The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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
@FedFRASER