8.27 8.40 8.22 8.37 8.05 8.00 7.95 7.57 7.57 closing quotations Tuesday Wednesday Oct. 25 Thursday Friday Oct. 26 Oct. 27 Oct. 28 8.20 820&- 821a 8 16 8.22- 8.23 8.19- 8.20 8.19- 8.21 8.21- 8.22 8.19 8.16 8.17 8.18 8.16 8.16 8.17 8.13- 8.15 8.14 76 76 36 56 Alabama—Mobile 8.17 8.16 8.17 814&- 815a 8.14 817 8.16 8 16 9.15 8.14 8.13 8.15 8.25 8.26 June 76 37 56 Birmingham 1 0.70 72 38 Montgomery 1 74 40 Florida—Jacksonville 2 0.62 0.64 55 57 Miami 2 Pensacola 1 Tampa Georgia—Savannah 2 Atlanta 2 Columbus 2 Macon South North 2 __ 2 61 68 46 62 36 56 55 72 34 53 76 36 32 56 74 53 74 40 57 74 73 0,34 0.48 2 44 54 38 78 75 0.48 1.00 0.34 2 Carolina—Charleston Greenwood Columbia - 82 72 0.44 1.02 0.96 2 Augusta 78 0.87 0.14 0.44 3 38 30 52 56 70 1.05 72 0.38 0.03 74 36 30 38 38 1 75 31 52 2 0.60 74 40 57 2 Nashville 36 1.54 1.69 2 Tennessee—Memphis Chattanooga 74 3 3 3 Carolina—Charlotte Asheville 0.13 74 34 54 66 53 53 48 55 56 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. 29, 1937 Feet New Orleans Above zero September 8.25 Bid. 8.25 8245- 826a Tone— Steady. Steady Steady. Steady Steady. Steady. Quiet. Steady. Steady. Steady. 8.245-8.2 5a Steady. Steady. Cotton Ginned from Crop of 1937 Prior to Oct. Above zero Nashville Above zero Shreveport Vicksburg August .. 55 0.75 Memphis July 34 2 8.16 . April Spot Options 60 0.52 dry dry 58 The 8.21 October 36 1 Vicksburg Oct. 29 December. May 62 Raleigh Wilmington Monday Jan. March 55 46 follows: Oct. 23 (1938) 36 30 78 83 cotton market for (1937) February 80 0.20 8.00 8.22 8.22 Saturday Nov 0.42 1 Shreveport Mississippi—Meridian on- 1 New Orleans Above Above in full: 1.5 8.8 5.0 9.8 9.1 zero of gauge. of gauge- 5.8 17.2 zero of gauge. 3.7 6.0 Freights—Current rates for cotton from New York, as furnished by Lambert & Barrows, Inc., are as follows, quotations being in cents per pound: 18— pared with 8,569,476 bales from the crop of 1936 and 6,590,402 bales from the crop of 1935. Below is the report Oct. 30, 1936 Feet 1.4 Cotton High The Census report issued on Oct. 25, compiled from the individual returns of the ginners, shows 11,068,319 running bales of cotton (counting round as half bales and excluding linters) ginned from the crop of 1937 prior to Oct. 18, com¬ of gaugeof gauge. Density Liverpool .52c. Manchester. 42c. Antwerp Stand- High ard Stand- Density High ard Stand- Density ard .67c. Trieste d.45o .60c. Piraeus .85c. 1.00 .670. Flume d.46o .600. Salonlca .85c. 1.00 d.85c. 1.00 52o. .67c. Barcelona * Venice Havre .52c. .67c. Japan * * Copenhag'n.57c. Rotterdam .52c. .67c. Shanghai * * Naples d.45c. .60c. d.45c. .60c. Bombay x .50c. .65c. Leghorn d.45c. .60c. .58c. ,73c. Bremen .67c. ,57c. .72c. .63c. .78c. Hamburg .52c. .52c. Genoa Oslo Stockholm • No quotations. x Only small lots, Gothenb'g .670. d Direct steamer. .72c. Volume from Receipts night from Manchester states that the market in yarns is firm and in cloths is steady. Merchants are not willing to indicates the actual movement each week from the planta¬ 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. tions. The Week Stocks at Interior Tovms Receipts at Ports 8M Lbs. Shirt¬ Cotton 8tf Lbs. Shirt¬ Cotton ings, Common to Finest Middl'o 32s Cap ings, Common Middl'g Upl'ds Twist to Finest d. d. s. 32s Cap 1936 1935 1936 1937 1935 1936 1937 1935 Twist July s. 30.. 55,199 46,866 39,742 38,915 94,093 52,891 61,492 20.. 149,210 76,336 96.074 13.. Nil 34,849 39.236 811.1821.167,4011.111.532 796,150 1,144.6501.097.283 56,583 08,215 6.. 34,411 828.147|l ,206.417|1.121.546 Aug Nil 46.569 d. 3.. 17.. 12H@14H 10 30.. 414 @10 714 6.12 10 @12 10 5 @10 714 7.10 10 4K@10 714 6.20 10^@12 10 414 @10 714 7.02 10 3 6 5.93 lonmm 10 414@10 714 6.92 10 114@10 414 6 0.74 6.70 6.. 1214 @14 13.. 12H@13*/4 @10 20.. 836,739 1.219.831 1.178,879 330,292 280,892 248,136 300.222 201,842|188.943 918,178 1,339.682 1.274.081 361,614391,307;310.219 309.808 271,456 215,017 1,050,914 1,499,275 1.414.604 480.006500,408405,644 347.270 340,815 265.021 411.538314.287330.897 1,245.5391.077.862 1.610.222 606.163 492.874632,515 1214 @13^ 10 6 5.78 10!4@11H 11^@13H 10 1 !4@10 4H 5.63 1014@lltf 10 134@10 11 *4 @13 10 114@10 414 5.56 1 !4@10 11 10 114@10 414 414 5.46 4!4@10 5.33 iwmiH 10 10 1014 @12 1014 @1114 10 0 @10 414 714 3 3 5.08 1014 @11H 10 0 @10 3 6.73 114 4.89 1014@11!4 10 0 @10 11 @1214 10 0 @10 3 3 7.02 4.75 4.82 11 10 414@10 7H 6.99 4.89 1014 @12 10 3 @10 6 6.96 4.83 10!4@12 10 9 @11 0 6.81 3.. 10.. @ 13 17-. 1.. 479.801319,754 326.252 1,490,56411.832,026 1,784,489 724.826 473,918500.419 11 ^ @13 10 24.. 24.. 1154@13 10 114 @10 @10 0 1-. UH @12*4 9 8-. 11^@1214 9 plantations since Aug. 1, 1937, are 5,122,096 bales; 4,307,916 bales and in 1935 were 4,382,398 bales. (2) That, although the receipts at the outports the past week were 313,437 bales, the actual movement from plantations was 391,329 bales, stock at interior towns having increased 77,892 bales during the week. 19367 Bombay receipts to Oct. 28.. Other India ship'ts to Oct. 28- Oct. 27 27.* b.. from mail and telegraphic reports, are as 154,000 109,000 603,200 113,000 4,283,829 3,330,629 110,000 953,200 Europe from Brazil, Smyrna, West Indies, &c. since Aug. 1 the total estimated consumption by 1,530,000 bales in 1937 and 1,695,000 bales in 1936—takings taken by Northern and bales in 1936, Hamburg—Oct. 21—Porta, 397 To Liverpool—Oct. 24—West Cohas, Helum, 2,801. To Ghent—Oct. 24—City of Joliet, 124; Japan—Oct. 22—Asuka Maru, To To To To 4,054 27—Maria, 1,979 27—Maria, 1,651 To Susac—Oct. 27—Maria, 430 NEW ORLEANS—To Liverpool—Oct 20—West Cobalt, 11,670-To Ghent—Oct. 20—Patrick Henry, 1,605 To Antwerp—Oct. 20—Patrick Henry, 50—-Oct. 26—Nevada, \ China 26—Nevada, 4,069--. 20—Patrick Henry, 3,963---Oct. 22— To Rotterdam—Oct. 750 22—Maria, 1,192 — 22—Maria, 450 Susac—Oct. 22—Maria, 250— Bremen—Oct, 20— Frankfort, 6,764 North Cornwall, To Venice—Oct. _______— To Trieste—Oct. To To To To Japan & Britain nent China 115.000 2,OOo' To Total To Wasa—Oct. 169,000 l",666 14.000 16,000 4,000 50,000 9,000 17,000 14,000 7,000 43,000 143,000 193,000 20,000 5,000 66,000 160,000 231,000 3,000 57,000 84,000 13,000 27,000 45,000 64,000 7,000 1937 7,000 45,000 75,000 109,000 120.000 4.00o' 19,000 31,000 107,000 115,000 253.000 27,000 52,000 107,000 143,000 302,000 27,000 50,000 141,000 160,000 351,000 4,000 3,000 1935 Other India- 1,000 1,000 1936 2,000; 12,000, 1935 _ — — — — - 23—Elms- 1937 1,000 1936 2,000 1935 14,000 16.000! 9,000 10,000: 17,000 According to the foregoing, Bombay appears increase compared with last year in the week's 3,000 bales. Exports from of 8,000 bales during the decrease of 49,000 bales. to show an receipts of all India ports record a decrease week, and since Aug. 1 show a Alexandria Receipts - - 1,600 26—Trollehoml, Capetown—Oct. 27—Silver Cedar, 101--27—Silver Cedar, 249 To Durban—Oct. MOBILE—To Antwerp—Oct. To Havre—Oct. 21—West Kyska, 504 21—West Kyska, 2,453 21—West Kyska, 1,030---Oct. To Bremen—Oct. 2,863 -------Rotterdam—Oct. 21—West Kyska, To Trieste—Oct. 20—Maria, 825 To To Venice—Oct. 20—Brand, 452---. — 20—Maria, 797 Naples—Oct. 20—Marie, 500 20—Marie, 100 — FRANCISCO—To Great Britain-. - ?.., 398 To India—1,250 - - ----------— CORPUS CHRIST I—To Japan—Oct. 23—Assuan, 1,753 To China—Oct. 23—Assuan, 460 ----LAKE CHARLES—To Liverpool—Oct. 22—Auditor. 1,850 and Shipments To Susak—Oct. SAN 440 —NORFOLK—To Hamburg—Oct. 29—City of Hamburg, 633 CHARLESTON—To Bremen—Oct. 27—Coulbig, 7,918 SAVANNAH—To Genoa—Oct. 25—Marina 0,100 To Hamburg—Oct. 27—Vera Radcliff, 500 To Lisbon—Oct. 27—Vera Radcliff, 100 To Bremen—Oct. 28—Covebeg, 5,240-------- — PENSACOLA, &c.—To Liverpool—Oct. 27—Warrion, 3.592 To LOS Alexandria, Egypt, 1935 1936 1937 To To To 2,855,685 Liverpool To Manchester, &c To Continent & India To To America— Total exports Week This Since Aug. 1 36,055 9,000 10,000 37.735 21,000 155,575 6,781 3,000 43,000 236,146 Week This Since Aug. 1 Week 4,713 1,192 450 250 6,764 743 3,893 452 825 797 500 100 398 1.250 , 1,753 460 1,850 440 633 7,918 100 500 100 £.240 3,592 599 1.209 200 728 _ „ ?——Drechtdijk, 599 „ ---- Japan—President Taft, 998; Bokuyo Maru, Kubo Kawa Maru, 2,647; Azumasan Maru, 896 1,603 38 400 900 400 300 1,600 101 249 504 2,453 696; 5,237 229,241 - Since Aug. 1 7,000 35,036 35,075 8,000 13,000 113,656 6,452 2,000 45,215 31,728 35",600 169.085 6,319 1,000 30,000 190,219 45,000 252,347 9,000 lbs. Egyptian bales weigh about 750 This statement shdws that the receipts for the week ending 410,000 can tars and the foreign shipments 43,000 bales. jVote—A cantar is 99 - Havre—--?--—Oregon. 1,209---Dunkirk——Oregon, 200 Bremen——Weser, 728-- Total This (.Bales)— 490,000 2,511,758 420,000 3,016,469 410,000 Manchester—Oct. 22—Auditor, ANGELES—To Liverpool—To Oct. 27 Receipts (cantars) This week Since Aug. 1 799 20,389 9,022 100 — — - To Total all— 11,670 1,605 3,961 Ekonk, 9,022 Copenhagen—Oct. 26—Trolleholm, 100 Dunkirk—Oct. 26—Nevada, 1,603. Oslo—Oct. 26—Trolleholm, 38 Valparaiso—Oct. 27—Oefalu, 400 Gdynia—Oct. 26—Trolleholm, 900 San Felipe—Oct. 25—Tivives, 400 Gothenburg—Oct. 26—Trolleholm, 300 To Conti¬ — ----- — 20—Frankfort, 743----— 22—Nicolo Odero, 3,183—Oct. Manchester—Oct. 23—West To Bombay— 1,979 1,651 430 22'—North 20—Patrick Henry, 6,392—Oct. Cornwall, 9,928—-Oct. To 1 Since Aug. 1 Total 6,551 200 1,278 2,450 4,054 port, 778 177,000 Great Jap'n& 8,260 188 2,250 To Venice—Oct. To For the Week nent Aug. 21.000 154,000 17,000 132.000 20,000 4,947 3,212 2,257 300 To Trieste—Oct. To Week Aug. 1 Week Exports Exports Edgehill, 64 To To To Genoa—Oct. Since 26—J. Copenhagen—Oct. 24—Taronga, 2,250 — 24—City of Joliet, 1,322; Edgehill, 1,890 Dunkirk—Oct. 24—City of Joliet, 2,257 Rotterdam—Oct. 24—City of Joliet, 300 Gdynia—Oct. 24—Taronga, 6,551 Oporto—Oct. 24—City of Joliet, 200 Gothenburg—Oct. 24—Taronga, 1,278 Mantyluoto—Oct. 24—Taronga, 2,450 Since Since Aug, 1 8,610 1,825 397 5,459—Oct. To Hamburg—Oct. 1935 1936 28 Week 10,764 2,922 To Havre—Oct. To Receipts— 3,409 4,547 749 from All Ports—The 1937 25,805 28—Freed, To To Havre—Oct. receipts of Indian cotton at Bombay 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: Britain 24— Oct. To 7,678,934 456,394 346,394 This total embraces India Cotton Movement 50 Gothenburg—Oct. 26—Taronga, 2,922. To 8,135,328 11,962,763 bales in 1937 and 2,588,829 1,635,629 bales American. 14,222 10,764 Gdynia—Oct. 26—Taronga, To Embraces receipts in Conli- 2,431 5,180-—Oct. 27— 350 To 7,678,934 available—and the aggregate amount 490 6,257 HOUSTON—To Manchester—Oct. 22—West Tacook, 8,610 To Bremen—Oct. 21—Porta, 3,122 Oct. 28—Uganada, 3,740,397 2,500,597 1,239,800 433,993 315,993 118,000 Of which other Great Bales 458 Season 8,028,706 8,028,706 - Total takings to Oct. 29 a Of which American. From— follows: Liverpool—Oct. 25—West Cohas, 10,586 Helum, 15,219 Japan—Oct. 25—Asuka Maru, 3,409 To Copenhagen—Oct. 26—Taronga, 40,89 Oct. 4,899,258 6,084,305 565,200 99,000 Deduct— Bombay previous page, the the past week have in detail, as made To 17,000 13,000 84,000 10,000 8,462,699 11.769,103 Total supply Oct. a 50 644',447 4,339,022 6,549,881 132,000 84,000 563~675 Alexandria receipts to being on 6.86 Uganda, 8,412 To Hamburg—Oct. 22—Simon von Utrecht, 50 To Rotterdam—Oct. 22—Edgehill, 300 Oct. 25—Burgerdijk, 7,366,881 20,000 3,000 82,000 9,000 Southern mills, shown 3,093 To Dunkirk—Oct. 20—Belgique, 2,431 To Bremen—Oct. 22—Simon von Utrecht, out of Week Season Week foreign spinners, 2,210,397 of which 970,597 bales and b Estimated. News—As @1214 J. 7,785,024 * 6.98 GALVESTON—To Ghent—Oct. 20—Belgique, 254-—Oct. 22— Edgehill, 236 — ——— To Havre—Oct. 20—Belgique, 3,164—.Oct. 22—Edgehill 1936 1937 Visible supply Oct. 22 Visible supply Aug. 1 American in sight to Oct. 29- a 11K@12H 9 1014@10 114 114 114 To Cotton Takings, Week and Season Visible supply Oct. 29 9 1014@10 up sight for the like period: Other supply to Oct. 9 10V4@10 lltf @1214 Shipping ing brief but comprehensive statement indicates at a glance the world's supply of cotton for the week and since Aug. 1 for the last two seasons from all sources from which statistics obtainable; also the takings or amounts gone 6.99 exports of cotton from the United States reached 229,241 bales. The shipments follow¬ Takings of Cotton—The @10 11K@12K 29.. were World's Supply and 9 15.. from the 1936 10!4@10 22.. receipts (1) That the total 0.70 Oct. 387,0601,715,693 1.980.336 1,990.723 666.850478,343593,294 372.945;1,904,0352,098,733 2,132,345 596,889 489,120514,560 22.. 323,319378.683 405.164 2.051,912 2,179,563 2,220,751 471,196 483,163493,570 29.. 313.437385,111372,149 2,129,804 2,266,371 2,253.100 391.329 471,919 404.498 8.. 441.721 330,033 15.. 379,066 370,723 The above statement shows: @10 3 8ept. Oct. not Upl'ds d, s. Aug. 92,915 788,408 1.132,176 1.094.124 141,468 63.862 184,700 806,649 1.140.781 1.119.686239.811 149,970 21.570 141.365,159,138 10.. are d. 27.. 27.. Sept. in d. s. July 47.243 30,140 79.061 1936 1937 Plantations Ended 1937 for comparison: previous weeks of this and last year those for and leave We give prices today below present prices. pay Southern Received from, cable to¬ Market—Our report received by Manchester Plantations—The following table the 2879 Chronicle Financial 145 lbs. Oct. 27 were Liverpool—By cable from ing statement of the Forwarded - mi I*. Total stocks" Of whichAmerican Total imports Of which American Amount afloat Of which American.A Liverpool we have the follow¬ week's imports, stocks, &c., at Ovt. 8 56,000 686,000 224.000 o9,000 34,000 239.000 168,000 that port: Oct. 29 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 96,000 58,000 770,000 323.000 62,000 33,000 211,000 135,000 2880 Financial Chronicle The tone of the Liverpool market for spots and futures day of the past week and the daily closing prices of spot cotton have been as follows: About 650,000 bushels of this total each Spot Saturday Monday Quiet. Quiet. Tuesday Wednesday Thursday Good Moderate business demand. doing. 4.87d. Mid.UpI'ds demand. Futures. 4.75d. Quiet, un¬ Marke; 2 opeued Quiet. 4.76d. Steady, 4.85d. Quiet. Steady, 4.83d 10 pts. 3 to 4 pts. 1 to 4 pts. changed to to 1 point decline. advance. decline. 1 pt. dec. decline. pts. dec. Steady, Quiet, un¬ Steady, Steady, Quiet; 1 pt. St'y, 2 pts. changed to 11 to 13 pts 4 to 5 pts. 1 to 2 pts. dec. to 4 adv. to 1 1 pt. dec. decline. advance. decline. pts. adv. pt. 4 P. M. decline. Prices of futures at Oct. 23 Liverpool for each day Mon. ,Sat. Tues. Wed. Thurs. Fri. Close Noon Close Noon Close Noon Close Noon Close Noon Close d. New Contract October d 4.67 (1937).... December... d. 4.55 d. 4.55 4.73 d. 4.57 4.62 4.75 d. 4.60 d. 4.56 d. 4.59 4.67 d. 4.65 d. 4.63 4.65 4.63 4.65 4.68 4.71 4.63 4.63 4.67 4.68 4.71 4.68 4.80 4.68 4.68 4.72 4.73 4.68 4.71 4.74 4.71 4.71 4.72 May 4.83 4.71 4.71 4.75 4.76 4.72 4.74 4.77 4.74 4.74 4.75 July October. 4.87 4.75 4.75 4.79 4.79 4.75 4.77 4.80 4.76 4.76 4.91 4.79 4.84 December 4.95 4.82 4.87 January (1939).. 4.97 March 4.99 May 5.01 4.85 -- - 4.88 4.70 ~ - 4.76 4.82 — 4.81 4.81 4.84 4.83 4.87 — - m — 4.92 4.86 4.85 4.89 4.88 and 4.89 amounted the were the East repeatedly that forced that Russia's quality, and anxiety __ able wheat in Liverpool Today prices closed to-mouth trade is light, since many securities had %c. to depressing States hard winter. wheat off 2c. were bushels. DAILY CLOSING PRICES the 23d inst. prices closed for7 American-grown wheat a %• to lc. lower. disappointing demand were the chief contributing fac¬ During the early session prices held fairly steady on the strength displayed in the Liverpool market, but when the securities market began to show signs of real weakness, wheat values began to sag. Liverpool prices were more than 2c. a bushel higher at the tors in the day's wheat decline. close, the English market refusing to follow Friday's decline here. Liverpool wheat strength was attributed to a reported breach in the international non-intervention negotiations. On the 25th inst. prices closed % to y2c. limits, and without narrow ican sales export significant feature. any continued to disappoint. Amer¬ Some of the trade expressed disappointment with the action of wheat. The strength of securities found little reflection in the move¬ ment of this grain, while a sizable decrease in United States visibles the drew most only mild substantial 125,057,000 bushels, fore. A year Wheat visibles showed decrease of the season, falling to drop of 3,145,000 from the week be¬ a the ago comment. stocks stood Winnipeg wrheat market ruled %c. at 71,570,000 bushels. l%c. higher. lower to Minneapolis, y8 to %c. higher after earlier gains of % to lc., while Kansas City ran %c. lower to unchanged after being y8c. higher. On the 26th inst. prices closed unchanged to This compared with maximum y2c. firmer. gains during the session of to 2c. above the previous closing. Failure of North American wheat markets to hold early strength disappointed the trade today. In view of the general run of bullish news, it appeared to be the general expectation the market would 1% have no however, trouble holding considerable pointing export sale its of winters Liverpool closed strong, served as quite earlier profit-taking with gains. On the developed. A also gains bulge, disap¬ discouraged support. % to 2y2c., which of stimulus to wheat values here, in the early as much as 5c. for the November delivery also played its part in enhancing values on the Chicago Board. Further, there were reports that the Australian outlook was none too bright, with trade estimates down to about 140,000,000 bushels, or trading. less than ish a Buenos Aires advance of last factors it 10,000,000 year's crop. was With this combination of bull¬ surprising the market substantial gains at the close. On the 27th inst. prices closed market did not high grades of Canadian on OF WHEAT Sat. was CLOSING PRICES OF WHEAT 97 91% Season's High and December Thurs. Fri. 111% 110% FUTURES Tues. 97 % 97% 92% Low CHICAGO IN Thurs. Wed. 07% 97% 92% When Made I Season's July 6, 19371 December July 29, 19371 May Sept. 28, 19371 July 131% 122% 105% May July Wed. 110% 112% Mon. 97% NEW YORK IN Tues. Mon. May July 95% 95% 90% and 96 95% 90% Made When Oct. Oct. Oct. 93 93 88% Fri. 97% 96 91% 13. 1937 13.1937 13. 1937 DAILY CLOSING PRICES OF BONDED WHEAT AT WINNIPEG Sat. Mon. Tues. Wed. 125% 124% 118% 118% 115% 116% May 126% 119% 117% 124% 118 115% Thurs. 124% 118% 116% Fri. 122% 116% 114% Corn—On the 23d inst. prices closed 1 y8 to l%c. lower. Corn ruled weak during almost the entire session. The weakening of the cash basis, anticipation of a much freer movement, and fine curing conditions created bearish senti¬ The fact of corn's nearness to an export parity ap¬ peared to be forgotten, for the time being at least. On the 25th inst. prices closed %c. lower to %c. higher. Operators ment. with export connections supported corn, this market being by the development of the first actual sale for buoyed foreign higher. This compared with maximum gains of lc. for all deliveries dur¬ ing the session. However, wheat continued to move within wheat Open interest in wheat 112% 112% December Wheat—On Reactions of lower. on 110,581,000 bushels. October The break in the stock market and inferior of are dubious moisture over net effect Premiums a have flour supplies to draw against. Advices down. values today toward the last. Export business in North American wheat today was estimated at about 500,000 bushels, chiefly United a Sat. consumers on market shipments December a dull market was The current trend of grains is regarded as greatly retarding any real demand for flour, bakers preferring to keep their position on the sidelines. Even the usual hand- selling wheat price nearly at the vanishing point. are *4 BREADSTUFFS noted. of heavy conditions of the new; Argentine wheat crop. Another bull¬ ish circumstance given attention was that stocks of deliver¬ DAILY Flour—No break in the monotony of These bushel. a developed reported No. 2 red Friday Night, Oct. 29, 1937. l^c. largely the wheat was 4.89 __ to result shipments this week have been the larg¬ week since 1931. On the other hand, talk was for any est 4.85 4.90 4.91 - 4.69 4.85 ~ 4.89 4.87 ... 4.66 from pressure rallies times setbacks state that Russian d. January (1938).. March.. 4.64 which at current given below: are to Oct. 29 backs marked St'y; unch. un¬ „o 1 to changed Market, 4.77d. United States wheat, was On the 28th inst. prices closed y8 to %c. higher. The contributing factors in the higher wheat market today were new export purchases of around 1,250,000 bushels of North American wheat and upturns in securities. Advances in Chicago wheat values at the last more than overcame set¬ Friday A fair 12:15 P. M. 1937 including 500 bushels of hard winter grades via the Gulf of Mexico and 150,000 bushels of Pacific Coast white wheat. Moderate Inquiry. Market, Oct. 30, consumption, booked from 97,000 bushels to On time ous approximately 100,000 the Gulf to Rotterdam. a Corn bushels being visibles fell off total of 3,712,000. the 26th inst. prices closed y8 to y2c. lower. At one values showed gains of % to lc. above the previ¬ finals. While some further export sales are believed corn to have been made, no figures could be confirmed. more, sentiment turned bearish and good weather over most on much of the belt. Further¬ heavier receipts On the 27th inst. prices closed 2%c. off to %c. up. Exceptionally large receipts were quite a depressing factor in the corn market today, 342 cars having been reported. The October delivery of corn was bearishly affected in particular. The action of the other grain markets also had their depressing effect. On the 28th inst. prices closed %c. off to lc. up. Corn values averaged substantially higher, this strength being largely by advices of export purchases of corn aggregating at least 1,000,000 bushels. A countering influ¬ ence was that Chicago receipts of corn today were increas¬ ingly liberal, about 464 cars. Most of the export buying of influenced corn %c. was for Germany. Today prices closed unchanged to Trading was light and without any special Open interest in corn was 41,336,000 bushels. lower. feature. DAILY CLOSING PRICES OF CORN Sat. No. 2 yellow Mon. 79% 79% IN NEW YORK Tues. Wed. 78% Thurs. 77% 78% Fri. 78 DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO Sat. Mon. Tues. Wed. Thurs. Fri. October 61 60% 60% 58 December 67% 58% 58% 58 58% 59 May July 59 60 - Reason's High and October 74% Dec. (new) 86% May July 74 66% When Made 59% 60% Season's October Sept. 25, 1937 July 8,1937 Dec. July 29, 1937 May Sept. 30. 1937 July 59% 60% Low (new)___ 59% 60% 59% 60% and ' When 57% 55% 57% 58% Oct. Oct. Oct. Oct. 59% 60% Made 27, 13, 13, 13. 1937 1937 1937 1937 Oats—On the 23d inst prices closed y8 to %c. net lower. register In view of the heaviness of 1% to 2c. lower. The broke other grains, the market for On the 25th inst. prices closed unchanged easier. Trading was slow and without special On the 26th inst. prices closed unchanged to %c. oats ruled lower. today a maximum of 2%c. a bushel, due to heavy selling that came largely from Eastern sources. The to selling movement firmer. There was little or nothing to report on oats, the trading being quiet and more or less routine. On the 27th inst. prices closed % to %c. off. Heaviness prevailed in of the States, started last was associated 200,000,000-bushel only about 10% nearly four months overcame part of the May wheat contracts had low. with statements that surplus of wheat in has been sold since ago. come within 2c. An item that contributed to the break Board was the report that United the season Fractional rallies at decline, but not premiums on until of on out the the the top the Chicago season's Chicago grades of Canadian wheat were lowered 4c. a bushel today. More tban 1,000,000 bushels of North American wheat were bought for export, it was announced after today's break in prices. y8c. feature. this market in sympathy largely with the weakness in other grains. the On the 28th inst. prices closed unchanged to %c. up. Oats appeared to be steadied by the action of corn. Today prices closed % to %c. up. There was a better demand for oats today, with offerings not so liberal. DAILY No. 2 white CLOSING PRICES OF OATS IN Sat. Mon. Tues. 43% 43% 43% NEW Wed. 42% YORK Thurs. 43 Fri. 43% Volume DAILY Financial 145 CLOSING PRICES OF OATS ► May July - Season's and 41% 33% 32% May July—_ 29% 30 28% Low 30% 29% Made 13, 1937 13. 1937 13. 1937 Oct. 27% 28% 28% Oct. Oct. DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG Sat. Mon. Tues. 52% 53% 52% 46% 47% 46% _ •October December Rye—On for other attributed to •closed 1% inst. closed %c. higher. The in maintaining steadiness in face of declining action of rye markets 23d the 58% 47% 53% 46% 51% 47 a to offerings distin¬ guished the rye market. About 46,000 bushels of rye cleared for Europe. Rye visibles up 124,000 bushels to a total of 10,085,000 bushels. On the 26th inst. prices closed un¬ changed to %c. lower. With good weather in many areas liberal and wheat corn, it only natural to expect a heavier was undertone in the rye market. % to l%c. lower. ■sale of May On the rye 28th of together with the weaker showing of receipts, and New York On the 27th inst. prices closed against purchases of July wheat. RYE Sat. December Montreal Season's High and December 96 May July 84 70 Tues. 74% 73% OF RYE Sal. October December. daily closing prices Sat. 72% 67% When Made Oct. 13, 1937 Oct. 13, 1937 Oct. 27. 1937 and 69% 69 66% Tues. 83% 82 " WINNIPEG Wed. Fri. Thurs. Total week, 1937.. 60 were as July 1, 1937, is 61% 5954 Flour Week Since July 1 to— Oct. 23. July 1. Oct. 23, July 1, 1937 1937 1937 1937 1937 July 1, 1937 Barrels Barrels Bushels Bushels Bushels United Kingdom. Fri. 615 59 816,394 1,080,000 1,158,000 159,000 So. & Cent. Amer. 10,500 West Indies 22.500 364,500 4:660 Total 1937 The 1,591,290 1,820,930 315:666 2,397,000 2,525,000 bbls 196 lbs bush 60 lbs bush 56 lbs Oats Corn Barley GRAIN STOCKS Wheat Corn Oats Rye Barley Bushels United States— Bushels Bushels Bushels Bushels Boston 21,000 75,000 2.000 New York. " 17,000 187,000 61,000 23,000 196,000 62,000 36,000 59,000 2,098,000 14,000 35,000 83,000 2,000 65,000 260,000 157,000 37,000 2,000 7,482,000 2,072,000 390,000 50.000 Baltimore w 1,532.000 ... ... New Orleans 427.000 '' w .- Fort Worth ... Wichita ... Hutchinson 13.000 6,000 4,000 - 47,000 134,000 48,000 622,000 62,000 205,000 25,000 130,000 1,478,000 40,000 151.000 88.000 ... 6.000 274.000 35,000 113,000 6,609,000 96.000 82,000 9,000 6,000 1,799,000 228.000 750,000 10,000 27.000 19,000 13,932.000 1,598,000 4,698,000 1,325,000 587,000 933,000 326,000 60,000 72,000 683,000 Sioux City ... Indianapolis ... Peoria ... afloat 717,000 Milwaukee WWWWMM 52,000 11,501,000 ... ■ 106,000 13,880,000 1,370.000 2,123,000 3,705,000 1.047.000 5,130.000 105.000 Duluth. 11,757,000 655,000 46,000 2.529,000 ... Minneapolis 3,000 3,000 2,000 2,024.000 125,000 7,578,000 2,123,000 ... 321,000 853.000 685.000 632,000 Detroit Buffalo ... afloat ... On Canal W M - - - - WWMMWW 114,000 _ 196,000 90.000 3,712.000 27,651,000 3,809.000 27,497.000 3,309,000 47,701.000 6,775.000 —... — 128,202,000 71.470.000 Total Oct. 24, 1936 • - 8,189,000 ... St. Louis. ♦ - 29,049,000 Joseph Omaha " 94,000 wwwwww 5,540,000 ... 36,000 10,085.000 6,651,000 10.133.000 6,298.000 17,362,000 Foreign corn In bond—Chicago, 36,000 bushels. grain Note—Bonded not above: included Barley—Duluth, 203,000 bushels; Buffalo. 110,000; Baltimore, 40.000; on Lakes, 1,209,000; total, 1,562.000 bushels, Wheat—New York, 541,000 bushels; New York afloat, 130,000; Buffalo. 692,000; Baltimore, 23,000; Duluth, 10,000; on Lakes, 3,451.000; on Canal, 311,000; total, 5,158,000 bushels, against 23.209,000 bushels in 1936. against 2,196,000 In 1936. Wheat Corn Oats Rye Bar ey Bushels Canadian— Bushels Bushels Bushels Bushels Lake, bay, river and sea¬ 13,219,000 1,083,000 104,000 Ft. William <fe Pt. Arthur 20.876,000 505,000 812,000 1,825,000 3.568,000 363,000 5,589,000 board & other 5,867,000 33,604,000 7,455,000 1,279,000 10,982,000 67,871.000 6.100,000 73,386,000 6.438,000 1,178,000 11,578,000 1,558,000 7,278,000 .125,057,000 3,712,000 27,651,000 7,455,000 23, 1937. 67.699.000 Total Oct. 24. 1936 Total Oct. — ..... 255.000 49,000 1,426.000 I 840 000 1,261.000 203,000 425.000 85.000 786.000 1,000 365.000 149.000 303.000 American..... 12.000, 217,000 108.000 26.000 3.000! 687.000 Canadian 117.000 26.000 38.000 4,000 132.000 Duluth Milwaukee... w Galveston Total Oct. 16, 1937... bush 32 lbs bush 56 lbs bush 48 lbs ............ 45,000 afloat Philadelphia... 705.000 206,000 •Chicago Minneapolis.. 531,000 1,000 48,647,000 supply of grain, comprising the stocks in principal points of accumulation at lake and seaboard ports^Saturday, Oct. 23, were as follows: Total Oct. 16, 1937 Rye w 92,000 at elevator stocks Wheat «, w w w * 39,121,000 visible granary Other Canadian Flour 146,000 15,000 Total Oct. 23, 1937—125,057.000 of the last three years: 385:666 92:666 299,000 65,681 89,855 100,132 Other countries... ; Saturday and since Aug. 1 for each Since 23, Brit.No .Am.Co Is. " 43% Rye, No. 2. f.o.b. bond N. Y.. 87% Barley, New York— 47 % lbs. malting 59% Chicago, cash 42-6 Oct. 16,462,000 137,215 207,500 On Lakes Oats, New York— No. 2 white. Week 22,030,000 8,495 Chicago * follows: Bushels 44,360 Continent Kansas City 61% 58% 60% 59% Corn Wheat Since St. All the statements below regarding the movement of grain —receipts, exports, visible supply, &c.—are prepared by us from figures collected by the New York Produce Exchange. First we give the receipts at Western lake and river ports Receipts at— the week and since Week 81 ^ Thurs. Wed. 62 5954 GRAIN for the week ended last 8,000 below: as . 78 327,000 1.050,000 and Since 815- 4.75@ 4.90 Spring oats, high protein .6.45@6.80 Rye flour patents Spring patents 5.90@6.20 Seminola, bbl., Nos.l-3_ 7.10@ 2.45 Clears, first spring 5.80@6 05 Oats, good 2.20 Soft winter straights 4.85@5.10 Cornflour Hard winter straights 5 65@5.85 Barley goods— Coarse 4.00 Hard winter patents 5.75@6.05 Hard winter clears 5.10 @5 30 Fancy pearl, Nos.2,4&7 5.60@6.10 Corn, New York— No. 2 yellow, all rail 18.000 383,000 92,000 Exports for Week 82% flour "Wheat, New York— No. 2 red, c.i.f., domestic 110JManitoba No. l.f.o.b. NY.-152 89,855 100,132 2.397,000 2,525,000 The destination of these exports for 81% 81% 81% 83% 82% Tues. Mon. 62% __ Closing quotations Low 73% 71% 74% of barley futures in Winnipeg December 650:060 1,000 Same week, 1936 Fri. Thurs. 73% 70% 67% FUTURES IN Mon. 80% 80% - Wed. 74 72% 69 When Made Season's May 6, 1937 December Aug. 10, 1937 May Oct. 21, 1937 July DAILY CLOSING PRICES 196:666 45:666 1,533,000 CHICAGO IN FUTURES Mon. 72% 72 May July 18:606 496:060 Galveston 1 OF 400,000 "YOOO Total 1936_ closed % to l%c. up. independent strength as shorts found PRICES 137.000 92".666 44.000 Halifax.. inst. prices CLOSING 42,855 324,000 futures today. rye DAILY October. Barley Bushels Philadelphia A feature of the trading in rye was the Rye dis¬ played an offerings limited. Today prices closed % to lc. down. Larger re¬ ceipts and more liberal offerings were the factors depress¬ ing Rye Bushels and was On the 25th inst. prices Scarcity higher. Oats Bushels rather surprising, was better spot demand. l%c. Flour Barrels Baltimore prices grains Corn Bushels Fri. Thurs. Wed. Wheat Bushels Exports from— 30 30 30 When and Fri. Thitrs. Wed. 30% 30% 29: Season's When Made July 6, 1937 December July 29, 1937 May Oct. 2, 1937 July High December Tues. 30% 30% 30% 30% 29% 2881 CHICAGO FUTURES IN Sat. Mon. , December. Chronicle Toledo Summary— . 67,699.000 Total'Oct. 23, 1937. 2.000 3,712,000 35,106,000 3,809,000 33,597,000 3,309,000 54,139,000 .192,756.000 33.000 243.000 144.000 339,000 214.000 82.000 9.000 48,000 Total Oct. 16, 1937— .196,073,000 Peoria... 38.000 73.000 568.000 92.000 38.000 64,000 Total Oct. 24. 1936— .144,856,000 Kansas City.. 14,000 456.000 207.000 330.000 107.000 38.000 78.000 21.000 12:666 3.000 13.000 1,279,000 10,982.000 8,054.000 21.067.00C 4S.OOO 179.000 6,775,000 10,085.000 Indianapolis.. Louis St. Omaha St. Joseph... The world's 7.000 6.000 55,000 3.617.000 377.000 344,000 434,000 250.000 776.000 Same week.*36 414.000 412.000 8.569.000 6,696.000 3,843.000 3.547.000 2.119.000 1.263.000 239.000 415,000 9.340,000 2,383,000 3.429,000 683.000 shown in the and since July 1, 1937, and July 1, 1936, following: 2,611,000 1936 5.395.000 98.552,000 27.291.000 43.756.000 1935 5,064.000183,713,000 23,886,000 4.745.000143.744.000 Total receipts of Wheat Oats Corn Barley Rye 1 bbls 196 lbs bush 60 lbs bush 56 lbs 13.000 6.000 486.000 37.000 68.000 6.000 58.000 11.000 22.000 63.000 42.000, 22.000 45:666 Boston.... __ 178,000 18.000 45,000 190,000 650.000 307.000 873.000 474.000 Galveston.... Montreal 99.000 16.000 Baltimore New Orleans ♦ 18.000 1.633.000 19.000 11.000( 1.000 Halifax 2.000 76.000 270.000 2.680.000 83.000 Since Jan.1 *37 11.291,000 71.674.000 28.065.000 322.000 2.901.000 *3612.242.000 102.904.000 508.000 442.000 80.000 15.000 7,191.000 6.200.000 4.260.000 3.639,000 Total week,*37 Week 1936. Since Jan.1 * -on Since July 1, July 1, Oct. 22, July 1. July 1, 1937 1936 1937 1937 1936 Bushels Bushels Bushels Bushels Bushels 50,482,000 17.698,000 India 424.000 8,640.000 7,880,000 9,728.000 1,000 2,766,000 7,017.000 20,580.000 3,128,000 360.000 500.000 9,000 25,832,000 14,516.000 21.725.000 115,000 74,942,000 31.002.000 Argentina... Total 7,251,000 124.029,000 124.306.000 2,70i",656 34,079:666 7.284,666 10,102,000134.245,000 151,908,000i'l0,076,000 161,374,000 138,608,000 12.000 9.000 Philadelphia.. Since 3,622,000 3,522.000 1,071.000 1,103.000 North Amer. Black Sea... bush 32 lbs bush 56 lbs bush 48 los 137.000 New York Week Bushels Australia Flotcr Since Oth. countr's flour and grain at the seaboard ports for Oct. 23, 1937, follow: the week ended Saturday, Receipts at— Since 1937 8.863,00031.946.000 Week Oct. 22, 60.890.00015.659.00035.680.000 34.589.000 6,572,00043,052.000 70,417.000 are Corn Wheat Exports Since Aug. 1— 1937.. furnished by ended Oct. 22, 2.310,000 Same week,'35; corn, as 2.406,000 Sious City... Total week,'37 7,856.000 24.640,00C Broomhall to the New York Produce Exchange, for the week 188.000 Wichita Buffalo shipment of wheat and 7,829,000 21.711.00C not Include grain passing through through bills of lading. Receipts do The exports 4,475.000 5,181.000, 7,824.000 New Orleans for foreign ports from the several seaboard ports for the week ended Saturday, Oct. 23, 1937, are statement: shown in the annexed Weather Report for the Week Ended Oct. 26—The general summary of the weather bulletin issued by the Department of Agriculture, indicating the influence of the weather for the week ended Oct. 26, follows: At the beginning*of the'week a depression was central over the western Ohio Valley, .with widespread, unsettled weather prevailing over the east¬ half of the country. This "low" moved northward over the western ern Lake region during the first 24 hours of the period, attended by precipi¬ tation generally from the Mississippi Valley eastward. At the same time much colder weather prevailed in the South. By the morning of Oct. 22 a secondary depression had developed over Appalachian Mountains and moved thence slowly northeastward to the Chesapeake Bay region by the following morning. It was attended by heavy to excessive rains in the Middle and.North Atlantic States, with many stations reporting 24-hour falls of 2 to 3 inches. There was more or less flooding of lowlands in North Carolina, Virginia and Maryland, the with considerable_damagejocally. Financial 2882 Chronicle Oct. 30, 1937 "high" had moved slowly southward over the Great Plains to the west Gulf region. It was attended by abnormally cold weather, with record low temperatures in the middle Gulf States, but the weather had become much warmer in the Northwest. The latter this work nearing completion in extreme south, but probably over one-third unhoused in delta counties and one-fourth unhoused on north and central uplands, with, staple generally damaged. Fair progress in housing corn in south, but mostly poor elsewhere. g?art of the week was fair generally, with higher temperatures in the eastern hindered harvesting first in gathering corn, cane, and picking remnants of cotton crop. Good progress in planting oats and cover crops. Record low temperatures Saturday, with local freezing and scattered frosts in north and central, but reported damage negligible. In , the meantime, an extensive sections of the country. The line of freezing weather extended farther this season of the year. Freezing did not occur . ... south than is usual for along the Atlantic coast even as far north as New England, but west of the Appalachian Mountains readings as low as 32 degrees were reported from as far south as Macon, Ga., Montgomery, Ala., and Meridian, Miss. West of the Mississippi River freezing extended to Little Rock, Ark., and Wichita, Kan. The lowest temperature reported for the week was 14 degrees at Huron, S. Dak., on the 22d. , whole, marked contrasts are shown in temperature conditions in different parts of the country. It was relatively warm in the more northeastern States and abnormally high temperatures pre¬ For the week as a generally west of the Great Plains, especially in the Pacific 11 degrees above normal. cold over a wide northsouth belt extending from the Appalachian Mountains to the eastern Great Plains. In much of this area the average temperatures for the week were from 6 to 10 degrees below normal, with freezing weather general, except in southern sections. Just as marked contrasts were shown in rainfall. From the Appa¬ lachian Mountains eastward the weekly totals were heavy, ranging up to around 5 inches locally in the middle Atlantic area. Between the Missis¬ sippi River and Appalachian Mountains precipitation was general, also, but was light to moderate as a rule, though some heavy falls occurred in the western Lake region. West of the Mississippi River the week was almost entirely rainless, with only a very few localities having precipitation vailed rather Northwest .where the weekly means were from 9 to On the other hand, the weather was abnormally sufficient to measure. While frequent and largely heavy rains in the Atlantic aria retarded seasonal farm work and caused some flood damage in the Middle Atlantic States, the additional moisture was favorable for replenishing the water supply quite generally in the northeastern section of the country. Moder¬ ate rains in the Ohio Valley were also helpful, especially for grass and winter grain crops. East of the Mississippi River soil moisture is suf¬ ficient for present needs. Between the Mississippi River and the Rocky Mountains conditions continue variable. Recent rains in Montana, Nebraska, Kansas, Okla¬ homa and most of Texas have improved the outlook in those States with winter grains and grass making satisfactory advance. It is still too dry in most of Missouri, parts of western Kansas, extreme western Nebraska, central and northern Minnesota, and the Dakotas, while a general rain is needed in Iowa, especially the southeast, where water supplies are low. West of the Rocky Mountains the situation remains largely favorable, except that moisture is deficient in parts of the Washington wheat belt and in some places in eastern Oregon, while rain is needed in parts of Utah an(j Arizona Low temperatures of the week carried frosts and freezing weather well There was scattered damage to tender vegeta¬ apparently in Arkansas, from Virginia southwestward and westward, but on the whole harm was not extensive as crops had largely matured. Cloudy, damp and rainy weather was unfavorable for field operations in the Southeast and from the Ohio Valley northward and eastward, though activity bad been largely resumed at the close of the week. West of the Mississippi River fair weather and much sunshine were generally favorable for field work, except in the upper Mississippi Valley. into the Southern States. tion, most extensive Small Grains—Winter wheat shows some improvement rather generally over the belt, especially in the more western part, but conditions continue unsatisfactory in parts of the central area, as well as in the northern Great Plains and some parts of the Pacific Northwest. In the Ohio Valley the soil moisture is now satisfactory, with winter wheat in fair to good condition, although growth during the week was somewhat slow, due to the cool weather and lack of sunshine. In Mis¬ souri and Iowa wheat with poor stands improved somewhat, but more moisture is needed, reported in many fields of the former State. In Texas and Oklahoma progress and condition were fair to very good, with some early being pastured in the latter State. In Kansas the crop is improving, with seeding and reseeding resumed on a large scale, but the stands are only fair in the dry areas; indicated Wheat over a serious deficiency in the subsoil moisture is much of the State. made good progress in Nebraska, except in the extreme west, where it was poor due to dryness. In the Dakotas and central and northern Minnesota moisture is badly needed for winter grains, although early sown are reported in fair to good condition. The warm, dry weather favored growth in Montana and condition of wheat is good, while in the Pacific Northwest the fall-seeded is growing well in the moister sections, but it is too dry locally, with some seeding being done in dry soil. very Com—Husking and picking corn were inactive during the week in most places from the Ohio Valley eastward and northeastward because of frequent rains and wet fields. Grain is still too damp to crib in parts of the Ohio Valley. From the Mississippi Valley westward, except in the upper valley sections, conditions were generally favorable and picking or husking made good advance. In Iowa the cold, cloudy weather and wet fields following the rains of last week delayed picking until the last few days, when activity was resumed. Cotton—Unseasonably cold weather prevailed throughout the cotton or freezing temperatures extending well into the central Rainfall was heavy in the east and light to moderate in most east-central sections, out a practically rainless week was reported from the western half of the belt. While further growth was stopped by low temperatures in most northern parts, there was no extensive frost damage. belt, with frosts sections. In Texas considerable cotton remains in the field in west-central sections and is in fair to good condition; elsewhere the crop has been largely picked, picking was reported in will not be gathered be- except for some scrapping. Good progress in Oklahoma but there are indications that some cause of low prices. was In the central States of the belt, much of the week unfavorable for outside operations and picking of the remaining cot¬ ton made mostly slow progress, with more or less damage by rain to open Considerable cotton remains unpicked in this area, especially in the Mississippi delta. In the eastern States picking made slow progress because of rainfall, which was heavy in many localities. Consideraole cotton is still in the fields in the northeastern belt. bolls. The Weather Bureau has furnished the of conditions in the different States: following resume Virginia—Richmond: Rainfall heavy, except in extreme west; tem¬ peratures slightly subnormal. Light to heavy frosts in Tidewater 25th. Farm work delayed and considerable flood damage to crops ih south. Tobacco harvest finished and picking cotton half finished. Seeding wheat continues. Pastures excellent. North Carolina—Raleigh; Warm at beginning, but cold latter half of week. Frosts Sunday and Monday did some damage to tender vegetation. Rain retarded work. Heavy overflow of Roanoke and other streams heading in mountains did some damage to ungathered corn in these regions oy flooding. Seeding grain continues. Picking cotton fair advance. South Carolina—Columbia: Averaged cool, with lowest temperatures of record for season in many places Sunday; heavy to killing frosts, except Flooding in extreme northwest first of week damaged unharSmall-grain sowing delayed. Consideraole open cotton damage to staple by beating rains; picking slow progress. All crops about harvested in south. on coast. vested crops. still in fields in north and local Georgia—Atlanta: Picking cotton slow advance and practically comleted, except in north. Week cool and heavy frosts general Sunday ght to heavy rains. Practically all crops retarded. Sowing wheat and oats continues slowly. Unfavorable for digging yams or harvesting pea¬ nuts. Pastures good. Pecans almost ready for harvest. Florida—Jacksonville: Cotton season over; only small amount in fields Frosts Sunday, but practically no damage. Early potatoes good; pre¬ paring land for main crop in St. Johns County. Truck fair; plantings continue. Citrus ripening and coloring; some dropping. Alabama—Montgomery: Light to moderate rains first half of week. Cool generally, with freezing or below Sunday morning and heavy to kill¬ ing frosts, but no damage to cotton. Picking cotton fair advance in north. Tender vegetables killed and pastures damaged by frosts, except in coast section. Harvesting corn, sweet potatoes, cane and miscellaneous crops. Soil rather wet for fall planting. Mississippi—Vicksourg: Cool until Monday, with moderate frosts in central and north; light to moderate rains. to heavy Cotton picking slow progress; Louisiana—New Orleans: Rain or wet fields part, but good to excellent progress latter part and sweet potatoes, cutting and threshing rice, Texas—Houston: The week averaged considerably warm over western third and normal or below elsewhere. Unseasonably low minima occurred northeast on 23d. Scattered showers on coast and in extreme east, elsewhere. Considerable amount of cotton remains in fields in over but none west-central in fair to good condition, but elsewhere practically all picked, scrappings. Winter-wheat planting made good progress during and early planted coming up nicely. Truck, ranges and minor showing improvement, but general rain still needed in extreme south. except week crops Oklahoma—Oklahoma City: Cool and dry, with killing frosts in most of eastern half on 23d. Crops mostly matured and only slight damage. Picking cotton fair to good advance; much being snapped and some will not be gathered. Progress and condition of winter wheat fair to very good; glome early being pastured; some remains to be planted in south. Good advance of corn harvest; some being husked. Livestock fair to good. Arkansas—Little Rock: Picking cotton fair to good advance, except Thursday and Friday when damp, rainy weather interfered; growth stopped in nearly all portions by killing frosts and freezing temperatures on 23d; much cotton still in fields on eastern lowlands, but about picked elsewhere. Corn being gathered rapidly; small amount injured by frosts. Pastures frosted down and practically all fall truck killed. Very favorable for winter grains. Tennessee—-Nashville: Stripping tobacco in progress, with moisture con¬ ditions favorable. Filling silos, gathering corn, sowing wheat and threshing lespedeza made some progress, but considerable interference by rains. Early sown grains have excellent stands. Picking cotton slow advance account heavy rains. Only slight frost damage as crops mostly matured. Pastures good for season. THE DRY GOODS TRADE New York, Friday Night, Oct. 29, 1937 Although weather conditions during part of the week were none too favorable, retail business made a fairly satisfactory showing as sentiment in the financial district underwent an improvement. The call for apparel items remained fairly active, whereas other divisions were neglected. Forecasts of this year's holiday trade are conflicting; while some observers believe that the enhanced buying power of the farming population will continue to make itself felt, others point to the decline in security values, the probable curtail¬ ment in corporate distributions and the slowing down in general industrial activities as causes for a likely reduction in the volume of holiday buying. Trading in the wholesale dry goods markets gave indica¬ tions of a turn for the better. Improved conditions in the gray cloths markets and a moderate betterment in the in¬ ventory position of both retail and wholesale establishments have resulted in causing buyers to give more attention to the covering of spring needs. Attracted by recent price reduc¬ tions, retail merchants placed substantial re-orders on percales. Business in silk goods turned slightly more active, with attention centering on rough crepes. Prices continued their easier trend. Trading in rayon yarns remained sluggish as additional reports of wide-spread curtailment by the weaving plants came to hand, and surplus yarn stocks of producers showed a further increase. Rumors of an im¬ pending reduction in yarn prices circulated in the market but were declared to be without foundation. *; I Domestic Cotton Goods—Trading in the gray cloths period under review, continued quite active, and sales exceeded production by a fair margin. Buying by bag manufacturers was a feature of the early trading. Later in the period, business slowed down some¬ what although prices held steady reflecting, on the one hand, the growing movement towards curtailed operations and, on the other hand, the unwillingness of mills to accept orders for future deliveries at current prices, in view of the im¬ minence of Federal legislation having a bearing on cotton goods values. Business in fine goods expanded moderately as numerous orders for small spot lots came into the market. Combed broadcloths moved in fair volume, and increased interest was shown in plain taffetas and carded piques. Clos¬ ing prices in print cloths were as follows: 39-inch 80's, 6%c. to 6^c.; 39-inch 72-76's, 6^c; 39-inch 68-72's, 5^c.; 38M-inch 64-60's, 4%o.; 383^-inch 60-48's, 43^c. to 4^c. market early in the Woolen Goods—Trading in men's wear fabrics gave in¬ an early pick-up, following reductions in prices spring and summer suitings ranging from 73^c. to 17 3^c. a yard announced during the week. It was expected that clothing manufacturers, having heretofore observed a waiting attitude in anticipation of impending price cuts, will now proceed to cover their requirements on a major scale. Reports from retail clothing centers made a rather spotty showing as mild temperatures caused consumers to postpone seasonal purchases. Business in women's wear materials quieted down perceptibly as the Fall season has come to an end and the introduction of the new spring lines is still impending. Retail sales of women's apparel held up fairly well, although in the higher price brackets the adverse influence of the gyrations in the stock market continued to be felt. dications of on Foreign Dry Goods—Trading in linens seasonally received, and the demand for holiday items expanded perceptibly. Reports from foreign primary markets continued to stress the present dearth of orders which is beginning to cause scattered curtailment in the production centers. Business in burlap broadened slightly, and prices stiffened somewhat, in line with firmer Calcutta quotations. Domestically light¬ weights were quoted at 3.85c., heavies at 5.25c. more active. Numerous small fill-in orders was were Volume Financial 145 2883 Chronicle Supreme Court returned the same case for reargument be¬ of irregularities in the earlier proceedings. cause Specialists in Indiana—U. Taxing llli nois &M issouri Bonds STIFEL, NICOLAUS &. CO., Inc. 105 W. Adams St. • V WIRE PUBLIC Selection 314 N. Broadway DIRECT CHICAGO an following official statement from the above Federal made public from Washington on Oct. 21: ' selection of Regional Directors who have been awarded Presidential interim commis¬ sions under the Public Works Administration reorganization, placing the Works Public Administrator entire field staff on a Ickes today announced tne regional basis. Directors who will replace 81 State Directors and State Engineer Inspectors, togetner with their jurisdictions and their headquarters, The Regional are as follows: Region No. 1—Director Maurice E. Gilmore, now State Engineer In¬ New York—headquarters New York City. Region No. 1 is comprised of Maine, New Hampshire, Vermont, New York, Massachusetts, Connecticut, Rhode Island, Pennsylvania, Maryland, Delaware, New Jersey. Region No. 2—Director David R. Kennicott, now State Director for Illinois—headquarters Chicago. The region is comprised of Wisconsin, Michigan, Illinois, Indiana, Ohio, West Virginia. Region No. 3—Director Howard T. Cole, now State Engineer Inspector for Georgia and Alabama—headquarters Atlanta. Region No. 3 is com¬ prised of Virginia, Kentucky, Tennessee, North Carolina, South Carolina, Georgia, Alabama, Mississippi and Florida. Region No. 4—Director Robert A. Radford, now State Director for Minnesota—headquarters Omaha. Region No. 4 is comprised of Montana, Wyoming, North Dakota, South Dakota, Nebraska, Minnesota, Iowa spector for and Missouri. Region No. 5—Director George M. Bull, now State Director for Colo¬ Worth, Texas. Region No. 5 is comprised of Colorado, New Mexico, Kansas, Oklahoma, Arkansas, Louisiana and Texas. Region No. 6—Director (a vacancy to be temporarily filled by an Acting Regional Director)—headquarters San Francisco. The region is com¬ prised of California, Nevada, Utah and Arizona. Region No. 7—Director Claude C. Hockley, now State Director for Oregon—headquarters Portland, Oregon. The region is comprised of Washington, Oregon and Idaho. In selecting the Regional Directors, to permit the shifting of the Federal PWA field organization from a State to a regional setup to achieve econ¬ omies, full advantage was taken of the experience gained by tne PWA personnel during the past four and a half years and all selections of Regional Directors were from the existent staff of the PWA. Assistants and staff for the Regional Directors' offices will be selected as required on the same rado—headquarters Fort , basis. The new PWA Regional Directors, who will have field charge of the program now under way having a total cost approaching $2,000,000,000 and embracing nearly 3,000 projects now under construction, contract or under allotment, have been called to Washington to confer with the central office officials. The new regional setup of the PWA becomes effective Nov. 1 when the State offices will be abolisned and the field direction of this vast construction construction program on Supreme Court Refuses to Consider Law Utilities—The United States Supreme Oct. 25 refused to consider a case involving the Indiana law providing for State taxation of the property of municipally owned utilities, according to a news dispatch from Washington, D. C. The State taxing authorities are said to have sought to tax the municipally owned water plant of South Bend, Ind. The city's petition for an injunction was on the ground that the law providing for taxation of its water works unconstitution¬ ally deprived it of property without the due process of law. The Indiana Supreme Court is reported to have upheld the constitutionality of the law. ADMINISTRATION WORKS of Regional Directors Announced—The is the text of agency, ST. LOUIS Court S. Municipal will be turned over to the regional offices. of Kentucky—Chain Tax Law Upheld—The constitutionality the State's 1936 chain store tax law, protested by a chain store organization, has been upheld by Judge William B. Ardery, according to Frankfort nation-wide Circuit advices. The court denied the chain company's contention that the tax was dis¬ criminatory and confiscatory in setting aside a claim by the company for the recovery of $52,353 paid under the Act in 1936. The 1936 Chain Store Tax Law, which repealed the 1934 tax measure, provides taxes ranging from $2 to $300 per store per year, in $7,353 on chains of 50 or more stores. The court ruled that the tax law was not and was not a "unreasonable nor arbitrary" double levy. Store Minnesota—Chain Tax Ruled Invalid—The gross Minnesota's old chain store tax law, is unconstitutional, Judge R. D. O'Brien ruled in the Ramsey County District Court in St. Paul on Oct. 20, according to press advices from St. Paul. This chain store tax was superseded by another, adopted at the last session of the sales tax, part of Legislature. which lays the State liable to refund of thousands of dollars of taxes collected from chain stores throughout the State, the court, however, found the so-called specific tax, another chain store levy, was constitutional. In the decision, many Philadelphia, in 1938 were Maximum Tax savings to the city's taxpayers Pa.—Court Decision Sets for School Purposes—Large forecast on Oct. 22 when the judges of Common a decision prohibiting the imposing taxes greater than 85 cents on each $100 of assessed real estate for school purposes, as compared with the existing school tax of 923^ cents on the $100, according to the Philadelphia "Inquirer" of Oct. 23, which continued in part as follows: The Court decision, precedent established in character, held the School Code of 1929 and its predecessor, the Act of 1921, to be unconstitutional. Pleas Court No. 2 handed down Board of Education from Board Enjoined enjoined the school board from imposing in 1938 any greater tax than the maximum provided in the School Code of 1919—eight mills, with a leeway of an additional one-half mill to cover any indebtednesses hanging over from the old school system prior to the establishment of the present Board of Education in 1911. •. Such debts still exist and are being carried by the Board of Education. The Court's decision was made in a taxpayers' suit brought by Mayor Wilson and his wife, through City Solicitor Joseph Sharfsin. As a citizen, the Mayor had demanded that all the school taxation acts, from 1911 to the present, be nullified and that the Board of Education be prohibited from levying taxes in any form in 1938. It , FLORIDA MUNICIPALS addition to a flat . „ . Members Hint Fight Thomas M. Cook & Company Harvey Building WEST PALM BEACH, FLORIDA The decision had its echoes among Tax News Items Connecticut—New State Treasurer Named—It was an¬ nounced by Governor Cross on Oct. had been appointed State Treasurer 22 that Guy B. Holt to fill the unexpired portion of the term of the late John S. Addis, beginning Nov. 1. Colonel Hewes of Farmington has been acting as Treasurer until the post could be filled by executive desig¬ nation. Court Duke Power Co. was granted a United States Supreme Court review of the Federal Circuit Court decision which last summer held the Public Works Administration municipal power program constitutional in the case of a Federal loan and grant to the above county for the construction of an Greenwood, S. C.—U. S. Supreme Court to Review on PWA Municipal Power Program—The Decision electric generating plant. Along with the Southern Public, Utilities Co., the Duke Power Co. contended that sections of the National Industrial Recovery Act, which assertedly authorize allotments for the construction of local power stations, unlawfully delegated legislative power to the.executuve department of the Federal Government; that it invades the constitutional powers of the States, and that it deprives them of their property with¬ out due process of law. The case involves a $2,852,000 electric plant at Buzzard's Roost on the Saluda River in South Carolina. The plant approved in June, 1934, and has been in litigation since November of that year. During the Oct., 1936 term, the was members of the board, who promptly maximum taxes provided under the Act of 1919 the city's schools could not properly be operated. It was indicated the board would carry the case to the Pennsylvania Supreme Court. asserted that under the Appeal Set for Nov. 12—Chief Justice Johri W. Kep- hart, of the State Supreme Court, on Oct. 26 fixed Nov. 12 as the date to hear arguments on the Board of Education's appeal from the above injunction, we are informed. This announcement is said to have been made after Robert T. McCracken, counsel for the board, requested a hearing be¬ fore Dec. 6, the deadline for the fixing of a new school tax rate. County Funds Approved—In keeping of the County Judges' and the Commissioners' Association, the House has passed finally a bill which would broaden the State Highway Assumption Act to permit greater compensation to counties, according to Austin advices. One cent of the four-cents-a-gallon tax was allocated five years ago for assumption by the State of county and district bonds, the proceeds of which were spent on State highways. The income was insufficient to pay all the principal on assumed bbnds, but the interest was paid. One-third of the portion assumed by the State was paid in 1933; 30% in 1934 and up to 90% this year. The new alloca¬ tion is for 100% on next year's assumption. Texas—Bill Raising with the recommendation Special Session Ends—The special session of the State Legislature came to an end at midnight on Oct. 26 without enacting any new tax levies, although this was the specific reason for which it was convened by Governor James V. Allred, according to a special dispatch "Wall Street Journal" of Oct. 28. from Austin to the Texas—Municipal Bond Laws Discussed at Investment the annual fall meeting of the Investment America, the legislation committee Forum—At Bankers Association of Financial 2884 Chronicle Oct. 1937 30, of the Texas group, issue highway bonds. The two-cent gasoline tax was more than 2.8 times similar requirements on second issue highway bonds. Income tax revenue on was more meeting at the Hotel Baker in Dallas Sept. 30 and Oct. 1, conducted a forum on matters of interest in municipal investment circles. One of the prom¬ inent speakers at the meeting was Henry Cutler, of Chapman & Cutler, nationally recognized bond attorneys of Chicago. A summary of Mr. Cutler's remarks is given herewith: Henry Cutler, in speaking of Texas laws pertaining to the issuance of bonds, stated tnat a debt limit in the place of the present tax limit would Texas bond issues. Under the present tax limit other governmental units to raise suffi¬ when assessed valuations go lower than was anticipated. A debt limit law, of say 5% of the assessed valuation, would protect tax¬ strengthen materially laws tnere is no way for counties or cient revenues against executive Issues and at the same time leave taxing authorities This would strengthen they would sell for better prices and at lower interest rates, tnus payers free to raise revenue to meet obligations on bonds. bonds so than 1.3 times principal retirements and interest of the refunding bonds and, it is stated, if the $550,000 of bonds retired by sinking fund in advance of maturity are deducted, was more than 2.2 times the principal maturities and interest. The Governor said $500,000 of refunding bonds would be retired around Dec. 1, ahead of schedule. Recalling that nearly six months ago the State called and retired $500,000 of refunding bonds before maturity, the Chief Executive said "we have enough to take up that many more ahead of schedule and we expect to advertise for them within the next few weeks." had Bonds which will show the highest net return on invested funds according to standard bond value tables will be accepted, provided the yield is satis¬ factory to the above Secretary. Tenders should show the yield to ma¬ turity and the percentage of par value at which bonds are tendered. The right is reserved to reject any or all tenders and to accept tenders aggregating more than $250,000. saving money for taxpayers as well as protecting bond buyers. He stated further that the bond laws are scattered all over Texas records be gathered together and codified. He suggested also that the operation of the revenue laws had been spoiled by provision W. W. Brooks, Financial Secretary to the Governor, that he sealed tenders at the office of the State Treasurer, until noon requiring that such bonds as are issued against revenues of a municipally owned utility property, must be a first mortgage on the property. He cited the fact that the State of Illinois has no mortgage requirements in its revenue law, saying that the Texas law would be just as well without such a requirement, inasmucn as the revenue was really tne sole basis of payment of the bonds. Donald O'Neil. of Donald O'Neil & Co., Dallas, asked if Section 15, Subsection C of the Securities Exchange Act places a definite liability on the bond dealer if his circular fails to set out all material facts relating to the soundness of the issue offered for sale, and whether or not the dealer reported that an election will be held on Nov. 23 in order to vote issuance of $100,000 in road bonds. and recommended that they be subject to repay the full purchase price of such bonds if demanded by the purchaser. He mentioned two situations: First, that in case of a road district whose larger part of assessed valuation is due to a sulphur dome, or some other single piece of property or type of property: second, in case of a financial statement on a county, showing a county debt, and a financial statement of a district overlapping the county 100%, should the 100% overlapping district be included even though that district receives may State aid tax remissions. some Mr. Cutler answered that he would advise all bond dealers to show the full overlapping debt and also all tax warrants outstanding. Further, in a case of one single taxpayer who pays a large part of the tax, that information should also not be omitted. purpose of a circular and its navigation That is the basis of thought of the Investment circulars. Bankers Con¬ ference. Mr. Rauscher, of Rauscher, Pierce & Co., Dallas, who presided over the forum, then introduced W. Harvey Gordon, Chief Accountant of the Board of County and District Road Indebtedness which controls revenues from gasoline tax as used to pay debt service on bonds. Mr. Gordon cited the inclination of several members of the State Leglature to attempt to transfer funds they had on hand to pay debt service bonds, to the general fund of the State. He mentioned that the five and half million dollar supposed surplus is a misnomer since this large accumulation of funds is to be used to pay heavy October maturities. He explained that in July, 1937, the Board estimated that it would need approximately four million dollars to pay the percentage of eligibility allowed on county and district road bonds. He mentioned that 1938 is the first year when the State win be able to pay its full share of principal percentage. The Board has anticipated a surplus and has been working on a program to be submitted to the convention of county judges, to be on held in Amarlllo on 14-16 incl. Oct. This program proposes a consti¬ tutional amendment providing for the application of the present law to all outstanding road bonds, so that each county may levy the same tax rate to retire outstanding bonds issued for road construction. If this proposition carries by a constitutional amendment, it will prevent any bill from taking and that all bonds would come under a State-wide plan. It is proposed that the gasoline tax appropriations for the payment of debt this fund also service on road bonds be included in the constitutional amendment so that the appropriation would not have to be made each succeeding biennial period. It is such a proposed that additional bond programs for road construction after constitutional amendment would not come within the program but would have to be paid by the county or district Issuing them. On Jan. 1, 1933, Mr. Gordon mentioned that there were outstanding $200,000,000 road bonds that eligible to a 52% average participation to be used to pay debt service. On Oct. 1,1937, In the gasoline tax revenue were only $166,000,000 of such road bonds were estimated to be outstanding, and by Dec. 31, 1937 only $163,000,000 will remain outstanding. There about are $36,000,000 road bonds in the State that did not receive any He also mentioned that the majority of all such bonds will participation. paid by 1953. be In again referring to the proposed program which will be based on all estimated to be outstanding as of Dec. 31,1937 ($199,000,000) estimated that based on a revenue of $9,500,000, from the gasoline road bonds it is wil lrceive Nov. 9, on of any part of $250,000 State refunding bonds. It is said that bonds ac¬ cepted will be paid for upon presentation at the office of the State Treasurer, with interest computed to date of delivery but not later than Nov. 16,1937. COUNTY HALE O. (P. Greensboro), Ala.—BOND SALE—It*is the ment bonds wili be voted upon at an election to be held on Nov. 16. Denom. fl ,000.? Dated Dec. 1, to 1962; Due on Dec. 1after Dec. 1,1942. 1940 as follows: $3,000, 959, and $5,000, i960 1937. callable or to on MOBILE, Ala.—BOND TENDERS INVITED—It is stated by H. G. Ziegler, City Comptroller, that in accordance with the provisions of the Bond until Ordinance 10 a. m. on adopted on Jan. 8, 1936, he will receive sealed tenders Nov. 15, for the purchase by the city, for the account of its interest and sinking funds, bonds of the following series. The tenders so made are to be in amounts not greater than the amounts shown as available in each sinking fund for the purchase of bonds of that issue, and the price at which the bonds are tendered is not to exceed their face value and accrued interest: Ami Special Sinking Funds Available Public Works Refunding or Funding (coupon and (or) registered) bonds, series C, dated Jan. 1, 1936 Public Works Refunding bonds, series T, dated Jan. $425 74 757 44 1, 1936 Public Works Refunding bonds, series V, dated Jan. 1, 1936 Public Works Refunding bonds, series W, dated Jan. 1, 1936.__ Public Works Refunding or Funding (coupon and (or) 1,696 21 bonds, series IJ, dated Jan. 1, 1936 Public Works Refunding bonds, series MN, dated Jan. 1, 1936-- 11,209 71 4,941.41 806*17 registered) GeneraljSinking Funds Public Works Refunding or Fuding (coupon and (or) registered) bonds, dated Jan. 1, 1936, any one or more of the following series: O, P, R, T, U, V, W, X, Y, Z, AB, CD, EF, IJ, KL, and MN $48,000.00 General Refunding and General Funding (coupon and (or) regis¬ tered) bonds, series GO, dated Jan. 1, 1936 24,500 47 General Corporate bonds, series CI or Funding (coupon and (or) '**<4 registered) bonds, series CI, dated Jan. 1, 1936 bonds, series IW, or Funding (coupon and (or) registered) bonds, series IW, dated Jan. 1, 1936 General Corporate bonds, series BL, dated Jan. 1, 1936 9,907.19 General Corporate 9,114 58 1 696 36 Each tender must be accompanied by a certified check for 1 % of the face purchase. Bonds which have been accepted on tenders by the city shall be delivered on Nov. 29, to the amount of bonds tendered for Irving Trust Co , New York City, or to one of the following banks in Mobile, viz : the First National Bank, the Merchants National Bank or the American National Bank & Trust Co., or the check accompanying bid will be forfeited by the successful bidder. Bidders should stipulate in their tenders, (1) the series and numbers of bonds tendered; (2) if desired, that their tenders are for the purchase of all or none of the bonds tendered, and (3) the place where delivery of bonds will be made. MOBILE COUNTY O. (P. Mobile), Ala.—BOND OFFERING—It is stated by E. C; Doody, Clerk of the Board of Revenue and Road Com¬ missioners, that he will sell at public auction on Nov. 2, at 10.30 a.m.. a $225,000 issue of general funding bonds. Denom. $1,000. Dated Dec. 1. 1937. Due on Dec. 1 as follows: $5,000, 1942 to 1947; $6,000 1948 to 1951: $7,000, 1952 to 1955. $9,000, 1956 to 1958; $12,000, i959 to 1963. $13,000, 1964; $14,000, 1965 and 1966, and $15,000 in 196^. Bids are to be submitted at different rates of interest, and the award will be made on the bid which will result in the lowest net interest rate to the county, as shown by standard bond value tables. The bonds are authorized for the purpose of liquidating certain outstanding general fund indebtedness of the county under authority of Act No. 101 of 1936. The approving opinion of Chapman & Cutler of Chicago, will be furnished. JL certified check for $4,500, payable to the Commissioners, is required. ARIZONA tax which is now being used to pay debt service, that an additional equalized rate of 29%c. on the $100 valuation would be necessary to be levied by each county to pay the balance of debt service on road bonds. This tax rate would decrease by K to % of lc. a year and by 1953 the revenue from the gasoline tax would pay all charges on the then outstanding road on Ala .—CONFIRMATION OF ELECTION— N. HUNTSVILLE, M. Payne. City Clerk, confirms the report given in these columns recently— Y. 145, p. 2722—that a $75,000 issue of not to exceed 5% school improve¬ W. Snyder, of A. W. Snyder & Co., Houston, stated that the main is to show the full truth. In the case of Harris County district, the boundaries are co-extensive. In com¬ puting the Harris County debt, the navigation district should be included. He stated further that all of us should tell all of the story in all our own A. ALABAMA, State of—BOND TENDERS INVITED—It, is stated by tax bonds. In accordance with the program to be adopted by constitutional amend¬ surplus will again accumulate by 1954. This surplus is proposed ment, a to be given to counties for the construction of "farm-to-market" roads. He stated that in the period from 1954 through 1976, the period to be covered by the constitutional amendment, that a surplus to be apportioned to the counties would approximate $218,000,000. In reviewing their plans, Mr. Gordon mentioned that every county in the State except one would have substantial savings over the life of the bonds and that one would lose about $3,000 only. COCHISE (P. O. Bisbee), Ariz .—SCHOOL DISTRICT BONDS SOLD—The County Board of Supervisors recently sold two issues of school district bonds as follows: $40,000 Saint David School District No. 21 4#% bonds to the Miners & Merchants Bank of Bisbee at par plus a premium of $338.50. eaual to 100.846. 65,000 Douglas School District No. 27 3 M % bonds to the Bank of Douglas at par plus a premium of $230.03, equal to 100.353. MIAMI, Ariz.—MAY CALL BONDS—Funds Deposit to Meet Jan. 1, Negotiations Montgomery, Alabama Bought — Sold — Quoted McALISTER, SMITH & PATE, Inc. STREET SALT NEW RIVER Phoenix). CHARLESTON, S. C. ALABAMA bonds were also made during the fiscal year: First issue highway bonds, $734,780: second issue highway bonds, $903,305: refunding bonds, $639,405; harbor bonds, $414,563: renewal bonds and funding bonds, $339,720. Service on the bonds secured by pledge of specific revenues was covered by a wide margin, it was announced. Automobile license revenue was more combined principal and interest requirements of the first bonds. WATER USERS' RETIREMENT ASSOCIATION (P.~0. CONTEMPLATED—We are the Association, that there has been accumulated, in advance of the due date, a substantial sum of money for the retirement of serial bonds maturing during the calendar year 1938. It is felt that at the present time some of the holders of the bonds might be willing to accept prepayment of the Mormon Flats, Horse Mesa and Stewart Mountain bonds which mature respectively on Feb. 1, Aug. 1 and Oct. 1, 1938. Those holders who are willing to surrender their bonds at par and accrued interest to date of payment are being urged to get in touch with Mr. Beck, Water Users' Building, Phoenix. YORK ^ALABAMA, State of—BONDED DEBT REDUCED DURING YEAR— The State of Alabama retired bonded indebtedness totaling $2,080,000 during the fiscal year that ended Sept. 30, the total direct debt of the State now being $71,020,000 or $26.84 per capita based on the 2,646,248 population shown by the census of 1930, Gov. Graves announced on Oct. 19. Retirement of bonds were as follows, it was stated: First issue highway bonds. $500,000; second issue highway bonds, $600,000; refunding bonds, $805,000; harbor bonds, $175,000 The following interest payments on than twice the VALLEY Ariz.—BOND by E. W. Beck, Treasurer of ARKANSAS Telephone WHitehall 4-6765 GREENVILLE, S. C. refunding The Treasurer has also stated that bonds due Jan. 1, 1940, will in all prob¬ par and accrued interest. ability be called Jan. 1,1938, at informed BROAD on 1938 coupons—Kirby L. Vidrine & Co., Phoenix, refunding agent for the town, have been advised by Oren F. Frary, Ton Treasurer, that the neces¬ sary funds are now on deposit at the Valley National Bank, Miami, covering interest coupons due Jan. 1938 on the $350,000 4% Bond Proposals and 67 COUNTY ^ARKANSAS, State of—ADDITIONAL INFORMATION ON CUMU¬ LATIVE HIGHWAY TENDERS RECEIVED—In connection with the report given in our issue of Oct. 23, on the amount of highway tenders received for purchases of securities since effective date of Act 11 of 1934, we give herewith an article taken from a recent issue of the Chicago "Journal of Commerce": With the purchase of $817,450 par value of obligatiomTtendered on Oct. 12, the State of Arkansas will have retired a total of $13,306,070 of highway obligations since the refunding Act of 1934 became effective. The latest tender was the 12th and is expected to be the last for the current year and probably until next March. Favored by market conditions, it has'cost the'State only $10,521,932 to accomplish the retirements, total discount amounting to $2,784,137. Discount of the lot just tendered was $81.842. Total tenders for the current purchase amounted to $3,866,241, which Included $2,065,000 of series A highway refunding bonds and $1,429,500 of series A road district refunding bonds. No purchases will be series B of highway and toll bridge refunding bonds. Detailed report of the purchases by the State follows: | made^in kbtbkUJ Volume 2885 Chronicle Financial 145 due bonds with however, oldest due from each possible, the district will pay bond payments in each year to pick up the unpaid and past due dates of prior years. It is the intention of the Commissioners, apply all moneys available to payments of the bonds with dates first. It is estimated by doing this, applying the surplus to ARKANSAS BONDS tax collection to pay out in State, County & Town Markets in all MUNICIPAL CALIFORNIA MO. LOUIS bonds as soon as This is about all of the SCHERCK, RICHTER COMPANY LANDRETH BUILDING, ST. past due 1940. information I know to give you, any particular information not given above, write me and to give it to you. Issues MEMBERS; ARK. ARKANSAS bonds, series A: Series B: Par value, $225,477; high, 85.37. . $265,500; price, $34,360; price, $20,487; high, Par value, 58.25. Refunding municipal aid certificates; high. 88. ' Funding notes of contractors: 94.84. Par value, $15,057; price, Par value, $12,655; price, Highway refunding bonds, series A: DeValls Bluff bridge refunding bonds: $54,550; Par value, $7,788; price, $6,239; high, 5.32 plus. Clearing the way for the $150,000,000 highway debt adjustment proposed for Arkansas by Governor Carl E. Bailey, Counsel of intervenors have announced that appeal will not be taken to the United States Supreme Court in W. G. Scougale's suit, in which the Arkansas Supreme Court 90 days ago sustained validity of the program. The Scougale suit was directed against Acts No. 103, No. 151 and No. 278, which authorized the contemplated debt adjustment and created the Advisory Finance Board to act for the State. ' v: ' The Board made contract v- with Stilei Nicolaus & Co., Inc. and A. C. bonds. Allyn & Co., Inc., to form a syndicate to make the offering of new No action, however, was taken pending the outcome of litigation. Scougale's suit asserted principally that the program violated a section of Act No. 11 of 1934, the original refunding Act, by which highway revenue pledged to payment on the debt. against the highway fund to meet the The 1937 Act carry an appropriation costs of refinancing. ARKANSAS STATE BOARD OF EDUCATION (P. O. Little Rock), is OFFERING DETAILS—In connection with the offering scheduled for Nov. 3, of the $240,000 4% semi-ann. coupon revolving fund school bonds, notice of which was given in our issue of Oct.-9—V. 145, p. 2424—it is reported by W. E. Pbipps, Secretary of the State Board of Education, that the bonds mature on Jan. 1 as follows: $1,000, 1938; $35,000,1939; $30,000,1940 and 1941; $25,000,1942 to 1945; $15,000,1946; $10,000, 1947 and 1948, and $9,000 in 1949. Revolving Loan Fund—Act No. 119 of 1927 and subsequent amendments thereto created and established a fund known as "Revolving Loan Fund." The fund is administered and supervised by the State Board of Education of the State of Arkansas for the purpose of aiding needy school districts in Ark.—BOND repairing, erecting, and equipping necessary school buildings, and in paying off outstanding indebtedness on buildings already erected and equipment already purchased within the limitations set forth in said Act and under such rules and regulations as may be adopted by the State Board of ; Education. ' wisely provided that the State Board of Education could school district an amount which would make its total bonded debt over 7% of the assessed valuation of the real and personal This Act very not loan to any property in said district. It further required the electors in the district to vote in favor of said loan or bond issue at a school election and also vote a building fund tax sufficient to pay the principal and interest Loans made to school districts from the Revolving Loan by a pledge of the State Apportionment. The apportionment is substantially sufficient to pay the loan to the Revolving Loan Fund, thus any loan made to a school district by the Revolving Loan Fund is sufficiently secured from two sources: First, a continuous ad valorem tax and second, the State Apportionment. This law was upheld by the Supreme Court of the State of Arkansas in the case of Ruff vs. Womack (174 Arkansas 971, dated Oct. 3, 1927). The Revolving Loan Fund law specifically provides that the State Board of Education shall withold from any district all or any part of the State Apportionment should the district fail to remit promptly as the principal and interest matures. It provides further that ir for any reason the Board of Education anticipates the voted tax will be slow in being remitted, the Apportionment may be withheld from the district prior to maturity of the continuous as they mature. Fund are CALIFORNIA, State of—WARRANT SALE—The $4,524,050 issue of registered warrants offered for sale on Oct. 27, was awarded to a group composed of the American Trust Co.; the Bankamerica Co.; the AngloCalifornia National Bank, all of San Francisco, and the Capital National Bank of Sacramento, at 1 %, paying a premium of $3,000.80. The proceeds of this sale will be used to replenish the revolving fund from which general fund State expenses are paid. Warrants to be dated and delivered Oct. 29, 1937. An estimate of tne State's revenue indicates that the call date or these warrants will be on or about Feb. 23,1938. A group headed by Blyth & Co., Inc., was second high in the bidding, offering $1,411.49 for Is. Third best was a group composed of R. H. Moulton & Co.; Weeden & Co.; Heller, Bruce & Co., and Donnellan & Co., offering $1,115.25 at 1%. WARRANTS OFFERED FOR INVESTMENT—The successful bidders reoffered the above warrants for public subscription priced to yield 0.70%. $413,294; Par value, $57,000; price, high, 5.32 plus. . $13,189; $12,369; high, Par value, $424,000; price, high, 5.2752. Toll bridge refunding bonds, series a: further secured requirements. The original Act provided loan made from Revolving Loan Fund should bear 6% interest and of this interest, 5% reverted to the Common School Fund, and distributed with the State Apportionment. The other 1% interest was retained by the State Board of Education'for servicing the bonds. This has been done in such an efficient manner that shcool districts borrowing from the Revolving Loan Fund have met their maturities promptly throughout the depression, vith very few exceptions.and without any losses to the Revolving Loan Fund. Authority for this Issue—Act No. 333 of 1935 and Act No. 162 of 1937 authorizes tne State Board of Education to issue and! sell State Board of Education bonds and to pledge as security therefor, loans, evidenced by bonds, made to school districts from the Revolving Loan Fund on a collateral basis not to exceed two for one. Said bonds pledged as collateral being secured as outlined in the preceding paragraphs. The right of the State Board of Education to sell bonds has been upheld by the Supreme Court of Arkansas In the case of Davis vs. Phipps (191 Arkansas 298, dated July 23, 1935). CALIFORNIA (State of)—BOND OFFERING—The Veterans' Welfare it will offer for sale an issue of $3,000,000 Due up to 1954. Board announces that on Jan. 6 2M % semi-ann. bonds. CITRUS HEIGHTS IRRIGATION DISTRICT (P. O. Roseville), Calif.—BONDS EXCHANGED— In connection with the $86,000 refunding approved by the voters on Feb. 27, to be used on the Reconstruction Corporation refinancing loan of the same amount, as noted here it is stated by the District Secretary that the new bonds have been exchanged for ail outstanding bonds and interest coupons of the first issue. .v: V'"'V; -V./. :,r -v-Vl' bonds Finance at that time, iKERN COUNTY (P. O. Bakersfield), Calif.—BOND ELECTION IN DISTRICT—At an election scheduled for Nov. 10 ROSEDALE SCHOOL bonds will be submitted to the proposal to issue $20,000 school building voters of Rosedale Union School District. a Susanville), Calif.—WESTWOOD SCHOOL BOND ELECTION—An election will be held in Westwood Unified School District on Nov. 13 for the purpose of voting on a proposal to issue $135,000 LASSEN COUNTY (P. O. school building bonds. (P. O. Los Angeles), Calif.—LONG BEACH $133,000 bonds which were offered on Oct. 26 awarded as follows: LOS ANGELES COUNTY SCHOOL BONDS SOLD—The —V. 145, p. 2722—were $100,000 Long Beach City & Co. of San School District school ouilding bonds to Weeden as 2Ms, at par plus a premium of $52, 2.49%. Due$10,000 yearly on Francisco equal to 100.052, a basis of about Nov. 1 from 1937 to 1946, incl. 33,000 Long Beach City High School District school building bonds to Weeden & Co. as 3Ms, at par plus a premium of $305, equal to 100.924, a basis of about 3.15%. 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. Crowell, Weedon & Co. of Los Angeles bid a premium of $26 at 2M% interest on the larger issue. Heller, Bruce & Co. of San Francisco offered a premium of $201 at 3M % on the $33,000 block. PACHECO PASS WATER DISTRICT (P. O. Hollister), Calif.— OFFERING—It is stared by L. G. Barrett, Secretary of the Board he will receive sealed bids until 2 p. m. on Nov. I, for the purchase of an issue of $180,000 4% water supply bonds. Denom. $1 000. Dated July 1 1937. Due on July 1 as follows: $5 000 1940 and 1941; 1943 to 1946; 1948 to 1953; $10,000, 1954; $5,000, 1955 to 1957; $10,000, 1958; $5,000, 1959; $10,000, 1960: $5,000, 1961; $10,000, 1962; $5,000, 1963, and $10,000, 1964 to 1968. The bonds shall not be sold for less than par and accrued interest. The bonds have been certified by the California Districts Securities Commission as a legal investment for savings banks and for other purposes specified in the act creating said Commission, and in accordance with such certification said bonds are acceptable for investment and surety purposes to the same extent as are county or muni¬ cipal bonds under the laws of the State. The district will deliver to the successful bidder, without charge, the legal opinion of Orrick, Palmer & BOND of Directors, that Dahlquist, of San Francisco, and Herbert A certified check for 5% the bid. their validity. C. Jones, of San Jose, approving of the amount of bonds offered must accompany 21 ar¬ bonds to REDDING, Califs—BOND SALE— The City Council on Oct. ranged to sell an issue of $200,000 3M% municipal water works Stone & Youngberg of San Francisco. Due $10,000 yearly on July 1940 to 1959. SACRAMENTO COUNTY (P. 1 from Calif.—SACRA¬ anticipation notes National of $21. Dated The American Trust Co. of Sacrar- O. Sacramento), MENTO SCHOOL NOTES SOLD—Thr $315,546.69 tax offered on Oct. 25—V. 145, p. 2722—were awarded to the Capitol Bank of Sacramento on a 1 % interest basis, plus a premium Nov. 1, 1937. mento bid on a Due Dec. 20, 1937. 1% basis, plus $12 premium. FRANCISCO (City and County) Calif.—NOTE SALE—The $1,500,000 issue of tax anticipation notes offered for sale on Oct. 25—V. 145, p. 2722—were awarded to the Wells Fargo Bank & Union Trust Co. of San Francisco, at 0.50%, plus a premium of $68.99, according to the Clerk of the Board of Supervisors. The next highest bid was a tender of the Bankamerica Co. of San Francisco, on the notes bearing 0.60% interest. SAN CRUZ COUNTY (P. O. Santa Cruz), Calif.—WATSONBONDS SOLD—The $70,000 school building bonds of High School District, offered on Oct. 23—V. 145, p. 2578—were awarded to Stone & Youngberg of San Francisco at par plus a premium of $15, equal to 100.021. The first $21,000 bonds will bear 4% interest and the last $49,000 2%. Dated Nov. 1, 1937. Due yearly on Nov. 1 from 1938 to 1947. Heller, Bruce & Co. of San bid for $7,000 4s, $63,000 2Ms at a premium of $51. SANTA VILLE SCHOOL (P. O. Pine Bluff) letter dated Oct. 18, of the above District: letter of the 16th instant relative to the status of Jefferson JEFFERSON COUNTY BRIDGE DISTRICT Ark.—REPORT ON FINANCIAL STATUS—In a we are informed as follows by L. T. Sallee. Secretary In reply to your advise as follows; District is collecting taxes on all real property in Jefferson County at a tax rate of 2% on the assessed better¬ ments under an assessment made in the year 1936 and charged on the 1936 tax books, for collection in the year 1937. The total assessed benefits of County Bridge District, I beg to The Jefferson County Bridge the district under said assessment are $3,485,541.25, due, $47,000.00, which was due on which was due on July 1,1937. All interest, the past due principal, has been paid up to There are two year's principal past July 1, 1936, and $49,500.00, including accrued interest on July 1. The bonds outstanding and unpaid are as follows: First Issue Bond—$700,000.00 Issue (1913) July 1,1938— 51,500.00 $7,000 Francisco of the local Investor, Total past due Total not yet due (1915.) Bonds—$50,000.00 Issue (1915) Second Issue July 1,1939—$50,000.00. The district expects to collect Total bonds unpaid. applied to to make Interest now and _ COLORADO (All principal due at that date.) enough tax on the 2% rate now surplus over and above the amount necessary BOND OFFER¬ for 2 p. m, on Creek School District bonds, noted by Errol A. Yank, County Clerk, that the bonds mature $300 from 1938 to 1947 incl. Prin. and int. (Oct. 16) payable at the office of the County Treasurer. TULARE COUNTY (P. O. Visalia), Calif.—TERRA BELLA SCHOOL BONDS VOTED—Tne voters of Terra Bella Union School District recently approved a proposition calling for the issuance of $40,000 school building Nov. 1, of the $3,000 5% coupon Slate here recently—V. 145, p. 2723—it is stated $1,000 in 1958. $148,000.00 (P. O. Redding), Calif.—SCHOOL connection with the offering scheduled SHASTA COUNTY ING DETAILS—In WILLIAMS, Calif.—MATURITY—In connection with tne sale $15,000 5% semi-ann. municipal building bonds at par to a as noted in these columns in September—V. 145, p. 2105—we are Informed that the bonds mature $700 annually from 1938 to 1957, July 1,1937— 49,500.00 $96,500.00 Watsonville Union bonds. July 1,1936—$47,000.00 have a Teletype: LA 477 SANTA ANA CALIFORNIA WALTON, SULLIVAN & CO. district refunding Los Angeles • SAN FRANCISCO Largest Retail Distributors Road BONDS Los Angeles Stock Exchange Spring Street Telephone; VAndike 2201 bonds LITTLE ROCK, I will endeavor Revel Miller & Co. 650 So. arkansas but if you wish and BOULDER, Colo.—BOND OFFERING— On Nov. of $27,000 bridge refunding bonds. for sale an issue rate of interest. 2 the city will offer Bidders are to state Financial 2886 Colo.—•WARRANTS CALLED— CONEJOS COUNTY (P. O. Conejos) reported that ordinary county revenue warrants and school warrants called for payment, interest ceasing on Oct. 27. It is were DENVER, Colo.—SUPREME COURT HOLDS BONDS VALID—The rendered a decision upholding the validity The Colorado Supreme Court has $750,000 air school site bonds which the city plans to issue. offering of the bonds will probably take place in the very near future. of the DENVER, Colo.—BOND OFFERING—John P. Maguire, Manager of 11 a. m. Nov. 12 for the purchase at not Revenue, will receive bids until less than par of $750,000 general obligation air school site bonds. Denom. $1,000. Bidders are to name rate or interest in a multiple of H %, not to exceed 3M%Dated Nov. 1, 1937. Principal and semi-annual interest payable at the City Treasurer's office or at the Bankers Trust Co., New York, at option of holder. Due $75,000 yearly on Nov. 1 from 1947 to 1956. Certified check for $15,000, payable to the City Treasurer, required. Approving opinion of Pershing, Nye, Bosworth & Dick of Denver will be furnished by the city. Chronicle agreeable to Corrigan, Miller & Co. and other bondholders. The refunding being handled without expense to the bondholders. It is believed that new refunding bonds should be available to^the bondholders about Dec. 15, 1937. is the JACKSONVILLE, Fla.—STATE APPROVES VALIDATION OF RE¬ BONDS—The first barrier to the city's proposal to issue $325,000 in refunding bonds was removed on Oct. 14. State's Attorney William A. Hallowes III, on tbat date, filed his answer in the validation proceedings, instituted in the Duval County Circuit Court, and writing for the State of Florida Hallowes informed the Court that he could "show no cause why the issuance of the refunding bonds, as described in the petition, should not be validated and confirmed." The Court will formally pass on the proposed issue Oct. 26, under the present schedule. FUNDING PUTNAM tary that the $18,000 refunding bonds purchased Co. of Denver, as noted here In September—V. as by Donald P. Brown & 145, p. 2105—were sold 3J£s at par, and mature $1,500 from Nov. 1. 1938 to 1949 incl. PROWERS COUNTY SCHOOL DISTRICT NO. 6 (P. O. Lamar). Colo.—BOND SALE DETAILS—In connection with the sale of the $75,000 refunding bonds to Amos C. Sudler & Co., and Donald P. Brown & Co., both of Denver, jointly, at a price of 100.164, as noted in these columns early in September—V. 145, p. 1616—it is now reported that the bonds sold as follows: $25,000 as 2%a, maturing on Jan. and July 1, from July 1, 1938 to July 1, 1943: $26,000 as 3s, maturing from Jan. 1, 1944 to July 1, 1948: the remaining $24,000 as 3Ms maturing from Jan. 1 1949 to July 1 1952. were RIO NO. 8 GRANDE COUNTY CONSOLIDATED SCHOOL DISTRICT (P. O. Monte Vista), Colo.—BOND OFFERING—On Oct. 29 at 7:30 p. m. the district will offer for sale an issue of $80 000 junior high school building bonds to bear interest at no more than 4%. Bids will be received by Jack C. Nelson President of the Board of Education. ROCKY FORD, Colo.—BOND OFFERING—As previously reported in 145, p. 2723—Mayor George T. Baocock will receive Nov. 16 for the purchase of $375,000 coupon general these columns—V. bids until 8 p. m. obligation water refunding bonds. Bidders are to name rate of Interest, not to exceed 5%. Denom. $1,000. Dated Jan. 2, 1938. Interest payable May 1 and Nov. 1. Due $20,000 yearly on Nov. 1 from 1943 to 1960, and $15,000 Nov. 1, 1961. Certified check for $10,000, payable to tue city, required. The purchaser is to oear all expenses for legal work, printing bonds and completion of the issue. SALIDA, Colo.—BONDS J. SOLD—Robert Reardon City Clerk" $137 000 refunding bonds were sold through the International as follows: $68 000 as 3Ms, and $69,000 as 3Ms. states that Trust Co. of Denver Colo.—BONDS AUTHORIZED—'The town authorities passed an ordinance authorizing the issuance of $20,000 improvement TRINIDAD, nave bonds. CONNECTICUT FAIRFIELD, Conn .—NOTEOFFERING—On Nov. 8 at 5 p. m. the Town will offer for sale an issue of $250,000 tax anticipation notes, dated Nov. 15. 1937 and payable June 15, 1938. WINDHAM, Conn.—NOTE SALE—An issue of $200,000 tax anticipa¬ 27 to Putnam & Co. of Hartford, at 0.89%. $100,000 each on May 15 and June 1, 1938. tion notes was sold Oct. Due O. (P. Palatka), Fla.—REFUNDING AP¬ It was announced that County Commission. meeting of the Putnam a FREMONT COUNTY SCHOOL DISTRICT NO. 2 (P. O. Florence), Colo.—BOND SALE DETAILS—It is now reported by the District Secre¬ COUNTY PROVED—The refunding of $1,140,000 in Putnam County highway oonds, authorized by the Board of Bond Trustees, was approved on Oct. 14 at the refund would be made on the first of January, 1938. Bonds of 1936 and 1937 maturities, totaling $47,000, are now stated J. H. Millican, Jr., attorney for the bonds trustees. SUWANEE COUNTY SPECIAL TAX SCHOOL in default, DISTRICT No. 15 (P. O. Live Oak), Fla.—BONDS NOT SOLD—The $8,000 issue of 6% school bonds offered on Oct. 5—V. 145, p. 2106—was not sold, according to the Secretary of the Board of Public Instruction. Dated July 1, 1937. Due $500 from July 1, 1940 to 1955 incl. semi-annual DISTRICT (P. O. HELD—It is reported that the voters the $36,000 construction bonds that were approved on Oct. 5 by a vote of We understand that because the Public Works Administration 66 to 4. regulations have been revised the bonds cannot be purchased by tne Federal agency and a new election will have to be held. TURKEY Tampa) CREEK SPECIAL TAX Fla.—NEW ELECTION another election been has TO SCHOOL BE made necessary to resubmit to HAWAII HAWAII (Territory of)—BOND SALE—On Oct. 27 the Territory of awarded two issues of bonds totaling $4,800,000. A syndicate composed of Lazard Freres & Co. of New York and including Blyth & Co., New York; B. J. Van Ingen & Co., New York; Edward Lowber Stokes & Co., Philadelphia; Chace, Whiteside & Co., Boston; the BancOhio Securi¬ ties Co., Columbus; Heller, Bruce & Co., San Francisco; Brown, Schlessman, Owen & Co., Denver, and the Illinois Co., Chicago, bid in a $1,500,000 issue of coupon refunding bonds at a price of 100.0896 for 2.70s, a basis of about 2.68%. The bonds are dated Nov. 15, 1937, and will mature yearly on Nov. 15 as follows: $170,000, 1939 to 1946, and $140,000, 1947. The bankers reoffered the bonds to investors at prices to yield from 1.40% to 2.75%, according to maturity. The second issue, consisting of $3,300,000 coupon public improvement bonds was awarded to Laurence M. Marks & Co. of New York on a bid of par for 3.10s. These bonds are dated Nov. 15, 1937, and will mature Hawaii on Nov. 15 as follows: $183,000, 1939 to 1955, and $189,000 in 1956. The bankers state that the bonds were placed privately at once. Other bidders included the Chase National Bank, which offered 100.1599 for the refundings as 2Ms. A group headed by Halsey, Stuart & Co. offered 100.029 for the entire $4,800,000 as 3.10s, and another for the $3,300,000 public Improvement issue as 3.20s. bid of 100.20 Although topping all bids for the refundings with a price of 100.3099 as 2.60s, the offer of First Boston Corp. was turned down because of a con¬ dition in the bid. The offer was conditioned upon the territory selling the public Improvement bonds at a rate of not less than par, bearing interest at not more than 3%. * IDAHO ADA now FLORIDA COUNTY bonds that Clyde C. Pierce Corporation - - - the Murphy bill, relating to the sale of tax certificates. An odd situation has arisen in regard to the question of legality of the Special Acts, which seek to change the gas tax allocation. Our Florida as Supreme Court consists of six Justices. In a case involving one of these Special Acts, the Supreme Court divided three to three, as to whether the Special Act or the general act should govern. When the Supreme Court is evenly divided, the decision of the Circuit Court holds. In the Circuit embracing Tallahassee, in which action must be brought against the State Comptroller with reference to payments under the gas tax, there are two Judges. One of them held the Special Act constitutional. Another Judge in the same Circuit granted an injunction restraining the Comptroller from paying any gas tax money under the special tax mentioned, on the ground that the general act governed. This, therefore, places the Comptroller in the enviable position of being able to do whatever he wants, either pay out the money or keep it, and to be in contempt of Court whichever he does. It is a peculiar situation to say the least. The Supreme Court, we are sorry to say, upheld the validity of the Murphy bill. In our August bulletin, we explained that under this Murphy bill, tax certificates more than two years old, in which title has reverted to the State, must be sold to the highest and best bidder. The law was intended to bring back on the current roll, property on which taxes were not being paid. Unfortunately, there is no incentive for tax buyers to purchase the certificates because the owner can redeem them within two years, (10 years if the property is a homestead), and the only penalty is 3% interest per annum on the purchase price, entirely too low to make purchase of tax certificates attractive to outsiders. In its decision, the Supreme Court went further, evidently, than even the proponents of the bill desired, as it held that the sale of these two year old certificates not only wiped out all delinquent taxes, due to the time the certificate was issued, but also those taxes which have accrued on the property for the past two years. Some attorneys have even interpreted the Supreme Court's decision as canceling the present year's taxes since these taxes theoretically are levied as of Jan. 1, 1937. whether this is correct or not, the fact remains that a vast amount of past due taxes has been settled at a very low figure and the various taxing units have lost thousands of dollars It is another case where instead of facing the situation squarely and intelligently, the Legislature has made it easier for the tax-dodger to pay delinquent taxes. HALIFAX HOSPITAL DISTRICT (P. O. Daytona Beach), Fla.— BOND TENDERS INVITED—It is stated by David L. Black, Secretary of the Board of Commissioners, that he will open and consider sealed offer¬ ings on Dec. 10, at 8 p. m., of $10,000 Halifax Hospital District; refunding bonds, of 1936, dated April 1, 1936. Offerings must be firm for at least 10 days in order to be considered. HOMESTEAD, Fla.—REPORT ON REFUNDING AGREEMENT—We have been sent a brief prospectus of the refunding agreement entered into between the above city and its principal bondholders by Corrigan, Miller & Co., Miami. They state that the holders of more than $760,000 out of a total of $980,000 par value bonds outstanding have tentatively approved the plan. It is also reported by the said firm that after several years of negotiations they have been instrumental in bringing about this refunding. They say that they, themselves, represent as agent more than 50% of the outstanding principal indebtedness. However, the city preferred to handle its own refunding, thereby eliminating any fiscal agent's fee, and this SCHOOL an DISTRICT election held on (P. O. Murtaugh), Oct. 8 the voters are Idaho— said to have PRESTON, Idaho—BONDS NOT SOLD—It is now reported by C. L. City Clerk, that the $100,000 not to exceed 6% semi-annual on Sept. 23—V. 145, p. 1933—were not sold. Due the amortization plan in from two to 20 years. Greaves, water In our August bulletin we mentioned two cases, pending before the Florida Supreme Court, of vital importance to the taxing structure of the State. collected. as (P. O. New Plymouth), Idaho—BONDS SOLD—The $30,000 issue of building bonds offered for sale on Oct. 22—V. 145, p. 2579—was purchased by Childs & Montandon, of Boise, subject to the preferential right of the State Department of Public Investments. Due in from one to 15 years. One of them had to do witn Special Acts, changing tne allocation of the gas tax as set forth in the general law; the other, to House Bill No. 396, known been success on Oct. 20 when all the noted in these columns—V. 145, p. 2723. Due in offered for sale without PAYETTE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 11 T. S. Pierce, Resident Manager FLORIDA have were rejected, MURTAUGH FLORIDA, state of—REPORT ON SUPREME COURT DECISIONS— by A. B. could Idaho.—BOND OFFERING—We are approved the issuance of $17,000 in construction and playground bonds. The following article is taken from the October bulletin issued Morrison & Co., Congress Building, Miami: which were BONDS VOTED—At FLORIDA Branch Office: TAMPA first National Bank Building Boise), from two to 10 years after date of issuance. Barnett National Bank Building - O. Board of County Commis¬ sioners, that he will receive bids until 2 p. m. on Nov. 16, for the purchase of the $195,000 not to exceed 6% coupon semi-ann. court house and jail BONDS bids JACKSONVILLE (P. informed by Stephen Utter, Clerk of the was on bonds offered BOND OFFERING—Sealed bids will be be received until 7.30 p. m. on Oct. 29, by C. L. Greaves. City Clerk, for the purchase of a $70,000 issue of coupon water works improvement bonds. Interest rate is not to exceed 6%, payable semi-annually. Denom. $500. Dated Oct. 1, 1937. Due in two to 20 years. Bids are required specifying (a) the lowest rate of interest and premium, if any, above par, at which the bidder will pur¬ chase said bonds or (b) the lowest rate of interest at which the bidder will purchase the bonds at par. A certified check for 5%, payable to the city, must accompany the bid. (These bonds are part of the $100,000 issue offered for sale without success on Sept. 23.) from RUPERT, Idaho—BOND OFFERING—On Nov. 13 the city will offer for sale an issue of $30,000 city building bonds. / Municipal Bonds of ILLINOIS INDIANA MICHIGAN IOWA WISCONSIN Bought— Sold—Q uo ted £Rc6in&<m V ^cm/unifyb &nc. MUNICIPAL BOND DEALERS 13S So. La Salle St., Chicago State 0540 Teletype CGO. 437 * ILLINOIS CARLINVILLE, 111.—PRE-ELECTION SALE—Subject to approval of McNear & Co. the issues at the Nov. 24 election, the city has sold to O. W. of Chicago, $270,000 bonds, divided as follows: $217,000 4% water revenue purchase bonds. Due Oct. 1 as follows: $3,000, 1941 to 1946, incl.; $4,000, 1947 to 1953, incl.; $5,000. 1954 to 1958, incl.; $6,000, 1959 to 1964, incl.; $7,000, 1965 to 1967, incl.: $8,000, 1968 to 1971, incl.; $9,000 from 1972 to 1974, incl., and $10,000 from 1975 to 1977, Incl. 53,000 5% water revenue filtration plant bonds. Due Oct. 1, 1957, with the provision that bonds numbered from 1 to 49, Incl., shall be subject to prior redemption at par and accrued interest on any interest-payment date as follows: $2,000 in 1942 and 1943; $3,000, 1944 to 1950, incl.; $4,000 from 1951 to 1956, incl. Each issue is dated Sept. 1, 1937. Denom. $1,000. CHICAGO SANITARY DISTRICT, 111.—TENDERS WANTED— Treasurer, Board of Trustees, Frank O. Birney will receive sealed tenders refunding bonds of 1935, series A and series B of the district, until 11 a.m. Nov. 1, at which time they will be publicly opened at his office, 910 South Michigan Ave., Chicago. Subject to the following terms and conditions, legally acceptable tenders received offering bonds at the lowest prices will be accepted in amount or amounts sufficient (exclusive of accrued interest payable under said tenders) to exhaust the sum of not to exceed $6,311,500 available for the purchase of of said bonds by the district. (a) Tenders must state the amount and maturity or maturities of and the rate or rates of interest payable on the bonds offered and the average Volume Due Dec. 15 Bidder to offered. Tenders stating a price in dollars which exceeds the par value of the Tenders accepted shall obligate the Sanitary District of Chicago to accept delivery of the bonds and to pay therefor such amount, plus accrued interest to the date of delivery, as will yield to the Sanitary District of Chicago income at the average yield stated in such tender, but in any event not more than the price in dollars stated in such tender. (e) Right is reserved to reject all tenders and any tender not complying with the terms of this notice will be rejected. Tenders may be submitted in the alternative or may be conditioned upon the acceptance of all or none of the bonds offered. All tenders shall remain firm until 11 o'clock a. m. on Nov. 3. (d) 111.—FEDERAL COURT RULING TREATMENT CASE UPHELD BY COURT—The United States Supreme Court on Oct. 25 SEWAGE U. S. SUPREME denied the district's application for review of a Federal Circuit Court opinion that it had in¬ fringed on valid sewage treatment patents by Activated Sludge, Inc., according to report. In its petition, the district said there was a claim of about $10,000,000 against it involved in the patents. The process used in its sewage treatment work, the district contended, was discovered by scientists and not patentable to engineers who helped devise means for putting it into operation. CHRISTY O. (P. missioner of Highways Sumner), 111.—BONDS NOT rejected all bids received for the SOLD—The Com¬ $11,000 road bond 23—Y. 145, p. 2723. issue offered Oct. DISTRICT NO. 124 (P. O. Evergreen Park), 111.—DEBT SERVICE ON CURRENT BASIS—According to Lansford & Co., Chicago, a refunding plan for the above district was completed by them several months ago and the payment of debt service charges is now on SCHOOL COUNTY COOK basis. current a to Edinburg), O. DIST. NO. 64 (P. O. North Chicago), 111. $4,000 4^% refunding bonds sold to LAKE COUNTY SCHOOL SALE —BOND DETAILS— The these columns imiwImHim MCNTICELLO, 111.—BOND SALE—The White-Phillips Corp. of Davenport purchased on Oct. 25 an issue of $20,000 4% sewage disposal plant bonds at par plus a premium of $1,081.50, equal to 105.40, a basis of about2.93%. Due$2,000on Nov. 1 from 1938 to 1947, incl. Thesebonds Lewis, Pickett & Co. of Chicago, as previously reported in —V. 145, p. 2724—were sold at par and mature in 1957. were voted Oct. 23 by a count of 234 to 34. NEWTON, columns, III.-—BOND SALE DETAILS—As previously reported Lewis, Pickett & Co. of Chicago purchased an issue in of Issue is dated Aug. 1, 1937 incl. Bonds maturing from are callable in numerical order, $1,000 each year from 1938 Interest payable F. & A. Coupon bonds of $1,000 each. $19,000 4% water revenue refunding bonds. and due $1,000 on Aug. 1 from 1938 to 1956 1948 to 1946 to 1956 incl. NORTH MUDDY bonds to Vieth, voted TOWNSHIP (P. O. Wheeler), 111.—BONDS SOLD— Smith, Township Clerk, reports C. A. last OAK the sale of $30,000 road graveling Davenport. The issue was Duncan, Worley & Wood of 1943 RICHMOND SCHOOL CITY, Ind.—BONDS AUTHORIZED—The of School Trustees has authorized the issuance of $340,000 high school building bonds. III.—BOND SALE— The $115,000 3% funding bonds awarded to the First National $405, equal to 100.352, a basis of about 2.97%. Dated Nov. 1, 1937. Due Nov. 1 as follows: $7,000, 1941 to 1953, and $6,000,1954 to 1957. The Northern Trust Co. of Chicago offered on Oct. 25—V. 145, p. 2579—were Bank of Chicago at par plus a premium of bid a premium of $366.85. 10. 1937. PRINCETON, III.—BONDS APPROVED ON FIRST READING—The reading to an ordinance authorizing the issuance City Council has given first of $100,000 light plant extension bonds. ROODHOUSE, 111.1—BOND SALE—The issue of $60,000 water revenue 26—V. 145, p. 2724—was awarded to N. L. Rogers Co., Inc. of Peoria. bonds offered on Oct. & The Jan. $60,000 water revenue 1, 1938 and mature in 5%. bonds bear 4% interest, will be dated about 20 years. Denom. $1,000. Issue was sold net to Fayette County, III.—BOND SALE 4M% gravel road bonds sold to Lewis, previously reported in these columns, is dated Jan. 1, 1937 due Jan. 1 as follows: $1,000 from 1939 to 1943 incl. and $2,000 from 1944 to 1948 incl. Interest payable J. & J. Coupon bonds of $1,000 each. Sale was effected Nov. 18, 1936. WILBERTON TOWNSHIP, DETAILS—The issue of $15,000 Pickett & Co., Chicago, as WILMETTE, 111.—BOND DETAILS—Ballman SALE & Main of Chicago paid a price of par for the $30,000 3 % water main bonds purchased by them, as previously reported in these columns. Due as follows: $4,000, 1947; $6,000 in 1948 and 1949; $7,000 in 1950 and 1951. INDIANA IOWA CITY, Iowa— WARRANT OFFERING—W. E. Westholm, Town Treasurer, will receive bids until 6 p. m. Nov. 8 for the purchase of $10,000 3M% water works improvement warrants. Denom. $2,000. Dated Oct. 15, 1937. Due $2,000 yearly beginning Oct. 15, 1938. Princi¬ ALBERT pal and annual interest (Oct. 15) payable at the Cert, check for 10% of amount of bid, required. own legal opinion. July 1, 1939: $1,000, Jan. 1 and July 1, 1940; $2,000, Jan. 1 and $1,000, July 1 in each year from 1941 to 1949 incl. Principal and interest payable at the Union State Bank, Morristown. (The above report of offering supersedes that given previously in these columns). (J. & J.) the Indianapolis), Ind.—BOND OFFERING— Charles A. Grossart, County Auditor, will receive sealed bids until 10 a. m. (Central Standard Time) on Nov. 18 for the purchase of $164,300 not to exceed 5% interest bonds, comprising the following issues: $148,300 Julietta Infirmary Building bonds. One bond for $300, others $1,000 each. Due as follows: $7,000 on June 15 and Dec. 15 from 1939 to 1944, incl; $8,000 June 15 and Dec. 15 from 1945 to 1947, incl.; $8,000 June 15 and $8,300 Dec. 15. 1948. Bidder to name one rate of interest, expressed in a multiple of M of 1%. 16,000 real-estate purchase bonds of 1937. Denom. $1,000. Due $2,000 on June 15 and Dec. 15 from 1939 to 1942, incl. Bidder to name one rate of interest expressed in a multiple of M of 1 %. Each issue is dated Dec. 1, 1937. Interest payable June 15, 1939 and semi-annually thereafter. A certified check for 3% of the amount of bonds bid for, payable to the order of the Board of County Commissioners, must accompany each proposal. No conditional bids will be considered and tenders are made subject to legality of the issues. The bonds of each issue are direct obligations of the county, payable from unlimited ad valorem MARION COUNTY (P. O. , all of its taxable property. MARION COUNTY (P. O. Nov. 12 for the Indianapolis), Ind.—BOND OFFERING— Auditor, will receive sealed bids until 10 a. m. purchase of $26,990 not to exceed 4% interest refunding Charles A. Grossart, County on Town Treasurer's office. Purchaser is to furnish BLAIRSBURG, Iowa—BOND SALE—The $6,000 issue of water works bonds offered for sale on Oct. 21—Y. 145, p. 2724—was awarded to the Carleton D. Beh Co. of Des Moines, as 3 Ms, paying a premium of $6, CERRO basis of about 3.49%. Due from 1940 to 1962. COUNTY (P. O. Mason City), Iowa—BOND GORDO OFFERING—County Treasurer Joy Ridgeway will receive bids until 10 a. m. Nov. 15 for the purchase of $25,000 warrants funding bonds. Cert, check for $500, required. Opinion of Chapman & Cutler of Chicago will be furnished by the purchaser. DES tax rate MOINES, Iowa—TAX RATE TO BE INCREASED—The 1938 will be about three mills higher on the basis of the recent order Board of Assessment and Review slashing real property valua¬ of the State tions about $15,000,000, according to report. FREMONT COUNTY (P. O. Sidney), Iowa—BOND OFFERING— C. Case, County Treasurer, will receive bids until 2 p. m. Nov. 4 for the purchase of $4,342.15 5% Prairie Township Drainage District No. 1 oonds. C GRANDVIEW CONSOLIDATED SCHOOL DISTRICT (P. O. Grand- Iowa—BOND OFFERING—Cecil A. Wiele, Secretary, Board of will receive bids until 7:30 p. m. Nov. 1 for the purchase of an of $35,000 refunding bonds. view), Directors, HUMBOLDT COUNTY (P. O. Dakota City), Iowa—BOND SALE— $95,000 issue of court house bonds offered for sale on Oct. 28—V. 145, 2580—was awarded to the Polk-Peterson Corp. of Des Moines, as 2Ms, Thf p paying a premium of $580.00, equal to 100.61, according County Treasurer. The second highest bidder was the of Des Moines, offering a premium of $575.00 on 2Ms. to Thos. B. Byrne, White-Phillips Co. LENOX INDEPENDENT SCHOOL DISTRICT Iowa—BOND SALE DETAILS—Itr is stated by the (P. O. Lenox), District Secretary gymnasium bonds purchased by the First National Bank of Diagonal at a price of 100.35, as noted here recently—V. 145, p. 2724— were sold as 2 Ms and mature on Dec. 1 as follows: $1,000, 1940 to 1942, and $500 in 1943, giving a basis of about 2.41 %. that the $3,500 McGREGOR, Iowa—BOND OFFERING—W. R. Stone, Town Clerk, until 8 p. m. Oct. 30 for the purchase at not less than par flood protection bonds. Bidders are to name rate of interest. Dated Nov. 1, 1937. Principal and semi-annual interest (May 1 and Nov. 1) payable at the office of the Town Treasurer. Due $500 yearly on Nov. 1 from 1938 to 1954. Certified check for $500, payable to the town, re¬ quired. The bonds are offered subject to the opinion of Stipp, Perry, Bannister & Starzinger of Des Moines, whose opinion will oe furnished by will receive oids the town. . '■ INDEPENDENT SCHOOL DISTRICT (P. O. Nevada), Iowa—BOND SALE—The $30,000 issue of coupon gymnasium bonds offered for sale on Oct. 25—V. 145, p. 2724—was awarded to the Carleton D Beh Co. of Des Moines, as 2Ms, paying a premium of $115.00, equal to 100 383. according to the Secretary of the Board of District Directors. Denom. $1,000. Dated Nov. 1, 1937. Due from 1938 to 1949. Interest payable M. & N. OTTUMWA, Iowa—BOND SALE—The $158,000 water works revenue Oct. 29—V. 145, p. 2725—were awarded to the Union Co., Ottumwa, the Merchants National Bank, Cedar Rapids, and the Iowa-Des Moines National Bank & Trust Co., Des Moines, as bonds offered on Bank & Trust 100.396, a basis of about 2.04% and Dec. 1 in each of the years Dec. 1, 1940. The $625 for 2M % bonds. POSTV1LLE, Iowa—BOND OFFERING—A. C. Webster, Town Clerk, will receive bids until 7:30 p. m. Nov. 8 for the purchase at not Jess than par of $20,000 general obligation sewer bonds. Dated Dec. 1, 1937. Principal and semi-annual interest payable at the Town Treasurer's office. Due $500 on June 1 and Dec. 1 in each of the years from 1938 to 1957, incl.; redeemable on and after June 1, 1950. Certified check for $100, required. TAMA SCHOOL DISTRICT, Iowa—BOND ELECTION—A proposi¬ tion to issue $12,000 school building bonds will be submitted to the voters 2 Ms, at par plus a premium of $626, equa. to Dated Dec. 1, 1937. Due $25,000 on June 1 1938 and 1939; $25,000 June 1, 1940 and $33,000 Carleton D. Beh Co. of Des Moines bid a premium of at an election called for Nov. 10. WEBSTER COUNTY (P. O. Fort Dodge), Iowa—WARRANT SALE— The $60,000 anticipation warrants offered on Oct. 26 were awarded to the Carleton D. Beh Co. of Des Moines on a 1M % interest basis, plus a premium of $15. These certificates mature on Nov. 1, 1938. KANSAS Kan.— ouilding bonds offered on Oct. Payne & Co. and Columoian of 101.129, a basis of about 2.50%. 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. The Brown Crummer Investment Co. and the Small-Milburn Co., both of Wichita, joined in bidding 100.576 for the AUGUSTA SCHOOL HANOVER SCHOOL TOWNSHIP (P. O. Morristown), Ind.—BOND OFFERING—Harry E. Carmony, Trustee, will receive sealed bids until 10 a. m. on Nov. 3 for the purchase of $30,000 4% school building addition bonds. Dated Sept. 1, 1937. Denom. $1,000. Due as folldws: $1,000, taxes on ' NEVADA COUNTY SCHOOL DISTRICT NO. 131 (P. O. Rochelle), 111.—BOND OFFERING—Nora M. Phelps, Secretary of the Board of Education, will receive sealed bids until 6 p. m. on Nov. 2 for the purchase of $100,000 3M% coupon building bonds. Dated Sept. 1, 1937. Due $5,000 each Sept. 1 from 1938 to 1957 incl. Principal and interest (M. & S.) payable at the National Bank of Rochelle. A certified check for $5,000, payable to the order of the School District, must accompany each proposal. The approving legal opinion of Chapman & Cutler of Chicago will be furnished the successful bidder. This issue was authorized at an election OGLE held Aug. «, WESTFIELD, Ind.—BOND SALE—An issue of $12,500 4M% gas sys¬ tem bonds has been sold to McNurlen & Huncilman of Indianapolis at a discount of $590.62, equal to 95.27, a basis of about 5%. Denom. $500. Due Sept. 15 as follows: $500 from 1941 to 1949, incl., and $1,000 from 1950 to 1957, incl. of $8 000 April. PARK, Oct. 25—V. 145, p. Board NASHVILLE, these CASTLE, on of Indianapolis, at par about 2.84%. Dated issue III.—BOND SALE DETAILS—The $76,000 4% water revenue refunding bonds sold to Lewis, Pickett & Co. of Chicago, as pre¬ viously reported in these columns, are dated Aug. 1, 1937 and due serially from 1940 to 1962 incl. Interest payable F. & A. Coupon bonds of $1,000 each. Sale was effected July 8, 1937. No Ind.—BOND SALE—The $5,000 4% armory bonds 2724—were awarded to Kenneth S. Johnson plus a premium of $317, equal to 106.34, a basis of Oct. 1, 1937 and due Feb. 1 as follows: $2,000 in and 1944, and $1,000 in 1945. offered equal to 100.10, a HIGH SCHOOL DISTRICT NO. 308 III.—BOND OFFERING—H. C. Irwin, Secretary, Board of Education, will receive bids until 2 p. m. Nov. 4 for the purchase of $50,000 4% school building bonds. Denom. $1,000. Dated Sept. 1, 1937. Interest payable May 1 and Nov. 1. Due Nov. 1 as follows: $2,000, 1939: $3,000, 1940 to 1943 ; and $4,000, 1944 to 1952. Approving opinion of Chapman & Cutler of Chicago wid be furnished by the district. The purchaser is to pay the cost of printing the bonds. (P. each proposal. to the validity of the successful oidder, and bids are made subject legality of the issue. NEW TOWNSHIP EDINBURGH at the County Treasurer's office. for, payaole to the order of the of bonds to be furnished by the . CHICAGO SANITARY DISTRICT, Dec. 1, 1937. One bond for $990, others $1,000 each. follows: $5,000 from 1938 to 1941, incl., and $6,990 in 1942. one rate of interest, expressed in a multiple of M of 1%. County Commissioners, must accompany conditional bids will be considered and the opinion as Board bonds offered will not be considered. IN as name Principal and interest (J. & D. 15) payable A certified check for 3% of the bonds bid will be con¬ (c) Dated bonds. yield to maturity on said bonds at the price at which they are offered and also the price in dollars (exclusive of accrued interest) at which they are (b) Tenders stating the highest average yield to maturity sidered the tenders offering bonds at the lowest prices. 2887 Chronicle Financial 145 BOND SALE—The DISTRICT NO. 13 (P. O. Augusta), $61,270 2M% coupon 25—V. 145, p. 2725—were awarded to Estes, Securities Corp., both of Topeka, at a price bonds. BAXTER SPRINGS, Kan.—BOND SALE Gresser, City Clerk, that DETAILS—We are now the $10,000 water plant purchased by the Small-Milburn Co. of Wichita, as noted here recently—V. 145, p. 2580—were sold as 3s, at a price of 101.748, a basis of about 2.60%. Coupon bonds, dated July 15, 1937. Denom. $1,000. Due from July 15, 1938 to 1947; optional after July 15, 1942. informed by R. F. improvement bonds Interest payable J. & J. 15. CRAWFORD COUNTY (P. O. Girard),Kan.—BOND SALE—County Clerk Ira L. Harper informs us that an issue of $26,000 3% poor relief bonds was sold on Oct. 27 to the Brown Crummer Investment Co. of Wichita. EASTON SCHOOL DISTRICT (P. O. Easton), Kan.—BOND SALE DETAILS—We are informed by the District Clerk that the $7,500 building bonds sold recently, as noted here—V. 145, p. 2580—were purchased by the State School Fund Commission as 3s at par. Denom. $750. Coupon bonds, maturing in 10 years. EL DORADO, 2M% 2725— Kan.—BOND SALE—The $18,500 issue of bonds offered for sale on Oct. 25—V. 145, p. semi-ann. storm sewer purchased at par by the El Dorado received, according to the City Clerk from Oct. 1, 1939 to 1947. * was National Bank. No other bid was Dated Oct. 1, 1937. Due serially ; 2888 Financial EUREKA, Kan.—BOND ELECTION—A special election has been called for Nov. 9, for the purpose of submitting to the voters a proposal to issue $135,000 filtration plant bonds. GLEN ELDER SCHOOL DISTRICT NO. 7 (P. O. Glen Elder),Kan. —BOND OFFERING—On Nov. 1. at 4 p. m. the district will offer for sale an issue of $28,872 3% bonds. Denom. $1,000 except one for $872. Dated Nov. 1,1937. Due $872 May 1,1938; $1,000 each six months from Nov. 1, 1938 to Nov. 1, 1952; Cert, check for 2% of amount of bid, required. HADDAM, Kan.—BOND OFFERING— Sealed bids will be received until 7 p. m. on Nov. 1, by Mrs. Fern T. Fencl, City Clerk, for the purchase of not less than $20,000 and not more than $30,000 water works system con¬ Each bidder shall state the lowest rate of interest and struction bonds. the premium, if any, at which he will purchase said bonds. The purchaser shall assist in the preparation and examination of transcript ana the bid shall include the printing of bonds and other incidental expenses. In case the bonds are taken by the State School Fund, the bidder is to state his charges for the expense incurred in making the said preparations. These bonds were approved by the voters at an election held on Oct. 22—V. 145, p.2580. LABETTE COUNTY (P. O. Oswego), Kan.—BOND SALE— The $25,000 issue of 2V2 % coupon semi-annual poor relief bonds offered for sale on Oct. 25—V. 145, p. 2725—was awarded to the Small-Milburn Co. of Wichita for a premium of $103.25, equal to 100.41, a oasis of about 2.41%. Dated Aug. 1, 1937. Due $3,000 from 1938 to 1942, and $2,000 from 1943 to 1947. PAOLA, Kan.—BOND SALE—On Oct. 15 the city sold an issue of $12,420 3% coupon refunding bonds to the State School Fund Commission Denom. $1,000, except one for $420. Dated Nov. 1, 1937. Interest payable May 1 and Nov. 1. Due serially in 10 years, beginning Nov. 1,1939. Chronicle STAFFORD COUNTY (P. O. St. John), On Oct. 12 the County Commissioners sold $5,000 the five banks located in the county. WYANDOTTE COUNTY O. (P. been nas Kan.—BOND SALE— county welfare bonds to Kansas City), Kan.—BONDS Me.—BOND OFFERING—John R. 1937 30, Gilmartin, City Treasurer, will receive bids until noon Nov. 3 for the purchase at not less that par of $160,000 coupon permanent improvement bonds. Bidders are to name rate of interest, in a multiple of \i%. Denom. $1,000. Dated Nov. 1, 1937. Principal and semi-annual interest (May 1 and Nov. 1) payable at the First National Bank of Boston. Due $8,000 yearly on Nov. 1 from 1938 to 1957, incl. They will be engraved under the supervision of and authenticated as to genuineness by The First National Bank of Boston; their legality will be approved by Ropes, Gray, Boy den & Perkins, of Boston, whose opinion will be furnished the purchaser. The original opinion and complete trans¬ cript of proceedings covering all details required in the proper issuance of the bonds will be filed with The First National Bank of Boston, where they may be inspected. Bonds will be delivered to the purchasr on or about Monday, Nov. 15, at The First National Bank of Boston, 17 Court Street Office, Boston, against payment in Boston funds. Financial Statement as of Oct. 15, 1937 Assessed valuation, 1937 Debt limit 6)4 % of 1937 valuation Total bonded debt (not including tbis issue) Floating $78,570,550.00 5,107,085.75 4,882,000.00 Debt— Balance due account land purchases $16,715.41 13,000.00 ... Notes payable 29,715.41 Total debt Deductions— $4,911,715.41 Sinking fund cash balance deposits impounded $22,695.19 30,285.12 Bank at par. PARADISE, Kan.—BONDS AUTHORIZED—An ordinance passed authorizing the issuance of $12,500 waterworks bonds. Oct. PORTLAND, 52,980.31 Net debt.... $4,858,735.10 Tax Levy 1934, $3,710,808.15—12-31-34 1935 3,806,128.16—12-31-35 1936 3,792,239.94-12-31-36 1937, 3.711,924.84 Uncollected , Tax deeds held by Uncollected 10-15-37 $407,840.38 376,265.16 260,627.97 , city, 10-15-37, $201,561.10. 4,798.32 4,511.00 6,957,77 559,789.24 Population U. S. Census 1930, 70,810. OLD—An $80,000 issue of 2#% semi-ann. general improvement oonds purchased on Oct. 25 by the Harris Trust & Savings Bank of Chicago. Denom. $1,000. Dated Nov. 1, 1937. Due $8,000 from Nov. 1, 1938 to 1947 incl. Prin. and int. (M. & N.) payable at the State Treasurer's office. Legality approved by Bowersock, Fizzell & Rhodes, of Kansas City. was MARYLAND BALTIMORE, Md.—DEBT SERVICE COST LOWER NEXT YEAR— For the first time in at least two decades and KENTUCKY BARBOURVILLE, Ky.—BOND ELECTION—On Nov. 2 the City for authority to issue $190,000 waterworks and Council will ask the voters electric light; plant purchase KENTON COUNTY revenue bonds. (P. O. Covington), Ky.—BOND ELECTION— A proposal calling for the issuance of $70,000 industrial bonds will be submitted to the voters on Nov. 2. home construction LEXINGTON, Ky.—BONDS NOT TO BE SUBMITTED TO VOTE— Concerning a recent report that the voters of the city on Nov. 2 would be asked to approve a $4,800,000 property purchase bond issue, we now learn that no bonds are to be voted upon at the election. The voters will be asked to approve a contract made by the city to purchase a privately owned water system, which purchase has already been financed by the issuance of bonds LOUISVILLE, Ky.—BONDS SOLD TO PWA—The $12,318.33 4% special assessment street improvement bonds offered on Oct. 28 were awarded to the Public Works Administration at par. Due serially for ten years; optional after five years.* coupon Offerings Wanted: period, there will be pal debt. This revealed Oct. 21 by Herbert Fallin, Budget Director. The city spending $12,282,518 for debt interest and retirement, while next was is now year the sum needed for such purposes will be $12,240,441. The $42,077 decrease will be equivalent to the sum brought in on the tax rate. Baltimore's debt reached new not bonds or stock would be issued unless the involved improvements could be postponed. cost Fallin revealed the following comparison between the debt service this year and that which will prevail in 1938: for Item 1938 Interest Department NEW Teletype N. O. $6,766,441 5,474,000 - Retirement WHITNEY NATIONAL BANK Bell a This policy has been followed as closely as possible. Mr. Jackson also inaugurated a pay-as-you-go plan under which some capital improvements are being made each year with current funds. The current budget carries an appropriation of $900,000 for such improvements. It is the Mayor's hope that the debt reduction policy will be followed by future administrations and that the pay-as-you-go appropriations will be allowed to increase as the cost of debt service declines. MUNICIPALS Bond Totals year Raymond 5409 1937 $6,924,518 5,358,000 $12,240,441 $12,282,518 self-liquidating items excluded, the net debt at the beginning of this $111,984,961, an amount equal to 5.97% of the current taxable The self-liquidating items are loans for water conduits and the With ORLEANS, LA. 182 by 38 cents peak of $165,525,760 in 1932. At the begin¬ ning of this year it had dropped to $156,480,147. The size of the debt and the importance it plays in the fixing of the tax rate can be appreciated when it is realized that 26% of the total munici¬ pal appropriation this year will be spent for debt service. Shortly after taking office in 1931 for his second term Mayor Jackson adopted a policy calling for a reduction in the debt. It was decided that no Mr. LOUISIANA & MISSISSIPPI probably for a much longer decrease next year in the cost of servicing the munici¬ a - was basis. McOomas street terminal. LOUISIANA EUNICE, La .—BOND OFFERING—W. H. Kessler, Town Clerk, will receive bids until 2 p. m. Nov. 16, for the purchase of $20,000 public improvement bonds. Bidders are to name rate of interest, not to exceed 6%. Denom. $500. Dated Oct. 1, 1937. Interest payable April 1 and ,Pue 8eriallJ on Oct. 1 as follows: $1,500, 1938 and 1939; $2,000, 1940 to 1945, and $2,500,1946 and 1947. Certified check for $500, payable to J. B. Lewis, Mayor, required. The approving opinion of recognized bond attorneys will be furnisned to the purchaser without cost. OUACHITA PARISH (P. O. Monroe), La.—U. S. SUPREME COURT TO CONSIDER APPEAL ON GROSS RECEIPTS TAX CASE—'The United States Supreme Court is said to have agreed to consider the appeal of tne tax collector of the above parish against a special Federal District Court decision that the Louisiana law levying a tax of 2% on gress receipts from the sale of electricity manufactured in Louisiana was an unconstitutional burden on interstate commerce as Line Co. of Ouachita, Ark. applied to the Arkansas-Louisiana Pipe special election to be held Nov. 23 for the purpose of voting on to issue sewer bonds. a a proposition »19lo;M?SOO.:Mmi were $490,000 not to exceed received on at the offering bridge bonds—V. 145, on p. Oct. 1, from 1940 to 1967. MAINE (State of)—LIST OF BIDS—The following is a complete list of bids submitted for the $1,000,000 2% highway bonds which were awarded Oct. 21 to Barr Bros. & Co., Inc., New York, as previously reported in these columns: Bidder— Barr Bros. & Co., Inc., New York Brown Harriman & Co., Inc.; The Northern Trust Co., Chicago., Bank & Trust Co., St. Louis & Co., Inc.; Rote Rid im . First and Boston 190 Corp.; The Mercantile-Commerce "Baltimore is shown in this group as having the lowest cost for the opera¬ tion and maintenance of general departmental service. According to this report, the amount spent by Baltimore city for this purpose totals $30,142.111. "Wasnington, D. C. on the other hand, wnich is shown with a population 575,000, and the last city in this group from a population standpoint, this purpose $38,432,705. spent for "Baltimore is also shown in this statement with the lowest per capita cost for the operation and maintenance of general "This report also shows tne total taxes levied for the cities in each of these groups, together with the per capita levy. Baltimore's per capita tax of $37.45 is the fourth lowest In its group." _ Mass.—BOND bonds offered SALE—The Oct. on $30,000 ion fifiQ 100 5876 10(K50 L. Day & Co. of Boston Other bids were on Estabrook & Co. Boston, and Pierce, White & 200 4799 and _ follows: as Bidder— Edward B. Smith & Co Int. Rate Beverly Trust Co Merchants National Bank Whiting, Weeks & Knowles Chace, Whiteside & Co Graham, Parsons & Co -- Jackson & Curtis *. E. H. Rollins & Sons, Inc.. - Inc., Bangor, Me Blyth & Co., Inc., New York; Francis I. Dupont & Co.; O. F. Childs & Co., Inc., and Jackson & Curtis First National Bank of New York; Salomon Brothers & Hutzler, Durby & Co., Inc Bacon, Stevenson & Co.; Roosevelt & Weigold. Inc.; Equitable Securities Corp., and Gregory & Son, Inc Chase National Bank of New Bank, and R. L. Day & Co York; Harris Trust - & ion 38 100.305 200 199 99.85 Savings 99.777 a price on Oct. of par. 20 SALE—The an Dated issue of Oct. 100.262 100.259 100.176 100.156 100.146 100.039 134% 1)4 % ; Mass.—BOND purchased at 100.57 100.53 100.499 100 376 100.29 134 % 134 % 134 % - Estabrook & Co CHELSEA, 100.573 134% Corp Lyons & Co Newton, Abbe & Co bonds 100.10 100.09 100.05 134% - First National Bank of Boston Burr & Co., Inc The First Boston Rate Bid 1)4% 134 % 134 % 134 % 134% 1)4% 134% 134 % Beverly National Bank Boston 100 479 Drummond. municipal a Co Lehman Brothers; Paine Webber & Co.; Eldredge & Co. H. C. Wainwright & Co coupon 27—V. 145, p. 2725—were awarded to bid of 100.29 for 1Mb, a basis of about 1.15%. Dated Nov. 1, 1937. Due $6,000 yearly on Nov. 1 from 1938 to 1942. Tyler & Co. of Boston bid 100.155 for l^s. . R. „ iqq Aggg Bancamerica-Blair Corp., and Marine Trust CoLazard Freres & Co., Inc 2 Bankers Trust Co.; F. S. Moseley & Co., and Phelps, Fenn &"Co" The National City Bank of New York, and L F. Rothschild & Budget. It was Department of Commerce on financial statistics of cities having a popu¬ of over 100,000. In part, the statement read: "Baltimore is shown (in the Commerce Department report) with a popu¬ lation of 817.100 and ranks in population as the eighth city in Group I (500.000 and over). MASSACHUSETTS the Stuart the relief loan 4% interest issued recently lation BEVERLY, DEER LSLE-SEDGWICK BRIDGE DISTRICT (P. O. Stonington). Me. -BONDSNOT SOLD—No bids 2580. Dated Oct. 1, 1937 and due serially inclusive. a statement prepared by Herbert Fallin, Municipal Director of prepared from data contained in a recent report of the was M MAINE Halsey, The statement departmental service. ST. MARY PARISH FOURTH WARD SCHOOL DISTRICT NO. 1 prar\k,i")» La .—MATURITY DETAILS—'The $60,000 school building bonds being offered for sale on Nov. 16, as reported in these columns—V. 145, p. 2725—will mature serially as follows: $1,000, 1939; J?rC^A municipal departmental service, according to by Mayor Jackson. of RUSTON, La.—BOND ELECTION—The City Council has ordered $135,000 BALTIMORE, Md.—PER CAPITA COSTS LOW—Of all the cities in the United States with a population in excess of 500,000, Baltimore has the lowest per capita cost for the operation and maintenance of its general National Shawmut Bank of $120,000 2M% municipal relief 1, 1937. Denom. $1,000. Due Principal and interest $12 000 eacn on Oct. 1 from 1938 to 1947 incl (A. & O.) payable at the National Shawmut Bank of Boston. approved by Ropes, Gray. Boyden & Perkins of Boston. GLOUCESTER, Mass.—BOND SALE—The $25,000 coupon Legality pier loan bonds offered on Oct 26—V. 145, p. 2726—were awarded to Tyler & Co. of Boston on a bid of 100.899 for 2 34s. a basis of about 2.40%. Dated Nov. 1, 1937. Due $2,000 yearly on Nov. 1 from 1938 to 1942; and $1,000 yearly on Nov. 1 from 1943 to 1957. E. H. Rollins & Sons of Boston bid 100.835 for 2Ha. Volume were as sale int. Rate 234% 234% Bidder— * Estabrook & Co 100.01 100.65 R. Salem), Mass.—NOTE OFFERING—Harold E. Thurston, County Treasurer, will receive sealed bids until 11 a. m. (Eastern Standard Time) on Nov. 2 for the purchase at discount of $10,000 industrial farm loan, Chapter 126, notes. Dated Nov. 1, 1937. Denom. $5,000. Payaole Nov. 1, 1938 at the Merchants National Bank, Salem, or at holder's option, at the National Shawmut Bank of Boston. Delivery will be made at the latter bank on or about No. 2. Notes will be certified as to genuineness and validity by the National Shawmut Bank of Boston, under advice of Ropes, Gray, Boyden & Perkins of Boston. ESSEX COUNTY (P. O. 1 as follows: $2,000 from Each issue is dated Nov. Denom. $1,000. 1, 1937. Oct. Assessed Valuation $24,314,684- Year 1937 1936 1935 1934 Tax Levy $619,572 633,965 699,769 640,562 27.00 29.30 27.00 24,024,672 23.954,868 24,160,323 Total bonded debt Present issues ^MANISTIQUE, Mich.—BOND SALE—'The $53,000 1938 $2,000 from Other bids were as $688,050 19,000 McDonald, Moore & Hayes Martin, Smith & Co $30.60 392.00 512.00 77.26 4% Cray, McFawn & Co ST. CLAIR, Premium Interest Rate 13 A % (1938-1946)1 1334% (1947-1952)/ 4% 4% John Nuveen & Co Uncollected Taxes $345,024 7,918 545 None $655,050 *33,000 Total general obligation follows: Bidder— Bidder to name a Less water debt Dated Oct. 1, 1937. improvement bonds offered on Oct. 25—V. 145, p. 2428—were awarded to Braun, Bosworth & Co. of Toledo as 3 As, at par plus a premium of $68, equal to 100.128, a basis of about 3.23%. Dated Nov. 1, 1937. Due $4,000 Nov. 1, 1938, and $3,500 yearly on Nov. 1 from 1939 to 1952, incl. John Nuveen & Co. of Chicago bid a premium of $30.60, stipulating that the bonds running from 1938 to 1946 bear 3%% and the balance pf the issue 3A%. 1937 Tax Rate $26.40 building bonds. furnished the successful bidder. Information 25, DISTRICT NO. 7 (P. O. Lansing, Mich.—BOND OFFERING—Sealed bids addressed to will be received until 8 p. m. on Nov. 1 2), 1 from 1939 to 1943, incl. Principal and interest (A. & O.) payable at the Bank of Lansing. A certified check for $300, payable to the order of the village, must accompany each proposal. The approving legal opinion of Miller, Canfield, Paddock & Stone of Detroit will single rate of interest, expressed in a multiple of A of 1%. Principal and interest (M. &.N.) payable at the Second National Bank of Boston. The bonds are exempt from taxation in Massachusetts and will be engraved under the supervision of and certified as to genuineness by the Second National Bank of Boston. Legal opinion of Ropes, Gray, Boyden & Perkins of Boston will be furnished the successful bidder. Bonds will be delivered to the purchaser at Second National Bank of Boston, 111 Franklin St., Boston, on or about Nov. 12. Financial No. D. Due $3,000 on April SWAMPSCOTT, Mass.—BOND OFFERING—Sealed bids addressed to W. Libby, Town Treasurer, c-o The Second National Bank of Boston, will be received until noon on Nov. 3 for the purchase of $33,000 coupon bonds, divided as follows: 14,000 sewer and drain loan bonds. Due Nov. 1 as follows: 1938 to 1941 incl. and $1,000 from 1942 to 1947 incl. F. C. M. Campbell, School Director, for the purchase of $15,000 4% James $19,000 police station loan bonds. Due Nov. to 1946 incl. and $1,000 in 1947. ddscribe the bonds offered and state the LANSING TOWNSHIP SCHOOL 100.375 234% First National Bank of Boston Rate Bid 100.427 234% Tyler & Co., Inc Tenders must fully price. HOUGHTON, Mich.—BOND OFFERING— Sealed bids will be received by Oliver Marion, Village Clerk, until 8 p. m. on Nov. 4 for the purchase of $20,000 4% refunding bonds. Dated Sept. 1, 1937. Denom. $1,000. Due $4,000 on Sept. 1 from 1938 to 1942, incl. Interest payable M. & S. The village will pay the cost of printing the bonds and the approving opinion of H. C. Schulte, Esq., of Houghton. A certified check for $1,000, payable to the order of the village, must accompany each proposal. follows: National Shawmut Bank of Boston Nov. 17. on HAVERHILL, Mass.—BOND SALE—The $50,000 municipal relief on Oct. 26—V. 145, p. 2726—were awarded to R. L. Day & Co. of Boston on a bid of 100.26 for 2 As, a basis of about 2.20%. Dated Nov. 1, 1937. Due $5,000 yearly on Nov. 1 from 1938 to 1947. Whiting, Weeks & Knowles of Boston bid 100.093 for 2 As. loan bonds offered Otner bids 2889 Chronicle Financial 145 Mich.—BOND OFFERING— Gertrude German, City Clerk, bids until 7:30 p. m. on Nov. 15 for the purchase of will receive sealed $69,500 not to exceed 5% interest bonds, divided as follows: $54,500 special assessment bonds. Denom. $500. Due Oct. 15 as $12,500 in 1939, and $7,000 from 1940 to 1945, incl. 15,000 general obligation paving bonds. Denom. $1,000. Due as follows: $2,000 from 1939 to 1944, incl. and $3,000 in follows: Oct. 15 1945. Each issue is dated Oct. 15, 1937. Principal and interest (A. & O.) payable at the Commercial & Savings Bank of St. Clair. A certified check for 5% of the amount of bonds bid for, payable to the order of the City Treasurer, must accompany each proposal. MINNESOTA COUNTY (P. O. Mankato), Minn.—BOND SALE— We are informed by the County Clerk that the $104,000 234% coupon semi-annual drainage funding bonds offered for sale on Oct. 22—V. 145, p. 2581—were purchased in small amounts by a large number of local in¬ vestors, paying par on each purchase. Dated Nov. 1, 1937. Due from Nov. 1. 1940 to 1944. BLUE EARTH Net debt $669,050 — $15,000 note due Nov. 22, 1937, in anticipation of the proposed $19,000 Police Station Loan Bonds. Tax titles held, $51,305. No tax title loans. Population, 1935—10,494. * The town has issued a FAIRMONT We H. Nov. 12 for the purchase Cray, McFawn Si Company DET 347 DISTRICT NO. 3 (P. O. Battle Creek, R. F. D. No. 4), Mich.—PRICE PAID—As previously reported Siler, Carpenter & Roose of Toledo were awarded on Oct. 20 an issue of $18,000 4% school improvement bonds. Successful bid was par and a premium of $10, equal to 100.10, a basis of about 3.975%. Dated Oct. 15, 1937 and due April 15 as follows: $3,500 from 1939 to 1942 in these columns, incl. and $4,000 in 1943. COTTRELLVILLE TOWNSHIP (P. O., R. F. D., Marine City), Smith, Township Clerk, reports bids submitted for the $57,050 not to exceed 6% interest special assessment water extension bonds which were offered on Oct. 12— V. 145, p. 2428. Dated Oct. 15, 1937, and due April 15 as follows: $1,050, 1938; $2,000 in 1939, and $3,000 from 1940 to 1957, incl. the rejection of all DEARBORN, Mich.—BOND SALE NOT CONS VMMA TED—'The sale 7—V. 145, p. of $100,000 2%% general obligation sewer bonds on Sept. 1935—to McDonald, Moore & Hayes of Detroit was not completed. The purchaser's attorneys raised technical objections to the issue, based upon a recently adopted State law, causing the cancellation of the sale. City officials have petitioned the State Supreme Court for a ruling on the validity of the issue. If the court's decision should be favorable, the bonds will be issued to the city's sinking fund. FUND—The city has purchased as sinking fund investments the issue of $100,000 general obligation sewer bonds which were originally sold on Sept. 7 as 2 As to McDonald, Moore & Hayes of Detroit. As noted above, the investment house, because of technical ob¬ jections to the issue raised by their attorneys, declined to accept the loan. Although the city immediately petitioned the State Supreme Court for a ruling on the validity of the issue, it was determined to effect the sale to the sinking fund without such a decision in order to meet time limit set by the Public Works Administration to qualify for the 45% Federal grant. The purchase, however, was made on tne strength of an approving opinion obtained from Miller, Canfield, Paddock & Stone of Detroit. In connec¬ tion with the objections which resulted in the cancellation of the sale to the banking house, it is reported that one point concerned the city's purported failure to make provision in the budget for payment of first year's interest. The current issue, it is said, was issued and sold in the same manner as BONDS SOLD TO SINKING $400,000 previously disposed of, the legality of which had never been questioned. proposed bond issues, calling of $302,000 fire department bonds and $144,000 swimming be submitted to the voters on Nov. 2. BOND ELECTION—Four for the issuance pool bonds, will , , DETROIT, Mich.—TENDERS WANTED—Edward M. Lane, Sec¬ retary of the Teachers' Retirement Fund Board of the City, announces that sealed offerings will be received at his office, 1354 Broadway, Detroit, until noon on Nov. 1 (to remain firm until 10 a. m. Nov. 2) covering non-callable bonds of the city in the approximate amount of $100,000. Offerings to state the rate of interest, date of maturity, dollar value and the yield on each offering. BOND Daley, City Controller, reports that have been purchased from original holders PURCHASES—John N. bonds in the amount of $575,000 at an average CRYSTAL, Minn.—BOND OFFERING—J. T. Nov. 12 for the purchase the executed bonds. The approving opinion of Kyle Dorsey, Barker & Colman & Kyle of St. Paul of Minneapolis will DISTRICT (P. O. Fenton), Mich.— school bonds offered on Oct. 26—V. 145, p. McDonald, Moore & Hayes of Detroit as 3s, at par plus a premium of $17.10, equal to 100.077, a basis of about 2.97%. Dated Sept. 1, 1937. Due Nov. 1 as follows: $3,000, 1937 to 1942; and $4,000 in 1943. Shannon, Kenower & Co. of Detroit bid a premium of $6.60 for Z An¬ BOND SALE—Tne $22,000 and Junell, Fletcher, be furnished by the city. Minn.—CERTIFICATE SALE— On Oct. 20 an issue of $9,000 4% coupon certificates of indebtedness was sold to the American National Bank and the First National Bank, both of Little Falls, at par. Denom. $900. Dated Nov. 1, 1937. Interest payable May 1 and Nov. 1. LITTLE FALLS, Due $900 yearly for 10 years. MINNEAPOLIS, Minn.—BOND SALE— The three issues of bonds aggregating $850,000, offered for sale on Oct. 28—V. 145, p. awarded at public auction to a group headed by Phelps, Fenn & Co. of New York, as 2.20s, paying a premium of $25.00, equal to 100.0029, a basis of about 2.195%. The issues are divided as follows: $150,000 permanent improvement (storm drain) bonds. 500,000 public relief bonds. 200,000 permanent improvement (work relief) bonds. Dated Nov. 1, 1937. Due in equal annual instalments from Nov. 1, 1938 to 1947 incl. _ _ . The other members of the successful syndicate were Brown, Harriman & Co., Inc., the Harris Trust & Savings Bank of Chicago, the Bank & Trust Co. and F. 8. Moseley & Co., both of New York. 2581—were x Chemical FOR INVESTMENT—'The bonds were re-offered by the purchasers at prices to yield from 0.70% to 2.30%, according to ma¬ turity. BONDS OFFERED MOORHEAD DISTRICT (P. O. Moor- INDEPENDENT SCHOOL bonds offered head), Minn. BOND SALE—The $20,000 issue of building 27—V. 145, p. 2727,—was awarded jointly to the AllisonWilliams Co., and the Justus F. Lowe Co., both of Minneapolis, as 3s, for sale on Oct. basis of about 2.96%. paying a premium of $25, equal to 100.12, a Nov. 1937. Due $4,000 from Nov. 15, 1938 to 1942 incl. Dated Minn .—CERTIFICATE SALE— The $18,000 issue of Water Main Improvement No. 1, certificates of indebtedness offered for sale on Oct. 25—V. 145, p. 2428—was purchased by the Justus F. Lowe Co. of Minneapolis, as 434s, at par, according to the City Clerk. Dec. 15, 1937. Due from Dec. 15, 1938 to 1957 incl. The only other bid received was an offer of par on 434s, for $12,000 the first maturing certificates, oy the Prior Lake State Bank. PRIOR LAKE, Dated of WING SCHOOL DISTRICT (P. O. Red Wing), Minn.— BOND OFFERING POSTPONED—In connection with the report in these columns recently that $100,000 2M % semi-ann. school bonds be offered for sale on Oct. 28, by N. C. Lien, Clerk of the Board of Educa¬ RED given would tion, we are now informed that sealed bids will on Nov. 1. Due $2,000 from Dec. 1, 1938 to six months ST. thereafter until Dec. 1, 1950, PAUL, be received until 7:30 p.m. 1944, and $7,000 due each and $2,000 on June 1, 1951. Minn.—BONDS AUTHORIZED—'The City $200,000 improvement bonds. Council has authorized the issuance of with reported in Clerk from UNDERWOOD, Minn.—BOND SALE DETAILS—In connection $13,000 water bonds to the State of Minnesota recently—V. 145, p. 2727—it is stated by the Village that the bonds were sold as 3s at par, and mature $1,000 annually July 1, 1943 to 1955, inclusive. the sale of the these columns yield to the oity of 4.72%. FENTON TOWNSHIP SCHOOL Wiger, City Clerk: of $45,000 electric to Nov. 15, 1937. Principal and semi-annual interest payable at any suitable bank or trust company in Minnesota, designated oy the purchaser. Due on Nov. 15 as follows: $2,000, 1940, 1941 and 1942; $3,000 from 1943 to 1947, and $4,000, 1948 to 1953; redeemable on any interest payment date. Cer¬ tified check for $1,000 payable to the city, required. The city will furnish LAKE distribution system and power plant construction bonds. Bidders are name rate of interest, not to exceed 3 34 % • Denom. $1,000. Dated MICHIGAN Mich.—BONDS NOT SOLD—Walker H. bids until 2:30 p. m« Denom. required. will receive bids until 8 p. m., DETROIT BEDFORD TOWNSHIP SCHOOL OFFERING—Walte* building bonds. of $110,000 3% school Certified check for $2,000, $1,000. A. T. T. Tel. Minn.—BOND ELECTION—A building bonds will be submitted to the DISTRICT, JACKSON SCHOOL DISTRICT, Minn.—BOND Halloran, Clerk, Board of Education, will receive MICHIGAN MUNICIPALS Telephone CHerry 6828 SCHOOL proposal to Issue $31,000 school voters at the Nov. 2 election. Buy for Our Own Account 2727—were awarded to other bids were as follows: Int. Rate Bidder— Shannon, Kenower & Co., Inc. State Savings Bank of Fenton Crouse <fc Co First Michigan Corp Siler, Carpenter & Roose 334% 3 34% 3A% 3A% 4% Premium $6.60 22.00 61.76 30.56 187.75 27.50 HANCOCK, Mich.—TENDERS WANTED—Albert L. Ehler, City Clerk, will receive sealed tenders of 1936 refunding bonds unti 7:30 p. m. Channer Securities Corp 4% MISSISSIPPI COUNTY (P. O. Kosciusko), Miss.—BOND CALD-Mtb. Ruby No well, Clerk of the Board of County Supervisors, states that a total of $25,000 4% semi-ann. county consolidated refunding road bonds, numbered 1652 to 1701, are being called for payment at par and accrued interest on Jan. 1, 1938, on which date interest ceases. Denom. $500. Dated July 1, 1936. Due on July 1, 1961. Payable at the County De¬ pository, the Merchants & Farmers Bank, Kosciusko. ATTALA TO BE that were columns—V. by Howard Cameron, Chancery Clerk, that LAUDERDALE COUNTY (P. O. Meridian), Miss.—BONDS RE-OFFERED—In connection with the $80,000 refunding bonds offered for sale recently without success, as noted in these 145, p. 2727—we are informed 2890 Financial they will be re-offered Supervisors. at the January meeting of the as Oct. 22—V. 145, p. 2582—were awarded to J. S. Love & Co. of Jackson 4Mb at par. Due as follows: $1,000,1940 to 1945; $2,000,1946 to I9o0; $5,000, 1951 to If serial sum LAUREL, Mi**.—BOND SALE—The $65,000 refunding bonds offered on Chronicle of County Board 1955, and $6,000, 1956 to 1959. MAGNOLIA SEPARATE SCHOOL DISTRICT (P. O. Magnolia), Miss.—BONDS VOTED—The voters have approved a proposition to issue $45,000 school building bonds. Oct. bonds 30, issued they will be in the amount of $500 each; the of $500 will become payable on Nov. 9,1938, and a like amount on the same are day each year thereafter. bonds, whether amortization or serial bonds, will bear date of 1937, and will bear interest at a rate not exceeding 6%, payable semi-annually, on May 9 Nov. 9 and will be redeemable in full on any interest payment date from and after five years from the date of issue. The Nov. 9, The bonds will be sold interest, and all bidders will purchase the bonds for not less than their par value with accrued must state the lowest rate of interest at which they at par. All bids other than NATCHEZ, Miss.—BOND ELECTION—An election Nov. 12, according to report, in order to vote $300,000 in industrial plant bonds. on will be held on the proposed issuance of PASCAGOULA RURAL SEPARATE SCHOOL DISTRICT, Miss.— BOND ELECTION—A special election is to be held Oct. 30, for the purpose of voting on a proposition to issue $100,000 school building bonds. TUNICA COUNTY SUPERVISORS DISTRICT NO. 2 (P. O. Holly¬ wood), Miss .—BONDS SOLD—It is reported by L. C, Shannon, District Clerk, that the $15,000 road and bridge bonds approved by the voters on Oct. 1, have been purchased by the Planters Bank of Tunica, as 3 34s, at par. WADE CONSOLIDATED SCHOOL DISTRICT (P. O. DISTRICT (P. O. St. Louis) Mo.—BOND SALE—The $253,000 issue of school bonds offered for sale on Oct. 25 145, p. 2728—-was awarded to the Harris Trust & Savings Bank of Chicago, and tne Mississippi Valley Trust Co. of St. Louis, jointly, as 2j^s, paying a premium of $802.01, equal to 100.317, a basis of about 2.72%. Dated Nov. 1,1937. Due from Feb. 1,1942 to 1953. —V. ST. CHARLES SCHOOL DISTRICT (P. O. Charles), Mo.—BOND SALE—The $130,000 land purchase and improvement bonds offered on Oct. 28—V. 145, p. 2728—were awarded to the Boatmen's National Bank of St. Louis, as 2&s, at par plus a premium of $689, equal to 100.53, a basis of about 2.71%. Dated Nov. 1, 1937 and due Feb. 1 as follows: $6,000, 1943; $7,000, 1944 to 1946 incl.; $8,000, 1947 to 1949 incl.; $9,000, 1950 to 1952 incl.; $10,000 from 1953 to 1955 incl. and $11,000 in 1956 and 1957. Second high bid of par and a premium of $2,085.20 for 3s was made by Halsey, Stuart & Co., Inc. MONTANA WARRANT CALL—Walter Davis, that various special walk and curb warrants District bonds are being called for payment on and after Nov. 1, on whicn date interest shall cease. It is reported that Special Improvement District bonds called as of March 1 and July 1, 1937, have not been presented as and Special states Improvement yet. BROWNING, Mont^BONDS'NOT~SOLD—The $36,000 water works refunding bonds offered on Oct. 21—V. 145, p. 2267—were not sold, no bids being received. Dated Jan. 1, 1938. CHOUTEAU COUNTY SCHOOL DISTRICT NO. 44 (P. O. Geral dine), Mont.—BOND OFFERING—H. M. Magnuson, Clerk, Board of Trustees, will receive bids until 8 p. m. Nov. 18, for the purchase of $15,000 refunding bonds. The bonds will be sold as either amortization or serial bonds. Interest rate is not to exceed 6%. Dated Jan. 1, 1938. Redeem¬ able from and after five years from date of issue. Certified check for $300, payable to the Clerk, required. DANIELS COUNTY SCHOOL DISTRICT NO. 1 (P. O. Scobey), Mont.—BOND SALE DETAILS—It is reported by the District Clerk that the $18,000 school bonds sold recently, as noted here—V. 145, p. 2428— were purchased by the State Land Board, as 4s at par. This issue is in one bond for $18,000. due on Sept. 1, 1952: optional five years after Sept. 1, 1937. Coupon bonds, payable M. & S. FAIRVIEW, Mont.—BOND OFFERING—Sealed bids will be received 2jp. m. on Nov. 15, by Walter Lanouette, City Clerk, for the purchase a until of $5,000 issue of refunding bonds. Interest rate is not to exceed 6%, payable semi-annually. (These are the bonds that were originally scheduled for sale on Oct. 22, as noted in these columns—V. 145, p. 2582.) FLATHEAD AND LAKE COUNTIES JOINT SCHOOL DISTRICT (P. O. Bigfork), Mont.—BOND OFFERING—As previously reported in these columns, H. A. Veeder, District Clerk, will receive bids until 2 p. m. Nov. 8, for the purchase of $15,000 school building bonds. Amortization bonds will be the first choice and serial ^ NO. 38 bonds will be the second choice of the school board. If amortization bonds are sold th8 entire issue may be put into one single bond or divided into several bonds, as the board of trustees may determine upon at the time of sale, both principal and interest to be payable in semi¬ annual instalments during a period of 20 years from the date of issue. If serial bonds are issued they will be in the amount of $750; the sum of $750 will become payable on Oct. 15, 1938, and a like amount on the same day each year thereafter. The bonds, whether amortization or serial bonds, will bear date of Oct. 15,1937, and will bear interest at a rate not semi-annually, on exceeding 4H%, payable April 15 and Oct. 15, and will be redeemable in fuU 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. 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 $500 payable to the order of the clerk. All MILES CITY, Mont.—MATURITY— It is reported by tne City Clerk that the $36,648 funding bonds purchased by Paine, Rice & Co. of Spokane, 33 at a Price of 100.41, as noted in these columns recently—V. 145, p. 2728—are due in 10 years, giving a basis of about 3.70%. 16 (P. O. Bainbe received until will 7P.mAon Nov. 8, by Earl J. Summers, District Clerk, for the purchase bonds. Interest rate is not to exceed 6%, payable J. & D. 1937. Amortization bonds will be the Dated June 1, first cnoice of the district and serial bonds will be the second choice. The bonds, whether amortization or seriai, will be redeemable in full on any interest payment date from and after five years from the date of issue. A $600 certified check, payable to the District Clerk, must accompany the bid. (These are the bonds that were offered for sale without success on Sept. 18. as noted in these columns at the time—V. 145, p. 2110.) SAVAGE HIGH SCHOOL DISTRICT and serial bonds will be the second Whether amortization or serial bonds 20 years; optional after five are in O. Savage). Mont.— choice of the issued, they will School Board. mature finally years. They will be sold for not less than accrued interest. A certified check for $1,500, payable to the order of the above Clerk, must accompany the bid. (These bonds replace the $33,890 issue of bonds that was scheduled for award on Sept. 25, the sale of which was postponed because of legal diffi¬ par plus culties.) SHELBY SCHOOL DISTRICT NO. 14, Mont.—BOND ELECTION— An election will be held in the district issue $34,500 school building bonds. on Nov. 6 to vote on a proposition to SHERIDAN COUNTY SCHOOL DISTRICT NO. 29 (P. O. Mont.—BOND OFFERING—As previously reported in columns, Henry Walder, District Clerk, will receive bids until 2 Nov. 9, for the purchase of $2,000 school building bonds. look), these p. the NEVADA ELY PUBLIC SCHOOL DISTRICT (P. O. Ely), Nev.—BOND OFFERING—It is stated by J. P. Whitmore, District Clerk, that he will receive sealed bids until 2 p. m. on Dec. 1, for the purchase of a $55,000 $1,000 in 1938, and $3,000, 1939 to 1956. The bonds shall not be sold at less than par and accrued interest, nor will any discount or commission be allowed or paid on the sale of said bonds. A certified check for 5% of the amount Did is required. (These are time all bids the bonds that were , offered for sale were June 30, on , , at which rejected—V. 145, p. 157.) NEW HILLSBOROUGH HAMPSHIRE COUNTY (P. O. Manchester), N. H.—BOND OFFERING—Board of County Commissioners will receive sealed bids until 3 p. m. on Nov. 22 for the purchase of $25,000 farm and hospital bonds, dated Nov. 1, 1937 and due serially from 1938 to 1942 incl. No bid for less than par and accrued interest will 1937654 be considered. MUNICIPAL BONDS New Jersey and General Market Issues B. J. Van 67 Ingen & Co. Inc. WILLIAM STREET, N. Y. Telephone: John 4-6364 A. T. & T.: N. Y. 1-730 Newark Tel.; Market 3-3124 $50,000 Camden County, N. J., 4V28 Djue Jan. To 1, 1955-67 yield 4.00%-4.10% Colyer, Robinson $ Company INCORPORATED 1180 Raymond Blvd., Newark New York Wire: REctor 2-2055 MArket 3-1718 A. T. & T. Teletype NWRK24 NEW JERSEY ALLENDALE, N. J.—BOND SALE—The $118,000 coupon or registered refunding bonds offered on Oct. 28—V. 145. p. 2728—were awarded to B. J. Van Ingen & Co., Inc., New York, as 3%b, at a price of 100.579, a basis of about 3.675%. Dated June 15, 1937 and due Dec. 15 as follows: $2,000, 1938; $1,000 in 1939 and 1940; $3,000, 1941; $10,000 in 1942 and 1943; $13,000 from 1944 to 1950 incl. The borough, as previously noted in these columns—V. 145, p. 2728—is offering for sale on Oct. 28 a block of $118,000 not to exceed 4% interest refunding bonds, being part of an authorized amount of $169,000. In connection with the offering, George M. Wilson, Borough Clerk, has issued the following data regarding $169,000 refunding bonds: Bonded debt as at Sept. 30, 1937 Refunding bonds authorized School bonds *$169,000.00 132,000.00 . $301,000.00 Note—(*) Included in this amount are $95,000.00 bonds which will be sold and exchanged for a like amount of water bonds now outstanding. Maturities of Borough Debt $13,000.00 bonds on Dec. 15, 1938 to 1950 $169,000.00 1937 Valuations assessed valuations railroad taxable property) property (including second class $2,219,899.00 2,354,624.00 Net valuation taxable Tax Data for a Period of Rate per Year of Levy— Population: Thousand 39.30 40.50 43.70 44.40 outstanding Total Levy $91,725.87 94,355.13 102,446.30 104,236.39 Tar as at 4 Years Outstanding At Close of Year of Levy $26,814.42 26,696.70 27,790.15 Outstanding Sept. 30, 1937 $638.89 1,937.38 16,513.79 50,882.58 Sept. 30, 1937 $15,551.17 1930 census, 1,738; present estimate, 2,010. BURLINGTON, N. J.—BONDS APPROVED—The State Funding Commission has approved the city's plan to issue $146,000 general refunding bonds. EAST HANOVER TOWNSHIP, N. J.—BOND SALE—Campbell & Co. of New York recently purchased at private sale an issue of $7o,000 refunding bonds, divided as follows: $42,000 4% and \Yt % bonds due $7,000 each on Dec. 31 from 1944 to 1949, inclusive. 31,000 4% bonds. Due Dec. 31 as follows: $4,000, 1938 and 1939; $5,000 in 1940 and $6,000 from 1941 to 1943, inclusive. Legality approved by Hawkins, Delafield & Longfellow of N. Y. City. In approving this financing the State Funding Commission did so with the understanding that the issuing expense to the township was not to exceed EDGEWATER. sioners have m. trustees may determine both principal and interest to be payable in semi¬ a period of 20 years from the date of issue. during that $750. Out¬ Amortization bonds will be the first choice and serial bonds will oe the second choice of the school board. If amortization bonds are sold the entire issue may be put into one single bond or divided into several bonds, as the board of upon at the time of sale, annual instalments Neb.—MATURITY—It is now reported by the $37,000 3M% semi-ann. refunding bonds which were handled through the Mortgage Investment Co. of Hastings, as noted here in September—V. 145, p. 2110—are due from 1938 to 1955. Clerk Tax title liens (P. £ -Sealed bids will be received until 8 p. m. on Nov. 20, by Frank Balogh, District Clerk, for the purchase of a $35,000 issue of high school building bonds. Interest rate is not to exceed 6%, payable semi-annually. Dated Jan. 1, 1938. Amortization bonds will be the first choice NEBRASKA WILSONVILLE, Village Real ROOSEVELT COUNTY SCHOOL DISTRICT NO. ville) Mont. BOND OFFERING—Sealed bids of $6,000 school payable to tbe order of the Clerk. JAFFREY SCHOOL DISTRICT (P. O. Jaffrey), N. H.—NOTE SALE —The district recently sold an issue of $64,000 serial school building notes to the Monadnock National Bank of East Jaffrey. BOZEMAN, Mont.—BOND AND Director of Finance, by or on behalf of the State Board of Land Com¬ accompanied by a certified check in the sum of $500, issue of coupon school bonds. Interest rate is not to exceed 6%, payable A. & O. Denom. $1,000. Dated April 1,1937. Due on April 1 as follows: MISSOURI SCHOOL must be Pascagoula), Miss.—BONDS VOTED—It is reported that at an election held on Oct. 16, the voters approved the issuance of $11,000 in construction bonds, to be used in connection with a Public Works Administration grant. »KIRKWOOD missioners N. J.—BOND SALE—The Sinking Fund Commis¬ purchased $16,000 3 M% road improvement bonds. CAMDEN COUNTY (P. O. Camden), N. J.—BOND SALE— The $115,000 coupon or registered park bonds offered on Oct. 27—V. 145, p. 2582—were awarded to Lehman Bros, and E. H. Rollins & Sons of New York on a bid of $115,333 for $115,000 4M% bonds, equal to 100.289, a basis of about 4.23%. Dated Oct. 1, 1937. Due $5,000 yearly on Oct. 1 from 1945 to 1967, incl. Bioren & Co. of Philadelphia bid $115,181.55 or $113,000 4>3% bonds. Volume Financial 145 composed of H. L. Allen & Co., A. C. Allyn & Co., Inc., both of Collings & Co., Philadelphia, also participated in bidding, their tender being par plus a premium of $1,322.40 for $114,000 bonds as 4Ks. A group New York, and C. C. the EATONTOWN SCHOOL DISTRICT, N. J.—BONDS NOT SOLD— were submitted for the $32,000 coupon or registered school building bonds offered Oct. 25—V. 145, p. 2582. Dated Nov. 1, 1937, and due Nov. 1 as follows: $2,000 from 1938 to 1950. incl., and $3,000 in 1951 No bids AUTHORIZED—On Oct. 19 the City authority for the issuance of $65,000 Council passed an ordinance providing city hall bonds. A. 5 for registered Due and NORTH PLAINFIELD, N. J.—BOND OFFERING— Frederick Martin, Borough Clerk, will receive sealed bids until 8 p. m. on Nov. purchase of $20,000 not to exceed 6% interest coupon or emergency relief bonds. Dated Nov. 1, 1937. Denom. $1,000. Nov. 1 as follows: $3,000 from 1938 to 1943, incl., and $1,000 in 1944 1945. Principal and interest (M. & N.) payable at the State Trust Co., Plainfield. Rate of interest to be expressed in a multiple of H of 1%. No more bonds will be sold than will produce to the borough a sum of $21,- the The bonds are payable from unlimited borough's taxable property. A certified check the order of the borough, must accompany each pro¬ posal. The approving legal opinion of Clay, Dillon & Vandewater of New York City will be furnished the successful bidder. 000, exclusive of accrued interest. ad valorem taxes on all of the for $400, payable to RARITAN, N. J.—BOND AUTHORITY UPHELD—The right of to undertake the issuance of $145,000 of sewage disposal, town the im¬ brought recently Joseph B. the Rule Act of the above bonds on two occasions, but in each instance was obliged to defer the financing because of pending litigation. The latest effort was made on Oct. 15, as previously reported in these columns.—V. 145, p. 2729.) SAYREVILLE, N. J.—BOND OFFERING—On Nov. 17 the Borough Council will offer for sale an issue of $42,000 sanitary sewer bonds. The interest rate will be determined by the bidding, but will not exceed 6%. Denom. $1,000. Dated Dec. 1, 1937. Principal and semi-annual interest payable at the Continental Bank & Trust Co., New York. Due $2,000 provement and incinerator bonds, questioned in a suit by a taxpayer, has been sustained by Supreme Court Justice Perskie, according to report. The Court, it is said, ruled that town has sufficient authority to enact the ordinances under the Home and the Local Bond Act of 1935. (The town has attempted to dispose yearly from 1938 to 1958, inclusive. SEA ISLE CITY, N. J.—BOND EXCHANGE—The $5,000 3^% re¬ & Co., Pniladelphia, as pre¬ of an authorized amount of $525,500. The balance of $520,500 is being exchanged at par. All of the bonds are dated April 1, 1937, and mature as follows: $5,500, 1938; $7,000, 1939; $10,000, 1940; $13,000, 1941; $15,000 from 1942 to 1947, incl., and funding bonds sold at par to C. C. Collings viously reported in these columns, are part $20,000 from 1948 to 1967, incl. TEANECK TOWNSHIP (P. O. Teaneck), N. J —BOND OFFERING— 8:30 p. m. Henry E. Diehl, Township Clerk, will receive sealed bids until Nov. 3 for the purchase of $113,500 not to exceed 5% interest on coupon or registered bonds, consisting of: $100,000 park bonds. 13,500 street improvement assessment bonds. All of the bonds are dated Aug. 1, 1937. One WOODBINE, N. J.—BONDS PASSED ON FIRST READING—On Oct. 18 the Borough Council gave first reading to an ordinance authorizing the issuance of $34,000 funding bonds. NEW . MEXICO State of—BOND OFFERING—The State Board of Finance announces that it will receive sealed bids until 2 p. m. on Nov. 16 for the purchase of $1,360,000 State highway debentures. Interest rate is not to exceed 4%, payable M. & N. Denom. $1,000 or in multiples to suit the purchaser. Dated Nov. 1, 1937. Due on Nov. 1 as follows: $250,000 in 1945, 1946, 1948, 1950 and $360,000 in 1952. Bids for one or all series will be considered. No bid at less than par and accrued interest will be considered. Prin. and int. payable at the State Treasurer's office, or at the Guaranty Trust Co., New York. The debentures are issued to anticipate the proceeds of the collection of the five-cent gasoline exicse taxes, the motor vehicle registration fees and the property tax provided by law for the State Road Fund. The approving opinion of Thomson, Wood & Hoffman of New York will be furnished. A certified check for 2% of the amount bid, payable to the State Treasurer, is required. The State sold on June 14, 1937, a $2,000,000 issue at a net interest cost of 3.13% to a syndicate headed by Phelps, Fenn & Co. The bonds were sold to the successful group as follows: for $400,000 maturing $250,000 Jan. 1 and $150,000, July 1, 1949, as 3^s; and $1,600,000, maturing $100,000, July 1, 1949, and $250,000 January and July 1, 1950 to 1952, incl., as 3s. SCHOOL DISTRICT NO. 1 (P. O. Silver City), N. M.—BOND SALE DETAILS—It is now reported by the Deputy Clerk of the Board of Education that the $100,000 construction bonds purchased CITY sold by the State Treasurer, as noted here recently—V. 145, p. 2583—were as 3Ms at par, and mature on Oct. 1 as follows: $3,000, 1938; $4,000, 1939 to 1944; $5,000, 1945 to 1950; $6,000, 1951 to 1956, and $7,000 in 1957. NEW ENJOY HIGH CREDIT RATING— issued a of a searching) analysis of all factors bearing on the municipal fiscal structure conclude that in spite of some unfavorable factors the "obligations of the city continue to warrant a fairly high credit rating." Discussing the city's current operations and the tax collection record, the compilers of the study ALBANY, N. Y —OBLIGATIONS note as follows: CONDITION—Collection of taxes early in fiscal year has practically obviated any need for tax-anticipation borrowing. Relief costs are no longer being funded but partial refunding of bond maturities is pursued in order to maintain balanced operations. TAX COLLECTIONS—The city is permitted to turn all delinquencies over to the county and is thus practically always assured of 100% collection for its own needs. Even on the basis of the total levy, collections are ex¬ ceptionally good and have been showing consistent improvement since 1933. CURRENT BUFFALO, N. Y —BONDS AUTHORIZED—On Oct. 19 the City Council passed two ordinances providing authority for the issuance of $1,400,000 bonds, composed of $1,000,000 bonds for relief purposes and $400,000 bonds for Works Progress Administration projects. N. Y.—BOND SALE—The $3,000 coupon, registerable, highway bonds offered on Sept. 30—V. 145, p. 2268— CAMBRIA (P. O. Lockport), have been sold to the Niagara County National Bank & Trust Co. of Lock- fort on Due $1,000 yearly on March basis of1938 to2.65%. a bid of 100.075 for 2.70s, a 1 from about 1940. 937. Dated Oct. 1, OFFERING— Kenneth D. Halladay, Village bids until 2 p. m. on Nov. 4 for the purchase of interest coupon or registered water supply bonds. CLAYTON, N. Y.—BOND Clerk, will receive sealed $45,000 not to exceed 4% Due $1,500 on Nov. 1 of interest, expressed in interest (M. & N.) payable with New York exchange. The bonds are general obligations of the village, payable from unlimited taxes. A certified check for $900, payable to the order of the village, must accompany each proposal. The approving legal opinion of Clay, Dillon & Vandewater of New York City will De furnished the successful bidder. Pro¬ 1937. Denoms. $1,000 and $500. 1967, incl. Bidder to name one rate Dated Nov. 1, from 1938 to multiple of or 1-10th of 1 %. Principal and at the First National Exchange Bank, Clayton, a DISTRICT NO. 7 (P. O. Y.—BOND SALE—The $300,000 coupon or registered offered on Oct. 28—V. 145, p. 2728—were awarded to Lehman Bros, and Phelps, Fenn & Co., both of New York, jointly, as 3s, at 100.14, a basis of about 2.985%. Dated Nov. 1, 1937, and due $15,000 annually on Nov. 1 from 1939 to 1958 incl. Second high bid of 100.20 for 3.20s was made by George B. Gibbons & Co., Inc., New York. N. Lehman Bros, and Phelps, of New York, jointly, are $300,000 3% school building bonds at prices Fenn & Co., both offering for public investment serially from yield from 1.40% to 3.05%, according to maturity. Due 1939 to 1958 incl. In the opinion of the bankers, they are legal for savings banks and trust funds in New York State. The to investments District in¬ community known as Hartsdale, which adjoins tha Village of Scarsdale. Its assessed valuation for 1937 is $11,267,906 and bonded debt, including the current offering, amounts to $388,890. Bids submitted for the issue were as follows: cludes all of the unincorporated Fenn & Co George B. Gibbons & Co., A. C. Allyn & Co., Inc Manufacturers & Traders Rale Bid 100.14 Int. Rate 3% Bidder Lehman Bros, and Phelps, 3.20% 3.20% — 100.20 100.188 3.25% Inc 100.119 100.15 3.20% Trust Co Halsey, Stuart & Co., Inc__ Adams, McEntee & Co.. Inc... 3.30% 100.37 INDIAN LAKE FIRE DISTRICT NO. 2, TOWN OF INDIAN LAKE (P. O. Blue Mountain Lake), N. Y.—BOND OFFERING-—John Joyce, Secretary, announces that the Board of Fire Commissioners will receive sealed bids until 11 a. m. on Nov. 5 for the purchase of $16,500 not to exceed 6% interest coupon or registered building and apparatus bonds. Dated Oct. 1, 1937. Denom. $500. Due Oct. 1 as follows: $1,500 from 1938 to 1942 incl.; $2,000 from 1943 to 1946 incl., and $1,000 in 1947. Bidder to name a single rate of interest, expressed in a multiple of M or 1-10 of 1%. Principal and interest (A. & O.) payable at the Hamilton County National Bank, Wells, with New York exchange. The bonds are general obligations of the Fire District, payable from unlimited taxes. A certified check for $300, payable to the order of the Fire District, must accompany each pro- rork ?osal. City will be furnished opinion of Clay, Dillon The approving legal the successful bidder. & Vandewater of New Financial Statement of the Indian valuation of the property subject to the taxing power the district is $634,945. The total bonded debt of the district including above mentioned bonds is $16,500. The estimated population of Lake Fire District No. 2 is 300. The bonded debt above stated 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 The assessed the district. The fiscal year commences Jan. 1. The district was first established fiscal year commencing Jan. 1, 1937, and no district taxes for the prior thereto have been levied. May 3, 1937, or KINGSTON, N. Y.—BOND SALE— The $295,000 coupon or offered on Oct. 29—V. 145, p. 2584—were awarded to First of Michigan Corp., both of New York, 1.80s, at 100.149, a basis of about 1.77%. The award $270,000 school building bonds of 1937. Due Oct. 1 as from 1938 to 1943 incl. and $30,000 from 1944 to 1947 incl. 25,000 debt equalization bonds, series of 1937. Due Oct. All of the bonds are dated Oct. 1, 1937. Lazard jointly, as consisted of: follows: $25,000 bonds Freres & Co. and 1, 1946. N. Y.—NOTE SALE—An issue of $150,000 tax anticipation notes was sold Oct. 20 to the First National Bank of Mount Vernon, at 1% interest. Due July 1,1938. Other bids were: Mamaroneck), O. (P. MAMARONECK In£. Rate Bidder— & Co. (plus R. W. Pressprich 1-35% l-o0% $15 premium) County Trust Co Leavitt & Co MIDDLEBURY. ATTICA, COVINGTON, PERRY, 1.75% WARSAW AND DISTRICT NO. 2 (P. O. Wyoming), Jenkins, Clerk of the Board of Educa¬ tion, will receive sealed bids until 2 p. m. on Nov. 1 for the purchase of $170,000 not to exceed 5% interest coupon or registered school bonds. Dated Nov. 1, 1937. Denom. $1,000. Due Nov. 1 as follows: $5,000, 1940 to 1947, incl.; $6,000 from 1948 to 1957, incl., and $7,000 1958 to 1967, incl. Bidder to name one rate of interest, expressed in a multiple of M or 1-10th of 1 %. Principal and interest (M. & N.) payable at the Wyoming County Bank & Trust Co., Wyoming. The bonds are payable from un¬ of Federal grant building in the of Edward the proceeds of the sale, together with a $138,841, will be used in the construction of a new school A certified check for $3,400, payable to the order limited taxes and district. Davies, District Treasurer, opinion of Caldwell successful bidder. & must accompany N. Y —BOND offered on Oct. 25—V. The approving will be furnished the each proposal. Raymond of New York City MOUNT KISCO, SALE—The $155,000 coupon or reg¬ 145, p. 2584—were awarded to Gold¬ and Burr & Co., Inc., both of New York, jointly, as 100.379, a basis of about 2.65%. The sale consisted of: $119,000 general improvement bonds. Due Nov. 1 as follows: $8,000 from 1938 to 1944, incl., and $9,000 from 1945 to 1951, incl. istered bonds Sachs & Co. 2.70s, at a price of man, 36,000 water improvement 1957, incl. bonds. Due $2,000 on Nov. dated Nov. 1, 1937. made by the Marine Trust Co., York, in joint account. All of the bonds are 2.70s was Co., New NEW ROCHELLE, N. registered bonds offered on group composed J. N. Hynson & a basis of about YORK Lazard Freres & Co., Inc., 15 Nassau St., New York, recently revised financial (study pertaining to the above city, and on the basis fully FREE SCHOOL GREENBURGH UNION school building bonds BETHANY CENTRAL SCHOOL N. Y.—BOND OFFERING—Doris MEXICO, SILVER the village water supply N. Y.—BOND SALE— The $20,000 coupon or reg¬ istered bathing pavilion bonds offered on Oct. 26—V. 145, p. 2729—were awarded to Roosevelt & Weigold, New York, as 2%s, at a price of 100.20. a basis of about 2.71%. Dated Oct. 1,1937, and due $2,000 each on Oct. 1 from 1938 to 1947, incl. EAST HAMPTON, registered bond for $500, others $1,000 each. The maturities of both issues have been combined and pay¬ ments will be made annually on Aug. 1 as follows: $3,000, 1938; $5,000, 1939 to 1946, incl.; $3,500, 1947; $3,000from 1948 to 1968, incl., and $4,000 in 1969. Principal and interest (F. & A.) payable at the Bergen County National Bank, Hackensack. Rate of interest to be expressed in a multiple of of 1%. A certified check for 2% must accompany each proposal. The approving legal opinion of Hawkins, Delafield & Longfellow of N. Y. City will be furnished the successful bidder. WEST ORANGE, N. J.—BONDS PASSED ON FIRST READING— The Town Commission on Oct. 19 passed on first reading ordinances au¬ thorizing the issuance of a total of $103,540 improvement bonds. NEW used for improvements to ceeds of the issue will be system. Hartsdale), and 1952. GLOUCESTER, N. J.—BONDS 2891 Chronicle 1 from 1940 to Second high bid of 100.145 for Buffalo, and R. D. White & Y.—BOND SALE—The $689,000 coupon or Oct. 28—V. 145, p. 2729—were awarded to a of Phelps, Fenn & Co., R. W. Co., Inc., all of New York, as 2.23%. The sale consisted of: $250,000 home relief bonds. Due 261,000 Federal project bonds. Pressprich & Co. and 2Ha, at a price of 1947 incl. improvement bonds. Due Nov. 1 as follows: 1946 incl., and $15,000 in 1947. bonds. Due Nov. 1 as follows: $9,000 from 1941 incl. and $10,000 in 1942. the bonds are dated Nov. 1, 1937. 132,000 municipal from 1938 to 46,000 equipment All of 100.10, $25,000 on Nov. 1 from 1938 to 1947 incl. Due $29,000 on Nov. 1 from 1939 to $13,000 1938 to registered awarded to PEEKSKILL, N. Y.—BOND SALE—-The $25,000 coupon or paving bonds offered Oct. 26—V. 145, p. 2730—were R. Compton & Co., New York, as 1.90s, at about 1.85%. Dated Nov. 1, 1937 and due $5,000 Nov. 1942, inclusive. street 100.165, a basis of 1 from 1938 to William ROME, N. Y.—UTILITY TAX IMPOST—The Common Council on home rule law taxing utilities 1% of their gross operating Oct. 22 adopted a income. It is expected that the proceeds will be used to meet relief costs. DISTRICT (P. O. Sayville), N. Y.—BONDS VOTED—The voters of the district at a recent election approved a proposal to issue $392,500 school building bonds. SAYVILLE SCHOOL Kenwood), KENWOOD WATER DISTRICT (P. O. Y.—MATURITY—The $5,000 4M% coupon deficiency bonds by the district at par, as previously reported in these SHERRILL N. chased pur¬ columns— 1942 to 1946 inc.. UTICA, N. Y.— WATER WORKS PURCHASE ABANDONED—The proposed purchase of the Consolidated Water Co. has been abandoned by the city. Mayor Carraw said the city could not sell thel$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 per¬ mission to buy parts of the water system in their areas at any time. The water company announced withdrawal of notice of its intention to V. 145, p. 2730—mature call $5,575,000 in SMITHTOWN $1,000 each July 1 from bonds on Nov. 1. COMMON SCHOOL DISTRICT NO. 2 (P. O. Box Dorothy M. Smith, 145, St. James), N. Y.—BOND OFFERING—Mrs. Clerk of the Board of Education, will receive sealed bids until 3 p. m. Nov. 9 for the purchase of $19,000 not to exceed 6% interest coupon on or 2892 registered Financial bonds. 1, 1937. Denom. $1,000. Due $1,000 on May 1 from 1939 to 1957 incl. Bidder to name one rate of in¬ terest, expressed in a multiple of J4 or 1-lOth of 1%. Principal and in¬ terest (M. & N.) payable at the Bank of Smithtown, Smith town Branch, or at holder's option, at the National City Bank, New York City. A certified check for 2% must aceompany each proposal. Legality approved by Hawkins, Delafield & Longfellow of New York City. school Dated Nov. Financial Statement Assessed valuation, real property, Incl. special franchises Total bonded dent (incl. this issue) $1,473,529 WELLSVILLE, N. Y.—BOND SALE— The $105,000 1199334765870-— i#LENOIR CITY, revenue notes 1937 are ,M N. C.—NOTES SOLD— It is reported that $10,000 purchased recently by the Concord National Bank & were Trust Co. of Concord, at 3%, paying a premium of $5.00. M JPKTHOMASVILLE, N. C.—NOTES SOLD—It is reported that $30,000 notes were purchased on Oct 26 by the William B. Greene Co. of WinstonSalem, at 3%, plus a premium of $1.01. bonds offered coupon or regis¬ Oct. 28—V. 145, p. 2730—were awarded to as 2 Ms at a price of par. Dated Nov. 1, 1937, and due Nov. 1 as follows: $4,000, 1941 to 1950 incl.; $5,000, 1951 to 1954 incl.; $6,000, 1955 to 1958 incl.; $7,000 from 1959 to 1961 incl. Second high bid of 100.70 for 2.90s was made by R. D. White & Co., New York, and the Marine Trust Co., Buffalo, jointly. on NORTH were 1934- 1935, $2,020.84; 1935-1936, $2,389.43; 1936-1937, $5,905.16. sewer 30, 179. census, Tax collections—Levies for the last four fiscal years, all of which collected in the year of levy, were as follows: 1933-1934, $2,579.03; tered Oct. 19,000 — Population, 1930 Chronicle of bonds, and shall purchase offerings at whatever price below par they offered until the sinking fund is exhausted. DAKOTA CLEVEN SCHOOL DISTRICT CERTIFICATE OFFERING—Fred NO. 123, Ward County, N. Dak.— Talbott, District Clerk, will receive bids until 2 p: m. Nov. 6 for the purchase of $1,000 certificates of indebted¬ ness, bearing interest at no more than 7%. Payable Oct. 15, 1939. the First Trust Co. of Wellsville WESTCHESTER COUNTY (P. O. White Plains), N. Y.—FINAN¬ CIAL STATEMENT—William S. Coffey, County Treasurer, recently issued the following: Report on Finances for the Quarter Ended June 30, 1937 Name of Jan, 1-Dec. n municipality: County of Westchester. Fiscal year dates 31. Population, 1930 Federal Census, 520,947. Default debt obligations: County has never defaulted. Property Valuation— Assessed 1937 $1,681,124,356 valuation 1936 ceive bids at OFFERING—W. the County Auditor's County, N. Dak. T. Greenup, District Clerk, will re¬ office in Minot until 2 p. m. Nov. 6 for the purchase of $1,500 certificates of indebtedness. not to exceed 7%. Due Nov. 1, 1939 Interest rate is FOXHOLM SPECIAL SCHOOL DISTRICT NO. 156, Ward County, N. Dak.—CERTIFICATE OFFERING—F. W. Lambert, District Clerk, will receive bids until 2 p. m. Nov. 5 for the purchase of $3,000 certificates of indebtedness, bearing interest at no more than 7%. Due Nov. 5, 1938. r GARRISON, N. Dak.—PRICE PAID—It is stated by the City Auditor that the $8,000 auditorium bonds purchased by the Garrison State Bank, as noted here recently—V. 145, p. 2731—were sold as 6s at par. $1,701,173,250 Rate 9014 .8110 Basis of assessment—Equalization table adopted by Board of Supervisors. Changes in County Debt Since March 31, 1937— Bonds amortized Certificate retirement.. Reserve for outstanding debt service $2,171,000.00 366,500.00 261,596.60 - Outstanding Debt— General EVERGREEN SCHOOL DISTRICT NO, 3, Ward —CERTIFICATE bonds $76,402,333.20 23,708,553.00 1,231.000.00 Sewer bonds Work relief bonds Total $101,341,886.20 66,770.549.00 6.32% Further debt-incurring power of county Ratio of debt to assessed valuation Principal and Interest Requirements for Next Five Years Principal Interest $2,763,656.60 $4,243,109.90 GREEN VALE SCHOOL DISTRICT NO. 12 (P. O. Beulah), N. Dak. OFFERING—Mrs. Fannie Koester, Clerk, Board of Education, will receive bids until 7.30 p. m. Nov. 8 for the purchase of an issue of $2,500 certificates of indebtedness. —CERTIFICATE N. HARTLAND SPECIAL SCHOOL DISTRICT NO. 80, Ward Dak.—CERTIFICATE OFFERING— S. A. Hovland, District cSTTTty, Clerk, Nov. 6 at the County Auditor's office in Minot for the purchase of $6,000 certificates of indebtness. Interest rate isjiot to exceed 7%. ^Payable Nov. 6, 1939. ' will receive bids until 2 p. m. HATTON, N. Dak.—BOND SALE—The $14,000 issue of coupon wat** bonds offered for sale on Oct. 25—V. 145, p. 2585—was purchased by a local investor, as 3Ms at par, according to the City Auditor. No other bid was received. Due $1,000 from Oct 30, 1940 to 1953, incl. Year— - * - Tax Collections 2,907,323.40 2,981,323.40 3,121,323.40 3,062,323.40 (For 4,130,762.60 4.012,351.05 3,887,323.75 3,760,309.00 Year) Uncollected at End • Year— Levy Uncollected to Date of This ' $9,434,569.60 10,150,481.91 10,214,739.27 11,122,003.59 12,174,359.57 Other of Fiscal Year $4,399,310.74 $4,035,124.67 Pertinent Data mortgage and are prior to any other Coupon bonds of the County of Westchester can be registered as to prin¬ cipal and interest; and bonds originally issued in coupon form and there¬ after registered may be reconverted (Chap. 813 of the Laws of the State of New York for 1936). Upon request the County Treasurer will furnish a schedule of fees and charges for such bond reconversion and the form of application therefor. WESTMERE FIRE DISTRICT, Town of Guilderland (P. O. Alta- mont), N. Y.—BOND SALE—The $4,000 coupon or registered fire appa¬ ratus bonds offered on Oct. 22 were awarded to the Manufacturers & Traders Trust Co. of Buffalo, as 2.90s, at a price of 100.076, a basis of about 2.87%. Dated Oct. 1, 1937 and due $1,000 on Oct. 1 from 1938 to 1941 incl. NORTH BELMONT, N. C.—BOND 8,8 to P. 2730—were awarded principal, street improvement to F. bonds $25,000 offered W. BURLINGTON, of Concord, at 3%. coupon, registerable Oct. 26—V. 145, N. C.—NOTES SOLD—It is reported that $10,000 purchased by the Concord National Bank & Trust Co. CHARLOTTE, N. C.—BONDS COUNTY (P. O. Lexington), N. C.—NOTES SOLD— It is reported that $20,000 notes were purchased recently by the Commercial Bank of Lexington, paying a premium of $5.00. J}J5N COUNTY (P. O. i Kenansville), N. C.—BONDS e Board of County Commissioners have authorizing tne issuance of $56,000 school bonds. , , AUTHOR- adopted an order FUQUAY SPRINGS, N. C.—BOND SALE—The $10,000 coupon, registerable as to principal, water and sewer bonds offered on Oct. 26— V. 145, p. 2730—were awarded to Kirchofer & Arnold of Raleigh as 5Ms at par plus a premium of $3.10, equal to 100.031, a basis of about 5.49%! Dated Oct. 1, 1937. Due $1,000 yearly on April 1 from 1940 to 1949. R. S. Dickson & Co. bid a premium of $5 for 6s. 1 is stated by Willis Booth, Greensboro), N. C.—BOND CALL—It County Accountant, that road refunding bonds n^bm-edo112,117,148, 171, 177, 189, 198, 199, 207, 209, 211, 212, 216, a% Ai ^39, 266, 276, 281, 287 and 294, for $1,000 each, and numbers 45, 46, 59, 86 and Aa 92, for $500 each, chosen by lot, are being called for pay¬ Dated June 1, 1933. Due on June 1, 1948. Said bonds to Dec. 1, will be paid on presentation, accompanied by all unmatured coupons, at the Chemical Bank & Trust Co., New York City. No interest accruing after date called will be paid. ment on 18 (P. O. Stanley), N. Dak.— CERTIFICATE OFFERING—Adolph Sorenson, Clerk, Board of Education, will receive bids until 2 p. m. Nov. 5 for the purchase of $3,000 7% cer¬ tificates of indebtedness. Denom. $1,500. Certified check for 2%, required. bonds that were offered for sale without success on Oct. 9, as noted here— V. 145, p. 2585—it is stated by the District Clerk that the bonds have been offered to the University and School Land Board and if the proceedings are approved by the Attorney General, they will take the bonds. 1937. Due $1,000 from Oct. 1, 1940 to 1958. Dated Oct. 1, LINTON SCHOOL DISTRICT NO. 150, Ward County, N. Dak.— CERTIFICATE OFFERING—O. L. Osteraas, District Clerk, will receive bids at the County Auditor's office in Minot until 2 p. m. Nov. 5 for the purchase of $1,500 certificates of indebtedness. Due Nov. 15, 1939. LUND SCHOOL DISTRICT NO. Ill, Ward County, N. Dak.— Frank V. Spalla, District Clerk, will receive bids at the County Auditor's office in Minot until 2 p. m. Nov. 6 for the purchase of an issue of $1,200 certificates of indebtedness, to bear interest at no more than 7%. Nov. Due 1, 1939. PLEASANT SCHOOL DISTRICT NO. 16, Ward County, N. Dak.— CERTIFICATE OFFERING—L. H. Finneseth, District Clerk, will receive bids at the County Auditor's office in Minot until 2 p. m.-Nov. 6 for the purchase of $2,000 certificates of indebtedness, to bear interest at than 7%. Due Nov. 1, 1939. no more PLEASANT VIEW SCHOOL DISTRICT NO. 10(P. O. Hettinger)* N. Dak.—CERTIFICATE OFFERING—Mrs. Oscar Lundahl, Clerk, Board Education, will receive bids until 10 a. m. Nov. 8, for the purchase of $500, certificates of indebtedness. of Hazen), N. Dak.— CERTIFICATE OFFERING—N. P. Jensen, Clerk, Board of Education, will receive bids until 7.30 p. m. Nov. 8, for the purchase of $1,000 certifi¬ cates of indebtedness. ROLLING GREEN SCHOOL DISTRICT NO. 129, Ward County, N. Dak.—CERTIFICATE OFFERING—Mrs. Ida Wolf, District Clerk, will receive bids until 2 p. m. Nov. 6 for the purchase of $2,000 certificates of indebtedness, to bear interest at no more than 7%. Due Nov. 1, 1939. RYDER N. SPECIAL SCHOOL DISTRICT NO. 138, Ward County, OFFERING—M. O. Dyrstad, District Clerk, Dak.—CERTIFICATE will receive Minot for bids until 2 the m. Nov. 6 at the County Auditor's office in purchase of $5,000 certificates of indebtedness. Interest 7%. Due Jan. 1. 1939. p. rate is not to exceed AUTHORIZED—City Council on Oct. 7 ordinances providing authority for the issuance of a total of $230,000 bonds. The bonds to be issued include $210,000 for street im¬ provements and $20,000 for sanitary sewers. DAVIDSON Nov. 8, for the purchase of $2,000 on Craigie & Co. of Richmond, Va., as § Ms, at par plus a premium of $48.44, equal to 100.193, a basis of about 1937. Due on Nov. 1 as follows: $2,000, 1940 to 1945; $3,000, 1946; and $5,000, 1947 and 1948. R. S. Dickson & Co. bid a premium of $1.87 for $15,000 4s and $10,000 3Ms. revenue notes were m. RED BUTTE SCHOOL DISTRICT NO. 9 (P. O. CAROLINA SALE—The p. LIBERTY SCHOOL DISTRICT NO. LIDGERWOOD SPECIAL SCHOOL DISTRICT (P. O. Lidgerwood) N. Dak.—BONDS TO BE SOLD—In connection with the $19,000 auditorium Bank as a tion, will receive bids until 2 'certificates of indebtedness. Report deposits are secured by U. S. Government, State and county bonds. Each town and city in Westchester County is a tax district and as such is required to collect its allocated share of the State and county taxes. Full payment of such share must be made to the County Treasurer on or before Oct. 15 of each year. In the event of the failure of a tax district to pay its indebtedness to the county, deficiency certificates may be sold by the County Treasurer against the delinquent district. All districts have a lien law under which liens may be sold for unpaid taxes. These liens can be foreclosed in the same manner lien on the property. LAKE VIEW SCHOOL DISTRICT NO. 1 (P. O. Columbus), N. Dak. —CERTIFICATE OFFERING—Mrs. Leah Bird, Clerk, Board of Educa¬ Dec. 1. ST. JOHN DISTRICT (P. O. Rolla), N. Dak.—CERTI¬ 2%, required. SCOTIA SCHOOL DISTRICT NO. 52, (P. O. Bottineau), N. Dak.— CERTIFICATE OFFERING—Oscar Larson, Clerk, Board of Education, will receive bids until 2 p. m. Nov. 1 for the purchase of $800 of indebtedness. Denom. $400. Certified check for 7% certificates 2%, required. STAMMEN SCHOOL DISTRICT NO. 26, Ward County, N. Dak.— CERTIFICATE OFFERING—Mrs. Gertrude Schmitz, District Clerk, will receive bids at Minot until 2 p. m. Nov. 6 for the purchase of $1,500 certifi¬ cates of indebtedness, to bear OHIO no more than 7 % interest. Due Nov. 1,1939. MUNICIPALS MITCHELL, HERRICK t CO. and interest accrued (PA °' Sylva), N. C.—REFUNDING PLAN APPROVED—A plan for refinancing the bonded indebtedness of Jackson County, which it is claimed will save tne taxpayers of tne county approxi¬ mately $232,800 in tne next ten years, nas been adopted by the County Commissioners and approved by the North Carolina Municipal Council and by tne Local Government Commission. Effective June 1, last, tne plan calls for the issuance of $511,000 of refund¬ ing bonds of extended maturity to be given in exchange, par for par, for the principal of all bonds now due or maturing through June, 1944, all bonds for the next five years to be at the interest rate of 4% per annum, and at 5% for the succeeding five years. At the close of the 10-year period, tne present contact rate of interest will again become effective. SCHOOL FICATE OFFERING—E. W. Jerabeck, Clerk. Board of Education, will receive bids until 2 p. m. Nov. 8 for the purchase of $1,500 7% certificates of indebtedness. Denom. $500. Certified check for 700 CANTON CUYAHOGA BUILDING, AKRON CINCINNATI CLEVELAND COLUMBUS SPRINGFIELD . .All bond coupons now in default, or that were due before June will be redeemed at 40% of their face value. The plan, also calls for a sinking fund exceeds the 1, 1937, sinking fund, and provides that whenever tne of $10,000 the county shall call fro tender sum OHIO ADAMS TOWNSHIP RURAL SCHOOL DISTRICT, Lucas County, Ohio—BOND ELECTION—A proposal calling for the issuance of $50,000 school building bonds is to be submitted to the voters on Nov. 2. BUCYRUS, Ohio—BONDS AUTHORIZED—'The City Council on Get. 19 adopted an ordinance authorizing the issuance of $75,000 sewage treatment plant bonds. CLEVELAND, the previous Ohio—BOND SALE DETAILS—In connection with report in these columns of the sale of $811,000 sewage disposal plant bonds to the Sinking Fund Commission—V. 145, p. 2270—we learn that the obligations bear 4% interest and were sold at par. Dated Sept. 1, 1934 and due Sept. 1 as follows: $88,000, 1949; $292,000 in 1950 and 1951, and $139,000 in 1952 These bonds are part of the total of $7,303,000 2893 Financial Chronicle Volume were proposed to be sold to the Federal Government. The latter has already bought S4.000.000 worth and the balance of S2.492.000 will not be issued, according to report. At the city's request the Government agreed to permit the sale to the sinking fund which 'CUYAHOGA COUNTY O. (P. STATEMENT—The following is Ohio—FINANCIAL recent award refunding %—V. 145, Cleveland), given in connection with the to A. O. Allyn & Co., Inc. of Chicago and associates of $3,000,000 bonds as 3 Ms and 3 ^8, at a price or 100.31, a basis of about 3.37 0* 1937 Financial Statistics As of Sept. 1, valuation, 1936 real estate and public personal tangible, $1,731,940,060.00. Assessed valuation 100% of actual valuation. Assessed utilities and estimated 4% coupon semi-ann. building bonds offered on Oct. was not sold as all the bids received were rejected. 20—V. 145, p. 2432— stated by Althea Halenbeck, District Clerk, that she will receive sealed bids until Nov. 4, for the purchase of the above bonds. Bids will be received until 8 p. m. Bonds in the amount of $3,500 will come due Nov. 15, 1939. and $5,000 will map' e yearly on Nov. 15 from 1940 to 1946. Bidders are to name rate of interest, not to exceed 4%. Dated Nov. 15, 1937. Principal and semi-annual interest payable at the County Treasurer's office or at the fiscal agency of the State of Oregon in New York, at purchaser's option. Certified check for $1,000, required. The approving opinion of Teal, Winfree, McCulloch, Schuler & Kelley will BONDS REOFFERED—It is be furnished to the purchaser. Commonwealth of Funded Indebtedness Amt. Outstanding Purpose of Loan Buildings Bridges. Dated 1911-32 1912-32 Rate % 4-6 4-6 Due 1936-56 1936-58 Poor relief 1931-36 1^-6 1936-44 5,994,700.00 1923-31 1923-34 4^-6 4^-6 1936-52 1936-43 2,389,530.77 2,450,469.23 1922-35 4-6 1936-50 6,666,100.00 1931-36 1937 3^-6 1H 1936-51 1937 16,559,750.00 600,000.00 1933-34 0 Roads (county portion). Roads (property Sewer and water portion) Refunding. anticipation notes._ Tax anticipation notes Tax (scrip) $46,423,550.00 relief bonds payable from excise public utilities $3,926,000.00 payable from selective 1,208,700.00 Less bonds issued in anticipation of collec¬ tion of special assessments 9,116,569.23 Less notes issued in anticipation of collection of taxes 600,000.00 Less notes issued in anticipation of collection of delinquent taxes (scrip) 1,619,000-00 poor tax on Less poor relief bonds sales taxes BROOKVILLE, Pa .—BOND SALE— The issue SCHOOL RURAL MEIGS Bidder— 16,470,269.23 Adams County, Ohio— proposal to issue $35,000 BOND ELECTION—At the November election a voted upon. NEW LYME TOWNSHIP RURAL SCHOOL DISTRICT. Ashtabula County, Ohio—BOND OFFERING—M. E. Miller, Clerk, Board of Education, will receive bids until noon Nov. 15 for the purchase of $25,000 6% school building bonds. Denom. $625. Dated Oct. 1, 1937. Interest payable semi-annually. Due $625 each six months from April 1, 1939 to Oct. 1, 1238. Certified check for $1,250. payable to the Board of Edu¬ cation, required. SHELBY CITY SCHOOL DISTRICT, Ohio—BOND ISSUE REPORT building bonds for which all early next year —It is reported that the $25,000 3% school bids were rejected last March will be reoffered SCHOOL DISTRlCi, Mercer County, Ohio—BOND ELECTION—The Board of Education will ask the r ^ters of the district on Nov. 2 to approve a proposition to issue $134,000 school building bonds. I WASHINGTON-LIBERTY RURAL WILLARD, Ohio—BOND ELECTION—A proposition to bonds will be voted upon at the November election. issue $35,000 sewer TOWNSHIP RURAL SCHOOL DISTRICT. Ashtabula County, Ohio—BOND OFFERING—A. B. Gay, Clerk, Board of Education, will receive bids until noon Nov. 15 for the purchase of $30,000 6% school building bonds. Denom. $750. Dated Oct. 1, 1937. Interest payable semi-annually. Due $750 each six months from April 1, 1939 to Oct. 1, 1958. Certified check for $1,500, payable to the Board of Education, required. WILLI AMSFIELD SCHOOL DISTRICT, Jefferson County, issue $75,000 school building Nov. 2. YORKVILLE VILLAGE Ohio—BOND ELECTION—A proposition to bonds will be submitted to the voters on awarded of $438, in 1938, and follows: Premium $422.00 421.92 403.25 Singer, Deane & Scribner E. H. Rollins & Sons, Inc Glover & MacGregor. Leach Bros.... 208.00 160.00 62.24 CENTER TOWNSHIP SCHOOL DISTRICT (P. O. Beaver), Pa.— BOND SALE—The $30,000 coupon, registerable as to principal, bonds offered on Oct. 25—V. 145, p. 2732—were awarded to Singer, Deane & Scribner of Pittsburgh as 3Hs, at par plus a premium of $407, equal to 101.358, a basis of about 3.37%. Dated Nov. f, 1937. Due $1,000 yearly on Nov. 1 from 1939 to 1960, except that in the years 1941, 1944, 1947, . National Bank of Brookville_-i-- RURAL DISTRICT, of $16,000 4% street bonds offered on Oct. 22—V. 145, p. 2586—was McLean, Inc., of Pittsburgh, at par plus a premium equal to 102.73, a basis of about 3.55%. Due as follows: $3,000 $4,000 in 1939 and 1942, and $5,000,1953. Other bids were as SCHOOL DISTRICT, Ross County, Ohio—BOND ELECTION—A proposal to issue $46,000 school building bonds will be submitted to the voters on Nov. 2. school building bonds will be PENNSYLVANIA ASYLUM TOWNSHIP SCHOOL DISTRICT, Bradford County, Pa. —BOND ELECTION—At the Nov. 2 election a proposition to issue $13,200 school building bonds will be submitted to a vote. - to Johnson & Population: 1920 U. 8. Census— 943,495. Population: 1930 U. 8. Census—1,201,455. TOWNSHIP 1520 Locust St., Philadelphia improvement $29,953,280.77 Net indebtedness HUNTINGTON Moncure Biddle & Co. 1,619,000.00 1939 callable Gross funded indebtedness Less PENNSYLVANIA $2,394,000.00 7,750,000.00 — - — Chandler & Co 1950, 1953, 1956, 1959 and 1960. $2,000 will mature. Other bids were as follows: Price Bid $30,105.00 30,098.75 Johnson & McLean 30,523.17 S. K. Cunningham & Co 30,483.00 CLARK'S SUMMIT, Pa.—BOND OFFERING—J. R. Wilson, Borough Clerk, will receive bids until 8 p. m. Nov. 8 for the purchase of $30,000 4% Int. Rate Name— Leach Bros___.__..____........ Glover & 4M% 4% 3M% 3M % .... MacGregor semi-annually. required. DECATUR TOWNSHIP SCHOOL DISTRICT (P. O. Clearfield), Pa.—BOND SALE— The $8,000 4% coupon bonds offered on Oct. 19— V. 145, p. 2432—were awarded to tne First National Bank of Philipsburg at par. Dated July 1,1937. Due $500 yearly on July 1 from 1938 to 1953. DOYLESTOWN, Pa .—BOND SALE—The $7,000 3}i% (not 3H%) coupon sewer improvement bonds offered on Oct. 25—V. 145, p. 2586—were awarded to Chandler & Co. of Philadelphia, at 102.689, a basis of about 2.76%. Dated Oct. 1,1937 and due $1,000 each Oct. 1 from 1940 to coupon funding bonds. Denom. $1,000. Interest payable beginning July 1,1938. Certified check for 2% Due yearly, 1946 incl. Other bids were as follows: Rate Bid Bidder— Rate Bid Bidder— 101.05 100.35 102.452 Charles Clark & Co 102.159 Leach Bros., Inc 101.77 Johnson & McLean Moncure, Biddle & Co C. C. Collings & Co —100.58 DUNMORE, Pa.—$500,000 BOND ISSUE URGENTLY REQUIRED— In connection with the $500,000 bond issue to be voted on at the Nov. 2 gev^.al election, the Borough Council recently issued a statement outlining Schmidt, Poole & Co the reasons requiring the, approval of the financing "if drastic increases in be avoided." The statement, in part, said: proposed bond issue is not an increased indebtedness of the but the proceeds are to be used to pay off existing debts with money rowed at a lower rate of interest than the present debt bears. The debts are to be paid off as follows: _ , Judgements with accrued interest, totaling $359,000, representing issued by the borough for various sewer, pavement and which have not been paid. These bonds could not be paid by the borough because many property owners could not pay improvement assessments against their property. The holders of these bonds have the tax rate are to borough bor¬ The R. J. EDWARDS, Inc. bonds sidewalk projects Municipal Bonds Since 1892 Oklahoma AT&T Ok Cy City, Oklahoma courts of Lackawanna Long Distance 158 19 OKLAHOMA SCHOOL DISTRICT, Okla.—BOND special election will be held Oct. 25 at which a proposition school building bonds will be voted upon. ELECTION—A to issue $42,000 HOLDENVILLE, Okla.—BOND ELECTION—On Nov. 2 the will pass on a proposition to issue $70,000 water system improvement was par Okla.—BOND SALE—The $30,000 issue of coupon sale on Oct. 26—V. 145, p. 2731— Oklahoma City, paying a price at extension bonds offered for awarded to C. Edgar Honnold, of for the bonds divided as follows: $28,000 as 6s, maturing $2,000 from maturing in 1954. The next highest bid 6s, submitted by the Taylor-Stuart Co. 1940 to 1953, and $2,000 as 5%s, an offer of 1150 premium on was of Oklahoma City. OREGON Ore.—BOND OFFERING—Sealed bids will be received until 10 a. m. on Nov. 5 by City Recorder Charles M. Lewis for the pur¬ chase of a $25,000 issue of 4 % coupon water bonds. Denom. $250. Dated Nov. 1,1937. Due $1,250 from Nov. 1,1938 to 1957, incl. These bonds are being issued for the purpose of taking up the sum of $14,000 present indebtedness of the city ana for the purpose of making available $11,000 for water improvement, and shall be registered as to principal. Prin. and int. (M. & N.) payable in lawful money at the City Treasurer's office. Each bid must be accompanied by a certified check in the amount of $25, made payable to the city, for each $250 bond. r JOHN DAY, Portland), 7:30 on of a of water bonds. Bidders to name the rate of interest. Dated Due $5,000 from July 1, 1944 to 1949. A certified check for POWELL VALLEY ROAD WATER DISTRICT (P. O. Ore.—BOND OFFERING— Sealed bids will be received until p. m. Oct. 27, by Ray W. Sherman, District Secretary, for the purchase $30,000 issue Oct. 1, 1937. $1,000 must accompany the bid. COUNTY SCHOOL DISTRICT NO. 48 (P. O. Beaverton) Ore.—BONDS NOT SOLD—The $38,500 issue of not to exceed WASHINGTON above of approximately have not yet been reduced notes payable, in the amount of accumulation of bills which the borough was approximately $69,000, unable to pay due to a millage was in¬ has been policy of operating the borough on a fixed millage. This sufficient because the assessed valuation of the real property continually reduced from year to year. ,, , . These judgments and accounts are open for public Court House and the Dunmore Borough offices. . inspection in the ELWOOD CITY, Pa .—BONDS adopted bonds. an AUTHORIZED—The Borough CouncU of $25,000 street and ordinance authorizing the issuance sewer GIRARDVILLE SCHOOL bonds. CREEK, Okla.—BOND OFFERING— Sealed bids will be re¬ m. on Nov. 1, by Wm. P. Shetley, City Clerk, for the purchase of a $5,000 issue of municipal building bonds. Interest rate to be stated by bidder. Said bonds will be sold to the highest bidder for cash, at^not less than par and accrued interest . Due $500 from Nov. 20. 1938 to 1947 incl. A certified check for 2% of the bid is required. PRYOR TISHOMINGO, are an has voters ceived until 2 p. water works resorted to the entered judgement against your t0linpaidebms and ALEX SCHOOL DISTRICT (P. O. Alex) Okla.—PRICE PAID—It is reported by the District Clerk that the $9,250 school bonds purchased by the Brown-Crummer Co. of Wichita as 3s, as noted in these columns recently—V. 145, p. 2585—were sold for a premium of $8.75, equal to 100.09, a basis of about 2.98%. Due from 1940 to 1945. DURANT County and have borough. Improvement bonds of the same nature as $72,000, represent bonds which are past due, but $110,000 4% coupon, offered on Oct. 25—V. DISTRICT, Pa.—BONDS NOT SOLD—The registerable as to principal, 145, p. 2586—were not sold. school building bonds The Board of directors $1,000. Dated and July 1) payable on July 1 trying to arrange a private sale of the issue. Denom. July 1,1937. Principal and semi-annual interest (Jan. 1 at the First National Bank of Girardville. Due $5,000 yearly from 1940 to 1961. are Harry L. Heywood, District Secretary, reports that the First has purchased as 4s, to mature $5,000 annually 1943, incl., a block of $20,000 bonds of the issue. Bank of Girardville National on July 1 from 1940 to LOWER MERION TOWNSHIP SCHOOL DISTRICT (P. O. Ardregisterable as to prin¬ building bonds, offered on more), Pa.—BOND SALE— The $950,000 coupon, cipal or as to both principal and interest, school Oct. 25—V. 145. p. 2586—were awarded to Dougherty, Philadelphia on a bid of 101.39874 for 2Ks, a basis of about Nov. 1,1937. Due on Nov. 1 as follows: $42,000 from $4l ,000 from 1947 to 1962. Blyth & Co. bid Associated with Dougherty, Corkran & Co. were Singer, Corkran & Co of 2.14% . Dated 1940 to 1946, and 101.0719 for 2K«. Deane & Scrib¬ ner, Pittsburgh, the Bancamerica-Blair Corp., Philadelphia- Butcher & Sherrard, Philadelphia, and Francis I. du Pont & Co., Philadelphia. The following is a list of the bids submitted for Bidder— the issue: IJlL Rate & Co., Bancamerica-Blair & Scribner, Butcher & Sherrerd, and Francis I. du Pont & Co ----2H% Blyth & Co., Inc., Stone & Webster and Blodget, Inc., Schmidt, Poole & Co., Stroud & Co., Paine, Webber & Co. and Brooke, Stokes & Co --2 A % First Boston Corp., E. H. Rollins & Sons, Inc., E. W. Clark & Co., Mackey, Dunn & Co. and George E. * Dougherty, Corkran Corp., Singer, Deane Snyder & Co — & Co. ---Brown Harriman & Co., Inc., Halsey, Stuart C. C. Collings & Co. and Riter & Co-.. Yarnall * This group $615,000 2Ms. also bid a price —244% Rate Bid 101.398 101.07 101.066 100.839 -2K% & Co., 100.81 214 % of 100.13 for $335,000 2s and 101.29 for 2894 Financial Chronicle HAVERFORD TOWNSHIP SCHOOL DISTRICT (P. O. Ardmore), Pa.—BOND ELECTION—At the November election the voters of the district will ballot on a proposition to issue 3275,000 bonds. the recent award of 3441,000 3% school bonds to Bancamerica-Blair Corp. of New York and associates.—V. 145, p. 1940: as of July 5, 1937 This statement does not include the debt of any other political sub¬ divisions which have the power to levy taxes on the property within the School District of the Township of Mount Lebanon, and is adjusted to coeds there valuation 336,610,016 1,903,000 61,660 ....— Bonded debt, including this issue Floating debt—net Total debt before other deductions Bonds injunction 31,610,621 Shortly after the court ruling, Walter Biddle Saul, Chairman of the Finance Committee, stated that an appeal would be made immediately to Supreme Court, and that the Board would also seek a the Pennsylvania supersedeas to stay the injunction to permit the levy of a "proper tax rate in December." Mr. Saul also announced that the doubt thus raised as to the Board's taxing power would prevent the sale of $6,650,000 funding bonds originally intended. In discussing the adverse Saul pointed out that the tax limit of 85 provide only $22,425,000 for the next school year, while re¬ quirements would include $20,370,000 for teachers' salaries, made manda¬ tory by the Legislature, and $4,600,000 for debt service charges. In addi¬ tion, the Board will require a further $8,500,000 for maintenance of build¬ ings and for payment of administrative personnel. Mayor Wilson, commenting on the decision, asserted that the "decrease Statutes of the Commonwealth of Pennsylvania. during the present month, Tax Levies and Collections 1933-34 effect 1934-35 3399,487 295,844 33,809 1935-36 3410,351 343,149 8.5 8.0 16.4 67,202 PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED—The following bond issues have been approved by the Department of Internal Affairs, Bureau of Municipal Affairs. Information includes name of the municipality, amount and purpose of issue and date approved: Approved plumbing & electrical work Sept. 27 Mt. Lebanon Twp. S. D., Allegheny Co.—Construct¬ ing, equipping & furnishing add'ns to school bldg Sept. 27 Mt. Lebanon Twp. S. D., Allegheny Co.—Paving part cost of Sept. 27 --- Waynesboro Borough S. D., Franklin Co.—Refunding bonded indebtedness, 380,000; funding floating in¬ debtedness, 347,000 Sept. 27 Bethel Township S. D., Armstrong Co.—Funding floating indebtedness, 37,500; repairing school buildings, 3500 Sept. 28 Northumberland Borough, Northumberland Co.— Paving & improving streets with necessary drainage facilities Foster Twp. S. D., Luzerne Sept. 28 Co.—Funding floating in¬ debtedness, 323,000-Sept. 30 Chartiers Twp. S. D., Washington Co.—Providing funds for the purpose of paying part cost of ac¬ quisition of land, construction of school bldgs. & purchase of equipment Oct. 1 Mr. of 10 cents in the school tax and the cut of 20 cents we expect to make in the city tax" will result in a total saving of 30 cents to the taxpayers with¬ impairing in any degree the "efficiency of either the schools or the municipal government." PLAINS TOWNSHIP (P. O. Amount 16,000 425,000 ROCKWOOD, Pa.—BONDS SOLD—The $23,000 3^% coupon fund¬ ing bonds offered July 17 have been sold to the State Teachers Retirement Board at a price of par. Dated July 1, 1936 and due $1,000 on July 1 from 1941 to 1963, inclusive. SUMMERHILL 127,000 8,000 TOWNSHIP 120,000 Montgomery County—Purchasing Williams Township, Dauphin ness, West Oct. 18 Amount Fair view Borough, Cumberland County—Re¬ bonded indebtedness, $1,643; street improvements, $5,857 South Connellsville Borough, Fayette County—Pur¬ chasing fire engines, fire apparatus and fire hose... Clarks Green Borough, Lackawanna County—Pay funding Oct. 18 and sewage 19 29,000 Richmond, Va. Phone 3-9137 ' ' Oct. 19 21 3,000 Oct. 22 30,000 PENNSYLVANIA, State ot—MUNICIPAL PROFITS—A United Press RICHLAND POWER PLANTS SHOW 000 "Absence of bonded indebtedness in 19 of the boroughs was attributed largely to use of profits from sale of electricity to finance local government activities. "That conclusion was drawn by John H. Ferguson, Assistant Professor Political Science, whose students compiled a detailed physical and financial report on the municipally owned plants, believed the first of its kind made available to the Public Utility Commission. 'In most instances,' he said, 'these earnings were transferred to the borough's general account and used in lieu of tax revenues to pay customary borough expenses. Some of the boroughs have completely discontinued local taxes or have materially reduced them, obtaining necessary revenue from sales of electricity and water.' "The comparative report, compiled from data furnished by the P. U. C. and the Department of Internal Affairs in addition to information obtained directly from the communities, showed Chambersburg is the largest borough owning its electric system. It reported $185,865 in net revenue for 1936 after giving $35,724 worth of electricity to the borough for street and public building lighting. "Chambersburg is one of the nine boroughs serving electric customers outside their borough limits. For that reason their rates are " control under subject to the 1937 Public Utility Act. "Lansdale's plant showed $93,475 net revenue last year after donating $9,224 worth of electricity for lighting to the borough. Sharpsburg reported the smallest net revenue, $380, after furnishing borough lighting free Lewisberry reported $508 profit from distribution only." PHILADELPHIA, Pa .—LOCAL INVESTMENT BANKERS PLAN TO COOPERATE WITH STATE SECURITIES BODY— The following report is taken from the Philadelphia "Record" of Oct. 23: DISTRICT NO. 4 (P. O. Colum¬ SALE NOT SCHEDULED—In connection with the report given in these columns last September, that $100,000 build¬ ing construction bonds would be offered for sale on or about Oct. 15—V. 1624—it is stated by C. S. Hutchinson, Secretary of the Board of Trus¬ tees, that the date of sale and amount of the bonds depend on the approval a Public Works Administration grant. of SOUTH DAKOTA BOWDLE INDEPENDENT SCHOOL DISTRICT, S. Dak.—BOND OFFERING—F. G. Gross, Clerk, Board of Education, will receive bids until 2 p. m. Nov. 5 for the purchase of an issue of >,000 bonds. a 4% general obligation Denom. $500. JAVA, S. Dak.—BONDS proposition to issue VOTED—At $18,000 water an works election bonds held was voters. on Oct. 19, approved by the ^ KADOKA INDEPENDENT SCHOOL DISTRICT, S. Dak.—BOND OFFERING—Beatrice Harrington, Clerk, Board of Education, will receive bids until 8 p. bonds. m. Denom. Nov. 2 for the purchase of $14,000 5% school building $1,000. PERKINS COUNTY (P. O. Bison), S. Dak.-—BOND SALE—An issue of $217,000 4%% refunding bonds recently authorized by the County Commissioners has been sold to M. Plin Beebe of Ipswich, representing the Northwestern Municipal Corp., of Minneapolis. TRIPP, informes issue due us S. Dak.—BONDS that offered serially on on WESTON no bids Oct. Sept. were NOT SOLD—P. J. Hofer, City Auditor, received for the $15,000 4% refunding bond 145, p. 2732. Dated Sept. 1, 1937 and 1939 to 1945 incl. 28.—V. 1 from CONSOLIDATED SCHOOL DISTRICT NO. 2 (P. O. NOT SOLD—The $21,000 issue of not to ex¬ 4^ % semi-annual refunding bonds offered on Oct. 25—V. 145, p. 2733 —was not sold as no bids were received, according to the District Clerk. Dated Oct. 1, 1937. Due from Oct. 1, 1939 to 1948, inclusive. Britton), S. Dak.—BONDS ceed WOOD INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O. Wood), S. Dak.—BONDS NOT SOLD—The $13,000 issue of 6% coupon semi-ann. school bonds offered on Oct. 25, was not sold as there were no bids according to the District Clerk. received, Dated Nov. 15, 1937. 1940 to 1956. A move for appointment of a committee of Philadelphia bond men to discuss problems each month with the Pennsylvania Securities Commission got underway yesterday. The suggestion came from Colley S. Baker, Chairman of the Commission, in a speech during which he outlined work and problems of the department at a luncheon of the Bond Club of Phila¬ delphia at the Bellevua. O. Newbold Taylor, President of the club, was authorized to name a committee in conjunction with the Eastern District Investment Bankers' Association. CAROLINA SCHOOL 145, margin* of profit, according to a survey made public today by the Political Science Department of Perm State College "The distributing systems, all owned and operated by boroughs represent investments exceeding $7,000,000 and serve more than 45 of COUNTY bia, Box 924), S. C —BOND p. dispatch from State College on Oct. 23 had the following to report: "The 34 municipally owned electric plants in Pennsylvania are making a 'considerable customers. A. T. T. Tel. Rich. Va. 83 SOUTH 7,500 Oct. an outfall sanitary sewer disposal plant with necessary rights of v. January 1955-57 @ 3.60% basis F. W. CRAIGIE & COMPANY J 12,000 part cost of construction of way SPARTANBURG, S. C. Water 4i/2s, $245,000 Oct. $28,000 RICO is stated by Secretary Luis A. Castro that the Public Works Administration has ap¬ proved a loan of $522,500 for sewer system improvements, the bonds secur¬ ing this loan to bear 4% interest, payable J. & J., and to mature on July 1 as follows: $11,500. 1938; $12,000, 1939 and 1940; $15,000, 1941 to 1946; $18,000. 1947 to 1950; $20,000. 1951 to 1960, and $25,000, 1961 to 1965. $15,000.00 Approved County—Funding float¬ ing indebtedness, 36,090; construction of swimming pool, $6,000 Bigler Township, Clearfield County—Funding floating indebtedness, $1,000; refunding bonded indebted¬ Pa.—BONDS 1945; $900, 1946; $700, PUERTO Date Borough, real estate, rights and privileges, personal property and franchise of the Ambler Spring Water Co Conneautville), JUAN, Puerto Rico—PWA LOAN APPROVED—It purpose of issue and date approved; Ambler O. 1947; $900 in 1948 and $700 in 1949. SAN 23,000 (P. SOLD—An issue of $8,000 3]A% bonds has been sold locally. Dated March 1, 1937, and due March 1 as follows: $500, 1938 to 1940, incl.; $700, 1941 and 1942; $500, 1943; $700, 1944 and 30,000 PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED—'The Department of Internal Affairs, Bureau of Municipal Affairs, has approved the following bond issues. Information includes name of the municipality, amount and Municipality and Purpose— Plains), Pa.—OPTION ON BONDS—No bids having been received at the offering on Oct. 22, the Township Com¬ missioners accepted the proposal of E. H. Rollins & Sons, Inc., Philadelphia, for an option until Nov. 22 on the $25,000 4==% bond issue. Dated Oct. 1, 1937 and due Oct. 1 as follows: $2,000 in 1938 and 1939, and $3,000 from 1.940 to 1946, incl. 38,000 erecting, equipping & furnishing junior high school building as school revenues, out Date Municipality and Purpose of Issue— Decatur Twp. S. D., Clearfield Co.—Constructing & equipping an addition to school bldg., incl. heating, on cents would 1936-37 3395,428 323,220 31,666 SALE requested by Mayor S. Davis Wilson, as a taxpayer, to limit the Board to the rate of taxation provided in the Act of 1919. This measure fixes the school tax rate at not less than 6 mills and not more than 8}£ mills, the latter amount being permissible only in the case of assumption by the School Board of the bonded debt of any prior School Board. opinion of counsel, these bonds will constitute, when properly issued, direct and general obligations of the school district, payable as to both principal and interest from ad valorem taxes levied against all the taxable property therein within the tax limitations prescribed by the Year— DECISION BOND delegation of power by the State Legislature, according to press advices from Philadelphia. The present school rate is 92j^ cents, and, it is said, it was the intention of the Board to increase the levy to $1.15 for 1938. In its decision the Court granted the the Adjusted total levy 3388,355 Collected in year of levy 280,627 Amount outstanding July 5. 1937 26,527 Approximate per cent 6.8 Pa .—COURT Common Pleas 2 enjoined the Board of Education from levying a tax rate in excess of 85 cents on each $100 of assessed valuation and held that the Legislative Acts of 1929 and 1921, which gave unlimited taxing power to the Board, constituted an unwarranted 230,297 In DISTRICT, BOARD'S TAXING POWERr—PROPOSED BLOCKED—In an unanimous ruling delivered Oct. 22, 123'742 Net debt—. SCHOOL LIMITS Net debt before other deductions. 31,840,918 Other deductions—Uncollected taxes (75% of face)—3155,384 Miscellaneous deductions 74,913 Debt ratio after other deductions, 4.4%. Population, 1930 census, 13,403; present estimate, 17,000. booming fewer violations than during quiet periods. Court No. 386,742 37,000 - are PHILADELPHIA 31,964,660 Sinking fund—Cash 1937 the State Securities Act goes for increasing the securities division. He said more investigators are needed and more examiners to speed up work on registrations. Discussing enforcement, Mr. Baker said that when the market is give effect to the issuance of these bonds and the application of their proAssessed 30, Cooperation Sought Mr. Baker, in making the suggestion, said the Commission was anxious to hear the views of the bond men and to keep them advised of the work of the Commission through the committee. "We both desire to prevent fraud; we both wish to aid industry in our State and furnish employment to more of our people," Mr. Baker said. Mr. Baker explained that the Commission is ready to be helpful to the investment bankers and suggested that one way in which they could help themselves would be to see that more of the revenue collected under W MOUNT LEBANON TOWNSHIP SCHOOL DISTRICT, Pa.— FINANCIAL STATEMENT—The following is given in connection with Financial Statement Oct. Due from Nov. 15, TENNESSEE HAMILTON COUNTY (P. O. Chattanooga), Tenn.—HIGH BID— The highest bid received for the two issues of coupon bonds aggregating $500,000, offered on Oct. 29—V. 145, p. 2587—was a tender of $2,901.50 premium on 4s, submitted by a syndicate composed of the Equitable Securities Corp. of Nashville, the First National Bank and the Union Planters National Bank & Trust Co., both of Memphis; the Cumberland Securities Corp. of Nashville; Stranahan, Harris & Co., Inc., of Toledo; Robinson, Webster & Gibson, and the Nashville Securities Co., Inc., both Volume of Nashville. until 9 a. m. Financial 145 We are informed that the award of the The issues Oct. 30. on are bonds was deferred divided as follows: 5300,000 public works (general hospital) bonds. Due from July 1, 1940 to 1977, inclusive. 200,000 elementary and high school improvement bonds. Due from July 1, 1940 to 1977, inclusive. The second highest bid was an offer of $1,350 premium on 4s. submitted by an account managed by Booker & Davidson, Inc., of Knoxville. Next best bid was offered by a group headed by Mackey, Dunn. & Co., Inc., of New York City, a building bonds now .MEMPHIS, Tenn .—BOND OFFERING—D. C. Miller, City Comptroller 2.30 p.m., Nov. 23 for the purchase of $1,239,000 will receive bids until bonds, an issue Dated Feb. of 3M%> $75,000 Denom. $1,000. 15. Due on 1946; $5 000, $7,000, 1951 and 1952, and $10,000 in 1953. road and $1,085,000 sanitary intercepting sewer bonds. Due $35,000 yearly from bridge warrants. 15, 1937. Interest payable Feb. 15 and Aug. follows: $3,000, 1939 to 1942; $4,000 1943 to Dec. 15 as 1947; $6,000, 1948 to 1950; UTAH CITY, Utah—BONDS PUBLICLY OFFERED—Edward L. Bin-ton & Co. of Salt Lake City are offering for general investment $35,000 5% refunding bonds. Denom. $1,000. Dated Oct. 1, 1937. Due on Oct. 1 as follows: $3,000, 1942 to 1946, and $5,000, 1947 to 1950. Principal and interest (A. & O.) payable at the Guaranty Trust Co., New York. Legal approval by Ingebretsen, Ray, Rawlins & Christensen of Salt Lake MURRAY City. SANDY follows: as school TRAVIS COUNTY (P. O. Austin), Texas— WARRANT OFFERING— On Nov. 10 at 10 a. m. the County Commissioners' Court will offer for sale COUNTY The $10,000 issue of coupon coupon be used to retire a like amount of 5% outstanding. Due $2,800 yearly for 20 years. The proceeds of the issue are to tender of $1,280 premium on 4s. (P. O. Fayetteville), Tenn.—BOND SALE— highway improvement bonds offered on Oct. 21 —-V. 145. p. 2587—were awarded to Robinson, Webster & Gibson of Nash¬ ville as 4s, at par plus a premium of $490, equal to 104.90, a basis of about 3.25%. Denom. $1,000. Dated Oct. 1, 1935. Interest payable April 1 and Oct. 1. Due $4,000 in 1944 and $6,000 in 1945. LINCOLN 2895 Chronicle Utah—BONDS VOTED—The taxpayers have $20,000 sewer bonds. CITY, voted approval of a proposal to issue 1938 to 1968. are to name rate of interest. Principal and semi-annual interest (May 1 New York. Certified check for 1%, required. 1937. at 1938 to 1948. Dated Nov. 1, and Nov. 1) payable Legality approved by Due $14,000 yearly from Denom. $1,000. 154,000 public school bonds. Bidders Thomson, Wood & Hoffman of New York. of Aldermen factory con¬ PULASKI, Tenn.—-BONDS AUTHORIZED—The Board passed an ordinance authorizing the issuance of $37,500 has struction VIRGINIA NEWPORT NEWS, Va.—PROPOSED BOND ISSUANCE UPHELD— At a recent meeting the City Council is reported to have decided not to rescind a commitment made last March to issue $150,000 in high school building bonds, if and when the Public Works a sufficient grant to construct the project, $272,000. bonds. SIGNAL Tenn.—BOND OFFERING— Sealed MOUNTAIN, bids will Nov. 18, 1 y Joel W. Richardson, Town Treas¬ the purchase of a $25,000 issue of park bonds. Interest rate is not to exceed 5%, payable J. & J. Denom. $500. Dated July 1, Due on July 1 as follows: $500,, 1938 to 1947, and $1,000, 1948 to Prin. and int. payable in lawful money at the National City Bank, New York. The town will furnish the bonds and the approving opinion of Chap¬ NORTHWESTERN MUNICIPALS be received until 2 p. m. on urer, for 1937. 1967. the purchaser. It is said that the bonds will general obligations of the town, and the town will have power and obligated to levy ad valorem taxes upon all the taxable property within the town for the payment of the bonds and interest thereon. A $2,000 certified check, payable to the Town Treasurer, must accompany & Cutler of Chicago, to man be direct will Washington—Oregon—Idaho—Montana 3)rumlnfc EhrMman & IDhito be SPRINGFIELD, Tenn.—BOND OFFERING—It is stated by Frank Hollins. City Clerk, that he will receive bids until 2 p. m. on Nov. 15, for the purchase of an issue of $138,000 4% coupon city bonds. Denom. $1,000. Dated Nov. 1, 1937. Due on Nov. 1 as follows: $5,000, 1939 to 1941; $6,000, 1942 to 1945: $7,000, 1946 to 1949: $8,000, 1950 to 1952; $9,000, 1953 to 1955, and $10,000 in 1956 and 1957. These bonds are issued under authority of Public Works Act of 1935, as amended. Bonds must bring par and accrued interest. Sealed bids will be received until date of sale and considered along with other bids. A certified check for 5% of the bid, drawn on a Springfield or Nashville bank, is required. BRAZORIA COUNTY —The Commissioners' (P. O. Angleton). Texas—BOND Court has called an proposal to issue $3,000,000 ELECTION bridge bonds will be submitted to a vote. INDEPENDENT SCHOOL DISTRICT, Texas—BOND SALE—The district has arranged to sell $141,000 4% refunding bonds to the State Board of Education to finance their retirement of a similar amount of 5H% bonds outstanding. CANYON DAWSON COUNTY (P. O. of $50,000 tion. Lamesa), Texas—BOND SALE—An issue sold to the State Department of Educa¬ 3% road bonds has been The bonds will mature in 15 years. Tex.—BOND CALL—Notice is given by Mayor M. A. Harlan, described below are called for payment: series No. 2, dated Dec. 1, 1917, bearing 4M% interest, in denom. of $1,000 each, aggregating $48,000 and being numbered and maturing as follows: Bonds No. 53-65 incl., due Dec. 1,1942; bonds No. 66-78 incl., due Dec. 1, 1947; bonds No. 79-91 incl., due Dec.l, 7952; bonds No. 92-100 incl., due Dec. 1, 1957; but redeemable on and after 20 years from their date at the time any coupons shall fall due. "El Paso water works construction oonds, series No. 4, dated Dec. 1, 1917, bearing 5% interest, in denom. of $1,000 each, aggregating $44,000, and being numbered and maturing as follows: Bonds No. 53-65 incl., due Dec. 1, 1942; bonds No. 66-78 incl., due Dec. 1, 1947; bonds No. 79-91 incl., due Dec. 1, 1952; bonds No. 92-96 incl., due Dec. 1, 1957; but redeemable on and after 20 years from their date at the time any coupons shall fall due. "El Paso public school bonds, series No. 11, dated Dec. 1, 1917, bearing 5% interest in denom. of $1,000 each, aggregating $47,000, and being numbered and maturing as follows; Bonds No. 53-65 incl., due Dec. 1, 1942; bonds No. 66-78 incl., due Dec. 1, 1947; bonds No. 79-91 incl., due Dec. 1, 1952; bonds No. 92-94 incl. and 96-100 incl., due Dec. 1, 1957; but redeemable on and after 20 years from their date at the time any any coupons shall fall due." The date fixed for redemption of the bonds is Dec. 1. The place of redemption is the Chemical Bank & Trust Co., New York. The bonds will cease to bear interest on and after Dec. 1. 1937. EL PASO, that all of the outstanding bonds "El Paso street paving bonds, O. Longview), Tex.—BONDS AUTHORIZED The County Commissioners' Court has authorized the issuance of $75,000 road refunding bonds. GREGG COUNTY (P. INDEPENDENT SCHOOL DISTRICT (P. O. Kenedy), DETAILS—We are now informed by the Clerk of that the $50,000 school building bonds sold to the State Department of Education, as noted here recently—Y. 145, p. 2587— were purchased as 3 Ms at par, and mature in 20 years. KENEDY Texas—BOND SALE the Board of Education SCHOOL DISTRICT NO. 1, Tex.—BOND SALE—The School Board recently sold $9,000 4% refunding bonds to the State Department of Education. LA GRULLA COMMON MIDLAND SCHOOL DISTRICT, Tex.—BOND called a special election for Nov. 6 at School Board has $40,000 gymnasium bond issue Conroe), Texas—BOND OFFERING —Sealed bids will be received until 10 a. m. on Nov. 8, by A. E. Hickerson, County Auditor, for the purchase of an issue of $125,000 hospital bonds. Interest rate is not to exceed 4%, payable J. & D. Dated Dec. 1, 1937. Due $25,000 from Dec. 1, 1938 to 1942 incl. The purchaser is to pay for the printing of the bonds, the market attorney's opinion and preparation for the necessary orders and certificates. These bonds were approved by the voters en Oct. 9, and are said to be direct general obligations of the county, payable from the tax limit of 25 cents per $100 valuation for public improvements. A certified check for $2,500, payable to the County Judge, the bid. Financial Statement $60,011,825.00 valuation ,1937 Tax Rate: County rate A ssessed $0.90 0.25 County Wide school 0.49 State rate SCHOOL DISTRICTS (P. O. OFFERING—Sealed bids will be received Prosser), Wash. until noon on Nov. 13. of school District is not to and int. the State Treas¬ by Ben Knox, County Treasurer, for the purchase of two issues bonds* aggregating $22,500, divided as follows: $17,500 School No. 6, and $5,000 School District No. 29 bonds. Interest rate exceed 5%, payable semi-annually. Dated Nov. 1, 1937. Prin. payable at the County Treasurer's office or at the office of urer. A certified check for 5% of the amount bid is required. COUNTY (P. O. Kelso), Wash.—KALAMA SCHOOL $44,000 issue of Kalama School District No. 128 bonds 22—V. 144, p. 2273—was purchased by the State Washington, as 4s, at par. No other bid was received, according to the COWLITZ BOND SALE—The offered for sale on Oct. of County Treasurer. after date; optional Dated Nov. 1, 1937. Due in from 2 to 23 years after two years from date. WENATCHEE (P. O. Wenatchee), Wash.—BOND OFFER¬ sealed bids will be received until 8 p. m. on Nov. 6, Thulean, Town Clerk, for the purchase of a $4,000 issue of coupon sewer bonds. Interest rate is not to exceed 6%, payable semi¬ annually. These bonds were approved by the voters at an election held on Jap. 26. A certified check for 5% of the bid is required. EAST ING—It is reported that by Lee L. KITSAP 1, Marine Drive Water ceases on date called. Nov. terest Orchard), Wash.—BOND CALL— is reported to be calling for payment District bonds, numbered 55 to 74. In¬ COUNTY (P. O. Port County Treasurer, Fred C. Wyckoff, on SEATTLE, Wash.—BOND OFFERING CONTEMPLATED—We are by Joseph A. Whetstone, Superintendent of the Water Depart¬ informed purchase of $500,000 water ment, that bids for the be received the latter part of December, 1937. main bonds will probably Colville), offered of Wash¬ the Deputy STEVENS COUNTY SCHOOL DISTRICT NO. 49 (P. O. Wash.—BOND SALE—The $33,000 issue of coupon school bonds for sale on Oct. 21—V. 145, p. 2434—was purchased by the State ington, as 4s at par. No other bid was received, to County Treasurer. Due serially in from two to 20 years. according VANCOUVER, Clerk, will receive Wash .—BOND OFFERING—C. A. McDonah, City bids until 7:30 p. m. Nov. 15 for the purchase of $23,000 bonds. 6% general obligation Cert, check for 5%, required. COUNTY (P. O. Cathlamet), Wash —BOND OF¬ FERING—It is reported that sealed bids will be received until Nov. 8, by the County Treasurer, for the purchase of an issue of $100,000 bridge WAHKIAKUM bonds. exceed 6%, payable Interest rate is not to 15 years. Due semi-annually. in not more than WHITE Wash.—BONDS SOLD—In connection with recently, that $30,000 water revenue bonds would be SALMON, report given here the sold have Sept. 1, 2733—we are now informed by the Town Clerk that they been purchased by E. M. Adams & Co. of Portland. Due from 1938 to 1956. —V. 145, p. ELECTION—The which a proposed will be voted upon. MONTGOMERY COUNTY (P. O. must accompany WASHINGTON BENTON COUNTY election for Nov. 20 at which Teletype SF 2961 SEAT 188 BELLINGHAM, Wash.—BOND ELECTION—Harry A. Binzer, City Comptroller, states that at an election to be held on Dec. 4, the following bonds aggregating $1,150,000, will be submitted to the voters: $750,000 water revenue, and $400,000 city hall bonds. (This report supersedes the previous election notice given in these columns —V. 145, p. 2733.) —BOND TEXAS SAN FRANCISCO SEATTLE Teletypes SEAT 187, the bid. a Administration should make which is estimated to cost WEST VIRGINIA COUNTY (P. O. Berkeley Springs), W. Va.—CORREC¬ TION—It is stated by W. B. Simmons, County Superintendent of Schools, that at the election to be held on Nov, 16, the amount of bonds to be sub¬ mitted to the voters for approval is $99,000, not $125,000 as reported in these columns recently—V. 145, p. 2733. It is said that these bonds are to be issued in connection with a Public Works Administration grant. MORGAN VIRGINIA, State full registerable, road WEST coupon, issue of 26—-V. 145, of—BOND SALE—The $500,000 bonds offered for sale on Oct. of New York, paying for $120,000 as remaining $380,000 as2Ms, maturing $20,000 from 1944 to 1962 inclusive. The second highest bid was submitted by a syndicate composed of the Northern Trust Co., the Harris Trust & Savings Bank, both of Chicago, the Boatmen's National Bank of St. Louis, and Braun, Bosworth & Co. of Toledo, an offer of $87 premium for $130,000 as 3Ms, the remainder 2Ms. Third highest offer was a tender of $26 premium for $110,000 4s, and the remaining $390,000 as 2Ms, by Phelps, Fenn & Co.; Kean. Taylor & Co.;.Bacon, Stevenson & Co., and Canjpbell, Phelps & Co., Inc., all 2733—was awarded to Brown Harriman & Co., Inc., a price of 100.1079, a net interest cost of about 2.55%, 3Ms, maturing $20,000 from May 1. 1938 to 1943: the p. as Total rate. Bond and Warrant Indebtedness Road bonds Time warrants, Time warrants, road and bridge general fund 1 $1.64 June 30, 1937 $944,000.00 119,391.77 45,000.00 $1,108,391.77 Total ARTHUR INDEPENDENT SCHOOL DISTRICT (P. O. Port Arthur), Texas—BOND SALE—The $325,000 issue of building bonds offered for sale on Oct. 27—V. 145, p. 2733—was awarded to Blyth & Co., Inc., paying par on the bonds divided as follows: $68,000 as 2Ms, maturing $17,000 from 1938 to 1941, the remaining $257,000 as 3.45s. maturing as follows: $17,000 in 1942, and $16,000 from 1943 to 1957 incl., giving a net interest cost of about 3.41%. PORT STAMFORD SCHOOL has sold $56,000 3 DISTRICT, Tex.—BOND SALE—The M % refunding bonds to district the State Board of Education. of York. OPTION—The purchaser was awarded an option on the same rate and price, up to Oct. an 28. $500,000, of bonds at additional INVESTMENT— The successful bidder reoffered the aoove bonds for general investment, the 3M% bonds at prices to yield from 0.60% to 2.00%, while the 2Ms are priced to yield from 2.10% to 2.60%, according to maturity. , The bonds in the opinion of counsel, constitute legal and valid obliga¬ tions of the State of West Virginia, payade primarily from motor vehicle BONDS OFFERED and gasoline taxes FOR and in addition against all the taxable property law The bankers believe that legal investments for chusetts. supported by taxes which may be savings banks and trust funds certain other States. Connecticut and in levied in the State within the limits prescribed by the bonds meet the present requirements as in New York, Massa¬ 2896 Financial —BOND OPTION EXERCISED—Vie & are Chronicle Oct. 30. informed that Brown Harriman Co., Inc., exercised the option awarded to them on Oct. 26 noted above, as for the purchase of the additional $500,000 bonds, also maturing from State Aids Distributed to Political SubdUlsoins {During the Fiscal June 30, 1937) May 1, 1938 to 1962, the option having been granted when they took the original $500,000 block of bonds. The new bonds also carry 2H% and 3H% Type of Aid— Schools being reoffered to the public jointly with Phelps, Fenn & Co. of New York, at prices to yield from 0.60% to 2.60%, according to Public school fund Fund Income maturity. Transportation - High schools 431.409 233,460 725 725 recently FREDERIC, Wis.—BOND SALE—The $21,500 3M% sanitary sewer and sewage disposal bonds offered on Oct. 25—V. 145, p. 2734—were awarded to Harold E. Wood & Co. of St. Paul at par plus a premium of $150, equal to 100.697, a basis of about 3.43%. Dated Oct. 1, 1937. Due on Oct. 1, as follows: $500, 1940; $1,000, 1941 to 1949, and $1,500, 1950 to 1957. 175,000 175,000 124,720 124,720 145.COO 145,000 Crippled children son), Wu.—BONDS DEFEATED—The voters of the district rejected a proposition to issue $100,000 school building bonds. 113,427 255,000 255.000 WEST ALLIS, Wis.—BOND OFFERING—Sealed bids will be received until 10 a. m. on Nov. 6 by Fred A. Sanlader, City Clerk, for the purchase of a $200,000 issue of school bonds. Interest rate is not to exceed 4%, payable A. & O. Rate to be in a multiple of of 1 %, but no bid combining two different rates of interest shall be accepted. Dated Oct. 1, 1937. Due $10,000 from Oct. 1, 1938 to 1957, incl. Prin. and int. payable at the City Treasurer in such funds as are, on the respective dates for payment, lawful money. These bonds must be sold and disposed of for not less than par and accrued interest to date of delivery. Bidders must furnish their own legal opinion and blank bonds. A certified check for 5% of the bonds bid for is required. office of the WISCONSIN, State of—REPORT ON TAXES AND VARIOUS AIDS DISTRIBUTED—The following is the text of Bulletin No. 80, made avail¬ able on Oct. 23 by the Wisconsin Tax Commission: - Vocational school Part-time agricultural 113,427 18,842 Emergency aid County supervisor teachers County normals County schools of agricultural 70,463 WAUWATOSA SCHOOL DISTRICT NO. 3, Wis.—BONDS VOTED —At an election held on Oct. 14 a proposal to issue $22,000 school building bonds was approved by the voters. 18,842 70.463 185,634 200,000 16,000 200,000 $401,634 $7,056,820 $2,434,725 156,440 $2,434,725 $6,655,186 185.634 16,000 Charitable Aids— Old age pensions Blind pensions Dependent children 156,440 1,085,918 121,959 1,085,918 591,841 1,109,740 127,324 1,461,310 127,324 1,583,269 $121,959 $6,967,298 $7,089,257 $4,210,336 $4,210,336 3,000,000 3,000,000 County tuberculosis sanitoria County Insane asylums. Milwaukee mental hospital Unemployment relief Highway Aids— County bond redemption County trunk system Local roads, streets, bridges 591,841 1,109,740 $4,130*338 278,934 4,130,338 278,934 $4,409,272 $7,210,336 $11,619,608 $3,339,758 56,305 + Connecting State trunk systems. 1937 The tables comprising this bulletin are generally similar to and compar¬ able with tables issued for previous years. Attention is called to the fact that not all tax data presented are on the same basis. General property taxes, occupational taxes on coal and grain are shown as 1936 levies. All other taxes are shown on either .a gross collection or net receipts basis. The normal income tax shows net collections for the period June 1 to May 31, thus making it possible to show the local and county share on an accounting Other Aids— Highway privilege tax. $267,164 Forest crop 56,305 average in assessing the income tax, (3) the imposition and collection of additional "Other Special Taxes," such as malt beverage, liquor and chain and (4) the collection of $1,500,000 of railroad taxes in 1936. $28,154 133,799 140,764 111,650 133,799 $273,603 $3,993,135 111,650 $323,469 In noting proportionate changes in various types of taxes, consideration should be given to the following facts: (1) the increase in gas tax in 1931 from 2c. to 4c. per gallon, (2) the abandonment in 1933 of the three-year $3,606,922 County forest County fairs, &c basis. Although the State and its political subdivisions now impose more than 30 different types of taxes, these have been grouped under six main headings, as indicated in Table I. The data for the last seven fiscal years have been plotted to show proportionate increases or decreases. The drop in the total of all taxes from the all-time high in 1930 to the low levels reached in 1934 and 1935 reflects the effects of the depression. Grand total. $6,978,655 $3,396,063 $7,927,294 $14,852,871 $29,758,820 WYOMING CAMPBELL COUNTY SCHOOL DISTRICT NO. 3 (P. O. Rozet), Wyo.—BOND SALE CANCELED—Mary White, District Clerk, reports that the sale of the $5,000 school bonds to George W. Vallery & Co. of Denver, noted in these columns in September—V. 145, p. 1942—was can¬ celed. Due $1,000 from Aug. 1, 1938 to 1942, incl. store taxes, delinquencies which had accumulated since 1932, thus causing Total $5,087,140 State graded Blind and deaf (P. O. Fort Atkin¬ Taxes of the Stale and Its Political Subdivisions, State and County Aids Distributed, 1937 Year Ended County $5,087,140 431,409 233,460 - Advance course—Rural schools. WISCONSIN The Local Educational Aids— coupons and are FORT ATKINSON SCHOOL DISTRICT NO. 6 1937 TABLE II HOT SPRINGS COUNTY (P. O. Thermopolis), Wyo.—BOND dip in the OFFERING— Fred Waldorf, County Clerk, will sell at public auction on Nov. 4 at 4 p. m. a $60,000 issue of court house bonds. Interest rate is not history. a from 1942 to 1956: optional in whole or in part at any time after five years. No bid for less than par and accrued interest will be considered. Prin. and for these years and a downward trend in 1937. General property taxes levied constituted 55.8% of the total of all taxes which represents the lowest ratio of general property taxes to the total in the State's curve State Aids Distributed Although the State collected upwards of $59,500,000 in taxes, all-time I Taxes of the State and Its Political Subdivisions (Raised During the Fiscal Year Ended Ended June 30, 1937) • Source of Taxes— Schools Local County $ General property $ $ Special Properly— Railroads (33.37) 302,455 8treet RR. I.t. Ht. Pr-_. 789,563 Cons. & reg. 4,010,782 43,401 1,477,029 13,354 ear TelegraphExpress 789,563 (0.43) Denom. $1,000. Due payable at the County Treasurer's office, or at a place designated by the The approving opinion of Myles P. Tallmadge of Denver will A $2,000 certified check, payable to the County Treasurer, must accompany the bid. LARAMIE, CALL—H. R. Bath, City Treasurer, is Wyo .—BOND be calling for payment on Nov. 15, bonds numbered 1 to 30, of Drainage, Grading and Gravel Surfacing District No. 2. Dated Nov. 15, 1936. said to Street ROCK SPRINGS, Wyo.—BOND ELECTION—A proposal to issue $75,000 flood protection bonds will be voted upon at the general election in November. 7,385,145 23,899 110,596 10,813 12,406,520 Canadian Municipals Information and Markets 66,771 1,490,383 5,769,936 98,257 24,454 12,227 565,592 149,841 1,177,129 BRAWLEY, CATHERS & CO. 25 98,257 113,160 611,537 KING ST. WEST, TORONTO ELGIN 6438 CANADA Grain and coal Telephone Emergency telephone Insurance 789,455 2,055,682 573,015 2,299.872 179,781 3,446,094 Liquor Malt beverage Chain store 164,850 Forest crop Suit tax 8,626 8,626 4,314 6,472 15,846 789,455 2,235,463 4,019,109 2.299,872 164,850 28,038 2,158 Boxing club.. Oleomargarine- 9,209 283 2,158 15,846 4,316 9,209 Beekeepers-.. 283 CHICOUTIMI, Que.—INTEREST PAYMENT ORDERED—The Que¬ bec Municipal Commission has authorized the city to meet interest coupons of bonds due of date Nov. 1, 1934, and Dec. 1, 1934. LA TUQUE, Que.—BOND SALE—The issue of $80,000 4% school bonds Oct. 25—V. 145, p. 2734—was awarded to J. E. Laflamme & Co. a price of 96.03, a basis of about 4.46%. Dated Oct. 1, 1937 and 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; offered of on Quebec, at $1,900, 1949; $2,000 in 1950 and 1951, and $46,600 in 1952. 4,361,356 28,768 6.592.918 10,991,668 211,761 2,611,716 ATION—In 761 9,394 10.155 26,463 326,377 209,865 352,840 209.865 238,9S5 3,157,352 3,396,337 1,263,621 5,090,262 1,.506,949 1,778,283 4,250 76,255 42,362 Income Taxes— Normal.. 6,323,317 271,334 T. R. F. surtax Soldiers' bonus Emergency surtax, 1932. Emergency surtax, 1933. Emergency surtax. 1935. 76,255 42,362 77,406 2,374,324 1,659,257 Old age pension surtax.. Dividend tax 2,374,324 1,659,257 10,831,065 18,689,337 77,406 Lactance Roberge, Director of Finance, emphatically denied adding the city was planning to effect a bond conversion program, that he had never heard of the proposition until it was mentioned press. ST. 12,677,200 4,250 Emergency transfer Emergency gift answer to rumors UNDER CONSIDER¬ that action in that direction had or was being that 2,823,477 Inheritance Tax— Inheritance Estate $1,800, 1948; MONTREAL, Que.—BOND CONVERSION NOT considered, 8,626 HYACINTHE, Que.—BOND OFFERING—H. Morin, Vehicle 1,263,621 Licenses 12,808,661 18,894,399 1,020,891 Total Percent to total 12,808,661 18,894,399 1,020,891 32,723,951 Gasoline tax Highway 32,723,951 ..34,563,832 48,343,267 34,792,555 59,499,436 177,199,090 (19.51) (27.30) (19.63) (33.56) State aids County aids +3,890,500 (100 00) + 6,978,655 +7927,294 +14S52871—29758820 Total adj...,.-. Percent to total —3890,500 — 45,432,987 56,270,561 45,754,926 29,740.616 177,199,090 (25.63) (31.76) (25.83) (16.78) (100.00) the Secretary- Treasurer of the School Board, will receive sealed bids until 8 p. m. on Nov. 2 $47,000 bonds dated Nov. 1, 1937 and redeemable seri¬ ally to Nov. 1, 1959. Denom. $1,000. Alternative bids are asked for 3y2% and 4% bonds. ST. JOSEPH DE LA RIVE, Que.—BONDS VOTED—An issue of $13,963 hydro-electric bonds has been approved by the ratepayers. SALTFLEET TOWNSHIP, Ont.—BOND bonds, due serially in 20 4% Goss & Co. of years, has Toronto. SALE—An issue of $22,000 been sold to Harris, Mackeen, SOREL, Que.—BOND SALE—The issue on of $46,400 4% bonds offered Oct. 26-—V. 145, p. 2734—was awarded to Banque Canadienne Nationa price of 97.52. Dated Nov. 1, 1937 and due serially in 10 years. were as follows: ale, at Other bids Rate Bid Dominion Securities Corp 97.26 96.39 J. E. Laflamme & Co Taxes- in for the purchase of Bidder 6,594,651 Motor $4,000 be furnished. 4,809.296 1,107,771 10,016 4,356,638 Other Special— Freight line semi-annually. Total 4,506,841 (32.09) payable purchaser. 98,991,277 (100.00) 10,813 (34.11) 3%%, $ 424,214 23,899 110,596 Percent to total.-. Sleeping Slate $ 33,765,643 33,030,622 31,770,798 exceed int. an high, it retained, after the payments of aids, approximately $29,750,000, the highest volume since 1931. A total of $29,750,000 in aids was paid during the last fiscal period. This is somewhat more than payments during the previous year, and is the highest amount ever distributed to all political subdivisions. This increase is due largely to more liberal payments for all charitable aids except un¬ employment relief which shows a substantial decrease since 1936. TABLE to VANCOUVER, B. C.—BOND ELECTION—At the ratepayers will bonds. be asked to approve an an election on Dec. issue of $974,000 local 8 im¬ provement WHITNEY TOWNSHIP, Ont .—OFFERING OF SCHOOL BONDS— S. Gardner, Solicitor for the township, will receive sealed bids until 7 p. m. on Nov. 1 for the purchase of $19,000 5% bonds of the School Board of School Section No. 1 of said township. Dated Oct. 1, 1937. Due as W. follows: $1,510.59, 1938: $1,586.12, 1939; $1,665.43, 1940; $1,748.70, 1941; $1,836.13, 1942; $1,927.94, 1943; $2,024.34, 1944; $2,125.50, 1945; $2,231.78 1946 and $2,343.47 in 1947. Prin. and int. (annually on Oct. 1) payable at the Imperial Bank of Canada at Toronto or at its office in South Porcu¬ pine. Bidder to specify whether or not accrued interest is included in the Srice M. Nicolson, Township Clerk, Porcupine. ohn tendered. Further details of the offering may be obtained from