The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
•US. ADM,
UU-'Mrtv
COPYRIGHTED IN 1937 BY WILLIAM 9. DANA
VOL. 145.
COMPANY, N-W YORK,
l,MdWSt'C0W'
JUNE 23. 18»«. AT THE POST OWCE AT NEW
ENTERED AS SECONO-Cl *SS
NEW YORK, OCTOBER 9, 1937
NO. 3772.
CHASE
THE
COMPANY
NATIONAL
|
BANK
1844
OF
■
'
,
George V. McLaughlin
t
Kidder, Peabody & Go.
NEW
OF
CITY
The
BOSTON
YORK
PHILADELPHIA
BROOKLYN
NEW YORK
THE
YORK
NEW
■
President
Member Federal
MARCH 8, 1S7*.
^^"'^.^5,
TRUST
BROOKLYN
Chartered
«>RK» NEW YORK, UNDER THE ACT OP
trjj;
chase is
ditionally a bankers' bank.
For
Deposit Insurance
Corporation
years
many
served
it has
large number
a
.
of banks and bankers
White, Weld & Co.
Members New
York Stock Exchange
Correspondent
:
Quotations Facilities
correspondent
and
depository.
MimDtr
reserve
Dtpostt
heaetai
Iniwam*
;
C»*fieraiipn
Government
Amsterdam
London
New York
United States
Boston
NEW York
i ■&
as
.
Securities
'
United States
Corporation
Government
Paris
Securities
The
Brown Harriman & Co.
BOSTON
FIRST
Hallgarten & Co.
Incorporated
corporation
63 Wall
Established 1850
BOSTON
NEW YORK
Telephone! BOwling Green 9-5000
CHICAGO
AND OTHER
Washington
San Francisco
PR INC IP A I. C1TIKS
Chicago
Philadelphia
Boston
SAN FRANC "SCO
PHILADELPHIA
YORK
NEW
Street, New York
Representatives in other leading Cities
London
Chicago
Wertheim & Co.
120
The
Broadway
*
*
State and
New York
London
.
,
Amsterdam
CARL M. LOEB &
61
New\orkTrust
Municipal Bonds
CO.
BROADWAY
Capital Funds
NEW YORK
♦
•
$37,500,000
Barr Brothers & Co.
inc.
Chicago
New York
Amsterdam
Berlin
London
Paris
IOO
BROADWAY
AVE.
57TH ST. & FIFTH
40TH ST. &
EDWARD B. SMITH & CO.
1
Service
to
BOSTON
PHILADELPHIA
LONDON
European Representative's Office:
8 KING
Dealers since
WEEKS
Established 1888
/
40
Ctrrufsndsnt
Minneapolis
*
CHICAGO
Members New
Member of the Federal Reserve System,
St. Louia
the New York Clearing House
and
Wall Street
NEW YORK
B. Smith & Co., Inc.
1888
HORNBLOWER
&
WILLIAM STREET
LONDON. E. C 4
Edward
Banks and
New York
31 Nassau Street
CLEVELAND
MADISON AVE.
NEW YORK
Association
of the Federal Deposit Insurance
Corporation
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
Financial
II
P. MORGAN
J.
&
Chronicle
Oct.
J. & W.
CO.
YORK
1931
9.
Seligman & Co.
NEW
DREXEL & CO.
No.
•
54
Wall
Street
PHILADELPHIA
NEW YORK
Condensed Statement of Condition September 30,1937
London
Correspondents
ASSETS
Cash
Hand and
on
Deposit in Banks
on
{Of these $4,210,000
State and
are
Bonds, etc
39,305,156.79
14,068,521.60
.
Loans and Bills Purchased
41,396,801.77
*
Accrued Interest and Accounts Receivable
5^00,000.00
.
6,728,304-12
Liability of Customers on Letters
of Credit and Acceptances.... $16,755,937.55
Less Prepayments....
784,729.44
on
Foreign
1,443,598.54
Morgan GrenfeU & Co. LimUed, Shares
Banking Premises
Liability of Others
BROTHERS
286,182,965.62
pledged)
Municipal Bonds and Notes
Stocks and
SELIGMAN
$116,993,721.03
United States Government Securities
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established,
1872
Chief Office in New Zealand: Wellington
Sir James
14,971,208.11
Head Office:
Acceptances Guaranteed..
1,489,257.74
Total Assets
$528,079,535.32
Grose, General Manager
8 Moorgate, London, E. C. 2, Eng.
Subscribed Capital..........£6,000,000
Paid up Capital
Reserve
£2,000,000
Fund...............£1,000,000
Currency Reserve...........
The
LIABILITIES
Deposits: Demand
18,341,986.53
Accrued Interest and Accounts
conducts
every
£500,000
description of banking
Correspondents throughout the World
London Manager, A. O. Norwood
$446,589,721.52
Time
Bank
business connected with New Zealand.
$461,931,708.05
Payable
126,117.79
Acceptances Outstanding and Letters of Credit
Issued....
15,755,937.55
Acceptances of Others Guaranteed
Australasia and New Zealand
1,489,257.74
Special Reserve Fund
BANK OF
1,000,000.00
Capital
$25,000,000.00
Surplus and Partners' Balances
22,776,514-19
47,776,514.19
Total Liabilities
$528,079,535.32
The foregoing statement Is exclusive of
our interest In the assets and
of the firm of Morgan & Cie., Paris.
liabilities
NEW SOUTH
WALES
(ESTABLISHED 1817)
(With which the Western Australian Bank and
Th«
Australian Bank of Commerce, Ltd., are
amalgamated)
Paid up Capital
Reserve Fund
Reserve
£8,780,000
6,150,000
8,780,000
Liability of Proprietors-_
£23,710,000
Lhtnsed
m
Private Bankers under Article IV
ef the
Authorised
as a
Private
Banking Law of the State of New Terk
Bank
by the Department of Banking of the
Commonwealth of Pennsylvania
Aggregate Assets 30th Sept., 1936. £115,150,000
A. C. DAVIDSON, General
Manager
780 BRANCHES AND AGENCIES in the
Australian States, New Zealand, Fiji,
Papua,
Mandated Territory of New Guinea, and London.
The Bank transacts every description of Aus¬
October 4,1917
tralasian
Banking
Business.
Wool
and
other
Produce Credits arranged.
Head
Office:
George Street, SYDNEY
London
Offices:
29 Threadneedle
47
THE FIRST NATIONAL BANK
OF
Report
of
THE
Condition
member
CITY
at the
federal
OF
Close
deposit
NEW
of
and
arrangements
the
insurance
.
..$ 66,405,742.89
of EGYPT
233,459,106.44
127,115,483.87
Head Office
Cairo
.
5,000,000.00
#153,297,094.25
Exchanges
FULLY
15,203,701.14
Due from banks
PAID
RESERVE
5,433,717.58
Customers' liability—Indorsed drafts sold and
acceptances
guaranteed
CAPITAL
FUND
£3,000,000
.
....
3,000,000
173,934,512.97
LONDON AGENCY
72,797.61
6 and
7, King William Street, E. C. 4
$605,987,643.78
Branches in al. the
principal Towns in
LIABILITIES
Capital
$ 10,000,000.00
Surplus
EGYPT and
the
SUDAN
100,000,000.00
Undivided Profits
Dividend payable October
1,
Dividend payable January
5,095,353.09
1937
2,500,000.00
3, 1938*
Deposits. U. S
Banks
AU other
2,500,000.00
$
9,829,200.00
113,556,405.06
♦To stockholders of
record, December
NATIONAL BANK OF INDIA, LIMITED
360,579,063.52
Reserved for taxes and assessments
Indorsed drafts sold and
acceptances guaranteed........
throughout
corporation
Banking House
and trust
Banks
A.
YORK
Other bonds, stocks,
securities, etc
Memorandum:
S.
NATIONAL BANK
discounts..
United States securities
Cash and due from Federal Reserve Bank
with
U.
Business September 30, 1937
RESOURCES
Loans
Agency
Street, E.C.2
Berkeley Square, W.l
72,797.61
$605,987,643.78
15, 1937.
U. S. securities pledged to secure
deposits, and to qualify for fiduciary
483,964,668.58
1,854,824.50
Bankers
to
the Government in
and Uganda
26, Bishopsgate, London, E. C.
Branches in India,
Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital
Paid Up
U. S.
powers..
Capital
Reserve Fund
$19,035,330.03
Kenya Colony
Head Office:
£4,000,000
£2,000,000
£2,200,000
The Bank conducts
every description of
and exchange business
Trusteeships
banking
and Executorships also
undertaken
TV
f
.
flmmBirWf
Vol."145
OCTOBER 9, 1937
No. 3772.
CONTENTS
Editorials
page
Financial Situation
2275
Adjusting the Farmers
Will This
Railroad
to
Agriculture
_2288
Keep Us Out of War?_
Wages and the Public-
2290
__2291
-
Comment and Review
New Capital Flotations in the United States in Sep¬
tember.
New
2294
Capital Issues in Great Britain
2298
Book Review—
Minimizing
Taxes
Avoidance
Week
versus
Incomes
on
Tax
and
Estates: Tax
Evasion
2299
the
European Stock Exchanges
Foreign Political and Economic Situation
on
2279
2280
Foreign Exchange Rates and Comment
2285 & 2332
Course of the Bond Market
2293
Indications of Business Activity
Week on the New York Stock Exchange
2299
-
Week
on
the New York Curb
2278
Exchange
..2331
News
Current Events and Discussions
2309
Bank and Trust
2328
Company Items
General Corporation and Investment News
2378
Dry Goods Trade
2421
State and
2422
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
2332, 2336 & 2343
Dividends Declared
.2337
Auction Sales
2377
New York Stock
New York
New York
Exchange—Stock Quotations..
2344
Stock Exchange—Bond Quotations..2344 & 2354
Curb Exchange—Stock Quotations..
.2360
New York Curb
Other
Exchange—Bond Quotations
Exchanges—Stock and Bond Quotations
.2364
2366
Canadian Markets—Stock and Bond Quotations
.2371
Over-the-Counter Securities—Stock & Bond Quotations. 2374
Reports
Foreign Bank Statements
2283
Course of Bank
2332
Clearings
Federal Reserve Bank Statements
General
2341
Corporation and Investment News
..2378
Commodities
The Commercial Markets and the Crops
Cotton
Breadstuffs
„
2412
2414
2419
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
State 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
in United States and
Possessions, $16.00 per year. $9.00 for 6 months: in Dominion of Canada, $16.50 per year. $9.75 for 6
months;
South and Central America, Spain. Mexico and
Cuba, $18.50 per year, $10.75 for 6 months; Great Britain. Continental
Europe
(except Spain) Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter. 45 cents
per
agate line
Contract and card rates on request.
NOTE.
On account of the fluctuation in the rates of
exchange, remittances
for foreign subscriptions and advertisements must be
made in New York funds.
r
Financial
XIV
This it not
an
Offering Protpectut.
Thit issue, though
'
*
*
<»
Oct.
Chronicle
The offer of thete Bondt it made only by meant of
the Offering Protpectut.
Committion,
?
registered, it not approved or ditapproved by the Securitiet and Exchange
which doet not patt on the meritt of any regittered securitiet.
*
.
$48,364,000
^
y
9, 1937
if
-
..
Central New York Power Corporation
A
/
Subsidiary of Niagara Hudson Power Corporation
Series due 1962
General Mortgage Bonds, 3%%
Dated October 1, 1937
..
Interest
Redeemable at
U1
A
„
„
,
u
„
,
*r
payable April 1 and October 1 in New
Due October 1, 1962
v
York City
published notice if called at a whole on any date or in part on any
on any date other than an interest payment date, at
before October 1, 1948, at 104%;thereafter and on or
before October 1, 1956, at 102%; thereafter and on or before October 1, I960, at
with accrued interest.
of the Company, on at leant 30 dayt'
the option
interest payment date, or on at least 60 days' published notice if called in part
the following prices: On or before October 1, 1944, at 105%; thereafter and on or
before October 1, 1952, at
103%i thereafter and on
101%; and thereafter at 100%, together in
or
each case
Legal investment, in the opinion of counsel for
the Underwriters, for Savings Banks in the States of New
York and Connecticut.
merely a brief outline of certain information contained in the Offering Prospectus and is subject to the more detailed statements
Offering Prospectus and the Registration Statement, which include important information not outlined or indicated herein.
The Offering Prospectus,
must be furnished to each purchaser, should be read prior to any purchase of these Bonds.
The following is
in the
which
■^7,e Company was organized July 31, 1937, under the laws of the State of New York, by the consolidation of
twelve public utility corporatons operating in central and northern New York. Niagara Hudson Power Cor¬
85.73% of the voting securities of the Company. The Company is advised that as of August 2, 1937, The United
COMPANY
THF
poration owns
Corporaion held directly or indirectly 23.32%, Niagara Share
Corporation of Maryland 10.28%, Aluminum Ore Company 9.83%,
Company 8.65%, of the voting securities of Niagara Hudson Power Corporation; the Company
admission of the actual existence of effective control of it by any of such stockholders by reason of such ownership.
The Company is engaged in the generation, purchase (principally under agreements with affiliates), transmission, distribu¬
tion and sale of electricity in central and northern New York, including the cities of Syracuse, Utica, Rome and Watertown. The
and The United Gat Improvement
disclaims
any
generating stations with an aggregate rated carmcity of 189,491 k. w. (principally hydro-electric plants), gas manufacturing
plants, and electric and gas transmission and distribution systems. It also leases, chiefly from affiliates, hydro-electric
generating stations with a rated capacity of 68,202 k. w. under leases terminable for the most part on one year's written notice.
Outstandiino as per
Balance Sheet
-
CAPITALIZATION
July SI, 1937
Funded Debt:
Issues to be Redeemed with the
Issues to Remain
Proceeds of these Bonds
Outstanding_
I---
Total Funded Debt
Advances from Affiliates
—
—
Capital Stock:
Preferred Stock {$100 par value; cumulative) outstanding 259,000 shares
Common Stock, without par value (t) outstanding 1,265,696 shares
*
Pending final determination of
contemplated
$36,364,500
13,421,500
$49,786,000
1,350,000
$25,900,000
31,642,400
proceedings for appraisal in connection with the consolidation, 9,626 8-20 shares of Preferred block, 6%
(*) 5% Series
demanding appraisals of preferred stocks of constiituent corporations would be entitled under the terms
Consolidation, have been included in the issued shares of Preferred Stock, 6% Series.
tStated value $26, plus such amounts as may be transferred thereto by order of the Board of Directors.
beries, to which the holders
and provisions of
the Certificate of
The following summaries of the combined income account of the constituent corporations of the Company have
prepared from the financial statements (as certified by Price, Waterhouse & Co.) in the Offering Prospectus
the related notes and other important relevant information in such Prospectus:
KARNINfS
been
and
are
subject to such financial statements,
Years
Total Operating Revenues
Gross
Income..
Total Deductions from
Net
Gross fncome
Income
ended
Seven Months
December SI
endeu July 31,1937
1936
19S6
1934
$21,677,845.34
$22,482,831.36
$23,906,185.11
$15,132,556.92
$ 7,013,573.74
3,293,427.64
$ 6,665,142.86
3,215,951.37
$ 6,873,932.36
3,120,420.29
$ 4,120,343.76
1,775,110.77
$ 3,720,148.10
$
3,449,191^49
3,753,512^07
$
$ 2,345,232.99
The net proceeds to the Company from the sale of the $48,364,000 principal amount of Bonds, estimated at
OF ISSUE
$46,459,080.78, after deducting expenses estimated at $453,999.22, and exclusive of accrued interest, will be used
for the following purposes: (/) The proceeds from the sale of $36,364,500 of such Bonds will be applied towards the
payment of the respective principal amounts of certain underlying mortgage bonds; (2) The proceeds from the sale of the
remaining $11,999,500 of such Bonds will be deposited with the Trustee, to be withdrawn, from time to time, in accordance
with the terms of the Mortgage, to reimburse the Company for the construction of a steam-electric generating station estimated
to cost $9,500,000, and for constructing, extending, and improving facilities owned by the Company.
Funds necessary to com¬
plete the redemption requirements for the bonds to be redeemed will be obtained from the Company's cash resources or
PURPOSE
through borrowings.
THE
The Bonds
BONDS
are to
be issued under and secured by aMortgage to be dated as of October 1, 1937, from the
Company
In the opinion of counsel for the Company the
substantially all of the property of the Company, including leasehold interests in
franchises, held by the constituent corporations at the time of the consolidation forming
far as they attach, of mortgages securing outstanding bonds in the principal amount
exceptions described in the Offering Prospectus.
The Mortgage^ contains provision
for the issuance, under certain restrictions and for specified purposes, of additional bonds of other series, which as to lien
would rank pari passu with these Bonds.
The Mortgage permits the Company, in certain instances, to dispose of property
covered by the Mortgage without notice other than application to the Trustee, and also provides, in other instances, for release
of property by the Trustee without notice to bondholders.
The provisions of the Mortgage may be modified (subject to certain
limitations set forth in the Offering Prospectus) by vote of holders of 661/t% of bonds outstanding under the Mortgage affected
thereby. The Mortgage contains provisions for a retirement or improvement fund the annual payments or credits thereto to
be equivalent to 1% of the principal amount of the Bonds of the 3%% Series due 1962, for a description of which fund, including
the application of the payments or credits thereto, reference is made to the Offering Prospectus and to the provisions of the
to The
Marine Midland Trust Company of New York, Trustee.
Mortgage will constitute a direct lien
hydro-electric generating stations, and
the Company, subject to the liens, so
of $13,421,500, and to certain further
Mortgage filed
as an
UNDERWRITING
on
exhibit to the Registration Statement.
Subject to certain terms and conditions, the Underwriters, including the
undersigned and the others
named in the Offering Prospectus, have severally agreed to purchase these Bonds from the Company at
97%, or a total of $46,913,080, plus accrued interest. Such Bonds are to be offered to the public at 99%, or a total of'$47,880,360.
plus accrued interest.
The underwriting discounts are 2%, or a total of $967,280. Payment for and delivery of the Bonds are
to be made on or after the offering date but not later than October 15, 1937.
Price 99%
and Accrued Interest
The Underwriters have agreed Ut purchase these Bonds when, as arid if issued, and subject to the approval of Messrs. Davis Polk War dwell Gardiner
& Reed, counsel for the Underwriters, and to certain further conditions.
The validity of the franchises and titles of Central New York Power Corporation,
the lien of the Mortgage securing the Bonds, and certain other matters have been passed upon by various counsel for the Company.
It is expected that delivery
of Bonds in temporary form will be made at the office of J. P. Morgan & Co. on or about October 14, 1937, against payment therefor in New York funds.
sale, in the open market or otherwise, of these Bonds for their several accounts, either for long or
forth in agreements referred to in the Offering Prospectus.
The Underwriters have authorized the purchase and
short account, within the limits and during the period set
Further information,
particularly financial statements, is contained in the Registration Statement on
Commission, and in the Offering Prospectus which must be
purchaser and is obtainable from the undersigned.
file
with the Securities and Exchange
furnished to each
MORGAN STANLEY & CO.
Incorporated
BONBRIGHT & COMPANY
SCHOELLKOPF, HUTTON & POMEROY, Inc.
'
Incorporated
MELLON SECURITIES
BROWN HARRIMAN & CO.
CORPORATION
EDWARD B. SMITH & CO.
Incorporated
THE FIRST BOSTON CORPORATION
Dated October 7, 1937.
LEHMAN BROTHERS
The Financial Situation
FIRST
business become
man: convinced
Has the Washington
Ad- with his
former ideas about neutrality, and Jwhich
ministration
that real danger
definitely to carry the danger of an interseems
exists
of
a
and if
so
what is it
serious recession in
meddling attitude
industry and trade,
business
These
man:
questions I have been asking myself and
ciates for
time past.
some
know the
belatedly realized
precisely the
are
insisted
my asso-
program
your
of
for the next few months with any satis¬
to
How then
man:
Second business
is
can
you
plan
and
"Uneconomic Revenue Laws"
three
or
In introducing
at their clubs or else¬
and,
where,
wont,
about the
versation
look.
The
which
answers
sought
roots of current
and there is
state
but
one
it is
of
or
ditures
now
carried
if
so
to
any
the larger part of the expen¬
being made by practically all
of governmental units in
mind's
this fact
the
to
factual
and
regularly
his
provided
sumes,
him.
possibly
fully
being
each
each
group
thinks
about
to do
high
never
be able to reach
a
debt
spend less—and, for that matter,
time thereafter, since the mountain¬
we
course
than
be made
what
are
intends
on
the
some
are
much
be
can
greatest
have accumulated in recent years
of
in any given situation.
to act himself,
firmly founded
when
case
of
that
economic
always perfect,
not
more
the
basis
group
so
way
decisions
guessing contest
a
politicians is likely
the
in
part
does not
anything
than that it is
take
to
reveal
to
seem
ready
undisclosed
some
part in "concerted action."
so
obliged
does
hope
to
not
imply
President
would
to be
as
plan¬
ning to join any group of
nations
in
effort
an
to
apply what have become
known
nomic
as
military
sanctions
or eco¬
against
nations whose conduct has
recently been offensive to
him—and
least
in
cases
some
offensive
thinking
to
men
all
and
to believe that a great deal will be accomplished at
present by what is known as moral suasion.
The
danger is that in thus injecting ourselves into an
international situation that does not directly
cern us, we
shall presently find ourselves in
a
con-
situation
from which it would be all too easy to be plunged
needlessly into another tragic conflict,
The
domestic
of
situation,
however,
remains
the
If the President harbored any idea
diverting the public mind from troubles at home
dominant
Foreign Intermeddling.
forthcoming
It would require a large measure of optimism
women.
'
#
Wash¬
the
Nine-Power parley
right
the
is
The
satis¬
to
some
peace-
carry
ington Government to take
at
him
of
unwise
shall
by
highly uncertain.
the
taxes
justice
proposal for
loving nations to
be
we
of
implications he
his
that
are
and
bring
but they
realities
must
so
bal¬
anced, are now in order only by reason of
crushing taxation.
We must have balanced
budgets, but they must be balanced by re¬
ducing expenditures.
resulting conclusions
of course,
in
are
take
to
that does
concerted action
warned
are necessary
community will act in the
will
advantage, and of
The
he
of individuals
in the business
Just what
still
Far
r
particular instance.
intended
today, aggregate
be reduced at the first opportunity.
Balanced budgets, as far as any are
of it,
aware
case
must
without
in this
it
ous
as¬
individual
that
he
He
Chamber when
is the
be
way
is
for
has
experience
a
the
not fit his ideas
One
applies the judgment
that
the mind of the
factory state of taxation in this country until
we make up our minds to compel our govern¬
many,
sides in
that
that
industry,
would
Neu¬
the
in
evils, at best.
Some of
them are more obnoxious than others, and do
infinitely more harm merely by reason of their
nature.
At the same time, the fact remains
ments
are
in
discourage the investment of capital,
they all
trade and finance, of which
there
was
It is true that there
before his
about
as
Act
,
conclusion
apply
and taxes, but
In ordinary cir-
eye
materials
is all too often the
as
the entire nation suffers."
the practical
to
intention
Federal, State and local,
taxes,
as
executive arrays
units to
For that
must be raised by them
extremes,
"when,
the
to
come
that
more
that
near-managed
eumstances,
laws."
today-—and in many cases unavoidably
current expenditures are to continue.
Doubtless
that inevit¬
system of managed econ-
economy.
political
revenue
The fact is, of course, that any form of rev¬
enue
law becomes uneconomic if rates are
to
hardly be
can
laws."
local
the
President of the
or
municipalities to
types and forms
this coup try.
affairs,
ably arises under
omy
revenue
sums
to cover even
case
fortunate
and
it
the
important fields of taxation it is difficult
stupendous
all
an un¬
the
doubted that he has
East
as
very
answer
no
Thursday,
matter, it is impossible to avoid them, so long
to
in
course
generalization, but
least
"We appreciate
.
.
.
that with the Fed¬
eral Government monopolizing some of the
Government
difficulties,
It is indeed
them.
on
It is indeed difficult for either the Federal
here
the
York
New
avoid uneconomic
out¬
are
at
of
avoid "uneconomic
questions
lie
the Governor of New York,
indeed for the States
busi¬
and
situation
ness
broad
trality
enter into con¬
soon
antithesis
very
wanting in logic and
President of the Chamber said:
more
their
is
as
State
the
are
when applied to
whose
well
who addressed the Chamber of Commerce of
gathered together at lunch¬
eon,
President
a
few weeks wher¬
two
ever
a
at
again during
over
the past
previously
had
consistency has reached conclusions warranting such
substance has been heard
over
that
that in
one
he
they arise, the
past has so frequently been
I can't
man:
what
of neutrality and by main
It would perhaps be unwise lightly
neutrality.
assume
as
imaginary
no
colloquy, but
that
essence
practical situations
factory degree of confidence ?
This
the
was
force embodied in legislation is,
I confess that I do not
answers.
First business
part that could lead
our
to tragic consequences.
thus presented ?
Second
upon
What the President actually
has in mind is still far from clear. He seems to have
likely to do to meet the situation
one.
DURING
past week,
the President,
always not
by calling
sharp
to foreign
affairs,Indeed
he is
fond ofthe
dramatic
surprises,
has injected
likely to
findattention
the stratege^a
effective.
a
new
and puzzling element into the current situation
position concerning international affairs which appears wholly inconsistent
by
suddenly taking
a
the events of the past week
or
two, making
a
special
session of Congress this autumn daily more probable,
have served to defeat
any
such plan, if it had
ever
Financial
2276
developed attitude
recently
President's
the
What
considered.
been
international questions has
on
unquestionably done is to raise more discord and
opposition for him when Congress
more
be
Nothing that
convene.
more
once
about
issue
was
middle
the
focal
the
decided to call to
definitely
has
he
believe
many
meet
The court
November.
of
about which opposition
point
and independence of him, rallied
the President,
concluded.
Foreign
policy may well provide such a rallying point at the
next, particularly if the President persists in efforts
the
during
international politics with which we
to involve us in
have little
recently
session
direct
no
or
Certainly it is
concern.
all
of
to
ourselves
preserve
of inept
quences
Deal managers
times, as
the
from
conse¬
visionary foreign policies at this
it was to save ourselves from the
inevitable outcome of
success
A
If
change Commission has several measures designed
to
been close to his heart, and is im¬
It would of course be a
depend upon possible complica¬
patient to get at the task.
serious mistake to
in
tions
policies
arising
Congress
not
be
defined
clearly
yet
domestic program.
international
of
out
this
defeat
to
best it may
as
The business community must
The
to what it cannot prevent.
next session of
when
was
distraught members of Congress
left for home several weeks ago.
have
not
As to details, they
the public.
Agricultural legis¬
work and
of
Whatever the
acted.
still to head the list.
seem
wages
which should
course, measures
Both
be
never
specific terms of
en¬
proposed, it is certain to embody the prin¬
ciples of
crop
it.
control, agrarian subsidy, and other
of
are
As to wages
course
enough to
still views it
least
with the cotton section
of
agricultural legis¬
of the processing tax again looms
man
who would of course like
It is
when
attention
is
turned
to the
status, if
of those elements in the program that
any,
stance to the
sued what were
What, if anything, is to be done about the
undistributed
profits tax, the capital gains tax, pub¬
utility legislation of
a
helpful sort, and other
Some half promises
questions of similar import?
have been made about the undistributed
but
neither
their
dependability
nor
about the
profits tax,
the nature of
proposed changes has been made clear.
Complaints
capital gains and losses tax have,
so
said, been sympathetically heard by at least
fluential Treasury
as
far
as
the public is
it is
one
in¬
as
far
official, but that is about
the matter has gone so
repeatedly warned that
the
a
Holding Company Act,
and
number of the
security acts,
regulations under them, and
as
a
well
pretended, of a num¬
of
man
course
is the President.
legislative uncertainties inherent in a semi-
But
managed economy are not the only ones.
trative
not
Adminis¬
policies under such a system are almost if
quite
The Federal Government has ac¬
vital.
as
so
many
vast powers during the past few
that its administrative policies and programs
years
about
change.
important
as
as
legislation used to be, and,
much more subject to unpredictable
are
moreover,
To date, about the only response of the Ad¬
ministration
altered
the
to
business
outlook
has
steps to intensify the artificially created ease
in the money
tion
given
market. If
one may
as
prov¬
rules
number of the
judge by the
recep¬
several recent offerings, of high grade
securities, this policy of excessively easy money is
beginning to have
result
some
effect, but that effect is the
merely of excessive accumulations of funds in
The policy may or may
the
hands of institutions.
not
presently lend considerable strength to the high
grade bond market, which has already been doing
than
markets.
the
any
other department of the securities
Conceivably it might produce a revival of
refunding operations that had come largely to a
It
might
even
make it possible for a few select
enterprises to obtain new money they need.
But
certainly one would be rash—and foolish—to sup¬
pose
that such credit manipulation as is represented
by reduction in the rediscount rates, de-sterilization
of
gold, and liberalization of regulations concerning
bank
investments furnishes,
or
could furnish,
any
really effective relief from the ills now suffered by
the business
community in this country.
relief is to be
the President
If further
granted, it is again the President, and
alone, who
can
grant it.
Federal Reserve Bank Statement
aware.
The Administration has been
isions of both of the
or
probably intended to be reassuring
That
statements.
might be termed constructive that uncertainly is the
lic
optimism, real
Washington spokesmen who have recently is¬
ber of
halt.
greatest.
nothing better than to
proceed in such a way as to give sub¬
able to
be
better
plague the textile industry.
they have
legislative uncertain¬
of them, from the path of the business
In connection at
at higher wages.
lation the spectre
to
to compel industry to em¬
as a measure
more men
probably just one man in the
or many
con¬
and hours legislation, it is
enough to cite the fact that the President apparently
ploy
There is
agricul¬
any
tural law
related schemes which
and are able to summon support,
ties,
been
demn
trans¬
strength of which it is difficult to determine at
country who can remove these
are
are,
programs
this time.
having to do with hours of
measure
a
our
Other special interests have various
to others.
age
yet been developed, or at least have not
and
number of
write finis to the careers of a
portation systems, and do almost irreparable dam¬
cumulated
been vouchsafed to
lation
The railroad brotherhoods
Congress.
sponsoring legislation that would just about
pro¬
in broad outline at least, seems to be just about
what it
sponsoring these proposals appear con¬
they can obtain favorable action at the
fident that
prepared to defend itself, and to readjust itself
gram,
its authority to intermeddle still farther.
carry
The officials
Program
evidently is still determined to
proposals with the vigorous back¬
number of other
the
oblige Congress to adopt a list of domestic measures
which have long
Washington situation is inspected more
the
ing of various of the groups by which the President
has surrounded himself.
The Securities and Ex¬
Supreme Court.
Domestic
But the President
in the deliberate scheme
Measures
closely and comprehensively we find, of course, a
other
for destruction of the
remains a
Other
as
or
outlook, but to
New
distinct uncertainty.
degree it has been possible to convince
what
are
important
1937
directly responsible
are
measures
9,
large part for the altered business
think of would
we can
by the President at a special session which
faced
Deal
other New
in
likely to add to the difficulties certain to be
more
to
does
Oct.
Chronicle
THERE
little of this
outstanding
interest inin the
bankingis statistics
week.
Currency
cir¬
culation
shows
seasonal and
a
large increase, but this is partly
partly
a
matter of month-end require-
Volume
ments.
145
Financial
The further trend~of
portant
of
announcement
tions.
Sept. 12, by
For the time
being,
remained in suspense.
the
Federal
despite
Banks
receded
with
the
12
Banks.
increase tended to lower the
currency
increase of
an
$29,800,000,
reserves,
the basis of the 33,736,000 acres reported,
on
yield
average
as
deposits,
levels in four years.
legal
requirements
actually increased $30,000,000 in the week to Oct. 6,
to
estimated total
an
of
$1,090,000,000.
the close.
The gain in
Federal
institutions
is
count
bills, but when the rate
such
paper,
then pointed
dis-
as
with the increase of the monetary
ended
Oct.
6
of the
,,
$9,127,389,000,
,,
\
.
'
'
reserves
l
i
,
rr
nnn
.
.
Reserve
<i?oo
was
notes
not
oon
cno
12 Banks
-xu
/Ann
off sharply and
*
l
j
a*
nnn
rn
i
x
moved
tt
j
Total deposits
q
off $41,504,000 to $7,500,-
were
xi
x
•
•
x-
"T
x-
592,000, with the account variations consisting of a
£
j
^aaT
deposits by $29,800,000 to
,
,
r
i
-xi,
decline of member bank
inw
nrk0
AOO
balances
count
increase of
eoc7on
i
AAn
$7,003,033,000:
le
,.
decline
a
®on
™
of .Treasury
—
,
general
ac-
j
•
an
i
f
increase
an
$43,933,000*^
foreign bank deposits by
nnn
$8,453,000 to
o™
by $64,090,000 to $76,183,000;
$287,311,000, and
k
-i
of other deposits by
$134,065,OOO-lTKn^rve-rattofeTto
80.1% from 80.2%.
down $534,000 to
Discounts by the System
weTe
$23,056,000, while industrial"^
moved
off $918,000 to $19,680,000.
Open
holdings of bankers bills dropped $213,000 to
$2,813,000, but holdings of United States Govern-
vances
market
securities
ment
unchanged
quite
were
pXp0RTS in August exceeded imports by $31,-
£,
$2.-
at
988;000; whieh
&
f
s
Cotton
Report
,,
'
nnn
„
,,
,
month of the
any
ions balances
1
,
fayoraU'e
the third
«
year
to
the exnort side
on
®°
export
.
de
only $o,000,000 or less, and the August figure
7
;7
°
®
was therefore the first to make a substantial dent
were
,,
„
.
„
h
,
.
,
,
t b
,
accumulated in the
balance ot imports accumulated in the
.
preceding months. It is noteworthy that the three
*
,,®
favorable balances this year were in the period May
^
1
to August.
The August result was only partly
,
,
.
,,.
,
mi
.
.
.
,,
x
,
..
.
j
.
r
j
br0Uft.f,b°"t ^ an lncreaae ln exports as cornPared
tbe P^ous months; principally it was
the result of considerably reduced imports.
Thus
.n„^nnn
•
x
a
x
xu
We f,ad the $27,,69o,000 exports in August the
™
J
f"7 T'f l ^ V ? '"
+707'00+° °f 'mp°r s next ta the
^
to dae" Jjl
Wf ® ^f'780'000 and
™P-°^ !nn°'
l
WaS
n
?-c^tl,000 and the latter $.80,920,000. Compariug this year's trade figures with the corresponding
lt 1S revealed that
?
increases
_
Government
,
Th
t
worn
ones 0
526 190 000
not onl
was
1
balance but the largest of
—3
i
actual, circulation
in
x
*
.
$38,071,000J0i.$4,284,339,000.
with the
i
thus fell 115,337,000 to $9,438,620,000.
t>
Federal
up
Foreign Trade in August
decline of $3,000 for
a
'
weekly period, but other cash
total
T-i
holdings of the 12 Banks
The first official
produced.
The inactive gold fund
Gold certificate
amounted to
July that indications
of 14,500,000 bales has in-
crop
1936, when the harvest was 12,399,000 bales, and
4,232,068 bales in 1935, when 10,638,000 bales were
Treasury is moving rapidly to the II 250 000,-
000 level.
the
States,
stocks in the week
reported at $31,000,000, making the
aggregate $12,765,000,000.
a
report, that
Aug. 1, placed it at 15,593,000 bales,
Ginnings up to Oct. 1 are reported at 8,259,445
running bales, which compares with 6,031,950 in
deposit account.
Gold continues to flow toward the United
13.05c.
was
of
fell, the foreign bank funds moved back into the
Federal Reserve
to
creased the estimate.
such instruments
on
The price has dropped almost
dent Roosevelt announced last
The funds previously
employed in desirable short
were
The spot price receded 28 points from the
Each succeeding government estimate since Presi-
reflection of
interesting
an
price to the lowest
The January option in the New
vertically since last July, when it
foreign bank deposits with the 12
market developments.
money
to rock the
was
previous day to 8.05c.
Federal Reserve Banks, occasioning lessened requirements.
In 1898 the yield
previous close to 7.51c., and recovered to 7.58c. at
plainly fell even more sharply
deposits of the member banks with the
the
achieved, but is
ever
York market dipped as low as 41 points from the
Deposits
with the member banks
than
any
the
A yield of this size
As may well be imagined, the effect of the forecast
in the markets
over
mean
223.1 pounds per acre, the highest on record,
Nothwithstanding the reduction of member bank
reserves
crop,
In only eight years since then has the yield exceeded
200 pounds to the acre.
$43,933,000 in foreign bank deposits.
excess
a
would
a crop
absolutely without comparison.
was
large
so
per acre must amount to
is not only higher than
but the
reserves,
for
reluctant to predict
incredible figure of 249.3 bales.
Normally this would
operate to increase member bank
were
that the
Member bank balances with
Reserve
It is little wonder that fore-
casters
remaining in cultivation, such
opera-
market operations
sharp fall of the Treasury's general account
a
balance
market
open
open
2277
the government figure.
tendency, but
large expansion is to be offset, according to the
any
did
will be im-
currency
reflection of the business
as a
Chronicle
over
last
-n eacj1 succegsive
percentage
in exports have been larger
year
month, reaching 55% in August.
THEditions,
cotton issued
crop forecast,
based on Oct. 1 con- export,
The import
gain has generally beenconsistent
greater than
the
yesterday by the Department
but has not shown
trend
a
of
Agriculture, places this year's
bales,
figure exceeded only
a
forecast
a
month
earlier
crop
once
placed
at 17,573,000
in history.
the
crop
The
at
16,-
098,000 bales, and the Oct. 1 report, therefore,
vises
the
bales.
figure upward by
An
increase in
the
no
re-
less than 1,475,000
estimate had been
gen-
upward; in August imports were only 27% greater
than in 1936.
In the first eight months of 1937 both exports
and imports have been
figures
exports
for the
were
same
$2,082,433,000
erally anticipated, for the ideal weather conditions
356,000, leaving
prevailing during September, which kept boll weevil
import side; last
activities at
But
an
where.
a
minimum,
increase of such
The
nearest
a
were
size
a
was
secret to
a
no
one.
surprise every-
private forecast
was
325,000
bales lower than the
government's, and the
average
of such forecasts
about
was
800,000 bales lower than
just about 33%
period
a
balance
year
of 1936.
and
over
This
imports
of $111,923,000
exports
were
$2,194,on
the
$1,514,326,000
and imports $1,552,638,000, and the import
was
the
year
excess
$38,312,000.
Principally responsible for the increase in exports
in the
fir^t eight months of the year over that period
of 1936 were the larger shipments of metals and
Financial
2278
vehicles, and petro-
manufactures, machinery and
leum and its
Grains and cotton were also
products.
shipped in larger quantities.
rebounded
August
245,194
to
Cotton shipments in
bales, worth $15,-
903,056, from the extraordinarily small figure of
July, when only 148,675 bales, valued at $9,356,451,
exported; exports in August, 1936, were 175,593
were
bales, valued at $10,788,090.
imports of the difthe eight months'
Examining the increases in
merchandise in
of
items
ferent
period reveals a striking increase in corn imports,
amounted
which
$51,194,000 in 1937 and only
to
This unusual gain is, of course,
$3,264,000 in 1936.
the 1936
attributable to the failure of
corn
crop,
Oct.
Chronicle
9, 1937
of the week. Railroad shares were in mild demand
at times, since a general expectation exists that wage
increases will be offset at least in good part by
advances of freight and/or passenger rates. Resistance points were encountered at times in some
groups, and small waves of buying sometimes gave
the market an encouraging appearance. But the
rallies never held, and for the week as a whole large
losses were almost universal,
In the listed bond market trends were diverse,
High-grade issues of the United States Government
and the leading utility, railroad and industrial en-
terprises of the country were steady throughout,
fair profusion, with
New issues were announced in
which, due to the drought, wras a billion bushels
receptions usually quite good and in some instances
Other items which showed large
excellent. Bonds with a speculative tinge, however,
followed the stock section to lower levels. In the
below
average.
increases were crude
rubber, raw wool, non-ferrous
imports of $105,013,060 in August, although
foreign dollar bond division, sharp declines were
occasioned in Japanese and Italian bonds by the
ordinary standard, are actually the
date. In July imports of the
amounted to $175,624,000, and in August,
declaration of Mr. Roosevelt. Commodity markets
were nervous and irregular, and the movements
added to the stock market unsettlement. The gen-
Exports of gold of $169,000 com-
eral trend of commodities was downward, with base
metals sharply affected. Foreign exchanges were
under the careful control of the several stabilization
metals, oilseeds, and wood and paper products.
Gold
large by
any
smallest of the year to
metal
1936, $67,524,000.
pare
1936.
with $206,000 in July and $32,000 in August,
Silver imports of $4,964,000 compare with
$4,476,000 in July and $16,637,000 in August, 1936.
Silver
exports were $278,000 in August.
/
r i
,
.
The New York Stock Market
yj
and equalization funds, with gold still arriving in
New York in large amounts as the obvious reflec-
real situation.
ti°n
^ew
Qn
York
Stock
Exchange
one
stock
IN A SERIES
of nervous
sessions,
stock
prices
touched
a new new
highlow
levellevels.
for theOn year
whileYork
443
again turned
downward
at New
York,
this
stocks touched
the New
once
week, with fresh lows by the hundreds reported for
The markets were thin at all times, and
the year.
occasional bursts
the
of liquidation forced
levels
drastically lower at times on the New York Stock
Foreign selling of American stocks was
Exchange.
an
important factor, owing chiefly to the vulnera-
bility of
newly-proclaimed tendency of the
Administration
Roosevelt
affairs
proved
even more
created
was
nervousness
The foreign political
market.
own
our
situation and the
in
meddle
to
Exceptional
significant.
in
the
external
stock
market
on
substantial proportions took place on Wednesday
All sections of the market were
after a lower opening, and many favorite issues ad-
the bud and the
tinued
zigzag movements occasioned ever
Commodity price declines and con-
regarding foreign exchange de-
nervousness
The question
posed constantly whether the stock recessions
signify
general decline of business, but to that
a
problem
Steel
but
In
usually were nipped in
velopments added to the uncertainty.
was
definite
a
answer
cannot yet be given,
operations fell sharply this week, it is true,
is
this
model
apparently due largely to automobile
changes.
Other indices fail to reflect any
comparable recession.
Trading
was on a
small scale as the week started,
but the turnover exceeded the
dealings
on
again thereafter.
affected
by the declining trend.
fered rather
setback
in
mid-week
upon a
65,195 shares;
1,500,000-mark in the
prices broke 1 to 8 points in that session.
other sessions mild rallied
lower levels.
On the New York Curb Ex-
change the sales last Saturday were
Tuesday and Wednesday, only to drop
nations, and for a
Share
against war-like
"quarantine" of such countries.
efforts"
"concerted
for
day, 1,152,500 shares.
Monday, 129,350 shares; on Tuesday, 373,100
shares; on Wednesday, 346,195 shares; on Thursday,
205,285 shares, and on Friday, 214,620 shares.
The general trend of the stock market this week
was mostly toward lower levels.
Aimless movements characterized trading in the short session on
Saturday last and prices at the close were generally
firm. On Monday little activity was present in the
market, and what gains were recorded occurred at
the beginning of the trading period. Pressure of a
sort was applied in the afternoon session, and prices
as a consequence turned lower. Profit-taking came
to the fore on Tuesday, and values, as a result,
turned from two to eight points lower, and in some
instances 15 points for the day. Early weakness in
stocks abroad, coupled with waning strength in the
foreign metal markets, and commodities in general,
were the chief factors in the decline.
Recovery of
Tuesday when Mr. Roosevelt called in his Chicago
speech
Curb Exchange no stocks touched new high levels
and 261 stocks touched new low levels. Call loans
on the New York Stock Exchange remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 285,220
shares; on Monday they were 631,500 shares; on
Tuesday, 1,683,420 shares; on Wednesday, 1,784,910
shares; on Thursday, 1,191,320 shares, and on Fri-
more
than
Steel stocks suf-
others, however, owing to the
operations.
There
were rumors
in the
period that Mr. Roosevelt might insist
vast rearmament program, and such surmises
aided the steel stocks for
a
while.
But
new
pressure
developed and forced prices lower toward the end
on
vanced from 1 to 3 points.
Irregularity in trading
developed on Thursday, and prices opened for the
most part lower.
In the second hour a smart rally
ensued and was later throttled by hesitant trading
up
to
the final hour, when
cumbed to further liquidation.
were
again the rule.
stocks quickly sucYesterday declines
As compared with the close on
I
Volume
Friday
Financial
145
week
a
nitely lower.
stocks yesterday closed defi¬
ago,
General Electric closed yesterday at
freight for the week to Oct. 2 totaled 847,245 cars,
the best
^1% against 4434 on Friday of last week; Consoli¬
sented
dated
and
Edison Co. of N. Y. at
lumbia Gas & Elec. at
ice of N. J. at 37
Machine at 122
at
28% against 30; Co¬
9% against 9%) Public Serv¬
75%;
figure in
of
seven years.
gain of 6,799
a
27,648
the previous week
corresponding week
the
over
cars
These loadings repre¬
cars over
last year.
against 38; J. I. Case Threshing
As
indicating the
course
against 130; International Harvester
kets,
the December
option for wheat in Chicago
86% against 93%; Sears, Roebuck & Co. at 71%
against
2279
Chronicle
Montgomery
Ward
&
Co.
at
43%
closed
close
of the commodity mar¬
yesterday at 99%c.
against 107%c. the
as
Friday of last week.
on
December
against 48%; Wool worth at 40% against 42%, and
Chicago closed yesterday at 59%c.
American
the close
Tel. & Tel. at 157
Union closed
of last
against 162.
yesterday at 31 against 33%
Western
on
Friday
week; Allied Chemical & Dye at 185 ex-div.
against 194 bid; E. I. du Pont de Nemours at 135
against 144%; National Cash Register at 22 against
25%;
at 48% against 51%;
International Nickel
National
Dairy Products at 16% against 17%; Na¬
Biscuit at 22
tional
against 22%; Texas Gulf Sul¬
phur at 31% against 33%; Continental Can at 51%
against 53%
Standard
;
house Elec. &
at 18
Eastman Kodak at 164 against 175;
Brands
at
Chicago closed yesterday at 29%c.
the close
The
against 19%; U. S. Industrial Alcohol at 23
13c. the close
present week.
at
losses
the
United States Steel closed yesterday
70% against 81% on Friday of last week; Inland
at 82
Steel
against 89%; Bethlehem Steel at 60%
against 69%, and Youngstown Sheet & Tube at 49%
price of bar silver yesterday
closed
last
was
20
pence per ounce
yesterday at 44%c.,vthe close on Friday of
as
of
matter
the
transfers
on
the
foreign
London closed
exchanges,
cable
yesterday at $4.95 7/16
against $4.95% the close 011 Friday of last week,
cable transfers
and
3.30%c.
Paris closed
on
yesterday at
against 3.34%c. the close on Friday of
as
last week.
*
In the motor group, Auburn Auto
*
»
*
•'
v'
European Stock Markets
yesterday at 12 against 13% on Friday of
week; General Motors at 45% against 49%;
against 19 13/16
Friday of last week, and spot silver in New York
on
<
against 57%.
closed
copper
Friday of last week.
pence per ounce as
In
substantial
on
In London the
25% against 27.
suffered
Domestic
yesterday at a dual price of 12c. to 13c. as against
last week.
stocks
against 17.68c. the close
as
Friday of last week.
ley Distillers at 33% against 37%, and National
steel
The spot price for rubber
yesterday was 16.68c.
closed
The
against 30%c.
against 8.55c. the close on
as
of last week.
against 25%; Canada Dry at 14 against 16%; §chenDistillers at
as
spot price for cotton here in New York closed
Friday
10% against 10%; Westing-
Mfg. at 110 against 117%; Lorillard
at
Friday of last week.
on
yesterday at 8.05c.
on
corn
against 63%c.
December oats at
Friday of last week.
on
as
Chrysler at 84% against 91%, and Hupp Motors at
IRREGULAR
tendencies
noted
this week
on
exchanges
in the wrere
leading
European
finan¬
3
cial
against 3%.
In the rubber group, Goodyear Tire
& Rubber closed
yesterday at 26% against 30% on
,vFriday of last week; United States Rubber at 34%
stock
The
centers.
levels at
main
trend
and the net recessions thus
The railroad shares likewise show material declines
portions.
this
don traders
week.
Pennsylvania RR. closed yesterday at
on
Friday of last week; Atchison
Topeka & Santa Fe at 50% against 57; New York
23% against 27%; Union Pacific at 98%
Central at
was
Standard
Oil
of
N.
J.
closed
yesterday
at
53%
throughout the world.
sive evidence
assumed
Oil at
Bourse
18% against 20%, and Atlantic Refining at
In the copper group, Anaconda
franc,
on
a
affected
Trade indices remain
variable, with
some
moving
highest figures of the year while others reflect
Steel operations for the
sharp declines in activity.
week
ending today were estimated by the American
Iron
and
the lowest
Steel Institute at 66.1%
figure since April, 1936.
of capacity,
The rate
or
was a
drop of 8.3 points from the 74.4% level of last week,
and
level
it compares even more
of the
duction
was
poorly with the 75.3%
corresponding week of last year.
of electric
power
Pro¬
for the week to Oct. 2
reported by the Edison
Electric Institute at
2,275,724,000 kilowatt hours, against 2,265,748,000
in the
lar
preceding week and 2,157,278,000 in the simi¬
week
of
last
year.
Car loadings of revenue
the
never
Paris
to the
The Berlin market was not much
by developments elsewhere.
In the political
sphere a high degree of unsettlement was
which exercised an adverse effect on
against 32%.
to
On
good deal of uncertainty existed as
temps Cabinet.
against 69%, and Phelps Dodge at 31%
liquidation
proportions.
despite the reassuring moves of the Chau-
Friday of last week; American Smelting & Refining
61%
decided business
It was also realized,
this score, and the
impressive
Copper closed yesterday at 34% against 39% on
at
a
necessarily would have its repercus¬
however, that the stock decline is far from conclu¬
against 56% on Friday of last week; Shell Union
22% against 23%.
York, where
The long decline
began to impress London inter¬
possible forecast of
a
as
sions
Among the oil stocks,
the situation in New
in American stocks
ests
Southern
16% against 20.
held to small pro¬
fresh declines occurred at times.
recession which
Railway at 16 against 19, and Northern
were
Clearly uppermost in the minds of Lon¬
against 105; Southern Pacific at 27 against 31%;
Pacific at
lower
sharp declines were offset in part by smart rallies
against 40, and B. F. Goodrich at 23% against 26%.
25% against 29%
toward
was
London, Paris and Berlin, but occasional
evident,
stocks.
Both
Spanish and Far Eastern conflicts are produc¬
the
ing repercussions of a most disturbing order,
Trading
on
which
investing community.
leads to caution in the
the London Stock Exchange was of
small
proportions as the dealings started on Mon¬
day.
Gilt-edged issues were in quiet demand, and
small
advances also were
trial securities.
moved
at
a
New
little higher
York.
sharply on
registered in most indus¬
Anglo-American trading favorites
in anticipation of a good trend
The
trend
was
reversed
rather
Tuesday, largely owing to New York
reports of the sharp fall in steel operations and the
drop
issues
in the American
reflected
a
little
stock market.
investment
Gilt-edged
demand,
but
Financial
2280
commodity
issues
The for¬
without exception.
almost
lower
and
stocks
industrial
British
drifted
Another bad ses¬
reported Wednesday, with gilt-edged securi¬
eign section showed large losses.
sion
was
ties
the
only steady
Gold mining stocks
group.
proved resistant, but British industrial issues re¬
sharply and large losses again appeared in
ceded
quotations for Anglo-American favorites.
improved
Thursday, owing in part to rumors that
on
the Roosevelt Administration
armament
$2,000,000,000
higher
showed large gains.
International
The trend
was re¬
Gilt-edged issues were slightly
lower,
while larger losses appeared in industrial
Paris Bourse a
in
Monday,
the
a
suggested, and liquidation by speculators forced
affected
fered
Rentes and French equities were
alike, and foreign securities likewise suf¬
day, recovery followed on the Bourse, and in most
initial
the
cases
Rentes
were
were
offset.
than
more
irregularly lower for the day, but there
gains
numerous
were
losses
French and foreign
among
An active and buoyant session followed,
equities.
and for undeclared
actively engages in the search for peace.
gravest possible questions regarding
gram
the future pro¬
of the Roosevelt regime in the highly delicate
The statements, moreover, were made
intervention in Spain.
In these circum¬
aroused the
greatest interest
the
stances
speech
throughout the world, and a universal demand arose
for
further and clearer elucidation of American
policy.
The discourse
by the President on foreign affairs
major address of his Western tour, and
the last
was
began by contrasting our peace with the very
he
different
being enacted in some other parts
scenes
The world
of the world.
political situation has been
growing progressively worse, Mr. Roosevelt said, and
high hopes of peace raised by the
the
anti-war
encouraged the belief that the United States
by joint efforts sought to dissuade Italy
and France
from fresh
velt
Kellogg-Briand
"The present reign
pact have been blasted.
might end its isolation and join in the maintenance
of terror and international lawlessness
of
years
political
European
status
Rentes
quo.
showed
large gains, and some of the advances in
French
equities
ties
Foreign securi¬
sensational.
were
dipped because of the discouraging reports of
The
trends elsewhere.
opening
was
good on Thurs¬
day, but profit-taking soon developed and small re¬
cessions
issues
International
at the end.
common
were
joined in the general downward movement.
Rentes
French
and
equities
higher
marked
were
yesterday, but international issues receded.
Dealings
Monday, with the tone soft.
lated
Rumors
circu¬
were
regarding closing of exchanges elsewhere, and
these caused
liquidation
basis in fact.
Some
though they had
even
favorable
no
earnings reports of
nations
tion of
the
disregarded and levels
condition of law,
cluding
occasioned
In
a
were
A
very
the
few
by the
regained
rumor
dull market,
on
rule, but they
small
equally
were
increases
and children, are being ruthlessly
without
submarines
and
fomenting
To
air.
In times of so-
ships are being attacked and sunk by
have
that
or
cause
sides
taking
notice.
in
them
done
never
civil
Nations
are
warfare in
harm.
any
claiming freedom for themselves deny it to
these
comments
Roosevelt added
Mr.
a
dire
dispelled.
warning that civilization itself may end unless the
Wednesday, small losses
peace-loving nations make a concerted effort to up¬
mongers
were
of
throughout the world caused
no
were
great moment.
scattered
were
recessions.
modest
order and justice are being wiped
justification of any kind, civilians, in¬
or
women
called peace,
the apprehensions
as
traditions which
of civilization toward a
murdered with bombs from the
others."
Initial declines
Tuesday
viola¬
Without a declaration of war and without
away.
small, despite considerable churning of the market.
on
The landmarks and
have marked the progress
Nations
Net changes
few
foundations of civilization are seriously
very
threatened.
nations
were
the invasion of alien territory in
or
were
concerns
lowered in all groups.
a
treaties, and has now reached a stage where
were
large
began
"It began through un¬
justified interference in the internal affairs of other
ago," he continued.
warning
the Berlin Boerse were quite small
on
Although
clear-cut, such references introduce the
from
far
Wednesday, largely because the speech by Mr. Roose¬
the
wars.
hostilities, the President declared that America
nal
After an uncertain opening, Tues¬
heavily.
aggression
aggression on the Asian mainland, and as England
markets had been overdiscounted, it
general decline.
of
acts
But
breath he referred obliquely to
"quarantining" the nations responsible
the need for
for
He pledged
peace.
from the overdone
Sensible decisions of
Chautemps Government as to the budget and
was
almost in the same
policy of
just as the League of Nations condemned Japan for
preceding week.
free exchange
international lawlessness.
the United States anew to a
sharp decline developed
reaction
obvious
rallies of the
Spain, Mr. Roosevelt deplored the present reign of
terror and
foreign field.
foreign securities.
the
equally obvious reference to foreign intervention in
engulf peoples far removed from the scene of origi¬
yesterday.
On
being waged by Japan against China, and with
Gilt-edged
program.
versed
and
With clear reference to the undeclared
ministration.
war
Warning that war is a contagion that readily might
rather widespread demand.
on
securities
1937
expects to propose a
steady, while home industrials moved
held
issues
The tone
Oct. 9,
Chronicle
among
Political
nervousness on
the
tension
Thurs¬
hold law
rest
lie
and
secure.
principles
Such
a
on
which alone peace can
concerted effort must be made,
said, "in opposition to those violations of treaties
and those
ignorings of humane instincts which today
day, and small fractional losses were reported at
are
Berlin.
instability from which there is no escape through
Fixed-interest issues
again declined
to three
on
were
steady.
Prices
the Boerse yesterday, with losses
points recorded.
creating
mere
a
isolation
freedom and
state of international anarchy and
or
neutrality."
to be free and live in peace
Foreign Policy
EXERCISING
to the full
his penchant for "sur¬
prise" declarations,
President Roosevelt deliv¬
ered in
Chicago,
on
startling questions
as
Tuesday,
a
speech that raises
to the foreign policy of the Ad¬
the
must work together for
triumph of law and moral principle, and "there
must be
a
return to a belief in the
the value of
and
is
Those who cherish
recognize the right of their neighbors
a
signed treaty."
pledged word, in
The
peace,
freedom
security of 90% of the population of the world
being
jeopardized
by
the
remaining 10,
who
Volume
threaten
Financial
145
breakdown of all international law
a
and
Not only treaties,
order, Mr. Roosevelt maintained.
and
involved, he held. "It is true that the
problems of world economy, security
but also
humanity
are
moral consciousness of the world must
recognize the
importance of removing injustices and
well-founded
treaties, without distinguishing which
the
quite positive answer to Mr. Roosevelt,
end
to
to be
of international
acts
Japan and China
'T'HE undeclared war that Japan is waging with
1 . relentless fury against China finally has occasioned an exceedingly delicate international situation. It is a situation that may possibly result in
a decided change of American policy, for the speech
delivered by President Roosevelt in Chicago, and a
statement issued by the State Department in Washington, Wednesday, suggest that the Administration
may try to terminate our isolation and our firm
adherence to peace. The League of Nations Assembly at Geneva, acting at the apparent insistence of
the British Government, moved early in the week
for a meeting of signatories of the Nine-Power pact.
The general impression is that Mr. Roosevelt's
of respecting
rights and liberties of others, and of
aggression.
putting an
It seems
epidemic of world
When an epidemic of
unfortunately true that the
is
lawlessness
spreading.
physical disease starts to spread, the
community
the patients
in order to protect the health of the community
against the spread of the disease." Concluding his
comments, the President said there must be positive
endeavors to preserve peace, and he assured the
and joins in a quarantine of
approves
world that "America
for
actively engages in the search
peace."
Such
call
clarion
a
United States
from
the President of the
naturally acted electrically on
chancelleries and on opinion at
country it was surmised
In this
the
smelly foreign herring was
Roosevelt
across
speech prompted a stronger attitude than Geneva
had expected to take. The State Department on
foreign
home and abroad,
Wednesday associated itself plainly with the League
action. "In the light of the unfolding developments
in the Far East," the statement said, "the Government of the United States has been forced to the
quite generally that
being drawn by Mr.
Black
the trail of the unsavory
Despite the generalized nature of the com-
incident.
treaties con-
form to international morality and which do not,"
the publication added. In Italy the Presidential
pronouncement was followed by indications of increased aid to the Spanish insurgents, which is a
grievances," the President continued. "But at the
same time it must be aroused to the cardinal necessity of honoring sanctity of treaties,
2281
Chronicle
conclusion that the action of Japan in China is
inconsistent with the principles which should govern
made everywhere as to what the President actually
the relationships between nations and is contrary
expects or intends to accomplish.
That the sentito the provisions of the Nine-Power Treaty of 1922,
ment of the country is decidedly in favor of peace
regarding principles and policies to be followed in
and against any entanglement in foreign difficulties
matters concerning China, and to those of the Kelis sufficiently obvious.
Mr. Roosevelt appeared to
logg-Briand Pact of 1928. Thus the conclusions of
recognize this in some portions of his address, but
this government with respect to the foregoing are
in others he called for collaboration of peace-loving
in general accord with those of the Assembly of the
nations and a full explanation of such comments is
League of Nations."
necessary.
In view of these moves there is every likelihood of
Extraordinary interest was taken in the speech in
an early meeting of most of the Powers signatory to
foreign countries, and in League of Nations circles,
the Nine-Power accord. The State Department
Officials of the British and French Foreign Offices
hinted strongly, Thursday, that such a meeting
maintained silence on the matter.
In the British
would be welcomed, and in foreign capitals a move
press the reaction was diverse, with the London
appeared to be gathering strength for the parley to
"Times" expressing the sensible caution that Mr.
be held in Washington. But the Japanese GovernRoosevelt was defining an attitude and not a proment indicated promptly and vigorously, through its
gram, while some journals hailed the speech as a
Foreign Office spokesmen, that Japan not only
return to League of Nations ideas.
In the French
would refuse to attend such a meeting, but also
press the hope that the United States was abandonwould not be swerved an inch from its chosen course
ing its isolation was father to the thought, which
in China. It is now clear that some statement is
appeared in many publications.
The convenient due the people of the United States as to what useful
"spokesman" of the Japanese Foreign Office depurpose might conceivably be served by a meeting
clared in Tokio, Wednesday, that to the "have-not"
of the Nine-Power treaty countries, and by the decnations things look a little different than to the
larations of President Roosevelt and the State
ments, it was realized
in
that they would echo long
countries, and anxious inquiries were
foreign
.
A few biting
"haves."
comments were made by the
exclude Japanese from
countries, and about the complacency of
spokesman about laws that
other
with "amassed fortunes."
Urbane assurgiven that Japan has no intention of
groups
were
ances
relinquishing
ment"
on
her
eign Office used its
warn
program
of "peaceful develop-
the Asian Continent.
The German For-
official journal, Wednesday, to
Mr. Roosevelt of the
"shipwreck" of his prede-
President Wilson, in the attempt to reform
international relationships.
Mr. Wilson's authority
cessor,
failed
to
principles
litische
talked
make
he
even
partially effective the peace
proclaimed,
the
Korrespondenz remarked.
in
Diplomatisch-Po"Mr. Roosevelt
general terms about the sacredness of
Department.
Fortified in advance with a copy of the speech
delivered in Chicago, the British Government moved in Geneva, Tuesday, for invocation of the Nine-Power pact. The suggestion that
the meeting be called was made before the Far Eastera Advisory Committee of the League.
The committee promptly produced on Wednesday a resolution condemning Japan as an invader and a treatybreaker, and expressing "moral" support for China,
In a Geneva dispatch to the New York "Times," the
procedure adopted at Geneva is discussed in a revealing manner. "After the President's Chicago speech
became known to the committee, six hours in advance of the delivery, the British, who had been balkwhich Mr. Roosevelt
2282
Financial
ing at giving China
and
around
than moral support, swung
more
urged the insertion of the two
mendations
in
the
resolution,"
League members who
this
recom¬
pact were authorized by the resolution to invite the
United
States and other interested Powers to initi¬
ate consultations under the accord.
this
of events
course
is
it
In the
light of
plain that the United
States Government must be regarded as the
for
mover
Nine-Power treaty
a
primary
consultation, and
corresponding degree of responsibility for the
tualities must be
Administration.
The
League Assembly adopted the
On the
forthwith.
advances
at
existence of that port, but the Chi¬
stubbornly and brought
assault made by the invaders.
every
Japanese raids
to break
even
Some daring
were
On
dislodge the
dropped in great profusion
the
on
Thursday the Chinese actually took
the offensive and started
back.
to
though airplane bombs and naval artil¬
defenders.
a
drive to push the invad¬
In the northern areas of
invaders made progress.
nese
nothing
made at great cost in the effort
were
lery shells
ers
to
through the Chinese lines and shatter the
defense, but such movements failed
Chinese,
modest
were
Japanese continued to promise great
Shanghai and an early ending of the
resisted
nese
China, changes
The
threat to the very
China, the Japa¬
Huge armies
are mov¬
ing slowly through Shansi and Shantung Provinces,
it
and
they
appears
meeting little resistance
are
from
regular Chinese troops.
ment
finally sent
to
meet the
The Nanking Govern¬
of its crack forces northward
some
There
menace.
are
indications,
mean¬
while, that Japan is beginning seriously to feel the
economic strain of
beyond the time
Tokio
military
large-scale war, continued far
a
confidently anticipated by the
so
enthusiasts.
Orders
issued
were
Monday whereunder the importation of 300 items
is
either
prohibited
restricted
or
to
fx
indications
showdown
the
this
on
the
week
early
an
war,
Anglo-French
but it remains to be
for real
pressure
neu¬
on the Iberian peninsula will prove effective.
joint note to the Italian Government, Great
a
Britain
Power
tained
and
and
France late last week
conference
a
Spain.
urged
loyalist Spain will be reopened if
tion in the
The note recalled
con¬
Italy's participa¬
Nyon anti-piracy agreement, and it
Spain impedes
remains
a
toward
any move
pean appeasement.
teers"
three-
solution
no
remarked further that the
present state
in
a
This document
strong hint that the border between France
be reached.
can
on
was
of affairs
general
Euro¬
The presence of foreign "volun¬
danger to
peace,
and it
gested that genuine neutrality might
was
more
sug¬
readily
be achieved
if
the
reached
the
by the London non-intervention group
British, French and Italian Governments
a
prior agreement.
Other matters, such
granting of belligerent rights to the
as
Spanish
contestants, might be settled if real non-intervention
first
were
patches
realized,
the
state that the
expected by the British and
was
Governments, and in
made.
But it
early reply
one sense an
grim
was a
response
that the two
governments could hardly have found very welcome.
Italian circles desclosed
tion
Tuesday that fresh avia¬
on
contingents, led by Bruno Mussolini,
Italian
order
to
crack
augment the forces fighting in behalf of
Franco
and
his
insurgents.
the latest Italian
the
was
expeditionary force, and when the
made in Rome it also
flyers already had
intimated
was
in
engaged
development occasioned profound
grave
the two democratic
issued
was
note
note
argued.
was
countries, and
airplane
receiving
posal for
a
This
concern
in
joint statement
a
Wednesday, to the effect that Great
Britain and France
of
A
squadron of 23 bombing airplanes comprised
disclosure
that
of the
son
dictator, had been dispatched to Spain in
General Francisco
an
agreed
were
the desirability
on
early reply from Italy to their
conference.
pro¬
The Italian note finally was
completed Thursday, and Rome reports suggest that
it contained
in any
tire
counter-proposals for German inclusion
such parley and for consideration of the
en¬
question by the London non-intervention group,
rather than
by
few Powers.
a
The communication
emphasizes again, it is reported, that Germany and
Italy
called
for
the
withdrawal
of
all
foreign
soldiers from
Spain early in the
war.
the situation
further is
from Russia to
note
a
London non-interventionist
lition of the one-sided
sumption of
arms
Complicating
the
nations, demanding abo¬
non-intervention and the
shipments to loyalist Spain.
re¬
At
Geneva, last Saturday, the League of Nations As¬
sembly voted 32 to 2 to adopt
resolution threat¬
a
ening to end neutrality, unless all foreign volun¬
teers
the
were
withdrawn.
Portugal and Albania cast
negative votes which prevented the necessary
unanimity for
a
resolution
of
this
nature
be
to
effective.
The
Gijon
pointed to
trality
In
London and
military situation within Spain
this
altered
week.
The
was
not
ma¬
insurgents
con¬
tinued their strenuous efforts in the north to take
question of foreign interven¬
Spanish civil
whether
seen
early reply
terially
Intervention in Spain
tion in
An
small
very
figures.
ALL
1937
representatives.
French
was
representations by the
9,
bombings of Valencia, the loyalist capital.
fronts in
war
this week.
Wednes¬
on
State Department allied itself with the
our
declaration
even¬
placed at the door of the Roosevelt
resolution of its Far Eastern Committee
day, and
a
Oct.
strong verbal
Paris
said.
report
parties to the Nine-Power
are
Chronicle
Rome
dis¬
accompanied by
and
thus
complete
their occupation of the
strip along the Bay of Biscay for which they have
been
fighting in recent months.
held
up
their advance, and
said
to
exist
as
to
But heavy rains
some
question
likelihood
the
of
the
now
is
fall
of
Gijon before wintry -weather halts operations.
tary experts believe that
would
the
of
a
quickly follow the fall of Gijon, with Madrid
probable objective.
But there is also
loyalist activity, especially
the
around
area
insurgents
were
at great cost
Saturday
Premier
war.
The loyalist regime
Juan
Negrin.
seems
are
reported from time to time.
an
Monday stated that
a
generally effective,
unfortunate character still
London dispatches
submarine had fired
pedo at the British destroyer Basilisk.
missed its mark, but
may
pools formed
the Cortes
The anti-piracy control
to be
some
incidents of
as
unanimous vote of confidence
but
dropped
good deal
On these fronts the
territory it controls,
gave a
in the Mediterranean
of
a
Madrid and in
again to have the backing of all ele¬
ments within the
to
Saragossa.
near
forced to relinquish territory gained
earlier in the
appears once
last
Mili¬
broad insurgent offensive
tor¬
depth bombs which the vessel
have destroyed the submersible,
on
a
The torpedo
the surface.
as
oil
Volume
Financial
145
last
France
EADERS of theSaturday
Left Frontthat
Cabinetlong-delayed
in France indi¬
at¬
cated
last
a
who in turn
gas,
tempt is to be made to solve the French economic
voted
welcome
and if it is actually extended to all
one,
intended
early revolution.
1928.
But
the
question still exists
a
franc in
stabilized the
Poincare
as
to the extent of
change, for the Left Front remains in control
despite the modest turn to the Right.
Sharp and
steady recessions of the franc in the
foreign ex¬
change market plainly occasioned the latest review
of French
which
for about three years.
capitalists, in turn, to the sit-down strikes
and the official program
expense
on
difficulty in tracing the apprehensions
no
of French
going
capital
of French
exportation
heavy
has been
now
There is
The pressure merely reflected, of
policy.
the
course,
of conciliating labor at the
These matters, together with the
of capital.
budgetary situation, occupied the Cabinet of Pre¬
mier Camille
Chautemps in a number of recent ses¬
sions.
Premier
The
and
Finance
his
Minister,
Georges Bonnet, were reported last week as pressing
of the enactments for
modifications
for
other
week and
favors to the labor element.
weakness of the franc hastened such
and at the close of
a
40-hour
a
a
The
deliberations,
Cabinet session last Saturday,
tails
in
its
reasons
balanced, the statement maintained, but arrange¬
ments
previously were made to care for October debt
military dictatorship was connected directly with
Presidential elections
economic
and
financial
the
just about
the other
was re¬
vealed, the government has ordered an inquiry, with
putting the findings into prompt effect.
The weakness of the franc was attributed rather to
psychological and political than to economic factors.
Rumors that the
affected
stability of the Ministry might be
declared
elections
Cantonal
were
held
poorly
based, and it was indicated that every effort would
be made to insure
labor-capital collaboration in the
of production.
organization
The question of
American politics
of Latin
doubtless is justified.
for alarm
detain
to
ernment
On
citizen resulted from the State of War
This form
little less than two years ago.
a
of modified martial law in Brazil
and
enables the gov¬
punish agitators and sus¬
civil em¬
pects, and exercise a rigid control over
Misuse of such powers would lay the gov¬
ployees.
ernment
election
to serious charges, especially in an
open
This
campaign.
very
circumstance affords
ground for the hope that there will be no unfor¬
happenings or any real interference with the
tunate
normally free progress of the campaign.
Foreign Central Banks
THERE
have been
the week
in
the discount
ratesnoofchanges
of during
the foreign
central
any
Present rates at the leading centers are
banks.
shown
which follows:
in the table
CENTRAL BANKS
DISCOUNT RATES OF FOREIGN
Date
vious
Established
Rate
Effect
Oct. 8
Pre¬
Rate in
Pre¬
Rate in
Country
Effect
Date
vious
Oct. 8
Established
Rate
Holland
2
Dec.
2 1936
2H
July
4~
Hungary
4
Aug. 28 1935
4H
July
4H
India
3
Nov. 29 1935
3H
2«
Ireland
3
June 30 1932
7
Italy
4H
May
18 1936
3.29
Apr.
6 1936
Jan.
14 1937
Feb.
1 1935
6H
July
1 1936
6
1 1936
Argentina..
3H
Mar.
Austria
3H
Batavia
4
2
10 1935
1 1935
May 15 1935
6
Aug. 15 1935
Canada
2H
Mar. 11
Chile
4
Jan.
24 1935
4
July
18 1933
5
Jugoslavia
Lithuania..
5M
3
Jan.
1 1936
3H
Morocco
6H
May 28 1938'
5
Norway
4
Dec.
3H
Poland
5
Oct.
5 1936
25 1933
Belgium
...
Bulgaria...
Colombia
.
.
Japan
1935
4M
Czechoslo¬
vakia..
Danzig
Denmark
_
.
4
Jan.
2 1937
4
Oct.
19 1936
30 1932
2H
3
Java
_
June
5
Sept. 25 1934
5H
Rumania
Finland
4
Dec.
4 1934
4H
South Africa
3H
4
Sept. 30 1932
6
Jan.
Greece
Sept.
ex¬
4 1937
♦
_
.
3H
5
3.65
4
4
3H
6
4H
Aug.
11 1937
4H
Dec.
7 1934
6
3H
May 15 1933
4
10 1935
5H
Spain
6
5
Sweden
2H
Dec.
1 1933
3
7
Switzerland
1H
Nov. 25 1936
2
4
2 1937
France
Germany..
5
4
Portugal
2
Estonia....
England
by
It
hand, little more than petty annoyance for
the average
sphere is remains
To that end, it
3, 1938.
will
the campaign, and in view of the
tendencies
reason
some
to reduce the deficit in the trade balance
by increasing production.
the aim of
cover
traditional
Country
necessary
be held Jan.
to
happens, of course, that the new State of War
maturities without recourse to the Bank of France.
In
The
plotting.
under debate, that the demand for a
the steps were
Discount Rates of
Not only has the budget been
the franc.
on
to be available as to such
seem
exist, the Cabinet maintained
communication, to justify the "speculative"
attack
government in an
Unfortunately, only meager de¬
minority groups in the Congress pointed out, when
reassuring official statement was issued.
No technical
heads declared
army
the
overthrow
to
be that
Raymond
The
they had evidence of communist propaganda that
was
when
urged to take the measure by
of War.
State
a
aspects of the capital and labor question it may well
improvement impends on the scale witnessed
was
chiefs, the Congress at Rio de Janeiro readily
difficulties
This change is a
Act¬
Saturday, for the usual period of 90 days.
ing at the urgent request of President Getulio Var¬
army
by orthodox methods.
2283
Chronicle
July
Foreign Money Rates
change controls was carefully considered, it appears,
Cabinet
unanimous in rejecting any
and
the
such
expedient of constraint or autarchy.
was
Peaceful
political relations with other countries would re¬
main
the
keynote of
French
endeavors,
and the
promise was added that non-intervention would be
Modification of the
sought in the affairs of Spain.
40-hour week law was
of
stay-in strikes.
to
a
realization
social
promised, along with abolition
IN bills
LONDON
open market
discount
rates 9-16%
for short
Friday
9-16%
as against
on
bills
on
call at London
open
land
need
for public
9-16% for three months'
week. Money
against 9-16% on Friday of last
as
on
Friday
was
market rate remains at
at 1%.
All French citizens were called
of the
were
on
Friday of last week, and
H%.
At Paris the
3%% and in Switzer¬
Bank of England Statement
order and
discipline, and a resolution was adopted to
THE statement
week ended
Oct.circulation
6 showed
expansion for
of the
£3,363,000
in note
an
terminate the
In Paris dispatches it was suggested
foreigners."
that with the
the
extreme
"agitations and activities of certain
exception of French communists and
right, all elements in France are in¬
clined to support
this program.
Brazilian
Dictatorship
RENEWAL of been
the virtual
military
dictatorship
clamped
upon Brazil
from
which
time
to
has
time in
the
depression years was effected
which
was
partly offset by a gain of £35,581 in
gold
decreased £3,328,000. The
Bank's gold is at another new high of £328,103,721
compared with £249,751,113 a year ago. Public de¬
posits decreased £3,850,000 while other deposits rose
£6,634,226. The latter consists of bankers' accounts
holdings and so reserves
which
increased
which fell off
to
£7,008,213
£373,987.
The
and
other
reserve
accounts
ratio dropped
23.10% from 25.6% last week; a year ago it was
2284
Financial
39.30%.
Loans
Government
on
securities
£695,000 and other securities £4,775,119.
Chronicle
Oct.
The latter
Charges
Assets—
increased
The
tively.
2%.
Below
£4,646,797
and
discount rate
£128,322
remains
respec¬
unchanged
furnish the various items with
we
parisons for previous
at
com¬
Gold and bullion
Oct. 9,
7,
63,069,000
22,525,000
Reserve in foreign curr.
—170.000
5,737,000
5,583,000
Ills of exch. and checks
1930
1935
11,
1933
Advances
+589,000,000 5.256,000,000 4,656,991.000 4,143,362,000
838.111,000
743.511,000
773,929.000
+ 8,127,000
283.798,000
251,862.000
258,173,000
circul'n.l
to note
Circulation
491,833.000 450,842,095 402.115,807 379,5.50,625 372,423,999
Public deposits
17.954.000
24,751,071
35,990,661
18,630,485
10.685.898
Other deposits
138,935.409 125,133,807 113.674.238 144,464,942 155,548,745
Bankers' accounts. 102.130.521
84,192,276
75,078,275 107.598.133 111,327.243
+ 186,388,000
Propor. of gold & for'n
curr.
—0.19%
New York
Other accounts
36.804,888
40,941,591
Govt, securities
106,533.000
31.734.081
79,753,337
28,859.933
Dlsct. A advances.
Securities
Reserve notes & coin
Coin and bullion
Proportion of
10,837.347
38,595,903
85,494,999
29,407,319
17.018,947
11,848,372
9,290,887
19,509.040
58,909,018
36,860,80°
44,221.502
83.384.164
24,321,504
81,102,758
23,453,515
14,032.280
10,935,616
20,890,734
10,289,224
12.517.899
30,209,000
52,347.975
73.037,540
79.344.384
328,103,721 249,751,113 194,403.782 192,588.165 191,768,383
reserve
to liabilities
23.1%
39.30%
34.97%
2%
2%
2%
Bank rate
44.77%
2%
47.73%
2%
Bank of France Statement
1.44%
1.47%
2.42%
Money Market
--
Other securities
94,772,000
29,376,000
5,511.000
+827,399.000 5,590,538,000 4,925,703,000 4,183,471,000
—9.934.000
199,408,000
121,745.000
121,360,000
+22,161,000
52,478,000
58,683,000
73.090,000
+37.000
403.751,000
527,628.000
669,838,000
+23.259,000
786,066.000
573,514,000
644,580,000
Silver and other coin...
Liabilities—
Oct.
Reichsmarks
70.062,000
20,055,000
Notes In circulation
Oct. 10,
1934
Reichsmarks
No change
Other daily matur. obllg
Other liabilities
Oct.
Reichsmarks
+30,000
Of which depos. abr'd
Other assets
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Oct. 6,
1937
Reichsmarks
Investments
years:
Sept. 30, 1937 Sept. 30, 1936 Sept. 30, 1935
for Week
consists of "discounts and advances" and "securities"
which
9,
REICHSBANK'S COMPARATIVE STATEMENT
rose
THE money market remained dull andCommercial
unchanged
in the New York
loans tended
more
than
to
this week.
area
expand slightly, but this
offset
loans.
Reserve balances of member banks
and
no
occasion for any
The
Treasury sold last Monday
stringency
are
ample
be foreseen.
can
further issue of
a
$50,000,000 discount bills due in 273 days, with
THE
weekly in
statement
dated Sept.
showed an
expansion
note circulation
of 30
2,724,000,000
issue
francs, which brought the total
ers'
francs, the highest
in
recorded.
Circulation
a
aggregated 86,026,815,755 francs and two
ago
ago
ever
to 91,369,572,545
up
83,337,485,785 francs.
credit
French
francs
balances
abroad
commercial
and
bills
advances
in
Increases
of
years
also shown
were
1,000,000
discounted
year
francs,
of
in
of
The Bank's gold holdings showed
change, the total remaining at 55,805,022,113
francs, compared with 57,358,742,140 francs last
60.47%
a
Creditor
francs
ratio fell off to
reserve
year
ago
current
while
accounts
bills
50.91%,
and 74.79% the
bought
decreased
abroad
as
against
before.
year
1,242,000,000
and
temporary
advances to State remained
unchanged.
furnish the various items for three
years:
BANK OF FRANCE'S COMPARATIVE
rates
were
New York Stock
Commercial paper and bank¬
unchanged.
90
clays,
Call loans
the
on
Exchange held to 1% for all trans¬
actions, while time loans
to
aver¬
similar
on a
and
1%%
l1/4% for maturities
were
for four and six
months'
datings.
New York Money Rates
369,-
000,000 francs.
The
week earlier.
a
bill
94,000,000
against securities
no
year.
awards at 0.436%, against 0.384%
age
far
was
by persistent declines in security
Below
DEALING
in detailfrom
withday
calltoloan
rates
Stock Exchange
day, 1%
ruling quotation all through the week for both
loans
and
continues
renewals.
quiet,
this week.
90
no
The
market
for
time
new
money
transactions having been reported
Rates continued nominal at
l%% up to
days and IY% for four to six months' maturities.
The
market for
prime commercial
we
active and
strong this week.
paper
continued
Paper has been in good
supply and the demand has been excellent.
STATEMENT
on the
the
was
Rates
are
unchanged at 1% for all maturities.
Changes
Gold holdings
Credit bals. abroad.
a
Sept. 30, 1937
Oct. 2, 1930
Francs
Francs
Francs
No
bills discounted.,
Adv. against
securs.
Note circulation
Credit current accts.
Temp. advs. with¬
of
gold
4,
change
7.868,040.936
No
808.053.421
1,476,907.944
TRANSACTIONS
inimprovement
prime bankers'
acceptances
has shown
in activity this
—0.70%
50.91%
60.47%
74.79%
Includes bills purchased In France,
b includes bills 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
a
49 mg.
week but the
per
of gold to the franc
daily requirements.
the
subsequent to Sept 26. 1930,
franc; prior to Sept. 26, 1930, there were 65.5 mg
Germany Statement
THE
statement
for the last quarter of September
showed
slight gain in gold and bullion of
a
30,000 marks, the total of which is
now
marks, compared with 63,069,000 marks
was
000,000
marks,
000,000
marks.
70,062,000
a year ago.
recorded in note circulation of 589,-
which
raised
Circulation
the
total
to
last
exchange and checks, in advances, in investments, in
other assets, in other
daily maturing obligations and
at
1.44%,
two
as
The Bank's
against 1.47%
a
reserve
year ago
ratio is
and 2.42%
ago.
Reserves in foreign currency de¬
170,000 marks and silver and other coin of
9,934,000 marks.
Below
we
furnish
of the various items for three
years:
quotation
a
as
no
comparison
change in
issued by the
Federal Reserve Bank of New York for bills up to
including 90 days
and
Yi% bid and 7-16% asked; for
are
bills running for four
months, 9-16% bid and J^%
asked; for five and six months, %% bid and 9-16%
The
bill-buying
of
rate
the
New
York
Reserve Bank is
Yffc f°r bills running from 1 to 90
days;
91- to
%%
121- to
for
180-day bills.
120-day
bills, and 1% for
The Federal Reserve Bank's
holdings of acceptances decreased from $3,026,000
$2,813,000.
Open market dealers are quoting the
to
same
Bank
rates
of
as
those
New
acceptances
reported by the Federal Reserve
York.
are as
The
for
rates
market
open
follows:
SPOT
DELIVERY
180 Days
Asked
150 Days
Bid.
Prime eligible bills.
*16
W
90 Days
Asked
Bid
Prime eligible bills.
FOR
now
years
creased
There has been
official
5,256,-
year
aggregated
4,656,991,000 marks and the previous year 4,143,362,000 marks. Increases were also shown in bills of
in other liabilities.
The
rates.
asked.
Bank of
An increase
supply of prime bills is still far below the
change 25,998,455,160 12,304,183,000
on
was
Acceptances
some
9.797,100.570
7,661,857,086
1,224,577,291
+369,000.000
4,174,661.789
4,007,758,641
3.198.012,535
+ 2,724.000,000 91,369.572.545 80,026,815.755 83,337,485,785
—1,242,000,000 18,230,437.492 8,827,863,474 13,060.609,822
No
hand to sight llab
gold valuation
Bankers'
1935
Francs
57,358,742,140 72.093,149,412
13,596,184
15,901,908
22,762,424
+ 1.000.000
+ 94.000.000
out Int. to State..
Propor.
Oct.
change 55,805.022.113
French commercial
b Bills bourhgt abr'd
c
for Week
—
Asked
H
'is
60 Days
Bid
WITHIN THIRTY
Bid
•is
Asked
H
30 Days
Asked
■
Asked
Bid
'16
H
'16
DELIVERY
120 Days—
Bid
7is
DAYS
Eligible member banks
Eligible non-member banks
......
H % bid
H % bid
Discount Rates of the Federal Reserve Banks
THERE
have been
rediscount
rates
The
no changes this week in the
of the Federal Reserve banks.
following is the schedule of rates
now
in effect
Volume
the
for
Financial
145
of
classes
various
different
the
at
paper
Date
Previous
Oct. 8
Established
Rate
Boston
IX
2
New
1
2 1937
Aug. 27 1937
8ept,
4 1937
Vay 11 1935
Aug. 27 1937
Aug 21 1937
when
ago
Philadelphia
IX
Cleveland
IX
Richmond
IX
Atlanta
IX
2
2
2
Chicago
IX
Aug
1937
St. Louis
IX
Sept.
2 1937
2
Minneapolis
Kansas City
IX
Aug. 24 1937
2
IX
Sept.
3 1937
Aug. 31 1937
Sept.
3 1937
2
Dallas
IX
San Francisco
1 X
British authorities have always
greater
movement of foreign
Great
STERLING exchange been
continues
in terms
of
rulingeasy
during
the past
the dollar but has
before.
are
no
new
developments whatever with
to the pound.
The factors operative during
fractionally
There
respect
the
continue
weeks
few
last
week
the
than
firmer
The
dominate.
to
outstanding influence adverse to all the exchanges
is the
precarious condition of the French monetary
and economic situation.
In the broader view sterling
be regarded as firm in terms
current rates must
at
of all currencies except
solely
Were it not for
the dollar.
flow of foreign funds to the United States
the heavy
safety
and
at this
time
for
be firmer
•
sterling would
investment,
:
commercial requirements
ling
only
are
a
offsets to
the still greater volume
extent
some
The
been between
week has
sight
with
compared
bills,
for sterling this
range
$4.95 1-16 and $4.95% for
has
been
between
compared
with
a
transfers
$4.95 11-16,
range
a
The
$4.94% and $4.95% last week.
cable
of
of the world which is steadily
moving into London.
for
as
small factor in the present exchange
to New York
funds from many parts
between
'
j
seasonally adverse to ster¬
This movement of funds
situation.
bankers'
dollar,
in relation to the
of
between
of
$4,94 9-16 and $4,95 9-16 a week ago.
just noted, the seasonal pressure on sterling
commercial account has for several years been
only
Great
the
is, however, much greater now than
some years.
Heavy importations due
factor in foreign exchange.
minor
a
indebtedness
Britain's
United States
it has been in
to
the rearmament
of
raw
dition is largely
in British
The
responsible for
This
con¬
offset by the marked improvement
export trade.
of
shifting
centers
to
and the higher prices
been largely
commercial indebtedness.
increased
the
program
have
materials
account
import
on
to
United
a
funds
away
factor
It is
observers
on
side
this
of
foreign funds,
in
the
the
migration
the movements are reflected
as
banks, but it is more difficult to
Reserve
realize that sterling is
currencies,
as
such
respecting
really firm in relation to all
official
movements
trade figures
British
are
not
given
con¬
spicuous publicity.
trend
The
gold is fully
the
United
listed
on
industrial
parts of
that
in
into
as
Great
marked
States.
Britain
as
More
of
funds
and
of
similar movements to
than
10,000 stocks are
the London Stock Exchange representing
and
commercial
shares
in
nearly
all
It should be borne in mind
comparison with our daily transactions of
the world.
of foreign capital
owner
but
distinguishing
the
a
domestic
characteristic
Under the con¬
which have prevailed
continuity nor stability.
Europe
during the past two years,
aggravated
Aside from considerations of uneasy
the amount of foreign funds which
compelled to move to London to establish neces¬
first
quarter.
refugee
is
money,
trade balances is enormous.
of sterling-dollar exchange
sary
The relative steadiness
through the close cooperation
is maintained entirely
British and American exchange
equalization
of currency movements arising
from any cause in the two markets.
A. further break in the French franc on Saturday
regardless
funds,
dropped to 3.28, is an important
trend qf exchange
and is a matter of anxiety to the responsible controls
in other financial centers.
Despite official French
assurances
to the contrary, the latest collapse of
last, when the unit
factor bearing upon the future
the
it would seem, cause some recon¬
franc must,
sideration of the
concluded
consequences
of the French crisis
demand for British
reflected last week in heavy
currency
demand for gold
notes and in an excessive
London
the
in
tripartite arrangements
September and October.
The immediate
as
gold import figures published daily by the
Federal
other
visualize
to
now,
enough for
easy
the
China and Japan,
foreign owners of capital seem to prefer the sheltered
international position of the United States.
'
According to United States Treasury figures,
foreign capital to the amount of $3,551,147,000
entered the United States
between Jan 2, 1935,
and June 30, 1937.
The volume of $323,024,000
for the first quarter of this year and $621,374,000
for the second quarter contributed to this net gain
in "hot money" within the American borders.
Esti¬
mates for the third quarter are not yet available,
but the inflow is expected to exceed that of the
from other
affecting foreign exchange
offers
present by the conflict between
at
London and New York is the most sig¬
during the last few years.
probable
international
policy but serious
ditions of international unrest
in
seems
proceeds from the fact that
the foreign capital
owner
international position,
which
of
policy
is neither
were
nificant
States
any
Mediterranean disputes), while the
as
sheltered
last
uneasy
domestic
(such
of the
As
on
risks
range
$4.95% and
range
this
offers
Britain
stable
there is
funds to New York
time, and judging by the
of the past two years, it
that such is the case, it
a
week
London at
to
If
trade.
of
freedom
with
than
2
undue regulation or inter¬
any
ference
figures
2
Exchange
Course of Sterling
opposed to
2
2
21
been
IX
daily
our
London and the
York
Sept.
and that a
4,500,000 shares,
to
transactions averaged
3,000,000 shares, close to 7,000,000 shares were
being sold every day in the London market.
Rule in
Effect on
Federal Reserve Bank
4,000,000
year
BANKS
RATES OF FEDERAL RESERVE
DISCOUNT
London transactions range
around 2,000,000 shares
from
Reserve banks:
2285
Chronicle
open
Last
market.
week, from
Friday inclusive, the total gold on
the London market at the time of price
Saturday to
offer
in
fixing
amounted to
about
half
the
£3,496,000,
a
monthly offerings
sum
equal to
during the past
bidding for gold ran the price
against an average
quotation in
August of around 139s. 6d.
For
some
time past the daily offerings have ranged
from under £100,000 to £400,000.
On Firday of
Hoarders
year.
to
up
last
140s. 8d. per ounce, as
week at the time of price
fixing there was on
£1,062,000, but it was estimated that as
much as £1,800,000 was taken during the day.
The demand promises to continue for some time
offer
at
prices so high in London as to
to New
York for purposes
preclude shipment
of profit.
Financial
2286
However,
ciliation/,
recent article in "International Con¬
a
International
director
of
eminent
of the
organ
Peace,
Lazard
authority
advocates the
Open
by
Brand,
Mr.
Brothers
&
of
Co.
changed from those of
London
in
weeks.
many
against bills is in supply at }■/£%.
months' bills
offer
in
bills
London
the
an
are
un¬
23-32%.
open
and
Monday sterling
$4.95%@$4.95%
Tuesday exchange
tionally
easier.
$4.95%;
cable
Wednesday
trading.
bankers'
the
On
Bankers'
The
of
time
£677,000,
on
Tuesday,
£483,000,
on
Thursday,
fers.
On
and
Thursday exchange
re¬
$4.95% for bankers' sight and $4.95%@$4.95 9-16
there
available
was
£714,000,
Monday
on
£1,013,000,
on
£230,000,
and
Wednesday
Friday
on
steady.
reported by the Federal
MOVEMENT
AT
NEW
YORK,
SEPT.
Imports
INCL.
6,
at
transfers.
have
been
notified
$1,321,000
above
figures
Wednesday.
that
approximately
metal
Belgium.
but
gold
decreased
imports
or
There
held
week
were
ended
$1,156,000.
On
for
was
foreign
Friday
exports of the metal
on
exports of
no
earmarked
or
there
change in
It
was
was
It
fund,
a
week
late
day chnages
are our own
HELD
IN THE
follows.
The day-to¬
TREASURY'S INACTIVE FUND
Amount
September 30
for
future
$1,208,735,394
+$6,096,727
1
1,215,289,696
+6,554,302
2
1,215,409,451
+119,755
4.
1,221,413,081
+6,003,630
October
5____
1,231,310,738
+9,897,657
October
6
1,233,839,637
+2,528,899
during the week
ranged
between
a
on
tables
show
price, and the price
was
steady.
discount
of
mean
open
London
market gold
paid for gold by the United
States:
LONDON CHECK RATE
Saturday, Oct. 2
Monday, Oct. 4.
Tuesday, Oct. 5
150.00
150.42
150.21
PAID
140s. 6d.
140s.
6J^d.
140s. 8d.
FOR GOLD
ON PARIS
Wednesday, Oct. 6
Thursday,
Oct. 7
Friday,
Oct. 8
Wednesday, Oct. 6
Thursday,
Oct. 7
Friday,
Oct. 8
BY THE
of
Monday,
Oct. 4___
Tuesday, Oct. 5
__$35.00
35.00
35.00
week
left
itself
to
the
market,
since
York
day.
the
at
Indica¬
dis¬
slightest
discloses
franc
which
since
of
some
clearly the
Friday
the
to
throw
their
of
most
early last June, when
board in the fear that the
last
active
gold panic
a
gold stocks
over¬
gold price in New York
would be lowered.
week has been
concerned,
150.28
140s. 7Kd.
local
rates
Only
the
any
active
means
6
7
Oct. 8_
$35.00
1
transfers
$4.95 7-16@
of
the
French
30-day francs
sta¬
every
currency.
a
discount of
20% points under the basic spot rate.
Since then
on
Oct.
but with
6,
count will widen.
points with
Bankers' sight was
Even the
fund, which sold blocs of sterling
Oct.
35.00
35.00
in
abroad.
day, prevented record drops in the
On
are
the true low of the unit.
intervention
they have improved to
Wednesday, Oct.
Thursday,
Oct.
market
francs
rapidly
as
vibrating
prevalent during the past week did not
by
bilization
far
nervous so
rates
reflection of the erratic
140s. 6>£d.
140s. 6>£d.
extremely
with
points
of
hoarders
change from the previous close.
cable
New
the previous
on
if
experienced
Referring to day-to-day rates, sterling exchange
on
Saturday last was dull and steady, showing little
$4.95%@$4.95%;
Saturday last
on
in
by the sudden spurt in gold hoarding in
has
150.38
150.35
UNITED STATES (FEDERAL)
Friday,
quoted
were
major flight of capital from France,
a
London
represent
RESERVE BANK)
Saturday, Oct. 2
that
collapse
LONDON OPEN MARKET GOLD PRICE
Saturday, Oct. 2
Monday, Oct. 4
Tuesday, Oct. 5
extremely
was
offerings.
again surprised
was
francs
were
shown
as
the
low
MEAN
although business
Every session of the foreign exchange market this
the
Paris, the London
upon
In the
improvement in the rate
was some
francs
figure recorded
existence
premium of 7-128%.
following
Friday of
3.35% cents
3.28, the lowest level since Nov. 11, 1926, except for
caused
$31,200,970
a
declined to
on
that day the spot rate returned to
on
spot
sessions
Increase for the Week Ended Wednesday
funds
franc
The market
The
October
1-64% and
of last
The foreign
shocked when
was
and limited to
narrow
*
Daily Change
October
Canadian exchange
Wednesday
and
might be held at around 3.40
turbing factor would drive the rate down.
calculations:
.Date—
Tuesday
franc
the
trading
the
was as
was
on
3.42% and there
tions
PRICE
$4.94%.
at
closed at $4.95%.
brief test withdrawal of official
support.
daily Treasury statements issued during the week
check rate
bills
grain
144.50 francs to the pound.
or
when
indicated in the
as
last
ended last
Wednesday,
unit
exchange market
re¬
ceived at San Francisco from Australia.
Gold held in the inactive
the
cents,
the
for
are
gold held earmarked for foreign account.
reported on Friday that $266,000 of gold
The
seven-day
$1,579,000 of gold
On Thursday $1,698,000 of gold
received from
Montreal
sight bills finished at
documents for payment (60 days) at
week that the
received at San Francisco from Australia.
October
on
THE French francthought
continues
under
pres¬
that
aftersevere
the slump
Decrease:
GOLD
Commercial
and
sure.
no
was
Closing quotations
Cotton and grain for payment
in
Net Change in Gold Earmarked for Foreign Account
were
range
Continental and Other Foreign Exchange
$23,279,003 total
account
basically
was
The
None
1,257,000 from India
the
days.
Exports
2,669,000 from Canada
The
Friday sterling
previous
$4.95% for demand and $4.95 7-16 for
were
$4.94 3-16,
4,317,000 from England
Note—We
$4.95 5-16@
was
$4.95%, sixty-day bills at $4.94%, ninety-day bills
$15,036,000 from Belgium
was
On
range
$4.95% for cable transfers.
Friday
$4.94%,
30-OCT.
from
The
$4.95%@$4.95 7-16 for bankers' sight and $4.95%@
cable
gold movement for
Reserve Bank of New York, was as follows:
GOLD
London continued
on
market this week is
last
as
$4.95 5-16©$4.95 9-16 for
quiet
At the Port of New York the
6,
On
limited
in
on
£871,000.
the week ended Oct.
steady
gold
fixing
price
$4.95 1-16®
was
$4.95%®$4.95 7-16.
was
range
unchanged
the
sight
On
transfers.
sight and $4.95%@$4.95% for cable trans¬
for cable transfers.
at
The
quiet and frac¬
was
continued
sterling
ported to have been taken almost entirely by foreign
Saturday
steady.
was
cable
for
London
on
transfers
hoarders.
On
1937
9,
$4.95 5-16@$4.95 9-16 for bankers' sight
was
Call money
All
Oct.
$4.95 11-16.
range
Two-and three-
9-16%, four-months' bills 19-32%,
are
six-months'
managing
London,
cut in the gold price.
a
rates
money
and
for
gold and international business,
on
advisability of
market
Endowment
Carnegie
Chronicle
Oct.
the
1
29
was
on
every
quotations
at
discount of 10% points
indication that the dis¬
The discount
on
90-day francs
on
points under spot, improved to 17%
Oct. 4, but
a
a
were
on
Oct.
6 declined to 20%
further spread indicated.'
for
forward
francs
have
However,
not
the
Volume
significance
same
had
they
as
of
France
refused
have
business
all
ago
factory
of the Bank
and for
more
futures
were
weeks
few
a
because the Paris banks at the request
in
future
ex¬
fiction.
possible to make speculative drives
the
since
currency
The
weakness
b France
pure
are
♦
pointed
French
the
of
in
out,
the
a
as
balance, fears engendered by the
French
in
rise
business,
the
on
complete lack of confidence
political, economic, and financial policies.
More than
abroad
a
were
in
be
official
francs.
quarters
as
in
The amount must
The flight of capital began
much greater.
long before the advent of the Popular Front Govern¬
ment under M. Blum.
and
flight
1923.
since
when the
four
at
Italy (lira)
hoarding
In fact, the excessive
19.30
Holland (guilder)..
40.20
New dollar
Poincare
in
Government stabilized the unit
but after the suspension of
1928,
parity
The London check rate
at
150.28, against 144.75
New York
sight bills
closed at
a
set of resolutions
on
drawn up by the
Oct. 2 and signed
apparently by
member of the Council of Ministers, is inter¬
every
preted by foreign exchange observers as embodying
form without substance.
It states that "the Govern¬
ment confirms its absolute
of
sight bills and at 5.2634 for cable transfers,
its
will
to
movement
remain faithful
of
capital
to
free
[the free
money
funds] and to the policy laid
Austrian schillings closed
against 5.26 and 5.2634at
at
18.83, against 18.83; exchange on Czechoslovakia
3.5034/ against 3.5034;
against 0.74;
on
Bucharest at 0.74,
on
Poland at 18.92, against 18.92, and
2.20, against 2.20.
Greek exchange
on
Finland at
closed at
0.90%, against 0.90%.
—«—
EXCHANGE
on the new
countries
neutral
presents
features
fromduring
those the
of
war
no
The Scandinavian currencies
recent weeks..
sterling, with which they
The Swiss franc and Dutch
the past
move
in
allied.
are
guilder have been firmer
few weeks despite the fact that Swiss
and Dutch funds seek investment in foreign markets.
liquidation of Swiss and Dutch
some
holdings in New York during the past month, but
it
would
here
that
seem
on
increased.
have
balance
The
their
investments
of
firmness
both
However, in the
Swiss centers.
attributed
be
must
firmness
case
of Holland the
also
to
expanding
domestic and foreign.
The
position of both countries is entirely
sound.
both
trade,
Bankers'
at
sight
on
Amsterdam finished
banking
Friday
on
Friday of last week;
55.2934? against 55.30; and com¬
55.29341 against 55.30
cable transfers at
mercial
cur¬
large measure to the movement of
Continental funds to Amsterdam and the
uneasy
opposition to all measures
exchange control, of constraint or autarchy, and
Final
bankers'
16.8434 and 16.8434-
Italian lire closed at 5.26 for
with 40.14 and 40.14.
rencies is due in
The first of
Antwerp belgas
and at 16.86 for
sight bills and 40.17 for cable transfers, in comparison
lodged.
French Cabinet
Friday of last week; cable
quotations for Berlin marks were 40.17 for
There has been
improvement in
In
the French center finished at
on
cable transfers, against
Friday
on
Friday of last week.
on
bankers' sight
16.86 for
world con¬
ditions.
Probably not half of it is mobile in any
market, and the greater part is in all probability
in the form
of permanent
investment, wherever
of
Paris closed
on
3.30J4, against 3.4334-
in
regardless
on
3.29J/8, against 3.40
transfers at
1934.
large part of this capital is permanently lost to
16.84M
5.26H
22.97^
55.28H
before devaluation of the European currencies
b The franc cut from gold and allowed
as
close relation to
A
to 3.35H
to 16.86
to 5.28^
to 23.02^
to 55.31
3.28
6.63
16.95
8.91
32.67
68.06
to "float" on June 30.
gold by Great Britain in 1931, the flight of French
funds was resumed, with increasing intensity since
France
Range
This Week
a
between Sept. 25 and Oct. 3, 1936.
of French capital has been in progress
There was a marked reflux of capital
cents
Parity
5.26
Switzerland (franc)
bankers'
the French funds domiciled
year ago
estimated
of 60,000,000,000
excess
now
French nationals in their Govern¬
part of
ment's
expanding
huge transfer of French capital
other centers due to
to
the constant
living costs not offset by
and the
3.92
13.90
following factors:
mounting unfavor¬
lines of industrial activity,
many
(franc)
Belgium (belga)
a
lies,
position
political
uncertainty in Europe and by internal political
dissensions, labor unrest, the failure of production
in
of the
relation
Old Dollar
Parity
establishment of huge
huge Government deficit,
able trade
the
shows
table
following
New Dollar
equalization funds by the governments.
frequently
belga
to a few weeks ago
year up
quoted either flat or at a slight premium.
here that the franc is
quarters
by speculative interests
It has not been
The
a
dollar:
by the French Cabinet and
made
repeated in high
any
than
leading European currencies to the United States
The assertions
on
has been for the past several years,
it
as
The
change except certain limited definitely commercial
transactions.
threatened
2287
Chronicle
Financial
145
on
against 55.24.
sight bills at 55.24,
Swiss
September,
1936, which unites France to the great British and
francs
American democracies."
penhagen checks finished at 22.12 and cable transfers
at 22.12, against 22.12 and 22.12.
Checks on Sweden
down
the
by
The
down
agreement of
belga has been ruling firmer in the past week,
with the rate
ever,
tripartite
on
frequently in
one or
to
excess
How¬
moved
of 16.85.
two occasions the spot rate
16.84J/2,
close
to the
shipping point for
closed at 23.00 for checks and at
transfers, against 22.97% and 22.97%.
cable
25.55 and
under spot on
former
Oct. 6.
'
doubt,
the French franc, but it is also due
The weakness of the
to the
decline in
belga is due in part,
no
political uncertainties in Belgium.
The
financial and business situation continues
to
Belgian
as
satis-
25.55; while checks on Norway finished at
24.90 and cable transfers at
24.90.
Antwerp to New York.
Co¬
closed at 25.55 and cable transfers at 25.55, against
Belgium con¬
tinues to ship gold to the United States in order
to strengthen the currency.
Between Sept. 28 and
Oct. 6 30-day belgas have ruled at a discount of
from 3 to 634 points under spot, and 90-day belgas
were 9 points under spot on Sept.
28 and 18 points
gold from
23.00 for
Spanish
pesetas
24.90, against 24.90 and
not
are
quoted
in
New
York.
—»
EXCHANGE on the South
American
countries
in close
sympathy
with
continues
sterling-dollar
to
exchange.
Minister
Government
move
of
party,
Dr.
Finance
was
Roberto
elected President
gentina in the electoral vote of Oct. 3.
were
held early in
M. Ortiz,
and candidate of the
of
Ar¬
The elections
September, but contrary to the
practice in the United States,
the results
are not
Financial
2288
inducted
into office formally next February and will serve
for six years.
He succeeds General Augustin P.
Justo, under whom he served as linance Minister.
Dr. Ortiz will be
known for some weeks.
It is believed that
policies of the present
the financial
new
there will be no departure
budget which was achieved
year
and Argentina is
of
bring about complete
awaiting only the stabilization
currencies
leading
the
at
Gold Bullion in European
to
closed on Friday, official
quotations, at 33.03 for bankers' sight bills, against
33.03 on Friday of last week; cable transfers at 33.03,
against 33.03.
The unofficial or free market close
was
30.OOft 30.10, against 29.85@30.05.
Brazilian
milreis, official rates, were 8.85, against 8.85.
The
unofficial or free market in milreis is 6.00@6.05,
Chilean exchange is nomi¬
nally quoted at 5.19, against 5.19.
Peru is nominal
6.20 @6.25.
25^,
of
statements, reported
by special cable yesterday (Friday); comparisons
exchange) in the principal European banks as
of
respective dates of most recent
to
us
shown for the
are
corresponding dates in the previous
Banks
against
—♦
EXCHANGE
on the closely
Far Eastern
countrieswith
in
general fluctuates
with sterling,
units
these
control
exchange
continues to peg
are
legally
allied
or
feared that the new State Plan¬
compelled to lower this peg.
of Nova Scotia,
in discussing Japanese economic conditions, points
out that although the rate of industrial activity in
Japan has increased rapidly since the low point of
depression in 1931, and the output of manufactured
goods is well above the figure for 1929, economic
recovery is largely confined to the armament and
Monthly Review of the Bank
exports industries.
For the first six
months of 1937 industries have
increase of
an
In
1931.
30%
employment
over
1934 and 75% over
and wages increases have
appeared, but accompanied by a
of
living, so that the net
6% rise in the cost
in
result was a decline
"real" wages.
The huge
mainly by foreign restrictions on
importation of cheap Japanese
the value of her exports
1936,
1933.
raw
trade has
the
As a result
expansion of Japanese export
been curtailed
products.
has increased only 8% in
compared with 15% in 1935 and 32% in
rise in prices of Japanese imports of
materials and semi-finished goods from June,
as
The
averaged 36%. On the other
of exported goods increased
only 16%. Thus, the balance of trade is unfavorable
from the standpoint of the Japanese.
The war in
China adds to the problem of an anticipated deficit.
This war probably will necessitate increased strain
upon Japanese balance of international payments.
Japanese gold reserves have been reduced by almost
20% from the end of February to the middle of
August, the major part of the reduction having
1936, to July, 1937,
hand
average
prices
occurred since the beginning
for
the
105,490.000
59,047,000
Nat. Belg'm
100,340,000
Switzerland
80.827.000
Sweden
25,965.000
6,549,000
6,602,000
77,873,000
56,590,000
24,157,000
2.500,350
Germany b.
Spain
Italy
Denmark.
Norway.
_
—
Total week.
Prev. week.
An.ount
a
6,552,000
6,604,000
194,463,782
576,745,235
3,246,000
90,774,000
46,874.000
45,159,000
97,681,000
46,617,000
20,159,000
6,555.000
6,602,000
192,588,165
658,775.541
2,665,550
90.617,C0C
58,440,000
72,187,000
76,030,000
66,768,000
15,605,000
7,396,000
6,579,000
1933
£
191,768,383
656,299.543
15,223,650
90.405.000
76,906,000
70,180,000
77,374,000
61,594.000
14,071.000
7,397,000
6.569,000
1,257,651,256 1,266,977,576
1.062,642.713 1,072,038,050 1,134,876,617
1.134,798,008 1,256,771,116 1,267,417,000
1.064,994,632 1,041,041,968
hel l
Dec
Bank of Germany are
31. i'»36. latest figure available,
exclusive of gold held abroad, the
b Gold holding of the
amount of which Is now
£1.002.750.
c Amount held Aug. 1, 1936. latest figure available
T he gold of the Bank of France was revalued on July 23. 1937, at 43 milligram*
of gold. 0.0 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 165 francs equaled £1 sterling, and at
43 mgs.. there are about 190 francs to £1.
through
ning Board may yet be
shown
Netherlands
France
policies.
The Japanese control
the yen to the pound at the rate
of Is. 2d., but it is
The
c87,323,000
825,232,000
249,751,113
458,869,937
1,927,000
88,092,000
42,575,000
328,103,721
293,710,642
England
£
£
£
£
1934
1935
1936
1937
of—
reported at
■
which
Banks
THE
following
table indicates
the amounts
bullion
(converted
into pounds
sterling of
at gold
par
Argentine paper pesos
at
37.42.
and Calcutta at 37.43, against
freedom of exchange.
against
31.06@31J^;
29.66@ 2913-16,
against 29.70@
29 27-32; Manila at 50.15, against 50.15; Singapore at
58K, against 5834; Bombay at 37.43, against 37.42;
Government. The
and is expected to be attained again at
the end of the present year.
It has been the policy
of Dr. Ortiz to free foreign exchange of restrictions
last
closed at 31.07@313^, against
kong
Shanghai
rigidly to the policy of
Government will adhere
maintaining a balanced
from
Oct. 9, 1937
Chronicle
present
of July.
In the budget
1,411,000,000 yen were set
expenditures, amounting to one-
year
aside for military
Adjusting the Farmers to Agriculture
President
N.
D.,
ture
on
well
Roosevelt's
at
speech
Grand
Forks,
Monday, puts Federal control of agricul¬
toward the head of the list of "must"
Congress will
betterment of our
farm population," he said, "no matter what part of
the country they live in, no matter whether they
legislation which the next session of
urged to enact. ''In seeking the
be
raise cotton
corn
or
or
wheat or beets or potatoes
teaches us that
of the past we must
or
rice, the experience we have today
if
we
would avoid the poverty
objectives."
pointed out
was being in part attained, was a better use of the
land through soil conservation, irrigation and "help¬
ing farm families to resettle on good land." "The
other objective," he said, "is the control, with the
approval of what I believe is the overwhelming sen¬
strive today,
The first
not tomorrow, toward two
objective, which Mr. Roosevelt
timent of the farmers
as
crop
"The
themselves, of what is known
surplus."
Roosevelt continued,
opinion, that the govern¬
contract with a farmer by which
Supreme Court," Mr.
ruled, in a divided
"has
ment cannot make a
acreage
is fixed either downward or upward." He
to the constitutional
himself had "never subscribed
theory that agriculture
that
it
is a purely local matter and
national scope," but he
has, therefore, no
suggested that "perhaps it
tional for the
the government
do thus and so
as
matter of common
a
will be held constitu¬
government to say to a farmer, if you
methods he saw little
will do thus and so,
Between the two
sense."
"practical difference." "I feel
certain," he went on to say,
"that a majority in
both houses of
Congress will heed the wishes of the
farmers of the
Nation in enacting crop surplus con¬
trol
legislation.
tion to that end
And it is my thought that legisla¬
ought to be passed at the earliest
for all purposes.
possible moment
Even after a bill is passed and
Closing quotations for yen checks yesterday were
becomes law on
the signature of the President, it
half of all expenses
28.87, against 28.86 on Friday of last week.
Hong-
takes
a
month
or
two before it is humanly possible
Volume
to set up
to carry
fore,
legislation is to affect the 1938
to be
seems
In
a
important from
Agricultural Adjustment Act
nerstone in the
Americans
and
new
years," he said,
was a
great cor¬
permanent structure that
trying to
are
old. That cornerstone
the
"For three
the ruins of the
rear on
destroyed by the verdict of
was
commodity itself bear the load of providing the
needed funds." The
Supreme Court. It has been partly, but only part¬
reference, of
course, was
is
evidently to be expected as
farm control Act which
new
to pass.
The main features of the
Sept. 14 at
on
is the establishment
The
confident,
preserve
give
food
serve
"acreage goals" for the principal cash
at the same time
of
up
unman¬
supplies in
an
who
specified
accept the
prescribed for him
crops
in districts in which
principal
ever-normal granary."
would be
imposed
upon
to cut down the crop
adequate supplies of food to the consum¬
tic
drought."
of
Mr.
Roosevelt thus
committed to
stands
a
two-
point agricultural program of soil conservation and
the acreage of soil-depleting
yield sufficient for domes¬
a
Wheat is excepted partly because
revival of the export
a
annual
excess
market, and partly because
surplus, if
is to be dealt with
any,
through the ever-normal granary.
Commenting
The first part of the program is al¬
control.
crop
consumption.
the
the
restrictions
surplus that must be marketed
abroad, while assuring
ing public in the event of severe and widespread
variations
crop was not
The purpose, aside from soil conservation, is
not
merely to maintain farm prices "but also
of the
condition of
some
Similar
one.
Each
acreage
as a
particular
a
commercial
crops.
assure
reduction.
acreage
receiving the benefit payments, with
re¬
and provide for storage of
crops,
excepting wheat, and the payment of benefits to
object of the surplus control policy, he insisted,
was
to
and
provision against the piling
us
ageable surpluses
The
and strengthen the present
program,
plan
by the Department of Agricul¬
farmer, apparently, would have his
am
of the
essence
farmers
soil-conservation
indicated
were
conference at Washington of farm
a
leaders and State officials.
ture of
plan
new
al farm Act which I
I
part of the
a
Congress will be urged
ly, replaced by the soil conservation Act. The nation¬
hope the Congress will pass will,
to the
processing tax, and a revival of that levy upon con¬
sumers
angle."
every
amplified the statement he had
made at Grand Forks.
we
crops,
speech at St. Paul, later on the same day,
President Roosevelt
"the
law. If, there¬
new
2289
Chronicle
the machinery in all parts of the country
out the provisions of the
new
haste
Financial
145
the
upon
scheme
new
Sept. 22,
on
ready under way, but it is to be further developed
Secretary Wallace made it clear that the old objec¬
and
tive of
extended; the second part needs new legislation
which Mr. Roosevelt is confident
As
vide.
important part of the second item, the
an
ever-normal granary plan
be set up.
Congress will pro¬
of Secretary Wallace is to
Since the Supreme Court has barred con¬
parity prices for export surpluses
thrown overboard.
as
saying at
"I don't
a press
prices for export
There just isn't enough
crops.
in the Treasury to give the farmers parity
cultivated acreage,
wheat and cotton and
Congress, but the
might get it for
and
a
and
corn
year,
my
mind parity income is far
far
more
Government
the
A start
moment,
on
the program
whether this
of
crop
control was made
of Congress when a
conditional
granted to the cotton growers of the
subsidy
was
South.
As announced
a
although
early meeting of Congress he did not say.
at the last session
cents
Mr.
legislation must be provided at the
possible
means an
urgent,
declares, is the need for this program that
the necessary
earliest
So
suggests.
on
Aug. 30,
a
loan rate of 9
pound was fixed for cotton classed as % inch
jmiddling
ments not
or
better,
with price adjustment pay¬
exceeding 3 cents
a
pound to growers who
agreed to accept the crop control program for 1938.
For cotton
rates
were
production.
limited to 65% of
Dissatisfaction with
partly because of the belief that
and dissatisfaction has continued with
considerable part of the cot¬
does not regularly measure up to the %
inch standard, and that
and
At a meet¬
representatives of cotton growers at Mem¬
Oct. 1, Secretary Wallace warned that the
difficult to get large sub¬
from the general Treasury year after year,"
on
sidies
embodying the objectives to be sought.
point
was
and
insurance, the third
crop
"security of tenure" for those who live
and the fourth soil conservation.
clared
must
might "find it
suggested that the farmers "may want to ask
Congress to go
back to the principle of letting the
The first
the parity income proposal, the second the
ever-normal granary
"farmers
that
come
through
on
the land,
A fifth
point de¬
cooperatives
sound
into control of those
marketing,
process¬
ing, purchasing and service functions for which they
capable of displaying superior business
do
to
benefit
with
of
same
spent to promote agricultural
efficiency, for only by applying
scientific
meet the demands of
the
a
time husband
research
agriculture
our
natural resources."
some
time appeared to
shifting his ground regarding agricultural policy,
and his latest
is
can
large city population and at
Secretary Wallace has for
be
having
Finally, "Federal and State funds
research and farm
results
game
and similar aids to
payments
must continue to be
the
effi¬
sixth point, "family-sized farms should
rural income."
the price of cotton has not
improved under government stimulus.
South
Speaking later,
seven-point program
by the Federal rules of the
the realization that a
phis,
a
be favored
in any case,
ing of
address, he outlined
set, while for the 1937 crop the price-
growers,
crop
period before the World War."
radio
capita share
per
they got in the five-
a
Congress intended to assure a 9-cent minimum loan
ton
same
as
ciency." As
arrangements was promptly expressed by the
cotton
as
a
To
by parity income that
mean
are
farmer's base
these
I
of less than % inch staple lower loan
adjustment payments were to be
a
important.
of the total national income
in
con¬
reasonable and
more
the farmers should receive the
year
on
The farmers
but after that the
offering benefits of some kind to farmers who do
Roosevelt
hogs.
taxpayers wouldn't stand for it.
objective of control is apparently to be sought by
sumers
what
quoted
conference, "that in the next ten
money
followed awaits determination in
to be
was
was
it will be possible for the farmers to get parity
years
tracts with farmers for an increase or decrease of
the control procedure now to be
think," he
no
reason
change may not be the last
to
will prove any
one.
There
expect, however, that parity income
easier of attainment than the
now
discarded parity prices? on the contrary, it should
prove more
difficult when the
ter into income are
many
considered.
factors that
What
seems
en¬
clearly
Financial
2290
to be
proposed is the segregation of the farmers as
special class for whom Treasury benefits
a
provided. For
proclaims
tion needs to be
fit
country which Mr. Roosevelt loudly
a
still
as
to be
are
democracy, such
a
How the
justified.
discrimina-
a
for bene-
money
United States is only 11% or 12%.
to
will
be
a way
sought to restore the processing taxes for
Nevertheless,
to be unfortunately true that the epidemic
seems
of world lawlessness is spreading."
not to be favored, is left in the
dark, but there is reason for suspecting that
1937
situation is "definitely of universal concern" and
"it
he
are
9,
he added, we are compelled to look ahead, for the
payments is to be provided, assuming that out-
right subsidies
Oct.
Chronicle
For himself,
determined "to pursue a policy of
was
adopt every practicable
measure
to
and
peace
avoid in-
volvement in war," but "the will for peace on thej
part of peace-loving nations must express itself to
we are
the end that nations that may be tempted to violate
promised, in short, is a virtual return to the prin-
their agreements and the rights of others will desist
to which they can be applied.
crops
What
of the Agricultural Adjustment Act,
ciples
compulsory
regulation
staple
parity prices metamorphosed into
crops,
of the
with
annual
overcome
of crop
care
that the
There must be positive
from such a course.
en-
deavors to preserve peace."
par-
President Roosevelt's specification of the steps
in the progress of the world toward international
the objections of the Supreme
lawlessness would obviously include not only the
Court, but with the ever-normal
take
of
devised as, if
ity income, and processing taxes
possible, to
acreage
surpluses.
so
granary
If any
objective of complete
one
added to
present operations of Japan in China but also the
imagines
Japanese occupation of Manchuria, the Italian conquest of Ethiopia, the interference of Italy, Ger-
Federal control of
Soviet Russia and perhaps other nations 'in;
staple agriculture had been abandoned by the Ad-
many,
ministration,
the war in Spain, and the submarine "piracy" in the
Mediterranean. The speech was immediately inter-
should
of this
study
a
program
dispel the illusion.
0
II/tl •
on
r\
£
ii/
Japanese conflict, and there appears to be no reason
9
Keep Us Out of War?
audience which
Chicago
preted, however, as directed particularly at the Sino-
,
ft
j
Will This
The
'
1
i
at
tentative
for
greeted President Roosevelt
Tuesday had
no reason to
expect the
extraordinary speech to which it listened. With only
a
word of reference to the occasion of his visit—the
dedication
dent
of
a
new
plunged at
once
municipal bridge—the Presi-
into
vivid description of the
a
dangers of the present world situation and
out-
an
thinking that the interpretation
was not correct.
The speech is, accordingly, to be read in the light
of two other documents.
On the day
adopted
a
on
which Mr. Roosevelt spoke, the
Committee of the League of Nations
Far Eastern
which
report
declared,
among
other
things, that "it cannot be admitted that the present
Far East conflict, which has been shown to involve
spoken arraignment of the policies responsible for
infringement of Japan's treaty obligations, is
it,
which
"The present
reign of terror and international
lawlessness," which
was contrasted
with "the high
aspirations expressed in the Briand-Kellogg
pact," "began," he said, "a few
peace
It began
years ago.
can as
ods between the Chinese and Japanese Governments,
On the contrary, the whole situation must be taken
into the fullest consideration, and particularly
through unjustified interference in the internal af-
appropriate
fairs of other nations
may
the invasion of alien ter-
or
ritory in violation of treaties, and has
a
stage where the
are
very
seriously threatened.
The landmarks and tradi-
tions which have marked the progress
toAvard
condition of
a
ing Aviped
without
away.
Avarning
or
of civilization
law, order and justice
Without
civilians, including
reached
now
foundations of civilization
declaration of
a
justification
of
are
of
so-called
sunk
and
Nations
are
others.
are
or
never
Innocent
peoples and
Avhich is devoid of all
sense
nations
war-
harm,
attention
called
to
the
The
re-
obligations
regarding China set out in the Nine-PoAver Treaty,
and suggested
an
early conference of the Powers
being
the conference of "other
States which have special interests in the Far East."
The committee's report
Assembly
on
was
approved by the League
Wednesday-
The other document is the formal statement issued
on
Wednesday by the Department of State.
After recalling previous statements of July 16 and
August 23 regarding international relations in
gen-
eral and the Sino-Japanese imbroglio in particular,
justice and humane
and summarizing the assertions in President Roose-
consideration."
velt's
^
If America itself is to
escape
further
and supremacy
power
of
are
port
and the association in
In
claiming freedom for themselves deny it to
cruelly sacrifiedto agreed for
ciples of the Covenant and international law and
with the provisions of existing treaties."
the signatories as are now members of the League,
notice.
done them any
be re-established in conformity with the prin-
kind,
being attacked
cause
any
peace
being
fomenting and taking sides in civil
fare in nations that have
Nations
ships
peace,
by submarines Avithout
must be examined whereby
Avhich signed the treaty, to be initiated by such of
ruthlessly murdered Avith bombs from the air.
times
be-
means
and
Avar
any
and children,
women
are
one
of right only be settled by direct meth-
Chicago speech, the statement declared that
and the world is to
"in the light of the unfolding developments in the
alloAved to live in peace, "the
peace-loving nations," President Roosevelt declared, "must make a
Far East the Government of the United States has
concerted effort in
Japan in China is inconsistent with the principles
be
treaties
which
and
today
those
are
opposition to those violations of
ignorings of humane instincts
creating
a
anarchy from which there is
isolation
or
neutrality." It
state of international
no escape
was
to note that Avhile the nations that are
for
through
mere
gratifying, he said,
aggression and other for security,
arming,
are
some
spending
been forced to the conclusion that the action of
Avhich
should
the
govern
relationships
between
nations, and is contrary to the provisions of the
Nine-PoAver Treaty
Briand Pact."
.
.
.
and to those of the Kellogg-
With the action of the League As-
sembly these conclusions, the statement added, "are
in general accord."
directly from 30% to 50% of their national incomes
Assuming that Mr. Roosevelt, while denouncing
armaments, the armament expenditure of the
international laAvlessness in various circumstances
upon
Volume
Financial
145
under which it is
has
or
lately been found, had par¬
ticularly in mind the conduct of Japan, where do
his
of
to be
leave
If
us?
war
is not in
any
case
thought of, Mr. Roosevelt would seem to be con¬
fident that concerted
representations by a number
of Powers would induce
failing that, that
or,
Japan to change its course,
other kind of joint action
some
could be made effective.
With
regard
observations
to
representations,
joint
announced that the United States
conference
a
when
one
over
is called.
the
will take part in
Nine-Power
With the
Treaty if
is
conference to
for several weeks.
evidence that all of the
no
seems
to
feel,
There
signatory Powers feel
deeply about Japan's conduct as
as
and
utmost practicable
haste, it would be impossible for the
meet and reach conclusions
several
It has already been
to be made.
are
Mr. Roosevelt
that all are ready to put a strain
or
in un¬
equivocal condemnation. Great Britain, which has
the largest financial and commercial interests in
the Far East, is extremely anxious to avoid a break
with Japan, and British influence in a conference is
their relations with Japan by joining
upon
In 1932, moreover, when
certain to be considerable.
Secretary of State
Stimson sought to invoke the
occupation
in¬
terest in the proposal.
There can be no question
whatever that Japan has openly violated its obligations under the Treaty, but it has been doing so, in
Treaty against the Japanese
Nine-Power
Manchuria, Great Britain plainly showed no
of
the
months, and one may
ask why the Treaty has not been invoked be¬
present conflict, for several
fairly
fore this late date.
If the temper
of the Japanese Government is ac¬
dispatches from Tokio,
curately reflected in press
representations that a conference may make
will only stiffen the determination of Japan to go
forward with its plans.
Japan might also thwart
the conference in advance by denouncing the Treaty,
any
operation. On the
hand, if the conference fails to bring Japan
terms, as it almost certainly will, and the League
thereby removing itself from its
other
to
should
Nations
of
then insist
upon
dealing with
States would
with
the League in an adventure which could only inten¬
sify international animosities, or else stand aside
Japan
be in
a
on
its own account, the United
position where it must either cooperate
from the concerted action
A
is
would
international boycott of
Undoubtedly a boycott, if it were extensive,
in time have a serious effect upon Japan, but
hardly affect Japan's resources very
ously for several months,
the Chinese in
seri¬
and in that time the defeat
the field might very
well be ac¬
that
boycott of any consequence would be. imposed.
Great Britain, whose trade with Japan is next in
importance to that of the United States and whose
memory of the collapse of sanctions is still keen,
is very unlikely to favor such action, and neither
Germany nor Italy could probably be induced to
join in it. The unofficial boycotts of Japanese goods
complished.
The chances are many, however,
no
embarrass Jap¬
somewhat, but it is well to remember that the
which
an
make more seri¬
situation which was already
serious enough.
are
being talked about might
boycott of German goods, in
a
the extent that
To
it has immensely
Japan,
at
especially
speech was aimed
his Chicago
irritated
difficulty of main¬
taining friendly relations with that country.
In
calling for concerted international action he has
allowed the League to seize the leadership and pro¬
Japan and greatly increased the
conference on the
a
pose
Nine-Power Treaty in
participate, and while
which the United States will
"isolation" which he seems to have
American
the
the conference fails and
a
the League proceeds
of its own, the independent
program
the United States has for
an
serious
for
mark¬
the time-being been
action,
determination to dis¬
the Neutrality Act, and although that Act,
expression of national policy, is open to
criticism, there is no constitutional warrant
moreover, appears
regard
with
position of
The demand for concerted
edly impaired.
as
abandoned if
wanting will not, perhaps, be
found
to indicate a
ignoring it.
The
one
gratifying feature of the situation is the
declaration that the United
avoid war. As far
as
public opinion has expressed itself through the
press, the American people are at one with Mr.
Roosevelt's expressed determination to remain at
peace.
It should not be forgotten, however, that
the spectre of war has been raised, for if appeal to
prompt approval of the
States, whatever happens, must
Treaty or resort to
the Nine-Power
economic pres¬
alternatives are forcible inter¬
vention or acquiescence in Japan's course in China,
and acquiescence would, for Mr. Roosevelt, spell de¬
feat. The acid reminder from Berlin of the disaster
that followed the Wilson policy will be irritating to
those who resent expressions from that quarter, but
a drift toward war is now a thing most seriously to
be feared.
For the denunciation of lawlessness and
fails, the only
sure
inhumanity that permeated
there will and
the evil consequences
of the last great war in behalf
law, humanity and
of
ica
was
led
Mr. Roosevelt's speech
approval, but
should be only hearty
are
democracy into which Amer¬
should be
still with us, and there
repudiation of any steps that
stern
into another
would lead us
conflict.
Railroad Wages
and the Public
.
something akin to an
it would
of
What Mr Roosevelt has done is to
ous
The
possible alternative to concerted remonstrance
Japan.
Germany's recovery.
upon
which Mr. Roosevelt feels
to be necessary.
effect
Jews, has had no important
treatment of the
pronouncement and that of the Department
State
2291
Chronicle
retaliation for the Nazi
wages
been in¬
Monday, by an amount
$133,000,000 per year, and the daily
of railroad employees have
creased, it was announced on
estimated
press,
as
with few exceptions, expresses
prompt and
approval and inquires why the provisions
Watson-Parker Act, under which the settle¬
generous
of the
ment
was
no
during the eleven
enacted there has been
strike of railroad labor, and the con¬
since that measure was
important
trast with the
recent experience of other
is
sufficiently striking.
is
an
ficial
any
extended to all
It is remarked that
industry.
years
effected, have not been
argument as easily
and
industries
Post hoc ergo propter hoc
understood as it is super¬
certainty
insufficient to establish with
conclusion, and the public too easily forgets that
throughout the past 50 years
has been
losses
most singularly free
occasioned by strikes.
the railroad industry
from interruptions and
The
same
argument
Financial
2292
attributes
that
Parker
Act
especial efficiency to the Watson-
might, in earlier
have been
years,
ap¬
Chronicle
dition of imminent
plied similarly to the Erdman Act and to the Newlands
to
have
would
seemed
to
support
field that
same
identical
an
con¬
It is not intended to discredit the
what elaborate
and
some¬
machinery of negotiation, mediation,
investigation that the present law supplies,
to underrate the value of the
requires shall precede
any
period of
repose
nor
that it
concerted interruption of
peril of general bankruptcy, so
all
produce, if it does not produce, the
There
other
are
direct but
in
entire
relatively few who
are
public responsibility universal
Doubtless the
railroad
among
peaceful settlement
gratification
over
such
a
consequences
that
are
or
of any
tell the whole
are
important
as
The
a
the terms
nor
notable increase
in operating expenses,
say
story
con¬
not immediately and
settlement involving such
that is to
to mitigate
result by inquiries
completely visible. But neither the fact
in wages,
man¬
general public is little inclined to
look behind any
cerning
inclined to
strongly impels to peaceful settlements.
agers very
its
are
action, while the conviction of
can
fail to produce results that
or
just consummated will add
proximately $5.00 to each $100.00 of operating
adjusted
supplying railroad transportation,
less
with
to be
are
condemned to continued
losses,
likely exceeding those lately sustained and
tailing added penalties
the
upon
en¬
of their
owners
bonds
and
be
offsetting series of adjustments in the rates
an
stocks, undoubtedly the next step must
charged for railroad services.
been forced
upward by the
oly that has made excellent
of the
of
Since expenses have
pressure
of
a
in its
use,
labor monop¬
interest,
own
general and intense, possibly exaggerated, fear
interruption of railroad transportation, and of
an
the very
one-sided processes of
a
statute that
avow¬
edly subordinates all questions of justice in settle¬
ment to the
ment, it
by
an
recognized expediency of peaceful settle¬
now
becomes
necessary
to increase earnings
equal amount in order that the bill that has
been incurred
public.
for
the
public shall be paid by the
Probably all but
a
negligible number of the
equilibrium
op¬
position, at the present stage, should be unthinkable.
But the end is not
yet.
Wages have been raised
readjustment
work, and it
the
the
be paid without additional bankruptcies.
There will next ensue,
to
the
future,
a
if past experience is
a
guide
flood of complaints to the Inter¬
state Commerce Commission and the various
State
commissions, each complaint having for its object
the cutting down of some particular rate or rates to
or
below the level in existence
thus
brought about. In this
process
of erosion of
prior to the advances
manner a new
revenues
force and
will be brought into
at
lower
of railroad
road
solvency.
revenues
will be
So, silently and subtly, rail¬
reduced, and at best the
con-
are
of any rate change
at
meas¬
any
or
will contend that
no one
transportation taken at high rates
fine
local
the
specialization of function, characteristic
United
States
through free trade
tion
of the
in
comes
the
poses.
world,
miles of land
area,
and by
not fully persist if it be¬
may
repeatedly
offset wage
augment
to
increases
or
rates,
for other
pur¬
A condition is at least conceivable in which
railroad expenses
increased wages,
will have become
and where
they have nor
revenues
and
any
be imminent but the
aged, for it
may
so
great, through
that the railroads could be solvent
neither with the rates
ones,
principally
forty-eight States and al¬
cheapest and most efficient transporta¬
necessary
whether to
attained
and
among
most three million square
means
The
territorial divisions of production, with
any
increased
at current rates would fall
increases would still further
Such
a
contingency
not
may
possibility ought to be envis¬
not be too remote for cautious
con¬
sideration.
Nor is it to be
forgotten that railroad
wages are
paid out of railroad receipts and that railroad
ceipts
are
supplied, not always by the direct
chasers of railroad
ultimate
consumers
of goods
tation
and
City who
pay
are
transported
consumes
For every
infant in New
milk, there is
a
transpor¬
charge that affects materially the local price
also
makes
City,
its
contribution
to wages
paid in
No artisan or clerical employee in
none
anywhere in the land, fails to
his portion of the aggregate transportation bill
of the
is
which
production of which payments
for railroad services enter.
York
re¬
pur¬
services, but, eventually, by the
and into the costs of
New York
requisite
yet be es¬
In the recovery and
rates, other conditions being equal.
proceed to withdraw little by little what is about to
the absolute and minimum
com¬
quite equal that which would have been taken
splendid
of
of
which cannot
be impossible to isolate and
consequences
transportation.
as
and
a new
in progress all these forces
now
may
being and operation, and the regulatory bodies will
be conceded
official
depression beginning in 1929 loosed
of rate changes, but
volume
will
and rates will be raised in order that the increased
wages may
of
away
destroyed and
was
below expenses
pated than successful opposition; and successful
whittling
pletely restored equilibrium had not been attained
reduce the net income.
to be antici¬
transportation
costly and need¬
produced serious industrial dislocations, the
were,
old
traveling and shipping public concede that this must
no more
of
The
regulation. These advances, necessary although they
be
done; strong opposition is
use
advances in rates, not yet wholly lost
through the ceaseless
ure
very
as
organ¬
enormously increased outlay for labor and
an
entailed large
group
Unless the
Economic
experiment of expropriation and government
railroads in any
years.
extremely low
so
operation during the World War left the railroads
$133,000,000, is greater than the net income of all the
of the last five
abundant
timated, much less measured.
cost
railroads
the
facilities at these lowest rates.
ex¬
and its estimated aggregate addition to the
excep¬
practice in this country have long been
to
other forces the effects of
annual
of
ization and
unit
per
parallel elsewhere.
ap¬
penses,
industry
tionally low cost as compared with the whole volume
when the great
inevitable.
as
agreement
beyond
or
have provided American
history,
utilized, and at charges
which there
little less
a
some
uncertain
exceptionally efficient transportation at
to be without
radical and drastic
more
American railroads, throughout their
prediction.
with
consequences,
degree
no
service, but it must not be overlooked that railroad
genuinely superior class within
of the
decades
century, will continue to be chronic and
threaten to
labor constitutes
a
first four
the
tragedy of government ownership and operation.
clusion and that in time appeared to have become
impotent.
of
characteristic
twentieth
Act, previous attempts in the
Oct. 9, 1937
country and it is this transportation bill that
directly swollen by every addition to railroad
Volume
artisans have
or
and
Yet how many of these clerical employees
wages.
earnings
railroad conductors and
of the
as
engineers,
large number whose
creased
as
regular
day? Under
receive
a
The Course of the Bond Market
have just been in¬
wages
While
perfect adjustment, all labor
effort
less
re¬
quired plus suitable differentials for skill, risk of
Under such
of all employees
would be
How high?
high.
They
high
whether
they
criterion
much
are
could
to
inquire
go
down
1975, at 14%
Nothing could be gained, it is certain, by
which
wages are
Combina¬
employers of labor, under
increased and the burden passed
quite
along to the consuming public, are, at times,
this sort could be achieved upon
the American
of
conscious
or as a
reflected
railroad industry, but the effort,
88%.
compelled reaction although with¬
at
105.
mented
by political favor and the administration of
partial
statutes, and recognize no alternative to
Likewise Electric Auto-lite 4s, 1952, were down 1%
Moderate declines have been witnessed in certain
of the list such as packing bonds, amusements,
and liquors.
With the exception of Con¬
Oil conv. 3%s, 1951, which dropped 1% points
98, the oils have been quite steady.
foreign bond list displayed renewed nervousness
which declined under the
weight of political events this week.
German and Po'ish
bonds have been irregular, while among South American
issues the trend of Brazilian and Peruvian obligations con¬
and Japanese issues,
the Italian
tinued softer.
in the following
given
BOND
MOODY'S
PRICES (REVISED)
8.
U.
All
120
Govt.
Domes¬
Daily
Bonds
tic
Corporate by Groups *
120
1937
Domes¬
Dally
tic
Averages
Corp.
Aaa
A
Baa
U.
Indus.
113.48
108.08
97.11
78.33
88.36
99.14
107.30
97.95
113.48
108.08
97.11
78.58
88.65
99.14
107.11
108.38
97.95
113.27
108.08
97.28
78.70
88.80
99.31
107.11
6-
98.11
113.27
108.08
97.45
78.82
88.80
99.48
107.11
5-
4.11
3.30
108.43
98.62
113.48
108.66
97.95
79.70
89.69
99.83
107.49
4.08
3.29
4— 108.44
4-
108.38
98.62
113.48
108.60
98.11
79.45
89.55
99.83
107.69
2-
4.08
1-
4.09
Sept.24—
17—
6
—
5
—
2
—
Aaa
Aa
P.
Indus.
4.73
4.05
3.00
3.56
4.17
5.40
4.71
4.05
3.61
...
3.30
3.56
4.16
5.45
4.70
4.04
3.61
«»-«•
3.56
4.15
5.44
4.70
4.03
3.61
3.53
4.12
5.37
4.64
4.01
3.59
3.29
3.53
4.11
5.39
4.65
4.01
3.58
3.29
3.63
4.12
5.40
4.67
4.01
3.58
5.42
3.30
3.54
4.11
5.41
4.69
4.00
3.68
6.39
4.09
3.29
3.50
4.06
5.23
4.58
3.97
3.52
6.33
4.02
6.21
4.56
3.95
3.54
5.38
3.50
6.28
3.29
7-
4.12
4.12
5.48
79.20
88.95
100.00
107.69
81.48
90.59
100.53
108.85
99.14
81.74
90.90
100.38
108.46
1
10—
4.02
3.30
3.50
4.05
^
3-
3.93
3.28
3.48
4.02
5.07
3.91
109.24
4.48
101.58
Aug.27—
98.45
113.27
108.46
99.60
113.48
109.24
99.66
113.27
109.24
Weekly—
Weekly—
108.04
100.70
113.68
100.64
99.66
83.60
92.12
Aug. 27— 108.28
100.70
113.89
109 44
99.06
84.01
92.69
101.58
109.24
20- 108.80
101 06
114.09
109.84
100 00
84.41
92.75
101.94
109.64
13-
109.12
101.76
114.93
110.63
100.88
84.83
94.01
102.30
110.24
6-
109.49
101.76
114.72
111.03
100 88
84.55
93.85
102.12
110.24
93.85
101.94
109.H4
100.70
84.28
„
_
6.59
4.17
3.29
4.13
98.97
Sept. 24 -- 108.47
17- 108.36
10- 107.78
30
"tgns
3.50
8—
98.11
97.95
110.03
U.
99.83
108.66
—
Aa
P.
R.
R.
89.25
113.48
3
Oct.
*
Kor-
Baa
79.32
98.45
—
R.
Corporate by Groups
107.69
108.36
1
h
120 Domestic
*
by Ratings
97.78
Corp.*
(REVISED)
Individual Closing Prices)
120 Domestic Corporate
8— 108.39
7— 108.39
Averages
Oct.
All
120 Domestic
by Ratings
tables:
YIELD AVERAGES
(Based on
120 Domestic Corporate *
bond yield averages
computed bond prices and
Moody's
are
(Based on Average Yields)
1937
in
The
yielding extravagant concessions to their employees
MOODY'S BOND
1961, breaking 7% to 88%.
Phelps
the copper group with a 1%-point re¬
106.
The Studebaker conv. 6s, 1945, probably also
stock market sentiment in declining from 92 to
solidated
to
supple¬
able, bow to the organized forces of labor,
Chicago Milkaukee St. Taul & Pacific 5s,
down 2%; St. Louis-San Francisco 4s,
were
rubbers
foods,
methods, might, it is conceiv¬
side of revenues and
1%
other parts
Rail¬
regulation and accepted them as inevitable, on the
of
declined
1969,
the early
action to
managements that have bowed to the extremes
road
Pacific 4%s,
Dodge 3%s, 1952, led
the immense scale
recognized intention, is not unthinkable.
out
Chicago & St. Louis 4%s, 1977, at 81
States Steel 4%s,
Gulf
of
It is doubtful whether anything
Lower-grade railroad bonds
trend.
practices, on a relatively small scale, in the
United States.
lower.
slightly
been
Many industrial groups have continued their reactionary
Steel issues have been soft, with the rather inactive
practicable. There have been unmistakable evidences
of such
have
erate recovery.
other industries.
And this leads to another observation.
bonds
1997, lost 1 at 101%; Union Pacific 4s,
days of the week, but later recorded mod¬
Associated Gas & Electric 4%s, 1949, closed
at 36%, down 3% for the week; General Water Works &
Electric 5s, 1943, at 79 were up 1; New England Gas &
Electric 5s, 1948, advanced 3 to 63; Penn Central Light &
Power 4%s, 1977, fell 2% to 87%.
Highest-grade utilities
have again been firm.
New offerings included $48,364,000
Central New York Power Corp. 3%s, 1962, which were issued
for refunding and construction purposes.
of clerks and artisans employed in
tions between labor and
Monday, but the Baa utility
1950, fell 1% to 15%.
Utility bonds of less than prime investment caliber eased
off in
the expense
ago
declined to new 1937 low points.
Southern
5;
registered.
were
without exceeding that
new
Among defaulted railroad bonds numerous declines
74%.
to
on
again been unsettled, and most issues showed losses.
were
making out of railroad labor a special class, favored
at
week
a
Cleveland Cincinnati
justify and, if they are not, how
higher they could
fair limit ?
once
not actually higher than such a
closing
rating groups recorded
1947, at 111% were down %.
have
it not reasonable and desirable at
week,
The Baa rail average did not
not.
railroad
High-grade
Is
now.
of
Northern Pacific 4s,
railroad trains
are
did
while others
and industrial groups
perfect adjust¬
a
on
this
declined
have
of the averages for
some
react to its low
injury, and perhaps for especial hardship of un¬
ment the wages
bonds
most
with net losses from last Friday's prices, neverthe¬
Friday
lows
avoidable conditions.
underwrite the bill.
most
or even as
definite amount for the
a
seeking to have the traveling public, finally
the consumers,
as
by the not inconsiderable rate of forty-four
cents per
would
large and
2293
Chronicle
Financial
145
m
-
m m
-
-
3 27
3.49
4.02
6.04
4 45
3 91
3.60
6 28
3.96
3.26
3.47
4.00
6.01
3.89
3 48
5 33
3.94
4 44
20-
3.22
3.43
3.95
4 98
4 36
3 87
3 45
13-
3.90
5 00
4 37
3 88
3 45
5 09
5.13
0-
July 30-
3.90
3 23
3 41
3 95
3.91
3.23
3.43
3.90
5.02
4.37
3.89
3 47
3.43
3.95
4.96
4.30
3.90
3.50
5 08
101.58
114.72
109.22T
101.76
114.09
110.63
100.88
85.10
94.97
101.78
109.24
23—
3.90
3.20
3 27
3 52
5 20
101.58
3.91
3 91
94.97
16-
4 30
100.53
108 85
4.95
110.24
85.24
3.97
101 58
113.89
3.45
108 90
3 27
3.45
3.97
4.95
4.29
3.60
5 15
3.91
3 94
9-
505
4 34
3.99
3.53
5.17
uly BOaS—
109.52
109-
108.59
101 58
113 89
110 24
100 53
85.24
95.13
101.00
109 21
-
5 13
113 68
109.84
100.00
94.33
100.18
108 66
2-
3.95
3.47
108.39
100.38
3.28
2-
83.87
4.00
3.53
6 12
3.90
4.01
108 60
June 25—
4.34
94.33
99.83
5.05
99.83
93.87
4.01
113.48
109.64
3.48
108.36
toO.70
3.29
une25..
5 13
108.44
101.41
110.24
100.35
95.13
100.70
3.27
3.50
18-.
3 92
3 90
18-
4 29
109.24
4 96
85 10
3.98
113 89
3.45
95 95
100.88
109.24
4.92
110 43
85 65
3 90
113.89
100.70
3 44
108.53
101.76
3.27
11
3 90
3.95
3.50
11-
4.24
3.98
4.92
4 27
3.90
3.51
113 48
4-
3 46
101 58
3.29
108.59
3.91
4.20
3.97
8.52
—
4—
110 24
100 35
85.05
95.46
100.70
109 05
5
11
6.19
110 04
100 35
85.65
95.02
100.53
May 28-
3.92
3.98
113 27
3.40
101.41
3.30
May 28.. 108 73
108.85
4.92
3 53
5 27
108.66
3.91
3.95
95.40
21-
4.27
100.35
100.88
4.89
109.84
80 07
3 98
113 07
3.47
108.22
101.58
3.31
21-
4 88
4.29
3.95
3.55
5 38
14-
107 97
7.
•
m
-
-»
112.25
109.44
99.83
95.13
100 88
108.27
14-
3.93
3.35
3.49
101.23
86 21
4 01
3 34
3 50
5 37
101.23
3.91
3.93
95.78
7-
4 25
100 18
108.08
4.81
109.05
87 21
3 99
101 58
112 45
3.51
108 03
4 30
3.96
3 62
5 41
86 50
94.97
100.70
106 92
Apr. 30..
4.86
108.27
99 48
4.03
111.43
3 55
100.70
3 39
107 59
3 96
Apr. 30..
23..
6.31
107 09
99 48
86.92
95.29
ICO 70
4.03
111.23
3.58
100.70
3 40
3 64
107.17
3.90
3.90
23..
4.28
100 54
4 83
4.26
3.96
3 64
5.33
107.79
107.88
87.21
95.02
100.70
106 54
10—
4.81
99.48
4 03
111 03
3 57
100 70
3 41
16-
3 90
5 33
109 64
107.11
98.45
94.49
99.31
3 61
107.23
99 48
3 48
3 70
9-
4 03
4.04
9..
4 33
105.41
4.92
85.65
4 09
4.29
4.01
5.36
107.19
107 49
98 80
95.13
106.17
4.85
80.64
4.07
110.03
3.59
100 18
3 43
2..
3.99
3.60
2-
3.90
3 00
5 33
108.40
101.23
111.84
87 93
96.11
100.70
107.30
3 37
4 23
Mar 25..
3 93
4 76
99 48
4.03
108 27
3 53
3 95
3 00
6 26
100.88
3.93
4.23
96.11
107.30
4 70
99 14
87.93
4 05
111 84
108.46
3 54
109.32
101 23
3 37
19-
4 60
4
15
3 90
3.55
5 30
110 76
H2.86
100 35
89 40
97.45
101.70
108.27
3 98
109.24
3 50
102.30
3 32
12..
3 87
5 24
114 09
110.43
101 76
98 45
103 38
109.44
4 55
111.82
103.74
3 26
3 49
5-
3 79
4 09
3 81
5..
4 57
90.75
3.90
3 23
3.42
3.88
4.58
4.08
4.47
5 13
109.84
3.78
3 78
Feb. 26-
3.80
4.55
4 06
3 77
3 49
5 13
Feb
Jan.
110.83
102 48
91 05
98.97
01.11
109.44
19
3 77
3 25
3 22
3 46
5
3.76
3 76
11
4 02
104.30
110.04
4.52
91.51
99 00
3 84
102 84
3 41
111 03
4 00
3 72
3 43
5 19
111 84
91 00
105.04
3 72
4.51
ICO 00
3 81
103 38
3 37
115 78
3 IS
103 56
91 51
105.04
111
3 35
5 34
112.25
14
3 39
110 64
3
3 72
105 41
3 70
4 00
29
4 52
100 00
3 80
3 30
5 39
105 79
3 06
3.68
23
22-
3 93
101
112 05
4 47
92 38
3 70
113.27
104 30
3 30
117 72
3 09
100 17
3 07
3 35
5 41
112 25
3 65
3 60
106 17
15-
3 93
101
23
4.47
113 48
92 28
3 75
118 16
104 48
3 29
100 36
3 0«
3 27
3 75
3 35
23
3 05
3 60
8.
3 93
112 25
4 49
100 17
3 97
3 7i
i
46
3 oo
3 84
5 Og
1937
3 07
3 ««
3 04
4.13
3.48
3.61
4.17
5.48
4.75
4.05
3.70
6.59
3.75
3.19
3.39
3.90
4.52
4.02
3.81
3.43
5.65
4.37
3.54
3.84
4.52
5.57
4.98
4.27
3.86
6.75
110.83
19.
112
12
104 11
114 30
11.
112.20
104 48
114 93
112 34
105.04
29..
112 21
22-
112.39
16..
112 53
100 30
117 94
113 89
High 1^37 112 78
100 M
11«
16
113 SO
97.78
109.64
104.48
115.57
104 48
91 97
101
101
106
41
17
43
112 45
"
level
i
or
ucoc
yi ivco
Jan.
Low
104 67
02 43
107.11
97.11
78.33
88.07
99.14
105.41
High 1937
111.43
101.76
91.51
99.66
103.38
110.63
Oct. 8 '36
1
2
2 Yts.Aqo
Oct. 8 *35 106.89
5
110.63
Yr, Ago
Oct. 8 '36 110.82
.
3 42
114 72
112 71
1
12
.
98.02
103.93
Low 1937 107.01
19.
90 59
112 18
8.
103 93
Mar.25—
102 12
26-
5-
99.83
93.85
108.40
102.84
aic vuiupuiii wni
the average movement
91.51
77.24
avciasv /ivi-io vu vuc u«oio mi
of actual price quotations.
yield averages, the latter being the truer picture of the
95.46
84.83
*'uc
102.48
v/ pitai
Yr. Ago
Yrs.Ano
Oct. 8 *35
w«uo n /<? vuu^"«» »»•*»»,ui• "o
They merely serve to illustrate In a more
bond market.
v
'
'
.
«
comprehensive way tne relative levels ana thj
.
..
18
5 43
w
relative movement of
2294
Financial
Chronicle
Oct.
The New Capital Flotations in the United States During
and for the Nine Months
The
capital appeals to the investment markets of
new
the United States during September were
during August,
compilation revealing
our
for
$223,027,432
larger than those
September,
against
as
grand total of
a
$183,827,304
in
with
grand total of $343,577,370 for July, with $559,-
a
August tabulation.
our
These figures compare
$50,010,000
the
Mr.
of
Treasury bills.
mature June
092,098 for April.
$159,031,000,
In March the grand total
it
$617,121,520.
was
of
Refunding operations for the month
comprised
September
total of $223,027,452,
$66,745,136
are
mention here that
we
the
grand
For the benefit of the
compilations,
always,
as
issues
by corporations,
by holding, investment and
announced
or
thereabout
The
of
bills.
The bills
1938.
Tenders
were
governmental
United
order
and
publicly-offered
issues.
agency
during the month of September.
usual
The month's financ¬
ing comprised two double and three single Treasury
sold
issues
on
discount
a
basis
and
bill
exchange offering
an
and
the
was
the
99.709, the
was
following
rate
average
Issued to replace
'■
■'
further
a
offering
totaled
accepted.
The
new
$120,959,000,
average
average rate on
price
of
for
bank discount
a
Issued to replace maturing bills.
we
show in tabular form the Treasury
financing done during the first nine months of 1937.
results show that the Government
of which
will
thereabout of 273-day Treasury
dated Sept. 29 and will mature June 29,
to
In the
Government issues appeared in the
States
22
new
273-day
or
$50,116,000
basis being 0.384%.
loan
99.666,
was
being 0.441%.
4::;y:^V/V-■'L""
/■
the bills
farm
also
of
dated Sept.
were
23 Mr. Morgenthau announced
trading companies, and by States and municipalities, foreign
and
another
Subscriptions to the offering totaled
which $50,015,000 was accepted.
The
and
domestic,
bills
offering of $50,000,000
which
basis
22, 1938.
maturing bills.
On Sept.
discount
16
bank discount basis
a
on
bank
a
Sept.
on
price for the bills
average
capital raised
new
comprehensive, and include the stock, bond and
very
note
our
of
out
leaving the strictly
during the month at $156,282,316.
reader
$382,-
was
$521,550,323, and in January
was
price for the bills
average
on
$50,000,000
Morgenthau
offering
The
rate
average
Issued to replace maturing bills.
being 0.584%.
bill
accepted.
was
99.557,
was
649,812 in June, with $261,441,234 for May, and with $317,057,701, in February it
the Month of September
Since the First of January
re¬
corded
1937
9.
$3,511,328,700 went to take
$1,704,691,300 represented
an
The
disposed of $5,216,020,000,
up
existing issues and
addition to the public debt.
consisting of $433,507,900 15-month l%% notes and $342,-
For
135,800 two-year 2% notes.
124,700, of which $1,025,839,700 constituted refunding and
offerings
recorded further below.
are
nitude and
rowings,
In view of the
mag¬
importance of United States Government bor¬
give below
we
marketed
The details in respect to these
a
of all Treasury issues
summary
September by itself the disposals aggregated $1,126,-
$100,285,000 represented
an
addition to the Government
debt.
V
UNITED
STATES TREASURY
during September, and also those sold during the
FINANCING
DURING
THE
FIRST
NINE
MONTHS OF 1937
eight preceding months, furnishing full particulars of the
various
issues
and
presenting
a
complete record
in that
Date
Dated
Offered
respect for the nine months ended Sept. 30.
Due
Amount
Amount
Applied for
Accepted
Price
Yield
$
New
Treasury
Financing
During
the
Month
of
September, 1937
Secretary of the Treasury Morgenthau
nounced
bill
new
a
Aug.
on
offering of $100,000,000
26
an¬
thereabouts,
or
consisting of 110-day Treasury bills and 273-day Treasury
bills in the amounts of $50,000,000
issues
dated
were
the
and
for the
Both,
Sept. 1, the 110-day bills maturing Dec. 20
273-day bills falling due June 1, 1938.
Tenders
110-day bills totaled $103,158,000, of which $50,-
072,000
accepted.
was
99.871,
the
0.422%.
The
rate
average
on
of
which
bank discount
a
$50,028,000
price of the bills
average
price of the bills
average
basis
was
being
bank discount
vided for
the
basis
Acting
99.534, the
being 0.615%.
rate
average
This financing
on
pro¬
refunding of $50,028,000 of maturing bills,
leaving $50,072,000
of
bill
a new
debt.
as new
Secretary
announced
was
The
accepted.
was
the
Treasury
Magill
offering of $100,000,000
on
or
Sept.
2
thereabout,
consisting of 104-day Treasury bills and 273-day Treasury
bills in the amounts of $50,000,000
issues
dated
were
Dec. 21 and the
scriptions
for
Sept.
was
the
thereabouts.
104-day
the
104-day
was
99.861, the
bills
accepted.
totaled
The
average rate on a
Both
bills falling due
273-day bills maturing June 8, 1938.
which $50,224,000
bills
8,
or
Sub¬
$160,209,000,
average
31 Jan.
71
days
105,265,000
Dec.
31 Jan.
273
days
7 Jan.
13 273
days
131,040,000
125,862,000
Jan.
14 Jan.
20 273
days
124,392,000
Jan.
21 Jan.
27 273
days
134,878,000
Jan.
of
price of the
bank discount basis
being 0.480%.
Tenders for the 273-day bills amounted
$159,174,000, of which $50,016,000 was accepted.
The
average price of the bills was 99.461, the average rate on a
total.
50,055,000 Average
50,125,000 Average
50,022,000 Average
99.760 *0.316%
99.726 *0.361%
250,255,000
28 Feb.
3 273
191,855,000
50,385,000 Average
4 Feb.
10 273
days
179,465,000
Feb.
11 Feb.
17 273
days
154,486,000
50,025,000 Avergae
50,027,000 Average
Feb.
18 Feb. 24 273
days
134,519,000
50,024,000 Average
111,863,000
50,023, 000 Average
50,004, 000 Average
50,055, 000 Average
Feb.
99.961 *0.199%
99.747 *0.333%
99.738 *0.345%
50,015,000 Average
50,038,000 Average
Feb.
Jan.
days
total.
99.696 *0.401%
99.717 ♦0.373%
99.717 *0.373%
99.708 *0.386%
00,461,000
Feb.
26 Mar.
3 105
days
Feb.
26 Mar*
3 273
days
114,519,000
days
153,617,000
4 Mar. 10
Mar.
Applications for the 273-day bills amounted to
$123,622,000,
a
thereabouts.
or
Dec.
Jan.
98
Mar.
4 Mar. 10 273
Mar.
7 Decl5'36 12-16 yrs.
Mar. 11 Mar. 17
days
92
days
Mar. 11 Mar. 17 273
days
Mar. 17 Mar. 24
85
days
130,196,000
483,910,000
140,722,000
106,662,000
88,640,000
99.935 *0.224%
99.695 *0.402%
99.951 *0.179%
50,010, 000 Average
483,910, 000
50,081, 000
50,012, 000
50,020, 000
50,177, 000
99.656 *0,454%
100
2.50%
Average
99.956 *0.173%
Average
99.602 *0.525%
99.896 *0.440%
Average
Mar. 17 Mar. 24 273
days
99,782,000
Mar. 24 Mar. 31
79
days
122,846,000
50,153, 000 Average
99.901
Mar. 24 Mar. 31 273
days
178,883,000
50,004, 000 Average
99.512
days
79,650,000
159,783,000
126,121,000
Marc h total.
273
days
Apr.
8 Apr.
273
days
Apr.
16 Apr.
148
days
154,224,000
Apr. 16 Apr.
Apr. 22 Apr.
Apr. 22 Apr.
273
days
134,330,000
141
days
273
days
150,313,000
139,477,000
Apr. 29 May
135
days
Apr. 29 May
273
days
132,280,000
135,389,000
May
6 May
128
days
138,172,000
May
6 May
13 May
13 May
273
days
164,362,000
122
days
171,777,000
273
days
May 20 May
115
days
May 20 May
273
days
169,035,000
171,119,000
185,551,000
May 28 June
2 108
days
140,170, 000
May 28 June
2 273
days
179,085, 000
June
9 273
days
131,178, 000
72
April total.
May
99.461 *0.711%
50,044,000 Average
50,049,000 Average
50,022,000 Average
50,025,000 Average
99.494 *0.667%
99.776 *0.545%
50,300,000 Average
50,024,000 Average
50,052,000 Average
99.458 *0.715%
99.897
99.499
for the
This financing provided
refunding of $50,027,000 of maturing bills, leaving
$50,213,000
Mr.
being 0.711%.
as new
debt.
Morgenthau
offering
the
to
Sept.
on
holders
7
announced
an
exchange
of
$817,483,500 of 334% notes
maturing Sept. 15, 1937, of either 15-month 134% notes
maturing Dec. 15, 1938, or two-year 2% notes due Sept. 15,
1939.
Exchanges
were
of each series of notes
tendered
notes
and
subscriptions
were
tendered
the
for
made
was
par
par,
accepted in exchange therefor.
not
received.
Exchange
134% notes amounted
applications totaling $342,135,800
2% notes.
On
to
Cash
subscriptions
350,516,000
50,045,000 Average
50,014,000 Average
50,072,000 Average
50,027,000 Average
50,140,000 Average
50,044,000 Average
50,182,000 Average
50,019,000 Average
99.801 *0.531%
99.440 *0.738%
99.820 *0.507%
99.452
were
Tenders
accepted for
an
offering of
thereabouts of 273-day Treasury bills.
The
dated Sept. 15 and will mature June
15, 1938.
to
or
the
offering
totaled
total.
3 June
June
99.863
99.532
50 ,112,000 Average
50 ,030,000 Average
99.888 *0.375%
99.574 *0.562%
50 ,000,000 Average
99.586
426 ,494,300
100
*0.545%
1.375%
1.75%
99.566 *0.572%
99.562 *0.578%
99.531
0.619%
7 June
15
2
years
7 June
15
5
years
June
10 June
16 273
days
June
17 June 23 273
days
127,407, 000
June 24 June 30 273
days
123,676, 000
273
days
133,100,000
50,010, 000 Average
50,060, 000 Average
50,000, 000 Average
99.819
50,136, 000
50,015, 000
50,012, 000
50,032, 000
2,499,349, 100
2,496,326, 400
140,238, 000
total.
July
July
July
155
days
July
July
273
days
July
July
148 days
120,248,000
141,935,000
144,990,000
273
days
156,436,000
July
July
142
days
137,791,000
July
July
273
days
151,608,000
July
July
426 ,290,000
50 ,045,000
100
Average
50 ,120,000 Average
50 ,015,000 Average
1,153,106,300
June
July
0.430%
0.617%
400,543,000
June
June
*0.723%
99.838 *0.479%
99.480 *0.685%
total.
Average
Average
99.628 *0.490%
*0.419%
99.610 *0.514%
Average
99.837 *0.397%
99.620 *0.502%
99.852 *0.372%
Average
99.632 *0.485%
50,000,000 Average
50,047,000 Average
50,086,000 Average
50,057,000 Average
99.646 *0.467%
99.924 *0.211%
350,265,000
$433,507,900,
were
Sept. 9 Mr. Morgenthau announced
$50,000,000
bills
and the offering
limited to the amount of maturing
while
the
for
May
*0.513%
*0.661%
99.469 *0.701%
99.787 *0.543%
to
bank discount basis
*0.450%
*0.643%
984,449,000
Mar. 31 Apr.
Mar. 31 Apr.
May
Average
$176,174,000,
of
which
July
135
July
273
days
Aug.
29 Aug.
4
29 Aug.
4
5 Aug. 11
Aug.
5 Aug. 11
129
days
273
days
148,448,000
146,268,000
Aug. 12 Aug.18 122 days
Aug. 12 Aug. 18 273 days
79,813,000
140,846,000
50,018,000 Average
50,048,000 Average
Aug. 19 Aug. 25 117 days
Aug. 19 Aug. 25 273 days
95,371,000
118,091,000
50,043,000 Average
50,001,000 Average
Augu st
total
days
165,122,000
133,795,000
400,300,000
99.915
*0.228%
99.638 *0.478%
99.927 *0.216%
99.652 *0.459%
99.892 *0.322%
99.603 *0.524%
Volume
Financial
145
the
Date
Offered
Due
150,
$
$
Aug. 26 Sept.
Aug. 26 Sept.
1 110 days
1 273 days
103,158,000
50,072,000 Average
123,622,000
Sept.
8 104 days
160,209,000
50,028,000 Average
50,224,000 Average
8 273 days
159,174,000
2 Sept.
2 Sept.
Sept.
Sept.
7 Sept. 15
7 Sept. 15
15
50,016,000 Average
433,507,900
342,135,800
mos.
2 years
Sept.
Sept. 9 Sept. 15 273 days
Sept. 16 Sept.22 273 days
Sept. 23 Sept. 29 273 days
Average rate
on a
50,015,000 Average
50.116.000 Average
120,959,000
6
13
20...
Jan.
27
.
Refunding
Accepted
bills
$50,055,000
273-day Treas. bills
50,125,000
50,022,000
Treas.
bills
Treas.
bills
50,015,000
50,015,000
273-day Treas, bills
50,038,000
50,038,000
$250,255,000
$200,255,000
$50,385,000
10
273-day
Treas.
bills
50,025,000
Feb.
17
273-day
Treas. bllLs
50,027,000
50,027,000
Feb.
24
273-day
Treas.
bills
50,024,000
50,024,000
$200,461,000
$200,461,000
Treas. bills
Total
$50,023,000 1
Mar.
3
105-day
Mar.
3
273-day Treas. bills
50,004,000
50,055,000
Treas.
bills
Mar. 10
98-day
Treas. bills
Mar. 10
273-day
Treas. bills
50,010,000
bonds
483,910,000
Dec.
15 1936.- 2 H%
Treas.
Mar. 17
92-day
Treas.
bills
Mar. 17
273-day
Treas.
Mar. 24
85-day
Mar. 24
273-day
Mar. 31
79-day
Mar. 31
7
72-day
Treas. bills
Apr.
7
273-day
Treas. bills
Apr.
14
Apr.
50,189,000
50,153,000 1
50,015,000
5,0142,000
$733,980,000
$250,469,000
$50,044,000
50,049,000
273-day Treas. bills
50,325~ 000
50,000,000
50,076,000
$350,516,000
$200,022,000
$150,494,000
) $50,000,000
148-day
273-day
Treas. bills
50,300,000
Apr. 28
141-day
Treas. bills
50,024,000
Apr. 28
273-day
Treas. bills
135-day
Treas. bills
$50,045,000
May
5
12
May
12
May 26
273-day Treas. bills
128-day Treas. bills
273-day Treas. bills
122-day Treas. bills
273-day Treas. bills
115-day Treas. bills
50,014,000
May
May 26
273-day Treas. bills
50,019,000
May
19
19
...
2
June
2
50,072,000 1
...
9
June
15
50,140,000
108-day
Treas. bills
$50,112,000
273-day
Treas. bills
50,030,000
50,000,000
50,201,000
$2on. Ofi4.nnn
$200,479,000
June
June
50,000,000
J 300,000,000
50,045,000
50,120,000
50,120,000
Treas. notes
Treas. bills
Treas. bills
June 30
273-day
50.015.000
50,015,000
$1,153,106,300
$550,180,000
$50,010,000
$50,010,000
Treas. bills
Total
New Capital
1937
552,784~366
FARM LOAN,
Total
Refunding
$
$
$
Month of September—
50,000,000
50,045,000
1*4%
16
CORPORATE, FOREIGN GOVERNMENT,
AND MUNICIPAL FINANCING
OF
$50,142,000
273-day
15
June 23..
conv.
and $25,321,500 Allis-Chalmers Mfg. Co. 15-year conv.
.83%.
month of Sep¬
tember was an offering of $20,000,000 Federal Intermediate
Credit Banks \lA% debentures, dated Sept. 15 and due in
five and nine months, offered at a premium over par value.
There were three offerings worthy of mention made during
September carrying rights to acquire stock on a basis of one
kind or another.
They were as follows:
$48,000,000 Bethlehem Steel Corp. conv. deb. 3^6s,
1952, convertible at any time prior to April 2, 1952, into
common stock at rates ranging from $110 of debentures to
$120 of debentures for each share of common stock.
442,443 shares the Pure Oil Co. 5% conv. pref. stock, con¬
vertible up to Oct. 1, 1947, into common stock at prices
ranging from $22.22 2-9 to $30 per share.
$25,321,500 Allis-Chalmers Mfg. Co. 15-year conv. deb.
4s, 1952, convertible into common stock up to Aug. 1, 1952,
at prices ranging from $75 to $95 per share.
In the following we furnish a complete summary of the
new financing—corporate, State
and city, foreign govern¬
ment, as well as Farm Loan issues—brought out in the
United States during September, and the nine months ended
with September:
J $50,000,000
273-day
Treas. notes
pref. stock, of which $33,000,000 was
shares Grays Harbor Pulp
& Paper Co. $2 cum. pref. stock, of which $2,928,500 was
used for refunding purposes and $2,502,136 was used to
retire preferred stock.
The largest corporate offering during September was
$48,000,000 Bethlehem Steel Corp. (Del.) conv. deb. 3H>s,
1952, offered by the company to holders of its common stock
at 100, to yield about 3.50%.
Other issues of importance
were: 442,443 shares the Pure Oil Co. 5% conv. pref. stock,
offered by the company to holders of its common stock at
5%
SUMMARY
426,494,300
426,290,000
1 V%%
50,120,000
50,064,000
J
50,044,000
50,182,000 1
273-day Treas. bills
...
50,099,000
50,027,000
'
June
$50,059,000
50,000,000
$400,543,000
Total
June
1
50,052,000
5
May
50,022,000
50,000,000
Treas. bills
21
May
$50,093,000
J $50,000,000
50,022,000
50,025,000 1
Apr. 21
Total
~5~O7O8L666
50,008,000
$984,449,000
Total
50,030,000
483,910,000
50,004,000
273-day Treas. bills
Apr.
$50,027,000
50,035,000
50,012,000
50,177,000
Co.
used for refunding; and 150,851
deb. 4s, 1952, issued at 102, to yield about
Included in the financing done during the
1
bills
than 40%
par,
J
50,012,000
50,020,000
Treas. bills
$50,000,000
$50,000,000
|
50,081,000
bills
Treas. bills
Treas.
$50,000,000
50,022,000
273-day
273-day
Indebtedness
| $50,180,000
273-day
3
or more
or more
refunding portion was $149,341,than 35% of the total.
In May the refunding
portion was $87,210,363, or more than 52% of the total;
in April it was $86,535,499, or more than 53% of the total;
in March it was $181,055,483, or more than 56% of the
total; in February it was $224,520,551, or more than 63%
of the total.
In January the refunding portion was $203,516,962, or nearly 69% of the total.
In September a year
ago the amount for refunding was $175,460,330, representing
about 71% of that month's total.
Refunding issues worthy of mention sold during Sep¬
tember of 1937 were as follows:
442,443 shares the Pure
Oil
New
$50,385,000
50,025,000
Feb.
0.384%
OF FUNDS
Total
Feb.
99.709
Total Amount
71-day Treas.
Jan.
1.25%
2.00%
99.557 *0.584%
99.666 0.441%
bank discount basis.
Security
6
99.861 *0.480%
99.461 *0.711%
1,126,124.700
Dated
Jan.
100
159,031,000
USE
Jan.
342,135,800
50,010,000 Average
Type of
Jan.
100
176,174,000
Septe mber to tal
*
433,507,900
99.871 *0.422%
99.534 *0.615%
$56,780,528,
was
In June the
Yield
Price
Accepted
Applied for
refunding portion
of the total.
Amount
Amount
Doled
2295
Chronicle
Corporate—
Domestic—
Preferred stocks
_.
Common stocks
Canadian—
87,702,500
38,43~0~ 63 6
10,016,178
574,000
53,174,936
10,590,178
112,181,978
39,385,636
151,567,614
20,000*000
2o",bbb"obb
40,850*338
7,359,500
48,209,838
156,282,316
66,745,136
223,027,452
100,000
100,000
Short-term
$602,926,300
381,000
14,744,300
87,321,500
Long-term bonds and notes
_
•
Short-term
July
7
273-day
Treas. bills
155-day
Treas. bills
50,060,000 1
July
14..
July
50,000,000
July
273-day Treas. bills
21....... 148-day Treas. bills
21
273-day Treas. bills
July
28
142-day Treas. bills
50,012,000
July
28..
273-day
Treas. bills
50,032.000
July
14
50,136,000
50.015,000
4
135-day
Treas. bills
$50,000,000
Aug.
4
273-day Treas. bills
50,047,000
i
50,159,000
49,885,000
$200,298,000
$149,976,000
j
Aug. 11
129-day
Treas. bills
50,086,000
Aug. 11
273-day
Treas.
bills
50,057,000
Aug. 18
50,018,000
Aug. 25
122-day Treas. bills
273-day Treas. bills
117-day Treas. bills
Aug. 25
273-day
Treas. bills
50,001,000
J 50,010,000
$400,300,000
$200,238,000
Aug. 18
Total
50,048,000
50,043,000
$50,072,000
273-day
Treas. bills
Treas. bills
104-day
Treas. bills
50,224,000
273-day
Treas. bills
Sept.
1
110-day
Sept.
1
Sept.
8
Sept.
8
50,028,000
50,016.000
j
50,145,000
50,083,000
| $50,028,000
j 50,027,000
Sept. 15
273-day Treas.
50,010,000
50,010,000
Sept. 15
1 H%
433,507.900
433,507,900
Sept. 15
2%
342,135,800
342,135,800
Sept. 22
273-day Treas. bills
273-day Treas. bills
50,015,000
50.015,000
50,116,000
50,116,000
Sept. 29
bills
Treas. notes
Treas. notes
$1,126,124,700 $1,025,839,700
Total
Grand
total.
.
Common stocks
Other foreign—
50,091,000
50,060,000
J $50,000,000
Preferred stocks
s'soVobb'ooo
|
$350,265,000
Total
Aug.
50,060,000
$50,047,000
49,998,000
Short-term
Total corporate
Canadian Government
Other foreign
..
-
Government agencies.
3,250,000
3,250,000
■
government
Farm Loan and
*
»
__
Municipal—States, cities, &c
49,983,000
Grand total
50,034,000
--
Nine Months Ended
$200,062,000
Sept. 30—
Corporate—
Domestic—
Short-term
622,185,349
44,276,080
and notes
Long-term bonds
$50,072,000
.
173,540,097
187,642,343
Preferred stocks
50,213,000
Common stocks
697,501,351 1,319,686.700
81,100,000
36,823,920
263,550,822
86.606,225
437,090,919
274,248,568
Canadian—
Other foreign—
$100,285,000
$5,216,020,000 $3,511,328,700 $1,704,691,300
•
.
'
i
Features of September
Corporate Financing
Making further reference to the new corporate
offerings
announced during September, we note that industrial and
miscellaneous issues
accounted for $138,767,614, which
for that group in August.
$11,500,000 in September, as
against $50,251,000 reported for them in August, while
railroad financing in September amounted to only $1,300,000,
as compared to $6,039,000 recorded for August.
The total corporate securities of all kinds put out during
September was, as already stated, $151,567,614, of which
$87,702,500 comprised long-term issues, $100,000 consisted
of short-term issues, and $63,765,114 represented stock
flotations.
The portion of the month's corporate flotations
devoted to refunding operations was $39,385,636 or more
than 25% of the total.
In August the refunding portion
was $56,136,146, or more than 53% of the total.
In July
Total corporate
Farm Loan
*
-
'
«
government
and Government agencies..
.
Municipal—States, cities, &c
85,000,000
88,2.50.000
134,000,000
134,000,000
i32",bbb"bbo
196,714,000
328,714,000
578,119,006
164,332,255
742,451,261
United States Possessions.
compares with
$19,243,982
Public utility issues totaled
3,250,000
Canadian Government
Other foreign
»
1,027,643,869 1,084,482,318 2,112,128,187
1,741,012,876 1,664,528,573 3,405,541,448
Grand total
*
X
UgUTOS
a*y agency
UO
UUV
iuuuuc iuuuo vi/baii*vu
\jj
mi/kvvw
M
of the Federal Government.
on the two succeeding pages we compare
figures for 1937 with tne corresponding fig¬
for the four years preceding, thus affording a five-year
In the
tables
the foregoing
ures
comparison.
We also furnish a detailed analysis for the
five years of the corporate offerings, showing separately
the amounts for all the different classes of corporations.
Following the full-page tables we give complete details
of the new capital flotations during September, including
every issue of any kind brought out in that month.
J
vo
vo
£3
aj
—
3,162,0 13,9 2.0 8,91 X56
Total
26.75,20 30.6 ",6 38,29.5 95.0 ,205
953.849
17,8540 12,6 *6 30,87 49
Refundi g 3,862.0 13,9 2.0
$
1933
Capital
8,91 *250
$
$
50 ,0 0
14,3870 2,3(H)",0
4.187.0 50 ,0 0 2,30 x6
Capit l
S
Total
271,39 0
680, 0
1,0 .0 2,8 6.920
630, 0
Refundi g 29,1370 1,0 ,0 6
1934
T'
26,75.20
3,862,0 13,9 2.6
17,8540
8.91 ,250
8.91 ,250
8,91 ,250
80 ,0 0
50 ,0 0
50 ,0 0
1,50 , 0 2.30 , 0 1,20 , 0 13. 87,0 1,30 . 0
1,50 , 0
10. 0
1,20 , 0 3,187,0
4,387,0
50 .0 0
50 ,0 0
80 ,0 0
16.50, 0 164.720 24.0 ,0 1.250. 0 65,0 0 475.0 0
271,390
630, 0
630. 0
2.549, 20 1,20 , 0
Refundi g 7,50 . 0 14,872.0 1.7650 65,0 0
29,1370
630. 0
630, 0
1,0 ,0
1,0 ,0 7,50 . 0 14,8720 1.7650 1,630, 0 65,0 0
20 ,0 75,0 0
2.8 6,920 9,0 ,0 19,30 0 14,78.920 1,452,0
%
Total
$
1936
Capital
%
New
50 ,0 0
204.p50 26,13426 19,20874
tal
q 51
Refundi g 10. 0
vital
45,086920 127*658924 172,458
New
13,92,0
13,9 2,6
8,91 ,250 3,862.0 13.9 26 8,91 ,250
14,3870
Ca
SMFTSOFYEPHNIAVRRB Governmt.MOFYEPTINAVRBH
Capital 42,60 29,82*206",
3,862.0
8.91 ,250
17.8,0
10, 0
10. ,0
1,50 . 0 2,30 . 0 1,20 , 0 3,187,0 1,30 , 0
1,50 . 0 7,187,0
Netc
230,76 0 12,76* 21. 716 264.78,16
$
13,92.0
1,20 . 0 13,870
tal
275,83920 12,70 6 148,70.64 437,24560
$
1935
*5 3§!fb
8,91 ,250
T
7,187,0 *61,23016 39,2361
Neic
Refunding 3.862,0
3,862.0 Q- 13,9 2.60 : : : : —
Capital
10, 0 13,6 *6 8,713,678 31.73678
Refundi g 10, 0
a
::: :::
3,862.0
„
New
17,8 0 13.6 *6 40,81964 71,06 94
$
1934
%
S
1933
8,91 ,250 18,6 * 6 37,28610 64,197356
New
Total
Total
250. ,140 158,7453 409,34693
9,0 ,0 19,30 0 12,35.0 1,250, 0 "475.6 6
2,*549,20
42,60
3,826.920 16,50. 0 164,720 26,549.20 3.082,0 65,07 0 475.0 0
275,83920
230.76,
75,0 0 475.0 0
45,086920
4,0 ,0 750, 0 240.81903",10,98 30 3,509,3 0 6,873,46 45,2 140 24, 750 12,05 0 5,70 2 . 93,480 1.098 3C 4,50 . 0 3,509,3 0 8,37 ,46 250, .140
24.750 17.C50 5,0 0 2,16*06 4,5O ",6 1,60.0 204,650
Total
75,0 0
O
N
C
I
G
S
T
U
S
T
F
O
R
R
N
E
P
H
A
O
H
U
P
F
W
E
I
A
R
D
E
FFMLGACIFNUOOOAVRRERPCENPDIMGAGNLTT,, governmt-.—acis&_ FftSrbefoahumatdugonnicpredylideysssl Notes—-&c_— manufctrig .—&c.—Notes—.&c_—.acesori.—mnufactg .— &c &c_—. manufctrig —.&c— . .Manufctrig —_&c
53 ,0 0
175,4603 56,l4~ 09 231,47 39
Capital 48,3920 7,43*9",36 18,75.874
74,589.10 102,7 14 50 ,0 0 17,859 4
Refundi g 156.23 0 18,69430
%
1938
8
New
Total
$
$
1937
OF
Refundi g
87,025010 ,0 053,17493610,59 178
15.67,143.250, 0 26. ",6 48,20983
381,0 0 574,0 0
39,8563 20,6 .6 7.359.0
10 ,0 0
12,81.97 3,250, 0 40,85"38
38,46 3
SUM ARY Capital 87.321,50 14,7 30 10, 6178
%
New
ACHANRDTE
6156,7,248513316
Other
Grand
Total
Can dian Loan
These
*
Other Farm United
*
4,50 . 0
Refundi g 20, 0 17,05 0 14,6830
2,IO" ,6
Capital 4.75,0 40,3176
$
1,30 , 0 1 ,50 0 48.0 0 "70" 0 026,4 50 "756~.6 0
87,0250
381,0 0
381,0 0
Capital 1,30,0 1,50 0 48,0 0 66625,46,50 "375.6 0
87,32150
Trial
1937
Refundi g
$
~
4,0 ,0 1,780 3,509,3 0 19,27.30 20, .0 12,05 0 14,6830 1 ,7 80 4",506", 6 3,509.3 6
156,230
750, 0
1,50 . 0 48,392.0
New
23,07.452
SEPTMBR bonnaodtess- stock.-— stock- bonanodntessd-Short-e;m— stock stockForeign— bonanodtess- . stock stock corpate.—Governmt.foreignGoavntd,Municpiatl—eSs,PSotaens. toa.l difnigcnluuordeest
OFMONTH Corpate— Domestic-— Long-termShort-emPrefredCom onCandi— Long-term PrefredCom on Long-termShort-emPrefred Com on
1936
"67
New
10 ,0 0
10 ,0 0
162,50
10 ,0 0
10 ,0 0
8,475,480 10,98 30
175,4603
8,37 ,40 74,589.10
6,873,40 26,197810 4, 75,0 41,067 6 16.57,480 1 ,098. 30
19,358 14 ,24 30
63,7514 1,30 , 0 1,50 0 48,0 .0 ~862,56 4,90481 4,2430 756,0 0
15,67 14
6,0 4,63 3 ,0 0
39,0463
6,0 4,63 3 ,0 0 381,0 0
39,85.63
13,5 6781,24 30
24,760.478 1,30,0 1.50, 0 48,0 0 "8562"0 ,38,90,1781.24,30 375,0 0
12.81,97
162,50
SEPTMBR Boanndds . utiles ccoopaerl,,mnuft acesori.indaustrl —-&buildcngs, —. htotrraluddsiinntgg,,,Miscelano_.us. —Boands — utile—s. ccoopaelr,,manufcts indausntrdl ■—-&buildcngs, --— ..—htoralddiinngg,,Miscelano.u—s. Total. -, utiles ccoopaelr,,mnuft. acesori.indausntrdl &bcu-il_d—n.gs, -—. .htroalddiinngg,,Miscelan.ou—s — utiles.&ccoopaelr,,mnuft acesori.indaunstrdil -b&uildcn.gs, -.— httorraluddsiinntgg,,,Miscelano.us sceocrupritate
OFMONTH Long-term Railrods. Equipment Maotnords Oil-. - Rub er Short-em Railrods. Equipment Maotnords Rub e.r
ste l, Ship ing
ste l, Ship ing trust ,
Total
Public Iron,
Other
Land,
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Stocks— Railroads
Total
ste l,Equipment and Rub er. Ship ing trust , Total— Railroads.PublicIrson,te l,Equipment Maotnords Land,Ruber. Ship ing
Public Iron, Motors Other Oil-- Land,
Inv.
Other
Oil
Inv.
Total
#
Total
$
138,49.50 8.12870 14.7 ,5 12,74061
13 ,3 2
Refundi g 14,87950 71.52870 32,17 8
$
1933
Capit l 23.610 16.0 0 14,7 .£5 80,42 83
$
l.b o.d
35.81348 60. 0 75.~9ob~.6 36. 2675 .40 829.75,823
1,60 , 0
20,316.978 60. 0 12.0 ,06 30.19503 32,45681
1
13 ,3 2
%
1934
Refundi g
$
21,306.1 36,25.0 2.908.0 29,7539
1,20 , 0
382,645.9 50. ,0 610,4 "10 682.91759
14,9602 104,750
i,2~ob,6o
247.865,20 5.0 ,0 298.30 108,92563 705.9,763
Capit l 70,34590 31,50 2.908.0 29,7539
New
Total
1.45,70
47,30. 82,0380 1,93 20
Refundi g 1.278,0569 39,2450 49,3 .80
8
1935
1,36 4.9
76.0 0 864,59370 305.27,81 4,30. 2.61,93407
568.0
230,5472 94,7620 596,7 192 92,64791
2,95.87 0 54,70 204.97,312 38,17.58 38.0 ,0
3, 25.0
3,60.273 48.0 , 0 5.0 0 34,09860 872.306,815 4,682.3514
Refundi g 2.36,0 4 35,762.50 143.675,230 1 .371 43 30, .0
2.58,1 3 48,0 0 5.0 ,0 321,9860 312,4538 1,750, 0 3,21 9,801
Capit l
New
%
Total
$
1936
5152.03,1 3,8.0 2,308.0 4,0 0 40 ,0 0
Total
Refundi g 102,5 0 3.652,0 2,308,0 3,50,0
Capit l 49,5130 19,3280
50 ,0 40 ,0 0
New
Total
193*
Refundi g
%
$
175.6430 75,826.0 182.0 7.941",6 194.765,0 104.5,0 7,028.0
7. 4 ,6
123.89,60 734.520 149.25,6 2.~4 l".6 154.2 ,10 10,28 50 5,60. 0
7. 4 ,6
Capit l 51,73.20 41.2S0 32.754,3 5,0,0 40,513.40 4.218750 1,368,0
$
New
1938
Total
75,0 0
"
859,269 1,795,120 90 ,0 5,9 ,10
127,59 48 9,0450 92.18978 2,609.51 2,0 0 18,40564
75.0 0
l",08,56
35,813 48
32,17 8 87.904,50 57,960.78 19.5740 12,0 0 36,895 I"955, o 20,316978
73,128.70 2,147, 8 30,17*.5
5,9 ",I5o
75.0 0
75.0 0
90 .0 0
16,0 0 7,0 ,0 3.01.651 "859.26981,45 64 1,795.120 1,08.56 95,27 10 12,0 0 34,210 3,01,651 "859,269 81,54 64 1,795,120 1,08.56 135,496170
10 ,0
21,306.1 70.9470 5,0 3,758.0 7.0 .0
$
1934
YYFM3FSENTMAILOUIAAHVOND0PRCRTPDG.L Glfeotvrdahuornngicmpmle.syFS3TEMNFSIUTIAOVOHARDP0NHTRE.D
17,39.804 8,45,0 3,470 1,93.20
$
23,610 16,50*.6
New
1,02.87395
1,597. 20
90 ,0 0
89,728 0 9,147, 8 3,01,651 859".269 1 ,65 4 1,795,120 1,08,56
7.2 7.0 39,7520 19,57.40 12,0 .0 5,10.60 5,9 .15
14,870.5 7,27.0 23,95.20 19,5704 12.0 0 5,0 ,05
Capit I 12.0 0 10,720
$
76.0 , 0 95,3 70 902,53.07 4,98.0 3.59,81 3
138,4950
Refundi g 80,62750 32,518.0 1,725.0
1,725968.1
134,780.9 "1,2316 573,9861
$
"90 ,6 6
S
1933
63,90. 306.52317 1.40, 0 507.319,42
135.496170
Neto
Total
92.6750 43,290 1,725,0
Total
14,960.2 63,947.0 32,50 0
2,9580 6,50.0
70,345.90 7,0 .0 23,0 . 0
80 ,0 50 .0
250, 0
58 .750
137,450
525.0 0
20,96 249
"310".26 10,5 0 32.8 4,19
16.47,0 6,152.0 5,26,0 10, .0
105,9 .0
250, 0
40 ,0 0 525,0 0
58 ,750
2 ,9601 09,850 27,06.2491,0 .0 "3l6~.20610.75 0 382.645,29
58 ,750
31,50
2C
52 ,0 310,20
,960.24
247.86520
40 ,0 52 ,0
58 ,750
10,5 .0 32.8419 56,13 0 42,9380 21,760249 1,0 .0 "310,206 10,75 0 134,780.9
1,45.70
20. 0 h.0 0 6.0 .6 4.730, 6.0 .0
6,o" ,6 47,30. 6,785,20 21.3 ,920 16,45370 5.07,0
4,371~806 93, 7.20 175.6430 802,61.50 28,31920 13.94~6 215,94 250 15.7,0 7,028 0 58.~1 5.806
1,2780569
26.b~o ",6 5,0 0 2.4506 6,0 0
6,0 .6 39,2450C 5,0 ,6 13,762.0 I,2"LO,6
8190,371", 49,3 80 123.89,60 759.42,0 168,07.6 2,41",0 167,9 10 106,28 50 5,60. 3,15"80
17,391804
6.0 .6 2,485,0
8,4 5,0 1,785*,20 7,549, 20 5,23",750 5,075,0
1,15,9376..4209
25.0 ,0 4,63920 51,73 20 43,069250 4,30425 1,"50.6 48,25 10 9.23,750 1,368,0 25.cbo6 230,54.72
245.0 0 7, 5b",do
8, 6, 56 7,462,40 4, 85.0 169,32897 30.89 43 50 ,0 0 3,509,3 6 1,9250 76. 7,941 342,8.30 721,93 0 31,086 5 30,68240 4, 85,0 347,6937 29.38,43 14,02 0 4,109,3 6 1,9250 239.867,41
8
.
1
2
5
,
6
~
6
o
~
,
6
2
,
0
,
0
4
,
5
0
,
0
1
,
8
5
0
,
0
5
4
,
7
0
2
8
,
5
9
7
6
3
3
0
,
.
0
2
3
,
0
1
3
,
2
7
9
.
0
2
6
4
,
0
0
691.23,90 1,3256780 320, 0 170.5,0 15,40. 2.96387,0
3,60273
1,35624 3
60 .0 0
Refundi g 48,76315 1,256 38. 4 213,597 2 20,73450 136,25*76 240, 1963 9,712,0 31.420"S76 2,39 06 4 15,0 0 2,0 ,0 8,125. 5 2,87,50
7, 50. 0 35,76250 25,87",128 4,184,0 523,90 69,7 03 6 3,509.3 0 35,08 530 15,046.973
49,876.3151,28965, 2 523,90 214,0 92 258,47321 9,7120 3,509.3
219,78 52 0,73450
16,4379
1
:
)
)
j
)
1
)
74,25910 2.58,413
I
7
_
—
New
I
C
O
N
S
G
O
R
R
E
P
U
U
E
F
P
W
A
I
T
FGCFOAOOVRRERPENIMGANTT,,
Total
$
Refundi g 697,5013 36,82390 263,5082 86,0 25
31,018482
1,64528,73
21,,78471,50 CAHANRDTE
*» 3,250. 0 132,06 0 578,19.06
1,027643.89
Capital 62,185349 4,27608 173,540 97 187,6423
$
OSUMFARY
85.0 ,0 134,0 0 196.740 164,32.5
«•«*
•»
New
Satneds
7 ,8197
187,23 857
650, 0
293.15,70 56,089 132, 50 1,0,0 10,7 0 107,34650 140,850 28, 6.0 ~250~6 39,58.0 5,80,0 36,850 2,50.0
250. 0
467.50
35,90. 81,0 0 91,28 394 94,87 24 12,73453 246,93 564 16,849.02 3,176,90 95,07.960 71,39487 298,5 70 693,27 94 27,012. 4 1,567,50 23,4 53 56,783064 307,695302 28, 60 3,826,90 170,542960 2.1 , 687
80 ,0 0
682,50
682,50
36,82390 86,310.25 54,27 0 162,850 6f,2571 12,0675 26,391859 350,1704 108,7 .0 587. 548 98,35 120 162,850 4,934,60 93,584639139,45 76 21, 40 29,52359 1,084 2,318
650. 0 ~ 2 5~0 ,6c
7
.
0
2
.
0
5
,
7
6
5
.
4
0
1
,
0
,
0
8
,
0
5
9
0
7
5
.
8
7
,
6
1
2
9
8
,
0
7
6
8
Capit l 185,970 12,49750 36.84,50 62,185.349 4,350. 0 2,76.08 1,70,0
35,90. 4,27608 4,978,142 40,6 54 304,65012,734.53 185,70813 45.73,07 2.49.490 68,16 01 361,8240 190,24170 15,3190 128.659,04 1,40,650 18,49 53 263,198425 168,240.5377,02,0 3,14,90 "250,60 140,95 601 1,027.643,89
Total
1937
18,70 5
571,836.50
New
2.1 687 S8,250 134,0 0 328,714.0 742,516 3.405, 148
1,396870 81,0 437.09,1 274, 8.56
$
1937
Capit l 206,41758 70.139 6 106, 2.48 2,496,50 34.025,74 23,958037
7 ,81.97 21,90 0 59,871.42 1,57,0 1,36 284
Capit l 563,8 .560 18,705 60,42.082 126,857 8,0 ,0
$
1,3968,70
Rejunai g 107,2680 46,913 4,076 50 4,934,6 31,58 18.34 0 21. 4,0 3,20.50 697,5013 1,450, 0 34,573920
New
nS3EP0T. otes. notes- notes- governmt. acis&t_e,Posin bfinuocltadyinsee S3EP0T. Notes- manufctrig &holdcing, Notes— manufctrig &holdcing, manufctrig h&oldcing, manufctrig &hocld—ing, -_
toal. dfignuorest BLoonagn-ntderdsm
s
e
c
c
o
u
r
p
r
i
t
a
t
e
.
LDomestic-— oonagn-tdersm Short-em Presftorck-ed Cosmtockon Candi — bLooanngn-tdedrsm Foreign— bLoonagn-tdersm Comstockon corpate
b
S
B
h
o
o
a
r
t
n
e
d
m
s
l
a
n
e
o
u
s
a
a
c
e
s
n
o
r
i
d
M
i
s
c
e
l
a
n
o
u
s
EMNODNTHS Corpate—foreignGLooaavntnd, Municpal—Stes,Staes EMNODNTHS Railroads utiles &sccotoepaellr,,,Eqmuainpufmtent aacesnorid indausntridl &buildcngs, ttrruadsitng,,Miscelanous Railrods utiles sccot<oep&all,,,Eqmuainpufmcterenst anodi Indaustril &buildcngs, ttrraudsintg,,Miscelanous Railroads utiles &sccotopeall,,,Eqmuainpufmcterenst anoid indaustrl &buildcngs, ttrraudsintg,, Railrod-s utiles &cscotopeaell,,,Eqmuaniupfmtrent indaustril &buildcngs, ttrraudsintg,,
Grand
Total
Other
9
These
Total
Total
*
Other Farm
*
United
9
Public Iron, Motors Other Land, Rub er
Oil
Ship nglnv.
Public Iron, Motors Other Land, Rub er
Oil
Ship inglnv.
Stocks—
Total
Public Iron, Motors Other land, Rub er
Oil
Ship inglnv.
Total-
Public Iron, Motors Other Land, Rub er Ship ing nv. Miscel
Oil
I
Total
Financial
2298
DETAILS OP NEW CAPITAL
FLOTATIONS DURING
SEPTEMBER,
LONG-TERM
BONDS
Pulp & Paper Co. 150,851 shares $2 cum.
Retirement of funded debt and $8 pref. stock.
pref. stock.
36.
Convertible into common stock at any time up
to Aug. 1, 1942, on a share-for-share basis.
Offered by com¬
pany
to holders
of its common stock.
Underwritten by
Blyth & Co., Inc.
Price,
1937
,
YEARS)
FIVE
THAN
1937
9,
5,430,636 Grays Harbor
(ISSUES MATURING LATER
NOTES
AND
Oct.
Chronicle
Distillery, Inc., 40,000 units, each unit com¬
prising one share cum. pref. stock and % share of common
stock.
Erect new storehouse and provide additional working
capital.
Price, 25 per unit.
Offered by Henrotin, Moss &
Lewis, Inc., N. Y., and Central Pennsylvania Co., Inc.,
1,000,000 Hamburger
RAILROADS
1938-47.
$1,300,000 Cambria & Indiana RR. Co. equip. tr. 2%s,
New equipment.
Priced to yield from 1% to 2.75%.
fered by Salomon Bros. & Hutzler; Dick & Merle-Smith,
Stroud & Co., Inc.
PUBLIC
Of¬
and
UTILITIES
Harrisburg, Pa.
4,471,350 Hercules Powder Co. 59,618 shares common stock.
Working
capital.
Price. 75.
Offered by company to holders of its
stock.
common
$8,500,000 Ohio Edison Co. 1st M. 4s, Sept. 1, 1967.
Property ad¬
ditions.
Price, 100%' to yield about 3.97%.
Offered by
Morgan Stanley & Co., Inc.; Bonbright & Co., Inc.; Brown
Harriman & Co., Inc.; Edward B. Smith & Co.; The First
Boston Corp.; Lee Higginson Corp.; E. W. Clark & Co., and
Stone & Webster and Blodget, Inc.
3,000,000 Rochester Gag & Electric Corp. Gen. M. 3%s, H, Sept. 1,
1967.
New construction and improvements.
Price, 102%;
to yield about 3.60%.
Offered by The First Boston Corp.;
Edward B. Smith & Co.; Goldman, Sachs & Co.; Harris,
Hall & Co. (Inc.); W. C. Langley & Co., and Sage, Rutty
& Co., Inc. ■
1 V '
$11,500,000
IRON,
STEEL, COAL. COPPER, &c.
Corp.
Steel
$48,000,000 Bethlehem
(Del.)
deb. 3%S,
240,000 Honeymead
General
r
1,
and
MANUFACTURING
stock,
compion
Offered by Priester-
of
its
common
Price, 30.
Offered by
stock.
Underwritten
company
Blyth
by
to
&
2,500,000 Puget Sound Pulp & Timber Co. 125,000 shares 6% conv.
pref. stock.
Acquisition of property and erection of new
mill.
Price, 25.
Convertible into common stock at rates
ranging from 1% shares to 1 1-9 shares of common for each
share of pref.
Offered by Bankamerica Co., San Francisco.
Other underwriter was Battelle, Dwyer & Co.
Pulp
&
Paper Co.
investment
in
Price,
Offered
50.
49,600 shares common stock.
to and
loans, reimburse company for advances
a
subsidiary and provide working
bank
Retire
by company
to
capital.
holders of its common
Underwritten.
stock.
:
■■■■■':ry''
$19,358,314
OIL
442,443 shares 5% cum. conv. pref. stock.
pref. stock, pay balance on bank loans maturing
and retire bank loans incurred in redemption
4 %% notes on July
1, 1937.
Price, 100.
Convertible
up to Oct. 1, 1947, into common stock at prices ranging from
$22.22 2-9 to $30 per share.
Offered by company to holders
of its common stock.
Underwritten by Edward B. Smith
&
Co.; The First Boston Corp.; Kidder, Peabody & Co.;
Lehman Bros* Brown Harriman & Co., Inc.; Glore, Forgan
& Co.; Central Republic Co.; Lee Higginson Corp.; Goldman,
Sachs & Co.; Charles D. Barney & Co.;/Harris, Hall & Co.
(Inc.); Hayden, Stone & Co ; W. E. Hutton & Co.; Cassatt
& Co., Inc.; E. W. Clark & Co.; Graham, Parsons & Co.;
J. & W. Seligman & Co.; White, Weld & Co.; BancamericaBlair Corp.;
Biddle, Whelen & Co.; Alex Brown & Sons;
H. M.
Byllesby & Co., Inc.; Estabrook & Co.: Hayden,
Miller & Co.; Jackson & Curtis; F. S. Moseley & Co.; E. H.
Rollins & Sons, Inc.; The Securities Co. of Milwaukee, Inc.;
Tucker, Anthony & Co.; Wertheim & Co.; Whiting, Weeks
& Knowles, Inc.; Janney & Co.; Bacon, Whipple & Co.; Battles
& Co., Inc.; Blair, Bonner & Co.; Merrill, Turben & Co.;
Stroud & Co., Inc.; Wells-Dickey Co.; Kleinwort Sons & Co.,
and Kuhn, Loeb & Co.
$44,244,300 Pure
Oil
Retire
1938
Co.
8%
to
1940
of
AND ACCESSORIES
INDUSTRIAL AND
OTHER
shares
Price, 8.
Co., Inc.
Inc.
MOTORS
capital.
working
holders
1952.
$700,000 Hayes Body Corp. 1st M. conv. 5%s, 1947.
New factory
unit, additions and betterments.
Price, 98; to yield about
6.75%.
Convertible into common stock at varying ratios
ranging from 150 shares to 50 shares.
Offered by Floyd D.
Cerf Co., Chicago.
30,000
624,690 Olympic Forest Products Co. 20,823 shares common stock.
Retirement of debentures, property and plant improvement
Retirement of promissory notes
& Co.,
Co.
Quail & Co.
2,480,000 Rainier
Oct.
and provide working capital.
Price 100; to yield 3.50%.
Convertible at any time prior to
April 2, 1952, into common stock at rates ranging from $110
or debentures to $120 of debentures for each share of common
stock.
Offered by company to holders of its common stock.
Underwritten by Kuhn, Loeb & Co.; Edward B. Smith &
Co.; Mellon Securities Corp.; Brown Harriman & Co., Inc.;
The First Boston Corp.; J. & W. Seligman & Co.; G. M.-P.
Murphy & Co.; Bonbright & Co., Inc.; Goldman, Sachs &
Co.; Kidder, Peabody & Co.; Lazard Freres & Co., Inc.;
Lee Higginson Corp.;
Lehman Bros.; Dean Witter & Co.
Charles D. Barney & Co.; Clark, Dodge & Co.; Glore, Forgan
& Co.; Hallgarten & Co.; Hayden, Stone & Co.; Hemphill,
Noyes & Co.; W. E. Hutton & Co.; White, Weld & Co.;
Parrish & Co.; Schroder, Rockefeller & Co., Inc., and Blyth
Products
corporate purposes.
1923847605
!
$25,321,500 Allis-Chalmers Manufacturing Co. 15-year conv. deb. 4s»
Sept. 1, 1952.
Retirement of bank loans, working capital
and additions to production facilities.
Price, 102; to yield
about 3.83%.
Convertible into common stock up to 4U£- 1.
1952, at prices ranging from $75 to $95 per khare.
Offered
by company to holders of its common stock.
Underwritten
by Hayden, Stone & Co.; Blyth & Co., Inc.; The First Boston
Corp,; Edward B. Smith & Co.; Brown Harriman & Co., Inc.;
Glore, Forgan & Co.; Kidder, Peabody & Co.; Goldman,
Sachs & Co.; Securities Co. of Milwaukee, Inc.; Lazard Freres
& Co., Inc.; Halsey, Stuart & Co., Inc.; W. E. Hutton & Co.;
H. M. Byllesby & Co., Inc.; Milwaukee Co.; Paine, Webber
& Co.; Hemphill, Noyes & Co.; Hornblower & Weeks; G. M.-P.
Murphy & Co.; Bancarrerica-Blair Corp.; Cassatt & Co.,
Inc.; Estabrook & Co.; Lee Higginson Corp.; Laurence M.
Marks & Co.; F. S. Moseley & Co.; F. S. Smitbers & Co.;
Butler, Herrick & Marshall; Swan, Culbertson & Fritz; E. H.
Rollins & Sons, Inc.; Johnston, Lemon & Co.; J. E. Swan
& Co.; Mellon Securities Corp., and Kuhn, Loeb & Co.
$20,000,000 Federal Intermediate Credit Banks \\4% debs., dated
Sept. 15, 1937, and due in five and nine months.
Refunding.
Priced at a slight premium.
Offered by Charles R. Dunn,
New York, fiscal agent.
125,000 Century Engineering Corp. 1st M. conv. 5s, July 1, 1940-47.
Acquire
factory.
Price on
application.
Convertible into
common stock at rate of 100 shares for each
$1,000 bond,
273,091 Giddings & Lewis Machine Tool Co. 21,007 shares common
stock.
Price, 13.
Offered by Barney Johnson & Co. and
,
providng application for conversion is made on or before two
years prior to maturity.
Offered by Priester-Quail & Co.,
Cedar Rapids, Iowa.
LAND, BUILDINGS,
&c.
FARM
LOAN
ISSUES
AND
NOT
REPRESENTING
250,000 St. Francis Sanitarium and Training School for Nurses
(Baton Rouge, La.) 1st M. 4s, 4%s, and 4%s, Dec. 1,
1937-June 1,
1952.
Refunding and additions to property.
Price on application.
Offered by Bitting & Co., St. Louis.
81,000 St. Paul Evangelical Church (St. Louis) 1st M. 4s, Oct. 1,
1939-53.
Refunding.
Price, 100; to yield 4.00%,
Offered
by Eckhardt-Petersen & Co., Inc., St. Louis.
375,000 Sisters of Nore Dame (Toledo) 1st M. 4s, Oct. 1, 1939-49.
Refunding and provide for new construction.
Price, 101-100;
to
yield from
3.50%
to
4.00%.
Offered
by EckhardtPetersen & Co., Inc., St. Louis.
a937,500 Gaylord Container Corp. 50,000 shares common
Price, 18%.
Offered by Hemphill, Noyes & Co. and
Nicolaus & Co., Inc.
BONDS
AND
OTHER
NOTES
AND
INCLUDING
INDUSTRIAL
(ISSUES MATURING UP TO
FIVE
AND
YEARS)
MANUFACTURING
$100,000 Honeymead Products Co. two-year 4 K% notes, due Aug. 1,
1939.
General
corporate
purposes.
Price,
100;
to
yield
4.5o%.
Offered by Priester-Quail & Co.
E. W. Thomas & Co.
Coincidently,
an
offering
was
made at $51 per share of as many shares
the company as the underwriters pur¬
under the terms of an underwriting
of 5H% cum. conv. pref. stock of
from present stockholders
The number of shares so offered has not yet
agreement.
New
The
Preferred stocks
stock of
no
of
stated par value are taken at par, while preferred
value and all classes of common stock are computed
a
par
their offering prices.
MOTORS
AND ACCESSORIES
$162,500 Detroit
Compensating Axle Corp. 50,000 shares common
stock.
Provide materials, labor and manufacturing expense,
new machinery and equipment and payment of trade accounts.
Price, 3%.
Offered by Goodwin, Griswold & Co., Inc.
OTHER
INDUSTRIAL
AND
MANUFACTURING
$1,742,942 Canada Dry Ginger Ale, Inc., 102,526 shares capital st ck.
Retirement of debt, property additions, new equipment and
working capital.
Price, 17.
Offered by company to holders
of its
capital stock.
Underwritten.
250,000 Cinecolor, Inc., 166,666 2-3 shares common stock.
Provide
working capital and equipment.
Price.
1%.
Offered by
G. Brashears & Co., Los Angeles.
162,500 Eastern
Working
Footwear
capital.
fith, New York,
Corp.
Price,
65,000 shares
common
stock.
2H.
Offered by Thomas & Grif¬
456,196 Giddings & Lewis Machine Tool Co. 35,092 shares common
stock.
Refunding and provide working capital.
Price, 13.
Offered by Barney Johnson & Co., Inc., and E. W. Thomas
& Co., Inc.
been announced.
Capital Issues in Great Britain
following statistics have been compiled by the Mid¬
land Bank Limited.
capital, which
are
These compilations of issues of new
subject to revision, exclude all borrowings
by the British Government for purely financial purposes!
vendors; allotments arising from the capitali¬
funds and undivided profits; sales of already
shares issued to
zation of
reserve
of the company
conversion
United
or
long-term
resources
redemption of securities previously held in the
borrowings; and loans of municipal and county
authorities which
are
based
not
specifically limited.
upon
the prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES
1937._
capital
whose securities have been offered; issues for
Kingdom; short-dated bills sold in anticipation of
the figures are
STOCKS
stock.
Stifel,
$1,833,091
issued securities which add nothing to the
$756,000
SHORT TERM
at
NEW FINANCING
Home Stores (S. C.) 83,000 shares common stock.
Price, 7%.
Offered by Hammons & Co., Inc.; G. H. Crawford
& Co., and C. W. Haynes & Co., Inc.
chased
),000 Congregation of the Resurrection (St. Louis) 1st M. 4s
and 4%s, due serially to Sept. 15, 1947.
Real estate mortgage.
Price, 101-100; to yield from 3.00% to 4.50%.
Offered by
Festus J. Wade Jr. & Co., St. Louis.
v
GOVERNMENTAL AGENCY ISSUES
$622,500 Dixie
a
$25,446,500
'■
$44,244,300
In all
cases
IN THE UNITED KINGDOM
[Compiled by the Midland Bank Limited]
Month of
9 Months to
Year to
September
Sept. 30
Sept. 30
£9,294,000
20,064,000
£132 ,678,000
314 ,574,000
419 ,438,00(
9,951,000
144 ,583,000
214 .220,00(
5,188,000
193 ,059,000
264 ,271,00(
£169 ,414,001
4,329,000
150 ,021,000
7,902,000
2,534,000
15,926,000
5,040,000
18,306,000
2,665,000
5,039,000
139 ,119,000
192 ,858,00(
144 ,989,000
229 ,416,001
175, ,770,000
1,315,000
192 .630,(MX
201, ,858,000
250 ,678,001
279 ,354,001
269, ,254,000
382! ,111,001
224, ,011,000
169, ,891,000
317 ,276,001
199, ,629,001
79, 082,000
145 ,351,001
87, ,758,001
138, ,567,001
17,000
78, 174,000
7,164,000
103, 702,000
6,748,000
7,719,000
100, 646,000
129 ,812,001
154, 355.000
203 ,900,001
9,546,000
149, ,127,000
177 ,595,001
1,964,000
126, 826,000
194 ,920.001
'
Volume
NEW
Financial
145
CAPITAL
ISSUES
IN
THE
KINGDOM
UNITED
2299
Chronicle
BOOK
BY MONTHS
[Compiled by the Midland Bank Limited]
Minimizing Taxes
January
ance
1937
1934
1935
1936
£10.853.233
£16,592,347
£33,963,149
£27,614,265
7,007.995
12,620.080
19,687,120
10,671,858
February
7,081.462
12,386,235
6.961,500
4,108,238
10,456,037
May
9.590,367
22.440.935
19,727,811
19.505.122
11,257,125
11,947,382
11.410.592
June
12.048.454
20.610.166
July
14.997.397
53.909,166
18.410.698
24,402.925
24.514.648
20.305.459
7,141.184
1,963,697
March
April
August
9.878,332
6,682,428
6.194,413
September
6.747.571
7,719,440
9.546,101
£100,645,746
£154,355,911
£149,127,065
October
23,446,272
November
13,056,095
13.041,644
4,706,804
12,543,554
26,943,859
20,939,125
9 months
11993367——JJaannuurryy
December
Year..'.....,.
£150,189,757
GEOGRAPHICAL
11,217.941
20.211,176
£182,824,210
£217.221.225
DISTRIBUTION
UNITED
OF
NEW
KINGDOM
CAPITAL
£126,826,210
IN
ISSUES
THE
BY MONTHS
[Compiled by the Midland Bank Limltedl
United
India and
Kingdom
Ceylon
£
£
.
1935—January.
14,433,000
957,000
February
9.688.000
2,346,000
1,135,000
April
11,076,000
3,443,000
May
18.788,000
118.000
June..
19.571.000
13,000
July
49.999,000
March
660.000
5,000
568,000
254,000
12,620,000
12,386,000
4,108,000
19.728.000
872.000
154,000
20,610,000
3.622,000
287,000
53.909,000
176,000
1,921,000
4.761,000
7.344,000
375,000
7.719.000
139,104,000
130,000 12,457,000
2,664,000 154,355,000
3,940,000
545.000
222.000
November
9,204.000
15,000
December
9,686.000
137.000
3,136,000
1,395,000
18,502.000
February
33.963.000
751,000
964,000
194,000
33.019,000
March
2,852,000 182,824,000
828,000 17,210,000
161,934,000
Year
22T.666
8.795.000
232.666
1.3~56~66O
17,196,000
15.344,000
27.000
June...
2,014,000
2,939,000
July
20,712.000
3.537,000
August
4,346.000
September
8.018,000
1,770.000
1,528,000
April
May
451,000
November
22,730.000
18.271.000
December.
16,997,000
155,000
Year
30.000
268,000
128,000
18.411,000
153,000
24.403.000
'
6.194.000
78.000
9,546,000
1,004.000 149,127,000
3,763,000
2,069.000
1,572.000
568,666
26.944.000
20,939,000
1,487,000
20,211,000
3.060.000 217,221,000
1,090,000 22,264.000
190,808,000
...
73,000
453,000 14,860,000
132,810,000
9 months
October
19,687,000
6.961.000
10,456,000
19.505.000
84.000
6.877.000
...
4.707.000
12,544,000
11.218.000
188~666
4,481,000
1,125,000
27.614,000
10.672,000
11.257.000
11,947,000
11,411.000
24,515,000
20,305,000
August
6.503.000
586.000
53,000
7.141.000
September
1,867,000
96,000
1,964,000
103,588,000
1,602,000 19,336,000
2,300,000 126,826,000
February
8,043.000
3Y666
2,405,000
2,581,000
March
9,756,000
34.000
1,467.000
24,802,000
407.000
17,000
2O"66O
4.792.000
May
7,135,000
8,313,000
i,ooo~666
2,097,000
June
22 611,000
396.000
830,000
678^000
July
14.558,000
141.000
April
9 months
Department
STATE
EPITOME
TRADE—COMMERCIAL
OF
1937.
Friday Night, Oct. 8,
According to latest reports, business activity is
ing at its recent high rate, figures being about
the
solely
continued
activity
the
now
prices,
expansion,
and automotive
according to the
gain,
It is stated by this
Commerce."
index
to
higher
of
anticipation
in
made a new sea¬
coal production showed further sharp
sonal high,
still hold¬
the same as
production shows a substantial
Steel
week.
previous
falling off, but as an offset car loadings
"Journal of
authority that the business
stands at 103.4 as against a revised figure
of 103.3
week of
buying has
the placing of large volume of orders with
Chrysler and General Motors, the orders
time to prevent the steel operating rate
previous week and 99.5 for the corresponding
Although the long-awaited automotive
last year.
materialized with
the
steel
did
not
from
mills by
arrive in
8
dropping
points
to
66%,
the
"Iron
Age" states.
current buying is said
variety, causing "Iron Age" to
Apart from the automotive industry,
to
be
doubt
of
hand-to-mouth
a
the
whether
been reached.
bottom
of
the
production
With the mountainous backlogs
decline
has,
of the spring
thoroughly cleaned up, the Nation's steel
makers have been
rapid readjustment of
operations in line
forced to make
a
with the volume of
day-to-day orders, the magazine states.
October is expected to bring an
buying and
tricity
hours
in
in
the United
the
week
improvement in automotive
replenishment.
in general
Production of elec¬
kilowatt
States totaled 2,275,724,000
ended
Oct. 2, a gain of 5.5%
over
the
Edison Electric In¬
the best index to the
corresponding week of last year, so the
stitute
reveals.
future
of
Sound
business,
in
statistics as
contrast to the
Barron's
pillory indiscriminately as moral
to
offenders
of various op¬
portunities for reducing their Federal income or estate taxes.
In a series of chapters, each with specific illustrations care¬
fully worked out in detail, the authors show how, by entirely
legitimate changes in the presentation of income items, re¬
arrangement of gifts or legacies, and other means substantial
savings may properly be made in the Federal taxes which
persons of even modest means need to pay.
Among the subjects discussed are the nature and scope of
wealthy taxpayers who availed themselves
fulness of the testamentary trust;
avoid
estate
taxes
various rates ap¬
of in the distribution
the
use
stock market as a
the
use
of life insurance to
and to provide the cash
settlement of estates; the
needed in the
legal methods that may be
availed
of gifts, including gifts of insurance;
of "wash sales," treatment of
worthless securities,
and property division through
gifts or irrevocable trusts; reduction of the tax on capital
gains, and the taxability of business life insurance, surtaxes
on undistributed profits, and tax problems of close corpora¬
tions and partnerships.
The possibilities are further, illus¬
trated by a detailed examination of a hypothetical case, which
the authors declare is "not unusual," showing the savings
that can be made by use of the methods previously ex¬
pounded. An informing chapter is given to the income and
estate tax laws of a number of States as a useful comment
upon the observation that "a good State in which to live
may be a bad State in which to die."
Of the eight methods of tax saving which President
Roosevelt condemned, two, the creation of multiple trusts
and family partnerships, are found by the authors to be
"definitely legal," and both are included in their survey.
The legality of a tax plan, as they point out in closing, de¬
pends not upon what a President says about it but upon the
law itself as interpreted by the courts.
To a proper under¬
standing of legal tax avoidance, as distinct from illegal tax
evasion, the book makes a contribution that should be^of
first rate practical value to bankers, lawyers, trustees, execu¬
tors and administrators, insurance companies and investors,
as well as to all persons whose incomes are large enough to
fall outside the lower Federal income brackets.
joint and separate returns,
Activity
Indications of Business
THE
Barron's. $2
magazine, is of special timeliness and importance in view of
the recent efforts of President Roosevelt and the Treasury
6,682,000
September
October
Pages. New York:
reprint of articles first published in
16,592,000
1,202,000
586.000
August
9 months
John D. Wright. 100
This book, a
plicable to each; the taxability of jointly owned property,
the minimization of the initial estate tax and the later use¬
£
£
£
'
Total
Countries
Countries
Incomes and Estates.
Tax Avoid¬
By J. Blake Lowe and
Versus Tax Evasion.
Federal income and estate taxes and the
Foreign
Brit.
Other
on
REVIEW
barometer, were
held up recently by Daniel C. Roper,
Sec¬
that "business should
continue on a satisfactory basis."
Orders received by Gen¬
eral Electric Co. during the first nine months this year
amounted to $305,276,556, an increase of 44% over the $211,retary
of Commerce, as he forecast
891,038 received during the same
Swope,
period last year, Gerard
announced yesterday.
Orders received
third quarter of 1937 amounted to $88,010,937,
President,
during the
the corresponding period
An increase of 99,400 tele¬
compared with $74,992,441 during
last year,
an
increase of 17%.
September is reported by the principal
Telephone & Telegraph Co.
In
September last year these companies registered a gain of
128,300 stations.
According to the Federal Reserve Board,
in its "Monthly Bulletin," aggregate net earnings of large
industrial corporations in the second quarter of this year
were about 20% larger than for the second quarter of 1936,
and it appears from available information that this differ¬
ential will be maintained for the third quarter.
The in¬
crease for
the first quarter of this year was about 50%.
"This tendency toward a narrowing rate of improvement
over the preceding year," the Board said, "reflects in part
the unusually rapid increase of earnings during 1936.
It
appears that profits of these corporations for nine months
ended September, 1937, will be about 30% larger than in
the same period of last year."
Retail volume this week
scored gains of 5% to 18% over the corresponding period
of 1936, when consumer buying was running at an excep¬
tionally high rate and retail merchants were reporting their
best business of the year, according to the report by Dun &
Bradstreet.
The week's volume rose from 1% to 4% above
the level of the preceding week.
Car loadings of revenue
freight by the country's railroads in the week ended Oct. 2
reached the highest total for any week since Nov. 7, 1930,
the Association of American Railroads announced today.
phones in service in
subsidiaries
of
American
Financial
2300
The
freight
amounted to
period
latest
the
in
movement
847,245 cars, an increase of 6,799 cars, or 0.8% over the
previous week and 27,648 cars, or 3.4% above the like
1936 week.
American and Canadian automobile plants will
produce 71.958 cars and trucks this week, an output larger
than in any week in October, 1936, Ward's Reports, Inc.,
declared today.
Production will compare with 44,330 units
last
At
the
41,360 in the comparative period last year.
and
week
that
to American consumers during
15G,322 in
units, compared with
totaled 88,564
September
Corp. announced
General Motors
time,
same
of its cars and trucks
sales
August and 85,201 in September, 1936.
During the week
unsettled conditions, with scattered showers, prevailed in
many parts
cool for
what
of the country.
the
warm
occurred
in
season
central
in
sections.
were
some¬
Rather widespread
rains
1935.
:•
,
•
railroads to report for the week ended
Oct. 2, 1937 loaded a total of 388,127 cars of revenue freight
on their own lines, compared with 385,153 ears in the pre¬
ceding week and 372,005 cars in the seven days ended Oct. 3,
1936.
A comparative table follows:
The first 18 major
REVENUE
FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded
Own Lines
on
Received from Connections
Weeks Ended—
Weeks Ended—
northern sections at the
week were generally
except locally in the North¬
Oct. 2
Sept. 25
Oct. 3
Oct. 2
Sept. 25
Oct. 2
1937
1937
1936
1937
1937
1936
Minimum temperatures for the
close.
well above the seasonal average,
east, where the first general killing frosts were reported.
Sub-freezing weather was also noted locally in Western
Throughout
districts.
the
sections
Southern
most
lowest
50 degrees
temperatures for the week ranged mostly from
The government report shows that rainfall
for the week was heavy to excessive in the lower Mississippi
to CO
degrees.
to heavy rather generally from the
central Ohio
Valley southward and southeastward.
The
week was largely rainless in most of Texas and in sections
northward over the Great Plains, as well as in much of the
Great Basin and adjoining districts.
In the New York City
Valley and moderate
weather
the
area
week of 1935.
For the week ended
Sept. 25, 1937, loadings were 4.1% above those for the like
1936 and 33.4% over those for the corresponding
week of 1935.
Loadings for the week ended Sept. 18, 1937,
showed a gain of 4.6% when compared with 1936 and a rise
of 16.9% when comparison is made with the same week of
week of
the latter part of the week, and
in the East and
rather generally
1931
9,
for the corresponding
Temperatures continued slightly
the Northeast, but they
Southeast
in the
Oct.
Chronicle
unseasonably
was
The forecast
ranging from 44 to 54 degrees.
and somewhat cooler
cloudy
and
for clear
was
Pittsburgh, 36 to 58; Portland, Me.,
40 to 70; Chicago, 40 to 54; Cincinnati, 38 to 54; Cleveland,
42 to 52; Detroit, 36 to 50; Charleston, 68 to 88; Milwaukee,
38 to 52; Savannah, 68 to 92; Dallas, 62 to 83; Kansas City,
40 to 70; Springfield, Mo., 50 to 68; Oklahoma City, 54 to 74;
Salt Lake City, 40 to 64; Seattle, 50 to 66; Montreal, 34 to
58, and Winnipeg, 32 to 46.
34.431
18,449
19,408
17,970
27,008
13,168
12,803
10.252
11,513
Chicago Burlington A Qulncy RR.
Chicago Mllw. St. P. & Pac. Ry.
Chlcago & North Western Ry—
2 weeks ago, Sept. 24
185.8 Month ago, Sept. 8
184.3 Year ago, Oct. 8
180.2 1936 High—Dec. 28
Low—May 12
177.1
174.9 1937 High—April 5.
185.8
1
2
4
5
Oct. 6
Oct. 7
Oct. 8
189.2
194.8
183.6
208.7
162.7
228.1
—-173.1
Low—Oct. 8
173.1
18,242
22,742
9,665
9.120
9,044
17,686
18,065
12,881
1,374
12,734
12,110
1,556
10,471
2,130
2,840
1,618
Gulf Coast Lines.
2,079
2.754
2,881
2,342
1,889
2,357
1,833
Mlssouri-Kansas-Texas RR
7,043
6,527
5,291
3,334
3,064
19,301
19,046
19,110
10,425
3,235
10,094
45,167
45.017
Missouri Pacific RR.
New York Central Lines
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
—
45,086
47,461
46,468
5,315
5,211
5,488
24,344
10,873
4,942
10,818
4,928
10,747
26,701
72,917
72,876
6,370
73,880
47,937
47,798
6,206
6,267
47,240
5,914
6,810
5,000
5,551
7,348
7,717
7.571
6,828
7,182
6.813
35,724
35,349
*9,324
*9,008
6,029
32,889
5,710
*9,686
6,120
9,011
8,910
8,327
Pittsburgh & Lake Erie RR
Southern Pacific Lines
9,930
26,205
47,516
—
New York Chicago & St. Louis Ry
Wabash Ry
388.127 385,153 372,005 232,422 229,367 221.632
Total
Excludes cars Interchanged between S.
x
P. Co.-Pacific Lines and Texas <fc New
Orleans RR. Co.
TOTAL LOADINGS
AND
RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended—
Oct. 2,
Sept. 25, 1937
1937
Chicago Rock Island & Pacific Ry.
29,174
28,387
IUinols Central System
40,759
39,686
17,259
16,760
87.192
84,833
Louis-San Francisco Ry
St.
week ended
Sept. 25 reported
Commodity
Prices
Declined One
Point
Week
Ended
Oct.
During
5,
According
to
"Annalist" Index—At Lowest Point Since June 15
''Annalist'^Weekly Index" of "Wholesale" Commodity
Prices slumped to 93.0 (1926=100) for Oct. 5, a drop of one
point from the preceding week and the lowest since June 15,
said an announcement by the "Annalist" issued Oct. 7,
as
1936
25,421
39.449
\
16,670
81.540
reviewing the
follows:
This
was an
increase of 33,203 cars or 4.1 % above the corresponding
week in 1936, and an increase of 210,511 cars or 33.4% above the same
in
1935, but
week
decrease of 110,217 cars or 11.6% below the same week in
a
1930-
Loading of
13,881
revenue
freight for the week of Sept. 25 was an increase of
1.7% above the preceding week.
cars or
Miscellaneous freight loading totaled 337,882 care, an
care
increase of 4.160
preceding week, and 4,423 cars above the corresponding week
above the
in 1936.
Loading of merchandise less than carload lot freight totaled 173,422 care,
increase of 783
an
care
Coal loading amounted to
care
above the
'
155,730
increase of 19,061 cars above
care, an
preceding week, and 12,922 care above the corresponding week in 1936.
the
care
products loading totaled 36,219 care, an increase of 39
above the preceding week, and
in 1936.
2,552
cars
above the corresponding week
In the Western Districts alone, grain and grain products loading
for the week of Sept.
the
1,075
above the preceding week, and
corresponding week in 1936.
25 totaled 24,720 cars, a decrease of 356 care below
preceding week but an increase of 2,861 care above the corresponding
week in 1936.
Live stock loading amounted to 21,224 care, an
above the preceding week, and
1,903
cars
increase of 2,191 cars
above the corresponding week in
In the Western Districts alone, loading of live stock for the week
1936.
of Sept. 25 totaled 17,383 care, an increase
which also noted:
Oct. 3.
Loading of revenue freight for the week ended Sept. 25 totaled 840,446
cars.
Grain and grain
Wholesale
The
18,379
23,320
The Association of American Railroads, in
-
9,568
19,556
23,297
17,555
International Great Northern RR
Moody's Commodity Index at New Low
Oct.
Oct.
Oct.
Oct.
6,783
36,305
26,320
Total
Moody's Index of Staple Commodity Prices had the most
severe decline yet incurred in a single week.
It closed at
173.1 this Friday, 12.7 points below its level of 185.8 a week
ago.
This Friday's price is also a new low for 1937.
The individual declines most affecting the index were in
hides, wheat, corn, hogs, and cotton.
Prices were also lower
for silk, cocoa, rubber, copper, wool and sugar.
There were
no net changes for silver, steel scrap, lead and coffee.
The movement of the index during the week, with com¬
parisons, is as follows:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
6,962
25,512
♦
Fri.,
7,761
36,70''
to 76;
Baltimore, 46
21,470
Chesapeake & Ohio Ry
Overnight at Boston it was 42 to 72 degrees;
cool Saturday.
Fe Ry.
26,429
to
Partly cloudy and continued
tonight.
26,366
Baittmore & Ohio RR
here, with temperatures
Today it was fair and cool
clear.
mild
Atchison Topeka & Santa
of 2,095 care above the preceding
week, and 1,607 care above the corresponding week in 1936.
Except lamb, apples, poultry and cottonseed oil all components of the
index either moved lower last week or showed
Trading in the futures markets
all along the line.
1933, with
some
other
markets.
fast
change.
no
pace with quotations
receding
Cotton slipped further, touching the lowest levels
options falling below eight cents.
New seasonal lows
grains were under pressure.
all
was at a
commodities
with
weakness
Wheat,
corn
were registered
especially
noticeable
Other so-called "industrial commodities" eased
in
on a
since
and other
by almost
the
metal
broad front
Forest products loading totaled
week in 1936.
Ore loading amounted to
in 1936.
Coke loading amounted to 10,980 care, an
WEEKLY
INDEX
PRICES
increase of 295 care above the
OF
WHOLESALE
COMMODITY
All Districts except
freight compared with the corresponding week in 1936.
(1926=100)
week in 1936.
reported increases in the number of cars loaded with revenue
All Districts
"ANNALIST"
65,725 care, a decrease of 3,296 care below the
preceding week, but an increase of 7,121 cars above the corresponding week
preceding week, and 1,040 care above the corresponding
with the slackening in industrial activity.
THE
39,284 care, a decrease of 352 care below
week, but an increase of 2,167 care above the corresponding
the preceding
the Pocahontas,
reported decreases compared with the corresponding week
in 1930.
Oct.
5, 1937
Sept. 28. 1937
Oct.
6,
1936
Farm products
96.8
99.7
89.0
Food products
86.9
87.7
80.9
Textile products
Fuels
*68.3
69.2
71.4
*91.1
*91.1
89.3
107.5
108.1
89.9
Building materials
69.9
69.9
66.4
Chemicals
90.0
90.0
86.3
Metals
_
Miscellaneous
78.4
79.0
69.2
All commodities
93.0
94.0
84.8
*
Preliminary.
Loading of revenue freight in 1937 compared with 1936 and 1930 follows.
5 weeks In January
4 weeks in February
4 weeks in March
4 weeks in
April
5 weeks in May
4 weeks in June
5 weeks in July.
4 weeks In August
Revenue Freight Car Loadings Reach Total of 847,245
Cars in Week Ended Oct. 2
Loadiugs of revenue freight for the week ended Oct. 2,
1937, totaled 847,245 cars.
This is a rise of 6,799 cars,
or
0.8%, from the preceding week; an increase of 27,648
cars, or 3.4%, from the total for the like week of 1936, and an
increase of 141,271 cars, or 20.0%, over the total loadings
—
J
1937
1936
3,316,886
2,778,255
2,974,553
2,512,137
3.506.899
3,003,498
2,955,241
3,897,704
2,415,147
3.515,733
2,543.651
3,351,564
2,786.742
3,572,849
3,618.960
2,954,522
3,752.048
2,976,522
3,812,088
3.115,708
1930
4,246,552
4,593,449
3,718,983
4,475,391
Week of Sept.
4
804,633
765,131
856,649
Week of Sept.
11
700,147
Week of Sept.
18
711,299
826,565
965,813
952.561
Week of Sept. 25
Total
789,857
840,446
807,243
950,663
29,038,845
26,173,543
35,153.701
we undertake to show also the loadings
roads and systems for the week ended Sept. 25.
During this period a total of 89 roads showed increases
when compared with the same week last year.
In
the
following
for separate
Financial
Volume 145
REVENUE FREIGHT LOADED AND RECEIVED
Railroads
Total Revenue
Freight Loaded
from Connections
Bangor & Aroostook
613
540
671
1,235
1,239
1,433
1,515
254
261
8,095
1,356
10,312
2,630
Boston & Maine
8,513
1.494
8,757
Chicago Indianapolis & Louisv.
1,863
1,859
10,465
2,416
24
39
21
121
76
Central Vermont.
Delaware & Hudson
1,464
1,313
1,967
5,778
Delaware Lackawanna & West
Detroit & Mackinac..........
9,776
6,218
9,773
1,152
6.236
12,152
1,998
7.592
6,440
510
523
390
Detroit Toledo & I ronton
1,916
1,624
2,121
1,286
1,135
291
294
277
2,535
13,733
4,709
13,564
13,713
3,716
15,670
3,380
4,038
194
183
184
1,787
1,884
2,052
9,454
9,654
9,753
Central Indiana
Detroit & Toledo Shore Line
_
Erie
Grand Trunk Western.
Lehigh <fe Hudson River
Lehigh & New England
Lehigh Valley
New York Central Lines
N. Y. N. H. <fc Hartford
New York Ontario & Western
Louis.
174
8,489
1,921
1,255
8,303
154
7,054
1,957
2,967
2,614
261
323
227
8
45
41
.....
Pittsburgh & Shawmut
Pittsburgh Shawmut & North.
Pittsburgh & West Virginia
42,574
37,278
46,468
43,123
11,275
10,490
11,673
11,722
1,741
10,356
6.593
1,370
1.851
5.211
5,518
4,520
1,714
10,818
7,707
7,822
4,249
7,192
6,370
5,683
5,936
5,914
453
290
29
31
39
368
489
249
281
258
1,705
359
1,390
1,307
384
Richmond Fred. & Potomac
415
380
1,372
1,161
3,075
15,470
8,654
22,351
7,641
20,088
505
479
409
744
710
Winston-Salem Southbound
177
177
173
836
860
117,518
112,412
96,968
68,354
66,209
11,894
3,314
8,691
4,058
2,141
12,734
3.391
9,120
3,984
9,258
369
989
475
438
5,443
8.453
5,666
Total
Northwestern District-
5,011
1,619
& North Western
19,255
Ft. Dodge Des Moines & SouthGreat Northern
214
158
3,432
3,674
620
504
551
3,167
2,091
7,709
3,409
1,936
7,113
12,037
2,401
1,909
6,179
11,509
89
120
2,730
3,014
4.392
2,057
2,605
3,908
12,804
3,518
Spokane Portland & Seattle...
163,850
Total
399
312
276
530
328
1,616
2,551
2,081
1,614
1,885
138,525
131,364
108,423
57,186
51,733
26,429
3,624
21.821
3,334
19,819
3,051
6,962
2,404
6.304
2,574
636
366
283
141
96
18,379
1,693
14,376
18,457
1,555
13,014
3,173
15,112
10,252
9,074
190
1,062
917
11,441
827
9,586
2,987
1,747
2,736
3,954
8,622
2,513
1,401
4,195
981
1,188
4,355
1,069
432
30
31
1,219
2,087
1,942
1,059
1,010
2,342
1,797
1,144
1,039
2,087
1,546
1,068
1,283
1,809
1,456
63
294
249
40
58
26,571
26,123
20,563
308
289
272
5,694
1,516
5,725
1,367
16,333
16,173
13,945
10,730
10,894
Central Western District—
Allegheny District—
Akron Canton & Youngstown.
Baltimore <fe Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
371
23,092
638
Northern Pacific
Spokane International
173,833
474
25.240
Minn. St. Paul & S. S. M..—
975
8,133
442
481
390
920
766
36.305
6,215
35,260
6.833
23,031
19,408
2,528
2,694
17,983
3,368
8
8
361
280
2
14
17
7,260
7,886
11,201
11,298
558
933
672
62
52
310
310
50
29
42
33
2,404
1,705
Denver & Rio Grande Western
44,438
16,862
Fort Worth & Denver City—
18
23
661
821
805
2,486
1,430
72,876
15,131
15,381
1,687
72,773
1,274
53,222
15,138
14,369
1,297
47,240
17,616
14,885
8,568
6,732
45
58
6
0
1
1,771
6,596
6,837
114,852
116,326
112,357
156
133
Union (Pittsburgh)
West Virginia Northern
3,655
4,266
Western Maryland
Bingham & Garfield
1,396
7.334
Long Island...
Pennsylvania System
Reading Co
Alton...
421
Cumberland & Pennsylvania..
Ligonler Valley
Penn-Reading Seashore Lines.
Atch. Top. & Santa Fe System
1,500
.....
Central RR. of New Jersey
Cornwall
6.543
Chicago
Chicago
Chicago
Chicago
Burlington & Quincy.
& Illinois Midland—
Rock Island & Pacific
3.245
& Eastern Illinois
Colorado & Southern
1,151
4,499
Denver <fe Salt Lake
Illinois Terminal.....
-
Nevada Northern
North
......
Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
162,081
162,934
Total..
Toledo Peoria <fc Western
Union Pacific System
Pocahontas District—
759
901
786
15,189
20,185
18,369
6,948
6,560
1,136
5,105
59,262
57,172
26,701
Norfolk & Portsmouth Belt Line
Virginian
....
12,803
4,928
1,553
11,543
4,814
922
26,451
24,982
1,216
4,523
26,320
Norfolk & Western
Total
608
34
11
10
1,893
2,903
3,103
127,192
120,092
98,768
63,707
59,735
5,674
4,754
308
251
211
Burlington-Rock Island
278
220
236
450
Fort Smith &
266
222
153
202
264
2,832
2,881
2,214
2,704
1,870
2,590
1,618
1,554
1,964
1,092
2,099
Alton & Southern
Western
265
203
162
Kansas City Southern
2,262
1,977
Louisiana & Arkansas
1,867
751
1,494
1,333
2,357
1,138
2.430
1,152
352
134
145
566
International-Great Northern.
Southern District—
292
323
251
180
192
839
834
868
1,344
1,601
732
775
758
751
785
9,913
4,465
9,650
4,482
9,241
6,136
4,598
465
433
425
1,477
1,275
1,191
2.751
1,129
1,863
4.258
3,018
599
530
427
300
943
1,594
404
Kansas Oklahoma & Gulf
Louisiana Arkansas & Texas—
316
251
1,011
894
Midland Valley
894
804
569
263
278
216
189
155
300
289
3,352
9,745
Missouri & Arkansas
6,527
5,520
5,172
3,235
19,046
18,929
15,170
10,094
61
36
RQ
93
102
111
4.431
2,522
4,804
1,957
2,923
Lines
Missouri-Kansas-Texas
Missouri Pacific
172
170
201
351
396
523
526
523
703
584
Natchez & Southern
42
109
128
136
Quanah Acme & Pacific
114
51
St. Louis-San Francisco
10,745
4,137
1,691
1,159
1,030
1,098
Georgia
1,735
38
10,555
3,428
8,096
8,294
2,564
6,775
Texas & Pacific....
6,201
2,588
5,411
2,538
4,417
2,038
19,887
277
228
221
74
86
30
32
30
37
34
71,216
64,80'
54,008
64,978
58,960
468
456
410
2,234
1,184
26,854
22,143
25,430
23,252
16,323
13,200
5,454
1.171
12,280
5,148
Macon Dublin 4 Savannah
238
216
236
419
411
Wichita Falls & Southern
Mississippi Central
313
257
166
377
199
Wetherford M. W. & N. W—
2,525
2,944
2,144
1,944
2,062
2.172
3,098
2,857
2,493
2,513
System..
Louisville & Nashville
Mobile & Ohio
...
Nashville Chattanooga 4 8t. L.
Note—Previous
Retail
year's figures
Costs
Ended
Food
of
revised.
The retail cost
ended Sept. 14,
0.4% During Month
Advanced
14, According to United States De¬
Labor
of food advanced 0.4% during the month
according to
an
announcement made Oct. 4
Department
slight advance, the Department said, is
by the Bureau of Labor Statistics, United States
of
a
This
Labor.
reversal of the slow downward movement
of the past few
reached a
peak of 86.5 in May of this year and receded to 85.5 in
August.
The current increase is the result of seasonal
The
months.
composite
advances in the cost of
of food
index
Food
costs
costs
For
between
pork
The
food
groups,
than
in
The announcement
Prices advanced for 41 out
index
except
off
1932,
Sept.
14.
The price of flour
August in 18 cities and
the past month offset
beef, 2.3%: for sliced bacon, 3.4%,
2.8%.
RETAIL COSTS OF FOOD
Sept.
BY COMMODITY GROUPS
1923-25=100
Aua.
July
Sept.
Sept.
Sept.
Sept.
14
17
13
15
10
15
15
1937 «
1937
1937
1936
1935
1932
1929
108.0
85.9
84.3
80.1
66.7
95.1
95.6
95.7
92.1
92.7
74.3
111.4
111.6
107.8
97.4
102.6
75.8
124.7
83.9
81.9
80.9
84.2
73.3
65.4
103.0
79.0
71.9
68.0
78.5
80.3
62.4
108.9
ETV8
Fruits and vegetables
59.2
61.0
69.0
71.1
52.9
52.8
107.6
56.3
58.0
07.0
70.3
50.0
51.3
108.6
Canned.,—
82.0
82.7
83.5
81.7
81.4
69.2
96.3
Dried
72.2
75.0
76.3
65.5
61.9
54.4
107.1
70.4
67.7
68.5
74.6
110.2
85 8
All foods
Cereals and bakery
products..
Meats
Dairy products
Fresh..
decreased 3.1% and lower prices were
round steak fell
beef items advanced. Pork chops were
declined 5.8%.
Lamb chops declined 1.6%,
increases were for plate
Commodity Group
declined 0.6% between Aug. 17
price change for
the group.
The average price of bread—white, whole wheat and rye
remained unchanged.
For white bread, increases were reported from some
cities and decreases from others.
The most significant of these changes
were increases of 0.8 cents per pound in Omaha and 0.5 cents per pound
in Cleveland, and a decrease of 0.3 cents per pound in Philadelphia.
steak decreased 0.9% and
Prices of all other
Three-Year Average
108.0
advances of 0.3% for the
0.2% for lamb, 2.0% for roasting chickens, and 1.8% for
Prices rose for 15 of the 21 meat items, for 6 they were
INDEX NUMBERS OF
28.7% higher than in
They are 20.5% lower than
This was the greatest relative
16
and for strip bacon,
of the 84 foods in the indexes,
0.2% during the month
advance which had amounted to 17.0%
and Aug. 17.
A decline of 2.1% in the cost of the
continued:
when the index was 66.7.
September, 1929, when the index was
reported from 37 cities.
whole, meats declined
price of sirloin
The
1.2%.
a
6.3% lower and pork loin roast
Current food costs are
The cost of cereals and bakery products
and
March
The greatest
showed no change.
for Sept. 14 was 85.8% of the 1923-25 average.
1936.
cities as
products during
lower.
Indexes for all commodity
fruits and vegetables and diary products, are now higher
September,
3,749
17,876
14. following a steady
canned salmon.
1.7% above the level of a year ago.
September
in
cost
51
beef products.
they decreased for 38 and 5
This is
the
ended Sept.
The index for September
September were higher than in
in
lower in 32 cities.
Total.
dairy products and eggs and of a
sharp upturn in the price of sugar.
stands at 85.8.
Terminal RR. Assn. of St. Louis
3,630
3,766
* Previous figures.
Sept.
partment of
29
8.776
St. Louis Southwestern
543
2,370
Central
39
Texas & New Orleans
466
2,211
27,457
Illinois
632
245
Litchfield & Madison
Florida East Coast
Georgia & Florida...
Gulf Mobile & Northern
229
280
Durham & Southern....
Gainesville Midland
388
Southwestern District-
Atl. <fc W. P.—W. RR. of Ala..
Clinchfield
Columbus <fe Greenville
94
478
1,226
Alabama Tennessee <fc Northern
Central of Georgia
Charleston & Western Carolina
118
1,980
Gulf Coast Lines.
Atlanta Birmingham & Coast.Atlantic Coast Line
913
601
Western Pacific
Chesapeake <fc Ohio
2,181
1,996
Utah...
Total
243
707
Minneapolis & St. Louis......
881
141,727
8.028
4,130
480
Lake Superior & Ishpemlng
8,910
20,038
2,071
28,231
Green Bay & Western
738
159,315
1,087
8,642
Elgin Joliet & Eastern
5,513
163,799
4,706
Duluth South Shore & Atlantic.
668
Total
656
17,130
2,413
22,854
5,939
3,175
792
21,315
2,642
22,602
4,371
16,520
1,384
3,051
St. P. Minn. & Omaha
Duluth Missabe & Northern...
758
4,665
686
21.040
Great Western
Mllw. St. P. & Pacific
6,029
4,993
4,262
9,256
Wabash
Eriel
991
2,988
4,039
15,529
23,251
Southern System
Rutland
3.703
1,142
Tennessee Central
Seaboard Air Line
Chicago
Chicago
Chicago
Chicago
2,468
2,229
1,233
379
Belt Ry. of Chicago
4.427
„
1,153
378
442
1,298
3,207
11,438
1,299
Piedmont Northern
Norfolk Southern
16,015
2,502
45.167
Pittsburgh & Lake Erie
Pere Marquette
6.618
3,312
4,756
Monongahela
Montour
7,610
7,351
2,508
....
Maine Central
Wheeling & Lake
1936
1937
Southern District—(Concl.)
Ann Arbor.
Y. Chicago & St.
from Connections1935
1936
1937
Eastern District—
N.
Total Loads Received
Total Revenue
Freight Loaded
Railroads
1936
1937
1935
1936
CARS)—WEEK ENDED SEPT. 25
FROM CONNECTIONS (NUMBER OF
Total Loads Received
1937
2301
Chronicle
—-
85.5
98.6
Beverages and chocolate..
70.4
70.7
Fats and oils
78.4
79.9
79.5
75.9
87.4
51.3
93.4
Su'-ar and sweets
66.5
64.8
85.1
65.0
66.6
58.2
75.9
*
Preliminary.
seasonal advance of 2.6% and rose
Prices advanced for each of the five
Items in the group.
Butter increased 4.7% but the September price was
4.0% below the level of a year ago.
Fresh milk rose 1.8%, the result of
price increases in seven cities.
The largest increases were 1.1 cents per
The cost of
to
the
dairy products showed a
highest level for the year.
2302
Financial
quarter fn St. Louis and 0.9 cents per quart in
New York City, Richmond
and Denver.
Eggs
9.8%.
seasonally
Prices
higher
were
In
every
city.
The average price was slightly lower than a year ago.
Fruits and
vegetables showed
have declined
for apples
for
main
a
Costs for this group
group
(7.9%), potatoes (7.1%), and onions (3.9%), accounted in the
lower
changed
of the
costs
fresh
vegetables
green
relatively
little.
The
items.
showed
The cost of the canned
10 items in this class.
of 0.8%,
decline
a
The decline of 3.8%
the dried products was chiefly due to a price decrease of 9.3%
beans.
Beverages and chocolate declined 0.3%.
have advanced slowly
throughout
rose
0.1%
Fats and oils declined 1.9%.
were also
The cost
of 2.6%,
of sugar
The price of lard decreased 2.1%.
due entirely to an increase of 3.5%
The
shown for
Meats
This advance
in the price of sugar, which was
on
the 51 cities combined.
lower
rose
an
advance
to
of 0.9
average
vegetables advanced 1.4%.
York
than
City.
In
both
3.0%.
Cities
these
in
Food
areas.
costs
were
cents
and fresh fruits and
quart
per
costs
meat
declined
and paper
0.3%.
Quotations
building materials
The
bituminous
on
higher.
were
coal,
Anthracite and coke
>■'
brick
index declined
group
pine flooring, oak
and
tile,
0.3%
and
and
cement
largely because of
poplar lumber and paint
structural
Lower
for acids,
prices
calcium
compounds,
fats
steel
and
the chemicals and drugs group index declining 0.2%,
subgroups
oils
resulted
Higher prices
in
were
The index for the hides and leather products group declined 0.1
%, largely
because of lower prices for leather.
Hides and skins prices averaged higher,
and shoes and other leather products, such as harness,
Minor decreases in prices of certain
for
the
of the
increased slightly more
housefurnishing goods
1926 average.
belting, gloves and
index
of
the
decrease
most
Jacksonville, and Kansas City.
food
in
costs
Bureau
the
Statistics
on
it
remained
includes
at
92.7%
stationary.
were
784
price
series
the average for the year 1926 as 100.
The following table shows index numbers for the main groups of com¬
modities for the past five weeks and for Oct. 3,
1936, Oct. 5, 1935, Oct. 6,
i
(1926=100)
In these cities the cost of meats and of
more
than
the average for the
Oct.
}
Commodity Groups
Three-Year Average 1923-25=100
Sept. 14, Aug' 14, July
'
whole;
a
weighted according to their relative importance in the country's markets
and Is based
1937*
1937
13, Sept. 15, Sept. 15, Sept. 15,
1937
1929
1932
1938
Sept.
2.
Sept.
25,
Sept.
18,
Oct.
Sept.
11.
Oct.
3,
4,
Oct.
5,
Oct.
7.
6,
1937
1937
1937
1937
1937
1936
1935
1934
All commodities
86.9
87.5
87.4
86.8
86.4
81.3
80.5
76.6
71.3
Farm products.
85.4
87.3
86.5
84.5
84.6
84.5
79.5
71.0
57.5
88.7
88.6
86.6
85.7
83.0
85.3
75.2
65.0
108.3 108.3 108.5 108.6
95.7
92.5
84.3
91.8
70.7
71.7
70.2
76.3
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
Regional Area
as
Labor
of
Memphis,
were
furnishings did not affect the index
group
Wholesale prices for furniture
1934, and Oct. 7, 1933:
fresh fruits and vegetables declined much
'
Automobile tires and tubes
2.4%.
reported for salt cake, tankage and mixed fertilizers.
Boston and Los Angeles ranked next to New
.
showed
country over.
No
firm.
prices for yellow
The
of these cities,
>
which
0.6%.
prices of agricultural implements, motor
unchanged.
materials.
Regionally, increases
New England, the Middle Atlantic area, and the Pacific
continued
In New York City, where food costs rose most, meats Increased 2.0%,
milk
dropped
index
group
remained
lower throughout the central regions.
resh
declining
group
luggage remained unchanged.
Food costs rose 0.4%
Coast.
products
Oklahoma natural gasoline and kerosene
with an advance
higher in 47 cities.
were
metal
Due to weakening prices for Pennsylvania gasoline, the fuel and
lighting
materials
Lower
3.0%, and oleomargarine, 2.4%.
and sweets turned sharply upward
steady decline which began last June.
a
electrolytic copper,
as
and brass manufactures and scrap steel,
copper
and
remained unchanged at last week's level.
reported for each of the other 6 items in the group.
following
crude rubber
and pulp prices were
The
The price
each.
metals
were reported in wholesale
for navy
Prices of coffee and tea, which
the year,
greatest declines were for lard compound,
was
for
declined 2.3% and of chocolate, 0.3%.
cocoa
prices
with
the
Average wholesale prices of cattle feed declined 4.4% during the week,
and
price of lemons Increased
sharply.
rose
They
in
1937
9.
vehicles and plumbing and heating fixtures.
16.6%
is
During the past month, continued price declines
lower prices for 6 of the
of
Sharp price declines in nonferrous metals, such
resulted
changes
decline of 2.9%.
a
steadily since May and the index for this
year ago.
4.4% and prices of
items
Oct.
pig lead, solder, pig tin,
advanced
lower than
Chronicle
Foods..
87.8
Hides and leather products..
Textile products
108.2
73.9
—
74.5
75.1
75.5
75.8
1933
New England
85.6
84.4
84.5
81.4
67.3
107.4
Fuel and lighting materials..
79.4
79.6
79.4
79.8
79.2
77.1
74.6
75.5
Middle Atlantic
86.7
85.9
86.2
84.3
68.8
108.0
Metals and metal products..
95.8
96.4
96.4
96.4
96.4
86.3
86.3
85.7
82.4
East North Central
86.4
86.5
87.3
86.0
65.4
109.6
Building
96.2
96.5
96.3
96.4
96.3
86.9
86.1
85.4
83.7
West
87.2
88.1
89.7
89.9
65.1
109.4
materials
Chemicals and drugs
South Atlantic
84.8
85.2
85.6
84.2
65.8
107.7
Housefurnishing goods 1
East South Central
81.3
82.5
82.9
81.6
61.0
107.2
Miscellaneous
West
83.3
63.7
105.5
Raw materials
North
Central
South
Central
...
83.5
82.0
83.4
Mountain
87.3
87.5
90.0
87.4
65.1
104.1
Serai-manufactured articles
Pacific
82.6
81.8
82.3
80.7
65.9
104.8
Finished products
85.8
85.5
85.9
84.3
66.7
108.0
All
United States
*
commodities
farm
All
Preliminary.
Index of Wholesale
commodities
general decline, characterized by sharp reductions in
of the Bureau of Labor
Statistics, United States Department
Labor, to decrease 0.7% during the week ended Oct. 2,
made
an announcement
Department.
on
Oct. 7 by the Labor
The recession in commodity prices, the De¬
representing
year's high of April 3.
month ago
is also from the
Nine of the
ten
and
a
decline of 1.6% from the
Compared with the corresponding
and a year ago, the current index is
6.9%,
respectively.
The
following
Department's announcement:
major group classifications declined during the week.
Housefurnishing goods remained unchanged at last week's level.
Largely due to falling prices for agricultural commodities,
the
materials group index declined
a month
ago and
2.3% above
commodities declined
last month.
declined
a
1.3%.
year ago.
the
prices
1.8% and
0.4%
from
month
10.0%
are
the
ago and
at
65.0
83.9
82.0
85.0
84.6
83.4
83.3
X
X
83.9
85.4
85.6
85.7
86.0
76.3
X
X
X
89.1
89.5
89.4
88.9
88.4
82.0
X
X
87.2
87.6
87.6
87.2
86.8
80.6
80.7
77.8
74.3
85.6
85.9
85.9
86.0
85.9
79.8
78.3
78.2
77.1
X
X
raw
higher.
year
The
ago,
index
for
partially processed
finished
year's high of the preceding week.
8.7% above
a
products
It is 0.8%
farm
the group
products", fell 0.5% during the week.
higher than the corresponding week of last month and
8.2%
the
During
National
year
a
as
at
ago
80.1%.
of Oct. 4, went
products,
textiles,
A month
and
as
compared
ago
it stood
The Association's
to say:
on
metals
moved lower during the
week, with changes in the other commodity groups being negligible.
Lower
prices for meats and dairy products were largely responsible for the down¬
in
the food
adjustment to the
for livestock,
The
Cotton and grain prices continued their
price average.
new crop
resulted in
index
of
basis and this, combined with lower quotations
moderate recession in the farm
a
textile
prices
continued
the
product price
uninterrupted
decline
began last July, with cotton goods, cotton, wool, silk, and
fibers all moving downward during the week.
coarse
Lower quotations for steel
scrap
and non-ferrous metals took the metal price average to the lowest
point
reached
miscellaneous
year ago.
Decline
to
approximately the level reached following
Based on the 1926-28 average
87.1% in the preceding week.
Foods,
2.4% below the corresponding week of
a
Further
According
commodity price index compiled by the National
announcement,
which
are
2,
Association
85.9%, and
index.
of "all commodities other than farm
0.5%
81.1
70.1
100%, last week the index registered 86.0%
turn
It is, however, 0.7% above
Non-agricultural commodity prices, according to the index for
It is
72.7
82.8
67.2
July-August downturn.
Wholesale prices of semi-manufactured
Compared with the level of
commodity
above
a
77.3
81.8
71.1
Oct.
Ended
Oct. 2, taking it to
with
by 0.6%
80.2
83.2
Fertilizer Association again declined during the week ended
of
higher
81.7
76.6
Continuing the downward tend of the previous week, the
wholesale
partment revealed, brought the latest week's index to 86.9%
a
81.0
92.7
76.9
•;
Fertilizer
of the 1926 average,
weeks of
80.9
92.8
76.9
Commodity Prices
Week
wholesale prices of farm products and foods, caused the index
according to
81.2
92.8
77.1
than
other
computed.
Wholesale
Ended Oct. 2
of
81.2
92.7
76.8
than
other
products and foods..
Not
81.0
92.7
Commodity Prices of United States
Department of Labor Dropped 0.7% During Week
A
_
products
farm
x
.
73.4
last spring as
since
last
March.
commodities
was
The
also
at
index
the
representing
lowest
level
the
prices
reported
of
since
the result of declining prices for crude rubber and cattle feed.
The only group average to advance during the week was that
representing
the prices of fertilizer materials.
above that of last year. 'Industrial
commodity prices, as measured by the
index for "all commodities other than farm
products and foods," declined
Forty-one price series included in the index declined during the week and
22 advanced: in the preceding week there were 30 declines and 21
advances;
0.3% and
in the second preceding week there were 33 declines and 30 advances.
are
0.3% lower than
industrial commodity prices
The
most
pronounced
products, and it
was
prices. Quotations
a
are
month ago.
up
group
largely due to
were
lower for
Compared with
a
a
year ago
7.3%.
decrease—2.2%—was
WEEKLY
recorded
3.2% decline in livestock
barley,
corn, oats, cows, steers,
in
hogs,sheep,
live poultry, cotton, eggs, apples, lemons,
oranges, peanuts, white potatoes,
and wool.
Grains advanced
0.4%.
Higher prices
rye, calves, hops, flaxseed and sweet potatoes.
index—85.4—is 0.9% above the level of
of
a
in
Per Cent
The current farm products
Totai Index
month ago and
1.1% above that
25.3
Foods..
a result
the
of decreases of 2.1%
wholesale
food items for which lower prices
f-xxis
23.0
Farm products
were
group
in fruits and vegetables and
declined
reported
were
1.0%.
Important
Cottonseed Oil
Cotton
butter, dried apricots
fresh fruits and vegetables, mutton, fresh and cured
pork,
beans, lard, pepper, sugar, edible tallow and cottonseed oil.
Higher
prices were quoted for flour, canned and dried
peaches, raisins, bananas,
bacon, coffee and copra.
This week's food index—87.8—is 2.5% above
the corresponding week of last month and
5.8% above that of last year.
Grains
Continued declines in the prices for cotton goods,
together with lower
raw silk, silk yarns, woolen and worsted
goods, knit goods, manila
prices for
hemp,
jute and cotton twine, caused the index for the textile products
group to decrease 0.8% to the lowest level reached this year.
The clothing
subgroup remained steady.
raw
2,
Month
Week
Ago
Sept. 25,
1937
1937
Sept. 4,
1937
85.6
87.2
85.1
70.7
Year
Ago
Oct.
3,
1936
82.0
70.6
69.5
70.0
69.0
73.2
94.6
83.4
85.1
81.8
79.5
45.5
47.0
52 2
68.9
89.5
79.3
92.2
88.6
99.5
91.5
93.1
86.9
75.3
17.3
Fuels
86.6
86.6
86.2
10.8
Miscellaneous commodities..
85.0
86.1
85.5
77.8
8.2
Textiles
69.5
70.1
12 A
69.7
7.1
Metals
103.6
105.9
106.1
85.9
86.3
87.5
82.7
95.6
95.6
96.2
72.6
72.8
68.1
74.0
prunes,
cocoa
Oct.
INDEX
(1926-1928=100)
Preced'g
Week
Group
Fats and oils
as
meats,
PRICE
Latest
Each Group
Bears to the
year ago.
Primarily
0.9%
and
a
COMMODITY
Compiled by the National Fertilizer Association.
reported for wheat,
were
WHOLESALE
farm
and poultry
Livestock
6.1
1.3
3
.3
3
100.0
Building materials
86.3
Chemicals and drugs
95.6
Fertilizer materials
73.8
■
79.7
Fertilizers
80.4
80.4
79.9
Farm machinery
96.4
96.4
96.4
92.6
86.0
87.1
85.9
80.1
All
groups
combined
Financial
Volume
145
Electric
Production
Week Ended Oct. 2
Kwh.
The Edison Electric Institute, in its weekly statement,
MERCHANDISE TRADE
During
Totals 2,275,724,000
disclosed that the production of electricity
by the electric
light and power industry of the United States for the week
ended Oct. 2, 1937, totaled 2,275,724,000 kwh., or 5.5%
above the 2,157,278,000 kwh. produced in the corresponding
Exports,
INCREASE
Week Ended
Major Geographic
Regions
Oct.
OVER
PREVIOUS
Sept. 25.
2, 1937
'
1937
Sept. 18, 1937
New England
0.7
1.8
0.6
Middle Atlantic
3.6
3.0
3.9
Central Industrial
7.7
7.3
6.5
West Central
August
FOR
DATA
4.5
14.7
4.9
4.1
8.9
6.9
(THOUSANDS
years
OF
KILOWATT-HOURS)
Change
1937
Week Ended
1929
1932
1935
1937
from
1936
3
10..
2,238,268
2,096,266
2,029,639
July
1,956,230
+ 7.2
July
17
2,298,005
2,258,776
2,256,335
2,029,704
+ 13.2
2,008,284
+ 8.0
2,261,725
2,300,547
2,304,032
2,294,713
2,320,982
2,154,276
2,280,792
2,265,748
2,079,137
+ 8.8
2,079,149
+ 10.6
2,093,928
2,125,502
2,135,598
2,098,924
2,028,583
2,170,807
2,157,278
2,169,442
+ 10.0
July
24
31
July
July
Aug.
7
Aug. 14
Aug. 21
Aug. 28..
4
Sept.
Sept. 11
Sept. 18
Sept. 25
Oct.
2
2,099,712
2,275,724
9
Oct.
1,772,138
1,655,420
1,766,010
1,807,037
1,823,521
1,821,398
1,819,371
1,832,695
1,839,815
1,809,716
1,752,066
1,827,513
1,851,541
1,857,470
1,863,483
+ 10.3
+ 7.6
+ 8.0
+ 2.6
+ 6.2
+ 12.4
+ 4.4
+ 5.5
1,433.993
1,440,386
1,426,986
1,415,122
1,431,910
1,436,440
1,723,428
1,592,075
1,711,625
1,727,225
1,723,031
1,724,728
1,729,667
1,733,110
1,750,056
1,464,700
1,761,594
1,423,977
1,476,442
1,490,863
1,674,588
1,806,259
1,499,459
1,506,219
1,777,854
1.456,961
1,341,730
1,415,704
1,792,131
1,819,276
and
Dollars
Dollars
Dollars
Dollars
277,695
245,707
1,514,326
1,552,638
2,082,433
2,194,356
+ 568,107
38,312
111"923
31,988
14", 098
Excess of imports
1932
1933
1934
1935
1936
1937
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
January
150,022
120,589
172,220
222,663
February
101,513
162,752
176,223
163,007
198,564
153,972
182,024
March
154.876
190,938
185,026
195,113
179,427
164,151
192,795
233,116
256,565
268,946
April..
—
135,095
108,015
105,217
May
—
131,899
114,203
160,197
165,459
200.772
289,922
June
114,148
July
119,790
144,109
170,519
161.672
170,244
106.830
173,230
265,341
267,185
108,599
131,473
171,984
172,126
185,693
180,390
178,975
September
132.037
160,119
191.313
198,803
220,539
October
153,090
193,069
206,413
264,949
November
138,834
184,256
194,712
221,296
269,838
December..
131,614
192,638
170,654
223,469
229,800
8
mos.
12
mos.
-
with comparisons by
with
The report is as
The
135,520
96,006
135,706
166,832
February
130,999
83,748
132,753
152,491
187,482
192,774
M arch
131,189
158,105
April
126,522
94,860
88,412
146,623
177,356
170,500
198,701
202,779
May
112,276
110,280
106,869
154,647
122,197
136,109
170,533
156,764
191,077
July
79,421
142.980
127,229
176,631
195,056
265.349
AUgUSt
91,102
154,918
119,513
169,030
193,073
245,707
Sept ember
98,411
146,643
131,658
161,647
215,701
June
dollars
than
of
in
exports was
dollars
million
while
July,
the
value
of
imports
declined 20
million
1936, the value
99 million dollars larger and the value of
imports was 63
in export
trade over last year has become more
pronounced from month to month in
1937.
and more
Compared with the correspond¬
of exports was 12% greater in January, 31%
greater in March, 49% greater in July, and 55% greater in August.
Imports, while relatively large throughout the first half of the year,
have recently shown a definite slackening.
In May and June the values
were approximately 50% greater than in those months of 1936 ; in July the
gain over a year ago dropped to 36%, while in August it amounted to 27%.
Exports, including re-exports, amounted to $277,695,000 compared with
$268,185,000 in July, 1937, and $178,975,000 in August, 1936.
General imports (goods entered for storage in bonded warehouses, plus
goods which entered merchandising channels immediately upon arrival in
the country)
amounted to $245,707,000 compared with $265,349,000 in
July, 1937, and $193,073,000 in August, 1936.
Imports for consumption (goods which entered merchandising or con¬
sumption channels immediately upon arrival in the country, plus with¬
drawals from warehouses for consumption) amounted to $249,025,000 com¬
ing month of 1936, the value
1937, and $200,783,000 in August, 1936.
decrease in imports resulted in a net
which amounted to $32,000,000.
This
compared with a net balance of merchandise exports of $2,800,000 in
July, 1937, and with a net balance of merchandise imports of $14,000,000
in August,
1936.
The net balance of imports for the year to date was
thus reduced from $144,000,000 at the end of July to $112,000,000 at the
pared with $263,438,000 in July,
The
increase
in exports
and
end
of
of
merchandise
exports
August.
principal agricultural commodities increased
erably in August over July.
This was particularly the case in
Exports
of several
consid¬
grains,
fruits^ leaf tobacco and raw cotton, and the improvement in these was
chiefly responsible for the larger export total.
Among the non-agricultural
exports, petroleum products increased substantially in August, but exports
of iron and
steel products, machinery, and of chemicals fell under the
preceding month's total.
Imports of a number
of commodities were smaller in August than in
July.
These included particularly hides and skins, corn, vegetable oils,
coffee, sugar, newsprint, tin and copper.
Imports of cocoa, crude rubber,
raw
silk, raw wool, iron and steel and fertilizers showed an increase.
months' period ending with August of this year, total
exports reached a value approximately $558,000,000 higher than in the
corresponding period of 1936.
Exports of metals and manufactures in¬
creased from a value of $148,000,000 in the first eight months of 1936
During the eight
increased from $406,and its products were
Among the agricultural
those of machinery and vehicles
000,000 to $581,000,000, and exports of petroleum
to
$332,000,000 ;
respectively.
increased from a value of $18,000,000
to
$37,500,000, and raw cotton exports increased from $177,000,000 to
$201,000,000, as between the two periods.
Exports of meats, fruits and
leaf tobacco were smaller in total during January-August, 1937, than in
January-August, 1936, notwithstanding the expansion which occurred in
$172,000,000
and
grains
exports,
and
$240,000,000,
preparations
August.
•
Total
first
Those
imports for
150,867
129,635
189,357
212,692
104,468
97,087
128,541
133,518
150,919
169,385
132,258
186,968
196,400
244,723
ended Aug.
mos.
Exports of United
889,990 1,110,686 1,340,127 1,552,638 2,194,356
917,309
1,322,774 1,449,559 1,655,055 2,047,485 2,422.154
States Merchandise and Imports for Consumption
8 Months Ending Aug.
August
Increase (+)
Decreased—)
Exports and Imports
Exports (U. S. mdse)
—
consumption
Imports for
1937
1936
1937
1936
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
175,825
200,783
274,224
1,488,285
1,551,600
2,046,194
2,135,999
+ 557,909
249,025
+ 584,399
1932
1933
1934
1935
1936
1937
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Month or Period
consumption were $584,000,000 larger
in value in the
months of 1937 than in the corresponding period of 1936.
imports responsible for a major part of this increase showed the
value:
Corn from $3,264,000 in January-August,
1936, to $51 194,000 ; crude rubber, $95,559,000 to
$157,445,000; raw
wool, $32,152,000 to $82,158,000 ; non-ferrous metals, $97,902,000 to $138,145,000; oil seeds, $21,620,000 to $46,130,000, and wood and paper prod¬
ucts from $157,490,000 to $200,960,000.
The volume of goods moved in both export and import trade was con¬
changes
in
siderably larger this year,
of the increases in
and the higher price level
value in January-August,
Exports—U. S
Merchandise—
January.--.
February
—...
1937.
accounted for a part
118,559
169,577
173,560
195,689
151,048
99,423
169,617
160,312
179,381
229,662
252,442
106,270
129,315
169,683
192,405
189,574
197,020
181,386
177,006
175,825
September
129,538
157,490
188,860
196,040
217,925
October
151,035
203,536
218,184
262,173
November—
136,402
223,920
128,975
192,156
168,442
267,258
December
190.842
181,291
189,808
220,931
226,666
April
151,403
132,268
106,293
103,265
187,418
176,490
March
..
...
160,511
May..
128,553
111,845
157,161
June
109,478
117,617
167,902
159,791
167,278
July..
104,276
141.573
159,128
167,865
August
—...
8 mos. ended Aug
12 mos. ended Dec
219,062
146,906
181,667
169,851
264,628
285,081
256,481
264,614
274,224
927,790 1,347,143 1,340,668 1,488,285 2,046,194
1,576.151 1,647,220 2,100,136 2,243,081 2,418,969
1,030,202
Imports for
Consumption—
186,377
189,690
194,296
141,247
168,482
152,246
175,485
166,070
147,467
166,756
135,067
155,313
173,096
189,008
194,311
197,458
January—
134,311
92,718
128,976
February
129,804
84,164
125,047
March
91,893
88,107
153,396
April
130,584
123,176
May
112,611
June
112,509
79,934
109,141
123,931
141,018
93,375
152,714
117,262
149,893
137,975
July
August
-
September
102,933
147,699
October.
104,662
November
106,295
149,288
125,269
December
96,898
127,170
8 mos.
ended Aug.
12 mos. ended Dec
124,010
199,776
180,381
168,683
200,783
218,425
213,419
200,304
240,230
189,806
149,470
162,828
126,193
179,760
228,734
260,224
295,929
281,287
278,642
278,721
263,438
249,025
883,686 1,072,472 1,337,828 1,551,600 2,135,991
1.325,093 1,433.013 1,636,003 2,038,905 2,423,977
916,304
GOLD AND SILVER BY MONTHS
Silver
Gold
Month or Period
1934
1935
1936
1937
1934
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
4,715
363
338
U
859
1,248
253
612
February
51
46
23,637
734
1,661
141
611
March
44
540
2,316
39
665
3,128
237
346
April
37
62
51
13
1,425
1,693
535
468
1,780
6.586
49
5
4
1,638
2,885
203
341
166
77
81
2.404
1,717
197
244
114
59
695
206
1,789
1,547
138
214
August
14,556
102
32
169
1,741
143
278
September
22,265
86
42
1,424
2,009
1,472
204
2,173
76
117
1,162
260
268
November
310
242
127
1,698
612
411
December
140
170
99
1.014
769
236
27,882
52,759
1,386
27.149
27,634
11,254
15,788
18,801
1,847
2,966
Exports—
January
May
June..
July
October
8mos.end.Aug.
12
mos.
end. Dec
1,960
-
524
16.551
3,114
Imports—
January
February
eight
following
285,925
greater.
Improvement
balance
284,912
105,499
December
million dollars
Compared with August,
the two months.
between
286,828
191.697
November
months back to
9 y2
277,709
307,474
October..:
1,000
in August was
240,452
January
follows:
States exports
United
of
value
greater
August,
226,364
General Imports—
Exports
Department of Commerce
277,695
944,911 1,369,709 1,369,468 1,514,326 2,082,433
ended Aug. 1,055,441
ended Dec. 1,611,016 1,674,994 2,132,800 2,282,874 2,455,978
12 mos. ended Dec.
Oct. 1 issued its statement on the foreign
trade of the United States for August and the eight months
1932.
641,718
Month or Period
at Washington on
ended
+
Exports, Including
8
Country's Foreign Trade in August—Imports
The Bureau of Statistics of the
Dollars
Excess or exports
August
Per Cent
1936
1,000
1,000
1,000
1,000
1,000
Reexports—
2.6
5.1
4.4
WEEKS
RECENT
5.3
3.7
conditions In both
1937
5.0
16.5
5.5
(+)
178,975
193,073
8.2
4.4
Include holiday
Increase
Decreased—)
1937
1936
1937
1936
2.0
.
13.4
Total United States.
Adjusted to
11.
Sept.
6.2
Pacific Coast
x
Week Ended
0.2
4.3
5.5
Rocky Mountain
x
13.0
Southern States
and Balance of Trade
8 Months Ending Aug,
YEAR
xWeek Ended
Week Ended
BY MONTHS
Imports,
Exports and Imports
Imports
PERCENTAGE
General
Re-exports,
Including
Exports
The Institute's statement follows:
week of 1936.
2303
Chronicle
March
April
May
June
1,947 149,755
452,622 122,817
December..
58,483
2.846
16,351
17,536
14,080
1,823
20,842
8,115
5,589
215,826
1,955
11.002
4,490
2,821
155,366
4,435
13,501
4,989
3,165
262.103
5,431
10.444
23,981
6,025
2,458
30,230
6,574
4,476
21,926
30,820
16,637
4,964
3,585 166,805 171.866
13,010 315.424 218,929
121,199 210,810 75,962
20,831
45,689
8,363
14,425
48,898
26,931
15,011
8,711
60,065
47,603
4,451
57,070
51,781
November
19,085
2,128
16.074 175.624
52,460
October
3,593
154,371
67,524 106,013
July
August
September
45.981 121,336
7.002 120,326
7,795
13,543
237,380
54,785 148,670 28,106
35,362 140,065 169,957
70,291 230,538 277,851
16,287
46,085
92,249 190,180
2,267
43,748 152,276 140,805
8 mos. end.Aug. 956,628 867,761 620,291 1309964
102,725 354,631 182.816
12 mos. end. Dec 1186671 1740,979 1144117
43,965
2304
Financial
Chronicle
Export*. Import* and Net Balance
Oct. 9.
1937
week of 1936, shipments and orders were
considerably less
in that week.
National production reported for the
week ended Sept. 25, 1937, by 6% fewer mills was
than
8 Month* Ending Aug.
August
Increase {■+)
Export* and Importt
5% less
figure) of the preceding week; ship¬
ments were 2% above shipments of that week; new orders
were 6% below that week's orders,
according to reports to
Decrease—)
1936
1936
1937
than the output (revised
1937
1.000
1,000
1.000
1.000
1.000
DoUars
DoUars
DoUars
DoUars
DoUars
Gold—
Exports.
Import*
32
169
27.149
524
—26,626
67.524
105,013
620.291
1,309,964
+ 689,673
67*493
1*0*4*844
5*9*3" 141
1,309*446
the
ended
Imports---
143
278
16,637
4,964
1,847
140.805
43,965
1*6*494
*4*686
1*38*959
46*851
3,114
+ 1,268
—96,840
All regions
levels
of
electric
activity
Industrial
maintained
was
as
Confer¬
activity
retail
trade declined,
said the
Board, in
factors
include:
the abnormal
(1)
(2)
costs;
wage
the
labor
practical
situation,
the
with
feet,
government
On
other
the
for
reasons
of private business; and
additional rise in taxes will become necessary.
an
hand,
believing
the
Board's
that
we
depression.
Business has not yet
evidence
a
of
materials
long-term
*/nd
has
recession
the
not
its
in
there
normal
are
level.
building.
No
production
the corresponding month
over
in
awarded
amounted
to
level
reached
year
ago.
financed
lower
activity
in
as
sharply
reported
only 3.6%
was
during
by the
This represented
July, and
The
rather
States,
$285,104,100.
F. W.
Total
Dodge
11.3%
higher than awards
a
month
August.
decline of
a
any
On
Corp.,
from
the
reported
Production of steel ingots,
for
August
any
reported from
demand
from
of
Bituminous
usual
seasonal
a
Activity
orders
for
but
farm
daily basis, reached the highest
the industry. Heavy demand is
of
equipment,
and
petroleum industries,
the
the
sales
declined
in
by
advanced
petroleum
slightly,
fourth
gain, reaching
a
only
output
but
about
also
field
stores
drop
of
in
month.
one-half
the
week
same
or
were
14,377,000
was
Identical Mill Reports
feet, and
a
year ago
218,686,000
feet,
it
and
softwood
mills
was
240.276,000
were
respectively
received
188,091,000
235.910,000 feet; shipments
was
249,834,000
feet;
and orders
feet, and 239,360,000 feet.
August Newsprint Production in Canada Above Record
Month of July—Production During Month Totaled
318,713 Tons
Canadian newsprint production in August
totaled 318,713
high record, exceeding August of last year by
18.0%, the figure a year ago having been 270,053 tons.
August production was also somewhat ahead of
July's
tons, a
The
other
divisions
sales
value
of
was
in
also
rural
adjusted
decline
decisive.
basis
resulted
department
Urban
retail
Since
the
recovery
store sales
has
declined
areas.
new
314,529 tons, which has been the previous record.
In
porting the foregoing, the Montreal "Gazette" of Sept.
re¬
14
also stated:
The
the
August increase is the largest since that of
month
were
the eight
total
a
totaled
313,425
tons,
exceeding
March.
August
by
Shipments for
12,585
but
tons,
still below production.
For
of
ended with
months
2,416,016
period of 1936,
Bank of
an
tons
August,
compared
as
increase
4%, while the physical volume has receded 8%.
Montreal
Completed
the
and trade declined during August.
variety stores experienced the most substantial
slightly less than
February, the dollar
for
Production
of
Canadian
with
production
2,033,943
tons
in
reached
the
like
18.8%.
but
record
distribution
and
reported
as
below production.
lag.
new
advanced.
seasonally
a
on
consecutive
to
a
sharp drop in foreign demand.
a
:n
peak
Crude
rose
the
Shipments
25%
or
Last week's production of 450 identical
average
history
the
production
increase.
tool
Five and ten cent
losses,
coal
decline
largely from
an
electricity again registered
level.
Machine
on
the railroad and construction industries continues
Production
showed
in
the canning,
feet,
feet.
residential building.
level
production.
220,684,000
were
13,544.000 feet.,
as
a
decline resulted largely from a drop in publiclyAlthough total residential construction was about 27%
year, the F. W. Dodge Corp. notes a 6% gain in private
last
below
10,825,000
August
work.
than
declined
37
in
week
242,011,000 feet.
was
is
raw
serious
1936.
adjusted basis, activity reached the highest point for
since October, 1929.
contracts
of
United States and Canada, estimated at
showed, according to the Conference Board's
seasonally
Construction
below the production of the
same
the
in
increase of 49%
Production
1936 week.
1937, by 462 soft¬
major
There
Stocks
excessive.
appear
6%
the
several
another
of
verge
(3)
21%
or
reported for the
as
Reports from 99 hardwood mills give new business
will
previously occurred under these conditions.
Automobile
an
do
that
notes
on
movement
goods
410,200 units during August,
review,
not
recovered to
upward
manufactured
analysis
are
190,306.000 feet;
Shipments
9% below production.
or
sharply
attempt to increase further its regulation
probability that
mills.
same
coupled
that
certainty
mills totaled
wood
Con¬
that, in addition to the increased uncertainty in the outlook for business
resulting from the drastic decline in security values, there are other factors
suggesting the possibility of further decline in business activity.
Those
rising
but Northern Pine reported ship¬
year's week and all softwood regions but Western Pine and
Lumber orders reported for the week ended Sept. 25.
genera] analysis of the situation, points out
a
Northern Hemlock and Southern Hard¬
California Redwood reported production below that of similar
ference Board, which, in its survey, added :
The Conference
week
The association further reported:
but Southern Pine,
ments below last
the
and
the
those of corresponding week of 1936; all
result of high
a
in
reported orders below production in the week ended Sept. 25.
All
but Southern Pine, West Coast and Northern Hemlock reported
shipments
below output.
All regions but Northern Hemlock reported orders below
automobile, iron and steel, and
industries, but adjusted indexes of trans¬
power
portation
in
National
of the
survey
Production
was
woods
activity, on a seasonally adjusted basis, de¬
slightly during the month of August, according to the
Production
re¬
important
Revised figures for the preceding week
mills, 573: production, 271,169,000 feet; shipments, 227,871,000 feet;
orders, 217,620,000 feet.
Board
monthly
from
of
were
Industrial
Board
mills.
Association
operations
booked orders of 203,850,000 feet.
Activity During August Declined Slightly,
According
to
National
Industrial
Conference
icgular
the
During the week ended Sept. 25. 1937, 540 mills produced 256,388.000
feet of hardwoods and softwoods combined; shipped
231.509,000 feet;
Business
ence
softwood
and
Sept. 25, 1937,
of the 1936 week.
Excess of exports
Excess of Imports
Manufacturers
covering
shown by softwood mills reporting
for both 1937 and 1936 as 2% above output in
corresponding
week of 1936; shipments were 12% below last
year's ship¬
ments of the same week; new orders were 21
% below orders
Silver—
Exports.--.--
Lumber
associations
hardwood
Excess of exports
Excess of imports
clined
National
gional
Crop Report—Harvesting Virtually
Manitoba and Saskatchewan
in
Harvesting operations are virtually completed in Manitoba
Saskatchewan, and are generally well advanced in
Alberta, although rain has caused delays, particularly in
the Northeastern and Central Districts,
according to the
current crop report of the Bank of Montreal.
The report
and
issued Oct. 7 continued:
Average wheat yields on the basis of the acreage sown have been esti¬
18.6 bushels; Saskatchewan, 2.7 bushels, and
mated as follows: Manitoba,
Alberta 9.2 bushels.
A large percentage of the wheat is grading No. 3
or
better.
In
Wages, Hours and Employment in Manufacturing In¬
dustries During August Declined,
According to
National
New
York
Industrial
...
A
Conference
downward
Board
whole are light,
in
manu¬
facturing activity in August as compared with the preceding
month is indicated by the monthly
survey of wages, hours,
and employment of the National Industrial Conference
Board, made public Oct. 5.
The Board's announcement
on
the
but in most districts root, fodder and canning crops are
In Ontario the various grains, including husking
giving satisfactory yields.
corn,
movement
Quebec Province threshing returns reveal that cereal yields
have all
been
excessive moisture
the
adversely affected
harvesting but yields
In
are
during midsummer.
hay and all
crops
both
during harvest, but fruits
best on record.
fodder
the Maritime
as
to
are a
yield and quality by
heavy crop and tobacco
Provinces fine
weather has favored
below average owing to the spell of hot dry weather
In British Columbia grain yields
abundant,
crops
roots
and
are
below average,
vegetables
good
average
and tree fruits satisfactory.
continued:
The Conference
shows
a
Board's survey,
decline of 0.9%
hourly earnings
were
covering 25 manufacturing industries,
in the number of wage earners
total man-hours, and a decrease of
slightly higher, but
week from 39.2 hours in
a
a
Average
reduction in the average work
July to 38.9 hours in August resulted in
a
reduction
in average weekly earnings from $27.83 to $27.74.
Comparison of conditions in August, 1937, with those
with
those
earners
in
in the
1929 indicates general improvement in
a
year ago and also
the
Flour
Production
drop of 1.6% in
1.3% in payroll disbursements.
status
General
Mills,
During Month of September 1937
Inc.
summarizes the comparative flour
production as totaled for the mills reporting in the following
milling centers. These mills annually account for approxi¬
mately 65% of the total estimated United States flour production.
of wage
PRODUCTION OF
manufacturing industries covered by the Conference Board's
The number of workers employed and their average hourly earn¬
ings have increased, while the length of the work week shows a decrease.
FLOUR
(NUMBER OF BARRELS)
survey.
Month of September
"Real" weekly earnings, which take into account the decline in
living costs,
were
7.8% higher than
Weekly
Report
a year ago
of
1937
1936
Lumber
Movement: Week
Ended
industry during the week ended Sept. 25,1937,
stood at 75% of the 1929 weekly
average of production and
70% of average 1929 shipments.
The week's reported
production was 26% greater than new business booked and
11% heavier than reported shipments.
Reported produc¬
tion and new orders were slightly below the
preceding week,
reported shipments were a trifle heavier.
Reported produc¬
tion was again slightly above output of the
corresponding
1937
1936
and 9.2% higher than in 1929.
Northwest
1,330,828
1,193,106
3.456.974
4,266.528
Southwest
2,191,976
2,137,545
6.824,478
6.576,207
Lake, Central & Southern
1,807.027
1,774,717
5,238,204
5,675,269
543,428
466,708
1.346.492
1.501,923
5,873,259
5,572,076
16.866,148
18,019,927
Pacific Coast..
Sept. 25, 1937
The lumber
3 Months Ended Sept.
30
Grand total of all mills re¬
porting
Egypt
Follows
United
States
Price
of
Policy
in
Maintaining
Cotton
United Press advices from Cairo, Egypt,
Sept. 27, had the
following to say regarding the action of the Egyptian Govern¬
ment in maintaining the price of cotton:
.
Volume
Financial
145
The Government
on
Sept. 27 followed the example of the United States to
maintain the price of cotton when it decided to advance
of the crop to farmers.
of the Economic
85% of the price
The action, in accordance with a recommendation
Council, provides that the loans will not be made on more
than 300 cantars
(29.215 pounds) of
an
individual grower s cotton.
International Council of Opinion
May
Be
Reduced—Decides
World Sugar Stocks
Against Lowering Ex¬
port Quotas at Present
Exchange announced on
cablegram from London
regarding the meetings of the International Council, govern¬
ing body of the International Sugar Agreement:
International meetings reviewed the statistical situation
year are
are
and came to the
for the free market for the present sugar
likely to exceed 3,500,000 metric tons while total export quotas
3,611,000 tons, but various delegates indicated that they may be in a
position to notify council of such parts of their export quotas which they
In these circumstances,
wilJ not use.
world
year
sugar
the Council is of the opinion that
stocks will not be substantially increased during the present
be reduced.
and might actually
The Council decided it would be
premature to make any reduction in export quotas
to
review
the
matter
but reserved the right
takes place in the
again if any important change
The meetings were adjourned until
situation.
early 1938, the date to be
fixed later.
+.
August Sugar Exports from Java Reported Above Year
Ago—Eight Month Total Also Higher
from Java during the month of August,
112,323 long tons, according to B. W.
Dyer & Co., New York, sugar economists and brokers, an
increase of 50,314 tons over the same month a year ago. The
total exports for the first eight months of 1937 amounted to
758,812 tons compared with 517,284 tons for the correspond¬
ing period of 1936, an increase of 241,528 tons. The Sept. 1
estimate of Javan sugar production for the present crop is
placed at 1,393,000 long tons compared with 583,031 tons
produced during 1936. To the end of August 1,021,438 tons
have been produced while to the same date last year 415,757
tons had been registered. According to the Dyer firm, stocks
in Java on Sept. 1, 1237 were 637,529 tons compared with
896,698 tons on the same date in 1936.
Exports of
1937
sugar
amounted
Petroleum and
to
Its Products—Government Anti-Trust
Suit Starts in
Wisconsin—Defendents Plea Alleged
Illegal Acts Sanctioned by Government Oil Code—
Government
Holds
Code-End
Outlawed "Pool"
Purchasing—Crude
Oil
Stocks
on
Rising
Output Lower
Drop
Export Demand—Daily Average Oil
Opening of the Government's suit against 23 of the
major oil companies in Madison, Wis., on Oct. 4,
resulting from the indictments returned in the Department
of Justice's probe of the mid-W"est gasoline price structure,
overshadowed all other developments in the petroleum
industry.
The indictments returned by the special Federal Grand
Juries named 46 individuals, 23 oil companies and 3 trade
nation's
publications as violating the Federal anti-trust laws by con¬
spiring to fix and maintain artificially high gasoline prices in
10 mid-Western States.
The jury, composed of 12 farmers
and small business men, was given two alternates in view of
general belief that the trial will last at least three months.
have been given to 103 witnesses from
every State east of the Rocky Mountains with Government
counsel stating that the number of witnesses to actually
testify will depend upon how much is admitted by the de¬
fendants.
The huge total of potential witnesses is laid to
the Government's desire to have on hand witnesses com¬
the
Federal subpoenas
petent technically to answer any arguments
advanced by the
defense.
The
origin of the suit goes back to practices
used by the
life of the NRA oil code—from the
1935—before it was ruled uncon¬
stitutional by the Supreme Court.
The Government charges
that the practices complained of were initiated in the spring
of 1931, continued throughout the code period and after
the expiration of the code.
As the trial started, it was understood that the Government
would not admit that any of the practices named in the
indictments had been given Federal sanction at any time.
While admitting that
the Government permitted pool
purchasing during the code's life, the Federal attornies are
expected to argue that all operations were under the strict
watch of Secretary Ickes which precluded any possibility of
monopolistic tendencies developing.
Feature of the first week's court maneuvering was the
efforts of the defense counsel, led by William J. Donovan,
former assistant attorney general, to place before the court
their basic line of defense which was that the acts complained
of were committed with the approval of the Federal Govern¬
ment and that at no time were the companies operating in
011 companies during the
fall of 1933 until May,
violation of the anti-trust statutes.
The most sensational
development came on Thursday when
Federal Judge Patrick T. Stone—a Roosevelt appointee to
the Federal bench in 1933—cracked down on Mr. Donovan's
repeated references to President Roosevelt as sanctioning the
gasoline stabilization operations for which the 23 oil com¬
panies are now on trial. Referring to Mr. Donovan's opening
statement to the jury Wednesday in which he pictured the
major oil companies as acting at the suggestion of the
Government under the NRA oil code, Judge Stone said "I
don't want any more references to what
I don't want any hearsay."
President Roosevelt
has said.
quick to answer that he could "call to
were present at conferences with the
President" but the Judge answered "You contend you acted
with the authority of law, and that is all you have to prove."
In his opening speech, Mr. Donovan had told the jury that
both President Roosevelt and Secretary of the Interior Ickes
Mr. Dono\an
stand
the
men
was
who
approved the operations for which the companies were
indicted.
In closiDg his criticism of the defense counsel's
opening speech, Judge Stone pointed out that the nation's
chief executive would not be called as a witness in the case
and therefore remarks credited to him were out of order.
The opening speech of William P. Crawford, special
Government prosecutor, charged the companies under in¬
dictment with engaging in "one of the most gigantic, farreaching, withering conspiracies in violation of the Sherman
anti-trust laws in the history of the United States."
The Federal prosecutor went on to charge that the major
companies involved in the suit had entered into agreements
with independents in the East Texas field and also in the midcontinent area which embraces Gklahoma, North and West
Texas, Eastern Kansas, Southern Arkansas and Northern
Louisiana to buy such of their output on the "spot market"
as would be necessary to raise the price.
The alleged agree¬
ment, he continued, provided that the majors offer the in¬
dependents a higher price for their gasoline than the ruling
had
The New York Coffee & Sugar
Oct. 6 the receipt of the following
conclusion that the requirements
,2305
Chronicle
market level at the time of
purchase.
Although this procedure cost the oil companies more money
for a small amount of gasoline, their losses were more than
recouped.
It was alleged that the ficticious prices thus
established
through
the agreement-price schedule were
printed in the three defendant trade journals—Chicago
Journal of Commerce, Piatt's Oil Gram and the National
Petroleum News—as the current market levels.
Inasmuch
as distributors were under contract to purchase their supplies
at current market levels ruling at the time of their with¬
drawals, the companies were thus able to "fraudulently"
bolster the price structure to their benefit in violation of the
anti-trust laws, it was alleged.
Laid in large part to the rising export demand for crude
oil, particularly from Japan, stocks of domestic and foreign
crude oil held in the United States slumped during the week
25 despite the fact that production
ended Sept.
during the
was far in excess of the September market demand
estimates of the Bureau of Mines. The Bureau of Mines on
period
reported that stocks for this period were off 1,431,000
with domestic holdings off 1,061,000 barrels and
inventories of foreign oil dipping 370,000 barrels.
A drop of 18,850 barrels in daily average crude oil produc¬
tion during the week ended Oct. 2 carried the total off to
3,467,450 barrels, the American Petroleum Institute re¬
ported.
The total was 138,150 barrels in excess of the
Bureau of Mines' estimate of required September crude oil
needs and 647,750 barrels above actual production in the
corresponding period a year earlier.
California and Louisiana were the only two major oilOct. 6
barrels
producing States to show a gain. Production on the West
Coast was up 2,400 barrels to 690,200 barrels, against the
joint Federal-State recommended 638,200-barrel total. Lou¬
isiana turned out 264,300 barrels, up 300 barrels, and com¬
paring with
State allowable of 265,495 and the
a
Federal
recommendation of 247,900 barrels.
of
decline
A
barrels
19,250
Oklahoma
in
production
brought the total down to 581,200 barrels, against the State
allowable of 600,000 barrels and the Federal recommendation
of 633,600 barrels. Kansas was off 8,500 to 184,500 barrels,
against 194,250 and 200,900 barrels, respectively.
Texas
producers cut output by 2,550 barrels to 1,494,000 barrels,
compared with 1,441,734 fixed by the Railroad Commission
and 1,413,600 suggested by the Federal oil agency.
There were no crude oil price changes.
Pricet of Typical
Crudea per Barrel at Wella
(All gravities where API. degrees are
Lime (Ohio Oil
Co.)
Corning, Pa
Illinois
Western
__
Kentucky
..
Mtd-Cont't, Okla., 40 and above-.
Rodessa, Ark., 40 and above
Bmackover. Ark.. 24 and over
REFINED
Rusk, Texas, 40
Field
Mich
Central
1.40
1.30
1.25
Sunburst, Mont
$1.27
1.35
...
...
Huntington, Calif, 30 and over....
Kettiernan Hills, 39 and over
i
OIL
PRICES
STOCKS
1.09
1.42
1 22
1 21
1.30
J 10
Petrolia. Canada
PRODUCTS—FURNACE
FUEL
and over
Durst Creek
1 35
0.90
DELPHIA—MOTOR
not shown)
Eldorado, Ark.. 40
$2.60
1.25
1.27
Bradford, Pa
UP IN PHILA¬
SHOW
DECLINE-
REFINERY OPERATIONS SLUMP
Refining Co. on Oct. 6 posted an increase
gallon in the tank-wagon price of light, medium
and heavy furnace oil, effective immediately.
The adjust¬
ment, according to W. C. Yeager, sales manager, eliminated
a subnormal local market which has ruled for the past three
months and put Philadelphia on the same basis as other
The Atlantic
of Yz cent a
Eastern
seaboard markets.
"The increase was
inevitable," he continued, "in view of
the fact that within the past year
tanker transportation rates
100%.
Furthermore, the market price of oil
in the American Gulf ports, from which a major portion of
the fuel oil consumed in the Philadelphia area comes, is onethird more than it was a year ago."
A contra-seasonal contraction in stocks of finished and
have increased
unfinished gasoline was
shown during the week ended Oct. 2
Petroleum Institute,
in the
weekly report of the American
which
placed the total at 62,266,000 barrels.
Inventories
2306
of
motor
Financial
fuel
refineries
at
Chronicle
Oct.
pipe lines
unfinished
Cracked gasoline production by companies owning 94.8% of the
potential
charging capacity of all cracking units indicates that the industry as a
gasoline rose 13,000 barrels.
A sharp reduction in
refinery operations played an im¬
portant part in reducing stocks of motor fuel, it was pointed
out.
Refineries ran at 83.7% of capacity for the
period
under review, a decline of 1.6 points from the
previous week.
Daily average runs of crude oil to stills dropped 55,000 barrels
to 3,400,000 barrels daily.
of the end of the week,
as
barrels in this classification of refined product stores
during
Oct. 2 period lifted the total to 117,076,000 barrels.
the
Daily
at
production of cracked gasoline held unchanged
average
780,000 barrels.
whole,
Bureau of Mines basis, produced an average of 780,000 barrels
on a
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
B. of
Representative
price
changes
posted
during
the
•
week
M.,
Four
Dept. of
Slate
Week
Change
Weeks
Interior
Allowable
Ended
from
Ended
Ended
Calcu¬
Sept. 1
OU. 2,
1937
OU. 3,
598,800
547,500
190,350
157,800
M cent a gallon increase in the tankprice of light, medium and heavy furnace oil in the Philadelphia
Oklahoma.
633,600
200,900
Kansas
Panhandle
U. S. Gasoline (Above 65 Octane), Tank Car
Lota, F.O.B. Refinery
New York—
196,250
78,230
Gulf
.OS 14
Tide Water Oil Co
Shell Eastern
.07 %
Richfield
Texas
MM
OIKCal.) .07 M
Warner-Qulnlan..
$.07 H
_
Chicago
$.05
New Orleans.
North Texas..
64,250
73,750
West Central Texas.
42,863
33,750
220.850
221,866
....
.05 M
.07 M
$.04
Fuel OU, F.O.B.
N. Y". (Bayonne)—
Bunker C
.03M-.05
Refinery
or
$1.35
+ 1,100
116,900
70,800
477,400
269,100
yl66,500
202,749
217,000
—1,700
217,450
176,100
Coastal Texas..
Total Texas
1,413,600 1,441,734 1,494,000
Coastal
Louisiana
Total
Louisiana
247,900
Arkansas
Eastern
Diesel 28-30 D
Total east of Calif..
$.105
California.....
2.201
(Bayonne)—
$.04 M
I
28-30 D
$.053
Brooklyn..
z
INewark
I
.19
Not Including
$.1651
Boston
.18
I
|Tulsa
I
1.02J4-.03
Buffalo
144,750
54,600
55,900
18,200
5,000
114,000
2,871,100
638,200
x638,200
28,200
+ L650
+ 800
140,100
53,200
114,550
29,750
57,700
+200
58,550
41,250
18,200
—200
18,250
4,650
+ 100
114,650
+200
4,550
114,550
15,750
4,900
79,100
2,957,250 —21,250 2,976,400 2,426,600
690,200
+2,400
689,450
564,100
3,647,450 —18,850 3,656.850 2.990.700
(Figures In thousands
$1.75
Chicago
of barrels of 42 gallons
each)
.177
Daily Refining
Crude Runs
Stocks of Finished and
Capacity
to Stills
Unfinished Gasoline
Finished
Poten¬
Reporting
tial
Rate
Commission, bituminous coal output during the month of
September, 1937, amounted to 38,620,000 net tons, com¬
pared with 37,192,000 net tons in the corresponding month
last year and 33,984,000 tons in
August, 1937.
Anthracite
production during September totaled 3,596,000 net tons, as
against 3,874,000 tons a year ago and 2,593,000 tons in
August, 1937.
The consolidated statement of the two
aforementioned organizations follows:
East Coast
Total
669
__
Calendar
P.
Daily
P.
Aver¬
Oper¬
At Re¬
age
ated
fineries
C.
669 100.0
554
82.8
&c.
5,254
146
129
88.4
112
86.8
882
Ind.,111., Ky.
Okla., Kan.,
529
489
92.4
449
91.8
5,747
84.7
297
3,309
2,346
452
383
Gas
of
and
Terms., Nap'tha
Appalachian.
Mo
Unfin'd
C.
11,935
1,419
3,607
77.5
Distil.
1,294
Fuel
Oil
15,716
209
933
705
7,131
428
3,825
Inland Texas
355
201
56.6
139
69.2
1,165
179
358
Texas Gulf..
1,703
833
797
95.7
778
97.6
5,752
318
1,822
9,995
La.
174
168
96.6
139
82.7
706
501
395
3,140
Gulf
No. La.-Ark.
Rocky
91
58
63.7
42
72.4
91
86
89
62
69.7
57
91.9
1,193
101
733
821
746
90.9
533
71.4
7,840
2*238
1,608
70,149
3,702
89.0
3,100
83.7
32,096
22,634
2,510
710
Mt_.
Californla
Reported
Estd.unrepd.
Average
Stocks
of
District
for Month
States Bureau of Mines and the National Bituminous Coal
of
235,700
37,450
might have been surreptitiously produced.
According to preliminary estimates made by the United
Number
261,400
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND
UNFINISHED
GASOLINE AND GAS AND FUEL OIL. WEEK ENDED OCT.
2, 1937
Preliminary Estimates of Production of Coal
of September, 1937
for
+ 300
Recommendation of Central Committee of California Oil Producers,
y Revised.
Note—The figures Indicated above do not Include
any estimate of any oil which
2% city sales tax.
Total
264,300
x
Gasoline, Service Station, Tax Included
zNew York......$.19
78,000
157,700
40,400
3,509.300
(Chicago—
27 plus
88.200
173,200
1.35
Gas Oil, F.O.B. Refinery or Terminal
N. Y.
+ 800
—500
124,300
101,400
—2,550 1,490,200 1,172,100
89,650
38,700
......
Mexico
265,495
436,550
174,650
29,900
...
New
Phlla., Bunker C..._
172,350
+2,800
I
New Orleans C
$1.00-1.25
—3,650
61,300
+ 1,200
Terminal
| California 24 plus D
27,400
116,550
Colorado......
.03K-.04
61,100
33,550
223,000
479,200
I New Orleans_$.05)i-.05H
Tulsa
73,850
+ 400
272,960
Montana
I North Texas
..$.05J£|Los Angeles..
78,950
110,934
Wyoming
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
(Bayonne)
—2,950
+250
475,308
245,534
Michigan
New York
1936
East Texas
MM--07
05M-.05M
Week
East Central Texas.
-.05 H
Gulf ports
Tulsa
79,950
North Louisiana
Other Cities—
Stand. OU N. J..I0.7M
Socony-Vacuum.. .08
Week
581,200 —19,250
184,500
—8,500
600,000
Texas.
area.
New York—
Previous
1937
.
Oct. 6—Atlantic Refining posted a
2,
{Sept.)
Southwest Texas...
wagon
OU.
lations
West Texas
follow:
barrels of finished and
daily during the week.
Inventories of gas and fuel oils continued their
upswing
refiners followed their usual seasonal practice this time of
the year in building up holdings in
anticipation of the heavy
consumption with the arrival of the cold winter weather
which is just around the corner.
An increase of 604,000
65.266,000
unfinished gasoline and 117,076,000 barrels of gas and fuel oil.
as
z
1937
9,
slumped 323,0(X) barrels with
bulk terminal holdings dropping 44,000 barrels.
Stocks of
457
300
248
401
7,006 113,726
310
3,350
xEst.tot.U.S.
Year to End
Oct.
2 '37
4,159
4,159
Day
{Net Tons)
of September
{Net Tons)
3,400
34,606
23,344
7,316 117,076
Sept. 25'37
4,159
4,159
3,455
34,929
23.388
7,303 116,472
326,627,000
y3,005
31,276
20,108
6,407 112,638
per
Working
Month
Working
{Net Tons)
Dags
38,620,000
3,596,000
25
26
1,545,000
143,800
254,900
26
9,804
U.S. B.ofM.
Sept. 1937 {Prelim.)—
Bituminous coal.a
Anthracite coal_b__
Beehive coke
xOct. 2 '36.
36,442,000
2,623,000
x
Estimated Bureau of Mines' basis,
y
October, 1936 dally
average.
August, 1937 (Revised)—
Bituminous coal.a
33,984,000
2,593,000
Anthracite coal.b
26
1,307,000
26
258,800
26
99,700
9,954
37,192,000
3,874,000
153,900
25
1,488,000
303,114,000
25
155,000
5,919
40,871,000
1,012,300
Beehive coke
•
Weekly Coal Production Statistics
The National Bituminous Coal Commission in its current
Sept., 1936 {Revised)—
Bituminous coal.a
Anthracite coal.b
BeetHve coke.c
26
a Includes for purposes of historical
comparison and statistical convenience, the
production of lignite and of anthracite and semi-anthracite outside of
Pennsylvania,
coal, and coal
b Total production, including
colliery fuei, washery and dredge
shipped by truck from authorized operations,
c Final figures.
Note—AH current estimates will later be
adjusted to agree with the results of the
complete canvass of production made at the end of the calendar
year.
Daily
Average
Crude
Oil
Production
Ended Oct. 2 Placed at
The
daily
American
Petroleum
During
3,647,450 Barrels
Institute
estimates
Week
that
the
average gross crude oil
production for the week ended
was 3,647,450 barrels.
This was a decline of
18,850 barrels from the output of the previous
week, and
Oct. 2, 1937,
the
current
week's
figures remained above the 3,509,300
barrels calculated by the United States
Department of the
Interior to be the total of the restrictions
various oil-producing States
imposed by the
during September.
Daily aver¬
age production for the four weeks ended Oct.
2, 1937, is
estimated at 3,656,850 barrels.
The daily average
output
for the week ended Oct. 3, 1936, totaled
Further
details,
as
2,990,700 barrels.
reported by the Institute, follow:
Imports of petroleum for domestic
United States ports for the
use
and receipts in bond at
principal
weekly coal report stated that the total production of soft
Sept. 25 is estimated at 9,450,000 net
coal in the week ended
tons.
This is a gain of 383,000 tons, or
4.2% over the pre¬
ceding week, and is 7.4% higher than the output in the
corresponding week of 1936.
The United
States Bureau of Mines in its weekly state¬
showed that production of anthracite in
Pennsylvania
made a further increase in the week ended
Sept. 25. Total
ment
output is estimated at 878,000 tons, a gain of 18.2% over
production in the preceding week, but a decrease of 13.0%
when compared with the
corresponding week of 1936, when
production was 1,009,000 tons. The combined statements of
both the above-mentioned
Week Ended—
Bituminous coal:
Sept.
25,
1937 Sept.
18,
BEEHIVE
1937 Sept.
26,
1936
a
Total, Including mine fuel
Dally average
Pennsylvania anthracite: b
Total, Including mine fuel
Dally average
Commercial production.!
d9,450,000
9,067,000
1,511,000
8,794,000
dl,575,000
878,000
743,000
1,009,000
1,466,000
146,300
123,800
168,200
836,000
708,000
961,000
58,800
58,400
9,800
9,733
38,600
6,433
Beehive coke:
United States total.
Daily
average..
week ended
Oct. 2 totaled 1,296,000 barrels,
daily average of 185,143 barrels, compared with a
daily average of 135,714
barrels for the week ended Sept. 25 and
157,893 barrels daily for the four
weeks ended Oct. 2.
organizations follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND
COKE (IN NET TONS)
a
Receipts of California oil
ended
Oct.
2
totaled
at
40,000
Atlantic and Gulf Coast ports for the week
barrels,
a
daily
of
5,714
barrels,
compared with a daily average of 34,714 barrels for the week ended
and 19,964 barrels for the four weeks ended
Oct. 2.
Sept. 25
average
Reports received from refining companies owning 89-0% of the
4,159,000barrel estimated daily potentital
refining capacity of the United States
indicate that the industry as a whole
ran to stills, on a Bureau of Mines
basis, 3,400,000 barrels of crude oil daily during the
week, and that all
companies had in storage at refineries,
bulk terminals, in transit and in
Calendar
year to
Bituminous coal:
date f—
1937
1936
1929
a
Total, Including mine fuel
Dally average
Pennsylvania anthracite: b
Total, Including mine fuel
Dally average
Commercial production. 1
326,816,000
1,424,000
301,371,000
1,313,000
388,948,000
1,686,000
h35,368,000
h39,694,000
h50,495,000
159,000
178,400
226,900
g
g
g
Beehive coke:
United States total..
Dally average
2,584,400
1,040,800
11,286
4,545
5,081,800
22,191
Includes for purposes of historical comparison and statistical convenience the
production of lignite and anthracite and seml-anthraclte outside of Pennsylvania.
a
Financial
Volume 145
b Includes
washery and dredge coal and coal shipped by truck from authorized
operations,
d Subject to revision, f Sum of
corresponding 39 weeks of 1936 and 1929.
h Sum of 38 weeks ended
ESTIMATED
Sept. 18.
39 full weeks ended Sept. 25,1937, and
g Comparable data not
recent reduction in the
OF COAL,
transacted
was
carloadlngs and
and are subject to revision on receipt of monthly tonnage reports
State sources or of final annual returns from the operators.)
river shipments
from district and
the lowest since
United
1923
the visible
2
2
4
3
234
221
225
197
Arkansas and Oklahoma..
e
Georgia and North Carolina
Illinois
815
832
811
1,304
1,587
263
299
270
373
550
59
47
60
71
99
117
136
111
128
134
149
168
713
Kentucky—Eastern
841
699
756
737
976
168
141
156
145
303
248
32
24
35
38
44
40
8
4
14
21
17
27
62
50
61
61
79
68
27
49
Western
27
27
27
New Mexico
September were larger than gen¬
fairly substantial decrease in
22
35
27
s59
827
400
427
481
488
861
2,260
1,947
2,268
1,830
2,858
3,585
111
93
102
96
105
119
Ohio
Tennessee
World
6,200 tons in September last year.
September amounted to 13,124 tons, against 12,488 tons a
for
month previous
and 9,722 tons a year ago.
ing the Eastern and Arnhem carry-overs,
The visible supply of tin, includ¬
stood at 23,014 tons at the end of
tons a year ago.
Sept. 30th, 54.250c.;
follows:
Chinese tin, 99%, was nominally quoted as
Oct. 1st, 54.750c.; 2nd.
55.750c.; 4th, 56.125c.; 5th., 54.125c.; 6th, 53.125c,
PRICES OF METALS ("E. & M. J." QUOTATIONS)
DAILY
Electrolytic Copper
Straits Tin,
Dom.,Refy. Exp., Refy.
New York
,
56
29
501
North and South Dakota...
reflected by Wall
influencing the sudden drop
September, which contrasts with 26,016 tons a month previous and 16,896
352
Kansas and Missouri
Pennsylvania
214
8
8
1,015
Indiana
Iowa
Montana
96
134
256
*
*
406
347
154
122
114
*
deliveries
8
8
82
80
57
66
136
*
unpward
Deliveries here came to 8,245 long tons,
supply of the metal.
against 7,580 tons in August and
Colorado
an
abroad.
States deliveries of tin during
erally anticipated, which was reflected in a
Avge.
Sept. 18 Sept. 11 Sept. 19 Sept. 21 Sept. 21
1929
1935
1936 r
1937 p
1937 p
Alabama
during
and continued business uncertainty as
in steel operations
in the price
Week Ended—
Alaska
and 2,
1
ended with the quotation at 54.625c.,
June 15, when tin also sold at 54.625c.
The sharp decline
Street were considered by the trade as factors
Stale
Maryland
Michigan
Oct.
on
tendency of prices, but the week
railroad
on
business
Some
STATES
[In Thousands of Net Tons]
based
following the
price of the metal.
Tin
MONTHLY PRODUCTION
BY
are
Zinc concentrate declined in the Tri-State district,
ditions.
yet available,
1 Excludes mine fuel.
WEEKLY AND
(The currenty estimates
2307
Chronicle
<;
Lead
;
New York
Zinc
-
St. Louis
St. Louis
.
/II.775
(12.275
11.700
55.750
6.00
5.85
6.50
Oct
1
12.275
11.850
56.250
6.00
5.85
6.50
2
12.275
11.950
57.250
6.00
5.85
6.50
Sept. 30
Texas
16
16
15
17
19
26
Oct.
Utah
76
73
79
72
113
103
Oct.
4
12.525
12.125
57.625
6.00
5.85
247
209
261
245
Oct.
5
12.275
12.100
55.625
6.00
5.85
6.50
11.775
11.600
54.625
6.00
5.85
6.25
12.192
11.888
56.188
6.00
5.85
6.458
1,908
West Virginia—Southern, a
41
27
47
58
1,693
1,892
1,654
2,096
1,474
554
513
729
857
128
126
158
165
1
85
s4
498
570
Northern.b
103
128
Wyoming
bituminous coal
Includes operations on
& O. in
and on the B.
Oct.
6--..-
Average
7,712
8,587
7,804
589
869
1,009
11,068
1,564
11,814
743
9,810
8,301
9,456
8,813
12,632
12,528
714
prices lor calendar week ended Oct. 2 are:
Domestic copper
12.317c.; export copper, 12.025c.; Straits tin, 56.708c.; New York
the N. <fc W., C. & O., Virginian, K. & M., B. C. & G.,
b Rest of State, in¬
c
Daily London Prices
Includes
d Data for Pennsylvania anthracite
from Weekly Anthracite and Beehive Coke Report of the Bureau of Mines, e Averqge
weekly rate for the entire month,
p Preliminary,
r Revised,
s Alaska, Georgia,
North Carolina and South Dakota included with "other Western States."
* Less
Arizona, California, Idaho, Nevada and Oregon,
Copper, Std.
Sept. 30
Copper Producers Move to Restrict Output—Zinc Price
Lowered to
"Metal and Mineral Markets" in its issue of Oct. 7 reported
despite quick action on curtailment in production of
copper, the continued weakness in Wall Street, disturbing
speeches by President Roosevelt, and liquidation abroad
caused prices to waver.
Domestic copper fell back to 12c.,
Valley, after moving up to 12%e. on Oct. 4.
Domestic
zinc, on the decline abroad, was reduced Oct. 6 to 634c.,
St. Louis.
Lead quotations were maintained on the basis
of 6c., New York.
Tin suffered a sharp price reduction, not¬
withstanding better statistics.
Antimony was dropped
seven-eighths of a cent by the domestic producer.
Quick¬
silver and platinum declined. The publication further stated:
that
Copper
absorb
to
maintained
the
but not suffi¬
13c. basis
Consequently, the week witnessed a
available below
offerings
by leading producers.
variety of quotations on
the nominal
open-market transactions, ranging from 12c. per
The firmer tendency earlier in the week,
pound, Valley basis, to 12%c.
resulting largely from news of curtailment in production
group
105%
to
by the foreign
and restriction in domestic output by
of basis quotas,
Phelps Dodge gave way to renewed unsettlement as stocks here weakened
On Oct. 6, there were sellers at 12c.,
London prices broke sharply.
and
Domestic
sales
for
the
week
amounted
Spot
47%
47 %
53
244%
243
48 s16
48 H
54
242%
241 %
50 H
50 H
55
250
248 H
193,6
193,6
195,6
to
11,802
tons,
against
4,877
48 H
45 %
48%
54
242 %
241%
193,6
The monthly record of business
1936 and the first nine months of the current
booked for domestic account in
52
233 %
232
1713,6
53,819 July.....
74,912 August,
53,101 September.
33,165
78,654
35,948
158,064
16,303
16,521
March...
......
May...........
.......
1936
1937
1936
June
26,143 October.
43,130 November.
35,395
December
175,484
25,253
40,769
178,801
88,177
117,715
1937
62,298
69,225
28,936
Liquidation in London continued, and was pronounced on Oct. 6.
was
some
bearish
on
45 %
London Metal
There
the drop by operators who have been rather
good buying on
the situation.
Exchange; prices for copper and tin are the
of
The lead industry made a
September are
which points to another reduction in
by the industry.
estimated to be about 54,000
There was a net loss of 10
daily.
stocks.
Smelting & Refining Co., and at 5.85c.,
St. Joseph Lead Co.
The United
blast.
off blast and put one in operation.
the following:
One Clairton, two
Duquesne, one Edgar Thomson, one Ohio, one Farrell, and one South
Chicago (new) of the Carnegie-Illinois Steel Corp.; the Ironton unit of the
Columbia Steel Co.; a Fairfield furnace of the Tennessee Coal, Iron &
RR. Co.; a Brier Hill unit of the Youngstown Sheet & Tube Co., and a
Among the furnaces blown out were
Wierton furnace of the National
The only furnace put
Steel Corp,
of the Republic
in blast was a Haselton furnace
■
DAILY AVERAGE
STATE8 BY
PRODUCTION OF COKE PIG IRON IN THE UNITED
MONTHS SINCE JAN 1, 1932—GROSS TONS
1937
1932
1933
1934
1935
1936
31,380
33,251
31,201
28,430
25,276
20,935
18,348
39,201
47,656
65,351
103,597
19,798
17,484
20,787
28,621
45,131
62,886
107,115
111,696
113,055
65,900
57.448
57,098
55.449
55,713
42,166
64,338
51,750
28,412
24,536
54,134
July
18,461
57,821
39,510
August
17,115
19,753
20,800
21,042
17,615
59,142
50,742
43,754
34,012
29,935
30,679
36,174
38,131
36,199
February
March
April
May...
First six months.
September....
October
——
November
—
December
12
mos.
average
23,733
COKE PIG
52,243
57,561
65,816
80,125
86,208
114,104
103,584
54,138
74,331
108,876
49,041
112,866
66 816
83,686
87,476
59,216
91,010
63,820
96,512
31,898
58,864
33,149
67,950
98,246
100,485
43,592
57,556
83,658
85,432
116,317
IRON AND OF FERROMANGANESE
centered in
the London market,
which, under forced
Business in domestic
metal was moderate in volume, involving a little more than 2,000 tons for
the week.
Though foreign zinc was offered here below domestic parity,
the trade reports that little could be sold under prevailing disturbed con¬
Louis basis, on Prime Western.
Ferromanganese y
Pig Iron x
1937
1937
1936
3.211,500
2,025,885
23,060
2,999,218
3,459,473
3,391,665
3,537,231
3,107,606
1,823,706
2,040,311
2,403,683
2,648,401
2,586,240
24,228
27,757
19,706,593
August
3,498.858
3,605,818
September
3,410,371
January
February
—
April
May...
June..
Half year
1, the 181 furnaces
pendent producers took two
July
liquidation, again moved downward.
However, there was no selling pres¬
sure here until Oct. 6 when late in the day virtually all sellers moved down
St.
furnaces making iron on Oct
Sept. 1, producing 115,420
banked and one was put in
States Steel Corp. took nine furances off blast, Inde¬
obtained a premium on sales of its own
Zinc
the 6He.,
official closing buyers'
(2,240 lb.),
Eleven furnaces were blown out or
March
brands in the East.
to
17%
(GROSS TON8)
6.00c,, New York, which is also the contract
settling basis for the American
zinc
19%
201,6
19%
17%
19
operating at 110,260 tons daily, against 191 on
fair showing during the last week, sales total¬
The quotation continues at
in
1913,6
daily rate amounted to 2.3%, or from 116,317 tons in
August to 113,679 tons in September.
The "Age" further
reported:
the previous week. Producers
sharp decline in London Oct, 6 to be caused by some forced
Domestic shipments dining
Interest
19%
1911,6
193%
181,6
pig iron in September, at 3,410,371 gross tons,
with 3,605,818 tons in August. The decline in the
coke
PRODUCTION OF
liquidation, and a corrective movement is anticipated soon
Louis.
19%
compares
ing 3,965 tons, compared with 1,163 tons in
St.
191,6
September Pig Iron Output Drops 2.3% in Daily Rate
The Oct. 7 issue of the "Iron Age" reported that production
Lead
tons,
19
Foreign sales of copper for the week were the
largest in about seven weeks.
believed the
19%
the official buyer's prices for the first session of the
All are in pounds sterling per long-ton
prices.
June
follows:
January
February.......
April
6
Prices for lead and zinc are
January
September amounted to 28,936 tons, which
with 69,225 tons during August.
year, in tons,
Oct.
.
3M
Spot
Fabricators held their schedules
13c. copper.
Domestic sales of copper for
compares
5
but this business was classed as "contract business"
13c.,
between producers and their subsidiaries.
to
4
Oct.
3M
Spot
{Bid)
A fair quantity was booked daily by several
preceding week.
producers at
1
Oct.
3M
3M
Steel Corp.
with few buyers.
tons in the
Oct.
tons
Buying of copper improved moderately in the last week,
Zinc
Lead
Tin, Std.
Copper
Electro.
Spot
than 1,000 tons.
ciently
f.o.b.
lead,
Louis zinc, 6.750c.; and silver, 44.750c.
M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash. New York or St. Louis, as noted.
All prices are In cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
6.000c.; St. Louis lead, 5.850c.; St.
The above quotations are "M. &
Kanawha, Mason and Clay counties,
cluding the Panhandle District and Grant, Mineral and Tucker counties,
6.50
Average
refinery,
9,067
Pennsylvania anthracite. d_
All coal
♦
♦
♦
Other Western States.c
a
27
32
Washington
Total
265
298
Virginia
October
....—....—
November
December
—
Year
z
Those totals do not
1936
24,766
24,988
22.725
34,632
19,667
18,363
34,415
15,549
13.528.226
170,857
128,058
2,594,268
2,711,721
2,730,393
2,991,887
2,947,365
23,913
20,205
20,658
26,765
29,596
,
26,100
15,919
19,805
24,368
3,115,037
25,715
30.618.797
254,728
Include charcoal pig iron.
y
Included In pig iron figures.
2308
Financial
September Steel Output 12% Below August
Chronicle
1929, shipments have settled down to
year
Production during September
of 4,301,869 gross tons of
open hearth and Bessemer steel ingots brought the total out¬
put in the first nine months of this year to 42,498,769 gross
tons, according to a import released Oct. 7 by the American
Iron & Steel Institute.
The September output was 12%
below August, when 4,875,671 gross tons were produced.
The total for the nine-month period exceeds output of
33,526,142 gross tons in the corresponding period of 1936 by
nearly 27%, and failed to equal by only 2% the total of
43,353,830 gross tons produced in the first nine months of
Oct.
October
expected
are
September.
The
to
show
United
States
With
have
year was
equivalent to 76.52%
4,151,388 gross tons, or 74.05% of capacity, in September,
1936.
In September, 1929, a total or 4,527,887 gross tons
was produced, 90.44% of the
industry's capacity at that time.
Average rate of operations in the first nine months of this
was 83.12%, as against 65.40% in the corresponding
period of 1936 and 95.03% in 1929.
year
MONTHLY
PRODUCTION OF OPEN
INGOTS—JANUARY,
HEARTH AND BESSEMER STEEL
1936 TO SEPTEMBER, 1937
(Calculations based
open
on reports of companies which In 1936 made 98.29%
hearth and 100% of the Bessemer Ingot production)
Calculated Monthly
Production
Calculated
Cross
•Per Cent
Tons
of Capacity
of the
except
at
Pittsburgh,
Weekly
Production
Month
While railroad
cars
has
March
First quarter.
81.43
1,066,578
4.43
84.25
1,103,458
4.00
89.91
1,177,577
4.43
14,355,437
85.23
1,116,286
12.86
1,182,255
1,163,332
975,236
4.29
April.
5,071,875
90.27
May.
5,153,559
88.82
June-
74.46
4,183,762
Second quarter
'
4.43
4.29
light-weight passenger
steel with
that
cars
14,409,196
84.56
1,107,648
13.01
84.89
1,111,891
25.87
July
4,556.596
*4,875,671
August
September.
78.49
1,030.904
will require
THE
"IRON AGE"
.2.605c.
...J
One month ago...
4.43
1,005,110
4.28
13,734,136
79.64
1,046,012
13.13
same
Steel
rolled strl ps.
[
2.197c.
These products represent
85% of the United States output.
1937...
High
2.605c.
Mar.
9
2.330c.
1936
2.330c.
Dec.
28
2.084c.
Mar. 10
2.130c.
Oct.
1
2.124c.
Jan.
1935
-
1934
Low
Nine months.
2.199c.
Apr.
24
2.008c.
Jan.
2
Oct.
3
1.867c.
Apr.
18
1.977c.
Oct.
4
1.926c.
Feb.
2
1931
2.037c.
Jan.
13
1.945c.
Dec. 29
1930
2.273c.
Jan.
7
2.018c.
Dec.
-
March
First quarter
Based on average of basic iron at
Valley
furnace and foundry irons at Chicago,
$23.25
One month ago
23.25
Philadelphia,
One year ago
18.73
Southern iron at Cincinnati.
Buffalo,
Valley,
High
1937
.$23.25
and
Low
9
$20.25
1936
19.73
Nov. 24
18.73
1935
18.84
Nov.
5
17.83
May
1
16.90
Jan.
Dec.
5
13.56
Jan.
1932
14.81
Jan.
5
13.56
Dec.
6
1931
15.90
Jan.
6
14.79
Dec.
15
Jan.
7
15.90
Dec.
16
—
Mar.
1933
Oct. 5, 1937, $16.91 a Gross Ton
$17.58'
1 heavy,
melting steel
quotations at Pittsburgh, Philadelphia
.
Low
$16.91
Oct.
1936
17.75
Dec.
21
12.67
June
1935
13.42
Dec.
10
10.33
Apr.
3,039,804
2,956,891
3,333,853
52.39
4.43
4.14
1931
57.46
686,186
714,225
752,663
4.43
1930
9.330,548
54.80
717,734
13.00
3,932,605
4,037,375
3,975,569
3.914,370
4,184,287
4,151,388
69.99
914,593
4.29
69.58
911,371
926,706
885,604
4.43
3
and Chicago.
..$21.92
39.00
27
Sciap
1937
1,089,712
16
(Based on No.
19.75
16.75
Feb.
Aug. 11
May 14
Mar. 30
5
9
23
1934..
13.00
Mar. 13
9.50
Sept. 25
1933
12.25
Aug.
8
6.75
Jan.
1932
8.50
Jan.
12
6.43
11.33
Jan.
6
8.50
July
5
Dec. 29
Feb.
18
15.00
The
American
Iron
and
Steel
Institute
on
11.25
Dec.
Oct.
4
3
9
an¬
nounced that
April
May
June
July
August
SeptemberThird quarter..,
12,250,045
Nine months...
70.75
67.61
72.11
4.42
944,534
969,950
4.43
74.05
71.23
932,981
13.13
4.28
33,526,142
65.40
856,570
39.14
4,534,246
78.15
4.43
November.
4,323,025
4,424,367
76.94
1,023,532
1,007,698
76.42
1,000,988
4.42
December.
Fourth quarter..
Total
*—The
of
percentages
13,281,638
77.17
46,807,780
68.36
capacity
of 1,309,760 gross tons based
on
operated
Ingot
Production
13.14
895,329
52.28
weekly capacities
of Dec. 31, 1935 as follows:
on
gross tons.
Continues
Automobile
1936—
4.29
1,010,779
calculated
annual capacities as
Open hearth and Bessemer Ingots, 68.475.509
Steel
are
telegraphic reports which it has received indi¬
operating rate of steel companies having 98 %
of the steel capacity of the industry will be 66.1 % of
capacity
for the week beginning Oct. 4 compared with
74.4% one
week ago, 71.6% one month ago and 75.3% one
year ago.
This represents a decrease of 8.3 points, or 11.2% from the
estimate for the week ended Sept. 27, 1937.
Weekly indi¬
cated rates of steel operations since Sept. 7, 1936, follow:
cated that the
4.29
October...
Lower
Despite
Buying
The "Iron Age" in its issue of Oct. 7
reported that longdelayed automobile buying of steel, which has come in large
volume from General Motors and
Chrsyler, particularly in
sheets, did not arrive in time to prevent a further dip in
steel ingot output this week to an estimated
66% of capacity
in the country as a whole from
74% last week. Apart from
the automobile
industry, from which further substantial
orders
1936—
Sept. 7
68.2% Dec. 21
Sept. 14
72.5% Dec. 28
1937—
Sept. 21. ....74.4%
4
Sept. 28.....75.4% Jan.
Oct.
5
75.3% Jan. 11
Oct. 12
75.9% Jan. 18
Oct. 19
74.2% Jan. 25
Oct. 26
1
74.3% Feb.
Nov. 2
8
74.7% Feb.
Nov.
9
74.0% Feb. 15
Nov. 16
74.1% Feb. 22
Nov. 23
74.3% Mar. 1
Nov. 30
75.9% Mar. 8
Deo.
7
76.6% Mar. 15
Dec. 14
79.2% Mar. 22
Steelmakers entered October with
once large backlogs, the mills
are now
rapid adjustment of operations in line with the volume of
day-to-day orders.
A few companies received more
tonnage in September
than in August, but for the
majority the sales trend in the past month was
a
October should bring an improvement
over
September both
in automotive
latter is
buying and in general replenishment, but the extent of the
dependent upon the rapidity with which miscellaneous users
of
steels
liquidate their present stocks, which in many instances are sufficient
to last from 30 to 90 days at present rates of
consumption
One
obstacle to
the
resumption
of buying
by the railroads has been
removed by the settlement of the
wage controversy, and, although industry
generally is opposed to further pyramiding of costs, there is a
recognition
of the
justice of the carriers' plea for higher freight rates to
compensate for
wage rises.
No word is obtainable from the Interstate
Commerce Com¬
mission
as
to
when
decision may be announced, and there is doubt in
a
the steel trade that it will come in time to
produce much
by the railroads
over
the remainder of the year.
buying of steel
If orders should
come
late
in the quarter, they will benefit
early 1938 schedules rather than this quarter
operations.
up
to
Oct.
1
of 54,612,122
1,347,295 tons than in the corresponding
26
82.5%
84.3%
85.5%
84.6%
83.2%
Aug.
2
Aug.
9
Aug. 16
Aug. 23
83.8%
Aug. 30
84.1%
91.0%
Sept.
7
71.6%
77.4%
Sept. 13
Sept. 20
Sept. 27
80.4%
76.1%
..76.2"/,
76.6%
75.9%
75.0%
Oct.
4
74.4%
66.1%
67.3%
of the iron and stee1
fair volume of incoming business and
a
Although September's
month ago, several reassuring factors are noted.
buying in large quantities
as
1938 model assemblies increase.
To date
automotive buying has been delayed by the longer than usual run on 1937
models, and in
some
instances
by difficulties in obtaining
Practically all automobile builders
now are in
new
dies and
production of
1938 models.
builders.
Apparently unaffected by the post-Labor day flurry these manu¬
facturers' operations have held up better than those of any other important
steel consuming
gross
period
tons
was
greater
by
of the record-breaking
industry and promise to continue active well into the fourth
quarter.
Export inquiry remains good in most lines, such
tubular goods and semifinished steel.
In addition
as
sheets, tin plate, bars,
a
fairly large inquiry for
pig iron has appeared at Pittsburgh.
Dwindling backlogs and only slight improvement in
caused
rate
downward
adjustment in operations,
falling 2 points to 74% or capacity.
the
new
business has
national operating
rate
Pittsburgh dropped 2 points to
71%, Chicago 4 points to 75.5, Youngs town 5 to 65, Eastern Pennsylvania
3 to 60. New England 10 to 65 and
St. Louis 10 to 64.
Cleveland made the
only gain, 3 points to 67%.
Unchanged were Wheeling at 82, Buffalo at
74, Birmingham, Ala., at 83, Detroit at 100 and Cincinnati at 89.
Railroad
for
new
car
builders have light backlogs and a not too promising outlook
business.
Earnings continue to make
an
unfavorable comparison
with last year and carloadings are not measuring up to earlier expectations.
Disposition of the
for
Curtailment
in Lake Superior ore shipments is also a
reflection of an
altered outlook for steel production over the
next few months.
While the
movement
.82.7%
19
July
Consistently bright is the outlook for farm implement and equipment
Having reached the end of their
downward.
12
July
Foremost among these is the certainty the automotive industry soon must
equipment.
forced to make
a
July
aggregate tonnage fell well below earlier expectations, and backlogs are con¬
siderably lighter than
the botton of the production decline has been
reached.
"Age" further states:
The
1937—
90.7%
89.9%
90.3%
91.3%
92.3%
91.0%
91.2%
90.0%
confidence for improved demand during the month.
start
are
1937—
77.0% Mar. 29
5
77.0% Apr.
Apr. 12
79.4% Apr. 19
78.8% Apr. 26
3
80.6% May
77.9% May 10
79.6% May 17
80.6% May 24
81.6% May 31
82.5% June 7
85.8% June 14
87.3% June 21
88.9% June 28
6
89.6% July
"Steel" of Cleveland, in its summary
markets on Oct. 4 stated:
expected within the next week or two, current
buying of steel is of the hand-to-mouth variety and in such
small aggregate volume that there is still
doubt as to whether
water
9
Pig Iron
83.12
54.53
2
8
2.015c.
42,498,769
1936—
January._
February.
Mar.
1932
High
Third quarter.
category
(Based on steel bars, beams, tank plates
wire, rails, black pipe, sheets and hot
j
2.605c.I
One year ago
New jobs call for
predominantly in the
Finished
i
One year ago
*1,100,603
76.52
of stainless
tons
COMPOSITE PRICES
Oct. 5. 1937, 2.605c. a Lb.
One week ago
4.42
*83.79
about 200
7,900 tons in the week being mostly for public projects.
about 18,000 tons, which are likewise
One week ago
One month ago
4,301,869
inquiry for 37 passenger
an
small factor in the market, lettings of only
a
1930
28,764,633
scrap, prices
had
Philadelphia builder.
a
Steel
First six months.
drops
and the Burlington has placed 13
1934
,
buying of
sharp
buying of steel is negligible,
been issued by the Santa Fe,
Oct. 5, 1937, $23.25 a Gross Ton
4,724,939
4,413,832
5,216,666
where
in June.
One week ago
January-.
February.
in
tons
boats out of
some
previously
occurred, bringing the "Iron Age" scrap composite price down to $16.91,
of the year thus far and 17c. below the previous low of $17.08
(Gross Tens)
1937—
Shipments in
its low point
1933..
Number of
Weeks In
Corp. will take
almost complete cessation of steel mill
an
declined
Building construction is
Output in September of this
Steel
slower pace.
a
drop from the 9,173,991
a
commission at the end of their present trips.
1929.
of the industry's capacity and compares with the output of
quite
9, 1937
contemplated
and freight rate questions would help clear the way
equipment and track material buying.
Rail inquiries
wage
should appear in October, although these may be delayed.
tonnages, of
course,
Rolling of such
would fall largely into next year.
Scrap prices continue to decline, falling from $1 to $2 in practically every
market.
In many centers this was a corrective movement to adjust arti-
Volume
145
Financial
flclally high nominal quotations following recessions at Chicago and Pitts¬
burgh.
Demand is light and the lower prices have been confirmed by small
lot sales.
Railroad
lists
which
whether the market has reached
With the deadline
on
will
a
close
soon
expected to indicate
are
temporary bottom.
contract tin plate
shipments
complete shipments, hot mills in
districts have been working 18 turns a week.
Automobile assemblies last week totaled 44,330, compared with 28,030
the preceding week, low mark for the model
change season.
duced 15,050 units, against 3,075 the week
Chrysler pro¬
before; General Motors gained
1,500 with 15,500 units; independent builders had
13,780, compared with
10,955 the preceding week.
Ford remained closed.
2309
declining 10 points,
as
credited
with
loss
a
further reported:
For
operations of
now past,
tin plate mills are likely to decline
slowly except in cases of mills affected by
labor trouble last summer.
In order to
some
Chronicle
the
industry
This is
the level at the end of June and almost
near
$5 under the high point in April.
Weakness in scrap reduced the iron and
steel composite 17 cents to $39.81.
at
Finished steel composite is unchanged
S61.70.J
Steel ingot production for the week ended Oct. 4, decreased
about 6 points, according to the "Wall Street Journal" of
Oct. -7.
This drop is due primarily to the falling off among
subsidiaries of the U. S. Steel Corp., which are estimated
The Week With the Federal Reserve Banks
credited with
are
Excess
reserves
of member banks
on
Oct. 6
estimated to
were
be approximately $1,090,000,000, an increase of $30,000,000
for the week.
Inactive gold included in the gold stock and
Treasury cash amounted to $1,234,000,000
on
Oct. 6,
increase of $31,000,000 for the week.
The statement in full for the week ended Oct. 6 in
an
The following table gives a
of production
parison with the preceding week and with the corresponding
date last year will be found on pages 2342 and 2343.
Changes in the amount of Reserve bank credit outstanding
and related items during the week and the year ended
Oct. 6, 1937, were as follows:
with
(+)
or
Since
Oct.
6,
Sept. 2d, 1937
1937
(—)
Decrease
V
23,000,000
Bills bought
—1,000,000
Oct.
3,000,000
2,526,000,000
U. S. Government securities
+96,000,000
advances
(not including
$15,000,000 commitm'ts—Oct. 6).
—1,000,000
+12,000,000
—7,000,000
+ 7,000,000
2,583,000,000
12,765,000,000
+10,000,000
+111,000,000
+1,794,000,000
+87,000,000
_
Total Reserve bank credit
Gold stock
Treasury
20,000,000
11,000,000
Member bank
+ 31,000,000
2,596,000,000
currency
balances
7,003,000,000
+ 524,000,000
+264,000,000
+1,170,000,000
Money in circulation
6,569,000,000
Treasury cash
3,610,000,000
—30,000,000
+49,000,000
+ 35,000,000
76,000,000
—64,000,000
—120,000,000
686,000,000
+51,000,000
+152,000,000
reserve
Treasury deposits with F. R. bank..
Non-member deposits and other Fed¬
eral Reserve accounts
66
—10
75
+ 1
7034
4134
2134
+ 1H
62
1934...
7534
52J4
2434
1933
40
+2
1932
+ 1 34
—334
32
1930
1734
2934
5634
613*
—
1929
84
—1
89
—
1936
•
1935
1931
+ 1
-i
■
'
7934
34
-
37
+
+
1928
87
+134
89
1927
66
+i
6834
+
Returns of Member Banks
System for the Precet
Reserve
As
explained above, the statements of 1
Chicago member banks
are
given out
or
taneously with the figures for the Reserve
and
the
covering the
same
week, instead oi
following Monday, before which time t
ing the entire body of reporting member l
cannot be
In the
compiled.
following will be found the
comu
of Governors of the Federal Reserve Sysi
of
the
entire
Federal Reserve
the
close of business
body of reporting
System for the
wee
Sept. 29:
The condition statement of weekly reporting men
ing cities shows the following principal changes for tl
An increase of $32,000,000 in commercial, industrial
a
a
decrease of $49,000,000 in loans to brokers ai
decrease of $27,000,000 in holdings of United St?
increase of $18,000,000 in holding
an
increase of $76,000,000 in demand
$48,000,000 in
reserve
deposits-adjuf
balances with Federal Reser
Commercial, industrial and agricultural loans in
member banks.
Loans to brokers and dealers in
000,000lin New York City and $49,000,000
s
at all re
Other loans for purchasing or carrying securities inc
Holdings of United States Government direct ob
000,000 in the Cleveland district and $27,000,000
banks.
a
of obligations fully guaranteed
Holdings
Government declined $5,000,000.
Holdings of "Ott
$22,000,000 in New York City and $18,000,000 a
banks.
,
Demand deposits-adjusted increased $120,000,00
in the New York district and $14,000,000 in the E
reporting member banks showing
Chicago—Brokers' Loans
"""feelow
Federal
net increase of $7
Government deposits increased $9,000,000 in the Sa:
is the statement of the Board of Governors of the
Reserve
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent
week, issued in advance of full statements of the
member banks, which latter will not be available until the
coming Monday:
$14,000,000 at all reporting member banks.
banks declined $15,000,000 in New York
Depos
City, $10,
district, $7,000,000 in the Boston district and $47,<
member banks.
Borrowings of weekly reporting member banks a
Sept. 29, a decrease of $2,000,000 for the week.
on
A
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
IN CENTRAL
BANKS
RESERVE CITIES
(In Millions of Dollars)
6
1937
Assets—
$
Loans and investments—total.-
Oct. 7
Oct. 6
1937
1936
1937
Loans—total
industrial,
$
8,132
3,948
$
8,166
3,981
-
•
Chicago
Sept. 29
•
summary of the principal assets an
reporting member banks, together wit!
week and year ended Sept. 29, 1937, fol
*
New York City
Oct.
Sept. 29
1937
-
Commercial,
a
|
8,716
3,364
I
Oct. 7
1936
Sept. 29, 1937
Assetsh—
$
1,976
1,995
2,084
718
731
591
and
Increas
Sept. I
$
Loans and investments—total....22,026,000,000
Loans—total
10,004,000,000
—2(
—I
Commercial, industrial, and agri¬
agricultural loans:
cultural loans:
On securities
Otherwise secured & unsec'd
240
239
1,672
1,662
176
1,030
Open market paper
183
Loans to brokers and dealers.
982
*
♦
*
992
35
35
*
451
460
*
29
31
*
47
48
On securities
Otherwise secured and unsec'd
Open market paper
40
carrying securities
Real estate loans
securities
248
249
♦
81
81
135
134
131
14
14
15
61
64
25
1
2
5
Loans to banks
*
Other
Other loans:
601,000,000
+:
4,209,000,000
+21
472,000,000
+'*
1,227,000,000
—4£
682,000,000
1,165,000,000
+i
Loans to brokers and dealers in
Other loans for purchasing or
loans
for
purchasing
or
carrying securities
Real estate 1 oans
Loans to banks
232
On securities
Otherwise secured & unsec'd
IT. S. Govt, direct obligations
193
2,786
391
!
388
Obligations fully guaranteed by
United States Government
Other securities
Reserve with Fed. Res. banks..
991
1,011
2,634
2,746
Cash in vault..
*
23
*
3,794
23
37
37
905
909
*
On securities
460
100
100
1,098
2,411
253
255
287
574
675
612
92
53
25
25
34
66
72
137
132
198
454
476
60
61
68
5,908
728
353
6,085
737
352
6,266
605
193
1,473
453
62
1,496
453
62
1,568
443
101
59
Otherwise secured and unsec'd
U. S. Govt, direct obligations
64
55
07,000,000
Other loans:
*
1,114
457
Balances with domestic banks..
Other assets—net
234
195
2,802
732,000,000
819,000,000
7,903,000.000
+£
+1
—2;
by
1,131,000,000
2,988,000,000
—i
Reserve with Fed. Res. banks..—
5,488,000,000
+4?
Obligations
fully
guaranteed
United States Government.
Other securities
Cash in vault
Balances with domestic banks
323,000.000
+t
1,737,000,000
—£
14,864,000,000
+ 7(
5,293,000,000
644,000.000
+U
Liabilities—
Demand deposits—adjusted....
Time deposits.......
...
United States Govt, deposits
Inter-bank deposits:
Domestic banks............
Foreign banks..............
Borrowings
♦
1,920
523
384
401
354
17
17
21
1,478
1,473
1,431
246
245
236
-
Comparable figures not available.
515
6
508
7
United States Government deposits
Inter-bank deposits:
Domestic banks
Foreign banks
-—
-—
....
Other liabilities
Capital account
2,445
433
622
5
1,989
502
Liabilities—
Demand deposits—adjusted
Time deposits
Borrowings....
♦
4,998,000,000
569,000,000
4,000,000
Comparable figures not available.
2634
,
18
banks in New York City, and declined $30,000,000 a
Returns*of[Member Banks in New York City and
Independents
—6
reporting member banks in New York City and $32,
Industrial
Other Reserve bank credit
United States Steel
.Industry
obligations and
1936
7,
+15,000,000
corresponding week of previous years to~
71
an
Bills discounted
Leading
in the pre¬
comparison of the approximate percentage
the nearest
1937
and
Increase
ago.
compared with 77 M %
gether with the changes, in points, from the week immediately preceding.
returns
com¬
75%,
ceding week and 78% two weeks ago.
Complete
$10,000,000 in Reserve bank credit and a decrease of $64,000,000 in Treasury deposits wdth Federal Reserve banks.
U. S. Steel Is estimated at
66%, against 76% In the week before and 85% two weeks
independents
bank reserve
The reduction in member
Federal Reserve accounts, and $4,000,000 in Treasury cash
other than inactive gold, offset in part by an increase of
whole the figure is 71.6%, compared with 77%
in the previous week and 81% two weeks ago.
During the week ended Oct. 6 member
balances decreased $30,000,000.
bank reserves arose from increases of $49,000,000 in money
in circulation, $51,000,000 in non-member deposits and other
leading independents are
only 2^ points.
The "Journal"
"
as a
Further declines in all markets have caused "Steel's"
scrap composite to
drop 66 cents to $17.17.
whereas
of
+5
—41
...
r
42
17
—234
+2 \
+
^
+3
l
28
334
34
53
34
+ 134
—334
80
—1
3
86
—1
6334
+
34
—
34
2310
Financial Chronicle
Oct.
9, 1937
League of Nations Assembly Acts to Convoke 9-Power
Conference to Halt Japan's Invasion of China—
Approves Resolution of Advisory Committee
bearing on previous action of the Far Eastern
Advisory Committee appeared in our issue of a week ago,
page 2149.
On Oct. 1 the Advisory Committee was asked
At Geneva on Oct. 6 the League of Nations
Assembly
approved resolutions warning Japan of possible international
action unless she agrees to a peaceful Nine-Power settlement
having
of the China conflict.
Associated
Press
from
accounts
Geneva
reporting
this
added:
Poland and Slam abstained from voting, but their attitude did not
pre¬
vent unanimity,
because States which abstain in voting are considered absent
Hall Aga Kahn, Assembly President, announced adoption
of the resolutions which condemn Japan for invasion of China and provide
for the conference of nine-Power signatories,
to
the pact
to declare China
a victim of Japanese aggression, this
request
embodied in a resolution submitted to the
Committee by Dr. V. K. Wellington Koo, Chinese delegate
to the League
In
including the United States,
guaranteeing territorial integrity of China.
According to wireless advices from Geneva Oct. 6 to the
New York "Times" the resolution adopted by the Assembly
was that of its Far Eastern Advisory Committee.
Instead
of closing the session said the "Times
advices, the Assembly
followed the precedents set during the Manchurian and
Ethiopian crises and recessed.
By this action its President,
the Aga Khan, was left free to call another session whenever
Tonight's meeting
When they had
that
the
finished and
further speakers expressed
no
Assembly did not want
a vote were
one.
a
wish to be
requested he would
There being no objection
Immediately thereafter, in accordance with the Assembly's decision, he
signed letters to League members who are signatories of the Nine-Power
them to initiate the consultation provided for under the
pact's Article VII at the earliest possible moment.
tories
are
The 17 League signa¬
Australia, Belgium, Bolivia, Canada, China, Denmark, France,
India, Italy, Mexico, the Netherlands, New Zealand, Norway, Portgual,
Sweden, the United Kingdom and the Union of South Africa.
[Article VII of the Nine-Power Treaty, signed at Washington Feb. 6, 1922, reads:
"The Contracting Powers agree that whenever a situation arises which in the
opinion
of any one of them involves the application of the stipulations of the present treaty
and renders desirable discussion of such application, there shall be full and frank
communication between the Contracting Powers concerned.]
Besides Japan, the United States and the 17 other countries mentioned
above, Germany and Soviet Russia
it is regarded as
are almost certain to be
invited, though
unlikely that Germany will accept,
reporting the adoption on Oct. 5 by the Advisory Com¬
mittee of the resolution expressing "its moral support for
China," Clarence K. Streit, in advices from Geneva on that
date to the New York "Times" said in part:
the resolution
"recommends that League members
should refrain from taking any action which might have the effect of weaken¬
ing China's power of resistance, thus increasing her difficulties in the present
conflict, and should also consider how far they can individually extend aid
to China."
The resolution
As
seems sure
an
bring down
provide Washington with a convenient
are
parties
ask
not
League members to
conceded that
the
expressing
League's
out
all their covenant obligations and
experiences
and the disturbed
conditions
of
Europe made prudence necessary.
+•
State
Department Regards Action of Japan in China
Principles of 9-Power Treaty—
Agrees with Conclusions of League—Secretary Hull
Indicates
to
the
United
States
moment
this treaty calls, with the view of
ending the
This meeting of the League parties to that pact is
London in
a
Japan,
fortnight.
the United
The signatories
States, Britain,
of the
France,
Would
Accept Invitation
Conference
to
The United States, in a formal statement issued
by the
State Department at Washington on Oct. 6 comments on the
report of the Advisory Committee of the League of Nations,
bearing on the present situation in China and the treaty
obligations of Japan" and states that "the United States
has been forced to the conclusion that the action of Japan
in China is inconsistent with the principles which should
the relationships between nations and is contrary to
of the 9-Power treaty of Feb. 6,1922, regarding
principles and policies to be followed in matters concerning
China, and to those of the Kellogg-Briand pact of Aug. 27,
1928."
"Thus," says the Department's statement, "the
conclusions of this Government with respect to the foregoing
are
in general accord with those of the
Assembly of the
League of Nations."
The action of the League of Nations holding Japan as an
invader of China, and expressing its "moral support for
China" is referred to in another item in this issue.
Secretary
govern
the provisions
State Cordell Hull indicated
States would
participate in
the Far Eastern conflict.
Oct. 7 that the United
on
9-Power conference to consider
At his press conference that day
a
Secretary Hull said that no invitation .to such
thus far has been received, but that as one of the
to
the 9-Power
treaty guaranteeing China's
a meeting
signatories
territorial
sovereignty, this Government would act affirmatively on an
invitation from Geneva.
From Washington a dispatch to
the New York "Times" said:
Hirosi
Saito,
afternoon
for
the Japanese Ambassador,
what
was
described
called
on
as
his
an
conferred
with
Mr.
Hull this
of information.
exchange
own
The
initiative and had carried
no
Asked upon leaving the State Department for his views on the statement
the consultation for which
Nine-Power pact are China,
reason for not
To reassure them he said that China does
carry
communication from his Government.
Germany and Russia, and to initiate at the earliest
be held In
the
doubt of the facts but "because of possible consequences" of their
formally admitting these facts.
powers, meaning
to
Geneva
at
In submitting the resolution, which nowhere uses the word war, Dr.
V. K. Wellington Koo said some might hesitate to adopt it not because of
Ambassador said he had
conflict by agreement.
Streit
League members their obligation to apply
on
Nine-Power pact to meet and invite the United States and other interested
expected
Mr.
opinion on this point.
any
of adoption by the League Assembly tomorrow.
expected, it authorizes League members who
was
not to
as
ant so as to
of
In
On the material side it
from
1
Washington to apply the Neutrality Act.
Its
only mention of aggression seems to have been deliberately tied to the coven¬
was
he declared the resolution adopted.
treaty, inviting
Oct.
The resolution Is carefully worded—especially by its reference to Article
X—so
were
heard the President announced that unless
take it
advices
Inconsistent with
brief, lasting slightly more than a
only two speakers, Carl J. Hambro
of Norway and Stefanous F. Gie of South Africa.
Both
supported the resolution.
Continuing these advices said:
There
its
"Times" said:
he considers it necessary.
half hour.
been
sanctions and not to cause
under the Geneva practices.
In the Assembly
An item
of the United
he
was
not
States condemning Japan's action in China, Mr. Saito said
concerned, although it might be resented by some quarters in
Japan.
Finds Atmosphere Clarified
Italy, The Netherlands, Belgium and Portugal.
The resolution further provides that the League shall continue its
jurisdic¬
It is arranged that the advisory committee "in
any case will hold a
further meeting (whether in Geneva or elsewhere) within a
tion.
period of
one
month."
The Japanese people, he added, had had a vague idea that at some time
there might be war with the United States, but now the whole situation
shows that America
has
no
material interests that would lead to war,
so
the atmosphere has been clarified.
It is also provided that the
Assembly shall not adjourn—as the British
An
impression
was
gained
in
diplomatic
circles
that
if
the
9-Power
expected it would only a couple of days ago—but would merely take a
might be immediately reconvoked at any time at the request
situation rather than to condemning Japan, that country might participate
at the request
in
recess so that it
of the Advisory Committee's President.
The resolution and the two reports that it concludes
were
finished today
under such heavy working pressure as the League never
knew, even during
the Italo-Bthlopian War. in the hope of getting them
through the Assembly
tonight.
They were adopted by
afternoon, after it had argued
a
of 13, and by nightfall the
drafting committee of six early in the
over them all
Then the reports and resolutions
morning.
rushed through the subcommittee
Advisory Committee had adopted them, with
were
three abstentions—Poland, on general grounds, and Canada and
Switzerland
from lack of time to consult their Governments.
Japan Called Invader
The
committee's
reports
and resolutions
describe the Far Eastern fighting as
in
conflict."
The first
a
avoid
the
word
"war",
but
Treaty conference should be devoted to discussing the entire Far Eastern
official statement issued in Washington said that
the principles which this Government believes should
govern international relationships are "abstinence
by all
Nations from use of force in the pursuit of policy and from
interference in the internal affairs of other Nations; adjust¬
ment of problems in international relations by process of
peaceful negotiation and agreement; respect by all Nations
for the rights of others and observance by all Nations of
established obligations; and the upholding of the principle of
the sanctity of treaties."
The statement follows:
among
"situation where large armies are
report concludes:
it.
The
The Department of State has been informed by the American Minister
to
Switzerland, of the text of the report adopted by the Advisory Committee
"It cannot, however, be challenged that powerful
Japanese Armies have
invaded Chinese territory and are in military control of
tion of the facts of the present situation in China and the treaty obligations
cluding
of Japan.
large areas, in¬
Peiping itself,
that
the
Japanese Government
has
taken
naval
of the League of Nations, setting forth the
Advisory Committee's examina¬
The minister has further informed the
Department that this
measures to
close the Chinese coast to Chinese
shipping and that Japanese
report was adopted and approved by the Assembly of the League of Nations
aircraft
carrying out bombardments
today, Oct.
are
over
widely separated regions of
the country."
Since
It adds:
"The committee is bound to take the view that the
military operations
carried on by Japan against China by land, sea and air are out of all
pro¬
portion to the incident which occasioned the conflict."
It says this cannot possibly promote the cooperation that
Japan says it
desires, and it declares:
"It
can
nor on
the
6.
beginning of the present
controversy in
the
Far East,
the
Government of the United States has urged upon both the Chinese and the
be
justified neither
on
the basis of existing legal instruments
that of
rights of self-defense, and it is in contravention of Japan's
obligations under the Nine-Power Treaty" and the Kellogg anti-war pact.
Elsewhere the report finds Japan has broken the Boxer protocol.
The second report declares:
"It cannot be admitted that the present conflict in the Far
East, which
has been shown to involve infringement of
Japan's treaty obligations, is
one which can as of right only be settled
by direct methods between the
Chinese and Japanese Governments," as Japan insists.
Japanese governments that they refrain from hostilities, and has offered to
be of assistance in
to the
The
an
effort to find
some means,
acceptable to both parties
conflict, of composing by pacific methods the situation in the Far East.
Secretary of State, in statements made public
on
July 16 and Aug. 23,
made clear the position of the Government of the United States in regard
to
international
world
and
as
problems and international
relationships throughout the
applied specifically to the hostilities which
unfortunately going
on
are
at
present
between China and Japan.
Among the principles which, in the opinion of the Government of the
United States, should govern international relationships, if peace is to be
maintained,
of
are
policy and
abstinence by all nations from the
use
of force in pursuit
from interference in the internal affairs of other nations;
adjustment of problems in international relations by
process
of peaceful
negotiation and agreement; respect by all nations for the rights of others
Volume
Financial
14S
and observance
by all nations of established obligations; and the upholding
of the principle of the
sanctity of treaties.
izing their importance, and in
out that there can be no
nations
and
peace
moral
either within nations or between
standards
adhered
to
by all; that
international anarchy destroys every foundation for peace; that it jeopard¬
France
The
British
French
and
the
danger of
European war
a
Anglo-French action was taken with the presentation in a joint
The
note of an invitation
of the United States that
respect for treaties and international neutrality
in
be restored.
to Italy to
reach a solution of the Spanish problem
tri-power conference.
a
developments in the Far East the Govern¬
J.
Nine-Power Treaty of Feb. 6,
1922, regarding principles and policies to
be followed in matters concerning China and to those of the Kellogg-Briand
Pact of Aug. 27, 1928.
Thus the conclusions of this Government with respect to the foregoing
general accord with those of the Assembly of the League of Nations.
Washington advices of Oct. 7 to the Associated Press
quoted remarks by Secretary Hull at his press conference as
follows:
F.
Blondel, delivered the invitation in Rome today and discussed the
Foreign Minister Galeazzo Giano.
situation for 30 minutes with
Japan in China is inconsistent with the principles which should govern
the relationships between nations and is
contrary to the provisions of the
Rome
said
advices
it
understood
was
verbal representations of a "rather strong
Hull said that this
Government
received
has
communication
no
be held in Washington,
birthplace of the
While the Invitation
couched in moderate terms,
was
The first stage of such action,
observers said, undoubtedly would be the
reopening of the Franco-Spanish border to the flow of munitions and men.
The
Russian note,
Non-intervention
sent to Lord Plymouth, Chairman of the
Committee,
was
been made unofficially in
a
plan
27-nation
by
submitted
rebuild the non-intervention
system
ceased to be effective when France
It said the old non-intervention patrol
might
Such suggestions have
of
rejection
a
and
designated.
Italy was given
understand that refusal to collaborate with Britain and France would
force them to "reconsider their policy toward Spain" and take action.
and Britain withdrew their warships,
be
made
nature" to induce Italy to join
the proposed conference.
to
9-Power treaty, and he declined to comment on suggestions that this city
Geneva and
the diplomats each
that
technical advisers of the Committee recently to
proposing that the conference
both
d'affairs,
The British Ambassador, Lord Perth, and the French charge
In the light of the
unfolding
ment of the United States has been forced to the conclusion that the action
Mr.
Rome were ordered to warn Italy
of Italians in territory held by the Insurgent
leader, General Francisco Franco, menaced their interests and increased
security of every nation, large or
small; and that it is therefore of vital interest and concern to the people
are in
in
envoys
that the continued presence
izes either the immediate or the future
of
Italy* by
prepared to back their demand to
were
the recent Nyon conference to sweep "pirate" submarines
as at
from the Mediteranean
discussion of the world situation pointed
a
stability for
except under laws
Britain and
action—just
On Oct. 5 at Chicago the President elaborated these
principles, emphas¬
2311
Chronicle
Italy,
demanded
and
following similar action by Germany
abandonment
entire non-intervention
of the
scheme.
London.
The Secretary of State pointed out that the League action looking toward
the summoning of such a conference was directed to signatories of the pact
These signatories in turn
Stormy Weather Retards Campaigns in Spain—Cortes
to invite those parties to the treaty which are not
Meets at Valencia and Votes Confidence in Govern¬
which are members of the League of Nations.
being relied
are
upon
members of the League.
Among the latter is the Untied States.
These formalities account for
has
not
the fact that the
formally been invited.
Offocials here indicated,
they expected the bid to be forthcoming shortly.
Asked
whether
however,
that
.
.
States consulted the governments of other
United
the
American republics, M!r. Hull replied that it acted on its own independent
judgment in accordance with established policy.
He declined to comment
on
the recommendation of former Secretary of
State Henry L. Stimson that the United States
join Great Britain in
an
Senator
Committee
Relations
Democrat, of Utah, of the Senate Foreign
Thomas,
Russia
that
today
recommended
and
other
having
nations
in
North,
Loyalists in South
Continued rain and storms have slowed down actual fight¬
ing in Spain during recent weeks, although loyalist troops
claimed substantial advances in the South, while the in¬
several important victories along the
Spanish civil war was last referred to
"Chronicle" of Sept. 18, pages 1816-17.
The Govern¬
reported
surgents
Northern front.
in the
boycott of the Japanese empire.
economic
Announce Victories
ment—Insurgents
United States thus far
The
ment Cortes ended its
unanimous
of
vote
session at Valencia
on
Oct. 2, after
Cabinet
the
in
confidence
headed
a
by
'
interests in the Pacific be invited to join
in
consultation
on
with 9-Power treaty signatories
Senator Thomas,
Sino-Japanese hostilities.
who
ex¬
pressed the opinion that a "workable plan" could be devised if Japan and
China
were
brought together at the same conference, said that he was
opposed to limiting such a conference to the 9-Power treaty signers.
Great Britain Ask
France and
Withdrawal of
Italian
Troops from Spain In Furtherance of Non-inter¬
vention Policy—Soviet Russia Seeks Permission to
Send Arms to Spanish Loyalists—League Votes
Resolution
on
War
Great Britain and France
on
Oct. 2 sent
a
joint note to
Oct. 5 Fascist aviation circles in Rome revealed that Bruno
of the Italian Premier, was heading an Italian
contingent in active service as a pilot for the Spanish In¬
son
of
Deliberations
the
League
of
Nations regarding the
Spanish war were reported in the "Chronicle" of Oct. 2,
2147-48.
A plenary session of the League Assembly
on Oct. 2 approved by a vote of 32 to 2 its political com¬
mission's Spanish war resolution, with 14 delegations, in¬
cluding Austria and Hungary not voting.
Albania and
Portugal voted in the negative.
Passage of the resolution
was described as follows in a Geneva wireless message Oct. 2
to the New York "Times" from Clarence K. Streit:
pages
were
seven
roll-call votes and the majority remained practically
Austria and Hungary demanded roll calls on the
unchanged throughout.
four amendments.
corps
on
"It
modify
a passage
in paragraph four of the resolution
must today be recognized there are
Spanish
soil
veritable foreign army
represents foreign intervention in
which
affairs," by inserting "on both sides"
Spanish
after the word "corps."
did not vote, the Assembly thus empha
side only.
sized it meant that there is intervention on one
Next Austria and Hungary
moved to change "army corps" to "armed
forces."
The Assembly by the same vote
The third and fourth
sage
stuck to the words army corps.
Austro-Hungarian amendments applied to a pas¬
in Paragraph 7 declaring that if despite
mediate and complete withdrawal
non-intervention
agreement
will
the coming negotiations, im¬
of non-Spanish combatants "cannot be
League who are parties to the
obtained in the near future, members of the
consider
ending their non-intervention
policy."
They incorporated the suggestion Eamon
representative,
made when the
of the Spanish civil war as
forces,
ground
which have eliminated aviation cooperation
General
Solchaga's
de Valera, Irish Free State
resolution was debated in the political
in
army
Eastern
Asturias and
Miguel Aranda's troops engaged in mopping up Leon Province,
General
behind in their schedule intended to bring them to¬
gether at Gijon on Oct. 15 at the latest.
there is not the slightest anxiety that General Francisco
Nevertheless,
Rebel forces will not win the race against time and complete
Franco's
conquest of the small area in the north stiU
General
dicted
Franco's
public announcement the other day confidently pre¬
northern front would disappear before the severe Winter
that the
weather makes military activity
impossible in this sector.
Colonel Telia's column already has
the
coast
far
as
the
held by the Loyalists.
as
advanced westward from Llanes along
Ribadesella, 25 miles from Gijon.
Colonel Moreno's
cavalry has crossed the lofty Picos de Europa Range and has pushed
beyond
Covadonga toward Cangas de Onis, where a junction may be made with
Colonel Telia's men and from there
they could advance together westward
to Infiesto.
north from Riano, might also join
General Aranda's right flank, moving
General Solchaga's columns in the
vicinity of Pajares Pass and continue to
march to Oviedo
It is
Nationalist garrison at Oviedo must not be forgotten
conjecture now whether the big final thrust on Gijon
matter of
a
will be launched from Oviedo before it is undertaken
columns advancing
southeast
by one of the three
toward this last objective in the North from the east,
southwest
and
According to Associated Press accounts from Madrid on
7 Insurgent batteries subjected Madrid to another
bombardment at dusk that day, adding to the destruction
caused in 11 months of artillery and air attacks on this be¬
sieged city.
Oct.
These advices added:
Since
beginning of artillery and
the
Nov.
aerial bombardments of Madrid
and 4.800 in¬
laid in ruins or rendered
7, approximately 2,500 persons have been killed
jured and about one-fourth of the city has been
uninhabitable.
The day found little
actual fighting going on in the Madrid area.
shelling came after an engagement earlier in
Rejecting this demand by a vote of 32 to 3—Albania voting with Austria
and Hungary—while 13 delegations
the progress
Without the rain and fog,
with
last
First they wanted to
reading:
described
6
The heavy
surgents.
There
Oct.
follows:
would not have been
Italy, asking the withdrawal of Italian "volunteer" troops
from Spain, and indicating that the Franco-British policy
toward the Spanish civil war may be modified unless Italy
complied with the request.
On the same day Russia sent a
note to the League Non-intervention Committee, asking the
right to ship arms to Spain.
Late this week Italy was still
considering her reply to the Franco-British note, but it was
believed that Italy would refuse the joint request and would
also refuse to attend any parley which had that request as
basis of discussion.
This belief was strengthened when on
Mussolini,
Premier Negrin.
The principal victory announced by the
insurgents during the past week was the capture of Covadonga on the Biscayan coast.
Meanwhile bad weather re¬
tarded operations in the mountainous Asturian front.
A
dispatch from San Sebastian to the New York "Times" on
Usera
The
the day in the Villa verdemaking a considerable
where Government troops reported
sector,
advance, driving the
Insurgents back from the southern side of the city.
Onis, fortfied town lying
Gijon. The planes drop¬
ped leaflets demanding the surrender of Cangas de Onis before tomorrow,
when a big push to wipe out the town was threatened.
Insurgent planes today bombarded Cangas de
in the
path of the Insurgent forces driving toward
Under
date
of
Oct.
7
Associated
Press
accounts from
in part regarding
the reprieve granted to Harold E. Dahl, American aviator
captured by the Insurgents, (to which previous reference was
made in these columns Sept. 11, page 1668.)
Salamanca, Spain had the following to say
A
Insurgent court
Spanish
martial decreed death by shooting today
but the sentence was reprieved Im¬
for Harold E. Dahl, American aviator,
commission.
members."
However, the Assembly kept it applicable to all members by a vote of
31 to the same three, with 14 not voting, Ecuador having joined the latter.
First they
moved to change "members" to "certain
The last amendment was to change "will
consider" to "might consider,"
but the will was maintained by the same vote.
Associated Press advices of Oct. 2 from London
the
The
28-year-old Champaign,
gents while he
111., flier who was shot down by Insur¬
fought for the Spanish Government will be held in jail for
further orders.
Insurgent
Generalissimo
Francisco
Franco, who granted the reprieve
for Dahl and three Russian airmen, was
reported
dispatch of the Anglo-French note to Italy as follows:
mediately.
whether he will free the prisoners
fliers held by the
Government.
expected to decide within two days
outright or negotiate their exchange for
2312
Dahl
Financial
tried
was
Tuesday for "rebellion" against General Franco's regime.
During the tlral his counsel insisted Dahl had joined the Spanish Govern¬
ment forces merely to act as a
flying instructor, but was forced into combat
at
pistol point.
An open
letter replying to the recent pastoral letter signed
by two Spanish Cardinals and 46 other prelates of Insurgent
Spain defending the revolt of Gen. Franco, was issued this
week by 150 Protestant
clergymen, educators and laymen.
Very brief reference was made to the pastoral letter in our
Sept. 4 issue, page 1504, in which it was indicated that the
Civil War
defended because "five years
was
outrages of Spanish subjects in the religious and social fields
endangered the very existence of public welfare" and
because "interests opposed to legitimate
authority had de¬
cided to overthrow the Constituted order and establish
Communism
through violence."
From the reply of the
Protestant clergymen we likewise
quote briefly as follows:
The part taken, or supposedly taken,
by the Soviet Union Is emphasized
to an extent far beyond the
testimony of even the most
anti-Loyalist
Oct.
1937
9,
Reference to the payment of the April 15
was made in these columns of April 17,
coupon.
coupons on
the loan
2575.
page
The
following is the announcement of the German Con¬
sulate General of Oct. 8:
Purchase of coupons of German External Loan
1924
(Dawes Loan) In
United States of America.
With reference to the purchase of coupons of American tranche of Dawes
loan (German External Loan 1924) which will mature
on
Oct. 15, 1937, the
following is communicated herewith:
Coupons maturing Oct. 15,
stamped
"USA
Domicile
1937, of American tranche of Dawes loan,
Oct.
1,
1935"
be
will
purchased
in
the
same
those coupons of the same tranche which matured
April 15, 1937.
Holders of such bonds and coupons will therefore have the
opportunity to
manner as
sell their coupons maturing
& Co.. New York
steamship
Oct. 15, 1937, against dollars at J. P. Morgan
any of the American offices of the German
City, or at
company
Hamburg-American
The purchase price will be
maturity.
Line,
on
or
after
$25 per $35 face
the
date
amount
of
of the
coupon.
Dawes marks may be acquired at the customary rate of
exchange as here¬
news¬
tofore. according to the regulations in effect.
correspondents.
We
think it extremely regretable that
religion should have been made
Issue in the rebellion.
an
the
of continued
had
paper
Chronicle
It is clear that the Spanish conflict is between
the forces of
Bondholders
democracy and social progress, on the one hand, and the forces
of special privilege and their Fascist
allies, on the other.
Committee
New Loan
Protests
Against Proposed
by Bogota (Colombia) for Fourth Cen¬
,
tennial Celebration
♦
Bombing
In
it
by
Japanese Over Shanghai Areas—Little
Progress Made by Invaders
Associated
Press accounts
from
Shanghai
Oct.
7,
desperate battle
on
reported that as that city, where a
raging through the rice paddies northwest of the city,
flagship Idzumo sent countless shells over the
International Settlement in an effort to move the Chinese
was
was
the Japanese
out
of
and
north
said
their
in
stubbornly
station
defended
positions on the Chapei
Continuing these advices
battle fronts.
The Bondholders Committee for Republic of
Colombia,
New York, on Oct. 4 addressed a letter to the
Mayor of the
Municipality of Bogota, Miguel A. Reuda, protesting against
a
proposed internal loan of 2,000,000 pesos for the fourth
centennial celebration in Bogota.
The Committee con¬
tends
in
its
communication
pledged
loan
ican
in
a
marines
troops
steady succession
the
on
forced
were
lead.
near the sector guarded by the United
boundary of the settlement.
The Amer¬
northern
be constantly on the alert to
to
ing the tops off Shanghai skyscrapers
tion
to
hurl
her
eight-inch
guarantee for the servicing of the proposed new
already pledged for the Bogota 6^% and 8% dollar
♦
effort
an
steel
Creek from
On
break
to
poured
were
the
the
of
into
Whangpoo river to avoid knock¬
the
over
settlement
the
already
zones.
sharp Chinese counter-attack,
a
the
into
of
maze
Chinese
lines
tons of lead
just
and
Soochow
across
guarded by the United States Marines.
area
day
same
the
Associated
Press
reporting from
Peiping said:
The Japanese
today
drive against centers south and west of
Peiping reopened
three fronts.
on
Japanese
Province,
military
authorities
captured
was
after
asserted
Yuanpinching,
five-hour
a
battle
in
in
which
north
Shansi
troops
closed
with
bayonets.
The city is 60 miles north of Taiyanfu, provincial capital.
Capture of it would represent a fifty-mile advance beyond the Great Wall.
The
Japanese
news
Domei, reported
agency,
that
Nanking
was
sending
Before Nov. 15
An offer of
50% cash payment on four matured coupons of
State of Maranhao external 7 % bonds has been
accepted
by
% of the amount required to make the plan effective, it was
announced today by the Bondholders' Committee for the
issue, of which C. A. McQueen is Chairman.
The offer applies to coupons which matured
during the
years 1932 and 1933.
In order that the offer may become
effective, it is necessary that holders of 75% of the outstand¬
ing bonds deposit these coupons with Bankers Trust Co.,
72
New York, not later than Nov. 15.
to in our issue of July 31, page 680.
Japanese gains
Chinese
crossed
the
apparently comparatively minor on
the week.
A Japanese army
were
fronts
during
border
into
Shantung
Province
and
captured
the important
city of Tehchow, according to Japanese ad¬
Other Japanese forces, trying for almost two weeks
break the Chinese lines north of
Shanghai, captured
vices.
to
small
numerous
villages.
In
reporting recent Japanese air raids, a wireless Nank¬
ing dispatch of Oct. 6 to the New York "Times" from F.
Tillman
This
12
Durdin, said in part:
Chinese
hours
capital
today,
but
subjected
was
only
minor
to three
changes
Japanese
resulted,
air
raids
according
within
official
to
reports.
The
raiders
bombed
military objectives in suburban districts and near¬
They succeeded in paralyzing Nanking's life intermittently
the day because stringent air-raid regulations compel a complete
by airdromes.
through
cessation
shelters
The
of
of
or
traffic and
remain
third
raid
hostilities.
three
business and require everybody to seek
bomb-proof
when enemy planes are anywhere near
indoors
visits,
and
the
was
planes
63rd
to
rose
anti-aircraft
this
on
fight the
guns
city
reported
are
the
since
invaders
(In
.
Shanghai
suffered
wrecked
Other
Japanese
losses,
no
others
seven
Jananese
officials
had
the
on
have
to
of
♦
one
Ladenburg, Thalmann & Co.,
raiders
time
Government's
deposited with them sufficient to make a payment, in lawful
currency of the United States of America, of 35% of the face
amount of the coupons due Oct. 1, 1937,
amounting to $14
for each $40 coupon and $7 for each $20 coupon.
Pursuant
to the Decree of the Provisional Government of the United
States of Brazil, such payment, if accepted by the holders of
the bonds and coupons, must be accepted in full
payment of
such coupons
and of the claims for interest represented there¬
No present provision, the notice states, has been made
for the coupons due April 1, 1932 to Oct. 1, 1933
inclusive,
but they should be retained for future adjustment.
The New York Stock Exchange announced on Oct. 5 the
following rulings on the bonds by its committee on securities:
by.
asserted
shot
down
that
the
downed
raiders
three, Chinese
at
planes
one
Nanking
and
had
Wuhu, Anking,
Kyuying, Yangchow and
YORK
in
the
air
attacks
Later
had
arm
a
here
13
Chinese
Chinese
planes
military official
were
in
conceded
the
air
that the
been
Shantung, had been lost.
miles
Despite
to
the
tend that the
are
said
ernor
the
substantially strenghtened.
Tehchow, important city in North¬
They said the fighting was now proceeding
Fuchu
virtually his whole
It
is
south.
also
has
in
manifested
that
into
in
border
China
organized under
army
reported
Shantung's
North
is
the
generally better.
General
complete
the
regions,
Chinese
made
do
on
Sul
Securities
surrender of the coupon due Oct. 1,1937, from State of Rio Grande
25 year 8% sinking fund gold bonds, external loan of 1921, due 1946:
on
Securities rules that the bonds be quoted ex-interest
$14 per $1,000 bond on Oct. 6,
1937:
in settlement of transactions made
April 1, 1932, and subsequent
to
Nanking,
throwing
hostilities.
Shansi
the
Chinese
are
showing stouter
re¬
Oct. 15 Coupons
on
Dawes Loan
in Same Manner
as
to Be Paid
by Germany
Those of April 15
The German Consulate General in New
York, in an an¬
nouncement issued Oct. 8, made known that
Germany will
pay the Oct. 15 coupons on the German External Loan 1924,
or the so-called Dawes
Loan, in the same manner as those of
April 15, the purchase price to be $25
per
$35 face amount of
a
delivery
must carry the
with the exception of the coupons
ROBERT
L.
FISHER, Secretary
Trading on New York Stock and New York
Exchanges During Week Ended Sept. 11
Curb
The defenders
Feng Yuhsiang, while Gov¬
loyalty
beginning Oct. 6, 1937,
coupons,
due April 1, 1934, to Oct. 1, 1937, inclusive.
con¬
sistance.
I
on
Oct. 5, 1937.
Notice having been received that payment of $14 per $1,000 bond is
being
Member
in
reverses
situation
be better
to
Han
STOCK EXCHANGE
Committee
The Committee
ground.)
bombed
NEW
Chinese officials admitted today that
some
special agent, is notifying
That the bonds shall continue to be dealt in "Flat" and to be
fighting the raiders.
ern
as
holders of State of Rio Grande do Sul 25-year
8% sinking
fund gold bonds, external loan of 1921, that funds have been
the
Kwangteh.
At
referred
Pay 35% of Oct. 1 Coupons on 8%
Gold Bonds, External Loan of
1921—Rulings on
Bonds by New York Stock Exchange
outbreak
each
on
Japanese bomber.
had
was
Nanking.
today
Chinese
The offer
Rio Grande do Sul to
200,000 central government troops to the defense of Shansi.
all
the
been
50% Cash Payment on Four Unpaid Coupons
of State of
Maranhao, Brazil, External 7% Gold
Bonds of 1928, Accepted by
72% of Bondholders—
Offer Requires Acceptance
by 75% of Bondholders
the Bund, and gain sufficient eleva¬
on
shells
mangled Chapei and North Station
In
avoid the hail
have
Offer of
.
.
The Idzumo moved four miles down the
from
revenues
tax which
as a
are
^
States
the
external loans.
part:
Shells fell
that
Municipal enterprises and the beer
While
the
percentage of trading in stocks on the New
during the week ended Sept. 11 by all
members, except odd-lot dealers, was lower than in the
preceding week, member trading on the New York Curb
Stock Stock Exchange
Exchange was larger, it was announced by the Securities and
Exchange Commission yesterday (Oct. 8). Member trading
the Stock Exchange during the latest week amounted to
3,910,460 shares in round-lot transactions, the Commission
noted, or 19.44% of total transactions on the Exchange of
10,056,850 shares. This compares with 1,731,350 shares of
stock bought and sold on the Exchange for the account of
members during the previous week ended Sept. 4, which was
20.59% of total transactions that week of 4,204,380 shares.
on
On the New York Curb Exchange, members
their
to
of 2,245,655 shares,
transactions
public a summary for the week ended Oct. 2, 1937, of the
daily corrected figures on odd-lot transactions of odd-lot
dealers and specialists in stocks, rights and warrants on the
New York Stock Exchange, continuing a series of current
figures being published weekly by the Commission.
The
figures for the week ended Sept. 25 were given in our issue of
Oct. 2, page 2152.
The data published are based upon reports filed daily with
the Commission by odd-lot dealers and specialists.
The
following are the figures for the week ended Oct. 2:
In the
preceding week ended Sept. 4 member trading on the
total transactions of 896,005
shares, the member trading having been reported by the
Curb Exchange was 17.30% of
Commission at 309,955 shares.
The data issued by the Commission
is in the series of
figures being published weekly in accordance with
current
Congress in June, 1936,
of the Complete Segre¬
gation of the Functions of Broker and Dealer." The figures
for the week ended Sept. 4 were given in these columns of
Oct. 2, page 2151.
In making available the data for the
week ended Sept. 11 the Commission stated:
its program embodied in its report to
on the "Feasibility and Advisability
The figures given for total round-lot
volume for the New York
Exchange and the New York Curb Exchange represent the volume
ODD-LOT
Stock
of all
Trade Date
The
These reports are
Number of reports received
—
-
-
Initiated off floor
136,766
7,350
9,017
192,191
213,280
54,787 1375,531 $47,770,844
week
,
142,026
6,903,107
5,655,159
5,951,896
969,872 $35,740,259
34,836
than
Curb Exchange the round-lot transactions of specialists
registered" are not strictly comparable with data similarly desig¬
Stock Exchange, since specialists on the New York Curb
*Note—On the New York
odd-lot dealer as
the New York Stock Exchange
STOCKS
MEMBERS * (SHARES)
Week Ended Sept.
i937. New York Stock Exchange member total net
Cent
a
ratio
of these member
borrow¬
collateral amounted to $1,039,120,516.
The
market value of all listed
ings in New York City on
Per
total borrowings to the
2.12%.
Member borrowings are not
listed share collateral from those on
other collateral: thus these ratios usually will exceed the true relationship
between borrowings on all listed shares and their market values.
stocks, on this date, was therefore
10,056,850
effected on the Exchange
York Stock
of Oct. 1, 1937, there were
As of Oct. 1,
11,1937
Total for
Week
New
on
announced on Oct. 4 that
1,253 stock issues aggregating
1,398,144,806 shares listed on the N. Y. Stock Exchange with
a
total market value of $49,034,032,639.
This compares
with 1,254 stock issues aggregating 1,397,800,910 shares
listed on the Exchange Sept. 1, with a total market value of
$56,623,913,315, and with 1,201 stock issues aggregating
1,347,954,871 shares, with a total market value of $55,105,218,329 on Oct. 1, 1936.
In making public the Oct. 1
figures, the Exchange said:
as
nated for the New York
EXCHANGE—TRANSACTIONS IN ALL
Stocks
1, $49,034,032,639, Compared with
Sept. 1—Classification of Listed
The New York Stock Exchange
77
classification.
FOR ACCOUNT OF
Listed
Stocks
547
429
Exchange perform the functions of
well as those of the specialist.
of
Value
Exchange Oct.
received because, at times, a single report may carry
Total volume of round-lot sales
170,032
4,893
5,272
Sept. 30
Market
168
various classifications may total more
The number of reports in the
STOCK
5,918
264,611
$56,623,913,315
288
345
—
Reports showing no transactions
YORK
6,798
295,943
10,399
106
208
Initiated on floor
NEW
11,955
9,497,913
7,033,299
8,016,441
11,803
869
specialists:
"In stocks in which
409,506 $12,986,368
10,236,823
342,977 $10,683,095
6,547,002
178,071
16,218
1 and 2
Value
Shares
No.Ord.
Value
Shares
Sept. 29
Total for
Curb
1,071
As specialists ♦
entries in more than one
Purchases
(Customers' Orders to SeU)
Sept. 28
Exchange
Reports showing transactions,
the number of reports
Sales
(.Customers' Orders to Buy)
York
New
York
Stock
Exchange
as
SPECIALISTS
THE NEW YORK STOCK
classified as follows:
New
Other than
ODD-LOT DEALERS AND
Sept. 27
Oct.
filed with the New York
by their respective
the New York Curb Exchange
Exchange and
members.
York Stock Exchange,
published are based upon reports
data
Stock
OF
No.Ord.
for the
10,056,850 shares,
was 8,5% larger than the volume reported on the ticker.
On the New York
Curb Exchange, total round-lot volume in the same week, 2,245,655 shares
exceeded by 6.9% the ticker volume (exclusive of rights and warrants).
The total round-lot volume
by the ticker.
volume reported
week ended Sept. 11 on the New
TRANSACTIONS
IN STOCKS, RIGHTS AND WARRANTS ON
EXCHANGE—WEEK ENDED OCT. 2, 1937
distinguished from
round-lot sales of stock effected on those exchanges as
the
Commission made
On Oct. 7 the Securities and Exchange
percentage of 17.99%.
a
Exchange During
Odd-Lot Trading on New York Stock
Week Ended Oct. 2
traded for
during the week ended Sept. 11, according
the SEC, to the amount of 808,010 shares, against total
account
own
2313
Chronicle
Financial
Volume 145
broken down to separate those only on
of
transactions
Round-lot
except transactions of
stocks in which registered:
members
specialists and odd-lot dealers in
Initiated on the floor—Bought
1.
553,500
—
340,165
391,385
Initiated off the floor—Bought.
2.
Sold
3.64
731,550
Total.
specialists
of
transactions
Round-lot
5.67
1,141.320
Total
stocks
In
which
in
1,014,570
registered—Bought—
1,023,020
Sold.—
Sept. 1, 1937, New York Stock Exchange member
borrowings in New York City on collateral
amounted to $1,186,449,148.
The ratio of these member
total net borrowings to the market value of all listed stocks,
on that date was therefore 2.10%.
As of
587,820
Sold
total
net
In the following table listed stocks are
ing industrial groups with the aggregate
average price for each:
I
Total
10.13
2,037,590
-
(1
j
:
*
Sept. 1, 1937
1937
Oct. 1,
i—
classified by lead¬
market value and
•->
of odd-lot dealers in
transactions
registered—Bought--
of members, except
Total round-lot transactions
stocks In which
Sold
t
1,908,235
2,002,225
.
f
I
■
.
i
i
Autos
and
accessories
Chemicals
dealers in stocks in which
-----
Building
registered:
1.
Sold
—
-
—
Electrical equipment
458,340
184,850
In round lots—Bought
manufacturing __
Foods
Rubber and tires
643,190
Total.
Farm
machinery
Amusements
2.
In odd lots (Including odd-lot
Bought
Sold--
-----
-
—
-
Land and realty--
transactions of specialists):
-
1,433,766
Machinery and metals
1,705,369
Mining (excluding iron)
Petroleum
EXCHANGE—TRANSACTIONS
CURB
YORK
NEW
FOR
ACCOUNT OF MEMBERS ♦
ALL
IN
STOCKS
(SHARES)
Railways and equipments
Steel, iron and coke..
Total for
Week
Per
Cent
Gas and electric
a
of members, except
specialists in stocks in which registered:
I. Initiated on the floor—Bought
Sold
transactions oft
radio)-
Aviation
130,300
Total.
.
Business and office
56,475
73,825
-
equipment--
Initiated off the floor—Bought.
Sold
2.90
70,940
Garments
U. S.
transactions
specialists
of
in
stocks
in
which
registered—Bought
Sold
Total..
transactions for accounts of all
Total round-lot
members:
Bought
Sold
specialists In stocks In which
130,903
137,257
Total
♦
The
term
"members" Includes all
17.99
and their
special partners.
members' transactions to total Exchange transactions.
In
calculating these percentages the total of members' transactions Is compared with
twice the total Exchange volume for the reason that the total of members' trans¬
actions Includes both purchases and sales,
while the total Exchange volume
partners, including
a Percentage
of
includes only sales.
30.60
3,621,023,974
157,075,876
268,913,297
408,118,537
96.48
36.03
10,221,547
33,626,984
11.10
35.83
55.32
26.73
13.74
14.69
11.71
74.44
39.09
67.80
36.88
50.25
92.30
514,379,474
51,634,593
28.73
2,317,976,048
2,463,099,746
6,650,465,478
573,833.749
2,872,550,182
4,912,698,784
3,415,826,477
302,672,419
2,092,828,476
37.22
10.27
39.30
35.24
30.35
39.05
41.05
69.35
26.29
29.52
1,501,950,222 15.47
3,776,579,453 100.02
181,132,307 16.95
15.20
350.488.752
467,659,499 41.30
6.97
102,853,533
204,626,370
1,554,837,138
30.00
14,598,730
46,784,393
121,152,179
226,128,994
58.42
1,627,744,672
61.16
30,108,444
17.92
38,832,204
23.11
713,795,095
1,129,071,853
22.27
885.307.753
1,316,126,465
27.63
35.07 56,623,913,315
40.51
-
-
49,034,032,639
-«J
Market
Average
Value
Price
4.88
17.36
29.32
15.45
20.45
33.17
34.15
Oct.
1
Nov.
1
1
Jan.
1
Feb.
1
Mar.
1
Apr.
May
1
1
June
1
July
1
Aug.
1
Sept.
1
;
Exchange:
*
—
Market
Average
Value
Price
$55,105,218,329
58,507,236,527
60,019,557,197
$40.88
59,878,127,946
61,911,871,699
44.02
02,617,741,160
62,467,777,302
57,962,789,210
45.46
57,323,818,936
54,882,327,205
59,393,594,170
56,623,913,315
49,034,032,639
41.27
(
|
1936—
1935—
268,160
Exchange members, their firms
30.35
21.55
$40,479,304,580
43,002,018,069
44,950,590,351
Oct.
1
32.90
Nov.
1
34.34
Dec.
1
$30.97
43.36
44.26
1937—
1936—
Sold
7.92
25.08
total market
registered:
Bought--------------------
79.51
24.43
We give below a two-year compilation of the
value and the average price of stocks listed on the
Dec.
Odd-lot transactions of
41.42
248,124,884
1,896,465,783
1,334,881,580
12.04
398,310
409,700
808,010
32.70
37.40
4,288,827,289
1,317,723,072
6,374,281,825
832,023,189
2,197,950,596
3,314,933,646
531,302,021
1,044,420,628
3.05
—-
Total.
48.13
34.05
companies operating abroad
Foreign companies (incl. Cuba & Can.)
270,895
269,860
540,755
30.11
25.32
—
-
67.22
449,393,475
Leather and boots
All listed stocks
Round-lot
$
21.43
2,473,259,943
4,213,188,780
2,735,802,272
Ship operating and building
Miscellaneous businesses
66,015
136,955
Total.
Price
30.23
Shipping services
Tobacco
2.
Value
1,895,995,964
1,902,192,028
5,751,980,873
Gas and electric (holding)
Miscellaneous utilities
transactions
Price
32.51
(operating)
Communications (cable, tel. &
2,245,655
Round-lot
Aver.
Value
3,768,308,160
1,125,665,124
5,762,336,199
640,980,842
1,840,522,266
2,942,283,241
437,965,764
903,817,997
437,783,318
39,813,496
Textiles
11,1937
Week Ended Sept.
...
Paper and publishing
Retail merchandising
3,139,135
Total
Market
■
Financial
Transactions for account of odd-lot
Aver.
$
19.44
3,910,460
Total
fcU
-
.
Market
46,954,581,555
50,164,457,052
51,201,637,902
51,667,867,515
47,774,402,524
35.62
Jan.
1
37.98
Feb.
1
38.61
Mar.
1
38.85
Apr.
1
35.74
May
1
49,998,732,557
50,912,398,322
54,066,925,315
54.532,083,004
37.35
June
1
38.00
July
1
40.30
Aug.
1
Sept.
1
Oct.
1
-
40.56
45.30
40.26
41.80
39.21
42.30
40.51
35.07
Financial
2314
Poland
Files
Registration Statement Under Securities
Act Covering Issuance of 3% Dollar Funding Bonds
in
Settlement of
Coupon Interest on Externla
Debt—Information
Zloty
Loan
State
Also
Covers
43^%
Conversion
for
of
Internal
Dollar
Se¬
curities
The
Republic of Poland
ment
Schedule B)
(No. 2-43460,
Exchange
Oct. 4 filed
on
Commission
under
with
the
a
registration state¬
the
Securities
Securities
Act
of
and
1933
covering the issuance of 3% dollar funding bonds maturing
Oct. 1, 1956, and fractional certificates and separate coupons
to be offered in settlement of interest coupons on bonds
issued by the Republic of Poland, City of Warsaw, Province
of Silesia, National Economic Bank, and Land
Mortgage
Bank of Warsaw.
The registration statement also covered
4H% internal State loan of 1937 bonds due Feb. 1, 1958,
and fractional certificates payable in zlotys in
Warsaw,
Poland, to be offered for conversion and exchange of certain
dollar bonds issued by the Republic of Poland,
City of
Warsaw, Province of Silesia, and for certain other long-term
obligations issued in dollar currency.
In announcing the
filing of the registration statement, the SEC on Oct. 5 also
said:
3%
below
tendered
funding
dollar
bonds,
fractional
certificates,
be offered in settlement of interest coupons
to
coupons
scribed
in
will
amount, to
The coupons must
exchange.
and
separate
the loans de¬
on
$9,091,700 59 if all matured
coupons
be surrendered at
are
Office
the
of the special agents after maturity and on or before Oct.
1, 1938.
Dates of
Amounts of
Matured
Matured
Title of Loan
Coupons
Republic of Poland 20-year
6% U. 8. dollar gold bond
loan of 1920
2.
Oct.
Republic of Poland 8%
the bondholders of external loans, the Government of Poland accordingly
extended to all holders of Poland's external loan bonds and coupons speci¬
fied
above,
temporary cash settlement
a
(Oct.
1, 1936
Apr,
1, 1937
[Oct.
1, 1937
Coupons
Special Agent
$587,235.00 ( The National City
587,235.00 (
Bank
of
New
587,235.00 (
York, N. Y. City
ex¬
Jan.
1, 1937
756,000.00
ternal s. f. gold dollar bond
July
1, 1937
loan of 1926
Jan.
1, 1938
728,000.001
H
700,000.00
Republic of Poland 6^ % ex- (Oct.
1, 1936
ternal
secured
f.
s.
gold
bond loan due Oct. 1, 1965
The SEC noted that "in
7%
City
of
Warsaw
f Dillon, Read
5. 7%
Province of Silesia
ternal
gold
or
that the registration statement itself is correct."
Market
Value
of
7%
bond
National
(II
7. Land
As of Oct.
1,
gold
Issue
a
total
On Sept. 1 there were 1,386 bond issues aggregating
$47,227,272,516 par value listed on the Exchange, with a
total market value of $43,808,755,638.
In the following
table, listed bonds are classified by governmental and
industrial groups with the aggregate market value and
average price for each:
Oct. 1. 1937
Autos and accessories
Bank
York, N. Y. City
1, 1937
of
Dec.
bond
P.Z.$1)
1, 1936
Mortgage
1, 1937
Jan.
2, 1937
343,983.50
29,645.00
July
1, 1937
29,645.00
of
Boston, Boston.
Mass.
Irving
Trust
Co.,
New York City
32,362.00
31,797.53
29,148.37
Irving
Trust
New York
Co.,
City
,
23,827 ,405
Electrical equipment manufacturing..
Government
coupons
of
has
the
registered
dollar
and
bonds,
sterling
prospectus,
the Republic of Poland
by
a notice
pub¬
81,948 ,985
92.83
12,156 ,131
55.84
12 661.223
58.07
55,876 .040
96.12
57 564,252
98.88
147,693 ,833
66.14
158 ,728,964
69.84
415,971 ,709
75,477 ,328
99.24
420 ,112,043 100.18
35,978 ,557
96.30
37 ,378,234
7,990,348 .232
505,205 ,024
74.48
8,424 ,446,516
97.12
2,868 ,503
31.54
Petroleum
Railway and equipment
Steel, Iron and coke
Textile
(operating)
Gas and electric (holding)
Communication (cable, tel. &
Business and office equipment
Shipping sendees..*.
Shipbuilding and operating
Leather and boots......
dollar funding bonds when issued, the zloty equiva¬
lent to the face amount of the matured
coupons would remain in blocked
accounts at the Bank of Poland and transfers
from such accounts would
remain suspended.
Oct.
Exchange
in Zlotys
117,447,000.00
($19,574,500)
loan of 1920
5.30 zlotys
per dollar
computed on
the redemption price of $105 per
dollar bond loan of 1925
105,178, 00.00
($19,845,000)
$100 face value, as provided In
the bond
City
of
Warsaw
gold
5.30 zlotys per dollar computed on
bond loan of 1928
the redemption price of $102
per
$100 face value as provided In
287, 554,544 57.66
21, ,450,000 107.25
86.80
170, ,294,763
1,021, ,015,170 100.86
15,485 ,419
50.43
18, 346,370
59.69
14,611 ,140
63.62
16, 535,220
72.00
180,097 ,507
59 21
1,081,556 ,257
66.17
4, 590,118 105.94
42, 927,803 124.50
63.22
191, 971,186
1,151, 454,036
69.64
36, 144,375 103.27
91.51 43,808,755,638
92.76
Average
Market
Average
Value
Price
Value
Price
1
Dec.
$
38,374,693,665
38,171,537,891
1
1936—
89.93
Nov. 1
90.24
Dec.
1
$
$
43,179, ,898.504
43,779, ,640,206
95.92
97.01
38,464,704,863
91.08
Jan.
1
45,053, ,593,776
97.35
Jan.
1
39,398,759,628
91.85
Feb.
1_„„
1
40,347,862,478
93.50
Mar. 1
45,113, 047,758
45,007, 329,915
96.83
Feb.
1936—
Mar. 1
40,624,571,422
94.44
1937—
96.64
1
44,115, 628,647
93.88
1
41,807,142,328
94.47
May
1
May 1
41,524,856,027
93.90
June
1
43,920, 989,575
44,170, 837,675
93.89
Apr.
Republic of Poland 8% external sinking fund gold
54.04
Market
$
Nov. 1
May Be Issued
Kate of
2,500, ,715,040 102.81
43,270,678,790
1935—
follows:
6 zlotys per dollar
37.77
following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
internal State loan of 1937 bonds and fractional certificates
offered for conversion or exchange for the
principal amount of bonds
of the loans specified below of
equivalent face amount in zlotys computed
of Bonds Which
78.47
3, ,435,192
The
The 434%
Maximum Amt,
99.66
531, ,443,972 101.08
35,229 ,375 100.66
All listed bonds
are
Title of Loan
Republic of Poland 20-year
6% U. 8. dollar gold bond
abroad
(incl. Cuba & Canada)
The notice also
the case of bondholders who did not
present matured
coupons for payment in cash in accordance with the terms of the offer or
79 ,013,656 100.41
4,531 ,455 104.59
42,681 ,827 123.78
Miscellaneous businesses
provided that in
in exchange for the 3%
cos.
96.85
20,575 ,000 102.88
Tobacco
96.73
86 ,742,131
2,588,075 ,439 102.00
85.83
168,392 ,650
1,013,770 ,654 100114
269,482 ,333
Foreign
respective special agents.
radio)..
Miscellaneous utilities
U. 8. companies operating
the offices of the
25 .869.769
84.01
12 ,238,470 105.25
242 ,307,047 102.15
157 ,383,291 104.09
Machinery and metals
Mining (excluding iron)
an
payable at
97 992,792 100.14
Land and realty
lished
Feb. 24, 1937, extended to the holders of the matured
coupons
offer of payment of cash equal to
35% of the face amount of the coupons
77.38
38,636 ,134 104.56
98.80
19 451,194
211 429,086 101.66
Amusements..
Gas and electric
tranche to be issued for coupons of the Province of Silesia
bonds.
According to the
$
17,932 ,353 91.08
208,343 ,890 100.18
96.40
93,435 ,143
Financial
Paper and publishing
separate
$
<fcc.)_. 25,572,667 ,834 103.64 25,496 ,224,533 103.33
2,165,455 ,650 65.31 2,271 334,648 67.85
Retail merchandising...
(Dec. 22, 1936
M.j June 22, 1937
(Dec. 22, 1937
and
Price
$
155,648 ,846 102.94
Dec.
of £1=$4,8665 and the
certificates
Value
Rubber and tires
First National Bank
The 7% Province of Silesia external gold bond loan of 1928 is also
payable
dollars or pounds sterling at the fixed rate
of exchange
Price
236,718 ,137 100.42
at the option of the holder in
fractional
Aver.
Value
Food
of
8% first
Market
Building
Mass.
of
Bank
Aver.
303,877.00(
350,899.50
347,501.00
June 1, 1937
Sept. 1. 1937
Market
310,268.00 ( First National Bank
of Boston, Boston,
307,128.50(
>{
(
Warsaw guar.
7%
Stock
1937, there were 1,385 bond issues aggregating $47,283,-
New
1,000,031.73
Bank
loan of 1924
3.
York
1
743,291 par value listed on the New York Stock Exchange, with
Foreign government
1,000,031.73(
of
1930
2,
New
on
On Oct. 6, the New York Stock Exchange issued the
following announcement showing the total market value of
listed bonds on the Exchange on Oct. 1:
City
(Oct.
ex¬
loan
Economic
mortgage
loan
1.
Listed
Bonds
Exchange, Oct. 1 Below Sept.
& Co..
(Apr. 1, 1937
1928
National
as
does the act of filing with
New York City
1,000,031.73 ( The
(Feb. 1, 1937
(Aug. 1, 1937
(Feb. 1, 1938
gold
bond loan of 1928
6.
no case
of the face
funding bonds
dollar
the Commission give to any security its approval or indicate
that the Commission has passed on the merits of the issue
Chemical
4.
equivalent to 35%
amount of the matured coupons,
and now offers
for the full amount of the face value of the coupons.
U. 8. Govt. (incl. States, cities,
3.
1937
9,
Republic and muncipal governments, as well as the obligations guaranteed
by the Treasury of the Republic of Poland.
The prevailing conditions
in Poland do not permit the resumption of payments in the amounts as
heretofore.
However, the Government will be able to make transfer of
funds sufficient to meet the requirements for the payment to each coupon
holder of the amounts payable in accordance with the proposal for cash
settlement set forth below and to pay the principal and interest on the
3% dollar funding bonds described above.
Anxious to acquit itself towards
market value of $43,270,678,790.
The
1.
Chronicle
Apr.
93.33
June
1
39,648,252,468
93.83
July
1
44,001, 162,031
92.98
July
1
41,618,750,056
94.24
Aug. 1
44,296, ,135,580
93.93
Aug
1
94.78
Sept. 1
43,808, ,755,638
92.76
Sept. 1
41,685,172,818
42,235,760,556
95.39
Oct.
43,270, ,678,790
91.51
Oct.
43,305,464,747
95.79
1
47,438,190.60
1..-..
($8,950,602)
the bond
4.
7% Province of Silesia
ternal
gold
bond
ex¬
loan
of
5.30 zlotys per dollar
computed on
the redemption price of $102
1928
The conversion
at such
per
53,674,011.60
Rules
or
exchange must be made
further time
as
may
on or
be designated by the Republic of Poland,
The
are as
follows:
Finding itself unable to continue the service of its
existing external debts,
the Government of the Republic of Poland
in June, 1936, notified the respec¬
tive fiscal and paying agents and the
Foreign Bondholders Protective Council,
Inc., that because of unfavorable changes in the
gold and foreign exchange
position of Poland, brought about by the decrease of the reserves of
Bank of Poland to
the
a
level
indispensably
needed for upholding the activity
of the existing economic
life and for defending the par value of the cur¬
rency of Poland, it found itself compelled to
suspend temporarily the
transfer of foreign
exchange for the service of Poland's outstanding external
obligations.
The Government of Poland further advised the above
referred
to fiscal and
paying agents and the Foreign Bondholders Protective Council,
Inc., that, instead of using foreign
exchange, future payments due to
foreign creditors would be made in the
equivalent of Polish zlotys paid to
blocked accounts established for that
purpose.
In its continued desire to
respect the interests of the creditors, the
y?v®rnment "as ma(*e a6 efforts and explored all avenues in order to
fulfill
its
duty in
effectuating
payments
on
external
obligations
SEC
Covering
Obtained
Non-Disclosure
Under
of
Securities
Exchange Act and Holding Company Act
Government states that the circumstances under which the
offer
to pay in cash 35% of the face
amount of the coupons and the
present offer
to issue dollar bonds for the full
amount of the face value of the
coupons
made,
by
Information
The Securities and
before June 1, 1938, or
the
it is stated.
are
Adopted
Certain
($10,127,172)
$100 face value, as provided in
the bond
of the
of
Exchange Commission has announced
adoption of rules under the Securities Exchange Act
1934
and
the
Public
Utility Holding Company Act of
1935 which deal with the non-disclosure of information ob¬
tained in the
course of examinations, studies and
investiga¬
tion under certain sections of the two Acts,
except with the
approval of the Commission.
A similar rule had previously
been adopted under the Securities Act of 1933, as noted in
issue of Sept.
25, page 1995.
The rule under the Se¬
Exchange Act is designated Rule A4, while that
Holding Company Act is designated Rule 5.
In
announcing the adoption of Rule 5 the SEC said:
our
curities
under the
The SEC acting pursuant to authority conferred
upon it by the Public
Utility Holding Company Act of 1935, particularly 8ection 20 (a) thereof,
finding that the disclosure of information obtained in the course of
and
examinations,
studies
and
investigations
conducted
pursuant
to
Section
13 (g), Section 15 (f), or paragraph (a) or (b) of Section 18 would be
contrary
to the public interest and would interfere with the execution
of the functions
vested in the
Commission, hereby adopts the foUowing rule:
Volume
Financial
145
Studies
W
Information
and
Investigations.
documents obtained by officers or employees of the Com¬
or
mission in the course of any examination, study or investigation pursuant to
Section 13 (g). Section 15 (f), or
paragraph
unless made
a matter
(a) or (b) of Section 18 shall,
of public record, be deemed confidential.
Officers and
employees are hereby prohibited from making such confidential information
or
documents available to anyone other than
a
member, officer, or employee
of the Commission, unless the Commission authorizes the disclosure of such
information
or the
production of such documents
the public interest.
Any officer
requiring the disclosure of such information
ments shall appear
as not
being contrary to
employee who is served with a subpoena
or
or
the production of such docu¬
in court, and, unless the authorization described in the
preceding sentence shall have been given, shall respectfully decline to dis¬
close the information
or
produce the documents called for, basing his refusal
upon
this rule.
shall
promptly advise the Commission of the service of such subpoena, the
Any officer
or
employee who is served with such a subpoena
nature of the information or documents
bear
may
sought, and any circumstances which
the desirability of making available such
upon
information or
documents.
Rule A4 under the Securities
Exchange Act is similar to the
excepting that it applies to information obtained
under Sections 17(a) and 21(a) of the Securities Exchange
above rule
Act.
(b) immediately before such acquisition such acquiring company owns, directly
or indirectly, substantially all of the outstanding securities of the company under¬
going reorganization and. upon completion thereof, substantially all of the outstand¬
ing securities of the company undergoing reorganization, its successor or successors,
are
owned by the
acquiring company; or
•
(c) such reorganization involves merely the transfer by a single company
stantially all of its assets to a new company having substantially the same
structure, and does not Involve any other substantial change
security
holders;
of sub¬
capital
in the rights of existing
or
(d) such reorganization plan has been approved by the Commission under Section
11(f); or
(e) all of the companies undergoing reorganization are public utility companies
which are organized under the laws of the same State and the business of each of
which is substantially confined to such State; such reorganization is effected through
a statutory merger or consolidation of such companies or through a sale of the entire
assets of one or more of such companies to another such company; the securities
acquired in such a transaction do not, upon the consummation of such transaction,
have a value in excess of $100,000 or in excess of 5% of the total assets of the successor
company
or
which continues in business, whichever
the reorganized company
of
of utility assets involved in such reorganization
the State commission of the State in which such
said sums is less; and all acquisitions
have been expressly authorized by
companies are organized; or
acquired are issued to the acquiring company solely in con¬
in the company or companies undergoing reorganization
reorganization, Including the issuance and
sale of the securities so acquired, are exempt from Sections 6 and 9, respectively,
by virtue of Rule 3D-8 (relating to certain transactions approved by the ICC);
(f) the securities
sideration of
so
its interest
and the transactions constituting such
provided, however,
that
exemption provided by this rule shall not
the
be
if such securities are carried
of the acquiring company at a higher valuation, in the aggregate
at which securities surrendered or exchanged for such securities
applicable to the acquisition of any securities
on
the books
than the
were
SEC
2315
Chronicle
Rule 5. Non-Disclosure of Information Obtained in the Course of Examinations,
one
carried immediately prior to
so
such acquisition.
Adopts New Rule Under Holding Company Act—
Certain Exemptions to Companies Under
Grants
Jurisdiction of
ICC—Three Other Rules Amended
Decline of
The Securities and
Exchange Commission on Oct. 5 an¬
nounced the adoption of a new rule, Rule 3D-8, under the
Public Utility Holding Company Act of 1935 exempting
subsidiaries of registered holding companies which are sub¬
ject to the jurisdiction of the Interstate Commerce Com¬
mission and which are not electric or gas utility companies
or holding companies from the provisions of the Act with
respect to transactions which have been approved by the
ICC.
The exemption from Section 9(a)(1) of the Act by
this rule, the Commission explained, is limited to certain
kinds of acquisitions.
Announcement was also made by the SEC on Oct. 5 of
amendments to three rules under the Holding Company Act.
Regarding these amendments the Commission had the fol¬
lowing to say:
The amendment of 9C-3 (9)
by the addition of Clause (P) extends the
types of exempted acquisitions acquired
by virtue of
a
reorganization (as
defined by the Rule) to include securities acquired incidentally to transac¬
The amendments to Rule 9C-3 (5) and Rule 9C-3(6) both deal w th ac¬
quisitions of securities by way of dividend where the dividend is payable either
in securities or in cash or other property at the election
of the acquiring
Such an acquisition is not within the scope of the exemption
company.
granted by Rule 9C-3(5), as amended, but may fall within the exemption
granted by
Rule 9C-3(6), as amended, if the issuing company is either a
majority-owned subsidiary or Is not, immediately before or after the ac¬
quisition,
associate of the
an
Rule 9C-3(6) also
of securities of
a
acquiring
company.
ever,
According to the monthly compilation of the New York
Stock Exchange,
$732,505,016, as compared with $872,462,148 Aug. 31 and
$598,851,729 at the end of September, 1936; time loans at
the latest date were reported at $306,615,500, against $313,-
The amendment to
which was not, before or after the acquisition, an
New York Stock Exchange member
The detailed tabulation follows:
(1)
Net borrowings on collateral from New
or
Any subsidiary company of a registered holding company, which sub¬
utility company or a holding company, is hereby exempted from the obliga¬
tions, duties, and liabilities imposed by the Act with respect to any trans¬
action which is approved by the
Net borrowings on collateral
brokers,
electric or gas utility company or holding company which
associate of the acquiring company or to any
acquisition by which said
subsidiary will become a public utility or holding company.
Certain Aciuisitions of Securities Exempted
a
dividend, including
a
partial or total liquidating dividend,
payable in stock or other securities without any option on the part of any
receipient of such dividend to accept or receive other or
amounts of
different kinds or
property, cash or securities than those so acquired
by such com¬
issued or delivered to it as a result of a change in respect to par or
value of, a split up of, or a reduction in the number of shares of stock
pany; or
stated
which the issuer has outstanding.
Rule 9C-3(6).
by
a
company
company
Any such company may acquire any securities issued (A)
which is a majority-owned subsidiary thereof, or (B) by a
which is not, immediately before or immediately after such ac¬
Provided that in either case such
acquisition is effected without payment of any premium or additional con¬
quisition, an associated company thereof;
sideration
and
that
such
acquiring
company
is entitled
to receive such
securities.
(b)
such other company or other
because of the exercise by the acquiring company of a right or
which it already owns Into other securities; or
privilege to
convert securities
(c) because of the declaration of a dividend which, at the option or election of the
recipient, is payable in different kinds or amounts of property, cash or securities; or
(d) because of an offer made by a company described in Clause (B) above to all
holders of one or more classes of its securities to deliver new securities in exchange
for securities it then has outstanding; or
(e) because of an offer made by a company
described in Clause (A) above to all
for
deliver new securities in exchange
securities it then has outstanding, if the issuance of such new securities is subject
to
provisions of Section 6(a) or is exempted
holders of one or more classes of its securities to
tion
therefrom by order pursuant to Sec¬
6(b).
which it
effected through
of the
company or companies undergoing reorganization, or otherwise, and in¬
cluding a recapitalization or reincorporation) of one or more other companies,
whether or not any such other company is the issuer of such security, if any
one of the following additional conditions is satisfied:
Rule 9C-3(9).
becomes entitled
a
Any such company may acquire any security to
by virtue of any reorganization (whether
statutory merger or
(aj
consolidation or by sale of the entire assets
Immediately prior to such reorganization and upon completion thereof, no
undergoing such reorganization and no issuer of any security so acquired
acquiring company; or
company
s an
associate company of the
1,700,000
$306,615,500
borrowings
$1,039,120,516
securities" pledged as collateral
report issued by the
Below
compilation is exactly the same as in
a
two-year
compulation of the figures:
Demand Loans
30
Oct.
31
Time Loan
$
$
1935-
Aug. 31
Sept
the loan
Exchange a month ago.
furnish
we
25,246,075
Included In items (1) and (2) above
The scope of the above
Total Loans
$
772.031.468
781.221.869
399.477.668
362.955.569
372,553.8(>b
335.809.469
406,656,137
547.258.152
456.612 100
792.421.569
439.457.000
846.113.137
391,183.600
938.441.652
600.199,622
631.624,692
753.101.103
324.504.713
688.842.821
559.186.924
418.266.300
1936—
Jan.
31
Feb.
29
Mar. 31
Apr.
30
May 29
June 30
—
31
Aug. 31
Sept. 30
July
Oct.
31
Nov. 30
Dec.
31
581.490.326
571.304.492
591.906.169
598.851,729
661.285.603
924.704.335
292 695.852
924.320.544
243.792.915
996.894.018
375.107.915
1.063.950.736
410.810.915
969.997.839
407.062.916
396.076.915
988.543.241
967.381.407
381.878.415
973.784.584
372.679.515
971.631 244
313.642.415
974.928.018
708,177.287
768.439,342
275.827 415
984.004,702
282.985.819
1,051,425.161
1.026, 372.092
1.074, 832.139
1937
Jan.
30
719.105.327
307.266.765
Feb.
27
31
734.436.343
792 419,705
340.396 796
Mar
Apr.
30
382.529,500
366.264.500
1.158 684.205
1.187 279.384
31
804.749.884
777,836.642
818.832,335
836.864,420
Aug. 31
872.462,148
313,987.000
1.173 757,508
1.186, 449,148
Sept.30...
732,505,016
306,615,500
1,039 ,120,516
May 29
(a) because of any reclassification of securities of
change in the rights or holders thereof; or
41,409,100
$732,505,016
Combined total of time and demand
Dec. 31
Any such company may acquire any security issued or
Rule 9C-3(5).
in the
—--
Nov. 30....
delivered to it as
Time
$304,915,500
from private bankers,
foreign bank agencies or others
City of New York
ICC, except that the exemption provided
9(a)(1) by this rule shall not be applicable to any acquisition
of securities of any
an
Demand
$691,095,916
York banks
Trust companies
Total face amount of "Government
sidiary is subject to the jurisdiction of the ICC but is not an electric or gas
30»
1937, aggregated SI,039.120,516.
for the borrowings
is
total net borrowings on collateral»
York as of the close of business, Sept.
contracted for and carried in New
(2)
Commerce Commission
a year
The monthly compilation of the Stock Exchange for
Sept. 30, 1937, as issued by the Exchange Oct. 4, follows:
following is the new rule 3D-8 and also Rules 9C-3(5),
9C-3(6) and 9C-3(9), as amended:
Exemption of Subsidiaries Subject to Jurisdiction of Interstate
month and
ago.
The
from Section
issued Oct. 4, outstanding brokers' loans on
decreased $147,328,632 during September to
$1,039,120,516 Sept. 30 from $1,186,449,148 Aug. 31.
This
drop followed an increase of $12,691,640 in August.
How¬
ever, as compared with Sept. 30, 1936, when the loans out¬
standing amounted to $971,531,244, the figure for the end
of September, 1937, represents an increase of $67,589,272.
Demand loans outstanding on Sept. 30 were below Aug. 31
but above Sept. 30, 1936, while time loans were less than on
the two earlier dates.
The demand on Sept. 30 totaled
the Exchange
broadens in other respects the exemption as to acquisitions
company
associate company of the issuer.
Rule 3D-8.
30 Reported at $1,039,120,616—How¬
Amount is $67,589,272 Above Year Ago
Total Sept.
987,000 and $372,679,515, respectively, a
exempted by Rule 3D-8 under certain circumstances.
tions
$147,328,632 in Outstanding Brokers' Loans
During September—
New York Stock Exchange
on
-
-
June 30
July
374.376.346
1.152 212.988
367.495.246
1.186 327,581
336.893,088
Offering of $33,000,000 of \XA% Debentures of Federal
Intermediate Credit Banks—Issue Over-subscribed
The Federal Intermediate
Credit banks on Oct. 6 offered
$33,(XX),000 of VA% consolidated debentures, and the sub¬
scription books were closed within an hour, the offering hav¬
ing been over-subscribed, according to Charles R. Dunn,
New York, fiscal agent for the banks. The debentures, which
joint and several obligations of the 12 Credit banks,
priced at a slight premium over par value. They are
and will mature in four and nine months.
There is maturing on Oct. 15 approximately $44,000,000 of
the securities.
Alter Oct. 15 a total of about $180,000,000 of
the debentures will be outstanding.
are
the
were
dated Oct. 15,1937,
2316
Financial
Current
Joint
Statement of
Drexel & Co.
635
&
firms
P.
Co., Philadelphia,
the joint
of the
as
Sept. 30
date
J.
of
resources
is shown in
it
P.
Morgan & Co. and
$628,079,-
Compare with $608,333,024 June 30
Total
Drexel
J.
of Sept. 30—Resources of
as
end
statement of condition of
of
September, issued
the
last
In
Oct.
on
the
two
4.
The
with $008,333,024 on June 30, the
statement, and $565,682,829 on
resources compare
of
March 31.
Morgan & Co., New York, and
on Sept. 30 were $528,079,535,
previous
the
Sept 30 statement cash on hand and on
deposit in banks is reported at $116,993,721, compared with
$122,997,394 and .$101,480,512, respectively, on the earlier
dates.
Holdings of United States Government securities as
September are shown to be $286,182,966 against
$342,700,266 June 30 and $289,505,516 March 31, while holdat the end of
ings (Sept. 30) of State and municipal bonds and notes are
reported at $39,305,157.
On June 30 the two firms held
Chronicle
held
on Oct. 5.
At the meeting James H. Perkins, Chairman
of the board of the National City Bank of New York, was
elected President of the Association, succeeding to the post
made vacant by the death in August of Albert A. Tilney,
Chairman of the Bankers Trust Co. Also elected on Oct. 5
\° ,sJrve
ensuing year ending Oct. 4, 1938, were
Murray Mitchell, Vice-President of the New York Trust
£?**. ,as kepretary, succeeding Henry C. Stevens, VicePresident of the Guaranty Trust Co.; Edward L. Beck as
Manager, and Russell Clark as Assistant Manager. Charles
A. Hanna was elected Examiner of the Department of Inspection and Examination. Mr. Beck has been Manager
of the Clearing House since April 1, last, having been appointed to succeed Clarence E. ^acon, who resigned after
being^with the Clearing House for 44 consecutive years, the
f3,8?
°* wy1.l
served as Manager. Mr. Bacon s
resignation which was tendered m January to become ef.
$42,460,041 of State and municipal bonds and notes, and on
March 31 held $67,157,129 of State and
municipal bonds
and
iW?S referred to m our issue of Jan. 30, page
Mr. Clark has been Assistant Manger since May 27,
was appointed to succeed Mr.
when he
bills
Total deposits at
the close of the third quarter of $461,931,708 compare with $542,015,746 at the half-year and $495,-
559,731
on March 31.
The Sept. 30 deposits were made up
$443,589,722 of demand deposits and $18,341,987 of time
deposits.
Capital of the two firms remained unchanged at
of
$25,000,000,
$22,776,514
while surplus and partners' balances totaled
against $22,661,593 June 30 and $24,732,541
as
Pfevioas £ his appointment as Manager.
Hfrber£P* Howell, President of the Commercial National
gank & Trust Co., was elected Chairman of the Clearing
^
Committee. Mr. Howell, who had served as a
member of the committee the past year, succeeds William S.
£ra^ TJr" President of the Central Hanover Bank & Trust
Co. *n addition to Mr Howelb the following were also
during the ensuing
+.
Irregularity in Reports from Industries During Sept emby National City Bank of New York
Fall
Pick-up
Sluggish
for
First
Time
Tlie first month of the fall is
referred to by the National
disappointment to those who
had counted upon a prompt acceleration of business
activity,
once the vacation period was over and the usual
seasonal
City Bank of New York
the
began
bank
S
take
to
"a
as
effect."
Monthly^ Letter,
"Instead,"
it
is
dated Oct. 2,
noted
the early
reports from the industries have shown considerable irregularity."
The bank further observes:
The
manufacturing
industries operated at a very high rate during the
with orders on hand, and' in some cases to make up
strikes; but they were selling less than they were producing,
making steady inroads on their unfilled orders.
Now they are in
to
summer
time
lost
and
need
of
business.
new
hold
to
catch up
in
buying
However,
within
market conditions
limits.
conservative
For
thus
the
have
far
first
time
the fall pickup has been sluggish, and in some quarters
shortening of running time is being put into effect.
years
»Au
hndinncd
business
All
fluctuations
the
rise
know,
sentiment
of
debt, costs
is
buoyant, miscalculations
continuous
exhilarating,
improvement.
it
spend
consumers
advanced imprudently,
are
the hank,
that business
Leon Fraser, President of the First Natl Bank of the City of New York.'
to
comes
a
For
the
halt,
at
made, goods
are
are
their income and
to
up
go
and markets reflect expectations
very
the
which
reasons
when
time
make
the
sentiment
_
The
most
conditions mentioned made
business
indexes
leveled
off.
Federal
Reserve
100).
which
The
had
high
Board
point
been
flattened
resumed if
Imvinn
out
nfnntn^
of
rising
nine
or
118,
Thus
this
a
strong
irregularly
for
five
production
and for August it
the
upswing
n
,
new
year
near
has
of
the
117, having
was
would
*
-
have
years
index
enterprise,
.
unlikely in the
during this
many
(1923-25 equals
measured
as
While it
ago.
stimulated
one,
in
average
diminished
and
the
be
and
in
other
on
use
becomes
no
only
change,
tional
or
of
become
reached
a
and
recession
In
short,
various
with
the
resting point in its climb.
a
in
appears
time before comparisons
unfavorable.
alarming about
extend into
costs
rise,
matter
a
or
recovery has
to
a
places,
year
ago
assumption
There is
nothing
that
sensa-
check of this character, although it
may readily
while inventories are worked
off, building
moderate recession
a
brought
into
line
with
rental
values,
or
the
reverse,
and
other
desirable
adjustments in the economic situation made.
The best assurance
against a major recession is that the conditions which
usually precede
it have
not
yet
developed.
Perkins
Elected
Officers Named—H.
Year
rnpmhpr«
ended Sept. 30, while the number of branches of
inorpfmpd
388
to
from
384
Thp
P.
following
^
are
2 are
extracts trom the Manager s report.
Thhe ClearinK Hou8a "^suctions 'or the year have been as follows:
BanTifceS^-YY"
28,975,696!772.13
'
Total transactions
-
-
$223,867,307,887.41
The average daily transactions:
$645,336,460.64
—
Balances...
95,946,015.80
....
Total
_
,
5741 282 476 44
"
~~~
"
Y""T
""""
""""
.
.Q.
T,.otal "actions *">«> organization of Clearing Houw (84 y<am):
SJJJJJ®8
731
BalanCeS
$8,609,841,138,714.14
*
one day during the year (July
2,1937)..$1,337,145,587.69
227.047,904.89
1,564,193,492.58
246,942,667.68
59,359,521.82
Smallest exchanges on any one day during the year (Aug. 23,1937)
Smallest balances on any one day during the year (May 11,1937) -
Smallest transactions on any one day during the
Largest day's transactions
on
year
(Aug. 23,'37)
$3,853,040,114.48
378 , 0 ,061.08
Balances
Total transactions
$4,231,241,175.56
Largest exchanges, Oct. 31, 1929
Largest balances, Oct. 30, 1929
Transactions of the Federal
$3,853,040,114.48
432,909,546.73
Reserve Bank of New York:
Deblt exchanges
$3,507,488,875.13
27.707,531,079.34
-.24,200,042,204.21
Credit Exchanges
Credit balances.
The
317,110,559.29
record, Oct. 31, 1929.
Exchanges
and
215 4in 423 nn
731,215,410,423.00
-
Total.
Association is
now
composed of 5 National banks, 2 State banks
12 trust companies.
The Federal Reserve Bank of New York, and
Clearing House City Collection Department also make exchanges at
the Clearing House, making 21 institutions clearing direct.
^
H.
tke
the
Yearly Figures of New York Clearing House Association
—J.
the
^"6 Manager S report it is noted that the number Ol
member institutions in the Association remained at 21 during
it
show
is
the
Exchange Sank Trust Co.
any one day during the year (July 2,1937)_
visible
the National
Guaranty Trust Co., succeeding Dunham B. Sherer, President of the Corn
Largest exchanges on any
in
cease
Nominating Committee—Gordon S. Rentschler, President of
City Bank, succeeding J. Stewart Baker, Chairman of the Bank of
Manhattan Co.
Committee on Admissions—Eugene W. Stetson, Vice-President of
^rgest
balance on any one day during the year (July 2 1937)
Largest transactions on
total, although business loans have risen
substantially,
shrinkage in credit has stopped the rise of bank deposits.
indexes
Co., succeeding James G. Blaine, President of the Marine
quickly
future.
been
follows:
as
forward
x
.
As
the Manhattan
produc-
As already mentioned, commodity prices have
receded, and
have lost a year's gain.
The volume of bank credit in
the
has
elected
Midland Trust Co.
and since then various
December, at 121
months
seems
rise
was
industrial
last
confidence
the
of
was
114.
up again,
flattening
also.
ways
to
eight
revival
a
buying started
The
down
spring
appearance,
the
in
reached
was
and
their
been
Through the spring it
meanwhile
tion
last winter
upswing
were
Conference Committee—F. Abbott Goodhue, President of the Bank of
Exchanges
^
business
the
committees of the Association
rise
is
optimistic.
of
Besides Messrs. Howell, Gray and Hetzler, John C.
Traphagan, President of the Bank of New York & Trust Co.
and Frank K. Houston, President of the Chemical Bank &
Trust Co., had also served on the Clearing House Committee
during the past year.
The Chairman of the various other
reaction,
In part, it continues:
overbought and overproduced,
into
+Vw,
says
three
moderate
a
inevitable, that upswings breed
and the converse."
On
l.—,—„TOOTT„
men
are
tended
in
serve
1^7.
Three
in
to
year.
II. Donald Campbell, President of the Chase National Bank.
^ears
influences
Beck, who held the
P08fc
elected members of the Clearing House Committee
six months ago
in
Oct. 9,
President—Other
Howell
Made
New
Chairman
of
Clearing House Committee-Transactions Increase
Above Year Ago for Fourth Consecutive Year
There are 3 banks and trust companies not members of the Association
that make their exchanges through
members,
in
accordance
with
con-
stitutional provisions.
There are 388 branches of members whose items
of
^ the faClUtieS °f the """
are cleared through the
^ compaI"eS and branches
^OUSe"
According to the annual report of the Manager of the
New York
Clearing House Association, Clearing House
transactions during the
year ended Sept. 30, 1937, totaled
$223,867,307,887, as compared with $212,753,318,851 dur-
New Offering of 273-Day Treasury Bills
the fourth consecutive year-to-year
increase to be
reported.
The transactions during the latest
latest year were made of
$194,891,611,115 of exchange and
$28,975,696,772 of balances; the total for the year ended
Tenders to a new offering of $50,000,000, or thereabouts,
of 273-day Treasury bills, to be received at the Federal
Reserve banks, or the branches thereof, up to p. m., Eastern
Standard Time, Oct. 11, were invited on Oct. 7, by Henry
ing the previous
J1!
1
and balances of
year,
consisted of exchanges of $186,490,263,783
$26,263,055,067.
The report for a year ago
es1™1
in the "Chronicle" of Oct. 10, 1936,
The
page 2296.
Manager's report for the latest year was submitted
meeting of the Clearing House Association
to the 84th annual
$50,000,000,
13, 1937
or
Thereabout—To
to
Be
Amount of
Dated
Oct.
Morgenthau Jr., Secretary of the Treasury.
The tenders
wiH not be received at the Treasury Department, Wash¬
ington.
The Treasury bills wall be sold on a discount basis to the
highest bidders.
They will be dated Oct. 13, 1937, and will
Volume
Financial
145
July 13, 1938; on the maturity date the fx36
payable without interest.
An issue of $50,022,000 will mature on Oct. 13.
In his announcement of
mature
on
They (the bills) will be issued in bearer form only, and in amounts or
of
$1,000.
$500,000,
$100,000.
$10,000,
and
$1,000,000
No
tender
for
less
than
will be
$1,000
Each
considered.
The price offered must be expressed
multiples of $1,000.
the basis of $100, with not more than three decimal
places, e.g., 99.125.
Fractions must not be used.
total Dec. operation
$1,000,000,000.
of the Jan -March quarter, Secretary
As to the cash requirements
genthau either
borrow the needed money on the Dec.
can
10% of the face amount of Treasury bills applied for, unless the tenders
of that
financing will rise to somewhere near $1,500,000,000.
bank
or trust
an
express
guaranty of payment by an
incorporated
company
Oct
11,
1937, all tenders received at the Federal Reserve Banks or branches
thereof
will be opened and public announcement
of the
to
the closing
hour
thereafter, probably on the
acceptable prices will follow as soon as possible
the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
Payment at the price offered for Treasury bills allotted must be
The Secretary of the Treasury expressly reserves
following morning
made at the Federal Reserve Banks in cash or other
funds
on
immediately available
The Treasury bills will be exempt, as
estate
their
desire to build up a block of
a
offset the
would
redemption
and
and any
be exempt, from all
to principal and interest,
(Attention is invited to
inheritance taxes.
Treasury Decision 4550, ruling that Treasury bills are not exempt
from the
Oct. 25
bills maturing in
effect on the money
Secretary Morgenthau explained.
income-tax payments,
Ordinarily, these March maturities would be built up by offering bills
Treasury has decided against cash borrowing at
cash sale, but the
for
this time,
the Secretary pointed out.
Nine-months bills will be sold
turities after it
thereafter for
11 and 18, but not
Oct
longer is feasible to sell bills maturing in
no
Morgenthau declined to
up or pay
on
How the Treasury will handle its weekly bill ma¬
indefinite period.
an
say.
March, Secretary
down its outstanding bills depending on conditions.
maturity
favor of some
temporarily disposed of the question of abandoning bills in
fixed-interest short-term security like a certificate,
Secretary Morgenthau
borrow cash until
He added, however, that, having decided not to
said.
build
He said, however, that the Treasury may
The decision to shift from nine-months' bills to bills of shorter
gain from the sale or other disposition thereof will also
except
that
so
market of March
Oct. 13, 1937.
taxation,
prompted primarily by
March
total
If he decides to raise the money in Dec., the
The decision to abandon nine-months bill offerings beginning on
was
Immediately after the closing hour for receipt of tenders on
Mor¬
financing or raise
by selling bills.
accompanied by
balance at
To do so would mean borrow¬
$880,000,000 total currently held.
ing about $400,000,000 of cash and thus increasing the
it later
are
up
Apparently Secretary Morgenthau will want to restore this
least to the
deposit from incorporated banks
and recognized dealers in invest¬
approximately $500,000,000
14.
Tenders from others must be accompanied by a deposit
securities
ment
of
Dec.
will
during Oct. and
The Oct.-Nov. deficits
about offset by Dec. income-tax»
types of operations should be
to more than
Tenders will be accepted without cash
and trust companies and from responsible
the Sept. rate.
collections, leaving a Treasury net balance of
on
amount
an
tender must be in
on
other
on
wishes to
The $880,000,000 in the balance
depleted by $350,000,000 for gold acquisitions alone
Nov. if the gold inflow continues at
(maturity value).
^
by whatever sums the Secretary
will be increased
total
borrow to replenish the cash balance.
be
Secretary Morgenthau stated:
denominations
This
Total May Be Increased
_____
_____
amount will be
Oct. 7
2317
Chronicle
Dec., he did not explore the desirability of certificates at great length.
of the Treasury bills
otherwise recognized, for the purposes of
No loss from the sale or other disposition
gift tax).
shall be allowed
any tax now or
as a
deduction, or
hereafter imposed by the United States or any
of its posses¬
Roosevelt
and this notice
the conditions of their
Department Circular No. 418, as amended,
prescribe the terms of the Treasury bills and govern
"Quarantine"
issue.
if
Restored
Be
Must
Treasury
Declares
"Principles^of Peace"
Is to| Survive—
Intimates, in Dedicating Bridge in Chicago, that
President
sions.
Civilization
Aggressor Nations May
of
Be Re¬
sorted To
♦
r
Declaring his determination to keep out of war, President
$183,266,000 Received to Offering of
273-Day Treasury Bills Dated Oct.
090,000 Accepted at Average Rate of
Announcement that bids of
$50,000,000 of
6, 1937—$50,0.436%
$183,266,000 had been received
offering of $50,000,000, or thereabouts, of 273-day
Treasury bills, dated Oct. 6, 1937, and maturing July 6,
1938, was made on Oct. 4 by Henry Morgenthau Jr., Secre¬
tary of the Treasury. The tenders were received up to 2 p. m.
Eastern Standard Time, Oct. 4, at the Federal Reserve banks
and the branches thereof.
Of the amount received, Secretary
to
the
said, $50,090,000 were accepted.
Previous
reference to the offering of Treasury bills was made in our
issue of Oct. 2, page 2156.
The following regarding the accepted bids to the offering
is from Mr. Morgenthau's announcement of Oct. 4:
Morgenthau
applied for
$183,266,000 ***4<|gL Total
(Excepting one bid of $25,000)—
Total
Range:
accepted
$50,090,000
—99.697 Equivalent rate approximately 0.400%
—99.660 Equivalent rate approximately 0.448%
—99.669 Equivalent rate approximately 0.436%
High
Low
Average price
(84% of the amount bid for at the low price was
Roosevelt, in dedicating,
and
Ld
Oct. 5, the Outer Link Bridge
the
people
of
morality
few
a
Calling attention
through
interference
unjustified
in
the
the
treaties, and has now reached a stage where
of
civilization
foundations of
very
"it
internal
territory in
affairs of other nations or the invasion of alien
violations
to
and lawlessness" which "began
ago," the President went on to say that
years
began
and the maintenance of
restored."
be
"the present reign of terror
States that the
the United
of international treaties
international
are
seriously threat¬
ened."
"In
of
times
so-called
peace,"
said the President, "ships
being attacked and sunk by submarines without cause
notice.
Nations are fomenting and taking sides in civil
are
or
in
nations
have never done them any
that
harm.
for themselves deny it to others."
further remarked that "innocent peoples and nations
Nations claiming freedom
He
accepted)
to
concern
sanctity
warfare
~
on
Chicago, asserted that it is "a matter of vital interest
in
cruelly
being
are
sacrificed
to
greed
a
for
and
power
which is devoid of all sense of justice and hu¬
mane
consideration."
Further along in his address the
President stated that "it seems to be unfortunately true
supremacy
Treasury
of
Shorten^ Maturity
to
Bills—Will
Offer
Weekly Issues of $50,000,000 with March 15 Maturity
Instead of Nine-Month Bills Beginning Oct. 15—
No
"New
Money"
to
Be Sought
Before Dec. 15,
Secretary Morgenthau Reveals
will borrow no "new money" during October
of the Treasury Henry Morgenthau
Jr. told his press conference on Oct. 7, refusing, however, to
discuss the Treasury's Dec. 15 financing plans. The Secretary
also revealed that beginning Oct. 25 the Treasury will alter
its policy pertaining to the weekly flotation of short-term
bills. On Oct. 25, and continuing for an indefinite period, the
Secretary said that the Treasury , instead of offering $50,000,000 of 273-day bills as it is doing at the present time, will
offer weekly issues of $50,000,000 of bills varying the ma¬
turity so that they will become due around the March 15
tax collection date. This will not net the Treasury any "new
The Treasury
money" but will be a continuation of the offering
to
the
"Wall
Street
conference, Washington
Journal" of Oct. 8 had the
say:
statement that "when
an
According to the President, "the peace, the
world
of 90% of the population of the
being jeopardized by the remaining
is
10% who are
breakdown of all international order and law."
Concerted action on the part of peace-loving nations was
threatening
urged
by
a
the
opposing
in
President
"those violations of
instincts which today
are creating a state of international anarchy and instability
from which there is no escape through mere isolation or
treaties and those ignorings of humane
neutrality."
From
is
the President's
my
speech we also quote:
determination to pursue a policy of peace
and to adopt every
practicable measure to avoid involvement in war.
.
.
.
We are determined to keep out of war, yet we cannot insure
against the disastrous effects of war
are
we
adopting such measures as will minimize our risk
cannot have
complete protection in a world of
confidence and security have
If
be
civilization is
America hates
engages
war.
We
of involvement, but
disorder in which
broken down.
principles of the Prince of Peace must
to survive, the
Shattered
restored.
ourselves
and the dangers of involvement.
trust
between
nations
America hopes for peace.
in the search
must be revived.
.
.
.
Therefore, America actively
for peace.
Ralph H. Burke of the Chicago Park Dis¬
reported as stating on Oct. 5 that the Outer Link
Chief Engineer
trict was
Bridge over the Chicago
River which President Roosevelt
largest double leaf bascule bridge
the world.
Associated Press advices from Chicago on
Oct. 5 described the bridge as follows:
It is 331 feet long, 108 feet wide, with two 40-foot roadways and two
dedicated that day is the
in
By deciding not to borrow funds in excess
of refinancing requirements
Secretary Morgenthau has postponed his
money-raising problem until December, thereby increasing the potential
size of the Treasury operation in that month.
during October and November,
Dec. 16 and 20,
the only maturity close to the quarterly financing date.
However, $276.680,000 of 2M% Treasury notes mature on Feb. 1; in keeping with his
policy of major financing only on quarterly dates, Secretary Morgenthau
may elect to refinance these notes in Dec., bringing the total offering for
About $400,000,000
the further
freedom and the security
It
System at meetings held in Washington Sept. 29 and Oct. 6.
At the meeting last week, as noted in our issue of Oct. 2,
page 2157, plans were considered for substituting some
fixed-interest short-term security, of the nature of a cer¬
tificate, for the Treasury bills. Secretary Morgenthau said
on Oct. 7 that the decision to shift from nine-month bills to
bills of shorter maturity temporarily disposes of the sugges¬
tion to substitute a different security.
In commenting on
advices
of the disease."
maturities.
Secretary Morgenthau's Oct. 7 press
with
community
approves and joins in a quarantine of the patients in order
to protect the health of the community against the spread
of bills to
Secretary Morgenthau discussed the Treasury's financing
plans with the Executive Committee of the Open Market
Committee of the Board of Governors of the Federal Reserve
following to
epidemic of world lawlessness is spreading," and he
that
epidemic of physical disease starts to spread, the
and November, Secretary
meet current
that the
coupled
of Treasury bills mature between
refunding and refinancing operations up to
$677,000,000.j
14-foot
sidewalks.
It
marks the
realization of a 30-year
planners for linking the North and South sides
boulevard avoiding the tangled Loop traffic.
The
late
Daniel
H.
Burnham,
architect,
dream of civic
of the city by a lakefront
conceived
it
as
part
of the
Work on the bridge began in June, 1931, but was
suspended eight months later for lack of funds.
Construction was resumed
Chicago plan in 1919.
with
Public Works
Administration
aid in September, 1935.
Financial
2318
The
bridge cost $2,000,000, but the whole Outer Drive link project, with
the Ran 'olph
approaches,
connecting drives cost
and
Street viaduct
$11,-
500,000, of which PWA contributed $2,324,181.
The
bridge
can
carry
The
of 5 000,000
load
a
They
business,
pounds.
lower
A
deck
for
Road
the
on
south
North
to
Avenue
the
on
about
north,
three miles.
glad
am
to some
from
Chicago, and especially to have the
to
of this important project of
the dedication
in
part
On
trip
my
evidences
the
across
result of
back
and
continent
I
have
been
shown
many
cooperation between municipalities
common-sense
Government, and I have been greeted by tens of thousands
of Americans who have told
and
spiritual well-being
in every
me
strides forward
in
the past
few
put
And
yet,
I have
as
with
seen
my
own
the
eyes
and
security
been
It
which
peace
compelled
because
is
must,
for
world
that
the
this great
into
wide
our
land—almost
with
peace
our
have
being
scenes
of the United
their
of
future,
own
national
give thought
the rest of the
to
to speak to you
on
subject
a
political
the
peoples
situation
and
in
is such
worse,
which
to cause
who wish
nations
World
of
world,
the
as
and
peace
been
has
national
hopes of mankind for
raised
were
peace
heights
to great
policies.
amity with their
when
than
more
in
arms
of inter¬
era
The
reign
present
of
affairs
treaties,
nations
other
and
civilization
has
The
The landmarks and
Without
kind,
any
murdered
In
civilians,
marines
of
cause
warfare in
began
the
in
of
the
few
a
foundations
very
being wiped
are
warning
children,
and
Innocent
which
supremacy
of
being ruthlessly
are
and
sunk
that
Western
to
come
America
Hemisphere
those
authority,
will
of
sense
days
no
those
come,
in
answer
days
that
it
be
will
The
expect
may
and
let
it
no
will
are
arms,
till every
leveled in
a
which
alone
peace
rest
can
pass—if
have
to
are
we
in
Urges Peace-Loving Nations
violations of
Those
treaties
creating
are
is
no
who
and
the triumph
and
confidence
of
their
signed treaty.
vital
as
A
in
to
Treaty
concerted
in
anarchy
isolation
and
and
or
especially
in
principles
instability
at
and
peace
the
respect
must
work
equal
together
in order that peace, justice
world.
the
a
be that
women and children.
may be that such a protest
as
ume to
lessen such cruelty in the days ahead?
"Even though It may take 20 years, which God forbid, for
civilization to make
its corporate protest against this
barbarism, surely strong voices may
hasten the day."
effective
There
is
a
solidarity and interdependence about the modern world, both
technically and morally, which makes it impossible for any nation com¬
pletely to isolate itself from economic and political upheavals in the rest
of
the
not
world,
especially when such upheavals
nations
except
no
maintenance
The
or
the
be
today want to live in
They
seek
the
foundation for
of vital
the
peace.
of
interest
sanctity
spreading and
within
nations
adhered
peace.
to
of
and
between
or
by all.
Inter¬
It jeopardizes either
concern
international
or
to
small.
the
treaties
the
whole
of
war.
Yet
the
of the
peace
to run the risk
as
invading
and
weak
too
are
to
in
violating,
have
territory of other nations that
which
and
by
war
the
treaties,
harm
foolish and ruthless
bo
into
world
solemn
real
no
and
which
refuses
rights
of
and
protect themselves
world and the welfare and security of
consideration
and
States
peoples
and
determined
to
have
and
Most
it
remote
differences,
keep
measures
of
out
as
and
to
and
strong
No nation
respect
the
retain
the
ever
loses its dignity
and by
exercising great
the rights of other nations.
be
declared
the
from
undeclared.
original
yet
war,
or
scene
It
can
hostilities.
insure ourselves
cannot
we
of
and the dangers of involvement.
war
will minimize
in
complete protection
is
to
Restore
survive,
Shattered
trust
our
We
risk of involvement,
world of
a
disorder in which
but
con¬
itself
express
Principles of Peace
the principles of the Prince of Peace
between
the
of all,
important
must
There
actively
remain
security have broken down.
to violate their
America
for,
whether
contagion,
a
forbearance
long
can
respect of other nations.
civilization
nations
exercise
to
others
standing by conciliating its
is
be restored.
i
disease.
policy of peace and to adopt every
a
involvement in
to
will
nations must
for
the end
peace
on
must
be revived.
the part
that nations that
of peace-loving
may
be tempted
agieements and the rights of others will desist from such
must
hates
engages
be
positive
endeavors
America
hopes
in the search for
peace.
war.
to
for
preserve
peace.
a
peace.
Therefore,
America
Washington Following
Tour of Pacific Northwest—Confers With Cabinet
on
International
Affairs—Indicate
Special Session—Comments
Planning Agencies
on
Likelihood
of
"Little TVA's" and
President
Roosevelt
reached
Washington
yesterday
(Oct. 8) following- the conclusion of his tour of the Pacific
Northwest.
The President arrived in Washington at 8.30
a. m., on his
special train which left Hyde Park the previous
night (Oct. 7) at 11 p. m.
He went immediately to the
White House and prior to a Cabinet meeting later in the day
he conferred with Secretary of State Hull and Norman H.
Davis,. Ambassador-at-large, and held separate talks with
Secretaries Wallace, Perkins and Morgenthau.
According to Associated Press advices from Washington
the United States and Great Britain began
preliminary con¬
versations yesterday on arrangements for the 9-Pbwer con¬
ference to deal with the Sino-Japanese hostilities.
It was
further stated that while President Roosevelt was
discussing
the international situation with his Cabinet and chief
diplo¬
matic advisors, V. A. L. Mallet, charge d'affaires of the
British Embassy, conferred on the arrangements with State
Department officials, with the winding up of the Northwest
Hyde Park on Oct. 6 from
Chicago, where on Oct. 5 he dedicated the Outerlink Bridge
over the
Chicago River to which we refer elsewhere.
At
Hyde Park on Oct. 6 the President was reported as stating
that
people of
and
the
morality be restored.
majority
removal
either
standards
security of every nation, large
international
overwhelming
peace
moral
every
future
that
or
and
matter
a
States
of
laws
destroys
is, therefore,
United
stability
under
the immediate
It
and
tour. The President returned to
be
can
national anarchy
the
to
appear
declining.
There
at
disease starts to spread, the community
pursue
to avoid
Would
If
from
might be regarded by many, who claim to be real¬
futile, but may it not be that the heart of mankind Is so filled with horror
the present needless suffering that that force could be
mobilized In sufficient vol¬
ists,
but
honoring
quarantine of the patients in order to protect the
a
nation could be
any
adopting such
neutrality.
recognize
live
and
something greatly needs to be said In behalf of ordinary hu¬
manity against the present practice of carrying the horrors of war to
helpless civilians
► "It
grievances;
necessity of
liberties of others
community against the spread of the
measure
cannot
we
opposition to
the other day:
me
cardinal
the
to
President Roosevelt Returns to
Violations
effort
belief in the pledged word, in the value of
a
world must recognize the
the rights and
respecting
determination to
nation
are
ignorings of humane instincts which
mere
free
moral
prevail
Oppose
a
There must be recognition of the fact that national morality
private morality,
as
seems to
those
freedom
be
and
return
a
Bishop wrote
"It
law
may
There must be
is
to
international
through
escape
cherish
right of their neighbors to
for
of
state
a
the
nation is today being threatened by that very thing.
cause.
world
a
also
secure.
peace-loving nations must make
which there
the
them
good
are
continue
vast chaos."
Nations,
they
But
unfortunately true that the epidemic of world lawlessness
one
flower of
of
well-founded
and
aroused
against the disastrous effects of
help from
no
will rage
be
of
consciousness
injustices
must
and joins in
my
War
that this
mercy,
that
safety by
no
storm
to
come
world,
Treaty.
,
patience with,
the ethics and the arts of civilization.
human beings
to
the
of
parts
attacked
carry on
science.
not
are
other
in
be
"there
will
ought to be inconceivable that in this modern era, and in the face of
No
humane
which we can breathe
freely and live in amity without fear—the peaceloving nations must make a concerted effort to uphold laws and principles
today
is
confidence
greed for
a
Nine-Power
the
epidemic of physical
an
freedom
Nations
justice and
be
to
seems
plunging
We
escape,
not
their
The questions involved
concern.
spreading.
or
being cruelly sacrificed to
are
pass
will
culture is trampled and all
those
is
by sub¬
done them any harm.
is devoid of all
tranquilly and peacefully to
The
It
fidence
things
acceptance
make
end to acts of international aggression.
an
adequately.
fomenting and taking sides
are
never
it
treaties,
putting
done
utterly de¬
those
imagine
time
same
moral
removing
of
contravention
stroyed."
on
of
of
away.
will rage so hotly over the world that every precious thing will be in danger, every
book and picture and harmony, every treasure garnered through two
millenniums,
the small, the delicate, the defenseless—all will be lost or wrecked or
If
the
It
time when men, exultant In the technique of homicide,
a
to
of the Covenant of the League of
and
Pact
the
that
true
practicable
recent author;
a
f "Perhaps we foresee
If
is
engulf
paraphrase
If
It
It
consideration.
To
universal
way
problems of world economy, world security and world humanity.
importance
every
that have
peoples and nations
and
almost
some
It is true that they involve definite violations
especially
Briand-Kellogg
health of
claiming freedom for themselves deny it to others.
power
find
and must
definitely of universal
agreements, and
of
justification
or
being attacked
are
Nations
notice.
or
nations
law.
received
have
that
can
principles of humanity.
internal
territory in violations of
where
without
women
ships
peace,
order and
merely to violations of specific provisions of particular treaties;
not
experience,
and
war
The
they are questions of war and of peace, of international law, and especially
When
the air.
from
so-called
without
civil
alien
of
stage
a
lawlessness
interference
order and justice
including
bombs
with
times
of
supplies of implements of war.
compelled, nevertheless, to look ahead.
you are
Epidemic of World Lawlessness Spreading
traditions which have marked the progress of civiliza¬
declaration
a
less—11%
dams and reforestation, the
other kinds of useful works, rather than
many
international
is
nations
60
threatened.
condition of law,
a
international
invasion
reached
now
and
standards
situation
relate
thus raised have of late given
peace
unjustified
the
or
seriously
are
tion toward
through
on
fear
bridges and boulevards,
centuries,
the
approves
of terror and
began
It
ago.
the United States spend is far
in
we
soil
our
all
moral
through
furtherance of their
to a haunting fear of calamity.
years
in
continuing
a
The high aspirations expressed in the Briand-
Kellogg Peace Pact and the hopes for
way
human
of
piling armament
of aggression, and those other nations which
that
into
of
of
sanctity of
aims and
destruction
be
to
seem
freedom and the security of 90% of the population of the
being jeopardized bynthe remaining 10% who are threatening a
is
with
growing
and anxiety to all
concern
live in
to
late
of
grave
solemnly pledged themselves not to resort to
national
which
the
involve
neighbors.
Some nine years ago the
for the
cannon
planes
military
Surely the 90% who want to live in peace under law and in accordance
of
importance.
Political Bituation
The
of
produce
against them and their security, a very high proportion
is being spent directly for armaments.
It runs
compelled and
am
the
progressively
to
high as 50%.
as
money
breakdown
States, under modern conditions,
the responsible executive head of the Nation, have chosen
as
striving
prevail.
inland city and this gala occasion
definite
inevitably I
different
very
in
huge standing armies and vast
I
peace,
the happiness and
of the world.
the people
sake
I,
covers
contrast
to
in other parts
enacted
the
farms,
prosperous
seen
and
the production
wealth through
happy we are that the circumstances of the moment permit us to
our
world
thriving factories and the busy railroads—as I have
1937
agriculture
income
proportion
conservation
look and word that their material
made great
has
years.
of
30% to
in
12%.
How
the
of
the Federal
national
The
or
betterment.
civic
and
again
once
taking
opportunity of
:
world
the
of
purposes
of aggression
the
of
Chicago follows
and
guns
industry,
Oct. 9,
property.
nations
for
than
rather
machine
and
those
armament
may
goods
useful
and
In
acts
The President's speech in
I
bombs
and
lives
bridge and driveways improved the lakefront express highway system
Roosevelt
they
that
themselves in
increase their
exert
to
want
wealth-producing
will double the capacity.
trucks, to be built later,
fiom
Chronicle
of
the
peoples
and
of
the
world
for
as
much work
against
trade.
as
possible before the Christmas holidays.
advices from Hyde Park it was said that
the matters be considered at the special session would include
In United Press
'
barriers
nations
three-fourths of the Senators and Congressmen who
boarded his special train favored a special session.
He ex¬
plained it should start between Nov. 8 and 16 to give time
Financial
Volume 145
control,
crop
and hours, Government reorganization,
wages
advices it
same
I
special session question
would be made between the time he arrives in Washington
The President made it clear that he
Friday morning
believed—and that he felt the
people
should
adopt an "ever-normal granary" farm bill, set minimum wages and maxi¬
mum hours for industrial workers, consider his program to reorganize the
backed him up—that Congress
he talked to on his West Coast trip
Government and divide the country into
less specific on
was
to recommendations that from
lists
eight public works planning areas.
his court plans.
He pointed
be added to Federal court
12 to 24 Judges
possibility for congressional consideration.
as a
Hyde Park press con¬
In the account of the President's
correspondent, Robert
ference to the New York "Times" its
B.
He said his trip con¬
quicker and cheaper justice.
vinced him the country wanted
Post, made the following observation:
Objects to Term "Little TVAs"
As to the Norris bill for regional
planning agencies, Mr.
Roosevelt warned
TVAs." He pointed out that the
TVA has the power to build dams, run transmission lines and start soil
conservation projects.
The planning agencies under the Norris bill would
have no executive power, Mr. Roosevelt said, but would confine their
activities to the collection of data and the transmission of recommendations
calling them "little
reporters against
Congress through the
to
hope
to
According to
earthen
dam when completed, controlling the stream's flow for more
than 1,800 miles and creating a lake 180 miles long.
The
fact that the President, in his address at the dam, had
bracketed the names of three of the Montana members of
Congress with himself, but omitted that of the fourth—Sen¬
ator Wheeler, who broke with Mr. Roosevelt over the Court
reorganization plan—was noted by Robert P. Post, the corre¬
spondent of the New York "Times" on board the President's
special train, the correspondent adding, in part:
begun on Sept. 22, during
dressed
gatherings
journey
and
"Jim
noted in
2 issue,
Oct.
pages
on
of the
both on his Western
follows:
spoke as
I am made very happy
I have seen. I cannot help feeling that every¬
body who has had anything to do with the building of this great dam
is going to be made happy all the rest of their lives.
Some day we will have a "Grand Coulee Association" for these people
who had something to do with this construction, and membership in that
association will be like a badge of honor because we are building here
something that is going to do a great amount of good for this Nation
Grand Coulee after three years
Coming back to
the years to come.
all
through
progress
the figures
that has
My head is full of figures, and the easiest way to describe
io that this is the largest structure, so far as anybody knows,
undertaken by man.
been
ever
anything that has ever been tried before that
there is no comparison.
We look forward not only to the great good
this will do in the development of power but also in the development of
thousands of homes.
The bringing in of thousands of acres of new land
for future Americans, and I think that in the State of Washington there
It
is
is
much bigger than
so
splendid understanding of
a
that
acres
There
and
trying
to farm
valley
is
families
poor
on
dammed
to
up
need
who
development of these
families in this country—in
areas—who are not making good
of
thousands
stricken
the
in
the objectives of the
going to be irrigated.
are
are
some
the Middle West
because they are
land, and I look forward to the day when the
give the first opportunity to these American
good farm land in place of their present farms.
They are a splendid class of people and it is
them live better than they are living now.
up to us as a
Nation to help
When the dam is completed,
all the way to Canada, and
young people, especially, are going to live to 6ee the day when thousands
and thousands of people are going to use this great lake not only for
have
will
we
lake
a
155 miles long running
and power purposes, but for pleasure purposes—
small boats, motor boats and steamship lines, running all the way to the
northernmost boundaries of the United States and into Canada.
transportation
is
It
the
great
a
whole
There
purposes
prospect, something that
appeals to the imagination or
country.
is
just
one
other word
that is worth saying from
a
national
We think of this as benefiting this part of the country
primarily, giving employment to a great many people in this neighborhood,
but we must also remember that probably half of the total cost of this
dam is paid to the factories east of the Mississippi River.
In other words,
it's potting to work in the steel centers and other great manufacturing
centers of the entire United States thousands of people in the making of
the materials that go into the dam.
point
So,
of
in
national
view.
a
very
correct
goad.
sense,
it's a national
undertaking and doing a
Court plan, and
the Democratic
Mr.
State
the
of
three
mentioned
men
Senator
today.
train
the back
were" on
Wheeler
was
expressed himself as "thrilled" at the con¬
both by reason of the fact that it is
times bigger than any earth-filled dam in the whole
The President
struction of the dam,
"four
Oct. 1, when he left Fort Lewis,
by the wonderful
who
against
platform of the
absent trying a case in
California.
Mr. Roosevelt received a telegram from him today welcoming
him to the State and expressing the Senator's regret that he could not
attend the speech.
Mr. Wheeler also thanked the President for his help
to the State and
urged that the possibilities of the Fork Peck Dam be
developed.
After the President's speech, Marvin H. Mclntyre, one of
his Secretaries, acknowledged the Wheeler telegram.
As yet there has been no provision for making use of potential power
developed at the dam.
From the reaction of the large crowds to Mr.
Roosevelt it would appear to show that they are behind the entire Montana
delegation in its demands that the power of Fort Peck be developed.
All
which he ad¬
Wash., where
he received a salute of 21 guns, and proceeded to Tacoma,
at which city he boarded his special train for the East.
Mrs. Roosevelt, who left Seattle a week ago by airplane,
arrived at the Newark, N. J., airport on Oct. 1 at 7:30 p. m.
Speaking at Grand Coulee Dam, Wash., on Oct. 2, President
Roosevelt stated that "we are building here something that
is going to do a great amount of good for this Nation
through all the years to come."
"In a very correct sense,"
he said, "it's a national undertaking and doing a national
good."
He declared the dam to be "so much bigger than
anything that has ever been tried before that there is no
comparison."
The President observed that "probably half
of the total cost of this dam is paid to the factories east
of the Mississippi River," and he added that it is putting
to work in the steel centers and other manufacturing centers
"thousands of people in the making of the materials that
go into the dam."
At the Grand Coulee Dam the President
Eastward
in the House.
All three embraced the
has announced that he will run in
Montana
O'Connell,
President's
The President started
2157-2160.
and Jerry O'Connell."
Mr. Murray is
while Messrs. O'Connor and O'Connell
Wheeler in 1940, is already stumping the
denouncing the senior Senator for his opposition to the President.
His various addresses, in
to those to which we are referring today, were
these columns Sept. 25, page 1996, as well as in
addition
our
at many points,
Jim O'Connor
and
Murray
Wheeler's colleague in the Senate,
primaries
return East.
his
Glasgow.
Speaking at the giant Fort Peck Dam, Mr. Roosevelt said that he was
in the development of
the other rivers in Montana, as were
Natural Resources"
Pacific Northwest,
near
will be the world's largest
interested
as
Roosevelt concluded this week his tour
River
United Press advices, it
"National
Undertaking Doing a National Good"—At Fort
Peck
Dam
Indicates Plans for Preservation of
Water in Dry Areas—Declares at Havre, Mont.,
Efforts Are Being Made to Balance Budget of "Our
Human and
Montana on Oct. 3, one at
Missouri
the
across
Mr.
President
Presi¬
Fort Peck Dam
and the other at Havre.
His remarks at Fort Peck followed
the inspection by him of the government's $108,000,000 dam
Pacific North¬
Coulee Dam
delivered extemporaneously by
Two addresses were
dent Roosevelt in
Mr.
Grand
three years and see this
that time comes I think we had
rejoicing.
back here in another two or
come
pretty nearly completed, and when
better, all of us, have a great season of
represent
west—Describes
in
work
dam
President.
Roosevelt Concludes Tour of
President
people will realize they won't
the actual construction.
few
very
difficult
night of Oct. 12.
and when he comes back to his home here the
Mr. Roosevelt
finished,
the
construction stage because when
be able to visualize
in its
always glad to see a project
I'm
it's
all
stated:
was
Roosevelt said his definite decision on the
Mr.
In the
bill.
regional planning—and possibly a new court
2319
Chronicle
world," but also because of what
it is going to do for the
people of Montana and the whole Missouri basin."
He a!so
told the gathering at the dam that "we can do many things,
and we are going to do many things, for the preservation
of our water out through the dry areas."
In his Havre
address*
that
remarked
he
"we
balancing that
are
[the
budget" and "are going to use every effort to
the budget of our own human and our natural
Treasury]
balance
resources."
The President's extemporaneous
address at the Fort
Peck
Dam follows:
have come and gone and I see a great
was just the beginning of a dam,
Three years
there
before
here
three-quarters finished.
I have been thrilled by it, not only because
and other
•
earth-filled dam
change.
it is four times
in the whole world,
When I was
and now it is about
bigger than
is
but because of what it
the whole Missouri basin.
three
or
four years.
During that time we have given useful work to millions
of our unmeployed citizens, we have brought water to dry places, we have
increased and cheapened the use of electricity, and
we have completed
literally thousands of projects of immediate usefulness in every county
and every State of the Union, but most important of all, the Nation as a
whole has understood the long-range purpose of our policies and the Nation
has understood that we are building for future generations of our children
and grandchildren, and that in the greater part of all we have done the
money spent is an investment that will come back a thousandfold in the
going to do for the people of Montana and
It is another illustration of what we have
been doing in the past
'
coming years.
I wish
that lots of
back;
and
Coast
have taken
Not
to
I wish in particular
this trip with me out to
that a certain type of citizen
Thomases.
important business man
the
could
it, the doubting
long ago a
very
of New York City came
nearest his heart, the balancing
Well, I told him it was pretty important and that we were
to talk about
me
people could have taken
of the budget.
the one thing that lay
balanced next year, but I asked him if he had ever read
"No." I asked him how much he would save in
the coming year, and he said:
"Oh, two or three billion dollars"; and
then came my question that always stumps people of his kind.
I said,
"Just where would you cut expenses?" and he hemmed and he hawed, and
he hemmed and he hawed some more, and he couldn't tell me where he-'
would 6ave money, although he was saying to the Nation through the great
newspaper that he owned that it was perfectly simple to do it.
Well, I pressed him on it, and finally he said this:
"Why, you can
save
half the cost of relief by putting every family on a dole, every
going to get it
the
budget, and he said
dole the whole year
building right away these
works life Fort Peck and the Grand Coulee and Bonneville
all this flood control business, stop all this irrigation busi¬
family that is out of a
around, and most
silly
public
Stop
dams.
job or starving, put them on a
important of all you can stop
ness."
putting a terrific
America he finally told me what
his real
said all this business of helping
people is ruining the country.
Look at my taxes. I have to pay half of
all my income in Federal and State and local taxes, and I happened to
know what that gentleman's income was, $400,000 a year, and that poor
man thought
that he was going to the poorhouse because after paying his
And
when
hardship
taxes
he
I suggested
to him that his program was
several million families in
philosophy of life was.
He
on
$200,000 a jear left.
only had
that is being made on American
people who don't know the United States, comes from
people who have never been out through the great West, comeB from
people who don't understand the problems, for example, of the drought
area,
who don't understand the attention that the government of the
locality and of a State and of the Nation has to pay to it to try to do
However,
most
of that kind of attack
policies comes from
Financial
2320
everything they possibly can to give a decent living to
the citizens within
they
the
are
kind
of
who don't understand when Jim
office week after week and make
people
Murray and Jim O'Connor come into my
themselves and say to me, "Mr. President, we have
got to have power developed at the Fort Peck Dam."
They are the kind
of people who say,
"Why, there is all kinds of power in the world up
there, why add more to it?"
They are the kind of people who can't
understand the interest, my interest, Jim Murray's interest, Jim O'Connor's
Jerry O'Connell's interest,
interest,
the Milk and the Gallatin
River,
in the development of the Yellowstone
and the Big Horn, and a lot of other
right in this State.
rivers
The
tradespeopleJ;o get "a rounded conception",^
problems."
President Roosevelt's address as given in the "Herald
farmers and
Tribune" follows:
nuisances of
perfect
thing I have always specialized on ever since I started collect¬
one
10 years is geography, the geography
And I think I realize, as all of you good
people do, that we can do many things, and we are going to do many
things, for the preservation of our water out through the dry areas of
the country and taking people off dry lands where they can't possibly live
by farming and give them a chance to do farming on good land. That is the
kind of policy that your government has got today, and I believe that
the people, not only of Mantana, but every other State in the Union are
appreciative of the fact that we know where we are going, and we intend
stamps at the age of
ing postage
Reid. Mrs. Meloney, ladies and
Mrs.
To you who are
congratulations on its success.
Cleveland on my way home after
the Coast and back, and it Is therefore natural, perhajps,
good wishes and my
my
I
a
speaking from the railroad train in
am
two weeks' trip to
thoughts at this moment run to travel.
that my
the
in
day,
Oct. 3,
the
President,
at
of one week. I am
particularly interested in seeing this part of the country because I have
got to plan ahead and you have got to plan alfbad and the Congress has
got to plan ahead for the use of more water.
I was talking last night with Jim Murray about that problem of water,
and we agreed that in a drought area like eastern Montana probably the
time has come—and that applies to big sections of other States as well—
the time has come to use our Works Progress Administration work, not in
building any more armories or school stadiums or streets, but to put it into
I
glad to be back in Montana after an absence
am
people in every walk of life in every section of the Nation.
and talking with
This
smiled all the way through
I
morning
breakfast because I hap¬
fori ''Field} Work"
Calls
student in a university,
and
professor
involving the immediate problem in the home town, but also
a field which covers the entire Nation.
observation in
I knew
a man once
time who after graduation from college with a
upon a
in the university by taking a degree
bachelor of arts degree, kept right on
degree in medicine and several graduate de¬
in science, a degree in law, a
When I knew him he was 45 years old and had
He was a walking
grees in
other subjects.
been at
college for more than a quarter of a century.
encyclopedia but had never been outside of his home town,
I have ever met.
possible person
It is
based
view is
they know it all, whereas actually their point
associations with others who, in their
on
look, at least, are about one inch wide.
their own country better.
into those
being converted
is
and useful public works is being
of conservation
The
America
tha future of
As
that
use
of
matter
a
form
that
of
success
That is the unbalanced budget that
and it is to balance that budget that
most serious,
as
fact,
of
budget
the great program
Treasury
is all
right and
we
that may be.
are balancing
needn't worry—but, in addition to it, we are going to
effort to balance the budget of our own human and our natural
resources.
I have had a
a
lot.
very
wish
I
a
wonderful trip.
whole
lot
of
I have seen a lot, and I have learned
people from back East and from
other
Fort Peck to see the largest earth dam in the
Yesterday I saw the largest concrete dam in the world.
All of
are intended to do just what I have been talking about—to give the
I
am
going down
to
people
a
and
want
It has
better chance—and I believe that is what
the American people
"Take a second-hand car, put on a
you have to pay more than $2 for your room and
friends or your Chamber of Commerce friends
I wish I could stop off
I have been here before, you know. I wish I
could go up to Glacier.
I wish I could drive in an automobile because I
can see more that way than from
the rear platform of a train.
I hope to
longer and see this country.
come
back
and
)» The Forum for Current Events is
see
you
again
soon.
Calif.,
on
Roosevelt
Oct. 2, said:
important engagement makes it impossible
to join with the people of Montana in welcoming you to the State.
I can
assure
you all the people are profoundly grateful to you for what you
have done and are doing to assist them.
It is my earnest hope that you
will be able to tell them that the power development at Fork Peck will go
forward immediately, first for the sake of irrigating thousands of acres of
land now in the drought area and second as a yardstick to measure the
I
regret exceedingly that an
price that should be charged for
electric current in Montana nad neighbor¬
ing States.
and
can
we
Other addresses
one
Oct. 5
on
St. Paul, Minn., the Presi¬
indicated that he would
for enactment legislation to preserve soil fertility,
and to provide for control of crop surplus.
These addresses
we give in this issue under another head.
press
of the debaters of the day, Henry
Tour of Country in Second
Knowledge of Nation
—Message to Seventh Annual "Herald Tribune"
Forum—"Rediscovery of America" Basic Topic of
President Roosevelt Urges
hand Automobile to Acquire
proposal slated as the first
which may be called this
expressionless witness to an
McMillen, editor of The Country
onslaught on the measure by Wheeler
Bill,
as
of the
Labor of the
and Hours
F. Wagner, who also entered the lists on behalf
Norton, chairman of the Committee on
Mary T.
House of Representatives,
did Senator Robert
appealed for support of the Wages
Wagner Act.
General
S. Johnson,
Hugh
who headed the now
by
more
than 3,000 delegates of
that he had to take a bow.
Senator
to
Wagner Act,
the
based on the general topic, "The Second
Discovery of America."
President Roosevelt, in a greeting
broadcast on Oct. 5 from his special train at Cleveland,
suggested that the Forum should be supplemented by "an
intensive drive to get people to know their country better."
In respect to public affairs and National problems, he said,
"the excellently educated man and woman form the least
worthwhile opinions, for the simple reason that they have
enough education to make them think that they know it all."
He recommended a tour of the country in a second-hand
automobile, and contact with filling-station operators, small
Michigan
of
Vandenberg
H.
Arthur
amendments
and
United Automobile Workers of America,
out of the National Labor
Frank
defended his proposed
Homer Martin, president of the
attacked them.
general counsel of the American Federation
Charlton Ogburn,
of Labor
need not try to make a police court
Relations Act."
Week, insisted that it was too
affected by cases taken before the
they like the Wagner Act
Rising, labor editor of Business
early for even those workers directly
National Labor Relations Board to "be sine that
as
it stands."
Dr.
Luther
director of the
Gulick,
Institute of Public Administration
Management,
Frank R Kent, vice
Committee on Administrative
Reorganization Bill.
political commentator, undertook to
companion piece to the "Court Packing Bill,"
president of The Baltimore Sun and
riddle
the
which
might "put every heretofore
as
measure
a
independent agency under the Presi¬
dent."
Wagner on Democracy
Senator Wagner
by President Roosevelt, in which he recom¬
a greater knowledge of the United States
by increased travel throughout the country, featured-the
closing session of the seventh annual Forum on Current
Problems," which was held under the auspices of the New
York "Herald Tribune" on Oct. 4 and 5.
The dicussions
mended search for
defunct NRA, led a
and was so roundly applauded
women's, youth and college organizations
charge against the new labor standards bill
Discussion
An address
A. Wallace, Secretary of Agri¬
Taking his seat, Mr. "Wallace became an
fall.
spoke in behalf of the Executive
were
follows
as
order of business at the next session of Congress,
and member of the President's
this year
reported in part
OctLj):
were
warned that "the Federal Government
At Grand Forks, N. Dak., and
better because it's a grand country
championed the ever normal granary
culture,
We ought to have
all be proud of it.
inTthe New York "Times" of
dent delivered addresses in which he
r
grand institution.
supplemented by an intensive drive to
Home Magazine.
Wheeler, in his telegram to President
from Gerber,
a
of them, but they ought to be
more
Mrs.
Senator
Don't talk to your banking
(you know plenty of them), but
and farmers you
bath.
specialize on the gasoline station man, the small restaurant keeper
meet by the wayside and your fellow automobile travelers."
As
good to see you all this morning.
I said,
flannel shirt, drive out to the coast by the
Don't stop anywhere where
Northern route and come back by the Southern route.
going to get.
are
been
the
well
suggestion which I once gave to a
in New York who thought he knew it all.
young man
world.
them
I would amend this by suggesting that men and women,
should go not only to West of Horace Greeley, but all
the coast—should go South and North and East as
way to
get people to know their own country
Washington, D. C., could take trips like this.
special efforts to know
South
distinguished editor of the Tribune once suggested that young men
A
old and young,
And in their travels, may I repeat a
just as important to
budget—you
every
Go West, North and
carried out.
balancing is
that of the Treasury, important as
the
educated and thoughtful citizens will make more
should go West.
replaced.
worth thinking about.
well
is
of
geographical out¬
good humor, I hope that in the days to come
That is why, in the utmost
our
nominal evidences of wealth at a faster rate
real wealth is being
our
That
form the least worth¬
for the simple reason that they have enough education to
think that
them
well worth thinking about.
It said that because we have
made money in wasting and eroding large human resources and piled up
nominal wealth in securities and bank balances, we have lost sight of the
fact that the natural resources of our land—our permanent capital—are
than
public affairs and national
true that in respect to
ubfortunately
problems, the excellently educated man and woman
make
and he was
bigoted, narrow-minded, unsophisticated and generally im¬
about the most
is
that
personal observation of the
By "field work" I mean not merely
pened to see an editorial, not in a paper here but in a Great Falls paper,
that talked about "balancing the budget of our resources."
That is some¬
thing
___
the newspaper publisher
and the reporter, the man in public life and his local constituents, can and
do learn greatly by much reading, much study and much discussion, especi¬
ally if the reading, the study and the discussion cover all sides of any given
question.
But the result of it all is almost inevitably tinged with pro¬
vincialism or narrowness if it is not supplemented by what I call "field
The
while opinions,
of dams.
the building
problem without traveling through the country
conception of any National
platform of his train, said:
Havre, speaking from the rear
Forum when I
a
possibly get a complete picture or a rounded
that no human being can
say
actual practice
earlier
from the value of
I do not want to detract in any way
work."
there.
Delivered
gentlemen:
attending this Forum on Current Events I again extend
especially of the United States.
to go
1937
9,
National
their borders.
Yes,
Oct.
Chronicle
maintained that for the last century "practically every
step toward social progress
of governmental
has involved an enlargement
responsibility."
Proceedings at the opening session were
lows in the "Herald Tribune" of Oct.
The
general
America."
was
of this
topic
year's
forum,
described
as
fol¬
5:
"The Second Discovery of
divided in the day's three meetings into
sections devoted
problems of youth, freedom of the press, and the
outlook for control of crime and disease, political reform and better inter¬
in
turn
national
to
the special
relations.
JfeMoreJthan 3,000
women
institutions from many parts
leaders and representatives
of educational
of the country crowded the main ballroom of
the hotel at all sessions.
)«*Mrs. Roosevelt, who came East by airplane in order to
made months ago
when
the delegates
fulfill her promise
the platform
Her welcome to
that she would open the forum, was on
the first session
opened at 9.15 a. m. yesterday.
followed that of Mrs. Ogden Reid, Vice-President of the Herald
Tribune; Mrs. William Brown Meloney, Chairman
F. H. LaGuardia.
of the forum, and Mayor
Volume
Financial
145
Mayor LaGuardia congratulated the organizers of the forum on choosing
"The
Second
Discovery
of America"
saying it
their title,
as
most
was
appropriate and timely in the year of the 150th anniversary of the adoption
of the
not
we
"His
said.
proposition
hence he was considered irresponsible,
novel,
was
world," he
unreliable and by some even radical."
Here
the
Roosevelt,
Mayor
removed
and looked
smilingly
Mrs.
at
he said:
as
"Not until he
able to convince a most charming and intelligent
was
of
woman
the day did he find any encouragement.
She believed and a new world was dis¬
covered
She dared and a new era in history started.
It's a long time from Isabella
.
to Eleanor."
the Mayor, must be from the
of America, continued
bases of economic and social well being.
had expressed her regret
with
the
"In this season of grave
year's
forum.
From Mrs. Roosevelt's address we take the
fear is the basis
This distrust brings about fear, and
have of each other.
of all other
following:
the world today is the distrust we
One of the great causes of trouble in
The
evils.
for this distrust is that there is a
reason
lack of
honesty and integrity in many of our dealings as indivudla or as groups,
When
or
even as
nations.
as
groups,
or even as
make an agreement either as individuals or
we
that the
in
for mutual understanding, this attitude
and that will only come about through a
toward each other must change,
through the last 40 or 50 years.
ment
"My conviction is definite that the most difficult charges for our political adver¬
answer at the bar of history will be their
opposition to the adoption of
•
And
Crop Surplus Will Be Sought—At Grand Forks,
Mont., Also Says Another Legislative Objective
Would Provide for Better Land Using—At St. Paul
of
Proposed Farm Legislation to
Discusses
Provisions of AAA "Destroyed" by
Court—Refers to Wage and Hour Law
Replace
The intention of President Roosevelt to seek
Su¬
early legisla¬
surplus control was
by /Congress to provide for crop
indicated in an address at Grand Forks,
N. Dak.,
on
Oct. 4,
objective legislation
at which time also he cited as another
preserve
Both objectives were dealt with
soil fertility.
by the President, not only in his Grand Forks address,
a
he goes
but
In his
speech the same day at St. Paul, Minn.
and
life
Farm Measure
of the
country they live in, no matter
wheat
or
beets
that if
first
that
not
educating the
should
That cornerstone was destroyed by
the ruins of the old.
He noted that it was
Supreme Court."
verdict of the
Conservation Act," and went
that "the National Farm Act, which I hope the
say
will
Congress
pass,
I
will,
confident,
am
.
preserve
strengthen the present soil conservation program, and at
give us provision
time
same
manageable surpluses
known
as
intended to restore all
Act," but
covery
that
of the National Industrial Re¬
"it is intended to prevent overlong
and "to end child labor in every
in
laws
in
the
will
case
of
farm
a
should
result
financial
A
of both
decrease,
He went on to say:
and hour
and
child labor
first, an increase
increase in the total of the Nation's income.
of these the actual cost of
taxes—not
existing
used
surplus.
crop
for
instance,
was
from
read
former
Supreme
Court
Justice
dress, in which Mr. Clarke expressed
himself as seeing "eye-
in your efforts to accom¬
plish in eight years what should have been in process of
accomplishment through the last 40 or 50 years."
Mr. Roosevelt's Grand Forks speech was made at the
dedication of a Works Progress Administration fair grounds
to-eye with
grandstand.
[the President]
you
Governor William H. Langer of North Dakota
President.
At St. Paul the President was
introduced
the
introduced
by
Governor Elmer
Benson.
The President's
The
regret
that the
last
intensely
and
interesting trip
western
part
of
dependent for its prosperity on
the
I have had another view of that
United States which is so greatly
agriculture and its sister, forestry.
I am
has
to
buy
United States were to run on a
in order to get rid of it, at far less
manufacturing shoes.
We should re¬
that the prosperity of the wheat growers helps the
incidentally,
You in the Northwest have more money
articles, made out of cotton, and the prosperity of
more
the cotton
growers
helps the growers of wheat, for the cotton belt is enabled to
and
more
eat
If
surplus of wheat piles up in the hands of buyers
enormous
an
buy
bread.
and
know from past experience how the price of wheat will
drop almost out of sight the following years.
Neither you nor I want to
speculators,
you
repeat the experiences of 1932.
Control of
Crop Surpluses
Therefore, I believe that it is essential to our national economic program
that
something to
have
we
ruled, in a divided opinion, that the
make a contract with a farmer by which acreage is
downward
or
upward.
I have never subscribed to the
either
theory that agriculture is a purely local matter and that
constitutional
therefore,
has,
"If
farmer:
the
between
into
of
the government will do thus and so."
see very much practical difference
In the one case the farmer voluntarily enters
and so,
do thu6
you
matter
a
it
national scope.
no
will be held constitutional for the government to say to a
it
Perhaps
As
about the control of the major crop sur¬
cannot
government
fixed
say
Court has
Supreme
The
sense
common
methods.
two
I cannot
voluntarily does something with the
part will do something.
One is a
The result is the same.
feel certain that a majority in both Houses of the Congress will heed
wishes of the farmers of the Nation in enacting crop surplus control
in
contract,
a
the
other
he
knowledge that the government on its
contract, the other is a promise.
I
the
And it is my thought that legislation to that
legislation.
be
for
it
and
legislation
have
to
any
in
do
late February and
after
bill
a
on
fall
the winter
the
machinery
new
haste
I
next spring's seeding,
such as cotton, are actually planted
early March.
is passed and becomes law on the signature of the
year
I
I
to
be important
from every angle.
happy to come back to North Dakota,
and I hope that the coming
will bring you still further along the road to
am
to St. Paul after an absence of less than a year.
welcome to this State given me by my old friend,
glad to return
the
Benson.
cannot
friend
prosperity.
Paul the President spoke as follows:
appreciate
Governor
I
it is humanly possible to set up
in all parts of the country to carry out the providings of
If, therefore, new legislation is to affect the 1938 crops,
law.
seems
am
wheat which is now
plowing against
President, it takes a month or two before
the
late
in the
not passed at the last session it is too
parts of the Nation crops,
some
Even
was
bearing
farmers
Many
ground.
in
end ought to
passed at the earliest possible moment.
Because the
who
leader will
come
has
to
Minnesota,
passed
old
always be with us.
This morning,
legislation
however, without thinking of another
on—Floyd Olson, whose memory as a great liberal
Move
this
northern
factory in the
to the public,
cost of
year.
On
which
soil
surplus of shoes in the United States that the surplus
prosperity of the cotton growers.
necessities of
j^art of North
portion of the drought
dry
things hold good of wheat, or cotton, or corn.
same
At St.
the schedule brought me through hte
Dakota by dark. Last night, however, I saw a
area of Eastern Montana—a situation akin to yours
in the western part of the State.
We can at least be thankful that the
rains and the crops in this valley, and, indeed, in the eastern part of
both Dakotas and most of Minnesota, have been far more plentiful than
I
a
be sold
have to
member,
address at Grand Forks follows:
greater
to
.
shoe
every
there would be such
John H.
by the President in his Grand Forks ad¬
water
basis, turning out shoes day and night for two or three years,
three-shift
relief for the unemployed
higher taxes—should make the
problem of local and State and Federal Governments more easy.
letter
Clarke
and
wages
two great purposes:
accomplish
undoubtedly
State."
legislation,
employment, and second, an
As
which he said it is
establish "a reasonable minimum wage,"
hours of labor," to
As
by the
bringing
one crop,
pluses.
and hour legislation was also referred to
President in his St. Paul address, as to
"not
storage of reserve
by
plow,
wheat or cotton or corn, for example, is like any widely
manufactured commodity, like bricks or automobiles or shoes.
If,
Any
against the piling up of un¬
and provide for
of land, by putting back into grass or trees land which
the
ever-normal granary."
food supplies in an
The wage
and
way
and by helping farm families to
resettle on good land.
The money we are spending on these objectives is
already coming back as increased national income and will be repaid, in
the long run, many times over.
The other objective is the control, with the approval of what I believe
is
the overwhelming
sentiment of the farmers themselves, of what is
partly "replaced by the Soil
to
such
such
under
than the actual
great cornerstone in the new and
land in
possibilities for profitable use,
would
a
the
a
users
be
not
immense
the President, in commenting on
was
using
destroy it or harm it for future generations, and in
that it will bring to us the best year-in and year-out return as a
for our labors.
This we are doing at least in part today by
way
reward
"for three years the Agricultural
Act
whether they raise cotton or corn or
rice, the experience we have today teaches
or
the poverty of the past we must strive today,
toward two objectives.
called better land-using,
is
do
we
potatoes
or
would avoid
we
tomorrow,
The
a
Objectives
seeking the betterment of our farm population, no matter what part
In
his objectives, stated that
permanent structure that we Americans are trying to rear
introducing into our
at least of
something
legislation
neighbors.
remarks at the latter city
Adjustment
to speak of what we are doing by
on
the influence of the
Golden Rule ; the inauguration of a trend toward better things which very
certainly can never be halted or turned back, and, finally, he pays me the
finest compliment any man could
have in his lifetime.
He says, "Of
course
you have fallen into some errors; that is human.
But you have
put a new face upon the social and political life of our country."
If ever I get to be 80 years old, like Mr. Justice John H. Clarke, I
hope that I will have the same spirit that still seeks better things for my
national
not
preme
modest share in the comforts of life."
bors be given at least a
Control
Roosevelt Indicates Legislation for
Likewise
indifference and opposition to
callous
us
President
peaceably settling disputes between nations and their
civilization's other demand that our neigh¬
civilization's only process for
change in the next generation.
on
happiness
President, why I see eye to eye with you in your
eight years what should have been in process of accomplish¬
effort to accomplish in
If we're going to have any firmer foundation
the course of the next few years,
the
reflection, it gives me the greatest comfort and
politically and socially, through all my long life, my earnest sympathies
and my earnest efforts have been exercised for the great numbers of
my neighbors who were living in intolerable conditions while a few of us, under dis¬
criminating laws of our own making, were enjoying much more than a fair share of the
bounties of nature and government.
"The confidence that this has been and is unnecessary and socially unwise, and
can and should be corrected in large measure by rational and social legislation, la
nations, we have no real sense of security
agreement will be kept.
on
certain that he will not mind
his letter because they express
of us.
He says:
have gone out
Waldorf-
Square Garden, and had
seating capacity of Madison
Mayor LaGuardia to remedy this defect in time for next
called upon
and
that New York City provided no
Herald Tribune executives
public auditorium which combined the charm and dignity of the
also in
am
saries to
Reid, in. welcoming the delegates,
of the
tion
I
three sentences from
you
beautifully the thoughts of so many
60
and new
inside, and would be concerned with welfare rather than warfare,
Astoria
to
at bottom the reason, my dear Mr.
The rediscovery
Mrs.
letter from one of the only two living former
asked his permission, but
reading
our national
improving the
continuing
of
to realize that
glasses
his
importance
Court of the United States.
the Supreme
of
I have not
my
the scientists of the
to
the
family.
I received the other day a
Unorthodox
unorthodox
of
from Former Supreme Court Justice Clarke
Letter
members
Theory Most
to
the average
life of
who made the
original discovery."
"His theory was most
convinced
ever
find ourselves in very much the
position as my distinguished and remote forefather
that
than
more
policy of working toward better economy by stabilizing and
Constitution, and that while collecting the facts of past history was
difficult, "in rediscovering America
same
2321
Chronicle
to
Replace AAA
in Grand Forks, I spoke of the pressing need for national
to'preserve soil fertility and safeguard farmers' income.
For
2322
three
the
new
the
ruins
the
Financial
the
years
and
Adjustment
permanent structure
of
the
old.
That
that
Act
was
Americans
we
cornerstone
are
destroyed
was
cornerstone
in
trying to rear
on
great
a
by
the verdict
been
has
partly,
Act.
The
I
confident,
am
National
and
gram,
be
must
not
only
which
and
preserve
U.
hope
strengthen
give
the
Supreme Court Convenes—Associate Justice
Hugo L. Black Assumes Seat as New Member—Two
Motions
Congress
for
of
will,
pass,
conservation pro¬
against
storage
will
the
piling
food
reserve
of
up
supplies
and
over
maintain
again that such
over
farmers'
prices
by
destroy those prices but also to
holding
adequate
assure
policy is intended
a
down
huge
surpluses
supplies of
food
to
the
consuming public in the event of severe and widespread drought.
Farmers and processors alike realize, I am sure, that there must be a
wholly adequate supply of food for the Nation at reasonable prices.
There
must never
be a shortage of food—nor must the price of food rise so
greatly that the consuming public cannot afford to eat.
On
trip
my
evidence
Bill,
in
to the
favor
Pacific
that
of
is intended
to
Coast
twin
replace
back
and
piece
of
have
which
cornerstone
a
I
legislation
found
like
the
knocked out
was
Crop
by the
Supreme Court.
workers
trial
is
who
of
is,
commerce
intended
Nation.
hour legislation
and
wage
It
is
to establish
a
are
processing
certain
restore
intended
products
intended
not
course,
to
proposed for
to
to
fair
prevent
that
will
standards
of
for
the
the
and
wage,
NIRA.
workers
overlong hours of labor.
reasonable minimum
interstate
in
move
all
restore
indus¬
But
of
the
it is intended to end child
in the
As
will
of
case
undoubtedly
employment,
As
axiomatic
standards
of
that
State
the
from
Nation's
for
Associate Justice Willis Van Devanter who
resigned effec¬
In United Press accounts from
Washington,
Oct. 4 it was stated that Associate Justice Black
took his
to
seat on that day as a member of the
Supreme Court without
formality and in spite of two legal efforts to bar him from
the High Court with the
opening of the session.
From the United Press advices
Justice Black appeared
Each demanded
Governments
truly
can
far below
are
make
more
the
easy.
if
prosper
its
those of all the
looking for substantial support
am
part
every
the
of
permission
took
prominent
expansion
He
said
in
his
of
that
he
told
business
he
directors
his
is
unrestricted
hours
of
the
me
and
other
looking for
of the communities which
any
and
manufacturer
had
is
He
because
site for
new
definitely decided
had held
work.
a
day that
out
locating his
factory.
new
against
attraction
an
as
a
locating
low
plant in
new
the
of
The other motion
com¬
living.
The
I
more
study
the subject
the
I
more
become
does not pay any community or
any region in the
wages
toward
of
living
of
And
differential
in
the
country.
greater
the
only
based
and
pay
exception
actual
an
on
communities
some
This
motion but took
convinced
work in
as
we
or
give
compared
and in
effect
some
actual
an
it
working
are.
section
every
this will
to
that
to maintain low
run
the Nation
lower
sections
or
long
higher cost
with the
People
has been
that
traveling
are
1,000
The
uniformity is being encouraged
miles
made
in
transportation
and getting to know their neighbors 100
more
for the first
away
day by the amazing
during the last few years.
600
or
time.
interchange of goods between different parts of the country is also
In this part of the Nation the new channel from
making amazing strides.
the
Twin
have
a
Cities
long known
trip
by
I
year
the
stand
when
man
good illustration of what I
a
Paul
and
New
to
Orleans.
Next
that you
favor
in
progress
in
most
greatly
You
government.
constitutional
a
democracy
terms.
You
if
prosper
the
not
are
I
as
believe
do.
workers
wild-eyed
You
with
and
under¬
that
me
the
is
by
no
means
toward
at
a
common
goal in the past and
our
Kelly merely said: "I request
Besides tlie two foregoing
addresses, on Oct. 4, the Presi¬
I
believe that if
of
more of us could
get around the country, and this year
increased enormously, the more national we will
be in our point
has
view.
States
That
have
is
been
why
these trips
of
very,
Although
some
that I
take
every
year
in the
United
very great help to me in running the
job of
people have suggested that I ought to "coast,"
ought to stay in the White House and ju6t sit home
by the fire and have
a
good time in the next three years, I am not
going to take their advice.
So I hope I will have the
pleasure of seeing you good people in North
President.
Dakota
once
From
in
more
the
three years.
next
Forks,
Oct.
4,
Press
the title of
Monday.
bench; reference thereto appeared in these columns Aug. 21,
1191 and Aug. 28, page 1357.
In the earlier reference
to Judge Levitt's action it was stated:
Mr. Levitt contended that Senator Black
of the Justices
full pay.
was
still
were
was
was
prohibited from going on
member of the Senate when the "emoluments"
a
increased by legislation permitting jurists to retire
on
Mr. Levitt also asserted that Justice Willis Van Devanter
legally
a
member of the court and that there
Mr. Black took the oath
was no
vacancy to
Associate Justiee«on
as
be filled.
Aug. 19.
Confirmation
by the Senate on Aug. 17 of his nomination
followed hours of debate in which his
opponents declared him
ineligible because of Ku Klux Klan sympathies.
Justice
Black, as we note in another item in this issue, replied on
Oct. 5 to
allegations of his association with Klan, as to which
joined it about 15 years ago, and later resigned.
Regarding the cases before the Court with the opening of the
he said he
new
term
Associated Press advices from
Washington
on
Oct. 4
said in part:
The Supreme Court session is
than
400
cases,
some
important
an
of
them
one
vitally
on
its merits.
affecting
administration
legislation,
are on file.
They include such important parts of President
Roosevelt's program as the system of
granting Federal aid for municipal
plants, the Home Owners Loan Corporation, the Tennessee
Valley
Authority and the 1936 Act broadening regulation of commodity
exchanges.
power
Of the other cases before the court
on
this term, most interest is centered
further objections to the Wagner labor relations Act and
challenges of
the Government's right to make loans and
grants for
publicly owned hydro¬
electric plants.
There
are
three
itself,
involving the
cases
appealing from
on
Wagner Act,
labor practices and
injunction
an
against
one
such
two
from
firms
ob¬
from the labor board
hearings.
The court has agreed to pass on the power loan
question and arguments
probably will be held this month.
American Bar Association Adopts Resolution Petition¬
United
States
Senate
to
Establish
Rule
Requiring Hearing by Committee on Fitness of
ing
Nominees for Judicial Office
At the condluding session of its annual convention at
Kansas City, Mo. on Oct. 1, the American Bar Association
adopted a resolution to petition the Senate to require full
public hearings on the fitness and qualifications of any
future nominee for judicial office.
The Kansas City "Star" reporting this added in
part:
One other resolution, touching upon the majority rule in the
Supreme
was referred
to the special Supreme Court committee.
All 14
Court,
remaining resolutions
That
was a
advices
were
killed.
minimum record of resolving
While making
Associated
on
page
record.
Grand
hearing
Both Judge Levitt and Mr. Kelly had
previously sought to
prevent former Senator Black from taking his seat on the
cooperation
dent also spoke briefly at
Fargo, N. Dak., on the same day,
from which we quote the
following:
travel
a
this court."
on
The court recessed at 12:25 p. m. until next
end.
an
Boston at¬
a
investigate the legality
The court also allowed Mr. Kelly to file his
the
farmers
prosper.
We have worked
Constitutionality of
presented by Patrick Henry Kelly,
jecting to board hearings
speak in rational
will
You
mean.
Last year I had planned
Minneapolis
it.
believe
I
is
Minnesota, have proved in the past
continued
You
business
St.
make
to
radicals.
me
from
people of
and
progress
Louis
interest in its development.
my
boat
hope
You,
St.
to
the
action upon it.
no
In his action, Mr.
average
every
challenging
commission be appointed to
a
Mr. Justice Black to sit
More
progress
or
Throughout
fairly uniform standards of
small
a
living standards.
community.
every
to
low
or
suit
The court allowed him to file his motion but
today.
was
torney, who asked that
wages
a
munity which pays high wages, works the men and women 40 hours a
week, gives them Saturdays and Sundays off, and maintains high standard
of
formal
a
action upon it
no
challenge his right to office.
sought
bring
to
to
Justice Black's appointment.
North,
country,
court
presented by former Federal Judge Albert Levitt, who
a post in the Department of Justice.
Mr. Levitt
the court because he
A
quote:
his eight colleagues as
was
recently resigned
in
income.
we
bench with
the
on
convened at 12:02 p. m.. sitting at the far end of the bench
to the right of
Chief Justice Charles Evans Hughes.
He heard motions presented by two
the unemployed
taxes—should
Federal
pay
increase
an
the
relief
country
Therefore, I
country.
for wage and
hour legislation
East, West and South.
of
of
higher
and
of
living and its standards of
other parts of the
the total
in
taxes—not
part
no
first,
purposes:
the actual cost
existing
problem of local and
is
It
and
and hour and child labor laws
wages
great
increase
an
of both of these
decrease,
financial
two
Aug. 12,
on
the Bench.
on
of the seating of Justice Black.
legislation,
and second,
result
a
should
farm
accomplish
on
tive June 2.
It is intended
labor in every State in the Union.
term
Associate Justice
new
As noted in these columns
Aug.
21, page 1191, the Senate confirmed the nomination on
Aug.
17.
Mr. Black was named to the Supreme Court as successor
One motion
the benefit of those
Supreme Court begun its Fall
at which time the
Hugo L. Black, named by President Roosevelt
took his seat
attorneys.
Wage and Hour Legislation
The
Monday last Oct. 4,
overwhelming
which,
Challenging Rights to Office Filed
The United States
Soil Conservation
the present soil
provision
us
provide
by the
Oct. 9, 1937
S.
of
granary.
repeated
to
which I
time
same
partly, replaced
Act,
surpluses and
ever-normal
an
It
but only
Farm
the
at
unmanageable
it
Chronicle
Supreme Court.
It
in
Agricultural
for
a convention of
that record the convention also established
The registration
tional bar convention
stated, in part:
was
about 4,300 more than
ever
a
legal minds.
registration
attended
a
na¬
before.
Supreme Court the Topic
Receives
The President
and
cans
At
to
^
welcomed
was
Democrats
National
in the
headed
Guardsmen
streets
for the
the conclusion
the city of
Key to City of Winnipeg, Canada
to
by
lined
Governor
the
procession
of
his
Grand Forks
station
to
speech
the
not
need
United
"we
States
can
live
was
thousands
the
key, presented
could
at
bring to
peace
with all
Mayor said,
as
the
a
nations
of
the
He
.
.
.
presented with
of that
said
world
the
key
city.
President
Canada
the
a
lesson
and
of
the
how
mankind."
Replying, the President
I greet
Mayor
Canada
said:
"I appreciate what the
Mayor has said.
him not merely as a neighbor, but ks a
good neighbor.
I hope the
will tell the people of
Winnipeg that I hope to visit that part of
which
I
am
not
familiar
with."
Other addresses by the President
during the week will be
found elsewhere in this issue.
may
as
the time of
a
large percentage of the delegates.
the subject of conversation, both official and unofficial.
It
And it came
very near
aiding that
memento.
gathered
be called
the Supreme Court convention.
The
Supreme Court question occupied the major part of the speeches in
the
was
as
Grounds.
the President
convention
convention, as weU
platform
Fair
committee of Republi¬
a
Winnipeg, Canada, by Mayor F. E. Warriner
"The door is always open," the
did
by
Langer.
The
placing a partisan political complexion on the whole convention.
In the Bar Association's deliberation, one
thing stands out.
That is the
virtual
unanimity
of
legal
opinion
The closing action
delegates
was to
yesterday in
condemnation
in
attempt to pack the Supreme Court.
.
both
of
the
President's
.
the
Assembly and the house
adopt the lone resolution touching
Senator Hugo L. Black became Justice Black.
of
on the manner in which
Justice Black
was
not men¬
tioned by name, nor was any specific judicial position
mentioned.
Aim at "Senatorial
Courtesy"
The resolution, in effect, expressed disapproval of the
application of the
principle of "senatorial courtesy" to appointments to judicial
position.
It was "sentatorial courtesy" which prevented the Senate
from investigating
Mr. Black before confirming him for the
Supreme Court.
The
resolution:
Financial
Volume 145
office
be referred to
At
It
further resolved to send copies of the resolution
was
officers
an
of the
to the proper
for presentation on the opening day of the
Senate
1938
I
meeting of any organization, social, political or fraternal, have
no
indicated the slightest departure
ever
appropriate committee, and providing that such
committee shall in every instance afford a full public hearing upon matters
touching the fitness and qualifications of nominees for judicial office."
to
2323
Chronicle
"Resolved that the American Bar Association petition the Senate of ' he
United States to establish a rule requiring every nomination for judicial
from my steadfast faith in the un¬
fettered right of every American to follow his conscience in matters
of re¬
I have no sympathy with any organization or group which, any¬
ligion.
where or at anytime, arrogates to
itself the un-American power to interfere
in the slightest degree with complete religious
freedom.
No words have ever been or will ever be spoken by me, directly or in¬
session.
directly, indicating that any native or foreign-born person in our free country
First Proposal More Drastic
should or could be restricted in his right to worship according to the dictates
That closed the Black matter.
He
had
introduced
resolution asserting
a
Robert Lee
It had been brought up by
Dean Emeritus of the law school of Louisiana
Tullis,
University.
State
that membership in
secret*
a
oath-bound order, based on racial and religious prejudice, was inconsistent
with judicial office.
That resolution
taken up Thursday
was
Sept, 30
,
and recommitted to the resolutions committee, which replaced it with the
adopted.
one
The
was
Hotel President.
Stinchfield is the retiring President.
icandidates for public office without
In my endorsement of applicants for Governmental
positions I have acted without discrimination of any kind or character.
number
I
among
my
friends many members of the colored race.
issue of
Certainly they
are
entitled to the full measure of protection accorded to the
appeared in
Shortly after I moved to Birmingham,
more than a quarter
Jewish faith.
He
was
so
were spent
Following his return from abroad, Associate Justic Hugo
replied on Oct. 1 to Newspaper reports of his As¬
L. Black
as a
member in the Ku Klux Lan.
sailed from Ireland for the United States
Mr. Black who
Sept. 17, arrived
at Norfolk, Va. on Sept. 29, and at Washington on Sept. 30
he indicated that he would broadcast his reply at 9;30 p. m.
the next day.
In his radio address Justic Black stated that
an effort was being made "to convince the people of America
that I am intolerant, and that I am prejudiced against
peoples of the Jewish and Catholic faiths and against mem¬
bers of the Negro race."
He went on to say that "the in¬
sinuations of racial and religious intolerance made concerning
me are based on the fact that I joined the Ku Klux Klan
about 15 years ago.
I did join the Klan, I later resigned,
I never rejoined."
He further said "I never have considered
and I do not now consider the unsolicited card given me after
my nomination to the Senate as a membership of any kind
in the Ku Klux Klan.
I
never
on
used it.
I did not
even
keep
In full Justice Black's radio
it."
speech, broadcast from the
home of Charley E. Hamilton in Chevy Chase Md., adjacent
to Washington, D. C. follows:
Gentlemen:
and
Ladies
The Constitution is the supreme law of our country.
The Bill of Rights
is the heart of the Constitution.
The constitutional
safeguard to complete liberty of religious belief is
declaration of the greatest importance to the future of America
of free people.
as a
a
Nation
Any movement or action by any group that threatens to
bring about a result inconsistent with this unrestricted individual right is
to freedom.
a menace
Let
me
to
as
^
religious discord or antagonism can and
may
spread with such rapidity
rights.
member of the Supreme Court in publicly discussing it.
however, that manoeuvre threatens the existing peace and harmony
If,
between religious or racial groups in our country, the occasion is not
During my recent absence on
concerted
me
a
short vacation abroad,
a
planned and
the projection of religious
If continued, the inevitably
beliefs into
position of prime
a
importance in political campaigns and to reinfect our social and business
will bring the political religionist
affairs
influence in
of Government.
It will elevate the least worthy
sorely In the Nineteen Twenties.
a
to
password.
from which this country suffered
It will resurrect practices and arguments
a
It will revive the spirit which, in 1928,
National campaign to be waged largely upon issues unworthy of a
free people.
It will bankrupt many business men whose sole offense is that they have
religious beliefs which do not accord with the prevailing religion in their
It will punish the professional man whose
communities.
pa
tients and clients
boycott him not because of lack of professional ability but because there
are
in his locality
few members of his faith
or his race.
neighbor against neighbor and turn old friends into
It will again set
new enemies.
cated to tolerance and freedom, I break with precedents of the past to talk
you
An
tonight.
effort i
intolerant, and
that
I
am
am
prejudiced against people of the Jewish and
Catholic faiths, and against members of the Negro race.
good night.
With the convening of the Supreme Court on
advanced despite the fact that, for the last 11 years, I have served in
the
Senate of the United States under constant and microscopic public
noted in these columns
as
the
Aug. 21, page 1191.
Reference to
opening of the Supreme Court is made in another item in
this issue.
Chicago Board
of Trade to Inquire Into Attempted
"Corner" in September Corn—Creates Two Special
Committees
The directors of the Chicago Board of Trade on Oct. 5
adopted resolutions providing for the appointment of two
special committees to conduct an investigation into the
attempted "corner" in September corn. Both committees,
the personnel of which have not yet been named, were ap¬
pointed to ascertain whether there was any ground for the
suspicion that "members have been guilty of offenses against
words and acts are a matter of public record.
My
as a
I believe that
my
Senator refutes every implication of racial or religious intoler¬
It shows that
I
was
of that group of liberal Senators
who have
consistently fought for the civil, economic and religious rights of all Ameri¬
cans.
without regard to race or creed.
The insinuations of racial and religious intolerance made concerning me
are
based on the fact that I joined the
I did join the
Klan.
I later resigned.
Ku Klux Klan about 15
I never rejoined.
years ago.
What appeared
then, or what appears now. on the records of the organization,
I do not
know.
I never have
considered and I do not now consider the unsolicited card
given to me shortly after my nomination to
of any
kind in the Ku Klux Klan.
Before becoming a
the Snate
I never used it.
Senator I dropped the Klan.
whatever to
do with it since that time.
discontinued
any association
it and never expect to
The Board of Trade directors had
the association."
sus¬
pended trading in September corn on Sept. 25, and after
finding evidence of attempted manipulation in that delivery
ordered that outstanding futures contracts be settled at a
price of $1,103^ a bushel; this action of the directors was
our issue of Oct. 2, page 2152.
following bearing on the resolutions adopted by the
directors on Oct. 5 providing for the appointment of the
special investigating committees, is from Chicago advices,
Oct. 6, appearing in the New York "Herald Tribune":
One resolution provides
of the
business
concern an
corn
do
so.
for an investigation in connection with
conduct committee, dated
order that Cargill Grain Co
sell
Sept
a
an
order
23. which is believed to
reported 1,000,000 bushels of
in order to ease a "tight" situation in September futures.
Cargill com¬
refused to liquidate its holdings in accordance with the order of the
exchange.
The other resolution was more embracing and set the stage for a complete
investigation of all transactions in corn. Including cash grain, spreading,
hedging, pit, clearing house and private transactions before and after the
expiration of the September futures contracts.
regular meeting, or at any special meeting called for that purpose," names of
members who in his judgment are fitted to serve as members of the com¬
mittees.
The next regular meeting normally would be held on Oct. 12, but
that is Columbus
as a membership
I did not even keep it.
I have had nothing
I abandoned it.
with the organization.
Day and
a
legal holiday.
Consequently, it appeared likely that the names would be submitted at
a
special meeting which may be called either before or after that date.
In the meantime the Commodity Exchange Commission was carrying
its own investigation of
on
not
the entire affair.
The results of that inquiry are
likely to be known for several weeks.
Trading in September corn futures on the Chicago Board of Trade last
month
raids
resulted
on
in charges of manipulation on the one hand and "bear"
the other.
The grain exchange eventually had to step Into the
bushel in order to prevent
in anticipation
and establish
defaults
on
a settlement price of $1.10 H a
the part of those who had sold short
of either delivering the grain or making
a
profit on evening
transactions at a lower price.
When the time came for either settling at the
fixed price
or
delivering grain
the bulk of the short interest was chosen to settle.
Modifies
CCC
I
completely
1 have never resumed
Cotton
Rates
scrutiny.
ance.
Monday of
this week (Oct. 4) Mr. Black assumed his seat on the Bench,
to which he was appointed by President Roosevelt on Aug. 12
These insinuations
are
record
This must
It is in this spirit that I now bid those who have been listening to me
up
.
being made to convince the people of America that I
s
In my home at the recent
I believe the character and conduct of every public servant, great and
picture, suspend operations
To contribute my part in averting such a catastrophe in this land dedi¬
with
was a guest
Justice of the Supreme Curt.
a
The resolutions direct the President to submit to the directors "at its next
badk into undeserved and perilous
political positions because religion or race bars others from
caused
nomination to be
small, should be subject to the constant scrutiny of the people.
be true if a democracy serves its purpose.
life with the poison of religious bigotry.
It
that while in
sole executor of
When this statement is ended my discussion of the question is closed.
campain was begun which fans the flames of prejudice and is
will be
upon my
pany
calculated to create racial and religious hatred.
result
an
It is extraordinary.
ordinary one.
me
as
inauguration of President Roosevelt, was one of the first to congratulate
I believe that no ordinary manoeuvre executed for political advantage
would justify a
father to
The
imperil this vital Constitutional protection of one of the most sacred
of human
a
Jewish friend
referred to in
repeat:
Any program, even if directed by good intention, which tends to breed or
revive
of
political
together, much of the time in
nearly in the place of
His widow, who
always mine.
were
century
a son
In my campaigns for public office his counsel and assistance
will.
my
Broadcast by Associate Justice Hugo
L.
Indicating that He Joined and Later Re¬
signed as a Member of the Ku Klux Klan
Black
a
of my closest associates and strongest
one
Months of our lives
He stood
his home.
Statement
of
I formed one of the most valued friendships of my life with
supporters.
week ago, page 2162.
a
Some of my best and most intimate freiends are Catholics and Jews.
the army in 1918 I designated this trusted
sociation
I
have watched the progress of Its members with sypathy and admiration.
ago,
A reference to the Bar Association convention
our
Inducted into
officially
office yesterday at the luncheon of the Association at the
P. H.
I have supported
regard to their faith.
citizenship of our country by our Constitution and our laws.
President, Arthur T. Vanderbllt,
new
of his conscience.
The Commodity
on
Loan
Program for
1937—-Fixes
Low Grade Cotton
Credit Corporation
on
Oct. 4 announced
three modifications of the 1937 cotton loan program, for the
of affording "uniform protection to all producers
throughout the cotton belt and to enable them to market
their cotton in an orderly manner."
The Corporation ex¬
plained that "while the program already announced covered
approximately 96% of the crop, a considerable portion of
the cotton produced in limited areas is ineligible for a loan
at the rates previously established."
The 1937 cotton loan
program was referred to in our issue of Sept. 4, page 1518.
The three modifications were announced by the CCC on
purpose
Oct. 4
1.
as
The
cotton
follows:
establishment of
a
new
loan
rate of SH
cents
per
poundl on
H inch and above in staple and Strict Low Middling or equivalent
in grade.
Financial
2324
2. The establishment of
The establishment of
3.
a new
a new
loan rate of 6 cents per pound on cotton
Oct.
Hansen ordered the men to leave the vessel
Federal officers.
Rates Effective for Laundry Workers
in New Jersey
Minimum Wage
Control
Anthracite
of
Coal
Industry Recom¬
mended by Governor Earle of Pennsylvania—Sug¬
gests
to
Operators and Union Representatives
Appointment of Committee to Regulate Production
and Marketing
At
conference, Sept. 27, in Harrisburg, Pa., attended by
coal operators, union representatives and inde¬
a
150
over
pendent miners, Governor George H. Earle of Pennsylvania
State government regulation of anthracite
recommanded
coal
production and marketing, with a view of eliminating
"bootleg" mining and rehabilitating the industry.
The
Governor suggested the appointment of a commission by the
Pennsylvania Legislature to exercise control over the State's
hard coal fields, and pointed out that he had a tentative
opinion from the State Attorney General that regulation
through such a commission would be legal.
Governor Earle
said that his proposal was based on views of coal company
executives in England, Wales, Poland and Hungary whom
he visited while
The
his recent trip abroad.
on
Minimum wage rates of from 26 to 33 cents an hour for the
laundry industry in New Jersey became effective on Sept. 6
following their approval on Aug. 31 by the State Labor Com¬
missioner John J. Toohey.
The minimum rates had been
recommended by a wage board appointed by Commissioner
Toohey and composed of representatives of the laundry
employers, employees and the public.
The following regarding the minimum wage rates is from
Trenton advices, Aug. 31, to the New York "Times" of
Sept. 1:
A
by Governor Earle specifically for the purpose of
studying hard coal problems, is from a Harrisburg dis¬
patch, Sept. 27, to the New York "Times" of Sept. 28:
counties.
The minimum for Zone B will be 30 cents an hour.
engaged, he recommended that operators lease
the bootleg miners, who would mine coal on
strict supervision by the State.
certain closed
royalty basis
are
collieries to
under
a
which
planned
was
coal
hard
problems.
climax
a
as
When
of State Board
effort
no
that
on
would be
it
"The members would
say
a
State regulatory
his part "to gain patronage or power," the
made up of men representing every group
the coal business and that it would take
in
over
the entire industry.
how much coal would be produced' and from
which mines—those that could best be
worked," he continued.
"Then, alter
you
have fixed the amount to be produced and how much from each mine,
you
could set up
"The
is
possibly
"If
a
commission
a
might also
handle the merchandising, although that
moot question.
instead of being
for the
price structure.
got a freight rate reduction, it would go right to the consumers
we
gobbled!
consumer
to
up by the middlemen, and it would be possible
buy coal instead of the competing laborless fuels."
Federal
Lieutenant Governor Thomas
Mine
or
Stale Control
necessary,
said
he agreed
with
the
added to the base rate per
Mr.
Earle
feared
gress
there
for
said
might
"Federal
Federal
that
might be preferable, but he
not he "much enthusiasm" among members of Con¬
regulation of an industry entirely centered in one
regulation
several
lie would receive for 40 hours' work at the basic
The bonus provision is intended, so far as possible, to minimize
part-time work.
Women and children
employed on
a
piece-work basis are to be paid a
weekly wage aggregating not less than the minimum fair-wage standards
The department estimates the new wage program will increase salaries in
laundries at least $1,000,000 a year.
New
Compromise
Lauck, Chairman of the Governor's commission which has issued
Agreement
Accepted
by
Atlantic
Coast Longshoremen—Provides Wage Increase and
Improved Working Conditions
"
At
a meeting held in New York on Sept. 29, the member¬
ship of the International Longshoremen's Association voted
unanimously to accept the wage provisions in a new ompromise agreement reached between the executive committee
of the Association and the New York
Shipping Association,
a 44-hour week and
$1.60 an hour for overtime.
These rates represent increases
of 5 cents and 10 eents, respectively, over the old agreement,
which expired on Sept. 30.
Approximately 40,000 long¬
shoremen, checkers and cargo repair men on the Atlantic
Coast at ports from Portland, Me., to Hampton Roads, Va.,
are affected by the new agreement.
The I. L. A. had sought a wage scale of $1.15 an hour for a
40-hour week and $1.75 an hour for overtime.
The following
bearing on the compromise agreement is from the New York
"Journal of Commerce" of Sept. 29:
scale of $1.05
a
No change was made in
week, although Mr.
has
hour for
the number of hours constituting a regular work
The number of men in the dock gangs will
to 20 with the
there
an
Ryan had originally sought adoption of a 40-hour
be increased from 18
guarantee of eight men in the hold at all times.
been
no
Heretofore,
guarantee of the number of men in the hold and the
agreement covering the number in the gangs governed only loading opera¬
The
The
new
in place of
vides that
new
agreement will cover discharging operations as well.
agreement, which is to go into effect
the present
no
to seven in the evening.
at the
Friday morning Oct. 1]
Agreement expiring Thursday night Sept. 30, pro¬
work except emergency
done during meal hours.
State."
W. Jett
hotjj whenever an employee's total wage for the
week is lees than the amount
tions.
State.
or
and,
The rate schedule provides that in Zones A and B a
schedule.
Kennedy, Secretary-Treasurer of the United
Governor that legislation was
but thought it debatable whether the control should be Federal
Workers,
This zone includes
hour.
Oct. 1, Atlantic, Ocean and Monmouth.
bonus of 10% shall be
except from June 1 to
calling for
Declaring that his recommendation for the creation of
commission meant
an
Salem, Cumberland and Cape May,
more
Powers
Governor said
Hunterdon,
under the approved regulations.
of the Governor's efforts to solve
than 150 arrived the meeting was
transferred to the chamber of the House of Representatives, where Mr.
Earle outlined his own plans informally.
At the conclusion of the session early this evening, after representatives
of the Anthracite Institute, representing the operators ; the United Mine
Workers of America, and the independent miners, had spoken, a committee
was
appointed to assemble all of the plans and talk over the situation
with the Governor's Anthracite Coal Industry Commission.
In 10 days or two weeks Governor Earle would again call the groups
into conference for a report, it was decided.
.
.
.
the
Warren,
Monmouth counties.
fixed at 26 cents
The rate for Zone C is
Seventy-five leaders in the mining industry were invited to the confer¬
ence,
This includes Mercer,
Camden, Burlington, Somerset and Gloucester and, except from Oct. 1 to
June 1, inclusive, Atlantic, Ocean and
minimum.
bootlegging, in which it is estimated about 13,000 persona
This zone
comprises Essex, Hudson, Bergen, Passaic, Union, Morris and Middlesex
Sussex,
following bearing on the conference, which had been
To deal with
basic minimum of 33 cen r& an hour for a work week of 40 hours is
promulgated for the metropolitan area, designated as Zone A.
called
now
but Mr.
quietly before the arrival of the
% Inch, Low Middling or equivalent in grade.
shorter than
State
9, 1937
The court instructed the United States Marshal to clear the ship,
loan rate of 7 cents per pound on cotton
% Inch, grading Strict Low Middling or equivalent In grade.
shorter than
Chronicle
These
are
service for passenger vessels will be
fixed at twelve to one at noon and six
Where emergency work is required, pay will be
regular overtime
its studies since its inception last spring, said that
would be unnecessary.
Members of the commission, he
said, were agreed that the State should control the industry.
Expressing the belief that there was "no essential conflict between the
$8.25.
best interest of
RailroadJOperating Unions Win 5Yi Cents Per Hour
reports
on
Federal legislation
the operators,
the miners and the Commonwealth," Walter
G. Merritt, attorney for the Anthracite Institute, warned that "we must
not imperil the industry by any experiment."
Bootleg miners offered no plan except State supervision.
Federal
District
Court
Judge
Coleman
Declares Against "Sit-down"
Crew to Leave Ship
of
Baltimore
Strikes in Ordering
In issuing an order authorizing Federal marshals to compel
seamen to end a "sit-down" strike on the vessel Oakmar,
tied up off Sparrows Point, Md., United States District
23
Judge William C. Coleman of Baltimore,
terized "sit-down" strikes
on
Sept. 17, charac¬
"violation of all the principles
which this Government is founded."
Before Judge Cole¬
man's order could be carried out the striking seamen left the
as a
on
vessel
on
Maritime
orders of Charles Hansen, official of the National
Union.
The
"sit-down" strike had been in
since Sept. 3.
In United Press advices from Balti¬
Sept. 17, it was further reported;
progress
more,
Judge Coleman's order and criticism of sit-down strikes
upholding
a
was
made in
plea of the Oolmar Steamship Co., that the striking seamen be
removed from the vessel.
fee In rendering his decision, Judge Coleman rebuked attorneys who appeared
In behalf of the sit-down strikers.
Wilfred P. McQuaid, a former United States Attorney, represented the
seamen.
The court, in deciding in favor of the company, said:
r "Such action fa sit-down strike) is a violation of all the
principles of free¬
dom on which this Government is founded.
It is, in effect, a statement and
actionJby
men depriving the company of its own property,"
*
Mr. McQuaid had contended the company violated Federal labor
regula¬
tions, had declined to bargain collectively and had shown discrimination
against the union.
The agreement
also provides an increase for checkers from $7.75 a day to
Dock bosses,
wfk? formerly received the checkers' rate will get $9.
+
.
*Wage Increase
The railroads of thd~ country
five operating
brotherh%jls
and representatives of the
Oct. 3 agreed on
a new wage
schedule, retroactive to Oct. 1, that will give all engine,
train and yard service 'employees a pay increase of 44 cents
a day or 5^ cents per ho&r.
The agreement averts 'a strike by the 250,000 members
of the Brotherhoods that had been voted but not called.
The
on
original demand of the Brotherhoods called for a 20%
increase.
wage
Dr.
William
M.
Leiserson
of
the
National Mediation
Board, made the announcement shortly before midnight
Oct. 3. Representatives of the carriers and the Brotherhoods
had been in conference almost daily from Aug. 11.
Spokesmen for the railroads estimated that the new scale
would mean a rise in their expenses of about $35,000,000
annually and that it would mean an average increase of
6.6% in annual wages to the 250,000 employees affected.
►»The Brotherhoods stood firmly at the start on their de¬
mand for a 20% increase. This was fought by the railroads
on the ground that economic conditions did not justify the
added expense to them.
Dr. Leiserson commended both sides for their cooperation
and readiness to furnish data after he entered the negotiations
Aug. 28.
spirit in which the two sides to the controversy
original positions as facts were developed
was the biggest factor in the settlement," he said.
"They
are to be congratulated on following the orderly process set
up in the Railway Labor Act instead of engaging in strike
on
"The
receded from their
Volume
talk
Financial
145
and
setting strike dates, which would have had an
an already troubled business situation."
was signed on behalf of the carriers by
H. A. Enochs of Philadelphia, Chairman of the carriers'
conference group and 14 of his associates, representing a
upsetting effect on
The agreement
total of 86 railroads.
The unions involved
are
the Brotherhood of Locomotive
Engineers, represented by Alvaney Johnston; the Brother¬
hood of Locomotive Firemen and Enginemen, by D. B.
Robertson; the Order of Railway Conductors, by J. A.
Phillips; the Brotherhood of Railway Trainmen, by A. F.
Whitney, and the Switchmen's Union of North America, by
C.
T.
Cashen.
2325
Chronicle
At
afternoon
each
President
guided
the
proposed
phasized
Activities Continued
Employees of H. Anton Beck & Co., New York
plant
City, cigar
on
Sept. 10
after having continuously occupied it for 149 days in a "sitdown" strike, it became known on Sppt. 18.
However, it
was
picketing and other Is,tyike activities would
reporting the foregoing, the New York
of Sept. 19 also said:
learned that
be continued.
"Times"
In
With their claim to the longest
sit-down strike undisputed, the strikers
filed from the building on Sept. 10 a
few hours after Supreme Court Justice
Poletti had dismissed on technical grounds a motion
by the company to force
evacuation of the plant.
the dual banking system
of Local 273 of the United Cigar Workers
of
left voluntarily because
they were "sick and tired" of staying in the factory. I;7"
A formal offer for settlement of the strike was transmitted to the union
in
and
remote
smaller
control of local credit resources
bank system, and
the Nation,
provides for a 6% increase in the piece rate on
The offer
nickel cigars and
Two points were unacceptable to the union,
The proposed agreement would expire on Jan. 1 and it
Mr. Ramirez said.
the company the right to continue to
at Hanover,
operate the factory it set up
Eckes's objections was that the
Pennsylvania plant would not be
offices of the National Labor Relations
Board had refused to interfere with its
continuance.
Teamsters Return to Work on
A. F. of L.
Piers-—Movement of Cargoes
Ends Embargo
West Coast
as Union
Is Resumed
Directed at C. I. O. Longshoremen
Members of the American
Federation of Labor's Teamsters'
Sept. 29 ended a trucking embargo on the docks of
San Francisco harbor.
The embargo, declared on Aug. 31,
was directed at longshoremen affiliated with the Committee
on
Organization for jurisdiction over warehouse¬
and had spread to the port of Oakland.
It had vir¬
for Industrial
men,
tually tied up movement of waterfront and dock traffic for
days.
Trucks on Sept. 29 immediately began to remove
cargo from the piers of San Francisco and Oakland which had
28
during the duration of the embargo.
Termination of the embargo was prompted by appeals
from agricultural interests, it was reported in United Press
advices from San Francisco, Sept. 29, which further said:
piled
up
A peace pact,
Warrick,
two cars
for 28
days.
from California's rich
agricultural valleys poured the products which
threatened with ruin if the embargo had
besm continued.
valued at hundreds of millions of dollars, spurred the
Associated Farmers of California to action.
Their representatives met
Those products,
with officials of the Teamsters'
Union and demanded a truce to save thou¬
sands of farmers from probable ruin.
The farmers got
to the fact that
their truce.
It came swift'
,
as
by tying up the docks of San
union officials awakened
Francisco Bay they were
of the farmers of California's interior
thi. >gh the San Francisco gateway
placing in jeopardy the year's work
valleys, whose crops in a large part move
to all the
world.
The teamsters have
shoremen
for
served notice they will continue their fight with long¬
Jurisdiction over warehouses
National Labor Relations Board and
teamster
steamship
The
and Kansas, which will be
will leave Kansas City at 4.45 p. m.
Oct. 9.
7, arriving in Boston Oct. 10.
will include a
stopover at Pittsburgh.
Berkshire of the Merchants
Co. will leave Baltimore, Oct.
time,
of the
The
Don E.
Secretary of the Indiana Bankers Association, has announced that
will be added at Indianapolis to carry delegates from that State.
11.45 p. m., Oct.
train
of this
itinerary
& Miners Transportation
the same
7 a. m. Oct. 11. C. W.
Virginia Bankers Association has handled
8, at 5 p. m. and Norfolk, Va., at
This vessel is due in Boston at
of the
Secretary
details of this trip.
Reestablishment of Private Farm
j,
despite the rulings of the
the refusal of other unions to recognize
picket lines.
% During the 28 days there was not a single case of violence recorded in the
dispute.
Several times it appeared near, as longshoremen pushed through
teamster picket lines during mass demonstrations', but the teamster leaders*
admonitions to their men to "keep your
mouths shut," and similar
hands in your pockets and your
advice from the C. I. O. chieftains prevailed.
Illinois Bank Stock Double
Liability Opposed at Group
Meetings of Illinois Bankers
Schmidt's Comments
Association—President
the campaign to bring about an amendment
to the Illinois constitution to eliminate double liability on
bond stocks were taken at the annual fall meeting of the 12
Initial steps in
of the Illinois Bankers Association, held Sept. 13 to
From 100 to 300 officers of member banks at¬
tended each of the meetings, it was announced by the Asso¬
ciation, which were held at Peoria, Kawanee, Oregon,
Wheaton,
Kankakee,
Quincy, Beardstown, Effingham,
Du Quoin, Collinsville, Monticello and Chicago.
At its
annual convention in May, the Illinois Bankers Association
itself urged adoption of legislation to end the double liability
against National bank stockholders; reference to this con¬
vention was made in these columns of June 12, page 3925.
The following bearing on the fall meetings of its various
groups
Sept. 29.
Mortgage Market and
Chemurgic Movement to Be
Discussed
at
Convention of Mortgage Bankers
Association in Cleveland Oct. 13-15
of
Promotion
The
first
Farm
projected plan whereby
in launching a
stop
nationally can aid in reestablishing the
private farm mortgage market and at the same time assist
mortgage bankers
promoting the farm chemurgic movement will be made at
of the Mortgage Bankers Asso¬
ciation of America in Cleveland Oct. 13, 14 and 15 with an
initial address by Dr. Harry E. Barnard, director of research
of the National Farm Chemurgic Council of Dearborn,
Mich.
Dr. Barnard will speak on "Increasing Farm Income
Through Chemurgy."
An announcement issued by the
Association in Chicago on Sept. 25 continued:
in
According to George H. Patterson,
result of his address some sort
as a
men
to promote
Association Secretary, it is hoped that
of auxiliary organization of farm
the chemurgic movement
will materialize.
mortgage
"The Council,"
5,000,000 jobs in new industries in the
next decade and increasing farm income to around $15,000,000,000.
"Farm chemurgy seeks to enable farmers to more fully and profitably
utilize their products in industry and the home.
Subsidies and crop pay¬
ments provide only temporary aid while chemurgy, we feel, in a long time
effort which if fully understood will be the real answer to a large part of the
farm problem.
No group could more properly undertake such an effort
goal of creating
he said, "has set a
than those who make
farm mortgages."
Previous reference
to
principal
Sept. 18, page 1838.
the convention and the
speakers appeared in these columns
Week in Boston of American
Association—Specialized Meetings Among
Activities—Special Trains and Boats Conveying
Annual Convention Next
Bankers
of California, ended
that had tied up movement
water borne and dock
Five hundred heavy trucks" rolled over waterfront
cobblestones moving the freight.
were
for the delegates from Missouri
Louis at
St.
signed at the "request" of the farmers
a"'tea rasters' embargo
traffic
"not only the credit and finances
but the politics as well "
A special train
and
and perpetuate
would mean
Failure to do this, he said,
the 24th annual convention
Pa., during the strike.
abandoned and that the regional
Union
subject to such liabUity
under the independent unit
effort must be made to preserve
every
Mr. Schmidt declared.
joined by special cars from Arkansas,
before the full membership of the local tomorrow
243 East Eighty-fourth Street.
5% increase in other wages.
Mr.
State have prospered
delivering to a few favored groups,
meeting in the Labor Temple at
would give
State that branch banking
would follow the elimination
capital seeks investments not
The Nation and the
Eckes, President of the cigar company, but Mr.
strike committee had voted to recommend its rejection.
Ramirez said the
a
throughout the
communities
discrimination.
Ernest
The proposal will be put
a
President, addressed the dinner meetings.
amendment and the danger keenly
Waterloo,
Schmidt,
of
O. I. O. affiliate, said the sit-downers
a
yesterday by
at
State which recognizes the value
and wants to preserve it.
He discussed both the double liability
felt
Beerbower,
Armando Ramirez, secretary
America,
complicated task
with equal success. He em¬
between bank officers and their
carrying out a program of education and in
teamwork
for
necessity
seeking the aid of every group in the
the system,
manufacturers, evacuated the Company's
in the larger and more
the entire electorate, will meet
the
F.
General Assembly and
the
through
amendment
directors and shareholders in
J.
Executive Vicewhich
Graettinger,
described the effort and cooperation
declared that equal cooperation,
of reaching
A.
Martin
meeting,
Association,
of the
of State banks, as
Cigar Workers Leave Plant of H. Anton Beck & Co.,
New
York,
After
149-day>.< "Sit-down"—Strike
of the Illinois Bankers
is from^the announcement
groups
Association:
Bankers to Convention
City
of the country will gather at Boston
next week to participate in the annual convention of the
American Bankers Association, to be held in that city
Bankers from all parts
Oct.
11-14.
Included among the
activities will be three
specialized meetings on agriculture, customer and public
relations and clearing house problems.
Details of these
meetings, as well as of the entire programs of the general
convention and the various divisions were given in these
columns a week ago, page 2163.
All the meetings will be held
in the Statler Hotel, headquarters for the convention./Railroad and steamship companies arranged extensive
transportation plans, including five special trains and three
boat trips, to carry the bankers from various sections of the
the country to the convention.
Several groups of bankers
are already en route to the convention on the special ex¬
cursions, while others are leaving for Boston today (Oct. 9)
and tomorrow (Oct. 10).
In addition to the specially
planned trips, many bankers are journeying, or plan to
journey, to Boston by automobile.
There is also extensive
airplane service to Boston from all the more important cities
of the country.
An
bearing on the special
to
,
#
announcement issued Oct. 5
by the Bankers Association
excursions to Boston had the
following
say:
Hartford has announced a special for the
Central Terminal at 2.55 p. m.f
Oct. 10, arriving at South Station, Boston, at 7.35 that evening.
The Chicago delegation will travel by the "Falltonic" special, which
will leave the La Salle St. station over the New York Central at 10.45 p. m.,
Oct. 9, arriving at Boston at noon Oct. 10.
A stopover at Detroit for
dinner and a tour of the city has been arranged as an extra feature of this
train.
Bankers from further West will join the train at Chicago.
Bankers from Texas are already on the way, having sailed from New
Orleans aboard the Santa Maria of the United Fruit Line for Havana.
From the latter city they will sail aboard the Veragua of the same company
for New York where they are due on Oct. 9.
From New York they will
travel to Boston over the New York New Haven & Hartford RR., arriving
The New York
New Haven &
New York delegation.
in Boston the
It will leave Grand
morning of Oct. 10.
2326
A
Financial
special train will also leave Houston,
3.10 p.
Oct. 10.
m.,
Jersey
for
Oct. 7. arriving in Boston at
Stopovers will be made at New Orleans and Atlanta
where other Southern
New
Chronicle
will
also
have
the
traveling with
$12,000,000.
Coate, Secretary of the New Jersey Bankers Association.
or a
section of "The Senator" will leave
with
Either special
Philadelphia 30th St
5 p. m., arriving in Boston at
been arranged over the Eastern
River, New York,
10
p.
m.,
Oct. 10.
to
"I
than
$17,-
shorter work
a
which formerly had been charges of the
confident," the Postmaster General added, "that when the books
am
for
And I
the fiscal
year
1937 another net postal surplus will
be
further confident that in 1938, taking subsidies and
every¬
am
Feature Annual Convention of Investment
to
efficient operation, we will be able to show a definite net surplus and so will
Bankers Association of America to Be Held Nov. 3-7
at White Sulphur
Springs, W.
satisfy for all time the criticisms of newspapers."
Investment Business, Federal
Taxation, Municipal
Finance and Public Utility Issues to Be Discussed
from the Treasury to meet expenses that the withdrawals from the
Treasury
were made to cover cost of services rendered by the department under
law,
Forums
He reminded critics who insisted that substantial
free
regulation of the investment business, on the
public utility industry, current investment problems, Fed¬
eral taxation, and municipal finance are on the
program for
on
26th
annual
Association
convention
of
the
Investment
Bankers
of
America, it was announced on Oct. 6 by
Edward B. Hall of Harris, Hall &
Co., Chicago, President
the
Association.
An
outline
of
the
program
for the
W. Va.,
meeting, to be held at White Sulphur Springs,
Nov. 3 to 7, was sent to members this week.
The forum
for the opening day, to be conducted
by Orrin G. Wood of
Estabrook & Co., Boston, past President of the Association
Chairman of its Washington
and
Committee, will hear
George C. Mathews, a member of the Securities and Ex¬
change Commission. As to the other forums, we quote as
follows from Mr. Hall's announcement:
or at
McNinch, Chairman of the Federal Power Commission, and
Alex Dow, President of the Detroit Edison
Co., will speak before the forum
sums
were
withdrawn
less than cost, or to pay aviation and merchant marine subsidies
which the law required to be paid by the Post Office Department.
"After taking credit for such items the previous administration showed
deficits," he said, "and after taking credit for such items in identically the
same manner
this administration has shown net surpluses
for each full year
of its administration, with the exception of the fiscal year 1936 "
According to the "Sun" John Lowry First Vice-President
voiced the ap¬
preciation of the business community at the completion of
a
great "non-political undertaking."
It was begun, he said,
under a Republican President and a Democratic Mayor, and
finished under a Democratic President and a fusion Mayor.
of the Merchants Association of New York,
The "Sun" added:
He described the building as the "baby of the Merchants Association*'
and
traced the history of the agitation for a new downtown postal head¬
quarters from 1912 onward.
Frank R.
He appealed to the Postmaster-General for
a
speedy removal of the old "germ dispensary" in City Hall Park.
public utilities
on
on the second day.
Francis E. Frothingham of Coffin
Inc., Boston, Presidential nominee, and Chairman of the Asso¬
& Burr,
ciation's Public Service Securities
day
Harvard
of New
this
Issues with Relation
to the Business Cycle" will be dis¬
Williams, Nathaniel Ropes Professor of Economics
University and
at
Vice-President of the Federal Reserve Bank
a
the forum of the third day.
Mr. Hall will be Chairman
o
forum.
f
J.
Minot
Association's
taxation
Jr.,
Federal
of Jackson
Taxation
the fourth day.
on
&
Curtis,
Committee,
Two authorities
will address the forum,
Boston,
will
on tax
Chairman
conduct
the
of
The forum for
forum
on
matters, to be announced
which is expected to deal
with
the
tax
on
and the capital gains tax.
the final day will deal with
municipal securities and will
Municipal Securities Committee.
The speakers at this forum will be Morris S.
Tremaine, Comptroller of the
State of New York, and Charles M.
Johnson, Treasurer of the State of
North Carolina.
Mr Johnson will discuss the
problems of municipal debt
rearrangements with reference to proposals made to
Congress last session
in the Lea bill.
Certain provisions of that
measure,
designed to give the
Securities and Exchange Commission
Jurisdiction
committees,
the bill
was
opposed
were
over reorganizations and
by spokesmen for the Association
being considered in committee.
forums, there will be three
conven¬
tion sessions at the first of
which, on
Hall will discuss important recent
Friday, Nov. 5, Mr.
developments in the fields
of business and finance and outline the
affairs during the period of his
course
Presidency.
standing committees,
many
of Association
Reports of the
of which disclose the results of
the year's research work in
specific phases of
made public during the convention.
finance, will be
Dedication of New Federal Office
Building in New York
City By Postmaster General Farley—Houses Post
Office and Provides
Quarters For Other Federal
State of New York
The
Governor
coming
Building, at Church and Vesey Streets,
which
is
located
the
Church
Street
Annex of the New York Post
Office, was decidated on Oct. 4
by Postmaster General James A. Farley. As was indicated in
these columns a week ago,
page 2165, with the opening of
the
Church Street Annex two others are closed—the
City
Hall Annex in the old Post Office
Building on the south side
of City Hall and the Hudson Terminal
Annex in the Hudson
Terminal Building.
With the opening of the new
building Mr. Farley was
introduced by Postmaster Albert
Goldman, who was quoted
in the New York "Sun"
as
saying:
the State would be
The Governor
Construction projects like this give
employment to thousands
of workers and have a
wholesome effect on business
generally.
Accomplish¬
Federal Government is conscious
providing facilities which
adequate for the public service."
Giving all credit to President Roosevelt, whose
achievements, he said,
sufficient to "assure
immortality to any man," Mr. Farley 8iid that,
a
deficit.
RecaUing that there
Office
was a net
Department
deficit
the importance of the
Convention
which
assembles
next
affected, he said, by what the convention
urged the members of the Chamber to do
elected members of the Chamber of Commerce of the
The group was one of the largest and
most
representative elected by the Chamber in
time.
some
In addition to the 21 business men, who we indicated in our
issue of Oct. 2, page 2167, were slated for election: James
D. Mooney, Vice President, General Motors
Albert
Inc.,
L.
were
Scott, President, Lockwood
also elected to membership.
Greene
Corp., and
Engineers,
President Roosevelt Accepts Resignation of Joseph A.
Broderick as Member of Board of Governors of
Federal
Reserve
System—Recently
Elected
Presi¬
dent of East River Savings Bank of New York
City
President Roosevelt accepted "with very great reluctance"
the
resignation of Joseph A. Broderick
member of the
as a
Board of Governors of the Federal Reserve System, it
announced by the White House Get. 1. Mr. Broderick
elected
President
of
the
was
was
River
East
Savings Bank, New
York City, on Sept. 30, as was noted in these columns of
last week, page 2167. Mr. Broderick's letter of
resignation
follows:
Dear Mr. President.
With the greatest regret I am submitting to you herewith my
resignation
as a
member of the Board of Governors of the Federal Reserve System, with
the request that it take effect as of Sept. 30.
which,
I
am
doing
which has been presented to
as
you
not
to which
so in order that I
me to return to the
know, I have spent most of my life.
have reluctantly concluded that the obligations which
justify the sacrifices entailed in
my
I
owe
to
my
I
family
continuance in public office
I have devoted nearly all of my time during recent years, first
Superintendent of Banks of the State of New York and then
these
positions.
was
not
of $152,003,000
It has
as a
as
member of
Reserve System
been especially gratifying to
privilege of returning to the
Federal
me
to
hare had the
Reserve System and of associations
with my colleagues of the Board of Governors with whose
purposes and
policies I have been happy to find myself in full accord
my service as a member of the Board.
If it
not
were
over
major
the period of
for the personal con¬
siderations to which I have referred, I should prefer to continue this
service
and association.
The severance of my official connections, however, will
no
way
abate
my interest in or
advocacy of the Federal Reserve System
and its objectives.
Permit
were
the Post
Liberty St., New York.
upon
State of New York.
in
take the follow¬
ing with regard to Mr. Farley's address:
operating on
emphasis
I have had the honor of serving under appointment from
you in both of
of its people.
we
the Chamber of Commerce of the
Oct. 7, at 65
the Board of Governors of the Federal
"The erection of buildings of this
character indicates progress and offers
ample evidence of the Government's interest in business and in
the welfare
From the New York "Herald Tribune"
of
York—23
develop State-wide interest in the conven¬
tion in order that delegates of the highest
qualifications
might be selected.
President Winthrop W. Aldrich presided at the
meeting
which was opened with a brief business session.
Twenty-three new members, among them high executives
of several of the Nation's leading industrial organizations,
would
of the needs in all sections of the
country, and is
Meeting
New
their utmost to
civic workers.
The Postmaster General in his remarks
stated:
Fall
of
accomplished.
field of banking in
unlike other governmental agencies,
laid
may accept an opportunity
Since 1906. through the administrations of
seven Presidents,
the people of the city have
sought to secure the removal of the City HaU
post office to another site to restore the space to the
park."
First
State
The needs and welfare of the 13,000,000 people in
"The opening of the post office marks an event
in a struggle which has
been carried on by the mercantile bodies of
this city, the newspapers and
ments of this kind also indicate that
the
on
Constitutional
April.
Departments
The Federal Office
New York City, in
of
Membership
the first fall meeting of
were
In addition to the five
Addresses
Commerce
Governor Herbert H. Lehman, of New York, addressed
be conducted by John 8. Linen of the Chase
National Bank of the City of
New York, Chairman of the Association's
when
of
the
undistributed corporation profits
protective
Lehman
Chamber
Elected to
York,
James
later,
Governor
Committee, will preside at this second-
forum.
"New Capital
cussed by Dr. John H.
are
was reduced to a deficit of
postal employees and to the taking over by the department of
balanced
are
a. m.
Va.—Regulation of
at
Roosevelt
more
thing else into consideration, and due to efficient operation, and due to
Forums
of
of
Treasury Department.
shown.
the
This, he said,
custody of postoffice buildings,
A boat trip has also
Steamship Lines, leaving Pier 19, North
Oct. 9 at 5.30 p. m., arriving Oct. 10 at 8
on
net surplus
000.000 for 1936, due mainly, he held, to the granting of
week
station
3.13 p. m., Newark at 4.29 p. m. and Pennsylvania Station, New York
at
under the
year
a
1935 the Post Office Department ended its fiscal year
In
$5,000,000 surplus.
a
1937
1932, the last full year's operation under the Hoover
administration had left the department with
of
alternative
fellow delegates by boat or train, according to plans announced by A. H.
cars
the fiscal year
administration, he reported that the first full
bankers will board the train.
bankers
Oct. 9,
me to
take this occasion to express to you my sincere appreciation
of the opportunity
renew my earnest
which
you
have afforded
wishes for the continued
Respectfully
me
for public service and to
success
of your Administration.
yours,
J. A. BRODERICK.
Financial
Volume 145
President Roosevelt in his reply
With very great reluctance and sincere regret I accept your
member of the
a
effective Sept. 30.
Board
of Governors of the Federal
In taking this action
I
am
resignation
System,
Reserve
moved by the
considerations which you urge in your letter of resignation.
personal
I realize fully
the compelling force of the obligations which you mention and which
decision to relinquish
your
your
prompt
official duties.
|b Your sound knowledge of finance, your long and diversified experience
in the field
of banking gave you exceptional
Superintendent of Banks of the State of New York, to which office as
11
Governor of that State,
Governors of the
well
as a
I
zation.
Besides this broad experience,
I appointed you.
brought to the discharge of
you
as
equipment for your work in
Nor have I forgotten the constructive service you rendered
Washington.
Federal
your
duties
of
as a
member of the Board of
Reserve System industry, integrity
and vision,
spirit of cooperation in carrying out the objectives of the organi¬
glad at this time to make grateful acknowledgment
am
service you have rendered and to wish you
field
private
of the
all success as you return to the
pursuits.
FRANKLIN
A.
Scholtz
Renominated
Cocoa
ROOSEVELT.
D.
President
New
of
York
Exchange
Chairman."
members of the Commission to elect you
of California, Vice-Chairman of the
Clyde L. Seayy
Very sincerely yours,
C.
Commission for the past three years.
He had previously
been for 15 years on the California State Railroad Commis¬
sion, which regulated utilities.
America will be held at the New Ocean House,
and Charles H. Butcher has been nominated
Mass.,
succeed Francis J.
Treasurer to
as
Ryan.
Taylor Elected
Director of Federal
Reserve
Bank of San Francisco
Announcement
made
was
on
He will serve the unexpired portion of the term of Malcolm McNaughten,
who resigned.
The term expires Dec. 31, 1939.
f
) Mr. Taylor is President of the Consolidated Steel Corp.
the Class
$150,000
He represents
Banks—those having combined capital and surplus
B
between
and $1,000,000.
Committee
on
Customers'
Men
of
New
York
Stock
Exchange Elects New Chairman and Vice-Chairman
SThe Committee on Customers' Men of the New York
Stock Exchange has elected John A. Cissel Chairman of
the Committee to succeed Henry Rogers Winthrop, who has
resigned as a member of the committee. Mr. Cissel has been
Vice-Chairman of the committee.
He will be succeeded in
position by Robert W. Keelips.
^ Mr. Winthrop, who has been Chairman of the Committee
on Customers' Men since its formation as a standing com¬
mittee of the Exchange in December, 1935, has recently
been appointed a member of the Committee on Quotations
and Commissions.
He will also continue as a member of the
Law Committee and of the Committees on Foreign Business
that
and Public Relations.
on
1.
Address of the President.
Presentation of new papers.
Discussion of papers presented at the
4.
Informal discussion of topics of current interest.
Speyer from Two-Month Stay in
Europe
Speyer, of Speyer & Co., New York, who had been
returned on the Queen Mary on
He planned to go to his country place, "Waldheim"
abroad for two months,
No election of officers
tive Month
Announcement was made in Washington on Sept. 27 by
the State Department of the appointment of George F.
Milton, of Chattanooga, Tenn., newspaper editor, as a
f
special assistant in the trade agreements division to advise
Secretary of State Cordell Hull on reciprocal trade policies.
Mr. Milton is expected to report soon for a six to nine months'
service, Associated Press
advices from
Washington on
Sept. 27 said.
The New York "Times" of Sept. 28 outlined
in^part, Mr. Milton's career as follows:
been connected with the "Chatanooga News"
managing editor until 1924, and publisher
and
George Fort Milton has
He
1919.
since
was
editor since then.
Democratic leader in the South, Mr. Milton
In 1923-24 he
Publicity Director for William G. McAdoo's Presidential
Although long regarded as a
has
was
not
before accepted
National
In 1928 he opposed former Governor
campaign
tion as
He
national administrative office.
Alfred E. Smith's selec¬
Democratic candidate for the Presidency.
acted
as
Chairman
of the
Southern Commission on the Study of
Lynching from 1930 to 1934.
During August
and Loan League, Chicago, announced figures for August.
The Association said that this is the longest duration of such
high lending volume since 1929.
Associations with prac¬
tically half of the assets in the business form the basis for the
League's estimate that some 45,750 families got $106,796,000
on mortgage loans in August.
The amount disbursed by the
institutions was 5.9% less than in July but only 2.3% less
than in August a year ago,
said the League, which further
reported:
,
this amount, the total
indebtedness created for this purpose being $32,509,900.
For the
houses was included in
Money for 9,950 new
mortgage
purchase of houses already existing $36,115,900 was borrowed by 13,400
families and 33.8% of the total volume of loans went in this direction.
Morton
Chicago,
Bodfish,
Executive
R.
McNinch
Resigns
to
as
Power
Work
with
Takes
Oath
as
Chairman
of
FCC—
Chairman of FPC—Will Be Reappointed
Commission Following Completion of
Communications
Body
Carolina, took the oath of
office on Oct. 1 as Chairman of the Federal Communica¬
tions Commission, and at the same time resigned as Chair¬
Frank R. McNinch, of North
League,
Increased 32% over like period of 1936, the volume of savings, building
for new construction increased 36% when comparing
and loan mortgages
of construction loans in
institutions is seen in the fact
11.5% greater than for the corresponding
The Increasing prominence
the same two periods.
of thrift and home financing
that ail loans for all purposes were
period of 1936,
The analysis
of August loans and the per cent
follows:
>
New construction
Refinancing
.
..
All Associations
Per Cent
In United Slates
$32,509,900
of Total
30.4
6,516,200
30,115,900
6.1
33.8
22,481,300
21.1
8.6
—-
...
.....
Other purposes
.....
Total
Farmers'
9,173,500
...
—
Mortgages Paid in
$106,796,800
Full During Year Ended
Sept. 1 Increased More Than
12 Months, Governor Myers of
The Farm
of total loans for various
Estimated August
Loans Made by
Purpose
60%
over
Preceding
FCA Reports
Credit Administration wrote "paid in full" on
25,113 farmers' mortgages during the 12 months ended Sept.
1, or an increase of more than 60% over the preceding 12
months, according to a statement made public Sept. 27 by
Governor W.I. Myers, which further said:
The amount of such payments in the 12 months to Sept. 1 was $44.715,769, of which $26,402,611 represented first mortgage loans paid in full
by 11,925 Federal land bank borrowers and $18,313,158 by 13,188 farmers
Commissioner loans.
with Land Bank
"All Commissioner loans were
Myers stated.
F.
Vice President of the
particularly pleased with the sustained market for
construction lending.
During the first eight months of the year $254,487,000 have been loaned for this purpose, equivalent to $1.00 out of each
$3.32 loaned for any purpose at all.
While the expenditures for all resi¬
dential construction in the country during the first eight months of this
reports the associations
second mortgage
4,
Asso¬
Sixth Consecu¬
Borrowings from savings, building and loan associations
have exceeded $100,000,000 a month for a full half year, it
became known on Oct. 2 when the United States Building
Repair and modernization
Home purchase...
Policies
and Loan
Building
Exceeded $100,000,000 for
ciations
+
Named Special Assistant to Secretary of
Hull—To Be Adviser on Reciprocal Trade
F. Milton
State
(This item is no
members of Council will take
or
Savings,
from
Borrowings
purposes
at^Scarborough-on-Hudson, N. Y.
G.
previous meeting.
place at this meeting.
the activity
Oct. 4.
of
Swampscott,
The principal business to be
Oct. 14 and 15.
3-
year
James
Semi-annual
Hold
to
2.
+
Return of James
America
Sept. 17 of the election of
Director of the Federal Reserve Bank
learned from Associated Press advices
Sept. 17 from San Francisco, which further reported:
Reese H. Taylor as a
of San Francisco, it is
of
of
Society
Meeting in Swampscott, Mass., Oct. 14 and 15
The semi-annual meeting of the Actuarial Society
reported.)
♦
f
Actuarial
transacted is:
fcjln addition to the above officers, the following have been
nominated as members of the Board of Managers: W. Berry,
J. Coker, G. Hintz, I. Henry Hirsch, W. J. Kibbe, T. J.
Mahoney, H. T. McKee, F. J. Ryan and I. Witkin.
H.
FPC,
Mr. Seavy has served on the
will become active Chairman.
Carlos A. Scholtz, head of Scholtz & Co., New York
commodity merchants, has been nominated for a second
term as President of the New York Cocoa Exchange.
The
election will be held on Oct. 13.
Robert S. Scar burgh has
been nominated as Vice-President to succeed T.J. Mahoney,
Reese
had
appointed Chairman of the FCC on Aug. 17 by Presi¬
dent Roosevelt to put the affairs of the Commission in order;
reference to the appointment, and its subsequent approval
by the Senate, appeared in our issue of Aug. 28, page 1357.
At the time of the appointment it was understood that Mr.
McNinch would only take a temporary leave of absence,
without pay, from the FPC. However, on Sept. 15 he ten¬
dered to President Roosevelt his resignation as Chairman of
the Power Commission, explaining that "there may be
technical objections" to his holding the two offices.
Presi¬
dent Roosevelt, aboard his special train taking him on a
tour of the Northwest, accepted the resignation on Sept. 25,
but said that "acceptance of your resignation is with the
understanding that when you have completed your work
at the FCC I shall reappoint you to the FPC and request the
been
My dear Joe
as
Mr. McNinch
of the Federal Power Commission.
man
said:
2327
Chronicle
made since May, 1933, many of them on
security who faced foreclosure at
that time," Governor
"Since then a total of 25,422 farmers have paid off their
representing a total amount of approximately
Commissioner loans in full,
$36,200,000.
More than half these payments were
made during the past
12 months."
"In addition to loans
ment
of principal
paid in full, there is a steady upward
trend in pay¬
installments," Governor Myers said.
"In spite of ex¬
privileges, the majority of Federal land bank bor¬
tension and deferment
rowers have persistently shown
meeting their interest
their determination to get out of debt by
and principal installments regularly and
promptly."
2328
Financial
Farmers
ing
83.2% of the amount of principal that would ordinarily have
was
matured.
875,033 which
collected
amount
in
the
preceding 12 months," the Governor
continued.
other
*
Comparative Figures of Condition of Canadian Banks
In the
following we compare the condition of the Canadian
banks for Aug. 31, 1937, with the figures for July 31, 1937,
and Aug. 31, 1936:
STATEMENT OF
CONDITION OF THE BANKS OF THE
DOMINION OF
CANADA
and
vaults
$21,462,621 for the recent period compared to $9,414,718 for the correspond¬
ing period one year earlier.
Principal maturities on Land Bank Commis¬
$9,907,622.
reported
the respective dates; cash in the bank's
deposit with the Federal Reserve Bank and
$2,568,430,000
Such principal payments—not counting loans paid in full—amounted to
sioner loans for the 12 months to Sept. 1 were
were
$2,128,875,000 compared with $2,136,387,000 on June 30,
1937, and $2,290,889,000 on Sept. 30, 1936.
Total resources
amounted to $2,442,152,000 compared with $2,426,554,000 and
12 months to Sept. 1 were more than twice the amount due and more than
the
of the bank on Sept. 30, 1937,
at
"Farmers' principal payments on Land Bank Commissioner loans In the
twice
of $7,335,000 since June 30,
1937, and an
approximately $155,000,000 since Sept. 30, 1936.
The deposits
ratio of 63.7%.
was a
that date amounted to $817,313,000, show¬
on
increase
an
increase of
Such payments in the preceding 12 months amounted to $28,-
Oct. 9, 1937
discounts
and
Federal land bank loans during the recent 12-month period
payments on
which
Chronicle
paid $39,213,091 of regular principal installments and special
on
on
$708,884,000 compared
banks,
with
$685,720,000 and
$761,872,000; investments in United States Government
securities, $575,011,000 compared
with
$618,840,000
on
June
1937,
30,
$765,601,000
and
Sept.
on
30,
On
1936.
Sept. 30, 1937, the capital of the bank was $100,270,000 and
the surplus
$100,270,000, both amounts unchanged from
Sept. 30, 1936.
After payment on Aug. 1 of a semi-annual
dividend amounting to $5,180,000, the undivided profits on
Sept. 30, 1937, were 25,888,000 compared with $27,950,000
June 30, 1937, and $20,963,000 on Sept. 30, 1936.
on
A 8 sets
Aug. 31,1937 July 31, 1937 Aug. 31,1936
Current gold and subsidiary coin-
%
In Canada
S
During the third quarter of 1937 resources of the Bank
the Manhattan Co., New York, increased to $617,492,451
Elsewhere
5,102,920
4,108,759
4,681,489
4,006,210
5,277,352
11,657,132
of
Total.
9,211,679
8,687,699
16,934,484
banks
50,130,788
185,259,248
6,477,775
25,360,108
102,645,050
43,587,078
182,516,827
24,292,547
90,715,529
180,742,659
8,326,733
25,590,453
105,698,925
5,375,227
6,329,337
5,105,563
22,780,461
24,398.881
26,767,481
76,668,501
95,234,818
114,189,596
Dominion notes
Deposits with Bank of Canada
Notes of other banks
United States A other foreign currencies
other banks
on
38,614,874
5,918,802
Loans to other banks In Canada, secured,
Including bills redlscounted
Deposits made with and balance
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
United Kingdom
Government
and
Provincial
Government securities
Canadian municipal securities and Brit¬
Government
546,250;
MM
195,154,187
132,550,931
183,875,810
121,469,751
171,673,277
99,951,451
sufficient
on
marketable
value
«
113,997,829
74,524,801
747,670,894
169,669,042
Loans to Provincial governments
Loans to cities,
towns, municipalities
114.426,462
73,485,094
734,888,808
158,463,301
90,527,543
58,531,481
657,362,195
155,368,454
19,862,964
18,446*014
95,384,940
98,207,781
96,540,238
11,701,089
8,659,480
4,248,116
11,680,616,
8,695,439
4,250,776
13,364,286
8,929,814
4,570,092
21,861,564
V
and school districts
estimated loss
pro¬
vided for
Real estate other than bank premises...
Mortgages on real estate sold by bank..
Bank
premises at not more than
less amounts (if any) written off
cost
24,548,355
74,514,691
75,520,799
66,059,572
68,787,818
62,887,891
7,025,143
11,095,806
7,025,143
11,175,303
7,021,118
2,040,812
1,975,176
1,894,899
Liabilities of customers under letters of
credit
as
Deposit
per contra
with
the
Minister
of
Finance
for the security of note circulation
Shares of and loans to controlled
cos....
9,170,994
Other assets not Included under the fore¬
going heads
Total assets.
3,326,347,390 3,298,936,480 3,140,683,691
Liabilities
Notes in circulation
110,939,351
113,363,675
35,712,172
36,295,736
Balance due to Dominion Govt, after de¬
ducting adv. for credits, pay-lists, Ac.
Advances under the Finance Act
123,527,133
1
.
«
10,321,820
44",708",256
46,941,055
85,184,772
686,448,383
666,767,428
626,323,498
Balance due to Provincial governments.
Deposits by the public, payable on de¬
mand in Canada
Deposits
notice
by
publlo, payable after
fixed day in Canada...
Loans
1,577,638,802 1,572,154,385 1,502,821,895
433,620,529
427,482,612
427,473,150
from
other
banks
in
Canada,
secured, including bills redlscounted..
other banks In Canada...—
Due to banks and banking
Canada
and
Capital paid
fund
30 figure
June
March 31.
on
increase
an
as
of $2,006,169,217 and
Resources
are
compared with the
March 31
that of
of
$1,893,890,872.
According to the statement, the principal
September were:
Cash and due from
banks and bankers, $549,266,058 against $549,793,277 and
$471,801,667, respectively, June 30 and March 31; United
States Government securities, $447,508,653 compared with
$419,401,465 and $427,893,577; State and municipal bonds,
$102,580,485 in comparison with $92,891,746 and $136,226,572; other bonds and securities, $138,473,877 against
$140,441,109 and $137,680,481; and loans, discounts and
bankers' acceptances, $686,474,187 as compared with $710,217,081 and $619,537,301.
Undivided profits of the bank at
the end of the third quarter were reported at $14,682,376;
undivided profits on June 30 totaled $13,746,581 and on
March 31, $12,949,375.
Capital of the bank was unchanged
at $77,500,000, while surplus rose to $44,250,000 Sept. 30
from $43,750,000 on June 30 and March 31.
assets at the close of
Deposits of the City Bank Farmers Trust Co., New York,
of the National City Bank of New York, totaled
$75,094,539
condition
of that date.
$105,996,460
increase
Sept. 30, according to the bank's statement of
on
as
profits
over
This compares with
June 30 and with $132,547,784
on
at
the
latest
date
on
deposits of
March 31.
$4,263,581,
were
an
the June 30 and March 31
figures of $3,798,220
respectively, while capital and surplus re¬
10,420,422
mained
41,904,640
1,230,474
40,608,467
1,117,708
31,705,748
1,297,694
the end of September were shown at $101,746,639 compared
with $132,979,476 and $158,774,027
on
the earlier dates.
66,059,572
2,816,902
2,951,298
133,750,000
68,787,818
2,870,461
2,546,286
133,750,000
145,500,000
62,887,891
2,797,942
2,945,499
132,750,000
145,500,000
and
145,500,000
up
Total liabilities
reported at $2,011,517,768,
13,290,353
United Kingdom
or reserve
on
13,150,703
Bills payable
Rest
de¬
This compares
June 30, the record high up to that
12,556,569
the
Acceptances and letters of credit out¬
standing
Liabilities not incl. under foregoing heads
Dividends declared and unpaid
City Bank,
15,552,673
correspond
in
National
the
14,981,823
ents in the United Kingdom..
than
$1,807,822,047
Undivided
Deposits made by and balances due to
Elsewhere
of
of Sept. 30, shows $1,812,046,914 in
as
affiliate
the
or on a
Deposits elsewhere other than in Canada
condition
of
time, and with $1,688,450,920
Elsewhere than in Canada
Other current loans A disc'ts In Canada.
Elsewhere
Loans to the Government of Canada
loans,
statement
New York City,
with
to
cover
Non-current
excluding $36,185,214
posits, an all-time record for the institution.
stocks, deben¬
tures, bonds and other securities of
a
$179,-
$476,780,138, excluding $59,608,206 of certified and cashier's
checks.
Undivided profits increased to $5,804,412 Sept. 30
from $5,769,651 three months ago, while capital and surplus
were unchanged at $20,000,000 each.
The
ties other than Canadian
against
of certified and cashier's checks; on June30 deposits totaled
1,118,244,472 1,125,886,871 1,083,536,713
Railway and other bonds, debs. A stocks
Call and short (not exceeding 30 days)
Canada
$199,179,638
discounts,
and
loans
118,381, and demand loans against collateral, $64,999,381 in
comparison with $77,176,258.
Deposits at the close of
ish, foreign and colonial public securi¬
loans in
June 30; holdings of United States
$72,240,313
compared with $64,-
securities,
September amounted to $519,059,834,
due
from other banks in Canada
Due from banks and banking correspond¬
ents In the United Kingdom
Dominion
$220,510,396
against
Notes ot Bank of Canada
Cheques
Sept. 30 from $600,691,388 June 30.
Cash and due from
and bankers on Sept. 30 amounted to $215,674,783
3,331,412,953 3,287,028,707 3,128,413,092
$3,830,709,
Cash
unchanged at $10,000,000 each.
and
hand
on
due
banks
from
Total
at
resources
the
latest
at
date
amounted to $29,594,088 compared with
$47,654,882 June 30
$48,311,021 March 31; holdings of United States Gov¬
and
ernment securities, $35,379,199 against $45,046,502 and $55,609,588, and loans and advances totaled $7,355,711 in com¬
Note—Owing to the omission of the cents in the official reports, the
footings in
the above do not exactly agree with the totals
given.
parison with $6,693,557 and $6,586,993.
ITEMS
of Manufacturers Trust
Co.,
Sept. 30, 1937, shows deposits of $599,246,977 and resources of $719,466,642.
This compares with
ABOUT
BANKS, TRUST COMPANIES, &c.
Mayer, a member of the New York Coffee and
Sugar Exchange for nearly half a century, died on Oct. 4 at
his home in New York
City.
He was 72 years old.
Mr.
Mayer, who would have been a member of the Exchange 50
years next April, operated
principally in sugar, representing
large interests.
As a mark of respect to his
memory, trading
on the Coffee and
Sugar Exchange was suspended for two
minutes at 10.15 a. m. on Oct. 6.
Chandler A. Mackey,
President of the Exchange, read the
following message from
the rostrum at the
opening Oct. 5:
Max R.
Today
of
one
of
we
our
will open trading on the floor of this
Exchange without the aid
most
outstanding members.
April 3, 1888, almost half
and one who has
played
a
a
century ago.
most
A
A
man
admitted to membership
man of
important part in
who will be missed
greatly by us ah.
the death of our friend and fellow
outstanding character
our progress.
It is with deep regret that I
And
The
New
member, M. R. Mayer.
statement
of
the
City, for Sept. 30, 1937,
Chase
was
National
made public
June 30.
236,486
Bank, New
Oct. 5.
Cash
York
Loans
and due
resources
against $186,170,407
as
of $734,813,932 shown
from banks
on
is listed
June 30.
it
at
$182,-
United States
Government securities stands at $126,920,776;
three months
$152,026,332.
Loans and bills purchased is $260,254,434, which represents an increase of over $15,000,000
for the quarter.
As to the liability side of its statement
ago
was
the bank announced:
Preferred
stock
is
$9,662,520,
which represents a decrease of $116,000
due to the purchase of shares in the open market
consequent retirement.
Common stock is $32,998,440, unchanged from
from the previous quarter,
and
the
last
quarter.
Surplus and undivided
profits
stands
at
compared with $43,503,345 three months ago.
Adding
dends
undivided
paid,
and
preferred
quarter
on
of
deposits of $612,494,253 and
on
from
The
as
one
announce
of condition
statement
York,
of
allowing for
stock
retirement,
$1,852,627.
second quarter.
adjustments
This
indicates
compares
Reserves is $12,930,191.
to
net
with
$44,247,014
common
operating
$1,839,247
as
stock divi¬
profits
resulting
earnings for the
shown
for
the
Volume
Financial
145
Manufacturers Trust Co.
announces
that it has leased the
entire building at 205-09 Montague Street
in the
Borough Hall section of Brooklyn.
for its new office
Possession of the
premises will be taken in the early Spring, when extensive
alteration will be started.
tions will
the
be completed
It is expected that
these altera¬
during mid-summer, at which time
office at 32 Court Street will be discontinued,
present
transferred to the
will con¬
tain ample space for the growing needs of this section,
will not only serve the Borough Hall district, but will be¬
come the headquarters of Manufacturers Trust Company in
Brooklyn, which consists of 18 branch offices extending
from Borough Hall to Coney Island, and from Williamsburgh Bridge Plaza to East New York.
and
its
business
entire
and
personnel
♦
of
statement
its
condition
the close
at
of
business
Sept. 30 the Bank of New York & Trust Co., New York City,
reports resources of $189,235,683 as compared with $191,578,809
and
June 30.
on
and other
on
on
hand, in Federal Reserve Bank
to $43,560,695
bankers amounted
exchanges for clearing house
cash items totaled $15,947,498 in comparison with
$32,962,592,
Sept. 30 were
June 30 figure of
and
securi¬
in amount of $48,885,529, below the
$53,534,954, as were loans and discounts
$55,277,777, which on June 30 totaled $60,847,675.
Ac¬
cording to the report, deposits at the latest date were $163,of
573,316, including $7,208,587 of certified and official checks,
as compared with
$165,779,280 June 30; the earlier figure
$11,384,003 of certified and official checks.
Capi¬
and
surplus remained unchanged at $6,000,000 and
included
tal
$9,000,000,
respectively,
undivided
while
profits
rose
to
$4,252,381 Sept. 30 from $4,102,259.
♦
♦
with
increase
capital
crease
dition statement as of
in
and
.
surplus from
$10,862,173 to $11,001,379,
surplus totaling $13,001,379, and an in¬
$21,492,575 to $22,793,913
in loans and advances from
Brown Brothers
30 statement of
condition as compared with June 30 figures, despite a de¬
crease in
total assets from $103,135,529 as of June 30 to
$9S,123,742 as of Sept. 30, 1937.
Deposits of $64,669,423 as
of Sept. 30 compare with a figure of $66,286,586 at the end
of the previous quarter.
The Sept. 30 statement shows
United States Government securities holdings of $19,605,182
as compared with $21,821,436 on June 30.
Customers' lia¬
bility on acceptances decreased from $21,212,790 to $18,673,258.
Cash on hand and due from banks is up slightly
reported by the private banking firm of
Harriman & Co., New York, in the Sept.
at
of Sept. 30 from the
the end of the previous quarter.
$16,075,125
as
$16,003,483 reported
•
The statement of condition of
New
York,
as
of
of
of $1,528,The statement
the Guaranty Trust Co.
Sept. 30, 1937, shows deposits
130,338 and total resources of $1,852,543,515.
shows cash on hand, in Federal Reserve Bank,
and due
from banks and
bankers, $511,167,649, U. S. Government
obligations, $530,451,392 and loans and bills purchased
$679,155,536.
Capital and surplus are $90,000,000 and
$170,000,000,
respectively,
and
undivided profits are
$10,657,926.
.
*
American Brake
director of Bankers
Trust Co., of New York City at a meeting of the board of
directors on Oct. 5.
Mr. Given is also Chairman of the
American Brakeblok Corp., the American Forge Co., the
American Manganese Steel Co., National Bearing Metals
Corp., Ramapo Ajex Corp., and the Southern Wheel Co.
and is Vice-Chairman of the Board of the Bucyrus-Erie
William
Shoe
United States Government
863,609), and
of $115,-
obligations, $14,-
510,370 (in comparison with $15,993,738). On the debit side
of the statement, total deposits are shown at $98,864,315, a
decrease from the June 30 figure of $100,978,397; capital
and
surplus
are
the June 30
over
unchanged at $5,000,000 each,
$4,061,856, an increase
profits of $4,012,153.
reported
profits are listed at
while* undivided
«
The Oct. 1 statement of the
York,
shows
B.
Given, Jr., President of the
&Foundry
Co.
was
elected
a
Co.
♦
Co., New
$172,601,330 on Sept. 30 compared with
$170,385,037 on June 30 and $172,482,396 on March 31. Cash
and
due
from
banks totaled $44,740,157 at the end of
September in comparison with $44,239,271 and $48,026,034,
respectively, on the earlier dates, while holdings of United
States Government securities were in amount of $17,971,263
June 30
against $19,644,649 and $21,123,802, and State,
municipal and corporate bonds $24,748,182 compared with
Resources of the
York, amounted to
total
resources
United States Trust Co., New
of 105,643,547
against $118,-
July 1 and $118,909,166 on March 31.
Cash in
at the latest date totaled $37,384,627, compared with
253,844
banks
on
$40,289,484 July 1 and $48,649,814 March 31,
of United States Government securities were
while holdings
$12,660,000, in
$18,901,000 and $11,590,000 three and six
months ago.
Loans were given in the Oct. 1 statement as
$34,679,328, as against $37,466,108 and $30,833,906 in the
earlier statements.
At the outset of the final quarter of the
comparison with
of 73,202,321, which compares
the bank had deposits
July 1 and $86,217,051 at the end of
March.
Capital and surplus are unchanged at $2,000,000
and $26,000,000,
respectively, while undivided profits in¬
creased to $2,725,598 Oct. 1 from $2,715,276 and $2,615,161.
$85,597,791
with
on
*
The Commercial
National Bank & Trust Co., New
York,
$107,992,140, a
of $114,190,494.
of the bank showed cash on hand,
reported as of Sept. 30 total resources of
decline as compared with the June 30 assets
The
Sept. 30 statement
banks and due from banks
in Federal Reserve
and bankers
$36,013,031; holdings of
United
States
Government
securities of $25,386,794 as
against $27,136,049, and loans and discounts of $41,800,439,
in comparison with $42,782,617.
Total deposits were listed
at $87,033,780 in the Sept. 30 statement, which compare with
$91,506,627
on
June 30.
Capital was unchanged at
$7,000,000; surplus was reported at $7,000,000, and un¬
divided profits at $976,711; in the June 30 statement surplus
and
undivided
profits
were combined,
the total being
of
with
compared
$32,488,870,
$8,092,784.
4
are
to
Co. of New York, in its con¬
Sept. 30, reports total assets
991,090 as compared with $119,341,166 on June 30, of which
the principal items are:
Cash and due from banks, $33,520,445 (against $33,567,566 June 30) ; time loans and bills
discounted, $36,387,319 (against $38,152,132) ; demand loans
secured
by collateral, $21,651,785
(compared with $20,-
year
the City
of New York totaled $5,095,353 on Sept. 30, it is shown in
the bank's statement of condition for that date.
Undivided
profits at the date of the last statement (June 30) amounted
to $7,641,636.
The bank held deposits at the latest date of
$483,964,669 against $551,379,917, while resources totaled
$605,987,644 as compared with $674,142,931 June 30.
The
bank held United States Government securities on Sept. 30
in amount of $233,459,106 as against $236,944,040, and other
bonds, stocks, securities, &c., of $127,115,484 in comparison
with ,$129,167,173.
Loans and discounts at the latest date
totaled $06,405,743, which compares with $93,386,240 June 30.
The bank's cash account at the end of September consisted
of cash and due from Federal Reserve banks, $153,297,094;
exchanges, $15,203,701, and due from banks, $5,433,718, a
total of $173,934,513 as against $209,544,175 on June 30.
profits of the First National Bank of
Undivided
An
*
The Marine Midland Trust
Holdings of United States Government
$18,529,646.
ties
Cash
from banks and
due
against
as
Loans and
$74,539,183
and
$68,860,780.
The bank's capital and surplus were
$7,000,000 each on Sept. 30, unchanged from the previous
dates.
At the end of
September undivided profits of
$1,665,861 were above June 30 of $1,616,694 and March 31 of
$1,324,372.
In the latest statement deposits are given as
$152,484,708 as against $148,942,128 and $151,166,966.
$25,755,345 June 30 and $27,840,559 March 31.
discounts increased to $80,362,191 Sept. 30 from
The Montague Office, which
Montague location.
In
2329
Chronicle
The
Bank
30 statement of condition of the Continental
& Trust Co., New York City, shows resources aggre¬
Sept.
gating $78,569,773 on that date as compared with $72,154,080
June 30, while deposits stood at $64,797,612 against $57,and
Capital and surplus were unchanged at $4,000,000
$3,000,000, respectively, with undivided profits up dur¬
ing
the
518,877.
June
close of
to $1,095,263 Sept. 30 from $1,054,936
dropped to $1,589,873 at the
September from $1,659,134.
The item cash and due
quarter
30.
Reserves, however,
$30,728,758 from $19,977,296
United States Government bonds
was unchanged at $7,080,625.
Loans, secured by collateral,
totaled $9,083,379, and loans and discounts, $10,627,524 on
Sept. 30 against, respectively, $8,761,330 and $10,448,744 on
from
June
banks
increased
to
30, while holdings of
June 30.
4
Loans and
discounts, deposits
and assets of the Sterling
Co., New York, have all increased
over those of three months ago and a year ago, according
to its statement of condition as of Sept. 30, 1937, issued
Oct. 5.
Loans and discounts have risen to $21,178,982 from
National Bank & Trust
$16,374,646 on June 30, 1937, and $14,814,515 on Sept. 30,
1936.
Deposits have increased to $26,441,066 from $26,407,052 three months ago and $25,111,119 a year ago. Total
resources have advanced to $33,662,390 from $30,744,286 at
$29,289,234 a year ago. Capital, surplus and
total $3,115,937 compared with $3,085,910
three months ago and $2,680,687 a year ago.
Holdings of
United States Government securities aggregate $3,029,996
compared with $2,280,867 three months ago and $2,978,985 a
year
ago.
Holdings of State, municipal and corporate
mid-year and
undivided profits
securities
have
reduced to $914,087 from $1,822,226
and $2,874,172 at this time last year.
been
three months ago
4
Public National Bank & Trust
Board of Directors, Herbert R. Rut¬
land was elected an Assistant Vice President of the Sterling
National Bank and Trust Co., New York City.
At
a
meeting of the
4
The Grace
condition
as
National Bank, New York, in its
of
Sept.
banks amounting to
30,
reports
$11,709,501.
statement of
cash in vault and with
Demand loans to brokers,
2330
Financial
secured, amounted to $3,720,000; United States
securities, $4,133,009, and State, municipal and
securities, $2,802,707.
Undivided profits were
$44,582; deposits at $27,784,590, and surplus at
Clinton
Trust
Government
Board of Trustees to fill the vacancy caused by the death
of his father, Charles E. Hoyt.
reported
at
$1,500,000.
Sept. 30,
$2,205,913 against $2,448,417, and bonds, $3,056,480 comwith $3,411,008.
Deposits increased to $7,982,387
compared with $7,703,354 three months ago.
Capital stock
pared
and
capital
remained
notes
unchanged
$150,000, respectively, and surplus
were unchanged at $502,624.
and
$600,000
at
undivided
T,
t,
x.
,
,
®
Bank &
■
v
T
^
Co., New York, reports
*
as
of
$12,741,813 compared with
reoAUrJnoT
t
$13,349,0o4
xr
Trust
June o0, 1937.
Loans
(secured and un$2,731 919 against loans of $2 732 693 reported
on June 30.
Deposits on Sept. 30 totaled $10,634,016 compared with $11,228,775 on June 30.
Undivided profits insecured)
creased
on
were
to
$211,028 compared with $188,701 three months
Capital and surplus remained unchanged at $1,650,000.
ago.
Other items showed the following comparisons with June 30;
Cash,
$3,160,910 against $4,197,874; United States Govern$1,314,970 compared with $1,316,554, and
bonds, $2,391,549 against
$1,925,418.
#—
>
ment
securities,
York State, city and county
New
Fulton Trust Co. of New York in its statement of condition as of Sept. 30, 1937, reports undivided profits of
$939,-
933, after payment of the dividend due Oct. 1, 1937, of
$50,000.
This represents an increase as compared with
$932,496 reported on June 30, 1937.
Total resources of
the bank reached $29,249,100 on Sept. 30 as against
$27,871,571 three months ago, while deposits also showed an
increase to $24,125,170 as compared with the
mid-year
figure of $22,744,013.
The bank's holdings in United
States
Government securities
the June 30
over
were
holdings which
$9,445,484 an increase
$8,395,484.
were
»
„
•
Walter S. Case, President of Case, Pomeroy & Co.,
Inc., a
New York investment firm, was found dead on Oct. 6 on
the roof of a building at 110 Wall Street.
Mr. Case underwent
major operation several months ago and had not fully
recovered.
The opinion is ventured that going to the
a
window for
air
old
years
from Williams
to work
New
he
as a
accidentally fell out.
Mr. Case was 52
Savannah, Ga., in 1885, he graduated
College in 1906.
A short time later he went
Born
in
bond salesman for
Ladenburg, Thalman & Co.,
was European repre-
York, and from 1910 to 1916 he
tentative
of
that firm.
In
Mr.
1916
Case and
Theodore
Pomeroy of Chicago founded the firm of Case, Pomeroy &
Co., which engages m mining and oil enterprises.
He was a
Director of several companies
including the lelmont Corp.,
the Petroleum Reclamation
Corp., the Pyrene Manufactur-
Corp., Inc., and the Southern Railway Co.
Mr. Case
also a Director of the Tonsil
Hospital of New York,
The associates of Mr. Case in
Case, Pomeroy & Co., Inc.,
issued the following statement:
* *
mg
was
_
We
deeply shocked and grieved by the death of Walter Case, the
are
President of this Company.
Through
many years,
we
have found him
a
devoted friend and
ago
an inspiring leader.
He founded the Company 20 years
and through it expressed himself and his philosophy of business.
His
contributed
economic thought and action.
to
industrial
and
His intellectual eagerness is reflected in the
widespread interests of the Company.
He
was admired and
all members of his organization and his loss is
Brooklyn Trust
of condition
ment
Co.,
$128,251,221 against $128,817,411 on June 30 last, and total
deposits of $112,605,210 against $112,770,628. Cash on hand
and
due
from
banks
while slight increases
ments.
Aggregate
against
States
$42,061,167
was
were
loans
on
$35,989,171
against
$39,572,817,
shown in total loans and ipvestand discounts
were
$42,308,312
June
30,
and
hoMings
United
of
Government securities
595,235.
against
of
was
elected a Vice-President of the institution and assumed his
duties on Oct. 1. He is located at the Veterans Square
office of the company. According to the "Jersey Observer"
Mr. Kilbourn for the past few years held a high
executive position with a real estate and mortgage invest-.
ment company in Philadelphia, Pa., which position he reeently resigned to assume his new duties with the Trust Co.
of New Jersey,
.
Raymond E. Grymes, Vice-President and Comptroller of
the National Bank of New Jersey, New Brunswick, N. J.,
has been elected acting President of the institution to succeed Donald Kirkpatrick,
jersey
whose resignation became effecGrymes joined the National Bank of New
j
tive Qct
October, 1914,
in
through
various
posts
to
as
runner,
a
and
has
advanced
Henry
his present position.
G.
Parker ig chairman of the Board of the institution,
^
*
Three Perth Amboy, N. J., banks—the Raritan Trust Co.,
Perth Amboy .Trust Co., and First National Bank were
consolidated at noon Oct. 2 under the name of the First
Bank & Trust Co., the new organization opening for busi"ess on Oct. 4 in the former home of the First National
Bank. State Banking and Insurance Commissioner Withers,
in announcing the consolidation
Trenton,
at
in Perth Amboy advices to the Newark "News"
the
action
was
"to
taken
remedy
an
was
as
obvious
reported
saying that
over-banked
situation in Perth Amboy."
According to Mr. Withers,
$750,000 of preferred stock listed among the new bank's
liabilities are held by the Reconstruction Finance Corporation and
$150,000 has been subscribed for locally.
institution, which is
The
new
member of the Federal Reserve Sys-
Federal Deposit Insurance Corp., has total
$6,900,000 and total deposits of $6,000,000.
James C. Wilson (Assistant Chief Examiner in charge of
loans for the RFC since 1932) is President of the new bank;
tern
and
a
the
of
resources
Robert Carson
(former President of the First National Bank
of Perth Amboy), Vice-President; Frank Dorsey, Secretary
aD(| Treasurer, and John C. OToole, Assistant Secretary
an(* Assisfant Treasurer,
♦
Total
of
$46,000,023 and total deposits of $37,492,915, are shown by the Integrity Trust of Philadelphia,
pa>> in its statement of condition as of Sept. 30, comparing
with $45,981,070 and $37,532,865, respectively, on June 30,
last.
The principal items making up the assets in the current
statement are: cash and due from banks, $9,568,166; loans,
$9,666,019; mortgages, $4,247,396, and other real estate,
$9,847,756.
On the liabilities side of the statement, combined capital, surplus, undivided profits, and reserves, are
given as $8,271,705, and deposits as $37,492,915.
An attractive, illustrated booklet is being issued by the
company this week in commemoration of the 50th anniversary of its founding.
It gives a brief out line of the bank's
history since its opening for business on Oct. 3, 1887 as the
Integrity Title Insurance Trust & Safe Deposit Co., with
capital of $250,000, up to the present time.1 On March 4,
1919, the company's name was changed to the Integrity
Trust Co.
Today, the institution maintains seven offices in
Philadelphia, the main office being at 16th and Walnut
resources
Streets.
John Stokes Adams is Chairman of the
Directors and
Board
of
George W. Brown Jr., President,
♦
The
Brooklyn, N. Y., in its stateof Sept. 30 reported total resources of
as
F. Kilbourn
new
respected by
sincerely mourned.
•
The
Jersey City, N. J., Jonathan
and
profits
t
Federation
recent meeting of the directors of the Trust Co.
a
New Jersey,
New
Co.,
♦
At
York, in its statement of con1937, reports an increase in total
assets to $9,299,291 from $9,099,234 reported on June 30.
Loans
and
discounts
amounted
to
$2,80G,306
against
$2,077,738 on June 30; cash on hand and due from banks,
of
as
Oct. 9. 1937
other public
♦
dition
Chronicle
were $25,602,813 against $23,State and Municipal bond holdings were $4,211,437
$3,061,926, while other securities were $12,312,734
compared with $12,627,336.
Undivided profits of $1,354,995
shown, comparing with $1,347,957 three months ago.
Capital and surplus were unchanged.
were
Fidelity-Philadelphia Trust Co., Philadelphia, Pa., in
its condition statement as of Sept. 30, reports total assets
of $132,626,437 (as compared with total resources of $138,112,679 on June 30), of which the following are the chief
Cash
items:
and
county
on
hand
and
in
banks,
$31,213,957;
State,
municipal
securities, $32,199,943; loans, $23,346,830; other investment securities, $20,664,103, and United
States Government securities and Home Owners' Loan
bonds, $15,811,813.
On the liabilities side of the statement,
deposits are shown at $106,508,465, down from $111,887,697
on June 30, but undivided profits are given at $2,217,380,
up from $2,204,756 on the earlier date.
The trust company,
which
was
and has
a
established in
1866,
is capitalized
surplus fund of $15,000,000.
at $6,700,000
William P. Gest is
Chairman of the Board and Marshall S. Morgan, President.
,
1
In its statement of condition
Spencer S. Adams, for
urer
was
of
many
Secretary and Treas-
years
of the South Norwalk Trust
Co., South Norwalk,
elected President of the institution at a recent
the
Hoyt.
Conn.,
meeting
trustees.
Other
Mr.
Adams
promotions
succeeds
made
at
the
the
late
same
Charles
time
E.
were:
Lewis
Wardwell, formerly Assistant Secretary and Assistant
Treasurer, named Secretary and Treasurer; Charles H.
Reardon, elected Assistant Treasurer, and Stanley Hoyt
made
of Sept.
30, the PennsylGranting Annuities,
Philadelphia, Pa., shows total resources of $264,283,561 as
compared with total resources of $266,859,721 on June 30
last, and total deposits of $235,928,724 as against $239,859,310 on the earlier date.
The chief items making up the
vania
Co.
for
Insurances
on
as
Lives
&
Cash and due from banks, $85,860,744; United
States Government securities, $48,087,830; other loans upon
collateral, $38,123,143; commercial paper, $28,515,112, and
assets are:
Assistant Secretary and Trust Officer.
Joseph R.
Taylor is Chairman of the Board and J. Irving Dibble is
Vice-President.
The Hartford "Courant," in noting this,
other investment
added
divided profits have increased to $2,890,366 from
that
Marshall E. Hoyt was elected
a
member of the
securities, $19,962,347.
On the liabilities
side of the statement, capital stock and surplus remain unchanged at $8,400,000 and $12,000,000, respectively, but un-
$2,799,883.
Volume
Financial
145,
C. S. Newhall is President of the company, which was
lished in 1812.
estab¬
2331
Chronicle
on June 30.
Capital and surplus remain the same
$1,000,000 each.
D. P. Best or Jr. is President.
$295,180
at
•
♦
The Girard
of
ment
479,882
Co.
Trust
condition
Pa.,
in its state¬
of
Sept. 30, shows deposits of $103,with $106,168,636 on June 30.
The
as
compared
as
of Philadelphia,
company's total assets
Sept. 30 are given at $120,883,715,
on the earlier date, of which
on
National Bank of Cosmopolis,
capitalized at $25,000, was placed in
voluntary liquidation. The institution has been absorbed by
Effective Sept. 21, the First
Cosmopolis,
Wash.,
the National Bank of Commerce of Seattle.
contrasting with $123,670,269
the principal items
are:
Cash, reserves and
banks, $26,637,207; United States Government
due from
securities,
$50,923,871; other securities
(including stocks of office
buildings), $23,093,233, and loans, $13,084,584.
The bank's
capital and surplus remain the same at $4,000,000 and
$9,000,000, respectively, but undivided profits are $2,382,438,
up from $2,255,841 on June 30.
Albert A. Jackson is Presi¬
dent of the institution, which was chartered in 1836.
V'.
♦
The
of
Philadelphia
as
were
were
the
Central-Penn
as against total resources of $65,325,280 on
31, of which the principal items are: Cash on hand,
in Federal Reserve Bank and due from banks, $15,360,867;
time
loans
and
discounts,
$22,799,408;
demand
loans,
$64,009,055
March
$8,549,960,
$8,166,611.
shown
On
at
Government
securities,
the report deposits are
compared with $51,967,725 on the
States
side of
United
debit
and
the
$52,279,003
as
date, and undivided profits are given at $1,956,595
against $1,860,332.
Capital and surplus remain un¬
changed at $3,040,000 and $5,000,000, respectively.
Archie
EXCHANGE
the list, as a whole, was unsettled and many of the market
leaders touched the lowest levels of the year. Some recoveries
National
of
CURB
the line was apparent on Thursday. There were occasional
brief runups which enlivened the market from time to time
and a few scattered stocks that resisted selling pressure, but
of Sept. 30 shows total resources
of condition
statement
Bank of
/
THE
Irregular price movements with fractional changes, gen¬
erally toward lower levels, predominated during the fore part
of the present week, but considerable improvement all along
registered toward the end of the week but the gains
special significance.
Dulness and irregularity were the predominating features
of the curb market trading during the short session on Satur¬
day. Most of the changes were in minor fractions, but at
the close the gains were in excess of the declines. Specialties
registered most of the advances, but there was some interest
manifested in the oil stocks and a few selected issues in the
small and without
public
modest gains.
The volume of
dipped to approximately 65,000 shares, the lowest
utilities registered
earlier
transfers
as
level for the short session in several weeks.
D.
Swift is
President.
♦
v.
Bank
Trust
&
Co.,
Philadelphia,
Pa., shows
de¬
(as against $102,084,057 on June 30
last), and total resources of $119,245,746 (as compared with
$338,304,590 on the earlier date). The principal items mak¬
ing up the assets in the present statement are:
Cash and
due from banks, $33,247 015;
United States Government
securities, $22,187,377; bills discounted, $22,340,463; demand
loans, $10,148,715, and other securities, $9,466,613.
The
capital of the bank remains unchanged at $4,550,000, but
surplus and undivided profits have risen to $8,640,330 from
$8,629,866 on June 30. Paul Thompson heads the institution.
posits of $103,067,293
payment of $117,838 to 8,900 depositors in two Chicago
banks—the United State Bank of South Chicago and
A
closed
the
Trust
Italian
Savings
&
authorized
Bank—was
on
30 by Edward J. Barrett, State Auditor of Illinois.
quote further from the Chicago "Tribune" of Oct. 1:
Sept.
We
The
5,700
receive
Including
depositors have received
the
State
current
Chicago will
Bank of South
which amounts to
payment,
5%,
37y2% of the money due them.
Of the current
of assets provided funds for 4%% and
liquidation
ordinary
distribution,
Union
the
depositors of
$85,004.
produced the other 1%%.
the
other disbursement.
The 3,200 depositors of this bank will have received
35% of their funds.
Money for the payment was obtained through ordi¬
A
the stockholders' liability suit
from
receipts
5% payment of $32,834 by the Italian Trust & Savings Bank is
liquidation.
nary
National
First
The
Bank
of
Highland
Highland
Park,
Park, HI., representing a conversion of the Highland Park
Bank, was chartered by the Comptroller of the Cur¬
State
Sept. 30.
rency on
J. M. Appel
The new bank is capitalized at $200,000.
is President and C. F. Grant, Cashier.
♦
:'■■■'J
It is learned from the "Michigan Investor" of
Fred T. Martin has resigned as
77 '-V
Oct. 2 that
Deputy Bank Commissioner
position of Executive Vice-Presi¬
of the Traverse City State Bank, Traverse City, Mich.
for Michigan to accept the
dent
Mr.
Martin, who will take up his new duties on or about
Oct. 15, succeeds
Julius W. Beers, who was advanced to the
Presidency of the institution upon the resignation of George
W. Anderson to accept a
A.
the
Northwestern
Duluth
Co., was recently elected President of
Morris Plan
both institutions, it is learned from
of
Sept.
Mr.
25.
Armstrong
the "Commercial West"
succeeds
the
late John
G.
Williama
♦
The
Mercantile-Commerce
Bank & Trust
Co.,
St. Louis,
Mo., announces the appointment of Levering E. Taylor as
correspondent in San Francisco, Calif., where his office will
be located in the Russ Building, 235 Montgomery Street.
with the institution since 1929, "was
representative in Illinois and Indiana.
In
new office, the company maintains corre¬
Mr. Taylor, associated
formerly
addition
its
to
this
spondents in New York, Chicago and
Kansas City.
♦
The
First National
Bank of Mobile, Mobile, Ala.,
statement of condition as
$23,986,375
as
in its
of Sept. 30, shows total assets of
against total assets of $24,643,448 on June 30
last, of which the principal items are:
Cash in vault and with
States bonds and obligations,
$5,205,042; loans and discounts, $8,092,693, and other bonds
and securities, $3,988,397.
On the liabilities side of the
report, deposits are given at $21,244,930 as against $21,878,356, and undivided profits as $277,010 as compared with
banks,
$6,009,257;
United
trading on Monday.
The trend of the
whole, was downward, and while most of the
were in small fractions, the declines extended to
practically every section of the list. Oil shares and public
utilities were weak though there were a few exceptions
among the higher priced stocks.
Mining and metal issues
were off and most of the popular industrial specialties were
down. The transfers were approximately 129,000 shares with
339 issues traded in.
The principal declines were United
Shoe Machinery, 2 points to 73; Red Bank Oil, 6 points to
14; Jones & Laughlin Steel, 2 points to 54, and Hudson Bay
Mining & Smelting, 1% points to 22%.
^
New lows were registered all along the line in the fresh
selling wave that developed toward the end of the market
on Tuesday.
There was a slight rally just before the end of
the session but most of the pickup was confined to a few
Curb
Exchange
market,
changes
as a
^
special stocks, and the market as a whole was down to the
the day as the trading ended.
Specialties and oil
stocks bore the brunt of the declines but mining and metal
low for
represented among the recessions. The
to 373,720 shares or nearly three
times the turnover of the preceding day. Outstanding among
the stocks closing on the side of the decline were Aluminum
Co. of America, 9% points to 10534; Babcock & Wilcox, 334
points to 8424; Carrier Corp., 3% points to 37%; Childs
pref., 7 points to 61; Jones & Laughlin Steel, 5 points to 49;
Newmont Mining, 5 points to 70; Pa. Salt, 7 points to 142,
and Sherwin Williams, 824 points to 98.
Following early selling on Wednesday, during which prices
broke from fractions to 5 or more points and in many in¬
stances hit new lows, the market steadied itself. While gains
were not particularly noteworthy, a number of popular trad¬
ing issues worked above their morning prices. The best ad¬
vances were registered in the specialties and public utilities,
and while there were a number of other gains scattered through
issues
were
volume
the
of
also well
trading
rose
gains as the market
Prominent among the stocks on the side of
list, the declines were in excess of the
came
to
a
close.
were Aluminum Co. of
Pittsburgh & Lake Erie, 2%
points to 70, and Quaker Oats, 3 points to 136. The declines
included among others Childs pref., 2 points to 59; Draper
Corp., 424 points to 63; Royal Typewriter, 524 points to
59%, and United Gas pref., 624 points to 97.
Curb stocks edged slightly higher on Thursday as moderate
support became apparent in many sections of the list. In¬
dustrials and specialties were irregular with advances and
declines about evenly divided
but the public utilities,
especially the preferred stocks, oils and mining and metal
shares were inclined to move to higher levels. The volume of
sales was down from the preceding day, the turnover dropping
to 206,270 against 346,805 on Wednesday.
Brown & Co.
pref. had an overnight gain of 5 points and closed at 56,
Pepperell Manufacturing Co. surged forward 6% points to
90% and Jones & Laughlin Steel climbed back to 53 with a
gain of 3 points. Other noteworthy advances were Aluminium
Ltd. 3 points to 85, Niles-Bement-Pond 424 points to 45K,
Aluminum Co. of America 2 points to 110 and Consolidated
Mining & Smelting 324 points to 63.
Declining prices due to selling again characterized the
movements on the Curb Exchange on Friday. There were a
few strong spots scattered through the list but these were
usually among the slower moving issues and made little or
no impression on the trend of the market.
The volume of
sales was slightly larger than on Thursday, the total transfers
session
America, 224 points to 108;
•
Armstrong, since 1926 Executive Vice-President of
State Bank of Duluth, Minn., and the
C.
Light 2d pref., 134 points to 44; Godchaux Sugar pref.,
points to 90; Long Island Lighting pref., 3% points to 68;
Niles-Bement-Pond, 134 points to 45, and Sherwin Williams,
124 points to 10624. -'7.;'
;-.v'", vv;. :
Drifting price movements with occasional sharp runups in
a few scattered issues were the chief characteristics of the
the advance at the end of the
position with a Chicago firm.
•;-V
among
5
report as of Sept. 30, the Corn Exchange
In its condition
National
747;-7 777:47;
:
Prominent
closing at higher prices were Electric Power &
the stocks
l
Financial
2332
THE
being approximately 215,000 against 205,000 on the preced¬
ing day. As compared with Friday of last week prices were
lower, Aluminum Co. of America closing last night at 100
on Friday a week ago, American Gas &
against 27%, Carrier Corp. at 38% against
42%, Commonwealth Edison (New) at 26% against 28%,
Cord Corp. at 2% against 3, Creole Petroleum at 24% against
27, Electric Bond & Share at 10% against 12%, Fisk Rubber
Corp. at 7% against 8%, Ford of Canada A at 18% against
19%, Gulf Oil Corp. at 44 against 45, Hudson Bay Mining
& Smelting at 22% against 23%, Humble Oil (New) at 67
against 70%, Lake Shore Mines at 48% against 50%, New
Jersey Zinc at 72 against 74, Niagara Hudson Power at 9%
against 10, Sherwin-Williams at 87 against 105%, Standard
Oil of Kentucky at 18% against 18% and United Shoe
Machinery at 73% against 75%.
against
114%
Oct.
Chronicle
BERLIN
STOCK
Closing prices of representative stocks as received by cable
of the past week:
each day
Electric at 25
DAILY
TRANSACTIONS
AT
YORK
NEW
THE
CURB
EXCHANGE
Oct.
Oct.
2
4
'
129
(6%)--—..135
—.168
Commers-und Privat-Bank A. G. (5%)...-118
Dessauer Gas (7%)
..123
Deutsche Bank und Dlsconto-Geeell. (5%). 124
Deutsche Erdoel (6%)
152
Deutsche Relcbsbahn (German Rys pf 7%) .128
Dresdner Bank (4%)
114
Farbenindustrie I. G. (7%)
165
Gesfuerel (6%)
-165
Hamburger Elektrizitaetswerke (8%)——159
129
135
168
119
123
124
Ailgemelne Elektrlzltaete-Gesellschaft—
Berliner Handels-Gesellschaft
Berliner Kraft u. Licbt (8%).—
161
128
114
165
153
159
Domestic
373.100
....—
346,195
205,285
214,620
Total
1,333,745
$7,000
$472,000
15,000
21,000
1,418,000
68,000
35,000
24,000
33,000
1,464,000
1,158,000
1,096,000
$6,240,000
$195,000
$116,000
$6,551,000
16,000
Stocks—No. of shares.
K
1,333,745
3,130,484
84,412,302
100,248,702
$15,706,000
195,000
394,000
$639,139,000
14,540,000
9,899,000
$663,578,000
116,000
199,000
$6,551,000
$16,299,000
$350,399,000
Foreign government..
Foreign corporate.....
Total
...
documentary
or
clean drafts drawn
151
150
128
128
129
129
114
114
115
115
165
164
164
154
153
152
159
159
158
125
149
162
*149
85
84
84
123
122
120
85
85
84
.—206
(8%)........
230
Salzdeturtb (6%)
165
Siemens <fe Halske (8%)
217
205
230
205
204
204
203
230
230
230
230
214
212
•
Reicbsbank (8%)
-
Rbeiniscbe Braunkohlen
...
165
164
216
216
214
164
Ex-dividend.
ENGLISH FINANCIAL MARKET—PER CABLE
_
The'daily*3losing quotations for securities, &c!7at London,
reported by cable, have been
as
Sat.,
Mon.,
Oct. 2
Oct. 4
19 15-16d.
Sliver, peroz— 19%d.
follows the past week:
as
Tues.,
Wed.,
Oct. 5
Oct. 6
Ft
Thurs.,
.,
Oct. 8
Oct. 7
19 15-l6d. 20d.
19 15-16d. 19%d.
140s.6%d. 140s. 8d.
74%
74 %
140s.7%d. 140s.6%d. 140s.6%d.
74 15-16
75 1-16
74%
Holiday
101%
101%
101%
101%
101%
Holiday
110%
110%
110%
110%
110%
Gold, p.flneoz,140s. 6d.
Consols, 2%%. Holiday
States
price of silver per ounce (in cents) in the United
the same days has been:
on
BarN. Y.
(for.) Closed
50.00
U. 8. Treasury
44%
44%
44%
44%
44%
50.00
50.00
50.00
50.00
50.00
77.57
77.57
77.57
-
77.57
77.57
77.57
Bank
clearings this week will show a decrease compared
with a year ago.
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, Oct. 9)
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be 10.8% below
those for the corresponding week last year.
Our preliminary
total stands at $5,653,015,117, against $5,698,271,774 for
PRINCIPAL OFFICE AND FOREIGN DEPARTMENT}
55 BROAD STREET. NEW YORK
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance
152
120
mST
COMPANY
TRUST
125
Course of Bank Clearings
on
any part of the United States and on foreign countries.
MANUFACTURERS
121
125
80
(newly mined)
We collect
121
125
86
U. S. Treasury.
k
i
123
124
British 4%
1960-90.
$6,240,000
$332,435,000
9,933,000
8,031,000
168
120
88
The
-
135
168
120
86
Bonds
Domestic
134
135
135
168
119
124
War Loan...
1936
1937
1936
1937
126
British 3%%
New York Curl)
Exchange
8
127
128
129
88
(4%%)
Norddeutscher Lloyd-.
943,000
Jan. 1 to Oct. 8
Week Ended Oct. 8
Sales at
7
Par
Total
$9,000
16,000
39,000
28,000
129,350
.
—
Foreign
Corporate
$456,000
912,000
1,358,000
1,420,000
1,066,000
1,028,000
65,195
Saturday..
Monday.——
Tuesday.
Wednesday...
Thursday
Fttday
Foreign
Government
Oct.
6
87
...
Mannesmann Roehren
x
of
Shares)
Oct.
5
—124
Mapag
—
(Number
Week Ended
{Oct. 8, 1937
Oct.
Oct.
Per Cent of
...
Bonds (Par Value)
Stocks
1937
9,
EXCHANGE
the
Corporation
same
At this center there is loss for the
week in 1936.
week ended
Friday of 5.6%.
Our comparative
summary
for the week follows:
FOREIGN
EXCHANGE
RATES
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
a
We
record for the week just passed:
EXCHANGE
RATES
BY
CERTIFIED
BANKS TO TREASURY UNDER TARIFF
Per
Clearings—Returns by Telegraph
Week Ending Oct. 9
New York...
....
Chicago
——
FEDERAL
San Francisco...
—
Pittsburgh
Cleveland
Noon Buying Rate for Cable Trans'r. in New York
Value in Unites ..aits Money
—
...
Oct. 2
Europe—
Austria, schilling
Belgium, beiga..—
Bulgaria, lev........
Czechoslo'kla, koruna
Denmark, krone
England, pound sterl'g
Finland, markka.....
France,franc..
Germany, relchsmark
Greece, drachma.....
Holland, guilder.....
Hungary, pengo.....
Oct. 5
Oct. 4
S
.188000*
.187883*
Eleven cities, five days......
Oct. 6
Oct. 7
Oct. 8
S
$
?
.188116*
.188266*
.188283*
.188328*
.168450
.168423
.168521
.168498
.168486
.168509
.012825*
.012850*
.012850*
.012850*
.012850*
.012840*
.034993
.034992
.034992
.034993
.034991
.034982
.221160
.221181
.221045
.221133
.221135
.221129
.954708
.954750
t.951958
L953916
.954000
t.953666
.021885
.021880
.021865
.021885
.021875
.021900
.032880
.033000
.032912
.032955
.032974
.401303
.401298
.401478
.401567
.401653
.032951
.401628
.009075*
+ 1.7
Other cities, five days
Total all cities,
five days....
AIL cities, one day..
—
Total all cities for week
*
71,583,277
69,500,000
109,258,000
101,898,098
72,669,915
68,138,354
57,486.004
Cent
+ 0,9
+i.i
+ 10.4
+ 1.7
+ 18.0
+6.4
+0.8
+24.6
—0.8
*
*
New Orleans
Unit
—5.6
258,981,967
295,000,000
173,218,000
175,097,855
79,048,530
70,700,000
128,875,000
108,422,703
73,237,387
84,893,438
57,050,545
Baltimore...
Country and Monetary
$2,689,924,086
261.284,044
Boston
Detroit
OCT. 2, 1937, TO OCT. 8, 1937, INCLUSIVE
$2,539,837,754
300,000,000
St. Louis
RESERVE
1936
Philadelphia
Kansas City
ACT OF 1930
1937
*
$3,878,447,256
832,398,675
$3,967,657,701
760,136,675
—2.2
$4,710,845,931
$4,727,794,376
—0.4
942,169,186
970,477,398
—2.9
$5,653,015,117
$5,698,271,774
—0.8
+ 9.5
Five-day figures not available.
.009083*
.009080*
.009075*]
.009078*
.552882
.552810
.552835
.552896
.552832
.197325*
.197425*
.197425*
.197425*
,197425*
.197425*
Italy, lira......
.052603
.052606
.052604
.052604
.052606
.052608
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above, the last day
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu........
Spain, peseta
.248968
.248935
.248812
.248854
,248900
.248886
of the week in all
.188933
.188933
.188933
.188933
.188975
.188875
.044885*
.044908*
.044881*
.044891*
.044891*
.044783
.007339*
.007357*
.007353*
.007282*1
.007282*
.007282*
.063214*
.063250*
.063071*
present further below, we are able to give final
.063062*
.063062*
.063250*
results
.009064*
.552832
Sweden, krona.
.255414
.255468
.255325
.255379
.255408
.255393
Switzerland, franc...
Yugoslavia, dinar
.229732
.229767
.230046
.230083
.229989
.229908
.023000*
.023020*
.023020*
.023020*
.023020*
.023020*
Chefoo (yuan) dol'r
.295562
.295458
.295458
.295458
.295458
.295458
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tlentsln(yuan) dol'r
Hongkong, dollarIndia, rupee..—
Japan, yen
Singapore (S. S.) dol'r
.295562
.295458
.295458
.295458
.295458
.295458
.295562
.295458
.295458
.295458
.295458
.295562
.295458
.295458
.295458
.295458
.295458
.310043
.309812
.309737
.309787
.309531
.309787
.374100
.374056
.373994
.374093
.374031
.374031
Asia—
China—
.......
.295458
.288611
.288454
.288578
.288504
.288503
.288504
.581125
.581125
.580875
.581125
.581125
.580875
Australasia—
Australia, pound
3 .948020* 3.948035* 3.946428* 3.947321 * 3.947187* 3.947375*
New Zealand, pound. 3 ,974583*3.974642*
3.975833*3.976666*3.976510*3.974218*
Africa—
I
South Africa, pound—4
North America-
Canada, dollar.
Cuba, peso...
Mexico, peso
1
I
I
•
|
,909375*4.907500*4.905312*4.906171*4.910000*4.910000*
.999861
.999843
.999891
1.000000
1.000000
.999000
.999166
.999166
.999166
.999166
1,000186
.999166
.277500
.277500
.277500
.277500
.277500
.277500
Newfoundland, dollar .997373
.997382
.997441
.997500
.997500
.997705
.330216*
.330275*
.330241*
.087238*
-
South America—
Argentina,
peso
.330283*
.330300*
.330133*
Brazil (official) mllrels
(Free) mllrels
.087205*
.087222*
.087222*
.087222*, .087222*
.061712
.061833
.061833
.061800
Chile, peso
Colombia, peso
Uruguay, peso
.051725*
.051725*
.051680*
.051680*
.569905*
.569905*
.051700*| .051720*
.569905*| .569905*
.569905*
.569905*
.789250*
.789250*
.789250*.
.788530*
.788530*
...
*NomInal rates; firm rates not available.
.788530*
.061444 i.060577
furnish
cases
has to be estimated.
In the elaborate detailed
for
the
week
statement, however, which
we
and complete
previous—the week ended Oct. 2.
was a decrease of 9.8%, the aggregate
clearings for the whole country having amounted to
$6,530,026,398, against $7,235,637,587 in the same week
in 1936.
Outside of this city there was a decrease of 0.4%,
the bank clearings at this center
haying recorded a loss of
15.6%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a loss of 15.2%, in the Boston
Reserve District of 4.3%, and in the Philadelphia Reserve
District of 14.6%.
In the Cleveland Reserve District the
totals record a gain of 11.6%, in the Richmond Reserve
District of 1.4%, and in the Atlanta Reserve District of
6.6%.
The Chicago Reserve District registers a decrease
of 1.5%, but the St. Louis Reserve District shows an increase
of 2.2% and the Minneapolis Reserve District of 7.8%.
In the Kansas City Reserve District the totals are larger
by 3.8%, in the Dallas Reserve District by 9.2%, and in the
San Francisco Reserve District by 3 .0%.
For that week there
of
In the
districts:
following
we
furnish
a summary
by Federal Reserve
Volume
Reserve
1stj Boston
2nd
New
Dlsts.
"
1936
Dec.
1935
1934
$
$
%
$
$
—4.3
286,137,314
260,329,351
—15.2
4,221,614,383
3,015,692,978
401,986,606
470,836,576
—14.6
412,238,209
316,463,548
350,253,742
313,934,200
+ 11.6
259,214,766
210,020,542
157,661,275
155,531,860
+1.4
136,501,109
128,459,691
164,074,412
153,880,275
+6.6
132,493,405
117,234,253
Jan
539,514,936
547,491,829
—1.5
417,199,314
358,929,207
Feb
159,334,716
+2.2
135,399,849
117,288,372
Mar
+ 14.0
+8.2 12,400,970,597 10,876,517,032
29,924,287,813 27,663,352,857
9,502,491,474 + 13.1
26.070,426,220 24,084,886,600 +8.2 10,750,471,638
13,244,083,177 10,465,721,409 +26.5
32,233,110,651 28,937,356,633 +11.4
104,740,331
+ 7.8
112,147,992
92,914,786
+3.8
+9.2
+3.0
130,544,618
115,835,001
1st qu_
88,227,824,684 80,685,596,090
52,620,006
59,371,637
243,828,011
200,731,973
PhiladelphialO
"
Cleveland..
5
"
5th
Richmond .6
"
6th
Atlanta
10
"
7th
Chicago
18
8th
St. Louis
4
"
162,802,879
9th
Minneapolis 7
"
112,914,786
10th Kansas City 10
11th Dallas
6
"
135,512,844
130,521,168
"
73,592,305
67,361,898
12th San
••
274,242,077
266,136,925
*
1
Total
112 cities
Outside N. Y. City
Canada
6,530,026,398
7,235,637,587
—9.8
6,539,938,976
4,993,271,339
2,784,784,565
2,795,738,897
—0.4
2,443,935,458
2,086,680,697
32 cities
today
a summary
Month
of the clearings for the
April- 28,818,231,387 27,067,061,596
+ 6.5
May.. 26,605,325,643 24,779,150,469
+ 7.3
June..
28,697,184,405 28,599,694,452
2d
qu_
84,120,741,435 80,445,906,517
+ 14.6
+ 4.6 37,203,519,223 32,464,138,522
6 mos.
172348 566,119 161131502,607
+ 7.0
September
Inc.or
September
September
1937
1936
Dec.
1935
1934
26,773,041,608 26,404,298,953
3d qu.
80,331,336,376 77.274,634,350
+4.0
9
252679902,495 238406136,957
+ 6.0H10000
Sept.
.
mos.
1st
Boston
New
1,029,488,122
1,018,275,475
880,080,125
778,908,082
15,792,542,394
—3.5
14,058,059,558
11,978,915,924
1.577.002.482
—0.3
1,333,250,976
1,140,801,149
1,290,785,180 +15.3
1,019,713,204
473,338,327
437,714,847
523,827,234
433,759,543
Philadelphia 17
"
Cleveland-.19
"
1,487,707,126
6th
j Richmond .10
"
636,503,053
16
"
713,649,164
655,505,090
Chicago ...31
8thASt. Louis.. 7
2,226,502,344
2.011.876.483
+10.7
1,656,565,151
1,413,328,990
658,609,825
627,580,580
436,883,350
457,031,424
395,877,504
10th KansasClty 18
"
816,461,874
+4.9
456,301,696 +19.4
+7.0
762,950,653
496,997,033
9thfiMlnneapollsl6
"
"
"
6th i Atlanta
7th,?
596,171,015
11
"
561,161,582
477,549,205 + 17.5
342,816,567
Fran..20
"
1,291,038,590
1,148,928,303
+ 12.4
975,643,859
850,212,519
26,773,041,608
26,404,298,953
+ 1.4
22,887,639,911
19,586,130,618
12,064,287,840
11,117,622,413
+8.5
9,243,073,757
7,965,113,358
1,530,594,431
1,710,895,153
—10.5
1,333,825,079
1,302,442,961
194 cities
Total
Outside N. Y. City
Canada
We
670,316,453
328,824,213
11th Dallas
12th San
544,828,501
..32 cities
67.201,745
60,884,392
51,016,548
19,409,132
14,404,525
15,850,057
54,565,349
58,829,952
29,900,904
159,265,706
179,102,685
49,663,714
141,296,205
39,609,538
22,408,575
30.439,671
22,336,422
29,845,282
February
March
34,606,839
18,649,189
16,449,193
9 Months
Inc. or
9 Months
9 Months
1937
1936
Dec.
1935
1934
75,184,668
71,981,117
124,848,382
213,277,322
20,722,285
17,212,553
33,854,188
34,793,159
29,427,720
42,925,480
34,726,590
21,113,076
26,563,970
30,872,559
71,789,026
92,229,688
107,079,790
50,439,918
300,659,953
352,984,228
231,928,172
263,717,240
August
Third quarter
Nine months
The
of bank clearings at
course
BANK CLEARINGS AT
each of the
statement:
1937
Jan. 1 to Sept. 30
11,621 142,679 141,336
932
674
9,026
8,538
1,093
13,577
Phlladelphlal7
"
15,758,032,373
14,365,647,569
Pittsburgh
621
522
472
331
4thi Cleveland ..19
6th j Richmond .10
*'
"
13,336,585,977
11,115,620,092
+20.0
8,783,949,424
7,652,889,167
San Francisco
5,615,608,734
4,913,643,725
+14.3
4,194,749,727
3,773,921,344
Baltimore...
6th
Atlanta
16
"
6,288,687,694
5,272,550,850
+ 19.3
4,520,502,671
3,919,865,803
Cincinnati
690
294
270
610
271
248
530
225
196
457
203
164
5,891
2,716
2,442
5,257
2,408
2,077
7th
Chicago
31
18,129,718,828
3,519
3,048
2,412
1,199
3,893
1,169
1,228
381
750
1,221
927
1,049
New
3rd
14 cities
York. 15
10,574,411,224
9,947,696,859
8,302,380,588
8,870,866,396
+ 1.3 140,406,914,642 126,990,660,329
+9.7 12,859,933,304 11,232,235,325
147,644,529,611 145,756,551,487
"
Philadelphia
St. Louis
274
"
20,588,693,587
12,838,518,397
419
395
347
317
4,051
"
5,749,551,539
5,132,055,758
+13.6
+12.0
15,154,242,361
7
4,435,144,459
3,930,312,463
Cleveland
444
375
275
241
Oth'f. Minneapolis 16
"
4,237,642,769
3,810,911,192
+ 11.2
3,488,735,517
3,034,544,185
Minneapolis
363
290
305
10th KansasClty 18
11th Dallas
11
'*
180
435
153
138
43
159
409
137
133
42
82
141
110
127
123
339
110
135
33
66
120
97
103
265
102
270
92
115
27
57
104
93
90
3,822
2,731
1,428
4,461
1,339
1,204
421
820
1,434
984
1,228
8th t St.
Louis..
12th San^Fran..20
Kansas
City
7,577,341,182
6,759,293,163
+12.1
5,984,508,850
5,152,465,299
New Orleans
"
4,478,799,980
3,707,977,319
+20.8
2,987,861,783
2,719,665,240
Detroit
"
10,830,017,825
9,494,470,095
+ 14.1
8,275,273,441
7,242,342,484
Louisville
Omaha
r'J
194 cities 252,679,902,495 238,406,136,957
Total
Outside N. Y. City
110,000,783,761
+6.0 219,962,682,575 196,789,800,624
Providence
83,565,632,950
73,301,734,627
Milwaukee
12,134,023,577
11.506,041,367
97,069,831,912
+ 13.3
13,868,291,030
+0.5
88
154
117
143
Buffalo
Canada
32 cities
13,931,927,520
St. Paul
Denver
monthly detailed statement of transactions on
the New York Stock Exchange is appended.
The results for
September and the nine months of 1937 and 1936 are given
Our usual
below:
Indianapolis......
Richmond...
Memphis
Seattle
Salt Lake City
Hartford
Month of
Nine Months
September
Total
Other cities
Description
1930
1937
30,872,559
352,984,228
300,659,953
Bonds
i
Railroad & misc. bonds._ $140,305,000 $250,571,000 $1,615,383,000 $2,119,361,000
State, foreign, &c., bonds
20,075,000
23,569,000
U. 8. Government bonds.
15,698,000
30,875,000
265,540,000
313,613,000
242,089,000
230,931,000
$182,078,000 $305,015,000 $2,194,536,000 $2,592,381,000
Total
CLEARINGS FOR SEPTEMBER, SINCE
Month of
$
^ First
Federal Reser
Maine—Bangor
Portland.
Mass.—Boston
t Fall
River
Holyoke
Lowell..
ve
1936
$
Dec.
%
2,526,319
2,502,194
1,348,786
1,515,978
2,993,074
$
26,308,567
859
391
324
26,773 26,404 22,888
12,064 11,118
9,243
19,586 252,680 238,406
7,965 110,001 97,070
219,963 196,790
83,566 73,302
now
add
our
detailed statement showing
separately for September
JANUARY 1, AND FOR
WEEK ENDING OCT. 2.
Week
30
1936
$
24,111,629
80,654,204
8,538,395,243
Ended
1937
1936
Dec.
1935
$
%
$
%
$
+9.1
809,758
827,470
—2.1
+0.8
+5.7
3,407,367
230,964,999
3,370,817
244,188,048
—5.4
628,384
617,204
+ 1.8
Dec.
+8.1
+ 6.7
13,568,810
+ 12.9
~35~4~082
33+664
+~5~8
27,572,121
127,232,270
25,992,587
116,024,649
66,342,912
+ 6.1
825,064
+9.7
+25.0
613,078
3,446,949
2,206,610
12,829,896
+ 34.6
—1.0
438,798,381
148,147,816
55,425,300
380,590,300
21,492,002
+ 13.9
+22.4
+ 10.5
+0.3
3,446,699
2,508,219
12,957.329
4,658,719
1,018,275,475
+20.8
82,949,908
+2.0
467,738,651
+ 11.1
168,707,874
+ 0.6
+ 1.1
10,574,411,224
24,426,791
9,947,696.859
2
Oct.
Inc. or
13,726,235
+ 14.4
498
203,409 182,351
16,554 14,439
15,322,805
6,242,500
42,440,500
1,995,489
1,262
536
439
1,507
629
468
—7.4
—8.1
+ 8.5
1,029,488,122
106
48
32
+ 13.4
67,844,700
420,706,000
21,561,543
Total (14 cities)
132
55
40
81,263,458
7,411,823
41,773,488
14,613.810
2,283.567
160
64
42
9,026,161,066
26,393,056
14,648,605
8,951,576
42,612,494
16,237,754
6,776,100
42,694,600
181
73
43
+0.5
Worcester
I.—Providence
H.—Manchester
1,096
534
1,052
465
403
+ 11.7
Springfield.
N.
1,190
643
—14.7
+ 10.7
R.
1,296
719
8,679,657
11,855,882
Waterbury
720
1,515
69
2,963,269
13,125,768
b New Haven
49
157
70
871,583,967
2,723,512
1,456,713
1,336,572
3,198,293
Conn.—Hartford
55
154
118
Inc. or
1937
—6.4
New Bedford
69
175
98
the figures
and since Jan. 1 for
two years and for the week ended Oct. 2 for four years:
We
District— Boston—
9,696,097
876,223,815
446
531
618
75
196
17,983 229,277 218,158
1,603 23,403 20,248
for each city
Inc. or
1937
4,787
7,634
7,199
12,335 10,747
2,877
2,546
3,819
3,312
4,669
4,010
2,130
1,958
1,796
1,565
3,237
2,704
2,452
2,224
2,202
1,983
989
883
3,297
2,676
1,005
870
1,092
1,038
327
297
606
508
1,069
1,000
859
753
891
752
..24,114 23,981 21,045
2,659 2,423
1,843
Outside New York.
Nine Months Ended Sept.
September
Clearings at—
3,266
8,224
9,551
1936
1937
Total all—
33,854,188
Stocks, number of shares,
s
136,397 123,488
11,322
12,862
1934
3
$
$
$
1935
1936
1937
1934
S
S
S
SEPTEMBER
LEADING CITIES IN
September
1936
1935
14,709 15,287 13,645
1,430
1,282
1,070
876
872
754
1,480
1,495
1,278
401
366
316
Boston
leading cities of the country
is shown in the subjoined
last four years
16,690,972
12,635,870
September and since Jan. 1 in
for the month of
New York.
$
$
%
+6.3
$
$
81,651,855
14,902
3,629
5,649
Boston
25,335,680
16,800,155
260,754,540
September
(000,000s
9 Months
Dlsts.
21,428,647
69,605,221
Month of July
Chicago
Reserve
20,613,670
228,870,927
Second quarter
Six months
omitted)
1st
Shares
No.
Shares
No.
Shares
58,671,416
50,248,010
50,346,280
Month of January
Federal
append another table showing the clearings by
Federal
No.
Shares
1934
1935
1936
1937
No.
Reserve districts for the nine months for four years:
2nd
the
794,733,482
+9.0
+8.7
584,001,412
783,761 97,069,831,912 +13.3
S
$
15,235,356,315
4th
+ 7.8
36,401,739,126 33,760,963,475
the following:
1934 to 1937 is indicated in
May
"
14 cities
York. 15
1,571,734,812
3rd
+ 5.1 11,645,643,608
for the nine months of the years
New York Stock Exchange
June
2nd
+5.5 12.691,807,678 11,854,065,151
transactions in share properties on
of
volume
The
Month of April
%
+1.1
$
73,599,044,635 63,308,868,437 + 16.3
+7.1
10,789,275,911 1+7.9
+
8.5
11,117,622,413
+ 1.4 12,064,287,840
First quarter
$
12,744,647,797 10,863,640,546 + 17.3
12,037,903,347 10,326,237,123 + 16.5
+ 10.2
+0.3 12,420,968,079 11,274,260,853
..
$26,773,041,608 and the 1936
aggregate $26,404,298,953.
In the New York Reserve Dis¬
trict there is a decrease of 3.5% and in the Philadelphia
Reserve District of 0.3%, but in the Boston Reserve District
there is an increase of 1.1%.
The Cleveland Reserve Dis¬
trict shows a gain of 15.3%, the Richmond Reserve District
of 9.0%, and the Atlanta Reserve District of 8.7%.
In
the Chicago Reserve District the totals are larger by 10.7%,
in the St. Louis Reserve District bu 4.9%, and in the Minne¬
apolis Reserve District by 19.4%.
The Kansas City Re¬
serve District shows an improvement of 7.0%, the Dallas
Reserve District of 17.5%, and the San Francisco Reserve
Reserve Dlsts.
+ 18.0
+9.3 36,395,525,412 30,844,729,915
28,792,060,433 27,302,371,638
July
Aug... 24,766,234,335 23,567,963,759
aggregate of clearings being
Federal
%
%
month of September.
For that month there was an increase
for the entire body of clearing houses of 1.4%, the 1937
September
1936
1937
1936
1937
409,555,423
374,888,829
—9.4
399,673,811
362,182,558
We also furnish
York
284,750,708
4,581,117,101
4th
Fran..11
Clearings Outside New
Clearings, Total AU
272,467,832
3rd
I
MONTHLY CLEARINGS
3,885,002,704
12 cities
York. 13
1937
by months
and 1936:
since Jan. 1, 1937
Inc.or
Federal
compilation covers the clearings
The following
SUMMARY OF BANK CLEARINGS
WeekjEnded Oct. 2, 1937
2333
Chronicle
Financial
145
+0.6
+6.3
+ 1.1
1,020,854
3,231,194
245,710,000
*
682,918
"
+ 13.7
+ 1.0
~292~380
1934
$
791,931
2,785,014
228,000.000
579,791
"272", 377
809,874
606,808
3,249,610
1,569,724
14,497,103
2,904,840
1,343,877
9,548,590
4,375,064
+ 6.5
4,106,478
4,012,241
11,046" 600
11,352+66
—2~7
10,392" 600
8",738"806
860,612
588,508
+ 46.2
574,579
745,082
284,750,708
—4.3
286,137,314
260.329,351
272,467,832
2334
Financial
Chronicle
CLEARINGS
Month of September
Oct.
(
Nine Months Ended Sept. 30
Week
Ended
Clearings at—
inc. or
1937
1936
Dec
$
Second Federal Res
erve
N. Y.—Albany
York
Syracuse
Utica
1936
_%
Dec.
1937
1936
Dec.
1935
%
$
%
%
$
$
—7.3
11,177,078
9,540,961
44 ,603,251
+ 12.2
+2.8
1,010,782
1,078,421
1,220 ,541.963
+ 17.5
30,700.000
26,766,989
25 ,567,538
+ 4.7
38,700,000
691,544
—1.3
+ 1.8
3,255,984
14,708,753,768
33,699,065
21,422,508
3,352,547
141,106.412
2,767,867
2,644,466
15,286,676,540
31,762,055
16,773,231
2,912,908
1,224,963
38,200,000
765,693
1,191.920
154.487.074
2,817,382
+25.8
+ 9.5
366,498,930
50,023.307
1,433,534.186
+ 16.2
4,331,790
+ 10.7
646,675
22 ,053,259
27.654,386
652,308
+34.0
142,679,118,734 141,336 ,305,045
+ 1.0
16.014,467
12,928,123
+23.9
20.275,557
1,535,601
17,244,416
+ 17.6
1,391,924
+ 10.3
'16,438,752
15 ,019,030
85,525,157
+ 10.8
—8.8
787,999,010
1,370,864,279
730 ,196,480
134,794,685
77,156,919
147.849.553
3,549,026
3,375,160
+5.2
35,277,188
Westchester County
Conn.—Stamford
N. J.—Montclalr
Newark
Northern New Jersey
Oranges
Total (15 cities)
15,235,356,315 15,792,542,394
Third Federal Rese
rve
District—
Pa.—Altoona
1,927,666
♦2,350,000
+23.1
—3.8
+6.1
+27.7
+ 15.1
9,418,956
8,339,666
+ 12.9
Philadelphia
Reading
141 ,800,648
+ 17.1
797.049
789.186
3,745,241,833 4,439,898,690
10,116.802
9,313,190
7,522,655
+ 1.0
694,782
508,163
—15.6 4,096,003,518 2,906,590.642
+8.6
8,571,274
8,220,496
+ 19.5
+ 18.7
6,412,952
4,612,652
+ 12.6
+ 19.4
3,436*069
3,376*336
4,041.415
383,125
3,941,169
486.935
28.263,332
23,916.420
+ 18.2
34,942,393
44,658,098
—21.8
3.885.002,704 4,581,117,101
—15.2
+39.0
4,611,995
1*8
3,518*635
l",6*82*783
+2.5
4,125,190
—21.3
*285,000
3,622,227
360.865
19,316,292
44,607,585
37,039,547
+
+20.9
20,003,881
+ 17.5
21,141,620
13.743,124
88,042,246
55,285,540
18,480,532
19,578,254
14,902,000,000
57,406,728
5,664,887
1,928,278
+ 15.1
2,314,370
—18.8
1,495,000,000
—1.0
6,016,533
5,147,528
+ 16.9
+2.0
17,495,312
+ 14.3
434,763
422,860
+2.8
17,830,800
824,872
597,234
+38.1
374,769
429,100
337,426
+ 18.6
+ 12.7
430,896
352,933
+22.1
367,295
459,560
1,723*025
1.896.754
—9*2
1,5*12*324
1,300*042
47,677,779
15,462,306
+ 19.5
20.156.947
—2.9
+9.8
387",000,666
457,000,000
—15.3
396,000,000
305,000.000
+ 19.7
+30.2
1,495,320
+ 1.7
2,543,991
1,113,579
2,170.451
—36.7
1,161,339
1,219,271
1,709,071
1,345,219
+ 11.1
+ 16.2
490,230
2,462,078
+23.2
2,728,437
20,460,849
+ 10.8
5,388,230
25,745,895
16,137,656
+26.8
142.346.244
14,013,000
13,067,600
+7.2
168,752,500
170,145,800
—0.8
4,045,000
2,823,000
+43.3
6,645,000
1,571,734,812
1,577,002,482
—0.3
15,758.032,373
14,365,647.569
+9.7
401,986,606
470,836,576
—14.6
412,238,209
1.
York
Potts vllle
Du Bols
Hazleton
9.684.804
9,494.677
+2.0
4,546,652
4,689,257
—3.0
7,135,786
1,488,958
6,170,837
+ 15.6
1,178,769
+26.3
604.022
.....
...
Total (17 cities)
Fourth Federal Res
erve
Ohio—Canton
95,792,994
42,590,371
68,441,338
13,292,876
10,755,476
269,558,676
94,123,986
2,442,090,906
443,507,917
9,231,894
247,957,733
375,238,409
+16.5
+8.7
Cleveland
+ 18.2
Columbus
51,177,400
56,716,500
—9.8
2,509,693
2,196,776
1,330,576
3,822,328,316
477,783,900
20,955,170
14,701.542
78,551,562
116.478,742
Hamilton
1,671,249
7,621,192
12,300,386
.....
Mansfield
—
Youngstown
Newark
6,694,734
25,493,767
Toledo..
Pa.—Beaver
County..
962,073
504,968
1,454,377
+23.3
+ 5.1
+ 14.2
6.774,078
+25.6
+ 12.5
12.457.446
—1.3
6,468,765
+3.6
19.267.447
833,936
+32.3
58,498,799
220.166,493
57,172.401
+ 11.5
49,815,803
46.696,442
+ 13.3
78,524.241
432 ,871,900
60,682,231
+ 10.4
13,703,100
12,674,700
+8.1
12,488,300
9,953,400
1,60+007
1,1*7+574
+36*4
1,437,631
1,171*246
19 ,263,576
+ 8.8
9 ,667,449
+52.1
+39.1
56 ,460,633
99 ,103.107
+ 17.5
46 ,823,176
+24.9
178 ,701,479
+23.2
+ 6.6
521,947,443
+ 19.0
4,786 ,596,631
+ 18.0
7,145,973
6,530.681
58 ,486,121
11,050,858
829,976
5,307,011
9,017,204
793,918
+9.4
+22.6
83 ,239,165
+ 11.9
+20.8
6 ,102,346
+ 15.0
4,520,658
+ 17.4
5,649,476,402
65,426,284
100,583,992
7,014,649
57,746,439
45 ,926,207
+25.7
8,038,055
7,831.167
+2.6
84,124,875
70 ,277.833
+ 19.7
1,487,707,126
1,290,785,180
+ 15.3
13,336,585,977
11,115,620,092
+20.0
X
X
X
X
X
X
X
X
+25.3
'■
159,126,947
'
143,977,671
—-----
350,253.742
+ 10.5
116",948,791
91,517,223
259,214,766
210,020,542
----
313,934,200
+ 11.6
1,642,177
1,232,622
9,631,000
285,726
+ 9.2
108,344,000
+28.2
93 ,839,000
+ 15.5
175.084,188
2,790,000
+ 12.2
2,527,000
+ 10.4
2,600,000
1,514,771,919
52,114,623
1,295 ,826,409
42 ,361,524
2,341,000
+ 16.9
48,737,105
45,079,099
+8.1
38,695,663
+23.0
39,854.226
1,662,099
2,357,030
—29.5
65 ,811,302
1,498,996
+ 12.7
1,085.988
39 ,492,753
+ 16.9
+21.6
74,175,526
46,150,579
129,485,888
121 ,428,125
+ 6.6
+ 8.6
2,715,798.206
+20.7
2,408 ,176,251
12 ,787,756
823 ,586,614
82",091",658
80,442,839
+2*0
+21.8
71,965*897
66,267*023
+ 1.5
15,573,194
944,516,263
+ 14.7
22*.0*14*238
24,840,166
—ii'.i
21,587",029
18,759,698
+ 9.0
5,615,608.734
4,913,643,725
+ 14.3
157.661,275
155,531,860
+ 1.4
136,501,109
128.459,691
6,414,614
Columbia
9,009,081
Greensville
5,431,724
20,303,682
293,915,125
1,958,260
90,915,381
(10 cities)
X
10,517,000
196,396,009
S. C.—Charleston....
D. C.—Washington...
+ 4.5
4
X
District— Rlchmond-
.
Frederick
3,518,000
316,463.548
98,933.854
621,123,345
Md.—Baltimore
v,
63.728,060
112,092.628
+ 19.9
N. C.—Durham
—
+25.5
,205,080
Richmond
-
+ 17.6
+25.4
6 .917,045
Va.—Norfolk
■
74 ,997,127
11 ,166,969
i
■
2,076 ,709,961
3,048 ,104,287
8,668,368
Fifth Federal Reser
Total
—4.2
4.481,861
13,383,691
——
.
2,167,817
+ 19.2
W. Va.—Wheeling
W. Va.—Huntington
2,077,004
+ 15.4
Warren..
Total (19 cities)
+ 19.8
+9.4
+ 12.2
-
Ky.—Lexington
1,038,007
1,438,555
2,497.230
1,640.193
450,090
Erie
City
1,872,336
2,540,703
1,220,459
Franklin
Greensburg
Pittsburgh
OH
+3.8
—1.7
District —Cleveland—
Cincinnati
Lorain
x
+ 13.0
N. J.—Trenton
...
17,120,822
12,198,458
77,900,079
Del.—Wilmington
...
5,111.575
4,221,614,383 3,015,692,978
13,577,000,000
47,939,608
92,321,166
43,346,578
57,108,229
12,154,131
4,369,523
24,498,571
128.142,282
Wllkes-Barre
6,050,743
Philadelphia
Harris burg
5,778,802
2,219,905
1,880,347
1,480,000,000
28 ,280,333
+ 1.3
+ 11.9
Norrlstown
155 ,843,500
125 ,587,273
+9.7
—3.5 147.644,529,611 145,756.551,487
1,594,537
*2,000,000
1,322,112
Lebanon
289 ,848,118
1,271 ,063,631
34 ,331,714
1,480,095
Lancaster
29,558,865
317.927,889
186,234,503
33,558,757
141,382,038
169,346.184
315 ,509,704
+9.5
+7.9
+ 7.9
+2.8
Chester
Bethlehem..
Scranton
1934
43,621,030
Elm Ira
Rochester
York
2
5,450.998
Buffalo
New
■New
Oct.
Inc. or
40.422.496
Binghamton
Jamestown
District
Inc. or
1937
1937
9,
636,503.053
7,005,367
7,742,599
4,799,990
16,691,860
270,579,901
1,621,931
89,611,954
584,001,412
+33.2
—8.4
+ 16.4
+ 13.2
14,678,536
10 ,333,991
+ 42.0
+ 12.8
366,175
153,524
151,756
■
i.
Sixth Federal Reser
Tenn.—Kno xvlUe
Nashville---.
Georgia—Atlanta
Augusta
ve
District— Atlanta—
16,259,113
80,354.671
+ 18.3
+ 14.7
+24.8
4,916,948
+ 6.2
57,731,850
7,985,761
4,240,396
4,484,341
82,481,379
7,518,062
5,293,684
+ 7.3
+ 6.2
—19.9
6,281.000
4,765,000
+ 10.8
6,363,828
1,715,802
762,641
7,745,737
—17.8
45,028,000
60,167,505
1,936,271
941,440
—11.4
5.369,962
1,198,858,284
+ 19.1
44,503,770
40,499,295
+9.9
33,831,939
31,712,098
+ 19.3
164,074,412
153,880,275
+ 6.6
132,493,405
117,234,253
6,026,904
-
Columbus
4,432,362
Macon
Fla.—Jacksonville
Tampa
Ala.—Birmingham
5,223,105
65,279,771
4,682,784
88,507,923
Mobile
Montgomery
Miss.—Hattlesburg—
Jackson
Meridian
+ 4.C
150,351,567
701,426,769
2,126,400,000
1,531,876
—7.5
1,207,327
1,072,758
l",23*1*499
1,136*987
1* 138*071
*972*278
13,920,000
14,136,000
+ 8" 3
—1.5
11,898,000
11,080,000
22* 391*609
21,167*822
+5~8
17,381*304
16*9*5*1*655
1,659,236
+ 11.9
1,612,514
1,234,516
+32.7
+ 13.1
695,550,749
557,637,434
+ 4.4
49,588,363
786,857,892
44,773,974
+ 10.8
644,891,979
+22.0
68,167,661
52,834.043
+29.0
1,857.203
32,756.811
30,649,672
+ 6.9
35,779,000
+25.9
50,140,021
+20.0
11,946.959
+9.2
+22.8
X
X
234*449
236*493
X
X
X
180,133,103
158,612,198
+ 13.6
656,505,090
+8.7
6,288,687,694
5,272,550,850
+28.6
+9.5
200,761
183,128
+9.6
661,716
3,892,649,153
+ 14.6
111,406,856
111,572,952
—O.l
83,061,687
41,692,725
106.039,470
16.458,437
55,908,559
21,691,723
21,532,134
+ 12.0
540.208
65,476.064
3,109,061
3,000,597
+3.6
3,522,539
1,860,200
l", 627", 104
1,69+717
—3*8
1*6*7*0*994
""721*987
Flint
Grand
Rapids
serve
District
1,487,634
434,819,379
5,261,098
14,311,142
2,208,009
—19.0
1.156.785
409,456,484
3,947,691
12,721,909
+ 6.2
15,008,108
4,460,892,613
+33.3
46,695,098
+ 12.5
1.850.786
Lansing
+ 19.3
6,807,556
6,599,879
+ 3.1
Muskegon
62,351,486
2,858,070
3,355,400
2,562,769
2,700,921
+ 11.5
26,208,443
+24.2
26.378,217
4,666.334
4,676,323
—0.2
44.014,248
11,231,965
+39.4
69,314,000
4,880,628
19,653,450
+ 8.9
139,459,263
720,422,760
Jackson
City
Ind.—Ft.
Wayne
Gary
15,655,967
75,465,961
Indianapolis
Bend
5,888.891
Terre Haute
21,613,359
Wis.—Madison
4,636,551
Milwaukee
87,564,908
2,302,943
2,879.794
412,439
1,267.976
Oshkosh
Sheboygan
Watertown
Manitowoc
Iowa—Cedar Rapids..
Des Moines
City
Blooming ton
Chicago
Decatur
Peoria
Rockford
:
Springfield
Sterling
(31 cities)
178,000
*132*917
3,873,984
81,802,390
1,980,891
3,212,849
488,480
1,413,954
+20.7
58,401,860
+ 10.0
\ 194,822,499
+ 19.7
43,131,062
820,134,246
+ 7.0
+ 16.3
—10.4
18,925,134
28,666,049
—15.6
4,573,293
—10.3
12,334,455
13,711,392
+ 18.4
+ 15.7
+ 11.5
+20.8
+22.5
40,516,531
104,103,310
+34.0
617,965,000
+ 16.6
46,798,217
180,629,178
34,327,773
750,462,476
16,609,070
25,518.456
4,313,500
11,540,793
39.632,296
+ 8.6
"
1,15+059
1,037,947
+ 11*3
92+636
677,445
17,17+666
17.809,000
—3*6
15*.150*666
14,7*74*666
+24.8
1,531,489
870.666
760,880
4,980,302
1,282,214
4,468,055
+ 19.4
+ 7.9
+25.6
+ 11.5
4,203,485
3,575,950
+9.3
20,76+709
21,32+547
—2*6
16,960*815
13,948*219
1,135,553
9,825,378
3,821,288
1,123,407
+ 1.1
993,954
986,489
$8,529,663
+ 15.2
7,829,530
3,636,158
+5.1
3,084,180
7,351,023
3,136.365
+ 13.9
+ 12.3
+6.0
+6.9
4,791,833
4,632,120
+3.4
43,134,676
31,569,723
14,031,102
+43.5
337.333,999
—2.7
120,954,922
+30.1
7,047,780
1,784.354
623,660
1,918,140
1,833,641
+76.2
—2.7
22,452,699
17,442,790
1,429,894,528
+6.5
48+614
1,282,157,419
"463*938
+ 11.5
+4*2
*357*540
12,861.887,355
11,322,150,390
+ 13.6
""537*977
4,121,987
16,507.677
354,402,495
364,012,903
—2.6
3,487,849
+ 18.2
36,306,873
272,886,177
30.505,343
239,609.419
+ 19.0
1,064,852
768,842
17,541,601
—5.9
+38.5
159,072,765
603,936
161,695.401
—1.6
587,924
6,160,105
3,889.304
+23.1
55.993,985
40,110.104
+39.6
+20.6
+28.5
54,220,055
45,801,740
645,268
4,973,840
575,830
3,127,636
872,699
2,474.647
1,498.064
4,087,453
1.165,858
—4.8
5,005,420
5,999,377
+ 18.4
1,447,047
1,332,450
+8.6
+ 12.1
5,831,354
1,017,124
4,936,722
+ 18.1
1,207,370
2,226,502,344
2,011,876,483
+10.7
20.588,693,587
18,129,718,828
+ 13.6
539,514,936
547.491,829
—1.5
417,199,314
358,929,207
811,512
3,380,624
111.—Aurora
-^0*9
45,287,993
13,653,675
Ames
"
—Chicago—
125,559,098
19,036,402
Total
12,313,266
39,300,000
+ 18.1
+24.7
2,465.365
13,709,839
48,500,000
33,134,361
+ 17.5
3,036,411
+6.0
35,844,044
49,717,816
+27.6
+ 5.9
39,137,890
+ 9.1
3,108,882
15,903,684
54,500,000
713,649,164
Seventh Federal Re
Slox
3,965,818
16,852,381
57,700.000
1,417,683
(16 cities)
Detroit
South
+ 19.5
+20.9
+ 16.1
13,049,915
6,592,842
1,428,049,870
Mich.—Ann Arbor
Bay
125,786,530
580,029,892
1,831,400,000
42,301,485
27,017.254
Orleans
Vicksburg
La.—New
Total
13,745,697
70.056,335
227,200,000
5,523,776
3,552,372
236,400,000
318,054,725
127.688,812
5,662,301
14,628,868
16.384,229
+8.8
+6.1
—5.3
+24.5
+53.5
703.040
Volume
2335
Chronicle
Financial
145
CLEARINGS
(Concluded)
Ended
Week
Nine Months Ended Sept. 30
Month of September
Clearing* at—
Inc. or
Inc. or
erve
(7 cities)
Ninth Federal Rese
St.
Paul
Winona
+ 8.4
943,000
+ 49.6
1,079,000
3,396,438
866,744
3,043,690
+24.5
+ 11.6
6,478,572
6,990,221
—7.3
+ 16.5
—19.3
2,193,561
94,785,502
2,350,115
544,828,501
456,301,696
+ 19.4
4,237,642,769
865,584
419,127,290
12,426.140
596,358
Carthage
42,768,013
2,851,777
143,313,447
Ok la.—Tulsa
Denver
2,822,477
1,448,066
Pueblo
Wyo.—Casper
816,461,874
(18 cities)
Total
eserve
Eleventh FederalR
Beaumont
4,722,045
251,516,862
19,296,366
33,241,636
14,476,000
.——
Dallas..—^
—
El Paso....—...
Worth
Ft.
Galveston
Port Arthur
Wichita Falls
Texarkana
—
La.—Shreveport
cities)
Twelfth Federal Re
Total (11
Seattle..
—..
Utah—Ogden
Salt Lake City
Ariz.—Phoenix
Calif.—Bakersfield
Berkeley
Long Beach
Modesto
.....
Pasadena
Riverside
.......
Francisco
San Jose
........
Santa Barbara
Stockton
Total
181,420,000
46,058,000
(20 cities)
18,719,460
+ 6.1
—0.1
4,051,112,585
—33.9
1,232,290
+ 17.5
762,950,653
+ 7.0
—8.9
+22.3
—6.5
+ 13.2
+ 16.2
5,460,830
3,577,859
+ 32.0
+ 8.7
+20.3
+27.6
+ 14.7
231,466,406
16,042,432
26,053,867
12,624,000
+2.2
135,399,849
117,288,372
3,010.677
+ 19.3
68,324,695
+ 10.8
3,625,775
79,598,590
2,779,928
62,106,875
26,808.233
27*.*10*3*772
—1*1
21,9*92*036
22*.7*4+767
2~,*6*1*4*479
2*. 1*90* 130
+ 19*4
2,070^208
+849*456
*
"
*
+ 5.7
—6.7
3,810,911,192
+ 11.2
112,914,786
104,740,331
+ 7.8
112,147,992
92,914,786
87,900
107,805
—18.5
108,843,890
—2.0
1,228,019,803
105,137,226
4,473,375
121,228
106,728
95,348
29,850,123
+ 6.1
2,816,579
30,884,311
2,142,941
27,742,772
2,666*887
+ 5.2
6,767,435
84,173,684
120,128,504
17,651,741
+5.6
1,5*16*615
2*.273*087 —3*3*3
2*81+666
+ 14.3
3,558,016
2,994,978
+18.8
3,144,528
2,642,441
88,523,526
+4*5
86*.55+854
76*.*8*0*2* 640
3,144,378
+ 6.0
3.519.407.301
119,444,217
5,283,081
318,572,393
+ 15.1
92*.5*2+571
+2.6
2,701,722
[ 2,673,012
+ 1.1
3,012,615
*2*30*879
*3*7*8*997
—3*9*1
"53+oio
648^699
620,671
—1*0*1
"*5*70*274
*508*167
115,835,001
24,764,628
+ 7.3
+ 17.0
7,577,341,182
6,759,293,183
+12.1
135,512,844
130,52+168
+3.8
130,544,618
55,056,101
42,245,474
1,982,806,804
175,657,075
308,177,358
44,990,421
+22.4
+23.3
1,393,783
+310,598
+6.3
1,044,025
953,357
56*528*151
53*.339*89(
+6*6
39*.*8*03",555
39,654,322
7*.8*62*,609
5*533*,56'
+42*1
5**7*62*963
14*.68*3*867
3,471,000
2,92+001
+ 18.8
2,222,000
2,325,000
—7.3
104,439,000
34,249,227
+ 16.4
235,116,477
86,773,000
+31.1
+20.4
+24.5
+34.6
+20.9
+23.8
+ 19.1
—18.6
+ 5.0
12,468,298
139,833,644
13,999,902
29,749,392
10,074,367
117,441,121
+ 17.5
558*201
+21.3
1,287,395,963
1,603,289,071
18,848,233
35,978,922
"
+ 11.2
1,703,315,933
144,871,516
+30.0
+29.2
+ 15.6
2,870,190
160,486,268
+ 13.0
1,506,893,418
1,261 784,860
48,862.000
5,797,857
5,731,330
—5.7
355,236,000
339 082,000
+ 19.4
+ 4.8
+22.9
41,394,789
33 511,004
+ 16.6
49,417,473
1,051,000
+22.2
141,803,379
+ 7.6
—12.5
*854*060
"636*106
+34*3
*93+548
3*,4*82*762
3~, *6*2*0* 73 6
—3.8
2*8*52*915
2*.355* 151
73,592,305
67,36+898
+ 9.2
52,620,006
59,37+637
38*.9*74*666
37,676,503
+3*4
30*.920*323
26*.*02*2",698
11,181,000
1,535,193
12,078,000
+347,816
—7.4
10,082,000
+ 13.9
844,453
8,954,000
823,740
33*823*.057
33,245*394
+ +7
27,480^503
23*.696*233
17*.0*8*7*082
16*.23*3*553
+5*3
14,92+116
12*,*3*0*6*225
3,706*129
3*6*14*236
+2*5
3,285*912
2*.670*116
3*.*4*43",517
3*.*1*79*797
+ 8*3
3*.013*646
2*.50+641
152,068,163
3,293,972
+3*3
147,295,182
+ 16.5
2,979,713
+ 1.5
1,263,979
+74+184
118,92+176
2,476,962
+029,185
+335,997
243,828,011
200,73+973
7,186,476
5,843,467
+23.0
18,472,663
+56.8
15,426,666
4,111,000
+ 14.9
+21.2
15,625,716
13.590.422
+ 15.0
3,398.830
2,751,475
+23.5
689.760,000
14,894,340
609,893,458
13.414.423
6,210,297
12,370,743
8,088,329
9,522,457
—23.2
+29.9
1,291,038,890
1,148,928,303
+ 12.4
5,319,508
64,201,245
11,691,166
+ 14.4
+24.2
12,064,287.840 11,117,622,413
+23.5
+ 13.0
+26.2
+ 16.6
43 735,232
7 694,000
1,061 872,106
27 956,171
+ 6.4
48 780,827
+ 17.3
+23.7
+38.9
165 328,452
+ 19.9
535 852,366
116 284,220
153 137,935
+ 7.7
27 726,000
+22.8
130 658,347
+21.7
34,948,647
32 196,194
+ 8.5
+ 13.1
5,890,723,763
157*,099*666
112,473,146
57,649,149
5,256 508,955
99 417,604
+ 12.1
+ 11.0
+ 13.1
54 ,355,376
+ 6.1
87,375,904
76 ,236,359
+ 14.6
3,837,109
1,325,573
2,230,417
10,830,017,825
9,494,470,095
+ 14.1
274,242,077
+1-4 252,679.902,495 238,406,136,957
+ 6.0
97,069,831,912
+ 13.3
+ 8.5 110,000,783,761
Nine Months Ended Sept.
+3.0
—9.8
6,539,938,9764,993,27+339
2,784,784,565 2,795,738,897
—0.4
2,443,935,4582,086,680,697
FOR WEEK ENDING SEPT. 30
Week
1937
1936
Dec.
%
S
$
%
1937
+ 1.0
487,917
1,353,016
2,210,382
2,264,343
1,858.655
+5.8
409,304
—44.5
724,431
658,745
+ 12.3
840,713
845,305
836,014
+0.6
862,756
806,742
739,938
621,119
+ 5.9
+26.4
646,136
827,036
521,919
290,430
+36.5
458,453
294,293
+ 11.6
18,340.476
+ 38.0
—14.4
17+102,946
223,346,027
+22.4
30,70+028
8,214,722
—3.5
209,377,155
219,083,231
74,757,690
66,59+746
+ 12.3
7,273,403
+ 1.7
+2.7
62,494,917
107,64+639
64,026,622
108,058,657
14+553,652
—0.4
2,313,377
8,91+660
Moose Jaw
6,156,990
2,584,943
—30.3
22,878,871
Brantford
3,783,444
3,706,761
3,749,090
1+668,479
17,18+482
54,604,826
2+630,320
+0.9
36,820,693
32,796,332
28,013,731
+5.2
783,887
23,57+988
+9.1
784,994
—4.3
24,204,039
9,068,192
24.032,829
396,356
568,257
2+980,610
40,244,110
+ 17.9
+ +4
25,904,847
4+77+334
+ 6.1
117,836,191
103,132,538
+ 14.3
London
.i,
Edmonton
Regina
Brandon
Lethbridge
-
Saskatoon
Fort
3,346,086
3,104,541
William
New Westminster
Medicine
+317,097
2,596,701
3,203,225
5,012,692
1+358,656
+952,422
3,449,023
2,559,513
2,376,161
2,052,181
4,498,424
Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert...
Moncton
Kingston
Chatham
Sarnia.
Sudbury
1,530,594,431
Total (32 cities)
*
Estimated.
x
Figures
not
1+673,576
17,01+881
+2.8
149,676,235
35,926,115
—47.1
+21.7
139,855,587
1+718,111
17,348,037
—30.9
52,054,004
+81+426
—4.8
3,345,531
+ 0.1
29,475,468
3,015,617
+2.9
25,719,984
8,68+746
+188,423
2,854,435
+ 10.8
—9.0
152,51+411
+ 15.3
—32.4
+ 6.5
—1.7
—1.9
—2.4
+0.7
2,64+237
4,943,322
10,706,083
+77+027
+21.3
+ 10.2
13,306,596
12,629,539
+ 5.4
3,153,648
+9.4
30,024,461
26,739,114
+ 12.3
2,547,685
+ 0.5
2+314,544
20,488,081
+ 4.0
+ 18.9
+904,555
+777,059
3,985,465
+24.8
21.249,805
+ 15.5
+ 12.9
18,449,054
37,040,563
17,872,355
17,449,862
33,479,666
1,710,895,153
—10.5
13,931,927,520
13,868,29+030
available.
—50.7
—4.7
87.578,950
Victoria
4,867,269
7,757,932
1,899,527
1,892,026
3,322,684
4,198,338
7,059,439
646,038
97,746,701
St. John
2,386,770
+ 19.8
—38.8
+ 5.4
Calgary
+ 6.8
592,372
10,382,146
Hamilton
+22.7
709,367
+23.4
Halifax
+31.0
129,630,422
354,860
154,688,849
Quebec
107,012,353
100,665,377
75,617,415
18,376,186
20,044,114
4,914,591
—15.6
1934
+ 8.9
190,937,366
—34.1
127,554,349
1935
399,608
798,876,563
Ottawa
322,727,418
4,746,487,178
4,353,524,004
+484,769,535
+ 5.3
Dec.
435,223
740,901,371
—3.2
+38.4
Vancouver
—14.0
1936
+ 0.4
—7.2
82,182,844
16,413,775
Winnipeg
555,804,588
445,737,018
30
+ 5.7
—8.3
84,179.762
79,547,301
22,723,311
10,939,990
25,303,543
26,294,158
7,927,258
7,396,777
1+992,129
17,482,689
19,013,601
+724,873
2,815,081
469,340,692
212,720,582
78,145,156
Sept.
107,672,762
114,786,670
56,929,121
17,980,090
15,502,943
4.876.509
2,319,362
5,920,772
7,058,520
1,801,791
1,550,204
3,042,135
4,113,377
4,028,989
+ 0.9
4,703,33+008
3,775,832,637
2,194,89+554
695,893,655
812,299,262
477,875,191
Ended
inc. or
Inc. or
Dec.
+ 6.6
266,136,925
30
Inc. or
;
+306,461
2,093,030
6,530,026,398 7,235,637,587
SEPTEMBER, SINCE JANUARY 1, AND
Clearings at—
Montreal
X
SCO—
Month of September
Toronto
,
—3.9
+ 19.2
—9.9
S
+ 12.7
—14.8
1.049.484.302
27,566,249
10,302,926
28,960,394
17,724,322
4,982,000
Canada—
110,398
2,988,563
98,219
+ 17.0
+20.8
$
124,456
2,546,659
31,666,825
-
+43.7
22 352,087
1936
*507*514
*4*40*842
3,707,977,319
1937
*6*56*645
2*488*464
20,331.864
CANADIAN CLEARINGS FOR
+8*0
"
3*.*42*5*834
4,478,799,980
Franci
*6*62*148
7*1+956
+4.1
—25.4
-San
Grand total (194 cities) 26,773,041,608 26,404,298,953
Outside New York.
+ 13.4
9,707,000
1,237,826,426
29,747,361
628,631,592
143,846,443
67,751,103
198,308,308
164,952,897
34,035,000
158,960,542
152,579,995
4,655,035
73,454,075
14,523,093
Portland
San
District
6,683.818
1,284,000
Idaho—Boise
Ore.—Eugene
7,116,434
88,900,297
137,357,375
+22.8
122,602,085
5,077,722
379,813,055
26,576,614
1,228,312,845
25,549,358
11,455,159
477.549,205
7,127,756
Yakima
+ 13.1
—13.7
34,967,706
3,051,027
126,629,915
4,272,901
561.161,582
2,333,152
—
Spokane..
5,236,016
159,334,716
2*5*8+311
+ 10.3
—3.7
+24.0
X
452,000
2,69+995
4,929,887
1,203,931,273
151,114,116
22,928,478
*778*904
4,342,541
,
23*467*894
24,939,887
—8*5
5,437,819
104,787,901
+3.3
28*.0*6+962
X
*86+598
4.241,068
+ 6.2
+9*8
—2+5
495,000
+ 7.0
+26.3
15,087,449
463,124
765,541
8,755,790
11,261,682
1,862,794
394,928,097
12,442,673
654,737
70,500,000
"788*621
+ 10.1
—17.0
—6.7
12,095,301
81,900,000
+9.6
+3.0
—2.3
133,461,886
3,846,676
1,779,700
16,639,731
serve
Wash.—Belllngham—
+26.2
548,480
469,260
159,360,386
1,595,000
3,328,674
2,187,362
15,852,389
207,237,342
2,061,502
Houston
+ 7.9
+9.4
3,590,371
75,704,131
+ 13.6
—8.0
Distric t—Dallas—
6,343,722
Texas—Austin
+ 7.7
499,100
3,332,260
3,489,661
'
District— Kansas City-
7,558,327
13,827,445
2,111,933
Colo.—Colo. Springs..
26,446.014
.
.
X
+ 4.8
+ 6.2
6,597,368
23,274,034
62,782,209
5,190,688
23,759,950
28,643.255
323,754
.........
%
$
X
+5.4
7,167,000
11,388,788
574,414
-
+ 6.3
+20.8
+24.8
9,552,686
1,411,000
11,289,156
137,813,951
16,019,405
Joseph
78,712,927
10,355,918
Manhattan
Mo.—Joplln
Kansas City..
+3.4
+0.3
+5.6
+ 10.4
592,603
...
13,093,488
4,584,963
+0.4
475,472
455,488
Wichita
+ 13.3
261,171
rve
.....
2,411,837,698
11,073,055
926,761,523
524,874
Hastings
St.
289,557,374
1,408,121
—10.4
Neb.—Fremont
Topeka.
162,802,879
+29.5
110,430,766
1,661,256
Lewlstown
....
+ 12.0
110,297,417
3,594,700
4,402,372
13,262,200
Helena
Parsons
12,338,803
57,754,227
5,347,510
26,155,354
30,662,190
100.160,369
Great Falls
City-
5,132,055,758
142,835,504
2,731.427.487
11,600,372
984,339,863
13,540,337
4,599,039
83,690,655
8,658,000
8,232,287
627,580,580
3,628.813,734
31,845,603
District— Minneapolis—
537,700
Omaha........
5,749,551,539
658,609,825
....
Lincoln...
+ 4.9
+38.1
+25.4
2,404,000
Huron
Kan.—Kansas
540,000
2,827,000
D.—Aberdeen...
Total (16cities)...
592,000
+ 3.1
+ 17.6
Siox Falls
Tenth Federal Rese
+20.7
270,970
Forks
Mont.—Billings
2,688,946
24,062,000
279,388
Minot
S.
37,594,620
+ 11.5
—17.3
D.—Fargo
Grand
30,500*096
29,514,155
137,055,438
118,369,273
Fergus Falls
N.
33~,*4*96*724
+ 11.7
+25.1
97,944,491
17,035,239
363,010,145
1,413,963
116,576,495
1,488,714
Rochester
+ 14.5
643,448,750
2,550,204
19,938,000
401,350
152,777,702
rve
Minneapolis
1,169,107.227
718,617,294
+ 14.7
Quincy
Total
+ 14.1
1,338,727,799
3,048,417
Hi.—Jacksonville
Minn.—Duluth
+ 19.7
4,796,163
26,597,957
4,202,772
3,495,630
502,195
Tenn.—Mem phis..
1934
$
90,700.000
99,200,000
+ 11.1
+9.5
r
1935
$
$
%
3,266,210,848
366,031,132
2
Dec.
Louis—
400,783,419
(Cape Girardeau
Independence
Ky.—Louisville
-St.
District
1936
1937
Dec.
1936
%
%
Eighth Federal Res
Mo.—St. Louis
1937
Dec.
1936
1937
Oct.
Inc. or
739,072
983,283
105,790,697
+8.5
78,851,186
19,848,491
—27.8
15,799,908
3,723,672
2,171,202
4,826,129
7,994,161
1,755,017
1,739,092
2,562,118
3,950,870
8,168,409
—9.4
—1.9
—11.7
+2.7
—10.9
+ 18.7
+4.1
606,909
—6.4
530.521
+ 39.3
—16.6
676,967
121,250,531
86,662,353
17,875,239
4,864,752
4,663,468
2,570,404
4,726,681
6,917,995
1,806,858
1,815,705
3,200,366
4,130,070
5,413,138
458,281
748,978
671,231
618.566
729,674
1,184,635
+2.3
442,173
2,515,044
398,322
1,166,259
2,126,380
+ 11.0
434,063
2,391,201
381,259
800,709
756,767
+5.8
690,233
675,018
620,435
576,667
+ 7.6
471,222
+ 14.8
668,265
424,130
462,975
+5.7
541,173
374,339
380,551
—1.6
455,997
+ 10.6
1.183.510
988,690
+ 19.7
829,895
470,350
754,544
+0.5
362,182,558
399,673,811
—9.4
374,888,829
409,555t42g
+3.8
2,573,502
1,178,649
471,024
Financial
2336
DEBT
PRELIMINARY
UNITED
OF
STATEMENT
STATES SEPT.
30,
1937
Chronicle
Oct.
The following
THE
registered from
.
were
mid-day_on_Sept.jl3~to mid -day _on .Sep t .A20
Exports
America.£5,772.115
Imports
preliminary statement of the public debt of the United
made up on the basis of the daily
Treasury statement, is as follows:
The
States Sept. 30,1937, as
British South Africa
British West
20,398
23,730
Tanganyika Territory
Kenya
3% Conversion bonds of 1946-47
—
2% % Postal Savings bonds (14th to 49th ser.)
New Zealand.-
-
Venezuela
—
Soviet Union
Treasury bonds:
Germany
$758,955,800.00
1,038.702,900.00
4% % bonds of 1947-52
4% bonds of 1944-54
3% % bonds of 1946-56
3%% bonds of 1943-47
3%% bonds of 1940-43
3%% bonds of 1941-43
3H% bonds of 1946-49
3% bonds of 1951-55
3%% bonds of 1941
334% bonds of 1943-45
334 % bonds of 1944-46
3% bonds of 1946-48
334% bonds of 1949-52
2%% bonds of 1955-60—
254% bonds of 1945-47
254% bonds of 1948-51
254% bonds of 1951-54.
254% bonds of 1956-59
489,080,100.00
454,135,200.00
352,993,450.00
544,870,050.00
818,627,000.00
755,469,500.00
834,463,200.00
1,400.534,750.00
1.518,737,650.00
1,035.874,400.00
491,375,100.00
2,611,107,650.00
1,214,428,950.00
1.223,496,350.00
1,626,687,650.00
981,838,050.00
234% bonds of 1949-53
1,786.362,050.00
Yugoslavia
Syria—
Other countries
45,000
;—
9,855
Other countries
£5,526,561
£7,103,881
IfcTheJSS. Ranpura which (sailed from Bombay
to the value of about
£246,000.""The followingware
Union of South Africa
British West Africa
Souther
Rhodesia
Kenya
Tanganyika Territory
British
India
British Malaya
Australia
.——
New Zealand
$185,985,727.75
British West India Islands adn British Guiana—
Siam.
346,277,164.00
308,164,643.65
44,669,372.39
——————.
Unclassified sales
—
$363,223,950.00
500,157,956.40
1945
Venezuela
Treasury Notes—
$276,679,600.00
618,056,800.00
455,175,500.00
596.416.100.00
433,460,000.00
1,293,714,200.00
526,233,000.00
941,613,750.00
426,554,600.00
1,378.364,200.00
738,428,400.00
737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
426.349,500.00
342,053,300.00
Netherlands
15,723
Belgium
85,121
Finland
54,537
706,957
June 30, 1941 and 1942
21,395
turing June 30, 1942
SILVER
agreement under which the United States Treasury pays a
home-produced silver and which expires at the end of the
extended with little, if any, alteration.
the demand did not continue, however, and prices eased, the Indian bazaars
a
The following were the United Kingdom imports and exports of silver,
Imports
to 1942
Exports
Japan
Belgium
3,416.000.00
£14,315
5,550
6,845
1,325
5,058
France
3,732,000.00
Germany
Other countries.
253,000.00
457,934,000.00
IN
490,734,000.00
Total interest-bearing debt outstanding
$36,264,236,624.19
Which Interest Has Ceasea-
Old debt matured—issued prior to Apr. 1,1917
of 1932-47
$4,659,130.26
48,200.00
27,449,800.00
4% and 454 % Second Liberty Loan bonds of
1927-42
Treasury notes, at various interest rates
Ctfs.
indebtedness, at various interest rates.
Treasury bills
oi
Treasury savings certificates
LONDON
Sept.
Sept.
Sept.
Sept.
16
17
18
20
Sept. 21
Sept. 22
Average
20d.
20d.
19%d.
19%d.
19%d.
19%d.
.
19 13-16d.
19 13-16d.
19 ll-16d.
19%d.
19.896d.
19%d.
19.771d.
THE
LONDON
121.845,755.26
Sat.,
Debt Bearino No Interest—
Less gold reserve
British Amer Tobacco.
156,039,430.93
Canadian
Marconi
Cons Goldflelds of S A.
Crown Mines
Deposits for retirement of National bank and
Federal Reserve bank notes
293,074,361.00
2,032,511.50
Old demand notes and fractional currency
Courtaulds S & Co
De Beers
3,259,994.24
489,008,451.81
$36,875,090,831.26
Electric & Musical Ind.
Ford Ltd
Gaumont Pictures ord.
A
Geduld
GOLD
AND
SILVER
MARKETS
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 22, 1937:
of the offerings,
parity;
however, were taken for shipment to New York.
Quotations:
Ounce
Finance of Australia.
Hudson Bay Mln & Sm
imp Tob of G B & I..
IMP 8
Metal
Tues.,
Oct. 4
Oct. 5
Box
...
Rand Fr Est Gold
Rand Mines
Roan
Equivalent Value
of £ Sterling
107/9
19/25/5/3
2/3
182/6
182/6
4/3
28/6
147/6
147/6
26/9
146/3
65/£43%
Royal Dutch Co
So Kalgurli Gold M
Sub Nigel Mines
12s. 1.20d.
Triplex Safety Glass
12s. 1.33d.
12s. 1.55d.
Union
Unilever
£14%
108/3
19/6
25 /9
5/6
2/3
185/185/-
£7'5,6
Antelope Cop M.
140s. 3%d.
140s. 2d.
£15%
18/3
71/9
14/9
48/1%
Palmletkull Gold M
140s. 5d.
140s. Id.
16—-—-—
17
18
20-21
-
45 cents
45 cents
45 cents
-
-
—45 cents
45 cents
4/-
146/3
as
received by cable
Wed.,
Oct. 6
108/9
6/6
450/74/4%
275/50/3
£13%
106/3
18/6
24/6
5/3
2/3
180/180/4/26/3
145/145/7%
Thurs.,
Oct. 7
Frl.,
Oct. 8
110/6/9
450/73 /9
275/51/-
108/9
6/9
440/72/275/50/3
£14
£13%
106/3
107/18/9
25/1%
5/3
2/3
180/180/-
4/26/9
146/9
146/10%
18/9
24/9
5/3
2/3
180/177/6
4/25/146/3
146/10%
Gold
Mines of Kalgoorlie.
Shell Transport
Per Fine
Sept. 16
Sept. 17
Sept. 18
Sept. 20
Sept. 21
Sept. 22
Average
(E)
Geduld Prop Mines...
Gold Exploration
&
Lake View South
GOLD
The Bank of England gold reserve against notes amounted to
£326,406,625
on Sept. 15, showing no change as compared with the
previous Wednesday.
In the open market about £1,770,000 of bar gold was
disposed of at the
daily fixing during the past week.
There was a good general demand,
which occasionally raised prices to a slight premium over dollar
most
__
Distillers Co...
Total gross debt.
(Per Ounce .999 Fine)
15
—--...45 cents
EXCHANGE
110/108/9
6/9
6/9
460/450/75 /76/10%
277 /6
276/3
50/6
51/-
Central Mln & Invest.
$190,641,585.07
Thrift and Treasury savings stamps, unclassi¬
fied sales, &c
STOCK
Mon.,
Oct. 2
$346,681,016.00
ENGLISH
19 ll-16d.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Quotations of representative stocks
eac
ch day of the past week:
258,825.00
United States notes
THE
IN NEW YORK
-Bar Silver per Oz. Std.2 Mos.
Cash
The highest rate of exchange on New York recorded during the period
from Sept. 16 to Sept. 22 was $4.96% and the lowest $4.94%.
1,416,650.00
2,347,300.00
36,382,000.00
686,350.00
28,455,150.00
5,493,350.00
14,649,000.00
454 % Third Liberty Loan bonds of 1928
454 % Fourth Liberty Loan bonds of 1933-38—
3J4 % and 4% % Victory notes of 1922-23
£174,561
Coin at face value.
Quotations during the week:
2,402.649,000.00
(excluding Postal Savings bonds)
2)4% Postal Savings bonds
354 % .4% ,and 454 % First Liberty Loan bonds
-
£33,093
*
$32,800,000.00
ma¬
Treasury bills (maturity value)
on
14,040
2,880
1,434
1,660
1,492
3,626
Other countries
11,489,572,950.00
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series.
—
—-
Germany
Italy
Hungary
90,000,000.00
—
turing June 30, 1938
8,059
9,370
' *2,500
Straits Settlements
Trinidad
Norway
Corporation
maturing Jan. 1, 1938
United States of America—£129,500
British India
Denmark
30,000,000.00
254% Unemployment Trust Fund series,
approximating
registered from mid-day on Sept. 13 to mid-day on Sept. 20:
series
4% Alaska RR. retirement fund series, ma¬
turing June 30, 1941 and 1942
2% Postal Savings System series, maturing
Matured Debt
little miscellaneous selling adding to supplies.
At 19 13-16d. for cash, America gave support, this price
American parity and in present circumstances no wide movement from this
level is expected in the near future.
1938 to 1942
Insurance
be
The news appear to have occasioned some bear covering operations and
4% Canal Zone retirement fund, series 1938
series, maturing Deo. 1, 1939
may
thought likely that
prices hardened slightly to 20d. for cash and 19 %d. for two months' delivery
20,000,000.00
June 30, 1940
was
of 1933 which also expires at the end of this year.
376,800,000.00
fund,
Further it
premium for
year
the Treasury would work for a renewal of the London Silver Agreement
4% Civil Service retirement fund, series 1938
Service retirement
8,619
£6.597.320
Reports received from New York during the week indicated that the
390,100.000.00
to 1942
153,298
------------—w--—---
£30,708,680
3% Railroad retirement account series, ma¬
Deposit
10,223,485
—
being disposed to sell and
Federal
44,150
95,391
1,518
67.203
154,628
10,661
-
Switzerland—
Other countries
3% Old-Age Reserve account series, maturing
2%
210.000
2,474,212
Iran.-
$10,575,271,950.00
Foreign
£21,873
Yugoslavia
254 % aeries A-1938. maturing Feb.
1.1938—
234 % aeries B-1938. maturing June 15,1938—
3%
series C-1938, maturing Mar. 15,1938..
234 % seriesD-l938. maturing 8ept. 15.1938—
1% % series E-1938, maturing Dec. 15,1938—
234% series A-1939, maturing June 15,1939..
1?4 % series B-1939, maturing Dec. 15,1939—
134% series C-1939, maturing Mar. 15,1939—
1 % % series D-1939,maturing Sept. 15,1939..
154 % series A-1940, maturing Mar. 15,1940—
154 % series B-1940, maturing June 15,1940..
134% series C-1940. maturing Dec. 15,1940—
154 % series A-1941, maturing Mar. 15,1941..
154 % series B-1941. maturing June 15,1941..
154 % series C-1941, maturing Dec. 15,1941..
154% series A-1942, maturing Mar. 15, 1942..
2%
series B-1942. maturing Sept. 15,1942..
4%
Exports
49,912
3,370,975
-—
Germany
France.-
$21,881,280,674.19
-
"United
5,123~022
-
Soviet Union
863,381,906.40
Total bonds
of
United States of America
885,096,907.79
(Government Life Insurance Fund series)._
details
the
Imports
£9,609,603
311,151
600,832
34,318
51,646
1,393,740
8,414
392,896
80,656
22,845
1,894,250
12,969
-
China
Series A.——————————
Series B
Sept. 18 carries gold
on
Kingdom imports and exports of gold for the month of August, 1937:
19,935.739,800.00
Adjusted Service Bonds of
75,629
22,775
37,671
151,899
5,725
4,520
Netherlands
3,214
-
Netherlands--
United States Savings bonds:
Series C.............
999,797
33,750
France
Finland
11,769
25,894
2,831,596
British Guiana
$197,062,060.00
Central and South Amer.
British India
-
270,721
294,589
46,381
Australia
$49,800,000.00
28,894,500.00
118,367,560.00
United States of
£1,808,799
134,615
Africa
British India
Bonos—
3% Panama Canal loan of 1961-.-————
1937
9,
Ithe ^United ^Kingdom imports andTexports of gold,
Ltd
Corp
140s. 3d.
12s. 1.46d.
12s. 1.38d.
West Rand Consol M
140s. 3%d.
12s. 1.33d.
West
140s. 3d.
12s. 1.38d.
United Molasses
H84LI°
DUY
£5532
18/1%
71/3
18/71/3
18/71/3
14/3
14/-
14/3
47/6
£7",6
63/9
£42%
£5'i6
8/3
48/1%
£7%
60/£42%
£4'5,6
48/1%
£7%
62/1%
£42%
£43'32
8/3
18/68/9
13/9
46/10%
£7%
61/3
£41%
£4%
8/211/3
60/40/167/6
28/9
31/10%
8/213/210/58/58/39/9
39/3
165/160/28/27/9
21/10%
31/3
207/8
58/38/6
160/27/9
30/7%
8/3
205/58/37/9
157/6
27/6
30/7%
£8
£7%
£7%
£7%
Wltwatersrand
Areas
£7%
Volume
Financial
145
2337
Chronicle
Amount
CHARTER ISSUED
Sept. 30—The First National Bank of Highland Park, Highland
Park, 111.
Capital stock of the association is $200,000, all
Established 1874
common
Townsend
8k
DeHaven
President:
$200,000
stock
J.
M.
of The Highland
Members
Appel.
Cashier: C. F. Grant.
Conversion
Park State Bank, Highland Park, 111.
VOLUNTARY LIQUIDATIONS
New York Slock Exchange
Sept. 25—The First National Bank of Fontana, Fontana, Calif.
Common stock, $40,000; preferred stock, $10,000
Effective Aug. 24, 1937.
Liq. agent: W. O. Marshall, 550
Montgomery St., San Francisco, Calif.
Absorbed by: Bank
of America National Trust & Savings Association, San Fran¬
cisco, Calif., charter No. 13044.
Philadelphia Stock Exchange
PHILADELPHIA
NEW YORK
1513 Walnut Street
80 Broad Street
2
Oct.
to
8, both inclusive, compiled from official sales lists
Sales
Friday
Par
Stocks—
Week's Range
for
Sale
of Prices
Week
Price
Low
*
1334
American Tel & Tel.,. 100
15734
American Stores
Bell Tel Co. of Pa pref, 100
Budd (E
G) Mfg Co
1134
Sept
2634
15734 162J4
1934 2034
11534 11634
730
15634
Sept
18734
111
1834
Sept
12734
634
Sept
1434
Jan
165
5 34
Sept
13
Feb
Chrysler Corp
5
86
Curtis Pub Co com
*
7
10
General Motors
Hardart(Phil)com*
Horn & Hardart (N Y)com*
Lehigh Coal & Navigation *
Lehigh Valley
50
Mitten Bank Sec Corp..25
Mar
2034
Feb
3034
Sept
4434
Jan
4934
2,062
4434
Oct
7034
Feb
Feb
139
Oct
108
2834
44
28
507
534
Oct
4134
1334
Feb
634
934
934
20
834
Sept
2434
Mar
34
34
32
34
134
Oct
434
Apr
Feb
534
34
7
56
28
——————
86
65
111
108
Horn <fc
13434
2834
447
7
2934
4434
------
Oct
Sept
245
9134
.
Oct
Jan
134
234
Oct
534
Nat'l Power & Light
*
"~7K
734
834
1,093
734
Oct
1434
Pennroad Corp v t c
1
50
334
2534
234
334
5,562
234
Sept
534
Apr
2534
Oct
5034
Mar
10834 June
11734
Feb
Apr
25
Preferred
Pennsylvania RR
2534
"3134
25
50
,.50
Phlla Rapid Transit
7% pref,..,--.
—'
"
Tonopah Mining
"
"
334
*
United Gas Improv com..*
1134
10534
Westmoreland Inc
*
*
Westmoreland Coal
*
43.1945
1967
Preferred
Sept
1334
Jan
34
Sept
334
Feb
100
634
Sept
Sept
1634
Feb
20
Jan
Altorfer Bros., pref. (quar.)
Amerada Corp. (quar.)
American Alliance Insurance
------
834
1,120
1034
30
40
Jan
45 34
Jan
Jan
1St6
Mar
34
34
100
34
Sept
1516
Mar
234
334
1,132
234
Oct
734
Feb
3 34
4
1,155
334
Sept
834
Jan
4634
Jan
3234
3334
112
1034
1134
10,950
255
Oct
3234
1034 June
1734
June
114)4
934
Apr
1434
934
Feb
11
102
Jan
Jan
110
934
934
35
634
734 $13,000
634
Oct
1634
Mar
9,000
103 34
Oct
10334
Oct
Jan
.
Feb
Bonds—
El & Peoples tr ctfs
Phlla Elec 3 34
•
10334 10334
No par value.
Adams (J.
Extra
(quar.)
pref. (quar.)
American Asphalt Roof, 6 % pref. (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 Art Works, 6%
—Business executives believe that the recession in
the past two
industrial activity in
the
major downward phase in the business cycle, Shields & Co.,
beginning of a
members of the New York Stock Exchange, report in a survey,
by 67 corporate officials, the pamphlet
the opinions expressed
Citing
says
"Business
Its Future."
Predicts
further:
"They feel that the decline has
been aggravated by the contraction in
railroad purchasing under pressure
of higher wages for employees and un¬
has
the
been
postponement
rising costs that cannot be
investment.
and the degree
compensated yet by increased return on the
the public acceptance of higher prices on
troubled.
are
They want relief from the present
purchasing power of farmers, the vast
members
New York
sounded."
Stock Exchange, announce that
Oscar W. Burnett has been admitted to general partnership
and will be in charge
of their
Building, Greensboro,
North
office in
branch
new
a
the
in their firm
Security Bank
Carolina.
—Roy F. Martin, Bernard L. Hefler and William
nounce
unsatisfied
railroads, utilities, housing, and industrial
capital goods in
Co.,
undis¬
They want relief from the tangle of labor and politics.
plants, they do not believe that the crack of doom has
&
automobiles,
of stability in the stock market.
men
But viewing the present
—Elder
the formation of the firm of Martin,
business in closely held and inactive
H. Bobbins Jr. an¬
Hefler & Bobbins to conduct
securities, with offices at 40 Wall
St., New York City.
—Paul M. Edmunds and
Warren F. Edmunds have been admitted as
special partners to the firm of M.
E. Kennedy & Co. Edward S. Clark,
associated with the firm in the
formerly of Hartley Rogers & Co., is now
trading department.
New York Stock Exchange, has
partner in the Stock Exchange firm of Blauner, Simons & Co.,
following the dissolution of Harris, Blauner & Perry, of which Mr. Blauner
—Seymour Blauner, a member of the
become
was
a
a
member.
—John
J.
Harris and
Maxwell Monroe
Stock Exchange, announce the
40 Wall St., New
Bilofsky, member New York
formation of Harris & Co., with offices at
York City, to transact a general brokerage business.
—Bendix, Luitweiler & Co., members New
nounce
that Joseph T. Hecht and
York Stock Exchange, an¬
David P. Currey have become associated
Oct.
15
25c
Oct.
Oct.
7
$114
Oct.
Oct.
Sept. 20
Sept. 30
Nov.
Oct.
(mo.)
American Machine & Foundry, common
American States Insurance Co. (Indianapolis)..
American Steamship Co. (quar.)
—
—Theodore Joseph Juba, formerly
Stelmack Corp.
research statistician and investment
associated with the William J.
—May & Herzog, members New York
their name to L.
Curb Exchange, have changed
their membership on the
S. May & Co., and will retain
Exchange.
Department:
25c
30c
Oct.
$1
Oct.
Oct.
(semi-ann.)
Common
15
15
21
1 Oct.
35c
Feb.
1
49c
Nov. 15 Nov.
98c
Oct.
84c
$1.1
50c
$134
37$
10c
$134
37$
$134
15
Oct.
Nov.
30 Oct.
Dec. 20 Dec.
15 !
1 1
30 Oct.
Dec. 20 Dec.
15
13
7
15 '
15
15
Oct.
Oct.
Nov.
1 Oct.
1 Oct.
Dec.
1 Nov.
Nov.
Oct.
Nov.
2 Dec. 151
15 Sept. 30
15
tt$2_
Oct.
15 Oct.
8
Oct.
23 Oct.
13
Oct.
25 Oct.
25 Oct.
18
Nov.
Oct.
Nov.
Nov.
----
Corp.
(quarterly).
1 Oct.
1 Oct.
18
1 Oct.
1 Oct.
20
20
(Washington,
-
J.) & Co., pref. (guar.) — -.
Fitchburg Gas & Electric Light Co. (guar.)
18
20
20
Nov. 15 Oct.
20
20
Nov. 15 Oct
Nov.
1 Oct.
20
20
Oct.
1 Oct.
15 Oct.
Oct.
15 Oct.
5
1 Oct.
15
Oct.
Oct,
Oct. j
75c
Nov.
6234c
30c
$134
$134
Nov.
50c
Nov.
20
5
15 Sept. 30
11
25 Oct.
29 Oct.
14
22
1 Oct.
1 Oct.
15
11 Sept. 30
1 Oct. 16
16
Nov.
1 Oct.
Oct.
Nov.
Dec.
40c
Oct.
25c
Oct.
Oct.
20
1 Oct.
1
15 Dec.
Nov.
1 Oct.
$134
734 c Oct. 30 Oct.
15.069c Oct. 15
———
20
22
.
—
—
-
1 Sept. 15
30 Oct. 16
1 Sept. 23
Nov.
1 Sept. 23
5
15 Oct.
1 Oct. 20
Oct.
Oct.
$2
18
15
15
1 Nov. 20
1 Oct.
25 Oct.
Nov.. 1 Oct.
Nov.
—
-
-
Nov. 15 Oct.
Nov. 15 Oct.
Nov.
•
—
-
Electric Co. (quarterly)
(The) (Chicago), pref. (quar.)
Services Finance
D. C.) (quarterly)
20
5 Sept. 27
1 Oct. 15
Oct.
Continental Service
Extra
5 1
11 i
1 Oct.
Oct.
Dec.
Exeter & Hampton
i1
Nov. 10 Oct.
Nov.
D
5
Nov. 15 Nov.
Oct. 15 Oct.
Nov.
(quar.)
Employers Group Association (quar.)
Erwin Cotton Mills (Durham, N. C.)i(quar.)__.
15
15
1 Oct.
Oct.
1234c
1234c
-
6% preferred
20
1 Oct.
25 Oct.
Jan.
Preferred (quarterly)
- - - - - -—- —
City Water Co. of Chattanooga, 6% pf. (qu.)_„.
Columbia Gas & Electric Corp., common
6% cum. preferred series A (quar.)
5% cum. preferred (quarterly)
5% cum. preference (quarterly)
Community Pub. Service Co. vot. tr. ctfs. (qu.)_
Voting trust certificates (special)
Concord Electric Co. (quar.)
6% preferred (quarterly)
Consolidated Press Ltd., class A (qu.)
—
Consolidated Royalties, Inc., 6% pref. (quar.)..
Consol Steel Corp., $1 % preferred
Felin (J.
8
1 Oct.
40c
Century Ribbon Mills, pref. (quar.)
Cerro de Pasco Copper
Special
Civic Finance Corp. (N. Y.) d. A ("initial)
Federal
1 Oct.
m
6824c
Central Tube Co
Diversified Trustee Shares, ser.
—
Nov.
Oct.
Davidson Bros., Inc
— —
Nov.
Nov.
-----------
—
M
Nov.
25c
5% pref. (initial)
pref. (quar.)
—
25c
Celotex Corp
(quarterly)
—
Corn Exchange Bank Trust Co. (quar.)
Cosden Petroleum Corp., pref. (initial)
Creamery Package Co. (quar.).
—
Cumberland Co. Power & Light 6% pref. (qu.)._
534% preferred (quarterly)
Cuneo Press, Inc. (quar.)
-
-
1
25 Oct. 11
1
Nov. 15 Nov.
Oct. 25 Oct. 11
14 Oct.
Nov.
1 Oct.
Preferred (quar.)
Preferred (quar.)
20
Nov.
Blue Ridge Corp.,
Central N. Y. Power Corp.,
20
Nov. 15 Oct.
62c
$3 pref. (quar.)
Opt. div. payment of 1-32 sh. of com. or cash
Bourjois, Inc., pref. (quar.)
Brockton Gas Light Co. (quar.)
Bullock's, Inc., pref. (quar.)
Bunker Hill & Sullivan Mining & Cone. Co.,com.
Byers Machine Co
Calgary Power Co., pref. (quar.)
Calamba Sugar Estates (quar.)
Canadian Gen. Investment Ltd., reg. (qu.)
Coupon (quarterly)- -- -zzj----,
Canadian Tube & Steel Products, 7% pref
Case (J. I.) (year-end dividend)
28 Oct.
28 Oct.
15c
42 c
(quar.)
1 Sept. 28 1
28 Oct. 20
Nov. 15 Oct.
$1
$1
Beverly Gas & Electric (reduced)
Birtman Electric Co.
1 Sept.18
1 Sept. 28
10c
8734c
8734c
Extra
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
The
15 !,
10 Sept. 30
15
Nov.
1 Oct.
Oct.
Famise Corp
BANKS
15
25 Oct.
Oct.
Oct.
Archer-Daniels-Midland Co., pref. (quar.)
Asbestos Mfg. Co., $1.40 conv. pref. (quar.)
Associated Telephone & Telegraph, 7% 1st pref.
7% 1st preferred
$6, 1st preferred
$6 1st preferred
Atlantic City Electric Co., $6 pref. (quar.)
Atlas Powder Co., pref. (quar.)
Ault & Wiborg Proprietory Ltd., 534% Pref
Badger Paper Mills
Beatty Bros. Ltd., 1st pref. (quar.)..
Beneficial Industrial Loan Corp., com
Fair
NATIONAL
25 Oct.
Oct.
Appleton Co. (quar.)
Extra
Preferred (quar.)
Diamond Alkali
in a like capacity.
Oct.
10c
15c
Oct.
Davenport Water Co., 6%
counsellor with Swart, Brent & Co., is now
18
40c
Extra
Preferred (quar.)
with them in their bond department.
Curb
Oct.
Equitable Assurance (quar.)
Preferred series A
admit that industrial production in the last quarter
tributed profits tax.
for
15
50c
Extra
railroads,
demand
15
Oct.
American Factors Ltd.
Preferred series A
of the
year may lag somewhat behind 1936 levels.
Inventories will be fairly well
adjusted to the current demand before the end of the year.
The rate of
resumption of forward buying then will depend largely upon the position
"Business
Oct.
Nov.
Extra
Another influence
for higher freight rates.
I
"A majority
of the
Oct.
Nov.
for 10.
American
of recovery in building activity because of
certainty of the fate of pleas
Nov.
75c
Extra
months is a period of digestion of inventories rather than
15
15c
30c
D.) Mfg. Co. (quar.)
Argo Oil Co.
NOTICES
CURRENT
Payable of Record
Feb
'l6
a:38
300
34
10434 10634
12 34
1134
32 34
*
Preferred
Oct
434
34
50
United Corp com
234
50
734
Devel .1
1
Union Traction
60
Holders
When
Per
Share
Name of Company
120
734
934
3834
The dividends announced this week are:
534
1
—
40 ~
Jan
234
1
$25,000
DIVIDENDS
3534
734
June
of Increase
From
are
3134
234
434
------
*
To no pah-Belmont
46
J.
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
Dividends
942
32 34
------
Philadelphia Traction...50
Salt Dome OH Corp
1
Scott Paper
3,159
3134
------
*
Phil & Rd Coal & Iron
30
11334 114
Phila Elecof Pa $5 pref—.*
Phila Elec Pow pref
900
Clinton, N.
,
Mar
May
320
634
201
Bank,
Jan
634
.
National
Sept. 29—The Clinton
$50,000 to $75,000
Mar
43
534
*
Electric Storage Battery 100
112
jA.7Yit»
Feb
634
Budd Wheel Co
CAPITAL STOCK INCREASED
COMMON
260
25 000
Liq. agent: J. E. Warness, care of the
liquidating bank.
Absorbed by The National Bank of Com- J
merce of Seattle, Wash.,
charter No. 4375.
Effective Sept. 21,1937.
High
Low
Shares
1334
6H
*
High
1334
10
Barber Co
Range Since Jan. 1, 1937
Last
Cosmopolis,
Sept. 28—The First National Bank of Cosmopolis,
Philadelphia Stock Exchange
Oct.
50,000
6c
Oct.
20 Oct.
50c
Oct.
50c
Oct.
Oct.
15 Sept. 30
15 Sept. 30
15 Sept. 30
11
15 Oct.
Oct.
15 Oct.
llil
69c
Oct.
25
5
r. 2338
Financial
Per
Name of Company
Share
15
1
Nov.
1
Oct. 15
Oct. 15
Nov.
Sept. 30
15
Oct.
Oct.
15
Sept. 30
Sept. 30
Nov. 15 Oct. 30
Oct. 15 Oct.
1
Jan. 15 Jan.
l
Oct. 11 Oct.
8
Oct.
1 Sept. 27
Oct. 15 Oct.
1
Oct. 15 Oct.
7
Nov. 15 Nov.
5*
Quarterly
Good Humor Corp
Gordon & Belyea, Ltd., 6% 1st pref. (quar.)
Gray Telep. Pay Station (quarterly)
Great American Insurance (quar.)
Grocery Store Products Co. (initial)
Hartford Times, Inc., 5K% Pref. (quar.)
Haverhill
When | Holders
Payable of Record
Oct.
Foresight Foundation, Inc. (units)
Froedtert Grain & Malting (interim)
Preferred (quar.)
Fyr-Fvter, preferred A (quarterly)
Preferred A (extra)
General Metals Corp., new (initial, quar.)
Georgia RR. & Banking Co. (quar.)
Nov.
Electric
1 Oct.
Oct.
Hawaiian Commercial Sugar.
Extra..
—
:
Homestake Mining Co. (monthly)
15
7
14 Oct.
Nov. 15 Nov.
5
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct. 25 Oct. 20
Oct. 10 Sept. 30
Hill & Diesel Engine (quar.)_._._
-
Honolulu Plantation Co. (monthly)
Hutchins Investment. $7 preferred
Oct.
Illinois Northern Utilities 6% pref. (quar.)
Incorporated Investors (special)
15 Oct.
8
1 Oct.
30 Oct.
1 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
15
Nov.
Oct.
—
Interchamical Corp. (quar.)
Preferred (quar.)
International C3 gar Machine Co
Extra
In ter type
Corp. common
Jantzen Knitting Mills, (quar.)
Preferred (quarterly)
Johnson-Stephens-Sbinkle Shoe
Jonas & Naumburg Corp.
of Company
Upson Co., 7% pref. (quar.)
Utlca Chenango & Susquehanna Valley RR
Walgreen Co. (quar.)
Preferred
When
Share
$3
Oct. U5
Oct. 15
Nov.
$1,125 Dec.
Nov
$2
30c
Nov.
Walton (Charles S.) & Co., Inc., 8% pref. (qu.)
Washington Gas Light (quar.)
$414 cum. conv. preferred (quar.)
$1,125
Washington Light & Traction Co. (D. C.) (qu.)
$2
Washington Oil Co
Weston (Geo.) Ltd. pref. (quar.)
(quar.)
7% preferred (quar.)
Williams Oil-O-Matic Heating
Woolson Spice Co., 6% pref. (quar.)
Common (quarterly)
Worcester Salt Co., 6% pref. (quar.)
50c
UK
West Penn Electric6% pref.
Below
Nov.
50c
(quar.)
50c
$1H
Holders
Payable of Record
Oct.
UK
—
Nov. 26
Oct. 15
Oct.
15
Nov.
Oct.
30
Nov.
Oct.
22
Oct.
Oct.
4
Nov.
Oct.
15
Nov.
Oct.
Oct.
22
22
Oct.
15
Nov.
Oct.
25c
Sept.
Sept.
Sept. 28
Sept. 28
$144
Nov.
Nov.
5
give the dividends announced in previous weeks
we
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Kalamazoo Stove & Furnace
Kansas City St. Louis & Chicago RR., 6% pref.
Kinsey Distilling Co., prior pref. (quar.)
Participating preferred (quarterly)
Knapp Monarch Co., new (initial)
Kokomo Water Works Co., 6% pref. (quar.).
Lakey Foundry & Machine Co
Lanston Monotype Machine
Lincoln Printing Co., pref. (quar.)
Louisville Gas & Electric Co., 7% pref. (quar.).
6% preferred (quarterly)
5% preferred (quarterly)
Manning, Maxwell & Moore
Massachusetts Power & Ltg. Assoc. $2 pref.(qu.)
Maytag Co. 1st preferred (quar.)
Cumulative preferred (quar.)
McGraw Electric (new, quar.)
Melville Shoe Corp. common (quar.)
Preferred (quar.)..
Merchants & Mfg. Security pref. (semi-aim.)
Metal & Thermit Corp. (increased)
Metropolitan Industries, 6% pref.
Michigan Bakeries, Inc
SI prior preferred (quarterly)..,
Nov.
1 Oct. 19
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Dec.
lOct. 1
Nov.
1 Oct. 20
Oct. 22 Oct. 11
Nov. 30
87
Nov.
si
U
Oct.
Oct.
Oct.
Oct.
Oct.
1 Oct. 15
15 Sept. 30
15 Sept. 30
15 Sept. 30
4 Oct.
2
15 Oct.
7
Nov,
Nov.
Nov.
1 Oct.
1 Oct.
1 Oct.
14
15
15
Nov.
1 Oct.
Nov. 20 Nov.
Nov. 15 Nov.
&.&
Elgin Regulator
Co. 6% pref.
(qu.)
oneywell
(quar.)
Monmouth Consol. Wire Co., $7 pref. (quar.)..
Montgomery & Erie Ry. Co. (s.-a.)
Morris & Essex Extension RR. (s.-a.)
Munis'ng Paper Co., 5% 1st pref. (quar.)
National City Lines, Inc. (quar.)
S3 preferred (quar.)
National Fund Corp., A & B (quar.).
A & B (extra)
National Tea Co. preferred (quar.)
New York Merchandise Co. (quar.)—
15
15
1 Oct.
1 Oct.
Nov.
Oct. 15 Oct.
Oct. 30 Oct.
Nov.
1 Oct.
Oct. 15 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
Oct. 15 Oct.
Nov.
—
Nov. 10 Oct.
Nov.
1 Oct.
11
20
21
8
20
20
8
15
4
1
31
15
20
20
Nov.
1 Oct. 20
Oct. 20 Sept. 30
Oct. 20 Sept. 30
Nov.
Oct. 14
Nov.
Oct. 20
Nov.
Oct. 20
Oct.
Sept. 18
Nov.
Nov.
—
Extra
1 Oct.
15
Dec.
1 Nov. 25
Oct. 15 Oct.
5
Oct. 25 Oct. 13
Nov.
1 Oct. 20
—
-
Nicholson File Co. (quar.)
Niles-Bement-Pond Co. stock dividend
1 Oct.
1 Oct.
Nov.
Oct.
11
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.
North Boston Lighting Properties (quar.)
Voting trust certificates (quar.).
75c
75c
75c
6% preferred (quarterly).
Northern RR. of New Hampshire (quar.)
$144
Engineering Co
Co. (quar.)
Nunn-Bush Shoe
5% preferred
Oahu Sugar Co. (monthly)
Ohio Public Service Co. 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
5H% preferred (initial, quar.)
Orange Crush Ltd., 70c. conv. pref. (s.-a.)
Outlet Co. common (quar.)
1st preferred (quar.)
2d preferred (quar.)
Pacific Lighting (quar.)
Passaic & Delaware Extension RR.
(s.-a.)
Peoples Telep. Co. (Butler. Pa.)
(quar.)
Philadelphia Electric Co., S5prel. (quar.)
Potomac Edison Co., 7% pref.
(quar.)
6% preferred (quarterly)
Prentice (G. E.) Mfg. Co.
(reduced)
Prudential Investors, reduced
Public Service Co. of Colorado 7% pref.
(mo.)
6% preferred (monthly)
5% preferred (monthly)
Puget Sound Pulp & Timber Co. (initial)
Raymond Concrete Pile Co
Special.
Preferred (quar.)
Reserve Investment Corp., $7 preferred
Rhode Island Public Service $2
pref. (quar.)
$4 class A (quar.)
Richmond Insurance Co. of N. Y.
(quar.)
Rochester American Insurance
(quar.)
Rochester Button (quar.)
Roc'dand Light & Power
(quar.)
Roxborough Knitting Mills, Inc.—
Participating preferred (quar.)
Savannah Sugar Refining
(quar.)
Schmidt Brewing Co.
(quar.)
7
11
Oct.
15
30 Oct.
15
SI K
Oct. 30 Oct.
20c
Oct. 15 Oct.
58 l-3c Nov.
1 Oct.
50c
Nov.
1 Oct.
41 2-3c Nov.
1 Oct.
Nov.
1 Oct.
Sl8^
35c
Nov.
1 Oct.
15
50c
f32 44c
32 Kc
$2
$2
SI V\
SI K
1
1
6
15
15
15
15
15
Oct.
20
1 Oct.
1 Oct.
Nov.
Nov. 15 Oct,
Nov. 15 Oct.
Nov.
1 Oct.
20
Nov.
20
20
20
16
Nov.
1
Oct.
16
Nov.
1
Oct.
15
Oct.
15 Sept. 30
1 Oct.
Nov.
8
Nov.
1 Oct. 20
sm
50c
Oct.
7^c
Oct,
Nov.
58 l-3c Nov.
50c
Nov.
41 2-3c Nov.
1
Oct.
15 Oct.
20
1
1
Sept. 20
1
Oct.
15
1
Oct.
15
1
Oct.
15
25c
Oct.
25c
Nov.
1
Oct.
20
50c
Nov.
1
1
Oct.
20
Nov.
Oct.
Oct. 15 Oct.
20
75c
tsi*
50c
Nov.
SI
Nov.
15c
Nov.
25c
Oct.
25c
Oct.
17c
8c
50c
244c
Sears, Roebuck (quar.)
8
75c
Selected Industries $1H preferred
t37Mc
Sharp & Dohme, pref. A
(quar.)
87 He
Six-Twenty Jones Corp
I
50c
Southern Canada Power Co. common
(quar.)
J20c
Spiegel, Inc. (quar.)
'—I
25c
Preferred (quar.)
SI.125
Springfield Gas Light Co. (quar.)
25c
Squibb (E. R.) & Sons, 1st $6 pref. (quar.)
$m
Standard Fire Insur. Co. of N. J.
(Trenton)
75c
Stokely Bros. & Co., 7% pref. (quar.)
43*4c
Syracuse Binghamton & N. Y. RR.
(quar.)
S3
Toledo Edison Co. 7% pref.
(monthly)
58 l-3c
6% preferred (monthly)
50c
5% preferred (monthly)
41 2-3c
Tung Sol Lamp Works pref. (quar.)
20c
United Dairies Ltd.,
6Vi% 1st preferred
tsi
—.—
15c
11
Oct.
4
8
1 Oct.
1 Oct.
1 Oct.
15
15 Oct.
7
15
Nov.
Oct.
Dec.
Nov.
1 Nov. 15
1 Oct.
15
16 Oct.
6
15 Nov. 15
1 Oct.
16
Nov.
1
18
Oct.
5 Oct.
Oct.
1
Nov. 15 Oct. 30
Nov.
1 Oct. 15
Dec. 15 Dec.
1
Oct.
Nov.
15 Oct.
1 Oct.
15
Oct.
23 Oct.
16
Oct.
25c
75c
Alabama Mills. Inc., common
Alabama Power Co., $5 pref. (quar.)
60c
UK
Alaska Juneau Gold Mining (quar.)
Extra
15c
30c
Allied Chemical & Dye Corp. common
All-Penn Oil & Gas (quar.)
Aluminum
Aluminum
(quar.j.
Industries, Inc. (quarterly)
Manufacturing, luc. (quar.)
7% preferred (quar.)
American Bakeries Co
31
31
75c
20c
Nov.
1 Oct.
14*
30c
Nov.
1 Oct.
15
3744c
Nov.
5
Nov.
1 Sept. 16
1 Oct. 15
Nov.
1 Oct.
15
Nov.
1 Oct.
15
Nov.
1 Oct.
15
Nov.
1 Oct. 19
Oct. 12 Oct.
8
Oct.
5 Sept. 30
Oct.
15 Sept. 15
Oct.
15 Sept. 15
1 Oct. 15
Nov.
Nov. 30 Nov.
Oct.
Oct.
Oct.
25c
Nov.
Nov.
Nov.
15
15 Oct.
15c
Oct.
15 Oct.
1
25c
Nov.
1 Oct.
9
1
_
25c
Oct.
30 Dec. 15
15 Sept. 30
29 Sept. 21
X$2
Oct.
15 Sept. 23
Dec.
IX Dec.
Oct.
15 Sept. 20
1 Oct. 15
22 Oct. 15
Dec.
Oct.
Nov.
1
15c
Oct.
25c
Oct.
15 Oct.
$1
Oct.
30 Oct.
15
62 ^c
75c
Oct.
30 Oct.
15
(quarterly)
•
Oct.
Nov.
J1
Oct.
t$l
Nov. 15 Oct.
40c
Oct.
J50c
Oct.
$144
75c
Oct.
Nov.
___
15
15 Sept. 30
15 Sept. 30
1
Oct.
Apr.
15 Oct.
1
15 Dec. 31
15 Apr
1
Feb.
28 Feb.
14
1 Oct.
3 Oct.
3 Oct.
20
16 Oct.
1
Nov.
Nov.
Oct.
Nov.
Burdines, Inc., $2.80 prer. (quar.)
California Oregon Power Co. 6% pref. (quar.)__
6% preferred (series of 1927) (quar.)
7% preferred (quar.)
California Packing Corp. (quar.)
Preferred (quar.)
Canada & Dominion Sugar, Ltd. (quar.)
Canada Northern Power Corp., Ltd., common.
7% cumul. preferred (quarterly)
Canadian Breweries, preferred
Canadian Bronze Co., Ltd., common (quar.)
Preferred (quar.)
Canadian Fairbanks Morse Ltd. pref. (quar.)
Canadian Industries, Ltd., class A & B
11
11 Sept. 30
Nov.
(qu.)_
1 Oct.
15 Sept. 30
25 Oct. 20
Oct.
Jan.
Buckeye Steel Castings Co
6% preferred (quar.)
6^% preferred (quar.)
5
.
15 Sept. 24
$2
10c
(quar.
(quar.
(quar.
Oct.
Oct.
20
20
1 Oct.
15
11 Sept. 20
15 Sept. 30
Oct.
15 Sept. 30
15 Sept. 30
30
Nov. 15 Oct. 30
Dec.
1 Nov. 15
Oct.
Nov. 15 Oct.
-
Oct.
Oct.
Oct.
Nov.
Nov.
Oct.
Oct.
7% preferred (quar.)
Oct.
Carolina Clinch field & Ohio Ry. (quar.)
Oct.
Stamped certificates (quar.)
Celanese Corp. oi Am. 7% cum. lstpf. (s.-a.)
Centlivre Brewing Corp., class B
Central Foundry Co. preferred
Being in respect to the divs. payable on the
first days of Dec. 1936 and March, June and
Sept. 1937, on such shs. of outstanding pref.
stock of company as shall aLo be outstanding
at close of business on Oct. 1, 1937 (but not
incl. any shares of pref. stock heretofore, or be¬
fore close of business Oct. 1, 1937, converted
into common stock), payable to holders of
such pref. stock in fully-paid and non-assess¬
able common stock, or in non-voting and nondiv.-bearing scrip representing fractions of
Oct.
.
20
3 Dec. 20
15 Dec.
1
Nov.
1 Oct. 20
Oct. 15 Oct.
1
Oct. 15 Oct.
1
Oec.
Oct.
»MS
Mfg. Co_
Central Power Co., 7% preferred
6% preferred
1 Oct.
Jan.
5
Corp
6% preferred (quar.)
16 Sept. 15
1 Oct. 20
40c
25c
common stock at rate of 1 full share for each
$10 of such dividends.
Central Hudson Gas & Electric (quar.)
Central Investment Corp. (quar.)
Central Kansas Power Co., 7% pref. (quar.)
8
13
20
-----
Bucvrus-Erie Co.. common (interim)
Buffalo Niagara & Eastern Power 1st pref.
5
30 Oct.
25 Oct.
1 Oct.
1 Oct.
.58
Brown Fence & Wire Co.. pref. A (semi-ann.)
1 Oct. 15
15 Sept. 30
16 Dec.
6
1 Oct.
Birdsboro Steel Foundry & Machine
Bon Ami Co. class A (quar.)
Preferred
7
Nov.
Bayuk cigars, Inc., preferred (quarterly)
Belding-H emin way
Bell Telephone of Canada (quar.)_,
Preferred
Dec.
5
Nov.
B*tb Iron Works Corp.. payable in stock
Preferred
Oct.
Nov. 25
$1
(semi-annual)
Bridgeport Hydraulic Co. (quar.)
British-Columbia Power Corp., A stock
British Columbia Telephone, 6% 2d pref
(quar.)
Brooklyn Borough Gas Co.. com. (reduced)
Brooklyn-Manhattan Transit—
1
Oct.
75c
50c
Brewers & Distillers of Vancouver
11
15 Oct.
1 Oct.
35c
Bralorne Mines. Ltd. (quar.)
Brewer (C.) & Co. (monthly)
1 Oct.
15 Sept. 15
31Mc
Axelson Mfg. (initial, quar.)
Barnsdall Oil Co. (quarterly)
Boston Edison Co.
Oct.
15
Dec.
*)!£
Class B (quar.)
Borne Scrymser Co
Nov.
25*
15
lb
Nov.
2C
Atlantic Refining Co. preferred (quar.)
Belmont Radio
Nov.
Dec.
Dec.
3 Dec.
1 50ct.
*1*4
87^c
American Toll Bridge Co dinar.)
American Zinc, Lead & Smelting, prior pref
Arlington Mills (quar.)
Aro Equipment Corp. (increased)
Jan.
$144
%IH
75c
Extra
9
Dec.
$15*
American Thermos Bottle
common
1 Oct.
Dec.
.
Corp.
Nov.
Oct.
Goods, 7% preferred (quarterly)
$1*4
American Rolling Mill Co. (quar.)
50c
4K% preferred (initial, quar )
$1,125
American Shin Building Co
50c
American Smelting <fc Refining
$1K
Preferred (quar,)
$1*4
American States Utilities Corp. 544% pref
American Teiep. & Teleg. (quar.)
Atlas
15 Sept, 30
15 Sept. 30
15 Sept. 30
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Nov.
1 Oct.
9
10c
American Paper
Asbestos Mfg. Co., $1.40 pref. (quar.)
Assoc. Telep. Co., Ltd., $1K pref. (quar.)
20 Sept. 30
Oct.
Oct.
Oct.
lOct. 11
15 Oct. 11
15 Sept. 30
S3$H
American Meter Co
(quar.)..
Oct.
Oct.
60c
,
Holders
10c
$1*
-
7% pref (semi-annual).
American Can Co. common (quar.)
American Cities Power & Light $3 cl. A (quar.)..
Opt. div.. l-32d sh. cl. B stk. or cash.
American District Telep. of N. J. pref (quar.)..
American Eovelope Co.. 7% pref
A (quar.)
American Fork & Hoe Co.. pref. (quar.)
American Gas & Electric Co., prer. (quar.)
American Home Products Corp. (monthly)
American Light & Traction Co. (quar.)
Preferred (quar.)
$7 pref.
When
Payable of Record
$144 Nov.
-
11
20 Sept.
9
Nov.
1 Oct. 15
Dec.
—
Binks
15 Oct.
Nov.
10c
15c
(quar.)
(quarterly)
7
15 Oct.
Oct.
Administered Fund Second, Inc
Affiliated Fund, Inc.
7
30 Oct.
Nov.
SI K
75c
-
15 Oct.
Oct.
25c
Share
Air Reduction Co., Inc.
Extra
Bellows & Co..class A (quar.)
Bell Telephone (Pa.), pref. (quar.)
Oct.
Oct.
25c
75c
SI K
Extra
Pacific Public Service 1st preferred
1st preferred (quar.)
Oct.
Per
Name of Company
—
Nov.
.
Per
Name
9. 1937
4
20
20
15
15
Nov. 10 Oct. 15
Nov. 15 Nov.
1
Nov.
1 Oct. 18
--
United Stove Co
Oct.
Nov.
International Match Realization Co. (liquida.).
Interstate Hosiery Mills, Inc
Northwestern
Chronicle
20c
25 Sept. 30
15 Sept. 30
15 Sept. 30
1 Oct.
20
1 Oct. 20
15 8ept. 30
30 Sept. 30
15 Sept. 30
9
20 Oct.
20 Oct.
9
15
Dec.
31 Dec.
Oct.
20 Oct.
1
Oct.
15 Oct.
1
Nov.
10c
Oct.
$1K
$144
$1*4
$1H
Oct.
Oct.
Oct.
Oct.
Sept. 30
30
Sept.
Sept.
Sept.
Sept.
Sept.
30
30
30
30
Volume
Financial
145
Per
Name of
Share
Company
Central Power & Light 7% preferred
6% preferred
Oem rifuKM
Huh*
Chilton Co.
common
\v&
Gr»rp. (quar.)
Cincinnat i Postal Terminal & Realty—6 4% preferred (quar.)__
When
—
CMnton Water Works Co
7% pref (quar.)."
CIuet>t, Peabody & Co., Inc., common (quar.)
Coleman Lamp & Stove Co
Colon Development Co., Ltd.. 6%
pref
5% redeemable income stock series A
Commercial Alcohols. Ltd.. 8% pref. (quar.)
Nov.
1 Oct.
15
Greenfield Gas Light Co 6%
1 Oct.
15
Greenfield Tap &
ft
10c
Oct.
15 Oct.
5
$14
$14
$14
$14
874c
Oct.
15 Oct.
4
50c
—
Nov.
1 O
Oct.
1 Nov. 10
21
15 Sept
Oct.
30
|Oct.
1
15 Oct.
1
Oct.
15,Oct.
1
Hershey Chocolate Corp.
Preferred (quar.)
Oct.
10 Oct.
10 Oct.
1
1
Hibbard. Spencer, Bartlett & Co.
I Oct.
15
Oct.
Bookbinding (quar.)
50c
Oct.
Oct.
Commonwealth Edison Co
Commonwealth Investors (Del.) (quar.)
Commonwealth Ut lilies 6 4% pref. C (quar.)..
Compressed Indus trial* Gases, Inc
Nov.
Nov
1
Confederal ion Life \ssoc
Mint.) (quarterly)—.
Concord Gas Co. 7% preferred
Dec.
Nov. 15 Oct.
Oct. 15 Oct.
Connecticut Investment Mortgage (s.-a.)
Connecticut River Power 6% pref. (quar.)
Consolidated Car Heating Co. (quar.)
1 Nov. 15
Dec.
Oct.
15 Sept. 30
Oct. 15 Sept. 30
Nov.
1 Oct. 15
Oct. 15
Nov.
Nov. 15
Dec.
Extra
Concol. Chemical Industries cl. A and B (qu.)
Class A and B (extra)
Consolidated Cigar Corp. pref. (quar.)
30
1
—
Prior preferred (quar.)
Diamond State Telep., pref. (quar.)..
Dobeckmun Co., common (quar.)
Doctor
Peppe
Co
...
20 S 3pt. 30
Vov.10
Oct.
Dominion
$1
Oct.
20 Oct.
(quar.)—
Duquesne Light Co., 5% pref. (quar.)
Durham Mfg. Co. (initial)
Eastern Utilities Assoc
(quarterly)
Economy Grocery Stores (quar.)
El Paso Electric Co. (Texas) $6 pref. (qu.)
7% preferred A (quarterly)
EmporiumCapwell Corp., 44% cum. pf. A(qu.)
Engineers Public Service $5 preferred.
$5 preferred (quarterly)
—.
$5 4 preferred
$5 4 preferred (quarterly)—...
$6 preferred
$6 preferred (quarterly)
Erie A Pittsburgh UK. Co.. 7% gtd. (quar.)
Guaranteed betterment (quar.).....
Eureka Pipe Line Co
Exolon Co
Nov. 15
Dec.
1
1 Feb.
25c
Oct.
20 Oct.
HP
35c
Oct.
15 Sept. 20
1
15 Oct.
Oct.
15
9
Dec.
I
Oct. 20 0~ctl~~9~
9
Oct. 25 Oct.
4
Oct. 20 Oct.
Oct.
Oct.
15 Sept. 30
15 Sept. 30
1
75c
Nov. 15 Nov.
$14
Nov. 15 Nov.
1
15c
Nov. 15 Nov.
Oct. 25 Oct.
4
8
Oct.
25 Oct.
Oct.
15 Sept. 15
15 Sept. 21
8
10c
Oct.
50c
Nov.
Nov.
9
25c
Oct.
Oct.
2
Dec.
Dec.
Nov. 10
Nov. 10
Nov.
Oct.
25c
Electrographlc Corp. (quar.)
Preferred (quarterly)
Electric Bond & Share Co., $6 pref. (quar.)
$5 preferred (quarterly)
15; Sept. 25
20 Oct.
5
1-5—38 Dec. 20
Mar.
$14
$1.35
$14
$4 4 preferred (initial
Oct.
Oct.
Tbc
$$14
Dow Drug Co
du Pont tie Nemours (E. I.) 6% debentures
30 Oct.
2
Dec.
I Nov. 20
Dec. 23 Dec. 23
Dec.
1 Nov. 20
25c
$1
25c
Foundry & Steel
4
2
Oct.
50c
Dominion Textile Co. preferred (quar.)
Dow Chemical Co
I*referred
15^Jan.
$1
Dodge Mfg. Corp
Doenler Die Casting Co
Dome Mines, Ltd
$14
$14
$14
$14
$14
7
7
Nov.
1 Oct.
Oct. 15 Sept. 30
Sept. 30
jOct.
564c
Jan.
Dec.
23
t$2 4
$14
Jan.
Dec.
10
Jan.
Dec.
Jan.
Jan.
Dec.
10
10
Dec.
10
"ill
$14
874c
Jan.
Jan.
Dec.
80c
Dec.
$1
35c
Nov.
Dec. 10
Dec. 10
10 Nov. 30
_
1 Nov. 30
1 Oct. 15
Oct.
15 Sept.25
Fansteel Metallurgical Corn. $5 pref. (quar.)...
Dec. 17 Dec. 16
$14
Federated Dept. Stores pref. (quar.)
$1,064 Oct. 30 Oct. 20
35c
1
Federal Mogul Corp
Oct. 15 Oct.
Oct. 15 Oct. 10
Fen ton United Cleaning & Dyeing 7% pref. .
.
Nov.
1 Oct. 16
Fiberboard Products. 6% pref. (quar.)
Filene's (Wm.) Sons Co., pref. (quar.)
$1,184 Oct. 25 Oct. 22
118
$1
Fireman's Fund Insurance (quar.)
Rubber
Oct.
Firestone Tire &
50c
Oct.
First National Bank of N. Y. (quar.)
First National Bank (Toms River, N.
$25
Jan.
J.) (qr)—
First National Corp. (Portland) class A
Fish man (M. H.) Co., 7% pref (quar.)
preferred (quarterly)
Fisk Rubber Corp. preferred (quar.)
Freeport Sulphur Co
preferred (quar.)
Fyr Fyter Co. (initial)
Ganiewell Co. preferred
Gardner-Denver Co. (quar.)
5%
.
—
—
Extra
Preferred (quar.)
General Capital Corp. (quar.)
General Cigar Co.. Inc., 7% preferred
(quar.)..
7% preterred (quar.)
7% preferred (quar.)
87 4c
2.5c
Jan.
Oct.
Glen AldenCoalCo. (interim)
Gotham Silk Hosiery Co.. Inc.,
7% pref
Engineering Works (quar.)
Great Lakes Power, pref. A (quar.)
Green (H. L.) Co. (quar.)
Guarantee Co. of N. Auner. (Mont., Que.).....
Extra
Portland Cement Co.. com
Extra
Special
Little Miami
RR., special
$14
t$l 4
$14
1 May 20
25 Sept. 24
1 Oct.
9
Nov.
1 Oct.
Oct. 25 Oct.
Nov.
HP
10c
Nov.
Oct.
1 Oct.
4
15
15
1 Oct. 15
15 Sept. 30
t$l
Nov.
1 Oct.
15
$14
$14
Nov.
Nov.
1 Oct.
1 Oct.
15
$14
Oct.
25 Oct.
9
Oct.
,21?
Original capital
Lock Joint Pipe
$14
40c
|$1 4
t$24
Preferred
1
Nov. 10
Sept. 25
5
1
1
Dec. 24
20
6
15 Dec
5
1 Oct.
15
16 Sept. 30
10 Nov. 10
13 Sept. 30
15*
l|Oct. 14
22 Oct. 13
26 Oct.
5
Oct.
5
Oct.
22
Dec.
1
Oct.
5
Sov.15
1
Oct.
3%
Hill
25c
Oct.
Sept. 39
10'Sept. &
Oct.
10,Sept. 3"
-
Pub. (interim)..
Dec.
1 Nov
J5
Jan.
2 Dec.
15
25c
Oct.
Sept. 30
60c
Dec.
Nov. 26
Dec.
Nov. 26
75c
Oct.
Oct.
75c
75c
Nov.
Nov. 20
Dec.
Dec.
20
31
2
$2
Tan.
Dec.
t35c
Oct.
Oct.
Nov.
Oct.
Oct.
90c
Oct.
Sept.
Sept.
Sept.
13 Sept.
374c
$14
Oct.
15 Oct.
25c
$14
50c
14%
..
Oct.
Ian.
3 Dec.
20
16
30
30
30
30
5
2
Sept. 15
Nov.
Oct.
Oct.
1
15 Sept. 30*
15 Sept. 30*
6
HP
50c
Nov.
15 Nov.
Oct.
15 Oct.
1
50c
Oct.
15 Oct.
1
Oct.
25.Oct.
2i.r?
t$»2
$14
62 4c
37 4c
43 4c
tSl4
$14
15c
20c
(quarterly)
- - - Corp. of Calif.—
6% preferred (quar.)
5% preferred (quar.)
Oct
$14
$14
$14
$14
Preferred
>ct
$14
$2
(quar.)
26
Oct.
50c
5% pref. (quar.).
-—
'
Nov.
50c
$1 10
............
Dec. 20
Dec.
3ftc
$14
—
(quar.)
McCiatchy Newspapers. 7% pref (quar ) ....
McColl Frontenae Oil, preferred (quarterly)—.
McCrory Stores Corp. 6% preferred (quar.)
Mcl/ellan Stores Co
15
Oct.
llOct.
McCall Corp. common
McGraw
1 Oct.
25c
16'NoV
Maple Leaf Gardens 7% preferred
Marconi Internat. Marine Communication
Margay Oil Corp..
Masback Hardware Co.. Inc.. 6% 1st pref
Massachusetts Lighting Cos. $8 pref. (quar)...
$6 preferred (quarterly)
—
Massachusetts Utilities Ass oca tee, pref........
5
15 Sept. 30
15 Sept. 30
11
Sept. 30
Sept. 30
Magnin (I.) & Co. (quar.) 6% preferred (quar.)
Manufacturers Trust Co.. pref. (quar.)._...._
11
Nov.
11
Oct.
31
—
(quar.)
11
Oct.
9
Oct.
Oct.
Lyon Metal Products, Inc. (quar.)
6% preferred (quar.)
—
MacAndrews & Forbes Co. common (quar.)—
l'Oct.
Oct.
Oct.
Oct.
7% preferred (quar.)
6% preferred (onar.)
1 Oct.
1
50c
40c
$1 4
Oct.
—
Lord & Taylor 2d oref. (quar.)
Louisvil'e Gas & Eleo. (Ky.).
20,Oct.
15 Oct.
11
Sept. 30
Oct.
Co. (monthly)
Nov.
Nov.
1 Oct. 15
Oct.
15 Sept. 30
30
Sept. 30
Sept. 30
Monthly
Monthly
-—
8% preferred (quar.)
Loew's London Theatres. Ltd., 7% preferred-
Nov.
Oct.
15c
1
4
Nov. 10
Oct. 11
guaranteed (quar.)..
20 Oct.
June
Sept. 30
Sept. 30
.
Oct.
20
2
Oct.
$14
$14
Libby, McNeill & Libby
Opt. div. of cash or In com. stk. at rate of
one sh.
for each $11.20 of div.
Preferred
(semi-annual)
L'ncoin National f.'fp Irwurance Co
(qu.).
Lincoln Telep. & Teleg. Co, (Del.) class A (qu.)
Class B (quar.)
6% preferred (quar.)
Link Belt Co. (quar.)
Preferred (quar.)
Lion Oil Refining Co. (quar.)..
—
10c
ljOct.
27
Oct.
—
Lunkenheimer Co
Preferred (quarterly)
11 Sept. 30
1 Nov. 20
Mar.
1 Feb. 18
15 Sept
Oct.
Le Tourneau, Tnc. (quar.).....
8
8
Dec.
Oct.
Nov.
—
20 Oct.
Oct.
9,Sept. 22*
—
Oct.
Nov.
22
1
15,Sept 20
(quar.)
Preferred (quar.)
Leslie Salt Co. (quarterly)
25c
40c
Oct
20
Oct.
Lehigh & Wilkes-Barre Corp. (quar.)
Lerner Stores Corp. (quar.)
Lowell Electric Light Corp.
75c
31
—
.
5
15
Dec.
.....
Corp
15jOct.
7% preferred (quar.)
Goulds Pumps. Inc., 7% preferred-.
Great Lakes
Lawrence Gas <fc Electric
15 Sept. 30
Oct.
(quar.)
(quar.)
Oct.
l'Oct.
—
Participating preferred A (quar.)
Kentucky Uilities Co.. 6% pref. (quar.)
Kemper- Thomas Co.—
7% special preferrred (quar.)—
—Kennedy's. Inc. (interim).
Preferred (quar.)
Keokuk Electric Co. 6% pref. (quar.)...
Keystone Steel & Wire
----King-Seeley Corp
Kfrkland Lake Gold Mining (interim)
—
Knott Corp
.........
Kresge Dept. 8tores, pref. (quar.)
Kresge Dept. Stores. Inc., 4% 1st pref
Kroehler Mfg. Co. 6% pref. A (quar.)
Kroger Grocery & Baking 7 % pref. (quar.)
Landls Machine (quarterly)
7% preferred (quarts 1v> - *—
Lane Bryant, Inc., 7% preferred (quar.)—.
Langendorf United Bakeries, class A
Lansing Co. (quar.)
——
Lehigh
Sept. 22
Tan.
t$14
Kendall Co
Lee Rubber & Tire
Oct.
Nov.
Oct.
—
Laughlin Steel preferred
Kaufmann Department Stores
Kellogg Switchboard & Supply
Preferred
Oct.
Oct.
Jones &
Oct.
Nov.
Nov.
Gillette Safety Ra/x>r Co.. pref.
Glmbe! Bros, preferred (quar.)
(quar.T
t$3
75c
preferred (quar.)
22
15 Sept. 25
15 Sept. 30
Go
40c
40c
$5 4
5
Oct.
—15. Sept. 30
Oct. 20 Oct. 11
General Mills (quar.)
General Motor*Corp., $5 preferred (quar.)
General Outdoor Advertising preferred
General Shoe Corn. < nitial)
General Telep. Allied Corp. $6 preferred
$6 preferred (quar.)
3 Dec.
5
15
Mfg
Dec
Oct.
6% preferred E
Iron Fireman
15
20
Dec.
Nov.
Jamaica Water Supply Co. 74 % pref. (s.-a.)—.
Jeannette Glass Co. pref. dlv. action deferred.
Oct.
General Electric Co
General Public Service. $6 pref. (quar.)
15 Oct.
20 Oct.
3 Dec.
Oct.
—
$14
$14
$14
$14
$14
$14
$14
25
Dec.
Jan.
20c
(carterly)
11
Oct.
Nov.
25c
$2
2
Oct.
Oct.
additional share for each
share held.
....
Oct.
Nov.
15 Sept.
9
4
Sept. 30
Preferred (semi-ann.)
Diamond Portland Cement
Oct.
Oct.
20|Sept. 30
30
25c
Oct.
Nov.
20 Sept. 30
15 Sept
9
Nov. 10 Sept. 23
5
Oct. 15 Oct.
Dec. 24 Dec. 14
Detroit Hillsdale & Southwestern RR. (s.-a.)
Diamond Match Go
Hotel Barbizon. In"., vot. cr. ctfs. (quar )
Household Finance Corp. common (quar.)——-
20
2
Oct.
Oct.
Denver Union Stockyards 54% pref. (quar.)...
Detroit Edison Co. (quar.)
...
Detroit Gasket & Mfg. (quar.)
-
20
Oct.
Oct.
Cosmos Imperial Mills, 5% preferred (quar.)..
Crown Central Petroleum
75c
$1 4
(N. Y.) (quar.)
12
Oct.
Oct.
4
1)—II—II—II
—
6% preferred (quarterly)
Oct.
Nov.
Extra
Iowa Electric Light & Power, 7% pref. A
6 4 % preferred B
1 Oct.
20 Oct.
15 Oct.
Nov.
for
Hormel (Geo. A.) Co. (quarterly
Oct.
Nov.
Oct
Oct.
Oct.
shs?
Sept. 30
Sept. 30
Oct. 15
Nov.
Nov.
15
(2
Nov. 15
Oct.
Hussman-Ligonier Co. (quar.)
Huttig Sash <& Door Co. 7% preferred (quar.)—
Idaho-Maryland Mines (extra)
Imperial Chemical Industries (Interim)
Imnerial Life Assurance of Canada (quar.)
Indiana Pipe Line Co
International Business Machines Corp
International Harvester (quar.)
(Yrear end final)
International Milling Co., 5% pref. (quar.)
International Nickel of Canada, pref. (quar.)
Investment Foundation. 6% preferred
Investors Fund C, Inc. (quar.)
15
200%"
Dec.
Oct.
15
15
3 Dec.
1 Oct.
of
.....
...
31 Dec. 21
Nov. 15 Oct.
Oct. 25 Oct.
3 Dec.
prt
19
Dec.
Sept. 30*
Sept. 30*
Nov.
div."
25
25
Nov. 26 Nov. 16
5% preferred (quar.)
Jan.
JV
Nov. 15 Oct.
Oct. 29 Oct.
—
Oct.
1
Jan.
Stock
1
1
4
Oct.
15
Continental Telep. Co. 7% partic. pref. (quar.).
6 4 ^preferred (quar.).
Dentists Supply Co. of N. Y. (quar.)
7% preferred (quarterly)
Nov. 15 Oct.
(quar.)
(monthly)
9
1 Nov.
Nov. 15 Nov.
Dec.
Nov.
_
oon (W. B.) Co.
Coon
Preferred (quar.)
Corn Products Refining (quar.)
Preferred (quar.)
Tlpppp
5
1 Dec.
Jan.
Humberstone Shoe, Ltd. (quar.)
Oct
Nov.
Darby Petroleum Corp. (s.-a.)
15
25
15 Oct.
Nov.
1 Oct.
15
Nov.
8% preferred (quar.)
Cutler-Hammer, Inc., stock dividend-.
1 Oct.
30 Oct.
Oct.
Oct.
Oct.
Nov.
Consol. Edison Co. (N. Y.) pref. (quar.)
Consolidated Laundries preferred (quar.)
Consolidated Oil Corp. (quar.)
Consolidated Royalty Oil Co. (quar.)
Crum & Forater (quar.)
Oct.
Extra
Horn & Hardart
15 Sept. 30
1 Oct. 15
25 Oct. 15
Oct.
(quar.)
Monthly
Monthly
Hires (Chas. E.) Co.—
Class A common (quar.)
Holeproof Hosiery, preferred
Holly Development (quar.)
Holly Sugar Corp. preferred
Honolulu Gas, Ltd. (quar.)
Horder's, Inc. (quar.)
15 Sept. 25
31 Doc. 'H
20 Oct.
Oct
Nov.
.....
Hercules Powder Co. preferred
6
Oct.
Nov.
Extra
1 Oct. 14
1 Novl 15
.
Dec.
Oct.
....
-
Light
Hat Corp. class A and B
Preferred (quar.)
Hawaiian Agricultural Co. (monthly)
Hawaiian Sugar
Hecker Products Corp. (quar.)
Hedley Mascot Gold Mines, Ltd. (quar.)
1 Oct.
25c
(quar.)
Hartford Electric
7
10
Nov.
preferred A (quar.)
7% preferred B (quar.)
one
—
15!Oct.
25c
10c
27
15
Dec.
Preferred (quar.)
Harbison-Walker Rerractorles pref.
HarrisburgGasCo. 7% pref. (quar.)
llNov. 10
Dec.
Dec.
Oct
14%
..
t.
30 Oct.
1 Oct.
15 Sept. 30
15 Nov. 30
15
1 Oct.
Nov.
Oct. 30 Oct. 23
8
Oct.
15 Oct.
Oct.
preferred
Preferred (quar.)
Nov. 15lNov. 10
Payable of Record
Nov.
pref. (quar.)
Die, $6 preferred
$6
Nov. 15;Nov.
Commercial Discount Co. (Los Angeles)—
of
Share
of Company
Nov.
tbc
$14
-
Distribution
Name
Holders
When
Per
Holders
I Payable.of Record
Halle Bros. Co
City Baking 7% prer. (quar.)
City of Fam Dry Goods (Jo. 7% 1st pref (qu.)_
Cleve. Cine. Chicago & St. Louis Ry. pref
Cleveland & Pittsburgh RR. (Jo. gtd. (quar.)..
Special guaranteed 'quar I
Commercial
I
2339
Chronicle
Oct.
9 Sept.
1
20
Oct.
15 Oct.
Oct.
15 .Sept. 30
15 Sept. 30
15 Sept. 30
Oct.
Oct.
1
Oct.
15
Nov. 3d Nov
30
Nov.
1
15 Sept. 30
1 Oct. 20
Nov.
Oct.
5
15 Oct.
1 Oct. 11
Nov.
Oct.
Nov.
1 Oct.
Dec.
5
11
Mercantile Acceptance
Merchants Petroleum
Merchants Refrigerating
30c
25c
—
of N. Y. 7% pref
3c
t$34
Dec.
Oct.
Nov.
5
15 Sept. 30
1 Oct.
23
Financial
2340
Per
Share
Name of Company
Merrlmac Mill® Co.
Monger Corp
25c
25c
(initial)
(quar.)
Michigan Gas & Electric 7 % prior lien
$6 prior lien
—
Milnor, Inc.. increased
Missouri River-Sioux City Bridge Co.—
7% preferred (quarterly)
SIX
Morris Plan Insurance 8ociety tquar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
Mutual Investors Fund Shares
Myers (F. E.) & Bros, (extra)-.
National Bearing Meta,1s Corp. pref. (quar.)
"
75c
1
25 Oct.
National Casket Co.
Oct.
Nov. 10
Oct.
Nov.
15 Sept. 30
1 Oct. 11
Oct.
15 Sept. 10
Oct.
80c
Oct.
Oct.
Sept. 30
Sept. 30
Oct.
$2 X
75c
Nov.
$1X
Nov.
1
2
Nov. 26
Sheaffer (W. A.) Pen Co
S\H
25c
Dec.
Oct.
Dec.
Sheep Creek Gold Mining, Ltd. (quar.)
Sept. 30
Oct.
Oct.
20
Oct.
Oct.
Oct.
15
Sept
10
8c
50c
25c
Oct.
Oct.
50c
Oct.
25c
Oct.
Nov.
$2
-
Neiman-Marcus Co. 7% pref. (quar.)
Neisner Bros. 4X% preferred (quar.)
Nov.
ey
Newport Industries
Payable in 5% notes maturing July 26, 1947
New York City Omnibus (initial)
New York Transit Co
Oct.
Oct.
Nov.
25c
Oct.
Nov.
Sept. 30
SIX
Oct.
14
in
Oct.
Nov.
Oct.
1
t50c
Oct.
Oct.
Oct.
Sept. 27
15 Oct.
Nov. 20
Oct. 15
Sept. 30
Sept. 30
15c
50c
Oct.
Nov. 10 Oct.
20
75c
Oct.
26 Oct.
15
Oct.
6
25c
Sept. 24
1 Oct.
,
6% preferred
5H% preferred
Northern Oklahoma Gas Co. 6% pref. (qu.)-..
Northern RR. Co. of N. J., 4% pref (quar.)
Northern States Power Co. (Del.) 7% pfd. (qu.)
6% preferred (quarterly)
,
,
,
.
.
75c
.
.
,
55c
SIX
t$10
,
$1H
.
15c
1 Oct.
.
.
15 Feb.
5
15 Nov.
5
l,Oct. 21
LOct.
.
50c
20
&\j
1; Nov. 20
liNov. 20
IIOct.
8
l'Oct.
8
1
liOct.
1
1 Oct.
11
1 Oct.
11
11, Oct.
75c
20
11 Sept. 18
15 Oct.
5
1 Oct. 20
15 Oct.
1
15 Nov.
5
25 Oct.
.
1
15'Oct.
1
1 Oct.
25
15
15 Sept. 15
'
Pressed Steel Car
SeptTjjS"
20
I
20 Sept. 30
6 Nov. 20
654c
$1X
20 Sept. 30
24 Dec. 10
62 He
$2
15 Sept. 24
15 Sept. 30
(quar.)
Public Service Corp. (N. J.)
6% pref.
6% preferred (monthly)
6% preferred (monthly)
3 Dec. 21
(mo.jl.-l
Public Service Co. of Nor. 111.
(quar.)
7% preferred (quar.)
6% preferred (quar.)
Pullman. Inc. (quar.)
30 Oct.
1
.30 Nov.
1
20 Nov. 20
Oct. 15
Oct. 15
_
I"
Oct.
Railway Equipment & Realty (quar.)
i
Oct.
1
Oct.
25 Sept. 30
Oct. 25 Sept. 30
Dec. 15 Dec.
1
Oct. 14 Sept. 23
Nov. 11 Oct. 14
6% first preferred (quar.)-Rapid Electrotype Co (quar.)
Reading Co. tod preferred (quarterly)
(Quarterly.)
Regent Knitting Mills, non-cumu.. pref.
Regent Knitting Mills. Ltd. (initial)
Reliance Mfg. Co. (111.) (quar.)_
Reliance Steel Corn, common (initial)
15
Oct. 25
Nov.
1
Quaker Oats Co. preferred (quar.)
Quarterly Income Shares (extra)
_I
Payable in 5 yr. 5% debentures with cash.
Adj. for odd denominations.
(qu.)l
--
Dec.
Nov.
INov. 15
5 Oct. 15
1 Oct. 21
Nov.
Oct. 15 Oct.
4
8
6
16 Dec.
6
Oct. 15 Oct.
5
Nov.
1 Oct. 15
Oct. 15 Oct.
2
Oct. 15 Sept. 30
Dec. 15 Dec.
1
Oct. 11 Oct.
6
Dec.
8 Nov. 16
Jan.
3 Dec. 20
Oct. 15 Sept. 15
$1
Oct.
2c
Oct.
•lc
Oct.
Oct.
15 Sept. 30
15 Sept. 30
15 Sept. 30
18 Oct.
15 Oct.
10 Oct.
Nov.
1 Oct.
8
5
Oct.
Oct.
Nov.
Oct.
Oct.
Oct.
Oct.
Oct
Oct.
1
1
4
Nov.
1
15 Sept. 30
9 Sept. 29
15 Oct.
1
15 Oct.
1
15 Sept. 20
15 Sept. 20
Nov. 15 Oct.
Oct.
20
15 Sept. 30
15 Sept. 30
Oct.
15 Sept. 20
Oct.
15 Sept. 13
Oct.
$1.20
$2
$2
75c
Nov.
Oct.
1 Oct.
15
15 Sept. 30
15 Oct.
5
15 Oct.
5
15 Dec.
1
Oct.
Oct.
Dec.
$1,125
SIX
Oct.
15 Sept. 30
30c
Oct.
15 Sept. 27
30
c
Nov. 15 Oct.
Oct.
15 Sept. 30
5
15c
Oct.
20 Oct.
$1 H
Dec.
31|Dec. 18
(c
1 Oct.
7
Ill Sept. 30
Dec. 15
Nov. 1
Oct. 30
Nov.
Oct.
43 *4 c
2Hc
20c
37 He
Dec. 31
Oct.
Nov.
26 Oct.
15
1 Oct.
15
15 Oct.
5
50c
Oct.
Superheater Co. (increased)
Supervised Shares, Inc. (quar.)
Symington-Gould Corp., common
Tacony-Palmyra Bridge Co. pref. (quar.)
Telautograph Corp. (quarterly)
Texas Hydro-Electric Corp., $3H pref
Thatcher Mfg. Co., pref. (quar.)
Towle Mfg. Co.
(quarterly)
Truax Traer Coal Co. (quar.)
Tuckett Tobacco, Ltd., pref. (quar.)
$1
15c
Oct.
15 Oct.
1
Oct.
25c
Oct.
15 Sept. 30
22 Oct. 15*
Nov.
1 Sept. 17
SIX
15c
f25c
90c
%IH
United Biscuit Co. of
America, pref. (quar.)
United Dyewood Corp., pref. (quar.)
United Gold
United Investment Shares, series A reg
Series C registered
Oct.
Oct.
53c
53c
50c
50c
50c
S2H
50c
"
Smelting, Refining & Mining
Preferred (quar.)
United States Sugar Corp
Preferred (quar.)
Preferred (quar.)
Preferred (quar.).
Preferred (quar.).
United Stockyards Corp. (quar.).
Preferred (quar.)
Universal Lear Tobacco Co., Inc.
Utica Clinton & Binghamton RR
50c
6854c
Dec. 24 Dec.
15
Oct.
10 Sept 20
29 Sept. 30
Dec.
8 Nov. 24
Nov.
1 Oct. 20
Oct.
Dec.
Nov.
$2
Oct.
87 He
Oct.
Oct.
17Hc
75c
5
15 Sept. 30
Nov.
1 Oct. 15
Dec.
1 Nov. 15
Dec. 24 Dec. 15
Nov.
1 Oct. 15
Dec.
1 Nov. 15
25c
10c
15 Oct.
15 Sept. 30
Nov.
1 Oct. 15
Dec.
1 Nov. 15
Dec. 24 Dec. 15
75c
SIX
SIX
SIX
SIX
12Hc
Debenture (semi-ann.)
20 Nov. 30*
1 Oct. 15
15 Oct.
1
15 Oct.
1
Jan.
10 Sept. 25
15 Sept. 15
15 Dec. 15
Apr.
July
15 June
Oct.
15 Oct.
Oct.
15 Oct.
1
1
1 Oct.
20
Oct.
Nov.
15 Mar. 15
15
Dec.
Detinnlng, preferred (quarterly
Pipe Corp. (quar.)
Extra
-
Warren RR. Co., guaranteed
(s.-a.)
Washington Rv. & El. Co., 5% pref. (quar.)-.-.
5% preferred (semi-ann.)
Wayne Pump Co., special
Welsbaum Bros. Brower (quar.)
Western Grocers, Ltd. (quarterly)
Westinghouse Air Brake
Quarterly
Westvaco Chlorine Products, pref (quar.)
West Jersey & Seashore RR. Co. (s.-a.)
6% Special guaranteed (s.-a.)
West Penna. Power Co., 7% pref.
(quar.)
6% preferred (quarterly)
Wichita Water Co., 7% pref. (quar.)
27 Dec. 16
10 Dec.
1
1 Oct. 1 6
Oct. 20 Oct. 11
Oct. 20 Oct.
9
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Oct. 15 Oct.
1
Dec.
1 Nov. 15
Dec.
Nov.
Dec.
—
—
—
Will &
Baumer Candle
Wilson & Co., Inc., common
Preferred (quar.)
(quarterly)
Extra
Wisconsin Gas & Electric Co., 6% pref. C (quar.)
Wisconsin Telephone Co., 7% pref. (quar.)
Wrigley (Wm.) Jr. Co. (monthly)
Special
Monthly--.Monthly
-
Yellow & Checker Cab. class A
Zenith Radio Corp. (quar.)
1 Nov. 15
Nov. 10 Oct.
Dec.
Preferred (quarterly)
*
Oct.
53c
United States
Winstead Hosiery Co.
t3c
1.4c
58 l-3c
United States Graphite Co. (quar.)
United States Hoffman Machinery 5H% pref-_
Wailuku Sugar Co
Warren Foundry &
75c
15 Sept. 30
Nov.
1 Oct. 15*
Jan.
3 Dec. 10
Oct. 15 Sept. 23
68 l-3c
United States Pipe & Foundry Go
com. (quar-)
United States Plywood Corp. (initial)
10
15
Oct.
58 l-3c
7% preferred (monthly)
6.36% preferred (monthly)
6-36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
United N. J. RR. & Canal (quar.)
United Profit Sharing preferred (semi-ann.)
15 Oct.
30 Oct.
Oct.
Oct.
1.83c
United Light & Ry. Co., 7% pref. (mo.)
7 % preferred (monthly)
30
20c
SIX
Equities of Canada, std. shs
15
7
Nov.
1 Oct.
Oct. 21 Oct.
Nov. 15 Oct.
$1*
SIX
United Fruit Co
Vulcan
15 Dec.
16 Dec.
Dec.
Sundstrand Machine Tool Co
21 Sept. 30
in
2nd preferred
2nd preferred
Procter & Gamble 8% preferred
(quar.)
Prudential Investors pref.
(quar.)
Public National Bank & Trust
4.8% preferred (quarterly)
Southern New England Telephone
Spicer Mfg. Co
$3 cum. preferred (quar.)
Standard Brands, Inc. $4 H pref. (quar.)
Standard Oil Co. (Ohio), 5% cumulative pref
Standard Wholesale Phosphate & Acid Works
Stanley Works (The) 5% preferred (quar.)
State Street Investment Co. (Boston)
Stayton Oil Co
-techer-Traung Lithograph 7H% pref. (quar.)Steel Co. of Canada (quar.)
Sterling Aluminum Products
Rt.ix. Baer & Fuller 7% preferred (quar.)
Sullivan Consol. Mines, Ltd
Sun Ray Drug Co. (quar.)
Preferred (quar.)
15c
15 Sept. 30
15 Sept 30
15 Sept. 15
10
10
15
8
Southern Indiana Gas & Electric Co.—
Vapor Car Heating Co., Inc. 7% pref. (quar.)—
Virginia Railway, pref. (quar.)
/O
Dec.
10c
-
11 Sept. 28
I
10c
Simmons Co. (interim)
75c
25c
Simplicity Pattern Co., Inc
75c
Sivyer Steel Castings Co
$1H
Skelly Oil Co. preferred (quar.)
Smith (8. Morgan* Co. 'quar.)
Smith (H.) Paper Co. (quar.)
$1X
South Franklin Process 7% pref. (quar.)
SIX
South Pittsburgh Water Co., 7% pref. (quar.)_.
SIX
SIX
6% preferred (quarterly).
Sou Calif. Edison. Ltd.. Original pref. (quar.)_37 He
Preferred series C (quar.)
34 He
37 He
Common(qu.)
Southern Calif. Gas. 6% pref. (quar.)—
37 He
37 He
6% preferred A (quar.)
Southern Canada Power Co., Ltd.—
6% cum. partic. pref. (quar.)...
X1H%
Southern Counties Gas of Calif 6% pref. (quar.)
SIX
15c
20
15 Oct.
15 Oct.
30c
1 Nov.
1
1 Nov.
1
11 Sept. 30
1 Nov
Oct.
Oct.
SIX
75c
$154
$154
Oct.
75c
75c
■
Nov.
Dec.
Mar. 10
June
$154
$154
—
50c
(quar.)
1st preferred
1st preferred
SIX
Corp. (quar.)
Extra
3
1
1
1
20c
10 Sept. 30
10 Dec. 31
Preferred
(quar.)
16 Sopt.30
15 Oct.
2
25 Oct.
5
LDec. 15
5 Oct. 15
15 Oct.
1
Oct. 15
1 Oct. 15
1 Oct. 15
15 Sept. 30*
15 Sept. 30
15 Sept. 30
.
Pan American
--
15
20 Sept. 30
Packard Motor Car Co.
Packer Corp. (quar.)
_
1
1 Oct.
1 Oct. 15
14 Sept. 30
14 Sept. 30
Northern States Power Co. (Minn.) So pfd. (qu.)
Oahu Sugar Co., Ltd. (mo )
Oceanic Oil Co. (quar.)
Old Joe Distilling Co. 8% pref. (quar.)...
Paauhau Sugar Plantation (monthly)...
Pacific American Fisheries, Inc
Pacific Finance of Calif. 8% pref. (quar.).
6H% preferred (quar.)
5% preferred (quar )
Pacific Gas & Electric (quar.).
Pacific Lighting Corp. 16 pref. (quar.)
Pacific Telep. & Teleg. pref. (quar.)_
Package Machinery Co., 7% pref. (quar.).
Pittsburgh Screw & Bolt
Pittsburgh Youngstown A Ashtabula Ry. C««.—
7<7, preferred (quar.)
Pollock Paper & Box Co. 7% pref.
(quar.)
Power Corp. of Canada 6% cum.
pref. (quar.)
6% non-cum. pref. (quar.)
12 Oct.
14 Sept. 30
1 Nov. 16
1 Nov. 20
20 Sept. 30
—
Pierce Governor Co
1
5
20 Sept. 30
20 Sept. 30
pref_-
Piedmont & Northern Ry. (quar.)
15 Nov.
20 Oct.
30
1 Nov. 15
.
-
15
19 Oct.
$1# preferred (quar.)-
Airways (new)
Paraffine Co.'s, Inc., pref. (quar.)
Peninsular Telephone, 7% pref. (quar.).
7% pref rr d (quar.)
Penmans, Ltd. (quar.)
Preferred (quar.).
Pennsylvania
isylvania Power
Pc
Co, $6.60 pref. (monthly)-6.60preferred (monthly).
„6 preferred (quar.)
Pere Marquette Ry prior pref..
Prior preferred (quar.).
Philadelphia Co. (quar.).
6% preferred (semi-annual)
Philadelphia Electric Co. $5 pref. (quar.).
Philadelphia Electric Co. (quar.)
Philadelphia & Trenton RR. (quar.).
'
Philip Morris A Co., Ltd.
Ltd. (quar.)...
(c
Phillips-Jones Corp., pref. (quar.)
Phoenix Mnance Corp.. 8% pref.
(quar.).
8% preferred (quarterly),
ick (Albert)
Pick
(All
Co
30
1
15
25c
50c
Niagara Hudson Power Corp.—
5% 1st pref. and 5% 2nd pref. ser. A & B (qu.)
Nineteen Hundred Corp.. class A (quar.)__
Nlpissing Mines Co., Ltd
Norfolk & Western Ry. preferred (quar.)
North American Edison Co. preferred (qu.)
North American Invest. Corp. 6% pref
5H% preferred
North American Rayon class A and B (quar.)__
Northern Illinois Finance Corp. (quar.)
Sept. 30
$2.40
—
18
15 Sept. 30
25 Oct.
Dec.
SIX
$1.1854 Nov.
Nov.
$1 X
Nevada-California Elec. pref. (quar.)
New Brunswick Telephone, Ltd. (quar.)
16
Sharon Steel
21
Apr.
July
$8
Jan.
Co
B (quar.)
4
Oct.
Jan.
25c
—
1 Nov. 20
1 Oct. 11
1 Oct. 11
25c
$15*
Security Storage Co. (quar.)
Selfridge Provincial Stores
Servel, Inc. preferred (quarterly)
Holders
When
Payable of Record
25c
50c
Dec.
(semi-annual)
Prosperity Co.. Inc., 6% pref
2s. 6d
Saguenay Power Co., Ltd., pref. (quar.)
San Carlos Milling Co
San Diego Consol. Gas & Electric pref. (quar.)
8 r> Francisco Remedial Loan Assoc. (quar.)
1937
9,
Dec.
$1 X
$1-31 X Nov.
Nov.
SIX
,
Jan.
40c
Northern Indiana Public Service Co. 7%
Republic Portland Cement, 5% preferred (quar.)
Revere Copper & Brass 5X % pref. (quar.)
7% preferred (quar.).
Roan Antelope Copper Mines ord. reg
Roeser & Pendleton, Inc. (quar.)
Quarterly
Qi
quarterly
Roos Bros., Inc
preferred (quar.)
Royal Typewriters Co., Inc., common
Preferred (quar.)
Ruua Mfg. Oc
(quar.)
$1
%1H
National Mfg. & Stores Corp., $51^ pref. (s.-a.)
National Power & Light preferred (quar.
National Steel Car Corp
1
37c
50c
National Cylinder Gas Co. (quar.).—
National Distillers Products (quar.)
National Fuel Gas Co
National Lead Co.. pref.
Share
St. Croix Paper Co. (quar.)
$2
$1^
—
National Bronze & Aluminum Foundry
National Cash Register
15
Oct. 15 Sept. 30
Nov.
1 Oct. 20
'
National Biscuit Co. (quar.)
5%
5%
5%
5%
15
Company
Extra
National Bond & Share
Premier Gold Mining
Extra
Oct.
10 Oct.
Oct.
SIX
$1.64 Dec.
Mutual Telephone Co. (Hawaii) (monthly)---—
'
Per
Name of
—
Mfg. Co. (quar.)
Monongahela Valley Water 7% pref. (quar.)---.
Monsanto Chemical Co. $4H cl. A pref. (s.-a.)_
Represents proportion of the s.-a. dividend
for the unexpired period ending Dec. 1.
Mountain States Telep. & Teleg. (quar.)
Montana Power Co. $6 preferred (quar.)
Montgomery Ward & Co
Montreal Light. Heat & Power Consol. (quar.)-.
Montreal Telegraph (quar.)
Montreal Tramways Co. (quar.)
:
Moody's Investors Service pref. (quar.)
Moore (Wm. It.) Dry Goods (quar.)
~
30 j
•
Modine
'
10 Sept. 20
Oct.
$.1.80 Oct. 25 Oct. 15
liNov. 15
15c
Dec.
--
"
Oct.
$1
Oct.
Holders
When
Payable of Record
Oct.
IS2.10 Oct.
Mid-West Rubber Reclaiming Co
Chronicle
13
1 Nov.
9
15 Sept. 20
Oct.
Oct.
15 Sept. 20
Oct.
Sept. 30
30
1-30-38
Nov.
1
1 3-38
Dec.
1
Nov.
Nov.
Dec
31
Oct.
11
15
Dec.
Nov. 15
1 Oct.
5
1 Oct.
5
Oct. 15 Oct.
1
Nov. 15 Nov.
1
Dec.
1 Nov. 15
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Nov.
1 'Vt.
Oct. 15 Sept.
Oct. 30 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
Dec.
1 Nov.
Jan.
3 Dec.
Oct. 25 Oct.
Oct.
30 Oct.
15
30
20
20
20
20
20
15
15
Transfer boom not closed far this dividend,
t On account of accumulated dividends.
X Payable In Canadian funds, and in the case of non-residents of Canada,
deduction of a tax of 5% of the amount of such dividend will be made.
Volume
Financial
145
York
Weekly Return of the New
Clearing House
MEMBERS
OF
ASSOCIATION
THE NEW YORK
OF
*
Net Demand
Time
Deposits.
Deposits.
Profits
Average
Average
Members
in
CLEARING HOUSE
1937
Undivided
Surplus and
Capital
Clearing House
The following shows
New York at
Bank of
the condition of the Federal Reserve
the close of business Oct. 6, 1937,
comparison with the previous week
and the corresponding
date last year:
SATURDAY, OCT. 2,
ENDED
THE WEEK
FOR
York
New
City
Bank of
of the Federal Reserve
Condition
City
The weekly statement issued by the New York
Clearing House is given in full below:
STATEMENT
2341
Chronicle
Oct.
6,
1937 Sept. 29,1937 Oct. 7,
1934
$
$
$
Assets—
6,000,000
20,000,000
Bank of N Y A Trust Co
Bank of Manhattan Co.
77,500,000
20,000,000
National City Bank
Chem Bank A Trust Co.
90,000,000
42,777,000
21,000,000
15,000,000
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover BkATr Co
Corn Exch Bank Tr Co.
10,000,000
50,000,000
4,000,000
100,270,000
500,000
Flrat National Bank
Irving Trust Co
Continental Bk A Tr Co
Chase National Bank...
Fifth Avenue Bank
137,168,000
13,102,300
448,141,000
25,769,700
57,496,600 al,501,643,000
422,636,000
54,132,100
179,891,500 61,365,160,000
440,842,000
43,503,300
690,083,000
68,112,400
244,292,000
17,508,900
452,502,000
107,641,600
479,745,000
60,956,200
46,826,000
4,054,900
128,220,000 Cl.914,350,000
45,893,000
3,553,200
9,759,000
46,389,000
206,581,000
d775,060,000
44,296,000
14,947,000
86,507,000
287,899,000
74,087.000
80.019,000
1,093,000
3,224,000
32,141,000
2,147,000
9,507,800,000
750,009,000
Comm'l Nat Bk A Tr Co
7,000,000
Public Nat Bk A Tr Co.
7,000,000
75,366.200
1,295,900
9,012,200
28,136,700
8,092,800
8,616,700
523,547,000
894,463,200
Bankers Trust Co
25,000,000
Title Guar A Trust Co..
Marine Midland Tr Co..
10,000,000
5,000,000
New York Trust Co
12,500,000
Totals
Gold certificates on band and due from
3,544,646.000 3,611,702,000 3,231,886,000
United States Treasury_x
1,894,000
Redemption fund—F. R. notes
79,978,000
Other cash f
19,769,000
69,594,000
National, June 30, 1937: State, June
• As per official reports:
companies, June 30. 1937.
Includes deposits In foreign branches as follows:
c $125,513,000; d $41,298,000.
3,626,518,000 3,694,278,000 3,292,801,000
Total reserves
55,105,000
BlIb discounted:
24,172,000
3,822,000
8ecured
1»
U.
Govt, obligations,
8.
Otber bills discounted
are
not
.........
are
6,638,000
8,021,000
2,178,000
3,509,000
7,931,000
14,182,000
14,659,000
5,687,000
Bills bought in open market
1,000,000
Industrial advances
4,710,000
1,075,000
5,377,000
1,103,000
6,343,000
100,381,000
383,224,000
161,638,000
50,644,000
3,863,000
Total bills discounted
United States Government securities:
55,294,000
Bonds
211,831,000
Treasury notes
332,269,000
Treasury bills
180.929,000
211,831,000
332,269,000
180,929,000
725,029,000
725,029,000
645,243,000
744,921,000
746,140,000
658,376,000
72,000
72,000
8,136,000
8,403,000
155,348,000
83,000
4,296,000
147,380,000
10,856,000
29,683,000
30, 1937: trust
$281,484,000; 6 $97,942,000;
Total bills and securities
Due from foreign banks
publishes regularly each week
of a number of banks and trust companies which
members of the New York Clearing House.
The
following
7,836,000
6,346,000
direct or lully guaranteed
7,162,000
York "Times"
The New
returns
a
60,029,000
107,023,000
Total U. S. Government securities..
P
886.000
1,894,000
80,682,000
Federal Reserve notes of other banks...
150,190,000
Uncollected Items
the figures for the week ended Oct. 1:
Bank premises
10.005,000
All other assets
11,679,000
.
4.551,521,000 4,625,090,000 4,143,475,000
Total assets......
INSTITUTIONS NOT IN CLEARINGS HOUSE WITH THE CLOSING
BUSINESS FOR THE WEEK ENDED FRIDAY, OCT. 1, 1937
NATIONAL AND STATE BANES—AVERAGE FIGURES
10,023,000
10,826,000
OF
Liabilities—
844,526,000
949,857,000
959,063.000
Deposits—Member bank reserve aco't— 3,142,937,000 3,223,276,000 2,832,928,000
43,156,000
28,502,000
U.S. Treasurer—General account
10,789,000
28,181,000
87,793,000
103,414,000
Foreign bank
F. R. notes In actual circulation
Loans,
Other Cash,
D\sc. and
Including
Investments
Bank Notes
Res. Dep.,
Dep. Other
Y. and
Banks and
Gross
Trust Cos.
DeposiU
N.
Elsewhere
71.239,000
Other deposits
21,718,400
145,800
7,761,600
2,719,900
28,503,400
Sterling National—
Trade Bank of N. Y.
25,314,000
422,000
7,521,000
604,000
6,601,387
289,214
1,762,199
88,066
26,629,000
5,934,735
6,348,300
303,300
105,000
1,524,900
298,900
156,000
3,328,379,000 3,400,747,000 3,031,300,000
Total deposits
5,009,000
775,000
Res. Dep.,
Loans
N.
Cash
Due. and
Surplus (Section 7)
5,436,000
Surplus (Section 13b)
Reserve for contingencies
FIGURES
TRUST COMPANIES—AVERAGE
All other liabilities
Banks and
Gross
Trust Cos,
DeposiU
Ratio
of total
153,276,000
51,057,000
51,474,000
7,744.000
7,744,000
9,117,000
1,656,000
9,117,000
1,818,000
reserve
to
deposit
and
84.6%
84.9%
511,000
483,000
4,987,000
5,059,000
F. R. note liabilities combined
55,895,600
9,566,747
10,938,706
Empire
Federation...
Fiduciary
....
Lawyers
United States
*6,464,500
4,418,200
1,053,999
693,800
495,100
535,100
65,927,835
*9,942.100
23,639,851
15,283.816
74,659,895
84,094,000
31,659,802
3.172,000
2,662,138
32,865,000
7,078,543
51,000 112,326,000
198,292
*1.009,858
*6,421,900
13,944
for foreign
66,460,500
Commitments
»
Includes amount with Federal Reserve as follows:
ciary, $633,240; Fulton, $6,144,200; Lawyers,
...
make
to
Industrial
ad-
bances
9,218,000
t "Other cash" does not lnolude Federal Reserve notes or a bank's own
Federal
Reserve bank notes.
Brooklyn—
Brooklyn
Kings County
on bills purchased
correspondents
85.0%
Contingent liability
$
10,078,100
1,770,476
1,445,857
10,607,690
10,923,891
23,570,000
37,056,800
20,454,400
28,780,000
Fulton.......
$
$
$
$
Manhattan—
142,810,000
50,208,000
50,825,000
7,744,000
8,849,000
7,213,000
4,551,521,000 4,625,090,000 4,143,475.000
Total liabilities
Other
Dep
Y. and
Elsewhere
Investments
7,592,100
51,474,000
143.027,000
51,061,000
Deferred availability Items
Capital paid In
Brooklyn—
Lafayette National.
People's National—
127,035,000
61,177,000
$
$
$
$
$
Manhattan—
Grace National.....
States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934. devalued from
100 cents to 69.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
35,604,766
Empire, $4,064,700: Fidu¬
$9,229,500.
These are certificates given by the United
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
Items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
for the Reserve banks themselves.
The comment of the Board of Governors of
the latest voeek appears in our department of "Current Events and Discussions
also give the figures of New York and Chicago reporting member banks for a week later.
These figures are always a week behind those
the Federal Reserve System upon the figures for
immediately preceding which we
Commencing with the statement of
announcement of the
May 19, 1937, various changes were made In the breakdown of loans as reported in this statement, whioh were
April 20, 1937, as follows:
described In aa
Fedcal Reserve Bank of New York of
the classification of loans and dlaoounts.
This classification has been changed primarily to show the amounts of
(1) commercial. Industrial, and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or oarrylog securities.
The revised form
also eliminates ths 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 lnolude "acceptances of own bank purchased or
dlsoounted" 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.
The
ohanges
In the report form are oonflned to
known that the new Items "commercial. Industrial, and agricultural loans" and "other loans"
and unsecured."
Subsequent to the above announcement It was made
segregated as "on securities" and "otherwise secured
A more detailed explanation of
would each be
the revisions was published in the May 29, 1937, Issue of the "Chronicle," page 3690.
ASSETS AND LIABILITIES OF WEEKLY
of Dollers)
REPORTING MEMBER BANKS IN 191 LEADING CITIES. BY DISTRICTS, ON SEPT. 29, 1937 (In Millions
Federal Reserve Districts—
Total
Boston
New York
Phila.
ASSETS
$
$
5
$
Cleveland Richmond
$
$
Atlanta
Chicago
St. Louis
s
t
$
$
s
$
$
San Fran
Dallas
Minnsap, Kan. City
Loans and Investments—total
22.026
1,294
9,048
1,165
1,888
595
543
3,068
661
405
714
511
2,134
Loans—total
10,004
710
4,437
479
720
249
268
1,061
320
183
287
245
1,045
39
257
44
44
15
11
54
56
10
19
13
39
297
1,790
178
251
96
125
604
142
85
160
143
338
4
54
12
7
26
4
35
8
55
6
1
4
3
21
Commercial, Indus, and agrlcul. loans:
—
601
Otherwise secured and unsecured..
4,209
On securities
Open market paper
Loans to brokers and dealers
V
472
87
187
25
18
13
1,227
38
1,041
24
22
4
Other loans for purchasing or carrying
securities
Real estate loans
T^ann
hanks
....
682
37
328
38
40
19
15
97
12
10
14
15
57
1,165
84
242
60
177
29
27
85
46
6
20
21
368
5
5
8
27
47
11
10
79
97
4
65
3
3
2
732
65
267
49
122
31
Other loans:
On sec urltits
1
1
9
15
Otherwise secured and unsecured __
819
59
260
58
43
40
46
60
27
55
28
36
107
United States Government obligations
425
2,998
317
844
243
167
1,422
197
166
258
188
678
Obligations fully guar, by U. 8. Govt.
7,903
1,131
22
433
97
61
33
189
46
12
48
28
124
Other securities
2,988
137
1,180
272
263
65
75
396
98
44
121
60
287
2,861
222
326
130
105
784
133
79
167
114
329
Reserve with Federal Reserve Bank..
Cash In vault
Balances with domestic banks
Other aants—net
38
5,488
238
323
35
76
18
41
19
11
60
11
6
13
11
1,737
88
142
127
159
158
111
279
81
67
181
164
190
29
209
Time deposits
United States Government deposits..
1,285
79
536
89
106
40
41
93
23
17
14,864
945
6,621
802
1,068
418
330
2,228
393
270
486
390
913
5,293
277
1,148
286
743
198
187
867
183
122
147
127
1.008
644
37
363
18
16
11
17
84
8
2
13
19
66
4,998
201
1,985
258
327
197
180
708
228
115
357
194
248
......
Inter-bank deposits:
Domestic banks
—
Foreign banks..
Borrowings.
...................
Other liabilities
Capital account
22
23
LIABILITIES
Demand deposits—adjusted
x
12
525
4
1
8
1
10
876
25
414
24
18
26
8
22
8
7
3
8
313
3,611
237
1,607
228
347
92
88
366
89
56
92
80
329
569
1
1
1
1
1
1
4
Financial
2342
Oct. 9,
Chronicle
1937
Weekly Return of the Board of Governors of the Federal Reserve System
was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Oct. 7,
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparisSn with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks. The comments of the Board of Governors of the Federal Reserve System upon the
The
returns
following
for the latest week appear in our department of "Current Events and Discussions
RESOURCES AND LIABILITIES
COMBINED
Three
ciphers (000) omitted
hand and due from U. S. Treas.x
on
Sept. 29.
1937
1937
Redemption fund (Federal Reserve notes)
Other cash
Total reserves..
....
Sept.
22.
1937
I
$
ASSETS
Gold ctfs.
OP THE FEDERAL RESERVE
Oct. 6,
3
15,
Sept.
1937
Sept. 8,
Sept. 1,
Aug. 25,
Aug. 18,
1937
1937
1937
1937
S
S
Oct.
7,
1936
S
$
S
$
J
Aug. 11,
1937
8,527,881
8,831.389
8.831.948
8,831.946
8.832.398
8.949
9.423
10.122
10.784
12.248
296.320
8,830.890
8,964
271,248
294,237
308.865
303,051
306.903
252.244
9.446.969
9,435.402
9,111,102
9,134,575
9,150.236
9,145.119
9,150.085
8,792,375
9,129,890
10.422
9,127,392
10,422
8.663
9.192
300,809
316,143
308,416
9,438.620
9,453,957
9.127.389
BANKS AT THE CLOSE OP BUSINESS OCT. 6, 1937
9,129.890
Bills discounted:
Secured
by
direct
or
U. S.
Government obligations,
fully guaranteed-
—
Other bills discounted.
Total bills discounted
Bills bought In open market
............
Industrial advances
United States Government securities—Bonds..
11,951
13,356
13,151
11.312
3.424
10.047
10.811
7,391
13,755
4,533
11.674
10,839
12,187
11,372
12,915
11,639
5,023
4.113
23,056
23.590
24,195
23,198
23,559
23,726
18.703
18,288
16.697
7,539
2,813
3,026
3.026
3.067
3,076
3.076
3.077
3.073
3.072
3.098
19,680
20,598
20,601
20,603
20,709
20.785
20.929
21.007
21.043
27,142
738.073
738.073
738.073
738,073
738,073
737,073
732.508
732,508
378,077
1,157.713
1,157.713
1,157,713
1,157,713
630.404
630.404
630.404
1,157,713
635.969
1,443,363
630.404
1,157.713
631.404
1,157.713
630.404
738,073
1,157,713
630,404
635.969
608,787
2,526.190
2,526,190
2,526,190
2.526.190
2.526.190
2,526,190
2,526.190
2,526,190
2,526.190
2,430,227
......
...—
2,571.739
2,573,404
2.574,012
2,573,058
2,573,534
2,573,777
2,568,899
2,568.658
2,567.002
2,468,006
~"i90
190
"""190
231
"""221
221
220
28.172
27,370
637,059
27.419
29.143
25,444
25,686
21,297
693,3^8
580.791
643.160
582.630
45.514
45.417
45.428
27.785
625,356
45.423
24.200
859.544
45.479
45.501
45.502
592,617
48,060
1,157,713
Treasury notes
Treasury bills
Total U. 8. Government securities
Other securities.
12,327
10.729
..
...
..........
Foreign loans on gold
—
Total bills and securities
Gold held abroad.
...................
Due from foreign ba
s
Federal Reserve notes oi other banks..
"""227
227
""217
37,952
37,292
36,704
23,057
569,257
45.425
46,931
45.515
44.726
43.966
43.520
39,247
12,756,416
12,775,446
12,824,627
12,979,510
12,369,527
12,452,652
12,414,551
12,471,975
12,414.652
11.961,819
LIABILITIES
federal Reserve notes in actual circulation....
4,284,339
4,246.268
4,253,156
4,271,313
4,295,483
4.260.604
4,234.680
4,238.391
4.228,043
4,077,724
Deposits—Member banks'
7,003,033
6,977.186
193,490
6.864.732
6.709.993
6.731.214
6.729.546
76,183
7,032.833
140,273
347.686
287,311
243.378
237,332
199,837
130.390
200.427
6,681.124
252,690
193.493
Uncollected Items
Bank premises
—
_
All other assets
Total assets.....
reserve account
United States Treasurer—General account-
Foreign banks
Other deposits
___
Total deposits...
Deferred
availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies...................
All other liabilities
Total liabilities
Ratio of total reserves co deposits and Federal
Reserve note liabilities combined
Contingent liability on
foreign correspondents
bills
purchased
134.065
125,612
124.734
112,978
113,616
189.657
146.887
156.059
140.513
133.626
6,478,948
195,786
74,395
197,022
7,500.592
7.542.096
7.632,742
7,625,233
7,154,426
7,224.022
7.246.695
7.239.678
7,260,9 3
6,946,151
622.374
637,764
690.025
834.534
570.618
620.482
584,978
646.593
578.259
588,543
132.627
145.854
27.490
132,604
145.854
27,490
35,803
132,605
132,590
132.588
132,594
132.531
132,533
132.530
145.854
145,854
145.854
145,854
145.854
145.854
27.490
27.490
27,490
27.490
35.803
35.838
35.839
35.838
35.838
6.693
7,230
6,767
6.485
5,598
35.871
6,672
130,178
145,501
27,088
34,242
7.567
27,490
35,803
6,952
145.854
27.490
12,756,416
12,775,446
12,824,627
12,979,510
12,369.527
12,452,652
12,414,551
12,471,975
12,414,652
11,961,819
80.1%
80.2%
80.2%
80.0%
79.6%
79.5%
79.7%
79.7%
79.6%
79.8%
1,365
1.338
1,543
1,679
1,727
1,873
1,932
2,478
2,780
14.739
14,880
14,970
15.021
15,236
15,404
15.179
15.249
15,304
22,906
21,422
14,237
5,834
35,904
7.336
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted..................
16-80 days bills discounted
......
....
Total bills discounted....................
160.885
200.205
199.602
27.490
12,392
IV.;,V
21,534
21,219
21,223
20.537
16.546
16.083
291
434
1,429
445
706
802
362
397
426
954
1,012
850
854
1,024
1.101
914
920
829
576
318
436
656
333
1,092
742
666
945
845
74
194
139
222
260
233
23,559
23,726
18,703
18,288
16,697
7,539
341
21,306
187
174
141
603
73
23,056
23,590
24,195
23,198
1-15 days bills bought In open market
10-30 days bills bought in
81-60 days bills bought In
61-90 days bills bought In
Over 90 days bills bought
,
156.264
6,743.874
155.689
for
Commitments to make Industrial advances...
31-60 days bills discounted........
61-90 days bills discounted....
Over 90 days bills discounted....
633,125
45,456
39,114
51
391
1,200
1,271
69
132
569
1,286
238
...
""49
1,016
391
391
1,555
1,200
1,333
yo
178
open market—.—..
278
302
1,235
723
168
416
391
1,555
89
282
open market.—
2,486
1,317
200
682
1.284
1,328
784
142
2.567
1,758
2,813
3,026
3,026
3,067
3,076
3,076
3,077
3.073
3,072
3,098
1,009
1,179
1.133
887
908
970
936
783
636
1,561
290
190
209
422
445
334
224
426
534
664
572
661
423
462
526
649
691
672
522
903
696
723
728
667
498
564
445
446
1,019
16.814
17,961
17,976
18,143
18.227
18.457
18.556
18.662
18.755
23,592
27,142
open market
717
In open market....
Total bills bought In open market——
1-
11days Industrial advances..............
16-30 days Industrial advances..............
81-60 days Industrial advances
61-90 days Industrial advances
Over 90 days Industrial advances......
Total industrial advances..........
_
....
1-15 days U. 8. Government securities.
16-30 days U. 8. Government securities—
81-60 days U. B. Government securities...—.
61-90 days U. 8. Government securities.
Over 90 days U. 8. Government securities
Total U. 8. Government securities.........
...
s
448
19,680
20,598
20,601
20,603
20.709
20,785
20,929
21.007
21.043
25,282
27.472
20.24h
104,170
38,559
32,189
28.546
106.880
54.821
54.736
65,661
30,546
138.834
40.187
59,729
63.358
103,105
26,006
65.472
60.794
29.447
61.055
59.729
58.034
56.472
168,653
2,350.438
27.649
61,055
60.168
2.350.146
28.366
27.472
57,034
69.655
101,670
30.190
26.006
25.282
2.351.815
2.353.663
2.280.813
2.276.455
2.276.299
2,278.079
2.270,891
2.098.541
2,526,190
2,526,190
2,526,190
2,526,190
2.526,190
2,526,190
2,526,190
2,526.190
2,526,190
2,430,227
4,609,199
4,602,269
356,001
4,613.505
360.349
4,620.315
349,002
4,624,774
329,291
4,563.174
4,560,971
4,554.501
4.544.445
4,368.693
324.860
302.570
326.291
316.110
316,402
290,969
4.284.339
4,246,268
4,253.156
4,271,318
4.295.483
4,260.604
4.234.680
4.238.391
4.228,043
4,077.724
4,636,132
4,633.132
4.594,632
4,593.632
60,794
59,486
84,287
1-15 days Other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
Over 90 days other securities
Total other securities
—
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank.........
In actual circulation
......
Collateral Held by Agent as
Security for
Notes Issued to Bank—
Gold ctfs.
on band and due from U. 8. Treas—
By eligible paiier
United 8tates Government securities
...
Total collateral
*
x
"Other cash"
These
oents on
does not Include
Federal
are
Jan.
4.633.132
4,632.132
4.619.132
4,600.632
22.183
22.755
23,166
32,000
18.277
17.907
82.000
22.807
32.000
23,339
32,000
20,000
20.000
20,000
4.593.632
16.117
20.000
4,348,838
22.822
32.000
4,690.954
4,687,315
4,687.887
4,686,039
4.674,298
4,643.971
4,632.009
4,631.539
4.629,749
4,447.720
Reserve notes,
t Revised
5.882
93.000
figure.
certificates given by the United States
Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
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,
Three Ciphers
(000)
Omitted
Cleveland Richmond
Boston
Feaeral Reserve Agent at—
Atlanta
Chicago
ISi.
San Fran
Dallas
Louis IMinneap.
RESOURCES
Gold
certificates
hand
on
and
due
from United States
Treasury
Redemption fund—Fed. Res. notes.Other cash *
727.207
Total reserves
.
Bills discounted:
Secured by U. 8. Govt, obligations.
direct and(or) fully guaranteed.-
Other bills discounted--*
Total bills discounted
Bills bought In open market
Industrial advances
U 8 Government securities—Bonds
Treasury notes
Treasury bills
-
Total U. S. Govt, securities
Total bills and securities
Due from foreign banks
Fed. Res notes of other banks
Uncollected Items
Bank premises
.—
All other resources
Total resources
LIABILITIES
F. R. notes In actual circulation
Deposits:
Member bank reserve account
U. 8. Treasurer—General account.
Foreign bank
Other deposits—
Total deposits
Deferred availability Items
—
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
—
Reserve for contingencies
All other liabilities
Total liabilities
Contingent liability
for foreign
•
on bills
purchased
correspondents
Commitments
to make Indus advances
"Other cash" does
not
Include
Federal Reserve notes
RESERVE NOTE STATEMENT
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Phila,
Boston
Cleveland Richmond
Chicago
Atlanta
St.
Dallas
Louis\Minneap
San Fran
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral
held
by
Agent as security
for notes Issued to banks:
Gold
certificates on
hand
and due
from United States Treasury
Eligible paper
U. 8. Government securities
Total collateral
United
Government
States
York Stock
Securities
on
the
New
Transactions
at
Daily, Weekly and
Exchange—See following page.
Stock and Bond
United States Treasury
Rates
quoted
are
the
Averages—See page 2359.
13 1937
0 20%
Mar.
2 1938
0.33%
Oct.
20 1937
Mar.
9 1938
0 33%
Oct.
27 1937
0 20%
0 20%
3 1937
0 20%
Mar. 23
1938
0.33%
0.33%
Nov. 10 1937
0 20%
0 20%
|Mar. 30
1938
0 33%
April 6 1938
April 13 1938
April 20 1938
0.35%
0.35%
0 35%
0 35%
0 40%
17 1937
1937
Dec.
1
1937
Dec
8 1937
0 20%
0 26%
IB 16 17<fe 181937
Dec
Dec
20 21 & 22 1937
Dec.
29 1937
Jan.
5 1938
Jan.
12 1938
Jan.
19 1938
Jan.
26 1938
Feb.
2 1938
Feb.
9 1938
Feb
16 1938
Feb.
23 1938
jMar. 16 1938
-
April 27 1938
0 25%
0 25%
4
1938
May 11
1938
(May 18
1938
|May 25 1938
0 40%
1
[May
0.25%
0 25%
0 27%
0 27%
0 27%
0 27%
0 30%
1938
0 45%
8 1938
June
15 1938
0 45%
0 45%
June
0 30%
June 22
1938
jJune 29
1938
July
0.30%
0.30%
6
Quotations of representative
of the past week:
Bank of France
Banque de Paris et
.....
Jnl
Int.
Dec.
15 1938—
1)4%
Dec
15 1941
WA%
194%
IH%
194%
—
.
Dec
15 1939...
15 1939...
June
15 1941
Mar
15 1939...
Mar
15 1941...
sept
—
June
15 1940...
Deo.
15 1940...
1)4%
1)4%
1)4%
1)4%
100.24
Asked
100.26
Oct. 6
Francs
Oct. 7
Francs
6,300
6,600
6.400
1,145
475
1,164
469
1,170
483
1,161
472
293
27.000
590
1,200
48
607
-
-
32ds of
point.
Bid
Oct. 5
Francs
0.400
—.....
Figures after decimal point represent one or more
Rate
Oct. A
Francs
-
Oct. 8
Maturity
Oct. 2
Francs
Rate
Maturity
Mar
15 1940...
99 20
99 22
Mar
15 1942...
100 26
100 28
Sept
15 1942
100 26
I no 28
June
15 1939—.
100
100 2
101
101 2
4ept. 16 1938—Keb.
1 1938—.
100 20
100 22
June
100 26
100.28
Mar. 15 1938...
100.24
100 26
15 1938
—
—
Bid
7
Asked
101 9
194%
194%
2%
2)4 %
2)4%
294%
294%
101
101.26
101.28
3%
101.11
101.13
100 25
100 27
101.14
100.16
102 2
102 4
101.31
102 1
100.25
100 27
Oct. 8
Francs
6,400
-----
289
283
282
278
27,300 26,900 26,700 26,500
Cle DLstr d'Electriclte
589
610
600
---Cle Generale d'Electriclte
1,230
1,270
^JO
lt310
Cle Generale Transatlantlque..
47
47
47
49
Citroen B
615
534
626
Comptolr Natlonale d'Escompte
694
683
692
689
...
Cotv 8 A
210
210
210
230
240
Courrleree
234
234
240
242
Credit Commercial de France.457
462
475 . 470
...
Credit Lyonnalse
1,370
1,380
1,450
1,400
1,450
Eaux LyonnaLse cap
1,230
1,240
1,280
1,300
1,300
Energle Electrlque du Nord....
288
286
296
293
Energle Electrlque du Littoral._
490
477
497
495
Kuhlmann.629
635
663
648
....
L'AIr Llqulde
HOLI1,090
1,100
1,150
1,130
1,160
Lyon(PLM)
694
687
702
707
NordRy
DAY
736
755
769
758
Orleans Ry 6%
368
361
360
357
355
Pathe Capital..22
22
22
21
Pechlney
1.865
1,905
1,950
1,949
Rentes. Perpetual 3%--------72.50
72.50
73.40
73.10
73.30
Rentes 4%. 1917
70.70
70.10
70.60
69.70
70.10
Rentes 4%, 1918
- 70.10
68.70
69.50
68.70
68.90
Rentes 4)4%. 1932 A
75.50
75.30
76.00
75.40
76.00
Rentes 4)4%, 1932 B
76.34
76.40
77.00
76.50
77.00
Rentes 5%. 1920
95.00
94.30
95.40
95.70
95.70
Royal Dutch
6,600
6,610
6,450
6,350
6,300
Saint Gobaln C & C
1,955
1,982
2,058
2,000
Schneider A Cle
1,110
1,110
1,138
1.110
Soclete Francaise Ford
72
68
68
72
72
Soclete Generale Fonclere
125
123
120
122
Soclete Lyonnalse....
1,230
1,240
1,280
1,280
....
Canal de Suez cap
Quotations for United States Treasury Notes—Friday,
a
Dee Pays Baa
Banque de l'Unlon Parlsienne—
Canadian Pacific.—-----------
0.47%
0.47%
0.47%
1938-
stocks as received by cable
each day
0 40%
0 40%
(June
PARIS BOURSE
Asked
Bid
Asked
Oct.
Nov. 24
Exchange,
Bills—Friday, Oct. 8
THE
Nov
Stock
York
for discount at purchase.
Bid
Nov.
New
Yearly—See page 2359.
......
Soclete Marseillaise
Tublze Artlflcal Silk,
Union
d'Electriclte
Wagon-Llts
pref
470
185
370
470
181
366
472
179
384
178
382
109
108
105
102
Oct. 9,
2344
Stock and Bond Sales—New York Stock
1937
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
No
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
account Is taken of such sales In computing the range for the year.
>
;
.
,
United States Government Securities
York Stock Exchange
the New
on
the transactions in Treasury, Home Owners' Loan and
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
Below
furnish
we
a
Federal Farm Mortgage
daily record of
Oct.
Oct 2
Daily Record of U. S. Bond Prices
Oct. 4
Oct. 5
Oct. 6
Oct. 8
Daily Record of U. 8. Bond Prices
115.24
115.20
115.16
115.18
Treasury
2ks. 1948-61
Oct. 7
Oct. 5
Oct. 4
Oct. 2
Oct.
Oct. 6
7
Oct. 8
-Ii
[High
Tressury
100.11
100.14
100.16
100.14
100.14
2
Total tales in $1,000 units...
2
11
4
18
4
30
106.14
fHlgh
[1
99.19
99.21
99.21
99.19
90.21
99.21
10
—I{Low
106.12
106.14
106.12
106.13
106.13
[Close
106.12
106.15
106.12
106.16
106.14
in $1,000 units...
Total sales in
unit
1
14
8
22
2
[High
111.12
111.13
111.11
111.11
111.13
4«, 1944-64
99.19
99.17
99.19
99.19
99.19
99.19
99.17
99.21
99.21
40
26
31
29
(High
27
99.13
99.15
99.15
99.13
111.9
111.11
111.10
111.11
111.13
99.12
99.13
99.10
111.11
111.11
111.11
111.13
[Close
99.13
99.13
99.14
99.13
3
9
2
1
li{Low
99.12
111.15
2
Total tales in $1,000 units...
mil
12
9
110
23
(High
109.21
-i.r
109.21
fHlgh
97.27:
97.28
97.29
97.27
109.21
109.21
.
2«s. 1956-69
f High
| Low.
I Olosc
....
106.31
106.26
106.31
106.31
1
102.21
Total tales in $1,000 units...
\nii
102.19
(High
106.28
106.27
106.26
106.27
106.26
106.26
106.26
106.27
106.27
106.26
*3
11
151
1
102.20
102.18
102.20
102.21
J Low.
102.16
102.21
102.18
102.15
102.16
102.19
I Close
102.16
102.21
102.20
102.15
102.18
102.19
6
9
11
7
15
6
fHlgh
104.6
104.8
Low.
104.6
104.8
104.4
104.6
104.5
[Close
104.6
104.8
104.6
104.6
104.5
IJ
Tetal tales In $1,000 units...
104.7
104.6
Federal Farm Mortgage
1
7
82
10
75
105.24
105.29
105.25
105.26
105.25
97.28
97.27
97.26
97.25
97 26
97.27
97.27
97.28
97.25
97.28
97.27
11
38
23
21
19
102.24
102.26
6
fHlgh
■li
3k8. 1944-64
102.24
102.25
1 Close
102.24
102.26
Total sales in $1,000 units...
mil
12
{Low.
Federal Farm Mortgage
8
102.9
fHlgh
102.12
■li{Low.
102.12
102.6
102.9
102.6
[Close
102.12
102.9
102.9
102.9
Total tales in $1,000 units...
mil
3
3s, 1944-49
Federal Farm Mortgage
3s. 1942-47
104.5
97.28
97.25!
97.25?
Total sales in $1,000 units...
mil
106.26
Tetal sales in SI.000 units...
mil
-II
■li{Low
109.21
4
I
-
2ks. 1949-53
109.21
tree*
Total tales in $1,000 units...
nil
SI. 1946-48
99.19
6
111.12
[Close
>
99.19
99.19
111.12
"II
8s, 1961-66
QjQgg
Low
.J Low.
3HS. 1943-47
I
Total sales in
in $1,000 uni
units..
[Close
TtieU salts in $1,000 units
mil
Ski. 1946-66
{Low
{]
-64
2ks. 1951-64
II
1
:
111.15
100.15
100.10
100.14
52
Ski. 1943-46
{Low
!
100.14
Total teles in $1,000 units...
unii
106.16
100.15
100.17
115.18
106.13
100.16
100.12
115.18
115.16
106.16
100.15
100.14
115.16
115.20
106.12
100.17
100.14
115.20
115.22
fHlgh
100.14
QjQgg
115.19
l<Close
{l
{Low.
-52
1W7-62
4
fHlgh
103
fHlgh
-li{low
[Close
102.29
102.9
102.9
13
11
102.28
102.24
103
102.26
102.26
102.24
102.29
103
102.29
102.26
102.24
102.29
8
8
1
10
101.13
101.14
101.14
Total sales in $1,000 units...
102.29
I
105.24
fHlgh
II
Ski. 1940-43
105.24
105.24
105.28
105.24
105.26
105.25
[Close
105.24
105.24
105.28
105,24
105.26
105.25
Total sales ini $1,000 una
units...
1
1
11
7
108
2
fHlgh
106.15
106.24
106.15
106.20
106.19
Ski. 1941-43
—II
106.15
106.15
106.15
106.20
106.19
[Close
106.15
106.21
106.15
106.20
106.19
1
244
4
12
66
104.23
104.23
104.23
104.22
fHlgh
3>S ft. 1946-49
iuitales in
104.22
Low.
104.23
104.22
104.20
104.22
104.22
[Close
104.23
104.23
104.20
104.22
104.22
2
3
13
11
1
101.14
3
Low.
106.20
106.17
106.16
106.16
106.16
106.16
Close
106.18
106.20
106.17
100.16
9
10
120
106.10
106.9
....
.
106.7
106.10
106.10
{Low.
106.7
106.7
106.10
106.10
106.9
106.10
106.7
106.10
106.10
106.10
106.9
106.11
7
34
1
[Close
2
fHlgh
100.12
{Low.
100.13
100.13
5
100.12
100.13
1d6.11
35
1
23
102.6
102.3
102.4
102.2
102
102.4
102.2
102.1
102.8
102.1
102.5
102.6
102.8
29
35
100.15
100.20
100.21
Low.
100.15
100.17
100.18
100.15
IOC.15
100.20
Close
Total sales in $1,000 units...
mi
100.15
100.19
100.20
100.15
100.20
100.22
7
15
16
II
S3
13
100.15
100.18
100.17
100.15
100.15
100.16
High
-li
(High
■li{Low.
56
63
29
100.17
100.20
100.22
100.15
100.16
100.17
100.11
100.15
100.15
100.15
100.18
100.17
100.11
100.15
100.15
*7
22
4
11
2
11
.
Odd Lot Sale.
bonds.
1
102.2
102.1
Note—The above
*2
fHlgh
tales in 11,000 units..
*
106.16
102.4
102.3
Total sales in $1,000 units.
106.18
102.3
Low.
{Close
■li
table
includes
only
Transactions in registered bonds
sales
of
coupon
were:
Treasury 4^8 1952
Treasury 2ks. 1955-1960
..115.14
to
100.8
115.14
to 100.8
100.12
100.9
100.10
100.11
100.8
100.8
100.10
[Close
100.12
100.13
100.13
Tetal tales in $1,000 units...
100.10
100.12
100.12
19
20
46
40
29
30
[High
{Low
102.12
102.15
102.16
102.15
102.15
102.12
102.12
102.11
102.12
102.11
[Close
102.12
Tetal tales in $1,000 units...
102.15
102.12
102.12
102.15
2
6
4
23
27
2ki. 1945-47..
101.14
101.14
(|
2ks. series B, 1939-49
m+tm
Total tales in $1,000 units...
2ki. 1966-60..
101.14
3
Close
Total sales in $1,000 units...
u nil
2kl. 1942-44
—
High
Tola
101.13
101.13
6
High
I
Ski. 1944-46..
101.16
101.16
Home Owners' Loan
■li|Low.
„
{]Low
l<Close
„
Home Owners' Loan
Total tales In $1,000 units...
mil
Ski. 1941
101.16
Total tales in $1,000
DO unii
units...
3s, series A, 1944-52
mil
$1,000 units...
1949-62
I
flHigh
Home Owners' Loan
fHlgh
8k
2ks. 1942-47
^
-(Low.
Total tales in
"* $1,000 unit
units..
Federal Farm Mortgage
United States
United
Treasury Bills—See previous
States
Treasury
Notes,
page.
&c.—See
previous
page.
New York Stock Record
U)W
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER CENT
Sales
Monday
Tuesday
Oct. 2
Wednesday
Thursday
Oct. 5
Friday
the
Oct. 4
Oct. 6
Oct. 7
Oct. 8
Weet
$ per share
$ per share
$ per share
Shares
$ per share
$ per share
*42%
43
*45
65
*---.
*66
68
*65
43%
65
64
1%
'•
*
12%
12l2
22i2
27
22
2
*1%
63i2
v
134
lh
90
12l2
12*4
*145
9
9
21
20
20
*25
201a
25%
*12%
13
196
196
*14
17i2
127g
*62
334
*32
*56
•
12ig
2lg
2014
20U
6512
647g
65
12%
107s
12
1%
*
17g
63
184
113g
178
12%
146
62i2
H2
134
62
6534
158
.
12%
150
21i2
900
25%
134
1,300
63%
7,900
4,400
300
11%
14~906
50
20
17
18%
18
18
17
22l2
*16
17
500
19
*16
21
18%
200
20
*17
23
25
21
11
12ig
11
11
197
180
188
180
189
14
14
18'4
1234
173g
*62
65
5534
5414
55%
19
18
I8I4
334
37
11%
*62
48%
16i2
3i2
32
1712
12i2
137g
173g
11-38
62
62
48i2
5034
17i2
334
16
16
32
30
30
3%
*17
20
*16
*18
19%
23tg
22%
22%
12
11%
12%
185
191l2 xl82% 185
*14
14
14
14%
17
17%
1712
17%
12lg
12%
ll3g
12%
173g
12lg
65
1934
223g
11%
14
5314
*17
2
178
60
60
50
52
*15
312
*60
64
47%
17,700
3,800
100
3,300
2,700
5,700
1,000
4,400
30
30
*28
30
400
3%
3%
65
Mar
69
Mar
60
Sept 25
85
Aug 13
par
Way El Appliance..No par
Ata 4 Vickahurg RR Co..100
Alaska Juneau fJrnd
Mln_.
l%8ept 13
$2.50 prior oonv pref.No
Allegheny Steel Co
No
Allen
Infustrles
Dye.IV0
1
11
pa-
180
5
Allied Stores Corp
5%
13%Sept 25
1734 Sept 25
21
100
60
preferred
preferred..
50
7434
75
75
76
74
74
70
72
5,300
1,400
Am AgricChem (Del)..No par
61
*56
17%
17%
2,800
American
5912
16%
*56
60
a
Del. delivery,
Amerada
6%
n
Corp
Rank
Preferred.
New stock.
...No paNote
70
10
50
rCa*haale.
Oct
6
67% Sept 25
x
Oct
16
Oct
59
Apr
Ex-div.
8
6
S
y
91
Mar
13
July
178 Aug
2%
12%
12%
Apr
Jan
J an
12% Jan
Apr
26% July
27
Jao
23
Aug
8
73
Jan
157
Oct
3%
2
17% Aug 14
33% Jan 16
21% Mar 6
6
7334
1
23% Apr 12
258% Mar 9
Oct
16
17%
68% Feb 17
16
30
Feb 11
62% Feb 18
45% Mar 15
Alpha Portland Com
72
60
69
85
1
Aug 10
59*4 Feb 11
83%
39*4
8%
52%
114%
couv
9
100% Jan 22
15% Feb 25
166
7
6%
Apr
22% Jan
*1% Jan
58
Apr
Jan
4% Jan 26
80% Jan 7
5% Jan 25
8
Amalgam Leather Cos Ine
69
36
Oct
No par
Mar
9% Am17% June
47% Oct
72
1634
Sept 24
42
22% Mar U
28% Feb 3
AUi» Chalmers Mfg....A# par
74
In receivership,
5
11
7534
1812
*56
Oct
Ko par
1712
t
Sept 27
No par
73
60
6
13% Oct 6
16% Sept 27
7534
this day,
Oct
1
6% Feb 18
Sept 24
par
Inc...
Aiilc* Chemical 4
15
par
19
*56
5
14% 8ept 24
76
on
Oct
No par
78
60
Mar 11
9% Sept 24
146
6k%Pref A with $30 war 100
5k%Pref A with $40 warlOO
6k%Pref A without war 100
75
*56
97
10
100
*7512
187g
prlcrs; no sales
134 Sept 27
57% Oct 6
l%8ept 11
Air
7714
1834
Bid and asked
1078 Oct
Sept 25
Mills Co Inc
17%
3%
Year
1936
Highest
% per share $
Sept 27
Sept 8
21
Albany & Susq RR
Allegheny Corp
share
per
40
23
Allied
1714
3%
$
par
1.700
17,200
300
share
Address Multlgr Corp..
10
Advance Rumely
Ne par
Air Reduction Inc
..Ne par
Kid Co
27,700
per
6
Sept 28
Allied
50%
Range far Previous
Lowest
56
Express.......No
Adams-Mllils...
N*
500
*15
$
Highest
Ne par
Adatru
*145
2
Abbott Laboratories
10,700
178
19%
2
Par
""*400
90
11
Lowest
12%
1%
1,2
Ranoe Since Jan. 1
On Basis of 100-Share Lots
STOCK
65
17
*15
*32
25%
YORK
EXCHANGE
Abraham & Straus....No pa
Acm« Ste« Co..
25
1812
134
16i2
13
334
11%
2U2
2
800
65
*61
68%
12%
21%
2512
90
xll
*145
251g
25lg
12%
1%
*
12%
*145
1934
2014
22l2
*19
61
42i2
*15
1412
75
134
90
lll2
1134
215g
25l2
*134
22
4212
*
65
*64
2512
43
21g
20
18
*1712
12%
334
'
90
*14
I3ig
*21%
253g
134
57%
1%
26%
43
*
17i2
*16i2
22
*19
65
22
146
*20
43i2
11*2
60
1234
2
*42i2
*
21%
2534
1%
14%
36
7434
76«4
18i2
,
18
65
5514
*18
90
...
43i2
65
65
64t2
lft4
*
195
4312
2
*145
'
i 19%
18*4
t 19lg
20%
20%
64
per share
*
6712
1234
22i4
26i4
'
123*
22i2
*2534
*1%
$
43i2
i
STOCKS
NEW
for
Saturday
per
70
Nov
74%
Feb
16% Nov
35%
Feb
37%
Oct
21%
Jan
86% Not
Apr
6%
103
Not
17% Sept
195
6%
Mar
Not
61% Not
60% Not
60
Not
64% Not
40% Oct
245
Aug
"34"
Not
Jan
20% Not
69
Jan
90
Jan 22
35%
Jan
8i
Jan 28
19% May
Mar
9
Mar 13
Mar 15
0%
4
Oct
31% Nor
5%
39%
Mar 11
75
Jan
49
July
36
Dec
55%
65
Ja»>
73
F'b
Ex-rlght
.
4
Not
Deo
34% Not
101% Jan 22
41% Jan 16
75%
share
Dec
Dec
12.5% Mar
89
Not
Apr
Vot
9 Called for redemption
Volume
LOW
SALE PRICES—PER
HIGH
AND
NOT PER CENT
SHARE,
STOCKS
JOT
the
NEW YORK STOCK
EXCHANGE
Monday
Tuesday
Wednesday
Thursday
Friday
Oct. 2
Oct. 4
Oct. 5
Oct. 6
Oct. 7
Oct. 8
Weel
$ per share
Shares
47
47
48
130
128
128
99
9 per share
9 per share
47
*128
45
99%
98% 99
156%
156% *156
*156
28
55
55
53
53
51
52
23%
24
22%
21
65
23%
*25%
29
*95%
*25%
*10
11
10
*17%
18%
20
94%
5%
5%
12
*7
*188
300
20%
19
91
88%
6
7
7
5%
5%
*175
300
4%
11%
12%'
12%
24
24%
25%
26
12%
12%
12%
12%
4%
12%
12
12%
31
12%
4%
31%
38
39
5
*16
16%
5%
37
*3234
38%
2
2%
2
19
19%
*18
9%
9%
23%
85
82%
27%
83%
16
17
15-%
16
7
6%
7%
*49%
50
*41%
45%
*38%
69%
70
61
53
32%
37
13%
13%
13%
36
36
35
36
*105
119
*13%
76%
77%
*75
*137% 139%
139
77
76%
139
7%
7%
7%
49%
49%
48%
9%
9%
9%
38%
58
*52%
*5
....
105
*97
48
46
48%
10%
*9%
10
6%
*6%
12%
"12%
*76
86
*82
*80
100
*80
*43
48
*82
87%
*
85%
*88
90
37%
36%
48
*82
87%
*
58%
56%
82%
*43%
86
~56~
18%
1,300
18%
'
133
34
32
2,600
75
6,800
139
139
500
8%
4,400
13%
12
12%
28,100
85
85
6%
7
7
7
45%
46
8%
12%
7%
8%
45
8%
8
9
43%
35%
43%
36%( ^27,900
49
51
51%
51%
*51
20%
19
19
19
19%
18
38
38
*120
mm--
8
8%
75
75
*80
100
76
*80
100
*80
100
42
44
40%
43
9%
9%
10
6
6%
5%
95
"n"
12%
82
82
*76
*80
100
*75
*82
85
"52"
56%
85
*8%
9%
14
23
22%
102% 103
12
12%
46%
46%
"l2"
*76
85
*82
36
11%
82%
43%
*
87
85
"51%
84%
84%
33
31
8%
♦12%
22%
103
8%
15%
12
46%
59
60
117
12%
*3%
12%
12
4%
27%
4%
24%
3%
4%
7%
7%
7%
12%
3%
12%
3%
1212
26
24
24
4
4%
"10%
*78
81
*75
100
*44
55
*44
*82
87
84%
33%
ft*9%
14
55%
v85
34
11%
14
3%
4%
12
46%
60%
*114
7%
12
12%
46%
60%
117
7%
12%
3%
3%
*21%
27%
4%
4%
600
------
11,600
1,200
12%
87%
84%
49%
53%
85
30%
*8
*13
Am
-
—
.
-
mm-mmm
20,500
4,900
33%
11%
100
7,800
7% preferred
100
Armstrong Cork Co—No par
Corp...—6
Corp—......No par
Preferred
.—100
700
4%
preferred......-.--100
Atl
3%
1,200
27%
160
4%
8,200
11
10%
11%
Yl%
"n% Yi%
"16% Yi%
6% preferred
$5 prior A
Avla a Corp of Del
25", 200
~17% "l7%
17%
"18%
21%
22
22%
23
35
35
35
35
104
100
100
"15% "lY"
20%
*34
21%
20%
16%
21%
36%
*3434
36%
"14% Ys%
Yuoo
20%
5,100
20%
21%
20
36%
36%
*34%
Loco
Vot
tr
104
100% 101
301
13
40
Baltimore A Ohio
4%
preferred....———100
20%
18*4
19%
4,600
Barber Co
16%
15%
*15%
17
15
15%
1,300
Barker Brothers
32*4
32*4
33
33%
33
33
18
16
33%
17%
2:33
16*4
17%
16%
16*4
22,400
11%
11%
11%
11%
11%
1214
11%
11%
1234
*110% 111
*110% 111
*110% in
*110i4 111
GllO'4 110% *110% in
21
*19
19%
19%
20
20i8
18%
19
*20
22
*20% 22
*98
*98
9978
*98
9978
997g
*80
9978
*98i2 100
*98% 100
900
19
33%
18
12*4
*17%
*32%
17%
*12
*17
16%
*33
34
18*8
17%
*98
103%
*10
10%
10%
*83%
86%
*83i4
15*8
15*8
20
46l2
49
69*8
*46%
68*8
—T7i4
19
16%
*121®
*98
19*4
1978
104
*90
10*8
9%
*82%
103
10
*94
9%
103
10
*100
101
9%
*83i4
86%
86%
*82%
86%
15%
14*8
15%
14
14%
14*4
15%
*82%
14%
86%
15%
20
19l2
197S
19%
19%
19%
19%
19%
49
46
46%
19%
46*4
47
45%
45*4
61%
1714
65*4
59%
64
65%
60
641.4
17%
17%
17%
17%
17%
17%
17l2
107i2 107i2
104
104
*17%
107% 107%
99
10
20
67ig
17*8
99
10%
86%
*45
*45
60*4
*17
104% 104%
105
106
105
15%
105%
150
41l2
41%
40
40
36
36%
36
36%
36
37
21
21%
20
21
19
20
20
21
1978
20%
2.900
16*8
16*8
16U
2h8
16*4
15
15%
14*4
15%
14*4
15*4
7,800
*17*8
20
66
66
*17*8
*
20
*17*8
68
20
68
*17%
20
68
*17%
15%
20
15
*17%
20
68
68
900
prices; no sales on
tbla day
tln^n
num..
6
85% Oct
8
101% Aug 18
3
31
Dec
39%
18
Apr
28% Nov
68
Mar 19
25%
Jan
Jan
61
Sept 15
50
Sept 27
127
Sept 24
31% Oct
Oct
68% Jan 29
148
5
Jan 21
6
26% Jan 20
58% Jan 11
8
143*4 Jan 13
25% Jan 25
Jan 8
99% Feb
70% Sept 24
128%May 13
Oct
8
Oct
8
Jan 28
99
4
3
20% Feb
1
Feb
Dec
Nov
152% Mar
Jan
Dec
73%
145%
64
Deo
36
Jan
63% Aug
145
20% Mar
Apr
190% Nov
87
Mar
102%
Feb
88% Mar
104
Feb
Jan
150
Mar
8% June
18
Deo
Apr
Jan
27%
Oct
109% Sept
7% Sept
11%
Fob
52% Sept
70%
Feb
Oct
8
14% Jan 18
79
Jan 12
6% Jan
2
20
42% Oct
5
79% Feb 23
24
May
Oct
6
69% Mar 10
28
Jan
65% Nov
Feb 23
36
Jan
89%
8
6% Oct
43
34
49
96
Oct
5% Oct
8
Mar
2
95
82
107
May
111
9
June
43
Nov
10% Feb 10
3
July
7
Nov
Feb 18
37
Apr
50
Jan
8
118
May
122
Jan
Mar
6
105% Jan
4% June
110%
7%
Jan
99% Mar
I
Jan
6
126
125
Sept 30
6
8
88
5
104
7%
Jan
Jan
Dec
112
Oot
98
Feb
124
Oct
June 29
9
09
Jan
Feb
7
90%
Jan
107
Oct
Apr
49
Deo
21%
Mar 13
44
Jan 18
37
Mar 11
Apr
6
6
84
Nov
Jan
131
Nov
9
2
I
26
12
29
30
18
18%
36*4
Jan
Feb
9%
Jan
11%
Jan
9% Jan
23*4 Aug
26% June
Jan
29% June
3
Apr
46%
Jan
2% July
9%
Deo
Apr
94%
Dee
33% July
94%
Deo
6
29%
120
Feb
6
27% Nov
21
Apr
Apr
39
Deo
49%
8.
47*4 Mar 17
Feb 11
8
43% Mar
9
Oct
6
Sept 27
June 17
17
Sept 25
99% Sept 30
99
Oct
6
9
Sept 25
84
Jan 16
14
Oct
6
17*4 Sept 25
4
4% Sepf 25
59% Oct 6
16% Sept 24
103
Sept 24
%56Seot 23
14%
Jan
Jan
16% Juno
110
May
105
July
Feb
112
Dec
4
30% Feb 11
23*4 Jaa 5
62*4 Jan 8
88% July
105% Mar 11
20
129%
Jan 18
Feb 16
"szSept
85
13
Dec
16% Mar
June
89% May
21%
Jan
32%
20
Jan
25%
48
Jan
72
45%
Apr
Apr
16%
107% July
Oot
Oct
Nov
77%
Deo
20
Deo
135% Nov
7
23
Jan
65%
Deo
28%
Deo
r34%
24%
Deo
7
18% May
2
Oil.
Mn
•«
''llv
Lx rights.
28% Nov
83
Jan
v
Doo
Jan
Aug
32%
Kx-dlv.
28% Deo
22% Nov
116
18
Sept 27
O-t,
38% Deo
28% Nov
100
9
8
114% July 14
15*4 Feb 8
12% Sept 25
6
Oct
Feb
28*4 Feb
14% July
Oct
41%
105*4 Mar
29% Mar 10
20
20
1
Jan 16
Aug 16
13%
69*4 Feb 10
?8
Jan 21
18
par
par
par
20%
24% Nov
Sept 25
36
par
35% Feb
115
7% Mar
11% Deo
2% July
Feb
45
Feb
64% Mar
10%
120
110% Feb
30%
6% June
20
16
Deo
Jan
15%
11
118%
June
40% Mar 17
111
Apr
14
8
4!
Oct
64*4 Nov
36%
48
14% Oct
34% Sept 30
31%
£112
52% Mar
Sept 11
Apr
13%
Jan 13
23%Sept 27
3% Sept 27
3% Sept 10
10% Oct 6
Sept 10
60
Sept 10
11
26% June
109
Sept
52% Mar 10
94
Mar 11
133
60
88% Aug
9 4*4 May
9% Feb
15
Feb
May
27% Nov
95
Sept 25
Oct
18% Nov
22%
108
9
18% Mar
6*4 Sept 27
Sept 11
100
Jan
62% Mar
Apr
116% Feb
Sept 25
Oct
Deo
12%
Mar
29
12
3
128
6
Jan 28
65% Mar 17
113*4 Apr 26
2
Jan
Aug
57% Feb 18
106
Feb 18
83% Oct
56
84
Feb
8%
Jan
Jan
47%
95
July 23
24*4 Mar
101
8% Sept
104
17% Jan 21
100
5
Aug
66%
70% Mar 13
16% Feb 27
49% Oct
85
Jan
121% Feb
13*4 Feb 27
43% Sept 27
84
97
Aug 27
Oct
Deo
Deo
26% Mar
Feb 13
46
10% Sept 25
7% Mar
60
37% Jan 12
111
Oct 8
8% Sept 27
Jan
15%
2
24*4 Aug
111
4
Feb
3% July
Feb 23
97
6
40%
66
r Oa«"
46%
103
149%
19%
92%
Jan 13
29%
107
Oot
Sept
26% Jan
Jan
136
150% Jan 26
June 25
Apr
48%
129
187
156% Sept 24
70% Sept 24
7*4
Feb
73%
Sept 13
20
136% Jan
67% Mar
133% Jan
20% Apr
24% Dec
154
30% Oct 8
12
Sept 23
109
56%
106*4 Mar 11
Jan 28
5
Oct
138
Beatrice Creamery
stock
Nov
Feb
54% preferred...— ...60
n New
37
Feb 20
Jan 21
Blgelow-Sanf Carp Inc. Ac
Black A Decker Mtg Co No
Blaw Knox Co
...No
Bloomlngdale Brothers.No
Jan
27%
165% Aug
36
Jan 21
100
Jan
29
42
preferred
Apr
17% Sept 27
35
Sept 24
82
1st
Feb
18*4
22% Sept 24
Sept 27
Co......—--6
No par
36%
23% July
17% Sept 24
Bayuk Cigars Inc
a t w. delivery,
167
27% Oct
t
>Bid and asked
Jan 12
29% Feb 3
Jan 21
170
45% Mar 11
Rights
43
43
29% Sept 24
...25
15 preferred w w
No par
Beech-Nut Packing Co
20
100
Beldiag-Hernlnway ...No par
2,200
Belgian Nat Rys part pref
5
Vo", ioo Bendlx Aviation
Beneficial Indus Loan..A* par
2,800
ben A Co
No par
1,000
82,700
Bethlehem *Heel (Del)-Ao pa2.100T 6% preferred
-20
7% preferred-..-——100
1.600
21
*40%
6
Jan 18
Inc.———10
No par
Barnsdall OH
10
700
8
Oct
—.100
Bangor A Aroostook..-.---50
Conv 5% prererred
100
16%
19
19
12% Oct
1
72%
Sept 24
39
152
60
——100
19
*100% 104
2078
87% 8ept
74% Sept
——-
104
20%
21
Feb
8
(The)----3
Works.Ao par
.
18
20*8
87%
Oct
No par
No par
ctfs
*101
*
*101
36
6
46
Preferred assented....-—.
"15% "10%
6
11% Oct
5% conv
Preferred.
"l5"
Nov
6% Oct
44% Oct
14% July
«1
A—100
Atlas Powder
{Baldwin
12%
July
69
8
29
24
8
29
6
—25
4% conv pref series
Corp
-
Assented.
12
134
Feb
13% Sept
22% Oct
l01%Sept
Atlas
Feb
Jan
preferred—...——100
Atlantic Refining
Jan
16
54% NOV
Dec
30% Oct
5%
29%
7%
Line RR—100
G A W I 8S Lines-.Ae par
Atlantic Coast
Austin Nichols
8
3%
5%
1,800
'mmmrnmm
*23
Co.-At par
5% pref with warrants.. 100
15 pref without warrants 100
Atch Topeka A 8aata Fe.-lOO
Assoc Investment
No par
preferred... —100
Atlas Tack Corp
Ae par
Auburn Automobile...No par
800
60
117
12
-100
..100
6% 1st preferred
7% 2d preferred
27
122% Nov
118
Arnold Constable
Dry Goods.....-1
68*4 Mar 10
Apr
Apr
£35%
17% Sept 13
No par
preferred.As par 102% Sept 20
12
Sept 27
Andes Copper Mining..—.20
4
Sept 25
A P W Paper Co
No par
38
Sept 28
Archer Daniels Mldt'd.As par
116*4
May
4
7% preferred
100
ArmourACo(Del)pf 7% gtdlOO 101% Oct 5
7
Jan
4
Armour A Co of Illinois
6
74
Sept 27
|6 conv pref
..—As par
900
V
60
*114
12
Cable—A# par
10
129% Feb
16.50 conv
1,200
46
—25
Mining—50
May
Feb 15
American
|5 prior conv pref
Apr
Apr
21
23%
Jan
15% Nov
48% Deo
16% Jan 13
12
Anaconda Copper
66
Feb
Jan
24
75
85
Woolen.....As par
Preferred
—100
Amer Zinc Lead A 8melt
1
5
29% Mar 8
13% Jan 20
125
8
Jan
5%
2% Sept
16% Sept
9% Apr
58*4 Sept 27
No par
100
15
Oct
No par
900
85
75
1st preferred
f6
6,000
100
23% Sept 25
Am Water WfcB A Eleo.
Associated
11,300
♦7%
..100
Type Fouaders Inc
10
Artloom
23%
46
-.25
B...—..25
class
6% preferred
1,900
104% 104%
11%
11%
22%
Teleg Co.—100
Tobacco..
Common
100
55
*84
*
.
23%
22%
22%
103% *103% 105
11%
46%
*114
13%
12%
82%
84%
American
95
100
"52%
600
5%
*
*75
*
54%
60
7%
95
100
43%
50
*
300
27,200
9%
*
100
8%
6
8%
20
600
9
95
Amer Telep A
Anchor Cap Corp
*74
43
40%
Am Sumatra Tobacco._Ao par
Anaconda W A
75
75
Preferred
1,000
mm+mrnm
8
Reflnlng__100
100
American Sugar
2,500
102% 102%
8%
8%
100
Foundries.-As par
American Stores
No par
19
*120
101% 102% *100% 102%
Snuff
6% preferred
Amer Steel
56% r
38%
*38
38%
*38
*120
American
400
45
34
534
*7%
1,600
15,500
8%
*41
38
4,600
45
8%
Preferred
200
6%
6%
43
46%
fc>8%
52%
117
11%
73%
86
60
12%
7
74
*84
8%
*114
4%
900
16,400
13
63
4%
20%
158%
85
8
117
4%
157
12%
*59
*26
200
110
109
85
*114
4%
1,500
9
8
600
13%
*19%
Amer Smelting A
50
13%
62
26%
800
33
Co.No par
Refg.A# par
-100
25
Amer Ship Building
37,400
14,100
13%
Co..No par
Americas Seating
51%
*31%
25
100
Raior—18.50
Rolling Mill
4H% conv pref
American Safety
500
6%
*12%
American
900
89
117
*3%
35
M 32%
100
Preferred
133% 133%
33%
30%
*50%
133
a 33
|5 preferred
Am Rad A Stand San'y.No par
4,000
138
No par
...No par
16 preferred
210
65%
61%
138
6% conv preferred
100
Corp..Ac par
Amer Power A Light
No pax
Amer News N Y
10
36
36
36
35%
35%
64
64%
67%
61%
140% 140% £140% 140%
*50
51%
51% <*50%
62
26%
18%
.
35
*114
*12%
19
18%
9%
32
37
10
*9%
*14
16
15%
23% 24
24%
23%
103
*103
104% £103
12%
12%
12%
*12%
47%
47%
46%
46*4
*14%
7%
39
14%
45%
83%
88
36%
41
13%
5%
*
10
*9
49%
40%
9%
*43%
59
88
47%
25,600
100
"ii"
12%
100
2,600
1.600
75%
*
95
16,800
43%
6%
♦
6%
49%
6%
48
14
18%
---
75%
6%
7%
53,500
101% 101%
8%
8%
100
50
40%
39%
38%
*120
76
100
64
*102% 105
*102% 105
*102% 105
*13
14%
14%
14% *13%
13% *12%
5
» *4%
5
*4%
5%
5%
*4%
5
5
110
*60%
105
13%
39%
mmm m
76
110
14
12%
152
152
*147% 153
*147% 152
29%
29%
29%
28%
27%
28%
87
87
88%
87%
85%
86%
23% 23%
23% 23%
23%
23%
9%
19
*9%
"l2%
47%
40%
13%
7%
50
47%
95
6%
45
5
64
34%
32%
36%
115
*60
7
37%
39%
*120
35%
*110
63%
45
20
6%
6%
35%
119
34
*97
•
6,100
Amer Metal Co Ltd—No par
5% Sept 25
32% Oct 8
106
Sept 14
45
100
*97
Amer Mach & Metals..No par
37%
59
77
3,400
34%
*102% 104% *100% 104
9
9
9
8%
*76
14% Sept 25
50
20
5%
40%
*39
Amer Mach 4 Fdy Co.-No pax
39%
*102% 105
*101% 105
*14
15%
*13% 15%
*120
American Locomotive ..A# par
48
*52%
19%
*19%
27% Feb 15
17*4 Mar 11
58% Feb 4
1,700
47%
7%
42%
9%
*46
49%
39%
39%
6%
7%
49
6
1,200
8%
8%
*85
89
7
Oct
9
9,600
6%
3
17% Jan
16
13%
34%
12%
14%
*85
61% Nov
15%
6%
13% >*13%
13%
13%
33
33
31% 31%
118
♦105
*104% 115
*104% 118
20
20%
20% *19%
20%
20%
157% 160%
157% 159%
157% 161%
74
75
73%
74%
72%
74%
75
76%
76%
75%
77%
75%
139%
137% 137% *137% 138% *138
9%
9
14
14%
89
*45
77%
77%
9%
9%
14
*85
20%
20
161% 162%
161% 162
76%
117
*105
21
*20%
46
Jan
5
4% Mar 16
16%
35%
13%
33
Oct
37
Feb
5
Oct
16
6%
Deo
13
31%
Sept 25
15%
5%
100
50%
52% Mar
No par
Preferred
Deo
Apr
56*4 Mar 13
Oct
2
4,800
*15%
22%
25
8% Mar
37
pref
100
Corp ...No par
12
68% Jan 22
21% July
30
Ice
38% Jan 22
Oct
60
non-cum
Dec
Jan
9
*127
133
6%
Oct
60%
Jan
Apr
Jan 18
4%
77
6%
19%
37%
67%
*125
133
35%
37%
36*4
51
50%
133% *125
400
Feb
9% Mar
Apr
6%
29*4
Deo
14%
175
11% Mar 13
26
7%
140% 140%
50
51%
140% 140%
*139% 140%
*50%
37
70%
2,500
Oct
8%
21
9
44%
38%
2
22
Aug
Sept
Jan
175
4
32
101
6
8
75
39
68%
2
*18
Apr
Apr
7
24
50
38
American
2%
21%
Dee
Oot
35% Deo
16% Dec
35% Nov
Oct
Home Products—1
6% preferred
American
120%
113%
4% Oct
9%
40
18
700
Mar
68%
Sept 27
79
46
20
*19%
20%
39%
*19%
8,100
12
1
Nov
Nov
3%
9*4
13*4 Jan 22
4% Oct 8
29% Sept 25
11% Sept 27
27%
34%
14%
♦147% 152
*147% 152
156
29%
28%
31%
30% 31%
91
90
87%
88%
90%
24
23%
24%
24% *23
225
79
*60%
13%
17
4
.10
Dec
87% May
89
2
Jan 18
4
Hawaiian SB Co
Deo
60%
7% July
20% July
16% Jau
13% Jan 28
Oct
American Hide A Leather
1,400
99% Mar
Oct
Amer
4%
Sept 23
7
2,200
30%
88
22
174
Deo
27
3
33% Jan 21
No par
Dec
137% July
100
Apr
111
30*4 Mar 31
Sept 27
185
13
38%
23% Mar
19
.100
16 preferred
4%
Jan 25
No par
Co
4,200
30
Aug 12
29
9%
26%
40
14%
Sees
Amer European
Amer Express
2,000
38%
112
4% Sept 27
Encaustio Tiling.. 1
25%
34
9%
50
14%
100
1st preferred
6%
17 preferred
A# par
%7 2d preferred A...No par
39
Apr 25
6
8% Oct 6
15% Sept 25
Amer & For n Power...N# par
*12
150
Oct
Colortype Co
10
Corp. .20
American Crystal Sugar
10
3,000
11%
Jan 25
92
Dec
70%
141
33*4 Aug 25
June 15
116
25
American
104% Feb
8
81%
45%
49%
*41%
14*4
100
Oct
20%
26
9
60%
6%
7%
7%
7%
4
57
23%
*110
119
60%.
May
30% Apr
15,000
39
2%
162
4
4%
*30%
*18
9
Feb
30%
12%
4%
23
Jan
71
80%
36%
35%
♦110
60
60
*175
30
4%
4%
2%
21%
100
30
174
25% Oct 8
50
Sept 25
Amer Internet
6%
5%
38
38
*37
38%
*110% 119
*110% 119
60
4%
2%
10%
28%
10
28
31%
31%
19%
*83%
6%
'
32%
38%
38%
2%
19%
9%
6%
32%
31
152% Apr 12
American
4,200
9
300
5%
4%
13%
28%
*120
5
30
300
*175
100
No par
100
No par
100
*6
9
Dec
Am Comm'l Alcohol
2,600
5%
4%
5%
*6
300
4%
5%
5%
9
*6
25%1
12%
4%
32%
38%
85
♦
19
88%
12
28
90%
19
88%
24%
*83
*24%
19
89
14%
38%
2%
20%
*147%
31%
19
*87
26%
36
14%
19%
13%
32%
10
88%
5%
16%
110
Am Coal Co of N J(AUeg Co)25
American Chicle.
2,700
19%
7
Preferred
2,800
9%
17
88
5%
31
9
9%
17
May
9
5% preferred
29
*24
25%
124
Jan
Am Chain & Cable lnc.No par
600
96
19%
88%
16%
Apr
Feb 18
121
Pre! erred
150
*80
16
5%
*175
20%
9,500
*93%
95%
25%
9%
16%
9%
1,100
22%
17%
*5
187
23%
150
*93
29
*25%
8%
10
*80
92%
26%
5
60
29
*25%
9%
16%
17%
21%
150
54
55
40
160
Can
American Card Fdy
Highest
share $ per share
Mar 25
Sept 24
125
100
27
per
90%June 15
42
100
6%, % conv pre!
4,600
25%
52%
9
share
80*4 Feb 18
per
25
Am Brake Shoe & Fdy.iV# par
American
5,500
97
96%
28
14%
5
2%
*19%
9%
92
60
156% *154% 156%
30
12%
38%
*80
94
2,300
99t4
97
26%
*52%
31%
12%'
13%
*32%
10
5%
35
*26
29
I
21%
150
92%
*5%
185
6%
5%
*33
96
17%
19%
*88%
20
*88
21%
*90
150
*100
96
97
46
45
$
share
per
Lowest
Highest
Lowest
I
Previous
Year 1936
100-iSAare Lots
Basis of
On
Par
*127% 134
48
46%
156% *150
25%
55
23%
94
*150
156
30%
31%
*95
156
27
31%
9 per share
45%'
44
127% 127% *127% 134
31%
31
*105% 150
$ per share
45
127% 127%
94%
97%
Range f<r
Range Since Jan. 1
Sales
Saturday
9 per share
2345
New York Stock Record—Continued—Page 2
145
Dee
38% Nov
1 Called tor redemption
New York Stock
2346
LOW
HIGH
AND
SALE PRICES—PER
SHARE, NOT PER CENT
for
NEW
Monday
Tuesday
Wednesday
Thursday
Oct. 5
Friday
the
Oct. 4
Oct. 6
Oct. 7
Oct. 8
Week
$ per share
$ per share
Shares
f per share
25
238s
•35
35%
*82
87
*40
41
$ per share
2434
35i2
35
*82
4012
22lg
34%
$ per share
23i2
35
22%
3334
24*2
35*4
24%
2,100
50
41
41
40
40%
18*2
22
18*8
18*4
19
21
21%
21%
3634
19%
22%
*1814
22'g
1934
39*4
*6%
40%
678
39%
2234
40l4
21*g
367g
*1*8
1%
28%
13l2
3334
4334
67g
*1*8
*2612
67g
13g
28
26
26
1314
3314
13%
34U
12
13*4
31*4
44
40
42
39
40
35i2
35*4
2*4
10*4
1184
35*4
35
35*2
2*2
10%
2%
2%
9*4
9%
*10
1384
38
40
22l2
24*4
II84
38*2
223g
13*4
39%
2234
22
40
39
39
13l2
33%
*4H4
35
35
3
3
1134
1434
42
24i2
*39
35i2
284
24
1
*39
10034
1134
15'8
4314
2414
14'g
43
40
12
12i4
12l2
12ig
123g
3ig
U84
12
15%
4314
2412I
40
*
*42
6
*1*8
11
12%
1234
*
1234
7
7
67g
IOO84
7
*59
61
59i2
6OI2
6I4
0»2
11*8
42
4134
4134
39*4
26
24
24
22
22
1134
12
11
11
10*2
26
26
257g
26%
25
107g
25*2
6I4
42
*24
6<
»334
4
1412
18
*11
334
4
*11*8
384
12
12
117g
14*4
16*4
117S
2434
25U
25
25
*1584
4%
13U
*51
*22
*30ig
I6I4
434
13>4
6312
24i2
31
*50
10U
1*24
•
16ig
52i2
9%
*38
♦104
2914
100
*16%
♦90
*112
*453
♦H2
712
*4lg
*18ig
1%
284
2%
♦7%
1678
*36%
*1%
23g
*48*2
2*4
2%
10%
11%
24i4
10%
1034
24%
3%
2*2
10*4
23
42
*8*2
22%
9%
42
9%
40
45
10
90
90
20
89
20
23%
23*2
2384
24%
24%
5
6
5*4
133
*90
122% 127% 123
129%
11518 *115*4 120
71
73
*104
106
28
105
32l2
67
30
30
5
32%
6478
30%
434
4%
101
16*2
*
105
30*2
647s
100
72
29*8
*
16
7%
*92
784
33*2
94
*90
178
478
7%
15
153
7%
8*4
7
7
*90
106
91
*90
91
90
1%
300
1,600
1,000
7%
7%
6%
684
2,300
2%
2%
2%
234
2%
2%
2%
7
7
7*4
7%
2%
2%
7*2
15%
16%
16%
15%
36
36
36
1*2
384
3%
10*4
16%
al%
37g
1%
3%
*3%
*10%
3%
10%
*16
16%
6%
50
6*2
*40%
39
36%
*1*4
3%
1*2
4
36
1%
3S4
3
3
10*4
10
10
1612
I6I2
16%
16*2
678
42
6%
15
36%
338
10*4
9134
16
1*4
2%
1*4
334
*3*8
10%
16%
6%
*40*2
83%
88
15%
6!
*6%
46
*40%
8534
87%
15%
15%
*74
78
*73
78
73
73
*73
*63
78
75
*63
75
*63
75
*63
75
5
5
4%
36
33
10778
35
88
107
34
35
88
*4834
19l2
*127*2
17
*127%
130
120
*56*2
5678
5678
14
14%
13%
*48%
....
1834
....
127
5
*4
5
17%
1%
17
17%
1%
90
1%
*35%
1%
2*2
9578
19%
*36
934
*80
*24%
1,200
10
36*2
13s
334
3%
10%
16
16
1,100
6%
60
3,500
334
*3
83*2
24
*56%
20
19
18
*36
20*2
40*8
9%
18%
41*8
36
36
*32
82
*80
*
884
85
80
53%
53% 54
*92l2 97% *91
97%
53
53
53%
54
»9984 102*8 *100
107%
1034
11
10*4
10%
2
24
92
*80
2
447,
93
15%
15
88% 106,100
15%
1,500
74%
74*2
*63
75
*63
75
4%
32
32
34
1,100
82
82
10
*56
57
56*2
56*2
24
24
23*2
23
23*2
92%
18*2
94
95
8*2
82
91
49
52*2
49
43
431,
423„
100
9
7934
*
80
2
42*0
<u<
10
1%
42%
270
210
2,400
700
94%
1,600
19
20
3,800
36
100
94%
9%
80
51
9%
78%
9%
*70
*
10%
2
1%
42%
42
44
43*o
43*2
91%
52
47,100
400
80
10%
1%
:
250
*32
10%
2
nils <ta>
30
~2"906
19*2
4934
100
50
107%
10%
2
51
4,300
48%
*91%
49*4
106% *100*2
10
iu'weelveiM.ip.
a
9,100
500
10.100
100
19.200
89,400
1.800
I>ef. oeilveryy
Dec
Dec
Mar
Dec
31*4 Nov
10
18% Mar
2
Apr
Dec
30
24
36% Mar 3
9% Feb 25
33*4 Mar 9
14%
13%
29%
2%
Dec
33% Nov
Oct
6
3% Oct 6
Sept 25
42
Oct
8
91
...No par
18%
Oct
6
34% Mar
2
2
Campbell W A C My..No
par
Canaua Dry Ginger Ale
Canada Sou Ry Co
100
2% Sept 25
9%
25
Feb
Apr
16*4 Nov
Jan
6% Mar
16% Apr
54% June
22
Apr
30% Apr
Jan 11
52 *s Sept 29
6% Feb26
%
29%
Dec
88%
Dec
33%
Oct
48%
Dec
Jan
3
6
20*s Jan 12
6
Jan
16% Nov
6
8
37% Feb 13
30
Jan
38% Mar 19
10%
Apr
40%
30%
61
54
6
Oct
14
52 %
Oct 2
S34 Oct 8
36
Sept 25
Jan 14
17%
61%
18%
62%
Mar 6
Jan 9
Mar 11
Jan
40
Oct
6
Jan
2
90
Oct
8
102
Feb
8
87
Jan *100
Stamped
Carpenter Steel Co
88*2 Oct 1
22
Sept 27
106
Jan 18
91
Jan
6
Corp
4%
1
Oct
6
Oct
8
100
122
100
110% Sept 11
71
Sept 27
No par
5% preferred
100
Ceianese Corp of Amer. No par
7% preferred
100
Celotex Co
884 Sept 25
..No par
5% preferred
..100
Central Agulrre Assoc. .No par
Central Foundry Co
1
Central Id Lt 4^% prof.. 100
Central RR of New Jersey. 100
102%July 9
26% Jan 6
104
Sept 30
28
Sept 13
61
Sept 13
27%
4
Oct 8
Sept 25
96
June 29
15
Oct
8
Oct
6% Sept
61
1
100
ChampBap A Fib Co 6% pf 100
Common
.........No par
Checker Cab
5
Chesapeake Corp
No
Chesapeake A Ohio Ry
Preferred series A
73g
107
8
July 13
35*2 Jan
4
par
1034 Sept 13
47% Oct 6
25
38% Sept 24
100
90
{Chic A East 111 Ry Co... 100
6% preferred
100
4
{Chicago Great Western.. 100
1% Aug 31
4% preferred
100
Chic Ind A Loulsv 4%
pf__100
Chicago Mall Order Co
5
Preferred
6% Sept 10
Sept 24
5
17
100
15
preferred...No par
{Chic Rock lei A Paciflo.—100
35
conv
7% preferred
6% preferred
Chicago Yellow Cab...No
Chlckasba Cotton Oil
Cbllds Co
......No
Oct
10
par
6
1534May
584 Sept 27
38 Sept 27
14
70
Oct 6
Sept 25
Sept 24
100
60
Feb 16
5
No pa,
guar 4%
16% Sept 24
125% Aug 11
119% Oct 6
66*2 Jan 29
1234 Oct 8
No par
100
No par
conv preferred
June
102
100
26
4% 1st preferred
100
4% 2d preferred
100
Columbia Broad SysIncclA2 50
12%
Class B
invest
23
n
r
No
Oct
8
54
May
82%
39%
12%
107%
41*4
Jan
7
Jan 12
Jan 15,
24*4 Ja° 11
14% Mai
3
115
Jan
14
86% Mar 10
23% Feb 10
82
Feb 10
111
Feb
Dec
57"
Feb
35
Apr
6*2 Apr
97% May
47% jau
8% June
12
Nov
108
Oct
74
Nov
19% Mar
67% bept
72%
Deo
38%
Dec
48
22%
Jan
69%
Apr
Feb 13
90% Mar
68% Mar
100
6
69
Jan
4
61
Jan
4*4 Mar 16
13% Mar 17
4
111
Dec
100
Nov
77% Nov
Mar 11
Mar
8
18% Mar
6
12%May 19
32
Jan 20
3% Mar 18
7% Mar 17
6% Mar
1*8 May
278 Jan
4
9
1%
Apr
4
Jan
6
May
25*8 May
1*2 Apr
2% Apr
2*2 Apr
6*4 May
19% Feb 17
12%
Apr
3%
Jau
8%
2%
14%
Dec
Feb
Dec
12
Jan
33% Nov
2% Feb
5% Feb
4% Feb
12%
Oct
24%
Dee
3% Mar 17
10% Feb 19
8*4 Mar 8
27% Jan 14
22% Jan 29
15% Mar 3
1% Apr
3% Apr
3% Apr
19% Jan
17% Sept
7
Jan
14%
Deo
80
25
Jan
51
Deo
86)2
15%
7278
Jan
Jan
138% Nov
Jan
89% Nov
Mar 11
135% Feb 11
21% Feb 18
92
Feb 18
74
July 15
10% Mar 1
Aug 10
Jan
7
48% Aug 16
90
45
Mar
4%
Jan
23%
Jan
107%
Jan
33
July
3
Feb
8
Jan
8
July
Oct
32%
30%
23
50
Jan
Nov
Nov
13% Nov
46% Mar
111% Deo
Oct
47%
Jan 14
82
Feb
90
Deo
50*2 Feb 26
48
Mar
61
Oct
29% July 15
132%June 3
48
Apr
124
Jan
129
July
84
Jan
134
Nov
58
Nov
21%
Dec
170% Apr
69
2
June
9
55%
25*4 Mar 19
13
104% Jan 6
62*4 Feb 13
112*4 Mar 11
45
Apr 12
100
51% Feb 10
27% Mar 5
Jan
June
Aug
39*2 Apr
8% Jan
28% Sept
19
Dec
77%
Dec
106% Feb
66% Nov
30
Oct
48
Dec
30
Jan 14
19%
Jan
36% Feb
377g Mar
29
Jan 25
16
Jan
36
32
2
2
Aug
31% Aug
7
108
Jan
8
101
Jan 14
Oct
6
100
90
p
Dec
9%
Aug
July
Ex div
Sept
37%
Mar
75
/
86
Jan
6% Nov
19
47
Cash .sale.
Dec
101
10
nttr
Dec
39'g
4
100
1% Sept 24
41
Sept 13
110
63%June 10
6
Sept 25
Jan
32%
Jan 26
8*2 Oct
7934 Oct
10
25*8
Jan 28
6
Sept 29
47% Sept 27
99
Sept 20
Nov
Dec
5
100
*91
Apr
Oct
6
Jan
21% May
19
89% Oct
18
Oct
Trust.. No par
preferrei, merles
Sew -dock,
8
July
106
36
$4 25 conv pf ser 35. No par
Commercial Solvents.. A a par
Oommonw lth A Sou
No par
*«
6
Oct 7
12
Sept 24
23% Sept 24
Columbian Carbon v t c No par
Columbia Plct v t c...No par
$2.76 conv preferred No par
Columbia Gas A Elec. .No par
conv preferred
Jan 18
18% Oct
9% Oct
2.60
6% preferred series A
5% prefen-ed
Commercial Credit
1
3484 Oct 6
100
Sept 25
Colonial Beacon Oil...No par
Colo Fuel A iron Corp.No
par
Colorado A Southern..... 100
Com ml
8
No par
6% preferred
Co'llns A Alkman
Oct
June
143
8
48
30% Sept 25
54%
Feb
9%
186
9
113
47% Mar 31
Oct
Dec
Jan
June
4% Sept 11
31% Oct 7
82
Nov
53
103%
Jau
48% Mar
10234June 21
50
100
Colgate-Palmollve-Peet
4li%
5
100
Clark Equipment
116
Aug 28
..No par
Clev El Hium $4.50 pf.No par
Ciev Graph Bronze Co (The).l
Clev A Pitts RR Co
7% gtd.60
1
45
Oct
83 %
Feb
June 14
10
Feb
18%
6% May
02%
116
41%May 20
Feb
2% Sept 13
Feb
68% Nov
105% Aug 11
33
100
par
0% Apr 20
191»4 Aug 3
12934 Jan 22
100
16
37
2
6
l%Sept 13
3% Sept 13
26
City Investing Co
City Stores
5%
6
100
Chile Copper Co
Chrysler Corp
City Ice A Fuel
6H% preferred
Oct
l%Sept 13
2% Sept 27
2*g Sept 11
6% 8ept24
par
*3
8
1% Sept 10
Sept 7
{Chic Mil St P A Pac..No par
5% preferred
100
{Chicago A North West'n. 100
Chicago Pneumai Tool.No
Oct
35%June
Apr
Deo
Aug
60
|3 preferred A
10
Carolina Clinch A Ohio Ry. 100
1
100
Nov
Oct
20*2 Oct
10% Jan
Apr
12*4 May
46*4 Jan
Caterpillar Tractor
Mar
1
Cluett Puibody A Co
Preferred
300
14
59%
35%
Feb
Coca Cola Co (The)...No par
Class A
No par
200
8% Apr
11% Jan
20*4 Apr
46%
3,500
10,700
157g May
115% Sept
14% Sept 13
10*2 Oct 6
ICG
Preferred...
Sept
Jan
Jan
"Oct
5~66O
"
38*2
80
49%
91%
4934
*987S 107*2 *100
10%
Bid and asked
prices; «n» ^ate.-
*32
9%
90
*
18%
38
91%
17,
130
34
24*2
80%
10*8
2,000
10734 107%
23%
4978
100
"Moo
4%
24
80
2%
230
115
Dec
9
Oct 8
Sept 25
48*4
Special
57
47
2
89%
9*8
80
48»4
20
9%
85
2
Mar 22
100
700
107% Sept
7
Sept 25
...
52%
92%
*
53
*43Ro
24
94
9*4
1,900
78
18%
1834
19%
17%
18%
*127%
*127%
*127%
127
119% 127
129
123*2 126
6678
94
97g
400
17
9578
19*4
85
»
25%
3,400
Dec
26
600
16
15%
24%
26
6,500
4,400
7%
1334
13%
13»4
13%
1334
1234
1334
»1025g 104% *102% 104% 102% 102%
*102% 103
102% 102% *101% 102*2
*38
38*2
35
37% 38%
36%
3434 38
38%
39
37%
37%
101
101
100*2 100*2 *10084 104% *101% 104% *102
103
*102
104%
*1014 36
*10
36
*10
36
*10
36
*10
36
*10
36
*2H2 2212
21% 21%
19% 20
20
18% 19%
19
20
20*2
*10% 1284
*11*4
11%
10%
11
*10
IH4
*8%
11%
9%
10
*14
15
14% 14%
13
14%
14%
1334
12%
1284
13%
13%
*13
*12
23*2
17
12
12%
*12% 17
12
12% 12%
12%
25
2584 2534
25
24
24
2434
24
*25
50
1,500
1,700
74%
484
4%
434
478
32% 32%
31% 32
107% 107*8 *107% 10734
33
*34
33%
3584
*82% 86
*._..
88
35%
107
*
*4834
478
*4
22*8
21*4
60
100
1%
Jan
8% May
8% Jan
par
1,900
478
65%
34%
3%
11
7% Sept 24
30
Sept 27
1%
4%
1%
Sept
Feb 16
Certain-Teed Products
6% prior preferred
1%
Oct
57
45
7
13
Sept 25
2,400
Oct
44*2 May
Jan
preferred
Carriers A General
Case (J I) Co
Mar
58% 8ept
106
Jan 14
65% Mar
7
51%
Jan
50
45% Jan 18
1888 July 14
363s Feb 9
22%Jnne 30
Apr
6234
19*2 Oct
9% Oct
Sept 23
18,100
Feb
Jan 11
49
100
Dec
40%
97*4
2
Jan
95
50
33
Jan 12
647S Mar
Jan
53
24% Jan 11
24% Feb 3
117% Mar 12
8
4%
38% Jan 14
102% Jan
143*
Cerro de Pasco Copper.No par
120
Jan 13
50% July
12% Mar
98
TOoo
3,200
Jan
Sept 25
£%6ept 7
35% Sept 25
Central Vloleta Sugar Co...19
Century Ribbon Mlils-.No par
Preferred
loo
4%
1%
27
200
1%
434
2%
2%
16%
1,600
1,200
*1%
1%
15%
20
90
17%
7
130
106
1*4
7
5678
1434
*90
2,100
67
7*2
5
278
3034
8%
17*4
2
131
15%
*4
41%
8484
15%
5678
*1414
70
17
7
131
*97% 101*2
99*8
5
8
19
1,500
9,600
17*2
1%
17*4
*—.
4%
5
*7
36
4*8
17%
*1*4
17
35
28%
434
5
1678
*107
30*2
*63%
27%
55
54
55% 57*2
56*8
7%
7%
7%
8%
7%
8
33% 33%
*33*2 39
*33*2
38
107*2 107% *107*2 108*2 *107% 108*2
41% 42%
42% 43
4234 43
*11
*11
11
11
12%
12%
51
47%
52
51%
4934
51%
39*4 41%
40*2 42
40*2
38%
6*2
2*2
2%
*3
30%
6434
28%
18*8
1*4
100
*30*2
*62%
28*2
4*2
99%
15%
106
100
41
5% preferred
60
Ca'lal an Zli.r-I ead
1
Caiumet & Hecla Cons Cop..5
320
105
*7
1%
234
212
8%
*3684
1*2
3%
105
*8
4*2
1%
684
1%
105
7%
*1%
4%
1*2
6*2
71
8
*4%
1%
6*2
4
1,300
6,400
53*4
*90
1^8
1*4
234
23s
4%
17S
7
5
6434
28%
100%
15%
1534
93
478
74
*100
30
4%
*90
1%
18
105
100
7
6
73
434
131%
120
5,700
8*4
*1%
*116
12,200
28
106
61%
834
34
434
122
120
73%
*7
6884
434
135
120
74
*62%
16%
434
128
1,000
104% 104l2 *103
106
*104% 106
2634
28%
27
27% 28%
2734
30
101
*23%
484
115
29%
*13s
19
23%
4%
Jan 23
8
33%
Pacific Ry
26
Cannon Mills
...No par
89
69
47
Jan
Capital Admin class A
*40
Dec
Jan
< anadlan
91%
24%
Apr
8%
100
90
"18% "Feb
43%
47
2%
200
45
012% July
1
9*8
*88
11% Jan
5% Nov
Jan 29
11
*40
Ap"
1% July
Feb
38*2
*8834
Nov
1184
834
91%
24
40
47
32% Aug
39
*9
14,706
Dec
Apr
63% Feb 13
11
6% Sept 25
par
38%
90
lh
734
*127*2
834
*87
106
88
9%
42
884
50
June
6
Aug 14
23% Feb 23
59% Feb 11
11
1,600
14,20C
100%
Jan
1584 Mar 23
4% Jan 11
54
6
Packing....No
share
37%
63% Mar
34
24
27
9
6
Jan 18
..No par
16,400
*90
57*2
83s
19
9
*39
Jartlo
10%
15%
6
8
1
5% conv preferred
22
91
60
19
14
50% Aug 25
Oct
6
par
Butler Bros
12",800
*51
3534
Oct
100
2%
91%
*92
*48l2
Del entures
Byron Jackson Co
*86
106
35%
16
39
10*2 Oct
190
Oct
JBtsh Term Bldg gu pf ct£a 100
California
*89
8
108
Burl'ngton Mills Corp
Burroughs Add Mach..No
{Bush Terminal
....No
Jan 22
25%
10%
No par
16% Apr
40*8 Dec
80ia June
48% Feb 13
46% Apr 13
25
Aug 16
6
.No par
3
Highest
share $ per
28
Oct
..No jar
Watch
1,900
91
45
634
35%
Bulovs
2,SCO
91*2
*40
*4U2
88*2
1534
*35l2
15%
984
22
Sept 25
39
100
19%
27%
*£0
lh
1(0
Billiard Co
130
47
7
107
2,700
40
$ per
18
Sept 27
20% Sept 13
No jar
preferred
Budd Wheel
2,200
*40
50
*
2%
*51
*38%
*8%
11
*50%
2%
10%
9
*36
51
22
*61
42
19%
27
10
2%
4
28
22
16%
9<
484
53s
36
24*2
21
10%
56
15%
19%
27*2
*50%
2%
20*2
14%
9
11
20%
27%
4
2*4
9*4
*51
7
*5
25
4%
*50
....
9%
30
91%
15l2
190
24
7%
900
400
17
16I2
56
*41
9058
1512
3%
12
9i2
16*2
1712
3,100
4,400
17
*52*4
100
*16i2
25
*8%
27
*64.78
*10
24
1634
11%
25%
30
32*2
178
4lg
3l2
1112
*4
*3%
25%
384
3%
7% pr el erred
Bufld <E C) Mfg
7,900
4,700
11
27
*100
40
900
10
1634
10%
30
29%
i7s
47«
20
10
11
30
129
96
19%
15
18%
56*4
8*4
*34
40
33*2
33%
107i2 107i2 ♦107*2 108*2 *107% 108*2
*46i2 49
43
46% 46*2
46%
*12
13
*11
*11
12S4
12%
53
5312
62*2 53*4
48%
4984
42
42l2
417g
427g
39%
41
*90
3934
22%
10
6%
11
23
9
9
384
Bruns-Balke-Coiier.der.No par
Bucyrus Erie Co
6
630
15
20*8
*7
58
384
11,700
11
24
*8
*884
384
10
6%
56
534
38%
41%
978
9978
6%
55
6%
25
4,400
Byers Co (A M)
8
55i4
25
1134
No par
Butte C upper A Zinc...
9
12
24
2,300
93
934 Sept 25
32%Sept 24
2134 Oct 8
par
...No par
7.100
106
*8
10*4
11%
Brooklyn Union Gas
Brown Shoe Co
4,700
116*2 116*2
19
38%
100
*
58
534
39%
2184
23
10
99?8
684
6%
3,800
11%
10%
par
No par
4%
6
100
1178
2134
Sept 29
29% Sept
Sept
35
Sept
2
Sept
7% Sept
No par
1284
*104
30i2
6
*47g
II84
$6 preferred
*6 prerfered series A
40*2
82
36
6
Bklyn-Manb Transit...No
42
106
*30
11%
55
2134
*39%
j
*11%
6
*20
41
*91
6%
58%
2,100
12*8
75
33
100
6
67
14,300
42
74
69
11%
13%
42
4*2
13%
77
*64
11
10%,
41
43%
2384
*3214
11
*40
Bristol-Myers Co
Brooklyn A Queens It. No
12%
*
105
<
10*4
684
37*4
14%
40*2
2234
800
3,600
1,200
2*2
share
4984 Mar
25% Sept 25
11%Sept 27
No par
43
*884
29%
*
13%
Briggs & Stratton
2%
9*2
13%
11
40
700
12%
*39
13234
77
35
2%
11,900
11,600
43
9%
115ig 11514
35
2%
Bearing Co. 17
Bridgeport Brass Co ...No par
Briggs Manufacturing.No par
12%
2112
14i2
131
42
Roller
43
1034
5%
3134
Bower
Lowest
2138 Sept 27
32
Sept 27
1% Sept 27
13*8
23*2
*5
31
*38
35
"""BOO
$ per
6% Sept 13
51
4
1£34
25
32*2
42*2
*22
11
*23l2
26%
12%
share
per
100
1214
10*4
94
12
5
Maine RR
46
23*2
9112
26%
13
Year 1936
Highest
{Botany Cons Mills class A.50
478
14
I6I4
6212
934
*88
26
12%
3134
Boston A
51
10%
4534
26
12%
32%
800
1%
4%
13*2
25
*40
*
24%
13,600
6
*1
1
15
51
2i2
42
*9
11*8
38%
6
2434
ll*s
16*8
11*2
2478
4%
15
36*2
12
35
No par
Borden Co (The)
Bore Warner Corp
1%
$
6
Cla<w B
Bond Stores Inc
C2434
3»4
11
*50
23g
*6
6
180
1,300
*6
*38
Boeing Airplane Co
8.400
*1
1937
9.
Range for Previous
On Basis of 100-Share Lots
Holin Aluminum A Brass....6
Bon Ami class A ......No par
19%
21%
1%
100
67g
59
6*2
40*2
43
19
21
6
30*4
100
6*4
57*2
*4034
38*4
II84
12
*
41%
19%
21%
3834
6
*1
33%
*39
40%
35«4
1%
28.500
35
87
21 %
*27
26*2
35
*82
82
39%
634
24%
35
82
8TOCK
Par
87
87
Range Since Jan. 1
Lowest
35
*82
YORK
Oct.
EXCHANGE
*82
87
♦4034
18*4
*18%
27
3
STOCKS
Oct. 2
24i2
*
Sales
Saturday
t per share
i
Record—Continued—Page
125*4 Apr 1
39% Jan 20
46% Jan 20
20% Jan 14
69% Jan
114
8
8
Jan 12
80% Jan 26
120
21%
Jan
May
Dec
14
Jan
90*2
80*4
Jan
44
Jan
Jan
100% July
55
Jan
Jan 25
97
Jan
Jan 21
14% June
4% Jan 13
76%
94
31
39*2
Jan 13
Ex rights
2%
59%
Mar
136% Aug
*45% Jan
51% Jan
23% July
108% Oct
103
Aug
847j Sept
128
Nov
91% Nov
136
Nov
Feb
Apr
24%
5*2
A
82
Feb
pr
Feb
1 Called for redemption.
Volume
LOW
SHARE,
SALE PRICES—PER
HIGH
AND
Saturday
Monday
Oct. 2
Oct. 4
*7 %
29lZ
♦11
15%
12i2
1378
912
1212
13%
9i2
*
8H2
♦80
85
2%
*8%
9%
29%
99%
30%
99%
*104
12
1378
14
9%
11
11
240
1334
15%
9%
14%
16
8,600
*8%
*65
73
*65
73
79
79
79
*78
81%
*80
85
79
80
*78
85
*7834
79
2%
9%
2934
99%
2
2%
2
2
9%
8%
8%
8%
8%
2978
27%
29%
99%
.
-
28
30%
99%
'
98%
*98%
99%
7
6%
1034
12
11%
33
29
29
*8478
20%
8534
2078
8178
847g
20%
1434
2%
1934
15%
2%
1378
99
1,900
42,500
86%
*8434
86%
100
19%
20%
18
19%
14%
14
14%
13%
14%
8,200
6,000
6
12%
13%
32
31%
3034
134
13%
3134
l7g
37%
18%
5334
31
37
38%
33%
18%
18%
17%
134
J.%
36
18
33%
32
178
35%
17
17%
54%
134
55
55
54%
55
53
61%
62%
59
61
58
161
33%
27
2734
104% 10478
102
104
26%
26
26%
25
26
25
25%
13%
13%
13%
13%
50
48
50%
12%
40%
13
47%
11%
50
39%
*41%
44
*41%
44
*41%
44
*4134
*3578
38
*33
38
*3678
38
*3678
*16%
16%
12%
42%
42%
38
15%
26%
161%
161
15%
19,100
15
*35%
14%
43
44
102
102
*1
1
1
1
*%
1
1
1
1%
1%
8
7
8%
8%
7%
7%
8
8
7%
678
6
684
7%
578
7%
678
6
6
6%
57g
103
*85
22
*20
678
103
*85
25
*23
103
*85
103
23
23
25%
*85
21%
7%
7%
7%
734
7%
7%
59%
6v
4%
59%
59%
5834
5884
4%
4%
4%
378
4%
14%
14%
14
*55
70
*55
*34
60%
*10
*15%
58%
3%
1234
1334
13
14%
7
678
7%
58%
58%
4%
4%
24%
*55
70
*55
70
34
34
*34
40
60
55
34
61
55
57
55
55
57
10%
10%
10
10
10
10
*10%
17
15
17
15
*1484
17
*1434
15%
1578
15%
16%
15
15%
15%
1,400
23%
20
2234
16,300
11
984
10%
15,500
Delaware Lack &
3%
3%
500
104
16
*11
16
*11
19
*12%
55
*40
19
*12%
19
*12%
55
*37
55
*35
10%
11%
16%
11%
16%
16%
75
*71
18
18
30
30%
*72
*28%
29%
18%
*31%
29%
43%
433s
4234
7%
7%
36%
115
45
*34
*18%
19
18%
*12
1%
*1
3%
3
10%
10
10%
16
16%
74
74
18
18%
3178
*17
18
7
7
33
36%
*158
27%
27%
7%
7%
31
31
8%
*4*4
14%
*63%
8%
35
*31%
44%
*31%
*15%
17%
*16
18%
*15%
18
*15%
*%
%
%
*%
1%
1
1
1
1
*7g
7g
1%
3
3
3
27„
3
3
3
*12
14%
♦116% 119
27%
7%
31%
29
8%
7%
4%
4%
5%
6%
30%
28%
2934
8%
4%
7%
8
4%
4%
48%
50%
30
30
30%
30%
2934
30%
30
*84
%
%
234
21%
3%
47
53
31%
*34
%
3%
3%
21%
21
♦43%
47
♦106% 109% *106% 109%
7%
7%
*7
8%
*48
59%
60
*48
*53%
59%
*52
70
3%
*53%
*53%
55%
*3%
59%
3%
11
11%
10%
11%
17
17%
16%
1634
*11%
13*4
*11%
14%
78%
*73
78%
53%
10%
9%
14%
15%
14
11%
11%
*1H2
78%
*73%
*72
684
6
15%
14
*2%
2%
*2%
2%
2%
2%
14*4
*12%
6%
15
2%
2%
234
21
4478
12
40%
35
14%
12%
3%
10
15%
13
76
39
40%
2%
2%
41%
40
60
70
1134
2%
13
52%
6
14
2%
2%
1234
57g
13%
2%
39%
1234
35%
12%
36%
12%
207g
*35
*48
21%
47
600
30
84
300
278
2,300
20%
*39
109% ♦107
21
100
109%
160
6%
500
7
6%
52
*47%
53
*50%
60
*50%
56
♦52
72
*52
72
*3%
3%
3%
10%
10%
9%
15%
1584
3%
15%
3,200
*11
13
*10%
1278
100
*71
78%
*71
78%
6
14%
2
*2
12%
40
6
57g
15
1,900
2
1,100
2%
2
2
1,010
12%
*12
13
200
4034
38%
12%
85
36%
12%
*81
38
85
80
80
*80
90
*80
95
*75
95
95
*96
101
*96
100
*96
101
*96
101
103
5%
5%
5%
2%
5%
2%
*2%
*25«4
•
2%
27
26
26
2%
25
Bid and asfced prices; no
4%
4%
5
4%
2%
25
2%
25%
4%
4%
2%
26
sale* on tbla day
4
800
20
85
*85
4%
"3^566
12%
*97
4%
484
4,300
3834
*102
12%
4
"uoo
2
37
*81
5%
14%
85
4%
6%
International..——1
Duplan Silk
No par
Dunhill
preferred
4%
100
RoUlng Mills.......5
Eastman Kodak iN J)-No par
Eastern
6% cum
Inc Am shares...
Electric Power 4 Light-No par
Elec 4 Mus
preferred—-—-No par
preferred—.....No par
Elec Storage Battery--N» par
tElk Horn Coal Corp—No par
6% preferred — .—.——50
El Paso Natural Gas
3
Endlcott-Johnson Corp.—-50
6% preferred
100
Engineers Public Service....1
35 conv preferred ....No par
37
36
35^ preferred ^ vs..No par
36 preferred
....No par
Equitable Office Bidg..No par
Erie Railroad
100
4%
4%
1st
2d
62
Feb 27
54% Sept 27
10
Sept 27
90% Mar 10
36% May
43% Jan
7% Apr
Ian 16
18%
8
24
Feb
5
99%June 28
109
Jan
5
107
Deo
95% Oct 6
23% Sept 27
1484 Sept 27
143% July 23
52
Jan
31'4 Mar
6
27
Jan
29
5
19%
Apr
Oct
8
58% Mar 17
36%
Jan
984 Oct
8
24% Mar 17
14% Apr
22
4
Aug 10
30
59
Oct
70% Jan
8884 Deo
19% Nov
108%
23%
Feb
9%
Feb
153
19
May 13
4
13
June
42
Jan
63
30%
37%
Oct
Oct
43
May
2
4
40% Feb
23
Apr 10
Deo
10884 Deo
32% Nov
33% Nov
5484 Oct
May
Apr
76% Feb 19
5
Jan
90
128
36% Feb
22%Sept 24
3284 Oct 6
Jan
4%
9% Mar
21% Dec
7
Jan
116%
9
9% Apr
19
Aug
Jan
1078 Feb 18
2% Sept 13
100
Sept 11
100
100
36% Sept 13
Feb
11%
Oot
21%
Jan
Deo
40%
Jan
Aug
Federal
....100
Truck..No oar
Screw Works..No par
Water Serv A ..No par
Motor
4%
4%
1,200
2%
2534
2%
3,500
Federal
1,000
F«wle>>HtPd
ncot
V/i nnr
40%
7%
Apr
50%
Jan
12%
82%
Deo
Oot
29
Jan
51
Deo
7
5
3% Feb 19
8% Jan 16
17% Jan 19
5%
Jan
36%
% May
I84
Deo
Jan
3
Jan
39% Jan
15%Sept 24
%June25
78Sept 11
1% Jan
2% Sept 13
Sept 13
12
1% Jan
4% Julv
13% Aug
8%
Oct
18%
Jan
Deo
180% Jan 18
133
Feb
Apr
120
6
130%June 29
110
Aug 5
7
Oct 8
151
Apr 29
150
Apr 2
135% Feb 19
129
Feb
136%
115% Jan 22
ri i 1 %
Oct
133
17
114
Jan 19
122
May 28
112
Deo
8
12% Mar
Sept 23
35
Jan
Deo
Nov
77% Jan 25
14384 July 13
55
Jan 16
6% Sept 23
32% Sept 24
103
Sept 11
Mar
June
5% July
5
181*4 Nov
Deo
Deo
116
12 %
Deo
198
Aug 16
156
Apr
185
Aug
163
Jan 11
152
July
166
Mar
6
6
37% Feb 11
28%
Jan
40% Nov
Mar 17
684
28% Sept 25
45% Feb 11
16
Feb 23
30%
Apr
Apr
47% Nov
10
Apr
17%
5
Dec
6%
Jan
7%
25%
94%
87%
65%
2212 Oct
5% Oct
16
7% Sept 27
7% Feb
4% Sept 13
Oct
46% Oct
1234
44
6
6
26% Jan 14
6
92% Jan
7
Jan
8
87
Sept 25
8
Jan 18
29
Jan 18
60
Feb 11
115%
Jan 19
17% Ja» 16
53% Sept 24
78% Jan 30
5
63% Sept 24
81
63% Oct
3
86%
984
23%
35%
28%
Sept 27
6
13% Sept 25
10% Sept 10
9% Oct
80
35
12%
85
66%
717S Jan 15
210% Jan 14
70
Jan 11
8
Mar 31
Oct
0;t
5
7
Sept 27
Jan 27
94% Apr
9
17
Jan 14
Jan 21
34% Mar 3i
6'4 Jan 21
5% Jan 28
28
Jan 28
13% Sept 27
2
Sept 8
150
10
15
17
17
14%
478 Sept 11
38% Oct
Feb 19
Feb
Jan
Mar
Mar
Mar
•
29% Jan 18
Jan 4
150
Mar 11
103
129
Apr
Jan
Jan
Deo
% Jan
1% Jan
22% Nov
53% July
110
Aug
32%
44% Jan 16
2
Jan 19
28%Sept 27
84 Sept 21
2% Sept 25
20% Oct 5
4478 Oct 6
105%June 10
6% Sept 29
1«4 Sept 11
11
Sept 27
Fairbanks
2*1*66
delivery
8
Co.....———-25
8% preferred
100
Fairbanks Morse 4 Co.No par
6% preferred
100
Fajardo Sug Co of Pr Rloo.20
Federal Light 4 Traction.. 15
36 preferred
100
Federal Mln 4 Smelt Co.—100
Cleaner
Evans Products Co....
Exchange Buffet Corp -No par
Eureka Vacuum
Preferred...
"
Oct
26
*75% May 27
23g
a Def.
59
50
5
-5
4%
1 In receivership
preferred
preferred
Pitts KR Co
2%
26
100
Boat..—-—-----3
Electric
4%
26
preferred
Manufacturing Co
4
Schilu
No par
Electric Auto-Lite (The)—-6
Federal
26
100
Nemours(E 1)4 Co 20
6% non-voting deb..—100
Duquesne Light 6% 1st pf-100
Du P de
Erie 4
2%
148s
37
85
14
103
4%
"*900
5,900
100
4%
100
10
*97
*4%
6,200
44%
*85
85
4,300
84
*81
85
200
5,200
1,100
*81
85
1,500
234
%
3
*102
*96
*96
*102
40
*51%
984
15%
41
*50%
70
3%
*6%
42%
53%
3%
6*4
41*4
*48
3%
15%
2%
42
55
*53
*2%
14
234
207g
447g
47
♦48
15%
*13
3
21
106% 106% >106% 109% *107
7
*6%
7
7
7
"*6%
14%
%
*84
2%
20%
*44%
'"300
78,700
14%
*31
Atlantic..-100
preferred
100
22.200
47
No par
B
Class
884
484
51
♦50
Douglas Aircraft.....
8%
1234
Jan 14
61% June
4%
47
Jan
Sept
86
Jan
484
49%
Jan
4
10%
6
67% Aug 19
30
Sept 20
Aug
9
54
6
4
Deo
41%
9,500
14%
8% Mar
2384 Mar
114
40
29%
50%
109% Jan
Jan
Apr
24%
46*4 Feb 17
51
Jan 28
28%
50%
Sept 27
3'4 Sept 25
Deo
44%
41% Jan 25
30%
13%
20% Feb 11
25
Eitlngon
47%
43
Deo
14% Mar
129
95%
Eaton
1378
Jan
Jan
35% May
16% June
99% Mar
34%
7,300
46
19%Sept 25
684 Sept 27
20
Sept
6%
63%
Jan 11
Mar I
Deo
Oot
3,300
51
9
4
14% Jan 12
Deo
3%
Deo
6%
45
17% Jan
Oot
6684
125
19
26*
1234
95% Apr
1% Sept
Jan 11
3
Apr
28
8184 Mar 3
MarlO
135
18% Apr
57s
46%
19% Deo
93
6%
52%
58% Nov
49% Nov
7% May
9
25%
14
91% Nov
Dec
44
9
6,600
13
35% Sept
Jan
Feb
6%
8%
4%
15% Mar
46% July
43%
Mar
25%
29
Jan 15
Mar 17
50
25
2834
Deo
25
8%
47%
♦3%
21%
♦12%
25
22%
6%
37% Nov
96
tDuluth S S 4
*160
161
161
161
26%
Mar
29
100
167
163
35
17% Sept 25
30
Oct 2
"7% "3*5O6
7
Jan 16
50%
15% Sept 25
Sept 27
*115
.
8%
37
127
20
7% Mar
Oct
6
1484 Oct
Oct
Deo
170
70
10,700
15%
%
*103%
*40%
—
167% 170
168
>158
161
23%
6%
7%
Aug
Car Co..2
Ltd No par
No par
4,40 O^P0
pow Chemical Co.—..No par
Dresser (SR)Mfg conv A No par
*133% 1347g
134
*115
165
140
54
33
42
*133
"734
119
135
54
53
*13
133% 134
*116
142%
14%
*%
*
138
*12%
14%
*30%
3%
*116
138
7%
171%
166
*158
161
119
133
*78
♦234
119
>116
600
44%
18%
84
1%
3
14%
*%
14%
*12%
14%
*12
>115
8
7%
8%
*%
8.200
25
158
5% pref with warrants--100
Dixie-Vortex Co
No par
Class A
No par
Doehler Die CastlngCo No par
Dome Mines Ltd
No par
Dominion Stores Ltd—No par
28,600
107%
105
107% 108
110
900
1,700
pref
63% Aug
82% June
July
Sept 24
55
Apr
69%
10
Distil Corp-Seagr's
8
397s
55
*50%
*42%
43%
*7
37%
18%
7
4*4
5
3734
33%
107
42%
8%
41
6% participating
Diamond T Motor
160
43%
*31%
26%
31%
8%
*7
38%
preferred. .100
5,900
34
2634
Ry Co... 100
2,400
1834
18%
26
Western..50
laynolds A ..No par
Match
No pur
Diamond
500
200
27%
45
174% 174%
158% 161
42%
42%
6% non-cum
Devoe 4
2,300
75
*31%
5%
tDenv & Rio Gr Weet 6%pf 100
Detroit Edison..—....... lOo
19
15%
*34
14%
8%
7
28%
42%
*115
8%
32
*27
7
*115
176
18%
32
27%
41%
27%
*133% 135
8%
18%
31%
Conv
Det & Mackinac
51
*72
30%
27%
4078
*116
175
11
1078
16
♦132*4 135
*»«•»
3234
600
23%
33%
10%
1584
2234
33%
10%
73
133% 140%
*132% 134
m
*35
15%
*3034
144
142
*12%
52
73
108% 112%
*116% 119
145
145
19
23
33
22%
16%
%
*12
14%
*116% 119
3234
♦11
41%
*%
78
*%
34
2284
3234
1,000
16
16
73%
15%
115
122
*34
3
18%
3334
29%
43%
10
23%
22%
10
103
103
105
*72
37%
36%
3678
76
*3278
734
*7
*115
*1
2334
33«4
11%
1634
23%
3334
34
23
3%
57s Oct
Corp..——..5
15%
105
*12%
Sept 11
2334
3%
104% *103
*43
6
104
15%
3%
19
100
23%
4
*11
....No par
Sugar.... 10
—100
Deo
55% Apr
4
10078 Feb
56% Jan
6
Mar
46
41
10884 Apr 15
Oct 6
Sept 11
4
44%
10% Mar 16
6
1
Jan
56% Feb 3
Aug 13
7
6
102
Dec
25
3
8
47% Jan 28
25% Apr 13
100
Nov
24% Mar
46
Feb
28% June
171% Jan 14
8
II84 Oct 7
39% Oct 6
41 %June29
Oct
Nov
87%
35% Apr
2% Apr
Jan 15
71%
4
109
17% June
Feb 13
77
115
367s
67%
6384
Jan 9
Jan 23
Jan 23
Feb 11
49
July 19
35% Mar 8
69%
2584
4234
378
7
Oct
No par
100
15
10%
55
23%
10,400
1078
*40
23%
98% 102%
2384
2384
10
June 17
8684 Oct
39
Oct
pref
25
Dayton Pow & Lt 4^j % pf. 100
Deere 4 Co
—No par
Preferred
20
Diesel-Wemmer-Gllbert.... 10
Delaware A Hudson—.—ino
11
16
Cutler-Hammer
Davega Stores
10%
80
60
Jan
Jan
Dec
24% Oct
pref.. 100
No par
Inc...No par
preferred
600
12
3%
38
60
700
23
35% Nov
1%
5% Sept 27
Oct 6
Cushman's Sons 7%
2,100
22
Jan
5% Jan 15
109»4 Feb 17
12% Sept 24
10%
1484
102% 102% *1017S 102%
23%
26% Mar
13%
Sept 13
Sept 10
9984
A
Class
56%
106
15% May
3784 Jan 14
27
Curt las-Wright—
13,800
1434
22%
104
4,600
10%
102
92% Aug 16
37% Apr 13
5478May 13
Apr 14
Packing
—.50
Curtis Pub Co (The)—No par
Preferred
....No par
Deo
6
153
Cudahy
15
25%
♦3%
Cuban-American
Deo
8
14% Oct
Cuba RR 6% pref
13%
22
*12%
*33
1,500
40,900
34
60
16
577s
4%
15%
70
334
334
*3%
4
105
104% 104% *104
*11
15%
14%
34
34
*11
5778
4%
""700
*55
10%
12%
11%
5812
4%
(The)
Cuba Co
Preferred
21
7
40
66%
24%
11%
160
70
35%
16
6,600
*55
*34
16%
25%
1,200
70
102%
*101% 102% *101% 102% >101% 102% *10178
104
98
95% 101
113
108
111% 113
24
24
24
2384 2334
24
24
24%
*1534
634
7
137g
1378
20%
22%
1%
8
6
Jan
9%
37%
5
5
Preferred
103
*85
100
35 conv pref
500
1%
June
12% June
Oct
1% Sept 27
No par
ex-warrants
% May
2
6
6
Deo
106% Juno
1284 Nov
8478 Oct
18
Oct
33% Oct 6
17
Sept 25
53
Sept 27
Crucible Steel of America..
4,500
103
103
Pref
Crown Zellerbach Corp
9% Nov
17%
Apr
Jan
1% Feb 27
13% Apr
5234 Apr
Oct
July
109
5% Sept
4
Feb
20%
48%
3% Apr
11%
101
10578 Jan 23
10% Jan
Jan
102
Feb
7%
Apr
Apr
15%
27%
13% Feb 26
1778 Apr 6
6
30% Sept 13
Crown Cork 4 Seal....No par
200
45%
44%
46%
102
Nov
584 Jan 20
I884 Jan 9
4978 Jan 23
108
Jan 12
1078Sept 27
32.25 conv pref w w..No par
85
*75
88
*84
39
1
*21%
Crosley Radio Corp...No par
""loo
3678
1578
*7%
*85
4,600
18,600
12
42%
44
39
3678
5% conv pref
Cream of Wheat ctfs—No par
12
Nov
94
%Sept 17
2,300
40%
*4134
Co
Crane
2,900
123g
95
6% Sept 25
Oct 8
—No par
25
100
Coty Inc.—
6,800
43
Nov
Jan
Feb
4% Sept
27
20
Continental Diamond Fibre..5
Continental Insurance...32.50
Continental Motors
1
Continental OH of Del—
5
Continental Steel Corp. No par
Corn Excb Bank Trust Co..20
Corn Products Refining—..25
Preferred
100
11,600
II84
85
72%
73%
Aug 6
4% Sept 13
100
Deo
65>4 June
2
preferred
19%
5
No par
8%
June
Mar
1034 Oct
Continental Can Inc
Jan
8
7
Mar 11
13
B
33%
92
Continental 13ak class A No par
Class
Aug
95
104
America.20
Jan
15
5
Oct
98% Oct 5
6
Sept 27
Consumers P Co J4.50pf No par
Container Corp of
July
2584 Mar
16
Oct 8
2
Sept 10
8
Sept 27
27% Oct 6
79
7834
No par
Consol Laundries Corp
5
Consol OH Corp
No par
35 preferred-.-.
No par
Consol RR of Cuba 6% pf-100
tConsolldated Textile..No par
Consol Coal Co (Del) v 10..25
5% preferred v t o...—.100
Jan 14
1878 Jan 15
87
Mar 2
Sept 25
70
preferred
35
300
161
Cigar
$2 partlc pref
No par
Consol Edison of N Y..No par
5,400
40
102
45
108%
63%
44
1234Sept27
8% Sept 27
26
340
5%
534
534
31%
33%
32%
*100% 102
9934101
25
25
24%
2478
86
*80
86
40
108
118
*105
118
8534
4634
45%
4534
4534
87
*86
87%
*86
*105
14%
1578
14%
16%
16
61
*4184
22
1,500
30
101
100
61%
I84
36%
17%
5%
5%
31%
5%
53%
178
37%
17%
54
35%
18%
5384
60
6034
*160
161
161% 161%
5%
5%
3478
33%
34%
105
,105
12
32%
2
3334
31%
12%
32%
178
161%
161% *160
6
5%
578
*160
31
51%
12
55%
61
1278
53
13
53
5334
55%
400
7,900
1,200
4,300
5,900
19,700
52
51%
59%
81
81
Sept 13
9,600
2%
2%
2%
81
52
54%
13
*1878
2
45% Mar 11
19% Jan 23
10
400
*84%
2%
Sept 27
7,000
19%
2
11
3,600
30
27
...No par
Conn Ry & Ltg 4)4 % pre!-100
Consol Aircraft Corp
1
Consolidated Cigar
No par
7% preferred
100
6)4% Prior pref w w
100
% Prior prf ex-war— 100
Consol Film Industries
1
T.866
29
13
30
51
5334
*12%
38
99
*6%
113s
80%
54
13%
32%
178
38%
19
9884
99%
8ept 24
2,200
6%
19% Feb 11
8
27
27,700
11%
83
81
1%
8%
29%
85%
*80%
83
32%
8%
28%
1,700
1,200
19
81
*81
*12%
2
*8434
2%
2%
83
53%
2
70
*28
29
*29
2%
2%
834
2978
8%
29
1
*81
7834
7% Oct
$ per share S per share
7
16% Deo
July
44% Jan
307s Aug
$ per share
share
per
Congoieum-Nalra I no.. No par
Congress
""56
6%
6%
7%
11%
11%
12
104%
104% *104
*104
104% *104
104% *104
4%
4%
*4%
5%
4%
4%
4%
484
*%
%
%
%
%
%
%
%
634
7
6%
7
7
6%
6%
6%
6%
7
15%
7834
2%
2
2%
%
7%
1534
9%
*8
73
3
No par
Conde Nast Pub Inc
800
79
5%
86
20%
1534
12%
*65
%
7%
33
12
79
5
*84%
20%
8%
200
73
5U
*29
9
834
15%
15%
79
104%
7%
1278
*11%
*11
*65
104% *104
♦7%
1334
5,700
80
12%
%
13
*11%
700
27%
7%
71
7
%
*11%
11
11%
11%
Par
Shares
7%
27
27
Highest
Lowest
Highest
Lowest
7%
28%
738
7%
28%
15
13
1334
9
7%
27
Z per share
$ per share
$ per share
7%
29%
80
12
*5
Weet
11
714
12%
the
Oct. 8
7%
12%
♦7
Friday
Oct. 7
12
9%
214
Thursday
Oct. 6
28
73
*80~
Wednesday
Oct. 5
7%
29%
15%
7%
29%
*11%
EXCHANGE
Tuesday
$ per share
$ per share
8
29l2
.
100-Share Lots
On Basis of
STOCK
YORK
NEW
Range for Previous
Year 1936
Ranoe Since Jan. 1
STOCKS
Sales
NOT PER CENT
for
I per share
2347
New York Stock Record—Continued—Page 4
145
2
29%
39%
7%
Deo
69
Feb
116
July
Deo
l«%
Oot
Jaa
84%
89% June
Jan
97
55
6%
11
16
Juoe
Apr
10%
Apr
Apr
18% Sept
34% Oot
Deo
11%
Jan
29
Oot
68
Jan
69
Jan
12
Jan
15% Aug
23% July
4% Jan
40% Jan
8% Mar
4% Mar
2% June
8%
Apr
25
Deo
3484
Jan
71%
Deo
122%
31%
18%
Jan
Feb
Apr
210%
Deo
61%
Deo
84
Jan
101%
Deo
Deo
37
Aug
92
Mar
69% Mar
11% Feb 19
7%
3
21%Sept27
Feb
Deo
Jan
11% Feb 25
6
Jan 14
*
1%
6%
29%
45%
4% Oct 6
2% Sept 27
4384 Mar
Feb
Feb
Deo
Deo
Deo
Jau
48
Sept 25
4
Jan
15% Nov
Jan
Apr
2%
Jan
20%
Jan
27%
123% Nov
12% Mar
6
Deo
6
Oct
46i4 Nov
New York Stock Record—Continued—Page 5
2348
LOW
AND
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
Sales
STOCKS
for
Monday
Saturday
Oct. 2
I
Oct. 4
s per
share
per
*83
83%
*82
*33%
34%
34
*20
28%
♦95
83
*71
34%
29
*26
29
28*4
x27
28
99
*90
99
Oct
5
Oct
$ per share
share
Thursday
6
Oct
*71
31%
33%
80
77
3234
29
*23%
26%
29
26
26
25%
20%
25
26%
99
96
96
96
96
3 684
36%
30%
36%
30%
*96
37
37%
3634
36®4
19%
20
1934
20
34
33
33
36%
18%
33%
32
*26
32
*26
29
3
3
3
*22%
19%
18%
1834
18
1834
32
32
31%
32%
*20
32
*2734
3%
3%
38%
38%
90%
24%
39
39
36%
37%
35
36%
90
90%
90
90%
89
89
*87%
24%
25
21
22%
20%
23
21%
88
88
90
24%
*
99
*5%
*
♦
67
67
"26"
65
17
16
16
30
16
*27%
28%
*25
28%
*18
20
*18
20
17
18
*92
97
*92
97
*92
97
9*4
*25
934
32
32
*30
115
*100
29
*27%
9
8%
*94%
45%
5
33%
100
121%
121% *110
44%
44%
43%
33
33%
33%
1%
1%
13$
1%
43*4
*38
50
62
*58%
60
30
27%
100
*90
28%
*38
50
*38
56%
119
49% *9%
4912
4514 4818
*116
118
116*8 116% *116i4 118
34
34
37
33
8
*73s
8
13l2
1334
13*4
105
105U *10412 106
3
2*4
2*4
*234
7
*7%
13*4
25%
13
105
4434
116
34
33
7%
13i2
7%
1214
3%
7%
28%
28%
2%
234
23
16
*92
115
*90
105
50
*39
50
6684
*56%
58
119
*119
1234
25
23
284
2384
1001;
2%
105
3
3
24
2234
2i4
2234
39
3612
37
33
2n2
3584
21 Jg
*37
33i2
*36
38
37
37
33
34
33
33
34
35
18%
19
20
17l2
1834
173g
18
18
i884
*2212
1678
30
30
*25
18i2
*2214
30
*17U
12%
171a
125S
*
"2%
14l2
14
14i2
68
68
68
68
3212
*48
3 16
Jan 13
140
Jan
70%
Jan
Dec
12884 Nov
59%June
Jan
162
Apr
65
Deo
Feb
44
Nov
7,100
Gen'i Gas A Elec A
Jan 18
%
Jan
"966
6%
pref series A.No
par
......No par
preferred
100
General Motors Corp
15 preferred
.10
..No par
Gen Outdoor Adv A...No
Common
2,200
2,100
conv
General Mills
50
46
117
4434
113
30
6
No
..1
12
par
105
2%
20%
11*506
Gen Realty A Utilities.-.. ..1
1,000
2,000
16 preferred
No par
General Refractories...No par
31%
17%
31%
1734
260
65%
13
9,600
64
62%
29%
64
900
700
7,600
75,20*0
27,
334
3,300
5,900
33
30
17
24
No par
70% Feb 11
122% *eb 2
60% Jan 9
63%
Jan
77
Nov
Oct
62
preferred... .60
6
8
5
Sept 25
Sept 25
Sept 24
No par
conv
Oct
2
Sept 24
20% Sept 27
12%
Rights..
Aug
June 28
65
4h%
%6
123
Oct
No par
50h
Oct
Oct
Glmbel
$6 preferred...
Glldtien Co (The)
16
July
Sept 25
General Tire 4 Rubber Co.
6
Gillette Safety Razor. No par
15 conv pref erred... No par
Brothers
124
6
15% Oct 5
1034 Sept 24
Sept 25
Oct
8
Sept 27
29% Oct 5
45
Sept 25
132 Oct
■
Feb
1
15% Feb
6% Jan 13
65% Feb
4
117% Jan 22
5% Jan 20
7
48% Jan
70% Feb
4
88
6
70%
Oct
Jan
18%
Jan
584
Jan
123% Nov
69% Deo
I684 Deo
Jan
110
3% Apr
32% Apr
57
118
1
Jan 19
35%
..
1
Mar 20
34
100
May
19
20%
4.700
July
110
104
Gen Steel Cast 16 pref. No par
Gen Theat Equip Corp. No par
Gen Time Instru Corp No par
Jan
68
2
100
preferred...
Feb
14
65% Jan 18
8
23
71
64% Jan 29
8
Oct
No par
4%
Dec
8
Sept 27
Gen
5%
3%
lTgSept
3,100
Railway Signal
152
Oct
Sep
55%
par
S0 preferred
Sept 27
l%Sep, 25
...No par
General Printing Ink.
200
30%
17
49
33%
26%
100%
*48%
'16
Dec
4
34%
12%
%
60%
Mar
126% Mar 31
52% Jan 23
Oct
9
65
5034
Deo
64% Jan 21
13%
66%
31
%6
Jan
28
44% Feb
65%
30%
11 <4
Jan
8
13%
*48
Oct
684
6
6534
16
165
7
Oct
id
30
Jan
141
4
32% Oct
No pa¬
110
No par
*25
Deo
Nov
4
32% Mar
65
Apr
70
20
40%
100
Gen Public Service
"2
5
104%
Apr
Apr
No par
preferred
7%
2,400
1
Oct
26% Sept 27
10«4
No par
6,200
'
26
100
Jan
42%
Nov
Flee trie
9,500
30%
No par
8% May
97
30
105% Aug
17% Nov
14% Nov
Feb 11
Feb
14
Dec
Food*
12
5034
153
Nov
15%
General
16
'32
6
Sept 25
Sept 27
11% May
100
General
11%
29l2
117% Oct
4% Sept 27
Feb
7% Aug
9,300
15%
*48
9
12
Dee
80,200
1634
'16
..
Oct
7% cum preferred..
100
General Cigar Inc.....No par
WW WW***
12
50 %
l.c
8%
2%
2%
25%
9
6
No par
A
15% Mar
105% Jan 5
86% Feb 17
19% Jan 14
No par
78
1
1134
3034
*48
Class
1,500
1,200
1
8
Bronze............6
1534
*62
preferred
8
2
19% Feb
Oct
Cable
12%
68%
13%
63
$8 1st
8% Oct
Aug
98
Jan 16
33
106% Jan 28
Oct
Feb
53%
Jan
44%
General
16%
7938
Baking
8
Feb
Apr
384
6
General
24
*65
'8
20
,
1,800
100
105
No par
6,900
15%
13%
preferred
General
24
70
2914
51
%
12%
30
$6
0,400
1238
13
*68%
Gen Amer Investors..-No par
16%
11%
68%
12h
3178
31i4
51
%
1512
1178
70
*65is
"2
2H4
*24
70
*
'~2
1234
143s
32
100%
173g
1214
70
*48
k
100i2
4,400
'
Oct
35%
Deo
Nov xl35
Jan
z39%June21
7%
23% July
108
Apr
8
45%
127
97»4
47%
8
68% Nov
July
31%
8
3
63
8
Oct
93%Sept 11
June
24% Apr
9634 July
4
Oct
6% Oct
3% Aug
32
Jan
10
Gar Wood Industrie* Inc
Gen Am Transportation
73
Dec
48% Jan
28
3,300
m'im*
Mar 25
10
16 pf..No par
4.100
32% Jan 13
117
par
.....
conv
9
7% Mar 3
15% July 19
1
13 preferred
Gamewell Co (The)....No
Gannet Co
7%
12%
105
2434
8
234Sept 10
120
6
12%
105
Oct
Galr Co Inc (Robert)..
56%
*119
7
24
Gabriel Co (The) ci A..No par
45
46%
48
47% 157,200
600
116% *116% 117% *116% 117
*32
37
33
33%
1,500
32%
7
83
2,800
47%
714
12%
9
50
55%
120
June
2,900
105
*39
55
7
mom
Jan 14
F*k'nHlmonAColno7% pf 100
3
w
25% Mar
183a Jan 12
16 2d preferred......No par
200
9
6
Fuller lOA) prior pref.No pa*
300
45
6
50
16%
40
30% Sept
Oct
100
42% Deo
6684 Deo
34% Deo
ii84 Mar
48% Deo
1
3
40% Sept
Deo
36%
10584 Nov
1
Jan
Jan
Jan
Feb
Apr
6
Oct
...-10
20%
/24%
100%
5
5
Freeport Sulphur Co
6% conv preferred
28
135
9
88
70
96
*90
3
140
734
734
734
7%
7%
834
8%
9%
834
8%
*90
100
105
100
*90
46
46
4634
4634
44%
9
9%
9%
8%
9%
130
117% *118
*117% 130
5
5
4%
4%
434
14
15
14%
14%
13%
28
28
28
28%
29%
*22*4
100i2
2h
2%
28
17
54% i-eb
Oct
107%
52%
46%
58%
39%
9%
par
conv
FranUbco Sugar Co
6,100
30
49«4 Nov
9
2% Sept 10
104% Sept 30
25
Sept 25
12
Sept 27
6%
96
preferred...No
115% Nov
Apr
No par
1,900
24%
3
17
17
........10
.
Dec
38
Sept
Aug 23
share
105
98
8
Oct
per
9
58
31
Highest
share I
per
45% Jan 18
39«4 Feb 19
41% Mar 11
108% Mai
6
35
Foster Wheeler
10
1434
*92
25%
*
100%
2%
2%
22% *20% 22%
34
35% 35%
*
5,600
S
snare
88% Oct 8
19
Sept 25
t lollansbee Brothers. .No par
Machinery Corp
100
.100
per
Feb
Mar
Feb
Feb
Mar
Feb
Apr
31
AV-i % conv pre!
7
Sept 13
24%8ept27
9478 oct 8
30
Sept 25
16% Oct 8
No par
Florehelm Sboe class A.No par
Food
350
5%
No par
Florence Stove Co..
2,100
2,500
Oct
77
Lowest
Highest
S
share
25% Sept 30
Rubber...10
6%
30
14%
17
W m) Soil* Co .No par
<
tire*tone Tire A
per
31
FlliiUote Co (The)
90
97
*10434 106
106
212
26
26
25*4
7%
I'ire In» N
1,400
"5%
*25
FUene's
800
t
Dept Stores 4H % pl-.lOO
Fkiej Bhen
9,300
27%
67% 593s
*118% 119% *118% 119% *118% 119%
*34
28%
*
Fed
3034
21%
100 Share Lou
Lowest
18%
313s
3
Basis of
On
far
500
37%
88%
Range for Previous
Year 1936
Range Since Jan. 1
8TOCK
preferred aerie* A... 100
Flint National Store#--No par
28%
27%
27%
27% 27%
*110
121% *110
121% *110
121% *110
121%
44
40% 43%
40%
43%
42%
44%
41%
33
32% 3334
3234 33%
32%
3234
32%
1%
1%
1%
1%
1%
1%
1%
1%
33
50
484
13%
15%
28%
*110
*58%
117%
5
12%
28%
29
*38
9
9%
*117% 129
115
*28%
50%
9
*117% 129
*117% 129
*5
*5
5%
5%
16%
15%
15%
16%
*90
7%
*94% 100
48
9%
9%
16%
8
734
834
9%
9%
*94% 105
51
51%
*25%
*92
3
3%
7%
10
3,100
114
*15
7
29
26
94%
24
24%
25%
105% 105% *105
*27
*3
200
3,900
67
15
7%
28%
7734
32%
*55
29
3%
21
07
15
3%
7%
♦2734
*2%
37%
88%
5%
*25%
734
9%
9%
*94% 105
51
5134
90
16
3%
8%
2484
105%
31
23%
"5%
*55
*23%
25%
94%
36%
10%
89
29
7%
8%
38
15%
3%
8%
3%
7%
*24%
38
*
5%
67
*105
3
29
3%
*7*4
8%
♦
"24% 25%
105% 105%
26
5
5%
*
105% 105% *105% 106%
*29
33%
33% *29
16
90
"~5%
5%
♦
20
*25%
•
95
53s
5%
2%
7734
31%
30
3
3
Week
Shares
26%
33%
3
Oct. 8
77
*32
YORK
EXCHANGE
$ per share
7
33%
NEW
the
Friday
% per share
% per share
80
32%
34
*20
Wednesday
Tuesday
Oct. 9,1937
Jan
105
106
Jan
2
Apr
26% May
6%
June
Feb
Deo
118% Mar
4% Deo
48% Dec
33% Apr
32% Apr
71
Deo
89
Deo
3384 Jan 25
17
43% Feb 11
24
Aug 30
30% July
31*4 Dec
44% Nov
Jan
20% Feb
1
88% Feb 23
29% Mar 9
90% Mar 9
51% Jan 28
68% Jan 18
Oct
6
July
13%June
Aug
70
*19% "Oct
90
Jan
Jan
27% Nov
Oct
92
37% Dec
62% Seut
55%
Jan
66
Dec
684
84
Nov
2
'
3
234
3%
26i"2
t
70
30
30%
*100
101l2
101
7
*6%
*70
2%
2634
23l2
6914
305«
66
66
27
29i4
95
99i2
6i2
*70
278
334
378
*-— 100
101
6l2
80
278
4
100
25%
69i4
2978
26l2
*69%
3
3
378
37g
100
"
*70
2i4
2%
7
6
65«
*143,
212
15i2
*23
24
2i2
*14-%
2234
15%
23i4
3214 3212
155,
155,
3812
40i4
31% '3112
*13314 135
,
50i2
*26
1214
*9i2
*1%
*28
*7
*2l4
2i2
HI4
1458
2234 23
3134 3184
1434 1558
3514 373S
3034 3134
13314 13314
*50i2 55
32
3178
1512
375g
317S
16
40
3178
13414 13414
*50l2 55
S012
27
26
2614
23
1212
9*4
I2I4
12B8
Ills
1%
1341
*28
8%
35
*634
8%
29
*29
291?
*25
28
28%
*27<%
28
*273g
33
*31%
3234
9
9
3234
8'8
*24&g
2878
3234
32%
9%
*26
9%
27
*26
27
*102% 104
104
104
*9734100
*30%
132
8%
*733s
*3%
*102
9%
1128
8%
*9%
96
*73.%
3%
105
33s
*103%
9%
934
*99% 105
*125% 154
24
*22%
*123% 127
*99%
*125%
*21%
*128
*128%
434
130
123
434
434
55
55
55
56
9384
d4
*25
32
9334
*2134
*23%
*25
30
293s
*98
30%
98%
18
*17%
18%
24%
24%
24%
*110%
46%
47
46
31
31
*29%
*17
1738
*56
58
*88
9%
*62
32
98%
*110
17
*56
89
*88
9%
64
*
m
*70
4,300
214
14lg
*1934
2%
14%
21%
2%
15
15
2134
2134
30
31
29
14%
15%
383g
15
37
39
3084
2%
36
30%
*51*
11%
12%
10%
11%
26.500
9%
1,100
1%
1,400
28
*27
28%
*31%
85g
33
*273s
*31%
*24%
26
8%
*834
*25
9%
1%
27
9
*6
*26
32%
28%
*27%
*31%
33
30
55
9%
134
30
27
30
8%
;
2934
26
*20
56
93%
30
98
16
24
23%
24
iio84 111
~4~6~%
28
28
1534
23%
23%
*111
*111
30
15%
16%
*53%
55%
*54%
88
*88
11
3%
17
32
9%
*28
*_
2%
2%
6%
1034
9%
2%
3%
1534
14%
31
50
~*9%
55
7%
prices; do sales
PC—a
■
10%
on
*28
■
-
~*9%
this day
4634
46%
47
93g
5834
23s
9%
58%
2%
15%
47
29%
*84%
90%
10
9
58
9%
60
Water
preferred
100
Hanna (M A) Co 15 pf.No par
Harbison-Walk
Refrac.No par
0% preferred...
Hat Corp of America cl A
6H% preferred
Hayes Body Corp
w w
Oct
5
10% Sept 25
9
Oct
7
i%Sept
26% Sept
6
Sept
25%Sept
11
27
22
Apr
39% Nov
16% Feb
14»4
Dec
17% NOV
11% Mar 18
434 Jan 11
9%
Jan
1984 Mar
25
69% Mar
3484 Feb
0
30%
Jan
8
30
Jan
62%
34%
30
7
33
June
20% Feb 10
Feb 16
14
Jan
Feb 18
*104
Dec
Oct
6
105
Jan 22
100
June
Oct
8
Apr 13
6
Jan
55
Doe
Jan
135%
Deo
Jan
104
Nov
Jan 14
96% Aug 25
120
Feb
9
117
May
141
Jan
166
Jan
6
150% July
25% Apr
105
Deo
May 22
Oct
6
49% Oc% 8
15% Jan 25
39% Feb 11
185
Deo
Apr
67% Jan 211
stk-No par
55
Manhattan.... 100
100
0% preferred series A
50
46
47
48
48
150
Leased lines 4%
*9%
10%
*9%
4eo ctfs series
r
I
6
Oct
6
73
Jan 11
94
Mar 20
Jan
Dec
544
39% June
44%
22% July
54*4 June
33
Feb
z78% Nov
Jan
13%
Dee
Jan
05
Dec
30
June
Jan 20
58
Jaa
25% Mar 11
11
May
9% Sept 25
Feb
Mar
6%
15% Jan 21
23% Feb 17
3% June
8% Apr
13% May
72
/
Oct
48*4
46
lOOO
Oct
Dec
17% Jan 22
...100
Ga-ib sale
Deo
Dec
90% Mar 10
6% Jan 21
07% Mar 11
7
33*4
42%
407
38
Oct
49%
124
115
28
Sept 29
Jan
Feb
Feb
100
1
80
119
108
100
Hupp Motor Car Corp
500
2%
Oct
5
19%
Jan
6% July
1
984 Sept 27
2% Sept 25
14% Oct 8
No par
15%
\ew Htoon
Jan
41
28
RR
Jan
27% Feb 11
2%
14%
-«
June
9
30%
6
5% preferred
100
108
5
28
lellvrry.
62»4 Feb
Jan
Oct
55
Sept
3084 Mar
Oct
t C..25
58% Sept
102
4
15
5
Illinois Central
Jan 19
June
29%
v
Oct
150
No par
Sept 25
85
Sept 28
8% Sept 27
41
Jan
135
43% Jan
11484 Mar
50% June 29
43%Sept 25
21%
Jan
23
6
Mar
Aug
110
Aug
Mar
84
100
Sept 13
9
133
4%
120
No par
100
11,700
12,100
Sept 25
Jan
Apr
99% Dec
12% Aug
3
120%
5% preferred
3
24
Feb
115
135% Feb 2
6% Sept 15
Sept 30
15% Oct 8
Howe Sound Co
18% Nov
8
117% Aug 13
Holly Sugar Corp
Houston Oil of Texas
30%
Feb 26
1,500
Hudson 4
6
107
98
2,800
Nov
12
6% conv preferred..No par
Hollander 4 Sons (A)..
5
13* 700
15% Deo
32
125% Nov
105% Mar
120
2,600
com
Oct
Deo
Aug
Feb 26
37
par
37
Deo
17®4 Jan 11
68% Mar
140
111
12 50
Jan
31
60
Aug 11
2% Sept 10
99% Sept 13
884 Oct 8
384
Class B
0
July
108
7
Household Fin
Jan
24
9
6
Houdallle-Hershey cl A. No
Deo
6
8
400
484
9
Oct
7% preferred
1% July
Jan
2
Oct
Oct
17% Mar
5
Homes take Mining
8
June
25% Apr
24
65
39% Mar 10
27
13
June 29
9784
60% Mar
59
26% Apr 17
8
Sept 25
103
64% Mar 10
Oct1
Hudson Motor Car
10%
149% Aug
23
125
13,300
Paf
Jan
Jan
115
10%
a
31
136
100
30
Dee
2
6634May 20
Oct
6,000
44
2
No par
300
In receivership
Jan
90% July
4% Feb
11% Mar
6% Jan
x25% Nov
42% Jan
Oct
1534
t
32%
31% Apr
105% Deo
14% Deo
145% Mar
93
30
Apr
Apr
6
Oct
24
3,500
16
Oct
Dee
July 21
50% Sept 14
Powder
conv
3%
1
8
35%
86% Nov
Sept 24
30
6
31
10
6% Jan 22
2784 Feb
48% Feb
35
132
May
*28
15
June
1% July
7% Feb
10% Feb
118
62% Nov
22% Oct
46% Oct
42% Deo
140
31
15%
Jan
2
Jan
Hercules
8%
9%
77
9
16
20
*7
3
5
Jan 12
6
No par
900
1034
Jan
484 Feb
15
8
Motors
S4
Dec
8% Apr
Jan
90
preierred—No
90
21% July
zlOO
47%
100
par
Mar 11
13% Jan 18
28% Mar
8
Chocolate....No
47% Mar 11
Jan
8ept
7
Hercules
Hershey
13%
74
6
....100
6% cum preferred
Rights
50% Mar 11
Oct
128
Hecker Prod Corp v t c-No par
25
Feb
87»4 Mar 11
141
Jan
6% Nov
116
14% Oct
29
1
25
Feb 17
24% Aug
28% Jan
100
2
Hazel-Atlas Glass Co
2%
10
No par
6%
*2%
10%
25
10
2%
8
...25
7% preferred class A
Hall Printing
2
Sept 14
14
Sept 25
2134 Oct 7
3%
8% Feb 19
par
200
90%
60
100
Sept 11
70
Sept 27
2
Sept 25
534 Oct 6
6% Feb 25
115
Hinde 4 Dauche Paper Co. 10
Holland Furance
..No par
5,800
55
6% preferred
500
16
*53
*7
2%
4634
*29
.
55
7
3
23%
—
.10
No par
preferred..
100
Gulf Mobile 4 Northern..100
30,300
*96
27%
par
8%
280
100
30
"
2,700
2,100
24
97
preferred
Guan tanamo Sugar
Preferred
24
15%
23%
Greyhound Corp (The).No
Helme (G W)
30
1534
9%
8,500
*24
29%
90
800
800
15
59
~2~6o6
53
93
97
Green Bay 4 West RR Co. 100
Green (H L) Co Inc
-.1
10
1,600
49%
*92%
1634
*88
4,400
57
56
8934
10
93
26
100
Hamilton Watch Co
50
93
16
Western Sugar..No par
Preferred
Hackeii8ack
1.600
*53
97
Great
60
33
1534
Gt Nor Iron Ore Prop .No par
Great Northern pref
100
"""166
28»s
834
8%
*2514 2534
103% 103%
9%
2914
50
91-.
93%
26%
884
Bid kind aaked
56
16
58%
212
7%
10i8
278
1434
*29
56
9334
98
10
*
240
12%
9%
26
63
16%
32
1,400
11%
2734
934
3
20,300
2,200
98%
1712
61%
1034
3%
1034
38
30%
13434
2434
28
.5
14%
2334
♦273s
-1
15%
25
*6%
Motors
Granby Congo! M S 4 P..
30%
25
9
6
Grand Union Co tr ctfs... ..1
24
9
6
Oct
6
13 conv pref series...No par
Granite City Steel
No par
Grant (W T)
No par
23
*1%
Oct
9434
900
3,500
7,500
7
26%
800
15
Oct
par
3,400
30%
Sept 25
No par
100
Graham-Paige
23
No par
15
31
3I84
133% 135
*28
preferred
conv
Aug 25
65%
22
23g
55
1%
15
Gotham Silk Hose
2% Sept 13
3% Sept 8
100
par
15
*51
28
6% preferred
No
Goodyear Tire 4 Rubb.No
*20%
2934
55
1%
-.1
Preferred
35*600
6
2%
.1
Goebel Brewing Co
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
75
2%
*9
32
1,900
684
*50%
27
*70
Gobel (Adolf)
2,900
2%
133%
834
6
75
16
734
ioi9
75
56
2&S
*10
37,500
9734
6%
17%
2%
51
28
95%
61
57
*7%
16%
26%
983
6%
4534
29%
8%
11%
*29
2S34
98
6%
35
~
2%
*_
28%
97%
6%
98i4
16%
2358
*110l8
45%
30%
29%
m
*7%
3
600
26
46%
*2%
ios4
15*600
67
.
94%
18
25
67
104
103
104
*103
10334
*
*9784 100
100
9784
9734
100
28
27
24
29l2
27
27%
"26% 27
132
*12612 132
*126% 132
*126% 132
*126% 132
11
9
9
8
'■•v 8%
884
8%
*8%
9
96
*733g 96
96
96
*76%
*73%
*73%
96
338
3%
338
3%
3%
3%
3%
3%
3%
105
100-% 10278
100
101
99% 100
100% 100'
9%
9%
934
9%
9%
*9%
9%
884
9%
*91
105
102
*91
102
*91% 101
*91% 101
154
*125% 154
*125% 154
*125% 154
*125% 154
20
23%
20
21
21
2034
2134
*20% 22
121
121
123%
115
118
121
118
118
117%
128
130
127
127
128%
127% 127%
125
125%
4%
438
334
484
4%
4%
4%
3%
4%
*53
30
"23%
66%
*103
*93%
*98
25%
65%
2 7"
*9734 100
2934
3034
31
132
25
66
25%
2%
*6%
*273g
100
6
8
*612
2%
3%
it
238
28
*26
2%
3%
100
6
*30%
33
384
*
238
134
*28
234
334
2U
584
*
25l2
12is
9i2
9%
1%
35
6
*70
258
7
2i2
26U
94«4
75
212
7
2%
"23"
6i2
2%
100
66
258
*67,
'
24%
6i4
80
234
334
*
5%
Jan
17% Feb
22% Nov
4% Aug 17
Fx <livv Fx rignts
Mai 17
18% Apr
29% *Oct
54% Sept
73% Oct
20
1 Called for retefoptioa.
Oc
Volume
%
LOW
Saturday
Monday
Tuesday
Wednesday
Thursday
Oct. 2
Oct. 4
Oct. 5
Oct. 6
Oct. 7
Oct. 8
9i2
30%
9%
3012
*9%
10
30i2
*103% 108
30%
*130
$ per share
$ per share
$ per share
138
9%
28
9%
29
247g
105
105
*101
10434
*130
138
*130
135
9%
9%
900
27%
2,500
99l2
97
28%
9934
9%
100
100
99
*130
138
*130
82
14%
15%
1578
43g
16%
14%
4i2
1334
43g
15%
412
»43g
4%
4%
5
5%
5
5lg
5%
5%!
5%
35
353g
35% 3512
1097g
*101% 109% *101
4%
434
*4i2
434
33
33
34
34
101
101
*101
102
101
101
4
4
14%
4%
5214
5134
15%
15
15«4
6214
62
136
140
7%
6%
7%
15.500
6i8'
5%
6%
3.000
8*4
9%
8*4
8%
83s
9%
8%
834
4.200
48%
50%
47lg
49%
4834
5118
4734
50%
89,500
13%
412
54
6034
4634
22l2
46%
40%
22i2
22l2
22%
*2214
23
41
41
40%
40%
3I84
40
40
38
90
*3214
38
29
*81
90
*81%
7%
8
734
18
17%
*13U
14%
*25
2634
13212
*80
*2434
*80
99%
123
123
123
104
105
10484
*103
24l2
*118
,
25%
25%
80
80
80
*81
13
13
12%
24%
60
60
90%
24
*81
82%
12V
*12
13
90
93
8,200
125
50
101
100
101%
22%
22
24
24
*22i2
185s
♦18U
18&S
18
18ig
*17%
19
1784
1784
17%
18
1,100
*91
93
85
90
*85%
93
85
85%
85
85
300
14
*13%
143g
13
13%
12
13%
1234
1234
12%
12%
1,300
*934
10U
97g
*100% 101
9
912
934
984
9%
1,900
12%
*31
21
*20i8
*7
12i2
12%
12
12l2
1178
12
12
12%
2ll84
31
30
31
30
30
29%
29%
29%
30
*2712
18i8
20
18
183g
18%
19%
18%
18%
203s
1934
20%
19%
1978
19%
1934
1934
19%
19%
20
8%
7%
7%
7
7
7
7
7
7
7
18
24
24
170
11
10
1778
9%
18
9%
*1934
20%
1934
1934
1934
1934
17%
17%
10%
1634
*16%
9%
8»8
16i2
8ig
1634
9
984
22
24%
*7
i
*108
170
10%
9%
9%
9&g
1%
1%
1%
1%
7%
.
33
31%
13%
13%
32%
32%
54
56%
9%
*25%
*91%
95
*90
92%
93
93
94
94
92
93
161
*159
161
*159
161
*90
*19
19%
19
19
39
39
39
39%
35
36
53
*53
56
50
52%
*46ig
21%
20
21%
193g
66%
68%
69%
1%
4034
1%
41
72%
106% 106%
106%
1%
40%
4%
*25%
1%
1%
38%
41
9%
10%
9%
*27
27
*25
27
92ig
92l2
*90
93
*89
90%
3514
20
69%
71%
70%
6678
105% 105%
ll4
18s
40
19
38%
138
40
1%
1%
38
39%
39
29,800
67
7034
10584 10584
105% 105%
1%
5,400
500
16,200
1%
4,400
39
4
4%
4
4-%
4%
4%
43g
4%
4%
4%
25
25%
25%
25%
255S 26%
27
25% 25%
26%.
106%
106% *105
106i2 *105
106% *105
106% *105
106% *105
18
19
1834
19
1834
19l2
19
19%
20%
1934
19% 20
134
*120
134
13434 *115
13434 *115
134
*125
*125
13434 *125
18%
18%
*17-%
18%
*1712
I8I4
18%
17%
18%
18%
18%
*17%
6734
6684
68%
68%
69
70
73
73
73
*70%
73
71
24%
2434
23%
23%
21%
24
23
24%
26%
25%
24% 24%.
*26
2934
28%
28%
*2714
30
30
*27% 30
*26%
*28% 30
4%
*25%
*105
*127
*
-
-
*127
*127
*127
3184
32
31
31%
28%
303s
27%
38
38%
37
38
35%
37%
3538
*12%
12%
*34
35
4
4
*
12%
*32
*3%
*11%
12%
12
12
3334
32
32%
31%
4%
*3%
4%
*3%
—
28%
3712
12
32
4%
10%
*8%
8%
2%
8
8%
1%
8
*1%
*1%
*6
9
*6
*12
*1%
13%
2%
13
15%
13
14
8%
9%
15
15
15
7%
8%
7%
8
8%
11,200
2%
♦6
9
11
12
*11%
13%
11
11
100
110
32
:
1%
*30
8
.
134
*1%
2
*1%
2
32%
*30%
32
*30%
32
36%
33
33
17%
17%
18
1634
17%
15%
16%
16%
16%
15%
1634
18
18%
16%
17%
1634
17
17%
18%
18
19
18%
4%
4%
37
5
434
37
*36%
28
28
28
*149
155
*148
51%
51%
*45%
*7%
7%
7%
*30%
*30
34%
44%
*97% 106
17
17
*30%
*30
434
37
28%
155
51%
73«
32
44%
*97% 106
17
17%
4%
35
27
*148
46%
7%
*30
*30
4%
36%
2734
155
4784
7%
32
44%
*97% 106
1034
16%
4%
33
26%
4%
33
2734
*148
155
47
47
7%
30
7%
30
33
27%
*148
48%
27
27
3,200
*148
155
47%
49%
7
7
30
.
6%
26
47%
""800
6%
1,000
300
28
*30
*30
*30
*97% 106
16%
16%
*97% 106
16%
700
2784
*26
1,200
34
34
33%
155
9,400
16,300
4%
16%
*97% 106
10
*
16%
2,600
25>
Exploration.. 1
Midland Corp—...5
Market Street
200
18
4%
Marine
0%
1784
*4%
deposit
*1
1*8
2%
No par
100
100
...No par
Preferred
Mandel Bros
Maracalbo Oil
9
2
.No par
preferred
Mack Trucks Inc
Manhattan Shirt
*6
2
No par
Lodo Star Cement Corp No par
Long Bell Lumber A...No par
Loose Wiles
Biscuit—.—25
5% preferred....
...100
Lorlllard (P) Co
10
7% preferred
100
Louisville Gas 4 El A ..No par
Louisville 4 Nashville
100
Ludlum Steel
1
MacAndrews 4 Forbes
10
Inc
1,500
*1
12
10.50 preferred......No parr
Loft
2,700
1%
2
Liquid Carbonic Corp.Ns pa
Loew's Inc.
No par
2%
9
13%
8
8
8
1434
"
2%
8
8
2
1
Oct
2,700
8
*12%
18% Oct
Oct
8
*6
12
May 20
151
04% Jan
4
104% Sept 25
1
38
Sept 23
4
Sept 13
15% Mar
2
5
25
May
4
97
Mar
Aug
114
Jan 28
175
Jan 13
8
z3834
127
July
7
8
14734 Jan 20
2884 Jan 13
8
6
28% Oct 7
127% Aug 10
27% Oct 0
Oct
43% Jan
107
May 12
132% Feb
Ry
preferred
prior preferred
6% 2d preferred
Marlln-Rockwell Corp
0%
100
100
100
—100
1
0
4%May 14
9
Sept 27
10% Sept 10
Jan
Sept
Jan
26%
Jan
161
140
Dee
20
May
30%
Jan
102%
Oct
Oct
35
Feb
42
Jan
Oct
33
134% Nov
127%
Jan
27%
Jan
49%
40%
Apr
65% Nov
8%
Jan
15%
34%
Jan
57
Nov
1%
Jan
9
Dec
7%
Jan
Mar 30
30
Jan 11
Oct
Deo
35% Deo
0
7
June
18
Nov
16% Jan 11
Jan 14
32
Dec
57%
Jan
6
Sept 27
10% Jan 20
12%
Dec
23%
Feb
5
29% Jan 30
17% May
24«4
Deo
Oct
13
2% Sept 13
034 Feb 17
7% Sept 27
1
Sept 10
7
Sept 8
Oct 0
11
14% Feb 13
1% Sept 14
Oct 5
32
Oct
6
14% Sept 20
of name from Intern
45
113
39
8
1538
d Change
Oct
Apr
Sept 25
8% Oct
Martin (Glenn L)
Co.—No par
Co
1
No par
MasonlteCorp
No par
Mathleson Alkali Wks.Ne par
7% preferred
100
May Department Stores—10
Maytag Co
No par
$3 preferred w w
No pa*
$3 preferred ex-warr. No par
f0 1st cum pref
No pa*
McCall Corp
No par
Feb
Deo
8% Mar
14
Marhsall Held 4
Martin-Parry Corp
61%
9
7
21% Apr
3%
Jan
22% Jul7
4l34Mar 11
36
Feb 11
Deo
55
67% Deo
108% July
May
67%
Mar 17
63% Nov
Apr
Jan
21%
28% Feb
99
Jan
A04% Feb
35%
3%
110
6684
25%
2
8
Jan
Jan
Jan
75% Mar 11
IO84 Jan 26
2
Nov
31%
115
Feb
Apr
8
13
Dec
43
Oct
Nov
80% Nov
23%
July
Oct
65
170%
36
Aug
12384 Nov
2l»4 Nov
Apr
19
Jan 23
Nov
116%
26% July 26
87% Aug 11
110
45% Nov
9784 Mar
160
Oct
23%May 5
83% Feb 15
63
Aug 14
18
21% Oct
May
29
25
17% Sept 30
Jan
47%
105
—
Jan
7
3% Feb
June 22
9
Jan 16
113% Feb
Oct
X Manhattan Ry 7% guar. 100
Modified 5% guar..-r.. 100
*1%
*6
Sept
19
50
13g
*1%
88
40
Pref ctfs of
9
8
1%
9
89% Sept
33
15
32
*32
60
"""266
8%
8%
9% Sept
Wks.No par
No par
Link Belt Co
2%
14
15%
*14
8%
234
234
25
100
Lima Locomotive
0%
2%
2%
38% May
79
7% Jan 12
1234
1534
58% Jan
3% Sept 11
10%
234
12% Sept 25
31% Oct
12
10
*9
*784
Oct
89
6
Copper
1284
*15%
9% Apr
May
18% Jan 18
43%June10
21% Feb 11
Oct
% Manatl Sugar
...100
Certificates of deposit-100
11%
8
Feb
19
Magma
*8%
3%
Oct
4
800
*9
15%
22
July
2
384 Jan 18
200
*10%
8
180
Jan
Jan
July
8%
24% Mar 17
4%
12
26
734
15% July
2084 Feb
18% Nov
I884 Deo
1
203
8% Sept 27
1% Oct 8
i) Sept 13
12%
12
50% July
7%
30%
*3%
June
15%
30
4%
*8%
3%
1
*11%
12%
33
*9
*15%
6
10%June 14
30
Oct
8
*10
7%
Mar
1784 Mar
3538 Oct
12
734
Jan
41% Jan 14
No par
Card..No par
1234
634
33%
32
Macy (R H) Co Inc
12%
*15%
Jan
20% Apr
Madison Square
*9
20
28
500
*9%
*17%
19% June
8,200
12
25
Nov
24% Jan 14
27% Jan 14
4", 700
11%
*17%
Deo
51
37%
10%
17
135
29%
*3%
18% Nov
Feb
74%
36%
32%
32% Nov
3584 Aug
Jan 13
28%
*11%
Nov
01
47% Jan 23
38
*9
17
100
Apr
4% Apr
30
4%
9%
1,100
5,000
Apr
20%
37%
12-%
*8%
"TOO
6
2
29
1234
1%%
6,300
30
Feb 30
62% Mar 8
68% Mar 8
15% Jan 20
63
Mar 10
*9
*8%
900
*128
*128
*11%
ll7s
3,600
Deo
Jan
Feb
Preferred
20%
46%
7%
3% May
Sept 24
Lehigh Valley RR
Lily Tulip Cup Corp...No par
20
Oct
Jan
18%
Oct
108
Lehigh Portland
""206
20%
24%
Apr
94% Apr
"2" 100
500
17«4 June
12
Liggett 4 My ere
Series
B
1,600
8
4684 Apr 14
9% Mar 30
Jan
63% Nov
1
25% Sept
34
Jan
61% Feb
No par
5
Tobacco.. 25
46
28%
Jan
24%
107
Sept 25
LIbby McNeill 4 Llbby
Life Savers Corp
33
Feb
28%
20
3,900
46
Dec
87
Nov
110
27% Mar 11
5
8
14
24
25
36
17%
4
09% Mar 10
24
8
Oct
6
50%
19% Jan 14
Feb
>33%
Sept 25
8
52% Oct
35
Dec
15
Llbbey Owens Ford Gl.No par
49
Jan
19%
15% Jan 16
1,200
3512
Dec
80
147
5,100
50
23%
29% Jan
2834
300
27% Jan 18
Jan 14
23% Feb 11
35% July
(The)—No par
Lehn 4 Fink Prod Corp
5
Lerner Stores Corp
No par
600
Q9
92.84
90%
93%
92%
*159% 160%
*159% 161
*159% 161
19%
*18%
19%
*18%
1914
*183g
*50
21%
lOU
253g
1,900
Jan
15%Sept 25
Lehman Corp
1%
Apr
17
48% Aug
36% Nov
No par
5
1,600
1%
Apr
26
No par
Lee Rubber 4 Tire
9,200
1%
121
Jan
Lane Bryant
6%
*1%
Deo
50% Deo
,
Lambert Co (The)
31%
884
14
52%
100
Deo
133
Jan
71
5
9% Oct 6
1834Sept 27
Dec
120%
19%
20% Mar
Oct
Feb
13
109% Feb
5
Oct
93'8 Nov
152
44% Jan 16
35
Mar 5
110
Sept 11
17%
6%
9%
Mar 17
10
No par
29%
"5",000
9%
Mar 17
29
19% Oct 6
6% Sept 14
105 May 11
28% Sept 29
preferred...
12184
Sept
126
Jan
121
28% Sept 29
18
Sept 10
6%
2
Jan
31% Nov
May
8
No par
No par
Laclede
88
Sept 27
28%Sept 25
3% Oct 5
No par
Bak.No par
Gas Lt Co St Louis 100
68%
8
Oot
Apr
22'4
Apr
113
5
Jan
39% July
116
Nov
1
Co
Jan
6
40
Kroger Grocery 4
15
Feb
107
24% Aug
40
Co No par
Kress (8 H) 4
4
Jan
8
8% Sept 13
May 29
100
Aug
87% Jan
82
Oct
Klmberiy Clark.......No par
pitferred
Nov
19%
37% Nov
Apr
1038
75% May
1184 Sept 25
Kresge Dept Stores
93
100
A .No par
No par
Kresge (S S) Co
June
11% Sept
Jan
11
1
preferred
50
17% Sept 20
Oct 5
Kelaey Hayes Wheel conv cl A1
$5 prior preferred
Feb 19
Feb 15
85
$8
110
136
Kayeer (J) & Co
5
Keith Albee Orpheum pf.,100
(G R) Co
Nov
126
6
Feb
35
8
Oct
Oct
i
53%
Oct
Apr
8
20
Oct
Oct
30
Apr
Oct
9
Deo
11%
!
15
Mar 18
115% Apr
4% conv preferred..
9
v
22
Cement—25
100
50
Lehigh Valley Coal
No par
6% conv preferred..
50
1,700
170
*108
56%
10%
71%
600
35
26%
71
1%
4,000
2,400
54%
9%
21%
10
70 |
21%
2034
21%
170
160
8
*1334
*25%
*106% 107% *106
21
*108
300
5,600
17
*32%
27
21%
16%
16%
22
8
1634
5378
57%
19%
800
16%
16
14%
3214
13
*159
*18%
8%
6%
52%
97s
253g
93
16%
8%
31»4
31%
*25%
16%
6%
13%
*90
19%
29%
34%
1034
19%
6%
13%
58%
22
29i2
33
10%
*20
6%
14
58
1034
2834
35*%
27
10
6%
*34%
10%
17%
10
32%
*13
59%
18%
10
6%
14
10%
18%
29%
36%
*58%
6,100
29%
18%
170
21i2
23%
*108
170
I6I4
18
16%
18%
1%
1%
7%
36%
18lg
10
33
*13%
1778
*9%
*108
10%
1%
18%
18%
24%
*108
7%
18%
*97o
*9
9
470
7%
29%
34
*29
29
29
34
*29
10
Deo
8%
47
155
6
Kinney
23
26% Jan 30
30
Apr 15
Oct
8%
34
*29
pref. .100
100
pf ser B No par
Keystone Steel 4 W
61% Nov
14%
4
1
Oct
120
Kennecott Copper
10%
Jan
90
.No par
100
B
Jan
15% Feb 19
17
Class
3
19%
30% Jan 18
107% Apr 6
100
100
Dept 8tores.S12.50
Kaufmann
83, Jan 30
57% Feb 16
2834 Jan 25
127
preferred
4%
Jan
24% Sept 10
Sept 23
57% Sept 27
City Southern
Kansas
384
ill6
No par
Preferred
Feb 16
'
Mar 11
1184 Sept 24
1
preferred
Johns-Manvllle
10
38
*27%
30
2112
17
33
3%
600
40
1684
10
2,500
1,000
*20i4
19%
18
*3%
3%
33
*27%
Island Creek Coal
Jewel Tea Inc
Oct
Jan
Jan
52
6% Oct 8
Sept 27
83
1%
49% Jan
15
No par
1
Corp
Intertype
Feb
2%
10
1
Deo
00% Nov
Nov
136
125%
18
Sept 27
40
8
18%
43% May
19% Sept 22
25% Oct 8
80
Sept 29
preferred...
100
Teleg
No par
Storea.No par
Preferred
10*)
52,600
12
21% Oct
7%
900
29%
*30
19%
9
30
100
Kendall Co S6 Pt pf
21%
11
*10
*3
3%
3%
33g
3%
312
6
Deo
Feb
10%
Jan
Apr 6
9%
Apr 6
68% Sept 22
13534
4% Sept 10
4% Sept 25
43
May 25
Interstate Dept
700
43%
35
18U
18%
4034
31
34
*29
44%
12i2
3%
Oct
54
100
Inter Telep &
101
*99
101
42%
44l8
9
317g
3%
*3i4
*3034
*99
101
4012
4412
40
46
Dec
4% Sept
Kan City P & L
93
45
Apr
No par
100
"2",300
2412
46%
234
4%
13%
160
16% Jan 29
C
Kalamazoo Stove & Furn
*2314
*18i8
453g
Deo
Apr
Class
Jones & Laugh Steel
*90
*99
160
13% Oct
8»4 Sept
270
18
*100% 101
105%
Jan
l27%May
500
20%
101
Deo
Jan
15
$6
*17i2
*100
194
56%
148%
100
No par
No par
1,300
120%
120% *118
120% *118
12014 *118
12014 *118
10%
10%
10%
10%
10%
934
10%
1034
11%
17%
17%
17
17%
17%
1714
18
1758
177g
24%
20
*2034
x21
21%
20
22
2234
24l2
8%
Apr
5
Jan 18
No par
Shoe
"""BOO
IH4
10'4
4
Aug
162
B
International Silver
"""366
*123
94%
125
101
101% 101%
82%
11%
*934
Jan
120
Internat Rys of Cent Am.. 100
5,200
1178
*13i8
189
Class
International
Deo
8
dar 101
Jan 5
International Salt
Deo
7%
6
73%
preferred
Deo
5% Mar
Oct
6
27
6
13
10
5%
4834 Nov
112
Sept
84% Oct
47% Oct
Mining Corp
Dec
144% Apr 30
6% Sept 25
5
Sept 25
1
200
24%
24%
24%
132%
132% *100
60
59%
59%
93 %
92
122% *123
*21
2234 July
Int Nickel of Canada..No par
44,200
16%
15%
17
*81
82i2
122
63% Apr 14
7
600
7%
6%
7%
7%
16%
16%
*57
25
*22
25
24% *22
12014 *118
28%
80
13%
*101% 104
1,000
28%
82i2
123
200
40
7%
94
9012
*122
*122
23
40
81%
1518
60
60
*22%
40%
2934
24i2
25
24%
132% *100
132l2 *100
24%
*80
132i2
61%
94l2 10012
60%
60%
99i2
*59i2
13%
23
*2214
*39%
7
17ig
*81
240
80
7l2
15%
45
44U
*27
90
7
5
45%
2% July
Voting trust certlfs.-No par
4612
*80%
*4%
45%
5%
18%
9% Apr 14
9
5% conv pref
4&g
Jan
9% July
Ian
Preferred
46%
4%
5
4%
5
Apr
2%
18%
inter Pap & Pow Co
240
107
11% Mar 16
28% Mar 11
15% Apr
100
18,100
lll%July 10
5
Internat
61
Sept 20
8% Oct
Int Mercantile Marine.No par
27,600
15%
57%
61%
59
58%
13%
157g
1438
14%
134
134
*134
*134
15
Sys cl A...25
Int Hydro Elec
Jan
Jan
3% Sept 25
1234 Sept 25
136
200
152
7*8
5%
5i2
*81
*151
152
152
7%
18%
Oct
5
Deo
24%
Jan
6%
33% Feb 23
6
Jan 18
3% Sept 11
Sept 11
No par
100
Harvester
Preferred
Nov
May
Int Business Machlnee.No par
Internat
18,100
89%
84%
Deo
122
10%
32
Prior preferred
140
37
Oct
Agricultural.-No par
100
Internat
2,500
141
139
91%
73g
57%
82i2
14i2
2634
600
5,400
6
22%
407g
*13l4
36%
634
4734
*80%
36%
*33%
6
*2112
18
24,000
784
137g
8
177s
82%
14%
334
6%
*46%
*32ig
13%
3%
No par
147
Aug
88% July
1384 Jan 20
100
_
No par
Rubber
Iron
Interlake
May
125
64% Apr 20
100
preferred
6%
Intercom*!
106
6
5
32
30
14%
37g
1
Feb
5
Feb
143
per
July 30
144
6
13% Sept 27
4% Oct 6
4
Sept 25
20
per
131% Mar
79% Oct
No par
Steel
t Interboro Rap Transit--.100
d Interchemlcal Corp ..No par
1.800
4
6
44
407g
4
140
88
152
*151
152
140
3.700
100% 100%
4%
*3412
88%
85
32
2.600
7
62i2
*5
35
91
152
157g
61%
534
*434
86
*132
*132
*132
14234 146%
52%
51i4
34
36
36
37g
35g
4
334
4%
37% 37I2
*3534 40
147
14714 *146i2 147
93
9U2 92l2
93%
*151
152
*151'4 152
8
8
784
8%
63g
6%
*614
6i2
93g
9341
9%
97s
127g
143g
414
13%
3%
4%
137g
4%
43g
127g
1512
4%
1,000
82
33
15i4
33%
83 %
32
14%
Inspiration Cons Copper
Insuranshares Ctfs Inc..;
82
6I4
8
21.100
81
4i2
534
Oct
133% Mar 27
100
preferred
6%
15%
4%
5%
79%
6
16*8
4%
6%
*4i2
6
97
"2" 600
87%
4%
1534
24% Oct
No par
Inland
82
9
10
No par
Ingerfioll Rand
Highest
share S per share
15% Nov
4% Jan
41% Nov
25% May
I
share
22% Jan 20
47% Apr 20
<
share
Sept 10
per
Industrial Rayon
Indian Refining
700
138
*130
138
S
Lowest
Highest
Lowest
Par
29
9%
8934
I6I4
89%
Week
28
88%
1534
89%
EXCHANGE
the
Shares
$ per share
$ per share
$ per share
9%
9%
26
Range for Previous
Year 1936
100- Share Lots
On Basis of
8TOCK
YORK
NEW
for
Friday
Range Since Jan. 1
STOCK8
Sales
CENT
NOT PER
SHARE,
SALE PRICES—PER
HIGH
AND
2349
New York Stock Record—Continued—Page 6
145
3% Mar 29
Jan 21
20
39
Jan 20
*0% Mar 27
5134 Mar 4
30% Mar lu
29% Apr 30
13% Jan 10
Jan
684 Mar
8% Apr
1284 Aug
3% Mar
2%
1%
Jan
6% July
23
Nov
Jan
2% July
45
Nov
1834
66% Nov
11%
Jan
25% Nov
0%
Apr
Oct
6
74
Feb
5
20%
Oct
6
4184 Jan
8
~27%
Apr
Jan 25
153%
142
May 17
40% Sept 25
Deo
May
41
33
4% Sept 25
7%
12
"42%
Mar
Nov
Jan
163
Dec
66% Mar 11
43% May
70
Nov
13%
105
Apr
21%
Deo
Feb
26
Oct
8
15% Jan 11
44
Jan 13
55
Feb
35
June
3
45
Jan 13
44
Nov
60%
Apr
111
Jan 22
103
Jan
110%
Oot
2
29
Feb
37
Dec
6% Sept 13
97
July
8
10
Oct
8
atlonai
36
Jan
43%
Prlntilng Ink Corp.
1 Called for redemption.
New York Stock
2350
LOW
AND
HIGH
SALE PRICES—PER
Record—Continued—Page
SHARE, NOT PER CENT
Sales
8TOCKH
ftw
NEW
JUT
Monday
Saturday
4,
Oct. 2
Oct
137s
♦71
83
74
74
21
*19>8
21
17&S
1157s
38
29I2
305s
2812
10i2
4012
10%
♦16
3734
I
10«4 |,11
*40
41
11
k
*1012
'*80
94
20'4
83
13%
19%
15
14%
36
35
1434
36%
2634
*14%
36%
37%
27
28
10%
3934
10%
39%
10%
39%
10%
35%
27
28%
25%
10%
9%
9%
40
984
39%
9%
10%
94
*80
13
13%
19
157s
*82
13%
♦75
19
83
10
10
94
*80
94
2034
2,200
9,400
39
700
10
4,700
94
18%
1934
85
93
90
*85%
90
20
78
79
*85%
77%
20%
*85%
20%
85
77%
*78
80%
*78
80
500
54
♦19
2212
♦50
51
*50
52%
64
53
7
7%
6%
7
7
28
28%
22%
27%
27%
19
19
4934
11%
22%
29
29
*19
5058
lll2
II84
11%
23
23U
23
*32
f 34
*109
110
3234
110
*92
97U
*80
90
78
3
2l2
♦20U
378
2112
15
1584
23S
4i8
4
2312
lSU
*2%
4%
235s
%
26
*70
76
*75
1078
04
*10I4
107
48
11%
23
97g
21%
*100% 115
9
8%
82
82
84
*134
2
2
17%
17%
27%
9%
87«
76
17%
63
834
1%
184
2%
18%
17%
16%
24
74
75
70
63
8%
64
54
57
15
15%
14%
15%
14
22
22
22
22
20
22
10i4
16'4
16%
16%
15%
95s
*9
10
15%
8%
20%
14-%
95s
2314
23
23%
♦152's 155
*21% 24
*8334 90
*46
50
*150
155
22
22
*8334
90
*48
50
48
49
11%
23%
1,700
12,200
Mesta Machine Co...
10%
22®4
10,400
Mid Continent Petrol
30%
1,300
*94
97
78
80
"l",806
*98% 109
50
8%
80%
*34
78
2%
2%
250
13%
♦2%
4
19
*53
16%
2534
8%
7,600
1378
8,000
1,300
3,400
2,900
4,600
2%
1«4
2
4%
334
334
22%
23
23
23
88
92%
91
9534
*27
2834
50%
Motor
Wheel
1,700
Mueller
Brass
2,800
Mulllns
Mfg
8%
75
8%
75
*73
80
70
*157g
16%
*16
17
63
*63
65
1,000
1,100
64
64
55
14%
20%
58
14%
20
15%
15%
*9%
10
10634
8%
57%
7,500
14
14%
15,900
*55
147g
2034
15%
19%
20%
15
15
97g
10
10
50
45
45
*45
50
*45
mm
600
250
2,200
300
12,200
mmmrn
4934
200
25%
22% 24%
22
22% 23
22% 23
227g
18
1734
17
17%
17
1734
17%
17%
1078
17%
♦1081s 109
108
108% 108% 108
*108% 111
*108% 111
*108.% Ill
*10714 109
*107% 109
*107% 109
107
107
*106
109
107% 107%
11
1*11
11U
1078
9% 10%
10
10
934
10%
10%
10%
5,800
25
2514
177s
18
25
22,800
,
6i2
273s
*24%
7I2
26i2
3012
3034
77«
*152% 158
*133I4 135
*32
3234
8's
*%
8U
*'4
76%
3012
%
703s
119
a4
30«4
120
53s
97g
*32l2
512
97g
34
*80
915s
4012
16%
27%
*24%
6%
27%
26%
77g
30%
75s
30%
0%
25%
6%
*22
6
27%
534
25%
26
20
27
25
23
23
*19
25
*57g
283S
26-%
*31%
28%
33
24%
28%
63
63
63
63
54
247g
25
2478
25
*6i8
12l2
12i2
3118
*121
32
512
122i2
*5s
34
3's
85s
*184
3%
0i4
9
178
7
*45
62
*91%
92i2
6
*5%
14
14%
120% 120%
*58
84
3%
3%
9
34
*134
178
634
7%
'
*45
62
92
92
2034
30%
5534
26%
106
106%
14%
21%
.
24%
26
28
29
25%
2834
54
57
56
1,100
12,300
100
1,000
100
300
106
10
*11%
17
19%
21
46%
44
44%
26%
23%
26
30%
29
29
1,700
57%
52
55
2,200
20
20
1934 20%
19%
19%
5
5
5%
6
534
5%
5%
11
12
12%
12
12
12%
11%
*120
122% *120
122% *120
120% *120
120%
*%
34
%
%
84
84
*%
34
3
3%
3%
3%
3%
3%
3%
3%
8
778
8%
8
7%
8
8%
7%
134
1®4
1%
1%
1%
1%
1%
158
6%
634
6%
6-%
7%
6%
6%
6%
11,300
*5118
8
*37
40
*278
3
*2414 27i2
15
15i4
4612
12
4012
12i2
*93U
*10i2
9934
12
30l4
30i4
*130 /132
13's
13l2
*140
600
600
46
*45
55
*45
55
50
*91
93
*81
93
*9034
92%
*9034
92%
20
70
*20
21
*52
6212
*116
96
*94%
17%
96
96
21%
17%
19%
40
40
40
*38
3
278
*24%
27%
39
3
27g
24%
24%
1478
4434
12%
15%
14
46
40
1478
4334
13
11%
12
9984
9934
*10%
2934
130%
21%
*52
11%
10
27
130% *131
13
65
*93
30
13%
-
--
-
65
21%
62%
m
85
80i2
85
86
1514
147s
1478
9934
10%
29%
132
117g
127g
20%
79%
1334
6
6
6
6
19
19
19
17
55
—
96
39
*37
3
12
9%
9%
26%
2834
132
127g
14%
6%
17
on
2%
*101% 102
*60
2084
52
1878
16%
18%
37
37
1478
44
12%
9984
10%
28%
2%
24%
1384
39%
11%
*92
934
9934
20
934
1,000
4,100
*140
65"
21%
*48
50
84
87"
14%
137g
14
6
6
18
20%
*48
*116
_
83
19
*58
6%
18
83%
13%
534
*16%
f In receivership
"l00
20%
1,000
50
__
6,400
13%
2,000
534
260
18
a Def.
100
Nat Cash Register
Nat Dairy Products
14
7% pref class A
7% pref class B
90
Aug 20
45
100
Oct
107
Nat Depart Stores....No par
6%
preferred
Nat Distillers Prod
08* ~
4112
Dec
69«4
Feb
60%
Jan
71
Feb
*4
Jan
6
Mar 11
9% Oct
5
n
Oct
6
7*8 Oct
6
i2Sept 9
14 Sept 11
5
Sept 24
Sept 27
z8%Sept 10
29
Sept 27
8
Oct
40i2 Oct 2
Apr 7
12
Sept 25
18% Oct 6
100
44
Oct
8
23l2 Oct r8
27
Sept 25
52
Oct
8
par
1912 Oct 8
4
Sept 13
No par
10i2Sept27
119
100
Dec
10712 Deo
21
Apr
Apr
325s Nov
28% July
11284 Mar
20% Feb 8
112i2Mar 11
112
May 20
245s Mar 9
21
107%
Oct
107
Dec
10
Apr
24U Nov
Mar 17
255s June
Mar
28
333s Mar
3778 Apr
112
June
107b Jan 28
3
Oct
18is Apr 22
6178 Jan 22
1434 Jan 14
2U Jan 18
1
June
9
1025s Sept 30
li8 Aug 26
95s May
7s Jan
Deo
6112
147s
Feb
3
Feb
9914 Aug 14
41«8 Aug 6
57U
1978
Apr
78
Jan
75i2 Nov
137
Aug 2
12% Jan 15
13i8 Feb 25
57U Feb 13
87
Feb
1%
74'g Jan
77g July
10'4 June
133
32a4 Apr
60
Dec
Deo
12U Nov
Jan
13U
Nov
Sept 21
6434 Mar 10
109
Jan 11
37
Mar 17
41
104i2
1014
Apr
Apr
64% Nov
110
Nov
Feb
43
Apr
4134 Jan 18
98i2 Feb 10
9
Apr
40
Deo
32>2
Jan
83
Deo
5514 Mar 17
27«4
Jan
495s
Oct
72
Mar 17
17*4
Jan
5318
100
Jan 22
36i2
Jan
95
Oct
Sept
15
Nov
3178Mar 19
1278 Jan 22
253s Jan 22
2
73
Dec
Jan
%Septll
Sept 10
7% Sept 27
li2Sept 10
6% Sept 27
44
Sept 27
63i2June 14
92
Sept 25
3
54
36*2 Nov
i2
135
Sept
263s June
Jan 18
8
*
Jan 20
3i8 July
10i4 May
29U Nov
119
Jan
Jan
2U
Feb
6 <8
Deo
Jan
7
1
934Mar
8
3
26i2 Feb
078 Feb
19i2 Feb
70i2 Jan
10234May
25
Apr
73g Apr
11
4
11
9i2
July
Apr
150
Oct
18i4 Deo
7i2 Feb
155g Mar
99
Sept
22
57
May
3
Sept 25
112'4May 6
83
Mar
104
9312
Apr
10914 Aug
Nov
92
1025s Sept 30
434 Mar
3
li« Aug
2%
Jan
100
205
Oct
1
272
Jan 14
210
Jan
100
102
Apr
8
114
Jan
105
May
No par
19
Oct
8
3478 Jan 14
23%
Apr
35% July
48%June 18
57U Feb 3
173g Jan 21
5234
05s
Feb
59
Jan
14U
98
Jan! 106i2 July
50
1
7
105
Mar 23
39U Oct 6
10
Sept 10
90'2Sept 24
9i2 Oct 6
2612 Oct 6
126
July 7
11 is Sept 27
11212 Jan 23
63
Sept 27
1734 Sept 27
No par
No par
100
No par
x
305,, Mar 11
63'2 Jan 22
078 Mar 3
40
Jan 18
2278 Apr 5
73
Apr 20
26i2 Feb 16
114
Feb 13
193s Mar
1
4514 Jan 21
140
Feb
3
243g Mar
8
141
97
Sept 20
Mar
8
28
Jan 26
75
Jan 12
May
79l2 Oct
1314 Oct
4
5
8
115
4348ept 8
15'2Sept 10
No par
8
Jan 28
6
114
100
8
Oct
50
12 50
Cash sale.
104i2 Jan
93
34
50
.
Sept 25
9734June 25
16'4 Oct
Sept 25
2i2Sept 25
2414 Oct 5
135s Oct 6
Telegraph...50
r
3
57U Aug 17
3878 Feb 25
Deo
1
preferred
New stock,
Deo
Nov
37*8
80
*
Jan
Deo
171
494 % conv serial pref... 100
Newberry Co (J J)
No par
5% pref series A
100
X New Orl Tex A Mex
100
100
Dec
Jan
307s
147
110
No par
153
19i2 Deo
155s Mar
3834
16412
3734
Oet
Preferred
100
National Tea Co......No par
Natomas Co
No par
Neisner Bros lnc
1
par
"471*8 "Oct
Jan
3
100
20% May
12% Apr
9i2 Apr
2834 Oct
155
Sept
No par
6212 Nov
137^4
24
No
Deo
2234 Mar
Jan 29
10
50
108
Jan
Jan 22
5
Dock......No
10112 Nov
36«4 Dec
79i2 Aug
Mar 11
Oct
A... 100
Jan
44
66
.....No par
May
171
25
A Co
103i2 Feb
70
447s May
10218 July
14
Apr
Oct
Nov
150
100
8upply of Del
Jan 18
Jan
15434 Apr 26
127
July 9
National Steel Corp...
1st preferred
2's Nov
21
43
Nov
6% Sept 29
293g Sept 8
...10
100
9
3334 Jan 13
38
100
Mar
167
35
6
1
183s Jan 21
333s Mar 2
5i2Septll
1
Elevator
24
23
Oct
Mar
*24% Jan 28
47i2Mar 11
233s Sept 13
par
National
series
71
No par
Stamplng.No
Mar 13
108i2 Jan 26
20'4 Feb 11
10
Pacific Amer Fisheries Inc...5
.Pacific Coast
10
delivery,
8
6
2214 Oct 5
1684Sept25
100 xl0734June
1
Owens-Illinois Glass Co.
50
Sept 25
1912 Oct
143s Oct
No par
No par
Preferred
m
86%
784 Sept 25
Sept 27
2178 Oct 8
145 May 18
1978Sept21
7% Prior preferred
100
$5 50 conv 1 st pref. -No
par
Outboard Marine A Mfg
5
Outlet Co
.No par
80
-
Jan
Feb 17
54
10
pref
6% preferred
mmm
63"
"3534
46
6
658 Sept 25
Nat Bond A Invest Co-No par
5% pref ser A w w
100
Nat Bond A Share Corp No par
Otis Steel
Mar
66i2 Jan 18
6
No par
Ohio Oil Co
No par
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
8% preferred A
100
190
Deo
103
Mar 10
6
Oct
Oct
Sept 24
6
Oct
Feb
Feb
69
7% Sept 25
1
Preferred
17,400
33i2
Feb
109
B...1
Nat Aviation Corp
National Biscuit
Otis
Feb
class
Nashv Chatt A St Louis.. 100
Oppenhelm Coll
Feb
734
27
National Acme
Northwestern
4
Mar 15
Norwalk Tire A Rubb-.No
par
5,600
407s Jan 23
10712 Aug 27
8
6%
Sept
37s Jan
197s Aug
79
May
51
Northern Central Ry Co...50
Northern Pacific
100
10,100
5
Jan
2
12i4 Mar 17
Apr 29
Jan
24
50
23,800
11%
345s Mar 17
014 Mar 17
Apr
preferred
5i2
14i2
Deo
1
No Amer Edison $6
pf.No par
43
5
934 Mar 17
43i2
North Amer Aviation
70
Apr
'fit.
700
90
34
Feb
6i4
6%
2978
95s
333s
283g Apr
North American Co
2,700
Jan
Deo
2«4
Feb 13
Adjust 4% pref
34,700
4
8
94
26
$7 pref ser A ctfs of
dep
t Norfo'k Southern
Norfolk A Western
23,700
3
Jan 23
38i2 Jan 15
7% preferred
200
Aug
123s Mar
10'8Sept27
$6 pref ctfs of dep
$7 pref series A
35~800
Oct
85
108i2Sept 24
6'2 Jan
5714 Jan
1«8 July
2i2 Aug
234 Jan
1634 June
5
N Y Steam $6 pref
700
2%
24%
14%
20
10
t N Y Ontario A Western.. 100
Shlpbldg Corp part stk._l
800
96
39
26
*20%
*116
this day,
♦
20
No par
N Y
90
98%
26% 27%
131
131
*130% 132
13
13%
12%
11%
*140
50
98%
234
*24%
14%
4134
11%
*93%
*934
2734
63
20%
80%
1334
*5%
*16%
1784
140
*116
84
Bid and asked prices; no sales
m
*91
93
*60~
2034
•
99%
93
♦
*52
*98%
24%
14%
42%
11%
63"
*59
99%
96%
18%
27g
24%
13%
39%
11%
*131
*140
*116
-
*1484
*578
*
*98
19%
*116
I*165s
99%
3i2Sept25
1214 Oct 6
134 Oct 8
3% Sept 27
IN Y Investors lnc
No par
INYNH4 Hartford... 100
Conv preferred
100
6,200
45
99
18% Sept 27
No par
N Y A Harlem
5,300
46
96
*140
*62
99%
No par
100
5% preferred
4,400
*45
*1%
1%
1%
ls8
1%
1%
1%
1%
1%
1%
205
207
207% 207
207
207
208
208
*204
208
*10434 HQ
*10434 110
*105% 110
*105% 110
*105% 110
2n2
20%
21%
19% 20%
20
19
19% 20«4
2078
20%
52
52
5212
54
*51%
54
*51% 54
♦51%
51%
51%
8
8i4
7
8%
8
7%
778
83s
7%
7%
8%
99%
6]4
108
102
New York
10
li2
*9958 100
*95i2 97
1934 207s
134Sept26
NYC Omnibus Corp..No par
240
750
*206i4 209
*10434110
21
2%
5% Mar
10i8 Mar 11
90
6%
2,500
5
101% 101% *10034 102
%Sept 15
li2 Oct 6
100
New York Central
No par
N Y Chic A St Louis Co... 100
138.300
11
102
100
Oct
4
N Y Air Brake
485s Sept
131% Mar
Deo
Newport Industries
1,400
Mar
Nov
5% 2d preferred
400
88
Sept
Nat Rys of Mex 1st 4% pf.100
800
Jan 22
109
Nat Mall A St Cast's CoNo par
National Power A Lt
No par
1,200
106
307$ Nov
-
7% pr ferred A...
6% preferred B
9,500
14,900
June 21
Oct
300
Jan
Feb
112
100
Co
200
18,100
215s
110
120
50
12,100
10,100
mmmmmm
xl7% Apr
Deo
Dec
100
Nat Gypsum Co....
National Lead
2,100
Nov
16j4
5
63
120
Oct
65
Jan
2
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America... 10
Myers F A E Bros
No par
Nash-Kelvlnator Corp
5
Nat Enam A
45
Jan
Jan
lSU Aug 16
993s Mar 19
36i2 Feb 11
110
5,900
23
21
J20%
10212 102I2 *101% 103% *101
*1%
*19
6%
7%
784
0S4
7
7%
7%
7%
63s
29% 30%
29% 3184
33
32%
31%
32%
156
156
*152% 159
*152% 159
*152% 159
*152% 159
135
136
130
136
138
138
138
136% 130%
138
28
3184
31
3134
29
27% 29
293g
277g
277s
8%
8%
8
734
7%
778
8
77«
784
784
*%
a4
*%
84
84
*%
84
*%
a4
*%
*%
%
*%
%
%
%
*%
%
3s
*%
66
74%
68
75%
7334
69
69%
69% 71%
7184
2934 3034
27
30
27% 29%
29%
3078
2834
30%
♦118
121
113
115
♦111
121
*113% 120
*113% 120
5%
534
6%
*5
5%
5%
5%
5%
5%
5%
934
934
9%
97g
*9
9%
9%
9%
9%
9%
32
30
32% 32%
30
30
*30
34
34
*30
*80
91% *80
♦80
91%
*80
80
80
91%
91%
*41% 45
42
42
*397s 447g
*42% 45
42%
42%
40l2
*100
106i2 *106
106% *106
106% *106
106% *106
*15
*12%
17
17'4
*12% 15
*11
*12% 17
2134 2184
21% 22
19% 21
20
18% 20%
*48
50
*47% 50
47% 47%
45
44% 44%
273g
57g
25%
6%
48i2 Mar
15U Sept 27
cum
Jan
122
70
40
'
*6i4
27*8
353s Mar 10
6
$7 conv preferred...No par
Munslngwear lnc
No par
7%
31%
40%
534
Apr
Essex
Co
Deo
119
Mother Lode Coalitton.No par
Motor Products Corp.-No par
100
600
72'4 Mar 5
26i4 Feb 23
20*8 Oct
3,100
Oct
12
Nov
8
3% Feb 20
17
91
9
4312 Oct
25%
10%
25
22
122
6514 Jan
67s May
1234
Jan 16
29i2 Oct 4
60
Sept 27
84May 12
24
16%
25%
8%
41
No par
Morris A
24%
163s Feb
4734 Mar
No par
Morrel (J) A Co
Jan
Dec
Dec
z95
Jan 13
$4.50 preferred
Mont Ward A Co lnc
100
49U Nov
213s Nov
IO8I4 Deo
2834 Deo
x95
z65
Mohawk Carpet Mills
Monsanto Chemical Co
250
Nov
Mar 17
conv preferred
12,700
3,500
"l434
Mar 10
Preferred series A
%
%
Apr
120
JMlgsourl Pacific
5%
Jan
85s
Deo
124
7% preferred
4% leased line ctfs
Mission Corp
Mo-Kan-Texas RR
493s
8
conv
50%
16%
25%
8%
50
22% 227g
22% 2234
22%
2278
217g
22%
152% 152% *148% 155
*148% 155
*148% 155
22
22
20% 21% *20% 22
2134
*20%
*84% 90
90
90
*84% 90
*84%
*84%
*46
54,400
2834
50%
%
23%
1
200
16%
55
*9
800
378
334
108% 108% *107
109%
45% 47%
463g
43%
*20
500
"24%
Oct
8
Oct
78
par
Minn St Paul ASS Marie. 100
*2
13
4%
June
105i2Sept 23
7% Sept 25
78
Sept 27
Minn-Honeywell Regu. No
600
*1%
19
94
11,500
%
378
14%
Lt 6% pf-100
16
3734 Jan
lli2 Apr
8
Feb 16
86
7
2878 Oct
107
9%
80%
1%
2%
20
10
2312 Nov
101% Deo
93l2 Aug 13
Sept 10
45i2Sept27
978 Oct 6
21
Sept 20
100
June
38%
3434 Apr 19
6
Oct
Jan 12
share
per
92
Jan 19
Jan
101
19
No par
1st pref
pref ser B
100
Minn Mollne Pow lmpl No par
$6.50 conv preferred-No par
7g
384
cum
Mllw El Ry A
1%
20
8%
5
6i2Sept 27
27
.....5
Midland Steel Prod
Oct
Sept 25
523s Oct
6
Miami Copper
19
Highest
share $
2U May
Jan 14
Mar 24
Mar 17
112i2 Jan 14
17%Sept 13
70
5% conv 1st pref
100
Merch A Mln Trans Co.No par
230
400
107% *106
10634 *106
77g
8
8%
8%
8%
1514
8%
40
Sept 25
85
$5.60 pref ser B w w'sNo par
Melville Shoe
No par
Men gel Co. (The)
1
500
28i2
42i2
4212
10i4
47i2
6
$ per
2
Sept 21
21
6
3834 Oct 8
9
Sept 25
92
Sept 10
1
28
*94
9
No par
Stores
24
107
9%
87
preferred
conv
Oct
Sept 13
2512 Oct
6% conv preferred
100
Mead Corp
...No par
S6 pref series A
No par
28
*29
97
$3
McLellan
19
...6
*19
107
*2
71
15>s
23
*58
8
16
17%
63
64%
107% ♦106
107% ♦106
8
8%
8%
31
85
«4
*2
8%
31
McKesson & Robbing
1,400
3,200
108% 108%
84
25
*16%
03
25
9
84
16%
24%
8%
*100
04
84
49%
11%
1034
217g
30
2878
%
234
48
19
20
21%
18%
4
4
4%
37g
37g
16%
1234 14%
12%
13%
2%
2%
2%
2%
2%
4%
334
4%
3%
334
23
20
23%
20% 21%
89
93
9234
87
88
108% *107% 108% *107% 108%
48%
4334 47
43% 40%
29
29% *26
*26
29
*5034
51
5134
5134
60%
1
1
%
1
%
25
22% 24%
20% 2234
4
17i2
27
95g
50%
10%
78
*20%
1
85s
83
109
2%
17l2
»20i4
9%
*58
83
*104
87S
3
25
6378
82
*98% 115
9
8%
8778
*2
25i2
♦100
97
81
85
*24
16
*94
85
109
92
93
9234
108i2 108% *107%
48
48i2
47%
♦26
29i2
29%
*50% 5134
*5034
%
97
83
*a4
*178
4i8
*2i8
23I2
*94
8i2
85
88
♦2
108%
8778
8'4
♦84
*184
108
97
107
♦105i2 115
J 8's
♦84
30
3I84
10978 1097S
48%
24
*19%
54%
1
new
7
2734
3234
110
*94
27
*19
T.900
1834
53%
034
7%
21%
50%
117«
23%
22
18-%
55
IO6I4 Mar
14
83
778
Sept 25
Sept 25
3234May 10
87
56%
12
71
McGraw-Hill Pub Co..No par
*79
734
1
100
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
500
*85
55i2
preferred
conv
per
800
83
| 56'4
734i
734
2884 29i8
0%
share
Lowest
$ per share
241 j Feb 11
McCrory Stores Corp
McGraw Elec Co
$
4,200
90
19%
Year 1936
Highest
20?s
1484
♦85
18%
1937
Range for Pretiovs
of 100-Share Lots
37%
l934
*80
Par
100
10%
9%
3834
On Basis
Lowest
3,200
83
*19%
*14%
30%
2634
1434
Range Since Jan. 1
STOCK
Shares
13%
*75
YORK
Oct. 9,
EXCHANGE
Weet
8
$ per share
83
28%
1078
40%
1034
20%
$ per share
19
37%
40
Oct
♦75
19%
94
20U
13
the
Friday
Oct. 7
$ per share
13%
*71
Thursday
0
.
*79
60
t
13
19%
14-%
*80
20>4
Oct
$ per share
1384
♦19*8
♦28
.
r
1384
Wednesday
Oct. 5
$ per share
1$ per share
137s
Tuesday
4
7
Ex-div.
y
June
9
9712
Apr
237s July
50
Aug
2
Jan
19
Aug
12is Aug
24i8 Jan
17
July
107
Jan
8
Jan
2414 Apr
123
Jan
12i2 July
July
70
310i2
Oct
115
Oct
103
36«4
57
June
Dec
Nov
Feb
Mar
4i2 Mar
32
Nov
18
Deo
5912 Deo
25i8 Mar
115i2 Feb
195s Nov
3984 Nov
136
June
20«4 Mar
12034 Nov
79
Dec
47
Jan
70
Nov
114
July
114
July
83i2 Deo
10334 Aug 11
23
Jan
7
153s Feb
1
40
3
Mar
Ex-rtghta.
*13
July
3i2 Jan
8U July
"22"
Dec
15
Dec
3212
Deo
T Called for redemption.
■¥»
Volume
LOW
New York Stock Record—Continued—Page 8
145
HIGH
AND
SALE
PRICES—PER
SHARE,
Tuesday
Wednesday
Oct. 2
Oct. 4
Oct. 6
Oct. 6
Oct. 7
Oct. 8
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
11%
*10i8
lli2
10
17
17ta
17i8
17i8
*1612
10i2
17
27%
*40%
2778
4012
2778
403,}
28i8
41
27
27«4
3712
4014
1714
1712
18
18
18
131
131
131
*136
139
*136
18
13112
139
*9i2
130i2 13012
*136
1H2
*10
12
9%
17
17
17
1778
2678
27U
27
2634
3714
393s
273g
40*2
16i8
1634
*16
139
39
16%
39
136
135% 135%
175s
66
5934
63
43
4512
*91
18
17«4
I8I4
128
127l2 *123
*125
16
16%
23
24
3%
3214
314
3212
*23
3U
111% 119
*22
*23
23*4
25s
*8
11312 121
1414
1578
247g
284
2*2
8*2
784
212
8*4
13*4
13
32
32i2
2258
2l2
67g
23
12
13
5*2
65s
40*8
40*8
39
40
8512
8534
847S
85i2
79*2
83*8
5i2
*185s
1834
18%
19
18
18%
700
29
30
265g
28%
2678
25%
277g
26%
27*2
*38
46%
46*2 *38
*3778 46%
*110% 114
*110% 114
*110*2 114
36
36
37%
35%
3412 35%
5
6
8
*5
4%
*4l2
17%
18%
*18%
20*2
17%
185s
26,100
3
284
4*2
~*2%
3*4
*25s
*514
534
*5*2
5%
5*4
5i2
5
1
83
10*2
*8
4934
50*8
6
1078
10*2
*25i2
*20 J8
*eu
20
25*2
45
*45
50
100
25
9
Sept 27
25
Sept 25
Pirelli Co of Italy "Am shares"
6%
45
*35
9
9*8
10*2
10*2
9*2
25
253s
25%
25%
43%
25%
*
10
*8
10
8
8
100
10
*8
*70
14
1434
17
16*2
17
1534
1534
65
65
66%
66*2
62%
2
♦1*8
2
*12
*98
21
20
20
*15
1134
4
53s
1034
13
3978
*36
39
5
1*2
13*8
*1*8
*12
I884
234
1434
2
3
I884
123
123
"l7"
18*2
1*8
2034
*
18%
2034
1934
20
*15
19
20%
*15
1134
12%
1234
13*2
3*2
3%
3%
3*2
1*4
*1*8
1*4
1*4
1*4
5
45g
105s
*11
13
30
36
434
12
13
*11*4
33
33
52%
5
5
1134
12%
1134
1134
347g
53*2
52%
117% 117%
*32
5184
5314
53*2
5234
117*2 *116*2 117l2
117*2 *117
38
37% 38%
3678
3834
37*8 38ig
9934
100
*99%
100
99%
99*2
100*8 10018
IOOI4
*112
114l2
112*2 112*2 11212 112i2 *112% 114%
114
*12134 130
*12134 126
122*2 12212 *12134 130
12234
5314
*117
3 884
38*4
*136
139*2
*110*4
38
143
139*2 139*2 *136
*110*4
*110*4
35
387g
157g
38
*138
143
36*2
20%
11%
3%
1*4
21
7,400
20
*1034
11%
32%
5334
52%
117% 117%
36*2 37*2
9934
99%
36*2
95
95
*94
97
*94
97
*94
96
10
10i8
*15
93s
115
68
6%
*
6*4
68
6*2
30
30
29
29
27*2
28
*37*2
40
*37*2
40
*32
37
*32
37
5
5
*55
65
32i2
1%
15
14U
*5i8
*55
*1*2
87s
97g
115
"68"
*15
I6I4
6
65
1*4
*
16*4
*14%
9U
884
534
29*2
27U
*38
*32
*5*2
*55
158
66
6i4
27%
38
37
7
5
65
58
III4
13
13
1318
17
18
17*2
*13*s
18
18*2
77*2
78
83
83
83
83
4
4
4
4
♦71
*81
35g
23%
247g
2034
23*8
102
96
96
93
93
*80
92
*84
91
*80
91
21
20
2478
20*2
18*8
11
11
13
13*4
*28
27*2
*37%
*32
5%
*55
13
*1%
*11
13%
*12%
16%
17%
*72
75
*83
3%
20*2
35
60
*40
80
*35
80
*35
55
42
42
114
112
112
112
112
110
110
*75
83
75
75
4934
18*2
100
18
*85
1834
100
1734
100
*85
17%
*85
15
1384
14i8
13
13%
13%
4978
47
49*2
4634
47%
47%
40
5%
*55
*1%
20
74%
17
♦82
300
20
334
11,100
2234 149,200
3%
2034
*82
91
*
1834
18%
80
200
30
*74%
74%
70
17%
67
*62
67
*62
67
11%
*11
11%
*11
11%
16*2
16
*14%
16%
*14%
16%
64*2
*60*2
23*2
22
4
44*4
445s
17«
4*4
17s
178
4484
178
4*4
43g
43g
10
*7
18
*12
•
44
*7
*12
10
18
*2l2
03
23
4
61
•57
61
200
22
23
20
21
2,100
2%
40
2%
*2*2
4
40%
4234
1%
1%
3%
334
178
1%
134
1%
4*4
378
4%
37g
3%
*12
10
18
Bid and asked prices; no rales cn
61
178
*7
-
21*2
334
435s
-
60%
42%
1%
40
10
100
21
4
40*2
38
*7
*12
10
18
this day
led
*7
*12
...
Reo
6
Motor Car
Republic Steel Corp
10
*7
10
18
*12
18
f In receivership
a
100
3,200
2,100
2,000
Pet delriery.
..No par
6% conv preferred...
6% conv prior p'ef ser
Revere Copper a Brass
Class A
.....
7% preferred
614% preferred
31
8
187
8
2312 Dec
49
8% Feb 1
141
July 14
47U Mar
3
5
2978 Apr 22
22 >2 Aug 30
33>8 Feb 4
1178 Jan 22
Oct
6
1734
Oct
Feb 11
67i2
Oct
4
6234 Jan 21
Jan
7
Sept 13
36
June 26
31i2Sept 24
6
Sept 27
68
1
11
12
__
Oct
6
Sept 11
Oct
5
Sept 25
1212Sept 27
16% Sept 25
7212 Oct
8
Oct
1
83
3i2Sept27
20>2 Oct 6
80
50
Dee
122*2
Feb
60i2 Nov
113
July
130
July
144*2 July
146
Apr
Apr
Apr
112
Jan
Feb 15
187g Jan 21
128
3078
Jan
16
Aug
103
May
91'4 May
95a May
16's
Oct
6
934 May
8
83i2 Jan
08i2 Apr
Jan 15
334 Deo
1318 Deo
28U Dee
28 »4 Dec
7314 Deo
Dec
11318
243, Feb 3
11284 Feb 27
Feb
Apr
Feb
4
Apr
4114
384
39
103i2
Jan 25
1284 Mar
105
Sept
Deo
11684
40U May
8
2334 Feb 25
5'2Sept 27
27i2Sept25
27J4 Oct 5
Oct
Feb 10
107
Dee
30i2 Dec
9i2 Apr
112U Nov
29% Deo
ID4 Dec
17i2
65>2 Jan 15
72i8 Feb
110
Jan
Jan
86
112U Feb
Deo
2734 Deo
26i2 Mar
31
118i2 Jan
Dec
29
Jan
May
II4 Jan
684 May
912Sept2;
62
Jan
Jan
4i8
16i4Sept 14
784June29
103
21
12
378 Jan 22
15'2 Jan 20
3178 Feb 11
1131s
133g
Oct
20
June 17
107i2June 28
95
Sept 24
25s
5818
1178
110
8
June
li2 Apr
Jan 12
128i2 Jan 21
14018 Jan 20
162>8 Jan 25
Oct
Jau
Oct
1378
U4 May
14
Sept 29
3414
May
160
Feb
Sept 24
8
Deo
Mar
120
Oct
77
7i2 Apr
132
112
Feb
18U Deo
37U Jan
62>8 Aug
18U Deo
164
July
114
Apr
6978
Dec
247g Mar
13384 Apr
117*2 Mar
2012 Nov
19*4 Oct
14U Jan
108*2 June
80
July
10«8 Apr 19
5
Jan
107g Nov
37i8 Aug 25
287s
Jan
47
35i2
Jan
38% Nov
50*4 Oct
49
Jan 11
39
Jan
60
Dec
4384
Jan
8
37
Jan
47
Nov
978
65>8
Jan
I684
178
Apr
Mar
8
133g Jan 16
83
Jan 20
4'8 Mar
6
Oct
Mar
5
12% May
223g Feb
8
16
30
Aug
100
4%
31
Jan
Deo
Deo
Deo
24ia Nov
35i* Mar 31
29<8 Mar 9
94U Jan 30
17% Aug
Feb 18
99% Sept
9i2 Feb 18
4's July
110
47U Mar 11
23
81
1078
77
Dec
Apr
May
"25"
Nov
90i2 Nov
114
Apr
8I4 Mar
2978
128
Dec
Deo
Sept 25
124
90
Sept 24
110% Mar 10
78% May
10414
1712 Oct
6
493g Apr 14
Deo
42
Oct
7
98
79*2
Dec
100
100
110
Oct
7
139
10
Apr
2414 June
90
Apr
39«4
—..10
No par
100
1
El A Pow...
No par
Roan Antelope Copper Mine*
Ruberold Co (The)
No par
Rutland RR 7% pref
ion
St Joseph Lead
..10
X St Louis San Francisco..100
6% preferred
100
t St Louis South western.. 100
5°?r preferred
100
Dental Mfg
New su»ck.
Oct
49i2Sept 25
114i2 Mar 25
355s Sept 24
9914 Oct 8
Deo
Deo
84
88
Rhine Westphalia
n
Oct 8
3'4Sept25
1% Sept 25
414 Sept 25
108s Oct 6
1112 Sept 24
HU
Mar
115s
100
A. 100
5
Reynolds (R J) Tob class B JO
Common
10
Rltter
Sept 11
15
A Co
6}4% conv pref..
60*2
*2%
No par
1st preferred
100
Reliable Stores Corp...No par
Reliance Mfg Co
10
Remington Rand
1
Preferred with warrants..25
Rensselaer A Sar RR Co
100
Rcls (Robt)
11,900
*15
*2l2
B
No par
1st pref-.A'o par
47%
*11*8
23*2
S3 50 conv
fRadlo-Kelth-Orph
No par
Raybctos Manhattan.No par
Reading..
60
4 % 1st preferred
60
4% 3d preferred
...60
Real Silk Hosiery
....6
Preferred
100
6
Nov
528g
170
Jan 12
Oct
16
88
155
28
84 Sept 27
18
Sept 25
Mar
1678 Mar
358 Jan
IOI84 July
8
Jan 12
17
12
7
MarlO
2U Sept 25
:r97% Apr 29
54% Aug
10212 Oct
Jan
4
8
Jan
Deo
Dec
I8I4 Deo
19i8 Mar
6684 Deo
Jan 18
122
Oct
8
27%
4934
Nov
Mar
8
13
July
7i8 June
35i2 Apr
li2Sept 14
No par
Reyno ds Spring
*62
*60*4
6W< preferred
Purity Bakeries
Reynolds Metals Co
1134
100
100
Quaker State Oil Ref Cor p..10
Radio Corp of Amer. ..No par
1,600
67
4
8% conv preferred
2,800
100
*1078
70
...No par
Pure Oil (The)
1434
17%
*62
23
...No par
Pullman Inc
*13%
46%
*85
11*2
*3*4
..100
.......100
100
6% preferred.
7% preferred
8% preferred.
1334
4784
1734
100
67
23
"2",700
110
*25
*
*11
*60
600
90
*62
*15
12,500
72%
11*2
16
400
8334
64
16
l",66b
700
4934
17*2
100
2
64
*16
1,600
60
495s
*11*8
900
35
*5
207g
*112
1434
18,400
3234
*32
1734
84
18*2
*26
,*37%
77
5% Pf (ser of Feb. 1 '29). 100
N J..No par
$5 preferred
....No pa;
65 preferred
6,266
6%
300
80
*85
m
1,300
114
19i8
«.*»
12%
*75
15
-
12%
*40
100
100
4,900
M,
11
90
74%
3C0
1278
12%
10*2
72%
23%
92%
74%
1734
10,400
55,500
11
*112
74%
60
65%
28
28
13
21%
"26"
400
14%
334
19*2
400
16
8334
91
5%
1%
3%
*
1,100
115
"63"
5%
*82%
91
17*2
40
334
22%
*
....6
60
No par
Pub Serv Corp of
9% 149,000
834
32%
27*2
16
*14%
6%
8334
93
*78
*
19
67
1*2
16%
4
115
65
57g
70
4,600
934
934
9%
*92
58
♦66
83
9%
5*2
*12%
77*2
*95
35
1%
158
13
77*2
*32
,
11
18'4
28*2
27*2
38
16
18
578
40
14
*73*4
657g
5*2
28*4
14
*13
63*2
28
31
*11*2
17*2
115
*85
115
"65"
*14%
9*2
tPostal Tel A Cable 7% pf.100
1
Pressed Steel Car Co Inc
Pub Ser El A Gas pf $5.No par
10*2
97g
No par
5% conv 1st pref.
140
97
16
100
No par
Class B
6% conv 2d pref..
Procter A Gamble
112
*95
10%
100
Pocahon._Aro par
500
3,900
12134 12184
97*4
97g
...25
No par
6
1,000
31
11184
16
1
...100
Porto Ric Am Tob cl A .No par
14%
111%
10
Pond Creek
«.
-
(The)
Plymouth Oil Co
Oct
62i2 Oct
100
Corp
Poor A Co class B
111
934
Mar
500
111
10*4
43
1,100
111
1012
-
2,100
15*2
20
4,000
111
14%
190
1*4
111
14%
175
3%
111
133s
Apr 12
174i8 Apr 23
9i8Sept 27
1534 Oct 7
12%
111
15is
165
Plttston Co
111
14
10012 Aug 14
10
111
15*4
Sept 24
400
10,900
34*4
1334
81
450
4%
3734
No par
100
1
11%
140
8
19
4%
1078
112
8
123
1
*15
Corp No par
18>4 Jan 2
76»2 Jan 22
14i4 Aug 16
6% preferred
Pittsburgh United
Conv pref unstamped
Pittsburgh A West Va
*110%
*110%
37
347g
*17"
21%
20
1334
35s
12*4
*
1
1
1%
Feb 17
66
7% pref class B
2,800
234
5
Jan 18
July 16
Pittsburgh Steel Co....No par
13
234
70
Jan 13
Sept 20
Oct 7
600
"10
6i2 July
Jan 20
9
pref
Pitts Term Coal
784 Apr
May
38i8 Jan
68
6
July 26
Apr
Mar
66
Jan 16
44
7% gtd conv preferred..100
Plttsb Screw A Bolt
No par
"
1
40
7,400
380
2
13
234
123
17%
*1
20
234
65
*1
17*2
♦12
234
2%
934
16
conv
Jan 12
3is Feb
100
Pitts Ft W A Chicago
170
9%
68
*1*8
$5
♦176%
17
131,2
*1*4
5l2
*166"
10%
65
12*2
*12*4
1*2
170
71
3*2
1*4
434
*3%
378
9%
Pitts Coke A Iron
14
8118 jan
314 Jan
8i8 Jan
li2 July
100
6% preferred
80
18*8
123
20*2
*
*176*2
10
95s
10*2
8078
*166"
170
*170*2
10
2
*15
♦
16
33g
*98
807g
*160"
170
*176
105s
1834
20*2
*
807g
*166
170
10*2
16U
*1434
Pittsburgh Coal of Pa
10
3
155g
PUlsbury Flour Mills
*8
*12
15*4
900
300
33s
39
*85
♦
1,100
200
"*9%
9%
Pierce Oil 8% conv pref
9*2
25%
43*2
10%
1834
38*4
Preferred..
44
*1*8
*110*4
200
6*2
78
*35
*40
53
*18*2
*4
7% preferred
Phillips Petroleum
Phoenix Hosiery.....
20,300
"Io~
*1
2078
Sept 24
*4
4%
45
48%
46*2
49*4
10%
17
24%
40
912
74i2
2084
333g
48%
44
1
14U
Sept 28
47%
72
44
19*2
*12
4
50 *8
1
1*2
64
455g
*185s
*29*2
Sept 25
50*4
1
6*4
45
80
19*2
"67"
No par
5
100
72
1
•
87% Jan
*65
1S&8
934
20
6
*65
44
71
*15
95i2 Aug 31
6
Oct
72
*40
2
10*2
7
Oct
*65
"914
*17
*95
Apr
8
67
100
69
60
7% preferred
10
1878
*111
70
100
6,200
10
67
83
2
Phillip Morris A Co Ltd...10
Phillips Jones Corp
No par
84
75
78
43*2
7i2 Feb
78 Sept 13
*84
*
8
60
*8
4312
Jan 1
Jan
Phlla A Read C A I....No par
200
82%
*
45i2
54% Jan 14
100%
1,600
7S
10*2
253g
5
484
9%
9*2
Jan
Oct
June 28
76
484
83%
25*4
253s
478
*8
*30
6978 Mar 10
478
1
83
4U
10i8 June
6
3'4Sept 11
4i2Sept 10
fPhlla Rapid Tran Co
30
8
78
37
13i4 Feb 19
Oct
3%
82%
414
Philadelphia Co 6% pref...60
♦6 preferred
No par
Sept26
"*2%
8
*32
28
3%
5*4
45*4
4*s
6
25
122
123g June
215gMar 11
12l2Sept27
6
Corp
Oct
~*2%
46
*166"
138
400
*40
74i2
138
76
Corp of Am
Phelps-Dodge
"*9*4
*7
117*2
Pfelffer Brewing Co...No par
11
72
53
2,100
24,000
46
*17*8
117*2
38iS
100*8
*112i8
1225g
6%
32%
7s
78i4
*176
*1234
*35*2
3
6
9
4312
*
13
Nov
Petroleum
46
105s
*5*8
1234
Deo
31
"*9*4
10
*1*4
90
Jan
83
1
78
10*2
25*2
♦
1078
1434
384
Jan
16
*8
78
*10%
20
66
79
6
*4*4
*30
00
20*2
8
Jan 11
8312
9l2
78
*69
80
*15
7
Jan
1
78
85l2
100
Jan
No
3,700
38
Oct
25
Milk
13%
*
58
7i2 Feb
46i2 Aug
91
6% Prior preferred
5% preferred
Pet
13
75
Jan
87
1578
13%
37
Apr
4
7
1578
37
38
Oct
59i2 Nov
11034 June
Sept 25
13%
*
Feb
Mar
Sept 16
13
76
6
30
110
1578
12l2
37
34i2 Oct
9
11684 Jan 27
6512 Feb 6
55
13*8
37
Mar
45
28I4 Apr
Mar 17
Dec
2784 July
65
*15*2
76
63
110i4Sept27
74
Jan
June
17
par
300
377g
8
Sept 27
10i2 Mar
Jan
2834
100
100
16
37%
Oct
4i2
2
1
Feb 10
Feb
..100
55
76
38
No par
6% conv preferred
100
People's G L A C (Chic)..100
100
64
*61
*14
40
25ig
Feb
Feb
73
112i2 Nov
678 Jan
25i8 Apr
64% Jan
*50
*37*2
Mar
3>8 June
6
65
♦
69
4
64
31%
8
Mar
*51
*
Mar
17
*54
6%
Aug
10384
63s
12i2
76i2
2934
50%
48% Mar
16
33
60
Sept 27
65
6*8
9
Sept 27
67
31
Peoples Drug Stores
Jan
4
16
6%
50
Pennsylvania RR
10i8 May
1% Jan
64
16
65
3134
0:1784 Sept
32i4 Nov
10
Apr
1178 Apr
17i2 Nov
384 Deo
Jan
6% June
100
*50
6
Penn G1 Sand Corp v t cNo par
Jan
Apr
4i8
Jan 23
Deo
47U Mar
100
17
28
2i2Sept
414 Oct
Oct
245s
pref ser A...No par
6
13
8
8
14
Deo
Pere Marquette
70
684
79U Oct
No par
Deo
2284
37i2
5U
4084 May
237g Mar 11
7% Feb 18
2
174
Jan
Feb
Peoria A Eastern
60
31*4
conv
75s Jan 14
10t2 Jan 5
35g Jan
June
23
295g Aug 25
38>8May 13
Coke Corp...10
Cement
No par
3
5
Oct
Deo
2'4 July
Sept 11
6i4May 18
11
Sept 24
Deo
25
818 Aug
17i2
5
8i4 Feb 25
4484 Feb
97i2
109i2
7% Aug
600
*55
6
2
Jan
Apr
74i2 Apr
200
*50
28*4
$7
59
34%
7
Oct
225g
.....No par
(J C)
Penn-Dlxle
3,800
67
12*2
31
Coal A
Penn
100
60
3*4
100
3%
4%
67
""3*4
*3U
4%
*55
4%
*12
*284
4%
26i8
"*3%
♦1%
Penney
19
65s
170
5,700
1834
32*2
*17512
10*2
82
19
*683
*166"
80*2
234
*18*2
315s
83
84
600
6*2
*9
8134
2,300
32'2
*
Penlck A Ford
284
6i2
*4i8
Patlno M lnea A EnterprNo par
Peerless Corp
3
1,600
4%
32 U
*30
6,100
24%
13*2
60
5%
39%
12
4%
16
*65
5%
38*2
13
24%
133s
1
8,400
5*4
39*2
12%
26
16
*8i2
12%
5%
39*2
200% Jan 28
2634 Jan 28
6
278 Oct
..2.50
5*8
12%
6
2218 Sept 29
..No par
38%
8I84
234
Apr
July
Deo
414
Jan
67
103
90
5
6
Oct
18i2
Mar 10
1097g Mar 18
2834 Jan 28
6
IID4 Oct
14ig Oct
Parmelee Transporta'n.No par
Pat he Film Corp
No par
2,000
10,500
25*2
1334
*83
2%
•8
26
16
70
7%
*18
*13*2
40
2%
8%
1
Parker Rust Proof Co.
600
2234
2%
7%
C M
4i2 Jan 25
121
May 13
Sept 30
1584
100
10
..1
Oct
43
z95
1
Inc
Parke Davis A Co
47g
*15*2
*3712
4,600
26is
39
39
*39
*39
46*2
46*2
*110*2 114
♦1105s 114
♦1105s 114
39
*39
39
36*4 37
3978
*5
8
8
8
*5*2
*0i8
20
20
20
20
25
*2084
•
32
Park Utah
4*2
2934
7184
15,200
*20
2284
2%
734
38*2
79*4
3
*234
19
60
2284
2%
7*4
Park-Til ford
300
8
5018 Sept 24
100
100
1st preferred
2d preferred
6%
6%
1,200
9,200
15%
23U
1584 Oct
No par
conv preferred
Paramount Pictures Inc
109*,800
116
14%
*22i8
278
3178
Corp
4%
26ig
27*8
*55
2,400
2*4
5
.
210
46
234
5*8
30
*60
23
65
45
27*8
234
*5
5*4
29
3212
July
8% conv preferred
Parafflne Co Inc
Oil
Packard Motor Car
300
3
*234
*5
31
3214
115s
13i8
41
53g
3%
23
13*8
*5i2
♦26i2
*18*2
32
212
7*2
41
55g
3
152
Oot
112
3
Jan
Jan
17%
1584
140
1% Sept 27
16
23
2
tPanhandle Prod A Ret No par
Pac Western
*58
125
Jan
400
1734
15
149
1%
99%
23
278
3l8
*115
Apr 28
135s
*91
153s
133
205s
99l2
23
14l8
3
62
46
16%
*22
24
62
4512
Dec
.100
10
23i2
7
*91
17
163s
314
32U
32
1584
17%
24
16
*22
1534
98
163
12U Aug
13g Jan
*1%
98
Jan
11'4 Apr
678 Jan
1%
48
118
Jan 20
1%
45
4
17i8
1&S
60
Jan
2934 Apr 6
I23g Feb 18
*1%
*91
152
684 Sept 27
134
98
Deo
Oct 6
Sept 20
16%
884 Sept 29
1I2
50
47U
130
No par
15s
69
58'4 July
100
No par
Pan-Amer Petrol A Transp..5
1^8
4938
July
200
1%
69
5334 Jan 14
4478 Jan 9
Dec
41
30'4 Jan
4484 Dec
14U May
2,400
934
*91
395s Nov
34,700
*878
98
Jan 12
38
2978
984
878
50*2
Oct 8
Sept25
30
678
7
878
75
2 684
share
Jan
Dec
414
2714 Feb 2
3284 Jan 14
16%
684
8%
*91
Sept 24
36
No par
6% preferred
80
Sept 10
634
7U
878
17
Corp
Pacific Mills
8
17
Highest
Lowest
f per share % per
1534
7
934
16i2
Highest
% per share
*8%
7%
17%
634
17%
7i8
*878
18i2
Pacific Ltg
Pacific Telep A Tel eg
130
135
7%
*50
2,300
139
139
984
*65
6,400
1634
131
1978
16
40
131
*8%
*1%
1878
6.400
136
*1884
7%
18«4
150
700
*131
Lowest
$ per share
Pacific Coast 2d pref
No par
Pacific Finance Corp (Cal)_10
Pacific Gas A Electric
25
10
16%
17
Par
1778
27%
130i2 131
Range for Previous
Year 1938
100-8/jore Lots
EXCHANGE
t per share
*10
On Basis of
YORK STOCK
NEW
the
Friday
Thursday
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
for
Monday
Saturday
2351
r Cash s Je.
74l2
Oct
Oct
6
17i8
8
100
Sept 24
13
Sept 24
Apr
Apr
Apr
14
138
Oct
9584 Jan 26
92
Dec
98
Nov
303s Jan 14
22i2 May
34
Feb
117
Jan
17
8
105
Apr
34U Jan 22
25
July
36% Nov
8
60
Apr
0Ot2 Nov
112
58
Jan
Jan
Oct 8
693g Sept 13
lli2Septl0
15
Sept 11
3D2 Feb
60
Apr 27
86i2 Mar 10
20
Oct
38
4612
8
2i4Septll
38
Oct
6
Oct 8
3'2Sept 11
9«4 Oct 1
1%
18
Sept 20
x Ex-dlv.
Oct
67
Jan 26
14
Feb 23
884 Nov
4
19% Feb
35
32
7534
June
Jan
655s
135s
Feb
Jan
Mar
Dee
4
9<4 Feb 19
65
6878 Sept
Mar 11
63g June
22
July
"10% "Feb
50%
Deo
4<4 Mar 17
D2
Jan
3*8 Mar
lli8 Feb 25
2%
Jan
684
7?s
Jan
15
Oct
Jan
37
Oot
20% Mar
5
37i2 Mar 11
v Ex-rights.
18
Deo
1 Called for redemption.
«
New York Stock
2352
LOW
HIGH
AND
SALE PRICES—PER
SHARE,
Record—Continued—Page
NOT PER CENT
Sales
STOCKS
ffit
NEW
JOT
Monday
Saturday
Oct.2
Oct
Tuesday
4
294
27*4
*284
294
*96
99
*96
100
98
98
98
98
Oct
$ per share
$ per share
$ per share
Wednesday
Oct. 5
108
*105
*1034 108
*174
19*2
194
194
Thursday
6
Oct
$ per share
274
964
284
97
$ per share
274
27
964
2034
954
96
98
97
97
'
Friday
the
Oct. 8
Week
$ per share
Shares
7
264
95
95
95
95
100
97
97
97
97
300
37
37
367s
37
344
*1034 107
*1034 108
*1034 108
1
18
184
18
184
184
i 184
364
33% 344
344
35*4
334 34*4
♦87
89
87
87
80
80
*84
9*4
1%
♦84
384
384
384
1
1
1
14
14
*34
294
3*4
*34
304
30
14
*54
6
754
214
77
104
104
25*4
214
104
27
100
*83
74
*52
53
*294
30
21
*20*4
204
51
*294
194
102
34
394
19
*34
34
34
25
244
244
39
100
105*8 105*4
105
107
100
106
1054 1054
19*4
20
19*4
15*4
19*4
164
18*4
184
184
16*4
18
1578
17%
30
44
4l2
22
21*8
184
274
16*8
254
274
50
45
464
90
90
89
89
5
4*8
15
*14
15
134
75
75
75
24
24
144
24%
144
274
28
49
49
6
4%
14
*26*4
*484
1678
174
734
724
27
♦26
27
49
89
*82
14
14
44
*134
♦
44
15
75
*
"24"
1258
24
24
*25
*44*8
47
*44*8
164
27
25
25
49
484
484
17*4
734
15
17
144
104
65
72
62
27
25
20
244
104
674
26
104 10-4
104
103*4 103*4 ♦102*4 1034
4
3*4
3*8
44
5
54
5*4
5*8
104
114
07*4
26
25
25
*32
344
324
*1*4
33
29
314
274
294
504
*3234
574
6078
34
34
144
624
14*4
12
12
62i2
154
9*8
♦55
*117
♦15
34
*624
144
*114
15
15*8
3*8
17
*464
48
48
6
*0
IDs
124
978
94
6
•94
10
51
614
47«
*484
334
11
84
94
60%
4*4
39
354
64-4
354
654
30
30
02
62*4
13-4
114
40
8
214
214
34
34
*13
16*4
894
184
63
134
04
♦114
6*4
•96
"f*
*35
22
3*4
324
30
30
30
34
234
16'8
11*4
104
174
88
187%
184
534
13*4
634
134
94
114
64
♦62
64
5*4
374
24
7
20;%
21*4
34
194
204
34
34
14
164
184
17
18
164
854
174
54
49*4
13*8
53
49
13*4
134
84
9*4
44
84
11*8
5*4
10
974
♦97
44
94
11
54
974
294
*24
2*4
•70
71*4
154
164
884 89
*214 21*.,
1054 1054
♦88
*244
214
♦
12
*24
70
84
374
9
364
•96
8*4
104
5
974
8'»
84
♦10
15
26%
♦33
514
134
284
36
7
64
6*4
6
64
60
534
10*4
534
*50
534
11*4
11
24
684
144
824
20-4
24
684
14*4
124
2*4
70
15
154
88
904
214
12
10
85
264
364
127„
12
164
90
30
124
54
374
24
*64
11
7
24
8
11
*664
"54
♦30
*64
17
7
21*4
87
214
24
12
24
64
•70
54
♦24
*0%
22
12
164
514
134
8*4
11
44
♦96
*10
16*4
894
174
54
134
94
11*8
54
9
13
28
284
•33
38
*64
♦50
11*8
24
6*4
534
124
24
22
214
101
106
1034
102
a88
88
884
884
88
24*4
214
214
244
24
244
234
24
224
204
21
194
224
100
no salat on ttit-
day
88
*23*4
224
f lu
224
1034
re
24
234
23*4
214
•elv-r-tnlp
110
2634 Oct
1512 Oct
544 Jan II
404 8eb 10
404 June
72
Jan
2934 Ff 115
21
304
Deo
115
155
8
6 1
39i2Sept 28
4i8 Sept 27
42
Sept 29
6
Oct
Apr
264
Doe
19
Jan
544
Dae
Jan 20
34
Jau
69
Mar 16
6*4 July
Mar 17
Jan 7
634 June
2212 Oct 6
12i2Sept 24
2214 Sept 25
Jan
2
Aug 14
Jan 18
June 29
50
14
Sept 25
284 Feb 11
954 Apr 28
484 Mar 8
12% Jan 22
Oct
6
144 Mar
8
10«2 Oct
6
32% Mar
8
24*gSept 27
2712 Oct 6
lfySe^t 25
65
4
Jan 11
724 Jan
7
F'eb
3*4
Feb 19
35
Aug
474
Feb
Feb
32'4
jau
484
Deo
31
Deo
704
Dec
9
6
12
Sept 25
21
Feb 11
104
I
11
Oct
6
No par
13
Oct
6
Sun OU
1
.........No par
6% preferred
Sunshine Mining Co
60
(Jet
0
.100
118
Aug
6
10
12
Superheater Co (The)..No par
Superior Oil
1
......
Superior Steel
Paper Co
20
125
3
61 «4
Sept 13
17U
Oct
...10
23 U
13
25
International Ltd
...
Symlugton-Gould Corp ww__l
Without warrants
1
5
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A OU...10
Texas Pacific
Land
Trust
103
894
244
23*8
Pjf
I
100
The Fair.. ...........No par
Preferred
...........100
conv
1
pref
.10
Avenue Ry
.....100
25
par
par
$3 50 com pref
No p<ir
Tide Water Assoc OU..
10
$4 60 conv pref.....No par
Tlmken
Detroit Axle...... 10
83
Jau
394 Jan 25
204 Jan 20
28% Mar 8
23
64
204
334 Mar 31
284
0
Oct
134 Nov
26% Nov
Apr
Apr
354
Jan
20%
Deo
154
Deo
6*4 May
5% Apr
284 Jau
13
Deo
554
Deo
84
Deo
1534 Jan
8
3
8%
Jan 12
154 Mar
3
Mar 30
164 Jail 22
15 %
0
Nov
33
Jan
74 Jau
94 June
Jan 28
544 Mar
28
6
Jan
94
164
Feb 19
334
Apr
48 #
Jan 13
59
Mar
034
Aug 31
934 Jan
4
134 Feb
3
*40
Sept 2
84 Jan 13
154 Mar 5
28% Feb 11
104
Jau 25
8*4 June
85
Oct
84 May
Feb
14% Mar
49
48
I
Jan
44*4 Nov
64
July
Nov
Oct
10
Nov
110
Feb
12% Mar
*
34
Jan
84
Jau
13
24-%
44
Jan
32*4 July
84 Mar
Jan
94
%
Feb
Nov
40*4 Jan 25
20
Apr
15%June 17
214 Feb
14*4
Jan
394
21*4
Deo
85
6
984 Aug 13
Jao
274
Deo
Oct
4
Feb
15'4Sept 24
284 Feb 11
124
Tim ken Roller Bearing. No par
49
Oct
6
79
Feb
4
56
Transamerlca Corp
Apr
744 Nov
134
Oct
6
17
Aug
2
144
"Jan
274
Apr
10% May
2
Transconl A
West'n Air Inc.5
Transue A Williams St'I No par
Trl Continental
Corp..No
84 Sept 25
934 Sept 27
S0 preferred
No par
Truax Truer Coal.....No par
44 Oct 8
9534 Sept 24
8
Sept 27
Truscon Steel
10
20tb (Jen Fox Film
par
.....10
Sept 25
224 Jan 11
274 Jau 22
114 Mar 8
1094 Jau 21
12
8
74
Apr
Jan 20
4.200
25
Mar 29
I.OOO
Ulen A (Jo
No par
2
1.100
Under Elliott Fisher Co No par
Union Bag A Pap new.No par
64
Union Carbide A Carb. No par
Union OU ('ulifurula
25
Union Pacific
100
4% preferred.......
Union Tank
Car
100
No par
Uulted Aircraft Corp
«
Vev
-n-ox
r
O.H'»
....5
5
20
98
88
2334
19
404 Mar 13
i
Mar 13
224 June
314 A pr
74 Jail 22
8*4 May
Sept 10
1'4
8
100>«
Oct
134 Sept 24
824 Oct 6
Sept 27
(let
8
Sept 30
Feb
110
26 •# Mar
94
Oct
Deo
12
Jan
Sept 27
10*4
224
Jau
44
50
5
93
Jan
3
50
$1
7'j
Mar
Sept 27
Sept 27
letiwy
374
Jau
Nov
1334 Mar
4>2Sept 25
Sept 25
134 Sept 8
64 Sept 25
194 Sept 27
3
Sept 11
12
Sept 25
Deo
Jan
15
6
36
0®4 Mar
42 «a
94 July
12*g Nov
574 Feb
Sept 13
Oct
Oct
174 Jau 21
bept 13
Oct
Dec
2334 Jau 20
6
400
Dec
Jan
3
264 Oct
1.800
60
27
34
39.700
Nov
2
par
0.100
125
3
50 preferred.....No
12.000
Jau
Feb
Twin City Rap Trans..No par
Preferred
100
Twin Coach Co........
1
6.700
118
734 Mar
par
20.400
Mar
6
77« Oct 6
2712 Oct 8
24
Sept 27
61 'a Aug 2
5 >8
154
91
8
95s Sept 27
7%S pt 27
8
Sept 25
9 >8
Jan
Oct
<
304
Oct
Apr
Jan
Jan
7
244
Dec
474 Mar 11
Oct
Apr
14-4
94
0
1H4 Oct 8
2634 Sept 27
5
Jan
204 July 12
8
Oct
4
Jan
Mar
70
Feb 17
774 Jan II
.Sept 15
28 U
100
(The)...60
174 Jan 20
33% Jan 29
8i2Sept 27
Corp No
50
Jan
Stewart-Warner
21.600
350
Deo
2
Stokely Bros A Co Ino..
124
164
2.000
724
Feb
784 Nov
Thompson-Starrett Co. No
36
Deo
65
2.800
300
Deo
02
Jan 29
2.CO J
12.300
Mar
75
34
28*4
13*4
94
274
Sept 27
Thompson (J R>
Thompson Prorls Inc..No
2.300
43*4 Nov
184 Nov
00
$3 div
100
Apr
Apr
10
Third
5.800
53*4 Mar
40*4
Thermold Co
2.300
Nov
Sterling Products Inc..
l".4o6
20.900
37
26
4~500
6.000
Jan
244 Aug
654 Jau
24*4 May
Texas A Pacific Ry Co
400
Oct
9
Thatcher Mfg
No par
$3 60 conv pref.....No par
400
Oct
924
36*4
5
100
200
934 Mar
27
Mar
400
"
114*4 Nov
Mar
274
264
"
Oct
Jan
94 July
64 Apr
94 Jan
244 Apr
28*4 Apr
Jan 12
44
2u0
82
70
13,100
2,300
Oct
114 Nov
48
ll's
84
7.600
21*4
144
324 July
474 Oct
2
31
6,300
44
164 Jan 20
1044 Oct
Mar
5*4 Apr
64 Jau
734 June
29»4 May
164 Apr
134 Jau
234 Jan 12
35
44
5
1014
Jan 28
2
Sept 27
Mar
6
Feb
Sept 27
160
604 Mar
36
10
Jan
July
74 F'eb
354 Aug
434 Mar 17
94
24
160
174 Nov
114
Jan
73 >s Sept 20
10314 Oct 7
2*4 Sept 13
Mar
34 July
26
Apr
Feb
654
114
774
1044
94
6
Deo
25
Feb 26
Oct
474
234
12*4
31
62
110
2
Jan
324 Jan 13
054 Mar 11
Sept
124 May
9
June
8
23l2 Oct
Jan
Apr
234 Aug 14
Mar 18
Jan
Nov
65% Apr 22
9-4 Mar 15
8*4
104
4%
974
8*4
124
<1
5
Oct
6*4
85
8
Se^t 25
44"% Sept 27
U Sept 27
9.7C0
12.900
98
Oct
144
484
132
Tennessee Corp
Texas Corp (Trie)..
5,100
48,800
23.000
*88
19
19i2 Oct 8
15i4 Sept 24
16U Jan 15
Deo
4
8
46
174
804
214
15
88
Mar
54% preferred.........60
Telautograph Corp
...6
164
844
20*4
144
86
120
June 17
190
05
15
96
Nov
28
1274 Nov
Jan
Dec
Sept
500
64
864
54
Deo
8
6
60
144
824
204
65
Mar 10
Oct
84
114
24
65
194
974
197
26
49
16*4
64
604 Apr 22
1024 Feb 4
Talcott Inc (James)........9
52'2
134
♦34
Sept 29
34*4 Sept 25
98i2 Apr 29
8514 Jan 2
9,000
154
♦50
Mar 16
1.000
7,300
8*4 July
19*4 Jau
z34 June
44 Apr 21
Swift A Co...
604
134
84
104
44
974
84
274
68
Dec
Sept 13
24
45
Apr
Apr
14*4
102
174 Mar 11
Swift
90
♦10
918 Sept 25
27i4Sept 27
3
8
343| Feb 19
1054 Feb 2
2.000
22
164
Feb
6
8,500
5*8
*86
44
3918 Oct
20
374
24
64
678
20*4
34
124
Deo
284
114
9*8
6*4
24
Deo
04
304 July 12
Stone A W ebster
83
*30
114
Jan
1044
6
Studebaker Corp (The)
64
"T
Jan
July
6
600
64
534
114
24
65
89
34
974
8*4
106
-o-ked prlcea.
7
12
164
*85
89
and
2i2
22
34
106
'Oil
54
374
4*4
43>g
304
89
Oct
15,000
32
0*4
1
Mar 10
Oct
25,500
2,300
19*4 Nov
324 Deo
Jan 21
120
Jan
52
9
9
♦
314 Nov
Feb
28
14-4
2.100
Nov
Standard OU of New Jersey .25
Starrett Co (The) L S._No par
60
14,400
Dec
Deo
74
10U2 Nov
305s May 14
90
84
44
Jan
Standard OU of Kansas
10
Apr
Jau
60
6.200
34 July
Jau
6
600
304 Aug
1
114
20*4
36 >8 Sept 27
4,800
5
154
3418 Oct
2,000
2
594
50
300
Jan
Apr
Mar
4
Stand Investing Corp..No par
600
Feb
17-"% Feb 10
424 Mar 10
Standard Oil of Calif..No paf
Standard OU of Indlaua. ...25
32,000
484
4-4
♦02
7
83
*30
89
22
74
27i2
264
62
6*4
cum
Jan
984 Aug 18
100
Sutherland
104
62
83
$7
Deo
4
2
34
19,000
17.U00
Sweets Co of Amer
84
624
♦11
60
8
*62
6
1
prior pref ....No par
prior pref
No par
900
114
94
49%
4*4
44
324
104
29
*
cum
200
32%
8%
48
30
64
$6
16
*464
6*4
834
46-4
44
314
64
29
83
3,600
par
No par
tstand Gas A El Co...No par
$4 preferred
.....No par
24
28
46
♦5*4
*264
104
39
40
30
104
294
*6*4
204
284
30
9
*36
74
700
1
Brands......No
$4.50 pref
Stand Couim Tobacco
24
84
84
94
7,300
Square D Co class B__
24
2
Feb
$5.50 preferred
.No par
Spencer Kellogg A Sons No par
Sperry Corp (The) v t o
1
Splcer Mfg Co
No par
Standard
Jan
14
4U8ept 25
12i2Sept 27
No par
F'eb
65
85
Conv $4.50 pref
44
204
7
.No par
1
$3 conv preferred A..No par
8plegel ino
2
Mar
14 May
74 June
6
Oct
Spang Cbaifunt A Co 6% pf 100
.....
101*4
50
Sparks Wlthlugton
Spear A Co
*144
194
104
9
♦55
16
94
94
294
374
244
16
9
94
30
24
11*4
31
2,800
10.300
par
100
...
18
94
8*4
800
1st preferred
18
84
494
4%
324
104
84
33,300
2,080
2,500
23,800
144
294
34
3
34
*26
14
9*8
30
20
*204
104
144
284
94
*80
13*4
14*4
284
34
13*4
84
*59
9
84
45*4
4*8
40
1194 *1104 1194
30
2*8
13
*11
144
94
*20
*35
60
60
18 4
114
*26
84
32*4
114
84
"54
2
354
37*4
354
55*4
31*4
61*4
134
114
84
6
900
28*4
*1*4
9*4
49
24,700
26
344
374
354
53*8
9
6
64
15
284
*46
*
3*4
274
114
6
284
22
194
274
104
234
15*4
48
94
34
20
6
8
7
34
18
174
234
15*4
19*8
48
32
40
3
184
4*4
88
♦97
31
94
*14
98
J 4%
49*4
54
119
144
44
154
174
11*4
6*4
119
8*8
894
10
*115
8*4
84
24
7
119
84
*59
14
104
7
14
9
60
154
234
024
144
84
00
34
84
13
94
62
454
83
24
1478
62
144
18
10
31
24
*6*4
114
514
30
*35
12*4
11
64
*27
5%
134
11
*115
48
♦294
"*6*4
124
114
13*4
8*4
94
31
*64
14
r61*4
10
114
♦62
12*4
114
28
11
*
604
28
33
7
62
284
124
114
87S
624
604
204
33 7S
83
28
194
33
♦04
28
♦15
31
*62
52
324
16*4
20*4
*27
*
*33
384
354
544
52*4
324
1*4
100
174 Nov
554 Nov
Dec
Jan 14
20i2Sept 24
'
394
354
56*8
34
44
33*4
84
304
*27
38
24
*9
*23
354
24
28
254
34*4
25
28
09
2
25
204
284
124
07S
♦94
154
60
25
354'
20*4
*15
17
68*4
264
*1*4
574
344
634
144
124
154
15*8
474
16*8
344
37*4
34
1978
1678
20*4
25
2
21
204
25
*44*8
154
354
204
*15
27
47
*1*4
94
94
94
02*4 ♦55
61*4
1194 ♦117
1194
15
154
154
34
*334 34
3*8
60
400
344
37*4
*33
400
76
2
36
5,800
27
364
40
4*8
134
*244
14*8
294
14
*33
130
274
10*8
104
104
10*8
1034 1034 *1034 103*4
4
34
34
*3*4
5*8
54
64
6*8
11*4
124
104
114
25
35
44
250
9
Feb 10
25
Mobile <& Ohio Stk tr ctfs 100
Spalding (A G) & Bros.No
Feb
100
Southern Calif Edison
June
93
424 Jan 12
Southern Pacific Co....
100
Southern Railway........100
11
374 July
20 '2 Oct
7
141
Mar 29
50,500
"1*266
2
Mar 17
Mar 15
64 Feb 26
"s'ooo
6% preferred..
Mar
274
51«4
984
3U
234
454
24
84
544
114
2i2Sept 27
No par
8% preferred
Nov
1144 Mar
5
Platinum. 1
214
294
44
464
134
24
14*4
25
404
So Porto Rico Sugar
45
♦
75
224
144
"224
44
Solvay Am Corp 5 4 % pref 100
4,400
89
49
10
8outb Am Gold A
5,200
♦824
44
100
No par
9,300
24,300
88
25
100
Smith & Cor Typewr..No par
174
44
Skelly Oil Co
114
78U Oct
6i2 Oct
6
.....No par
10
Aug
1104 Sept
6
6
Simonds Saw & Steel..No par
108
3
494 Nov
Oct
Oct
Slmms Petroleum
6
Feb
6
Oct
Snider Packing Corp...No par
Socouy Vacuum OU Co Inc. 15
274
Oct
18
900
154
50
12*4
35%
.394
214
26*4
8ept 11
99
1.100
100
Sept 10
No par
$0 preferred
Smith (A O) Corp
54,400
1
3
5conv preferred..
100
Silver King Coalition Mines.5
Simmons Co.
Jan
113
Sept 25
22
con?
Shell Union Oil
140
85
44
pref ser A.No par
Sheafter (W A) Pen Co. No par
Dee
113
19'2Sept 24
934 Sept 24
...No par
No par
780
184
45
25
35
22
$3.50
99
Oct
70
Sbattuck (F G)
No par
Sbaron Steel Corp.....No par
Sharpe & Dohme
Deo
26i2Sept 24
5i2 Oct 2
.....No par
pref
July
90
7i4 Oct 6
37^8 Sept 27
—100
share
per
27
Oct
1
Jan 13
Highest
share $
per
6
97
86
$
Mai
10314 Oct
14*8 Jan
33«2 Oct
Seaboard Oil Co of Del. No par
conv
46
103
LIae...No par
Sloss Sheff Steel & Iron
3,600
194
Year 1930
Lowest
share
per
July
No par
Seagrave Corp
$
95
-.100
4-2% preferred
share
per
1
8% preferred
610
284
28
2
16
JSchulte Retail Stores
6% preferred
174
28
364
5,300
27
30
*1*4
22
10
*120
31
*314
44
*27
364
39%
204
194
*45
454
144
12
140
21*4
28*4
18
44
4*4
114
*120
21*4
294
234
144
1078
104
104
1044 *1034 104
4i8
44
44
578
64
54
13
124 13
800
100
254
*314
44
464
*31
134
75
"23 4
234
454
44
*464
4%
142
304
90
*4*4
*120
17
44
1,900
'
214
274
*35
454
44
10.600
164
17*4
18
174
174
1114 1114 *111
1124 ♦111
1124
3
2*4
3
24
24
24
274 274
27
264 28
274
142
*100
58
13
38*s
994
100
*45
*4
*884
100
*88
104
35
994
98
19
44
17
39*8
304
34
994
20
29
5,000
39
15*4
*35
10
94
994
19%
22
300
30%
*884
95
19
324
204
9,300
26
34
20
19
99
20
7% preferred
100
Savage Arms Corp
No par
Scbenley Distillers Corp
5
6H% preferred
100
$5
400
294
10
19
5,000
34
27
20
21*4
244
294
Range for Previous
Highest
26t2 Oct
100
100
Roebuck & Co..No par
Servel Inc
3,000
314
20
31
14.100
No par
5% preferred
6% preferred......
Scott Paper Co
tSeaboard Air
$
Sears.
10
1054
*884
142
204
94
10
*100
28,800
9*4
19
65
734
*254
104
z30
99
20
30
*24~
94
32
1.000
744
61
*28*4
18*4
194
18
*31
*14
94
294
100
20*4
*29*4
*
19
6
24
51
20*4
*167S
224
324
19%
224
294
*99
274
54
714
194
94
50
174
142
314
99
9*8
*1104 1124 ♦111
1124 ♦111
1124
3
3*8
34
34
34
24
28
*294 30
294 294
294
*100
294
194
27
0
*244
37%
*884
37
404
18
30
34
50
99
94
334
25
994
1074
107
52
.,294
20
34
64
*50
102
94
304
27
*94
51
30
*29*8
204
103
*34
22
184
3,800
52
*1054 112
20
204
204
*204
*164
800
6%
30
107
*105
804
64
62
*25
41
804
6%
204
83
64
5,600
2,400
4,200
64
784
20*4
*76
34
81*4
824
74'
7
1
34
27*4
81
7
1
764
20%
10*8
24*4
81*4
104
19*4
,
Par
Safeway Stores
500
220
73
244
19*4
3,400
27%
*54
54
75
104
104
997s
28
*434
70
24
204
110
27
0
744
214
10
34
394
29
14
3*4
300
14
84
394
*7*4
34
1,400
4,900
87
14
39
1
22
10
♦934
34
14
34
11
334
*107
34
0
>8
39
254
10
34
34
704
8
38*4
10*8
344
25*4
1
87
,14
8
24
10
*34
1
384
89
14
384
74
1
27
334
25*4
84
39
*87
14
20
*102
104
*102
89
14
224
10*4
824
74
74
8I4
30
54
707S
2178
*86
14
39
14
3?8
54
5,300
60
18
14
94
384
754
*26
18
Lowest
„
1034 105
1937
9,
EXCHANGE
28
274
Oct.
Range Since Jan. 1
On Basis of IW-Share Lou
STOCK
YORK
9
Jan 25
Jan
8
654
Jau
24 June
74-% June
Oct
94 Nov
28
Deo
38% Nov
47*4
Nov
174
Deo
109
Deo
84
Jan
1024
Deo
184 Sept 17
11i
284
Feb 20
Feb
"714 "Jau
1054 Nov
284 Fob
4
20*4
Aug
148*4 Mar 10
IO84
Jari
149%
100
99*4
Jau 13
Aug
9<>4
Jan
8
314 Feb
4
22 %
Jau
314
Fob
Sept 27
354 Mar
5
20%
Apr
32%
Feb
Oct
6»«-t.v
y
E» .'141H4
t
Cute
f
r
June
opt.on
Volume
LOW
HIGH
AND
Monday
Tuesday
Oct. 2
Oct. 4
Oct. 5
--
-
♦112
-
»
-
20
♦10
21
21
21
*20*4
20
♦10
20
*10
*112
20*4
*10
*12
16%
69
73
73
73
63
72
6312
67
69
27
27
28
28
28*2
28*2
27
27
*26i2
3*2
3%
34
33%
8%
15%
*8%
*14*4
8%
♦..._
6%
68%
11%
68%
8%
69%
68
♦85
69%
34
8%
8%
8%
*13
15
33%
8%
14%
6,900
63
25
900
89%Sept 27
5%June17
I
United Electric Coal Cos
5
United
5
5,500
66
67«4
67%
67%
11
11%
IH4
11%
11
11% 27,300
100
*10514 106 I
10434 10434 *105% 106
2,8)0
6 >8
6%
6%
534
6»4
6%
1,700
9
9
9%
934
9
9%
United
1%
6%
35
6%
6U
35
*3478
85%
*114
85%
1%
10
88
*85
6U
3478
66%
1%
*1>4
88
*85
■;
"4466
534
3478
64%
-
1%
8*2
♦9%
11%
11
*9%
10*2
*8
11%
11%
10%
U%
10*2
10*4
10%
11*8
8*2
10*4
11
2,800
U
78
79%
73
76
70
73
73
75
72
75
4,800
U 8 Gypsum
48
*25*4
26*8
7%
7%
12%
12%
*80
108
38
38
26
7%
72
72
*77%
79
72
77%
78
77%
80*4
123% ♦115
158
3%
70 %
66
2%
62
62
♦142
145
1%
24%
6
6*2
6%
6*4
11%
11%
34*2
7
37*4
6%
36%
69
69
36
800
76%
70*4
73%
3
2%
3
2*4
3%
70% *-...
*59
70%
14%
63
63
63
700
*142
147
70
34
480
1%
1%
1%
1%
1%
33
34
34
30%
30
35
1%
1%
8,500
1
1
8,300
1
1
1
1
1
1
32
32
*29
32
*29
32
20*4
22
29
29
28%
28*2
26
28*2
*106
115
74
110
14%
12
110
5%
3
1,600
5%
6%
5*4
5*4
5%
5%
5
5*4
5%
4%
5%
2,600
•4%
534
*4*2
5*4
*4*2
5*2
*4*4
♦9%
9%
24*i
9%
9%
90
*85%
9%
10
88
86
24%
86
97a
8%
41%
38%
23%
*84%
8%
37%
9%
19
19%
*18%
16%
16
16
*14
15*2
4
4%
•43
58
*43
68*4
11%
10%
10%
10%
9%
10%
*
55
38
*18%
19%
16
*14%
16
♦45
58%
10
10*2
55
4%
4%
•45
"4%
4%
♦12*2
16
•30%
34
30%
31
♦21%
22*2
2134
21*4
20
21%
20
20*2
19*4
20*2
20
*38*2
3%
39
38
38
34
38
34
36
36*4
38
36*2
*3%
*1%
*1%
96
101
10214
95*4
•
9534
121
24%
*6
Warren Fdy A
Waukesha
37
3,100
Wayne Pump Co.---.1
Webster Elseulohr .....No par
*98
95
78*2
28%
24%
6*2
12%
1*4
4%
33*2
29%
23
1"8
1%
1
>8
1%
1%
3*4
3%
3%
29%
32%
3%
32%
26
27
30
31%
27%
28%
122
123
19*4
17
18
*35*2
37*2
♦35*2
17
*9%
H
126
*121
126
17*4
♦35*2
17
16*2
25*2
26
85
•75
100
♦90
94
•85
94
•90
110
♦90
110
*90
35*2
33%
27%
•«
111
28*2
•85
*9%
12%
105*2 113
37*2
16*
85
3%
2,400
1%
30
10
79
*
mmmrn
3%
125
♦25%
*120
3%
*18
17
95*2
6
125
28*2
95
10%
20%
37*2
*99%
95*2
99*2
6
107% 111*2
•25*2
79
10*2
1%
118
♦16%
m m
29%
♦74%
*74
*
95*2
mm
32
30
103
3*4
1%
340
94*2
2i0
12%
28
mm
*
m
18*2
*18%
18*2
37
*35*2
37
17
17
*<22%
♦18
37
16*4
•
-
600
*26
28%
♦25*2
26
400
*75
94
♦75
94
40
100
•90
100
♦90
100
36%
34*2
36*2
37
110
♦85
110
♦80
110
*85
110
♦90
100
♦90
no
78
•70
72
70
70
67
70
*67
75
*67
75
19*2
•15%
19%
19*2
*15
19*2
16%
16*2
16
19*2
16%
♦15
•15%
*12%
13
3%
3%
22*2
22*2
•3*2
3*4
4%
4%
9*4
7
934
7%
*15
16*4
14%
15 '8
14*2
15*2
*12%
13
12
12*2
*12%
12%
3%
♦21%
23
3%
4%
10
7
3%
3*2
5%
10%
7%
3%
3
3%
4*4
9*4
6%
3%
3*8
15%
*12
3%
20
12*2
•
-
-
m
-
"
4.600
300
14%
15%
8,900
'12%
12%
400
3*4
3
3
900
21%
20
20
1.300
20
20
3
3
4%
4*4
4%
4%
13.500
9*4
*3%
4%
9%
4*4
9*4
9%
*9%
9%
2.300
7
6%
6%
6%
7%
6*4
69
68
21%
3%
4%
10%
21%
1,100
16*4
17
37
19*2
50
94
♦70
*15%
800
37
*86
37*4
170
-
18*4
25*2
35*4
67%
4%
68
4
*3%
7
♦67
900
17.000
68%
700
41%
15,400
69
68
42*4
*67%
42%
43
40*4
42%
41
41
41*2
28*2
*27%
29
24
27%
67%
40%
23%
25
25%
26
24
25
2.200
76*2
74
75
71
72
72
73
74%
75
440
71%
72
72
74
74
74%
550
•67%
42%
68
♦27*2
76*2
40%
7% pref. 1001
1001
Wilcox Oil
6% conv pref
Wilson A Co Inc
$8
Woolworth (F W) Co
W
orthIugton P&M
*76
80
74
'60
80
•60
80
*60
84
♦60
85
♦60
85
Preferred B 6%
75
*60
80
*60
85
♦60
85
•60
85
6% preferred B
*71
75
67
68
*67*2
68
600
•32
35
*32
34
509
80
68*4
37
♦35
15%
15
118
*108
•31%
67
32*4
57*2
*60
66*2
*66
36*2
15%
64
67
*85
70
68
68
67
67
36*2
15*4
35
35
13*2
15
108
108
35
13%
108
35*4
14*2
108
118
32
32
31%
31*2
31*2
31*2
57*4
50
55
46
51%
*75
91
•77
90*2
32-8
56*4
34%
34%
3%
3%
3%
♦
66*2
68*2
•108
*87%
33*2
94
•87
80
93
4
34%
31%
3*4
Bid and aaked prices, no
32*2
4
31
3*4
sales on this
4
day.
14%
10S
15
108
13%
109
31*2
*31%
49%
*81
54*4
88
31
33*4
30*4
4
4
31%
50*2
3*4
69%
69*2
14*2
109
31%
53
88
*84
1 In recelverHblp.
40
29,400
120
K00
29.400
.....
-
32
13.500
4
2.600
Oct
914
7% prel A
stamped
Deo
Apr
39%
5*8
26%
17%
10%
Jan
Apr
12%
49*4 Nov
Apr
20
Nov
62
Nov
Jan
Dec
7% Nov
2*b
Apr
47%
i'%
Jau
Apr
18%
Dec
44
Apr
69
Dec
12*4
Dec
38%
Deo
Nov
105
35*4
Jan 16
15%
27% Oct
46
21
Apr
37%
Dec
19*a
Apr
39*2
Dec
8
Aug
2*4
Jan
62%
Deo
78
Feb
83*4
Aug 26
9134
Jan
107
109
Feb 11
96
Jan
110
Apr
103
Aug 26
87
Feb
102
Sept
Jam
Jan
116*4
Jan
84*8 Feb
108
1
4
9f
123*8 Mar
6
25
8*4 Sept 24
116*8
111*4
115*8 Jan 8
29%July 12
2*4 Sept 13
4 % Sept
6% June
33% June
Feb
2%
2%Sept 13
11*4 Mar
6
23*8 Mar
6
8%
15
72*8 May
39
May
Jau
Jan
22% June
6
Feb 23
34% Jau 7
115
Apr 13
126
Aug 6
27%
65
Mar 11
126% Aug 14
35%
Oct
Nov
21*8 July
84
July
13*4 July
3%
16
2*4
Apr
Jan
23%
Apr
36*4
Dec
112*8 Mar 25
112
Aug 6
56
Apr
86*4
Dec
Mar 10
47
Jan
80*4
Oct
100
Aug 11
5!)34 Sept 27
63
Sept 27
6
62%
Jan
76
Jan
7
13% Sept 27
Oct 5
31%
Oct
7
46
Oct
6
94
Sept 28
30
June 17
3l« Sent *24
Jan
Jan
Mar
108
No*
No*
Mar
Nov
92
5
5%
11
128
Oct
6*4
43
71
82% July 12
35
28% Nov
17% Nov
87
Jau 22
Sept 20
Apr
Feb
Apr
47
75
Feb
Dec
June
44*4
100
Oct
39%
109*4
6% June
70
6
91
July £120
99
Jmii 20
Oct 6
Sept 26
Jan
31*4 Nov
34
Jan
Feb 27
2
70
Oct
33*4
Jan
91*4 Mar
71
Deo
Oct
160
July
65%
23% Oct
z50%
163*8
32
18%
12*4
Feb
19*4 June
18% Jan 25
6*4 Mar 22
Jan 4
6*4 Jan 25
6*2 Sept 7
12
8ept
7
Feb
9%
96% Nov
39
9084 Aug 31
23%May 16
33% Feb 16
46%
4
Oct
35*8
40%.Sept 25
100
Jan
94%
123*8
Jan 22
30%
Aug
34*4
5734 Mar 6
Jan 22
Jan 22
170
Feb
12%
23*4 Sept
11% Mar 17
83*8 Jan 22
167%
124% 8ep
Deo
Apr
1% Nov
5%
Deo
8ept
Apr
4% Mar 17
Oct 6
66*4 Sept 27
6%
Feb
11%
I
6
Mar 17
984
56
Oct
Oct
Feb 19
50*4 Aug 10
9
8
6% Sept 2 7
9U Sept 27
20
MarlO
38%
Apr 10
22%
Aeronautical
Nov
61
30
11
110% Apr
Wrigley (Wro) Jr (Del)
Yale A Towne Mfg Co
7»4 Mar
Jen
Jan
118
..No par
.No par
25
Yellow J ruck A Coach cl B.
1
Preferred
100
Young Spring A Wire..No par
Youngstown S A T.-.-No par
5>4 1 preferred-.-.
100
Zenith Radio Corp
No par
Znrilte Products Corp ...
.
I
Wright
10% Mar
4% June
4%
28% Sept 25
76
Sept 25
100
5
Feb
4*8
Jan
Jan 25
2% Sept 25
1
July 15
stamped 100
Jan
Aug
12 >4
19% Sept 27
32% Sept 25
100
10
2
69*s Jan 23
334 Sept 27
Sept 25
I
10
99*8 Mar
18
8
Sept 24
47
8
I
10*4 Feb 26
3% Sept 25
Sept 27
(Del) No par
Preferred A 7%—
79
75
Jan
60% Feb
19%
Jan
9% Jan
51% July 15
53
No par
preferred
Mar 17
19% Feb 11
Feb 8
Sept 13
Oct 6
37% Oct 8
1834Sept 20
14
Sept 25
—.6
A Gas
Willys-Overland Motors
79
•67
I
8%
Macb—No par
preferred ....No par
•60
♦66
27
Oct
92% Aug 18
18*4 Mar 11
White Sewing
78*2
•60
4'« Sept
49
Maryland.. ——100
137*8 June
5
9
Supply Co.-.10
Aug
2%
84'{June 24
Deo
120
10% Mar 16
2178Sept 25
Oec
41%
Aug
18% Mar 16
16
13*4
131*8 Aug
86
Feb
122*8 Jan 11
4
2d
$4 conv
Mar 12
114*8 May
xl 14%
70
Feb 2
27„8ept20
90% June 17
81
July
I
preferred
Dec
May
98
Aug
80
Dec
14
117»4
1001
78%
74
Dec
8%
Apr
preferred
100
l%Sept 11
Western Pacific ...——..100
3% Sept 10
6% preferred
100
29
Sept 24
Western Union Telegraph. 100
26% Sept 27
Westtngh'se Air Brake.No par
105% Oct 8
Westlngbouse El A Mfg....60
1st preferred
50 122 Sept 28
17% Sept 13
Weston Elec Instrum't.No par
35*4July 2
Class A
No par
16
Sept 29
West vac o Chlor Prod.-No par
25%Sept 7
67c conv preferred.. — ..30
85
Oct 5
Wheeling A L Erie Ry. Co.100
114
Jan 18
6^4% conv preferred... 100
32%
Sept
27
Wheeling Steel Corp...No par
99
May 20
Preferred
100
67
Oct 6
$5 conv prior pref—No i>ar\
19
Sept 11
WhiteDent'lMfgCo(The 88» 20
14% Sept 25
White Motor Co
—-1
12
Sept 25
White Rk Mln Sprctf.-No pari
\./u
8.700
17
35*4
6 {i
16.300
25%
33
Deo
30%
68»4
4
4
100
*rest Penn Power
30.500
36
57
2834 Aug
7
5
...No par
preferred
preferred-.
Western
800
-
6% Mar
2% Oct
Jan
12»4 Jan
Jan
1
110%
Mar
Mar
July 14
1,800
1*4
113
June
109
37
Oct
El class A..No par
2,800
3*2
27%
26%
108
30
74% Apr
115
Feb 15
135
snowdrift No par
Western Auto
100
33
30 <8
34
116*4
1%
8%
......
8
12
*9%
♦1%
3%
West Penn
60
120
120
1
Jan
July
4%
6
6
6
No par
6
Fargo & Co
$4 conv preferred
50
100%
94%
Pipe
Motor Co
Wesson < Ml A
3,500
96
too"
Wells
......
*114
116
116
♦114
♦113*2 116
22%
23
22%
2 i*4
21%
23
5*4
5*4
6
5%
5*4
5%
114
♦35*2
1%
79
95%
117% 118*1
125
126
*18
3%
1%
93*8
*120
23
3*2
30
29
31
29*2
100
1%
29
3
*1%
95
♦3%
32%
33*2
1%
100
1 ®4
29
3%
95%
4*1
33*2
32
3%
100% 100*2
♦4
16
June 29
Sept 29
x
May 12
Mar 27
12»4 Apr
•h
12
{Warren Bros
..No par
S3 convertible pref-.No par
2,600
1,800
93
*1%
pref
S3 85 conv
......
2.800
*1%
3%
11934 Sept 23
65
Sept 24
...100
6
No par
20
*72*4
6*2
-
Warner Bros Pictures
43,400
27%
79
24
Preferred
......
27*2
95
•10%
B
28
*113% 116
14
Class
28
*120
24%
A...No par
............No par
Ward Baking class
3,200
23
♦113% 116
6*2
•1034
No par
Preferred..
28
*120
*113% 116
Walk(ll)Good& W Ltd No par
30
95
95
3,100
4 HS
28
97
97
•94
Co
Walgreen
16
♦72*4
*72*4
78*2
*72*2
No par
No par
Waldorf System
*13
1%
Oct
100
100
6% pre'erred A-.
5% preferred B—
16
4
32
100
*13
*1%
31*2
100
Railway
tWabash
16
♦3%
32
•31%
100
pref.-.100
Detinulng....
100
♦12«4
1%
Apr
9
4
16
3%
Aug
115
Sept
tOo
16,800
4*2
*13
165
Jan
1
100
preferred
Vulcan
400
55
4%
♦12%
4*4
4%
5 /„
300
58*4
10%
9%
*
Nov
Mar
50
57%
4% Jan 13
2% Jan 20
...No pa*
Virginia Iron Coal A Coke.
i, pref with warrants 100
Walworth Co
No par
3%
3%
3%
10*8
♦
8%
92
153
Jan 18
434 Sept 25
32
Oct 6
100
preferred
Va El & Pow $6 pref
900
9*2
19*4
58*4
55
"4%
4 >8
4*2
5%
♦45
58*4
9*4
*—_
65
*45
55
*45
♦45
3*4
4
3*4
4%
8%
37%
16
19%
*16
3%
♦84*3
100
*18%
♦19
19*2
♦16%
1,900
86
38%
4
•19
39
24
8-s
17
40
9%
23%
38%
4
42%
Apr
Jan 19
80
5*4
*4*4
9*2
8%
38*2
19*i
•41
Jan 21
47
...
5*4
85%
9'«
♦84*2
86*2
86
Sept 27
Preferred
2%
24%
Nov
164
Sept 24
10
65%
3*8
24%
102
108
66
Virginia Ry Co 8%
♦3
24*4
•85*2
9*4
884 Nov
6
Oct
38
100
*119
24
67*4 May
May 17
6
No par
Cbera
Va-Carolina
10
3
9*2
Apr
l%Sept 11
100
1st preferred
6%
125
24
Oct
5
5
48% July
510
.
160
9
Apr
3
9%
5
May
7%
111
5*4
Jan
9*4 Feb
8% Feb
72
4%
5
4%
13*2
13%
13*2
12*2
*119*4 125
*119*4 125
23%
July
169
Dec
40
*4%
9%
168
131
VIck Shreve & Pac Ry Co. 100
Vlck Chemical Co
*119
*4*4
July
9
2,100
3%
9%
144
Mar
49% Nov
116
Aug
3
5
Apr
79%
Jan
Feb
3%
9%
16484 Nov
Apr
3%
24
Jan
16%
3,800
125
115%
Jan
136
21
Apr
75%
Jan
28*4
110
65*4
103»4 Nov
72% July
68*8
46%
44% Jan 20
115
Mar 5
110
♦119
Mar 11
39% Mar II
*109
70
105
Deo
Nov
101
68*8 Jan 20
1,800
125
Jan
I
33
*65%
Jan
24% Oct 6
103% Aug 19
33
70
16%
47
Feb 18
20% Sept 27
3
125
19%
49% Nov
6
125
♦119
Dec
63%
Jan
Apr
Sept 25
59
100
Preferred-
3
125
6
Sept
Van Raalte Co Ino
♦119
♦119
Oct
18%
104
Vanadium Corp of Am.No par
......
5%
preferred
Jan
7%
84% Jan 11
8
Aug
21%
75% Jan 18
14% Oct
Jan
Jan
9%
Oct
10
71
9
118
June 11
65
No par
{Utilities Pow & Light A
1
Sales
No par
35
12
*65%
5
1
30
20
74
*—
74
.100
62% Nov
59
Apr
19% Jan 12
126% Mar 11
150
Jan 22
Oct
20% Nov
4%
8
8
Jan
31% Aug
72% Mar 31
6
6
Feb
169*4
Aug
8%
9
72% Mar
8
8
6
147
Apr 29
434 Sept 27
234 Oct 6
142
1,400
40
40
40 2
49
Sept 20
1 1778
Vad-ico
35
5
*4%
27
26
160
Oct
100
10
21*2
20%
106*2 *105*2 115
"5%
*119*4 125
*119*4 125
70
*65%
70
*64%
70
*64%
14%
14*4
14%
27
40
110*2
110% 11034 ♦110
6
6
*4%
*4%
34
27
103
34%
*119*4 125
•119*4 125
"5"
22*2
3
8,700
32
*29*2
21%
*
32
38:,s
6
74
36*2
38%
14%
40
♦55
5*8
*36*2
14%
40
74
5
5%
♦4%
26%
5*2
"5%
♦110*4 Ml
24%
40
*
74
5%
"♦5%
♦36%
40
41
41
*
2134
♦106*2 HO
♦106% 110
*108% 110
41
♦40%
*
20*4
Feb 10
69% Oct
117
Oct
Universal Pictures 1st pref. 100
8 70
1%
23
70
....No par
$6 conv pref. A
142
Oct
66
100
Stockyards Corp
Oct
66
50
100
8 Tobacco
34%
60
Universal-Cyclops Steel Corp I
Uulversal l-eaf Tob
No par
63
14%
Feb
172
6% Oct
-.100
United Stores class A..No par
142
15%
137
Jan
39%
125% Nov
80% May
May
6
Sept 25
33
...No par
8,900
59
31
1%
3
70*8
147
*14
100
20
No par
Preferred
59
15
Oct
23*4 Not
24*4 June
3478 Jan 13
Sept 24
70
United
*142
*14
156
2,700
70
44
1%
♦32
200
5
147
22%
1%
44
U
800
15%
10
20
-..100
U 8 Steel Corp
Preferred
152
*59
70%
8% Oct
No par
Preferred
6.300
123*2
4%
2%
4%
Apr
U 8 Smelting Ref A Mln
73% 275,800
118
*148
152
10
8% 1st preferred
3,900
4%
20% Jan 19
Foundry
U 8 Rubber
7.100
22%
1%
41,000
73
22*2
*32
37'2
120% 120*8 *115
Jan
8
Prior preferred
68
*148
Nov
5
15% Mar 13
70%
5
Feb
100
Jan
22% Mar 17
112
Mar 30
71
152
20
Jan
43% Feb
68
4%
Apr
2
Sept 25
73*4
117% 117%
13
91
lUSept 28
9
3
3% Jan 28
8ept2£
63%
*148
2484 Mar
No par
34%
Jan
19%
113% July
100% Feb
Leather.
U 8 Realty <fc i in pt
Jan
5
6
-
109
Dec
Nov
6
10% Oct 6
85
Sept 23
.....
8%
87
Jan
14% Nov
Jan 14
17
113% Jan 14
16% Feb 8
23
72*2
117% 118*4
66%
June
0*4 NOV
32%June
2
Feb
29*8 Aug
105
8
Parttc A conv class A.ATo par
U 8 Pipe &
69%
July
Mar
V 8
9,100
117
4
9% Mar 11
63
8634 Mar 19
U 8 Industrial Alcohol-No par
5,300
75%
Jan
3,900
68
71*4
Jan
3,100
71*4
117 2 118%
15
93
23*8 Mar 22
70
Mar 22
6%
63*2
2634 Apr 19
106*4 Feb 26
Sept 24
35*2
71%
16%
11
\fach
6%
38
Apr
8
Oct
pref.
33%
7%
Aug
1034
Mar
16
43
5 4 ,{> conv
4,000
105
*75
105
*75
35*4
48%
50
11%
10%
Apr
Corp.._5
U 8 Hoffman
63
*58%
44*2
1%
♦39
23
24*4
6*4
Feb
40%
Oct
-
200
70
5
*142
25
24*4
9*4
46% Jan 14
534 Oct
preferred
900
68
15
15%
15%
63
144
43
75
152
*59%
43
68
4*4
3%
63
1%
70
70%
3%
44%
1%
67
*148
144
♦39
34%
72*4
5%
♦60
15%
15%
37%
*67
158
5%
*3%
34%
122*2 119% 121
123*2
123% ♦117
♦148
5%
6%
70*4
67%
*115
♦59
39%
71
33%
7%
45
43*2
100
36*2
7
12*8
12%
*43
11
*70
108
34*4
7%
12
6%
10%
11*4
•80
38
*66)4
♦148
5%
*43
108
121
121
121
24
7%
37%
7*2
3734
66*2
80'»
66*2
79*4
25*2
6%
10%
12
♦80
39
23%
7%
12%
7%
7*2
39
48
26%
48
*43
*43
11%
43*2
Apr
May 10
Sept 24
158% 158%
12%
*11*8
*151*4 159
*154*4 159
Jan
5%
9
100
8 Freight
7%
40
35% Nov
22%
85
10
preferred
Conv
180
9684 Nov
Mar 17
8% Jan 14
---100
S6 first preferred
80
♦15434 159
*154*4 159
♦154*4 159
12
1234 ♦11%
*11%
13*2
*12*4
I
117
No par
United Paperboard
*11%
11
102%July
U 8 Dlstrlb Coro.-----iVo par
*1»4
10
10
Jan
June 14
11
No par
U 8 <fc Foreign Secur
Oct
68
3478 Oct 8
64
Sept 11
No par
preferred--
$5
33% Nov
Jan
24% Mar
111
8% Sept 27
12
Sept 25
No par
Fruit
United Gas Improvt
400
|
Eng&Fdy-
37% Nov
3
35
.100
Preferred
25*2 Sept
Apr
6
5
3% Sept 25
32%June 15
Jan
16%
Feb
Sept 27
share
per
13
11734 Feb
91
No par
No par
United Drug Inc
5
United Dyewood Corp
10
preferred--..
$3
sha-e $
per
Jan 11
30%
Sept 24
Sept 13
Oct
$
share
per
24% Jan 12
31% Feb 10
Sept 27
Sept 13
20
No par
*78
10%
112
United Corp
6,800
95
No par
No par
100
United Carr Fast Corp No par
United Carbon
500
39,800
*90
95
*90
"3400
3%
9
15
800
85
♦1%
1%
♦1%
1%
♦1%
85
90
3%
95
5%
35
11
11%
11*2
11%
11%
105% *104*4 105*2
105i2 ♦105
7
♦7
8
6%
7%
♦7%
9
10%
10%
10%
10%
♦10%
90
14%
36%
♦105
♦85
14
6%
5%
36
14
*
95
6%
39*2
32%
8%
33
14
*
90
6%
♦37
40*4
68%
8%
14
15
Preferred
70
27%
27%
3%
32%
334
3%
3334
8%
312
33%
33%
33*4
8%
15
9U
*6%
♦36*4
3%
3%
3%
3834
|
2734
Bosch
Amer
United Biscuit
*112
71*4
3*4
33*4
United
"l'ioo
2034
203s
|
*112
share
per
5
Un Air Lines Transport
8,300
20
*10
17%
21
20%
*112
Par
Shares
llSg
1014
113s
1078
20*
20*8
20*4
♦112
«.
~
11%
10
$ per share
S per share
$ per share
$
Highest
Lowest
Highest
lowest
11
10
11*4
11%
100-Share Lois
On Basis of
NEW YORK 8TOCK
EXCHANGE
$ per share
$ per share
12
11%
Range for Previous
Year 1936
Range Since Jan. 1
8TOCK3
CENT
NOT PER
SHARE,
PRICES—PER
SALE
Saturday
$ per share
2353
New York Stock Record—Concluded—Page 10
145
140*4 Sept
63
Aug
79
Feb
62*8 Jan 27
37% Feb 16
33%
Apr
51
Nov
8*4
Jan
23%
Dec
Jan 23
83*2
Jan
163'*
Dec
Feb 15
42*4 July
41*4 Jan
55
Jan
122
142
46%
101% Mar
115
6
Jan 27
43*4 Aug 31
9'i
Jan 16
105
87*4
Pet delivery,
n New
stock
r Caeh sale.
/
Ex^dly
V Ex right*
Oct
Jan
42%
Nov
5*1 July
9%
Jan
11%
1 Called for redemption
a
Apr
Aug
#'
New York Stock
2352
LOW
HIGH
AND
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
CENT
Sales
8TOCK8
f/YF
NEW
JOT
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Oct. 4
Oct. 6
Oct. 6
Oct. 7
Oct. 8
Week
$ per share
$ per share
$ per share
Shares
2
Oct
% per share
27*
99
*96
100
98
98
98
98
*103* 108
♦105
108
*17*
19*
share
per
29*
29*
19*
$
$ per share
*28*
*90
27*
90*
28*
96*
97
98
103* 105
19*
18
18
37
37
36*
37
34*
36*
89
87
87
86
80
1*
8*
1*
28
26*
27*
95
95
95
95
100
97
97
97
97
97
97
300
*103* 108
33*
34*
*86
1*
89
18
18*
34*
35*
33*
34*
89
87
87
*87
1*
*8*
38*
9*
*8*
9*
38*
38*
38*
39
39
1
1
1
1*
1
1
1
1*
1
3*
*3*
3*
3*
3*
3*
3*
3*
30*
29*
*5*
30
75*
21*
10*
77
22*
25*
82*
82*
*3*
30
5*
5*
70*
21*
10*
75*
21*
10*
27
♦20
♦83
100
7*
7*
♦52
53
♦29*
*20*
30
52
21
11
10
10*
24
25*
22
24
33*
*3*
25*
39*
34*
33*
34
99*
30*
33*
3*
25
25
39
99*
142
142
*100
21*
22
31
32*
21*
27*
19
19*
19
20*
17
*29*
30
29
30
25*
*31
55
45*
4*
♦46*
50
45
40*
*88
90
90
90
89
89
*4*
4*
*14
*
*24~
14*
27*
♦14
15
75
75
24*
14*
24
24
49
17*
73*
73*
*25*
x26*
♦48*
16*
72*
27
*26
10*
10*
104
14
28
17
10*
4*
5
4*
15
75
49
*35
4*
4*
6
13
20*
14.100
10
3,000
5,000
80*
24*
80*
6*
6%
3,800
9%
24
51
51
*28*
18*
19
99
300
10
5,000
9*
31*
3*
29%
3*
26
26
35
38%
99*
*88*
98
100
100
100
107
100
106
105* 105*
*88*
19*
20
20*
22
19*
19*
19*
15*
1534
17*
15%
10*
10
16
142
21*
27*
21*
29%
16%
23*
*120
22
31
18
21*
28*
17*
27
27
28*
21*
26*
15*
18*
*31*
4*
45
*45
50
49
49
85
88
♦82*
89
*82
45*
4*
4*
4*
4%
15
*13*
*
4*
14
4*
75
"24"
27
25
25
49
48*
48*
17*
15
17
14*
16*
15%
17
73*
65
72
62
67%
67*
68*
27
25
26
24*
26
26
26*
25
27*
2,500
10*
10%
10%
10%
103* 103* *103% 103*
4
3%
3%
*3*
23,800
10*
14%
15%
♦25
27
25
25
*44%
47
*44%
10*
10*
10*
10*
10334 10334 ♦102* 103*
4
334
3%
4*
5
5U
684
5%
12
11*
10*
11%
5%
5%
11*
12*
15%
16%
66
69
33,300
2,080
5%
10%
10,300
7,300
34*
32*
*1*
33
29
31*
27*
29*
29*
*27
28*
*1*
30*
40*
35*
.39*
40
35
35
*33
36
2
*134
36*
34*
87*
2
*1*
2
1*
35*
34*
37*
35*'
34*
35*
38*
35*
64*
38
39
35*
54%
35*
55*
57*
66*
34
34
34*
62*
*62*
63*
14*
14*
14*
12*
15*
9*
61 *
*11*
15
*33
57*
6234
32*
60*
1234
11>4
13*
8*
r6134
*33
52
25
24
24
23*
11*
11*
14%
9*
*11
00
*59
119
14%
30
3%
14*
24
24*
16
16
9%
48
48
6
*6
•9*
10
51
61*
4*
9*
60*
4*
33*
33
11*
8*
11
8*
834
8*
9*
48
48
6
6*
10
8%
51*
45i.i
4*
4*
33*
11*
32
9*
8
8*
48
*46
49
6
6
0
8*
8*
45*
4%
49*
4<a
32*
10*
9*
49*
4*
62*
0*
7
83
*35
2*
7
22
88
18*
18*
53*
63*
54
13*
9*
11*
684
21*
♦
97*
9*
9
9
10*
*11
17
16*
90
85
17
18
16*
8*
10
4*
♦97
8*
11
53
49
13*
13*
9*
8*
9*
4%
11
5*
97*
9
8*
11
•10
29*
30
26*
29*
39
37*
37*
7
36*
6*
53*
10*
36*
7
*55*
12
*2*
70
60
12*
2*
70
16*
15
15*
89
88
21*
21*
90*
21*
100
100
89
89
24*
24*
22
21*
Old
and
2*
68*
14*
82*
20*
101
a 88
24*
22*
20%
•33
6
500
9
5,100
16*
51*
13*
8*
11
5
4%
♦96
97*
8*
*10
0
6*
53*
*6*
2*
2*
05
65
16*
89*
17%
8812
88
24
24*
23%
24
20*
21
19*
22*
on
tht-
>l»y
22*
1
|u
re
2*
6%
T.400
*80
90
209
2.60 J
21,600
400
50*
52%
6,000
13*
9*
11%
6*
13*
13*
8*
10*
4*
97%
8%
9
6*
8*
*10
27*
♦34
Inc
1
63s Feb 26
42'2 Jan 12
Jan
Mar
3* July
26
Apr
2
150
Jan
32>2 Jan 13
25
Feb
653s Mar 11
23*
Jan
433s Mar 17
60% Mar
34
Jan
6
104'2 Jan 7
9>2 Jan 28
85
Oct
4* Sept 25
1212 Sept 27
73 >s Sept 20
2212 Oct 6
12i2Sept 24
22U Sept 25
11* Mar 16
31
Feb 26
94
Feb
2
36
Jan
2
6* July
63* June
101* Mar
5*
6*
Apr
Jau
23»4 Jan 12
Aug 14
73* June
29* May
15* Apr
13* Jan
44
June 29
50
44
14
Sept 25
284«
95*
483s
16U
62
Oct
24
6
Sept 27
10
Sept 27
103>4 Oct 7
234Sept 13
5
Oct
35
Jan 18
Mar
8
Jan 20
104* Oct
12 %
Jan
Feb 11
Apr 28
21* Apr
14* Apr
2
Jan 22
9* July
5* Apr
6
14* Mar
8
IOI2 Oct 6
243s Sept 27
27i2 Oct 6
32 * Mar
8
9*
Jan
Jan 12
24*
Apr
65
72* Jan
l*8e.,t 25
52
28
6
7
4
Jan 11
2
Feb
50
Feb 19
35
Aug
Feb
32*
60
9
25
70
Mar
9
6
48
Mar
5
65* Jau
24* May
Sept 27
Sept 25
75
Jan 29
65
21
Feb 11
16* Apr
6
Oct
Oct
6
17* Jan 20
13
Oct
6
33* Jan 29
8i2Sept27
60
Oct
6
118
Aug
6
,Sept 15
3
Oct
8
Sept 13
Oct
Feb 17
Jari
14*
9*
Jan
Jan
70
Dec
4
118
Jan
20* July 12
Feb 3
27
Jan
77* Jan 11
125
Jan
61*
3
23
Jan
8
39* Jan 25
20* Jan 20
28 * Mar
0*
20*
Jau
8
Apr
28* Apr
7*3 pt27
Sept 25
46
20
Mar
7* Mar 2
47'4 Mar II
2634 Sept 27
9% Sept 27
5 4% preferred.........50
Telautograph Corp
6
jau
30*July 12
Oct
11
12
26* Apr
7
8
33* Mar 31
23* Jan 20
17* Jan 21
15*
Jan
8
57* Feb
3
Jau
9* July
15
Nov
12* Nov
5
Sept 13
8
Sept 25
8* Jan 12
15* Mar 3
65* Apr 22
9 * Mar 15
28*
par
44* Sept 27
• U
Sept 27
0
Nov
par
31
44
Mar 30
33
Jan
Pacific Coal A OU...10
Pacific Land Trust
1
9
*Sept 13
7% Oct 6
2712 Oct 8
24
Sept 27
16* Jan 22
15* Jan 28
64* Mar 6
28
48
Feb 19
33*
Apr
01 <8
64
Jan 13
59
Mar
Tennessee Corp
Texas Corp (The)..
5
25
Texas Gulf
Produc'g Co No
Texas Gulf Sulphur
No
Texas A Pacific Ry Co
100
Thatcher Mfg
No pur
$3 60 conv pref...
No par
The Fair...........
No par
Preferred
...........100
Thermoid Co..............1
$3 div conv pref
10
Avenue Ry........100
Thompson (J Rj
Thompson Proils Inc..No
Thornpson-Starrett Co.No
$3 50
com
pref..
25
par
par
Oct
Aug
5'8 Oct
83
0
2
6
Aug 31
4* Sept 25
36
sept 25
l34Sept 8
6'28ept 25
19% Sept 27
3
Sept 11
No par
12
Tide Water Assoc OU..
10
$4 50 conv pref.....No par
Detroit Axle
10
85
Sept 25
15 *June 17
Oct
0
13* Mar
1
93* Jan
13* Feb
3
/40
Sept
4
5-8
Apr
Jau
7*
Jau
9* June
Jan
8* June
85
act
8* May
2
8* Jan 13
15* Mar 5
28* Feb 11
10*
0* May
Jau 25
40* Jau 25
21* Feb
4
3*
8*
Jau
Jau
24->s
Jan
4*
20
Jan
Apr
14*
Jan
98* Aug 13
28* Feb 11
12*
Jan
79
Feb
4
56
Apr
17
Aug
2
14*
Jan
15* Sept 24
Tltnken Roller Bearing.No par
Transamerica Corp
2
49
Oct
6
23.000
13'a
Oct
6
5.800
Transcont a Wewt'n Air Inc.5
8'8 Sept 25
22* Jan 11
10*
2.300
4%
20.900
10* May
2.300
934 Sept 27
4<2 Oct 8
9534 Sept 24
8
Sept 27
27* Jau 22
97%
8*
Trahsue A Will turns St'l No ptir
Tri Continental Corp..No par
$6 preferred
No par
12%
28*
12.300
6%
100
300
350
2.000
Truax Truer Coal.....No par
Truscon steel
10
20th Cen Fox Film Corp No
par
$1
50 preferred
No par
50
1.000
Ulen A Co
No par
2
66
64
65
1.100
17*
6.700
Under Elliott Fisher Co No par
Union Bag A Pap new.No par
64
16*
84*
86%
20.400
82 >8
21%
12.000
Union Carbide A Curb. No par
Union Oil California. ......25
Union
98
89*
6.100
400
24
23*
24%
1.800
23*
21%
23%
39.700
Pcf
Viiv»ry
Pacific............ 100
4% preferred......
Union Tank Car
United
»
Aircraft
Vef-u.gx
100
..No par
Corp
r
Q.o
...5
i
oio
12
26
Sept 27
6
Sept 27
50
Sept 27
1034 Oct
5
20
88
2334
19
Mar
>8
17* Jan 22
Jau 20
Mar 29
100*
6
Sept 27
Oct
8
8ept 30
Oct
8
Sept 27
8
13
25
8
Oct
Mar
94
o*
Oct
Mar
3
40* Mar 13
Sept 10
13% Sept 24
8
109* Jan 21
10
Sept 25
26'2 Oct 5
2%
103
11* Mar
34
2%
a
Sept
12* May
77% Mar 17
Twin City Rap Trans ..No par
Preferred
100
Twin Coach Co........
1
-etv-rnitp
21
110
65* Jan 20
50
*88
9
40* June
Sept 29
4.200
9X
Jan
Dec
Sept
42
11*
20*
54
Jan
53*
22*
103*
19*
97*
Apr
11*
♦50
Dec
8* July
19* Jau
z3* June
19
8
Third
102
Tlmken
36
6*
12.900
50
25
June
165
Jan
12*
12*
2%
88
*23*
4^500
37%
54
15
21*
*30
"
16*
88
102
5%
15%
14%
22
83
"5"
400
86
103*
2,300
0*
*
2.800
15
20*
200
3*
86*
88*.
64
100
12*
16%
14*
100
400
3%
12*
16%
3*
82*
21*
6*
7,600
8
4*
43* Jan
30* Apr
14* Apr
6
(James)........9
Texas
8%
(The)
Without warrants
Texas
27*
26*
..10
Symington-Gould Corp wvr_.l
13,100
22
14*
88
♦62
6,300
Paper Co
international Ltd
Talcott
11%
2*
0%
87
106
9.7C0
20*
53 "2
11%
48,800
4%
7
38
*50
48%
22
28%
*33
12
2*
190
32
27*
26*
7
5*
37%
13
28
28*
36
11%
97*
8*
15
11
65
16*
♦85
10*
32%
12
834
*50
08*
3%
12
51*
13*
6*
2*
22
3*
11*
2*
*2*
♦6%
7
53*
tsked prtceg.'no sales
♦96
*30
12
*80
49*
13%
49
5*
8*
46%
4*
31%
10*
7%
83
5*
20%
3*
16
30
89
•24*
6*
2*
*6*
19%
10%
88
18*
3*
6*
37*
2*
85*
17*
89*
♦97
8
•30
16*
18*
98
37*
2*
12
89*
*46%
8*
*70
6*
14
17*
•90
6*
83
5*
14
3*
16*
9*
11*
6
*...
5*
15
16*
13*
62
8
8*
21*
*14
13*
2*
*0*
7%
20*
3*
15*
17*
10
*35
2%
7
9*
*11*
6*
83
""514
40
22
334
0*
*
5*
46
64
♦62
*6*
1.000
*62
02*
"5*
9,000
62
*62
105* 105*
15* Oct
23>4 Aug 14
115
Jan
July
23i2 Oct 6
39* Sept 28
4'a Sept 27
Oct
7,300
6*
Mar 29
20* Sept 24
2634 Oct 8
Jan
9%
29
62*
♦88
141
1 >%
8*
30
*62
15*
88*
2* Sept 27
2612 Oct 7
6
Sweets Co of Amer
11*
9*
49%
4*
Mar 18
Oct
Sutherland
200
10*
8*
8*
29
30
*21*
110
Feb
8
Feb 15
23 U
13
900
16
Mar
29*
6
24
120
15>4Sept24
16>4 Jan 15
17* Oct
24
Mar 10
Jan 11
Superior Steel
...100
4
197
Feb 16
28 U
*14*
19*
2,300
605s Apr 22
102U Feb
4018
Superheater Co (The) ..No par
Superior OU
1
9
*26*
♦26
2.100
Swift & Co
30
30
14,400
18
Swift
30
31
*27
978
29*
3%
18
8,500
♦26*
♦29*
33
31
6,200
2,000
8%
4*
32*
10*
90
14%
4U Apr 21
26
Oct 8
54i2
12
par
Mar 16
8
60
Studebaker Corp (The)
1
Sun OU
...No par
6% preferred
.....100
Sunshine Mining Co....... 10
20
*5*
48
600
28*
♦26
31
*
46
15,000
25,500
17% Mar 11
5
...5
1
3434 Feb 19
1053s Feb 2
58
89
1
8
Oct
...10
Stokely Bros A Co Inc..
Stone A Webster......No
28
32*
11*
8*
28*
31
7
9
8*
*27
28*
8*
9
3
3*
20
8%
10
23*
15*
14*
28*
30
18*
11*
9*
*9*
15*
9
60
119* *116* 119*
17
23*
8*
June 17
Feb
19i2 Oct
36-^ Sept 27
30%May 14
10
Standard OU of New Jersey.25
Starrett Co (The) L S..No par
14
600
Sept 13
Standard OU of Kansas
14*
*9
9*
300
11
28*
11*
9*
*15
17,000
13
20%
71*
3
34is Oct
11
19%
•70
6
par
OH of Calif..No pat
Standard OU of Indiana
25
14*
9*
28*
2*
Jan 21
_.l
luveBtlng Corp..No
Mar 10
Feb
6
Feb
Apr
Jau
14
Oct
4*
20*
30* Aug
3* July
69* Jan
Jan
120
17* Nov
55* Nov
101* Mar
Jan
15*
44
Oct
*
2
11*
20*
65
18
Dec
4
7
Standard
11*
11*
9*
12*
Stand
Feb
6
99
June
17** Feb 10
6
No par
$4 preferred
No par
$6 cum prior pref....No par
$7 cum prior pref....No par
Sterling Products Inc
27%
60
Co mm Tobacco
t Stand Gas A El Co
Stewart-Warner
20
12*
♦2*
Stand
No par
600
19%
*6*
1
Standard Brands......No par
4,800
10*
*55
Square D Co class B_.
2.000
27*
7
.No par
13*
11*
14%
11*
934
*30
32,000
1
par
preferred A ..No par
Spiegel Inc
2
61*
28
9*
10*
29*
37*
35*
55*
100
par
par
conv
31*
19*
6*
19,000
$5.50 preferred
.No
Spencer Kellogg A Sons No
8 perry Corp (The) vto
Splcer Mfg Co
No
13
10*
11*
2
35*
par
1
60
28
13*
*1*
Wlthlugton....No
Spear A Co..
*26
12*
63
3,600
Spalding (A G) A Broa.No par
1st preferred
100
Spang Chalfant A Co 0 % pf 100
13%
28*
3*
100
62*
12*
*13
6% preferred..
30
28*
8
100
12*
20*
21*
No par
Southern Calif Edison
..25
Southern Pacific Co......100
Southern RaUway
100
62
12*
2*
% pref 100
South Am Gold & Platinum. I
30
28
2*
*6*
21*
3*
100
Solvay Am Corp 5
13*
20*
40
100
Socony Vacuum OU Co Inc. 15
$4.50 pref
98% Aug 18
Oct
19
Conv $4,50 pref
1
6* Oct
50
96
$3
5
39'8 Oct
No par
Sparks
2
5
Smith (A O) Corp
10
Smith A Cor Typewr..No par
Sulder Packing Corp
No par
So Porto Rico Sugar
Jan
Apr
11* Mar
78* Oct
100
62
11*
9*
*35
700
34*
37*
35*
53%
13*
6
114* Mar
1* May
7* June
2
No par
Sloes Sheff Steel A Iron
28
8%
Oct
Jan
42* Mar 10
25
12*
28
5*
70
9
49* Nov
Jan 14
6
Skelly OU Co
28
*59
Sept 10
11
Feb 10
Oct
preferred..
16 preferred
23"*
45U
2>8
8'2
54'8
hept11
26*2 Sept 24
5l2 Oct 2
..No par
60*
20*
83
5 H % con v
Silver
3U Feb
6
22
pref ser A.No par
14
23*
16*
20*
*6*
conv
62
16*
20*
*15
16*
~*5*
$3.50
32*
9*
9
8%
♦55
62*
02
60
60
119
119* •117
*115
119* ♦115
119
*15
15
15*
14
15*
14*
15*
14%
34
34
31
*33* 34
30
30
32*
3*
3*
3*
3
3*
3*
3*
3*
18
20* 21
19*
20*
18
18*
17*
*55
8*
pref
Sept 25
7i4 Oct
'
39*
35*
56*
•117
11
2,800
5%
*32
30*
39*
800
11*
26
30%
1*
900
40
*23
2
24,700
47*
25*
•4*
33*
400
1234
25
0
5,800
14*
25
*46*
130
50
25
*15
250
400
47
93
34
MobUe & Ohio Stk tr ctfs 100
"j"200
75
24
37* July
9814 Mar 15
19l2Sept 24
934 Sept 24
8% preferred
27
25
25
9,300
4,400
89
24
27>2 Mar 2
5I34 Mar 17
5
No par
No par
Sheaffer (W A) Pen Co. No par
Shell Union Oil
.No par
~
...
5,200
25
12
100
24,300
28
15*
9*
1,100
54,400
17*
28
15*
9*
900
27*
*44%
conv
Sharpe <fe Dohme
780
STOOO
14*
8
Oct
24
Sept 29
34«4 Sept 25
98* Apr 29
85* Jan 2
50,500
12%
108
Aug
110* 8ept
Slmonds Saw A Steel..No par
3,600
4%
13*
*24*
15*
$5
Nov
6
3
800
21%
22*
14*
Shattuck (FG)
Sharon Steel Corp
Deo
114
Jan
1
No par
99
Feb
3758 Sept 27
share
Dec
113
86
per
July
96
113
3
Roebuck A Co..No par
Servel Inc
1
ihare $
per
27
5
1,900
29%
22*
24
Seagrave Corp
I
6
5
4
100
Sears.
share,
Jan 13
Mai
Oct
No par
8eaboard Oil Co of Del. No par
103
27*Sept 27
45
*
Line
0% preferred
4*
40*
4*
13*
14
*
75
Air
4-2% preferred
40
9
Simmons Co..........No par
Hlmms Petroleum
10
""610
140
25*
*31*
4*
46*
4*
13*
14 0
*120
tSeaboard
99*
19*
97
$ per
8
Lowest
103* Oct
14% Jan
33i2 Oct
100
No par
share
9% Sept 25
5,300
100
per
King Coalition Mines.5
10.600
3*
27
39%
99*
30
12
9,300
30*
*27
56*
*32*
62*
14*
20
99
9*
Year 1936
Highest
26i2 Oct
95
July
1
8% preferred
Scott Paper Co
400
29*
$
No par
5% preferred
100
6% preferred
100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp
5
6H% preferred
....100
800
23*
14*
104* *103* 104
4*
4*
4*
5*
6*
6*
13
12* 13
*4
1.000
28.800
19
*31
75
"23*
4,200
6
74*
20
4*
13*
37%
27*
19*
4*
*--.
3*
*24*
5,600
2.400
19
*120
27*
45*
*35
3*
24*
1
3*
Safeway Stores
tSctiulte Retail Stores
500
220
*
22
58
*30
3,400
1
71%
19%
100
9*
1*
8*
18
16*
17%
17%
17%
111* 111* *111
112% ♦111
112%
3
2*
3
2%
2%
2%
27* 27*
27
26* 28
27*
30*
18*
*45
4*
105
142
22*
32*
4*
39
94
31*
22*
*3*
24*
36*
*88*
19
*99
9*
32
95
*100
29%
19%
30
*88*
107
*105* 112
20
19
20
20*
20*
20*
20
20
20* 20*
♦20* 22
18
16
10
*16*
*16*
17*
18
18*
18*
18*
18*
16*
*110* 112* ♦111
112* ♦111
112*
3
3*
3*
3l4
3*
2*
28
29* 29*
*29* 30
29*
*100
50
9*
99*
105*
105* 10584
*105
50
29*
300
3*
27
10%
52
99
37
107*
6%
18
27
107
6*
99
40*
*94
24*
81*
20
9*
3*
20%
1,400
4,900
39*
5%
20*
10*
24*
81*
102
(
6
20*
29*
19*
9*
3*
*3*
110
19*
102
29*
1%
3*
27*
76*
6%
*50
30
39
73
83
1*
*7*
8
39
75
6*
51
51
20*
*76
1*
27%
*5*
5%
19*
7
*29*
103
*4*
70
81
7
30
10*
*93*
78*
7*'
10
*107
28
10*
*102
39*
27
20
10
*25
8
38*
0
104
3*
8
74*
21*
10
25*
29
1*
38%
7*
38*
6
*102
41
27
52
20*
8*
1*
70*
19*
10*
6
7*
*29*
1*
60
18*
1*
5,300
*103* 108
18*
9,
7
Range for Previous
On Basis of 100-Share Lou
Par
27
96
18*
Range Sinee Jan. 1
STOCK
Lowest
27*
18
YORK
Oct.
EXCHANGE
26*
95*
*103* 107
*87
1*
'
9
Jau 25
Jan
8
7*
Jan
93
Jau
4*
Jan
7* Apr
22*June
Apr
31*
8* May
65*
Jau
2* June
74-n June
18* Sept 17
111
28*
Feb 20
Feb
4
148* Mar 10
99* Jau 13
31* Feb
35* Mar
4
.-|<nu
\
5
*71* "jau
20* Aug
108*
Jan
90*
221
20n
Apr
Unie
Jau
Jau
f
r
.
fie
a
pi .on
Volume
LOW
SALE PRICES—PER
HIGH
AND
Saturday
Monday
Tuesday
Od. 2
Oct. 4
Oct. 5
*10
20
*10
20
*20*4
21
21
21
*112
*10
2034
10
20
*10
73
63
72
6312
67
28
28
284
28l2
27
27
378
3334
878
312
33i8
334
33i2
84
334
3334
*8*8
*1434
3312
83s
*
90
*37
90
*85
*105
*85
j
85
138
*1%
14
*1%
1*2
*1U
85
90
*80
108
38
38
*80
34*4
38
37%
39
39
37*4
7%
39%
72
72
71
72
77%
78
74
74
74
79
*77%
664
664
79*4
80
67%
77%
80*4
1234 *115
♦115
*
158
•148
*60
70%
62
34%
36
7
38
68
63%
73%
71*4
75%
117 2 1184
1174 118*4
5
4%
5
3
2*4
♦
15
*14
15%
63
63
700
*142
147
70
31
35
30
34
34
40
41
41
*
74
"*54
5%
"5*4
5%
*364
38%
♦364
38%
*110*4
111
♦4%
6
14%
14%
*119%
125
*64%
70
40
*55
74
"5"
34
5
5%
34%
14%
12
3
3%
3%
6%
5*4
5*4
•44
6*4
*44
5*4
3
5%
*44
9%
9%
9%
24%
24%
24%
24
88
86
*85%
90
9%
8%
♦41
42%
40
41%
384
*19
194
*16%
9%
10
"5%
1,800
610
5
12
12%
13%
*119*4 125
1,600
2,600
*4*4
5*4
*4*4
5*4
*4*4
5*4
94
23%
♦844
84
94
214
864
8%
37%
384
19%
8%
9-8
38%
38%
8%
37%
38
16
*43
58
*43
274
274
1,800
20
20
2,800
38
364
37
3,100
Wayne Pump Co
2.400
Webster
204
38
36
102%
95%
95
79
*6
*10*4
*1%
*4
29%
30
3,500
*72*4
79
*74
79
*74%
79
......
♦
93%
95
95
93
100
*98
95
95
mm
33%
29
♦18
118
1074 H14
125
122
125
120
125
114
20%
*354
374
*16%
17
•18
*354
17
374
*354
374
104
10-8
284
♦254
284
254
26
•85
94
•85
94
85
85
110
*90
110
37*4
•90
33%
*121
lie'
♦114
116
22%
21%
5%
6*4
12%
*9%
1%
*1%
3%
34
30%
264
34
28
30.500
*.224
37
*354
37
17
17
17
17
254
254
*26
284
16*4
♦254
94
*75
94
♦75
94
♦90
100
35%
35*4
36%
344
37
37
36
*85
110
*80
no
*85
110
*90
100
110
110
*90
*86
70
70
07
70
♦07
♦67
75
78
72
75
♦70
♦70
194
♦15%
194
•15%
194
*15
194
16*8
164
16
16*4
14%
194
16%
•15
*15%
13
12
*12%
13
♦124
3%
3%
3%
3%
224
224
*214
•34
3*4
34
34
44
4%
4%
5%
9*4
7
*07%
42%
•27%
784
9*4
7%
68
42*4
284
784
to
23
10%
3
214
3%
4*4
9*4
194
♦15
>8
144
154
124
*12%
12%
15
3%
3%
3%
124
3%
20
214
20
20
3%
3
3
4%
44
9*4
4*4
10%
154
*12
9*4
6%
3%
3
3
900
214
20
20
1.300
4
900
♦3%
4r%
4*4
4%
9%
7%
4%
9%
*9%
7
6*4
6%
68
69
68
674
68
43
40*4
42%
41
41
414
*27%
29
24
27%
074
40%
234
25
2*>4
26
24
25
2.200
764
74
75
71
72
72
73
74%
75
440
74
74
74%
550
764
0%
*67
40%
684
700
414
15.400
79
79
*76
80
74
74
72
75
*60
80
♦60
80
*60
84
*60
85
♦00
85
85
*60
85
*60
85
75
80
•66
6K*4
*35
37
15
*108
•314
57
*87
15%
118
32%
574
94
2.300
17.600
7
69
7%
*60
664
*66
36*2
15%
*60
80
664
64
07
*65
70
*71
75
68
68
67
67
67
68
♦074
68
600
•32
35
*32
34
500
364
15*4
118
32
34%
34%
334
3%
3%
3%
57*4
93
34%
4
35
134
108
35
15
108
144
13%
14%
314
31%
314
31%
50
55
46
51
504
*75
31%
3*4
91
324
4
*77
31
3*4
,
"H
904
*84
32-8
31
4
this day.
3*4
! In
15
103
108
108
108
314
Bid and asked prices, no sales on
35*4
35
694
69%
14' 2
13%
109
314
54*4
*31%
83
*84
10)
31%
53
49%
33*4
30%
4
4
receivership,
88
a
I0U|
40
29.400
120
*00
29.400
....
.
32
13.500
4
2.600
Def delivery,
194
Apr
Feb 19
I
6
6% June
Mar 17
33% June
78
Feb
9*4 Feb
Jan
2'4
July 15
66
1
844 Feb
Sept 25
4
Aug 20
Maryland
i2Sept 11
3i2Sept 10
1
Aug
203s Sept 27
Sept 13
35*4July 2
17 U
16
1
Sprctf..No pan
Motor Co
White Sewing
Mach
Wo par
preferred....Wo par
Wilcox Oil A C4as
6
Willys-Overland Motors—..I
6% conv pref
10
$4 conv
No par
preferred
100
Woolworth (F VV) Co—...10
WorthlngtonPAM(Del)Wo par
Preferred A 7%
100
Wilson A Co I no
$6
7% prel A stamped
Preferred B 6%
100
— 100
preferred B stamped 100
Wright Aeronautical ..No par
Wrlgley (Wra) Jr (Del).Wo par
Yale A Towne Mfg Co
25
Yellow 1 ruck A Coach cl B.
I
Preferred
100
Young Spring A Wire..Wo par
Yoitngstown S A T
No par
6^.1 preferred........ 100
Zenith Radio Corp
No par
Zotilte Prod nets
n New
stock,
Corp
t fash sale.
1
5%
944
1234
Jan 22
6
May
39
Aug
724 May
34*4 Jan
Jau22
30 %
12%
23% Sept
4
Feb
1% Nov
6
167*8 Jan 22
Jan
Jan
65
39
Jan
32
July
35%
Mar 11
May 20
126U Aug 14
67
Oct 6
Sept 11
90*4 Aug 31
14% Sept 25
33% Feb 16
18%
Sept 25
18% Jan 25
13*4 July
2i2Sept 13
6*4 Mar 22
46% Jan 4
12
20
Oct
6
2*4 Sept 13
41* Sept 25
8*4 Sept 24
6*8 Oct 6
6634Sept 27
40i* Sept 25
23i2 Oct
6
Oct
6
71
70
Sept 25
Jan 25
64 S«pt
7
12
8ept
7
6>4
5
13'gSept 27
108
Oct
5
31 U
Oct
7
46
Oct
6
94
Sept 28
30
June 17
34^ept 24
/ Ex-dlv
2*4
Feb
Apr
Apr
Jan
87
Jan
Apr
71
Nov
23%
Apr
36*4
Dec
66
Apr
86*4
Dec
80*4
Oct
47
Jan 22
47
Jan
128
Mar
0
62%
Jan
70
Jan
7
Mar 10
Jan
11
lune
44%
1124 Mar 25
112
Aug 0
Feb
6% June
70
Jan 20
92
Oct
16
Feb 27
2
12%
91*4 Mar
100
35
3%
65%
Sept 20
59*4 Sept 27
63
Sept 27
Oct
Deo
23%May 16
82'2 July 12
75
Oct
Nov
91
July 2120
39%
214 July
109%
84
July
99
99
19
Jan
33*4
Oct
31*4 Nov
34
Jan
327« Sept 27
Oct
160
354
34% Jan 7
115
Apr 13
126
Aug 6
Jan 18
Feb
Nov
Deo
1634 Oct
9%
96%
250%
22% June
27U Feb 23
Oct
Feb
Apr
Apr
8%
7
5
85
par|
15
Sept29
114
Corp—Wo par
100
234 Mar 6
4*4 Mar 17
11 <4 Mar 17
834 Jan 22
19*4 June
25i2Sept
30
8
29%July 12
11*4 Mar 6
170
Jan
Jan
1104
111*4
67*4 Mar
I05i2 Oct 6
122
Sept 28
Co. 100
preferred... 100
pref...Wo
Sept 24
29
....No par
Chlor Prod.-Wo par
conv
9
8
534 Sept 2 7
9'4 Sept 27
2d
A
A pr
Oct
1104
9f
1234 Mar
1154 Jan
Apr 10
118
22 78
Supply Co... 10
6%
684
80
32
50%
••••*-
*60
•108
•87%
71%
White
13.500
*674
42%
7
1001
7% pref. 1001
preferred
White Rk Mln
400
38 «4
50*4 Aug 10
28i2Sept 25
WhlteDeut'lMfgCo(Tbe SS» 20
8,900
„
Apr
Feb
$5 conv prior
......
Jen
Jan
21
4%
Jan
Preferred
-
12%
*60
*67
.
300
15%
72
*60
-
144
4%
6%
-
15%
Jan
Jan
Wheeling Steel
'12%
*3%
9%
•
Apr
35% Jan 16
46
Mar 10
5
87
5*4%
_
4.600
364
8
19i23ept 27
27i2 Oct
Wheeling A L Erie Ry
40
_
44
10%
96
57c conv preferred
400
26
334 Sept 27
Sept 25
1
Apr
694 Jan 23
12U Jan 25
Jan
18
8
Sept 24
76
2%
47%
i'%
17%
91*4
Westvaco
1,100
16*4
Sept 27
11
1
Apr
54
26%
Feb 11
Class
50
37
37
100
*90
100
33
800
18*4
*18
*354
*90
170
-
184
354
8.700
27%
113
103
116*4
8
9U Oct
100
preferred..
100
Western Pacific .........100
6 :i
preferred
100
Western Union Telegraph. 100
Westlngh'se Air Brake.Wo pur
Westlnghouse El A Mfg
50
1st preferred
60
Weston Elec Inatrum't.Wo par
600
6
3'2Sept25
47
30
Jan
Apr
Apr
Jan
Apr
18*4 Mar 11
51*8 July 15
19% Jan
8
50 % Feb
10*4 Feb 26
99'* Mar 2
1884 Sept 20
14
Sept 25
53
8
9212 Aug 18
Au« 20
4^
800
Oct
Oct
8%
37%
Feb
49
Jan
9% Jan
19*a Feb 11
Sept 13
9
Aug
4% June
103
Western
16,300
6
2%
Mar 17
16
Oct
109
1,800
1*4
16
18 % Mar
Sept 27
108
2.800
34
Aug
July 14
5*4
33
Aug
90'2June 17
81
July
1
6 "o
100
70
120
217$ Sept 25
84'2June 24
...Wo par
preferred-...
preferred
•rest Penn Power
mm
>8
4
snowdrift Wo par
22%
8
4
2i2Sept 25
Western Auto
12
Jan
Mar 12
1224 Jan 11
10% Mar 16
98
2
278 Sept 20
Feb
117*4
...100
6%
210
mmmm
21144
Penn HI class A..No par
7%
50
*18*8
*75
100
120
184
17*4
17
*25%
*90
111
120
18
19*4
17
1054 H3
120
123
120
mm
West
340
100%
944
94%
Apr
4
Oct
Fdseniohr..._.Wo par
Fargo & Co....
Mar
109
Mar
29
324 Sept 25
<4 conv preferred
Jan
28*4 Aug
74% Apr 6
Feb 15
116
1
Wesson (>11 A
50
96
166"
954
♦120
mm mm
*
994
95
954
954
*120
954
"994
103
Wells
10
14
*1%
1%
32
*114
*1134 110
*1134 116
*1134 116
23
23
23
21%
23
24
24%
24%
0
5*4
6
0
5%
64
64
64
♦9%
12%
*9%
104
12%
104
14
♦104
1
1%
"8
1%
1%
1%
1*4
1%
1*4
3%
3%
3%
3*4
3%
4%
*3%
4%
32%
32%
30
29%
31%
32% 334
334
27 >8
26 g
27%
28%
27%
29
29%
28%
1174 118%
*3%
3*4
30
116
24%
3%
May
135
tWarren Bros
16
Apr
72
4%
6
6
pref
J3 85 conv
m
30
100
*120
♦120
•121*4
*113%
1004 1004
95*4
95%
97
97
96
101
*13
m
2.000
44
29
31
*72*4
784
♦72*4
784
*94
"44
4%
1%
1%
♦1%
14
*
55
"44
34
3
3%
3%
*1%
294
14
mmrnm
204
20
34
4
55
28
214
38
32
10%
40
11934 Sept 23
65
Sept 24
6
Warner Bros Pictures..
19*4
30
20
34
*1%
9%
43,400
36*4
3%
28
21*4
*3%
Preferred
58%
May 12
Mar 27
May
Wo par
No par
100
B
28
31
21*4
314
Class
21
30%
224
14
Ward Baking class A
28
34
3%
400
3,200
16
*214
32
300
Walk(ll)Oood <fc W Ltd Wo par
Preferred
No par
5
4
i pref with warrants 100
Walworth Co....
Wo par
*13
*30*4
June
14
4 Hi
16
*12%
3%
3%
16
Co.
Walgreen
*13
16
30
5
100
100
.Wo par
No par
S3 convertible pref.-Wo par
Warren Fdy & Pipe
No par
Waukesha Motor Co.......5
*12%
*1%
19%
104
*
16
Jun
July
7
Wo par
No par
Waldorf System
3,100
3%
♦45
58%
10
4%
4%
1
Jan
100
6% pre'erred A...
5% preferred B
10.800
8%
*18%
*14%
3%
*45
55
*m
4%
*12%
•314
*724
16
3*4
16
38
100
86
*18%
39
1,900
*844
154
*384
24
85%
*844
19%
55
234
24
*14
44
Jan
3%
12*4 Jan
12
.........100
Railway
tWabash
900
94
94
94
94
24
*18%
6%
Mar
37
4 »s Sept
100
Detlnuing
Vulcan
Preferred
5%
19%
55
10
Mar
12*4 Apr
June 29
105
pref...Wo par
*119% 125
65%
65%
125
Oct
434 Sept 25
32
Oct 6
100'
preferred
6%
Va El & Pow $6
32
80
5/o preferred
100
Virginia Ry Co 6% pref...100
3
16
4%
478 Jan 13
2*8 Jan 20
Sept 27
100
4%
10
♦45
Apr
57%
118 Sept 11
1
Sept 9
66
Wo par.
134
2%
10%
50
Co. 100
Chera
134
54
94
153
Jan 18
47
Virginia Iron Coal & Coke. 100
3%
104
Jan 19
108
6
Sept 24
10
54
58%
164
Oct
38
4%
*3
*45
8ept 25
5
4%
*119
125
19
4*4
70
*65%
4%
58%
11%
55
5%
33
111
10%
4%
Va-Carolina
33
19%
*45
"5"
5%
Vick Shreve & Pac Ry
3,800
110
4
9*4
mmmm mm
35
*16
10%
1,400
74
110
*19
10%
40
*
35
4
10%
40
40
*119
58%
May 17
Jan 21
Jan
Feb
17
♦45
86
30
100
1st preferred
Vlck Chemical Co
*109
4
21
Apr
♦4%
3*4
07*4 May
8
115
7%
5%
4%
Apr
Feb
6
4
3%
5
Feb
818
6
142
Van RaalteCo Inc
3
9%
Oct
9
5
84*2 Jan 11
9)4
20
125
39
100
2,100
5
80
5
27
3
24%
Jan
26
*119
9%
94
♦9%
24%
169
1064 *105% 116
5%
6
131
Oct
Wo par
VaAseo
3%
125
*119
125
125
5%
9
27
74
70
*65%
70
*65%
70
*64%
Mar
I4l2 Oct
8 7e preferred
100
Universal Pictures 1st pref. 100
Jan
136
June 11
65
Wo par
Oct
27
1
32
*294
5
*119*4 125
*119*4 125
•119*4 125
♦119
14%
14*4
14*4
no
*4%
Jan
Apr
6
147
Apr 29
434Sept27
234 Oct 6
11778
No par
100
Jan
46%
16%
40
32
1154
2834
2110%
*
5%
l20<2Mar 11
150
Jan 22
44*8 Jan 20
106
36%
110
3
9%
40
74
110%
1104 110*4 *110
6
6
*4%
*4%
*119
♦854
40
684
8
8
39 <8 Mar 11
284
*
75*8 Jan 18
Oct
Oct
68<2 Jan 20
26
74
Sept 20
117
I
284
41
66
72% July
Mar 11
24i2 Oct 6
I03i2 Aug 19
284
*40%
105
20*8 Sept 27
29
•
6
Vanadium Corp of Am.Wo par
29
*1064 110
Jan
Jan
Oct
10
1
32
*1084 110
Apr
47
8.700
1
*29
115
Jan
16%
214
1
1
32
•106
Jan
7%
20%
1
*29
22
244 26%
*1064 110
Aug
214
224
1
32
20%
2134
10
71
72% Mar 9
19 <8 Jan 12
22 <8
21%
1
32
20%
Mar 17
Mar 30
15% Mar 13
Jan
tut.lilies Pow <fe Light A
1
Sales
No par
Preferred
100
23
1%
Aug
Oct
9
70
59
8,500
8,300
1%
1%
1%
1%
44
1%
*32
480
34
33
Aug
31%
4%
May
8%
50
60
Uulversal l^eaf Tob
49
..100
Universal-Cyclops Steel Corp I
63
160
6
800
142
Feb 10
23i2 Mar 22
70
Mar 22
66
144
63
80% May
72*8 Mar 31
118
Feb 18
100
$6 conv pref. A
24% June
8
8,900
3
Apr
347g Jan 13
Feb 3
8
Stockyards Corp
1
United Stores class A..No par
70%
10
Oct
Oct
100
8 Tobacco
Jan
20'2 Jan 19
Sept 25
34ts
United
142
1%
1st preferred
Jan
6i2 Oot
No par
...Wo par
Rubber
Preferred
59
224
1%
44
U
147
304
33
Preferred
59
1%
20
Apr
112
Jan
19*8
2
43*8 Feb
103s Oct 6
Sept 23
85
Preferred
200
2,700
144
6
No par
....100
U 8 Steel Corp
*142
14
Sept 21
Sept 25
8%
70
1%
Industrial Alcohol.Wo par
23
U 8 Smelting Ref <fc Mln
147
224
1%
U 8
5
2%
70%
Sept 24
U 8 Realty <fe Impt
mm--mm
*59
*59
*14
15%
3
2%
70%
Sept 24
Nov
113% July
13
172
May 10
11
Jan
91
137
43
109
3
6
156
5,300
152
4%
4%
4%
100
Oct
50
U 8 Pipe & Foundry..
1234
*148
152
*148
152
70
pref
Prior preferred
118
120% 120% *115
117% 117%
*148
152
No par
20
Partlc & conv class A .No par
73% 275,800
6,300
69%
8»2 Oct 8
10
Sept 24
Corp...6
U 8 leather.
68
100
preferred
U S
105
117
Freight..
4,000
800
68
70%
9
0*4 Nov
Jan 28
3*8
114 Sept 28
Deo
8%
87
Jan
14% Nov
Jan 14
17
No par
preferred
664
I137g Jan 14
16's Feb 8
24*4 Mar
3,100
68
68
76%
1
100'2 Feb
3,900
3,900
68
June 14
5
64
7,100
70*4
11
10238 July
105
32% June
2
Mar
86*4 Mar 19
6
11%
73
July
9'2Mar 11
63
8
8
244
704
4
Oct
Sept 11
Oct
5 4% conv
71
Jan
Oct
7%
684
Jan
64
10
U S Hoffman Mach
73*4
15
93
Oct
40
71%
72%
26*4 Apr 19
106)4 Feb 26
584
U S Gypsum
9,100
Sept 25
9
U S
41,000
8
85
4,800
6%
Aug
June
Mar
16
100
preferred
2,800
374
Feb
294
Jan 14
467g
U S & Foreign Secur.-.Wo par
11
64
69
No par
Conv
34%
71*4
No par
preferred
75
7%
164
12
No par
Fruit
United Gas Itnprovt
10*4
354
Feb
Aug
Apr
5
US DiatrlbCorp
900
9%
48%
10*4
3478
46 first
200
35% Nov
Apr
Apr
8% Sept 27
United Paper board
12%
Jan
5%
40%
5
$5
43
96*4 Nov
22*8
5
180
84
Jun
Mar 17
84 Jan 14
United Eng & Fdy
United
68
Feb
35
United Electric Coal Cos
800
72
*75
69
*58%
1%
1*8
6%' "4",400
3
117
Oct
91
312 Sept 25
32'4June 15
10
111
5
Oct
No par
No par
100
6
Nov
33*8 Nov
Jan
24% Mar
117*4 Feb
Sept 27
89i2Sept 27
5%June 17
95'I
33%
35%
preferred
S3
Preferred
3478
66 %
6
105
*75
224
*32
Dyewood Corp
United Corp
*142
444
♦39
44%
14
1*8
Drug Inc
United
104
70
15
145
*39
United
23
66
15%
62
25
900
43
75
3%
*142
63
6,800
*11%
70
70%
63
No par
United Carr Fast Corp No par
United Carbon
8U
14%'
153% 158%
67
2%
144
Jan 11
33'8
84
37%
*59%
63
30<4
Sept 13
6,900
534
34%
34
144
Sept 24
39,800
3478
61%
37%
70%
154
15%
15%
6%
4*4
20
112
35s
6%
34%
*148
5%
3%
34
*3%
*59
7%
72%
No par
100
Araer
3'2
32i2
35
67%
6%
36%
*67
158
00
5%
5%
5%
33%
119% 121
122%
123%
123% *117
121
121
121
*66%
36%
7
37%
I
6 >8
100
*70
108
*80
108
Bosch.No par
Apr
500
11
*94
11%
114
254 Sept
164
70
*3478
10
10
10
*8
*9%
104
11%
10*4
10%
104
11%
104
114
75
73
73
70
76
73
78
80
*78
79%
*151*4 159
*154*4 159
*15434 159
*154*4 159
*154*4 159
12
12
12%
12%
114
1234 *114
134
*114
*12%
45
*43
48
*43
48
*43
434 434
48
*43
25
24
24%
24%
26
23%
254
26%
26%
*25*4
6*4
6*4
6%
6%
7%
6*4
7%
7%
74
74
11
11%
11%
12
10%
10%
1134
12%
12%
12%
11
10%
*11%
Jan
Feb 10
27%
*90
95
*90
6i4
13
31 >4
273s
*13
share
per
24-38 Jan 12
6S34
8'0
8'2
15
sha e %
Sept 27
Sept 13
Preferred
I "3466
share
per
per
9
United Biscuit
V.500
I
15
United
"
S
share
per
Lowest
Highest
5
5,500
67i4
6778
66
11
IDs 27,300
11
1114
1114
113s
100
*10514 106 I
10434 104)4 *105U 106
2,8)0
534
6V
6's
6i2
6'2
6i2
9
1,700
9%
9
9 I
914
9 34
400
*85
88
|
85'4
85% *85
88
*li4
112
*1U
1'2
*1»4
112
68
09%
68'4
694
11
113s
IH4
114
10512 *10434 10512
105i2 *105
*7
612
7
7U
*7%
8 j
9
10%
10's
10%
*10%
104
6Hi8
11%
8i4
14i2
35
35
34
33
95
578
6's
36*4
36
394
*112
3%
14
I
2034
203s
|
69 I
2734
334
69
8i2
8is
14
*
20
*10
21
*264
3384'
32i2
95
5%
63s
6%
40'4
63%
ll^g
I
3%'
312
14
*
90
64
*6%
,*3634
8is
14
15
15
203s
Par
Un Air Lines Transport
8,300
1138
IOI4
100"Share Lots
On Basis of
lowest
Shares
$ per share
113s
17's
*112
73
27
37*
34
8%
153s
Week
*12
*112
....
73
27
334
the
Oct. 8
20%
7134
NEW YORK STOCK
EXCHANGE
Friday
1078
16%
8TOCKS
for
Oct. 7
Range for Previous
Year 1936
Range Since Jan. 1
Sales
Thursday
11'8
203s
CENT
NOT PER
$ per share
$ per share
2034
*112
*112
....
.
Oct. 6
11
10
1134
Ills
12
114
SHARE,
Wednesday
,
$ per share
$ per share
I per share
2353
New York Stock Record—Concluded—Page 10
145
Aug 11
140*4 Sept
63
Aug
79
Feb
624 Jab 27
33%
Apr
51
Nov
Feb 16
8*4
Jan
23%
Dec
Jan 23
83%
Jun
163%
Dec
37%
142
46**
Feb 15
101% Mar
115
0
Jan 27
43*4 Aug 31
9%
Jan 10
y Ex rights.
42% July
41%
105
Jan
Jan
55
87*4
122
Apr
Oct
Auk
Jan
42%
Nov
5*i duly
9%
Jan
11%
1 (Jailed tor redemption
Oct. 9,
2354
YORK
1937
STOCKNEW
EXCHANGE
Bond Record, Friday, Weekly and Yearly
NOTICE—Prices are
"and'lnterest"—except for
Cash and deferred delivery sales are disregarded In the week's range,
income and defaulted bonds.
unless they are the only transactions of the week, and when selling outside of the regular weekly range are
No account is taken of such sales in computing the range for the year.
shown in a footnote In the week in which they
occur.
as
brUiay
Week's
BONDS
Last
N. Y. PTOCK EXCHANGE
Week Ended Oct. 8
Sale
Range or
Friday
Price
Bid
&
Low
BONDS
Range
!
Since
Asked
ss
High
No.
N. Y.
O 115.18 115.16
115.24
69
113.10121.14
106.14 106.12
111.13 U1.10
109.2A 109.21
106.16
47
104.2
111.16
23
109.21
6
109.12115.20
107.12114.9
100.26 106.26
106.31
167
102.19 102.15
102.21
54
104.5
15 1947-1052 A
15 1943-1045 A O
J5 1944-1954 J D
15 1946-1956 IVI 8
15 1043-1947 J D
Treasury 38....,Sept. 15 1961-1956 M S
Treasury 3s.....June 16 1946-1948 J D
Treasury 3M>
June 16 1940-1943 J D
Treasury 3Hs—Mar. 16 1941-1043 IVI 8
Treasury 344s
June 15 1946-1949 J D
Treasury 3Ms...Dec. 15 1949-1952 J D
Treasury 3M8
-.Aug. 16 1041 F A
Treasury 3Ms...Apr. 16 1944-1946 A O
Treasury 2 Ho-—Mar. 15 1955-1960 IVI 8
Treasury 2Ha...Sept. 16 1946-1947 M S
Treasury 2Mb—.Sept. 16 1948-1951 M S
Treasury 2%.June 15 1951 1054 J D
Treasury 2 Ho...Sept. 15 1966-1059 M S
Treasury 2 Ms---Dec. 15 1949-1953 J D
Federal Farm Mortgage Corp—
3Ho
—Mar. 16 1944-1964 M S
3s.
May 15 1944-1949 M N
J
3s...........Jan. 16 1942-1947 J
2Hs.Mar. 1 1942-1947 M 8
109.26
104 J28110.18
101
106.28
104.8
175
102.10107.30
105.25 105.24
105.29
130
104.20107.27
104.24108.24
102.20108.24
104.4
106.15
106.24
327
i04~22
104.20
104.23
30
"mil
106.16
*i04,6
104.20
102.24108.18
106.20
141
100.11 106.7
106.11
84
Friday
Bid
&
Asked
Low
100.12 100.8
100.13
184
102.16 102.11
102.16
100.14 100.10
100.17
09
99.2
104.16
99.21
159
98.4
103.17
99.21
99.17
62
99
104.30
100.18106.16
99.10
99.16
154
98
103.18
97.26
97.29
117
90.0
101.22
102.26 102.14
102.26
20
101.7
106.10
102.9
102.12
29
100.11105.17
102.29 102.24
103
28
101.8
105.23
101.14 101.13
101.16
35
99.6
104.10
~97~27
A
J
♦Sinking fund 7s of 1927
1947 F A
Copenhagen (City) 5s
1962 J D
25-year gold 4 Ms
1953 M N
♦Cordoba (City) 7s.—.
1957 F A
♦7b stamped.....
.1957 F A
J
Cordoba (Prov) Argentina 7s.. 1942 J
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupon on
1951 MN
Cuba (Republic) 5s of 1904
1944 M S
External 5s of 1914
ser
A
102.6
102.8
215
100.22 100.15
100.22
157
100.16 100.7
100.18
57
102
1949 F
A
F
A
....1940
External loan 4 Hs.
J
Sinking fund 5 Ms—Jan 15 1963 J
♦Public wks 5Ms—June 30 1945 J D
Czechoslovakia (Rep of) 8s.... 1951 A O
Sinking fund 8s ser B
..1942 A O
23
22 M
22%
23M
Toon
100
99
99
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on. 1947 F A
♦Sink fund 6s Apr coupon on. 1048 A O
Akershus (Dept) Ext 5s...
1963 M N
J
♦Anttoqula (Dept) coll 7s A...1945 J
♦External s f 7s series B
1945
♦External
s
1945
1945
f 7s 1st series.... 1957
f 7s series C
f 7s series D
99
27 M
30
16
27
36%
♦103M
"~S8M
s
9
9
23%
23%
10OM
9M
9
9
9
4
9
5
9
13
9
20
12
8H
20 H
German Govt International—
22%
22%
99%
—.1057 M S
External 5s of 1927
1928...-.1950 MN
J
t 7s...
1957 J
External g 4Mb Of
Austrian (Govt) s
♦Bavaria (Free State)
6Hs——1945
F
9
8
8M
8
8
External 30-year s f 7s
♦External
s
J
♦7s (Central Hy).......
Brisbane (City) s f 5s.—.
1952
1957 M
Sinking fund gold 5s..;
1958 F
20-year s f 6s..............1050 J
Budapest .(City of)—
♦6s July 1 1935 coupon on...1962 J
Buenos Aires (City) 6Ms B-2..1955 J
♦Buenos Aires (Prov) extl 6s... 1961 M
stamped
♦6 Ms stamped
1961
Extl s f 4Hs-4Ha—
....1977
Refunding s f 4%b~4 Ms
1976
Extl re-adj 4Ms-4MS—
1976
Extl s f 4Mb 4 Ms.
..1975
8% external s f $ bonds
Bulgaria (Kingdom of)—
25
101M
19
104% 110
104
20
20
38%
31H
20
109 %
110M
109
109
103 M
103 M
5
20
20
20
15
38 %
41M
98
33 M
121
35M
34 M
102 %
84
31%
32
32 M
101M
5
102 M
10
25%
101
25M
101
*100
108M
*85
92M
88 %
76 M
29
19
58M
107M
......
A O
f 6s
1961
*Guar
s
f 6s
1962 M N
♦6s Apr 11935 coup on_.Oct 1961 A O
♦6s July 11935 coup on..Jan 1961 J J
7
107M
H2M
40
99 M
20
97
57
00
99
99%
93%
54%
5
......
s
18
99%
93M
•Guar
32
5
99
......
O
28H
32
5
99
......
A Apr 15
28 M
106M
H2M
99M
....
72
81
93 M
54 M
*30 %
*25
34
115% 118%
99
103%
18
25%
18% 25
39% 59%
31% 47%
32
32 %
47
6
....
30%
56
21%
29%
22
32
104X 110%
111
114%
97
96% 103%
98%
99%
92%
95
50%
60
18
37
17M
17M
17%
17%
17%
30
17%
17%
17%
46
17%
......
......
13
......
*20
55
20
20
20M
22
17 Ys
5
17%
14
4
34
14
4
10
20M
23 M
114
21 %
22 %
15
17%
15%
15%
15%
15%
13
25
22
21%
53 %
73
18%
26%
20%
21%
38
38
2360.
'
====
104
98
107M
31 %
7Mfi-1950 J
10
25
25H
22 M
22 M
~30M
~3l%
112
30M
34
30
20
20
18M
25 M
62
10
7
24
8
*-.
165"
2
18M
105M
27%
23 M
34
42
27 M
35M
96% 101%
17
25
15M
20
20
20
20M
20M
2013
20
20
20
20
20
30M
20
20
20
20
27 M
57%
57%
57 M
47
114
20
X
U
114
10
111
84
108
80
76
78
69 M
71M
78%
203
55 M
55M
63
190
39
39
39
5
2
A
20 M
20 M
D
*96M
104M
4
30
v
£
94
3
82M
69M *00M
55%
89%
29%
42
19%
26
100M
9M
3M
9%
4%
4%
5%
♦Assenting 5s of 1899
1945 Q
♦Assenting 5s large
♦Assenting 5s small............
J
*4
♦4s of 1904
1954 J
D
♦AsseDtirg 4s of 1904
.1954 J
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
D
♦jTreas 6s of '13 assent (large) *33 J
J
♦{Small
J
Milan (City, Italy) extl 6 Ms
Mlnas Geraes (State)—
♦Sec extl
s f
6 Ms
♦Sec extl s f 6 Ms
♦Montevideo (City) 7s
~~3M
1952 A O
1952 J
D
♦6s scries A..
1959 M N
New So Wales (Stato )extl 5s..1957 F A
External s f 5s
Apr 1958 A O
Norway 20-year extl 6s.—..1943
20-year external 6s
..1944
F
A
F
A
1963 F
A
Municipal Bank ext! s f 5S...1970 J
♦Nuremburg (City) extl 6s
1952 F
D
s
f ext loan
Oriental Devel guar 6s
Extl deb 5Ms
Oslo (City) s f 4 Ms.
—
Panama (Rep) ext! 5 Ms
♦Extl s f 5s ser A.
O
a
f 6s 1st ser..1960 J
♦Nat Loan ext) s f 6s 2d ser..1961 A
♦Poland (Rep of) gold 6s...
1940 A
♦Stabilization loan s f 7s—... 1947 A
.1950 J
11
3M
3
3%
3M
3M
3K
2%
2M
6
65M
70M
21
20
20
52
34
60M
68
106
107M
107
107
106
106 M
18
103M
38
102 %
109
57
51M
101M
82
76
106 M
57
65 M
33
106
51%
102
13
05 M
102 M
102
7
20
102 M
102M
101M
•102M
*19M
9
13M
20
102 M
67
9M
4M
4
21%
71M
68%
102M
102M
70M
9
9M
14
7iM
68M
102M
5
11
8
12
14
2
101 % 105%
101% 105
104% 108%
105% 109
101 M 106M
99M 104M
95 M 102M
102M 103 M
60
45
55 %
26
102%
18
*106 M
D
17
25%
57 ^
85
51M 79 M
97 M 103M
104 M 107
"57"
57
52
52
56
16
62
76
17
18%
30%
14M
12M
12M
19M
14M
12M
12M
20
31
O
O
52M
1963 M N
♦Stamped
1963 MN
Pemambuco (State of)—
♦7s Sept coupon off
1947 M S
♦Peru (Rep of) external 7s.....1959 M S
♦Nat Loan extl
7M
3
20
A
1953 M S
...1958 M N
1955 A
1953 J
6
20
102 %
8
"3%
*4
"~65M
8%
*3
J
...1958 M S
1959 M S
17
11M
11M
4M
5M
3M
93M
76
68
95
14
62%
k-
115%
*4
9M
30%
30%
9M
*2M
1945 Q
20M
107
J
♦Mexico (US) extl 5s of 1899 £
31M
28M
25%
86
33
105
68M
O
20M
27%
29H
33 M
98
100%
105% 109
17M 25M
102
124 %
98
119M
105M 130
100
124
101'
29%
29%
107M
20
105M
99M
H2
76 M
68M
69M
J
D
♦Medellln (Colombia) 6 Ms
1954 J
♦Mexican Irrig assenting 4M8.1943 M N
♦External sink fund g 8s
For footnotes see page
19M
few
55 M
66%
S
24%
24%
24%
24%
21%
21%
21%
23
73*f81
19Mt26
80M
4s
17M
48 %
73
80 M
25
17M
17M
17M
17M
17M
17M
17M
15M
15M
16
1957 A
1947 F
f7s
81%
81%
*70
S(
D
25%
17%
15M
15M
15M
13M
1951 J
External sink fund 4 Ms
1956 IVI
External s f 4 Ms....—..... 1965 A O
40M
25
105
40
5
105M
99M
107M
mtmmmrn
26%
26%
30%
10
15M
15%
A
Japanese Govt 30-yr s f 6 Ms.—1954 F A
Extl sinking fund 5Ms
1965 MN
Jugoslavia State Mtge Bank—
s
70
100
Italian Cred Consortium 7sserB,'47 M
Italian Public Utility extl 78—1952 J
Lower Austria .Province)
71
70
107
1960 M N
♦7s with all unmat coup
82
74M
~70~"
*24
54%
32 M
15M
O
34
32 M
16
101%
D
♦7s unmatured coupon on...1946
f 5s
73
*
...
27 M
10
65 %
D
♦Hungarian Land M Inst 7M8.1961 MN
♦Sinking fund 7 Ms ser B
1961 MN
♦Hungary (Kingdom of) 7Ms.. 1944 F A
s
75M
57
D
...1968 F
Italy (Kingdom of) extl 7s
*70 M
99
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7 Ms *50
Helslngfors (City) ext 6 Ms
1960
Hungarian Cons Municipal Loan
♦7Ma unmatured coup on...1945
Irish Free State extl
45 JN 60
73
82 M
72
82
99
J
100% 103%
97% 101M
74
57
20
68«
104 % 107%
*19M
S
56
103 M 105 M
103% 105 M
106
102 M
101M
J
J
359
74
*
♦(Cons Agrlc Loan) 6Ms
1958 J D
♦Greek Government s f ser 78—1964 M N
♦Sink fund secured 6s
61%
103 M
97% 102
102M 105
*70 M
74
1949
♦Leipzig (Germany)
33%
100
102%
97% 106%
82% 93%
83% 92
75% 84H
85 %
75%
77
83%
78% 88
32
17%
47 %
25*4
32
17%
17%
47
99% 103%
99% 103%
105%
27 M
17%
17%
17%
25%
111
105 % 110%
5
11
2
58 M
18%
108
101
88 M
79
A
7
101M
58M
O
21
101 %
79
F
10
20
32M
"
4
15
32
32
1
18
U7M
77
J
2
117
76%
♦Chilean Cons Munic 7s
1960 M S
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 5 Ha.1950 M S
Colombia (Republic of)
„
103M
104
99 M 103 %
98
104%
M
..1965 J
1965
♦5Ms of 1930 stamped
♦6Ms unstamped..
Haiti (Republic) s f 6s ser A....1952
27
106
103
J
M N
♦5 Ms stamp(Canad'an Holder)'65
♦German Rep extl 7s stamped. 1949 A
110%
106 M
103
*62
O
,
German Prov & Communal Bks
65
100 %
104
.
103 H
102 %
103 M
95H
94%
168
91
.
♦7s unstamped
18
288
A
1938 A O
♦Chile (Rep)—Extl s 17s
..1942 M N
♦External sinking fund 6s...1960 A O
♦Extl sinking fund 6s...Feb 1961 F A
♦Ry ref extl s f 6s......Jan 1961 J
J
♦Extl sinking fund 6s..Sept 1961 M S
♦External sinking fund 6s
1962 M 8
♦Externa) sinking fund 6s...1963 M N
Chile Mtge Bank 6Ms
...1957 J D
♦Sink fund 6Hs of 1926
..1961 J D
w
98 H 102
F
♦Farm Loans!6s....Oct 15 1960 A
ser
16 H
94M
76M
J
J
J
J
♦Cent Agrlc Bank (Ger) 7s
1950 M
♦Farm Loan 8 f 6s—July 15 1960 J
♦Farm Loan 6s
1 OH
8
77%
77%
77%
1960 A
10-year 2M"———-Aug 15 1945
25-year 3Ha
..........1961
7-year 2Ms
..........1944
30-year 3s—
1967
♦Carlsbad (City) s f 8s.
...1954
17 H
8
94 M
25%
..—..1952 MN
6s..--
8
9
12
103 M
101
J
♦Sink fund 7s July coup off..1967 J
♦Siuk fund 7 Ms May coup 0111968 MN
Canada (Dom of) 30-yr 4s
3
8
8
93%
105M
105 M
101 %
M N
20
93 M
F
..1984 J
10
30
102
100»,6 100»J2
100 M
100M
102
M
22 H
30
97
100M
9
20 H
102 M
1961 M
♦6s
22%
93%
93%
105%
105%
100%
D
f 6 Ms of 1927... 1967 A
12
21
102 M
A
1955
Bergen (Norway) extl s 1 5s...1960 MS
♦Berlin (Germany) 8 f 6 Ms——1950 A O
♦External sinking fund 6s...1958 J
♦Brazil (U S of) external 8s....1941 J
♦External s f 6 Ms of 1928...1957 A
100 %
19
100'ts
10 OH
96%
90%
93%
104%
Belgium 25-yr extl 6 Ms—
1949 M S
J
External s f 6s.
......1955 J
J
99%
8
Antwerp (City) external 6s
1958
Argentine (National Government)—
100«32
1lExtl s f 6s of May 1920
1900 M N
lExtl 0s Pub Wks May 1927.1961
S f external 4 Ms
...1971 M N
S f extl conv loan 4s Feb
1972 F A
8 f extl conv loan 4s Apr....1972 A O
J
Australia 30-year 6s..........1955 J
22 %
9M
......
M N
%
9M
9M
......
8
f 7s 3d series.1957
22
101M
103% 103 M
al03M al03M
O
90
80
101
10iM
58
77
68M
100M 105 M
*104 M
101M
Customs Admins 5Ms 2dser_1961 M S
5 ha 1st series
1969 A O
.1969 A
100M
99M
30
M S
§ ♦Stamped extd to Sept 1 1935
Dominican Rep Cust Ad 5 Ms.-1942 IVI s
1st ser 5 Ms of 1926
1940 A O
98.16102.31
20
95
105M
1940 A
31
30M
30M
96 M 101M
93
100M
20
25
101M
100M
2d series sink fund 5 Ms
20%
68M
96 M
102
99.24105.3
98.28103.2
23 M
23 M
23 M
82
100H
.1948
Estonia (Republic of) 7s
1067
Finland (Republic) ext 6s
1945
♦Frankfort (City of) s f 6 Ms.-.1953
French Republic 7 Ms stamped. 1941
7Mb unstamped
......1941
External 7s stamped
..1949
7s unstamped
.1949
8
♦External see 8 f 7s 2d series. 1957
♦External sec
High
96M
105M
♦El Salvador 8s ctfs of dep.
s
Low
68 M
♦Dresden (City) external 7s... 1945 MN
s
High
Jan. 1
96M
Foreign Govt. & Municipals-
♦Externa)
Since
03
"68%
1942
1955
5 Ha 2nd series
♦External
Range
Is
82
External g 4 He..
Apr 151962
Deutsche Bk Am part ctf 6s...1932
Denmark 20-year extl 6s..
External gold 5%b
1 1944-1952 M N 102.8
2Hs series B..Aug.
1 1939-1940 F
2Hs series O
.....1942-1944 J
♦Colombia Mtge Bank 6 Ms.. -1947 A O
♦Sinking fund 7s of 1926
1946 MN
104.24108.24
104
109.25
Home Owners' Loan Corp—
..May
Range or
Sale
Foreign Govt. & Mun. iCont.)
4Ms—Oct.
3MS—Oct.
4s
Dec.
3Ms—-Mar.
8MS—Juue
3s series A
Week's
Last
High
II. S. Government
Treasury
Treasury
Treasury
Treasury
Treasury
Friday
Price
Week Ended Oct. 8
Jan. 1
Low
£1
EXCHANGE
STOCK
D
O
J
19M
'58% "7
15M
67
85
14
110
14M
12H
28
26
14
52
12M
26
57 M
58M
12
47
73%
52%
73 M
4
60
80
45M
64
54
25
62M
-
Volume
145
I
BONDS
Range or
Sale
Week Ended Oct. 8
Price
Foreign Govt. & Munic. (Concl.)
Porto Alegre (City of)—
1961 J
D
♦7X» July coupon off
1966 J
J
20
Prague (Greater City) 7Xs
1952 M N
♦Prussia (Free State) extl 6 Xs. 1951 M S
f 6s
s
1952 A
Queensland (State) extl
8
No.
Low
2454
*18
2054
97 54
2054
11
20
9854
3
92
2054
2054
6
2054
2054
10
O
f 7s.. 1941 A
O
105)4
10454
10554
4
1947 F
A
10954
10954
10954
3
25-year external 6s
♦RhlD^ Main-Danube 7s A
1950 M
Rio de Janeiro (City of)—
♦8a April coupon off
1946 A
O
2254
2254
26
22
1953 F
A
1954
1954
2054
47
♦6Xs Aug
coupon off
Rio Grande do Sul (State of)—
♦8s April coupon off
.1946
♦6s June coupon off
♦7s May coupon off
♦7b June coupon off
*19
S
D
1968
1966 M N
Rome (City) extl 6 He
27
1954
1954
2054
20
19>4
2i
1954
2054
1954
D
1967
2654
2654
O
1952
6854
6854
4054
4054
*1954
33 X
31
100
20
♦Saarbruecken
...1959
(City) 6s
1953
♦88 May coupon off
24
1952 M N
M N
25
68
83 X
63
25 X
41X
1936 J
§♦88 July coupon off
♦External 8s July coupon off. 1950
J
J
J
♦External 7a Sept coupon off 1956 M
♦External 6s July coupon off. 1968 J
11
1
32 X
21X
27
24
35 X
34 X
20 X
36
35
38
20
2454
24
2554
20
24
24
"854
1854
89
89
35
1
3
O
22)4
22)4
22)4
5
J
102)4
101)4
92)4
103)4
1966
Cons mtge 354 s Beries E
Big Sandy 1st 4s
1944
BostoD A Maine 1st 6s A C
1967
1st g
71
2054
2
20)4
1st M 5s series II
4154
2454
20)4
20
33
24
2054
20)4
20>4
34 X
32 X
24
20 %
O
19X
Sao Paulo (City of. Brazil)—
♦Extl 6 Xs May coupon off..1957
San Paulo (State of)—
A
22)4
33
24
F
32 X
19X
19)4
44
A
O
J
D
93)4,
1955
20
60
30
14)4
16)4
9
12
13)4
35
11)4
11H
13
16
lol"
166)4
"12"
O
A
M N
53)4
1941
J
84)4
1st
5s
stamped
1950
5s..-.1945
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st eons g
1st Hen A ref 6s series A
1950
1st lien A ref 5s series B
1957
Brown Shoe
s
M N
Buff Niag Elec 3Xs series
M N
C..1967
J
HI Oi co«
67)4
M N
O
89
98
Buff Roch A Pitts consol 4 )4s.
D
*19
2554
19 X
25
{{♦Burl C R A Nor 1st A coll 5s 1934
D
*19
3254
22
25
25 X
24
31X
40 X
57
28
39 X
{♦Bush Term Bldgs 6s gu
1960
MN
HCal G A E Corp unlf A ref 58—1937
J
Col Pack conv deb 5s
1940 J
90 X
98 X
♦Camaguey Sugar 7s otfa
♦8s Nov I
6Xs
♦7s Nov 1 1937 coupon on...1962 M N
♦Silesia (Prov of) extl 7s
1958 J
♦Sllesian Landowners Assn 6s..1947 F
D
F
A
F
A
1946
1955
Syria (Province of) 7s
Sydney (City) s f 5Xs
External s f 5Xs guar
A
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1957 —
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2854
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1943 J D
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6s with warr assented
1948 A O
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1949 J D
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......1950 A O
......1950 A
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1955
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.—.1963
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59
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1959
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1959
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1946
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1946
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1941
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1951
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1966
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1995
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1955
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1982
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1947
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1966
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1956
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1969
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1989
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{♦O A E 111 Ry (new Co) gen 58.1951
A
J
footnotes see page 2359
110
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D
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.......1951
4s stamped
1951
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1951
Bell Telep of Pa 5s series B
1948
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1960
107
M N
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107
1949
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—.1949
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—...1958
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..1977
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...1971
106
103
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1946
1989
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1941
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132)4
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1995 J D
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1941 M N
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For
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30
113
stmpd.1940
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5254
10354
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Ref A gen
1937
8s..——.1941
Central Steel 1st g s f
36
S
1962
...1946
1964
10-year coll tr 5s
May 1 1946
LAN coll gold 4s
Oct 1952
Atl A Dan 1st g 4s
1948
Second mortgage 4s
1948
Atl Gulf A W I SS coll tr 5s
1959
Auburn Auto conv deb 4X8—1939
Austin A N W 1st gu g 5s...—1941
Refund A gen 6s series A
3254
N
M
D
A..
Bait A Ohio 1 st g 48
31
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Baldwin Loco Works 5s
O
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1944
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32)4
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M
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5s extended to May 1 1942
111
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F
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J
1960
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——1948
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1965
4Xs A
J
1955 J
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Cent Pacific 1st ref gu gold 4s_. 1949
83
58
112)4
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Ref A lmpt mtge
......
Ark & Mem Bridge &
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100
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8 f Income deb
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105)4 110
6754
100
1950
1198
1947
1948
19
115/4
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163
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95
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1949 M N
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1942
1950
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74
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1970
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June 16 1955
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1956
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41)4
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6
87
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Collateral
COMPANIES
{{♦Abltibl Pow & Paper 1st 58.1953
Adams Express coll tr g 4s
1948
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1947
10 year deb 4Xs stamped.. 1946
15
45
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and
15
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1946 J
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1940 A
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69
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69
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1947
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J
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33
60
J
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92
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1941
Bklyn Edison cods mtge 3)4s—1966
Bklyn Manhat Transit 4Xs
1966
Bklyn Qu Co A Sub con gtd 5s. 1491
24
18X
60)4
56
of deposit
♦Certificates
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35
57)4
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27
18)4
107
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1934
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43 X
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248
290
95
74
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1961
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24
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1955 A
113
19
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1959
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Jan. 1
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Since
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23
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J
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109
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&
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cons
1,3
Friday
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♦Berlin City Elec Co deb 6 )4s._1951
17X
104X H3X
365*
Price
High
24
Range or
Sale
EXCHANGE
Week Ended Oct. 8
Jan. 1
Belvldere Delaware
♦8s June coupon off
♦External
High
Low
N. Y. STOCK
Since
CEjsS
Last
BONDS
Range
Friday
A
Asked
Bid
Week's
Friday
5
Week's
Last
EI
Y. STOCK EXCHANGE
N.
2355
New York Bond Record—Continued-Page 2
Friday
131
stamped
{♦Secured 6)48..
♦1st
1987
...1936
May 1 2037
stpd.May 1 2037
A ref 4 Xs ser C.May 1 2037
♦Conv 4)48 series
A——.1949
32
35
...
46
57 X
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38
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291
9
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9
Oct
New York Bond Record—Continued—Page 3
2356
1937
9,
Week's
L
est
—
^Members
\
Gen A ref 5s ser E
Gen A ref M 4s ser
"BONDS
Gen A ref mtge 3 4s ser
G—.1960
♦Detroit A Mac 1st lien g
4a—1995
♦1st 4 a assented
♦Second gold 4s
-
1
1094
70
65
41
40
1124
101
36
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Feb 1 1937 25% par paid
{♦Chle I1I4F Ky gen 4s
244
1988
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O
MS
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-—.I960 in
Cb St L A New Orleans 5s
1951 J
Gold 3 4s.
June 15 1951
Memphis Dlv 1st g 4s... ----1951
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Inc
58
244
27
♦20
A
♦('ertlfhates of deposit——--
Chle T u A d eastero 1st
58
n
83 4
43 4
42 4
14
*72
244
114
124
40
104
22 4
114
114
54
114
124
44
114
25 4
12
11
11
22 4
114
54
*
74
162
86
"90
*
D
"8l"
54
105
106
♦86""
I)
D
5s...lb00
47
68
23
114
D
90
824
El Paso Nat Gas 4 4s ser A— .1951
1965
El Paso A S W 1st 5s
13
69
264
16
1134
94 4
98 4
81
994
754
91
1064
1944
Guaranteed 4s
1963
E—.—1963
--.---1951
West Indiana con 4a... 1952
ref M 4 4s ser D
1962
1st mtge
4s series O
1st mtge 3*4 s series
34a
Chle A
1st A
1094
109
1064
1064
1044
guaranteed
{♦Choc Okla A Gulf cons 5s.-.1952
348-—-1966
1st mtge 3 4"
— 1967
Cln l>eb A Nor 1st con gu 4s... 1942
( In ITn Perm 1st gu 5s ser C...1957
1st mtge guar 3 4« series D..197I
Clearfield A Mah 1st gu 4s
1943
Cincinnati Gas A Elec
M N
704
*16'4
F
1004
714
J
A
D
♦104 4
M N
100 4
.-
(VI
N
M N
J
D
—1993
D
1977
1939
J
Ref A tmpt 4 4*8
series E
Cairo Dlv 1st gold 4s
-----
Dlv 1st 48.1991
Cln Wabash A M
M
S
"944
Cleve-( llffs Iron 1st mtge 4 <<8.1950 M N
Cleve Elec Ilium 1st M
Series A 4
Series C 3
J
3*48-..1965
Hs ser B. 1942
1912
4* guar
-.1942
4s guar..
...1948
Cleve A I'gh gen gu 4
Series H 3 4« guar
A
O
A
O
Delwnture 5a
Debenture 6s
..
Columbus A Tol
M
1064
104
97
1094
1054
1104
1114
U04
108 4
106
1034
97
964
O
O
934
*1124
1054
104 4
964
1004
A
N
1014'
—
1014
*104
A
O
104
A
O
1014
J
D
D
1054
98
J
May I 1965
IW
1965
1st mtge 3 4s.....——.—.1970 M
1st mtge34s
...—...1966 M
Container Corp 1st 6s...-....1946 J
15 year deb 5s
1943 J
f
Copenhagen Telep 5s.-Feb 15 1954
1st
May 1
mtge 3 4s
-
Crane r'os f deb 3 4s
Crown < 'ork A Seal
»
-...1951
B
.1953
Gen conv 4a aeries D
.1953
Scries
40
106
113
64
1034
1114
1074
1044
1004
111
164"
"33
F
97
105 4
109
1124
103 4
108
73
96
77 4
4
1927
1930..
954
92
1054
1144
1114
115
1054
102
974
1004
1084
100 4
1004
94
102
99 4
106
104 4
106
1054
112 4
"4
107 4
108 4
103
104
102 4
1064
101
1014
101
1074
*19
21 4
107
184
15
1054
108 4
974
994
186
21
22
97 4
21
1074
41 4
204
41 4
21
7
12
*2%"
lat lien 6s
.— 1912
B——1951
stamped
Fonda Johns A Glov 4 4s.
A
994
104
1942
41
100 4
101
104
105 4
104
104
394
43 4
8
49
34
4
107
Francisco Sugar coll trust
1919
Gen Ampr Investors deb 5s A.
1952
1942
.19!'
1st 5s
104
104 4
"15
824
32
42
1014
104 4
1154
1004
99 4
1094
99
100
99
1084
111
1414
1114
1134
117
103
106
103
90 4
89
60
94
83
I—
33
1004,
93
944
924,
96
60
65
84
106
!.
924
884
78
104 4
7
106 4
9
88
1034
—
1
9o"
95 4
Hu'Ihod Coal 1st
s
f 58 ser A...1962
1044
*1074
I
1164
1941
A Co 1st mtge
1st
—
goal 3s sterling
Collateral
41
1044'
1084
—
23
*19
trust
-
Ul"
78 4
50
78 4
50
50
864
102
102 4
101
40
41 4
103 4
57 4
120
120
1144 1264
78 4
107
38
4 4s
1164 12!
1054
1014
110
110
111
.1951
1664
100 4
.1P51
1004
1004
1074
107 4
93
.1952
67
95
.1955
64
—
1952
45
80
109
98
.1953
95
10
84
22 4
Springfield Dlv 1st g 3 48. -1951
134
32 4
Western Lines 1st g 4s...
4
604
12
574
82 4
-1951
Dlv A Term g 3s. -.1951
Gold 3 4s
104 4
93
23
...
80
104
94
St Louis
90
1966
10
Lou Is v Dlv A Term g 3 4s.
Omaha Dlv 1st gold 3s
904
60
195(1
1
45
38
96
74 4
..1951
—
.
854
364
92 4
.....
...Aug
97 4
.1951
gold 4s—
...
28
1164
Collateral trust gold 4s—- -.1953
..1955
Refunding 5s..
40 year
4
934
108
Purchased lines 3 4s
107
15
106 4
99 4
1054
9
9
21
106
994
-.1919
...
*20
2359.
1154
99 4
I0H4
36 4
page
1134
1144
1044
1054
19
see
1134
1144
102 4
174
footnotes
1134
4
KefuiiUtng 4s
55
95
1044
—
gold 3 4s..
Extended 1st gold 3 4s.
108
Ml
1916
10-year deb 4 4s
1st
4
62 4
10/4
1054
I06W
For
1084
99 4
Illinois Bell Telep 3 4s ser B. -1970
Illinois«'entrai 1st gold 4s.. -1951
64
106
88 4
21 4
71
93
103 4 103 4
104 4
109
10
1074
107 4
*42
1014
42
184
S
964
93
N
M
1084
:
304
107
103
93 4
62
99 4
102
M
{♦Dee Plains Val 1st gu 4 48—1947
21 4
994
Stamped as to Penan tax.... 1951
4
30
884
Den Gas A F.I 1st A ref s t 5a... 1951
154
♦4 4
274
21 4
Stamped..... ............ .1952
Gulf States Steel s f 4 4s
1961
Gulf States Utll 4s series C
1966
Ut-hfleld Dlv 1st gold 3s
4
974
25
105
104
1952
1st ref A tor 5s Feb
Cairo Bridge gold 4s
134
103 4
28
—
104
84
974
1054
60
119 4
1976
General 4 4s series E ...—1977
General mtge 4s series G-.--1946
Gen mtge 4s series H
..1946
Gen mtge 34s series I
1967
♦Green Bay A West deb ctfs A
Feb
♦Debentures ctfs B........—Feb
Greenbrier Ry lstgu4s
....1940 M N
Gulf Mob A Nor 1st 5 4® B
1950 A O
1st mtge 5s scries C
1950
General 4 4s series D
I OH
.134
98 4
100
103 4
98 4
1004;
40
40
634
101
214
30
29 4
984 105
1014
1014
"614
1973
1064
J
~40"
1164
A.. 1961
1952
101H
O
103"
99 4 102 4
1034 106 4
30
414
IH4
General 5 4s series B
General 5s series C
1064
J
1024
87
110
Great Northern 4 4s series
104 4
A
100 4
122 4
984
1054
1074
♦1074
1978
87 4
90
95 4
*103
♦Assented (snbj to plan)
60
61
J
♦Ref A Inipt 5s ser B...Apr
9
—
1104
..—.1950
J
{♦Des M A Ft Dodge 4a <tfs... 1935
107
69 4
N
4
84
1054
5
17
95
J
"94"
1054
64
Grays Point Term 1st gu 6s....1917
GtCons El Pow (Japan) 7s
1944
M
J
24
1064 107 4
106
*42
A
•
107
O
F
604
894
•
104
O
J
108
-
103 4
A
184
•
~
194
J
J
«. «
1214
Goodyear Tire A Rub 1st 6s... 1957
Gotham Silk Hosiery deb 5s w w '46
Grand R A I ext 1st gu g 449
-
101 4
1956
4 4s
m
103
6s series B extended to
J
60
*
-
3
4
'
97
494
|♦Den A R G 1st cons g 4s
1936
(♦('onsol gold 4 4s
....1936
{♦Den A R G West gen 5s. Aug 1955
107
3
56
II
J
34
*1044
94
—
4
994
51 4
50
1969
1969
20
594
494
1st mortgage 4 4s
94
174
1917
♦Gen Elec (Germany) 7s Jan 15 1945
♦Sinking fund deb 6 4s
I910i
♦20-year s f deb 6s
1948
Gen Motors Accept Corp deb 3s '46
15 year 3 4s deb
195
Gen Pub Serv deb 5 4s...... 1939
Gen Steel Cast 5 4s with warr.1949
{♦< a A Ala Ry 1st cons5s Oct 1 45
{(•Ga Caro A Nor 1st ext 6s.. 1931
♦Good Hope Steel A Ir sec 7s.. 1945
Goodrich (B F) conv deb 6s....1945
mtge
204
94
*24
6s.—1956
Gas A El of Berg Co cons g 6s..
1st
84
22
65
104 4
105
104
194
D
1st A ref 4 4s
102 4
103 4
57 4
38
804
195
103 4
98 4
564
105
89
98
100 4
204
J
11
1014
♦Adjustment income 5s Feb 1957
45
107
984
S
Hudson A Man hat 1st 5s ser A. 1957
18
80
S
Hudson CoOas 1st g 5s....... 191#
49
10.54
S
M
4
474
80
M
103 4
J
107
101
102 4
J
J
644
70
97
102
1952
74m series A extended to 1946...
Dnyton Pow A I.t 1st A ref 3 4s I960
Del A Hudson 1st A ref 4s
Iw43 M N
U44
M
Galv Hons A Hend 1st 5 4s A..1938
1084
1034
1004
109
98 4
1st g 4 4s
1024
A
1184
70
S
1941
Framerlcan Ind l>ev 20-yr7 4s 1912
o
1014
1
1164
1164
102
M
♦Certificates of deposit
Fort HtUIX
{♦Housatonle Ry conn g 5s.—.1937
Houston OH sink fund 5 4s A.. 1940
45
1144 119
*1084
{(♦Proof of claim filed by owner.
(Amended) 1st cons 2-4s ..
1982
{}♦ Proof of claim filed by owner
107 4
97
1174
..-.1952
99 4
103
1174
of deposit..
11
97
57
87
♦Certificates
71 4
102 4
68
63 4
81 4
103 4
103"
89
634
594
96 4
103
D
934
60
60 4
N
D
68
70
Hocking Val 1st cons g 4 4s—1999
964
94 4
94 4
80
63
Hackcnaack Water 1st 4s...—.1952
98 4
68
75
♦Hariten MlnlngGs
13
924
65
70
{♦Fla < ent A Penin 5s
..1913
{♦Florida East Coast 1st 44s..1959
♦1st A ref 5s series A
1974
40
37
664
684
82
404
99
73
65
68
90
26 4
97 4
106
1064
694
1164
.
93
90
f 7s
♦Hoe (R»
1024
"95"
93
s
1104
N
106 4
103
103 4 107
-..1946
30 year deb 6a series
Flat deb
103 4
J
1971 J
5s 1912
5s International series....1942
1st lien s f 5a stamped
1912
14
D
Del Power A I Ight 1st 4 4s
— .
31
N
105
1094
1054
1954
1956
...
Morse deb 4s..
62 4
J
1946
Breda 7s
Fairbanks
Federal Light A Traction 1st
27
60
106 4
112
1938 I
3d mtge 4 4s—
106 4
60
,
N Y A Erie RR ext 1st 4s.— .1947 I
Gulf A 8 I
'26
105 4
105 4
1957
Genessee River 1st s f 6s...
1064
60
J
Cuba RR 1st 58 g
1004
105 4
1064
*604
1975
Erie A Jersey 1st s f 6s...— .1955
1st A gen 8 f 6 4s
105
109
65
.1967 I
Ref A Irnpt 5s of
Ref A Impt 5s of
Gouv A 08wegatchle
3
75
95
694
.1953
Conv 48 series A
N
Crown Willamette Paper 6s....1961
Cuba Nor Ry 1st 5 4s
1164
4
100 4
21
...1950 M N
f 4s
1084
1084
104 4
*22
IV!
1114
1064
104
*15
J
..I960
109
106
74
"
107
105
1134
100 4
94 4
Gen Cable lst*f54" A
104
*1064
J
f 5s
—
*1054
O
s
1094 II3
96 4
"95"
♦Debenture 4s..—-.--—1955
•Consolidation Coal
1044
111
♦Debenture 4s...........-.1956
Consumers Power 34s
104
944 1064
f 34s A
I >ebenture 4h
984
103 4 1064
108
J
♦
81
48
4 4s
una conv
944 1074
1154 118
1054
deb 4s.. 1951
1055
{•( onsol Ry
1044
23
1913
1»5!
1951
1961
Corwol Edlnori (N Y) deb 34®-1916
3 4s debentures..
1956
•Consolidated Hydro Flee Works
of Upper Wuertemberg 7s... 1956
Corwol Gas (N Y) deb 4 4b. —.1951
Corwol < >11 -'onv deb 3 49- ——.1951
s
109 4
1104
104 4
964
Conn RyA I. 1st A ref 448
guar
1054
101
58
J
Pow
105
1084
954
Commercial Invest Tr deb 3 4r 1951 J
Rlv
105
104 4
544
1004
Stamped
1044
1054
74
O
Conn
97 4
1054
1094
104
D
1st 4s
404
101* 163"
*104
J
Rlv
94
N
—
Passum
704
35
1014
*1074
1044
964
Conn A
1054
N
A
A
99
54
J
M
1114
1084
1004 1084
944
94 4
113
1014
1014
*109"
O
J
1955 F
1965
Commercial Credit deb 34s
1951
24« debentures......
..1942
94 4
104 4
1074
103
914
91 4
108
16 1952 A
4s
1044
1094
15 1961
Columbus Ry Pow A I t
no
86
*105
Jan
1st ext 4s
1164
81~"
♦105
A
J
O
O
O
O
D
A
1
7
96
A
Apr
Columrda A ll V 1st ext g 4s. .1948
9
M N
guar..........1950 F
Gen 4 4s series A
1977 F
Gen A ref mtge 4 4s series B. 1981 J
Cleve Short Line 1st gu 4 48... 1961 A
Cleve Union "Perm gu 64s.—*1972 A
1st s f 59 series B guar... —1973 A
1st » f 4 4s series C
1977 A
Coal River Ry iHt gu 4s
1945 J
Colo Fuel A Iron ( 0 gen 8 f 5s.. 1943 F
♦6s Income mtge
-..-.-1970 A
Colo A South 4 48 series A
1980 M
"24
27
*1094
J
Series D 3 4s
Columbia O A E deb 5s—May 1952
17
72
34 4
101
104
♦104
J
1940
4s
31
108
*
1990
1st coll trg 4s
W W Val Dlv 1st g
32
100
7
1044
*1034
8pr A » ol Dlv 1st g 4s......19 40
7
105
♦
"814
44
1044
102 4
1074
J
N
107 4
1044
944
944
3
1044
J
M
8t I. Dlv
1044
J
ClevefTn Chle A St Lgen 4s... 1993
General 6s series B
99
99
1943
Chllds Co deb 5s
1014
1014
1064
1094
1084
103 4
107
1st cons g 4s prior... .1996
.1996
1st consol gen lien g 4s
Ernesto
Chlrago Union Station—
1104
*974
1054
Erie UR
107 4
139 4
111
104
103
*1054
.......
1164
131
1104
♦
.1965
Series o 3 4s
111
112
1034
106 4
.1940
.
Erie A Pitts g gu 3 4s ser
107
104 4
B.— .1940
5s stamped
73
11
"ilk"
5s.........--Dec 1 1960 M 8
gu
High
11
♦Certificates of deposit
(♦Refunding gold 4s..——1934
Low
High
1044
1044
*132
.1911 M N
Elgin Jollet A East 1st g 5s
18
106
1952 I
Electric Auto Lite eonv 4s
Since
Jan. 1
Week Ended Oct. 8
1044
49
Nor Dlv 1st 4s..1948
East T Va A Ga Dlv 1st 5s
1956
Ed EI II! Bklyn 1st cons 4s
1939
Ed 1.1 III (N Y) 1st Cutis g 5s..l ">5
Range
EXCHANGE
STOCK
Y.
110
104
1995
East Ry Minn
N.
1094
{(♦Did Sou Shore A Atl g 5s... 1937
Duquesne Light 1st M 3 4s
1965
'Bell System Teletype + Cgo. 543
BONDS
1074
..1951
Dow Chemical deb 3s
Randolph 7711
Connections
SDlgby 4-5200
eH. Y. 1-761
114
107
1961
Detroit Term A Tunnel 4 4s.
135 So. La Salle St.
Private Wire
One Wall Street
High
1134
1995
♦2d 4s assented—.——1995
Chicago,
View York, n- T.
Jan. 1
Asked
dt
I Low
1134
1961
1952
F_.——.19«5
Detroit Edison Co 4 4s ser D-.
York Stock Exchange
c^ew rmrk Curb exchange
f
Bid
Week Ended Oct. 8
&Johnson
.sorB''
Bennett
Since
Friday
EXCHANGE
PTOCK
Y.
Range
Range or
BONDS
N
.195!
-1951
90
102 4
89 4
88
92 4
93 4
98 4
1004 1004
90
1014
Volume
Y.
Week's
Last
Range or
3
Friday
6
Sr
EXCHANGE
RTOCK
Friday
*>■«
bonds
N.
Sale
Bid
Price
Week Ended Oct. 8
Ranoe
2
Since
Asked
dk
Low
Jan. 1
High
Low
BROKERS IN BONDS
High
111 Cent and Chic StL&NOd
1963
1st ref 5a series A
Jotnt
58
58
107
107
27
63
594
3
10/Xi
27
594
1963
d
:_1940
O
1st est 4s..1940
O
1950
j
{♦Ind A Louisville 1st gu 4s...1956
j
*20
100
1014
102 4
lu*
1st A
ref 4 4s series C
Illinois
deb 4 Vis
-teel
Ind
Bloom A
Ind
III
West
Ind Union
Ry 3 4s series B
Inland Steel 3*48 series D
{Intcrboro Rap Tran 1st 5s
♦Certificates of deposit
IV!
S
1961
1966
F
A
103 4
j
J
614
Int Agric Corp 5s
a
O
ivi
N
deb 4s...-1947
conv
stamped 1942
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A.-July 1952
♦1st 5s series B
♦1st g 5s series C
61
204
63
604
63
62 4
62
60
21
89
89
94
78
Interest Paper 5s ser
Ref
1st lien & ref 6 4s
5s B—1972
1947
IV!
N
f
A
deb g 44S--1952
1939
1955
Int Telep A Teleg
C'onv deb 4 4s
Debenture 5s
I
j
f
A
4s..
1990
Ry ref g 4s.
1936
1st gu g
1950
gold 3s
9*4
4a
89
90XI
3o
86
80
9o4
9o4
1961
unguaranteed...
A P 6s
Kings County Elev 1st g 4s...
Kings Co Lighting 1st 5s
4 44s
j
5o4
59/a
83
80
6i
604
634
1360
954
18
56
594
914
.......
....
364
38
16
3/
3/
7
25
174
404
404
69
90
614
89 4
23
a3
*63
.....
*40
.....
96
92
109
2
92
1
......
*iU0
106
1937 A
......
nou
loO
86
80
75
94 4
604
804
Coll tr 6s series A
1942
Coll tr 68 series B
.1942
1024
lUi/i
10^)4
20
114 4
iU*Xfc
100x4
33
9-*xa
90X4
6/
324
53
9-X4
/
65
63 4
60
xa
128
64
6.4
6*xa
71
*94
a9xa
1
4
ay*
i
*90
......
RR 4s A...
1945
1st gu g 4s
1944
Lehigh Val < "oal 1st A ref s f 5s.
1951
1st A ref » f 5s
1961
....
89X8
....
105
25
21
31
25
35
95
100
494
3/
06
34
35
*80
89
.1971
1st coils 5s........
161
1st
1084
1st A ref 6s series
105*4
114
25-year
1124
>19)4
1st ref 5 44s series
1940
1st gu g 4 4s
4s.—.2003
Lehigh Val (Pa) cons g
General cons 4 448-.-
'2003
General cons 5s
2003
Leh Val Term Ry 1st gu g 5s... 1941
Lex A East 1st 50-yr 5» gu....l965
Liggett A Myers Tobacco 7s... 1941
Little Miami gen
4s series A—1962
-.1946
I-ombard Elec 7s ser A
— .1952
Long Dock Co 34* ext to
1950
Long Island gen gold 4s
193*
Unified gold 4s...——
1919
Guar ref gold 4s
1949
4s stamped....
—-1949
I^oews
Inc
s
85
39
4a 4
83
414
a/x4
a6
1951
5s
Louisiana A Ark 1st 5s ser
A...
1966
Louis A Jeff Bdge (*o gu
1945
3 44s
4s
Louisville A Nashville RR—
Unified gold 4s
......
1940
A
1st A
ref 3Hs series
Paducah A
Mem
1980
gold 3s
Mob A Montg 1st g 4 44s. —. 1945
South Ry Joint Mouon 4s... 1952
Lower Austria Hydro
El 6)48-.
f deb 5s 1951
McKesson A Robblns deb 6 48- 1950
Maine Central RR 4s ser A... 1945 J
Gen mtge 4 44s ser A
1960 J
f {♦Matiatl Sugar 1st s f 7 448... 1942
ates
1614
of deposit
{♦Marihat Ry (N Y) cons
4s.
♦Certificates of deposit
199')
...2013
Manila Elec RR A Lt s f 5s... 1953-IVI
Manila RR (South Lines) 4s...l93'»
Int ext 4s
195'»
For
footnotes see
3)48—1941
page
99X8
40
73
73X8
7
9
I0i
102
....
90
93
4
96 4
984
20
964
98
la
1264
1184
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119
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79
60
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101
102
20
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111
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....
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75
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51
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108
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69 4
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135
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704
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46
43
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294
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112
294
28
4
30 U
26
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♦Conv
*164
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*82
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♦
20
.....
....
....
86
....
69 4
....
27
...1975
1977
..
35
100
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s
184
184
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82
82
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Mohawk A Mai one 1st gu g 4s. 1991 M
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984
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914
60
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1960
1965
6s debentures..
348-1966
Montreal Tram 1st A ref 5s
1941
Gen A ref s f 5s series A.... 1955
Gen A ref s f 5s series B
1955
Gen A ref s f 4 44s series C..1955
Gen A ref s f 6s series D
1955
Morris A Essex 1st gu 3 44s....2000
CoiLstr M 5s series A
1955
Constr M 4 44s series B
1955
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5%.-1941
HNamm (A I) A Sou—See Mfrs Tr
NashChatt A St L 4s ser A
1978
Nassau Elec gu g 4s stpd
1951
Nut Acme 4 44s extend to
1916
Nat Dairy Prod deb 3*4n w w.. 1951
Nat Distillers Prod deb 4 448. —19*5
Montana Power 1st A ref
.....
4s Jan 1914 coup on
July 1914 coup on.
44 July 1914 coup
off
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April
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off
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84
83 4
85
83
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115
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f
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79 4
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80
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1st g 4 4* series B
1961
N J Junction RR guar 1st 4s. .1986
N J Pow A Light 1st 4 44s
1960
New Orl Great Nor 5s A
1983
N O A N K 1st ref A Imp 4 44« A 1952
New Orl Pub Serv 1st 5« ser A.. 1952
Int A ref 5s series B
1955
New Orleans Term 1st gu 4s... 1953
104 4
794
80
{♦New England RR guar
onsol guar 4s
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1104
28
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♦(
994
7
d
No 4 on '51
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91 4
j
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on—.1951
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1084
984
j
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1114
100
10
N
Nat RR of Mex prior lien
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84
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1977
1977
99
79
1957
—1957
1957
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12
1004
1004
National Rys of Mexico—
{♦Naugatuck RR 1st g 4s.....
1024 1054
15
j
.1980
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1004
09
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109 4 115
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17)4
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1034
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{♦Mobile A Ohio gen gold 4s... 1938
♦Montgomery Dlv 1st g 6s.. 1947
♦4 44«
944
14
85
4
of deposit
Mo Pac 3d 7s ext at 4%
1124
111
105
*68
27)4
6 448
♦Certificates
100 4
99
90 4
105
994
4
of deposit..
♦1st A ref 5s series I
102 4
88*4
*
4
41
100)4
J
of deposit
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754
106
4
45
35)4
101)4
100
S
M n
195»
RR pr lien 5s ser
♦Certificates
1054 109 4
....
45
......
f 4s
1990
A—1962
40-year 4s series B
—1962
Prior lien 4 44s series D
1978
♦Cum adjust 58ser A....Jan 1967
{♦Mo Pac 1st A ref 5s ser A
1965
M-K-T
99 4
106
/
108
100
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1st mtge 4 44s
48 4
00
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72
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107 4
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1946
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A
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•
92
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88
100
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1938
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Mo Kan A Tex 1st gold 4s
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2003
1st A ref 4 44s series C
2003
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1st
33
101
I960
Louisville Gas A Elec
3a
100
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1944
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52
99
3
73
cons
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3
414
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f deb 3 44s..
664
704
1004
6
39
1951
604
101
90
2
85
99
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1014
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102
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25
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No.
80
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1074
146 4
Leh Val Harbor Term gu
Leh Val N Y
1154
107*4
924
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(Sept 1914 coupon)
1094
1
80
80
1977 M
1956 j
Michigan Central Detroit A Bay
City Air Line 4s
1910 j
Jack Lans A S ig 3 448
1951 M
1st gold 3 448
1952 ivi
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1979 1
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Mllw El Ry A Lt 1st 5s B
1961 j
1st mtge 58
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1st ext 4 44s
......1939 I
Con ext 4 44s
—1939
M
{♦Mil Spar A N W 1st gu 4s... 1917
{♦Mllw A State Line 1st 3 448—1911 j
{♦Minn A St Louis 5s ctfs
1931 M
♦1st A ref gold 4s.
—1919 M
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1962 *2
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109 4
00
*37
------
16
101
♦
......
102 4
4z
60 r%
......
1938
gold notes
5s.—. .1951
1094
98
314
Lehigh ANY
ref s f 5s
b
304
iUO
95
100
106
44
Nigh
S
1977 M
♦Mex Internat 1st 4s asstd
....
106 4
*_.._.
......
1965
64
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104
103)4
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Metrop Wat Sew A D 5 44s
1950 a
f{*Met West Side El (Chic) 4s. 1938 F a
♦Certificates
*.....
.1975
•1st mtge Income reg—....
1951
Lehigh C A Nav s f 4148 A
Cons sink fund 4 14s ser C... .1954
Lehigh A New Eng
10o
1U2
——
34
964
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.1941
664
944 1024
9i4
......
1st 6s with warr.. 1945 ivi
....
314
314
106
35
85
lOi
......
1997
ii
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......
1947
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314s
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....
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I^ake Hh A Mich So g
....
1124
......
106
102 4
99
....
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1954 J
f
....
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......
94
894 1014
1U9 4
4
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102
Friday
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Marlon Steam Shovel 8 f 6s. —1917 A
94
Range or
Sale
Price
101*4
95
Week's
Last
EXCHANGE
STOCK
1024
71
....
lo4
Y.
97
764
20
00
4
1961 J
.1951
.......
7a
io*4
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1949 F
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784
109
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834
83
Friday
bonds
42 4
97 4 108
3
103 4
102
100
21
764
.1941 J
ext to
1UU
iUo4
91
90
33
10 in
*9d
764
A. T. A T. Tele. N. Y. 1-1598
Telephone WHltehall 4-2900
♦Mlag Mill Maeh 1st s f 7s
101
1084
NEW YORK
Wall St.
1044
3
7
914
914
63
25
1
4
......
Foundation coll tr 4s.. .1945
1947
314s collateral trust notes...
{♦Kreuger A Toll secured 5s
1959
Uniform ctfs of deposit
Laclede Gas Light ref A ext 5s. 1939
1953
Coll A ref 514s series C
1960
Coll A rer 514s series D
1st A ref s f 5s
13
09
j
Kresge
Secured 6%
9o4
*._...
1 Ht A ref 614s
1st A
a
8-4 n
1987 J
Kings < "ounty El L
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97
95
1946 M
1961
1937 extended at
0
86
1943
Plain.
5s
10/
6*
894
1943 m n
1961 j
Lake Erie A
73
03
60x4
52*4
25
7
694
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Kopiiers Co 4s ser A..
294
164
1943
w
Kinney (G R) 5 4s
28
97
100
20
97
1943
(Rudolph) 1st 6s...
stmp (par $615)-.
♦< tfs w w stmp (par $925)..
♦Ctfs with warr (par $925)-.
Keith (B F) Corp 1st 6s
Kentucky Central gold 4s
Kentucky A Ind Term 4>$8...
Karat adt
w
30
71
1960
1st 4s
Kansas Gas A Electric 414s— 1980
♦Ctfs
27 4
1950
Apr
Ref A impt 5s
Kansas city Term
♦
20
101
♦Certificates of deposit
Kan ( Ity Sou 1st
8/a
914
1st 4s... 1959
Laughlln Steel 4 lis A.. 1961
|}*K C Ft 8 A M
74
4
James Frank A Clear
Kanawha A Mich
74
.
Members Neto York Stock Exchange
108
52 4
ref 4s. 1951
{♦Iowa Central Ry 1st A
Jones A
138
.
....
..1955
f 6s series A
s
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3l 7S
.
71
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6
1004
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.
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10544
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m
-
1956
1914
1911
A A B—1947
Hydro El deb 6s
Interriat
20
18
......
1956
,.
4yy
644
584
—
104 44
101
63
—
108
984
69
18
j
J
2
......
♦Certificates of deposit—....
87 4
106 44
100 44 107
29 44 43
30
58
bi
{♦10-yeur conv 7% notes
Interlake Iron
lU3x4
BANKS AND DEALERS
FOR
914
56
—
1986
1932 a"o
1932 M s
§♦ 10-year 6s
58
......
♦
1st g 4s
Iowa
&
2357
New York Bond Record—Continued—Page 4
145
*2 4
74
t"
1024 1074
77
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117
122 4
52
82
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74 4
16
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98
New York Bond
2358
\
BONDS
N. Y.
Last
EXCHANGE
STOCK
h
Week Ended Oct. 8
Range
Sale
Bid
Price
'
*
—1954
♦395?
"45"
1956 F
♦1st 5 Ma series A
445?
A
—1956
-—1954
*38
O
A
"45"
45
♦Certificates of deposit
*40
Newport A C Bdge gen gu 4)?si945 J
N Y Cent RR 4s series A—-1998 F
10-year 3%a sec s f
Ref A lmpt 5s series
1946
2013
2013
1952
A
Ref A lmpt 4 Ma series
C
Conv secured 3%a
J
A
Shore coll gold 3 Ma
Cent coll gold 3 Ms
Lake
Mich
{N Y Chic A St L 1st g 4s
Ref 5 Ma series A
Ref 4 Ma series C
A
Serial 5% notes
Certificates of deposit
N Y Edison 3%a ser
1st lien A ref 3%b ser E
"~16
56
N Y A Greenwood L gu g
N Y A Harlem
gold3)?s
186
88
A
87
87
A
875?
99,5,6
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84
84
715?
715?
85
85
98
98
1085?
......
1085?
835?
895?
885?
99^32
875?
775?
120
85
995?
1085?
15
10
8
44
226
21
53
16
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1941 M
1940 A
♦Collateral trust 6s
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-
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1956, J
.1948 J
debenture 6s
♦Conv
24
255?
255?
O
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93
1974 M
8
1974 M
8
J
F
J
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Oklahoma Gas A Elec
ser
3—1946 F
3)48—1966
4s debentures
405?
71
1055?
985?
"l
1015? 1095?
99
1055?
104
1085?
1025? 1085?
1055?
13
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21
20
925?
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16
91
13
15
13
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70
65
106
101
102
81
81
81
94
85
85
85
98
1085?
1015?
95?
J
con
g
4s.-.1946
cons g
5s.-.1946
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102
87
5?
1005?
J
955?
A
D
106
D
1055?
D
1938 F
A
1938 J
J
Paducab A 111 1st
s f g 4 %b
1955 J
{{♦Pan-Am Pet Co (Cal) conv 6s *40 J
♦Certificates of deposit
Panhandle Eastern Pipe L 4s..1952 M
Paramount Broadway Corp—
1955 F
1963 F
A
*117)?
122
113
1961 IVI N
1970 J D
1975 A O
117)?
117)?
1
111
115
115
4
115)?
115
1977 J
106)?
106)?
115)?
106)?
31
113)?
113)?
104)?
112)?
79??
"79k
"3
79 H
96%
74??
75??
35
74 H
96
76
76)?
4
74%
97%
O
J
S
1960 A O
1948 J
A
A
1962 F A
1974 J D
1977 J D
1960 M S
1st gen 5s series B
1st gen 5s series C
1st 4 5?8 series D
Port Gen Elec 1st 4 5?s
108
110)?
119% 124%
*110
54
53)?
55
118
53%
75%
105% 108%
60
88%
13%
45%
100
17
31
77
69
1165?
117
112
103
1045?
1005?
103
102 5? 1065?
1005? 1055?
103
1045?
82 5?
122
1015? 1065?
995? 107
120
1255?
103
97
72
48
895?
13
1055?
167
925?
93
8
92
94
28
18
"eo"
J
14)?
{♦Providence Term 1st 4s—-.1956 IVI
Purity Bakeries s f deb 5s
1948 J
14
106)?
61)?
16
1
12
226
9%
13)?
s
J
{♦Radio-Kelth-Orph pt pd ctfs
D
for deb 6s A com stk (65% pd)... J
{♦Debenture gold 6s
1941 J D
Reading Co Jersey Cent coll 4s. 1951 A O
J
Gen A ref 4Mb series A
1997 J
J
Gen A ref 4%a series B
1997 J
85%
93)?
93)?
92
93)?
28%
9)
101
*112
92
91
105)?
92
1
93
31
106
65
88
126%
89% 104%
103% 108)?
105)?
105)?
20
104
102
101%
103
45
101
112
112
83
Republic Steel Corp 4 %a ser A. 1950 M S
121"
121
121
"16
121
212
89)?
89
91
170
89
100
112
35
108
87
72 5?
815?
1015? 1125?
69 5?
825?
106
1005? 112
885? 110
915? 1095?
1045? 1045?
1075?
Gen mtge 4 Ma series B
1961 F
5 %a '54 M
Gen mtge 4Mb series C
1956
Revere Cop A Br 1st mtge4)?8.1956
A
N
IVI N
112
J
102
1946 J
J
24
♦Rhine-Ruhr Water Service 6s. 1953 J
J
♦Rhelnelbe Union s f 7a
109)?
90)?
J
101)?
21
130%
100
100)? 106
24
32
20
20
5
18
19%
26%
27%
27%
28%
*22)?
A
102)?
90%
2
1952 IVI N
1953 F
1955 A
{{♦Richfield OH of Calif 6s.—1944 M
68
115%
24
*22%
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
92)?
108
24
♦Rhine-Westphalia El Pr 7s—1950 M N
335?
1095? 1095?
Rlchm Term Ry 1st gen
1005? 1065?
♦RIma Steel 1st s f 7s
955? 100
4
75
1095? 1125?
985? 1005?
1015?
20
1005? 104
1145?
35
115
1
1105? 115
1075? 115
1085?
1095?
5
106
114
1175?
3
116
1215?
117
123
k
"57
103 5? 1075?
1025?
4
995? 1035?
865?
5
855?
665?
1065?
1035?
995?
94
97
iook
60
Remington Rand deb 4)?s w w.1956 IVI S
Rensselaer A Saratoga 6s gu—1941 IVI N
Ill
985?
106)?
Porto Rlcan Am Ton conv 6S..1942 J
19
"24"
19%
O
22)?
*22)?
■30
19%
28%
N
*28)?
36
35
66
IVI N
*28)?
33%
40%
66
22%
16
1015?
106
J
'120
72 5?
87
84 5?
J
1st 5s 1935 extended to 1950
104)?
105)?
115
1005?
1015?
106
*25k
925?
65
82
103
111
1952
J
1955
A
{♦Rio Grande June 1st gu 5s..1939
{♦Rio Grande West 1st gold 4s. 1939
D
♦1st
con
5s
A coll trust 4s A
1949 A
O
Gen mtge 5s series E
1962 IVI
{{♦R I Ark A Louis 1st 4)?s„1934
18
18
103
1947
99 J?
1966 A
O
1933 IVI
N
945? 1005?
102 5?
92
102 5?
95
♦Certificates of deposit
{♦3 L Peor A N W 1st
58—1948 J
J
99
1055?
St L Rocky Mt A P 5s stpd—1955 J
J
985? 1045?
{♦St L-San Fran pr lien 4s A—1950 J
♦Certificates of deposit--
J
37
44
365?
99
995?
98
665?
675?
655?
58
575?
101%
♦Prior Hen 5s series B
755?
1950
99)?
}"i
99)?
109k
12%
1978 M
S
"l8"
18
103)?
101)?
99% 104%
110
107
99%
97
99
96
100
70%
69)?
71
*69
77
*20)?
79)?
25
92
21
79%
67%
102
89%
88%
24
48
79%
85
14%
37%
33%
15
18
101
14
14
16
37
14
15
115
43
18
112%
101»«
103%
67%
15
14%
13 %
16
28
14)?
14%
13)?
17
167
13%
33%
13
13
15
45
13
30%
♦Certificates of deposit
♦Con M 4Mb series A
102)?
*109)?
tSt Jos Ry Lt Ht A Pr 1st 58—1937 M N
J
St Lawr A Adlr 1st g 5s
1996 J
gu
11
*20)?
Saguenay Power Ltd 1st M 4)?s '66
St Jos A Grand Island 1st 4s._ 1947
2d gold 6s
St Louis Iron Mt A Southern
57%
28
109)?
12
♦Rut-Canadian 1st gu g 4s_—-1949
♦Rutland RR 1st con 4)?s—1941
Safeway Stores s f deb 4s.
69%
56k
25)?
*117)?
S
♦{Rlv A G Dlv 1st g 4s
1085? 1085?
25%
1948
♦Ruhr Chemical s f 6s
103% 104%
53%
60
91
91%
54%
84
25%
52%
116% 117
107% 109%
10%
28%
20%
25%
18
32%
18
34%
102
103%
*50
*
J
995? 1075?
47
*104
1977 M S
Roeh G A E 4 )?s series D
♦Ctfs of deposit stamped
665?
D
113
106
n
99
75
89
1005?
D
*79k
123%
107H
100
*855?
1005?
*104
124
3
it
D
D
O
8
23
105??
1015?
985?
J
125%
124%
*10)?
1065?
1966 J
1966 J
109
{♦Providence Sec guar deb 4s.-1957 IVI N
*1205?
1055?
1025?
1025?
855?
1964 J
Pacific Tel A Tel 35?s ser B_._ 1966 A
111
90%
1175?
H...1981 J
footnotes see page 2359
ser
114%
114%
*108 J?
103M
1005?
D
D
For
Pitts Y A Ash 1st 4s
111
109
A
Pitts A W Va 1st 4 5?s ser A—1958 J
1st mtge 45?8 series B—---1959 A
C
110
♦ink
F
1943 M N
Pitts Va A Char 1st 4s guar
ink
89
98 %
111
*104
103
11015,6 111 ^32
985?
A
D
M N
{♦Postal Teleg A Cable coll 5s. 1953
975?
101
F
J
Potomac Elec Pow 1st M 35?s.l966 J
Pressed Steel Car deb 5s
1951 J
1005?
11015,6
*110)?
104
J
A
1946 J
f g 3s loan ctfs—
Gen mtge 5s series B
Gen 4 5?s series C
111)?
*110)?
M N
100%
107H 111%
109
113%
109
113%
111
113%
108
112%
108
975? 1095?
16
325?
*107
N
Pacific Coast Co 1st g 5s
Pacific Gas A El 4s series G
b
45?s
O
M N
108)?
111)?
93
*16
1962
1st M
cons guar
108)?
106
945?
1005?
175?
107
Otis Steel 1st mtge A 4 5?s
Ref mtge 35?s ser C
Series J
Gen mtge 5s series A
108)?
90
108
*103
1961
2d ext gold 5s
Series G 4s guar
Series H cons guar 4s
Series I cons 45?s
♦Certificates of deposit
1946
ser
A
108)?
85% 102
93
108
1015?
"92""
1963
35?s
O
1940
1942
1942
1945
1949
1953
1957
1960
90
100
87
1015?
Ore-Wash RR A Nav 4s
1st A ref mtge
A
Pitts C C C A St L 4 5?s A
Series B 4 5?s guar
106
*102
90
104
1015?
705?
705?
Oslo Gas A EI Wks extl 5s
1st A ref mtge 3%b ser I
Pac RR of Mo 1st ext g 4s
s
1035?
J
J
1943 F
Ore Short Line 1st
45?s A. 1*52 IVI
*107)?
225?
109 5?
85?
102
Ontario Transmission 1st 5s.-.1945 IVI N
Oregon RR A Nav
conv
1st mtge 45?s series
695?
1065?
1095?
119
O
1946 J
Ontario Power N F 1st g 5s
8)?
18)?
Purch money 1st M conv
1st mtge 35?S-—
Ohio Indiana A West 5s..Apr 1 1938 Q
^Ohlo Public Service 7s
21)?
7M
15)?
56
125
1948 J
1943 M
Ohio Edison 1st mtge 4s
20)?
8)?
15)?
60
*70
Northwestern Teleg 4 )?s ext.—1944 J
4s
Ohio Connecting Ry 1st 4s
103)?
20)?
285?
82
1938 A
gu g
103)?
J
s
50
sale of April 1 '33 to
♦Og A L Cham 1st
S
1949 IVI
Pitts Coke A Iron
*70
Q
91% 106 %
102
104%
20%
50%
7%
26%
30
14)?
45
*12
♦Oct 193 ' and sub coupons—1945
Q
D
47
985? 1075?
107 5?
98
166"
April 1 1937 lncl coupons..1945
1967 J
24
16
16
coupons. 1945
108)? 117
25
25
1005?
17
113
14
106
93
1005?
113
475?
105
85?
119
D
255?
1075?
1015?
112
J
50
1075?
1065?
1015?
129
112)?
20
104
1055?
116
*112
Phlla Electric 1st A ref 35?s—. 1967 IVI
{♦Phlla A Reading C A 1 ref 5s. 1973 J
♦Conv deb 6s
2
J
98)?
104 M
sec
190
109)?
123)?
1981
5s series A
108
109)?
A
27
{Northern Ohio Ry 1st guar 6s—
A
Phila Co
104)?
103)?
104% 119%
107
113%
*115)?
F
193
J
J
{♦Philippine Ry 1st 8 f 4s
Plllsbury Flour Mills 20-yr 6s.. 1943 A O
1952 IVI N
Pirelli Co (Italy) conv 7s—
175?
Aug 15 1963 F A
Nov 15 1969 N M
C
Ref A lmpt 5s series D
Nor Ry of Calif guar g 5s
106
465?
425?
1015?
1005?
Ref A lmpt 5s series
Phelps Dodge conv 35?s deb— 1952 J D
Phi la Bait A Wash 1st g 4s
1943 M N
95?
103
Ref A lmpt 6s series B
101
84
135?
1165?
Ref A lmpt 4 Ma series
106
81
65
10
8
1997
2047
2047
2047
2047
2047
92
22
54
A
North Pacific prior lien 4s
Gen lien ry A Id g 3s Jan
35
85
84
10
1961 F
as to
94)?
84
155?
1957 M
♦Stpd
92
84
135?
95?
*985?
No Am Edison deb 5s ser A
A sub
92)?
106
104
99
26%
113
84
1055?
95
7%
108
J
1977 J
75
9
s
General g 45?s series C
General 4 5?s series D
100
86
84)?
112??
J
A 5s
102
375?
101
118
103??
1980 IVI
ser
99 5?
98
107
103% 111%
103M 1U%
95 M 111%
116)? 121%
111% 117%
1956 J
Marquette 1st
Series D 4s guar
Series E 35?s guar gold
Series F 4s guar gold
North Amer Co deb 5s
1 1934
1956 J
8%
*107
95
98??
1st 4s series B
1974
98
*80
A
115% 126
106)? 115 %
113% 123
1st g 4 5?s series C
Series C 4 5?s guar
{{♦Norfolk A South 1st g 5s—1941 M N
Norf A W Ry 1st cons g 4s
1996 O A
♦Oct.
Pere
General 5s series B
5?
1085?
O
Apr
F
1095?
44 5?
*935?
1990
1974
55
{{♦Norfolk South 1st A ref 5s..1961 F
♦Certificates of deposit-
North Cent gen A ref 5s
Gen A ref 4%a series A
April
Peoria A Pekln Un 1st 55?s
995?
J
95)?
nik
Peoria A Eastern 1st cons 4s... 1940 A
14
J
1952
96)?
1943
1947
Refunding gold 5s
905?
Ma—1939 M N
1967 J J
N Y Trap Rock 1st 6s
1946 J D
6s stamped
- —1946
{♦N Y WestchABost 1st 4^8.1946 j"i
Niagara Falls Power 3 Ma
1966 M S
Nlag Lock A O Pow 1st 5s A—1955 A O
Niagara Share (Mo) deb 5)?s..1950 M N
Deb 5 Ma series B
Deb 6s series C
1055?
975? 1055?
28
NY Telep 1st A gen s f 4
ref mtge 3%a ser B-—
1950
105)?
8
—1947 M N
6)?s
106
104)?
95 M
116)?
111)?
2
J
{♦{N Y Susq A West 1st ref 5s.1937 J
{♦2d gold 4^s
1937 F A
♦General gold 5s
1940 F A
♦Terminal 1st gold 5s
1943 M N
Nord Ry ext sink fund
105
21
1951 M N
--1951
1956
96)?
105)?
27
13
109% 116%
96M 103%
98)?
119
105)?
32
~"l
112??
119
1984
*205?
255?
255?
"76"
96)?
109
1981
465?
76
97)?
108
1970
47
105
O
1960
106)?
112%
116%
113
Debenture g 45?s
15
105
IVI N
1970 A
103)? 107
109)? 111
112)?
116
905?
O
112)?
112)?
110
295?
M N
100
*109)?
1948 IVI N
109
14
A
101)?
114??
905?
4s. —1993
3 )?S—1965
|N Y Rys prior lien 6s stamp—1958
l66"
109k
28
N Y Queens El Lt A Pow
iook
O
115)?
905?
N Y A Putnam 1st con gu
105)?
1965
"28"
M
105
104)?
1968
D
J
105
104)?
1943 IVI N
May 1 1948
Gen mtge 35?sserC
Consol sinking fund 45?s
M N
O
1st mtge 5s
4s
cons g
Consol gold 4s
4s sterl stpd dollar
105
J
General 4 5?s series A
24
41
A
1st mtge 6s
Pennsylvania RR
D
O
General 5s series B
1005?
1055?
106
1095?
1085? 1095?
475?
725?
26
405?
4s.1942
N Y Steam 6s series A
12
405?
95?
N Y A Rlchm Gas 1st 6s A
1981 J
45?s series B
Pennsylvania P A L lst45?s—. 1981 A
85
35
285?
135?
{♦N Y Providence A Boston
26
29
8
1992
955?
1963 F
98
106
100
265?
255?
305?
D
♦General 4s
105
*205?
24
----1955 J
{•N Y Ont A West ref g 4s
24
J
J
106k
*97"
1957 M N
of 1927— 1967
4s 1954
♦Harlem R A Pt Ches 1st
82
715?
945? 1055?
102
t
■
■
Penn Glass Sand 1st M 45?S-- 1960 J
Pa Ohio A Det 1st A ref 4 5?s A. 1977 A
101
*105%
S
{♦N YANE (Boat Term) 4s.. 1939 A O
{♦N Y N H A H n-c deb 4s..., 1947 M 8
♦Non-conv debenture 3)?s.. 1947 M 8
♦Non-conv debenture 3)?8_. •1954 A O
1955 J
♦Non-conv debenture 4s
J
•1956M N
♦Non-conv debenture 4s
♦Conv debenture 3%a
105
975? 1015?
995? 107
♦
■
4s—.
1095?
94
965?
"96 k
107%
104% 110
96
1045? 1085?
785?
965?
87
985?
87
97 5?
9919,,102 J?
1165? 1255?
1095? 1175?
101
104
99% 106%
1015?
955?
105"
107
97% 102
103% 105%
1235?
101
104
99
1235?
*1135?
*102
96
101% 106 %
97)?
22
95%
105)?
975?
♦Income 4s
M N
2000 IW N
77%
Penn-Dlxle Cement 1st 6s A... 1941 M S
1005?
100 j?
85
103
Peop Gas L A C 1st cons 6s
O
"95k
101
72
A
103
48
106
60
1966
90
100 %
47
loo" ~
105
105%
96%
*105)?
43
iook"
105
81%
116)? 122%
*105
1944
High
9*
look
97
O
105)?
Low
100
A
20
485?
49
A
1941
1952 IVI N
—■
"38
43
1965
95J?
48
1942
Guar 35?s trust ctfs D
Guar 4s ser E trust ctfs
1015?
43
"5l" "15
B—
28-year 48
General 45?s series D
Gen mtge 45?s series E.
Conv deb 3%a
49
N Y L E & W Coal A RR 5)?s. 1942 M N
N Y L E A W Dock A lmpt 5s 1943 J
J
N Y A Long Branch gen
1135?
1065?
230
N Y Lack A West 4s ser A—. •1973 M N
4 Ma series B
----• 1973 M N
■
57
96
6s— 1946
•
45
88
1998
1949
95
96
78 M
58—1948
S
88
78M
4s
625?
O
16
50
45
A
4<fl
96
*118)?
M N
955?
95)?
48
8
985? 1045?
785?
965?
105
85)?
8
91
955?
81)?
O
112
105
99 M
82
1968 M
151
J
99 J?
S
1944 A
Jan. 1
High
J
1947 M
Pat A Passaic G A E cons 5b... 1949 IVI
1942 IVI
♦Paullsta Ry 1st ref s f 7s
Penn Co gu 3 5?s coll tr ser
Guar 35?8 trust ctfs C
Since
Asked
1955 J
Parmelee Trans deb 6s
995?
835?
J
conv
60
935?
220
35?s
555?
465?
985?
785?
93
&
43
91
N Y A Erie—See Erie RR
Purchase money gold
debentures
Paris-Orleans RR ext 5%s
91
O
N Y Gas El Lt H A Pow g
Paramount Pictures deb 6s
Range
Friday
Bid
40
110
1025?
965?
1055?
Price
1937
9,
Range or
Sale
Nft,
Low
515?
595?
545?
98%
78%
*
D
"27
Last
EXCHANGE
STOCK
High
44
A
1953
—1953
1951
1938
B
1st guar 5s series
NY Dock 1st gold 4s
Low
44
43
475?
Y.
Week Ended Oct. 8
O
1946
N Y Connect 1st gu 4%a
No.
"42
49
455?
N.
O
1937
4s collateral trust
495?
*110
2013
1998
1974
—1978
3-year 6s.-----------Oct 1 1938
High
BONDS
Since
A
--——1942
Debenture 4s
Range
Jan. 1
A
NY Cent A Hud River M 3 )?s. 1997 J
Ref A lmpt 4^8 ser
or
415?
~44
44
♦Certificates of deposit
♦1st 6s series C
♦1st 4 Ma series D—
Oct.
Week's
Friday
Friday
A
Asked
Low
{{♦N O Tex A Mex n-c inc 6a--1935
♦1st 6a series B.—
Record—Continued—Page 5
Week's
Friday
36 %
33%
New York Bond Record—Concluded—Page 6
Volume 145
Friday
Week's
11
Last
Range or
31
Price
BONDS
N. Y.
8TOCK EXCHANGE
Week Ended Oct. 8
Sals
<k
♦2d g 4s inc bond ctfs
1989 M N
Nov 1989
J
{♦1st terminal <fe unifying 5s. 1952
J
33
i
22 *
♦Gen A ref g 5s series A
1990
St Paul A Duluth 1st con g 4S--1968 J
Range
BONDS
Since
53
N. Y. STOCK EXCHANGE
Jan. 1
Week Ended Oct. 8
No.
83*
15
49
3
47*
74*
♦Vertlentes Sugar 7s ctfs
Virginia El A Pow 4s ser A
33
38*
24*
7
33
65*
Va Iron Coal A Coke 1st g 5s.—1949 ivi
22*
54
Va A Southwest 1st gu 4s
1st cons 5s
2003 j
Virginian Ry 3*8 series A
♦{Wabash RR 1st gold 5s
1966 ivi
22*
J
20
A
100
103* 109*
21*
37
12
27
10*
St Paul Minn A Man—
{Pacific ext gu 4s (large)
St Paul Un Dep 5s guar
1940 J
J
1972 J
J
104*
119
S A & Ar Pass 1st gu g 4s
1943
San Antonio Pub Serv 1st 6s__1952
119
95
♦Guar
s
f 6 *8 series B
1946 J
J
J
J
1946 A
♦Stamped
A
♦112
24*
♦24*
24*
O
32
O
32
Scioto V A N E 1st gu 4s
1989 M N
§ {♦Seaboard Air Line 1st g 4s. .1950 A O
{♦Gold 4s stamped
1950 A O
♦Adjustment 5s
Oct 1949 F
A
{♦Refunding 4s
1959 A
O
113*
113*
24*
17
9*
9*
11*
1945 M S
6s series A
cons
♦Certificates of deposit
{♦Alt A Birm 1st gu 4s
1933
{♦Seaboard All Fla 6s A ctfs—1935
♦Series B certificates
n*
11
m's
F
A
1935 F
A
♦18*
"e *
6*
*7
101* 106*
♦Des Moines Dlv 1st g 4s
♦Omaha Dlv 1st g 3 *s
♦Toledo A Chic Dlv g 4s
105* 110*
110
4
32
2
32
3
113*
1
24*
1
21
♦Silesia Elec Corp 6*s
Slleslan-Am Corp coll tr 7s
Simmons Co deb 4s_._.
20
1946 F
1941 F
1952 A
Skelly Oil deb 4s
Socony-Vacuum Oil 3 *8
105*
1950 A
South A North Ala RR gu 5s—1963 A
South Bell Tel A Tel 3 *s
Too*
1962 A
1961 IVI
Southern Calif Gas 4 *s
76
94
97*
98*
98*
98*
1951 J
20
74
10
105
105*
65
122*
122*
100*
40
100
106*
107
2
21
1st mtge A ref 4s
Southern Colo Power 6s A
1965 F
107
107
1947 J
104*
104*
11
Southern Kraft Corp 4*s
Southern Natural Gas—
1946 J
98*
44
98*
22
48
S
85*
87*
77*
77*
77*
96*
69
71
98
208
71
97*
161
94
107*
15
106
O
.74
73*
I73*
85
99*
79
O
59
58
62
111
O
79
77
79
46
1938 M S
o
80
J
"92""
S
1955 J
J
1946 F
A
Standard OH N J deb 3s
1961 J
D
8taten Island Ry 1st 4*s
1943 J
D
J
♦Studebaker Corp conv deb 68.1945 J
Swift A Co 1st M 3*8
1950 IVI N
J
Tenn Coal Iron A RR gen 5s
1951 J
Tenn Cop A Chem deb 6s B.-.1944 IVI s
Tennessee Corp deb 6s ser C...1944 IVI s
Tenn Elec Pow 1st 6s ser A
1947 J D
Term Assn of St L 1st g 4*s.-_1939 A O
1951 J
D
1943 J
J
Texas A Pac 1st gold 5s
Gen A ret 5s series B
2000 J
D
81*
18
105*
101*
35
104
104*
105*
85
106*
109*
1952 J
J
81* 100*
71*
15
95
102
103
103
86
159
102* 107*
117
106*
116*
109*
2
106
2
115
97*
6
103*
104*
120
107
107
118
118
40
37
9*
9*
82
"99*
99*
126
102* 105
"85
95
40
101* 106*
106*
116*
109*
110*
97*
102*
109*
100* 103*
102
108*
100* 100*
96* 112*
56
85*
75
105*
79
110*
101* 105*
90* 103
101* 105
81* 95*
102
109*
99
106*
"83*
97
T04~~
97* 101*
99*
81
102*
95
Tide Water Asso Oil 3 *8
42
96* 100*
102*
D
Gen A ref 5s series D
1980 I
Tex Pac Mo Pac Ter 5*s A--.1964 M S
J
129
*118
94
J
97*
"93* "no
93
O
20
97*
94
1937 J
19
104*
"§7""
94*
1960 J
Jan 1960 A
7
97*
O
g 5s
17
7
"§7"
O
♦AdJ lnc 5s
{♦Third Ave RR 1st
"37
102
1979 A
Third Ave Ry 1st ref 4s
95*
93*
51
105*
16*
104*
86
101*
80*
1977 A
Gen A ref 5s series C
_
~92~"
A
Texas Corp deb 3 *s
Tex A N O con gold 5s
_
101
A
J
79*
>_
J
♦{Spokane Internat 1st g 5s
Staley (A E) Mfg 1st M 4s
gold 58
140
103*
East Tenn
cons
106*
J
J
D
S-western Bell Tel 3*s ser B—1964 J
8*western Gas A Elec 4s ser D..1960 M N
Gen refund sfg4s._
Texarkana A Ft S gu 5*s A.-.1950 F
94
94
96*
J
St Louis Dlv 1st g 4s
1944 F
—-1953 J
73
73
107
136
96*
J
1938 M
85*
74
*100*
102* 102*
1955
1994
1956
1956
1956
1996
1951 J
1st
103* 106*
85*
So Pac RR 1st ref guar 4s
1st 4s stamped
lien g 5s
98* 100*
105
107*
101* 107*
97*
J So Pac of Cal 1st con gu g 5S..1937
reor
130
83
M N
Mobile A Ohio coll tr 4s
3
118
97*
83*
1950 A
Mem Dlv 1st g 5s
25*
82*
102*
97* 102*
100* 107*
O
10-year secured 3*8
Devel A gen 6s
Devel A gen 6*8
18*
94
D
San Fran Term 1st 4s
1955
73
96*
1968 IVI S
1969 M N
1981 M N
J
1946 J
Southern Ry 1st cons g 5s
Devel A gen 4s series A
100
50*
97*
1951 A
coll) -.1949
1st 4*s (Oregon Lines) A.-.1977
Gold 4*s.
104* 117*
95* 102
65* 89*
D
1st mtge pipe line 4 *s
So Pac coll 4s (Cent Pac
Gold 4*s
Gold 4*s
14*
14*
68
43
29
9
"83* 104"
109*
118*
105* 111*
97
108*
100
105*
6
105
1
117* 128*
93
106*
34
1
107* 110*
40*
26
11*
99
35* 73*
8*
46*
79* 101*
97* 101*
85
100*
67
6
59
94
108
95
108*
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953 J
Tol A Ohio Cent ref A Imp 3*s 1960 J
Tol St Louis A West 1st 4s
1950 A
Tol W V A Ohio 4s ser C
1942 M
D
54*
54*
D
103*
102*
96
O
1952 F
sec s f 7s
215
54*
54
101
1
96
83
108*
103
J
102* 107*
*104*
116
♦118*
106*
Tyrol Hydro-Elec Pow 7*s...l955 IVI N
Guar
96
S
Toronto Ham A Buff 1st g 4s..1946 J D
Trenton G A El 1st g 5s
1949 IVI s
Trl-Cont Corp 5s conv deb A--1953 J
60*
103*
106*
100*
97
A
119
106* 123
90
101*
106*
101
90
97
s
1945 IVI
f 7s
Union Electric (Mo) 3*8
1962
J
S
J
76
77*
103*
103*
♦11
{{♦Union Elev Ry (Chic) 5s...1945 A
Union Oil of Calif 6s series A... 1942 F
June 2008 M
June 2008 M
1st lien A ref 5s
34-year 3*8 deb
35-year 3*s debenture
107*
112*
107*
S
115
115
1970 A O
1971 M N
United Biscuit of Am deb 5s.„1950 A
94*
94*
94*
106*
84*
O
"84*
United Drug Co (Del) 5s
1953 IVI
s
U N J RR A Can gen 4s
1944 IVI
s
( {♦United Rys St L 1st g 4s
1934 J
J
'"27"
"27"
U 8 Pipe A Fdy conv deb 3*8.1946 IVI N
J
U S Rubber 1st A ref 5s ser A..1947 J
113*
113*
104*
23*
*
105*
23*
♦Un Steel Works Corp 6*8 A..1951
27
60
95*
95*
"~8
{♦Warren Bros Co deb 6s
Warren RR 1st ref gu g 3
Wash Term 1st gu 3*8
1st 40-year guar 4s
27*
114*
105*
24*
109*
111* 116*
93* 101*
92* 101*
105* 109
26
186
2
1
36*
170*
104* 107*
22
33*
24
32*
22
32*
24
24
1947
24
24
1944
92*
93*
94*
47*
133
53
41
69
45*
80
41
67*
98*
15
94* 111
Utah Power A Light 1st 5s
1944
93*
93*
{♦Utl I Power A Light 5 *s
1947
47
1959
44*
44*
44*
94*
94*
♦Debenture 5s
3
Vandalla
Cons
s
cons g
4s series A
f 48 series B
{♦Vera Cruz A P 1st
{♦July coupon off
gu
4*s
O
A
*110
1957 M N
110
1955 F
1934
J
J
J
J
2*
....
no"
2*
91
77
90
92*
99*
s
1941 ivi
s
84
53*
40
S
119*
1961
J
109*
J
"96*
53*
145
39
102*
106
110*
106*
121*
3
121
5
109*
105*
6
101
103*
28
101
108*
24*
108*
1
106
25*
9
23*
25*
100*
79*
66
s
s
J
1950
ivi N
74
74
d
78
76*
80
s
75
1951 J
1960 ivi
100*
♦Westphalia Un El Power 6s.—1953 j
West Shore 1st 4s guar
Registered
"87*
j
2361
2361 j
Wheeling A L E Ry 4s
RR 1st consol 4s
1949 M
s
Wheeling Steel 4 *s series A
1966 f
A
White Sew Mach deb 6s
1940 M n
{♦Wlckwire Spencer St't 1st 78.1935
j
♦Ctf dep Chase Nat Bank
♦Ctfs for col A ref
80*
J
93
1942
Wllmar A Sioux Falls 6s
1938
Conv deb 3*8
{♦Wis Cent 50-yr 1st
1949
gen
4s
♦Certificates of deposit.
e
C
81
7
95*
88
102*
12
24
102*
102*
100*
2
"99*
no
93
11
ivi N
1943 j
27*
47
23
47
62
9*
102* 104
99
104*
M
100*
7
106* 115
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15*
35*
15*
15*
7
15*
32*
11
11
4
11
25*
14
24
20
12
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100*
100*
113*
103*
17*
J
1961 ivi N
-
107
106
93
83
94
105
102* 105
*108*
"17*
96
80*
7
26
10*
39*
86* 100*
44*
9*
40*
63* 109*
19
25*
Hi" ""2
*10*
{♦Wor A Conn East 1st 4 *s
Youngstown Sheet A Tube—
ser
80*
23
♦Certificates of deposit...
1st mtge s f 4s
20
*15
-.
{♦Sup A Dul dlv A term 1st 4s *36
88
10
---1947
1960
6
87
93
23
D
Wilson A Co 1st M 4s series A-.1955
Winston-Salem S B 1st 4s
20
102*
102*
J
j
78
133
78*
24
23*
100* 104*
73* 111*
66* 107*
63
72
110*
7s A. 1935 MN
conv
{♦Wlikes-Barre A East gu 5s
96* 106*
108*
111*
♦111
D—1966 M s
ser
106* 111*
109*
102
58
20
123*
117
5
210
99
1938
4*s
108* 112*
104* 108*
116
127*
119*
109*
105*
96*
1946
24*
23*
100*
80
77
100
1946
A
♦5s assented
76
35*
70
100
{♦Western Pac 1st 5s
Western Union coll trust 5s
j
109*
83* 100*
44*
55*
109
121
1966
84
44
*107*
108*
*106*
A
2
87*
1943
g
40
40
o
Funding A real est
25-year gold 5s
30-year 5s
44
104
o
ser
39*
16*
19
1952
1977
1st A ref 5 *s series A
Cash sales transa
@FedFRASER