Evening star. [volume] (Washington, D.C.) 1854-1972, September 23, 1937, Image 19

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Evening star. [volume], September 23, 1937, Page A-19, Image 19
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume] (Washington, D.C.), 23 Sept. 1937. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1937-09-23/ed-1/seq-19/>

Newspaper Page Text

CORPORATE BONDS
REGISTER LOSSES
Weakness of Junior Rails
and Many Industrial
Shares Cited.
Bond Averages
go 10 to 10
Rails Indust. Oil! t an
Net change. —.1 —.1 —.1 —.1
Today noon. 83.fi 101.5 95.1 70.2
Previous day 85.7 101.6 93.2 70.3
Month ago.. 89.9103.0 97.6 71.0
Year ago... 97.1 103.4 102.7 69.7
1937 high... 99 0 104.4 102.8 74.7
1937 low ... 85.5 101.4 95.2 69.6
1936 high.. 98.2 104.4 103.1 73.0
1936 low... 88.9 101 8 99.3 67.6
1932 low... 45.8 40.0 64.6 42.2
1928 high..101.1 98.9 102.9 100.5
10 Low-Yield Bands.
Noon- 109.3 Prev. day. 109.3
Month ago 110.5 Year ago. 112.8
1937 high. 113.7 1937 low.. 108.4
1936 high. 113.5 1936 low.. 110.2
1928 high. 104.4 1932 low.. 86.8
(Complied By the Associated Press.)
By the Associated Press. v
NEW YORK, September 23.—Weak
ness in secondary rail liens and a
large contingent of industrials held
the bond market at lower levels to- |
day, despite recovery of part of the i
day's early losses by selected Issues.\
Overshadowing fractional dips in i
the majority of active issues. Western
Union bonds broke sharply, the 5s!
of 1951 and the 5s of 1960 both selling
around 5 points lower at one time.
Down among the rails were Santa
Pe 4s. St. Paul 5s, North Western 3?*s,
Erie 5s, Great Northern 4s. Pennsyl
vania 4>2s, Southern Pacific 4>2s and
Union Pacific 3'_.s. Up. however, were
Baltimore & Ohio 412s, Illinois Cen
tral 4’ts and Missouri-Kansas-Texas
5s.
Losers elsewhere included Goodyear
5s. International Hydro-Electric 6s.
International Paper 5s. International
Telephone <fc Telegraph 5s. Loew’s
S'^s, McKesson Robbins S^s,
Texas Corp. 3’_s and U. S. Rubber 5s.
Higher, however, were Alleghany 5s
of 1950, stamped, American Telephone
& Telegraph 3',s, Armour 4s, Na
tional Dairy 37iS and Shell Union
3Hs.
U. S. Governments were 8-32ds
higher to 2-32ds lower.
-.
Montgomery \\ arc!
Profit Jumps to
S9.049.644 Level
By the Associated Press.
CHICAGO, September 23.—Mont
gomery Ward and Co. reported today
net profit fqr the six months ended
July 31 was $9,049,644, compared with
$7 101,856 for the same period a year
ago.
The figure represents earnings of
( $1.60 a share on common stock now
outstanding after providing for class
A dividends. The profit for the first
half of 1936 was equal to $1.40 a
ehare.
Net sales for the first half of the
year were $195,746,000, an increase of
27.7 per cent over the volume for
the same period of 1936.
-•
BITUMINOUS OUTPUT
UP SHARPLY IN WEEK
The National Coal Association, from
Incomplete car loading reports from
the railroads, estimates bituminous
coal production in the United States,
for the week ended September 18 as
approximately 9,050.000 net tons.
Production for the corresponding
week: 1936, 8.587.000 tons; 1935, 7.804,
000 tons.
The report of the National Bitumin
ous Coal Commission show's produc
tion of 8,439.000 tons for the week
ended September 4, and 7,712,000 tons
for the week ended September 11,1937.
Production calendar year to Septem
ber 18; 1937, 309,768,000 tons (*);
1936, 285,732.000 tons.
(*) Subject to revision.
ADVERTISING IN FARM
PAPERS UP SHARPLY
By the Associated Press.
NEW YORK, September 23.—The
monthly index of farm paper advestis
ing, compiled by Printer's Ink, in
August showed a jump of 24 per cent
over July, and a 7.7 per cent gain over
August, 1936, it was announced. The
July figure showed a decline of 5 per
cent under the like 1936 month.
PARIS BANK CHANGES.
PARIS. September 23 uPi.—The Bank of
Prance statement for the week ended
September 17 (in millions of francs):
Gold reserve 55.805 +44
Sight balances abroad 14 t
Bills purchased abroad 793 —43
Discounted commercial
bills—France 8,358 +487 j
Temporary advances to
state (prior to June
18. 1930) 12.108 t ...
Temporary advances to
state (since June 18.
1936) . 13.900 t_!
Advances against secu
rities 3,943 +102 j
Circulation 88.83!) —530
Total credit to current
accounts 18.864 +1.159 j
80-day advances against
government securities 873 +54
♦ Unchanged.
Rate of discount, 3)4 per cent.
FOREIGN EXCHANGES.
NEW YORK September 23 t/P>.—For
eign exchange steady: Great Britain in
dollars, others In cents.
Great Britain, demand. 4.95; cables.
4.95: 60-day bills, 4.943s. France, de
mand. 3.42: cables. 3.42. Italy, demand.
6.26)4; cables. 5.26)1.
Demands—Belgium. 16.83)1: Germany
free 40.13: registered. 21.70: travel!
25.95. Holland. 55.23: Norway. 24.88;
Sweden. 25.64: Denmark. 22.00: Finland.
2.20: Switzerland, 22.97: Spain unquoted;
Portugal. 4.5Q3»: Greece. .9111: Poland.
18.91: Czechoslovakia. +50: Yugoslavia.
2.33; Austria. IN.Stin: Hungary. 19.76:
Rumania .76: Argentina. 33.00n; Brazil,
8.80’4n: Tokio. 28.80: Shanghai. "0.80
Hong Kong. 31.06; Mexico City. 27.85:
Montreal in New York. loo.00: Nr-.v York
In Montreal. 100.00. n—Nominal.
LONDON BANK REPORT.
LONDON. September 23 (PI.—The Bank
of England statement for the week ending
September 22 tin thousands of pounds);
Circulation _ 485.069 —2.183
Bullion _ 328.031 —Hi
Reserves 42.061 +2.100
Public deposits_ 15.603 - -3,200
Private deposits - _ 141.843 —2.006
Government securities 100,867 —2.205
Other securities 26.849 +613
Proportion of the bank's reserve to lia
bility is 26.7 per cent compared with 25.4
last, week
Rate of discount. 2 per cent.
BOSTON WOOL MARKET.
BOSTON. September 23 iJPi (U. S. Dept,
of Agriculture!.—Most wool houses showed
a waiting attitude today. Principal buyers
for the large mills were not in the market
for raw wool and because of this fact
little wool was pushed for sale. The few
buyers had low price Ideas and most houses
were not considering bids.
An occasional lot of original bag wool
was reported moved under the general
range of asking prices but volume was
beheved by the trade to be small.
J A
BONDS ON N. Y. STOCK EXCHANGE
>7 private wire direct to The Star.
Approximate Transactions Today.
U SOoVt Eonda—. 410.000
Foreign Bonds 790,000
Domestlo Bonds 4.880,000
TREASURY.
High. Low. Close.
1 %8 1949-63_98.5 R98.3 98.3 ■
!%> 1945-47_ 102.15 102.10 102.151
2 % 8 1948-51_100.16 100.16 100.16
SHs 1951-64_ 99.24 99.22 99.241
2 *i 8 1968-69_ 99.22 99.17 99.22
2%s 1955-60_ 100.20 100.17 100.20
Is 1946-48_ 104.5 104. 104.5
5s 1951-55 _ 102.24 102.19 102.24
SHs 1946-49_ 104.22 104.19 104.22
SHs 1949-62- 104.20 104.17 104.20
SHs 1941 - 106.14 106.14 106.14
SHs 1944-46 ... 106.9 106.3 106.9
3 H si 940-43 June 105.21 105.21 105.21
3%s 1943-47 _ 106.28 106.28 106.28
SH« 1946-56- 109.24 109.24 109.24
♦* 1944-64 ... 111.11 111.8 111.11
4Hs-3H s ’43-45 106.10 106.8 106.10
4%s-3%s 43-45rg 106.4 10£.4 106.4
4 H s 1 94 7 52 116.1 115.31 116.1
FEDERAL FARM MORTGAGE.
3* 1947 -'1- 103.16 103.12 103.16
SHs 1964 . 103.2 103.2 103.2
HOME OWNERS' LOAN.
2Hs 1912-44_ 100.12 100.12 100.12
2 % * 19S9-49- 100.19 100.18 100.19
3s 1352.. 102.12 102.9 102.12
FOREIGN BONDS.
HUh Low C1o«e.
Abltlhl Pa&Pw 5s-5S 80", 80% 80H
Akershusos 63 _ 100 99% 100
Antloqula 7s 45 A_ 10% 10% 10H
Antloqula 7s’45 B_ 10% 10% 10%
Antloqula 7s 45 C_ 10 10 10
Antioqula 7s 45 D_ 9% 9% 9%
Antwerp 6s 58 . 100% 100% 100H
Argentine 4s'72 Peb . 94% 93% 94%
Argentine 4s'72 Apr. 94% 94 94%
ArgenMne 4 Hs ’7 1 101% 101 101
Argentine 6s-60 May 100*:! 100*8 10011
Argentine 6s 61 May 1001? 100j? 100*5
Aliatrtlla A 12 m • Z C mil-1 in., I nn
Australians'55 _ 10R% 106% 106%
Australia 5s '67 _106\ 106% 106%
Bavaria S 6%s'45_ 20 20 20
Belgtum 6s '55 _108% 108', 108%
Belgium 7s'S5 117 117 117
Rergen City 5s'60_103% 103% 103%
Berlin 6s '58 ... 20 20 20
Berlin Elec 6%s '51.. 22 22 22
Berlin Elec 6%s'59.. 21 21 21
Brazil 6%s 26-’57_ 37% 37 37
Brazil 6%s'27-’67_ 37% 37 37
Brazil 7s'52 - 37% 36% 36%
Brazil 8s 41 _ 46 45ta 46
Brisbane 5s'58_102% 102% 102%
Brisbane 6s '50_ 102 102 102
Budapest 6s '62 _ 27 27 27
B A 4%s-4%s '77 Pv iv( 77% 77%
R A 4 %-4%’76 Ag Pv 77% 77% 77%
Bulgaria 7s'67__ 28', 28% 28%
Canada 2%s 44_ 98% 98% 98%
Canada 2%s'45___ 99% 99% 99%
Canada ,3s'67 _ 93', 931, 9314
Canada .3 %s'61_ 99% 99 99%
Canada 4s 60 - 107% 107% 107'j,
Canaria 5s'52-113% 113% 113%
Chile 6s'60 - 18'% 134,, ig^
Chile 6s '61 Jan.._ 18% 18% 18%
Chile 6s'61 Eebr_ 18% 18% 18%
Chile 6s'61 Sept- 18% 18% 18%
Chile 6s 62 - 18% 18% 18%
Chile 6s 63 — 18% 131, 131*,
Chile Mtg Bk 6s'61.. 16% 16% 16%
Chile Mtg Bk 6s 62 16% 16% 16%
Chile Mtg Bk 6%s '61 16% 16% 16%
Colombia 6s 61 Jan . 25% 26 25%
Colombia 6s ‘61 Oct.. 26% 25 25%
Copenhagen 6s'62 . 100% 100% 100%
Copenhagen T Bs '54. 102 102 102
Cordoba 7s 42 nrv_95*, 95a, 95a,
Costa Rica 7s '51 A... 31% 31% 31%
Cuba5%s 45 _ 69 5814 58%
Denmark 5%s'65_102% 102 102
Denmark 6s 42- 106', 106 106%
Fiat deb 7s 46- 93% 93V, 93%
Finland 6s'45 107 107 107
French G 7s'49 un st. 100 100 100
French Gov 7%s'41.. 104 104 104
Ger Gen Elec 6s'48_ 39% 39% 39%
Ger Gov 6%8 65 st 25% 25% 25%
Ger Prv & City Bank
con Ag 6%■ ’68 ... 30% 28% 30%
Ger Rep 7s 49 stpd_30% 30% 30%
Grt C El Jap 7s '44... 76% 76% 76%
Greek Gov 6s'68 _ 31 30% 31
Irish Free State 5s'60 114 114 114
Italy 7s'61 ... 84 83 83
Itai P U Crd 7s '62_ 71 71 71
Japan 6V4s'6o_ 67% 67 67%
Japan 6%s'64 .. 81% 80% 80%
Jugos Mtl Bk 7s’57.. 39 38% 38%
Kreug&Toll 5s'69 cfs 31% 31% 31%
Leipsig 7s’47 _ 20% 20% 20%
Lotv Aus HE6!4s ’44 98% 98% 98%
Met Wat 5%s '50_ 101% 101% 101%
Milan 6%s 62 70% 70% 70V,
Minas Gers 6%s'58.. 24'-, 24% 24%
Montevideo 7s'52_ 72 72 72
New So Wales 5s '57 102% 102% 102%
New So Wales 6s '65 . 103 103 103
Norway 4S 6S_ 100% 100% 100%
Norway 6s'44 - 106% 106% 106%
Norw Hy El 6%s '57 . 100% 100% 100%
Oriental Dev 5%s'68 60 60 60
Oriental Dev 6s'58... 65% 64% 65%
Oslo 4%s ’65 102 102 102
rinima as 63 atp as. 57% 57% 57%
Paris Orl Ry 5%s'68. 94% 94% 94%
Pernambuco 7s '47_ 21% 21% 21%
Peru 6s ’60- 15% 15% , 15V*
Peru 6s '61- 16% 15% 15%
Poland 6s'40__ 60 60 60
Poland 7s'47__74% 74% 74%
Poland 8» 50__ 63V* 53 53
Prussia 6s 62_ 20 20 20
Prussia 6%s 51- 20% 20% 20%
Queensland 6s'47_109% 109% 109%
Queensland 7s'41_ 109 108% 109
Rhine W El P 6s '52._ 25 25 25
Rhine W El P 6s ’53_22% 22% 22%
Rhine W El P 6s ’55._ 22% 22** 22%
Rio de Jan 6%s 53_ 23% 22% 23V*
Rio de Jan 8s'46_ 26% 26% 26%
Rio Gr do Sul 6s'68_ 21% 21 21
Rio Gr do Sul 7s'66._ 22% 22% 22%
Rio Gr do Sul 7s'67_21% 21% 21%
Roumanla 7s'69_ 40% 40% 40%
3ao Paulo C 6%s'67— 23 23 23
3ao Paulo St 7s 40.92% 92% 92%
8ao Paulo St 7s'56_ 26% 26% 26**
?ao Paulo St 8s '50_ 27 27 27
3erbs7s'62 .. 28% 28% 28%
siemens & H 6%s’61. 62 62 62
Silesian Bank 6s’47.. 28 28 28
Sydney 6%s'55... .. 105 104% 104%
ralwan Elec 5%s ’71. 63 63 63
rokio6%s 61 . .. 63 63 63
roklo E L Ltd 6s '53 65 64 64
ryrol Hy Klee 7s'52. 97 97 97
Uruguay 6s 60_ 64 64 64
Uruguay 6s'64_ 64 63% 64
Warsaw 7s 58 _ 53 53 53
Westnhal E P 6s'53— 20 20 20
Tokohoma 6s '61 66 65% 65%
OOMESTIC BONDS.
Adm Exp 4%s '46 std 103 103 103
Alleg Corp 5s 44 .. 79 78% 78%
AllesCorpSs 49_ 72 70 70
Alleg Corp 5s 60 stp 41 40 40
Allied Stores 4 %■ '60 98% 98% 98%
Allied Stores 4%s'51 95% 95% 95%
Am & For Pw 6s 2030 66 65 65
AmlOCh S%s ’49— 105% 105% 105%
Am TtTSHs ’ll- 99% 99% 99%
Am T & T 3 %e 66 - 99% 99% 99%
Am T & T 4%s '39- 103% 103% 103%
Am T * T 6 %s 43 ... 113% 113 113%
Am T F 2%s-5s'38-’50 110 110 110
Anaconda deb t %*-60 105% 104% 105%
Anglo-Chll Nit 7s '67 33% 33% 33%
Armour (Del list 4s'55 96% 96% 96%
Armour (Del) 4s'57. 96 95% 95%
A T&S Feadl 4s'96 — 103 103 103
A T&S Fe adj 4s '96 st 103% 103% 103%
A T&S Fe gen 4s '95 110% 109% 109%
A T&S Fe 4%s 48 107% 107% 107%
A T&S F RMt dv4s’65 105% 105% 105%
AT&SF TC St L 4s '58 112% 112’% 112%
Atl Coast L 1st 4s 52 101 100% 100%
Atl C L un 4%s'64 85 85. 85
Atl Coast Line 5s 45 101 101 101
Atlantic & D lst4s’4S 40 40 40
B & U 1st 4s 4*__ 93 97 97
B & O 4 %s 60 - 67% 56% 56%
B * O 1st 5s 48_102 101% 101%
B & O ref 6s 95 A- 68 66% 66%
B & O 5s 96 F .. 66% 66% 66%
B & O ref 5s 2000 D . 66 65% 66
B * O ref 6s 95 C 79 79 79
B&OPLE&W V4s’41 94% 94% 94%
KftOSwn 6s 60 87% 87 87
Bang & Aroos 5s’43 113% 113% 113%
Bell T of Pa 5s 48 B 117% 117% 117%
Betb Steel 3% s 66 95% 95 95
Beth Steel 4%s (0 .. 103% 103% 103%
Bos & Me 4%s‘61 J._ 62 62 62
Bos & Me 6s 87 _ 66% 65% 65%
Bos N T A Lis '55_ 16 16 16
Bot Con M 6%s 84... 16% 16% 16%
Bot Con M 6%s'34 ct 16 15 15
Bklyn Ed con 8%s 66 101 101 101
Bklyn Man T 4%s 66 65% 63% 65
Bklyn Un EH is 'SO .. 94% 94% 94%
Bklyn Un Gas 5s‘45.. 113 113 US
Buff R&Pcon 4%r67 70% 69% 69%
fl
High. Low. Cloie.
Bush T Bldg Es ’6ft 65 65 65
Caniag 7s 42 ctfs_ 164 164 164
Canada’Go 6a ’62 A_ 1164 1164 1164
Can’dian NR 4#s’61. 113 1124 1124
Can’dian NK 44s '67 1124 1124 1124
Can’dian N 68*68 July 116 116 116
Can'dian NRBs’69 Oct 1174 1174 1174
Can'dian N db 64s'46 123 123 123 1
Can'dian P db 4s psrp 934 934 93*4
Can'dian Pac 4 4s'46 104 104 104
Can’dian Pao 44s'60 1014 1014 1014
Can'dian Pac 6s’64.. 1064 1064 1064
Csro Cl & O 6s ’62 A.. 110 110 110
Cent Br U P 4s'48_ 25 25 25
Cent 111 E&G Es ’61 1024 1024 1024
Cent of N J gen 6s '87 464 464 464
Cent Pac lat rf 4s ’49. 1074 1074 1074
Cent Pac 5s *60 _ 844 844 844
Cert’d deb EHs’48... 70 684 70
Ches & O IHs '96 D._ 96 96 96
Ches A O 3 4s ’96 B_964 96 96
C A O gen 4 4s ’92.„. 1174 1174 1174
C A O con 6s '39_ 1064 1064 1064
Chi BAQ 44s’77 ... 1084 1074 1074
Chi BAQ1 dlv 4s’49.. 1094 1094 1094
Chi A E 111 5s’61 214 21 21
Chi A E 111 5s ’61 ctfa 20H 204 204
•Chi Grt West 4s ’69.. 294 284 284
Chi 1AL gen 6s’66... 104 10 104
C M A St P 4s '89 ... 384 384 384
CMAStP gn 44s’89 C 414 414 414
CMAStP 4Hs 89 E... 414 41 41
C M A St P 6s '76 174 164 164
CMAStPAPadJ6s2000 54 54 54
Chi A NW 44s 2037 174 17 17
Ch1 A NW 4 4s 2037 C 17 17 17
Chi A NW 444s 49- 11 104 104
ChlANW 4\s’87_ — .314 314 314
Chi A NW rt Es 2037 . 18 18 18
CANW Nr W 64s’36 344 344 344
Chi R IAP rf 4s 34 144 144 144
Chi R IAP rf <s’34ctf. 124 124 124
Chi R IAP gen 4S’88. 26 254 26
Chi R IAP 44s’62_ 144 1314 ^314
Chi R IAP 4 4s 60 . 7*i 74 7*
Chi Un Sta 3%s’e3 E 1074 1074 1074
Chi Un Sta 4s 65-1104 1104 1104
Cln G A E 3 4S 66 ... 1004 1004 100*.
Cln UnT3 4s Dgtd.. 104 104 104
Cln Un Term 6s’67 108 108 108
CCC&St L rf 4 4s’77B 86 854 854
Clev Un Ter 44s’77. 1014 1014 1014
Clev Un Ter 5s’73 B 1054 1054 1054
Clev Un Ter 64s’72A 1094 1094 1094
Colo A So 44s 80_ 584 584 594
Columbia G & E 5s
'5J — 984 984 984
j Columbia GAE 6s 61 964 96V 96V
cornel Credit 3%s '51 97% 971;, 971^
Com Inv Tr 3 %s '51 102% 102% 102%
Conn R Pw 3*145 61 A 10-1% 104% 104%
Cons Ed N Y 3%s 46 105% 105% 105%
Cons Ed N Y 3%s'56 104 104 104
ConsUasNY 4%s’61 106 106 106
Consol Oil S%*'61 . 100 99% 99%
Consum Pwr 3%s'70 102% 102% 102%
Crane Co 8%s'61 ... 100% 100% 100%
Crown C A S 4s '60 .. 104 104 104
Cuba Nnrthn 6%s '42 40% 40 40
Cuba RR 1st 5s'62 .. 45 45 45
Dayton P&L 3%s'60. 105% 105% 105%
Del A Hud ref «s 43 .. 81% 81% 81%
Den & R O con 4s '36. 20% 20% 20%
DA R O tV rf 6s'73.. 14% 14% 14*,
Det Edison 4s'65 F 109 109 109
Det Edison 4%s '61 D 113% 113% 113%
Det Edison 5s'62 . 107 107 107
Dow ChemicaUs '51. 101 101 101
Dul S S & At 5s'37 . 39% 39% 39%
Duquesne Lt 3%s '65 105% 105% 106%
ET V AGacn 5s'56 . 113% 113% 113%
Elec Auto Lite 4s 62. 106% 106% 106%
Erie sen 4s '96- 69% 69% 69%
Erie ref 5s 67- 64 63% 63%
j Erie ref 6s'76 63% 63% 63%
Erie A Jersey 6s'55.. 118 117% 117%
Fairhks Morse 4S 56, 102% 102 102%
Fla E C Ry 4%s'59... 64 63% 631,
Ffa E C Ry 6s '74 _ 10% 9% 9*.
Galv HAH 5%*'38_ 92% 92% 92%
Gen 1 lable 5%s '47- 105% 105%" 105%
Gen Mot Acc 3s 45 . 102% 102% 102%
Gen Mot Acc 3%s'51 101% 101% 101%
t Gen Stl Cast 6%s'49 69% 69% 69%
j Goodrich 4%s'66_100% 99% 99%
I Goodrich 6s 45 - 103% 103 103
Goodyear TAR 6s'57. 105 104% 104%
Grt Nr Ry 3*4s’67 9144 gp, 9^
Great N Ry 4s 46 0.. 118 116 116%
5 ?y 4* 48 H - 105% 105%
Grt N R rf 4%a'61 A. 113% 113% 113%
Gt N R gn 4%s'7« D 102% 401 % 101 %
Grt N R gn 4%s '77 E 101% 101% 101%
Grt NR5%s52B _. 116% 116% 116%
Green Bay 6s'62 B 9% 9% 9%
Gulf M A N 5s 60 ... 90 90 90
Gulf Sta Stl 4 %s '61. 98 98 98
Gulf States Util 4s'66 102 102 102
Hock Val 4% '99 ... 116% 116% 116%
Hoe (R) 1st mtg '44._ 89 89 89
Houston Oil 5%s'40. 102% 102 102
Hudson Coal 6s "62 .. 43 42 43
Hud A Man Inc 6s’67. 25 24% 24%
Hud A Man ref 6s '67 59% 59 59%
111 Bell Tel 3 %s’70 .. 105% 105% 105%
III Cent 1st 3%s '51.. 101% 101% 101%
111 Cent coi tr 4s '53.. 66% 66% 66%
!"Cem«%s'66 . 51% 50% 50%
ICCASt LN06s'6S . 64 64 64
111 Steel deb 4%s ’40 107% 107% 107%
Inland Stl 3%s'61 . 104% 104% 104%
Int RT !st rf 6s'66 60% 58% 58%
I R T 1st rf 5s'66 ctfa 59 58% 58%
Int R T 6s'32_ 21 20% 20%
Int R T 7s '32- 63% 63 63
Int R T 7s'32 ctfs_ 62 62 62
Interlake Iron 4a '4T_ 96% 95 95
Int Grt Nr 6s'58 B_ 28% 28% 28%
Int Grt Nr 5s’56.C_ 28s. 28% 28%
Int Grt Nr 6s'62 A... 30 29% 29%
Int Grt Nr adj 6s’E2 A 9 8% 8%
Int Hydro Else 6s '44 74% 73% 73^
Int Mer Marine 6s'41 66 65 65
Int Pap 1st 6s’47 A.. 100% 99 99
I n t Din Cm, • r C nr,. nn. „ .
m--- - — CO'4 oov*
IntT&Tcy 4%a’S9.,. 85% 85 85%
Int TAT 4 %a '52- 61% 61 61
Int TAT 5s '55- 66% 64 64
IowaClatArf 4»’61_. 4% 4% 4%
James FtCli '39_ 93 93 93
Jones&LStl414s'61A 102% 102% 102%
Kani, City So ref 6s’50 76% 76% 76%
KansC Ter 1st 4s'*0. 108% 108% 108%
KinneyfG R)7%s'36. 99% 99% 99%
Koppers Co 4s'51. . 103 103 103
Kresge Found 3%a’47 97% 97% 97%
Kresge Found 4a '45- 102% 102% 102%
Laclede Gas 5s'39_ 94 94 94
Laclede G 6%s '63 C-. 63 62% 62%
Laclede G 6 %s‘60 D. 63 62 63
Laclede Gas 6s 42 A 52% 52 52
Lake S&M So 3%s'97 101% 101% 101%
Lautaro Nit 1976a 32% 32% 32%
Leh & N E RR 4s'65. 101 101 101
Leh Val Coal 5s ‘74_ 40% 40% 40%
Leh Val Har 6a '64_ 96 96 96
Leh V P con 4a 2003 42% 42% 42%
Leh V Peon 4%a 2003 47% 47% 47%
Leh V RR con 5a 2003 51% 51% 61%
Leh Val Terra 6s '41.. 100 100 100
Ligg A Myers 5s’51.. 121 120% 120%
Loew's 3%s 46 .. 99% . 99% 99%
Long Dock 3%s '50_102% 102% 102%
Long Isl gen 4s '38 — 102 101H 102
Long Isl rf 4s’49 atp 99% 98% 99
La A Ark 5s 69 78% 78% 78%
Loulsv GAE 3 %a ’66. 102% 102% 102%
L A Nash 3% s 2008., 91 91 91
L & N 1st 4s 2003 ___ 97 97 97
LAN 414s 2003 C 103 102% 103
L A N 5s 2003 B_ 107 107 107
LANStL3s’80_ 90 90 90
McCrory Strs6s '61.. 103% 103% 103%
McKess&Rob b%s'60 103V* 103% 103%
Man S 1st 7%s'42ctfs 51 60 51
Manhat Ry 4s ’90 30% 30% 30%
Manhat Ry 4s’90 ctfs 29% 28% 28%
Manhat R 2d 4s 2013. 17 17 17
Mead Co 6s'45 ... 103% 103% 103%
Met Ed 1st rf 4%s ’68 108% 108% 108%
Mich Cent 3%s '52_107% 107% 107%
MU El RAL 5a '81 . .. 101% 101% 101%
Mil Spa A N W 4a’47. 24% 24% 24%
MStPASSM cn 4s’38 17% 17 17
MStPASSM 6s ’28 gtd 17 17 17
Mo K AT lat 4s’90_ 80% 80% 80%
Mo K AjT 4s 62 B_ 67% 67% 67%
Mo K A T 6a '62 A_ 62% 61 61%
MoPac4a’76._____ 12 11% 12
Mo Pao 6s ’77 F-31% 30% 80%
Mo Pac 5s '80 H- 31% 31% 31%
Mo Pacific 6s’ 81 I_ 31% 30% 30%
Mo Pao 6 %s 49 A_ 9% 9 9
Mob & Ohio 4%s’77 . 23 23 23
Monong Ry 1st 4s '60 106% 106% 106%
Monong Pub S 4 %a’60 106V* 106% 105%
Mont Pwr 3%s 66 .. 94 93% 93%
Mont Tram 6s 41 99% 99** 99.14
Morris A Es 3 %a 2000 82% 82 82
Naram A Sons 6s 43 103% 103% 103%
Nassau Elec 4s'51 gtd 34 33% 34
Natl Dairy 8%s'61ww 102 101% 101%
Natl Dia PC 4%» 45 104% 104% 104%
Nat Ry Mex 4s '77
April coupon on_ 2% 2% 2%
Natl Steel 4s 66 106% 105% 106
New Jer P&L 4%s'60 107 107 107
New Orl P S 6a '52 A 94 94 94
New Orl P 8 5s 66 B 94 94 94
•New Or Ter lat 4a '63 87% 87% 87%
New Orl TAM 5%s'54 45% *5% 46%
N Y Central 8%a 53 102 101 101
NY Central 8%s ’97.. 95% 96% 95%
NY Central 8%s '48.. 1001*100 100
NY Cent con 4s 98 .. 93% 93 93
NY Cent rf 4%s 2018. 81% 81% 81%*
NY C rf 414s 2018 n.. 82% 81% 81%
NY Cent rf 6a 2018 .. 92 91% 91%
NYCASt L lat 4s ’8T_. 101H 100 100
NY Chi A St L 4a «#.. 101% 101% 101%
____ High. Low. ClOM.
NYC*St L 4%s '78 — 78% 77% 77%
NYC&St L.E%s'74 A. 87% 87% 87%
NY Chi & St L 6»'IS.. 91% 91% 91%
NY Dock Bs'*8- 47% 47% 47%
NY Edison 8% s'86 D 101% 101% 101%
NY O El HAP 4s *49.. 113% 113% 118%
NY NH & H 3 %s '47.. 27% 27% 27%
NY NH & H 4s '67_ 16% 16% 16%
NY NHA H ct 6s '48. 33 33 33
NY NH & H Cons Rys
4s'64. 26 26 26
NY O&W gen 4s'86._ 11 10% 10%
NY O&W ref 4s 98 16 15% 15%
NYQueens con3%s’65 106% 105% 105%
NY Steam 5s'66- 104% 104 104%
N Y Tel 344* '67- 102 102 102
NY Tel gen 4%s '89._ 107 106% 107
NY W&B 4%s 46 . 9% 8% 8%
Nlag Falls P 3%s '66. 104% 104 104%
Nlag Sh 6%s '60 _. 96% 96% 96%
North Am Co 6s’61 __ 104% 104% 104%
North Am Ed Es '67 A 103% 103 103%
North Am Ed 6s'69 C 101% 101 101%
Nor'n Pac gen 3s 2047 70% 70% 70%
Nor'n.Pao 4s '97 ... 102% 102% 102%
Nor'n Pao 4%s 2047 ._ 86 86 86
Nort'n Pac. 6s 2047 C- 94 94 94
Nor'n Pac 6s 2047 D.. 92 92 92
Nor'n Pao £s 2047 104% 103 103
Ohio Edison 3 <54s'72. 98% 98% 98%
Ohio Edison 4s 65 __ 103 102% 102%
Ohio Pu,b Sve 7s’47__ 111% 111% 111%
OklaG&E 344**66 .. 100 100 100
Okla Gas & Bl 4* '46.. 102% 102% 102%
OregSh Line Es'46_117% 117% 117%
Oreg W RR 4s 61_105% 105% 105%
Otis Steel 4 %s '62- 89% 89% 89%
Pac Gas ft El 3 %s’66 99% 99% 99%
Pao G & E 344s '61_ 103 102% 103
Pao G & E 4s '64>-106% 106 106%
Paramount Pic 6s '65. 100% 100 100%
Parmelee 6s'44_ 50 49% 60
Penn Co 4s '63 - 100% 100% 100%
Penn Dixie C 6s'41_97% 97% 97%
Penn O & D 4%s'77._ 106% 106% 106%
Penn P& L 4%*'81._ 100% 100% 100%
Penn RR 3%s w 1_100% 99% 100
Penn RR 3 44s'70 C_ 98% 98% 98%
Penn RR 4%s'81 D__ 105% 105% 105%
Penn RR 4%s 84 __ 105% 105% 105%
Penn RR con 4%g '60. 120% 120% 120%
Penn RRgn4%s 65. 109% 109% 109%
Penn RR deb 4%s'70 99% 99% 99%
Penn RR gen 6s '68.. 116% 116 116
Pere Marq 4'%s'80 .. 88% 88% 88%
Pere Marq 1st Ea'66 97% 97 97
Phelps Dodge 3 %s '62 110% 108% 108%
Phila Co 5s'67 _ 96 95% 95%
Phila Elec 3%s'6T ... 104V4 104% 104%
Phila & R C&l 5s'73.. 23 22% 22%
. .niai« uvai m (V* H1,
Philippine Ry 4s 37.. 16% 16% 16%
PCC&St L 414s '63 I.. 117 117 117
PCC&St L 4%s '77 C. 106% 106V* 106%
Pitts C* I 4%s'52 A 96 96 96
Pitts* W Va 4%s’59 B 75 75 75
Pltts&W Va 4%s'6U C 77% 77% 77%
Port Gen El 4%s'60 57 56% 56%
Porto Rico A T 6s'41. 62% 62% 62%
Postal Tel * C Es'El . 15% 15% 16%
Purity Baking Bs'41. 95% 95% 96%
R-K-O 6s '41. .. _ 95 95 95
Reading Jer C 4s'51_. 93% 93% 93%
Reading K 4%s 97 A 105% 105 105
Rem-Rand 4%s'66ww 103% 103% 103%
Republic Stl 4%s '50. 135% 136% 135%
Republic Stl 4tys 'E6_ 94% 94 94
Republic Stl 4%s '61. 93% 92% 92%
Republic Stl 6%s'64. 113% 113% 113%
Revere Cop 4%s '58 102% 102% 102%
R G W 1st ex in 4s'39 60% 60% 60%
R 1 A&L 1st 4%s'34 11% 11% n%
Safeway Stores 4s"47 103% 103% 103%
Saguenay Pw 4 %s 66 101% 101% 101%
St LI.M&S R&G 4S'33 70 70. 70
St L-S Fran 4s 60 A 16% 16% 16%
St L-S F 4s '60 A ctfs 15% 15% 15%
St L-S Fran 4 %s '78 16 15% 15%
St L-S F 4%s’78 cf st 14% 14% 14% i
St L-S Fran 6s'60 B .. 16% 16% 16%
St L S W gn rf 5s'90. 25% 25% 25% !
St P K C S L 4%s'41 12% 12 12% -
San A & A Pass 4S 43 97 96% 96%
Schulco 6%s'46 B stp 32 32 32
Seabd A L 4s '50 stp__ 20% 20% 20%
Seabd A L ref 4s '69.. 10% 10 10
Seabd A LadJ 5s’49*_ 6% 6% 6%
Seand A L 6s'46 A __ 14% 13% 13%
Seabd A L 6s 45 ctfs. 13% 13% 13%
Seabd A-Fl 6s'35 A ct 7% 7% 7%
Shell Un deb 3%s '51. 99% 99% 99%
Simmons Co 4s '62__ 96% 96% 96%
Skelly Oil 4s '61_ 99 98% 98%
Socony Vac 3%s'E0.. 105% 105 105%
South Bell T&T 6s'41 99% 99% 99%
Southn Cal Gas 4s '66 106% 106% 106%
Southn Cal G 4%s '61 106% 106% 106%
Sbuthn Kraft 4%s'46. 99% 99% 99%
South Nat G 4%s "61. 100% 100 100
So Pac 3 %s 46_ 97 96% 96%
So Pac col «B ’4»-84% 84% 84%
So Pac ref 48'65_ 104 103% 103%
So Pac 4 %s '68_ 77 77 77
So Pac 4 %s 69- 76% 76% 76%
So Pac 4%s 81- 76% 75% 76%
So Pac Oreg 4%s ‘77_ 85% 85 85
So Ry gen 4s'66 A... 63 62 62
So Ry &s '94 - 100% 100% 100%
So Ry gen 6s 66_ 81% 80 80
So Ry 6 %s '66 _ 84 84 84
S W Bell Tel 3>4S '64 106% 105% 106%
w u uau 78 OU . 1V/U7* 1UU 4 1UUV*
Staley A B 4s 46_ 105 105 105
Stand Oil N J 3a'61._ 97b 97b 97b
Studebaker cv 6s '46.. 94b 92 92
Swift* Co 3b*'50_105b 105*4 105b
Tenn El Pw 6s 47 A,. 88b 88b 88b
Term As St L, 4s '63.. 109b 109b 109S
Texarkana 6b*'60 98 98 98
Texas Corp 3 bs '61.. 103b 103b 103V,
Texas & Pao 5s'77 B. 99 98b 98b
Texas &Psc 6s'79 C 99b 98b 99b
Tex & Pac 1st 6s 2000 117b 117b 117b
Third At ref 4s'60... 38b 38 38
Third A ad In ex 6s'6S 9b 9b 9b
Tide Wat Oil Sbs’SS. 100 100 100
Tol & Ohio C 3 bs '60. 103b 103b 103b
Un Elec(Mo)3bs’62. 105 104b 105
Un Oil of Cal 3 b*’62. 107 107 107
Union Pao 3 b»'70_ 94b 94b 94b
Union Pac 3b*'71_94b 94b 94b
United Drug 6s’53„_ 89 88 89
U S Rubber 5s '47- 106b 106b 106b
Utah L.&T 6* 44 A_93b 93 93
Utah P & L. 6s’44_ 95b 95 96b
Util P & L 6s'59 ww_ 47b 47 47
Util P& L,6b*’47_ 48b 47b 47b
Vanadium cv 6s'41__ 97 97 97
Va E & P 1st rf 4s ’55. 108b 108 108
Va Ry 1st 3bs 66 A_. 106 104b 105
Wabash 4b*'78__ 21b 21 21
Wabash 2d 5s '39_56b 55b 65b
Wabash 6b» 76__ 22 22 22
Walworth 4s ’65_ 82 82 82
Warner-Quln 6s'39.. 62 52 68
West Penn P3b*’66 105b 105b 105b
West Pa Pw 4s ’61 H. 110b 110b 110b
W Sh 1st 4s 2061 gtd. 87 87 87
W Sh 1st 4s 2061 reg. 81 81 81
West'n Md 1st 4s '62. 99 98 98
Westn Md 6b*'77.__ 104b 103b 103b
Westn Pao 5s '46 A... 25b 24b 24b
West'n Un 4b*'60 .. 75 73b 73b
Westn Un cl tr 6* '33. 100H 100b 100b
Westn Un 6s'61__ 75b 70 70
West'n Un 6s'60 ... 73b 68 69
Wheel Steel 4b»'66 - 97b 97b 97b
W Sp Stl con 7s 36 et 29b 29b 29b
Wilkes B&E 1st 6s 42 10b 10b 10b
Wilson* Co 4s 66 100b 100b 100b
Wis C*nt 1st gn 4s '49 18b 18V* 18b
Wis C 1st gn 4s'49 ct. 17 17 17
Wi» C S & D T 4* '36.. 14 14 14
Z”ngstn S*T 4s '81_102 101b 101b
DIVIDENDS ANNOUNCED
NEW YORK. September 23.—Dividends
declared (prepared by the Standard Sta
tistics Corp.):
ftiud.
Pe- Stk. of Pay
. . . _ Rate. riod. record, able.
St. Joseph Stock Yds_ _ _
Extra.
Buffalo Insur_*1 9-23 9-30
Quarterly Income Shrs.tl_10-1 10-15
Iaterim.
McClellan Stores_20c_10-11 11-1
Initial.
Reliance Steel_ 20c 10-4 10-15
Do cv pf-37 be Q_ 9-1
Increased.
Kellogg Stchbd & Sup 40c . 10-11 10-31
Mass Investors’ Tr 20c Q 9-30 10-20
Accumulations.
Cleve Cliffs Iron of SI .25_9-20 10-5
Easy Wash Ma Ltd pf 35c ... 9-22 10-1
Regular.
Buffalo Insur *3 Q 9-23 9-30
Doehler Die Casting fide . 10-9 10-25
Dow Chem Co_ 7 5c 11-1 11-15
Do pf ... *1.25 Q 11-1 11-15
General Mills -75c Q 10-9 11-1
Hawaiian Sugar 00c _ 10-5 10-15
Kellogg Switchboard A
Supply cv pf ...si.25 Q 10-11 10-31
Kresge Dept Strs
4% cv pf_*1 Q 9-30 10-9
Laclede Stl 25c 9-21 9-30
Quarterly Income Sh. 30c Q 10-15 11-1
Amer Home Prod _2(lc M 10-14 11-1
Cons Royalty Oil 5c Q 10-15 10-25
Hibbard SDen & Bart 20c M 10-19 10-29
Hibbard Soen A Bart 20c M 11-10 11-20
Hibbard Spen A Bart 20c M 12-21 12-31
Lawyers’ Trust 60c Q 9-24 10-1
Magor Car Corp pf SI 75 Q 9-23 9-30
Capita] City Prod _15c 10-4 in-8
General Reinsurance BOc Q 9-24 9-29
Natl Distill Prod 50c Q 10-15 11-1
Panhandle East Pipalins
topr::::::;:liio 2 MS 18:}
»
UPTURN IN STER
BOOKINGS STOW
Backlogs Reduced Sharply
and Ingot Rate Sags
to 75 Per Cent.
By the Associated Press.
CLEVELAND, September 23.—Daily
Metal Trade today says:
“Although the expected Fall upturn
in steel buying is getting under way,
the pick-up is so slow shipments on
old orders continue to cut sharply into
backlogs, and as a result steelmaking
operations are declining.
“At midweek the national ingot rate
is estimated at 75 per cent against
80 per cent a week ago. This is the
lowest rate reported for the industry
since early in the Summer, when
strikes at important plants forced a
sharp curtailment.
“A further decline in operations is
expected unless business improves
more rapidly than recently. Demand
is picking up in various directions and
producers are confident tonnage busi
ness will come out in the not distant
future.
“Indications now are actively in the
industry over the remainder of- the
year will be supported largely by the
lighter products, since prospects for
business in the fields taking the
heavier items in less promising.”
CHICAGO GRAIN
By the Associated Press.
CHICAGO. September 23.—A re
duction of 1,386,000 bushels in un
completed September contracts was
announced today, and although prices
during most of the day averaged mod
erately higher, the close for September
was V4-% cent a bushel net lower.
The total open interest in Septem
ber corn was 8.839.000 bushels, and
there remained three trading days yet
to even up September corn accounts
without physical deliveries. No notices
were given today that any tenders of
such deliveries on September contracts
would be made tomorrow. '
At the close the corn market as a
whole was % cent lower to 5„ higher
compared with yesterday’s finish, Sep
tember. 1.12-%; December, 65%;
wheat, 1 to 2', cents up. September.
107*,; December. 1.07';-%; May.
1.08%-%, and oats, 3a off to % up.
WHEAT— Open. High Low Close.
September 1 (>6% 1.07% 1 (»>'. 1 or’,
December 1.06% 107% 1.00% 107%-%
May 1.08 1 08% 1.07% 1.08%-%
CORN—
September 11.1 114% 1.11 % 1 12-1'’%
October - .7.1 7.1% 72% 7"%
December .65% 66% >i5% 85%
Mav .65% .66% .65% 65%-%
OATS—
September. ..12% .12% 31% 31 %
December ..lit, .71% .30% .31-31%
Mav .32 .32% .31% 32%
SOY BEANS -
October .9 6 .08 .05', 05%
December . .94% .94% o.i’, n.i’I
Mav .96% .98% .95% i95%
BYE—
September. .8.7 .83% .82% 8.7%
December _ .78% .80% .79’, 80%
May .80 .80% .79% ;80%
LARD—
Sept. -. 11.32 11.32 11.25 11 25
October 11.12 11.12 11.10 11.10
December 10.70 10.72 10.70 10 70
January 10.62 10.87 10.60 10 65
BELLIEB—
Sept — - - - 16.37
October _ _ _ 16.62
Chicago Cash Market.
Wheat, No. 3, red. 1.10-1.1054: No.
2, hard, 1.13. Corn, No. 1 mixed,
1.1254: No. 1, yellow, 1.15-1.15%; No.
1, white. 1.1554-1.1554. Oats, No. 1,
mixed, 33-33%; No. 1, white, 34-36.
Rye. No. 1, 89; No. 2. 85*; sample
grade, 75. No buckwheat, no soy
beans. Barley, feed. 48-57, nom.;
malting, 54-93. Timothy seed, 2.25-75.
Winnipeg Prices.
WINNIPEG. September 23 UP,.—Drain
range today:
WHEAT-— Prev.
High, Low. Close. close
October 1.30% 1.28% 1.29% 1 27-27%
December. 1.25% 1.24% 1.24% 12.3
May 1.26V. 1.24% 1.25% 1.23%
OATS—
October... .55% .54% .55% .54%-%
Baltimore Quotations.
BALTIMORE, September 2.3 '/P .—Wheat
No 2 red Winter, garlicky, spot domestic.
1.08%: September. 1.08%.
CANADIAN NEWS PRINT
EXPORTS SHOW GAIN
By the Associated Press.
OTTAWA, September 23—News
print export statistics for August dis
closed that the United States pur
chased $8,781,000 worth of a total of
$10,662,000.
The Dominion Bureau of Statistics
said newsprint exports, although fall
ing off from July, were 17 per cent
greater than in August, 1936. The
total for the first five months of 1937,
$53,249,000, It said, is 20 per cent
greater than during the same period
last year.
Washington Exchange
SALES AFTER CALL.
Washington Gas 5s 1960—*500 at
1144.
Bid and Asked Prices.
BONDS.
PUBLIC UTILITY.
. ' Bid. Asked.
Amer. Tel. & Tel. 4Vis_ 103Vi
Anacostta & Pot 5s_ 64 71
Ana. A* Pot. Guar 5s_107 111
C. & P. Tel. of Va. 5s _105
Capital Traction R. R. 5s _ 7!) 86
City A Suburban 5s__ 68 79
Georgetown Gas 1st 6s_113
Pot. Elec. Pow. 31 .s_102 104
Wash Gas 5s 1958 105% 106%
Washington Gas 5s 1960 114
Wash. Rwy. & Elec. 4s_108 _ZZZ
MISCELLANEOUS.
Chevy Chase Club 1st 4Vis. 104 104%
Col. Country Club 1st 4%s. 103
W. M. Cold Storage 5s_100 __:
* STOCKS.
PUBLIC UTILITY.
Amer. Tel. * Tel. <9)_*160%
Capital Transit Co_ 10 11%
N. A W. Steamboat (6). 95 110
Pot. Elec. Pow. 6% pfd. (6) 113 _
Po. El. Pr. S%% pf. (5.50). 111%
Wash. Gas Lt. new (1.20)_ 25 28
Wash. Gas pfd. (4.50) 98 99%
Wash. Ry. A El. com. (36) 690
Wash. Ry. A El. Pfd. (5).. 110% I_II
BANK AND TRUST COMPANY.
Capital (4) - 140 160_
Liberty (6) - 150 167
Lincoln (16.25)_200
P.iggs (e8) 285 330 *
Riggs pfd (5) _100
Washington (6) 130
Amer. Sec. A Tr. Co. (e8)_ 270 295"
Nat). Sav. A Tr_ _ 200 260
Pr. Georges Bk. A Tr. (.50) *18 22
Wash. Loan & Tr. <e8> _ 250 295
Bank of Bethesda (h 75) 34
Com. A Savings (elO)_*210 ZZZZ
FIRE INSURANCE.
American (0)_105
Corcoran (5) 130
Firemen's (1.20) 26
Nation^ Union (.60)_ 1* "
TITLE INSURANCE.
Columbia (.30)_'_ 14 16
Real Estate (6).,._ 170 210
MISCELLANEOUS.
Carpel Corp. (2.00) _*20
Lanston Monotype (t4) _ 80 90
Lincoln Serv. com. (tl.OO). *21 23
Lincoln Serv. pfd. (3.6o>_. *44 46%
Mergenthaler Lino. (2.00) 34 39
Peonies Dr. St. com. (tl.OO) *38 44
Peoples Dr. St. pfd (6.50) 110%
Rel Est. M.AG. pfd. (**.30) 4% 5%
Security Storage (5). 110 125
Ter. Ref. A Wh. Corn. (3) 60 75
Wdwd. A Loth. com. (tl.50) *60 68
Wdwd. A Loth, pfd (7)..*120
. *Ex dividend.
tra^K^ra* 9* iff W IV
4
Slight Decrease
In Nickel Plate
Net Is Revealed
By the Associated Press.
CLEVELAND, September 23.—The
Nickel Plate Road announced its
August net Income, after all charges,
vras $340,271, a decrease of $598 com
pared with the corresponding month
last year. For the eight months of
1937 the road's net income was $1,
851,208, an increase of $184,848 over
the comparable period of 1938.
The Pere Marquette Railway Co.
announced August net Income, after
all fixed charges, of $39,709, com
pared with $7,2%3 for August, 1936.
The carrier’s net income for the 1937
eight-month period was $1,321,721, a
gain of $60,118 over the corresponding
period last year, when net income was
$1,281,603.
_
Maximum Deferred Term
Is Reduced From 36 to
24 Months.
Special Dispatch to The Star.
NEW YORK, September 23—A
warning against unsound and loose
credit policies was voiced today by
Lewis H. Brown, president of the
Johns-Manville Corp., in announcing
that the maximum term allowable
under the J.-M. Credit Corp.’s deferred
payment plan for building materials
had been reduced from 36 months to
24 months, effective immediately.
The 24-month term is a restoration
of the maximum allowed under the
original J.-M. deferred payment plan,
instituted six years ago, Mr. Brown
said. This was changed in ^933 to
conform to the more liberal modern
ization credit provisions of the na
tional housing act, which now are no
longer in operation.
Although he warned against un
sound credit policies. Mr. Brown em
phasized that he believes the financing
of installment sales of durable goods
to be ’’not only economically sound,
but one of the most constructive tools
that business can employ.”
"The dangers of deferred payment
selling do not lie in the system itself.
It is the excesses and abuses of the
system which have been harmful
Even in the crash of 1929 when in
stallment sales for the year had
reached a total of approximately
$6,000,000,000. consumers were able to
pay off their time payment obligations
which, for the most part, has been
incurred on a sound basis.
"Within the past few years, how
ever, deferred payment terms gener
ally have been lengthened, credit
standards lowered, down payments in
many cases eliminated and installment
selling extended to so-called "soft"
merchandise and even to such intang
ibles as personal services.
‘‘Time payment sales for 1936 have
been estimated anywhere from $4,500,
000,000 if retail sales only are consid
ered, to twice that amount' if whole
sale sales are included: but this total
is not the important thing. The sig
nificant thing to be considered is the
quality of the credit being extended.”
INVESTING COMPANIES
NEW YORK September 23 iAY—New
York Security Dealers Association
_. , Bid. Asked.
Admin Fd 2d Inc_15.60 16.60
Am Business Shrs_ .97 1.07
Am Oen Eo Inc_ .87 97
Am Ins Stocks_ 5.00 5.50
Bancamer Blair __ _ 7.75 8.75
Bankers’ Nat Inv Corp . 3.25 3.875
Basse Industry _ 4.33
Boston Fund Inc_ 19.98 21.37
Broad St Inv_29.11 31.13
Bullock Fund_17.50 19.25
Corporate Trust _ 2.85 _
Corporate Trust A A_ 2.52 _
Corp Tr A A mod_ 3.17 _
Corp Tr Accum Ser_ 2.52 _
Corp Tr Acc Mod_ 3.17 _
Cumulative Tr Sh _ 5.63 _
Depos Bk Sh N Y ”A”_ 199 _
Depos Ins Shrs ’A _ 3.04 _
Depos Ins Shrs “B"_ 2.82 _
Diversified Tr O_ 4 30
Dividend Shrs _ _ 1.81 1.76
Equity Corp $3 pf_32.5o 35 50
Fidelity Fund Inc_ 23.28 25.07
First Boston Corp_ 19.125 20.625
Fiscal Fund Bk Sh_ 3.01 3 37
Fiscal Fund Ins_ 3.40 3.83
Fixed Trust 8h A_11.16 _
Fixed Trust Sh B_ 9.21
Found Tr Sh A _ 4.35 4 65
Fund Investors Inc_ 19.83 21.04
Fund Tr Shrs A_ 5.63 6.13
Fund Tr Shrs B _ 5.05
Gen Capital Corp_ 37.03 39.82
Gen Investors Tr __ 5.85 6.37
Group Sec Agriculture_ 1.63 1.75
Group Bec Automobile_ 1.19 1.30
Group Sec Building_ 1.62 1.76
Group Sec Chemical_ 1.38 1 50
Group Sec Food _ .87 .96
Group Sec Invest Shrs __ 1.14 1.24
Group Sec Merchandise _ 1.16 1.27
Group Sec Mining __ 1.44 1.57
Group Sec Petroleum_ 1.27 1.38
Group Sec R R Equip_ 99 1.08
Group Sec Steel 1_ 1 65 1.79
Oroup See Tobacco_ .99 1.08
Huron Holding _ .38 .78
Incorp Investors __ 21.03 22.61
Instl Sec; Bank Group 1.47 1.59
Instl Sec; Insurance _ 1.46 J.57
Investors Fd ”C" Inc _ 12.86 13.65
Keystone Custodn B 2_27 14 29.6.3
Keystone Custodn B 3_17.78 19.49
Keystone Custodn K 1_ 20.16 22.00
Keystone Custodn K 2_15.18 lfi.oi
Keystone Custodn S 2_ 21.46 23.48
Keystone Custodn S 4_ 8 88 9.85
Major Shrs Corp_ 2.75
Maryland Fund _„ 7.89 8.65
Mass Invest -Tr_ 24.26 25.74
Mutual Invest _13.79 15.07
Nation Wide Sec _ 4.18 4.28
Nation Wide Voting_ 1.66 1.82
Natl Investors _ 6.43 6.68
New England Fund _ 15.85 17.04
N Y Bk Tr Shrs __ _ 3.375
N Y Stock. Bk Stocks __ 9.86 10.66
N Y Stocks. Bldg Supply 9.09 9 83
N Y Stocks. Elec Equip_ 9,91 10.71
N Y Stocks, Insurance_ 9.63 10.41
N Y Stocks. Machinery . 10.62 11.47
N Y Stocks. R R Equip 9.67 10.45
N Y Stocks. Steel 11.95 12.90
North Am Bond Tr ctfs. 50.375 __
Nor Am Tr Shares_ 2.47 __
Nor Am Tr Sh 1955_ 3.08 __
Nor Am Tr Sh 1956_ 3.02 _ __
Nor Am Tr Sh 1958 _ 2.82
Plymouth Fund Inc._ .63 .74
Quarterly Income Sh 15.07 16 51
Schoellkdpf-Hutton A Pom 2.25 3 25
Selected Am Sh Inc . 11.92 12.99
Selected Income Sh_ 4.82
Sovereign Invest _ .89 .99
Spencer Trask Fund_1?.89 18.83
Stand Am Tr Shrs_ 3.75 3.95
Stand Util Inc _ .66 .71
Super of Am Tr A_ 3.66 _
Super of Am Tr AA_ 2.42
Super of Ar Tr B_ 3.78
Super of Am Tr BB_ 2.42
Super of Am Tr C_ 6.87
Super of Am Tr D_ 6.87 _
Supervised Shrs _ 11.92 12 96'
Trustee Stand Inv C_ 2.73
Trustee Stand Inv D_ 2.68
Trusteed Am Bk ”B"_ .78 86'
Trusteed Industry Shrs_ 1.25 1 37
Wellington Fund _15.98 17.65
NEW YORK BANK STOCKS
NEW YORK September 23 (45.—New
York Security Dealers' Association:
, (Quotations as of 2 o’clock.)
, Bid. Asked.
Bank of Manhattan (1V4) 20 >1 28
Bankers Trust (2) _ _ 56Vi 58>i
Brooklyn Trust ‘(4) 106 111
Central Han Bk A- Tr (4) 108 in
Chase National (1.40) 39 41
Chemical Bk Ar Tr (1.80) 50 52
Commercial i8l 170 176
Cont Bk & Tr (.80)_ 14*2 10
Corn Ex Bk A Tr (3)_ 66>V 57‘/a
Empire Tr Cl) xd _ 27 28
First Natl Boston > (2)_ 44'i 46Vi
First National (100)_201 u 2050
Guaranty Trust (12) _ 283 288
Irving Trust (.60) 13 Vi 14Vi
Manufacturer Tr (21 __ 4.3 45
Manufacturers Tr pf 2) 48 60
National City (1) 34 30 ,
New York Trust 6) _ 121 124
Public l'aa) _>___ 36 • 37
Title Guar. & Trust_ 9 Vi lO'/a
MONEY MARKETS.
NEW YORK. September 23 OP).—Call
money steady; 1 per cent all day; prime
commercial paper. I per cent: time loans
steady: 80 to 90 days. lVi; 4 to 6 months.
lVi per cent; bankers' acceptance! un
changed; rediscount rat*. New York re
serve bask. 1 par cast.
i
c_
Producers Fear Light Cars
Would Hurt Sales of
Standard Lines.
By the Associated Press.
DETROIT, September 23 —As the
motor car Industry gets well Into the
presentation of Its 1938 models there
is a growing conviction In trade circles
that the much-rumored smaller and
cheaper competitive models will not
be brought out in the near future.
At some time or other during the
last five years plans to Introduce a
smaller and cheaper car than ever
before had been seen on the American
market have been attributed to just
about every volume producer in the
industry. There is no question that
most manufacturers have experimented
with lighter, smaller and cheaper
units; some of them even got to the
point where working models were as
sembled.
In each instance, however, the
manufacturers apparently agreed that
whatever demand might be found for
these cars would be at the expense of
standard models in their present lines.
It was made clear in every discussion
of these lighter units that the models
under consideration were not of the
"midget" type, though they were to
be smaller in wheelbase and horse
power than the smallest of the present
standard lines of the volume manu
facturers.
Facilities Lacking.
One thing that has bothered the
producers aside from the fact that
demand for present models would have
to be sacrificed if a cheaper type were
to be marketed, was the lack of pro
duction facilities. To be at all prof
itable production of a smaller and
cheaper model would have to be on a
large volume scale and that would in
volve the setting up of additional
manufacturing space and equipment
at no small outlay by each manufac
turer concerned.
The purchase by several car mak
ers recently of additional land and
buildings has led in almost each in
stance to reiteration of the gossip in
trade circles that a "sensational new
and lower priced car” was about to be
announced. The gossip was given im
petus by the recent price increases
and the virtual certainty that further
advances are to be made.
Held to Experimental Basis.
At the moment, however, it appears
the work on smaller and cheaper cars
by the heavy volume manufacturers
will continue on an "experimental
basis” for some time to come. At the
same time, if one manufacturer should
suddenly decide to bring out that
model of car he will not long have the
field to himself, for all the experimen
tation that has been done on the
lighter and cheaper type of vehicle
has been based almost wholly upon
competitive potentialities.
0
HaauuAHUN BALKS
ABITIBI BOND PLAN
Special Dispatch to The Star.
TORONTO, September 23—The
Dominion Mortgage and Investment;
Association, whose member companie;
hold in excess of $8,000,000 of Abitib
Power & Paper Co.. Ltd., first mortgagf
bonds, has sent letters to bondholder;
urging them to support the reorganiza
tion plan sponsored by the Bond
holders’ Representative Committee.
The life insurance, loan and trusl
companies, which are members of thf
association, are unanimously support
ing the plan, according to the letters
and those which are not having theii
officers attend the bondholders’ meet
ing on October 15 are giving theii
support by executing proxies in favoi
of Joseph P. Ripley, chairman, or othei
members of the Bondholders' Repre
sentative Committee.
---:
$1 EXTRA IS ORDERED
BY QUARTERLY INCOME
Special Dispatch to The Star
JERSEY CITY. N. J„ September 23
—Directors of Quarterly Income
Shares, Inc., declared an extra dis
tribution of $1 per share passable or
October 15 to stock holders of record
October 1.
This distribution will be payable in
five-year 6 per cent^ debentures with
cash adjustments for odd denomina
tions.
Following this interim’distribution
of net realized profits, there will be
the regular quarterly distribution pay
able November 1 to stockholders ol
record October 15.
- ■ •
NEW YORK BAR SILVER.
NEW YORK, September 23 <4>).—
Bar sliver steady and unchanged at
44-V4.
MATERIALS BRING
7 BILUONYEARLY
Chemical Process Industries
Spend Enormous Amount
for Supplies.
Special Dispatch to The 8tar.
NETW YORK, September 23.—The
chemical process Industries spend every
year $7,000,000,000 for materials, fuel
and power, transportation, equipment,
according to an analysis made by
Chemical and Metallurgical Engineer
ing in “Facts and Figures of the
American Chemical Industry” Just
published This expenditure doe* not
include the $1,500,000,000 paid in sal
aries and wages annually, nor the
$1,500,000,000 paid to the Government
each year In taxes.
This huge industry buys raw mate
rials from mine, farm and forest
amounting to over $4,000,000,000.
Its bill for transportation of this raw
material and of the finished products
Is $1,000,000,000 annually. It is also
a large buyer of containers—drums,
bags, barrels—of tank-cars, tankers,
and spends $500,000,000 a year for
such equipment. Other equipment
and supplies amount to $250,000,000
additional.
For fuel and power the process In* «
dustries spend $850,000,000—almost
half of the Nation's annual $2,000,000
000 coal bill, because they require so
much heat and mechanical power.
They use more bituminous coal, natural
gas and fuel oils than all other indus
tries put together, and almost as much
anthracite coal and electric energy;
for new manufacturing facilities they ;
spend $150,000,QPO; another $50,000,
000 for new warehouses and storage
facilities. -•
The raw materials contributed to
the process industries by the mines are
' many; Arsenic for insecticides; as
phalts for paints and lacquers; clay for
glass, ceramics, etc.; coal for coke,
gas. cement; fullers earth for bleach
ing, filtering; iodine for chemicals,
pharmaceuticals; potash for fertil
izers; salt for leather, soap, food,
textiles', sand for glass: stone for
cement, lime, glass; sulphur for explo
sives dyes, rubber, etc.
Raw materials of non-mineral
origin, such as corn and other grain
from the farmer, include turpentine
for solvent, varnish, etc.; rye. malt,
molasses for alcohol; cottonseed, pea
nuts, olives, coconuts, castor beans,
soy beans for oil: sumac, logwood, etc.,
for tanning and dyeing; tallow and
grease for soap; bones, fish scrap, etc.,
for fertilizers.
Then the forest yields its cellulose
from spruce and hemlock for paper
pulp, rayon and film, its hardwood
for methanol, charcoal and acetic acid,
its walnut and chestnut for tanning
I extracts and its pine stumps for tur
pentine and rosin.
U. S. TREASURY POSITION.
By the Associated Press.
The position of the Treasury September
21: Receipts $.'18.364 496 48. expendi
tures *13.401.393.87: balance. *2 867,
493.882.60: customs receipts for the month, •
124.584 856.64.
. Receipts for the fiscal year fslnce July
11. *1.638.759.244 31: expenditures Sl.
781.125 143.14. including *481.955.073.03
of emergency expenditures: excess of ex
penditures. $242,365,898.83; gross debt.
*36.865.116.678.39 an Increase of *14« -
841.13 over the previous day: gold assets.
$12 680 116.801.05. including *1,14$.
b45.840.69 of Inactive gold.
- - » ’ •»
MONTREAL SILVER.
MONTREAL September 23 UP).—Silver
futures opened steady, unchanged to 10
h<*her . September. 44.45b: December.
44.J0b; March. 43.00b. b—Bid.
REFINANCE YOUR
APARTMENT HOUSE
On a convenient, sound
loan plan at a reoson
i able interest rate.
-
Mortgage Loan Correspondents
Investors Syndicate
1505 H St. N.W. Nall. 2345
SAFETY I
INVESTMENTS
Tlare your savings with thi« Insti
tution where thev are secured by
first trust notes on District of Co»
lumbia and nearby Maryland ana
Virginia real estate. Last dividend
rate.
HOME LOAN SAVINGS
Association
1520 K St. N.W. NA. 7800
PROPERTY MANAGEMENT
AN INVESTMENT FOR INCOME
is an investment in our
FIRST MORTGAGES
that carry a liberal and fixed
return, with principal secured
by improved real estate.
Well-worth considering for
Forty Years your surplus funds.
B. F. SAUL CO.
First Mortgage real estate
Investments National 2100 925 15th St. N.W.
MORTGAGE LOANS
First Mortgage Loans
District of Columbia, Nearby Maryland and Virginia
Homes W Business
Apartments * J /(/ Properties
Terms from 3 to 15 years i
Also t
Monthly Payment Loans
Raxdall h. Hagxer & Company
! INC0»»0»*T«0 • -
Nortoaob Loan Corrhpondint
jf'nud-ranc* C oniony
1321 Connecticut Ave. N.W. Telephone: DEcatur 3600
A *

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About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], September 23, 1937, Page A-19, Image 19
About Evening star. [volume] (Washington, D.C.) 1854-1972