The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
NOV 2 8 1938
»v
The.
nmmtma
COPYRIGHTED IN 1938 «Y WILLIAM B.
DANA COMPANY, NEW
YORK.
ENTERED A8 SECOND-CLASS MATTER
JUNE 23, 187®, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3,
NEW YORK, NOVEMBER 26,1938
VOL. 147.
William cor. 8pruw
NO. 3831.
Sts" N/VXity
THE CHASE
BROOKLYN TRUST
BANK
COMPANY
NATIONAL BANK
OP
Chartered 1866
CITY OF
THE
NEW YORK
OF
XHE
George V. McLaughlin
President
BROOKLYN
NEW YORK
187®.
Member Federal Deposit Insurance
N E W
tra¬
ditionally a bankers' bank
For
it has
years
many
served
YORK
Corporation
CHASE is
large number
a
of banks and bankers
as
New York
correspondent
and
depository.
reserve
'
Member Federal Deposit
i'
Insurance
Corporation
FUXDAMEXTAL
Canadian
INVESTORS
Securities
INC.
DIRECT PRIVATE WIRE
United States
TO
TORONTO
Government
Prospectus available from
Securities
local dealers
The
Brown Harriman & Co.
FIRST BOSTON
CORPORATION
Hallgarten & Co
San Francisco
SAN FRANCISCO
PHILADELPHIA
Chicago
Philadelphia
Boston
CHICAGO
AND OTHER
Established 1850
Wall Street, New York
Telephone: BOwling Green 9-5000
BOSTON
NEW YORK
Incorporated
63
Washington
Representatives in other leading Cities
PRINCIPAL CITIES
NEW YORK
London
Chicago
City of
The
Philadelphia
NewTorkTrust
BEAR, 3TEARNS &
ONE WALL
CO.
STREET
Commonwealth of
Pennsylvania
Company
Bonds
NEW YORK
Capital Funds
.
.
$37,500,000
Moncure Biddle & Co.
-
IOO
40TH
ST. & MADISON AVE.
AVE. & 57TH
FIFTH
HOMER & CO., INC.
40
Exchange Place, New
ST.
NEW YORK
European
Representative's Office:
KING WILLIAM
Service
to
Banks and
Dealers since
York
8
PHILADELPHIA
BROADWAY
STREET
r
1888
HORNBLOWER
&
WEEKS
Established 1888
LONDON, E. C. 4
40 Wall Street
NEW YORK
CarlM.Loeb,Rhoades&Co.
the New
NEW YORK
London
Paris
Amsterdam
Federal Reserve System,
York Clearing House Association
Member of the
BROADWAY
61
Members New
and of the Federal Deposit Insurance
Berlin
Corporation
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
II
Financial
Chronicle
Nor.
26,
1938
Leading Out-of-Town
Dividends
Investment Bankers & Brokers
L I.
IMPERIAL BANK
Ending October 31st, 1938
January 10, 1939; also
Profit and Loss Account
a share on the
outstanding
Common Stock, payable December
14, 1938, to
stockholders of record at the close of business
on
November 29, 1938.
pro¬
Provincial
Taxes
$
Funds
THE
tingent accounts, out of which accounts
full provision for bad and doubtful debts
has been made
$
at the rate of
INVESTMENT HOLDINGS
ANALYZED.
Charles A. Parcells &, Co.
Members of Detroit Stock
PENOBSCOT
Exchange
BUILDING, DETROIT, MICH.
BIRMINGHAM
90,535.65
-
and after making
appropriations to con¬
Dividends
DETROIT
W. F. RASKOB, Secretary
316,155.98
Staff Pension and Guaran¬
tee
Nemours
"year-end" dividend for
a
the year 1938 of
$1.50
Profits for the year ended 31«t
viding for
Dominion and
de
Wilmington, Delaware: November 21,1938
The Board of Directors
has declared this day a
dividend of $1.50 a share on the
outstanding
Debenture Stock and a dividend of
$1.12H a
share on the
outstanding Preferred Stock-$4.50
Cumulative, both payable January 25, 1939, to
stockholders of record at the close of business on
64th ANNUAL STATEMENT
October, 1938, alter
Pont
& Company
OF CANADA
Year
du
10%
ELECTRIC STORAGE BATTERY CO.
The
961,342.79
per annum..
Directors
from
700,000.00
the
plus of
$
Written off Bank Premises
$
Reserved for contingencies....
have
the
Company
Sur¬
final
a
Fifty Cents ($.50)
on
150,000.00
the
Common
Stock
and
per
the
share
Preferred
250,000.00
Stock, payable December 21, 1938, to stock¬
11,342.79
Balance of Profits carried forward
holders of record of both of these classes of
stock at the close of business on
December
638,032.72
Profit and Loss Balance 31st
October, 1938-$
BIRMINGHAM, ALABAMA
dividend for the year 1938 of
261,342.79
loo.ooo.oo
Profit and Loss Balance 30th October 19317.
MARX & CO.
declared
Accumulated
649,375.51
1,
1938.
Checks will
SOUTHERN
MUNICIPAL
AND
CORPORATION BONDS
be mailed.
H. C. Allan,
Secretary.
Philadelphia, November 18,1938.
ST. LOUIS
BALANCE SHEET
PHILADELPHIA COMPANY
Liabilities
Notes in Circulation
$
Deposits by and balances due to
Dominion Government..
$ 1,835,563.01 j
Deposits by and balances due to
Provlclnal Governments
8,439,504.99
Deposits by the public not bear*■
ing interest
36,084,302.09^
Deposits by the public bearing
interest, including interest
Dividend No. 34
5,573,813.00
Pittsburgh, Pa., November 21, 1938
A quarterly dividend amounting to
One Dollar and Fifty. Cents per share
.
of
all
balances
and
payable January 3, 1939, to
of
said
$6 Cumulative
at the close of busi¬
December 2, 1938.
holders
ness,
due
Canada
balances
and
so^ouvc st
C. J. BRAUN, Jr.
..$ 1,392,296.53
by
Treasurer
due
Members 8t. Louis Stock
to Banks and Banking Corre¬
spondents In the United King¬
dom and
Foreign Countries.
Co.
Checks will be mailed.
to other Chartered Banks in
Deposits
&
BA/NT LOUIS
Preference Stock,
141,563,276.78
by
.5r;x
declared,
ac¬
crued to date of Statement-- 95,203,906.69
Deposits
the $6 Cumulative Preference Stock
this Company has this day been
on
:
_
Exchange
1,984,676.60
-
PHILADELPHIACOMPANY
3,376,973.13
Dividend No. 32
$150,514,062.91
Acceptances and
Letters
of
Credit
Pittsburgh, Pa., November 21, 1938
Out¬
standing
A
967,468.18
Capital Paid Up
7,000,000.00
Reserve Fund-
8,000,000.00
Dividends declared and unpaid
Balance of Profits as per Profit
share
on
Stock
176,611.61
and Loss Account
quarterly
dividend
amounting
MILWAUKEE
to
One Dollar and Twenty-five Cents per
the $5
of
Cumulative Preference
Company has this day
this
been declared, payable January 3,
1939,
to
all holders of said $5 Cumulative
649,375.51
Preference
15,825,987.12
Stock
the
at
close
of
WISCONSIN
CORPORATION SECURITIES
busi¬
December 2, 1938.
Checks will be mailed.
ness,
$167,307,518.21
C. J.
A>«etg
Gold held In Canada
Treasurer
___$
Bank
OFFICE
5,160,278.00
...
other than
750 North Water Street
353,205.24
Notes of Bank of Canada
Deposits with Bank of Canada.
Notes of other Chartered Banks
and
*
431,195.00
OHIOAGO
71,007.78
289,516.10
Cheques on other Banks
Deposits with and balances due by other
Chartered Banks In Canada
Due by Banks and Banking
Correspondents
elsewhere than in Canada..
two
years,
value
market
.
7,765,289.59
622,687.61
2,809,896.19
Two Rector
Stocks, not exceeding
Govern¬
not
otherwise
included,
In
Canada,
estimated
loss
Loans,
58,274,754.89
estimated
loss
vided for
pro¬
265,543.55
Real Estate other than Bank Premises
Mortgages
on
amounts, if any, written off
Liabilities of Customers under
Acceptances
H,
F.
5,946,044.33
Other Assets not Included under the
fore¬
going heads..
E, PHIPPS,
President.
H.
T.
Secretary
J.
KNOBLOCH,
Treasurer.
ANACONDA COPPER MINING CO.
25
Broadway
New York, N. Y., November 23, 1938.
967,468.18
DIVIDEND NO. 122.
93,691.51
$167,307,518.21
A.
WHITE,
1938.
Premises, at not
and Letters of Credit as
per contra
B.
The Board of Directors has declared a dividend
of 50 cents per share on the
Company's capital
stock, payable December 15,1938, to stockholders
of record at the close of business
December 2,
344,337.06
on
THIS MAN CAN
JAFFRAY,
General Manager.
RENDER VALUABLE
SERVICE TO:
at the
TEXAS GULF SULPHUR COMPANY
220,639.07
Real Estate sold by the Bank
more than
cost, less
Bank
Teletype^Hartford.564
JACK, Treasurer.
December 20, 1938.
SANFORD
19,666,078.04
provided for..
Non-current
close of business
7,857,618.62
.
and Discounts
W.
January 16, 1939 to all holders of record
6,354,077.60
♦
HARTFORD
the $5 Preferred Stock.
The Directors of International Harvester Com¬
pany declared a quarterly dividend of forty cents
(40c.) per share on the common stock payable
$ 5,454,381.82
Loans
6 CENTRAL ROW
Tel. 5-0151. A, T. T.
INTERNATIONAL HARVESTER COMPANY
sufficient marketable value to
Current
Members New York Stock
Exchange
STOCK DIVIDENDS
D.
Stocks, Debentures, Bonds
and
other
Securities, of a
on
Loans to Cities, Towns, Munici¬
palities and School Districts.
PUTNAM & CO.
Street, New York, N. Y.
on
54,627,101.13
and Short (not
exceeding
thirty days) Loans In Canada
...
Securities
McKENNA, Treasurer.
December 9, 1938.
These amounts are one-half
of the quarterly dividend rates of $1.50
per share
the Preferred Stock ($6) and $1.25 per share on
market
Call
Provincial
Specialists in Connecticut
to stockholders of record at the close of business
5,071,147.84
49,648.67
to
the
k dividend of .75 cents per share on the Pre¬
ferred Stock ($6) and a dividend of 62 H cents per
share on the $5 Preferred Stock of American
Power
&
Light
Company were declared on
November 22, 1938 for payment January 2, 1939,
33,458,273.53
Value
cover
J.
PREFERRED
Securities, not exceed¬
ments
ger share on the Class A Common Stock
J.
HARTFORD
(37He.)
or
lompany, for the quarter ending November 30,
1938, payable by check December 24, 1938, to
stockholders of record as of the close of business
November 30, 1938.
$16,048,031.09
ing market value
Loans
dend of thirty-seven and one-half cents
not exceeding
Canadian Municipal
Securities,
not exceeding market value..
Other Bonds, Debentures and
WU.
ILLINOIS
AMERICAN POWER & LIGHT CO.
Other Dominion and Provincial
Government direct and guar¬
anteed
'
The Board of Directors of Louisville Gas and
Electric Company (Delaware), at a meeting held
on November 18, 1638, declared a
quarterly divi¬
$ 26,901,860.45
Dominion and Provincial Gov¬
ernment direct and guaran¬
teed Securities maturing with¬
Milwaukee
COMPANY
Notes
Canadian...
OF
LOUISVILLE GAS AND ELECTRIC
9,398,018.81
$ 15,414,470.96
Deposit with the Minister of Finance for the
security of note circulation
in
EDGAR, RICKER& CO.
766.13
Subsidiary Coin held In Canada
Government
Teletype—Milwaukee 92
BRAUN, JR.
The Board of Directors of the Anaconda
Copper
An active
owned
He is
on
December 6, 1938.
D.
B.
HENNESSY, Secretary.
a
institution,
a
corporation,
or
a
publication, &c.
thoroughly experienced
a large
publicly
leading
financial
advertising executive and public relations
couhsel with wide contacts
among security
houses and newspaper men in New
York
and other cities.
A fluent writer,
fatigable worker,
personality that
an
idea man,
an
inde¬
good salesman with a
wins confidence- this
advertiser can function
successfully with
almost an; organization that is sound
and set up for progress.
Mining Company has declared
Twenty-five Cents (25c) per share
a
dividend of
upon its Capital
Stock of the par value of $50.
per share, payable
December 22, 1938, to holders of such shares of
record at the close of business at 3 o'clock
P. M.,
underwriting firm,
financial
a
Address Box No. JET-5
THE FINANCIAL CHRONICLE
25
Spruce St., New York. N. Y.
V
ommerctft
NOVEMBER 26, 1938
Vol. 147
No. 3831.
CONTENTS
Editorials
;
The Financial Situation
Good for Twenty or Thirty
More Light
Wanted
page
_3204
-----
on
Years---------
3216
American Foreign Policy.-A--3218
Comment and Review
The Business Man's Book Shelf.
3220
the European
3208
Week
on
Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
.
—
.—3213 & 3254
Course of the Bond Market-.
3219
Indications of Business Activity.-Week
on
the New York Stock
Week
on
the New York Curb
J;-
3221
--—3206
Exchange.-----
3253
Exchange.
News
'//■;>■-y,.
3234
Current Events and Discussions
Bank and Trust
3252
Company Items
—3300
General Corporation and Investment News-.-
Dry Goods Trade..
State and
9
-3209
.3337
3338
—
— .
Municipal Department
Stocks and Bonds
.3254 & 3267
3259
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund Notices
3260
Dividends Declared
Auction Sales
New York Stock
New York Stock
3259
------
Exchange—Stock Quotations-
—
-—3268
Exchange—Bond Quotations..3268 & 3278
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
—3284
—
..3288
and Bond Quotations.
3290
Canadian Markets—Stock and Bond Quotations—.—3294
Other Exchanges—Stock
Over-the-Counter Securities—Stock & Bond Quotations .3297
Reports
Foreign Bank Statements-
—
.--3212
^9^4
Course of Bank Clearings
3234 & 3265
Federal Reserve Bank Statements.._i
General Corporation and Investment
News.
—
—
,3300
Commodities
The Commercial Markets and the Crops—.
Breadstuff s
Published
-
3327
-,..—3330
Cotton..
-
-
-
-—3335
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.
Business
Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 2081 South La.Salle Street (Telephone
8tate 0613).
London—Edwards & Smith, 1 Drapers'Gardens, London, E. O.
Copyright 1938 by William B. DanaCompany.
Entered as second-class matter June 23. 1879, at the
post office at New York, N. Y., under the Act of March 3, 1§79.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months.
South and Central America, Spain, Mexico and Cuba, $18.50
per year, $10.75 for 6 months; Great Britain,
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, -15 cents
per agate line.
Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
Continental Europe
'
,
t
The Financial Situation
NO defensecan longer seriouslypart, perhapsnational things in Washington moment. for the trend of
ONE will play a large doubt that
quate at the present
to call Yet clear warning
a con-
seems
trolling part, in the program of the Administration
A
this winter.
this
good deal
will doubtless still be heard
of
the
monopoly,
as
"Economic
our
been, in large
problem,
agricultural
cial security,
labor,
so¬
the rights of
reform,
recovery,
and the other catchwords
one
after the other,
or
which,
otherwise, have
singly
the
been
the
rallying cries of
politicians
years,
recent
in
but clearly the sub¬
ject of national defense has
thrust
been
now
partly by the
ternational
partly by
in
ers,
that promises
role
he
this
for
topic. The President
that
and
political lead¬
our
a way
weeks ago
of in¬
course
events,
dominant
a
forward,
some
let it be known
withholding
was
definite plans for
the bud¬
get pending conclusions as
the needs of
to
defense
a
in
the
minds
the
well
now
executives
publicized
-
with utility
conversations
concerning the
construction of certain fa¬
cilities
thought by the Ad¬
ministration to be essential
sense
has
with
adequate national de¬
fense,
and
the
resulting
agreements, have been made
known to the
general pub¬
life
on
com¬
have
we
as
known
has
it
look forward to
unconscious thing
mind or no group of
that
no
the
seen
good
whole
clearness
the
movements
direction
national
whether
prices
a
to
for
facing of
which
controversies
most
threaten
peace
touch us, for the most part,
lightly
very
or
The up-and-down
that
,
or
not at all,
between
and
us
Europe and East Asia lie
and wages determine
a given
thing shall be
wide
The
oceans.
ment
arma¬
requirements of the
British
and
Empire
of
France, for example,
plainly
are
different from
very
would
It
ours.
be
un¬
more
fortunate indeed if in the
are
.
success
frank and full
seriously
of those goods the
falling.
Over-supply of
any given commodity, accompanied by falling
prices, thus tends to correct itself, since pro¬
duction declines and consumption increases,
whereas the shortage of supply of another
commodity, accompanied by rising prices,
likewise tends to correct itself through an in¬
crease
of production and a curtailment of
consumption.
.
consume
The
come
is not to be forgotten that the
produced.
If prices are rising in a given in¬
dustry and falling in another, the tendency
is for labor and capital to flow from the indus¬
try where prices are falling to the industry
where prices are rising.
The tendency is,
moreover, for consumers to consume less of
those goods the prices of which are rising,
prices of which
hardly
thefactsisnecessary. Yetit
less of
more or
be
can
abandonment of hope, but
of
ducers make their decisions with reference to
of
throughout
dealings.
has
time
of
the state of the markets.
feeling
reasonableness
industry, the decision
whether more wheat shall be planted and less
corn, or more shoes shall be produced and less
hats, is
ade by the State or by collective
society, but is left to the choice of indepen¬
dent
producers.
These
independent pro¬
movements
of
counted upon to rule inter¬
The
to perform economic services.
or
actual
era
the world, in which sweet
the system as a whole.
"In general, it is not the function of gov¬
ernment under the
present system to produce
goods
an
measure, an
great
any
"The
to
Candor
is difficult at this time to
picture, and cer¬
tainly no one mind or group of minds has
directed
the
whole
picture.
Intelligence
runs
through it, but it is the intelligence of
individuals
or
organizations seeking their
own
particular wages or their own particular
profits, seeing their own sources of supply,
seeing their own markets, but not seeing
and
Since that time
program.
subject.
pels the admission that it
Precisely!
farmer
and what is known
a
of the danger of both official and popular hysteria
heat
depends
controversy
of the
some
ing
the
things
earth
if the
flexibility and the quickness with which
readjustments can be made, and this, in
turn, depends largely upon the extent to
these
absurd
Secretary of the Treasury
system
undertakes to regulate the
business of a country as a whole and to guide
and control production, there is
required a
said that it is
half-accept
notion
or
the
that
would
recovery
lective
simple
popular mind should
presently
which it is competitive and free from unified
conscious control.
If a government of a col¬
now go¬
overlooked,
were
upon
its
or
over
in various parts of
on
truths
.
of this system
of
of natural resentment
real
be
pro¬
central brain of such vast power that no hu¬
lic.
Only the other day the
"fairly obvi¬
ous" that the whole
of taxation
subject
being
was
re-
studied in the light of de¬
fense
The
requirements.
full program
envisaged by
the
that
powers
now
be,
under preparation
them, doubtless will
to
light
month
there
within
six
or
can
the
or
by
come
next
weeks, and
be little question
that It will form
a
sort of
hub within which the poli¬
cies
and the
programs
of
the Administration will be
The state of affairs being
what it is the world
over,
no
sensible
argue
tion
man
is
.
The Nature of Real
.
Security
and the disturbed state of the world since the
war,
has suppressed
and
has
revived
This
individual liberties
many
atavistic
economic
policies
atmosphere of
"The
on
tensified
present
which
nomic
great
depression.
Instead
of
policies—foreign
and
appraisal of
adequate to
our
restrictions,
debasement were
and
other
as
so
are
be able to
obvious.
of the
tional
that the economist of the Chase National
Bank, in calling attention to these quondam
commonplaces even to a Johns Hopkins Uni¬
versity audience, was carrying coals to New¬
our¬
utmost
but
care,
phases of
equally
important, although not
tion
governmental policies."
How comforting it would be to
guard
this whole matter
stock-in-trade of mediaeval and early modern
government—we have sought to escape from
the depression by an intensification of these
The
concep¬
nature
of
security which
na¬
pre¬
vails in official circles ap¬
pears to
that
castle!
needs,
or
be much too nearly
of
militarist.
the
professional
Even the
larg¬
est and best naval and air
being certain that
our
fleets, and the largest, best-equipped and best-trainea
any reasonable or realistic
armies fall short of
to
tional
begrudge the
making them so—assuming that they
the
at
against
the
alertness
trade
currency
must
with
there
likely to
about the necessity of
are
threat
moment
we
selves
finding our remedy in a relaxing of the stran¬
gling effect of atavistic governmental eco¬
price-fixing
de¬
presents a
peace.
of these atavistic policies
the great depression and has in¬
the
real
very
growth
brought
of the
aspect
fense situation
tolerable only in a state of war, and
applied
them to a great world economic life which
had grown up under economic freedom in an
with the Administra¬
defenses
a vast program
of armament.
man
being who has yet lived, or can be ex¬
pected to live, can supply it.
"Government, greatly strengthened by war
.
by
say
made, to revolve.
^
moted
expense
are
of
not ade-
of
security
waging
providing the maximum of
even
successful
na¬
from the technical viewpoint
war,
since
success
depends
Volume
also
Financial
147
much upon a
as
sound financial and economic
Chronicle
gone a
system and upon the willingness of the rank
arms
to
uation,
and file
subject themselves to self-discipline and to under-
take
arduous
the
make
to
the
tively; and
and
continuing effort necessary
productive mechanism operate effec-
no
nation is
ever
fully
secure
which
wages
well, therefore, while the subject of national
defense
and
national
fore, to reexamine
ministration
in this
security is
which
bearing
much to the
so
of the policies of the Ad-
some
ordinarily
connection, and to
important
not thought of
are
if they do not have an
see
national
upon
Administration doing all that lies
safeguard
versies
and
affairs?
possible
This is
no
conflicts
left
we
words
implicit,
or
in
or
previously spoken
position
a
so
result of
acts previously done,
or
such that it will be difficult to remain aloof.
Situations
this
of
capital
in
equipment
in
and
the
supply of technically trained labor, all of which
likewise has
most direct and vital bearing upon
a
national defense.
Whatever additions to or
im-
provements of our combat equipment and our forti-
fications
really indicated, our own special cir-,
are
armor as
If it is
as a
industrious and self-controlled'
an
Prolongation of the depression thus
caused has also resulted in relative deterioration and
long
these other conditions are permit-
as
to give national security
ted to continue.
If
first place in
attention this winter, let us do so
our
we are
with intelligence and understanding, and not merely
stage an orgy of armament construction,
On June 30, 1916, the national debt was less than
then find ourselves with commitments,
may
explicit
agriculture, and
labor force.
be provided, but there will always be a fault in our
other people's
war.
strong fiscal sit-
power
matter to be left for considera-
tion until the actual outbreak of
a
vigorous and self-dependent industry and
a
Is the
within its
over
toward crippling some of the vital *
cumstances being given full weight, must of course
against being drawn into contro-
us
way
The
security.
.*■_ question that comes first to mind is this:
to
long
of national defense, namely,
diminution
unnecessary wars.
It is
3205
When the" smoke of battle had
$1,250,000,0(M).
cleared away it stood at more than $25,000,000,000.
Were we obliged to enter a major war tomorrow, we
many
and it is the duty of forward look-
$38,500,000,000, exclusive of several billions of con¬
ing statesmen
so
<
should have to start with a public debt of more than
different ways,
:
sort
in
develop
may
to conduct the affairs of their
The present schedule of ex-
tingent obligations.
country that they will not presently find themselves
penditures will carry it substantially higher by the
in "awkward"
end of the current fiscal year.
from
definite
in
officials
impressions, and other like
from
as
by
positive commitments; and
causes as
changes are made in this course very promptly, it:
of
will be several billions higher still by June 30, 1940.
well
ever-present
an
hazard in circumstances such as those
is
places
now
existing
impulsive, not to say hysterical, popular feeling
*
emotion.
or
It is for this reason that the more or less formal
of the President
utterances
casion
on
more
than
one
oc-
during the past few years have caused a
The same has been true upon
feeling of uneasiness.
occasion with statements of the
Doubtless
a
Secretary of State,
good deal that has been said by some of
the dictators
of
Europe and by representatives of
democracy has been said largely for "home con-
our
to suppose that participation in a major
world war would be less expensive than was the
case
in 1917-18.
What would the Treasury do if it
called upon to raise some twenty-odd additional billions during the next eighteen months?
wrere
argued that war expenditures would in all
probability make unnecessary some of the outlays
now
being made
or
planned, and that therefore the
load would not be so great as is here
disbursements showed no corresponding
1936
or
successfully on any basis other
of all business and all
citizens must begin in a sound fiscal
of
barism
without
as
it
was
the
Germany, particularly in recent weeks,
to every
subject
echo of what
it may
he
is the
course.
in
one's
man
and
women
was
in the
was
equally without doubt only an
in almost every man's mind.
Yet
Executive head of the nation, he should
anything to say on the subject.
would, in our view,
Discreet
have been the wiser
The first and most fundamental principle
of national
ists
decent
security in
knitting.
a
situation such
as now ex-
so soon
forgotten.
Preparedness
national defense, more specifically
directly speaking.
Policies of recovery through
squandering, reform through shackling, and pacification through subsidy and coddling have already
with the government undertaking to
business is foredoomed to
failure and defeat.
Unfortunately,
»0f the situation
is
*
accurate
no
as
statistical measure
equipment
to effective capital
available, but it is a fact of common
knowledge
have now elapsed since the
of replacements, enlargements, and im-
that nearly ten years
normal rate
provements in plant has been in
effect, so far as
industry at large is concerned.
It would appear
less certain that capital
equipment has not
m0re or
0f ]ate years
kept pace with growth in population,
effectively into operation in case
should be
Turn next to
war
It would be tragedy indeed if
Real
and
major
take over and manage all
Precisely in what degree old plants
this, the most vital of all the lessons taught by the
World War,
condition, and
government which undertakes to prosecute a
that of attending strictly to
the world is
own
any
What the President has had to say
be seriously questioned whether, as long as
have had
silence
anti-Semitic bar-
question was abhorrent to the President
United States.
on
The
Treasury
decline in
Any government which hopes to pros-
1937.
ecute a major war
citing public feeling, possibly much of it could on
be forgiven.
said of any
substantial recovery in peace times and yet
than complete conscription
ground
indicated, let
it be recalled that precisely" that was
sumption," and were it not for the danger of inthat
There is
All this is on the basis of continued peace.
no reason
If it be
Silence Is Sometimes Golden
,
Unless some radical
of
"conversations" which leave
from
responsibility,
ready expressions
from too
viewpoints"
"personal
Such positions may arise
positions.
"protests",
WOuld be difficult to say.
could be brought
of emergency it
Certain it is that the
with which to take full addiscoveries and inventions of science
during the past ten years even as they apply to peace
time needs. It would not be surprising if the capi
tal equipment of the nation is now smaller rather
than larger than it was ten years ago. Here is
p]ant fioes not exist
vantage of the
3206
Financial Chronicle
situation
not
the
fear
particularly comforting if
one must
necessity of facing a real international
is it
emergency, nor
tion of certain
one
to be cured by the construc¬
deposits of the member banks
"strategic" steam generating electric
establishes
The Human Equation
whole
question of the produc¬
tivity and the manageabili ty of labor, to
of obvious
shortages of trained
dustries.
in
men
Despite the fact that
wage earners was
of
say
nothing
the
being supported with public funds,
before
the
of
end
1936,
and
"bottle-necks"
which
in
exceedingly embarrassing.
prove
politicians for their
have
for
now
other ways
in far
logical stimulation of
of the
date, it would seem that excess reserves easily may
takes
basis.
war
The
been
do
wish
not
to
And
,
the
banks.
this time
loans
loaded with
0
now
to
heavily
issue
of further vast
The outbreak of
tions could
amounts
hardly fail to
of
of
banks in
a
cause so
state
a
sharp
a
as to
major
,
decline in
place large
of at least technical
market for such amounts of its
a
If the banks
tions
in
obligations?
actually absorbed government obliga¬
such
amounts, how could they meet the
normal loan demands certain to be made
upon
in time
of
dence in
without total
war
disregard of all
capital-deposit relationships?
them
modern
war on
ally impossible.
a
to
record
*
gold stocks in the week
$78,000,000, raising the
at
$14,240,000,000.
Without
the
regional institutions,
gold
serve
autumn
modestly, and total
notes
in
actual
circulation
Total deposits with
170,000, with the account variation consisting of
balances
reserve
general
$8,818,335,000;
account
316,000;
an
by $69,260,000
the
by increasing the size of the
the army, or
A
which
those
things which have for
neglected
no
is
or
relief is
circles.
years
to
make
$10,000 to $14,335,000.
bankers'
bills
holdings
of United
were
Discounts by
$56,000 to $6,603,000.
up
dropped $218,000 to $15,199,000,
commitments
were
such
advances
fell
Open market holdings of
motionless
States
at
$545,000,
Government
and
securities
similarly stable at $2,564,015,000.
worst abused, and from this situation
The first task of the
a
Industrial advances
were
The reserve
The New York Stock Market
apparently being considered in official
Administration, if it
wishes to promote real national
business
past been most
83.5% from 83.3%.
regional banks
or
involved, and the things
intimately involved are precisely
more
most
are
the air forces
by equipping these branches adequately.
deal
great
navy,
$474,-
increase of other
an
of
ratio increased to
while
to
increase of foreign bank deposits by
$9,233,000 to $212,081,000, and
to be found simply
an
by $91,-
decline of the Treasury
a
balance
deposits by $27,841,000 to $350,438,000.
are
Fed¬
increased
regional banks increased $59,526,000 to $9,855,-
712,000 to
supposing that adequate national defense and de¬
usual
of the 12 banks
Many other illustrations might easily be cited,
but enough has been said to demonstrate the
fallacy
pendable national security
its
$li,865,396,000.
$16,649,000 to $4,362,465,000.
the
$11,492,201,000.
showing
reserves
only $82,686,000 to
up
Reserve
eral
circulation
in
increase, other cash of the regional banks
receded
were
raising the Federal Re¬
certificate holdings to
With* currency
a
>
The
Treasury deposited $88,500,000 gold certificates with
pru¬
capitalistic basis would be virtu¬
•
amounted
another
increase of member bank
smoothly functioning credit system the conduct of
a
23
to
loans,
Brokers'
down for the weekly
are
ex¬
insolvency, yet where else could the Treasury look
for
security collateral
Nov.
stocks
Treasury obliga¬
price of government obligations
numbers
on
by $12,000,000 to $1,408,000,000.
over¬
involving this country and foreshadowing the
war
City reporting member bank condition
Additions to the monetary
government obligations acquired at
ceedingly high prices.
the
are
The fact is
expansion is occurring, for the
period by $8,000,000 to $568,000,000.
country.
They
the other hand, that
statement reflects another decline in business
work, seriously threatens the
economic welfare of the
such
no
York
New
degree in which the doctrine that the
necessity of arduous toil from those who by inclina¬
tion
on
year,
from circulation
credit expansion.
for
pressure
that
a
deeply inculcated in many minds, and the
so
It is unlikely,
place.
more
still
to plenty lies along the route of less effort has
way
$4,000,000,000 level early next
higher figures than now prevail will exert much
to impel men back to
on
the
over
when the return flow of currency
if the business system
country were called upon to function
excess reserves
change in policy occurs at an early
some
mount
a war
higher.
greater amounts than even now are recorded.
Unless
have
necessary
would be
as
now are
general fund of the Treasury with the Re¬
so
require considerable optimism to expect the psycho¬
work,
requirements
reserve
banks, offer the potentiality of
serve
coddled the average wage earner that it would
so
1935, for
would
long a time been preaching the doctrine of shorter
and shorter hours of work and in
light of the fact that conditions have changed
swollen
What is more, the
own purposes
now
instructive in
more
itself, and such holdings, together with the still-
others
time
war
The advance is the
plies of gold for which it has not yet reimbursed
threatened, with the consequent development of in¬
dustrial
previous record
Moreover, the Treasury currently holds large sup¬
shortages of labor developed in strategic points
industry
The latter figure
$3,304,000,000, established in December, 1935,
since
large army of
a
reserve
legal require¬
by $90,000,000 to
or
all-time record, as the
an
is exceeded.
in various in¬
comparably,
Excess
over
aggregate of $3,350,000,000.
an
Then there is the
advanced
ments
1938
banks, member bank balances advanced
712,000 in the week ended Nov. 23.
plants.
real
Reserve
Noy, *26,
chance to get
solidly
security, is to give
on
its feet.
STOCK trading was quiet this week insmall New
the and
market, with price -changes
York
irregular.
Business
was
interrupted
for the traditional observance of
Federal Reserve Bank Statement
and the
FRESH emphasis is accorded the accumulation of
banking statements
tion of
that
ments
idle credit
resources
in the
were issued late
yesterday. With gold pour¬
ing into the country, and Treasury expenditures
heavy from its general fund with the 12 Federal
also
holiday doubtless occasioned
activity in other sessions
an
spheres.
obvious
in
both
tendency
the
the
market
was a
as
Thursday
as
some
well.
diminu¬
There
was
to await fresh develop¬
national
The net result
which left
on
Thanksgiving Day,
a
and
international
series of dull sessions,
whole
precisely where
Volume
it
Financial
147
week earlier.
was a
Many of the industrial stocks
managed to close yesterday with small gains over
the levels
prevalent
also
vances
shares.
road
Movements
however, and
of
session usually
one
The
Saturday last
covery
variation failed to affect stocks to any great
degree.
Turnover
small, moreover, and reached
was
1,000,000-share level only
Tuesday.
on
Year-end dividend announcements
ing, and
lated
adversely,
appear-
The market was affected
the other hand, by selling to establish
on
There
tax losses.
now are
few incidents which stimu-
were a
lated certain groups
Airplane
of securities.
manu-
facturing stocks remained in good demand, owing to
the
Local trac-
heavy buying for military purposes.
tion securities
York
persistently in demand, as New
were
City authorities are believed to be moving rap-
idly toward unification through purchase of the private transit
the market
As a general rule, however,
systems.
clearly indicated a desire on the part of
traders and investors to ascertain more about broad
of
as
a very
the stock market came in for remodest nature. Relieved of the
selling pressure of the past week, the tendency of
equities was toward greater stability, and most
attained this end. Sales transactions, howsuffered a reduction of more than half of the
groups
ever,
buying of industrial shares was stimu-
some
by the distributions.
On the New York Curb Exchange the sales
last Saturday were 109,505 shares; on Monday,
225,965 shares; on Tuesday, 234,315 shares; on
Wednesday, 246,100 shares, and on Friday, 188,500
shares. Higher fractional changes were recorded on
shares.
can-
were
by the small recessions of the next, and this
see-saw
the
mostly fractional,
were
definite trend was lacking.
a
modest advances
celed
Scattering ad-
week earlier.
a
appeared among some utility and rail-
3207
Chronicle
total
reached
at
the previous
shortsession.
A
cautious attitude was reflected in trading on Monday, with selling pressure kept at a minimum and
the general trend of prices mostly irregular. In a
few
groups,
such
as
the aviation and steel stocks, a
firm tone predominated on the strength of the Nation's rearmament program.
The unfavorable
position of the pound sterling had a disturbing
effect on stock prices on Tuesday, and from the
first hour heaviness featured trading. At times
weak efforts were made to stimulate prices, but
stocks continued to sell off and closed a trifle above
the day's low figures. Firmness was a feature of
trading
on
Wednesday, and major shares were lifted
naturally is highly
from fractions to above, one point, with a propor-
important in this respect, but the indications remain
tionate increase in sales turnover. Attention chiefly
centered around the low-priced issues, with aircraft
stocks subject to some pressure, while steel and
copper shares showed progress.
Traction stocks dis-
The
trends.
and
confused
exists
uncertain.
to the
as
course
A degree of nervousness
of national legislation, mainly
modifications
because
trade
of
course
Roosevelt
of
"reforms"
are
highly necessary but may be resisted by Administration forces when
Congress meets at the start of the
The foreign picture still is most unsatisfac-
year.
tory, as evidenced by another large-scale
flight of
European capital toward the United States.
In the listed bond market the same uncertain and
improved position, and chemicals moved
Thursclay, yesterday, Thanksgiving Day, was a holiday
in this country.
After an irregular start. the
market gained strength, and leading issues at the
played
an
along nicely, but oils reacted unfavorably.
close were up from fractions to one point.
The air-
Dealings in United States
plane, traction and low-priced issues attracted in-
Treasury issues were exceptionally small, and the
vestors for the most part, while steel, rail and utility
shares received only passing notice. General Electrie closed yesterda}r at 42% against 43% on Friday
of last week; Consolidated Edison Co. of N. Y. at
30% against 31; Columbia Gas & Elec. at 7 against
idle conditions
drifted
market
other
prevailed.
slightly lower as institutional and
buyers awaited the terms of the December
Highest grade corporate bonds were bet-
financing.
ter maintained.
In the
speculative sections of the
market, railroad issues were inclined to give
bond
ground, while New York City traction bonds did
The
well.
foreign group was neglected and lower,
Commodity markets were weak last Monday, and in
most items
only
a
portion (of the loss was regained
subsequent sessions.
in
Some of the metal stocks
affected adversely
by price concessions in zinc
were
and
a
tions
and
weak tone in copper.
Foreign exchange varia-
proved most perturbing, for sterling was weak
required support from the British equalization
French francs also
fund.
in that
of labor
fell,
as
the confederation
country voted a general strike in
opposition to Premier Daladier's
On
New
the
touched
new
Stock
York
Exchange
on
53
stocks
On the New York
Exchange 35 stocks touched new high levels
and 10
stocks touched
the
New
York
new
Stock
low levels.
Call loans
Exchange remained
un-
changed at 1%.
On the New York Stock
half-day
shares;
session
on
on
Exchange the sales at the
Saturday last
were
437,080
Monday they were 942,720 shares; on
Tuesday, 880,430 shares; on Wednesday, 1,001,770
shares; Thursday wras Thanksgiving Day and a holi-
day on the various Exchanges; on
33; J. I.
Case Threshing Machine at 90% against 90%; International Harvester at 60% against 61%; Sears, Roebuck & Co. at 73% against 73; Montgomery Ward
& Co. at 49% against 49%; Woohvorth at 51 against
51, and American Tel. & Tel. at 147% against 147%.
Western Union closed yesterday at 25% against
25% on Friday of last week; Allied Chemical & Dye
at 186 against 182%; E. I. du Pont de Nemours at
144% against 144%; National Cash Register at 25%
against 24%; National Dairy Products at 13 against
13%; National Biscuit at 25% against 25%; Texas
Gulf Sulphur at 32 against 32%; Continental Can
38% against 38%; Eastman Kodak at 179%
against 179; Standard Brands at 7% against 7%;
Westinghouse Elec. & Mfg. at 115% against 116%;
Lorillard at 19% against 19%; Canada Dry at 18
at
high levels for the year while three
stocks touched new low levels.
Curb
modification of
*
Left Front measures.
7; Public Service of N. J. at 32% against
Friday, 808,710
against 16%; Schenley Distillers at 20 against
and National Distillers at 27% against 27%.
The steel stocks are
20%,
fractionally lower this week;
United States Steel closed yesterday at 65% against
65% on Friday of last week; Inland Steel at 88%
73% against 72%,
51% against 51%.
In the motor group, Auburn Auto closed yesterday
at 4 against 4% on Friday of last week; General
Motors at 49%" against 49%; Chrysler at 81%
against 89%; Bethlehem Steel at
and Youngstown Sheet & Tube at
3208
Financial
Chronicle
Nov. 26,
1938
against 80%, and Hupp Motors at 2% against 2%.
an
In the rubber group,
don obviously felt perturbed about the weakness of
Goodyear Tire & Rubber closed
yesterday at 33% against 32%
Friday of last
on
irregular downward drift in dull sessions.
Lon-
sterling exchange, which seems to be rather
more
week; B. F. Goodrich at 23% against 23%, and
United States Rubber at 50 against 49%.
The rail-
emphatic than seasonal influences might suggest
road shares closed off this week with most
all-time record Thursday, which means that sterling
of
fractional
a
nature.
changes
Pennsylvania RR. closed
yesterday at 20% against 21%
Friday of last
on
The price of gold in the London market went to an
devaluation also
was
at fresh extremes.
This de-
velopment was especially puzzling in view of heavy
week; Atchison Topeka & Santa Fe at 38% against
transfers of capital from France,
38%
doubtless remained in London, although New York
New York Central at 18% against 18%; Union
\
Pacific at 93
against 95%; Southern Pacific at 18%
against 18%; Southern Railway at 18 against 18%,
and Northern Pacific at 11% against 12.
Among
the oil
at
stocks, Standard Oil of N. J. closed yesterday
on Friday of last week; Shell
51% against 52%
Union Oil at
14% against 14%, and Atlantic Refin-
ing at 23 against 22%.
In the
copper
group. AnaCopper closed yesterday at 34% against 34%
Friday of last week; American Smelting & Refin-*
conda
on
ing at 51% against 52%, and Phelps Dodge at 43%
against 42%.
Trade and industrial
little
than maintenance of business
more
levels established in
tions for the week
American
reports of the week reflected
Iron
preceding weeks.
ending today
activity at
and
The French market
fugitive capital.
depressed
was
by the mounting opposition to the Daladier decrees,
which
intended
are
to
French economic
restore
With sit-down strikes increasing and the
health.
threat of
general strike
a
the horizon, funds
now on
left France in great amounts this week. The Paris
Bourse suffered the consequences.
In the Berlin
market the general tone was soft, with intervention
by the banks necessary on occasion to prevent the
movement from proceeding too far.
European trade
and industrial reports had little influence
markets, for there
Steel operaestimated by
were
to be the haven for most European
appears
now
of which
some
Although
a new
was
the
on
little change in such respects,
account was opened
on
the Lon-
don Stock Exchange, Monday, trading was quiet and
tendencies were irregular.
Gilt-edged issues and
Steel Institute at
61.9% of
cacapity against 62.6% last week, 53.7% a month
ago, and 31.0% at this time last year.
Production
most industrial stocks drifted lower, while mining
of electric power
of
reported
by
for the week ended Nov. 19
Edison
Electric
Institute
at
was
2,270,-
296,000 kilowatt hours against 2,209,324,000 kilowatt hours in the
kilowatt
previous week, and 2,224,213,000
hours in
the
corresponding week of last
'
year.
As
indicating the
of the commodity mar-
course
kets, the December option for wheat in Chicago
yesterday at 61%c. as against 64c. the close
closed
on
Friday of last week.
closed
on
December
yesterday at 47%c.
Friday of last week.
closed
on
as
as
as
Friday of last week.
on
15.90c.
was
spot price for rubber
Domestic
yesterday at ll%c., the close
In London the
20%
pence
ounce
per
on
copper
closed
Friday of last week,
price of bar silver yesterday
ounce
against 19%
as
was
pence
per
on
Friday of last week, and spot silver in
New York closed
yesterday at 42%c., the close on
Friday of last week.
In
the
transfers
as
matter, of
on
the
against $4.70 3/16 the close
week, and cable transfers
at
foreign exchanges, cable
London closed
yesterday at $4.63 13/16
2.59%c.
on
Friday of last
Paris closed yesterday
on
against 2.63%c. the close
as
on
Friday
of last week.
r
rj.
i
Ti/r
*
i
were
ing
the rule this week
on
leading European financial centers, continu-
a movement that now has been in
progress
an
un¬
parity with the previous close,
small losses than gains in gilt-edged
The situation
sues
still
was
Trans-Atlantic
was
not greatly
lacking, while home industrial stocks
hovered around previous levels.
Some inquiry
was
noted, however, for gold, copper, oil and rubber
securities.
International issues reflected good in-
British funds
quiry.
steady in
were
dull session
a
yesterday, while small and irregular changes
ap-
peared in industrial stocks and international issues.
Trading
the Paris Bourse
on
opening business
strength
that
session
were
of
in
counteracted
Net changes
small
was
the
part
quiet in the
week, with early
by late weakness,
for the session.
Rentes
guaranteed against exchange fluctuations
are
gained slightly, and most French equities closed at
slightly better levels.
demand
...
~
After
" changed on Thursday, as demand for gilt-edged is-
.strikers
•
D OWN WARD variations of securities exchanges
stock prices again
in the
a
on
securities improved.
measures
.
Interiia-
unfavorable
stocks and industrial issues, however, and demand
better
European Stock Markets
•
The few
the London market, and at the end levels
for mining shares also was modest.
against 15.93c. the close
Friday of last week.
lower.
was
overnight reports from New York.
were more
on
..
certain opening, Wednesday, prices improved mod-
There
against 9.30c. the close
as
gold mining issues also
tional issues also settled, owing to
about
-
trading
Tuesday again
and the main tendency of British industrial stocks
on
The
on
dull, with lower prices the rule.
was
were
against 25%c. the close
Anglo-American
The session
changes among gilt-edged issues were downward,
estly
price for cotton here in New York closed
yesterday at 9.08c.
yesterday
corn at
firm.
were
Chicago
Friday of last week.
The spot
favorites
In contrast, with the trend
securities,
against 47%c. the close
December oats at Chicago
yesterday at 25%c.
British
and
,
.
stocks also lost ground.
than
International issues
French
securities.
were
in
Energetic
by the Daladier regime against sit-down
J
m
a
i
a
encouraged the Bourse, Tuesday, and de-
mand was reported for rentes and French equities,
While the domestic issues improved, international
securities drifted lower.
Liquidation of rentes and
for
French equities was resumed Wednesday at Paris,
uncertain political
atmosphere in
Eflrope apparently occasioned the mild selling on
the London, Paris ahd Berlin markets.
Buyers
gated by Premier Daladier two weeks ago, and the
some
were
weeks.
The
reluctant
everywhere, and the net result
was
owing to mounting opposition to the decrees promulthreat of
a
general strike.
tionally, and larger losses
Rentes dropped frac-
were
recorded in French
Volume
Financial
147
International
bank, utility and industrial stocks.
Adolf Hitler terminated
Thursday the Bank
with
of France
reported the expected huge addition to
tials
the
value of
French
issues
well maintained.
were
franc
the
On
gold stocks, based on the
sterling. The better apparent position made possible
that
1/2% from 3 %,
but the Bourse nevertheless reflected
of
Renltes
affairs.
and
French
a
gloomy view
equities drifted
Munich discussions
creden¬
When
Ambassador, Robert Coulondre, the oppor¬
grasped by Herr Hitler to suggest again
was
be made toward
progress
favorable that
so
Franco-German
a
The impression created in Paris
understanding.
was
their
of friendliness.
presented at Berlin, Tuesday, by the new
were
tunity
reduction of the bank rate to 2
declaration
a
computation of the metal at 170 francs to the pound
a
3209
Chronicle
no
further time
completing the draft of the pact.
lost in
was
As announced in
downward, while international securities were well
Paris, the treaty pledges non-aggression and respect
maintained.
for mutual frontiers
were
Only small and unimportant changes
effected
Further
yesterday in an idle market.
conditions
prevailed
Berlin
the
on
as now
The treaty
established.
signed within a few days, and German For¬
eign Minister Joachim von Ribbentrop is to visit
developments in the strike situation were awaited.
Nervous
will be
Paris for this purpose.
It is understood that rela¬
Boerse, Monday, owing to the international reaction
the wave of anti-Semitism sweeping the Reich.
tions of either
to
main unaltered.
The
questionably be the case, for there is no occasion
opening
steady, but selling later in the day
was
to
Fixed-income issues were quiet and also
points.
standing of the Reich with Japan.
The real tendency was
obscured
on
Tuesday
by intervention on the part of the leading Berlin
The support
banks.
tions close to
rendered the market kept quota¬
previous figures, and there were no
In
important changes.
a
quiet session on Wednes¬
it
day, banking support again was prominent, and
gains among the prominent stocks.
resulted in small
The fixed-income section was
Thursday, and modest gains were the rule
The Franco-German
in that session.
non-aggression
pact aided the advance, which took in
and fixed-interest securities.
Declines
dull session
a
both equities
were
the rule
modify the "Rome-Berlin" axis, or the under¬
main
be
The
seen.
opposition,
farther
leading European Powers, and there are no
of the
indications
as
yet of the extent to which still more
be made in the post-war scheme of
alterations may
The affairs of the Danube area have been in
sharp
things.
turmoil for several months as a result of the
German power
and prestige.
It now
increase
of
appears
that Berlin inclines steadily toward the
assumption of ever-greater influence in Western
On the very eve of a visit to Paris
Europe, as well.
Foreign Secre¬
the French capital
by the British Prime Minister and
tary, announcement was made in
of
a
Franco-German agreement along the
line of the
is
Chamberlain-Hitler declaration that there
occasion for
no
approval
more
unquestionably were apprised of
announcement
the
when
suitable occasion might have
announcement.
achieving at
assumed
was
made,
It still remains true, however, that a
Some
observers now tend to
is
The
impending understanding, and they voiced warm
Wednesday.
the
between the countries.
war
British authorities
the
general
aim
of
European
diplomatic
the opinion that the Reich
least a
degree of success in its
driving a
Britain and France.
been selected for
wedge between Great
On the other hand, the Paris
conversations that started late Wednesday have
the
Premier
the basis of his economic program.
on
few hours after the Paris-Berlin accord
announced Prime Minister Chamberlain and
Only
a
Lord Halifax arrived from London to
long series of international
continue the
conversations between
England which usually are conducted
and
France
In view of the
in London.
respective declarations
friendship with Germany made by Great Britain
France, it was assumed that the talks
German
preparations for defense against possible
There is, moreover, immense
war measures.
changed
ground to be covered with respect to the
situation of Europe as h
area
is
whole, and especially the
down the Danube where German
influence now
The Spanish question undoubtedly
Thursday and yesterday,
paramount.
was
would
questions than the usual one
relate rather to other
of mutual
CONSEQUENCES ofinto Munich compactrelations
reached
this week the the diplomatic
for
troubles
internal
Daladier, who already is beset with intense
Edouard
was
agreement, moreover, is sure to
new
additional
create
and
Hi
European Diplomacy
fully without revision in the light of the rap¬
prochement between Berlin and Paris remains to
of
yesterday at Berlin.
Whether the
Russia and Poland will re¬
alliances with
French
neglected and drifted
Some public support finally was at¬
idly lower.
tracted
in
On the German side this will un¬
quotations of leading stocks one to three
lowered
lower.
country with other Powers will re¬
discussed intimately,
by Premier Daladier and his
be assumed to have
Thursday,
played a large part in the con¬
The more
versations.
important talks ended late
however, with
statement available as to
were
were
discussed, it appears, and among these
matters of national
found
a
defense and of diplomatic
statement added that the
The
action.
only the usual laconic
"Principal ques¬
results.
countries have a common con¬
tions in which the two
cern"
distinguished guests.
policy in the Mediterranean region also can
General
Ministers
"complete identity of ideas on the
orientation of the
general
policy of the two countries,, in¬
spired by the same care for the preservation and
consolidation of peace."
In French diplomatic
circles
rumors
were
French Ministers had
at this time
or
of
current that the British and
agreed privately not to broach
the question of colonies
for Germany
belligerent rights for the Spanish
The British statesmen
their return
journey to London..
specific purpose of increasing Anglo-French cooper¬
insurgents.
left Paris early yesterday for
.
........
Danube Region
ation.
The
of the
new
pact between France and Germany
is
non-aggression variety, and may conceivably
inaugurate a new era in the relations of the signa¬
tories.
It has been under consideration ever since
Prime Minister
Neville Chamberlain and Chancellor
READJUSTMENTS ofregion down the in prog¬
all sorts still are Danube
the great
ress
in
River, as a consequence
German influence
pact
and the
of the sudden growth of
which resulted from the
Munich
dismemberment of Czechoslovakia
I
3210
Financial
What is said to be the last of the Reich-€zech
rear-
rangements was announced by Berlin last Monday,
In
the Czech regime surren-
border rectification
a
dered 106
villages to Germany, and the latter
coun-
try in turn gave back 27 communities, the total of
peoples involved in these exchanges being approxi-
Far
mately equal.
more
significant
for construction and maintenance
was a program
by Germany of
a
system of canals across Czechoslovakia, and another
for
great motor highway connecting Breslau and
a
Vienna, which will have extraterritorial privileges,
The
motor
speedway clearly will be of
enormous
military value to the Reich, while its commercial
advantages
obvious,
are
between
lances
will
Reich
confirm
important points in the enlarged
be cut
the
since transportation dis-
decidedly.
impression
These arrangements
given
by
which suggest that Prague
previous
Czech
Chronicle
Nov.
Great Britain and
a
26,
1938
few other countries failed to
deter the fanatical Nazis, this week, and
may even
have increased their determination to subject Sem-
itics to the foulest indignities.
Measures aimed at
the "liquidation" of German Jewry were promul-
gated with methodical persistence within the Reich,
and appeals from other countries for a gentler and
more
humane treatment of the unfortunates
that
evident
were
Meanwhile, it became increasingly
rejected curtly.
relations
the
of
English-speaking
peoples with the Keich are going steadily from bad
to worse.
Diplomatic relations of the United States
with Germany have been all but severed.
The Brit-
ish Government is said in London dispatches to have
found it necessary to suspend negotiations with Berlin for further steps in the Chamberlain
ment
Numerous proposals
plan.
were
appease-
made for
the
settlement of the unfortunate victims of Nazi fanati-
demand,
cism in sparsely settled areas of the world, but most
transportation corridor through Czechoslovakia
of them do more credit to the good intentions of
moves,
line
dotted
The
whenever
Berlin
signs
now
makes
any
on
particular satisfaction to the German anthori-
gave
ties, it
indicated in Berlin reports,
was
Prime
as
their propounders than to the intelligence brought
to bear on this difficult problem.
Little need be
Minister Chamberlain is said to have refused this
said, of course, regarding the complete lack of
concession in his various conversations with Chan-
sociological basis for the racial theories that domi-
cellor Hitler in
Germany during September.
Although German-Czech relations
be
nate the German Nazi mentality and that slowly
appear to
now
adjusted entirely to the satisfaction of the Nazi
regime in
Berlin, there
are
many
are
The
tip of Czechoslovakia, where the autonomous
spreading in Italy, Poland, the Danubian
and
some
and Germany are suffering sadly from the incidents
in Germany and objections
State of Ruthenia has been set up, represents one
lantic that are rather
of the uncertain
advisable.
to
German influence sufficed
areas.
prevent the transfer of the region to Hungarian
American
The
garians
countered late last week by
There
were
enia,
what
has been
been
areas
completed, of
occasioned
within
but
in
Carol
area
The
new
a
good part
ments.
and
Rumania
German
But
Yugoslavian circles.
visited
London
Nazi
influences
King Carol turned
late
in
seems
have had
to
no
matters, '
encroach-
from London
success
than
The Rumanian monarch
finally proBerlin, doubtless to make the best bargain
same
sort
of
Prince
Paul,
exploratory journey, but also
neceived little apparent
encouragement.
Racial
ment was available in Washington
on
on
No
what
corn-
the German
diplomatic step, but it is clear that official Wash-
tude of avoiding
any
more
measure,
realistic atti-
direct official actions antagon-
istic to the German Government, but of taking into
earnest consideration ameliorative possibilities in
behalf of the victims.
on
In
a
parliamentary debate
Monday, Prime Minister Neville Chamberlain in-
dicated that the British Government is ready to
Regent of Yugoslavia, arrived in London, Monday,
the
bassador Hans Heinrich Dieckhoff to report
throw open to German Jewish settlement important
went to Paris,
more
possible with the intolerant Nazis.
on
was
German recall of Am-
week
London.
ceeded to
con-
King
last
securing aid
and
away
empty-handed, and early this week
where he
both in-
on
from Great Britain in trade and financial
resist
a
problem
The British Government took the
state of affairs in
with the obvious and admitted aim of
to
internal
Bela Im-
Hungary.
apparently caused apprehension.
Rumanian
of
German
ington was not eactly disconcerted by the
foreign grounds, and the small country
political crisis.
the Danubian
also
the
problems
new
parliamentary support alienated,
ternal and
The Hun-
ceded by Czechoslovakia
course,
redy, the Hungarian Premier, found
a
on
dent Roosevelt and the American public.
"revolt," and the
a
"unrest," still is uncertain.
garian occupation of
faces,
seems
Ambassador
Hungarians called
the
of his
of
the Germans called the "singular attitude" of Presi-
Czechs called
have
recall
vague reports of fighting within Ruththe last week-end, and the real extent of
over
now
frontier,
a common
this side of the At-
officious than
Hugh R. Wilson from Berlin for report and
sultation
that they could have
on
more
sovereignty, as demanded by the Poles and Hunso
areas
other sections of the world,
Diplomatic relations between the United States
points farther
along down the Danube where unrest exists.
eastern
a
areas
of Tanganyika and other African territory,
well
as
perhaps
as
upland portions of British Guiana, and
some
fruitful
regions
Here in the United States
a
appeared for settlement of
Alaska.
in
other
colonies,
semi-official suggestion
some
of the Semitics in
The problem of financing such huge migra-*
tory waves received only tentative consideration,
and hardly anything
to be encountered
projected into what
said of the hardships likely
was
by
a
sedentary people suddenly
are now
virtual wildernesses,
More sensible than the current proposals of resettle.ment are intimations that Great Britain will ilot
curtail imqiigration into Palestine.
#
Superstition
German Nazis viewed with the utmost truculence
SERIOUS repercussions on many aspects ofheight- the foreign reactions to their persecution intend to
world and they made it fairly clear that they of Jews,
inevitable
affairs
ened
tim
in
of
are
the
result of the
persecution of German Jews, which stems from
assassination
of
a
German
diplomatic official
Paris by a half-crazed Polish
youth.
horror
and
The
indignation in the United
wave
States,
complete the theft of property holdings of their vic¬
tims.
on
The assessment of 1,000,000,000 marks levied
all German Jews
as a
"fine" for the mad action
of the Polish Jew, Herschel Grynszpan, apparently
Volume
Financial
147
proved somewhat puzzling from the administrative
It
angle.
officially
announced
finally
was
Wednesday, however, that this theft, will be
out
of their
a
15,1938, and Feb. 15, May 15 and Aug. 15,
able Dec.
foreign nationality in the Reich were
Jews of
Spokesmen for Chancel-
exempted from this decree.
lor Adolf
the
carried
requirement that all Jews pay 20%
wealth in four instalments of 5% each, pay-
through
1939.
on
Hitler, from whose personal idiosyncrasy
persecution takes its rise, declared that they
highly pleased with the efforts in other lands
homes for the German victims of their
were
find
to
hatred.
They declared also that when the Jews
leave the Reich
they will not be permitted to take
On this basis the convic-
any
of their possessions.
tion
deepened in informed financial circles in Lon-
don and New York that a
is
tion
y
of the motives
one
There
Jews.
of
desperate need for funds-
underlying the Nazi persecuare
signs, indeed, that the
apparent readiness of other countries to provide for
German Jews
is stimulating
cation
suggested
Nazi threats against
One semi-official German
the unfortunates.
on
publi-
Tuesday that German Jews be
forced into criminal
stripped of their livelihood,
*
pursuits and then exterminated by "fire and sword."
This lurid
ternal
plan doubtless was put forward for ex-
consumption,
to
stimulate
Segre River, and in this they succeeded. There
were no other noteworthy military engagements.
Much concern was expressed in Spanish circles
about possible moves by British, French, German
and Italian leaders to dictate a peace that would
divide Spain between the opposing factions. The
loyalists issued a manifesto, Tuesday, declaring that
an "imposed peace" would not be acceptable. Insurgent circles had little to say on this important
matter. From border points it was reported over the
last week-end that an important loyalist munitions
plant near Barcelona had been wrecked in an explo-
sion and fire, which took several hundred lives. Insurgents called more men to the colors, thus confirming again their desperate need for additional
recruits. The loyalists admitted candidly, for their
part, that theyJack sufficient food supplies. The
Barcelona regime holds the industrialized 40% of
Spanish territory, with 55% of the population,
whereas insurgents hold the agricultural 60% Of
territory, with 45% of the people. Moreover, many
of the people in loyalist Spain are refugees who fled
before insurgent armies and who need not only food
but clothes and housing. These circumstances were
admitted frankly by former Premier Martinez Barrio, late last week.
emigration
schemes that
106% levy
the expatriates.
v•
Sino-Japanese War
might provide the opportunity for a
on
3211J
Chronicle
IN THE undeclared war which Japan forced upon
China, a military stalemate existed this week,
1
French Program
;
save
for Chinese
guerrilla activities which are mak-
OPPOSITION grew adopted by PremierinEdouard ing it necessary forthey invaders to conquer allearly
steadily this week, France, again areas which the claimed as their own over
to the program
Daladier under the decree powers
Parliament.'
French
the
The
granted to him by
program
consists
mainly of financial measures and modification of
*
the "reforms" carried out in 1936
by the Left Front
regime of Leon Blum. Working hours are increased
modestly by the Daladier measures, while taxes are.
revised, and steps taken to reduce the number of
civil employees, all to the end that French governmental finances may
ments
to
were
sooner
modified.
No
these sensible decrees announced than
sit-down strikes
again started in some of the prin-
The powerful
organization, known as the General
industrial areas of France.
cipal
labor
French
Confederation of
a
be straightened out and impedi-
French economic recovery
Labor, decided on Tuesday to order
general strike of its members, in answer to the
"challenge" presented by the decrees.
As the week
progressed sporadic sit-down strikes began to take
on
the characteristic of a national menace,
and it
became clear that France faces another crisis.
The
flight of capital from the country was accelerated
under
the
these
Also
circumstances.
difficulties
faced
contributing to
by Premier Daladier
was
a
critical attitude in various French quarters to* the
rapprochement with Chancellor Hitler's Germany,
announced
just before the heads of the British Gov-
ernment arrived in
Paris, Wednesday.
in the war. Fighting in western China continued,
but the defenders have established lines far in the
interior which the Japanese aggressors apparently
are finding it difficult to storm. The Canton region,
given up so easily as to occasion charges that "silver
bullets" were used to corrupt the Chinese command
of the city, likewise reported unchanged lines. But
fresh developments are anticipated around Canton,
since Generalissimo Chiang Kai-shek is said to have
dispatched some, of his trained reserves for an attempt to recapture that point. The determination
of the Chinese to continue their resistance to the
invaders was illustrated by the precipitate burning
of the city of Changsha, capital of Hunan Province,
when the Japanese were reported nearing that center. This action apparently was too hasty, for the
invading troops still are some distance from Hunan,
The burning of Changsha was costly, moreover, as
2,000 bodies were found in the smoking ruins. Summary punishment was visited upon the Chinese
officials responsible for this blunder. Meanwhile,
Chinese guerrilla fighters operated on an evergreater scale in the vast area "occupied" by the invaders in more than 16 months of warfare. Near
Shanghai, guerrilla forces to the number of 200,000
were reported to be making the J apanese occupation
difficult, and the same measures were being em¬
ployed in other regions.
~
Spanish
Rebellion-'-J
- - international aspects of
the situation were un-
ONLY Spain, indicating that reported this week reply to the note sent notwithstandingState Cordell
sporadic fighting was both loyalists and changed, this week, by Secretary of a Japanese
in
insurgents now are settling down to winter occupation
of
the
trenches
Francisco Franco
another
held
at
this
time.
General
and his insurgent cohorts made
attempt early in the week to dislodge the
loyalists from their advanced positions near the
Hull on Oct. 6, charging interference with American
business and urging Japanese observance of the
Nine-Power Treaty.
The Tokio Government finally
last
simple rejection
deigned to answer the representations late
week, and the note amounted to a
3212
of
Financial
the
usual
has
Washington
and
arguments
claims.
The
Japanese statements were made that Tokio
intention to discriminate against American
no
interests
enterprises in China, these declarations
or
having about as much weight as the continual
by
Much emphasis was placed in the note
Japan.
on
no
situation"
"new
the
pro¬
Chinese territory is desired
that
testations
the
in
Far
East, and Japan
managed to make it quite clear that this means dis¬
Chronicle
counts which fell off
tion
it
rose
conditions of
ideas of the
in East Asia
peace
reserve
propor¬
ago; a year ago
decreased
securities
£320.932.
rose
Of
loss in discounts
a
was
1938
The bank rate remains
unchanged at 2%.
Below
we
furnish the different items with comparisons for previ¬
ous
years:
BANK
ENGLAND'S COMPARATIVE STATEMENT
OF
Nov. 23,
Nov. 27,
1937
1936
1935
£
Circulation
Nov. 25,
1938
£
£
£
Nov.
Nov. 28,
27.
1934
476.057 000 480 ,373,603 445,566, 964 401 ,345,467 379,686,948
19 ,707,107
31,732 000 35 ,358,323
12,055, 477
27,692,954
Public deposits
nor
£220,539
26,
and advances and £541,471 an increase in securities.
today and tomorrow the inapplicable
past would neither contribute toward
The
week
a
Government
the latter amount,
"Any attempt to apply to
Treaty.
establishment of real
the
43.5%.
was
£67,380.
32.4% from 30.7%
to
£3,435,000 and other securities
regard in Tokio of the pledges and commitments of
the Nine-Power
Nov.
Other deposits.
Bankers* accounts-
127,218 658 119 ,946,014
139,298, 263 127 ,423,010 127.259,599
90 887,211
97,604, 111
89,125,832
Washington,
In
Secretary of State Cordell Hull
stated
briefly, Tuesday, that the note
was
92,248 660
83 ,598,447
36 ,347,567
41,694, 152
36 ,535,799
38,133,767
91,801 164
76 ,153,165
78,160, 120
85 ,544,999
80,361,413
Other securities
33,312 534
29 ,468.921
27,211, 001
22 ,320,057
Disct.A advances-
issues," the Japanese note said.
34.969 998
Govt, securities.
immediate
solve
12,184 249
8 ,601,306
6,803, 132
9 ,499,737
9.155.732
Securities
21,128 ,285
20 ,867,616
20,407 869
12 ,820,320
10,272,549
51,622 ,000
67 ,486,946
63,799 579
57 ,093,718
32.4%
43.5%
42.15%
38.80%
2%
2%
2%
2%
Other accounts
not re¬
Reserve notes & coin
sponsive to the position taken by the United States
Coin and bullion
Proportion of
United States Ambassador
Government..
Grew
is
72,994,087
327,680 ,723 327 ,860,548 249,366 ,543 198 ,439,185 192,681,035
reserve
to liabilities
Bank rate.
47.10%
2%
reported to have indicated to the Tokio
Government the dissatisfaction felt in
with
Joseph C.
19,428,281
Washington
Bank of
Germany Statement
'
respect to the long-delayed Japanese response
to the
THE quarterly statement dated Nov. 23 showed a
215,900,000
protest of Oct. 6.
circulation of
contraction in note
marks, which reduced the total outstanding to 6,992,-
Lima Conference
896,000 marks, compared with 4,644,700,000 marks
WITH Secretary of Statedelegates Hull as their
Cordell to the Eighth
leader. United States
International Conference of American States sailed
from New
York, yesterday, to attend the sessions in
Lima, Peru, which
are to start Dec. 9.
In making
preparations for his departure from Wash¬
his final
a
year
A decrease also appeared in bills of
ago.
exchange and checks of 144,000,000 marks and in
advances of 700,000 marks,
in
serves
foreign
while the items of
daily maturing obligations
registered increases
ington, Mr. Hull declared last Wednesday that the
respectively.
unchanged at 70,773,000 marks.
from
The
the
21
basis' for
close
personal contacts' of officials
American
better
republics will provide the
mutual
understandings, he said.
This, in turn, will lead to greater friendliness and
effective
more
Hull
In
his
apparently made
no
general
all the Americas.
over
ment
authorities
pressure
reference to the
wave
took
due
care
to
continue
the
Assistant
Secretary Adolf A. Berle Jr. declared in
a
radio
Cape Horn stands ready to defend from
that prevails in the
Mr. Berle is among the dele¬
Western Hemisphere.
peace
were
countries
indications in various Latin American
that
the
urgings from Washington
enlarged defense forces
the
United
are
being heeded.
period
last
States, meanwhile, arrangements
were
Following
year.
re¬
cor¬
the
are
STATEMENT
Changes
Nov. 23,
for Week
Assets—
Reichsmarks
Gold and bullion
1938 Nov. 23, 1937 Nov
Reichsmarks
Reichsmarks
23. 1936
Reichsmarks
No change
Bills of exch. & checks-
70,773,000
70,253.000
65.607,000
No change
10,580,000
20,125,000
28,272,000
6.217,000
5,863,000
al70,341,000
Of which depos. abr'd
Res've in for'n currency
228,960.000
30,995,000
397,347,000
808,441,000
+ 200,000
5,236,000
—144,000.000 6,611,700,000 4,798.677,000 4,354,242.000
Silver and other coin...
Advances...
—700,000
Investments
+ 100,000
26,207,000
847,997,000
al334,813,000
206,670,000
33,364,000
521,715,000
675,635,000
Liabilities—
Notes in circulation
-215,900,000 6,992,896,000 4,644,700,000 4,247,660,000
+ 93,700,000 1,042,365.000
729,892.000
712,556,000
a408,696,000
278,692,000
322,967,000
Oth. daily matur.oblig.
Other liabilities.
Propor'n of gold & for'n
a
to note circul'n.
1.1%
1.63%
1.67%
Figures of Nov. 15. 1938.
'
Bank of France Statement
'HE statement of the Bank of France for the week
ended Nov. 17 reflects the
for
Within
circulation
compared with 1.63% the
REICHSBANK'S COMPARATIVE
gates from the United States to the Lima gathering.
There
The proportion of
note
different items with comparisons for previous years:
curr.
outside attack the
1.1%,
responding
to
currency
Other assets
broadcast, last Sunday, that the New World from
any
at
of
But other State Depart¬
for additions to armed forces.
Canada to
mained
comments, Mr.
propaganda for increased armaments that is sweep¬
ing
The Bank's total gold holdings remain
gold and foreign
cooperation in economic, social and
political spheres.
of
200,000 marks, 100,000 marks and 93,700,000 marks,
gathering will result in both tangible and intangible
benefits.
re¬
investments and other
currency,
new
valuation of its
gold holdings provided for in the decrees of Nov. 13.
In accordance
therewith the
Bank's
bullion is
now
being rushed for the greatest and most expensive
peace-time military establishments in the history of
valued in terms of the monetary unit at 1 franc per
the
1 franc per
Nation, with the
reasons
for
these
activities
still somewhat obscure.
Bank of
now
loss of
milligrams gold 9/10 fine; the former rate
43 milligrams.
England Statement
the old rate.
£2,530,000 in note circulation, which
On the
holds 87,264,284,579 francs
55,808,329,303 francs
'HE statement for the week ended Nov. 23 showed
a
27.6
Nov.
from
almost
The
10
to
a
week
new
gold compared with
ago,
and calculated at
gold stock therefore
Nov.
rose
in value
17, 31,455,955,276 francs,
entirely due to the revaluation
process.
reduced the total
outstanding to £476,057,000, com¬
calculating the Nov. 10 figure according to the
pared with £480,373,603
valuation,
ings registered
a
increase in reserves,
therefore,
deposits
declined
increased
£2,695,627.
accounts
which
a year ago.
Bullion hold¬
slight gain of £6,135 and the net
was
£2,536,000. Public
£3,317,000 while other
deposits
The latter consists of bankers
expanded £2,763,000 and other
ac¬
shows
848,462 francs
or
was
base the Bank
Re¬
new
gold holdings of about 86,947,31,139,519,159 francs
more
than
appeared in the statement of that date, calculated
at the rate then in force.
held
The actual gain in
by the Bank, during the week
about
was
316,436,117 francs, in terms of the
gold
therefore
new
value.
Volume
The
Financial
147
"profit"
the
to
State
decreased in the week, 27,506,000,000
State
which accounts for the
of the
presumably
of the
left
was
deposit to the credit
on
Creditor current accounts, in
State.
included all
are
deposits with the Bank,
As
000,000 francs.
of
there
19.02% in the proportion of gold
41.11%
On
bringing the proportion
Nov. 10;
on
As
a year ago
it
rise
was a
hand to sight
on
up
to 60.13% from
was
Bank reduced its
24 the
Nov.
10,797,-
1,423,000,000 francs.
result of these various operations
liabilities
rose
which
offset to the rise in deposits,
an
notes in circulation fell off
a
francs
employment of that amount'
"gold profit"; the balance of 3,633,519,159
francs
New York Money Market
aggregated
therefore
Temporary advances to the
31,139,519,159 francs.
3213
Chronicle
NO VARIATION can be reported in the quiet
the New
market this week from
York money
conditions that long have prevailed.
and
at
Bankers' bills
commercial paper were turned
rates
carried
from
over
Treasury sold last Monday
modestly,
over
The
previous weeks.
further issue of $100,-
a
000,000 discount bills due in 91 days, and awards
at
were
an
of 0.026%, computed on an an¬
average
nual bank discount basis.
the New York Stock
continued at
Call loans held at
1%
on
Exchange, and time loans were
1%% for maturities to 90 days, and
1%% for four and six months' datings.
53.16%.
New York Money
discount rate
from
3% to 2J^%; the 3% rate had been in effect
since
Sept. 27, last, when it
Rates
raised from 2%%.
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
Changes in other items in the Bank's return, during
the week were as follows: Credit balances abroad
ruling quotation all through the week for both new
126,000,000
rose
discounted
bills
commercial
French
francs;
decreased
was
727,000,000 francs; advances
against securities fell off 33,000,000 francs; and bills
bought abroad showed
different
the
years:
.% :.v
.
with
items
-
we
show
comparisons for previous
V
and renewals.
loans
continues
were
The
The
quiet.
for
prime commercial
a
Nov.
for Week
Nov. 20,
Nov. 18, 1937
17, 1938
138,012,825
18.015,106
—727,000,000 11,806,358,279
_
9,228,830,082
7,187,805,141
947,127,889 1,460,568,761
750,881,385
3,448,910,211
3.814,509,955
—33,000,000 3,971,261,133
Note circulation
—1,423,000,000 107348,895,350 89,989,039,450 85,758,856,865
Credit current acctB +10797,000,000 37,784,936,985 20,668,493,601 14,777,483.967
b Bills bought abr'd
Adv. against securs.
c
Temp. advs. with¬
out int. to State., —27506000,000 20,627.649,244 26,918,460,497 12,302,601,962
Propor'n of gold on
hand to sight liab.
b Includes bills discounted abroad,
c
In
of revaluing the Bank's gold under the decree of Nov, 13, 1938, the
Bank's books representing temporary advances to the State
three entries on the
were
64.02%
53.26%
60.13%
+ 19.02%
Includes bills purchased in France,
a
the process
wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non-interest
bearing loans to the State.
•
.
.9 fine, per franc,) under the
Revaluation of the Bank's gold (at 27.6 mg. gold,
decree of Nov. 13,
1938, was effected in the Statement of Nov. 17, 1938; prior to
that date and from June
49 mg.
per
The market
has been moderately
paper
Paper has been in fair supply and
good.
Rates
are
unchanged at
Bankers' Acceptances
THE market for prime bankers' acceptances bills
extremely quiet this week.
Prime has
been
are
scarce
franc; and before Sept. 26,
the franc..
1936, there were 65.5 mg. of gold to
and buying interest has been down to
minimum due in
no
Dealers' rates
change in rates.
thje
There has been
part to the holiday.
reported by the
as
Federal Reserve Bank of New York for bills up to
including 90 days
bills running for
are
and
Yffo bid and 7-16% asked; for
four months, 9-16% bid and 34%
asked; for five and six months, 54% bid and 9-16%
The bill-buying rate of the New
asked.
29, 1937, valuation had been at the rate, 43 mg. gold, .9
fine, per franc; previous to that time and subsequent to Sept. 26, 1936, the value
was
to 90 days and
up
7,315,045
+ 126,000,000
French commercial
_
previously reported;
134%
1936
Francs
Francs
Francs
+ 31455,955.276 87,264,284,579 58,932,022,187 64,358,742,140
bills discounted
money
reported
<5A@%% for all maturities.
Francs
Gold holdings
time
l//2% for four to six months maturities.
active this week.
Changes
Credit bals. abroad,
for
transactions
occasional renewals at rates
the demand has been
,
market
only
Rates continued nominal at
COMPARATIVE STATEMENT
OF FRANCE'S
BANK
Below
change.
no
was
Bank is
serve
York Re¬
34% for bills running from 1 to 90 days.
The Federal Reserve Bank's
holdings of acceptances
''
remain
unchanged at $545,000.
Foreign Money Rates
Discount Rates of the Federal Reserve Banks
IN bills
LONDON open market discount rates for short
Friday
%%,
against %% on
on
were
Friday of last week, and %% for three-months bills,
against z/i% on Friday of last week.
as
call at London
open
to
on
market rate
Friday
was
'HERE have been
as
H%-
was
lowered
Money
on
At Paris the
The
following is the schedule of rates now in effect
for'the
various
classes
of
paper
at the different
Reserve banks:
Nov. 25 from 3lA%
on
changes this week in the
no
rediscount rates of the Federal Reserve banks*
DISCOUNT RATES OF FEDERAL RESERVE BANKS
-
'
■
3%, while in Switzerland the rate remains at L%.
Rate in
Discount Rates of
•
Foreign Central Banks
Nov.
rate
+
Philadelphia
Cleveland
which time
raised from 2J^%.
was
Present rates at the lead¬
IX
—
the table which follows:
—
Dallas...
-
Effect
Nov.25
Country
vious
Established
Effect
Holland
Date
vious
Nov. 25
Rate
Country
Established
Rate
2 1936
3X
Mar.
2
Dec.
Batavia
4
July
1 1935
4~X
Hungary...
4
Aug. 24 1935
Belgium...
2X
Oct.
26 1938
3
India
3
Nov. 29 1935
Bulgaria—
6
Italy..
Japan.....
4X
May 18 1936
2X
Aug. 15 1935
Mar. 11 1935
7
Canada
Chile
4
Jan.
24 1935
4X
Java
Colombia..
4
July
18 1933
5
Lithuania..
Morocco
3
Jan.
1 1936
3 X
Norway
...
4
Jan.
2 1937
5
Poland....
Oct.
Portugal
Argentina.
_
1 1936
Czechoslo¬
vakia
Danzig
...
3.29
Jan.
14 1937
4
6X
6
6X
1 1936
May 28 1935
4X
3X
Jan.
51938
4
4X
Dec. 17 1937
5
4
Aug. 11 1937
4X
July
19 1936
3X
' June 30 1932
3X
Rumania
4X
Dec.
2
June 30 1932
2X
South Africa
3X
May 15 1933
Estonia
5
Sept. 25 1934
&X
Spain
5
July
Finland
4
Dec.
4 1934
4X
Sweden
2X
Dec.
France
2X
Nov. 24 1938
3
Switzerland
IX
Sept. 30 1932
4 1937
5
Yugoslavia-
5
Feb.
7
Germany
Greece
_
.
4
4
6
Jan.
5
3
3
.
3X
3.65
6 1936
Eire..
.
2X
4X
Apr.
England—
Denmark
.
.
IX
2
:?•
2
2
IX
IX
Aug. 21, 1937
2
Aug. 21. 1937
2
Sept. 2,1937
Aug. 24, 1937
2
3, 1937
Aug. 31, 1937
2
Sept.
3. 1937
2
IX
IX
Sept.
2
2
Pre¬
Rate in
Pre¬
Dale
'
2
IX
Kansas City
San Francisco
Rate in
J.
IX
- - - -
-
St. Louis
Minneapolis
ing centers are shown in
Rate
:•
IX
-
Atlanta
Chicago
it
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
IX
IX
*
Richmond
had been in effect since Sept. 27, 1938 at
Sept. 2. 1937
Aug. 27, 1937
1
1
New York
Previous
Established
25
IX
Boston—
THE Bank of France on November 24 lowered its
discount
from 3% to 2J^%.
The 3% rate
Date
Effect on
Federal Reserve Rank
7 1934
6
4X
10 1935
5
1 1933
2
1 1935
Sterling Exchange
STERLINGthe the entire foreign exchange market
present and
predominating features as a
same
week ago.
is
Sterling
pressure
at the present junctur
due almost entirely to uneasiness
abroad aroused
by the German persecution of the Jews. In only a
minor degree does the
pressure arise from com¬
mercial
causes.
3
Nov. 25 1936
Course of
has been between
The
range
for sterling this week
$4.63 9-16 and $4.7034 for bankers'
6X
sight
bills,
compared
with
a
range
of between
Financial
3214
$4.69 3-16 and $4.73 11-16 last week.
has
transfers
cable
been
compared
$4.70 3-16,
with
The
$4.6934 and $4.73 13-16 a week ago.
The fact that on the political side it seems within
the range
of possibility that Mr. Chamberlain will be
severely rebuked and his Cabinet position endangered
Declining
adverse factor.
The
continues
industrial activity is also an
of the French franc is not helpful to
weak position
pound, but undoubtedly the troubled political
greatly accentuated by the
the
balance,
compared
balance
adverse
£340,439,000
£43,284,000
with
£328,687,000,
was
industrial
and
Great
activity in
quarterly
against
activity have been
definitely declining throughout the past
dustrial
in
year
before.
a year
trade
British
cut down
was
For the first 10 months of this
October, 1937.
the
1938
The adverse balance for the month
£31,029,000,
was
26,
factor adverse to sterling,
a
heavy although in October it
by £12,000,000.
militating against strength in sterling.
is
Nov.
Britain's trade
for
between
of
range
a
range
$4.63 11-16 and
between
Chronicle
for 1930
averages
100,
as
In¬
year.
based
Britain,
on
the
4.3% less
was
situation in Europe, now
for the third quarter
persecutions in Germany, is the outstanding cause of
ceding quarter and 10.5% less than that during the
pressure on
The
of relief and satisfaction felt in London
at the conclusion
of the Anglo-American trade agree¬
hardly suffices to offset the pressure from other
ment
causes.
•r
■
In trading in New York on
,
$4.61 reached toward the end of Sep¬
during the German-Czech crisis.
tember
149s.
was
10^d.
a
new
the same time to the extremely
149s. 2d.
on
Wednesday, and
of
level
Friday. Friday's price of 149.l0^d.
on
high and exceeded the all-time high of
149s. 4d. reached
on
March 6, 1935.
exchange equalization funds were
in the market to check the
active
quantities of sterling, which involves ultimate claims
the gold of the British fund.
upon
Decreases
The flow of gold
from London to New York has decreased
substantially
The index number for the
figure since the third quarter of 1935.
recorded in the third quarter as com¬
are
earlier in eight of 10 groups, the
a year
largest being iron and steel, with
nonferrous metal trades with
textiles with
loss of
a
fall of 36%, the
a
drop of 1634%
a
firmer
market is beginning to show
tendency, although call
continued unchanged at
J4%-
London,
a
slightly
Two-months bills
o
are
Three- and four-
<
M%> against 9-16% and 19-32%,
are
respectively, last week.
Six-months bills
are
%%,
:
All the
gold
on
during the week
believed to
be
offer in the London
offer
open
market
taken for unknown destination,
was
largely for private account and for
shipment to New York.
on
and
against bills
money
13-16% against 9-16% last week.
against
>
11}4%-
With the outward movement of funds from
the money
downward trend of the
The American fund bought considerable
pound.
lowest index
months bills
Throughout the week both the British and the
American
quarter of 1938 stood at 116.5 and was the
Gold in
London moved up at
high
quarter of 1937.
third
pared with
1
Tuesday and Friday
sterling moved down to a five-year low and almost
to the low of
pre¬
third
the pound.
sense
of 1938 than that of the
£799,000,
on
On Saturday last, there
Monday £257,000,
on
during the past month, but most of the gold taken in
£636,000,
London from day to day is nevertheless intended for
£1,071,000, and
shipment to New York, while the American equaliza¬
tion fund establishes claims on the British gold
week ended
whenever it supports
was
Tuesday
Reserve Bank of New York, was as follows:
the pound.
Despite the reduced movement of the metal from
on
$15,000,000,000 mark.
in
mark
was
;
There is little or no gold now being hoarded in
London by private interests, as compared with the
activity of this character which had continued
Foreign interests still hoard
gold in London, but the demand abroad
to have turned
From
ence
chiefly to United States
now seems
currency.
September, 1931, until the Munich confer¬
partition of Czechoslovakia, Great Britain from
month to month retained the greater part
of its gold
imports, despite the heavy takings by gold hoarders
which
were
houses.
deposited in the vaults of the London
British
gold imports in October amounted to
£29,446,680 and for the 10 months of 1938 totaled
£228,196,213 against £270,862,855 during the
responding period of 1937.
the metal
October
were
of
last
cor¬
Last month's exports of
£73,521,540, against £14,626,553 in
year.
For the
10-month
period
exports of gold aggregated £256,859,892 for 1938, as
against £198,203,303 in 1937.
Of
-
Ten-months exports
gold to the United States amounted to £178,589,-
875 for 1938, compared
Thursday
as
gold movement for the
reported by the Federal
YORK, NOV. 17-NOV. 23, INCLUSIVE
Exports
None
1.107.000 from India
730,000 from Holland
$22,380,000 Total
Net Change in
Gold Earmarked for Foreign Account
Decrease: $3,561,000
^
•
f
Note—We have been notified that approximately $749,000 of gold was
they stand at $14,176,641,608.
September, 1931.
on
2,791,000 from Canada
holdings increased to $14^000,000,000. As of Nov. 18
since
23,
$17,758,000 from England
passed, and in September, United States gold
intense
Nov.
Imports
reached
May, 1937. In July last, the $13,000,000,000 level
was
£230,000,
Friday £881,000.
GOLD MOVEMENT AT NEW
In this connection it should
be noted that the $12,000,000,000
on
At the Port of New York the
London to New York, the American gold holdings are
steadily increasing and apparently approaching the
Wednesday
with £168,551,802 in 1937.
received at San Francisco, of which $637,000 came from China and $112,000
from Australia.
The
above
Wednesday.
for the week ended
on
On Thursday, Thanksgiving Day,
no
figures
report was issued.
was
received from
of the
metal
are
On Friday $1,222,000 of gold
England.
There
were no
exports
change in gold held earmarked for
or
foreign account.
Canadian exchange, while relatively
tinues to rule at
Montreal funds
a
The
following tables show the
on
Paris, the London
and the price
con¬
ranged during the week between
discount of %% and a discount of
rate
steady,
discount in terms of New York.
mean
open
a
%%.
London check
market gold price,
paid for gold by the United States:
MEAN LONDON CHECK RATE ON PARIS
Saturday, Nov. 19-.Monday, Nov. 21.
Tuesday, Nov. 22——
178.70
178.72
178.69
Wednesday, Nov. 23
Thursday,
Nov. 24
.178.63
Friday,
.178.68
Nov. 25
178.72
LONDON OPEN MARKET GOLD PRICE
Saturday, Nov. 19
Monday, Nov. 21
147s. lid.
147s. ll^d.
Tuesday, Nov. 22——148s. 9d.
| Wednesday, Nov. 23
Thursday,
1 Friday,
Nov. 24
>
149s. 2d.
149s. 9d.
Nov. 25..149s. 10Md.
Volume
Financial
147
(FEDERAL
BY THE UNITED STATES
PRICE PAID FOR GOLD
^RESERVE BANK)
___
Tuesday, Nov. 22
35.00
Thursday,
Nov. 24
35.00
...
$35.00
Holiday
35.00
Wednesday, Nov. 23
.$35.00
Saturday, Nov. 19
Monday, Nov. 21
Friday,
Nov. 25.
Referring to day-to-day rates sterling exchange oji
Saturday last
limited
down from
wras
Bankers' sight
trading.
close in
previous
On
$4.69%@$4.70 3-16.
$4.7034; cable transfers
orities
on
The range was
$4.68 15-16@$4.69 7-16 for bankers' sight and $4.69
@$4.6934 for cable transfers. On Tuesday sterling
a
plan to continue the reconstruction program
the need to
under
severe
@$4.67 13-16
The
pressure.
$4,663/8
$4.6634®
range was
and
sight
bankers'
for
large natural increase of population and the need to
maintain
The
adequate defenses.
following table shows the relation of the leading
European currencies to the United States dollar:
pound
was
easier.. Bankers'
$4.66 15-16; cable
sight
was
Thursday, Thanksgiving Day, there was
On
New York.
in
new
low.
pound broke to
Friday the
a
$4.63 9-16@$4.64 13-16 for
The range was
sight and $4.63 11-16@$4.64% f°r cable
bankers'
transfers.
Closing
quotations
transfers.
Commercial sight bills
were
finished at $4.6334,
bills at $4.6234;
60-day bills at $4.62 9-16; 90-day
documents for payment
Friday
on
and $4.63 13-16 for cable
$4.63 11-16 for demand
(60 days) at $4.62 9-16, and
Cotton and grain
seven-day grain bills at $4.63%.
for
$4.6634®
On
no market
transfers $4.66%@$4.67 1-16.
Parity
b
c
Continental and Other Foreign Exchange
THE French*said show
and fiscal situation
be foreign exchangeimprovement. After
to
cannot
any
Nov. 1 there seemed to have been some
restoration of
confidence in the rehabilitation program of Premier
Daladier and his Finance Minister, M.
encouraging repatriation of French
an
to
return
the franc
14 and
It
estimated that
was
funds.
The
15, when a sharp reversal occurred.
Nov.
more
than 2,000,000,000 francs
(approximately $53,000,000) was repatriated between
has displayed strong
M. Daladier's recovery decrees, in
been aided by the Communist faction
Socialist Left. Widespread strikes developed
opposition to
which they have
and the
and the French stabilization fund has been obliged to
support the declining franc.
the dollar, the franc is easy,
dollar
Measured in terms of
due in part to the sterling-
relationship, but also to the failure to maintain
confidence in the unit.
siderable part
It
seems
of the French
probable that
money
first half of the month has again
a con¬
repatriated in the
6.63
16.95
5.26
8.91
Switzerland (franc)
19.30
32.67
22.57** to 22.80
Holland (guilder)..
40.20
68.06
54.33
The
Belgian
currency
as
18.85.
perous
Its par is 18.99 cents and
been ruling around
considerable time it has
The Polish business situation has been pros¬
and marked by intensive industrial expansion
Poland's imports and exports have both
since 1936.
Imports of machinery and raw
shown expansion.
materials
increased
notably.
;
Exports
likewise
increased, but could not keep pace with the imports
so
necessary
to
I The
at
industrial expansion.
Hence an
developed with the
inconvenient adverse balance has
London check rate
New York
on
sight bills
on
on
Paris closed
cable
transfers
on
francs
Friday
Friday of last week.
on
In
the French center finished
Friday at 2.5934? against 2.63
week;
Friday of last
on
2.5934?
at
against
2,6334*
Antwerp belgas finished at 16.92 for bankers' bills,
and
transfers,
Final quotations
for bankers'
with
cable
for
16.92
16.90.
against 116.90
for Berlin marks
were
Italian lire closed at
sight bills and at 5.2634 for cable
Exchange
on
against 3.42;
on
transfers, against 5.26 and 5.2634*
finished
Czechoslovakia
at
Bucharest at 0.74, against
3.42,
0.74;
on
Poland at 18.85,
against 18.85; and on Finland at 2.0534?
against
Greek exchange closed at 0.85%, against
2.0834*
0.8634*
and
40.06
sight bills and at 40.06 in comparison
40.0634 and 40.0634*
'
-
EXCHANGE on the countries neutral during the
shows mixed trends.
The Scandinavian
war
currencies
are
generally eaiser
in
harmony with
The Holland guilder and the Swiss franc,
sterling.
which abandoned the tie to sterling on
moving in opposite directions.
Sept. 26,
are
The Swiss franc,
during the past week especially, has followed the
downward course of sterling, while the Holland
guilder has advanced strongly.
Holland
has
received
considerable
quantities of
gold from London in the past few weeks and at the
same time has added to her gold stocks earmarked at
New York. The statement of the Bank of The Nether¬
lands
as
of Nov. 21 showed total gold stocks of 1,481,-
000,000
guilders,
previous.
unchanged from several weeks
The statement does not disclose the
gold earmarked at New York. The Bank's
gold to total sight liabilities is 79.9%.
dispatch from Basle to the London
"Financial News" stated that Denmark is arranging
ratio of
for
recent
a
334% l°an °f 25,000,000 Swiss francs, which
by two leading Swiss banks for
own account.
Of the loan 5,000,000 francs are
has been taken over
being placed
abroad and the rest will be offered to the
public at 9934%* The proceeds of the new loan
be utilized to repay the Kingdom of Denmark
Swiss
will
5% 1928 loan issued in
guilders.
Swedish crowns and Dutch
:
Amsterdam finished on Friday
at 54.43, against 54.37 on Friday of last week; cable
transfers at 54.43, against 54.37; and commercial
Bankers' sight on
sight bills at 54.38, against 54.32. Swiss francs closed
at 22.76% for checks and at 22.76% for cable trans¬
fers,
against
22.5934 and 22.5934*
Copenhagen
and cable transfers at 20.70,
plans.
checks finished at 20.70
the Polish auth¬
against 21.00 and 21.00.
advance in the Polish industrial reconstruction
To counteract the adverse balance
to 54.44
devaluation of the European currencies
178.68, against 178.67
their
zloty is regarded as one of the minor
currencies in New York.
a
ruling around 16.92, its par.
>V
being 16.95.
for
continues to show a tone of
during the past several weeks.
In New York the unit is
The Polish
New dollar parity as before
16.90** to 16.92**
5.26** to 5.26**
between Sept. 30 and Oct. 3, 1936.
b Franc cut from gold and allowed to "float" on June 30,1937.
c On May 5,1938, the franc was devalued on a de facto basis of 179
to the pound, or 2.79 cents a franc.
A
reduced from 3% to 234%.
relative firmness
2.63**
2.59** to
3.92
13.90
amount of
taken flight.
On Nov. 24 the discount rate of the Bank of France
was
This Week
„■
now
Nov. 1 and Nov. 15.
Since then the labor group
(franc)....
Range
Parity
&
Reynaud and
particularly marked until
was
France
Belgium (belga)
Italy (lira)
5.26 for bankers'
payment finished at $4.6334.
Dew Dollar
Old Dollar
a
On Wednedsay the
$4.67 15-16 for cable transfers.
of two main factors,
pressure
provide employment for the unusually
Monday the pound moved lower.
was
Polish economic policy is
gradual scale.
more
developing under the
$4.69 13-16®
was
3215
Chronicle
Checks on Sweden closed at
3216
Financial
Chronicle
Nov.
26,
1938
23.8*Tand cable transfers at'23.89, against 24.23 and
The value of gold held by the Bank of France is
presently calculated, In accordance
with the decreeof Nov. 13. 1938, at the rate, 27.6 mg.
24.23; while checks
gold,
and
cable
on
Norway finished at 23.29%
at
23.29%, against 23.63 and
transfers
gold, .9 fine, equals
previously and subsequent to July 23, 1937, gold in the Bank
(7.9881
23.63.
was
franc;
one
valued at 43 mg.
.9 fine, per franc; before then and after Sept. 26, 1936, there were 49 rag. to
the franc; prior to Sept. 26, 1936, 65.5 mg. gold, .9 fine,
equaled one franc.
Taking
the pound sterling at the rate at which the Bank of England values its
gold
gold
gr.
holdings
sterling), the sterling equivalent of 295
ll-12ths fine equals £1
francs gold In the Bank of France is
Just about £1; when there were 43 mg,
gold to the franc, the rate was about 190 francs to the £1; when 49
mg., about 165
francs per £1; when 65.5 mg., about 125 francs
—
now
equaled £1.
EXCHANGE dninthe South American countries is
steady, due
most
to strict exchange
cases
control.
tone
Argentine
it
as
Nov.
in
moves
and
15
In the
low of 22.75
the
24
official
Nov. 18 to
on
high of 23.20
a
Between
peso
low of 31.10
a
on
showed
a
peso
Argentina
of Nov. 15 discloses
as
strong
a
addition to which the statement shows
in
gold at home (extension of the foreign exchange fund)
and
gold abroad and foreign exchange totaling 101,-
818,409
Official estimates of the
pesos.
largest
crop
above
the
in 10
and fully 50,000,000 bushels
years
five-year
will
1926-30
This great
average.
strengthen
greatly
Argentina's
to
bankers'
closed
paper pesos
Friday at 30.93 for
on
sight bills, against 31.35
Friday of last
on
week; cable transfers at 30.93, against 31.35.
unofficial
or
free
market
keep 2,000,000 people busy twenty
soil
if
of armaments to
not
am
an enormous program of
of human
conservation
protect this part of the world.
mechanics,
whether
I
am
not
raising the question
how it is going to be done,
or
close
22.50@22.60,
was
Brazilian milreis
The
important thing is that there
his address he pointed out, as
the relief
problem
put
XCHANGE
on
the
strongly inclined to
these units
Far
Eastern
move
allied either
countries
is
with sterling, to which
as
in the
through exchange control,
or
legally,
as
in the case of
are
Japanese
the United
case
of'
Japan continues to send gold to
yen.
States, while the
yen
at the rate of Is. 2d. per
yen.
is pegged to sterling
Aside from the influence'
relationship of these currencies to sterling, they
undertone of weakness
as a
result of the
long
demoralization of trade in the Far East.
at the present
us
in 1929.
Mr.
4,000,000
unemployed than there
more
Hopkins, it will be noted, did not affirm that
the WPA
or
some
similar agency was
for another two
on
—♦—
showing not only that
permanent but that it ought
population should give
some
Chilean exchange is
nom¬
was
fine
are
Elsewhere in
sound and efficient basis, that the in¬
on a
of
time
quoted
are
or
something is going to take the place of
WPA.
to be
I
raising the question of who shall spend the
for this work.
money
of
and
and,
policy demands it, the production
national
crease
(official), against 5.90.
,
an
habitation,
conservation
our
inally quoted at 20%, against 21%.
of the
or thirty years.
housing to be built to replace shacks un¬
fit for human
The
quoted at 5.19 (official), against'5.19. Peru is
show
Progress Administration,
meeting of supervisors and adminis¬
a
were
against 23.00@23.03.
the
Thirty Years
things to be done in this country."
Argentine
India,
or
employees of that organization in this city
16, "that there is work enough in America
Nov.
financial
position.
at 5.90
trative
Argentine
new
wheat crop are placed at 290,000,000 bushels, the
crop
speaking at
on
position, with gold at home totaling 1,224,417,645
Twenty
convinced," said Harry L. Hopkins, Ad¬
ministrator of the Works
Nov. 23. The statement of the Central
on
am
There is
Bank of
pesos,
"I
a
Nov. 18 and
on
Good for
easier under¬
Argentine
period the free
same
of between
range
an
harmony with sterling.
Nov.
ranged from 31.39
Nov. 24.
shows
currency
or
casion, indeed, to remark that "the
that
get their income" in
can
from
private enterprise "the
judgment, "we
are,
likely to
go
He took
three decades.
oc¬
people
more
way or another
one
better
off,"
in
his
and clearly it is the business of
government to do eveiything it can to implement
the economic system to see that that is done."
obvious
that since
a
The
implication of his remarks, however,
was
unemployment relief in this country
permanent problem,
and the number of
was
unem¬
ployed appeared to increase with the increase of
1
Closing quotations for
27.05, against 27.41
kong closed
at
on
yen
checks yesterday
Friday of last week.
29.02@29 3-16,
against
were
Hong¬
29 7-16@
population, the kind of relief that the WPA
providing
was not
time to
some
was
likely to be dispensed with for
His
come.
figure of 2,000,000 persons,
29%; Shanghai at 16 1-16@16%, against 15%@16%;
presumably all in need of relief, who could be kept
Manila at 49.90, against
busy for twenty
49.90; Singapore at 54.10,
thirty
or
years
seems
small,
es¬
against 54.85; Bombay at 34.66, against 35.11; and
pecially since the employment total is apparently
Calcutta at 34.66, against 35.11.
not
keeping
with the growth of population, but
pace
whatever the
Gold Bullion in European Banks
figure, there will be
portunity for the WPA
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
par
of
exchange) in the principal European banks
as
of
respective dates of most recent statements, reported
to us by special cable
yesterday (Friday); comparisons
are
corresponding dates in the previous
four years:
1937
1936
1935
£
£
£
£
327,680.723
327.860,548
249,366,543
198,439,185
192,681,035
France
295,811,134
310,168,538
391,871,164
1,875.000
552,200,103
665,810,462
3,354,150
2.876.950
87,323,110
42,575,000
47,491,000
105,691,000
90,314.000
90,660,000
42,575.000
66,158.000
Germany b.
3,006,950
2,506,400
Spain...,
c63,667.000
87,323,000
Italy
Netherlands
a25,232,000
123,418,000
25,232,000
118,720,000
Nat. Belg._
97,055,000
Switzerland
114,910,000
32,832,000
95,533,000
77,645.000
Denmark..
"
on
There
are
fine
things to be done
which relief workers
employed.
can
be
T
be
can
no
doubt that there
are
plenty of
"fine
things" to be done, and that they would not
accomplished
relief
6,536,000
8,205,000
'
51,853,000
73,410,000
98,216,000
72,072,000
81,882,000
46,719,000
69,482,000
26,065,000
6,547,000
24,274,000
21,604.000
6,555,000
7,396.000
6,603,000
6,602,000
6.580,000
1,095,503.786 1,078,434,200 1.044,440,420 1.153.544,210 1,254.176.040
Amount held Dec. 31, 1936, latest figures available,
Bank of Germany are exclusive of gold held
a
reported at £526,700
c As of April 30,
report since Aug. 1, 1936.
were
b Gold holdings of the
abroad, the amount of which is now
1938, latest figure available.
Also first
or
to
thirty
takes stock
ways
life
15.732,000
6,553,000
6,602,000
twenty
even
if
every
employable
person
work hard at them for the next
in
years.
As long as the human mind
the idea of
progress,
there will al¬
be something considerable to be done to make
happier, healthier and more interesting.
The
practical question, however, is whether the WPA,
now
for
some
years
under Mr. Hopkins's direction,
is
really making progress or likely to make progress
in
reducing to such a relatively nominal figure as
Total week. 1,098,353,807 1.084.202,486
1,045,504,817 1,118,431,438 1.252,858.447
Pre v. week.
country"
lack of op¬
1934
England
Sweden
this
on
1938
£
Norway
function because "there
in
no
something of the kind to
all be
shown for the
Banks of—
or
two
how
or
three million the number of
unemployed, and
long the present program can be kept going
Volume
without
the
The outlook at
bankrupting the country.
present moment, at either of these points, is not
More than five and
encouraging.
a
half
years
theRooseveltAdministration got under way
after
finds the
unemployment tota| not far enough below the maxito
mum
give much hope that it will be materially
lowered, and this notwithstanding that in many
private industries employment has held its own or
even
revival of the
The industrial and busi-
somewhat increased.
ness
been
cases
in
accompanied by
a
corresponding increase
ability of the previous working force to
Not all the Federal relief
handle.
of
past few months has not in all
employment, the increased business being well *
within the
course
to be
expenditures
are
charged "to Mr. Hopkins's office, but
billions
relief
the
count
heavily
in the
Federal
budget, the Federal Government is operating persistently in the red, and State and local finances
are
heavily burdened by relief expenditures.
Mr.
Hopkins's references to the continuance of
unemployment for which some kind of government
relief will be necessary,
and to the "fine things to be
country on which relief workers can be
done in this
employed," naturally raise the question whether any
other characteristic activities of the
within
likely to be demobilized
Here
again,
to be
seem
as
Mr.
any
near
are
future,
in the case of relief, the chances
can
have its way.
The agricultural
to one phase of which, soil conservation,
Hopkins alluded, is not only far from comple-
tion but has not even
It will take
a
passed the experimental stage,
good many years to whip or bribe
farmers and consumers into
the
New Deal
strongly in favor of continuance if the
Administration
program,
unswerving support of
complicated scheme of soil conservation, crop
storage of
restriction,
surpluses that cannot be
dumped abroad, price regulation and all the rest,
Administration's
The
while well under way
grandiose
power
program,
in the Tennessee Valley and
the Columbia River area,
is plainly one that would
complete, but on Monday Mr. ■
Roosevelt, speaking to the workers at the Chicka-
require years
mauga
to
Dam on the Tennessee River, opened up an-
unlimited vision by
declaring that "because of the
example that this work is setting you will cause
fequal progress not only in the Tennessee Valley but
in other
parts of the country—even in parts of the
country where there are not
across."
rivers to put dams
What the last part of this statement means
is not very
clear, but it can hardly have been en-
couraging to private utility companies or to those
of Congress at the
Federal power projects would be dropped.
v
Encouragement is no greater in other directions,
The railway situation is not better, but rather worse,
who, remembering the attitude
last
session, have hoped that plans for further
than
it
was
when Mr. Roosevelt
there is no evidence as
took office, and
yet that the policy of neglect,
obviously well calculated to bring
ment
about governMr.
ownership in the end, is to be changed.
voiced emphat"are going
to be given as a matter of right upon reaching a
certain age," that "the numbers involved are going
to be large, very large, because the percentage of
old people in America is growing and is going to
grow for the next twenty years," and that "only
Hopkins, in his New York speech,
ically the opinion that old-age pensions
the Government can tax
and
3217
Financial .Chronicle
147
the people for this outlay
only the Government can
write the law that will
make this stick." If old-age pensions are to increase, there is no reason why unemployment insurance,
which is provided for in the
same
Act that
provides for pensions, should be discontinued.
The
building of a merchant marine, owned and operated
or subsidized and controlled by the Federal Government, is not likely to slacken as long as the money
holds out, there is no sign that the Securities and
Exchange Commission is preparing to
of its functions
or
shed
any
that Government control of bank-
ing is to be relaxed, and the Federal housing
pro-
another of Mr. Hopkins's illustrations, which
has been no more than begun and which contemplates long-term credits, will certainly not be sus-
gram,
pended as long as any chance appears of carrying
it
on
and getting back something of what has been
loaned. The wage-hour law contains provisions
which imply the continuance of the Act for at least
seven years, the Walsh-Healey Act, which allows the
Secretary of Labor to fix wages in industries that
have Government contracts irrespective of any rates
that may have been fixed by the Administrator of
the wage-hour law, is apparently not scheduled for
repeal, while if the Wagner Act is amended by the
next Congress so as to remove its glaring inequities
and put employees under as much obligation as it
imposes upon employers, the public may well suspect that the age of miracles has returned.
: : ; v
What all this means is that recovery, in the gen-
erally accepted sense of that term, has ceased, for
all practical purposes, to be the aim of the Administration, and that what is being worked for is a
revolution camouflaged as reform. Mr. Hopkins, for
example, salutes the virtues of private enterprise
and expresses hope of a time when the majority of
incomes will not come from Government
handouts,
but he must certainly b6 aware that the recovery
which was earnestly hoped for in 1933, and which
the Roosevelt Administration was widely expected
to bring about, not only lags badly but that Ad-
ministration policies have put weighty obstacles in
its way. What has been sought is a transformation
of the United States from a country of free enterprise based upon private initiative into a country
in which all important enterprises, and many of
minor importance as well, will operate under Government control. The fine phrases in which Mr.
Roosevelt has praised private initiative and competition have been completely negatived by the Federal
statutes hd has demanded and the administrative
control which he has set up. The system is peculiar
in that, while it resembles socialism in some of its
features, it is in practice more fascist than socialist,
It leaves most industries and businesses legally in
private hands, but surrounds the owners or managers with a network of Government relulations
which involve heavy penalties for those who try to
escape them.
It does its best to break down the
constitutional distinction between interstate and
intrastate commerce, treats the Federal system as
if it were an outgrown arrangement, and interferes
with the right of the States to choose whomsoever
they please to represent them in Congress,
Mr. Hopkins's reference to the "fine things" on
which Government-supported labor
might well be
employed for twenty or thirty years has, accordingly,
a significance that should not be overlooked. The
Administration is not looking for recovery, for recovery means a return to a kind of prosperity which
Financial
3218
the Administration does not wish to see.
Chronicle
Nov. 26, 1938
What is
to have been made of the probable cost of the pro-
wanted, and what is systematically worked for,
is a new social order in which the public welfare
posal even if it could be carried through, and the suggestion of raising $100,000,000 by private subscrip-
will be what
Washington decrees.
formation is
effected, the United States will have
If such
a
tions, with the United States furnishing the larger
trans-
part,
There is
State.
Congress
the United States in the Jewish controversy, there
he has controlled the two preceding
as
are
disappear quickly under moderate electoral
re-
long shown a wide tolerance toward the Jews, far
the larger number of Continental countries are
either notoriously intolerant or are restrained by
buffs, and Congress will have to resist stoutly the
political influences that will be let loose
the indefinite
upon it
if
prolongation of the New Deal revolu-
fear of Germany from giving much expression to
tion is to be defeated.
-
-
More
1.
their
-
Light Wanted on American
Foreign Policy
The events of the
three things in particular that the country would
like to know if he has considered. The first is the
fact, apparently little understood in this country,
that while Great Britain and the United States have
The Messiah complex coes
his autocratic demands.
not
products of the
to expect that Mr. Roose-
that he will alter in any essential respects
ones, or
as yet among
his utmost to control the next
no reason
velt will fail to do
must1 be classed
imagination.
Since Mr. Roosevelt has seemed willing to involve
become, to all intents and purposes, a totalitarian
opposition to German policy.
It can hardly
have escaped notice that France, long an asylum for
the oppressed of all nations, has distinctly soft-
ten days have made
pedaled its feelings of disapproval or resentment,
somewhat clearer certain of the trends in American
that The Netherlands, Belgium, Denmark and the
foreign policy, but they have also raised
patches, regarding the situation in Germany and the
Scandinavian countries have been very cautious
about speaking out, and that from the States of
Eastern and Southeastern Europe there has been
no audible protest at all.
Even Mr. Chamberlain,
with a considerable record of British tolerance behind him, has been noticeably reserved in speaking
attitude of
of British sentiment.
tions than
son,
past week
or
they have answered.
who is
an
more ques-
Ambassador Wil-
experienced diplomat, will doubtless
be able to inform President Roosevelt and
Hull,
what is
Secretary
fully than has been possible in his dis-
more
representatives of other Powers toward
1
Ambassador, who has also been called home to
The second item is the possibility, perhaps even a
probability if certain recent expressions are re-
report, will, it is to be hoped, succeed in making
garded; that the German Government may interpose
clear to the German Government the state of offi-
serious obstacles in the way of removing its Jewish
map
being done
cial and
such
planned there; and the Ger-
or
public opinion in this country
opinion has manifested itself.
as
far
It will be
.
minority, or that it may wreak even more bitter
the Jews in the period during which
as
vengeance upon
un-
fortunate if the German Ambassador mistakes the
arrangements for removal are being made.
organized protests, resolutions, declarations of prom-
suggestion of opening to the Jews African areas
which were formerly German colonies, and which
were taken from Germany by the Peace Conference
and later put under the mandate authority of its
former enemies, has been particularly galling not
inent
people, and propaganda activities generally
indications that the American
toward war,
but if he does there will be nothing that
be done about it
can
as
public is inclining
this side of the Atlantic
on
only because it has the appearance of a deliberate
affront but also because of the clear intimation that
except to show, by moderation and restraint, how
unfounded the
interpretation is.
Meantime the
the
'
the former colonies will not be returned.
proposal of a wholesale removal of
bassador
obviously meeting obstacles.
Kennedy
seems
how far at President Roosevelt's
far at his
own
intervention in what the German Government in-
Am-
sists is
to be still in the thick of
the discussion of the question in
has not been
There is
actually a grave possibility that, what with outside
hard-pressed Jewish population of Germany to
other countries is
The
a
purely domestic matter, and the proposal
England, although
to colonize Jewish refugees in former German ter-
prompting and how
ritory in Africa which Great Britain appropriated
divulged; Prime Minister
as
part of the spoils of a war in which it was be-
Chamberlain has announced that the British colonies
lieved that Germany had
would
ate plight of the German Jews may be made more
be
opened to Jewish refugees, and several
European countries have indicated a willingness to
grievous than it is now.
lighten somewhat their immigration restrictions for
the benefit of the sufferers.
likely to be followed to
the United
States, and
This latter
some
some
can
or
The third item is still .more complicated.
In
course seems
spite of British and French chagrin over the en-
extent by Canada and
forced surrender to Germany in the Czechoslovakian
controversy, some British expressions of concern
openings will doubtless
be found in Latin America.
timates of what
been crushed, the desper-
The most liberal
es-
over
will be done in all of these
the treatment of the German
Jews, and
pro-
posals to colonize Jewish refugees in areas some of
which were former German possessions, a treaty has
directions, however, fall far short of providing for
the 700,000 or so Jews whose very existence is
just been concluded between France and Germany
threatened
which
in
Germany,
and
Mr.
Chamberlain's
particular mention of British Guiana and Tanganyika
places of refuge has aroused
as
among
no
enthusiasm
places,
either
and
those who realize the vast amount of work
that would have to be done before either of those
or
a
others
similarly situated, could offer
reasonable chance of
physical survival
opportunities for comfortable maintenance
nomic advancemeht.
or
or eco-
No reliable calculation appears
seems
to guarantee
Germany against French
interference with German plans in Eastern Europe,
.
promises an attempt, at least, to settle dis-
putes between the two countries without resort to
force.
At the same time an understanding is re¬
ported to have been reached between the British and
French Governments regarding
joint plans of de-
fense, and Mr. Chamberlain continues to pursue
his policy of European
"appeasement."
If France
Volume
and
Financial
147
Germany
one
undertaking to avoid
are
another, against whom
Britain
jointly to
berlain
arm to
are
the teeth?
If Mr. Cham¬
hopes to bring Chancellor Hitler into
eral peace
Jewish
with
Avar
France and Great
a gen¬
compact, why does he propose to colonize
refugees in former German colonies and let
it be understood that the former colonies will not be
returned?
What kind of
three Powers
Mr.
a
game,
playing, and what
Roosevelt
and
shown less than
Secretary Hull would
things.
There
tions, however, that call for
is
or
have
several
ques¬
Assuming,
proof to the contrary,
American
of Washington, why
Government
associating
itself
closely with plans for Jewish colonization that
irritating to Germany?
is
this
kind
of
furthered ?
For what ultimate
secret
Anglo-American cooperation being
The
and
are
purpose
commercial
treaty that has
been concluded with Great Britain (a treaty
in
as
just
framed
put into effect without waiting for
the
approval of the Senate) may improve commer¬
cial
interchange between the two countries, but is
it also intended to bind the
the event of
a war
If any one
it is that
a
The devious and
which
courses
pursuing do
Germany is for the moment master of the
quarrel with it.
Is there reason for think¬
European States?
If there is, the country
should be told what he has in mind.
the
as
France,
moreover,
day by day.
matter
a
If
of
Theodore
occasion at
an
ever
united
be
with
a
deliberately irritate and plan to fight
with which
Mr.
peace.
The official
continue to be
presentation of the case in this country
or
penetration from Europe.
cluding Canada if it so wishes.
Anything that will
friendly relations among the Latin
American States and between them and the
United
States, or improve their economic relations, or erect
ment of any
it is
may
bulwark
against European encroach¬
kind is heartily to be encouraged, and
cordially to be hoped that the Lima Conference
turn out to have been well worth
be
should not
while.
to
disturbing
preparation for defense, whether national or in¬
propaganda, that the spread of such propa¬
ganda is aided in most Latin American countries
by the lack of any firm
government,
and
that a
solidarity in pursuit of or
aim
is
itself
a
tradition of democratic
declaration of political
opposition to some stated
challenge to
declaration does not embrace.
whatever States the
Will the American
delegation at Lima, headed by Secretary Hull and
speaking for President Roosevelt, try to involve the
Americas still more deeply in European contro¬
versies
tions?
point the way in other and safer direc¬
or
as
long
there is
as
the
It will
a sus¬
a
de¬
which he received in the
offset the rebuff
elections
early this month by making himself and
his Administration
prominent
as
affairs.
ternational
possible in in¬
as
/
The Course of the Bond Market
ernment
lost
issues
off
were
0.22
been
have
declines
Moderate
The
the bond market..
average
0.07
declined
the
order of
the week
in
of eight United States Gov¬
point to 112.07,
Second-grade
117.50.
at
while Aaa's
issues
have
also
'•
ground, especially rails.
prevailed for high-grade railroad bonds.
Union Pacific 1st 4s,
1947, were unchanged at 110%, while
Virginian 3%s, 1966, dropped % to 105, and Pennsylvania
Despite comparatively
and earnings reports,
favorable traffic
bonds have become
4%
medium-grade rail
lethargic and speculative railroad bonds
,
points to 47;
Western Maryland 4s, 1952,
RR. having
the guarantor Lackawanna
recently applied to the Interstate Commerce Commission for
Finance Corporation
Reconstruction
,$2,000,000
a
loan
liquidate a New Jersey State tax bill; Pere Marquette
to
4%s,
1980, dropped 3% points to 63.
Trading in utility bonds has been dull, most issues drift¬
ing idly.
with
High grades have been relatively stable and quiet,
interest manifested in
most
middle
of
local traction and bonds
Gulf States Utilities
Among the latter,
grade.
1966,, have advanced %
point to 108; Ohio Edison 4s,
1967, have lost % at 105%;
New York State Electric & Gas
4s,
4%s, 1980, were up 1% at 101%; West Texas Utilities 5s,
1957, have advanced %■ to 99.
bond prices have
Industrial
It
forgotten, however, that no amount
ternational, can prevent the spread of under-eover
Fascist
in
course
picion that his foreign policy is influenced by
strongly emphasized American solidarity, in¬
effective
also trying to
are
displayed vulnerability.
aggression
an
they
Roosevelt's.
European imbroglio has been disturbing.
sire
no
with
unchanged at 84; Morris & Essex 4%s, 1955, dropped
Hemisphere, and to support that front
more
by
can
cooperation
or
ap¬
good,
no
were
military and naval preparations sufficient to
cultivate
do
can
have
deter either
has
to shoot" has equal
given/ effect,
Powers
perfect
as
now.
warning against threatening
suggestions of penalties that
Powers which
other
indicated
the time is
to offer a practically
agree as
opposition to the spread of dictatorship in
the Western
was
prudence,
plication, to official criticisms that
possibility
of
precarious almost
more
"isolation"
common
satis¬
condition
foreign policy of national
a
Roosevelt's
dramatic
entirely
an
which, it is hoped, the American
far
so
grows
shoot "unless you mean
to
of
The economic
so-called
or
apparently contra¬
Britain and France
4%s, 1960, at 116 advanced % point.
to have been made to represent
forthcoming Pan-American Conference at Lima
republics will
admit
not
A mixed tone has
An effort appears
Great
factory explanation.
thing is clearer than another in Europe,
intelligent and far-seeing than those of the
more
heads of
of
are
Britain, in spite
ing that Mr. Roosevelt's appraisal of the situation
is
dictory
is nevertheless preparing?
political situation and that no other country cares
to have
take account.
signatories together in
for which Great
of all its talk about peace,
3219
There is no denying the extreme
complexity of the
European situation of which Mr. Roosevelt has to
aloofness
Kennedy is acting under the direc¬
with the tacit approval
the
are
answer.
should in the absence of
that Ambassador
tion
the
are
the stakes ?
ordinary alertness if they had not
taken note of these
we
in short,
are
Chronicle
On the
this week.
the best gain
advanced
2
one
;
.
exhibited mixed movements
hand, steel issues have been stronger,
being in the Otis Steel 4%s, 1962, which have
to
78%.
bonds
Oil
have
risen
Amusement issues have been favored, the
rising
1939,
%
to
On the other hand, the Phelps
90%.
Dodge 3%s, 1952, have fallen
have also
to
ency
towards lower levels
and the defaulted
down anew,
of Cordoba
5%s, 1948.
in almost all groups.
Among
has been in particular Argentine
Brazilian bonds which have been marked
with the largest individual loser being the City
7s, 1957, which receded 7% points to
issues have
58%.
Ger¬
continued weak.
Moody's computed bond prices
are
Building bonds
foreign bond market has continued dull, with a tend¬
South American issues, it
man
% to 114%.
receded, the largest drop being One of 1% points
81 in Certain-teed Products
The
fractionally.*
Warner Bros. 6s,
given in the following
and bond yield averages
tables:
.
>,
3220
MOODY'S BOND
(REVISED) t
MOODY'S BOND PRICES
(Based on Average Yields)
U.
AU
S.
Govt,
Daily
AU
Corporate by Groups
by Ratings
Domes¬
Bonds
120 Domestic
120 Domestic Corporate *
120
1938
tic
Corp.*
Averages
100.88
Nov. 25- 112.07
Aaa
|
A
Baa
RR.
81.35
86.92
106.73
U.
Indus
Corp.
120 Domestic
Corporate by Groups
tic
Averages
111.43
P.
Aaa
P.
U.
Baa
RR.
4.03
Aa
3.10
3.95
Nov. 25.
Exchan ge Clos ed
Stock
t
by Ratings
Domes¬
*
99.48
Aa
110.63
(REVISED)
AVERAGES
120 Domestic Corporate
120
1938
Daily
117.50
YIELD
(Based on Individual Closing Prices)
5.24
4.83
3.63
A
3.43
Indus.
3.39
>*'■4
Exchan ge Clos ed
24
Stock
23- 112.07
100.88
117.50
110.43
99.66
81.48
87.07
106.73
111.43
23
3.95
3.10
3.44
4.02
5.23
4.82
3.63
3.39
112.09
100.88
117.29
110.43
99.48
81.48
81.61
87 07
106.54
22
3.95
3.11
3.44
4.03
5.23
4.82
3.64
3.40
87.07
106.54
111.53
111.43
21
3.95
4.82
3.64
81.01
81.61
87.21
106.54
106.54
111.84
111.84
19
3.94
3.09
3.45
4.01
5.22
4.81
3.64
3.37
18
3.94
3.09
3.45
4.01
5.22
4.82
3.64
3.37 i
3.38
2422-
117.50
110.43
99.66
21- 112.16
100.88
19— 112.16
101.06
117.72
110.24
99.83
18- 112.14
101.06
117.72
110.24
99.83
87.07
3.10
3.44
5.22
4.02
{
3.39
81.61
87.21
106.54
111.64
17
3.46
4.01
5.22
16- 112.18
101.06
117.72
110.04
99.83
81.87
87.21
106.54
3.94
3.09
3.46
4.01
5.20
4.81
3.64
3.37
101.06
117.72
110.04
100.00
81.87
87.35
106.54
111.84
111.84
10
15- 112.25
15
3.94
3.09
3.46
4.00
5.20
4.80
3.64
3.37
14- 112.30
101.23
117.94
110.24
100.18
82.00
87.49
106.73
112.05
14——
3.93
3.08
3.45
3.99
5.19
4.79
3.63
3.36
1
17- 112.13
101.23
12— 112.40
101.06
10- 112.46
100.88
9— 112.53
109.84
117.72
117.50
100.70
100.18
82.13
87.49
106.54
112.05
12
3.93
Stock
100.00
81.87
87.35
106.54
111.64
10
3.94
117.50
5.18
4.79
3.64
3.36
5.20
4.80
3.64
3.38
87.21
106.36
111.43
9
3.95
8
Stock
80.04
106.17
111.43
7
3.96
3.09
3.48
111.43
111.43
5
3.97
3.10
3.49
4
3.98
3.10
3.49
4.03
5.28
111.23
111.03
110.83
3
3.98
3.11
3.50
4.03
5.28
2
3.98
3.11
3.50
4.03
5.27
4.86
109.44
99.48
81.09
80.50
105.98
100.35
117.60
109.44
99.48
80,84
80.60
105.98
117.29
109.24
99.48
80.84
80.60
105,98
2- 112.61
100.35
117.29
109.24
99.48
80.90
80.50
105.98
100.35
117.07
109.24
99.31
80.96
80.50
105.79
Oct. 28- 112.68
100.18
110.80
109.24
99.14
80.71
80.30
105.60
21- 112.59
14— 112.58
99.83
110.64
109.05
98.80
80.20
85.65
105.41
99.48
110.64
108.46
98.80
79.95
85.52
104.85
7- 112.53
99.14
110.43
108.27
98.45
79.45
85.10
104.30
Sept.30— 111.70
97.28
114.61
107.30
96.61
76.88
82.13
103.38
23- 111.37
97.11
115.14
107.30
96.28
70.17
81.74
103.38
16- 110.91
96.78
114.93
107.11
90.28
76.47
81.61
102.84
9- 111.85
97.95
115.78
107.69
97.45
77.30
83.33
103.74
112.07
98.11
115.67
107.69
97.01
77.72
83.19
Aug. 26— 112.38
98.80
116.00
107.88
98.28
78.70
84.01
19- 112.39
98.28
116.57
107.09
97.95
77.84
83.06
12- 112.32
98.28
115.78
107.69
97.61
77.96
82.93
3.10
4.81
3.65
3.39
4.02
5.26
4.85
3.66
3.39
4.03
5.26
4.86
3.67
3.39
4.80
3.67
4.86
3.67
3.40
3.67
3.41
4.01
3.47
5.22
Exchan ge Clos ed
'
•
*
■
3.39
3.98
3.12
3.50
4.04
5.27
4.86
3.68
3.42
3.99
3.13
3.50
4.05
5.29
4.87
3.69
3.42
21——
4.01
3.14
3.51
4.07
5.33
4.92
3.70
3.42
14
4.03
3.14
3.54
4.07
5.35
4.93
3.73
3.42
7
4.05
3.15
3.55
4.09
5.39
4.96
3.76
Sept. 30
4.16
3.24
3.60
4.20
6.60
5.18
3.81
3.60
4.17
3.21
3.60
4.22
5.66
5.21
3.81
3.49
16
4.19
3.22
3.61
4.22
5.72
5.22
3.84
3.52
9
4.12
3.18
3.58
4.15
5.56
5.09
3.79
3.47
2
4.11
3.19
3.58
4.14
5.53
5.10
3.78
3.45
Aug. 26
4.07
3.17
3.57
4.10
5.45
19
4.10
3.19
3.58
4.12
5.52
12.—,
4.10
3.18
3.58
4.14
5.51
1
Weekly—
Weekly—
103.93
110.83
110.83
110.83
110.83
109.24
109.44
108.85
109.84
110.24
104.30
110.83
104.30
110.43
104.30
110.63
112.10
98.45
115.78
108.08
97.61
78.58
July 29- 112.17
98.45
115.67
107.88
97.45
78.82
22- 112.04
97.95
115.35
106.92
97.11
78.08
82.70
104.30
104.11
15- 112.12
96.94
114.72
106.92
96.28
76.17
80.96
103.74
8- 112.04
96.28
114.51
100.73
95.78
75.12
79.70
103.38
1- 111.96
95.29
114.09
105.98
94.97
73.70
78.20
103.02
5-
3.47
81.61
100.35
2-
3.99
4.00
3.46
3.09
81.09
3- 112.55
3.64
Exchan ge Clos ed
99.83
4- 112.48
1— 112.62
3.08
4.81
99.66
109.84
109.04
117.72
100.63
7— 112.45
5- 112.46
3.09
3.95
11
110.04
117.94
99.83
Exchan ge Clos ed
Stock
8—
110.04
117.72
Exchan ge Clos ed
Stock
11..
0.88
83.46
83.46
104.30
Oct.
28
——
23
110.83
110.83
109.84
109.44
109.44
109.05
—
5
4.09
3.18
3.56
4.14
4.09
3.19
3.57
4.15
3.78
3.42
5.11
3.76
3.44
5.12
3.76
3.43
5.08
3.76
3.42
6.08
5.44
4.12
5.04
"■
5.46
July 29
3.42
3.76
3.42
8
1
.—
3.62
4.17
5.50
5.13
3.62
4.22
5.60
5.27
3.79
3.49
3.24
3.63
4.25
5.75
6.37
3.81
3.49
4.28
-
3.23
4.22
—
15
3.20
4.18
22
3.77
3.26
3.67
4.30
5.87
5.49
3.83
4.51
3.26
3.54
3.47
111.80
93.86
114.09
105.22
93.21
71.36
75.82
102.12
108.46
June 24
4.37
3.71
4.41
6.09
5.69
3.88
17-
112.01
91.35
113.07
104.48
91.35
66.99
71.36
101.58
107.09
17
4.53
3.31
3.75
4.53
6.52
6.09
3.91
10-.
112.05
93.69
114.72
100.54
93.37
69.89
75.82
101.94
108.46
10
4.38
3.23
3.64
4.40
6.23
5.09
3.89
3.54
3-
112.10
94.01
114.93
106.92
94.01
69.78
76.29
101.70
108.60
3
4.36
3.22
3.62
4.36
6.24
5.65
3.90
3.53
May 27-
111.77
93.85
114.72
107.30
93.85
09.37
76.53
101.23
108.46
May 27
4.37
3.23
3.60
4.37
6.28
5.63
3.93
3.54
June 24—
20-
111.94
95.46
116.35
108.08
95.62
71.68
78.70
102.12
109.44
20
13-
111.82
90.44
115.14
108.46
90.44
73.76
81.22
102.12
109.24
13
0-
111.54
95.29
114.51
107.69
95.13
72.11
79.07
101.76
108.85
6
Apr. 29..
111.42
93.69
114.09
100.35
106.92
93.85
3.68
4.27
3.20
3.56
4.26
6.06
5.45
3.88
3.49
4.21
3.21
3.54
4.21
5.87
5.25
3.88
3.50
4.28
—
3.24
3.58
4.29
6.02
6.42
3.90
3.62
4.37
6.28
69.37
76.70
108.27
April 29
4.38
22-
111.48
92.90
113.89
105.79
92.90
68.97
75.82
99.48
108.08
22
4.43
3.27
3.68
4.43
6.32
5.69
4.03
3.56
14-
110.08
91.20
112.66
104.30
91.05
06.99
74.21
97.78
100.17
14
4.54
3.33
3.76
4.55
6.52
5.83
4.13
3.66
8-
109.69
91.05
112.66
103.74
91.05
06.89,
75.12
96.94
105.04
8
4.65
3.33
3.79
4.55
6.53
5.75
4.18
3.72
71.15
96.11
4.23
3.76
1-
112.45
3.26
3.62
5.61
3.98
3.55
109.58
88.80
102.60
89.10
104.30
1
3.34
3.85
6.92
6.11
Mar. 25..
110.34
91.97
113.89
106.92
92.43
06.03
75.01
98.45
100.73
Mar. 25
4.49
3.27
3.62
4.46
6.62
5.76
4.09
3.63
18-
109.97
93.21
114.72
107.11
93.37
68.17
76.76
99.14
107.88
18
4.41
3.23
3.61
4.40
6.40
5.61
4.05
3.57
11
—
110.57
94.81
115.35
109.05
95.46
69.78
80.08
99.48
108.46
11
4.31
3.20
3.51
4.27
6.24
5.34
4.03
3.54
4-
110.70
90.94
Feb. 25-
97.11
63.28
4.70
4.68
115.78
109.44
84.41
100.00
4.18
3.18
3.49
5.88
5.01
110.50
97.28
115.78
109.44
97.11
74.44
85.65
99.48
108.40
4.16
3.18
3.49
4.17
5.81
4.92
4.03
3.54
18- 110.21
96.44
115.57
109.24
96.28
73.20
84.55
98.80
108.08
18
4.21
3.19
3.50
4.22
5.92
5.00
4.07
3.50
11-
110.18
96.11
115.78
109.05
95.95
72.43
84.14
98.62
107.69
11
4.23
3.18
3.51
4.24
5.99
5.03
4.08
3.58
4..
110.16
4
4.31
28—
73.65
108.46
4
25
Feb.
J
4.17
4.00
3.54
94.81
114.51
108.27
94.49
71.15
4.33
6.11
110.07
94.33
114.72
107.49
94.81
69.89
79.70
98.62
107.69
28-—'——.
4.34
3.23
3.59
4.31
6.23
5.37
4.08
3.68
21- 110.52
96.61
110.00
109.05
96.78
73.31
83.33
100.18
109.05
21
4.20
3.17
3.51
4.19
5.91
5.09
3.99
3.5X
14-
110.15
97.95
116.64
109.84
97.01
75.47
86.07
100.53
109.24
14
4.12
3.14
3.47
4.14
5.72
4.89
3.97
3.50
7-
Jan.
81.61
98.45
106.92
Jan.
3.24
3.55
5.22
4.09
3.02
109.97
97.61
116.21
110.04
97.28
74.89
86.50
90.66
108.46
3.16
3.46
4.10
4.86
4.02
3.54
High 1938 112.68
101.23
117.94
110.63
100.18
82.13
87.49
106.73
112.05
High 1938
4.70
3.34
3.85
4.68
6.98
6.11
4.23
3.76
Low 1938 109.68
88.80
112.45
102.66
89.10
71.15
90.11
104.30
Low 1938
3.93
3.08
3.43
3.99
5.18
4.79
3.63
3.36
High 1937 112.78
Low 1937 107.01
1 Yr. Ago
100.54
118.16
113.89
104.07
02.70
92.43
101.41
106.17
112.45
High 1937
4.31
3.47
3.60
4.33
6.08
5.07
4.22
3.76
94.81
109.84
107.30
94.49
71.46
83.60
96.28
104.30
Low
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
Nov24'37 109.07
94.81
114,30
107.88
94.65
71.46
83.60
98.45
104.48
Nov. 24.1937—
4.31
3.25
3.57
4.32
6.08
5:07
4.09
3.75]
2 Yrs.Ago
Nov25'36 112.60
105.00
117.07
113.48
103.20
91.35
100.00
105.22
112.05
Nov. 25.1936—
3.69
3.12
3.29
3.82
4.5£
4.00
3.71
3.36!
7
1
2
4.14
1937
5.77
-
Year Ago—
Years Ago—
•
These prices are computed from average yields on the basis of one "typical" bond (4% coupon, maturing in 30
years), and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
rWd averages, the latter being the truer picture of the bond market.
t
The latest complete Hat of bonds used In computing these indexes was published In the Issue of July 23.1938. page 488.
The Company Directory Section is
Chemical Industries Buyer's
Guidebook Number
Fourteenth
$1
Annual
Copy.
per
"Chemical
a complete and up-tomanufacturers, importers, and local
distributors arranged geographically by States and cities.
The buying sections are completely cross-indexed and all
date address
Edition.
Free
to
Industries.1'
624 Pages.
Subscribers
to
the
Haynes &
George Co., 149 Temple St., New Haven,
Conn., Publishers
Users
of
the'
popular
"Chemical
Guidebook"
number
on
The
of
and
annual
technical
high-low
synonyms
are
listed in
quotations for the
the
past five
1,100 commercially important chemicals, raw
are given.
Also a very complete list of
associations and societies, together with the officers' names
and addresses.
The fourteenth edition,
containing 624
years on
over
materials,
of
Chemical Industries will be agreeably
surprised to note the
addition of three new valuable and highly informative sec¬
tions, in the 1938 edition just published.
commercial
index.
The
book
is
pages,
&c.,
almost
three times
as
The buying section
twice
as
large as
the previous
one,
and
large as the 1934 edition.
chemicals has been
natural
and also
names
a
supplemented by buying sections on
and industrial chemical specialties
dictionary of nearly 20,000 brand and trade
an
identification of what each is and the maker.
raw
by
with
materials
Thus for the first time
information
as
buyers
to sources of
are
Business
provided with satisfactory
By
supply of all types of chemical
an
undertakes
of
East.
387
University
an
American
Pages.
New
Press." $4.25.
historical
examination of the
and other large business enterprises
which appeared in increasing numbers after the Revolution,
and a tentative appraisal of the political and economic
factors involved in that development.
Following introduc¬
tory chapters on the late colonial business scene and the
revolutionary economic forces, the author studies, for the
period from 1775 to 1782, such topics as the business situa¬
indispensable tool.
As in the past
13 editions, the latest provides under each
of the 2,846 raw materials, chemicals and chemical specialty
headings, complete technical data, including formula, mole¬
cular weight, other physical and chemical properties, uses,
containers, &c., so that the book is really two books in one,
a
buyer's guide and a chemical dictionary.
book
origins
and all those in any way interested in the use of chemicals
"Guide"
A.
Columbia
This
Buyers of industrial chemical specialties used in a wide
of industries will find suppliers of every specialty
from abrasives to zeolites.
Plant and building maintenance
items are fully covered.
The technician and the buyer alike
range
find this
Robert
York:
products.
will
Enterprise in the
Revolutionary Era
corporate
tion in
Massachusetts and Rhode Island, business in the
Hudson Valley, Robert Morris and his associates, the area
,
from
Pennsylvania to northern Virginia, illicit trade and
trade under the British flag, and some general economic con-
Volume
sequences
Financial
147
of the
For the
war.
of consolidation and
years
expansion, 1783 to 1792, there are studies of
economic devel¬
opments in the 1780's, the controversy over national securi¬
ties and the public debt, the formation and conduct of
commercial banks, and the development of various enter¬
prises in manufacture and transport.
The author shows
caution in drawing conclusions regarding a period which has
had comparatively little thorough investigation on its eco¬
nomic side, but he notes a partial transition from personal
to institutional management of investments, a growth of
speculative interest as a result of the war, the emergence of
relatively prosperous minorities of business men, and a dis¬
criminating participation, especially on the part of older
leaders, in new capitalist undertakings.
An interesting appendix gives a list of New York bank
stockholders in 1784 or 1785, published by courtesy of the
Bank of New York and Trust Co.
There is an elaborate
bibliography.
The book is a contribution of substantial
importance to early American financial and business history.
An
Appraisal of the Monetary Policies of
Government, 1933-1938
Our Federal
By Walter S. Spahr.
72 Pages.
New York:
Distributed by the Economists' National
Committee on Monetary Policy, 70 Fifth
Avenue.
;
'
monetary policies which Professor Spahr, of New
York University, analyzes in this meaty pamphlet are the
indefinite suspension of specie payments; the "restoration"
The
price level; the devaluation of the dollar for the pur¬
pose of encouraging exports, raising prices, decreasing the
debt burden, bringing the dollar into line with other depre¬
ciated currencies and increasing the American supply of
of the
gold dollars; the policy of adding to the volume of silver coin
and silver certificates in order to increase the currency sup¬
ply/ subsidize American producers of silver and for vari-
officially-announced purposes; the "reflation" of
forced circulation under a program of
heavy governmental spending and heavy borrowing at low
interest rates to "restore" prices and create general pros¬
perity; the movement toward a managed currency and the
proposal to maintain a stable price level.
The 25 "conclu¬
sions" in which Professor Spahr embodies the results of a
brilliant and searching examination of each of these policies
are too long to be quoted or summarized here, and an arbi¬
is
other
the currency through
THE^STATE
OF
TRADE—COMMERCIAL EPITOME
:
Friday Night, Nov. 25, 1938.
Business actviity continues to
show a vigorous stride for¬
ward, with the automotive industry playing a leading part
in the sustained upward movement.
An exceptional in¬
crease in recent weeks in automobile output, which is ex¬
November, and a
construction awards in October 77% higher
year ago, are two features of the steady improve¬
ment in business which began in June and has continued
through the first three weeks of November, according to
the latest survey made by the statistical division of the
National Industrial Conference Board recently.
"Automo¬
bile assemblies in the United States and Canada jumped
from 90,000 cars in September to 215,000 cars in October,
and the estimate for November is around 310,000 cars.
Ex¬
ecutives in the automobile industry predict sales of 3,500,000
cars in 1939."
Normal year-end cautiousness on the part of
steel buyers is apparently a factor in markets, and while
new orders are holding up fairly well,, November will not
show important gains over October, "Iron Age" states in
its current summary of the steel industry.
It estimates
steel ingot production at mid-week at 61.5% of capacity,
off a point from a week ago.
It further states:
"While
there is room for doubt as to whether steel production will
make much, if any, further gain this year, trade opinion is
fairly confident of a considerable improvement in 1939
over the present year.
The 1938 total of open hearth and
bessemer ingots probably will be about 28,500,000 tons, and
estimates for 1939 are for 40,000,000 tons.
This is largely
based on known factors, such as a sharp gain in automo¬
bile assemblies, a larger tin plate output, a considerable
volume of specifications for building projects that have been
awarded or will be awarded under the Government pro¬
gram, and the possibility that some workable plan will
be found by which railroad rehabilitation, now regarded as
an
essential feature of the Government's armament pro¬
gram, can be carried out.
The armament program itself
will be a factor," the survey states.
Steel scrap prices
have reached new highs at several centers for the recovery
movement, it was learned recently.
This is a highly en¬
couraging item, as the steel scrap market is regarded gen¬
erally as a fairly reliable barometer, especially as concerns
the steel industry.
Production of electricity by the electric
pected
to
exceed 300,000 assemblies in
total of building
than
a
light and power
industry jumped to a new high for the year
3221
Chronicle
others.
trary selection would do injustice to the
It must
financial
stand or
As a demon¬
the conslusions do not leave the
policies of the New Deal a sound leg on which to
suffice to say that
more
than
few rags to cover
a
stration of
a
their nakedness.
monumental lack of intelligence and
ordinary
foresight, acceptance of visionary theories, and a reckless
willingness to experiment with the financial and business
welfare of the country, the pamphlet merits high commenda¬
tion.
A proper warning is given that the pamphlet, although
distributed by the Committee, does not purport to represent
Committee opinion, the Committee publications being issued
only over the signature of the member or members respon¬
sible for them.
Dow's
"
,
Theory Applied to Business
and Banking
By Robert Rhea.
New York:
131 Pages.
Simon & Schuster.
$2.
This book undertakes to give, in a non-technical form, an
explanation of the Dow theory and the use that may be made
of it by bankers and business men.
Those who, "in spite
of incontrovertible evidence adduced to prove its truth,"
are
unable to accept without reservations the "primary
concept" of the theory, namely, "that the closing daily
prices of the Dow-Jones Industrial and Railroad Averages
afford a composite index of all the hopes, disappointments
and knowledge of everyone who knows anything of financial
matters, and that for that reason the effects of coming events
(excluding acts of God) are always properly anticipated in
their movement," are
advised to reject the theory in its
entirety, and the book is obviously not for
them.
There
practical helps, however, for those with whom the theory
raises questions as well as for those who would understand
its practical operation, suggestions of how the theory may
be applied in practical business or banking situations, and
warnings against misinterpretations or extravagant expec¬
tations.
The book is likely to be commended to those who
look with suspicion upon any theory suggestive of planning
or forecasting by the author's remark, in his preface, that
the book "is not to be taken as the work of a trained econo¬
mist," that he has "never read even one book on economics
from cover to cover without becoming hopelessly confused
over the
subject matter presented," and that his feeling
"about that science consists mainly in the belief that the
are
supply and demand should not be
laws of
and that each of us should be
problems without help or hindrance from
in
the week ended
kilowatt
1937
hours,
week,
an
interfered with,
permitted to solve his own
government."
Nov. 19, when it stood at
increase of 2.1%
the Edison
for the latest week was
over
2,270,296,060
the comparable
Electric Institute reveals.
Output
60,972,000 kilowatt hours above the
previous week's total of 2,209,324,000 kilowatt hours, and
46,083,000 kilowatt hours higher than the 2,224,213,000 kilo¬
watt hours in the week ended Nov. 20, 1937.
Engineering
construction awards for the short week, due to the Thanks:
giving
from
ing
Day
the
holiday,
total $49,970,000, a decrease of 31%
corresponding 1937 week, accord¬
volume for the
"Engineering News-Record."
The cumulative con¬
total for the 47 weeks of 1938, $2,452,681,000, is
to
struction
9.6% above the
last year,
$2,238,590,000 volume for the simhar period
and is 0.6% above the
construction total for the
1937.
New capital for construction purposes
for the week, at, $46,744,000, is 288% above the correspond¬
ing week in 1937,
A national income of $65,000,000,060 for
the current year was foreseen by Secretary of Commerce
Daniel C. Roper in a Thanksgiving Day statement which
anticipated also a bright future for business and industry
in this country.
This total will be the highest registered
since 1930 with the single exception of last year, when
aggregate income of the country reached $69,000,000,000,
Mr. Roper pointed out.
The United States, he declared, is
in a most favorable position to sustain over a long term an
entire
year
trend sufficient to withstand minor fluctuations.
picking up, he said, individual income should
not fall as much as 9% from that of last year.
The Com¬
merce
Department reported today that the United States
sold $960,131,000 more goods to foreign nations than it
bought in the first 10 months of 1938.
Exports totaled
upward
With business
decrease, of $138,022,000 from the like
Imports aggregated $1,612,914,000, a drop
of $1,038,831,000 from the 1937 period.
The value of this
country's foreign trade increased in October. Exports were
13% larger than in September.
Imports were up 6%.*
October exports totaled $277,928,000, and imports $177,979,000.
Automobile output this week was at the highest
daily rate for 1938, but the total for the week was lower
because
of the holiday yesterday, according to Ward's
Automotive Reports, Inc.
Production in the United States
and Canada is estimated at 84,930 cars, a decrease of
11,805 cars from last week and a rise of 25,975 cars from
the corresponding week of 1937.
Increase in daily output
rates was almost entirely necessitated by sizable orders at
$2,573,045,000,
period of 1937.
a
3222
Financial
the factories and steady high rate of retail sales.
Because
of the high daily output this week, Ward's
anticipates next
week's production will cross the 100,000 mark for the first
time this year.
Although still the laggard in the
recovery
procession, retail trade moved ahead at a more accelerated
pace this week, Dun & Bradstreet, Inc., reported today.
Buying in newly-opened Christmas departments was up to
the 1937 level in most stores, the credit agency said in its
weekly review, and merchants who consider initial return
a
of
measure
results
the
for
full
planned
season,
for
a
holiday trade comparable to last year.
"Sales of grocery
and liquor stores expanded sharply under the stimulus of
Thanksgiving preparations, but volume in these stores was
still slightly below the same period last year."
The out¬
standing feature of the weather this week, of course, was
the sudden marked change in the weather in this area.
Thanksgiving was celebrated yesterday in the worst weather
Chronicle
date
two
years
order
on
I
New
ago.
electric
and
1938
Diesel locomotives
Nov. 1 totaled 28
compared with 35 on Nov. 1,
on
1937, and 10
Class
Nov. 26,
Nov. 1, 1936.
on
railroads
in the first 10 months of this
installed in service 13,009 new freight cars
compared
62,911 in the
period in 1937 and 34,113 in the
same
year
with
same
period in 1936.
The railroads in the first 10 months of 1938 also
put in
new steam locomotives and 98 new electric and
service 160
Diesel locomotives,
tric
and
Diesel
installed in
New
the
freight
acquired
are
305 steam and 52 elec¬
compared with
locomotives
installed
in the same period
73 steam and 27 electric and Diesel locomotives
last year, and
period in 1936.
same
locomotives
and
cars
leased
otherwise
or
included in the above figures.
not
+.
Major Railroads Report Gain In Carloadings
conditions for the holiday in 40 years, according to official
The first 18 major railroads to report
when it hit 19 degrees during a
sleet and rain storm.
Throughout the East and West roads were slick with ice
for the week ended
19, 1938, loaded a total of 312,983 cars of revenue
freight on their own lines, compared with 301,598 cars in
the preceding week and 306,986 cars in the seven
days ended
Nov. 20, 1937.
A comparative table follows:
and
REVENUE
report.
Itain, sleet and snow hampered all traffic, and the
temperature, hovering at freezing or below all day, dropped
to 21 at 11 p. m., the lowest on
Thanksgiving since 1898,
automobile accidents
numerous
were
reported.
During
Nov.
FREIGHT
LOADED
the early part of the week there was widespread substantial
rainfall in the eastern portion of the
country, which rather
in
few
a
much
first
of
other
of
week
there
was
of
Michigan.
reaction
a
weather in the Southern and Eastern
tures
again rising above normal.
lowest
moisture
more
Lower Peninsula
the
the
localities, while
to
is
warmer
States, with tempera¬
.In the United States the
emperature
reported was eight degrees
at Moorhead, Minn., and Devils
Lake, N. Dak.,
below
zero
Nov. 22.,
on
In the New York City area the weather was
generally mild
up to
Thanksgiving Day, when a rather drastic change took
place.
Today it was fair and cold here, with temperatures
ranging from 17.5 to 30 degrees.
Fair, slightly colder
tonight.
Saturday increasing cloudiness with slowly rising
temperature.
Overnight at Boston it
20 to 30 degrees;
was
Baltimore, 22 to 32; Pittsburgh, 16 to 24; Portland,
Me.,
16 to 28; Chicago, 16 to
32; Cincinnati, 18 to 30; Cleveland,
24 to 28; Detroit, 20 to 34;
Charleston, 32 to 68; Milwaukee,
12 to 26; Savannah, 32 to
70; Dallas, 26 to 44; Kansas City,
26 to 32; Springfield,
Mo., 16 to 28; Oklahoma City, 30 to
42; Salt Lake City, 14 to 30; Seattle, 40 to 52;
Montreal,
12 to 18, and
Winnipeg, 6 to 14.
This week's decline of 2.5 points, to 141.8, in
Moody's
Commodity Index was greater than last week's decline of
0.4 point.
With the exception of a minor gain in the price
and
change in steel
no
lead and silver,
scrap, copper,
all other commodities closed lower than a week
ago.
The movement of the index was as follows:
Atchison Topeka A Santa Fe
Baltimore & Ohio RR
21,555
21,587
24,156
27,033
26,347
26,894
15,128
5,570
14,467
13,788
Chesapeake A Ohio Ry
Chicago Burlington & Qulncy RR
Chicago Mllw. St. Paul & Pac. Ry
Chicago & North Western Ry
22,138
22,215
18,839
10,277
10,275
9,942
144.3
Nov. 19
143.7
Nov. 21
143.0
16,772
17,766
19,239
7,658
8,178
7,125
8,139
18,942
13,637
14,288
10,023
9,644
10,240
3,520
3,102
3,432
1,197
1,318
International Great Northern RR
1,887
•1,858
1,923
1,877
1,834
2,582
Missouri-Kansas-Texas RR
4,375
4,158
4,736
2,624
2,495
2,788
Gulf Coast Lines
Missouri Pacific RR
Nov. 22..,
.142.8
....142.1
Holiday
Nov. 25
141.8
Weekly
Prices
Nov.
Rose
Index
0.1
of
144.7
.145.3
144.6
228.1
High—April 5
Low—Nov. 24
1938 High—Jan, 10--.
Low—June 1
of
Wholesale
During
144.6
.152.9
130.1
Commodity
Week
Ended
19
13,793
15,315
8,847
37,636
8,379
39,003
8,355
34,684
36,408
37,821
4,663
4,323
9,325
9,095
9,124
21,940
22,184
18,033
4,181
55,727
52,572
54,933
36,621
4,083
35,751
35,492
5,938
5,923
5,856
4,973
4,911
5,029
Pere Marquette Ry
Pittsburgh A Lake Erie RR
Nov. 21 that
despite weak¬
on
in the security
markets, commodity prices advanced
slightly during the week ended Nov. 19.
The "Annalist"
Weekly Index of Wholesale Commodity Prices rose 0.1 of a
ness
point to 80.0.
A
year
ago
the index
87.9.
was
The
"An¬
nalist" added:
5,781
5,398
4,852
5,629
5,280
28,767
28,922
8,209
7,700
7,857
5,202
4,996
5,843
8,474
7,727
8,121
...
Total
As usual,
farm
partly
of
new
cereal
on
and
about
holiday
products led the rise.
pound.
a
demand.
trade pacts
lost ground
food
3%c.
Eggs
Steers
The poultry
sharply.
rose
In
designed to aid the American
last week.
"ANNALIST" WEEKLY
-Other
grains
were
were
market
wheat
particularly
also
spite of
improved,
the
signing
farmer, the major
apathetic.
INDEX OP WHOLESALE
AND
RECEIPTS
Nov. 12, 1938
Nov.
Nov. 20,
12, 1938
1937
23,912
23,135
24,829
29,949
29,584
31,504
12,203
12,509
13,267
66,064
65,228
69,600
Total
The Association of American Railroads in
12 reported as follows:
Nov. 16,
1937
This
freight for the week ended Nov. 12, totaled 636,710
revenue
was a
decrease of 49,2.16 cars, or
7.2%
a decrease of 244,807
cars, or
78.7
87.8
73.0
72.7
83.0
*59.6
59.6
Loading of
36,623
cars,
freight for the week of Nov. 12
revenue
84.0
90.1
97.7
97.8
104.9
69.3
69.3
Chemicals
73.5
86.8
Miscellaneous
86.8
89.1
70.6
71.3
74.9
80.0
79.9
same
week
or
5.4%
below
cars
the
loading totaled 256,369
preceding week, and
corresponding week in 1937.
cars, a decrease of
9,109
cars
was
„
5,626
cars
cars,
decrease
a
a
decrease of 14,000
of 15,685 cars
carload
lot
freight
totaled
below the preceding week, and
Grain
7,459
15,751
cars
below the
below the
cars
corresponding week
n
.
and
cars
152,202
decrease of
a
1937.
Coal loading amounted to
128,069 cars, a decrease of 344
a decrease of
below the
v
.
below the corresponding week in
in 1937.
decrease of
a
below the preceding week.
Miscellaneous freight
grain products loading totaled 32,008 cars,
below the preceding week, and a decrease of
6,288
corresponding week in
1937.
In
the
Western
districts
decrease
a
cars
alone,
grain products loading for the week of Nov. i2 totaled
19,460
of
below the
grain and
cars,
a
de¬
of 4,788 cars below the
preceding week, and a decrease of 4,610 cars
crease
corresponding week in
Live stock loading amounted
below the preceding week, and
a
1937.
to
18,016
cars,
decrease of 429
a
decrease of
cars
1,091
cars
below the correspond¬
ing week in 1937.
In the Western district alone,
loading of live stock for
the week of Nov. 12 totaled
14,612 cars, a decrease of 921 cars below the
decrease of 220
a
in 1937.
cars
below the corresponding week
.
,
products loading
-
.
totaled
a
26,846
cars,
decrease of 538
a
.
decrease
cars
1.495
of
below the
cars
correspond¬
ing week in 1937.
loading amounted
to
16,780
cars, a decrease of
6,716
cars
below the
63.2
84.0
below the corresponding
27.8% below the
in 1930.
Ore
79.2
reviewing the
week ended Nov.
Forest
19, 1938
CONNECTIONS
Week Ended—
Nov. 19, 1938
below the preceding week, and
Farm products
Food products
Textile products-
FROM
(Number of Cars)
preceding week, and
COMMODITY PRICES
(1926=100)
Nov.
5,078
312,983 301,598 306,986 187,250 179,216 184,367
TOTAL LOADINGS
below the
strong, rising
4,392
30,115
Southern Pacific Lines
Wabash Ry
preceding week, and
The "Annalist" announced
1,575
4,794
Pennsylvania RR
Loading of
1937
Point
a
7,999
36,109
___
Loading of merchandise less than
"Annalist"
8,074
14,104
New York Central Lines
N. Y. Chicago A St. Louis Ry
Norfolk & Western Ry
cars.
Year ago. Nov. 24.
Nov. 23..
Nov. 24
5,553
14,674
.
Two weeks ago, Nov. 10
Month ago, Oct. 25
,
17,500
5,598
20,591
week in 1937 and
Nov. 18
Received from Connections
Weeks Ended—
Nov. 19 Nov. 12 Nov. 20 Nov. 19 Nov. 12 ArOP.f20
1938
1938
1937
1938
1938
1937 4
.
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Own Lines
St. Louis-San Francisco Ry
.
corn
on
Weeks Ended—
Chicago Rock Island A Pacific Ry.
Illinois Central System
Moody's Commodity Index Again Declines
of
CONNECTIONS
FROM
needed
About the
much
RECEIVED
Loaded
generally relieved droughty conditions that had prevailed.
The
falls
were
insufficient
locally in the
Southeast,
especially in coast sections of Georgia, northwestern Florida,
and
AND
(Number of Cars)
87 0
Fuels
.
Metals..
Buildlne materials
preceding week, and
decrease of 808
a
cars
below the corrseponding week
in 1937.
Coke loading amounted to
6,375 cars, an increase of 108
preceding week, but
decrease of 608
a
cars
cars
above the
below the corresponding week
in 1937.
All districts reported decreases
compared with
the corresponding weeks
in 1937 and 1930.
All commodities._.v.
*
..s...-.
Preliminary
Railroads
1938
Had
5,153
New
on
Class
freight
I
railroads
cars
on
roads
announced
there
were
were
on
Freight
Cars
Order
on
Nov. 1
Nov.
1
this
year
order, the Association
of
had
5,153
new
American
Rail¬
date
1937
14,068.
on
18,305
Nov.
on
On
and
the
on
same
Nov.
1,
in
on
on
order
on
1936,
Nov. 1 totaled
there
Nov. 1 last year and 67
on
the
256,423
weeks in July
Four weeks in August
Four weeks in September.
Five
1930
3,347,717
3,506,236
3,529,907
weeks in October
155,451
2,763,457
222,864
Four weeks in May
Four weeks in June......
Five
1937
2,714,449
649,894
_
Four weeks in March
Five weeks In April
Week of Nov.
New steam locomotives
compared with 181
21.
order,
Four weeks in January
Four weeks in Februrary
2,986,166
3,712,906
185,822
3,098,632
3,733,385
170,984
861,762
2,962,219
3,794,249
,392,040
3.100,590
,552,621
,541,982
3,169,421
3,642,357
4,492,300
3,687,319
3,759,533
4,767,297
934,715
4,000,394
728,765
4,504,284
5
...
673,333
Week of Nov. 12
...
636,710
685,926
881,517
26,299,886
33,717,174
40,786,567
seven
same
Total
Volume
In the
147
Financial
r
following
undertake to show also the loadings
for the week ended Nov. 12,
we
for separate roads and systems
LOADED AND RECEIVED FROM
REVENUE FREIGHT
1938. During this period 33 roads showed increases when
compared with the same week last year.
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED NOVEMBER 12
Total Revenue
from Connections
622
599
597
1,042
1,285
Bangor A Aroostook
1,335
6,801
235
192
1,668
1,765
8,020
1,867
9,714
1,734
9,453
1,969
20
37
47
38
,1,904
7,053
6,185
1,825
7,022
6,253
6,440
1,600
Boston & Maine
Chicago Indianapolis A Louisv.
—
11
.
1,162
4,574
8,969
...
Delaware Lackawanna & West.
1,141
4,603
9,486
428
591
132
143
2,383
2,503
912
2,757
11,448
6,728
1,959
1,079
6,911
2,148
1,292
3,450
13,616
7,793
2,155
1,228
7,833
2,452
Detroit & Mackinac...
2,067
Detroit Toledo A Ironton
281
318
4C3
11,787
4,854
12,544
4,665
13,296
Detroit & Toledo Shore Line...
-
Grand Trunk Western
Maine Central.
171
1,422
7,404
.
Lehigh Valley
New York Ontario & Western.
N. Y. Chicago & St. Louis
Pittsburgh & Lake Erie
*.
Pere Marquette.
...
Pittsburgh & Shawmut
35
36,408
10,835
1,479
9,095
5,157
4,911
40,645
11,353
1,590
9,016
6,110
5,480
431
454
35
24
8,872
1,349
311
....
263
20
4,711
5,132
5,959
34,684
8,513
1,455
4,663
5,521
5,923
System....
N. Y. N. II. & Hartford
245
4,842
2,349
44,966
10,444
1,745
5,483
7,508
7,303
4,480
2,161
40,685
3,980
2,267
-
Montour
156
1,913
8,736
2,892
8,855
2,385
2,367
;
Monongahela
5,031
1,733
164
Lehigh A Hudson River..
Lehigh A New England
New York Central
1,354
4,992
9,210
1,146
526
„
Delaware A Hudson
Erie
Pittsburgh Shawmut & North..
371
377
426
206
205
Pittsburgh & West Virginia.
762
1,019
1,490
1,384
1,197
Rutland*..
537
554
607
894
884
7,727
8,541
19,412
8,703
20,159
8,558
21,622
Tennessee Central
430
426
435
745
712
Winston-Salem
215
162
185
814
781
93,893
102,430
110,686
60,527
64,029
14,522
2,449
18,822
3,713
16,403
2,685
19,559
4,120
18,341
2,926
22,710
4,215
13,242
9,644
2,767
7,125
3,000
10,814
3,021
8,638
3,439
Norfolk Southern.......
977
Piedmont & Northern.....
386
Richmond Fred. A Potomac...
316
Seaboard Air Line
Southern System
Southbound
Total.,
—
2,044
1,985
2,548
1,273
1,822
2,680
....
Nashville Chattanooga & St. L.
3,095
1,054
353
437
381
,
375
Northwestern District—
Chicago A North Western.....
Chicago Great Western. .1
Chicago Milw. St. P. & PacificChicago St. P. Minn. A Omaha.
Duluth Missabe A I. R
*
.
.
674
976
334
422
6,138
7,085
4,880
5,251
.
336
498
326
146
157
12,582
13,201
15,986
2,482
2,738
613
653
668
507
529
1,533
1,674
5,463
10,506
952
1,739
1,859
6,507
11,895
62
89
2,054
5,428
10,297
1,599
2,197
3,253
1,819
2,426
3,504
South.
Great Northern
Western
Lake Superior & Ishpeming—.
Minneapolis & St. Louis
Minn. St. Paul & S.S. M
Northern Pacific
:—.
—
100
205
183
259
278
r.
Spokane Portland & Seattle—
1,374
1,381
2,491
1,312
1,225
81,361
85,035
111,149
39,677
44,497
6.148
2,185
Spokane International... —
8361
5,939
3,995
6,051
4,390
2,892
144,799
151,421
143,278
156,125
Central Western District—
System.
21,587
2,582
24,429
2,973
24,220
3,619
5,570
1,916
458
434
487
724
740
Bingham & Garfield—.......
412
541
375
84
106
26,347
3.341
29,074
2,542
34,705
3,863
14,467
16,230
Chicago Burlington & Quincy..
18,326
1,541
13,282
19,802
2,097
13,280
3,324
1,720
5,297
1,019
1,489
2,071
8,515
1,404
16,772
1,781
11,509
2,446
1,526
4,678
8.178
1,843
635
893
7,753
2,447
1,270
2,887
8,500
2,608
1,565
4,996
.,
Total
Total..
3,102
Atch. Top. A Santa Fe
Alton...
Allegheny District—
Akron Canton A Youngstown..
Baltimore &
Ohio
...
Bessemer & Lake Erie...
Buffalo Creek A Gauley
...1
.
Central RR. of New Jersey....
Cornwall
287
397
9
1,370
6,325
1,397
6,295
10
15
10,419
10,270
Chicago Rock Island A PacificChicago A Eastern Illinois
Southern...:
Colorado A
521
768
32
51
Denver & Rio Grande Western.
192
247
287
19
35
Denver & Salt Lake....
128
202,
22
27
Fort Worth & Denver
2,522
1,516
40,026
Illinois Terminal
16,154
2,177
North Western Pacific
98
Valley.
Long Island
983
52,572
11,528
8.342
Pennsylvania System..
Reading Co....
Union (Pittsburgh)
........
29
West Virginia Northern*.
,
814
796
1,102
58,637
12,878
8,258
1,273
68,474
13,975
14,308
2,341
1,302
34,741
15,128
2,278
57
58
0
0
838
.......
Penn-Reading Seashore Lines..
Western
Chicago & Illinois Midland
260
"...
Cumberland A Pennsylvania
Ligonier
9
318
1,460
5,335
...•
Cambria & Indiana
.
•„
;
2,842
3,744
3,839
5,010
5,724
114,943
126,418
151,124
88,355
97,350
22,215
23,832
21,789
4,657
27.555
22,184
4,251
25.556
4,511
10,275
4,083
1,003
50,278
57,622
45,361
18,279
....
3,035
1,266
4,786
1,069
1,726
1,954
926
— ...
338
....
Virginian
Total
.....
471
1,663
1,790
1,776
130
149
556
680
944
312
465
21
250
336
0
0
22,969
20,951,
22,756
423
374
4,931
1,006
4,854
294
19,764
17,947
18,615
9,307
Peoria & Pekin Union
(Pacific)—..
Southern Pacific
Toledo Peoria A Western..
395
655
723
10
9
1,830
1,815
1,823
2,455
1,908
119,910
125,660
51,592
54,050
............
193
246
127
166
737
700
842
1,291
1,'250
713
851
9,157
4,393
4,174
2,540
406
408
1,211
1,450
1,431
1,656
89?
4,689
2,283
1,090
1,908
410
500
505
380
384
557
603
Atlantic Coast Line
8,348
Central of Georgia,....
3,680
8,807
3,625
Coast..
Charleston & Western Carolina
Clinchfield..
.....
Columbus A Greenville...
983
456
Louisville A
365
350
963
78
852
1,148
1,468
1,415
498
460
450
1,853
24,893
986
9,511
1,119
10,498
25,329
4,788
4,797
172
188
461
.'.
year's
129
figures
revised.
,
278
206
Previous
marked in domestic business conditions
H. E. Han¬
York). In¬
activity in the durable goods industries, together
with a substantial increase in freight car loadings, carried
the "Annalist" Index of Business Activity 4.0 points up¬
ward, the index now standing at 89.1 (preliminary), as
creased
against'85.1 (revised) in September, 82.7 in August, and a
low for the 1937-38 depression of 73.8 in May.
The increase
of 15.3 points since May marks a recovery of nearly 41 % of
the index's decline in 1937-38.
on
The "Annalist"
announce¬
to say:
•
production on a
seasonally-adjusted basis rising to the highest level since October, 1937.
Leading
the recovery
was
the automobile industry,
substantial
gains in steel ingot and pig-iron production.
Only one other production
series, zinc, showed an increase.
Indicating a further rise in the demand
for manufactured goods, miscellaneous freight car loadings increased by
752
189
220
119
172
228
264
358
4,150
13,805
'4,932
5,167
18,077
2,495
2,967
8,361
8,817
—
16,153
212
259
181
99
168
7,223
2,500
7,035
5,168
8,158
2,992
8,079
5,535
9,710
3,055
8,638
5,970
4,109
2,105
2,884
3,434
4,134
2,326
3,392
4,086
208
237
255
55
74
16
21
24
32
40
50,166
57,056
58,471
32,846
36,932
Louifl~San Francisco...—
St. I.ouis Southwestern......
Texas & New Orleans.
Texas A Pacific.—
Wichita Fall" A Southern
Wetherford M. W. & N. W.._
Total
............
period the adjusted output index has recovered nearly
that short
its
A
regained is the rayon consumption index, with a
ratio of 69%.
recovery
•
contrary-to-seasonal gain in
as
,
average
largely the result of the sharp rise in
the buying
daily steel ingot production was
automobile production.
steel prices and the subsequent in¬
Although completely overshadowed by the
the building
market,
and,
as
seasonally adjusted construction
as
contracts awarded
in
level since June, 1930, its contribution to the
in steel sales is expected to become greater.
in October,
automobile industry,
industry contined to be a fairly important factor In the steej
October rose to the highest
recovery
Impetus to
of steel by automobile producers and by some other consumers
well was given by the reduction in
crease.
75% of
Its closest rival from the standpoint of the amount
depression decline.
of the depression decline
Structural steel orders
reported by The Iron Age, were below the comparatively
but stood over 100 per cent above the level for
October, 1937.
Railroad equipment orders increased last month, but they
were still too small to be much
of a factor in the steel market.
In other
directions, no marked changes in demand were noted.
high level for September,
TABLE
I—THE
"ANNALIST"
INDEX
COMPONENT
OF
BUSINESS
ACTIVITY
AND
GROUPS
improvement in turn was the principal factor in further
than the usual seasonal amount to the highest
The "all other" loadings also advanced,
level since last Novem¬
despite
a
sharp drop in coal
October, 1938
of the non-durable
index showed
decreased
goods industries represented
activity.
in the combined
The adjusted indexes of cotton and silk
consumption declined for the second month in a row; the rayon consump¬
tion index recorded its
and shoe output index
fractional
power
decrease
third consecutive monthly decrease and the boot
stood moderately below the high September level.
occurred in lumber production,
while the electric
output index is estimated to be unchanged.
significant feature of the business recovery for the last two
The most
months has been the shift in
leadership from the non-durable to the durable
Credit for that salutary development must largely be
given to the automobile industry, which is turning in records far more im¬
pressive than had been expected. The rise in seasonally adjusted automo¬
bile production has been under way for only two months, and yet during
goods industries.
Sept., 1938
78.1
August, 1938
74.4
70.1
Miscellaneous
76.4
74.0
Other
91.8
86.4
83.1
*97.1
a97.1
a96.4
*90.7
a81.4
a78.0
74.5
-63.3
73.9
62.9
"52.8
*101.5
al05.5
116.1
109.8
122.1
Electric power
"■
All
81.5
Freight car loadings..
•"
Manufacturing
shipments largely because of unseasonable temperatures.
A
726
777
8t.
409
Business Conditions
last month, according to the monthly review by
sen in the Nov. 23 issue of the "Annalist" (New
ment went
442
349
figures.
During October Reported by "Annalist'*
was
236
648
'
177
*
Marked Improvement in Domestic
Improvement
175
304
315
Macon Dublin A Savannah....
Mississippi Central....
951
1,973
1,219
101
Qua nab Acme & Pacific.."
100
357
2,104
1,427
596
Missouri Pacific
756
49
148
Nashville........
Note—Previous
129
851
42
1,850
24,120
21,668
197
1,805
255
Missouri A; Arkansas
;...
Missouri-Kansas-Texas Lines.
151
329
Illinois Central System
467
214
1,955
1,858
—
Valley
765
1,534
20,646
18,996
Georgia A Florida
Gulf Mobile A Northern
237
1,691
2,623
1,318
1,834
1,075
1,643
1,244
....
Litchfield A Madison
904
Georgia
210
207
30
......
234
3,336
2,350
1,794
1,514
153
...
Florida East Coast
238
3,262
1,761
Gulf--..
Kansas
683
Durham A Southern
Gainsville Midland..
158
City Southern.......
Louisiana & Arkansas..
Louisiana Arkansas A Texas..
Kansas Oklahoma &
Midland
437
327
156
156
145
3,102
Fort Smith A Western.......
International-Great Northern.
213
ber.
Southwestern District—
Gulf Coast Lines...
Southern District—
Atlanta Birmingham &
Total
Burlington-Rock Island
Atl. & W. P.—W. RR. of Ala-
1.149
9,135
115,159
Utah....
Western Pacific........—
Alabama Tennessee & Northern
292
613
Northern........
Pocahontas District—
Norfolk A Western
9
1,228
1,398
1,156
1,673
Union Pacific System.
Chesapeake A Ohio
2,934
9
1.179
1,175
City
Missouri-Illinois
Nevada
12,805
4,359
1,115
48,650
Maryland
Total.
more
147
110
556
6,273
Ft. Dodge Des Moines A
Green Bay A
787
815
...
Duluth South Shore A Atlantic
Elgin Joliet A Eastern
3,020
..........
Wheeling & Lake Erie
This
1,902
2,309
1,280
1,070
3,938
4,589
14,392
2,105
2,390
1,085
1,070
3,302
4,125
13,716
Mobile A Ohio
132,538
Wa bash
v
1937
Southern District—(Concl.)
Ann Arbor.,
Central Vermont
1938
1936
1937
1938
Eastern District-
Central Indiana
from Connections
Freight Loaded
Railroads
1937
1938
1936
1937
1938
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
3223
Chronicle
production
*
— -
*
production.......
Pig iron production
...—
Steel ingot
Textiles
—
108.3
Cotton consumption
Wool
105.0
consumption...
58.2.
120.3
64.6
70.5
73.2
Rayon consumption—
98.7
115.5
118.5
production
Automobile production
*127.0
al30.4
al29.8
*117.5
a63.2
30.1
74.9
72.4
Silk consumption
....
—
Boot and shoe
production
Cement production
—
74.2
Lumber
Mining
production
Lead production.,
Zinc
Combined index.
58.3
......
57.5
60.0
...
63.8
58.2
59.6
59.6
60.9
.—...
55.3
85.1
82.7
...
*89.1
3224
Financial
TABLE
II—THE
COMBINED
1938
SINCE JANUARY,
INDEX
1937
1935
1936
Chronicle
1933
1934
104.2
92.3
87.2
79.6
67.5
78.4
105.7
89.0
86.7
83.2
66.1
77.4
106.9
89.5
84.4
84.6
107.1
94.1
82.8
85.9
69.2
73.8
109.0
95.9
81.8
86 4
77.3
June
74.3
107.8
97.6
82.0
83.8
87.5
July
AugUHt
78.9
108.9
102.4
82.7
78.0
Continuing the upward trend of the previous week, the
62.5
74.1
94.0
:
1938
Fertilizer Association
79.5
February
March
26,
Wholesale Commodity Prices Further Advanced During
the Week Ended Nov. 19, According to National
1933
January
April.
Nov.
wholesale
commodity price index compiled by the National
Fertilizer Association
111.2.
102.5
84.9
75.1
87.5
September
aSo.l
106.5
102.9
86.1
71.4
82.0
October..
*89.1
98.4
103.3
89.1
74.6
78.5
November...
87.8
107.1
92.0
76.0
75.3
slightly during the week ended
A month ago
of 100) stood
at 72.3%, the lowest point recorded since 1934, and a year
ago at 79.8%.
At 73.2%, the index is now back to the level
December.,
81.3
110.5
95.7
85.4
77.5
of the first week in October.
May
*
82.7
j..
Preliminary,
'
.
Revised.
a
Retail
Costs
of
Food
Between
Sept.
13
and Oct 18
retail
Tlie
of
0.7% between
declined
food
Sept.
13
Oct.
and
18, Commissioner Lubin of the Bureau of Labor
United States Department of Labor, announced
on Nov. 14.
"This decrease was due in large part to the
continued decline in the price of flour and bread and to
lower costs for meats," Mr. Lubin said.
He added:
Statistics,
Prices
lower
were
for
17
and
for
36
cities.
there
was
five
is
62
of the
change
no
84
reported.
was
slightly higher
were
included
foods
Lower
•
for
all
foods
a
year
ago,
lower than
and' in
78.1% of the 1923-25
was
when the index
recorded
two
of
cereals
and
It
The current
66.3.
was
It
the
farm products and foods were largely responsible for
all-commodity index.
for
quotations
livestock products
The food price
since the middle of
for the upturn.
and
cotton
The index of farm product prices
The
grains.
fell off last week
poultry and eggs.
as
index
its
Further reductions in
price of bread
downward
livestock
and
the highest point reached
September, with higher meat prices largely responsible
Higher prices for cotton, wool, and woolen yarns resulted
point reached since
last
upward during the
April.
week
that
was
declines
The
only other group average
move
Fractional
representing the prices of fertilizer materials.
by the indexes
registered
were
to
of farm
fertilizers,
machinery,
and miscellaneous commodities.
Twenty-six
14
series
price
Included
in
index
the
advanced
during
the
18 declined; in the preceding week there were 32 advances and
declines; in
the second preceding
week
there
17 advances and
were
23 declines.
is
WEEKLY
WHOLESALE COMMODITY
PRICE INDEX
Compiled by the National Fertilizer Association.
bakery products continued
of
the result of declining prices for
average rose to
in the textile price average advancing to the highest
cities
average.
84.9.
was
17.8%
cost
announce¬
has risen slightly in each of the last four weeks, with the latest rise due to
week and
index
higher than for October, 1932, when it
27.4% below the level of 107.6 recorded for October, 1929.
The
index, higher
costs were
cities
13
in
the
in
change.
no
7.9%
index
for
Costs
October
The
was
for
Small upturns in
the rise In
higher
cost
The Association's
ment, under date of Nov. 21, continued:
United States Department of Labor Reports Decline of
0.7% in
rose
Nov. 19, advancing from 73.1% to 73.2%.
the index (based on the
1926-28 average
trend
(1926-1928=100)
■
■
with
decrease of
a
the dominant
In
1.2%.
factor in
Philadelphia and
pound.
per
this
in
White bread
decrease.
Portland,
Whole wheat and
bread
rye
rolled oats
The
declined
seasonal
cost of the
The
5.1%,
in the
of
also
lower.
the
of
cost
of
summer
1933.
Macaroni
and
canned
and
with
group,
1.9%.
salmon,
from
15.
Mountain
The
3.4%.
and
increases
Pacific
The
areas.
price
average
72.7
71.5
80.3
55.9
55.6
65.4
71.2
71.2
66.2
65.3
65.1
63.8
Cotton.
48.5
48.3
48.3
43.1
51.3
49.4
49.2
68.1
73.1
73.4
71.4
78.3
75.8
75.8
75.6
84.0
78.4
78.6
81.3
59.7
Livestock
17.3
cities
fresh
milk
Fuels
Miscellaneous commodities
59.5
7.1
Metals
91.0
91.0
89.1
6.1
Building materials
81.8
81.8
80.9
84.6
1.3
ChemiealR and drugs
93.2
93.2
93.6
96.4
Fertilizer materials
70.7
70.6
70.4
73.2
8.2
in
.
.
Textiles
.3
Fertilizers.
.3
Farm
in
this
group
quart in
Los Angeles.
relatively
were
71.0
,77.7
59.2
unchanged, varying movements in seven cities offsetting each other.
The
most important changes were an increase of 2.0c. a
quart in Buffalo and
a
1937
72.1
.3
decrease of 1.3c.
1938
72.9
was
a
20,
1938
Grains
than 11.0%
from
of
Nov.
56.1
Farm products...
f 23.0
erf
lower
were
more
reported
were
Ago
22,
Cottonseed oil
26.3
;
The
10.8
greatest
Year
Ago
Oct.
12.
Fats aDd oILs
to
Prices
decrease of slightly
a
Week
1938
Foods
Month
Preced'g
19, Nov.
Nov.
Group
decreased
beef and veal, 2.1%; lamb, 2.7%;
;
Latest
Week
Bears to the
1c.
Total Index
Flour
amounted
meats
'
Each Group
cities.
dairy products showed little change,
increasing 0.1%.
0.7% higher, with increases reported from 24 cities, and
averaged
decreases
the
12
about
chops and loin roast.
cost
Butter
in
pork items decreased 6.0%
for every item
for pork
in
to
cost
Per Cent
1.0% each and crackers decreased 2.3%.
decline
chickens,
roasting
less
were
1.0% to the lowest price level since the
were
decline amounted
Me., the
;
■
the
Price changes for other items
100.0
.
65.1-
99.5
77.6
...
Ail groups combined
77.7
77.7
79.9
97.1
97.2
97.2 •'
95.6
73.2
machinery..
73.1
72.3
79.8
unimportant.
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
Three Year Average 1923 25=100
•
Wholesale
Oct.
Commodity Croup
Sept. 13, Aug. 16,
1938
1938
18,
1938 p
Oct.
Oct.
12,
Oct.
15,
1937
1932
84.9
66.3
15,
78.1
Cereals & bakery products.
Meats
78.7
78.4
107.6
87.2
88.2
91.0
94.7
73.9
98.4
94.9
98.2
98.0
108.8
73.1
121.6
77.3
^Wholesale
week ended
77.2
76.1
85.1
65.4
103.5
week.
86.1
82.2
72.5
81.6
73.2
120.3
55.8
54.8r
55.0
56.5
51.3
105.5
Fresh
53.8
52.6 r
52.7
53.5
49.7
106.1
76.3
77.4
81.0
68.5
95.2
58.6
59.5
59.6
67.9
53.2
108.4
66.3
66.4
66.5
70.3
74.5
110.1
67.1
67.7
68.1
77.5
50.5
92.6
62.3
62.3,
62.9
67.4
£8.9
76.5
during the
Nov, 19 and offset the gain of the preceding
Nov. 23.
75.3
19
commodity prices declined 0.1%
tics, United
Canned
Prices Declined 0.1% During
According to U. S. Depart¬
Nov.
Labor
of
ment
All foods.
Commodity
Week Ended
,
1929
Dairy products
Eggs
1
Fruits and vegetables
Dried
Beverages and chocolate.
_
Fats and oils.-Suvar and sweets...
V Preliminary,
Eggs
prices
New
-
Revised.
r
advanced 4.8%,
reported
were
England
and
from
5.5%
.are
all
but
higher than
a
year
Higher
ago.
cities, six of which
seven
in
were
the
Commissioner Lubin of the Bureau of Labor Statis¬
States
Department
of Labor,
announced
"The index of 813 price series now stands at the
of the year, 77.3 of the 1926 average," Mr. Lubin
is the
on
low point
said. "It
as for the weeks ended Oct. 22 and Nov. 5 and
is 6.8% lower than it was a year ago.
Fluctuations in the
same
group indexes were slight.
In no case
to one-half of 1%."
Commissioner
did the change amount
Lubin also stated:
Lemons
Wholesale_prices_ of non-agricul t ural^commodities moved^fractionall^
downwardjus indicatedlby the index for"*"all commodities other than farm
products.'^ The decline of 0*1% placed the group index at 79.4, the lowest
point since early'in July, 1936.
It is 0.3% below the level of a month ago
rose
and 6.0%
area.
Fruits and vegetables showed an
upturn of
of
2.3%
the
in
of
cost
the
fresh
1.7%, the result of
items.
Apples
increase
an
6.2% .higher.
and
oranges
declined 5.4% and 6.9%, respectively.
Potatoes
4.4%, with higher prices reported from 32 cities.
Oiiions advanced
7.9% and green beans 11.1%.
Cabbage declined 7.7% and sweet potatoes
14.9%.
each,
The
and
decreases
prices
the
canned
the
and
price
sweets
Food
products,
to
which
corn,
decreased
items
these
about
subgroups.
declined
2.8%,
The
and
1.5%
greatest
both
cities
were
the only
change
no
was
beverages and
decrease of 1.7%
a
chocolate and
of
sugar
vegetables
2.0c.
per
lc.
advances
restored
Portland
meats
in
the index at
and
price
higher
increase.
and
as
a
of
was
amounting
Portland,
In
similar
to
dairy
the
to
Peoria.
1.0%.
milk
and
cities.
2.6%,
costs,
much
were
the average
food
Buffalo
as
13
contrary
Butte
in
following
the
in
pound, and dairy
per
decreased,
shown
rose
quart,
In
than
fell
also
declined.
where food costs
higher
greatest decrease,
Decreases
also
were
slightly
The
vegetables
groups.
2.0%,
and
cities
more
and
recorded.
and
these
than
In
Ore.,
Buffalo
increase
f.
Oct. 18.
Regional Area
the
level
products
of
and
Sept. 13, Aug. 16,
an
It is
Oct.
12,
Oct.
15,
1938 p
1938
1938
1937
1932
78.7
78.4
84.9
66.3
Oct.
15,
1929
7.3% below the week ended Nov. 20, 1937.
highest point since early in February.
increase of 0.5% over a month
a
month ago and a year ago,
76.7
77.5
78.0
85.0
67.1
107.4
Middle Atlantic
79.2
79.6r
79.3
86.1
68.9
108.0
primarily because of
seeds, potatoes, and wool.
Quotations
ago
were
The livestock and poultry subgroup declined
and down 10.7% from
In the foods group, a decline of 1.3% for meats was
with the result that the group
79.1
78.2
85.0
64.3
108.6
seed oils.
80.5
79.8
85.7
64.9
108.2
77.2
77.7
77.3
83.4
65.2
107.2
flour, canned tomatoes, fresh
0.4% for dairy products
index remained unchanged.
Among the food
beef and pork, ham and veal.
106.1
group
77.6
77.6
77.8
82.8
63.2
104.9
II.2% lower than it
78.0
79.7
80.1
86.9
104.7
Pacific..
65.1
76.5
76.5
76.4
82.1
65.8
105.5
was
for the corresponding week of last year.
The index for the hides and leather
»changed from last week.
and
were rye
The foods
index, 73.9, is 0.5% higher than it was at this time last month and
61.0
West South Central
79.7
~
counterbalanced by
Among the commodities which registered lower prices
Mountain
72.8
oats,
«•-
items for which prices
averaged higher were butter, wheat flour, fresh fruits
and vegetables, cured pork, coffee, edible tallow, and coconut and cotton¬
78.2
w
a year ago.
80.1
72.6
Sharp increases
wheat, cows, ewes, eggs, apples,
lower for calves, steers, hogs, live poultry,
South Atlantic
r Revised.
corn, rye,
The farm products group index, 67.8, is up 1.3% from a month
West North Central
71.9
products advanced 0.3% during the
increase of 2.6% for grains.
an
reported in prices for barley,
I.7%.
Nov. 23 by the Department
as above, also stated:
quoting Commissioner Lubin
Wholesale market prices of farm
week
level
The index is down 0.6% and 6.8% from
respectively.
East North Central
East South Central
ago._J[t is down 4.3% from a year ago.
The announcement, issued
of Labor,
0.1%
This week's index, 76.3, shows
increases of 1.4% for fruits and vegetables and
107.6
1
commodities also rose
hi The large group of finished products declined 0.1% to the lowest
reachqd since late in June, 1936.
and lemons.
78.1
United States
to the
were
New England-
Preliminary,
and 3.9%
raw materials group to advance 0.1% and placed
71.4, which is 1.4% above the level of the corresponding week
The index for the semi-manufactured group of
in
Three-Year Average 1923-25=100
___
V
and foods,"
It is 0.4% below a month ago
caused the index for the
of October.
cities
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY
REGIONAL AREAS
F*
year ago.
commodities other than farm products
year ago.
,
36
These
January.
showed
in
was
fruits
for
advanced
eggs
of
Me., where bread costs
and
fruits
September.
a
peas,
J
more
last
the greatest change
cost
change.
lower
Portland,
milk
The
little
were
eggs
"all
from the preceding week at 80.9.
below
canned
below that of a'
The index for
reflecting the trend in prices of industrial commodities, remained unchanged
Higher prices for certain agricultural commodities and for scrap steel
movement
slightly
fresh
dried
throughout
group,
lard.
showed
cities
for
general
of
costs
For two
shown
and
2.2%.
In the fats and oils
in
canned
lower
were
for
were
which fell
of
cost
were
sole
leather
were
products group also remained
un-
Lower prices for calf skins, sheepskins, kip skins,
offset
by higher prices for goatskins, chrome calf
Financial
147
Volume
harness,
No changes were reported in prices of gloves,
leather, and shoes.
Wholesale prices of print
worsted
jute de¬
cloth, cotton yarns, and woolen and
and raw
remained unchanged
goods advanced during the week and raw silk, silk yarn,
clined with the result that the textile products group
gasoline together with a slight increase
materials group to
not
in the metals and metal products group
decline of 0.3%
steel and
tural
The index for the building
for yellow pine lath, red
reported
of higher
Lower prices
oil.
cedar shingles, and turpentine.
drugs and pharmaceuticals and
feed
Wholesale prices of cattle
index also advanced 0.3% largely
because
and
fertilizer materials prices did not change.
Crude rubber
1.6% during the week.
rose
declined 2.8%.
For 7 consecutive weeks, the
housefurnishing goods group index has re¬
main groups of com¬
five weeks and for Nov. 20, 1937, Nov. 21, 1936,.
for the past
Nov. 23, 1935, and Nov.
■
24,1934.
"
(1926=100)
Nov.
Nov.
Nov
1938
Oct.
1938
1938
1938
Nov.
Nov
Oct
1938
Nov.
1937
1936
Nov,
24
23
21
20
22
29
5
12
19
Commodity Groups
1935
1934
77.3
77.4
77.3
77.6
77.3
82.9
82.4
80.6
76.3
Farm products.——
67.8
67.6
67.2
68.2
66.9
75.9
85.2
78.2
70.6
Foods..
73.9
73.9
72.9
73.8
73.5
83.2
84.5
85.8
75.0
Hides and leather products—
95.1
95.1
95.3
95.1
94.3 101.8
98.3
95.7
84.9
Textile products
All commodities—.
——
65.7
65.7
65.9
65.9
65.7
70.5
73.5
73.1
69.3
materials..
Fuel and lighting
74.9
74.8
75.2
75.2
75.5
78.6
77.5
75.7
75.6
Metals and metal products..
95.0
95.3
95.3
95.9
95.4
96.6
87.3
86.4
85.3
Building materials
Chemicals and drugs.
89.3
89.0
90.0
89.8
89.8
93.8
87.8
85.8
84.9
76.4
76.2
76.3
76.6
76.7
79.8
82.5
80.9
77.1
Housefurnishing goods
87.1
87.1
87.1
87.1
87.1
92.1
83.4
82.1
82.7
Miscellaneous
72.5
72.5
72.4
72.4
72.4
75.4
73.9
67.4
70.6
71.4
71.3
70.7
71.3
70.4
77.0
83.1
*.
*
Raw materials
76.3
76.2
76.2
76.2
75.9
79.7
79.5
*
*
Semi-manufactured articles..
80.7
80.8
81.0
81.2
81.2
86.6
82.8
79.4
79.5
79.5
79.7
79.6
84.5
81.8
_
Finished products
other
commodities
other
commodities
farm
*
81.1
77.5
80.9
81.2
80.9
81.3
81.2
84.2
81.2
79.0
78.1
•Not computed.
for Week Ended Nov. 19,
Above a Year Ago
Electric Output
1938, 2.1%
Edison Electric Institute, in its current
re¬
estimated that production of electricity by the electric
light and power industry of the United States for the week
ended Nov. 19, 1938, was 2,270,296,000 kwh.
The current
is 2.1 % above the output of the corresponding
when production totaled 2,224,213,000 kwh.
The output for the week ended Nov. 12, 1938, was estimated
to be 2,209,324,000 kwh., an increase of 1.5% from the
week's output
week of 1937,
a
of the hotels reporting
year ago.
PERCENTAGE DECREASE
FROM
PREVIOUS YEAR
room
Nov. 19,
Regions
1938.
Nov.
12. 1938
Week Ended
Nov. 5,
1938
Week Ended
Oct. 29, 1938
xlO 2
Middle Atlantic
X9.9
x6.4
x3.7
x2.2
New England
x2.4
x3.6
x2.1
0.1
Central Industrial
x0.4
3.1
5.5
0.2
*
3.2
0.2
xl.6
x2.8
xl.4
1.4
1.7
2.2
3.6
3.5
4.9
West Central
Southern States
Rocky Mountain
Pacific Coast—
-
Total United States.
1.3
x0.2
xl.5
x2.1
x2.0
x2.8
x2.9
x4.9
-
xIncrease.
RECENT
WEEKS
(THOUSANDS
OF
KTLOWATT-HOURS)
Percent
Change
Week Evded
1937
1938
1938
1936
1932
1929
be¬
automobile production,
sales from October, 1937, about equally divided be¬
1937
drop of 14%
tween
in
restuarant; here, as in most of the
and
rooms
hotels had increases in restaurant sales than
OF
1467—CBADhloeiscvtgan-.d
-
2,261,725
—6.4
2,079,137
1,426,986
1,724,728
2,133,641
2,138,517
2,300,547
—7.3
2,079,149
1,415,122
1,729,667
20
2,304,032
—7.2
2,093.928
1,431,910
1,733,110
27.—.
.
2,134,057
2,294,713
—7.0
1,750,056
2,320,982
2,154,276
—7.4
2,125.502
2,135,598
1,436,44Q
2,148.954
1.464,700
1,761,594
—4.9
1,674,588
3
,10
-.
2,048,360
2,098.924
1,423,977
—2.9
2,028,563
1,476,442
1,806,259
—4.9
2,170,807
1,490,863
—6.0
2,157,278
1,499,459
1,506,219
1,507,503
1,528,145
1,533,028
1,792,131
1,777,854
1,819.276
8
2,154.449
2,280,792
2,265,748
2,275,724
2,280.065
—5.5
2,169,442
15
2,276,123
2,281,636
—4.1
2.168,487
22.
2,182,751
2,214.097
—3.0
2,170,127
29.
2.226.038
2,254,947
—1.3
2,166,656
5
2,207,444
2,202,451
2,176,557
2,224,213
+0.2
2,175,810
+ 1.5
2,169,480
1,525,410
1,520,730
1,815,749
1,798,164
+ 2.1
2,169.715
1,531,584
1.793,584
.17—
.24..
— .
1
2,214,775
2,154,218
2,139.142
12......
2.209.394
19..—
2,270,296
1,806,403
1,798,633
1.824.160
monthly survey of the trend
"the country-wide com¬
parisons with a year ago were not quite so good in October as
in September. This is because of the lack of improvement in
Texas, the Pacific Coast and the group 'all others,' for New
York City, Chicago, Philadelphia, Cleveland and Detroit
had substantially smaller decreases this month. As a general
rule the larger hotels fell off more than the medium-sized
and small ones."
The firm addedrgj^ ||
JftAu&i
Horwath & Horwath in their
in hotels stated that
COMPARED
1937
Room
Sales
Occupancy
or
Decrease
(—)
Rate
Percentage
Percentage of increase (+)
Percent¬
age
Same
Res¬
taurant
Month
—7%
of
(+)
or
Last Year Dec.
(—)
73%
—4%
70
69%
—5%
—9%
inc.
Month
This
Rooms
Total
—3
—7
-10
67
—10
—18
50
54
—3
60
63
0
—1
—5
72
78
+8
—14
-rl3
—15
62
71
0
—9
-
.
—13
Philadelphia
Washington..
—4
—4.-.
Cleveland
—3
Detroit
0
—9
—10
—9
56
62
—1
—12
—12
—14
69
74
—4
—7
—7
—8
65
68
—8%
—8%
—8%
65%,
68%
—2%
—7%
—7%
-7%
62%
67%
+ 1%
Pacific Coast
Texas
i
All others
.
Total—
Year to date
.
:
—2
7% Noted in Bank Debits
as
reported by banks in
leading cities for the week ended Nov. 16, which inlcuded
only five business days, aggregated $7,718,000,000, or 15%
above the total reported for the preceding week which
included only five business days in many of the reporting
centers, and 7% below the total for the corresponding week
which also included only five business days in
reporting centers.
,
V
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted
to $7,032,000,000, compared with $6,087,000,000 the pre¬
ceding week and $7,635,000,000 the week ended Nov. 17
most of the
#
of last year.
These figures are as reported on Nov. 21, 1938, by
Board of Governors of the Federal Reserve System.
SUMMARY BY FEDERAL RESERVE
No.
Nov. 16,
Nov. 9, 1938
1938
$441,354,000
$471,519,000
15
2,791,643,000
.326,372,000
420,671,000
261,653,000
223,124,000
955,762,000
— ,
492,662,000
312,855,000
238,294,000
41
8—St. Louis———
3,195,369,000
380,748,000
26
..
18
24
-. — -
5— RIc h m ond
1,113,623,000
16
243,719,000
197,899,000
17
152,436,000
28
267,114,000
Nov. 17,
1937
$549,342,000
3,422,083,000
389,723,000
557,826,000
309,811,000
243,783,000
1,183,087,000
282,542,000
173,508,000
18
—
Total------
206,692,000
673,110,000
524,016,000
211,576,000
707,399,000
274
.
134,194,000
218,312,000
162,677,000
29
9—Minneapolis ——.
10—Kansas City—— —.
to
of
25
2—New York
The
DISTRICTS
Week Ended—
17
—
3—Philadelphia.
the
Centers
Incl.
$7,717,976,000
$6,687,842,000
$8,337,938,000
Factory
Employment
308,258,000
and Payrolls
In¬
September
October—Declines Noted in Delaware Factories
More
Than
Seasonally
from
employed in Pennsylvania
September to October and
disbursements rose nearly 6%, accord¬
number of wage earners
factories increased over 1% from
the amount of wage
ing to figures released
of
The
than
in
increase
seasonal.
Nov. 21 by the Federal Reserve Bank
The Bank's announcement further said:
Philadelphia.
both
employment
and
payrolls
was
In the case of wage payments, the rise
somewhat greater
exceeded the usual
upward trend for the third consecutive month, advancing the index to the
highest level of the year.
Both employment and payrolls, however, con¬
tinued well below last year, the indexes being 17% and 23%, respectively,
under October, 1937.
Plants
turning out transportation
equipment continued to show the
the case
Employment and wage
payments in the textile and clothing, non-ferrous metal, and, food groups,
however, did not maintain their customary seasonal levels in October.
Working time increased for the third consecutive month, averaging
nearly 35 hours a week compared with a little over 33 in August and
September, and about 36 a year ago.
Average hourly earnings rose slightly
to 68c. after showing small declines in the four preceding months.
They
approximated 7lc." a year ago and 59c. in October, 1936.
greatest improvement,
Hotels, According to Horwath &
Horwath—October Comparisons with Year Ago
Not as Good as September
Trend of Business in
of business
in either.
OCTOBER, 1938,
BUSINESS IN HOTELS IN
WITH OCTOBER,
New York City
Chicago
other places,-more
ip room sales, but only a small
proportion of the hotels showed improvement
creased
2,115.847
6.
shown any decline in rates since the
Detroit, in spite of the increase in
Pennsylvania
from
13
but that in rates
for September; these are the only two
compared with only 1%
ginning of 1934.
a
In the "all others"
the decrease in sales was the same as in September,
2%
months in which this group has
12—San Francisco-
FOR
DATA
sales.
sales and almost one-half higher restaurant
group,
had
reported higher
higher
Chicago about one-fifth of the hotels reported
In
Federal Reserve District
Week Ended
Week Ended
Major Geographic
lately though only 9%
higher room sales than a year ago, while about 20%
restaurant sales.
of last year,
weekly
port,
like week
The
1937.
smaller than they have been
Debits to individual accounts,
than
products and foods..
The
held up somewhat
transient hotels
occupancy
city were considerably
Decrease of
than
farm products
All
City the
decline of only two points from October,
average
table shows index numbers for the
The following
All
large hotels of New York
an
TREND
mained at 87.1.
modities
slightly larger
decreases in both room and restaurant sales for this
was
Mixed fertilizer prices were fractionally lower
for oils.
having
had
and tile and structural steel were firm.
The chemicals and drugs group
of higher prices
agricul¬
steady.
materials group rose 0.3% because
prices for yellow pine and spruce lumber, and china wood
Wholesale prices of brick
responsible for
index. Scrap
Average wholesale prices for
babbitt metal advanced.
implements and plumbing and heating fixtures were
were
2% compared with
New York City and the ♦'all others" group.
were
In the
date;
points. The
with an average of five points for the year to
in room rates from October, 1937, was
in August and September; chiefly responsible for this
1%
decrease
equally.
from October, 1937, was only
September there was a seasonal rise of four
in comparison with
and that'
,
and restaurant falling off about
rooms
better than in the smaller ones, a big group of mid-town
change.
Weakening prices for tin plate, pig iron, and solder were
a
and coke did
Bituminous coal prices were fractionally lower
rise 0.1%.
,
The decrease in the percentage of occupancy
three points compared
average decrease
steady.
Clothing, hosiery and underwear prices were
65.7.
An advance in the price of natural
In anthracite caused the index for the fuel and lighting
8%
The decline in the combined sales this October from last is
for the year to date is 7%
and luggage.
at
3225
Chronicle
of iron
As
although substantial gains also occurred in
and,steel, and stone, clay and glass products.
to
conditions in Delaware the
Philadelphia Reserve
Bank stated:
At Delaware
ber.
hours
factories employment
declined 7% from September to Octo¬
payments decreased 4%, and the total number of employeeshowed a reduction of 8%.
These contractions for the most part
Wage
3226:
Financial
reflected curtailed
pared
with
a
in the highly seasonal canning industry.
Com¬
employment was 22% smaller and payrolls and
respectively, 26% and 23% smaller.
Nov.
1938
26,
activity
year
working time
Chronicle
EXPORTS
IMPORTS
9 Mos. End. Sept.
9 Mos. End. Sept.
ago,
were,
Grand Division and Country
{Concluded)
1937
Total
Value
by
of
Grand
Nine
First
Asia..
Months
1938
1937
$
Exports and Imports of Merchandise
Divisions and Principal Countries for
S
$
1938
$
441,246
378,955
742,026
417,359
21,497
27,682
22,262
12,792
278
254
767
180
3,389
7,455
2,159
2,208
2,647
1,801
4,505
2,284
4,090
876
Western.
*
The
Department of Commerce on Nov. 2, 1938, issued
its report showing the merchandise imports and exports by
grand divisions and principal countries for the first nine
months of the years 1938 and 1937.
The following are the
tables complete:
*
Aden
Iran
OF
Saudi Arabia.
DIVISIONS
867
254
430
486
3,615
8,691
1,266
11,158
125,400
Turkey
REEXPORTS FROM, AND VALUE
INTO, THE UNITED STATES BY GRAND
164
*
7,445
120,338
1,808
10,e24
Syria
462.845
277,823
INCLUDING
EXPORTS
GENERAL IMPORTS
OF
2,146
2,385
Palestine
.
VALTJE
(Persia).
Iraq..
Southern and Southeastern.
COUNTRIES
AND
British India (including Burma)
(Corrected to Oct. 27, 1938)
Value In Thousands of Dollars (000
28,147
British Malaya...
IMPORTS
9 Mos. End. Sept.
9 Mos. End. Sept.
Netherlands Indies*
1937
1938
1937
1938
$
S
%
63,032
2,888
3,777
127
86,362
50.573
4,093
20,117
2,191
61,399
1,860
1,640
Philippine Islands
43*681
176,715
15,177
85,412
895
18,607
French Indochina*
Grand Division and Country
1,765
6,552
6,127
1,181
Ceylon
EXPORTS
4,524
77,755
11,112
102,760
$
Slam
Other Asia
Grand total.
76,977
23*617
British India
Burma
Omitted)
2,378,357 2,295,196
2,427,446 1,434,962
373
215
1,941
1,340
3,475
623,908
560,722
558,462
294,350
230,935
256,918
126,744
China
North America.
Eastern.
43,629
8,383
8,759
233,679
27,085
17,167
86,477
7,207
3,483
159,751
33,491
89,069
371,859
Hongkong
*
Kwantung...
Japan.
Northern.
388,334
364,661
319,391
359,015
312,595
368
Oceania.
i
1
155
104
11
5,541
6,244
4,794
235,574
196,060
239,072
70,124
61,322
11,104
51,901
17,855
-
51,976
17,232
39,524
5,792
4,541
181,306
New Zealand
British Oceania..
648
French Oceania*
Labrador
Southern.
597
448
19,761
1,025
1,011
112,085
85,033
78,244
19,331
16,601
17,389
1,863
1,123
2,003
1,139
8,882
3,077
Africa.
Mexico
Central America
83,021
36,728
British Honduras
46,480
36,104
48,552
31,428
742
i.
862
1,303
3,677
4,992
4,638
1,885
3,547
..
Costa Rica*
3,256
5,522
Guatemala*
Honduras*
Nicaragua*
3,927
2,246
18,498
,
Panama (Including
Canal Zone).
Panama Canal Zone
38,039
26,322.
Mediterranean.
Algeria*
1,580
>3,367
6,729
4,344
2,153
7,500
4,700
2,601
3,588
"7" 485
Panama, Republic of
*
Tunisia*
-
Egypt..
—
Italian Africa.c
1
Morocco
8* 189
140
1,843
1,434
1,895
550
South—Union of South Africa
3,759
64,998
2,744
49,437
1,152
4,081
3,039
1,376
2,025
1,727
3,540
11,479
3,226
11,176
Other British South Africa.
261
318
275
British Africa:
4,244
5,531
2,496
57,452
4,035
32,203
1,190
816
2,907
1,480
1,180
129,393
6,428
15,214
996
1,506
2,432
195
155
1,933
2,329
225,196
345,464
193,203
220,664
Africa.
...
East
90,734
West—Gold Coast.
Nigeria..
"...
4,543
Other British West Africa
15,358
63,461
71,384
59,544
Colombia*
Guiana—British
Surinam
28,887
(Netherlands)*.
Madagascar*
Venezuela...
37,723
640
0
696
1,892
2,644
5,741
3,455
19,516
12,506
265
884
553
239
385
894
1,621
5,139
.
—..
Africa,* N. E. S—
2,982
4,791
2,155
553
622
857
"755
6,278
4,450
80
16
1.008
Other Portuguese Africa
55,567
39,679
750
623
3,864
307
.....
963
629
401
Liberia
*
28,996
781
485
French *_
33,079
French Africa, North, East, South:
Portuguese Africa—Mozambique
North Coast
185
559
Other
5,167
116,945
Other French
South America.
118
976
161
22
696
5,194
French West Indies*.
199
1,741
1,021
358
3,464
Haiti*
112
2,516
8
Ethiopia
Belgian Congo
2,698
67,012
4,720
24,525
1,632
2,893
Dominican Republic
1,764
1,663
3,587
760
11,444
60,855
334
......
Netherlands West Indies*
8,293
928
672
Cuba*.
41,372
'
68,431
•159,092
Barbados
Trinidad and Tobago
Other British West Indies
512
156
2,882
British—Bermuda
Jamaica
260
92,754
2,471
113,476
3,015
West Indies and Bermuda
—
468
448
*
2,537
115,825
.
■
9,746
1,476
3,551
1,416
---
Spanish Africa—Canary Islands
Other Spanish Africa
*
*2*534
10,093
Salvador*
1,254
71,000
Australia
16
6,548
Mlquelon and St. Pierre Islands*
Newfoundland and
2,930
185,375
541
172,451
190,553
381,630
Canada*
Greenland
14,232
Countries with which reciprocal agreements are in effect,
tania and Cirenaica
(Libya), Eritrea
c Includes Tripollthe Red Sea, and Italian Somaliland.
on
2,358
255
91
79
33
33,053
40,924
17,255
14,7.57
•120,642
115.511
230,932
104,688
Brazil *._.
64,682
29,261
46,190
66,205
44,679
124,317
Falkland Islands.
92,892
71,064
East Coast.
Paraguay
3
Uruguay
7
1
14
569
496
819
940
9,197
4,123
12,903
3,409
36,561
West
38,302
54,987
32,948
3,602
16,714
3,612
12,633
4,139
946
18,602
2,522
13,038
39,053
Coast".
BoliviaChile...
Ecuador.
Peru....
Sugar Production Expected to Be 26.4%
Season, According to Lamborn & Co.
2,715
12,273
559
Production of sugar in Japan, including the Island of
Formosa, during the current 1938-39 season is forecast at
1,525,000 long tons, raw sugar value, as contrasted with
1,206,000 tons manufactured last season, an increase of
319,000 tons, or approximately 26.4%, according to advices
received by Lamborn & Co., New York, from Tokio.
The
firm's announcement further said:
22,563
*
1,574
8,252
Europe.
The current
harvesting of which is
crop,
641,929
400,064
769,008
814,413
512,472
299,417
2,171
66,522
8,662
Northwestern and Central.
975,166
746
Austria _b
57,404
4,303
61,447
27,653
18,218
5,257
96,593
55,885
78,557
1,113
69,082
527
4,434
1,271
29,285
21,796
2,240
37,295
44,062
2,819
136
97
876
926
5,533
65,139
15,935
43,999
22,187
72,383
16,918
617
342,829
43,252
6,944
378,289
1,421
42,453
19,557
42,852
19,108
158,143
10,886
32,778
•"•14,324
79,279
55,942
Denmark
84,500
52,419
43,645
12,089
113,104
85,476
......
France*
Germany
Hungary
•
Iceland
Ireland
Netherlands*
Norway
...
Sweden*...
Switzerland*
6,884
...
United Kingdom
...
Northeastern.
Estonia
21,839
936
1,111
613
734
7,801
7,976
1,012
12,612
12,543
991
679
387
385
Finland*
479
830
625
under way, promises to
be
last
produced from sugar
Last year's
that time.
up to
Of the 1,525,000 tons anticipated this season
to
21,713
Belgium*.
Czechoslovakia^.
now
be the largest production on record for the Japanese Empire.
production was the highest
909,453
1,479,000 tons
are
expected
and 46,000 tons from sugar beets.
cane,
year's outturn, 1,161,000 tons
came
Of
from sugar cane and 45,000 tons
from sugar beets.
Sugar
consumption
in
Japan
approximates
1,070,000
annually.
tons
The surplus production is expected to be marketed in China.
Secretary of Labor Perkins Reports Marked Increase
in
Employment in September—440,000 Workers
Reemployed in Non-agricultural Occupations Be¬
tween August and September
There was a marked increase in employment in Septem¬
ber, Secretary of Labor Frances Perkins reported on Oct. 27.
"Approximately 440,000 people were reemployed in all non-
agricultural occupations between August and September, in
17,524
Poland and Danzig
Union of Soviet Socialist Republics.
Southwestern.
Azores and Madeira Islands.......
Gibraltar
'
18,660
15,271
-22,415
10,216
55,263
19,140
reemployed," she said.
72,777
Lithuania
addition to nearly 200,000 who had returned to work betwmen
and August," she estimated.
"For the entire period
from June to September over 640,000 men and women were
28,306
Latvia
62,149
53,923
39,813
178
504
271
~
297
...
Southeastern.
Albania
378
2
2
42.649
9,196
34,612
6,960
29,628
2,444
3,139
j,
232
58.303
10,832
Italy
Portugal
Spain
Japanese
Above Last
Argentina
9,747
11,846
7,441
23,114
Bulgaria
Greece-
Malta, Goza, and Cyprus Islands
Rumania
Yugoslavia
14,104
100
188
94
100
319
531
1,048
3,802
6,375
12,546
1,445
11,317
454
594
721
5,102
4,802
1,614
3,985
1,949
4,721
56
2.303
"This figure does not take account
other
employed in harvesting crops,
including approximately 120,000 cannery workers who are
not paa't of the normal labor
supply.
The inclusion of these
workers would add substantially to the total number of per¬
sons
reemployed by private industry and by regular govern¬
mental agencies."
Most
although
lines
of
facturing
is
much
1,968
P * Countries with which reciprocal agreements are in
effect,
a Reciprocal agree¬
ment became effective
April 16, 1938.
b Statistics for Austria included with
Germany beginning May 6, 1938.
of casual workers and
17,189
11,726
....
June
of
the
retail
Secretary Perkins further stated:
employment
and
industry
gain
wholesale
also
wage
earners
greater
than
took
increased
the usual
in
stores,
on
more
by
September
railroads,
employees.
250,000,
seasonal
tory payrolls also inqreased hy 5%,
gain
an
was
mines
in
manufacturing,
and
certain
Employment
increase
of slightly
of
of
other
manu¬
3.7%,
which
1%.
Fac¬
over
or $7,500,000 a week, although there
ordinarily, been a gain of about 1% between August and September.
Seventy-three of the 87 manufacturing industries reported employment
gains between August and September, and 69 reported larger payrolls.
has
Volume
5.0%.: Thirty-seven of
Activity in auto¬
mobile plants preparatory to the introduction of new models was reflected
in a rise of 33% in employment.
In iron and steel manufacturing em¬
ployment showed a further small gain of 1%, and payrolls increased 4%.
Other durable goods industries of major importance in which employment
was
larger in September than in August include electrical machinery,
furniture, shipbuilding, lumber, and foundries and machine shops.
Employment in the industries manufacturing non-durable goods increased
by 2.8% during the month.
The usual large seasonal employment gains
were reported in the canning, cottonseed oil, and beet sugar industries, and
in the manufacture of confectionery, fertilizers and millinery.
There were
also substantial additions to the personnel in clothing, silk and rayon goods,
Employment
the
43
and
cotton
durable
the
in
industries
goods
group
rose
Aug.-Sept.
Non-durable Goods
Durable Goods
Industries
Automobiles—.
+ 33
Hardware
The
about
of
12,800
affecting
workers,
almost
buyers,
country
...
+48
+ 11
+ 17
+7
+7
machinery.
+4
+7
...........
+3
+1
Rayon
+ 3
Sawmills.
+4
Rubber goods, other.
+ 1
+4
had
mines
in
16,100,
men
more
reported
mines
Metal
August.
4.3%,
prices.
on
2.4%,
of
I
Among
were
the
the
+7
+4
+3
+ 3
+2
+3
+7
+2
+3
the
_
decreased
showing
employment
following:
Change
Percentage
Change
Aug.-Sept.
Aug.-Sept.
Non-durable Goods
Industries
Industries
Pay¬
Employ-
Pay¬
Employ¬
ment
rolls
—10
rolls
first
employment
railroads.
Ice cream..:.
Agrciui. implements..
Bituminous
—12
Beverages...—
—4
—7
Cement..
Woolen & worsted g'ds
—3
—7
Boots and shoes.
—1
—6
(of
rising
The
'•
•
....
Tin cans
gain
,•
22,000, in
than
more
or
industries
important
more
Percentage
Commission indicated
the number of employees on
*
following table lists the percentage changes in the Bureau of Labor
Statistics
to
:
.
general indexes of factory employment and payrolls from August
September in each of the 20 years, 1919 to 1938:
Payrolls
Employment
.
industry were largely seasonal
character, with the exception of slight declines in building and certain
In¬
Year
Year
crease crease
In-
De¬
In¬
De¬
Year
crease crease
In-
De¬
crease crease
Year
De¬
crease crease
utilities.
1919
by the United States Department
An announcement issued
(office of the Secretary), from which Secretary
are taken, also contained the following
Labor
Perkins's
remarks
regarding employment conditions in the manufacturing
non-manufacturing industries:
and
continued to rise in September, em¬
While employment normally
increases from mid-August to mid-September, the current gains are more
pronounced than the usual seasonal increase of 1.2% in employment and
1% in payrolls.
Comparisons of employment and payrolls in September,
1938, with September, 1937, show losses of 18.4% and 22.7%, respectively.
The gains in factory employment and payrolls were widespread, 73 of
the 87 manufacturing industries surveyed showing employment gains and
69 reporting increased payrolls.
The larger or more important percentage
gains over the month interval were shown in the following industries:
employment
Factory
and
payrolls
INDEX
Aug.
Sept.
84.0
78.2
116.1
.
77.9
41.5
67.0
n
126.8
65.3
115.0
60.6
72.7
65.9
53.7
53.6
-
,
95.8
68.1
81.3
93.8
70.5
68.4
84.6
75.8
71.8
88.5
70.0
64.9
83.2
103.8
101.8
110.6
89.3
88.1
94.5
93 6
87.2
81.8
112.0
109.3
121.0
116.3
111.8
121.1
141.0
138.3
147.1
160.1
154.4
162.1
70.4
79.9
51.1
50.2
67.6
60.1
61.5
68.7
59.8
85.4
50+
51.2
Silk and rayon
goods
97.4
99.5
117.2
103.6
107.0
126.2
106.2
186.7
63.0
67.9
135.8
99.8
96.8
188.4
84.1
130.5
78.4
76.0
133.5
90.1
99.3
180.0
86.4
94.8
203.7
136.3
135.0
154.9
120.6
120.5
154.5
77.1
74.0
121.4
72.7
67.7
122.9
83.3
82.7
110.6
91.1
90.4
122.0
75.1
73.7
57.7
62.1
116.3
130.8
98.9
90.5
104.3
117.8
80.0
74 6
83.9
Clothing, women's
——
Corsets and allied garments.
176.5
165.9
189.9
136.7
128.1
131.6
97.9
94.7
100.8
97.8
85.8
94.3
Men's furnishings
137.5
127.2
140.6
125.4
109.5
117.0
79.8
68.2
79.0
88.3
59.6
79.4
117.8
117.3
124.3
97.2
93.4
105.3
76.9
,
—
.....
Shirts and collars...,
Butter
Confectionery....
——
49.1
62.5
102.2
883.8
48.4
712.8
709.6
758.7
751.2
761.9
74.1
67.7
98.2
90.1
80.1
84.1
80.1
68.3
64.4
66.7
61.2
59.1
61.2
62.8
60.5
61.2
71.9
66.8
Chewing and smoking tobacco
......
Cigars and cigarettes..
Paper and printing.... — ....
106.0
21.8
61.8
Paper and pulp...
11.1
13.1
54.8
92.1
89.1
112.1
95.7
90.0
113.9
64.9
67.4
59.8
58.1
59.7
102.7
113.1
100.9
98.0
108.8
104.6
97.3
108.7
,87.6
83.0
112.1
81.1
74.1
110.3
136.4
128.5
174.0
138.8
125.8
174.8
91.6
89.0
119.9
88.3
83.4
122.2
.....—
—
115.8
periodicals-
Newspapers and
products
and petroleum refining
98.7
94.8
107.0
103.8
102.8
116.2
101.2
101.9
99.0
Printing and publishing:
Book and Job
Boxes, paper
Chemicals
99.0
108.8
88.0
86.2
97.1
105.1
102.5
108.6
106.6
101.1
108.7
112.9
108 1
130.6
118.9
116.9
136.6
121.9
130.9
134 9
138.1
144.3
110.9
104.8
130.5
114.0
110.3
134.2
110.3
139.9
120.9
121.0
152.2
allied
and
Petroleum refining
Other than petroleum
refining.'
111.4
70.3
122.4
Chemicals..
95.6
86.7
103.3
80.8
70.1
91.4
Cottonseed—Oil, cake & meal
113.6
68.4
.75.9
67.9
104.6
99.5
Druggists' preparations—.
109.8
108.3
57.5
68.5
6M
53.2
57.8
58.9
.
48.5
69.0
63.1
87.7
60.3
57.9
87.7
Paints and varnishes
64.0
80.4
60.4
58.1
72.6
Rayon and allied
76.0
97.8
68.9
62.5
82.6
products..
Soap
54.0
52.8
45.6
50.5
,52.4
66.0
50.9
50.2
62.6
Rubber tires and inner
67.3
66.3
83.6
58.0
56.5
76.9
Rubber goods,
51.5
49.9
63.3
38.8
37.2
68.7
69.9
75.5
63.9
65.4
72.0
79.7
—
Rubber boots and shoes
53.7
Mill work
78.7
110.9
80.9
78.6
119.6
All Industries-—
32.0
41.9
Durable goods
58.7
75.4
Non-durable goods
—. —
Stone, clay, and glass
products—
Brick, tile, and terra cotta
Glass
61.2
45.5
124.3
126.9
93.1
103.6
—
81 9
81.9
68.7
93.9
76.5
64.8
112.5
—...—
Rubber products
Sawmills
57.0
116.8
93.1
*"84.9
...—
79.6
— —
94.7
120.0
92 .2
110.6
128.1
114.5
111.2
128.6
315.1
293.9
380.1
308.0
289.0
369 1
90.7
94.9
94.4
91.2
97.5
75.6
—
...
65.5
Lumber:
145.6
118.3
-
92.3
Explosives..
66.1
products
Furniture.
80.5
Fertilizers.
Smelting and refining—Copper,
lead and zinc
—
Lumber and allied
77.7
112.4
81.9
recording devices
Lighting equipment. . ————
Silverware and plated ware
72.2
67.4
104.3
121.0
46.1
25.4
72.5
97.5
76.6
69.5
97.6
56 2
54.1
79.4
56.4
50.9
96.0
tubes...
83.8
62.1
60.6
85.1
67.6
60.6
88.3
120.9
other
113.2
139.4
116.5
107.7
133.5
51.6
Summary
-
88.9
85.7
109.0
80.7
76.8
104.4
75.3
71.8
106.3
68.3
63.5
105.8
101.8
99.0
111.5
94.6
91.6
102.9
-—
Marble, granite,
slate & other
42.9
43.3
52.6
31.2
74.7
o
products
Pottery.
September,
92.8
669
...
Tobacco manufactures
63.0
Jewelry
82.0
103.0
52.9
products
Clocks and watches and time-
89.9
'97.4
61.0
Brass, bronze & copper
288.6
69.3
74.7
112.2
Aluminum manufactures
203.8
88.5
103.3
'——
Sugar refining, cane..:
18.0
Non-ferrous metals & their prods.
237.7
88.2
107.4
23.9
——-
327.9
71.6
104.8
16.1
-
251.2
86.3
108.4
27.4
64.6
92.6
277.8
95.7
Locomotives
*
94.4
94.2
Cars, electric & Steam railroad.
—————
89.9
95 5
arid snuff.....
106.3
111.2
80 3
165.7
51.3
110.2
78.9
Sugar, beet
— —
148.2
317.4
70.3
Slaughtering and meat packing.
121.6
143.0
139.8
322.0
81.1
114.0
86.3
131.1
143.8
298.1
79.4
190.3
157.9
136.5
149.2
265.6
90.4
97.4
75.5
152.1
144.5
260.0
93.0
67.0
97.9
138.3
250.8
78.1
67.8
50.6
89.6
77.4
107.9
54.1
68.6
77.5
83.4
—
167.6
83.8
75.1
78.4
Ice cream.
114.4
115.7
70.7
90.5
103.6
—
77.1
81.4
96.3
77.0
145.6
107.1
184.4
96.7
94.6
143.3
;
77.7
155.5
92.6
73.7
78.2
.
Baking
114.3
57.9
74.7
92.1
and shoes...—
Leather..
98.5:
93.7
Leather and its manufactures
Flour
117.7
71 3
72.8
Canning and preserving—...
60.1
65 2
107.3
Beverages
Electrical machinery, apparatus
69.3
121.9
Food and kindred products
Cash registers, adding
84.4
74.4
goods..
Clothing, men's.-.—---
Boots
85.4
78.9
Wearing apparel....—......
"77.7
98.2
95.0
61.3
108.8
71.9
87.5
63.3
76.0
74.9
89.4
Knit cloth..............
92.9
63.7
75.1
84.2
73.9
151.1
79.4
(incl.
Transportation equipment—
53.6
83.0
Millinery
Typewriters and parts..—....
73.3
57.7
55.5
88.9
80.0
74.6
59.7
98.5
126.1
53.2
94.2
83.8
96.4
60.3
88.4
.
107.4
86.2
128.7
tools,
phonographs
95.1
83.7
69.0
Textile machinery and parts.—
90.1
97.8
86.6
—
188.2
60.5
Foundry A machine-shop prods.
Machine tools————„T—
1937
68.4
73.0
—;——
Sept.
1938
150.3
164.8
water wh'ls
Aug.
1938
69.7
58.0
supplies
1937
Goods
.......
Woolen and worsted
machines
calculating machines
1938
Sept.*
153.5
109.9
— —
Sept
Knitted underwear_
Including trans¬
Shipbuilding
Payrolls
Aug.
71.3
60.4
128.6
Automobiles
INDUSTRIES
100.2
119.6
tractors)-a-—
Radios and
preliminary
57.6
.
69.8
Wirework.
and windmills—
100.
The
34.5
37.2
65.8
60.9
66.2
71.6
1 98.4
'
5.1
1938-
Hosiery. ........ ........
Knitted outerwear
167.3
V
-
Dyeing & finishing textiles..
fur-felt...v..
—»-
91.9
r 85.1
machine tools, files, & saws)
portation equipment
implements
as
variation.
Hats
73.1
—
-
3.5
Cotton small wares
60.7
metal-
Tin cans and other tinware
M
0.2
Carpets and rugs.P......-_
Cotto n goods
113.6
"71.9
79.5
Engines, turbines,
seasonal
Fabrics
127.8
115.2
'<
-
1937..
•
,
heating
Agricultural
1.5
-T
Knit goods...;..
65.3
114.1
fittings.
Tools (not including edge
0.4
6.6
J
-
'
121.6
Stamped and enameled ware-
and
for
1938
73.1
Plumbers' supplies
Structural & ornamental
1936..
1.3
-
m
3.6
1935..
0.7
J
4.6
1934..
factory employment and payrolls are
1937
68.1
74.5
43.6
—
-
hot-water
1928.
.
-
The Bureau's indexes are not adjusted
data given for September, 1938,
in this report are based upon figures received from 22,373 manufacturing
establishments employing 3,539,408 workers, whose weekly earnings during
the pay period ending nearest Sept. 15 were $82,830,431.
.
1923-25, taken
average,
*
tools-----
Forgings, iron and steel
appratus and steam
3.7
-
-
computed
from returns supplied by representative establishments in 87 manufacturing
industries.
The base used in computing these indexes is the three-year
*
silver
including
and plated cutlery), and edge
and
1937—
1^38
*
>'
6.3
1933-.
'
__
3.9
1932..
3.7
1927-
Sept.
68.9
63.0
not
.
The Bureau's indexes of
steel works, and
Hardware
1.3
2.2
-
Non-durable
64.6
Machinery,
1928
0.7
1926..
0.1
1.2
3.4
1925-
«*' *.'
2.0
Textiles and their products
79.4
81.8
82.0
—
1927
2.3
—
0.8
1930..
1931.-
Employment
products,
Cast-iron pipe
work
1936.-
-
1929..
1.4
■
1924-.
1938
1938
85.2
and
1935
_.
f Aug.
Sept.*
1937
rolling mills ——
Bolts, nuts, washers, and rivets
Steam
1.9
-
19234.5
2.2
.
'■*.
'
1922..
4.6
1925
-
1934
5.4
—
1933
2.4
Goods
including machinery
(not
—
1932
—
1924
Sept.*
'
Cutlery
+
0.5
-
1921..
Payrolls
§1938
1938
Blast furnaces,
2.1
-
__
0.4
4.5
1920--
0.5
—
Manufacturing Industries
Sept.*
Durable
1923
1.1
1931
■
OF EMPLOYMENT AND PAYROLL8 IN MANUFACTURING
Adltifited to Census Totals for 1935.
Three-year Averace 1923-25=100.0
Employment
not
1922
w
1919—
1.0
1929—
1930-.
1.2
■
2.3
__
NUMBERS
Manufacturing Industries
Iron and steel and their
1.8
..
1920
1921
1926
ployment increasing 3.7% and payrolls 5.1%.
*
+6
Durable Goods
Changes in employment in other lines of
the
+8
Women's clothing....
Cotton.....:—..
preliminary report of the Interstate Commerce
gain
+7
Men's clothing
Steel mills
their rolls in September
'
.
.....
Cigars and oigarettes.
Silk and rayon mfg
Brick
ment
10.3%) since September, 1937, in response to increased demand and
.
+ 17
Canning
Electrical
lines of
all
month, adding about 12,600 workers.
.
Millinery
'
or
of
+ 18
+ 10
„
by 23.4% from the exceptionally
increased their forces
coal
of
+ 19
+5
Furniture
by dealers in farm products,
and firms selling metals, dry goods and
low level of the previous
in
Fertilizer
+6
largest increases were reported
and
Anthracite mines
Class
+ 28
+ 11
Radios.
apparel, paper goods, and plumbing and heating supplies.
a
+ 52
+ 21
+9
the
increase
assemblers
A
+ 66
+ 38
+ 11
+7
meal..
+ 14
+7
Stamped ware...
employment gain of 5.9% in retail trade was larger than
trade.
than
+ 66
Beet sugar...;
Confectionery
+ 11
Machine tools
—
rolls
oil-cake-
Cottonseed
+ 37
—
Pay¬
ment
rolls
ment
......
Employ-
Industries
Pay¬
Employ¬
factories.
textile
indicated
small
a
Change
Aug.-Sept.
Percentage
Change
Percentage
surveyed reported employment gains.
seasonal
hiring of 184,000 workers since August.
Among the
more important lines of retail trade which added employees to
their rolls
were apparel and general merchandising stores,
firms dealing in furniture,
lumber and building materials, and food.
Wholesale firms again reported
The
and
3227
Financial1 Chronicle
147
72.3
82.3
64.0
1938, indexes preliminary,
subject to revision
-
3228
Financial
Chronicle
Non-Manufacturing Industries
The
16
non-manufacturing industries surveyed, with indexes of employ¬
payrolls for September, 1938, where available, and percentage
changes from August, 1938, and September, 1937, are shown below.
The
12-month average for 1929 is used as the index
base, or 100, in computing
and
ment
the
index
numbers
earlier years
for
the
non-manufacturing
Information
The cost of
little
AUGUST,
for
Mobile
items
IN NON-MANU¬
1938, AND COMPARISON
SEPTEMBER,
1938, AND SEPTEMBER,
the
most
miscellaneous
cities,
for
was
laundry service.
EMPLOYMENT AND PAYROLL TOTALS
FACTURING INDUSTRIES,
in
declining
dropped
than
the
In
the
no
the
admission
the
were
city reported
of
cost
only cities
decline
show
to
Index
Change from—
%
Sept.,
1938*
Aug.,
1938
%
Sept.,
1938*
Sept.,
1937
the
were
cost
of
group
of
the
chief
of
more
decrease
a
than
more
Percentage changes in the cost of goods purchased by
Index
in
miscellaneous
to movies
increase of
an
a
the
prices
0.3%.
and
wage earners
lower-salaried clerical workers
Payrolls
shown
Industry
1938
The decrease of 1.4% reported
the result of
part
Lower
cities
two
1%, while
most
Minneapolis
1.1%.
These
cause.
1937
Employment
26,
of goods and services changed very
average by 0.1%.
Decreases were
group
on
reported in 24 cities and increases in eight.
for
is not available from the Bureau's records:
INDEXES OF
WITH
industries.
Nov.
higher prices for sheets and towels, were responsible for the 0.2% increase
in the cost of
housefurnishing goods.
Change from—
Aug.,
for
1937
Table
these cities
Table
Sept.,
1938
in
from June 15, 1938, to Sept. 15, 1938, are
large cities of the United States, separately, and
combined, by groups of items.
for
1
2 presents
indexes based
100, by groups of
bined.
Trade;
Group
combined
Wholesale..--
88.4
+0.9
—5.0
74.1
+0.6
—5.3
Retail
84.7
+ 5.9
—6.6
69.5
+4.1
—6.6
96.8
+ 12.1
—6.6
86.1
+9.2
—6.9
145.2
81.5
+ 4.1
—6.6
66.1
+ 2.8
—6.5
TABLE
74.7
—0.2
—6.4
90.8
—0.6
—1.7
92.3
—0.4
—6.4
98.2
—0.8
items,
for
of
indexes, with costs in
also
presented
in
1913
base
144.2
15,
in the
average costs
on
each
these cities
taken
1913
1938.
and
as
1923-25
years
for
the
cities
as
com¬
for the 32 cities
100,
—5.0
—0.9
32
—3.8
General
merchandising.
goods
Other than general mer¬
chandising..
Public utilities:
Telephone and telegraph..
Electric
light
and
The
2.
Sept.
on
index
15,
of
1938,
the
+0.5
—5.3
68.8
46.4
+ 23.4
—20.2
29.4
+46.8
—14.1
83 6
+4.3
—16.0
72.0
+ 12.0
with
-
.
BY
GROUPS OF
15,
1938, TO SPET
15.
ITEMS
—20.8
56.7
+ 10.3
—32.6
46.3
+6.1
all
of
cost
compared
as
v
69.8
■
—43.0
Mining.
House¬
•
AU
Anthracite
Bituminous coal—j.
Metalliferous
Quarrying
mining
&
..
Area and
City
Fuel
Cloth¬
Food
Items
Rent
ing
furnish¬ Miscel¬
laneous
ing
and
Light
non-metallic
Goods
New England:
44.5
—0.2
—18.7
38.3
—2.4
—23.6
71.8
Crude petroleum producing
—0.8
—8.1
66.3
—0.7
—6.8
Services:
Boston
—0.2
+ 0.1
—1.0
—0.2
+2.2
—2.5
—0.2
Portland, Me
—0.5
—1.5
b
—O.l
+0.5
—0.7
—0.2
—2.3
Middle Atlantic:
Hotels (year-roundi
91.9
+ 1.7
96.4
—1.1
107.4
+ 2.3
Laundries.
Dyeing and cleaning
Brokerage
b
—4.0
—1.4
+ 1.8
81.3
—2.2
+ 8.3
—0.6
—6.1
4.4
—13.2
b
—0.6
+ 1.7
b
—0.5
b
—0.8
Preliminary,
a Cash payments only; value of
board, room,
b Data not available for 1929 base.
+ 1.1
—1.2
+ 0.1
+0.1
—1.5
—0.1
—0.8
+0.1
+4.6
—1.7
—0.1
—0.3
—1.1
—0.3
+0.2
+ 1.0
—0.7
—0.1
—1.7
—5.4
b
—0.8
+2.6
—0.7
+0.3
—1.0
—2.9
—0.8
+0.1
+2.3
—2.4
—0.4
—1.0
c
Philadelphia
Pittsburgh
—1.4
—31.9
+0.1
—0.9
New York
—19.2
—0.5
—1.1
—0.2
+0.5
—2.7
Cincinnati
—5.9
80.4
b
...
Buffalo
Chicago
a78.8
—7.4'
—4.8
b
Insurance
Building construction.
*
June
Table
1—PERCENTAGE CHANGES FROM JUNE
STATES,
Electric railroad & motorbus oper. & maintenance
on
was
1938. IN COST OF GOODS PURCHASED BY WAGE EARNERS AND
LOWER-SALARIED WORKERSIN 32 LARGE CITIES OF THE UNITED
power
and manufactured gas__
are
the
on
—0.8
.
Scranton
b
East North Central:
—33.0
and tips cannot
—2.8
—0.5
living for families of
salaried workers in the 32
miscellaneous group were also below the June level.
Fuel
and light costs reflected the seasonal increase which com¬
monly occurs in most cities at this time of year."
Miss
Perkins added:
Labor
and
earners
17.0%
Statistics
index of the
in
costs
82.7
was
below
these
the
Sept.
on
cities
peak
of all
cost
lower-salaried workers in
100,
as
Living
and
ago
of
1923-25
15.
32
15
cities
were
1.7%,
food
Minneapolis,
and
were
living costs,
showed
none
announcement
which also
middle
15.
These
next
June
the
Of
Denver
In
the
and
these
lower
surveyed in 61
are
the
largest
which
costs
and
the
decreased
middle
net
a
to
lower
were
in
extent
the
than
more
costs
29
of
women's
for
the
2.3%,
of
decreae
Sixteen of the 32
drop of
the
then
1.9%
decrease
in
coal
were
In
was
prices
as
in
total
food
costs.
the quarter, in
total
Of
produced
rugs
—0.4
—0.9
+0.1
+2.3
—1.6
c
+0.1
+ 0.9
—0.5
d
—0.6
—0.4
—0.1
+ 0.1
+ 1.2
—1.0
b
+0.7
—0.5
b
—2.0
—0.1
each
a
decline
of
the
a
4.4%
the six
in
three
more
of
source
and
group
suites
of
be
to
in
more
23
the
in
of
furniture.
the
i_
cities
than
Rug
in
prices
one
rug
—0.4
—0.2
c
—0.4
+ 1.9
—1.5
c
—0.4
b
—0.7
—0.3
+3.9
—0.5
b
—0.3
—1.2
c
+0.8
—1.0
—0.1
—0.9
Memphis
Mobile
—0.2
—0.3
Birmingham
—1.1
—0.6
c
+ 1.2
—1.0
—1.4
West South Central:
Houston
b
+ 1.1
—1.4
+0.1
—3.7
—0.1
+0.1
+ 0.6
+2.2
—0.8
+ 0.3
—0.5
—1.8
—-O.l
—1.8
—4.5
—0.9
+ 0.1
—1.8
—1.0
—0.3
—0.4
New Orleans
—1.4
b
—0.3
—0.1
-M).5
b
Mountain:
Denver
Pacific:
Los Angeles
1
—0.7
—0.1
+ 1.5
—1.4
—O.l
in
increased
in
Seattle
Average—32
of
a
large
the United
cities
States..
Includes 51 cities,
b Increase less than
0.05%
.>
c
Decrease less than 0.05%'
d No chance.
TABLE
2—INDEXES OF THE COST OF GOODS PURCHASED BY WAGE
EARNERS AND LOWER-SALARIED WORKERS IN 32 LARGE CITIES
OF
THE
UNITED
STATES,
BY
GROUPS
OF
ITEMS, SEPT.
15,
1938
•
an
the
House¬
*.
,
•
All
Cloth¬
Fuel
Items
Food
ing
Rent
higher
and
New England:
Boston
82.9
76.2
86.1
75.4
85.5
81.3
98.4
Portland, Me
84.6
78.1
82.4
76.4
80.0
90.7
103.3
83.6
75.8
80.4
73.7
97.3
90.9
98.5
'
Middle Atlantic:
Buffalo
New York
84.3
81.2
79.4
77.4
84.5
78.2
Philadelphia
82.5
80.0
78.9
69.1
82.2
81.6
97 7
82.6
78.8
81.2
70.4
100.7
83.9
90.1
Scranton
80.7
73.0
83.0
71.9
75.0
80.1
97.4
Chicago
79.7
80.1
cities
the
all
than
coal
light
Prices
East North Central:
drop
in
decreased
to show
prices,
an
in
every
increased
together
74.7
60.6
94.0
74.1
Cincinnati
86.3
79.6
81.7
77.4
96.9
92.9
101.1
Cleveland
85.8
80.5
85.0
69.3
100.7
79.8
104.2
Detroit-
80.0
77.3
82.0
67.5
78.5
82.0
95.0
Indianapolis
81.5
78.1
79.8
65.7
84.7
87.9
93.7
81.5
100.2
Kansas City
81.8
79.9
61.6
79.5
Minneapolis
83.9
82.3
79.7
71.9
90.8
87.7
96.5
St. Louis
83.2
83.9
82.0
58.4
87.2
89.8
101.4
with
78.2
100.1
South Atlantic:
Atlanta
80.0
71.7
84.9
65.3
72.5
88.6
95.7
Baltimore
86.5
83.8
81.6
76.3
82.8
84.8
104.3
Jacksonville
79.9
77.5
80.7
59.6
87.4
81.7
90.7
84.5
104.0
Norfolk
75.6
88.3
64.7
80.6
86.9
83.5
71.9
90.1
73.3
83.0
91.2
99.2
Savannah
80.8
77.6
84.4
63.8
83.9
86.3
91.4
Washington D. C.
87.0
80.7
82.9
87.4
83.6
88.9
99.9
77.2
68.5
87.5
59.8
81.1
81.3
93.0
Memphis
81.5
75.1
87.4
63.0
88.8
93.3
94.9
Mobile
82.6
74.5
89.5
66.9
71.3
89.2
98.1
73.9
73.4
93.7 V
94.6
m*
East South Central:
Birmingham
West South Central:
Houston
-
;
82.0
76.6
83.7
83.5
81.5
72.7
75.0
93.5
92.0
82.8
New Orleans
77.3
81.9
78.2
64.3
77.9
89.3
100.0
Mountain:
Denver
Pacific:
Los Angeles
Portland. Ore
71.2
80.4
55.3
81.5
82.4
95.0
82.9
78.2
81.8
62.3
85.7
85.1
100.1
San Francisco
88.3
82.0
92.4
73.8
78.7
89.5
106.4
86.8
77.7
89.0
71.1
97.6
91.2
101.2
82.7
a78.7
81.7
69.6
86.8
83.4
98.6
144.2
al24.7
146.6
113.3
160.8
174.8
195.5
78.3
Seattle
for
at
a
99.6
West North Central:
reported
were
laneous
Pittsburgh
bituminous
fuel
Miscel¬
ing
Goods
and
reporting higher
8%
furnish¬
and
Light
Area and City
cus¬
almost
of
due largely to
the only
increase
+3.1
c
—1.1
East South Central:
Average—32
large
cities
of the United States..
lower,
+0.4
—0.8
+ 0.1
a—1.9
of the 32
decreased
Houston,
+ 1.7
—1.1
—0.2
—0.7
Cereals
cost
occurred,
which
fuel
In that city,
items,
+0.5
—0.5
Savannah
Washington D. C.
c
(3.7%) and Denver (1.8%) reported fuel
than 1%.
In Denver, where most of the
household
Richmond
,
Richmond
increased
cities
-
c
negligible.
reported
Norfolk
c
as
y2 of 1%.
1.5% higher, with 25 cities sharing in the
advent of the colder weather,
prices of coal
In Philadelphia, where fuel costs increased
4.6%,
were
city except Portland, Ore.
this
—0.2
Baltimore.
Jacksonville
—1.6
8% below June prices in that city.
for
+0.3
+0.3
levels, accounting to a large
of clothing.
In Detroit, where
cost
Housefurnishing goods averaged 1.4%
cost
—1.7
—0.4
during
locally, bituminous coal prices dropped.
for
+4.4
—0.4
the
for the three-month period.
lower in the 61 cities, were
used
prices
—0.8
—2.3
year
between
0.4%
coal
almost
—1.0
—0.8
a
much
only Houston
major
—1.1
1.9% lower than
average,
rose
by
is
c
—0.3
Atlanta
+ 0.2
contained
light costs lower
the
—1.1
—0.8
(Average 1923-25=100)
and
wood,
—0.6
+3.2
—1.3
the
Atlanta, where
noted
+ 1.6
—0.1
d
lower on the average, reflecting decreased
Men's, boys' and women's shoes, lifen's suits
the
were
With
prices had also risen.
costs
+ 0.4
—0.2
+ 1.0
cities
in most cities.
In
—0.7
—2.3
+ 0.1
Fuel and light costs
averaged
June.
—5.8
—0.7
+0.2
below previous price
1.6%, occurred,
None of the increases
upward movement.
bituminous
—1.9
-
—0.6
reported lower rentals, 15 showed higher rentals,
and one, San
Francisco, showed no change.
Of the cities with decreased
rental costs, only Detroit, with
1.4%, showed a drop of more than 1%.
in
—0.1
—0.2
•
0.7%
clothing items was noted.
clothing costs the advance,
up
—2.6
0.6%.
were
on
August,
at the end of
cities.
were
largest decrease,
went
+0.2
+0.8
Scranton,
1%.
were
the 32
coats
the
—0.1
—3.3
increased,
Clothing
—0.2
+0.1
data on total living costs are obtained.
In five cities, Minne¬
Scranton, Detroit, Denver, and Indianapolis, the cost of the foods
purchased by wage earners and lower-6alaried workers declined as much
as
4%.
In four of the nine cities in which food costs
costs
—2.6
—0.9
from which
and
b
—1.0
"•c
..
apolis,
was
—0.5
1.
bakery products declined steadily over the quarter.
Eggs, which
tomarily rise at this season, were 29.6%* above their June
average.
advance
+ 1.7
San Francisco
declines
reported
cities, averaged
vegetables, which averaged 16.8%
costs
+ 0.1
Portland, Ore
than
1.8%;
Detroit,
cities
cities
seven
Secretary Perkins
largest contributor
Food
—0.6
on
in
advance greater than
an
month, resulting in
Fruits and
—4.0
on
by the United States Department of Labor,
following to say:
which
of
—1.1
83.3
had the
costs,
June
on
1.1%.
reported.
The remarks of
Food
1.9%;
Indianapolis,
costs
—0.1
—1.0
based
covered,
compared with
as
averaged 2.7%
point
goods purchased
December, 1929. * They were
11.1% higher than at the low point of June, 1933.
Living costs declined in 25 of the 32 cities during the three-month
period ended Sept. 15.
Five cities reported decreases of more than
1%.
These
—1.2
+2.3
South Atlantic:
large cities of the United States
during the quarter was largely responsible for this de¬
crease," Secretary Perkins said.
"The average cost of
clothing, rent, housefurnishing goods and the items in the
June
+0.5
Minneapolis
wage earners and lower-
surveyed by the Bureau of Labor Statistics was 0.7% lower
Sept. 15, 1938, than it was on June 15, Secretary of Labor
Perkins reported on Nov. 17.
"The drop in the cost of food
in
—0.3
—1.4
Kansas City
on
wage
—0.2
—0.5
—1.6
St. Louis
The cost of
by
—1.4
—1.5
—5.1
West North Central:
Living Costs Decreased 0.7% from June 15 to Sept. 15,
According to Secretary of Labor Perkins
costs
+ 1.4
—0.6
—1.8
Indianapolis
The Bureau
—0.3
Cleveland-Detroit
be computed,
(Average 1913=100)
Average—32
large
cities
of the United States..
.
Volume
Weekly
147
Financial
Report
Lumber
of
Movement,
Week
Ended
Nov. 12, 1938
The lumber
of
industry during the Armistice holiday week
production
Production
and
54% of average 1929 shipments.
59% of the corresponding week of
about
was
1929; shipments, about 67% of that week's shipments; new
orders, about 75% of that week's orders, according to re¬
the National
to
ports
Lumber
Manufacturers
Association
from
regional associations covering the operations of im¬
portant softwood and hardwood mills.
In the week ended
Nov.
Figures of automobile financing for the month of August
published in the Oct. 15, 1938 issue of the "Chronicle,"
page 2313.
The following tabulations show the volume of financing
in August and September, and the first nine months of 1938,
1937, and 1936, and the amount of automobile receivables
outstanding at the close of each month, January, 1937, to
September, 1938, inclusive.
These figures are as reported
to the Bureau of the Census of the
Department of Com¬
merce.
AUTOMOBILE
ing week,
but
New business
on
a
ing week of 1937,
last
3%
below
slightly
were
Retail Financing
greater.
Wholesale
Financ¬
Year
Volume
business
5%
was
above,
and
Month
shipments
Total
New Cars
Volume
in
Unclassified Cars
Volume
Volume
Thousand
Number
in
Number
in
Number
in
Dollars
of
Thou¬
of
Thou¬
Of
Thou¬
Cars
sand
Cars
sand
Cars
sand
in the week ended Nov. 12.
Re¬
ported production (hardwoods and softwoods) was 5% above
were
Used and
ing
and
reporting region showing gain over
every
New
year.
basis
day
per
34% above that booked in the correspond¬
was
FINANCING
Summary for 456 Identical Organizations (a)
1938, due to Armistice Day, reported production,
orders and shipments were all less than in the preced¬
12,
new
the
3229
were
ended Nov. 12, 1938, stood at 49% of the 1929 weekly aver¬
age
Chronicle
output
Dollars
■
Dollars
Dollars
corresponding week of 1937; shipments were 18% above.
Softwood
production, shipments and
orders were, re¬
new
spectively, 6% greater, 19% greater and 32% greater than
1938—
August....
41,845
229,692
86,552
66,039
42,101
163,653
44,451
September
28,500
bl83,542
67,240
47,894
30,534
135,648
36,706
632,887 1,976,103
752,627
590,655 373,049 1,385,448 379,578
161,539
162,783
166,372
99,000
227,052
63,782
130,690
127,486
75,945
193,166
53,745
....
in last year's week.
Total production reported for the holi¬
day week ended Nov. 12 by 5% fewer mills was 13% below
the
(revised figure) of the preceding full week;
shipments were 12% below that week's shipments; new
orders were 11% below the orders of the previous week.
ended Sept.
output
The Association
week
orders
of
Mills,
were:
223,000 feet;
All
combined;
Revised
production,
552;
orders,
preceding
shipments, <201,-
feet;
regions
softwood
orders
reported
totaled
mills
for
week ended Nov. 12, 1938, by 438
feet, or 4% above the production of
the
mills.
181,001,000
Shipments
as
week's production
and
Mill
same
week
162,748,000 feet; shipments were, respectively,
feet
feet and
feet and 9,067,000
7,676,000 feet and 6,796,000 feet, and orders, 8,203,0Q0
shipments,
4,729,000
feet.
Rubber Agreement
International
Regulations
Rubber
meeting in London on Nov.
AS
Committee, at
a
15, decided to increase the ex¬
quota from 45% of the basic level in the present
quarter to 50% for the first quarter of 1939.
The New
York "Times" of Nov. 16 explained the committee's action,
decision
that
in
crude
the
of
from
Rubber
the International
three
first
rubber
the
52,985
190,383
49,040
1,510,295 871,990 1,858,329 475,642
b Of this
and_0.6% unclassified.
BY
224
IDENTICAL
»■
ORGANIZATIONS
1938
1937
1937
•
$
...1,064,815,488
1,027,526,044
February ...1,012,305,492 1,019,141,902
March..
967,096,723 1,056,017,095
...
...
May.
...
June.
1,106,521,475
1,164,568,870
867,737,238 1,217,156,358
932,526,760
April
...
904,154,673
Automobile
$
July.......
838,516,497 1,248,800,302
August
806,713,720 1,266,953,395
765,892,109 1,253,926,346
1,212,121,145
September-„
October
........
November..
1,172,679,716
December..
1,120,226,647
Output in October
'Factory sales of automotnleiT
States (including foreign assemblies from parts made"in" the
I)nitedTStates and reported as complete units or vehicles)
for October,
187,494
were
1938, consisted of 209,522 vehicles, of ""which
passenger cars,
and 22J)28
were
in September, 1938 v329,876j^ehicles
and^224,688 vehicles in'October, 1936.
1937,
tics, comprising data for the entire industry,
this
commercial
trucks, and road tractors,~as compared with 83,534
week
in October",
TheseTtatis'-
were
released
by Director William L. Austin, Bureau of "the
Census, Department of Commerce.
"
Statistics for the months of 1938
are
based
on
data
ceiveddrom 74 manufacturers in the United States, 23
re-
mak¬
passenger cars and 63 making commercial cars, trucks,
ancfroad tractors~(12 of the 23 passenger car manufacturers
ing
part, as follows:
The
REPORTED
1938
port
in
206,941
79,109
mos.
vehicles
The
94,017
160,083
134,052
Of these organizations, 37 have discontinued automobile financing,
cars,
Quota Increased to
50% for First Quarter of 1939
International
147,002
128,150
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
Reports
reported production last week and a year ago 6,695,000
feet;
were
and 139,121,000 feet; and orders received, 179,523,000
135,777,000 feet.
In the case of hardwoods, 91 identical mills
164,910,000
324,435
number 26.1% were new cars, 73.3% were used cars,
of 422 identical softwood mills was 172,902,000
feet, and a year ago it was
feet
reported for the
Identical
367,024
57,578
ended Sept. 1,309,242 3,368.624 1,347,631
a
January
"
Last
Total 9
and Northern Pine reported
production in hardwood regions
166,782,000
feet, or 4% below production.
Production was 174,343,000 feet.
Reports from 106 hardwood mills give new business as 9,814,000 feet,
or 24%
above production.
Shipments as reported for the same week were
9,353,000 feet, or 18% above production.
Production was 7,935,000 feet.
same
129,865
September
Cypress
below last year.
Lumber
August
Northern
Southern
Redwood,
except
1,452,740 3,471,444 1,417,368 1,456,087 855,046 2,015,357 562,322
/
production above the 1937 week ; reported
was
ended Sept.
1936—
production in the week ended Nov.
Coast, Western Pine, Redwood and
week
the
12, 1938.
All but West
Hemlock reported shipments
output.
All regions reported orders above those of corresponding
of 1937, and all reported shipments above last year.
All softwood
orders above
above
for
Pine and California Redwood reported new
regions except Southern
393,424
320,652
77,760
Total 9 mos.
figures
209,239,000
214,361,000 feet.
September
mills produced 182,278,000
shipped 176,135,000 feet;
1938, 526
12,
feet.
190,815,000
1937—
August
.
V
reported: V
hardwoods
and
softwoods
of
booked
further
ended Nov.
During the week
feet
the
Total 9 mos.
months
of
cooperating
next
year
countries,
Committee means
the permissible exports of
Regulation
including Siam and French
alsojnaking commercial cars, trucks, and road tractors).
ftTshould be noted that those making both
passenger cars
208.313 long tons, an average of 69,438 tons
monthly. ...■
*• ■/".
.'
'!
'
Permissible exports of these countries in this quarter, with the rate at
45% of basic quotas, are 163,216 tons, a monthly average of 54,405.
In
the first quarter of this year, when the rate was 70% of basic quotas,
included in the number shown
permissible shipments were 244,169 tons, of 81,390 tons monthly.
These figures do not include exports from the non-cooperating countries,
which in the first eight months of this year averaged 2,163 tons monthly;
The belief in the trade is that the increase in the basic quota for the
figures for passenger cars include those for taxicabs.
The
figures for commercial cars, trucks, and road tractors include
those for ambulances, funeral cars, fire apparatus, street
Indo-China, will amount to
„
first
quarter
months
that
of
several
the
rate
next year represented a compromise.
In the last few
the rubber manufacturing companies here have urged
of
be
raised
to
55% of basic tonnages for the first quarter
while, it is understood, the producing interests
unchanged at 45%.
next year,
Reference to the
fourth-quarter limit of
quota was made in our issue
wanted the quota
commercial
cars,
trucks, and road tractors have been
as
making
passenger cars or
truck, and road tractors respectively.
The
and buses, but the number of special purpose ve¬
a negligible factor in any
analysis for which the figures may be used. Canadian pro¬
duction figures are supplied by the Dominion Bureau of
sweepers,
is very small and hence
hicles
Statistics.
•
45% of the basic
of Sept. 17, page 1701.
and commercial cars,
*
Figures of automobile production in September, 1938,1937
appeared in the Oct. 29 issue of the "Chronicle."
2602.
• -o
and 1937
page
NUMBER OF VEHICLES (INCLUDING CHASSIS)
Automobile Financing in September
ri
1
The dollar volume of retail
financing for September, 1938,
organizations amounted to $67,240,610, a de¬
crease of 22.3% when compared with August, 1938; a de¬
crease of 48.5% as compared with September, 1937; and a
decrease of 47.5% as compared with September, 1936. The
volume of wholesale financing for September, 1938 amounted
to $28,500,118, a decrease of 31.9% when compared with
August, 1938; a decrease of 63.3% compared with September,
1937, and a decrease of 50.5% as compared with September,
Ik.
****
a.-u.*.
of retail automobile receivables outstanding
the end of September, 1938, as reported by the 224 or¬
United States (Factoru Sales)
Pas¬
(AU
Vehicles)
Passenger
Trucks,
Cars
&c.
ganizations, amounted to $765,892,109. These 224 organiza¬
tions accounted for 93.2% of the total volume of retail
financing ($67,240,610) reported for that month by the 456
organizations.
•
.
Total
Comm'l
senger
Total
Month
Cars &
Cars
Trucks
1938—
September
Tot. 10 mos. end.
Oct.
83,534
65,159
18,375
6,089
4,290
209,522
—
October
187,494
22,028
5,774
5,412
362
1,728,851
1,354,635
374,216
129,480
94,140
35.340
1,799
2,491
1937—
September
171,213
118,671
52,542
4,417
1,926
October
329,876
298,662
31,214
8,103
7.378
725
4.122,685
3,376,176
746,509
169,774
124,454
43,320
The volume
at
Canada (Production)
Year and
for the 456
1936.
mi*
Tot. 10 mos. end.
Oct.
1936—
September
135,165
90,101
45,064
4,655
224.688
190,242
34,446
6,361
2,223
4,448
2,423
October
3,560.418
2,903.078
657,340
131,099
102,326
28,773
Tot. 10 mo«t. end. Oct.
913
3230
Chronicle
Financial
Canadian
British Trade Agreements
and
States
Most
with
United
Developments of
Year, According to Bank of Montreal
"Revision
the
of
reciprocity
trade
agreement between
While
a
it would
from
point
revenue
a
of
view
been
levied
British
international
in
can
no
these
of
course,
industrial
imports
not
covered
world-wide
a
results
the
and
lowering of
by
throughout
As far
the
world
Canada
as
For
business
producers will result in
a
the
to
is
facing
now
the
con¬
which
week ago, page
a
near
future.
Should there be evidence
or
not this will
be done
depends
upon
the
officials reports on whether or not Mexican oil is be¬
,
Denial that the Eastern States Petroleum Co.
of
was
dump¬
iu
a statement issued in New York on
Tuesday by J. F. Mc¬
Carthy, vice president of the company.
"The Mexican
crude oil which we are
importing into our refinery at Hous¬
ton at the rate of not more than
15,000 barrels daily," he
said, "comes from the wells of the Mexican Government's
,
issue of
our
the
that
ing oil into the United States or any other company and also
that it is importing expropriated oil from Mexico was made
An item with reference to the trade agreements appeared
in
the
industries.
higher
task
sources
ing sold in the domestic market here at below fair value, and
secondly, whether its sale here involves injury to domestic
readjusting its plans and arrangements to meet the tariff changes decreed
by the treaties.
Whether
customs
retarding factor in business plans and
community
discuss
to
dumping of Mexican oil in the United States, the Treasury
Department may order the imposition of countervailing
considerable time past the negotiations
a
refused
of
that
is
power
officials
serve
to be filed within
pro¬
barriers
that the increased purchasing
agreements have been a
commitments,
of
be estimated at this juncture.
velocity of domestic trade.
for
effect
farmers and other primary
to
come
value
prospective
with
cerned, the hope is,
will
of
taxes.
actually
trade,
way
that
3% excise tax which since 1930 has
...
treaties
new
duty-paid
the
against
preference.
The
from
or
bureau
understood from authoritative
to prevent any possibility of the oil
imported
being dumped upon the American home market.
Investigators now in Mexico for the Customs Bureau check¬
ing on complaints filed by the North Texas Oil and Gas As¬
sociation of dumping of Mexican crude in the Lone Star
State have not yet made their report to Washington.
The report of the investigating group, however, is expected
Probably the most important concession made by the Dominion, whether
tection, is the removal of the special
was
from Mexico
of the past month and, indeed, of the entire
year," the Bank of Montreal states in its current "Business
Summary," issued Nov. 23.
"The new agreements are ex¬
pected to become operative as from Jan. 1 next."
The fol¬
lowing is also from the bank's summary ;
velopments
considered
American properties
customs
bonding, it
the United States and Great
Britain, rank first among the more important business de¬
between
agreement
taken from
oil
Canada
and, concurrently, the conclusion of
1938
26
Corp. of Houston,
Important Business
and the United States
Nov.
bonded warehouse permit to
the Eastern States Petroleum
Texas, for the refining and re-exportTof
in Mexico confiscated
under the Expropriation Act last March.
^ i
a
3095.
own
corporation, Petromex."
"Petromex," he continued, "has had continuous produc¬
tion in the Poza Rica field since before
expropriation.
No
American companies have
holdings in the Poza Rica field.
The only foreign company
having holdings there is a Britishowned company, El
Aguila. We are not 'dumping' for the
simple reason that Mexican crude is being purchased at the
Charges Against 1938 Quota for Mainland Cane Sugar
Area
Nov.
to
Announced
10
On the basis of reports
received from sugar mills of the
the total quantity of sugar,
delivered against sales from Jan. 1, 1938, to Nov. 10, 1938,
equaled 230,623 short tons, raw value, it was announced
Nov. 19 by the Sugar Division of the Department of Agri¬
world
culture.
amount of
mainland
cane
area,
sugar
The
1938 mainland
cane
quota is 429,434
sugar
The balance to be marketed
against such quota before Dec. 31, 1938, equals 198,811
short tons of sugar, raw value, it was said.
Department of Agriculture Reallots 1938 Hawaiian
and Virgin Islands Sugar Deficits to Other Do¬
mestic Producing Areas
The
and
Sugar
Division of
Nov.
16
Virgin Islands
the
Department of Agriculture
reallotment
a
the
of
1938
Hawaiian
deficits of 29,671 and 5,123 short
tons of sugar (raw value), respectively, to other domestic
producing areas and Cuba.
It has been found that the
sugar producers of Hawaii and the Virgin Islands will be
unable to deliver, by the small amounts indicated, the full
quotas of sugar for United States consumption during the
calendar year 1938.
The Sugar Act of 1937 provides that
when a deficit for any domestic area or Cuba has been
determined, the Secretary is required to prorate any such
deficiency to the other areas on the basis of the quotas in
effect
the
at
of
the- determination
The quantities reallotted
value):
'
are
follows
as
of
(short tons,
Mainland
Puerto
cane
;
Rico
Cuba
Total
......
telegram signed by 35 West Texas oil producers in the
Bermain basin urging that all Texas oil fields be
shut down
for a 30-day period was received
by Lon Smith of the Texas
34,794
Railroad Commission
[who becomes head of the Commis¬
January 1—Ed. note] at Fort Worth on November
21.
The telegram,
however, suggested an alternative to the
shutdown plan.
This alternative would be total suspension
sion
Coffee
Shipments from Countries of Pan American
Bureau During Eight Months of 1938
15.81% Above
Same Period of 1937
are
from the colonies of European nations, the New York Coffee
and Sugar Exchange pointed out on Nov. 17.
During the
first eight months of 1938 as
Members of the Interstate Oil
Compact Commission will
Worth in mid-December to act
upon the renewal
of the Interstate Oil
Compact and to
against the similar period of
1937, Brazil, Colombia, Cuba, Nicaragua, Salvador and
Venezuela, comprising the Pan American Coffee Bureau,
have exported here 1,224,478
bags or 15.81% more.
The
Exchange further reported:
At the
same
time, they have supplied 89.65%
Shipments from Brazil
more
than in
27,209 bags
suffered
colonies,
a
1937,
or
or a
3.5%
or
12.83%
this
year
Java,
African
dropped off
Colony,
of all imports
1,320,689 bags
29.31%
.
A
and
Angola,
sent
bags
62,216
or
68.9%
bags
less
,
or
ton
.
Total imports into the United States
during the eight months, in bags of
or 132 pounds each, were
10,006,639 against 8,990,732 in the same
60 kilos
period last
year, a
Petroleum
gain of 1,015,907 bags
and
Dumping
Dumping
Its
of
or
11.3%
.
Products—Treasury Moves
Mexican
Oil—Eastern
to
States
End
Issues
Denial—Lower Crude Demand Seen for
December—Texas
Shutdown
Urged—Crude
Out¬
put Up, Inventories off
Definite action to prevent dumping of Mexican oil in the
domestic crude markets has been taken
by the United States
Treasury Department, news dispatches from Washington
disclosed in mid-week.
The Customs Bureau has
granted
point in nearly 20 years,
on November 22 in Washing¬
by the United States Bureau of Mines. The 1,823,000barrel decline pared inventories to
273,394,000 barrels.
Do¬
mestic stocks were off 2,051,000
barrels, reflecting belowdemand production.
This was offset mildly by a gain of
228,000 barrels in holdings of foreign crude.
'
Daily average production of crude oil during the week
ended November 19 of 3,255,800 barrels was
up 12,550 bar¬
rels, according to the mid-week report of the American Pe¬
troleum Institute 1
This total compared with estimated
daily average market demand during November of 3,391,300
barrels as forecast by the United States Bureau of Mines.
Texas production climbed 8,100 barrels to a
daily average
of 1,263,300 barrels with a
gain of 6,050 for Kansas lifting
its total to a daily average of 154,150 barrels.
California
according to the report issued
while the
63.85%
drop of nearly 2,000,000 barrels in stocks of domestic
foreign crude oil during the week ended November 12
carried the total off to the lowest
Shipments from the Netherlands
153,321
the reenactment
Interior Ickes's recent
request for the Commission to express
their views on production control.
,
Other American countries shipped
.
the
Connally hot oil bill.
At the Two-Day meeting,
according to E. O. Thompson, retiring head of the Com¬
mission, members will draft a reply to Secretary of the
against
as
or
urge
of
while the Colonies of European nations
loss of 234,361 bags or 50.41%
notably
Portuguese
up
meet in Fort
while Colombia shipped 209,430 bags
.
gain of 9.63%
more
were
on
of withdrawals of crude from
storage until such time as they
needed to augment the
daily allowables as set by the
Railroad Commission after the Texas
fields will have been
restored to full time allowables.
A much greater amount of coffee consumed in the United
States this season has come from the Americas and less was
Nicaragua up 13,093 bags
five-day-
A
+
86.16% in 1937.
are
week basis.
3,124
-
enormous
Texas Railroad Commission's orders for December.
not expected until
very late in the month since
there already is on file a
plea for an injunction to restrain
the Commission from
enforcing its current week-end shut¬
down ruling and it is understood
that similar legal attacks
would be made if December
production also is on a
These
5,933
14,213
(Louisiana and Florida)
area
an
of the
11,524
-
is
The State allowables for the various
major crude oil pro¬
raw
1--.
,
There
ducing States probably will be delayed pending the issuance
votas
area
crude.
the
1937.
Add Uiortal
Areas—
Domestic beet
on
mated that the daily
average supply of domestic crude oil
necessary to meet December demand will be 3,305,800 bar¬
rels, which is 2.5 per cent less than the forecast of
probable
demand for the current month and 4
per cent under the
actual demand for domestic crude oil in
the final month of
deficiency.
a
Mexican
,
sugar
time
for
confusion
subject of dumping.
No two
people interpret the law alike and it is used carelessly and
indiscriminately at the slightest provocation."
"The intent of the law,
however, is plain," he pointed
out.
"It is for the protection of our American labor
against
the competition from the
cheap, at times even slave, labor
of some
foreign countries, Every barrel of Mexican crude
which we import into this
country is refined in our plant at
Houston by American labor, and the refined
products sold
exclusively in the export trade."
The United States Bureau of Mines on November 21 esti¬
short tons of sugar, raw value.
announced
value
»
Volume
147
production
was
barrels while
barrels.
Financial
<-
total of 668,600
dropped 2,800 barrels to 447,900
off 2,800 barrels to a daily average
off 5,700 barrels to a daily
Oklahoma
Louisiana
was
of 257,950 barrels.
There
were
pipe lines
Bradford, Pa
$1.80
Lime (Ohio Oil Co.)
1.25
Corning, Pa
.97
a
Rusk, Texas, 40 and over
Darst Creek
Western
1.20
Sunburst, Mont
Huntington, Calif., 30 and
Rodessa. Ark., 40 and above
1.02
1.25
.75
Kettleman Hills, 39 and over
Petrolla. Canada
REFINED PRODUCTS—DECEMBER GAS DEMAND
HOWEVER,
DEMAND,
over—
1.22
1.42
2.15
SEEN ABOVE
BELOW LAST
SLIGHT INCREASEFRIST DECLINE IN
SEEN
Week
Dept. of
Stale
Week
Change
Weeks
int.
Allowable
Ended
from
Ended
Ended
Calcu¬
1.09
1.42
1.22
.
Four
B. Of M.
81.05
1.02
Eldorado. Ark., 40
Central Field, Mich
1937—EXPORT
9,983,000 barrels.
(Figures in Barrels)
Barrel at Well®
1.25
over..
84.6% of the total daily
OIL PRODUCTION
CRUDE
DAILY AVERAGE
Illinois
Kentucky
Mid-Cont't., Okla., 40 and above
and fuel oil.
Total gasoline production by companies owning
refinery capacity of the country amounted to
Price® of Typical Crude® per
finished and
of the end of the week, 67.624,000 barrels of
as
unfinished gasoline and 153,971,000 barrels of gas
(All gravities where A. P. I. degrees are not shown)
Smackover, Ark., 24 and
bulk terminals, in transit and in
companies had in storage at refineries,
crude oil price changes.
no
3231
Chronicle
Nov. 1
Previous
Nov. 19
Nov. 20
Week
1938
1937
19
Nov.
1938
lations
{Nov.)
590,000
178,950
447,900
—2,800
441,900
154,150
+6,050
151,000
60,200
74,850
+ 1,350
65,400
77,550
North Texas
—1,050
77,600
West Central Texas...
30,600
—700
31,350
203,850
+ 2,400
218,050
Oklahoma.
515,000
164,300
Kansas
428,000
164,300
Panhandle Texas
91,400
+ 2,750
95,000
East Texas
370,700
+300
407,400
held the spotlight in the nation's
this week although the price struc¬
ture was marked by a firming of the markets for heating and
other oils which felt the seasonal stimulus with the cola
Southwest Texas
223,150
+ 1,400
242,050
72,900
33,950
205,000
105,850
484,600
250,650
Coastal Texas
208,550
+ 1,650
221,700
199,900
Total Texas
1,371,000 61736827 1,263,300
weather.
Coastal Louisiana
YEAR—MOTOR
GAS
AND
FUEL
SHOW
STOCKS
FUEL
STOCKS
OIL
HOW
West Texas
East Central Texas
MONTHS
,
Statistical developments
refined product markets
Mines forecast December
States Bureau of
United
The
gasoline would run nearly
2 per cent ahead of the final month last year, putting prob¬
able demand at 40,100,000 barrels.
The estimate is based
upon the continued expansion of business activity although
allowance is also made for a slight slackening in the rate of
rising gasoline demand, the Bureau pointed out.
December exports of motor fuel were estimated by the
Federal agency at 3,300,000 barrels, a decline of 500,000
barrels from the November estimate.
The Bureau pointed
out that this was in line with the usual seasonal drop from
declining demand and also the closing for the winter of many
waterways during December.
Stocks of finished and unfinished gasoline showed a less-
+8,100 1,358,550 1,430,400
-1,750
-1,050
73,450
75,050
188,100
North Louisiana
190,750
169,000
244,050
69,850
256,300
235,500
257,950
—2,800
264,200
52,300
162,400
52,000
50,750
179,650
+ 1,400
49,650
46,050
+ 1,700
52,050
+900
183,900
52,800
135,600
50,300
74,700
13,300
55,650
+4,450
51,800
Montana
13,850
+ 50
13,550
Colorado
4.000
3,800
108,150
—300
3,950
4,250
+ 1,500
105,500
104,800
Total Louisiana
demand in the domestic market for
expansion during the November 19 period,
rising only 63,000 barrels to hit 67,624,000 barrels, the
than-seasonal
disclosed.
This compares with
the record high of 93,000,000 barrels set last March and is
more than 2,000,000 barrels below the total held in storage
on the comparable 1937 date.
The slight gain in motor fuel inventories was all the more
noteworthy in that it occurred despite a rise in refinery opera¬
tions of 1.4 points to 80.4 per cent of capacity with daily
average crude runs to stills gaining 50,000 barrels to 3,230,000 barrels.
Production of gasoline was up 307,000 barrels
American Petroleum report
9,983,000 barrels.
to
Arkansas
Eastern
Michigan
Wyoming
New Mexico.
111,000
Total east of Calif.,
California
stpcks acted as a strengthening
and fuel oil markets.
The decline in
U. S. Gasoline (Above 65 Octane),
Texas
Gulf.
.08 %
Shell Eastern--v-
Chicago
$.07 H
.07M
.08 X
.07^
Orleans.
Gulf
ports—
Tulsa
.07 H
Warner-Qulnlan.
New
(Bayonne)....
r
N.
41-43 Water White, Tank Car,
| North Texas...04
$.04^1 Los Angeles.- .03M-.05
New York—
Fuel Oil,
These
a
oil
based
Bureau of Mines' calculations of the requirements of domestic crude
are
F.O.B. Refinery or
As requirements may
duction, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to
to be
1.75'
throughout November.
Calculated net basic seven-day allowable for week ended
Saturday morning, Nov. 19, approximately 1,392,900 barrels daily,
Recommendation of Central Committee of California Oil Producers.
c
CRUDE RUNS TO STILLS AND STOCKS OF
Daily Refining
Crude
Oil
The American Petroleum
Distil.
506
82.3
Appalachian.
149
128
85.9
97
75.8
798
Ind., ID., Ky
Okla., Kan.,
574
514
89.5
440
85.6
4,847
342
81.6
241
70.5
3,265
1,255
7,462
1,235
.
419
316
159
50.3
115
72.3
943
838
88.9
787
93.9
4,561
256
93.1
85.5
828
745
90.0
488
65.5
3,605
85.6
2,900
80.4
297
1,499
473
400
1,003
California...
4,642
1,997
14,660
2,663
176
203
257
68.8
769
9,072
346
2,418
»
Oil
508
4,887
615 100.0
615
16,736
1,114
11,381
1,721
East Coast..
44
898
115
67
82
798
9,960
2,248
1,110
98,336
5,679 150,571
34,643
23,622
606
330
2,910
660
4,211
4,211
3,230
3,180
37,553
24,282
37,267
24,349
5,789 153,971
5,935 154,666
y3,321
Reported...
Est. unrptd.
39,335
23,444
6,899 120,153
110
3,400
xEst.tot.U.S.
Nov. 19 ,'38
4,211
Nov. 12, '38
4,211
$0.90
U.S. B.of M.
0.95
xNov. 19/37
Estimated Bureau of Mines' basis,
x
|
World
Tax Included
.8.17
.17
y
November, 1937, daily average.
Production
During
of ounces,
as
for domestic use and receipts in bond at principal
Nov. 19 totaled 933,006 barrels,
for the week ended
Production
follows:
May,
June,
July;
Aug.,
1938
1938
1938
1938
4,813
4,679
4,530
5,596
Jan. to Sept.,
Sept.,
1938
Week
Institute estimates that the daily
Silver
production on a refinery basis, in thousands
is reported by the American Bureau of Metal
World silver
Placed at 3,255,800 Barrels
133,286 barrels, compared with a daily average of 175,429
ended Nov. 12 and 144,821 barrels daily for the four
weeks ended Nov.
Nap'tM
&c.
47
barrels for the week
5,073
1937
1938
45,792
1,509
1,603
2,528
2,202
6,244
8,417
a
a
.....
2,112
9,019
52,085
15,448
66,534
....
1,525
1,300
1,900
1,775
1,875
13,105
13,956
United States
Canada
Mexico.....
Peru
16,470
a
-.....
1,500
1,400
1,450
1,460
1,450
15,075
12.950
......
1,675
'1,675
1,700
1,700
1,650
14,455
14,905
610
771
861
852
871
..
6,872
6,850
525
590
500
500
450
3,565
Japan, b
840
845
845
845
875
7,518
Burma, refined.
495
495
490
490
490
4,675
275
275
260
2,795
4,390
7,550
4,470
2,555
Other Amerjca....
Europe....
Australia, refined
Other Australia and New
Zealand
300
Other Asia
325
99
95
95
818
851
210
210
200
2,311
2.030
85
85
90
95
630
735
20,440
Total.
Total ex-Mexico
94
210
80
Belgian Congo
Other Africa
95
225
South Africa
22,490
24,071
14.196
14,073
15.052
.
16.416
«.
^
j.
15,586
205,886
139,352 133.504
reported. The production of Mexico Tor January-July, 1938, was
55,443,000 oz.
bOwing to governmental Interdiction the accounting for Japan
is now necessarily on the assumption that It 1r being maintained about at prior rate.
a
Not
yet
19.
Receipts of California
ended Nov.
Terms,
fineries
135
the total of the restrictions
daily average of
At Re-
ated.
54.2
producing States
a
Fuel
Oper¬
age
C
55.0
gross
Imports of petroleum
P.
97.3
19, 1938, was
United States ports
Total
64
imposed by the various oilduring November.
Daily average pro¬
duction for the four weeks ended Nov. 19, 1938, is estimated
at 3,341,300 barrels.
The daily average output for the
week ended Nov. 20,1937, totaled 3,573,850 barrels. Further
details, as reported by the Institute, follow:
.
to be
and
Aver¬
tial
Rale
55
crude oil production for the week ended
3,255,800 barrels. This was a gain of
12,550 barrels from the output of the previous week, and the
current week's figure was below the 3,391,300 barrels cal¬
culated by the United States Department of the Interior
Nov.
Gas
in
C.
P.
145
1851 Philadelphia.
Ended Nov. 19, 1938,
average
Unfin'd
Daily
Reporting
118
| New Orleans-$.05K- 05H
ITulsa
.03^-.04
Stocks
of
Finished
149
city sales tax.
Average
Unfinished Gasoline
Poten¬
Statistics
Daily
Stocks of Finished and
to Stills
100
,..$.1591 Buffalo
.1951 Boston
-----
xNot Including 2%
Crude Runs
Capacity
ITulsa.-..-—$.02J^-.03
"
..$.1951 Newark.
tBrooklyn_
ENDED NOV. 19. 1938
(Figures in thousands of barrels of 42 gallons each)
Rocky Mtn.
Terminal
..-$.053
$.04^'
Gasoline, Service Station,
New York
FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK
No. La.-Ark.
Refinery or Terminal
(Chicago—
28-30 D
(Bayonne)—»■
27 plus
Saturday and Sunday shut-downs effective
18.
"
Gas Oil, F.O.B.
N. Y.
determine the amount of new crude
produced.
b Base allowable effective Nov.
La. Gulf....
I New Orleans C_.
$1.00-1.25 Phila., Bunker C
.,..$0.95
Diesel
certain premises outlined in its detailed forecast for the month of
be supplied either from stocks, or from new pro¬
upon
November.
.05 H
OiVt-MH
F.O.B. Refinery
oil which
might have been surreptitiously produced.
$.05
-.05 H
.06H--07
I California 24 plus D
(Bayonne)—
Y.
Bunker C
3,255,800 +12,550 3,341,300 3,573,850
Mo..'....
.07 Yi
-
Kerosene,
15,300
2,587,200 + 18,250 2,676,800 2,861,850
664,500
712,000
668,600 —5,700
Inland Texas
Other Cities—
Stand. Oil N. J..8.07M
Richfield Oil (Cal.)
c6l5,000
Texas Gulf..
Tank Car Lot®, F.O.B. Refinery
New York—
New York—
factor in the
57,200
Note—The figures Indicated above do not include any estimate of any
record high stocks of gas and fuel
developed during the November 19
several months
Socony-Vacuum..
Tide Water Oil Co
2,774,600
616,700
District
period when seasonal-rising demand brought about a reduc¬
tion of 695,000 barrels in holdings to 153,971,000 barrels.
gas
108,400
Total United States. 3,391,300
The first decline in the
oils in
55,250
•
oil at Atlantic and Gulf Coast ports for the week
barrels, a daily average of 27,000 barrels,
19 totaled 189,000
of 15,286 barrels for the week ended Nov. 12
and 12,893 barrels daily for the four weeks ended Nov. 19.
Reports received from refining companies owning 85.6% of the 4,211,000
barrel estimated daily potential refining capacity of the United States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
basis. 3,230,000 barrels of crude oil daily during the week, and that all
compared with a daily average
Weekly Coal Production Statistics
The National
Bituminous Coal Commission in
its current
total production of soft
estimated at 8,010,000
net tons, a slight gain over the output in the preceding week.
Time lost at the polls on Tuesday, and in the observance of
weekly coal report stated that the
coal in the week ended Nov. 12 is
Financial
3232
offset by increased activity
Armistice Day on Friday, was
on other days of the week.
of water power for the year 1938 to the
showed a gain of 0.7% over the year
preceding.
Compared with the year 1929, an increase of
24.2% is indicated.
The weekly coal statement of the U. S. Bureau of Mines
showed that the observance of Armistice Day, Nov. 11, and
of Election Day, Nov. 8, resulted in a decrease in the ton¬
nage of Pennsylvania anthracite produced during the week
of Nov. 12.
Total output, estimated at 806,000 tons,
dropped 64,000 tons in comparison with the production of
870,000 tons (revised) for the week of Nov. 5.
On the basis
of a five-day week, however (Armistice Day being counted
as a full holiday), the daily average output of 161,200 tons
increased 11% over the preceding week.
Production in the
corresponding week of 1937 amounted to 1,002,000 tons.
The total output
of September
end
Nov. 26,
Chronicle
following statement of relation of production to
In the
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
October, 1937, and 161 plants at the close of October, 1938.
RATIO OF PRODUCTION
STATES
IN
52.0%
46.7%
52.9%
49.9%
40.2%
40.2%
40.4%
The 12 months ended—
SHIPMENTS.
PRODUCTION,
Nov. 12
Nov. 5
1938
1937
1938
1929
1937
c
DISTRICTS IN
Bituminous Coal
Dally
a—
8,010
7,982
8,957 284.258 385,289 457,579
hi,430
average..
1.330
1.629
Includes for purposes of historical comparison
a
production
of lignite,
eemi-anthracite,
1.449
1.069
Stocks at End
Eastern Pa., N. J. and
1937
1938
1937
1938
4,365
2,053
1,952
2,170
1,861
Md
of Month
Shipments
1938
1937
4,334
736
777
737
674
1,694
1,664
1,135
1,197
1,115
1,184
2,758
2,960
837
Ohio, Western Pa., and W. Va..
825
938
983
1,822
1,740
•
1,188
1,531
1,982
1,469
Va., Tenn., Ala., Ga., Fla. & La.
1,106
1,216
932
1,273
1,861
1,476
Eastern Mo., Ia., Minn. & S. Dak
1,155
"1,182
1,127
1,415
2,194
1,959
1,676
1,712
T(UX&8
'
1,150
1,224
—
m
787
846
603
536
558
650
790
340
327
281
304
508
486
1,045
m
4
Colo., Mont.,
925
1,088
1,001
1,301
1,268
836
869
Okla. & Ark
— m-m
~
Utah",
Wyo. & Ida.
748
463
415
487
443
614
758
11,374
11,556
11,190
12,357
21,565
20,574
Oregon and Washington
and statistical convenience the
SHIPMENTS,
PRODUCTION,
d Sum of 45 full weeks ending Nov. 12,
AND
CEMENT
b Armistice Day weighted as 0.6 of a working day.
current revision,
FINISHED PORTLAND
OCTOBER
Production
District
1.716
anthracite outside of Pennsylvania,
c Total for 1938 is subject to
and
50.2%
40.8%
(In Thousands of Barrels)
California
Total, including mine fuel
Sept.,
STOCKS OF
AND
CEMENT BY
W. Mo., Neb., Kan.,
Nov. 13
1938
July, 1938
50.4%
The month
Wis., 111., Ind. and Ky
Year to Date d
1938 Aug., 1938
Oct., 1938
Michigan
Calendar
Week Ended
TO CAPACITY
Oct., 1937
New York and Maine
UNITED
COAL.
SOFT
PRODUCTION OF
THOUSANDS OF NET TONS
ESTIMATED
1938
STOCKS OF FINISHED PORTLAND
MONTHS
BY
(In Thousands of Barrels)
1938, and corresponding
45 weeks in 1937 and 1929.
ESTIMATED
PRODUCTION
ANTHRACITE
PENNSYLVANIA
OF
BEEHIVE
COKE,
IN
AND
Production
Month
NET TONS
1937
January
Nov. 12
Nov. 5
13
Nov
1929 d
1937 d
1938
1937
c
col¬
806,000 870,000 1,002,000 38,453,000 44,507,000 62,620,000
237.600
168,900
145,900
161,200 145,000
200,400
liery fuel. a
Daily average...
Commercial product, b 766,000 827,000
,
952,000 36,574,000 42,282,000 58,111,000
Beehive Coke—
United States total
Dally
14,100
41,300
743,200
2,926.400
5,841,500
6,883
15,000
2,500
2,350
average
2.753
10.839
21 635
Includes Washery and dredge coal, and coal shipped by truck
a
operations,
1938
4,390
24,393
3,916
6,879
6,163
25,059
7,983
10,361
10,272
25,023
11,890
11,163
10,535
12,645
al0.943
24,011
July
11,597
al0,968
12,237
23.370
23,286
August
11,007
12,291
22,940
a22,534
September
11,894
11,223
al0,164
11,823
al0,r59
12,773
11,716
21,388
a21,374
October
11,374
11,556
11.190
12,357
21,565
20.574
8,443
10.402
b Excludes
colliery
fuel,
d Adjusted
Revised,
c
11,634
WEEKLY
PRODUCTION
November
9,248
8,188
7,047
4,793
116,478
Total
•»
«
24,361
25,622
22,979
25,747
22,262
25,493
22,875
114,010
from authorized
to
make com¬
a
COAL,
OF
7,879
December
parable the number of working days in the three years.
ESTIMATED
1937
4,689
4,575
7,259
a8,691
9,752
March
April
May
Venn. Anthracite—
including
5,837
February
4,534
June
1938
1938
Total,
6,616
Stock at End of
Month
"
1938
1937
1938
Calendar Year to Dale
Week Ended
Shipments
22,467
22,634
24,939
v
....
-
w
-
T
Revised*
STATES
BY
(In Thousands of Net Tons)
(The current weekly estimates are based on railroad carloadings and river ship¬
ments and are
subject to revision
and State sources
„
or
on
•
in
Nov.
State
Nov. 5
1938 p
Alaska
29
Oct.
1938 p
2
Alabama
1929
2
1
252
Avge.
1923
8
350
259
e
8
65
87
163
216
245
1
1
1
409
144
130
v
1
Illinois
Nov. 2
1936
80
139
Georgia and North Carolina
Nov. 7
r
210
71
Colorado
1937
2
200
Arkansas and Oklahoma
Nov. 6
100
236
8
8
836
958
1,087
1,198
1,299
1,571
288
313
349
343
378
536
71
78
81
90
103
...
129
131
145
145
148
175
...
732
803
808
843
979
724
284
218
r_
Iowa
Kansas and Missouri
'
Kentucky—Eastern
Western
128
164
170
162
223
Maryland
Michigan
28
27
31
30
57
10
14
16
14
21
74
80
80
87
87
83
New Mexico
34
32
39
30
60
62
62
71
57
93
856
835
428
467
490
551
549
764
....
1,828
1,963
2,012
2,447
2,807
2,993
2—
95
107
121
107
116
117
18
Pennsylvania bituminous
Tennessee.
.
19
17
19
16
29
Texas
Utah
84
79
95
103
281
313
281
243
53
59
42
58
1,695
1,814
1,807
516
541
548
139
2
Virginia
Washington
West Virginia—Southern,
a
Northern, b
Wyoming
Total bituminous coal.".......
72
1,829
2,171
1,271
608
780
776
146
165
88
s5
8,594
8,880
1,060
9,782
11,266
881
865
1,218
10,878
1,896
9,475
9,940
10,647
13,484
12,774
Mineral Markets"
on
inio
,
ot
rv
o.
a
virglUUtu,
xi..
CZ
iVXJ3.
t/.
oc
u,
the B. & O. in Kanawha, Mason, and
Clay counties,
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California,
Idaho, Nevada, and Oregon,
d Data for Pennsylvania
in
its issue
of
Nov.
24
Copper
producers announced that restriction in output would be resumed, made
buyers of copper here extremely cautious.
Sales for the week totaled 1,217
tons, bringing the total for the month to date to 9,516 tons.
Encourage¬
ment was gleaned from favorable
reports on the movement of copper
into
During October, fabricators shipped copper products that
contained 65,731 tons of copper, against
slightly more than 53,000 tons in
consumption.
September.
The figures compiled by the fabricators are not strictly com¬
parable with those put out by the copper industry, but they do show the
trend in consumption.
in
Yesterday (Nov. 23) the foreign group In the control agreement, meeting
London, announced that production will be stepped down to 110% of
the
basic tonnages, effective Jan. 1, 1939.
Since Oct. 15 that group of
producers has been operating at unlimited production.
The news strength¬
ened the London market
8,895
vjfuiai/AUALo
Cut
The unsettlement in London, which ended
yesterday (Nov. 23) as foreign
184
1
*
913
Total, all coal
and
*
112
217
55
7,982
Pennsylvania anthraclte.d
••
132
143
*
Other Western States .c
123
265
«
and
35
"
North and South Dakota...
Ohio
on
reported that outstanding in developments in non-ferrous
metals during the last week was the unexpected reduction in
the import duty on zinc under the Canadian trade
agreement.
The lowering of the duty was followed
by a reduction in the
quotation here of $6 per ton.
Foreign producers of copper,
to steady the price structure in that metal
abroad, rein¬
stated production control at
110% of basic tonnages.
Cadmium was lowered in price, owing to a reduction in the
traffic.
Platinum and iridium declined.
Quicksilver prices
advanced.
Demand for metals was quiet all
week.j^The
publication further stated:
26
Montana...
i
Price Off 30 Points
Duty—Copper Output Curbed Abroad
"Metal
Week Ended
Indiana.
Non-Ferrous Metals—Zinc
receipt of monthly tonnage reports from district
of final annual returns from the operators.)
noted
c.i.f.
abroad
on
Nov.
and
23
brought in
at
prices
some
good buying.
ranging from
Sales
10.475c. to
were
10.750c.,
basis.
on
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire moDth.
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina,
and South Dakota included with "Other Western
States."
* Less than 1.000 tons.
Lead
Producers
were
during the last week
2,058
tons,
against
facturers and
October
Portland
Cement
Statistics
The Portland cement industry in
October, 1938, produced
11,556,000 barrels, shipped 12,357,000 barrels from the mills,
and had in stock at the end of the month
20,574,000 barrels,
according to the Bureau of Mines.
Production and ship¬
pleased with the statistics for October, which showed
4,710
for most of the
new
statistics here
given are compiled from reports for
October, received by the Bureau of Mines, from all manu¬
facturing plants.
The
mill
value
of
the
shipments—79,313,000 barrels—
$115,353,000.
According to the reports of producers the shipments totals
for the first nine months of 1938 include
approximately
2,485,000 barrels of high-early-strength Portland cement
with an estimated mill value of $4,591,000.
in the first nine months of 1938, is estimated at
were
week.
light, involving
Battery
manu¬
The trade believes deliveries to consumers
during November will be around 40.000 tons, and, with total production
estimated below this figure, another reduction in stocks is
anticipated.
Higher prices in London
on
Nov. 23 encouraged the industry, and quota¬
tion here remained firm at 5.10c.. New York, which was also the contract
than
The
previous
business.
announcement of the
year ago.
the
prders for prompt-delivery metal accounted
settling basis of the American
St. Louis.
a
in
tons
small
numerous
ments of Portland cement in
October, 1938, showed increases,
respectively, of 1.6 and 10.4%, as compared with October,
1937.
Portland cement stocks at mills were
4.6% lower
a
reduction in refined stocks of 13,877 tons and reflected the
healthy position
of the domestic industry.
Sales
Smelting & Refining Co., and at 4.95c.,
Zinc
As
soon
as
from 5.05c.,
occurred
on
the
domestic zinc industry
Nov. 21.
got its
bearings, following the
lowering of the import duty, the price
St. Louis
basis
for
Prime
Business almost
Western, to
came to
a
4.75c.
standstill.
was
dropped
The change
Interest
was
transferred to the action of the London market, which declined to the
equvialent of
metal
slightly under 2.9
was
c. on
Nov. 22.
The sale of 1,500 tons of foreign
closed yesterday, the zinc to be used on galvanized products for
export, according to traders.
Domestic producers were badly shaken by the
reduction in the tariff, particularly as they have been
operating on a cur¬
tailed basis for many months to
improve the statistical position of the
market.
It
was
pointed out that the revision in duty here
came at
the very
time when the authorities in Great Britain are
weighing the proposition of
raising the British import duty to aid Empire producers of the metal.
Volume
Financial
147
Tin plate production has not
Tin
Little business transpired in the domestic tin market during the last
the influence of unsettled conditions abroad and lower prices
as
obscured the outlook here.
remain
yesterday,
Announcement that production
together
unchanged,
with
stimulated interest
general
a
continue
Nov. 22, and voted
on
As in the
production will be allocated
so
that 35% of the output will
for building up the Buffer Pool.
Under the Anglo-American trade agreement the United States
Chinese tin, 99%
nominally
was
follows:
as
Nov. 17, 44.800c.; Nov. 18,
44.750c.; Nov. 19, 44.750c.; Nov. 21, 44.600c.; Nov. 22, 44.425c.; Nov. 23,
44.600c.
DAILY PRICES
OF METALS
Tariff concessions made to the United States under
trade pact are likely to
Canadian
and
Steel
the "IRON AGE"
there
signs of
are
Zinc
Lead
Tin
1199337465286475
the'Anglo-American
by this country in
Canadian
The benefits to the
United
interests
States in
Pittsburgh and Chicago have moved up,
composite price to $15,
a
may
Great
raising
high for the year, but
new
slightly easier situation at Chicago, which
a
indicate
may
checking of the rise for the present at least.
THE "IRON
AGE*'
COMPOSITE PRICES
Finished
Nov.
22, 1938, 2.286c.
a
Steel
[Based
Lb.
—_2.286c.-{
steelIbars.^beams, tank plates,
on
2.286c.
|
wire, rails, black pipe, sheets and hot
roiled stripe. These products represent
2.512c.
—
[
85% of the United States output.
One year ago
Straits
Electrolytic Copper
Some
largely in certain types of machinery.
prices at
scrap
result in larger participation
machinery business.
Ottawa.
protest to
a
One week ago
One month ago
QUOTATIONS)
("E. & M. J."
steel
Britain will be
a
binds it¬
keep tin on the free list.
larger quantities of rolled plate
from mill warehouses.
Tinplate
here.
of standard tonnages.
be available for consumption and 10%
self to
abroad
of capacity.
production of tin at 45%
current quarter,
quotas would
yefcjbeen stimulated by the recent reduction
of $7 a ton, but can companies are releasing
carry
The International Tin Committee met in Paris
to
week,
for sterling
metals
in
advance
and strengthened prices
operations are higher at about 35%
3233
Chronicle
High
Low
1938
1
2.056c.
Jan.
8
2
1.945c.
Jan.
Oct.
3
1.792c.
May
5.10
4.95
4.75
1932
1.915c
Sept.
6
1.870o.
Mar. 15
45.925
5.10
4.95
4.75
1930..
2.192c.
Jan.
7
1.962c.
Oct.
46.100
5.10
4.95
4.75
1927
2.402c.
Jan.
4
2.212c.
Nov.
46.154
5.10
4.95
4.90
46.100
10.250
11.025.
10.325
11.025
10.358
Nov. 22
,
Domestic copper f.o.b.
Average prices for calendar week ended Nov. 19 are:
refinery, 11.025o.; export copper, 10.579c.; Straits tin, 46.425c.; New York lead,
5.100c.; St. Louis lead, 4.950c.; St. Louis zinc, 5J)50c.; and sliver. 42.750o.
The above quotations are "M. & M. M.'s" appraisal of the major
United States
markets, based on sales reported by producers and agencies.
They are reduced to
the baslsof cash, New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zIdc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
trade, domestic copper prices are quoted on a delivered basis; that is,
In the
Oct.
Apr. 24
10.300
As delivery charges vary with the destination, the
delivered at consumers' plants.
2.062c.
1.953c.
11.025
.
Mar. 10
1933
Nov. 21
_
2.016c.
1934
10.425
Average
2
Dec. 28
5.05
10.425
11.025
Nov. 23
Mar.
2.249c.
5.05
5.10
11.025
—
8
2.2490.
4.95
5.10
46.250
46.300
—
Oot.
9
4.95
46.250
10.425
Nov. 19
2.211o.
Mar.
1935
4.95
11.025
Nov. 18
May 17
2.512c.
5.05
5.10
11.025
Nov. 17
Louis
St.
Louis
St.
New York
New York
1937
1936
Dom.,Refy. Exp., Refy.
2.512c.
Delivered
pound above the refinery basis.
figures shown above are net prices at refineries on the Atlantic seaboard.
prices in New England average 0.225c. per
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
On foreign business in copper sellers usually name a c.i Jt. price—Ham¬
The c.i.f. basis commands a premium of 0.325c. per
pound above f.o.b. refinery quotation.
burg. Havre, and Liverpool.
-
1.
...2.118c,
2
29
1
Pig Iron
Nov.
Based
22, 1938, $20.61 a Gross Ton
One week ago
20.61
Philadelphia,
23.25
...
on average
of basic iron at, Valley
furnace and foundry irons at
$20.61
...
One month ago
One year ago...
Buffalo,
High
1938.
Chicago,
Valley
and
Southern Iron at Cincinnati.
.
.$23.25
Low
June 21
$19.61
July
6
23.25
Mar.
9
20.25
Feb.
16
19.73
Nov. 24
18.73
Aug. 11
—
18.84
Nov.
5
17.83
May
14
17.90
May
1
16.90
Jan.
27
16.90
i
Dec.
5
13.56
Jan.
3
14.81
Jan.
5
13.56
Deo.
6
1930
18.21'
Jan.
7
16.90
Dec.
16
1927
19.71
Jan.
4
17.54
Nov.
1
Steel Scrap
22,1938, $15.00 a Gross Ton
[Based on No. 1 heavy melting steel
$14.88(
quotations at Pittsburgh, Philadelphia
14.17
and Chicago.
One year axo
12.92 [
Hlph
Low
Nov.
One week ago
DAILY LONDON PRICES
One moath ago....
Copper
Std.
,
Copper
Lead
Tin, Std.
Zinc
Electro.
Spot
3M
{Bid)
Spot
Spot
3M
Spot
3M
44llid
44%
50%
214%
215%
15»i«
16%
14%
147ia
44%
449ib
50%
214
215
14»H
14%
44%
49%
213%
214%
16%
15%
16%
441!#
16
14*1*
14'ia
Nov. 22
43>*u
44
213
151Jia
15»«u
13%
14%
4415i«
45%
49%
51%
212
23
215%
216%
166i«
16® 18
14%
14%
Nov. 17
Nov. 18
Nov. 21
Nov
,
3M
.........
,
:
.$15.00
Nov. 22
$11.00
21.92
Mar. 30
12.92
Nov. 16
17.75
Dec.
21
12.67
June
13.42
Dec. 10
10.33
13.00
Mar. 13
9.60
Apr. 23
Sept. 2 5
12.25
Aug.
1
session of the
the official closing buyers'
London Metal Exchange; prices for copper and tin are
Jan.
3
Jan.
12
6.43
July
5
Feb.
18
11.26
Deo.
1927
-
9
15.25
—-
Jan.
17
13.08
Nov. 22
The American Iron and Steel
All are in pounds sterling per long ton (2.240 lb .1.
prices.
6.75
8.50
-
1930
Prioes for lead and zinc are the official buyer's prices for the first
9
16.00
1932
8
7
June
Institute
Nov.
on
21
an¬
nounced that telegraphic reports which" it had received indi¬
cated that the operating rate of steel companies having 98 %
Ingot Output Off Slightly—Scrap at New High
Steel
issue of Nov, 24, reported that the
The "Iron Age" in its
usual
year-end cautiousness of steel buyers is seemingly be¬
New orders
ginning to manifest itself.
are
holding
up
fairly
but November will not show important gains over
There is no fear that production will fall off
October.
well,
sharply during the few remaining weeks of the year, but
there may be no further substantial rise unless some prices
should be advanced for the first quarter, a possible develop¬
regarding which there is no certainty at the moment.
The publication further reported:
ment
Price announcements
for the first quarter are logically to be expected
within the next week or two, but
to
there Is
no
intimation as to whether any
Opinion in the trade seems to be divided as
mill will attempt an advance.
the advisability of such action, notwithstanding the desire of all pro¬
$3
ucts amount to
a
8
41.0% Feb.
14.—.31.0%
36.4% Feb. 21
31.0% Feb. 28
Nov. 29
29.6% Mar.
Nov. 15
6
27.5% Mar.
Dec. 13
27.4% Mar.
Dec. 20
23.5% Mar.
19.2% Apr.
Dec.
Dec. 27
61.5%, down
one point
either declined
or
remained
In four of the principal districts, Pittsburgh,
from the automobile industry, which, gaging its assemblies
to retail sales, had apparently underestimated the public interest in the new
cars.
Now that shipments of cars are beginning to catch up, the pressure
from this source may not
be quite
so
insistent, although further large speci¬
fications are expected before the end
Jan.
current ingot output.
Specifications against these
full as some users apparently covered
they will be able to use or pay for.
Mills
are
shall be cancelled at the end of the quarter.
for doubt as to whether steel production will make
much, if any, further gain
tons.
this year, trade opinion is fairly confident of a
The 1938 total
and bessemer ingots probably will be about 28,500,000
estimates of 1939 production place the minimum at about 40,000,000
This is largely based on known factors, such as a sharp gain in auto¬
hearth
mobile assemblies, a larger tin
plate output, a considerable volume of speci¬
fications for building projects
that have been awarded or will be awarded
under the
Government program, and the possibility that some workable
plan will be found by which railroad rehabilitation, now regarded as an
essential feature of the Government's armament program, can be carried
The award of three
of plain steel and 42,000 tons of
armor plate, some of which will be required next year, and the award of
six cargo ships will add upward of 25,000 tons of steel to next year's ship¬
out.
The armament program
itself will be a factor.
battleships assures the use of 33,000 tons
Structural steel lettings are not up to expectations,
only 16,000 tons in the week,
for
bids.
May
June
13
29.9%
14
32.1%
21
33.7%
28
36.7%
4
32.6%
11
32.7%
18
32.4%
25
32.0%
2
30.7%
9.....30.4%
June
20.-—.28.0% Oct.
7
on
The Navy
Oct.
June 27.-28.7%
3—— .47.9%
10
5
July
-22.4% Oct. 1711—.32.3% Oct. 24
18
36.4% Oct. 31
July
25
July
July
51.4%
49.4%
53.7%
56.8%
Nov. 7
61.0%
39.8% Nov. 14—62.6%
8—-39.4% Nov. 21
61.9%
Aug. 15
40.4%
37.0%
1
Aug.
Aug.
Aug. 22
42.8%
Nov. 21 stated:
awards and inquiries.
having amounted to
with a little more than 24,000 tons coming
Department is
an
demand elsewhere, steehnaking has
edged upward to the year's best level, accompanied by a burst of strength,
in scrap
New
markets.
business in some products is heavier than a month ago,
buying of sheets and strip made
active
coverage,
total bookings in
November
unnecessary
appear
important factor in current
but with
by previous heavy
likely
to
fall below
the
October volume.
steelnaaking the
remainder of this quarter, however, and partly is instrumental for giving
November ingot
output
the prospect
of showing the largest percentage
gain over October in history.
While the sharp rise in automotive operations recently finds no duplica¬
tion among
to like
other important consuming industries, the upturn is ascribed
betterment in retail sales and is responsible for upward revisions in
assembly schedules for coming weeks.
Automobile production in
to
be close to 400,000
This would approximate
would compare with
November and December is expected
the total for the corresponding 1937 period and
1,154,806 units two
Motorcar assemblies
and 10,000
both
units, giving the quarter a 1,000,000-unit output.
years ago.
last week at 96,735
were
the highest in 15 months
units ahead of both the previous week and a year ago.
General
Motors boosted output from 42,100 to 44,250 for the week; Chrysler rose
from
20,350 to 24,950; Ford from 13,450 to 16,975; and all others from
10,400 to 10,560.
Building
and engineering construction continues to
make a favorable
comparison with activity a year ago, due in large measure to public works
projects, but dullness in railroad steel buying is having an adverse effect
on heavy rolled products.
Demand for plates, shapes and rails is lagging
far behind that for sheets
building needs.
out
May
June
reflecting moderate improvement in
considerable improvement in 1939 over the present year.
tons;
Apr.
6
30.4%
29.3%
Continuing to draw its best support from the automotive industry but
of course in¬
sisting that unspecified tonnages
open
10
Apr.
May 31
1938-
30.7% Aug. 29
44.0%
29.0% Sept. 6.---.39.9%
26.1% Sept. 12——.45.3%
26.2% Sept. 19.—47.3%
27.1% Sept. 26
46.7%
Pressure to relieve backlogs of flat-rolled steel will bolster
commitments have not been made in
of
25.6%
27.8%
29.8%
32.7%
3
markets,
of the year.
rollings against recent large commitments are the most
While there is room
Apr.
1938—
Jan.
May 16
May 23
"Steel" of Cleveland, in its summary of the iron and steel
of specifications
factor in
Nov.
31
Nov. 22
ton.
Youngstown and Wheeling-Weirton, operations are lower.
of the recent upward trend in ingot production was due to a rush
for more than
30.5%
7..—30.7%
17
previous week's rates.
important
48.6% Feb.
24
In the Birmingham district there was a gain of one open-
Sheet and strip
.52.1% Jan.
1
Jan.
Chicago,
Some
1938—
25
Oct.
Jan.
hearth furnace, but elsewhere operations have
at the
1938—
1937—
Nov.
A fairly likely possibility is the reduction or
Ingot production at mid-week is estimated at
from last week.
capacity of the industry will be 61.9% of capacity
beginning Nov. 21, compared with 62.6% one
week ago, 53.7% one month ago, and 31.0% one year ago.
This represents a decrease of 0.7 points, or 1.1%, from the
estimate for the week ended Nov. 14,' 1938.
Weekly in¬
dicated rates of steel operations since Oct. 25, 1937, follow:
for the week
allowances, which on 150-ton orders of some prod¬
ducers for a better return.
elimination of quantity
of the steel
tion, being
Few
and strip.
Bars are in a relatively better posi¬
aided by needs of the automotive industry and miscellaneous
consumers, as
well as by a moderate pickup in farm equipment building.
purchases by railroads also are restricted.
•
steel
Wheeling & Lake Erie is in the
inquiries for rails and equipment are active,, while miscellaneous
3234
Financial
.
market for 400 hopper cars, while 50 freight cars are pending for the
navy.
Illinois Central is expected to build 1,000 cars In its own shops, in addition
to
1,000 ordered
few weeks ago.
a
Except In sheets
small.
mills
Consumers
are
and
strip,
backlogs of steel producers
content to order for
are
only
are
relatively
short distance ahead, and
Deliveries on some grades
a
able to make fairly eqrly shipment.
of flat-rolled steel, however, extend through the remainder of the
quarter.
Little intimation is given by producers regarding possible price
next
the
changes
further improvement in business there appears at
disposition to let quotations stand, despite unfavorable
Pending
quarter.
moment
a
a
earnings of the industry.
have
So far
only tin
plate and
terne
plate prices
been established for first quarter.
Pittsburgh and Chicago districts provided most of the 1.5-point increase
in
the national steelmaking rate last week to 63%
was
35%
52%
;
and headed downward.
Chicago
was
A
.
year ago
Pittsburgh operations
Steel
26.
ingot production for the week ended Nov. 21, is
placed at 63% of capacity according to the "Wall Street
Journal" of Nov. 25.
This compares with 62% in the
prev¬
ious week and 58% two weeks ago.
U. 8. Steel is estimated at 60W7o
54H % two weeks ago.
pared with 65%
rose
against 58%
,
in the week before and
Leading independents are credited with 64%
in the preceding week and 60W7o
com¬
,
two weeks ago.
The following table gives a comparison of the
percentage of production
with the nearest corresponding week of previous years,
together with the
approximate changes, in points, from the week immediately preceding:
8 points to 80;
,
63
+1
1937
and Eastern Pennsylvania was 1 point higher at 36.
Except for a 6-point drop at Youngstown to 60% other districts were
unchanged, including Buffalo at 49%
Birmingham at 68, Cincinnati at
75, St. Louis at 51.5 and Detroit at 82.
U. S. Steel
Industry
1938
35
—4
1936
79.5; Wheeling gained 2 points to 66; New England
The "Journal" further
reported:
4 points to
rose
193s
the rate
2 points to 60% ; Cleveland increased 2.5 points to
up
Chronicle
74^
...
1935
35
1932
—8
+1
66
+2
25
+ 1
32
+ 1
30
T-l H
16J*
.
+ 1
35
H
24
16
—l
16H
—2
28
—3
29^
—2
27
-
64
80^
—1
—
43
+ 1M
+1
29
-
1933
Independents
+2^
67
55
1934
60^
+ 1X
—
1931
29
—2
the steel works scrap composite 50 cents to $14.79, while the iron and steel
1930
40
—3
45
—2H
37
69
—2
70
—2
68
—2
1928
83
+2
82
+ 2H
84
+2
68
—3^
64
y-t
—4
1929
composite is up 6 cents to $36.35.
—2
Scrap is stronger in all markets and advances in several districts
raise
The finished steel composite is unchanged
$56.50.
at
1927
The
Week
with
the
Federal
Reserve
Banks
During the week ended Nov. 23 member bank
balances increased
reserves
arose
$91,000,000.
from
decreases
Complete
Additions to member bank
$70,000,000 in Treasury
deposits with Federal Reserve banks, $4,000,000 in Treasury
cash, and increases of $78,000,000 in gold stock and $11,000,000 in
Treasury currency, offset in part by increases of $31,000,000 in money in circulation and $37,000,000 in nonmember
deposits and other Federal Reserve
crease
of
accounts and
$3,000,000 in Reserve Bank credit.
of member banks
on
Nov. 23
mately $3,350,000,000,
an
were
Excess
taneously
selves
increase of $90,000,000 for the
3266 and 3267.
Changes in the
amount of Reserve bank credit
and related items
were
outstanding
follows:
as
Increase {+) or Decrease
Since
Nov. ?3, 1938
Nov.
16, 1938
Nov
$
lis
discounted.......
Us bought
advances
$
—9,000,000
1,000,000
U< 8. Government securities
Industrial
24, 1937
7,000,000
—2,000,000
2,504,000,000
(not
15,000,000
1,000,000
Other Reserve bank credit.....
—
Treasury currency
—4,000,000
-2,000,000
2,587,000,000
14,240,000,000
2,767,000,000
—3,000,000
8,818,000,000
6,763,000,000
Treasury cash
2,717,000,000
Treasury deposits with F. R. bank..
474,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
+ 7,000,000
—9,000,000
+ 78,000,000
+1,466,000,000
+148,000,000
+ 11,000,000
Member bank reserve balances
Money in circulation...
returns
the
ing
Nov.
16:
the
figures
entire
Banks
at
statement
shows
the
of
weekly reporting member banks in 101 lead¬
following
$5,000,000
banks
%
Industrial
agricultural
Open market
in
in
$25,000,000
Demand
and
New
New
in
paper
Loans to brokers and dealers.
Other loans for purchasing or
carry securities
loans
and
+75,000,000
New
York
City and
York
City.
Obligations fully
5
$14,000,000
$10,000,000
Chicago
1938
$
1938
New
Nov. 23 Nov. 16
$
$
Nov 24
$
Nov.
Reserve with Fed. Res. banks..
Cash in vault
Balances with domestic banks..
Other assets—net
1,902
1,913
1,931
2,940
2,955
3,559
517
521
668
1,408
1,420
1,831
342
343
451
with
A sststs
t
cultural loans
Boston
district
the Chicago
(+)
Other
^
—29,000,000
—195,000,000
—4,000,000 —1,209,000,000
Cash In vault
37
Balances with domestic banks
204
202
233
66
66
77
11
11
13
~~52
58
2,919
2,976
941
938
907
2
378
117
1,057
1.064
920
327
330
3,890
2,569
900
888
124
100
256
-"
—2,000,000
—150,000,000
571,000,000
1,165,000,000
+1,000,000
"
•
108,000,000
—9,000,000
—87,000,000
—4,000,000
+43,000,000
a+4,000,000
—1,000,000
—29,000,000
+166,000,000
—1,000,000
—23,000,000
+ 295,000,000
>
•
1,523,000,000
8,140,000,000
+ 553,000,000
+164,000.000 +1,783,000.000
431,000,000
—28,000,000
+91,000,000
+117,000,000
+655,000,000
15,720,000,000
5,137,000,000
+ 9,000,000
+1,108,000,000
—159,000,000
534,000,000
—1,000,000
+118,000,000
6,353,000,000
+171,000,000
486,000,000
+31.000,000
+1,231,000,000
+53,000,000
—1,000,000
2,522,000,000
Liabilities—
Demand deposits—adjusted...
Time deposits
United States Government deposits
Interrbank deposits:
Domestic banks
4,025
—844,000,000
—138,000,000
fully
guaranteed by
United States Government..... 1,678,000,000
Other securities
3,194,000,000
Reserve with Fed. Res. banks
7,148,000,000
30
52
"
715,000,000
or
loans
29
27
(—)
Nov. 17, 1937
||
Obligations
20
428
Decrease
or
a—3,000,000
+ 5,000,000
securities
19
86
$3,000,000
Loans to brokers and dealers in
27
414
to
3,894,000,000
347,000,000
Open market paper
190
61
the
Nov. 9, 1938
21,335,000,000
8,323,000,000
Loans—total
718
132
Increase
Nov. 16, 1938
^
Loans and Investments—total
139
67
in
$8,000,000 in
Since
576
798
City,
district.
.
136
804
declined
reporting member
A summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Nov. 16, 1938, follows:
568
Foreign banks
Borrowings
-
3,000,000
600
59
35
35
29
74
77
69
211
211
160
457
455
483
51
51
61
Liabilities—
deposits—adjusted
ended
16.
U. S. Govt, direct obligations
7,833
2,880
securities"
all
at
$27,000,000
York
the Dallas
Real estate loans..
Loans to banks..
1937
Guaranteed by
United States Government...
Other securities
"other
foreign banks increased $30,000,000 in New York City.
Borrowings of weekly reporting member banks amounted
loans for purchasing
carrying securities
7,736
118
of
$23,000,000
declined
in
in
Other
7.681
119
Holdings
York City and
Commercial, industrial and agri-
89
U. S. Gov't direct obligations—
week
balances
Deposits credited to domestic banks increased $87,000,000 in New York
$171,000,000 at all reporting member banks.
Deposits credited
coming Monday.
416
Loans to banks
Other loans
the
and
deposits-adjusted
increased
district
+ 37,000,000
and
loans
for
reserve
City and
Nov. 23 Nod. 16 Nov. 24
Commercial
changes
$164,000,000 in
banks.
to
New York City
1938
1938
1937
.
principal
Increases for the week of
Holding
of
United
States
Government
direct
obligations declined
$13,000,000 in the Chicago district and $4,000,000 in New York City, and
$10,000,000 in the Boston district and $11,000,000 in the San
Francisco district.
Holdings of obligations fully guaranteed by the United
-361,000,000
(In Millions of Dollars)
,
System respecting the
member banks of
increased
-909,000,000
not be available until the
Assets—
them¬
City, $6,000,000 in the San Francisco district, and $3,000,000
reporting member banks, and increased somewhat in other districts.
+209,000,000
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS
IN CENTRAL RESERVE
CITIES
Loans and investments—total..
Loans—total
banks
York
all
-70,000,000
banks and also for the
Chicago member banks for the current
week, issued in advance of full statements of the member
.
Reserve
System for the week ended with the
City member
■
the
$171,000,000 in deposits credited to domestic
banks, and a decrease of $23,000,000 in holdings of "other securities."
Commercial, industrial and agricultural loans declined $5,000,000 in
+1,869,000,000
Below is the statement of the Board of
Governors of the
Reserve System for the New York
banks, which will
for
same
body of reporting
Reserve
Reserve
—4,000,000
Federal
estate
cities
+ 91,000,000
Chicago—Brokers' Loans
Demand
of
Federal
+ 31,000,000
821,000,000
of Member
the
covering the
close of business Nov. 16:
on
Returns
Federal
States Government declined $6,000,000 in the Chicago district and increased
including
$14,000,000 commltm'ts—Nov. 23)
Total Reserve bank credit...
Gold stock
the
be compiled.
following will be found the comments of the Board
In the
New
(—)
of
cities cannot
Federal
*
Real
with
and
The condition
pages
Banks
of Governors of the Federal Reserve
reserves
estimated to be approxi¬
The statement in full for the week ended Nov. 23 will be
on
Member
week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
week.
found
of
System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
de¬
a
—2H
Returns
Reserve
reserve
of
66
.
.
a
Nov. 9 figures revised (St. Louis district).
Japanese Troops in Central China Consolidate Gains
-
6,747
6,621
5,841
Time deposits
1,606
1,592
1.485
599
601
742
467
United States Govt, deposits
466
453
114
114
228
62
62
45
528
Inter-bank deposits:
Domestic banks
2,583
2,625
1,952
682
699
Foreign banks
Borrowings
441
428
382
9
7
6
Other liabilities..
333
341
388
17
16
18
1,487
1,480
1,480
256
Capital account
3
256*
'
246
Military and naval spokesmen in Shanghai said late this
that Japanese forces in Central China have consoli¬
dated their Hunan and Kiangsi provincial fronts.
Associ¬
week
ated Press advices of Nov. 22 from Shanghai said, in
part:
The capture of Changsha and Nanchang, provincial
capitals, was said
to be
imminent.
*
„
Volume
Financial
147
The spokesmen brushed aside Chinese
reports that the western
Chronicle
3235
attitude"
toward
this front in the campaign toward
Changsha had been rolled back across
the Sinkiang River, 40 miles north of the Hunan capital.
The eastern
officials.
He
wing
in Berlin.
broad
battlefront,
reached
from
the
triangular
a
bounded
area
North
of the Yangtse the most active sector
minutes
receive
Japanese faced the task
Japanese thrust.
a
a
York
South
Hans
Japanese spokesman
China
South
within
the
said
in
development
outstanding
the recent action of military authorities in taking over
was
of Chinese customs
from
at
China
Canton, captured
control
Unconfirmed advices
Oct. 21.
northeastern
Kweilin,
of
bombardment
reported
arrangements
and depart
when he
would complete
how long he would be
nor
Thomsen, the counsellor, serving
reported
away.
Europa from New
with
but
The
Foreign Bondholders Protective Council, Inc.,, New
York, issued a statement on Nov. 25 advising holders of
Colombian dollar bonds that negotiations for servicing of the
bonds has been resumed.
The statement said, in part:
Government
was
Colombian
Government, the Council in
Further
on
November, 1937
on account
had with
the German propaganda machine
no mercy
without citizenhsip in other countries.
contribution
would be accorded in
Jews of foreign citizenship
of
.
1,000,000,000
reichsmarks
($400,000,000)
The levy
Payments
exempted from the levy.
are
are
to
during the Nov. 1
of developments in the world coffee situation.
These
Jews for
Payments by insur¬
damage done their shops
and
violence, after Mr. Vom Rath's death,
synagogues
are to
be turned
Government.
to the
over
($2,000).
to be made to the State Treasury.
companies
ance
the
be
will not be imposed if the entire fortune, after deduction of
all liabilities, does not exceed 5,000 reichsmarks
the Colom¬
will
tax levy
a
their fortune.
Foreign Jews
Colombian
Washington but these conversations had to be suspended in
negotiations were to be
as
that
exempt.
A
Dana G.
Dr.
full swing with a warning
collected from German Jews without nationality in the form of
At the request
1937 sent
follows in Associated Press Berlin advices
as
The decree stipulates:
prepared to resume
Munro twice to Bogota to discuss the resumption of service on
are
are
United
Under date of Nov. 11, 1938 the Colombian Ambassador to the
States wrote the Council that his
negotiations with the Council in regard to the dollar debt.
Dr.
The United
The levy is to be imposed on German Jews and those who live in Germany
Council
Bondholders
Foreign
charge d'affaires.
writing "the last chapter of the Jewish question in Germany."
Negotiations for Servicing of Colombian Dollar Bonds
Resumed
as
published in the "Official Gazette,"
was
went into
In order
not necessarily carry
The decree, defining the means of collecting the fine in four instalments,
Kwangsi adjoins Kwangtun Province and is the springbbard for the Chinese
Ambassador in
did
of Nov. 23:
They said their bombs had caused much destruction.
counter-offensive.
bonds.
wait
The German order imposing a 20% fine on Jewish fortunes
of Canton,
airmen
Kwangsi Province.
bian
to
Hull was
Sumner Welles, the Under
That
officials.
Mr.
Friday.
on
was
of the
other
minutes.
two
but had
before
reception room
Afterward he called on
and
together
were
appointment
States Embassy in Berlin is functioning during the absence of Ambassador
Wilson under the direction of Mr. Gilbert as charge d'affaires.
today said the Chinese counter-drive had reached to
three miles
Japanese
diplomatic
his
Roosevelt
States Ambassador
During his absence the German Embassy staff will function with
land offensive.
The
of State
for
American
He would not say that he would sail on the steamship
with
if recent aerial operations in Northwest China were to be followed up
the
him.
Secretary
promptly
United
the
Wilson,
Ambassador Dieckhoff said he did not know
his personal
The
of crossing the Yellow River from Shansi into Shensi,
feverishly foritfying themselves against
in
R.
other
President
and
Berlin after
to
significance, for that is often done by diplomats leaving for short vacations.
There, at Tungkwan, entrance to unconquered Shensi, the Chinese were
said to be
and
Secretary of State,
appeared to be along the
bend of the Yellow River, separating Shansi and Shensi provinces.
great
Ambassador
Roosevelt
of President
to return
Hugh
Dieckhoff arrived
several
and
the Yangtse River, with Hankow at the apex.
directed
home
free to
the other two sides by the lakes
on
Dr.
the
Germany
was
summoned
The
Tungting
of
shore
eastern
Lake nearly 200 miles to the western shore of Lake Poyang, forming
base of
had
reported 30 miles north of Nanchang, in Kiangshi.
was
This
wing of
will
amounts
be accepted
as
Ambassador invited the
the insurance payments exceed the 20%
President of the Council to discuss the matter with him before the Ambassa¬
partial payment of the levy.
If
will be confiscated by the Government.
had
dor
to
now
leave
to
these
resume
negotiations, the
Government at the Pan-
to represent his
Washington
with the Colombian Ambassador in Washington on
bian
•
Accordingly, Mr. White had a conference
American Conference at Lima.
The entire 20%
if
Embassy in Washington will be entrusted, during the Ambassador's
When there is anything further to report to the
Council will do
so
in
they fail to do
bondholders the
to emigrate
subsequent communications.
States
Sends
Exemption
Jewish
Note
New
Americans
of
Terms
Publishes
The
Nov.
20%
Ministry
as may
New York Stock
Department in Washington announced on
22 that Prentiss Gilbert, Counselor of the United
for
German
reserves
be
Embassy officials
would
nor
the
nor
when asked at
what he thought of the reasons for Ambassador
to report on
his press conference
that
it
Mr.
study
Roosevelt announced
the
feasibility
German and Austrian refugees now in the
to
Congress
15,000
visitors' per¬
12,000 and
between
United States
on
mits to remain here indefinitely.
names
Exchange Reports 17 Names Suggested
of
1939
Nominating Committee
Members
be withdrawn from consideration.
The
humanity
of view of
this
retiring nominating committee, in accordance with Ar¬
election of which will be
mittee to
be elected
on
offices to be filled at the
than we would
compel old regime Russians to return to the Soviet Union.
A
Washington dispatch
commented
"Times"
Germany
as
on
steps from time to time for protection
States
note
to
He then
of American interests.
to the State Department, but did not send the text
reported his action
Assurances Remested
the
termination
various
commercial
for
on
Jan.
1,
activities.
On Nov. 14, Charles E. Saltzman, Secretary of
York
Stock
Exchange,
cited
the
statement
of
Dr.
Goebbels, Minister of Propaganda and Public Enlightenment, of
effect that the various recent decrees affecting German
to the
not
be
applicable
requested
to
assurances
Americans.
Joseph
Jews would
nationality.
It then specifically
would not apply to
of foreign
The note was taken under consideration by the Berlin Foreign
Office.
Ambassador
ment
on
Dieckhoff was summoned home to report to his Govern¬
the state
of public opinion in this country and the
*
to
all
non-member
the New
general
partners of Exchange firms pledged forms, which must be
executed by them in order that they may qualify as allied
members of the Exchange. The pledge follows:
I,
a
general partner in the New York Stock Exchange firm of
have read the Constitution and Rules of the
Board of Governors of the
become an allied
New York Stock Exchange, and, in order to
member of the Exchange, I hereby pledge myself to abide
the same has been or shall be from time to time
adopted pursuant to the Con¬
amended and by all rules and regulations
stitution.
to
Adoption by the membership on Nov. 9 of the amendments
the Constitution, requiring all non-member general
partners in member firms to become allied members of
Exchange, directly subject to Exchange control and
Further
the
dis¬
reported in these columns of
Changes Made in New York Stock
Ticker
Nov. 12
that the decree in question
Jews
sent
Government of Nov. 12
1939. of the right of Jews to engage in
It
•
Pledge
cipline by Jan. 1, 1939, was
Nov." 12, page 2945.
of the note here.
The note referred to the decree of the German
on
the meetings was given in our
♦
follows:
Gilbert acted under his blanket instructions to take the necessary
Mr.
general election of the Exchange
Sent to Non-Member General
Partners of New York Stock Exchange Firms
Member
Allied
by said Constitution as
of Nov. 22 to the New York
the latest United
The nominating com¬
Jan. 9.
on
Jan. 9 will propose a slate for the
May 8, 1939.
A previous reference to
Nov. 5 issue, page 2804.
He added
persecution.
country has no right to
put these people on a ship and send them back, any more
The
ticle VIIof the Constitution,will present on Dec. 19 a panel of
seven
nominees for the 1939 nominating committee, the
_
the point
from
At the latest meet¬
ing, held Nov. 22, 43 additional names were proposed.
third and last meeting will be held on Nov. 28.
He said he believed it would be cruel and inhuman to force the refugees
to return to their native lands and almost certain
that
on
suggested of which four candidates later requested that their
-
Dieckhoff's orders, namely
that he would suggest
of permitting
Nov. 23
mitted to the Committee for members of the Nominating
Committee for 1939. At the Nov. 14 meeting 17 names were
the "strange attitude" of American officials toward German
internal affairs.
Instead
on
Hull would
Secretary of State Cordell
President
the right to raise the percentage to such
necessary.
,
Neither
an¬
The Nominating Committee of the New York Stock Ex¬
change recently held two meetings at which names were sub¬
States
comment,
was
Any Jew desiring
levy does not yield the full billion marks of the fine,
Germany
Hamburg-American steamer Hansa.
the
State
Embassy in Berlin, had delivered a note to the
Foreign Office requesting formal assurances that
a
decree aimed at Jewish business men would not apply
to American citizens in Germany.
The decree in question,
imposing a huge fine on Jews in Germany as retaliation for
the assassination in Paris of a German Secretary of Embassy,
was referred to in the
"Chronicle" of Nov. 19, page 3096.
The German Government on Nov. 23 ordered a levy of
20% of Jewish fortunes exceeding $2,000 to pay the $400,000,000 fine in question.
The order, however, exempted
foreign Jews in Germany.
Dr. Hans H. Dieckhoff, the German Ambassador who
was recalled from
Washington by his Government, called
at the State Department on Nov! 22 for a brief formal
farewell to Secretary of State Hull.
The recall of Dr.
Dieckhoff was reported as follows in United Press Washngton advices of Nov. 18:
~
1938, when the levy
Ambassador Dieckhoff sailed for
of
Exempts
Farewell
Levy of 20% of Jewish Fortunes, but
Foreigners—German Ambassador
Pays
Call on Secretary Hull
12,
before he will be permitted to leave
„
the
higher figures
Fining
Decree
case
Finance
the
Asking
Germany,
to
Men—Reich
Business
must pay his full 20%
Germany.
from
of Nov.
as
nounced, will deterqdne the size of their contributions.
In
United
Jews must make
so.
The financial condition
absence, with the continuation of the negotiations thus resumed with the
Council.
levy must be paid by Aug. 15, 1939.
their payments without further notice and will be subject to further penalties
The Colom¬
Nov. 18.
"
levy, however, the entire amount
"singula
Excbang
Symbols
The New York Stock Exchange
announced
on
Nov. 17
of changes in stock ticker sympbols under
its recently announced plans to improve the ticker service
by shortening the symbols of the most active stocks to two
letters and assigning new three-letter symbols to less active
i ssues.
The second group of changes, which became effective
the third group
Financial
3236
Nov. 21, were reported in these columns
The stock and bond exchanges to
of Nov. 19,
Nov. 28 follow:
Bendix Aviation Corp
To
,.BX
on
DGL
CE
Ale, Inc
Chicago & Eastern Illinois Ry. Co
--CD
CEA
\ In
CNI
Consolidated Oil Corp
KM
Kanawha & Michigan Ry. Co
■
Canada Dry Ginger
Kansas City
KU
Fort Scott & Memphis Ry. Co
LI
Long Island RR. Co
MGL
Martin (The Glenn
NSK
KCF
LIR
ML
Nash-Kelvinator Corp
North American Aviation, Inc
Phelps Dodge Corp
NAV
PDO
L
KMR
:
—
L.) Co_
_NK
NV
_PD
PTS
SWR
8VM
SM
TRR
VAR
WSC
-
Pittsburgh Cincinnati Chicago & St. Louis Ry. Co
St. Louis Southwestern Ry. Co
Savage Arms Corp..
.
Spiegel, Inc
—
Tennessee Coal Iron & RR. Co
Vandalia RR. Co-Wisconsin Central Ry. Co—
—
PT
SS
8A
_
SMS
TI
VN
— -
WC
York
Exchange to Return to Second-Day
Dec. 1—Results of Questionnaire
Stock
Settlements
on
80% of Firms Favored Old System to SemiWeekly Settlement
Show
Following the sending of a questionnaire to
of the New York Stock Exchange asking for
member firms
the results of
their experience with semi-weekly settlement of stock trans¬
actions which has been in effect on a trial basis since Sept. 1,
Exchange, at
the Board of Governors of the
meeting
a
amended the rules of the Exchange to provide for
of the second-day system of
settlements, it was announced Nov. 22.
"Regular-way"
stock transactions under the second-day settlement system
will be settled on the second full business day following the
date of transaction, according to the Exchange's announcement, which further stated:
Nov. 22,
,
to abandon the experiment of
The decision of the Board of Governors
term settlements was made
which requested member
preference for: (1) semi-weekly system, (2) weekly
the membership on Nov. 9,
tionnaire, sent to
firms to indicate their
(3) skip-a-day system, and also to give their reasons.
system and
firms
following consideration of the returns to a ques¬
which
indicated
RECAPITULATION
THE
SUMMARIZING
perform
important function in our national economy
an
securities traded in these markets which would be
many
discussion of our
standings of the past."
Under the
acceptability will be
flexible with the emphasis
field, the character of the
its relative stability and position in its industry and
listing policies, the controlling test of
new
quality, but the requirements wiU be made more
the standing of a company in its particular
upon
market for its
whether
products,
engaged in an expanding industry with prospects of
not it is
or
Size will not be used as a yardstick to the same
maintaining its position.
in the past in
as
determining the suitability of a company for listing,
distribution will remain a prerequisite to listing.
schedule of listing fees will be revised.
The present once-and-for-all
but adequate
The
initial fee for stocks will be discontinued in
initial fee, to be
the rate
continuing fee for bonds is considered
No
P.C. of Firms
of
Firms
The sub-committee and the Committee on
being worked out.
are
66
For semi-weekly
For weekly
6%
364
.
.
14%
28
.
80%
For skip-a-day..
104
No preference
662
-
-
....
.
"The committee recommends,"
says
the broad outline of the policies.
the report, "that those listing re¬
quirements which have been developed and designed in the general public
curtailed. In the long-range public interest
interest should not be reduced or
it is obvious that the quality
of securities listed on the Exchange should be
maintained, and that it is desirable to
develop rather than to reduce the
for the continuing protection
requirements
Exchange's
of the investing
public.
public has learned to expect that listing on the Exchange implies
"The
that certain
safeguards have been provided against invalid or easily counter¬
unauthorized over issuance of securities, publication of
feited certificates,
uninformatiye
misleading
or
acts and devices,
and
scores
designed to maintain the character of securities
and to insure that such securities are, in fact,
listed on the Exchange,
what they are represented to be.
should lower any of this type of its
listing requirements and rely merely on
Federal disclosure requirements, it
attaches to a listed security and part of
public to buy and sell on this Exchange."
the incentive to the
contains a significant recommendation relating to equality of
listed and other securities.
"The sub-committee is of the
The report
treatment
It would be obviously
of investors to discard those policies which are
to the interest
contrary
reports to stockholders, anti-social corporate
of other possible abuses.
for
opinion," It points out, "that the most practical and immediate progress
that can be made in the direction of securing more listings of desirable issues
on
this
Exchange
be
can
accomplished
by eliminating or reducing the
registered securities and
obvious inconsistencies between the status of listed
100%
other similar classes of securities which are now publicly
or
traded as unlisted
over-the-counter issues."
TO THE NATURE OF THEIR
OF MEMBER FIRMS ACCORDING
VOTE
impracticable.
Stock List have, thus far, indicated only
Ex-pressing
Preference
The present schedule
listing policies, as well as the exact schedule of
The details of the new
fees,
favor of a substantially reduced
coupled with a continuing annual fee.
applicable to long-term bond issues, will be retained, however,
for short-term issues of five years or less maturity will be halved. A
of fees,
would destroy the hallmark which
Repining
and that there are
clearly unsuitable
The sub-committee believes "that a frank
mutual problems would do much to avoid the misunder¬
Exchange."
for trading on this
"To the extent that the committee
RECEIVED
REPLIES
"it is obvious that other national exchanges
recognizes that
'
-
■.
Of the
favored a return to skip-a-day
preference, 80%
a
settlements.
with other exchanges, the sub¬
proposing round table conferences
committee
on
the reestablishment, on Dec. 1,
will be
which the above is also taken.
Nov. 22, from
extent
New
1938
arranged to explain the new listing policies and objectives of
the New York Stock Exchange. Further details of the report
were contained in the announcement issued by the Exchange
BEX
From
with officials of other exchanges
table conferences
page
become effective
3091.
Nov. 26,
Chronicle
BUSINESS
Day
Weekly
Weekly
Preference
on
No
Total
"
56
Specialist
Arbitrage
m
..
20
303
47
426
9
Commission and wire
5
20
34
68
13
-
-
13
Totals
Approximately 65%
26
5
31
3
2
]8
24
66
-
-
Miscellaneous.
98
364
104
662
-
«
-
of the firms favoring a return to the second-day
system gave as their principal reason the
settlements and the creation
duplication of work caused by term
of peak loads in
bookkeeping and cashiers' departments.
mentioned
-
1
Bond
in
«.
was
back-office work, especially
Another objection frequently •
specific complaints by customers.
The system of serai-weekly settlements was introduced, as an experiment,
on
Sept. 1, with a view to ascertaining if a reduction of operating cost and
physical hapdling and delivery of stock certificates would result.
vided for the settlement
actions made on the
settlement
on
on
It pro¬
Friday of each week of all "regular-way" trans¬
preceding Monday, Tuesday and Wednesday; and the
An item
Most
relating to the questionnaire sent to member firms
of Nov. 12, page 2945.
Commonly Voiced
Nov. 22 made public
Permissive Incorpora¬
tion
which revealed that the Committee has not yet been
able to determine how many member firms would wish to,
incorporate in case the Exchange approved the permissive
incorporation plan, which was described in the "Chronicle"
of Aug. 27, 1938, pages 1271-72.
The report contains replies
to the three most common objections against permissive
incorporation. Opponents have objected that incorporation
would end unlimited liability and thus reduce protection to
the public, that large firms would obtain a competitive
advantage over smaller firms and that incorporation would
facilitate splitting of commissions.
In that connection, the
a
report by the Special Committee on
,
report said:
From
with
Nov. 9 appeared in our issue
Permissive
The New York Stock Exchange on
Tuesday of transactions made on the previous Thursday,
Friday and Saturday,
Publishes Another Report
Incorporation—Answers Objections
Stock Exchange
York
New
■Skiv-A-
Semi-
the inception
an
-
of the study, the Committee has been
all-embracing
incorporation which
question
may
"When under the laws of practically every
is permissible to transact every
in thecorporate form, why
Governors of
New York
Stock
Exchange Adopt Sub-
Committee's
Report
Recommending Broad Re¬
vision in Listing Policies—Fees to Be Reduced
Listing policies of the New York Stock Exchange will
undergo a broad revision as the result of the action of the
Board of Governors on Nov. 22 in adopting a report of a
sub-committee of the Committee
on
Stock List which has
been
making an intensive study over a period of five months.
policies will have the effect, it is expected, of open¬
ing the trading list of the New York Stock Exchange to
desirable additional issues.
The appointment of the Sub¬
committee on Size and Listing Requirements, on May 23,
last, followed a recommendation of the Conway Committee
that special study be given to the advisability of admitting
the issues of many more companies to trading on the Ex¬
change.
The sub-committee has recommended a program
designed to remove such deterrents as may tend to prevent
listing, upon the exchanges in general and upon the New
York Stock Exchange in particular, of issues which properly
should be dealt in upon organized markets.
William McC. Martin Jr., President of the Exchange,
The
new
made
public the report of the sub-committee, following its
adoption by the Board of Governors, and disclosed, at the
time, that various subjects embraced within the report
had been discussed with representatives of the Securities and
..Exchange Commission.
He revealed, further, that round
same
submitted
confronted
of permissive
follows:
State in the United States it
by advocates
best be formulated substantially as
kind of commercial and financial activity
should members of the New York Stock Exchange
be denied the right to carry on
their business incorporate form if
adequate
tions
by the
of such corpora¬
authorities of the Exchange and the Exchange is given the
same
control
over
protection to the public is provided through the supervision
sotckholders of member corporations as it now
the partners of member
The
has over
firms?"
principal responses
to
this question which have been
opponents of permissive incorporation
voiced by
in varying forms have been sum¬
objections which are
together with the comment of the Committee with respect
marized by the Committee in the form of the three
set out
to
below,
each objection:
1.
Limited liability, which is inherent
public of the protection
now
in incorporation, will deprive the
afforded by the unlimited liability of
all
general partners of member firms.
{Comment—At the hearings before the Committee, this objection was
discussed at length, in great detail and from every angle.
All those appear¬
ing at the hearings have been requested for an expression of their views on
this question, and it is evident to the Committee that opinion on this
subject is divided.
Many of those advocating permissive incorporation
have urged that the value of unlimited liability as a protection to the
public must necessarily be a question of judgment which cannot be accu¬
rately appraised by any mathematical or statistical process, and may well
be theoretical.
It has also been urged that, while it is true that the amount
and form of capital of a member firm is a matter of knowledge to and must
have the approval of the Exchange, the private resources of the several
partners of a member firm which would be available to creditors in the
event of insolvency is an unknown quantity and may or may not afford
substantial further protection to the public.
At best, therefore, the value
of unlimited liability is an uncertain and variable quantity.
In this view
of the matter and fully appreciating that unlimited liability may afford in
certain
cases
an
added
protection to the public, the Committee believes
considered by the membership is this: If member
that the real question to be
required, before commencing business, to have a sub¬
stantial rnmitmim capital and to report any impairment of this minimum
capital to the Committee on Member Firms, will not the tangible value
corporations
were
Volume
Financial
147
protection to the public be greater, as a
general rule, than the imponderable value of the unlimited liability of the
general partners of a firm?
The Committee, however, does not attempt to answer this question
categorically, as it is a question that cannot be answered in that way.)
of this uniform requirement as a
2. Permissive incorporation will aid large
firms which choose to incor-
porate, to grow larger and thus obtain an undue
over
competitive advantage
smaller firms which do not incorporate.
(Comment—While it is true that the Committee has not suggested any
limitation upon the maximum amount of capital of a member corporation,
it must be borne in mind that there is not now and never has been any
of a member firm.
do, however, con¬
the opinion of the Committee, will limit the size
Attention is directed primarily to Rule 7, which
3237
Chronicle
.
change which was mentioned in our issue of Oct. 8, page
2171.
The plan was referred to the Committee on Constitu¬
tion in order to make certain minor changes.
Fred C. Moffatt, President of the Board of Governors, suggested that the
Constitution Committee be enlarged to handle this work.
The new constitution revises the old constitution by dividing
it into 13 articles instead of 28, as at present.
On Nov. 23 the Board of Governors adopted
Constitution
and
restriction upon the maximum amount of the capital
The Suggested Rules Governing Member Corporations
Constitution.
tain restrictions which, in
interim
an
amendment
to
the
the
new
present
immediately
of member corporations.
would limit the number of stockholders of all classes of a
member corpora¬
tion to 35, whereas there is no present limitation upon the number of part¬
ners of a member firm.
Attention is also directed to the revised Rule 3,
that every stockholder, both voting and non-voting, must be a member or
allied member of the Exchange.
Although the fear of undue aggrandize¬
ment of member corporations has been voiced in general terms by opponents
of permissive incorporation, the basis for this apprehension seems to rest
upon the assumption that the greater facility in obtaining capital by means
of incorporation will of itself lead to a rapid growth in the size of member
The justification for this fear is largely a matter of
corporations.
judgment
ana
that the probability that undue aggrandizement
will result from
incorporation may well be exaggerated.
Moreoever, the problem of unfair
competition occasioned by size alone seems to the Committee to be a
separate problem which is equally applicable to member firms and member
corporations.
If there is a probability that member firms or member
corporations may grow to such size as to create unfair competition, then
that subject should be approached directly and remedial action taken to
the extent
found wise.)
3. Permissive
rules of the
dividends
incorporation
facilitate
will
or
provide
Exchange against splitting commissions.
a
means,
not
infringement of the
Primarily, the fear
of excessive
splitting of commissions will be effected in the guise
on
new
approved by the membership. If a majority of 275 members
of the Exchange vote in favor of the new Constitution in
two weeks from Noy. 23 it will become law.
If less than
275 vote ^voting will be left open for two weeks more and if
275 have not voted by that time the proposal will die.
In summarizing the new propositions, a statement by the
Exchange
readily to this abuse than the partnership form, or why there
should be any greater reluctance or any less ability to supervise and control
in this regard the conduct of member corporations than would be found in
the case of member firms.
It is the opinion of the Committee that, under
more
Rules Governing Corporations, there is less opportunity for
effecting an illicit splitting of commissions than is presently available
through the form of a limited partnership.
Preferred stock may be issued
only to members or allied members of the Exchange approved by the
Committee on Admissions, and only for cash or marketable United States
obligations equal at least to the par value of the stock issued. Furthermore,
dividends on such preferred stock will be payable only out of surplus, and,
as a further restriction against exorbitant dividends on preferred capital,
the Committee now recommends that Rule 9 of the Suggested Rules Govern¬
the Suggested
I.
corporations and their stockholders as is now exercised over
present form of government and method of
in the arbitration
on
Underwriting and Dis¬
tribution of Issues Under Securities Act of 1933
Exchange Commission made public on
of statistical compilations relating to the
underwriting and distribution of issues registered under the
Securities Act of 1933.
Most of these tabulations present
The Securities and
Nov.
19
a
group
data for the third quarter of 1938 comparable to information
previously issued by the Commission.
The following tabula¬
tions were published:
.
,
Averages of gross underwriting spreads, selling group
bond
miscellaneous
third quarter
the
as
third
and
quarter
underwriting
issue
characteristics
for securities
commissions and
floated
of
1936;
first nine months
data
underwriting
procedure of the Exchange.
participations for the third
of 1938, respectively; and miscellaneous
offered between July 1 and
for the individual issues
the constitution and
of basic rules in
In
order
that much
give effect to
to
unnecessary
1
■
,
f
"
f
Adopts New Rule Under Public Utility
Company Act of 1935
"
Announcement
was
made
on
Commission, acting pursuant to authority
it by the Securities Act of 1933, as amended,
particularly Section 19(a) thereof, and deeming such action
necessary to carry out the provisions of the Act and neces¬
sary ana appropriate in the public interest and for the pro¬
and
Exchange
conferred upon
tection of investors, hereby adopts the following rule:
Rule 522.
Omission of Information as to Tentative
11 (b) of the Public Utility Holding
A
Plans under Section
Company Act of 1935.
registration statement need not include the details
of any tentative
plan relating to Section 1Kb) of the Public Utility Holding Company Act
of 1935 which has been or is to be submitted informally to the Commission
later than Dec. 1,
1938, pursuant to the Commission's request of Aug. 3, 1938. In such case
the registration statement shall contain an appropriate reference to the
provisions of Section 11(b) and a statement to the effect that such tentative
plan has been or is to be so submitted. The foregoing provisions shall like¬
by the registrant or any of its parents or subsidiaries not
wise be
applicable to prospectuses.
The
time.
proposed
cific changes, but also part of the
The
new
was
reported in
New
our
Exchange Constitution Adopted by Board
Governors—Referred to Membership for Ap¬
Curb
of
proval—Interim Amendment will Bridge Gap Until
New Regulations Are Effective Next Feb. 23
The Board of Governors of the New York Curb Exchange
on Nov. 17 received the draft of a new constitutionrcontaining the
recently-devised plan of reorganization of the Ex-
extensive
It became apparent
its entirety at this
constitution, therefore,reflects not only the spe¬
new
general revision called for by the plan.
13 articles instead of 28, as at
constitution is divided into
13 articles are descriptive of the subject mat¬
so far as has been possible, all constitutional
present.
The titles of the
ter
contained therein.
In
provisions relating to the subject of each article have been assembled
the sections and subsections of each article.
The articles are:
I.
II.
III.
IV.
V.
Government and Administration
Nomination and Election
Membership
Discipline of Members
VI.
Commissions
VII.
Fees and Dues
VIII.
Arbitration Procedure
IX.
Gratuity Fund
New York Curb Exchange
X.
'
XI.
XII.
i
Securities
Clearing Corporation
Miscellaneous Provisions
Definitions
XIII.
i
in
Title and Purposes
Amendments
the Board of Govern¬
in Article II. The
proposals with respect to the Nominating Committee, limitation on service
of governors, limitation on service of members of the Nominating Com¬
mittee and voting procedure appear in Article III.
The proposed arbitra¬
tion procedure is set forth in Article VIII.
These and other provisions of
the proposed constitution contain grants of power to the new Board,
officers and committees deemed adequate to enable the new government to
specific proposals of the plan with respect to
The
ors,
officers of the Exchange and committees appear
place in operation the system of
affairs recommended In the plan.
divisional administration of Exchange
represented in new Arti¬
with the objec¬
tives of greater clarity in presentation and the elimination of duplication.
Due to the complete rearrangement of the provisions of the present consti¬
tution, it has not been practical to prepare a printed comparison setting
forth the present constitution and the provisions of the proposed new con¬
provisions of the present constitution, not
The
been rewritten and redistributed
cles II, III and VIII, have
stitution.
No
has been made to
attempt
the rules or to rewrite the
more
new
effectively
and
constitution.
of the present
rules.
transfer detailed regulatory matter to
It is believed that such changes may
bo
adoption of a
scattered but related provisions
efficiently undertaken following the
The reassembling of the
constitution into the topical articles of the
proposed consti¬
accomplishing a clearer presentation
what detailed regulatory matter should be trans¬
performs the double service of
ferred to the rules.
II.
Method of Effecting the
The interim amendment
Change
will become effective immediately upon
approval
will remain effective until 3:30 p. m, Feb. 23, 1939,
constitution will become effective at 3:30 p. m. Feb. 23, 1939,
by the membership and
and the new
if
approved by the membership.
The interim amendment includes the following provisions:
That the present Nominating Committee shall nominate, for election
annual election on the second Tuesday in February:
Governors—Five governors to serve for a term of one year;
five governors to serve for a term of two years; five governors to
serve for a term of three years.
2. Class B Governors—Four governors to serve for a term of one year;
four governors to serve for a term of two years- four governors to
serve for a term of three years.
,,
3. A Chairman of the Board of Governors to serve for a term of one
(a)
at the
1. Class A
Y63Lr»
4.
Two Trustees of the
Gratuity Fund to serve for a term of three years.
That the term of office .of all present governors and committees
continue until 3:30 p. m. Feb. 23, 1939, and expire at that time.
(b)
(c)
the new Board of Governors, elected
February, be held at 3:30 p. m. Feb. 23,1939.
That the first meeting of
the annual election in
(d) That, except as expressly varied by the interim amendment, or
sequent arrendn ents, the present constitution remain fully effective
330p.m. Feb. 23,1939.
Under this procedure
of Aug. 3, referred to above,
issue of Aug. 6, page 830.
The Commission's request
necessitated.
clarity obtained if the constitution were rewritten in
Holding
Nov. 21 that the Securities
the specific proposals of the plan,
duplication of work could be avoided and greater
and making more evident
(
of greater
the expression
regulatory
the transfer of detailed
changes in the present constitution were
tution
Sept. 30, 1938.
SEC
and
The plan also required "a
general revision of the constitution and rules with the objectives
during the
of 1938 and for preceding three month periods as far back
quarter
administration of the Exchange;
in the present method of nomination and election
clarity in presentation, the elimination of duplications, and
member firms
believes that the membership should
permissive incorporation do not out¬
weigh any misgivings that, in the future, the responsible authorities of the
Exchange will be less alert in protecting the membership against unwise
practices by member corporations than by member firms.)
and their partners.
The Committee
consider whether the advantages of
Publishes Tabulations
Composition of New Constitution
Thejplan of reorganization required that basic changes be made in the
ing Member Corporations be amended so as to limit preferential dividends
on preferred stock to 6%
per annum, permitting, however, participation
in additional dividends payable out or earned surplus simultaneously with
or after the payment of dividends on the common stock, in such amounts
and upon such terms as may be fixed in the certificate of incorporation
and approved by the Committee on Member Firms.
In this connection,
the Committee directs attention to the fact that, under Rule 14, the Com¬
mittee on Member Firms will exercise the same supervision over member
SEC
Nov. 17 said:
on
provisions to the rules."
preferred stock issued to large customers.
(Comment—The basis for this apprehension seems to be in large part a
general feeling that the authorities of the Exchange will be less alert to
detect and prevent the illicit splitting of commissions in the case of member
corporations than they will be in the case of member firms.
The Com¬
mittee has found it difficult to see why the corporate form should lend
itself
the membership and will
February 23, 1939 and the
Constitution will become effective as of that date, if
upon approval by
remain effective until 3.30 p. m.
it required changes
presently available under the partnership form, for
is that the
The interim amendment will become effective
to hold
the present Nominating Committee
hearings and will report nominations as
at
sub¬
until
will continue
provided under the present
nominations will be guided by the classifica¬
tions expressed in the proposed new constitution, and the membership may
make independent nominations in the manner provided under the present
constitution for offices which will be created by the new constitution.
Likewise, following the annual election, the present Board of Governors
and the present committees will continue to discharge their duties until
Feb. 23, 1939.
The interim period provided between the annual election
and the first meeting of the new Board of Governors and effective date of
the new constitution will permit the new Board and its Chairman to con¬
sider informally temporary or permanent appointments of a President and
constitution; but in making
of committees.
3238
Financial
General Comnient
III.
cumvent the
The plan of reorganization limited Class B governors and Class B
mem¬
bers of the Nominating Committee to associate members and non-member
of firms
partners
Chronicle
New York City."
"having their main offices in
The
Nominating Committee.
It Is understood that such
exclusion
an
The second question arose
the
not
on
was
creditor and sold promptly,
The plan of reorganization limited Class B governors and Class B mem¬
might
excluded from
have
the
"office" partners.
Board
and
the
Such
a
committee
restric¬
partners
unnecessarily the field of choice open to members and to the Nominating
Such
terpretation
and
a
would also raise difficult
restriction
problems of In¬
It would have been not only difficult
application.
to
things, that the
that
as
term is
that is to be
one
which
in
from
permissible instance of the type de¬
a
the security
be sold
to
well within
deposited with
was
the
days after the date of the
seven
purchase, and the creditor was to receive the proceeds of sale promptly in
date of the purchase.
stances it
until
than
more
days after the
seven
This presented the question whether in such circum¬
might be considered that the security purchased by the customer
had been paid
for by him within
days after the ptu-chase.
seven
Assuming that the purchase was one which,
engaged partly in work other than office work and might have thus limited
Committee.
above
the usual course of business but not
posed constitution.
bers of the Nominating Committee to
among other
1938
be made and settled promptly.
scribed
intended, and, therefore, this restriction has not been Included in the pro¬
tion
This would require,
regulation.
26,
proposed purchase be in fact a "bona fide cash transaction"
ordinarily used in the trade and that the proposed sale be
quoted restriction would have excluded associate members and non-member
partners of out-of-town firms from representation on the Board and
Nov.
Indicated above, could
as
properly be effected in the special cash account, the question whether it
might be considered that payment had been made within
be answered in the affirmative.
When
seven
customer has sold a
a
days should
security in
a
determine in the first instance what duties must be performed in order that
special cash account, section 4 (c) permits the broker to make the proceeds
partner be deemed an "office" partner, but also, following the nomination
of the sale of the security available to the customer upon the receipt of the
a
election of
or
Governor
a
or
committee member, a temporary or permanent
change in his duties might have had the effect of disqualifying him for
For these
service.
reasons
the purposes of the plan adopted by the Board
have been accomplished by omitting the word "office" in classifying Class B
and members
governors
Nominating Committee and Including a
Nominating Committee and a recommendation to members
direction to the
this point.
on
for
Class
of the
Attention is called to the direction
B
be
governors
general admonition
on
familiar
persons
page
21
with
on page
with
office practice
and
candidates
to
respect
23, that nominees
Class
for
the
B
security in the special cash account even though this be prior to the date
which the broker is to receive the proceeds of the sale.
instant
within the seven-day period
and the customer could in turn have used such
proceeds to make full cash payment to the creditor for the security
chased.
In the circumstances, such payment could
more
clarify
specific the powers and duties of the Board and of
are
creditor.
broadly granted in the present constitution.
Further
On the other hand, wherever possible regulatory matter formerly included
in sections
relating to committees has been removed and placed under
sections in
an
attempt to obtain greater clarity.
new
An attempt has also been
made to eliminate and to condense the provisions of the present constitution
duplications
unnecessary
longer serve
any
Changes
in
occur
or
provisions appear
which
no
useful purpose.
Brokerage
Charges Announced
reducing non-member commissions when deliveries
made
by
are
accepted and increasing the rate on offset trades
were announced
by the Chicago Mercantile Exchange on
Nov. 19.
The Exchange's announcement stated:
or
The changes, effective Nov. 21, make the non-member rate for
buying
hide futures $15 per unit of 40,000 pounds, when the price is below 10 cents
per
pound, and $20
per
unit when the quotation is 10 cents
rate in effect heretofore was $30 per
McC. Martin and Chairman Douglas of SEC
subject of the further program of reorganization of
Exchange was discussed in New York
by William O. Douglas, Chairman of the Securi¬
ties and Exchange Commission and William McC. Martin,
President of the Exchange, it is learned from the "Wall
Street Journal" of Nov. 22, which likewise stated:
the New York Stock
or more.
of problems were considered.
Meantime, it
receive
or
a
contract is sold below
10 cents and hides
pay
are
Field, Chairman of the mart's hide committee, pointed out.
10 cents who make delivery
Harry
H.
Sellers
of
will pay $11.10 less per unit
in commissions.
Federal Reserve Board Widens Interpretation of
Regu¬
lation T—Permits Payment for Purchase in Special
Cash Account by Selling Other
Fide Transactions
Security, in Bona
The Board of Governors of the Federal Reserve
Nov. 21 issued a ruling that
System
paying for purchases in
special cash account by selling another security is proper if
the proposed purchase is in fact "a bona fide cash transac¬
tion."
The ruling was issued in answer to questions
recently
on
raised
regarding transactions in special cash account. The
text of the ruling, which will appear in the Federal Reserve
Bulletin, follows:
Paying for Purchase in
Special Cash Account by
Section 4 (c) of Regulation T provides in
part
Selling Another Security
follows:
as
weekly settlements which
Most of them
a special cash
account, a creditor may effect for or with any customer
bona fide cash transactions in secutities in which the
creditor may—
(1) purchase
any security for, or sell any security to, any customer,
provided
the purchase or sale is in reliance
upon an agreement
accepted by the creditor in good faith that the customer will
promptly
make full cash payment for such
security;
.
,
"Except
otherwise provided in this section 4
as
.
.
(c), in
case a
customer
.
security
sold, the creditor shall promptly cancel, cover, or other¬
wise liquidate, the transaction or the unsettled
portion thereof."
purchased
or
commenting
on
the ruling,
a
In
The Board recently
to
consider
two
questions regarding
Mr.
question arose from a case in which a customer proposed to
security in the special cash account and then to make the neces¬
sary prompt payment by selling in the account another
security of sufficient
a
value and using the proceeds of sale for the
purpose.
a
The question was
proposal for making payment disqualified the purchase for
inclusion in the special cash account.
The exact
answer
particular
transactions might
to this question
case.
In
some
be evidence of
regulation, and if the purchase
would depend upon the circumstances
circumstances,
an
was
such
attempt to evade
part of such
the special cash account would, of course, be
an
a
or
combination
of
circumvent the
attempt its inclusion in
forbidden, because section 4 (a)
of the regulation provides in part that:
question¬
*
under discussion:
were
Experience under present short selling rules.
2.
The problem of floor trading.
»,
This latter subject is particularly
important just now in view of the Ex¬
change proposal—in its recent 15 point program—to permit member firms
to establish
separate corporations to handle underwriting.
In its announcement of the
15-point program the Exchange said that it
"proposes to increase the capital requirements applicable to increase the
capital requirements applicable to member firms in such a way as to en¬
courage
firms to conduct their underwriting and trading operations through
the medium of such separate companies."
In
effort
determine
to
the members' viewpoints on the
capital re¬
quirements, the Exchange plans to hold hearings on this subject.
These
hearings have not yet been scheduled, but the first one will probably be
an
held soon,
it
learned yesterday.
was
Another major phase of Stock Exchange reorganization which
held in abeyance, pending further study, is that of a central
is being
depository for
It is understood that Haskins & Sells, public
accountants, who
securities.
making
are
of the problems involved in establishment of this pro¬
a survey
posed institution, will not have completed their work for at least two months.
September Volume of Loans from Savings, Building and
Loan
Associations
Declined
Below
August but
Gained as Compared with July
For
the
second
successive
loan associations in
month
savings,
September made
of new construction loans than
way for the purpose
visions of this regulation."
any
of
1937, according to
building and
larger dollar volume
a
they did for the
month
same
of evading or circumventing any of the pro¬
States Building and Loan League, Chicago, which says that
institutions made $20,003,000 of loans to build new
homes, about 5.5% more than in September, 1937. Thus, they
brought their construction financing to $160,580,000 for the
first nine months of this year, only
period of last
The
a
proposal to effect such
combination of transactions should be
carefully scrutinized, the effecting
8%
of
no
attempt to evade
or
cir¬
activity
featured
was
by
larger
a
volume
of this year, $25,698,000.
This
they loaned to help people buy homes in August, and
improving real estate market.
an
totaled
$198,777,000
which
the
for
the
first
associations
Loans to buy existing home
nine
advanced
Total volume of loans for September was
the August year's high,
months
all
for
of
out
a
purposes
total
during
but
gain
a
over
$71,647,000,
4% fall-off from
a
July, according to Morton Bodfish,
Executive Vice-President of the League.
Two leading States in the volume
of loans were listed as
Ohio, with an estimated $9,397,000, and California,
with
fact
$5,370,000.
that
building
going
was
on
in
these
and
loan
home
leading States
also
new
to
the
in the
amount
amount
of
savings,
of
by
reported
in
not
yet
.
.
analysis
the total
its
and
savings
dollar
the
of
construction.
Although
the
bulk
in
Ohio
State still had the second highest volume of
the
bulk
activity.
League's
percent of
and
for
was
third
the
refinancing,
The
the
of
purchase,
loans
ranked
for
two
assets,
building which is
In California nearly half of the savings and loan financ¬
September
for
accounts
and
Their preeminence in the picture is partially due to the
are
there.
construction
the
in fact
September
period.
ments of the
was
to
$597,000,000
that
struction
regulation and there
than
more
properties
of the prdposed purchase in the
special cash account would not necessarily
be prohibited if the purchase complied in other
respects with the require¬
12% under that for like
The League's report further said:
year.
associations'
home purchase loans than in
any month
was
which
It is the view of the Board, however, that, while
report issued Nov. 12 from the United
a
these
ing
"A special account established pursuant to this section
shall not be used
a
these
return to the old settle¬
Douglas said that at his meeting yesterday with Mr. Martin three
subjects
witnesses
The first
n
a
ments basis.
of
had occasion
transactions in the special cash account.
of the
prefer to return to the skip-a-day settlements formerly in
view of the attitude expressed in the returns from
naires, it is likely that the Board will consider
statement by the Federal
Reserve Board said:
whether such
-This information is
questionnaire sent out recently.
a
.
does not make full cash
payment for a security purchased by him in the
account
within seven days after the date on which the
purchase
started September 1.
were
effect.
"In
.
Governors will
3. Capital requirements for specialists.
delivered against
$16.10 less than formerly,
number
report at its semi-monthly meeting this afternoon showing a sub¬
a
revealed in replies of some 500 members to
sale will, under the amended rules, be absorbed by the broker.
contracts above
In
learned that the Exchange's Board of
was
a
stantial majority of members opposed to continuance of the
present semi-
The
unit for the "round-trip," regardless
although
•
1.
it, the non-member seller will
was
Nov. 21
on
The clearance fee of $1 and advertising tax of 10 cents per unit on each
When
Program of Reorganization of New
Exchange Discussed Between President
The
of price.
purchase
for
York Stock
No definite conclusions resulted, it was understood,
Hide
Chicago Mercantile Exchange
Changes in hide brokerage charges which have the effect
of
Plans
com¬
This has
been done without diminishing the powers of the Board and committees.
wherever
as
of funds from the creditor to the customer and back again to the
-♦
In preparing the new constitution an attempt has been made to
mittees which
pur¬
properly be treated
having been made by the customer without the necessity for the mechanical
passage
members of the Nominating Committee.
and make
on
Accordingly, in the
the creditor could have paid the customer the proceeds of sale
case
loans
having
volume
in
the
joined
of
loan
the
associations.
savings
and
classes
two
parade
of
of
loan
home
Illinois,
financing,
purchase
increasing
con¬
.»
of
September
loaned
on
each
loans,
according
account
follows:
to
purpose,
and
Volume
Financial
147
Chronicle
ESTIMATED LOANS MADE BY ALL ASSOCIATIONS IN UNITED STATES
forest.
Per
Purpose
New construction.
_
4",791,000
Other purposes
17.33
7,724,000
10.78
...
Total
for
their
For the
of
$323,934,000 Received to Offering of $100,92-Day Treasury Bills Dated Nov. 23—
$100,323,000 Accepted at Average Rate of 0.026%
$323,934,000 was tendered to the offering of
$100,000,000, or thereabouts, of 92-day Treasury bills dated
Nov. 23 and maturing Feb. 23, 1939, it was announced
Nov. 21 by Secretary of the Treasury Henry Morgenthau Jr.
Of this amount, Mr. Morgenthau said, $100,323,000 was
accepted at an average rate of 0.026%.
The tenders to the offering of Treasury bills were received
Federal Reserve banks and the branches thereof up
Eastern Standard Time, Nov. 21.
Reference to
the offering appeared in our isue of Nov. 19, page 3092.
The following regarding the accepted bids to the offering is
from
of thanksgiving
In
our
a
Abraham
beneficent
Americans have thanked
happiness,
souls,
God
like
we
"In God We Trust."
a
yielded
during the present year
ours
have
we
goodly harvest, and the toiler in shop and mill
a
just return for his labor.
more
seen
with
our
neighbors
and
the world escape the impending disaster of a general war.
our
fortune it is fitting that we offer prayers for unfortunate
people in other lands who
in
are
dire distress
this
at
Thanksgiving
our
season.
Let
remember them
us
day appointed,
we
offer
in
our
and
families
churches when,
our
thanks to Almighty God.
our
May
we
on
the
by our
of living merit the continuance of His goodness.
way
In the witness
whereof,
I have hereunto set my hand and caused the
seal of the United States of America to be affixed.
Done
at
the
the
year
of
in
City
our
of Washington
Lord
this
nineteenth
hundred
nineteen
and
day
of November,
thirty-eight,
Independence of the United States of America the
one
and of the
hundred and sixty-
third.
FRANKLIN
Total accepted, $100,323,000
very
our
origin of mankind, turn to God in time of
blessings which have been
In the time of
D.
ROOSEVELT.
By the President:
CORDELL
HULL,
Secretary of State.
100
Low
praise to
understanding
have
Range of accepted bids:
High
and
deepest natures, in
our
Secretary Morgenthau's announcement of Nov. 21:
Total applied for, $323,934,000
nation from the primeval
We have cherished and preserved our
democracy.
We have lived in peace and
total of
to 2 p. m.,
a
George Washington issued
cause to bo thankful.
receives
000,000 of
at the
when
earliest recorded history,
our
blessings.
Our lands have
A
day
trouble and in time of
ample
Tenders
they hewed
as
in the first year of his Presidency.
all mankind since the earliest
$71,647,000
.
"a
apart
Thus from
35.87
12,416,000
_
set
day
a
observance consecrated
Father Who dwelleth in the heavens."
6.69
25,608.000
Refinancing
The
Thanksgiving Proclamation
Lincoln
29.33
$21,018,000
_
.
purchase
of
Total
A mount
Repair and modernization
Home
Cent
3239
Our fathers set aside such
99.993
Equivalent rate approximately 0.027%
.
Average price 99.993
Equivalent rate approximately 0.026%
.
(90% of the amount bid for at the low price
was
President Roosevelt Attends Thanksgiving Day Dinner
at
Warm Springs (Ga.) Foundation—-Announces
accepted.)
Plans
New
Offering
President Roosevelt
Tenders to
a new offering of $100,000,000, or thereabouts,
91-day Treasury bills to be received at the Federal Reserve
banks, or the branches thereof, up to 2 p. m., Eastern
Standard Time, Nov. 28, were invited on Nov. 24
by Secre¬
tary of the Treasury Henry Morgenthau Jr..
Tenders will
not be received at the Treasury Department, Washington.
The bills, which will be sold on a discount basis to the highest
bidders, will be dated Nov. 30, 1938, and will mature on
March 4, 1939, on the maturity date the face amount of the
bills will l}e payable without interest.
There is a maturity
of a similar issue of Treasury bills on Nov. 30 in amount of
$100,506,000. The following is from Secretary Morgenthau's
of
of Nov. 24:
announcement
to Organize Permanent
Infantile Paralysis
Chapters in Every County of United States
91-
$100,000,000, or Thereabouts, of
Day Treasury Bills—To Be Dated Nov. 30, 1938
of
announced
They (the bills) will be issued in bearer form only, and in amounts or
of
denominations
$1,000;
$10,000;
$500,000,
$100,000;
and
$1,000,000
(maturity value).
No
tender for
less
amount
an
tender must be in
than
$1,000 will
The price offered must be expressed
multiples of $1,000.
the basis of 100, with not more than three decimal
on
places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted
organize permanent chapters of the
Paralysis in all counties
of the United States. At the end of his prepared radio speech
the President said that he had received hundreds of holiday
greeting telegrams and then proceeded to read one from
Eddie Cantor, the comedian, which went as follows:
May
and
bank
or
an
head
by
a
deposit
1938, all tenders received at the Federal Reserve Banks,
or
branches thereof
to the closing hour will be opened and public announcement of the
possible thereafter, probably on the
as soon as
The Secretary of the Treasury expressly reserves the
following morning.
any or
all tenders
or parts
Those submitting
on
tenders will
principal and interest, and any
(Attention is invited to
No loss from the sale or other disposition of the Treasury bills
deduction, or otherwise recognized, for the purposes of
States or any of
hereafter imposed by the United
its
Treasury Department Circular No.
418,
as
amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
•
..
„
♦
■_
-
President Roosevelt in Thanksgiving Day
■'
Proclamation
Says We Should Be Thankful for Peace—Asks
Prayers for "People in Other Lands Who Are in
Distress"
young, are
Day proclama¬
tion, issued last Saturday (Nov. 19), called upon the Nation
to offer thanks on Nov. 24 inasmuch as "we have lived in
and understanding with our neighbors and have seen
the world escape from the impending disaster of a general
war."
The President added that "in the time of our
peace
fitting that we offer prayers for unfortunate
people in other lands who are in dire distress at this our
Thanksgiving season."
The President's proclamation fol¬
to you,
thanksgiving.
The physical picture draws nearer
The ramshackle buildings of 12 years ago have
either been completely modernized or
and when I got here the other day
replaced by new fireproof structures,
I was delighted to see the new school-
house and the new medical center rising above the
I
am
only
but to many other people in every part of the country—on this day
completion each year.
glad
we are to
have
I'll en,
too, medical
ground.
schoolhouse because we know that it is of the
a
education of the mind keeping pace with
science has made such great strides in the past
that the treatment of the
decade
after-effects of infantile paralysis calls for many
forms of hospital care in
addition to the water exercises and swimming
of the older days.
Today we have the tradition
of continuing progress,
Ideal
We are looking
of work well done.
in
a
We have also the same
backed up by determination and courage.
of at least 200
words, treatment for about 400 patients
forward to the time when we can take care
patients at all times—or, in other
given year.
Several years ago we
expanded the work of Warm Springs by helping
for the care of their
financial help to
the cause of research Into the origin of the disease.
Last year we took a
further step by establishing the National Foundation for Infantile Paralysis:
and after Jan. 30,1939, we hope to have permanent chapters of this national
foundation in all of the more than 3,000 counties that make up the United
infantile
own
cases,
and, through their generosity; to give
States.
At the time of the
birthday celebration half of all the funds raised
in each
retained in trust for the chapters for local use, and the other
of the funds raised will go to the national foundation for the national
county will be
fight against infantile paralysis.
This Thanksgiving Day we have much to be
all who hear my
young
thankful for. I wish that
gathering of old and
voice could be with us and see this
in the big dining room at Warm Springs.
of tens of thousands of other
ourselves alone but
and wishing for them
that they may he having an
We are thinking not of
children and grown-ups
equally happy Thanks-
giving—lots of turkey and lots of fixln's.
President Roosevelt in
A
a
A
United States
hereby designate Thursday, the twenty-fourth of .November
FRANKLIN
of America, do
America
Proclamation
D.
ROOSEVELT,
day of general thanksgiving.
President
of the
Message to Southern Conference
Welfare Regards It "Heartening'' to
See Strength of Southern Social Leadership Mus¬
tered to Face "These Problems"
for
THANKSGIVING DAY—1938
as
gathered here again for our annual Thanksgiving dinner.
First, about Warm Springs itself.
to
.
By the President of the United States of
1938.
Trustees,
it is
fortune
I.
the
with
Other officials
But, before we attack the turkey, I want to say a few words, not
half
President Roosevelt, in his Thanksgiving
lows
at
communities throughout the country to raise money
possessions.
Dire
seated
We, the several hundred members of the Warm Springs family, old and
new
•
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
tax now or
were
Day exercises
the re-education of the muscles.
all taxation, except estate and inheritance taxes.
any
Founder's
patients who bad been selected by lot.
shall be final.
1938.
as a
a map.
Roosevelt
annual
be advised of the acceptance or rejection
The Treasury bills will be exempt, as to
shall be allowed
the
thankful that
Ga., members of the Board.
gain from the sale or other disposition thereof will also be exempt, from
gift tax.)
on
am
Thanksgiving Day
Leighton
McCarthy of Toronto and Cason Calloway of LaGrange,
Payment at the price offered for Treasury bills allotted must be
Nov. 30,
table
Mrs.
and
utmost importance to have the
made at the Federal Reserve banks in cash or other immediately available
funds
I
President Roosevelt, who is head of the Board of
were Keith Morgan of New York, Vice-President;
of tenders, and to allot less than
the amount applied for, and his action in any such respect
thereof.
happy Thanksgiving.
a
turkey instead of carve up
President
of national
trust company.
right to reject
have
The President's address follows:
and recognized dealers in invest-,
guaranty of payment by an incorporated
express
acceptable prices will follow
yours
country where all leaders can sit down on
of the Foundation who attended the dinner, in addition to
Immediately after the closing hour for receipt of tenders on Nov. 28,
up
a
carve a
The
of the face amount of Treasury bills applied for, unless the tenders
accompanied by
are
plans to
and
you
I live in
*
Tenders from others must be accompanied
ment securities.
Day
Springs (Ga.) Foundation
without cash deposit from incorporated banks
and trust companies and from responsible
of 10%
Each
be considered.
Warm
National Foundation for Infantile
II
)
Nov. 24 in his Thanksgiving
on
dinner address from the
Human
move
toward evolving a practical plan to cope
with the
problems of the South was brought under way at Birming¬
ham, Ala., on Nov. 21 at the Southern Conference for
Human Welfare.
3240
The
Financial
Conference
received
from
Roosevelt
President
Chronicle
to the scores of workers standing below him on a huge navigation
a
in which he commended the mustering of "the
strength of Southern social leadership" to "face these human
problems."
The President's message follows:
message,
The long struggle by liberal leaders of the South for human welfare in
region has been implemented on
your
and one-half years by
an
Federal help.
unprecedented scale these past five
Yet
we
that what has been done is only a beginning, and that the South's
unbalance is a major concern, not merely of the South, but of the
whole
Nation.
ship mustered to face these human problems, not locally
but in
a
Individually,
or
will find It impossible in
you
nomic
this particular operation before, but I have seen most
never seen
of the others and I know what
obstruction
a
across
the tops
problems.
of these structures,
a true course,
only helping to reforest cutover land,
we are not
but taking it
by and large,
will affect the lives of
eco¬
doing something
are
we
grandchildren in the United
our
States.
LJ
even
will
you
in parts
of the country where there
rivers to put dams across.
are not
That is why I want you to know that not only your Government is proud
of the work that is being done in the Tennessee watershed—not only the
people of Tennessee and the other States in the watershed but also
President Roosevelt Says Georgia Will Receive No More
PWA
Funds Until
It
Cooperates in Financing
Projects—Says
Georgia Is Only
That Has Withheld Cooperation
President
Roosevelt
told
a
State
in
conference
press
Union
constitutional barrier to cooperation in
all
the United States
over
are
watching
That goes down to the common
extends all the way up
your
people
work.
labor—the day labor—on this job and
through the different trades and professions to the
Commission itself.
Warm
at
Springs, Ga., on Nov. 22 that Georgia will obtain no more
Federal public works funds unless the State removed its
jects.
equal
cause
only in the Tennessee Valley but in other parts of the country—
progress not
and keep everlastingly at it,
the South will long be thankful for this day.
)
We are not only improving
not only making highways across
we are
Because of the example that this work is setting,
I believe
instances to separate human from
many
But if you steer
doing is not iherely puttinglan
are
bigger job than that.
navigation and stopping floods,
constructive that
you
river just to make a few kilowatts of electricity
We are doing a much
United front from Fort Raleigh to the Alamo.
You know from years of trying, the difficulties of
your task.
It
The President in his address said:
I have
and conserving soil,
It is heartening, therefore, to see the strength of Southern
social leader¬
1938
lock.
his third visit to TVA territory.
was
have recognized publicly this
year
Nov. 26.
financing such
Utilities
Open Arguments Against TVA Constitution¬
ality in United States Supreme Court—Contention
by Counsel that Program Would Result in "Fed¬
pro¬
He charged bad faith to the State's Legislature and
Georgia was the only State in the country that had
eral
Monopoly"
said that
refused to cooperate with the Public Works Administration.
Mr. Roosevelt had
previously given no indication of his
feelings about Georgia's procedure regarding public works.
In reporting his remarks, a Warm
Springs dispatch of Nov.'
22 from
Coleman B. Jones of the New York "Herald Tri¬
bune" said:
The
after
subject
arose
toward
the
end
of
an
afternoon
press
conference,
the
President had told the correspondents who
accompanied him
from Washington not to expect much in the
way of news during his Thanks¬
giving vacation here, although he did expect Ambassador Hugh R. Wilson,
summoned
home from
to the State
Germany,
Department
to come here next week after reporting
the Nazi situation.
on
Attorneys for 16 private utility companies on Nov. 14
began arguments before the United States Supreme Court,
seeking to
that the activities of the Tennessee Valley
prove
Authority
unconstitutional and would "result inevitably"
are
a Federal
"monopoly." Raymond T. Jackson, one of the
utility counsel, also argued that TVA program would "de¬
stroy the power of the State to regulate a local utility and
end the right of an individual to engage in that business."
In summarizing the beginning of arguments in the case
of private utilities against the TVA, a
Washington Associated
Press dispatch of Nov. 14 said:
in
Asked by writers for Georgia
newspapers about the recently concluded
arrangements for a $4,000,000 building program for the State
that "Federal competition means absolute destruction" of the
private com¬
the insane at
panies because "it cannot be met."
hospital for
Milledgeviile, Mr. Roosevelt recalled that
as
long
four and
as
His colleague [Mr.
half years ago he had advised the State authorities
to overcome the in¬
a
hibitions against cooperation in this phase of the
recovery program.
wishing to have his "other home" left out of the nation-wide
Not
spending pro¬
he remarked that the Administration had turned soft-hearted and
gram,
provided for construction of
badly needed State prison by arranging to
build it entirely with Federal funds and
letting the State have it under a
rental plan covering interest and amortization
charges.
a
This arrangement was worked out
during the
B» Russell Jr., now Senator from
Georgia, who
Governorship of Richard
was
before
He will continue tomorrow,
counsel, who
15,
an argument
James
Lawrence Fly,
in defense of the program
followed by John Lord O'Brian, special TVA
defeated last
was
Nov.
until
Tuesday
Republican candidate for the
as
Senate from New York.
The utilities appealed to the
court in
Supreme Court from
a three-judge Federal
Tennessee, which decided that they "have no immunity
eastern
from lawful competition even if their business be curtailed
Justice Reed, who
previous TVA
prohibits the State government from borrow¬
■
Court adjourned
the
general counsel of the TVA, began
succeeded by Eugene
V. Talmadge, anti-New Dealer.
The Georgia constitution
Just
Jackson's], John C. Weadock of New York, asserted
pating in
destroyed.'
or
Solicitor General argued for the Government In
as
a
before the tribunal, disqualified himself from partici¬
controversy.
That means the decision will be by seven
case
this
ing money, thereby preventing it from participating in the Administra¬
tion's grant-loan program for
priming the pump of the construction indus¬
Justices, since there is
try
Government in the 1936 TVA decision, the Court listened in silence
to the
Since the suggestion was made that the State eliminate the
inhibition,
the President pointed out
today, nothing has been done along that line.
Having frequently described Georgia as his "other" State, the President
.
Except
for
Justice
arguments.
•
one
vacancy on the nine-man Court.
McReynolds,
who
cast
the
lone
vote
against
the
"
.
made it plain that he was
especially aggrieved that it was the only one in
the country that had failed to
cooperate with the Federal Government on
Justice McReynolds went into action after Mr. Jackson had
contended
that the TVA's main purpose was the
production and sale of power and that
this activity did not result from an essential
government function such as
public
improving navigation
case
of
works.
He
described
soft-heartedness, but
the
Milledgeviile
asserted that such
arrangement
a
another
as
weakening would not be
permitted again.
Mr.
Roosevelt
Under the hospital building plan, in
sanctioning which
is understood to have overridden
objections raised by
Administrator Harold L. Ickes, the PWA is
providing a grant of $1,800,000
45% of the cost and the State is getting the other $2,200,000 from
"A little under
-
the Reconstruction Finance
Corporation by pledging its
& Atlantic
Chattanooga & St. Louis
it leases to the Nashville
Coincidentally, the President disclosed gratification
in
the New York
State parole situation.
complaints of political involvement
in
the
His
over
attention
toward
Georgia parole administration,
he recalled that, while Governor of New
York, he had been confronted with
a
similar problem.
he thought,
more
the reply.
to me that
seems
$200,000,000," Justice McReynolds
throws
light
some
com¬
the good fhith of the
on
Mr. Weadock told the Justices that "to
keep from being destroyed" the
utilities had offered to buy the TVA power and sell it without
profit. He
added that the companies would be
willing to have such a program executed
under Supreme Court supervision if that should be considered
advisable.
He also said that it is the Federal Government—and not
municipalities
He had found too large a
proportion of habitual crimi¬
nals being granted
paroles, cause#,
than political considerations.
"It
mented.
improvement
directed
was
enterprise."
•
„
'
$200,000,000,"
"And they already have spent
from the
revenues
RR.
RR., which
flood control.
"What is the cost to improve
navigation ?"
"A little less than $75,000,000/'
to cover
publicly-owned Western
or
"How
much money has been spent
by this set-up?" inquired Justice Mc¬
Reynolds, who is classified by the Administration as a "conservative."
by soft-heartedness
with
the
publicly owned plants—which is selling
Valley area.
to
power
the
consumers
in
Tennessee
"The Government is using the
municipalities for the purpose of having
an
President
Roosevelt Hails TVA Accomplishments
Constructive Example for Rest of
as
Country—Speaks
Chattanooga, Tenn., En Route to Warm Springs,
Ga., Where He Spends Thanksgiving Holidays
agency," the attorney continued.
The plants are organized,
ness.
"The municipalities are not in busi¬
established, forced and regulated by the
Tennessee Valley Authority."
at
The
Tennessee Valley Authority has set a constructive
example for other areas throughout the United States,
President Roosevelt said on Nov. 21 in an address at Chat¬
tanooga, Tenn.
The President paused at
Chattanooga en
Springs, Ga., where he spent Thanksgiving
Day and planned to remain for about two weeks.
He left
Washington on a special train Nov. 20.
In his speech at
route to Warm
Chattanooga, delivered
to
2,000 workmen
on
the
Chicka-
Dam, the President said that they were making a
"contribution to American
civilization," and that their work
was an
example of what could be done through cooperation
mauga
between Federal and State Governments toward
conserving
the natural resources of the Nation and
meanwhile putting
-them to the greatest possible use.
In his speech, the Presi¬
dent reaffirmed his faith in what he called
the "constructive
betterments of TVA."
The Chicamauga Dam is one of
seven such
projects built or building in the Tennessee River
watershed, and the President's address was made, said the
Associated Press, at the first
stop on a 50-mile automobile
tour of the Chattanooga area that
covered scenes of Civil
War days along with modern social economic
In the
projects.
same
advices it
The President stood
embankment
on
a
stated:
high concrete parapet
of^the $36,500,000
was
dam
as
From the
on
the north earthen
we
to the New York
quote:
.
•.
Mr. Weadock declared that what the
industry was asking was a perma¬
nent
injunction
McReynolds
of
the
ready
against
controversy.
to
waive
"Common
Mr.
the
law—relief
sense
should
so
a
broad
that
question
over
control,"
he
that
Associate
private
respecting
companies
declared.
We must continue to
Later
accounts
serve
"We
our
have
of
desired
territory.
for
All these
from them
forced to meet."
testimony (on Nov. 15) as given in United Press
from Washington, follows:
Associate
peatedly
are now
were
generation
power
its distribution.
power companies have is their business and it will be taken
away
by this competition they
Justice
"practical view" must be taken
Weadock replied
constitutional
given control
were
have peace.
years to
the
heard to remark that
was
provided they
Justice Pierce Butler
today
as
and
Federal counsel
Government attorneys
clashed
presented final arguments in
re¬
defense
constitutionality of Tennessee Valley Authority.
Justice Butler argued with James Lawrence Fly, TVA chief counsel, and
his
colleague, John Lord O'Brian,
mation
in
utilities.
•
as
TVA attorneys presented their
defending TVA's validity,
.
which
has
been
challenged
sum¬
by 15
.
Justice James Clark McReynolds, like Justice Butler
conservative
Court
faction,
a
member of the
occasionally joined the engagements to side
with his associate.
The most vigorous exchange came when Mr. Fly asserted that the molts
of low
he expressed the thanks of the Nation
Washington advices Nov. 14
"Journal of Commerce"
dams
for
flood
control
generaUy have been discredited.
Justice
Butler disagreed, pointing out that there are several hundred miles of low
dams
on
the upper Mississippi River.
Volume
Financial
147
"I know there are, because I have seen them while riding
flood control purposes is
value for
can
Flood
control
and navigation improvement purposes were described
real objective
which they claimed is establishment of a Government
monopoly in the power reservoirs established by TVA dams which would
^
yesterday by attorneys for the utilities as "fronts" for the
of the
the
program,
be of untold value in preventing Mississippi Basin floods.
He asserted that the chief of Army engineers
"recognized the need
for
expressed
Fly address his argument to
legal standing
the Government's contention that private utilities have no
suit to enjoin operation
The ruling of
in Tennessee
of the program.
The
apprehension, that it
case
General
the three-Judge United States District Court
referred to in our issue of Jan. 29, 1938,
was
Talking
victing Thomas J. Mooney
of its decisions handed down
on
Nov. 14, the United
against Thomas J. Mooney, now serving a life sentence for
Preparedness Day bombings of 1916.
Governor-elect Culbert L. Olson, who will
new
office
has indicated that he is prepared to
Jan. 2,
The previous Supreme Court decision
in this case was reported in the "Chronicle" of Oct. 15, pages
2324-25.
A Washington dispatch of Nov. 14 to the New
York "Times" noted the latest ruling as follows:
pardon Mr. Mooney.
decision
and
consideration
Justice who concurred in
F.
John
of
this
Both
of these
the
court
for
"arbitrary
"I did not ask the court necessarily to grant
and irresponsible
action"
certiorari," said Mr. Finerty.
writ, they at least give their reasons,
only in the interest of Mr. Mooney and Mr. Billings, but, even more
important, in the interest of the law and ©f the Court itself.
"I repeat what was said in my
plained
reasons may
be.
whether the Court will now issue its own original
corpus."
his final paragraph was to an application for a
Mr. Finerty's reference in
of habeas
writ
explain its reasons for its exercise or non-
and irresponsible, no matter how good such unex¬
"The question remains
writ of habeas
.
petition to the Court—that any power which
need not under any circumstances
exercise is arbitrary
from the
amplifying device for use only in the private field, but
"The question of law requiring decision is
license is to be given effect," he said.
clear.
seems
whether the restriction in the
"That
a
restrictive license is legal
...
"As the restriction
was
legal and the amplifiers were made and sold out¬
side the scope of the license, the effect is
whatsoever had been granted to the
precisely the same as if no license
Transformer Co."
Justice Brandeis added that, since the Pictures Corp. knew
tion, it
The
of the situa¬
equally liable.
was
May 2 ruling of the Supreme Court was noted in these
May 7, page 2944.'
-
columns
Senate
Subcommittee
Finance
but Differ
Sharing,
on
Hearings
Opens
Favor
Witnesses
Tax"—Most
"Incentive
on
Profit-
Advisability of Projected
Plan
"I asked that if they still refused that
not
"did
purchaser in the ordinary channels of trade'."
Black's opinion contended the majority was departing
facture and sell the
rehearing will not be allowed unless desired by a
the original judgment, and If a majority of the
through its failure to explain why it rejected the rehearing application.
•
a
Reed took no part
application."
Finerty, Mr, Mooney's lawyer, issued a short statement in¬
critizing
of sound
instead made and sold it for commercial use.
court so determines,
ferential^
use
Justice Brandeis said that the American Transformer Co., which sold the
justices dissented from the October denial.
Rule 33 provides that a
the latter's
petition for rehearing was denied, and added
The order stated that the
the
involved
Justice Roberts did not participate in this decision.
-
that "under Rule 33 Mr. Justice Black and Mr. Justice
In
It
other than that for which it was licensed.
"traditional judicial interpretation of the patent laws."
Francisco
California's
Corp.
and others against the
equipment to General Talking Pictures, was licensed specifically to manu¬
States Supreme Court refused to reconsider its refusal of Oct.
10 to review the decision of the California Supreme Court
assume
Pictures
purposes
'pass into the hands of
dissented.
San
enforcement of the
with
Electric Co.
livered the majority opinion, holding that the amplifiers in question
♦
the
would interfere
Western
Justices Black and Reed, President Roosevelt's appointees to the court,
United States Supreme Court Declines to Reconsider
Plea for Review of California Supreme Court Con¬
one
of the
Justice Louis D. Brandeis, 82-year-old liberal member of the court, de¬
not
In
that
was
equipment for
683.
page
argued
illegal and therefore justified dismissal of those
anti-trust laws.
Associate Justice Butler suggested that Mr.
a
was
This opinion was contrary to that of the Justice Department, which had
the Tennessee River itself presents numerous
flood problems.
to maintain
strike
The ruling of July 22 was referred to in our issue of July
30, page 656.
Acting on another case the Court on Nov. 21 reaffirmed,
in a 5-to-2 decision, its May 2 ruling that a patent holder
may restrict use of a device, after its manufacture and sale,
by the terms of a license. As to this the Associated Press had.
the following to say:
•
tributary reservoirs" in his 1927 report.
In addition, Mr. Fly said,
review of the Circuit Court ruling. Fansteel attorneys
a
sit-down
engaged in it.
foolish."
say," Mr. Fly answered, "is that present-day engineering
opinion is that low dams have no value for flood control." ...
El"All I
Opposing
by on trains,"
Justice Butler said, "and to say that these structures have no
3241
Chronicle
corpus
a subcommittee
proposed "incentive
tax" designed to stimulate profit-sharing, and to bring about
a general system of this character in industry.
Most of the
witnesses characterized profit-sharing as "good business"
but they differed as to the desirability of the "incentive tax"
plan.
The subcommittee, which began its hearings Nov. 21,
is composed of Senator Herring of Iowa, Chairman, and
Senators Yandenberg of Michigan and Johnson of Colorado.
The open hearing was reported in part as follows in a
Washington dispatch of Nov. 21 to the New York "Journal
Business leaders testified this week before
of the Senate Finance Committee on a
of Commerce":
pending before the Supreme Court and dis¬
now
associated from the action of today.
Treasurer of Eastman
be used for this purpose, Gen.
Co., recommended to the
be allowed employers against their social security
Contrasted with the view of Marlon B. Folsom,
Kodak,
that
the tax system should not
Robert E. Wood, President of Sears, Roebuck &
committee that credits
Rule on Employer's
Right to Discharge Participants in Sit-Down Strike
Affecting Fansteel Corp.—Tribunal Rebuffs C.I.O.
in Appeal on Civil Rights Case Involving Mayor
Frank Hague of Jersey City—Ruling in Case of
General Talking Pictures Corp Upholds Right of
JPatent Holder in Limiting Its Use
United
States
Supreme Court to
Court on Nov. 21 agreed to
involving the question of whether an employer
The United States Supreme
review
a case
discharge workmen who participate in a sit-down strike.
case
in question involves the Fansteel Metallurgical
Corp. Arguments were tentatively fixed for January.,
The Court on Nov. 21 also denied a petition by the Con¬
may
The
of Industrial Organizations that it take immediate
jurisdiction over that organization's civil rights dispute with
Mayor Frank Hague of Jersey City, but added that a new
request for a review may be filed "in accordance with the
rules of this Court."
In commending on this case, a Wash¬
ington dispatch of Nov. 21 to the New York "Herald
gress
Tribune" said:
The Federal
and the
groups
Union, had restrained
,
Circuit Court Nov. 9 to postpone the
The C.I.O. petition to the Supreme
Hague's request.
that a new petition for review
the Supreme Court as soon as a record of District
request of the National Labor Relations Board for a review
of the decision on July 22 of the United States Court of
Appeals at Chicago, which had voided an order of the Board
calling for the resinstatement of employees discharged by the
Fansteel Corp., who had participated in a sit-down strike,
Associated Press accounts from Washington Nov. 21 said:
two of whose buildings were
and held until police evicted
Fansteel Corp.,
acts
North Chicago
the strikers nine days later.
for
a
review that the strike resulted
corporation's refusal to bargain collectively with the
Amalgamated
of America (C.I.O.). The Board
it had authority to order reinstatement of the employees "despite any
of violence" because of Fansteel's "unfair labor practices "
Association of Iron, Steel and Tin Workers
said
a
seized by employees in February, 1937,
The NLRB contended in its request
from the
Plan-is
.
The three business leaders
offering any
accomplished.
Approved
testified before a three-man subcommittee
Committee, giving hearty approval to
Senate Finance
of
the theory of
the committee began a study of various
of encouraging their wider adoption.
Conducting the survey under authority of a resolution unanimously
passed during the closing days of the last Congress, the subcommittee
plans to sit in open hearings, gathering testimony on the subject and
seeking recommendations from company heads on how to Induce employers
to experiment with the plans until Christmas.
Members have hopes of
being able to draft legislation on the basis of the hearings for submission
sharing profits with the workers, as
plans now in operation in the hope
to
•
Congress next session.
General Wood told the committee that
tion
in
the
Sears
of their wages to a
organization
provides
the profitsharing plan in opera¬
that employees contribute 5%
fund, and the company from
5 to 7H% of its profits
their benefits after
owner
The workers are allowed to withdraw
before taxes.
He said that the profitsharing fund was not the largest
company, holding about 11% of the company's stock.
10 years.
Oeneral
Like Mr.
Wood Outlines Benefits
Deupree, who appeared before
tbe committee first,
General
plan is a lessening
of labor troubles.
Increased employee responsibility and security and re¬
duction of overhead cost through increased efficiency, but contrary to the
views of Mr. Folsom, he felt that a credit on employers' social security
taxes might be used as an incentive to induce other employers to adopt
of the benefits resulting from the
profitsharing plans.
incentive taxation should not be employed
inducement to employers on the grounds that
for revenue purposes only and
in a manner otherwise.
He described the use of the taxing power of
Government for any other purpose other than to raise revenue as "un¬
In the
The review had been opposed by the
told the
of encouraging
with profit sharing plans but refrained from
•
the
plans.
President of Procter & Gamble,
specific proposal by which, this could be
assembled.
noting that the Supreme Court on Nov. 21 granted the
concern,
Deupree,
Government should find some means
Wood said that one
Court attaches said today's action meant
Court proceedings was
R.
the
of the C.I.O,
'
Mayor Hague then petitioned the
could be presented to
that
Jersey City officials from
effectiveness of that restraining order.
Court grew out of Mayor
aside in approved profit sharing
Richard
the experiment
the right to hold public meetings if others were
permitted to do so.
In
Earlier
of the
District Court for New Jersey, at the request
Civil Liberties
denying the two
taxes for funds set
committee
opinion of Mr. Folsom
by the Government as an
taxes
not
the
should be levied by the Government
sound."
"
Outlines Dividend Plan
cash dividend to workers
employed by Sears,
Roebuck and Procter & Gamble the wage dividend paid by his company,
while not taken into consideration in fixing wages, is regarded as income
to the individual and as a deductible expense of the company.
That affords
the company the only normal benefit to which it is entitled, he believed.
He said that
in
under his company plan of paying a
contrast with the
cooperative stock purchase plan
summarized as follows in a
of that date to the New York "Herald
Testimony on Nov. 22 was
Washington dispatch
Tribune":
3242
Financial
Walter D. Fuller,
President of the Curtiss Publishing Co., of Philadel¬
phia, asserted his belief today before
the
application of
Chronicle
an
an
a
very
large proportion
added:
However,
tax itself.
He thought it equally harmful, he said, for legislation to be
passed rewarding the performance of an act and penalizing the omission of
"My
,
feeling,"
the
white-haired
a
steel
executive
said,
"would
be
lot of other fields of taxation than this
of any formula to industry because "this
country is too big and complex
to be run from Washington."
He paused a moment then added: "Perhaps
I should say that for myself, alone,"
During a committee
Senator
recess,
Vandenberg commented that "this
business
a
man
is the first Senatorial
attend without
can
hearing in years
feeling he ought to have a body¬
the
at
latter
department
declared
they
would
not
buyers advantages of the general wheat export subsidy
Secretary of Agriculture Wallace inaugurated in August.
which
Secretary
that
one.
us
officials
Brazilian
program
work it out ourselves on a basis of 'root hog or die.' "
Considerable merriment was provoked in the committee room by Senator
Vandenberg assuring the witness that he did not contemplate the dictation
that
deny
which should be voluntary.
you could help us more in
supported at the Agriculture Department, according to
advices from Washington Nov. 12 which
Associated Press
George M. Verity, Chairman of the American Boiling Mills Co., told
Senator Vandenberg, on the other hand, that he was against the Incentive
You had better let
i9ss
export
was
of industrial unemployment.
an act
26,
subsidy in Brazil, a market normally supplied
by Argentina.
His statement made at a press conference,
Senate Finance subcommittee that
a
"Incentive tax would absorb
Nov.
Hull's
followed
statement
representations
made
here
this
week
by the Argentine Government, which became alarmed at reports this
country was attempting to invade markets Argentina considers her own.
The
circulated
reports
porter,
arrived
possibilities
after
Rio
in
de
Frank
A.
Janeiro
Theis, Kansas City,
this week
to
Mo.,
Agriculture Department officials said that, should Mr. Theis
exporter
for sale to Brazil
arrange
of
range
deal
the subsidy
with
grain
explore grain
ex¬
marketing
Brazil.
in
or
they would
program,
any other
or
other country at prices
any
have
other
no
within
than
course
to
him.
guard with him."
Charles P. McCormick, President of McCormick & Co., of Baltimore,
importers of tea and spices, outlined before the committee his plan of
"multiple management," whereby
be ended and
more
a
one-man
control
of
a
business
it
gave
as
his settled opinion
that labor troubles in
plant
a
were
evidence of "some mismanagement in the background," and advanced
the belief that the attitude of the
country was
an
his
to
Vice-President of the Westinghouse Electric & Manu¬
facturing Co. of Pittsburgh, outlined his company's plan for profitsharing,
Senator Herring brought out was also a
system of loss-sharing, if
which
the company should lose money.
to
wages
in
In
to
his
Mr.
said, have been
a
Fuller
than
more
said
that
companies
currently allowed for
should
be
depreciation.
allowed
The
"delayed recovery" in the capital
goods industries.
When Senator Vandenberg asked him, "You
think, then, that it would
be possible through incentive taxation,
adequately and properly framed,
a very large
portion of industrial unemployment?" the answer
"I
was:
with every word you have said."
One of the striking parts of Mr.
Verity's testimony was where he said
"No labor disagreement has ever disturbed our
company for the 38 years
of its
existence."
agree
Profitsharing, in
the
had played an important part In
It,
had increased efficiency and
form
of the worker that it had
of direct
cash
incentives,
the rolling mills executive said.
promoted such
a
company, he said, adding,
"If
we
Regulations
CCC—$100,000,000
It
had gone along in the stereotyped way
ever
have heard of us."
1938 Crop Announced by
Allocated
for
Loans to Be
on
Area
efforts
will be made available to
eligible producers upon the
of 1938.
1938
required by the Agricultural Adjustment Act
,57 cents per bushel will be made to
eligible producers
produced in the 1938 commercial corn-producing area stored
upon ear corn
and sealed
on
the farm in
Secretary of Agriculture.
commercial
corn-producing
accordance with the regulations issued
by the
Loans at the rate of 43 cents per bushel will be
corn
on
the farm.
approved by CCC.
on
the farm will vary with the moisture content of
the
corn as determined
by moisture tests of representative samples of corn
Two and one-half cubic feet of corn
testing 15 H % or
less in moisture will be
regarded as a bushel.
For each 1% increase in the
moisture content of the corn in excess of 15
% there will be a deduction of
2% in the bushels of corn as determined
by the cubic content of the sealed
cribs.
No loans will be made on corn
having a moisture content in excess of
20^%.
'
*
offered for sealing.
Loans
on
Minister
told
the
wheat
United
Press
Press
incident"
Argentine authorities
stated:
'
Planters
price
or
which
of
more,
Buenos
today
had
been
same
the
at
time
that
the
settled.
proposed to
exporting firms willing to pay the pegged
dispose of their crops to a national grain board
may
or
decree
in
to
decree.
another
three
followed
Agriculture,
,,
either
created
Ortiz
The
sell
may
declared
which
conferences
Argentina
Jose
burdened
was
Padilla,
by
an
Minister
oversupply
of
wheat.
Anthracite
Pennsylvania
Freight
by ICC
Interstate
Commerce
Commission
Ordered
Nov.
on
16
upset
Pennsylvania Utility Commission which will
permit railroads serving that State to put into effect sub¬
stantially higher rates on anthracite.
The ICC ruled that
of the
Pennsylvania Commission to allow increases
anthracite
on
within
the
State
in
line
with
interstate in¬
allowed generally last spring resulted in unjust dis¬
crimination against interstate commerce and undue prefer¬
creases
of Pennsylvania localities.
ence
It
into
it
The ICC further announced
s
would
effect
enter
formal
a
order
'
.
directing the railroads to put the ratea
unless the
Pennsylvania Commission notifies it by Dec. 15 that
increases.
The Pennsylvania Commission has
right of appeal to the courts.
will,
the
the required
permit
which
increases
had
been
denied
by
the
State Commission
as-
are
follows:
Three cents per -ton in rates of 84c.
11c.
in
in
rates
of
excess
or
which
Act,
merce
where
rates
Commission
contributing
and
,in
by
plained
found
their
to
which
interests
that
farm
and
they
in
on
the
are
in
rates
on
Section
13
Commission
interstate
shipments
proportion
of
the
of
the
to
Interstate
is
Jersey
and
were
other
adjacent
another
unless
affected
losses
com¬
because
an
Mergers
unprecedented
adequate
crued interest at
had
receiving undue advantage
Railroad Employees Get Full Protection in
represented by warehouse
receipts will be made only by CCC.
The sum
of $100,000,000 has been
allocated for loans on corn.
Such loans will be
available from Dec. 1, 1938, to
April 1, 1939; will bear interest at the rate
of 4% and will mature
Aug. 1, 1939.
Banks and other
lending agencies
may make the loans to producers upon ear corn
stored on the farm and sell
the notes to CCC from time to
not
railroads
of
States
The
were
anthracite within Pennsylvania.
The Interstate Commerce Commission in
corn
found.
anthracite
revenues
Com¬
over' State
jurisdiction
commerce
carriers were suffering "substantial
justly entitled."
dealers
j
unprepared anthracite
-
intrastate
just
New
Pennsylvania
of the lower rates
stored ear corn will be made
directly by CCC and by banks
lending agencies under arrangements substantially similar to those
pertaining to previous corn loans.
Loans on the
that
fair
Federal
against
of that fact
reason
revenues
Certain
the
gives
discrimination
also
less; 5c. in rates of 85c. to $1.12
$1.12, and lc.
shipped from mines to breakers.
The iUCTs action was taken under
and local
security of shelled
Rates
order of the
an
non¬
Loans at
The eligibility of
producers will be determined in accordance with the
provisions of the Agricultural Adjustment Act of 1938
and certified by the
County Agricultural Conservation Committees.
sealed
if
even
the field.
15 President Roberto M. Ortiz by decree that
day
pegged the price of Argentine wheat at 7 pesos a hundred
kilos, the equivalent of 59J£ cents, a bushel. It was further
The
produced in the Northern
area stored and sealed
the rate of 43 cents
per bushel will also be made to eligible producers
upon
shelled corn produced in the Southern
non-commercial corn-producing area
which grades No. 3 or better and contains
not more than 14%
moisture,
stored In public grain warehouses
on corn
United
a
over
According to Associate Press advices from Buenos Aires
rate of
made to eligible producers
upon ear
Loans
that
that:
Loans at the
the past,
in
Nov.
refusal
Commodity Credit Corporation, on Nov. 23, released
following summary of the regulations under which loans
crop, as
added
Increased
The
corn
Brazil
a
Paid at 67 Cents Per Bushel in Commercial
and 43 Cents in Non-Commercial Area
the
for
suggestion of the United States, communicated through the Argentine
wheat exporting countries renew their
to settle the world wheat problem.
The
Loan
wheat
feeling of loyalty on the part
really been the major factor in the success of the
of the old hire-and-fire days no one would
Corn
Foreign
States-Argentine-Brazilian
Cantilo
to absorb
of the witness
had been selling wheat to
Argentina's attitude,
of Nov. 14 said:
Cantilo,
"United
low
presently in force, the publishing company executive
major factor in the
trade
dispatch
Luis
study
testimony,
charge off
to
was
Ambassador at Washington, that all
Depreciation Charges
rates of depreciation
Theis's mission
quantities, and that he wished personally to look
Regarding
Aires
The witness said the plan added 13.3%
1937.
which
firm
small
in
changing to favor priority
G. Marshall,
here that Mr.
coffee, already denied by the President of the Brazilian Coffee Department,
met emphatical denial by Mr. Theis, who said that Brazil isn't unknown
of payment of workers in industry over stockholders.
W.
cablegram from Rio De Janeiro, Brazil, Nov. 10,
we quote the following:
a
Reports printed
would
liberal and socially minded attitude toward workers
fostered.
He
From
to the New York "Times"
workers.
time prior to
the rate of 2H%
July 1, 1939, at
per annum.
par with ac¬
Such loans will
chased only from banks and other
lending agencies which enter into
ment
to
pay the
be pur¬
an
Such
on
Corporation 1M %
such notes while held
agreement
may
be obtained
The rates, which were
recently announced by the Depart¬
ment of Agriculture, were noted in
our issue of Nov.
19,
page
3097.
to
The
Sell
Wheat
Wheat
sas
in
Brazil
Making No Attempt to
Through Export Subsidy—
by Argentina
Under date of Nov. 12 Secretary of State
Cordell Hull
reported as saying that the United States Government
making
no
Railway
Chicago
Island
In
1.
Government
Price Fixed
attempt at this time to sell wheat by
roads
agree
to
take
steps
to
protect
cases
&
Co.
Rock
Give
and
Island
Pacific.
order
to
informed the
States
the
involve the merger application of the Louisiana
Arkansas & Texas Railway Co. and the Louisiana & Arakan-
♦
United
severance pay and full moving expenses.
ruling was disclosed when the Commission refused
approve the merger of two lines and the leasing of
The
agree¬
per annum on the principal amount
by banks and other lending agencies
only from the Loan Agencies of the
Reconstruction Finance Corporation.
collected
decision handed down Nov. 9 ruled that workers dismissed
transferred as result of railroad mergers must be given
or
a
'
»
obtain
roads
the leasing of the branch of the
Gulf Line to the Chicago Rock
&
approval of the applications, the ICC
that they must:
dismissal
allowance
experience to 60 months for
was
was
means
of
equivalent to 60%
of the
monthly earning for the previous year to any em¬
ployee losing his job as a result of the changes.
Compen-,
sation would vary from
six months' pay for one year's
average
2.
15 years.
Pay
moving expenses of transferred employees and
guarantee them against losses incurred because of having
to
sell
their
homes
or
breaking leases.
Volume
3.
for
Financial
147
Refrain
from
reducing the pay of retained employees
In
after the lease or merger.
vigorous dissent, Commissioner Charles D.
a
voluntary consolidations and coordinations,
assure
at least five years
said the Commission's
adequate, service and
The
Maliaffie
ruling established a "bad and danger¬
policy," since it seeks to "undertake to regulate matters
of social welfare without clear statutory authority."
"Other means have been, and are now being, employed
by the Federal Government specifically to deal with the
conditions of carrier employment," he said.
"Our jurisdic¬
3243
Chronicle
conference
requirements for
asked
preserve
Congress
will result in
as
economies,
reasonable competition."
repeal
to
the
present
consolidation
comprehensive plan, balanced systems, maintenance of
a
all possible competition, and preservation of existing trade
channels.
ous
tion
not
has
been
changed."
Donnelly Offers Proposal
Charles
Donnelly,
President
of the National
Association of Advisory
18,t>00 shippers, submitted the
Boards, representing between 15,000 to
con¬
solidation proposals which were adopted by the conference and said it was
in response to demands of his group.
Federal
His group, he said, is opposed to more
agencies to regulate transportation and is opposed to compulsory
consolidations.
In addition, the conference declared that legislation should be
Transportation Conference Favors Legislative Pro¬
gram Designed for Railroad Rehabilitation—Rail¬
way
Business Association Recommends Federal
Subsidy for Carriers—Conference
Rejects
Com¬
Conference
of
Nov. 21 under the auspices of the
mentioned
in
2809-10.
Arthur M. Hill, President of the Transportation Conference,
said that the meeting approved the least controversial points
on the conference
agenda, leaving questions of rates, con¬
solidations and proposals for Federal aid to the railroads for
"Chronicle"
the
Nov.
of
5,
page
later consideration.
The Railrway Business Association, at its annual
in New York City on Nov. 16, recommended a
subsidy for the railroads.
In
meeting
Federal
account of the meeting,
an
the New York "Times" of Nov. 16 said:
The resolution called for "a definite subsidy to the railroads,
period of from three to five
25%
say
,
of their expenditures for
maintenance of way
during the preceding year:"
v
limited to
and based upon a defined proportion,
years,
and structures
„
Insufficient Benefits
"The immediate benefits
which
the railroads
hope to realize from the
increased rates proposals of last Winter have been insufficient and those
contemplated in
explanatory
the
purpose of paying
carriers
said.
more
"Short-term
unearned interest,
materialized,"
policy have not
reduction
wage
statement
borrowings
wages or taxes
for
chiefly
an
the
It
seems
"The method of basing the grant upon expenditures for maintenance of
and structures is suggested in
way
order that the grant
to the railroads
aiding domestic waterway and highway
of-way."'
'•
.f
of the railroads.
The
to
much smaller number of systems.
for
a
limited
time—seven
years.
the method, subject to the Interstate
in the
public interest, together with
The
repealed,
Voluntary consolidation should be
Commerce Commission's approval if
some
provision for contemporaneous
study of the advisability of and formulation of plans for compulsory con¬
solidation at the end of that probationary period.
where minorities
desirable
unreasonably block
consolidation.
In
the consummation
interpreting
serve
competition
"A
general
as
fully
program
as
of an
otherwise
interest,
public
the
should give due consideration to competition,
the
agencies
President
for
general
a
did not
make
should
contain
revised
a
the regulatory process will not disregard his rights as a mandate,
that
which is
It should be phrased in general terms, to avoid
give.
undue emphasis upon any one factor of reasonableness in its
(1) Congress require the Government to dispose of the Federal barge
lines to
private parties:
be
(2) Legislation
as
follows:
'
.
.
for the reconstruction of railroad bridges
Recommendations for revision of the existing rate-making
tions drawn
The
consideration by subcommittees, and the con¬
pending further
up
until
a
later date.
adopted on Nov. 22 supplement other
The proposals
a
plan of reorganization which, when approved, may be made
of
a trustee.,
the forthcoming session of Congress.
proposals adopted would mean the scrapping of the
consolidation
This method has been sought in
plan, Which, it is maintained, actually
The railroads would be permitted to
mergers.
blocking mergers.
The power of
eminent domain would, in effect, work
petitions filed by the Baltimore & Ohio
before the ICC, but the
recommendations
sugges¬
two-thirds of each
in effect over protests of a
the plan may be put
In deferring
action on proposals for Federal
available loans for
adopting
obtains rate preferences over lines in which
Federal land
the purchase of new
and acted upon as one
subject.
was
granted the
That the undistributed profits tax be removed not
adjustment board
in the first instance:
so as
include public members
to insure disposition of each case
(2) to authorize Federal Court review of adjustment
of the Conference
The
group
ordination
as
later date.
rejected all proposals
well
as
rejected compulsory railroad
but suggested that Congress act to make
railroad mergers easier for reasons of economy.
Interests
consolidations,
shippers,
water
carriers,
bus lines,
banking
houses and railroad executives
participated at the conference
on Nov. 22.
The proceedings were summarized in the follow¬
ing Washington dispatch of Nov. 22 to the "Herald Tribune:''
The
conference
adopted a resolution declaring that
should be permitted, subject to
requirement as to a comprehensive plan,
competition and preservation
recommended.
'
Complete repeal of the present
balanced systems,
maintenance of all possible
of existing trade channels, was
"The rail carriers should
and coordinations as will
to preserve
be permitted, subject to approval of the Inter¬
Commission, to bring about such voluntary consolidations
result in economies, assure adequate service and
competition," according to a resolution adopted by the group.
general railroad consolidation plan pursuant
Transportation Act, but little has been accom¬
The Commission in recent years has indicated
modify the plan wherever it conflicted with desirable con¬
provisions of the 1920
plished in this connection.
a
disposition to
by the railroads.
Chairman Douglas of
of
Accredited
Regulation
"the rail carriers
approval of the ICC to bring about such
SEC Before National Association
Publicity Directors Commends
by
Stock
He
representing
January 1.
for compulsory consolidation or co¬
Federal agencies to
for the creation of additional
lems of Future of
Nov. 22
Spokesmen said a further meeting
probably would not be held until after
board decisions at the instance of the railroads, and (3) to place a limit upon
on
making procedure and the question of
referred to subcommittees which are to report
the time within which claims can be presented.
The Conference
It was ex¬
only from the railroads
but all business.
on
railroad equipment.
,
The matter of revising the rate
solidations proposed
That the Railway Labor Act be amended (1) to
minority.
aid, the conference rescinded
proposal that the Government make
plained that the Conference had decided that action on this proposal should
be considered along with suggestions for further Federal financial assistance
to
by which the Government
builders.
In odd number
a
The ICC in 1929 adopted a
approved today were:
Repeal of the so-called land-grant statutes
in a manner similar
the Bankruptcy Act which provides that if
class of security holders approve a reorganization plan,
provisions of Section 77 of
to
tion has been made that additional legislation may be necessary.
Other
official "balanced system" consolida¬
has acted as a barrier to rail
bring about desirable con¬
solidations along "natural" lines and would be allowed to bind dissenting
minority stock interests which in the past have been accused of effectively
tion
state Commerce
•
and Lehigh Valley Railroads, now pending
legislative sugges¬
be
Monday and will be included in recommendations to
Interstate Commerce Commission's
promptly effective against small minority interests by a bankruptcy court,
without the appointment
provisions of
aid to the railroads by the Government were
supervise rail operations.
„
permit a carrier and its stockholders and creditors to secure approval by
the ICC of
of direct net benefits
in connection with navi¬
Railroads be relieved of the expense, in excess
(3)
to them,
Chief among the proposals favored by the conference today is legislation
to
expeditious disposition of
the Interstate Commerce Commission; and,
gation and flood-control projects.
back to the main group at a
that date
requiring more
adopted
abandonment applications to
in order to avoid litigation over that
subject."
The
Transportation Conference of 1938.
Winding up of a second series of meetings here, the Con¬
ference, which is composed of leading representatives of all
branches of the transportation industry, the shipping public
and investors, also adopted proposals that:
further financial aid were
Washington dispatch of Nov. 21 to the New York
"Herald Tribune" reported the Transportation Conference
the railroads.
he simply forwarded the
Proposals for complete repeal of the consolidation pro¬
Transportation Act to allow railroads to merge
voluntarily along natural lines, and to give them power of
eminent domain over small minority stock interests that
seek to block consolidations, were adopted on Nov. 22 by the
tion, and should be definite in its specification of the standard of fair return,
on
recommendations,
In April,
by various administra¬
visions of the
administra¬
A
the auspices of the United
Congress
to rehabilitate
program
any
its action of Monday in
legislation
of railroad
to
Transportation Group Urges Repeal of Merger Feature
of Transportation Act
but should not seek to pre¬
possible.
Section 15a, better designed to accord the investor as much assurance
not a guaranty, can
ICC
power
reports to Congress.
The Interstate Commerce
Commission should have the power to authorize condemnation of properties
agency any
comprehensive program to salvage the railroads.
propose a
made by the group to
a
present plan restrictions of the Interstate Commerce Act should be
and
conference met under
transportation
ference adjourned
„
Federal
President Roosevelt sent to Congress reports made
tion
"A general program of railroad legislation should definitely promote con¬
solidation of the railroads into
new
a
States Chamber of Commerce last summer, following the failure of
should contain a formal declara¬
by Congress in favor of the policy of private ownership and operation
or
Seek to Facilitate Plans
withheld
adopted by the Association follow:
"A general program of railroad legislation
American Railroads, speaking
behalf of the conference, said the conference rejected
law and for further financial
.
OCher Recommendations
tion
within the conference favored a
compel consolidations.
transportation, wherein the government aid is chiefly confined to the right-
Other recommendations
Greyhound Corp., chairman of the
group
voluntary consolidations to be followed by
proposals to give either the ICC
clear that some other method of
immediate assistance should be sought.
should closely parallel the method of
to newspapermen on
only serve to drive the
deeply into the morass of debt and to delay needed and inevit¬
able financial reorganization.
minority
a
trial period for a limited time of
J. J. Pelley, President of the Association of
1938, meeting on
United States Chamber of
Commerce, approved a program of legislation intended to
rehabilitate the railroads and to encourage a rounded system
of transportation generally.
Recent railroad problems were
Transportation
Arthur M. Hill, President of Atlantic
conference, declared that
adopted
disposition of abandonment applications."
more expenditious
compulsory consolidations.
pulsory Consolidations
The
"requiring
Self
Exchange—National Prob¬
Economics and Business Nature
Says—Receives Award For Outstanding Service
Self-government by the New York Stock Exchange, with
and Exchange Commission in a residual role,
was offered, on Nov. 21, as an example by William O. Doug¬
las, Chairman of the Securities and Exchange Commission,
of how administrative agencies of the Federal government
can work together with private
business according to the
"Wall Street Journal," which noted that Mr. Douglas made
the Securities
this observation in an address at the dinner of
Association of Accredited Publicity Directors.
the National
Financial
3244
It
further indicated that progress toward the same
noted by Mr. Douglas in relation to the develop¬
was
end
was
1938
26,
be eliminated and will not recur; adjustment of total
capitalization of the corporation so that it bears a conservative relationship
to the
equitable
real interest
owners of the company's equity.
By the same token, the standards
the SEC applies to a reorganization are the same, whether it be
property value and earning power of the corporation; and an
distribution of voting rights so as to reflect the investment and
From the same paper we also note in part:
utility industry.
of the
of government the preser¬
principle of self-determination is both possible
Asserting that under an administrative form
vation for business of the
Nov,
may
arrearages
integration and simplification plans for the public
ment of
Chronicle
which
voluntary or under the provisions of the bankruptcy
act."
practicable. Mr. Douglas .paid the responsibilities of administrative
and
statesmanship on both sides.
agencies and of business demands
by SEC of Tennessee Electric Power Co.
Properties Urged by Wendell L. Willkie as Basis of
Sale to TV A—Recommendation Made at Hearing
Before Joint Congressional Committee
Valuation
Cites Fundamental Changes
"Thus," he said, "as respects stock exchanges, the point where selfdetermination should cease and direct regulation by government should
commence
balanced
must usually be determined not by
judgment
plays
agency
a
and
discretion
on
arbitrary action but by neatly
The administrative
both sides.
singularly important role in that process.
It may be the
Before the Joint Congressional Committee which is investi¬
^
propelling force for action where institutional paralysis of business has set
in.
Or it may be quietly and unobstrusively performing a mere residual
gating the Tennessee Valley Authority, Wendell L. Willkie,
President of the Commonwealth & Southern Corp. recom¬
The latter is Ideally the role; the
mended that "the valuation of the Tennessee Electric Power
could have predicted
the fundamental changes that have taken place in the New York Stock
Exchange.
A year ago today, he said, the Exchange seemed to be ap¬
proaching a period of strict prescription by the government.
Today, be
of their sale to the TVA and the municipalities, should be
referred to the Securities and Exchange Commission."
Mr,
role with its presence felt but not seen.
former Is too frequently the
necessity."
Co.
He expressed a doubt whether five years ago any one
I know of no other
The chairman said the commission was only "too
cation
it will
on
provisions of the Public Utility Act, pointing out that the Commis¬
course so
long
as
it seems likely to work and progress is being made.
tax purposes
and through normal evolutionary channels; reshape Itself to meet
the standards of the law.
He called attention to the difficulty the Com¬
as
once
the table and talk, not through an interpreter but directly, things
to
happen.
But
now
the
sense
the Investment
has
banker
began
offers to sell
publicly
results lay the real basis for administrative action.
In their
I am selling
only because they face Government subsidized competition and dupli¬
of the properties which are to be sold can be fairly determined.
lem.
To my mind, your committee holds the key—and the only key— to the
solution of
Its solution in light of prescribed standards is up to an agency like
or
prescribed
a
precise formula for solution of
a
a
controversy that has disturbed the Nation's security markets
and hampered its economic rehabilitation for,more than five years.
prob¬
take advantage of this opportunity I firmly
the SEC.
believe
you
If you
will have the support
of the American people.
Mr. Douglas, said the New York "Herald Tribune" spoke
as the recipient of the annual award of the association "for
outstanding service in publicity," Last year the award of
the association was given to Charles Michelson, publicity
director of the Democratic National Committee, it is ob¬
served, the "Herald Tribune" also stating:
This year, the association announced, the award was made to the Chair¬
of the Securities and Exchange Commission, because "through his
man
efforts and rulings he has given more prominence to the value of
adequate
and accurate publicity than any other public official or
private person."
♦
George C. Mathews of SEC in Address
New Orleans
at
Says
Some Sort of Reorganization
Utility Companies Is Necessary
of
Certain
"Some sprt of reorganization" is imperative in
the case of
public utility holding companies "burdened with
arrearages
of preferred stock dividends," according to
George C. Mathews, of the Securities and Exchange Com¬
mission, whose statement was made on Nov, 17 before
National Association of Railroad and Utilities Commissioners
at New Orleans.
Such companies, he is
quoted
saying
"they must reorganize, and they can reorganize either in
advance of an imperative
necessity, or when the imminence
of a default makes continuous operation without
reorganiza¬
tion an impossibility."
In its advices from New Orleans the New York "Herald
as
Tribune" had the following to say, in
part, regarding Mr.
Mathews' remarks:
spoke
favorably with regard to the attitude of leaders of
utility industry toward reorganization.
"There
are
many indications
that the viewpoint of the
outstanding gas and electric company executives
Is undergoing an adjustment which is
highly important to the successful
reorganization of the industry," he said.
"The broad objectives of a reorganization of
reorganization under the
The broad objective is to stabilize the company; to recog¬
place't In
a position where it does not have to seek
earnings to support inordinate charges, and where it
can
obtain new money
economically.
a
selfish interest in eliminating this Government
competition because it would "remove the policeman's "stop" sign from our
business and permit
us to
expand
"Specifically, thisTmay require
a
It would also relieve
us
operations and prepare to meet the
of the expense of resorting to the courts in an
effort to protect the investment of, our security
holders-—an
expense
which
has amounted to several hundred thousand dollars in the past five years;
But the public has an even greater interest in settling this controversy.
It is my conviction that the resumption of normal expenditures by the
utility industry would be one of the decisive factors In the country's recovery.
It would take thousands of men off the relief rolls and add them to the
payrolls.
It would reduce the national tax burden.
It would provide a market for the heavy industries which have lagged
businesses.,
the investor
confidence and promote the life-giving flow of capital into
new
all forms of industrial
It would electrify the security markets, give
enterprise.
What,, then, should be done to achieve this desirable condition?
Of
it is my personal belief that the TVA should go out of the power
business and confine itself to its functions of flood control, navigation and
course,
soil conservation.
I have
always been convinced that the power activities of the TVA violate
the Federal Constitution by putting the
Federal Government in
a
business
it is not authorized to epgage in, thus destroying the property and business
of its citizens. '
'
It Is my view that the soundest
solution both for the Government and the
utilities would be for the TVA to dispose of the power generated by It to the
utilities at the switchboard.
consumers
The utilities would then distribute it to the
under Federal and State regulation.
This, in
my
judgment, would insure the widest possible distribution of
the Government-generated electricity and would not confine the use to se¬
lected, favored localities.
I
am not
hopeful, however, that those administering the TVA or many of
you share these ideas.
then at least
we
can
ButiftheTVAis not to go out of the power business,
agree on
this fact: That the enormous public loss
buy the utility properties in their entirety in its area at
the
area
in which It intends to operate
a
point where they are
well covered/by the property and earnings of the company; elimination or'
reduction of preferred stock requirements so that accumulation of dividend
a
fair price and that
should be clearly defined.
In another part of his statement Mr. Willkie said that "the
investoi is afraid of what the Government intends to do with
the utilities" and he added in part:
Government is doing to
reduction both in the face amount of
debt outstanding and in the fixed charges thereon to
our
demands of the future.
The investor has before him
Financial Changes Advised
It is obvious that I have
-
duplicating existing utility systems should be avoided; that the TYAshould
a public utility company are "
the same, whether It be accomplished by the gradual
process or by the more.
of voluntary reorganization or a
nize the losses and to
Earlier in Ms statement before the Committee Mr. Willkie
said:
far behind other
certain
bankruptcy act.
■
In my responsibility to these security holders I ask you, if you are going
a
drastic form
abide by the valuation which the SEC may finally set
properties.
Into this question of value, to follow the proposed method whereby the value
down
the
test the sincerity of this proposal is
persuade the TVA at this time to do likewise, I
can
wealth & Southern system will suffer a loss in their investment.
Frequently, Mr. Douglas said. Congress has not itself laid
Mr. Mathews
If you
cation, and the several hundred thousand security holders in the Common¬
Those inquiries are
The formulation of policy, however, presents somewhat different con¬
.
if you
Frequently, however, they entail step¬
disagreeable tasks."
prohibition
But you can solve that too, quickly and easily,
To that extent, the administrative agency often has
other's toes.
siderations.
sincerity of our
I don't say this because I want to sell these properties.
them
"Factual inquiries constitute the leg-work of these agencies,.
it.
agree to
upon our
Douglas, involves two functions: First, finding of facts and second,
determination of policy,
on
various TVA officials
utility properties to the TVA and to the municipalities
In other words, the quickest way to
to accept
Performance of the technical Job of administrative agencies, according
ping
be met by referring the question of
large staff of experts specially prepared
Obviously, we could sit here for weeks in acrimonious dispute about mo¬
one.
usually, quiet and unobstrusive.
a
adopt this proposal.
In his opinion, the administrative agency is the technician of govern¬
The job of such agencies like the SEC, he said, is for the most part
to Mr.
our
tives and intentions.
Technical*
ment,
technical
SEC, which has
concerned.
than the lawyer."
a
of conflicting and incom¬
In making this suggestion I am aware of the fact that
smaller supply of acumen and ingenuity
no
mass
in testifying before you have apparently questioned the
The business executive, the engineer,
Job of SEC
would be impossible for your com¬
fair conclusion from this
I believe that this difficulty could
valuation to the
that businessmen have moved their engineers and
of real progress is present.
a
for studies of this kind.
investment bankers up front, the illusion of motion has disappeared and
a
and duly recognized by
plete testimony.
could sit down across
we
report—a differentiation which
Treasury Department,
mittee to arrive at
the intermediary between us and business, the job.
Once the business executive and
There would be no opportunity
by legal counsel.
a corporate
I think you will agree with me that it
experienced before It was able to sit down with the operating heads
began to roll.
and value stated in
the United States
of utilities and work out the joint
lawyer disappeared
itself into an informal valuation body,
continuation of the already long debate
Is standard practice among American corporations
of years
"It may be nothing but a mere
a
charges, largely designed for publicity purposes, in an effort to make spot
news out of such things as the difference between value claimed for income
broad voluntary program under which the industry would, over a period
problems.
coincidence," he declared, "yet
forum for
Unwittingly you would become the instrument for charges and counter
.
provisions,
Chairman said the Commission has continuously looked towards a
mission
a
You will be forced to listen to the partial and partisan
for orderly arrangement of evidence or for cross-examination
In contemplating the objectives of the utility act's integration
the
simply become
this question.
presentation of highly technical figures.
plans or consider those voluntarily submitted by
He noted that the Commission proposed to follow the latter
the industry.
plan which would so effectively expedite this inquiry..
If your committee attempts to turn
glad" to be able to assume a residual role and to move into the "back seat".
Mr. Douglas called attention to the integration and corporate simplifi¬
sion may propose its own
entirety, which is basic to the question
as an
Willkie continued:
stressed, it is outstanding as an institution which has firmly taken its des¬
tiny into its own bands.
properties
a very
clear and simple picture of what the
the utilities in the Tennessee Valley.
The TVA
spends several hundred million dollars to build its power dams and generating
plants.
agency
Then the -Public Works Administration, another governmental
provides the municipalities with the money necessary to build dis-
ribution systems
so as to
buy that power.
Volume
Some venturesome
different
categories of property with an equal degree of safety.
The condition
which
brought this necessity for investment
diversification about has
stocks,
They get a free
their power from the TVA.
Thus the municipalities get
soul
of the money to construct their own
The Government loans the rest at low interest rates.
them for yielding to so tempting an offer, financed by
gift from the Government of 45%
distribution systems.
No
blame
one can
its coopera¬
with the PWA, it captures the markets of the utility companies and
the power to the consumer.
Utility properties without a market are
In this way the
tion
sells
TVA not only produces power, but, through
valueless except as
which have
upon
the investor can be
about
He knows that no private utility can meet
York "Journal
According to Washington advices to the New
of Commerce" prospects
whether
We
of
States
Families Monthly Will Be
Speeches Before Con¬
public housing and slum rehabilita¬
families
into
move
Those
States.
21
Authority,
new
"The
not
the
At
one
During the past
the
past year
told
States
has
in the
war
on
-
yeare.
associations of the State to "get
'
\
•
long in this State."
.
mortgage holders and Govern¬
ment -agencies was urged by Donald H. McNeal, Deputy General Manager
of the HOLC in charge of appraisal and reconditioning, for rehabilitation
of blighted areas in American cities and the protection of all residential
neighborhoods from blight.
Mr. McNeal
described to
fullest support to the rehousing
influence
spoke of the test
of
.
'
mortgage lending.
Mr. True said:
mortgage business
find that
in mortgages has
If we examine the
they existed 50 to 60
and the process of investment
great expansion in the last 50 years.
investment portfolios of large insurance companies as
a
their primary reliance was upon
Board
survey
to be made in Baltimore to
Baltimore Survey
.
ascertain the needs
residential area of 40 blocks.
to Be a
Guide
backed by the Works Progress Administration, the USHA
and the Baltimore Housing Authority, is designed to create a pattern of
action
which might be useful in communities throughout the country.
Mr. McNeal suggested that neighborhood ownership corporations might be
needed to effect a solution of the problem.,
.
„
survey,
♦
of Insurance Actuary Lauded by Louis
Pink—Address in New York Analyzes Duties
Function
Modern
Duties
The
Another
Speech
of Insurance Superintendent
Business
—
importance of the insurance
H.
in
Discusses
actuary in the modern
emphasized on Nov. 17 by Louis H. Pink, New
York State Superintendent of Insurance, In an address be¬
fore the annual dinner of the Casualty Actuarial Society
in New York City.
Mr. Pink said that men trained in
world was
needed in all modern business, particu¬
and added that the actuarial profession
appeal only to those who have unusual
ability and are willing to burn the midnight oil."
actuarial science are
.
companies are now
making loans on industrial real estate, a highly significant
new development of present-day financing and investment,
were
outlined before the Industrial Property Council of
the National Association of Real Estate Boards at its an¬
nual convention on Nov. 10 by Wallace W. True, New York,
assistant chief appraiser of the Equitable Life Assurance
Society of the United States, and in charge of its industrial
which ..insurance
under
a
This
Nov. 9, Joseph W. Catharine,
the railroads.
the convention the plan under which the
and other Federal agencies had thrown their
back of programs to protect and reclaim residential areas.
He
Bank
Loan
Home
■
<■
we
of Wisconsin
order."
in
be in business very
the slums.
of the Association, called for a
great cooperative enlistment of public and private effort
for the replanning
and reconstruction, neighborhood by
neighborhood, of blighted areas of American cities.
The
rebuilding of our cities -over a period of years through such
sympathetic and planned reconstruction of blighted or blightthreatened areas, now under active discussion nationally,
would, he said, give new and stable life to the older portions
of our cities, and set up throughout the cities lasting pro¬
tections for home and family life.
Such an undertaking,
country-wide in application, would create new work, and
tremendously useful work, on a scale comparable to such
other great historic construction tasks as the building of
ago,
in lean
Heil
of a property over a period of
going to protect the widows and orphans who have investments,"
"Anybody who is not honest in the securities business will not
am
said.
he
/
seen
Opening the convention on
years
P.
warned the building and loan
Heil
houses
"I
Brooklyn, N. Y., President
undergone
in
their
but, by pledging itself to refrain from strikes in connection with
jurisdictional disputes and by further pledging itself to maintain wage
scales in effect at the time of the execution of a construction contract,
has demonstrated its cooperation by actions that speak louder than words,,
The construction industry has likewise given cooperation in the rehousing,
The
been
Cooperative action among private owners,
Government
Conditions
as
Mr.
program,
-
26,064 of the foreclosured homes had
told the delegates that he
10 years should
the new basis for realty taxation in normal years, with some
more prosperous times and corresponding reductions from the
valuations
basic
lining in the slums in that city.
Organized labor has not only given its
.
used
increase
by these facts and figures.
program.
take over
This record
Governor-Elect Heil Speaks
other achievements, however, as important as
For the past year has witnessed
beginning of real cooperation by labor and industry with the United
The
two years
Julius
Governor-elect
low-rental homes.
those
loans.
without considering
dealing only in distressed mortgages, accord¬
stated.
official
HOLC
scale, in some of the larger cities in
Beginning next September or October, 5,000 families will migrate every
from the slums of the cities and towns of this country into decent
highest point,
probably would reach 27,000, as the
program now was hitting its stride, he said.
Unsold houses
have been rented quickly and rental collections have
averaged 97.9% for. the last 12 months.
Cumulative rents at the end
of the last fiscal year totaled $20,314,176, as compared with a cumulative
property expense of $17,547,679, leaving a net income of $2,766,947, the
families from
month
foreclosures," he said.
"In
authorized was 8,000. In" Septem¬
payments was
resold, and for 1938 alone the total
be
now
the
sales
believed the average income
families
of
ing to Colonel Lee.
States like New
York, New Jersey, Ohio, the base rent for four rooms will be as high as
$20 per month.
However, in each city the rentals will be within the
reach of
89.9%
averaged
passed its peak in
has
the HOLC was
fact that
the
able to afford.
of the scale rentals will be as low as $7 per month base
rooms in some of the Southern and Southwestern towns.
At
the other end of the
had
the total was only 2,162.
If a moratorium on
needed two years ago when foreclosures were at their
will actually be
three
for
rent
Corporation
end
slums
year
111,836 homes, or about 11% of the total involved in
better than that of private lending agencies even
for 59 local housing
provide homes for 53,000
housing authority, with the aid and assistance of the USHA.
Those new USHA projects will provide homes at rents that
for these borrowers.
past
1938,
is
than
more
the
surely it is not needed now, when they have declined by 73%."
At the end of last September the HOLC had been forced to
months
few
a
contract,
for
1936, the number of foreclosures
June,
ber,
moratorium
a
loans
on
monthly billings, Colonel Lee reported.
current
from now, all of the available loan funds are
600,000 human beings will be able to look
forward to changing their hopeless and squalid existence in a shack or a
slum tenement for" a new life in a housing project, constructed by a local
When,
under
now" for
Collections
of $265,000,000
funds
,
of
position
improved
need
"no
USHA.
by the
"Times":
agencies in promoting home
number of Federal officials who partici¬
formerly distressed properties being handled
by the Home Owners' Loan Corporation was declared by Colonel Harold
Lee, Deputy General Manager of the HOLC, to be evidence that there was
living in the slums.
now
•
large part being played by Government
The
will
More than 200,000 persons in all will
low-rental homes as a result of contracts already executed
in
authorities
amount
an
insurance company.
an
pated in the discussions.
before the
annual
convention of the National Association of Real
Estate Boards.
He said that loan contracts totaling $265,000,000, to provide new quarters for 53,000 families now
living in slums in 21 States, have already been approved
by President Roosevelt and executed by the USHA, and a
total of $576,000,000 has been allocated for projects in 142
cities.
In his address Mr. Straus said, in part:
The USHA program is now in high gear.
$576,000,000 has been set
aside for low-rent housing projects to rehouse families from the slums in
142 cities.
Loan contracts have actually been executed and approved by
to
key
a
before
ownership was emphasized by the
Authority's projects at the rate of 5,000
month, Nathan Straus, Administrator of the
said on Nov. 10 in an address at Milwaukee
Roosevelt
in
man
patch of Nov. 10 to the New York
Boards
a
President
every
are
the convention Nov. 10 also outlined
methods for meeting home-financing problems and supply¬
ing the vast potential demand for new dwellings.
These
addresses were summarized as follows in a Milwaukee dis¬
families
Housing
those of
Speakers
is well under way, and beginning next fall
will begin moving into the United
program
low-income
necessity or whether it is a
is one of real
the organization competent
position in that business.
distinctly not avenues for semi-permanent invest¬
capital funds, at least not of capital funds of a trustee character,
succeed
to
businesses
as
The
The Administration's
product
"
satisfy ourselves that there are in
must
One-man
ment
the
item.
available
men
Entering United States Housing Projects by Fall—
USHA Administrator Says Administration Program
Well Under Way—Other
outlook for its product,
of growth, its policies
and labor relations, Mr. True said.
the product of the industry must be studied, competitive
for
not
or
luxury
mere
Government agency were
"extremely unlikely" by Commission officials.
vention of Real Estate
the economic
earnings,
to public relations
market
The
that the SEC will enter the contro¬
Nathan Straus Predicts 5,000
its
industry,
respect
such
tion
the sale of securities.
Jactors, economic barriers to markets, the possibilities of style changes and
obsolescence as they may affect the product of the industry, and finally
a valuation on
affiliate of the latter, for sale to the
place
Is
Into competition.
come
the
with
Southern Corp. to
the Tennessee Electric Power Co.,
as
reservoirs of investment opportunity which formerly
depression and to other forms of transportation
and, not least important, its management, its record
between TVA and Commonwealth &
described
including!
things,
needs for pioneering capital and for the financing of equities
has ceased, due to our "coming of age" as a Nation and to the decline
in the acceleration of our growth as a people.
For safe lending on industrial properties it is important to know all
investigating the TVA,
this subsidized
competition.
The most it can hope for is to sell its property at a fair price.
But he knows also that the TVA and the municipalities acting in concert
are forcing the utility companies to sell at the prices which they dictate.
versy
several
The regulation which has been put upon
activities in opposing PWA grants.
TVA-PWA combination
of the
effect
possible to take mortgages on many
was
Tne drying up of the large
of this
Biddle, seems to recognize the importance
he asks us for an account of our
The
it
The great
PWA alliance, since, in acting for your committee
easily imagined.
that
from
mortgages.
secondary reliance on
only a
existed In the railroads, due to the
junk.
counsel, Mr.
Your
with
discovered
stemmed
throughout the Nation.
the taxpayers
3245
Chronicle
Financial
147
bonds and
larly in insurance,
is one that "should
skill and
He continued:
While
insurance
the
actuary
is
because he has
customarily thought of in connection
made that business the safest and most
with life
scientific
in the development of other branches
of insurance.
Great strides have been made in rating in the various
branches of the casualty business for which the actuary deserves particular
credit.
Workmen's compensation has developed largely through actuarial
science.
There is a large unexplored field in fire insurance rating—making
in
the world,
it
more
he plays a great part
giving more regard to the experience in localities.
legislation, old-age assistance, unemployment insurance, auto-
selective and
Social security
3246
Financial
mobile
Insurance,
things
require
be
can
the
best
still
are
been
retrospective rating—all
knowledge and skill
progressive
Another
the
equitable
and
and
professional
of
Chronicle
these
advice
repeated
that
of
and
where
structures
been
have
where
there
attuned
the actuary
is
the
to
particularly
demands
interested
of
related
be
must
this which
to
answered
in
the
is
coming
situation
third
where
of
only one-third of the
those operating ears
future
near
Resignation
which
retically
has
been
urged
the compensation
undoubtedly it
is
method
some
of
have
would
had
many
reliable
no
data.
working
upon
lead
any
to
assistance
insured and
are
cars
where
at
least
plan
be
as
is
fairest
the
costly
very
sirtiilar to
solution
a
workmen's
the
most
and
equitable
of
all,
the
and
reports
For
many
speeches
many
years
the
on
subject
legislative committee
a
but
has
1934,
competent actuaries
to
make
a
study
proper
of the
situation
scientific
evil
studies
so
the
and
plans suggested
injuries
many
made
are
of
effects
where
the
remain
as
a
for
cure
approximate
cost
of
each
as
the
unless
plan
is
determined.
Pink, in
other
an
address,
Nov.
15, at
dinner
a
in
Rochester, N. Y., discussed the functions of the State Super¬
intendent of Insurance.
As Professor
He said, in part:
Patterson puts
United
it in his book "The Insurance Commissioner
States," the Superintendent is sometimes
"An official Clerk, sometimes he Is a Judge, sometimes he la a
Law-giver, and
sometimes he Is both Prosecuting Attorney and Hangman.
He fs partly executive,
partly Judicial, and
legislative: and
partly
he Is not confined
yet
within
any
of
these categories."
My experience is that this listing of the Superintendent's functions, wide
it
as
is,
all,
at
functions which
more
minister,
free
if
errs,
priest
the side
on
whether
they
burden
of
in
its
well
so
bank with
be
to
represented
legislative,
keep each
Gaynor
have
are
all
could
list
many
all
men
have
judicial
that
so
to
We
not.
and
place
large surplus to loan to worthy
a
things
or
executive
proper
as
I
Superintendent is supposed to fill—among them,
rabbi, psycho-analyst, mental healer, lawyer, doctor,
and
We
conservatism.
the
employment office,-and
unfortunates.
of
and
not
be
only to
functions,
but
administration
our
fair
all
to
the
carry
endeavor
is,
as
to
Mayor
often put it, "a government of laws and not of men."
so
for Industrial Peace Made by Charles R.
Hook,
President of National Association of Manufacturers
—Urges
That
National
Labor
Relations
Act
Be
plea on Nov. 18, at Syracuse, N. Y., for industrial
and understanding, Charles R. Hook, President of
the National Association of
Manufacturers, said that neither
management nor labor
union
officials
nor
Government
should be permitted to force
upon workers a particular
system of selecting their representatives or a particular
a
peace
organization to represent them:
Mr. Hook, who is also
President of the American Rolling Mill Co., said that "if
the element of compulsion and coercion were
removed from
current
in
industrial relations, great progress would be made
of industrial peace.
Industrial peace," he
the direction
added, "is
prime necessity today."
Industrial strife,, said
Mr. Hook, "undermines the confidence of the
people.
It
interferes with the normal processes of work,
thrift, ad¬
vancement, investment and security.
It contributes to de¬
pressions and dynamites the road to prosperity."
Waves
of
a
strikes and
Mr. Hook
the
said,
unchecked
employees
should be amended.
On
the
basis
Wagner
Act
separate
the
of
of the
use
sit-down
themselves,
He went
experience and
should
be
functions
amended
on
common
to
Mr.
to
Hook
said
this
say:
sense
correct
and
its
common
one-sided
justice,
the
character,
to
of
to
...
source
and
invoke
the services
that
employers
of
the
should
have
the
right
same
as
employees
to
Board.
Referring to the operation of British and Swedish labor
laws, which he studied last summer as a member of the
President's
Hook
said
of
Public
of
the
Association.
Mr.
Selvage will leave
Director of Public Relations, and in that capacity
Utilities
Should
Seek
public utility industry must guarantee a better quality
no price increase to
gain general public favor,
Lorenzo Semple, Assistant Vice-President of the American
Water Works and Electric Co. said
the
annual
convention
of
on
the
Nov. 19 in
New
address
an
Jersey Utilities
Association at Atlantic City.
The dilemma the utilities face
an
industry, he said, "lies largely in our profitless pros¬
perity—our increasing volume of business at decreasing net
profits." He continued, in part:
as
The
public which has been prone at times to give the public utility
industry scant approval is the same public wbich has named the automobile
business America's Favorite Industry.
And why?
Not only because the
automobile is still America's favorite recreation, but because
It has continuously followed the
as an
policy of giving the public
industry
more
for its
money, and in a form appealing to its tastes.
I submit that our industry's record of
constantly lowering prices is second
to
yet the fact remains that
none,
do
we
not share
automobile industry nor of others I could mention.
something
than lower prices is required.
more
not such much with
the
popularity of the
Evidently, therefore,
Perhaps the complaint is
pricing of our product as with our packaging of It.
It is this very thing—a
study of the public's tastes—to which the motor
industry has successfully addressed itself.
our
In a better quality of service lies the
challenge and I am convinced that
improved management is the answer—just as it is in other industries.
Let
.
like them, give
our
people better tools to work with.
Let
us
remodel
our
organization into
a more skillfully machined mechanism.
When I speak of our organization, I have in mind its
fundamental parts—
its management, its supervisory
organization, and its
people
on
the firing
By the very nature of things, a close personal relationship between contact
employees and executive management is not possible and it is here that the
functioning of the supervisory group must be relied upon. It is this
that is charged with translating the policy of the
management into
action.
It is they who control the welfare of the
employees, who in turn
proper
group
control the costs of operation and influence
^This
commission
that what
appointed
we
may
for
this
purpose,
learn from those two
Mr.
coun¬
tries is "the value oi horse sense in
solving our labor prob¬
lems; that labor relations is not primarily a matter of law
and
group
is the
in order to translate
public reaction.
bottle neck,
information, and requires
a
the crossroads of the two-way flow of
close personal relationship with the management
properly the ever-changing policy of management.
members must be consulted
and carefully analyzed.
as
The
to their
answers
Its
opinions, and their advice sought
for many difficulties
by the very people experiencing the difficulties,
practical they must be collected and correlated and
but
new
can
to
be produced
be
usable
and
methods set up
for
execution.
In this way, management can
give the supervisory group better tools to
work with, consisting of a clearer
understanding of policy regarding legiti-
| mate
economy, proper labor discipline, and
proper earnings.
»
[B.
weapon,
fact-finding, prosecution and judicial decision,
guarantee impartial administration by the National Labor Relations
Board.
No particular
ijargaining agency or form of bona fide
labor organization should be favored.
I believe it should provide for the
protection of employees so that they shall be free in
self-organization and
collective bargaining from
interference, restraint or coercion from any
and
Director
as
The
were among
for promoting discord between
employer and employee, and
among
Selvage
of service at
the major causes for the pre¬
cipitous decline of business activity in 1937.
Holding; the National Labor Relations Act responsible
even
P.
J.
line.
Amended
In
Associated
to
Increase Quality at
Prices,
Lorenzo
Semple
Declares—Says
"Profitless Prosperity" Faces
Industry Due to In¬
creasing Business at Lower Net Profits
us,
Plea
the
Same
before
Mr.
before
♦
Public
of
cost
uncompensated
of
we
been
this subject and annually it reports, but the reports do not
conclusion because the members have not had the
of
made
were
directed the public information program of the Association.
definite
against the
present
the
effort
advisory capacity on public relations affairs.
Mr. Weisenburger said no successor had been chosen for Mr. Selvage.
Mr. Selvage joined the staff of the N. A. M. in
November,
Theo¬
might seriously hinder
and
remarks
Vice-President
com¬
problem.
of
Studies should be made showing the probable costs under the
plans proposed and discussed.
It is difficult to balance the good
various
in
1938
constant
his post Jan. 1 to establish his own public relations
organ¬
ization, but will continue to serve the Association in an
plan.
effects
26,
the
in
The resignation of James P. Selvage as Director of Public
Relations of the National Association of Manufacturers was
announced this week by Walter B. Weisenberger, Executive
development of the automobile industry.
the
and
Relations of National Association of Manufacturers
are
studying the plan of automobile compensation
pensation
We
all groups
in
more
wholly irresponsible and unable to pay.
The actuary can be helpful in trying to assist the
industry and the
supervisors of insurance in working out some plan of financial responsi¬
bility which will meet the pressing need.
He can be particularly useful in
have
with
of
late
and
more
Hook's
Mr.
providing protection to those injured against the uninsured and irresponsible
operator.
The public will not long continue to tolerate a
but
cooperation
Industries of New York.
automobile
a
Nov.
offers of
industry to better meet its social obligations.
has
opportunity for
sound method of merit rating in the automobile field.
a
closely
and
the industry
extent
rating
We
life.
problem
front
fullest
the
to
business
modern
branches of
many
utilized
trying to work out
to
and
obtained.
There
not
merit, experience
M.
Anderson Sees Government Interference with
Functions of Markets as Chief Cause of National
and
World
Evils—Economist
Speaks at Johns
Hopkins University
^
Government interference
■was cited on Nov. 22
with the function of the markets
by Benjamin M. Anderson Jr., as the
■cause of the chief economic evils of
present national and
"world disorders.
Speaking at Johns Hopkins University in
Baltimore, Mr. Anderson said that the substitution of
Government control for control
prices represents, not
He
declared
progress,
by freely moving market
but-dangerous retrogression.
that
Government has suppressed
many indi¬
vidual liberties, and "has revived atavistic
economic policies
tolerable only in a state of war, and
applied them to a great
world's economic life which had grown
up under economic
freedom in an atmosphere of
peace."
The organization of Government unfits it for
economic
He continued, in part:*
planning, Mr. Anderson said.
I do not believe that at
for
best,
even with
controlling economic life, and with
an
a
government ideally organized
ideal set of officials, masters of
the best economic thought, government could work
out
of economic life of a great
people which would
unconscious
automatic coordination
and
a
conscious control
approach in efficiency the
control which
free
markets
and
compulsion, but one of common sense and mutual un¬
derstanding.
Legislation is not the answer," he said.
freely changing market prices give.
But government as at present or¬
ganized has difficulty even in seeing what the problem of
governmental
"Putting
problems,
economic
a
law
on
though
I
the
statute book won't solve
should
add
that
when
law it should operate fairly and
equally."
Without
teamwork
the
we
labor
our
do
have
a
He added:
between
two
participate
in
part
natural
partners
and
such
teamwork
has
teammates.
been
The
adequately
desire
of
industry to
demonstrated
both
are
Congress, for example, is organized in such a way that committees
primarily responsible for legislation, and a wide range of economic
matters
of Government, employer and employee,
there
is
no
permanent
solution possible.
Encouragement of employeremployee cooperation is essential to peace.
No one should drive a wedge
on
in
planning is.
The
concerning which legislation is proposed
with by separate committees.
or
takes
place is dealt
Each of these committees looks at
a problem
particular function, and ordinarily
feels that it is precluded from
considering matters which belong to another
committee, even though the economic connections between these matters
primarily from the standpoint of its
and its
own
problems
are very
own
close.
Volume
Financial
147
Moreover, the motive force behind democratic government is, in large
measure,
and increasingly, a matter of group pressures,
each seeking to control government
for its
own
special interests,
The man in
pubhc life who tries to look at the general picture, and to consider each
heavy odds
particular
as
put
groups
as a
whole labors
upon
pressure
Strong men
resist these pressures, but it requires strength and courage.
can
Independent
independent
the part of executive, legislature and judiciary,
powers on
semi-independent
or
of
powers
various
1.
commissions, inde¬
pendent powers of Federal Government and of States, and the autonomy of
in
which is necessary
rapidly changing economic life, and which freely changing market prices
automatically
bring
about.
Governmental
United States would have to be preceded by a complete
Democracy and
government.
our
with,
away
if there is
local
2.
wish to pursue it.
Government, greatly strengthened by
world
since
the
revived atavistic
economic policies
a
an
and the disturbed state of the
atmosphere of peace.
The growth of these atavistic policies brought on the
a
great depression
Instead of finding our remedy in
relaxing of the strangling effect of atavistic governmental economic poli¬
cies—foreign trade restrictions, price-fixing and currency debasement were
stock-in-trade of mediaeval and early modern government—we
to escape
from the depression by
an
nature
a
stands
of cultural lag,
out
more
clearly,
efficient
I think, from a study of the
than does the conclusion that the market place is
far more modern instrumentality
instrumentality
of
of economic coordination, a far more
economic
coordination,
than
government.
The substitution of government
control for control by freely moving market
prices represents, not
but very dangerous retrogression.
progress,
and
Lichtenberg Addresses Insurance Executives
expand "until it swallows up
Bernard S.
Lichtenberg, President of the Institute of Public Relations,
told the Life Advertisers Association at Atlantic City, N. J.,
Nov. 14.
The Association, composed of advertising and
publicity executives of the largest life insurance companies,
at the opening day of its annual convention, heard Mr. Lich¬
tenberg declare that "it is strictly up to you to see that social
security does not do that, for it has infinitely autocratic pos¬
sibilities."
An Atlantic City dispatch of Nov. 14 to the
New York "Herald Tribune" quoted him further as follows:
may
all insurance business and all income taxation,"
"The public
easy
out.
has been through ten terrible years and is suspicious.
to get ideas into the public mind; it is hard and
It is
expensive to get them
You should take out insurance on your own business, by doing more
dollar
about
brought
by
"overlapping
of
178,000
basis."
"pay-as-you-go
a
on
possibilities to men more than 45.
farm program to encourage exports of surplus products.
a
Encouraging
business ventures by modifying
new
lifting "curbs
or
on
Cleaning
11.
Correcting weaknesses in the National Labor Act which "has aroused
of relief rolls.
up
distrust of
In
both
employers and of union leaders."
addressing the Conference on the same day (Nov. 18),
Harold B.
ment
Bergen of McKinsey, Wellington & Co., manage¬
consultants, advised industrial employers to cooperate
with organized labor in
Act
relating
tional
fighting for changes in the Wagner
against illegal strikes, jurisdic¬
to protection
disputes and boycotts by unions against goods pro¬
Mr. Bergen said:
duced by rival unions.
If
employers cpuld
much
be
could
increasing
sit
not
down
industrial
of
labor
labor legislation and to prevent
by the Government.
Why
sound
promote
relations
and
leaders
discuss
with
them
the Wagner
Act
beginning to become concerned
governmental control over industrial relations.
If management and
could present a united front on these matters,
politicians would
labor
other
and
to
control
with
with organized labor on a legislative program,
agree
done
about
labor
legislation?
They
The main difficulty in creating a unified
Between the American Federation of Labor
quickly follow their leadership.
at present is the split
Committee
the
He
are
for Industrial
Organization.
'
continued, in part:
Face
the
movement
union
the
that
fact
is here
to
stay
if
are
we
to
Let your employees without any sugges¬
tions from you
decide what they want to do about union organization.
Bargain in good faith with any union designated by the Labor Board to
democratic society.
preserve our
represent your workers.
Do not, however, think
that
You
will
sign
agreement.
an
industrial
a
of
the
union.
result
and
in
labor problems are solved when you
just begun a new period in your
will be desirable for you to take the lead in
It
relations.
developing
'
.
your
have
long-range industrial relations program with the cooperation,
Development of greater leadership by the employer should
industrial
improved
larger net profits.
increased sales,
relations,
decreased
costs
' s/
.
.
employers should consider the desirability of cooperating with
one
another on an industry-wide basis, or a community basis, to present
a
united front in collective bargaining and in the adjustment of labor
Finally,
trade association should have an Industrial Relations
continuously studying labor problems and every community
Every
disputes.
Committee
should have
an
employers' association, actively engaged in
community.
promoting con¬
structive labor relations in the
advertising to tell your story to public opinion.'"
Mr. Lichtenberg pointed out that
few
a
10.
the
Taxation—
Income
Insurance
B. S.
Security Act
local problems
big national
and
into
enterprise, risk-taking and investments."
program
lows
The Social
rolled
of employment
up
Developing
9.
Security Act Until It Swal¬
Business
of
public bodies."
tax-spending
Opening
and
Warns of Growth in Social
host
been
budget.
extravagance
Placing social security
8.
an
conclusion
regional
a
study of taxes with broadening of tax base and elimination
and
6.
have sought
intensification of these governmental
policies.
No
a
solution.
7.
and has
tolerable only in a state of war, and
and has intensified the great depression.
"from
temporary emergency
a
on
.
great world economic life which had grown up under
economic freedom in
approached
be
must
have
on
years
defied
Scientific
Individual rights,
.
few
Balancing the national
waste
separate
be done
has suppressed many individual liberties,
war,
applied them to
war
.
last
have
5.
of
The recent reconstitutions of government in Italy and
we
the
that
4.
protected by the courts, cannot be permitted to hamper the economic plans
Germany point the way—if
which
3. Repealing
"emergency monetary measures, restabilizing the
internally and cooperating to restore economic stability abroad."
new
of the government.
in
problems
economic planning.
together.
grown
the
collapse
Decentralizing of attack
which
centralization of
self-government must
be any real governmental
to
Democracy and free enterprise have
in
planning
economic
economic
basis.
counties, cities and other municipal organizations, all preclude that prompt
and effective modification of policy or change of front
World-wide
long-range, objective point of view" rather than
him, each
threatening him with defeat in the next election unless he meets its wishes.
3247
In listing the present
impending economic and social prob¬
lems, Mr. Brown mentioned the following:
advantage.
problem from the standpoint of the good of the country
against
Chronicle
"public hearings next January on the
"
'
I
monopoly investigation of insurance companies may accelerate unfavorable
opinion, by emphasizing minor practices rather than major
Eric Hodgins, New York, said that
policies."
"American business is the most en¬
Wage-Hour Law Exemption for Telegraph Messengers
Not Permitted—Western Union and Postal Tele¬
almost
And the
lightened, progressive and intelligent in the world, but it still has
everything to find out about the American public as a whole.
American public knows almost
"The public relations
problem of American business is not solved merely
by hiring an expert and doing more advertising.
It will come only when
begins a
American business identifies itself with the American people and
long job of explaining its motives; when all intelligent and
become
ness men
a
as
as
articulate busi¬
much interested In receiving a mandate from the people
politician seeking re-election."
Clinton Davidson,
vice-president of Fiduciary Counsel, Inc., in a speech
build
up their agents by newspaper advertising and publicity just as the motionpicture firms do their stars. The motion-picture industry, he said, has tried
every form of advertising to get away from the "star system," but that is
prepared for presentation today, urged that life insurance companies
the one they get results
from, and that is the one by which they have in¬
creased their box-office returns since 1929.
"In my
that
as
a
opinion," Mr. Davidson said, "there is not any other one thing
life insurance company could do that would increase
advertising,
its sales as much
developing and exploiting their leading salesmen in the
communities in which they live and work by means of newspaper
ing.
advertis¬
Not only would this increase the sales record of such agents of the
company
using this method, but it would do more than
sible to attract the right type
graph to Comply with
anything else pos¬
of new agent to that company."
Brown Sees Cooperation Between
Government
Urgent
Need
of
Standards Act was
in a
Mr. Brown said that not since the
began is there need for a program of this
added that if present recovery gains are to
"depression"
character.
He
be consolidated
and maintained, 11 major
economic and social problems
must be solved.
Mr. Brown cited signs of a new spirit of
cooperation within the Government itself, as well as a more
realistic approach to national problems by the American
public which "has served notice that Government and busi¬
ness should begin to pull together rather than in opposite
directions."
recommended to Administrator Elmer F,
This recommendation was contained
report made by Dr. William
held in New York
M. Leiserson, Chairman of
Board, who presided at the hearings
City on Oct. 20 and 21.
made by the Western
The application
Union Telegraph Co., Postal Tele¬
graph System, and All America Gables & Radio, Inc.. On
Nov. 14 the Western Union and Postal companies announced
decision under which they
of 25 cents an hour.
The following regarding the
recommendation is from a
Washington dispatch of Nov. 12 to the New York "Times":
The basis of the companies'
applications was Section 14 of the Act
would comply with the
that they
required to pay the minimum
will be
which
provides:
Administrator,
to
the extent
in order in prevent cur¬
shall by regulations or by orders
necessary
opportunities for employment,
or apprentices, and of mes¬
exclusively in delivering letters and messages, under
pursuant to regulations of the Administrator, at
such wages lower than the minimum wage applicable under Section
6
(which is 25 cents per hour up to Oct. 24, 1939) and subject to such
limitations as to time, number, proportion and length of service as the
provide
sengers
(1)
the employment of learners,
employed
special certificates issued
Administrator shall
prescribe."
Intent
is now possible between Government and
business leaders for the first time in six years, Lewis H.
at Boston.
of approximately 20,000 messengers
provisions of the Fair Labor
the National Mediation
was
Decision
of the major telegraph com¬
wage
Andrews on Nov. 12.
Real cooperation
Brown, "President of Johns-Manville Corp., said on Nov. 18
in an address before the annual New England Conference
application
minimum
the
from
"The
Business and
Today—Head of
Johns-Manville Lists 11 Major Problems Calling
for Solution to Expedite Recovery—H. B. Bergen
Urges Employers to
Cooperate with Labor in
Seeking Changes in Wagner Act
H.
the
panies for exemption
tailment of
L.
of
Denial
nothing about American business.
Testimony
of
matter
'
of Congress Argued
that about 15% of the messengers'
telegrams or letters, officials
was
Other than
calls are for delivery
of the company con¬
call box rang they could not possibly know whether
to pick up a telegram, letter or a package which might
a box of
diamonds.
,
For that reason, they contended, the companies could not segregate their
tending that when a
the messenger was
be
,
and telegrams and as to deliveries of other matter.
companies argued that Congress, because its members were aware
types of services offered by telegraph companies, had known what
doing in writing in Section 14, and that its provisions were ap¬
service as to letters
The
of the
it
was
plicable to telegraph companies.
This contention was overruled
ment
that
the
Act
did
certificates to messengers
by Mr. Leiserson with the simple state¬
authorize the Administrator to issue such
employed by the applicant companies.
not
3248
New
Financial
York
Court
Picket
of
Homes
Appeals
Chronicle
Rules Strikers May Not
Upholds
Non-Strikers—Decision
of
adopt
to
do not
who
York
Senator
join
strike
a
Court
State
of
obtained
injunction
in sustaining a
Remington-Rand,
by
to
the
picketing. The temporary injunction was granted July
18, 1936, and affirmed by the Appellate Division Aug. 6.
The
Court
the
of
Appeals
original
homes
of
and egress
In
before
that
in
the
State's
interference
counsel
been
control
on
for
settled,
ingress
great
the premises.
machinists'
review
by
crowds and
before
intimidation
which
court
occurred
the
as
showed
result
the
of
discretion for the court
of
the
to limit
violence,
of
"it is clearly
number of pickets to
four.
"The only
tion
of
"On
are
number
intimidating
the
right
the
pickets
(union
the contrary,
deprives
way
of
that
is
to intimidate
defendants
the
upon
substantial thing they (pickets)
the
of
denial
of
deprived of by the limita¬
employes.
by force of numbers inflicts
plaintiff
to
large.
leaders).
the services of
of
of
many
its
'
„
James
work
Butler
had
and is
a
of
source
employes
who
danger to the public at
workers,
said
Fremont Thornelley,
homes
their
picketed
were
Marcia
Daz
and
subjected
and
to
violence during the strike.
Counsel for the union asserted that there
lower
tions
the
That
court's
no
was
evidence to support the
finding that the corporation had "complied with all obliga¬
were involved in the labor dispute" and that
imposed by law which
employers' had
"made
before
negotiation"
every
resorting
reasonable effort to settle the dispute by
to
striking workers' homes and the
injunction
an
use
to
of
halt picketing
non-
of violence in picketing the plant.
economic
All normal operations in the
Chicago stock yards
Congress
of
Organizations.
Industrial
Union
18,000
and 20,000
packing house employees. Approximately 15,000
cattle, 2,000 calves, 10,000 sheep and 18,000 hogs which
were'in the yards at the time of the strike were removed
afterfthey had been cared for by the heads of commission
firmsjand their salesmen. Charles R. Rice, President of the
Live Stock Exchange, announced on Nov. 23 that the
Exchange had suspended trading because of the effects of
the walkout. Last night (Nov. 25) Associated Press accounts
from Chicago stated that for the fourth consecutive day,
excluding the Thanksgiving holiday, the strike tied up the
stock yards, and no live stock quotations were^available.
110
$11,-
Only
initiative
private
system,
at the
and fear of
Our problem
bring
can
time
same
the activities of
over
discover
to
as
to
but
a
so
all
prevent
the fear of monopolistic
control
is
operate
can
us:
a
create
whereby
way
a
maximum of
minimum
of abuse
in
problem that lies before the National Economic Committee,
the task that lies before the American people.
that is
the
Berge
public
said
that
interest
should
the
the
in
pressed the opinion
decrees
department is acting first in
monopoly prosecutions and ex¬
that the proposed Ford
achieve
that
which
and Chrysler
National
the
Recovery
Administration
attempted and failed.
Paul E. Hadlick, Secretary of the National Oil Marketers
Association, spoke on "Divorcement Legislation,"
"The
solution of the monopoly problem may be well in the direc¬
of State and national legislation to divide industries
tion
into
their
Waters,
cussed
natural
functional
Casualty
the work
Insurance
of
Commissioners in
the
National
address
an
units," he said.
Commissioner
Richard
of
Association
Texas,
of
G.
dis¬
Insurance
"Financed Contract Insur¬
on
Mr. Waters presented the views
of the Association
with respect to
relationships between the automobile finance
.companies, insurance companies and instalment buyers. The
setting up of State automobile dealer licensing laws at the
request of the dealers themselves, rather than by the State
for
the purpose of correcting situations inimical to good
business and the interest of the public, was urged by State
Senator G. Earl Ingram, counsel of the Wisconsin
Banking
Commission.
of
Newton, Vice-President of the First National
Chicago,
defended
instalment
selling
and
com¬
mercial credit, citing figures
recently compiled by his bank
to show the sound conditions of
the automobile finance
business.
has
It
were
spokesmen
threatened to extend the strike to include between
needed.
is
expanded business
Arthur W.
halted this week, as the result of a strike called Nov. 21 by
the Livestock Handlers' Union No. 567, an affiliate of the
what
is
dominant fears that confront
by Government.
and
Mr.
Bank
Chicago Stock Yards Are Closed Because of Strike by
C. I. O. Affiliates—Live Stock Exchange Suspends
Trading
At
the
is the
ance."
'
Remington-Rand
M.
The
injury
no
by permitting the defendants to intimidate in that
would otherwise return
Three
benefits,
and
collection
picketing." the Remington-Rand brief said,
mass
abuse
the
which
that
noted
bringing this about.
the
illegal secondary boycott which has been
an
$1,000,-
intangible property.
been
kind.
that
two
our
people
this
"this so-called picketing of homes
argued that
of
the
with
the
a
of
are
visiting
violence,
has
it
own 86%.
In part, he also stated:
expenditure of the Federal Government last year was
$80,000,000,000
There
of
the question for the benefit of capital and labor.
on
evidence
the
and
an
court,
had
of
plant.
of
said,
3,250,000
total
prosperity
York's
growing out
case
use
New
by the courts."
"With
not
from
manner,
highest
strike
the
legal, but is in effect
condemned
a6eault
by
Corporation
strikers
unlawful
an
although
sought
was
not
the picketing
on
banned
Remington-Rand counsel
is
today
written
was
from the plant, and the congregation of crowds
said
court
opinion
no
Remington-Rand
a
injunction
employes
brief
a
union
but
ruling
in
2-year-old strike at
The
the
ruling, Associated Press
Albany said:
22 from
concurred,
he
000,000,000 in its effort to restore prosperity.
It is visibly demonstrated
that $11,000,000,000 will not restore prosperity when a national income
In describing the Court of Appeals
Nov.
time,
same
of whom
and the injunction is no longer effective.
justices
30 corporations
of $1,000,000,000
largest corporations have a total of 4,250,000 stockholders,
The dispute which precipitated the strike was later settled
All
are
excess
States have within their borders less than
000,000 each in both tangible and
prevent
mags
advices of
brought about by
that amount of real property and 16 have less than
lower-court
Inc.,
which have assets in
while 22
each,
issued Nov. 22 by the New
was
Appeals,
O'Maboney stated that there
in the country
that strikers cannot picket the homes of workers
to changes
1938
inventions.
new
Injunction Curbs
A ruling
Nov. 26,
rules and to make adjustments
new
Mr.
been
financial
Newton said, in part:
that instalment buying
stated
crises.
This
I
pointed out that at the
were
hard
to
companies
but
was
brokers'
the
enormous
over
Compare
amount
and bond issues
hardly
little
loans.
of
a
billion,
these
brokers'
of
finance paper
it
is
remembered
months,
that
or
it
many
responsible
former
for
I
address
outstanding in 1929
the hands of the finance
about
outstandings
was
a
eighth
an
of
as
finance
much
paper
as
with
bank loans
estate mortgages,
of which went into default, and
the
comparatively small amount
more particularly when
which caused the depression—the
that most of the finance
whereas
to
probably
been
In
paper in
loans, real
outstanding in 1929,
seems
has
believe.
time that brokers' loans
$8,000,000,000, the instalment
over
the
it
find
same
paper
was
liquidated within 18
up.
clear
in
many
cases
mortgages
and
bond
took
issues
years
Professor F.
Cyril James of the Wharton School of',
Finance, University of Pennsylvania, described the work of
the National Bureau of Economic Research, of which he
is a member, in the current study of consumer credit, and
commented
briefly
on
the
current
political
economic
and
developments.
Legal,
Economic
Discussed
Finance
Social
and
—
Aspects
of
Monopoly
Convention
Annual
at
Conference
of
American
Senator
and
O'Mahoney
Wendell Berge Among Speakers
The
legal,
the United
in
economic and
particular,
were
social
of monopoly
aspects
in
States, and in the automobile finance business
well
possible solutions of the problem,
discussed by speakers at the fifth annual convention
as
of the American
as
Finance
Conference, in the Drake Hotel,
Senator. Joseph C. O'Mahoney of
Chicago, Nov. 10 and 11.
Wyoming said that the National Economic Committee, of
which he is Chairman, and the
people are confronted with
the
task
of preserving the advantages of mass production
same time
eliminating the disadvantages, with¬
and at the
out undue
abuses in the direction of governmental control.
Owen
h.
Chicago,
officers
Coon, President of the General Finance Corp.,
was
reelected President of the Conference.
reelected
Other
Vice-Presidents, G. A. Pivirotto,
President of the .Automobile Finance Co., Pittsburgh, and
J. F. Hudson Jr., President of the Interstate Securities Co.,
Kansas
City,
were:
Mo.;
Secretary-Treasurer, John W. R. TenCorp., Chicago, and Executive
nant of the Tennant Finance
Vice-President, Fred V. Chew, Chicago.
The members of the Conference adopted a
resolution
praising the work of its special committee which has main¬
tained
constant contact with the Department of Justice
during the negotiation of the proposed consent decrees now
pending in South Bend, Ind., in the anti-monopoly cases
against the Ford and Chrysler companies, and discharged
the
committee
from
further
duties.
Wendell
Berge, Special Assistant to the Attorney Gen¬
eral, spoke on "Consent Decree Policy in Anti-Trust Suits."
He outlined the policy of the
Department of Justice
in en¬
forcing the Sherman Act, with particular reference to the
proposed consent decree in the Ford
Senator O'Mahoney said, in
part:
There
is
be
can
to preserve
in
their
own
doing this
no
Chrysler
cases.
their liberty.
The
People want to work out their
trouble
concentrated
is
that
they
private economic
have
been
and
power
own
salvation
prevented
by
from
concentrated
Government power.
The
some
National
new
second,
A
that
exert
domination
improvement
their
in
influence
see
come
if it
been
can
created,
a
to
discover
find the rule that will make
the United
much
and
wider
States
by
reason
communication
territory
Whenever the sphere of human action widens
not
power,
and
control.
over
transportation
over
bas
by concentrated private economic
Government
great change has
possible.
Committee
political power, but to
undesirable
D.
Rockefeller Sr.
Placed at $26,410-,-
Dollars
410,837
was
Rockefeller Sr.
left
a
net
estate
disclosed Nov. 22 with the filing of
a
of
$26,-
tax ap¬
Virtually the entire
composed of securities; United States Treasury
praisal in the State Office Building.
estate
was
notes alone had
market value
as of May 23, 1937, the date
death, of $17,837,255 State, county and
municipal bonds aggregated about $5,500,000 and corporate
bonds, about $1,600,000.
Stocks held in the estate consisted principally of railroad
shares; of his once vast holdings of Standard Oil Shares, Mr.
Rockefeller retained at the time of his dep-th only one com¬
mon share of Standard Oil Co. of California and 1,150 shares
of non-voting preferred stock of the Ohio Oil Co.
a
of Mr. Rockefeller's
Economic
impossible, first,
John
837—Held Only One Share of Standard Oil Common
Stock—Gifts During Lifetime Exceeded Half Billion
That John D.
question but that the fundamental desire of all America
way.
by
and
Estate of
than
we
of the fact
enables
was
men
to
previously
find it necessary
,
Volume 147
Also
Financial
Nov. 22, a statement of gifts made by Mr. Rocke¬
feller during his life time was given out by John D. Rocke¬
feller Jr. through the firm of Ivy Lee & T. J. Ross.
The list
on
which
includes
only benefactions of over $100,000 each
totals $524,890,792.07 and it is noted that gifts of less than
that amount aggregated $5,962,839.
The largest single benefaction was to the Rockefeller
Foundation which received $182,851,480.90; next in size
was the
General Education Board which received $129,209,167.10; $73,985,313.77 was given to the Laura Spelman
Rockefeller Memorial, $59,931,891 to the Rockefeller Insti¬
tute for Medical Research, and
$34,708,375.28 to the
University of Chicago.
'
Study of Building Codes Urged by F. S. Cannon at
Annual
Convention
of
Society of Residential
Appraisers—E. J. McCormick Fleeted President
At the annual convention of the Society of Residential
Appraisers in Chicago, Nov. 15, President. F. S. Cannon of
Indianapolis, in his addLress before 700; members of the
Society, asked real estate appraisers to study basic con¬
struction
in
codes
their
"Let
communities.
us
our
use
experience to help clear the pages of our laws of ancient
requirements and set the regulations on a basis to meet
today's conditions," he said, in talking of the building codes.
Regarding Mr. Cannon's further remarks,
an
announcement
If you do not
have planning
or
zoning commiseions in your community,
"it is essential that yon help set them up and also see that they function
as
broad and unprejudiced manner as possible.
Remember that
value
of
15
improvements
work is not based alone on
our
25
to
years
should
we
today's values, but the
ahead.
Of all the groups interested in civic
be most vitally concerned.
Describing the growth of the Society of Residential Ap¬
praisers which he considers the basis for a new standard
of ethics and professional skill in property valuation, Mr.
Cannon pointed out that its membership has gained 25%
during the fourth year of its existence, just drawing to a
close.
It now has 2,800 members.
In the view of John
Ihlder of Washington, D. C., every community probably
has a considerable supply of good dwellings to be rented at
costs below that of any new housing, public or private.
He
was
explaining that. Government must begin to provide
housing where private enterprise ceaSes, and that in mak¬
ing its program it should take into account existing good
dwellings available at low rentals.
Mr. Ihlder is executive
officer for the Alley Dwelling Authority for the District of
Columbia, and addressed a meeting of some 700 appraisers
building and loan executives attending the con¬
vention of the Society of Residential Appraisers. Mr. Ihlder
and savings,
said
that
there
two
are
alternatives
to
the
Government's
finding itself with a never-ending job of restoring such areas
that have been spoilt.
1.
Private
enterprise
It to realize that it
2.
tariff program.
The alternatives are:
the
police
power,
can
impose
standards
of
speculation into those of
long-term investment.
v
4. Scientific research for
discovery of new uses and for improvement of
manufacturer products to increase consumption in known uses.
5. More equitable and favorable
transportation rates between the cotton
belt and other sections of the nation.
Mr. Johnston attacked Federal crop control as undesirable because of th©
farmers' aversion
to
dependency
ference between starvation and
The Conference will complete organization of the NationalCottonCouncii
by appointing premanent committees for each of the 15 States and their
chairmen. States represented were
Arkansas, Alabama, Arizona. California,.
Georgia, Louisiana, Mississipi, Missouri, North Carolina, South Carolina,.
Oklahoma, Tennessee, Texas, Virginia and New Mexico.
A campaign for lower freight rates and research for new
of cotton will constitute the Keystone of the Council's:
uses
said advices Nov. 22 from Memphis to the New
York "Times," which in part also stated;
program
A minimum annual outlay of $150,000 is to be increased gradually until it
becomes $2,000,000, Oscar Johnston, announced.
The cotton men. decided that they would finance the work of the
Council
plan enough
elected national President of the Society of Resi¬
dential Appraisers at the convention in Chicago on Nov; 15.
Mr, McCormiek succeeds F. S. Cannon of Indianapolis and
was elevated from the first vice-presidency*
He was one
of the founders of the New York Chapter of the Society
and one of the first governors of the national organization.
include the following:
officers elected
First Vice-President,
G. Hicks Fallin, Secretary of the Peoples Federal
Savings and Loan Association of Peoria, 111.
Second Vice-President, Frank t>. Hall, Equitable Life Assurance Society.
Governors
elected
for
Fresno,
Calif,; C.
L.
ington,
a
D. C.; Harry S.
two-year
Thomas,
term
Topeka,
include:
Edwin M. Einstein,
Babcoek, Wash¬
Kan. ; Fred - M.
Copeland, Houston, Tex.
Use of Cotton
Through Increased Consumption—
Reported as Regarding Acreage
Reduction Program Impractical
Johnston
.
At Memphis, Tenn. on Nov. 21 an organization was formed
under the name of the National Cotton Council for the
of cotton through increased consump¬
tion.
Oscar Johnston, who was named as Chairman of the
Council, is said to have declared the Administration's
acreage reduction program to be impractical, referring to it
as a failure because it displaces land and labor and opens
markets to "synthetic fibers" which are supplanting cotton.
The United Press which reported him as saying that Federal
control of cotton production must be eliminated if the in¬
dustry is to be saved from economic ruin, indicated his
further comments and developments at the meeting as
promotion of the
use
foreign growths cut down the markets abroad and
before substitutrs, principally rayon and silk, cut down home
consumption
to the point where the
the market and has
substitutes for cot¬
staple would be used within the next twelve months.
He referred to
and rayon and other cotton substitutes made from wood. ;
Describing cotton as the nation's foremost economic problem,
paper
Mr.
Johnston told more than 200 representatives of the cotton Industry from 15
States that there was only one
sound solution to raise the low price and to
liquidate the record surplus of the staple.
"That solution," he said, "is increased consumption, and the first step
Is to begin at home.
scientists apply
largest carryover of cotton of all time now hangs over
depressed prices to a level that is below the cost of
production.
■
Our domestic market can be expanded if chemists and
their knowledge to finding of new uses."
.
.
...
New
York Worlds Fair Building Cornerstone laid—Messages from State Governors Sealed Within it.
The
of the National Advisory Committee
made the receptacle for the safekeeping of
from 35 State governors wishing the New York;
cornerstone
Building
was
messages
Worlds Fair of 1939
success as a
fair and
as a
force for peace
and progress.
Among
which took place Nov*
those who attended the ceremony,;
22, were Mrs. Vincent Astor, Chair¬
woman of the National
Advisory Committee on women's,
participation and Winthrop W. Aldrich, Chairman of the,
National Advisory Committee on men's participation,
Mr.:
Aldrich remarked on the emphasis placed by the Fair on the
vital need for cooperation in all phases of contemporary life
and how this aspect has been exemplified by American busi¬
ness
and social leaders, in their willingness to cooperate
with the Fair corporation.
The building, which will inclose
a sheltered garden and fountain will face one of the
principal
,
streets of
the amusement
conference
lounges,
area.
Its facilities
administrative
rooms,
will include
offices
and
a
^
.
♦
Perkin Medal of
Society of Chemical Industry for 1939
Be Presented to Dr. W. S. Landis-—Dr. J. V. N.
to
Dr.
Walter
S.
Landis
Perkin Medal of the
The medal
is
has
Industry Medal for 1938
been
elected
to
receive
the
Society of Chemical Industry for 1939.
awarded annually for valuable work in
ap¬
will be presented this year to Dr.
Landis for his Work on cyanamid, derivatives pf cyanamid,:
fertilizers, ammonium phosphate in particular, the first
commercial production of argon and contributions to the
plied
chemistry
and
explosive industry.
The selection is made by a committeerepresentiiig the five chemical societies in the United States..
The medal will be. presented on Jan, 6 at a meeting to be¬
held at the Chemists' Club, 52 East 41st Street, New York
City.
'
-
.
The Chemical Industry
Medal for 1938
■
presented on
President of the Dorr Co., Inc.,
at a joint meeting of the American Section of the Society
of Chemical Industry and the American Chemical Society,
held at the Chemists' Club, New York City.
Dr. Wallace
was
P. Cohoe presided.
Howard C. Parmalee spoke on the
accomplishments of the medalist before the presentation of
the medal.
In accepting the medal Dr. Dorr spokfe on the
value
of
the
American patent
system.
Reference to the
proposed presentation of the medal to Dr. Dorr was made
in our issue of Oct. 29, page 2628.
;
Constitutional Head of
Concludes Initial Con¬
vention, After Resolution Endorsing Wagner Labor
John
C.
L.
I.
Lewis
Elected
First
O.—Organization
Relations Act
John L. Lewis oh Nov* 18 was unanimousjy elected as
the first President of the newly created Congress of Indus¬
formed on the groundwork of the Com¬
Organization. The annual convention
of the group was referred to in these columns, Nov. 19, page
3093.
Before the election of Mr. Lewis, the convention
adopted resolutions opposing any change in the Wagner
Labor Relations Act and urging the United States to co¬
operate with other democracies to fight the spread of Fascism
in the Western Hemisphere.
Prolonged demonstrations fol¬
lowed the nomination of Mr,,Lewis, as well as the naming
of Philip Murray and Sidney Hillman for the two VicePresidential posts.
/
trial Organizations,
mittee for Industrial
follows:
He said that in America alone 400,000,000 pounds of
ultimately restore cotton to the high
estate it held before
Nov. 4 to Dr, J. V; N. Dorr,
.
National Cotton Council Formed In South to Promote
Oscar
It Is their hopes that by an assessment
money can be raised to
Dorr Receives Chemical
neer, was
Other
governmental subsidies for the "dif¬
on
bankruptcy."
As for freight rates, which have been attacked by
many Southern groups,
Mr. Johnston said the N. G. C, would conduct an educational
program to*
call attention to tariffs affecting cotton.
.
McCormiek, New York City consulting engi¬
Johnston to
1. An intensive domestic advertising
compaign.
2. Cultivation of good will toward American cotton in
foreign markets.'
3. Stimulation of international commerce with industrial nations.
enable
ultimately pays the bills for slums through taxes.
foreign countries.
The delegates approved a 5-point
program proposed by Mr*
promote use of cotton.
It included:
restaurant.
equip itself with eyeglasses that will
can
through
Government,
Edmund J.
ton
He warned that trade barriers must be removed If this
nation's cotton is to regain its markets in
performance that will convert new residential. areas from areas of shorttime
3249
He said vanished foreign markets could be
regained through an intelligent
without government assistance. ;
said:
in
Chronicle
3250
Financial
The final session of the convention was described in the
following item
of Nov.
from the
19
Pittsburgh
"Post-
Chronicle
Company, St. Louis, Mo.f third Vice-President.
The
Granville
Hiss
27-year-old President of the United Electrical, Radio Sc
Machine Workers of America was named Secretary.
Bach was elected
Merrill
unanimously, no others being nominated.
John
James B. Carey,
Its membership
includes N. A. Zonorich of New Kensington, Aluminum Workers Union;
Clinton S. Golden, Pittsburgh, Distillery Workers, also C. I. O.'s regional
Organizing Committee; Emil Rieve,
Philadelphia, Textile Workers, and
Kennedy, Hazleton, Pa., International
Secretary, United Mine Workers of America,
Cite Menace
An
.
amended credentials
held In
Grotto Hall,
convention,
attended by
was
The C. I. O. voiced its opinion that "the Fascist nations of
Germany,
Italy and Japan" are a menace to "democracy in the Western Hemisphere."
The convention went on record as "heartily endorsing a program that
Government
(United States) to extend governmental
would, permit the
credits to Central and South American countries which
people of such nations to purchase American goods and
commodities
elevation of the standard of living of the masses of those
up
and
for the
countries,
industry and agriculture in such countries and provide
American democracy in
a
build
bulwark of
Central and South America to thwart economic
political penetration of Fascist nations of Germany, Italy and Japan."
Pledge Support to Harry Bridges
The 0.1. O.'s support was pledged to its delegate, Miss Kathryn
lished "for the purpose of exchanging, through the Pan-American Union,
on labor problems."
information and research
The convention pledged support to legislation "that would be formu¬
lated by the Federal administration" to prevent any "aid or comfort"
being given to "aggressor nations which
are so
determined to bring Fascism
to the world."
pledged also to Harry Bridges, Pacific Coast
O. I. O. regional director, facing possible deportation to his native Australia,
and Harold Pritchettof the Timber Workers Union, who has been
from entering the United States.
prevented
...
a.
maritime committee to coordinate activities
of maritime unions and the C. I. 0.
Urged creation of
'
"
permanent bureau of fine arts by the Government.
a
Told their executive council to study technological unemployment and
support legislation for
The convention
a
six-hour work day and a 30-hour week,
Congress to leave the
urged
H. Wells,
The Canada Trust Company, London, Canada; and, Richard
State-Planters Bank and Trust Company, Richmond, Ya.
Toronto
selected by the Board as the convention city
was
Secretary of State Hull and United States Delegation
Sail for Pan-American Conference at Lima, Peru
Secretary of State Cordell Hull and the United States dele¬
gation sailed from New York last night (Nov. 25) aboard
the liner Santa Clara for Lima, Peru, where the Eighth Inter¬
national Conference
on
American States will open on Dec. 9.
Before sailing Secretary Hull planned to talk with Hugh R.
Wilson, American Ambassador recently recalled from Ger¬
The American delegation, which accompanied
Secretary Hull, was listed in these columns of last week,
page 3103.
many.
Haggard, New British Consul-General
New York, Honored at Receptions
at
Godfrey D. N. Haggard, who arrived in this country
on
Nov. 6 to take up his new duties as British Consul-General
at New York, was guest of honor at a
reception and
luncheon
given by
the British
Empire Chamber of Com¬
Mr. Haggard, who
was appointed June 9, as was noted in these columns of
June 25, page 4052, succeeds Sir Gerald Campbell, who has
become High Commissioner in Canada.
On Nov. 16 the
English-Speaking Union gave a dinner in honor of Mr.
Haggard at the Plaza Hotel; New York.
Regarding this
affair, we take the following from the New York "Times"
in the United States
merce
on
Nov. 15.
of No v. 17:
The delegates, in other resolutions:
Urged establishment of
Price, City National Bank & Trust Company, Chicago;
The Purse Company, Chattanooga, Tenn.;
G. L. Spry,
Godfrey
The delegates urged also that a Pan-American labor institute be estab¬
O.'s support was
Des Moines;
P. Purse,
R.
Lewis,
appointed by President Roosevelt to the Pan-American conference in Lima,
Peru.
Miss Lewis, daughter and confidential Secretary of C. I. O. Presi¬
dent Lewis, was active in the Pittsburgh convention.
C. I.
Banker,
of Fascism
519 delegates, repre¬
senting more than 3,800,000 workers in national and international unions.
would enable this
Northwestern
for next year.
committee report Indicated the
Northside,
Fenner & Beane, New York City;
DePuy,
Chester L.
Pittsburgh, Amalgamated Association of
Iron, Steel & Tin Workers; John Green, Camden, N. J., Marine Jk Ship¬
building Workers; Van A. Bittner, Chicago, regional director. Steel Workers
Governor. Thomas
J. Harris,
Clyde 0. Draughon, Merchants National Bank, Mobile, Ala.;
Lewis F. Gordon, Citizens & Southern National Bank, Atlanta, Ga.;
J. Lewell Lafferty, Fort Worth National Bank, Fort Worth;
John J. McCann, Jr., National Savings Bank, Albany, N. Y.;
An executive council of 41 members, chiefly made up of Presidents of
Lieutenant
J.
Clifford
Forty-one on Executive Council
director here; B. Frank Bennett,
Neal, Roy H. Booth, Jr., National Shawmut Bank, Boston;
Nashville Trust Company, Nashville, Tenn.;
Bourne,
Boreas
Campbell, East River Savings Bank, New York City;
Campbell, Marine Trust Company, Buffalo;
J, F. Cornelius, First National Bank, Spokane, Wash.;
Philip Murray and Sidney Hillman were elected Vice-Presidents and
constituent unions, likewise was chosen.
Board of Directors consists of:
new
William H.
Amid wild cheering, ovations, band music, table thumping and aisle-
parades lasting as long as 28 minutes, Lewis wasg iven a supporting staff.
the C, I. O.'s
Assistant Secretary, Mississippi Valley Trust
Victor Cullin,
Gazette";
,
Nov. 26, 1938
Wagner
,
Labor
,
Act
John W. Davis, President of the English-Speaking Union of the United
States, presided and assured Mr. Haggard of his "hearty and cordial wel¬
come."
Frederic R, Coudert Sr. made the principal address of greeting,
referring to the English
common law, "the doctrine of the rights of man,
play and of the privilege of every man to his day in court" as the
of fair
>
un-
underlying bond between the English-speaking peoples.
Mr. Haggard, answering criticism of the democracies for failure to take
positive action, in world affairs, told an audience of 400 that "democ¬
changed and not to "interfere with the work of the National Labor Relations
Board by investigating its activities."
Even stronger legislation was sug¬
more
gested and
racy
some
speakers argued for it.
By resolution also the convention attacked the Associated Farmers
.an
organization with
a
"misleading"
as
name.
not win every battle, but
may
to Americans
opinions."
Conference
at
Fort
Association
Elected
Worth
Oct.
of
31-Nov.
Financial
3—George
Advertisers
O.
Everett
President
it
always wins the last
one."
Re¬
ferring to British-American cooperation in many fields as "almost- auto¬
matic," he characterized British foreign policy as "something that matters
about which
and
To
the charge
Americans
are
entitled
Great Britain has
that
to
have
"let the
their
own
democracies
down," in the recent crisis, he replied with the query:
"What
could have
been
democratic
more
than
the
action of
Minister, reflecting the opinion of his own people and in a
the democratic
Prime
our
sense
testing
opinion of other countries?"
A welcome to the delegates to the Financial Advertisers
Association
Conference
at
Fort
Worth,
Oct.
Tex.
31-Nov,
.3
was extended by the Fort Worth bankers under the leader¬
ship of J. Lewell Lafferty, General Chairman of the Fort
Worth Committee, Assistant Vice-President of the Fort
Worth
National
Bank
and
a
Director
of
the
Financial
Advertisers Association.
"Public Relations to Meet the Changing Needs of Today"
the theme of a conference marked by a full schedule
was
devoted to the fundamentals,of public relations;
research,
employee training.
"Back to school" was
the method adopted by George Everett, General Chairman
economics
of the
and
Conference, to present his
Dr. James C.
program.
Dolley, head of the Department of Banking at Texas Uni¬
versity, started each day by presenting a four hour course
in the changing economics and how they must be treated
in our public relations.
Featuring his course was a series
of economic theories in
use
today, their pros and cons and
afternoon
devoted
round-table,
off-the-record forums, where comparatively small groups
discussed subjects devoted to the devolopment of com¬
mercial, trust; savings, and investment business. The sub¬
jects discussed were determined by a survey of all members
to be certain of their general interest.
Featuring the gen¬
programs
were
to
Batista, Cuban Army Chief, Departs
States—Pledges Cuba Will Stand
United
American
Colonel
Nations for
from
with
Democracy
Fulgencio
Batista, Chief of the "Constitutional
Army of Cuba, departed for Cuba on Nov. 20 after a week's
visit
in
New
York.
Colonel
Batista
to
came
the
United
States to attend Armistice
as
the
Day ceremonies in Washington
guest of General Malin Craig, Chief of Staff of the
United States
Army, during which time he conferred with
President Roosevelt and
other
Government
officials.
Be¬
fore leaving New, York the Colonel declared that his coun¬
try would stand with the other. American nations against
any
political penetration alien to the American democratic
ideals.
A reference to Colonel Batista's
three-day visit in
Washington was made in our issue of last week, page 3102.
In an interview before his departure Colonel Batista said :
I
probable effectiveness.
The
Colonel
me
wish to express
during
general.
I
my
have
stay
profound gratitude for the attention given
my most
by
the authorities,
received
smiles and courtesy at
from
everyone
institutions
the most
and the
warm
people in
with
welcome,
all times.
According to the New York "Times," Colonel Batista also
said:
,
eral sessions
subject
was
were
Elmo
Roper, Research Counselor, whose
"The Value of Research and How it Could be
Applied to Banking"; and Bert H. White, Vice-President
of the Liberty Bank of Buffalo, N. Y. who told of his re¬
search advisory service designed to help banks assist their
commercial customers.
George
Everett,
Assistant
Vice-President
of
the
First
Citizens Bank and Trust Company, Utica, N. Y., was elected
President to succeed William H.
Neal, Vice-President of the
Wachovia Bank and Trust Company, Winston-Salem, N. C.;
Stephen H. Fifield, Assistant Vice-President, Barnett Na¬
tional Bank, Jacksonville, Fla.; was elected First VicePresident ; Robert J. Izant, Vice-President, Central National
iBank, Cleveland, was elected Second Vice-President; and,
I leave very satisfied, as
much for the demonstrations as for the great
Many of the
things I have seen will help me as an' experience which I will transmit
to Cuba.
My only lament is that my stay here was so short.
things which I have
seen
during my stay in this country.
President Roosevelt Appoints O.Kerner and M.
to
Federal
Judgeships in Illinois—Also
W. J. Campbell as
President Roosevelt
L. Igoe
Names
Federal Attorney
on
Nov. 23 announced from his tem¬
White House offices in Warm Springs, Ga., the
appointment of two Federal judgeships and a new District
Attorney in Illinois.
Otto Kerner, Attorney General of
Illinois, was named to the United States Circuit Court for
the Seventh District, and Michael L. Igoe, former Illinois
Representative in Congress who was Federal Attorney for
porary
Volume
Financial
147
Chronicle
Due
the Northern District of Illinois since his retirement from
Congress,
appointed District Judge for the Northern
was
District of Illinois.
The third appointment made by the
President was that of William J.; Campbell, National Youth
Administration director for Illinois, to succeed Mr. Igoe as
United States
Attorney.
3251
most
a
gratifying
response
by manufacturers, the Merchandise
Exposition, to be held concurrently with the convention of the Institute,
promises to be even more successful than was last year's event.
Already
more than half of the exhibit
space has been taken by an impressive list
of concerns, including manufacturers of
piece goods, domestics, hosiery,
underwear, notions, men's wear and knitted outerwear.
Exhibitors
Appoints D« T, Moore Administrator
Regional Office in Cleveland
New
of
announced
Division of
Ohio, had accepted an appointment
Securities of the State of
ment
of
which
last
has
been
year—when
making rapid progress.
all
manufacturers,
permitted to attend—manufacturer
The Securities and Exchange Commission
Nov. 21 that Dan Tyler Moore Jr., Chief of the
:
are regarding the
Exposition as an exceptional opportunity to
improve their cooperative relationship with wholesalers, a move¬
further
—«►——
SEC
to
Differing from
whether
attendance
or
not
the
policy
exhibitors,
were
this
year will be confined
representatives of those participating in the exposition.
Again, one of the convention sessions will be conducted by the manu¬
to the
facturers.
•to become
Regional Administrator for a new Regional Office
established by the Commission in Cleveland, Ohio, for the
States of Ohio, Michigan, Indiana and Kentucky.
The
Commission further stated:
Frank F.
Mr. Moore, who previously had been a member of the staff
mission, went to Ohio
1937.
of the Com-
Chief of the State's Securities Division in June,
as
He is the author of the
new
Ohio Securities Act, which was
certain features of the Federal securities statutes and which was
•on
modeled
adopted
by the Ohio Legislature in January, 1938.
Mr. Moore
was on
the staff of the SEC from October, 1934,
1937, prior to which he
investment bankers.
30 years, old.
until July,
Son, New York,
associated with Jtoosevelt &
was
He is
He will
assume
The four States in the
his new duties
on
Dec. 1.
.
formerly a part
■of the Chicago region. Up to the present time the Cleveland office of the
Commission has been administered as a sub-office of Chicago. The Detroit
office of the Commission, hitherto a branch of the Chicago Regional office,
mow
administrative region were
new
fells under the jurisdiction of the Cleveland Regional
H. W. Beebe and L. M. Marks
Administrator.
Appointed to New York
Committee of Investment Bankers Conference
B.
Brooks, President of the First National Bank
Pittsburgh,
was
of three years.
♦
Automobile Export Managers to Meet in
Washington
on
Dec. 2 to Discuss New Trade Agreements Be¬
United
tween
States, Great Britain, and Canada
Detailed effects of the recently consummated trade
agree¬
ment between the United States and Great Britain and
Canada will be reviewed at a meeting of export managers
representing the Automobile Manufacturers Association, to
be held
Dec. 2 at the Washington headquarters of the
was announced Nov. 21.
Among other sub¬
on
Association, it
jects to be discussed at the meeting will be the problems
involved in improving the financing of purchase of Amer¬
ican- motor vehicles in countries where there are trade
restrictions.
Howell Griswold Jr.,
Chairman of the Investment
Conference, Inc.,-announces the appointment to
membership on the New York district conference committee
•of Harry W. Beebe of BrowD Harriman & Co., Inc., and
Bankers
Laurence M. Marks of Laurence M. Marks & Co.
The
New York district embraces the States of New York, Con¬
necticut and New Jersey.
The signing of the agreement between the three countries
noted in our issue of Nov. 19, page 3095.
was
•
—♦
Philip A. Benson, Newly Elected President of A* B. A.,
to Be
Guest of Honor at Luncheon to Be Tendered
by Brooklyn Trust Co. Nov. 29
Philip A. Benson, newly-elected President of the Amer¬
ican Bankers Association and President of the Dime
J, H. Cohen
to
Speak at Monthly Meeting of New York
Chamber
State
of
Commerce
Dec.
on
1-—Five
Nominated for Membership
monthly meeting of the Chamber of Commerce of the State
on Dec. 1.
Mr. Cohen, who in 1931 served
of New York
Vice-Chairman and General Counsel of the St, Lawrence
Power
Development Commission, will speak on the "Increas¬
ing Federal Encroachments on the Powers and Properties
of the States."
Richard W. Lawrence, President of the
•chamber, will preside at the meeting.
Reports from a
number of committees will be acted upon at the business
.session preceding Mr. Cohen's address.
The following have been approved for membership by the
executive committee of the Chamber and will
come
Co.
Nov.
on
29;
it
is
by
announced
George V.
The luncheon
will be held at the Hotel Bossert in Brooklyn.
About 250
guests are expected to be present, including officers of sav¬
ings banks throughout Greater New York and vicinity;
Superintendent of Banks William R. White and members
McLaughlin, President of the trust
company.
of the
Banking Board of the State of New York; directors
of the
Brooklyn Chamber of Commerce and others promi¬
in
nent
Brooklyn affairs;
and
officers
of
the
American
Bankers Association, the New York State Bankers. Associa¬
tion, the Savings Banks Association of the State of New
York,
and
Banks...
National
the
;,
•
Association
of
Mutual
Savings
.■
*
for up
25th
■election at the meeting on, Dec. 1:
Sav¬
ings Bank of Brooklyn, will be the guest of honor at a
"homecoming luncheon" to be tendered by the Brooklyn
Trust
Julius Henry Cohen, general counsel of the Port of New
York Authority, will be guest of honor and speaker at the
as
at
re-elected a Class A Director of the Fourth
Federal Reserve District of Cleveland on Nov. 17 for a term
graduate of Yale College, class of 1931, and is
a
Born in the District of Columbia, he makes his home in
Columbus, Ohio.
F. F. Brooks Re-elected Director of Cleveland Federal
Reserve District
Annual
Bankers
Forum
Dinner
of
New
York
Chapter of American Institute of Banking to Be
Harold M. Sawyer, Vice-President of the American Gas A Electric Co.;
Fletcher W, RockweU, Vice-President of the National Lead Co.;
Held Dec. l—~P. A. Benson and T. A. Wilson to Be
Fred A. Hubbard, Vice-President of the Hanover Fire Insurance Co.
Guests of Honor—Marriner S. Eccles to
Gilbert Hudson "Wehmann, of Tucker Anthony & Op., and
*
Philip
Richard B. Bole, of Aero Insurance Underwriters.
Maestre
S.
and
J.
R.
Stanley Elected
Director*
of
Federal Reserve Bank of St. Louis
According to announcement of William T. Nardin, Chair¬
man
of the Board of the Federal Reserve Bank of St. Louis,
the results of the election of directors which ended Nov, 22
Are as
Trust
1
as a
follows: Sidney Maestre, President, Mississippi Valley
Co., St. Louis,
was
elected by member banks in Group
Class A Director of the Federal Reserve Bank of St.
Louis, and John R. Stanley, Secretary-Treasurer, Stanley
Clothing Co., Evansville, Ind., was elected by member
banks in Group 3 as a Class B Director.
Each was chosen
to serve for three years from Jan. 1, 1939.
of
the
Benson,
Board
President
of
Governors
^
Mid-Winter
Traders Association for 1938-1939 term, succeeding
Arthur
E.
Farrell, at the Association's annual convention recently
•concluded at Miami, Fla.
The 1939 convention will be held
in New York City.
;
0..
...
.
.
The
twelfth
annual
convention
of
the
Wholesale
Dry
Goods .Institute will be held at the Commodore Hotel, New
Trust
the
17 through Jan. 19. A large attend¬
buyers is expected. Among
discussed are:
"Economic Changes";
of wholesale executives and
subjects to be
"Reducing Operating Costs";
Profit
Out
of
Wholesaling?"
Institute further said:
An
announcement
by
the
Bankers
The twentieth annual Midwinter Trust Conference of the
Hotel, New York, Feb. 14-16, it was announced
by Samuel C. Waugh, President of the A. B. A.
Trust Division, who is Vice-President and Trust Officer of
the First Trust Co., Lincoln, Neb,
The annual banquet,
which will bring the Conference to a close, will be held
Astoria
Nov. 18
of Feb. 16. Trust men in various sections
it is stated, are being invited to submit
suggestions for discussion.
In this manner it is expected
that a most effective program will be built around the im¬
portant current problems in the trust field.
the evening
of the country,
New York State Savings
Testimonial
Dinner
Henry R. Kinsey
"The Fair Labor Standards
Act"; "The Washington Outlook"; "How May We Make a
Reserve
'
Conference" of American
York City, from Jan.
ance
Federal
of the
American Bankers Association will he held at the Waldorf-
on
Twelfth Annual Convention of Wholesale Dry Goods
Institute to Be Held in New York Jan. 17-19
the
Association to Be Held in New York Feb. 14-16
in New York
Willis M. Summers, a partner of Hoit, Rose &Troster,
New York Was elected President of the National Security
of
System, will be the guest speaker, and Henry B. Kinsey,
President of the National Association of Mutual Savings
Banks and President of the Williamsburgh Savings Bank,
Brooklyn, will preside.
W. M. Summers Elected President of National Security
Traders Association—1939 Convention to Be Held
Speak
American Bankers
Association and President of the Dime Savings Bank of
Brooklyn, and Thomas A, Wilson, President of the New
York State Bankers Association and President of the Marine
Midland Trust Co., Binghamton, N. Y., are to be the guests
of honor at the twenty-fifth annual Bankers Forum dinner
of New York Chapter of the American Institute of Banking,
on Dec. 1, at the Hotel Astor, New York, it was announced
Nov. 17 by Rojand C. Sherrer, Chairman of the Bankers
Forum Committee and Assistant; Cashier of the Williamsburgh Savings Bank, Brooklyn.
Marriner S. Eccles, Chair¬
man
A.
on
Bank Association to Tender
to
Philip A. Benson and
Dec. 5
dinner sponsored by the Savings Banks
Association of the State of New York to Philip A. Benson,
A
testimonial
President of the American Bankers Association, and Henry
Financial
3ft. KInse& President of tils National Association of Mutual
Saving Banks, will be held Dec. 5 at the Waldorf-Astoria,
NeW York City.
An announcement issued by the Savings
Banks Association further stated:
I
These
two
be elected
be
to
in
any
way
The toastmaster
Embler.
Albert 8.
even
borough
of
that
associated with these two men naturally feel that the
and we urge your cooperation.
will be the recently-elected President of this Association,
for unusual recognition,
occasion calls
^
and
city,
State,
serving simultaneously in the two highest positions they
to by their fellow bankers of this country.
Those privileged
be
will
city,
can
the same
from
men
be Dr. Harold Stonier, Executive
The only speaker will
at the liquidation of the "temporary" Federal
particular of the Reconstruction Finance Corporation, the
Corporation, some of the Farm Credit Administration agencies,
and such minor bodies as the Railroad Credit Corp.
Liquidation, however, should
credit
agencies—In
Home Owners' Loan
American
of
Congress
York for Annual
New
The committee Is emphatically of the opinion
10.
the
debt
best
at
manufacturers from all sections
New York, Dec. 7, 8 and 9, for
the annual Congress of American Industry sponsored by the
Association, it was announced Nov. 12.
Mr. Hook, who
ecently returned from Europe as a member of the Presi¬
dent's Commission to study employment relations in Great
Britain and Sweden, extended the invitation to manufactur¬
ers to make this the largest conclave of industry ever held,
saying:
"Number One Job.'
presented, and speakers on the program, we hope to obtain
blocked
accurate cross-section of not only those factors which have
for nine
covery
years,
only
sale
to eav:
a
reflection
and
spring
use
basic
the character of
of
business
the objective realities of the
and services, the report
of
of
from
financial pattern
that the
Pointing out
distorted
a
distribution,
order
financial
goods
<
large part of that financial pattern into the rigid
mold of debt la danger¬
Immutable a set of valuations which at best
uncertain future. In the face of such a major
It represents an attempt to make
an
fit the financial "pattern" of normal times may
make changed economic realities*
be disastrous.
of debt maturities is even,
capital values.
Debtors often,,
on
their due-dates except by
borrowing anew, it is pointed out, with the result that a stoppage of
refinancing in any important part of the economic system is likely tospread financial crisis.
'*
"These dangers are accentuated," the report finds, "by the fact that the-,
The
"if
re¬
but also those that can be used to restore our economic
not
the arbitrary
the
than
usually,"
cannot
off
timing
of
congealing
pay
debts
States is the type of debt
mass of commercial loans,,
bonds, mortgages, and other debts owed to banks.
A disturbance in the
field of debt thus becomes a monetary disturbance almost automatically."'
Discussing debts and the course of the depression, the report com¬
chief
form
effective
of
called
'bank
ments
money
in
the United
that:
deposits,'
In the early
underlying which
is
a
depression years, many over-extended debtors collapsed, impairingAs refinancing became more difficult, even
became unable to carry out the artificial debt-maturity schedule-
the position of the more conservative.
solvent debtors
The resulting losses and disilluslonments werethe main causes of the rush to hoard currency, and of the catastrophic shrink¬
and pay all debts as they came due.
among
equilibrium.
that
adds
report
dangerous
more
On the basis of National Association of Manufacturers committee reports,
an
Nation's
economic upset as that of 1929-1933, the effort to
American Rolling Mill Co.,
of the country will gather in
Finding jobs for the unemployed is America's
the
of
structure.
reflect Ill-formulated estimates of
Under the leadership of Charles R. Hook, President of the
National Association of Manufacturers and President of the
which will be
declares that the committee is convinced many of the
The report
weaknesses
is
that while sounder debt policies
help to forestall depressions and ease crises, they cannot alone bring recovery.
can
ous.
Industry Dec. 7-9
five to 20 years to
Pending liquidation, the action of these agencies and other government
bodies affecting debt should be better coordinated.
To cast
Meet in
to
begin yet, and most of these agencies will take
not In all cases
wind up.
goes on
Manufacturers
policy should aim
9. Long-run
producion,
Bankers Association.
Manager of the American
Nov. 26,
Chronicle
age
of bank deposits, which marked the crushing deflation
of 1931-33.
prominent Government leaders the sessions will hear
various opinions on the probable trends to be followed by
Congress when it meets after the year end.
There have
already been indications, it is stated, that the Congress will
be confronted with numerous proposals of vital interest to
American business, including possible revision of the Wagner
Labor Relations Act, taxation, social security, and railroad
legislation.
To discuss these problems the Association will
hear both present and former leaders in the field of govern¬
unfair proportion of depression losses on*
by foreclosure for large numbers.
The resulting disorders and the feeling of Insecurity they bred contributed, in turn,
to further business decline.
The failure of railway and utility rates to fall, which
undoubtedly made the depression sharper, was largely due to the pressure of fixed*
ment.
of the. Dollar Savings Bank
of the City of New York, announced Nov. 19 that the bank
would distribute approximately half a .million dollars to its
Christmas Club savers during the week of Nov. 21.
Theaverage distribution will amount to $42.97, with
11,636
depositors participating in the total disbursement. Accord¬
ing to Mr. Manson, this will be the largest distribution of
Christmas Club money ever made by the Dollar Savings
Bank, which was incorporated in 1890 and which claims tobe the 17th largest savings bank in the country and the 13th
largest in New York State.
From
Twentieth Century Fund Publishes 10-Point Program
Proposed by Its Committee on Debt Adjustment
—Urges Plans to Make Equity Investment More
Attractive to Investors
The
future
trasted
with
of
encouragement
the
direct ownership,
American
current
economic
"debt financing," was recommended on
as
con¬
of
practice
Fund* which made public the complete 10of reform proposed by. its Committee on
Debt Adjustment.
The principal recommendation made by
program
the committee was that to produce durable recovery means
be
found
make
to
equity investment more attractive
investors.
to
'
,
The report supplements three other recent reports
Fund, which
2953-54.
by the
referred to in our issue of Nov. 12, pages
were
The committee's report does not deny
of debts, and
ness
credit institutions
mercial
debts
serve
and that short-term com¬
of goods currently pro¬
as
money,
the sale
facilitate
duced.
"However," the report says, "the committee is con¬
our economic system would be far more healthy
if debt financing were used less frequently, and that meas¬
vinced that
should
flexible
taken
be
methods
of
reduce
to
financing
its
extent.
Where
more
approach the conveni¬
ence of debt financing, they should be used; and when the
advantages of debt financing are too great to forego, strenu¬
even
efforts should be made to mitigate its defects."
In
a
summary
committee's report the Twentieth
of the
Century Fund added:
Discussing
the
course
debt
of
the
difficulties
that "debt
grants
that
asserts
nevertheless
it
largely the weakness of
was
for
the business decline to go
The committee's
depression, the committee report
not" solely responsible for it, but
to the lack of balance, and
great
were
contributed
our
debt structure which made it possible
to such
unprecedented lengths."
comprehensive program of action designed to ameliorate
the
weaknesses of
the
debt
financing and
encourage
direct ownership,
includes
1. The existing laws and administrative rules which favor debt financing by
forcing insurance companies, savings banks and trustees to Invest almost entirely In
debts should be relaxed and perhaps eventually abolished.
(However, Mr. J. Lienberger Davis, Chairman
of the committee,
dissented
from this recommendation as applied to savings banks.)
2. Further new and refunding issues of securities by the Federal, State and local
governments should not carry exemption from Income taxes.
3. The Federal and State governments and regulatory agencies should strive to
discourage debt financing, rather than to encourage it as they now do through income
policy, regulation of utility rates and control of local government debts.
Plans for the repayment of debts should be related to the probable economic
life and earning power of the underlying assets.
5. Appraisal of assets underlying debts should be made more systematic and
tax
4.
objective.
The present situation does not warrant immediate removal of existing mortgage
moratorla; but plans should be laid for their gradual elimination by a taperlng-off
begin as soon as business conditions improve enought to Justify it.
The committee urges that further reform In the laws governing bankruptcy,
process, to
7.
TRUST
BANKS,
COMPANIES,
&c-
•
Whliam H. Bade,
a
member of the New York Stock Ex-
with offices at Scholle Brothers, 40 Wail St.,City, died of heart disease on Nov. 18 at his homeHe was 41 years old.
Mr. Bade was born in
Brooklyn, N. Y., and graduated from Princeton University
in 1919.
In May, 1927, he bought a seat on the New York
Stock Exchange for $217,000,. the highest price paid up to
that time, and joined the firm of De Coppet & Doremus.
Exchange,
New York
in New York.
He had remained active in Wall Street since then.
John R. Mohr, Vice-President of the Brooklyn Trusl Co.,
on Nov. 20 at the Brooklyn Hospital after an illness of
died
Mr. Mohr was born in Brooklyn, April 10,
1891, and was first employed by the old Mechanics BaDk of
Brooklyn in 1905 as a messenger.
Later, as a result of
successive promotions, he served as a
teller, bookkeeper
and general bookkeeper and in 1926 was appointed Trust
Officer. When the Mechanics Bank merged wit.i the Brook¬
lyn Trust Co., in February, 1929, he was appointed an
assistant secretary of the trust company, and in April, 1935,
was elected a Vice-President.
For the past six years he had
been in charge of the mortgage department of the trust
several weeks.
company.
♦
Stephen T. Dunn, head of the Trust Department of the
Brooklyn office of the Lawyers Trust Co., New York, died
of pneumonia on Nov. 16 at the Brooklyn Hospital after an
illness of two weeks.
A native of Brooklyn, N. Y., Mr.
Dunn started his career with the Home Trust Co., which
was
following 10 specific recommendations:
6.
ABOUT
ITEMS
the useful¬
bought without mortgages, that rapidly growing cities can
public works only by selling bonds, that debts of
ous
.
weak spots in the debt structure—especially debts of railways and'
mortgages—have also checked recovery. Debt weaknesses thus had a baleful1
influence both on the down-swing and the upswing.
that homes ordinarily cannot be
agrees
finance
ures
obligations.
The remaining
urban
Nov. 13 by the Twen¬
Century
point
must
debt
Howell T. Manson, President
A previous item bearing on the Congress in which the
principal speakers were announced was given in our issue of
Oct. 22, page 2476.
tieth
The pressure of mortgage debts put an
the shoulders of debtors, and led to loss of property
merged with the Lawyers Trust Co.
He
Lawyers Trust for 33 years.
had been
connected with the
The
Dime
Savings Bank of Williamsburgh,
Brooklyn r
N. Y., has commenced the paying out
of more than $400,000
approximately 7,000 members of its 1938 Christmas Club,
thus closing out the largest season in the history of the club,
Christopher C. Mollenhauer, President of the bank, stated
to
on
Nov. 21.
Mr. Mollenhauer announced at the same time
that almost all of this
year's members had enrolled for the
indications point to
1939 Christmas Club and that present
larger club both in memberships and in total deposits for
coining year. Payments being made include the regular
interest at the annual rate of 2%, which is paid on all Christ¬
mas Club
deposits each year.
a
the
corporate reorganization, &c., should aim to secure the conversion of debt irito direct
ownership, and to increase the flexibility of debt contracts.
1
8. While the need of systematic Information on the debt problem
has been
re¬
cognized by setting up a debt section In the United States Bureau of Foreign and
Domestic Commerce, a great deal should still be done by the Federal Government
and private
agencies to Improve available information
on
the debt problem.
Formal opening and inspection of the new and enlarged
banking quarters of the First National Bank of Cincinnati,
Ohio, took place
on
Nov. 17.
Remodeling of the bank's old
v
Volume
•quarters
Streets
Financial
147
the
at
southeast
of
corner
Walnut Street have been in progress for some
First National Bank of Cincinnati
ago
(1863) with
a
was
THE
Walnut
and
Fourth
five-story annex fronting on
and the building of a
The
months.
chartered 75 years
capital of $1,000,000, we learn from the
3253
Chronicle
NEW
YORK CURB EXCHANGE
Trading on the New York Curb Exchange has shown a
strong drift toward aviation shares and this group of stocks
has dominated the market during most of the present week.
Specialties have also attracted considerable speculative at¬
"Enquirer" of Nov. 13, and in 1865 had total resources of
tention while
$6,683,586.
At the end of 1937 its total assets were $84,364,374.
Harry S. Leyman is Chairman of the Board, and
Thomas J. Davis, President.
been compara¬
tively quiet.
Gordon
•of the
E.
Starkey has become Executive Vice-President
Co. of East Liverpool, Ohio.
Potters Bank & Trust
He recently resigned his connection
with the National Bank¬
In a brief outline of
ing Department to accept the office.
his career,
"Money and Commerce" of Nov. 19, from which
said, in part:
this is learned,
Mr.
Bank,
Van
banking
Starkey began his
in
Scott
Wert,
Village,
Ohio,
as
of
officer
an
career
clerk in the Farmers Savings
as
1917 to
Wert National Bank.
He
From there he went
Ohio.
western
the
Van
in
associated
with the United States Treasury Department under the Comptroller of the
Currency as National Bank Examiner in the Fourth Federal Reserve Dis¬
trict, Cleveland.
*
During the inception of the examining work
■of
the
Federal
Deposit Insurance Corporation he was assigned to the
Pittsburgh area and made the first examination for that corporation of a
with
remained
that
.
institution
.
■number of the Pittsburgh
until
1928,
when
he
became
.
non-member banks.
appearing in the Los Angeles
"Times", authority for this,
added:
"
.//-
•
..
"
:
1,082 additional shares of Farmers
Bank of Carson Valley, Inc., Minden, Nev., bringing ownership to 1,632
-shares, or 81.60% of its 2,000 shares outstanding.
Company also reported acquisition of
The directors of The Dominion
Bank (head office Toronto,
^Canada) have declared a dividend of 2%%,(Vfor the quarter
ending Dec. 31, 1938, payable Jan. 3,1939 to shareholders of
Tecord Dec. 20, 1938, making a total distribution to the
•shareholders for the current year of 10%.
in
Bellanca
(head office Toronto)
this week. As the bank's fiscal
year is being changed to end Oct. 31 instead of on Nov. 30,
the current report covers only 11 months of the fiscal year.
It shows net earnings as of Oct. 31, 1938, after allowing for
Dominion, and Provincial taxes and making full provision
for bad and doubtful debts, of $2,648,975, which when added
to $739,326, the balance brought forward from the previous
fiscal year, made $3,388,301 available for distribution.
Out
of this sum the following allocations were made: $2,200,000
to pay dividends for the 11 months at the rate of 8% per
annum; $237,218 transferred to pension fund, and $200,000
written off bank premises, leaving a balance of $751,083
to be carried forward to the present year's profit and loss
The
Canadian Bank of Commerce
issued its 72nd annual report
account.
Total
j
resources are
■
shown in the statement
N-.
■
ak$665,233,291,
comparing with $650,899,539 on Nov. 30, 1937. • Of this
amount $409,036,927 are
quick assets (comparing with
$407,009,161) representing 66.63% of the bank's liabhities
to the public.
Total deposits, too, are much higher, aggre¬
gating $578,013,237 on Oct. 31 as against $560,675,901 on
Nov. 30 last year.
The bank's capital and rest, or reserve,
fund remain unchanged at $30,000,000 and $20,000,000,
respectively.
S. H. Logan is President
Geueral Manager.
of the institution
and A. E. Arscott,
The 64th annual report
of the Imperial Bank of Canada
(head office Toronto) covering the
fiscal year ended Oct. 31
and shows substantial growth in
The statement of the Imperial
Bank is always awaited with interest because it is the first
Canadian bank to make a report for the year, and the figures
usually denote the general trend in bank earnings.
Net
earnings for the year after providing for Dominion and
Provincial taxes ($316,156); contributing to staff pension
and guarantee funds ($90,536) and making appropriations
to contingent accounts, out of which accounts full provision
for bad and doubtful debts has been made, amounted to
$961,343 (as compared with $967,977 on Oct. 30, 1937), and
when added to $638,033, the balance to credit of profit and
loss brought forward from the preceding fiscal year, made
$1,599,376 available for distribution.
This amount was
allocated as follows: $700,000 to pay dividends at the rate
of 10% per annum; $100,000 written off bank premises
account, and $150,000 reserved for contingencies, leaving a
balance of $649,376 to be carried forward to the current
fiscal year's profit and loss account.
Total resources are
shown at $167,307,518, comparing with $159,667,419 a year
ago, while total deposits are given at $150,514,063, against
$142,916,133. The paid-up capital and the reserve fund, at
$7,000,000 and $8,000,000, respectively, remain the same
as last year.
A. E. Phipps is President and H. T. Jaffray,
has recently been received
both assets and deposits.
General
Manager.
Colt's Patent Fire Arms worked
tered substantial advances.
into
high ground
new
Public utilities
it moved forward 4 points to 78.
as
registered moderate improvement and there
light demand for the industrial specialties. The out¬
standing gains were Aluminum Co. of America, 1 point to
120%; Cities Service pref., 1% points to 38%; National Steel
Car, 1% points to 67%, and Todd Shipyards, 1 point to 69 %.
Stocks were fairly firm on Monday, and while the volume
of business was small in comparison to the substantial turn¬
over of the past few weeks, many active stocks, particularly
was
a
recorded fairly large gains as
toward
the top and most of the rearmament stocks added to their
previous gains. The general list was steady but the advances
were generally in minor fractions.
Public utilities were some¬
what stronger but most of the gains were among the pre¬
ferred issues. These included among others Cities Service
pref., 1% points to 39%; Gatineau Power pref., 2% points
to 89%, and Long Island Lighting pref., 2% points to 29%.
Except for the continued activity in the aircraft issues,
price movements on the Curb Exchange were somewhat
mixed on Tuesday, the advances and recessions being about
specialties
the market closed.
group,
Aircraft issues continued well up
evenly divided. There were some strong spots among the
specialties, Childs pref. surging ahead 5 points to a new top
at 57%, and Great Atlantic & Pacific Tea Co. n. v. stock,
which advanced 2% points to 70% at its top for the day.
Aircraft shares continued their remarkable activity following
the report from Washington, D. C., that the United States
Government may build up to 12,000 airplanes during the
Mining and metal stocks were sluggish and
comparatively quiet.
Irregular price movements were in evidence on Wednesday,
and while there was a moderate tendency toward higher
next two years.
oil issues
■
the oil issues have
of
good demand during the short session on Saturday.
was particularly active and forged ahead into new
high ground for the year at 9% with a gain of 1% points.
Lockheed and Bell Aircraft were in sharp demand ana regis¬
were
those in the
(with headquarters in San Fran¬
cisco, Calif.) has acquired three new subsidiary banks in the
State of Oregon, according to a report to the Securities ExExchange Commission, the institutions being the First
National Bank of Forest Grove, the Coolidge & McClaine
Bank of Silverton, and the Clatsop County Bank of Seaside,
acquired by purchase of 90% or more of the outstanding
stock of all three banks.
San Francisco advices on Nov. 12,
The Transameriea Corp.
most
In the public utilities group considerable pres¬
sure was apparent at times but several of the preferred stocks
were able to hold small gains until the close.
Low-priced
shares attracted some buying but the changes in the general
list were small and without special significance.
r
Aviation shares, especially those in the low-priced group,
were
levels, the final prices were about evenly divided between
advances and declines.
Trading was quiet and the volume
of sales dwindled down to 246,000 shares.
Low priced air¬
craft issues turned dull, but some of the specialties registered
particularly true of Great At¬
v. stock which improved 1%
points to a new peak at 72 and Childs pref. which raised its
top to 58% at its high for the day. Rearmament stocks were
active, public utilities were unsettled, mining and metal
shares recorded small changes and oil issues were quiet.
The New York Curb Exchange, the stock market and all
commodity markets were closed on Thursday in observance
substantial gains.
This
lantic & Pacific Tea
was
Co.
n.
of Thanksgiving
Day.
.
,
Specialties and aircraft stocks were in demand on Friday,
and while the trading was dull and without special feature,
there were a number of shares scattered through the list that
t
registered modest gains.
Axton Fisher A was one of the
strong issues and climbed upward 2 points to 43; Chesebrough
Manufacturing Co., 3 points to 117%, and Colt's Patent
Fire Arms, 1% points to 85.
The volume of sales was down
to 189,000 shares against 246,000 on Wednesday.
As com¬
pared with Friday of last week prices were about evenly
divided between gains and losses, many prominent stocks
closing on the side of the advance, while many others that
have been active on the upside during the past two weeks
slipped below their previous "close. Outstanding among the
Aluminum Co. of America, 123 against 119%;
advances were
American
Cyanamid B, 27% against 26% and
Humble Oil
others
(new) 67 against 65%. The declines included among
New Jersey Zinc, 60% against 66% and Lake Shore
at 49% against 49%.
"
"
■
Mines
.
TRANSACTIONS AT THE
DAILY
NEW YORK CURB EXCHANOE ;
Bonds (Par Value)
Stocks
{Number
Nov.
Foreign
Foreign
Government
Corporate
of
Week Ended
Shares)
25, 1938
Domestic
Total
$663,000
$5,000
$7,000
14,000
Saturday
109,505
$651,000
Monday
225,965
Tuesday
234,315
246,100
1,205,000
1,294,000
1,474,000
188,500
1,251,000
25,000
10,000
1,286,000
1,004,385
$5,875,000
$138,000
$94,000
$6,107,000
Wednesday
Thursday
15,000
1,242.000
1,372,000
41.000
1.544,000
23.000
HOLIDAY
.
Friday
•
Total
-
York
Jan. 1 to Nov.
Week Ended Nov. 25
SaUo at
New
63,000
29,000
Curb
Exchange
Stocks—No. of shares.
1938
1937
'
1938
1.004,385
1,280,612
42,782,301
97,843,420
$5,875,000
$6,241,000
$313,395,000
138,000
133.COO
6,451.000
$386,921,000
11,342,000
94,000
123,000
5,967,000
9,308,000
*6.107,000
$6,497,000
$325,813,000
$407,571,000
Bonds
Domestic...
Foreign government.. .
Foreign corporate.
Total
25
1937
3254
Financial
THE
LONDON
STOCK
Chronicle
received by cable
as
The extensive facilities of
partment
Sat..
Mon.,
Tues.,
Wed.,
Nov. 19
Nov. 21
Nov. 22
Thurs.,
Fri.,
Nov. 23
Nov. 24
Nov. 25
40/101/-
40/100/-
39/10%
100/-
39/10%
Cable & Wire ordinary.
Canadian Marconi
£40%
£40
£39%
Central Mln & Invest..
£21
British Amer Tobacco
.
51-
Cons Goldflelds of S A.
De
£21%
Distillers
Co
Gaumont Pictures ord.
A...
Hudsons Bay Co.
Imp Tob of G B A I
Holiday
London Midland Ry...
Metal Box
_.
£9
£14%
111/3
Royal Dutch Co
24/133/£12%
75 h
•
£9
110/—
£38%
£4%
£4%.
£4%
£4%
29/-
29/37/-
29/37/6
23/24/-
Molasses
*■
29//23/6
23/6
*• -
23/3
24/10%
23/10%
£7
£6%
£6%
£6%
GOLD AND SILVER
£6%
MARKETS
reprint
the following from the weekly circular of
Montagu & Co. of London, written under date of
Wednesday.
In the open market about £3,300,000 of bar gold was
disposed of at the
purchases
on
some
re-sales and there
taken for shipment to New York.
Per Fine Oz.
Quotations—
146s. l%d.
146s. Id.
Per Fine Oz.
145s. ll%d.
Nov. 8
Nov. 9—
1468. Id.
Nov. 4
Nov. 6
Average
Nov. 7
146s. 3d.
146s. l%d.
registered from mid-day
on the
Kingdom imports and exports of gold*
31st ult. to mid-day on the 7th inst.:
Imports
Exports
British East Africa
British India
United States of
£16,795
546,566
25,658
343,700
8,677
843,791
New Zealand
Uruguay
Siam
Germany
France
America-£2,393,038
Canada.,
44,408
France
'
Netherlands
Switzerland
1,006
391,679
35,860
146,263
9,331
*,
Belgium.
961
Switzerland
e
Other countries.:
45,967
10,341
Other countries
»
the value of about
£1,842,456
£3,021,585
carries gold to
£40,800.
<•
SILVER
rather
were
quiet during the past week and prices showed
only small variations.
Buying for American
trade requirements continued and
purchases were
Continent, demand being met mainly by sales
change is indicated.
following
were the
registered from mid-day
United
on
Kingdom imports and exports of silver,
the 31st ult. to mid-day on the 7th inst.:
Imports
France
£33,786
14,974
1,875
1,902
Belgium
New Zealand
Other countries
Exports
United States of America-
£639,710
Germany
Hungary
8,980
13,757
2,680
Other countries
"
'
£52,537
£665,127
W Quotations during the week:
Nov. 23
Nov. 24
S
I
S
.169000
.169038
.169069
.169122
.169150
.012325*
.012325*
.012325*
.012325*
.012325*
Nov. 3
19%d.
Nov. 4—<—19%d.
19 5-16d.
19 3-16d.
19 5-16d.
19%d.
Nov. 8
19 9-16d.
19 9-16d.
Nov. 9
19%d.
Average...19.583d.
.034170
Denmark,
.209668
.209359
.308287
.208183
.207190
Engl'd, pound steri'g 4.698888
.020656
Finland, markka
4.691527
4.665694
4.664027
4.642638
.020712
.020547
.020537
.020520
krone.
.034166
.034163
{Per Ounce .999 Fine)
Nov. 2
Nov. 3
France, franc
.026277
.026263
.026120
.026098
.025981
.400492
.400343
.400112
.400200
.400362
Greece, drachma
.008628*
.008617*
.008571*
.008560*
.196375*
.196375*
.196375*
.196375*
.196375*
.052603
pengo
.052603
.052603
.052604
.052600
.544100
.544094
43 cents
Nov. 4
43 cents
•_
19 5-16d.
Nov. 5
19 5-16d.
19 5-16d.
19.292d.
Nov. 7
43 cents
Nov. 8
43 cents
43 cents
FINANCIAL
MARKET—PER
Netherlands, guilder
.543266
.236065
.235731
.234450
.234327
.233240
.188075
.188000
.187950
.188075
.187766
.042521
.042531
.042318
.....
.543755
daily closing quotations for securities', &c., at London,
reported by cable, have been as follows the past week+
Sat
Nov. 19
Silver,
p. oz.d.
19%d.
Gold, p.fineoz. 147s. lid
Consols, 2% %_ Holiday
British 3%%
Mon.,
Tues.,
Nov. 21
Nov. 22
20 l-16d.
'
Wed. y—
20 l-16d.
20%d.
'
;£71%
£71%
f£99
| £98%
f £109
f£108%
£71%
£71%
£99 1-16
Holiday £109%
£109 %
price of silver
.042331
.042243
.007300*
.007307*
.007292*
.007291*
.007321*
.049783*
.049783*
.049783*
.048490*
.050740*
Sweden, krona
.242065
.241642
.240343
.240272
.239168
.225791
.225738
.225994
.226383
.022800
.022750
.022733
.022750
N.Y.(for'n) Closed
Treasury!
per
ounce
£109%
,
(in cents)
in the United
42%
42%
42%
64.64
64.64
64.64
FOREIGN EXCHANGE
Holiday
64.64
42%
64.64
RATES
Pursuant to the reouirements of Section 522 of the Tariff
Act of 1930, the Feaeral Reserve Bank is now
certifying
daily to the Secretary of the Treasury the buying rate for
.227483
.022750
Aaia—
HOLI¬
China—
•
Chefoo (yuan) dol'r
Hankow (yuan) dol
DAY
.161416*
.162416*
.166583*
.166416*
.161416*
.162416*
.166583*
.166416*
Shanghai (yuan) dol
Tientsin (yuan) dol.
.157937*
.159000*
.159312*
.159187*
.158562*
.168250*
.170875*
.173687*
.173250*
.180750*
Hongkong,
dollar.
.292750
.292456
.291437
British India, rupee..
.290843,
.350803
.3.50276
.348265
.348250
.346600
.273800
.273290
,,.271968
.271803
.270643
yen
Str Its Settlem'ts, dol
.166833*
.166833*
.289562
.546687
.546000
.543000
.542750
.540156
Australia. pound...
3.743687
3.737187
3.716812
3.716718
3.697968
New
3.758062
3.751562
3.731125
3.730859
3.713281
South Africa, pound. 4.650833
4.643375
4.618250
4.617875
4.594687
.991347
.991562
.992070
.992343
.993554
.999333
.999333
.999333
.999333
.999500
.199400*
.199100*
.199500*
.199840*
.200000*
.988867
.989453
.989609
.990052
.991132
Australasia-
Zealand, pound
—
Africa—
North America—
....
Newfoundl'd. dollar.
South America—
Argentina, peso
Brazil, mllrels
Chile, peso—official.
.312810*
.311060*
.311090*
.309700*
.058500*
.058600*
.058500*
.058750*
.058825*
.051766*
.051766*
.051766*
051833*
.051766*
.040000*
.040000*
.040000*
.040000*
.040000*
.570600*
.570600*
.569800*
.569800*
.569800*
.618792*
export.
Colombia, peso
Uruguay, peso
*
.313330*
.617430*
.615271*
614037*
.6-10810*
Nominal rate.
COURSE
OF
BANK
CLEARINGS
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, Nov. 26)
bank clearings from all cities of the United States from which
it is possible to obtain weekly
clearings will be 1.7 % below
those for the
corresponding week last
year.
Our preliminary
total
stands at $4,720,156,653, against $4,803,437,667 for
the same week in 1937.
At this center there is a gain for the
week ended Friday of 1.3%.
Our comparative
for
Clearings—Returns by Telegraph
Per
Week Ending Nov. 26
1938
Boston
Kansas City..
St. Louis
$2,046,750,707
+ 1.3
205,173,757
—7.7
155,045,977
62.508.815
Chicago
Philadelphia
1937
$2,073,461,589
189,473,472
254,000,000
New York
143,931,414
62,000,000
103,114,000
San Francisco
Cent
245,000,000
+ 3.7
+7.7
,1
+ 3.9
60,175,413
62,000,000
100,523,000
+ 2.6
80,593,582
90,108,755
—10.6
67,053,151
69,762,584
—3.9
66,505,864
62,705,828
+ 6.1
42,334,157
41,578,636
+1.8
$3,156,01)0,607
$3,127,710,094
+ 0.9
620,034,716
613,190,568
+ 1.1
$3,776,125,323
944,031,330
$3,740,900,662
+ 0.9
1,062.537,005
—11.2
$4,720.1*6.6-3
** 803. <37.667
—1.7
_■
Cleveland
Baltimore.
Eleven cities, five days.
Other cities, five days
Total all cities, five days
All cities, one day
"...
149s.l0%d.
days has been.
U. S.
(newly mined) 64.64
20%d.
149s.2d.
British 4%
Bar
20%d.
149s. 2d.
£99%
same
Fri.,
Nov. 25
147s.ll%d. 148s. 9d.
£7115-16
the
Thurs.,
Nov. 24
Nov. 23
£99%
Holiday
on
.544127
Spain, peseta
Detroit
CABLE
The
The
.008516*
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
Pittsburgh
ENGLISH
States
.034183
Germany, reichsmark
-.43 cents
$4.75.
1960-90
.034160
rIN NEW YORK
The highest rate of
exchange on New York recorded dining the period
from the 3d to the 9th
November, 1938, was $4.76% and the lowest
W. L
$
summary
Silver per Oz. Std.Cash
2 Mas.
as
Nov. 25'
the week follows:
LONDON
-Bar
Nov. 5
Nov. 7
Nov. 22
$
Eastern
on
The Indian Bazaars also made re-sales
moderate fresh purchases and purchases to cover bear
sales.
The market as yet shows no decided
tendency and for the immediate
future no important
IN
NOV. 21
S
Bulgaria, lev
Czechoslov'la, koruna
as
„
York
Nov. 19
account and speculative re-sales.
The
Noon Buying Rate Jot Cable Transfers in Neto
Value in United Stairs
Money
Europe—
Belgium, belga
Canada, dollar
Cuba, peso J
Mexico, peso
The SS. Maloja which sailed from
Bombay on Nov. 5
well
RESERVE
1930
Japan,
146s. 13-4 d.
The following were the United
as
OF
Switzerland, franc...
Offerings included
Continental account, but the main proportion of supplies
Quotations—
Nov. 3
made for the
FEDERAL
ACT
Yugoslavia, dinar...
daily fixing during the week.
Conditions
BY
UNDER TARIFF
Unu
Italy, lira
The Bank of England gold reserve against notes amounted to
£326.414,423
Nov. 2 showing no change as compared with the previous
was
CERTIFIED
19, 1938, TO NOV. 25, 1938, INCLUSIVE
Country and Monetary
Hungary,
GOLD
were
RATES
EXCHANGE
NOV.
37/23/-
«.
Nov. 9, 1938. /
on
We
record for the week just passed:
BANKS TO TREASURY
18/-
**«►
29/-
37
23/6
23/9
~
Wltwatersrand
Samuel
FOREIGN
a
£38
VIckers
We
give below
110/-
£37%
£4%
THE ENGLISH
Deposit Insurance Corporation
cable transfers in the different countries of the world.
£14
18/110/-
•
•
System
Clearing House Association
£9
£14%
18/110/7%
£37%
Unilever Ltd
Areas
Member Federal
17/-
£37%
...
Member New York
12 h
4/6
1/3
£9
£14
18/6
Shell Transport
Swedish Match B
West
75/-
£9
.
Roan Antelope Cop M.
Rolls Royce
*
United
£12%
75/-
74/6
Member Federal Reserve
91/-
23/9
133/1%
£12%
1/3
24/134/£12%
NEW YORK
European Representative Office: 1, Cornhill, London, E. C. 3
£8%
91/H/7%
17/3
12/17/4/1/24/1341-
4/6
COMPANY
FOREIGN DEPARTMENT
BROAD STREET,
55
68/9
27/-
£8%
91/-
TRUST
PRINCIPAL OFFICE AND
£21
69/4%
29/3
£8%
£14
-
Rio Tin to
£21%"
29/—
92/12/17/-
12/1713
4/6
1/3
24/135 f£11%
75/-
Ltd.
MANUFACTURERS
foreign trade.
£39
51-
69/4%
£8%
91/6
Electric & Musical Ind.
Rand Mines
£21%
67/6
29/6
£8%
100/£39%
our
Foreign De¬
available to manufacturers
are
and merchants engaged in
40/1%
100/-
5/-
30
Beers
Ford
51-
67/6
/-
Courtaulds 8 <fc Co
1938
EXCHANGE
Quotations of representative stocks
each day of the past week:
Boots Pure Drugs
Nov. 26.
Total ail cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish
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 of
the week in all
cases has to be estimated.
In the elaborate detailed
statement, however,
which
we
present further below, we are able to give final and complete
results for the week previous—the week ended Nov. 19.
For that week there was an increase of
5.8%, the aggregate
of clearings for the whole
country having amounted to
$6,520,620,923, against $6,161,714,406 in the
1937.
Outside of this city there
was
an
same week in
increase of 3.6%,
Volume
Financial
147
the bank clearings at this center having
7.7%.
recorded
gain of
a
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 Dittrict (including
this city) the totals record a gain of 7.4%, in the Boston
We
3255
Chronicle
group
Reserve District of
9.2%, and in the Philadelphia Reserve
District of 13.9%.
In the Cleveland Reserve District the
totals show a decrease of 2.7%, but in the Richmond Reserve
District the totals show an increase of 3.8%, and in the
Atlanta Reserve District of 3.9%.
In the Chicago Reserve
District the totals are larger by 4.3%, but in the St. Louis
Reserve District the totals are smaller by 0.9%, and in the
Minneapolis Reserve District by 5.4%. The Dallas Reserve
District registers a decline of 1.8%, but the Kansas City
Reserve District records an improvement of 0.1% and the
San Francisco Reserve District of 1.6%.
In the following we furnish a summary by Federal Reserve
Week Ended Nov. 19
Clearings at—
Inc.
1937
S
Detroit
BANK
South Bend
Terre Haute
Wis.—M11 waukee
la.—Ced. Rapids
Des Moines
+ 2.3
110,718,607
3,541,767
1,543,682
1,192,807
19,541,000
1,470,754
5,570,963
20.592,688
—4.8
1,116,169
8,540,923
4,109,930
431,618
326,917,788
—17.7
3,889,269
948,681
Sioux City
111.—Bloomington
Chicago..,
388,621
338,529,391
1,361,169
4,838,594
1,273,420
1,528,574
542,389,321
Decatur
Peoria...
,..
Rockford
+ 5.0
—14.3
+ 10.9
+23.8
+ 19.5
+ 4.7
+ 15.1
+3.7
354,915
99,130,368
2,254,378
1,317,975
1,023,392
14,339,000
1,018,052
4,344,253
17.478,195900,140
7,471,188
3.051,667
—10.0
444,534
290,004
+3.6
354,065,663
+ 43.6
1,112,630
292,886,626
665,647
+ 1.4
5,278,391
4,699,099
1,257,785
+ 1.2
1,304,222
940,973
1,380,641
+ 10.7
1,371,234
983,37a
520,219,754
+4.3
541,575,190
453,149,142
—3.9
106,400,000
4,770,872
1 Reserve Dis trict—St. Lo uis—
Eighth Federa
1935
1936
Dec.
1937
1938
279,887
CLEARINGS
Inc.or
Week End. Nov. 19, 1938
$
+ 44.2
3,380,519
Wayne
Indianapolis...
1935
Chi cafio—
116,226,883
3,254,324
1,865,069
1,097,737
18,833,000
1,438,429
5,457,657
21,470,268
1,250,751
9,164,024
Total (18 cities)
SUMMARY OF
—
118,880,713
3,417,643
1,598,960
1,217,267
23,317,000
1,719,391
5,712,114
24,705,414
1,297,268
8,726,882
...
Lansing
Springfield
districts:
?
344,297
496,381
Grand Rapids.
Ind.—Ft.
1936
$
Seventh Feder al Reserve D istrict
Mich .-Ann Arbor
or
Inc. or
%
1938
.
'
Reserve
Boston
New
8rd
4th
Cleveland..
6th
Richmond
Atlanta
322,408,763
286,546,280
3,728,365,113
3,472,219,756
+ 7.4
-4,492,979,761
3,435,294,722
468,149,428
430,976,789
+ 13.9
448,847,423
M
38,047,907
28,026,600
—3.3
34,936,770
23,627,644
738,000
170,564,743
323,936,987
257,396,325
148,262,896
126,039,586
+3.9
183,699,961
139,987,310
Ninth Federal
5*2,389,321
520,219,75*
+4.3
541,575,190
453,149,142
Minn.—Duluth..
3,693,211
3,974,023
—7.1
4,492,634
3,167,794
170,564,743
172,111,34?
—0.9
179,942,677
139.358,019
Minneapolis...
—5.4
122,285,378
103,069,581
St. Paul
151,054,913
150,917,780
+ 0.1
162,730,955
130,242,695
83,457,480
32,479,344
2,943,081
832,318
77,892,296
32,498,330
2,380,561
66,461,740
127,750,932
78,415,840
31,263,221
—6.0
120,895,182
+ 18.6
+ 5.0
926,097
660,314
2,717,845
988,117
3,076,569
—11.7
3,271,220
3,646,436
120,895,182
127,750,932
—5.4
122,285,378
103,069,581
"
«
10th Kansas City 10
fl
M
85,883,595
87,477,66;
—1.8
80,915,413
63,365,299
290,193,701
285,579,193
+ 1.6
271,801,27?
247,604,943
•4
Fran.. 11
Total (4
cities).
Reserve Dis trict
N. D.—Fargo...
S. D.—Aberdeen.
Mont.—Billings
2,780,394
987,224
1,037,447
.
<
Helena....
112 cities
City.
+5.8
7,279.*86,682
2.821.946.910
+ 36
2,920.506,08
2,450,346,070
4*6,536,364
—10.3
2,924.905,417
400,593,716
---
6,161,714,446
.32 cities
537,698,132
437,578,223
Total (7 cities),
Tenth Federal
Reserve Dis trict
.
/
■
'
Lincoln.
1937
1935
1936
Dec.
■
502,132
+6.2
+ 9.3
1,917,813
284,159,201
751,355
+ 14.3
783,248
Lowell
1,912,199
250,105,657
768,123
303,514
411,467
+ 10.8
893,092
706,124
+ 26.5
401,784
862,326
3,658,209
2,429,641
12,151,753
2,998,488
2,150,142
11,470,076
+22.0
3,416,60&
+ 13.0
4,651,738
+ 12.7
2,133,139
11,093,405
4,482,476
12,101,700
+ 21.5
431,900
Worcester
Conn.—Hartford
New Haven
.
322,408,763
286,546,280
N.H.—M anches 'r
700,061
4,127,869
11,725,200
576,244
Total (12 cities)
289,296,705
264,943,925
R.I.—Providence
12,291,200
+ 5.9
+ 4.8
—6.9
117,985
72,204
124,540
+30.8
35,503,680
2,403,053
120,233
2,395,210
32.522,940
2,388,795
2,733,984
85,705,569
689,272
3,097,634
102,334,674
3,458,807
626,887
618,927
3,104,202
35,786,983
2,535,850
3,259,919
151,054,913
150,917,780
Colo.—Col. Spgs.
755,937
2,927,354
Eleventh Fede ral
Fort Worth
Total (6 cities).
85,883,595
80,915,413
63,365,290
87,477,663
—1.8
a! Reserve D istrict—San
Franc
39,372,577
10,816,000
+ 24.3
36,717,114
12,265,000
1,256,113
34,978,395
—40.0
1,150,788
35,425,010
21,038,222
4,492,014
4,049,827
+ 1.9
33,466,642
28,032,597
—12.6
,19,127,228
4,417,120
4,708,193
152,326,000
14,376,720
40,312,812
a6,489,600
"1,429,967
Spokane..
1,133,625
Calif.—L'g Beach
667,484
615,023
San
566,506
San Jose
774,812
+ 7.7 4,358,980,598 3,309,452,469
7,118,021
3,733,327
2,204,849
3,585,114
8.253,783
4,627,285
2,758,671
4,408,292
+ 57.0
2,797,000
3,891,540
+ 18.9
370,291
7,668,027
857,465
2,163,839
543,110
645,787
Jamestown
890,728
803,497
New York
3.595,715,506 3,339,767,536
Rochester
9,226,193
8,117,274
Syracuse
4,334,129
5,123,962
Westchester Co v
4,519,708
4,101,349
581,414
48,418,933
8,466,328
4,679,000
938,801
8,666,755
J.—Montclalr
1,010,035
61,875,145
3,668,668
36,800,000
N.
1,287,471
+ 1.8
—17.6
—3.8
1,112,528
—7.9
+ 14.6
10,293,636
10,809,500
12,302,779
438,345
+ 10.2
1,415,673
66,004,624
—6.3
41,000,000
—15.4
District—Da lias—
—21.2
+ 19.7
4,500,275
Reserve
1,210,058
3,996,672
+26.0
4,142,825
130,242,695
4,557,000
—11.4
Conn.—Stamford
162,730,965
3,844,223
Ore.—Portland..
—9.8
682,952
+0.1
3,121,712
499,096
3,592,000
1,133,239
York-
+ 13.7
695,493
Wichita Falls-
Galveston
13,178,235
1,293,021
,
819,374
+ 11.4
La.—Shreveport.
748,205
41,100,000
Elmlra
112,201,745
4,184,864
+ 20.6
—1.5
1,403,210
12,525,096
1,547,969
16,609,582
—15.4
3,155,507
.
36,400,000
Binghamton...
Buffalo
+ 8.6
"
1,622,435
Dallas
Utah—S. L. City
N. Y.—Albany..
+4.2
—19.2
67,205,654
8,486,044
Texas—Austin...
Yakima
1 Reserve Di strict—New
City
—29.4
100,795,426
W ash.—Seattle..
Second Federa
as
3,363,176
374,581
+9.2
455,835
...
Kans
549,148
625,162
+0.8
—
36,986,759
1,942,619
Omaha
Total (10 cities)
858,931
New Bedford-_
695,683
$
.
2,091,726
227,433,102
533,455
2,108,287
Fall River...
Springfield
$
%
248,564,503
Portland
Mass.—Boston
824,240
96,?85
Pueblo
S
Reserve Dist rict—Boston
Me.—Bangor
—5.5
26,263,501
2,174,113
212,859
2,564,974
Mo.—Kan. City.
St. Joseph
Inc.or
$
Federal
—3.7
89,734
......
Wichita
i-
1
1938
:
150,324
Hastings
Kan.—Topeka..
Week Ended Nov. 19
•
Minn eapolis
3,354,312
Neb.—Fremont-
Clearings at—
—
5,759,798,G39
6,520,620,923
We now add our detailed statement showing last week's
figures for each city separately for the four years:
First
139,358,019
—2.7
+ 3.8
**
11th Dallas
Outside N. Y
179,942,677
—0.9
394,000
192,873,347
Minneapolis 7
Canada
172,111,347
558,000
+25.3
152,968,265
M
St.Louis...4
Total
589,000
Quincy....
X
X
X
X
X
185,601,016
•4
Chicago ...18
8tb
+ 8.6
27,089,714
330,948,026
««
10
9tb
38*895,747
Tenn.—Memphis
111.—Jacksonville
158.820,273
5
6
.
42,237,029
85,600,00a
29,736,375
377,744,637
322,134,602
York. 13
7th
12th Pan
%
+9.2
"
PhiladelphialO
fltb
S
%
264,943,925
S
Dists.
12 cities
2nd
S
239,296,705
104,600.000
Ky.—Louisville
Federal
1st
100,500,000
Mo.—St. Louis..
361,821
17,707,790
43,349,422
Pasadena
4,506,861
+ 14.6
+ 11.3
9,980,000
902,870
3,804,902
3,355,943
145,685,914
Total (11 cities)
+ 5.5
3,443,419
1,938,176
—2.3
—1.2
3,059,912
1,597,954
2,960,002
2,802,521
2,464,160
290,193,701
Stockton
161,389,000
2,433,792
Santa Barbara.
total
+ 2.4
170,247,000
3,363,197
1,760,187
Francisco.
Grand
36,095,259
18,406,204
5,148,822
isco
285,579,193
+ 1.6
271,901,278
247,604,943
—9.2
1,612,256
2,073,825
(112
19,762,139
20,948,465
4—5.7
21,612,398
Northern N. J.
34,076,364
32,285,510
+5.5
36,042,786
Total (13 cities) 3,728,365,113 3,472,219,765
Third
Federal
Pa.—Altoona
Bethlehem....
Chester
...
Lancaster..
Philadelphia.
Reading
Scranton
York
N. J.—Trenton..
+ 5.8 7,279,486,682 5,759,798,530
+3.6 2,930,506,084 2,450,346,070
cities)
+ 7.4 4,492,979,761 3,435,294,722
Reserve Dis trict—Phila delphi
—6.7
484,463
519,370
Week Ended Nov. 17
a—
376,625
511,180
*400,000
468,263
592,770
—21.0
551,539
1.491,084
347,872
1,131,796
398,000,000
1,465,126
+ 58.5
361,505
1,453,926
1,058,934
+ 13.3
368,000,000
1,270,184
2,675,208
—0.1
436,000,000
1,576,110
3,197,569
1,029,993
1,508,140
2,809,000
Clearings at—
402,594
+31.7
451,000,000
1,563,383
Wllkes-Barre..
6,520,620,923 6,161,714,446
Outside New York 2,924,905,417 2,821,946,910
Newark
2,673,372
901,519
1.841,805
7,184,000
.
+ 6.0
946,871
—4.8
1,652,576
3,645,200
+ 11.5
+97.1
480,774
Inc. or
$
Canada—
Toronto
2,220,740
997,538
1,189,848
Winnipeg
3,747,400
Ottawa
Montreal.
...
Vancouver......
Quebec....
Total (10 cities)
468,149,428
410,976,789
+ 13.9
448,847,423
377,744,637
Halifax
Hamilton
Fourth
Feder al Reserve D istrict—Ciev eland-
Ohio—Canton
X
Cincinnati
Cleveland
66,630,665
115,160,951
Columbus
14,169,100
Mansfield
1,872,594
X
Youngstown..
X
Calgary
X
X
X
70,460,986 : —5-4
+ 5.0
109,722,766
+4.3
13,590,100
—14.6
2,351,191
2,193,637
X
X
124,301,292
134,980,537
—7.9
322,i34,602
330,948,026
—2.7
X
....
Victoria...,
11,007,000
4
-
St. John.
51,609,489
79,732,864
68,938,211
96,113,395
12,433,200
Edmonton
1,642,806
X
c
London....
Reglna..
Brandon
125,083,892
157,181,502
41,016,517
17,174,379
14,523,538
5,241,737
2,352,933
4,544,847
6,136,084
1,568,687
1,452,750
2,393,630
3,792,337
3,632,901
313,983
641,509
1937
Dec.
1936
S
1938
%
$
172,932,489
125,632,565
50,982,459
155,604,147
125,371,790
60,110,702
20,140,183
21,344,844
5,394,198
2,845,688
5,394,263
7,241,301
2,036,114
1,952,700
—27.7
—19.5
+25.1
18,832,200
—8.8
20,798,087
—30.2
6,316,549
3,311,983
6,973,570
—17.0
—29.0
—34.8
1935
8
197,213,269
134,579,704
74,773,901
18,986,408
58,072,644
5,088,451
2,726,261
4,804,706
8,238,653
7,834,800
2,202,788
1,831,458
—21.7
3,358,310
5,184,773
—28.7
3,414,983
448,979
+6.4
3,476,266
5,002,949
4,780.177
—30.1
401,318
680,366
1,134,637
648,450
—5.7
547,884
+ 9.1
1,910,861
—7.3
843,360
768,376
—28.5
1,063,645
—27.4
860,957
973,940
662,669
—28.8
—20.7
—26.9
2,588,079
1,807,892
3,929,130
4,767,031
4,780,911
378,054
534,637
1,866,329
113,404,166
Leth bridge..
323,936,987
257,396,325
Moose Jaw..
601,098
Brantford..
Pa.—Pittsburgh.
144,100,990
792,108
Fort William
679,757
1,107,438
936,414
New Westminster
595,180
685,545
645,356
598,645
Medicine Hat
263,250
290,093
—9.3
268,348
315,799
799,940
—22.7
689,897
1,237,726
Saskatoon
Total (5
cities).
Reserve Dist rict—Richm ond—
Fifth Federal
W.Va.—Hunt'ton
Va—Norfolk
Richmond....
417,165
3,052,000
48,032,279
1,423,017
76,874,070
29,021,742
172.580
399,572
+4.4
2,671,000
+ 14.3
2,823,000
2,456,000
48,937,962
—1.9
46,641,035
Peterborough
Sherbrooke
373,168
1,256,928
+ 13.2
1,300,013
43,016,991
1,029,917
75,884,519
+ 1.3
^74,025,747
59,979,491
Kitchener
23,818,284
+ 21.8
23,099,933
19,384.607
Windsor—
618,505
—13.2
688,106
651,784
630,921
D.
.
C.—Wash'g'n
1,228,174
3,388,788
2,795,754
436,928
Total (6 cities).
Sixth Federal
158,820,273
152,968,265
Reserve Dist rict—Atlant
+3.8
148,262,896
126,039,586
373,374
a—
4,260,479
+ 21.7
4,778,167
3,387,382
24,217,171
+ 19,0
19,873,130
Ga.—Atlanta
68,900,000
+ 1.0
67,400,000
15,304,037
49,800,000
1,119,372
Fla.—Jack'nville.
16,159,000
Ala.—Birm'ham.
25,729,578
20,356,284
68,200,000
1,182,435
1,140,230
19,796,000
23,059,068
1,859,893
1,694,195
*1,250,000
Augusta
1,217,386
Macon.
Mobile
Miss.—Jackson
.
.
Vickfiburg
La.—New Orleans
X
X
+ 5.7
—10.1
—29.9
328,198
396,985
—17.3
Moncton
755,055
932,835
—19.1
878,646
512,539
674,719
—24.0
668,960
843,198
574,794
712,718
663,191
774,709
1,474,689
+ 6.8
1,260,689
18,187,000
25,771,252
18,752,525
+ 9.8
1,678,331
1,378,092
730,958
508,591
753,537
536,084
607,636
931,595
482,906
1,088,362
+ 5.3
Sudbury
—14.4
1,112,871
921,080
400,593,716
446,536,364
—10.3
437,578,223
637,098,132
Total (32 cities)
X
X
X
136,343
136,996
—0.5
175,621
132,969
48,221,048
45,775,329
+5.3
43,101,082
34,005,026
'
...
*
Estimated.
a
Figures not available.
The Spokane
x
Clearing House declines to continue to report bank clearings for
discontinuance of the Federal Reserve Bank branch in
city on Oct. 1, 1938. has resulted in a sharp decline in the clearings figures
those for periods prior to Oct. 1, 1938.
We have calculated the estimated
the stated reason that the
that
from
figures for the week on the
Total (10 cities)
192,873,347
185,601,016
1,180,911
15,202,000
+ 11.6
.
Sarnia..
905,907
—18.4
+ 73.6
—3.0
Chatham.......
5,182,928
Nashville
Tenn.—Knoxville
861,639
680,366
4,327,139
Kingston
Md.—Baltimore
1,180,938
3,032,283
Prince Albert
S. C.—Charleston
+3.9
183,699.961
139,987,310
figures from October, 1937
the lime being.
basis of the percentage of decline in the
instead of omitting Spokane from our
October, 1938
tabulation for
3256
Financial
Chronicle
Nov. 26,
1938
MONTHLY REPORT ON GOVERNMENTAL CORPORATIONS
AND CREDIT AGENCIES AS OF SEPT. 30, 1938
The monthly report of the
Treasury Department,' showing assets and liabilities as of Sept. 30, 1938, of governmental
corporations and credit agencies, financed wholly or in part by the United
States, was contained in the Department's "Daily
Statement" for Oct. 31, 1938.
Since the statement of July 31, 1938, the
report has been made up somewhat differently from previous reports in that
agencies and corporations financed wholly from Government funds are not listed
separately from those financed only partly
from Government and partly from
private funds.
In the footnotes to the table
below, an explanation is given of the sim¬
plification of calculation of proprietary interest.
As now computed, the Federal Government's proprietary interest in these
agencies and corporations, as of Sept. 30, was $3,829,972,123, and that
privately owned was $376,671,641.
SUMMARY OP COMBINED
STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL
UNITED
CORPORATIONS AND CREDIT
AGENCIES
OF THE
STATES, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY—SEPT. 30, 1938
Asset* d
Investments
For footnotes see top of following
column
Real
Preferred
Loans
Capital
Securities
Cash
Stock, &c.
Accounts
Estate
Guaranteed
United
e
and Other
and Other
Receivables
Business
States
by
AU
Securities
United
Other
Other t
Total
Property
'
*
States
$
Reconstruction Finance Corporation
Commodity Credit Corporation
Export-Import Bank of Washington
Federal Crop Insurance Corporation
1,190,192,611 523,605,033
308,339,994
16,598,061
Federal Deposit Insurance Corporation
Tennessee Valley Authority*
-
_
Public Works Administration
United States Maritime Commission
177029*,456
91,316,351
104,488
9,980,868
24,173.995
34,235,811
33,345,128
16,602,425
82,544,379
7,564,398
771,988,488
War emergency corporations and agencies
(in liquidation):
22,448,464
5,318,553
440,153,671
1,095,453
-
-
—
-
-
15,945,280
6,013,940 531,703,157
1,826,404
16,106
219,512,951
33,883,167
190,399,996
71,023,879
3,080,200,641
115,366,615
623,469
200,169
47.053,200
282,392,381
11,312.811
802,830
---
36,7*4*3,769
19,091,920
72,296,353
361,644
13,484,000
-
--
'
1,100,000
10,489,445 102,930,172
------
2,003,810,279
208,277,319
Regional agricultural credit corporations..
9,476
245,610
23.489,897
3,257,337 212,869,662
62,775",663 30,119*862
kl01,446,885
Production credit corporations
1,814,979,540
381,506,466
34,988
-
_
6,493.215
...
1,575
677
2,544,549
1,046,959
J 47,053", 200
Corporation
$
400
46,570
h4,029,841
371.220", 195
8,878,162
189,550,261
Federal Intermediate Credit banks..
Banks for cooperatives
S
453,991 £29,091,255
1
2,221,417,103 1212704,810
Federal Home Loan banks
$
22,233,023
h72 989,313
2,290,499
Corp..
Federal Housing Administration
United States Housing Authority
Farm Credit Administration
48,020,200
53,389,792
69,976,920
Federal Savings & Loan associations
Federal Farm Mortgage
Federal Land banks
1,809,511
5.072,266
16,457,822
26,406^220
33,883*167
Rural Electrification Administration...-,
Home Owners' Loan Corporation
Federal Savings & Loan Insurance
gl ,383,427
130,189
7,566,189
9,1*2*3*017
20,374,252
250,000
1,015,753
439,922 127,740,131
512,452
764,308,926
40,379,608
2,522,261 156,321,545
2,960,847
8,2*8*6*,371
1,262,350
24,039,139
.5,156,150 13,898,280 101,810,722
409,069
841,825
62,825,532
64,934,486
65,523,781
_
_
_
3,703,989
40,204
39,998,861
155,440,377
129,877,525
1,626,098,955
1
15,186,121
5,860,503 103.272,704
2,367,957,952
9,000,000
-
-
-
65,743
—■ *.
-
—
-
—
189,358,943
42,308
—
31,895
301,840,820
106,640
121,678,173
157,512
-
22,049.526
Navy Department (sale of surplus war
supplies)
United States Housing Corporation
4,690,766
571,676
United States Railroad Administration.
United States Spruce Production Corp.
3,287
5,954,979
Corporation.
Electric Home and Farm Authority
Farm Security Administration
7,624,652
Federal National Mortgage Association
Federal Prison Industiles, Inc
Interior Department (Indian loans)
Puerto Rican Reconstruction Admin..
RFC Mortgage Co
Tennessee
Valley
Associated
atives, Inc
...
2,433.027
under Act of Feb.
'
24, 1938-
-
—
—
—
—
20,119
-
3,509,700
342,492
299,084
300
13,197,654
320,501
4,492,142
20,739,880
-
"4*669
122,643
28,825
-
-
-
-
-
635,199
-
------
31,735,766
-
-
592
-
505,044
3.529,745
17,696
-
--
254.298
Railroad loans (Transp'n Act,
1920).
Securities
received from
the RFC
20,556
8,987
15,651
—
Treasury Department:
Inter-agency items:
2,794
Cooper¬
....
115.685
745.133
h3,266,333
hi,024,495
43,341,699
2,008,697
2,326
1
63,537,165
892* 306
121,178
------
537,399
177,598,170
2,117,915
523,774
Inland Waterways Corporation...
Panama Railroad Co
123,678
1,000
116,238
54,312
51,027
17,268
Other:
Disaster Loan
60,593
81*730
War Finance Corporation
4,690,766
1,261,531
4,065
-
-
hi,842,049
-
233,615
207,411
------
111,220
16,487
4.--
9,231,299
7,797,150
177,598,170
54,562,252
7,082,970
2,117,915
26.262,112
45,760.416
4,492,142
45,421,680
2,201
301,811
*
30,230,233
30,230,233
2,707,400
2,707,400
m
Due from governmental corporations
or agencies
Due to governmental corporations or
agencies
.....
Total
371,865,072 446,915.086 782,823,822 12.079,687.043
Liabilities and Reserves d
Excess
Proprietary Interest
Distribution of United States Interests
of Assets
Guaranteed
by
United States
512,227,219
'206,817,946
Export-Import Bank of Washington
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation
2,911,573,814
Corp..
Slock
6114,447,178
Interagency
Interests
626,674,397 1,188 ,305,143
1,188,305,143
500 000,000
g202,625,824
73,281,634
280,099,581
101 ,406,885
101,406,885
423,081
22 ,025,383
22,025,383
100 ,000,000
21 ,000,000
1,*025*383
5,2C4,377
5 ,000,000
204,377
485,679,319
1,406,885
114,176
150,854,114
5 ,204,377
289 ,299,557
5.072,669
214 ,440,282
150,000,000
214,440,282
a213 ,147,162
99*.139*,670
33,883,167
a.33 .883,167
91 ,260,326
91,260,326
a91 ,248,664
*1*1*662
112*,4*2*6",361 3,024,00*0" 175
71 ,023,879
56 ,200,466
71,023,879
a29 ,921,489
41,102,390
56,200,466
200 ,000,000
c43,799,534
114,463,040
47,053,200
124,741,000
100 ,000,000
14,463,040
'903,575
903,575
114 ,463.040
112,7*69*.572
159 ,622,809
1,169.377
2,100,079
139,299,557
47 ,053,200
44,881,809
150 ,000.000
1,293,120
"
bl00,000,000
47 ,053,200
124 ,741,000
1,417*,17*8*,392
37 ,898,782
37,898,782
1,223,221
;
1,223,221
154 ,217,156
154,217,156
1 ,000,000
5,001„,507
124 ,876,018
158 ,983,568
124,876,018
al24 ,876,018
200 ,000,000
188,703,663
158,983,568
338,498,352
124 ,960,250
1182,378,987
93,023,947
31,159,115
b22,771,661
182,911,361
70 ,000,000
149 ,000,000
45,795,608
3,786,612
11,139,700
22,771.661
649,936,995 1,467,115,387
1,840,705,937 1,840,755,937
208,816,873
Regional agricultural credit corporations..
War emergency corporations and
agencies
(In liquidation):
Navy Department (sale of surplus
2,660,970
93 ,023,947
,
186 ,697,973
216,407
216,407
121 ,461.766
3,964,842
3.964,842
18 .084,684
a37 ,898,782
Other:
Disaster Loan Corporation
Electric Home and Farm
Authority...
Security Administration
Federal National Mortgage Association
Federal Prison Industries. Inc
Corporation
Panama Railroad Co
121,461,766
18,084,684
120 ,000,000
1,461,766
5 ,000,000
13.084,684
4,690,766
a4,690,766
2,008,697
115,685
2,008,697
34,178.929
115,685
all5,685
745,133
10,575
10,575
19,801
19,801
6,885,498
6.885,498
745,133
100,000
*195*133
9,981
1,000
8,981
10,000,000
c788,502
30*.*983",888
256,411
256,411
1,034*,729
753,581
1,1*9*2", 563
Cooper¬
atives, Inc
9,981
9,211,498
,
*
753,581
1,19*2*,563
911,652
9,211,498
911,652
177,598,170
30*.*983* 888
Reconstruction Admin..
177,598,170
23,578,364
6,826,559
2.117,915
25,227,383
23,578,364
45.006,835
4,492,142
44.229,117
6,826,559
2,117,915
25,227,383
45,006,835
4,492.142
44,229.117
(Transp'n Act, 1920).
RFC
1938
m
c32,170,232
8.50,000
al77,598,170
1,374*,626
450,000
61,652
10,000,000
4,113.378
a2,117.915
12.2p3.738
2,713,181
12,000,000
13,22*7", 383
7,000.000
38,521,076
b514,241
a4,492,142
25,000,000
„
"MUM
18*.647", 956
301.811
Treasury Department:
the
8,007,500
b41,"o"l6~432
4,690,766
1,034,729
Interior Department (Indian
loans)
from
145,209,656
war
supplies)
United States Housing Corporation
United States Railroad Administration.
United States Spruce Production
Corp.
War Finance Corporation.
RFC Mortgage Co..
Tennessee
Valley Associated
527 ,202,015
6208.816,873
62,660,970
Production credit corporations
under Act of Feb. 24,
Surplus
5,001,507
Federal Intermediate Credit banks
Banks for cooperatives.
nter-agency Items:
Capital
United States
*
112,769.572
930,702
Federal Land banks
received
Owned by
Owned
99*.1*39*,670
Corporation
Securities
Privately
65,072,669
...
Farm Credit Administration
Federal Farm Mortgage
Railroad loans
Liabilities d
150.854,114
.
Federal Housing Administration
United States Housing
Authority
Rican
Total
114,176
_
Federal Savings & Loan
associations...
Federal Home Loan banks
Puerto
Guaranteed by
United Slates
423.081
Rural Electrification Administration
Inland Waterways
Over
33 ,883,167
Tennessee Valley Authority*
Public Works Administration
United States Maritime Commission
Farm
Not
{
Reconstruction Finance Corporation
Commodity Credit Corporation
Home Owners' Loan Corporation
Federal Savings & Loan Insurance
.
301,811
1,000
30,230,233
30,230,233
a30,230,233
2,707,400
2,707,400
a2,707,400
300.811
Due from governmental corporations
or
agencies
8625,644,627
Due to governmental corporations or
agencies..
Total
b625,644,627
811,213,615
5,048,728,074 2,824,315,205 7,873.043,279 4,206,643,764
376,671,641 3.829,972,123 3.388,357,362
11,213,615
597.614,761
nl56.000.000
Volume
(or includes non-stock proprietary interests).
b Excess
inter-agency
Deficit (deduct).
c
CASH AVAILABLE TO PAY
PRECEDING
FOOTNOTES FOR TABLE
Non-fitock
a
3257
Financial Chronicle
147
assets (deduct).
Add
or
Aug. 31, 1938 Aug. 31, 1937
$2,259,575,463 $2,902,190,851
Deduct—Excess or deficiency of reoelpts over
—6,786,317
deposits with Reconstruction Finance Corporation).
Excludes
e
balsnces of appropriated funds,
other property held for sale,
unexpended
f Also Includes real
includes
Matured Interest obligations........
items and Items in transit.
with the Reconstruction Finance
deposits
Corporation
and loan associations, $41,346,510; shares
Discount accrued
Settlement
of Federal
savings and loan associations, $171,358,300.
Includes only the amount of shares
J Assets not classified.
States Treasury.
■
held by the United
estimated amount of uncollectible
on
n
31,
SHb Treasury bonds of 1946-1956
3Hs Treasury bonds of 1943-47
3Xs Treasury bonds of 1940-1943...
3Xs Treasury bonds of 1941-1943
3J4a Treasury bonds of 1946-1949
3s Treasury bonds of 1951-1955
non-stock interest in govern¬
which were offset by a corresponding item under
"Inter-agency proprietary interest" of the Treasury, have been omitted (except for
such items as are included in the inter-agency assets and liabilities shown herein)
mental corporations and agencies
for the purpose of
simplification In form.
3)4s Treasury bonds of 1941
4)48-3)48 Treasury bonds of 1943-1945
3)4s Treasury bonds of 1944-1946
3s Treasury bonds of 1946-1948
3X8 Treasury bonds of 1949-1952....
2Xs Treasury bonds of 1955-1960
LIABILITIES
TREASURY CASH AND CURRENT
stood
Oct. 31, 1938, are set out in the following.
The figures
are taken entirely from the daily statement of the United
The cash
States
holdings of the Government as the items
Treasury of Oct. 31, 1938.
CURRENT ASSETS
Assets—
.
2«s Treasury bonds of 1948-1951
2Xs Treasury bonds of 1951-1954
2X8 Treasury bonds of 1956-1959
2XS Treasury bonds of 1949-1953
2X8 Treasury bonds of 1945
2X Treasury bonds of 1948..
AND LIABILITIES
;
...
...
2Xs Treasury bonds of 1958-63
.
U. S. Savings bonds, series
U. 8.
Liabilities—
Gold certificates—Outstanding (outside of
........
156.039,430.93
reserve
Note—Reserve against
Fund
1,800,000,000.00
'
s
:
....—
491,375,100
2,611,107,650
1,214,428,950
1,232,496,350
1,626,687,650
981,838,050
1,786,362,050
186,361,294
347,561,711
273,382,513
57,262,008
;
......
.......
370,483,000
.
600,157,956
500,157,956
117,867,240
...10,611,152,950
....
1,304,095,000
118,367,660
11,487.693,250
2,652,922,000
37,054,454,781 36,453,104,592
439,894,856
494,386,248
101,572,560
100,311,480
Aggregate of Interest-bearing debt......
Bearing no interest
$13,303,674,704.21
755,469,500
834,463,200
1,400,534,750
1,618,737,650
1,035,874,400
J .-J.
Treasury bills.................
ury notes of 1890 are
Exchange stabilization fund
•
series 1946)
Treasury notes.....
Treas¬
also secured by silver dollars in Treasury.
notes of 1890 outstanding.
and $1,168,222 of Treasury
544,870,050
818,627,000
309,969,450
2Xs Postal Savings bonds
$346,681,016 of United States notes
489,080,100
454,135,200
352,993,450
c62,164,254
3a Adjusted Service bonds
8,812,256.74
......
Redemption fund—Federal Reserve .notes
Gold
J.
of 1945.
4X8 Adjusted Service bonds, (Govt. Life Insurance
Unclassified sales
$2,891,566,299.00
8,447,256,717.54
Treasury)
Fed. Res. System..
Gold certificate fund—Board of Governors,
758,955,800
1,036,702,900
cl80,282,467
c332,669.359
c438,592,892
c294,478.763
1935..
1936..
C, 1937...
Savings bonds, series C, 1938!
U. S. Savings bonds, series B,
....$14,064,294,136.87
Total...
444,579,000
A.-O.
758,945,800
J.-D. 1,036,692,900
M.-S.
489,080,100
J.-D.
454,135,200
J.-D.
352,993,450
M.-S.
544,870,050
J.-D.
818,627,000
M.-S.
755,433,500
F.-A,
834,453,200
A.-O. 1,400,528,250
A.-O, 1,518,737,650
J.-D. 1,035,874,400
J.-D.
491,375,100
....M.-S. 2,611,095,150
M.-S. 1,214,428,950
M.-S, 1,223,495,850
J.-D. 1,626,687,160
M.-S.
981,827,050
J.-D, 1,786,146,650
J.-D.
540,843,550
M.-S.
450,978,400
J.-D.
918,780,600
U. S. Savings bonds, series A,
$14,064,294,136.87
Gold (oz. 401,836,975.3)
-
2X8 Treasury bonds of 1945-1947
/
GOLD
.
28,894,500
24,300,0001
954,000,000/
Special:—4s Adjusted Service Ctf. Fund—Ser. 1938
2Xs Unemployment Trust Fund—Series 1938-.
1938, the proprietary interest
represented by the capital stock, paid-in surplus, and
Q-J.
4Jis Treasury bonds of 1947-1952....
4s Treasury bonds of 1944-1954
Preliminary statement.
of July
49,800,000
49,800,000
28,894,500
Q.-M.
Certificates of Indebtedness:
Represents inter-agency holdings of capital stock and paid-in surplus items
are not deducted from the capital stock and
paid-in surplus of the corre¬
the statement
$
Payable
3s convertible bonds of 1946-1947
statement
which
Note—Effective with
Aug. 31, 1937
Interest Aug. 31, 1938
3s of 1961
Department
sponding organizations.
*
715,058
511,731.792
INTEREST-BEARING DEBT OUTSTANDING
Title of Loan—
inter-agency
470,784,199
3,600,120
+1,703.620,185+2,396.396.582
Balance, deficit (—) or surplus (+)
obligations
■
assets and liabilities of the Treasury
and of Government agencies, which agencies are not included in this
Represents
m
u
States Treasury
Federal Land banks from the United
1 Includes $410,600 due to
warrant checks...
36,632,415
.
3,518,405
618,554
War Savings certificates
549,168,961
held by the Farm Credit Administration.
for subscriptions to paid-in surplus.
on
Total
,
k Net after deducting reserve for
43,903,342
501,228,660
...
Disbursing officers' checks
and
accrued interest thereon.
i Shares of State building
2,908,128,374
Deduct outstanding obligations:
estate and
g Adjusted for inter-agency
h Also
+5,937,523
2,252,789,146
under disbursements on belated Items
or
Investments and
assets and liabilities (except bond
d Exclusive of inter-agency
MATURING OBLIGATIONS
Balance end of month by dally statements
Matured, Interest ceased...
Gold In general fund:
reducdollar..
Balance of Increment resulting from
duction In the weight of the gold
840,680,993.8)
389,207,824.2)
$1,086,941,082.97
503,218,197.00
....
—
Sliver dollars (oz.
Total gross
a
debt Aug, 31, 1938, on the basis
CONTINGENT
Total.............
Liabilities—
Silver
Vv.':',
./
outstanding..
certificates
Received by the Treasury
Amount of
,
$1,563,733,319.00
—.....—....
...
Treasury notes of 1890 outstanding—
Silver in general fund.
....
Contingent Liability
Detail
Total
Interest a
Principal
1,168,222.00
25,257,738.97
......—..
Guaranteed by the U. S.
$1,590,159,279.97
Total
Gold (as above)
H% note scr. C, 1939
Fed'l Farm Mtge. Corp.:
I—
-
Silver—At monetary value (as above)
*
Subsidiary coin (oz. 5,713,214,5)
Bullion-r-At recoinage value (oz. 315,170.5)
Minor coin..:
3% bonds of 1944-49.
United States notes
.
notes.................................
....
«.
&C-—
Unclassified—Collections.
securities.,
869,700,689
99,497.667
1,469,007
906,492
103,147,600
1,418,278
104,565,778
100,122,000
9,900,000
750,915
41,250
100,872,915
9,941,250
*1,409,759,900
12,201.092
'
IX % bonds of 1939-
237,382,692
1,421,960,992
Fed'l Housing Admin.:
3% debentures-
579,214
2X% debentures
294,050
1,302
873,264
4,294
To credit of other
Philippine Treasury—To credit of Treasurer
877,559
777,914,025
2,917.175
14,434.993
1X% notes, series K_
299.072,666
956,051
300,028,718
X% notes, series N__
211,460,000
216,200
211,676,200
510,532,660
1,172,252
1942-44....—...
$2,733,012,371.52
59,300,000.00
deposits
.....—
Postmasters, clerks of courts,
5,485,573.63
76,940,230.16
....
disbursing officers, &c
Tenn. Valley Authority.
U
»
Redemption of National bank notes
Uncollected items, exchanges.
■
1
'
981,256,741
326,474,455
\
780,831,200
2,902,071,493
Reconstruct Fin. Corp.:
$9,580,427.32
3,712,751.99
5% reserve, lawful money
Deposits for:
1,219.705
2X% bonds, series G,
'
Deposits of Govt, officers—Post Office Department—....
Board of Trustees, Postal Savings System:
S. Housing Authority
Total,
8,557,717.20
'
(
'
i
'■
'
gold (as above)
1)
Seigniorage (silver) (see Note
balance
—
$142,154,271.25
467,228,007.31
1,959,768,359.38
-
$163,861,733.58
.
b
c5ll,704,919
"T
.----------
•
based
upon
guarantees
a
this item of silver bullion is computed on the
the close of the month of September, 1938.
The weight of
basis of the average
.
1,251,875,391
«.
»
_
Note 2—The amount to
the credit of disbursing
officers and certain agencies today
$2,705,606,112.24.
COMPLETE PUBLIC DEBT
This statement of the
ings of the United States, as
1938, delayed in publication,
interest attaches to
and net debt on
OF THE UNITED STATES
public debt and Treasury cash hold¬
officially issued as of Aug. 31,
has now been received, and as
the details of available cash and the gross
that date, we append a summary
making comparison with
the same date in 1937.
thereof,
m
w **
—
m
«*•*• **
m.
iw
r»
5,043,305,818
.----------
33,459,830 dl,285,335,228
Tennessee Valley Auth...
Total,
based
upon
1.285.335.228
Other Obligations—
F
R
notes
bonds issued and outstanding.
Includes only
a
After deducting amounts
States to meet interest
b Notes in the
In the
e4.101,839,885
(faceamt.).
*
of seigniorage represents the difference between the cost value
and the monetary value of silver bullion revalued and held to secure the silver certif¬
icates issued on account of silver acquired under the Silver Purchase Act of 1934 and
under the.President's proclamation dated Aug. 9, 1934.
Note 1—This item
was
—»
Postal Savings System:
Funds due depositors.
2,569,150.637.94
«■ ♦*
■
i
U. 8.—
Secretary of Agriculture
credit of theU. S_
cost per ounce at
.»
On Credit of the
$2,733,012,371.52
Total
,
U. S. Maritime Com's'n
285,033.28
(5% fund, lawful money)..
Ac.
'fr*
Balance today—Increment on
Working
2,243.566
1X% bds., ser.F, 1939
1,918,257.03
Total
Liabilities-*-
Other
8,054,545
979,013,175
325,254,750
1939-49.
1,542,065.54
Treasurer's checks outstanding....
'
805,454,550
3% bds.. ser A, '44-'52
2X % bonds, series B,
444,244.12
United States
A
813,509,095
f2,887,636,500
'
.
of Treasurer United States....
Government officers..
;
'•
Home Owners' L'n Corp.:
17,493,328.42
31,005,560.09
...........
Government officers
To credit of other
Foreign depositaries—To credit
:
582,147
295,412
2,932
■
'
603,000,049.10
747,237,000.00
Deposits In—Federal Reserve banks..
Special depositaries account of sales of Govt,
National and other bank depositaries:
To credit of Treasurer United States
7,615,089
236,476,200
3X% bds. of 1944-64.
3% bonds of 1942-47.
2X% bds. of 1942-47.
1X% bonds 6f 1939..
4,563,229.15
3,280,519.00
11,126,500.00
294,324.50
634,255.50
10,458,245.53
Federal Reserve notes...,
National bank notes
862,085,600
98,028,600
$
206,690,85.3
516,853
505,803,929.19
......
Federal Reserve bank
206,174,000
$760,619,432.66
25,257,738.97
7,897,998.25
*
435,694.47
i
934,407,140.4)a
At cost value (oz.
V'\
$
$
$
Commodity Credit Corp:
GENERAL FUND
Assets—
AUG. 31, 1938
OF THE UNITED STATES.
LIABILITIES
Compiled from Latest Reports
$1,590,159,279.97
...
of dally Treasury statements, was
$37,593,031,708.14, and the net amount of public debt redemption and receipts In
transit, &c., was $2,890,488.61.
b No reduction Is made on account of obligations
of foreign governments or other investments,
c Amounts issued and retired include
accrued discount: amounts outstanding are stated at current redemption values.
T" V".
SILVER
a
b35,892,302,012 34,651,405,738
Net debt...
$14,064,294,136.87
Total
Silver (oz.
760,619,432.66
+ 1,703,620,185+2,300,396,582
add Treasury deficit.
Deduct Treasury surplus or
618,465,161.41
Assets—
a37,595,922,197 37,047,802,320
Total debt....
$142,154,271.25
In working balance..
of funds deposited with the
payments,
face amount of $7,000,000 are
public debt.
include $575,527,475.67
Treasurer of the United
held by the Treasury and
reflected
.
face amount of notes and accrued interest
thereon, held by the Treasury and reflected in the public debt.
d Figures as of June 30, 1938—figures as of Aug. 31, 1938, are not available.
Offset by cash In designated depository banks amounting to $114,088,307.96, which
Is secured by the pledge of collateral as provided in the Regulations of thePPostal
Savings System, having a face value of $114,171,348.29, cash In possession of
System amounting to $05,883,100.21, Government and Government-guaranteed
securities with a face value of $1,094,832,230 held as Investments, and other assets.**!
e In actual circulation, exclusive of $7,422,379.82 redemption fund deposited In
the Treasury and $279,893,595 of their own Federal Reserve notes held by the
Issuing banks.
The collateral security for Federal Reserve notes issued consists
of $4 544,632,130 In gold certificates and in credits with the Treasurer of the United
States payable in gold certificates, and $6,166,000 face amount of commercial paper.
f Includes only unmatured bonds Issued and outstanding.
Funds have been
deposited with the Treasurer of the United States for payment of matured bonds
which have not been presented for redemption.
c
Does not
3258
Financial
Chronicle
GOVERNMENT RECEIPTS AND EXPENDITURES
and 1937, and the four months of the fiscal
years
and 1937-38:
General & Special Accounts
Receipts—
-Month of Oclober1938
1937
Internal Revenue:
Income
%
tax
%
40,369,732
618,233,708
845,093,668
895,549,038
173,618
2,199,420
1,295,723
52,091,201
173,336,268
793,259
19,040
26,783,836
32,698,240
189,613,092
32,000,000
41,000,000
141,000,000
165,000,000
11.500,000
14,000,000
54,500.000
58.000,000
113,554,253
116,643,472
620,746,472
578.261,583
12,685,167
15,088,264
149,192,222
145.087.668
90,457,667
b53,713,955
Expenditures—(See note 1)
;
Trust accounts
ol Govt,
111.160,517
acc'ts
agencies (net). Ac.:
Commodity Credit Corp
Export-Import Bank of Wash.
Govt.-owned
22,540,687
52.451
1.252,781
467.694
Rural Electrification Admin..
b472,726
2.399,242
bl9,676
7,809,879
18,602,029
b260,814
b207,334.165
bS5.711,098
b5,993,861
b9,692,019
b43,154,358
27,720,866
268
2,372
31,886
5,497,306
21,048,570
183,358,000
152,126,060
receipts:
Other
se¬
5,776,263
gold:
————
Interest—for'n obligations
Melting losses, Ac
£7 ICQ
Of fADO
5,828*798
28,412,724
8,092,568
8,248,263
3,741,629
6,552,737
14.512,525
6,303,091
-
21,030,973
1,925.833
2.008,942
Seigniorage
Other miscellaneous
4,204,652
2,588,712
other
Panama Canal tolls, Ac
5,361.029
27,676,300
35,393,960
Payments to Fed. Res. banks
(sec. 13b, Fed. Res. Act, as
amended)
For
125,000
......
of
retirement
Total receipts
6,211,630
Unemployment trust fund:
331,965,131
332,759,827
1,841,147,163
1.983,450,590
55,607,848
48,676,103
234,962,199
199,145.398
4,126,969
5,088,117
16,209,281
26,914,551
22,189,464
18,618,082
75,804,279
67.839,136
18,207,638
.
15,153,256
70,249,532
58,817,413
Investments
13,076.997
12,769,226
Benefit payments..
Investments...
Expenditures—
a..
Public buildings a
Public highways a
and
harbor
control
and[
work
a
Reclamation projects a...
3,434,172
Panama Canal
1,494,852
Postal deficiency
Railroad Retirement Board..
Social Security Act
......
249,959
48,958,381
0
S. Housing Authority a...
Dist. of Col. (U. S. share)
National defense:
150,270
3,838,239
640,630
3,865,305
25,005,885
230,027
1,003,016
131,073,451
93,099,346
1.249,298
Benefit payments
Railroad retirement account:
152,110,142
133,173.940
44,741,157
204,978,549
179,520,345
a..
46,291,740
49,387.872
189,344,301
Agricultural Adjust. Program
9,794,294
178,748,712
1,318.417
7.764,901
105,189,503
Internal
465,715
3,428,721
15,319,173
67,397,710
243,056,703
1,354,084
5,958,665
5.115.553
2,579,555
13,696,302
477,962,540
"
•
213,373,643
100,299,035
200,283,000
1,702,839,000
1,301,330,000
'*2,887*627
400,662,000
342,091,300
i'ooo
8.
U.
savings
bonds
461,690,100
(lncl.
494,234
5,161.325
1,739,810
453,730,612
376,392,507
1,969,293,234
unclassified sales)
40,215,609
28,884,729
155,987,020
127,661,046
229,167,729
2.662,607,420
1,428,991,088
Treasury savings securities.
Sub-total
42
440,878,609'
_
Adjusted service bonds
12,088,092
918,225
farm prod.
16,598,000
407,372,829
1,654,276
!
Tre:isury bills
259,635,661
1,005,010
on
33,805,586
114,989,196
15,330.626
3,811,427
—
4,748,192
116,441,880
.
—
Treasury notes
b55,173
67,281,427
revenue
Processing tax
423,259
30,000.000
Treasury bonds....
121,108.358
b260,326
Refunds:
Customs
3,533,181
6,500,000
Public Debt Accounts
Cash:
14,597
28,461,399
3,877,159
the publio debt...
on
14,597
24,685,659
b2,945,840
Farm Credit Administration.ai
Tennessee Valley Authority-
169,349
10,000,000
Receipts—Market operations:
56,527,607
Civilian Conservation Corps a
1,073,918
Excess of receipts or credits
194.162,799
63,211,130
Veterans' Administration
164,000,000
8,759,215
Total
„
32,172,489
Farm Tenant Act
136,000,000
1,500,000
Excess of expenditures—
54.105,125
-
750,000
41,000,000
5,000,000
35,751,580
,
158.425,000
1,312,118
39,582,267
..........
5,000,000
Navy
64,000,000
350,000
32,000,000
Investments
19,307,256
37,719,000
39,695,000
reserve account:
3,787,109
5,000,000
Old-age
a
Army
Interest
C14.000.0CO
--
Withdrawals by States
General:—Departmental
125,000
national
bank notes
flood
434,473
Chargeable against Increment on
'
River
■
Transactions in checking
110,121
36,514,786
curities:
1.
144,116
21,189,214
240,345,236
215,873.638
30,797,153
Principal—for'n obllga'ns__
All
256,449
41,695
6,027,103
34,353,251
Reconstruction Finance Corp.
employees
of
42,272
6,874,774
Taxes upon carriers and their
Proceeds
1937-38
132.606,135
163,455,573
38,122,999
633,898,538
188,358.307
33,509,233
Customs
Miscellaneous
21,221,423
Unemployment trust fund
CHd-age reserve account
Total
203,005
Taxes under Social Secur. Act
1938-39
S
25,014,208
Increment resulting from reduc¬
tion in weight of gold dollar..
Seigniorage
%
208,650,820
revenue
Unjust enrichment tax
*
accounts
1937-38
41,279,118
Mlsceli. Internal
Receipt*—(See note 1)
Trust
1938
—July I to Oct. 31
Railroad retirement account—
1938-39
—July I to Oct. 31
1938-39
-Month of October1938
1937
Gold. &c.
on
Through the courtesy of the Secretary of the Treasury,
enabled to place before our readers today the details
of Government receipts and disbursements for October, 1938
we are
Nov. 26,
Trust Accounts, Increment
1,469.353,768
566,200
Exchanges:
1,211.300
2,594,930
5,322,350
90,000
19,250,000
775,604.200
1.
404,707,100
Sub-total.
-
2.
Adjusted
on
mortgages
Federal Land banks
.....
15,597,618
16,400,789
28,805,982
529,664
Relief
Public works (lncl. work relief)
Reclamation projects.,
152.978
1,207,602
1,389,958
2,970,911
Public highways
River and harbor work and
flood control
3,632,925
2,397,271
9,059,175
9,824,864
9,450,142
15,596,525
42,527,927
1,014,666
Works Progress Admin
Pub.
Wks.
Adm.
grants
3,187,722
7.493.577
13.004,267
67,374
Rural Electrification Adm.
455,463
405,853
207,238,134
(Act June 21, 1938)
100,458,430
17,166,384
16,369,557
66,570,844
17,615
Q4.fi
5,359,920
U. 8. Housing Authority...
553,017
Federal Housing Admin
388,417
457,201
12.475,992
11,776,764
Security Admlnlstra'n
Miscellaneous:
Admin, for Indus. Recovery
Sub-tOtal.....
125
261,814,001
—
Federal
165,665,137
40,834.603
b90
957,228,543
Public
worksr
municipalities,
10,377,763
700.000
9,703,398
96,000
6,533,964
6,115,067
26,462,882
19,U3,378
3,800,750
8,196,850
18,353,900
37,658.600
249.000
bank
323,600
1,186,450
1.431,600
548,950
1,183,800
1,972,350
3.557,350
460
201,280
718,900
22.251
134.024
91,834
211,493
4,354,720
6,916,980
14,771,265
23,882,920
427,419,685
234,687,631
1,680,070,511
1,335,317,941
90,000
423,957,100
775,604,200
90,000
423,957,100
775,604,200
2,600.000
5,800,000
....
...
and
notes
Fed. Res. bank notes
.
Exchanges:
Treasury notes
Treasury bonds
w-
38,002,869
623,350
36,704,350
55,814,896
....
h
Sub-total..
certificate
32,000,000
41,000,000
141,000,000
165,000,000
14,000,000
54,500,000
58,000,000
Unemploy.
trust fund (ctfs.).
14,000,000
75,106,600
f
73,255,000
Railroad retirem't acc't(notes)
Civil serv. retire't fund (notes)
2,500,000
25,000
296,255,000
For. Serv. retirem't f'd notes)
Canal Zo. retire't fund nefes)
24,000
270,606,600
130,000
87,000
40,000
20,000
75,000
61.000
funds (U. 8. share)
Sub-total
Debt
5.000
-
11,500,000
,
Railroad retirement account..
Govt, employees' retirementt
6.
1,210,990,000
178,700.
19,164,850
U. S. savings bonds
Special series:
Adjusted
service
account
1,597.701,000
117,300
4,821,550
63,453.203
700,000
8,707,025
208,790,000
54,050
1,907,200
First Liberty bonds
Fourth Liberty bonds
692.802,694
bl08.465
Bub-total
U9,707.000
2,659,624,638
.
Adjusted service bonds
b5,081
40,614,273
339,628,000
3,428,767,470
409,949,000
...
Sub-total.
11,542,814
_
Admin., loans
(Act June 21, 1938)
88,731,000
319,200,029
86,000
Treasury notes
Treasury bonds
b7,529,842
Public Works
reserve
33,500,000
474.9U.809
Treasury bills
Certificates of indebtedness
54,794,056
b3,311,404
2,000,000
20.000,000
Cash:
States,
ACj
Loans to railroads
Old-age
.
Insurance
Expenditures— Marketoperations
5,658.820
National
b2,835,789
469,000
213,000
10,000,000
Other debt items
bi,374,365
'
Loans and grants to
Deposit
367,000
195,000
12,000
Postal Savings bonds
Admlnlstra'n.
71,300,000
459,000
Total public debt receipts..
Revolving funds (net):
Agricultural aid:
Farm Credit
30,000,000
374,000
Corporation (notes)
3.210,285
2,106,772
164,000,000
6.500,000
81,100,000
Sub-total
22,415,328
183,358,000
136,000.000
10.000,000
Postal Save. 8ys (notes)
Govt, life insur. fund (notes)
7*6,01*6,117
1,618,916
54,875
83,000.000
41,000.000
1,500,000
Alaska RR retire't fund notes*
26,086,416
1
...
Emergency housing
37,719,000
32,000,000
For. Serv. retirem't f'd notes)
Canal Zo. retire't fund (notes)
766,571,482
13,573,410
other
-
Railroad retlrera't aec't(notes)
Civil serv. retire't fund (notes)
2,466,897
Aid to home-owners:
8.
775,604,200
certlf.
(certificates)
Unemploy. trust fund (ctfs.).
Old-age reserve acc't (notes).
1,629,635
2,185.491
Home Loan system
service
fund
Federal Farm Mtge. Corp.
—reduction in int. rate
Farm
423,957,100
Special series:
Recovery and relief:
Agricultural aid:
All
90,000
—
43,500,000
retirements
55,000,000
1,771,550
5,655,400
15,553,700
34,958,150
770.519,561
Total expenditures
600,000
1,000,000
19,000,000
2,100,000
Postal Savings System (notes)
Govt, life Ins. fund (notes)__
(sinking
fuijd, Ac.)
fund (certificates)
611,420,059
2,980,684,946
2,549,184.507
^6,600,000
13.000,000
25,000,000
Fed. Dep. Ins. Corp. (notes)
Sub-total
6,000,00
5,000,000
17.164,000
3,145,000
4U,583.885
237,922,631
2,170.U1.611
2,127,870,141
30,360,925
...
81,277,398
1,258,345.859
531,754,497
—6,507,000
+105,138 000
+90,340,000
66.405,000.
16,948,000
Excess of receipts
Excess of expenditures
\
438,554.430
278,660,243
Total public debt expend's.
1,139,537,783
555.733,9i7
Excess of receipts
Excess of expenditures
Summary
Excess
of
expenditures
(+)
438,554,430
Less public debt retirements..
Excess
of
expenditures
(+)
Increase ( + ) or Decrease (—)=====:
in Gross Public Debt—
or
1,771,550
278.660,243'
5,655,400
1,139,537,783
565,733,917
<15,553,700
34,958,150
+436.782,880
^c„
on
+273,004.843 +1,123,984,083
gold,
+530,775,767
+2,887,627
Total
(+)
excess
of
or receipts
—1,654,276
—213,373,643
—9,287,ooo
+ 271,350.567
+ 910,610,440
6.211,630
5,497,304
21,048,570
—117,300
—178,700
—4.821.550
—81,770,650
—36,704,350
+29.650,146
...
+14,190,251
+976,797,308
+ 70,077,567
—623,350
—22,251
Sub-tOtal
—134,024
—91,834
—211,450
—4,354,720
eral Reserve bank notes
+430,476,731
...
—54,050
—1.907,200
Other debt Items
National bank notes and Fed¬
—100.299,036
+439.670,507
Less nat. bank note retlrem'tsI
r_
notes
Bonds
excess of receipts (—) or
expenditures (+)
operations:
Treasury bills
Treasury
receipts (—) (excluding publio1
Trust accts., Increment
Market
Certificates of Indebtedness
or
—6,918.980
-14.771.265
—23,882,921
+14,024,925
4,308,602
+985,122,859
+98,995.497
+16,336,000
+85,586.000
+273,223,000
+ 432,759,000
+30,360,925
Special series
+ 81,277,398+1,258,345,859
+531,754,497
expenditures1
(—)
+439,670,507
+265,138,937
—409,309,582
.
—183,861,538
Increase (+) or decrease (—) In
+ 905,113,134
Total
+ 409,426,161
+353,232,725
+ 122,326,336
+81,277,398 +1,258,345,859
+531,754,497
b Excess of credits
Note
Increase
(+) or decrease (—) In1
the gross public debt
Gross public debt at beginning
Excess of redemption (deduct)'
1—Beginning Dee. 31, 1937, transfers from the Genderal Fund have
been
as receipts
instead of offsets against expenditures.
The figures for the
month and the fiscal year 1938 have been revised
accordingly and in that respect
disagree with the figures published prior to Dec. 31. 1937«
38,392,725,250
36,875,090,831
37,164,740.316
36,424,613,732
38,423,086,175
36.9t>6,368,229
38,423,086.175
36.956,368,229
a
Additional expenditures
relief" and
...
c
treated
+30,360,925
f
Gross public debt this date
(deduct).
on
these accounts
are
included under "Recovery and
"Revolving funds (net)." the classification of which will be shown In
the statement of classified
receipts and expenditures appearing on page 7 of the
dally Treasury Statement for the 15th of each month.
Financial
Volume 147
PRELIMINARY
DEBT
STATEMENT
UNITED STATES OCT. 31,
(On the basis of dally Treasury statements)
1938
The
preliminary statement of the public debt of
United States Oct. 31, 1938, as made up on the basis of
daily Treasury statement, is
COMPARATIVE PUBLIC DEBT STATEMENT
THE
OF
the
the
Gross debt
$49,800,000.00
28,894,500.00
__
2)4% Postal SavlngB bonds (16th to 49th ser.)
Gross
$196,561,740.00
bonds of 1940-43
bonds of 1946-49
3% bonds of 1951-55...
3K % bonds of 1941
3H% bonds of 1943-45..
3H% bonds of 1944-46
3% bonds of 1946-48
....
$12.36
$250.18
$129.66
2.395
4.196
3.750
Int.
of
bearing debt outstand¬
ing (percent)
—a,—
Oct.
:v
7
•
a
Gross debt
Sept. 30, 1938,
31, 1937,
bonds of 1951-54
;
bonds of 1956-59
in general
$34,280,567,995.89 $35,414,265,029.80 $35,853,935,536.90
rund
Gross debt per capita-
«285.30
b294.67
b294.74
2.550
2.582
2.582
Computed rate of int.per
int.-bearin~
annum on
debt outstanding (per
1,786,143,150.00
540,843,550.00
450,978.400 00
918,780,600.00
-
-.-
cent)
a
Revised,
b Subject to revision.
866,397,200.00
'
22,712,422,150.00
-
U. S. Savings bonds (current redemp, value):
8eries A-1935
Series B-1936
...
The
435,377,920.00
367,480,181.25
Series C-1938
'
•
Shares
$302,942,300.00
(Government Life Insurance Fund series)..
sold at auction
were
500,157,956.40
$ per Share
Stocks
100 Metropolitan Building Trust v. t. c.;
100 Victoria Gypsum Co.,
40 Boston Elevated Ry. Co.,
10 Anaconda Copper Mining
941,613.750.00
150 Reo Motor
,
$7,000 Old Colony RR. 4s, January, 1938, reg
„
—
Mines, par one cent
20 Hotel Westminster Co. preferred, par $100
32 Eastern Gas & Fuel Associates common.-—-------—-
11 General Public Service Corp. common
522,000.00
41 National Service Cos. $4
4% Adjusted Service Certificate Fund series,
$100
Y
100 Mono Service
959,200,000.00
,
—-
...
1,302,276,000.00
—
$37,896,865,588.59
...
40,720.00
•
$7 000
$6,000
$1,000
1,305,350.00
1927-42.-.
2,075,700.00
21,343,200.00
653,300.00
20,824,200.00
,
'
i
93.543,180.26
Debt Bearing No Interest—
IN NATIONAL BANK
—
for the current year
$190,641,585.07
Less gold reserve
Amount afloat Oct. 1
National Bank Notes—A11
Deposits for retirement of National
Federal Reserve bant notes
and last
236,756,196.50
2,031,728.28
*
3,247,896.14
432,677,405.99
debt-------
...
NOTES
—
— — — —
—
1938
$211,726,540
3,925,620
Includes proceeds for
Nov
1—— *$207,800,920
called bonds redeemed by Secretary of the
.$38,423,086,174.84
REDEMPTION CALLS AND SINKING
The
following information regarding National
banks is
Comptroller of the Currency, Treasury
Department.
CHARTER ISSUED
Amount
»
15—National Bank of Earlville, Earlville, 111
Capital stock consists of $50,000, all common stock.
President,
E.
W. Malley.
Cashier, W. Howard Duckels.
Primary
organization.
Nov.
$50,000
Ami.
of
Increase
14—The Continental National
Neb.
From $250,000 to $312.500
Nov. 16—The National Bank
From $75-000 to $100.000
Bank of Lincoln, Lincoln,
$62,500
-
of Ocean City, Ocean
City, N. J.
-----
list of bonds, notes and preferred
corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives^ the
location in which the details were given in the "Chronicle .
Company and, Issue—
Date
Page
Abbotts Dairies, Inc.. 6% bonds--.--.--Doc. 23
3300
Addressograph-Multlgrapb Corp., senal debentures-.- —Dec. 15
2520
Akron Barber ton Belt RR., 1st mtge. 4% bonds
Dec. 1
3002
Alleghany Corp
20-year 5s. 1930--- -----tJ-C'oq
okli
Altoona & Logan Valley Electric Ry. 1st lien 4s
Nov. 29
2673
Aluminium. Ltd., 5% sinking fund debentures
Jan.
1
2521
American Gas & Electric Co. 5 % debenture. - Dec. 21
3149
Athens Railway & Electric Co., 1st mtge. 5s 1950—
Jan.
1
2860
Bayuk Cigars Co. 7% preferred stock
Jan. 15
3151
Below will be found a
stocks of
*
COMMON CAPITAL STOCK INCREASED
Nov
FUND
NOTICES
NATIONAL BANKS
from the office of the
.J9J£,
*257-327,515
6,211,630
*$251,115,885
Treasury.
Note—$2,235,026.50 Federal Reserve bank notes outstanding Nov. 1, 1938,
ecured by lawful money, against $2,258,881.50 on Nov. 1, 1937.
Amount of bank notes afloat
Thrift and Treasury savings stamps,
fied sales, Ac
15
year:
Legal Tender Notes—
—— — —
Net decrease during October.---
bank and
fractional currency
unclassi¬
2)4
*
-
shows the amount of National bank notes
afloat (all of which are secured by legal tender deposits)
at the beginning of October and November, and the amount
of the decrease in notes afloat during the month of October
$346,681,016.00
156,039,430.93
-
54
The following
,
24,775,000.00
239,800.00
-----
Treasury savings certificates
-
13
—
Per Cen*
Huntingdon & Broad Top Mountain RR. & Coal Co. 1st B 6s, 1940-.$5 flat
Syracuse & Eastern RR. adj. mtge. 25-year 6s, due Jan. 1, 1948—--$2 lot
John Warren Watson Co., Inc., deb. 1983
—
$5 lot
CHANGES
4,786,150.00
Ctfs. of indebtedness, at various Interest rates.
60K
$1 lot
$1 lot
Bonds—
13,588,450.00
——
United States notes
——
—
Philadelphia Bourse common, par $50
Ry. Co., par $50—
Co. common
—
10 Nice BallJBearing 1st 4% preferred
4% and 4K% Second Liberty Loan bonds of
-
Annuities, par $10-- 30K
5 Hotel Sulvania Co. 8%
20 Integrity Trust
$3,911,310.26
(excluding Postal Savings bonds).—
Treasury bills
Co. for Insurances on Lives & Granting
Co., par $50---—
preferred, par $100-----10 Hotel Sulvania Co. 8% preferred, par $100
20 Haverford Land & Improvement
6 Frank ford & South wark Passenger
2)4 % Postal Savings bonds
3K %. 4% and 4K % First Liberty Loan bonds
4yK% Third Liberty Loan bonds of 1928.—
4K% Fourth Liberty Loan bonds of 1933-38—
3K % and 4K % Victory notes of 1922-23
.
Treasury notes, at various Interest rates
$ per Share
75
—
3K
Co. common, par $100-—--——
Co., par $5
—
25 Pennsylvania
4
Matured Debt on Which Interest Has CeasedOld debt matured—Issued prior to Apr. 1,1917
-
*
10 Land Title Bank & Trust
936,000.000.00
-
$80 lot
— —
—
-
Stocks
Shares
23,200,000.00
Total Interest-bearing debt outstanding
—
By Barnes & Lofland, Philadelphia.
2K % Unemployment Trust Fund series, ma¬
turing June 30, 1939
Realty Trust prior preferred shares, par
92 Real Estate Improvement Trust, par-
$100; 850 Unity Building Trust;
'•
-
———
—
preferred
38 Boston Chamber of Commerce
Certificates of Indebtedness—
.---
Square Building Trust preferred
Kendall
5
42,000,000.00
—
——
375 Baush Machine Tool Co. common
105,000,000.00
Treasury bills (maturity value)
—
200 Pioneer Petroleum common, par $5__.
10.556,108,450.00
Total gross
:-j
—
4,046,000.00
_
2
$20 lot
2%
IK
$6 lot
$10 lot
.$2 lot
IK
IK
-.$10 lot
$1 lot
$1 lot
——
——
common—
3,572,000.00
maturing Jan. 1, 1939
IK
preferred, par $100--—-...-103K
314
198 Royal Tiger
series, maturing Dec. 1, 1939 and 1942
% per Share
314
—
$100
Cotton Mills
——
preferred, par $100-—
16 Brookslde Mills, par $100
Alaska
Old demand notes and
preferred, par $100—
28 Eastern Gas <fc Fuel Associates common.-—-,—-
Railroad retirement fund series,
maturing June 30, 1941 to 1943
2% Postal Savings System series, maturing
June 30, 1940, 1942 and 1943
2% Federal Deposit Insurance Corporation
———8K flat
,
45 Brookslde Mills, par
16 Samoset
«
5)4 flat
——
10 Springfield Ry. Cos. preferred, par $100
2 Chicago Junction Ry. & Union Stock Yards
798,300,000.00
-
of 1932-47-
Stocks
Shares
23 N. Y. N. H. & Hartford RR. Co.
4% Canal Zone retirement fund, series 1940
4%
Per Cent
-
By Crockett & Co., Boston.
series
to 1943...
18
—
$1,000 City Rio de Janeiro 6Ks, February, 1953---.
463.400,000.00
1939 to 1943
——;
Bonds—
ma¬
to 1943
fund,
Car Co. common, par $5
20 Southern Pacific Co., par $100
72,700,000.00
Service retirement
-
25 Pennroad Corp., par $1.
»
4% Civil Service retirement fund, series 1939
Foreign
par $100
Co., par $50
15 N. Y. N. H. & Hartford RR. Co.
turing June 30, 1942 and 1943
—
$100
40 Boston & Maine RR. common, par $100-
$9,066,568,450.00
Railroad retirement account series,
c., par
2,500 Allied Annie Laurie Gold Mines, Inc., par 10 cents
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
342,143,300.00
232,375,200.00
629,116,900.00
3% Old-Age Reserve account series, maturing
June 30, 1941 and 1943
Ltd., v. t.
6,600 Cripple Creek Mining & Milling Co., Ltd., par $1
$9,503,800.00
1,293,714,200.00
526,232,500.00
15,1942—
15.1942..
15,1943 —
-
100 Southern Ice Co. common; 50 $7 preferred
........$25,079,281,138.59
15,1938—
15, 1939..
15, 1939..
15,1939—
15,1939—
16,1940—
15,1940-.
15,1940-.
15,1941..
15.1941..
15.1941..
15, 1942..
—
—
-
3 Boston Storage Warehouse Co., par $100
Treasury Notes—
1M % series E-1938, maturing Dec.
2)4 % series A-1939, maturing June
IH% series B-1939. maturing Dec.
1)4% series C-1939, maturing Mar,
1% % seriesD-1939. maturing Sept.
1H % series A-1940, maturing Mar.
1H% series B-1940. maturing June
lK%series C-1940, maturing Dec.
IK % series A-1941, maturing Mar.
1H% series B-1941. maturing June
IK % series C-1941, maturing Dec.
lK % series A-1942, maturing Mar.
2%
series B-1942, maturing Sept.
1K% series C-1942, maturing Dec.
IH% series A-1943, maturing June
$12 lot
$30 lot
25
$33 lot
IK
$8 lot
——--$55 lot
—
52
34
2
—
2
2
108 warrants
25 North Terminal Co. preferred, par $100
803,100,256.40
Total bonds
Wednesday
on
By R. L. Day & Co., Boston.
1,367,196.992.19
V
...
following securities
of the current week.
53,723,893.19
.........
Adjusted Service bonds of 1945
SALES
AUCTION
'
$179,750,151.75
330,864,846.00
Series C-1937
4%
31, 1938
Gross debt less net bal.
1,214,428,950.00
1,223,495,850.00
1,626.687,150.00
981,827,050.00
bonds of 1948-51
bonds of 1949-53
bonds of 1945
2H% bonds of 1948
2H% bonds of 1958-63....
2H % bonds of 1950-52
3%
Oct.
Last Month
Year Ago
$36,956,368,228.85 $38,392;725,250.15 $38,423,086,174.84
2,569,150,637.94
2,978,460,220.35
2,675,800,232.96
Net bal. In gen. fund
2,611,095,150.00
-
Unclassified sales
rate
per annum on Interest-
491,375.100.00
...
bonds of 1955-60
bonds of 1945-47
•
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.62
1,035,874,400.00
3bonds of 1949-52..
2%%
2% %
2%%
2%%
2% %
2K%
2%%
Computed
Debt
net
Gross debt per capita
1,036,692,900.00
489,080,100.00
454,135,200.00
352,993,450.00
544,870.050.00
818,627,000.00
755,432,000.00
834,453,200.00
1,400,528,250.00
1,518,737,650.00
bonds of 1943-47
less
bal. in gen. fund.—
$758,945,800.00
bonds of 1941-43..
debt
Lowest Post-War
Was at its Peak
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
306,803,319.55
74,216,460.05
1,118,109,534.76
Net bal. In gen. fund...
117,867,240.00
Treasury bonds:
4K% bonds of 1947-52
4% bonds of 1944-54
3 H % bonds of 1946-56..
1930,
When War Debt
31, 1917,
Pre-War Debt
follows:
as
Dec. 31,
Aug. 31, 1919,
Afar.
Bonds—
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
Z%%
3%%
SH%
3H %
3259
Chronicle
25.000
,
3260
Chronicle
Financial
Company and Issue—
Date
Dec.
1
——Dec. 17
Chippewa Power Co. 1st mtge. bonds
...Dec.
1
Cincinnati Gas & Electric Co., 1st mtge. bonds 1967
Dec.
1
Connecticut Ry. & Lighting Co. 1st mtge 4^s
Jan.
1
Container Corp. of America 1st mtge. 6s.
Dec. 15
Crown Willamette Paper Co. 1st mtge. 6s
Jan.
1
Detroit City Gas Co. (Michigan Consolidated Gas Co.):—
1st mtge. 6s, srries A
Dec.
9
1st mtge. 5s, series B
Dec.
9
Dominion Gas Co., 5% coll. trust bonds,—.........—Jan. 1, '39
2861
3153
2678
2862
3011
3156
Jan. 1, '39
Jan.
1
Dec.
1
Jan,
1
Jan.
1
General Public Service Corp. 5M% debs
*
Georgia Carolina Power Co.. 1st mtge. 5s.
Jan.
Goodyear Tire & Rubber Co., 1st mtge. 5s, 1957
Dec.
Hackensack Water Co
ref. mtge. 5s, 1977
—.Dec.
First mortgage 4s 1952
..Apr.
Hackensack Water Co. gen. & ref. mtge. 5Hs.,
.Jan.,
Hines Land & Timber Co.—1st mtge. bonds
—Nov.
Conv. & non-conv. scrip certificates—„—
..Nov.
Holland Furnace Co. 5% conv. pref. stock
Jan.
*
Houston Gas Securities Co., 5% coll. trust bonds
,—Dec.
Indiana General Service Co., 5% 30-year 1st mtge. Dds. .Jan.
Jefferson & Clearfield Coal & Iron Co. 1st mtge. 5s
—Jan.
Michigan Consolidated Gas Co...
......
Dec.
Midi Kit. Co. 4% bonds, 1960
Dec.
Nashville Railway & Light Co. 1st mtge. 5s. 1953
Jan.
National Acme Go. 1st mtge. 4Mb, 1946..
Dec.
National Steel Corp., lRt mtge. 4s 1965
Dec.
*
Newfoundland Light & Power Co., Ltd., 1st mtge. 5J^s_Dec.
New Orleans Public Service Inc. gen. Hen 4}^s
Dec.
New York Chicago & St. Louis RR. 1st mtge. bonds
Nov,
New York Shipbuilding Corp., 1st mtge. 6s 1946.
Nov.
Northern Oklahoma Gas Co. 10-year 5% bonds
Dec.
Ohio Power Co.. 1st mtge. 4Mb 1956
Dec.
Okonite Co., 15-year 5Mb, 1942
Dec.
Paris-Orleans KB. 6% bonds, 1956
Dec.
Pennsylvania Glass San Corp., 1st mtge. 4Mb. 1960
Dec.
Pennsylvania Water & Power Co., 1st mtge. 4Mb, 1968-_Dec.
Phelps Dodge Corp. 3)4% debentures, 1954
Dec.
Platte Valley Telep. Corp. 1st mtge. 6s, 1947
Jan.
Porto Rico Telephone Co. 6% 1st mtge. bonds
Dec.
Power Securities Corp., collateral trust 6s.....
Dec.
*
.
--
—
—
Canada Bud Breweries
.
Public Service Co. of Nor. 111. 1st lien & ref. bonds:
Series E
;
3157
Bearer (quar.)
7%
1034
268
2683
2866
2866
1
2695
1
10
24
3166
25
1
1
2873
2699
1
3025
3
3
20
1 '39
1
5%
3028
3030
3030
2406
1
1
7
3
2878
1
2709
22
1
3031
2710
1
2879
1
2879
1
2879
Per
$6 preferred
When
(quar.)
1.
Allied Finance Corp.
(Baltimore, Md.) (special).
Allied Stores Corp., preferred (quar.)
American Bank Note
Preferred (quar.).
American Beverage Corp. 7% preferred.
American Chain & Cable
Preferred (quar.)
American Hardware Corp. (quar.)
American Power & Light Co. $6 preferred
$5 preferred
;
American Safety Razor (quar.)
American Seal-Kap (Del.)
„
-
-
15 Dec.
10
10
Hanley (James) Co., 7%
$3
5c
9
9
Dec. 15 Dec.
1
15 Dec.
25c
30c
12 Dec.
1
Dec.
12 Dec.
1
$1X
Jan.
2 Dec.
9
Dec. 22 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
12
$1%
Anheuser-Busch, Inc. (quar.)
Extra
'
-
10c
$1 X
-
common
10c
18%c
Dec.
Dec.
(quar.)
Beech Creek RR
Beech-Nut Packing Co. (quar.)
i
Bell Telephone of Canada (quar.)
Berghoff Brewing Co. (quar.)
Black & Decker Mfg
Blackstone Valley Gas & Elec., 6% pref. (s.-a.).
Boston Herald-Traveler Corp. (increased)
Special
Brewer (C.) & Co., Ltd. (monthly)..
Buckerfield's 7% preferred
Bucyrus-Erie Co., pref. (quar.)
Budd Wheel Co. $7 partic. pref. (quar.)
$7 partic. preferred (partic. div.)
California Art Tile Corp., cum. conv. pref. A__
Dec.
40c
15c
S6J4 convertible preferred
Armour & Co. (Del.) preferred
(quar.)
Ashland Oil & Refining (quar.)..
Preferred (quar.)
Basic Dolomite, Inc
Dec. 22 Dec.
6
Dec. 15 Dec.
2
Jan.
1 Dec. 20
Dec. 16 Dec.
9
12
1
15 Nov. 30
15 Nov. 30
91X
Jan.
50c
Jan.
15 Dec.
3 Dec.
31
13
$1
25c
Jan.
2 Dec.
9
Jan.
Jan.
2 Dec.
9
16 Dec.
23
i$2
25c
25c
$3
Dec.
15 Dec.
5
Dec. 30 Dec. 13
Dec.
1 Nov. 25
40c
Jan.
75c
Dec.
8 Dec.
1
Nov. 25 Nov. 19
Dec. 31 Dec. 31
50c
tSIM
$1X
91X
25c
t25c
Jan.
3 Dec.
3 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Dec.
1 Nov.
21
20
17
17
25
15
2 Dec.
15
2 Dec.
15
12 Dec.
6
$50
30c
29 Dec.
9
15 Dec.
1
40c
75c
15c
-
3c
lc
10c
Dec.
Dec.
Dec.
Jan.
Tan.
Dec.
Nov. 21
Dec.
1
Dec.
1
2
Dec.
Dec.
10 Dec.
-
1
Dec. 27 Dec.
3 Dec.
15
Dec.
Dec.
13
Jan.
5c
16
$2
Dec.
Dec.
3
50c
Dec.
Dec.
1
25c
Dec.
Nov, 15
87 Mc
$3
Dec.
Nov. 15
5%
$1K
$1M
37 Mc
Apr.
43 He
Tan.
Dec.
Jan.
Dec.
Jan.
Dec.
1 Mar.
23 Dec.
5
5
15
3;Dec. 31
15 Nov. 30
Dec. 15
Tan.
Dec.
15
Tan.
Dec.
15
%1
Dec.
Dec.
1
$1
Dec.
Dec.
6
50c
Dec.
9
$1 X
Dec.
Tan-
Dec. 16
15c
Dec.
Dec.
9
$1M
Tan,
Dec.
14
Dec.
Dec.
10
Jan,
Tan,
Dec.
10
Dec.
12
Tan,
Dec.
12
Tan.
Dec.
15
Tan.
Dec.
15
Tan,
Dec.
15
$1X
Dec.
30c
3c
Dec.
Nov. 19
Nov. 29
Dec. 10
SIX
lHc
__
Kalamazoo Vegetable Parchment Co
Kansas City Power & Light, pref.
(quar.)
Kelley Island Lime & Transport
Kerlyn Oil Co., class A (quar.)
Kimberly-Clark Corp. (quar.)
25c
8Hc
25c
Preferred
(quar.)
Kings County Lighting, 7% pref. B (quar.)
6% preferred C (quar.)
5%. preferred D (quar.)
Kingston Products, preferred (quar.)
Kroger Grocery & Baking Co. (extra)
Lava Cap Gold Mining
Lawyers Title Insurance Corp., class A (s.-a.)
Lehigh Coal & Navigation
Lehn & Fink Products Corp.; common
Liggett & Myers Tobacco, pref. (quar.)
23
2
Dec. 15 Dec.
Nov. 30 Nov. 23
S1*1
fl
1
Dec.
60c
25c
Hyde Park Breweries Assoc. (increased)
Idaho-Marvland Mines Corp. (monthly)
Illinois Bell Telephone.
Incorporated Investors (irregular)
Industrial Credit Corp. (Lynn) (quar.)
7% preferred (quar.)..;.
Ingersoll Rand Co., pref. (semi-ann.)__.
International Business Machines (stock div.)
Common (quar.)
International Ocean Teleg. Co. (quar.)
Irving (John) Shoe Corp., 6% pref. (quar.)
Jamaica Public Service,Ltd
7% preferred (quar.)
2 7% preferred B*(quar.)--_.
Jams (W. B.) Co
Jewel Tea Co. (final)
;
Johns-Manville Corp. (resumed)
Preferred (quar.).--
15
Nov. 28
15iDec.
llNov.
40c
15
31 Nov. 30
1 Nov. 19
40c
Houston Oil Co.. preferred
1
Dec.
-
.&
Honolulu Oil Corp., Ltd. (quar.)
Honolulu Rapid Transit Co., Ltd
1
25c
Anchor Hocking Gass Corp., common
pref. (quar.)
Extra
6
3 Dec.
f$lM
87 Mc
pref.
Hewitt Rubber Corp
Heyden Chemical Coro
Honolulu Gas Co., Ltd. (extra)
10
25c
Andes Copner Mining.
-----
3 Dec.
29 Dec.
75c
-
Hedley Mascot Gold Mines, Ltd. (quar.)
16
3 Dec. 31
$1H
-
2
20
60c
.
Hecla Mining Co
17
9 Dec.
63c
Hartford Steam Boiler inspection &Tnsur. Co.—
Extra
Nov. 28 Nov. 22
Dec. 15 Dec.
2
30c
$5
62Mc
>
Greene Cananea Copper
Group No. 1 Oil
quarterly dividend.
American Toll Bridge (Del.) (resumed)
American Sumatra Tobacco (quar.)
Anaconda Copper Mining Co
Extra
(quar.)
Hazeltine Corp. (quar.)
10c
14 Dec.
15)Dec.
Great Western Sugar (quar.)
Preferred (quar.)
16
Jan.
»2 Dec.
Dec. 17 Dec.
Dec. 15 Dec.
Jan.
3 Dec.
22 Dec.
$1M
$1M
13
40c
15 Dec.
24 Dec.
12 He
(quar.)-_
13
3 Dec.
15 Dec.
lc
14'Dec.
3 Dec.
2 Dec.
25c
1
15 Dec.
3 Dec.
Jan.
15 Dec,
25c
Jan.
Jan.
15'Dec.
12 Dec.
$3.05
Jan.
t75c
t62Mc
15 Dec.
3
23 Nov. 16
25c
(quar.)
10c
20c
American Superpower Corp., 1st pref
This covers the Oct. 1, 1938 div, and regular
Preferred
(N. Y.)
75c
Dec.
9
20c
-
Hamilton United Theatres, Ltd., 7%
1
9
31 Dec.
68Hc
-
13
15
15 Dec.
5
31 Dec.
3c
-1—
Gurd (Chas.) & Co.. Ltd
Dec.
16
20 Dec.
15c
1
Jan.
3 Dec.
10 Nov. 30
15c
SIM
13
15c
21 Nov. 30
3 Dec. 16
3 Dec. 16
$1M
$1X
$1M
87 Mc
8c
3 Dec.
3 Dec.
25c
1 Nov. 26
15 Nov. 30
20c
15 Dec.
$1X
.
-
-
Dec.
SIX
1
1 Nov. 26
Gold & Stork Teleg. Co. (quar.)
Goodyear Tire & Rubber (Can.) (quar.)
Extra
Holders
Dec. 22 Dec.
Jan.
2 Dec.
1
21 Dec.
Girdler Corp.
Extra.
Payable of Record
Jan.
19
21 Dec,
-
15
15
30 Dec.
50c
75c
Jan.
2c
6 Nov. 29
20 Dec.
-
$1H
SIM
8Hc
American Home Products Corp. (monthly)
American Ice Co., preferred (No action)
Bayuk Cigars, Inc.,
.Special
15 Nov. 30
25c
(quar.)
Nov. 22
20 Dec.
Extra
are.
Share
10
1
General Steel Wares, Ltd., 7% cum. pref. (s-a)_
Gibraltar Corp., partic. pref. (initial)
Preferred
Aetna Ball Bearing Mfg
Alabama Power Co. $7 pref.
25,Jan.
Gaylord Container Corp. (quar.)
Preferred (quar.)
in our "General Corporation and Investment
News Department" in the week when declared.
Company
10
.15 Nov. 30
preferred (quar.)
General Box Co. (quar.)
General Electric Co
General Reinsurance Corp.
second table in which
15
25 Jan.
Fohs Oil Co., common
Game well Co., preferred (quar.)
previoudy announced, but which
The dividends announced this week
3 Dec.
24 Nov. 29
—
(quar.)
Federal Mogul Corp
"56" Petroleum Corp_T
First Realty Corp.,-
a
5
1 Nov. 24
pref.
Federal Bake Shops, Inc
Preferred (semi-annual)
name
Name of
1 Nov. 23
15 Dec.
15 Nov. 30
-
(E.I.) de Nemours & Co. (year-end)
cum.
15
31 Dec. 15
2 Dec. 20
-----
_—
2406
9
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
(quar.)
2
25 Nov. 19
31 Dec.
Electric Storage Battery Co. (final)Preferred (final)
Electrographic Corp. (quar.)
Preferred (quar.)
Elgin National Watch Co__
Empire Star Mines
Engineers Public Service $5 pref. (quar.)-_._
$5M preferred (quar.)
$6 preferred (quar.)
Erie & Pittsburgh RR
Excelsior Insurance Co. (Syracuse) (s.-a.)
grouped in two separate tables.
In the
together all the dividends announced the
dividends
'
•
-
1
are
the
'
10*
21 Dec.
Electrical & Musical Industries (Amer. shs.)
Electrical Products Consol. (Seattle) (s.-a.)
Extra-;
Electric Controller & Mfg-
Announcements this week.
show
20
3 Dec.
Debenture (quar.)
El Dorado Oil Works (quar.)
Edison Bros. Stores, Inc. (quar.)
DIVIDENDS
we
3 Dec.
1 Dec.
Preferred
2876
Dec.
follow with
15
3
14
du Pont
2404
17
15
14
24 Dec.
Dominion-Scottish Investments Ltd., 5%
Dravco Corp., 6% nreferred (quar.)
3027
3172
3172
17
15
3 Dec.
Publishing Co
Devonian Oil Co.
2600
2600
3169
3026
3169
2875
1
6
15
15 Nov.
Extra
2874
10
15
3 Dec.
(quar.)
De Long Hook & Eye (quar.)
;
Detroit City Gas Co. 6% pref. (quar.)
Detroit Steel Corp. (resumed)--
3168
"
15
1 Feb.
23 Dec.
3 Dec.
—
__
1
1
2
9
15
19 Dec.
Crystal Tissue Co. 8% pref. (s.-a.)
Dairy League Co-operative, 5% pref. (s.-a.)
Darling (L. H.) Co., (initial)
David & Frere (quar.)__
2698
15
2
3 Dec.
.
Crown Cork International Corp., class A___—
2873
3
15 Dec.
15 Dec.
3 Dec.
3 Dec.
Crowell
2873
1
5
20 Dec.
.30 Nov. 28
-—
(quar.)
—
3166
2873
1
12
Continental Telep. Co. 7% partic. pref. (qu.)
6 34 % preferred (quar.)
'—
Credit Acceotance Corp. $1.40 conv. pref. (qu.)
2871
10
2 Dec.
'6
15 Nov. 29
3 Dec. 20
1
5 Dec.
(guarJ.
Preferred
3316
3166
12
16 Dec.
—
Consolidated Gas Elec. Light & Pow. (Bait.)
2871
28
Preferred
6
6
2 Dec.
Preferred (quar.)
2691
15
1 Dec.
1 Dec.
Commonwealth & Southern preferred
Commonwealth Utilities Corp., $7 pref. A (quar.)
$6 preferred B (quar.)
$6 M preferred C (quar.)
Consolidated Aircraft Corp. (special)
2695
1 Oct.
.
City & Suburban He
Homes
Clearing Machine Corp. (initial)
Collins-Morris Shoe Co
Commercial Credit Co.
2399
Dec.
1st mtge. 5s, 1971
we
—
Christiana Securities (final)
Preferred (quar.).
3162
1
1
Dec.
;
Then
preferred (quar.)
—
(quar.)
Canadian Exploration Co. (semi-annual)
Chesapeake & Ohio Ry
Preferred (quar.)
Chicago Pneumatic Tool $3 pref. (quar.)
%2M preferred (quar.)
Chile Copper Co
Wisconsin Electric Power Co.—
bring
15
15
25 Dec. 31
16 Dec. 31
3 Dec. 15
1 Nov. 21
—
Canada Permanent Mortgage Corp. (quar.)
2395
30
31
-
we
cum.
3
15 Nov. 30
15 Nov. 30
—
Canada Northern Power Corp., Ltd. (quar.)
2399
9
Jan.
current week.
(quar.)
Extra.
2399
1
1
Jan.
-
Series F_
Republic Steel Corp. gen. mtge. 4Hs—
Dec.
Riordon Pulp & Paper Co., Ltd., 30-year 1st mtge. 6s
Dec.
Ruberoid Co. 4% series A dividend notes
Dec.
San Antonio Public Service Co.. 1st mtge. 6s
--Jan.
Sibley Manufacturing Co., 1st mtge. 7s
Jan.
Spang Chalfant & Co., Inc., 1st mtge. 5s
Dec.
Sisters of St. Joseph in Arizona 1st mtge. 5 Mb
Dec.
Super-Power Co. of Illinois—1st mtge. 4Mb. 1968
--.Dec.
1st mtge. 4Mb, 1970
;
Dec.
Turner Glass Co. 6% bonds
Dec.
United States Cold Storage Co. 1st mtge. 6s
Jan.
United Wall Paper Factories, Inc., 1st mtge. 6s
Dec.
Virginia Elec & Power Co., 1st & ref. mtge. bonds
Mar.
Washington Gas Light Co., ref. mtge. 5s
.Jan.
Washtenaw Gas Co.. 1st mtge. 58,1953--Dec.
West Virsrinia Pulp & Paper Co. 1st mtge. 4Mb
-.Dec,
Whitaker Paper Co. 1st mtge. 7s
Nov.
White Motor Co.—White Motor Realty Co. 6% debs
Dec.
first
12 Dec.
Canada Malting, registered
Extra
3160
1
3309
3309
30
2533
15
26 '39 2533
3160
1
30
3016
30
3016
3160
1
21
3310
—
Dividends
Payable of Record
Canada Vinegars, Ltd,
First mortgage bonds, series A & B
Flat (Turin, Italy) 7% bonds, 1946
Frick-Reid Supply Corp., 15-yr. 6% debs. 1943
Gair Realty Corp., 1st mtge. 5s
Holders
When
Name of Company
East St. Louis & Interurban Water Co.—
*
1938
26
Page
Budd Realty Corp., 1st mtge. 6s 1941
Central Power & Light Co. 1st mtge. 6^8
1st mtge. 4s, B
1st mtge. 5s, B
Nov.
$1M
$1H
SIM
—
$3
10c
75c
$1H
Dec.
Dec.
14 Dec.
Dec. 24 Dec.
Dec. 14 Dec.
Jan.
2 Dec.
3
3
1
13
Volume
Financial
147
30c
6% preferred (quar.)
7% preferred (quar.)
Linasay Light & Chemical Co., pref. (quar.)__-_
Long Island Lighting, 7 % preferred A (omitted)
|l 6% preferred B (omitted)
Lord & Taylor (quar.)
Louisville Gas 6c Jkieciric (Del.), class A (quar.)
MacKinnie Oil &
Simmons Broadman Publishing preferred
Dec.
12 Nov. 30
Dec.
154%
25c
15 Dec.
(quar.)_preferred (quar.)..
South Porto Rico Sugar Co.,
Common (quar.)
17
Jan.
Dec.
Gee.
Nov. 30
Dec.
Nov. 30
Drill
8% preferred (quar.).
3c
Dec.
Nov. 30
Dec.
Dec.
Dec.
2
25c
Dec.
Dec.
16
Sunset Oil Ltd.
25c
Magor Car (quar.)_
Dec.
Dec.
16
-.
(qua r.)._
$154
—
15 Dec.
14
Dec.
15 Dec.
14
Dec.
15 Dec.
1
Dec.
15 Dec.
10
Dec.
2
15 Nov. 15
$1)4
$2
2)4c
2)4c
Sutherland Paper Co., common
Swift & Co. (quar.)
_
;
Dec.
Dec.
16
30c
Dec.
Dec.
15
Dee.
Nov. 30
(interim)
-
Nov. 26
Nov. 10
5oC
jan.
15 Dec.
1
28c
Dec.
15 Dec.
1
12c
Dec.
15 Dec.
10c
Dec.
1 Nov. 21
Jan.
5 Dec.
9
25c
Dec.
15 Dec.
1
$2
Dec.
1 Nov. 25
1 Nov. 25
Texas
Mesta Machine Co
Dec.
t23.85c Dec.
Nov.
Nov.
1 Dec.
21 Dec.
2
Dec.
10c
50c
25c
30c
'
--
.....
30c
Nov. 26
Nov.
-
—--
.
Metal & Thermit Corp.
7% preferred (quar.)
Metropolitan Edison Co., $7 cum. pref. (quar.)_
$6 cumul. preferred (quar.)
$5 cumulative preferred (quar.)
$7 prior preferred (quar.)
$6 prior preferred (quar.)
—.
-$5 prior preferred (quar.)--..
Meyer (H. H.) Packing, 6H% pref. (quar.)...
Mickelberry's Food Products (resumed)..
$2.40 preferred (quar.)
Midvale
I
Co
1
Dec.
10
Nov. 3u
Trans-Canada Shares, class A.
Dec.
Nov. 30
Twin Disc Clutch Co
Dec.
Nov. 30
Dec.
Nov. 30
Union Carbide & Carbon Corp
Union Pacific RR
Dec.
Nov. 30
United Aircraft
$iH
$154
$i 54
$1X
60c
Jna.
Dec. 20
$2H
$1
Dec.
Dec.
8
Dec.
Nov. 19
$154
Dec.
Nov. 25
25c
Virginia Public Service, 6% & 7% pref. (action
Jan.
Dec. 31
Vulcan Oils Ltd:
Jan.
Dec.
15
Walker &
Jan.
Dec.
15
Wellington Fund. Inc. (quar.)
Wells-Fargo Investment (liquidating)
Dec.
Nov. 30
Feb.
Jan.
14
5uc
Feb.
Jan.
14
Dec.
3ec
Dec.
pref. (quar.) —
Co., $6 pref. (qu.)..
88
$154
$256
$254
(quar.)
New York & Harlem RR. Co
Preferred
Dec.
20 Nov. 30
29 Nov. 30
Dec.
3 Dec.
Jan.
Dec.
6)4%
13
15 Dec.
6%
5'
Jan.
3 Dec. 31
25c
Dec.
15 Nov. 30
Feb.
Dec.
$2
•
pref. (quar.)
5
5
Jan.
15
15
15 Dec.
1
$1
Dec.
2<> Dec.
3
$154
$154
Jan.
10c
Dec. 15 Dec.
Dec.
15 Dec.
Dec. 22 Dec.
10
Dec. 22 Dec.
10
Dec.
15 Nov. 30
15 Nov. 30
Dec.
21 Dec.
Dec.
15 Nov. 30
Dec.
15 Nov. 30
Jan.
3 Dec. 15
Jan,
Jan,
2 Dec. 15
3 Dec. 15
Dec. 20 Dec.
Extra
-
Panhandle Eastern Pipe Line
Class A preferred (quar.)
(irregular)
$154
--
Class A preferred (participating)
Class B preferred (quar.)
—
$154
$1.82
$154
75c
Park & Tilford, Inc., preferred (quar.)
Pa ton Mfg. Co., Ltd., 7% pref. (quar.)
$154
Patterson-Sargent Co
Peerless Woolen Mills, 6H% preferred (s.-a.J.¬
Pennsylvania Electric Switch Co., pref. A
Pennsylvania Telephone Co., 6% pref. (quar.)..
Pepperell Mfg Co
1254c
$154
30c
,l$
Permutit Co
50c
Petroleum Con), of America
41c
Pfaudler Co., 6%
preferred (quar.)
Philadelphia Co. $6 preferred (quar.)
$5 preferred (quar.)_
Philadelphia Electric Power, preferred (quar.)..
Philippine Long Distance Telephone (monthly)
Pioneer Gold Mines of British Columbia (quar.)
Poindexter (H. T.) & Sons Merchandise Co.—
6% preferred (s.-a.)
Polaris Mining Co. (irregular)
Pollock's, Inc., 6% preferred (quar.)
$154
Dec. 21 Dec.
15
1
5
1
Dec.
16
Dec. 21
Dec.
5
Jan.
Dec.
16
Jan.
1
20 Dec.
1
Dec. 15 Nov. 30
Dec.
Dec.
1 Nov. 25
1 Nov. 15
Dec.
Dec. 15 Dec.
1
Dec. 26 Dec. 15
Dec.
5 Nov. 25
Dec. 15 Dec.
5
Dec. 22 Dec.
7
42c
1 Nov. 20
3 Dec.
2
3 Dec.
2
1 Dec.
Jan,
9
Nov. 30 Nov. 19
10c
Jan.
$154
$154
50c
$3
Dec.
Jan.
Jan.
Dec.
3 Nov. 26
Dec.
1
15c
Dec.
Nov. 28
3754c
Dec.
Dec.
5
50c
Dec.
Dec.
15
Jan.
Dec. 20
Dec.
Dec.
5
8c
Dec.
Dec.
5*
8c
Dec.
Dec.
5♦
J25c
20c
Nov.
Dec.
20c
Jan.
Oct. 25
Dec. 16
Dec. 31
50c
Jan.
Dec. 20
20c
Jan.
Dec.
9
$154
154c
Jan.
Dec.
9
Jan.
Publication Corp..
Original preferred (quar.)
7 % preferred (quar.)..
—i
Public Investing Co., original stock
Cashable stock (quar.)—
$154
$154
(quar.)..
Quebec Power Co. (quar.)
Railroad Employees Corp., A and B
80c. preferred
Reading Co., 2nd preferred (quar.).
Remington Rand, Inc. (interim)...
Preferred (quar.)
Reno Gold Mines Ltd. (quar.)
Rheem Mfg. Co. (quar.)
(quar.)
St. Helen Pulp & Paper Co. (irregular)
St. Lawrence Corp. Ltd., 4%
—
San Jose Water Works
San-Nap-Pak Mfg., Inc
Preferred (quar.)
Schenley Distillers, preferred (quar.)
Schmidt Brewing Co. (resumed)
Seaboard Oil Co. (Del.) (quar.)
Second Canadian International Investment—
Participating preferred (quar.)
Security Engineering Co., Inc. (quar.)
7% cumulative preferred (quar.)
Selby Shoe Co. (quar.)
Shattuck (Frank G.) (quar.)
Extra
Shawinigan Water & Power
Co
Sherwood, Swan & Co., Ltd*, 6% pref. A (qu.)._
20 Dec.
Jan.
15
1
Dec.
4354c
$1)4
16 Dec. 31
15 Nov. 26
Dec.
$1)4
tsik
T$1 54
Dec.
15 Nov. 30
Dec.
20 Nov. 30
Dec.
20 Nov. 30
Dec. 20 Nov. 30
Dec.
1 Nov. 18
118
15c
Jan.
Dec.
$1%
Jan.
Dec.
9
17
previous weeks
Abbotts Dairies, Inc.
Extra
25c
(quar.)
40c
5%
$i k
(quar.)(guar.)..
Addressograph-Multigraph (quar.)
4)4% preferred
Aero Supply
25c
;
-----
American
American
American
50c
Dec.
1
15
Dec.
Dec.
15
Dec.
Nov. 18
6c
Dec.
Nov. 15
Dec.
Nov. 15
Dec.
Dec.
2
Dec.
Dec.
2
15 Dec.
Dec. 30 Dec.
15
pref. (quar.)-----
preferred (quar.)
Co. (quar.)
Sugar Refining, pref. (quar.)
Surety Co. (s.-a.)
.
Telep. & Teleg. (quar.)
Thermos Bottle pref. (quar.)
Thread Co., pref. (semi-annual)
Tobacco Co. com. & com. B (quar.)::.
Dee.
Nov. 30
Dec. 10
1754c
$154
American
American
Dec.
Dec. 20
Andian National Corp.
American
Jan.
Dec.
Nov.
Nov. 19
25c
Dec.
Dec.
JlOc
Dec.
Nov. 15
10c
Dec.
Dec.
10
Capital distribution
Payable in U. S. currency less Canadian tax
Anglo-Canadian Telephone Co. class A (quar.).
Arcber-Daniels-Midl and Co
—
Arkansas Missouri Power. 6% pref. (s.-a.)
Armstrong Cork Co., 4% pref. (quar.)
Dec.
Dec.
10
Artloom Corp.,
preferred.
10
Asbestos Corp.,
Dec.
%\X
Feb.
Ltd. (quar.)...
(quar.)Investment Co. (quar.)
(quar.)--
5% pref
2
Nov. 21*
1 Nov. 25
10 Nov. 30
Dec.
Dec.
20c
15 Nov. 15
9
1 Jan.
1 Nov. 17
1 Nov. 17
1 Nov. 17
Dec. 28 Dec. 13
Dec.
1 Nov. 15*
Dec.
Dec.
1 Nov. 21
20c
Dec.
25c
Dec.
1 Nov. 19
1 Nov. 18
1 Nov. 18
50c
$154
t$254
50c
Dec.
Dec. 20 Nov. 30
Dec.
1 Nov. 28
4
Nov. 30 Nov.
5*
3 Dec.
Jan.
$1
$2 54
87 He
Jan.
3 Dec.
10
Jan.
14 Dec.
15
Jan.
2 Dec. 20
Jan.
Dec.
1 Nov. 30
Nov. 10
Dec.
J15c
Nov. 21
Dec.
Nov. 21
Dec.
Nov. 15
Dec.
Nov. 19
Dec.
25c
Nov. 30
Dec.
Dec.
1
Dec.
Nov. 15
Dec.
i%
Dec.
Dec.
15
Dec. 15
-----
Extra
Atlanta Birm, & Coast RR.
1
50c
Associated Dry Goods 1st pref.
Preferred
Dec.
(s.-a.)
5c
Associates
Dec.
10c
35c
$154
(quar
American Smelting & Refining
10c
$154
t75c
6% preferred-.
Products Corp. (monthly)
Co. (111.).
—
American Laundry Machinery Co. (quar.)
American Metal Co., Ltd
Preferred (quar.)
American Public Service, 7% preferred.
American Radiator & Standard Sanitary Corp.—
t50c
3754c
D^c.
62 He
75c
American Investment
Preferred
Dec.
5c
50c
a.—
American Home
American
Oct. 26
Dec.
2
Dec.
$154
American Hide & Leather
American
Dec.
Dec.
25c
(quar.)
Corp., $2 pref. (quar.)
$2 )4 preferred (quar.)
American
Nov.
Dec.
__—.
Preferred
Nov. 23
15c
Nov. 30
$154
American General
Nov. 23
Dec.
1
J25c
14
Dec.
...
partic. pref-Envelope Co., 7% pref. A (qu.)
Factors, Ltd. (monthly) —
Gas & Electric Co. (quar.)
—
Dec.
2
14
Dec.
th
Dec.
Dec.
Dec
Jan.
*
Nov.
Nov. 25
Dec.
2
Nov. 15
Jan.
4354c
3754c
*
Shares, Inc.
10c
Dec.
1 Nov. 20
25c
——
Preferred (quar.)
$3
Dec.
15rc
American Electric Securities Corp.
10
Dec.
$154
of Am.
12
Dec.
20
Cigarette & Cigar, stk. div. of 1-40
Tobacco Co. com. for each s h.
Amer. Cigarette & Cigar held—
sh.
Dec.
10c
10c
15
3 Dec.
Dec. 23 Nov. 29
Dec. 23 Nov. 29
American"
Dec. 20
25c
3 Dec.
Jan.
$1
Dec.
Dec.
Jan.
75c
*—
(quar.)
preferred (quarterly) —
Dec.
Dec.
$154
(quar.)...
Aluminum Mfrs., Inc
Jan.
4354c
2
9
16
Dec.
(quar.)
Allied Products class A (quar.)
AUIs-Chalmers Mfg. Co__
Alpha Portland Cement
American Capital Corp. prior
American Chicle Co, (quar.)
22
Dec.
Allied Laboratories
American Business
Dec.
2 Dec'.
Co. $6 pref. (quar.).-_
American Arch Co
12
3
15 Tan.
12 Nov. 22
Dec. 23 Dec.
Allegheny Ludlum Steel Corp.—
Preferred (initial, quar.)
7%
25 Dec.
Dec.
Jan.
Jan.
Preferred (extra)
Alabama Water Service
1 Nov. 15
9
24 Dec.
Dec.
1214c
*
Agnew-Surpass Shoe Stores preferred
Agricultural Insurance (quar.)
Alabama Great Southern RR. Co.—
Ordinary stock (extra)
Dec.
Jan.
37 He
35c
Mfg., class B_-
Class A (quar.)
Jan.
2
of Record
Acme Steel Co.
25c
75c
16
Holders
Share
(stock dividend)
Dec. 10
Dec.
1
Dec.
list does not include dividends an¬
being given in the preceding table.
Abbott Laboratories (quar.)
Dec.
10c
Extra
Dec.
Per
40c
(monthly)
class A conv. pref.
San Gabriel River Improvement
8
Nov. 10 Nov.
$1)4
2)4c
give the dividends announced in
we
Name of Company
25c
-
--
—<■— —
7% preferred (quar.)
Worthington Pump & Machinery—
4)4% prior preferred (action deferred)
4 )4 % convertible preferred (action deferred)
Yale & Towne Mfg. Co
Youngstown Sheet <fe Tube, preferred (quar.)._
20c
Rubinstein (Helena)
Class A (quar.)
preferred
3
Dec.
Pacific & Atlantic Telegraph (s.-a.)
Pacific Indemnity Co. (quar.)
Pacific Western Oil
Co., 6% pref. (qu.)_
preferred
—
Woolf Bros., Inc.,
5
70c
50c
7% participating preferred (quar.)
15
1 Nov. 30
Dec.
$1
1 Nov. 25
40c
Oneida, Ltd. (quar.)
1 Nov. 21
Dec. 30 Dec.
10c
and not yet paid.
The
nounced this week, these
50c
(quar.) —
15 Dec. 15
Dec.
15c
3 Dec. 16
Dec.
3 Dec.
Mar.
10c
pref.
Dec.
t50c
Co
preferred
Below
1 Feb.
Dec.
10c
$154
1254c
4354c
preferred (quar.)
16
Dec. 22 Nov. 29
75c
40c
$154
$154
$154
(quar.)
16
12 Dec.
Dec. 22 Dec.
30c
$154
—
Ohio Finance Co
1 Jan.
Investment
Wisconsin Michigan Power
13
2 Dec.
Jan.
-—
Wisconsin Public Service 7 %
30c
(interim)
—
North American Co. (final)
—
Preferred (quar.)
!
North American Edison, $6 preferred (quar.)..
North Central Texas Oil Co. (final)
Northwestern Engineering Co
.....
Northwestern Telegraph (semi-annual)
Northwestern Utilities, 6% prior pref. (quar.)..
Oahu Sugar Co., Ltd. (monthly)
Ohio Confection, class A (irregular)
— -----
Roser & Pendleton, Inc.
Wisconsin
3 Nov. 21
$154
—
Norando Mines Ltd.
Oklahoma Gas & Electric, 6%
9
12
1
Dec.
4
5c
Z*..
Co., $2)4 class A
Cartridge Co., 6% pref. (quar.)
Western Exploration Co. (quar A
West Michigan Steel Foundry Co—
$1)4 convert, preferred (quar.)
Wisconsin Gas & Electric Co., 6% pref. C (qu.).
20
Dec.
75c
Niagara Huoson Power
—
1st preferred and 2nd pref. A & B (quar.)_
Northern Empire Mines, Ltd
Dec.
22 Dec.
15 Dec.
Dec.
Jan.
d eferred)
Western
liJan.
Feb.
luc
New York Merchandise (extra)
New York Mutual Telegraph (s.-a.)
Oklahoma Natural Gas,
Dec.
9*
10
Dec. 21 Dec.
Nov. 30 Nov. 25
1
Dec. 15 Dec.
25c
Dec. 31
12^c
$154
New Jersey Power <st Light
23 Dec.
;
Dec.
7 5c
Lead Co
15 Dec.
15 Dec.
Dec.
$1
Jan.
20c
Preferred B (quar.)
Dec.
25c
OUC
National Gil Products (interim)
New Bedford Cordage Co., 7%
Dec.
4%
43c
(quar.)_
National Casualty Co. (Detroit) (extra)
National City Lines, $3 pref. (quar.)
Class A (quar.)
Dec.
Ventures, Ltd..
1
15 Dec.
5c
10c
Extra
1
Dec. 15 Dec.
Dec. 20 Dec.
t75c
t6854c
1st preferred
50c
Preferred
2
3 Dec.
75c
of Can. (standard shs.)--preferred
-
6c
8% convertible preferred (quar.)
7%
Dec.
2 Dec.
Jan.
Valspar Corp. $4 preferred.
Veeder-Root, Inc. (quar.)
Nov. 30
Jan.
16
Jan.
common.
25c
National Breweries, Ltd. (quar.)...
Preferred
Dec.
$2
Dec. 28 Dec.
40c
$2^ preferred
75c
1
50c
*
75c
United States Rubber Co., 8%
Universal Products
5
$1)4
--
United Gold Equities
Dec.
pref. (s.-a.)__.
A
United Public Utilities, $3
1
Dec.
(Phila.)..
—
cumul. pref
Corp..
United Carbon Co.
Nov. 30
Nov. 19
10c
Muskogee Co
preferred
Dec.
$154 Dec.
,$154
Mutual System, Inc. (quar.).
$5
Tokheim Oil Tank & Pump
Towne Securities Corp., 7%
Dec.
Dec.
Dee.
....
Mobile & Birmingham RR., 4%
National
16
Dec.
Dec.
$154
Mid-West Rubber Reclaiming, $4 preferred
Milwaukee Gas Bight Co., 7 % pref. A (quar.)..
Mitten Bank & Trust Co.
Corp. (quar.)
Texon Oil & Land (no action)
$1
(quar.)
*
Jan.
80C
—
-
(Calif.)—
15 Nov. 30
5
15 Dec.
Dec.
Dec.
30c
Merchants Fire Insurance Co. (quar.)
Memphis JNatural Gas
Mercantile Acceptance Corp.
1st 6% preferred (quar.).
1st 5% preferred (quar
•.).
preferred (s.-a.)-
8 Dec.
Dec:
40c
Talon, Inc
Telautograph Corp
Telephone Bond & Share Co., 7% 1st pref$3 1st preferred
:
Terre Haute Malleable & Mfg. Co
Melchers Distilleries, Ldt., 6%
1 Nov. 15
Dec.
Dec.
Standard Oil of Kansas
Sullivan Consolidated Mines
2
9
15
$1
$2
$1)4
Sparks Withington Co. preferred (quar.)
Dec.
9
3 Dec.
Tan.
Dec.
37)4c
—
37Hc
$154
3 Dec.
Jan.
20c
Sovereign Life Assurance, 25% paid ctfs
$2H.
1 Nov. 19
2 Dec. 15
25c
Southland Royalty Co
South Shore Utilities Assoc., $1)4 pref. (qu.)
Southwestern Portland Cement Co. (quar.)
3/ >4e
.
1 Nov. 19
Dec.
Jan.
$1)4
2%
South Carolina Power Co.. 1st $6 pref.
3
1
Dec.
7% preferred (quar.)
12 Nov. 30
12 Nov. 30
Dec.
nx Dec. 15
Sontag Chain stores Co., Ltd. (quar.)
1
15 Dec.
12 Nov. 30
Dec.
ilg
Maryland Fund, Inc
Preferred
Dec.
2c
Mathieson Alkali Works (quar.)
Preferred (quar.)
Extra
Dec.
25c
Corp. (quar.)
Extra
Dec.
25c
!
Lily-Tulip Cup
Lincoln Service
Payable of Record
Share
Company
Holders
When
Per
Name of
Payable of Record
Share
Company
Holders
When
Per
Name of
3261
Chronicle
(s.-a.)..
Dec.
Nov. 10
9
50c
Dec.
Dec.
IX
Dec.
Dec.
9
2 54
Jan.
Dec.
12
3262
Financial
Per
Share
Name of Company
Atlantic Coast Line Co. (Conn.)
Atlas Corp. 6% preferred (quar.)
;
—
Atlas Powder Co
Atlantic Refining Co. (guar.)
Baltimore Radio Show, Inc. (quar.)
„
6% preferred (quar.)
Bangor & Aroostook RR. (quar.)
Preferred (quar.)
Bangor Hydro-Electric, 7% pref. (quar.)
6% preferred (quar.)
Bank of America (Los Angeles) (quar.)
Barber (W. H.) Co. (quar.)
Barlow & Seellg Mfg.. class A (quar.)
Beattie Gold Mines, Ltd
Beech-Nut Packing Co. (special)
Belding-Corticelli, Ltd. (quar.)
Preferred (quar.)
Belding Heminway Co
Bellows & Co. class A (quar.)
Beneficial Loan Society (Del.) (quar.)
—
Bethlehem Steel Corp., 7% pref. (quar.)
5% preferred (quar.)..
Bird & Son, Inc.. 5% pref. (quar.)
...
Birmingham Water works. 6% pref. (quar.)..
Bloch Bros. Tobacco Co. 6% pref
Blue Ridge Corp., preferred
Opt., l-32nd sh. of com. for each pref. or cash.
Bon Ami Co. class A (extra)
Class B (extra)...
vBorg-Warner (special)
Boston Elevated Ry. (quar.)
Boston Wharf Co. (semi-annual)
Boston Woven Hose & Rubber Co., preferred..
—
_-
When
Dec. 21 Nov. 28
1 Nov. 23
Dec.
Dec. 10 Nov. 29
Dec. 15 Nov. 22
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Jan.
1 Nov. 29
Jan.
1 Nov. 29
Jan.
2 Dec. 10
Jan.
2 Dec. 10
Dec. 31 Dec. 15
Dec.
Dec.
Bridgeport Gas Light (quar.)
Briggs & Stratton Corp. (quar.)
Bright (T. G.) & Co., Ltd. (quar.)
6% preferred (quar.).
Bristol-Myers Co. (quar.)
British Columbia Electric Ry. 5%
pref. (s.-a.)_.
Brooklyn Edison Co. (quar.)
Brooklyn Teleg. <fc Messenger Co. (quar.)
Brown Fence & Wire
Brown Shoe Co
15
Dec.
1
,
:
Buckerfield's, Ltd., 7% pref. (quar.)..
Buckeye Pipe Line (irregular)
Bulolo Gold Dredging (semi-annual)
Bullock's, Lnc
Butite Bros., 6% pref (quar )
Burroughs Adding Machine Co
Butler Bros, preferred (quar.)
Butler Water Co,, 7% pref. (quar.)
Calamba Sugar Estates (quar.)
7% preferred (quar.)
Calgary & Edmonton Corp., Ltd
Calumet & Hecla Consolidated Copper Co
Canada Cement Co. 6 >6% preferred
Canada & Dominion Sugar Co. (new)
Canada Foundries & Forgings, Ltd., A
.
Canada Wire & Cable
1 Nov. 21
15 Dec.
27 Dec.
Dec.
Dec.
Dec.
1
21
1 Nov.
5
15 Dec.
1
15 Dec.
1
Dec. 15 Nov. 29
2 Dec. 10
Jan.
Dec. 22 Nov. 22
Dec. 15 Dec.
1
Dec. 30 Dec. 15
Dec. 15 Dec.
2
Dec. 15 Nov. 30
Dec. 15 Nov. 30
1 Nov. 15
Dec.
Jan.
16 Jan.
5
9 Nov. 18
1 Nov. 12
1 Nov. 26
5 Oct. 28
1 Nov.10
Dec.
Jan.
Jan.
Dec.
15 Dec.
1 Dec.
1
15
...
;
Carter (Win.) Co., Inc., 6% pref. (quar.)
Case (J. 1.) Co., pref. (quar.)
Central Arkansas Public Service, 7% pf. (quar.)
Central Cold Storage (quar.)
—
i--
Dec.
Dec.
30
23
15 Dec. 10
1 Dec. 12
1 Nov. 15
15 Dec.
5
15 Dec.
5
2 Dec.
20
6% preferred
Central Ohio Light & Power $6 pref. (quar.)
Central Ohio Steel Products
Dec.
Dec.
Dec.
Dec.
15 Nov. 19
15 Nov. 19
1 Nov. 19
1 Nov. 20
Central & South West Utilities, $7 prior lien—
$6 prior lien
Dec. 20 Nov. 30
Dec. 20 Nov. 30
Central Illinois Light Co. 4H% pref. (quar.).
Central Illinois Public Service $6 pref
_
-
Century Ribbon Mills, pref, (quar.)
Dec.
1 Nov. 18
Champion Paper & Fibre pref. (quar.)
Chartered Investors, Inc., $5pref. (quar.)
Chesebrough Mfg. Co. (quar.),.
Jan.
1 Dec.
Dec.
Extra
--
Dec.
Dec.
1 Nov.
15
1
19 Nov. 25
19 Nov. 25
Chestnut Hill RR. (quar.).
Chicago Corp.. preferred
Chicago Rivet & Machine.Chicago Yellow Cab Co. (quar.)
Dec.
5 Nov. 19
Dec.
Dec.
1 Nov. 15
15 Nov. 28
Dec.
1 Nov. 18
Chile Copper Co
Nov.
Dec.
Dec.
Dec.
Dec.
Chrysler Corp
Cincinnati N. O. & Texas Pacific (s.-a.)_Common (extra)
Preferred (quarA
Cincinnati Union Terminal 5% pref. (qu.)
City Ice & Fuel Co. preferred (quar.)__
Common (quar.)
City of New Castle Water Co., 6% pref. (quar.)
Jan.
Dec.
Dec.
-
(quar.)
Clearfield & Mahoning RR. (semi-annual)
Gleary Mines
Cleveland Electric Illuminating (quar.)
-
Year-end dividend
(quar.)
...
Cleveland <fc Pittsb. RR. Co., reg. guar,
(quar.)
Special (guaranteed) (quarterly)
Coast Counties Gas & Electric Co., 6% pref
Coca-Cola Co.Extra
-
Class A
Coca-Cola International Corp.
;
(year-end)-
Class
(semi-ann.)
Colgate-Palmolive-Peet Co. preferred (quar.)
Collins & Aikman Corp
Preferred (quar.)
Colonial Ice Co., $7 cumulative pref. (quar.)..
Cumulative preferred series B (quar.)
Colt's Patent Fire Arms Mfg. (quar.)
Extras
Columbia Baking Co. $1 cum. partic. pref
$1
partic. preferred (extra)
Common (increased)
cum.
1 Nov. 15
1
Dec.
19
1 Nov. 25
1
1 Nov. 18
1 Nov. 22
Dec.
15 Nov. 28
15 Nov. 28
Dec.
Jan.
3 Dec. 20
1 Nov. 22
Dec.
Dec. 20 Dec.
8
Dec. 20 Dec.
8
Jan.
1 Dec. 20
Dec.
1 Nov. 10
Dec.
1 Nov. 10
Dec. 15 Nov. 25
Dec. 15 Dec.
2
Dec. 15 Dec.
2
Dec. 15 Dec.
2
Dec.
15 Dec.
Dec.
Class A and B (quar.).
Class A and B (special)
Columbian Carbon Co. (quar.)
Commonwealth Utilities S6H pref. O (quar.)
Compania Swift Internacional (quar.)—
Confederation Life Assoc. (Toronto) (quar.)
Coniaurum Mines, Ltd
Connecticut Light & Pow. Co., 5H % pref. (qu.)
(Quarterly)
Connecticut Power Co. (quar.)
Connecticut River Power Co., 6% pref. (quar.)_
Consolidated Biscuit Co
Consolidated Cigar Corp., preferred (quar.)
Consolidated Diversified Standard Securities—
$2H non-cum. preferred (semi-ann.)
SIH
Cook Paint & Varnish (quar.)—
2
1 Dec.
6
Dec.
1 Nov. 18
1 Nov. 18
Jan.
1 Dec.
20
Jan.
1 Dec.
20
Dec. 20 Dec.
Dec. 20 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
1
Dec.
15 Dec.
1
Dec.
9 Dec.
1
Dec.
9 Dec.
1
1
1
1
10 Nov. 25
Nov. 15
Nov. 15
Dec. 25
1
Nov. 15
Dec. 15
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Dec. 23 Dec.
1
Dec.
1 Nov. 15
Dec.
15
Dec.
Dec.
15
15
Nov. 29
$1
30c
Nov. 29
Dec. 10
SIH
SIH
25c
Crown Cork & Seal, Inc., $2 H cum. pref. (qu.)_
Crown Zellerbach Corn. $5 cum. perf. (quar.)--
Dec.
Dec.
15
25c
Corp
Extra
Jan.
87 He
Dec.
15
Dec.
Dec.
15
56 He
$1H
Crow's Nest Pass Coal Co., Ltd
Crura & Forster Insurance Shares A & B
Preferred (quar.)
Crum & Forster pref. (quar.)
S3
30c
14
Dec. 15
1
1
Dec.
1
Nov. 30
Nov. 30
Dec. 24
Cuneo Press, Inc. 6H% pref. (quar.)
Curtiss-Wright Corp. class A (quar.)
Cushman's Sons, 7% preferred
Darby Petroleum Corp. (semi-annual)
Davis Coal & Coke Co., capital (distribution)
Capital distribution
Dayton Power & Light Co., 4H % preferred
Deere & Co. preferred (quar.)
Dentist's Supply Co. of N. Y. (quar.)—
7% preferred (quar.)
Deposited Bank Shares N. Y., series A
$1
t87Hc
-
25c
S25
—
$25
$1 H
35c
75c
SIH
2H%
Dec. 15
Dec. 15
Dec.
1
Tan. 15
Dec. 15
Jan. 16
Dec.
1
Dec.
1
Dec.
1
Dec. 23
Jan.
2
5
Pa vflhla in
Detroit Gasket & Mfg., preferred (quar.)
Detroit Gray Iron Foundry (semi-annual)..
30c
Diamond Match Company (quar.)
Partic. preferred
........
25c
Dec.
Jan.
Dec.
75c
3-1-39
Dictaphone Corp
25c
$2
25c
Dec.
1
Dec.
1
17
3
Preferred (quar.)
Dixie Vortex Co. (interim)
Class A
—
S2
...
—
(quar.)
62 He
—- —
Dr. Pepper Co
1
1
Jan.
Jan.
25c
Extra
Dec.
1
65c
'
Dec.
1
Dominion & Anglo Investment Corp., Ltd.—
5% preferred (accumulated)
-
Dominion Foundries & Steel preferred (quar.)__
Dominion Textile, Ltd.
Preferred (quar.)
(quar.)
S2H
SIH
tsiH
isi h
Dec.
1
Dec.
1
Jan.
3
25c
Jan.
16
Nov. 30
15 Nov. 30
1
1
Dec.
Eastern Shore Public Service Co. $6)4 pref. (qu.)
$6 preferred (quar.)
Eastman Kodak Co. (quar.)
Dec.
Dec.
7% preferred (quar.)
6% preferred (quar.)
3-31-39
6-30-39
SI H
.
1
SI H
SIH
SIH
Preferred (quar.)
Electric Boat Co
60c
Electric Shareholdings $6 preferred
Opt. div. of 44-lOOOths of a com. sh. or cash.
Electric Vacuum Cleaner Co., Inc. (reduced)
:tric
SIH
50c
—
Electro], Inc., 6% preferred
Electrolux Corp.
Dec. 31
SIH
SIH
$n
$1
t$3
(quar.)
40c
El Paso Electnc Co.
(Del.) 7% pref. A (qu,)-6% preferred B (quar.)
El Paso Natural Gas, preferred (quar.)
Ely & Walker Dry Goods (quar.)
Emerson Electric Mfg. preferred (quar.)_
Empire & Bay State Teleg. 4% gtd. (qu.).
Empire Capital Corp., class A (quar.)
Class A (extra)
SIH
SIH
SIH
25c
SIH
SI
15
Dec.
1
Jan.,
Jan.
3
Dec.
Dec.
8
3
1
Dec. 15
Nov. 28
Dec.
15
Jan.
Jan.
16
Dec.
16
1
Nov. 26
Jan.
1
Dec.
1
Empire Power Corp. $6 cum. preferred
Participating stock
Emporium Capwell common
414% Pref. A (quar.)
1
Equity Shares (liquidating)
Esquire-Coronet, Inc. (quar.)-Essex & Hudson Gas Co. (s.-a.)
Every Ready Co., Ltd. (Great Britain) ord stk_
Preference (interim)
Ex-Cell-O Corp. (increased)
Fa tier, Coe & Gregg, Inc. (quar.)
Fa jar do Sugar Co
Falcon bridge Nickel Mines, Ltd.
Falstaff Brewing Corp. (quar.)
Nov. 30
2 He
-
Nov. 30
Dec. 15
SIH
50c
Dec.
10
25c
Jan.
Jan.
3
56 He
SI
30c
$4
15%
5%
n
20c
-
50c
SI
-
—
Dec.
10c
;
ifC
3
Nov. 29
Jan.
Dec.
3
1
1
Dec.
1
Dec.
Dec. 22
Dec.
1
Dec.
1
Dec. 29
Nov. 30
Extra
30c
Quarterly
Quarterly
15c
Feb.
15c
May 31
1
Apr.
Preferred (semi-ann.)
Famise Corp. (reduced)
3c
i—
lc
Nov. 30
28
Nov. 30
Faultless Rubber Co
2.5c
Jan.
1
Federa 1 Compress & Warehouse Co. (quar.)
Federal Light & Traction preferred (quar.)
Federal Mining & Smelting preferred (quar.)__Feltman & Curme Shoe Stores preferred (qu.)_n
Fifth Ave. Coach (quar.)
Finance Co. of America (Bait.) common A & B_
7% preferred class A (quar.)
Firestone Tire & Rubber Co., 6% pref. A
First National Bank of Jersey City (quar.)
First National Bank (Toms River, N. J.) (quar.)
Fiscal Fund, Inc. (bank stocks)
40c
Dec.
Dec.
1
Dec.
15
SIH
SIH
87 He
50c
Insurance stocks
Fishman (M. H) Co. (quar.)__
Dec.
28
15c
Dec. 24
Dec. 24
SIH
1%
87 He
4Hc
5Hc
Dec.
1
Dec. 31
3
Dec. 15
Jan.
Dec.
15
15c
-----
Dec.
1
Dec.
Dec.
1
J25c
Dec.
17
Ford Motor of Canada, class A & B (quar.)
50c
Co
Gatineau Power Co. (quar.)
Preferred (quar.)_
General America Corp. (quar.)_
25c
20c
SIH
1
1
Dec.
Nov. 26
Dec. 15
Jan.
1
75c
Georgia Power Co. $6 preferred (quar.)
$5 preferred (quar.)
Georgia RR. & Banking Co. (quar.)
—~_
Glens Falls Insurance Co. (quar.)_____Globe-Democratic Publishing Co. 7% pref.(qu.)
Globe-Wernicke Co. 7% preferred (quar.)
Golden Cycle Corp
Goodrich (B. F.) $5 preferred
$5 preferred (quar.)
Goodyear Tire & Rubber Co., $5 pref. (quar.)-Gorham Mfg. Co. common
Grand Union Co preferred
Dec.
1
50c
General Cigar Co
General Cigar Co., Inc., preferred
General Gas & Electric Corp. $5 pref. (qu.)
General Motors Corp
Preferred (quar.)
General Outdoor Advertising, class A
Dec.
Dec.
15
Dec.
15
SIH
SIH
75c
M
1
Dec. 12
Feb.
1
Dec. 22
Jan.
2
SIH
SIH
S2H
Jan.
2
Jan.
15
40c
Jan.
2
SIH
SIH
Dec.
Jan.
1
SI
Dec.
10
tSlH
SIH
SIH
25c
t25c
Great Atlantic & Pacific Tea Co
Preferred (quar.)
Great Northern Paper (quar.)
Extra
Great Western Electro-Chemical Co
3
SIH
87 He
_
Florida Power Corp., 7% pref. A (quar.)
7% preferred (quar.)
1
Jan.
8 He
_
—
Dec.
1
15c
Preferred
FresnUlo
15 Dec.
Dec.
1
Dec.
1
Dec. 31
Dec. 21
Dec.
1
Jan.
1
Dec. 20
$1
Freeport Sulphur Co. (quar.)_
Dec.
Dec.
Dec.
25c
2
Jan.
Columbia Broadcasting System Inc.—.
1
1
Dec.
Clark Equipment Co. (resumed)---
Preferred
22 Dec.
22 Dec.
Dec.
_
Clark Controller Co
Preferred
29 Nov. 10
12 Nov. 14
15 Dec.
2
East St. Louis & Interurban Water Co.—
15
Dec. 24 Dec. 20
Dec.
1 Nov. 15
Dec. 21 Dec. 14
Dec.
Jan.
1
Jan,
Dec.
40c
Extra
Continental Oil Co
Dec.
30c
Continental Steel Corp. (resumed)
Preferred (quar.)
15
Dec.
Jan.
--
50c
30
15
15 Nov. 15
16 Dec.
2
Dec.
Dec. 20 Nov.
Dec.
1 Nov.
1 Nov.
Dec.
Dec. 15 Nov.
Jan. 10 Dec.
Jan.
2 Dec.
Dec. 15
Dec. 27
Dec. 15
SIH
Continental Can Co., Inc., S4H pref. (quar.)-Continental Casualty (quar.)
Dominquez Oil Fields (monthly)
Early & Daniel Co., pref. (quar.)
Preferred (quar.).
Preferred (quar
East Mahanoy RR. (s.-a.)
2 Dec.
16
Jan.
2 Dec. 16
Nov. 30 Nov. 21
Dec. 20 Dec.
5
Dec.
1 Nov. 21
Jan.
2 Oct. 20
Canadian National Corp
Canadian Oil Cos., Ltd. 8% pref. (quar.)
Canfield Oil Co. pref. (quar.).....
Extra
Dec.
Dec.
...
Carman & Co., Inc., class A
:
Carolina Telep. & Teleg. Co. (quar.)
Dec.
Dec.
2
Dec.
preferred (quar.)
Preferred (quar.)
Canadian Industrial Alcohol A and B
Canadian Malartic Gold Mines
3 Dec.
Dec.
Canadian Car & Foundry, preferred
Canadian Cottons, Ltd. (quar.)-..
30c
Creole Petroleum
3 Dec. 15
Nov. 30 Nov.
4
Dec. 16 Dec.
1
Dec.
1 Nov. 19
Jan.
3 Dec.
2
Dec.
—
50c
25c
Consolidated Investment Trust (quar.)
Consolidated Paper Co. (resumed)
Jan.
Jan.
26,
Company
1 Nov. 19
Dec. 20 Dec.
5
Dec. 15 Nov. 22
Jan.
3 Dec. 15
Dec.
—...
Name of
Consolidated Edison Co. of N. Y. (quar.)
Consolidated Film Industries preferred
(quar.)
Copperweld Steel Co
Cosmos Imperial Mills, Ltd. 5% pref. (quar.)__
Crane Co. preferred (quar.)
Creameries of America, Inc., preferred (quar.)__
Nov. 30 Nov. 10
Dec.
1 Nov. 19
Nov. 30 Nov. 15
1 Nov. 18
Dec.
Dec. 31 Dec. 31
Dec. 15 Nov. 2o
—
Nov.
Holders
PayahU of Record
*
-
Chronicle
SI
1
Dec. 31
Dec. 31
Dec. 15
Dec. 15
Dec.
1
Dec.
1
SIH
.
Dec.
1
25c
Dec.
1
63c
Dec.
1
Nev. 30
80c
1938
Volume
Financial
147
Per
Name of Company
Share
Green Mountain Power Corp., (6 pref—
Greene Railroad Co. (s.-a.)
Griggs, Cooper & Co. 7% pref. (quar.)
Gulf Oil Corp_
#.
Gulf States Utilities $6 preferred (quar.)
85% preferred (quar.)
Hackensack Water (senal-ann.)
—:
7% preferred (quar.)———
Hale Bros. Stores (quar.)
*
$1%
25c
——
Hamilton Watch Co----
—
—
50c
....
25c
——— —
15c
-
*
(quar.)
—
15c
Hanna (M. A.) Co., $5 cum. preferred (quar.)—
81 %
81%
7% preferred (quar.)-
—
—
Dec.
Macy (R. H.) Co
!
Madison Square Garden-...-—.......#.......
Magma Copper Co
Manhattan Shirt Co
Manischewitz (B.) Co., pref. (quar.)
Masonite Corp. common (quar.)
—...
—
Jan.
40c
—_
Harbison-Walker Refractories, pref--#—
Hartman Tobacco Co. $4 prior preferred (quar.)
Hazel-Atlas Glass Co. (quar.)
:
Hein-Werner Motor Parts Corp. (quar.)
—
Hibbard, Spencer. Bartlett 8c Co. (monthly)...
Hires (Chas. E.) Co., class A com. (quar.)
—.
Hobart Mfg. Co., clam A (quar.)
Hollinger Consolidated Gold Mines, Ltd— ——
Extra-.-
"I!
3 Dec. 15
1 Nov. 15
1 Nov, 15
Dec,
Dec.
1 Nov. 21
Dec. 31 Nov, 21
3 Dec. 20
Jan.
Dec.
Jan.
1 Nov, 18
6
20 Jan.
Dec.
12 Dec.
Dec.
8
3 Dec. 16*
5
Dec. 15 Dec.
Dec. 30 Dec. 20
Dec.
1 Nov. 15
Dec.
1 Nov. 15
50c
2 Nov. 18
Dec,
Dec.
Dec.
2 Nov, 18
1 Nov. 10
1 Nov, 15
prior partic. preferred (quar.)—
Dec.
1 Nov. 15
6% non-cum. 2d partic. preferred (quar.)
Horn & Hardart (N. Y.), preferred (quar.)....
Household Finance Corp. (quar.)—-.
Extra.
Preferred (quar.)...
...
-
Dec.
Dec.
1 Nov. 15
■
——— — —
(Henry) & Co. partic. class A.:——-
Hooven & Allison Co.# 5% pref. (quar.)
Horn (A. C.) Co.—
7%
non-cum.
—
...
—
Howey Gold Mines, Ltd. (interim)
Hudson Bay Mining 8c Smelting Co., Ltd
Hudson County Gas (s.-a.)
Humble Oil & Refining——#.—:
81
$1X
t75c
$4
—
—
6$i1?
Huntington Water Co., 7% pref, (quar.).;.
6% preferred (quar.)..---.-....
...
Illinois Central, 4% leased lines (s.-a.)
Imperial Life Assurance Co (Canada) (quar.)..
783%
Imperial Oil Ltd, (semi-ann.)..—
l25c
Special
.••.
._#
737 He
Indianapolis Water Co., 5% cum. pref. A (quar.)
$1%
Ingersoli-Rand Co#—
.
Inland Steel Co..—
International Harvester Co. (quar.).—.
Preferred (quar.)-..--......#..————
International Nickel of Canada——————
....
International Petroleum CO., Ltd.
Special
(s.-a.)
—
*I$
50c
...
International Radio, stock dividend-----——
International Safety Razor class A (quar.) — —
International Salt Co. (quar.)
-#—#..—
Extra
.#..,
Interstate Natural Gas......—.—
Intertype Corp
Iron Fireman Mfg. v. t. c. conv. (quar.)—.....
Ironwood & Bessemer By. & Lt. Co. 7% pf. (qu.)
Irving Air Chute (quar.)....——........
—
—.........
Jantzen Knitting Mills pref, (quar.)..———
Jewel Tea Co., Inc. (quar.)-..-.——
Kansas City Southern Ry. preferred--—
(quar.)--——-.
$6 preferred (quar.).——..———
Kaufmann Dept. Stores,
pref. (quar.).——
Kellogg Spencer & Sons, Inc
—
Kemper-Thomas, 7% special pref. (quar.)
Kendall Co. partic. preferred A (quar.)—
Kennecott Copper Corp. (final)... .—- - - - - Kirkland Lake Gold Mining Co. (s.-a.)-—
Extra.
Kobacker Stores, Inc,, preferred (quar.)—-—.Kresge (S. 8.)
——
.
pref, (quar.)
Kroger Grocery 8c Baking (quar.)..—
6% preferred (quar.)——...—■——#—
Kroehier Mfg. Co. 6% class A
7% preferred (quar.)——v.;—
Kysor Heater Co. (quar.)—#—..—————
Extra
•.
Lake of the Woods Milling, preferred
Lake Shore Mines, Ltd. (quar J.
—--------——
('quar.)—
6% cumulative preferred (quar.).......
—
#——.——
Dec
Jan-
9
Nov. 15
Dec.
Nov.
Dec.
16 Dec. 20
1 Nov. 4
Dec.
Dec.
2
Nov. 21
Dec.
.
Dec.
Nov. 21
1
Dec. 10
Nov. 25
37 He
Dec.
Dec.
Dec.
Dec.
50c
Dec.
Dec.
1*
Nov 30
Nov. 15
Nov. 10
Dec.
Dec.
81% Dec.
Dec#
25c
Dec.
25c
Dec.
Dec.
25c
30c
-
.......
■
Dec.
Dec.
1*
Dec.
Extra
;
—.
........—........
Longborn Portland Cement Co.—
5% refunding participating pref.
....
Louisiana Land & Exploration Co, (quar.)
Dec. 10
Dec.
Nov. 23
New England Telep. 8c Teleg.
Dec.
Dec.
Dec.
Nov. 21
Nov. 10
Dec,
31
31
Dec. 20
Jan. 20
Dec.
Nov, 17
12,Dec.
1
31——
Dec.
1 Nov.
8
Jan.
2 Dec. 20,
Feb.
1 Jan. 17
Dec.
Dec.
lc
25c
30c
$2
75c
25c
81%
50c
81%
40c
81%
7%c
20c
81%
81%
30c
50c
#„—..
50c
$2
82,
81%
50c
81%
$1%
Newberry (J.J.) (quar.)—.—
5% preferred A "(quar,).——
Newmont Mining Corp
Norfolk & Western Railway (quar,)...-.--—.
— ...
North American Aviation
— —
North American Edison Co;
——.......
pref, (quar.)...——
(quar.).#.
Wl1
;#..—
15c
Northeastern Water & Electric, pref,
Northern Pipe Line Co—.—.
Northland Greyhound Lines, Inc
81%
Ogilvie Flour Mills, pref. (quar.)——
Lynchburg & Abingdon Teleg. Co. (s.-a.)
„
McClatchy Newspapers7% pref. (quar.).......
Mclntyre Porcupine Mines (quar.)—.....
Jan.
7%preferred (monthly)
—
Dec. 15
1%
58 l-3c
t$l
Omnibus Corp...#■————
Nov. 10
Nov. 15
Nov. 22
Nov. 22
Dec. 27
Preferred
70c
—.......
A._—$ 1.57%/
81.30
82
25c
(quar.)
Ontario Mfg. (resumed)——.
Ontario 8c Quebec Ry. (semi-ann.)—
$3
.....
Preferred (quar.)———
—
Otis Elevator Co..
Preferred (quar.)...—-..
Nov. 14
15 Nov. 30
2
Dec. 10 Nov. 19
7
Dec. 15 Dec.
Dec. 14 Dec.
2
1 Nov, 21
Dec.
Dec. 22 Dec. 10
1 Nov. 16
Dec#
Dec. 15 Nov. 28
Dec. 19 Nov. 29
1 Nov, 15
Dec.
Dec.
1 Nov, 15
Dec.
1 Nov. 10
Dec.
1 Nov. 18
Dec. 20 Dec. 10
Dec.
1 Nov.. 19
Dec.
1 Nov. 19
Dec. 15
Dec.
1 Nov." 15*
Dec#
1 Nov. 19
Dec. 15 Nov. 15
Dec. 15 Dec.
1
1 Nov.
Dec.
7
1 Nov. 15
Dec,
1 Nov. 15
Dec.
Dec.
1 Nov. 15
1 Nov. 15
Dec.
Dec. 30 Dec. 15
Dec.
10 Dec.
1 Nov.
Dec.
Dec. 29 Dec.
1 Dec.
Jan.
Dec.
1 Nov.
Dec.
1 Nov.
Dec.
Dec.
Dec#
Dec,
Dec,
Nov. 10
Nov. 10
Parker Pen Co......
25c
19
21
24
25
Dec. 13
Dec. 13
Dec. 12
Preferred (semi-ann.)
—.
Parkersberg Rig & Reel, pref. (quar.).——
Nov. 25
Nov. 22
Nov. 21
Nov. 21
Dec. 19
Nov.
17
Dec.
1*
Nov. 30
Nov. 30
Nov. 30
Nov. 29
Nov.
5
Dec. 21
Dec, 15
Nor. 30 Nov. 29
Dec.
1 Nov.
1
Parker Rust Proof
$1
——#.#——
(quar.).
22 %c
35c
—
Paymaster Consol. Mines, Ltd;.
Peerless Woolen Mills, 6H% 1st pref (s.-a.)
Pender (D.) Grocery class A (quar.)
Penick & Ford, Ltd., common
—
Peninsular Telephone Co. common (quar.)
Pennsylvania Power Co. 86 preferred (quar,)...
86.60 preferred (monthly).—..——#.
...
Pennsylvania RR
Pennsylvania Salt Mfg.—'.
Pennsylvania State Water, 87 pref. (quar.),
Penn Traffic Co. (semi-aim.)....-——-——
Penna. Water & Power..
—
Preferred (quar.)——
Peoples Drug Stores, final
Preferred (quar.)...
Peoples Telep. Co. (Butler, Pa.), 6% pf. (quar.)
Pet Milk Co. (quar.)
Petroleum Coin, of America (irregular)
Phelps-Dodge Corp
——
Phillips Petroleum Co. (quar.)....——
Phoenix Hosiery 1st preferred
lc
81%
87 %c
81
40c
81%
;
55c
50c
81%
i\H
E
u
25c
25c
55c
50c
87 %c
1
17
13
13
19
1
1 Nov.
1
1 Nov. 18
1 Nov. 18
Dec. 20 Nov, 25
50c
50c
Dec. 15
Nov. 25
21
Dec. 21 Dec,
81%.,
8
2
21
Dec.
10c
50c
15c
(quar.)——
29
Dec.
2%%
Debenture (semi-ann.)—--.—
Oshkosb B'Gosh, Inc.#
Dec.
Dec.
Package Machinery Go. (quar.)..-----.-—-Paraffin© Cos., Inc. (quar.)*..
....
Preferred (quar.)...——
——
Nov.
Dec.
Dec.
Mar.
Dec.
Dec.
20c
Oklahoma-Interstate Mining, preferred
Okonite Co. 6% pref. (quar.)
Dec.
Dec.
Jan.
2
----------
Nov. 18
Nov. 29
Nov.
Dec.
Dec.
lH
Ohio Power Co., 6% preferred (quar.)-—-1%
Ohio Public Service 5% preferred (monthly)-.-. 41 2-3c
50c
6% preferred (monthly).-————......
Ohio River Sand Co. 7% preferred..
Ohio Water Service Co., class A.
Dec.
Jan.
Dec.
Dec.
Dec-
Ohio Oil Co——————
Preferred (quar.)
—•
Nov. 15
Dec.
8
Nov. 10
Nov. 15
Nov. 1
Dec, 15
Dec. 13
Nov. 30
Nov. 14
7% preferred (quar.)-*.#-
25c
21
29
Dec.
$1%
Nov. 15
Nov. 15
__
Dec.
Jan.
Dec.
25c
40c
(quar.)—.
Nov, 23
Dec, 15
Nov.
15 Nov.
Nov.
Dec.
Nov.
Dec,
Dec.
Nov.
Dec.
81%
81%
81%
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec. 15
Dec. 28
Dec.
Nov,
Dec.
81%
Dec.
8jNov,17
15 Nov, 15*
Jan.
6% preferred-.—-;.—.#..———.........
Northwestern Yeast (liquidating).
-—Nova Scotia Light & Power preferred (quar.)...
Dec.
Dec.
Dec.
Dec.
Dec. 15 Dec.
1
Dec.
LNov.19
Dec. 15 Dec.
1
Dec.; 1 Nov. 15
15c
6%% cony, "preferred (quar.).—
Northwestern Public Service, 7% preferred—
13
Nov, 29
Nov, 30 Nov. 19
Dec. 10 Nov. 18
Dec,
1 Nov. 15
25c
6% preferred (quar.)-#.-..-.-#--,—.......
9
9
Dec. 31 Dec.
9
Dec.
1 Nov. 28
..#■—.—#—
(quar.)—........
5
5
Dec.
Dec.
Jan.
—
20c
Nov. 15
Dec.
1
7
1 Nov. 21
Dec.
Dec.
1 Nov. 10
Dec. 15 Dec.
1
liNov.15
Dec.
Dec.
2 Dec. 20
1 Nov, 19
Dec. 31 Dec.
Dec.
15
15
5
18
Dec.
Dec. 15 Nov. 30
Dec. 20|Dec.
1
Jan.
llDec. 15
Dec. 31 Dec.
Dec.
Nov.
Nov.
Dec.
Nov.
Dec.
Dec.
Jan.
1 May 10
2 Jan.
2
Dec-
Dec.
Dec.
1 Nov. 21
1 Nov. 19
Dec.
Dec.
Louisville &.Nashville RR_..................
Ludlow Mfg. Associates
Lunkenheimer Co. 6 % % pref. (quar.)
Oct.
Oct.
1 Nov. 21
Dec.
Jan.
25c
New Jersey Zinc..——
New York City Omnibus........
New York & Queens, Elec. LJght & Power (qu.).
Preferred (quar.).—....—.
Nov. 25
Dec.
June
Slg
Neisner Bros., Inc. (quar.).—————.....
Dec. 20.
Transit—
Nebraska Power Co.,
Dec, 20
10 Noy. 21
1 Nov. 21
1 Nov. 15
Dec.
1 Nov, 23
Dec.
1 Nov. 23
Dec.
Dec.
1 Nov. 15
1 Nov. 15
Dec.
8 Nov. 28
Dec.
Jan.
1 Dec. 20
1 Nov. 15
Dec.
1 Nov. 15
Dec.
5
Dec. 15 Dec.
1 Nov. 21
Dec.
1 Nov. 21
Dec.
1 Nov. 21
Dec.
Dec.
1 Nov. 15
1 Nov, 25
Dec.
3 Dec. 26
Jan.
Dec. 15 Nov. 15
1 Nov. 21
Dec.
Dec.
1 Nov. 21
Dec.
Dec.
50c
—
Dec.
Dec. 20
Nov. 28
Nov. 10
82%
—..
—
Nov. 30
Nov, 4
Nov. 15
sip
35c
—
National Biscuit Co.
Preferred (quar.).-
1
82%
National
Dec.
Dec.
Dec.
6%% preferred
6% preferred-
50c
—
Nov. 22
7% preferred-.-—.
Louisiana Southern Utilities
82%
partic. pref. (quar.).-Morris Finance Co., class A com. (quar.)———
Class B common (quar.).....
—
Preferred (quar.)...:
Morris Plan Insurance Society (quar.)....
Motor Finance Corp. (quar.).....#—........
Motor Wheel Corp. (quar.)——
Mt. Diablo Oil, Mining & Development.......
Mountain Fuel Supply
—
Mountain Producers Corp. (s.-a.)-Munice Water Works Co., 8% pref. (quar.) ...
Murphy (G. C.) Co. (quar.)—
Muskogee Coi——Preferred (quar.)
Muskegon Piston Co, (resumed).......—..
Mutual Chemical Co. of Am. 6% pref. (quar.)—
Nov. 22
Dec.
Dec.
(quar.)
Extra
—
——
Loose-Wiles Biscuit pref. (quar.)—
Lord 8c Taylor 1st pref. (quar.)-...
81%
30c
cum.
National Standard Co.......
National Steel Corp.
Dec.
—
#.
Towing 7%
Nov. 22
Mar.
...
Lone Star Cement Corp
84H class A preferred (semi-annual)-
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
.
25c
—
....
National Oat Co.
Not.
Dec.
................
(monthly)................
-Lone Star Gas
7% preferred..........
Nov. 14
Dec.
Dec.
Monthly
..................
8% preferred (quarterly)....—-—..—
Lockhart Power Co., 7% preferred (s.-a.)-.
Loew's, Inc. (quar.)
—-———...
81%
81%
Monarch Machine Tool..
Monsanto Chemical Co., 84H class A pref. (s-a)
Monsanto Chemical (quar.)..........— —
Dec.
M
Jan.
Extra
Lock Joint Pipe
Mock, Judson, Yoehringer Co., Inc
Dec.
Nov. 30
Dec. 15
Dec.
1
1
Jan.
1
1
Dec.
81
National Container Corp--..—-..—-—-—
National Dairy Products.
——-———..
Preferred A & B (quar.)——
...
National Lead Co., preferred A (quar.)
National Life & Accident Insurance (quar.)-—
Lehigh Portland Cement Co, 4% pref, (quar.).
(R. G.). Inc..
1- — .—
Lexington Utilities, 86% pref. (quar.)..#—
Lexington Water Co.# 7% pref. (quar.).......
Libbey-Owens-Ford
—
— #,
life A Casualty Insurance Co. (Tenn.)........
Life Savers Corp. (quar.)..—....... — ..
Special—
——------—.......
Liggett & Myers Tobacco A & B (quar.).—
Class A & B (extra)--—
Lincoln Stores, Inc. (quar.).—_—...—
7% preferred (quar.).
—;—#—
line Material Co—....———.a——,—....
link-Belt Co. (quar.)#,-.--.—-————
Pr6f6rr6d (oustr )
little Miami RR. speclal guaranteed (quar.)
Original capital—.....
...——
Loblaw Groceterias Ltd., class A and B (quar.)..
fig
Missouri Gas 8c Electric
No-% 15
Dec.
1
Dec.
1
Nov. 25
Dec,
6
Leslie Salt Co. (quar.)—...................
Le Tourneau
-—...
Moore (W. R.) Dry Goods (quar.)-—.—.-—
Dec.
Nov.
Lanais Machine 7% pref. (quar.)
Lanston Monotype Machine.....
Leath & Co., preferred (quar.)...
Midland Grocery Co., 6% pref. (s.-a.)-
Minneapolis Gas Light Co, (Del.) 6% pf. (qu.).
5% preferred (quar.)-—.—
;
—...
5H% preferred (quar.).—:
85.10 1st preferred (quar.)#
—
—
Minneapolis Honeywell Regulator pref. (quar.)
Mississippi Valley Public Service Co.—
6% preferred B (quar.).#
7% preferred A (quar.)..
Moran
Dec.
Lake Superior District Power Co.—
7% cumulative preferred (quar.).....—....
35c
75c
$3
50c
———
12
Jan.
Feb.
Klein (D. Emil) (quar.)-—-.—————
Preferred (quar.)
;.
—
——
81
25c
10c
10c
—1
17
17
12*
Dec.
——.—
25c
81H
25c
81 %c
Midwest Oil Co. (s.-a.)
National Power 8c Light Co.,
Series C "6% non-cum. preferred..-——
Kansas Power Co. $7 pref.
83% partic. preference (quar.)
$3% partic. preference (extra)...
Mid-Continent Petroleum Corp.
Middlesex Water (quar.).-
31
Kansas Oklahoma & Gulr Ry.—
Series A 6% cum. preferred-.-..--—-----Series B 6% non-cum. preferred.—
50c
81
81%
81%
....
1 Dec.
Dec.
81.
75c
....
....
3 Dec.
Nov.
Nov.
Dec.
Dec.
Jan.
60c
rd
...
Jan.
40C
m
20c
—
1 Nov. 18
81%
i50c
175c
150c
55c
May Department Stores (quar.)-—...........
May Hosiery Mills, class A
84 preferred (quar.)..
Mead Corp., 86 preferred A (quar.).._*—.
85H preferred B (quar.)#......—
Merck & Co. (resumed)
......
86 preferred (quar.)
Merrimac Hat Corp..—..
8% preferred (quar.).
Dec.
Jan.
81
-
International Power Security $6 pref. A
Extra...
14 Dec. 31
Dec.
6 Nov. 29
Jan. 14 Dec, 31
1 Oct. 31
Dec.
Dec, 12 Nov. 18
Dec.
1 Nov. 19
Dec. 27 Nov. 26
Dec.
1 Nov. 18
Jan.
4c
-
1 Nov. 10
5'>c
81%
Messenger Corp
20c
Dec.
Dec.
Nov. 30
25c
(quar.).
Metal Textile Corp. (initial)—.
37Kc
Dec.
Dec.
5c
15c
15
15
15
Dec. 15
Dec.
5c
......
Preferred
Payable of Record
3c
75c
Extra.
81% Jan.
Dec.
Holt
Share
15 Nov. 30
15 Nov. 30
Dec.
81%
25c
Company
Holders
When
Per
Name of
McKenzie Red Lake Gold Mines (qu.)_...
McKesson A Robbins. 83 pref. (quar.)........
Macassa Mines, Ltd, (quar.)................
81%
preferred (quar.)
Hammermill Paper Co., 6% pref. (quar.)Hancock Oil Co. of Calif. A and B (quar.)
Class A and B (extra)
Hanes (P. H.) Knitting Co.
Class B (quar.)
-
Holder»
1 Nov. 16
Dec.
16
Dec. 31 Dec
1 Nov. 15
Dec.
2
Dec. L5 Dec.
1 Nov, 18
Dec.
75c
43%c
...
3263
1 Not. 15
9
19 Dec,
1
1 Jan.
1
15 Dec.
Jan.
Dec.
————
—
81%
I
Payable of Record
Dec.
Dec.
—
—
When
Chronicle
20 Nov. 25
1 Nov. 19
Dec, 23 Dec.
9
16
1
1
Dec.
1
Dec.
3
Jan.
Jan.
Dec.
Nov. 15
Nov.
Nov.
8
8
Dec.
1 Nov. 21
Jan. 16 Dec. 31
1 Nov, 15
Dec.
1 Nov. 19
Dec.
Dec. 15 Dec.
2
1 Dec. 15
Jan.
1 Nov. 21
Dec.
Dec.
1 Nov. 21
Dec. 20 Nov.
Dec, 15 Nov.
1 Nov.
Dec.
Jan. 25 Jan.
3 Dec.
Jan.
Jan.
3 Dec.
19
30
18
Dec.
Dec.
11
15
15
15 Dec.
2
15 Dec.
2
llNov. 20
21'Dec.
1
16 Jan.
3
9 Nov. 25
1 Nov, 4
Dec,
l.Nov, 18
Dec,
Dec,
Dec.
Dec.
Jan.
Nov.
Chronicle
Financial
3264
When
Holders
Payable of Record
J
When
Holder*
Payable of Record
Name of Company
Philadelphia* Germantown & Morris town BE.
Quarterly
-------- — - —
Philadelphia Suburban Water Co. 6% pref—
Philip Morris & Co. 5% con v. cum. pref. (quar.)
Pillsbury Flour Mills (quar.)—
-—
Pitt Oil & Gas Co. (resumed)..—....
Pittsburgh Bessemer & JLake Erie BR.—
6% preferred (s.-a.)
...—
—
Pittsburgh Coke & Iron Co., pref. (quar.),—
Pitts. Ft. W. & Chicago By. 7% pref. (quar.)7% preferred (quar.),----—-——
7% preferred (quar.)
—
7% preferred (quar.).............-———
7% preferred (guar.)
Pittsburgh & Lake Erie RR.
....—
Pittsburgh Plate Glass....
—--—
Pittsburgh Youngs town & Ashtabula By,—
7% preferred (quarterly) —...
.
Placer Development, Ltd. (semi-annual).....
Polaris Mining (increased)
...—.
Pollock Paper & Box Co. 7% preferred (quar.).
Portland & Ogdensburg RB. (quar.)
Potomac Electric Power Co. 6 % pref. (quar.)—
5M% preferred (quar.).
8lM
Dec.
81M
SIM
Dec.
Dec.
40c
Dec.
Dec. 15 Dec.
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
51
SIM
60c
11c
SIM
50c
SIM
SIM
refer
Preferred Accident Insurance (quar.)....
20c
Prentice-Hall, Inc. (quar.)
Preferred (quar.)—..... —
—
Procter &, Gamble, 5% pref. (quar.)
Public Electric Light Co. 6% pred. (qu.)
Public Finance Service, Inc., So pref. (qu.) —
Public Service Co. of Colorado 7 % pref. (mo.)..
70c
75c
25c
55c
87 Mc
SIM
SIM
20c
...— —
25c
50c
Raybestos-Manhattan Inc..—...—....
Beading Co., first preferred (quar,)-..—..
Reeves (Daniel), Inc. (quar,)..
Opt. div.
12Mc
....
Nov. 15
Nov. 19*
12-10-38
4-1-39
3-10-39
7-1-39 6-10-39
10-1-39
9-10-39
1-2-40
12-10-39
Dec. 15 Nov. 19
Dec. 23 Dec.
Nov
Dec
2
21
Dec.
Nov. 18
Nov. 29 Nov.
4
Dec. 15 Dec. 15
Nov. 3u Nov, 21
1 Nov. 15
Dec.
1 Nov. 15
Dec.
Dec. 22 Dec.
8
Dec.
1 Nov. 19
1 Nov. 19
Dec.
Dec. 15 Nov, 28
1 Nov. 19
Dec.
Nov. 30 NOV.
1
Dec. 14 Nov. 7*
Dec, 14 Nov. 7*
Dec. 14 Nov. 7*
Dec. 15 Nov. 30
8 Nov, 18
Dec.
Dec. 15 Nov. 30
of 1 sh. of pref. for each S100 In
Reliance Insurance
Extra
1 Nov. 15
(qu.)..
1 Nov. 15
15 Nov. 25
(Philadelphia)
15 Nov, 25
—,—'
J Nov. 17
6
15 Dec.
Reybarn Co. (liquidating)
Rich Ice Cream (extra)
6M% preferred (quar.),
Ric hardson Co. (final).
Risdon Mfg. Co. 7 % preferred (quar.)
Robert's Public
15
3
13 Dec.
3 Dec. 20
31 Dec.
.
Market, Inc
15 Nov.
1 Nov,
1 Nov.
1 Nov.
1 Nov.
1 Nov.
1 Nov.
1 Nov.
—
Rochester Gas & Electric, 5%
pref. E (quar.)...
6% preferred C and D (quar.).
Holland Paper Co. 6% pref. (quar.)
.........
Roxborough Knitting Mills, pref. (quar.)
...
goxy Theatre, Inc., preferred (quar.).
oyalite Oil Co; (semi-annual)
...
Extra
Ruberoid Co., year-end dividend....
......
Rustless Iron & Steel, pref. (quar.)............
...
.......
20 Dec.
1 Nov.
15 Dec.
1 Dec.
1 Dec.
1 Dec.
1 Nov.
Safeway Stores, Inc. (quar.)
............
6% preferred (quar.)
6% preferred (quar.).
7% preferred (quar
St, Joseph Water Co., 6% pref. (auar.)
St, Louis Bridge Co. 6% 1st pref. (semi-ann.) —
3% 2nd preferred (semi-annual).....
...
St. Louis Rocky Mtn. & Pacific Co
San Francisco Remedial Loan Assn. (quar.)
Savannah Electric & Power 8% deb. A (quar.)—
7M% debenture B (quar.)
........
7% debenture O (quar.).....
6M% debenture D (quar.)
Schiff Co.
1 Nov. 21
15 Nov. 30
15 Nov, 30
15 Nov, 30
.....
(quar.)
— .............._
7% preferred (quar.)__
5M% preferred (quar.)
Scott Paper Co, (quar.)..;
—
SIM
—
SIM
-
40c
Scranton Lace Co
Sears Roebuck & Co. (quar.)................
Seeman Bros., Inc. (quar.)...
.......
.....
Servel, Inc..........
Preferred (quar.)......
Shenango Valley Water Co. 6% preferred (quar.)
Shepard-Niles Crane & Hoist Corp..
Sherwin-Williams Co. pref. (quar.)...........
Sherwin-Williams (Canada), pref
Simon (Wm.) Brewery (quar.).
Simonds Saw & Steel Co. (quar.)
Skelly Oil Co
I
Sonotone Corp....
Preferred (quar.)
South Bend Lathe Works (quar.).
....
....................
...
15 Dec.
2
20c
25c
75c
...
Extra
15jDec.
2
14lDec.
1
10 Nov.10
15 Nov. 30
1 Nov. 17
3 Dec. 17
62$
...
...
.....
1 Nov. 21
1 Nov. 19
1 Nov. 15
3 Dec. 15
25c
.....
81M
tSIM
,30 Nov. 18
15 Nov. 29
15 Nov. 15
2c
60c
50c
.....
1
15 Dec.
1 Dec. 12
1 Nov. 15
10c
........
15c
......
30c
...
Southern California Edison Co., Ltd.-—
Extra
6% pref B (qu.)
Dec. 15 Nov. 20
2 Dec. 15
Dec.
1 Nov. 19
Jan,
.
Southeastern Greyhound Lines 6% non-conv. pf.
Spear & Co., preferred (quar,)...............
2d preferred (quar.)
^
Spiegel, Inc., 5M% preferred (quar.).....
Staley (A. E.) Mfg. Co
$6 cumulative preferred (quar.)
7% preferred (semi-annual)
Standard Brands, Inc. pref. (quar.)
Standard Cap & Seal (quar.)
Preferred (quar.)—
Standard Dredging preferred (quar.)
Dec.
1 Nov. 22
Dec. 15 Dec.
2
Dec. 20 Dec, 10,
Dec, 20 Dec. 10
Jan.
1 Dec. 20
1
Dec. 15 Dec.
_______
....
.
Standard Oil Co.
(Cal'f.) (quar.)...
Dec.
Dec.
Extra.
.....
.....
Dec.
15 Nov. 30
Dec. 15 Nov. 30
Dec. 15 Nov. 16
...
Standard Oil Co. (N. J.) (s.-a.)
A div. in cap. stock of 3 shs. of Standard OH
Co. for each 200 shs. $25 par value held
Standard Oil Co. (Ohio) ...
5% cumul. preferred
Sterling Aluminum Products..
Sterling, Inc. (extra)
Sterling Products, Inc
Dec.
SIM
Jan.
50c
Dec.
Dec. 20 Dec.
1*
Dec.
Nov. 15*
Nov.
Nov. 19
Dec,
Nov, 15
Dec.
Nov. 14
Dec.
Nov. 15
Dec. 15 Nov. 25
Dec.
1 Nov. 10
Dec. 15 Dec.
5
95c
-
12 Mc
,
-
Nov. 16
Nov. 30
Dec. 31
Nov.
1
10c
storkline Furniture Co
Dec.
25c.
.
Strawbridge & Clothier, pref. A (quar.)
Stromberg-Oarlson Telep. Mfg. preferred (qu.).
Stuart (D. A.) Oil Co., Ltd., partic. pref. (quar.)
Sun Oil Co., common
Preferred (quar.)
Sunset-McKee Sales book Co. B (quar.)__,
Glass A (quar.).-Sylvanite Gold Mines, Ltd. (quar.)
....
1 Nov. 15
1 Nov. 21
Dec. 15 Nov, 15
Dec. 15 Nov. 15
Dec. 15 Nov. 15
I...
...
1 Nov. 15
Dec.
Extra...-.
Standard Oil Co. (Indiana) (quar.).—..
Standard Oil of Kentucky (quar.)
ljNov. 22
"
Dec.
....
.....
...
M
20c
25c
SIM
25c
37Mc
5c
16
1 Dec. 16
3
3
3
3
1
5
Dec, 15 Dec.
Dec. 30 Nov. 21
Jan.
Dec,
Jan.
(quar.)—
Dec.
Extra---
Dec. 15 Dec.
Dec. 15 Dec.
;
1 Jan. 16
3 Dec.
9
1 Nov. 10
Dec. 15 Dec.
1
2M%
Dec. 15 Dec.
1
Dec. 22 Nov. 29
81M Dec. 22 Nov. 29
Nov. 30
Dec.
Mc
Nov. 15
58 l~3c Dec.
Dec. 15
58 l-3c Jan.
Nov. 15
53c
Dec.
53c
Jan,
Dec. 15
Dec.
50c
Nov. 15
Jan.
50c
Dec, 15
Jan.
Dec. 20
82 M
81M
l'i&
—...
"
15c
-
22 Mc
Co. 45c cum. conv. pref.
United States Gypsum Co. (quar.)
Preferred (quar.)
United States Pipe & Foundry Co., com. (quar..)
United States Playing Card Co_
United States Plywood Corp. pref. (quar.>
United States Potash Co., Inc., 6% pref. (quar.)
United States Sugar Corp. preferred (quar.)—
Preferred (quar.)——
'
United States Casualty
50c
81M
-
60c
60c
-
Preferred
(quar.)
——
37Mc
81M
81M
81M
81M
—
71c
United States Tobacco Co. (year-end div.)
Preferred
1M%
——-.—
—
Universal Commodity—
Feb.
Jan.
Dec.
"
United Public Service
5c
»
—
25c
Universal Insurance Co. (quar.)
Dec.
Dec.
Nov. 30
Nov, 18
Dec.
Jan,
Dec.
Dec. 13
Dec. 13
Nov. 30*
Dec, 16
Jan.
Dec.
Nov. 19
Dec.
Dec.
Jan.
1
>5,
Apr.
5
5
Jan.
Apr.
July
July
Dec.
Nov. 29
Dec.
Nov. 29
Nov.
Nov. 10
Nov. 15
Dec.
Upper Michigan Power & Light Co.
6% preferred (quar.)—----a
jlM Feb.
t8l.l6*: Dec.
7% preferred
Dec.
t81
$6 preferred— —
—-—
Dec.
50c
Van Raalte Co., Inc
—-----Dec.
7% 1st preferred (quar .)
Dec.
Vapor Car Heating Co., Inc., 7% pref. (quar.)_
Dec.
50c
Vick Chemical Co. (quar.)-—-—
10c
Dec.
Extra-...
81M Jan.
Victor-Monaghan Co. 7% preferred (quar.)
50c
Dec.
Viking Pump Co. (special)
-—:»•——-——
60c
Dec.
Preferred (quar.)
—•
Dec.
81M
Virginia Electric Power $6 pref. (quar.),—-—
Nov,
20c
Waialua Agricultural, Ltd
Dec.
Walgreen Co. 4M% pref. ww (quar.)——
Dec.
Walker (H.) Gooderham & Worts (quar.)
81
25c
Dec.
Preferred (quar.)_._
——
75c
Dec.
Warren (Nortnam) Corp. $3 pref. (quar.)
$9 Nov.
Washington By. & Electric Co,
Dec.
5% preferred (quar.)———
—
Dec.
5% preferred (s.-a.)_Dec.
81M
Washington Water Power $6 pref. (quar.)—
Utah Power & Light Co.
US
—
.—
—
-—
M.
—
—
-
Wayne Pump Co—-
50c
,
Dec.
Nov,
------
;-
81M
SIM
-
(quar.),:
(quar.)
(quar.)
Dec.
-
Preferred (quar.)
Preferred
Preferred
Nov.
10c
25c
-
Weisbaum Bros. Brower
Welch Grape Juice Co.——,
—
SIM
—
Preferred
aWesson Oil & Snowdrift, pref. (quar.)
West Coast Telephone Co. 6% preferred
a—
-
l'7M?
6% preferred (quar.)
—
West Jersey & Seashore RR.-—
SIM
6% special quaranteed (semi-annual)---West Virginia Water Service Co.—
81M
$6 cumulative preferred (quar.)-,25c
Western Auto Supply-------Western Public Service $1M pref. A
t37Mc
Western Real Estate Trustees (Boston)
$2
60c
Westinghouse Electric & Manufacturing—
87 Mc
Preferred (quar.)
20c
Weston (Geo.), Ltd
25c
Westvaco Chlorine Products (quar.)
81M
Wheeling Electric, 6% pref. (quar.)
----•
—
Whitaker
Whitman
Monthly,
,
Monthly
*
1
Nov. 18
Nov. 25
Nov. 25
Nov. 25
Nov. 15
Nov. 15
Nov. 15
Nov. 15
Nov. 25
Nov. 22
Nov. 15
Nov. 21
Nov, 15
Feb.
Feb.
May 15
Aug. 15
14
Nov. 15
Nov. 19
Dec.
Nov. 19
Dec.
1 Nov. 15
15
Jan.
Dec.
Dec.
Nov. 18
Dec.
Nov. 14
Nov. 21
Dec.
Nov.
Nov.
Nov.
Jan.
Dec.
Jan
Dec.
Dec.
Dec.
Nov. 18
Nov. 30
Nov. 25
Nov. 25
Nov. 10
81M
60c
3%
Dec.
Dec.
Dec.
Dec.
9
9
Dec.?15
Nov. 10
Nov.
7
17
17
Nov. 10
Nov. 25
Nov. 23
$2
10c
5c
10c
Jan.
Jan.
25c
—
Dec.
Nov. 23
Dec.
1
Nov. 19
Jan.
25c
>
Transfer books not closed for this dividend.
Dec. 20
Feb.
Jan.
Mar.
Feb. 20
25c
—
—-—-
Jan.
25c
25c
—„——
Yellow Truck & Coach 7% preferred
Dec.
Dec.
1
Nov. 29
May
Aug.
Dec.
Dec,
Dec.
—■—
—
Nov. 18
Dec.
1
Nov. 15
Nov. 15
Dec. 20
Nov.
Jan.
Dec.
Dec.
10c
.
-
Nov. 18
SIM
81M
Williamsport Water Co., 86 pref. (quar.)
Wilson Products, Inc
-——
Wolverine Tube Co. 7% preferred
7 % preferred (quar.)
—
Wool worth (F. w.) Co. (quar.)
—
Woolworth (F. W.). Ltd., pref. (s.-a.) — -——
Wright Aeronautical Corp
—-a
Wright-Hargreaves Mines (quar.)
—Extra--—
—
Interim,
Nov. 21
Nov. 21
81M
Paper Co. 7% pref. (quar.)
(Win.) Co., Inc., 7% preferred (quar )
Wrigley (Wm.) Jr. Co. (extra)
Monthly
Monthly
1
1 Nov. 15
Dec.
Nov. 30 Nov. 15
Nov. 30 Nov. 15
1 Nov. 14
Dec.
United Light & Railways 7 % prior pref. (mo.) —
ily)—
7% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
—
6% prior preferred (monthly)--—
United New Jersey RB. <& Canal (quar.)--——.
-
2*
15 Dec.
Dele. 15 Nov. 21
—'—
—
1
Dec.
United Gold Mines Co.
-
1 Nov. 15
7 Nov. 23
Dec.
1 Nov. 26
June 15 June
1
Dec. 15 Dec
1
Dec. 15 Dec.
1
Dec. 15 Dec.'
1
United Biscuit Co. of America (quar.)__
Preferred (quar.)——--.—a
—
United Dyewood Corp. pref. (quar.)-..——,
United Gas Corp., $7 preferred-----——
United Gas & Electric Co. 5% pref. (s.-a.)United Gas & Electric Corp. pref. (quar.)
United Gas Improvement (quar.)—.
---
1 Nov. 15
Dec.
Dec.
—
"
~
-
1
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Nov. 15
Dec. 15
Nov. 15
Nov. 15
Nov. 18
Nov. 18
Dec. 15
Dec. 15 Dec.
2
1 Nov. 10
Dec.
Dec. 20 Dec.
1
Dec. 20 Dec.
1
Dec.
1 Nov. 10
Dec. 15 Nov, 25
Dec. 15 Nov. 25
Dec.
1 Nov. 21
Dec.
5 Nov. 16
Dec.
1 Nov. 15
Troy & Green bush RR. Assoc. (s.-a.)--—
(Semi-annual y)
...
—
Truax-Traer Coal Co. 6% pref. (quar.)—.—5M% preferred (quar.V.
Twentieth Century-Fox:F;ilm Corp.
Preferred (quar.)
—
Underwood Elliott Fisher Co---—
Union Gas of Canada (quar.)...——;—
Union Tank Car (quar.)—,— United Amusement Corp; class A & B (s.-a.)
-
1
3
Dec).
(monthly)
6% preferred (monthly)
...
5% preferred (monthly)
Toronto Elevator Ltd., 5M% pref. (qu.)
Trane Co. pref. (quar.)
3
Dec.
Jan.
—
Timken-Detrolt Axle, preferred
Timken Roller Bearing
Toledo Edison Co. 7% pref.
-
South Carolina Power Co. $6 pref. (quar.).
17
1 Dec.
Jan.
7.2% preferred (quar.)--—
—
6% preferred (monthly)..—
6% preferred (monthly)
7.2% preferred (monthly).—
—.——
7.2% preferred (monthly)-...-—Terre Haute Water Works Corp., 7% pf. (qu.).
Texas Gulf Producing
;
—Texas Gulf Sulphur (quar.)—-—------—Texas Pacific Coal & Oil Co. (quar.)
Texas Pacific Land Trust ctfs. of prop, interest,
Sub-sh, ctfs. for stib-shs. in ctfs. of prop, int—
Tidewater Associated Oil Co. (quar,)—,—...
Tilo Roofing Co., Inc. (quar.)
5
15
1
16
16
16
18
15 Nov. 30
3 Dec.
9
3 Dec.
9
3 Dec.
9
3 Dec.
9
...
-
17
18
18
2 Dec. 15
10 Nov. 25*
........
...
30
10
10
15
19
2(Dec. 15
....
Savannah Gas Co. 7% pref. (quar.)..
Feb.
Jan.
1 Dec.
15c
68Mc
Jan,
Preferred (quar.)
15 Nov, 30
Nov. 29 Nov. 23
Nov. 26 Nov. 21
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Jan.
div. or cash.
Preferred (quar.)
Regent Knitting Mills, Ltd.. $1.60 pref.
Reinhardt Brewery Co., Ltd
75c
81M
]
HP
...
preferred—1
1
*
...
m
1-3-39
Dec. 15 Nov. 25
Dec.
1 Nov. 17
1 Nov. 17
Dec.
1 Nov. 15
58 l-3c Dec.
1 Nov. 15
Dec.
50c
1 Nov. 15
41 2~3c Dec.
Dec. 20 Nov. 25
1
55c Dec. 20 Dec.
Dec. 15 Nov. 15
52
Dec. 15 Nov. 15
SIM
SIM Dec. 15 Nov. 15
Dec. 15 Nov. 15
50c
Jan. 14 Dec. 15
50c
5% preferred (monthly)
Public Service Electric & Gas Co., $5 pref. (qu.)
Public Service of New Jersey.....—
....
8% pref. (quar.)_....._...........—.....
7% preferred (quar.)........—
:.—
So preferred (quar,).
...
....
6% preferred (monthly)
—
6% preferred (monthly)
— ....
Pullman, Inc...
....
;
Purity Bakeries Corp
...........
Quaker Oats Co., pref, (quar.)—
....—
Radio Corp. of America common—..—...—
$3 M cum. conv. 1st preferred
....
27
Jan.
1
SIM
SIM
6% preferred (monthly).—....
B
Dec.
Dec.
50c
Superior Portland Cement class B.
Participating class A (monthly).
Tacony-Palmyra Bridge (quar.)-.
Class A (quar.)
—
Preferred (quar.)-Talcott (James), Inc. (quar.)
5M% partic. preferred (quar.)Tenmssee Electric Power Co.—
1 Nov. 15
10c
Name of Company
Nov. 19
Nov. 12
1 Nov. 15
26, 1938
Apr,
Mar. 20
t81M
Dec.
Dec. 16
20
*
t On occount of accumulated dividends.
t Payable in Canadian funds, and in the case of non-residents of Canada,
a tax of 5% of the amount of such dividend will be made.
deduction of
Volume
Chronicle
Financial
147
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
weekly statement issued by the New York City
Clearing House is given in full below.
OF
MEMBERS
OF
THE
ASSOCIATION FOR THE WEEK
NEW
♦
NOV.
SATURDAY,
ENDED
Net Demand
Time
Deposits
Deposits,
Profits
Average
comparison with the previous week and the corresponding
date last year.
19. 1938
Undivided
Average
Surplus and
Capital
Clearing House
following shows the condition of the Federal Reserve
Bank of New York at the close of business Nov. 23, 1938,
in
CLEARING HOUSE
YORK
York
New
The
The
STATEMENT
3265
Members
Nov.
23, 1938 Nov. 16, 1938
Nov. 24, 1937
$
$
$
Assets—
$
Bank of New York
Gold certificates
9,201,000
38,169,000
6,000,000
13,552, 100
Bank of Manhattan Co.
20,000,000
26,107, 900
National City Bank
Chem Bank & Trust Co.
77,500.000
162,100,000
20,000,000
59,145, 000 al.574,217,000
510,710,000
55,282, 700
Guaranty Trust Co
90,000,000
42,305,000
182,041. 200 61,439,184,000
45,129, 400
504,505,000
57,258,000
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
21,000,000
71.133, 600
c775,644,000
44,246,000
15,000,000
18,549, 700
255,621,000
24,196,000
First National Bank
10,000,000
2,477,COO
.50,000,000
108,404, GOO
61,239, 800
486,209,000
Irving Trust Co
522,668,000
4,970,000
44,389,000
4,279, 200
131,406, 300 d2,180,381,000
45,855,000
Continental Bk & Tr Co.
Chase National Bank...
4,000,000
100,270.000
5CO.OOO
25,000,000
Fifth Avenue Bank
Bankers Trust Co
—
159,070,000
463,461,000
United States Treasury _x
Redemption fund—F. R. notes.
Other cash
5,155,000
Total
Secured
78,313,,500
e837,295,C00
13,169,000
9,088,,100
102,653,000
U.
S.
o
Govt, obligations,
3,324,000
357.000
1,282,000
243,000
2,049,000
1,525,000
3,695,000
216,000
3,602,000
216,000
1,005,000
3,631,000
4,656,000
250,391,000
370,360,000
194,671,000
250,391,000
370,360,000
194,671,000
212,930,000
815,422,000
815,422,000
739,704,000
821,289,000
820,794,000
749,060,000
64,000
64,000
8,623,000
207,263,000
9,808,000
15,533,000
147,806,000
1,692,000
-
Total bills discounted
12,500,000
27,938,,900
331.492,000
Comm'I Nat Bk & Tr Co
7,000,000
8,229,,500
80,209,000
Public Nat Bk A Tr Co
7,000,000
9,238,,000
85,111,000
Bills bought in open market
Industrial advances
5,616,000
21,527,000
2,869,000
50,823,000
As per official reports;
by
direct or fully guaranteed
Other bills discounted
31,221,000
2,469,000
1,055,,600
5,000,000
*
5,129,559,000 4,982,005,000 3,645,738,000
..
4,393,000
10,000,000
Bonds
.
Treasury
Treasury
notes
bills
Total U. 8. Government securities..
1938; State. Sept. 30, 1938; trust
National, Sept. 3C,
371,000
United States Government securities:
609.915.C00
913,814,700 10,410,804,000
523,075,000
reserves
Bills discounted:
5,512,000
44,816,000
Marine Midland Tr Co—
Totals
5,02 4*,526,000 4,871,505,000 3,565,765,000
1,710,000
1,775,000
1,653,000
108,790,000
78,198,000
103,380,000
t
91,858.000
3,679, 600
Title Guar & Trust Co..
New York Trust Co
hand and due from
on
337,095,000
189,679,000
companies. Sept. 30, 1938.
Includes deposits In foreign branches as follows:
1267,696,000; b $86,087,000;
a
Total bills and securities
C$5,360,000; d$105,350,000; C$37,200,000.
„
Due from foreign banks
Federal Reserve notes of other banks
The New York "Times" publishes regularly each week
of
of banks and
number
trust
companies which
are
not members of the New York Clearing House. The
following are the figures for the week ended Nov. 18.
returns
a
INSTITUTIONS NOT
BUSINESS
IN
CLEARING
FOR THE
NATIONAL
AND
WEEK
STATE
HOUSE
WITH
THE
CLOSING
Uncollected Items
'
5,625,000
169,920,000
9,808,000
15,758,000
„
Bank premises
All other assets..
.......
Total assets
OF
ENDED FRIDAY, NOV. 18. 1938
BANKS—AVERAGE FIGURES
Disc,
Liabilities—
Dep.,
Dep. Other
Including
N. Y. and
Banks and
Gross
Bank Notes
Elsewhere
Trust Cos.
Deposits
$
$
987,086,000
993,616,000
945,194,000
4,534,073,000 4,418,208,000 3,055,709,000
72,429,000
58,702,000
49,172,000
72,875,000
76,584,000
97,457,000
171,738,000
202,069,000
157,864,000
$
and
Investments
Deposits—Member bank
reserve acc't..
U. S. Treasurer—General account
Foreign bank
...
Other deposits
Manhattan—
$
$
Grace National..
23,169,600
118,000
6,623,300
2,749,200
28,642,200
Sterling National
21,055,000
618,000
8,838,000
4,048,000
30,805,000
4,146.576
369,942
2,980.621
283,192
7,563.342
Deferred availability Items
Lafayette National—
6,779,600
392,000
1,758,500
458,300
8,519,600
People's National...
5,170.000
112.000
637,000
631,000
5,970.000
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Trade Bank of N. Y.
•
Total deposits.
Brooklyn—
TRUST COMPANIES—AVERAGE
-
Disc.
Banks and
Gross
Trust Cos.
Deposits
$
%
56,573,800
*5,001,100
$
Latio
Federation
9,447,000
222,946
1,436,961
*1,463,932
1,183,956
23,739
65,239,300
11,114,506
11,901,500
230,600
264,200
20,914,300
...
Fiduciary
Fulton
*5.242,200
■
535,600
States
61,952,910
Commitments
87,108,442
9,589,000 112,510,000
41,252,161
80,701,000
•
3,465,000
23,433,000
33,015,469
2,283,631
11.584.104
Includes amount with
Federal Reserve as follows:
51,052,000
51,943,000
7,744,000
8,210,000
3,458,000
to
deposit
51,474,000
7,744,000
9,117,000
2,524,000
an<
make
to
87.1%
87.5%
84
7%
purchase)
116,000
783,000
3,496,000
4,873,000
116.00C 1.
Industrial
ad-
3.490.00C
,
t "Other cash" does not Include Federal Reserve notes
or a bank's own
Federa
Reserve bank notes.
Brooklyn—
Brooklyn
Kings County
reserve
vances
37,315,300
*54,610,692
28,320,700 *10,231,600
Lawyers
total
bntlngent liability on bills
for foreign correspondents
%
2,899,200
2,100,276
9,869,400
of
145,898,000
50,904,000
6,152,023,00C 6,044,090,000 4,573,205,000
F. R. note liabilities combined
12,049,732
19,707,200
Empire
United
Dep. Other
199,495,000
164,482,000
50,901,000
51,943,000
7,744,000
8.210.00L
3,699,000
...
Total liabilities
Elsewhere
S
Manhattan—
FIGURES
N. Y. and
Cash
and
Investments
4,871,428,000 4,735,250,000 3,360,202,000
Reserve for contingencies
All other liabilities
Res. Dep.,
Loans,
9,987,000
12,991,000
6,152,023,000 6,044,090,000 4,573,205,000
_
F. R. notes in actual circulation
Res
Other Cash,
Loans,
70,000
7,553,000
These
certificates given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar
was, on Jan. 31, 1934, devalued from
100 cents to 59.06 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
Empire, $2,963,800; Fidu¬
ciary, $858,411; Fulton, $4,936,900; Lawyers, $9,479,800; United States, $37,234,183
are
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.
These figures are always a
the Federal Reserve
System
week behind those for the Reserve banks themselves.
upon
immediately preceding which
the figures for the latest week
we
in
appears
our
The comment of the Board of Governors of
department of "Current Events and Discussions
also give the figures of New York and Chicago reporting member banks for
Commencing with the statement of May 19.1937, various changes were made in the breakdown of loans
described in an announcement of the Federal Reserve Bank of New York of April 20,1937, as follows:
a
week later.
reported in this statement, wnich wer
as
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amountsof (1) commercial, industrial and agricultural loans, and (.2) loans (other than to brokers and dealersl for the purpose of purchasing or carrying
securities. The revised form also eliminates the distinction between loans to brokers and dealers In securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commercialpaper bought in open market" under the revised caption "open market paper," instead of in ''all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new Items "commercial, industrial and .agricultural loans" and
'other
loans
and "otherwise secured and unsecured."
explanation of the revisions was published in the May 29,1937, issue of the "Chronicle," page 3590.
would each be segregated as "on securities"
A more detailed
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON
NOV. 16, 1938 (In
Millions of Dollars
••
Federal
Reserve Districts—
ASSETS
Total
$
Boston
New York
PhUa.
$
■
$
$
Cleveland Richmond
$
Atlanta
Chicago
St. Louis
$
$
$
$
Minneap. Kan. City
%
Dallas
8an Fran.
$
$
$
21,335
8,323
1,148
8,581
1,152
1,827
669
595
2,972
697
378
653
526
590
3,338
424
648
240
307
826
316
164
262
241
977
Commercial, Indus, and agricul. loans
3,894
262
1,530
186
237
110
172
472
193
82
153
159
338
Open market paper
Loans to brokers and dealers In secure.
347
69
149
24
11
10
3
35
3
4
18
1
20
715
26
582
18
24
3
6
33
6
1
4
2
10
571
32
269
33
34
16
15
77
13
7
12
13
50
82
221
58
171
32
28
21
381
Loans and Investments—total
Loans—total
2,137
Other loans for purchasing or carrying
securities
1,165
Real estate loans..
93
49
7
22
108
3
86
1
2
1
1
4
Other loans
1,523
116
501
104
169
68
82
112
44
63
42
45
177
United States Government obligations
8,140
400
3,158
343
807
323
158
1,434
221
159
222
190
725
Loans to banks
Obligations fully guar, by U, 8. Govt.
1,678
30
857
96
93
'
•
.
41
43
238
*
.
8
61
1
14
1
_
51
39
115
3,194
128
1,228
289
279
65
87
474
99
41
128
56
320
7,148
307
4,026
250
374
147
106
1,096
162
70
159
109
342
431
141
77
18
40
18
11
68
11
6
11
10
Balances with domestic banks
2,522
139
179
172
284
163
142
407
133
116
289
226
272
Other assets—net—
1,256
75
544
84
104
35
40
83
23
16
22
27
203
15,720
1,015
7,187
773
1,113
432
343
2,299
443
278
492
423
922
5,137
250
993
290
742
199
184
884
186
119
144
132
1,014
534
10
127
38
29
21
34
100
16
2
20
31
106
6,353
250
2,700
324
362
256
235
928
284
122
378
222
292
Other
securities
Reserve with Federal Reserve BanksCash in vault—
*
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits—
Inter-bank deposit
i
Domestic banks
486
Other
21
3
Foreign banks
Borrowings.
20
......
783
23
r
liabilities
Capital account
3,676
241
430
7
20
1,615
1
1
17
3
352
1
8
28
6
21
'
227
362
1
......
95
91
386
6
91
57
1
294
83
331
-t
3
97
15
6
......
......
7
'
Chronicle
Financial
3266
Nov.
26,
1938
Weekly Return of the Board of Governors of the Federal Reserve System
The following was
issued by the Board of Governors of the Federal Reserve System on Friday afternoon, Nov. 25,
Wednesday.
showing the condition of the 12 Reserve banks at the close of business on
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
for the System as a
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
following) gives details regarding transactions in Federal Reserve notes between the
week last year.
Reserve note statement (third table
Reserve Agents
and the Federal Reserve banks.
for the latest week
returns
in
appear
COMBINED RESOURCES AND
Three Cipheri (000)
our
The comments of the Board of Governors of the Federal Reserve System
department of "Current Events and Discussions "
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV. 23. 1938
Nov.
Omitted
Nov.
23,
16,
Nov. 9,
Nov.
Oct.
2,
"
Oct.
26,
19,
Oct.
12,
Oct.
5,
Sept.
28,
1938
1938
1938
1938
1938
1938
1938
1938
1938
$
ASSETS
1
%
S
S
%
S
%
on
hand and due from U.S.Tre
10.967,213
9,138
374,312
11,020,211
9,669
363,211
Total reserves
.
11,581,186
3,470
S
9,122,402
367.418
11,393,091
11,343,769
11,255,354
9,451,525
6,106
3,193
3,897
3,448
6,008
11,597
2,602
3,033
4,266
6,072
9,299
7,345
9,041
15,863
11,403,701
9,677
369,332
11,317,698
9,071
351,798
11,287,700
8,141
368,202
11,252,711
11,197,209
8,803
378,78S
9,665
11,865,396
Other oaeh ♦
1937
10,863.222
9,611
382,521
11,492,201
10,33*
362,857
.
Redemption fund (Federal Reserve notes)
Nov. 24,
$
11,782,710
11,678,567
11,664,043
11.640.29S
3,757
GoldctfS
the
upon
9,940
319,183
Bills discounted:
,
Other bills discounted.—
2,846
3,643
2,904
4,680
3,120
4,902
3,176
4,365
2,870
Total bills discounted.
6,603
6,547
7,800
8,078
7,235
545
Treasury notes..
.
...
Total U. S. Government securities
Other
541
541
541
541
541
541
2,828
15,163
15,148
15,336
15,446
15,507
15,455
15,677
18,589
787,327
1,164,565
612,123
787,327
1,164,565
612,123
787.327
1,164,665
612,123
787,327
1,164,565
612,123
787,327
1,164,565
612,123
787,327
1,164,565
612,123
787,327
1,164,565
612,123
787,327
1,164,565
612,123
789,327
1,166,065
608,623
738,073
1,168,463
2,564,015
2,564,015
2,564,015
2,664,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,586,362
United States Government securities—Bonds..
545
15,417
2,564,015
Industrial advances
545
15,199
Bills bought in open market.
Treasury bills
'
2,686,524
2,587,523
2,587.782
2,587^7
2,586,074
2,589,362
2,587,356
2,589,274
2,601,295
657,479
securities......
Foreign loans on gold.
m mttrnm
Total bills and securities
'
Gold held abroad
176
176
""176
""180
""180
""180
""180
""180
180
23,737
644,074
44,193
50,682
28,212
803,547
44,203
21,908
621,464
44,202
48,917
23,103
23,569
632,117
44,304
48,567
24,375
718,302
44,305
47,732
22,532
617,394
44.305
50,011
22,447
556,371
44,203
49,544
48,849
47,853
26,494
560,579
44,348
47,607
15,214,620
15,295,383
14,938,831
14,988,496
14,930,212
15,002,154
14,715,713
14,679,148
14,523,836
12,757,802
Federal Reserve notes In actual circulation...
4,362,465
4,345,816
4,355,754
4,319,756
4,284,377
4,288,820
4,281,103
4,262,860
4,219,484
4,264,829
Deposits—Member banks' reserve account...
8,818,335
474,310
8,726,623
6,948,927
195,056
150,924
864,481
183,225
163,686
270,068
161,598
8,400,218
703,407
199,462
176,287
8.197,488
350,438
8,693,189
609,102
197,372
144,453
8,320,636
770,086
202,848
322,697
8,685,986
575,944
201,272
224,845
8,740,083
584,153
212,081
8,546,166
577,766
218,033
312,482
9,855,170
9,795,644
9,654,447
9,688,047
Due from foreign banks
Federal Reserve notes of other banks
...
Uncollected Items
---
Bank
premises..
All other assets
-
Total assets..
586,654
44,282
178
25,892
589,718
45,344
43,850
LIABILITIES
United States Treasurer—General account.
Foreign banks
Other deposits
...
Total deposits.........
—
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
643,275
134,013
147,739
27,683
32,672
11,603
—
Reserve for contingencies
All other liabilities—
Total liabilities
800,702',
134,003
147,739
27,683
32,672
11,124
,575,025
134,003
147,739
27,683
32,707
11,473
>
i
212,494
113,302
214,742
9,698,328
9,644,116
9,479,374
9,436,702
9,398,880
7,547,039
627,645
133,992
147,739
27,683
32,707
10,927
593,878
601,672
133,954
147,739
27,683
32,741
626,685
133,985
552,626
133,998
595,428
133,988
147,739
27,683
32,707
11,512
716,050
133,983
147,739
27,683
32,707
11,056
147,739
27,683
145,854
32,741
10,685
35,709
11,447
147,739
27,682
32,741
10,754
132,505
27,615
8,823
15,214,620
14,938,831
<14,988,496
14,930,212
15,002,154
14.715,713
14,879,148
14,523,836
12,757,802
83.3%
83.4%
83.3%
83.2%
83.1%
82.8%
82.8%
82.6%
80.0%
324
324
324
324
338
338
157
157
1.57
2,169
14,335
14,345
13,318
13,320
14,541
14,537
13,696
13,599
13,597
13,316
4,994
4,755
5,353
6,147
5,579
4,535
7,663
5,818
7,610
13,903
240
231
967
493
,416
346
596
369
450
562
682
530
530
457
496
546
722
427
211
229
367
401
404
435
278
261
405
596
650
583
507
379
260
216
175
149
808
6,603
liability on bills purchased
correspondents.......
15,295,383
83.5%
6,547
7,800
8,078
7,235
6,072
9,299
7,345
.9,041
15,863
23
Reserve note liabilities combined
Contingent
foreign
543,576
153
fo
...
Commitments to make Industrial advances
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills dk counted
16-30 days bills discounted..
81-60 days bills discounted
.....
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted.
1-15 days bills bought In open market...
*6-30 days bills bought In open market...
81-60 days bills bought In open market...
1
198
628
237
128
83
165
165
94
94
485
199
197
83
166
166
1,990
281
281
170
"""264
"~264
94
94
85
199
258
Total bills bought in open market.
247
»
154
94
61-90 days bills bought In open market...
Over 90 days bills bought In open market.
1-15 days Industrial advances
16-30 days industrial advances..
81-60 days industrial advances
'
128
83
165
165
94
94
"""353
545
61-90 days Industrial advances
Over 90 days Industrial advances
545
541
541
541
541
541
541
1,523
1,338
1,273
1,283
1,361
1,110
1,131
1,303
922
316
330
308
326
277
226
356
453
108
323
1,118
.....
545
1,434
790
947
738
640
718
547
573
743
2,828
842
327
...
Total Industrial advances
660
463
553
766
702
891
847
663
624
12,004
12,114
12,107
12,258
12,370
12,439
12,603
12,451
12,860
15,878
15,199
1-15 days U. S. Government securities
16-30 days U. 8. Government securities
31-60 days U. 8. Government securities......
61-90 days U. 8. Government securities
Over 90 days U. 8. Government securities
......
110,523
'
15,417
15,163
15,148
15,336
15,446
15,507
15,455
98,243
95,330
184,098
183,592
95J810
105,835
98,243
177,688
187,657
1,994,592
97,675
95,810
186,413
200,487
1,983,630
70,178
105,835
193,573
188,358
2,006,071
128,887
97,675
206,333
179,228
1.951,892
101,409
70,178
204,078
2,002,752
174,968
175,847
2,006,867
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
4,650,264
287,799
4,631,714
4,616,904
261,150
4,579,253
285,898
259,497
4,583,137
298,760
4,362.465
Total U. 8. Government securities....
75,890
200,487
180,923
1,996,192
4,345,816
4.355,754
4,319,756
4,284,377
4,712,000
5,700
4,686,000
4,683,000
6,936
4,668,000
7,182
4,668,000
6,412
110
3
15,677
,
18,589
106,500
28,285
79,757
191,385
38,083
2,010,662
186,413
1,999,960
147,937
2,295,657
2,564,015
2,564,015
2,564,015
2,564,015
4,580,026
291,206
4,575,270
4,545,148
282,288
4,515,397
295,913
4.608,797
294,167
4,288,820
4,281,103
4,262,860
4,219,484
4,264,829
4,663,000
4.648,000
8,446
4,639,000
4,604,000
4,644,632
6,526
8,267
177,688
54,053
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. Ageht
Held by Federal Reserve Bank
....
In actual circulation
343,968
Collateral Held by Agent as Security for
Notes Issued to Bank—
*
Gold ctfs.
on hand and due from U. 8. Treas.
By eligible paper......
United States Government securities........
...
Total
collateral
5,669
5,308
15,293
20,000
4,717.700
4,691,669
•
x
These
4.689.936
4,675,182
4.674,412
4,668,308
4.656.446
4.645,526
4.612.267
4,679,925
"Other cash" does not Include Federal Reserve notes.
cents on Jan
are
certificates given by the United States Treasury for the gold taken
3'| 1934J these certificates being worthless
provisions oi ti e Gold Reserve Act of 193<*i
to the extent of the
over from
the Reserve banks when the dollar was devalued from 100 cents to 59.06
difference the difference Itself having been appropriated as profit by the Treasury under
Volume
3267
Chronicle
Financial
147
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 23, 1938
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Gold
Total
Boston
New York
9
9
9
Cleveland Richmond
PhUa.
ASSETS
9
certificates
on
hand
Atlanta
Chicago
9
9
9
San Fran.
Dallas
Minneap. Kan. City
St. Louis
9
9
9
9
9
due
and
356,498
770.470
192,438
305,510
239,749
612,516 5,024,526
430
1,653
103,380
38,798
511,373
1,385
708,882
965
909
651
318
887
624
545
210
1,701
362,857
28,832
23,204
21,178
12,102
51,106
20,856
8,334
14,521
12,548
27,998
11,865,396
from United States Treasury
052,744 5.129,559
541,590
733,051
3 78,585
274,239 2,235,741
345,173
248,707
320,576
205,196
800,235
160
11,492,201
Redemption fund—Fed. Res. notes-
10,338
Other cash *
Total
9
reserves.
261,486 2,184,317
323,430
Bills discounted:
Secured by U. S. Govt, obligations
132
Total bills discounted
705
200
117
168
105
160
129
105
84
357
550
257
66
297
119
50
202
753
>69
26
232
2,846
1,692
100
3,757
direct and (or) fully guaranteed..
Other bills discounted
2,049
1,255
457
183
465
224
210
331
858
153
186
.
6,603
t
545
U. 8. Government securities—Bonds-
41
216
55
50
23
16
38
15,199
Bills bought in open market
Industrial advances
2,171
59,255
3,602
3,255
620
1,421
172
415
45
991
392
791
250,391
79,168
36,947
48,504
53,181
117,101
61,551
54,649
194,671
28,725
25,495
13,564
34,774
61,438
27,036
28,943
370,360
84,870
125,535
65,984
17,440
25,805
46,069
32,096
47,473
24,953
32,792
87,647
68,403
101,177
22,503
1,324
62,242
92,064
48,391
257,820
120,321
104,522
270,389
106,791
60.815
113,248
94,258
202,697
258,947
121,948
105,178
277,095
107,048
58,139
114,514
95,218
204,245
787,327
1,164,565
612,123
Treasury notes
Treasury bills..
2,564,015
'
192,971
815,422
222,761
2.586.362
Total U. 8. Govt, securities
Total bills and securities
195,415
821,289
227,326
2
67
19
16
2
42,812
13
176
13
64
18
17
8
6
22
3
2
5
5
23,737
729
5,625
841
1,861
1,981
2,873
521
2,991
23,395
2,081
2,299
80,138
1,195
17,095
2,053
50,598
31,718
25,575
4,499
1,555
28,862
2,301
1,892
1,539
1,315
3,097
2,066
1,267
4,889
31,216
3,252
4,138
486,834
327,992
474,029
Due from foreign banks
Fed. Res. notes of other banks
Uncollected
,
items
50,682
Total assets
169,920
47,782
9,808
4,720
6,041
15,758
62,263
2,954
3,290
644,074
44,193
All other assets
1,512
75,512
4,745
5,604
2,634
2,898
827,022 1,080,684
558,532
409,179 2,605,257
917,408 6,152,023
15,214,620
1,788
329,570 1,040,090
LIABILITIES
4,362,465
380,735
993,616
315,665
419,505
209,953
147,544
980,723
180,584
130,176
167,428
80,287
350,249
8,818,335
F. R. notes In actual circulation
401,612 4,534,073
58,702
29,306
76,584
15,220
369,957
30,010
20,715
478,107
172,894 1,308,124
77,843
41,679
115,280
42,263
235,521
21,243
177,600
24,157
572,467
31,593
4,862
6,130
6,130
202,069
8,610
11,438
232,068
35,731
9,090
7,809
449,181 4,871,428
429,892
557,189
284,698
164,482
48,362
71,069
48,715
22,314
13,39-1
14,323
1,007
4,982
4,471
5,626
Deposits:
Member bank
reserve account
U. 8. Treasurer—General account..
474,316
Foreign
bank
212,081
deposits-
350,438
Other
Total
deposits!
.
3,043
9,855,170
Deferred availability Items.
643,275
63,065
Capital paid ln__
Surplus (Section 7)
Surplus (Section 13-B)
134,013
9,412
50,901
51,943
7,744
13,466
27,683
9,900
2,874
32,672
1,448
8,210
793
3,699
19,447
12,213
147,739
48,197
2,000
1,013
Reserve for contingencies
All other liabilities.
11,603
Total liabilities
25,155
4,240
85,525
5,414
2,614
851
2,393
15,008
16,632
220,211 1,496,647
205,380
164,919
203,745
210,280
635,600
82,238
30,155
3,924
4,667
17,427
2,904
32,534
4,200
35,098
545
3,153
1,011
3,613
1,142
27,816
3,948
3,892
1,215
1,873
935
"
4,411
1,603
680
1,479
364
639
1,024
486,834
327,992
9,805
2,121
2,000
301
474,029
410
558,532
10,348
1,776
809
432
409,179 2,605,257
730
3,409
1,401
3,176
13,319
22,387
1,429
7,035
4,964
827,022 1,080,684
917,408 6,152,023
15,214,620
7,398
220,632
32,992
6,342
"
1,270
329,570 1,046,090
Contingent liability
on bills purchased
for foreign correspondents.
Commitments to make Indus, ad vs...
*
324
23
116
32
30
14
11
39
10
8
9
9
23
14,335
1,326
3,490
1,472
1,472
1,565
172
10
530
217
562
50
3,469
S». Louis Minneap
Ran. Ciii
Dallas
9
9
"Other cash" does not Include Federal Reserve notes.
FEDERAL RESERVE
NOTE STATEMENT
1
Three Ciphers (000) Omitted
Total
Boston
New York
9
9
9
Federal Reserve notes:
Chicago
9
9
9
$
9
9
SanFrani
9
397,912 1,092.080
98,464
17,177
329,210
13,545
442,335
22,830
221,126
11,173
161,038 1,002,026
21,303
13,494
199,571
18,991
140,631
177,92£
4,401
10,501
88,933
8,646
397,463
47,214
380,735
993,016
315,665
419,505
209,953
147,544
980,723
180,584
136,176
167,428
80,281
350,249
4,712,000
5,700
410,000 1,100,000
232
1,979
335,000
445,000
225,000
164,006 1,010,006
207,00C
141,60C
180.00C
90.50C
404,000
820
257
182
224
21C
18£
151
186
4,717,700
In actual circulation
4,650,264
287,799
4,362,465
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Collateral held
Atlanta
Cleveland Richmond
Phila.
9
Federal Reserve Bank of—
410,232 1,101,979
335,820
445,257
225,183
164,444 1,010,224
207,216
141,68£
90,651
404,180
by Agent as security
•
for notes Issued to banks:
Gold certificates
on
hand and due
from United States Treasury
Eligible paper
.....
Total collateral
444
United
United States
Rates
quoted
Treasury Bills—Friday, Nov. 25
Bid
Now 30 1938
Dec.
14 1938
Dec. 21 1938..S
Dec.
28 1938
Jan.
4 1939
Jan.
11 1939
Asked
0.05%
Jan.
18 1939
Jan.
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
7 1938
Dec.
Transactions
Bid
Asked
25 1939
0.05%
1939
180„82f
Securities
on
the
SI
New
Exchange—See following page.
York Stock
for discount at purchase.
are
Government
States
82f>
the
at
New
York
Stock
Exchange,
Daily, Weekly and Yearly—See page 3283.
0.05%
0.05%
Feb.
1
Feb.
8 1939
Feb.
15 1939
0.05%
0.05%
1939
Feb. 23
Stock and Bond
Averages—See
THE PARIS
page
3283.
BOURSE
Quotations of representative stocks as received by cable
each
day of the past week:
Quotations for United States Treasury Notes-—Friday,
Nov. 19
Francs
»/
Nov. 25
Nov. 21 Nov. 22 Nov. 23
Francs
Francs
Francs
Nov. 24 Nov. 25
Francs
Bank of France
a
point.
one or
32ds of
more
8,200
8,100
1,247
454
1,268
1,250
419
1,220
445
Pacific
241
19,500
654
240
19,100
660
238
18,900
655
1,300
1,370
30
525
28
539
1,360
28
538
Banque de Paris et Des
Canadian
•
■
*
C!e Dlstr d'Electriclte
■
Maturity
Cle Generale d'Electriclte.
Int.
Int.
Rate
Asked
Bid
Bid
Rate
Maturity
Asked
Cle
Generale Transatlantlque..
Citroen B...
101
1H%
100.30
IH%
100.1
Dec. 15 1941...
1K%
102.12
102.14
Mar. 15 1940...
Sept. 15 1939.
1H%
IH%
1 H%
1K%
1K%
102.1
102.3
Mar. 15 1942...
15 1943
Dec.
15 1939.__
June
15 1941
Mar. 15 1939...
Mar. 15 1941...
Dec.
IH%
1X%
15 1940...
102.11
102.23
Courrlere
103.19
103.211
Credit Commercial de France
Credit
1*%
-
102
Dec.
103.22
102.18
Sept. 15 1942...
1?*%
2%
103.20
102.16
104.20
104.22
Eaux des
101.17
101.19
June
2 H%
102.1
102.3
Energie Electrlque du Nord
102.21
102.23
15 1942...
15 1939...
HOLI-
DAY
Llqulde
Lyon (P L M)
Nord Ry
THE
-
Orleans Ry 6%
BERLIN STOCK EXCHANGE
Pathe
Closing prices of representative stocks as received by cable
Rentes Perpetual 3%..
Rentes4%, 1917
Nov.
19
21
Nov.
Not.
Aligemelne Elektrlzltaets-Gesellachaft
Berliner Kraft u. Llcht (8%)
Nov.
23
22
-Per Cent
24
(4%)112
110
112
115
.162
102
162
163
...
...
.117
116
116
116
...
125
125
125
...
109
.109
109
Farbenlndustrle I. G.
.144
144
144
140
Mannesmann
(6%)
-
(7%)
Roehren (5%)
.104
104
103
Relcbsbanks (8%)
.191
192
191
192
Siemens A Halske (8%)
.190
190
193
195
.101
102
103
105
Vereinigte Stahlwerke (5%)—
—
i
.
25
105
Rentes
1918
4^%, 1932, A
1932. B
Rentes 4^%,
Rentes. 5%.
Deutsche Relclisbahn (German Rys.pf.7%)..125
.110
Dresdner Bank (5%).
Deutsche Bank
Nov.
of Par
...
...
...
...
...
...
116
1920
103
Royal Dutch
Saint Gobaln C & C
116
Schneider A Cle._l
125
SocteteFrancalse Ford
110
192
Fonclere
Lyonnalse.
.....
Soclete Marseilles
Tublze Artificial Silk preferred..
Union d'Electriclte
106
Wagon-Llts......
147
105
192
800
195
237
482
1,548
524
302
519
653
657
651
Soclete Generale
Soctete
....
1,240
780
760
396
1,250
794
764
396
1,230
1.221
785
190
....
1,560
1,380
764
1,700
80.40
81.90
79.60
84.30
82.10
101.70
6,780
2,050
1,140
60
82
1,390
30
786
753
392
40
„
80.50
80.75
79.50
74.30
82.10
101.10
0,780
2,050
1,128
57
80
1,388
609
Ill
422
80
1,380
612
114
427
81
1,680
79.90
80.50
79.00
83.60
81.40
101.00
6,760
2,015
1,125
59
81
1,358
614
113
420
79
301
511
238
18,800
642
Capital
Pechlney
Rentes 4%,
Nov.
804
190
239
480
1,570
1,360
1,691
Energle Electrlque du LlttoraJ..
Kuhlmann
L'Alr
804
190
245
488
1,580
1,380
305
1,570
1,390
301
514
Lyonnalse...
Lyonnalse cap
101.30
30
522
797
200
Coty 8 A
102.8
102.9
8,000
„
19,000
580
1,340
242
480
Comptolr Nationale d'Escompte
102.21
102.6
June 15 1940...
...
Dec. 15 1938---
June
Francs
7,925
Pays Bas
Banque de 1'Union Parislenne—
Canal de Suez cap
Figures after decimal point represent
7,900
....
1,240
391
40
1,060
79.20
100.70
79 40
80.10
78.60
83.00
80.60
101.10
6,790
2,005
1,109
----
81
1,350
010
113
410
79
67
....
....
....
....
Nov.
3268
26, 1938
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless
such sales in computing the range for the year.
of the day.
they are the only transaction
No
account is taken of
United States Government Securities
furnish
the New York Stock Exchange
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more Z2ds of a point.
' ■
Below
we
a
.
Dally Record of XJ. 8. Bond Prices Nov. 19 NOP. 21 Nov. 22 Nov. 23 Nov. 24 Nov. 25
[HIgn
118.17
118.15
....
......1 Low.
118.17
118.15
..
IO1O0©
Treasury
4Ms, 1947-52
118.17
118.15
118.18
118.18
Low.
105.3
(dose
105.3
1
Total sales in SI,000 tings—
[High
114.3
(Low.
114.3
[High
112.25
112.25
3
1
Total tales in $1,000 tinge—.
■
(High
105.8
|(Close
Low.
105.8
105.12
105.8
103.15
103.16
103.15
1
53
1
102.27
102.31
102.25
105.8
3 Ms,
102.28
102.25
102.23
102.28
102.25
102.23
9
2
1
102.15
102.11
102.13
102.10
102.11
102.9
102.15
102.14
102.10
102.11
102.9
19
I Close
102.14
102.14
14
10
Total sales in SI,000 tings...
105.8
102.15
102.15
(High
(Low.
105.8
105.8
(High
3
2Mb. 1945—
6
100.27
—(Low
I Close
100.27
Total tales in SI,000 units..
1
1
(High
„—( Low.
(Close
109.23
100.23
S1.000 units...
1
7
(High
.....J Low
Total tales in
107.10
3Ms, 1941..
----
Holi¬
IO2""
102.1"
102.2
102.2
101.31
102.2
102.2
102
101.30
102
(High
.(Low.
(Close
-
...
3
37
102.4
102.1
102.1
101.30
102.4
102
101.31
101.30
102.2
102.4
102
6
[High
109.17
109.16
109.19
109.19
109.16
109.17
109.19
109.16
109.17
109.17
109.17
109.17
Total tales in SI.000 units...
3
3
1
1
109.19
109.10
109.20
109.20
109.19
109.19
109.19
109.18
109.18
109.19
(Close
109.19
109.19
109.20
109.20
Total tales in SI,000 units...
6
2
2
5
108.22
108.23
108.22
108.23
108.22
108.23
3s, 1944-49
106.28
107.3
~
•»
—
108.25
108.22
108.23
7
3
2
-
4.
—
-
*.
-
-
'm
(Close
....
.
Total tales in $1,000 units...
(High
m
m
Total sales in SI ,000 tings.
1
Home Owners* Loan
(High
105.26
1
j Low.
3Ms, 1949-52
(Close
1
108.2
108.4
108.2
108.4
108
Total sales in
108
108.2
Total sales in SI.000 units..
.6
108.4
t
4
106,17
106.18
106.16
106.16
106.15
100.14
106.14
106.15
106.14
106.14
106.15
Total tales in SI,000 units...
9
6
4
$1,000
2Mb. 1955-60
102.10
102.11
102.10
102.13
102.11
102.12
units...
2
•
104.4
104.5
104
104
104.4
104.3
104
103.31
104.5
104.3
104
103.31
103.31
104
15
10
145
106.27
106.20
106.29
7
102.12
102.9
102.12
,
*•«.
U
4
„
Odd lot sales,
104.4
104.3
104.3
104.3
104.1
104.1
104.1
104.1
•
-
-
104.3
104.4
»
tings—J
104.3
104.3
3
2
2
4
t Deferred delivery sale.
bonds.
above
includes
table
only sales
of
coupon
Transactions in registered bonds were:
100.26
100.28
106.24
106.26
106.28
106.24
1
1
14
No sales.
106.24
106.27
108.27
—
3
1
4
--
3
3
(High
(Low.
(Close
«.
12
104.5
Total tales in S1.000 tings...
2Mb, 1945-47...
2
102.12
«.
(Low.
(Close,
Note—The
(High
(Low.
(Close
106.10
106T0
(High
Total sales in $1,000
106.15
106.13
106.17
106.10
106.10
106.10
2
2Mb, 1942-44
14
106.17
(High
(Low.
(Close
8s. 1951-55
108.2
106.10
106:9
102.11
Home Owners* Loan
[ Close
106.10
106.9
102.13
—
(High
108.5
108.2
%
100.10
(Close
108.2
» 1 1
loe'.io
1939-49—(Low.
High
(Low.
8s. 1946-48—
1 •
•
106.10
Total salet in $1,000 tings.
Home Owners* Loan
2Ms, series B,
1
«
..
I
108.10
1
1
(High
108.10
Total tales in S1.000 units...
1
—
3s, series A, 1944-52... J Low.
108.10
1
105.26
(Low.
(Close
108.22
■
1111.1
105.26
105.26
«.
2
106.10
10
-
105.26
2
vm
■
108.10
105.26
«•
(Close
Mortgage
2Ms, 1942-47
■
........
100.10
106.12
-
106.12
106.12
(Low.
Federal Farm
106.28
2
~
Total sales in SI .000 tings
Federal Farm Mortgage (High
3s, 1942-47
(Low.
108.22
3 Ms,
44
107.3
Total tales in $1,000 units...
(High
1946-49...——( Low.
101.30
10
106.30
Total sales in SI.000 tings
Federal Farm Mortgage
(High
1
108.25
101.19
6
107.3
(Close
(High
(Low.
3Ms. 1944-46..
101.31
15
(Low.
(Close
3M .1944-64—
(Close
2
15
(High
Federal Farm Mortgage
—(Low.
101.30
101.30
102.2
Total sales in $1,000 units
■
3
102""
day
102.2
Total sales in S1.000 tings...
1
3 Ms, 1943-45
....
102.4"
(Low
2Mb, 1949-53....
2MB, 1950-52
107.10
111!
....
102.2"
day
107.10
(Close
Total tales in SI,000 units...
T——
----
(High
109.23
::::
—
--
Total tales in SI,000 tings...
109.23
,
....
'■
(Close
109.23
3 MS. 1943-47..-.
u
,
—
(High
2Mb. 1948......—.—..(Low,
(Close
Holi¬
109.23
3
....
Total sales in S1.000 units..
100.27
106.27
100.27
...J Low.
1941-43
102.23
t2
105.8
106.27
--
...
_
102.27
105.8
—i-
1
'
.11111
1
102.27
(Close
(High
103.15
Total sales in S1.000 tings...
....
105.12
2
103.19
103.10
103.17
(High
(Low.
2Mb. 1956-59
....
105.12
Total tales in $1,000 units..
103.17
103.17
Total sales in S1.000 tings..
2
2Mb. 1958-63
3MS, 1940-43
...—
(Close
112.25
(Close
..1.11
—
(Close
112.25
112.25
2Mb, 1951-54
112.25
(Low.
w -r
(High
113.31
1
-
(Low.
113.31
Total tales in $1.000 units
1945-56
2Mb, 1945-51
113.31
114.3
(Cl0fl6
3 Ms.
105.3
(High
Treasury
118.18
Total tale*in $1,000 units...
4s, 1944-54..
Dally Record of V. 8. Bond Prices Nov. IS Nov. 21 Nov. 22 Nov. 23 Nov. 24 Nov, 25
4
Total sales in SI.000 tings...
United States Treasury Bills—See previous ^>age.
United States
Treasury Notes, See.—See previous page,
New York Stock Record
LOW AND H1QH
SALE PRICES—PER,
SHARE, NOT PER CENT
Monday
Tuesday
Nov. 19
Nov. 21
Nov
S per share
S per share
*59
60
59
59
45
*47
47
11*4
48*
11*
23
23
*23
28
28*
63*
1*
63*
*1
11*
27*
62*
*1
*05
11*
23*
27*
63*
1%
*05
9*
0*
9%
*118
*115
1*
14%
♦12*
13
18
26%
11*
II84
*180* 182%
12
*11*
13*
13*
12
11*
67* 67*
,
14*
13
13
13
13
*12*
17*
25%
11*
180
48*
48*
11*
.13%
11*
*65%
47*
*18*
19*
*18
3
3
*20
24
72
S
per
share
2*
*20
60
59iz 5912
133% *119.., 1333s
45
*3312 45
*46
48* .*46 1*4812
11%
11%
10%
1U8
23
23
,*22 t 2214
28
*27*
275s 275s
62* 63*
6284
64i4
1
1
*1
H8
1%
13
17*
26%
11%
181
11*
13*
95s
1%
14%
12*
13,
*16*
25*
11
181
11*
13*
11*
.
13
17% >16*
26*
25%
11
lli4
181
182
12
*65%
48
49
19%
18
18
231?
2*
*19
72
71
71%
23*
24
24
17*
*55*
18
17*
18
70*
23*
17*
58
57
58
57
.
11* ♦1114
13* g 135s
12*
66*
49*
2%
1184
*6518
4834
67*
*
2*
18%
2i2
1*
1434
12%
12*
183S
265s
lll4
183
6334
*1
13«4
12i8
6712
493s
18i2
234
100
400
300
078
~4~200
200
lU
"e'Boo
14
U
12l2
1284
13
13
500
18i4
26
11U
200
2584
•107s
184
3,600
1,000
*1U2
1334
11 7b
65i4
4834
1818
234
9,000
20
*20
71i2
2334
.18
18
*5678
In receivership,
58
a Del.
10
Allegheny Corp
.No par
6H% pf A with $30 war.100
5 M % pf A with $40 war.100
5M% pf A without war.100
$2.50 prior conv pref.No par
Aighny Lud StI Corp .JVo par
Allen Industries Inc..——..1
Allied Chemical A Dyv.No par
Allied Kid Co
5
AUIed Mills Co Inc.—-JVo par
200
2,000
10,900
300
4,300
500
3,500
22
7U2
*2318
ioo
...100
500
12
1334
12i8
65i4
4884
1818
234
7U2
235s
175s
56I2
t
Alaska Juneau Gold MIn
2,200
186
20
.
Air Reduction Inc
No par
Air Way El Appliance-No par
Alabama A Vlcksb'g Ry Co
7U2
23?j
1712
56i2
iN
Adams-Mulls........ JVo par
Address-Multlgr Corp
.10
3,100
71
*
Adams Express——No par
Albany A Susq RR
*16i2
giving
25
2,700
28
647b
HB
20
23*
Acme Steel Co
*119
Us
Thanks¬
Par
Abbott Laboratories—JVo par
4M% conv pret
.100
Abraham Ac Straus ....No par
*65
97g
Closed—
Lowest
400
22
♦27*
Day
12
Bid and asked prices; no sales on this day.
22
Exchange
Us
14i2
1234
12i2
Shares
9»4
*119
1*
14*
12*
S per share
100
...
Allied Stores Corp
5% preferred.
.
JVo par
——100
AUta-Chalmers Mfg.—JYO par
Alpha Portland Cem.
No par
Amalgam Leather Co Ino
1
6% conv preferred
50
$ per share
361s Feb •
1195s July 19
30i4 Mar 23
18 June 3
6U Mar 30
14i2 Mar 31
165s Mar 31
May 2
ts Mar 30
67
Aug 3
884 Mar 31
95
Apr 16
7b Mar 31
6i4June 17
40
5
Mar 30
5i2June 17
734Junel8
145s Sept 26
4i2 Mar 30
124
Mar 31
7
Mar 31
Mar 30
50
Cash sale.
37
Jan 14
43* Deo
77# Nov
17* Oct
16* Oct
44* Nov
* Oct
12* July 19
24
Oct 22
30
Aug 30
677b Nov 12
15* July 11
68i2 Oct 18
133* Feb 2
115
Aug 27
15* Jan 7
177* Jan 12
1714 Jan 12
173g Jan 12
2U2Nov 14
2934 Nov 12
14* Aug 26
197
Oct 17
8
55
May 27
1
46i4 Apr 27
xEx-div.
v
131* Nov
9
3* Oct 17
24
Jan 12
July 13
28i2 Oct 10
23* July 19
78
63
Nov
Ex-rlghts.
7
Nov
Oct
69
Mar
85
Aug
22% Mar
28% Feb
36
Jan
80*
5*
Jan
Jan
15*4 Feb
166
Aug
146
Oct
1
Oct
5% Feb
11
Oct
59* Feb
11
Oct
59
10
Oct
58is Feb
10*
Oct
52* Feb
6*
145
Oct
237s
258*
17*
33*
217t
Dec
85
Oct
Nov
*7* Dec
34
10
r
Oct 15
52
55* Oct 17
20
Oct 15
1114 Apr 1
li4 Mar 26
10
Mar 30
American Bank Note——10
New stock,
45
49
2,200
6% preferred
1233* Oct
70% Oct 28
34* Mar 81
Highest
$ per share $ per share
55
Mar
36
Nov
88a Mar 28
Nov
n
S per share
61
Nov 17
4i2 Mar 26
38
Mar 31
23
180
Lowest
12*4 Oct 26
147* July 25
Amerada Corp
_No par
Am Agrlc Chem (Del) newJVo pr
delivery,
Year 1937
Lots
Highest
300
1,400
.
Range for Previous
Range Since Jan. 1
On Basis of HHPShare
Week
59i2
1338s
»*29% 45
*46
4812
107g 11
Stock
*65
9%
*118
Nov. 26
59i2
*
9%
EXCHANGE
*199
*33*
*23
*
Nov. 24
S per share
*65
9%
127
1%
14*
1*
1410
,*16*
26
Nov. 23
*119
*35
46
22
*59
127
45
*33*
STOCKS
NEW YORK STOCK
the
Friday
% per share
133% *119
*119
Sales
for
Saturday
10
6*
Oct
Oct
Apr
Mar
Aug
Jan
Mar
Mar
83*
Oct
Oct
Feb
39*
Oct
Jan
Jan
87S Mar
52* Mar
51* Nov
1147s Mar
8*
1*
19
10
Oct
41%
Jan
50
Dec
75*
Feb
1 Called for redemption.
Volume
LOW AND
HIGH
Saturday
Monday
SALE
PRICES—PER
SHARE,
Tuesday
NEW YORK
Nov. 21
Nov. 22
$ per share
$ per share
Vs
778
7?8
8I4
8
the
Nov. 25
Week
$ per share
Nov. 23
$ per share
Friday
Nov. 24
Nov. 19
$ per share
$ per share
Shares
48%
*173
4334
*171
176
*171
175
*173% 175
29%
2978
29% 2978
30%
2934
30%
49
50
49%
*49%
5134
49%
49%
21
21%
20% 21
2034
21%
21
*110
125
125
*110
125
*115% 125
124
124
123
123% 124%
124% 124%
*
17%
17%
17%
17%
8%
8%
834
834
834
*8%
8%
13
13
13i2
13%
13%
13%
13%
11
11
11%
11%
11%
11%
1134
77
77
*76%
77
*76%
78
784a4
484
4%
4%
47g
434
478
*684
778
*634
Vs
*634
77g
77g
2934
*49
20%
*110
123
*16
834
*13%
11%
*76%
*434
*634
*167
500
*167
384
3%
*16
18
878
13%
*13i8
878
1314
1378
ei4
35i2
5%
*3212
*44
44%
134
*1%
15
15
734
734
500
3%
3%
3%
17%
18%
87S
*14
13%
5%
*32%
44%
*1%
*14%
*7%
2434
9%'
5%
36
5
4434
1%
14%
26%
25
6878
71
1534
7%
1578
26%
2632
4%
39
*120
*26
6
578
40
40
34
3418
40%
34%
16%
578
I6I4
165s
*162
165
22
22I4
*162
21%
41
3434
16%
165
*7334
74%
74
10i8
1612
1534
19%
34
40%
41
40%
35
*34%
16
*162
53
51%
*137
13812
139
*60
6112
*60
142
*141
333s
3414
9i2
9i2
16i2
*14
*24
25
*105
106
20
20
14712 148
86
86
*141
33%
9%
16%
24%
24%
104% 105
*19%
20
147% 148
8534
8584
478
88i2
*86
89
43%
4384
1%
14
7%
26%
70
15%
4%
40
7%
3414
3378
*55
17
*110
112
*111
*15%
34%
52i2
12
7i2
IH4
11%
*60
96
5134
5284
51
1134
7%
1078
1134
7%
11%
1134
734
11
*67
Oct 17
Nov 23
100
Nov
26
Deo
6
7,200
Amer Power & Light...No par
3% Mar 29
3
Oct
16%
41
1,100
Nov 10
31
Oct
36
900
Nov 10
Oct 13
Jan 12
Nov 12
26
Oct
87% Feb
72% Jan
26%
16.850
American Rolling Mill
7384
600
51%
9,700
53
13784 13734
500
*60
61%
100
61%
143
40
143
3384
5,200
984
16
800
24
Exchange
847g
24
""906
104
Stock
104
1,200
197g
14778 148
4,500
83%
700
83
85%
Closed—
1284
*584
6
38%
7%
3434
35%
18%
100
10
100
5,500
800
45
75
51%
5184
52%
"moo
12
12
12%
1,100
4,600
3,300
8%
67
*124
125
778
*7%
4
4
3%
*3%
23
*21
5%
534
13%
13%
7%
7%
8%
8%
*30
31
*90
92
20
12
19%
*11%
33%
33
8%
245%
6684
8%
45%
67
17%
19% 19%
*113% 114
17%
17%
99
32
*9578
*29%
116
*114
,
*7%
*72%
2134
.
8
7634
22%
45%
46%
67
*65
*124
*124
*124
200
II84
100
4,900
300
7,300
8
45%
8
*45%
4578
300
66
600
66
67
...
10
125% 125%
*7
7%
7%
*7%
7%
*7%
7%
4%
4%
*4%
4%
4
4%
4
3%
3%
23%
23%
67g
13%
23%
*3%
*21%
57S
1278
7
884
*30%
91%
19%
3%
*3%
3%
23
6%
*21%
2234
2234
13%
13
13%
13
7%
7
7%
7
8%
8%
30%
297g
29?g
92
91
91
6%
8%
9
31
91%
19%
30
*91
1984
11
11%
11
*33
3334
*33
17%
19%
114
17%
19%
114
17%
19%
*113
7
6»4
1934
11%
3334
17%
17
17%
19%
*113
*17%
17%
*9578
99
*115
115
7,800
1,900
300
100
1934
10
114
17%
*17
*957g
99
*9578
*29
32
120
*115
300
99
32
120
17%
31%
115% 11534 *115
*28%
23
*113
1,300
*29
17%
32
76*4
2234
197g
*11%
19%
197g
114
30
1734|
17
19%
500
20%
12
3384
*33
99
*72%
22%
92
1934
*29
734
*72%
*90
*11%
*9578
784
2,000
*29
8%
30»4
.
8%
*33
114
.
10,900
7%
11
20
200
7%
"
3334
*17%
*7%
13%
"uoo
100
7% 114,400
12,300
13%
'
7
7%
734
7634 .,*72
23%
24%
17%
77g
778
*72
76
23%
24
*52%
72
*1734
'
2*8"400
197g
20%
20%
2034
20%
20%
52%
5234
53
53%
52%
53
74%
7234
738i
73%
52%
7434
5234
72
73%
74%
36,000
18
1734
I77g
17%
17%
112% 113
1,400
*110% 114
112
112
17%
1784
1734
11334
*111% 11334 *112
3,900
800
400
500
27
26
26
26
26
*2534
26%
2534
22
21%
22
21%
22%
*21%
22%
600
17%
17%
167g
22
17%
*21%
1734
17
17%
17
17%
6,000
22%
*18%
22%
*19%
22%
*18%
22%
*19
22%
48
48
*48
50
*46
50
*46
31%
32%
26
*21%
17
*18%
2678
*26
♦
317g
*26
50
*46
50
33%
331*
34%
32%
33%
32%
27
25%
25%
25%
25%
*2584
Bid and asked prices: no sales on
this day,
t In receivership,
2534
"*"16
33%
64,800
26
a Def.
17*4 Mar 31
1017g Apr 12
6*4 Mar 30
38*4 Mar 26
25
A.—100
5
60
6% preferred...—.
No par
Atlas Powder..
6% conv preferred
36
100
105
Oct
12% Nov 12
Aug 9
73% Sept 8
39% Nov 9
6H% preferred..
Barnsdall Oil Co
Bayuk Cigars Inc
6
Dec
1,100
delivery,
stock,
2978 Nov 9
8% July 7
14% Jan 10
27% July 20
109% Aug 11
97g Jan 10
48% Aug 8
33
Deo
71*4 Dec
Dec
18
Oct
5
Oct
9
Oct
18
Oct
101% Sept
7% Dec
39% Oct
Nov 14
38
Nov
125% Nov 25
101
Dec
68
8
Nov 15
6% Jan 12
3% July 13
24
Nov 14
4%
Oct
3% Deo
2
Sept
15
Dec
7% Nov 25
15% Nov 9
2%
Oct
5
Oct
Mar 31
11
8%
Oct
July
7
Jan 21
13*4 Jan 11
36
July 21
98
July 19
12% Mar 30
23*4 Oct 24
29
86,
Mar 31
Oct 20
10
Oct
30
Oct
89
Dec
10% Oct
7*4 Dec
Mar 23
14
—60
21% Mar 29
34
9
20
Nov
6
No par
10% Mar 30
21% July 19
10
Oct
9%
108
Oct
Oct
5
20
20
100
Blgelow-Sanf Carp Ino .No par
Black A Decker Mfg Co No par
Blaw-Knox Co
No par
Bloomingdale Brothers.No par
Blumenthal A Co pref
—100
Boeing Airplane Co
—--5
Bohn Aluminum A Brass...-5
b Name changed from United
n New
72
Nov 21
Dec
Nov
Mar 30
5% Mar 29
preferred
5% preferred
7% preferred
Mar 25
94
58
83
4
——100
Beatrice Creamery
26
$5 preferred w w
No par
Beech Creek RR—
...60
1st
1
2
75
6
No par
Barker Brothers
3
12% Mar 30
2% Mar 29
10
Corp
Jan
2
Bangor A Aroostook...—..60
Conv 6% preferred
-100
Barber Asphalt
Mar 20
4% Apr
2%June
No par
lAuburn Automobile.-No par
Austin Nichols—
No par
$5 prior A
No par
Aviation Corp of Del (The)—3
Baldwin Loco Works v 10—13
Baltimore A Ohio..
100
4% preferred
100
Belding-Heminway
No par
Belgian Nat Rys part pref...
Bendix Aviation.....'—----6
Beneficial Indus Loan—No par
Best A Co
No par
Bethlehem Steel (Del) .No par
193.J
53
1734
4% conv pref series
Atlas Corp
Beech-Nut Packing Co
20
20%
—...100
6% preferred
Atlantic Refining
600
7234
19%
4% Mar 25
6% Mar 26
SS Lines.-No par
300
77g
76
24
5% preferred...
Atl G A W I
56
Atlas Tack Corp..
4
3%
3%
Oct
2%
66% Deo
100
22%
23
*108% 108%
*7%
1
17%
*45%
*65%
47b
5
Jan 14
7
67
Oct
9
Mar 31
2534
7
*11
30
Nov
8*4 Nov
13
May 27
6334
25%
12
24% Mar 26
5% Mar 26
2% Mar 30
No par
Associated Dry Goods.——1
Artloom Corp
Oot
14
63
22%
Feb
40
64
26
22%
96
Mar 19
100
63%
*11
94% Jan 31
63% Nov 14
50
7% preferred
100
Armstrong Cork Co...No par
Arnold Constable Corp
6
RR—100
38%
22%
Dec
4%
Atlantic Coast Line
39%
22%
67
-2,100
2,100
50
3834
92%
3934
*1034
Jan 12
3278 Nov
92%
108% 108% *108% 108%
8
8%
8%
8%
July 19
28% Mar 28
....No par
7
72
4478 Nov 10
92%
22*4
Oct
37g Mar 26
5
22% Mar 31
*91
222%
Deo
70
92%
39
7
11%
93
92% Nov 25
30
*91
*634
11%
22
116*4 May
Jan 22
95
92%
684
Oct
Mar 30
37%
*93
634
1
Apr
Oct
7
2% Dec
Mar 29
68
*37
95
<2434
Mar 30
_
Oct
72
*55
38%
*93
64%
26
7
12
July 14
82
Oct
10
96
72
68
*37
*634
20
116
39
27
*55
25%
par
100
100
Illinois
$6 conv pref
6
Apr
Oct
*27% Oct
24% Nov
5% pref with warrants-.100
$5 pref without warrants 100
Atch Topeka A Santa Fe—100
68
64%
par
Mar 31
Oct
Mar 29
95
67
26
Mar 31
2
3%
May 12
July
5
38%
65%
25%
10
Oct
25% Dec
4
*55
26l2
97
20
Oct
3%
*52
*37
67
9
8
82
Aug
7% July 19
Nov
128% May
4% Oct
6% 1st preferred———100
7% 2d preferred
100
Assoc Investments Co. -No par
*93
26%
68
$6.50 conv preferred.No par
Armour A Co of
Jan
Jan
58% Deo
13,900
11%
75
94
66
16% Nov 10
2178 Aug 5
113% Oct 19
20% Oct 17
4% July 7
31% Aug 8
122% Oct 19
10378 Oct 24
68
38%
38%
Mar 30
6
64*4 Oct 31
200
Jan
Deo
Mar 29
93
39%
57
10*4 Mar 31
*58%
*36%
38%
88% Aug
91% Oct 25
151% Nov
9% Nov 14
29
3%
73%
26%
Jan
Feb
Oot
Mar 30
AncborHockGlass Corp No par
95
40
140
Anaconda W A Cable.-No par
Mining
A P W Paper Co
No
Archer Daniels Mldl'd. No
7% preferred
ArmourACo(Del) pf7% gtd
68%
148
Oct
Nov 14
55*000
70
38%
6% preferred
...100
Founders Ino
10
Am Type
154
Oct
150
58*4 Mar 31
130
Apr 1
378 Mar 28
American Tobacco
105% Mar
Deo
14
58
Tel eg Co.-.100
25
Common class B.
25
Amer Telep A
Andes Copper
24
1047b
Mar 30
43
July 26
42% Oct 17
""766
Oct
7% Dec
111
Mar 26
12
e
20% Oct 27
May 26
28%
11%
117% Mar 14
21
—
*67
Sept 14
99% Sept
12% Mar 30
25
*121%
*102% 103
5%
5%
8%
Jan 11
20
11*4 Jan 18
$5 prior conv pref
25
Anaconda Copper Mining..60
10
11%
31
American Sugar Refining.. 100
-100
22%
Feb
Oct 11
June 10
12,900
300
75
19
12
Nov 10
9% Oct 17
17
8
148% Aug 30
4*8 Mar 30
112
11
Oct
Nov
38
No par
Am Sumatra Tobacco—No par
Dec
46
15% Mar 31
6% Mar 31
...No par
122
Nov
125
1
*16
*67
Nov 16
41
61% Nov 14
Amer Zlno Lead A Smelt
50*4
8%
138
45
*110
45
7
Jan 17
23% Mar 31
16
*60
Mar 29
100
111
75
Mar
"""766
16
*234
Feb
58
91
111
28%
29
Apr 16
3% Mar 31
61
*1734
101% Aug
36
No par
35%
*55
Dec
24% Dec
No par
38
*32
45% Mar
15% Dec
7% Oct
45*4 Apr
100
Preferred
Jan
Oct
35% Jan 11
58% Nov 9
$6 1st preferred
400
Feb
16%
207S Jan 12
23% Nov 9
American Woolen
38%
77g
29%
170
Jan
63%
130
Amer Steel Foundries.-No par
Preferred
Oct
129% Feb
31% Deo
80*4 July 20
103
25
American Stores
Oct
Feb
29% Mar
13% Jan
68% Mar
14*4 Sept 28
7% Mar 26
22*4 Apr 1
28% Mar 31
100
6% preferred
9%
140
125
Mar 29
58
Co.Np par
Amer Smelting A Refg.No par
Preferred
Mar 30
47%
41%
19%
165%
24%
24*4 Nov
Am Water Wks A Eleo.No par
37
108% 108%
9
Amer Ship Building
American Snuff
Mar 31
148*4 July 1
13% Mar 30
100
4H% conv pref
Mar 29
II,700
89
Day
8
200
2,400
13%
giving
38
:
8
*86
57g
2,900
86%
*150% 155
8%
Thanks¬
200
*19
37
712
*11
11%
22% 2234
10812 10812
8i8
8i4
*4512 46i2
19
79
16% Mar 31
..25
American Stove Co
*91
*634
20
....No par
27,000
16%
165
21%
*55
92i2
$6 preferred
217g
16%
*162
22%
Preferred
$5 preferred
No par
Am Rad A Stand San'y.No par
Preferred
100
18
11%
Oct
29% Jan 18
7% Oct 17
61
75
Oct
3
27% Feb
17% Mar
687$ Feb
45
*17%
5234
12
Oct
10%
5*4 Dec
14% Oct
122
75
*91
100
American Locomotive..No par
Mar 30
*67
*91
No par
11% Mar
55% Mar
62% Mar
4% Mar
99% Mar 30
75
*65
No par
6% non-cum pref
Amer Internat Corp
21
23
21
23
900
,
9712
American Ice
44*4 Nov
2% June
20% July
8*4 July
30% Mar 26
1% Oct 4
13*4 Mar 28
4% Mar 30
12*8 Mar 29
American Home Products...1
Nov 17
36
6% conv preferred
100
American News Co new No par
*34%
39%
*60
53
Mar 29
Amer Metal Co Ltd...No par
*55
75
Nov 12
12
40
41
40%
35%
16%
*3
*234
3%
3%
3%
*314
3i2
*27%
28%
*27%
28
2834
2834
*28i4
2914
121% 121%
*12114 121% *121% 121% *121% 121%
*102% 103
*102% 103
102l2 102l2 *102% 103
5%
5%
5%
5%
5i2
5%
5%
5%
46
46
*45
*44%
4584
46%
46%
47
*60
Oot
50
6% preferred
2
Nov 14
578Nov 15
100
1784
16
3%
14
15
Mar 29
5,000
62
112
20
19
29% Nov 10
207. July
May 26
2
39%
578
89
34%
Oct
Oct
Oct
Oct
Mar 26
9
1
American Hide A Leather
38%
687S
5% Jan 12
*25%
147% 148
7%
2%
20%
32%
1%
10
10
$6 preferred ........No par
Amer Hawaiian SS Co
13%
687a
117% July 25
2334
*32
Oot
Dec
Oct
Mar 31
23%
778
5*4
14%
7*4
June 17
24%
38
12*4 July 20
2% Mar 31
6
104% *102% 104
*19
19%
19%
19%
18
52
5% Mar 30
10
24
62
*lli2
734
13% Mar 29
$7 preferred........No par
$72 d preferred A....No par
3834
101
7%
225
44
984
*14%
*32
17
Oct
2% Oot
17% Deo
100
978
16
•
Oct
Jan 22
5% July 2
25% Feb 26
Amer Mach A Fdy Co..No par
3334
584
5
176
177
Amer Mach A Metals.-No par
*9%
*38
Jan 22
2% Mar 30
700
33%
*86
Mar 29
No par
Jan
3,900
*14%
89
Oct
15%
4%
9%
16%
*86
Nov
2
72
*118% 122
142
84%
80
15%
33%
18
*60
4
177
....100
33%
Jan 18
6*8 July 25
7% Nov 14
*4%
13734 13734
86
16*4 Jan 12
83
Sept 28
2% Mar 25
71
*15
43%
35%
16
Amer Express Co
Amer A For'n Power
8% Mar 30
Nov 14
26%
33%
*55
*15%
99% Mar
13% Jan
15
Mar 29
68
53%
19i4
16
30% Mar
52
6H2
113
23% Mar
Oct
Oct
52%
*18
*15%
Oct
8%
12%
American Seating Co..No par
*55
*110
5%
American Safety Razor.. 18.50
6
3378
Jan
97s Nov 14
9
190
38%
34%
Apr
Aug
29
1,300
6
8
112
2,300
*8478
Oct
150
1934
147% 147%
11%
104% Feb
33% Aug
Oct
17
■
Oct
Oct
32%
9%
36
Dec
32
33%
9
9
9
34% Nov
67*4 Nov
23*4 Nov
Jan
20%
32
142
Feb
July 19
32
142
Jan
71
20
19%
142
174
26
165
*59%
121
Oct
Oct
13% Sept 15
4% Mar 29
16%
60
Deo
Allegh Co NJ25
American Colortype Co
10
Am Comm'l Alcohol Corp..20
American Crystal Sugar
10
6% 1st preferred
100
American Encaustlo Tiling..1
Amer European Sees
No par
7334
60
69
15178
15%
105% Oct 13
176% Nov 9
90
7434
38%
778
500
2,100
4,300
Feb
86
16%
20
0
*35
1%
14%
7%
*137g
Feb
Feb
Oct 21
19%
38%
8
4334
*1%
1,200
I,400
160
Nov 15
15%
g
43%'
200
Deo
125
74
38%
778
337g
600
109
115
1534
195g
33
3934
*37
3,600
33%
1,000
Aug 24
share
31%
80%
88% Mar 31
21%
6
6
*39
87g
13%
14%
47g
834
13%
86%
8684
87%
877S
8734
8734
877g
88
al49% 14934
*149% 155
*14912 15012 *149% 155
8%
8%
8%
8%
8%
8'.
8%
8%
13 ig
13
12% 13
12%
13%
1234
13%
*86
900
Oct
Oct
89% Feb 18
51
34%
9%
*15
17
per
7
28
100
2134
74%
138% 138%
61%
142
16%
♦162
3,200
1,700
3%
Highest
share $
9
Nov
135
9% Mar 29
per
No par
American Chicle
153i
19%
32%
53%
139
16%
165
20
1,800
778
14%
Am Chain & Cable In. JNo par
$
14% July 29
52
Mar 31
27
21%
74%
33
*3212
5214
534
1,100
500
17
26%
*26
6%
1,800
4%
3%
122
*34%
19%
33
4%
3834
122
26
584
16
1934
15%
125
26
6
*69%
15%
4%
3878
4%
26%
7%
25%
70
38
*120
1378
2534
15%
4%
39%
125
43%
1%
7%
*69%
22%
74%
*19
434
*32%
1%
1578
4l2
3918
5%
35
*32%
"""466
12
*634
.No par
100
.
Am Coal Co of
77
4%
13%
478
33%
14
73
117g
*76
100
6% preferred
8%
1334
8%
13%
13%
13%
4,100
—606
17%
834
13
13%
4384
26i2
125
884
14
800
25
Preferred
American Car & Fdy.
Preferred
$ per share
6*4 Mar 31
23% Mar 31
114 , Apr 21
70% Jan 3
160% Mar 30
12% Mar 30
...100
American Can..
2,200
2178
Corp
1
Fdy.Afo par
5H% conv pref
200
124
*167
13%
b American Bosch
Am Brake Shoe &
125
124
3%
17%
14
1*4
15
7%
1534
4%
17
9
884
21%
*116
500
3%
18%
4434
73
39
*167
3%
18
14%
13%
25i2
*120
500
*167
3,100
30%
4934
30%
49
Year 1937
Lowest
Highest
% per share
Par
100
175
175
175
Range for Previous
100-Share Lots
Lowest
3,100
2,000
778
48%
130% 130%
99%
9978
784
778
7%
46
49
45% *4478 46
130% *125
130% 130% *126
130% *125
130%
97
97%
97% 98
97U
97%
9978
99%
44%
On Basis of
STOCK
4
EXCHANGE
Thursday
Wednesday
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
for
Vs,
4334
3269
New York Stock Record—Continued—Page 2
147
r Caah sale.
Nov
Mar 30
21
Nov 14
Apr 9
11*8 Mar 30
116
Jan 31
9
109
90% Apr 29
19% Oct 19
102
Oct 19
13%
92
Oct
Nov
94% Apr 2
5*4 Mar 31
Sept 26
11534 Nov 22
9
Jukl9
29% Dec
90*4 Oct
7% Oct
67
83
Jan 11
82% Dec
8% Mar29
15% Mar 31
2678Mar 31
39*4May 27
12*4June 14
25% Oct !9
25
75
Apr
9
30% Mar 12
Mar 31
17%June 3
9*4 Mar 30
10% Mar 31
13% Apr 4
May 10
37
19
Sept 14
8%
Oct
2034 Nov 22
15
Oct
56
Nov 14
29
Dec
77% Nov 12
18% Nov 10
1147g Nov 12
29*4 Oct 17
24% Nov 9
1934 Nov 12
21% Oct 28
65
July 25
35% Jan 17
30% Oct 11
41
Oct
14
Oct
15*8 Mar 31
B oech Co.
85% Nov
22% Dec
13% Nov
9
Oct
15% Dec
60
Dec
16
Oct
21
Oct
American
* Ex-dlv.
y Ex-rights.
T Called for redemptlon^^
New York Stock Record—Continued—Page 3
3270
LOW
AND
SALE PRICES—PER
H1QH
SHARE,
NOT PER CENT
Sales
8TOCK8
NEW
for
Saturday
Monday
Tuesday
Nov. 19
Nov, 21
Nov
¥ per share
$ per share
100
4834
49
49
49'
*12%
13
*123s
171
321 4
17
17%
17
315s
27S
32
27g
315s
*25
2634
*01*
13%
81%
0'4
13%
3134
38%
*30
»4134
*2i2
*25i4
2
33
034
»48i2
5i8
65g
47i2
5
*2234
1414
5%
35i8
23
14%
19
19%
19
*2%
420
11%
16%
3178
400
16%
17
31%
2%
25%
32%
25%
18
35
13%
37%
13
7
49
42
14
6%
48%
5
49
19%
2%
14%
14%
19%
19
23
2%
2*2
2%
*2%
14%
22%
*14%
18%
*2%
1278
83g
8%
*13
22i2
1278
22
4
15
8I4
13
13
40
*38%
*17%
2I84
21l2
*47
20%
51
*50
61
8%
37#
13%
12% Mar 30
18
__5
28
Bucyrus-Erle Co
_
7%
preferred.....
Co
Bush Terminal
600
20%
*50
•60
178
2
17#
2
1%
17#
8%
87g
175g
8i2
8%
8%
1714
85
171
17%
17
17
173
17%
-16%
17
1%
8%
17%
10%
*40l4
6i8
*35i2
50
61
*46%
50
*40%
17%
1078
4014
0%
46%
6
»35i2
*77#
83l2
*19»8
600
21%
2,100
*50
207#
17#
8%
17%
18
50
6
♦46%
...
1
*82
45
*45
51
83%
19%
3%
83
83
83
83
19%
*3%
90%
19%
19%
19%
3%
3%
90% 90%
114% 115
47
48%
*103% 105
23% 23%
67
66
66
66
06
•00
22
22
22
22
22
*21%
4%
110%
*8%
4l2
110i2
4%
*110
9*4
*8i2
084
*0i8
*412
58s
101
*86
49
48
10
9
4%
110%
9
*8%
7
51.
101
483
1014
4012
7
*6%
*4%
*80
47%
10%
70
22
4%
10%
6%
*4%
5%
101
*86
48%
48
10%
99%
303g
99%
*29
2912
30
30
30
30
*10l4
11
*9l2
11
*9%
11
*9%
11
40
40
40%
32%
40%
40%
33%
33
*39
4034
33ls
*8712
%
*2%
*98
333s
88U
*88
+h
h
3*4
13
88
%
78
7«
78
*7#
31g
*16*8
3*8
3
*3
78
78
3%
I6I2
16
*16
16%
*37i2
»45i2
40
*36
37
47
*45%
%
1%
46%
%
ll2
%
112
*118
112
1
*2
*10
'8
78
II84
*38
1012
I6I4
121#
*10
42
*16
*38
12
127,
88
2%
12%
15
15
10%
10%
7514
76
02
74
r74
74
*49
62
*49
02
*67
70
*21
*67
II3I4
28l4 28i4
*70
113*4 1131
♦113
*28
29
75
*70
72%
56%
128
*135
135i2 136
55
136i4
15]8
*840
1538
15
♦1040
15
15
103% 103%
34l2
33%
24%
*22
56%
33%
*70
*17
17%
17
17
*96
96
90
96
96
96
16%
16%
34
97
26%
*7
21
21%
6
5%
8%
*7
.173
16
16*4
16
1014
3H4
7*8
31*4
31
31
7*4
77i2
7
*75
*76
*6584
55*8
69
5514
*I07l2 109
5812 5812
*110
111
IOI4
10 *2
158.
134
*49*8 ' 4934
27
27ig
*
107
*7
20%
*30
5%
8%
8%
17%
107
26%
21%
5%
8%
*7%
167#
*30
*5%
7%
*7%
16%
16%
*95%
1,400
96%
50*4
27*8
1%
49
2078
10%
1%
50%
27%
Bid and asked prices; no sales
on
10
600
17%
*16%
17
1,600
34
*30%
34
200
69
*107
120
"
2~200
*65%
112
120
17
77
10
600
""800
17%
7
134
27
7%
8%
56
60
1%
48%
27%
this day.
19,100
100
10
3,800
13
Dec
90
Dec
72% July 21
52
Oct
28
3
24
6% July 25
IIO84N0V 25
2
Oct
96
June
8
Oct
5,700
14
July 25
8% Jan 10
07# July 25
104
2
Apr
12% Oct 22
33% Nov 12
12% July 20
48% Mar 2
38% Jan 17
89
Jan
5
4
5
Oct
x40
Nov
31
Oct
89
5
17# Jan 10
I84 Jan 10
5% July 22
19
9
Nov
3984 Nov 14
3
Oct
Oct
1
Oct
3
Oct
10
Dec
,% Dec
1% Oct
7# Dec
2% Deo
684 Oct
28»4 Dec
Nov 17
1% Jan 20
July
84 Deo
Oct
7
Mar 28
8
Mar 25
12
Mar 29
19% July 26
1%
2% Jan 12
12% Jan 12
784 Sept 26
Dec
%
2
July 7
1% Jan 10
Jan
Oct
Sept
3484 Deo
3% Oct
18% Oct
103% Dec
25% Nov
1% Feb 23
1
Oct
3%
95
4
5% Jan 10
157# July 19
Oct
1
Oct 15
Oct
Oct
3
Oct
13% Nov 14
51
Oct
0%
12
36
Oct
88% Nov
13% Jan 12
46% Dec
11
Oct
IOC# Mar 26
27% Oct 19
17% Dec
70
4
75
98
Clev El Blum ¥4.50 pf.No par
Clev Graph Bronze Co (The).l
100
Apr 7
Mar 26
2
115
Preferred
.100
Coca-Cola Co (The)
Class A
No par
No par
Coca-Cola Inter Corp..No par
Colgate-Palmoll ve-Pect No
6%
preferred
par
100
Collins A Alkman
No par
5% conv preferred
..100
Colonial Beacon Oil...No par
Colo Fuel A Iron Corp.No
par
Colorado A Southern
100
4% 1st preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class B
i_.2.50
Columbian Carbon v 10 No par
Columbia Plct v t c
No par
¥2.75 conv iM-eferred.No par
Columbia Gas A Elec.-No
par
6% preferred series A... 100
5% preferred
Commercial Credit
100
conv
pf
ser
Jan
5
76
Nov 15
67
Dec
54
Mar 22
60
Feb 28
68
Dec
2
Mar 24
Nov
15*4
07*4
32i2
10i2
111
2584 July 22
Jan
3
105i2 Mar 30
57i2 July 8
95
Dec
3984 Oct 18
107% Nov 15
18
Dec
20
June 24
13i2 Mar 29
13
Mar 29
6384 Apr
9
1
Mar 30
2712 Apr 1
6i8 Mar 30
57 May 3
50 May 16
3U2 Mar 31
90
Jan 31
Mar 31
r
Cash sale,
x
8
II84 Jan 10
Mar 29
New stock,
Feb
414 Mar 29
4
Apr 1
1
n
29
Nov 10
237# Nov 10
25
Commonwealth Edison Co__25
17
91# Mar 30
314 Mar 31
Commercial Solvents..No
7,600
Oct
24% Nov
13% Dec
110% Deo
9384 Oct
56% Jan
103% Oct 31
Commonw'lth A Sou..No par
26%
Nov 21
82
13i4 Mar 31
87>4June 29
May 5
7ig Mar 30
May 31
11,200
26%
128
.
78
19,200
¥6 preferred series...No
par
60% Nov
102% June
19% Dec
976
Mar 38
2,200
Jan 27
Oct
May
142% Aug 3
61% Nov 12
970 May 5
84
48
Aug31
30% Nov 9
Mar 29
Mar 31
100
par
Mar 20
76
Mar 30
'35.No par
2
5% Nov
July
23
Comm'l Invest Trust..No par
¥4.25
59
10
4*4 % conv preferred
200
cDef. delivery,
Jan
CCC&StLoulsRy Co5 % pref 100
400
60%
J In receivership.
9
16% Nov
1
No par
Nov
1
9
26% Nov
Sept
90
47
314 Mar 30
25 May 31
358# Mar 31
48
„
Dec
9
5
25
...
500
108% 108%
10%
10%
1%
1%
10%
47%
26%
56%
107% 108
110
1%
7%
Dec
97
5
80
6*4% preferred
...100
City Investing Co........100
City Stores—
__5
Clark Equipment
No par
700
6
77
15S
50
26%
21%
77
*107
Chile Copper Co....
Chrysler Corp..
City Ice A Fuel
Mar 30
Oct
13% Nov
27# Oct
108% Oct
i2Sept 15
U# Mar 28
100
preferred
100
Chicago Yellow Cab...No par
Chlekasha Cotton Oil
10
Chllds Co
No par
40
1,100
07# Mar 31
22
90
Nov
Mar 31
37%June
6%
500
~4j66
714
103s
{Chic Rock IbI A Pacific
7% preferred
900
77i2
110
par
Cluett Pea body A Co ..No par
7
10i8
dlv No
1,200
-r-
2
par
No par
cum
217#
*7
7
7%
7%
77
77%
77
*65
69
65%
65%
*65% 69
55
5518
5534
55%
55%
5578
108l2 10812 *107% 108% *107% 108%
58
58
5912
59
58%
59%
110
preferred
(¥2.50)
8" 100
21%
5%
8%
8%
17%
*17%
conv
57
'
33%
33%
*106% 108
17
*94
107
261
20
400
«
15%
15%
*1027# 103%
33%
*7%
17%
16%
107
*7
*19i8
*5i8
"20
28%
72%
Chicago Pneumat Tool .No
Apr 26
21# Sept 28
878 Mar 31
I4N0V 9
84 Mar 26
84 Mar 29
100
*127% 129
133% 133%
*60% 61%
15%
33%
Preferred
Clev A Pitts RR Co 7% gtd.60
Climax Molybdenum..No par
56%
217#
103
10612 107i8
*734 2612
20i2 2O84
*534
6
*8i2
9i2
*7
8*4
1738
173g
1684
17
'
100
-
70
*1040
16%
103
440
""300
4%
24
*113%
28%
28%
72%
57%
22%
129
134%
61%
33J00
1,000
02
*
*1040
15
*10212 10312
*33
28%
*71
22%
*127%
135
135
113%
*60% 61%
*60%
128
74%
45#
70
2I84 22
*127% 128
62
74
*49
0,900
10
♦113"
---.
297
65i4
♦21*2 22
•127i2 129
10
5%
*
*69
5478
*1040
70
*28
74
*6012
*4%
*21%
24
*67
70
12%
82
76
*49
4%
100
300
42
62
r73%
*113
2,000
15
10
70
f Chicago A North West'n.100
500
1,100
10
4%
500
2,900
1,000
10
June 18
22
Oct
Nov
4% Dec
97
i2 Mar 18
%
*984
271# Mar 30
25
07#
40
li2 Mar 23
14 Aug 17
1%
10%
12%
May
June 14
6
100
1,300
8,600
2,400
2,600
2
81
18
100
1%
10%
*40
par
June
94
6
0%
Pr pf
13
Cab
Chesapeake Corp
No
Chesapeake A Ohio Ry
$3
42
100
...100
preferred
1 Chicago Great Western..100
4% preferred
100
Chicago Mall Order Co
5
{Chic Mil St P A Pac—No par
5% preferred...:
100
6,300
1
37% Dec
Jan 17
4
100
81%
10%
5*4
%
Nov 23
Mar 29
Preferred series A
%
*1%
80%
10%
*74%
4
Oct
Dec
89
Mar
100
*40
Mar 20
44
45
106
par
Cham Pap A Fib Co 6% pf_100
Common
No par
39
„
7
Oct
9%
22% Nov 10
4% Jan 12
107% July 25
120
Aug 4
58
July 25
6
46%
81%
24
2%
12%
%
78
9984 April
{Chic A East 111 Ry Co
«»«»•*«• mm*
%
-
8
Mar 26
700
%
2%
%
,
2
Oct
Dec
28
Oct
*30%
*46%
42
Mar 28
19i2 Aug
600
88%
%
*2
1%
10%
14%
127#
5
1
4
8% Jan 10
42
July 25
884 Aug 3
69% Oct 15
%
80%
*412
1,100
7,500
34
Oct
10
20% Aug 24
46
Checker
40%
Oct
12% Oct
18% Dec
497# Dec
24% Jan 11
51
Aug 8
2% Jan 10
10% Oct 17
17*2 Mar 31
2%
167#
821
24
2,200
11
0
24
July 25
26*4 Mar 29
4i2 Mar 30
0% prior preferred
%
80
*49
50
99%
307#
Oct 17
Cerro de Pasco Copper.No par
Certain-Teed Products
80
%
1%
*10
13%
*38
2,100
1%
16
12%
42
3,600
42
5
3U Mar 31
88
Aug 26
2%
16%
8178
81
487#
10%
Oct
Oct
Oct
100
78
46
July
46
100
Preferred
%
1%
10%
preferred
3%
16%
38%
40
1%
*16
10
6%
4%
101
33
%
7#
*30
*10
*15
Century Ribbon Mills..No
2%
12%
1
7g
1
300
200
%
%
13%Novl0
Central RR of New Jersey .100
Central Vloleta Sugar Co
19
2%
*2%
12%
%
78
78
♦2%
16%
12%
%
%
.
%
9
82
par
120
5%
Mar 30
par
100
Central Aguirre Assoc
No par
Central Foundry Co
..1
Central 111 Lt 4*4% pref._100
40
■
%
2%
2%
12%
12
3#
%
*2%
2%
%
10%
*88
%
*2
%
*278
*1234
89
*%
284
100
600
48%
10%
♦40%
99%
30%
*9%
40%
40%
33%
88%
*97
2i2 Mar 25
62i2 Mar 31
98U Jan 3
29% Mar 31
1001# Jan 4
100
6% preferred
Celanese Corp of Amer.No
7% prior preferred
Celotex Corp. new
No
2
May
631# Apr 14
12%June 13
100
4,600
6%
4%
5%
16%
2%
22
4i2 Mar 31
3414 Mar 28
No par
47«
*80
40%
99%
30%
42
Co
Preferred...
110% 110%
Day
July 19
Mar 30
'
49
10%
40%
99%
*40
Case (J I)
Caterpillar Tractor
70
giving
Oct
July 19
15% Nov 12
44% Nov 10
21
S3 preferred A
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
..5
Carriers A General Corp...—1
140
9
10
10
46% Nov 15
217#
*8%
17%June 30
13
1
Oct
I84 Oct
6% Dec
24
Mar 31
Mar 30
Oct
15
Jan 17
37% Apr 29
4%
Thanks¬
.
Canada Sou Ry Co
*21%
,
35
Oct
2% Oct
24% Deo
10% Oct
58# Deo
22% July 25
3% Jan 16
11
Oct
Dec
2%
21% July 22
30
100
2.584 Nov
10% Aug
Oct
6%
76
July 25
Mar 31
90
7,700
39
Mar 31
5
Dec
Dec
6
13% Oct 13
85sMay27
12i# Mar 30
Capital Admin class A
1,400
21
14% Oct 24
23gMar 30
100
Dec
15% Dec
Mar 31
200
14%
7
34
6
151# Mar 30
Oct
5% Dec
Jan 24
1
800
90
1
Jan 13
Nov 25
20
No par
50
*66
Closed—
9
*6%
5%
101
14%
Dec
5*4 Mar 30
1,900
1,700
*94
28
100% Nov 17
7% Nov 18
547# Jan 11
684 Oct 19
16% Mar 30
Canadian Pacific Ry..
26
Cannon Mills
No par
3,000
Nov 10
45
6%
400
19%
21
40i2
35%
77#
77#
Packing
preferred
Dec
Callahan Zinc Lead
19,000
35%
...10
Oct
22
Calumet A Hecla Cons Cop-.5
Campbell W A C Fdy_.No par
Canada Dry Ginger Ale
6
10
0
*77#
35%
8%
*66
48l4
50
45
35%
*77#
.
*80
7,100
6
37g
4
3%
90
90l4 90l2
90
89% 90%
90%
IH84 115
*114*2 HO
♦114% 110
114% 114%
447g 453s
44I2
45
44% 45%
45% 46%
*103
105
10412 103*8 1041 5*104
*103% 105
23
23
231
23i2
2284 23%
Stock
22% 23%
*96
90
*94
90
90
97B8
96
*94%
14
14
14
14
141,
14%
14%
14% Exchange
*8%
*6i8
*412
17%
18%
Mar 26
18
Aug 26
23% Oct 14
14i2Mar 31
U2Mar28
4i2 Mar 20
684 Mar 30
OSgMay 31
100
California
a*
3,400
0,400
1,200
45
30
8i2
4
♦110
-
17#
8%
0%
35%
8%
20
414
51
1%
8%
17%
17%
*82
44i2
*82
6%
35%
18%
♦44
36
*42
6
•18
«P
Mar 26
3
Oct
Nov 9
Aug 26
41
15i2 Mar 26
13i4 Mar 31
084 Mar 29
5% conv preferred
30
Butte Copper A Zinc..
...6
Byers Co (A M)
No par
Participating preferred-.100
Byron Jackson Co
No par
2,700
1,300
13%
40
18%
20%
20%
51
4
♦13
25
No par
1
Butler Bros
200
*38%
Apr 18
3i4Mar31
{Bush Term Bldg gu pf ctfs 100
90
1,200
13%
75
....No par
Burlington Mills Corp
7
4284 Nov 25
Feb
2784May27
6i2 Mar 26
578 Mar 31
No par
Bullard
51
18%
xl6%Mar 31
10i8 Mar 29
Mar 30
Oct
157# Dec
2% Oct
14% Nov 25
No par
Burroughs Add Mach
40
18
12
58# Mar 30
100
Budd Wheel
Bulova Watch
1,000
22
37#
li8 Mar 25
14%
37%
40%
4284
284
5
....
Oct 25
35s Mar 26
par
No par
No par
3
8% Aug 24
58s Mar 31
preferred......
100
Budd (E G) Mfg..
No par
2,200
7,000
12%
8%
8
♦21
4%
13%
♦38%
40
12%
8%
22
*20%
4
3%
13,
♦38*2
1314
40
14
*12%
8%
21
18*2
1318
*38%
18*4
12%
*8
21
4
37#
4%
1284
83
22
28
No par
Debentures
*22
Dec
Mar 29
Bruna-Bal ke-Collender
280
22%
14%
18%
2%
10
Mar 26
$6 preferred series A.No par
2,100
1,400
35
19% Jan 12
36% Oct 19
484 Jan 10
2284 Dec
Mar 23
4
Brooklyn Union Gas...No
"7",500
5
47#
35
Dec
14
7%
6%
48%
Oct
11
2
Brown Shoe Co
101
6%
48%
39
Brooklyn A Queens Tr.JVo par
¥6 preferred
No par
Bklyn-Manh Transit..No par
3,900
2,900
11%
*90
478
3478
23%
147g
19
23
19
400
11%
'
.
078
47#
34%
227#
14%
35%
18
35
14
11%
Oct 14
14*4 July 19
100
Bristol-Myers Co
1,200
5,200
4,500
30,000
9,400
1,900
2%
177#
*32%
101
.
12
40
17%
35
7,900
10,500
14%
42%
62
!
Briggs A Stratton
13%
317g
38%
42%
2%
10%
13%
40
11%
49
47#
2%
10%
13%
*96
078
49
51
*41%
13
11%
101
0%
13%
31%
*35%
Oct
1
Bower Roller Bearing Co
17
Brewing Corp of America __3
Bridgeport Brass Co—No par
Brlggs Manufacturing-par
1,000
7684
Jan
June
16 May 31
I6I3 Mar 31
5
Highest
¥ per share
9
15
Corp
Boston A Maine RR
¥ ;per share
102
Nov 23
40
1
-
Borden Co (The)
Borg-Warner
400
0
32%
38%
*32%
9%
25%
Year 1937
Lowest
Highest
¥ per share
82
Apr 1
No par
No par
Class B
Bond Stores Inc
7,100
5,900
1,100
2%
6
6%
13%
31%
35
2%
2%
*6
13
*96
101
678
50
35
61%
11%
10%
31%
2%
25%
38%
11%
*96
Bon Ami class A
220
61
12
*30%
41%
2%
9%
127#
38%
17%
lis#
101
*101% 103%
Par
51%
13%
31%
37
12i2
113s
102
Range for Previous
100-Share Lots
Lowest
12
42%
2%
On Basis of
1938
EXCHANGE
51
6%
*30%
42%
*2%
984
12%
38%
18*2
1314
*12
102
17%
*9lg
35
*90
Shares
*32%
12%
42
*415#
*33
¥ per share
26
*6
13%
9%
*2
¥ per share
Range Since Jan. 1
STOCK
YORK
Week
3
31%
38
Nov. 25
12%
26
31
*36
Nov. 24
17%
32%
*2%
01
the
¥ per share
12%
16%
3184
3
20
0
42
2%
9%
1278
37%
»18i8
t
Friday
Nov. 23
101
101%
51
4984
13
Thursday
22
¥ per share
ion 2
101
100
Wednesday
Nov. 26,
57# Mar 30
221# Mar 30
Ex-div.
y
8«4 Jan 12
10
8%
Oct
9884 Nov
26
11%
Jan
Oct
5% Dec
8
Dec
June 30
7% Dec
22% July 19
22% July 19
98% July 25
I684 Deo
16% Deo
19
Nov
9
05
Nov
10
Oct
35% July 19
2584 Deo
97# Oct 17
x4% Oct
x68% Oct
64% Dec
30% Dec
83
Oct 15
70
Oct 27
597# Nov 10
108% Nov 21
64
80
Dec
Nov 10
34
Dec
112% Oct 28
12% July 29
80
Dec
5
Oct
Oct 27
1
Oct
55% Oct 28
34
Oct
2%
28
May 11
Ex-rlghts.
T Called for redemption.
rl
Volume
LOW
SHARE, NOT PER
SALE PRICES—PER
HIGH
AND
NEW YORK
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 19
Nov. 21
Nov. 22
Nov. 23
Not. 24
Nov. 25
Week
*634
26
8%
*8%
*6%
10
934
8%
*6%
24
♦7484
23%
984
80
*7434
*83
85%
*83
*8«4
2
*9
80
85%
20
*83
*1%
*95%
31
11%
30%
10234 103%
6%
6%
8%
8%
3%
3%
3%
4
4%
4
4
*16
19%
94
15%
20%
*16
19
*91%
15%
94
15%
19%
*91%
15%
1984
2
96%
2
1%
39
39
39
39
115
♦115
116
35%
1%
29%
27
38%
1934
1%
94
38%
3834
93%
38%
94
3834
*11334
*113% 116
9%
984
35%
35%
9%
184
29%
*26%
*49%
65%
30
27
50%
66
2984
30%
2984
27
26%
48%
30
27
49%
65
6584
30
28
176
178
-4%
4%
*35
27
65%
39
39
*35
45
*35
*35
36%
116
27%
8%
*35
45
*35
36%
*35
39
40
387s
397g
3984
9014
90
90
94
94
%
%
%
*%
%
7%
*684
7%
684
4%
5
5
47g
*6812
14
14
14
74
*68%
14
14%
6%
44
6%
6%
44%
6%
26%
45l2
7%
27%
£26%
27%
*73%
27%
83
*75%
83
*7512
83
*43
49
*43
49
*43
49
*24%
*6%
25%
7%
178g
27%
*1638
16%
*16%
16%
18%
*16%
24%
884
2034
*24
25
25
25
*15%
17
23
16
16
223s
22
20%
*24%
*16%
23
7%
7%
784
1%
7%
1
1
1
112% 113
Closed—
25
22%
7%
7%
112% 112%
*3
*3
35%
35*4
29
29
29
*6
9
*6
36
29
*41%
41%
*41%
21%
41%
9%
21%
91
91
*89
1234
*12%
12%
41%
9%
*12%
9
30%
30%
30%
*534
6%
6
6
66%
67%
*134% 138
*18
19%
67
70
11
*9
8%
11
12
143% 145
*136
137
137
♦118
119
118% 118%
13%
13
12
10«4
20% 21%
388,
3%
32%
32%
32%
11%
11
2%
11%
37
2%
11%
38%
33
33
31%
32%
2%
29
8%
*66
67
67
*71
72
*72
76
*73%
2
2
1%
2%
4
*2%
284
5
12%
13
19%
2%
*6%
2%
784
35
35
32%
32%
71
1,300
7,400
3%|
3%
3%
3234
32%
32%
11
16,900
*2%
32%
11%
284
32%
12
27g
11%
38
33%
32
11%
3
234
600
11%
3784
11
11%
8,500
37%
37%
1,500
36
34
35
800
32%
2%
29%
32
32
1,200
1,200
2,200
♦43
44%
45%
*110
111
*109% 111
8%
884
8%
884
*66
*65%
67%
69
67%
*43
2%
29%
45
11%
37%
33%
317g
29
29%
11%
3784
♦34
32%
2%
29
28s
*184
29%
*43
29l2
44%
111
*110
8%
8%
5,100
67i2
67X2
200
71
*70
71
*68%
72
71
72
300
76
*74
76
*74
76
76
76
100
1%
1%
1%
1%
1%
1%
1%
3,800
2
2
21s
2,400
2%
3%
2%
3%
2%
384
384
3%
3%
2%
*2%
2%
12%
20%
12%
20%
12%
21%
20%
4%
13
21%
9
9
9
2
2
*2
7
7
*6%
35%
36%
12%
19%
9
*6%
784
*6%
*3234
34
36
33
33
*32
115
434
"*4% "4%
4%
15
82%
115
7%
36%
32%
32%
*80
15
*14%
82%
*14%
*80
120
*110
*
110
12%
4%
"4%
*31*
334
*3%
1%
*1%
1%
1%
1%
3%
13g
2534
2534
*2684
28
27
*2584
*86
88%
♦86
88%
*86
88%
34%
35
35%
27
25
34%
*19
Bid and asked prices; no
34%
2434
*86
34'4
♦19
1%
14%
*1%
*2534
88%
*86
*19
sales on thli day.
200
m—i»m
-
-
434
2,400
3%
100
1%
500
26i2
200
881;?
34%
I In receivership,
200
»*«»<»•>
412
*3i2
34%
2484
"""760
115
*97
"4%
800
82%
*80
♦105
4%
10
32%
14%
15
82%
110
900
6%
36
"32"
32%
4
334
9,600
2%
34%
2,000
2434
a Def.
...3
Ind Am shares
Electric Power A Light-No par
$7 preferred
...No par
$6 preferred....
..No par
Elec Storage Battery..No par
Elk Horn Coal Corp
No par
El Paso Natural Gas
3
Endlcott-Johnson Corp
50
5% preferred
-100
Engineers Public Service
1
$5convpreferred.—No par
$5H preferred w w
No par
$6 preferred
No par
Equitable Office Bldg—No par
tErle Railroad
100
1,400
21
*35
*1%
26%
12%
..100
Elec A Mus
300
20 x2
♦97
*97
"484
4%
1234
preferred
Manufacturing Co
4% 1st
preferred
2d preferred
Co
Eureka Vacuum Cleaner
4%
Erie A Pitts RR
484
5
5
Electric Boat
600
*434
pf-100
4
Eitlngon Schlld
No par
Electric Auto-Lite (The)..—6
Eaton
1,900
2%
*97
29
2,700
No par
Kodak (N J).No par
6% cum
2214
3%
*3%
*
pbmtnian
22%
3%
*20
1,700
40
170
170
preferred
1,500
7%
17912 180
21%
$4.50
Duquesne Light 6% 1st
Eastern Rolling Mills..
2%
*80
34%
500
11%
278
100
...
""
3%
2%
*14%
"~434
"5,000
2%
15
135
200
3%
82%
484
56~666
2%
*2%
*80
*97
400
20
*7%
170
1,700
300
*119% 120
*118
21
200
32,800
2
*14%
*115
17%
12
*10384 113
144t2 145
137% 137%
119% 119%
1,100
5,200
10%
15%
*10%
16%
1034
*118
21%
3%
*109%
19%
17%
*9
10
*3%
8%
*484
*17%
*9
2O84
*334
3184
6
69ig
7084
132% 132%
17%
17i2
31%
*5%
13284
132
170
♦109%
2%
21%
179
*42%
8%
20
171
45
29
*43
21%
179
£11
2
150
*170
11%
2%
118g
3684
3484
31%
2%
29%
31%
400
171
32%
3634
*3234
300
1234
31
180
11%
11%
89
1284
31
180
32
*284
89
12
31
21%
7%
100
100
A..No par
No par
6% partlcpreferred
25
Diamond T Motor Car Co
2
Distil Corp-Seagr's Ltd.No par
6% pref with warrants..100
Dixie-Vortex Co
No par
Class A
No par
Doehler Die Casting Co No par
Dome Mines Ltd
No par
Dominion Stores Ltd..No par
Douglas Aircraft......No par
Dow Chemical Co
No par
Dresser(SR)Mfg conv ANo par
Class B
No par
Dunhill International
.1
Duplan Silk
No par
8% preferred
100
Du P de Nem (ERA Co. .20
6% non-voting deb...—100
400
12
6
69%
3%
3%
300
3,800
4I84
31%
21%
21
preferred
21%
*684
*7%
7%
5%
*8X2
68%
118
pf.100
By Co
20%
7%
7%
179% 179%
7%
Det A Mackinac
3%
41%
9%
21
90%
31
118
tDenv A R G West 6%
Detroit Edison..
31
118% 118%
118
1,200
1,000
Devoe A Raynolds
*170
171
♦170
137
118
*117%
7%
7%
180% 180%
*3
*10384 113
*10334 113
144
146
143% 144%
137% 137%
137% 137%
*103«4 114
143% 145
*10384 114
10,400
1
delivery.
—100
100
50
5
Evans Products Co...———5
Ex-Cell-O Corp
3
Exchange Buffet Corp.No par
Fairbanks Co 8% pref
100
Fairbanks Morse A Co-No par
16% conv. pref
—.100
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction...15
$6 preferred.......
.100
Federal Mln A Smelting Co 100
100
Truck..No par
Works..No par
Federal Water Serv A .No par
Federated Dept Stores.No par
Fed Dept Stores 4 % % pf. -100
Fidel Phen Fire Ins N Y..2.50
Fllene's (Win) Sons Co.No par
Preferred
Federal Motor
Federal Screw
» New
Oct
87
Mar
63
Oct
95
Mar
2% Oct 24
1184 Oct 21
34% Oct 17
Oct
684
4%
Oct
2118
Dec
I884
49%
Nov
104
1
92
9
Nov
22
Feb
17%
10%
1314
5284
92x2
37%
Apr
Jan
Feb
Jan
Deo
Jan
Jan
Feb
July
Oct
3
Oct
Oct
10*4
Oct
712
Oct
1
Oct
65
Oct
Jan
Apr
Apr
Aug
Apr
37% Jan
7984 Deo
Oct
Oct
49
912
103% July 25
514
109%
6918
IO8I2
2584
4284
3%
4
284 July 16
Oct
35% Mar
37x2 Dec
106% Dec
June 30
.
11% July 26
Oct
6x2
Oct
23
36i2 Nov 12
1% Oct 24
*35*4 July 25
%
29% NOV 10
Jan 12
56
13i2
Oct
2%
3
17*4 Oct 14
26% July 27
Nov
Jan
Oct
16
95% Nov
116
108
Nov
7
Jan 12
49
Jan
Jan
Jan
314
7% Oct 13
IO84 July 13
713 Jan 7
5% Jan 12
Feb
77
46*4 Nov
stock, r Cash sale
153
Oct
Apr
3
Oct
50X2
70*4 Oct
176
Nov
5% Nov 10
22X2 Nov
88% Deo
8
42i2 Oct
117% Nov 12
21
29% Nov 10
19% July 7
4384 Nov 12
34
Deo
3012 Deo
Oct
8%
9
67ig Deo
9212 Nov 16
44% Jan 11
Aug
115
37
Nov
28% Nov
37»g Nov 14
15% Nov
71% Jan
171% Jan
10% Mar
56i2 Feb
6X2 Deo
Nov 15
40
Jan
28*4
100%
5612
47%
2514
108%
81%
Jan
Feb
Jan
Jan
Mar
Apr
Apr
21
Oct
Jan 17
Jan 7
Feb 7
July 14
80
Nov
3
70
Deo
127
Jan
21% July 18
8X4 Aug 11
66
Aug 10
12
Deo
43
Mar
4
Oct
94%
114
13x2
6I4
8
4% Mar 29
13i4 Mar 29
6X4June 4
102% Jan 3
1384May 27
19«4 Mar 29
9 Mar 30
7% Mar 29
4 Mar 31
*4 Nov 16
76 Mar 31
2% Sept 7
Diamond Match
584
*1084
7%
*%
*112% 114%
20
.
Dlesel-Wemmer-Gllbert
10
Delaware A Hudson
100
Delaware Lack A Western..60
200
500
11%
11
8,000
630
*9
10
10%
*9%
8%
8%
♦11
22%
16%
22%
884
70%
133
134%
16% 16%
18
18
25
28%
4184
9l2
*8
68%
134% 135
Preferred
300
25
35%
90%
30%
Dayton Pow A Lt 4 H % pf.100
Deere A Co
No par
70
*6
9084
12%
3034
22
31
*21%
30S4
534
300
6,600
28%
21%
22
8%
110% 110%
20%
20%
34
*89
22
*21
200
884
9034
3034
Davega Stores Corp
6
Conv 5% preferred
25
Davison Chemical Co (The). 1
300
18
*16%
*7%
No par
Cutler-Hammer Inc
1,400
7%
29%
20»4
31
25
41%
9
*30%
25
3484
*6
21
12%
1
1
Cushman's Sons 7% pref..100
$8 preferred
No par
83
65
Jan
87
4% Mar 31
35 June 8
3% Mar 30
12% Mar 30
48ig Jan 11
18 Mar 31
13i4 Mar 31
Class A
49
Jan
2
86% Aug 17
75
May 26
12
Curtlsa-Wrlght
7% 118,200
27% 20,500
29
21%
21%
43
July
18%
58x2May 31
Cudahy Packing
60
Curtis Pub Co (The)..No par
Preferred
No par
34%
41%
9
9
31
21*4
*30%
*3
3%
8%
35%
29
9
*6
35%
♦28%
*3
3%
Day
1
113%
3%
113
35%
3%
,
♦7g
1
112
10
7%
giving
'
*1
600
2,100
1,500
2,900
16%
Thanks-
17%
227g
*1684
17%
22%
7%
112
Exchange
20%
25
25
60
26
Oct
SsJune30
6% Mar 31
3 Mar 29
(The)..
Cuba RR 6%
6%
*684
8
20%
2012
22%
7%
Stock
109% 110
109
Cuba Co
Apr
70
100
No par
preferred
100
Cuban-American Sugar
10
Preferred
.100
Preferred
700
1,200
%
*43
18%
4,300
14%
26%
*75%
7%
8
8%
8%
109
*7
$6 conv preferred...No par
Crucible Steel of America.. 100
7%
5
74
42%
6%
2484
24%
7
320
6
49
'
24l2
714
24%
7
110%
20%
20%
20%
*43
7%
24%
*8
834
110% ♦109
*8
*109
26%
*75%
Crown Zellerbach Corp.....6
*14
67g
2684
83
684
No par
Pref ex-warrants
3,400
4%
*68%
44
"
6%
4584
7%
6*4
46%
684
6%
*%
*684
684
47g
74
14%
6%
6%
4534
634
*6%
46%
"""506
3934
90%
34%
Jan
Oct
484
6% Mar 31
22i4 Mar 30
29
Apr 13
25% Apr 1
7% Mar 29
58 Mar 29
19% Mar 31
$2.25 ooov pref w w. .No par
91%
74
1412
2,700
40
40
7%
4%
*69%
*14
39
90
90%
%
68
38%
13%
39
68
8
90
90
6%
*7%
13%
39i2
5
Crosley Corp (The) ....No par
Crown Cork A Seal
No par
90
90
100
5% conv preferred
Cream of Wheat ctfs__.No par
100
13%
39
25
Co
300
89
13%
Crane
1,400
13%
89%
..1
Coty Inc
4,200
5,400
90
13%
89%
Preferred.
22
8
5%
,
26
.100
Corn Products Refining
100
*89
13%
89
6%
Corn Exob Bank Trust Co__20
5
Continental Oil of Del
2,100
35
13%
35%
13%
89%
%
240
.1
Motors
27%
27
36%
35%
13%
*%
634
Continental Steel Corp .No par
Continental
115% 115%
45
*35
400
5%
*36
45
Continental Insurance...$2.50
3884
38
38
39
37% 37%
115% 115% *115% 116% *115% 116%
27%
2734
2784 2734 *27% 2784
*8
8%
8%
884
884
*8%
38
39
38%
39
38% 39%
38
1,300
18,900
11,200
178
484
47g
4«4
434
*176
178
*176
176
4%
50
66
49%
20
$4.50 preferred
No par
Continental Diamond Flbre._5
400
2,000
1%
37
27%
*8%
5,000
Deo
26% Nov 26
10% Nov 14
1% Mar 29
65% Mar31
36% Mar 30
107
Jan 5
6 June 17
2ix4 Mar 30
%May 26
2U4 Mar 30
10 Mar 26
40
Apr 1
£53
Apr 1
162
Apr 12
284 Mar 26
19
Jan 81
85 Mar 31
21% Apr 5
100
8% preferred
Continental Can Inc
600
Oct 14
8*4 Oct 28
14% July 6
9%May 27
8% Mar 26
No par
Class B
1,000
1%
95
39%
116
984
35%
1%
1%
66%
176% *176
116
2,200
6,100
134
50%
434
1%
1734
94
15%
20%
*15%
*92%
15%
1%
66
37%
1%
600
1%
50
4%
15%
19%
400
35%
29%
*2734
37%
18%
93
15%
18%
No par
6
No par
Consol RR of Cuba 6% pf-100
Consol Coal Co (Del) v t c__25
5% preferred v t c
100
Consumers P Co$4.50 pfJVo par
Container Corp of America .20
Continental Bak cl A ..No par
$5 preferred
Consol Laundries Corp
Consol Oil Corp...
15,400
4
9%
35%
6684
♦176
*15%
*91%
116
9%
10
5184
6534
4
96
115
8%
*3%
*384
4
1
No par
$2 partlc pref
Consol Edison of N Y..No par
800
35%
934
35%
1%
10%
6%
3%
*3%
1%
96
96%
*95%
30%
102%
6 H % prior pref w w
Consol Film Industries
1,200
2,500
22,400
2,900
11%
30%
102%
6%
8%
334
100
100
preferred
7%
""iI6
per
3
9ig Aug
29
6 Mar 29
4% Mar 30
l0x2Sept 17
4% Mar 29
65
Apr 1
71
Jan 5
1
Mar 26
4i2 Mar 26
17 Mar 31
88% Apr 16
2% Mar 30
7 Mar 30
2i2Sept 14
2% Mar 19
10 Mar 81
78
Apr 18
No par
Consolidated Cigar
100
2%
11%
8%
19
2
115
*50
6%
.
27
*2
8%
3%
6%
29%
2
11%
30%
30%
102% 102%
684
684
11%
27,700
83
85%
2
2%
11
30
35%
!%
9%
83
Congress Cigar
No par
Conn Ry A Ltg 4
% pref. 100
Consol Aircraft Corp
1
share $ per share
19xs Feb
4ig Oct
20
Dec
45i2 Mar
19% Jan
7X2 Dec
$ per share
3% Apr 1
15 Mar 29
Congoleum-Nalrn Inc. .No par
Highest
Lowest
Highest
$ per share
Conde Nast Pub Ino__.No par
400
2638
9%
80
*7484
*83
85%
*2
30
10
80
*9%
2%
102% 103
20%
2534
*75
11%
2
30% 31
103% 103%
*6%
6%
8%
9
*3%
384
4%
4%
*16%
19%
*91% 94
15%
1584
26%
934
80
*75
10%
11
10
*734
*6%
25%
*6%
24%
*9
2
*10%
9
25%
*7%
*6%
Par
300
1,800
784
27%
9
984
*6%
Year 1937
100-Share Lots
Lowest
Shares
$ per share
2684
26%
25%
25%
*734
$ per share
7
27%
9
934
6%
7
26%
9%
*6%
634
634
26
$ per share
$ per share
$ per share
7%
25%
.
23%
•
On Basis of
STOCK
EXCHANGE
Saturday
255s
Range for Previous
Range Since Jan. 1
STOCKS
Sales
CENT
for
i per share
3271
New York Stock Record—Continued—Page 4
147
3"
4%June 11
25 "Mar30
20*4 Jan 3
31i2 Jan 6
5 Mar 30
11 Mar 18
65igJune 17
8i28ept 26
28*4June 2
12 Mar 30
27% July 6
' 4%June 2
Mar 30
87% Jan 27
15 Mar 26
6i2Mar 25
184May 6
8% Mar 28
102 Apr 23
9012 Mar 31
130*4 Mar 31
109% Apr 1
III84 Jan 3
3x4 Mar 31
121%Mar 31
157 Jan 5
10% Mar 30
2 Mar 23
13X4Mar30
6 Mar 30
2ig Sept 14
6Xg Mar 29
22% Mar 31
18 Mar 31
21*4Mar 31
% Mar 26
17 Feb 3
33 Apr 6
94'2 Apr 5
2i2 Mar 29
38i2 Mar 31
40 Mar 31
46 Mar 29
31
ix2 Mar 29
184June 21
2s4Mar30
2 June 4
Oct 7
2XgMar26
6X4 Mar 31
10ig Apr 9
ligMar31
3% Mar 30
19x2May 27
106 Oct 19
62
22i2May 31
6% Mar 30
67 April
52i2 Apr 5
96% Feb 2
2% Mar 30
1% Mar 30
1 Sept 14
12i4 Mar 30
67% Jan 4
22i2 Mar 30
15 June 1
Jan
20% Feb
10912 Jan
8% Mar
Oct
8%
Oct
Deo
2384 Mar
86
Jan
24
Nov
62
Feb
18% Nov
27
Oot
6
Oct
18i2
Jan
12%
Oct
24
Feb
96ig Oot
19X2 Nov
20% Nov
14
29
25
25
Jan 20
25
14%
2
2914 Nov 9
884 July 20
16l2 Nov
11% July
110% Nov
25% Feb
Jan
Oct
54 ig
5
Nov
Jan
17%
39X2 Deo
Oct 25
50'
Mar
3
Oct
2%
7% Oct 25
28X4 Nov 16
83
135
Deo
109
Jan
27
Nov
31% Mar
9
8
Oct
29
24% Nov 16
13
Oct
68% Mar
9
2x2 Jan 10
5
Oot
24x4 Mar
1%
Oct
10%
88% Deo
146%
Nov
17
884 Nov
Oct 24
4% Jan 24
7*4 July 6
40% Oct 24
30% Oct 29
41*4 Nov 25
115
Feb
Jan
Oot
22
May
12% Oot
29ig Deo
18% Oot
30
May
6
Oot
30
Feb
Feb
Feb
76ig
36x2
40 x8
584 Deo
23I8N0V 10
91% Nov 16
23
Apr
10
Oot
29
Mar
60ii
Oct 19
11
Jan
Oot
96
Mar
17
Jan 12
15
Oot
25
Feb
34
Jan 12
27
Oot
41%
16%
Oot
46%
Jan
Feb
5
Deo
26%
Oot
25Xg Oct 6
34% Aug 16
8X4 Jan 20
70% Nov 10
7
2412 July 19
79X2 Nov
140ig July
55
Jan
8X4 Deo
3914
Jan
Oct
8X4
Jan
17X2
Jan
Deo
21
July 19
14
12% Mar
77% Jan
143% July
1X2
17X2 Nov 25
12
Oct 10
10
Oct
116
Jan 27
106
Nov
122
Jan
9
98
Nov
13712 Nov 25
130
Oct
180%
135%
Jan
Feb
119% Oct 26
118
Nov 21
10712
109X2
212
Oct
Oct
Oot
112
I5I84N0V
8I4 Nov 12
Nov
llSig
Jan
17
Mar
187
Nov 10
144
Nov
198
Aug
171
Apr 20
160
Apr
164
Nov
15X4 Deo
2*4 Deo
14% Deo
23% Nov 9
5% July 25
35*4 Nov
I2I4N0V
9
9
4
Jan 11
14
Oct 17
3*4
3%
6ig
Oct
Oct
Oot
Feb
3712
16
Mar
45X2
Feb
16
Feb
714
Feb
Jan
Jan
46X2 Oct 17
27
Oct
26%
9214
2
24
Oct
87
Jan
Nov 10
22
Oct
44X2
Jan
14%
Oot
29
Jan
60
Feb
41*4 July
35
2*4 Nov 16
29% Nov 12
45ig Nov 10
11012 Oct 20
1012 Oct 28
Oct 27
72
Oct 25
71
7912 Oct 26
2% Jan 11
6X4 Jan
8*4 Jan
6i2 Jan
3
6
6
Oct
7
62
33
Nov
100
Nov
3
Oct
41
Oct
45
Nov
81
Jan
Jan
Jan
Feb
61
Nov
86X2
Feb
9*4
Jan
1% Deo
4x4
8%
Oct
Oct
23% Mar
6
Oot
28X4 Mar
75% May
Oot
6
Oct 18
3
16
Oct 27
6X2 Deo
2ix2
2%
11%
40*4
Nov 9
Nov 2
Jan 12
Nov 12
1%
7x2
23i2
16
22
15
10
160
7
99X2May 17
5% Aug 10
4% July 26
106i2Sept
35*4 Oct
16i2 Oct
84i2 Nov
133
Nov
2ig July
29
1
Oct 14
90% Oct 15
36i2 Nov 14
25
Oct 20
s Ex-dlv. y Ex rights.
llSig
17«4
78X4
26
Oot
Oct
Oct
Mar
Oct
35% Mar
80
Jan
14Xg Jan
34% Mar
6*4
Jan
28
Jan
71%
Jan
21OX4
Jan
Jan
Jan
,70
29%
Oct
7284 Deo
103
Jan
60
Nov
150
Mar
90
Oct
129
2
Oct
7x2
Apr
11% Feb
1112 Feb
Oct
Oct
14*4 Dec
43*4 Mar
Oct
108% Mar
2%
1%
£65
22X2
20
6
Jan
Oct
45%
Jan
Dec
39*4
Feb
T Called for redemption.
New York Stock Record—Continued—Page 5
3272
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER CENT
Monday
Tuesday
Wednesday
Thursday
Nov. 19
Nov. 21
Nov. 22
Nov. 23
Nov. 24
9 per share
% per share
3
9 per share
2312
9812
*39l4
25%
*3312
18*2
9
24%
98%
41
26%
34i2
18%
*86
35
*334
414
*46
*334
60
29
25#
284
*4
234
14
16i2
*91
92iz
6U
15%
26
*33%
34%
*33%
26%
34%
18%
18%
18%
18%
*3%
34%
37*
400
34%
1,400
107% 107%
25
*24%
420
*3%
15l8
63
53
63#
19i2
83#
*49
63
*95
63
53
53
5134
5234
9i8
*77
80
*77
80
1
*40
1
60
1
1
*40
50
*40
69
124
124
*122
124
49%
4934
*123
4878
1237# *123
*41
42
7i2
10%
7%
103s
*108
49%
712
IOI4
103#
*108
H2
1^4
2312
10i2
*108
1%
1%
36i4
23
*112
*23l2
*87
94
*21
36i4
28
15i2
*18i2
165#
20
99%
253S
2514
834
55
1312
6078
1334
6078
25i2
13l2
61
61
49
234
*78
84
23%
*78
66
653#
3178
23%
75
13#
1%
7
7%
178
678
135s
1912
28
'*11%
is4
13
18%
1838
178
*1214
*183s
*2714
27%
75
*36
19i8
*12
24%
*287#
140
*139
60
*40
2514
40
1912
123«
1
25%
*36
20
20
*5
57#
24
30
3314
1218
19
*100
1007s
*9634
98l2
29ig 2934
*17I2
*135
139
60
*40
2534
73
7%
73
*4%
*106
*36
139
49U
3384
102
584
75
1%
7%
1%
12%
18%
18%
2784
*2334
1434
2434
*28%
15
25%
*40
1%
1%
12
100
100
100
99
100
7%
75
4
97#
4%
106
10%
*6%
30%
*73%
4
4
*10078 106
*33
11%
33%
11%
18
18
33%
*100
100
*73%
7%
75
378
10
68
134
*54
57%
105
105
20
*20
21
46i4
4634
*46%
47
115
115
*10
*16l2
*105
10S4
17
107
5934
32
5934
32
*105
*10
*16%
*105
591.1
*32%
15%
1147,
101;
163,
107
593,
33
15i2
1512
15%
71
*7134 72
713,
*103i2 107
*103% 107
7%
712
7%
7%
46i2 46%
46%
46%
2
,2
1%
178
*5
■7
*5
7
33
33%
33
33%
8%
8%
2
2%
1578
2%
15%
*24
25
24
24
*41%
43
*42%
8%
45
15%
884
*
834
2%
157g
8%
*54
57%
*105
57%
10
16%
♦105
60
1147# *105
10
16%
107
60%
32%
32%
15%
155,
*72
727g
*103% 107
7%
46
734
46%
1%
178
*5
3278
7
33
8
8%
2
2%
15%
24%
42%
9%
15%
24%
42%
9%
Bid and asked prices: no aales
*55
*104% 10734 *10478 105
*20«4
21
21
21
46% 47
47
48%
on
11478
300
1,600
134
*105
*107
6034
*32
15%
72
72
104% 104%
8
3278
8%
487s
178
6%
33%
8
8
46%
1%
*5
2
15%
*24%
42%
9%
2%
16
200
2,900
1147g
10%
15%
y.
40
400
700
10
m
61%
32%.
2,400
15%
15%
1,500
72%
600
500
*104% 105
8
4,400
m
-
m
8%
6,400
2%
63,000
16
10,100
24
24
*42%
45
10
a
6%
J4
13
Dec
22
Dec
47%
19*4 Dec
22%
28%
66%
42%
145%
64%
39%
Apr 12
July
15% Nov 14
28*4 Nov 10
32
Jan 14
140
Sept
50
7
Oct 31
12
Mar 28
3
Mar 25
8
Mar 29
24
Apr 28
30
Apr
35
24
25
30
10
5
Mar 25
12
Mar 31
cum
conv
Oct
10
15
Jan
5%
27%
Feb
Oct
20% Dec
23% Oct
129
Dec
108
Oct
105
18
Oct
121
Dec
5
Oct
9
Dec
117% Aug
157s Jan
7
86
Dec
126
Jan
8
160
Nov 18
129
Nov
166
20% Oct 25
11
Oct
50
125
135
Mar 26
Mar 28
15
Sept 28
17
Jan 31
98
Jan 10
100
t c—25
5
Manhattan.....100
5% preferred
100
Hudson Bay Mln A Sm Ltd 100
Hudson Motor Car
No par
liupp Motor Car Corp
1
Illinois Central..
--—.-100
6% preferred series A—.100
Leased lines 4%
100
RR Sec ctfs series A
r
1000
Cash sale.
*
5% Mar 26
ll%June 1
Nov
Oct
60
9
4
Oct 25
105% Nov 18
21% Nov
52% Oct
118
3
6
Aug 31
13% July 19
25% Jan 12
Marl6
108
May 27
48% Apr 1
17% Mar 31
66
Aug 15
35%
18%
72%
104%
Qe$25
Mar 30
46% Jan
4
83% Jan 26
5
Mar 31
23% Mar 30
1
3
May
7
5%
Nov
64
Dec
May
135%
Feb
39% Dec
67%
Nov
111
Jan
16%
15%
Dec
37
June
93
7%
15%
Oct
Nov
Dec
Oct
109
Oct
*39%
Oct
21
Dec
6
Oct
Oct
52% Feb
120i2 Jan
30% Mar
43% Jan
114% Mar
63% Dec
41
a277s
Mar 30
10
Jan 13
2*4
Oct
6
Feb
Jan
Mar
78%
Dec
94
4%
Oct
17% Jan
60% Mar
578 Jan
157s Jan
37
1%
3%
Oct
Oct
4
Oct
Oct
1%
Dec
8
Oct
6% Mar 30
12
Apr 6
17% Nov 10
28% Nov 10
16
Oct
23
44
Nov 10
34
Dec
10% Nov 12
5
Dec
Mar 30
3% Apr
Ex-dlv.
v
2
Ex-rlghts.
Jan
73
35% Nov 10
%June 15
Jan
83
44
9% July 14
Jan
Feb
Oct 19
Mar 29
Feb
39%
Nov 18
Nov 23
9% July 20
63% Jan 13
3% July 14
20% Mar 30
5
Jan
Nov
Mar 19
v
8
Nov
40
6
Nov
Jan
106% Feb
11
12684 Jan 19
stk.No par
81
17%
Feb
105
100
102
66% Dec
1% Oct
140
5
80
com
Nov 17
Jan
58% Mar
May
No par
New stock.
x7*4 Jan 19
73
par
n
Nov
62
42*4 Mar 31
5% preferred.'.
Feb
95
Oct 26
Jan
Feb
Feb
Nov 14
10
12.50
HoudaUle Hershey cl A-No par
Class B
No
36
31
Nov 12
34% Nov
Jan
20%
100
140
100
Oct
101
100
No par
4%
17% Dec
Mar 29
81
5% conv preferred—No par
Hollander A Sons (A)
5
59
17% Mar
59% Mar
34% Feb
Oct
June 23
6% Oct 19
107% Nov 18
'
Mar
167S Feb
11% Mar
4% Jan
Oct
23% Dec
26% Apr
l%June14
7684June 1
6% Mar 25
25
Jan
Mar
Mar
Mar
Oct
Nov 12
June
74
Mar
May
Oct
12
13% Nov 15
21% Jan 15
No par
No par
Holly Sugar Corp
7% preferred
Homestake Mining
98
Feb
Jan
Dec
7s
12
Nov 16
136
2
preferred
Nov
48%
Jan
3%
Jan 12
6% July
Apr 7
4%June 3
50% Mar 31
100
Feb
Oct
15
120
Jan
Jan
4%
88*4 June 30
100
1
96
83
preferred-..No par
Household Fin
28
Feb
Feb
Oct
1%
1*4 Jan 10
100
Hlnde A Dauche
Paper Co. 10
Holland Furnace
No par
400
Def. delivery
Nov 12
July 18
Aug 30
30
25
Hershey Chocolate
380
t In receivership.
Oct
No par
100
Hercules Motors
Hercules Powder
20
*9%
10
100
Helme (G W)
Preferred
Houston Oil of Texas
Howe Sound Co
~
Oct 15
July 19
Nov 5
.—25
preferred
Hudson A
5,300
87g
2%
14%
22%
100
2,500
m
1%
24
Jan
Jan
Feb
Mar
13%
3
Jan
Mar
47% Mar
141
Jan 12
Apr
Feb
60% Mar
87% Mar
2
Oct
Oct
preferred
115
29
55
Dec
2,200
m
Dec
7%
2
7
46
16% Oct
72% Dec
3% Dec
7%
49
33%
12a4 Dec
60
178
*6%
33%
8%
2%
Oct
Dec
Oct 14
100
8%
6% Nov 14
2
*83%
Nov 10
*47%
15%
25%
42%
9%
this day,
mm
Nov 12
Oct
June 30
100
72%
15%
-
mrnm
48
-
61
3234
m.
1%
11
9
Oct
13
90
21
10%
*32
mm
16%
15%
60%
'
mm
43
18
Nov
106
49% Oct
19% Dec
9
19
7% Feb
7s Mar 31
Hecker Prod Corp...
1,000
71%
10
20
28% Nov 14
6H% preferred w w
Hayes Body Corp.
Hazel-Atlas Glass Co
8.600
mm,
70%
16
107
10%
*15%
10
July
28% Nov
51% Jan
3% July
378 Jan
31
9% Mar 30
Hat Corp of Amer class A.
10
105
1534
107
Mar
Nov 16
12% Mar 31
23% Apr
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac. No par
110
*155% 164
47%
29%
90%
51%
58%
678
8%
6%
21
6%
100
*20
Feb
Dec
15*4 July 19
67
50
Hamilton Watch Co
1,900
*104% 109%
*55
57%
*10478 105
88%
19
35
7% preferred class A
Printing
6,100
*131
Oct
20
122
Hall
7%
10%
56
Feb 26
7*4 Mar 31
30
4%
104
Aug
207#
13% Mar 30
6%
200
75
4%
Nov
24
34% Mar 29
6% preferred.—.
*6%
95
Oct
Oct
1
20
30%
*73%
4%
*104% 106
Nov
8
70
10%May 26
Jan
8
30
Mar 31
100
Jan
Feb
95
30
Mar 30
100
88
33%
437#
Oct
Oct
8
June
61
Mar 30
1
Jan
Feb
Deo
100
*135
*684
Mar 29
17
Jan
Jan
27% Nov 9
11% Feb 26
Sept 28
31
13%
9%
Jan
Feb
16
100
Mar 29
8
20
Hackensack Water
1,300
100
30%
9
50% Sept
15% Oct
100
•
preferred
8% preferred
Gulf Mobile A Northern
ymm-m m
101
30%
10
10%
10%
10378 1037S 10334 10334
103
103%
*155% 164
*155% 164
*155% 164
*1634
17
17%
17
16%
16%
.69% 6934
69%
70
70
70
70
70
132
*13H2 132
132
*132
134
*131
20
10
30
17S4
*104l4 10734
1,600
1,000
22
*28%
1
Nov
Greyhound Corp (The)-No par
6M% preferred
10
Guantanamo Sugar—-No par
20
1
1
Preferred
16,400
1%'
*20
June
15% Mar
69*4June
2% Mar
62% Mar
*4 Mar
2% Mar
—5
Green Bay A West RR
Green (H L) Co lnc
Greene Cananea Copper
mm
2,700
19%
30
*135
7%
75
5%
5%
101
99
mm
46
12
34
I684 Nov 7
20% Nov 14
2% Sept 26
Gt Nor Iron Ore Prop—No par
Great Northern pref—
100
Great Western Sugar.-No par
20
49%
25%
22%
*100
*634
140
*1
11%
30%
600
22
*15514 164
*54
400
18
*1934
*28%
33%
300
200
*4%
11%
30
70%
Mar 31
Jan
Feb
Jan
Oct
Apr 1
1*4 Mar 26
Grand Union (The) Co
1
$3 conv pref series...No par
Granite City SteelNo par
Grant (W T)
—10
*18%
18
*9634
400
'
19
*135
2,100
5%
34
1134
9634
10i8
*10378 105
20
*5
*18
30%
*73
*18%
Granby-Consol MBA P
1178
12%
9634
Nov
July 21
June 18
4,300
1%
19
30
106
*1
20%
*28%
*33%
1134
100
85
1% Dec
18
1
Graham-Paige Motors
110
*99
Feb
Mar
Oct
—-1
2,900
Dec
95
5
.—100
19
Oct
13
Preferred
15%
7
32
1,500
Oct
Oct
15
37% June 18
par
3%
8%
Oct
60
preferred.—No par
Gotham Silk Hose..—-No par
60%
1
9
conv
Oct
Oct
17
Nov 10
2% July
Feb
21%
27% Nov 12
Jan
Feb
70%
122%
111
Jan
Jan
124
28% Dec
97s July 23
12% July 22
37
11,500
19%
May
3
14
50
$5
17,200
*36
117
Aug
537s Nov 12
124% Nov 3
45
July 22
2% July 25
No par
Goodyear Tire A Rubb-No
600
257*
1934
0
3%
64%
657s
Oct
2678 Oct 17
66% Nov 21
36% Nov 9
2,800
Oct
Nov
48
85
28%
12
*18
125
%
33
Oct 21
Mar 31
19,800
28% Nov
Nov 10
60% Apr 26
15%
40
21
50
70%
10
27%
25
5%
201"
30
Oct
9
Gold A Stock Telegraph ColOO
24
*40°
12
*5
34
6%June13
No par
12%
18%
*138
19%
*18%
Nov 10
26% Oct 14
41% Nov 10
No par
1%
*1%
2584
40
V
48
40% Nov
117% Nov 25
1% Oct 17
8% Mar 23
No par
7%
1%
12%
49%
12
534
24
30
34
Dec
Goodrich Co (B F).—-No par
6% preferred
No par
*18%
27%
*23%
*1478
2478
29
140
19%
20
Dec
100
75
1%
*7
preferred
conv preferred
Gobel (Adolf)
Goebel Brewing Co
900
28%
2784
24%
40
*5
OCt
22
*99
8,200
66%
33%
337*
102% 102%
*5%
5%
*70
19%
*18%
2%
65%
25%
1%
200
1,900
78
12
10
*17
2%
25%
1%
3,200
2%
23%
12
*20%
*28%
*33i,i
25
48
2%
78
5%
140
200
23
19%
4l2
110
25%
40
*135
*658
24%
28%
140
66
Feb 23
Nov 12
Mar 25
1
Glmbel Brothers...
*6 preferred
12,600
24%
giving
Day
19%
11%
1
*20i2
*28i4
33U
I2i8
33
1%
15
Thanks¬
conv
Oct
Oct
5%
65%
117%
5%
487s
Glldden Co. (The)
14%
64%
66
12%
18%
2784
24%
15%
25%
2834
13%
24
*70
13
Closed—
15
200
7
Oct
13% Mar 29
15% Mar 31
.
3,400
4,000
57
48
23g
234
84
102
584
*2334
15%
2534
29%
25U
24%
23%
6534
3334
*54%
48
*78
102
*27
24
*40
24%
**
8%
*61
48
66
99%
247*
8%
Exchange
64
7
15
2534
2914
*62
7%
27%
*2878
133#
7
24
*139
5678
13%
1,400
Nov
Oct
2%
6%
14%
110
98
Stock
300
24%
8%
7%
1538
100
Gen Realty A Utilities
"
$6 preferred-No par
General Refractories—.No par
4,400
Oct
117
9
21
30
6% preferred
100
General Tire A Rubber Co—5
Gillette Safety Razor..No par
99%
1%
24
6% preferred
1%
♦
25
8%
1%
14%
2514
94
1%
Oct
Nov
5
Oct
87
29
13
1%
24
Gen Railway Signal—No par
Jan
31% Nov
28
14%May 23
*54%
24
1%
*12%
18%
*»
1,700
1,200
684 Mar
101% Apr
l%May
12a4 Mar
*85
Sept
5%
91
130
Mar 31
Gen Steel Cast 16 pref-No par
Gen Theatre Eq Corp .No par
1%
1%
*»
General Printing Ink
1
16 preferred
—No par
Gen Public Service
No par
4
Gen Time Instru Corp-No par
2478
84
*70
'rn.-mm.rn
-
No par
-
400
*2%
75
-
1%
*87
11178 Apr 25
21% Mar 30
Common
1,160
2%
5%
-
23
4
1,600
2%,
102
—
Jan
25% Mar 31
19
2&S
33
900
1%
118
33
Sept 29
5% July 25
19% Oct 27
3878 Nov 10
3
10
600
10%
23
Feb
136
Mar 25
50% Jan
65 preferred
No par
Gen Outdoor Adv A...No par
100
300
7%
-.-100
General Motors Corp
63,200
42%
7%
10%
No par
6% preferred
497*
*123% 124
Jan
19%
58% Nov
11% July 27
%Mar 30
25
pref series A-No par
15%
2%
101% 101%
534
57g
124
*42
conv
29
2%
*70
5i2
*70
55
23%
6534
32%
$6
19
8%
49
66%
32
323s
101
5i2
25
*78
No par
"
15%
2%
I
No par
General Mills
800
49%
106%
Oct
Oct 27
9% Nov 10
July 12
Mar 30
29
99l8
*46
24%
No par
..No par
preferred
Gen Gas A Elec A
5,200
69
Nov
4
52
Mar 30
37%
234
66
General Electric
50
*122
1534
13%
64
25
84
24
100
General Foods
14.50
7g
8
19
13%
*60%
2434
*2i2
2%
7% preferred
•»
200
68%
11% Dec
10% Oct
100
207s Mar 31
108% Apr 1
27% Mar 31
2278 Mar 30
108%June28
37
15%
49
*46
234
-
Mr
11
35
7% cum preferred-.
100
General Cigar Inc.——No par
21
1884
2538
25
25i2
*2l2
*2%
100
21
1534
24i2
8%
100
M
—-No par
No par
Class A—
700
127%
Cable
1%
20
55
834
57
32
78%
7,400
29
2514
General
7% Mar
15% July
*39% June
19% Nov
115
6
—
Jan
Oct
Dec
1%
3
88
8%
6% Mar 31
Apr 12
2% Mar 31
584Mar 31
No par
General Bronze
4,400
25
6
—
18 1st preferred
120
16%
*40
94
28
812
Mar 29
700
32%
Oct
Jan
Jan
Aug
4% Mar 31
6
18
Jan
18%
83
July 20
4% Mar 29
21%
29
13%
*46
101
2434
*55
29
3,000
5,700
MarlO
1%
28
1534
Mar 29
37,800
37
*19
June 15
Gen Am Transportation
General Baking
136
Oct
Dec
July
9% Mar 29
21%
23
*
53
*108
36%
16's
48
82
6H% conv preferred
37%
1%
3612
19i2
99l8
50
Gen Amcr Investors—No par
$6 preferred
No par
m
Dec
2%
40
Sept
378 Oct 25
57# July 19
Sept 27
300
66
Nov
Apr
Sept
54% Feb
18
13
m
98
Oct
18
Gaylord Container Corp..—5
1,200
68
Oct
94
85
43%
2334
*87
#
Oct
11%
32
Mar 30
Oct
1%
Feb
68% Feb
39% Mar
97# Feb
27
5% Jan 12
58
46%
80
Oct 28
90
2% Mar 31
Apr 13
1978Mar30
1% Mar 29
2% Mar 31
Gamewell Co (The)
No par
conv $6 pf.-No par
Gar Wood Industries Inc.—3
117% 117%
10%
1%
«
Oct 22
29% Oct 28
25
10
Jan
4%
Mar 31
Gannet Co
Nov 12
37% Nov 14
109% Nov 12
Mar 29
800
8%
42%
36%
11
50
500
53
*125
7%
36l2
1512
200
100
25
10
No par
preferred
Galr Co lnc (Robert)
1
$3 preferred
-——10
270
19
*77
50
29
*19
1,200
16
68%
23
H2
*21
1,800
32
conv
Francisco Sugar Co
No par
F'k'n SJmon&Co lnc 7% of-100
Free port Sulphur Co
—10
Gabriel Co (The) cl A—No par
20
9%
9%
*133% 140
4%
4%
124
3678
►
878
55
112
221
3614
2834
2912
«
15«
1%
-
100
2,400
1
7%
*10%
Foster-Wheeler
$7
27*
52
49
497*
123% 123%
42% 42%
1
24
94
1*8
2312
1%
*22
23
*87
*
*
-
30
Apr 7
1% Mar 26
Food Machinery
2,300
378
12%
*8%
*108
...
94
23
*87
1
*67%
7)2
Mar 29
Mar 25
28%
100
80
*40
4934
18
85
37«
*49
8%
5284
*122
123&8 ♦123% 124
42
*42i2
4234
42
7l2
105s
4934
50
t Foil ans bee Brothers_.No par
Corp
100
4H% conv pref
100
6%
53
*77
69
*122
69
*6814
"122
D< c
*6%
110
52
1%
16
62% Mar
Dec
40
*2412 253g
*2412
25
*-24l2
25
*2434
25%
*125
*12314 128
12712 *125
127l2 *125
127%
4338
4334
42!2
43«4
4212
4278
42% 43%
3838
387«
3734
385#
37i8
377#
37%
3778
118
*115
II6I4 H6I4 *115
118
*115
118
1
22
16
9
914
9
9%
133% 133% *133U 140
*133% 140
*412
478
412
4l2
*4%
4%
16
1534
16l2
I6I4
1534
16%
*32
33
31%
32
3134
32
80
39% Oct 17
21
91%
8%
*95
261: Dec
11% Oct
1984June 13
15
6%
*49
8%
100
834
33
80
8ls
*95
100
52
*9%
934
13314 13312
4i2
458
1634
16ig
*31
8i4
8I4
100
Nov 10
43% Nov 10
No par
15
•
83g
*96
100
Florence Stove Co
45
19
267s Oct 24
Apr 14
24% Mar 30
1078Mar26
Hig hest
$ per share $ per share
16% Oct
41% Mar
90
Nov
107% Feb
Florehetm Shoe class A .No par
91%
19
76
First National Stores —No par
share
per
100
16
1878
$
No par
92%
6%
share
per
Fltntkote Co (The)
28%
*2%
3%
12%
1234
16
Year 1937
Lowest
400
^
1938
Range for Previous
Highest
16% Mar 31
6% preferred series A—100
300
1,300
7,500
997*
*3%
$
Firestone Tire & Rubber—10
1,600
99
41%
45
378
*91
6l4
*185#
4%
50
28%
278
*1134
1512
92l2
63#
*49
*3%
4
241?
*91
28%
278
*334
278
1512
25%
♦45
11
19l4
638
24%
884
*91
35%
108
*91
50
4
24%
4
35
108
281.4
*234
92l2
19
19l2
*49
40
11
1212
*19
6I4
*19
*98
26%
334
4
*10
*16%
98%
41%
25%
100
28
278
4
438
*12
98%
41%
37g
36i4
*45
28l2
Par
Shares
I8I4
*91
50
28i4
$ per share
Lowest
3412
35
4
*45
Week
26
110
108l2 *108
2412 2534
2434
25
100
25
.
2418
108
*91
Nov
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
YORK
26,
EXCHANGE
993s
4112
2534
*3312
I8I4
378
36
STOCKS
NEW
the
24
41
4
Friday
24
*977g
19i2
4
92
*2814
2334
34
♦I8I4
*3534 36
♦lOSU 110
2434
2514
9 per share
24
993#
40
261#
34
4
4
share
per
23i2
*97l2
391#
253#
Sales
JOT
Saturday
Nov.
*1 Called for redemption.
LOW
AND
SALE PRICES—PER
HIGH
SHARE.
Sales
CENT
CENT
ER
NOT PER
STOCKS
NEW
for
$ per share
$ per share
Shares
Wednesday
Thursday
Nov. 19
Nov. 21
Nov. 22
Nov. 23
$ per share
$ per share
8 per share
$ per share
8
834
2434
8
108
*148
*148
*148
90%
89
90
16
16%
1578
16%
5'.8
914
2914
93
5
5
9i8
29%
*9112
878
4%
8%
9'
*148%
9
9%
29%
29
29
29%
92
92
93
93
94
14%
4
*334
4%
14i2
27g
14%
1434
24%
*234
88
90
*88
9
gi8
87«
15%
9%
1578
80%
79i2
*11
2034
*77%
117„
9%
157S
*11
2034
123
*120
6978
*20%
*69
69
21
*18%
120
iot4
70
68
69
*18ig
*118
1534
79%
12
87S
1584
*77%
8%
*20%
*11%
*20%
21
70
100
100
400
68%
69
69%
20
*19
120
120
Mar 26
Mar 26
Mar 31
Preferred....
Int llydro-Elec Sys class A. 25
Int Mercantile Marlne.No par
Internat'l Mining Corp
6% Mar 31
Int Nickel of Canada. .No par
Preferred
100
6%
No par
No par
International
400
5%
Mar 28
500
7%
preferred
100
Inter
Telep & Teleg...No
Foreign share ctfs...No
4,900
1,700
100
Shoe
79%
210
11%
11%
300
Inter type
20%
200
Island Creek Coal
123
*120
mt
—
$6
71%
500
99% 100%
3,200
71
Preferred....
*68%
20%
100
100
69
160
Jones & Laughlln St'l pref. 100
20%
400
Kalamazoo Stove & Furn_..10
20
Kan City P & L pf ser B No par
*117*4 120
10
10
19%
1934
1,000
Kansas City
100
Southern
ioi4
2234
10
10
1834
10%
20
*9%
*20
19
19
9%
*18%
21
*19
21
1934
19«4
19%
15%
1934
*19
20
*19
20
300
4% preferred
100
Kaufmann Dept Stores.J12.60
15%
*14%
157g
*14%
15%
100
Kayser (J) & Co
98
*85
98
*85
98
11%
*11%
13
734
96
45%
12%
27
2%
*15
15%
*14%
16%
*85
98
♦85.
98
12
12
*117g
13
*85
11%
7 »4
8
8
*93i2
97
44%
4378
*93%
2:42
13
1234
27
1234
*26'
*26%
23
*2i2
*30
.
1512
16
2034
20%
*534
*2834
20 %
*12
*2012
'
612
2912
20%
1212
23
16
16
7
*6
25%
*2112
*2%
25i8
24
,5
5
*34
*3%
*26l2
1234
*313s
54%
7g
4
2714
13%
34i8
54%
16
20%
*30
16%
*16
2034
20%
6
6
2834
2834
*2834
20
20%
20
534
12
12
11%
20%
20%
20%
16%
2084
534
30
20%
16
16%
*6
*93%
437g
12%
*2584
2%
27
20%
Closed—
20
20%
16%
*5%
7
25
..
20%
5,900
*5%
7
100
25
1,500
23%
*»-
J-
200
■»-
3,200
47g
a4
4*4
34
*4
34
700
3%
2634
2,100
13%
3234
54%
1378
3234
54%
3%
26%
13%
33%
3%
26%
13%
32%
54*4
7
7
634
6%
347g
34%
35%
*98
<
35%
98% 98%
99
100%
35%
100
99%
9934
174% 174% *175
*18
35%
1834
*18%
35%
*35
180
18%
36%
4%
400
4,800
32%
200
55%
3,200
36
*47%
1,900
36%
49%
600
3,100
5,100
59
58
5884
58%
300
58%
20%
20%
*104% 106
20%
20%
151% 151%
*17%
1734
51%
51%
29
*28
*120% 125
*20%
30
19%
2,600
*150% 15234
160
1,600
50
51
50%
51
2,800
*28%
*120%
29%
2~9% "moo
~
-
Magma
3578
3578
37
37
2
*8l2
9%
9%
1%
*734
8
9
*13
*1%
5%.
*15
1%
8
*134
7%
7%
1584
1584
16%
9%
9%
13%
*13
*184
14
*13
9;
14
Macy (R H) Co Inc
*13
14
■
1%
1%
1%
1%
1%
500
5%
5%
5%
5%
8,100
13%
12%
12%
32%
12%
323g
13%
33%
12%
33%
33%
32%
5
5
5
5
5
5
56
56
34
34%
*162%
49%
...
49%
534
56%
3434
*48
*26%
27%
*91
95
*91
12%
*11%
12%
12
98
*86
•
57
3584
*55%
35%
%62%
48%
48
"162%
578
*26%
534
.
48%
47%
57g
578
5%
57g
2734
26%
26%
95
13%
13%
11%
1134
*86
5534
35%
3578
*162%
56%
97%
*91
13%
lll9
*86
26
Exploration..1
Corp—.6
Market Street Ry
100
5%
5584
357g
__
7~200
"l"2% "1234
32%
6
*55%
35
*162%
48
4734
57g
27%
*26
5%
33
32,000
3,000
61?,
56
400
3,100
35*4
-tm-i-
50
.
1,-500
5%
800
26%
100
92
92
*93%
OS"
"16
13%
127g
13%
*12%
13%
900
1134
1134
11 *4
1,800
II84
97%
*86
98
this day.
11%
*86
t In receivership,
preferred
6% prior preferred
100
100
—.100
6% 2d preferred
Marlln-Rockwell Corp....—1
93
Bid and asked prices; no sales on
*26
12%
33%
Bros
98
a Def. delivery,
Marshall Field A Co ...No par
L.) Co.
1
Corp.—No par
Masonlte Corp
...No par
Mathleson Alkali Wks.No par
7% preferred
.100
May Department Stores.—10
Maytag Co..
No par
S3 preferred w w
No par
$3 preferred ex-warr.No par
$6 1st cum pref——-No par
McCall Corp
No par
McCrory Stores Corp
1
Martin (Glenn
Martin-Parry
6% conv
n New
preferred——.100
stock,
r Cash
sale,
%
Jan
17% Mar
277s Mar
51%
203
Feb
8
Oct
23
Oct
33% Dec
5
Oct
3
23
Oct
82
Dec
83%
Oct
175% Nov 14
Feb 28
151
37% Nov
xl8
40*4 Nov
9
15%
18%
33
12% Mar 31
21% July 21
14
Mar 31
62% Nov 12
43%
Apr 18
Jan
Mar
278
22% Dec
Nov 14
Mar 25
24
Oct
Deo
Deo
101% Nov 9
103% July 25
50
111% Oct 26
May
Oct
Oct
Nov
Oct
Dec
99% Nov
Oct 11
1
Mar 31
63% Oct 22
32
2% Mar 28
5*4 July 25
2%
Oct
23% Nov 10
Jan 18
17%
Deo
*4 Mar 26
26
9
92
14*4 Mar 31
June 22
106
13*4 Mar 31
Apr 1
154
125
12% Mar 31
2978 Apr 20
12%May 27
Mar 29
22
116% Mar 30
21% Nov 10
Nov 10
19% Oct 17
56% Jan 10
21% Jan 12
31% July 19
126
Jan 21
101
June
Oct
Oct
15% Dec
125
Oct
Oct
48% Nov
13% Oct
26% Oct
123% Nov
17% Deo
14%
Mar 29
32% Nov 16
24% Mar 30
10
Mar 26
49% Aug 26
25
Dec
19% Oct 27
31
29
30
26
26
40% Nov 10
8%
18%
Oct
Oct
6
Dec
10
Oct
16
18% Mar
*4 Mar
4% Mar
5*4 Mar
2% Mar
2% Oct 22
7% Jan 11
~
5
Jan 10
4% Sept 14
"~8% "9% ""570
1234
9
1% Mar 31
9,400
5%
14% Nov 21
9
10%
X Manhattan Ry 7% guar. 100
Modified 6% guar..
100
4%
1% Jan 12
35% Oct 21
58% Nov 10
29
Oct
Oct
7% July 25
67g Mar 29
19% Mar 30
23% Mar 31
20% Mar 26
9%
Dec
5% Jan 13
29
July 25
81% Mar 31
Apr 9
14% Mar 31
Dec
14
19% Mar 30
Mar 29
5
97
Marine Midland
Man del
1%
32%
% Mar 26
178 Mar 29
6
10% Dec
Oct 11
120
Mar 29
3
28% Oct
15% Deo
4
Oct
2:25% Oct 13
Maracaibo Oil
100
710
5%
7%
Jan
Manhattan Shirt
8
17%
6%
7%
13% Mar 30
95
7% July 20
10% Nov 9
20% Jan 13
10% Nov 9
16
July 23
2*4 Jan 11
No par
*734
16%
1%
8%
GardenNo par
Copper—
..10
Madison Square
9%
*
5%
*7%
No par
No par
Manatl Sugar Co.
36%
z38
preferred.....--No par
400
36%
2
6%
1,000
17%
16
3%May 13
33
Biscuit......—25
2
17
1%
41%
preferred....
—100
Lorillard (P) Co
10
7% preferred
—.100
Louisville Gas <fe El A..No par
Louisville & Nashville..—100
Ludlum Steel
1
Mac Andrews A Forbes——10
39
17
1534
Oct
6%
17%
17
*734
8
102
Mack Trucks Inc
17
8%
Jan
Oct
.No par
—No par
No par
4,300
4,300
1,600
2984
16%
15%
Jan
6
No par
preferred
Loose-Wiles
20
X
42%
*14%
1%
19%
400
21%
105
42%
37%
Jan
24%
277s
Long Bell Lumber A...No par
17%
29%
I57a
47%
Liquid Carbonic Cor p. .No par
Inc
Feb
Dec
Lily Tulip Cup Corp...No par
Lima Locomotive Wks.No par
Link Belt Co
No par
$6.50
35% July
29% Jan
Dec
Corp
Inc
71
Dec
14
Libbey Owens Ford Gl.No par
Loew's
Dec
11
22
9
10% Mar 31
Preferred
9% Mar
20
21% Nov
Corp.....6
No par
Lehn & Fink Prod
Oct
31% July 23
1,300
4%
17%
121
20% Mar
46% Apr
1%
Mar 26
Lone Star Cement Corp
17%
29
4% Oct
17% Deo
12% Mar 31
Loft
17
121
14% Nov 12
July 19
3% July 25
30
July 23
30
par
6% conv preferred.......60
Lehman Corp (The)
-.1
100
43
37%
5%
*20%
105
20
150
109% Jan
69% Mar
15% Mar 31
2% Mar 26
2,600
30%
17
1378
20%
105
Mar 30
28% Nov
80
22
10
8,600
7%
58
29%
42%
17
5%
*4
4%
110
2978
43
42%
*1%
7%
57*4
29%
427g
29%
42%
*13
1934
149
29
*28%
110
7%
58
30%
43%
1684
43
2
20%
105
*120% 125
29
*28%
*120% 125
30%
*8
21%
*104% 106
*104% 106
20
20%
1978 20%
149
149% 149%
149%
*17%
17%
17%
17%
50
5034
49%
5034
29%
*1%
*20%
21%
3
Deo
Oct 15
61
par
Lehigh Portland Cement
25
4% conv preferred.
.100
Lehigh Valley RR
60
Lehigh Valley Coal
No par
200
19
5834
4%
Feb
1% Mar 29
12% Jan 7
157
*18%
5834
4
6% Mar 31
19
100
-100
*175
58%
4
6
Liggett & Myers Tobacco—26
Series B
26
19%
4
Jan
Jan
100%
100%
175%.
19
4
19%
Mar 30
19
4
4
Mar 30
49
4
10% Oct 19
100
Oct 5
81
19
7%
5778
Mar 26
25
*47
*110
Feb
5
19%
587g
7%
58%
23%
par
Lee Rubber & Tire
Lerner Stores
Jan
7
19% Jan 22
22% Oct 25
8
July 13
par
No par
No par
Bryant
Jan
80
Life Savers Corp
46%
7%
57%
Lane
110
May 27
Libby McNeill & Llbby No par
19%
58%
*110
Nov
Jan
Mar
14% Oct 24
200
46%
7%
58%
85
Apr
400
19%
7%
57%
5
27%
4% Mar 29
900
46
*110
63
7
19%
73g
Nov
35%
46
5778
13
7
*98
1914
7
Nov 16
*34%
4678
577s
16
6
19%
*110
35
2
6
Nov 12
24%
29
12% Apr
iO%May
17
23%
46
447s
8% Mar 31
Day
Jan
121
Oct
Oct
Jan 12
1,100
Dec
6
Oct
30
16%
Jan
136
16
Mar 26
16%
87%
155
14%
15
5%
Jan
Apr
Aug
Nov 14
100
3%
26%
54%
preferred...No
Kresge (S S) Co
Kresge Dept Stores..—No
Kress (8 H) & Co
No
Kroger Grocery & Bak.No
30
126
22
preferred
Lambert Co (The)
34
54%
<5 prior
13% July 25
24% July 21
40
3%
27
13%
*32
Mar 29
23
34
34
54%
6%
5% Mar 29
12
26%
127
Mar
15%
Oct 18
123
8
18
3%
26%
13%
64
Mar
Feb
8% Nov
36% Jan
107% Apr
115% Apr
24% July 20
12% Mar 25
118
1578
64% Nov
Mar 29
*113
4%
1
8
34
434
49% Apr
Dec
65% Nov
Laclede Gas Lt Co St Louis 100
334
27%
14%
4%
49
120
80
34
5%
8
12
467g
*
100
*3%
26%
13%
*31%
4%
Aug
*11%
23
*113
72
111% Oct 14
130
July 7
78
Jan 10
Jan 24
rll6
1
Jan 12
giving
24%
200
*29
4
*16%
1178
20%
*22%
4,700
6%
2934
$8 preferred
20%
Thanks¬
6
20%
*5%
Exchange
2278
90
Oct
Sept
Nov
Keystone Steel & W Co No par
234
Nov
124
900
16%
Jan 15
Dec
9
20%
12*4 July 25
113% Apr 30
44% Mar 30
3
....No par
*
1
...No par
70
83% Nov 17
Mar 29
Feb
Feb
24
68
10
57% Feb
28% Jan
49% Jan
Mar
8
122
Jan
73% Mar
135% Jan
19% Sept
68% Sept
62
Dec
Feb 10
18%
110
8%
Mar 31
Jan
15% Apr
Oct
Nov 12
June
Jan
167s
,
Oct
Oct
63
Aug
Oct
6%
18
Jan
120
162
16
8
6% Mar 30
Apr
Apr
189
30
11% Oct
Feb
July
Mar
Mar
3
4
6
26%May 27
Kimberly-Clark
Kinney (G R) Co
Oct
Oct
80
............
Dec
4
Kennecott Copper.....No par
*30
16
35*4 Jan 24
Kendall Co S6 pt pf A ..No par
12%
19%
1
1
Class B
34
30% Nov 25
48,600
96
100
*2%
Stock
6%
30
24%
*113
....
*26
20%
6
23%
45%
6
Keith-Albee-Orpheum pf._100
Kelsey Hayes Wh'l conv cl A.l
1,100
7*4
*534
24%
25
300
*93%
44*4
12%
20%
*16
-■*.
11%
734
16%
1178
20%
«
11%
*29%
11%
20%
16%
....
*22%
7
25
*22%
6%
*34%
347S
*98
100
*96% 100
100
100
98%
997g
175
175
*174% 176%
*17%
1834 *18
1834
35
35
*34%
36
684
34%
45
*16
15%
*113
*113
734
97
4334
12%
26%
234
*30
234
46
*30
45
7%
*93%
42%
12%
*25%
*2%
97
43%
1234
27
800
Nov
12778 May
6% Dec
29% Dec
2% Oct
6
8
Preferred
Oct
37
111%
11%
28%
9%
63%
Oct
6
Jan
Jan
64% Apr
Oct
178
94*4 Nov
11% Oct
16
No par
No par
Johns-Manvilie
3
48% Jan 21
35% Nov
6
13%
Nov
46% Mar 30
5% Fib 4
1
Jewel Tea Inc
138
Jan 21
6
Oct
65
No par
Corp
1
10
*127
par
preferred
*•
*
par
Interstate Dept Stores-No par
*77%
9%
June 17
12
preferred
*20%
2034
28
.100
International Silver..
9%
2
,15% Nov 10
52% Nov 9
31
30
25
31
18% Mar
2% Mar
28% Mar
19% Mar
Oct
18% Oct
127% Nov
53% Nov
140
Jan 19
4% Mar 29
15
100
conv pref
500
16
6
57% Nov 10
July 23
3678Mar31
132
Internat Rys of Cent Am..100
31
87s
120
1
Inter Paper & Power Co
Mar 25
2
Dec
2% Dec
164% Oct 29
9% Oct 28
4% Jan 11
11% Jan 21
3% Mar 31
30%
32%
16,800
9
Mar
143
July
131% Mar
33% Feb
Oct
92
Feb
144
Oct
20
Jan 11
70
May 27
141
100
Oct
Oct
1%
179*4 Nov 10
International Salt
15%
69
20
2
15
678 Mar 30
100
20
9
6%
378
5% Nov 15
9% Nov 16
34% Nov 9
98
Apr 25
5% July 7
Mar 29
Prior preferred
600
90%
Oct
58% Nov
Int Business Machines.No par *130
Internat'l Harvester...No par
48
43%
8%
32
Nov 12
19% Oct 17
June 10
2
Internet Agricultural..No par
8,700
20
80
...No par
30
...
120
11,800
Sept 30
95
16% Nov 12
3% Jan 17
29
Jan 17
Iron
32%
101%
*127
69%
20
22,800
30
71
*70
70
99
*11734 120
53%
*40
123
*120
123
*126%
.
53%
90
*77%
100%
*126%
1,300
*130% 134%
13
1234
46
4634
3%
*3%
884
87g
157g
79%
117g
21%
8%
87g
*120
100
69%
127
884
90
*11
123
8*4
33
30%
8%
8%
15%
79%
1178
21%
*120
*100% 101%
127
9
9
16
8%
200
100
No par
Rubber
Nov
146
Mar 30
22% Jan
47% Apr
Oct
Deo
72
8
15
preferred
Interlake
100
5,700
*31%
*29%
89
4,700
334
43%
29%
88
900
7%
7
6%
Intercont'l
400
*3%
37g
43%
2934
31
400
61%
60%
161% 161%
47%
33
88
234
177
177
*3%
*28
9,500
25%
2*4
*24
46
*32
500
4%
14%
20
1
t Interboro Rap Transit...100
Interchemlcal Corp
No par
280
94
4%
3%
4334
29%
29%
30
14%
47%
46%
*3%
*43%
88
Insuranshares Ctfs Inc..
94
5234
53%
130% 130%
12%
13%
52%
53
130% 132
12%
13%
S3
52%
53%
*127
134%
134U *130
1234
12%
133g
13%
46
47%
46%
47%
*33g
33S
378
338
43l2
43l2 *43%
44
30
2934
2934 *29
33
33
32%
33%
*2914
31
*29%, 31
Inspiration Cons Copper
6,800
4%
1 7834 *177
52%
8,700
2,000
9%
*28%
234
2%
*234
27g
*23
24
24
24%
177
178
177%
177% 177
61
61%
62
60%
62%
6034
61%
62l2
*159
1637g
164
*169
164
*159
1637g *159
7
67g
7%
7%
7%
7%
7i4
7%
*3%
3%
*312
*3%
3%
3%
334
3%
9
U
8%
8%
8%
834
834
9
*234
24%
*177
1634
4%
9%
5%
15
9
56% June 17
7% Mar 30
3% Apr 1
278 Mar 26
Feb
Highest
per share $ per share
10% July 13
30% Aug 24
Nov
135
No par
$
share
117
100
preferred
Inland Steel
per
Mar 25
60
2,000
700
J
14% Mar 31
88»4
14%
284
24%
4
*2334
4%
14
6%
-
-
10
...No par
Lowest
Highest
No par
Indian Refining.....
Industrial Rayon
Ingersoii Rand
4%
9434
4%
14%
4
400
16%
29%
14%
-
Year 1937
100-Share Lots
J per share
4
Mar 29
88*4
9%
29
-
Par
200
108
108
....
88%
15%
On Basis of
Lowest
1,500
26%
25*4
25
108
90
5%
8
25
*107
9
*7%
8%
8%
25% 2534
107% 108
*148%
87%
89
88%
16%
16%
16%
4%
47g
47g
*7%
25
108
24%
111
Range for Previous
Range Since Jan. 1
'
STOCK
Week
Tuesday
*8
YORK
EXCHANGE
Nov. 24
Monday
245s
the
Friday
Nov. 25
Saturday
♦108
3273
New York Stock Record—Continued—Page 6
Volume 147
Mar 30
%May
3% Feb
7
Jan 28
78 Mar
18*4 Mar
5% Mar
14% Mar
2%May
25
2
7
30
30
30
30
24
Mar 29
19*4 Mar 31
156
Aug 2
28% Mar 31
3% Mar 26
16% June
20
Mar 29
75
Apr 5
8*4 Mar 31
6
Mar 23
61
Mar 31
x Ex-div,
l%May 12
7*4May 11
16
Aug
6
2%May 11
2978 July 6
1478 Nov 10
34% Nov 9
7% Oct 27
Oct
9% Oct
1% Oct
5% Oct
% Dec
4%
3
Oct
6% Deo
1%
24
7%
10
1%
Oct
Dec
Dec
Oct
Oct
Oct 12
20
Oct
3678 Nov 24
22
Dec
165
Feb 23
142
May
53
Oct 25
33%
778 Aug 8
28% July 26
21
Apr 22
20%
61
4%
Dec
Oct
Dec
35
June
93
Nov 16
93
Nov
16
Jan 18
11%
Dee
13% Nov 10
7%
Oct
92% Nov 10
y Ex-rights.
266
Oct
1 Called for redemption.
New York Stock Record—Continued—Page 7
3274
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER CENT
STOCKS
Sales
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 19
Nov. 21
Nov. 22
Nov. 23
Nov. 24
Nov. 25
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
On Basis of 100-Share
YORK STOCK
NEW
for
.
Saturday
Shares
18%
*9%
*49%
*20'4
8U
*3834
19%
50
20%
20%
8%
3934
9%
8%
*
95
*13
19%
*934
50
*387s
978
10
*
11
50
39%
10
20%
*10
18%
11
50
20%
8%'
20%
8%
934
9»4
*50
80
*50
73%
48'4
»1278
*68
71
*68
*48%
50
6%
2034
10%
*42%
15%
*2034
15%
27%
6
11%
15%
6
%
I
h
*1334
11%
1534
%
1
*1334
15
14
2%
8%
1
1%
*2
2
2
8%
8»4
834
%
78
*%
1%
1%
*18
19%
101% 102%
*111
116%
49% 50%
1%
18% 18%
100% 101%
*112
117%
49
50%
5%
6
*57%
*%
63
*%
*%
13%
12%
13
12% 1,2%
59% *58
59%
107
107% *106
8%
8%
8%
8%
50 34
*46% 50% *47
9%
9%
9%
934
*24
25
*24% 24%
13
13%
1234
13%
13%
13%
13%
1384
25% 26
25% 26%
166
166
*17%
94%
*24
18
94%
247s
5%
*56%
6
60
1
I
94
1
%
13%
2
2
2%
*139
24%
8%
79%
18
*23«4
*67%
*334
*11
*25
*68%
*3678
*107%
17
1%
*42
18%
*1584
27%
36%
4
378
*8%
36
4
♦26
6%
40
6
Mld-Contlnent Petroleum..10
*%
107
2,600
4«34
*34%
20",200
50%
36%
38%
19
19
700
15
15
15
1,300
*26
8%
8%
13
13%
25%
*26
39%
13%
5934
*12%
*59%
6
107
8%
107
83g
50%
60
27
6%
39%
*12%
5934
4 % leased line ctfs
Mission Corp
8%
Montg Ward A Co Inc.iVo par
Morrell (J) A Co
No par
Morris A
Motor Products
Motor
Mulllns Mfg Co class B
13%
13%
26
13%
13%
25%
26
8,100
168
400
24%
25%
13%
*25%
12%
3%
8%
9%
*5%
26%
•18%
Thanks¬
6%
2784
19%
giving
14%
15%
Day
3%
8%
8%
3,100
15,600
17%
100
96
25%
24%
25%
13%
7%
100
3,000
15,100
115
*114
1,000
"5~3o6
100
174
*163
8%
79%
8,500
8%
79%
17%
23%
*67%
900
7,000
4,600
17%
23%
>20
16,800
30,900
16
42%
800
36,700
*8
150
122
*59
65
*59
65
*59
65
1%
1
4
4
%
14%
7084
13%
7034
,13
13%
*65
11%
13
12%
*65%
69
8ft
69
69
8c
179
179
107
107
22%
*55%,
1578
22%
56%
16%
%
i
*107
109
107
107
22%
22%
56%
*5534
15S4
16%
.102
*82
85
*30
*30
4
36
*34
934
2834
18%
97S
2834
18%
*108
112%
8%
8%
26% 27
*140
143
13%
*52%
2178
*40%
*114%
70%
*7%
*4
.19%
6%
*12%
2884
417g
*14
114
*147
14
57
22
49
35
3%
9%
28%
18
4
36
10
28%
18%
16%
*102
*82%
11%
22%
56%
17
102
*82
85
*30
35
934
56
102
101
28%
18%
56%
17
16%
22%
8434
11%
4%
40
11%
101
32 %
32%
5
38
38
28%
18%
29
10
2838
12%
101
484
9%
18%
18%
112% *108
112% *108
112%
9%
*8%
9
8%
8%
*25% 27%
26
25% 26%
2534
*108
*8%
*139
13%
*51
143
14%
5834
*140
13%
*53
143
13%
58%
*139% 143
13%
13%
*53
68
22
...
14«1o
14S1, *148
14834
148
148
Bid and asked prices: not it es on* his
day.
107
22%
102%
101
3%
36
22%
56%
22
22
22
22
*2,1%
*40%
49
49
*40% 49
*40%
*114%
*114%
*114%
71
70%
71
70
69% 70%
70%
•
7%
7
7%
7%
7%
7
7%
*4
4%
4%
4% ; 4%
4%
4%
19%
1934
1934
19
20
1934 21%
*6
7
7
6%
8
8
8%
*13
15
15
*13%
14%
14%
*12%
2884
29
28%
29
28% 29
29%
*41
417g
41%
42
41%
41%
41%
14% *14
14
14
14% ♦14
14%
114% *113
115% *113
115% *113% 116
1481-,
*
11%
12%
100% 100%
35
334
1,600
%
1%
%
107
56%
102
*34
%
*171
4%
%
107
,22%
85
10078 10078
470
17634
102
12
13%
73%
171
*82
11%
13%
176
102
""
%
10%May 27
65
Mar 31
20
Sept 28
3% Mar 29
3% Mar 30
No par
17% Mar 31
11% Apr 1
...1
4
Mar 30
17% Mar 29
100
154
June
3
100
127
Oct
1%
Dec
1%
Oct
4
12
22
12% Dec
6% Mar
12% Mar
40%
Jan
2:71
Nov
105
Oct
109
Sept
30
Oct
,21
13
3
107% Aug
32
Oct 13
8% July 26
64% Jan 13
Oct
15% Aug
Dec
99% Mar
4%
50
15% July 22
02% Oct 21
June
1
Nov
9%
Dec
50
Nov
102
Apr
8
14% Nov 10
14% Nov 25
Oct
Oct
6%
Nov 10
17
Dec
108% Oct 21
145
May
28
Nov 12
13
Dec
94% Nov 19
25% Oct 21
90
Aug
19
30% July 29
16% July 27
115% Nov 15
113% Oct 18
10% Oct 22
13
31
July
Oct
12
Oct
36%
90
Feb
Mar
108% Jan
20% Feb
71
Mar
24% Jan
47% Mar
24
Mar
18%
Jan
33% Mar
167
-
Jan
33%
103%
Jan
Feb
38%
Feb
20%
Feb
106% Dec
112% Mar
104%
6%
Oct
112
4
Oct
6% July 9
30
Nov 14
20% July 26
16*4 Oct 22
Jan
17
Oct
May
24% Mar
10% Jan
Oct
35
17%
,
Dec
38
4%
Oct
18%
Mar
Mar
Apr
7
18
Oct
44
Mar
Oct
171
Jan
127
July
150
Jan
16% Dec
61
Jan
Jan
13% Mar 29
* 5
Mar 29
178% Oct 14
145% Sept 22
28% Nov 9
9% Oct 17
6
Oct
14%
National Steel
44% Mar 31
81% Nov 12
55
Oct
12%Sept24
23
17%
Dec
99% Aug
26% Nov
preferred
..40
5H% Prior preferred—.100
21
Dec
30
70
Corp
25
National 8upply (The) Pa..10
$2
prior preferred
National Tea Co
177
*82
11%
500
107%
260
22%
56%
14,200
17
16%
101% 101%
85
12
101
400
65,200
500
"
MOO
101
*30
35
4%
37
9%
29
18%
108
8%
434
No par
9%
600
18%
19%
*6
*12%
28%
*41
*13%
116
im
{ In receivership,
4% Jan 14
3
Dec
12%
11,600
2,200
3,900
4,700
1
Oct
13%
Feb
22% Dec
57%
Nov 16
62
Dec
87
Feb
Sept
40
Jan 14
32
Dec
1
5
Mar 31
Apr
2
Nov
N Y Air Brake
No par
20
Mar 26
New York Central
No par
10
Mar 29
7
Mar 25
12% Aug
108% Nov
l%Nov 15
48% Nov 12
21% Nov 10
29
2
Mar25
4*4 Jan 11
6% Mar 26
11% Mar
210
500
14
100
240
delivery,
41%
15%
Oct
14
Oct
72
100
2%
5
Jan
98% Feb
55% Mar
30% Nov
15
Jan
Mar
Jan
Oct
31% Mar
Oct
12%
25%
Oct
Jan
Jan
101
Mar 30
120
Apr 25
110
Oct
135
Jan
110
Aug
9
111
Apr 28
113
Nov
137
Mar
Ry Co.. 100
{N Y N H A Hartford....100
54
June
1
54%
Dec
97
Feb
Conv preferred
—
l%June 10
100
"
{N Y Ontario A Western.. 100
N Y Shipbldg Corp part stk. .1
7% preferred
100
{Norfolk Southern
100
Norfolk A Western
6%
38
133
100
100
No par
preferred
1
par
Northern Central Ry Co...50
Northern Pacific
100
7% July
72% Oct 24
1% Jan 11
198
108
92%Sept 16
May 12
Ohio OU
Co
No par
Oliver Farm Equip.—.No par
8% Sept 14
19%May 31
7% Mar 30
Omnibus Corp (The) vtc No par
8% preferred A
100
Oppenhelm Coll A Co..No
Otis Elevator
preferred
conv
4
par
No par
122
6% Mar 31
1st pref ..No par
30% Apr 1
10
Mar 30
39% Apr 28
115
Apr 19
6
No par
100
Pacific Amer Fisheries Inc
Coast.
Pacific
1st preferred
40
Pacific Ltg Corp
Pacific Mills
3% Mar 29
9%Mar 26
*22%
32%
9%
87
No par
r>referred
New stock,
r
Mar 30
2% Mar 26
10% Mar 25
No par
Pacific Telep A Teleg
Mar 30
0
5
10
....No par
2d preferred
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
a <%.
Jan 14
No par
Owens-Illinois Glass C.„ 12.50
n
Mar 28
13% Mar 25
100
Steel
1
83% Apr
Cash sale,
x
Oct
9% Mar
Oct
26% Feb
1
Oct
6%
Feb
3
Oct
30
Oct
15%
76%
Jan
Jan
%
Oct
4% Mar
180
Oct
272
102
Apr
114
Jan
Jan
Feb
Jan
17
Nov 22
3
Oct
102
Nov 10
93
Oct
93% Jan 13
91
Oct
105
14% July 25
101
Nov 22
35
Sept
2
Nov 23
14%
9%
30
1%
15
14% Jan 10
32% Feb 23
Sept
19% Nov 16
l«J2SePt
10
8
53% Jan
6% Mar
Oct
40
22% Apr
73
Apr
20% Feb
6%
90
20%
Nov 16
Dec
Oct
9
60
36% Mar
Nov
29% Nov
9
Jan
Oct
9
5%
Nov
Jan
24
9
15% Nov 16
Jan
Oct
Nov
147
Oct
48% June
8
125
0%
Oct
Oct
Nov
Oct
114
Feb
19% Mar
45%
140
Jan
Feb
24% Mar
Dec
97
12% Dec
28
52
Oct 11
44
Dec
75
Jan
115
Apr 19
114
May
115
June
76% Nov
11%
Jan
5% Jan
21% Nov
9% July
9
17
11
22
19
15% July 23
43
Nov
4
Oct 25
19% July 19
116% Aug 17
149
Nov
Ex-rlghts.
3
48
Oct
Nov
Jan
22% Aug 25
Mar 31
y
9
2
4%
34%
57%
17%
104%
30
Ex-div.
Jafl 13
Nov
20% Oct 17
56% Nov 23
Mar 30
Mar 30
100
Apr 1
1OO r 132% Mar 30
7
1% Jan 15
15% Nov 1
3
6% Mar 31
North'n States Pow Co $5 pf. 1
63% Nov 15
2% Jan 10
Mar 29
June
13% Mar 31
45% Apr 1
5% Mar 30
87%May 3
75 June 21
50
North Amer Aviation..
No Amer Edison $6 pf.No
Mar 31
%June 16
100
Adjust 4% pref—
North American Co
2% Mar 30
% Jan 5
4% Mar 29
•
'
50
Nov
64% Mar
109
50
$5.50
4"200
1
Oct
Jan
50
preferred
Outlet Co
8%
99% Nov
10%
Mar 30
Dock——.iVo par
preferred—
No par
Outboard Marine A Mfg
14
9
6%
19% July 23
18
New York
""600
540
2
22% Jan 10
38% Jan 12
37% July 23
12% Mar 31
NYC Omnibus Corp—JVo par
6%
570
Oct
July 20
—
Otis
7
Oct
Dec
71
99% Apr 26
9% Mar 31
100
~8"§66
5
20%
20
28
5%
7
58
5
19%
147%
75
41
3,700
3,800
a Def.
Dec
5% pref series A
Newport Industries...
Preferred
116
80%
75
1 % Mar 30
49
2834
41%
63% Dec
Feb 23
12% Mar 30
420
58
71%
July 25
75
25
834
26%
22
July
82
Northwestern Telegraph...50
30
*21%
*40%
*114%
70%
6%
30
1
Norwalk Tire A Rubber No par
Preferred
50
300
*52
4
Jan
Feb
2%May24
7% Mar 31
14%June 17
1
Rights..
Feb 25
Mar31
60
108%
25%
*139% 143
13%
13%
*4
100
19,500
37
29
63
No par
10%
73
*172
Jan 17
10
N Y Lack A West
14%
72%
178
Mar 25
100
N Y A Harlem
2,100
1,600
2,700
13,100
1%
*3%
%
*170
34% Mar
5%
8
11
Apr
Mar
6% preferred B
123
%
9% Mar
34
Nat Mall A St'l Cast Co No par
National Power A Light No par
70
*112
1%
Oct
51
No par
6% preferred series A... 100
4
*110
4%
Dec
2
Dec
150
N Y Chic A St Louis Co... 100
8<
*3%
122
%
15
12
21
15%
106% Mar 30
105% Mar 30
10
Jan
13
Jan
6
new No
Lead
Jan
6%
Feb
15% Mar 31
100
900
36%
123
1%
5
10 *
3,200
2,500
16
29%
*28%
*112
3%
Oct
26
4Ji% conv serial pref.-.100
Newberry Co (J J)
No par
19%
42%
*110
%
,.1
Nelsner Bros Inc..-
123
138
%
Oct
100
73%
*36% 38%
*107% 112
16%
17%
122
4%
25
153
500
*68%
*112
84
5% Mar
Oct
25%
*24
*110
1%
Dec
10
Natomas Co
122
4
%
3
400
123
1%
2%
11
29
""906
*115
4%
1
Dec
7% Mar 22
8% Mar 30
Co
Aug
%
Louis..-1()0
preferred
16% Mar
108
10
Oct
3
*110
*34
Oct
Dec
Dec
11
3%
11
123
4%
50
Oct
7% preferred A
200
68%
122
*1%
98%
4%
13
5
Nat Enam& Stamping.No par
1,110
*115
....
19
6%
*136% 139%
*23
23%
*110
*58
Oct
Mar
3
Nat Distillers Prod
300
Mar
124
44
Nat Dept Stores
National
120
8%
Mar 31
100
12,200
Nov
17
Feb
12% Mar 31
27%
Jan
53
22
35% Mar
48% Mar
38%
11% Sept 26
26%
122
Oct
Oct
No par
Nat Gypsum
Oct
Nov
12%
No par
12,600
15
22% July 25
17% Nov 9
Nat Dairy Products
14%
14
12% Jan 10
7% pref class A...
7% pref class B
Jan
87
6% Mar 30
Corp
41
72% Mar
26% Feb
22% Jan 11
37% Mar 29
w w
Feb
30% Nov 14
July 28
111
5
100
Jan
16%
47% Mar
Mar
9% Apr
34% Mar 26
95
Apr 6
4
Mar 29
pref
14%
Oct
86
40
Nat Cash Register
6%
Dec
4%
110
Oct 18
10% July 27
54
July 29
5% pref series A
160
112% 112%
9%
9%
6%
*5%
27»4 27%
18%
♦18%
14
33% Nov
Feb
93% Aug
66%
11% Mar 29
Nat Bond & Invest Co .No par
140
Oct
101
69
Mar 25
Corp
Nat Bond A Share
3
16% Dec
Jan
Jan
34% Apr
Dec
Mar 30
Biscuit
cum
Dec
Jan
19
112%
Dec
4
National Acme
National
50
37% Dec
16% Mar
47%
36%
No par
Nashv Chatt A St
Nat Aviation
Dec
66% Dec
7% Nov 16
29% Nov 15
16% Nov 12
47% July 25
14«4 Oct 17
26
Nash-Kelvinator Corp
200
13
Closed—
3%
14%
14%
*23%
Exchange
114% 114%
113% 113%
9%
250
*93
17%
*23%
2,400
ib",4o6
10
4
Nov
Oct
78% Dec
1534 July 22
80
Oct 20
30
31
1
Inc
7
Nov
73
No par
$7 conv preferred
6
40% Nov 15
8
1
Munsingwear
13%
Stock
5
Murphy Co (G C)
No par
6% preferred
100
Murray Corp of America.-.10
Myers (F A E) Bros
No par
120
22
96
Wheel
28% Dec
Nov 16
11% Nov 10
Sept
10% Mar 31
par
100
24
*93
Corp ..No
41
7%
57% July 27
13
21
28% Jan
42% Jan
42% Mar
30% Oct
18% Dec
5% Oct
1
30
Dec
Dec
11
20% Nov 22
12% July 27
53% Oct 27
26% Jan 12
9% Nov 16
95
Highest
$ per share $ per share
share
per
Mar 31
25
50
400
2334
'
96
Essex
13%
24%
13%
13%
26
168
No par
59%
8.
51%
9%
23%
13%
25%
preferred
Mueller Brass Co
9^
9%
10
Mo-Kan-Texas RR....No par.
60
107
*49
100
"l",800
9%
*49
100
6%
39%
6%
39%
*106
100
9%
5034
9%
24%
*33
100
preferred
$4.50
1934
1234
59%
7%
115%
*19
107
*49
*93
800
103
103
No par
7% preferred series A ..100
18
*113
27%
4% conv pref series B—100
ImpI
1
Minn Moline Power
{Minn St Paul & S S M
$
92
Oct
49% Jan 28
Nov
100
Apr 1 *117
8
July
4
Mar 26
35
Mar31
72% Oct
% Jan
% Feb
% Oct27
1% Jan
% Mar 28
1% July
17% Jan
10%May27
3% Jan
1% Mar 26
11% July
4% Mar 29
2% Jan
% Mar 30
3% Jan
1% Mar 25
10
Mar 30
20% Nov
67 May 2
107% Nov
111
Jan 5
117% Sept
25
Mar 31
54% Oct
38% Aug
22%May 27
Minn-Honeywell Regu.JVTo par
preferred
5
12% Mar 30
16%June 4
76
Apr 1
100
{Missouri Pacific
100
5% conv preferred
100
Mohawk Carpet Mills.——.20
Monsanto Chemical Co.
10
3.000
Year 1937
Lowest
4
5% Mar 31
No par
1st pref
400
1%
18
cum
2,800
1
1%
700
2,000
18%
15
6%
8%
1,210
37
37%
15
Midland Steel Prod
400
37
40
1234
*58%
*34%
""760
5
Copper
$0.50
27%
18%
14%
*3%
8%
834
Miami
50
2,100
3734
26%
*3%
Mesta Machine Co..
60
13%
2%
8%
3% Mar
14 May
11 June
26% Mar
50
Merch A Mln Trans Co No par
1,600
5%
55
Apr
60
Jan
32% Apr
1
1st pref
conv
0% Mar 26
No par
100
82%
13%
*2%
8%
13%
1384
Apr 12
400
%
%
27
2634 27%
26%
27%
171
169
174
169% *163
*163
174
140
*139
14034 139
139% *136% 13984
24%
23%
23%
23%
23%
2234
23%
8
8%
8%
734
8%
7%
8%
79
79%
80%
79% 7934
7834
79%
18
18
18%
17% 18
1734
18%
24
23%
2384 *23%
24
*23%
24
6934
67% 67% *67
68%
67%
67%
*
•
78%
378 "3% " 384 ~*3%
334
3%
3%
*11
11%
11
11
11%
11
11
*25
26%
25
25
26% *25
26%
73% *68% 73% *68% 73%
*6812
73%
39
*36%
38% *36% 38% *36%
38%
108
*107% 108
*108% 108
107% 107%
17%
1634
17%
16%
17
16%
17%
1%
rl%
1%
rl%
1%
rl%
1%
42
44% *42
43%
43
42%
43%
19%
18%
19%
183g
18%
18%
19%
1634
15%
15%
15%
15%
15%
1534
28
28%
28
27
28%
28%
28%
36%
36%
36%
36%
36%
36%
36%
*169
5%
340
42%
12%
%
*%
%
168
al67% 167% *167
al67
167
*17%
18
♦17%
17%
*17%
18
94
2734
15%
116
5%
*56%
%
24% 24% *24
24%
25
25%
26
25%
25%
13%
13
13%
13% 13%
13%
*114% 115
*114% 115
114% 114%
*112% 113% 113% 113% *113% 114%
9%
9%
9%
.9%
9%
9%
*534
6
*534
6%
*5%
6%
27% 27%
27% 27%
26% 27
*18%
20
19
19
*18%
19%
14%
1478
14%
1434
14%
15
27
80
116
1
24%
26%
82%
834
8%
1
1
%
1%
1%
1%
18%
18%
18%
18%
102
100% 102
102%
♦112
117% ♦113
115%
49%
50
49%
60%
15%
*58
16
8%
*%
1%
15%
*106
1134
117
%
2
19
6%
81
*116
70
Corp
No par
$6 preferred series A .No par
$5.50 pref ser B w vr.No par
130
83
Mar 26
Mengel Co (The)
27%
15%
42%
500
15
28
3,200
6:
26%
16%
42%
12%
16
16
19
41
Melville Shoe—
28
36
6%
700
110
*37
*26
100
50
*27
37
*40
75
68
♦48%
110
37
6%
*50
50
27%
117
6
100
preferred
conv
Mar 26
1
Mead
400
110%
37
28
6%
No par
Stores
*1234 • 13
27
*36
41
6%
5
preferred
conv
McLellan
90
110
39%
1934
6%
l'.OOO
27
37
41
$3
7
35% Mar 25
13%May27
5% Mar 29
27 June 14
10
McKeeeport Tin Plate
McKesson A Robbins.
"
110
15%
*37
♦26
Mclntyre Porcupine Mines..5
27
*36
*19%
14%
McGraw-Hill Pub Co—No par
2,200
2,600
10,100
20
8%
39%
10%
1938
Range for Previous
Lois
Highest
% per share
10
Jan 31
1
400
110
*81%
*%
♦
McGraw Elec Co
6,900
4,900
2,600
*116
6%
63
%
*57%
*%
*%
42%
11%
83
6%
63
♦58
42%
117
*9%
Par
68
26%
*15%
42%
11%
15%
26%
16%
27%
27%
109% 110%
19%
8%
*39%
*68
6%
11%
61%
Lowest
75
*50
*48%
26%
*15%
6%
83
117
75
48%
20
11
5O84
26,
EXCHANGE
13
71
48%
6%
*116
83%
83%
*116
13
43
11%
1534
*15%
43%
109% 109%
13
20
90
♦—
6%
26
12
934
26%
16%
0%
2534
*153g
*42%
12
1234
19%
*39
95
80
*68
10%
50%
20
8%
3934
9%
3934
48%
*50
20%
*9%
50
1934
8%
13%
13%
20
*3884
*
95
20%
10%
50%
Nov.
51% Nov
Mar
Jan
103% Aug
23
r9%
Dec
2%
Oct
15%
7%
Oct
40
4
Oct
Jan
Feb
Mar
10% Dec
27%
32%
22
Oct
38
2:34*4
10%
Oct
53%
Jan
Oct
44%
Jan
110
133
Nov
A
nr
Feb
Jan
Jan
152
Jan
149
Jan
T Called for redemption.
Volume
New York Stock Record—Continued—Page 8
147
AND
HIGH
PRICES—PER
SALE
Monday
Tuesday
Nov. 24
Nov. 25
$ per share
Shares
Nov. 22
Nov. 23
$ per share
$ per share
5
*23
25
12%
*11%
5
12%
5%
*6%
8
5%
8
*6%
1%
1%
*55
*99
*1%
59
100
5
4%
6%
1%
634
*11%
4%
*634
5
634
*1%
5834
1%
10%
90%
1%
1%
*57
99%
10%
10%
91
58
99%
11%
*92%
10%
11
11%
11%
24
25
26
2%
2%
2%
2%
2%
41%
41%
41%
19%
19
19
18
18%
41%
18%
41%
*19
2%
12%
*1%
2%
41%
18%
*1%
12%
1234
11%
II84
*1%
2
2
1234
11%
12%
58%
58
58
57%
80
79%
80%
7934
11
11%
10%
*57%
58
58
*67%
79%
80
7934
*1%
58%
79%
2
4%
4%
79%
*22
115
*1%
134
1%
4%
4%
21
24%
14%
21%
20%
*27%
*114
*113
37%
4%
37%
14
14
*14
16%
*35
39
*35
37%
35
x42
*38
8%
43%
39%
81
*65
71
2%
4
%
91%
*1%
*3%
*%
91%
*136
137%
8
*2
40
40%
*3
4
*33
35%
*34
42%
43%
43%
9
40%
*3
8%
14%
42
8%
*34
14%
40%
*36
40
*5%
15%
%
22
15%
*%
*21
10%
13%
2%
*8%
13%
*2%
%
*%
1%
*91
115
534
*22
9%
71
*8%
*6634
*168
169
8%
14%
39%
14
42%
*25
28
*25
28
*34
4034
*36%
40
Closed—
*%.
5%
15%
14%
15%
%
22
21%
21%
2184
22%
*834
10
*834
10
13%
2%
12%
13
*5%
%'
-
2%
%
1%
11%
11%
*32%
%
.
1%
11%
1%
11%
11
11
36
212
>
%
11%
11%
.
2
2
84
11%
*33
3534
34%
56
56%
5634
116
116% *115
32%
3234
33%
103% 103% 103%
11934
11934 *116
No par
Pitts Ft W & Ch 7% gtd pf 100
11%
11%
*32%
56%
*130
135
*130
135
*131
148
147
*145
147
147
*113
*113
115
11434
*112% 115
*113% 115
34% 34«4
34%
35
34%
35%
34%
35%
10
.10
10%
10%
10%
10%
10%
10%
*86
90
*84
*80%
81
*80%
81
13%
*13%
14%
14%
8
*13
95
*75
*85
90
7%
*75
61%
2%
61%
2%
21
*20
16%
23%
16%
24%
21
5
50
11
16%
*23i2
*16%
*22%
*19%
*4%
*42%
*8%
14%
80%
*13
14
8
7%
7%
62%
234
*20%
*16%
23%
15%
*22%
1334
*13
734
7%
784
7%
*75
95
f
62%'
"3*266
300
1,700
6,700
5% pref class A
100
5^ 1st ser conv prior preflOO
Pitts Term Coal Corp
1
6% preferred
100
Pittsburgh & West Va
100
Pittston Co (The)
No par
Plymouth Oil Co
62%
*6284
6234
1
258
234
2%
284
2%
2%
*2034
21
21
22
22
17
16%
23%
1534
17%
2334
1534
17%
17%
1634
24
24
15%
,*22%
24%
*23
16
24%
*20%
21
23%
16%
24%
20%
23%
16%
24%
5%
5%
'
*5%
20%
5%
5%
20%
5%
Class B
f Postal Tel A Cable 7% pf. 100
Inc.—.1
Pressed Steel Car Co
"2*160
5% conv 2d pref
Procter A Gamble
*10
*10
13
*10
13%
16
16%
12
16%
16
16%
7%
110
8%
Pub Ser El A Gas pf
13*206
1034
7,300
Pullman Inc
Pure Oil (The)
"l'lOO
6,500
14
30*200
preferred
100
5% conv preferred
100
Purity Bakeries
No par
Quaker State .Oil ftef Corp. .10
Radio Corp of Amer...No par
No
f3.50 conv 1st pref—No
tRadlo-Keith-Orpheum No
Raybestos Manhattan. No
$5 preferred B
95
""*866
4,000
•
400
500
500
Real
800
1,000
200
170
55
76
72
72
*72
75
*72
76
74
Rayonler Inc
*68
71
*68
71
*66
71
*66
200
74
71
71
23
24%
2%
2%
2%
2%
2%
23%
24%
23%
24
75
2334
74%
24%
75
*72
74
72
76
76
*72
79
*72
74
74
74
16%
34%
16%
16%
2%
75%
2%
234
*5*906
2384
24%
46,400
*75
400
79
72
7334
16%
35
16%
900
7334
16%
33
33
*31%
37%
*31%
35
16%
*31%
*78%
79%
*78
80
*78
80
*78
60
*45
55
*45
55
*45
65
*53
58
*53
1,500
80
*45
*84%
*10%
44%
80
60
13%
87%
10%
4484
16%
*32%
*78%
*50%
*13%
13%
*84%
13%
10%
10%
87%
45
44%
7%
7%
*10%
*16%
17%
*28%
30
*16%
28*4
1%
*1
45%
13%
*80
13%
13%
*75
85
9%
44%
*53
57
11%
7%
16%
10
84%
9%
44
4434
9%
44%
6%
45
*5
6%
6%
7%
7%
734
7%
8%
*10%
16%
11%
*28%
30%
*9%
*16%
*28%
*1
1%
45%
11%
17%
31
1%
4584
17%
2834
45
46
*75
934
43%
*5
100
84%
2*,i66
9%
44
5,400
16%
*1
4434
8%
*9%
11%
16%
31
*29%
*1
Class
67,900
"
21666
100
1%
4484
4534
*4*166
%
1%
%
1%
2%
1,200
1,500
%
%
%
%
%
%
%
*1%
134
*1%
1%
1%
3%
*2%
3%
*2%
1%
3%
*2%
284
28%
27%
27%
28"
27%
82%
*80%
85
*80%
86
*80%
28%
86
28l2
*80%
2934
84
10
5%
82%
98
98%
*98
99
*98%
*98
9834
*98
9834
30
6%
108
108
*107
*
*6%
*6%
108
28%
107
107
*10434 107
Bid and asked prices; no sales on
this day.
J In receivership,
200
...
*10434 107
10
Elec A Pow
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberoid Co (The)
No par
t Rutland RR 7% pref
100
St Joseph Lead
...10
J St Louis-San Francisco—100
6% preferred
100
jSt Louis South western ...100
5% preferred
100
Safeway Stores
No par
1%
2%
-.100
preferred
Richfield Oil Corp
%
*6
10
-
5M% preferred
100
Reynolds Metals Co...No par
5 Yi % oony preferred
100
Reynolds Spring
1
Reynolds (R J) Tob class B_ 10
1%
*2%
*6%
27%
*6
A
Rhine Westphalia
6%
16
10
1
Preferred with warrants—25
Rensselaer A Sar RR Co—100
Reo Motor Car
--5
Republic Steel Corp.—No par
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper A Brass
5
Common
57
*9
Silk Hosiery
7%
1,300
1334
'
11%
1%
*1
45%
■"
*5
13%
*53
57
*53
57
13%
'
*5%
*9
16
par
par
par
par
1
$2 preferred
--25
Reading
—--50
4% 1st pref erred ...-—--60
4% 2d preferred..
—50
1,700
53
*66
2%
J5.No par
—No par
No par
6%
90
*72.,
23%
...No par
100
preferred.!—.....100
preferred
?
100
preferred
preferred
Reliance Mfg Co
Remington-Rand
10
*8%
10%
10%
6%
"e'ooo
10
11
10%
16
$5
"""266
50
*8%
♦10%
3,700
1,200
5% pf (ser of Feb 1 ?29)_100
Pub Serv Corp of N J—No par
16%
50
11
*10
150
No par
16
50
*8%
13%
16
-.6
50
*10%
49
10%
10%
No par
-
11
10%
13%
*43
49
*10%
A .No par
Porto Ric-Am Tob cl
-.5
Preferred
—100
Reis (Robt) A Co 1st pref. 100
Reliable 8tores Corp.—No par
*5
*9
*43
No par
Poor & Co class B
5% conv 1st pref
34%
63%
2%
22
1634
23%
16%
25
2034
.....—5
600
114
8
100
7% pref class B
Pond Creek Pocahontas No par
1334
♦13
14
June 21
174
4834 Dec
1
Apr
4%
2,600
32%
13%
1334
145
Nov
97%
100
103%
81
75
Mar 14
116
80%
21
20
20
*85
81
95
62
62%
81
10%
90
80%
14%
14
*75
95
*10
15%
14%
14%
*85
90
z34
Mar 30
9% July 25
*117% 11934
*113
41
I684 Jan 12
52
Aug 5
30 July 29
147
148
Dec
7% Mar 29
20% Apr 7
11% Apr 8
23 May 21
135
147
Oct
4
4%May 26
200
147
25
No par
190
9
Oct
4%
Jan 17
9% Nov 14
35
3% Mar 30
No par
680
135
6
Dec
Aug
Pitts Screw & Bolt
15%
5
147
May
Oct
36
117
7% Jan 17
3% Mar 31
20
Oct
20%
July 12
90
Oct
4
7
26% Nov 14
52
May 10
Pittsburgh Steel Co
110
*130
32%
103
July 12
90
July
9
Oct
1% Dec
27
500
700
135
32%
*102%
•
116
Mar 29
4
Oct
Nov
30%
6,400
5%
11%
11%
35
56%
100
preferred...
$5 conv preferred
%
;
50
Nov 14
Pitts Coke & Iron Corp No par
6%
9
44% July 19
July 19
26
Co of Italy "Am shares"
Oct
5%
50% Mar
4
pref—-10G
Oct
65
43
2
Oct
%
7
Mar 31
130
*130
116%
Sept 29
Mar
30% Jan 18
Pittsburgh Coal of Pa—100
,
*115
56%
32
I
Dec
134 Dec
2%
14334 Oct 10
144% Oct 10
8% July 23
27% Mar 31
200
9%
70
Oct
62
5% Nov 23
100
2"300
*32%
34%
56
56%
5634
57
*115% 11634 116%
117
32%
32%
33%
32%
103.%
103% 102% 103
119% *115% 11934 *115%
*32
4% Mar 30
6
10
14
234
9
2%
11%
11%
June 25
Oct
22
*2%
*%
2%
*%
11%
1334
114
39
*834
1334
10
13%
*834
13%
2%
% Mar 26
75% Mar 29
Nov
No par
.6
...
Preferred
Pitts C C & St L RR Co... 100
2134
Day
NOV 23
Pirelli
70
40
*8g
*21%
100
7% preferred
PhllLps Petroleum
Phoenix Hosiery
Nov 10
3
25%
%
5%
14%
giving
10
74
3
28
*%
No par
Apr 12
1% Apr 25
2% Mar 26
60
20% Jan
*21
Thanks¬
50
43
PUl8bury Flour Mills.-
9%
14
43%
5%
%
8;
-
534
15%
534
16
15%
%
5%
preferred
Mar 28
30
Pierce Oil 8% conv
170
*34
*%
5%
7%
484 Jan
400
*13%
*39%
8%
Exchange
8% Mar 29
200
6
170
9
14
42%
40
Stock
172
8%
9%
*13%
41
Philadelphia Co 6% pref...50
$6 preferred
No par
tPhlla Rapid Trans Co.—.50
27%
*8%
*6684
9%
Dec
45
6
*24
70
30%
'--56
40
„
38% Jan 15
Oct
Oct
Phillips Jones Corp....No par
115
*91
6
Mar 23
7
*24%
28
Dec
34% Nov
5% conv pref series A... 100
8,500
3%
*
46%
6%
168
1%
*10%
25
*
28
*8%
*6634
11%
11%
10%
5
*22.
27%
40%
*35
%
6%
*%
7
*6%
25
9%
*25
*36%
7
34
25
14%
38
28
*3
734
2434
172
8%
*25
40
3%
35%
35%
,*6%
9
14
40%
4
Oct
30
Oct
9
100
41
39%
*3
40
9
Oct
25
1,000
20
3
42
18% Nov
Phelps-Dodge Corp
Phtllp Morris & Co Ltd
42
Dec
110% Sept
3
Phlla A Read C & I
*38
Oct
27
4
115% Nov 23
9%
6,100
7
Oct
20
11
3,600
42
Oct
13% Dec
8% Oct 28
47% Nov 9
%
*5%
Oct
1734 Nov 15
13% Jan 11
9034
*38
1%
2%
15
3
17% Mar 31
91
135%
40
40
Nov
57% Nov
784 Mar 30
700
13684 137%
*5%
7
Oct
37
5
No par
Petroleum Corp of Amer
5%
135
Oct
8
Pfeiffer Brewing Co.—No par
*3%
91
Feb
Oct
4
22
15
5%
135% 135%
*5%
7
1%
Oct 15
100
5
%
31
Oct
6% July 22
1734 July 25
43
July 25
preferred
5%
%
Mar 29
100
100
560
90%
71
*168
172
*168
15,000
43%
14% Mar 31
19% Mar 28
110
prior preferred
100
Pere Marquette
5%
5%
Mar 30
22% Mar 26
is4 Mar 26
5% Mar 26
17% Mar 26
People's G L & C (Chic)... 100
100
%
9
*66%
100
3
45
9
H% cony preferred
71
105
71%
800
40
45
■
50
*2%
*91
*66%
RR
Pet Milk
*2*400
8
713
6%
26
6
40
*38%
45
6%
A...No par
3
115
*25%
ser
Peoria & Eastern.
71
*91
6%
pref
conv
Peoples Drug Stores...No par
39
*43
27
28%
Cement..-No par
2»4
*24%
*6%
Patlno Mines & Enterpr No par
Penick & Ford
No par
21,400
*69
115
*91
2»4 Oct 21
14% Nov 1
2%
49
*25
1% Mar 29
3% Mar 30
834Mar 31
Pennsylvania
*38%
24%
Oct
Parmelee Transporta'n.No par
Pathe Film Corp
No par
15% Nov 12
24% Jan 15
71
24%
24%
*—•
12
13
10
3934
91%
35%
7%
21% Oct 24
240
1
4
*7
8
*7%
Oct
Mar 31
Penn G1 Sand Corp v t o No par
34
8
%
*3
28
5% July 25
30
July 25
33
8
40
39%
42% Oct 10
l%June 13
500
8
90%
6%
31% Mar 31
2% Mar 30
10% Mar 30
*65%
2%
40
Oct
Parke Davis A Co .....No par
Parker Rust Proof Co....2.50
r"300
29
1834
10
%
6%
1
18%
Penn-Dixie
"""160
9%
92%
40
40
3% Oct 17
Mar 31
*38
136% 138
1% Mar 30
800
4%
*1634
4%
3
91
l
Mar 30
100
4
Park Utah C M
30
55
15
Oct
8
13% July 20
July 29
Mar 29
400
37
934
Oct 24
101
6% Mar 31
16
41
*14
28
10
8884June 21
534 Mar 31
65
Mar 26
32% Nov
z95
Sept
8% Oct
80% Oct
1
$7
1834
8
6% 2d preferred...
40
*3%
1
100
61% Nov 15
100% Oct 5
13% July 19
Penney (J C)
No par
Penn Coal & Coke Corp.... 10
300
434
*36%
100
Mar 31
13% July 23
58% Aug 25
85% July 25
2% Jan 10
2,700
9%
30
42
2%
4
7%
*6%
*38
_
20,500
2,700
14%
20%
30
35
28
*1634
9%
8%
42%
39%
200
♦1634
*24
18%
*8%
42%
39%
2
1234
11%
57%
4234
31
9%
1,400
preferred
1st preferred.
29
Park & Tllford Inc
26
4%
16%
35
18%
400
conv
6%
1,200
80
134
20%
*25%
37
*3%
4%
No par
Paramount Pictures Inc...
200
4,600
8
*28
30%
18%
9%
*65
37
*14
35
*16%
9%
*16%
Paraffine Co Inc
*113
115% 115%
4%
16%
Oct
200
2%
41%
*13%
30
37
*14
*27%
*27
*3%
7
700
*9%
24%
14%
21
...
37
*3%
*2234
*13%
20%
32
14%
14%
21%
32
Oct
9% Feb 25
2
Aug 3
*4%
4%
37%
*3%
11%
134
4%
*2234
*25%
115
*37
*
1%
4%
26
*13%
4
6% Nov 22
1
Sept 1
1%
1%
30
21%
*27%
11%
4%
*22%
25%
14%
21%
14
2
12%
11%
12%
11
12%
18%
*1%
1134 Dec
Oct 27
800
28
*41%
15% Jan 10
Pan-Amer Petrol A Transp._5
Panhandle Prod & Ret new_.l
20
11
2%
41%
2%
11%
*23
Marl8
10
June 27
30
18%June 18
6
21,800
23
*41%
24
Packard Motor Car
$ per share J per share
3% Mar 30
700
11
10%
2%
11%
*23
$ per share
Pacific Tin Corp (sp stk) No par
Pac Western Oil Corp
10
Highest
Lowest
Highest
$ per share
No par
26,800
95
11%
*92%
11%
26%
2%
*11%
100
*99% 100
95
23
95
100-Share Lots
Lowest
Par
200
12
5%
7%
1%
58%
58
58»4
*99% 100
11
*93
12%
6%
59%
10%
93
25
*1134
4%
*99% 100
10%
10%
*91
♦23
11%
11%
1%
*57
25
*23
Range for Previous
Year 1937
Range Since Jan. 1
On Basis of
Week
$ per share
*23
25
Nov. 21
S per share
24
STOCKS
EXCHANGE
Thursday
Nov. 19
24
Friday
NEW YORK STOCK
the
SHARE. NOT PER CENT
Wednesday
$ per share
♦lit*
Sales
for
LOW
Saturday
3275
*7\2o6
40
a Def. delivery.
7%
preferred
preferred
preferred
« New
stock,
100
100
100
r Cash sale,
%Nov 10
3% Nov
Mar 29
6
Oct
32
Dec
23
Dec
Jan 13
1
12
Dec
30
Jan
45
Oct
8
84 Nov
8
Jan
Dec
Oct
8%
17% Nov
% Nov 10
15
Mar 31
25% July 25
8
Mar 28
II
Oct
84 Jan 19
6% Mar 29
l%Mar 26
3
30
25
25
30
39% Mar 31
% Oct
1% Mar
484 Mar
4% Mar
1334 Mar
13
Oct
Jan
9
Dec
15% Nov
7
1%
Oct
1% Jan 22
4% Jan 17
13% Nov 10
84
6%
Oct
Oct
Oct
5%
Oct
13% Nov 10
59
2%
20
3884 Nov
Oct 27
114
Nov 14
122%May 18
25
Mar 25
35% Jan 13
105% Oct 25
86% Mar 31
Oct
3% Jan 13
Oct
43%
Oct
114% Mar
30% Oct
Oct
91
Oct
103%
101% Apr 23
115% Nov 12
112
8
134
Nov 12
117
Oct
132
Mar 29
160
Nov 12
132
Sept
112
Jan 12
117
Sept 21
110
June
Apr
21%May 27
8%May 26
81
Apr 19
;,74%June is
7
Mar 29
9
June 16
434 Mar 31
60% Jan 31
37% Mar 31
l«4Sept 28
1434June 20
8%May 26
18
39% Nov 10
13% July 20
98% Jan 18
88% July 19
15% Nov 10
16% Jan 14
9% Oct 21
80
Oct 11
66% Oct 25
5% Jan 11
July 21
25%
884
Oct
Oct
85
Oct
684
Oct
13% Dec
434
Oct
96% Dec
44
2%
Dec
Oct
24
19% Dec
24% Jan 11
29% Jan 18
20
Dec
26
Dec
Mar 30
18%
Dec
Mar 22
30% Jan 15
30
Dec
13%June21
284 Mar 25
34% Mar 29
5
Apr 1
5% Mar 30
27% Jan 25
6% July 19
58
July 26
23
Dec
22
10%June17
18
Jan 13
Oct
Dec
7%
113s July 20
784
Dec
Dec
984
Oct
June 10
13% July 13
17% July 25
40
68S4 Nov 17
76
Apr 28
Nov 15
8%
Oct
61% Nov
69
Dec
25% Nov 12
1«4
12%
Oct
Oct
78% Nov 16
65
Dec
77% Nov 14
60
Dec
3% Oct 24
1% Mar 30
ll%May 31
39% Mar 29
38 May 26
19% Oct 16
7% Mar 30
17% Mar 30
65
39
Jan 10
11
9% Mar 30
49%May 2
9
3%
9
Oct
9
26
Dec
38
85
Apr 37
Nov
Jan 21
7684 Dec
60
Nov
84% Apr 25
64% Jan 21
1734 Jan 7
94
Sept 9
4% Mar 30
12% July 26
6%
Dec
8
40%
Dec
483g Oct 14
10
Sept 14
46% Jan
3334 Mar 30
51% Jan 31
5
5
Mar 25
58% Jan 11
Aug 23
-
8% Jan 7
9% Nov 25
Mar 31
13% July 21
2034 Jan 19
33
Oct 13
1
Sept 13
25%May 27
49% Oct 22
7% April
14% Mar 30
13
%Nov 7
1% Mar 25
2
Mar 26
6
12
May 28
Mar 30
2% Jan 10
1% July 20
1234
80
55
Oct
10% Nov
884
Oct
Dec
18%
17%
Dec
Oct
1
Oct
4%
26% Nov
1
3% July 20
1%
5% Jan 26
7% July 12
3%
2934 NOV 25
Oct
Nov
Oct
Oct
Oct
10
Nov
18
Dec
58
Mar 29
70
Dec
68
Mar 24
99
Nov 14
86
Dec
79
Mar 26
108
Nov 18
z98
Dec
t Ex-dlv.
82% Nov 19
v Ex-rights.
1 Called for redemption ♦ ^
OCk Record—Continued—Page 9
3276
LOW
AND
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
STOCKS
NEW
for
Friday
the
Nov. 24
Nov. 25
$ per share
$ per share
Tuesday
Wednesday
Thursday
Nov. 19
Nov. 21
Nov. 22
Nov. 23
$ per share
$ per share
$ per share
$ per share
16U
*15%
2O84
75%
84
6%
49%
*%
20 %
*74i2
75iz
84
84
6%
50%
*5%
*49i2
16%
21%
*15
16
*75
76
77
%
%
*6%
6%
49
2
22
334
73%
*1%
*21%
384
7384
16%
20
1%
*21%
*3%
72%
16%
19%
74
a71
71
%
%
1%
17g
22%
*3%
78
16%
19%
*70
7%
7%
*46
27
2
21%
384
73
16%
16%
19%
20
*65
71
14%
14%
7%
7%
7%
47%
*46%
11%
1134
*27%
47%
12
27%
14%
14%
103
103%
*27%
102% 102%
684
31%
3%
14%
14%
103% 103%
*6
3I84
3%
24%
31
27
27%
99%
6%
31%
*234
24
*27
6%
*23
*23
2734
27%
26%
*96%
3134
3
278
23
23
7%
4634
3%
3%
38%
3%
39%
14%
*21%
38%
3
40%
3%
3%
9%
23
40
39%
13%
15
65
13%
64%
65
66
28%
28%
28%
7%
7%
*103% 104%
7
7%
7
104
4
8%
4
87g
*%
4
2778
2734
*44%
52%
50%
*30
31
%
27%
50
%
50
27%
50
50
52
52%
51%
52
2984
28%
28%
6934
6878
69
69
*10%
7%
14%
734
6684
1034
7%
14%
778
10%
10%
10%
7
7%
1434
*7
8
57
125
*124
125
107g
3734
3%
21
10%
3%
3%
56%
834
7
8%
8%
8%
*47
8%
678
8%
49%
*47
49%
47
47
5%
478
4%
5%
5%
*5
6%
6%
6%
6
6%
*6
437g
43%
44%
4%
43%
434
4378
434
32%
32%
32%
32%
9%
9%
8%
934
834
*21%
32
59
*58
4
4
*4
8%
50
10
*22
59
50
*43
50
4%
4%
18%
2%
4%
*15%
18%
26%
278
2%
484
2678
4%
26io
26
26%
*27„
*12%
1278
92%
17%
5034
9%
3
*15
*2
*4%
278
2%
1334
13
13
127g
13
1278
13
92
92
51%
93%
17%
5184
*10%
9%
9%
1034
9%
9%
10%
4%
*90
92
1734
93%
18
5184
934
934
10%
4
4%
4%
*90
91
*2
2%
*438
4%
*378
*43
4%
*15
*2%
4%
26
234
32
*29
834
49%
6%
43%
478
6%
44
*8%
9
1,900
1,300
*21%
23
200
*22%
24%
*58
59
*4
43
-
-
—
*15
10%
14
27%
4%
4%
%«
14%
26%
*3 5
*384
10%
10%
4%
9178
484
4
11%
4
*4%
4%
4%
4%
4%
69%
12%
8634
1384
9234
5
5
79
96%
95
79
*94%
*21%
36%
12%
78
78
77
21%
3814
1234
21
22%
21%
37
36%
12%
1178
12%
87%
19
95
12%
*17%
18%
*17%
18%
17%
*115% 118
♦115% 118
*115%
3,700
1,100
1,400
10,600
3,400
2,800
70%
12%
12%
87%
94%
*78%
80
*20% 22
38%
37%
38
12%
12%
13%
17%
*17%
17%
118
*115% 118
8634
1834
92
19%
93%,
79
79
*2012
21%
900
200
39
127S
12%
17%
57.000
21,700
17%
37%
*1151a
-
5%
70%
21
.
20
2,000
12%
8734
19
-
11%
70
78
37%
30
200
118
Oct
Oct
16%
14% Mar
32% Mar
Starrett Co (The) LS--No par
25%
2434
32%
3984
17%
Sterling Products Inc
.10
25
No par
Jan
Feb
50
Feb
43
Dec
42
Nov
76
Mar
19% Dec
53% Dec
48
Mar
5
$3.50
cum
1
Dec
Oct
6%
3484
Oct
15% Mar
Oct
65% Apr
2
Oct
Jan 11
23«4
Oct
44
5%
Oct
16%
15%
48
Feb
Oct
64
Jan
Oct
Nov
1384 Mar
93% Jan
Oct
Sept
40
11% Feb 10
26
July 22
Mar 30
25% Oct 28
5% Oct
15% Nov
18% Dec
63%June 23
2% Apr 13
6O84 Oct 26
55
35
56
Mar 31
15
5% July 13
Apr 12
2% Mar 31
10
15
Mar 31
18% Nov 10
2% Jan 13
3% Mar 30
8% Mar 28
1% Mar 28
Jan 13
5% July 25
Mar 24
1
3%
55
2%
36
1%
No par
Detroit Axle.-—--10
4
Dec
10
Oct
1%
6%
13%
Oct
15% July 25
98
72
5% July 19
28% Nov
9
4
July 25
19
,
July 25
4084
'
* Bid and asked prices; no sales on this day.
1
1
-
....
i In receivership,
a
Def. delivery,
Oct
9
36
Oct
79
Feb
10
Oct
17
Aug
4
Oct
5%
Oct
22%
27%
77
No par
June 27
91
Nov
9
3% Mar 28
10
6% Jan 10
%i Nov 25
Rights—
% Nov 10
15% Nov 16
8%
82
4%
Mar 31
Mar 29
Mar 25
Mar 29
28% Nov 12
18%
38
July 19
25
6
Jan 13
100
16
Mar 30
44
Jan 11
1
6
Mar 25
13% Nov
No par
1% Mar 26
Under Elliott Fisher Co No par
Union Bag A Pap new..No par
Union Carbide A Carb .No par
41
Mar 31
7% Mar 30
57
25
Mar 31
17% Mar 31
558s Mar 31
5984 Apr 20
100
100
No par
20
Mar 30
19% Mar 30
6
Mar 30
14
8ept14
100% Jan 20
6
9
Oct 27
70% Nov 25
15% Aug
6
90% Nov 10
22% July 21
99% Nov 10
Dec
3% Dec
5%
16%
25%
2%
20th Cen Fox Film Corp No par
$1.60 preferred
—No par
Twin City Rap Trans—No par
n
New stock,
r
Cash sale.
Jan
9
July 13
7
284
Dec
Oct
Jan
12
Mar
Dec
26% Mar
Oct
4078 Mar
Nov
Oct
50
17%
*
Ex-dlv.
94
Jan
7
Oct
25
Mar
1% Oct
46% Nov
8% Dec
61% Nov
17%
Oct
678
100%
111
Jan
Feb
28% Feb
148«4 Mar
Oct
23% Jan 12
22
Nov
39
10'4
5%
Oct
Nov 14
15
Oct
30%
118% Aug 19
110
Oct
11734
Oct
Jan
18% Sept
Nov
pEx-rlghts.
Jan
Dec
80
13% Nov 12
Mar
39
78
20
Jan
109%
8312 Nov 10
Nov 25
Jan
11% Mar
9984
Jan
31% Feb
35% Mar
24% Jan
*
.
Jan
15% Mar
287g Feb
10% Jan
19% Nov
Mar 30
Union Tank Car
Feb
Sept
12% Jan 12
4
United Aircraft Corp
5
Un Air Lines Transport.
5
United Biscuit
No par
Preferred
100
8%
65% Nov
Mar 30
4% preferred
13%
Mar 31
3
Transcont'l A West Air Inc..6
Union Pacific
Oct
Oct
Jan
Jan
54% Mar
21% Feb
98% Aug
2878 Feb
8
Union OH of California
Oct
Mar
31% Mar 30
pref
Ulen A Co
9% Mar
1
6
584 Mar 30
Preferred
Jan
Feb
Jan
Oct
13
par
Twin Coach Co
1584
57%
8%
12% Aug
---100
Truscon Steel
20% Jan
28% Mar
3378 Mar
2384 Jan
17% Jan
4
8
634 Mar 31
1
Truax Traer Coal
15% Oct
22% Oct
484 Oct
4% Oct
6% Dec
38
10% Mar 29
77% Apr 29
Timken
47% Mar
3978 Jan
Mar 30
par
conv
784 Mar
Oct
Mar 30
Tide Water Associated Oil._ 10
$4.50
Oct
7
100
preferred-No
1%
8
17% Dec
784 Oct
26
No par
preferred
Jan
20% July
6I84 Feb
41
49% Aug 6
584 Nov 12
2% Mar 29
Texas A Pacific Ry Co.-.100
Thatcher Mfg
No par
Preferred
125
5%June 29
3% Mar 30
32% Mar 30
10
Thermold Co
44% Dec
9
8% Jan 11
9% Oct 17
49% Nov 10
Mar 31
Apr 4
4% Mar 31
25
9
Nov 10
10% Nov
34
6
-No
15% Aug
484 Mar 30
5
1
29% Oct 15
3%May 27
Texas Pacific Land Trust
conv
21
Mar 30
50
Texas Pacific Coal A OH
$3 dlv
Oct
1
i
pref
18
15
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
conv
43% Oct 28
9
Tennessee Corp
Texas Corp (The)
Jan
17% Mar 31
134Mar26
884 Mar 31
17% Mar 30
6%June13
Symington-Gould Corp w w.l
(James)
5M% preferred
Telautograph Corp
Jan
Feb
77%
Oct
July 20
Jah
20
Aug
4% Aug
Feb
17%
33%
Oct
9
23% Nov 12
Jan
21
3
118
32
75
Oct
6% Dec
6% Oct
14% MarlC
128
22% Mar 30
Without warrants
1
•■5%
9% Mar 31
25
Talcott Inc
Jan 13
July 20
Oct 21
8
Jan
50
9% Oct 21
59
Jan
27% Dec
26% Oct
30% May
17% Nov
Mar 29
119% Feb
Swift International Ltd..
$3.60
8
Mar 29
5% Mar 29
Sutherland Paper Co
.10
Sweets Co of Amer (The)-.50
The Fair.
Apr
Mar 31
3% Mat 30
45
6% preferred
100
Sunshine Mining Co
10
Superheater Co (The)-.No par
Superior Oil
1
Superior Steel
—100
Swift A Co
Mar 30
Jan
107% Dec
12% Jan
4
2,000
32,000
*334
Oct
Oct
2%
2%
65
4%
*28
7%
101
72%
4%
11%
Apr
48% Mar
Oct
200
30
95%
Nov
8% Dec
% Dec
90%
4
Feb
Nov
16
14
90%
100
2834
49
7
Mar 31
Jan
Jan 13
4% July 19
300
2384
July
1
11%
70
15% July 19
70% July 18
31
July 25
9% Jan 10
107% Feb 5
3% Jan 10
5% Jan 12
11% Jan 12
2% Mar 30
12,100
4
Jan
4% Apr
15
Jan
1
Standard Oil of N J
Jan
Feb
Aug
Transue A Williams St'l No par
3534
9%
31
36
50
Tri-Contlnental Corp..No par
$6 preferred
No par
27
1% Oct
5% Dec
19% Dec
28
Standard OH of Kansas
Jan
35
400
26%
65%
Oct
6,200
*12%
60% Mar
Dec
Dec
3%
*35%
Oct
27
Jan
Dec
10%
3534
43% Mar
10
10%
334
14%
2634
Oct
10
10% Oct 21
12% Nov 12
hi
9
39
Nov lo
10%
%s
65% Mar
44
934
ht
Oct
Mar 29
18,200
9%
9%
17
8s June 21
Tlmken Roller Bearing.No par
Transamerlca Corp
2
1734
30
19
2,100
32%
13
Thompson (J R)„
25
Thompson Prods Inc. .No par
Thompson-Starrett Co-No par
200
Oct
Standard Oil of Calif
-No par
Standard Oil of Indiana
25
Jan
1784
Oct
Third Avenue Ry
2,900
50%
11%
88%
—
155
Oct
100
4%
9%
30
I884
94%
MM
3
17%
11%
87%
MM
2534
50
30
19
20
700
-
2%
234
11%
87
-
—
19
2%
4%
2534
32
19
500
43
-
11%
12%
86%
18%
94%
M -MMMM
17%
3534
*334
*68
100
,
4%
51
*90
1234
16,500
5,200
5
.
17%
90%
68
1,000
1,300
50
90%
1234
40
5%
5%
Oct
5
1,400
2,200
2,500
3,700
4
66%
200
Jan
130
10
94
4%
12%
1,400
42%
2
94
9%
10%
4
67
1,800
7
8%
*47
1178
12%
86%
800
8%
67jj
11%
*66
300
2.000
19%,
Feb
Oct
July
94
%6
4%
600
6%
20%
23
.
June
Oct
4% Mar 30
93%
9%
Mar 31
23% Aug
115
1%
10% Sept 14
200
434
4%
600
2934
Feb
par
6,100
%«
14
*30
3%
21
17%
*10%
26%
par
13%
9%
Mar 18
l%June 13
2
Mar 14
Stone A Webster
1,500
6,000
29«4
1178 Mar
Studebaker Corp (The)
1
Sun Oil
No par
11,200
Feb
Oct
984
77% Mar
10,000
1,700
10%
40%
Oct
20,800
36
Dec
35%
1434
125
Jan
10
Jan 21
8%
5634
-
Mar
54%
Oct
11
51
9
*35
No
No
Mar
120
$6 cum prior pref
No par
$7 cum prior pref ...No par
Stand Investing Corp. .No par
12%
4%
143s
27%
A El Co
$4 preferred...
1
13%
ht
35%
jstand Gas
94
par
12%
419
14%
No par
13
%«
26%
35%
*384
6% Mar 31
48%May 26
12% Mar 31
6% Mar 31
1
$4.50 preferred
No
tStand Comm Tobacco
197
Oct
40% Nov 25
17% Nov 9
Mar 30
2
Standard Brands
Nov
June
1%
4% July 25
July 19
784 Mar 31
29
Oct
Feb
4
11
24
Conv $4.60 preferred .No par
Square D Co class B
14
4%
18
Spiegel Inc
13
%«
27
1
Splcer Mfg Co
—No par
$3 conv preferred A..No par
*12%
434
36
Sperry Corp (The) v t c
13%
9%
Mar 25
Mar 26
1
137g
%e
*35
4%
2684
278
2
4
1984 Mar 26
15% Mar 30
No par
93
*4%
*14%
2678
4%
46
Mar 30
4% Apr
15
Oct
12% July 26
*7%
50
2%
29
4
Mar 29
3%
*19%
29%
484
19
40% Nov 10
May 28
2,800
*58
434
31% Nov
June 17
10
59
8% Mar 30
17% June 17
2% Sept 27
5
32%
22%
4*
100
6
10
*58
4%
6% Mar 30
7
49
32
23%
par
July
1
33
69
25
6
10%
5
23
21%
Nov 12
10
36
43%
*
8%
*21%
22%
4%
18%
5
141
Stokely Bros A Co Inc
*124
6%
43%
10%
834
2278
24%
8%
*43
4%
434
4
Jan
Jan 10
Mar
13
Oct
28
68
96
Mar
22% Jan 12
21% Nov 10
Spencer Kellogg A Sons No par
Feb
1778 Mar
67
13
16%May 24
Spalding (A G) A Bros-No par
1st preferred
100
105%
102%
110
128
Feb
Nov
3% Jan 13
9% Mar 31
Sparks Wlthlngton
Feb
16% Jan 10
19% Mar 31
5% preferred
3484
Nov
114% Oct 28
25
No
91
1% Mar 29
100
Southern Ry
Feb
1084 Mar 31
Apr 14
100
Southern Pacific Co
44
24% Dec
14% Nov
Nov 23
734
5%
67g
19% Aug 26
Stewart-Warner
*55
10%
36%
*7%
_
900
15
678
15
Aug
800
28
8%
24
1,000
*2734
7
105
8
Mar 31
111
No par
Southern Calif Edison
Feb
Oct 13
2
8% Mar 29
8ocony Vacuum Oil Co Inc. 15
Jan
17%
Oct 13
122
Apr
10
14
65
Oct
88
7%
*11%
19%
8%
May
13
6%
Oct
Dec
3«4
44
Nov 10
10%
28
884
91
Feb
Mar
26
6934
400
*11%
19%
8%
Mar 28
No par
34
42% Mar
120
60% Apr
14%
Day
125
28
45
$6 preferred
8%
54% Apr
11% Mar
98% Aug
98
Apr
Smith (A O) Corp
10
Smith «fe Cor Typewr.—No par
Snider Packing Corp. _-No par
Feb
Feb
Jan
Jan
Jan
26% Dec
3% Jan 17
7%
500
13,600
30
13
19%;
i84
3%
24% Nov 12
3484 Jan 10
10%
50
52
*1084
19%
2734
2734
878
100
98% Mar
23%
45%
2%
5% Oct
17% Oct
2% Nov
I584 Dec
69%
13,400
51%
1034
20%
27%
67S
10
14,100
50
8
3%
9% Jan 11
35% Nov
34% July 25
35% Jan 7
50% Nov 14
58% July 25
34% Nov 14
71% Nov 16
27
1434
3%
1,200
28%
27%
2978
1278
19%
*58
*334
2778
21
23%
9
14%
7%
54%
100
%
2934
24
17%
5034
9%
7
2,300
2,900
22
*29
70
10%
3%
21
*22
*13
10%
7
300
1,400
834
*3s
29
36
7%
22
10%
5,800
230
700
28,300
18
Closed—
-
10
2%
*17
giving
—
104
884
50%
517S
IO84
36%
3%
3%
Stock
884
*
478
—
13%
21
934
8%
21%
*22%
26%
2%
3,500
30
7
*2
48,166
15%
2%
3%
Thanks¬
Mar 30
18% Mar 31
10
26
8 pear A Co
■
44
1034
32%
1,500
40%
30
1978
*15
3%
9%
21%
21
2734
49%
400
39
7
28%
27%
1
Mar 20
Slmonds Saw & Steel—No par
6% preferred
Oct
Dec
9% Nov 12
Skelly Oil Co
-
15
60
12% Nov 16
28% Oct 14
18% July 20
106% Oct 7
484 Mar 31
No par
Slmms Petroleum
July 19
Nov 12
49% Nov 12
10
Oct
3% Oct
4984 Nov
1234 Dec
70% Nov 18
Mar 30
93
100
16
18
12% Mar 30
2% Apr
14% Mar 30
11,000
3%'
40
277«
27%
*44%
51%
28%
6934
*124
% conv preferred;
Simmons Co
43%
21
9
*
28%
19
30%
*934
8%
*22%
*4%
125
36
21
884
43%
4%
*124
18%
2,200
26,400
14,300
3%
80% Oct 13
% Oct
3% Oct
34% Nov
% Oct
1% Oct
23
Mobile A Ohio stktrctfs 100
23%
*2978
12
6%
*43
778
5634
IO84
1978
*5
7%
55%
37
2734
*47
14
10%
7%
14%
10%
21
7-
*69%
36
30%
*8%
434
778
*57
*2978
*10%
19%
2734
884
32%
1378
57
1034
37%
3%
%
*29
5234
68%
*124
*%
5H
8% preferred
*9
Mar 30
Mar 26
20% Apr
Silver King CoaUtlon Mines-.5
So Porto Rico Sugar
♦102
28
47
5% Jan 14
Aug 11
684 Mar 12
Sheaffer (W A) Pen Co.No par
Shell Union Oil
No par
1,000
*35%
June 16
3
20%
3%
6
9% Mar 30
Solvay Am Corp 5H% pf-100
7
7%
104% *103% 104
2
17g
2%
*%
3
South Am Gold A Platinum. 1
28%!
27%
27%
% Jan
1% Mar 29
15% Mar 29
36
100
*36
Exchange
3484 Mar 28
No par
3,000
65%
3%
Dec
10% Nov 25
50% Oct 6
% Jan 3
3
July 22
27% Feb 25
pref ser A .No par
No par
29,500
13%
65%
18%
22%
71
1% Nov 25
Mar 30
Sharpe & Dohme
2%
1478
8%
18%
2134
Feb 23
June 14
%Sept 26
3
Shattuck (Frank G)
13%
2%
*19%
*138%
23%
18%
17%
27%
*42
878
19%
22%
85
19
45% Mar 31
3,800
28
884
62
No par
143s
66
*18%
22%
27% Mar
51«4 Mar
Sloss Sheffield Steel & Iron. 100
♦113
13%
Oct
Dec
$5 conv pref
conv
share
per
11
10
$3.50
Highest
per share $
22
1
-
Corp
$
6
No par
10
600
*20
384
Servel Inc
Sharon Steel
100
400
28%
4
28
500
100
share
4
No par
preferred
17
65%
3%
♦3s
2734
27%
13%
31%
28
8%
22%
%
28
1%
13%
66%
28%
7%
19%
22%
8%
*1778
1984
23
2778
13%
10334 10334
1%
1%
2
*17%
*22%
13%
4-2%
14%
13%
44
29
J Seaboard Air Line
17
15
*42
1,500
3,100
..No par
*
40%
15
44
64
4
39%
15
6%
Paper Co
per
Jan
100
Seaboard Oil Co of Del-No par
Seagrave Corp
No par
Sears Roebuck & Co
No par
800
200
9%
*42
3,500
1,600
23
15
50
3%
24
3%
*9
44
*27%
2
*3%
*21
15
42
13%
*9
*21
Scott
$
27% Jan
1
8% preferred
100
4,300
26%
99%
*100% 115
*10334 10434
20%
20%
24%
2634
*42
1478
42
3%
934
23%
*9
034
23%
3,000
1178
27%
6%
31%
*284
2334
26%
*96%
....
*9
7%
48
Year 1937
Lowest
884 Mar 29
13«4 Sept 27
-
JSchulte Retail Stores-,
100
27%
14%
14%
*103% 105
6%
3134
3
7,900
3,000
2,600
7%
II84
*27% 2734
14%
14%
103% 103%
26
100
71
1938
Range for Previous
Highest
9 per share
Savage Arms Corp
No par
Schenley Distillers Corp
5
5Yi % preferred
100
1,300
19%
*46
12%
6%
30%
2,000
2,300
73%
16%
16%
19%
96%
96%
*96% 99%
*105
*103
110
*103
115
115% *100% 110
*103
104% *103
104% 104% 104% *103% 10484
20 %
20
20
*20
*20%
20%
2034
2O84
*17
17
17
17
17
17%
17%
17%
13
13
13
13%
13%
13%
13%
15
13
13
12%
13%
13%
13%
13%
13%
♦113
*113
*112%
114
114
2%
2%
2%
2%
2%
2%
2%
2%
19
20%
20%
19% 20
18%
19%
19%
*138
*138
*138%
*138%
23
23%
23%
23% 23%
23%
23%
23%
I884
19%
18%
19%
18%
1834
18%
19%
18
18%
1834
1884
1734
18%
1734
18%
27
2734 28%
27%
28%
2734
27%
28%
*37
*37
*36
43%
43%
43% *36
43%
♦3%
884
3%
3%
3%
3%
*312
384
*35% 39 I *35
38% *35%
39,
*35%
39
*21%
34
*65
*23%
26%
99%
700
2
73
12
300
2178
3%
3%
7%
4634
600
70,100
10,200
2
71
*65
Par
5084
21
.
Lowest
1%
10%
50%
*%
50
26,
EXCHANGE
8,200
77
1%
%
7%
27%
*96%
2
21%
*3%
72%
16%
11%
H%
6%
3084
*234
49
2%
21%
3%
7234
16%
1934
*3%
72%
16%
19%
15%
20%
20
*75
9
49
*46%
49
11%
%
6%
%
19%
14
15%
20%
75%
1%
75%
%
6%
49%
84
21%
15%
20%
21%
20%
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
Shares
Monday
*15%
20i4
YORK
Week
Saturday
Nov.
^Called for redemption
Jan
Feb
Volume
LOW
AND
New York Stock
147
SALE PRICES—PER
HIGH
SHARE,
Record—Concluded—Page 10
Sales
NOT PER CENT
Monday
Tuesday
Wednesday
the
Friday
Thursday
On Basis of
STOCK
Nov. 19
Nov. 21
Nov. 22
Nov. 23
Nov. 24
Nov. 25
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
68
68
4
*6712
2012
3i4
♦343s
3%
35
6i8
*8
8*2
79i2
*73
7*2
7%
36
36
6834
5912
70
19i2
3i4
3378
6i8
*75g
3U
335g
6i8
3434
6i4
8
*73
*33
8
7l2
*7i8
11
11
*8012
85
1
*58
*6
104
35i2
585s
5914
115g
1134
11384 114
784
8is
85
1
*5g
6
6
10l4
10i2
11
101
102
1134
*6
*66
6i8
lll2
5i8
49?s
75i2
4414
4334
*68
.4378
5U
437g
53g
505s
IO6I4 107
64
64
68
68
6684
6578
11512 11512
3334 3384
5*8
512
51
578
64
64
*68*4
66i2
116
335g
3378
3334
3334
44*2
4478
4484
453s
334
37g
378
8
8
8
8I4
8
37g
8i4
23g
*8
214
*214
238
2*s
214
2i8
214
*45
52
*45
52
*1318
7734
14l2
7734
*13l4
HI4
*1314
77l2
7712
78i2
80
*155
158
65
34
7g
84
*84
*2214
253g
34l2
*112i2
*3814
378
37g
26l2
116
116
*3
314
*1012
12
125
*115
*7118
*118i2
*13s
*155
158
66
65
66
*34
34
78
34
2534
34
73
*165g
*334
334
*26l2
115*2 115*2
*3
17l2
1712
4
27
27
116
*3
3U
11*2
73
*118*2
234
*134
*7
7l2
7*4
712
7*8
1658
1658
16*4
1634
1678
84
84
*8178
8*4
*5034
85s
513s
*1934
*14l2
234
2012
15ig
27g
*195s
*35
42
*35
83g
6I4
3912
*33s
*lll4
63s
39*2
334
15
27
27
*22 »
31
*35g
*34
2234
3H2
37g
1*8
l49
*14i2
*284
85
8*2
5018
2014
*82i2
8i8
48
14
1512
3
38
63g
40
3*2
*1U4
*215g
35s
15
2712
23
*31
31
27
358
*34
50»4
30,400
Vadsco Sales
263g
"MOO
300
*8234
20i2
1412
8
3«
116
60
3
3
230
*9
11
20
Closed—
*1157g 13484
75«
75*
Thanks¬
*11812
U2
"i'Boo
*17
17ig
800
*8312
86
4912
513s
49U
20ig
*1934
20
14l2
14
14
3
278
*36ig
36
*22i2
llg
*34
81
*80l2
34l2
81
*80i2
94
*9414
9514
*94U
102
10212
73a
*6
12
h
15s
'1*2
2514
2534
29
29ig
116i2 11714
140
*130
73g
73S
*6i2
73g
%
5g
*2
1%
12
1^8
*37
112
158
25l2 2614
29i8
2978
H314 11434
140
*130
„18
*17
37l2
*1712
1914
*18
19i2
37l2
*18l2
*30
303g
*30
303s
*30
*37
*75
...
2834
29
8H2
81l2
59
14
1314
*5714
*1334
*127g
*75
2812
*8H2
...
29
95
*75
2834
*7714
58
58,
*5718
1334
1384
*14
13
13
1278
7i2
7i2
7i2
712
*7i2
*134
178
134
178
134
19i2
212
234
518
434
*4514
19i2
234
284
514
47g
46
405i2
25
25
5034
24U
51 i8
24i2
92
*78i2
1914
3
25g
514
45g
46
237g
*78i2
5078
2414
92
*68
87l2
*45
47
45l2
8712
46
*61
64
5812
6H2
►115
116
*73
74
*3212
185s
34l2
1878
102
102
2018
5112
205s
523g
88
*82
24i2
2014
4
•
247g
2034
4
*6812
2:115
73l2
*33
185s
102
2034
5018
*82
25
20i4
37g
116l2
73l2
3388
19i8
102
61
July 20
8
July 19
I8I4
37l2
19l4
303a
*37
37l2
3712
37i2
30
19
19
19
19
400
30
3018
30
30
600
80
*75
80
*75
29
95
29
95
29i8
*7714
29%
*77U
95
100
59
*57l2
59
58l2
5812
200
15
*14
15
14
14
13
13
13
13
13i4
*784
8
1»4
134
21
3*8
2*2
2%
2934
734
8
134
1%
1%
900
2112
900
314
6,600
*20
21
3ig
314
2%
5%
4%
4512
2%
25g
5%
5*g
4*2
5*8
4i2
4%
4%
4512
*45*4
467g
45l2
—
200
1,900
8
410
514
"2,900
600
4512
514
""466
3,800
1,100
1,900
48
117U *112*2 115
115
73
73
3234
19%
1878
—
Co No par
White Sewing
Mach...No par
$4 conv pref erred.... No par
Wilcox Oil & Gas
5
*55
73
3214
18%
101
20l2
1934
100
500
3284
900
Wrlgley (Wm) Jr (Del).No par
Yale & Towne Mfg Co
26
18%
1878
103l2
12,700
130
Yellow Truck &
Preferred
Coach cl B.
100
25l4
25*4
l'ioo
2034
20
30*2
20
20%
19%
2014
3,600
Zenith Radio Corp
37g
37g
800
4
37g
37S
Bid and asked prices; no sales on
20
51 lg
5212
378
378
this day,
t In receivership,
87l2
Jan 11
July 22
July 20
31
31
31
1247g Nov 10
31
144
Oct 14
9i2 Mar 30
31*s Mar 28
21
Oct 24
16*2 Mar
1534 Mar
6134Mar
103
Mar
Nov
9
1
Oct
1*2 Oct
22ig Dec
1784 Oct
87*g Nov
113
Oct
10
Mar 31
37*2 Nov 22
20*8 July 25
20
•
1034 Oct
3U2 Nov
1034 Oct
Mar 31
3058 Nov 16
2U8 Dec
Apr 12
14i2Mar26
3234 Nov 12
19
Oct
4
75
Nov
Nov 12
55
Dec
65
90
75
Mar 29
95
42
May 27
61
11
Jan
Jan
4
90
Dec
Sept 23
15*2 July 19
*4*2
Oct
6*g Mar 31
6
Sept 28
1*4 Mar 31
16*4 July 25
11
Jan 21
0
Oct
8*2
Oct
Oct
884 Mar 31
2484 Odt 19
3
Jan 22
158 Mar 30
3*2 Aug
3*8 Oct 26
6
1®8
11
1*1
2
Oct
Oct
Dec
36
Co
73
20
158
33g
34*4
33*4
10
10
Woodward Iron Co
11712
*85
*2 Mar 23
Jan 10
105*4 Nov 14
Wright Aeronautical...No par
52%
87%
14i2 Dec
25g Oct
6i2 Oct
9
Oct 25
450
20%
9
4i2 Jan 10
103
1,300
3,300
51*2
245gNov
438 Dec
37'8
20%
*82
110*2 Apr
4984 Dec
25%
88
2
678 Jan 10
25*4
5134
119*2 Nov
578 July 19
60*4 Jan 21
2514
2078
5078
6
Mar 25
Oct
Mar 30
24l2
2034
*82
Oct
Mar 24
2514
5234
88
117*4
3
Wire..No par
No par
100
Youngst'wn Steel Door. No par
2084
22
32
10
preferred B
—100
Prior pref 4^ % series
10
Prior pf 4
% conv series. 10
103
Oct
126 3 Nov
100
$6 preferred
3212
101
Oct
No par
6% conv preferred
Wilson & Co Inc.:
6%
-65
367g
84
Mar 31
9784
l*4June 16
Willys-Overland Motors
Preferred A 7%
...
*50
87*2
102*2 Jan
76
18g Oct 18
conv
—
Oct
July
1284 May 31
Westvaco Chlor
9,600
57
3234
Prod..No par
preferred
30
Wheeling & L E 5^ conv pf 100
Wheeling Steel Corp.—No par
Preferred
100
$5 conv prior pref—No par
White Dent'l Mfg (The S 8) 20
White Motor Co...
1
1
88
3
preferred
Weston Elec Instrum't. No par
Class A
No par
2*8
23*4 Oct
73*8 Nov
3
25gMar31
50
60
Oct 16
1*2 Jan 28
July 30
82*4 July 29
102*2 Jan 3
39
3
111*2 Jan
Supply Co.-. 10
Maryland.......100
100
-.100
6% preferred
100
Telegraph. 100
4*4
Oct
Nov
Jan
4% 2d preferred...
Western Pacific
Wool worth (F W)
*60ig
8
Apr
Western
Worthlngton P&M (Del)No par
23*4
1
Apr 1
828gMay 28
Western Auto
9,400
45
103
100
3~400
2034
84 gept
116
pref. 100
2512
*60*8
1*4 Mar 26
25*4 Mar 31
Mar 29
51
38
185s
348g Nov 10
50%
49
32l2
Oct
25
Mar 30
25U
59
*101
Oct
Mar 30
51
4634
73Vi
11*8
20
11
17
25*2
*45
73l8
Oct
Oct 13
6
50%
25i2
5034
2334
92
8712
115
16
2484
503g
2314
*78i2
*68i2
59
Nov 10
25g
WlsconslnElec .Power 6%pf 100
700
*105l2 107
*105*2 107
Dec
31
16*4 Mar 31
par
74
White Rock Mln Spr
33
9
70
5%
26*2 Dec
484 Oct
1634 July 15
Westingh'se Air Brake.No par
18
Oct
Mar 31
71
1st
2
184 Mar 31
100
100
6% preferred
Oct
Oct
5
.1
West Penn Power 7%
Oct
778
par
Wesson OH A Snowdrift No par
Western Union
45
Oct
par
Westinghouse El & Mfg
2914
18
80
Mar 26
Oct
Aug 6
47g July 15
7,100
253g
90
18
33S
434
Mar 31
384 Mar 26
20
par
1,300
6,400
4,500
18
20 5g
514
23
6
No
J Warren Bros
No
$3 convertible pref..No
Warren Fdy & Pipe—No
pref
"2,800
140
318
46
100
Preferred
68
115l2 117
17
July 16
1%
25
25*2
29*4
297g
H4I4 117
32
4
58
*130
203g
2i2
73g
5
Nov
Mar 26
Warner Bros Pictures
3*4
197g Nov 18
19i4 July 27
54
2
1*8
140
3i8
234
100
*130
140
1978
»10512 107l2 *10514
25
253g
2434
50%
25
2,400
3%
Nov
10*4 July 22
No par
6% preferred
24%
Jan 11
Mar 26
Class B
90
190
*6i8
1784May 18
2&g
8
7% preferred
118
*6
Mar 31
30
119*2 Oct 26
A..No par
$4 conv preferred ...No par
126
227g
*312
4i2 Mar 30
No par
;
Mar 29
74
West Penn El class A..No par
*117
3%
58
*1738
Dec
Oct
1384June 10
Walk (H) Good & W Ltd No par
Ward Baking class
140
*124
2278
Oct
1
125
*3i2
Feb
2
Mar 21
1
No par
118l2
22U
II784
7184
Wells Fargo & Co
125
358
Dec
75
87
Webster Elsenlohr
150
21*2
Dec
50
—No par
95
*312
Oct
113
Nov 21
M % pref with warrants 100
90
118
126
126
8
12078 Feb 26
Mar 31
Oct
400
81
95
95
1584 Jan 11
Mar 29
37
20*4 Jan 10
2,400
9514
101l2
101
ion2
2H2
35s
58
175g
*93
97
11878 11878
134
*112
255g 2612
29l2 2934
11334 1161s
*130
10214 *101
*9414
*638
3714
175s
101
35
Dec
Dec
3418
34 ig
Oct
June
3
65s
18
Us
4i8
4lg
*84
3ig
18*2
8*2 July 25
Wayne Pump Co
*34
Jan 20
100
4*2
2*8
Waukesha Motor Co.—
3l2
~238~~6ct
105
15g Apr 13
5*4 Mar 26
.No par
....No par
Walworth Co
conv
Jan 21
4
900
94
22
Walgreen Co
$3.85
Jan 21
33g Feb
800
*3434
35g
Waldorf System...
4
S&8
32*8
116*2 Nov
1*2 Apr 22
584 Mar 31
31
78
1584 Mar 30
Mar 30
105
2l2
22
378
Oct
3584 Nov
43g July 23
22
78
Oct
Oct
97
914
1&8 Mar 23
31
*35s
Oct
1414
116*4 July 19
29i2
1,100
Jan 22
Oct
Oct
16
100
100
100
5% preferred A
31
400
2
Nov
Oct
....100
f Wabash Railway
2212
*80l2
2184
pref...No par
Virginia Iron Coal & Coke. 100
5% preferred
100
Virginia Ry Co 6% pref... 100
Vulcan Detinnlng
100
31
4,000
284 Mar 29
No par
Chem
6% preferred.......—.100
Va El A Pow $6
2212
81
2284
334
Va-Carolina
227g
150
113
Nov
84
58
19*2 Nov 25
28
16i2
97
*35g
12,500
June 19
42
31
27
3*8
35
2234
200
40
6ig
*35ig
4i8
Oct 20
287gNov 9
3658Nov 12
13i2Sept 28
16*s
2812
3l2
16
63
39*2
2 8'4
30*2 Mar 30
28
-
6ig
*37
35
1241o 124*2
600
27g
97
Jan 10
5
Preferred
""366
Mar 26
1*8
6
6I4
39l2
4i4
16i2
29l2
6U
3912
312
15
*94
*118*4 119
200
7,200
3,800
29
Jan
Vlck Chemical Co....
5% preferred B
8ig
8
_
*80*2
4—.
600
135
Nov 18
1*4
Victor Chem Works...
Preferred
"""566
112
2i2
234
7lg
97
u
50
—-
23g
*ll2
7ig
86
8*8
48ig
*1934
*13i2
*2S4
83g
500
*115
Oct 29
70
14*4 Mar 31
100
Oct
46
984 Dec
47
Nov
158
1U2 Mar 31
6
7% 1st pref
Nov 12
May 11
16
Corp of Am.No par
Van Raalte Co Inc
15
~r"6ct
27*2 Mar 30
i2 Mar 30
i2June 22
1
No par
100
Preferred
""206
39
8184 Nov 17
Feb
134
700
700
Day
7*2 June 13
Mar 31
.....100
8% preferred
Vanadium
3
3ig July 25
60
July 21
37
Universal Pictures 1st pref. 100
Oct
278
1*4 Mar 26
48
futilities Pow & Light A
9
684 July 21
10*4 July 29
No par
170
47*2 Sept
Nov21
8
No par
600
1,900
86
pref A.
Dec
June 20
34
34
2534
19i2
167g
36
25
Stockyards Corp
1
Conv pref (70c).....No par
conv
48*2 Nov
100*4 Oct
68
29i2 Mar 30
40
Apr 25
35g Mar 30
7% Pref
Universal Leaf Tob
Oct
52i2 Nov
Oct 10
67i2
39
7U
17
71*4 Nov 12
United
30
160
37g
27
7ig
Mar 31
121
26
giving
Mar 31
38
Oct
Oct
43*2 Dec
No par
U 8 Tobacco...
$6
9
x55
r4484 Mar 31
Universal-Cyclops Steel Corp 1
600
20
Dec
3*4
9184May 31
""260
13*2
24
100
Preferred
52
65
109*8 Nov 21
7284 Oct 13
70*8 Mar 5
United Stores class A..No par
80
Nov 12
£6*2 Nov
3
Jan
Oct
Nov
4958 Oct 13
7
July 25
Mar 31
45i2
No par
1,600
81
*11814 119
U 8 Smelting Ref «fc Mln—.60
Preferred
50
870
71
Mar 29
21
100
2*2
35
*124
2,600
45
378
58g Mar 26
10
U 8 Steel Corp
7*8 Oct 11
13*2 Nov 16
3*4 Mar 30
50
27g Mar 31
8%
35
94
100
June 20
13*2 Mar 31
Oct
Oct
154i8 Nov
684 Dec
297S Dec
16*8 Oct
384 Oct
6*8 Oot
10*4 July 19
35*4 Jan 12
30*4 Nov 14
4ig Mar 29
24
2U2Mar30
*32l2 333g
*112i2 114
Exchange
4
20
8% 1st preferred
53
9
Nov
No par
*2378
3
Nov
100
U S Rubber
5i2
173
cl A...No par
1,300
1,200
*92
94
700
60,200
1,400
37g
7'8
17
conv
U 8 Pipe & Foundry
U 8 Realty & Imp
13,000
*805s
10U2 10134
95
9534
3~ioo
5,300
1834
38
6i8
*3612
3l2
*lli4
31
35g
1
Partic &
Prior preferred-
*26i4
234
42
6*4
39
500
1,900
125gNov 10
115
50
Nov
84
438
Mar 31
55
U 8 Industrial Alcohol.No par
U 8 Leather....
No par
5J4% conv pref_...
70
1*4 Jan 18
9*4 July 23
162i4 Mar 28
20
...100
U 8 Hoffman Mach Corp...5
I8I4
49
*19i2
U 8 Gypsum
~
Nov 10
No par
...
84
84
Stock
Mar
3i2 Oct
558 Dec
Nov 10
3i2 Mar 26
584 Mar 30
500
6
75
13
85
..100
""700
8%
35
28%
4334
53s
34
3
Jan
1
May
BgMay 16
67^2
34
18
1712
11378
114
6
4*2 Apr
62
No par
7% preferred
11%
34
—
*184
3,200
....
*155
64
*10
*10
11
1112
*11778 13434 *11578 13434
*73
75
75
*72is
75
*11812
*118i2
*ll4
lU
H2
138
H4
3
3
2&g
*25g
2&s
*112
234
234
*li2
284
3
10334
80
111®
234
13s
U 8 Freight
334
37g
37g
27
27
27
116
*115
115l2
314
ll2
27g
900
*46
125
*118
170
*13
34
,
6%
10%
U 8 Dlstrlb Corp..
Con v preferred
23g
78i2
64
,
1,600
"""266
884 Mar 30
8
158
158
h
11
85
*4414
37g
*23
2534
*2378
2534
2534 *23
2534
26
2512
26l4
2512 265g
26
34
*33
*33
3384
3414
3412
34i2
*112l2 114
*11212 114
*112l2 114
114
*38l4
3912
393g
393g
397g *38U 40
17
17
2612
158
66
158
64
Oct
85g Oct 27
14
*46
14i2
14i2
*7712
101
Mar 26
52
52
*45
Jan
Nov 22
3
*6883
69%
6558
665s
116% 117
3334
343g
6678
384
45
17
United Paperboard.
10
U 8 & Foreign 8ecur...No par
15 first preferred.
100
105% 10634
64
64
115U 116i2
384
447g
8684 Mar
Oct
1,100
50
65l8
69i2
8i4
334
63
Oct
9
7%
43%
5%
53g
334
45
*44
Oct
52
1278 Nov 10
Mar 31
50
106*4
10*4 Aug 20
11
44
6578
116
24
3914 Oct 14
67*2 Aug 8
No par
Dec
25g
Mar 14
*66
75
*6838
2684 Apr
Feb
9i2 Mar
74
217s Mar 31
..5
No par
Jan
Jan
Mar
Oct
Oct
6i2
Jan 10
878 July 25
Sept 17
6
578
65ig
6912
653s
107g July 18
Mar 26
6
*7%
49%
51*4
107
108
107U 109
16
100
103
1114
5%
Oct
No par
*33U
28%
1114
514
50
3
Oct
6
United Mer & Manu Inc vtc.l
*174
734
43l2
80*2
60
5
25*4
8*2
4678
Jan 12
73g
4i2 Mar 29
Apr 1
10
United Fruit...
Oct 17
38
458June 18
100
United Electric Coal Cos
United Eng & Fdy„.
Mar
Oct
700
6%
10%
28
*66
Mar 31
Feb
35
2
400
1
35
28
6
H84
75ig
44
43l2
4912 5078
107l2 109ifi
64l2
6412
*68
6912
65l2
67ig
115i2 116i2
3312 337g
*7l2
*3312
28l2
45g Oct 17
22
5
share
91
3684
8l2
117g
114
11
....
734
36
Mar 26
per
Dec
17*2 Die
73i2 Nov 10
2034 Nov 10
United Gas Improvt
15 preferred
*81
6i2
102
1
7%
10l2
103l2
'174
7i2
*33i2
*2634
578
IH4
77g
36
27l2
85
*68
102
*173
4,800
10,700
*8
*6
103g
100
60
$3 preferred
4
2
..No par
No par
United Drug Inc
United Dyewood Corp
Preferred
Jan
1284 Apr
39
Highest
$ per share $
share
per
*784
85
58
35
1134
712
IO84
*81
85
712
114
8
714
IO84
1,900
734
59
12
8
79%
*32
113l2 11312
1
6
101
*81
-
5878
II84
8%
*7^2
34
5812
7l2
1034
*1012
6i8
1178
6i8
11&8
712
*32
4,200
3,500
No par
United Corp
'
*73
7l2
28.500
3384
6i8
6
778
79*2
*73
734
714
1034
*173l2
77g
8*8
36
*33i2
2714
265g
*27
*712
712
11
...
*34
3312
6i4
7i8
3%
314
33%
33s
33i8
8
784
6
104
*173
334
$
$ per share
United Carr Fast Corp. No par
712
105g
*5g
11
*10l4
United Carbon
200
734
*80i2
7
300
20
*32
587s
115s II84
II84
*113i2 11414
*113lz 114
*734
69
*17
7912
7i8
35
58l2
115s
69
20
6
*7I2
714
72
*17
33g
34
*73
79l2
714
*69
20
Lowest
Highest
Lowest
Par
68*s
68i8
*19
19i2
100-Share Lots
EXCHANGE
$ -per share
*19
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
NEW YORK
for
Saturday
3277
1,100
20,900
Young Spring A
Youngs town
SAT
5H % preferred
"
a Pef. delivery,
Zonite Products
n
New stock,
Corp
No par
1
r Cash sale.
33s June 16
45g
Oct
16*2
Oec
3
53«4 Nov
9
34
Dec
11*4 Mar 29
27*4 Nov
9
12
42
9
72i2 July 19
54*2
Oct
70«4 Oct 27
75*4 Nov 14
48*4 Nov 16
40
Oct
34
Dec
3984
Dec
Mar 30
120
Nov 18
Mar 31
74
Oct 20
58i2
Oct
Jan 31
39
5
2184
Dec
10*8 Mar 29
Jan
Mar
27
Mar 28
28*4
65*2
61*4
20*4
88g
Mar 30
71
Mar 30
275g Nov 14
65«8 Nov
July
9
38
Oct
Oct
Oct
21*4 Oct 19
Oct 13
68
257g Aug 26
12i2 Deo
Mar 30
57*4 Nov 12
34ig Nov
62*4 Mar 31
1U2 Mar 29
86*2 Nov 15
28
Nov 10
70
Oct
2584 July
7
li78
Dec
5«4 Mar
7
2*8
Oct
Jan
3
938 Mar 31
24
9
Mar 31
234 Jan
* Ex-dlr.
3
109
9 Ex-rlghts.
7*2
Dec
T Called for redemption.
Nov. 26,
YORK
Bond Record,
1938
NEW
STOCK EXCHANGE
Thursday, Weekly and Yearly
NOTICE—Prices are "and Interest"—except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the week's range,
unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown In a footnote In the week in which they
occur.
No account is taken of such sales In ^computing the range for the
year.
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
»Week's
Range or
Range
BONDS
Friday'8
Since
N. Y. STOCK EXCHANGE
Sale
Week Ended Nov. 26
Price
Bid
A
Low
Friday
Atked
High
Jan,
No.
Low
1
Treasury 354 b
Treasury 3 54s.
118
D 105.8
105.8
M 8 106.27 100.27
A
7
110.4
3
111.22114.23
4
110.8
105
12
100
2
106.10108.2
109.23
109
8
107.18110.25
♦Chilean Cons Munlc 7s
1960 M
107
1951 J
A
107.10
109.17 109.10
109.19 109.18
J
108.22 108.22
J
108.10
108
1
108
1946-1948 J
108
......1961-1966 M S 106.15 100.13
1966-1960 M 8 104
103.31
108
29
105.2
106
41
104
166
103.20107.7
101.24104.21
100
20
.
J
Treasury 314s
Treasury 3s
Treasury 254s
Treasury 254s
Treasury 2548
..1946-1947
1948-1951
1961-1964
..1956-1959
—..1958-1963
1945
Treasury 2548--Treasury 254s
Treasury 2548
Treasury 254s.
D
J
F
....
Treasury 3s...
A
M S
100.24 106.24
110.5
107
110.3
♦Cologne (City) Germany 0 54s. 1950 M 8
Colombia (Republic of)—
105.27109.10
105.19108.31
108.15
103.25107.4
105.3
105
4
103
65
100.26104.7
102
14
100.14103.17
J
102
50
100.0
J
D
*106.31100
105.20
1 1942-1947 M 8
Home Owners* Loan Corp—
Mar
101.27105.17
102.29
101
105.20
105.7
99.18102,20
100.4
102.23
3
103.28107.10
103.4
106.23
103.22106.18
102.13105.11
100.10
15
102.13
10
101.9
103.13
104.4
13
101.5
104.15
103.9
2554
1
2554
1
1754
93
754
754
2554
2554
93
16 54
2554
2554
9654
6
93
754
10
6
10
754
2
6
10
1
0
9
J
754
754
754
0
954
954
7
7
1
"654
454
854
054
654
4
5
854
754
14
♦External
sec s
f 7s series D
f 7s 3d series.1957 A
Antwerp (City) external 6s
1958 J
Argentine (National Government)—
S f external 4 His
S f extl conv loan 4s Feb
S f extl
conv
loan 4s
O
754
D
9554
..1971 MN
1972 F
A
1972 A O
J
1956 J
Apr
Australia 30-year 6s...
External 5s of 1927
1957 M S
External g 4 Ha of 1928
♦Austrian (Govt's) s f 7s
1956 MN
J
1957 J
♦Bavaria (Free State) 654s.
1945
1949
Belgium 25-yr extl 6 Ha
External
F
J
External 30-year s f 7s
1955
♦Berlin (Germany) s f 654b
1950
♦External sinking fund 6a—1958
♦External
s
♦6s stamped
♦054s stamped
s
f
Refunding
s
f 7s
D
1968
Canada (Dom of) 30-yr 4s
Aug 15 1946
102
10454
10154
2354
2554
2
2254
10754
10454
11
14
115
13
107
10454
11354
1254
s
f 6s.. Oct
♦6s Oct coupon on
♦Chile (Rep)—Extl s f 7s
♦7s assented
"64"
A
J
23 54
24
1054
85
854
10
64
854
1954
1954
954
9954
9954
1054
9954
9954
10254
15
954
19 54
1354
15
102
1254
64
95
2
95
10154
8
98
103
64
5154
102
J
7954
"6354
"l8
18
1254
1854
13
9
13
1154
1654
18
14
30
2054
17
2054
2
18
2254
1554
1754
1754
68
10
43
10
2054
2054
"2554
2554
2554
16
1754
1654
26
26
2554
2
"98
2554
9754
9454
1754
16
28
*2554
9454
98
18
9454
♦60
26
65
5854
5854
8054
80
2554
8354 10154
83
10054
55
80
3
43
6454
6
80
90
■
ser
1951 MN
1954
1944 M S
A——1949 FA
1949
4 54s external debt
1977
Blnking fund 554s...Jan 15 1953
♦Public wks 554s—June 30 1945
Czechoslovak (Rep of) 8s
1951
Sinking fund 8s ser B
1952
1954
al07
1954
a!0754
*10354
*10054
5954
6754
10054
10054
73
6954
3
4
105
60
24
1654
10154 107
10254 11054
9654 102
6254
6254
102
73
100
*75
77
50
75
75
6054 105
6254
106
7854
104
Denmark 20-year extl 6s
External gold 554s
1942
10454
10454
10454
98
93
10054
9854
10154
9954
27
9354 104
"9954
44
9154 102
1955
*100
6554
83
6554
106 54
100
6554
55
67
1940 A
O
*01
70
55
0554
2d series sink fund 554s.——1940 A
O
*65
68
56
65
65
55
0554
6554
65
6554
5554
75
51
05
19
22
15
30
ser
5 54s of 1920
Customs Admins 554s 2d ser. 1961 M S
554s 1st series
1909 A O
554s 2d series
—.1969 A O
♦Dresden (City) external 7s—.1945 M N
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
1948 J
J
1967 J
*65
15
J
French Republic 7 54s stamped. 1941 J
1949
98
4
D
Yd
20
1
10654
108
12
103
4
95
10054
10454 108 54
23
1954
99
10854
9354 103
121
121
2
10454 121
*10554
20
108
—.1941
External 7s stamped
16
103
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 0 54s—1953 MN
7s unstamped
German Govt International—
15
*97
6554
121*
1949
*10354
♦554s of 1930 stamped
1905 J D
♦554s unstamped
.1965
♦554s stamp(Canad'n Holder) '05
♦German Rep extl 7s stamped. 1949 A O
♦7s unstamped
1949
25
21
....
2454
2554
198
21
2154
10
9954 107
'2754
*2654
"2954
176
1054
1054
29J4
26
23
23
2354
3854
2854
2654
20
German Prov A Communal Bks
♦(Cons Agric Loan) 6 54s
♦Greek Government
♦7s part paid
s
1958
J
D
2654
2054
3354
W"
2454
2954
29
33
25
19
3054
*23
2754
2254
22
1954
29
27
8454
70
85
2154
1854
2254
f ser 78—1904 MN
...1964
♦Sink fund secured 6s
4954
1968 FA
♦6s part paid..
1908
2154
Haiti
(Republic) s f 6s ser A...1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 754s '50
Helslngfors (City) ext 654s
1960
Hungarian Cons Municipal Loan—
♦754s secured s f g
1945
s
8454
,
,
"1854
*104
19
16 54
20
102
10554
10454
J
15
754
19
1946 J
f g
J
J
1254
1254
9
1854
MN
1354
9
18
46
37
5954
3854
3254
43
♦Hungarian Land M Inst 7548.1961
♦Sinking fund 7 54b ser B
1961
♦Hungary (Kingdom of) 7548.-1944
♦1154
MN
F
A
*39
1979 F
Extended at 454s to
*1154
*1154
A
3754
14
954
14
47
D
80
56
5254
7054
7054
7054
Irish Free State extl
7
55
56
5
*10154
7954
50
72 54
Italian Cred Consortium 7s ser B '47 M
S
80
80
80
40
1
3954
5
3654
53
Italian Public Utility extl 7s... 1952 J
Japanese Govt 30-yr s f 6 54s
1954 F
J
60
60
61
20
3154
3254
3654
3554
Extl sinking fund 554s
1965 MN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
8154
6354
6354
66
101
44
72
39
4154
8
30
40
2154
5
2054
23
2454
2754
11054
11054
20
103
11054
11054
111
50
106
103
103 54
20
98
10354
10354
10354,
103 54
68
10254
10254
7
74
9854 10454
9754 102 54
9254
9954
1654
6254
38
2954
3254
2754
1960 MN
f 5s
1951 J
F
A
J
D
1954 J
D
7s
1947
♦Lower Austria (Province)
754s 1950
s f
A
8154
2154
*25
113
8054
8254
1254 11754
47
55
11354
10254
s
Italy (Kingdom of) extl 7s
♦Leipzig (Germany)
11054
11054
4
33
33
2
2954
30
19
30
27
3154
28
3254
2654
1954
*2854
1654
2954
29
18
1654
1454
1654
*1454
*1654
1654
11
1554
1654
1454
1554
1654
16
1654
1654
1454
1654
16
1
•
1654
"53
1454
10
O
1654
1454
1954
1554
1554
19J4
15
1454
1454
15
1954
1454
1454
1654
8
15
1954
~1654
"l2
1454
15
1454
1954
*1454
*1654
*1454
1654
1654
'
D
1454
1945 Q
♦4s of 1904
1954 J
♦Assenting 4s of 1904
1954 J
♦Assenting 4s of 1910 large—
♦Assenting 4s of 1910 small
♦Sec extl
s
f
♦Sec extl
s
f
654s
054s
..1952 A
1
154
15
54
154
O
1
62"
"62"
154
30
5
3
"63"
48
48
7
A
101
O
10054
A
10554
A
10554
10054
10554
10554
"39
754
2
754
3
10154
10154
10554
10554
"54 "*3"
L
354
54
1
154
50
754
1944 F
Municipal Bank extl
4
60
154
*48
1956 M S
454
1
154
54
1943 F
1854
1254
254
4
1
*1
1
J
New So Wales (State) extl 6s„1957 F
External s f 5s
Apr 1958 A
Norway 20-year extl 6s
20-year external 6s
86
11
54
*154
1959 M N
♦6s series A
6154
154
1958
1959 M S
..1952 J D
1254
1854
5
10
154
M 8
♦Montevideo (City) 7s
6554
6
J
1254
1254
1454
j
*1
{♦Treas 6s of '13 assent (large) '33
Milan (City, Italy) extl 6 54s
Mlnas Geraes (State)—
82
8154
43
154
D
'l254
1254
1454
1254
8
*54
*54
D
External sink fund 4 54s
External s f 454s
"~9
7
54
6354
154
♦Assenting 5s of 1899—
♦Assenting 5s large
♦Assenting 5s small
4s s f ext loan
15
"1454
*1454
D
754
♦Mexican Irrig assenting 4548-1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
'14)4 "1954
1654
1454
1963 MN
♦Medellln (Colombia) 6 54s
{♦Small
1654
1654
*1454
.
17
2
*24
D
1254
13
63
*24
D
1254
6354
15 1960 AO
1961 J
24
53
1960 M S
J
15 1960 J
♦654s assented...
1957 J
♦Sink fund 654s of 1926.....1961 J
4
14J4
6254
21
O
1454
53
9854
1957 J
85 '
7854
64
21
O
23
65
9754
1962 A
754
7854
J
=
3
106
J
♦External sinking fund 68—1963 MN
High
23
J
♦External sinking fund 0s...1962 A
'
18
18
1254
1
F
For footnotes see page 3283.
11654
1
1
5
♦Extl sinking fund 6s..Sept 1961 M S
♦6s Assented—
Sept 1961 M S
1
108
9054 10754
105
96
35
Jan 1961 J
♦654s assented
98
23
1454
3254
♦6s assented
1960 A
♦Extl sinking fund 6s. .Feb 1961 F
♦6s assented
Feb 1961 F A
♦Ry ref extl s f 6s.
Jan 1961 J
♦6s assented
Low
6354
1942 M N
♦Chile Mtge Bank 654s
7854
2054
3254
1942 MN
i_.
9654
8854
8854
88
10654
8754 10054
8554 10254
17
10654
78
20
3454
♦External Blnking fund 68—1960 A
♦6s assented
8654
1754
*60
52
..I960
♦6s assented
External 5s of 1914
754s unstamped
2054
1254
954
954
*70
1960
coupon on
78
654
854
8554 10054
20
1954 J
♦Cent Agric Bank (Ger) 7s
♦Farm Loan s f 6s.. July
11
10354
9954
1967 J
♦Carlsbad (City) a f 8s
Ill
30
00
1944 J
-
30-year 3s
♦Farm Loan
10754
104J4
10454
*2054
10354
9954
2354
J
1961 J
-
10354
94
MN
1952 MN
July
10354
J
1960 A O
5s
♦6s
72
A
1977 M 8
1976 F A
,1976 A O
1975 MN
1967 J
...
♦Stabilization loan 7 Ha
10-year 254s
25-year 3J48
7-year 254s
111
8154
M 8
1901 F
454-4548
1454s-454s
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
♦7s secured
J
3% external s f $ bonds.....1984 J
Bulgaria (Kingdom of)
s
D
1961 M 8
External re-ad J 4 549-454 8
External s f 4548-4548
♦Secured
9054
8154
954
954
954
1950 J
♦Budapest (City of) 6s
1962
♦Buenos Aires (Prov) extl 68—1961
External
7854
1967 M 8
1958 F A
Sinking fund gold 6s_.
20-year s f 6s.
6
79
20
1962
96
8754
"1254
f 054s of 1927—1967
♦7s (Central Ry)
Brisbane (City) s f 6s
11
7954
116
♦Brazil (U 8 of) external 8s
1941
♦External s f 654s of 1926—.1957
754
8754
7954
A
M S
1965 J
6s
s f
No
High
*20
O
♦Sinking fund 7s of 1926
1948 MN
♦Sinking fund 7s of 1927
1947 F A
Copenhagen (City) 5s
1952 J D
25 year gold 4 54s
1953 MN
{♦Cordoba (City) 7s unstampedl957 F A
{♦7s stamped...
1957 F A
J
Cordoba (Prov) Argentina 78—1942 J
1st
1945 j
J
♦External s f 7s 1st series
1957 A O
♦External sec s f 7s 2d series.1957 A O
1945 j
f 7s series C
♦6s extlsf gold of 1927_Jan 1961 J
♦Colombia Mtge Bank 654s—1947 A
{♦Stamped extd to Sept 1 1935.. M S
Dominican Rep Cust Ad 5 54s.. 1942 M 8
754
754
754
s
Since
Jan. 1
CQI
106.23
Municipal—
Akershus (King of Norway) 4s.l968 M 8
♦Antloqula (Dept) coll 7s A...1946 j
j
♦External s f 7s series B.....1946 j
j
s
O
External g 454s
Apr 15 1902
Deutsche Bk Am part ctf 6s—.1932
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
1947 F A
♦Gtd sink fund 6s
1948 A O
♦External
D
Oct 1961 A
♦6s of 1928
External loan 454a ser C
4
U
.
&
Range
Asked
A
102.14106.12
♦104.24105.12
1 1944-1962 m N 106.10 106.9
1 1939-1949 F A 102.9 102.9
1942-1944 j j 104.3 104.1
S
107.2
103.15
J
1962 MN
8
102.23 102.23
D 102.9
102.9
15 1942-1947 J
♦08 assented
13
81
Govt
Bid
1454
*1254
1454
*1254
1354
1962 MN
16
60
2548 series B..Aug
2548 series G
Price
1961 A
108
1948 M S
*104.23104
1949-1953 J D 101.31 101.30 102
,..1960-1952 M S 101.30 101.30 102
Federal Farm Mortgage Corp—
3*4s
Mar 15 1944-1904 M 8 100.28 106.28 107.3
3s
106.10 100.12
May 16 1944-1949 MN
3s series A....May
Friday's
—1901 A
109
J
D
♦6s assented
♦Guar sink fund 6s
♦Chinese (Hukuang Ry) 6s
M S
M S
Chile Mtg Bank (Concluded)
♦Guar sink fund 6s
100.26108.14
Treasury 254s._
2548
113.18
104.13106.27
1
Treasury 254s
Jan
119.5
109
Treasury 254s
t
Range or
Sale
Low
112
Treasury 3148..
Treasury 314s
♦External
»-<a«
114
Treasury 354 s
Treasury 314s
Foreign
Week Ended Nov. 25
Week's
Last
IS
Foreign Govt. & Mun. (Cont.)
O 118.18 118.15
J
D 113.31 113.31
M 8
112.25
1947-1962
1944-1964
1946-1956
1940-1943
1941-1943
...—1943-1947
1941
1943-1946
1944-1946
1946-1949
....1949-1962
.
Treasury 354s
Treasury 354 s
3s
c
High
U. S. Government
Treasury 454s
Treasury 4s
£
41
654
7
2 54
354
3
07
13
13
3854
"2
8
8
21
5
61
37
5754
88
10454
8854 103 54
10354 10754
104
10754
f 5s
105
106
21
9954 10754
10354
A
10154
10254
10154
10354
10154
44
1963 F
s
105
O
1970 J
D
10454
10454
10454
5
9854 10454
9854 10354
9954 10454
1965 A
13
Volume
New York Bond Record—Continued—Page 2
147
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Bid
Foreign Govt. &Mun. (ConcM
•Nuremburg (City) extl 6a
1952 F A
Oriental Devel guar 6a
1953 M S
Extl deb 5 Hs
Oslo
(City) a f 4^8
♦Panama (Rep) extl 5Hs
100 H
24
41
101H
8
3
86
94
96
60
7H
15
10 H
10 X
10 H
m
9H
10H
90
7
13
9X
18
7
13
3
37
67 H
7
42
82 H
31
62
A
39
39
10 H
40
♦Stabilization loan a f 7a
1947 A
62
52
55 X
♦External sink fund g 8a
1950
J
1961
♦Extl loan 7 Ha
-1966
Prague (Greater City) 7Hs
1952
♦Prussia (Free State) extl 6H8.1951
J
1940
♦Porto Alegre (City of) 8
9X
6X
6X
IVIN
"2l""
20X
103H
103 X
105
A
105H
105H
105H
1
♦Rhlne-Maln-Danube 7a A
1950 M S
♦RJo de Janeiro (City of)
♦Extl sec 6 Ha
1946
1953
♦27 X
Sao Paulo (City of,
33 X
49
19
59 X
J
"37"
37
38 H
10
17 H
46
S
17X
16X
18
83
13 X
38H
12
12
13
316
11X
17 H
17
1943
24
"~6H
6H
6H
8'
6H
5H
6X
53
5H
10X
108
48
99 X 100
119X
125 H 129 X
115
20
128X
"28 H
117X
3Hs
2
....
f conv debs
8H
19
7H
13
6
6H
6
6
7
2
5H
10X
Big Sandy 1st 4s
Boston A Maine 1st 5a A C
22 X
"24
106
92 H
100X
82
121
99
98 X
29 X
99 X 107
121
100 X
99 X
28 H
100X
10X
5X
100
29 X
19
29 X
*27
105X
105X
30
20
....
26
26
1968
1952
25
28 X
*25 H
.1955
7H
J
D
A
O
7
5
6
10H
68
18
45
73 H
6H
67
67
>
22 X
i"j
21
22
J
J
J
6X
M S
6H
J
1946
J
7X
6H
5H
r
WIN
6H
6H
HH
10H
7X
♦7a extl water loan♦6a extl dollar loan...
f 7a
7a
♦Sinking fund g 6 Ha
J
1958
4H8 assented
1958
♦Sllealan Landowners Aasn 6a. .1947
Sydney (City) 8 f 5 Ha
1955
D
35
15H
34 H
6X
8
6X
6H
20
19H
23H
60
5H
18H
,
19
20
6
7
5X
14H
1
23
D
Brown Shoes f deb 3X8—--.-.1950
Buffalo Gen Elec 4 Hs series B.1981
WIN
30 X
29H
WIN
28 H
28
40
31
J
D
♦36
29H
41H
J
D
♦34
35
F
A
F
A
142
26
102 X
22
90
51X
52 X
41
46 X
46 X
3
37
51X
23
O
42
♦45
53
41
54 X
.,—1960
♦43
46
38 H
54
1964
WIN
53 X
51
♦43
3X-4-4Xs (9 bonds of '37)
41H
40
41X
H
37 H
1979
WIN
♦38 H
41H
40 H
D
39 H
39 H
39H
42
38
50
3X-4X-4*i«s extl conv
1978
4-4H-4H% extl readj
..1978 F A
3 Ha extl readjustment1984 J
Venetian Prov Mtge Bank 7s..1952 A O
♦Vienna (City of) 6a
1952 M N
♦Warsaw (City) external 7s
1958 F A
4Hs assented
—.1958 F A
Yokohama (City) extl 6a
1961 J D
1
■
40
50 H
21
21
38
75
♦56""
21
H
18
42 H
69 H
37 H
30
34 H
34 X
34
35H
56
"56*
37 H
100H
62
57 X
43 H
65
Carriers A Gen Corp deb 5s w w
Celotex
1953 J
D
1948 Wl
S
1943
D
D
35 H
1946
3 Hs
Alleghany Corp coll trust 5s... 1944
o
A
83
Coll A conv 5s
1949
D
73
♦Coll A conv 5s
1950
103H
103H
O
35
38
O
Allegh Val gen guar g 4s
Allied Stores Corp deb 4 Hs
1942 Wl
8
1950 A
O
1951 F
A
1952 M
S
F
1966
2
16H
45
101
98 H
17
79
93 X
3
79
95
28
96
115
27
45
54
101 x
1
38H
95
63
80
112X
83
104X
104X
106X
68
66
15
105X
105H
106
35
*60
97 X
(Del) 4s series B.1955
97 X
97 X
1957 J J
Fe—
General 4s
1995 A O 104X 104X
88 X
♦Adjustment gold 4s..
1995 Nov
89
89
♦Stamped 4s
—1995 M N
93
Conv gold 48 of 1909
1955 J D
93
J D
Conv 4s of 1905
1955
*87 X
J D
Conv gold 48 of 1910——.—I960
100 x
100X
J
D
Conv deb 4 Hs
1948
*97 X
J
J
Rocky Mtn Dlv 1st 4s—...1965
Trans-Con Short L 1st 4s
1958 J J 108H 108H
105X
Wl S
105X
Cal-Arlz 1st A ret 4 Hs A
1962
*108
Atl Knox A Nor 1st g 5s
—1946 J D
83 H
J
J
Atl A Charl A L 1st 4 Hs A
1944
*87
1st 30-year 5s series B
1944 J J
85 X
85X
M 8
Atl Coast Line 1st cons 4s July 1952
67
70
General unified 4Hs A
1964 J D
78
78
WIN
10-year coll tr 5a
May 11945
69 X
69 X
MN
L A N coll gold 4s
Oct 1952
31 H
31H
Atl A Dan 1st g 4s..—
1948 J J
29 X
J
J
Second mortgage 4s.
1948
53 H
Atl Gulf A W ISS coll tr 5s
1959 J J
102 X
1C2X
Atlant'c Refln'ng deb 3s
1953 M S
*25
J
J
{♦Auburn Auto conv deb 4X8-1939
*70 X
Austin A N W 1st gu g 5s
1941 J J
"
1st m a f 4s ser C (Del)
Atchison Top A Santa
'
32 X
32
*36 X
—
.
*
2
28
38
96
H
102H
1.12 H 118X
99 X 105H
99 H 105H
97 H 116
84
106H
102 X 107H
25 H
23
94 H
38
41
100
98
74
88
--
-
______
m
_
85 H
26 H
35 X
49 X
1
8
79
94 X
8
74 H 109
12
108 X 115X
116
13
119X
6
108 H 117H
121
113
119X
119X
6
116
120 H
117X
118
112
118X
115
115X
10
108 X 116 H
114X
114X
115X
11
108 X 115X
123 H
123
123H
I
5
117X 125X
81X
81
97 X
81X
98 X
80
97 H
112X
II
U9X
"n 5H
112
""98 %
98X
93X
*43 X
93 X
35
98
20
86 X
99 H
106
75
98 X 110 x
....
7X
5X
3
5X
37
3X
3X
50
12 X
7
7X
7
12
30 H
12X
"
*5
J
*10
M
101X
M S
89
7
89
28
75 H 103
75 H 103X
93
82
102
20
81
104 H
31
79 H 101
87 X 106 H
2
X
91
101 X
95 H 103 X
99 X
108X
4
106X
9
113
100
98 H
105
8
F
A
8X10
O
14
54
102 X
103 X
110X
1987
1962
O
F
A
A
F
A
i06H
O
1960
WIN
1942...
Central Steel 1st g s f 8s
1941 M N
Certaln-teed Prod 5Hs A—...1948 Wl S
72
"36
25
23
22
20
21
6
18
106 H
13
101
73X
24
60
72
*
H
55X
♦
57 H
115X
80
1950
1939
General gold 4 Hs
1992
Ref A imp mtge 3Xs ser D..1996
Ref A impt M 3 He ser E
1996
Craig Valley 1st 5s
May 1940
Potts Creek Branch 1st 4s
1946
R A A Dlv 1st con g 4s.—.—1989
2d consol gold 4s
1989
Warm Spring V 1st g 5s
.1941
deb'4X8 (1938 Issue)
15
82
102
22
119X
20
118 X
MN
96 X
118X
96 H
F* A
96H
99 X
96 X
J
J
J
J
J
J
*12—1
iiox
J
J
*104
96
X
*
3s—
1949
Dlv 3X8—1949
1949
General 4s
1958
1st A ref 4 Hs series B...—.1977
1st & ref 5s series A
...1971
98
109
20
41
53
79H
14
63
69X
23
110X
m
m
~
14H
3
14
4
50
32 H
60
♦Gen g 3 Hs series B__May 1
54X
102 X
30
13
74 X
102 H 102 X
15
30
70
85
♦Gen 4 Hs series
C
♦Gen 4 Hs series E
♦Gen 4Xs series F
13X
51
10
26 H
98X
59
85
107 H
11
15
91X
14
68
105
94 H
36
75
109X
85
90 X
O
12 X
90
15X
62
14
15
13
83
30
19X
12X
20X
66
11H
4X
4H
5X
*60
24 X
*25 H
25X
-
17
'*5
13
9
15
3
3X
5H
60
94
7X
7X
85 X
111X 112
19X
35H
9
19
30
26
20
20
36
25 H
27
21
35 H
19X
34H
24'
24 X
21X
24X
24 X
23H
25X
17 H
16H
7X
56 H 108
22 H
15X
8X
*111
D
8H
9
16X
11X
*10
J
J
98 H
83
*19 H
J
104
14
J
J
97 X
*85
15
M S
May 1 1989
May 1 1989 J
May 1 1989
104H
104
93
May 1 1989 J
1989
ioix lis"
,90
1969 J
30 H
5
— —
93
{Chic Milwaukee A St Paul—
♦Gen 4s series A
97X
106
90
Chic L 8 A East 1st 4 Hs
76 X
85X
106
105
97 X
1956 J
36 X
100
A
Chic Ind A Sou 50-year 4s
45
106
97
101H 106
110X 121
85 H
97 X
A
77 H
88
8
14
28
97
,
85H
F
1947 J
♦Refunding 4s series C
1947 J
♦1st A gen 5s series A
1966 MN
♦1st A gen 6s series B..May 1966 J
34
98
102 X
♦Refunding g 5s series B
86 X
5
----
j
F
J
♦Certificates of deposit
Chicago A Erie 1st gold 5s.....1982 MN
1959
1947
64
f
Wl S
A
{♦Chic Ind A Loulsv ref 6s
49
90 X 111X
81 H 109
J
{{♦Chicago A East 111 1st 6s... 1934
WIN
{♦C A E 111 Ry (new Co) gen 5s.1951
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74X
.
109 H
12H
♦Chic A Alton RR ref g
Illinois Division 4s
"l7
109 H
Wl S
72
95 H
104
S
Wl
97 X
-
112X 117
115X
99 X
101X
WIN
30 H
54
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M
34 H
107
35X
49
54 X
81
46
64 X
71
"55 X
Champion Paper A Fibre—
M
8 f deb 4Xs (1935 Issue).... 1950
112
70
90
105X iiox
26
106H
6s extended to May 1
Ches A Ohio 1st con g 5s...
103X
25X
21
gold 4s—1949
1954
109X
89
31
22
J
78
-
107
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4s
118
95
102
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102 X
1987
112 X
97
83 H
104 X
67
94
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.
28
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93
10
63
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61
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—
•
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'
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99 H 105
15
105 X
—
94X
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Through Short L 1st gu 4s
Guaranteed g 5s
.i,
101H
51
105X
110X
97 H
55
94 X
9
5H
115X
119X
J
Cent Pacific 1st ref gu
100
102 X
105
8
"3
98
MN
98 H
104 X
108X
A
42 H
55
J
General
47
109
10
7
42 H
94X
44
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5X
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2
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Central N Y Power 3Xs
41H
12
1C5X
32 H
106
11
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J
112X
J
4
45
28
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109 H
115X
A
1961
101H
104X
105X
109
6H
A
{♦Cent New Eng 1st gu 4s
Central of N J gen g 6s..
103X
112X
106 H 108 X
2
110 X
D
Cent Illinois Light 3Xs
45
53
103 X
3
109 X
26X
6X
99
78 H
33
,
109H
80 X
59 X
12
108
110X
26X
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5
97
96 H
108
108 H
100
48
.
116
F
50 X
110X
101 x
Jan
{Ann Arbor 1st g 4s
1995 Q
Ark A Mem Bridge A Term 5s. 1964 Wl
97
D
76 H
93 X
53 H
78H
A
25
*36
♦Alplne-Montan Steel 7s
1955 Wl 8
Am A Foreign Pow deb 5a.....2030 Wl 8
American Ice a f deb 5s
1953 J D
Amer IG Chem conv 5Xs—
1949 WIN
J
Am Internat Corp conv 5 Hs
1949 J
Amer Telep A Teleg—
MN
20-year alnkiDg fund 5 Ha
1943
3Xs debentures——
1961 A O
3Xs debentures
—.1966 J D
J
♦Am Type Founders conv deb. 1950 J
Amer Wat Wks A Elec 6s ser A.1975 M N
Anaconda Cop Mln s f deb 4 Hs 1950 A O
106X
77 H
F
44
43
103 H
98 H
110X
107 X
MN
30
57
109H
98 H
m — —
M
106
106 H
108
78 X
39 X
"69" ~88X
"40
88 X
87 X
88
107 X
J
85
38
45
103
1950
1981
1947
1948
90
36 X
36
1998 A
,—1967
4s.
w w
73
72
Allegh A West 1st gu 4s
3283.
20
D
70
35
80
*36 H
O
For footnotes see page
1
95
*36
J
45
78
105
95 H 103 H
54
35
50
81
1950
Armour A Co
38 H
38 H
64
107X
H
J
38
106H
58
103H
35X
*40 \
*70 H
O
101H
100
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O
Alb A Susq 1st guar
87 X 101X
86
72 H
*66
O
1943
-
35
8
J
83
105X
94
-
100 X
105H
F
1952
106X
72 H
37 H
101X
Albany Perfor Wrap Pap 6a... 1948
1948
6s with warr assented
♦Anglo-Chilean Nitrate—
8 f Income deb
101
350
75
O
{♦Central of Ga 1st g 5s—Nov 1945
♦Consol gold 5s.
1945
♦Ref A gen 5Hs series B
1959
♦Ref A gen 5s series C
.1959
♦Chatt Dlv pur money g 4a_. 1951
♦Mac A Nor DIf 1st g 5s....1946
♦Mid Ga A At Dlv pur m 5s. 1947
♦Mobile Dlv 1st g 5s
1946
Central Foundry mtge 6s..
1941
Gen mortgage 5s
1941
Cent Hud G A E 1st A ref 3H8.1965
Cent 111 Elec A Gas 1st 5s.....1951
65H
101H
101H
65
65H
101 X
1947 WID
stamped... 1946
Corp deb 4Hs
♦Cent Branch U P 1st g 4s
CO WIPANIES
4Hs debentures
24
"77 H
O
{♦Car Cent 1st guar 4s
.1949
Caro Clinch A Ohio 1st 6s ser A1952 J
Cart A Adlr 1st gu gold
Allls-Chalmera Mfg conv 4s
30
107X
78 H
O
A
J
INDUSTRIAL
♦5s stamped
34
106X
O
Oct 1969
A
Guaranteed gold 5s..
1970
D
Guar gold 4Xs
June 15 1955
Guaranteed gold 4 Xs.;
1956 F A
Guaranteed gold 4Xs—Sept 1951 M
J
Canadian Northern deb 6 Ha.-.1946 J
J
Canadian Pac Ry 4% deb stk perpet J
Coll trust 4 Hs
—1946 M S
J
J
5s equip trust ctfs
1944
Coll trust gold 5s
Dec 1 1954 J D
J
Collateral trust 4 Ha
1960 J
43H
43H
42
3H-4-4H% (9 bonds of '37)
1st cons 4s aeries B
52 H
Guaranteed gold 5s
63
WIN
Ala Gt Sou 1st cons A 5a
3
45 X
"52 H
J
Canadian Nat gold 4Hs
1957 J
Guaranteed gold 5s....July 1969 J
53 X
40H
83
1979
Adriatic Elec Co extl 7s
1960
—1966
1962
gu
Canada Sou cons gu 5s A
60 H
A
WIN
Coll trust 4s of 1907
29H
52 H
55 H
{Bush Term Bldgs 5s
60
F
{{♦Abitibl Pow A Paper 1st 5a.
4s
29
F A
F A
1955 J
Consol Ss
104X
12
101
101H
A
Adams Express coll tr g
12
25 H
1952 A O
Calif-Oregon Power 4s
8s—1946
external conversion
73
30
24 H
5H
{Bush Terminal 1st 4s
33
S
external readjustment
27X
29
24 H
♦Certificates of deposit
35
J
1
26X
29
C—„1967 J D
Xs—1957 Wl N
{{♦BurlCR&Norlst&coll5sl934 A O
60X
33 X
25
—
M
Tokyo City 5a loan of 1912
External a f 5Hs guar
26X
Buff Roch A Pitts consol 4
J
1971
1952
1961
Taiwan Elec Pow a f 5 Ha
107X
Buff Nlag Elec 3X8 series
(Kingdom)
1962
1962
7s
23 X
7X
23H
5H
J
O
A
17
13X
13
UH
*7H
26 X
26 H
10H
9H
*7H
6X
6H
104X 107 X
45 H
19X
46
20 X
41
18X
12
5H
*106X
1961 A O
{♦Boston A N Y Air Line 1st 4s 1955 F A
Brooklyn City RR 1st 5s
.1941 J
J
Bklyn Edison cons mtge 3X8—1966 Wl N
Bklyn Manhat Transit 4Ha...1966 WIN
Bklyn Qu Co A Sub con gtd 5s_1941 Wl N
1st 5s stamped
..1941 J
J
Bklyn Union El 1st g 5a—.....1950 F A
Bklyn Un Gas 1st cons g 5s
1945 Wl N
1st lien A ref 6s series A
1947 Wl N
Debenture gold 5s
1950 J D
1st Hen A ref 5s series B
1957 WIN
20 H
7X
.1944 J D
1967 M S
1955 WIN
1st M 5s series II—_
38
19
24 H
A
a
1st g 4Xs series JJ
20 H
19
F
J
10-year deb 4Xs
99
40
11
"28H
O
1950
1956
1968
1940
1945
AND
103
117X
D
1936
f 6s
106
117X
Cons mtge 3Xs series E
{♦8s extl loan of 1921
♦External a f 6s
95
85
♦Berlin Elec El A Undergr 6 Hs 1956
Beth Steel cons M 4Xs aer D..1960
12
5X
1967
1952
7s. -.1959
♦Uruguay (Republic) extl
25
112H
45
103
1948
;
39
103
cons
♦Debenture 6a
31
A
♦8a external
♦Slleala (Prov of) extl
103 H
1
128 H
Belvldere Delaware
34
14
103 H
104
109 X
77
1960
1st A ref 5s series C
O
1952
1957
♦7a series B aec extl
J
18X
109X
3Ha..1943
♦Berlin City Elec Co deb 6 Hs—1951
♦Deb sinking fund 6Hs
1959
H
M N
♦6Hs extl secured a f
♦8a secured extl
J
1951
J
♦8s extl secured a f
Serbs Croats A Slovenes
A
1951
98
Brazil)—
♦Saxon State Mtge Inst
F
1996 Wl S
Bell Telep of Pa 5s series B
San Paulo (State of)—
RAILROAD
i960
4s stamped
F
WIN
a
70
32 H
Battle Creek A Stur 1st gu 3s—1989
Beech Creek ext 1st g 3 Hs
1951
A
♦February 1937 coupon paid
♦Saarbruecken (City) 6s
1953
♦External
45
27 X
—1966
♦7s municipal loan
a
15
23
A
1946
♦7s extl loan of 1926
Secured
104
—1968
♦8a extl loan of 1921
Rome (City) extl 6 He
♦Roumanla (Kingdom of)
82 H
18X
44 X
Con ref 4s
Rio Grande do Sul (State of)—
♦6s extl a f g
39 H
37
17X
Bangor A Aroostook 1st 5a
11H
25
36 X
14X
107
43 X
Conv 4 Hs
Ref A gen m 5s series F
24
18H
101H 108 X
94H 109 H
6
215
17 X
17
4
78 H
18X
50 H
44 X
53
"7
21X
20 X
34X
48 X
D
1995 J
10H
6H
5H
O
Queensland (State) extl r. f 78—1941 A
25-year external 6a
1947 F
8a
27
60
«.
S
M
"3
6H
6H
—1952 A O
♦External a f 6a
42
♦37 X
"_6H
J
High
102
96
78
16X
48 H
Tol A Cln Dlv 1st ref 4s A...1959 J
Ref A gen 5s series D
...2000 Wl
9H
6H
2
♦Nat Loan extl a f 6a 2d aer—1961 A
♦Poland (Rep of) gold 6a
62 H
32
48
Low
43
48 H
17 X
O
Ref A gen 6s series C
62
5X
5H
5H
D
48 X
P L E A W Va Sys ref 4s..—1941 MN
J
Southwest Dlv 1st 3Hs-5s—1960 J
104 H
40
50
♦48 H
♦Pernambuco (State of) 7a-—1947 M 8
♦Peru (Rep of) external 7a
1959 M S
♦Nat Loan extl a f 6s let aer—1960 J
D
Refund A gen 5a series A
1995 J
1st gold 5a.—
July 1948 A
96 H 103 H
♦50
1963 M N
♦Stamped
57 H
21
O
No.
50 X
101
100 X
July 1948 A
Since
High
Loto
Bait A Ohio 1st g 4s
53 X
Jan. 1
Bid
Baldwin Loco Works 5s stmpd.1940 WIN
62 H
57 H
Range
Friday's
A
Ask
Sale
Price
22
43 M
52 X
100 H
1963 M N
♦Extl a f 5s ser A
Range or
Last
EXCHANGE
High
55 X
——1958 M N
1955 A O
1953 J D
STOCK
Week Ended Nov. 25
18
5
20
20
Low
No.
High
Low
Y.
Jan. 1
Ask
A
N.
Since
Friday's
Price
BONDS
Range
Range or
Sale
25
Week Ended Nov
3279
Week's
Friday
Week's
Friday
25X
55
New York Bond Record-Continued—Page 3
3280
Y.
STOCK
Friday
U
BONDS
N.
Nov.
EXCHANGE
Last
Bennett 'Bros. & Johnson
"36
Dayton Pow A Lt 1st A ref 3 9*s 1960 A O
Del A Hudson 1st A ref 4s
1943 MN
MUNICIPAL 'BONDS
108
1971 J
1969 J
1969 J
Del Power A Light 1st 4 9*8
1st A ref 49*8
1st mortgage 49*a
Chicago, IU.
One Wall Street
Den Gas A El 1st A ref
135 So. La Salle St.
*SL. Y. 1-761 -«• Bell System Teletype ->• Cgo. 543
BONDS
N.
Y.
Last
EXCHANGE
STOCK
Week Ended Nov.
Range or
Sale
25
1951 MN
1936 J
1936 J
1955 F A
Since
A
Jan. 1
Bid
Ask
Low
{♦Chic MIIw St P A Pac 5s A.. 1975 F
♦Conv adj 5s
Jan 1 2000 A O
{♦Chic A No West gen g 3 3*8- -1987 MN
♦General
29*
No
109*
39*
149*
159*
29*
139*
149*
*149*
*149*
14
1987 MN
4s
159*
♦Stpd 4s non-p Fed inc tax 1987 MN
♦Gen 4?*s stpd Fed Inc tax.-1987 M N
♦Gen 6s stpd Fed Inc tax
1987 M N
♦43*s stamped
----1987 M N
{♦Secured 0?*b
1936 MN
♦1st ref g 5s
-May 1 2037 J D
♦1st A ref 4Mb stpd.May 1 2037 J D
♦1st A ret 4 Ms ser C.May 1 2037 J D
♦Conv 4?* 8 series A
1949 MN
J {♦Chicago Railways 1st 5s stpd
F A
Aug 1938 25% part paid
{♦Chic RIA Pac Ry gen 4s—1988 J
♦Certificates of deposit
{♦Refunding gold 4s
1934 A O
♦Certificates of deposit
{♦Secured 4?*s series A
1962 MS
♦Certificates of deposit
♦Conv g 4Mb
--I960 MN
High
405
7
610
29*
9
109*
159*
Low
12
10
149*
149*
169*
159*
10
"159*
"l7
19
15
99*
7
7
"19*
89*
7
92
69*
49*
89*
99*
59*
13
89*
49*
189*
229*
129*
119*
119*
186
39*
79*
419*
419*
8
169*
M
159*
2
159*
D
54
Inc
gu
D
659*
Deo 1 1960 M S
6s
48
-.1944 A
O
80
55
80
45
789*
46
719*
1963 J
J
1963 J
J
1059*
39*8
1951 M S
1029*
889*
guaranteed
Chic A West Indiana
4s...1952 J
con
1st A ref M 49*s series D
Chllds Co deb 5s
108
J
1059*
1029*
889*
889*
1962 M S
...1943 A
"79k"
O
15
1089*
1079*
Cleve Cln Chic A St L gen 4s—1993 J
D
D
*70
Ref A lmpt 49*s series E
Cairo Dlv 1st gold 4s
1977 J
J
59
1939 J
J
Cln Wabash A M Dlv 1st 4s. 1991 J
J
St L Dlv 1st COll tr g 4s
1990 M N
Spr A Col Dlv 1st
4s
W W Val Dlv 1st g 4s
*999*
55
*609*
969*
1940 M S
1940 J
J
g
*87
Clevo-Cliffs Iron 1st mtge 4 J*s. 1950 M N
Cleve Elec Ilium 1st M 39*s... 1965 J
J
Cleve A Pgh gen gu 4 9*s ser B.1942 A O
Series B 39*8 guar
Series A 49*8 guar
1089*
23
739*
90
599*
100
f series B guar
1st s f 49*s series C
s
57
61
99
87
959*
1009*
1099*
979*
1039* 106J*
15
1059* 1069*
1049* 108
1069* 108
1049*
87
88
77
1059*
799*
729*
809*
739*
71
102 9*
64
9294
739*
*
D
1089*
102
A
"959* 103"
102
60
60
40
65
439*
42
439*
12
30
49
969*
M N
96
969*
40
86
99
80
98
"42
85
105
97
949*
95
♦109
110
29
1029*
1029*
1109*
1039*
1029*
73
1029*
1059*
1069*
Commonwealth Edison Co—
1981
M S
1965
O
.1968
1049* 1129*
1069* 1109*
1109*
1099*
103
D
1073*
1073*
106?*
1073*
1073*
1063*
106
1063*
106
J
Conv debs 3 9*8 (Interest
from Sept 301938)
O
1063*
45
10
100
108?*
1073*
1063*
58
105
19
107^*
95
1073*
983*
*
265
*109?*
Stamped guar 4 9*s
1951
Conn Riv Pow s f 3 9* s A
.1961
Consol Edison (N Y) deb 39*8.1946
39*s debentures
1948
*1083*
rnmmm
1083*
1956
1958 J
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s...1956 J
Consol Oil conv deb 39*s_.
1951 J
J
106?*
1063*
1053*
3 9*8 debentures
109
1063*
3 9*s
105
106?*
106?*
1053*
1043*
1063*
1043*
1043*
♦
«
D
•
-
103
4s._1954 J
102
k
*9?*
♦Debenture 4s
*9?*
1955 A
♦Debenture 4s
*9?*
1956 J
10?*
10?*
9?*
♦Consolidation Coal s f 5s.....I960
J
Consumers Power 39*8.May 1 1965 MN
1st mtge 39*s
1st mtge 3 9*s
83
1967 MN
1970 MN
1966 MN
Container Corp 1st 6s..
15-year deb 5s
Crane Cos f deb 39*s
Crown Cork A Seal s f 4s
1946
D
1943
For footnotes
see
page
A
1950 MN
HCrown Willamette Paper 6s...1951
Cuba Nor Ry 1st 59*a
1942
'Je
F
3283.
J
D
979* 1059*
37
70
-
-
«.
-
«.
-
9?*
1083*
100?*
106?*
108?*
106?*
107
11
1063*
1043*
1043*
107?*
50
1053*
104?*
100
100
3
105?*
1043*
1033*
106
17
1043*
12
1033*
5
...
107?*
1043*
D
1951
100
1069*
1039* 107
9?*
May 1 1965 MN
1st mtge 3 9*8
1st mtge 3 9*s
1049* 1099*
108?*
55
—...
...
1043*
...
34 3*
55
35
1119*
101
1089*
1089*
25
113*
...1955 J
1009*
1009*
1079*
1079*
20
103
♦Debenture 4s
1069*
1099*
1029* 1099*
1039* 1069*
100
1119*
20
273*
mm
110
959* 103 9*
999* 1039*
1069*
47
5
7
3
9
29
2
6
100
111
999* 1049*
209* 269*
929* 104
179*
99*
10
119*
99*
40
1049*
1019*
102 9*
1009*
989*
989*
106
105
1023* 100
105"
169*
119*
159*
57
109
1079*
1079*
1079*
1059*
{♦Erie RR 1st
4s prior. .1990
lien g 4s
1996
cons g
♦1st consol gen
J
s f 6s_. 1957 J
♦N Y A Erie RR ext 1st 4s_. 1947 MN
{♦3d mtge 49*8....
1938 M S
Fairbanks Morse deb 4s
23
45
16
213*
213*
25
103*
61
3
103*
303*
*213*
123*
123*
*463*
453*
*80
1053*
1003*
1942 M S
D
1954 J
*90
99
98
1013*
1013*
93
1940 J
J
105
{♦Fia Cent A Pennin 5s
1943 J
{♦Florida East Coast 1st 4 3*8—1959 J
J
*38
♦1st A ref 6s series A
D
1974 M
♦Certificates of deposit
FoDda Johns A Glov 4J*s
623*
(Germany) 7s
1945
♦Sinking fund deb 6 Mb
♦20-year s f deb 6s
1940 J
49J*
Grays Point Term 1st gu 5s__ .1947
Gt Cons EI Pow (Japan) 7s... 1944 F
1st A gen s f 03*s
General mtge 4s series G
75
93
12
1053*
55
93
933* 105?*
353*
45
49
64?*
3?*
103*
3?*
103*
1946 J
1907 J
♦Green Bay A West deb ctfs A.
♦Debentures ctfs B
55
873*
*373*
77
51
60
1013* 1063*
101
1063*
89
1023*
373*
713*
133* 21
67
18
13
61
164
23
883*
25
253*
40
403*
783* 1003*
84
993*
101?* 1063*
743* 943*
85
102
77**
603*
80
49
1003*
99?*
963*
5
80
90
3
67
83
84
14
64
83
84
15
68
"83 k
J
963*
853*
753*
953*
34
3*
963*
74
O
A
67
693*
20
60
82
54 3*
1
53
60
63*
93*
73
"763*
65
943*
1073*
1053*
*36
J
1163*
..1944 A
67
5s__.1937 M N
*24
2
943*
108
23
3
1053*
40
%
-
-
<-
_
O
12 3*
O
*81
29
383*
993* 103
26
1223*
1
46?*
88
13
*80
140
16
*80
999*
Purchased lines 3 3*8
J
...1952
Collateral trust gold 4s
1953 M N
Refunding 5s
1955 M N
40-year 43*8
A
Aug 1 1966
81
39
1183* 1223*
40
61?*
11?*
243*
1003* 1113*
85
85
—
"55"
56
""9
533*
55
11
"47"
47
47
1
503*
49
503*
59
59
463*
13
119?*
98
793*
773*
793*
933*
"75"
f
56
...1955 M N
40
52
1103*
J
27
108
6
8
J
993* 1083*
1003* 1053*
106?* 109
6
110
113*
953*
68
39
1103*
93
70
117
102
44
93
75
363*
1223*
"45k
82
903*
1013*
39
81
55
73
100
*106
106
10
1033* 1033*
"73"
73
108
Refunding 4s
103?*
95
86
753*
*50
100
99?*
903*
89?*
85
*50
A
74
104
743*
543*'
*63*
73
Houston Oil sink fund
53*s A. 1940 MN
Hudson Coal 1st 8 f 5s ser
A—1962 J D
Hudson Co Gas 1st g 5s
1949 MN
83
833*
943* 1113*
993*
943*
90
J
A
1043*
613*
39
"55"
1063*
1063*
1023*
*1033*
1949 J
♦Adjustment Income 5s. Feb 1957
105
85
39
553*
99?*
943*
Gulf States Steel s f 4
Mb
Gulf States UtII 4s series C____ 1960 A
10-year deb 4 Ha
1940 A
fHackensack Water 1st 4s
1952 J
Illinois Bell Telp 33*8 ser B—1970
Illinois Central 1st gold 4s
1951
1st gold 3 3*8
1951
503*
121
100
105
104
MN
A. 1957 F
34
2
1033*
121
183*
383*
383*
993*
1003*
993*
993*
102"« 1021*3J
1952 J
1961 A
43*8—1999
18
*13
Feb
A
2?*
3*
97
503*
2?*
1
1
543*
1063*
1063*
1003*
633*
♦123*
1063*
1063*
1023*
643*
Feb
Greenbrier Ry 1st gu 4s
1940
Gulf Mob A Nor 1st
53*8 B—.1950
1st mtge 5s series C
1950
Gulf A 8 11st ref A ter 5s Feb 1952
23*
12
90
1940 J
Gen mtge 4s series H
Gen mtge 3 J*s series 1
ser
5
1013*
100
J
43*s series A—1901 J
General 5 Ma series B
1952 J
General 5s series C
...1973 J
General 4 Ma series D
1976 J
General 4 3*s series E...
1977 J
Hudson A Manhat 1st 5s
98
99
85
106
39
A
1950
cons g
59
893* 101
913*
95
893* 100
893* 101?*
D
Great Northern
{{♦Housatonlc Ry
85
101?*
97
803*
1053*
1003*
13*
*1213*
♦1043*
1033*
553*
553*
Gotham Silk Hosiery deb 5s w w '46 M S
Gouv A Oswegatchie 1st 5s—.. 1942
D
Grand R AI ext 1st gu
J
g 4 Mb.. 1941
cons g
76
3
86
173*
483*
5s Oct 1 *45
Hoe (R) A Co 1st
mtge
105
333*
453*
*98
{{♦Ga Caro A Nor 1st ext 68—1934
♦Good Hope Steel A Ir sec 7s..1945
Goodrich (B F) conv deb 6s... 1945
D
1003*
1st mtge 43* s
D
1950
995*
f Goodyear Tire A Rub 1st 5s. 1957 MN 102 uat
Hocking Val 1st
38
...
D
1948 MN
Gen Motors Accept Corp deb 3s 1940 F
15-year 3 Mb deb
1951
Gen Pub Serv deb 5 Ma
1939
Gen Steel Cast 6 Mb with warr.1949
♦Harpen Mining 6s
493*
1
Gas A El of Berg Co cons g 5s._ 1949
D
Gen Amer Investors deb 5s A..1952 F A
Gen Cable 1st s f 5 Ms A
1947
Stamped
423*
1
J
1941
Francisco Sugar coll trust 6s...1950 M N
cons
43
9?*
1952
♦Certificates of deposit
Fort St U D Co 1st g 4Mb
{♦Ga A Ala Ry 1st
9?*
176
633*
93*
83*
83*
{{♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner M N
♦Gen Elec
197
8
83*
83*
23
13
13
*3
8
53
15
23
86
*
30-year deb 6s series B
^ Flat deb s f 7b.
103
1003* 1033*
333* 703*
22
1960 J
Federal Light A Traction 1st 5s 1942 M S
58 Internationa series
.1942 M S
1st lien s f 5s stamped
1942 M S
1st lien 6s stamped
12
213*
213*
....1954 F
Ernesto Breda 7s
~42
22
1953 A
♦Series B
101
103
213*
1953 A
♦Conv 4s series A
1059*
1009*
134
1093*
1093*
78
83
1029* 1069*
43
299*
108
903*
1033*
953*
Extended 1st gold 33*s
o
1951
1st gold 3s sterling
1951 M S
Collateral trust gold 4s.——1952
O
100
108k
983*
683*
1003*
1313*
943*
103
833*
1003*
*50
969*
*969*
"949*
Commercial Credit deb 39*8—1951 A O
2j*s debentures
1942 J D
Commercial Invest Tr deb 3 9*s 1951 J
non-conv deb
73
88
Columbia A H V 1st ext g 4s...1948 A O
Columbus A Tol 1st ext 4s
1955 F
Columbus Ry Pow A Lt 4s....1965 MN
debentures....
85
809*
F
1958
Conn A Passump River 1st 4s..l943
Conn Ry A L 1st A ret 49*8.-1951
1069*
1019* 1019*
A O
1958 J
1079* 1129*
100
85
23
16
*50
.1965
789*
J
A O
Columbia G A E deb 5s...May 1952 MN
Debenture 5s
Apr
15 1952 A
Debenture 6s
Jan
15 1961 J
1st mtge 39*s series I
Conv debs 39*8—
909*
739* 929*
41
739*
95
1029*
107" 107"
1977 A O
1st mtge g 4s series F
1st mtge 39*8 series H
59
50
A
J
102
107 9* 1109*
102
1089*
969*
*1059*
1973 A O
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron Co gen s f 5s.. 1943
♦5s income mtge
1970
Colo A South 49*s series A.—1980
17
1029* 108
55
A
F
J
14
*1059*
J
1950 F
80
709*
969*
..1948 M N
1977
Gen A ref mtge 4 9*8 series B.1981
Cleve Short Line 1st gu 4 9*8—1961
Cleve Union Term gu 59*8—1972
{♦Consol Ry
5
43
1942 A O
1942 J
Series C 39*s guar..
Series D 39*8 guar.
Gen 49*s series A
1st
*106
1099*
929*
65
729*
1993 J
100
100
1089*
1079*
*35
General 5s series B
71
1069* 1109*
*1019*
1st mtge guar 3 9*8 series D.. 1971 MN
Clearfield A Mah 1st gu 6s
J
1943
110
71
4
10
14
1093*
102?* 1063*
1003* 105
107
J
A
45^
489*
7
1079*
5
18
82
♦Genessee River 1st
1099*
50
33
109
88
10
1003*
*1343*
1073*
123*
123*
979* 1059*
19
14
15
1079*
*1099*
1st mtge 3 9*s
i
—1907 J D
Cin Leb A Nor 1st con gu 4s...1942 MN
Cln Un Term 1st gu 5s ser C—1957 MN
99
799*
32
20
12
16
*102
549*
103
7
899*
.1948 A O
.1956 MN
♦Gen conv 4s series D...... 1953 A O
♦Ref A lmpt 5s of 1927..... 1967 MN
♦Ref A lmpt 5s of 1930
1975 A O
J
♦Erie A Jersey 1st s f 0s..... 1955
1029* 1079*
18
33
1029*
899*
77
{♦Choc Okla A Gulf cods 5s...1952 MN
Cincinnati Gas A Elec 39*8
1966 F A
1
1049*
1089*
1059*
42
111?* 1143*
1123*
1033* 1103*
107
105
1093*
709*
36
73*
4?*
106
J
05
1049*
1st mtge 4s series D.
1st mtge 39*8 series E
1965 J
,
89*
59*
Chicago Union StationGuaranteed 4s.-
8
Elgin Jollet A East 1st g 5s... .1941 MN
El Paso Nat Gas 49*8 ser A.. .1951 J D
11
3
50
3
95
153*
J
"44
659*
66
105
153*
42
9
*54
659*
479*
12
*102
9
*61
D
5)*
106
105
*102
59*
59*
D
44
59
J
21
1951 J
8
"62
~50
J
5
Gold 33*s
June 16 1961 J
Memphis Dlv 1st g 4s
1951 J
Chic T H A So'eaatern 1st 6s_-1960 J
50
J
71
23
10
42
943*
J
79*
79*
89*
"16
112
*26
5s stamped
.1965
Erie A Pitts g gu 39*8 ser B__ 1940 J
Series C 39*8
1940 J
79*
39*
k
15
9
33*
33*
111
El Paso A 8 W 1st 5s
69*
8?*
2
*203*
111
51
09*
89*
*79*
33*
229*
199*
109*
""79*
39*
43*
1123*
1103*
*1103*
O
Ed El 111 Bklyn 1st cons 4s
.1939 J
Ed El 111 (N Y) 1st cons g 5s. .1995 J
Electric Auto Lite conv 4s
.1952 F
122
133*
63*
43*
83*
33*
8
83*
33*
149*
149*
59*
76
~13
123*
133*
41
2
17
East Ry Minn Nor Dlv 1st 4s
East T Va A Ga Dlv 1st 5s
1053* 1083*
100?* 108?*
D
Dul MissabeAIr Range Ry 3 9*81962 A
{{♦Dul 8ou Shore A Atl g 58—1937 J
Duquesne Light 1st M 39*8
108
1063*
*43*
22
99*
17"
39*
♦729*
Ch St L A New Orleans 5s
189*
189*
179*
13
105
105
133*
Detroit Term A Tunnel 49*s._1961 MN
D
Dow Chemical deb 3s
1951 J
18
129*
63
120
159*
1083*
103
D
♦Detroit A Mac 1st lien g 5s...1995 J
♦Second gold 4s
1995 J
139*
49*
106
1063*
"I'm
Detroit Edison Co 49*s ser D..1961 F
Gen A ret M 4s ser F
..1965 A
Gen A ref mtge 3 9*8 ser G
1966 M S
High
52
105 J* 1093*
28
593*
95
105
12 3*
{♦Des M A Ft Dodge 4a ctfs...1935 J
{♦Des Plains Val 1st gu 49*s...1947 M S
Range
Friday's
Price
35
36
1083*
573*
1063*
*1063*
♦Assented (subj to plan)
Friday
High
643*
683*
313*
*107
♦Ref A lmpt 5s ser B.._Apr 1978 A
Week's
40
44
*1043*
1063*
MN
f 5s...1951
Stamped as to Penna tax
{{♦DeD & R G 1st cons g 4s
{♦Consol gold 4 9*8
{♦Den A R G West gen 5s.Aug
Randolph 7711
<Dlgby 4-5200
s
Low
27
383*
353*
1073*
563*
563*
Since
Jan. 1
No
High
433*
D
Range
t?
03
Ask
A
38
383*
J
6s series B extended to 1946
rork, It. r.
bid
Low
1952 j
extended to 1940— j
1938
13'
Friday's
Price
Cuba RR 1st 5s g
7 9*s series A
Wtf
Range or
Sale
Week Ended Nov. 25
26,
Week's
27
"37k "51""
34?*
443*
31
613*
4
39
463*
63
23
573*
48?*
52?*
063*
493*
New York Bond
Volume 147
BONDS
Last
N* Y. STOCK EXCHANGE
Week Ended Nov. 25
Illinois Central (Concluded)
Cairo Bridge gold 4s
Friday's
A
Asked
Bid
Price
ft.
Low
1950 J
D
Litchfield Div 1st gold 3s
1951 J
Loulsv Div A Term g 3 MS—1963 J
J
Omaha Dlv 1st gold 3s
Springfield Dlv 1st
J
Range
No.
Low
High
McCrory Stores Corps! deb 58.1951 MN
63
McKesson A Robbins deb 5HS.1950 MN
Maine Central RR 4s ser A—.1945 J D
Gen mtge 4 Ms series A
.1960 J D
47
9
95
-i—
53
Manatl Sugar 4s s f.
52
55M
{♦Manhat Ry (N Y) cons 4s—1990 A O
♦Certificates of deposit...
♦Second 4s
2013 J D
Manila Elec RR A Lt 8 f 5s...1953 M S
....
70
*...—
.....
53
60 M
♦75
72
.....
76
50
75
V
111 Cent and Chic St L A N O—
Joint 1st ret 5a series A—.1963
52
1963
1940
1948
48
—II—
104 M
38
Ind Bloom A West 1st ext 4s—1940
Ind 111 A Iowa 1st g 4s
1960
IIIIII
♦1st 6s series B_.
....
90
17
54%
97
87 M
68
65
100
20
6
12
20
48M
35 M
28
80H
80M
58
98
19
54
90
1
77
85
75
84M
64M
84M
65M
52
39M
100 H
100 M
95
74
68M
4X
67 M
69M
4M
72
42M
i
-—.
1%
*77 M
40
78M
88
98M
78
90
36
36 M
33M
70M
68M
71M
34
70
37
107
108
18
105 M
106 M
*35
.....
>
—
69M
107
Kansas City Term 1st 4s......1960
Kansas Gas A Electric 4Mb
1980
>
♦Karstadt (Rudolph) 1st 6a
1943
♦Ctfs w w stmp (par $645)-.1943
——
(par $925) ..1943
6a—...1946
Kentucky Central gold 4s—...1987
Kentucky A Ind Term 4MB—.1961
Stamped..................1961
warr
...
*26
r
4Mb unguaranteed—.—....1961
Kings County El L A P 6s....1997
Kings County Elev 1st g 4a
1949
Kings Co Lighting 1st 6s—.—.1954
1st A ref 6Ms—
1954
Kinney (G R) 5Ha ext to.....1941
Koppers Co 4s series A.......1951
Kresge Foundation coll tr 4s—1945
3Ha collateral trust notes
1947
1
>
—...-
*11""I
*50""
19
27
2
80
1
99
1
1
....
....
72
72
95
95
92
156
1
»
1
1
i
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit——.1959
Laclede Gas Light ref A ext 5s. 1939 A
Coll A ref 5 Ha series C
1953 FV
98M
105M
—-
102 X
......
100 M
—....1942
98M
....
102 %
30
103
104
100H
100M
14M
♦47
15
7
17
45M
50
150*" 158""
71
7
....
82
5a 1937 extended at
2d gold 5s—
I
a
reg.—..1975
f 4Ha A
1954
J
1964 F
f 5a....—
28%
30
29
J
——
J
—.
)
85M
11M
47
31M
90M
61X
60
41M
53 M
49M
75
44
27 M
—
i
Leh Val N Y 1st gu g 4Ms
.1940 J
4Mb assented..—..........1940 J
Lehigh Val (Pa) cons g 4s—.2003
4s assented
1
57M
78
4
72
85
1
30
"66M
14
25
23%
25%
15
38
16 M
33H
25%
40
27
6PM
..—
>
—-
125M
♦Long Dock Co 3Ms ext to—.1950
Long Island unified 4a
——.1949
Guar ref gold 4s——..—.-.1949
4s stamped—........1949
70
114
2
70
128
15
8
121M 126M
99
112K
102""
102 X
""45
58M
58M
60 M
6
'
131
|
3
*
-v—
1944
>
.1951
t
I
Louisiana Gas A Elec 8 Ha
1966
Louis A Jeff Bridge Co gu 4s—1945
82 M
8
83M
8
1
127M
127M
*121M
122 M
----
81%
i
81M
107 M
81X
107X
107 M
3
—,
*104M
105M
12
4
Unified gold 4s
—1940
P
2003
100M
)
1st A ref 4 Ha series C
—
100
).
)
83M
1st A ref
)
80 M
3%a series E......2003
Paducah A Mem Dlv 4s..
1946
1980
1945
1952
3
South Ry joint Monon 4s
Atl Knox A Cln Dlv 4s— ...1955
Lower Austria Hydro El 6 Ms.1944
68
2
18
(♦Mo Pac 3d 7s ext at 4%.July 1938
♦Montgomery Div 1st g 68—1947
♦Ref A impt 4Mb
1977
(♦Secured 6% notes...—...1938
Mohawk A Malone 1st gu g 48.1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
1st mtge 4 Ms.
1900
6s debentures—........—..1965
....—
...
AO
75
O
3M8.1966
—
s
105M
34M
2
8
11
""23
102
13K
85M
13M
65
95
55%
97
91
104 M
103M 110M
99 M 103 M
8
5X
1H
♦28
24
♦—
*
I
28
80
94%
67M
101
"79M 163""
94
♦72**"
75
*15M
16M
60
12
89 M
19%
98X 104m
97
95
*38 M
36
15
77
52
*32
15
♦73 M
104M
m
m
2
8
73
8M
3
3
5
3
....
77
31M
31M
13M
52
60
20
....
5
*T" "*8M
IX
IX
3X
3M
8H
7%
5%
7M
"pi
8M
30
6M
11
8
34
4
5
1M
2
6
*65 M
67
47 M
48
4
2
~47H
"22
5M
5M
6M
3
1
60M
18M
14
9M
14 M
6M
5X
70M
62
52
3
38M
40
33
28M
50
33
17
28
42 M
35
1
25
15X
16M
35
45M
10
24
17H
17 M
18M
'68
48
67
"Ix
17
88M
126
129 M
115M 125
60
85M
101M107M
102
107M
97 M 105
83 M 102
s
Gen A ref s f 5s series D——1955 A
Morris A Essex. 1st gu 8 M——2000 J
68
80
111M
22
98 M
57
"*86
18
3M
17M
18
16
17
17
17
2
17M
18M
17
17M
133
1
65
*19M
27M
30 H
28M
14X
4
II*
23
8
14«
14 M
14M
25M
23
26M
15
23
8
14«
15 M
14M
14 M
60M
D
Constr M 5s series A.—....1995 MN
Constr M 4Ms series B.....1955 MN
Mountain States T A T 3M8—1968 J D
Mutual Fuel Gas 1st gu g 5s...1947 MN
Mut Un Tel gtd 6s ext at 5%—1941 MN
Gypsum 4Ms s f debs....1950
National Rys of Mexico—
♦4Mb Jan 1914 coupon on...1957
♦4 Ms July 1914 coupon on..1957
♦4 Ms July 1914 coupon off—1957
♦Assent warr A rets No 4 on '67
6M
25M
23
25M
23
65
107
107
108
99M
99
J
J
8
99M
13
69
1
99
108
85
99M
84
99
96
101
75
98
73
79
72 M
72
55
55
65
38
49
6
...
103M
115M
103 M
23
115M
99M
10
*70 M
"I03M
73
34M
35M
New Orl Pub Serv 1st 6s ser A..1952 A
1st A ref 5s series B
1955 J
47
71M
34M
34M
62
55M
101
104M
112
116
99M 100
60
71
18
35M
39
104 M
103 X
104 M
106 M
106M
107
100
104M
104
104M
100M104M
96 M
101
92M104M
107
*1
*1
*1
%
¥
H
2M
*%
2X
2H
♦M
♦M
1
*M
1M
♦M
IX
107M
108M
'"'h'TH
IX
1
65
X
1M
3H
1M
~"h
108 M
*
...
22 M
♦
104
....
"22M
21H
124M
124M
123 M
107M
107 M
107K
71
70
48
102
101M
101X
108M
116M
121*
22 M
123M
71
32 X
24
31
120
...-
124X
Toi %
H
103
65
♦120 X
126
120M 124 M
12
12
48
1
102
41
102M
51
104 M 108 M
88
75
34
63
86 M 102
84 M 102 X
76
71
J
A
74
101
H
N J Junction RR guar 1st 4s__ 1986 F A
N J Pow A Light 1st 4 Ms
.1960 A
New Orl Great Nor 5s A
1983 J
N O A N E 1st ref A imp 4 Ms A 1952 J
69
101
J
D
8
53 H
J
J
55M
O
...1954 A O
"32*
34
73
4
47
32
32
6
23
35
33
34M
22
38
24
36
*32 M
..1954 O A
♦Certificates of deposit.—..
M
06M
74
47
53M
J
J
♦Consol guar 4s..
——.1945 J J
New England Tel A Tel 5s A.. 1962 J D
1st g 4Mb series B—
.—..1961 MN
♦1st 4Mb series D.
37
87M
98M 107M
75
(♦Assent warr A rets No 4 on *26 J J
♦4s April 1914 coupon on——1951 AO
♦4s April 1914 coupon off.—1951 AO
♦Assent warr A rets No 4 on '51
♦1st 5Ms series A.,—
28 M
32M
13M
60M
97 M
Nat RR of Mex prior lien 4Mb—
4s—.1953
{(♦N O Tex A Mex n-c inc 5s-1935
55
8M
9
41
31%
102 %
♦48 April 1914 coupon on—.1977 A O
♦4s April 1914 coupon off—.1977 A O
♦Assent warr A rets No 5 on '77
New Orleans Term 1st gu
23M
29
*52 M
102 M
*102M
F
82
112
5
*17
"m
A
107M
76
18M
115
197
"§o""
.......1956 A
96
17
17M
"l7M
{♦Naugatuck RR 1st g 4s.——1954 MN
Newark Consol Gas cons 5s.—1948 J D
{♦New England RR guar 6s.*.1945 J J
73M
17%
17M
5M
18%
98
87
88 M
17
5X
♦
90
73
5
*——
Nat Steel 1st coll s f 4s........1965 J
98
*25
101
8
f 5s series B—.—1955 A
f 4 Ms series C...1955 A
♦Certificates of deposit.....
♦1st 5s series C
1956 F
-
39
100M
Gen Are! 8 f 5sseries A.—1955 A
41st 5s series B
•
18
Montreal Tram 1st A ref 5s..*.1941
64M
109
-
14
109M
97M
A
85
1
*
3283.
MN
90
1
62
104M
109
104M
M
74
80
55 X
103 X
,62
A
85
98 X
68
87M
13M
84 M
M S
5
80M
85
1
82M
v
111
*71M
*103 %
F
M S
33
84
21M
10
{Mobile A Ohio RR—
93M
80
98 M
80
A
75
*108
L
St Louis Div 2d gold 3s
Mob A Montg 1st g 4 Ha
100M
97 H
90M
97 M
88
2003
1st-A ref 4s series D_——.2003'
F*
50
Louisville A Nashville RR—
1st A ref 5s series B
36
13
101*"
87M
♦13
MN
55
83
35
3
17
1981
,80
75
♦80
82M
3
A—1969
*60
82 M
3
55
17M
16M
70
101
87 M
♦Certificates of deposit
"94 M 10l~H
"I02M
>
70
105M 118
108M
125
45
11
129M
125M
110M
)
>
70
129M
M
16M
1
69M
*110
>
L
"
13
69 M
For footnotes see page
♦Certificates ot deposit...—..
♦Conv gold 5Ms—
.....1949 MN
♦1st A ref g 5s series H..—1980 AO
♦Certificates of deposit.......
Nat
,
57
Lex A East 1st 50-yr 5s gu
♦
♦Certificates of deposit,.—..
♦1st A ref 5s series G—... 1978 MN
MN
mi
25
91X
20
♦81
17
♦General 4s—1975 M~S
♦1st A ref 6s series F——1977 IN S
32
25
>......
ser
{♦Mo Pac 1st A ref 5s ser A
1965
♦Certificates of deposit.......
A
57M
48
*23 M
70
37
5
"15M
F
11M
23M
——
20H
2
10
35
Prior lien 4Mb series D
1978
♦Cum adjust58 ser A....Jan 1967
34
22
I
34
High
97 M 107 X
93M 105
32
Nat Dairy Prod deb 3% • w w—1951 MN
Nat Distillers Prod deb 4 Ms...1945 MN
21M
..—.2003
34
D
64
24M
34
*38M
Nassau Elec gu g 4s stpd—1951 J
Nat Acme 4 Ms extended to
1946 J
21M
25M
310
1962
62
23M
23%
103
35 H
A
21X
7
Lombard Elec 7s series A.....1952
6
57M
34M
Low
52
1990
1962
Nash Chatt A St L 4s ser A..—1978 F
22
6s—.—..—*..2003
K
26M
18M
19M
10
48
General
..1961
66
77%
21M
22%
Lorillard (P) Co deb 7s...
5s
5
1
———
—*
3
95
42M
99 M
45
39M
40
7
i
Liquid Carbonic 4s conv debs.. 1947
Little Miami gen 4a series A.—1962
Loews Inc s f deb 3Ms———*1946
71
78 M
27
28
1
1965
Ligget A Myers Tobacco 7s... 1944
75
48
29
I
Leh Val Term Ry 1st gu g 6S...1941
5a assented...
.......1941
48
22
88M
,37
*49
1
f
35 M
29
2003
Louisiana A Ark 1st 5s
40-year 4s series B
Gen A ref
24 %
27 M
General cons 4Ms———2003
4 Ha assented.*.—..—*2003
5s—.——
102
48
J
......
90%
95 M
55
78
2
85M
35
37
1
J
extend to—1943
58 assented
Mo Kan A Tex 1st gold 4a
M-K-T RR pr lien 5s ser A
-
4
57
88M
---—.
i
.
9
68M
55
i
Leh Val Harbor Term gu 5s... 1954 F
cons
44
37
—
——
58X
85M
36
i
Sec 6% notes
70
....
86M
S-..—
1974 F
1st A ref sf 5s.
X |*M St P A SS M con g4s Int gu '38 J
(♦1st cons 58—.———.1938 J
(♦1st cons 5s gu as to int...1938 J
♦1st A ref 6s series A—.—1946 J
♦25-year 5 Ms.———....1949 M 8
♦1st A ref 6MS series B.—1978 J
J
X♦ Mo-Ill RR 1st 5s series A.—1959
Gen A ref
1st A ref 8 f 5s———1954 F
s
88
.
Cons sink fund 4 Ha ser C
1954 J
Lehigh A New Eng RR 4s A...1965 A
Lehigh A N Y 1st gu g 4a
1945 M
Lehigh Val Coal 1st A ref s f 6s.l944 F
1st A ref
75
♦61M
85%
)
♦1st mtge Income
Lehigh C A Nav
*50
J
35M
Metrop Ed 1st 4 Ms series D...1968 M S
Metrop Wat Sew A D 5 Ms
1950 A O
{{♦Met West Side El (Chic) 4S.1938 F A
♦Mex Internat 1st 4s asstd
1977 M S
♦4s (Sept 1914 coupon).....1977 M S
♦Miag Mill Mach 1st s f 78—1966 J D
Michigan Central Detroit A Bay
City Air Line 4s.........1940 J
J
Jack Lans A Sag 3 Ms
—1951 M S
1st gold 3Ms
——
*,1962 MN
Ref A impt 4Mb series C——1979 J
J
{♦Mid of N J 1st ext 58—1940 A O
UMIlw El Ry A Lt 1st 5s B—.1961 J D
fist mtge 5s
.1971 J
J
{{♦Mil ANo lstext 4Ms(1880) 1934 D J
♦1st ext 4 Ms
—..—1939 J D
♦Con ext 4Mb
—.—.1939
{♦Mil Spar A N W 1st gu 4s...1947 M S
{♦Milw A State Line 1st 3 Ms—1941 J
J
{♦Minn A St Louis 5s ctfs..
1934 M N
♦1st A ref gold 4s———....1949 M S
♦Ref A ext 50-yr 6s ser A—.1962 Q F
Montana Power 1st A ref
3% to—1947
1941
1997
33M
74
43 M
1941 J
J
f 6s....1947 A O
♦1st A ref 5s series I...
100M
106M
95
99M
96 M 103 M
95M 104 M
85M 100M
Lake Erie A Western RR—
Lake Sh A Mich So g 3 Ms
Lautaro Nitrate Co Ltd—
73
f*Man G B A N W 1st 3Ms
88
95
47
10
51
'
45X
*43
i
.2
14M
79M
52M
50
......
4
♦96
79
......
5
106
102
14M
50
Coll A ref 6 Ha series D—... 1960 FW
Coll tr 6s series A——..——1942 Ft
-.w»
08 M
~
97
105M
79
3
85%
*83 M
—
M 108 M
....
'
1
95
82
156
——
20M
27M
27M
90
*50
+
4
104M
74M
43 M
33M
41
14M
94
102M
92 M
40M
36
60
75M
44 M
74
103 M 108 M
103 M 106 M
20M
16M
40
.....
94
1
102 M
102 M
1 .—i- *....
1
7
......
*25
3
.-.1961
3
25
......
stmp (par $925)—1943 MN
Keith (B F) Corp 1st
16
35
*20
......
5%
5
35
♦Certificates of deposit..—.—Kan City Sou 1st gold 3a
1950
Ref Aimpt 5s.
—..Apr 1950
78
2
.....
36M
{(♦K C Ft S A M Ry ref g 4s..l936
94
74M
95
94M
>
106M
100M
55M
55M
J
.
No.
106
...
Marion Steam Shovel s
Market St Ry 7s ser A...April 1940 Q J
Mead Corp 1st 6s with warr—1945 M N
Since
Jan. 1
103H
103 M
Feb 1 1957 M N
Manila RR (South Lines) 4s...1939 M N
1st ext 4s——
—.—..—1959 MN
High
IS
#5$
——...
12
64M
4
6
31
100M
......
92 M
102M
21
11M
83
1st 4s..l959
Coll tr 68 series B
40
r
1955
Plain...
,
2
Kanawha A Mich 1st gu g 4a.-1990
w w
100M
101M 110
42 M
71
42 M
38
10
44M
40
69M
26
89
83
18
20
76M
55M
97 M
97M
12 M
11M
2M
17
75X
55
Jones A Laughlin Steel 4Mb A.. 1961
♦CtfS with
27
18M
3M
17M
76
—
{♦Iowa Central Ry 1st A ref 4s. 1951
♦Ctfs
10
....
16M
17
3
90M
16M
3X
-
23
65M
♦102 M
Int Telep A Teleg deb g 4Ha.. 1952
Conv deb 4Mb...—........ 1939
James Frankl A Clear
171
69
16M
1956
....
44M
90M
1956
Ref s 16s series A
Int Rys Cent Amer 1st 6s B... 1972
1947
1st lien A ref 6 Ms
Debenture 5e__—
70
66H
65M
1942
40
96
9
166
70%
42
65M
27
"66M "96""
----
110
108M
68M
♦66
A B... 1947
ser A
20
68
♦1st g 6s series C—.—.... 1956
Internat Hydro E! deb 6s..... 1944
1941
Int Mere Marine s f 6s
Paper 6s
70
48 X
1952
{♦Int-Grt Nor 1st 6s ser A
♦Adjustment 6s ser A* .July 1952
7
29
55M
28
51M
104M 107 M
S7U
*99M
...
"*69M
Interlake Iron conv deb 4s...- 1947
6
QA
*12M
1961
llnterboro Rap Tran 1st 6s
1966
♦Certificates of deposit(♦10-year 6s
1932
{♦10-year conv 7% notes
1932
♦Certificates of deposit...
-
12
*67~"
Inland Steel 3%a series D
Int Agric Corp 6s stamped
45
38
37 M
4c
{♦Ind A Louisville 1st gu 4s... 1956
Ind Union Ry 3Ha series B..1986
Internat
62M
48M
105M
52
•
1st A ret 4 Ms series C
Illinois Steel deb 4Kb
♦Ilaeder Steel Corp Gs
Friday's
A Asked
Bid
Low
84
Range
Range or
Sale
Price
78
55
60
Week's
Last
Week Ended Nov. 25
61
63
,
*50"
g
N, Y. STOCK EXCHANGE
Jan, 1
90
*.....
------
BONDS
Since
Bonds Sold
84
♦60
1951
8 Ms...1961
Western Lines 1st g 4a
1951
•
High
*66
*.
St Louis Div A Term g 3a
1951
Gold 3 M8—1961
3281
4
Friday
Range or
Sale
N
Record—Continued—Page
Week's
Friday
33M
36
32 M
33M
32M
35
34M
34M
36M
32 X
24
"n
22
37
11
23
36
22
22
40
26 M
35 M
3
M
New York Bond Record—Continued—Page 5
3282
Last
BONDS
.3
Range or
Sale
EXCHANGE
25
Jan.
No
Low
F
N Y Cent A
„
66
78 M
35
--
-
.Low
55 H
59 M
54 M
57
62
38 M
62
81
42
67
44
51
84
18
67
83 M
83 M
J
94 M
*77
A
F
A
F
A
A
55
O
81 M
64
98 M
55
56 M
94
38
65 M
64
O
65
41
53
82 M
1974
1978
Oct 1 1938
series A
4 Ms series C
♦Ret 5Ms
63
53
55
M 8
46 M
44
O
100 %
74
7
64 M
54M
♦Ref
♦3-year 6s
4s collateral trust
68 M
84
74
Debenture g 4 Ms
General 4Mb series D
Gen mtge 4Mb series E
Conv deb 3Ms
extended to—1947
1963
1st guar 5s series B
——1963
N Y Dock 1st gold 4s
1951
1st mtge 3 Ms
N Y Connect 1st gu 4 Ms A
26 M
30
20
61M
80 M
1
65
62
101M
90
95 M
103M
23
98
108
47 M
101
74 M
♦105M
58
1947
m ~
-
-
-mm-
-
58M
5
39 M
51
5
45 M
53 M
22
107
106M
107
108
108
108M
124
124
2
»
Purchase money gold 4s
♦NYA Greenwood Lake 5s..
N Y A Harlem gold 3 Ms
N Y Lack A West 4s ser A
D
A
115M
1946 mn
2000 mn
1973 mn
1941
♦♦N Y A N E (Bost Term) 4s.. 1939
J*N Y N H A H n-c deb 4s
1947
♦Non-conv debenture 3 Ms.-194 7
Branch
4s
gen
M s
A
m
s
m
8
Ms.-1954 A
♦Non-conv debenture 3
O
J
♦Debenture 4s
1956
..1948
1940
-.1957
♦1st A ref 4 Ms ser of 1927
-.1967 J
♦Conv debenture 3 Ms
♦Conv debenture 6s
♦Collateral trust 6s
80
70
64
93
*35
♦
mm
13M
*11M
12M
12M
.
m--
-
12M
mmm-m-
12 H
O
m
^
-
mn
m-m-m
1992
J»N Y Ont A West ref g 4s
♦General
1955 J
4s
J*N Y Providence A Boston 4s 1942 A
7M
1
12
19
D
21
Pitts Coke A Iron
11
Pitta CCC
conv
11
13
126
40
6M
22
13M
84
53
6
8
11
18M
13
23 M
5
12
1940
1942
1942
1945
1949
1953
A8tL4MsA
12 M
23
51
79
Series E 3 Ms guar gold
Series F 4s guar gold
uh
Series H
5M
4
6
Series I
8
cons guar
O
68
68
Series J
*48
mm* —
49
58
109
109
4
106
109
105
105 M
3
92
Gen mtge 6s series A
Gen mtge 5s series B
Gen 4 Ms series C
-—1963 J J
tl*N Y Susq A West 1st ref 5s 1937 J J
{♦2d gold 4Mb
1937 F A
♦General gold 5s
1940 F A
♦Terminal 1st gold 5e
1943 mn
N Y Telep 1st A gen s f 4 Ms—1939 M N
J
Ref mtge 3Ms ser B
1967 J
N Y Trap Rock 1st 6s___
1946 J D
N Y 8team Corp 3Ms
6s stamped
1946
J{»N Y Westch A Bost 1st 4 Ms '46
Niagara Falls Power 3Ms
1966
Niag Lock a O Pow 1st 5s A-.1955
Niagara Share (Mo) deb 5M8-1950
Nord Ry ext sink fund 6Ms—1950
J{»Norfolk South 1st A ref 58.1961
♦Certificates of deposit---
tf♦Norfolk a South 1st
g 5s
Norf A W Ry 1st cons g 4s
North Amer Co deb 5s
58 M
5
A
•Og A L Cham 1st gu
103 M
103 M
54
103 M 107
109M
109M
79 %
1
104M 110
•
O
107M
96M
F
A
14 H
F
A
9
82
102 M
32
85
15 M
20
15
102
60
97
105M
60
2
117M
118
119
19
106M
30
103 %
104
27
1974 m 8
103 M
114
114
1
1974 m s
*105 M
107
---
--
q
q
43M
111
97
99 M
101
96 M
110
97
102M
19M
17M
60
119M
107M
105M
107
104M
114
104M H6M
49 M
49 M
50 M
48
41
53 M
55 M
8
65
63 M
66 M
100
57
57
J
J
F
A
-
♦
106M
J
1943 M S
—1965 MN
1
105M
106 M
26
100
5
-
■
•
-
-
*105
101
23
108
38
102
104
10
^
—
-
—
— —
98
106M
107M
96 M 104M
111M 114M
110
113
4s_._1946 J
D
1
103
110
5s... 1946 J
J
114M
114M
114M
1
109
116M
.1946 J
J
115M
115M
4
1961 J
J
103 %
115M
103M
76M
104M
43
110M 118M
*90M 106M
78 H
28
69
78 K
58 M
58 M
5
45
59
111 M
D
111M
111M
D
108M
108
D
105
104
72
66 M
{♦Pac RR of Mo 1st ext g 4s.. 1938
1938
{♦2d ext gold 5s
Pacific Tel A Tel 3Ms ser B.. 1966
3Ms series C
s f g 4 Ms
Paducah A 111 1st
D
1955
J
Pictures
1955 F
deb 6s... 1955 J
Paris-Orleans RR ext 5 Ms
Parmelee Trans deb 6s
Pat A Passaic G A E
cons
»Paullsta Ry 1st s f 7s
Penn Co gu 3Ms coll tr
E trust ctfs
2 8-year 4s
see
page
O
O
51M
53 M
38
55 M
52
19
32
55 M
109M
109
115M
53 M
6s
.1950 J
1942 J
6s stamped
1942
t{♦Postal Teleg A Cable coll 58.1953
Potomac Elec Pow 1st M 3Ms. 1966
Pressed Steel Car deb 5s
1951
106 M 111M
102 M 108M
*98
"62 M
62 H
J
45
J
J
J
J
J
J
J
J
s
1948 J
f deb 6s.
^♦Radlo-Keith-Orpb pt pd ctfs
for deb 6s A com stk
(65% pd)_—
J
J
s
f 7s
1997 J
J
1
4M
4M
43
82 M
98
75
58
93 M
73 m
2
67
103M
22
84
"62
100
106 M
106
1962 m S
23
71M
109
18
95
54
94 M 112
96
72
94 M
94 %
94
"48M
48
48 m
3
23 M
23 M
10
98
100 m
M
r
33
17
103
24 M
33 m
24 M
33 m
12
15
12
17M
98
105
58 M
63
81
100
57 M
99
59 H
4
99 M
33
82
82 M
8
57
87 M
38
75
93 M
31 M
52 M
93
93 M
52
51M
52
*122
-
*
-
*99 M
1942 J
D
*101
1944 J
D
100
100 M
95 H
-
-
95
99H 103M
100
%
72
97 M 103 M
102
-
100 M
118M 121M
60
68 H
m->*
A
8
101 M
97
4
90
10
103M
88M 104
21
83
100M
41
44 M
20M
118M 122
107M 110
109 M
*108M
10
11
H
*5
10
*30
J
108" 108"
no"
*109
11
J
7M
20 M
"6M
-
10M
15
12M
7M
7M
7
D
7M
6
105M
O
100M 106M
105M
105 M
106
16M
35
4M
7M
7M
6
98 M 103
50
35
28M
"40 M
15M
*121M
109 M
107M
19
M 107
*
-
107M
108 M
107 M
*101M
21
89
103 M 105 M
104 M
♦
102 M 107M
102 H 108 M
M
3
19M
40
O
/
33 m
50
24 M
*39"
109M
32
"6
104
M
*
40
25
27
H
31
*100
101M
28 M
20
29
29
104
92
95
30
"29"
J
1947 J
125
108
108 M
94
109
1967 M S
1967 M s
f{*R I Ark A Louis 1st 4Ms.. 1934 M S
93
103M
M
Q4.
1977 M s
^♦Rut-Canadian 4s stmp__:
1949 J
t♦Rutland RR 1st con 4Ms.. 1941 J
J
♦Stamped...
81
48 M
29
102 M
O
j
1948 A
52 M
13
74 H
77 m
"
103 M
D
1949 A
9
57 M
71m
73 m
A
1952 m s
f deb 4s
8
32
96 M
O
♦1st con A coll trust 4s A
Roch G A E 4 Ms series D
s
9M
103 M 108M
74 M
85
50
77
A
Safeway Stores
82 M
64 M
57
71M
M N
1953 F
1955 A
...
5
96
J
1955
♦Rio Grande June 1st gu 5s... 1939
^♦Rlo Grande West 1st gold 4s. 1939
t 6a
44M
18M
111
*43
96
J
a
44M
15M
107 M
*4M
J
1952
♦Ruhr Chemical
55
14M
1952 mn
Gen mtge 5s series E
Gen mtge 3 Ms series H
Gen mtge 3 Ms series I.
106
40
15M
*14M
O
1956 mn
J
4Ms. 1956 J
J
1946 J
Richm Term Ry 1st gen 5a
♦Rlma Steel 1st s f 7s
43
101
14
107 M
82 m
15
D
coll 4s. 1951 A
Gen A ref 4 Ms series A
—1997 J
Reading Co Jersey Cent
Gen A ref 4 Ms series B
46 M
D
1941 J
{♦Debenture gold 6s
106
49
1
63 H
106
J
^♦Providence Sec guar deb 4s. .1957 mn
^Providence Term 1st 4s
1956 m S
Purity Bakeries
m
D
70
-mm-
108
40
7
106
60
93
A
106
"4
52
50M
1
8
mn
12
11
108 m
66 M
O
1952
"41
107M 117
107
110M
94 M 112M
90
112M
71M 104 H
*105 m
52 m
53 M
52
52
66 M
M
1963 F
1
*106M
108 H
109
104 M 104M
92 M
J
A
F
92
105M
2
*1HM
O
105-
109
104
111
St Jos A Grand Island 1st 4s.—1947 J
St Lawr A Adlr 1st g 5s
1996 J
2d gold 6s
1966 A
W.
6M
31
100
82
8
20
104 M
111
104 M
104 M
65
M
110M
111M
80 M
89 M
77 M
93 M
105
*103
10
99
78 M 100
103 M 104 M
105
105 M
*102 M
*103
72
1944
B_. 1941
108 m
*104
72
8
1942 m 8
ser
38
107 m
A
104M
109M
101M 108M
103
110M
104 M
107 M
Saguenay Pow Ltd 1st M 4 Ms. 1966
M
1968
6s... 1949 m
Guar 3 M8 trust ctfs C
Guar 3 Ms trust ctfs D
106M
93
*103 M
*106
98M 105
J
1947 ivi
89 M
M
M
92
50
A
debentures
*83
40
Panhandle Eastern Pipe L 4s.. 1952 M 8
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
105
108 M
J
1966
90
105
A
O
110
109
110
m
1960 M s
conv
Richfield Oil Corp—
4s s f conv debentures
con g
1966
11
*100
...1977 J
Port Gen Elec 1st 4 Ms
1st 5s 1935 extended to
Porto Rico Am Tob
13
3M
12
107
108M
98
106M
cons g
ser H... 1961
76
*106
♦Direct mtge 6s__
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
91M 101M
113
D
14
12 M
*—1962 F A
1974 J D
1st gen 5s series B
1st gen 5s series C
1st 4Ms series D—
106M
98 M
113M
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G... 1964
3
D
♦Rhine-Westphalia El Pr 7s—.1950
11
103M
3Ms
-
1948 J
80
18
*110M
106M
1st A ref mtge 3 Ms ser I
1st mtge 4 Ms series B
1959 A
1st mtge 4Ms series C—....I960 A
♦Rhine-Ruhr Water Service 6s_1953 J
59
*113M
78M
87
101
♦Rheinelbe Union
106
D
J
5
ioi"
76
101 M
1946 J
Otis Steel 1st mtge A 4Ms._..1962 J
10
4M
12 M
"Tm
92
100 H
79
106M
106M
Ontario Power N F 1st g 5s.-.. 1943 F A
Ontario Transmission 1st 5s
1945 MN
Guar stpd cons 5a.....
Ore-Wash RR A Nav 4s
105
27
100 m
88 M
106
J
D
44
15
J
53 M
105M
105M
101M
105M
1972 J
1966 J
110
14 M
98 M
1977 J
40
5M
5M
4M
«.
106
115
97 M 110M
109 M
99
109 M
101
46
.....
6M
*4M
99
"2
100 M
Gen mtge 4Mb series C
Revere Cop A Br 1st mtge
45
58 H
J
J
-
*
104
105
O
93 M
62 M
F
J
105M 110
1
D
Gen mtge 4Ms series B.....1961 F A
Purch money 1st M conv 5 Ms *54 M N
67
J
12
1975 A
28
82
63
J
108 M
109 M
1970 J
Remington Rand deb 4Mb w w.1956 m s
Rensselaer A Saratoga 6s gu
1941 mn
^ Republic Steel Corp 4 Ms ser A1950 M s
84
J
50
99 M 116
105
1964 mn
4 Ms
23
83 H
J
16
48
110
A
23
83 M
1967 M S
For footnotes
9
j
J
4s deben tures
8M
A
28
*35 M
J
1st mtge 4s
8
*42 M
4s..—1948 J
...
ser
3
6M
104 M 110M
107 M 108 M
14M
102 H
16
1st mtge 3Ms
Oklahoma Gas A Elec 3M8
Guar 4s
3
75
3M
cons guar
Pitts Y A Ash 1st 4s ser A
52
67
14M
97
O
105M
♦Stamped
conv
26
105
Ohio Edison 1st mtge 4s
40
60
-
-
4K
105M
104 M
Ohio Connecting Ry let 4s
3M8
-
109M
107M
4
-
«...
62
74 H
*109 M
4
•m mm m
76
75 M
66 M
8M
109M
^
104M
g
4M
11M
103M
mn
..1957 m 8
^Northern Ohio Ry 1st guar 5s—♦Apr 1 1935 A sub coupons—1945
♦Oct 1938 A sub coupons
1945
♦Ctfs of deposit stamped
Apr '33 to Oct '38 coups.. 1945
North Pacific prior lien 4s
1997
Gen lien ry A Id g 3s Jan
2047
Ref A impt 4 Ms series A
2047
Ref A impt 6s series B
2047
Ref A impt 5s series C
2047
Ref A impt 5s series D
2047
Northern States Power 3 Ms.—1957
Northwestern Teleg 4 Ms ext—1944
Paramount
32
•
16
5M
104M
A
Gen A ref 4 Ms series A
Ref mtge
10
101M
47 M
*63
64
109M
A
D
N
Pitta Va A Char 1st 4s guar
1943 M N
Pitts A W Va 1st 4Mb ser A...1958 J
D
98
4M
A
Aug 151963 F
North Cent gen A ref 5s
1st A ref mtge
mm--
11
A
ser
Deb 5Ms series B
Deb 5s series C
Ore Short Line 1st
7
Nov 15 1969 M N
No Am Edison deb 5s
Oregon RR A Nav
101
1
10
105M
*40 M
J
M s
4
101M
*10
tie,*******,
68
70
97
10
*72
J
1941 mn
1996 O A
1961
10
5
68
101
101M
8M
80 M
107 M
A O
M N
M N
1963 F
4 Ms
cons
con gu 4s.. 1993 A O
El Lt A Pow 3 Ms 1965 M N
J
JN Y Rys prior lien 6s stamp-.1958 J
*86 M
60
107
53 M
49 H
♦105
A O
F
J
.1957 M
1960 F
4s
NYA Putnam 1st
1951 mn
4
114M
63 M
113
H4M
1952 MN
A.1952 m S
Series B 4Mb guar
35
4 Ms
Series C 4 Ms guar
Series D 4s guar
19 H
N Y Queens
NYA Rlchm Gas 1st 6s A
J
40
~67M
♦62 M
89
113M 117
107
114M
20 M
14 M
'
D
1937 J
Pirelli Co (Italy) conv 7s
11
17
22 M
7M
*4 K
65 M
67
100
67 M
67 M
J
D
1948 M S
Series G 4s guar—
M 8
75
101M
84M 101M
85
6
5M
A
1967 J
13
52 n
f ♦Harlem R A Pt Ches 1st 4s 1954 mn
1974 F
Ms—1967 m S
12M
13
13M
19M
23
♦103
1943 M N
I {♦Philippine Ry 1st s f 4s
Phillips Petrol conv 3s
17M
44
"Th
J
1977 J
1981 J
5s series A
12 M
12 K
6
D
-----
60
116M
114M
45M
f ♦Phila A Reading C AI ref 5s. 1973 J
J
♦Conv deb 6s
1949 m S
96M
13
sec
Phila Electric 1st A ret 3
-----
11M
4
13M
22
-
85
13
UK
*l l M
13M
13M
•
---mm
95
rn-mm--
mm —
Phila Co
61
79 H
92 M
92 M
♦115M
113M
113M
Apr
A
J
106
89 H 111M
91
87
80M
1990
82
38
84
79 X
1956 J
General g 4 Ms series C.
General 4 Ms series D
50
*50
#
-----
J
A
103
1
96 M
%
201
6
104
91M
91M
O
1980 m 8
3Ms deb—1952 J D
Phila Bait A Wash 1st g 4s
General 5s series B
22
95
60
*64
J
J
15M
16
69
96
103 M 111M
74
95 M
91M
Phelps Dodge
conv
61
94
92 M 105
103 M 109M
103 M 114-
109M 120 M
92 M
121M 125
112M 116M
1st g 4 Ms series C
1
96
103
1940 A O
4s
94
"97
94
100M 105 M
83
104 M
31
80 M
A
77
1
High
29
82 M
1943 A O
1947 M S
April
2
taw
116
83
Peoria A Pekln Un 1st 5Ms—1974 F
Pere Marquette 1st ser A 5s—1956 J
*61
O
J
1955 J
1956 mn
♦Non-conv debenture 4s
♦Non-conv debenture 4s
116M
*
4 Ms series B.
1973 mn
♦N Y L E A W Coal A RR 5Ms '42 mn
J
♦N Y L E A W Dock A Imp 5s 1943 J
NYA Long
1
14
87 M
94 M
94 H
4
14
109 M
86M
103
1984
1952
1st 4s series B
5s..1948 J
1949 F
109 M
116M
107M
101M 108M
101
N Y A Erie—See Erie RR
N Y Gas El Lt H a Pow g
cons
4s
♦Income
107M
109M
1968
Refunding gold 5s
Peoria A Eastern 1st
61
51
105
108 M
10»'
No.
96
104M
107 M
105
1970
1981
Peop Gas L A C 1st cons 6s
102 M 109M
58
---—mm
1965
.1966
1st lien A ref 3Ms ser E
103
163
73 M
80 M
98 M
105M
95M
*
J
1960
1965
General 4Mb series a
General 5s series B
30
103 M
A
1946
Conv 5% notes
N Y Edison 3M« ser D
68
94M
1981
Since
91
90
105M
Consol sinking fund 4 Ms
n Y Chic a St Louis—
High
D
Pennsylvania P A L 1st 4 Ms—1981 A O
Pennsylvania RR cons g 4s
1943 mn
Consol gold 4s
1948 mn
4s sterl stpd dollar.May 1 1948 mn
Gen mtge 3Ms series C
1970 A O
Range
Jan.
Asked
A
a. 1977 A O
4 Ms series B
73
65
Penn Glass Sand 1st M 4MS--1960 J
65 M
59 M
65 M
Hud River 3 Ms —1997 J
1942
Ref A impt 4 Ms ser A
2013
Lake Shore coll gold 3 Ms— 1998
Mich Cent coll gold 3Ms
1998
Penn-Dixie Cement 1st 6s A—1941 M s
Pa Ohio a Det 1st a ref 4 Ms
1938
Friday's
Low
108M 111M
48M
82
62
91M
26,
Range or
Bid
High
mn
Debenture 4s
Last
Price
Sale
Week Ended Nov. 25
1
A
2013
1952
series C
Ref A impt 58
«
68 H
78
67
A
10-year 3Ms sec a f_—1946
A
Ref A impt 4 Ms series A-.,-2013
Conv secured 3 Ms
*108M
66 M
J
4 Ha-1945
1998
Newport A C Bdge gen gu
N Y Cent RR 4s series A
High
t*
-•ft.
N. Y. STOCK EXCHANGE
Since
Asked
a
BONDS
Range
Friday's
Bid
Price
Week Ended Nov.
Friday
Week's
Friday
N. Y. STOCK
Nov.
Week's
106
99 M
103
106
109
"93M
62
*—.—
St Louis Iron Mtn A Southern—
♦{RIv A G Div 1st g 4s
♦Certificates of deposit
1933 mn
60
f*St L Peor A N W 1st gu 5s—1948 J
St L Rocky Mt a P 5s sptd—1955 J
f»St L-San Fran pr lien 4s A—195 J
J
J
-
*57 M
10 M
9M
9
195b
j"j
10 H
10
♦Certificates of deposit—
♦Con M 4 Ms series A
1 78
M~S
♦Certificates of deposit
♦Ctfs of deposit stamped
f St L SW 1st 4s bond ctfs
♦2d 4s inc bond ctfs...Nov
42 M
64
60
14
J
♦Prior lien 5a series B
60 M
M
60
46
62
14
12
18M
50
69
60
H
79
8M
9M
9M
37
7
11M
42
8M
7
10 H
9M
9M
9M
13
9M
9M
10 M
130
9M
55
54 M
14
9
9
1989 MN
1989 J
{♦1st terminal A unifying 5s.1952 J
♦Gen A ref g 5s series A
1990 J
J
51.
51
*31
J
13M
3283.
I
6M
15M
13M
14
IVA
38
67 M
20
36
38
M
22
*"S
13
27 M
13 M
14
23
9
18M
20
J
7M
15
13M
New York Bond Record—Concluded—Page 6
Volume 147
Frtday\
Last I
BONDS
N. Y. STOCK EXCHANGE
Week's
Bid
Low
St Paul A Duluth 1st con g 4s..1968 J
D
{♦St Paul E Gr Trk lBt 4Hs—1947 J
J
<♦8* Paul A K C 8h L gu 4 H8—1941 F
A
88
7H
2
St Paul Un Dep 5s guar..
1940
1972
8 A & Ar Pass 1st gu g 4s
J
J
7H
9
J
J
1943
1
97
H6
98
18
114H
J
60
♦Stamped
........
♦Guar
a f 6Hs series B
♦Stamped
Scioto V & N E 1st gu
4s
{{♦Seaboard Air line 1st
{♦Gold 48 stamped
♦Adjustment 5s
{♦Refunding 4s
1946
J
♦Dec Moines Dlv 1st g 4s_—1939
♦Omaha Dlv 1st g 3 Ha
1941 A
♦Toledo A Chic Dlv g 4s
18
6H
10 H
45
6H
109
104
112H
♦Ref A gen 4Hs series C
1978 A
O
11H
11H
19
7
14
♦Ref A gen 5s series D
1980 A O
10
11H
21
6H
13H
O
27H
15
12
24
30
24
31
34
•
1
"ie"
"16H
2H
~~8
7
9H
4
6
9
4
1
6H
17
9
8H
*17
104 H
Silesian-Am Corp coll tr 7s
Simmons Co deb 4s
1952 A
Skelly Oil deb 4s
Wash Water Power s f 6a
1939 J
Westchester Ltg 5s stpd gtd
Gen mtge 3 Ha
1950
1967 J
D
106
106
E.1963 Wl S
120
109H
5H
5
1st mtge
O
1946 J
61H
20 H
86 H
64
90
West N Y A Pa gen gold 4s
1943 A
79 H
99H
2
81H
38
99
106H
..1950 A
120H
110
"45
107
107H
4
2
106 H
1
87 H
92 H
14
92 H
92
101
101
Wheeling Steel 4Hs series A... 1966 F
14
35 H
52
51
53
69 H
76
63 H
White Sew Mach deb 6s
41",'
31H
52 H
51
53 H
103
30
63 H
50 H
53 H
137
30 H
Conv deb 3Ha
Winston-Salem S B 1st 4s
62
62 H
10
43 H
68 %
68H
38
69H
J
79 H
81
54
45 H
83
55H
53 H
55 H
174
68 H
68 H
67
23 H
26
60
67 H
Devel & gen 6 Ha
1956 A
70 H
70
71H
66
28
75 H
80 H
Mem Dlv 1st g 5s
1996 J
*65
78
64
St Louis Dlv 1st g 4s
1951 J
*58 H
65 H
35
109H
109H
110H
103
102 H
103
107H
107H
So'western Bell Tel 3 Ha ser B_. 1964 J
1968 J
1st A ref 3s series C
So'western Gas A El 4s ser D_. 1960 M N
♦{Spokane Interoat 1st g 5s._. 1955 J
1946 F A
sthley (A E) Mfg 1st M 4s
1961 J D
Standard Oil N J deb 3s
104 H
♦Studebaker Corp conv deb 6s. 1945 J
1950 WIN
Swift & Co 1st M 3Ha
102
107 H
5s... 1951 J
Chem deb 6s B._. 1944 Wl 8
Tennessee Corp deb 6s ser C... 1944 Wl 8
.1947 J
.1943 J
gold 5s
Texas A Pacific 1st gold 5s.... 2000 J
19H
105H
43
100
104H
161
98
102 H
102
"24
82
107 H
19
D
103"
103 H
A
—
-
«•
103H
102 H
103
13
103 H
D
106 H
106H
106H
*
91H
D
rll7H
.1977 A
O
84 H
84 H
84 H
Gen A ref 5s series C
.1979 A
O
86 H
87
12
Gen A ref 5s series D
.1980 J
D
84 H
85
A... .1964 M S
97 H
98
41
Tex Pac Mo Pac Ter 5Ha
1960 J
♦AdJ Income6s
...Jan 1960 A
{♦Third Ave RR 1st g 5s
1937 J
Tide Water Asso Oil 3 Hs——1952 J
Third Ave Ry 1st ref 4s
J
14
5
1953
J
103 H 107 H
4s—1946
1949
deb A-.1953
♦Tyrol Hydro-Elec Pow 7Ha—1955
Toronto Ham A Buff 1st g
M
J
104 H
70
♦
88H
88 H
4
71H
87
4
90
r
24 H
t
28
7H
21
88 H
17
71
J
105 H
105 H
33
98
55 H
44
40H
63H
102
105
h;
{ {♦Union Elev Ry (Chic)
3H
90 H
91 H 101H
4
....
7H
101
101H
11
92
92 H
8
9
9H
83
8
15H
*8
8H
6H
14H
10
4H
5H
96 H
6
6
*5
D
1961
20
*107H
*
8H
6H
104
108H
5
-
5H
9H
105 H
51
103 H
105H
102H
1961 Wl N
94 H
105 H 110
*109
9H
101H
71
76
105H 105H
96
103H
the yearly
1, 1939 at 103.
under
No sales transacted during current week
Friday's bid and asked price.
Bonds selling flat
Deferred delivery sales transacted during the current week
and not Included in
,
Transactions
62H
the
at
York
New
Stock Exchange,
Daily, Weekly and Yearly
Stocks,
Week Ended
1938
Nov; 25,
80
Railroad &
Total
Mis cell.
State,
Municipal &
United
Number of
Shares
Stales
Bond
Bonds
For'n Bonds
Bonds
Sales
S
D
*96
WIN
26
A
Wl
8
J
^
J
»
110
26
-
27
1
4
110
103
Saturday
"
4
.....
Wednesday
96
59 H
$435,000
942,720
4,385,000
1,105,000
781,000
89,000
5,579,000
5,282,000
142,000
6,205,000
1,001,770
5,835,000
866,000
230,000
6,931,000
808,710
4,741,000
1,027,000
156,000
5,924,000
$22,618,000
$4,214,000
$670,000
$27,502,000
Thursday......
....
........
HOLIDAY
87
TotaL.
110H
105
$2,375,000
4,070,710
Monday..
Tuesday.
Friday
H
108 H
4
7
H6H
116H
116H
12
116
109
108 H
109
11
104 H 113H
New York Stock
110H
110H
111
94
107H 114H
Exchange
105 H
105
105H
88
114H
114H
97
107H
109H 116
Stocks—No. of shares.
108 H
.
3Ha debentures-... —
Union Pac RR 1st A Id gr 4s.„1947
1st lien A ref 4s—
June 2008 M 8
June 2008 M 8
108
10
10
34-year 3 Ha deb
1970 A O
35-year 3Hs debenture
1971 M N
United Biscuit of Am deb 5s—_ 1950 A O
95 H
94
95 H
94
O
80 H
8
73 H
-■
$2,863,000
$53,000
437,080
880.430
......
97
20
18
27
78
73
mn
117H 120
w
110
*26 H
"95"
97 H
H
*121
110
A...1942
1952
1st lien A ref 5s.„
IoIH
79 H
....
during
90
84 H
50
88H
*
53—.1945
"
57
55 H
*86 H
J
Union OH of Calif 6s series
101H
6H
*4H
105H
D
8
Ujlgawa Elec Power s f 7s_.—1945
Union Electric (Mo) 3H8
-1062
*101H
•
27
96 H
96
95H
No sales.
45
9
42 H
Wl
F
110H
104
7H
J
1952
105
the yearly range:
,
87 H
Trenton G A El 1st g 5s.
f 7s
2
Ex-Interest.
•
116H
69
7H
Trl-Cont Corp 5s conv
sec e
108
{ Companies reported as being in bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
81H
88 H
42
3Ha 1960 J D
Tol St Louis A West 1st 4s..—1950 A O
1942
105H
Republic Steel 4Hs A 1950, Dec. 30 at 105.
90
J
O
Tol A Ohio Cent ref A imp
Tol W V A Ohio 4s series C
100
Texas A Pacific 1st 5s 2000, Nov. 25 at 117H.
Cash sale: only transaction during current week,
Tokyo Elec Light Co Ltd
1st 6s dollar series
3
San Antonio Pub. Serv. 6s 1952, Jan. 1,1939 at 110.
108H
81H
-
Gen A ref 5s series B
115H rll6H
106 H
70
»
63
104H
Goodyear Tire A Rubber 5s 1957, Dec. 30 at 102.
Hackensack Water 4s 1952, April 26, 1939 at 105.
Milwaukee Electric Railway A Light 5s series B 1961, Dec. 1 at 103.
First mortgage 5s 1971, Dec. 1 at 104H.
"70H ~98H
99
57
—
A
D
Crown Willamette Paper 6s 1951, Jan.
Fiat 7s 1946. Jan. 1, 1939 at 105.
103
103
8
75H
45
been called In their entirety:
109 H 114
89 H
25
47
49 H
exchange rate of $4.8484.
*
The following is a list of the New York Stock Exchange bond Issues which have
105H 108
27
103
88 H
Texas A N O con
4
113 H
*113
47 H
18
6
56
a Deferred delivery sale; only
current week,
n Odd lot sale, not included in ypar's range,
{ Negotiability impaired by maturity,
t The price represented is
the dollar quotation per 200-pound unit of bonds.
Accrued interest payable at
r
87 H
46 H
95
95
93
O
38
H
Cash sales transacted during the current week and not Included in
transaction
x
119H 125
*102 H
.1953 J
Texarkana & Ft S gu 5Ha A... .1950 F
.1951 J
Texas Corp deb 3 Ha
107 H
101
*121
TenD Cop &
Term Assn of St L 1st g 4 Ha—. .1939 A
.1944 F
1st cons gold 5s
106H
%
65 H
24
25
74 H
77H
77
range:
99H 103
101
106
80 H
106 H 110H
4
104 %
102 H
81H
e
95
104
102 H
D
67
9
105H
*103H
1953 J
1943 J
105 H
48H
70
,
"6
19
*16
105 H
9
49
31
108
1960 J
1st mtge s f 4s ser C
65 H
104H
{♦Wor A Conn East 1st 4Hs..1943
Youngstown Sheet A Tube—
Conv 'deb 4s
1948 M S
72
26 H
15H
51H
*49
1947 A O
Public Service 4s
16
6
54 H
{♦Sup A Dul div A term 1st 4s '36 WIN
♦Certificates of deposit
Wisconsin
23
93
98H
37
63
1940 M N
5s.1942 J
gu
97 H 108 H
22 H
63
*
{♦Wis Cent 50-yr 1st gen 4s... 1949 J
♦Certificates of deposit
93
52
63 H
Wilson A Co 1st M 4s series A.1955 J
63
83 H
104H
77
88
*60
{{♦Wilkes-Barre A East
73H
65
1949 M S
36
51H
24
J
54
68 H
1
5
88
63
s
2361 J
65
104 H
25 H
22
J
58 H
64
25 H
22
Wheeling A L E Ry 4s ser D...1966 M S
102
91
13
101H
1956 A
'
101H 107H
9
84
103H
J
56H
O
1994 J
4s
8
D
.1960 Wl
52 H
1956 A
♦Guar
....1951 J
Registered..
94 H
83
s
2361 J
100 H
Devel & gen 6s
Gen refund s f g
8
106 H
88
West Shore 1st 4s guar
Devel & gen 4s series A
Tenn Elec Pow 1st 6s ser A—
109 H
83
103 H
♦Westphalia Un El Power 6s..1953 J
110
1955 J
Tenn Coal Iron A RR gen
109 H
121H 123
98H 106H
116
120H
106 H 110H
1950 WIN
25-year gold 6s....
30-year 5s
101H 107
105 H 108H
109H
100 H
100 H
1955 J
2Ha
120
O
1946 Wl s
Western Union g 4Ha
107 H
1969 WIN
1981 M N
...1946 J
J
Staten Island Ry 1st 4 Ha
15
1977
♦58 assented
103 H 108
53
106H
"57 H
Southern Ry 1st cons g 5s
1
106 H
120
84
{♦Western Pac 1st 5s ser A...1946 Wl
90 H 104H
9
104
106H
109 H
.1951 A O
coll)..1949 J D
1st 48 stamped
108H
107 H 110
102
105H
106H
1952
24
Western Maryland 1st 4s
1st A ref 5 Ha series A
98
(Oregon Lines) A...1977 M 8
Gold 4 Ha
1968 M 8
So Pac RR 1st ref guar 4s
100
102
78
*110
1st 4Ha
10-year secured 3Ha
San Fran Term 1st 4s
108H
102
*123
J
RR 1st consol 4s
Gold 4 Ha
—
'
m
J
D
Southern Natural Gas—
*
104
90
D
1966 J
103 H
106H
D
-
49 H
10
West Va Pulp A Paper 4Hs.—1952 J
98
J
A O
A O
A O
Wl S
F A
Southern Kraft Corp 4 Ha
Gold 4Ha
90
28
106 H
70H
1
J
pipe line 4 Ha
3Hs series 1
72 H
87
106H
108H
48
81H
1947 J
1st mtge
ser
63 H
48
*
62H
105
90
10H
71
82
91H
68 H
49 H
*35
108H
55 H
9
89 H
42 H
49 H
A
*74 H
Southern Colo Power 6s A
So Pac coll 4s (Cent Pac
69
90
F
*60
104H
1951 J
1950
South A North Ala RR gu 58—1963
South Bell Tel A Tel 3Ha.
1962
Southern Calif Gas 4Hs
1961
1st mtge & ref 4s
.....1965
91
89H
100
J
1951 M S
1946 F A
1941 F A
Socony-Vacuum Oil 3 Ha
28
22
96 H 105
54
7
68 H
68 H
90H
1941 Wl S
3Hs__2000
West Penn Power 1st 5s
1951 Wl 8
1952 J D
107H
66 H
*68
1939 M S
Certificates of deposit
{♦Warren Bros Co deb 6s
107 H
Washington Cent 1st gold 4s—1948 Q Wl
Wash Term 1st gu 3Hs
1945 F A
1st 40-year guar 4s
1945 F A
2H
4H
*4
68 H
Warren RR 1st ref gu g
2H
4H
107 H
O
8
5H
"27
Warner Bros Plot deb 6s
11H
13
19H
4H
D
O
1955 A
8H
5H
164
6s debentures
18H
4H
9
55
3H
*3
~4H
16
16H
15H
Walker (Hiram) GAW deb 4Ha 1945
Walworth Co 1st M 4s
1955 A
109 H 117
20
11H
*116
16
14H
13H
23
29 H
29H
{♦Wabash
20
16
*28 H
29 H
♦Certificates of deposit
♦Silesia Elec Corp 6 Ha
42
10 %
10
11 H
A
O
1935 J
44
s
1976 F
16
{♦Atl & Blrm 1st gu 4s
1933 M S
{♦Seaboard All Fla 6s A ctfs.._1935 F A
♦Series B certificates...
1935 F A
{♦Siemens & Halske s f 7s.
♦Debenture s f 6Ha.—
*38
s
Ry ref A gen 6 Ha A.1975 Wl
30
38
♦16H
*
O
Wl
1941
48
15H
23 H
27 H
25
38
♦Ref A gen 5s series B
6
Shlnyetsu El Pow 1st 6 Ha
J
35
16H
25
30
111H
9H
Shell Union Oil deb 3 Ha
20
*42
108
♦13H
1989 M N
g 4s.. 1950 A O
1950 A O
Oct 1949 F A
1959 A O
6s series A
27H
*25 H
J
High
99 H 105 H
32
67 H
111*M
♦107 H
1945 M S
cons
26 H
J
1941
Low
27
112H
♦Certificates of deposit
♦1st
49
111 H
J
A
No.
109 H 113iw
J
A
1946
{♦8chulco Co guar 6 Ha
High
105 H
45
26 H
105
...1954
♦Det A Chic Ext 1st 5s
81H
45
Since
Jan. 1
104 H
43 H
44 H
1939 F
^
03
♦110H
$San Antonio Pub Serv 1st 6S..1952
San Diego Consol G & E 4s....1965 WIN
Santa Fe Pres & Phen 1st 5s... 1942 M S
J
1939 WIN
A
K
Ask
A
Range
■3
Friday's
Bid
1966 M S
102H
109H H8H
18
60 H
59H
J
Range or
Sale
Low
11
6
98
7H
98
Last
Price
{{♦Wabash RR 1st gold 5s
♦2d gold 5s
♦1st Hen g term 4s
St Paul Minn A Man—
tPacific ext gu 4s (large)
■
EXCHANGE
Virginian Ry 3Ha series A
9H
7H
STOCK
Week Ended Nov. 25
High
98
Low
1
88
7H
7H
No
High
88
Y.
1
Jan.
Asked
A
N.
Since
Friday's
Price
BONDS
Range
Range or
Sale
Week Ended Nov. 25
3283
Week's
Friday
g-o
~
45
1
H
95H
66
H
108H
95 H
24
108H
4
10H
119
83 H
82
96
a
95 H
Government..
108H
103
69 H
82
United Cigar-Whelan 8ts
5s__.1952
United Drug Co (Del) 5s—1953
U N J RR A Canal gen 4s
1944
A
Wl
8
{{♦United Rys St L 1st g 4s_..1934
U 8 Pipe A Fdy conv deb 3 Ha. 1946
U S Steel Corp 3 H» debs
1948
♦Un Steel Works Corp 6 Ha A..1951
♦Sec 8 f 6 H8 series C
—1951
♦Sink fund deb 6Hs ser A—1947
United Stockyards 4Hs w w..1951
Utah Lt A Trac 1st A ref 5s
1944
Utah Power A Light 1st 5s
1944
J
J
26
26
4
118
119
24
107
101
Jan. 1 to Nov. 25
26
1937
1938
4,070,710
6,561,110
$670,000
1937
1938
266,249,831
377,602,050
Stocks
\4,214,000
$1,734,000
5,621,000
$120,090,000
219.513,000
$337,012,000
318,877,000
22.618,000
29,379,000
1,279,094,000
1,918,476,000
$27,502,000
$36,734,000
$1,618,697,000
$2,574,365,000
...
State and foreign
Railroad and Industrial
123 H
104 H
Week Ended Nov.
Sales at
104 %
Wl
Vanadium Corp of Am conv 5s .1941 A
.1955 F
Vandalla cons g 4s series A
.1934 J
74
28
110
60
81H
107
109 H
28
19H
104 H
48 H
162
35
27H
48 H
19
27 H
49 H
47
48 H
28
27 H
49 H
92 H
92 H
92 H
6
88 H
94
96
95 H
96 H
34
73
96 H
96 H
58
95
Jf
96H
41
78 H
96 H
56 H
58
23
45
60
58
56 H
58
62
45
59 M
47 H
48 H
O
Total.
49 H
47
104 H
100
A
99 H
100 H
*104 H
10
....
Stock and Bond Averages
Below
are
the
daily closing
stocks and bonds listed
as
10
104
"'1
30
Date
2H
20
15
Indus¬
Rail¬
Utili¬
trials
107 H
roads
ties
.....
Total
65
Stocks
Wh iorli
30.43
22.63
44
45
35
45
Nov.
25
J
*75
85
75
75
Nov.
24
.1958 A
O
*55
60
39
63 H
Nov.
23
149.88
30.42
22.76
Nov,
22
149.56
30.53
22.74
3
Bonds
Stocks
H
107H
150.10
Am
*
10
.....
First
Second
10
Grade
Grade
Utili¬
40
trials
Rails
Rails
ties
Bonds
106.13
52.84
HOLI DAY
89.82
52.79
106 X)9
89.85
93.25
52.62
106.14
89.76
93.26
53.00
106.14
89.86
93.62
53.07
106.10
90.01
49.45
107.18
93.13
49.43
107.20
93.33
49.38
107.03
107.05
107.26
Nov.
21
150.26
30.77
23.13
49.71
19
150.38
30.94
22.94
49.75
Total
10
Indus¬
HOLI DAY
Nov.
\
of representative
101
77
*1
"l"07H
averages
the New York Stock Exchange
compiled by Dow, Jones & Co.:
2003 J
5s
on
104H 105H
104
J
{♦Vera Cruz A P 1st gu 4 H8~
J
J
{♦July coupon off
.1968 M S
Va Elec A Pow 3Hs ser B
Va Iron Coal A Coke 1st g 5s__. .1949 Wl S
1st cons 5s
72 H
.1957 M N
Cons 8 f 4s series B
Va A Southwest 1st gu
35
*108H
■
1947
1959
{♦Util Pow A Light 5 Ha
{♦Debenture 5s....
82
80
New York Curb
3284
Exchange—Weekly and Yearly Record
Nov.
1938
26,
NOTICE—Cash and deferred delivery Bales are disregarded In the week's range unless they are
of the regular
weekly range are shown In a footnote In the week In which they
the only transactions of the week and when selling outside
No account Is taken of such Bales in computing the range for the year.
occur.
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last (Nov. 19, 1938) and ending the present Friday (Nov. 25, 1938).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered.
In the
Sales
Friday
Last
Par
Week's Range
for
Sale
STOCKS
of Prices
Low
High
Price
Aero
Supply Mfg class A.*
*
Class B
4
554
Low
Shares
0
1734 June
Feb
1434
Apr
234
33,300
734
1134
3 34
preferred,
734
10%
234
23
pref
Nov
1
*
pref.
(S) A Co
*
Bohack (H C) Co com—*
334
23
'it
Sept
34
6134
$3 opt conv
Nov
Apr
73%
03%
130
60%
Mar
76
Oct
120
4434
Mar
67
Oct
200
0% preference
100
Mar
234
Jan
34
Apr
Aug
Feb
Aug
May
134
34
1034
11
Aug
Breeze Corp
19 34
Nov
Brewster
124*4
Nov
Ltd
common
preferred
12%
Mar
5,700
58
Mar
300
93
500
1934
11934 12434
11234 114
1434
1434
1434
1634
Mar
"l9"
"21
"22
'4*266
100
44
Amer Box Board Co com.l
American Capital—
CJass A common
10
330
1034
634
22
J*
04
Jan
Mar
1234
10c
Common class B
2
10c
X
34
200
34
July
$5.60 prior pref
*
Mar
34
1034
50
Centrifugal Corp..l
134 134
m
24 34
34
preferred
100
Brlllo Mfg Co common
Class A
Oct
Class A
2534
175
16
2534
2734
200
1
1034
134
Amer Cyanamld class A. 10
Class B n-v
10
27 X
2034
IX
1034
134
1034
3234
Amer Foreign Pow warr
Amer Fork A Hoe com..*
Amer Gas A Elec com
*
$6 preferred
*
American General Corp 10c
$2 preferred.
1
2
234
1,100
2734
134
5,000
1534
1,400
34
25
Aug
Apr
July
Aug
175
2434
1334
534
25
Am dep rets
Amer Invest of 111 com...*
Amer Laundry Macy__.20
Amer Lt A Trac com...25
preferred
25
Amer Mfg Co common 100
18
18
1634
1534
200
1,000
"1534
"*225
"l434 "1534
3034
Oct
3034
Oct
2734
"55"
10
Amer Seal-Kap com
2
*
$0 series preferred
American Thread pref...5
Anchor Post Fence
*
1934
"134
1434
July
June
26
Oct
Mar
20
Aug
1434
Nov
2134 June
Apr
21
July
2234
Mar
27 34
2034
Jan
July
16
Nov
28
1534
500
Sept
34
2334
20
50
634
034
234
33
33
July
Jan
8
Mar
Apr
100
234
Nov
Mar
5
14
20
100
134 May
28
634
634
634
1434
15
2734 Z2834
Oct
234
2,700
Jan
2234
334
40
734
Apr
Nov
Jan
May
Nov
May
17
100
2434
Oct
39
2134
300
1834
Apr
2234
Mar
10534 10634
2134
250
88
Nov
300
10
2134
6
200
Oct
Jan
16
1634
"234 "234
v,
»,«
Apr
10634
Mar
1834
Nov
234
'1*634
*
v t c
Apr
Aug
154
Mar
334
334
July
Jan
34
Nov
""266
500
Jan
Cables & Wireless Ltd5
21
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
19
Mar
3134
Nov
434
Jan
134
Sept
Sept
34
Sept
Apr
70
Sept
34
Mar
1
Jan
Apr
32
Nov
19
2034
700
"""266
85
Marconi
Mar-
1134
Aug
734
Jan
3034
25
134
Oct
134
1,500
Carman A Co class A....*
134
834
334
Mar
(6ept
134 (Mar
234
Ok
734
90
Apr
Apr
4
234
4
Oct
Carnegie Metals
Carrier Corp new conv
1
Carter (J W) Co common. 1
Jan
1034
Feb
10934
Nov
Casco
Products
he
Oct
he
Feb
600
2 34
Mar
434
Jan
Mar
434
Jan
900
434
Mar
734 May
59
"734 ""734 ""306
5
534
2,100
80
Nov
5
Mar
9
July
$7 div preferred...
3 34
Mar
534
Nov
Mar
1134
Jan
.
34
734
Jan
34
Aug
Apr
1
3,300
»i«
34
7
34
34
34
134
600
334
Mar
1134
Oct
Oct
Jan
he
Jan
Mar
34
Jan
6%
•11
Mar
434
24 34
July
Nov
Apr
he
Mar
134
8834
Mar
80
2,600
16
Sept
434 May
034 Mar
32
19
1934
16
100
"3% "4
4",500
Nov
Jan
Jan
Jan
734
2334
34
1,400
334
30
34
Mar
334
1,000
Sept
07
Mar
234
Mar
Mar
10
334
98
July
Aug
Aug
»u
Sept
134
Jan
634
Mar
2534
Oct
1,500
34
Mar
34
Jan
Mar
34
2 34
Jan
Mar
934
July
4
Mar
Jan
0% preferred w w
25
0% preferred XW.....25
16
1634
50
Aug
Jan
334
3
3%
15
Apr
13
Mar
1734
No\
254
43
3234
3134
3234
Jan
27,700
134
134
Mar
334
Nov
430
1334
Mar
4534
Nov
1,900
19
June
37
Oct
Baldwin Locomotive—
1934
634
1934
834
7%
com.
*
com
Mar
100
234
1134
Apr
300
434
Mar
634
3,800
1934
834
8
Mar
1434
10
6834 May
8834
80
7534
834
200
834
Mar
Mar
34
34
434
434
434
250
preferred
100
Conv preferred
100
Conv pref opt ser *29.100
1134
1134
1 234
175
Pipe
16
17
Nov
10
Mar
434
.._.*
Mar
5
3
434
400
334
Mar
434
Chesebrough Mfg
.25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
Chief Consol Mining
1
Chllds Co preferred.... 100
Cities Service common.. 10
«
Preferred
Preferred
....*
5
11734
11634 11734
72
7434
150
2634
11
16734
34
34 June
U16
1,125
2034
Mar
5834
2,400
Sept
11
4034
3734
534
2134
2
4034
1,900
*
Cities Serv P A L $7 pref. *
$0 preferred
._*
Feb
72
Feb
Feb
67
Feb
7
200
4
Mar
City A Suburban Homes 10
Clark Controller Co
1
454
434
200
Jan
1734
1734
134
50
June
734
Nov
Cleveland Tractor
534
534
934
July
134
134
134
434
July
234
234
100
63 34
Mar
Cllnchfield Coal Corp.. 100
Club Alum Utensil Co
*
Cockshutt Plow Co com..*
Colon Development ord
234
234
234
500
734
734
400
74 34
8
8634
58
58
Mar
234
Mar
Jan
Claude Neon Lights Inc..l
Clayton A Lambert Mfg..*
Jan
Cleveland Elec Blum
..*
0% cqpv preferred
Nov
2734
Nov
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.26
Nov
34
>15
1534
Conv 5% preferred.. 100
Columbia Oil A Gas
1
34
25
11334
July
100
534
Mar
18
Mar
2934
Aug
34
May
134
Jan
34
1,100
com
934
3334
3334
3334
75
30
200
334
1,900
134
1
7
Oct
434
Nov
Jan
20
234
Jan
Mar
4
Mar
3934
634
Feb
Nov
334
Jan
Oct
Mar
234
Aug
Mar
12 34
Aug
134 June
334
Jan
334
85
Columbia Pictures Corp..*
Commonwealth A Southern
Warrants
warrants...
Feb
834
Mar
434
Aug
334
Mar
9%
Nov
Mar
8634
Nov
Columbia Gas A Elec—
Nov
12
147
he May
"15"
Jan
Mar
3034
800
£1
534
10
Apr
1
2,800
Mar
Sept
234
37
34
36
*
1434
Bell Tel of Pa 6 34 % pf.100
1
234
13
*
com
May
29
Nov
Jan
46
20
934
134
4734 May
5
May
Mar
25
2234
234
Mar
44
44
5
834
Mar
Jan
Nov
May
20
...
BB
434 May
434 July
10,300
July
8
100
39,500
July
934
5834
3,100
2534
2734
834
12
16734 16734
11834 11834
Nov
7934
he
834
Mar
11734
734
2,400
Jan
Jan
Mar
5134
634
134
Feb
Jan
734
634
Nov
834
734
21
5634
734
13,500
Apr
Aug
Jan
534
Mar
534
July
734
434
Mar
97
40
*
14
Mar
500
City Auto Stamping
034 June
June
5
June
434
6
1234 June
1
Oct
Jan
734 May
50
7
11
Mar
50
150
..20
Oct
34
Sept
0
500
Mar
Nov
Nov
234
434
6,600
May
1034
87
5
134
3
3
Oct
Nov
June
92
434
754
51
34
6,000
100
preferred
134
7% 1st prferred
100
Beaunlt Mills Inc com..10
Apr
434 June
400
634
Basic Dolomite Inc com..l
1034
1334
9034
9 34
Nov
10
Jan
8834
1
June
Oct
69
8834
8834
134
34
Oct
30
1
Centrifugal
634
Mar
1334
9034
754
"l34
Mar
Nov
Sept
64
Preferred B__
4034
3
Oct
8934
14
Strip Co
6
Charls Corp
10
Cherry-Burrell common..5
2,700
1,100
34
8 34
21
June
Jan
Cbamberlin Metal Weather
2234
43
50
25
4
48
Jan
30
2134
Warrants
8734
25
Apr
Cent Pow A Lt 7% pfd 100
Nov
he
"l%
8734
134
Cent A South West Util 50c
Cent States Elec com
1
Nov
534
Apr
17
*
7%
1,100
'
2
95
95
For footnotes see page 3289
16
60
16
1934
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref.100
Cent Ohio Steel Prod
.1
34
7
Berkey A Gay Furniture. 1
July
Feb
*500
79
1st preferred....
Mar
Cent Hud G & E
1
Co com...*
134
Jan
Aug
0534
7% 1st partlc pref—.100
Celluloid Corp common. 15
834
5
Corp
Jan
July
Celanese Corp of America
534
334
10
34
Castle (A M) common..10
Catalln Corp of Amer
1
234
Oct
134
1034
Apr
Oct
79
*
3,400
Jan
2
100
1734
1
com
Jan
Jan
15
Carolina P & L $7 pref—.*
$6 preferred
July
Apr
34
MOO
434
Carnation Co common...*
Feb
2734
'l
434
Jan
75
7
Class B
3,100
"7X
com
3034
1
Mat
34 Mar
5534 June
5
3
""134 ""134 "loo
3034
Capital City Products
Carib Syndicate
...25c
1,400
100
434
non-voting.......
Canadian
Nov
1,000
73
B
Oct
34 June
55
634
3034
Apr
22
300
*
Mar
Oct
200
$2.50 conv pref..
2834
20
Oct
Apr
1,90C
BIckfords Inc
Oct
Apr
534
Purchase
11
18
8
Benson A Hedges com...*
Conv pref
....*
Mar
21
134
1
Oct
Camden Fire Ins Assoc...6
23
5
100
Cable Elec Prods
*ia
8
Bellanca Aircraft com
30
Am dep 534 % pref shs £1
Calamba Sugar Estate..20
Apr
154
Bell Tel of Canada
Apr
Jan
1134
11,500
34
1
3034
15
2334
23«4
.*
3
334
6
2234
Beech Aircraft Corp
Bell Aircraft Corp com..
Oct
50
Oct
3,500
pref
2734
Oct
8
conv
Oct
Apr
1834
5
$1.60
$5 1st preferred
Nov
0
Automatic Voting Mach.
(L)
pref 25
*11
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..60
Baumann
534
2
1934
Co com.....6
Buff Niag A East Pr
3
Assoc Tel A Tel class A.,*
Atlanta Gas Lt 0% pref 100
Bath Iron Works
234
100
2034
34
Option warrants..
Bardstown Distill Inc
1
Barium Stainless Steel... 1
Barlow A Seelig Mfg A...6
2734
3
Mar
Jan
»i«
30
Jan
Mar
34
June
534
34
preferred
1034
88
18
Buckeye Pipe Line..—.50
Oct
Nov
234
Assoc Laundries of Amer. *
Common v to
*
7%
Sept
May
70
20
10
10
'
Baldwin Rubber Co
Bruce (E L)
Feb
3734
11534
3
*
Purch warrants for
434
1,400
33
Feb
Nov
July
July
034
2734
Burry Biscuit Corp..12 34c
July
1234
Apr
14
34 June
34 Mar
Brown Rubber Co com—1
Mar
934
....
Aviation A Trans Corp
1
Axton-Flsher Tobacco—
Class A common
10
Babcock A Wilcox Co
..*
7 34
80
*
3
Class A
Avery (B F)
734
80
...*
preferred
8
30
Amer deposit rcts....£l
Assoc Gas A Elec—
Austin Silver Mines.....1
Automatic Products
6
$0
Bunker Hill A Sullivan 2.50
50
"u'% "12
Ashland Oil A Ret Co
1
Associated Elec Industries
Atlas Corp warrants....
Atlas Plywood Corp
234
Burma Corp Am dep rets..
500
10834 10934
10
Common
3
9,900
25
Brown Forman Distillery. 1
Jan
Nov
2834
*55
34
{Arcuturus Radio Tube._l
$5 preferred.
Class A pre!
Jan
Nov
July
400
73
73
Arkansas Nat Gas com...
Common class A......*
Arkansas P A L $7 pref..*
Art Metal Works com..
334
2734
3034
534
2834
934
Angostura Wupperman—1
Apex Elec Mfg Co com...*
Appalachian El Pow pref *
Preferred
18,700
*
33
534
■"
Corp com*
1st $0 preferred
Nov
Nov
Oct
700
834
1134
ord reg—10s
Mar
234
%
»1«
....*
American Republics
834
1134
Brown Fence A Wire com.l
34
1
Amer Pneumatic Service.*
Amer Potash A Chemical
Am Superpower
Mar
Sept
Mar
1034
{Brown Co 0% pref... 100
Apr
Mar
July
Mar
Am dep rets
Mar
54
..100
Amer Mar a cat bo Co
Amer Meter Co
734
1034
134
22
1534
0%
Preferred-
I834
434
634
ord bearer£l
£1
23
834
1934
104
50
1334
Jan
Amer dep rets reg
Mar
Mar
Mar
Apr
Mar
Apr
1,000
6P0
Jan
134
British Celanese Ltd—
21
5,200
5
*25*
$2.60 preferred
1
Amer Hard Rubber Co..60
200
11
3334
11334 11434
7
600
Nov
British Amer Tobacco—
25
3334
11434
34
150
3034
Sept
2
534
200
*
Apr
2534
25%
2%
Class B
234
3 34
1034
...
British Col Power cl A
..25
Aug
200
British Amer Oil coupon..*
Am Cities Power A Lt—
Class A with warrants .25
Oct
13
1734
334
,7034
334
Apr
134
1,200
434
Mar
Mar
31
Nov
*
7%
Oct
Mar
334
1034
...
Registered
$3 preferred
July
534
Apr
Mar
734
Corp class B
Class A
Nov
Mar
%
Brill
Oct
Mar
8
.
112
1234
Bright Star Elec class B
Nov
Feb
Mar
9434
Nov
Mar
Mar
1634
100
i
Preferred
Feb
44
434
100
300
4 34
134
"734"
Aeronautical... 1
July
434
134
134
"§34
Bridgeport Machine-
Mar
534
14534
*
Feb
934
100
1st preferred
preferred
Nov
1034
Brazilian Tr Lt A Pow—*
Nov
Oct
June
American Beverage com
American Book Co
114
2d
Nov
67
2"650
13834 14034
100
American Airlines Inc.. 10
Apr
7%
Oct
3
13934
934
Bridgeport Gas Light Co.*
6
100
1934
11234
834
Bowman-BIitmore com— *
134
Oct
2234
134
1
43
43
Bourjols Inc
134
1434
34 June
34
Apr
7% 1st preferred.... 100
25
34
123
11
134
Nov
11
Mar
Mar
434
"906
934
Mar
10
"134 "l34
High
Sept
6
100
1,700
Borne Scrymser Co
Nov
834
common..*
834
1234
Blumenthal
Nov
2
Aluminum Goods Mfg..
Aluminum Industries com*
Amer
Nov
Blue Ridge Corp com
Mar
10
com
Low
Shares
5
1134
pref
Aluminum Co
6%
Bliss A Laugblin com
5,000
IX
Class A conv com..,.25
Aluminum
Aug
1034
1234
100
Allied Internat Invest com
Allied Products
High
*
H
62
Invest com
Low
1
33%
S6 preferred
*
Alles & Fisher Inc com—'
Price
834
Blauner's common
Bliss (E W) common
72%
*
Week
1134
Nov
July
Mar
1
Nov
6
Oct
4,500
Southern..50
Ala Power $7
conv
2034
Range Since Jan. 1,1938
for
of Prices
Birdsboro Steel Foundry
& Machine Co com—
Feb
37
Mar
734
2,100
34
7»
Alabama Gt
S3
Jan
634
600
11%
334
23
734
Warrants
Alliance
X
Par
High
Week's Range
Sale
STOCKS
23
Air Investors common..
Conv
Last
Range Since Jan. X, 1938
Acme wire v t c com,— 20
Agfa Ansco Corp com
1
Ainsworth Mfg common.5
Air Associates Inc com_—l
Sales
Friday
Week
16734
11934
Feb
Aug
Jan
Common w Distribut
Mar
13
Oct
Mar
37
Oct
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv..l
3
7,800
100
2,300
45
4734 June
334
he
34
25
Sept
July
he
16,400
~§6~"
234
1334
334
"§0"
Aug
16
Jan
Aug
34
Jan
Oct
Feb
134
3534
Oct
28 34
1
Nov
2834
34
434
16
Mar
34
1
Oct
70
2834
150
17 4
Sept
34
34
1,800
34
Apr
Jan
Volume
New York Curb
147
Last
Week's Range
for
Sale
of Prices
Week
Low
Price
High
Shares
V t
c ext to
16%
16%
16%
700
6%
7%
300
3%
Jan
16%
7%
Nov
6%
7%
70%
Sept
3%
Mar
8%
Oct
71%
1,700
Consol Gas Utilities
preferred
Consol Royalty Oil
%
62
1
03
3%
55
Mar
74
117
Nov
1%
Consol Steel Corp com
Cont G & E 7% prior pf 100
Continental Oil of Mex
1
3%
•n
48%
Apr
100
2%
Mar
"i% "l%
"360
July
1% June
6%
6%
1.300
9%
700
8%
8%
100
preferred
T% "T"
Copper Range Co
Copperweld Steel com..10
Corroon & Reynolds—
1,000
""266
2%
2%
2%
400
..*
1
50
1
1
5%
6%
600
*
8
X
25c
45 %
109%
3%
3%
45% 45%
109% 109%
Jan
General Telephone com.20
$3 conv preferred
*
Jan
2%
4% June
13%
6% preferred A
Gen Water G <fc E
Jan
10%
Nov
Georgia Power $6 pref
July
Jan
5
100
24%
4%
100
34
20
1%
2
300
8%
8%
100
100
8%
8
"l% "IX
Mar
June
Jan
Jan
*"166
200
2%
2%
600
•~<r—
20
Sept
1%
Jan
July
24
""400
"11% *11%
Dominion Steel dr Coal B 25
""800
Corp..........
i%
64
...100
i%
.....
Duro-Test Corp com
Duval Texas Sulphur
5
•«
7%
*
10
4%
"12%
12%
Gilchrist
Mar
10%
Aug
Apr
16%
17%
Nov
Apr
26
Nov
17
Mar
3%
Mar
25
Sept
1%
5% June
Mar
1%
Mar
3%
9%
15%
2%
Electric Corp
1
Elec Bond & Share com..5
3%
$0
Elec Power Assoc
July
Jan
Mar
24%
3%
Feb
Sept
13
Jan
9
Sept
16%
July
Mar
67
Nov
Jan
Mar
24
Opt
June
110
Mar
Sept
2
Feb
%
54
Mar
Jan
%
67
Nov
Nov
Nov
3%
Jan
3%
3%
Elgin Nat Watch Co
3,300
100%
70
Harvard
Mar
Oct
26
4%
300
26,800
58%
700
"29%
Jan
Preferred
w
10%
Apr
17%
1 %
Nov
Jan
(Henry) A Co cl A..*
Hormel (Geo A) A Co bom*
Horn (A C) Co common.
Mar
15%
Oct
Horn & Hardart
Mar
65
Oct
4%
""9"
8%
"166
2%
Mar
5%
300
1%
73%
250
00
'10% "16%
"166
10
July
A pr
100
22%
525
2%
76
July
Sept
6
Jan
13
Jan
Oct
2%
Oct
16% June
24%
*
58%
100
6% conv preferred
4",600
5
300
7%
8%
200
8
100
4%
45
250
Jan
May
55% May
Jan
57% May
32
Jan
58
May
Imperial Chem Indus..£l
Imperial OU (Can) coup..*
Registered
*
May
22
Feb
'"566
Oct
%
%
2,700
0%
%
Mar
Mar
12
%
9%
10%
2,700
7
May
13
Jan
Indiana Pipe Line
19
8ept
31
Jan
Eureka Pipe Line com..50
"1#
Jan
7%
European Electric Corp—
Option warrants
Faircbild Aviation... ..,.1
%
%
3,100
9%
10%
8,600
7%
21%
1
Fanny Farmer Candy coml
7%
300
6%
21%
200
16%
Mar
hi
July
Mar
hi
2
10%
Nov
Mar
10
Mar
22
Apr
Nov
5
1
7
19%
.7%
20
.10
"2%
""% """hi
..1
9%
100
"65"
"66%
dep rets ordreg—_£l
Ford Motor of Can cl A..*
22%
,..•-*
22%
4
22%
23
Mar
0
Aug
Jan
Oct
Jan
29%
Oct
Jan
9
30%
Oct
May
12
Oct
Apr
6%
2%
5%
5%
Mar
5
Nov
Sept
8%
Nov
Mar
8%
Oct
Nov
6
Mar
11%
Sept
100
27
Mar
41%
Mar
67
Nov
5%
11%
Mar
13%
July
Mar
15%
10%
Aug
14%
400
13
100
2%
200
2%
225
35
34
9
May
Mar
8%
Nov
July
Oct
June
Oct
Sept
4
Feb
Jan
2%
21%
22
36
Jan
Oct
105%
66
Oot
Mar
15
Nov
Mar
•
July
Jan
4%
"12"
July
67%
5,500
4%
100
2%
Mar
72%
6%
100
11%
Sept
12
%
Mar
550
4%
Mar
9
July
3
65%
Mar
5%
July
1% June
2%
33%
Jan
Jan
Nov
12
12
1%
7%
8%
i% "1%
800
4%
""800
2
15
June
Mar
%
Oct
500
12
Mar
5%
5%
600
3
Sept
7%
400
5%
Mar
13%
48%
Jan
7%
14%
15%
13%
Nov
8%
Sept
Sept
19%
19
Mar
Mar
15%
July
31%
20
5%
22%
0%
7
"4%
Nov
37%
Jan
6%
Jan
Sept
9%
Aug
16
Mar
19%
May
4%
20
19
"7% "7%
17%
""800
17%
17%
15%
1,900
17%
17%
15%
100
100
6%
6%
600
7
■
5
16"
""l6
"16"
8%
82
Oct
Apr
Oct
Sept
Nov
Oct
Jan
Nov
56
103
Jan
Mar
Oct
1 %
1%
Jan
Feb
%
July
69%
Nov
Apr
Feb
Apr
23
7
66%
68%
22
67%
22
11%
Oct
Pref
Mar
77%
Oct
A stock
50
18%
purch warrants.
%
$3.60 series
20
Mar
75%
Oct
Internat Metal Indus cl A *
Sept
r8%
Sept
Internal Paper A Pow wan-
3%
Sept
5%
Jan
14%
Mar
24
Oct
15
Mar
24%
Oct
200
18%
%
6
"3% "3%
¥,800
27%
28%
4, .500
28
3%
28
28
Mar
4%
Nov
31%
Mar
Sept
31
Mar
3%
300
2%
Mar
12%
%
3,700
5
Mar
4%
14%
"3%
3%
11%
11%
%
he
%
400
1%
%
100
International UtiUty—
1
Feb
Nov
June
Jan
9
Mar
1
Jan
May
10
Nov
24%
*
%
7%
1
Apr
35
Nov
Feb
%
2% Mar
2% June
4%
Jan
July
6
Nov
hi
Warrants series of 1940—
Interstate Home Equip.. 1
Jan
Mar
0
A.......
1
Aug
Sept
1
Vitamin
May
22%
Internat Radio Corp
International
Oct
%
8%
21
*
*
preferred
Oct
100
Registered....
International Products
B
%
200
'
$3.50 prior pref
Nov
2%
1%
1%
8%
Mar
Class
3289
July
Internal Hydro Elec—
Apr
4%
$1.76
For footnotes see page
64
Nov
Clans
!!s
Jan
Apr
Apr
1
1,000
67
International Cigar Mach »
Apr
12
23
Insurance Co of No Am. 10
Jan
2%
Mar
Mar
Mar
hi
Mar
9
16%
14%
Sept
1%
Mar
8
Internat Safety Razor B_*
Amer dep rets... 100 frcs
Oct
July
1%
100
Mar
he
Ford Motor of France—
Oct
7%
3%
13
7%
50
June
101
Mar
Jan
100
Nov
Jan
48%
Sept
900
July
90%
Feb
1,150
14%
International Petroleum.
4
46%
Mar
81
100
200
'"356
Nov
preferred
...
x8X
"65%
116
Nov
Feb
Jan
*
Nov
Sept
38*
19%
%
8 %
Ford Motor Co Ltd—u-
Jan
May
%
Mar
Nov
3
1
4%
68
Aug
Mar
V t c common
400
3,700
Nov
8%
*
48%
9
Aug
39%
*
39%
9%
125
Apr
Non-voting class A
July
(Phila).lO
Oct
Industrial Finance—
6%
"400
Nov
Mar
98%
100
preferred
11%
Fiat Amer dep rights......
72
Apr
117%
25%
4%
%
8%
11%
Mar
%
Mar
23
Mar
38
Class B
•
4
Fansteel
Nov
Jan
Jan
26
Indpls P A L 6 % % pf—100
Indian Ter mum OU—
9%
9%
5%
Indiana Service 6% pi. 100
9%
1%
Mar
18
Imperial Tobacco of Can.5
Imperial Tobacco 01 Great
Britain A Ireland
£1
9%
9%
22%
Mar
""566
Illuminating Shares A.... *
Feb
28
17%
Mar
5%
3%
Mar
13
5%
28
56
13%
%
May
14%
*
Zinc
28
44
*
60
Div a rrear ctfs
Illinois
25
Oct
40
8%
Hydro Electrlo Securities.*
Hydrade Food Prod
6
Hygrade Sylvanla Corp..*
IUlnols Iowa Power Co
*
Nov
Jan
July
4%
"l6
—1
7% pref stamped
Nov
31%
i«i«
24
500
29%
6
5%
July
Mar
2%
1%
Apr
Jan
Apr
3%
18
35
Hus8mann-Ligonler Co
(Huylers oi Del Inc—
6%
35
hi
10
Mar
8
.4%
Hummel-Ross Fibre Corp 5
Mar
Oct
June
Holt
Oct
36
Jan
Feb
Feb
20
(R) A Co class A
10
Hollinger Consol G M...6
Holophane Co common..*
Nov
Mar
July
7
98
2%
13%
..25
w
Jan
Ford Hotels Co Inc
28%
5%
2
Mar
"166
Class B
._*
._...*
Heller Co common
15
15%
43
Am
Rubenstein.
Helena
Jan
%
Jan
17%
900
38
2% June
Oct
Feb
6%
35
%
38
900
7%
41
he May
»ie
com.l
Hazeltlne Corp
*
Hearn Dept Store com.__6
6% conv preferred...50
Hecla Mining Co......25c
Hoe
Mar
June
62
Mar
Brewing Co
Hat Corp of Am cl B
2
Florida P & L $7 pref
500
Heyden Chemical
.10
Hires (Chas E) Co cl A..
44
preferred
"ik "in
Jan
1%
26
31% June
82% Nov
50
1%
Jan
Apr
Jan
Sept
Sept
9%
Hartman Tobacco Co
100
1
200
Nov
43
Flsk Rubber Corp
"266
10%
10%
13
44
Fire Association
'"2% "2%
10
Mar
Apr
4% May
5
10
%
Mar
72
100
Hewitt Rubber common..5
100
100
Fidelio Brewery.
18,400
*16
2%
Ferro Enamel Corp..
19%
18%
40%
'2%
Metallurgical..
Fedders Mfg Co
800
Jan
preferred
...100
8% preferred
...100
Empire Power part stock.*
Emsco Derrick &<Equlp__5
Equity Corp common..10c
Esquire-Coronet
1
Falstaff Brewing
2%
50
250
a16
Oct
7%
7%
May
Empire Dist El 0% pf 100
Empire Gas & Fuel Co—
0% preferred6%% preferred
7%
800
52
11%
22
700
39%
Oct
15
4,500
31
10%
1%
11%
72
124% 124%
38%
39%
10
he
Corp
Common
c
300
Sept
1,100
2
1,600
40%
OU
7
1
t
200
16
8
10
1%
"4% "4%
""160
21
%
200
"166
May
June
"2^66
Gulf States Util $5.50
70
Electrol Inc
'l«
Sept
Sept
16%
73%
11%
100
1
Gulf
Mar
"Io%
20,900
25
pref *
$6 preferred
*
Gypsum Lime A Alabast.*
Hall Lamp Co......—.
Haloid Co......
5
Hartford Elec Light
26
Hartford Rayon v t c
1
Guardian Investors
Mar
1
v
'"7%
""19"
2
Electrographic Corp
5%
200
'
Jan
*
42
96 conv pref w w_.
*
Elec Shovel Coal 94 prel—*
Oct
1%
21%
16%
1%
1%
Nov
7
2
124%
300
2
95
175
66%
72
2,000
1
July
31
•
800
*
Common
96
"iix
stock
com
Grumman Aircraft Engr.l
Oct
2%
Non-vot
65%
2%
Option warrants
Electric Shareholding—
Sept
8
1
com
A
Elec P & L 2d pref A
48
%
64%
2%
65
Mar
21
agreement extend.*
Grand Rapids Varnish
Jan
14%
58
58
preferred-
;
40
"20% "26%
preferred
—100
HubbeU (Harvey) Inc....5
Humble OH A Ref
*
..*
*
preferred
100
1%
2
1
$5
Nov
38
%
13
1%
10%
16
Inc class A
Grocery Sts Prod com..25c
Sept
Nov
July
Mar
88
Nov
16%
21%
53
Aug
11%
July
35%
9
July
Mar
26
7% 1st preferred....100
Mar
Oct
c
80
%
5%
Greenfield Tap A Die
May
13
2
Elsler
Class
*
Gt Northern Paper.....25
May
1%
V t
Oct
Aug
he
Feb
65
5
July
11
6%
3%
Julj
%
58
8%
.....
Feb
58
3%
3%
1% May
14
$0 preferred series B_.
Easy Washing Mach B
*
Economy Grocery Stores.*
Apr
Great Atl & Pac Tea—
Mar
S7 preferred series A..
Nov
300
%
$7 preferred
Jan
7
"T% "i%
Edison Bros Stores
Co
Jan
1,100
6%
Eastern States Corp
Sept
4%
Jan
7%
40
3,000
Eastern Malleable Iron..25
15%
46
57
(Grand Natlon'l Films Incl
*
Gray Teleph Pay Station.*
13
13
Jan
Oct
19%
Mar
30
Godchaux Sugars class A.*
Class B_
*
Oct
Feb
12
Mar
Nov
9
Apr
S3 preferred
Gorham Mig Co—
9%
13
preferred. 100
preferred
100
16%
58
Nov
Apr
4 % % prior
Oct
41%
%
Apr
109%
May
2
23%
July
Mar
Jan
6
1%
22%
Nov
2%
1%
4%
Gorham
100
1%
22%
89%
Mar
75
*
Class A
*
Aug
*
Glen Alden Coal
East Gas & Fuel Assoc—
Common j
Jan
12
1,100
Goldfleld Consol Mines.. 1
May
100
2,000
87
Mar
Apr
26%
Nov
5%
6%
7%
43
Nov
72
July
5%
400
375
65
4%
5
Durham Hosiery cl B com *
26%
Mar
16
%
31:
31
5%
102
5%
103
1%
20
75%
1
47%
11%
10
preferred
Mar
48
Mar
8%
"1% ""3%
Oct
28
30
..*
Preferred
Aug
47
3%
Dobeckmun Co common. 1
100
Dublller Condenser Corp.l
Sept
Sept
Nov
15
%
May
2%
25
2%
£1
Eagle Picher Lead
11%
1%
July
14
2%
2%
Diamond Shoe Corp com.*
Distilled Liquors Corp...5
Duke Power Co
Sept
1
10%
1%
800
%
100
com
$3 preferred
Jan
"366
400
$6 preferred
Gilbert (A C) common..
hi
5
7%
300
14
75%
*
27%
Jan
32
Detroit Paper Prod
Detroit Steel Products...*
Divco-Twln Truck oom..l
19%
he May
Jan
12
Nov
40
18%
13%
*
Feb
37% June
Driver Harris Co
$6 preferred
Warrants
1%
Oct
Mar
preferred
6% pref w w
20
Detroit Gray Iron Fdy.—l
Det Mich Stove Co com__l
Nov
9%
*18
General Tire & Rubber—
% June
»i«
100
100
%
Gen Rayon Co A stock
3%
75
2%
24%
4%
Derby Oil & Ref Corp com*
1
12%
Mar
Jan
40%
13%
Nov
Mar
May
3
200
30
1%
•
Gen Gas & El 6% pref B .. *
General Investment com.l
July
1%
100
100
89%
18%
Amer dep rets ord reg-£l
Gen Fire proofing com
*
Gen Outdoor Adv 6% pi 100
Gen Pub Serv $6 pref
*
10
1
Distillers Co Ltd
Oct
100
1,200
200
1%
Aug
1,600
1%
43
88
30
%
3%
2%
10
25
*
Nov
%
3%
1%
16
100
July
Mar
7%
Dennlson Mfg 7% pref 100
Detroit Gasket «k Mfg
7%
86
8
3%
"~15% ~16~~
35
Stores
Mar
Mar
7%
10%
7
Davenport Hosiery Mills
Dayton Rubber Mtg com.*
Class A
6%
14%
5%
6%
18
21
14
c.*
*
10% June
5% July
Jan
Apr
78
4% May
17%
10
1%
100
40
Mar
1,200
10
com v t
6%% preferred
100
Darby Petroleum com...5
7%
Mar
%
preferred
Draper
Sept
3,000
22%
100
12
16
Mar
4%
com
Cuneo Press Inc
A conv
Nov
11%
9
22%
..25
Cuban Tobacco
Dejay
11
Mar
2%
Crown Cork Internet A..*
Crystal OU Ref
Oct
54%
7%
22 %
17%
12
Gatlneau Power Co com.*
Mar
6%
Croft Brewing Co
1
Crowley, Mllner & Co...*
Crown Cent Petrol (Md).6
Preferred
Jan
% May
£1
Crown Drug Co com
4% conv preferred
Gamewell Co $6 conv
Apr
6%
Cramp (Wm) & Sons com.1
...6
High
Low
7%
2%
Gen Electric Co Ltd—
4% May
900
5%
1
Crocker Wheeler Elec
Oct
87%
1%
17%
1
*
100
pf..*
preferred
conv
100
com
6% preferred
General Alloys Co
53%
1
5% conv preferred
Courtaulds Ltd
Co
Oct
Apr
14
com
$3
4%
12
1
18% June
8%
8%
com
$3 prior preference
$6 preferred A
July
5
Fuller (Geo A)
Oct
65%
4%
17%
15
partic pref
Fruehauf Trailer Co
Jan
Mar
51
Common
1% May
•it May
9
Con\
4%
1
...1
%
2%
67%
6%
Cont Roll & Steel Fdy—
Cook Paint & Varnish...
6%
Apr
700
70
100
10
*
Week
b
Common
July
Aug
350
%
Consol Mln & Smelt Ltd_5
8%
Mar
11
U3
71
.1
Consol Retail Stores
Price
Froedtert Grain & Malt—
6,700
100
Creole Petroleum
Shares
Par
(Peter) Brew Co
Franklin Ryaon Corp
1
Cosden Petroleum
for
of Prices
Low
High
"~7 %
1
1946
6% pref class A
$4
Week's Range
Sale
Fox
Consol Copper Mines
6
Consol G E L P Bait com *
Cooper Bessemer
Last
High
Low
Com po Shoe Ma eft—
Consol Biscuit Co
Range Since Jan. 1,1938
STOCKS
(Continued)
1,1938
Range Since Jan.
STOCKS
{.Continued)
Par
Sales
Friday
Sales
Friday
3285
Exchange—Continued—Page 2
4%
4%
5%
4%
5%
1,900
300
New York Curb
3286
Sales
Friday
STOCKS
Last
Week's Range
Sale
of Prices
Low
High
Week
Par
Price
Low
Interstate Power $7 pre!—*
1
c—*
—1
Investors Royalty
Iron Fireman MLg v t
Irving Air Chute
Italian
54
56
1
L) Co
54
-
434
Jeannette Glass Co——*
16
150
1734
54
434
154
18
1,100
54
454
154
Mar
754
34
1154
754
July
Jan
600
100
1934
Oct
1854
Nov
54
Jan
Jan
Jan
National Fuel Gas...
734
334
Kansas G & E 7%
Kennedy's Inc
38
~n~
Nov
National Oil Products
Nov
68
Apr
Apr
Apr
81
"""16
92
Nov
National P A L $0 pref— *
National Relintng Co—25
1,100
21
Mar
4334
Jan
Aug
32 34
Aug
May
11334
Oct
Mar
734
Mar
Jan
5234
25
3754" 39
pref-100
6
534
634
400
4
'10454
10454
"So
104
Ken-Bad Tube A Lamp A J
234
234
Kirby Petroleum
3
3
"48
"so
22
Jan
5
Feb
Navarro Oil Co.
134
Jan
Co com—*
Rubber ColO
1
13
Oct
1534
Jan
554
Mar
834
Oct
*654
Mar
1434
July
Kobacker Stores Inc.—
1054
Jan
1234
Feb
Koppers Co 6% pref—100
6934
Sept
10234
Jan
Knott
Corp common
12
12
200
Krc8ge Dept Stores
100
pref. 10
Kreuger Brewing Co.—-.1
4% conv 1st pref
3734 June
Kress (8 H) special
1234
434
1234
1134 June
400
Lakey Foundry A Mach.l
7% pref--100
Lane Bryant
64
"49 54 "4954
Oil
Le Tourneau (R
334
64
354
3 34
64
.—6
354
234
6
7% preferred—6% pref class B
Packing
19
300
1
1554
14
28
32
Nov
Oct
N Y A Honduras Rosario 10
Jan
N Y Merchandise
Mar
3
July
Mar
24
Nov
Aug
10954
10
81
Apr
103
Oct
1234
600
5
Mar
13
Nov
Jan
434
Jan
"is"
"~30
1034
Mar
2134
Oct
856
6,000
534
Mar
1054
8934
July
8134
Nov
101
101
*16
36
*i6
400
42
Jan
2334
Nov
3434
Jan
5%
134
6,700
Sept
256
Jan
634
'"hi """466
234
*n
1,200
400
.54
600
pref...
Jan
4
Oct
Class B common
5
July
Class A preferred
100
July
Niles-Bement-Pond
*
July
Nineteen HundredCorp B 1
34 Sept
154
Apr
2934 June
15
May
554
154
56
Nov
700
354
Mar
734
Oct
8934
Y,700
2434
Apr
60
6
1054
754
Mar
934
Feb
Nlplsslng Mines
6
156
156
200
134
Sept
236
Feb
Noma Electric
1
6J4
534
556
500
3
Mar
634
Oct
20
Nov
1
134
134
156
1,300
Mar
256
*
A..*
*
6% prior preferred....50
No Am Utility Securities. *
5734
5734
100
5834
Nor Amer Lt & Power—
736
Jan
*5354 *54
100
Sept
836
Mar
256
24
31
Mar
North Amer Rayon cl
1234
Mar
July
July
Class B common
1154
Mar
2734
42
Apr
Mar
47
$0
preferred
Mar
10
July
Mar
1836
Nov
Nor Central Texas Oil...5
336
336
100
hi
ht
100
July
Nor European Oil com__-l
Nor Ind Pub 8er 6% pf-100
Feb
47
55
Oct
9956
Aug
134
1634
124
124
""454
1934
634
1734
334
1834
534
1,800
Mar
33%
2034
Jan
Nor Sts Pow
Mar
Oct
Northwest
50
454
1934
554
90
700
100
Mar
3
1,100
Sept
34
3
'1*700
cl A.. 100
Engineering-_*
Novadel-Agene Corp.—.*
456
2036
Mar
Ohio Brass Co cl B
Mar
Nov
Mar
1334
556
Oct
Ohio Edison $6 pref
Ohio Oil 0% pref
2
July
Nov
56
July
Oklahoma Nat Gas com.15
5
Aug
July
""34
225
69
54
34
3034
34
34
Mar
Jan
134
Feb
25
58
Apr
3454
Nov
6% conv prior pref-. 100
Oldetyme Distillers.
1
May
Jan
56
Jan
Pacific Can Co
656
1054
54
Jan
Pacific G A E 0% 1st pf-25
Nov
534% 1st preferred—25
Jan
334
9
9
34
34
3,000
5,100
69
Mar
May
Sept
85
*i» June
134
Sept
5
200
•»
May
600
•x»
-
454
436
ht
454
56
656
lu
Mar
334 May
6
5
3,700
154
Apr
700
54
434
Mar
Sept
856
Nov
1
1,900
1,000
Feb
$3
15
400
134
854
300
Feb
16
Nov
May
34 June
105
Nov
2
6954
•
100
654
100
834
154
160
2454
*
2
3934
Oct
June
734 June
200
104
134
Oct
July
3934
256
954
Nov
1334
July
40
Oct
June
69
Mar
Mar
Mar
Feb
78
Aug
103
May
234 Mar
256
11434
Nov
Oct
Sept
454 June
14
1,400
"ik '"154
554
1454
534
'"£66
654
700
*
Jan
654
334 Mar
1234 Mar
134 Sept
134 June
434
158
158
160
2934
2934
400
3054
2934
com
122
300
Mar
Sept
25
2034 May
*
2834 May
100
145
34
JMoore (Tom) Distillery
34
»x»
5c
634
656
7
5
5
534
*
""954 ""954
1234
Nov
634
July
20
Aug
3754
10234 10234
900
156
Sept
100
4
June
354
200
254
June
Mar
"3134
r2~,700
436
2734
31
Mar
2834
450
Apr
3034
Mar
10854
"31"
108
734
108
50
2536
9834
68
2834
68
30
46
28
.734 '
734
1534
87
100
16
150
300
1836
10
1534
1456
1436
PatchogUe-PlymouthMills *
Pender (D) Grocery A...*
17
17
*
734
31
14
Penn Mex Fuel Co...-
300
400
1956
756
434
*1634
Sept
May
Mar
234
21
19
23
3734
Mar
.
856
Jan
31
Apr
112
24
Mar
29
45
July
60
10734
*
254
800
1
Apr
834
1
136
136
834
2
9
2,400
134
Sept
234
156
6,500
Aug
134
2.50
Pennroad Corp v t c
1
Penn Cent Airlines com__l
90
Feb
13
—*
*
.
8
2034
Apr
12
....
preferred
Mar
Sept
334 Sept
334 June
10
8
74
1156
11,800
31
3156
June
18
Peninsular Telephone com *
Preferred.
100
Penn Edison Co—
956
434
12
Apr
354
200
29,400
$5
40
10554
254
154
534
6
$2.80 preferred—
1434
Jan
May
356
4
Penn Gas A Elec class A.
9934
1036
156
534
4
B
10634
Mar
89
25
534
Class
115
Apr
Mar
2134
250
1656
Parker Pen Co
3454
11234
Apr
654
900
554
Mar
254
Sept
Penn Salt Mfg Co
734
16354
Nov
Pennsylvania Sugar
Nov
Pa Water A Power Co
3136
3134
3836
Oct
854
*
9854
434 May
155
125
*
74
75
"300
100
74
74
25
50
Penect Circle Co
*
Pharls Tire A Rubber
1
1,500
34 June
2
Jan
5
Oct
956
Jan
Phillips Packing Co
556
12454
Oct
5454
24
Apr
Mar
19
75
80
28
736
736
300
354
Apr
534
534
600
436
Sept
Feb
11734
50
29 34
Mar
3134
454
854
Phoenix Securities—
Nov
100
Aug
Mar
11254
Phlla Elec Co $5 pref
Phlia Elec Pow 8%
6,300
Feb
354
354 May
90
59
.
*
Oct
10034
Mar
19
20
Oct
934
Mar
12134 May
200
153
com
Pepperell Mfg Co
9934
7934
74
Pa Pr A Lt $7 pref
$6 preferred
800
434
Mar
Mar
Philadelphia Co common.*
*
Common
6
Mar
12
July
6
June
1236
Nov
Pierce Governor common.*
Pines Wlnterfront Co
*
10
Sept
1054
Aug
7
June
956
Oct
3056
.
3034
236
3
400
234
Sept
556
700
156
Mar
1034
Mar
31
"1754 '1834
"466
*1056
Mar
2134
Aug
56
Sept
134
Jan
"254 "254"
2,500
236
Sept
334
Jan
10
1834
1
Pioneer Gold Mines Ltd-.l
8
5
236
1
100
Conv $3 pref series A.
534
25
'""160
*
For footnotes see page 3289.
10234
1256
38
30
10034
9334 June
854
1134
1836
July
334
234
10934
10
*
Nov
100
1234
*
Pan-Amer Airways
165
Mountain Sts Tel A Tel 100
Mlskegon Piston Ring.234
115""
Pantepec Oil of Venezuela 1
Paramount Motors Corp.l
Jan
Mtge Bank of Col Am shs
10
Apr
26
1656
...
_*
n-v
Mar
2034 June
87
May
100
May
100
$1.301st preferred
*
Page-Hcrshey Tubes com.*
Penn Traffic Co.
14
18
175
85
preferred.........50
common.
1434
*18 34
—
1256
0
Mar
Mar
500
105
Mar
636
2554
105
8456
9134
834
100
115"
Apr
800
2834
28
Parkersburg Rig A Reel__l
15
99
"854
Apr
134
10
354
"l0334
2834
Pacific Ltg $0 pref
*
Paclflo PAL7% pref.. 100
300
254
18
*i#
Apr
1,300
1054
1534
Omar, Inc..
1
Overseas Securities......*
2,800
7434
34
34
54
1034
18
99
Nov
456
4
1034
2534
34
134
Mar
ht June
60
*
200
29
47
-100
Ohio Power 6% pref—.100
Ohio PS 7% 1st pref
100
0% 1st preferred
100
Ollstocks Ltd common—5
28
56
336
300
136
*
com
56
Mar
Mar
21
""354 ""354 ""354
Oct
130
com
1
100
10
preferred
Northern Pipe Line
734
93
1734
36
Mar
June
1134
200
Oct
Jan
Nov
Jan
434
16 34
Jan
Nov
Feb
336
3
300
*i«
"5834
554
"57"
Oct
234
7934
554
*5756"
Oct
45
134
6
8
Class B opt warrants
Niagara Share—
Jan
39
Mar
56
16
434
4
"l8~
Class A opt warrants
Oct
954
90
Mar
July
Mar
1
136
56
Mar
July
34
1st
1034
5
5% 2d preferred
24
1
1
Founders shares
Nov
88
h$
Moody Investors part pf.*
Apr
Mar
800
10
com
9134
May
ht Sept
36
Apr
Montreal Lt Ht A Pow..*
N achman-Sprtngfilled
Jan
10
10734 10734
70
876
154
8
1
Murray Ohio Mfg. Co
Jan
10
60
*
com
30
Apr
25
Monogram Pictures com.l
Muskogee Co
pref.-100
$0 preferred
-.*
N Y Shipbuilding Corp—
July
Mar
634
175
Nov
Mock, Jud, Voehrlnger—
Cop
N Y Pr A Lt 7%
20
100
8134
2534
Missouri Pub Serv com..
Mountain Producers
2
2,500
9
8
9
86
10
Conv preferred A
2634
8134
Mining Corp. of Canada.
Minnesota Mining A Mfg. *
Minnesota P A L 7% pf 100
Miss River Power pref. 100
Mountain City
10
8534
50c
*
2036
"8134
25
.*
Midland Steel Products—
A
Mar
100
100
634
Montana Dakota Util
Mar
154
754
685
30
Midland Oil Corp—
$2 conv pref
A
134
536
500
154
734
Middle West Corp com..6
Warrants
Corp Ltd
*
11
—
Feb
Pacific Public Serv
1
25
"2334
56
.
8856
Mar
836
*
Molybdenum Corp
Mar
18
N Y Water Serv 0% pf.100
Niagara Hudson Power—
Common
10
*
Monarch Machine Tool.
256
42
New York Transit Co
v t c.*
52.60
Mar
Oct
\ tc
Common
134
Jan
Class B
Midwest Oil Co
600
154
10
Midwest Piping & Sup
154
154
1056
Class A
Moore
N Y Auction Co com
14
Middle States Petrol—
*
7234
Mar
*
div shs
Mar
1234
Mar
Sept
*
Mid vale Co
17
4534
34
*
Mid-West Abrasive
Sept
850
654
Michigan Bumper Corp.. 1
Michigan Gas & Oil
1
Michigan Steel Tube—2.50
Preferred
*10
6654
6054
..*
26
Metropolitan Edison—
Michigan Sugar Co
3,400
1434
60
1,200
preferred—15
r.
1656
434
1534
2,200
25c
$0 preferred
108
134
634% A preferred.—100
1
02
Mar
934
Participating preierred.*
Mesabl Iron Co
Mar
85
134
2734
2334
*
Metal Textile Corp
36
20
954
134
100
Ward
25
7%
Merritt Chapman & Scott *
Warrants
100
Mar
McCord Rad & Mfg B...*
Montgomery
New Jersey Zinc
N Y City Omnibus
Warrants
Apr
5034
10234
50 34
101
*
New Haven Clock Co
New Idea Inc common...*
Jan
134
61
10
preferred
100
England Tel A Tel 100
1654
2634
754
534
June
2634
'""50
Mar
1134 June
834
Nov
45
2034
"1934 "1934
254
•i»
Aug
1836
Mar
Sept
Sept
13
200
79
100
56
1834
1,200
1,200
6034
5
Common
Merchants & Mfg cl A—1
56
6%
New
Mar
July
334 June
434 June
100
McColl-Frontenac Oil—
Soc
preferred
New Engl Pow Assoc
114
May
100
*
7%
134
2934
900
May
Sept
30
2
105
100
com.
154
17
Feb
79
Neptune Meter class A...*
Nestle Le Mur Co cl A...*
Nevada Calif Elec
'11
554
*
Loan
500
3
1236 May
42.900
1
Monroe
50
44
25
Massey Harris common..*
non-cum
112
4334
80
Mass Util Assoc v t c.-.-l
$2
112
700
200
200
3034
2954
*
Mexico-Ohio Oil
1
79
*
Partlclpat
1534
1
25
100
6
*
Mar
136
4
*
Nebraska Pow 7% pref. 100
Nehl Corp common
*
1st preferred
*
Nelson (Herman) Corp—6
New Process Co
19
com
56
1
*
Newmont Mining Corp. 10
19
Mercantile Stores com
534
934
Jan
Jan
254
60
Memphis Nat Gas
Jan
Sept
134
July
30
Mead Johnson & Co
434
656
Corp—1
—
*ia
7054
1834
2,000
»ii
2
*
234
634
6,800
30
Dredging
2
*
New Mex A Ariz Land_..l
Communlca'ns ord reg £1
6% preferred
1056 May
15
Jan
Marconi Intl Marine
MeWllllams
100
734
2
300
8
Nov
*
*
May Hosiery Mills lnc—
$4 preferred
1334
756
NOV
—1
Master Electric Co
1354
1334
July
July
1534
20
6ie
Margay Oil Corp
Mar
1634
3034
Manati Sugar opt warr—
Marlon Steam Shovel
32
Mar
134
preferred
Co
450
734
Lynch Corp common..-.6
Majestic Radio & Tel
1
$6 conv
6934
134
1534
Lucky Tiger Comb G M.10
Ludlow Valve Mlg. Co.—*
Mangel Stores
65
354
8654
Louisiana P & L $0 prel..*
Ma pes Consol Mfg
Aug
50
100
100
*
Louisiana Land & Explor.l
Loudon
1
154
0334
Feb
Long Island Lighting—
*
200
900
4,900
14
Lone Star Gas Corp——*
Common
134
454
Mar
Jan
Loblaw Groceterias cl A..*
1
>11
Aug
19
*
Lockheed Aircraft
1,600
11
10
"l934
Locke Steel Chain—
36
6834
54
1934
26
Lit Brothers common
36
136
49
Llpton (Thos J) class A—1
preferred
36
Sept
29
"1634
*
6%
75
Sept
Mar
July
Jan
50
4
hi
G) Inc.. 1
Lion Oil Refining
38
Sept
May
454
54
1154
Develop—26
Line Material Co
Mar
Mar
254
4434
Conv
Leonard
Feb
15
38 34
200
38
4954
334
Lefcourt Realty common. 1
preferred..-—--*
Lehigh Coal A Nav
*
1234
Sept
100
650
334
34
'a'ooo
400
6
Lackawanna RR (N J) .100
Lake Shores Mines Ltd-.l
45
Nat Union Radio
4
7236
70
Nebel (Oscar) Co com
Sept
Sept
Nat Tunnel A Mines
9
1454
Mar
2
334
34
70
Transit.... 12.50
334
154
100
37
Mar
National
254
1,900
356
Apr
Sept
Sept
234
National Sugar Refining.*
National Tea 534 % pref. 10
800
1434
356
1134
900
Nov
300
Klein (D Emil)
1434
734
Apr
556
Aug
Oct
634
1134
25
Conv part preferred..
National Steel Car Ltd.—*
6454
900
1
Sept
1
common
Mar
756
14
1034
May
536
07
1154
7
654
"Sli
106
54
254
334
Nat Service
34
100
100
High
Mar
*
—
Mar
June
Klrkl'd Lake G M Co Ltd 1
Nat Rubber Macb
3,800
754
9
7
7
4
Sept
554
2834
"11'
Apr
7434
"i«
734
9
com—*
106
7254
61
*91"
Kimberly-Clark 6% pf-100
Kings Co Ltd 7% pf B 100
6% preferred D
100
Kingston Products.--—1
Klelncrt (I B)
*
Low
334
200
56
National Candy Co
*
National City Lines com
S3 conv pref
60
National Container (Del).l
Range Since Jan. 1, 1938
Shares
834
834
1
Nat Bellas Hess com
Mar
24
7254
preferred-——100
Price
Nat Auto Fibre com——.1
Mar
34
Oct
2
May
134 Sept
1,100
1938
Week
Nat Mfg A Stores
634% preferred-.---100
7% preferred
—100
Jones & Laughiin Steel-100
Julian & Kokenge com—*
for
of Prices
Low
High
Par
Jersey Central Pow &■ Lt—
6%
Week's Range
Sale
High
ht May
200
16
A—
Superpower
Jacobs (F
234
1734
Last
Range Since Jan. 1, 1938
Shares
26,
Sales
Friday
sfoCKS
(.Continued)
for
(Continued)
Nov.
Exchange—Continued—Page 3
054
Oct
Oct
Volume
Week's Range
for
Sale
of Prices
Week
Par
Price
Low
*
60
7
7K
500
5%
37%
Jan
7K
July
Mar
42 K
Nov
NOV
4%
Mar
"55 K *55K
16
34%
Mar
11%
62 K
8K
200
4%
Mar
10
1
Pittsburgh Forglngs
Pittsburgh A Lake Erie.60
Pittsburgh Metallurgical 10
8K
Pittsburgh Plate Glass--25
108
600
10 %
2*01
6
1,000
2
K
300
108 K
1
10 %
2
K
Alexander.—-5
4K
4K
Mar
55
2%
108
Co_l
Plough Inc
*
Polaris Mining Co
.-25c
Potrero Sugar common—5
Pleasant Valley Wine
I
4K
% June
1
June
*
1
Prentlce-Hali Inc com
*
Pressed Metals of Arner._*
22
20
2K
300
200
4%
"93""
Mar
IK
5K
Jan
Aug
16K
Aug
Feb
97
July
17
June
24
July
Mar
IK
v.
June
9K
Mar
2K
Aug
40
Aug
22 K
Nov
17
5K
28 K
Mar
19
May
22 K
Jan
Feb
K
June
K
Jan
Aug
800
4%
OK
7K
93
4K
6K
7K
100
63
100
200
6
6K
2,200
31
31 %
200
%
100
*3K "I"
*200
3
Mar
5
200
1
Nov
IK
Oct
K
18K
23 K
Aug
Am
dep rets ord reg.—£1
Am dep rets ord bearer £1
Spencer Shoe Co
*
%
conv
Apr
*11
6K
Jan
7K
8K
Jan
Standard
Nov
83
Aug
98
Jan
Mar
103
July
Oil
6K
Common clasB B—
Preferred
11 %
Jan
28K
Nov
Standard Steel Spring—5
Standard Tube cl B—1
"22"
Apr
91
Oct
May
97K
Nov
Starrett (The) Corp v t c.l
Steel Co of Can Ltd
"3%
10
75 K
87
July
K
Apr
1
10 %
Sept
7
Jan
115
115
30
90
Mar
116
Oct
preferred
—100
Quebec Power Co——
Ry A Light Secur cornRailway A Utll Invest A.-l
Raymond Concrete Pile—
148
148
20
136
May
152
Oct
Stlnnes
17 K
14
17 K
375
Mar
July
23 K
July
7K
UK
J®n
Nov
May
May
7
4K
Manufacturing—10
47K
Mar
23%
10%
4%
Puget Sound Pulp A Tim_*
Pyle-Natlonal Co com—5
7K
Mar
14
K
25
Feb
Sept
17K
K
(Hugo) Corp
Stroock (S) Co
Oct
Mar
13K
550
21
*
Raytheon Mfg com—-_60c
13 conv preferred
Feb
10 K
Feb
23K
Oct
Feb
40
Oct
Mar
1«
Co.——*
Reed Roller Bit Co——*
Reeves (Daniel) common.*
5
5
Red Bank OH
600
1
1
"5K
Cn!
fx1
5K
Jan
3H
19
1
j-H<N to too
Mar
2K
May
•u June
5
July
8
May
Oct
36 K
Nov
5K
*i»
Reliance Elec A
—-1
Reynolds Investing——1
2%
Goods——-*
-1
Gas CoVoting trust ctfs
1
Rochester GAE6%ptD 100
Roeser A Pendleton Inc..*
5
Reybarn Co Inc
2K
K
2K
700
K
K
•i«
Jan
8K
Oil——50c
Eng'g—5
May
14 K
Nov
2K
Mar
4K
Oct
IK
Jan
% June
1,700
Radiator
July
5
5
100
4
Mar
6
3
Rice Btix Dry
3
100
1
Mar
3K
Oct
Rio Grande Valley
Rome
deprctsordreg-—£1
Cable Corp com-—5
11K
$1.20 conv
14
12K
IK
14
IK
—5
1
Roosevelt Field Inc
Co
Root Petroleum
25
pref.—20
International——*
Royalite Oil Co Ltd-,.
*
Royal Typewriter
*
Russeks Fifth Ave—--2%
1K
100
1,200
300
8teel._--l
Rustless Iron A
*
Ryan Consol Petrol
'*
Ryerson A Haynes com—1
Safety Car Heat A Lt—.-*
St Lawrence Corp Ltd—*
$2 conv pref A
50
St Regis Paper com———5
7% preferred—
100
~6i*
3K
Jan
Mar
9K
*i«
Jan
Feb
Tioo
"9% "\o%
'l"666
5
40 K
3
500
35
200
8K
July
11%
Nov
Nov
Mar
4
Jan
Mar
2K
IK
Jan
Mar
Sept
Apr
2H
Mar
Mar
71
18 K
Nov
Mar
3K
Aug
1
400
1
Sept
2K
Jan
Mar
15K June
July
Warrants
Securities Corp
1%
11K
1%
1%
IK
12K
1%
2
1,600
Oct
300
4%
*
Aug
Nov
K
4%
12K
H
Mar
June
Mar
%
1,700
May
2K
2K
35
Nov
Oct
Mar
IK
Jan
1,300
5
12K
2
Mar
5
Nov
100
11
June
17
Jan
1
_.l
5
10%
IK
10 K
71 %
$6.50 prior stock
25
Allotment certificates—
200
K
1,600
10 K
73%
245
Mar
June
74
K
100
Pict
Lux
Trans
Feb
June
Jan
13
Nov
K
100
Aug
5%
8%
Shawlnlgan Wat A Pow._*
Sherwin-Williams com—25
'l02%
4K
8%
20%
6K
8H
20%
i
4
Mar
7K
Oct
July
67,200
IK
Jan
5K
Mar
6K
UK
Nov
1,200
*22 K
July
Oct
105
17
Sept
900
66
Apr
117K
Oct
50
107
Jan
114K
Aug
12
102
112K H2K
5% cum pref sear AAA 100
Sherwin-Williams of Can
Sept
14
Oct
100
K
Jan
•i«
May
6K
Jan
14K
Oct
Nov
16 K
Mar
25
Line stamped
Sllex Co common
.
12
*
12 K
200
Slmmons-Boardman Pub
16
$3 conv pref
*
Simmons II'ware A Paint.*
2K
3%
1
—100
Singer Mfg Co Ltd—
Arner dep rets ord reg_£l
Sioux City G A E 7% Pf 100
Skinner Organ
*
Smith (H) Paper Mills..
Simplicity Pattern com
215
Singer Mfg Co
2K
1,300
4%
1,700
220
*
110
IK
2K
212
Mar
29 %
Apr
39
Aug
400
39
Oct
44
Nov
Nov
44
Nov
15 K
8
Oct
Sept
Apr
May
Spnotone Corp
Mar
2K
5K
254
Aug
Jan
July
Nov
6K
£1
Jan
Oct
19%
500
2K
Mar
6K
July
26 K
Feb
34 %
Nov
500
K
Mar
Mar
4,600
K
14K
Jan
Jan
July
Mar
K
IK
26 K
76 %
%
21
116
14K
3K
20u
6K
Mar
700
7%
Mar
Tung-Sol Lamp Works... 1
80c div. preferred
*
9K
"2%
Un
United Corp
Oct
Nov
16K
Jan
98 %
Mar
108%
Nov
hi
Jan
K
Aug
Common class B_.
$6 1st preferred
Milk Products
600
%
Sept
IK
Jan
2K
5K
K
700
IK
Oct
3K
Jan
2,100
4K
200
7*
'i'500
"*9*K "16
2K
7K
5K
5K
1,000
3K
8
5K
2
Mar
*
"~3K
3K
12K
IK
8K
Mar
7K
7%
Oct
Mar
Mar
IK
Mar
13K
3K
13K
400
800
.
3K
10
»i«
IK
6K
300
Mar
7
3
South Coast Corp com.—1
2,900
5K
2K
3
1,900
2K
Sept
3K
Jan
Aug
Jan
"2%
Mar
71S
300
1
3
38 %
NOV
Mar
IK
K
Nov
2K
Mar
5K
Jan
09
Mar
Mar
Apr
Oct
Apr
4K
Jan
Mar
34K
Jan
24
Aug
65
Apr
70
May
223 K 223]
10
212
July
230
!
500
K
Sept
1
Jan
July
9
Nov
1,400
8K
2K
800
K
May
400
50 %
Mar
34K
5% original preferred.25
6% preferred B
25
28 K
28 K
26%
2%
100
3289.
28 K
26K
2%
44
5K% prefseries C—-.25
Southern Colo Pow cl A. 25
For footnotes see page
4K
44
200
1,300
100
10
25K
23 K
IK
30
Apr
Mar
40%
28 K
82
26K
10K
IK
82 K
Jan
Jan
39
300
4
Sept
2K July
3K June
% Mat
6K
Jan
Jan
10 K
Oct
Feb
3
85K
44 K
6K
Nov
8K
IK
July
Jan
70%
Nov
Nov
Jan
1*
*
67 %
K
67 %
1%
K
1,800
1,300
67 K
350
42
Mar
IK
500
1
Mar
31
K
31
150
22
F-b
100
2
Mar
6K
Aug
200
IK
Mar
3K
Aug
hi
Sept
7
4K
2K
K
4K
2K
K
100
4
4%
4K
200
•n
*
«
2%
1
100
2K
3
1,600
17
100
17
10
"4%
Jan
Oct
Feb
K
6K
Aug
K
Feb
hi
Mar
K
IK
Sept
3
100
1
United Verde Exten—.60c
IK
32
7
Mar
Jan
Jan
IK
Aug
3K
Oct
Aug
Oct
19
5K
4K
5K
1,500
IK June
May
8K June
8K
8K
""166
3
Mar
8K
Nov
Nov
7
8
9
5
51K
May
19K
"*700
....
1
Mar
IK
Jan
75
31
Mar
59 %
Nov
---
52
Aug
Mar
K
6K
Utah-Idaho Sugar
Oct
13K
K
,_1
*
Oct
3K
1,500
25
Universal Products Co
Jan
Mar
""166
United Specialties com—1
Universal Pictures com—.1
IK
78
IK
"76"
*70*
IK
81K
United Wall Paper—....2
Oct
Jan
100
*26K *27K
10 K
10
1
U S Rubber Reclaiming—*
U 8 Stores Corp com
$7 conv 1st pref
*
Mar
17K
27K
IK
U S Radiator com
Aug
Mar
600
*2*706
Nov
K
K
100
14,900
Jan
July
IK
2K
10 K
Utah Pow & Lt $7 pref.—*
Edison—
6K
14K
3K
4K
62
1
Universal Corp v t C——1
6K
1
1
Mar
Mar
11,900
IK
88
10
United Shipyards ol A—1
Insurance
15
Jan
Oct
Jan
Sept
11
100
3K
3
87
87
*
United Shoe Mach com.25
Nov
Apr
IK
4K
300
400
preferred
1st pref with warr
U S Lines pref
U S Playing Card
Jan
7K
IK June
Oct
8K
12K Aug
Oct
42 K
Oct
3K
2
IK
Profit Sharing—25c
U S Foil Co class B—
Mar
June
dep rets ord reg...
Preferred
July
18
30
United N J RR A Canal 100
Class B
June
June
200
35
*
preferred
Universal Consol Oil
Mar
Oct
2K
5K
*
Universal
Nov
1,400
13 K
»16
Option warrants.-.
10%
Sept
Apr
%
United G A E 7% pref. 100
Am
2
74
104
'*"*10
108*
71I
1
1st $7 pref non-voting.*
United
Feb
Mar
hi
warrants
United Gas Corp com
Aug
IK
3K
Oct
6K
2K
*
Cigar-Whelan Sts..10c
Nov
Oct
Feb
63
Mar
44
775
$3 cum & part pref
1
4K
5
Mar
2K
300
4K
United Chemicals com.—*
16
Mar
Oct
July
Oct
'Apr
H
13%
Mar
IK
21
15
'
2
Ulen <fc Co ser A pref
Nov
1,600
Oct
Jan
5K
Mar
1,800
74
69
34 K
1
4K
IK
102
Oct
83
4K
15 %
%
...1
Class A
13
4K
IK
Mar
14%
4K
H
Oct
4%
IK
Jan
400
'91% '94
Tri-Contlnental warrants.-
United Stores v t c—
4K
1
Sosa Mfg com,
Mar
3K
L#
6K
85
—
Solar Mfg. Co
Mar
Feb
2H
100
34
%
1*08*
U 8 and Int'l Securities..*
Shreveport El Dorado Pipe
13K
Mar
11,500
2K
36 K
44
85 %
73 %
Transwestern OH Co.—10
Aug
K
Juty
14K
2K
$3
*i» May
Feb
13
6
4%
1
—
United
IK
2
Mar
7
100
Nov
Screen-
Common.
Aug
75 K
Aug
Mar
1
7K
700
IK
*
Toledo Edison 6% pref. 100
7% preferred A
100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev
Nov
Mar
9K
Oct
5%
400
1,000
Def registered 5s
75 K
Sept
4
Seversky Aircraft Corp—1
Mining..5
preferred
4K
..£1
Ordinary reg
Todd Shipyards Corp
12
49 %
3
Shattuck Denn
7%
Mar
United Molasses Co—
£1
1
Sentry Safety Control
Serrick Corp (The)—---1
Seton Leather common—*
Southern Calif
Apr
Aug
2
Sept
Tobacco Secur Tr—
Mar
1
74
Jan
Nov
2K
3
Tobacco Prod Exports.— *
Mar
5
48 K
Selfridge Prov Stores—
Arner dep rets reg
2K
14
1
Constr*
United Lt & Pow com A.*
IK
10 K
8K
4K
Tobacco Allied Stocks—.*
Union Premier Foods Sts. 1
14 K
Oct
June
50
14K
Union Investment com..*
Selected Industries Ino—
stock
4K
Feb
20 K
%
Nov
35
Mar
44
91%
Nov
Jan
1
Oct
5K
2,100
11
11
20%
Sept
25
July
15K
Apt
100
9%
Tenn El Pow 7% 1st pf-100
Texas P & L 7% pref.-100
29 %
Jan
Mar
2,000
*
Segal Lock A Hardware.-1
Selberllng Rubber com—*
Convertible
8%
%
113K
15
Jan
Apr
500
1
*
Series B pref
*
Unexcelled Mfg Co—..10
Union Gas of Canada..,_*
3%
29 K
--—
Common
1
Technicolor Inc common.
Tilo Roofing Inc
69
"June
Nov
2K
24K
3K
Union Traction Co.—60
general—*
Selby Shoe Co
/'
16 %
*
*
Seeman Bros Inc
Oct
Nov
June
Brook
pref
4K
IK
'3"9Q0
4K
400
Trurus Pork Stores Inc..-*
16 K
15
Water Service
Apr
5
Tublze ChatUlon Corp.—1
42
25
110
Scullln Steel Co com
July
5K
33 K
Jan
400
*
Scranton Spring
Oct
4K
6K
1
July
1,400
17
29%
24 %
Jan
15
Tampa Electric Co com..*
Tastyeast Inc class A—1
Taylor Distilling Co
July
2%
60
27%
Mar
Apr
2K
5K
6
18K
8
27%
6K
1*366
8
92
2
16K
«—'*
Laos common.
Nov
40 K
Scranton Elec $6 pref----*
Scranton
79
Mar
Mar
50
5,800
July
Mar
.
300
3K
46 K
1
—5
—25
K June
35
Sept
30 K
Apr
"79"
60
2%
Scovlll Mfg
July
Mar
3
16 H
Schlff Co common
2K
IK
4
1
Savoy Oil Co..
Oct
Jan
1
12 K
Samson United Corp com 1
Salt Dome Oil Co—
14K
3%
65
2,200
23
22
**3K "~3K
43 K
Aug
100
64
he
8
Nov
.100
H
11%
Mar
36 K
25
5
39%
2K
Mar
hi
6K
3K
4
7
2K
Thew Shovel Co com—..5
Apr
4K
'16"
$2.50 conv pref
3K
3K
3K
11
Feb
22 K June
4
Mar
Oct
40
June
700
500
43 H
com
Jan
K
Class B com..-.,
Taggart Corp
Jan
IK
IK
10%
$3.30 A part...
Swan Finch Oil Corp
Oct
104
Sept
June
8K
—
96 K
17
2
"74"
K
1
Texon Oil & Land Co..-.2
5
200
78)4
K
100
6K
5
Aug
2
"5
Rossla
6d0
July
18K
9%
6K
*
Sunray Drug Co
—*
Sunray Oil
1
5% % conv pref
50
Superior Oil Co (.Calif)—25
Superior Port Cement
Tlshman Realty &
25
90
%
3K
3K
Apr
90
25
75
6
K
Rolls Royce Ltd—
Am
June
1,400
4K
Mar
K
900
K
K
Aug
22 K
10 %
Sullivan Machinery—
29
18%
21
Common..--
8K
Mar
June
62
*
Quaker Oats common—
250
11%
Nov
16K
2
6% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod
Sterling Brewers Inc
1
Sterling Inc
1
Stetson (J B) Co com—
39 H
11M
Mar
6
Stein (A) & Co common..*
37
11H
15
300
103
Standard Silver Lead—-1
38 K
6%
2,700
21
K
17K
Nov
Puget Sound P A L—
preferred
preferred
Mar
6%
6
Apr
5
ha
Oct
48 K
Sterchl Bros Stores
Nov
11
*
108 K
260
97
97
97
Feb
Nov
14
150
K
Jan
{Pub Utll Secur $7 pt
Aug
2K
14 K
250
IK
*
Jan
13K
12 %
18K
20
K
pref—100
100
pf—*
Jan
Apr
103
21
Jan
Public Service of Okla—
7% prior lien pref...
18
18
'
22
300
45
27
K
24%
26 K
150
Standard Pow & Lt——1
Standard Products Co
*
,-*
Mar
12K
18K
-100
preferred
July
"T2K
13 K
12 %
Standard Oil (Ohio) com 25
5%
K
200
2
-25
(Neb)
200
22K
22%
Mar
Jan
K
16
preferred--20
Mar
K
16 K
%
K
Conv preferred.
10
Standard Dredging Corp—
Common
1
$1.60
1
1
39
Apr
K
*
Standard Brewing Co
*
Standard Cap <fc Seal com.l
Stahl-Meyer Inc
Mar
103 K
42
45
Jan
6K
31%
3K
6K
3K
Mar
Oct
7K
5
25
Standard Invest $5K pref*
Standard Oil (Ky)
10
Colorado-
$7 prior preferred
16 preferred
July
25
Jan
95
*
preferred
Richmond
Jan
Apr
10
Preferred A___
hi
*
6% 1st preferred
100
7% 1st preferred
100
Public Service of Indiana—
Relter-Fostcr
Sept
5K
3
Oct
Spanish <fe Gen Corp—
June
33
21
21
—*
Prudential Investors
*
Pyrene
151K
Mar
3K
So West Pa Pipe Line..60
Nov
3K
Mar
2K
1,000
2%
2)4
Providence Gas
10
June
2
Oct
IK
11
Nov
25c
Corp
Prosperity Co class B
f5
High
Low
Shares
Southern Pipe Line—.10
Southern Union Gas.—*
Jan
115K
10
Premier Gold Mining
6% prior lien
Price
135
Southland Royalty Co
South Penn Oil
95
Pratt A Lambert Co
Public Service of
Week
Oct
Jan
Sept
K
1,000
*
6% 1st preferred...—100
Power Corp of Canada—
$6
for
of Prices
Low
High
South New Engl Tel—100
Meter
Producers
Week's Range
Sale
Par
Postage
Pitts Bess ALE RR
Powdrell A
Last
High
Low
Shares
High
Range Since Jan. 1, 1938
STOCKS
(Continued)
Range Since Jan. 1, 1938
Last
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Pltney-Bowes
3287
New York Curb Exchange—Continued—Page 4
147
Nov
Mar
June
Nov
3
Oct
45
May
J
New York Curb
3288
Sales
Friday
STOCKS
Week's Range
iMSt
Sale
(Concluded)
Par
Utah Radio Product*
*
2
$5.50 priority stock
*
Utility A Ind Corp com..5
52
Range Since Jan. 1, 1938
for
Low
#
1#
H
Codv preferred
..7
(Utll Pow A Lt common..1
Class B
1
1%
1M June
1M
Apr
200
100
31#
June
2,100
7i»
M
X
2#
400
Venezuelan
7M
7#
Petroleum...1
Waco Aircraft Co
1
2M
50
8#
5#
*
8#
400
6#
8,500
Wahl Co common
*
Waltt A Bond class A
*
1M
Walker Mining Co
#
IX
1#
11
10
X
IX
Apr
H
Apr
*«IS June
100
600
11
200
..1
1.25
"I #
.1
Wentworth Mfg
Western Air Express
"3 X "w
4#
4#
Oct
H
Oct
65
mmmmmm
28#
7#
1#
Nov
El Paso Elec 6s A
July
Empire Diet El 5s
1952
Eroole Marell 1 Eleo Mfg—
July
Nov
Jan
Mar
Sept
6 #s series A
1953
Erie Lighting 5s
1967
mm
78#
stpd..-1961
Nov
First Bohemian Glass 7s '57
Apr
Sept
8
Aug
6#
Jan
Mar
3#
Oct
4#
Nov
Gatlneau Power let 5s. 1956
5
3#
9M
9M
3#
Wisconsin P A L 7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube com
2
Petroleum
Wool worth (P W) Ltd—
Amer dep rets
1
13,000
99#
Georgia Power ref 5s--1967
97#
84
Georgia Pow A Lt 6S..1978
65#
1940
2#
Jan
♦Gesfurel 6s
4#
4M
Sept
7#
6#
5#
Jan
Glen Alden Coal 4s...1965
Gobel (Adolf)
6c
6% preferred
£1
Wright Hargreaves Ltd..*
7#
Yukon-Pacific Mining Co.6
1X
7#
IX
7#
4,600
IX
200
Grocery Store Prod 6s. 1945
Guantanamo A West 6s '68
1942
Alabama Power Co—
1st A ref 5s
1940
1st A ref 5s
1951
1968
Amer Q 4 El debt 5s..2028
Am Pow 4 Lt deb 6s..2016
Amer Radiator 414s..1947
89 #
84 #
105 M
108#
86
AppaJao Power Deb 6s 2024
Ark-Loulslana Gas 4s. 1951
Arkansas Pr 4 Lt 6s..1956
103 #
Associated Eleo 4#s..1963
Associated Gas 4 El Co—
42 M
Feb
Jan
Houston Gulf Gas 6S..1943
102#
101#
102
102 #
11,000
99#
8,000
78
98
1,000
76 M
89 #
89 X
85 M
102
84#
6,000
20,000
105 M 105#
108
108 M
85 M
6,000
65,000
•
Jan
104
Oct
89
70 H
65
104#
106
Jan
Apr
Apr
Apr
102#
99#
98
109#
14,000
104
Aug
108
Sept
100 M 101
14,000
79
Jan
102
Nov
42 M
45,000
46
68 M
Mar
91#
Oct
8 f deb 5
Indiana
1957
mmmmmrn
31
6s series A.......
1953
6s series C
1951
107 M
Feb
119#
Nov
96M
Apr
104
Nov
Jan
101#
Nov
30
Mar
51#
Nov
5s
1957
Indiana Service 5s
1963
Iocom
Apr
46
62
Apr
80#
Jan
92 M
Feb
103#
Nov
Debenture 60
96#
Apr
104
Nov
Interstate Publl
Oct
95
Mar
Oct
85
Oct
Canadian Pac Ry 6s..1942
Carolina Pr 4 Lt 6s...1956
103 #
103
1968
4Mb series H
1981
Cent Ohio Lt 4 Pr 6s._1950
Cent Power 6s ser D..1967
Cent Pow 4 Lt 1st 5s. 1956
Cent States Elec 6s...l948
6#s ex-warrants...1964
Cent States P 4 L 5
Ms '53
Chio Diet Eleo Gen
4#s'70
Chicago 4 Illinois Midland
By 4Mb A
,..1956
Chic Jet Ry 4 Union Stock
Yards 5s
1940
I960
Conn Lt 4 Pr 7s A... 1951
Consol Gas El Lt 4 Power
Cudahy Packing 3#i.l955
100
90
76#
Nov
Oct
Nov
90
Oct
Mar
105
Nov
Sept
108#
Jan
1957
Italian Superpower 6s. 1963
110
Feb
Aug
37,000
85#
Apr
102
Nov
47,000
79
Apr
100#
97#
91#
NOV
100#
101#
Nov
51,000
76
Mar
20,000
68
Mar
8,000
79
Mar
7,000
84
Apr
31,000
64
Apr
Sept
Nov
Nov
100
87#
4,000
mm
75
Mar
90
109#
89
Nov
NOV
Mar
Nov
104#
109#
Apr
107#
1,665
Apr
111#
Jan
29,000
46#
Mar
03#
43
Mar
61#
rnm~
m*~
~
mmmmmrn
Jan
74
May
May
July
62#
62#
107# 107#
57#
59
40# 42#
107#
58
42
2.000
49#
40
Sept
Sept
Sept
65#
46#
45#
Nov
Jan
67#
65
Nov
Nov
1,000
107
Jan
109#
Nov
30,000
35
Mar
60#
Nov
83
18#
Mar
46
Nov
64
Mar
85#
Nov
31,000
78#
100#
*100#
106#
104#
79#
101
......
rn.rn.~mmm
"105
*56
rnmmmmm
*80
"48#
85
80#
101
101
106#
105
6,000
13,000
80#
Oct
Mar
June
102#
101#
Oct
67#
1,666
105#
11,000
98#
Mar
Jan
40
..
Sept
76
63#
88
Mar
90
91
61,000
~
Sept
Sept
46#
49
33~o66
41
42
8,000
32
6,000
100
30
Oct
108
Aug
105#
63#
Nov
Nov
85
Feb
53
July
5s stamped
1942
41
Feb
50
July
Apr
106
Jersey Central Pow A Lt—
5s series B
1947
45,000
73
Mar
98#
Nov
23,000
111
Sept
115#
May
Kansas Power 5s
12,000
Mar
105
July
103#
103#
Nov
0#sserlesD
July
6#s series F__
1955
68 series I
104# 105
103# 105#
*102# 103#
"l05#
1st mtge 5s ser H...1961
1909
6,000
June
Jacksonville Gas—
1947
103
25,000
15,000
92
Apr
102# 102#
101M 102 M
11,000
85
Mar
103
Nov
7,000
88
Apr
103
Nov
66#
79#
23#
Jan
94
Aug
Mar
99#
Nov
Lake Sup Diet Pow 3 #s '06
Lehtgb Pow Secur 6s. .2026
♦Leonard Tletx 7#s__1946
Mar
41
Jan
Lexington Utilities 5s.l952
101#
103 #
85
86 M
18,000
Apr
______
*119
7,000
98#
Apr
97
112
119#
Mar
"l02#
102# 102#
"7"666
95#
87#
87# 89#
100# 101
22,000
65
..1948
97#
32
31X
53 M
99 #
99 M
163,000
32
33#
13,000
31#
33 M
32,000
Jan
106
Jan
Oct
Nov
Mar
103#
119#
Apr
102#
Nov
Nov
Mar
*57#
July
14,000
104#
Nov
107#
May
Long Island Ltg 6s...1945
Louisiana Pow A Lt 5s 1957
Mansfield Mln A Smelt—
99
,99 #
105 M
42 M
73
172 M
71M
20,000
84
41
99#
Nov
106#
Jan
40#
Nov
68
Oct
70
Oct
80
52#
Jan
87
Jan
91#
72 M
~~8~666
47#
Mar
75
68 M
68 #
69 #
117,000
43#
42#
Mar
71#
Mar
69 M
69 #
70
70
23,000
Feb
Nov
Oct
Deb 4 #s
..1952
71#
Nov
18,000
43
Mar
71#
Nov
19,000
86#
Apr
102#
July
Middle 8tates Pet 0#s '45
Midland Valley RR 5s 1943
102 #
102 # 102 #
27,000
91#
Mar
103#
Oct
40
Mar
76#
Oct
74 #
21,000
40
Mar
79
74# 75M
100 M
100M 101M
*128# 130#
19,000
62
Mar
79
73 H
74 M
73 M
73 #
110
74
61
83 M
87#
Nov
Jan
101#
Nov
5,000
84
Apr
106
Oct
4,000
25
Mar
30
Nov
32,000
84
Apr
99#
Nov
"88#
106#
97
94#
__
89*
88
89
63#
63
63#
103#
Jan
110#
Nov
1,000
102#
120#
Nov
103#
124#
Jan
Sept
65#
Apr
28#
June
97
4,000
mmmm~m
'
l'.OOO
~mmm~m
~3J)6O
3,000
Jan
104
56
28,000
Apr
83
87
Apr
95#
67#
Feb
100
70
June
100
Apr
107#
Mar
109#
101#
Feb
NoV
93
July
Jan
Aug
Oct
Jan
Nov
Oct
75#
Jan
95
Apr
60
Apr
64#
Aug
88#
Jan
83
Apr
99#
87#
Apr
104#
Nov
86#
33,000
61#
Mar
86#
Nov
91#
11,000
70
Mar
91#
109# 109#
•
21.000
Aug
110#
74#
75#
.1944
99
99
♦Munson 89 0#g ctfs.1937
Nassau A Suffolk Ltg 6s '45
78
107#
7,000
54
1,000
86
"2^606
78
101
Nov
Nov
Nov
Apr
Apr
78
Nov
Apr
10)
July
Nov
53#
63#
24#
Sept
106#
16,000
"74#
5,000
100
Mar
79,000
Missouri Pub Serv 5s. 1960
Montana Dakota Power—
Oct
105
Apr
100,
12,000
30 000
91
July
Apr
70
34,000
98#
99
103# 104#
81
101#
101
23.000
100# 101
91#
129
97#
97#
97#
*90#
91#
106# 106#
*107# 108#
81#
Jan
30
*102# 103
*75
82
Miss Power A Lt 6s
1957
Miss River Pow 1st 58.1951
Apr
105#
25
*
Mississippi Power 58—1955
110#
Jan
122
122#
10,000
61
61M
12,000
83 X
84
*98 # 100
66
92
Mar
93
Oct
102# 102#
123#
65
3,000
Oct
94#
Nov
27,000
"104#
1st A ref 58
93#
87#
1955
125#
7,000
.1905
Mar
98#
99#
103# 103#
88#
89#
106
106#
Milw Gas Light 4#s—1967
Minn PAL 4#s
1978
81,000
73 M
4s series G
Nov
78
28
"99#
Metropolitan Ed 4s E.1971
101X 101#
101
84#
6,000
105
105#
Memphis P A L 5s A—1948
Mengel Co conv 4#s_1947
101X
Nov
Apr
8,000
93 #
100# 100#
mm
MoCord Rad A Mfg 6s *45
Memphis Comrnl Appeal—
2,000
89
86#
87
mm,
♦7s without warr'ts.1941
Marion Res Pow 4 #8.1954
Apr
2,000
73
Apr
101#
42 M
Mar
93
Llbby McN A Libby 6s *42
21,000
23#
32#
Sept
53 M
54#
104 # 104 M
1104
fis
4 El 5s...1958
Jan
Mar
Nov
June
1958
98 M
97 M
Consol Gas (Bait City)—
Cuban Telephone 7 Ms 1941
Cuban Tobacco 5s
1944
Apr
55#
71#
101#
123
Iowa Pow A Lt 4 #8
Isarco Hydro Eleo 7s. 1952
Isotta Fraschlnl 7s...1942
102 X 103
N...1971
1939
Gen mtge 4 Ms
1954
Consol Gas Utll Co—
6s ser a stamped... 1943
122#
142
Jan
103
1969
Community Pr 4 Lt 6s *57
Community P S 5s...1960
Apr
Sept
May
Nov
102 #
196R
Cities Service Gas 5
Ms *42
Cities
Service
Gas
Pipe
Line 6s—
1943
Cities Serv P 4 L 5
Ms. 1962
6#s._—_
1949
.1961
102#
1966
Conv deb 5s
Debenture 6s
Debenture 5s
118
129
103
106
«»
Kentucky Utilities Co—
1956
Cities Service 5s
1958
Iowa-Neb LAP 6s...1957
94#
85#
|*Chlc Ryt 5s ctfB
1927
Cincinnati St Ry 5 #s A '52
fls series B
mrnm
4 #s series F
4#S8eries C
1961
Kansas Eleo Pow 3 #s. 1966
Kansas Gas A Eleo 6S.2022
103
July
07#
87#
1950
103# 103 M
1966
5s series G._.
114#
~~9~666
June
68
Servloe—
114# 115M
98
Central III Public Service—
1st Arei 4Msser P.1967
103 # 104
15
Mar
*106# 106#
109# 109#
58#
57# 59#
*57
58#
1952
c
Iowa Pub Serv 5s
Cedar Rapids M 4 P 6s *63
6s series E
110
Sept
70
Nov
Mar
14.000
110
14,000
108#
May
67
2,000
65,000
Aug
43
66
87,000
76 M
86
Oct
103#
43
mmmm
6s series B
88 X
Aug
Apr
Apr
1,000
mmmmmrn
Mar
76
Nov
2,000
mmmmmrn
1952
57
87 M
97
104#
64
1957
Works—
185
12#
Feb
Apr
64
7s series F
6s series D
76
103
109#
Interstate Power 5s...1957
88
6,000
7s series E
International Salt 5S..1951
Broad River Pow 5s..l954
Canada Northern Pr 5s '63
96
Oct
23
117#
10,000
Nov
Nov
5,000
83#
97#
2,000
77 #
124
1122
1141M 142
11,000
16,000
~3"66O
42
122 X
May
67
75
Bethlehem Steel 6s
1998
Birmingham Elec 4#sl968
Birmingham Gas 6s.-.1969
Oct
30
61
42
110M 110#
121# 123
Mar
34#
67
36
110#
29
Oct
Sept
61
36#
let M 6s series A...1955
1st M 5s series B...1957
5s series C
i960
Feb
Sept
67
Mar
85
59
20
01
26
97 M 100 #
Jan
June
27#
1955
1
183
65
3.000
6 #8 series O
30#
100 x
Mar
Oct
International Power See—
30 #
♦Convertible 6s
1950
Bell Telep of Canada-
93#
47
108#
mmmrnmm
♦Indianapolis Gas 5s A 1952
Mar
89#
82#
60
Jan
30
Oct
21
93
'
Nov
31M
187
Apr
81# June
Jan
Feb
July
July
Nov
Nov
30 M
6s with
warrants.,.1947
5s without warrantsl947
53
75
Mar
37#
30 #
8,000
Feb
60#
107#
35
20#
20#
21 M
102 X 102 M
103 M 104
62
68
100#
35#
37,000
42,000
102 M
33#
Jan
Mar
33,000
32 X
Atlantic City Elec 4 Ms *64
Avery 4 Sons (B F)—
97#
June
Sept
78
49#
Nov
Mar
30
31M
1,000
15,000
30,000
Nov
Mar
30
Oct
76#
Mar
28
75 x
Nov
105#
1950
31M
1977
Assoc T 4 T deb 5 #g_ A'65
Atlanta Gas Lt 4#s._1950
Apr
87
85#
20
100
Indiana A Mich Elec 6s '55
86
28 M
Registered
Conv deb 5#a
77
Apr
101#
10,000
100# 101#
88#
90
89
f Indiana Gen Serv 5s. 1948
Indiana Hydro Elec 6s 1958
1949
..1968
Sept
38,000
101# 102
99# 100#
97#
97#
89# 90#
1947
6 #8 series B
1960
Debenture 6s
Mar
72#
05#
Corp—
1st lien A ref 5s
*28
02
51
11,000
100#
*106# 108
#s._.May 1957
Electric
Nov
*9
97#
Apr
Aug
July
93
64
64
1st A ref 5s ser C—1956
Oct
Nov
81
Apr
64
1949
100#
91#
Feb
Apr
75#
107
94#
95
102# 102#
101# 101#
108# 108#
♦Hungarian Ita! Bk 7#s'63
Hygrade Food 6s A...1949
1st A ref 5#s ser B.1954
35,000
6,000
11,000
"95"
Nov
87 M
101,000
29
Sept
63
40
*25
101#
105 M 106 X
103 M 104
100 # 101X
rnmmmmm
Dl Pr A Lt 1st 6s ser A.1953
86#
1,000
2,000
46#
100
Nov
107#
23,000
*101# 102#
m Northern Utll 5s
Jan
57
45
45#
Nov
Sept
Apr
74
"166"
Houston Lt A Pr 3 #8.1966
$2,000
118M 118M
101#
Conv deb 4#a C...1948
Conv deb 4#s
Conv deb 5s
Cont'l Gas
Jan
98 M
98
102 #
Amer Seating 6e stp..l946
ser
16#
6s series B_.
105 M
100 M
(Btit) 3#s
Nov
^Hackensack Water 5s 1977
Hall Print 6s stpd
1947
♦Hamburg Eleo 7s
1936
♦Hamburg El Underground
A St Ry 6#s
1938
Heller (W E) 4s w w ..1946
103# 103#
1956
let 4 ref 4#e
1967
Aluminium Ltd debt 5el948
Baldwin
July
Sold
fAbott's Dairy 6s
1st 4 ref 6s...
Guardian Investors 5s. 1948
Oct
7#
Bonds
BONDS
1st 4 ref 5s
Jan
9#
8#
2#
77,000
mmmmm~
89# 89#
*108# 112
53#
55
*52
53#
54
3#
Mar
65#
57
May
Sept
14,000
97# 143,000
73
4#s...l941
Mar
1
13,000
96#
"74* *
Mar
6M
83#
77
86#
62
Grand Trunk West 4s.1950
July
mmmmrnm
*25
3M
-
83#
Gt Nor Pow 6s stpd..l950
Jan
2,000
95#
85
1953
July
July
81
*73
5M
200
80
*93#
13 X
400
5Vs
104# 104#
104#
rnmmmmm
2
8M
5#
Jan
Jan
Nov
Oct
Oct
8#
5#
90#
Nov
6#s ex-warrants.—1943
Woodley
Apr
Feb
98#
104#
Mar
70
70
95
95#
Mar
68#
105#
Apr
M
May
Apr
105
July
Sept
Mar
83#
6
Sept
52
74
"85#
Aug
98
101#
78
♦General Rayon 6s A. 1948
Gen Wat Wks A El 5s_1943
10#
9#
Nov
16.000
67 M
1
Nov
79#
95
22# Mar
9# Mar
9# May
Apr
Apr
June
-
Nov
108#
Apr
98
Sept
2M
1,000
9,000
67
Feb
58
97
General Pub Serv 58.-1953
6M
Sept
102#
93#
Jan
100
38
5,000
Oct
Nov
94#
75
500
10
100#
97#
100
5
105
Mar
Gary Electric A Gas—
5s ex-warr stamped.1944
8M
1
Mar
83#
Florida Power A Lt 5s. 1954
Mar
Nov
98
64,000
Oct
Nov
Nov
15,000
109,000
10
1#
109#
89#
1,000
82
X
80
89#
Gen Pub Utll 8#s A.1956
82
May
Apr
50
90#
81#
110#
97#
6,000
Feb
Apr
mmmdm~m
1,000
July
Jifne
Mar
102#
~m~mmm
5
May
Apr
53#
102
Firestone Cot Mills 6S.1948
2
13
West Texas Utll $6 pref..*
West Va Coal & Coke
•
106
14# 104#
July
Florida Power 4s ser C1966
Oct
65
8,000
*50# 58
107# 107#
78#
79#
~m
rnrnmmmm
1
Nov
M
69,000
5#
Nov
May
1#
1#
35,000
76#
109# 109#
104# 104#
99# 100#
mm
mm
rnmmmmm
68
76
100#
Federal Wat Serv 6#s 1954
Finland Residential Mtge
Banks 6s- 5s
65
109#
—
1
109# 109#
70#
1950
11
8
Wlllson Products Ino
Oct
Sept
#
Sept
*
Williams (R C) A Co
*
Williams Oll-O-Mat Ht-.»
Wilson-Jones Co..
*
2#
2#
1,000
1#
*
Weyenberg Shoe Mfg
9,000
16,000
X
Edison El 111 (Bost) 3 #s 65
General Bronze 6s
com..
3#
Eleo Power A Light 5S.2030
Elmtra Wat Lt A BR 6s '56
6#
11#
1#
7#
110
3#
Eastern Gas A Fuel 4s. 1956
Jan
Nov
107
X
XX
Jan
77#
10#
3,000
104#
3#
July
July
Npv
17#
3#
36
Western Tab A Stat—
Vot tr ctfs
High
Mar
3#
30 M
Westmoreland Inc
Low
97#
3#
Jan
2
18,000
3#
Aug 1 1952
♦Certificates of deposit
♦6#s
Mar
2,400
100
Westmoreland Coal Co
rnmmmmm
Aug 1 1952
♦Certificates of deposit
Western Maryland By—
7% 1st preferred
103# 104#
107
107#
104#
♦Deb 7s
4#
3M
IX
"500
4#
Jan
Jan
Jan
6
Welsbaum Bros-Brower..l
Wellington Oil Co
Mar
6
Class B
..1
Wayne Knitting Mills...5
Nov
4X June
1M Mar
6H Mar
*
c
#
2#
Mar
50
Mar
Range Since Jan. 1, 1938
for
Shares
Detroit Internet Bridge—
Mar
X
1,200
68
50
Mar
June
700
7#
»!•
pref..100
Vogt Manufacturing
*
Wagner Baking v t
Mar
1X
Van Norman Mach Tool.5
Venexuela Mei Oil Co..10
Nov
Mar
20 M
11
Va Pub Berv 7%
July
Sept
7
2#
3#
54#
Delaware El Pow 6 #s_1959
Denver Gas A Elec 6s. 1949
Mar
200
7it
#
1M
Oct
1938
Weel
of Prices
High
Low
Price
2#
June
200
900
"16
1M
M
100
1
—.5
7% preferred
Valspar Corp com
$4 conv pref
2 #
52
Sale
High
26,
Sales
Week's Range
Last
BONDS
(Continued)
Shares
1
Utility Equities Corp
Friday
Week
of Prices
High
Low
Price
Nov.
Exchange—Continued—Page 5
66
92
94 #
81,000
87#
~
2*666
34,000
Feb
Mar
86
Apt
100
5#s
*3#
3#
79
1#
June
Nov
5#
95
Feb
Jan
Nov
Jan
47
Mar
72#
July
90#
Mar
99
SeDt
•
w
For footnotes
see page
3289.
J
Volume
New York Curb
147
Friday
BONDS
Last
(Continued)
Week's Range
Sale
Low
Deb 5s series B
20,000
90 K
85,000
38
119
New Eng Power 3 %t .1961
New Eng Pow Assn 6s. 1948
Debenture 5 His
1964
New Orleans Pub Serv¬
Jan
Nov
Conv 6s 4th stamp.1950
United Eleo N J 4s...1949
United El Serv 7s
1956
4,000
111
Apr
120%
Nov
♦United Industrial 8Kb *41
68%
5,000
35,000
57
¥ »
Apr
99
85%
Jan
118%
Sept
40
15,000
40
39%
92
102
Feb
37,000
70
Mar
92%
91%
4,000
57,000
74
Mar
98 K
98%
99
7,000
86 K
88
87
88
13,000
63 K
103 K
Feb
Mar
61%
July
July
107%
90%
93%
99%
89
NYP4L Corp 1st 4 %s'67
107%
101X
1954
series A__
——
1956
105
May
Apr
108%
Aug
88
Apr
102
Nov
Jan
105%
Apr
Sept
77
94
~~49%
94
49%
103%
110%
45
.1969
Nov
Aug
114
62%
103%
Ogden Gas 6s
108
109
93%
86%
Apr
106%
Nov
Apr
104
Nov
Feb
105%
62,000
102
1,000
14,000
80 K
Apr
98
103%
Jan
108
102%
102
Nov
107
Jan
108%
Jan
105%
Aug
Apr
106
69
Apr
96%
Oct
5,000
100
Mar
103%
AUg
113K
11.3% 114
21,000
Oct
116%
Feb
«.
-
—
102
*94
1,000
97 X
79
Apr
94
—
—
-
m
-
98%
92%
r»
107
Apr
116
105
Mar
82%
3,000
28
Mar
74 K
Mar
78
Mar
76
Apr
*
-
51,000
4,000
32,000
Antioqula
104 K
♦7s
ser
34%
Jan
♦7s
93%
Nov
♦7s
Phlla Elec Pow 5%B—1972
Pblla Rapid Transit 6s 1962
112K
Pledm't Hydro El 6 Kb '60
Pittsburgh Coal 6s—1949
*»
58
'
.99
Nov
♦7s
ser
Nov
♦7s 1st
100
97%
(Dept
of)
♦Baden 7s
Nov
93
Mar
105
Sept
104%
Nov
108%
May
106%
Apr
78%
82%
Mar
94%
Aug
Mar
96%
113%
Aug
Mar
111
Jan
12,000
65
May
79
40
Sept
61
June
108
86
62%
18,000
18 X
48
2,000
105 K
1,000
107
Aug
100
22
Jan
69%
108%
65
43
23
Sept
104
98%
June
104%
20%
Jan
22%
Nov
June
110%
99 X
66 K
Nov
Oct
Apr
June
105%
108
May
1,000
103
106
"l'ooo
105 K
86 K
18,000
58 K
6,000
72
25%
*24
25%
*24
25%
30
25 %
Oct
July
Jan
Apr
108
Nov
101
Nov
Feb
96
20,000
91
105K
Feb
Apr
94 K
Nov
Oct
May
94
12,000
17X
J»n
25%
Oct
T660
20
Jan
26
Oct
24
Aug
24
Aug
30
30
30
9%
7
Oct
7%
Oct
9
7K
Oct
SK
Aug
Oct
7K~
11%
11%
9%
Aug
7
Aug
7
Aug
7
Aug
7
July
6
July
18
Sept
68
May
70
85
9%
18%
1,000
21K
Feb
76
Feb
16
*60
*62
*9
Oct
7
80
18%
*10
Apr
80%
Jan
9%
Oct
6%
Apr
9%
-11%
Aug
8%
Oct
10
22%
Apr
Sept
27
Jan
28
Mar
18%
Aug
18%
Aug
14%
July
14%
July
Sept
Sept
102""
Aug
96%
100%
Jan
39
June
59%
Mar
24
Nov
14
*9
*8K
25%
35
*15K
*15%
20
21K
Oct
12
25%
*25 K
"3,660
15
♦6s series A
May
7%"
9%
♦Prov Banks 6s B..1951
Nov
24
104%
Mar
10 X
1952
Danish 5Ks
43
1,000
18%
♦6s ctfs of dep..Oct '61
Cundlnamarca (Dept of)
6Ks ctfs of dep.... 1959
*20
Feb
Mar
74 K
32
*6
*6
Columbia (Republic of)—
♦6s ctfs of dep..July '61
July
Sept
*103
m
July
July
Jan
96
*7
1947
July
Jan
109
106
97
107%
100
104
104%
89%
90
♦7s ctfs of dep. .—.1948
Apr
Apr
Apr
109
Apr
99H
99% 121 "660
6,000
61
9,000
105%
10
Jan
Sept
Nov
112
♦7%s ctfs of dep...1946
Cent Bk of German State A
Feb
104%
~
1,000
30,000
104%
*24
*24
♦Caldas 7Ks ctfs of dep.'46
♦Cauca Valley 7s
1948
Feb
w
25 %
Buenos Aires (Provlnoe)♦7s stamped
1952
Feb
14,000
Oct
12 K Mar
106K June
10,000
*89
Bogota (City) 8a ctfs..1945
Bogota (see Mtge Bank of)
Jan
15,000
^
89%
ctfs of dep.'57
1951
♦7s 3d
June
10*000
104
Oct
Co¬
ser
Nov
96
109
23
*7
*6
108
*
104%
*110%
97%
59%
104%
*106
107%
99%
ctfs of dep.'67
101
^
22%
107% 107%
105% 105%
ctfs of dep. '67
ser
Apr
*8
<3,000
-
24
99 X
1953
9%
99 X
"4"6OO "96%
97
—.1955
5s
97 X
13 000
Oct
Danzig Port A Waterways
,
145% 146%
102X
102% 102%
10226,, 102%
0
130
43,000
ser F1981
Jan
101
146X
Sept
146%
Oct
•
.
1978
1,000
101K
3,000
101
1960
103%
105
104%
July
May
Sept
105
July
Sept
106%
107
Apr
Feb
Pub Serv of Oklahoma—
External 6Ks
1952
♦German Con Munlc 7s '47
♦Secured 6s
74%
73
72%
75
75
69
Apr
78
Oct
18,000
63
Jan
77%
Oct
♦0%s ctfsof dep
1954
♦Mendoza 4s stamped.1951
78~~
Jan
Mtge Bk of Bogota 7S.1947
♦Issue of May 1927
25%
69
2,000
June
93 K
t31
109 %
26 K
35
Nov
*25
21
Mar
28 %
Aug
107
June
15*000
San Joaquin LA P 6s B '52
♦Saxon Pub Wks 6s...1937
"32"
*25
♦Schulte Real Est 6s.. 1951
"
110,K
Mar
9K
128 K
109% 109 K
17K
1iq%
*130 %
{♦St L Gas A Coke 6s. 1947
Feb
Apr
18K
Oct
Feb
131K
July
24 K
July
30
Nov
31 K
July
..1951
28 K
1,000
21%
Jan
101K 102 K
;
Bcripp (E W) Co 6KS-1943
12,000
96 K
Apr
103
Aug
6,000
38 K
Apr
71
Nov
106K
28 K
64
1948
66
1970
86
85
Southeast PAL 6s
94 %
94
71
73
1
86
%
K
I
95
♦7s ctfs of dep. Oct '47
♦Mtge Bk of Chile 08.1931
*24
Aug
♦Parana
(State) 7s—.1958
♦Rio de Janeiro 6K8.1959
99
Sept
106
Nov
♦Russian Govt 6Ks—.1919
63K
Sept
73
Nov
70
Mar
86 %
Nov
71H
Mar
97 X
Nov
105
104K 105
107% 108%
15,000
101K
108%
32,000
102 K
Sept1
108K
108
108
4,000
Sept'
108K
July
110%
110'K
111
7,000
102K
106K
3,000
103 K
9,000
22 X
14
Mar
9%
8
Apr
Oct
Oct
18%
Feb
Jan
10%
Aug
7%
2T000
Nov
7%
"
Sept
"l6
"
Tooo
64
Feb
80%
1,000
21
Aug
June
Feb
25%
Nov
24
Oct
Jan
Oct
"12*066
23%
12%
24%
26%
23%
Sept
""l'ooo
16%
Apr
17%
June
Apr
102%
Feb
NoA
Oct
8K
♦5Ks—
1921
♦Santa Fe 7s stamped. 1945
♦Santiago 7s
1949
*24
*99K
8K
*6
X
K
30
99 K
8K
7H
K
X
*96"'
Tooo
Mar
10%
Apr
10%
Jan
%
Sept
%
Mar
%
Jan
I
Mar
65
Tooo
8,000
58
58
1,000
45
14
—.1901
14
2,000
11%
11%
*13%
14K
Jan
7
6
-----
Mar
Jan
16%
Jan
16%
-
Jan
July
June
July
108
Jan
30
30
Nov
♦7s...
Oct
19
28
*24
Nov
Debenture 3%s—..1945
25%
20.
25%
1946
♦78 ctfs of dep
♦7s ctfs of dep
106%
Ref M 3 Ks.May
25%
23%
20%
17K
106 K
8,000
25%
*25%
%12X
1931
Mtge Bank of Columbia—
Apr
Sept
Sept
.16,000
78
*25%
6s stamped...
100
10,000
10
9X
13
13
79 %
9X
*7K
*6K
Sept
Sept
3~O66
14 X
100
107K
23
12
Jan
18%
18
"
14 X
3,000
104
105% 105%
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 6s. 1957
"25%
6,000
104,K 105
104
'47
1947
♦6Ks ctfs of dep... 1947
Mtge Bk of Denmark 5s '72
*103
104 K
104
♦7s ctfs of dep. May
♦Issue of Oct 1927
24~66O
V
"ox
♦MedelJln 7s stamped. 1951
♦7s ctfs of dep
1951
19%
2,000
■*7K
1958
Mar
Mar
12,000
73%
75
7s
98%
Oct
12 000
*18
11K
*12
60%
Nov
Tooo
21X
22
21
22
8,000
82%
21
20 X
21
—.1947
(City) 7s...1939
♦Hanover (Prov) 6KS.1949
♦Lima (City) Peru 6Ks *58
30,000
106% 106%
77%
78%
74%
75%
""78"
51
*30
♦Hanover
♦Maranhao
1966
2026
Sou Calif Edison Ltd—
26
23
D ctfs of dep. 1945
Mar
30,000
23%
Pub Serv of Nor Illinois-
1st 4 Ks series D
July
'47
ser
Mar
57,000
99
60
—
♦Prussian Electric 6s..1954
Shawlnlgan W A P 4Kb '67
1st 4 Ks series B
1968
86 K
*7
99
107% 107%
108% 108%
m-
Potomac Edison 6s E.1956
Servel Inc 5s
65
*7
75
6,000
106%
98%
*20%
Portland Gas A Coke 6s '40
Scullln Steel 3s
1,000
O ctfs of dep. 1945
82
------
60
*105
Pittsburgh Steel 6s...1948
♦Ruhr Housing 6KS..1958
Safe Harbor Water 4 Ks '79
Nov
83%
ser
1,000
91%
92%
93%
94%
112% 113
72%
74
♦Pomeranian Elec 6s..1953
1950
89 X
ser
6,000
14,000
104% 104%
*107
94%
1st A ref 58 ser C
95
Apr
Apr
A ctfs of dep. 1945
B ctfs of dep. 1945
♦7Ks stamped
.1961
1st Aref4Ksser D.1960
Queens Boro Gas A Elec—
5%s series A..*
1952
♦Ruhr Gas Corp 6KS.1953
Nov
Apr
75
Nov
83%
lumbia—
Oct
6,000
108
104% 105
4s series D
4s series A
94 X
75
27,000
6,000
X
GOVERNMENT
♦7s ctfs of dep. Jan
May
65
98%
93
107
91X
Puget Sound P A L 5 %s *49
Feb
94%
89%
27,000
86%
83%
1947
♦78 2d
4s series B... ...... 1981
f4Ks series I
75
93%
♦6s ctfs of dep...Aug '47
♦68 ctfs of dep...Apr *48
Sept
113
30
92%
93%
99% 100
.96%
97%
100
'»
«
_
79%
30
1968
1980
Nov
♦78 ctfs of dep. Apr *46
♦20-year 7s_..iJsn 1947
Peoples Gas L A Coke—
f4Ks series E
fist A ref 4Ks
July
86%
-----
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
Oct
24,000
113
79
93 %
113%
Nov
"l'ooo
95
113
"79"
Penn Water A Pow 6S.1940
f 4 Ks series D
80
Feb
7,000
AND MUNICIPALITIES—
Jan
96
~
1954
6% perpetual certificates
Jan
64
105
FOREIGN
Nov
2,000
83
102
«,
1960
Public Service of N J—
53 K
11,000
9,000
99
Stamped 5s
Nov
3,000
102 X
1st 6s
...1979
Penn Electric 4s P
1971
Penn Ohio Edison—
'69
112%
Nov
98
108
35,000
11,000
1964
Penn Cent L A P 4%s.l977
PowerCorp(Can)4KsB
Feb
89%
Yadkin River Power 5s '41
♦York Rys Co 5s
1937
43,000
-
Park Lexington 3s
4Kb series F.
1961
Potrero Bug 7s stmpd.1947
96
Wlso-Minn Lt A Pow 5s *44
Wise Pow A Lt 4s
1966
103% 103%
P3%
94%
102% 102%
*
A.1948
4%s series B
13,000
94%
West United G A E 5Ks'55
24,000
July
112%
70%
71%
84%
86%
92%
94%
82
112
Wheeling Elec Co 5S..1941
Nov
July
82 K
June
107
West Penn Traction 5s '60
West Texas Utll 5s A 1957
West Newspaper Un 6s '44
Aug
Nov
80 X
Feb
Feb
112
deb
1954
Wash Ry A Elec 4S...1951
Wash Water Power 5s 1960
West Penn Elec 5s...2030
Nov
30
Nov
64 X
1946
Nov
27 K
Jan
63
11,000
....1944
55%
116K
71%
86%
1952
96%
104% 105%
-
_
_
Pacific Gas A Eleo Co—
1st 6s series B......1941
6s series D
94
109%
106%
102% 102%
f-
Okla Power A Water 6s *48
Pacific Coast Power 6s '40
6s series A
106K
81
Apr
Feb
97%
105%
103 X
Deb 5%s series B..1959
Penn Pub 8erv 6s C..1947
106
Apr
93
108
1946
ser
1959
Mar
12,000
105% 105%
Oblo Power 1st 6s B..1952
Pacific Invest 6s
Apr
70
105 K
7,000
106%
103% 104 ,
97 X
...1945
Pacific Ltg A Pow 6s..1942
Pacific Pow A Ltg 6s..1955
57K
♦6s Income
Mar
106
~i06%
5e conv debs...
77 X
6s
Feb
84
106% 106%
4%s series E
1970
N'western Elec 6s stmpd'45
N'western Pub Serv 6s 1957
fist A ref 4Kb 8er D1956
Okla Nat Gas 4 %s
1951
70
30
5,000
13,000
52%
109
1966
6s series D
76
Sept
Apr
Sept
Feb
24
74
Oct
56
Mar
Va Pub Serv 6%aA—1946
1st ref 5s series B...1950
Oct
Nov
Northern Indiana P S—
6s series C
66
...1973
Utah Pow A Lt 6s A..2022
Nov
No Amer Lt A Power—
6
23
22,000
13,000
1945
112H
Waldorf-Astoria Hotel—
N Y State E A G 4%s 1980
N Y A Westch'r Ltg 4s 2004
Nor ContT Utll 5%S—1948
No Indiana G A E 6s..1952
*26
*26
71K
28
74
f 8s
s
*116
6s series A
46
77
Mar
42
ds series A
93
30
20,000
Nov
1,000
52
"ilooo
Nov
4,000
107% 107% 135,000
94,000
99% 102
8,000
105% 105%
5,000
112% 112%
60
60
1,000
New York Penn & Oblo—
♦Ext 4%s stamped.1950
High
54K
6Ks
Nov
104%
54 H
United Lt A Pow 6s...1975
8KB
1974
Oct
59%
60
June
103% 103%
Low
60
4Kb
.1942
Debenture 6s
Apr
Mar
90%
90
♦Income 6s series A.1949
N Y Central Eiec 6%s1950
Nippon El Pow 6%S-.1953
Mar
Range Since Jan. 1, 1938
for
Week
Shares
Un Lt A Rys (Del) 6 Kb '62
United Lt A Rys (Mel¬
Nov
115%
60,000
Range
60
♦1st
Nov
Apr
54,000
54%
53%
54%
107% 107%
Apr
80 K
69
3,000
53%
90
Nov
44%
85
56
91%
108%
99
117% 118%
of Prices
Low
High
Ulen Co—
Oct
83%
53 %
Nov
Mar
99
54
99%
35
99
56
Mar
108
83 H
N TS Gas & El Assn 6s 1947
6s
.1948
Conv deb 6s
1950
62 X
Week's
Sale
6,000
120%
3289
Sales
Last
Price
3,000
108% 108%
..2022
Nelsner Bros Realty 6s *48
Nevada-Calif Elee 6s-1966
New Amsterdam Gas 6s '48
es stamped
98
38
90 %
108%
BONDS
(Concluded)
High
Low
Shares
.97%
2030
6s series A
Range Since Jan. 1, 1938
for
High
90
Nat Pow & Lt 68 A...2026
6
Friday
Week
of Prices
Price
{♦Nat Pub Berv 6s ctfs 1978
Nebraska Power 4%s_1981
Exchange—Concluded—Page
Sales
1 1960
Ref M 3%s B.July 1 '60
1st A ref mtge 4s...1960
Sou Counties Gas 4Kb 1968
Sou Indiana Ry 4s
1951
S'western Assoc Tel 6s 1961
S' western Lt A Pow 6s 1957
So'west Pow A Lt 6s..2022
104% 105%
"49"
Apr
Apr
Apr
107
May
106K
35 K
Apr
56 %
Jan
102% 102K
7.000
85
Feb
102 K
Nov
103 K 104%
3,000
93
Apr
101%
Nov
86 X
1,000
55 K
Mar
104%
11,000
93
Mar
86 %
104
,
51
89
105K
Nov
Jan
f Standard Gas A Elec—
(stpd)..__
.1948
62 K
61%
62 K
65,000
46 K
Sept
.1948
62 K
62
62 K
58,000
47
Sept
37 X
36 K
Mar
63 X
54
Oct
Apr
Debenture 6s
a
not
Deferred delivery sales not Included in year's range,
Included
In
year's range.,
t Friday's bid and asked price
♦
f Cash
sales not Included
1951
62 %
Debenture 6s. Deo 11966
62 %
Standard Invest* 5 Kb 1939
61%
62 %
22,000
61 K
62 %
40,000
62%
1957
62 X
5,000
Mar
63 K
63 K
Nov
Nov
n Under
in year's
x Ex-dlvldend.
No sales were transacted during current week.
Bonds being traded flat.
| Reported
In
receivership
t The following Is a list of the New York Curb bond Issues which have been called
In their entirety:
Conv 6s (stpd)
6s gold debs
rule 'sales
the
range,
102%
49
No par value,
Aug
Mar
103 K
So'west Pub Serv 6s—1945
6s
*
*
111
,
Abbott's Dairies 6s 1942, Dec. 23
Hackensack Water 5s 1977. Dec.
at 103.
15 at
64
Nov
Indiana General Service 5s 1948
63 K
Nov
Ohio Power 4Ks series D
63
Nov
101 K-
Public Service of Northern Illinois—
Jan.
T, 1939 at 105.
1956, Dec. 1 at 102.
85 K
85 K
85 K
Nov
4%s series D 1978, Nov. 25 at 102.
{Standard Pow A Lt 6sl957
63
61%
63
135,000
38
Mar
63
Nov
4Kb series E 1980, Jan. 3 1939 at 102X.
♦Starrett Corp Inc 5a. 1950
32
31%
32
2,000
18 X
Mar
37 K
Oct
62
40
Sept
60 K
Nov
52 X
2,000
36
Sept
55 K
Nov
103'u 103'i«
4,000
Sttnnes
(Hugo) Corp—
2d stamped 4s
1940
2d stamped
4s
*57
52 %
1946
f Suoer Po wer of 111 4 %s '68
fist 4Ks
1970
103'i«
Nov
106K
Oct
103%
Apr
107 K
Aug
90 K
11,000
65 K
Feb
56
56
13,000
98 H
99 K 154,000
55,000
103K 103 %
35%
Sept
63 H
82%
Mar
100 K
Jan
94
Mar
104K
May
90K
Mar
101K
Aug
Apr
89 K
Nov
Mar
65 K
July
89 K
Tern! Hydro-El 6K8..1953
Texas Elec Service 5s. 1960
99 %
Texas Power A Lt 5s._1956
103%
A
102»,«
2,000
104
Tennessee Elec Pow 5s 1956
6s series
11,000
104 K
2022
100%
101
*88 K
Tide Water Power 5s._1979
89
75 K
56%
44
2,000
95
Twin City Rap Tr 5Ks '52
55X
32,000
e
Cash
sales
transacted
during
the current
week and
not
included
In
weekly or
yearly range:
Oct
No sales.
Nov
Tlet* (L) see Leonard
56
4Kb series F 1981. Jan. 3, 1939 at 102%.
4Kb series I I960. Nov 25 »t 404
Super-Power Co. of III. 4Ks 1968, Dec. 17 at 103.
1st 4Ks 1970, Dec. 17 at 104.
jr
Under-the-rule sales transacted
during the current
week
and not included
In
weekly or yearly range:
No sales.
2
Deferred
;
delivery
sales
transacted
during
the current week and
not Included
In weekly or yearly range:
jsfo gales
Abbreviations
Used
Above—"cod,"
without warrants.
consolidated;
*'n-v," non-voting stock;
certificates of deposit; •'cons,"
"cum," cumulative; "conv," convertible; "M," mortgage;
"v t c." voting trust certificates;
"w I," when Issued; "w w," with warrants-
x-w
Financial
3290
Nov. 26,
Chronicle
1938
Other Stock Exchanges
Estate Securities Exchange
New York Real
Bid
Unlisted Bonds
B'way 38th St Bldg 78 1945
Unlisted Bonds
Ask
11 Weet 42d St
59
Bid
6X* unstamped.
22
OX* stamped..—..—.
22
mm-
mmm
Listed and Unlisted
Ask
Bldg—
3X* unstamped....1945
Bryant Park Bldg—
Park Place Dodge Corp—
Income 5s 1952 v t c
10 East 40th St Bldg 5s '53
250 West 39th St Bldg 6s'37
SECURITIES
CHICAGO
Closing bid and asked quotations, Friday, Nor. 25
38
Paal H.Davis & 60.
mm-
Members
8
6X
82
mmm
9
Chicago Stock Exchange
Chicago Board of Trade
New York Stock Exchange
New York Curb (Associate)
mmm
10 S. La Salle
Baltimore Stock
Nov. 19 to Nov. 25, both inclusive, compiled from official sales lists
Sals
Par
Stocks—
Price
Chieago Stock Exchange
Sales
Friday
Last
Week's Range
of Prices
High
Low
Nov. 19 to Nov. 25, both inclusive,
Bangs Since Jan. 1, 1938
for
Week
r
1st pref v t c
*
Black A Decker com...—*
Consol Gas E L A Pow
*
5% preferred.,....—100
19X
18X
X
X
IX
21X
IX
71X
116
Low
19 X
1,275
12 H
X
319
IX
21H
71X
161
llbX lib
77
X
X
9X
bbX
112X
7
75
4X
71
High
Houston Oil pref—....100
Mfrs Finance—
1st pref
Mar Tex OH
ex
30
63
Jmmmmm
19
North Amer Oil com
1
Northern Central Ry
15
—mmmmm
60
Penna Water A Power com*
Seaboard CommT com.. 10
U S Fidelity A Guar..
2
——————
mmmmm-,
——————
17X
-
65
Mar
Apr
Mar
Mar
Mar
Oct
20
Price
Par
Stock*—
Apr
Mar
10X July
20
2,240
33X
135
15
15
6
60
10
10
50
com..l
8
8
50
iax
3
Jan
2H
Jan
10
Mar
500
1
June
50
72
June
73X
13 X
17X
H
Sept
15
10
59H Apr
12 X June
8X Mar
145
26
4,300
.
Nov
34
X
iex
Equipment com..—1
oom_...l
Athey Truss Wheel cap...4
Aviation Corp (Del)
3
Aviation A Trans O cap.l
A 5b flat
1975
B 5s flat
1975
19X
22 X
—m——m—
19
16
20
19 X $10,600
22 X
3,300
lbX
82 X
82X
78
1,500
Mar
Mar
86
..1947
96
98
96
Boston Stock
3,000
Feb
92
Apr
96X
Jan
Nov
Nov. 19 to Nov. 25, both inclusive, compiled from official sales lists
Sale
Stocks—
Par
Price
of Prices
High
Lota
non-cum
pref
60
1st pref
IX
60
100
Assoc Gas & Elee Co el A. 1
Boston A Albany
100
Boston Edison Co
100
Boston Elevated......100
Boston Herald Traveler..*
Boston A Maine—»
Common stamped...100
Prior pref
......100
CI A 1st pref std.... 100
Class A 1st pref
100
Class B 1st pref std.. 100
Class D 1st pref std..100
Class E 1st pref std..100
Class E 1st pref..... 100
Boston Per Prop Trust
*
148 X
128 H
52 H
18
High
...
18X
160
8
550
6H June
8X Mar
bH Mar
5%
cum
Oct
Mar
20X
Jan
454
July
12
58H May
2 AO
2X
2
Oct
10
July
24X
July
14
Apr
26
Jan
9
Mar
14
Jan
Mar
73X Nov
41K
X Aug
3X June
2X Sept
Mar
Mar
Jan
100
ax
2X
IX
2bH
38K
8,650
1,000
73
73
100
1
250
X
BOX
81X
July
IX
7X
July
Nov
Nov
July
bX
2X June
Nov
86
80X
July
Jan
88 H
Sept
Jan
10X May
2X Nov
Mar
28
16c Nov
12
May
100
Sept
sept
BX
IX
50
2X
Oct
2H
66
106
X
eax
636
7X
Mar
1
25X June
90
Apr
90
35
26
IX
■
Nov
Cities Service Co—
10
(New) com
.
7X
2X
16o
July
Consol Biscuit com..
lbX
ex
July
Consumers Co of HI com B*
IX
Nov
IX
Nov
Com pt sh A v t C
50
Container Corp of Amer. 20
Nov
Continental Steel—
IX
100
1
July
135
5X
Mar
10X
4X
7X
20c
20c
100
May
20o Nov
70c
Commonwealth Edison26 X
27X
3,600
17c 173,300
200
lbX
200
ex
22
May
170 Nov
Jan
Oct
280
8
33
8X
15
Nov
75
Jan
Preferred
IX June
IX
95c
41
9X
2X
IX
16
23 X
13
206
279
9X
Sept
Sept
Sept
IX
9,199
X
13X
3X
IX
2X
15H
July
Apr
Apr
Oct
Apr
Apr
IX
July
47
375
11
280
IX
21
1
3X
Mar
7X
Aug
2
July
17 X
2X
IX
2X
60
lbX
lbX
30
X
IX
11H
Feb
J&n
Sept
10
95
48
Aug
May
IX
.....
100
100
_
.
60
100
4H
Oct
Oct
100
Nov
Cudahy Packing pref.. 100
Cunningham Drug com2M
52X
55
90
73
July
lbX
16
200
11H
Apr
17X
Nov
Jan
Dayton Rubber Mfg com.*
5H
Mar
17X
Deep Creek Oil
lbX
14X
20X
50
Feb
lbX
14X
20X
Deere A Co
3
Jan
52
May
30 H
Class A....
5
.*
Dodge Mfg Corp com
*
Eddy Paper Corp com
. *
Elee Household Utll eap.6
Elgin Natl Watch Co...15
Nov
11
14X
*
Oct
10
13
June
20
Feb
245
16
8ept
23
Nov
20
5
3X June
ex
Jan
Dixlo-Vortex Co-
Feb
47
pre!'.*
.........
Dexter Co com....5
Jan
IX
conv
com
Nov
19X
ax
ax
21
IX
IX
6
6
ax
8X
8X
439
4X June
OX June
X
IX
bX
300
20c
Sept
60o
July
25
Goodyear T A Rub
X
June
3X
July
ax
X
IX
bX
4X
Sept
Sept
9
Jan
Gossard Co (H W) com
*
Great Lakes DAD oom—*
22
Mar
Mar
28
30X
50
30X
34
Mar
Mar
Mar
14X
Jan
21
Feb
Aug
Mar
bX
2bX
aex Nov
38H
Oct
Apr
Mar
iox
Nov
2X
Jan
Mar
16
9
10
250
7X
16
16
100
10X
4X
750
2X
22X
4
22X
1,000
aex
IOX
aex
3
IOX
400
4
Jan
May
29
15
Oct
Jan
ax
a
887
1,285
•
110
......
16
26
4
24X
3X
13
iooji
45c
20X
3
25
50
16
15
2
641
IX
150
18X
25X
4
13 X
100X 103
69
5
59
1,355
Sept
Mar
50
55
Sept
1
June
370
Mar
178
43c
45c
1,350
14
Oct
13
81
IX
10X
3X
50
475
IX
IX
X
iax
20X
2X
15X
11
3X
NOV
3X
Jan
21
Fairbanks Morse com..—*
FltzS A Conn DAD com.*
Nov
IX
X
i4x
21H
3
lbX
11X
26X
14X
27
24
24
98
IX
110
X
157
9X
646
13 X
6
23
109 X
68
2X
79c
Aug
July
Sept
Sept
Mar
2
General Finance Corp com)
Gen Household Utll—
"ax
2
13 H
ax
50
1
14X
com.
11X
25
Hall Printing Co com
14X
32x
11X
24X
11X
10
Harnischfeger Corp com. 10
bX
ex
8X
11X
Jan
Houdaille-Hershey cl B
*
Hupp Motors com...—..1
Jan
Illinois Brick Co
15X
2X
ex
lbX
87X
Jan
Jan
Jan
Sept
May
20
12X
Oct
6X
7
com 100
Inland Steel Co eap...—.*
Iron Fireman Mfg v t c
*
International Harvest oom*
IX
50
313
aax
lix
450
25X
1,160
12.
bX
ex
8X
2SX
11X
1 bX
2X
7
4X
Jan
Sept
2X
Jan
X
June
23X
Jan
22K Sept
36X
Nov
Mar
Mar
UX
27X
Oct
13X
Nov
13
6
12 X
150
5
Mar
70
5
Sept
400
Jan
2X June
5X
Jan
Oct
8X June
7X Apr
50
4
Mar
8%
Nov
50
20
Mar
25X
Nov
20
11
May
450
13,475
200
BX Mar
X June
Mar
5
14
nx
Jan
Oct
2X
Oct
8X
nx
94X
Oct
Nov
90X
113
OX
69X
lbX
61X
21X
23,
lbX
62X
22
23
50
129
64X
Sept
19
68
Nov
350
10X June
24
Nov
Mar
25
Nov
ax
7X
ax
8X
lbX
285
Mar
July
Nov
Jan
8
10
2X
4X
10
1,550
...
25X
Feb
150
X
Common
Goldblatt Bros Ino com..*
com
.
ax
*
Feb
July
760
2X
13
Horders Inc
July
24 X
1X
4X
Oct
Jarvls (W B) Co cap
Jefferson Electric com
1
22
*
23
50
12K May
15X
Mar
BH
Oct
Jan
Mar
17X
Oct
100
5X
Mar
9
Oct
290
Eats Drug Co oom......1
Kellogg Switchboard com. *
17
Apr
28 X
Oct
10
10
50
5X
Jan
15
Mar
12
14
Ken-Rad Tube A Lp cl A. *
Apr
26
Nov
aix
32
40
20
Mar
35X
50
Kentucky Utll Jr cum pt 50
6% preferred
100
Kerlyn oil Co com A
5
Kingsbury Breweries eap.l
78
78
20
63
Apr
78
Nov
8X June
5
Mar
IX
Mar
800
80X
82 X
770
42X
30
Mar
85 X
Nov
38 X
Jan
44X
Nov
Mar
IX
Jan
Oct
7X
8X
4X
Nov
70c
76c
950
55c
7X
7X
100
6
185
Warren Bros
BX
Mar
4H
3X
4X
264
2
Sept
22X
22X
22X
20
19
Sept
76
5
"lox
Fuller Mfg Co com.—1
Gardiner-Denver com new*
HeUeman Brew Co O cap.l
Hein-Werner Motor Parts 3
Heller Walter ACopfww.25
May
June
12X
42
78
-2X
Feb
July
25
580
42X
3293.
11
Jan
3X
19X
325
81X
Eastern Mass St Ry—
Series A 4Kb
1948
IX
7X
Feb
Illinois Central RR
7X
ax
17o
8X
bX
10
350
7
For footnotes see page
Jan
17X Sept
20
34X
lbX
8X
bX
121
7
*
2
Rights (w 1)
........
Compressed Ind Gases cap*
IX
2X
IX
IX
13 X
18
Venezuelan-Mex Oil
10
Waldorf System
......*
Warren (S D) Co
ax
...*
July
July
Apr
14X
—.......*
900
26 X
13 X
5
United Shoe Mach Corp. 25
Preferred
.......25
Utah Metal A Tunnel Co.l
IX
b2X
May
6
500
103 X 105
—
5X
.»
Union Twist Drill Co
IX
b2X
IX
b2X
105
*
Nov
Nov
Nov
Reece Button Hole Mack 10
Sbawmut Assn T C.
•
Stone A Webster....
Torrlngton Co (The)
100
260
New capital.........25
Sept
Old Colony RR.......100
Certificates of deposit...
Pacific Mills Co
*
Pennsylvania RR......60
Qulncy Mining Co
25
X
ex
Jan
IX
IX
IX
IX
NYNHAHRR.....100 "~ix
North Butte
X
ex
mm — m —
IX
IX
IX
IX
12X
15
IX
2
Ino
..............l
New Eng Gas A EI Assn
pf *
New England Tel a Tel 100
New River 0% cum preflOO
X
ex
Chrysler Corp com......6
617
3
Mergenthaler Linotype..*
Narraganeett Racing Ass'n
410
July
3X
4X
*
100
v t c
71X
Apr
4%
*
pref.
69 X
108
Mar
Hathaway Bakeries-
Mass Utilities Ass
100
660
'
Class B
200
■H
Sept
Georgian Inc class A pref 20
Isle Royal Copper Co... 16
Maine Central com.......
600
14
Chic A N West Ry com 100
1
12
Razor...".*
22 X
23
Chic Flexible Shaft oom..6
1
22
.....
1,185
Jan
105
12
Gilchrist Co..
Gillette Safety
Jan
Apr
676
20X
bX
8X
2X May
5X Mar
IX
1
Employers Group......-*
Oet
1,400
aex
nx
108 X
IX
"ax
Mar
Mar
1
100
16H
X June
1
22
Preferred B
22X
840
60
IX
Adjustment.....
100
Eastern SS Lines com....*
Mar
32
lbX
ax
~
Preferred..
Club Aluminum Utensil
47
12X
aix
14H
ax
70X
Cent States Pow A Lt pf.*
Mar
Mar
IX
600
14
Chieago Corp oommon..*
5X
8X
5X
1,800
20
21X
22X
.......1
Nov
2X
IX
24
8
preferred.—.*
Nov
13X
July
iax Jan
iax Nov
Oct
26H
ax May
19X
16
*
May
47X
Oct
aix
.1
...
pref
conv
2
859
Jan
IX Jan
bX .Nov
7X Nov
ax Nov
22X
150
Preferred
386
Mar
Nov
iox
28X
223
18X
7X June
Nov
ex
"im
5
com. 6
16
134
2X June
5X
Oct
IX Mar
6,950
1
Inc
149X
19
0% preferred.......100
100
86
900
150
Mar
Apr
bX
100
12 H
12 X
Mar
1
11
U0X
235
4X% prior pref.....100
100
15
6
East Boston Co
...10
East Gas A Fuel Assn—
Common
......*
Eastern Mass StRy—
Common
1st preferred..
120
1,158
2X
bX
IX
5X
Boston A Providence..100
Brown-Durrell Co com...*
Calumet A Hecla
25
Copper Range.........25
IX
IX
13X 13 X
147X 148X
X
X
78 X
81
127
128 X
52X 54
Apr
Mar
12
American Pneum Sep—
6%
bX
X
12X
10
Prior lien
Amer Tel A Tel
100
8X
Common..
Low
10X
IX
70
160
Central S W—
nr..*
Shares
Apr
Sept
Mar
8X
$IX
Bangs Sines Jan. 1, 1938
for
3X
Central 111 Seo—
Sales
Week's Range
750
3,310
Common
Last
45
130 H
bX
7X
ax
(New) common.....—6
Bruce Co (EL) com
5
Burd Piston Ring com—1
Butler Brothers
—10
5% conv pref
....30
Castle A Co (A M) com.. 10
Central Cold Storage com2C
Cent 111 Pub Ser S6 pref..*
Exchange
Friday
50
707
bX
Oct
Borg Warner Corp—
Finance Co of Amer—
4%__——
48X Nov
'
3
Berghoff Brewing Co
Jan
Mar
70
SH
67
7X
Belden MfgCooom
Bendlx Aviation com
13X 'Oct
17X Oct
23 H
27
nx AU
49 H NOV
Bastlan-Blesslng com....*
Jan
Jan
Bonds1975
14
June
ax
Bliss A Laughlln
Bait Transit 4s flat
June
6
Barlow A Seelig Mfg A cm5
Jan
4X
Nov
ax
7
10
IX
4X
bX
Asbestos Mfg Co
Jan
76
bX
eox Nov
12X Sept
Mar
.10 x
oommon—6
Aro
Nov
IX
94 x
65
Apr
Mar
4
147 X 148 X
pref-.-.100
Amer Tel A Tel Co cap.100
Oct
82 X
lbX
Amer Pub Serv
Z6X
4X
200
13X
9
48X
Allis-Chalmers Mfg Co...*
Oct
Oct
9
Allied Products Corp comlO
Nov
10
IX
IX
isx
High
Low
350
59
Aetna Ball Bearing
Oct
June
IX
IX
82 X
73X
13
65
Shares
*
Adams Oil A Gas com
Armour A Co
9X
IX
IX
IX
IX
114X
19X
Hit
(new).......*
Common
73X July
June
tie
Mar
Low
yy c6/v
Abbott Laboratories—
Nov
Apr
Mar
•1
Range Since Jan. 1, 1938
for
of Prices
Jan
1
2X
24X
Mar
11
7bH
nx
2,531
33
IX
Common class A......1
Martin (Glen L) Co com—1
Merch A Miners Transp— *
120
113 X
110
18X 19X
9
26
1
lbX
lb.
Sales
Last
Allied Laboratories oonv
Eastern Bug Assoc com.. 1
East Sugar Assoc pref
1
Fidelity A Deposit..——20
compiled from official sales lists
Friday
Shares
Sale
Arundel Corp
*
Bait Transit Co oom ▼ t e_*
St., CHICAGO
Exchange
31,000
49
Mar
26
76
Jan
Nov
July
Nov
7X
Loudon Packing oom
3
ax
ax
200
X
2X
7%
La Salle Ext Unlv com...5
Le Roi Co common
10
Libby McNeill A Llbby.. *
Lincoln Printing com.
*
33^ preferred
*
150
X
150
2X
7X
100
IX May
6X May
11
ex
170
6
Mar
9
4
550
30
40
ex
4
30
ax
30
150
250
X
2
24X
IX
Feb
3X
Oct
Feb
July
Jan
Apr
4X
Aug
Mar
31X
2X
July
Sept
July
Volume
Financial
147
Week's Range
of Prices
Week
Price
Low
High
Shares
Stocks (Concluded)
High
Low
Par
Randall
X
X
900
Jan
12X
13 X
5,200
X
6X
IX
12 X
Mar
14 X
Nov
9X
5X
Mar
14 X
31
Jan
Sabin-Robbins pref
27 X
Jan
US Playing Card
Mer A Mfrs 8ec cl A com.l
5X
5X
9X
27 X
5X
130
McQuay Norris Mfg com.*
9X
27 X
Oct
US Printing
com.—
50
850
24
2X
Mar
Apr
Mar
6
Common
Rapid
—
Oct
4X
4X
4X
IX
Mar
6X
6X
6X
2,750
4X
Mar
8X
3c
11c
3,900
3c
Nov
2
July
3X
4
450
1
IX
100
1
1
June
125
IX
June
40
13 X
June
98
May
104 X
Jan
Oct
5
104 X
31X
222
27
Jan
Nov
IX
132
1
Sept
50
IX
6X
32 X
3
6X
64
4
Sept
9X
Nov
7X
8
7X
Nov
10X
July
10
30
30
„__*
.......
Wurlitzer
7X
21X
275
Jan
Jan
3X
5
3
15
2X
15
104 X
100
,
High
Low
Shares
Oct
7c
1
Middle West Corp cap
5
Stock purchase warrants
Price
*
—
1938
Week
...10
Preferred
Mickeiberry's Food Prod-
for
of Prices
Low
High
*
X
*
*
Manhattan-Dearborn com*
Marshall Field
McCord Rad & Mfg A
Range Since Jan. 1,
Week's Range
Sale
for
Sale
Par
Last
Range Since Jan. 1, 1938
Last
Sales
Friday
Sales
Friday
Stocks (Concluded)
3291
Chronicle
950
Midland United CoCommon
X
*
,
Conv preferred A
*
Midland Util 6% pr lienlOO
7% prior lien
100
July
Oct
2
May
X
X
Sept
2
Jan
X
Feb
3
40
X
X
10
Nov
X
10
3
Sept
7
47 X
47 X
90
35
June
47 X
*
49
49 X
494
Sept
54X
16
10
.100
pf .*
conv
______
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
Jan
IX
X
*
7% pref A..
Miller & Hart Inc
Jan
X
6X
X
500
X
July
Monroe Chemical—
Preferred
Nov
GILLIS
Montgomery War a—
Common
Muskegon Mot Spec cl A.*
16
39X
Oct
Nov
10
11
Apr
17
200
7
Apr
10X
|^j RUSSELLco.
Union Cimmerci
Nachman Sprlngfilled com*
Nat Rep Inv Tr—
Cumul conv pref stpd..*
Noblltt-Sparks Ind
No Amer Car
1
3
_
8X
Jan
17X
500
Mar
17X
Nov
13 X
40
8X
8X
Mar
19 X
May
Poor & Co class B
•
400
13
50
11
—-
X
13 X
11
'J
Last
17
Par
14 X
Mar
Jan
Airway Electric pref
City Ice & Fuel
24 X
Mar
41
Oct
300
X
Mar
Jan
50
7X
Sept
IX
15X
Nov
Cleveland Ry
Cliffs Corp v t c
Sept
Faultless Rubber
Nov
X
6
IX
13X
May
Sept
•
Sangamo Electric
114
115
140
85
Mar
117
Nov
150
150
20
129
Mar
152
Nov
10
25
25
25
50
11
11
110
16X
7X
Mar
2
350
X
Mar
2
2
27
27
10
10 X
200
************
72 X
73 X
447
200
2
********
26 X
26 X
10
20
16X
16
16 X
150
*
oom
Serrlck Corp cl B com
30
**
www****
.1
SIgnode Steel Strap—
Cumul pref
2X
S'west G & E 7% pref—100
St Louis Natl Stkyds cap.*
Standard Gas A Elec com. *
m
******
****
«,«*«
m****e*mm
3
com
15
Swift A Co
25
19 X
14X
Union Carb A Carbon cap *
*
com
com—5
Conv preferred
.7
Viking Pump Co com
Walgreen Co oommon
*
m
**********
15X
16X
32 X
16X
33 X
100
15X
Sept
21X
Nov
Feb
149
25
38X
38 X
25
31X
Sept
Nov
Apr
Nov
20 X
25X
20X
36
20 X
37
37
25
27
Mar
44 X
Jan
17
17X
62
12
Sept
20
Jan
13
June
18 X
*
100
10X
210
9X
27 X
19 X
28
50
9X
55
700
19 X
160
****<*0*4***
X
IX
25 X
16
16
110
*
5
5
210
...»
32
32
20
22
17X
17X
25
13
2
3X June
6X Mar
12
July
12X
14
70
8X June
12X
Sept
50
52
40
Nov
Lamson & Sessions
Miller Wholesale Drug...*
Jan
National Acme.
19X
107
Aug
Nat'l Refining pref---_100
Nov
National Tile
Mar
5X
*
29 X
Nov
Sept
11X
Oct
8
5
9X
*
-1
52
IX
IX
100
X
*
X
100
Nestle LeMur A
Mar
15
Mar
*
Ohio Brass B
Otis Steel
25X
13X
X
40
Jan
6X
Jan
Mar
Apr
32
Nov
Mar
20 X
July
Feb
Sept
IX June
X Mar
Richman Bros
—
Nov
Seiberling Rubber __
July
.
*
"34 X
6X
60
Feb
3X June
Oct
1
20
110
14 X
16X
35
4X
July
19X
Nov
Feb
512
30
Mar
39
July
80
2
Mar
49 X
120
12
Apr
50
4
500
4
June
7
4X
480
IX June
5
Nov
63
Nov
4X
46
Sept
July
Mar
90 X
Nov
West Res Inv 6% pref.. 100
63
63
Youngstown Sheet & Tube*
50X
52 X
14 X
15
60
86 X
12 X
88 X
155
63 X
13
620
7X
Sept
13 X
Nov
55
77 X
June
114X
18X
Jan
30X
124X
Nov
Feb
Sept
20X
Nov
June
Mar
July
July
X
4
4X
Oct
3X
Jan
Nov
15
5X
17X
3X
13X
33
14X
8% cum preferred
Upson-Walton.
Van Dora Iron Works
Mar
June
60
34 X
*
100
1
....
207
26
14
16X
*
Patterson-Sargent
Oct
29X
20X
25 X
*
—
Jan
13
Apr
7X
22X
4X
2X
X
2X
250
X
Mar
X
IX
2,400
X
IX
14X
13X
Nov
250
2
Mar
IX
10X
16X
10X
17
560
25
20 X
306
22X
June
Sept
245
93X
Sept
•
160
60
8X
Sept
3X
May
Woodall Indust
4X
4X
5X
300
2X
Mar
20 X
1,200
9X
May
20
20
17X
3X
Jan
Nov
550
*
Oct
80
Mar
5X
Zenith Radio Corp com
July
*
Jan
5
2
Jan
39
Jelley Isl Lime & Tran
5X
5
com
29
Aug
17
28 X
WlsconslnBankshares com*
Wieboldt Stores Inc com.. *
'
*
Mar
113X H6X
10 X
10X
------
T1
Jaeger Machine
June
2X
27X
8X
Jan
1,406
Medusa Portland Cem
50
Oct
22
Oct
Jan
670
23 X
21
Aug
28
Apr
3X
Mar
22
79X
58
Jan
32
550
McKee (A G) B
90
X
20
Jan
60
July
112
19
13X
40
12
Jan
Sept
Nov
2X
Mar
80
28
18 X
Sept
14
6X May
47 X Mar
13X
107 X
13
25X
Jan
106
101X 102 X
*
Western Un Tel eg com. 100
W'house El A Mfg com..50
3X
4X
Thompson (J L) com....25
Trans Co (The) common.2
United Air Lines Tr cap. .5
U 8 Gypsum Co com
20
79 X
10 x
5
Swift International
105
27X
Standard Oil of Ind—...25
Stewart-Warner
l_5
Utility A Ind Corp
50
30
Apr
19
Murray Ohio Mfg
+
So Bend Lathe Wks cap. .5
Utah Radio Products
.
30
112
9X
Interlake Steamship
Schwltzer Cummins cap_.l
Sears Roebuck A Co oom. *
Sunstrand Mach Tool
*
„
150
1
High
Low
4X
7X
6X
9X
*
115
10
46
112
100
100
100
Rath Packing Co com
Reliance Mfg Co com
Rolling Hos Mills oom
for
Week
Shares
High
6
Goodyear Tire & Rubber. *
Great Lakes Towing.. .100
50
155
Range
of Prices
Low
Cleve Elec 111 54.50 pref..*
Apr
Aug
Halle Bros pref.
Quaker Oats Co common.*
Preferred
Price
Range Since Jan. 1,1938
June
168
11X
Week's
Sale
Stocks—
official sales lists
Sales
Friday
16 X
24 X
1
1
------
Mar
Exchange
Nov. 25, both inclusive, compiled from
July
8
July
to
220
14 X
21X
37X
X
13 X
1
1
10 X
15 X
14X
20X
—
Apr
Nov. 19
Aug
19X
Sept
5X
46
Apr
13X
8
36X
"x
18 X
10
20
18X
—
*
Potter Co (The) com
Pressed Steel Car—
180
42
8
16 X
Cleveland Stock
Aug
Mar
18X
1
com
13
Oct
6
41
Parker Pen Co (The) com 10
Penn Elec Switch conv A10
Pines Wlnterfront
Oct
3X
Apr
10
Oshkosh B'Gosh Inc com.*
Pennsylvania RR cap
50
Peoples G LtACoke cap 100
IX
150
650
16 X
17X
*
_
250
A. T. & T. OLEV. 565 & 566
July
7X
7
******
100
c com
3
13
Mar
'
July
IX
26X
X June
12
13 X
mm**
Northwest Eng Co com..*
NorthwUtll 7% pref—100
7% prior lien
Omnibus Corp v t
300
13
*
Northwest Bancorp com..*
20
IX
Building, Cleveland
Oct
Telephone:OHerry 6050
24
3
20
com
9X
23 X
com __5
com
Nor 111 Finance
9
4X
*
20
45
May
100
Feb
Aug
Jan
12X
5X
5X
Watling, Lerchen Sl Hayes
Members
Nov
25X
.
_
July
Nov
New York Curb Associate
New York Stock Exchange
Chicago Stock Exchange
Detroit Stock Exchange
DETROIT
Buhl Building
"
Bonds—
Deb3Xsstpd
Telephone: Randolph 6530
$
Commonwealth Edison—
107
1958
107 X
10,000
100 x
Nov
110
Oct
Detroit Stock
Exchange
both inclusive, compiled from official sales lists
Nov. 19 to Nov. 25,
Cincinnati Listed and Unlisted Securities
Sales
Friday
Range Since Jan. 1,1938
Last
W. D. GRADISON & CO.
Par
Stocks—
Members
Cincinnati Stock Exchange
New York Stock Exchange
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Shares
«
DIXIE TERMINAL
—5
Bower Roller
*
Burroughs Add Mach
*
Burry Biscuit com—12Xc
Teletype: OIN 68
Telephone: Main 4884
BriggsMfgcom
Bro wn-M c Laren
Cincinnati Stock
Nov. 19 to Nov. 25,
Last
Sale
Par
Price
Aluminum Industries.
18 X
—
".11*
7X
*
Cin Gas & Elec pref—
[loo
Cincinnati Street
..60
__
Crosley Radio
18
3X
18 X
3
102 X
99
11H
7X
IX
11X
7X
IX
102 X 102 X
2 X
2X
89 X
90
Range Since Jan. 1,1938
for
Week
Low
Shares
75
240
60
150
37
3X
*
Chrysler Corp com
5
Consolidated Paper com .10
Continental Motors com—1
Mar
10
Early & Daniel.—
—*
Formica Insulation
*
Hatfield prior pref
Part preferred
Hilton-Davis pref
10
100
Aug
5
Mar
Ex-Cell-O Aircraft com...3
32
Nov
"i
94
100
6X
1
197
90
June
Feb
Jan
Sept
2X
Apr
Sept
128
75
Jan
20
6
Mar
12X
70
7X
Mar
27
27
30
Aug
105 X
Mar
12
Nov
Nov
7X
IX
102 X
Nov
Nov
5
Jan
90
Nov
10X
*
Federal Mot Truck com..*
Frankenmuth Brew com..l
Fruehauf Trailer
1
Gar Wood Ind com——3
General Motors com
10
Goebel Brewing com
1
Graham-Paige com..
1
Kahn
*
1
2 OH
1X
.
_
Preferred
28 X
20
4X
51
Nov
Hoover Ball A Bear com.
27
Aug
Hoskins Mfg com
9X
Aug
13
22X
Apr
Apr
29X
5X
3
-
Oct
7
.
Nov
Mar
*
10
*
*
*
1
1
1
Houdaille-Hersbey B
Hudson Motor Car com
Hurd Lock & Mfg com
.
.
...
Kingston Prod com
Kinsel Drag com
-.10
Procter AGamble
For footnotes see page
5
25
4X
Nov
25
615
23 X
July
28
Jan
25
23
Aug
31
Aug
56 X
3293.
4X
IX
11X
Mar
12X
Mar
27 X
Nov
953
13X
Mar
37 X
Aug
599
15X June
IX June
1
May
21X
3X
July
600
892
36
Mar
200
12X
Aug
800
Aug
9X
21X
Oct
Nov
Mahon (R C) A
9X
25
19X
IX
X
20X
427
IX
Mar
X
sept
50
X
7
12X
25
Feb
2
Jan
X
Nov
X
Nov
3
75
2
Oct
5
Jan
4X
10
May
7
July
56 X
56 X
132
3X
39 X
Mar
59
Oct
pref
Masco Screw Prod com.
McClanahan Oil com
com__l
Mich Steel Tube Prod. 2.50
Michigan Sugar com
*
Micromatic Hone com... 1
McClanahan Refin
Jan
July
Oct
2X
88 X
15X
Nov
Oct
Feb
325
1
May
IX
700
75c
Nov
Nov
July
Jan
112X
50
Mar
IX
114X
IX
650
IX
Mar
2X
2
2X
830
Jan
500
IX May
IX June
3X
2X
3X
July
19X
20 X
900
9
Mar
21
13X
4X
13X
415
6
Mar
14 X
4X
100
2X
Mar
5X
Aug
IX
IX
11X
660
1
Mar
2
July
85c
77
Nov
Oct
Nov
500
5X
Mar
6X
6X
365
1,699
4X
25X
Mar
49 X
Mar
53 X
Nov
2X
IX
375
2X
Sept
Jan
250
70c
June
3X
IX
2X
455
2
Mar
Jan
Apr
3X
12X
17X
17X
9X
Apr
85c
11X
2X
IX
IX
2X
11
8X
66c
23 X
IX
100
15X
747
8X
66c
3X
355
15X
8X
50c
IX
11
10X
15X
15X
2X
*
1
1
Nov
49 X
Lakey Fdy & Mach com.. 1
3
*
4X
150
2X
•—
25
5
4X
X
*
B
National Pumps
28 X
9X
*
Moo res-Coney A—
10X
15
14X
Apr
30
25
Kroger
•
IX
July
25
6
Julian & Kokenge
25X
31X
18 X
112
Federal Mogul com
500
4X
"28 X
80c
20 X
Mar
3
6X
10X
*
Gibson Art__—
27
80c
2X
Hall Lamp com
Eagle-Pic her Lead
IX
Six
14 X
IX
Pet-Mich Stove com
1
Detroit Paper Prod com._l
15
8X
8X
Feb
5X
19X
CleveNavcom.—10
Detroit Edison com—. 100
Detroit Gray Iron com—5
Det &
18X May
45
437
High
12X
.-60
_
29 X
99
.100
Cin Ball Crank pref
Cincinnati Telephone -
of Prices
High
3
Churngoid
Cin Advertising Prod.
Week's Range
Low
29X
Champ Paper & Fibre.
<
—
697
IX
8
25X
31X
19X
2X<
3
IX
IX
80X
81X
14X
15
IX
IX
25X
31X
Jan
IX
9X
Sales
3X
Amer Laundry Mach. -.20
Baldwin
Preferred
Exchange
both inclusive, compiled from official sales lists
Friday
Stocks—
IX
7X
1
Allen Electric com
Baldwin Rubber com.__.l
BUILDING. CINCINNATI, O.
High
Low
550
830
68c
.
2X
55c
3X
23
IX
320
175
400
100
6X
14X
6
5X
37c
IX
40c
IX
Mar
Sept
Mar
Oct
Jan
Jan
Aug
Oct
Jan
Oct
Jan
Mar
Mar
3X
Nov
Mar
25
Jan
Nov
100
17
300
80c
June
1,100
25c
Mar
100
60c
Sept
IX
Jan
10X
X
4X
Nov
26c
"89c"
89c
89c
9
9
300
5
May
50c"
50c
55c
880
32c
Sept
2X
8
3X
X
Mar
28c
'2X
12X
250
2X
Mar
IX
55c
Jan
Apr
Jan
Feb
J
3292
Financial
Friday
Week's Range
for
Sale
Par
of Prices
Low
High
Price
%
8h
4%
41 %
9H
m
5
*
Parker Wolverine
1
1%
Murray Corp com
10
Packard,Motor Car com..*
com
41%
Reo Motor
Scotten-Dlllon
3%
2 5%
2%
17%
.1
10
com..
1
1
Universal Cooler A
*
*
25
Jan
Oct
4
PHILADELPHIA
NEW YORK
1518 Walnut Street
80 Broad Street
Jan
4%
Jan
206
22
1%
Apr
4%
July
440
8%
Mar
19%
Nov
1,705
2% June
Mar
June
4%
1%
2)4 June
1% Sept
5%
3%
Jan
50c
600
400
25
82c
600
25
Mar
Jan
40c
100
3%
1%
24
1
New York Stock Exchange
Philadelphia Stock Exchange
New York Curb Exchange (Associate)
Jan
3%
3%
265
80c
*
„
com
12
2%
17%
50c
Members
Oct
Oct
25%
l%
Walker & Co A
415
July
5%
42
2
3%
Warner Aircraft
150
DeHaven Sl Townsend
Oct
2%
10%
275
3
50c
210
335
June
3%
Tivoll Brewing com
Tom Moore Dlst com
b
4% Mar
3% Mar
31% Mar
6%
Apr
114 May
1% Mar
2% Mar
3 H
2%
„.10
com
Standard Tube B com
Tlmken-Det Axle
1,140
1,970
648
Established 1874
High
87c
5
2%
5
com
Rlckel (H W) com
2
River Raisin Paper com. .*
Low
1,695
2%
3%
Penln Metal Prod com—1
Range Since Jan. 1,1938
Shares
2
m
41%
9%
2%
2%
3%
*
com
20
Jan
53c
27
Feb
Nov. 25, both
to
Jan
Nov
1%
inclusive, compiled from official sales lists
Friday
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
American Tel & Tel...100
...10
Bell Tell Co of Pa pref.
...
*
100
General Motors
...10
Last
Sale
Stocks—
Par
Bandlni Petroleum Co
Price
1
3%
Barker Bros 5 % % pref..50
Bolsa-Chlca Oil A com.. 10
Broadway Dept 8 tore
Central Investment
33
for
Shares
High
3%
4
400
33
33
Range Since Jan. 1,1938
Week
of Prices
100
Low
2%
24
Apr
3%
3%
100
1%
Mar
9
9
9
200
6%
June
18
100
18
18%
30
10
Apr
4%
July
577
3%
Mar
Nov
80
2%
Mar
195
21%
Mar
34%
157
25%
21%
Oct
Jan
Nov
Aug
Nov
50
548
3
May
5%
July
4%
4%
7%
1%
5
225
3
Mar
7%
July
4% Mar
1% Mar
14% May
9%
July
2%
30%
Jan
50
*
8%
1
Pennroad Corp vtc
1%
20%
117%
50
*
_.
25
50
Oct
Oct
Aug
12%
July
21
Nov
1.10
1.10
1.10
300
1.00
Sept
*
8%
8%
8%
200
7%
Mar
10%
Consolidated Steel Corp..*
Consol Steel Corp pref
*
July
6%
6%
6%
100
Mar
7%
Oct
Sept
11%
July
Mar
4%
10%
112
Feb
30%
946
2%
1,353
5%
603
9%
1,384
4%
208
149
35%
36
50%
*
*
3%
3%
33%
11%
33%
8%
3%
33%
*
United Gas Improve com. *
Preferred
..*
11%
*
Apr
Nov
32%
2%
4%
Mar
July
8%
Sept
Z
Jan
Oct
Nov
Jan
27% May
Mar
51
Oct
50
26%
Mar
36
July
1%
339
5%
Nov
4%
%
50
29%
1%
Oct
118
Jan
50%
10%
35%
36
Apr
17%
9
Scott Paper
Nov
141
3%
8%
16%
49%
Tacony-Palmyra Bridge..*
Westmoreland Inc
2,602
30%
1%
16%
Preferred
4,970
21%
117 % 118%
Nov
53%
Feb
4%
50
Philadelphia Traction...50
United Corp com
660
8%
2
20%
Mar
2,018
2%
3%
Jan
1%
Mar
Nov
3%
606
1%
Mar
4%
34%
12%
34%
532
22%
Mar
37%
Oct
2,854
8%
Mar
12%
Nov
335
Mar
8%
560
99%
6%
Oct
113
Nov
Oct
Nov
49%
30%
2%
7% pref
Union Traction
5%
33
112%
4
Transit Invest Corp pref.
High
May
373
Nov
23%
119%
7%
5%
35
Salt Dome Oil Corp. _...: 1
3%
.
Chapman's Ice Cream
Consolidated Oil Corp
Week's Range
150
3%
Phila Rapid Transit
Exchange
Sales
Low
Mar
Mar
48%
34%
Phila Elec Pow pref
both inclusive, compiled from official sales lists
Friday
111%
12%
Lehigh Valley
Teletype L.A. 290
Los Angeles Stock
Nov. 25,
124
205
11%
4
Phila Elec of Pa $5 pref.
to
Aug
35
Pennsylvania RR
Nov. 19
High
.
5
Lehigh Coal & Navigation *
San Francisco Stock Exchange
Los Angeles
Low
414
9%
9%
147% 147%
20
20%
117% 118%
6%
6%
4%
5%
31%
32%
Horn&Hardart (N Y) com*
Natl Power & Light
623 W. 6th St.
118%
*
Elec Storage Battery
Chicago Board of Trade
„
20
100
Budd Wheel Co..
MEMBERS
Angelet Stock Exchange
.
Budd (E G) Mfg Co..
Wm.Cayaiier & Co.
Exchange
Range Since Jan. 1, 1938
Week
Jan
Barber Co...
New York Stock
Sales
Last
Jhm.
Jan
2-5
Sept
Philadelphia Stock Exchange
Nov. 19
American Stores
Lot
1938
Week
Mid-West Abras com,.50c
Parke-Davis
Nov. 26,
Sales
Last
Stocks (Concluded)
Chronicle
Creameries of Amer
v
*
10
Electrical Prod Corp
10
10
600
4
t c.. 1
2%
7%
4
4
100
3%
10
10
300
10
10
1.45
Mar
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
9%
9%
9%
200
6%
Mar
11%
Oct
77 %c
77 %c
80c
800
52c May
1.10
369%
369% 369%
10%
Jan
El <fc Peoples tr ctfs 4s. 1945,
8
Apr
5
9% $21,500
9%
Nov
Pittsburgh Stock Exchange
Aug
Farmers & Merchs NatllOO
Apr
Bonds—
General Motors
com
10
49%
General Paint Corp com..*
8%
Gladding McBean <fc Co..*
Hancock Oil Co A
9%
*
com
40%
Holly Development Co...l
Hupp Motor Car Corp_..l
49%
17
49%
8%
100
340
25%
Apr
Mar
399
to Nov.
25, both inclusive, compiled from official sales lists
Friday
Jan
53%
9%
Nov
8%
100
9%
400
7
Jan
12
July
40%
100
25
May
44
1
1
1
2%
2
2%
500
18,000
6%
65c
Sept
July
Mar
1.30
Sept
50c June
2%
Oct
Stocks—
Par
Low
25%
-
Range Since Jan. 1, 1938
25%
High
2%
50%
200
26%
2%
52%
13
Shares
13
Low
11%
2%
24%
6%
High
Mar
Oct
Mar
Mar
*
*
51%
*
1
mmmmm'm
65c
65c
75c
245
50c May
*
6%
6%
7%
240
5
Mar
10%
11%
464
8
Apr
5
Mar
28%
2%
30%
Mar
30%
Nov
3
600
2
Jan
Columbia Gas & Electric
3%
200
3% June
3%
6%
Mar
3%
50c
50c
50c
300
49c May
75c
Jan
1
4%
4%
80c
m
m
m
m
40
4
Jan
July
1
mm
Nov
29%
Arkansas Natural Gas
2%
7c
29%
•
9c
3,100
2,400
7c
Sept
18c
5%
Jan
4%
8,500
4%
Nov
5c
3c
3c
3c
2,000
3c
Feb
9c
Mt Diablo Oil Mng & D._ 1
May
50c
50c
50c
200
49c
Sept
70c
Jan
1,500
21c
July
Nordon Corp Ltd
for
Week
of Prices
Price
Allegheny Ludlum Steel .*
3%
9c
Lockheed Aircraft Corp.-l
Los Ang Industries Inc...2
Los Angeles Investment. 10
Menasco MIg Co
Mid-Western Oil Co
Week's Range
Sale
Armstrong Cork Co
Byers (A M) com.
Carnegie Metals Co
Lincoln Petroleum Co.. 10c
Mascot Oil Co
•
Sales
Last
>
Oct
9
40%
Nov. 19
Mar
Duquesne Brewing Co.. 5
Follansbee Bros pref.. 100
Fort Pitt Brewing
1
Jeannette Glass pref
100
Koppers G & Coke pref 100
1
9c
9c
9c
Occidental Petroleum
1
Oceanic Oil Co
...1
20c
20c
20c
50
30c
Jan
Lone Star Gas Co
85c
85c
85c
200
72 He
Oct
1.20
Jan
31c
100
27c
Oct
49c
20
15
85c
50
90c
25
80
70c
3,840
25
81%
Mountain Fuel Supply..10
Natl Fire proofing Corp.. 5
31c
14%
616
10
70
Nov
15%
Nov
1.75
Jan
Oct
9%
14
Jan
Oct
20
Feb
25
96
53
95c
Jan
Sept
July
Feb
40
105
Jan
Pacific Distillers Inc
1
Pacific Gas & Elec com. .25
Pacific Indemnity Co...10
31c
29
29
4
29
26
26
Republic Petroleum com.l
26
.3%
6c May
18c June
18%
3
1,212
6
Mar
.26%
Aug
6%
July
Pittsburgh Plate Glass. .25
Mar
23%
300
Penn Federal 4 % % pref 50
Pittsburgh Coal Co com 10
Mar
100
500
4
8%
July
Pittsburgh Screw & Bolt..*
Pittsburgh Steel Fdry pflOO
Plymouth OH Co..
..5
Reymer & Brothers
*
Mar
Nov
30
Richfield Oil Corp com
Richfield Oil Corp com
Warrants
;
*
20c
20c
20c
*
8%
2%
7%
9
2%
2%
1.800
1.10
Mar
Ryan Aeronautical Co
2%
Aug
1
4%
4
4%
12,000
1.05
Mar
4%
Nov
'
12,500
*
5c
Mar
9c
Nov
Shamrock 011 & Gas
Security Co units ben int.*
Sierra Trading Corp...25c
28
6c
6c
6c
1,000
Signal Oil & Gas Co A
*
80 Calif Edison Co Ltd..25
34%
34%
34%
100
18
23%
23%
23%
100
19%
28
27%
28
300
100
300
9%
6% pref B_
25
So Calif Gas 6
% pref A.. 25
Southern Pacific Co
100
Standard Oil Co of Calif..*
Sunray Oil Corp
28
28
Mar
May
25%
Apr
28%
27%
Sept
Mar
30%
28
27%
28%
1,100
2%
300
25% Mar
2% June
44
200
26
Transamerlca Corp
25
9%
18%
9%
18%
10
17
16%
2
9%
17c
39
24%
19
2%
31
Mar
30%
2%
42%
31
21%
34%
3%
Mar
900
8%
19
2,3(fo
17%
17
46
Mar
12%
Mar
22%
300
6%
Jan
20%
8%
300
5%
Mar
5%
8%
5%
5%
200
3%
3%
3%
3%
200
3%
Bakers*
8%
Weber Shwose & Fixlst pf *
Wellington Oil Co of Del.. 1
10
Black Mammoth Consol 10c
5c
18%
44
Mining—
Ala^ka-Juneau Gold
Sept
19
1
Union OH of Calif
Universal Consol OH
23
30%
Superior Oil Co (The)...25
VandeKamp'sH D
31
>
Oct
*
July
9
115
m
21%
3%
2%
27
40c
"29"
237
45,
27
'
"2%
Oct
Nov
28%
Mar
Apr
Mar
24
Nov
5%
Mar
56
Apr
Jan
10%
6%
July
3%
Nov
Jan
Jan
25
6%
114%
Nov
9%
Nov
4% May
Oct
15
40
Aug
45
Nov
25
15%
Mar
25%
Jtfly
75
550
50
2
Jan
4
Oct
1%
Apr
4
Jan
Sept
45
Jan
25
Feb
100
35c
Sept
185
40c
30
15%
Mar
33
Nov
J% June
3
Jan
65c
Unlisted—
Pennroad Corp v%t c
1
1%
138
1%
Jan
July
Jan
July
ST. LOUIS MARKETS
Jan
I. M. SIMON &CO.
July
Aug
9
Apr
5%
Nov
Sept
6%
Business Established 1874
July
Jan
Enquiries Invited
on
all
Mid-Western and Southern Securities
MEMBERS
9%
100
9%
Oct
Feb
New York Stock
20c
21c
2,000
12c
Mar
39c
Aug
6%c
St. Louis Stock Exchange
6%c
8c
8,000
%c May
16%c
Aug
2%
2%
2%
100
1%
Sept
4%
Apr
lc
lc
3,000
lc
Mar
3%c
Apr
13
Exchange
New York Curb (Associate)
Chicago Board of Trade
Chicago Stock Exchange
315 North Fourth St., St.
Louis, Mo.
Telephone Central 3350
16%
34%
200
9%
300
16%
21%
18%
41%
Oct
May
3.000
3
May
7%
Nov
7
100
6
Sept
9%
Oct
1%
100
1
Sept
2%
Oct
7%
2,200
3%
Mar
7%
Oct
43%
44%
200
27%
Mar
47%
Nov
8%
8%
100
5%
Mar
8%
Nov
49%
50%
16
17
35
5%
7%
Columbia Gas & Electric.
7
7
Commonwealth & Sou...
1%
Curtlss-Wrlght Corp
7
1%
6%
43%
8%
49%
16%
Mar
Oct
St. Louis Stock
29
Mar
53%
Mar
17
Nov
American Inv
12%
5%
July
Burkart Mfg com
Central Brew com
9%
Nov
5
5
5
200
3%
Mar
7%
7%
7%
100
5
Mar
23%
23%
23%
100
13
May
7%
21%
7%
44%
38%
44%
38%
3%
66
6%
For footnotes see page 3293.
3%
66
6%
3%
66
6%
100
19%
Mar
9
25%
26%
Oct
Oct
Nov
Apr
9%
July
Oct
100
34% May
100
24%
46%
38%
Nov
100
.
of Prices
High
Low
Price
for
1
Range Since Jan. 1, 1938
Week
Shares
Low
High
Nov
6
200
44%
38%
Par
200
9%
21%
Week's Range
Sale
Stocks
sales list#
Sales
Friday
2,400
9%
21%
7%
Exchange
Nov. 19 to Nov. 25, both inclusive, compiled from official
Last
9%
200
21%
3%
2%
mmmmmm
'
mm
9%
7%
Studebaker Corp.
10
6
45
21c
16%
Republic Steel Corp.
24
6
107% 108%
9
8%
45
9%
35
Montgomery Ward & Co.
298
.
6%
4%
1%
July
Unlisted-
Kennecott Copper
McKesson & Robbins
3
24
107%
lc
Calumet Gold Mines.. 10c
Cons Chollar G & S Mng.l
855
1
Westlnghouse Air Brake
298
5%
mmmm
m
*
Oct
9%
3
1
Vanadium Alloy Steel—
Victor Brewing Co
9%
5
mmmmmm
100
100
100
5
Apr
2% June
38%
3%
Mar
Mar
4%
68%
8
Aug
Oct
Nov
July
*
com
2%
4
m
mm
7%
1
com
*
Dr Pepper com
Ely&Walker D Gs 2d pf 100
32
6%
10
m
46
m
75
Griesedleek-West Br
*
20
2%
3%
380
60
June
Aug
2%
Nov
Jan
35%
Aug
Jan
7%
Nov
55
32%
40
26
7%
1,777
10%
650
2%
4
2%
10
7%
Nov
5
10%
70
23%
100
20
95
July
102
60
May
81
75
7%
75
7%
46
14
Jan
Mar
Nov
33% May
29
100
46
Oct
25%
10% June
1% Aug
3%
Oct
115
26
28
29
Emerson Electric pref.. 100
Falstaff Brew com
-.1
com
25
20
1
5
.10
Century Electric Co
Coca-Cola Bottling com ..1
Columbia Brew com
5
Collins Morris
24%
20
Sept
Sept
850
6%
Sept
10
Apr
5
27%
Jan
50
Sept
Volume
147
Financial
Friday
Sales
Last
Stocks (Concluded)
Hamilton-Bra Shoe
Par
com
for
of Prices
Low
High
*
7
Shares
7%
High
Low
500
1
Stocks <.Concluded)
Par
Week's
of Prices
Low
High
Price
100
32
32 H
170
25
Western Pipe & Steel Co. 10
20 %
20k
20k
125
14 k
157
111k
20
11
Oct
14%
Jan
20
45
Oct
50
Oct
32%
14%
260
May
36
Jan
Nov
80
9 % Mar
6% May
15
7%
11
Jan
9
28 %
10
11
68
11
7%
104 Hi
*
5%
_
1st pref
com
St Louis Pub Serv com..
11
50
29%
65
7%
905
5
Mar
15
95
June
130
4
Apr
7%
104% 106
5
*
Scruggs-V-B Inc
Scullin Steel com
*
com
5%
15c
15c
5%
170
344
21
May
10 k
10 k
455
10
Nov
5%
6%
400
2
Mar
6k
Nov
100
3
Mar
4
July
May
7k
Nov
Mar
5k
Aug
June
24 k
2k
Aug
Wagner Electric
10
July
Aviation Corp of Del
3
7%
Sept
m
92
Apr
13 %
Nov
Bancamerica-Biair Corp_.l
Bendix Aviation Corp
5
Claude Neon Lights com.l
Columbia River Packers.*
3%
Cons Edison Co of N Y__*
Aug
1.70
1.70
30
45c June
2.00
Nov
8%
8%
50
8
Nov
8%
Apr
Curtlss-Wright Corp
1
6%
6%
125
4% June
8 %
Oct
com
6%
6%
120
6
Oct
8 %
Feb
31%
31%
55
16% June
36 %
Aug
15
31%
on
com
solicited
Pacific
5:30 P. M.
open until
Coast
Exchanges, which are
Eastern Standard Time (2 P. M. Saturdays)
1
Kleiber Motor Co
111
to
Last
Sale
Stocks—
Par
Price
Alaska Juneau Gold Mln 10
9%
Anglo Calll Nat Bank...20
Beech Aircraft Corp
12
Week's Range
of Prices
9%
12
High
2,560
12
Mar
19
40c
40C
20%
20%
51
51
51
30c
30c
420
2
13%
618
5%
48c
2,600
15c June
50c
920
15%
Mar
24
52
45%
Apr
15c
Apr
40 c
Sept
40
99%
Mar
July
1.65
Jan
2,900
1.65
Mar
106%
4%
4%
104%
104% 104%
10
101
Apr
106%
746
11
Sept
v t c..
com.
Di Giorg Fruit
4%
.*
Corp
100
13%
13%
1,737
89
90
200
2.50
2.50
177
2.50
com 10
Preferred
4%
13%
90
1
..6
Preferred
4%
3%
7%
Mar
26
4%
15%
Nov
56
92
Nov
2.50
Nov
■
5^
Jan
17%
180
16
Nov
28
10%
213
10
Nov
Nov
July
Emporium Cap well Corp.*
15%
15%
100
9%
Mar
Preferred
(ww)
50
Emsco Derrick 6c Equip..5
34%
34%
15%
34%
10%
15%
150
37
9%
83%
9%
86%
310
26%
6%
Mar
9%
Mar
11%
120
33
Mar
42
2.00
2.00
300
Indem.10
85
Foster & Kleiser com..2%
Galland Merc Laundry
*
22
22
22
200
19
General Motors
49%
49%
49%
736
25%
8
8
8
1.25
7%
8k
7H
7k
355
4H
Mar
9
8 k
8 k
10
5
Apr
10
4
4
4
100
2
Feb
5%
Oct
23
23
23
120
Apr
24%
Sept
*
com
18%
Sept
2.00
10
44
Langendorf Utd Bk pref. 50
22%
659
1.00
600
Jan
Oct
66c June
44
Apr
Oct
29%
Jan
1.30
Sept
22
930
13%
Mar
2.00
2.00
171
1.50
Sept
■2.90 June
44
60
24%
Oct
44
Nov
10%
11
225
35%
3%
May
11
Apr
11
Nov
40%
40%
275
32%
Apr
Nov
Lockheed Aircraft Corp-.l
29%
55c
28
30%
4,965
6%
Mar
40%
29%
55c
55c
185
Jan
1.13
15%
16%
1,948
8%
Mar
16%
July
8%
8%
4%
8%
8%
20
8%
Nov
16%
Aug
4%
10%
Nov
Market St Ry pr pref.. 100
Menasco Mfg Co com
1
4%
National Auto Fibres com 1
'8%
Natomas Co
*
11
11
11%
North American OH Cons 10
11%
23 k
463
19 k
28
474
25 k
Mar
1
7k
7k
7k
222
70c
70c
75c
200
66 k
66 k
66 k
575
No par value
2nd Ltq
a
50c
Cash sale—Not Included
Listed,
Dlv.
n range
Pay
4
85c
Aug
24%
28%
July
Nov
9%
1.55
Nov
May
Nov
28
Mar
70c
40
Endorsed.
for year
71
Oct
Jan
Nov
ft Ex-stock dividend,
Ex-dlvidend
x
v
Ex-rlghta.
t In default,
CURRENT
NOTICES
—Roy E. Bard,
a
partner of Sutro Bros. & Co., was nominated for the
chairmanship of the Chicago Association of Stock Exchange Firms by the
nominating committee of the association, Friday, Nov. 18, 1938.
Other nominees named
were:
Vice-Chairman: Thomas E. Murchison of Paul H. Davis & Co.
Treasurer: Leonard M. Spitzglass of Stein, Brennan & Co.
Members of the board of governors: James A. Cathcart, of Harris, Upham
&
Co.; William McKenna of Jas. H. Oliphant & Co.; Samuel J. Smith of
Hulburd, Warren & Chandler; and Leonard M. Spitzglass.
Members of the nominating committee: Ralph Chapman of Farwell,
Chapman & Co.; Wayne Hummer of Wayne Hummer & Co.; Rawson G.
Lizars of Rawson
Lizars & Co.; Frank M. Murphy of Harris, Burrows &
Hicks; and Merrill W. Tilden of Talcott, Potter & Co.
The annual meeting of the association will beheld
on
Friday, Dec. 2,1938,
—Laird, Bissell & Meeds, New York Stock Exchange firm, announced
that
effective
with
its
Monday, Nov. 21, Edgar K. Sheppard became associated
organization
as
head of its insurance stock trading department.
Angeles,
Mr. Sheppard has been in charge of the Insurance stock trading depart¬
ment of
Swart, Duntze & Co. since the organization of that firm in 1936.
Previously, from 1932 to 1936, he
&
Co., and from 1930 to 1932
Hartford firm of Goodwin,
Jan
16%
Magnavox Co Ltd
2%
March Calcul Machine... 5
23 k
28
Nov
20%
44
Oct
Sept
Mar
22
25
..1
July
40%
*
Leslie Salt Co
30c
23 k
28
25
Studebaker Corp com
U S Petroleum Co
Oct
10
Langendorf class B
7k
100
28
7%
Apr
1.00
85c
28
Huff & Co., bank and Insurance stock specialltss, in Los
Mar
1.00
85c
28
Oct
Oct
The firm also announced the opening of a new direct private wire to Butler,
25%
22
85c
%
Jan
Nov
275
22%
Nov
July
2%
-.1
*
16%
6k
12%
6% June
874
Honolulu OH Corp cap
Hunt Bros pref
Mar
3 %
Nov
1,390
Holly Develop Co
Oct
May
720
July
6%
41
Jan
10
9%
41
Jan
38c
53%
9k
Sept
25%
53%
9
22
5k
Oct
June
14o
Apr
6%
41
3 k
31
Mar
6
9
*
100
Sept
210
6%
Hawaiian Pin Co Ltd
4
2.60
Golden State Co Ltd
Hancock Oil Co of Cal A.*
4
15c
Mar
Gladding McBean 6c Co..*
*
4
Jan
866
Oct
Mar
Mar
16
10
Feb
8 k
Feb
10%
com
17c
16 k
Nov
17%
General Palnf Corn com..*
Nov
•
8 k
Nov
10%
2.00
5c
r
16 H
Nov
100
Fireman's Fund
100
16 %
July
...4
Elec Tr Prod
5c
Jan
20
8,385
Creameries of Amer
Jan
5c
Nov
300
103% 103%
3%
4%
4
3%
Crown Zellerbach
3 k
Nov
30c
26
50c
Mar
%
8k
July
3%
24%
Aug
1.50
Jan
5
18
103%
25%
23o
382
625
Feb
Jan
Central Eureka Mining... 1
Preferred
1
C'st Cos G & E 1st pref-100
Cons Aircraft Corp com__l
1,093
4,100
r
Mar
Caterpillar Tractor pref 100
4
Aug
32c
2.55
15c
t
5
20%
8
Mar
32c
49 k
High
13
Calif Engels Mining Co.-l
Calif Packing Com com..*
4%
Nov
15c
*
Low
13%
5
Feb
Nov
24
Range Since Jan. 1,1938
Mar
12
4.95
Nov
49 k
Week
Shares
9
1
12
for
400
Oct
7%
44)
1283
2.50
United States Steel com..*
150
9%
Calif Cotton Mills com.100
Calif Packing Corp pref. 50
Carson Hill Gold Mln cap. 1
Exchange
Sales
Low
20
Nov
5C
South Cal Ed 6% pref...26
compiled from official sales lists
Friday
Apr
Jan
Feb
30%
32c
Schumach Wall Bd com..*
Preferred
*
offices In San Francisco and Los Angeles
Nov. 25, both inclusive,
Nov
2,545
7
36 Hi
44 %
Apr
Mar
6
49
Sears Point Co
Nov. 19
899
1,016
1,161
7
37 k
128k
22k
23k
19 k
3k
Jan
Radio Corp of America-..*
Riverside Cement Co A..*
Exchange
Francisco Stock
2k June
200
30%
7
Sept
Oct
2.50
1
Shasta Water Co com.
So Calif Edison com
San
20
36%
7
1
17
Mountain City Copper..6c
Go.
Broadway, New York
own
4
7
13k
370
122
23
Montgomery Ward A Co.*
Cortlandt 7-4150
Private Wire to
230
40%
North American Aviation. 1
Schwabacher &
Members New York Slock
3
7
36 %
5
MJ4M4M Cons
3k
1,418
30%
125%
10
McBryde Sugar Co
2,620
4
30%
Italo Pet of Amer com.... 1
Italo Pet Corp of Amer pfdl
Stock
7%
4
*
Gt West Elec Chem com.. *
Gt West Elec Chem pref. 20
42c June
3k'
3k
23k
23k
lk
1 k
1%
Idaho-Maryland Mines.. 1
Orders
Ik
23 %
Dominguez Oil Co
10
com..
Stlx Baer & Fuller
3
107
147% 147%
6k
*
*
Sieloff Packing com
Sterling Alum
12
1.70
Warrants
11%
5
Nov
Jan
1,300
Ark Nat Gas Corp A
15c
Jan
70c
52c
35 k
Nov
7
149 k
50c
35 k
30
Oct
Apr
52c
Feb
Sept
July
35 %
July
7c
4
23k
147%
July
July
Jan
Mar
Anaconda Copper Min..50
Anglo Nat Corp A com
*
13 %
6%
41 k
Unlisted—
May
18
High
May
American Tel A Tel Co. 100
Amer Toll Bridge (Del)..l
13
June
8%
10
5%
12
..*
Low
32
Argonaut Mining Co
Rtce-Stix Dry Goods
Shares
Walalua Agricultural Co.20
12%
29
Natl Bearing Metals com.*
Natl Candy 2nd pref.
100
Range Since Jan. 1, 1938
for
Week
Oct
49 %
11
11
Range
8k
Apr
7%
*
Sales
Last
Sale
32%
14%
*
25
com
Mo Port Cement com
Mid-West Pipe com
Friday
12%
*
com
Laclede-Christy C Pr
m
Range Since Jan. 1,1938
48
Preferred Ser '36
50
International Shoe com.. *
Johnson-S-S Shoe
3293
Week
Price
*
Hussmann-Ligonier com
Week's Range
Sale
Chronicle
of the New York office of the
Beach
& Co.
Mr. Sheppard entered the In¬
vestment business in 1913 with Gilbert Eliott &
a
with G. M.-P. Murphy
was associated
was manager
Co., in which firm he
partner from 1922 to 1927.
'
was
.
Nov
4%
6,243
800
Mar
8%
1,250
3%
Mar
11%
11%
210
7%
Mar
12%
Aug
250
m
Mar
13%
—Robert
formed
a
J.
Phillips & Co., Board of Trade Building, Chicago, have
tradi ng department to deal In over-the-counter securities, which
will be under
t he direction of R.
F. Ferguson and Robert W. Duff.
The
Feb
Oct
firm
specializes
in
traction securities,
real
estate,
stocks and bonds.
—Livingston H. Burger has Joined Burr & Co.
1
22c
22c
22c
160
O'Connor Moffatt cl AA..*
8%
8%
8%
30
5
Oliver TTtd Filters A
_*
21%
21%
21%
150
15
Oliver Utd Filters B
'.*
5%
5%
5%
100
3%
Mar
Pac Amer Fisheries com..5
6%
9%
6%
200
10
Jan
350
6%
4%
Nov
9%
2.10
6%
9%
2.15
Mar
12
1.40
Jan
28%
29%
742
23
Mar
31
30%
108% 109
7%
7%
592
27
Mar
170
99
Mar
109
Nov
Mar
8%
119%
Nov
8
Nov
25
June
as
Northern New Jersey
Oct
2,174
utility, and industrial
Occidental Petroleum
Pacific Can Co
*
com
2.15
Pacific Coast Aggregates 10
Pacific Gas A Elec com..25
6% 1st pref
29%
31
25
Pac Light Corp *6dlv..i*
108%
Pac Pub Ser non-v com..*
7%
Pac Tel A Tel com
.....
Puget Sound P A T com
116%
100
.
7.
.*
114
7
116%
100
7
140
1
17%
16%
17%
25
23%
23
24%
Republic Petrol Co com..l
Rheem Mfg Co
1
13%
Rayonier Inc com..
Preferred
4
Richfield OH Corp com...*
3%
13%
1,166
4
13%
17C June
30c
Jan
May
10%
Jan
3%
Mar
Apr
87%
3% June
7%
2.35
29%
31%
Aug
July
Sept
Jan
17%
29%
500
2%
Mar
6%
9%
Mar
14%
Jan
14,100
4%
Mar
2.60
1,100
1.25
Mar
1
16%
16%
16%
160
12
Roos Bros pref ser A... 100
1.00
1.00
1.00
10
87
Ryan Aeronautical Co—1
4%
4%
8,295
SchlesingerCo (B F) com.*
2.00
Shell Union Oil com
Soundview Pulp com
2.00
267
*
14%
14%
14%
228
5
22%
375
94
22%
22%
18%
93%
18%
94
Southern Pacific Co...100
So Pac Fold Gate Co A... *
25c
25c
Preferred..
T100
*
B
10c
28
Standard OH Co of Calif..*
10c
27%
50
1.05
9
Nov
Nov
17
June
100
"Oct
Apr
4%
80c May
2.00
July
July
10
Apr
18
11%
Mar
25%
Mar
95
Nov
Mar
22%
Jari
10c
July
70c
Aug
9%
27c
600
300
10c
Nov
2,322
25%
Mar
50c
1
56c
56c
56c
100
Thomas Allec Corp A
*
1.10
1.10
1.10
10
Tide Water Aas'd Oil com 10
2
13%
9%
13%
9%
Treadwell-Vukon Corp... 1
55c
50c
18%
19
July
Sept
1.20
Jan
75c May
1.65
Mar
15%
12%
July
13%
121
9%
10,787
55c
200
45c
Apr
19%
Mar
10%
8
Mar
—Mervin Ash & Co., 1 Wall St., New York, members of the New York
Stock Exchange, have available for distribution
form and analysis designed to facilitate
Jan
1,744
17%
8
2*0
7%
Aue
12%
13
243
5%
Mar
22%
22%
12%
July
8
18
16%
18
700
6%
Jan
20%
Aug
300
6
May
10%
Jan
Universal Con sol Oil
Equip Co pref
1C
5
„
9%
9%
9%
a
convenient tabular tax
computation of net security gains
and losses.
—F. J. Young & Co., Inc., New York, announced the election as a Vice-
President, of Paul S. Kerfoot,
until recently President of Kerfoot A Co.,
Chicago, 111. and St. Paul, Minn.
Mr. Kerfoot is
now
York.
located in New
:
—Announcement
was
made
of the opening of offices at 30 Broad
St.,
New York, by F. M. Mayer to act as an over-the-counter dealer special
izlng In foreign securities, foreign monies and blocked currencies.
Stillman & Co.
—Evans,
announce
that
Dwight, formerly
Phillip J.
managing partner of the New York ofRc8 of Wrenn Bros. & Co. for 15
years,
Is
associated with them.
now
—Robert Grant, 3rd, a member of the New York Stock Exchange, has
admitted to
general partnership in the firm
of
G. M.-P. Murphy
& Co.
—Dominion Securities Corporation, 40 Exchange
prepared
a
Place, New York, has
special study of the Canadian mining industry.
83c June
13
Victor
Mr. Simcock was
Nov
25
8
St., Chicago.
formerly associated with Bartlett & Gordon, Inc.
38c May
34%
United Air Lines Corp.-.5
Union Oil Co of Calif...25
Union Sugar com
'
—Joseph M. Johnson & Co. announced that R. T. Simcock has become
been
Texas Consol Oil Co
Transamerica Corp
Burr & Co. from
He comes to
Aug
60
930
10C
2.60
Nov
19%
28
business.
July
125
7%
2.00
do largely an institutional
Frazee & Co.
ment in their office at 135 South La Salle
Jan
May
1.90
4
will
associated with them to inaugurate a corporation security trading depart¬
June
8
8%
Roos Bros common
Specializing in high grade corporate and municipal bonds Mr. Burger
Nov
—
Warrants..
epresentative, according to an announcement made by the company.
Nov
1,085
1,090
2.50
9
24
r
Mar
Nov
—William J. Stelmack Corporation announced
the opening of
a
Trading
Department tinder the management of Carl M. Trotte.
—William
F.
Warner & Co.
Rowland has
joined the sales organization of J. Arthur
Financial
3294
Chronicle
Nov.
1938
26,
Canadian Markets
LISTED AND
Provincial and
UNLISTED
Montreal Stock Exchange
Municipal Issues
Closing bid and asked quotations, Friday, Nov* 25
11948
Jan
5a
11956
*Oet
4Ha
6s
56)4
Prov of British Columbia—
4 >4 8
12 1949
July
5s
11958
-.Oct
100
May
11959
98
4 Ha
5s
-Aug
1 1941
June 15 1954
Deo
2 1959
108)4 109)4
114)4 116
mmmm
94
4Hs
Mar
2 1950
mmmm
94
4s
Feb
1 1958
109 H 110)4
108 H 109)4
4)40
May
11961
110 H 1U)4
Prov of New Brunswick—
Apr 15 1960
Apr 151961
Province of Nova Scotia—
4Ha
4Ha
4)40—Sept 15 1952
11960
5s.—...—Mar
106
58
June 15 1943
88
5)40
4)40
Nov
Oct
15 1946
11951
84
77
79
1-
Preferred
Preferred— .—.—100
Massey-Harrls—....—*
perpetual debentures.
6s
Sept 15 1942
4 Ha
—Deo 151944
5s
July
11944
Bid
Ask
4 Ha
81H
81)4
102)4 103
93
111)41
5s...
4 H»
94
Ask
97 H
98
94
98X
98)4
94)4
Dominion Government Guaranteed Bonds
6s—
Atk
Canadian Northern By—
11970
Feb
Bid
Ask
114 X 114X
117)4 118)4
115)4 116)4
115)4 115)4
123
11946
—July
6)4s
Grand Trunk Pacific By—
4b
Jan
11962
3s
123)4
109)4 110)4
97
97)4
11962
Jan
Oct
14
Feb
5
35
May
40
Nov
10
95
Apr
Mont LHAP Consol—*
30
30
59
25
56
Jan
62
Jan
Montreal Tramways—100
71
72
160
71
Nov
89
Feb
41)4
42)4
2,077
34
Sept
43
Aug
42)4
Last
Week's
Sale
Far
Price
10
Brazilian Tr Lt A Power.*
British Col Power Corp A.*
B
.*—*
Bruck Silk Mills
.
.
1.25
12
Jan
60
11H
Apr
65
5
9
700
27)4
3
220
1454
6)4
Aug
167 H
Nov
25 H
Sept
1,410
3
30
85
Nov
84
Nov
307
23
Mar
31
5
May
77
Nov
86
Nov
100
July
42
Oct
46
Nov
9
Sept
8H
Mar
16)4
22)4
Nov
Mar
63
Oct
19
July
*
29
29
15
77
77
80
98
98
45
98
44)4
45
12)4
13)4
19
19 H
60
60
17
17)4
Preferred.—..
8)4
..100
8)4
5% preferred....... 100
Quebec Power
*
12)4
19)4
'iz
5
Regent Knitting. ......
Regent Knitting pref—.25
22
13
Holland Paper v t
Saguenay Power pref... 100
St Lawrence Corp..
A
preferred
50
St Lawrence Paper pref 100
Shawlnlgan W & Power..*
55
241
1,785
10
150
5
4)4
16)4
Nov
25
Jan
Sept
17)4
Feb
Apr
102)4
Feb
103
19
95
Feb
103
6
1,065
17
415
1,495
7
121
87
9
Oct
June
Nov
85
June
10
.
44
215
24
Apr
20)4
2,245
16
Sept
23
July
12)4
10
10
Mar
17
June
108
Aug
112
112
8
8
""500
Mar
10)4
*
"l2""
12
12
100
10
Sept
15
._.*
3
70
71
202
56
Mar
75)4
67
67
10
54 H
Mar
69)4
*
Canada Power
25
Tooke Brothers-.-—
*
Tooke Bros pref
..100
United Steel Corp....—*
50c
8)4
6)4
6)4
Winnipeg Electrio A—
50c
8)4
935
Canadlenne.
Commerce..
-
12«
Sept
110
1654
15
18
160
Jan
176
164
159
Sept
180
Oct
217
167
197
Mar
223
July
300
300
31
295
June
310)4 Aug
189
189
56
170
Mar
191)4
Nova Scotia—........100
Royal.......—100
189*
Nov
16
Oct
2)4
9)4
156
2
Mar
305
7
Mar
10)4 June
4)4 June
16)4 July
30
Mar
41
July
Mar
25
Last
Week's Range
Sale
Stocks—
Par
Price
of Prices
High
Low
Abltibl Pow A Paper Co—*
3
...100
100
..100
23
6% cum pref
Pref ctfs of dep
500
83)4
1,056
47
Mar
3)4
73
2
June
3)4
4)4
525
2)4
Sept
1,678
17
Mar
9
10
Jan
Beauh&rnois Pow Corp...*
42
16
Jan
Brewers & Dlst of Vane
7
Sept
Sept
20
295
19
Feb
Brit Amer OH Co
British Columbia Packers *
4)4
21)4
12 H
21)4
12)4
93
93
6
6
6)4
3,917
Coekshutt Plow
*
8)4
7)4
8)4
782
Con Mln A Smelt new...25
62 H
62)4
64 X
1,880
20
20
Crown Cork & Seal Co
—*
7
10
50
Jan
*
21
21
6
Mar
10 H
Mar
6
Mar
Canada & Dom Bug (new) *
Canada Malting Co Ltd..*
Can Nor P 7,% cum pf.100
8)4
Jan
654
45)4
Mar
13 H
Sept
<*654
July
Oct
16
Mar
20
Nov
89)4
35)4
Preferred
.*
23 X
91
39)4
629
21
Mar
170
17)4
15
Sept
20
Jan
0654 June
110
Nov
150
May
July
Commercial
iol"
105
107)4
245
Preferred..—
100
Dominion Steel A Coal B 25
Dom Tar A Chemical....
"11)4
145)4 145 H
12
11)4
6)4
6)4
4,318
854
Sept
420
4)4
Sept
Preferred
6)4
79
15
Preferred
75
June
84
May
70
Jan
150
1
140
Sept
1,115
4
Mat
8*
Jan
Apr
1.35
Jan
90c
15
20
675
2
10
34
600
7)4
20
55C
11)4
1)4
24
Mar
Apr
Mar
Can
Vtckers
Lid———..*
17
3)4
34
Feb
David A Frere Ltee A—*
David
f rere Ltee B.
.*
Donnacona Paper A
Donnacona Paper B
*
July
Ea Koot Pow 7 % cm
July
F&ircblld Aircraft Ltd.—5
Nov
Fleet Aircraft Ltd
pf 100
*
243
75
Mar
60
3
June
8)4
89)4
1,051
5
40
45
6)4
6H
14 H
15
5
Mar
675
4
Mar
7)4
Mar
Mar
14)4
8954
5)4
10)4
516
'
Mar
94
Oct
Nov
3)4
Mar
35c
3
Apr
Oct
9)4
12
12
'
2)4
6
"lo""
Oct
1.00
340
3)4
Mar
6)4
20
3
Mar
5
Sept
3
Mar
10
10
10
.3)4
8)4
7)4
11
Aug
15
8)4
July
July
24)4
Nov
6)4
1,835
11)4
615
,22)4
22%
765
25o
15)4
25c
16
50
135
9
Mar
20
16)4
17)4
1,440
10
Mar
21)4
34
35
100
13
13
27
6)4
6)4
11
11
*16)4
4)4
14X
35C
Jan
Mar
Oct
50c
35
Nov
Sept
15
Jan
6
Mar
19)4
11)4 Nov
25
4
Nov
30
13
34
June
B
4
*
24
14)4
13)4
Sept
1954
Feb
15 H
Jan
1554
July
7
23
May
7)4
Oct
Apr
32)4
Nov
Melchers Distilleries..—*
Meichers Distillers Ltd pf*
Mitchell (Robt) Co Ltd..*
Page-Hersey Tubes
Aug
Lake St Joiiu
.
*
——
15)4
P
Massey-Har 5% cum pf 100
McColl-Fron 6% cm pf.100
Mar
45
Nov
Nov
125
Apr
54
4,455
37
Mar
58
Oct
6% cum 1st pref
26
28
26)4
28 H
450
24
22
Apr
Sept
30
3,110
Oct
Mar
-
7)4
4
24
4
24
Mar
3
3
115
2)4 Sept
16
16
350
7
52
52
53)4
485
32)4
93
93
94
Lake Sulphite Pulp Co
*
MacLaren Pow A Paper..*
53
1.50
1.50
6)4
16 H
40
87)4
1.50
10
1.35
6)4
35
17
270
9)4
1.00
12)4
31)4
Aug
Jan
Jan
Mar
18
Nov
Apr
63
July
Jan
101
July
Oct
5
Sept
7H
Mar
2)4
7)4
21
Feb*
Nov.
Aug
*
101)4 104)4
45
78
Apr
101H
Oct
100
101)4 101)4
37
92
Mar
101X
Nov
*No par value.
124)4
Oct
Oct
10
50c Sept
17)4
2
Feb
Aug
10)4 Mar
3)4 Feb
Imperial Oil Ltd........*
Imperial Tobacco of Can.5
40
Oct
July
July
20
Nov
40
25
6)4
Oct
25
35
35
2)4
6
6)4
2)4
14
600
Mar
4,895
3,442
5,910
3,150
11)4
95
12
75c
20)4
45
45
119*4 119)4
Jan
1.85 July
7X
33 X
90c
"
11)4
32)4
17)4
Intl Bronze Powder pref 25
Internet Pet Co Ltd.....*
10c Sept
Mar
975
5,173
Jan
Nov
Nov
65o
33)4
53)4
25
10c
2
12)4
60
11)4
Hudson Bay Mining.....*
*
Mar
11X
Feb
32
Jan
'Mar
18
"~65c
June
32
„
Inter-State Royalty A——*
98
17)4
15)4
7)4
3
35
135
10 H
44
Oct
16H "Nov
1.65 July
International Utilities B..1
18
7)4
1
416
1
June
2.20
Nov
15)4
100
Mar
22
July
Mar
100
950
2)4 June
*
8)4 June
Jan
8)4
Mar
—
300
Sept
Apr
*13""
Sept
Preferred..
1.10
1.15
>-»
Intl Paints 5% cum pref .20
Intl Utilities Corp A
—*
Aug
9
Intl Nickel of Canada
Sept
25c
90
Intercolonial Coal
13)4
10
22)4
135
-
16)4
754
Ford Motor Co of Can A.*
101
Industrial Accept Corp.
Apr
1.45
Foreign Power Sec Corp..*
Fraser Companies Ltd...*
Voting trust ctfs
..*
Inter-City Baking Co.. 100
15
£1
00
10c
July
98
....
2.24
7)4
Nov
15
Preferred
1.00
1,30
11
4)4
14)4
Oct
14X
7H
20
98
—100
Jan
5
145
*
98
Preferred
Oct
36
30
1.40
Jan
89 X
6
30
450
43
Aug
Aug
112
1.50
1
14)4
Jan
103
40
16)4
Nov
304
6)4
*
520
2.24
10)4
Oct
22
88
27)4 Sept
946
28)4
34)4
110
19)4
"TIo
4)4 June
5)4
Jan
7)4 Feb
84)4 June
23
Sept
19 H
2.24
7
13
8)4
Alcohols.—*
Consol Paper Corp Ltd
10
Nov
116
Oct
1.40
20
13
85
6)4
109
"19)4
4
4
8)4
28 H
33 X
345
89
..40
"28)4
109)4
4)4
Oct
140)4 Nov
Apr
"
20
July
Feb
58
*
...100
Gypsum Lime A Alabas—*
Hollinger Gold Mines
6
Howard Smith Papa*.
*
Jan
6
7)4
100
Gurd, Charles
10
140
90c
14)4
20
13
Rights...
General Stwi Wares.—..*
1654
,
5
2
7)4
Preferred
Feb
122
32
*32*"
Famous Players C Corp..*
Gatlneau—............
145
5
.
B_.
em
6
140
*
__l
79
61)4
100
Enamel A Heating Prod..*
English Electrio A.......*
"21)4
X
'
Preferred...—
L .100
Dominion Textile......
Dryaen Paper....
3
T% cum pref
—100
Claude Neon Gen Adv...*
'*35)4
Eastern Dairies......
Eleotrolux Corp..
Nov
Cndn Marconi Co..
1
Cndn Pow A Paper Inv—.*
June
100
25
Nov
68
Dominion Coal pref.
Dominion Glass
....
3
Cndn Light & Power ColOO
Mar
...—...100
Dominion Bridge
.
Nov
11
50
36
17)4
Preferred..
3
Can Breweries Ltd-——*
400
21)4
89)4
1.01
3)4
Calgary Pow 6% cm pflOO
Cndn Industries Ltd V—*
Distillers Seagrams..
1.03
5
4
July
1.05
Jan
4)4
33
25)4
106
1,50 Sept
1)4 Mar
Oct
Nov
50
Sept
*
Ltd.— *
30
140)4 140)4
.
Jan
32)4
Oct
32
88
pref
Mar
32
24
cum
9)4
22 X
50
Aroestoe Corp Ltd....... *
Bathurst Pow A Paper B_*
7%
4)4
23)4
Aluminium Limited...
Canadian Locomotlye. ... *
Canadian Paolflo By....25
High
Mac
24 K
Jan
310
Low
1.00
5,160
5,661
Nov
460
Range Since Jan. 1.1938
for
Week
Shares
3
July
7)4
18)4
official aalea lists
2)4
22)4
23)4
20
7
Jan
Sales
Friday
18)4
,2)4
Nov
Montreal Curb Market
Nov. 19 to Nov. 25, both inclusive, compiled from
32
2)4
166
162
Mar
—_.....*
June
162
June
Class B
17
Mar
Nov
25
3
7
2)4 June
175
0
2)4
Jan
Mar
213
Jan
2
18)4
Jan
3
Sept
Apr
1.25
175
Jan
Feb
226
13
20
.1.50
213
10
\IH
12
5
Nov
Mar
.100
.100
„
2,222
1,105
..*
Apr
8
..100
....
.......
Montreal
17
Bights....
10)4
50
Banks—
14)4
Cndn Foreign Investment *
Canadian Indus Alcohol..*
Oct
Apr
157
10
Oct
Oct
Jan
Mar
365
2
Jan
3
Jan
I*
Oct
June
45
10
2.00
10
..100
3
33
7)4
15)4
2
1.50
7)4
6
45
16)4
*
—
Preferred—
10
45
—100
WabassoCotton....... *
B
July
Aug
July
20)4
112"
NoV
16 H
102
Oct
6)4
20)4
58)4
Mar
44
"20)4
31)4
100
Mar
2)4
8)4
12)4
100
Steel Co of Canada
Jan
10)4
14)4
100
9)4
99
103
4)4
16)4
Jan
20
16)4
30)4
—
Jan
50
30
Preferred 7%
July
.
20
38
16 X
Sept
13)4
38
30)4
Feb
11)4
Mar
3
100
Canadian Bronze
—.*
Canadian Car A Foundry.*
*
14
35
22
100
9
25
34
5
.......50
Preferred—.
Canadian Celaneee
Oct
*
*
...
Canada.—*
Feb
5)4
60)4
Nov
25
72)4
Ottawa L H A Power—100
Ogilvie Flour Mills
July
Sept
2)4 June
Apr
60
13)4
44
Mar
68)4
82)4
July
927
14)4
33)4
38
25
16
July
Mar
92
2)4
20
Mar
147
865
13)4
Nov
Nov
11)4 July
2 75
1.00 Sept
Mar
15
3)4
60)4
92
Can North Power Corp
*
Canada Steamship (new).*
,
7H
620
9
8)4
.100
Canada Forglngs class A .*
Canada Iron Foundries 100
16)4
Sept
4,649
3
.
Jan
65)4
Nov
Nov
65
82)4
3)4
58)4
82)4
Preferred
680
15
166)4 167)4
10)4
10)4
27)4 28
59
*
1.26
1.25
*
Calgary Power........ 100
180
15)4
Feb
107 H July
28
July
Oct
16)4
Aug
15
16 H
15
167)4
10 H
7
Apr
Mar
Mar
80 H
Viau Biscuit pref
11
June
106
23)4
8)4
9
Building Products A.....*
Canada Cement......
5
9)4
1
.
High
65
100
Bawlf (N) Grain
..*
Bawlf (N) Grain pref—100
Bell Telephone...—...100
50
Low
.
23)4
16)4
13)4
Algoma Steel Corp. ...... *
Preferred
100
110
Alberta Pacific Grain pf 100
Associated Breweries.....*
Bathurst Power A Paper A *
COA
10
110
Agnew-Surpass Shoe——
Preferred..
...100
Bangs Sines Jan. 1, 1938
for
Wpelt¬
ry
Shares
5
5
Acme Glove Works.,
Preferred—
Range
of Prices
High
Low
38
31
48
44
65
—.25
Preferred—
Sales
233
3,235
3,592
44
67)4
82)4
Southern
Nov. 19 to Nov. 25, both inclusive, compiled from official sales lists
Jan
59
Simon (H) & Sons
Montreal Stock Exchange
31
Sept
25)4
4,747
30)4
98)4 Mar
Montreal Telegraph....40
Preferred
Stocks—
July
38
Sherwln Williams of Can
Friday
Oct
10 H
103
Preferred—-—-.—.100
115)4 116
119)4 119)4
119)4 119)4
Oct
110
38
7)4
Price Bros A Co Ltd....
4)48——Sept
11951
4Xa
..June 15 19551
4Hb
Feb
11956
4)4s—.—July
11957
5s
July
1 1969
5s
.—Oct
11969
445
Nov
18 H
June
Mar
4)4
7)4
Feb
'
103
Power Corp of
Canadian National By—
860
7)4
13
Aug
84
100
12
6)4
May
12)4 Nov
10
Sept
470
110
6)4
7)4
5)4
.100
McColl-Frontenac Oil—
Penmans..
112)4
Bid
110
Ontario Steel Products..
11946
11954
11960
Sept
Dee
July
74
1,270
16)4
High
2)4 Sept
32
13
""6)4
National Steel Car Corp..*
Noranaa Mines..—....*
Canadian Pacific By—
4s
78
12)4
15)4
15)4
Preferred...
Bid
50
2)4
78
100
Low
Shares
High
.
2)4
*
International Power
National Breweries......*
Railway Bonds
Canadian Pacific By—
Range Since Jan. 1,1938
Week
Montreal Cottons pref. 100
Prov of Saskatchewan—
103)4 104)4
Low
Price
Par
Montreal Cottons..
108
108)4 109)4
116)4 117)4
of Prim
Laura Secord
3
Lake of the Woods.——*
Province oi Quebec—
97H
Stocks (Concludes)
Week's Range
Sale
122
Province of Manitoba—
5s.*—.
Sales
Last
Ask
11054 111)4
116)4 116)4
4s——June
1 1962
4)40—J&n 15 1965
101
96)4
Sept
Oct
5s—
59
/5 5
11942
151943
6s
57
Friday
Bid
Provlnoe of Ontario—
Ask
Bid
Province of Alberts—
.
Power Corp of Canada
I
Volume
147
Financial
Chronicle
3295
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Last
Par
Provincial Transport Co.
.
Quebec Tel & Pow A
Week's Range
Sale
Stocks (Concluded)
of Prices
Price
Low
High
Sale
Shares
Low
10
6
Walker vllle Brewery
*
(H) Walk-Gooder A Worts*
4%
5H Sept
4H May
6
45
6
1.50
109
1.50
43
1.50
49 H
51
60
7%
July
4H
Aug
11
Nov
Jan
160
1.10
32 %
Bell Tel Co of Canada. 100
20 H
20
265
34c
Sept
69c
Oct
8,550
12o
Sept
33o
Feb
Bob Jo Mines
1
23c
13c 15Hc
22c
23c
2,000
7Hc May
3lHc
Nov
Bouscadlllac Gold
1
11c
10c 12Hc
3,900
5Hc Sept
15c
Oct
Brazil Gold & Diamond-.1
5c
5c
5c
5c
500
23 He
23c
24c
1,535
80c
"lHc
lHc
90Hc
lHc
6C
6c
20c
29c
2.39
Brownlee Mines <1936)—1
Bulolo Gold Dredging
Cndn Malartic Gold
5
*
Capltol-Rouyn Gold—..1
Cartier-Malartic Gold..
-
-1
Central Cadillac Gold
1
""25c
Central Patricia Gold
1
2.40
5Hc
3,000
Sept
68c
Jan
8
8
10
6H
Sept
11H
Mar
3H
3H
70
3
July
180
25
Sept
3H
Bralorne
29 H
-50
.1
Mines.—
*
Traction
—*
22c
9.80
725
10 H
10H
4H
4%
*
"21%
21H
21H
Brit Col Power A
*
27 H
27
27 H
235
♦
3H
3
3H
20
1
49c
48c
49c
8,900
2.40
25c
9c
10c
58
60
8c
9Hc
1,100
7Hc
Sept
13
13 H
45
9H
Mar
14H
July
Burt (F N)
25
27
27 H
342
May
28 H
Nov
2.16
9,325
4H
125
3
May
7
July
6
80
Mar
94
Nov
Jan
Mar
7,850
5.50
365
4.25
25c
26c
2,100
200
Sept
Sept
Sept
5c
5c
2,000
5c
62c May
3.20
1,100
35c
July
Feb
1
1.05
Jan
2.37
Aug
1.40
3.25
Mar
*
Canada Cement
55 HO
Feb
Canada Northern Power.
8c
Feb
Canada
46c June
15 He
May
27C
•
Packers...,
Preferred
*
—50
Feb
1.50
Jan
58 H
Feb
Canadian Bakeries pref 100
Canadian Breweries
._*
3c May
5c
Feb
3c
9c
9c
300
5C
Sept
15c
Oct
Canadian Canners
5.25
5.40
175
3.50
Mar
6 50
Jan
51H
985
35 H
Mar
53
Canadian Canners 1st pf 20
Can Car A Foundry——*
6
McKenzle-Red Lake Goldl
Mclntyre-Porcupine
1.25
1.25
Aug
99c
■V
37
Apr
15
-
22c
Jan
Nov
94
1.65
35
Sept
Jan
3.10
8%
Mar
13
93 H
34
95
10
89
June
108
34 %
650
27
Sept
86
Jan
16
16 H
68
100
16
Nov
20
Mar
68
138
8%
2H
9
9
1.50
_*
25
Mar
72
May
150
2
Mar
4H
June
6H
Apr
16 %
July
67
Mar
50
Nov
10
•
1.50
47
112
25
760
176
Sept
157
Mar
Sept
Apr
4H
4%
135
4
18H
16 %
July
Oct
90C
85
18 H
17
175
16
1,990
31H
Jan
Jan
2.60 May
184
Nov
6
Aug
19
Mar
18 H
July
July
458
7%
18H
Mar
32
Nov
685
1.60
Sept
4H
Jan
20
2%
Aug
4
Feb
92c
3,882
65c
Sept
15H
1,050
10
Sept
16
Jan
65
110
Sepi
123
Aug
16H
30 %
2H
2%
Preferred
58
128
194
39 H
174
Jan
113
•
60
39
1.35
"
68
2H
10 H
60
"39 H
7
100
139
2H
Cndn Bk of Commerce. 100
3c
6 Ho
370
Jan
6H0 May
60
Aug
34%
Canada Wire A
Mar
Sept
200
45
2.00
94
*
Steamships—
2,153
1,500
50H
2.13
Canada Permanent——100
1.22
.
27
*
_
50 H
5.40
60
—.100
Jan
12c
51%
lHc
24c
8H
Preferred
6.95
Canada Malting
1.22
""9c
10Hc
2,100
100
-
49 H
->1
Mines
200
780
2%c
4
A
12c
14c
8,700
14 %
2Ho
Canada Bread
Nov
"40%
Lamaque Contact Gold..*
Lebel-Oro Mines
*
Calgary A Edmonton
130
Canada
1
22c
14 H
2Hc
1
—*
Mar
Sept
Sept
23 He
-
Aug
41c
36
Nov
37Hc 37HC
1
Feb
*
2.22
Lake Sbore Mines
68H0
17Ho
.*
2.47
Kirkland Lake Cold
Sept
Sept
Sept
Burlington Steel
5.50
Klrkland Gold Rand Ltd.l
Oct
Bunker Hill-.-.
Sept
70
69c
Building Products—
27H June
1,271
3,800
July
Nov
Jan
2.35
8c
5
45c
Feb
2.18
8c
Jan
2H June
Feb
Feb
2.45
8c
34
15c
2.22
—
July
Sept
26
1.27
1
J-M Consol Gold(New)
22
9Hc
1
37Hc
Mar
Jan
East Malartic Mines
Inspiration Min & Dev__.l
14H
7H
July
Sept
Nov
Eldorado Gold M Ltd
Graham-Bousquet Gold__l
Mar
4
16%
Sept
20,200
2,300
Falconbridge Nickel
*
Francoeur Gold M Ltd—*
7H
*
Brown Oil
Sept
3c
10.25 June
Buffalo-Ankerite
Buffalo-Canadian
20c
650
Sept
Nov
Jan
1.90
2,200
31H
9c
Gilds. 1
*,
Duparquet Mining Co—1
Jan
31Hc
Feb
Nov
18c
500
25c
31H
Cons Cblbougamau
Dome Mines Ltd
B
Broulan-Porcuplne
Jan
34
Mar
7.75
2,709
11
5
7c
45
British American Oil
Feb
Feb
5c
31,850
9.80
60c
8c
lHc
800
9.60
72,200
4,863
5,286
Feb
10c
3c June
I,000
32
20o 23 He
20c
30c
3o May
22 HO
70o
Nov
21c
27c
Brewers A Distillers—5
4,400
168
1,750
Blut Ribbon pref
52c
High
Mar
16,200
Nov
50c
146H
26c
54
51c
Low
329
28c
Blue Ribbon...
Mines—
166 H 168
250
July
Aldermac Copper Corp— *
Beaulor Gold
..1
Shares
26o
2
"
High
*
Apr
Mar
Nov
'
1
Mar
20 H
Low
Range Since Jan. 1, 1938
for
Week
1
15
17H May
167 H
Range
of Prices
Bidgood Klrkland..
Bobio Mines
•
Price
Salts
Week's
Big Missouri
Brazil
Macaasa
Par
Blltmore Hats
Walker-Good A Worts(H)*
$1 com pret
(Continued)
Sept
6
350
51
Stocks
High
4K
108
Last
Range Since Jan. 1, 1938
for
Week
7
108
Exchange
Friday
7
*
*
Sarnla Bridge Co A......*
United Securities Ltd.. 100
Toronto Stock
Sales
2%
90c
400
80c
Mar
1.40
McWatters Gold.
*
"~78c
78c
80c
1,500
30Hc
Jar
91HC
Oct
O'Brien Gold
1
2.80
2.80
2.85
1,500
2.10
Sept
5.40
Jan
Pamour-Porcupine
*
4.50
4.45
4.55
2.90
Mar
4.80
Oct
Canadian Malartlo—
*
Pandora Cad
1
3,050
10,100
14c
Sept
62c
Jan
Canadian Oil..-
*
15
15
"1.55
Apr
2.70
Jan
Canadian Oil pref..... 100
118
115
1.37 May
1.00 Sept
2.65
Jan
17c
Placer Development
7,700
—
O P R
25
5%
"~2 H
1.65
1.77
Feb
5.10
100
3.90
Mar
5.30
Nov
2.65
250
2.25
Nov
3.50
Apr
13
13
100
13
Nov
17H
Feb
Cndn Wlrebound Box
U6
13
1.42
Mar
1.93
Aug
Cariboo Gold
2,300
72c
1
Reward Mining
Co.,
3.30
3.30
3.45
6c
5Hc
7Hc
5c
5Hc
47,000
1,600
1.45
1.34
1.45
6,075
1.48
1.47
1
Sherrltt-Gordon
1
Biscoe Gold Mines Ltd—1
Sladen Mai
Stadacona
1.50
4,450
1
65c
65c 68 Ho
—*
48c
47c
49c
1
94c
91c
95c
—
(new)
Sullivan Consolidated
Sylvanlte Gold
Teck-Hughes
3.35
1
Thompson
Gold
Castle-Trethewey
1
7%
Nov
Central Patricia
1
33c
Mar
1.89
Oct
Central Porcupine.......
Chestervllle-Larder Lake
4.75
280
29o
65o
2.60
4.30
1
Cad
1.39
780
27c
29c
II,835
17c
9.05
6,550
3.85
18,800
13«
1,090
6 55
May
Mar
7.90
7.80
7.90
Cons
Davles
*
1.00
Calgary & Edmonton Cp. *
2.15
2.02
2.15
2,300
1.67
Anglo-Canadian Oil
Dalhousie Oil Co
*
Home Oil Co
*
Roy a lite Oil Co
*
36c
35c
1.20
37c
38
800
1.22
3,900
39H
1.16
39
280
Chlbougama
1.24
18,650
3,600
63c
16
16
24c
"62"
25c
35o June
7
Jan
1.00
Sept
1.84
Jan
55
11H
Mar
17
1,300
*
23
23
23 H
30 H
30 H
20c
276
Dome Mines (new)
45%
Mar
Sept
Jan
Nov
42c
Feb
66 H
Nov
173
Sept
199
Jan
80
16
June
24
Aug
36
27
Oct
38
Feb
20
Mar
""33c
Jan
July
3,805
2,041
Apr
13H
43c
64
Petroleum
July
80c "Aug
2.25
178
100
Mar
19c
1.73
Sept
62
——
Sept
July
1.25 June
176
Oct
880
70c
1.45
Sept
32H
Sept
49
July
29c
33c
15,900
16HC
16c
17Hc
3,200
31H
Sept
73
Sept
4flC
Mar
100
*
Dominion Tar pref
CANADIAN STOCKS
50H
23 H
91
~U%
189
Apr
16
Sept
2 He
1,000
50 H
663
11H
8c
1
34H
Sept
3Hc
49
Jan
25H
JaD
216
Nov
Nov
Aug
Sept
19H
7c
56
Feb
Mar
Nov
6H
77
7Hc
9Hc
6
75c
Sept
2.00
Mar
2,090
80c
12
77
100
Dorval Siscoe—
105
120
6
6
Jan
66H
27 H June
1,782
17H
80c
J
Dominion Stores—
100
30 H
31H
205 H 207
3 He
1
Dom Scot Investment
91
11
2,195
17
.25
—*
22
89 H
90
206
Dominion Steel Coal B..26
on
20H
-.100
Dominion Foundry
gladly furnished
21
—100
Dominion Bank
Dominion Coal pref
Dominion Explorers
Statistical Information
1.17
177
*
Jan
June
May
3.10
Feb
15c
1
5
Distillers Seagrams
Preferred
1.51
Sept
3.20
.100
-
J
Sept
35c
'
*
—
Denlson Nickel Mines
Jan
Sept
6Hc Sept
1.55
Smelters
Cosmos
15c
1.19
1,85
2,200
16 H
Consol
Oct
Mar
5,075
1.55
Jan
6c
12,950
1.45
Jan
1,500
2,100
1.05
150
Oct
Nov
2.45
1.95
Bakeries.
Aug
,
7Hc
—5
Consolidated
Oct
2.60
2.35
1.95
Coniagas Mines
21
105
7Hc
1.03
805
8 10
6c
Jan
1,150
Mar
1.10
Jan
23c
Sept
6c
Oct
1.65
98 H
54o
58c
Consumers Gas
1.05
1.03
17
200
45
■
8H
43c
1.10
310
2.45
52c
Jan
on—
20
105
July
2.38
52c
Crows Nest Coal
Anaconda Oil Co Ltd..
Jan
12H
3H
Nov
Apr
23c
5.60
Nov
8H
Mar
2
7%
Feb
9.45
Mar
8
Cocksbutt Plow
Chromium Mining
Coniaurum Mines
1
5
15
250
Commonwealth Petroleum*
3.60
Sept
20c 20 He
1.23
Sept
8.20
20c
Wright Hargreaves
Mar
42c
"27 c
.1
Jan
3.40
Sept
Sept
Sept
Sept
8.40
Cad
Walte-Amulet...
Wood
3.40
4.75
3.40
1
5,500
24,231
4,800
1,470
19 H
3,700
3
1.23
4.50
Jan
Feb
7Hc
Aug
2.50
6%
1.28
12
2H
2.45
3Hc
Apr
3Ho Sept
91 Ho May
1,43 Sept
50o Sept
3,014
1
Read Authler Mine
5H
105
100
3
118
12
*
Carnation pref...-
Shawkey Gold
92c
Canadian Wallpaper A...*
Canadian Wineries
*
1.55
1
*
1,100
B
2.55
"2.65
1
-
950
2.00
30%
Cndn Industrial Alcohol A*
5.10
1.63
Pickle Crow Gd M Ltd—1
Preston-East Dome.
2.25
1.90
~~2".66
Perron Gold Mines Ltd—1
Pioneer Gold of Brit Col—1
18c
2.20
17c
Pato Consol Gd Dredging 1
Pend-Orellie MAM Co.-l
Oct
8%
4%
Sept
16H
8H
July
June
May
355
5
9c
73
7,600
50
Jan
84
July
Aug
26c
Mar
Sept
15c
East Crest Oil.
Mara Si
Members:
v,-
500
2.22
2.15
2.22
28,050
*
17H
17H
10
1
2.42
2.33
17H
3%
2.45
31%
31H
34
7%
7H
80
7
25
"Th
6H
7
65
5H
Mar
4.25
14Hc
Sept
6.95
Jan
Sept
22Hc
Nov
llHc
Nov
26c
Aug
9c
3H
Easy Washing
Eldorado-
Toronto Stock Exchange, Montreal Curb Market,
—
English Electric A
Canadian Commodity Exchange
.
9c
1
Eastern Steel
McCarthy
•
East Malartlo
'
B
Canada Permanent Building, 320 Bay St., TORONTO
Equitable Life
.
;-
—
5.40
Falconbridge..
Toronto Stock
Nov. 19
to
Nov.
Last
Sale
Par
Stocks-
Price
Sales
Week's
Range
of Prices
High
Low
for
Range Since Jan. 1, 1938
Week
6%
„»
100
preferred
3
23
2%
23
3
24 H
Shares
Low
High
3,100
1,605
*
7c
7c
7c
1,050
Alton Mtnes Ltd
1
3Hc
2Hc
2H
4c
27,200
2 H
2%
120
24 H
30
54c
32,900
1.00
Mar
«H
Mar
33
6
Sept
14
4%
IHo June
2
Oct
May
7c
Oct
24
100
Preferred
Aldermac Copper
*
Algoma Steel Corp
*
100
Preferred
Amm Gold Mines
60c
Anglo-H uronlan
""66
68
5
14 H
65H
Nov
Nov
7o
Sept
12c
13c
5,300
1.10
3,700
3.30
3.30
3.30
206
13c
15c
5,850
11c
8,220
6c
1
1
8 He
1
18c
Bank field
12c
1
Cons
Nov
10 H
Aug
1,360
2,475
30Hc
7Hc
7c
8Hc
12 He
15c
3,850
8c
Sept
30c May
10c
IOC
500
9c
Nov
25c
3c
Sept
20c
37
Fleury-Blssell pref..---100
—...—*
Gatlneau Power
..*
Preferred
10c
14H
Mar
24 H
Oct
200
Sept
53c
"13
Feb
7
Apr
14H
Oct
23
13
89 H
13 H
89 H
89 H
55
204
290
3
Sept
4H
July
8%
305
5
Mar
10H
Oct
12Hc
Sept
32c
500
35c
5,850
Goldale Mines
1
20Hc
22c
5,500
48c
48c
Gold Belt
22c
-—50c
40c
Oct
12o
2.90 June
4.15
Jan
Goodyear Tire
*
80 H
74 H
150
52
Sept
33c
Mar
55 H
81%
56H
102
51 %
4 He
5c
4,000
9c 10 He
Mar
16Hc
Oct
Sept
Sept
70
Aug
44c
12c
12c
1,850
12c
Sept
35c
12,400
27c
Feb
1.03
Feb
July
33
227
May
249
9
175
4
4
35
31
33,900
*
1.35
100
102 H
3
•
1.35
1.38
101H 103
3
3 %
9,150
20c
Mar
Jan
222 H
234
8H
Nov
Nov
2c
27
50c
30c June
2c
17o
4
July
8H0
233
9
40 He
16,150
1,250
30
Jan
Mar
18,000
21,150
*
1,000
Me
4c
Nov
45c
Oct
Goodyear Tire pref
50
Graham-Bousquet
Granada Mines
1
Grandoro Mines
*
1
8Hc 10Hc
10c
Feb
Nov
Apr:
Mar1
106
SH
Gold
16 H
1
1
Preferred
Hard Rock—
1
254
Jan
June
9HC
Feb
5c
Mar
14C
Aug
4Hc
Sept
lie
Oct
23H
18
4H
14
Sept
13
Sept
33
Jan
Oct
July
Jan
17H
1%
50
Oct
2H
4c
5c
6,500
2Hc
Oct
10c
48C
Sept
1.09
Mar
4
Sept
8%
Jan
9Hc
Nov
66c
64c
66c
3,400
6
6
6%
415
9Hc
9,300
8c
7Hc
60c
1
52
...100
1
10
58
Feb
Nov
16H
4c
Hamilton Theatres..
1.50
2
Qunnar
246
Mar
81H
1%
*
*
Halliwell Gold
Oct
95
Voting pref
Great West Saddlery
July
39c
25
7
July
11H
7H
18
18
7
Gypsum Ltme A Alabas.. •
16c Sept
95c Sept
5
18
'Gruli Wihksne
3,000
-Apr
2Hc Sept
13,834
5c
4%c
Great Lakes Paper voting. *
July
6H June
2H May
607
Apr
Mar
68c
4c
310
*
5c
Sept
4c
Mar
—
2o June
10c
9c
Bear Exploration A Rad..l
5c
30c
1
June
Bathurst Power A
14c 113,700
1
35c
3,450
Oct
90
4%
8H
2He
4HC
33c
Mar
4
8H
35c
33c
28c
74H
Feb
4
Rights
General Steel Wares—..*
Gold Eagle—
30c
Apr
Sept
4,800
22
Goodflsh Mining
195
29c
41
6,500
1,602
Jan
285
*
July
Jan
6c
llHc
2Hc
33o June
9
-100
35
14c
1.65
2
Corp
3Hc May
25c 27Hc
22%
A_——
5
37
5c
*
Nov
Feb
12Hc
—*
8Hc
30c
,
8
1
25e
—1
67
215
Beatty Bros 1st pref
34
Nov
Feb
Mar
95c
300
Beaubarnols
Sept
GllUes Lake Gold
Feb
212
Beattie Gold
26 %
5
Nov
300
B
Mar
God's Lake...
70o
100
Bank of Toronto
3.25
Aug
16H
Bank of Nova Scotia—100
Base Metals
Sept
...1
Great Lakes Paper pref. .*
Bagamac Mines
Bank of Montreal
22
Sept
Aug
5H
29
4 He
*33Hc
Auglte-Porcupine Gold—1
66
10
Jan
28c Sept
1.05
..1
Ashley Gold
15
10 X
"l"06
*
Astoria Quebec Mines
50c
15
..1
Anglo-Can Hold Dev.—•
Arntfleld Gold
?.50
2H
1.38
Glenora
Apr
Alberta Pacific Grain—
Oot
100
46,835
Fernland Gold..
Firestone Pete
Ford
July
Jan
Aug
125
llHc
FontanaGold
Acme Gas & Oil
Alberta Pacific Grain...
20 H
2.39
18
Federal-Kirkland
Francoeur
Abltlbl
21
15HC
Mar
June
14,700
21,950
Faulkenham Lake Gold-.l
25,^both inclusive, compiled from official sales lists
Friday
1
Fanny Farmer.—--
Exchange
5c
1.05
12
1.73
1.65
60c
52
1.80
10
60
10,980
1
7 He
60c
50
1.10
Nov
Nov
July
JaD
1.50
55
2.93
Jan
Jan
Jan
Feb
July
Jan
Jan
♦
No par value.
3
3296
Financial
Chronicle
Nov.
26,
1938
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
Last
Week's Range
of Prices
Week
Price
Par
Low
9%c
High
Range Since Jan. 1,1938
9%c
10c
1.30
1.39
11c
Low
700
1,600
1.39
Hedley-M ascot Mines—.
High wood-Sarcee
16,600
7c
16%
60
14%
14%
2,345
1.20
1.14
1.22
7,965
80c
22c
20%c
23c
5,500
14c
—
Homestead 01J
--
25c
Howey Gold
208
—100
•
Imperial Bank
Imperial Oil
Imperial Tobacco
17%
5
Inspiration Mining
16%
Inter. Metals A
10
7
•
80
605
Sept
Mar
30c
106
20
4
65
June
445
98% May
Oct
Nov
10
Oct
215
Sept
May
19%
15%
July
49c June
Sept
66
83
105%
Jan
34c
Oct
7
80
105
Mar
14%
13%
15%
35
100
6% May
190
1,100
15%
100
Preferred
Intl Milling pref
International Nickel
37o
35
Mar
35
-
Apr
20c
125
Simpsons
July
20%
9,295
Jan
9%
83
105%
Jan
Nov
Nov
*
53%
52%
54%
4,470
37
Mar
58
International Pete—..—.*
28%
28%
28%
5,277
22
Mar
31%
Mar
7%
7%
20
5
May
9%
70c
900
40c
Sept
1.00
Sept
36c
4,750
27c
7,283
10c
Sept
Sept
60C
10c ll%c
for
of Prices
Low
High
Week
1.40
1
-
1.32
11
20
8
Sept
18
Mar
155
70
Sept
95
Jan
1.45
1
Stadacona
1.40
Sept
3.40
Jan
10,400
49c
Mar
7,100
6c
Sept
Sept
1.38
7c
24c
Jan
2%c
500
2%c
Nov
46c
49c
14,678
28c
Sept
77c
May
8
302
3%
Nov
8
Nov
2
2%c
48c
•
_
13,720
70c
3%
25c
Spy Hill Royalties
1.52
62o
6%c
70c
—...1
*
Standard Chemical
Oct
1.90
85
1.48
Siscoe Gold
Slave Lake
High
Sept
90c
11
81
100
Sladen Malartic
Low
27,975
81
—*
pre!
1.46
Range Since Jan. 1, 1938
Shares
25c
Jan
3
3%
Sept
4%
Jan
29%
26
30%
100
12
Mar
34%
Nov
70
70
71%
685
66
Mar
75%
67
10
54
15%o
Standard Paving
100
Preferred
Steel of Canada
92
Oct
67
67
—*
7%c
7%c
9e
Sudbury Basin—
*
2.75
2.65
2.75
1,615
1.65
Apr
Sept
Sept
3.80
Jan
Sudbury Contact
Sullivan...
1
10c
10c
800
8%c
Sept
19c
Mar
1
90c
94c
2,600
68c
8ept
1.25
Aug
25
Preferred
Straw Lake Beach
5c
24,000
Oct
70
Jan
Aug
65c
Week's Range
Price
Par
Simpsons A
20c
June
7,950
205% 208
17%
17%
Feb
1.47
2,795
7
Sherritt-Gordon
1.40
17%
26c
7
Mar
17o
15%
33%
33
Stocks {Concluded)
Mar
Sept
Sept
Sept
25C
33 %
Hudson Bay MIn A Sin..*
Huron A Erie 20%....100
Sept
11
15%
14%
*
JhLlnde A Dauch
High
1,00 Sept
5c Sept
13%
Apr
HolJlnger Consolidated...6
Home Oil Co
Sales
Last
Sale
Shares
10c
Harker
Exchange
Friday
for
Sale
Stocks (Continued)
Toronto Stock
Sales
Friday
Intl Utilities A
Intl Utilities B
Jack Waite
Jacola
36c
32c
Mines..........
Jelllcoe
Cons
1
10c
10c
9c
9c
1
1.67
1.50
1.69
1
1.18
J M Consol (New stock)
Kerr-Addison
Klrkland Lake..
11c
40c
Oct
July
Mar
98,000
•1,042
]0c
Nov
82o
Mar
7c
Sept
16o
May
32,156
11,648
25e June
2.50
Aug
1.17
1.25
Lamaque Gold Mines
Lag una Gold
*
7.10
7.10
350
7.10
Nov
1
11%C
13c
4,550
10c
Nov
Lake Shore
)
49%
50%
2,687
44%
3%
15%
3%
15%
25
Mar
75
10%
Sept
2%c
3c
3,500
2,800
2,560
2c
Sept
5c
24c
Sept
74c
Nov
14%
1.13
Feb
Tamblyns
2%
2%
10
1%
Mar
2%
Nov
3.30
3.35
5,550
2.50
Sept
3.60
Feb
12%
12%
50
11
Sept
16
4.65
4.60
4.70
5,006
4.15
Sept
6.70
1.40
1.25
1.45
4,30p
1.06 June
»
3.35
-1
*
*
Teck Hughes
Texas Canadian
•
»
108
Tip Top Tailors pref.—100
To burn
1
Toronto Elevators.--
~i~90
1.90
32
1.95
100
300
June
1.50
Jan
Jan
68
July
109
Sept
Nov
2.90
Jan
15
15
5
11
Sept
18%
Juiy
44
45
40
40
Nov
48
87
73
Mar
90
5
107
Oct
122
15
*
Preferred
109
1
50
Feb
Oct
Sept
4c Sept
Supersllk A
Sylvanlte Gold
........
Lake Sulphite
Lake of the "Woods
3%
..*
Lamaque Contact
La pa Cadillac
...*
Lebel Oro
33c
1
....
Laura Secord (New)
Lava Cap Gold
Leitcb
15%
Gold
33c
13
3
12%
87c
....1
1
84c
33c
13
87c
10c
9c
,
88c
Sept
2
12%
1,200
15,900
Sept
80o
1.50
7.30
59c
Jan
Nov
Mar
Malartic
5.00
Mar
15c
Jan
1.12
Feb
Sept
6.00
Feb
23%
23%
21%
24%
588
19%
Mar
24%
Nov
22
22%
605
18
Mar
22%
Nov
65c
Preferred
150
*
3%
Maralgo Mines....
.1
Massey Harris..
....*
6c
Preferred
6%
....100
McColl Frontenac
•
Preferred
100
Mclntyre Mines....
McKenzle Red Lake
6
3%
5%c
6%
Sept
Winnipeg Electric A
*
3%
*
Nov
JaD
Mar
101
67
Mar
1.43
24c
Oct
4c
Nov
8c
1.45
Mar
2.65
Oct
4%c
Aug
20c
Apr
2c
8c
Nov
1.00
Sept
2.56
->
38%
Oct
143
82%
4,687
9c
38
310
Feb
3%C July
43
7%
19
Nov
FeD
Jan
Apr
790
July
20
May
11%C
July
lie
Sept
38c
Mar
1.40
Sept
2.15
Jan
13%c
Mar
48
6c
Sept
84
19c
Nov
July
5c
5c
7,000
2c
Mar
7%c July
84c
3,549
45c
Sept
1.14
Jan
6,400
27c
Apr
480
Oct
7.00
Sept
8.50
600
3%
2.85
300
*
1.07
1.01
1.08
*
2%c
2o
2%c
48c
47c
110
60c
110
3,180
6,700
14,500
10,672
9
Ontario Steel.
*
15
*
1.50
8%
1.50
8%
Orange Crush
1.50
455
Preferred
Oro Plata
*
5%
4%
5%
21
•
*
Aug
80c
3%
2.75
*
Sept
Oct
15c
4
45%c 45%c
8.25
Page-Hersey
12
Sept
172
'
8.50
Pamour
May
3%
250
~2~84
*
Sept
2% Nov
l%c July
5,500
Paoalta Oils
Apr
5c
30
220
50
40c
40c
5%c
102
5c
102
4.55
50c
5%c
104
8,600
5,500
105
8.95
Aug
Sept
3%
Aug
2.10
Sept
5.45
Jan
85c
Sept
2.30
Jan
2c June
5%c
Oct
3
31c
Mar
103%
June
7
May
Oct
Oct
4
30c
12
July
Mar
2.00
July
Sept
1.00
5%
July
Oct
1.45
Mar
Sept
17c
104%
4.85
Nov. 19
5%c
I,000
5c
Nov
l
'"""7c
7c
8%c
Sept
22c
to
Nov. 25,
47c
53c
38c
Mar
69o
Feb
Payore Gold...
Perron Gold
l
7c
7c
8c
34,500
7c
Nov
1
1.65
1.68
Petrol Oil A Gas
Photo Engravers
26,060
*
*
40c
i
"~5.2Q
Pioneer
1
2.65
Porto Rico pref
Powell
___l
Sept
98c
Sept
40c
500
17%
30
5.05
5.20
3,380
4,690
3.80
Sept
Mar
2.20
40c
15
Stocks—
Par
Brett-Trethewey
Canada Bud
Nov
23c
Mar
*
1.76
Feb
40o
Nov
35%
35
36
60c
105
9%
Apr
16%
July
2,200
1.75
Sept
2.52
Aug
21%
466
10
Mar
23
Aug
1
20%
1.37
21%
Preston E Dome
1.47
22,935
♦
St Anthony
1
1.90
Aug
500
36c
Sept
700
July
15c
500
5%c
Mar
15c
Nov
3.30
3.50
5,040
2.50
Aug
4.55
Jan
7c
7c
500
6c
Sept
21 %c 26 %c
27
27
13,270
21%c
Nov
188
190
45c
64c
Jan
Feb
Sand River Gold....
Shawkey Gold
...1
...1
Pend Oreille
—1
Robb-Montbray
—1
Sheep Creek
1.25
1.00
Sept
1.55
Jan
850
July
2.62
lc
2,000
lc
Nov
2%c
Feb
4%
Aug
265
16%
Sept
Sept
23
425
31
Mar
40
3
*
20
20%
40
40
Temiskamlng Mines.. ::."i
8c
8o
37
37
13%C Sept
3%c Sept
75c
2
15
8%c
2,200
37%
20
0%C Sept
25c
A or
30
43
Jan
July
Nov
Jan
July
Industrial and Public Utility Bonds
Closing bid and asked quotations, Friday, Nov. 25
Bid
Abltlbl P A Pap ctfs 5s 1953
Alberta Pac Grain 6s—1946
Beauharnols Pr Corp 5s '73
Bell Tel Co of Can 6e_1955
1946
—1958
1941
Ask
64%
65%
87
89
100
101
40
48
99
100
56
Minn A Ont Paper 6s. 1945
/38
39
99% 100
Montreal Island Pr 5%s '57
104
Montreal L H A P (550
106
Sept
20c
25c
34c
1.21
Jan
Mar
Oct
5%s
1949
-
6s
69
50%
1950
1973
Montreal Tramway 6s 1941
103
103%
Ottawa Valley Pow 5 %s *70
99%
99%
100%
100
99
105
Power
Corp. of Can 4 %s'59
102
5s
Dec
par
3 %s
3%s
49
50
89%
90%
•No par value.
98%
99%
97%
98
1957
97
1
4s.-.1957
98
Provincial Pap Ltd 5%s '47
77
98%
99
2nd
78
96
103%
102
Price Brothers 1st 5s—1957
conv
deb
45
47
Saguenay Power 4%s A '66
105
98
99%
4%s series B
1960
Shawlnlgan W A P 4%s '07
Smith H Pa Mills 4%s '51
100
104
81%
82%
United Grain Grow 5s. 1948
105%
104%
105""
103
104%
92
1951
57
69
93
United Secure Ltd 5%s *52
91
91%
62%
63%
Winnipeg Elec 4 %s.—1960
4-5s series A.
1965
101%
103% 104
Mar
Feb
value) 3s
115%
1901
MacLaren-Que Pr 5%s '01
1939
103% 104
114
Jan 11950
2%sto'38-6%Sto '49—.
Massey-Harris Co 6s..1947
48
Cedar Rapids M A P 5s '53
Consol Pap Corp—
Eastern Dairies 6s
Maple Leaf Milling—
50
99
4s—...————1950
East Kootenay Pow 7s 1942
Ask
83
83
49%
Canadian Lt A Pow 5s 1949
Canadian Vlckers Co 6e '47
5%s ex-stock
1961
Dom Gas A Elec 6 %s.l945
Donnacona Paper Co—
Bid
Manitoba Power 5%s.l951
5 %s series B
1952
110% 110%
101%
1.21
88c
Nov
2c
Mar
Gt Lakes Pap Co 1st 5s '55
Int Pr A Pap of Nfld 5s '08
Lake St John Pr A Pap Co
July
88C
50c
21c
Sept
Sept
6%
5c
Oct
lc
1.30
192
Sept
17c
5c
1,500
13,670
lc
Supertest ordinary
.100
Oct
21c
3
United Fuel pref
10c
2.02
Rogers Majestic
Shawl nlgan
1,250
l%c
.48%
2%
14c
17c
20c
104% 104%
7%c
4%0
July
1.88
Fraser Co 6s
110
5c
Jan
Feb
2c
1%C
Gatlneau Power 5s.—1956
II,500
"l5c
20c
T.98
Aug
4%
l
60c
20%
12,400
Oslsko Lake Mines.
Pawnee-Kir kland
Nov
4%
.1
Nov
Mar
% c June
Nov
Mar
15c
2,900
12,800
8,200
25c
12
3,500
Nov
24c
Sept
Sept
Sept
...1
100
23
%c
25c
27
33
25c
72%
24 %C
Sept
165
July
31%
Nov
519
9%
Jan
Sept
9
38
Mar
Mar
6c
39%
14c 15%c
39%
Apr
5
50
Nov
Sept
20c
4%
St Lawrence Corp.,
San Antonio
67c May
15c
100
Royallte Oil
90c
26
Canada Nortb Pow 6s. 1953
Canadian Inter Pap 6s 1949
2.25
Royal Bank
Sept
32
Canada Bread 6s
18
Mar
35c
487
Calgary Power Co 5s„1960
50
21%
3,550
4,135
Mar
12,100
3,200
Jan
Aug
68%
July
8c
Jan
69c
Mar
31
Sept
21c
82
Nov
14%
39%
15
17c
2.65
7c
Nov
37o
5
65%
3.30
20c
45
1,800
Feb
30
99%
7%C
July
Nov
70
30
Apr
1
Jan
9%
82%
67%
-
Mar
»
1.65
4.00
Mar
Montreal L H A P
Sept
13%
1
July
Sept
75c
3%
10
7
%c
Feb
National Steel Car
1.37
2.15
Riverside Silk
60c
25c
Jan
Jan
17%
221
45c
15
12o
9
Sept
2.00 June
110
7
95%
13
Roche Long Lac
Ronda Gold Mines
260
15
37c
*
5
26c
45
37C
10
12,300
*
45
12
3,645
82%
High
l%c Sept
3% Sept
200
7%
82%
10
2.40
2.18
._1
1.10
2.70
7
He
Aug
13
Gold
1.10
Honey Dew
Humberstone
5.30
*
Reno
22
»
-
Brown Co 1st 5%s
Burns A Co 5s
*
Red Crest
855
10
2.70
57%c 57 %c
4%
2.60
7%
Hamilton Bridge.---.
Majrohlc
Mandy
Mar
4%
Low
500
*
96%
3.35
15%
'37c
—
l%c
4
15%
Corrugated Box pref-—100
DeHavllland
Dominion Bridge
Foothills---
Nov
Range Since Jan. 1,1938
Shares
15%
l%c
Consol Sand A G pref—100
2.15
1
Price
*
2.59
*
Feb
Week
5
Consolidated Paper
Feb
i
i
for
of Prices
Low
High
1
Coast Copper
19
Premier.
.
30c
Sales
Week's Range
*
Canada Vinegars
Canadian Marconi—
Feb
7%
24%o July
Pressed Metals
Quebec Mining
Quemont M lnes
Read Authier
Jan
Exchange—Curb Section
1
Dalhousle Oil-——
4
40
Sale
96%
1.40
4
Last
2.40
100
Rouyn
Power Corp
40o
4
17%
Pickle Crow
Gold
1.50
16
both inclusive, compiled from official sales lists
Mar
49 %c
56,200
29,300
4c
1
710
4
Friday
Oct
5%
5%c
2.90
1
6..
5
Nov
Mar
4.55
Paulore Gold—..
Paymaster Cons
6
12
Feb
Apr
4%c
78
4.30
6,185
72c
110
Pantepec Oil
Partanen-Malartlc..
l
1.55
12
Mar
Apr
25
2,500
—
Apr
2%c May
6,800
l
12
Mar
940
9c
32c
10
8C
100
Toronto Stock
Oct
Sept
JaD
69c
59,800
2%
13%
1.55
*
——
Oct
260
6%
B
Preferred
July
54
18c
1
July
York Knitting..
7%
86%
36%
1.73
5
2%
Feb
July
105
15c
..1
1% Mar
7% May
Jan
Jan
1.72
45%c
10
Jan
3%
Sept
58,950
*
1%
2
1%
Apr
18o July
9c
31,500
8c
87
Apr
May
2,500
6,650
80 "
3o
10c
43
1
Porcupine
7%
77,000
Nov
10c
39c
*
Ontario Loan..
Apr
Sept
8c
♦
7%c
Normetal
...
10c
3%c
Sept
Ymir Yankee Girl
30c
Norgold Mines
Omega Gold
1
14
6%c
Northern Canada..
Okalta Oils
Olga Gas
Wiltsey-Coghlan
Oct
3c
63
7c
....1
Northern Empire....
North Star pref....
O'Brien Gold....
Jan
%c
Mar
1.36
6%
13%
4c
93
1,000
4,500
9c 10%c
Oct
Apr
lc
5%c
5%c
28
33c
82
74
1
5c
*
Whitewater
270
*
*
31
White Eagle
135
7%
1
5
92
lc
Nov
Nov
Feb
6%
13%
...1
90
67c
59c
8.20
.*
New Golden Rose
92
Aug
Mar
8c 14%C
13 %c
100
Mar
6.50
165
43
Noranda Mines....
Nordon Oil
9
9,985
37%
1.30
*
Niplssing
281
7.90
3c
l
National Sewerpipe
Nay bob Gold
Newbeo Mines
12%
7.75
10c
Murphy Gold
*
12%
Aug
14%c Apr
13% July
7.80
3c
National
National Grocers
12%
5
Sept
•
1.35
2%
l%c
Brew
7%c
Wright Hargreaves—
2.10
1
4,500
37
NoV
8%c
July
July
8c
10
27%
8c
27%
10%
1,345
12,050
3,000
16,850
1,000
6,000
1,000
1,000
37
Preferred
Mar
15
8c
Mar
51%
160
*
2
50
28
20c June
855
94
3o
Westons
3%
3%
Western Can Flour pref 100
8c June
43c
1.90
M orris-Kirkland
Nov
724
6,400
Sept
5%c
Mulrheads pref
Nov
20%
20%
13o
5%c
37%
54%
Mar
51%
19%
15,200
*
~1~31
Mar
17
49%
13c
12%C 13 %c
19%
1
Western Canada Flour...*
22c
Merland Oil
160
30%
51
-♦
19%c
11c
1
2,891
»
Preferred
Wendigo
Mar
20c
79c
__
1.02
1
71c
_.._100
1,700
69,782
Wood-Cadillac
1.25
A
60c
9.15
Mar
10 %c
Moneta-Porcuplne
Moore Corp
Walkers
60c
8.05
May
77c
1.97
Jan
Nov
60c
8.35
6
1.32
*
1.25
9.45
Jan
19%c
92
25c
7.40
*
-
Mar
6
Jan
3,95 Sept
47c Sept
1
Amulet
23c Sept
l%c
Jan
Nov
Sept
Nov
10%c
...»
25o
8
2%
6%c
4%
1
Corp..
July
26c
Mar
178
•
Mining
Jan
4.45
15%
Nov
4,000
1
Monarch Oils
5.55
Jan
Sept
9c
3
6c
7
MoWatters Gold
Mlnto Gold
!
Vulcan Oils
Waite
10%
Aug
4%
Mc V lttle-Graham
"
9%c
2.45
1.25
60%
93%
"
*
Oct
Jan
Jan
135
64
7%
Mar
1.30
5
176
63
"~7%
3.50
40c 43 %C
11,180
56c
68C 126,950
2c
4,500
l%c
6%
Maple Leaf Gardens pref 10
Maple Leaf Milling
*
Gas
West Turner Petroleum 50c
42c
*
2,834
5.15
Sept
1
Gold
5.30
•
50c
7,295
25,605
7,445
Ventures
2.10
5.35
1,209
3,800
7%
Feb
7,650
3.15
9 %C
6%
15,550
2.81
13%
9c
6%
*
76c
5.20
13%
United Steel
2.75
5.35
90o
Union
7lc
3.05
4,295
United OIL.
2.60
..1
Madsen Red Lake
13%
1.50
Oct
76c
1'
Manitoba A Eastern
1.40
Jan
2.65
1
Mines
90
108
l".48
13
*
Macassa
86
108
"
17%
*
MacLeod Cockshutt
"86""
1
58%
*
B
50
Feb
1
Little Long Lac
Loblaw A
Toronto General Trusts 100
Toronto Mortgage
Uchi Gold
/Flat price,
n
Nominal.
4-58 series B
1965
64
64%
46
46%
Volume
147
Financial
Quotations
on
Chronicle
3297
Over-the-Connter Securities—Friday Nov. 25
N**w York City Bonds
Bid
o3s
Jan
11977
o35*s July 11975
a35*sMay 1 1954—.
a3 5*s Nov
985*
100
a35*s Mar 11960———..
o3 5*s Jan 15 1976—...
o4s
May 11957
04a
Nov
o4a
11958
09X
103 X 1045*
103X 104 X
103 X 104 X
103
104X
108 X 110
.j
1 1954...
—
108X uox
...
May 11959
109
o4a
May 1 1977
112
c4a
Oct
112 J* 1135*
1125* 114
11980..
a45*s Sept 11960........
a45*s Mar 1 1962...
<
a45*a Mar 11964..
ask
Bid
AH
101
1105*
1135*
1135* 114 X
1135* 115
o45*a Apr 1 1966-.......
o4J*s Apr 15 1972
a4Xs June 1 1974
a4XB Feb 15 1976.
«45*sJan
1 1977.
o4XB Nov 15 '78
a4Xs Mar 11981
o4 Hs May 1 1957
04 Xb Nov 1 1957
a45*s Mar 1 1963
a45*s June 1 1965
a4 5*8 July 1 1967
a4 5*8 Dec 15 1971..—
o45*s Deo
FISCAL FUND,
1145* mx
115 H 117
mx 11754
122 x 124
-
1 1979
Bank Stock Series
1165* 117 H
117
Transcontinent Shares Corporation, Sponsor
1175* 1185*
1185* 119 X
115
mx
mx mx
mx U8X
mx 119
LOS ANGELES
JERSEY CITY
BOSTON
mx mx
120
mx
New York Bank Stocks
Par
Bank of Manhattan Co.10
New York State Bonds
38 1974
Ask
Bid
.
52.25 less 1
4Kb April 1940 to 1949—
Highway Improvement—
4s Mar & Sept 1958 to '67
Canal Imp 4s JAJ '60 to '67
Barge C T 4s Jan '42 A '46.
51.50
Barge C T 4 Xb Jan 1 1945.
Ask
World War Bonus—
52 30 less 1
.....
Canal A Highway—
5s Jan A Mar 1964 to *71
2.45
Highway Imp 4 Xb Sept '63
Canal Imp 4Xb Jan 1964..
Can A High Imp 4Ha 1965
145*
155*
National Bronx Bank
38
43
National City
75
100
Commercial National..100
140
140
....
....
....
138
Port of New York Authority
Bid
—
132
108
109
103X 104X
99 X IOOX
100X 101X
Bonds
Ask
Holland Tunnel 4Xb ser E
1939-1941.
MAS 50.50 to 1.20%
112
1942-1960..—
MAS 111
Inland Terminal 4 X s ser D
MAS 60.75 to 1.75%
MAS 1095* 111
1939-1941....
Bid
100
Bid
Ask
1015*
4J*s Oct
1959
4 5*8
July
1952
5s
Apr
1955—
1055* 1065*
1055* 1065*
1005* 102
1952
107
109
1941_._
109
111
5s
Feb
55*8 Aug
Honolulu
53.50
5s
U S Panama 3s June 11961
119
Ask
3.00
121
Govt of Puerto Rico—
1135* 1165*
45*s July 1952
5s
1115* 113
July 1948 opt 1243.
108
U S conversion 3s 1946
1155* 1175*
48
52
770
Public National.—
1675
Sterling Nat Bank A Tr 25
275*
225*
295*
245*
103
Trade Bank.——125*
15
18
..100
97
nsurance
Bid
Aetna Cas A Surety
10
Aetna
.—.......10
Aetna Life....—....10
Agricultural
American Home........10
American of Newark
2X
110
1085* 1105*
Conversion 3s 1947.-
265*
Baltimore American
2X
Bankers A Shippers
25
Boston ..............100
Camden Fire—.......5
Meroh Fire Assur com.
Mereh A Mfrs Fire New'k 5
Merchants (Provldenoe) . .6
National Casualty...
10
65*
955*
631
195*
23
20
Continental Casualty....5
Eagle Fire....
2X
Employers Re-Insurance 10
Maryland Casualty....-.1
Mass Bonding A Ins.. 125*
35
6J*
——.10
26
34
215*
245*
215*
275*
355*
35*
25*
60
52
Bid
Bid
Ask
104*ia 1045*
38 1956 opt 1946
Ask
104*16 1045*
104«i6 10 4%
5
65*
65*
395*
415*
Fidelity A Dep of Md
Fire Assn of Pblla
Federal Land Bank Bonds
3 Xb 1955 opt
1945—.MAN 105"i« mx
4s 1946 opt 1944
JAJ HI H iiih«
10
Fireman's Fd of San Fr.25
Firemen's of Newark
6
Franklin Fire
Bid
Atlanta 3s....
Ask
Bid
995* 1005*
99 J* 1005*
Atlantic 3s...
99
Montgomery 3s.
Ask
100
-
...
995* 1005*
99 X 1005*
—
f31
/31
36
New York 5s
36
North Carolina 3s
100
Central Illinois 5s....
/315*
345*
Ohio-Pennsylvania 5s
Oregon-Washington 0s
995* 1005*
45
/42
/45*
Dallas 3s................
101
Denver 5s
First Carollnas 5s........
98
First Texas of Houston 5s.
Pacific Coast of Portland 5s
102
100
100
101
Pennsylvania 35*8————
995*
1045*
1075*
995*
6
15
15
101
45*8
5s
Potomac 3s—
Fort Wayne 4X8
Fremont 4^8.—.........
100
102
77
80
San Antonio 3s
78
82
Southern Minnesota 5s
5s
....
3s
100
101
Lincoln 4Xb
5s..
86
88
86
89
Southwest
69
73
99
5s
Union of Detroit 45*8—.—
Atlanta.........
Atlantic
5s
.
100
—
New York
45""
50
Moines
First Carolines.—
100
4
79
83
17
Providence-Washington
335*
185*
365*
•
.
10
■
Reinsurance Corp (N Y)_2
22
24
22
235*
St Paul Fire A Marino
435*
125*
455*
145*
31
69
72.
8
Seaboard Fire A Marine..5
Seaboard Surety.......10
Security New Haven—..10
Springfield Fire A Mar..25
415*
130
1185* 1225*
255*
23
95*
265*
245*
4
6
6
6
224
25
229
65*
25
854
27
295* 31
1225* 1255*
5
4
6
Sun Life Assurance....100
425
475
445
457
315*
785*
U S Fidelity A Guar Co—2
U 8 Fire
4
52
54
U 8 Guarantee
Home
295*
305*
Westchester
Hanover,...—........10
Hartford Fire—
—10
..5
.......
Bid
100
10
Carolina.......100
Ask
65
40
Potomac.............100
A Trust
San Antonio....—100
60
Virginia
Virginia-Carolina
1.60
.5
...100
—
25*
165* >185*
625* 164
565* 69
...10
32
Fire—...2.50
34
Bid
Par
Ask
Bid
Ask
Harris Trust A Savings. 100
-.100
Continental Illinois Natl
Bank A Trust
33 1-3
205
765*
225
—.100
233
775*
238
315
330
Northern Trust Co
620
540
SAN
100
FRANCISCO—
Bkof Amer NT AS A 125*
455*
475*
Surety Guaranteed Mortgage Bonds and Debentures
65"
1.80
3
75
Nat Union Mtge Corp—
Series A 3-6s
1964
655*
3-6s
85
1954
81
(all
1963
Potomac Cons Deb Corp—
Ask
67
82
Series B 2-5s_.
Associated Mtge Cos Ino—
Debenture
Bid
Ask
82
'53
....
.....
64
1953
14
25"
85
60
Pennsylvania
ox
Stuyvesant.
Chicago &San Francisco.Banks
American National Bank
Arundel Deb Corp 3-6s '53
20
ik
—100
25
..10
Preferred Accident..—5
Travelers.......—...100
Arundel Bond Corp 2-5s
.......100
1
Fremont
Lincoln
North
107
35
Denver
Des
39
Pacific Fire
Phoenix.
101
995* 101
Par
Ail
102
126
995* 1005*
-
Virginian 5s
Virginia-Carolina 3s
.
45
........
Dallas
975*
255*
2.50
Republic (Texas).......10
Revere (Paul) Fire.....10
Rhode Island
-...6
Rossla.———....5
Bid
Bid
.12.50
Natlonal.25
100
Joint Stock Land Bank Stocks
Par
......
River....—
95*
First National
96
Lafayette 5s
Northern
125*
325*
465*
175*
995*
265*
255*
1085*
06
93
115*
305*
445*
155*
245*
10
1005*
32
f30
1005* 1015*
13
/II
St Louis 58
995* 1005*
93
615*
635*
75*
85*
123
1275*
245*
85*
Halifax
1005* 102
Illinois Midwest 5s.......
Iowa of Sioux City 45*8...
10
28
New Hampshire Fire
10
New York Fire
——.5
North
95*
6
26
New Brunswick...—...10
Northwestern
50
4
235*
295*
755*
...5
Great Amer Indemnity... 1
Par
Fletcher 35*8——.
Greensboro
National Fire.—.—.
465*
85*
1005*
1065*
Phoenix
99
99?* 1005*
Chicago 4Xb
101
6
995* 1005*
First Trust of
2d preferred
Great American
5
National Liberty........2
National Union Fire.. —20
New Amsterdam Cas....2
855*
105*
285*
25*
35*
50
Hartford Steam boiler... 10
New Orleans 5s
Burlington 5s.
4X8
Chicago 4Xb and 5s.
Globe A Republic
Globe A Rutgers Fire
64
395*
.10
Gibraltar Fire A Marine. 10
Glens Falls Fire
5
Joint Stock Land Bank Bonds
9
275*
Corp 6
Georgia Home
625*
825*
95*
........
28
5
General Reinsurance
113
110
20
68
435*
115*
25*
45*
525*
535*
62
City of New York.—.10
Connecticut Gen Life
10
67
29
621
115*
40
8
33
35*
19
10
135*
385*
365*
275*
615*
25
Ins Co of North Amer
Jersey Insurance of N Y...
Knickerbocker.
.6
Lincoln Fire
..5
275*
Ask
25*
175*
105*
Importers A Exporters...6
795*
225*
Bid
Homestead Fire
775*
215*
255*
65*
125*
American Re-Insurance. 10
American Reserve
10
48
25
........25
Carolina
Par
Home Fire Security—...10
..—10
46
Federal..........—...10
38 1955 opt 1945
-JAJ
38 1956 opt 1946—JAJ
25
Companies
Ask
1085* 1125*
American Alllanoe—10
American Equitable
5
Excess
MAN
245*
13 X
125*
Penn
315*
146
American Surety
United States Insular Bonds
Hawaii 45*8 Oct 1956—...
115*
105*
140
Automobile ——.10
...
National Safety Bank. 12 5*
....
108k 109X
4sl946
45
225*
Fifth Avenue..—
100
730
First National of N Y—100 1636
Par
1942-1960—.—
Philippine Government—
Ask
40
....
112
Bid
10SX 106 X
George Washington Bridge
414s ser B 1940-53.MAN
Bid
50
....
132
Ask
Port of New York—
Gen A ref 3d ser 3 Xb '76
Gen A ref 4th ser 3s 1976
Gen A ref 35*8—
1977
295*
Par
125*
Exchange........ 10
Peoples National.......50
I
Gen A ret 4s Mar 11975.
Gen A ref 2d ser 3Xb '65
Ask
115
'
38 1981
Bid
Bank of Yorktown_w66 2-3
Bensonhurst National. ..60
Chase
13.55
Merchants Bank
'
Bid
inc.
Insurance Stock Series
118
Potomac Bond Corp
Cont'I Inv Bd Corp 2-52 *63
Cont'l Inv DebCorp3-6s '53
Empire Properties Corp—
2-3s—
.1945
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
Ino 2~6s
—1953
84
66
issues) 2-60—
72
3-6s
47
.
...
61
54
475*
6054
53
1953
Potomac Deb Corp 3-6s '58
62
*
....
57
Potomac Franklin Deb Co
1953
3-6s..
qq
oo
Potomac Maryland Deben¬
Federal Intermediate Credit Bank Debentures
,
1% A 1 X%
1 % A15* %
1% A 15*%
1% due
1% & 15*%
1% due.
Bid
due Dec 15 '38 b .25%
due Jan. 16 '39 6.25%
due Feb 15'39.6.25%
Mar 15 1939 6.25%
due Apr 15*39 6.25%
May 151939 6.35%
Ask
Bid
1%
1%
1%
1%
1%
1%
1
due......June 151939 6.30%
due......July 151939 6.30%
due...
6.35%
due...
6.35%
due...
6.35%
due...
6.35%
ture
Nat Bondholders part ctfs
Central Funding
series B A C
Ask
........
series A A D—......
/26
/22
Nat Cons Bd Corp 2~5s '53
82
Nat Deben Corp 3-6S.1953
47
«...
«...
«
...
51
New York Trust
.
Bank of New York
Bankers
.........
Par
100
10
Bid
374
415*
Ask
Bid
384
435*
River
Par
Fulton
100
5
......
100
75
80
Central Hanover
20
825*
Chemical Bank A Trust. 10
415*
855*
435*
Clinton Trust—
50
55
65
Colonial Trust
25
105*
New York
Continental Bank A Tr.10
85*
115*
125*
Title Guarantee A Tr...20
Corn Exch Bk A Tr
20
48
49
Underwriters.
Empire....—.—
10
145*
155*
United
65*
185
Ask
205
238
Guaranty..... .......100 233
Irving................10
m 105*
1560
Kings County
100 1510
21X 31X
Lawyers..............25
7
County—
Brooklyn
Bronx
Bid
■
Preferred
20
——
—20
25
37X
39X
52
64
835*
86X
IX
OX
.....100
80
States—v—100
1565
...
Bridge 7s—1953
X % notes Nov 21939.
Federal Farm Mtge Corp
XX*
Sept 11939
3299.
1953
62
47
deb
3-6s
....
49
Ask
106
107
Authority 3 Ms '68
1
35*8 revenue.....1944 b 2.40 less
3 Xb revenue...—1949 b 2.85 less 1
way
100.15 100.17
Reconstruction Finance
Corp—
101
101.2
5*% notes July 201941
Nov 1 1941
%%
100.13 100.15
100.10 100.12
100.13 100.15
July 1939
2s.........Dec 1940
102.18 102.21
2s.
101Z1 102.2
Federal
-Apr
1 1943
Reynolds Invest'g 5s 1948
61
63
Natl. Mtge Assn
2s May 16
1943.opt'39
90
1615
Bid
New York City Park¬
Fed'l Home Loan Banks
101.24 101.27 Trlborougb Bridge—
4s s f revenue '77 AAO
111
112
4s serial revenue—1942
Home Owners' L'n Carp
15*s—June 11939
For footnotes see page
....
53
Realty Bond A Mortgage
Unified Deben Corp 5s 1955
Ask
104
Commodity Credit Corp
Is
Manufacturers
50
Miscellaneous Bonds
Companies
i
..1953 .94
—
Bear-Mountain-Hudson
v
Corp 3-6s
Potomae Realty Atlantic
Deb Corp 3-68
1953
100.23 100.26
2.10
less
1
4s serial revenue—1968
3.50
less
111
Financial
3298
Nov.
Chronicle
26,
1938
Quotations on Over-the-Counter Securities—Friday Nov. 25-Continued
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
.1945
Tel. REctor
NEW YORK
2-6600
70
73
.1940
29
31
.1944
25
95
Cambria A Clearfield 4s
.1965
Chicago Indiana A Southern 4s
Chicago St. Louis A New Orleans 5s
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s
Connecting Railway of Philadelphia 4s.
.1956
Duluth Missabe A Iron Range 1st 3*s.
Guaranteed Railroad Stocks
.1962
69
126*
6.00
54
58
2.00
29
31*
8.75
77*
81
8.60
17
20
2.85
45*
49
5.00
SIX
83*
5.00
67
70*
73*
3.50
71*
2.00
42
44
2.00
40 X
42*
63
56*
5.50
(N Y Central)..—...100
Georgia RR A Banking (L A N-A CL)
100
Lackawanna RR of N J (Del Lack A Western)
100
Michigan Central (New York Central)
....100
Morris & Essex (Del Lack A Western)..
....—50
New York Lackawanna A Western (D L A W)
100
Northern Central (Pennsylvania)
60
Oswego A Syracuse (Del Lack A Western)
.....50
Pittsburgh Bessemer A Lake Erie (U S Steel)..
60
Preferred
50
Pittsburgh Fort Wayne A Chicago (Pennsylvania).. 100
Preferred
;
100
Fort Wayne A Jackson pref
152
9.00
156*
46 *
4.00
49
800
625
60.00
4.00
82
38*
63*
84*
4.60
42
42
7.00
109
New London Northern 4s
.1940
96
.2000
96
100
.1948
89
90
New York A Harlem 3*8
New York Philadelphia A
Norfolk 4s
Pittsburgh Bessemer A Lake Erie 5s..
Portland Terminal 4s
.1947
114
Providence A Worcester 4s
.1947
70
.1942
101
Toledo Peoria A Western 4s
.1957
Canal 3*s
.........
171
139
67*
6.00
"70*
125*
125
223*
228
6.00
55*
60
5.00
66
70
5.00
58
62
1.75
New Orl Tex A Mex 4*s..
New York Central 4*s—
5.00
65.75
5.00
3*s Dec 1 1936-1944..
65.60
4.75
N Y N H & Hartf 4*8
Canadian National 4*s.
62.90
2.00
Northern Pacific 4*s
62.50
1.75
62.90
2.00
Pennsylvania RR 4*s—
62.00
1.25
Canadian Pacific 4*8—
62.75
2.00
5s
65.50
5.00
4s series E due
5s
—
62.40
4*8
73*
Gas A
*
*
Birmingham Elec S7 pref. *
3*
Miss Rlv Pow 6% pref. 100
5
6*
Missouri Kan Pipe Line. .5
6*
Monongahela
5
17 preferred
113*
71
73
21
22
80*
Newark Consol Gas
88
90
78*
80
87
Consol Elec A Gas 36 pref *
Consol Traction (N J). 100
88*
Consumers Power 35 pref*
Continental Gas A El—
8
5
48
.
51
100* 101*
84
Dallas Pr A Lt 7% pref. 100
114
20
Derby Gas A El 37 pref..*
Federal Water Serv
100
Corp—
85*
1
19
21
20
22
37 cum preferred
*
Gas A Elec of Bergen.. 100
21*
23*
135
197
»
7% preferred
Interstate Natural
100
110
Gas..*
25
---
104
36 preferred
Interstate Power 37 pref. *
4*
25
27
30*
32*
12
14*
134
12
14"
37
57 prior Hen pref
New Orl Pub Serv 57 pf..*
38*
93*
94*
56
cum
States
100*
100
7% pref
(Minn) 5% pref
6*
*
57 preferred
54
56
Jer Cent P A L 7% pf—100
Kan Gas A El 7% pref. 100
90
91*
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr. 100
7% preferred
100
112*
114*
99*
104* 106*
2.50
62.50
2.00
62.50
2.00
66.50
5.50
100
pf.100
60*
64
25*
28
29*
Toledo Edison 7% pf A. 100
United Gas A El (Conn)
5% conv partic pref..50
25
26*
Utah Pow A Lt 57 pref
Memphis Pr A Lt 37 pref.*
62
65
Virginian Ry
Pow & Lt 7%
58
93
86*
4*8
4.00
63.10
2.25
62 00
1.50
Southern Ry 4*s
58
63.50
2 50
1.60
63.50
2 50
1.25
Texas Pacific 4s
5.00
92
4.00
64.75
65.75
62.00
98
64.75
Southern Pacific 4*8
5s
5.00
5.00
Erie RR 4*s
97
95
St Louis-San Fran 4s
84
65.75
96
5*8—
-
63.00
2.25
Hocking Valley 5s
61.75
1.00
4*s
63 00
2.25
Illinois Central 4*8
64.00
3.00
5s
62.25
1.50
Internat Great Nor 4*s_.
64.75
4.00
Union Pacific 4*8..
61.25
0.50
Long Island 4*8
63.50
2.50
Virginia Ry 4*s
61.70
...
63.50
2.60
Wabash Ry 4*s
...
64.50
3.50
64.50
3.50
64.40
3.50
64.40
3.50
61.80
5S
Maine Central 5s
5*s
5s
1.00
75
85
77
5s
87
78
6s
88
85
6*8
95
62.50
1.50
65 75
5.00
65 75
Western Maryland 4*s...
Western Pacific 5s...
5*8
5.00
7% preferred
Public
105* 107*
66
69
98*
99*
Bid
3*
23*
4*
99
100*
91*
89*
100
27*
28*
200
59*
61*"
67*
69
92
94
108* 110*
79
Ask
107* 107*
43*
Idaho Power 3*s
1964
72*
74*
Indianapolis Pow A Lt—
Mortgage 3*s
.1968 106* 106*
Inland Qas Corp 6*s.l938 / 56*
58*
Kan City Pub Serv 4s, 1957
25*
27*
Kan Pow A Lt 1st 4*s '65
no* 110*
Amer Utility Serv 6s.
Appalachian Elec Power—
1st mtge 4s
1963
s f debenture 4*8.. 1948
108* 109*
105*
105
47
49
25*
28*
Lehigh Valley Transit 5s '60
Lexington Water Pow 5s '68
Lone Star Gas 3*s ..1953
Assoo Gas A Elec Corp—
Income deb 4s
1978
1978
1978
24*
25*
27*
Income deb 4*8
1978
29*
30*
Mich Consol Gas 4s 1963..
1973
49*
51
Missouri Pr A Lt 3*8.1966
1973
51
52
Mtn States Pow 1st 6s.l938
55*
56*
Narragansett Elec 3*8 '66
1973
58
62
N Y, Pa A
8-year 8s with warr.1940
98
99*
98
99*
26*
28
37
38
75*
76*
N Y State Elec A Gas Corp
8s without warrants. 1940
Income deb 3*s
Conv
deb
4*s
...1973
Conv deb 5s
Conv deb 5*8
26
N J UtU 5s 1956
1965
4s
106* 106*
96*
96*
103* 104*
94
93*
105* 106*
64
65*
97*
98*
North Boston Ltg Prop's—
Assoc Gas A Elec Co—r
Cons ref deb
77
Bid
1967
42*
Associated Electric 58.1961
21
Utility Bonds
Ask
Amer Gas A Power 3-5s '53
Conv deb 4s
25
South Jersey Gas A El. 100
Tenn Elec Pow 6% pf.100
7% preferred
Dec 1 1937-50
5.50
65.75
Income deb 3*8
6% preferred D
100
Sioux City G A E 57 pf. 100
23*
Mass UtUltles Associates—
2.00
63.10
6s
Denver A R G West 4*s..
loi"
7% preferred
100
Okla G A E 7% pref.. 100
Pacific Pr A Lt 7% pf.. 100
Penn Pow A Lt 57 pref
*
Queens Borough G A E—
6% preferred
100
Republic Natural Gas
1
exas
62.60
Reading Co 4*8
54*
113* 115
99
100*
6% pref series B
50
7*% preferred
2.00
2*s series G non-call
St Louis Southwestern 5s..
106*
Southern Calif Edison—
Jamaica Water Supply—
1.00
62.60
100*fnn*
*
Rochester Gas A Elec—
27"
1937-49
4.75
106* 108*
52*
61.50
Pere Marquette 4*s
Power—
(Del)
5.00
1.00
Chicago R I A Pacific—
Trustees' ctfs 3*8
Missouri Pacific 4*8.....
99
preferred.
7% cum preferred... 100
5.00
4.75
66.50
Chic MUw A St Paul 4*s.
6s
Co—
66.00
65.50
Great Northern 4*8
Ohio Power 6% pref.-.100
Ohio Pub Serv 6% pf.,100
197
36 cum preferred
36.50 oum preferred...*
Hudson County Gas... 100
Idaho Power—
6*
112* 114*
Ohio Edison 56 pref
3l"
69*
114*
4.50
65.50
6*8
5*
New York Power A Light—
Northern
100
Essex Hudson Gas
New Eng Pub Serv
67*
113
100
100
100
New Eng G & E 5*% pf.*
100
100
7% pref-100
7% preferred
36 preferred
68
100
89*
Nassau A Suf Ltg 7% pf
Nebraska Pow 7% pref.
Central Maine Power—
62
Penn
87*
78*
25
Carolina Pr A Lt %7 pref.. *
6% preferred
*
31.60 preferred
7% preferred
West
Pub Serv 7% pref
25
Mountain States Power—.
7% preferred
Buffalo Niagara A Electern
Cent Pr A Lt
$7 preferred
2*
*
*
Atlantic City El 6% pref
59
66
Mississippi Power $6 pref
4.50
66.00
58
61.50
58
Mississippi P A L 56 pref. *
Electric
Original preferred
16.60 preferred..
Ask
1.75
1.00
65.50
65.50
N Y Chic A St L 4*8
Jan A July
5s
Bid
61.50
5s
58
Chicago A Nor West 4*8
Par
2.25
65.75
Maine 4*8—
A
54
Agk
3.50
63.00
5.50
51*
Utility Stocks
Ask'
64.50
5.50
5s
10.00
Bid
Ask
66.50
5s
3.00
84
51
66.50
Baltimore A Ohio 4*8—
BostoD
62
6.00
Atlantic Coast Line 4*g.
60
72*
40~"
49
62.50
Chesapeake A Ohio—
82
35
Equipment Bonds
Bid
6" 82
3.00
Railroad
Cent RR New Jersey 4*a
Alabama Power $7 pref..*
63
.1954
—...
.....
County Ry 3*8..
Pittsburgh 4s
65*
Arkansas Pr & Lt 7 % pref *
98
106
104*
.1940
West Virginia A
32*
|
.1951
...
105*
95
.1990
Vermont Valley 4*8
Washingto
104*
.1946
...
85*
103"
88
.1967
...
Toronto Hamilton A Buffalo 4s
United New Jersey Railroad A
84
.1961
...
Terre Haute A Pecorla 5s—
5s
Associated
.......
Toledo Terminal 4*8
62
Bid
104*
103*
29*
Par
79*"
75
.1939
.1941
3.60
Public
97*
78
.1947
Norwich A Worcester 4*8
Pennsylvania A New York Canal 5s...
Philadelphia A Reading Terminal 5s
111
147
167*
90 "
87
.1959
...
80
7.00
65
.1950
.1978
5.00
Wpet Jersey A Seashore (Penn-Readlng)
68
62
45
3.00
6.00
100
mm
66
58
Memphis Union Station 5s—
100
«mt
105*
.1953
...
Kansas Oklahoma A Gulf 5s
of"N J~(Def Lack"A Wee'tern) 1111111711.60
«*<
43"
107*
104*
.1945
45*
1.50
36*
61*
3.875
100
St Louis Bridge 1st pref (Terminal RR)—
....100
Second preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna & Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
Warren RR
72
122*
10.60
60
50
..25
Pgh Ygtn A Ashtabula pref (Penn)
Rensselaer A Saratoga (Delaware A Hudson)
A. tied
Bid
6.00
100
Hudson)...... 100
Allegheny A Western (Bull Roch A Pitts)
100
Beech Creek (New York Central)
50
Boston A Albany (New York Central)
..100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)
-100
Carolina CUnchlleld A Ohio com (L A N-A C L)
100
Cleve Clnn Chicago A St Louis pref (N Y Central).. 100
Central)
Albany A Susquehanna (Delaware A
...
41
.1951
Indiana Illinois A Iowa 4s
Dividend
(Pennsylvania)
78
98
.1995
Florida Southern 4s
Par in Dollars
stock
68
72
.1961
Louisville Dlv. A Terminal 3*8
Betterment
65
.1951
Illinois Central—
(Guarantor in Parentheses)
Delaware (Pennsylvania)
45
43
.1943
Boston A Maine 5s
120 Broadway
Cleveland A Pittsburgh
99
.1939
...
4*
Alabama & Vlcksburg (Illinois
96
Boston A Albany 4*8
Baltimore A Ohio 4*8...
York Slotk Extbong*
Mmb*rt
36
.1939
6s
Atlantic Coast Line 4s
3o$cpb Walkers Sons
35
.1945
Akron Canton and Youngs town 5*3
/32
/32
4*8..1958
Secured notes 3*8.-1947
106
106*
51*
145
53*
151*
1983
26
4*s._1983
28
Ohio Power 3*s 1968
102* 103
1983
30
Ohio Pub Service 4a—1962
5*s..l983
32
Old Dominion par 5e._1951
106* 106*
61*
59*
Sink fund lnc 4-58—1986
*
100
22
Sink fund lnc 4s
Sink fund lnc
Sink fund lnc 5s
Sink fund lnc
Chain Store Stocks
Borland Shoe Stores
Bid
»
8
100
7% preferred
Ask
85
B/Q Foods lnc common *
Bohack (H C) common
*
2*
10
4
18
23
100
Diamond Shoe pref
3
100
7% preferred
101
106
Fish man (M H) Co Inc..*
7
Par
9*
Bid
Ask
Cuoan Atlantic Sugar—7*
9*
5*
Preferred
1
26
29
Portland Elec Power 6s '50 r 13
32
Pub Serv El A Gas 3*s '68
Pub Serv of Northern 111—
1986
28
110
1st mtge 3*8
1
75
Cent Ark Pub Serv 5s. 1948
92
95
Pub UtU Cons 5*8—194*
77
12
12*
Central G A E 5*8—1946
75*
77*
RepubUo Service coll 5e '51
70
3
6
80*
82*
St Joseph Ry Lt
6*% preferred
100
Murphy (G C) 35 pref-100
Reeves (Daniel) pref
100
United Cigar-Whelan Stores
35 preferred
*
17
24
105
108
ikt
Hen coll trust 6s. 1946
Cent Maine Pr 4s ser G *60
33*
see
page
14*
1
Bid
33
Ask
35
7
15*
1962
1962
82*
45*
46*
B
..1962
45*
46*
West Indies Sugar Corp—1
3*
4*
1st mtge 4s_.
106
79
71*
107
*
1963
Sioux City G A E 4s—1966
Sou Cities UtU 5a A.. 1958
103
103*
101* 102
46*
47*
68*
70*
88*
90*
83*
Tel Bond A Share 5e_. 1958
Texas Public Serv 5a. ^1961
Toledo Edison 3*s_„ 1968
Crescent Public Service—
Par
Savannah Sug Ref com
2*
69*
Cons Cities Lt Pow A Trac
6s series
4*8
San Antonio Pub Servr—
m
68*
stk *52 r
Cities Service deb 5s__ 1903
31*
107*
Central Publio Utility—
Income 5*8 with
99
107
Heat A Pow
1947
13*
104* 104*
67
46
47*
104* 104*
Utlca Gas A El Co 5s. 1957
122
Coll lnc 6s (w-s)
..1954
Cumberl'd Co P&L 3*s'66
102* 103
Dallas Pow A Lt
3*8.1967
108*
Dallas Ry A Term 6s. 1951
Federated Util 5*s...l957
55*
57*
Wis Elec Power 3 *8—1968
104* 104*
70*
72*
Wisconsin G A E 3*8.1966
Wis Mich Pow 3*8-1961
106* 107
107
107*
Havana Elec Ry
For footnotes
..1968
82*
108* 109*
100
Ask
10*
80*
24
Kress (S H) 6% pref
Miller (I) Sons common. _*
Sugar Stocks
Eastern Sugar Assoc
1961
1st lien 3-6s
4*s-5*s.—1986
5e
Bid
27
Peoples Light A Power
S f lnc 5*8-6*8
Consol E A G 6s A
Par
m m
Kobacker Stores
7% preferred
2*
mi
Sink fund lno 5-6S..1986
S f ino
Blacks tone VG4E4s 1965
Par
nmmm
58...1952 / 37*
3299.
t
...
Virginia Elec Pow 3 *s 1968 t
Western Pub Serv 5*8 '60
—
87
89
Volume
Financial
147
Quotations
Over-the-Counter Securities—Friday Nov. 25—Continued
on
Industrial Stocks and Bonds
Water Bonds
Bid
Alabama Wat Serv fte.1957
Ashtabula Wat Wks 6s '68
Atlantic County Wat
Ask
Bid
Ask
99 % 100
New RocheUe Water—
84 X
89
87%
American Arch
92
New York Wat Serv 5s *51
93
96
Newport Water Co 5e 1953
Ohio Cities Water 6Ks '53
99 X
1951
5Xb
1951
6s series C
1967
105
6s series B
1964
101
6 Hb series A
1954
104
105
Ohio Valley Water 58.1954
105 X
Butler Water Co 6s.—1957
105
106 X
Ohio Water Service 5s.1958
100 X
102
mmm
104% 106 K
102
mmm
1951
City of New Castle Water
6s.
1941
103
mmm
101
mmm
Community Water Service
6Kp series B.
.1946
5% oonv pref..
8%
Amer
87
90
UK
100
25
91K
96 X
30 X
16K
Singer Manufacturing.. 100
Singer Mfg Ltd...
Chic Burl A
46
mmm
...
Phlla Suburb Wat 48-1965
108
Pinellas Water Co 5Ks_ '59
100
102 x
102
mmm
107
mmm
...
Plainfleld Union Wat 5s *01
1946
66
71
Richmond W W Co 58.1957
105
~6X
5X
2X
7X
53X
6%
100
Roch A L Ont Wat 5».1938
100K
mmm
Chilton Co
Qulnoy—100
10
oommon
Columbia Baking oom...*
i2K
i
1952
99% 101K
1952
98 X 100 X
6 Hb series B
1977
Huntington Water—
68 series B
....1954
6s
1954
6s
1962
Illinois Water Serv 6s A '52
Indianapolis Water—
1st mtge 3 Kb
1966
Indianapolis W W Secure—
6s
1958
101
4Xb
mmm
107
mmm
101 x
104
104 %
102
mmm
mmm
mmm
103 X
1O0K
1958
Brook ~
Water Service 5s. 1961
1967
1st A ref 5s A
Sbenango Val 4s ser B 1961
South Bay Cons Wat 5s '50
South Pittsburgh Water—
1957
105
Kokomo W W Co 5s..1958
105
Long Island Wat 6KS.1955
104
Middlesex Wat Co 5 Kb '57
Monmouth Consol W 6s '56
Monongabela Valley Water
6Ks
1950
Morgan town Water 5s 1965
M uncle Water Works 5s '66
New Jersey Water
6s 1950
107
78
7
3H
9
102 X
1900
102 X
mmm
5s series B
I960
105
Time Inc
*
*
mmm
mmm
105 X
mmm
95%
98 X
101 x
mmm
1949
...
103 X
102%
6s series A
Union Water Serv 5%b '61
W Va Water Serv 4s—1961
...
...
105
101
104 X
Western N Y Water Co—
3K
Shops—...*
30
*
Foundation Co For shs...*
American
•
shares
Garlock Packing com
*
Fire Extinguisher...*
Gen
Good Humor Corp
Graton A Knight com
1
*
100
Preferred
♦Amerex Holding
Corp..*
Amer Business Shares
Equities Inc 25c
Am Insurance Stock Corp*
Assoc. Stand Oil Shares..2
Bankers Nat Invest Corp
Amer Gen
*
Class A
Basic
-
Industry Shares..10
104 X
King Seeley Corp com
101
...
105
...
105
...
W'msport Water 5s... 1952
102 X 104 K
1
1
Landers Frary A Clark..25
Lawrence Portl Cement 100
*
Long Bell Lumber
$5 preferred
J.-.100
Macfadden Pub common.*
26.69
29.21
Series B-2
21.92
24.00
Series B-3
14.82
16.29
Nat Paper A Type com...*
sit
10
Bonds-
90
t
18
Chicago Stook Yds 5s. 1961
Cont'l Roll A Steel Fdy—
96K
12
12 K
42 X
43 X
2M
4
113
100
iik
13
29
34
106
109
2K
3X
17K
28
Series S-3
13.57
15.06
Preferred 6K%
100
52
59
5
-»
36
1st conv
1940
f 6s
s
Crown Cork A Seal 4Ks '48
94
1948
...
...
96
97%
98 K
97%
97%
n
of America
Steel
4KB
75
1937
Firestone TAR SKs.1948
J73
Haytian Corp 8s
1938
Kelsey Hayes Wheel Co—
Conv. deb 6s
1948
/13K
Nat Radiator 5s
N Y Shipbuilding 6S-1946
fl7
96X
Scovlll Mfg 5Ks
1945
107
109
46
50
38 K
6X
7K
3.68
8K
2.43
5.93
Norwich
5.91
6.48
Ohio Match Co
21.81
101H 101K
1946
75
16K
80
20
Mutual Invest Fund....10
12.00
3.48
♦Crum A Forster insurance
♦Common B share...10
33
100
16.32
17.64
1.37
New England Fund
N Y Stocks Ino—
1
6.75
f35X
38X
13.72
14.80
B'way Barclay 1st 2s..1956
/22
8.74
B'way A 41st Street—
1st 3s
1944
Broadway Motors Bldg4-0s
1948
66 H
68 X
50
53
5.71
6.19
11.25
7.15
.....
7.74
8.60
9.30
8.45
9.14
9.35
.....
8.71
10.41
8.68
9.39
Railroad equipment
Steel
8.38
9.09
1
5.80
1.34
1
2,47
27 X
20.33
7.54
mmm m
1.46
Plymouth Fund Inc...10c
8.18
Selected Amer Shares—2 K
Bank stock series... 10c
2.33
2.58
Sovereign
Insurance stk series. 10c
3.33
3.70
Spencer Trask Fund..
10.09
12.41
99
10.30
10.88
*
57C
9.94
Standard Utilities Inc-50c
♦State St Invest Corp... *
82
Super Corp of Am Tr ShsA
3.54
Foreign Bd Associates Inc.
Foundation Trust Shs A.l
0.67
4.25
4.55
AA
18.52
20,03
B
3.67
Fundamental Tr Shares A2
5.26
5.88
C
6.95
*
4.65
D
6.95
General Capital Corp
*
General Investors Trust. ♦
32.20
34.62
5.14
5.60
10.30
1
m
8.56
Trusteed Amer Bank Shs B
57c
030
6.16
7.67
Trusteed Industry Shares.
1.00
Series B
__i
60
52
units...
...I960
1st 4s
7.27
7.91
5.29
5.76
RR equipment sh new
4.63
69 K
92%
94 K
7.02
7.64
5.25
5.72
13.79
42 X
44
1947
1951
52
34c
64c
Investors..*
18.56
19.96
3%
ziH
.99
1.10
1.31
1.45
Institutional Securities Ltd
Bank Group shares
♦Central Nat Corp cl A_.«
♦Class B
♦
32
♦First Boston Corp
♦Huron Holding Corp—1
10
19H
IK
2K
5
61%
*
1956
/30
32
1956
price,
dividend.
'
t Now
v
18
20
60 Park Place (Newark)—
1st fee A leasehold
1947
3%a
41
1950
40K
42
30 X
33K
63
67
1958
40
43
1939
55
3%8 with stock
1st 4s (whs)
1st 5%8
Walbridge Bldg (Buffalo)—
3a with stock
1950
8
a
1st 4Kb
54 K
57""
16
19
20 X
21%
Corp—
1951
w-s
Westlnghouse Bldg—
94X
97 X
Interchangeable.
1st fee A leasehold
6 Basis price,
4s '48
d Coupon,
71
e Ex-interest.
n Nominal quotation,
to i When issued,
w-s With stock,
x ExNow selling on New York Curb Exchange,
s Ex-llQUldatlng dividend
York Stock Exchange.
gold rouble bond, equivalent to
listed on New
t Quotations per 100
♦
with stook
Wall A Beaver St
6X
1948
No par value,
/Flat
2s
Trinity Bldgs Corp—
Metropolitan Chain Prop—
2 0%
♦Schoelkopf, Hutton A
Pomeroy Inc com
10c
2H
50
68
62 X
Majestic Apt Ino—
4s w-s 1948 stamped
15.12
Savoy Plaza Corp—
3s with stock
2 Park Ave Bldg 1st 4s 1940
1st 5s (Bklyn)
6s
Investm't Banking Corp
♦Bancamerica-Blair Corpl
59 K
Textile Bldg—
13 H
93C
1
1957
1st 4s
71X
Ludwlg Baumann—
5.05
Steel shares new
Voting shares
Wellington Fund..—
60
S47X
Syracuse Hotel (Syracuse)
1st 3s
1955
63
37
1952
1st A gen 3s w-s
6.62
1.98
23%
51%
616 Madison Ave 6Kb '38
60
Lewis Morris Apt Bldg—
4.55
B
1901
5%b stamped
Realty Assoc Sec Corp—
5s income.
1943
43
61 Broadway Bldg—
Lefcourt Manhattan Bldg
1st 5s (L I)
U S El Lt A Pr Shares A..
1951
Roxy Theatre—
14%
45
1.13
Petroleum shares new..
44%
London Terrace Apia—
7.87
6.06
80
67
6.13
Chemical shares new
4.38
75
41X
55
2.57
Building shares new
5.57
47~"
43
2.51
Aviation shares new
4.02
45
Hearst Brisbane Prop 6s *42
1
9.06
4.17
49K
/6
Park Avenue—
2d mtge 6s
41
Harriman Bldg 1st 6s. 1951
1
8.33
Merchandise shares new
f20X
165 Bway Bldg 1st 5%b '51
Prudence Co—
Nov 15 1939
1st 6s
Sherneth Corp—
Series D
5.80
Investing shares new
103 E 57th St 1st 68—1941
36
Trustee Stand Oil Shs A.l
6.26
Food shares new
1
75
w-s—1903
Loew's Theatre RIty Corp
1st 0s
—1947
5.33
'
43 K
19 X
43
34
Income 5Xb
5.75
July 7 1939
32X
Lincoln Building—
Agricultural shares new.
1st 6s-
30
72
1st 2X-4a (w-s)
Graybar Bldg 5s
11.26
Automobile shares new.
53
19th A Walnut Sta (Phlla)
40
39
Series C
Group Securities-
35%
S51X
S41X
45
1st 4-5s extended to 1948
Trustee Stand Invest Shs—
134X
5%b series F-l
Oliver Cromwell (The)—
mmmm
mmmm
5%a series C-2
53 X
40
Hotel St George 4s.—1950
...
8X
51X
Co—
28"
36
Hotel Lexington
2.41
Fundamental Invest Inc. 2
8
47
02o
82c
7.85
61K
85 X
Income 3s
Fuller Bldg deb 6s
17.43
10
Supervised Shares ......3
stamped..1948
J6 K
f49K
N Y Title A Mtge
26
fl2
16.42
Fixed Trust Shares A... 10
7.25
6
Fox Theatre A Off Bldg—
36o
10.84
38 X
5%a series Q—
..1957
1944
1949
1940
32c
9.95
74c
Investors
1st 6Xb
103 X
4.35
Selected Income Shares..
Fiscal Fund Ino—
53c
47c
15.04
11.33
30
Corp—
5%b Series BK__
34X
34
4s '43
40 Wall St Corp 6s—1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
72 X
28
4s with stock stmp—1950
30 X
Film Center Bldg 1st
19.10 Quarterly Inc Shares.-10c
31.01
5% deb series A....
30 X Representative TrustShslO
21.89 Republic Invest Fund.26c
N Y Majestic
52 X
28
Equit Off Bldg deb 5s. 1952
Deb 5s 1952 legended.
50 Bway Bldg 1st 3s Inc '46
500 Fifth Avenue 6 Xb. 1949
70X
1946
2s
1
Hotel units
Ask
96 X
1945
8 f deb 5s
32
,
1947
N Y Athletic Club—
i960
lst3Ms—Eastern Ambassador
117"
Metropol Playhouses Ino—
Dorset 1st A fixed 2s__ 1957
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
•,
6.50
♦Putnam (Geo) Fund
29. If
mmmm
2.73
1
mm,mm
2.83
.1
Series 1958
Eaton A Howard Manage¬
17.79
9.82
52 %
2.30
6s
Court A Remsen St Off Bid
9.08
Series 1955
3.85
1945
Cheeebrough Bldg 1st 0s '48
Colonade Constr'n 4s. 1948
Chanln Bldg inc 4s
9.42
9.63
Series 1956
3.50
10.11
Machinery......
No Amer Tr Shares 1953. *
2.65
Bid
33
1967
Alden 1st 3s
H2K
Metropolitan Corp (Can)
24
10.41
:
No Amer Bond Trust ctfs
2.97
104
Certificates
Ask
6.01
Oils
4.88
Bid
1.55
Metals........
35
110
2d oonv Income 5s—1962
9K
8.08
National Investors Corp. I
Building supplies.
7K
Real Estate Bonds and Title Co. Mortgage
1.40
Electrical equipment
25 H
1902
mmmm
25c
Insurance stock
23 K
ist 5s
13.12
Nation Wide Securities—
Bank stock
Pharmacal
Woodward Iron¬
23.16
5.29
...
2.87
115
preferred
1
Series S-4
9K
6%
Maryland Fund Inc.—10c
Mass Investors Trust
1
Insurance Group Shares.
8X
109
26 K
Aviation
Tobacco shares new
7X
52 X
Atlantic Refining 3S..1953
100
Automobile
Incorporated
*
100
9X
28%
New Haven Clock—
2.87
Mining shares, new
100
preferred
Am Wire Fabrics 7s—1942
New Britain Machine....*
2.37
B
7%
American Tobacco 48.1951
16.05
....1
B
48
12.63
Accumulative series...1
First Mutual Trust Fund-
42
York Ice Machinery
61
16.42
Agriculture ........-
Eqult Inv Corp (Mass) —5
Equity Corp 53 oonv pref 1
Fidelity Fund Ino
*
Worcester Salt—
5K
15.07
2.37
25c
5K
7m
3K
57
14.96
4.04
ment Fund series A-l
24
11.38
3.71
Dividend Shares
22
Series 8-2
Commonwealth Invest... 1
D
12
WJR The Goodwill Sta—.5
Series K-2
Voting shares
C
8
17
Series K-l
Common
...
41
6X
11.17
Deposited Bank Shs ser A1
Deposited Insur Shs A—.1
Deposited Insur Shs ser B1
Diversified Trustee Shares
2X
18 K
16
6K
24.74
Delaware Fund
16K
97 K
39
6K
10.33
Cumulative Trust Shares. *
*
preferred
cum
IK
16%
7X
Wick wire Spencer Steel..*
Wilcox A Glbbs com
50
5
23.00
♦7% preferred
$3
14 K
94
19 X
1
100
6K
1
Mock Judson A Voehringer
Series B-l
Century Shares Trust-—*
♦8% preferred
100
com v t c
13%
105
Witherbee Sherman 6s 1903
100
Ask
620
4.40
♦Crum A Foretef com—.10
46X
15 K
Deep Rook Oil 7s
12.28
16K
Series ACC mod
Preferred
West Dairies Ino
28X
3.94
27.74
Series AA mod
42 X
*
preferred
100
West Va Pulp A Pap com.*
*26 K
24K
4.05
Corporate Trust Shares—1
Series AA
..1
46
preferred
conv
Crucible
45c
15K
♦Continental Shares pflOO
44_
7%
28K
37 X
23 K
3.57
25.94
Chemical Fund....
$3
25 %
11.51
Keystone Custodian Funds
35c
Canadian Inv Fund Ltd..l
*
Warren (Northam)—
35%
7% preferred
-.100
Muskegon Piston Ring. 2 K
National Casket
*
Preferred
*
17*79
Bullock Fund Ltd...—1
%
3%
X
2%
com
1
0% preferred
1
2K
100
Preferred
*
Bid
Par
Investors Fund C
84
*
Merck Co Ino oommon..1
Ask
20c
Fund Inc
British Type Invest A...1
Broad St Invest Co Ino. .5
4K
Kildun Mining Corp
102
10.63
Boston
3
X
101
Westmoreland Water 6s '62
1949
IX
17K
2
8%
26 K
Interstate Bakeries 15 pref.
1950
4.62
24
16K
8X
24%
H
Harrlsburg Steel Corp
99
...1960
4.17
19
6%
22K
99
96
Investing Companies
Affiliated Fund Inc—1M
6K
5
96
6s series C
f8K
9%
2K
IX
135X 139 X
31%
29%
30 K
1950
0e series A
13.88
fs%
6X
40 K
1961
1950
5s series B
Bid
13.05
4%
38 K
1st mtge 5s
1st mtge 6 Kb
mmrn
18
75^
69
28K
Preferred
Par
66 K
Great Lakes SS Co com..*
6s series B
99
..*
Welch Grape Juice com..5
Federal Bake
5X
16X
United Artists Theat oom. *
United Piece Dye Works.*
Veeder-Root Ino
Marlin Rockwell Corp
Admlnls'd Fund 2nd Inc..*
37
Great Northern Paper..25
103
mmm
mmm
33
38 X
.*
8%
37K
45 K
Tublze Chatlllon cum pf.10
35X
Conv prior pref
Draper Corp..
7%
63 K
35
101X 103
Wichita Water—
105
2
60 K
100
98
*
30
33
mmm
101
Steel oommon
Tennessee Products
28
1
3X
36 X
43 X
Taylor Wharton Iron A
.
19K
*
Preferred
1965
Stromberg-Carteon Tel Mfg
Sylvanla Indus Corp
*
17K
Dixon (Jos) Crucible...100
Fohs Oil Co
1st mtge 5s
5s series A
Texarkana Wat 1st 5s. 1958
Joplin W W Co 5s
83 X
106 X
98 X
Dennison Mfg class A...10
Dentist's Supply com...10
Devoe A Raynolds B oom *
101X
74
Sprlngf City Wat 4s A '56
94 X
82
79
80 X
25
213
mm
Douglas (W L) Shoe—
100
Stanley Works Inc
Trloo Products Corp
$1 cum preferred
*
Crowell Publishing com..*
Dictaphone Corp
100 X 102 X
Tore Haute Water 5s B *50
105
mmm
Scranton Gas A Water Co
Scranton-Spring
Hackensack Wat Co 6s. '77
A.'66
St Joseph Wat 4s ser
Skenandoa Rayon Corp..*
standard Screw
20
49
mmm
Connelisvllle Water 6s 1939
5% series A..
4%
29X
217
22
103
99
08
5s series B_.
3%
27%
34%
103 X
100
X
4X
10%
13%
12
20
1948
mmm
Greenwich Water A Gas—
9%
32
1st consol 5s
mmm
---
3X
Exploration
1
Pollak Manufacturing...*
Remington Arms com
*
Scovlll Manufacturing..25
52 K
63
6s series A
Petroleum Heat A Power.*
63X
100 X 102 X
1st A ref 5s
Pittsburgh Sub Wat 5s '58
101 x
X
59
1950
1948
1948
Peoria Water Works Co—
102
Conversion—1
American Mfg. 5% pref 100
Andlan National Corp...*
Belmont Radio Corp
♦
Beneficial Indus Loan pf.*
Bur dines Ino common....1
99 %
Ask
12 X
11
99
18 K
Bankers Indus Service A.*
1st consol 4s—
105
12K
29
Products. _.*
100 K
4Kb—I960
Bid
Pilgrim
.10
pref..
cum
Malse
Par
Pan Amer Match Corp..25
Pathe Film 7% pref
*
Petroleum
American Hardware
102 X
Penna State Water—
1st 0011 trust
1951
4K
35
Prior lien 5s
Citizens Wat Co (Wash)—
City Water (Chattanooga)
6s series B
.1954
1st 6s series O
1957
3X
31
American Hard Rubber—
82
77
104 X 100
Chester Wat Serv 4 He '58
...
•
Art Metal Construction. 10
Ore-Wash Wat Serv 5s 1957
Coxlf Water Service 4s 1961
Ask
Bid
American Cynamid—
5s series B
100 X
99
6 Kb series A
Par
Alabama Mills Inc......*
6s '68
Birmingham Water Wks—
6s
3299
Chronicle
Quotation not furnished by sponser or issuer.
77.4234 grams of pure gold.
Financial
3300
Chronicle
Nov. 26,
1938
Quotations on Over-the-Counter Securities—Friday Nov. 25—Concluded
Foreign Unlisted Dollar Bonds
Foreign Stocks, Bonds and Coupons
A si
Bid
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7%s '32
Hungarian Discount A Ex¬
change Bank 7s
1936
Inactive Exchanges
Bid
Prov Bk Westphalia 6s '33
/11
/12
6s
BRAUNL
52 William
Nov 1935 to May 1937
Bid
/22
6
Duesseldorf 7s to
92%
7
/2o%
/25%
/21
/20%
8
7a
/22%
1945
Duisburg 7% to
8
5
93%
1946
/20
m
r* in
J2 3
m
East Prussian Pow 6s. 1953
Electric Pr
(Ger'y) 6%s *60
6%s
23
---
1953
/2 0
/II %
fl 1%
7
8a.
5
ollv
7
7s.
8
7s.
9
0s.
0
/3%
/5
/20%
/13%
3
1
12%
4
ankfurt 7s to
7%a
Bank
196
Mtge 7s.
/21
/10
1946
(A A B) 6 %8_ 1946-1947
(C A D) 6 %s.1948-1949
Nat Central Savings Bk of
/20
121
119
4
1948
/22
/19
...
2
/12
...
*
1938
Agricultural 6s
mm
erman
Conversion
31
/29
1946
34 %
/33%
foH
OH
Brown Coal Ind Corp—
I
/22%
/45
)
196
6%s
/105
Buenos Aires scrip
/10%
/18%
/7%
/10%
/1%
Dec 1934 stamped
...
11%
-
3%
Central Agrlc Bank
see
German Central Bk
1954
( Iras (Austria) 8s
< erman defaulted coupons:
July 1933 to Dec 1933..
Jan 1934 to Jun»1934..
July 1934 to Decl936__
Jan 1937 to Dec 1937..
Central German Power
..193
Madge burg 6s
Jan 1938 to Oct 1938...
/26
/14
/14
...
62
/5 8
/55
/35
/26
/26
/25
1960-1990
C
Costa Rica funding 5s. '51
5s.
/9%
...
65
65
/76
/53
/21%
Oct 1935 to April 1937
Stinnes 7s unstamped. 1936
Certificates 4s...1936
67
/80
/69%
7b unstamped—
1946
Certificates 4s...1946
Tolima 7s.........
/74
/63%
Toho Electric 7s.....1955
Union of Soviet Soc Repub
/30
/30
fib
/5
38"
71%
1947
7% gold ruble
1943
11
/10
$86.46 91.06
Uruguay
Conversion scrip
6"
...
Unterelbe Electric 6S..1953
Veaten Elec Ry 7s
1947
1945
Wurtemberg 7s to
/21%
Bid
Ask
105
100
(N J) com.*
45
/38
/21
/21
J20
Par
<-
103
36
Canada... 100
Bell Telep of Pa pref—.100
Cuban Telep 7% pref.. 100
166
169
Pac A Atl
117
119
Peninsular Telep com
Emp A Bay State Tel..100
Franklin Telegraph
100
102
Bid
New York Mutual Tel.100
'
Ask
26
115% 117%
100
Preferred
44
Bell Telep of
29
—-
Telegraph
15
25
*
.30
33
100
110
113
100
Preferred A...*
112
18
E
.1967
/2 0
72
E
67
19
E
f20
19
E
94
19
1956
Coupons—
/33
Par
City Savings Bank
/12
/62%
/68
/18
/18
/18
31
Telephone and Telegraph Stocks
Am Dlst Teleg
/30
4s
6
/ Flat price.
c reat Britain A Ireland—
mmm
16
/22
1956
2d series 5s
71
/21%
Saxon State Mtge 6s..1947
/24
Stem A Halske deb 6s_2930 /550
State Mtge Bk Jugoslavia
/21%
Oberpfals Elec 7s
1946
Panama City 6%b_..„1952
Panama 5% scrip—
Poland 3s
1956
1936-1937
1968
Protestant Church (Ger¬
many) 7s
1946
no
n2
/20
69
1951
/20
Porto Alegre 7s
June 1 '35 to June '38..
6%s
13%
/12%
/15%
/6
Stettin Pub Utll 7s„—1946
Coupons
< lerman Young coupons:
Deo 1 '35 stamped
--
8%
11%
/7%
Apr 15 '35 to Apr 15 '38
...
/15
1947
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
/II
66
9%
9
(Brazil)
Sao Paulo (Brazil) 6S..1943
1946
/II
/98 %
1945
7s to
deposit. 1948
Saxon Pub Works 7s
Oldenburg-Free State
Office
Funding 3s..
/21%
/29
1947
4s
of
Oct 1932 to April 1935
Mtge 7s.
1948
North German Lloyd 6s *47
..
122
45
/20%
/20
National Hungarian A Ind
A Land
bank 6%s.
15
69%
/95
/95
1962
Hungary 7%s..
/45
ng
...
/21
67
Nat Bank Panama
/II
6%
0
British Hungarian
1967
unners Natl
5
6s.
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
Nassau Landbank 6%s '38
1967
4
/33
-
f2l
4°
7s Income
"ctfs
8%
5s
1966
7s
12%
8s
Santa Catharlna
/38
—
1945
Munlo Bk Hessen 7s to '45
/20
/H
/8%
/5
/17
88................1948
/22
1957
..1966
734s
7%s Income.
/3%
/3%
Montevideo scrip
Munich 7s to
/5
J22
/21%
Salvador 7%
..1957
74 ctfs of deposit. 1957
4s scrip.......
...
/21%
1948
Mannheim A Palat 7s. 1941
Merldlonale Elec 7s
1933
Rom Cath Church 6%s '48
/22%
Water 7s
European Mortgage A In¬
vestment
6
Rio de Janeiro 6%
/2f
Saarbruecken M Bk 6s *47
/50
Leipzig O'land Pr 6%s *46
Leipzig Trade Fair 78.1953
Luneberg Power Light A
Ait
Dortmund Mun Utll 6s '48
8
Bank of Colombia 7 %.
Land M Bk Warsaw 8s '41
Bid
Ail
/20
/32
66%
/70
/45
1943
Koholyt 8%s
Foreign Unlisted Dollar Bonds
66%
1941
R C Church Welfare 7s '46
Coupons—
Nov 1932 to May 1935
Tel. HAnover 2-5422
St., N. Y.
55 H
65%
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
& CO., INC.
f20
/60
Rhine Westph Eleo 7% '36
/12
Ait
f22
J22
Prov Bk Westphalia 6s '36
6s
1941
Gen Telep Allied
Rochester
25
mtmm
Corp—
93
96
69
122
125
$6
f22
10
149% 153%
Wisconsin Telep 7% pf.100
117
14
17
73
Mtn States Tel A Tel..100
E
preferred
-*
Int Ocean Telegraph—100
Telephone—
$6.50 1st pref
So A Atl Telegraph.....25
Sou New Eng Telep
100
For footnotes see page 3299.
General
Corporation and Investment News
RAILROAD—PUBLIC
NOTE—For mechanical
reasons
However,
FILING
OF
REGISTRATION
SECURITIES
it
they
is
UTILITY—INDUSTRIAL—MISCELLANEOUS
not
are
always possible to arrange companies in exact
always
STATEMENTS
as
near
UNDER
ACT
following additional registration statements (Nos. 3868
3878, inclusive) have been filed with the Securities and
Exchange
as
stock (no-par), dividend series of 1938.
(For further details see subsequent page).
cumulative prior preference
Nov. 19, 1938.
Commission under the Securities Act of
approximately $112,626,011.
1933.
writer has not been named.
Filed Nov. 21, 1938.
filed
Proceeds for investment.
Sponsored by a depositor.
is President of the company.
Filed Nov. 17, 1938.
Prescott Biggar & Co. have been
Franklin E. Reed
(2-3869, Form A2) of Springfield,
a registration statement covering $38,000,000 of
1st mtge.
bonds, series A, due Dec. 1, 1968, and $10,000,000 of 3%%-4%'
serial debentures, due Dec. 1, 1939 to Dec. 1, 1948.
Filed Nov. 18, 1938.
(For further details see "Chronicle" of Nov. 19, page 3153).
Central Illinois Public Service Co.
has filed
3%%
United Securities Co. of Missouri (2-3870, Form A2) of Kansas City,
Mo. has filed a registration statement of $1,000,000 series G, 10-year and
$3,000,000, series G, 15-year accumulaltive investment certificates with
annuity options to be offered at $810 to $1,704 and $720 to $1,260,
respectively, the company also registered $4,000,000 series L, 10-year and
$8,000,000 series L, 15-year collateral trust investment certificates with
annuity options and are to be offered at $810 to $1,704 and $720 to $1,260,
respectively.
Proceeds to be used for investment.
Cameron K. Reed,
Thomas W. Ruth and all general, State and district agents and soliciting
agents may be underwriters.
Filed Nov. 18, 1938.
Monsanto Chemical Co. (2-3871, Form A2) of St. Louis, Mo. has filed a
registration statement covering 50,000 shares of $4.50 cumulative preferred
stock, series A, having no par value.
Proceeds to be used for capital im¬
provements and additions, equipment and working capital.
Edgar M.
Queeny is President of the company.
Smith Barney & Co. has been named
underwriter.
Filed Nov. 18, 1938.
of Oklahoma
City,
a
stock.
right to purchase 8% shares preference stock at $2.50 a share.
will be retired.
The pro¬
capital.
If all the shares of class A stock are surrendered, a total of 17,514 shares of
preference stock will be issued.
The balance of the preferencestock being
registered will be reserved for exercise of the warrants.
The class B common stock is not covered by the registration statement.
There will be no underwriter.
J. M. Doroshaw is President of the com¬
holder the
The class A stock surrendered through the offer
ceeds will also be used for working
Filed Nov. 22, 1938.
pany.
Green Mountain Power Corp. (2—3878, Form
3%%
The last
in
The units to be offered at $300 each.
our
Abbott Laboratories—Extra Stock Dividend—
Director
stock,
have
no par
extra stock dividend of 5% in addition to
dividend of 40 cents per share on the common
declared an
value.
paid on Jan. 25 to holders of record Dec. 24
regular cash dividend will be paid on Dec. 24 to holders of record
An extra cash dividend of 10 cents was paid on March 31, last, and
Sept. 30, June 30 and March 31,1937.—V. 147, p. 3148.
The stock dividend will be
and the
Dec. 9.
on
Abbotts Dairies,
Of the 292,878
Del., has filed a registration statement covering 150,000 shares of $2.50
previous list of registration statements was igven
3148.
issue of Nov. 19, page
the regular quarterly cash
American shares.
one-bolivar-par shares registered 50,000 will be offered
by the issuer at the market through the Wilburton Investment Trust, Ltd.,
London, as underwriter.
The remaining stock has been optioned to the
underwriter at various prices from $5 to $8 a share for resale at the market.
Proceeds will be used to meet certain liabilities, for drilling and working
capital.
»
Beneficial Industrial Loan Corp. (2-3874, Form A2) of Wilmington,
A2) of Montpelier, Vt.,
a registration statement covering $7,750,000,
1st and refunding
bonds, series due 1963 and $$1,375,000 of 4%% serial notes due
1940-1953.
Filed Nov. 22, 1938.
(For further details see subsequent
page.)
has filed
Filed Nov.
PantepecOil-Co. of Venezuela, C. A. (2-3873, Form C3) has filed a
registration statement covering 292,878 shares of one-bolivar-par common
stock. The aggregate amount of the proposed cash offering is estimated at
$2,466,280.
The company also registered 3,000,000 American shares
representing the 292,878 common shares registered, plus outstanding
shares.
Delivery of the one-bolivar common shares sold will be made in
F. Eberstadt & Co., Inc., and
named underwriters.
Filed Nov. 22,1938.
Investment Corp. of North America (2—3877, Form A2) of Chicago,
111., has filed a registration statement covering 39,406 shares prior partici¬
pating preference stock and 2,502 warrants entitling the holders to pur¬
chase 8% shares of preference stock per warrant or a total of 21,892 shares.
The company plans to offer in exchange for each share of its outstandg
class A common stock seven shares of the new preference stock, l-6th of a
share of class B common stock, and a stock purchase warrant giving the
has filed a registration statement covering 600 units of 1-2,560th
fractional interest in the %th royalty in the 640 acres of J. E. Parkertract
Harper Field, Ector County, Tex.
18, 1938.
•
S. Reid is President of the company.
J,
Okla.
at
;
Co. (2-3876, Form A2) of Cleveland, Ohio, has
registration statement covering 70,000 shares of $1 par common
The stock is to be offered for the account of certain stockholders.
Standard Products
United Securities Co. of Missouri (2-3868, Form Cl) of Kansas City,
Mo. has filed a registration statement covering 10,000 United Fund Trust
Certificates, Accumulative Series TA, which are to be offered at $1,000 each.
Roy M. Smith, an individual (2-3872, Form Gl)
Filed
Co. (2—3875, Form AOl) of Dahlonega, Ga.,
has filed a registration statement covering 35,000 shares of $10 par 6%
cumulative preferred stock and is to be offered at $10 per share.
Proceeds
to be used foi power plant, mill and equipment, buildings, dvelopment and
working capital.
C. E. Sykes is President of the company.
Under¬
The total involved is
111.
alphabetical order.
possible.
Southern Mining & Power
The
to
alphabetical position
Inc.—Bonds Called—
Company is notifying holders of its 6% gold debenture bonds that it is
exercising its option to redeem all outstanding bonds of this issue by pay-"
ment of 103% of the principal thereof, with interest to date of redemption,
at the office of Goldman, Sachs & Co., on Dec. 23, 1938.
Bonds may also
for
presented for redemption at the office of The Pennsylvania Company,
Insurances on Lives and Granting Annuities, Philadelphia.—V. 141
p.
1264.
be
Volume 147
Financial
Chronicle
j$ero Supply & Mfg. Co.—V2l/i-Cent Class B Dividend—
_
engage in the operation of any commercial service to specified coun¬
European and in the Mediterranean areas and American
Export Airlines, Inc., in turn, agrees not to
engage in the operation of any
commercial service to specified countries in northern and central
Europe,'
including Great Britain and Ireland, or to Bermuda.
tries in the southern
Directors have declared a dividend of
12)4 cents per share On the class B
stock, payable Dec. 23, to holders of record Dec. 9.
This -will be the
first dividend paid on the B shares
since Dec. 23, 1937 when an initial
dividend of 12)4 cents per share was paid.—V. 146, p. 3943.
Alabama Power
Period End. Oct. 31—
Gross revenue
AmorfcanExport Airlines, Inc.,
on Sept. 7, 1938, entered into an agree¬
Consolidated Aircraft Corp. for the construction and purchase
flying boat with which to conduct the proposed experimental Bights,
ana has the
option, within 60 days from the date of the contract, of pur¬
chasing two additional flying boats.
ment with
Co.—-Earnings—•
or a
1938—Month—1937
1938—12 Mos.—1937
$1,823,577
$1,748,781 $19,819,865 $20,326,283
Oper, exps. and taxes—;
893,788
764,883
*8,820,648
x9,062,849
Prov. for deprecia'n
217,690
228,105
2,633,560
2,491,896
Gross income
pref. stock
Balance
—.
_
$755,794
402,461
4,836,965
$8,771,538
4,825,798
$305,002
195,178
Int. & other fixed chg8__
on
Property—Company owns and operates a fleet of 18 single-screw, steam
turbine, oil-burning vessels, all documented under the laws of the United
States.
The vessels Excambion, Excalibur, Exochorda and Exeter are
subject to first preferred mortgages to the United States Maritime Com¬
$712,099
407,097
-
_Net income
Divs.
$353,332
195,178
$3,528,692
2,342,138
$3,945,740
2,342,138
mission.
The passenger accommodations of the above named vessels are all of one
class, namely, cabin class.
The four passenger and freight vesseis, Ex¬
$109,824
$158,154
$1,186,554
$1,603,602
passengers
$8,365,657
cambion, Excalibur, Exochorda and Exeter, have accommodations for 132
each.
The other vessels have accommodations for 12 pas¬
sengers each, but passenger
for the
present-1
No provision was made in 1936 for
Federal/surtax on undistributed
Profits, as all taxable income was distributed.
No provision was made in
1937 except for a small amount provided
x
by
a
Allis-Chalmers Mfg. Co.;—Admitted to Trading—
1938
Assets—
1,394,972
1,449,290
Marketable secure. 3,599,539
Work funds, adv.,
3,588,755
&c
y
158,616
689,982
Accounts payable.
Accrued taxes-:.-
296,576
112,411
638,665
.
3,242,023
—
Acc'ts & notes rec.,
less
reserve
Inventories
Misc. inv. at cost-
Deferred
Co.'s
items.
own
stock.-
67,862
1p Funded Debt and Capitalization-*-The funded debt and tne capitalization
of the
company at June 30,1938, and the amounts which will be outstanding
ir the underwriters
purchase the 44,000 shares of capital stock which they
have agreed to
purchase and the 44,000 shares of capital stock as to which
56.1U
there is
no
follows;
as
To Be
-21,049,275 21,239,0011
Total-.--
x After depreciation and
depletion,
shares,
z 5.100 shares at cost.
y
Issue (See Note)*—;
Authorized
Represented by 644,600 no-par
published
was
„
,
$1,121,250
1,121,250
1,121,250
1,725,000
...
Outstanding
$1,121,250
1,121,250
1,121,250
1,121,250
Outstanding
$1,725,000
1,725,000
1,725,000
Construction loan notes--.,
b Construction loan notes.--,
c Construction
loan notes.
d Construction loan notes....
Capital stock, par $1 per share
a
21.049,275 21,239,001
The income statement for 12 months ended Sept. 30
.
firm commitment will be
*61.739-
Title of
Total
be received by the company on or about Nov. 10,
Any portion of the proceeds not invested in American Export Airlines,
Inc., will be retained as general funds of the company and may be tem¬
porarily utilized in the shipping business pending Investment in the sub¬
sidiary or may be permanently invested in the shipping business.
t&|
1,431,445
Surplus
ansa
exact amount thereof are not now determinable.
422,517
175,042
633,127
3,248,715
601,039
1,028,169
72,677
52,838
'
Common stock- -16,759.600 16.759.60C
Reserves—
175,524
$
S
t0 *)Urc*lase
193g[
1937
1938
iAaMIHIss—
$
13,885,883
,
The company intends to invest in its wholly-owned subsidiary, American
Export Airlines, Inc, all or a portion of the net proceeds from the sale of the
8hares of its capital stock offered
together with ad or a portion of the sum
or $99,000 received
by it from the sale heretofore made of 11,000 shares
of capital stock.
The form in which such investment is to be made and the
•Consolidated Balance Sheet
1937
$
13,973,835
Property acc't.
Cash-—-
such vessels has been discontinued
on
that the proceeds from the sale of the shares which the underwriters have
The company's 1,787,970 shares of common stock, no
par value, has been
admitted to trading on the Chicago Stock Exchange.—V. 147, p, 2673.
Alpha Portland Cement Co.
Sept. d0—
service
Purpose of Issue—Net proceeds from the sale of the shares of capital stock
will, in the event ail purchase rights are exercised by the underwriters, it
Is estimated, be
approximately $745,226.
If none of such purchase rights
is exercised, the net
proceeds are estimated at $349,226.
It is expected
subsidiary company.—V. 147,
P, 2521.
x
3301
1,207*500.
,
500,000 shs.
*400.000 shs.
400,000 shs,
Dated Dec. 18, 1930; interest 1)4%', maturing serially 1938-1950,
$86,250 annually,
b Dated Jan. 15, 1931; interest 1M%; maturing
serially 1939-1951, $86,250 annually ,
c Dated June 4, 1931; interest )4
in V. 147, p. 2521.
a
Aluminium, Ltd.—Acquisition—
The Quebec Electricity Commission has given approval to the deal
whereby Alcoa Power Co. has been taken over by the Aluminum Power Co.
wholly owned subsidiary of Aluminium Ltd.
Alcoa Power Co. was formerly controlled by the Aluminum Company of
America and the deal involved the issuance of $20,000,000 of bonds by
of
1%; maturing serially 1939-1951, $86,250 annually,
d Dated Aug. 4,
1931; interest V* of 1%; maturing serially 1938-1951, $86,250 annually.
The above notes were originally issued by Export Steamship Corp. and
were assumed by the
company on Dec. 31, 1937, in connection with the
acquisition by the company of the assets, and the assumption of the liabilities
of Export Steamship Corp.
As of June 30, 1938, there were outstanding
13 notes of each of the first three series and 14 notes of the fourth series.
the Aluminium Power Co.
The Alcoa Power Co. operated one of the largest hydro-electric develop¬
The plant, located at Chute-a-Caron, can produce half
a million horsepower and is cable of
expansion to nearly double that figure.
ments In Canada.
Each note is in the
principal amount of $86,250.
x By amendment of the certificate of incorporation of the company on
Sept. 7,1938, the number of authorized shares of capital stock was incressed
to 500,000.
On Sept. 10, 1938, the company sold 1,000 authorized and
unissued shares of capital stock to R. H. Fleet for the sum of $9,000 in cash.
On Oct. 3, 1938, the company sold 11,000 additional authorized and un¬
issued shares of capital stock to William L. Mellon for the sum of $99,000
in cash.
Upon delivery of and payment for such stock, the amount out¬
standing was increased to 412,000 snares and the capital stock liability was
Increased from $400,000 (as at June 30, 1938) to $412,000., By the agree¬
ment between the company and the underwriters the underwriters have
agreed to purchase from the company an aggregate of 44,000 authorized
but unissued shares of capital stock.
Such underwriters have also acquired
rights severally to purchase from the company at any time or times prior to
the 91st day after the effective date of the registration statement , any part
or all of an aggregate of 44,000 additional authorlzed but unissued shares of
such stock.j
' r
—V. 147, p. 2521.
American Beverage Corp.—Preferred Dividend—
Directors have declared a dividend of SH cents per share on the 7%
cumulative convertible preferred stock, par $5, payable Nov. 28, to holders
of record Nov. 22. Like amount was paid on Oct. 1, last, this latter being
the first dividend paid since Jan. 3,1938, when a regular
of like amount was distributed.—V. 147, p. 1915.
American Encaustic
Tiling Co., Inc.—Balance Sheet—.
Assets—
Sept.30,'38 Dec. 31/37
$30,569
$26,686
a Accts. receivable
28,829
19,9 7
d Note rec. (curr.)
20,000
20,000
Inventories—---126,929
130,762
d Notes rec. (non80,000
curr.)
79,500
Other assets
8,300.
5,035
c Prop., plant and
equip
561,437
585,415
Pat., processes &
Cash
i
trademarks....'
1
Deferred charges. -
Total-.-After
Liabilities—
Accounts payableNote payable.:
Accrued accounts.
Sept.30/38 Dec.31/37
$32,898
$67,800
62,000
15,000
15,681
13,447
Note pay. R. F. C.
(curr.)——
Deferred loan pay.
Com. stk. ($1 par)
Capital surplus.-Deficit from oper.
284,500
310,000
345,410
192,594
_U*C*^
75,000
210,000
310,000
347,606
160,057
between the company and the U. 8. Maritime Commission.
series of notes will be issued upon the delivery to the company of
Total
—
$857,895
$872,796
of $1,173
in 1938 and $1.151 in 1937. c After allowance for
depreciation of $76,684 in 1938 and $46,494 in 1937.
d From Shawnee
Pottery Co.
The income statement for the three and nine months ended Sept. 30 was
published in V. 147, p. 3003.
a
reserve
American
European
Securities
Co.*
•Stated
Value
At the special meeting of the stockholders held Nov.
2, 1938, and at the
adjourned session thereof held Nov. 16, 1938, the stockholders approved
theproposals reducing the stated value of the common stock to $1 per share.
The result of the approval of the proposals, applied to the balance sheet
of the company as or June 30, 1938, is:
(a) a reserve for possible losses of
$7,764,882, and (b) a surplus of $2,061,595.
.Acting on the recommendations of the Securities and Exchange Com¬
mission, the surplus of $2,061,595 has been designated as capital surplus
and the stockholders adopted a resolution providing that no transfers will
be made from the reserve for possible losses to any surplus account, and no
dividends will be paid out of the capital surplus as of June 30,1938, unless
such transfers or dividends are authorized by both the preferred and common
stockholders.
Net income accruing from interest and dividends after June 30,1938 will
be carried to a new surplus account against which Ail dividends paid after
that date will be charged.—V. 147, p. 3003.
American
was
at
Export Lines,
Underwriting' and
below.
Such
underwriters
a
Brothers.
share by a banking: group headed by Lehman
Of the 88,000 shares offered, the underwriters '
there is
no
Business—Company conducts a transatlantic steamship business begun
At present its fleet consists of 18
oil-burning steamships, four of which are freight and passenger vessels and
14 of which are Hog Island type cargo vessels.
Passengers, general mer¬
chandise and mail are carried between the port of New York andMediterports.
General merchandise and mail are carried between North
Atlantic United States ports and Mediterranean and Black Sea ports,
Casablanca in French Morocco, and ports in Portugal and southern Spain
the Atlantic seaboard.
A wholly-owned subsidiary
was
of the company, American Export Airlines,
organized in 1937 and proposes to conduct experimental flights
the Atlantic Ocean with a view to establishing a transatlantic air service
purchase is
as
follows:
,,
Inc., have entered into an
agreement with Pan American Airways Co. and Pan American Airways
Corp., relating to the scope and character of the transatlantic air transport
services which Pan American Airways Co. and American Export Airlines,
Inc., may establish.
By this agreement Pan American Airways Co. agrees
_
„
Purchased
15,000 shs.
5,000 shs..
4,000 shs.
——--
Hallgarten & Co-G. M-P. Murphy & Co
—
4,600 shs.
4,000 shs.
--------
Wertheim & Co
—
—
Bear, Stearns & Co.-j—....——
I. M. Simon & Co—
Stroud & Co., Inc
*
Income Accounts for the
.
.
4,000 shs,'
4,000 shs.
4,000 shs.
2,000 shs.
4,000 shs.
2,000 shs,
2,000 shs,
•
—
Allen & Co
..
Subject to
Purchase Rights
15,000 shs.
5,000 shs,
4,000 shs.
Agreed to Be
Name—
Lehman Brothers
A. M. Kidder & Co-———
A. G. Becker & Co., Inc
2,000 shs.
2,000 shs.
2,000 shs.
2,000 shs,
2,000 shs.
.
Periods Aug. 28,1936 (Date of Incorporation) to
June 30,
1938
J
>
_
_
6Mos.End.10Mos.End,
June 30, '38 June 30, '38
Particulars—
Operating revenues.-.-—$4,721,878
Operating and administrative & general expenses- 4,257,429
Net operating income
Other income..
—
$464,450
$4,721,878.
4,262,070
$459,809
18,779
324.939
$483,228
20,614
46,500
$784,747
20,614
58,000
—
Gross income
Interest paid
.
—
—
Provision for U. S. Federal income tax—-----—
• for
amounts recapturable by U.
S.
Maritime Comm. under operating differential
subsidy agreements
—
Provision
.
x
x
156,071
156,071
$260,043
Net Income for period----——
$550,062
122,414
137,628
412,433
137.628
Nee income transferred to:
Earned surplus—unappropriated--
Earned
surplus—appropriated..
—
—V. 147, p. 2078.
for the transportation of passengers, mail and merchandise between the
United States North Atlantic ports and the Mediterranean area, to supple¬
ment the steamship service of the company.
The company and American Export Airlines,
to
$9
share, additional shares of capital stock of the company.
The nxaximum
number of additional shares which each underwriter has the right so to
ranean
on
purchase
per
firm commitment.
In 1919 by the Export Steamship Corp.
set forth
from the company in one or more instalments at any time or times prior
the 91st day after the effective date of the registration statement, at
Ihc.-^-Stock Offered—^Offering
agreed to purchase 44,000 shares and 44,000 are subject to
the exercise of purchase rights by the underwriters to which
over
of the underwriters and the
which each has Severally
names
company, at $9 per share, are
have severally acquired rights to
agreed to purchase from the
made Nov. 4 of 88,000 shares, of capital stock (par $1)
$10.50
Inc.,
Offering—The
number of shares of capital stock of the company
of
Stock Reduced—
One such
each vessel
purchased pursuant to such construction-differential subsidy agreements.
Each series is to consist of 20 purchase loan notes for an aggregate sum
equivalent to the balance of the purchase price then due from the company
to the Commission under the respective construction-differential subsidy
agreement.
Such purchase loan notes of each series are to be of equal
principal amounts and to mature one in each year during the 20 years
succeeding the date of the delivery of the vessel to which the respective
construction-differential subsidy agreement applies.
4,900
$872,796
—z.
mmJ^ote—-Four seriesoif purchase loannotesTeacb^to"bear interest at the rat®
of 3)4 % per annum, are to be issued pursuant to the provisions of the four
construction-differential subsidy agreements, each dated Aug. 11, 1938,
1
2,330
$857,895,
quarterly dividend
American
Furniture j^Mart
Building
Co.,
Inc.—
Accumulated Dividend—
Directors have declared a dividend of $7.50 per
accumulations on the $6 cumulative preferred stock
on
share on account of
payable Nov. 26 to
17.
An initial dividend of $3
Nov. 22,1937.—V. 146, p. 741.
holders of record Nov.
per
share was
paid
Financial
3302
American-Hawaiian Steamship Co. (&
Period End. Oct. 31—
Operating earnings..
Operating expenses
1,405,568
12,729,994
12,139,133
$224,339
17,734
$1,026,059
25,482
.
tion to
a regular
quarterly dividend of 30 cents per share on the common
stock, par $20, both payable Dec* 12 to holders of record Dec. 1.—V. 146,
p. 3002.
$824,025
67,771
$327,243
Net profit from oper.
Other income
362
Associated Electric Co. (&
Subs.)—Earnings—
1938
12 Months Ended Sept. 30—
Total profit
Provision for deprec
$891,796
647,998
$1,051,541
762,069
$242,073
70,635
$327,606
77,681
.
s
$243,798
5,764
$289,472
19,071
$171,438
$249,925
Balance, profit
——
——
$308,543
$171,438
$249,925
$90,979
-V. 147, p. 2673.
American Hide & Leather
Directors have declared
......
.......
$7,206,100
$6,931,828
299,247
474,684
$7,505,347
Deductions from income, subsidiary companies.—
2,004,332
Associated Electric Oo.—Interest on funded debt
3,542,027
Interest on unfunded debt.......——........
15,348
Amortization of debt discount and expense
246,869
$7,406,513
2,047,095
3,550,000
1,026
$1,696,771
$1,560,529
Other income (net).
Co,—Preferred Dividend—
.
Balance of income
American Investment Co. of Illinois—Div. Increased-—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 1 to holders of record Nov, 21.
Previously regular
quarterly dividends of 40 cents per share were distributed.—V. 147, p. 1916.
American Insulator Corp.—Initial Preferred
an
247,863
Associated Gas & Electric
Co.—Weekly Output—
For the week ended Nov. 11, Associated Gas & Electric System reports
electric output of 95,689,696 units (kwh.).
This is an increase of
net
3,461,218 units or 3.8% above production of 92,228,478 units a year ago.
This is the highest weekly output ever reported for the System as now
constituted and is the largest percentage increase in more than a year.
—V. 147, P* 3150.
Associated Gas & Electric Corp.—See page
Dividend—
3327.
Initial dividend of 37 H cents per share on the
prior pref. stock; payable Dec. 15 to
-V. 147, P. 2234.
conv.
American Hair & Felt
9.-
holders of record Dec.
Assets—
.
Cash
American Power &
...................—
—V. 147, p. 1478,1329.
2858.
Light Co.—Accumulated Dividends—
The directors have declared a dividend of 75 cents per share on the no
Receivables
—
Inventories..
Co.(&Subs.)*j—Bal, Sheet Sept. 30.
1937
1938
$412,277
435,674
1,669,665
and April 1 last, and on Dec. 20,1937. See V. 146, p. 1389 for record of pre¬
vious dividend payments.—V. 147, p. 3149.
chin'y,ea.,&c_. 2,119,142
Intang. assets In
process of amort.
185,386
Radiator
&
Standard
Sanitary
surance,
&c_
Investments.....
a
61,481
228,250
50,799
128,507
401,365
522,284
...
200,441
125,626
pref.
stock
(par $100).. ... 1,478,200
b 2d pref. stock
1,796,400
Common stock...
800,270
Surplus.
de 1158,042
int. in sub—...
267.021
Corp.—
President and Chairman of this
and Henry M. Reed, President of the subsidiary, Standard
Sanitary Manufacturing Co., has been elected President, to succeed Mr.
Woolley.
*
In explaining his resignation, Mr. Woolley said, "I am now 75 years of
age.
I have spent 50 years in the service of American Radiator & Standard
Sanitary Corp. and its predecessors.
The time has come when I desire to
be relieved from the duties and responsibilities of office, that they may be
taken over by younger men.
Accordingly, I have today requested the
board of directors or the company to accept my resignation as President
and Chairman of the board, and the board has acceded to my request."
244,930
155,645
421,873
taxes, pay¬
rolls, com., &c..
2,190,572 Min. stockholders'
New President, <Scc.—
Wool ley has resigned as
$593,158
Other
Reserves
L'd, bldgs., ma-
1937
$220,965
100,000
60,513
...
Prepaid taxes, In¬
par
1938
Liabilities—
$306,875 Accounts payable.
871,404 Bank loans
2,830,462 Prov. for Federal
income taxes...
pref. stock and a dividend of 62M cents per share on the no
$5 cum. pref. stock, both payable Jan. 2 to holders of record Dec. 9.
Like amounts were paid on Oct. 1, last.
Dividends of $1.12and 93 %
cents per share, respectively, were paid on the $6 and $5 stocks on July 1
par $6 cum.
Clarence M.
1,806,951
2,412,406
Provision for taxes
dividend of 75 cents pot share on the 6%
a
cumulative preferred stock, par $50, payable Dec. 28 to holdesr of record
Dec. 13.
This will be the first dividend paid since Dec. 31; 1937 when a
regular quarterly distribution of 75 cents per share was made.—Y, 147,
American
2,010,471
2,367*311
Gross income
Net profit before Fed.
income taxes..
Directors have declared
$25,320,332 $24,719,463
13,736,450
13,568,278
—„
Operating income
158,583
time strike.
p.
—
;
1937
.
Operating revenues
Operating expenses, &c_——
Provision for retirements———
Exps.
1938
Directors have declared an extra dividend of 40 cents per share In addi¬
$1,629,907 $13,756,063 $12,963,158
-
-
Nov. 26,
Anheuser-Bush, Inc.—40-cent Extra Dividend—
Subs.)-—'Earns,
1938—10> Mos.—1937
1938—Mon^—1937
$1,733,638
—
1,406,395
Chronicle
First
1,478,200
1.796,400
800,270
719,017
company
Holland J. Hamilton will continue
and
as
as
President of American Radiator Co.
Vice-President, Secretary and Treasurer of. American Radiator &
Sanitary Corp.—V, 147, p. 2859.
Standard
American Seal-Kap Corp. of Delaware—10-cent Div.—The directors have declared a dividend of 10 cents per share on the
capital stock, no par value, payable Dec. 15 to holders of record Dec. 1.
Like amount was paid on Oct. 10 and on June 10 last, and compares with 20
cents paid on Sept. 10, 1937; 10 cents paid on Dec. 10, 1937; 20 cents on
Sept. 1, 1936, and on April 1, 1935, and $3 per share on April 10,1934,—
,
V. 147, p. 1916.
American
Total..
no par
Telephone & Telegraph Co.—Patent Suit—-
ruled that the devices in question had not "passed into the hands of a pur¬
chaser in the ordinary channels of trade."
The Court thereby avoided the
two questions originally presented for rehearing, which were :
owner of a patent restrict the use made of a
(1) Can the
patented device afyer it has
passed into the ordinary channels of trade and is fully paid for; (2) Can a
patent owner by a license notice attached to a device sold in ordinary
channels of trade place an enforceable restriction on its use by the purchaser ?
The Supreme Court said;
"Upon further hearing we are of the opinion
that neither question should be answered.
For we find that while the de¬
vices embody the inventions of the patents in suit, they were not manu¬
factured or sold 'under the patents' and did not 'pass into the hands of a
purchaser in the ordinary channels of trade."'
The Court said it had no occasion to consider what the
rights of the parties
would have been if the facts
.Justice Black in
a
were
otherwise.
'
*
•
dissenting opinion joined by Justice Reed differed with
the majority as to the facts in this patent case and contended that the Court
should have ruled against A. T. &c T, subsidiaries.—Y. 147, p. 3004.
American Toll Bridge Co.—-To Pay 5-Cent Dividend—Directors have declared a dividend of 5 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. J.
This will be the first
dividend paid since March 15, 1938 wnen a regular quarterly dividend of
2 cents per share was distributed.
At that time directors decided to pay
dividends semi-annually instead of
quarterly.—V. 147, p. 2079.
American Water Works & Electric Co.. Inc.—Monthly
Output—
.
,
The Power output of the electric subsidiaries of the American Water
Works & Electric Co. for the month of October
totaled 192,918,376 kwh.,.
against 211,416,935 kwh. for the corresponding month of 1937, a decrease
shares after deducting 300 shares held in treasury at a stated value
'
The
earnings for the nine months ended
V. 147, p. 3004.
,
Sept. 30 were published in
,
A. P. W. Paper Co.r—Interest Plan Voted—
Holders of the common stock on Nov. 17 approved the plan whereby
holders, of first mortgage bonds will be asked to defer or relinquish part of
their fixed interest, not to exceed 3%, for the remaining life of the bonds.
—V. 147, p. 2522.
Atlanta Gas Light Co .—Balance Sheet
1938
1938
^
Liabilities—
Prop., plant & eq.12,757,218 12,201,524
investments
77
Sinking funds and
special deposits.
Cash—..
—....
160,169
108,090
Notes receivable..
67
627
Accts. receivable.
_
77
$
1,300,000
Common stk. ($25
597,936
28,969
Merchandise, ma¬
terials A supplies
Appl'nces on rental
534,091
2,343,625
2,343.625
par)..
1st
5% 50gold bonds.
mtge.
year
403,000
19,500
4H% series
Notes payablej
Accounts payable.
5,875,000
96,271
350,221
19,500
168,960
238,139
23,666
Gen. mtge. bonds,
80,315
372,000
5,875,000
33,802
320,475
706,569
,
174,865
6,732
Def. debit items..
231,881
54,480
517,428
Divs.
on
6% pref.
stock....
Consumers'
177,511
272,393
dep
Accrued accounts.
Service exten. dep.
Def. credit items.
24,628
7,457
-
178,591
210,791
605,949
Capital Surplus...
Donated surplus..
Earned
14,440,733 14,045,091
,
surplus...
683
2,391,690
2,699,009
Reserves
Total..
1937
■
$
6% cum. pref. stk.
($100 par)
1,300,000
144,099
180,608
Due from affil. cos.
Sept. 30—■
1937
$
A88€tS~~~~
......
210,791
623,544
14,440,733 14,045,091
Total
Note—The income account for the 12 months ended Sept. 30, was given
in "Chronicle" of Nov. 12* page 3004.—V. 147, p. 3004,1183*
Atlantic Coast Line Co.—To
Pay $1 Dividend—
'•
The directors have declared a dividend of $1 per share on the common
stock, par $50, payable Dec. 21 to holders of record Nov. 28.
A dividend
of $3 was paid on Dec. 24, 1937, one of $2.25 was paid on Dec. 23, 1936,
and dividends of $1 per share were distributed on Dec. 14, 1935, and on
Dec. 15,1934, this latter being the first dividend paid since March 10,1932,
when a quarterly payment of $1 per share was made.—V. 146, p. 2525.
Badger Paper Mills* Inc.—Dividend Doubled—
The directors have declared
a dividend of $1 per share on the common
value, payable Dec. 21 to holders of record Dec. 10.
This
Aug. 25, last, $1.30 paid on
Dec, 21,1937, and 50 cents paid on Oct. 25, Aug. 25, June 25, 1937 and on
Oct. 23, 1936, this last being the first payment made since Dec. 15, 1935,,
when a similar dividend was paid.—V. 147; p. 1917.
•
•
stock,
-
$5,001,450 $6,756,064
Total.
of $5 per share.
Misc.
The company and its subsdiairies won in a U. S, Supreme Court rehearing
of their patent infringement suit against General Talkjng Pictures Corp.
Justices Black and Reed dissented.
In the majority opinion delivered by Justice Brandeis the Supreme Court
—r—$5,001,450 $6,756,064
a After reserve for
depreciation of $3,201,617 in 1938 and $3,351,972
In 1937* b Represented by 29,940 no par shares, after deducting 60 shares
held In treasury at a stated value of $60 per share, c Represented by 160,054
no par
compares with 50 cents paid on Oct. 25 and on
.
ooFoo'tiJ6
10 months ended Oct. 31, 1938, power output totaled 1,738,385,335 kwh., as against 2,172,571,924 kwh. for the same period last
year,
a decrease of 20 %.
Weekly Power Output—
Output of electric
energy
of the electric properties of American Water
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
1938
1937
1936
1935
1 934
--45,045,000 47,370,000 49,530,000 42,949,000 34,057,000
44,293,000 46,531,000 48.431,000 42,629,000 33,737,000
44,359,000 44.513,000 47,728,000 43,446,000 34,257.000
io--
ISl* }o"~
—T' 147" "p"3150
44.631,000 47,134,000 43,756,000 35,014,000
Arkansas-Missouri Power Corp.—Earnings—
Period Ended Sept. 30—
Operating
Operating
revenues..
1938—3 Mos.—1937
12 Mos. 1938
$370,190
258,709
$1,293,838
977,071
Net operating income.
Other income (net)
$117,609
$111,481
379
441
$316,766
22,745
Gross income
Interest on long-term debt
General interest
Miscellaneous income deductions
$117,988
35,120
1,342
$111,921
35,433
1,155
228
138
$339,511
140,657
4,529
1,026
$81,297
$75,196
$193,298
Net income
—V. 147, p. 882.
The dollar value of orders taken in October by The Baldwin
Locomotive
subsidiary companies, including The Midvale Co. was announced
$1,334,459, as compared with $2,057,433 for October, 1937.
The month's bookings brought the total for the consolidated group for
the first 10 months of 1938 to $21,942,937, as compared with $29,980,680
as
in the
same period last year.
Consolidated shipments, including Midvale, in October, aggregated
as compared with $3,738,624 in October of last year.
Con¬
solidated shipments for the first 10 months of 1938 were $31,763,975, as
compared with $32,929,060 for the first 10 months of 1937.
$2,365,133,
On
Oct.
31,
1938,
consolidated
unfilled
orders
including
Midvale,
amounted to $14,071,950 as compared with $23,757,714 on Jan. 1,
and with $27,199,922 on Oct. 31,1937.
All figures are without intercompany
1938,
eliminations.—V. 147, p. 2674.
Baltimore & Ohio RR.—Would Organize
Stockholders—
Organizing by stockholders for collective bargaining with employees who
organized was urged by J. Newcomb Blackman, a B. & O. stock¬
holder, at the annual meeting.
He declared such stockholders must be
organized to "unshackle" the railroads from the strangulation of regulation.
Failure of railway labor to agree to a reduction in wages last spring when
many carriers were approaching financial difficulties was condemned, by
Mr. Blackman, as was also the failure of employees to cooperate to help the
now are
$381,311
263,702
expenses and taxes
Works—Bookings—
WorkB and
Nov. 22
Works & Electric Co. for the week ended Nov.
19, 1938, totaled 45,582,000
kilowatt hours, an increase of 2.13% over the
output of 44,630,500 kilowatt
hours for the corresponding week of 1937.
9?- 29--
Baldwin Locomotive
railroads obtain increased
revenues.
Mr. Blackman is Yice-President of
the American Federation of Investors, Inc.
Harold Biehn, minority stockholder, asserted that the B. & O. should
concentrate on
relationship between management and customer and be¬
employees.
He suggested that the carrier attempt
tween management and
to revive the old personal contacts with shippers and thus recapture some
of the business lost to competing forms of transportation.
The B. & O.
should also operate its own pick-up and delivery service to eliminate any
intermediary between the railroad and its shipper customers, he contended.
Volume
It
Financial
147
becoming increasingly evident that management has other obliga¬
tions than merely to earn dividends for stockholders," Mr. Biehn, who
identified himself as a shipper of crushed limestone, declared.
Chronicle
is
New Directors—
At the annual meeting of stockholders held
on Nov. 21 two new directors
elected, 1,119,282 shares of stock were represented either in person
by proxy, and a resolution from stockholders was read thanking the
management and employees for "their splendid work in handling the
property."
The two new directors are:
J. Hamilton Cheston, Vice-President of the
Philadelphia Savings Fund Society, Philadelphia, and John C. Traphagen, President of the Bank of New York, N. Y. City.
They take the
places of the late Newton D. Baker and Robert Taft, recently elected to the
IF. S. Senate from Ohio.—V. 147, p. 3151.
A
'
1938—12 Mos.—1937
$4,736,133
$5,151,691
1938—Month—1937
$316,578
$533,245
297,831
347,293
3,574.679
3,438,398
$18,747
$185,952
49.562
$1,161,454
464,150
Bon Ami Co.—Extra Dividends—
Directors have declared
.
32.440
def$13,693
36,399
$697,304
63,051
$1,260,025
$22,706
63,251
2,289
$146,543
59,381
1.852
$760,355
618,623
20,184
$1,282,757
def$42,834
Other income-
$136,390
10,153
$85,310
$121.548
Interest on funded debtOther deductions
Net income-
-
,
,
,
-
_
-
,
22.732
591,382
18,949
x Tax accruals for 1937 include
adjustment account repeal of Excise" Tax
Act of 1935 (pension tax), credit to cancel accruals in 1936, $64,988.—V.
147, p. 3005.
-
Bayuk Cigars, Inc.—Special Dividend—
r
The"directors have declared a special dividend of 25 cents per share in
addition to the regular quarterly dividend of 18 % cents per share on the
common
stock,
Nov. 30.
no
value, both payable Dec. 15 to holders of record
were paid on Dec. 15, 1937 and 1936.—V. 147,
par
Similar amounts
P-13151.
PackinglCo.—Extra Dividendm
Directors have declared
an extra dividend of 25 cents per share in addition
regular quarterly dividend of $1 per share on the common stock, both
payable Jan. 2 to holders of record Dec. 9.
Similar extra dividends have
been paid in each of the eight preceding quarters.
A special dividend of 50 cents per share previously declared will be paid
Dec. 15 to holders of record Nov. 22.
A special of $1 was paid on
Dec. 15, 1937.—V. 147, p. 3005.
$2,823,430
3152.
Boston Elevated
Month
Ry.—Earnings—
of October—
Interest
bonds
on
-
-
..
Excess of cost of service
-V.
147,
over
1937
1938
$2,168,961
1,459,449
134,857
103,269
233,058
329,374
7,108
—
Subway, tunnel and rapid transit line rentals
Miscellaneous terns
receipts.
$2,173,670
1,630,159
127,437
103,259
234,292
329,374
10.913
$261,763
$98,144
2675.
p.
Boston Herald-Traveler
Corp.—Special Dividend-
Directors, have declared a special dividend of 75 cents per share and a
regular quarterly dividend of 40 cents per share on the common stock, no
par value.
The special dividend will be paid on Dec. 8 to holders of record
Dec. 1 and the regular 40jcent dividend will be distributed on Jan. 3 to
holders of record Dec. 21.
A special dividend of 25 cents per share was
paid oniDec. 24, 1937, and one of 75 cents was paid on Dec. 21, 1936.—
V. 147, p. 2239.
Boston & Maine RR.—Abandonment—•'
The
to the
p.
Total receipts
Total operating expenses
Federal, State and municipal tax accruals
Rent for leased roads
.
Beech-Nut
147,
1938—10 Mos.—1937
$14,982,499 $16,052,430
1938—Month—1937
$2,305,444
—V.
$672,426
Gross income
dividend of $2 per share on the class A
Bond Stores, Inc.—Sales—
Period End. Oct. 31—
Sales
"
Net rev. from opers—
Tax accruals
an extra
stock and an extra dividend of $1 per share on the class B common
stock both payable Dec. 15 to holders of record Dec. 1.—V. 147, p. 3151.
common
$1,713,293
x453,268
Oper. exps. (incl. maint.
& depreciation)
division of the Bethlehem Steel Co. has been created to take over
new
the shipbuilding and repair activities
formerly conducted by the shipbuild¬
ing corporation, and will continue under the supervision of S. W. wakeman, Vice-President, with headquarters at 25 Broadway, New York, and
Quincy, Mass.—V. 147, p. 2675.
Bangor & Aroostook RR,—Earnings—
Period End. Oct. 31—
Gross oper. revenues
Corp.—Unit Merged—
Eugene G. Grace, President of the corporation, announed on Nov. 16
the Bethlehem Shipbuilding Corp., Ltd., had been merged into the
Bethlehem Steel Co. as a further
step in the program of consolidating various
subsidiaries of the corporation which was begun in 1936.
that
were
or
3303
Bethlehem Steel
Interstate
Commerce
Commission
on
Nov.
1 issued
certificate
a
permitting abandonment by,the road of a portion of a branch line of railroad
extending from Keene to a point about two miles west of Elm wood station
in the Town of Hancock, 23 miles, all in Cheshire and Hillsborough Coun¬
ties, N. H.—V. 147, P. 2675.
1
on
Brazilian Traction, Light &
Period End. Oct. 31—
Gross
Beneficial
Industrial
Loan
Corp.—Registers 150,000
Shares of New Preferred—Offering to Present Preferred Share¬
earns,
Operating expenses
Nov. 19 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-3874, Form A-2) under the Securi¬
ties Act of 1933, covering 150,000 shares of $2.50 cumulative prior prefernece
stock, dividend series of 1938.
The stock is to be offered to holders of the
company's outstanding series A preferred stock in a ratio of up to one share
for each 1 3-7 shares held.
The company states that holders of its out¬
standing preferred stock will also be permitted to subscribe, subject to
allotment, for additional shares of the new preference stock.
The date of
expiration of the subscription offer is to be furnished by amendment to the
registration statement.
According to the registration statement, the net proceeds to be received
by the company from the sale of the stock are to be used for the retirement
of the 215,413 outstanding shares of the company's series A preferred stock.
Any of the shares not taken by stockholders are to bB offered publicly
through underwriters. The company states that Eastman, Dillon and Co.,
the principal underwriter, is authorized, in an agreement among the several
underwriters, to engage in certain market operations in the new preference
stock, subject to certain conditions.
The new preference stock is redeemable as a whole or in part by lot at
any time, or from time to time, after 30 days' notice, at a redemption price
of $55 a share if redeemed on or before Dec. 31, 1941, $53.75 a share if
redeemed on or before Dec. 31,1945, and $52.50 a share if redeemed there¬
after, in each case with accrued and unpaid dividends to the date of
Corporation
..
The price at which the
be offered to the stockholders and
underwriting dis¬
to the registration
statement.
Charles H. Watts of Clearwater, Florida, is President of the
company.—V. 147, p. 3005.
•
securities
Berkshire Street
Period End. Sept. 30—
Net profit
;
Rev. fare pass, carried.Avge. fare per pass, (cts.)
p.
[Including Brooklyn & Queens Transit System]
1938—Month—1937
1938—4 Mos.—1937
$4,124,077
$4,288,147 $15,729,471 $16,365,444
Period End. Oct. 31—
Total oper. revenues—.
Total oper. expenses
2,$55,395
2,877,330
Net revenue'from oper
$1,268,682
$1,410,817
1938—9 Afos.—1937
1938—3 Mos—1937
loss$4,007
$13,306
1,153,465
1,278.444
7.35
$1,153
3,920,334
loss$55,286
4,294,746
7.20
7.36
7.47
Corp., below.—V.
146,
p.
$808,155
690,307
$974,083
687,601
$2,537,841
2,748,061
$3,149,840
$117,848
$286,482 def$210.220
$397,258
Gross income
Total income deductions
Current income
2,752,582
;
carr'd
to surplus.
Accruing to minority in¬
terest of B. &
Q. T.
27,204
10,549
Corp
Balance
345,857
/
5,173
-
B.-M. T.
to
System
$392,085
$259,278 def$210,220
$107,299
—
[Excluding Brooklyn & Queens Transit System]
Period End. Oct. 31—
'' 1938—Month—1937
1938—i Mos.—1937
$9,617,673
$2,385,116
1,455,583
$2,506,275
$9,123,503
Total oper/expenses—-
1,466,767
5,959,906
5,966,210
$929,533
$3,163,597
1,292,320
$3,651,463
1,282,046
Total oper. revenues
properties
315,519
$1,039,508
322,563
Operating income
Net non-oper. income —
i$614,014
55,899
$716,945
83,139
$1,871,277
336,307
$2,369,417
311,905
$669,913
"l|572,090
$800,084
572,595
$2,207,584
2,290,622
$2,681,322
2,295,282
$97,823
$227,489
def$83,038
$386,040
Taxes
on
oper.
carried to
surplus.:
Brown Shoe
Total income
634
,—
*
—_
— —
$22,829
6,221
Net
sales
uctto
of net proceeds from sales and repurchases of capital
participation in undivided earnings
stock representing
Total
1
15,842
1
■
Undivided earnings, Aug. 1,
$32,449
25,379
1938----
customers-—-j25,017,651 *29,389,752 a24,012,186 e25,320,282
24,655,380 28,283,644 23,195,440 24,094.157
3 %% sink¬
Distribution 14c. a share.
earnings Oct. 31, 1938
Undivided
Liabilities—
A 88C£8"~~~
quotations. $3,091;138
ash..-------393,595
»ivs. and interest receivable.
2,932
Accounts
sold but not yet
and
Distribution
payable,
share
14c.
y
(exclusive
vided earnings)
-
$3,498,085
29.443
Total. —-
-
of
1,022,250
undi¬
2,371,455
$3,498,085
x Cost,
$2,972,963.
y Authorized 1,000,000 shares of a par value of
$5 each; outstanding (less 160 shares in treasury) 204,450 shares.
Note—No Federal income tax has oeen accrued on the basis that com¬
*
will distribute in the fiscal year ended July
dends all of its net income and will
the Revenue Act of 1938.
31, 1939 in taxable divi¬
qualify as a mutual investment company
If, however, the company'should be
liable for a Federal income tax, it is estimated that such a tax on income for
the three months to Oct. 31, 1938 would be approximately $350.—V. 147,
p. 2675.
^
a'JM AM AmMMMI AM MM* d MMJM M 4 jM * 4
under
7,586,246
k6,350
7,784,067
'8,371,814
dividends—
494",450
744,375
lOb",606
chgs-
13,823
41,193
•
602,746
7,690,103
1,108,124
d8,322,151
8,292,849
'
See b
"
740,625
27,098
9,430,275
220.857
741,000
778,315
7,525,127
7,690,103
f246,500
c247,000
$3.21
$2.44
$6.59
a Includes income from sundry investments of $4,075 less sundry interest
expense, net, of $3,247; balance, $829; and elimination of reserve for ad¬
vertising, reconditioning of building and legal matters of $150,000, less
expense charged thereto (of $150,000.
b Called for redemption Oct. 31,
1935.
c Does not include 5,000 shares held in treasury,
d After deducting
amount segregated and set up fas contributed surplus of $895,031,
e In¬
cludes interest income, net, of $12,142; income from sundry investment of
$4 085, and olimination]of inventory reserve provided out of income in prior
vears (less amount transferred to reserve for advertising, reconditioning of
building and legal matters of $150,000) of $400,000.
f Does not include
5 500 shares held in treasury,
g After deducting sundry interest expense
(net) $11,218, lessllncome from sundry investments of $4,376; balance,
$6 842.
h Proportion of the proceeds of 2,500 shares of treasury common
stock sold duringAthelyear*to the President and other employees,
i Cost
of material, labor*and selling, admin. & gen. exp., incf. depreciation and
interest charges, bad debts, &c.
j Includes sundry interest income—net of
Profit & loss surplus,.
Shs.com.stk.out.(nopar)
7,275,793
247,000
sh. on com..
$6.77
Earns, pear
28,386
—
Capital stock
Surplus
42,276
a
Undivided earnings
-
Add—Previous surplusSundry surplus credits
191,471
profit—
$4,276
chased but not yet received)
10,421
18,000
70", 666
10,000
793,251
7,525,127
h53,436
Net
144,000
undist. profits
Oth. prof. & loss
accr.
Due to brokers (securities pur¬
(securities
delivered).
6,000
28,300
(estimated)--
Common
payable
expenses
-
brokers
Surtax on
140,479
6,377
156,000
136,500
ing fund debentures-_
Prem. on debs. retiredEstimated income taxes-
$29,443
Balance Sheet Oct. 31, 1938
Sec., at market
—
Int. on 15-yr.
Total surplus.Deduct—Pref.divs. (7%)
$57,829
28,386
Total
1935
finished prod¬
1 Deductions..-
$16,608
Net income
Co., Inc. (& Subs.)—Earnings—
Consolidated Income Account for Years Ended Oct. 31
1938
1937
1936
$22,195
-
:
Expenses
m
:
-V. 147, p. 2675.
[Exclusive of gains or losses on investment securities]
pany
$2,825,612
324,228
523,012
$887,805
86,278
Current inc.
Fund, Inc.-—Earnings—
Interest
Total.:
$2,191,984
518,757
$749,925
58,230
oper.
Total inc. deductions—
3489.
Income—Dividends
from
$4,882,145
2,056,533
properties
on
Earnings for Three Months Ended Oct. 31, 1938
>ue
11,483,299
$4,272,478
2,080,494
OperatingTincome
Net non-oper. income—
Taxes
Gross income
1
11,456,993
*
Net revenue from oper
Ry.—Earnings—
Shipbuilding Corp., Ltd.—Merged— 4
See Bethlehem Steel
Portion
$1,747,110 $16,840,863 $17,908,517
depreciation and amortization.—Y. 147, p. 2676.
1184.
Bethlehem
Boston
1938—10 Mos —1937
Brooklyn-Manhattan Transit System—Earnings—
are to
to the public, the names of other underwriters, and the
counts or commissions are to be furnished by amendment
147,
Net earnings
Before
-
$3,209,571 $31,587,556 $32,393,040
1,462,461
14,746,693
14,484,523
on
redemption.
—V.
x
x
holders Underwritten—
Power Co., Ltd.—Earns.
1938—Month—1937
$3,288,449
1,517,271
$1,771,178
from oper._
7,586,246
247,400
Financial
3304
Chronicle
$8,284 and Income from sundry Investments of $4,761.
k Proportion of
stock sold during the year
the proceeds of 400 shares of treasury common
to employees.
Consolidated Balance Sheet Oct. 31
1938
$
%
Assets—
a
1938
1937
Liabilities—
Liabilities—
ings, machinery,
Tradenames, Ac..
1
c
Securities, Ac
Inv.lnsubslds
come taxes
367,282
26,961 15-yr. ZH%
debentures
512,892
6,163,620 Reserves..
152,247
Cash
2,128,425
Accts. receivable-. 4,944,838
Inventories
6,524,083
Prepaid Int., Ins.,
licenses, Ac....
1
Total
After deducting depreciation of
a
34,960
355,700
326,990
148,317
196,428
Net operating revs—Other income (net)
$59,706
10,110
$65,577
10,212
$867,613
145,090
$913,581
145.051
$75,789
18.959
$1,012,703
$1,058,632
227,500
11,536
Cr5,137
260,687
7,616
Cr3,293
$778,804
$793,622
152,849
202,051
3,700,000
53,137
247,400
3,123,558
945,031
7,586,246
investments
3,118,608
108,054
....
108,054
$670,750
Balance
-V. 147, P. 2677.
Sept. 30—
$685,56$
Net
'
from oper
$348,285
1938—4 Mos.—1937
$6,650,979
5,505,883
$6,798,677
5,529,858
$1,145,096
788,174
$1,268,819
774,487
oper. properties
203,238
$380,597
200,448
Operating income....
Net non-oper. income
$145,047
14.713
$180,149
15.577
$356,922
59,228
$494,332
•61,773
$159,760
$195,726
136,733
$416,150
543,332
$556,105
544,887
Taxes
revenue
on
A. 8 sets
Notes receivable—
Total income deductions
139.735
surplus...
$20,025
x
Budd Wheel
1st
$
6,310,570
7,424,200
mtge.
bonds
16,690.000 18,700,000
295,159
177,395
472,557
475,646
Consumers' deps._
135,017
127,456
Serv. extern, deps.
10,279
12,790
Def. credit items..
178,966
177,636
Reserves
4,267,214
2,815,224
Earned surplus
746,248
708,289
Accts.
...
payable-
Accrued accounts.
28,774,3601
..28,950,288
ref.
A
1937
$
Common stock
Total..—
28,950,288 28,774,360
Represented by 74,242 shares at a stated value of $85 per share In 1938
Earnings for 12 months ended Sept. 30 appeared in the "Chronicle" of
Nov. 12, page 3006.
Co.—Participation Dividend—
a
participating dividend of 25 cents per
share in addition to the regular quarterly dividend of $1.75 per share on
the 1st pref. stock, both payable Dec. 31 to holders of record Dec. 17.
Similar payments were made on Sept. 30, Juhe 30 and March 31, last,
Dec. 31, Sept. 30 and on June
30,^1937.—V. 147, p. 3152.
Bulova Watch Co. (&
666.773
1937
$2,199,604
760,060
$1,439,544
13,778
bl70,081
$851,324
d22,971
cl97,481
$1,453,322
a265,707
c275,549
$1,073,184
$630,873
$912,066
$778,015
$1.94
.........
Total income.—.—..
Other charges.— —
...
Deprec. & Fed. inc. tax.
Net profit
Earns.persh.oncom.8tk.
includesTprovision
for
$2.81
H935
1930
$1,416,745
513,642
$835,778
15,547
Operating profit.....
m.•«$*«
Subs.)-—Earnings—
3 Mos. End. Sept. 30—
1938
Gross income
$1,502,550
$2.67
Expenses
$744,122
351,742
$903,103
$392,380
12,518
$404,898
a167,400
66,939
a163,560
cl31,609
doubtful*notes and~accounts,*&c.
$170,559
$0.46
t>
Including
gold conversion, less loss from foreign exchange transactions,
c No provision made for Federal surtax on undivided net income,
d No
reserve for doubtful notes and accounts receivable has been set up for the
three months ended Sept. 30,1938, as none is required.—V.JL47, p. 1481.
on
.aliforma Art Tile.
Corp.—Accumulated Dividend—
The directors have declared a dividend of 25 cents per share on account
of accumulations on the $1.75 cum. conv. class A stock, no par value,
payable Dec. 1 to holders of record Nov. 25.
Like amount was paid on
Sept. 1, June 1 and on March 1, last.
A dividend of $1.50 was paid on
Sept. 1,1937; one of 50 cents was paid on June 1, 1937; one of 25 cents was
paid on March 1,1937; dividends of 50 cents per share were paid on Dec. 1,
and on Sept. 1, 1936, and 25 cents paid on June 1 and March 1, 1936, this
latter being the first distribution made since April 1, 1930i when a regular
quarterly dividend of 43% cents per share was paid.—V, 147, p. 1184.
Campbell, Wyant & Cannon Foundry Co. (& Subs.)—
Period End, Sept. 30,1938—
Gross profit from sale of castings
Other operating income, net———————
9 Months
$281,533
27,173
12 Months
$688,741
20,222
Central Illinois Public Service
$708,962
471.984
$308,705
315,477
Administrative and selling expenses.
Seeks Exemption—r
Company has filed with the Securities and Exchange Commission an ap**
plication (File 32-117) under the Holding Company Act for exemption from
the requirement of filing a declaration in connection with the issuance and
sale of $38,000,000 of first mortgage 3%% bonds, series A, due Dec. 1,
1968, and $10,000,000 of 3H%-4% serial debentures due Dec. 1, 1939Dec. 1, 1948.
The proceeds from the sale of the bonds and debentures together with
funds to be provided by the company out of its treasury are to be used for
the redemption of the entire funded debt of the company as follows:
$7,160,000 of 1st mtge. & ref. 5% gold bonds, series E, due
May 1, 1956, proposed to be called, at 103 and accrued Int.,
requiring, exclusive of interest..:
....
$7,374,800
$26,260,500 of 1st mtge. gold bonds, series F, 4H%, due
Dec. 1, 1967, proposed to be called at 103 and accrued int.,
requiring, exclusive of interest
....
27,048,315
$12,273,900 of 1st Intge. gold bonds, series G, 5%, due Nov. 1,
1968, proposed to be called at 102H and accrued interest,
requiring, exclusive of interest—.
12,580,748
$2,536,000 of 1st mtge. gold bonds, series H, 4% %, due June 1,
1981, proposed, to be called at 102 H % and accrued interest,
requiring, exclusive of interest
—....
2,599,400
—
Total..
—-...-
$6,772 prf$236,978
643
11,808
Central Indiana Gas Co.-
——
-
$6,129 prf$248,787
372,103
250,200
x78,250
1,750
———«
Provision for depreciation
—:
Provision for Federal income and profits taxes
——*
$258,079
1937"
1938
Liabilities—'
lS
equipment.....10,901,154-10,914,532
investm'ts
4
4
1,238
Special deposits
1,217
83,586
321,283
Cash—
138,503
295,628
x
500,000
Common stock.. 4,648,970
First mtge. bonds. 2,956,000
Notes payable
1,626,190
45,683
Accounts payable.
145,506
195,643
Consumers' depos.
Accrued accounts.
136,087
136,544
192,029
6,265
18,361
Reserves
11,495.132
1,627,417
cos...
Earned surplus...
Total...
2,956,000
Due to parent and
Service exten. dep.
Def. credit items.
provision
31, 1937 of
4,648,970
225
$201,566
$49,900.
500,000
155,085
115,718
53
42,834
This figure includes provision for income taxes for the nine months
ended Sept. 30, 1938 of $1,750, provision for income and excess profits
taxes for the three months ended Dec. 31, 1937 of $26,600 and
for undistributed profits tax for the three months ended Dec.
$
cum.
affiliated
Merch., materials
and supplies
Appllc. on rental
$
pref.
stock ($100 par)
6%%
Property, plant &
x
Consolidated Balance Sheet
Sept. 30—
■
$
Def. debit items..
Net loss for period
Balance Sheet
1937
1938'
Accts. receivable..
—
$49,603,262
J-
—
Halsey, Stuart & Co., Inc., of Chicago, is named as one of the principal
The names of other underwriters will be furnished by amend¬
ment to the application.—V. 147, p. 3153.
underwriters."
Mlscel.
Loss.
Investment income and profit from sales of secur.
Co.—To'Jssue New Bonds
The Board of Directors at a special meeting neld Nov. 17 authorized the
calling of a special meeting of the stockholders of the company to be held
on Dec. 5, 1938, at Springfield, 111., for the purpose of considering the
issuance of new first mortgage bonds and serial debentures in connection
with a proposed refunding of the company's entire outstanding funded
debt ana the execution of a mortgage or deed of trust to secure said bonds.
The record date for the determination of stockholders entitled to vote at
the meeting was fixed as of the close of business Nov. 19, 1938.
Assets—
Loss
x
and $100 per share in 1937.
The directors have declared
Other income.
267,461
Def'd debit items.
$11,218
$58,993 def$127,182
345,463
158,243
327,171
Total
.....
107,953
A
mat's
supplies
Current Inc. carried to
—V. 147, p. 2676.
Liabilities—
3,146
472,899
686
403,627
77,123
Mdse.,
Gross income.
Sheet
1938
$
Accounts recei Vie.
.
Co .—Balance
Gas
1937
S
Prop., plant A eq't27,438,974 27,256,693
Miscell. investm'ts
4,566
4,369
Sink, fund A spec!
5,318
deposits....—.
4,716
Cash
420.079
426,159
App.'s on rental.
&
..
,
1938,
Brooklyn & Queens Transit System—Earnings—
1938—Month—1937
$1,750,392
$1,794,549
Total operating expenses
1,402,107
1,413,952
Electric
Illinois
Central
($166,000 in 1937) and prior
Period End. Oct. 31—
Total oper. revenues
profit
637
'
-
$3,342,723 in 1938 and $3,180,90,5 In
Consists of current year's taxes of $28,300
^a
662
Net income.
$50,195
$56,193
Dividends applicable to preferred stocks for the
period, whether paid or unpaid.
—
Total.......-.15,915,827 16.906,521
years' of $124,549 ($36,051 in 1937).—V, 147, p. 2861.
i
$69,816
18,959
Gross income
Interest on mtge. bonds
Other interest.
Int. chgd. to construct'n
_
70,721
247,000
b Represented by 247,000 (247,400 in 1937) shares of no par value,
1937.
c
35,623
2,913
31,500
Contributed surp.
955,031
Earned surplus... 7,275,793
15,915,827 16,906,621
«
40,000
3,580,000
Capital surplus
2,913
1938—12 Mos.—1937
$4,072,343
$3,926,325
2,814,070
2,650,131
$318,946
218,956
res. approp.
1.
s.
b Common stock..
7,075,020
9
in¬
lor
Reserve
$320,043
217,424
Prop, retire,
Accrued accounts,
1
1938—Month—1937
704,353
;
1
1
455,423
Lasts
Light & Power Co.—Earnings—
Period End. Oct. 31—
Operating revenues
Oper. exps.,incl. taxes..
Amort, of limited-term
72,063
roll taxes
2,760,742
Ac. 2,710,808
equipment,
9
Central Arizona
1938
443,862{
Accounts payable."
Fed. A State pay¬
Real est., build¬
1937
Nor. 26,
11,495,1941
Total
209,343
4,465
124
250
1,228,707
39,740
1,178,626
8,866
11,495,132 11,495,194
Represented by 64,000 no par shares.
Earnings for 12 months ended Sept. 30 were published in the "Chronicle"
of Nov. 12, page 300^.
x
Assets—
Sept. 30,'37 Dec.31,'37
Liabilities—
Sept. 30,'38 Dec. 31,*37
Land, bldgs., ma¬
y Capital stock...$4.050,220 $4,050,220
chinery A equip. $3,944,969 $4,118,567 Payroll accrued.
85,070
59,803
Cash..—.—
991,365
765,640 Accounts payable.
103,053
116,766
Accts. receivable.
444,510
505,368 Taxes accrued
321,470
142,621
Inventories.
1,192,749 Prov. for returned
^ 719,749
Land contracts and
castings
26,926
27,875
2d mtges. reo'le.
44,041
52,809 Unclaimed wages A
Investments
99,688
101,058
4,487
unadjusted cred.
20,864
Stock purch. contr.
5,000 Earned surplus... 1,878,220
2,225,352
Deferred charges..
35,091
39,463 x Co.'s own stock. JDr27,560
JDr25,319
-
'"Central
Maine Power
Period End. Oct. 31—
Co.—Earnings1938—12 Mos.—1937
1938—Month—1937
$6,279,413 $6,780,654
if
Total...
$6,279,413 $6,780,654
shares, y Represented by 348,000 no par shares*
Canadian Pacific
$584,963
$564,501
203.976
57,142
4,258
31,423
234,198
57,364
3 ,843
24,438
$6,715,881
2,359,429
705,933
40,724
368,630
$6,823,651
2,427,550
687,438
36,633
Net oper. income——
Total
Operating revenues.....
Operating expenses.._..
State & municipal taxes.
Social security taxes
Fed. (incl. income) taxes
$288,164
3,543
$241,658
1,756
$3,241,165
44,954
$3,393,186
36,864
$291,707
110,084
$3,286,119
1,299,396
27,821
234,533
$3,430,050
1,293,790
64,509
260,934
$1,724,369
$1,810,817
1,297.182
Non-oper. income met).
Gross income
Bond interest
Other
-
20.260
$246,414
107,142
6,676
14,528
.
$161,309
108,099
$118,068
108,099
_
Other interest
Ry.-—Earnings—
54
met)
deductions...
~
278,844
Earnings for Week Ended Nov. 14
_
,
Traffic earnings
"V
•
„
—T-
1938
$2,945,000
1937
$3,077,000
Decrease
$132,000
147, P« 3153.
Camden Rail & Harbor Terminal
Corp.—SEC Becomes
Party to Reorganization Proceedings, Under Chandler, Act—
Ry.—Earnings—
1938
■
$3,810,813
—V. 147, p. 3153.
Directors have declared
Increase
$53,350
extra dividend of 25 cents
per share in addi¬
dividend of like amount on the common stock,
an
tion to the regular quarterly
Sarcents was paid on Dec. 16, 15 to holders ofp. 1233. Dec, 5. An extra er
$20, both payable Dec. 1937.—V. 146, record
0
1936, and June SO,
1936, were paid on Jan 1, 1937; April 1,
1938; April 1, 1938, July 1, 1938,
Seeks Bond Exemption—
1937
$3,757,463
Central Cold Storage Co.—Extra Dividend—•
March 31,
and Oct. 1, 1938, respectively.
Earnings of System for Week Ended Nov. 21
Gross revenues.
1,297,182
Note—Preferred dividends have been paid at one-half the regular rate
since Oct. 1, 1931, and arrearages for the quarters ending Sept. 30. 1934;
Dec. 31.1934; March 31, 1935: June 30, 1935, Sept. 30,1935: Dec. 31,1935;
1937; Juy 1, 1937; Oct. 1, 1937; Jan. 1,
See Transcontinental Petroleum Corp.—V. 140,
p. 4392.
Canadian National
income
Pref. div. requirements
Net
Company has filed with the SEC an application (File 32-118) under the
Holding' Company Act for exemption from the requirement of filing fa
declaration in connection with the issuance and sale of $4,500,0001of
1st A gen.mtge.
3H% bonds,series H, due 1966, and 5,000shares (no par)
•
""l M
to be "offered through underwriters and the stock is to
be offered to holders of the company's common stock and 6% pref; stock
on the basis of one share for each 27.2702 shares of common and pref.
common stock.
The bonds
■
are
stock held at $100 a share.
mdk. »inn ka
i
Volume
Financial
147
The application states that New England Public Service Co. has agreed
to purchase for cash 2,000 shares of the common stock at $100 a share and
has further agreed to accept in payment for an advance of $300,000 made
to the
applicant on Sept. 28, 1938, all or any part of the remaining 3,000
shares at a price of $100 a share.
It is stated that if any part of the 3,000
shares are taken by holders of the company's securities in accordance with
their preemptive rights. New England Public Service Co. will accept, in
lieu of each share so taken, $100 in cash toward the payment of the advance.
The net proceeds to be received by the company from the sale of the
securities will be used to pay principal and interest to maturity on Nov. 1,
1939, of $3,303,000 1st mtge. 30-year 5% gold bonds.
The balance of
the proceeds will be used to pay bank loans now outstanding in the amount
of $1,225,000 and for general corporate purposes, particularly for the
construction of the hydro-electric plant at the company's recently developed
site on the Kennebec River at Solon, Me.—V. 147, p. 2525.
Central Power Co.—Earnings—
$91,678
$404,941
$406,269
3
3
177
497
258,926
Net oper. income
Other income (net).
2 57,541
1938—3 Mos.—1937
$349,218
$351,845
__
...
Directors have declared
$92,922
64,221
Net
_
income—
$91,680
65,476
$405,118
257,685
$406,767
$28,701
Gross income
$26,204
$147,433
$144,111
262,656
-V. 147, p.1921.
Central
Co.
RR.
of
.New
Owners of more than a majority
of outstanding bonds having agreed to a
plan to reduce taxes of the company by disposing of unused lands, a petition
seeking permission to effect such disposal will be made to the court shortly.
An order of the court authorizing the trustee of the general mortgage
bonds to dispose of the land—six parcels, mostly under water—is necessary,
since the property comprises part of the security for the mortgage securing
the bonds.
Savings in current taxes of $482,000 annually and in back
taxes of about $1,000,000 will result from the plan, it is said.
President Seheer disclosed at the annual meeting that proxies for assent¬
K*
ing bonds will be placed in the name of Major Fred N. Oliver, counsel of
the National Association of Mutual Savings Banks, who will ask the court
to direct the trustee to divest himself of the lands.—V. 147, p. 2677.
Central Vermont Public Service Corp.—Earnings1938—Month—1937
$196,741
$200,787
150,988
165,248
13,236
10,211
1,072
1,052
4,919
4,155
Period End. Oct. 31—
Operating revenues—
Operating expenses
State & municipal taxes.
Social security taxes
Fed. Unci, income) taxes
519
1,830
22,804
$692,012
245,000
1,374
35,273
$341,786
227,136
$410,365
227,136
93
$27,353
20,417
1,047
2,314
$29,644
20,417
$3,575
18,928
$6,878
18,928
(net)
deductions
Other
—
income
Pref. div. requirements.
—V. 147, p.2525.
Net
15,299
97,338
$621,994
245,000
12,404
$29,551
257
Other interest
$2,162,029
1,206,558
158,506
9,585
99,322
$688,058
$27,096
Bond interest—
1938—12 Mos.—1937
$2,153,213
1,268,062
154,272
$618,242
3,752
Net operating income,
Non-oper. income (net).
Gross income
Clinton Davenport & Muscatine Ry.and
Chesapeake Corp.
3,954
See Peoples Light Co.
Colonial Beacon Oil Co.—To Delist Stock—
The Committee on Stock List of the New York Stock Exchange an¬
nounced Nov. 16 that it will consider at its meeting on Nov. 29 recommend¬
ing that application be filed with the Securities and Exchange Commission
to remove the common stock, no
par value, from listing and registration.—
Colt* s
Bonus to
150
—
11,250
15,000
Surplus.
—
Cr7,006
75,000
Z274.228
$2,884,296 x$£L454,196
2,609,630
4*049,426
$525,245
$274,666 $1,404,770
of securities, z No provision for surtax
Sept. 30, 1937, which would amount to
Chesapeake & Ohio Ry.—Dividend Doubled—
Nov. 22 declared a dividend of 50 cents per share on the
stock, payable Jan. 1 to holders of record Dec. 6.
This compares
with 25 cents paid on Oct. 1 and July 1 last; 75 cents paid on April 1 and
Jan. 1,1938; an extra dividend of $1 paid on Dec. 14, 1937, and dividends of
70 cents per share paid on Oct. 1, 1937, and each three months previously.
An extra dividend of $1 was paid on Dec. 15, 1936.—V. 147, p. 2677.
common
Milwaukee St Paul & Pacific RR.—Delisting
& Northern RR. Bonds Postponed—
N
effective date for striking the consol. mtge. 4J^% bonds due June 1,
the list of the New York Stock Exchange has been postponed from
Nov. 23. to Jan. 3, 1939.—V. 147, p. 3007.
The
i Q34 from
Christiana Securities Co.—To Pay
$27.50 Dividend—
have declared a dividend of $27.50 per share on the common
stock, payable Dec. 15 to holders of record Nov. 29.
This compares with
$13.50 paid on Sept. 15 last; $8.25 paid On June 15 and March 15, last;
$39.30 paid Dec. 15, 1937; $28.50 paid on 8ept. 16, 1937; $38.50 in lune,
1937; $13.50 paid March 15,1937; $39.10 paid on Dec. 16,1936, and $30.50
paid on Sept. 16,1936.
See V. 142, p. 3668, for record of previous dividend
distributions.—V. 147, p. 1187.
The directors
Cincinnati Street Ry.—EarningsPeriod End. Oct. 31—
x
Net income
-
1938—Month—1937
$7,716
$14,411
1938—lO Mos.—1937
$59,944
$183,197
_
Earnings per share--$0.13
x Alter depreciation, interest, Federal income taxes, &c.
y On
shares of capital stock.—V. 147, P. 2526.
y
M
Cities Service
W
to
I
'
.
'
$0.38
475,239
.
■
.*
Co.—Plan Submitted to SEC—
First Vice-President of the company, presented Nov. 23
Douglas, Chairman of the Securities and Exchange Com¬
Alton Jones,
William O.
mission, a plan of
integration for the utility properties held by the Cities
Co., main utility holding unit in the Cities Service
Although full details of the plan are not being made public, it is
understood to contain provisions for the continuance of Cities Service in
Service Power & Light
syBtem
thActual3fihngI^the
plan, submitted in compliance with the requirements
the Public Utility Holding Company Act, marks the first
Service system to clarify its status under the Holding
Company Act.
Cities Service Co., as parent concern for the entire system,
aDDlied to the SEC some months ago for exemption on the plea that it was
only incidentally engaged in the utility business.
The main function of
the company, it was then held, centered primarily in the production and
distribution of petroleum and natural gas and other non-utility businesses.
Cities Service's plan covers many properties which would fit perfectly
into other utility systems in integration proceedings.
In view of this situa¬
tion
it was said, many of the smaller utility units in the Cities Service
system would be offered for sale.
The company's two major systems,
however—those in Ohio and Colorado—will be retained and integrated,
thus continuing the concern in the utility field.
Some divestment of voting
control over intermediary utility holding companies in the system is con¬
templated, it is understood.—V. 147, p. 3155.
of Section 11 of
move
by the Cities
Co .—Extra Dividend-
the
par
Columbia Gas & Electric Corp .—Liquidation
The
Securities
and
Exchange
Commission
acnnouned
of Sub.—
Nov.
18
that
corporation and its wholly owned subsidiary, Huntington Gas Co., have
filed an application (File 54-7) under Section 11(e) of the Holding Company
Act for approval of a plan of liquidation and dissolution of the subsidiary
company.
According to the application, the proposed liquidation of Huntington
Gas Co. is to be undertaken in furtherance of compliance by the Columbia
Gas
&
Electric
System with the simplification provisions v.f Section 11
Act.
that since June 30, 1938, Huntington Gas Co.
has been solely a holding company and, "as a subsidiary holding company
in the holding company system of Columbia, it does not serve any useful
purpose," and that its continued existence unnecessarily complicates the
structure of the Columbia system.
It is further estimated in the application
that the liqudation of Huntington Gas Co. will result in savings to the
Columbia system of approximately $10,000 a year.
The plan provides that Huntington Gas Co. will transfer to Columbia
Gas & Electric Co. all of its assets, of which assets to the value of $2,706,114
will be transferred in payment of a 6% income demand loan for that
amount owed to the parent company.
The balance of the assets, if any,
it is stated, will be transferred as a liquidating dividend on the common
stock of Huntington Gas Co. now held by Columbia Gas & Electric, which
will be surrendered and canceled.
It is stated that the plan will be carried
out on or before Dec. 31, 1938.
Inasmuch as the assets of Huntington Gas Co. include 14,443 shares of
6% cum. pref. stock and 39,871 shares of common stock of Huntington
Development & Gas Co., it has filed an application for* approval of the
of the Holding Company
The application states
transfer of these securities to Columbia Gas & Electric Co.
In connection
plan of dissolution and liquidation, Huntington Gas Co. has
application for approval of the acquisition and retirement of all
of its outstanding common stock, now held by Columbia Gas & Electric
Corp.—V. 147, p. 3155.
the
with
also filed
an
Columbus
■
Southern
&
"•
•,
Ohio
Electric
Co.-—To
Issue
V'
petitioned the Utilities Commission of Ohio for permis¬
at 98 $3,000,000 first mortgage and collateral trust
1, bearing 3%% interest, maturing Dec. 1, 1968.
Pro¬
ceeds would be used to reimburse treasury for part of uncapi tali zed capital
expenditures which totaled $7,172,303 as of Dct. 31, last.—V. 147, p. 3155.
bonds dated Dec.
Commercial Solvents
a
Corp.—Sale of British Subsidiary—-
meeting of the board of directors held on Nov. 17, 1938, the sale to
Co. Ltd. of London of 98,900 ordinary shares of the
United Molasses
capital stock of Commercial Solvents (Great Britain) Ltd. was approved.
Said shares of stock have been sold and delivered and the sum of $729,588
has been received in payment therefor.
The corporation owned 127,400
ordinary shares of the capital stock of Commercial Solvents (Great Britain)
Ltd., a subsidiary of the corporation, which investment was carried at the
cost Value of $618,792 and which represented 50.96% of the capital stock
of such company
.V. 147, p. 3155.
Commonwealth Edison
nouncement was
Directors on
Chicago
Mfg.
an extra dividend of $2 per share in addition
regular quarterly dividend of 50 cents per share on the common
$25, both payable Dec. 20 to holders of record Dec. 1.
An
extra dividend of $2.37 H per share was paid on Dec. 20, 1937.
See also
V. 145, p. 3493 for record of previous dividend payments,
A special payment equal to 6 % of earnings for the year was voted to all
employees, payable soon after Jan. 1, 1939, when earnings will have been
computed.—V. 145, p. 3493.
to
the
;
of Milwaukee
Arms
sion to issue and sell
' 6,161,830
296,858
26,146
83,695
26,707
def$58,204
Exclusive of results from sale
made for nine months ended
$365,671.,';
29~290
$571,707 *$1,875,054
1,349,809
629,911
profit
Dividends
x
173",600
9,000
^14,012
Fire
The directors have declared
At
Adj. of cap. stk. tax for
1
prior years
Federal income taxes...
was
33",372
3,750
General expenses
$3,140,278
3,138
73",766
Capital stock tax
Patent
Employees—
Company has
$1,963,719
17,003
$650,360
received
Interest paid
Amort, of bd. disc. & exp
Net
Earnings-
1938—3 Mos.—1937 ^ T 1938—9 Mos —1937
Period End. Sept. 30—
■To Sell Electrig
Railway Properties—
Bonds-—
Int. & divs.
year-end dividend of 25 cents per share in addi¬
quarterly dividend of 50 cents per share on the common
stock both payable Dec. 20 to holders of record Decl. 8.
Like amounts
were paid on Dec. 31, 1937 and on Dec.
22, 1936.—V. 147, p. 2862.
Allow
Jersey—Bondholders
Sale-
Land
a
tion to the usual
stock,
Int. & other deductions
3305
Cleveland Electric Illuminating Co.— Year-end Div.—
V. 147, p.3155.
1938—12 Mos.—-1937
$1,571,619
$1,541,976
1,166,678
1,135.706
$92,919
Period End. Sept. 30—
Operating revenues
Oper. exps. and taxes.
Chronicle
Co.—Offering of Debentures'—An¬
made Nov. 23 of the offering, by prospectus
only and subject to prior sale through exercise of subscription
warrants to be issued to stockholders of the company, ex¬
piring Dec. 21, 1938, of $24,500,000 convertible debentures,
Yi% series, dated July 1, 1938 and due July 1,1959. While
the amount underwritten is $24,500,000, the minimum
amount being offered to stockholders is $25,234,800.
It is
specified in the announcement that the offerings by under¬
writers may be made only as to a portion of the amount
underwritten and only individually by certain of the under¬
writers; also that the price of par ana accrued interest from
Jan. 1, 1939 is subject to change after the expiration of the
3
subscription warrants.
The underwriting group consists of 117 members.
The
is headed by Halsey, Stuart & Co., Inc., other leading
members including Brown Harriman & Co., Inc.; The First
Boston Corp.; Glore, Forgan & Co.; Harris, Hall & Co.,
group
Inc.; Kidder, Peabody & Co.' Lee Higginson Corp.: Lehman
Brothers; F. S, Moseley & Co.; A. G. Becker & Co., Inc.;
Bonbright &
Co.,
Inc.; and Central Republic Co.
Dated July 1, 1938: due
July 1, 1958.
Principal and int., J. & J., will be
payable at office or agency of the company in Chicago and New York.
Definitive coupon debentures will be in interchangeable denom. of $1,000,
$500 and $100; registerable as to principal only.
Red. as a whole at any
time, or in part from time to time, ao option of co npany, on not less than
30 days' nor more than 45 days' published notice, by payment of principal
amount thereof, accrued int., and a premium of 4%
of such principal
amount if red. on or before June 30, 1939; with successive reductions in
such premium of M of 1% on each of the dates July 1, 1939, and Jan. 1
and July 1, 1940; and with further successive reductions in such premium
of H of 1% on Jan. 1 and July 1 in each of the years 1941 to and incl. the
year 1953; and if red. on or after July 1, 1953, without premium.
The debentures are convertible at or before maturity into shares of the
company at the conversion price of $25 per share, which price is subject to
adjustment in certain cases, as provided in the indenture.
In case of re¬
demption prior to maturity, the conversion privilege shall cease at the
close of business on the fifth day prior to the redemption date.
The con¬
version privilege is subject to termination in certain other limited cases.
Issuance—Issuance of these debentures has been authorized by Illinois
Commerce Commission.
Proposed Sale of Additional Mortgage Bonds
of the Company
.
has agreed to issue and sell privately to certain large insti¬
exceeding seven in number, an aggregate of $34,000,000 of its first mortgage 33^% bonds, series I, due June 1, 1968, at
104% plus int. to the date of delivery. A registration statement descriptive
of such bonds was filed on Nov. 3, 1938, with SEC under the Federal Securi¬
ties Act of 1933, as amended. Although firm agreements for the sale of such
bonds have been made, subject to the approval of Illinois Commerce ComThe company
tutional investors, not
3306
Financial
Chronicle
mission, the company does not represent that the sale of such bonds or the
transactions contingent thereon will be consummated.
The sale of such
bonds has no relation to the sale of the convertible debentures being offered.
The two transactions are entirely separate and distinct.
The issuance of the bonds has been authorized by the Illinois Commerce
Nov. 26,
standing, after the issuance of the debentures now being offered, is $99,958r
100.
c Part of these bonds may be redeemed by application of part of the
proceeds of the debentures being offered
Summary of Earnings 1
Commission.!
Years
proceeds to the company will aggregate $35,190,000, exclusive of
accrued interest but after deducting expenses estimated at $170,000.
Of
such net proceeds, $19,858,500 will be applied to the following purposes:
For redemption of all Super-Power Co.'s funded debt of $19,858,500, viz.:
1st mtge. bonds—Series of 1928,4)4 %»due Mar. 1,1968, at 103.$10,000,000
Series of 1930, 4)4%, due Sept. 1, 1970, at 104
9,858,500
The $15,331,500 balance of such net proceeds will be added to the cash
funds of the company.
Company's purpose in seeming such additional
funds is to provide for property additions, the exact nature of which has not
The net
Ended
Dec.
31
12Mos.End.
1935
1937
June 30, '38
1936
Oper. rev.—Electric-.$108,408,241 $116,0.54,148 $124,831,963 $125,043,872
Gas, heating & water. 13,987,959
14,690,093
15,288,919
15,036,417
$122,396,200 f'30,744,241 $140,120,882 $140,080,289
47.742,346
51,637,741
53,504,884
53,532,479
6,460,395
6,765,436
7,674,461
8,085,582
Total
Operation
MaintenanceProvisions for taxes—
State,local&misc.Fed.
been determined.
Fed. income & surtaxProvision for deprec
if such $34,000,000 of bonds are issued and sold, the company will take
over the ownership and operation of the power station and transmission
lines now owned and
1938
operated by Super-Power Co.
Net oper. income
14,422.662
2,890,274
15,194,460
17,696,441
4,642,763
15,569,676
18,942,797
5,392,290
16,846,842
19,671,140
4,673,599
16,986,067
$35,686,063 $34,432,184 $ 7,759,608 $37,131,422
1,203,469
1,143,701
1,172,869
1.393,713
Otherincome
.ft
Purpose of Issue of Debentures
The
Gross income
proceeds to the company from the sale of the debentures
($24,500,000) will aggregate $24,500,000.
Such gross pro¬
applied toward the following purposes or to reimburse the
company for the funds applied to such purposes:
For redemption of all mtge. bonds of 111. Northern Co. as follows:
$9,704,000 of 1st & ref. mtge. 5% bds. due Apr. 1, '57, at 105.$9,704,000
For redemption of all mtge. bonds of Chicago Dist. Co, as follows:
$14,950,000 of 1st mtge. 4^% bds. due Sept. 1,1970, at 104
14,950.000
For purchase from service annuity funds ofco. and Pub. Serv. Co.:
$750,000 of 5% promissory notes of Chicago District Co. ($150,000 due April 1,1942, and $600, 00 due Oct. 1,1942) at 100750,000
To reimburse the company for the excess of securities of subsidi¬
aries retired in connection with the application of the proceeds
„
of debentures offered by the company's
prospectus dated
gross
.$36,889,532 $35,575,885 $38,932,477 $38,525,135
underwritten
Total
ceeds will
charges of subsidiaries
Net interest charges of company
be
273,300
proceeds to the company from the sale of any debentures in
$24,500,000 underwritten are estimated to aggregate not more
than $11,457,200.
Proceeds from any such debentures wil. be applied, first,
to provide or reimburse the company for the $1,177,300 required for the
above purposes over the gross proceeds of the debentures underwritten,
and the balance to the redemption of a like principal amount of the first
mortgage 5)4 % bonds of Western United Co.
Funds for underwriting commissions on the debentures, which will "not
be less than $245,000 nor more than $770,000, and other expenses in con¬
nection with the sale of the debenturess, which are estimated to be not less
than $240,000 nor more than $300,000, will be supplied out of other funds
of the company.
Funds for redemption premiums, which will not exceed
$1,083,200. on the above securities of subsidiaries to be redeemed (exclusive
of any mortgage bonds of Western United Co.) and funds for the
pay¬
,
to subscribe for an
At Oct. 31, 1938,
13,779 shares of the company were reserved for issuance pursuant to ex¬
change offer to the holders of the stock of Public Service Co., 491,665
shares of the company held by Commonwealth Subsidiary Corp. were
reserved in connection with an exchange offer to the holders of the preferred
stocks of Western United Co., and 2,925,752 shares of the company were
reserved for issuance upon .conversion of debentures then outstanding.
Accordingly, if such exchange offers are accepted in full, and ail the deben¬
tures are converted, on or before the record date, the maximum number of
rights to be issued will be 11,506,333, evidenced by subscription warrants
to subscribe for an aggregate of $35,957,200 principal amount of debentures.
Interest on the debentures delivered will accrue from Jan. 1, 1939.
Pur¬
chasers of debentures through exercise of subscription warrants wiL receive
on the purchase price at 3)4% per annum from the date the com¬
premiums and accrued interest will be borne by the respective subsidiaries.
In order to effect the above application of the
gross proceeds of the
debentures, the company wih purchase:
(1) From Illinois Northern Co. ai principal amount thereof, $9,704,000
5% unsecured promissory notes due July 1, 1958.
(2) From Chicago District Co. at principal amount thereof, $15,000,000
first mortgage 4% bonds, due Jan. 1. 1964.
The company has made no determination as to the character of the
obligations or securities to be issued by Western United Co. in consideration
for any advances which may be made to it for the purpose of
enabling it to
redeem part of its first mortgage 5)4% bonds
interest
Underwriters—The
receipt of
of the bonds
case
of Western United Co.. to the extent of at least the
principal amount of
the bonds to be redeemed, will be made on or before Jan.
10, 1939. Funds
for redemption premiums and accrued interest to the
will be
deposited on
United
thereafter.
on or
Co.
Co., Inc., G. H. Walker & Co., White, Weld & Co. and Dean Witter
Co., 1.25% each.
Mitchell, Hutchins & Co., .75%; A. C. Allyn & Co., Inc., Ames, Emerich
& Co., Inc., Alex. Brown & Sons, H. M. Byllesby & Co., Inc., E. W. Clark
& Co., Paul H. Davis & Co., R. L. Day & Co., Dominick & Dominick,
Estabrook & Co., Hallgarten & Co., Newton, Abbe & Co., Arthur Perry
& Co., Inc., R. W. Pressprich & Co., Schoellkopf, Hutton &
Pomeroy,
Inc., Schwabacher & Co., Securities Co. of Milwaukee, Inc., Shields &
Co., Spencer Trask & Co., Wertheim & Co. and Whiting, Weeks & Knowles,
2nc«y .625% G&cfci#
4
J. E. Baker & Co., Baker, Weeks & Harden, Bartlett, Knight & Co.,
Bodell & Co., Burr, Gannett & Co., William Cavalier & Co., DempseyDetmer & Co., Dick & Merle-Smith, Eastman, Dillon & Co., Edgar,
Ricker & Co., Farwell, Chapman & Co., Ferris & Hardgrove, First Cleve¬
land Corp., First of Michigan Corp., Fuller, Cruttenaen & Co., Carter
H. Harrison & Co., Hayden, Miller & Co., W. E. Hutton & Co., Jackson
& Curtis, Kean, Taylor & Co., Kelley, Richardson & Co., Laurence M.
Marks & Co., McGraw & Co., Inc., Merrill, Lynch & Co., Inc., Milwaukee
Co., Minsch, Monell & Co., Inc., Mitchum, Tully & Co., Charles K.
Morris & Co., Inc., G. M.-P. Murphy & Co., Nichols, Terry & Dickinson,
Inc., Otis & Co., Pacific Co. of California, Putnam & Co., Riter & Co.,
Sills, Troxell & Minton, Inc., William R. Staats Co., Starkweather & Co.,
Stroud & Co., Inc., Thrall, West Co., Tucker, Anthony & Co. and Wash¬
burn & Co., Inc., .25% each.
Iw*
Babcock, Rushton & Co., Alfred L. Baker & Co., Biddle, Whelen &
Co., Boettcher & Co., Bosworth, Chanute, Loughridge & Co., Burr & Co
Inc., John W. Clarke, Inc., R. S. Dickson & Co., Inc., Doyle, O'Connor &
Co., Equitable Securities Corp., Fred W. Fairman & Co., Hawley, Huller
& Co., Hickey & Co., Hoyne, Mellinger & Co., Alfred O'Gara <fc Co.,
Reinholdt & Gardner, Singer, Deane & Scribner, Smith Bros. & Co., Straus
Securities Co. and Watling, Lerchen & Hayes, .125% each.
&
redeemed, the deposit in respect of
before Jan. 10.1939. or as soon as practicable
are
All such bonds of subsidiaries to be redeemed will be redeemed
not later than
April 1. 1939. Any of such applications of proceeds may be
effected as>. a whole, or from time to time in
part, at any time before
Jan. 10, 1939.
Capital Stock of Company Outstanding Oct. 31, 1938
[Reflecting changes in shares reserved]
Aggregate
Shares
Par Value
Capital stock ($25 par)—Auth., 16,000,000 shs.x
Issued
8,865,340 $221,633,500
Less: Issued to Commonwealth Subsid.
Corp.—
Reserved in connection with exchange
offers.y
Not reserved_y
Held by public
x2,925,752 shares
tures
491,665
298,538
12,291,625
7,463,450
8,075,137 $201,878,425
-
reserved for issuance upon conversion
are
previously authenticated.
minimum of
of "deben¬
A maximum of 1,438,288 shares and
a
1,009,392 shares will be reserved for issuance upon conversion
debentures being offered. 13,779 shares were reserved at Oct. 31,
1938, for issuance pursuant to exchange offer to the holders of the stock
of Public Service Co.
y Reserved in connection with exchange offers to
of the
,
holders of the preferred stocks of Western United Co. The
number of shares
reserved is based upon the
proposed new offer to holders of the preferred
stocks of Western United Co.
Commonwealth
plates the possible sale of all
Subsidiary Corp. contem¬
or
part of the unreserved shares.
Preferred Stocks of Subsidiaries Held by the Public Oct. 31, 1938
Div.
Co.—
6$% cum. pref. 6tock (par $100)
6% cum. pref. stock (par $100).
t
No. of
Shares
\Veekly Output—
Aggregate
Rate
^
Par Val.
6)4%
__6%
The
electricity output of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended Nov. 19, 1938 was 142,706,000 kilowatt-hours compared with 140,401,000 kilowatt-hours in the
corresponding period last year, an increase of 1.6 %.
The following are the output and
percentage comparions for the last
four weeks and the corresponding periods last year:
62,776 $6,277,600
58,995
5,899.500
company
Funded Debt of the
Company and Subsidiaries
The funded debt of the
company and subsidiaries consolidated (other than
by the company and its subsidiaries) outstanding at Oct. 31,
1938, adjusted to reflect (a) the issuance and sale of
$34,000,000 first mort¬
gage 3)4% bonds, series I, and application of
proceeds thereof, and (b)
the issuance and sale of the
debentures being offered and the application of
the proceeds thereof was as follows:
amounts owned
Outstanding
•
^
'
-
•
on
Date of
xpi
Int.
Basis Stated
Maturity
^
Hate
Above
a$557,000
85,000,000
29,500,000
Commonw. Elec. Co. ist mtge. bonds..June
1, 1943 5%
First mtge. bonds—Series F
Mar. 1, 1981 4%
April 1, 1965 3H%
n£eri^i."-;
Pubhc Service
-ow^-
Co^~
v
June 1.1968 3)4% 100,000,000
ser' due 1958-July 1, 1958 3)4% b98,378,600
Economy Lt. & Pow. Co. 1st mtge. bds.Dec. 1. 1956
5%
W^Lm UnitS^o
1st mtge.
Series B
the
—
S6rieS dUG 1968- -0ct • 1 • 1968 3 H %
bonds—^-Series
A
-
Dec. 1, 1955 5)4%
Mar. 1, 1957 5%
228,000
.
19-
Nov.
12
Nov.
5
Oct.
—V.
c24,300,000
1,500,000
r J? above $98.378,600 of debentures includes the $73,143,800 outstand¬
ing at Oct. 31, 1938, and the $25,234,800 minimum
principal amount to be
offered.
Such minimum principal amount is
based on the number of shares
of the company s stock held
by the public on Oct. 31, 1938, and does not
give effect to the issuance of any debentures
upon exercise of subscription
warrants "with respect to any shares of the
company's stock issuable after
31, 1938, pursuant to the exchange offers or
upon conversion of any
of the debentures.
The principal amount of debentures thus
issuable with
Pursuant to exchange offers is $1,-
any of the debentures would reducfe the
principal
of debentures
outstanding by more than the principal amount to
be offered with respect to the shares issued
upon such conversion.
Accord-
ugly, the maximum principal amount of debentures which
may be out"
1938
142,706,000
140,626,000
138,257,000 ~
139,148,000
-
29
140,401,000
134,600,000
136,525,000
137.643,000
%
Increase
1.6
4.5
1.3
1.1
147, p. 3155.
Commonwealth & Southern Corp. (& Subs.)—Earns.
^Period End. Oct. 31—
1938—Month—1937
$
Gross
12,609,258
Oper. expenses and taxes
6,868,498
revenue
Prov. for depreciation &
retirement reserve
$
1938—12 Mos.—1937
$
$
12,826,855 145,454,843 147,923,327
6,865,568 x77,134,425 x77,321,548
1,342,582
1,355,720
16,302,967
15,026,845
4,398,177
4,605,567
52,017,451
55,574,933
3,339,218
3,301,801
40,020,037
39,639,465
1.058,959
1,303,766
11,997,414
15,935,468
749,797
749,789
8,997,447
8,997,326
309,162
553,977
2,999,967
6,938,142
80,000,000
Not callable but funds are on
deposit under the mortgage of the com¬
pany to cover the principal amount
outstanding and interest to maturity,
c^)?^t0/?har^Thlch,inay ¥
• Conversion of
Kilowatt-Hour Output
1937
Week Ended—
Nov.
Gross income
Int. & other fixed chgs.
a
579,500.
1938.
of the several underwriters and the percentage
ler &
redemption dates
if any of
before the respective redemption dates,
or
the bonds of Western
such bonds will be made
names
Halsey, Stuart & Co., Inc., 10.875%; Brown Harriman & Co., Inc.,
7.5%; First Boston Corp., Glore, Forgan & Co., Harris, Hall & Co., Inc.,
Kidder, Peabody & Co., Lee Higginson Corp., Lehman Bros., F. 8. Moseley
& Cp., A. G. Becker & Co., Inc., Bonbright & Co., Inc., and Central
Republic Co., 2.5% each.
b Clark, Dodge & Co., Mellon Securities Corp. and Stone & Webster and
Blodget, Inc., 1.875% each; Bacon, Whipple & Co., Bancamerica-Blair
Corp., Blair, Bonner & Co., Coffin & Burr, Inc., Goldman, Sachs & Co.,
Graham, Parsons & Co., Hayden, Stone & Co., Hemphill, Noyes & Co.,
Hornblower & Weeks, The Illinois Co. of Chicago, Ladenburg, Thalmann
& Co., W. O. Langley & Co., Lazard Freres & Co., Paine, Webber & Co.,
E. H. Rollins & Sons, Inc., Schroder Rockefeller & Co., Inc., Stern, Wamp-
$24,500,000 of proceeds of the debentures, the company will
cause to be deposited in trust with the respective trustees suffi¬
cient funds for such redemptions together with irrevocable instructions to
Such deposits, except in the
co.lects the purchase price to and including Dec. 31,
pany
of unsubscribed debentures to be taken by them respectively follow:
deposit or
complete such redemptions.
$17,773,686
___—.—
of the
company on account of which 8,075,137 rights
aggregate of $25,234,800 of debentures will be issued.
ment of accrued interest on such securities will be
supplied out of other
funds of the respective subsidiaries or of the company.
Such redemption
be redeemed and conditioned
upon
5,506,528
12,267,158
)
Subscription warrants will be issued to stockholders of record (other than
Commonwealth Subsidiary Corp.) at the close of business on Dec. 2, evi¬
dencing rights to subscribe for the debentures at 100% of their principal
amount on the basis of $3.12)4 of such- debentures for each share held.
Such warrants will be issued pro rata without charge and "will be exercisable
by the holders thereof only in amounts calling for $100 of the debentures,
or any multiple thereof.
The subscription warrants, which wid be trans¬
ferable, will expire at 3 o'clock p. m. Central Standard Time (4 o'clock p. m.
Eastern Standard Time), Dec. 21.
At Oct. 31, 1938, there were held by
shareholders other than Commonwealth Subsidiary Corp
8,075,137 shares
The gross
of the
the above bonds to
dividend
Offering of Debentures to Stockholders
Aug. 25, 1938, over the proceeds of such debentures
As to
and
Total annual consolidated charges
excess
not less than
int.
Net
y
Divs.
incomef.
on
pref. stock-_
Balance
r
x
Includes provision for Federal surtax on
and 1937.
undistributed profits for 1936
Reflects deduction for full preferred stock dividend require¬
share per annum.
Dividends were paid in full to
Jan. 1, 1935, and at the rate of $3 per share per annum since that date.
y
ment at the rate of $6 per
Accumulated Dividend—
on Nov. 22 declared a dividend of 75 cents per share on the
preferred stock, $6 series, payable Jan. 3 to holders of record Dec. 9.
A payment of like amount (which is one-half of the regular rate) was made
in each of the fourteen preceding quarters.
The directors
Volume
Financial
147
Coty, Inc.—New President—
Monthly Output—
r
system for the
compared with 721,643,579 kilowatt hours for October, 1937 a decrease of 3.16%. For the 10
months ended Oct. 31,1938, the output was 6,347,044,380 kilowatt hours as
compared with 7,163.345,455 kilowatt hours for the corresponding period
in 1937, a decrease of 11.40%. Total output for the year ended Oct. 31.1938
was 7,701,108,214 kilowatt hours as
compared with 8,590,307,507 kilowatt
hours for the year ended Oct. 31,1937, a decrease of 10.35%.
Gas output of the Commonwealth & Southern Corp. system for the
month of October was 1,160,392,200 cubic feet as compared with 1,288,253,000 cubic feet for October, 1937, a decrease of 9.93%. For the 10 months
ended Oct. 31, 1938, the output was 11,364,787,900 cubic feet as compared
with 11,996,997,800 cubic feet for the corresponding period in 1937, a
decrease of 5.27%.
Total output for the year ended Oct. 31, 1938 was
Electric output of the Commonwealth & Southern Corp.
month of October was 698,818,127 kilowatt hours as
cubic feet as compared with 14,842,317,500 cubic feet
year ended Oct. 31, 1937, a decrease of 2.31% —V. 147, p. 2679.
14,498,799,500
for the
Connecticut
Light & Power Co.—To Sell Bonds—
Company announced Nov. 23 that arrangements had been
made for the private sale of $15,000,000 334% 30-year
bonds at 104.9124, equal to a 3% yield.—V. 147, p. 3156.
Connecticut Ry. &
x
Period Ended Sept.
Net loss
Lighting Co.—Earnings—
12 Afosl938
1938—3 Mos.—1937
30—
$256,860
$11,010
$64,162
renewals and replacements,
interest, sinking fund appropriations and other charges.—V. 147, p. 3011.
After Federal income taxes, provisions for
x
Connecticut River Power Co.-—Earnings—
Period End. Sept.
30—
Gross oper. revenue
Other income
$4,072,621
431,993
258,750
572,744
313,026
73,801
225,000
544,755
$1,822,030
funded debt.
559,997
$1,901,506
570,216
$2,396,304
746,797
_
Maintenance
$3,033,925
317,518
62,883
Depreciation
Fed., State & mimic, tax
Interest
on
1938—12 Mos.—1937_
$4,054,595 $4,062,375
18,026
7,304
1938—9 Mos.—1937
$3,020,194
$3,052,143
13,731
5,946
$3,058,088
Total gross earnings.
Operating costs
H. L. Brooks has been elected President of this company, according to
16 by B. E. Levy, Chairman of the Board.
announcement made on Nov.
Mr. Levy made the announcement following a meeting of the Board.
Mr. Brooks has been General Manager and Treasurer of the corporation
He will, in conjunction with his new title, also retain that of
The office of President has not been filled since 1933.—V. 147,
since 1934.
Treasurer.
1189.
p.
Crown Cork International
and Jan. 3 last; a dividend of 75 cents was paid on Oct. 1, 1937;
of 25 cents were paid in each of the six preceding quarters; on
79,739
111,445
and expense
_
421,254
111,518
300,000
649,479
.
96,119
378,750
769,454
Cumberland County Power &
(Including
Securities
Cumberland
760,528
105,633
152.506
10,195
income
$1,070,849
54,000
$1,385,771
72,000
$1,138,903
54,000
com.
Light Co.—Earnings—
Berwick &
and
Salmon Falls
1938—12 Mos.—1937
1938—Month—1937
$395,375
$402,600
276,269
216,239
30,328
30,997
2,992
3,464
20,427
25,418
$4,760,928
2,744,241
363,247
$72,584
5,414
$1,325,641
57,710
$1,450,099
61,955
$125,879
32,745
$77,998
33,683
157
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes
Federal (inch inc.) taxes
$4,583,337
2,545,882
367,690
38,149
305,975
$119,257
6,622
Period End. Oct. 31
177
$1,512,054
405,003
1,803
270,287
$834,961
294,964
Net operating income.
Non-oper. inc. (net)
12,508
Other interest (net)
Other deductions
11,842
$1,383,351
394,853
Cr20,864
174,881
$80,469
29,164
Gross income
Bond interest
Net income..
$32,296
24,580
$834,481
333,646
29,733
173,608
Pref. div. requirements.
—V. 147, p. 2527.
$1,568,760
Light Co.—-Earnings—
1938—Month—1937
$579,315
$552,074
317,190
280,939
41,644
55,161
Period End. Oct. 31—
Operating revenues
Oper. exps., incl. taxes.
Prop, retire, res. approp.
.
Accident
reserve
72,000
divs. and
5,451
5£2,445,582
$215,974
$2,620,032
60
457
958
$216,034
46,667
32,520
$2,620,489
560,000
454,129
512,446,540
712,958
$133,928
$136,847
applicable to preferred stocks for the
$1,606,360
$1,567,890
$220,481
$220,481
46,667
39,886
Gross income
x
$1,084,903
$1,313,771 . $1,496,760
Note—No provision has been made in this statement for Federal tax on
undistributed net income applicable to the 1938 periods, the amount of
such liability, if any, being determinable only at end of calendar year.—
1938—12 Mos.—1937
$6,706,385
$6,412,385
3,552,753
3,325,146
528,149
641,657
approp.
Net oper. revenues
Other income.
Int.
Bal. for
Corp.
Electric Co. for all periods)
$2,587,428
106.306
147,234
79,290
113,097
dividends
Dec. 20,
Aug. 30, and May 22, 1935, and on Dec. 21, 1934, and 50 cents paid on
March 30, 1934, and Nov. 1, 1933.
The last regular quarterly dividend
of 25 cents per share was paid on April 1, 1931.—V. 147, p. 1922.
Dallas Power &
Other interest charges.
Other
charges
against
Corp.—25-cent Class A Div.
The directors have declared a dividend of 25 cents per share on account
of accumulation on the $1 cum. class A stock, no par value, payable Jan. 3
to holders of record Dec. 10.
Like amount was paid on Oct; 1, July 1
$4,069,679
Aonort. of debt discount
Pref. dividends
3307
Chronicle
on mtge, bonds
Other int. & deducts..
165,692
$1,016,849
surplus...
Net income
Dividends
507,386
period, whetherpaid or unpaid
507,386
—V. 147, p. 1031.
Balance
Pay $1 Dividend—
Consolidated Aircraft Corp.—To
x
share on the common stock,
Directors have declared a dividend of $1 per
payable Dec. 19 to holders of record Dec. 6. The last previous dividend was
an initial distribution of 50 cents per share made on Dec. 27,1937.'—V. 146,
2527.
$3,303,903 $36,765,988 $37,227,635
1,673,668
335,500
.1,728,337 xl9,211,149 xl8,981,372
335,500
4,026,000
3,730,000
Gross income
....
$1,116,796
$1,240,066 $13,528,839 $14,516,262
?368,392
4,569,438
4,338,806
381,168
Int. & other fixed chgs.i.
Net
$735,628
$871,673
285,389
65,278
income
274,051
65,278
preferred stock.
Amort, of pref. stk. exp.
on
x
No
$8,959,401 $10,177,456
3,932,585
456,948
3,424,717
783,339
$5,787,922
provision was made in 1936 or 1937 for Federal surtax on undisprofits as all taxable income was distributed.—V. 147, p. 2863.
Balance
ributed
1938—12 Mos.—1937
1938—Month—1937
$3,125,963
revenue
Oper. exps. and taxes...
Prov. for deprecia'n
Divs.
$384,961
—
$532,344
$4,751,343
Cost of sales
—
Sell., admin. & gen. exp.
,
Other income, net..
Provision for deprec
Prov. for income taxes._
Res. for ad vs. to
$999,500
887,644
216,928
$1,639,308
1,251,086
259,519
$2,949,333
2,694,710
675.538
$5,498,874
4,050,814
792,958
$105,072
4,435
x$128,703
6,398
$420,914
13,577
1938—Month—1937^
$281,196
$269,561
201,842
202,457
38,345
24,383
$41,009
15,605
...
Gross income
Int.
on
$27,216
1,396
$27,587
Operating income
Other income
2,013
Other deductions
Net income
$100,636
62,195
3,964
x$135,101
72,552
8,670
$407,337
,> 186,324
10,259
x$668,929
212,915
73,510
v
$606,065
186,063
$301,644
23,389
$420,002
12,854
$325,033
283,589
25,542
$432,856
286,230
25,519
$15,902
$121,107
103,901
103,901
$2,059
$2,485
preferred stock for
Dividends
applicable
whether paid or unpaid
to
$487,707
186,063
$28,612
23,853
2,274
23,515
mtge. bonds....
1938—12 Mos.—1937
$3,019,665 $2,996,838
2,314,248
2,256,768
217,710
134,005
$42,721
15,505
$25,504
2,083
Net oper. revenues—
Rent for lease of plant..
.
def $87,999 1
$17,206
x Dividends
accumulated and unpaid to Oct. 31, 1938, amounted to
$519,505.
Latest dividend amounting to $1.75 a share on 7% preferred
stock was paid on Nov. 1. 1933.
Dividends on this stock are cumulative.
x$655,101
13,827
partially
-
147, P. 2527.
(L. A.) Darling Co .—Initial
declared an
stock, payable Nov.
Directors have
common
Dividend—
initial dividend of 15 cents per share on the
25 to holders of record Nov, 19.—V. 131,
P-2071.
Records, Inc.—Listing—
of Governors of the New York Curb Exchange has approved
the listing of 373,325 outstanding shares of capital stock (par $1) with
authority to add 20,000 additional shares upon official notice of issuance.
Decca
5,000
—
loss
& Terminal Co.—Earnings—
Balance
owned subsid., Haveg
Corp
■
•
Period End. Oct. 31—
—V.
Loss
amortize debt discount and expense over
debt plus an additional amortization of $34,500
the period,
1938—9 Mos.- -1937
1938—3 Mos.—1937
Period End. Sept. 30—
Sales, less returns, allow-
x
•
-
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
x
Continental-Diamond Fibre Co.— -Earnings—
Net
..
Dallas Ry.
Consumers Power Co.—Earnings—
Period End. Oct. 31—
Gross
$1,060,504
and $27,000 for the respective one month periods and $387,000 and $108,000
for the respective 12 month periods covered by this statement.—V. 147,
■
,
$1,098,974
-
Includes amount required to
the life of the outstanding
p.
1871.
P.
—
$166,794
Profit.
x$53,879
»
$603,920
.
'
.x$377,504
—V. 147, p.
Named—
has filed with the Securities and Exchange Commission an
registration statement under the Securities Act of 1933
covering $21,071,000 of 10-year convertible debentures due on Dec. 15,
1948.
The debentures are first to be offered to holders of capital stock.
The amendment gave the percentage of unsubscribed debentures to be
Company
amendment to its
purchased by underwriters as follows:
Morgan Stanley & Co., Inc., 16%; Kuhn, Loeb & Co., 5J4%", Blyth &
Co., Inc., 3^i%; Bosworth Chanute Loughridge & Co., 2%; Alex Brown
& Sons, 2%; Brown Harriman & Co., Ind., 4H%; Clark, Dodge & Co.,
3H%\ Dominick & Dominick, 3H%: The First Boston Corp., 434%; Gold¬
man Sachs & Co., 3 34%; Hay den. Stone & Co., 2%; Hemphill, Noyes &
Hornblower & Weeks, 2%; W. E. Hutton & Co., 2%; Kidder,
Peabody & Co., 3%; Ladenburg, Thai man & Co., 2%; Lazard Freres &
Co., 3%; the Lee Higginson Corp., 3%; Lehman Brothers, 334%; the
Mellon Securities Corp., 434%; F, S. Moseley & Co., 3%; Paine, Webber
& Co., 2%; Smith, Barney & Co., 434%; F. S. 8mithers & Co., 3%; Stone
& Webster and Blodget, Inc., 2%; the Union Securities Corp., 3%; G. H.
Walker & Co., 2%; White, Weld & Co., 3%; Dean Witter & Co., 2%.
;
The debentures are to be offered at 100.—V, 147, p. 3156.
Co., 2%;
Continental Terminals, Inc.—Final
Distribution—
Trust Co. is advising holders of 634% convertible debs.,
series A that a final distribution of $12.54 per $1,000 face amount of these
debentures will be made at its Corporate Trust Department, 100 Broadway,
New York City, on and after Nov. 18, 1938, upon surrender of such debs,
for cancellation and cremation.
The New York Trust Co. is also notifying holders of certificates of de¬
r The New York
posit for 634% convertible debentures, series A that a final distribution of
$12.46 per $1,000 face amount of debentures will be made upon surrender
for cancellation of certificates of deposit therefor, properly endorsed, on and
after No.v 18, 1938. (The debentures represented thereby will be canceled
and cremated.)—V. 137, p. 2642.
I
2243.
,
Note—Operating statements of foreign subsidiaries have been converted
at the approximate current rates of exchange in effect during the period.
Net current assets on Sept. 30, 1938, amounted to approximately $2,324.000, of which $296,000 represented cash.—V. 147, p. 1335.
Continental Oil Co.— Underwriters
The Board
Lackawanna
Delaware
&
Western
RR.—Asks $2,-
000,000 RFC Loan—
v.
Company has filed an application with the Interstate Commerce Commis¬
sion for approval of a $2,000,000 Reconstruction Finance Corporation loan
to be used for payment of taxes due Dec. 1.
Forecasting a net deficit for 1938 of $3,609,061; the road said it had been
unable to obtain additional bank credit on reasonable terms.—V. 147,
p.
2680.
.
Detroit Steel Corp.—Dividends Resumed—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 5.
This will be the first
payment made since March 31 last, when a regular quarterly dividend of
25 cents per share was distributed.—V. 147, p. 3157.
Dixie-Vortex Co.—Interim Dividend—
declared an Interim dividend of 25 cents per share on the
common stock payable Jan. 17 to holders of record Jan. 6.
A like amount
was paid on July 1, last, and previously regular quarterly dividends of 37 K
cents Der share were distributed.
In addition, an extra dividend of 50
cSts was paid on Dec. 15, 1937.—V. 147, p. 3157.
Directors have
Dominion
Scottish Investments, Ltd.5—Accum. Div.—
directors have declared a dividend of 50 cents per share on account of
accumulations on the 5% cum. red. preference stock, par $50, payable
Dec
1 to holders of record Nov. 24.
Like amount was paid on Sept. 1
lasf'a dividend of $1 was paid on June 1 last, dividends of 50 cents were paid
on March 1 last, Dec. 1 and on Sept. 1, 1937; a dividend of $1.75 was paid
on June 1, 1937, and one of 25 cents was paid on March 1, 1937.
Accruals
afte" the current payment will amount to $6.62 ^ per share.—V. 147, p.
w The
1485.
Dominion Stores,
Period Ended
Sales
—V. 147, p.
Don. 5—
_
2528.
Ltd.—Sales—
1938—1 Wks.—1937
1938—44 Wks.—1937
$1,345,417 $1,498,566 $15,768,011 $16,414,07
*
4
t
.
3308
Financial
Dow Chemical
Co.—Merger Planned—
(E. I.) du Pont de Nemours & Co., Inc.—To Pay $1.50
Dividend—
on Nov. 21 declared a dividend of $1.50 per share on the
payable Dec. 14 to holders of record Nov. 29. This com¬
pares with 75 cents paid on Sept. 14, last; 50 cents paid on June 14; and on
March 14, last; $2 paid on Dec. 14, 1937; $1.50 paid on Sept. 15, 1937; $2
paid on June 15,1937; 75 cents per share paid on March 15,1937; a year-end
dividend of $2 paid on Dec. 15, 1936; and prior thereto regular quarterly
dividends of 90 cents per share were distributed.
In addition an extra
dividend of 70 cents was paid on Sept. 15 and June 15, 1936, and an extra
dividend of 35 cents was paid on Sept. 14,1935.—V, 147, p. 2528.
The directors
common stock,
East Tennessee
Light & Power Co.—Plan—
and Exchange Commission announced Nov. 22 that
has filed a plan of reorganization (File 54-8) under the Holding
Company Act to simplify the corporate and capital structure of its holding
company system through the elimination of its subsidiaries, Tennessee
Electric Co. and Tennessee Realty Co.
Upon completion of the reorganiza¬
tion and dissolution of the two subsidiary companies, the company states
it will be solely an electric and gas utility operating company.
Applications and declarations in connection with the proposed program
have also been filed by East Tennessee Light & Power Co. and Tennessee
Eastern Electric Co.—V. 130, p. 136.
Securities
Inc.—Weekly Input—
1938, the kilowatt-hour system input of
subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1937, was as follows;
For the week ended Nov. 17,
1938
26
Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 5.
This compares with
$1.50 paid on Dec. 30, 1937 and regular quarterly dividends of $1 per share
previously distributed^—V. 145, p. 3972.
Elgin National Watch Co.—Dividend Doubled—
The directors have declared
a
dividend of 50 cents per share on
the capital
stock, par $15, payable Dec, 15 to holders of record Nov. 30.
This com-*
pares with 25 cents paid in each of the three preceding quarters; $1,50 paid
on Dec. 15, 1937; 50 cents paid on Sept. 15, June 15 and March 15. 1937;
$1.25 paid on Dec. 15, 1938; 50 cents each paid Sept. 15 and June 15,1936;
25 cents paid March 16, 1936; 55 cents on Dec. 16,1935, and 15 cents per
share distributed in each of the three preceding quarters, prior to which no
payments were made since'Feb. 1, 1931, when a dividend of 37 M cents
share was disbursed. A dividend of 50 cents was paid on Nov. 1, 1930,
quarterly payments of 62 K cents per share were made previously.
per
and
—V.
147,
Erie
p.
2865.
RR.—Reorganization Hearing—
The Interstate Commerce Commission has assigned Jan. 4, 1939, for
hearing on the reorganization of the road.
Hearing will be held in Wash¬
ington before Commissioner Claude R. Porter.
Evidence will be received
in support of and in opposition to the plan of reorganization of a group of
institutional holders of refunding and improvement mortgage bonds.—
V. 147, p. 2865.
company
Ebasco Services,
Nov.
Electric Vacuum Cleaner Co., Inc.—50-cent
The directors on Nov. 19, by unanimous vote, approved an agreement of
statutory merger with Great western Electro-Chemical Co, (of California).
By the terms of the proposed merger each issued share of 6% cumulative
preferred stock ($20 par) of Great Western would be converted into 3-16ths
of a share of Dow common stock (no par); and each issued share of common
stock (no par) of Great Western would be converted into one share of Dow
common stock.
Great Western has outstanding 94.550 shares of preferred
stock and 69,260 shares of common stock,
A special meeting of. share¬
holders of Dow Chemical Co. will be held Dec. 22 to vote on the adoption
or rejection of the proposed agreement of statutory merger.—V. 147, p.2528.
The
Chronicle
Exchange Buffet Corp.—Earnings—
_
Period End. Oct. 31—
Loss
1938—6 Mos.—1937
$13,613 prof$14,U9
1938—3 Mos.—1937
Depreciation
$12,600
29.069
prof$9,285
28,378
Net loss
$41,669
$19,092
—
58,138
56,756
$71,751
$42,636
—V. 147, p. 1338.
Fall River Gag Works
Period End. Oct. 31—
Operating revenues.
Co.—Earnings—
1938—12 Mos.—1937
1938—Month—1937
$73,251
—--
$73,531
$880,183
$872,820
8,051
7,037
.
107,731
95,306
119,921
107,788
Gross income after retire¬
the operating companies which are
ment accruals
Net income—
7,470
6,577
—
—V. 147, p. 2683.
'Increase1937
National Power & Light Co
♦"Decrease—Vf47,
Amount
111,425,000
3,111,000
3,334.000
1938
Operating Subsidiaries of—
American Power & Light Oo_ —114,536,000
Electric Power & Light Corp.. 56,378,000
53,044,000
&
6.3
80,077.000 *3.966.000
76,111,000
♦5.0
pi il58.
Famise Corp.-—Dividend Lowered—
Directors have declared
a dividend of one cent per share on the common
stock, payable Nov. 30 to holders of record Nov. 19.
This compares with
eight cents paid on Dec. 20,1937; six cents paid on Oct. 20 and on June 30,
1937; eight cents on Dec. 21,1936, and two dividends of six cents per share
paid previously during 1936.—V. 147, p. 268.
Edmonton Street Ry.—Earnings—
f
*Period
End. Oct. 31—
1938—10 Mos.—1937
193Month—\937_
$55,661
43,272
$563,739
433,045
$551,807
427,044
5,776
5,000
4,487
$12,388
5,776
5,000
4,309
$130,693
57,764
63,000
43,452
$124,763
57,764
60,000
42,856
sur$l,390
Total revenue-
$2,697
$33,523
Total oper. expenditures
42,554.
$16,654
Operating surplus.
Fixed charges
Renewals——
Taxes
Total deficit
Federal Mogul Corp.—20-cent Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 3.
Like amount was paid
on Oct. 15 last and a dividend of 10 cents per share was paid on July 15
last.—V. 147, p. 3158.
$35,857
$59,208
—
66 Petroleum
Corp.-—Three-Cent Dividend—•
Directors have declared a dividend of three cents per share on the common
stock, payable Dec. 23 to holders of record Nov. 16.—V. 138, p. 869.
First National
Stores, Inc.-—Earnings—
-V. 147, P, 2682.
El
Sheet Sept.
3 Months
Natural
Paso
Gas
Co.
(Del*) (& Subs.)—Balance
30—
1938
Assets—
$
19,563,436 18,484,180
182,000
158,886
852
Sinking fund cash.
501
12,153
Special deposits...
13,599
Cash
106,672
234,403
Cash depos. (divs.
293,824
decl., common).
Notes receivable-23,295
16,794
424,547
Aco'ts receivable
390,570
Mat'ls A supplies.
131,255
118,434
TJnamot. debt exp.
408,251
404,245
8,045
Prepaid expenses12,408
Misceli. def'd chgs
32,135
63,736
b Reacquired sees .
3,028
17,372
Fixed assets
Inst aim. notes rec.
-
-
1938
.
Liabilities—
1937
$
1937
$
'
7% cum. pref. stk.
1,479,700
(par $100)
1,787,826
aPrem.oncom.stk 3,416,967
1st mtge. bonds—
Series A 4)4%— 6,809,000
Series B 4%
1,145,000
98,000
4H% eonv. debs.
Notes pay. banks.
600,000
Accounts payable.
107,292
pay.
—
Federal income taxes--.
Oct. 1, '38 Sept. 25, '37
$1,073,714
$1,083,867
238,987
253,570
137,325
122,227
Net profit--
1,479,700
Earnings
$697,402
817,565
Shares common stock..
1,763.703
per
share.——
Period End. Oct. Z\—
138",000
404,765
770,000
...
Accrued interest..
120,381
Accrued taxes
358,057
109,600
324,347
293,824
289,162
Res. for retire'ts— 2,243,738
Contrib. for extens
8,317
663,027
1,778,812
8,317
(prepaid gas)...
Res. for uneared
29,350
profits
:.. ...
Earned surplus...' 2,501,595
30.019
1,982,538
20,994,387 20,110,240
Represents excess upon reclassification of no par value common stock
into $3 par value common stock as of Sept.4, 1936, plus excess of amounts
received over par value of shares issued since that date,
b 952 shares,
September, 1938, and 125 shares, September, 1937, $3 par value common
stock at
cost, acquired for resale to employees under employees stock
purchase plan,
c Properties sold on instalment payment plan.—V. 147,
2865.
Electric & Musical
Industries, Ltd.—9-Cent Dividend—<•
The directors have declared a dividend of nine cents per share on the
American Shares payable Dec. 6 to holders of record Nov. 29.
A dividend
of 19 cents was, paid a year ago and one of 18 cents was paid two years ago.
—V. 147, p. 3158.
Emporium Capwell Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
1938—3 Mos.—1937
Net sales of dept. stores. $5,178,159
Net profit of units before
Fed. taxes on inc.:*
Department stores
Real
estate
used
1938—9 Mos.—1937
$6,538,592 $15,604,177 $18,273,631
162,093
442,921
218,976
735,485
in
deptm't store opers.
Real estate not used in
50,305
49,632
150,336
148,988
deptm't store opera,
Gen. admin, exp., net..
x8,284
*9,421
X13.543
xl2,029
*21,325
*36,906
*50,911
*36,376
Net profit before Fed.
taxes on income—
Prov. for all Fed. taxes
$194,693
$466,981
$311,081
$797,186
34,321
70,068
55,297
118,311
.
.
$386,161
221
$371,006
221
$6,070,359
2,651
$5,429,528
2,651,
Operating income.—.
$386,382
12,594
$371,227
11,328
$6,073,010
563,320
$5,432,179
451,479
$398,976
$382,555
$6,636,330
$5,883,658
216,667
110,000
19,723
216,667
110,000
19,673
2.600,000
1,320,000
243,819
2,600,000
1,320,000
266,191
$36,215
$2,472,511
$1,697,467
1,153,008
1,153,008
$1,319,503
$544,459
_
Gross income.-
Int. on mtge. bonds——
Interest on debentures..
Other int. & deductions-
x
Net incomeDividends applicable
the
Surplus
net profit...
balance
$160,372
3,777
50,625
$396,914
3,929
50,625
$255,784
11,342
151,875
$678,875
12,689
151,875
$105,970
$342,360
$92,567
$514,311
begin¬
2,536,614
ning of period
Total........—
Prem. on purchase of 7 %
pref. stock of sub..
3,365,028
2,652,244
3.408,326
$2,642,584
$3,707,388
$2,744,811
$3,922,636
6,240
55
6,240
<
Adjustm't of prior period
Dividends paid
...
for
-
Dividends on these stocks are cumulative.
Note—Income account includes full revenues without consideration of rate
reduction in litigation for which a reserve has been provided by appro¬
priations from surplus in amount of $636,594 for the 12 months ended
Oct. 31, 1938, and of $598,583 for the 12 months ended Oct. 31, 1937,
—V, 147, p. 2684.
Follansbee Brothers Co.—More Time
for Financing—
Federal Judge R. M. Gibson in the U. 8. District Court at Pittsburgh,
Nov. 21, ordered a general continuance of the plan of reorganization until
Dec. 19 to allow the company time to complete negotiations for the new
financing required by the plan.
The order was entered on the application of the company upon the
showing of progress recently made in negotiations with the Reconstruction
Finance Corporation for a part of the new money and with outside interests
for additional junior financing.—V. 147. p. 2531,
Period End. Oct. 31—
Operating revenues—
Operating expenses——
Net revs, from opera—
Tax accruals---
RR*—Earnings1938—10 Mos.—1937
$362,799
347,762
$467,436
402,661
$7,110
4,313
$3,320
4,226
$15,037
42,616
$64,774
40,869
$2,796
1,064
Gross income—
y
1938—Month—1937
$39,820
$43,278
32,710
39,958
*$906
264
*$27,579
11,443
$23,906
14,629
*$643
*$16,136
$38,535
$3,860
Deductions from gross
■
-
•
-
income
13,569
13,950
139,513
142,751
Net deficit
$9,708
$14,592
$155,649
$104,216
x Denotes deficit or lo68.
y Includes Interest accruals on outstanding
funded debt.—V. 147, p. 2531,
General Electric Co.—20-cent Dividend—
The directors
on
Nov. 18 declared
a
dividend of 20 cents per share on the
stock, no par value, payable Dec. 22 to holders of record Dec. 2.
A like amount was paid on Oct.»25 and July 25 last and compares with
common
103,213
Surplus balance close
of period..
$2,539,371
x Loss.—V. 147, p. 1337.jjmj
\
stocks
x Dividends accumulated and unpaid to
Oct. 31, 1938, amounted to
$5,933,627. Latest dividends, amounting to $1.31 a share on $7 preferred
stock and $1.12 a share on $6 preferred stock, were paid on Oct. 1, 1938.
Other income
divs. to min. ints in
Consol.
$52,586
preferred
unpaid
or
Balance
Operating income
Net profit before accr.
...
to
period, whether paid
Fonda Johnstown & Gloversville
(est.) on income
subsidiary..
Pref. stock of subsidiary
Pref. stock of subsdidiary
1938—12 Mos.—1937
$1,018,922 $14,765,213 $13,705,752
581,249
7,594,855
7,342,891
66,667
1,099,999
933,333
Net oper. revenues—.
Rent from lease of plant-
a
p.
Co.—Earnings-
1938—Month—1937
—
Total.
$1,514,905
817,065
$1.74
undistributed profits.—V. 147# P. 1338,
Operating revenues$1,055,682
Oper. exps.,incl, taxes..
552,855
Prop, retire, res. approp.
116,666
Other income (net)—
Advs. to consumers
-20,994,387 20,110,240
on
Florida Power & Light
7,161,000
$1,345,379
817,565
$1.64
$708,070
817,065
$0.81
$0.85
Note—Before Federal surtax
3,302,597
Divs, decl. (com.).
Total
6 Months
Oct. 1,' 38 Sept. 25, '37
$2,089,191
$2,295,369
478,193
515,855
265,619
264,609
banks
(current)
c
Operating profit—
Depreciation
$
Com. stk. ($3 par)
Notes
Period Ended—
Crl,624
103,213
Crl ,041
7,199
206,427
309.640
$3,599,558
$2,539,371
$3,599,558
-
30 cents paid on April 25 last; $1 paid on Dec. 20, 1937; 40 cents paid on
Oct. 25, July 26 and April 26, 1937, and an extra dividend of 50 cents in
addition to a regular quarterly dividend of 25 cents paid on Dec. 21,1936.
A dividend of 25 cents was„paid on Oct. 26, 1936, and each three months
previously.—V. 147,
p.
2860.
....
Volume
Financial
147
-
$328,452
187,938
29,756
22,714
37.152
$289,905
$50,893
9,219
$44,521
4,434
$60,112
4,975
$3,402
$55,137
$46,593
15,942
2,950
1,531
2.775
$3,809
-
„
-
—
.
Net oper. revenues
Non-oper, Income (net)..
Balauce
Interest
on
$4,462
507
equip, notes-
Net income
$3,955
—
$3,809
.
Pi?n/ ®tate® that there are 22,500 shares of
$48,955
406
$27,007
15,077
3,014
2,399
3,228
$4,462
Maintenance
Retirement accruals
Taxes
1938—12 Mos.—1937
193S—Month—1937
»$28,181
—- —
179,864
26.798
10,316
28,407
2,362
General Reinsurance
Power Association of 10,500 shares.
New England Power Association, it
stated, holds all the
company's outstanding common stock other than
directors qualifying shares and the reduction will have no
effect upon the
distribution of voting power.
A hearing will be held Dec. B.—R.
147,
the capital stock, both payable Dec. 14 to holders of record Dec.
7.
1938
„
Gross from railway
Net from railway
Net after rents
Wares, Ltd.—Initial Preferred Dividend
Central Hanover Bank & Trust Co. is notifying holders of first mortgage
5% 40-year sinking fund gold bonds due July 1, 1952, that there has been
1, 1939,
$17,000 principal amount of these bonds.
Payment of drawn bonds will
be made at the office of the bank, 70 Broadway.-—V. 142, p. 3676.
drawn by lot for redemption at 105 and accrued interest, on Jan.
Georgia & Florida RR.—Earnings—
—Week Ended Nov.
1938
14—
1937
$19,225
Operating revenues.—V. 147, P. 3160.
$20,400
998,374
16,465
1
14—
1937
to Nov.
def9,915
1,222,632
165,635
def84,085
1,342,622
241,220
def 17,612
def251,064
.....
Assets—
1938
1937
$846,079
$838,702
1,077,444
164,677
def67,208
Liabilities—
Property, plant &
Com.
equipment
Mtecell. investm'ts
11,568
stock
1938
1937
$200,000
291,000
$200,000
291,000
13,057
7,687
13,066
($100
par)
,
1
Appliances
1
1st mtge.5% bonds
21,861
7,624
Accounts payable.
5,526
87
107
33,914
Cash
40,426
4,551
Accrued accounts.
Consumers' depa__
10,255
13,166
on rent.
Merchandise,
1,804
Service
extension
deposits
ma¬
terials & supplies
Dei. debit items-.
18,674
5,655
22,327 Def. credit Items..
0,218 Reserves
3,111
$925,593
$919,9571
Total
,
Income account for 12 months ended
of Nov. 12, page 3016.
6,000
448
177",652
182,701
216,840
210,894
$925,593
$919,957
Earned surplus
Total
1938
def9,820
Balance Sheet Sept. 30—
-
—Jan.
$106,004
,
Notes receivable
Accts. receivable..
Georgia-Carolina Power Co .—Bonds Called—
1935
$122,450
14,453
Hagerstown Light & Heat Co. of Washington County
paid on Sept. 15 and June 15 last, and previously regular
quarterly dividends of 50 cents per share were distributed.—V. 147, p. 1339.
Steel
$122,260
19,882
def4,004
—V. 147, p. 2687.
Like
1936
1937
$95,815
2,593
def22,742
Net after rents
amounts were
Directors have declared an initial dividend of $3.05 per share on the
7 % cumulative preferred stock payable Dec. 15 to holders of record Dec. 1.
—V." 147, p. 2532.
3015.
p.
Gulf & Ship Island
RR.—Earnings—
Net from railway
Corp.—Extra Dividend—
Directors on Nov. 22 declared an extra dividend of 25 cents per share In
addition to a dividend of like amount (or a total of 50 cents per share) on
common stock outstanding and
through the surrender of New England
that the reduction is to be effected
is
From Jan. 1—
Gross from railway
—V.147, p.2685.
General
3309
The company also filed a declaration
(File 43-162) in connection with a
proposal to reduce its outstanding common stock by 10,500 shares.
Com-
Galveston Electric Co.—Earnings—
Period End. Oct. 31—
Operating revenues.
Operation
Chronicle
...
Sept. 30 appeared in the "Chronicle"
$1,164,624
$966,479
Hamilton
United
Theatres, Ltd.—Accumulated Div.—
The directors have declared
Georgia Power Co,—Earnings-
accumulations
Period Ended Oct. 31—
1938—Month-—1937
1938—12 Mos.—1937
Gross revenue
$2,567,057
$2,544,839 $28,610,954 $28,925,965
—
Oper.
expenses
1,293,060
231,250
1,271,892 x14,685,360 x14,843,044
230,000
2,765,000
2,570,000
$1,042,746
$1,042,947 $11,160,594 $11,512,921
& taxes..
Provision for deprec'n—
to holders of record Nov.
p.1639.
H Hamilton Watch Co.—Earnings—
^
Gross ihcome
^
Int. & other fixed chges -
550,379
Net incomeDivs. on pref. stock—
a dividend of $1.50 per share on account of
cum. pref. stock, par $100,
payable Dec. 31
30, leaving arrearages of $8.25 per share,—V. 147,
the 7%
on
Period End. Sept. 30—
$1,762,632
1,167,201
Expenses
—.
218,566
Other deductions......
23,616
Income taxes.....
71,400
6,629,102
6,474.989
$492,368
245,862
$490,891
245,862
$4,531,491
2,950,350
$5,037,932
2,949,741
$246,505
$245,028
$1.58i,141
$2,088,191
$2,599,638
1,728,595
301,749
22,041
91,000
$3,047,258
$281,849
$456,253
$391,167
$892,677
$0.60
Net profit-...-—-.-.
No provision was made in 1936 or 1937 for Federal surtax on undis¬
tributed profits as all taxable income was distributed.—V. 147, p. 2532,
$1.04
$0.62
$1.91
Earns, per sh. on 386,585
no par shs. com. stk_.
—
Balance
„
x
Cost of sales..
—V.
147,
p.
1938—9 Mos.—1937
$5,195,324
2,008,431
3,440,152
505,128
628,041
43,432
58,754
99,100
175,700
1938—3 Mos.—1937
Sales...
552,056
.
.
3160.
Giddings & Lewis Machine Tool Co.—Earnings—
Period End. Oct. 31—
Gross sales
1938—Month—1937
$241,438.
44,344
$0.44
Net income (before taxes)
Earnings per share
—
$137,068
40,266
$0.40
Unfilled orders at Oct .31.1938, amounted to
1938—10 Mos.—1937
$1,820,930
$1,249,411
442,956
313.244
$4.42
$3.13
$942,088.—V. 147, p. 2092.
Hart-Carter Co.—Pays 50-cent Dividend-—
Company paid
dend
share
Goodyear Tire & Rubber Co., Canada—$5 Extra Div.—
Directors have declared
an
extra dividend of
$5 per share in addition to
the regular quarterly dividend of 63 cents per share on the common stock.
The extra dividend will be paid on Dec. 29 to holders of record Dec. 15 and
the
regular quarterly payment will be made on Jan 3 to holders of record
Dec. 15.—V. 146, p. 1075,
30
callable at
102 and accrued interest at any time
days' notice.
Concurrently it
paid
dividend of 60 cents per share
Its common stock, no
This was the first divi¬
on
was
the common shares since June 10, 1930, when 25 cents
distributed.—-V. 146, p. 754.
on
Hartford Steam Boiler
per
Inspection & Insurance Co.—
Extra Dividend—
The directors have declared an extra dividend of 40 cents per share onthe capital stock, par $10, payable Dec. 1 to holders of record Nov. 21.
The regular quarterly dividend of 40 cents was paid on Oct.
1, last.
Pre¬
20 cents on Dec. 1,1937:30 cents on
1, 1936; 40 cents on Dec. 2, 1935; 20 cents on Dec. 1, 1934; $1 on
July 2, 1934, and 20 cents per share on Dec. 1, 1933 and 1932.—V. 145,
p. 3498.
vious extra payments were as follows:
Goodyear Tire &, Rubber Co., Akron, Ohio—Ms
$40,000,000 Bonds to Insurance Companies—To Retire $52,365,500 5% Bonds—1The company, it was announced Nov. 19,
will call for redemption on Dec. 30 the entire issue of $52,365,500 cbll. trust 5% bonds due May 1, 1957.
The bonds
are
a
par value, on Nov. 25 to holders of record Nov. 15.
on
Haverhill Gas & Light
Period End. Oct. Z\—
Gross
income
after
-
The 5% bonds were originally issued in the amount of $60,000,000 In
1927 to refund higher coupon obligations.
But the outstanding issue has
gradually reduced to its present level as result of purchases for a
sinking fluid.
It is estimated that completion of the present refunding operation will
resul t in an annual saving in Interest to the company of more than $1,000,000
been
the first year or approximately 50c. per share on 2,059,060
shares of common
operation the company climaxes a financing
Co.—Earnings—
1938—Month—1937
Operating revenues
tirement accruals.
*
announced the company has com¬
pleted arrangements to sell $40,000,000 2-year 1st mt^e.
& coll. trust Zl/i% bonds to insurance companies, which
together with a $10,000,000 five-year bank credit at about
2)2%, will represent the only funded debt of the corporation.
was
out standing on June 30,1938.
With the present refunding
Dec.
$47,260
1938—12 Mos.- -1937
$49,840
$563,884
:
$563,207
re¬
-
4,933
_
Net income
—V. 147, p. 2687.
6,818
6,694
4,866
'
46,840
44,937
■
■
1
52,355
50,229
.
Heyden Chemical Corp.—jDividend Increased—
Directors have declared a dividend of 40 cents per share on the common
stock, par $10, payhble Dec. 1 to holders of record Nov. 23.
This com¬
pares with 30 cents paid on Sept. 1 and June 1 last, and previously regular
quarterly dividends of 50 cents per share were distributed.
In addition,
an extra dividend of 60 cents was paid on Dec. 22,1937.
See also V. 145,
p.
3974.—V. 147, p. 1780.
Hecla Mining
'
Co.—Larger Dividend—
Directors have declared
a
dividend of 15 cents per share on the common
stock, par 25 cents, payable Dec. 28 to holders of record Nov. 28.
This
compares with 5 cents paid on Sept. 15 last; 10 cents paid on March 15 last;
dividends of 25 cents paid on each of the three preceding quarters; a divi¬
dend of 20 cents paid on March 15,1937, and on Dec. 18, 1936, and regu¬
program undertaken in 1936 to improve its financial structure.
In Sept.,
1936, following the adoption of a plan for the rearrangement of capitalizartion, holders of the company's $7 preferred stock were offered an oppor¬
lar quarterly dividends of 15 cents per share were paid on Aug. 15, 1936,
and each three months prior thereto.
'
Officials reported that while general business was better and lead was
tunity to exchange each share for one share of $5 convertible preferred
stock and one-third share of common stock. Holders of more than 98%
of the $7 preferred stock accepted the exchange offer, following which the
moving into industrial channels, the position of the American zinc market
will be adversely affected by the new trade treaties which remove part of
the duty on zinc.—V, 147, p. 3016,
shares which remained outstanding were called for redemption.
Exclusive of the savings in fixed charges represented by the
present re¬
funding operation, Goodyear's reductions in fixed obligations senior to the
common stock have been as follows:
Dec. 31, '29 June 30, '38
Reduction
1st mtge. 5s due May 1,1957i—- i —$58,030,500 $52,365,500
$5,665,000
Funded debt of subs. & real OTt.mtgs.
9,678,471
*132,802
9,545,669
1st pref. stock, $7 cumulative
79,618,700
\
$5 convertible preferred
—
*
65,046,800/ 14,571,900
Pref. stocks of subs, not held by the
"
G. T. & R. Co__
16,040,300
8,709,200
7,331,100
Hedley Mascot Gold Mines, Ltd.—Earnings—
Period End. Sept. 30^x
y
1938—3 Mos.—1937
$153,586
Net Income
x
After all charges,
1938—9 Mos.—1937
$350,787
$307,096
$0.15
$88,723
$0.08
$0.04
$0.17
On 2,043,255 shares,—V. 147, p. 1489.
Earnings per share—
y
,
^
Total
*
1339.
Great Western Electro-Chemical
See Dow Chemical Co. above,—V. 147, p.
Green
$37,113,669
-----
Real estate mortgages only.—V. 147, p.
Mountain
Power
Corp.—Seeks Exemption for
Corporation has filed with the Securities and Eschange Commission an
application (File 32-119) under the Holding Company Act for exemption
from the requirement of filing a declaration in connection with the issuance
and sale of $7,750,000 of first and refunding mortgage 3 H% bonds, series
of Boston.
$8,415,000 to redemption on or before Feb. 1, 1939 fo $8,250,000 out¬
standing first mortgage 5% gold bonds, series of 1948.
$37,812 to payment or accrued interest from Dec. 28, 1938 to Feb. 1,
1939 on the first mortgage 5% gold bonds, series of 1948, to be redeemed.
The balance of the proceeds will be used to, reimburse the company s
treasury for-expenditures made for improvements, betterments and ad¬
Holland Furnace
Period End. Sept. 30—
x Net profit
Sh,. com. outst. (no par)
Co.^—Earnings—
1938—9 Mos.—1937
$760,997
$736,125
450,232
450.212
$1.53
$1.43
1938—3 Mos.—1937
$640,632
$633,054
450,232
,
"
$1.37
450,212
$1.35
Federal inftome taxes.
profit for the 12 months ended Sept. 30, 1938, was $1,446,473,
equal to $3 a common share, against $1,423,412, or $2.37 a common share,
for the 12 months ended Sept. 30, 1937.—V. 147, p. 3160.
x
After interest, depreciation, and
Net
due 1940-53.
will be applied as follows:
$450,000 to payment on or about Dec. 28, 1938 of an unsecured note
due May 4, 1939 (subject to prior payment and adjustment for prepaid
interest at the rate of 3% per annum) payable to the First National Bank
ditions to its property.
1938—3 Mos.—1937
1938—9 Mos.—1937
$159,457
$436,840
$480,397
$1,245,846
y Earnings pee share—
$0.32
$1.09
$0.96
$3.06
x After depreciation,
Federal income taxes, and surtax,
y On 360,250
shares common stock.—V. 147, p. 1780.
Net profit
Earnings per sh. on com.
$7,750,000 Bond Issue—
Subs.)—Earnings—
Period End. Sept. 30—
x
Co.—Merger Planned
1926.
due 1963 and $1,375,000 of 4H % serial notes
The proceeds from the sale of the securities
Hinde & Dauch Paper Co. (&
Honolulu Gas Co., Ltd.—Extra Dividend—
Directors have declared an extra dividend of 60 cents per
common
stock, payable Dec. 10 to holders of record Dec. 1.
share on the
Regular quar¬
terly dividend of 45 cents per share was paid on Oct. 20. last.
A special
dividend of 60 cents per share was paid on Dec. 10,1937.—V. 145, p. 3499.
Houdaille-Hershey Corp. {& SubsEarnings—
Period End. Sept. 30—
a
Net profit——
Earns.pOTsh.oncl.Bstk
a
After
before
1938—3 Mos.—1937
loss$59,013
$96,711
•
Nil
Nil
1938—9 Mos.—1937
.
-*
$113,320
Nil
$1,744,292
$1.81
,
depreciation, Federal income taxes, minority interest, &c., but
provision for sw*tax on undistributed profits.—V. 147. p. 1195.
Chronicle
Financial
3310
Nov.
Fiscal Year Ended
sales--
59,477,050
300,107
337,799
Depreciation
Portion of sub. loss appl,
to minority interest-Prov. for Fed. inc. tax-Additional
assessments
46,519,537
269,297
54,357,459
280,119
Cr39
*161,504
Cr8,621
160,155
28,373
y748~,484
CV2.530
227,986
42",031
5*3",578
68,704
$1,031,574
$767,387
86,722
$846,711
87,632
$654,707
92,270
-
93,495.968
22.539,697
12,053.787
80.414,539
16,905,397
9,448,769
1—
Gross from railway
86,691.690
23,175,413
Net from railway
Net after rents
86.724
preferred stock-
Earnings of Company Only
1938
earns,
applic. to
stock
$944,850
2,368,409
2,162,735
$759,079
1,878,721
$562,438
1,797,705
$2,843,399
$2,637,800
712,494
474,990
475,065
$2,360,143
476,531
$2,600,765
$2,368,409
$2,162,735
$1,878,721
474,990
474,990
474,990
475,090
$1-98
$1.43
$1.59
$1.18
$680,664
stock.
4,890
Adjustments
stk. out¬
standing (no par)
Earnings per share on
com. stock (no par).,
8lis. of common
Includes surtax on
x
undistributed profits estimtaed.
Includes local
y
social security taxes of $492,206, provision for Federal and State
income taxes (less excess provision of $13,972 for prior periods), estimated,
of $228,178, and surtax on undistributed profits, estimated, of $18,100.
taxes and
Condensed Consolidated Balance Sheet
Oct. 29 '38 Oct.
Accts. receivable
Inventories
Land
152,524
5,237,695
.5,163,893
assets...
151,870
141,953
168,001
Prepaid expenses
138,371
646,198
582,355
Prov.for inc.taxes.
552,803
980,053
250,225
1,066,528
134,133
329,549
331,600
14,816
Class A pref. stock 1,455,400
y Common stock.. 6,116,586
6,116,586
a
Process, tax res.
Accrued taxes, &c.
Mln. int. in capital
stock of sub
z
Com. treas. stock
Surplus
244,707
2,600,765
14,714
1,445,400
Z>r234,707
Reserve
2,368,409
depreciation of $2,267,761 in 1938 and $2,028,636 in 1937.
Represented by 493,944 no par shares,
z Represented by 18,954 no par
shares.—V.
Co.—Earnings-
Houston Electric
Oct.
End.
Period
1938—12
1938—Month—1937
31—
$275,744
129,954
$262,409
124,035
Retirement accruals
41,229
27,578
Taxes
29,836
35,792
27,646
29,177
Maintenance
47,148
14,687
1,551
bonds
on
Amortiz.
debt
of
Central to compose its board in large part of men representative of the
territory through which it operates.
Election of Mr. Rath makes 12 direc¬
tors of the 15 who are residents of cities along the system lines.—V. 147.
2688.1
P.
Illinois Zinc
Co.—Dealing Suspended Temporarily—
Dealings in the common stock of the company have been temporarily
suspended by the New York Curb Exchange pending the mailing to stock¬
holders of a letter of explanation in connection with the notice of the annual
meeting of stockholders to be held Dec. 5, 1938. for the purpose of electing
directors. It is anticipated that dealings may be resumed at the opening of
business on Tuesday, Nov. 29, 1938.
The following statement was issued by the Exchange in connection with
the suspension:
"The New York Curb Exchange has been advised that the Illinois Zinc
Co. expects to send to stockholders in the latter part of this week a letter
explaining certain changes which may be made in financial statements of
the company heretofore published. This letter of explanation will accompany
the notice of annual meeting of stockholders for the purpose of electing
directors, to be held Dec. 5, 1938.
Inasmuch as certain changes may be
made in the published financial statements of this company, the Exchange
believed it to be in the interest of the puolic that dealings in the common
stock of this company be temporarily suspended until this information is
made generally available, so that all persons dealing in our market may do
so on a parity of information.
The Exchange has not been advised or the
details of changes which may be made."—V. 147, p. 2867.
Incorporated Investors—50-Cent Dividend—
The board of directors voted
$444,774
183,825
22,499
613
15,969
2,399
$412,636
195,751
19,675
$26,777
$30,422
7,814
6,750
$231,699
$189,396
2687.
Houston Gas Securities
Co.—Bonds Called—
Industrial Rayon
June30,'38 Dec. 31/37
Assets—
Property
retirement
6,160,787
x
Time deposit
1,000,000
1,000,000
Accounts
U. 8. Govt. secur_
126,829
140,671
1,566,205
1,643,435
Net oper. revenues—
Other income
$344,923
1,891
$328,393
2,020
$4,046,589
20,584
$346,814
$330,413
80,208
80.208
12,621
$4,067,173
962,500
158.411
$3,894,323
1.046,250
134,445
$2,946,262
$2,713,628
Int. on mortgage bonds.
Other interest and deduc.
.
13,695
Net income
$252,911
$237,584
Dividends applicable to preferred stocks for the
315,078
315,078
$2,631,184
$2,398,550
period, whether paid or unpaid
Balance
-V. 147, p. 2533.
_
Hudson & Manhattan
4,735,714
189,831
4,735,714
44,990
Profit & loss surp_
4,932,645
5,053,095
781
798
8,220
>
rec__
sur.
$631,666
443,302
Operating exps. & taxes.
•
$663,483
431,179
1938—10 Mos.—1937
$6,007,103
4,409.203
$6,472,674
4,256,147
$188,364
11,958
_
$232,304
11,772
$1,597,900
119,168
3,625
3,625
1,890,022
32,721
2,092,906
Officers' accts.
$200,322
286,599
Gross income—
$244,076
290,071
$1,717,068
2,877,299
$86,277
Inc. interest on adj. income
$45,995
Directors have delcared
a
$2,339,515
2,903,935
$564,420
$1,160,231
patent
Total
21,348,049
Illinois
Terminal
dividend of $1 per share on the common stock,
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 147, p. 2688.
RR.
This compares with
special dividend of 50 cents
Co.- —Earnings—
1938
1937
1936
1935
$492,992
155,476
104,362
$557,638
194,653
107,997
$547,838
218,720
151,474
$497,104
179,714
132,667
4,377,128
1,237,837
5,227,966
1,919,439
1,272.783
4,934,774
1,803,261
1,235,677
4,341,792
1,376,483
628,748
44,644
21,558,0601
Total
..21,348,049 21,558,060
Independence Royalty Fund, Second—Stock Offered—
Penney Hansl & Co., Baltimore, are offering at $3.12)4 per share 100,000
(par $2.50).
The shares offered are not re¬
shares of beneficial interest
deemable.
Independence Royalty Fund, Second (a common law trust) was created
by a declaration of trust dated as of Oct. 1, 1938, recorded in the office of
the Clerk of the Superior Court of Baltimore City, Md„ and filed with the
Securities and Exchange Commission.
The principal office of the Fund is
1106 Munsey Building, Baltimore, Md.
The trustees, who were also the promoters, and the officers of the Fund
are: C. B. Penney (President), Baltimore, Md; L. M. Scott, New York;
James Woodrow, Independence, Kan.; Proctor W. Hansl (Sec.-Treas.),
v
investment trust, and it is contemplated
that substantially all of its investments will be made by the purchase of
oil and gas royalties, leases and working interests therein.
As provided
in the Declaration of
(capital
or corpus
Trust, however, all proceeds from the sale of shares
funds) are to be invested, at the discretion of the trustees,
in certain specified types of securities, property interests or loans.
The beneficial interest in the Fund (trust estate) is represented by shares
of beneficial interest.
The aggregate number of shares which may be issued
is unlimited, but shares shall be issued
and the corpus or capital received from
in series, appropriately designated,
the sale of shares of each series,"and
the revenues derived from the investment thereof, shall
set apart
and administered
revenues
as a
of other series.
be appropriately
separate trust from the corpus or capital
.
_
_
Series AA is limited to 100,000 shares of the par value
As the Fund is
no
of $2.50 each.
shareholders have no voting righto
voice in the management of the Fund.
Accordingly, there will be
annual meetings of shareholders.
It is contemplated that the trustees
a common
law trust, the
no
will issue to shareholders semi-annual statements, consisting of a balance
once a
a
profit and loss account and a surplus account, and will also include,
list of investments held by the Fund at the close of the pre¬
year, a
year.
Shares of series AA represent
paid on March 25, last; dividends of $1 paid on March 15 and Jan. 15,1938,
and dividends of 50 cents per share paid on Oct. 1 and July 1, 1937.—V.147,
P. 2246.
October—
1
1
100,677
x Represented by 759,325 no
par shares, y After depreciation of $5,248,006 in 1938 and $4,996,993 in 1937.—Y. 147, p. 3161.
ceding fiscal
$10, payable Jan. 3 to holders of record Dec. 15.
Gross from railway
Net from railway
1,780
5,895
10,217.028
.14,488,213
fixed assets
Def'd charges, &c.
122,988
bonds at 5%.—V. 147, p. 2867.
cents paid on Oct. 4, and on July 15, last; a
394
rights, &c._
$2,216,527
Hyde Park Breweries Association, Inc.—Div. Increased
ar
30,563
6,408
rec.
and advances.__
sheet,
Deficit
.
Mis cell, accts. rec.
and
Income charges
------
value of
Water & ins. dep..
and
Operating income
Non-operating income.
payable
closed
The Fund will operate as an
RR.—Earnings-
1938—Month—1937
Period End. Oct. 31—
Gross operating revenue.
1,455,087
Capital surplus
bank
Preferred Dividend—
$1.50 per share on the 6%
cumul. pref. stock, par $25, payable Dec. 27 to holders of record Dec. 16.
A like amount was paid on Dec. 22, 1937, this latter being the first dividend
paid on the preferred shares since Feb. 1, 1932, when a dividend of 37)4
cents per share was distributed.—V. 147, p. 2687.
1,555,358
Dividends
164,975
1,525
with
Baltimore.
Houston Oil Co.—$1.50
The directors have declared a dividend of
accruals.._
524,457
44,990
Accrued int.
$3,876,531
17.792
Gross income
$
payable
629,546
Com'l paper at cost
Accts. receivable.
Depe.
and
1,257,391
$
Capital stock.-.10,124,333 10,124,333
3,149,145
re¬
appropriations __
June30,'38 Dec. 31/37
Liabilities—
$
Cash
Goodwill,
1938—Month—1937
1938—12 Mos.—1937
$978,885
$925,578 $11,403,058 $10,586,523
507,133
456,514
5,790,264
5,066,557
Corp. (& Subs.)—Consolidated Balance
Sheet—
y
Lighting & Power Co.—Earnings—
Operating revenues
Operating exps., incl. tax
31, July 30 and April 30, last, and
with 40 cents paid on Dec. 22, 1937; 25 cents paid on Oct. 30,1937;
30 cents on July 30, 1937; 25 cents per share paid on April 30, 1937, and a
dividend of $1.90 distributed on Dec. 22. 1936.—V. 147, p. 2688/
Inventories
Company will redeem by lot on Dec. 21,1938. at par and accrued interest,
$100,000 principal amount of its 5% collateral trust gold bonds.
Drawn
bonds should be surrendered to the Chase National Bank, 11 Broad Street.
—V. 145, p. 282.
Houston
dividend of 50 cents per share payable
Dividends of 15 cents were paid on Oct.
Cash
Period End. Oct. 31—
a
Dec. 22 to shareholders of record Dec. 1.
life insurance
JS
.0
70,137,441
14,374,495
8,800.576
Rath, President of Rath Packing Co. of Waterloo, Iowa, has
a director of this railroad.
He fills the vacancy resulting from
Bank stock
Net income
—V. 147, P.
349.691
$2,772,774
1,361,876
388,871
294,401
314,991
dis¬
count and expense
x
80,806,264
18,544,762
10,234,148
the death in September of Jerome J. Hanauer of New York.
Selection of Mr. Rath is in line with the present-day policy of the Illinois
Mos.—1937
$3,009,793
1,469,865
414,016
331,448
$45,758
488
Net oper. revenues—
Interest
Other interest, &c
x
81.532,151
18,644,431
11.351,861
compare
1781.
147, p.
Operating revenues.'—„
Operation
serve
$8,312,297
2,235,901
1,607,955
New Director—
been elected
Total
12,451,464 12,075,243
for undetermined liabilities in connection with invalidation of
PFxCAfter
y
$9,592,883
2,716,877
1,843,116
12,451,464 12,075.243
Total
a
S
Accounts payable.
Reserves
equipment..-.
Sundry
'$
Liabilities—
3
780,157
2,230,187
3,442,111
&
xBldgs., mach'y
Oct. 29 *38 Oct. 30 *37
30 '37
$
899,217
2,205,191
3,663,114
152,524
Cash—
1935
2,944.898
2,128.064
74,792,991
19,379,043
11,489,115
after rents
John W.
Divs. on common
1936
$8,817,214
From Jan. 1—
Gross from railway
Net after rents
$3,313,259
common
1937
$9,190,813
3,363,405
2,455.756
Net after railway
Net
95,040,605
23,145,248
13,879,241
13,219,586
Gross from railway
Net from railway
Net
income
Net
Divs, on
1935
$9,717,804
2.752,567
1,923.703
October—
24,260
21,998
periods
Miscellaneous charges.
From Jan.
1936
$10,721,472 $10,400,584 $11,258,577
3,973,263
3,588,812
3,326,353
2,847,046
2.554.100
2,214,029
Gross from railway
Net from railway
Net after rents
Cost of prod, sold, selling
& admin, expenses---! 54,761.760
for prior
Oct. 26 1935
$56,921,648 $60,759,586 $55,806,821 $47,641,333
—
— -
Oct. 31 1936
Oct. 30 1937
1937
1938
October—
Net
1938
IHinois^Central RR.- -Earnings of System-
(Geo. A.) Hormel & Co.—EarningsOct. 29 1938
26,
950,006
the sole beneficial interest in the capital
and revenues derived therefrom, arising from the sale of such
shares; and no shares, other than series AA, having any preferential or other
rights therein may be issued.
Shares of series AA have no rights of con¬
version or exchange, nor can they be called for redemption.
Ownership
of shares confers upon the owner no title in or to the trust estate whatsoever ,
nor any right to demand a partition or division of the same, nor for an
accounting.
The death of a shareholder shall not operate to terminate
the trust, nor shall it entitle the representative of.a deceased shareholder
to an accounting or to take any action in any court against the trustees.
Underwriting—The shares of series AA have not been underwritten, but
the Fund has entered into a contract with Penney, Hansl & Co., Baltimore,
Md., appointing it the fiscal agent of the Fund for the sale of shares.
The
fiscal agent has agreed to use its best efforts to sell the shares of $3.12)4
until Feb. 1,1939, and thereafter at a price equal to the multiple of $0.12H
nearest to the book value of the shares, at the close of the preceding fiscal
or
corpus
Sear, event, however, shall the offering price be less than $3.12H peragent);
plus 25%. of such multiple (the gross commissions of the fiscal share.
l no
The compensation of the fiscal agent shall be 20% of the offering price
(equivalent to 25% of the base price) and it may allow not more than 80%
Volume
less than
nor
Financial
147
60% of its
Chronicle
The
Fund and of
Investment Corp. of North America—Registers with
compensation to brokers or dealers.
gross
fiscal agent has agreed to pay all the expenses of organizing the
registering the shares of series AA.—V. 147,
p.
Jewel Tea Co., Inc.—Sales—
tnterborough Rapid Transit Co.—October earnings—
Company reports that its sales for the four weeks ended Nov. 5, 1938,
$1,851,750 as compared with $1,849,746 for parallel weeks in 1937,
an increase of
0.11%.
first 44 weeks of 1938 were $19,903,628 as compared with
$19,438,161 for a like period in 1937, an increase of 2.39%,
were
Traffic—The Subway Division during the month of October carried
64,680,587 passengers, a decrease of 3,667,076, or approximately 5.37%,
as compared
with October, 1937.
All lines on the division reported less
traffic than in the corresponding month of last year.
However, the loss on
the Queens Line was very slight, only 26%.
The losses on the other lines
ranged from 4.29% on the Pelham Bay Park Line to 6.06% on the Broad¬
way-Seventh Avenue Line.
The Manhattan Division during the month of October carried 16,961,368
passengers, a decrease of 1,274,325, or approximately 6.99%, as compared
with October, 1937.
All lines on this division carried less traffic than in
the corresponding month of last year.
The number of passengers carried on the entire system in October was
81,641,955, a decrease of 4,941,401, or approximately 5.71%, as compared
with October, 1937.
During the first four months of the fiscal year starting July 1, the number
of passengers carried was 290,055,276, a decrease of 18,085,066, or ap¬
proximately 5.87%, as compared with the corresponding months of last year.
Subway Division Operations, Period Ended Oct. 31
1938—Month—1937
1938—4 Mos.—1937
Gross operating revenue- $3,574,196
$3,761,103 $12,749,024 $13,252,150
Operating expenses
2,167,397
2,223,146
8,851,317
8,941,572
Period End. Oct. 31^-
$1,406,799
203,506
$1,537,956
$3,897,707
Taxes
196,210
766,052
Income from operation
Current rent deductions
$1,203,293
218,708
$1,341,746
$3,131,655
$3,593,575
218,708
874,830
874,830
$984,585
$1,123,038
$2,256,825
!,718,745
Final Dividend—■
The directors on Nov. 23 declared a final dividend of the year 1938 of
$1 per share on the common stock, no par value, payable Dec. 20 to holders
of record Dec. 6.
A regular quarterly dividend of $1 per share which had
been
previously declared will also be paid on Dec. 20.
A final dividend of
was paid on Dec. 20,1937 and a special^dividend of $2 per share was
on Dec. 21, 1936.
Following the meeting it was also stated by President M. H. Karker that
the board had appropriated $80,555 from operating income for 1938 to be
used in establishment of an employee retirement plan which it to be made
effective before Jan. 1, 1939.—V. 147, p. 2688.
75 cents
paid
Johns-Manville Corp.—To
Directors
a
Kalamazoo Stove & Furnace Co.
Period End. Sept. 30—
Balance
Balance—city and co_
Payable to city under
Dr61,815
Cr37,451
Drl42,061
Cr4,747
$922,770
$1,160,490
$2,114,764
Gross inc. from oper..
$383,498
$0.32
1938—9 Mos.—1937
loss$14,110
$634,901
$1.27
,
Nil
$2.11
_
k
x
After
surtax on
depreciation, Federal income taxes, &c.,
undistributed profits.—V. 147, p. 423.
Kansas
but
before-Federal
City, Fort Scott & Memphis Ry.—Interest— £
On Dec. 1, 1938, the trustees wlh pay the amount of the April 1, 1933,
on the 4% refunding mortgage bonds, due 1936. Coupons of
April 1,
$922,770
879,324
Non-operating income.
$2,114,764
3,517,296
$2,723,492
3,397,842
$308,748 x$l,402,531
623
3,120
$309,527 x$l,401,909
x$671,230
779
Dr60
_
$43,386
Balance
deficit.
Operations, Period Ended Oct. 31
Manhattan Division
Period End. Oct. 31—
Gross operating re venue-
1938—Month—1937
$931,063
$969,359
1938—4 Mos.—1937
930,847
$3,458,752
3,751,792
$3,633,136
3,693,965
$38,511
947,142
Operating expenses
1933, should be detached and presented at the office of C. W. Michel,
Representative, Room 1949, 120 Broadway, New York City.—
x$674,351
$1,160,490
851.742
$43,446
Net income from oper.
or
$98,657
interest
Fixed charges
Loss
Earnings—
1938—3 Mos.—1937
Net profit
Earns, per share on 300,t
000 shs. of cap, stock,
x
$2,723,492
contract No. 3
x
Pay 50-cent Common Dividend
meeting held Nov. 21 declared a dividend of 50 cents
stock, no par value, payable Dec. 23 to holders
of record Dec. 9.
This will be the first dividend paid on the common
stock since Dec. 24, 1937 when an extra dividend of $1 and a regular quar¬
terly dividend of 75 cents per share was distributed.—V. 147, p. 2534.
at
per share on the common
$4,310,578
717,003
Used for pin-chase of as¬
sets of enterprise-.
SEC
See list given on first page of this department.—V. 127, p. 3408.
2688.
Thomas E. Murray, Jr., as receiver in his monthly report states:
Net operating revenue
3311
x$293,039
x$60,830
Eastern
V. 136, p. 2236.
Kansas
„
City Southern Ry.— Unification Asked—
Company applied Nov. 22 to the Interstate Commerce Commission for
authority to acquire stock control of the Louisiana & Arkansas Ry.
The
application emphasized that the transaction is a "unification," not a merger
or consolidation as defined by the Commission.
The applicant, holding that the unification would be in harmony with
the spirit although not with the letter of the ICC's master plan for con¬
solidation of the nation's railroads, asked that the Kansas City Southern be
transferred from System No. 15, known as the Union Pacific System, to
System No. 19, known as the Rock Island-Frisco System.
The Louisiana & Arkansas and the Louisiana Arkansas & Texas whose
Net operating revenue
of
jointly op¬
x$16,079-
the L.
erated lines:
5,208
3,936
3,821
5,914
Queensboro line
Lexington Ave. line
White Plains RcL linea
Other rent items
5,046
3,952
20,063
15,440
20,769
15,699
3,538
15,278
6,625
25,025
14,204
26,172
$19,349
x$369,811
x$ 136.709
'
.
Balance of net operat¬
x$34,958
ing revenue
Deficit—V. 147, p. 2688.
x
-
Official Promoted-—
dividend tor the fourth quarter of 1938
capital stock, payable Dec. 23 to holders of record
stock dividend of 5%, deliverable on April 1.
thereafter as practicable to stockholders of record March 15,
The directors also declared a
or as soon
1939.
Drury W. Cooper, a director of the company, was elected a member
executive and finance committee of the company.—V. 147, p. 2688.
of the
International Salt Co.—Extra Dividend—
dividend of 50 cents in addition
quarterly dividend of 37
cents per share on the common stock, both
payaole Dec. 15 to holders of record Dec. 1.
An extra of 25 cents was paid
on Dec. 15, 1937 and one of 12cents per share was distributed on Dec.
15,1936.—V. 147, p. 2246.
Directors on Nov. 16 declared an extra
to a
International Silver Co. (& Subs.)
1938—3 Mos.—1937
Period End. Sept. 39—
x
Net profit
$294,713
$167,897
91,198
$0.70
$2.09
shs.com.stk.(par $100)
x
-Earnings—
1938—9 Mos.-
after depr.,
taxes, &c
Earns, per sh. on
Island-Frisco, but this change cannot be effected practically until
conditions.
by the Kansas City Southern
would be to place the three railroads, each of which is a "local Southwestern
line," in a single system, making possible their coordinated operation, ac¬
cording to the application.
Harvey C. Couch, Chairman of the board of the Kansas City Southern,
is substantially interested in stocks of both the Kansas City Southern and
In
Earn .per
$183,123
At
Nil
$2.02
Kansas City
application, the
Kansas City
Southern
the
Public Service Co.—Earnings—
1938—12 Mos.—1937
$6,551,220
$6,786,994
5,346,980
5,329,678
1938—Month—1937
$552,765
$586,008
Period End. Oct. 31—
423,542
451,976
$129,223
22,702
$134,031
Operating expenses
Net oper. revenueSocial security taxes.
10,029
$91,817
$0.33
$0.01
$122,587
$0.38
Operating income.
Non-opef. income...
$303,900
$1.11
$96,491
-V.
CaAnother>addition
to the board of directors was D. L. Tilly, who is Presi¬
Dock Co., a trustee of the Brooklyn Savings Bank
Polytechnic Institute of Brooklyn.—-V. 147. p. 2868.
Island Creek Coal Co. (& Subs.)—Earnings—
1938—3 Mos.—1937
1938—9 Mos.—1937
$214,339
$488,389
$641,902 $1,103,705
Earnings per share
$0.30
$0.76
$0.89
$1.67
x After depreciation,
Federal taxes, &c.
y On 593,865 shares common
s
$587,525
$311,226
147, p. 2689.
Kansas Power Co.
Period End. Sept. 30—
Operating revenues
Oper. exps. and taxes—
Net oper.
Company has acquired substantial majority
Coal Corp.. a Pennsylvania corporation which
of the stock of Carnegie
in turn owns the entire
capital stock of Carnegie Dock & Fuel Co.
The acquired corporation owns several thousand acres or coal lands In
western Pennsylvania and West Virginia in the Pittsburgh district.- The
capacity of its actual mines is about 1,250,000 tons per annum.
In October production of Island Creek Coal Co. scored a fairly sharp
increase over that of September, and also ran ahead of October 1937.
Out¬
put last month was 436,793 tons against 356,344 tons in September and
410,761 tons in October of last year.—V. 147, p. 2534.
1938—3 Mos.—1937
$61,143
of capital stock
outstanding (no par),
Shares
$359,113
_
«n
1938—9 KTos.—1937
$481,306
nmrn
_
o2
ii 19
$1,062,607
___
to
un
$0.16
$0.95
$1.27
$2.80
Federal taxes, depreciation, interest, &c.. but before provision
on undistributed profits.—V. 147, p. 1196.
Earnings per share..---
(& Subs.)—Earnings—
299,303
305,931
$183,009
$180,714
$542,314
429
606
664
913
$183,438
78,284
$181,321
77,930
$542,978
315,684
$520,080
308,574
$105,154
29,885
$103,390
29,885
$227,294
119,540
$211,506
119,540
$75,269
income.—
(net)
Gross income
Int. and other deduct'sn
Net income
Pref. stock dividends—
Balance
—V. 147, p.
$73,505
$107,754
$91,966
Net
profit
.
.
,
$519,167
1344.
Kingston Products Corp.
x
1938—12 Mos.—1937
$1,675,105
$1,616,264
1,132,791
1,097,097
1938—3 Mos.—1937
$482,313
$486,645
income
9 Months Ended Sept.
(Byron) Jackson Co. (& Subs.)—Earnings—
Pay %2 Pref. Div.—
of $4 wan paid on Dec. 1, 1937; $2 on June 1, 1937 and dividends of
$3 per share were paid on Dec. 1 and on June 1, 1936.—V. 146, p. 2689.
Other
*
Acquisition—Production—
for surtax
860,528
$16,745
one
stock (par $1).
After
854,808
Directors on Nov. 17 declared a dividend of $2 per share on the 6%
non-cumulative preferred stock, series C, par $100, payable Dec. 1 to
holders of record Nov. 22.
A dividend of $1.50 was paid on June 1, last;
Period End. Sept. 30—
profit.......--I-
$836,098
568,815
Kansas Oklahoma & Gulf Ry.—To
Net income-..-
Net
$1,098,745
549,443
$101,413
45,991
72,167
corporation.
dent of the New York
Period End. Sept. 3d--"
$1,089,273
9,473
$21,662
charges
Depreciation
held Nov. 1, Edward F. McGrady
137
71,332
$96,617
46,948
Gross income
Fixed
.
$1,457,316
285,705
82,338
$832,951
3,147
$101,276
126
Deficit
McGrady was until last year First Assistant Secretary of Labor, and
a director of Radio Corporation of America and the National Broad-
and a trustee of
.,204,240
251,127
120,161
24,802
7,953
General taxes
$2,493
sh .on common _
meeting of the board of directors
a
now
y
unification
Total oper. re venues
1938—9 Mos.—1937
1937
1938—3 Mos.
elected a director of the
Mr.
y
the
1937
$497,029
JV(/UO Divectovs—
y
to
It "proposes to change its entire authorized issue of 300.000
shares of common stock (par $100) into the same number of shares of
common stock without par value, and to increase the total authorized issue
of common stock, without par value, to 750,000 shares; to exchange 110,000
shares of common stock for the entire outstanding issue of 160,000 shares of
common stock, without par value, of the Louisiana & Arkansas, and to
offer to exchange, on the basis of 2^ shares for one, 100,000 shares of
applicant's common stock for the outstanding issue of 40,000 shares of
preferred stock, 6% series, of the Louisiana & Arkansas (par $50).
"There will be deposited in escrow the entire outstanding issue of said
preferred stock of the Louisiana & Arkansas, together with 100,000 shares
of said common stock of the applicant.
The escrow agreement will remain
in effect for a period of three years."
Since there are outstanding 260.000 shares of the Louisiana 8c Arkansas,
entitling the holders thereof to one vote a share, the acquisition by the
Kansas City Southern of the 160,000 shares of the Louisiana & Arkansas's
common stock, whether or not any of its preferred stock is acquired, would
give the Kansas City Southern ownership of a majority of the outstanding
stock of the minor line, and hence control of the company.—V. 147, p. 3162.
The consolidated income statement for three months ended 8ept. 30,
1938, follows: Gross profits after provision of $41,820 for depreciation,
$262,285; other income, net, $15,461; total income, $277,747; selling and
general administrative expenses, $275,253; net earnings, $2,493.
x
& Arkansas.
addition
asked authority to issue capital stock and escrow receipts pursuant to
Estimated.—V. 147, p. 2689.
Period End. Sept. 30—
Net profit after deprec.,
Fed. inc. taxes, &c—
is
No. 19,
Rock
the roads consolidate, subject to the labor
The result of the unification proposed
Intertype Corp.—Earnings—
was
approved recently by the Commission, subject to certain
transfer
general plan.
Directors on Nov. 22 declared a
of $1.50 a share on the
JDcc* 15*
was
protect employees, also asked the Commission to
A. & T. from System No. 10, Illinois Central, to System
the Louisiana
International Business Machines Corp.—Stock Div.—
1939,
consolidation
conditions to
Rental
30—
(& Subs.)—Earnings—
1938
$169,576
1937
$236,863
1936
$104,114
Earnings per share
Nil
$0.20
$0.08
x After depreciation, Federal income taxes, &c., but before provision for
Federal surtax on undistributed profits,
y On 1,082,896 shares common
sfcock CjPBiT ^ 1) •
'
Note—Earnings do not include results of the H. A. Douglas Mfg. Co. prior
to date of acquisition on March 31, "1937.—<-V. 147, p., 1197.
y
Financial
3312
Line Material
-Earnings—
Koppers Co. (& Subs.)-
9 Months
Nov.
Chronicle
-12
1938
-
1938
26
Co.—Earnings—
Years Ended Dec. 31
Months-
7 Mos. End.
—
Net profit
y
$2,010,316
$3,083,552
$10.95
$15.41
Earnings per share
—
—
After depreciation, interest, amortization and Federal income taxes,
On preferred stock.—V. 147, p. 1783.
V
1936
1937
Gross sales, less disc., &c. $3,568,784
Cost of sales.
2,570,830
$5,793,915
728,915
1,010,137
$7,970,701
5,589,825
1,185,568
'$269,039
63,165
$603,440
Other income
x
30—
1938
$346,080
$1.73
Period Ended Sept.
92,648
$1,195,308
148,301
Other charges
$332,204
87,983
$696,088
48,962
$1,343,609
24,670
1935
Period—
1936
Operating expenses
4,180,338
July 31, '38
$3,728,361
2,793.699
605.031
x
y
Net
profit from opers.
.
$329,631
registration with the Securities and Exchange Commission of 1,000,000 shares of beneficial interest in the Knickerbocker Fund for the
diversification, supervision and safe-keeping of investments has become
effective, it was announced Nov. 22 by Pettit, Bryan & Kalbach, Inc., of
Jersey City, N. J.
Knickerbocker Fund is a new unincorporated mutual investment associa¬
tion created by a trust agreement executed by and between Pettit, Bryan &
Kalbach, sponsors and administrators, and Manufacturers Trust Co.,
The
'
49,596
146,121
337,823
81,546
$194,625
income taxes...
Can.
Net profit
Earn, per sh. on 429,408
shares of com. stock._
v
of the new fund will be vested In the Investment
counsel organization of Karl D. Pettit & Co.
Arthur Andersen & Co.,
certified public accountants, have been retained to audit the fund periodi¬
cally, while the attorneys who have passed upon the legality of the trust
agreement are Turnbull & Bergh for the sponsors and Walker & Redman
$501,005
$981,116
$302,793
$1.16
$2.28
$0.70
for the trustee.
Important features of the fund provide that all securities and cash be
Manufacturers Trust Co- as trustee.
Any shareholder
liquidate his holdings at will through the trustee without charge and
surplus since the fund is not incorporated.
All
specified percentages and types, and no borrow¬
ing, margin buying or short selling are permitted.
Purchases and sales
may not be made privately to or through anyone, but must be consummated
in the open market, through a member of the New York Stock Exchange
acting solely as a broker.
Operating expenses, excepting only brokerage
commissions and taxes, are all included in a fixed and limited charge of
may
without dependency upon
investments are limited to
$0.45
Capitalization
Investment management
held in trust by
as
of July 31, 1938
Authorized
sponsoring company are: Karl D. Pettit,
Pres. and director: O. Ell wood Kalbach, Executive Vice-Pres. and director:
James T. Bryan, Vice-Pres. and director; H. G. Carpenter, Vice-Pres. and
director; Brig. General Walter A. DeLamater, Vice-Pres. and director;
Herbert L. Bodman, director; James E. Martin, director; Judge A. Dayton
Oliphant, director; Herbert L. Pratt Jr., director; John G. Turnbull,
Sec. and director; St. John Smith, director; George O. Edlicb, Treas., and
Donald H. Gardener. Asst. Sec. and As3t. Treas.—V. 147, p. 2396.
Officers and directors of the
shares of common stock in treasury which are
reserved for sale to undesignated "key men of the organization" on terms
which approximate cost to the company at March 1, 1937.
As of July 31, 1938, the issued and outstanding shares of common stock
include 183,284 shares in process of exchange for 91,642 shares of no par
value capital stock.
By resolution of the stockholders adopted April 28,
1938, the authorized capital stock of 250,000 shares of no par value was
changed to 500,000 shares with a par value of $5 per share, and an exchange
of two shares of $5 par value capital stock for one share of outstanding no
par value capital stock with a stated value of$ 10 per share was authorized
of
Exclusive
x
2,176
Consolidated Balance Sheet, July 31, 1938
Liabilities—
Assets—
$92,238
Notes payable, banks
Marketable securities (net)..
266,377
Accounts payable
1,265,208
1,899,204
Accrued liabilities
Receivables (net)
Inventories
....
81,451
Unexpired ins. premiums, &c
Inv.
in
and ad vs.
Directors on Nov. 18 declared an extra
Dividend—
dividend of 30 cents on the com¬
219,854
100,000
39,481
2,147,040
21,071
Capital stock
58,979
(net)
Capital surplus
Earned surplus
11,577
$5,059,716
Total
stock, payable Dec. 20 to holders of record Nov. 29.
A regular quar¬
terly dividend of 40 cents per share, previously declared, will be paid on
Dec. 1 to holders of record Nov. 8.
In addition, the directors voted a distribution of $200,000 to emplouees
as extra compensation.
Albert II. Morrill, President, said that this would
increase to about $500,000 the amount distributed as extra compensation
this year to executives and other employees.—V. 147, p. 3162.
Provision for income taxes
Reserve for general conting..
1,355,202
subsidiary
Other Investments, &c
Plant and equipment
$150,000
364,892
109,512
...
Capital stock and surplus:
foreign
to
Deferred charges
Kroger Grocery & Baking Co.—Extra
Outstanding
x427,232 shs.
500,000 shs.
Common stock (par $5)_,
Cash in banks and on hand
1% per annum.
$398,013
13,674
Prov. for Fed., State and
^
trusl/OG
68382
|
,"""kmclTerbocker Fund—Registration Effective—
Treasury stock
1,955,441
Dt8 ,093
(2,176 shs.)
$5,059,716
Total
-V. 147, p. 3163.
mon
Lamson & Sessions
Co.—Meeting Adjourned—
Special stockholders' meeting called for consideration of recapitalization
plan was adjourned because of lack of quorum.—V. 147, p. 1344.
Loft, Inc. (& Subs.)—Earnings—
Period End.
y
a
Earns, per sh. on
a
1935
x$5,921 pf.x$546,3/3 pf.$367,220
x$78,963
capital
stock
b Net Income.
$0.28
$0.19
x$883,502 x$l,484,249 x$l,681.369
$1,715,792
$0.87
$0.89
Nil
Nil
_
—
Earns, per sh. on
stock
1936
1937
1938
capital
Including company's proportion
of undistributed earnings and losses of
Federal
income taxes, depreciation, depletion, &c.
b Of the parent company accruing from
x
direct operations and from rail¬
rentals, dividends, &c., after Federal income taxes and charges,
Before surtax
Option
on
on
undistributed profits.
f
"
Stock Granted to President—
Under an agreement dated Aug. 29, executed in October, an option to
purchase a maximum of 20,000 shares of stock at $8 a share from a group
of large stockholders was granted to Robert V. White on condition that he
become President of the company
Sept. 8.
before Nov. 1.
He became President on
This information has been given to the Securities and Exchange
Commission.
option runs while Mr. White is President, or for 90 days thereafter,
J. & W. Seligman & Co. are depositaries for
optioned.
Of this stock the International Utilities Corp. pro¬
vided 7,000 shares, the Tri-Continental Corp, 2,500, Selected Industries,
Inc., 2,500, Deering Howe 2,500, Hugh G. M. Kelleher 3,500, S. D.
Warriner 1,000 and William Jay Turner 1,000.—V. 147, p. 2248.
The
but not after Sept. 1, 1941.
the shares
Lehigh Valley RR.—Bondholders Back Plan
The first major
of 1938 amounted to $1,787,313, compar¬
ing with $2,304,809 in Sept. quarter of 1937.
For the nine months sales
totaled $6,063,351, against $7,196,151 in nine months ended Sept. 30,1937.
—V. 147, p. 2536.
Long Island Lighting Co.—Pref. Divs. Omitted—
The board of directors
undertaking of its kind became successful Nov. 22 when
of the bonds affected
announced on Aug. 25 has assented to it.
Under
the deposits received are sufficient to make it
a readjustment plan
the terms of the plan,
effective.
forward by the company as an alternative to bank¬
ruptcy.
Its approval was regarded as a good augury for the Baltimore &
Ohio RR., which has presented a similar proposal to its bondholders.
A committee representing banks and insurance companies headed by
The plan was put
H. C.
Hagerty, treasurer of the Metropolitan Life Insurance Co., is ex¬
pected to go through the formality of approving the plan this week.
An
official announcement as to the effectiveness of the plan then will be made.
—V. 147, p. 3162.
Lehn & Fink Products Co.—To
The directors
have
declared
a
Pay 75-Cen£ Dividend—
dividend of 75
cents
per
share
on
the
stock, par $5, payable Dec. 14 to holders of record Dec. 1.
This
paid on June 14, last; 30 cents paid on March 14,
last; 62 H cents paid on Dec. 14 and on June 14, 1937; 87H cents paic^on
Dec. 1, 1936: 62H cents paid on June 1, 1936, and 50 cents paid on Dec. 1,
1935.
See also V. 145, p. 3501.—V. 147, p. 2396.
~
common
compares with 20 cents
Life Savers Corp. (&
Period End. Sept.
Net profit
x
30—
Oct. 1, last, the company paid 75 cents on the 6%
the 7% preferred. See also V. 147, p. 1346.
$0.99
$0.84
1938—9 Mos.—1937
$767,352
$883,847
&c.,
$2.19
but before surtax on undis¬
Loose-Wiles Biscuit Co.
Period End. Sept. 30—
Net
preferred and 87 H cents
(& Subs.)- -Earnings—
1938—9 Mos.—1937
1938—3 Mos.—1937
$186,837
profit
of com. stock out¬
standing ($25 par)___
Earnings per share
520,000
$0.56
$690,039
Shs.
_____
$622,249
520,000
$842,939
x
521,500
$0.89
521,500
$0.26
$1.03
After Federal income taxes, depreciation, interest,
Louisiana & Arkansas Ry.—
Ac.—V. 147, p. 1198.
■Unification Asked-
See Kansas City Southern Ry. above. -Y. 147, p. 3019.
Louisiana Land & Exploration
Co.—Earnings—
Income Account for the Third Quarter Ended
Net oil and gas income
Sept. 30, 1938
Operating expenses
—
Geophysical and administrative expenses, lease rentals, taxes,
leases abandoned, &c
•
Profit.
per
249,700
73,800
$302,600
Net income
Earnings
$799,300
173,200
$376,400
■__
share
.
Louisiana Power & Light
- -
$0.10
Co.—Earnings—
1938—Month—1937
•$628,821
$716,821
Oper. exps., inc. taxes..
385,824
443,310
Property retirement re¬
serve appropriations.
59,000
55,500
1938—12 Mos.—1937
$7,189,300
$7,751,805
4,658,001
5.047,137
Net oper. revenues
Rent from lease of plant
Period End. Oct. 31—
1938
1937
c$344,819
$1.81
profit
b Earnings per share
a
held
$2.52
Lily-Tulip Cup Corp.—Earnings
12 Months Ended Sept. 30—
$352,150
$1.86
1936^
$385,245
$2.03
After depreciation. Federal income taxes, &c., but before provision ?br
profits tax and surtax on undistributed profits,
b On 189,539 no
shares of capital stock,
c Includes $37,671 profit on sales of machinery.
excess
par
meeting
Company, in a letter to stockholders states, in part:
"The great damage to property on Long Island wrought by the hurricane
of Sept. 21, 1938, is known to all.
Parts of Long Island were practically
devastated by the hurricane and tidal wave.
Property damage has been
estimated at millions of dollars.
Wind of a velocity never before recorded
in this part of the country felled thousands of trees across roads and across
the electric lines of this company.
Machinery in certain of our electric
generating plants was badly damaged by being submerged in the tidal wave
which rose far above the highest known water mark.
The cost to the Long
Island Lighting Co. of repairing these damages, together with the amount
of business lost while the electric lines were out of service, is in excess of
$300,000."
Earnings available for dividends during 1938 will, it Is estimated, be very
little, if any, in excess of the amount of dividends already declared on the
preferred stock this year. The company is not now receiving any dividends
from its subsidiaries, so that all earnings available for dividends must come
from its own operations.
Forecasts indicate that the company's earnings
will be approximately $1,200,000 this year.
Out of this sum, an amount of
$540,000 must be appropriated to a special surplus account in accordance
with requirements of the Public Service Commission, and is not available
for dividends.
Dividends of $599,267 have already been declared and paid
to the preferred stockholders this year.
Directors therefore felt it advisable
for the company to pay further dividends at this time without current
earnings being available for that purpose.—V. 147, p. 2692.
Operating
Net
regular
the
—V. 147, p. 2397.
(par $5) com. stk.
x After
depreciation, Federal taxes,
tributed profits.—V. 147, p. 2869.
a
at
preferred stocks of the company.
This action became necessary in part
because of the damage to property resulting from the recent hurricane, and
also because of the need for preserving the company's cash position.
On
Depreciation and depletion..---------——
Subs.)—Earnings—\
1938—3 Mos.—1937
$294,370
$346,233
Earns, per sh. on 350,140
shs.
of this company,
Nov. 18 omitted the declaration of a dividend payable Jan. 1, 1939 on the
the road announced that holders of more than 80%
by
After depreciation, amortization and setting up reserves
on
$0.77
$0.46
subsidiaries whose stock is either owned or controlled, after interest,
road
y
for taxes and other charges.
Sales for the September quarter
Lehigh Coal & Navigation Co. (& Subs.)—Earnings—
12 Mos. End. Sept. 30—
Consol. net loss
Revised,
x
1938—9 Mos.—1937
$867,537
x$898,592
1938—3 Mos.—1937.
$407,534
x$402.078
Sept. 30—
Net loss
revenues
713.000
737,500
$193,997
$218,011
$1,818,299
$1,967,168
$193,997
1,771
$218,011
$1,818,299
910
22,582
$1,970,359
21,874
$195,768
72,960
$218,921
72,963
4,308
$1,840,881
875,540
61.769
$1,992,233
875,534
53,685
$118,461
$141,650
applicable to preferred stock for the
period, whether paid or unpaid.
$903,572
$1,063,014
356,532
356,532
Balance
$547,040
$706,482
_
3,191
(net)
Operating income
Other income (net)
Smaller Dividend—
Directors have declared
a dividend of 30 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 1.
Previously regular
quarterly dividends of 37Hxcents per share were distributed.—V. 147,
on
mortgage bonds.
Net income
Lindsay Light & Chemical Co.—Earnings—x
Period End. Sept. 30—
Net profit
y
Earnings
x
Int.
Other int. and deductions
1197.
P.
Gross income
per
share—
1938—3 Mos.—1937
loss$181
$11,400
After depreciation, taxes, &c.
$0.12 \
Nil
y
4,347
Dividends
1938—9 Mos.—1937!
$21,081
$31,139
$0.15
$0.32
On common stock.—V. 147, p. 576.
—V. 147, p. 21
Volume
Financial
147
Louisville Gas & Electric Co.—Dividends Omitted—
Directors at their meeting held Nov. 18 failed to take any action with
regard to payment of the class B dividend normally due at this time.
A
re^lar ^quarterly dividend of 37H cents per share was paid on Sept. 24, last.
MacAndrews & Forbes Co.—Earnings—
Sept. 30— 1938—3 Mos.—1937
1938—9 Mos.—1937
$175,896
$218,908
$518,546
$682,194
Period End.
Net profit
Preferred dividends
x
151,948
$5,907
$0.48
89,568
89,568
455,841
29,856
151,947
sur$37,105
$0.62
29,856
Common dividends
4% bonds, of 1990, Curtis B. Dall announced.
The following temporary
committee was appointed: C. Shelby Carter, Chairman; Mr. Dall, ViceChairman, and Eugene Frederick Roth, Secretary.
Mr. Dall stated that the committee's primary function will be to expedite
transit unification, and
obtain the maximum fair amount for the first
mortgage bonds.
It was stated that the committee intends to take active steps "tending
toward repairing" any losses accruing to bondholders from the
Sixth Avenue Line for $12,500,000.
The committee expressed
the
actual
Earnings
y
per
share
After expenses, Federal income taxes, &c.
stock.—V. 147, p. 424.
x
y
$26,863 sur$l36.785
$1.41
$1.95
On 303.894 shares
of com¬
mon
McCampbell & Co., Inc.—Earnings—
Earnings
per
1937
1938
9 Months Ended Oct. 1—
share on 10,000 common shares
$1.29
_
10 authorized the com¬
promissory note or notes for not exceeding $150,000, to be
par and the proceeds applied to the payment of an outstanding
purchase of equipment.
Company proposes to borrow $150,000 for the purpose of paying $35,000
due on a note for $50,000 which matured on March 15,1938, and to provide
the funds necessary to purchase and recondition a second-hand 2-8-2 steam
pany to issue a
disposed of at
note and the
estimated cost of $20,000, to purchase one new, or
cost not to exceed
$42,200, and 88 second-hand steel-underframe flat cars, 80,000 to 100,000pound capacity, to be equipped for logging service, at an estimated cost
of $52.800.—V. 142, p. 3514.
an
2-8-2 steam freight locomotives at a
Publishing Co., Inc.
McGraw-Hill
Period End. Sept.
1938—3 Mos.—1937
$98,741
$312,315
Earnings per share.$0.16
$0.52
x
After all interest, taxes and depreciation.
(& Subs.)—Earns.
y
V.
147,
p.
Mr.
Dall stated
$0.61
y
On common stock.—
$2,121,458
1,041,600
$2,147,654
1,041,460
$4,289,816
2,084,867
$4,266,115
2,092,333
$1,079,858
157,556
38,216
$1,106,194
$2,204,949
$2,173,782
163,652
39,296
334,816
70,816
339,448
$884,086
_
Depreciation..
$903,246
$1,799,317
—V. 147,
77,213
$2.20
$2.25
$1.13
$1.11
-
p.1641.
9 Months Ended
1937
$111,099
$90,740
After operating expenses, normal Federal income
and other charges, but before provision for surtax.—V.
x
taxes,
1936
$116,338
depreciation
McKesson & Robbins, Inc. (& Subs.)—Earnings—
1938—3 Mos:—1937
1938—9 Mos.—1937
Net profit.-$606,404
$734,983
$1,625,399 $2,485,255
Earnings
mon
per
sh.
on com¬
$0.99
$0.20
$0.25
$0.12
stock
After depreciation, interest,
a
Corp.—Earnings—
Assets—
Federal income taxes and preferred divi¬
2093.
Marchant Calculating Machine Co.—Earnings—
1938—3 Mos.—1937
1938—9 Mos—1937
$117,552
$182,784
$366,101
$696,773
226,642
226,642
226,642
226,642
Earnings per share
$0.50
$0.78
$1.56
$3.01
Period End. Sept. 30—
Net profit
J
Shares common stock
a
a
After depreciation, normal Federal income taxes, provision for con-,
tingencies, &c., but before Federal surtax on undistributed profits.—V. 147♦
1199.
P.
.
Marion Steam Shovel Co.—Earnings—
9 Months Ended Sept. 30—
1938
1937
1936
Net profit
$440,338
$297,251
$110,155
x
After depreciation and charges but before Federal income taxes.—
x
147,
p.
1199.
Marlin-Rockwell
Corp. (& Subs.)—Earnings—
1938—3 Mos—1937
1938—9 Mos.—1937 *
$156,170
$568,504
$388,696 $1,319,411
$0.46
$1.67
$1.14
$3.89
Period End. Sept. 30—
Net
x
profit
Earnings per share
—
x After
depreciation. Federal income taxes, &c„
(par $1) capital stock.—V. 147, p. 1199.
plant
Prop.,
<fc
$1,455,694 $1,389,495
equipment
1937
1938
(Glenn L.) Martin Co.—Rights—
Company has filed an
Securities and Exchange
amendment with the
30
L. Martin, as owner of 347,085 outstanding shares, will be entitled
purchase an aggregate of 57,847 shares.
The amendment states that
Mr. Martin will enter into an agreement with a group of purchasers headed
to
by Smith, Barney & Co. for the sale of his rights to
147, p. 3164.
$2C,000
Maryland Fund, Inc.—Dividend—
quarterly distribution of
holders of record Nov. 30. This dis¬
Fund's inception in 1934, will be made
against approximately 1,685,000 shares outstanding, and compares with a
previous disbursement of 2 cents per share paid on Sept. 15, 1938.—V.
The board of directors on Nov.
21 declared a
3 cents per share, payable Dec. 15 to
tribution, the 17th declared since the
147, p. 1199.
42,601
30,173
92,779
115,361
155
1,207
22,256
28,094
76,529
Accts.
475,500
Notes payable
Appl's on rental.
5,225
_
stock
Com.
par)
1st
145,
p.
Memphis Natural Gas Co.—Larger
stock,
mon
no
This compares
4)4%
par
Dividend—
with 10 cents paid on June 28 and on
735,000
750,000
140,000
33.562
the com¬
Nov. 30.
May 25, last; 30 cents
1936, and 10 cents paid on Feb. 15,
37,3.r0
31,052
Consumers*
73,528
Def'd debit items.
$69,329
dividend of 25 cents per share on
value, payable Dec. 15 to holders of record
140,000
payable.40,573
17,726
16,512
169,719
47,716
payment was the first made since
dividend of 15 cents per share was
bonds...
&
supplies... *
1937
1938
$129,794
769.
Accrued accounts.
mat's
Mdse.,
Ltd.—Earnings-—
& deferred devel.
The directors have declared a
($100
_■
mtge.
9 Months Ended Sept. 30—
Incom e before depreciation, taxes
$20,000
475,500
par).-..-
58,955
Accts.receivable..
„
subscribe to the addi¬
tional shares.—V.
—V.
5% non-cum. 2nd
pref. stk. ($100
Cash
Special deposit-.
On 339,244 shares
y
Commission stating that its 156,097 shares of common stock will be offered
to stockholders of record Dec. 10, with the subscription rights expiring on
Matachewan Consolidated Mines,
Sept. 30—
Liabilities—
1937
1938
'
x$8,713
x$3,167
lossy $25,633
dends of subsidiaries.—V. 147, p.
Macon Gas Co.—Balance Sheet
1936
1937
1938
Sept. 30—
147, p. 577.
Period End. Sept. 30—
a
challenge to
Gienn
1938
Sept. 30—
Net income
advised "that the
been
also
downs.—V. 147, p.2249.
Dgc
McKay Machine Co.—Earnings—
x
has
committee
dry hole expense, lease
abandonments, &c., but before provision for Federal income taxes.
y After depletion, depreciation, intangible development costs, loss on
foreign exchange and $40,289 Venezuelan lease abandonments and write¬
$1,757,121
Net profit
Earns. per sh. on 798,000
shares capital stock. -
sale of the
belief that
neighborhood of
the
After ordinary taxes, depreciation, depletion,
x
y
Balance
the
that
Maracaibo Oil Exploration
V.
Taxes
in
and demolition of the Sixth Avenue Line presents a
9 Months Ended
Mclntyre Porcupine Mines, Ltd.—Earnings—
Period End. Sept. 30— * 1938—3 Mos.—1937
1938—6 Mos.—1937
Gross income
is
fare.
The lnterborough is placed in the position of being able to claim that the city has
violated the provisions of the dual contract in that it has made impossible
the through transit service on the entire elevated system contemplated by
the five cent fare agreement.
Indeed we are advised that the Interborough
refused specifically to waive its claim in that respect in the proceedings on
the disposition of the Sixth Avenue Line."—V. 147, p. 3020.
$929,651
$1.55
$366,214
745.
Cost & develop, expenses
Line
1938—9 Mos.—1937
30—
Net profit
x
Avenue
Sixth
Profit
The Interstate Commerce Commission on Nov.
two second-hand
the
„
McCloud River RR.—Notes—
freight locomotive, at
of
the citizens of New York City regarding the five cent
$157,618
$11.07
$59,182
Net income after all charges
worth
$50,000,000.
455,841
severance
Deficit
3313
Chronicle
deps.
194,839
Reserves..;
Earned surplus...
47,605
Said on Dec. 17, 1937 ; 20 cents Dec. on 8ept. 10, cents paid on May 11,
lay 20, 1937; 30 cents paid on paid 29, 1936; 20 1937; 10 cents paid on
Merck & Co.,
1935, and on May 24, 1934; this latter
April 15, 1932, when a regular quarterly
distributed.—V. 146, p. 4123.
Inc.—To Pay 25-cent Dividend-
dividend of 25 cents per share on the common
payable Dec. 8 to holders of record Nov. 28.
This will be the first
Directors have declared a
...$1,708,593 $1,684,061
Total.
$1,708,593 $1,684,061
Total..,
Earnings for 12 months ended Sept. 30 were
stock
published in the "Chronicle''
of Nov. 12, page 3021.
Madison, Inc.—Earnings—
-
.'
Madison Square
to Oct.
Period—
Loss after interest and
Garden Corp.—Shares Retired—
27 voted to retire and cancel
company.—V. 147, p. 2690.
profit after all charges..
—V.
147, p. 1933.
Net
—
1938
$103,840
1937
$43,762
depreciation
—V. 147, p. 1199.
'
,
Mickelberry's Food Products Co.—Dividends
Directors have
Magor Car Corp.—Earnings—
3 Months Ended Sept. 30—
declared
a
dividend of 10 cents per share on the common
Mid-West Abrasive Co.-
-Earning
-3
and charges...
.
.
Earn.per sh.on com .stk—V. 146, P. 4122.
Judge
$216,638
$6,95
$458,167
$487,508
$14.99
$15.42
$12,500,000.
The Interstate Commerce
to issue not
his order directs the special master who conducted the
deed.
—^
' —9
Months-
31, '38 Sept. 30, '38
$13,849
$44,160
3960.
RR.—Receivers' Certificates—
Commission on Nov. 9 authorized the company
certificates to renew or extend
147, p. 2692. -
exceeding $550,000 of receiver's
maturing certificates
Robert P. Patterson has confirmed the foreclosure sale
line on Oct. 13 to a committee of bondholders
sale to issue the necessary
depreciation, taxes, &c.—V. 146, p.
Minneapolis & St. Louis
of the Sixth Avenue elevated
for
After
Months
$16,650
$13,661
Net loss
x
$1,098,619
$35.79
Ry.—Court Confirms Sale—
Manhattan
Federal
1938—3 Mos.—1937
x
first
Sept. 30, '38 June 30, '38 Mar.
Period—
1938—9 Mos.—1937
Resumed—
stock, payable Dec. 15 to holders of record Dec. 1. This will be the
dividend paid on the common stock in some time.—V. 145, p. 121.
Mahoning Coal RR.—Earnings—
Period End. Sept. 30—
Net income after taxes
31 *37
Jan. 1 *37
6 '38 to Oct. 7 *37
$4,159 prof.$140,572
Dec.
$14,850
Stockholders at their annual meeting on Sept.
49,860 shares of capital stock held by
Co.—Earnings—
Meteor Motor Car
1937
1938
$92,485
6 Months Ended Aug. 31—
Net loss after all charges
Minneapolis
of like principal amount.—V.
St.
& Saulte Ste.
by Stock Exchange—
Paul
Delisting of Stocks Urged
Marie
Ry.—
conference of the interested parties
with Judge Patterson on Nov. 23 and was given over the protests of spokes¬
men for the stock equity of the Manhattan
Ry., owner of the elevated
lines now operated by the Inter borough Rapid Transit Co.
The foreclosure sale was part of a procedure under which the Manhattan
Ry. bond group was to carry out an agreement made with Mayor LaGuardia
and other negotiators for the city, to sell the line to the city for $12,500,000.
After paying this price the city was to get back about $9,000,000, which
would extinguish the tax liens it now holds against the entire Manhattan
of the New York Stock Exchange at its meeting
22 approved the recommendation of the Committee on Stock List
application be filed with the Securities and Exchange Commissionito
remove from listing and registration the 7% preferred stock, common stock
and 4% leased line stock certificates of the company.
These securities
will continue on the list pending the action of the Commission.
The Com¬
mittee on Stock List in its recommendation to the Board of Governors
stated that in view of the amounts, distribution and indicated market value
of the issues outstanding in the hands of the public, their marketability,
elebated system.
Recently the city sidetracked this direct purchase
Estimate voted to condemn the Sixth Avenue line
price range and other factors, continued listing of the securities
York Stock Exchange is not warranted.—V. 147, p. 2692.
Confirmation of the sale came at a
plan and the Board of
and to assess the cost
abutting property owners and the Borough of Manhattan in equal
proportion.
The condemnation application will come before the State
Supreme Court Nov. 30.
In the meantime, the Board's real estate bureau
has started to advertise sale of the line at public auction on Dec. 5.
The Board of Governors
Nov.
that
Mission
upon
Judge Patterson
confirmed the foreclosure sale after being
advised of
condemnation proceedings.
His order stipulated that the city pay the
the Manhattan first mortgage bonds $3,500,000 on Dec. 5 and
the balance of $9,000,000 on Jan. 9.
the
trustee for
New Committee
'
Formed—
organization plans were formulated Nov. 22 at a meeting
Shelby Carter, of the First New England Corp.,
of holders and representatives of holders of Manhattan Ry.
Tentative
at
the office of C.
roup
?***- '
held
of a
first
Corp.—Earnings—
Ended Sept. 30—
profit
9 Months
a
Net
on the New
1938
1937_
z$934,346 x$2,336,088
1936 ^
y$542,065
undistributed
profits,
x The above profit is the result of dividends in the amount of
|1 209,743 received by the corporation on its investment in Tide Water
Associated Oil Co. and Skelly Oil Co. common stock and $1,239,234 repre¬
senting excess of amount received from the sale of 250,000 shares of Tide
Water Associated Oil Co. over the value at which such shares were carried
on the books, less operating expenses and taxes totaling $112,889.
y After
estimated Federal income taxes,
z After deducting $8,198 loss on sale of
a
After all charges
but before Federal income and surtax on
investments.—V. 147, p. 1200.®.^.
3314
Financial
Chronicle
Mississippi River Power Co.-—Earnings—
Registers with SEC—To Issue 50,000 Shares of Preferred—
Nov. 18, filed with the Securities and Exchange Commission,
registration statement covering the issue of 50,000 shares (no par) $4.50
cumulative preferred stock.
This will increase the number of issued pref.
shares to 100,000, an issue of 50,000 shares having been released in July,
1937.
The additional 50,000 shares will be alike in every particular with
a
12 Months Ended Sept. 30—
the
*
Net operating revenues
Non-operating revenues
$2,264,144
120,768
$2,384,912
Gross income
Interest
on
$2,381,459
953,414
41,422
16,412
funded debt
945,675
40,865
9,304
5,733
Other deductions
Net income
'-----
—
*Dote-—So far"as
can
50,000 shares now outstanding.
1,241,816.
$2,262,300
119,159
Amortization of bond discount and expense..-.-.
Other interest charges
$1,383,335
replacements and improvements to plants, processes and facilities for the
manufacture of new products and to meet the increased demands for old
products and the continual changes in processes and equipment which are
normal in the chemical industry.
In 1937 and 1938, approximately $11,200,000 will have been spent on
such projects. Monsanto contemplates a continuance of capital expenditures
for such purposes, according to the statement, but the total amount so to be
expended and its allocation, and the sources of such additional cash funds,
if any, as may from time to time be required, are not now determinable.
The company's earnings for the 12 month period ended 8ept. 30, 1938,
cover the dividend on the new issue and on the previous cumulative pref.
issue approximately 6)4 times.
Smith, Barney & Co. is expected to be underwriter of the issue.
The
shares will be offered on or about Dec. 8, 1938.
See also list given on first page of this department.—V. 147, p. 2539.
"$17370,211
be determined the companies had no liability under
1936 and 1937 —V. 147. p.
1200.^
1
Missouri Gas & Electric Service
Period End. Sept. 30—
Operating revenues
——
Operating expenses and taxes
Co.—Earnings—
1938—3 Mos.—1937
12 Mos. '38
$165,803
$162,887
$644,013
132,433
125,467
518,276
Net operating Income
$37,421
$33,370
$125,737
2
Other income (net)
Gross Income
Interest
on
$33,370
13,906
General interest
401
...
Net income
$19,045
-V. 147. n. 3164,
Montgomery Ward & Co., Inc.—EarningsPeriod End. Sept. 30—
x
$125,739
55,939
1,640
$37,421
14,428
419
-
long-term debt
y
1347.^^^^^^.^^^
--
1938—3 Mos.—1937
1938—9 Mos.—1937
$6,360,964
$6,238,230 $11,500,490 $15,287,874
$1.15
$1.13
$2.00
$2.73
Net profit
Earnings
share
per
After all charges,
x
Montour
$68,160
$22,591
On
y
October—
■
Missouri Pacific
52,
Assistant Treasurer died atlhis
home,Ion
^
-
-
From Jan.
Missouri Public Service Corp. (&
Period Ended Sept. 30—
Operating
Operating
expenses
and taxes
Subs.)—Earnings
Net operating income
Other income (net)
$90,558
2,750
$77,469
1,866
$313,746
7,085
Gross income
Interest on long-term debt.
$93,308
55,571
1,423
$79,335
55,571
1,405
115
—V. 147, p.
508
$320,831
222,285
6,631
Crl,231
$36,199
Net income
railway
Net after rents
1938—3 Mos.—1937
12 Mos.':
$382,021
$392,767
$1,475,562
291,463
315,298
1,161,816
revenues...
1,363,998
450,296
519,706
$21,851
$94,146
578.
1936
$225,199
94,515
92,632
2,173,128
979,166
948,094
1935
$246,074
119,297
104,291
$221,913
95,808
92,893
1,946,300
855,895
816,293
1,673,176
729,025
748,538
1—
Gross from railway
Net from
147, p. 3020.
1937
1938
$213,936
103,378
99,108
Net from railway
Net after rents
RR.—Obituary—
Milford M. Smith Sr.,
Nov. 4.—V. 147, p. 2870.
common stock.—Y.
RR.—Earnings—
Gross from railway
W
Common shares outstanding total
Proceeds of the new issue will be added to the cash funds of the company.
According to the registration statement, cash funds have been, and may be
called upon, among other things, for expenditures upon capital additions,
the Revenue Act of 1936 for surtax on undistributed income for the years
l
1938
P Company,
[Including Missouri .Transmission Co.]
"
1938
MKL1937
Oper. revs, (electric) Incl. gross chgs. under firm
power contract
$3,870,737
$4,206,058
Operating expenses and taxes
1,606,593
1,943,758
!
Nov. 26,
.
—V. 147, p. 2539.
(Philip) Morris & Co., Ltd.—Earnings—
6 Mos. End. Sept. 30—
Net profits after chgs. &
Federal taxes
No
1936
.
Earns.persh. oncom.stk
x
1937
1938
1935
.
$3,157,967 x$3,l36,443 x$l,700.507
provision
$5.95
$6.04
made for Federal surtax
was
$893,648
$2.15
$3.27
on
undistributed profits.
—V. 147, p. 2399.
Motor Products
Corp.—Earnings—
Period End. Sept. 30—
1938—3 Mos.—1937
$536,957
1938—9 Mos.—1937
Profit from operations. _loss$219,229
Other income.
$141,270
$2,940,380
28,350
48,693
81,304
1.loss$190,879
$585,650
$222,574
$3,044,029
143,084
48,731
299,340
152,573
343,959
146,192
75,000
21,500
781,000
$318,006 loss$250,S39
$1,772,878
99,232
,
Profit sale capital assets.
Mobile Gas Service
Assets—
Property,
Corp.- -Balance Sheet Sept. 30—
1937
1938
Common stock..
$430,701
$430,701
First rntge. bonds.
1,833,000
1,833,000
Accounts payable,
Accrued accounts.
51,150
28,632
26,574
25,586
Consumers'
plant &
19,886
18,981
37,391
6,340
x
$2,730,744 $2,620,121
equipment
4
Miscell. lnvestm'ts
120
5
25
29,559
32,347
1,200
3,420
119,888
103.832
Special deposits
Cash
Notes receivable..
1937
1938
Liabilities—
Service
depos.
extension
4,417
Total income
Loss sale capital assets..
829
Expenses, &c.-----Depreciation:
92,324
50,858
Fed. inc. & undistributed
profits tax
Net profit
—
_loss$334,061
Earns, per share on 391,254 shs. com. stock—
Nil
—
Accts, receivable.
Appllc.
„
rental..
15,552
41,270
8,255
190
40,447
Del. debit items—
...
del. credit items..
9,607
Merch., materials
and supplies
deposits
5,747
on
Total
Reserves
-
472,424
547,586
Mt. Forest Fur Farms of America,
$2,946,479 $2,815,6651
Total...— -.-.$2,946.479 $2,815,665
Mullins Mfg.
.
o'
Period End. Sept.
Gross profit
_■
Co.—Earnings—
*
Period End. Sept. 30—
1938—3 Mos.—1937
1938—9 Mos—1937
x Net profit
$43,577
$150,272
$201,568
$334,173
Earnings per share
$0.29
$1.00
$1.34
$2.23
x After
depreciation and provision for estimated Federal income taxes.
—V. 147, P. 3020.
'
•
Corp. (& Subs.)—Earnings—
30—
Loss.
$46,315
.4,168
Loss..'
After
x
for
reserve
1938—9 Mos.—1937
$695,216
$901,249
1938—12 Mos.—1937
$1,008,899
$1,214,651
adjust., &c
Depreciation & amortiz.
Oper. loss of subs
Federal income tax
Net loss.
retirements, interest, amortization, Federal income
taxes, &c.—V. 146, p. 3509.
x
Monsanto Chemical Co. (&
9 Mos. End. Sept. 30—
1938
Gross profit
$5,570,070
Selling & adm. expenses.
2,311,952
Subs.)
-Earnings1935
$8,309,971
2,407,226
$6,756,975
2,134,098
$6,768,529
2,020,487
921,767
735,740
665,333
931,678
500,537
Net profit from oper_.
Other income
$2,336,350
453,406
$5,167,005
333,092
$3,957,544
175,142
$3,315,826
324,775
Gross income
Bond and note interest
$2,789,756
$5,500,097
$4,132,686
290,375
543,293
268",556
yl,110,611
122,040
672,953
$3,640,601
42,959
180,508
550,321
$1,956,088
$4,120,930
$3,337,693
$2,866,812
44,109
Z58.685
121,172
46,972
$1,853,294
$1.36
$3,999,759
$3.55
Deprec. and obsolescence
Research expenses
Other
x
charges
Prov. for income taxes
Net
income applic.
minority interests.
Preferred
Net
common
Earnings
x
avail,
y
y$159,157
$190,818
y$757,576
63,672
202,018
2,958
8,298
146,224
1,811
84,578
$459,466
'
y$516,665
>
Profit.—Y. 147, p. 1200.
The directors
have declared a dividend of 25 cents per share on the
stock, no par value, payable Dec. 15 to holders of record Dec. 1.
Like amount was paid on June 15, last, and compares with 65 cents paid on
common
Dec. 15, 1937; 35 cents paid June 15. 1937; 65 cents paid on Dec. 15, 1936;
35 cents paid on June 15, 1936; 20 cents paid on Dec. 31, 1935; 25 cents
paid on June 15, 1935; 20 cents on Dec. 15, 1934; 25 cents on June 15,1934,
and on June 15, 1933, and 50 cents
per share paid on June 15, 1932.—
V. 146, p. 3509.
Muskegon Piston Ring Co.—EarningsPeriod Ended Sept. 30,1938—
Net profit after taxes and charges
3 Months
-
Earns, per share on 207,712 shares of com. stock..
—V. 147, p. 3165.
$68,386
$0.33
9 Months
$113,485
$0.55
to
dividends
earns,
$141,511
Revised by company,
$205,018 * y$719,621
14,200
37,955
17,751
68,258
1,546
25,042
$1,543,829
824,208
Muskogee Co.—25-Cent Dividend—
1936
1937
y$259,149
5,146
$390,690
595,708
y$241,398
$42,147
32,127
67,237
Other income-
In v.
Period End. Sept. 30—
xNet income
1938—9 Mos.—x 1937
1938—3 Mos.—*19,37
$115,737.
$550,174
162,052
308,776
—
Expenses
.
_
Monongahela West Penn Public Service Co. (& Subs.)
Inc.—SEC Becomes
See Transcontinental Petroleum Corp. below.
Represented by 5,000 no par shares.
Earnings for 12 months ended Sept. 30, appeared in the "Chronicle"
12, page 3020.
of Nov.
$4.53
Nil
Party to Reorganization Under Chandler Act—
x
Monarch Machine Tool
$0.81
—V. 147, p. 1200.
-
for
stock
per share
Depreciation and obsolescence
not
surtax
on undistributed net income,
shares of British subsidiary.
z
$3,290,721
Period End. Sept. 30—
1938—9 Mos.—1937
Gross oper. revenue.—- $9,022,187
$9,542,317
Other income
102,179
185,366
$2.76
1938—12 Mos.—1937
$12,183,069 $12,832,270
135,447
227,668
$2,732,999
$2.89
reported,
Narragansett Electric Co. (& Sub.)—Earnings—
58,125
75,687
y
Includes $172,000 for
on preference
Provision for dividends
a
Total gross earnings—
Operating costs
$9,124,366
4,214,136
$12,318,516 $13,059,938
5,577,004
5,835,659
534,638
654,051
1,029,079
938,052
712,256
$9,727,683
4,503,423
371,031
708,302
1,086,204
1,077,434
1,428,098
1,359,615
$3,067,492
892,500
$3,630,284
1,190,000
$4,391,974
1,214,667
84,151
19,192
17,038
87,497
28,167
112,201
23.410
39,755
114,995
39,058
$1,678,246
$2,059,328
$2,264,917
$3,023,254
b Maintenance—-
420,644
Depreciation
Federal, State & munici¬
pal taxes
Comparative Consolidated Balance Sheet Sept. 30
1938
Cash
$
5,471,911
1,008,048
3,835,409
U. S. Treas. ctfs—
Recelv., less
1937
$
Asset3—
res...
1938
of
cost
market..
2,474,449
2,411,645
Estimated inc. tax
before cap'l charges $2,691,126
Interest on funded debt892,500
761,152
1,304,744
Amortization of debt dis¬
112,500
82,000
Miscellaneous interest—
Other chges. against inc.
Div.
on
6,861,572
pay.
Dec.
I,
containers
604,787
14,722,008
Reserves
Minority
1
1
Deferred charges..
327,898
309,674
int.
subsidiary
11,305,018
2,337,585
2,346,802
5,000,000
5,000,000
in
x
cos..
Pref. 8tk., ser. A
$4.50
Com.
cum.
stock
$10)
& red
(par
12,418,160
11,143,880
Paid-in surplus___ 10,869.123
8,273,138
Earned surplus...10,810,657 11,691,069
Total
x
60,110,421
Represented by 50,000
53,558,296
no par
Total.
shares.
and
Consol.
.60,110,42 1 53,558,296
expense
balance
It
has
been
—
for
dividends and surplus-
estimated
that
the
Sept., 1938 storm will cost a gross
$1,140,000.
This includes charges for labor, materials
and supplies in making repairs and replacements and loss of revenue.
The
ultimate accounting allocation cannot be determined until actual costs are
a
39,620,074 33,001,819
Pats. & processes.
count
series A, pref.
Dep. for returnable
816,240
Land, bldgs., ma¬
chinery & equip.
&c
balance
Accts. pay. & accr.
stock
8,755,928
1,091,151
Consolidated
5,035,529
3,397,984
or
Other assets
$
4,135,476
Inventories—at the
lower
1937
$
Liabilities—
amount
of about
available.
Storm expenses aggregating $55,986 are included in Sept., 1938
operating costs and maintenance.
In addition, we estimate the loss of
applicable to the Sept., 1938 earnings statement to be $30,000.
Note—No provision has been made in this statement for Federal tax on
undistributed net income applicable to the 1938 periods, the amount of
such liability, if any, being determinable only at end of calendar year.
—V. 147, p. 1042.
revenue
Volume
Financial
147
(Conde) Nast Publications, Inc. (& Subs.)—Earnings
1938—3 Mos.—1937
1938—9 Mos.—1937
3315
Chronicle
National
Gypsum Co. (& Subs.)—Earnings-
$1,024,980
14,677
66,613
$525,119
42,058
32,556
22,000
73,000
$285,626
23,675
30,051
$961,038
71,550
64,708
32,000
$1,091,593
97,249
83,336
22,000
138,000
$751,008
1,261,458
$0.41
$709,780
1,174,382
$0.41
Deprec. and depletion..
Earnings
profit
1938—9 Mos.—1937
L» $70,871
$1,196,155
»•
charges"and
Assets—
—1:
13,134,239/
/
(pro
Other reserves.—
Agents' accts .under
90 days
472,666
322,842
945,877
219.654
Capital paid-up
346,814
Int. and rents due
300,000
357,315
300,000
332.655
1,056,369
Surplus
34,780
33,266
x
46
Suspense Items (re¬
$4,461,388 $3,683,719
Total
$4,461,388 $3,683,719
National Pole & Treating
1935
$591,176
$2 75
$2.39
1936
$2.30
x After depreciation and Federal income taxes,
Federal surtax on undistributed profits.
compared
i47,
2695.
National Aviation
Corp.—Earnings—
1937
a$162,641
Sept. 30—
1938
____lossb$294,583
1936
*$747,759
1935
y$161,006
Including $816,594 net profit on sale of securities but before provision
for tax on undistributed earnings,
y Including $132,865 profit on sale of
securities and after deducting $14,500 provision for probable loss on.investment in wholly owned subsidiary,
z After expenses and normal Federal
income taxes,
a Includes $142,836 net profit on sale of securities,
b In¬
cludes $310,867 net loss on sale of securities on basis of average cost.—•
V. 147, p. 897.
End. Sept. 30—
National Power & Light Co.
•
$7,092,313
Net oper. revenues
Rent for lease of plants
6,289,448
$0.51
fc, National Bondholders
Distributions on account of principal have been authorized on the follow¬
ing series at the.rates indicated. Distributions will be payable on or before
Dec. 16, to holders of
articipation certificates of record as of the close of
Transfer books will be closed for a period not
business Nov. 30, 193
exceeding 15 days, beginning Dec. 1, 1938.
Authorized
Amount
Previously
to Date
Authorized
Authorized
Series—
29%
21%
8%
Alabama, b series
55
50
5%
Central funding, B series
50
4
C series
Federal
55
5
45
49
4
C series
26
30
3
Home, B series.
52
49
3
40
43
3
84
3
58
37
61
30
30
3
32
62
53
56
3
51
54
3
41
6
38
44
AI series
3
52
55
36
40
v
Guaranty Title, B series.
O series
-J
Meline, A series
Mortgage Bond, E series
.
F series
Mortgage Guarantee, AE series
Mortgage Security, A series
—
4
B series
4
25
37
W C series
4
2,914,803
,
public
applicable to
nority interests
Pref. divs. to
Portion
F series
<-H series—
—V. 147, p. 747.
58
National City Lines,
x
5
y
64
49
BEI^QCS c&rriGd to consolidated earnedsur. $2,228,452
86
1937
$288,218
1938
For
1937
1936
$101,321
x$361,898
$151,756
After all charges and Federal
the quarter ended Sept. 30, 1938, net
y
income taxes.
profit was $47,021, equal
to 14 cents a share.
^ Current assets as of Sept. 30,
liabilities of_$345,065.—V. 147, p.
National Distillers
9 Months Ended Sept 30—
Profit after depreciation—
Interest and amortization
Federal income tax, &c
Net
1938, were $1,029,952, against current
3165.
Products Corp. (& Subs.)—Earns.
1938
1937
1936
$5,646,277 $5,489,903 $5,414,721
545,052
560,046
570,820
945,521
835,458
762,507
—
profit..
Earnings per share
—V. 147, P. 1201.
-—
$4,155,704
$2.04
$4,094,399
$2.01
$7,427,033
100,990
$6,641,981
124,344
$1,410,646
84,775
$1,443,820
47,400
$7,528,023
298,965
$6,766,325
$1,396,420
$7,229,058
$6,577,009
337,430
341,884
1.353,560
1,358.118
189,316
income—
Earned surplus, Nov.
Net income for
...
*
-
$988,441
1, 1937
—
the 12 months ended Oct. 31,
Miscellaneous adjustments
(net)
———
1938
$5,075,883
5,875,498
454
$0.97
(Including Airdepot Realty Corp.)
Revised,
$1,407,757
36,063
$1,054,536 $5,875,498 $5,218,891
Earns.per sh.of com.stk$0.10
$0.11
$0.76
$0.64
Summary of Earned Surplus for the 12 Months Ended Oct. 31, 1938
Net
National Container Corp.—Earnings—
x
$1,407,211
3,435
$1,325,871
y
——
1938—12 Mos.—1937
I
Total
After interest, depreciation,
—
""1
of Company Only
1938—3 Mos.—1937
from income.
Inc, (Del.) (& Subs.)—Earnings—
9 Months Ended Sept. 30—
*
$2,189,151
$8,582,596 $8,863,931
$0.33
$0.32
$1.26
$1.31
x Addition due to reclassification of accounts.
Notes—(1) The statement includes full revenues of a subsidiary without
provision for possible revenue losses, not exceeding $120,000 for each
12-month period, from natural gas rate reduction now involved in litigation.
(2) The electric properties of Tennessee Public Service Co. and Holston
River Electric Co. were disposed of as of Sept. 2, 1938, and consequently
this statement includes the operation of these properties only to that date.
(3) Figures for 1936 as previously published have in certain cases been
rearranged in this statement.
Total income
h Current assets as
ylNet income
$2,650,657 $2,578,435 $10,235,121 $10,411,365
47,400
298,965
189,316
84,775
341,884
1,353,560
1,358,118
337,430
Earns.per sh.on com.stk.
Expenses, incl. taxes—
Federal income taxes, &c., but before sur¬
On 200,000 shares of common stock (par $1).
of Sept. 30, 1938, including $381,533 cash, amounted
to $491,887, and current liabilities were $914,455, comparing with cash of
$505,202, current assets of $728,417 and current liabilities of $983,203 on
8ept. 30, 1937—V. 147, p. 1201; V. 145, p. 3352.
x
tax.
5,655
854
$2,542,372 $10,134,131 $10,287,021
36,063
100,990
124,344
Total
78
Earnings per share
&23.601
$4,058,646 $16,196,742 $16,355,393
6,062,717
6,061,662
1.515,420
$2,542,372 $10,134,131 $10,287,021
Expenses, incl. taxes—
Int. and other deductions
62
1938
$226,473
$0.57
12,115,661
$2,647,222
69
52
71
9 Months Ended Sept. 30—
Net profit..
Cr7,670
of subs $2,647,222
3,435
in income of subs..
Net equity in inc.
Other income
62
37
*
11,851,576
Net equity of National
Power & Light Co.
consolidated)
51
7
—
3,011,159
Cr8,711
189
Other income-.
40
10
O series
Cr2,660
$4,162,827
1,515,416
mi¬
Balance
22
36
48
4
„
18
4
3
...
124,060
$7,061,094 $28,040,648 $28,447,453
public and other
Income Account
40
National Reserve, CO series
Southern Securities, A series.;
*Cr72,026
$7,074,970
Gross income.
Period Ended Oct. 31—
Income from subsidiaries
29
B-Ung. series
3
P BB series
30,119
64,271
80,046
$7,090,745
Operating income
Other inc. deductions—
Int. to
7,467,961
$7,035,601 $28,035,789 $28,359,332
365,010
287,027
95,059
276,889
282,168
69,566
Other income
44
AF series
IT series
7,694,331
Nal'l Pow. cfe Lt. Co.—
Corp.—Distribution—
Empire bond, A series.
$84,857,198 $83,593,015
49.199,104 47,641.662
$7,065,720 $27,963,763 $28,483,392
1,568
(net)
1938—9 Mos.—1937
$9,307,446 $8,732,531
6,289,448
6.289,448
6,289,448
$0.46
$1.27
$1.18
xjNo provision made for Federal surtax on undistributed profits.
Net profit for 12 months ended Sept. 30,1938, was $12,470,027, equal to
$1.70 a common share, against $11,708,096, or $1.58 a share for the 12
months ended Sept. 30, 1937.—V. 147, p. 1201. 4
Shs.com.stk. (par$10)Earnings per share
1938—12 Mos.—1937
Operating revenues
$21,274,872 $21,117,136
Oper.exps.,incl. taxes— 12.253,634
12,090,890
Prop, retirement reserve
appropriations
1,928,925
1.960,526
Int. charged to construe.
Period End. Sept. 30— '1939—3 Mos.—1937
xNetinc. after taxes,&c. $3,662,311
$3,309,738
(& Subs.)—Earnings—
1938—3 Mos.—1937
Period Ended Oct. 31—
Subsidiaries—
deductions
Co.—Earnings—
1938—9 Mos.—1937
$104,656
$22,222
—V. 146, p. 3511.
x
National Biscuit
Co.—Earnings—
1938—3 Mos.—1937
$18,913
$15,049
Net loss
but before provision for
For the quarter ended Sept. 30, 1938, net loss was $125,070
with net loss of $11,346 in the preceding quarter, and net profit of $122,072
in the third quarter of 1937, equal to 24 cents a common share.—V.
profit
$415,178
169.128
$2.45
the common
12. This compares with
last. See V. 146, p. 2053,
previous dividend payments.—V. 147, p. 1348.
for detailed record of
Period
$680,593
1937
$568,670
1938
30—
xTNet profit-—
loss$177,977
Earns, per sh. on 247,255
shs. class A stock
Nil
V Mos. End.
$258,426
179,825
$1.44
$89,138
169,128
$0.52
$94,412
179,825
$0.52
stock payable Dec. 22 to holders of record Dec.
20 cents paid on Sept. 30, June 30 and on April 15
Inc.—Earnings—
National Automotive Fibres,
Net
1938—9 Mos.—1937
Directors have declared a dividend of 30 cents per share on
Crl4,537
019,565
9 Mos. End. Sept.
z
Subs.)—Earnings—
30-cent Dividend—
for
—V. 145, p. 3352.
p.
1937"^
'
Estimated.—V. 147, p^3165.
z
National Oil Products Co., Inc. (&
Period End. Sept. 30—
1938—3 Mos.—1937
unpaid &
others)
Total
After
yjDn^lOO.OQQ shares of capital stock,
income taxes, &c
Shs. of cap. stock outst'g
Earnings per share
sale of
collections
1938
z$123,772
$96,938
$1.23
$0.96
provision for depreciation and Federal and State income taxes.
Earnings per share
Net profit after expenses
and reserve for Federal
on con¬
real estate
ins ur.
_
115",555
£ National Oats Co.—Earnings—
$2,424,863 $1,885,534
res.
rata)
453,165
tract for
.
y
Premium
721,929
and accrued
stock.
share
10 Months Ended Oct. 31—
xNet profit
unpaid
not due.
I
deposit
Balance due
per
of adjustm't, but
2,745,786
hand and
on
common
Earnings
$914,301
46,737
—V. 147. p. 3021.
claims In process
Reserve for
$117,661
Stocks
1937
1938
LiaMlities—
1938 r*«- 1937
$117,078
1,775
Mortgages
on
Net profit
Shares
Sheet
Insurance ICo.—Balance
Automobile
Real estate & impr.
Cash
Estimated storm loss
undistributed profits.—
Sept.- 30—
Bonds....
Res. for doubtful accts..
U.S. & Canadian inc. tax
taxes, but before surtax on
147# p» 2695*
National
Operating profit
Other Income (net)
$2,39
$0.14
$1.00
Nil
_shs. cap. stk. (par $1),
'After
92,140
Interest
1938—3 Mos.—1937
loss$47,429
$498,244
Earns, per sh. on 500,000
x
$592,272
Total income
Co.—Earnings—
Period End. Sept. 30—
Net
$244,363
$0.72
capital
y.On 340,000 shares
provision made for Federal surtax.
stock (no par).—V. 147. p. 1484.
National Acme
$220,929
$0.65
$116,573
$0.34
$85,573
$0.25
per share
No
x
x
$270,949
$355,505
$199,900
1,261,458
1,174,382
$0.22 Jjy^$0.10
charges
1938—9 Mos.—1937 d
$1,255,347
$1,072,092
230,367
157,791
1938—3 Mos.—1937
Period End. Sept. 30—
Profit after expenses, &c.
Net profit after deprec.
x
$331,463
60,514
$500,132
24,987
Period End. Sept. 30—
.
$4,081,394
-
$2.00
$6 preferred
——
$10,951,836
1,678,296
stock dividends—
dividends
3,273,670
31, 1938
$5,999,869
Common stock
Earned surplus, Oct.
Hotes—(1) As of Sept. 2,1938, the electric properties of Tennessee Public
Service Co. and Holston River Electric Co. were disposed of.
These sub¬
sidiaries are still in existence and, therefore, no adjustments have been made
on the books of the company for losses, not yet determined as to amount,
arising through the sale of these properties or of the partial or final liquida¬
tion of the companies.
(2) There have been negotiations looking to the sale of the electric prop¬
erty of Memphis Power & Light Co., but a sales contract had not been
entered into at the date of this statement.
(3) Contracts have been signed whereby West Tennessee Power & Light
Co. will dispose of practically all of its properties, other than the gas prop¬
erties, to Tennessee Valley Authority and others, j jtf
jg
^ Am|
...
May Sell Subsidiary—
Stockholders at a special meeting on Dec. 20 will consider and act upon
proposal to authorize the officers of the company to vote the stock of
West Tennessee Power & Light Co. (owned by this company) so as to ap¬
prove the performance of contracts providing for the sale of the electric,
water and ice properties of West Tennessee Power & Light Co. and the
possible sale or abandonment of the railway property of such company.
i-V. 147, p. 3165.
a
3316
Financial
National Steel
Chronicle
until
Corp.—Listing—
Nov.
costs
available.
are
26,
1938
Storm
expenses aggregating $4,478 are
in
September,
1938, operating costs and maintenance.
In
addition, we estimate the loss of revenue applicable to the September,
1938, earnings statement to be $45,000.
included
The New York Stock Exchange has authorized the listing of an additional
28,350 shares of stock (par $25) on official notice of issue and payment of the
purchase price by certain officers and employees of the corporation and its
subsidiaries, making the total number of shares applied for 2,230,922 shares.
Directors by resolutions adopted Sept. 13, 1938, authorized the issue of
28,350 shares to certain officers and employees of the corporation and its
subsidiaries (numbering in all 36 persons) at $40 per share.
All of the said
36 officers and employees, as of the date of this application, have entered
(2) Included in operating costs is $297,000 balance of provision for a
flowage equalization reserve created during the six months ended June 30,
1937, because of "better than normal" water conditions during such period.
This amount was credited to operating costs in subsequent months during
1937 and, therefore, $297,000 is included as a credit to operating costs
for the 12 months ended Sept. 30, 1938.
(3) No provision has been made in this statement for Federal tax on
undistributed net income applicable to the 1938 periods, the amount of
such liability, if any, being determinable only at the end of calendar year.
V. 147, p. 1043.
into written agreements to purchase the 28,350 shares and to make payment
of the purchase price on or before delivery of the certificates.
Delivery of
the certificates by the corporation will be made as soon as it Is feasible,
which, it Is expected, will be prior to Dec. 31, 1938.
actual
The 28,350 shares
have been allocated as follows:
Three directors and officers of corporation
and officers of subsidiaries, 12,500 shares: one director of corporation and
officer of
Bedford
New
subsidiary, 2,500 shares; four officers of corporation, 1,650 shares;
14 officers of subsidiaries, 7,400 shares; one employee of corporation, 200
shares, and 13 employees of subsidiaries, 4,100 shares.
Cordage Corp.—Dividend Omitted—
Directors have decided to omit the dividend ordinarily due at this time
the $5 par common
shares.
Dividends of 15 cents per share were paid
Sept. 1 and on June 1, last; a dividend of25 cents was paid on March 1,
last: 50 cents per share was distributed on Dec. 1 and on Sept. 1, 1937, and
dividends of 25 cents per share were paid in each of the three preceding
on
on
Consolidated Balance Sheet
Sept. 30, '38 Dec.31,'37
Assets—
$
Cash
10,979,089
2,500,000
Mktle. sees., &c.
Notes & accts.
11,335,319
25,088,028
739,924
12,330,890
...
& depl.) 138,512,280
charges..
term
134,271,946
2,462,524
2,320,397
2,533,349
5,824,120
58,747,591
59,054,781
5,087,231
4,156,129
54,202,925
stk,
54,196,925
38,105,939
Total._..... 198,607,304 204,452,622
1239.
p.
New York
Capital surplus. 38,109,539
Earned surplus. 30,609,737
Total
28.327,269
198.507,304 204,452,621
New York Merchandise
-Earnings—
16 Weeks Ended-
Period—
Oct. 8, '38
>
Net loss
x
$444,816
After
interest,
depreciation
40 Weeks Ended
•
Oct. 9, '37
$846,638
and
Federal
Oct. 8, *38
Oct. 9, '37
$828,253
and
$837,165
State
taxes.—V.
an
extra
stock, par $10, payable Dec. 15 to holders of record Dec. 5.
New York
Shipbuilding Corp.—Earnings—
9 Months Ended Sept. 30—
Gross
147,
p. 3165.
1938
Nebraska Power
Period
End.
Oct.
31
Amort,
of
Co.—Earnings1938—Month—1937
Operating revenues.
Oper, exps., incl. taxes.
$678,914
393,394
$7,976,277
4,438,487
$460,859
31,539
investments
4,094,028
Total profit.
Interest
1,955
45,493
$492,398
48,333
...
Net operating revs...
Other income
Gross income
Interest on mtge. bonds.
Interest on deben. bonds
Other int. and deduct'ns
Interest charged to
44,167
596,666
$241,973
$235,232
$2,895,631
63
535
12,348
$235,295
61,875
17,500
9,481
$242,508
61.875
17,500
9,231
$2,907,979
742,500
,
210,000
.
New
$2,840,312
105,186
Cr24,706
Cr46,822
$146,622
Net income.
Cr417
$154,319
$1,870,615
$1,829,448
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$1,371,515
Noblitt-Sparks Industries, Inc.—Earnings—
499,100
New England Power Association (&
Other income
1,017,172
Total gross earnings..$38,906,713
Operating costs.Maintenance
Depreciation
Federal, State & munici¬
pal taxes
$1,330,348
x
Subs.)—Earnings
14,122,364
2,599,377
3,444,444
1938—12 Mos.—1937
$51,286,889 $54,001,217
1,284,646
1,388,267
1,657,211
$41,258,374 $52,675,156 $55,658,428
15,223,415
18,601,307
19,960.823
2,544,077
3,673,035
3,511.560
3,485,510
4,747,525
4,738,603
6,921,210
9,362,113
Consol .bal .before divs. $2,629,219
$0.74
depreciation,
normal
$46,483
190,687
$0.99
Federal
$622,757
190,687
$3.26
$0.24
income
taxes,
&c.,
but
before
$4,207,897
$6,524,544
1,988,775
ing the period
Consolidated balance^
Noranda
2,983,138
2,983,154
4,308,921
$640,444
$1,166,770
$1,224,743
$2,215,623
Notes—(1) It has been estimated that the Sept. 1938 hurricane and floods
will cost the companies
(excluding Massachusetts Utilities Associates sub¬
sidiaries, inasmuch as said companies are not included in this consolidated
statement) a gross amount of about $2,700,000.
This includes charges for
labor, materials and supplies in making repairs and replacements and loss
of revenue.
The ultin ate accounting allocation cannot be determined until
actual costs are available.
Storm expenses aggregating $268,714 are in¬
cluded in Sept. 1938
operating costs and maintenance.
In addition, we
estimate the loss of revenue applicable to the
Sept. 1938 earnings statement
have declared a dividend of $2 per share on the no-par
stock, payable Dec. 22 to holders of record Dec. 5. Similar amount
was paid on June 27, last, and compares with $1.50 paid on Dec. 23, 1937;
$1.75 on June 30, 1937, and on Dec. 22, 1936; $1.25 paid on June 23, 1936,
and $1 per share paid in December and June of 1935 and 1934.
During
1933 a total of $1.50 per share was disbursed; in 1932, $1.10; 1931, 50 cents,
and in 1930, $2.50 per share.—Y. 147, p. 2696.
c
(3) No provision has been made in this statement for Federal tax on
undistributed net income applicable to the 1938
periods.—V. 147, p. 1786.
Exchange the capital stock, $100
session
Norfolk & Western
Period End. Oct. 31—
taxes
$8,310,080
4,715,672
209,275
480,000
942,732
$9,180,790 $11,192,003 $12,370,682
5,419,595
5,962,748
7,056,523
246,303
282,394
317,531
480,000
640,000
640,000
918,075
1,215,011
1,135.214
Bal. before cap. chgs.
Int. on funded debt
$1,962,401
243,185
$2,116,817
245,383
32,809
14,652
1,532
32,817
18,767
$1,670,223
360,630
$1,819,850
360,630
& expense
Other Interest charges..
Other chgs. against inc.
.
Bal. before divs
Preferred dividends
divs.
surplus
$3,091,849
324,979
$3,221,413
410,300
43,931
19,526
1,532
42,495
23,165
13,306
$2,701,881
$2,732,147
480,840
480,840
&
$1,309,593
$1,459,220
$2,221,041
Notes—(1) It has been estimated that the September, 1938,
cost this company a gross amount
$2,251,307
storm will
of about $330,000.
This includes charges
for labor, materials and supplies in making
repairs and replacements and
loss of revenue.
The ultimate accounting allocation cannot be determined
par,
effective at the close of the trading
Railway
Ry.—Earnings—
1938—Month—1937
$8,114,477
•
1938—10 Mos.—1937
$8,130,995 $58,020,024 $76,949,861
335,911
2,849,638
3,315,445
35,482
262,210
303,873
54,471
360,327
577,872
313,699
31,093
express
Other transporta'n rev.
Incidental & joint facil—
40,791
$8,500,060
Maint. of way & struc—
726,524
Maintenance of equip—
1,360,129
Traffic..
145,484
Transporta'n rail line—
1,783,810
17,562
187,351
Cr6,969
$8,556,859 $61,492,201 $81,147,051
789,913
6,717,679
8,583,643
1,640,029
12,715,300
14,889,784
137,138
1,378,809
1,346,784
1,920,434
15,811,510
18,036,774
19,537
165,533
181,832
188.317
1,763,619
2,036,853
CV523
Cr34,051
026,681
$4,286,170
1,200,212
$3,860,967 $22,973,800 $36,098,063
1,165,226
8,973,417
11,776,441
income $3,085,958
0314,835
Drl8,804
$2,695,741 $14,000,383 $24,321,622
0416,618 01,903,910 03,383,249
Dr23,135
Drl44,727
Drl39,293
Netry. oper. income. $3,381,988
18,674
$3,089,224 $15,759,565 $27,565,579
77,991
315,761
903,944
Gross income
$3,400,663
178,453
$3,167,215 $16,075,326 $28,469,523
178,817
1,785,350
1,788,168
$3,222,209
$2,988,398 $14,289,977 $26,681,356
oper. revs.--
—
Miscellaneous operations
General expenses
Transporta. for invest—
Net ry. oper. revs
Railway tax accruals-.oper.
Equipment rents (net)..
Joint facility rents (net).
Other inc. items (bal.)..
Co.—Earnings—
Period End. Sept. 30—
1938—9 Afos.—1937
1938—12 Mos.—1937
Gross operating revenue- $8,295,442
$9,166,340 $11,170,891 $12,335,861
Other income
14,638
14,450
21,112
34,820
Amort, of debt discount
Application for
Dec. 2.—V. 147, p. 2696.
on
Freight revenue
Passenger, mail &
Int.
Maintenance
Grants
This amount
was credited to
operating costs in subsequent months during 1937 and corre¬
spondingly reduced operating costs for the 12 months ended Sept. 30, 1938.
Total gross earnings-.
RR.—SEC
The Securities and Exchange Commission has granted the application of
the New York Stock Exchange to strike from listing and registration on the
Railway
^ Included in operating costs for the nine months and 12 months ended
Sept. 30, 1937, is $297,000 provision for a flowage
equalization reserve
created because of "better than normal" water
conditions.
Operating costs
Southern
Striking Securities from Listing and Registration—
-
to be $145 ,000.
New England Power
Mines, Ltd.—$2 Dividend—
The directors
_
$4,149,909
Pref. divs. declared dur¬
►
After
share
1938—9 Mos.—1937
common
8,878,689
,
com.
per
Norfolk
7,246,414
Consol. balance before
capital charges
$11,494,114 $13,084,162 $16,291,177 $18,568,752
Int. on funded debt
4,803,199
4,818,515
6,443,347
6,529,435
Amort, of dt.disc.&exp.
378,450
404,262
515,367
535,772
Miscellaneous interest-_
90,467
108,824
123,454
146.939
Other chgs. agst. income
18,608
18,000
143,750
Cr51,612
Pref.divs.ofsub.co8._2,887,477
2,888,310
3,850,074
3,851,096
Minority interest in net
earnings of subs
' 686,693
696,343
1,007,286
1,032,579
Bal. for
1938—3 Mos.—1937
$140,824
$189,760
190,687
190,687
Shares of capital stock-
provision for surtax.—V. 147, p. 1201.
Period End. Sept. 30—
1938—9 Mos.—1937
Gross oper. revenue
$37,889,541 $39,973,728
Depreciation.
Fed., State & mun.
*
Susquehanna & Western RR.—Reorg.—
Net income.
Earnings
Balance
-V. 147, p. 2871.
York
Period End. Sept. 30—
x
499,100
36,386
$122,537 loss$289,147
The Interstate Commerce Commission has granted permission to the
New York Life Insurance Co., Prudential Insurance Co. of America and
Mutual Benefit Life Insurance Co. to intervene in the company's reorgan¬
ization proceedings.—V. 147, p. 2696.
742,500
210,000
Cr 183
—
—
Net profit
—V. 147, p. 2871.
$2,769,057
71,255
con¬
struction
—■
-
45,512
112,200
221,275
-
Miscellaneous charges
554,167
109,570
$66,612
121,272
224,723
9,764
—
Depreciation
reserve
appropriations
$21,100
Other income
$7,417252
limited-term
Property retire,
$9,609,399
9,588,299
Profit.
1938—12 Mos.—1937
$650,668
364,528
-
1937
$8,665,525
8,204,666
&
Costs and expenses
r
Co., Inc.—Extra Dividend—
dividend of 10 cents per share on the
The
regular quarterly dividend of 10 cents per share was paid on Nov. 1, last.
—V. 147, p. 580.
Directors have declared
common
x
City Omnibus Corp.—New Director—
Corporation has notified the New York Stock Exchange of the election
succeeding Harry Bronner, resigned.
of Charles G. Stachelberg as a director,
—V. 147, p. 3166.
-V. 147, P. 2871.
National Tea Co.
Ltd.—Bonds Called
All of the outstanding first mortgage sinking fund 5H% bonds series
due 1971 have been called for redemption on Dec. 10 at 104 and accrued
interest.
Payment will be made at the Royal Bank of Canada.—V. 143.
(par
$25)...
3347.
Newfoundland Light & Power Co.,
2,271,656
Along-
indebt
p.
12,515,799
In¬
on
Reserves
Cap.
quarters.—V. 146,
$
6,153,075
3,063,853
est
come,
Fund. dt.
755,506
>
$
payable.
Accrued llabs
9,762,993
f\ct—
prec.
Def'd
31,531,798
9,467,400
Other assets....
Investments
Accts.
Fed. taxes
receiv. (net)..
Inventories
"Prnnti
Sept. 30, '38 Dec. 31, '37
LiaMlUies—
$
10,901,826
funded debt..—
on
Net
income
—Y. 147, p. 2696.
North American Cement
x
12 Mos. End. Sept. 30—
Net loss
x
After
taxes,
Corp.—Earnings—
1937
1938
$484,828
depletion, interest
$882,334
depreciation,
1 936
1935
$320,565
$438,112
and amortization.—V.
147, p. 1202.
North Central Texas Oil Co.,
3 Months Ended Sept. 30—
Oil royalties
Total
operating income
Administrative and general expense.
Legal and purchase expense..
Depreciation
Taxes, sundry
Depletion and properties charged off.
Net operating income
on
—
securities.
_
Net income before Federal taxes..
1937
$75,581
298
$54,872
1,507
'
340
$63,391
13,111
1,285
Rentals from mineral rights
Lease operations
Interest and dividends
Inc.—Earnings-—
1938
$62,120
1,037
234
$77,402
12,947
1,614
$56,719
11,531
777
1,523
.
1936
143
p
131
130
3,000
20,827
3,000
24,617
3,000
19,683
$25,025
$35,092
$21,599
50
50
300
$25,075
$35,142
$21,899
.
Volume
Financial Chronicle
147
Comparative Balance Sheet Sept. 30
Assets—
1938
Cash
1937
—
$77,931
Accts. receivable..
11
Marketable securi¬
ties
(cost)......
4,650
Mineral rights &
leases.
1,375,715
438
y Furn. A fixtures.
z
Deferred assets
Total
x
Accts.
After
reserve
for
Co,—Earnings—
Period End. Oct. 31—
Gross revenue
1938—Month—1937
1938—12 Mos.1937—
$1,565,804
$1,641,147 $18,581,343 $19,642,060
744,497
829,944
x9,009,591
x9,478,892
200,000
200,000
2,400,000
2,125,000
Oper. expenses & taxes.
Prov. for depreciation—
Gross income
Int. & other fixed chgs.
$621,307
287,575
$611,203
280,686
$7,171,752
3,403,252
$8,038,169
3,232,012
Net Income.—
Divs. on pref. stock...
18,429
31,021
$333,732
$330,517
155,577
155,577
$3,768,500
1,866,923
$4,806,157
1,866,923
$178,155
$174,940
$1,901,577
$2,939,234
—
$1,496,165 $1,504,0591
$1,056,891 in 1937.
$7,763 in 1937,
1937
1938
$2,642
$5,457
payable
41
51*062
Deferred credits..
27,820
1,350,000
23,495 Com. stk. (par $5) 1,350,000
Treasury stock
Dr122,500 Dr100,000
115,572
1,361,532 Capital surplus
118,462
258 Earned surplus...
84,783
116,884
42
18,091
19,328
Deferred charges..
Liabilities—
Federal taxes.....
$69,282
3317
Ohio Edison
$1,496,165 $1,504,059
Total...
depletion and depreciation of $1,179,186 in 1938 and
y After reserve for depreciation of $7,595 in 1938 and
Balance
No provision
.5
^
tributed profits
as
was made in 1936 or 1937 for Federal surtax on undis¬
all taxable income was distributed.—V. 147, p. 2697.
__Ohio Finance Co.—Dividend Increased—
Final Dividend—
The directors have declared
a final dividend of 10 cents per share on the
stock, par $5, payable Dec. 15 to holders of record Dec. 1. Like
amount was paid on July 1, last; a dividend of 20 cents was paid on Dec. 15,
1937; dividends of 15 cents were paid on July 1; 1937, and on Dec. 16,1936,
and a special dividend of 10 cents was paid on Dec. 16, 1935* this latter
being the first dividend paid since Sept. 2,1930, when a quarterly dividend
of 15 cents per.share was distributed.—V. 147, p. 1202,
common
Directors have declared a dividend of 40 cents per share on the common
stock, payable Dec. 22 to holders of record Dec. 10.
Previously regular
quarterly dividends of 30 cents per share were distributed.—V. 147, p. 2541.
Ohio Public Service Co.—Earnings—
Earnings for 12 Months Ended Sept. 30, 1938
_
Gross operating revenue
Net income after
...
appropriation
North West Utilities Co. (& Subs.)- -Earnings—-
Federal income taxes, &c
—V. 147, p. 2542.
Period End. Sept. 30—
1938—3 Mos.— 1937
Operating revenues
$3,155,148
$3,060,603
Oper. exps. & taxes....
2,163,030
2,179,027
1938—9 Mos.—1937
$9,200,135
$8,902,568
6,414,775
6,243,305
Net operating income.
Other income (net)
$992,118
4,738
$881,576
3,827
$2,785,360
11,442
$2,659,263
,10,430
Operating
Gross Income.
Int. on long-term debt..
$996,856
458.052
5,089
$885,403
462,084
4,587
$2,796,802
1,379,068
17.766
$2,669,693
1,380,775
14,316
87,437
2,715
261,162
9,330
273,073
10,873
349,586
349,586
1,048,758
1,048,759
$93,203
y$2l,006
$80,718
y$58,104
replacements,
—
$10,235,106
interest,
2,505,949
Earnings
86,572
4,354
for
...
Oklahoma Natural Gas Co. (& Subs.)—-Earnings—
12 Months Ended Oct. 31—
General interest (net)_ Amortiz.
of bond
dis¬
count and expense
Miscell. inc. deductions.
Prov. for divs. on pref.
stocks of sub. cos. held
•by the public-----—.
x
Net income
-
due to the regular voting privilege of its outstanding preferred stock.—V.
(Pel.)—Weekly Output—-
3,5% compared with the corresponding week last year.—V. 147, p. 3166.
Northwestern Electric
Co,—Earnings-
Period End. Oct. 31—
$387,176
259,747.
-
Amort, of limitedinvestments
Prop, retire,
-1937
$399,115
284,190
25.000
Operating revenues
Oper. exps., incl. taxes.
21,667
Old
Colony Trust Associates—Earnings—
Period End.
Net income
y
Earns, per share—
After all charges,
552
260,000
.
293,333
$102,429
17,513
$93,258
Otis Elevator Co.
9 Mos. End.
Net sales
206,441
$75,694
$1,024,824
$1,405,488
209,724
$1,195,764
Drl.958
Dr77
Dr93
Drl30
Other int. & deductions
17,624
$75,601
29,522
16,720
$1,024,694
mortgage bonds
$84,839
28,222
—
<7r35
Crl3
340.088
208,476
Cr272
$29,372
$476,402
$632,534
334,182
income
$39,028
$1,193,806
363,577
197,804
Crl09
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
-
Total income..
Other deductions
$3,273,654
1,297,523
$1,395,231
776,936
loss$63,376
829,215
$1,941,227
226,387
98,000
$4,571,177
275,190
y820,500
$2,172,167
'280,872
$765,839
286,087
Netincome
—
.....
$1,616,840
$3,475,487 x$l,657,295
No
$1.59
—$0.66
(po par)
y
mention
is
made
of
Federal
surtaxes
Omnibus Corp.—To Pay
$1.30 Common Dividend—
dividend
paid since Dec. 23, 1937 when an initial dividend of $1.80 per
distributed.—V. 146, p. 2704.
was
Pacific Can
12
Co.—Earnings—
Moidhs Ended Sept.
z
Net profit
y
Earns, per share
x
Profit for the
Gross profit on sales..
Expenses
—
Operating profit.....
$196,968
4,644
$247,606
205,391
$145,457
164,097
$98,040
27,321
$42,215
19,737
a$18,640
3,641
$567,454
370,485
....
,
year under
Robinson-Patman Act.
y on 195,000 shares capital stock,
charges, including Federal income and surtaxes on undistributed
for inclusion of refunds made to Pacific
for
12
months
ended
Sept.
30,
20,700
7,500
1,946
_
......
e
•
_.
b 6^%,
c
$61,952
40,769
1,700
a$14,999
33,802
"
"
1*057
1~U7
.$63,711
c34,038
$49,707
...
_
1938, net profit was $283,329, equal to.
$1.45.a share compared with $165,730,<equal to 85 cents a share for first
nine months of 1937.
Sales for nine months ended Sept. 30 were $2,450,507
against $2,610,075 for like 1937 period.—V. 147, p. 1350.
For nine months ended Sept. 30,
12 Months Ended Sept. 30—
(& Subs.)—Earnings—
^§8
|?37
.
n
Maint., oper. & admin, exps., taxes and prov.,for '
ins., casualties and uncollectible accounts...... 47,586,264
Provision for depreciation.....14,285,545
Net
.
—.....—..$100,857,893 $99,543,243
Gross operating revenue
^
44,525,311
13,632,219
$38,986,084 $41,385,713
operating revenue
Miscellaneous income.....—..................
188,094
302,493
14,072
7H%.
d
.
$18,426
a$49,918
b28,150
$29,673
$111,195
d61,488
Net profit.:
Preferred dividends—
Loss,
$125,361
43,864
11,575
4,560
1,651
$201,612
46,199
—.
Depreciation
Fed. income taxes (est.)
Undistrib. profits tax...
Interest paid..
Miscell. deductions....
a
•
1938, were $3,040,204, against
$3£099,561 for preceding 12 months.
Pacific Gas & Electric Co.
.......
Can s customers last
of the
After
Sales
$1,703,280
1,455,675
$357,997
259,957
—...
1937
1936 ■
$185,936
x$269,400
$1.51
$0.95
$1,38
12 months ended Sept. 30, 1936, was revised to allow
1938
$293 ,777
30—
profits.
1935
$2,249,895
1,891,898
$2,785,865
Cost of sales...——
2,218,411
e
undistributed profits,
Directors have declared a dividend of $1.30 per share on the common
stock, payable Dec. 29 to holders of record Dec. 13.
This will be the first
z
Consolidated Income Account for Years Ended Sept. 30
1938
1937
1936
....
$0.09
$0.68
on
Including surtax on undistributed profits.—V. 147, p. 1202.
terms
Surplus
$479,752
„
Norwalk Tire &. Rubber Co,—Earnings—
Total income.
234,000
Earns, per sh. on 2,000,000 shs. common stock
share
Balance—.—
$142,220
$298,353
x
Dividends accumulated and unpaid to Oct. 31, 1938, amounted to
$1,083,127.
Latest dividend on 7% pref. stock was $1.75 a share, paid on
Oct. 1, 1938.
Latest dividend on 6% preferred stock was $1.50 a share
paid on Oct. 1,1932,
Dividends on these stocks are cumulative.—V. 147,
p. 2697.
Other income
1935
$9,915,283
5,072,211
307,961
538,877
4,059,610
$594,530
1,346,697
„.
Other income
334,181
Int. chgd. to construe'n_
Gross sales
_.
Operating profit..
x
Gross income.
Net
(& Subs.)— Earnings—
1938
1937
1936
$21,290,294 $19,009,269 $13,581,664
Costs.
13,973,534
8,839,759
6,851.232
Maintenance and repairs
419,168
667,582
398,479
Depreciation
541,293
579,620
557,291
Expenses
5,761.769
5,648,654
4,379,431Sept. 30—
AcCrd, Fed. income taxes
$1,231,265
17,564
$84,916
Operating income....
Other income (net)..
x
y
1938—3 Mos.—1937
1938—9 Mos.—1937
$116,190
$117,902
$283,339
$438,894
$6.20
$0.31
$0.75
$1.17
On shares of capital stock.—V. 147, p. 581.
———
1938—12 Mos.— 1937
$4,276,671
$4,639,547
2,752,050
2,973,507
32
res. approp.
Net oper. revenues...
on
Sept. 30—
x
t
Rent for lease of plant-
Int.
$2.05
charged to surplus.
Note—No provision has been made for the Federal surtax on undistributed
profits for the fiscal year beginning Dec. 1, 1937, which maybe payable
under the Revenue Act of 1936, since any liability for such tax cannot be
determined until the end of the fiscal year.
The Revenue Act of 1938 will
not apply to this company until the fiscal year beginning Dec. 1, 1938.
—V. 147, p. 2698.
x
Electric output of the Northern States Power Co. system for the week
ended Nov. 19, 1938, totaled 27,943,089 kilowatt-hOurs, an increase of
$1.95
1937
x Without deduction for surtax of
$40,000 on undistributed profits for
fiscal year ended Nov. 30, 1937 (none in fiscal year ended Nov. 30, 1936,
147, p. 1202.
Northern States Power Co.
$8,163,185
3,057,054
1,534,883
per common share without deduction for
surtax on undistributed profits—
x After
deducting dividend requirements for the period on preferred
stocks of subsidiary companies held by the public,
y Indicates loss.
Note—This statement does not include the revenues and expenses of
Lake Superior District Power Co., all of the common stock of which is
owned by North West Utilities Co., but in which voting oontrol is not held
1938
$8,033,077
2,958,010
1.480,819
revenues
Gross income after retirement accruals
* Net
income.
$18,426
def$78,06S
14%.
_
.
$41,688,206
12,909,054
3,884,208
3,056,781
Gross income.—...........................$39,174,178
Bond & other int., disc. & other inc. deduc'ns— 12,167,288
Provision for Federal income ta*—... ...........
Net income to surplus.......................$23,122,682
Divs. of subs, on capital stocks held by public and
$25,722,371
243,016
248,122
„
Includes increase in reserve for outside real estate in the amount of
minority int. in undist. earns, for the period....
——
.
_„0
$13,975 and loss on retirement of fixed assets in the amount of $97.
Consolidated Balance Sheet Sept. 30
1938
Assets—
x
$275,756
$290,820
90,930
58,187
Cash.
y
Notes and accts.
receivable, &c—
1937
674,464
308,936
7,936
Other assets...—
448,301
446,297
8,355
—...
$439,200
202,230
202,230
40,000
209,976
47,258
11,111
20.724
Remainder—applicable to P. G. & E. Co
.$22,879,666 $25,474,249
on preferred stock...—.............
7,708,494
£.708,489
on common stock.........———— 12,522,540
12,522,535
Dividends
Dividends
$439,200
Common stock..
z
Notes pay., bank.
Accounts payable.
Deferred charges-
Inventories
1938
Preferred stock—
Prop., plant and
equipment-..-.
Liabilities—
1937
267",580
Accrued accounts.
76,587
Res. for loss on fur
5,705
271.427
ture pur,
contr.
Capital surplus...
Earned surplus...
271,427
109,352
59,645
Balance————
—————
Aver, number of shs. of com. stk.
outstanding....
Earnings per share on common stock—.......—.
Dissolution of
$2,648,632
6,261,270
$2.42
$5,243,225
6,261,266
$2.84
Subsidiaries-—James B. Black, President,
states:
In conformity with company's long-established policy of achieving the
simplicity in corporate structure, proceedings were undertaken in,
quarter of 1938 for winding up the affairs of the San Joaquin
Light & Power Corp. and Midland Counties Public Service Corp..itssole,
remaining electric and gas subsidiaries.
Control of these subsidiaries was
exercised through ownership of approximately 90% of the capital stock of
the former and all of the stock of the latter.
On Aug. 15 the company offered to exchange its own preferred stock for
the preferred shares of the San Joaquin Corp., then remaining in the hands
of the public; and on Oct. 24 the San Joaquin Corp. offered to purchase from
the minority holders thereof the small balance of its outstanding common
utmost
Total
—
$1,366,377 $1,275,441
Total -.—$1,366,377 $1,275,441
x After deducting $209,910 ($178,141 in 1937) reserve for depreciation,
After deducting $88,231 ($35,756 in 1937) reserve for bad and doubtful
accounts and notes,
z Represented by 202,230 no par shares.—V. 147,
p. 1643.
y
Nova Scotia
Light & Power Co,, Ltd,-—To Seek Tenders
$1,000,000 serial bonds, maturing
Tenders are being called for an issue of
varied amounts, coupons ranging from 2% to 3%. The issue
s guaranteed as to principal and interest by Government of Nova Scotia
and proceeds will be used to complete Cowie Falls development for supply¬
ing power to the Mersey Paper Co., Ltd.—V. 146, p. 3813,
1939-1944 in
Ccp
"
I
the third
St<The transfer
of the properties of the San Joaquin and Midland Counties
companies to this company has been authorized by the California RaU- ,
road Commission and will be effected in the near future.—V. 147, p. 2542.^*
Financial
3318
*
Co.—Extra Dividend—
Pacific Indemnity
dividend of 10 cents per share In
addition to a quarterly dividend of 40 cents per share on the common
stock, par $10, Doth payable Jan. 2 to holders of record Dec. 15. Similar
payments were made in each of the seven preceding quarters.
An extra
dividend of 20 cents in addition to a quarterly dividend of 30 cents per share
was paid on Jan. 2« 1937.—V. 147, p. 1350.
The directors have declared an extra
Subs.)—Earnings-
Pacific Power & Light Co. (&
$5,773,095
3,208,945
investments ........
57,708
694.100
~
Pantepec" Oil Co. of Venezuela, C. A.—Registers with
SEC—
See list given on
$5,697,674
3,165,607
131
.
57,908
date Dec. 30, 1938,
resolution provides
be issued to Mo-Kan stockholders shall automatically
become null and void on the 90th day following the effective date of any
registration statement filed to cover tneir issuance, instead of the.45th day,
as originally specified.—V. 147, P. 2698.,*i***.
m.-jd
that the rights to
first page of this department.—V. 147, p. 1203.
Park Utah Consolidated Mines Co.—Earnings—
Amortiz. of limited-term
Property retirement re¬
serve appropriations..
Nov. 26, ms
handle Eastern common stock, making the new notice
instead of Nov. 30. 1938.
In addition, the amended
1938—12 Afos.—1937
1938—Month—1937
$531,575
$535,454
298,754
281,447
Period Ended Oct. 31—
Operating revenues
Oper. exps., incl. taxes..
Chronicle
9 Months Ended Sept. 30—
1938^__
Income from ore sales—$147,807
692,500
Other
income...-..———-——30,613
sold
...—...
18,982
Profit on bonds called and
Net oper. revenues...
Bent from lease of plant
$192,220
17,513
$178,992
17,564
$1,869,919
206,441
$1,839,567
209,724
Operating Income....
$209,733
$196,556
Other income (net).....
A>r36
$2,076,360
887
$2,049,291
3,781
$2,053,072
1,025,000
239,689
Int.
$209,697
85,417
17,553
mortgage bonds.
Other int. and deduc'ns.
x
on
Net income
Dividends applicable to
$196,548
85,417
22,086
$2,077,247
1,025,000
227,428
$106,727
—
$89,045
$824,819
preferred stocks for the
period, whether paid or unpaid..............
general expense—...........
Property, tax and insurance accruals
Balance
........
458,478
458,478
$366,341
$329,905
Oct, 31, 1938, amounted to
$229,239, after giving effect to dividends of $1.75 a share on 7% preferred
stock and $1,50 a share on $6 preferred stock, declared for payment Nov. 1,
1938.
Dividends on these stocks are cumulative.—V. 147, p. 2698.
Dividends accumulated and unpaid
x
Pacific Western Oil
to
1937
$2,912,391
$2,134,587
631,998
158,253
Depl. & lease amortiz—
108,795
Depreciation,
351,843
Amortiz. of drill & oper.
contracts
36,242
Intangible devei. cost-—
205,082
Insurance..—...
17,436
Taxes
-118,154
Interest
139,989
Loss on sale of sec
78,678
$2,492,015
420,376
Balance.........—
664,157
Expenses....
Provision for abandon.-
165,064
125,654
.
342,732
5,360,487
536,315
178,771
145,512
397,278
17,608
101,059
.142,065
16,233
87,161
254,243
$288,117
863,133
$472,709
$1,151,250
80,000
$1,307,249
75,000
$1,023,279
$1,232,249
$913,279
$1.23
$0.91
$0.47
110,000
...
Earnings
per share on
1,000,000 shs, cap. stk
$1.07
undistributed
provision for Federal surtax on
profits.,
50-Cent Dividend—
stock, payable Dec. 20 to holders of record Dec. 1.
This compares
paid on Dec. 15,1937; 65 cents paid on Dec. 18,1936:25 cents
paid on Dec. 23,1935; 40 cents on Nov. 30,1934, and a dividend or 25 cents
per share distributed on Oct. 25; 1933, this latter being the initial payment
on the issue.—V. 147, p. 1499.
Packard Motor Car Co, (&
Subs.)1— Earnings—•
1938—3 Mos.—1937
preciation, &c..;
$2,053,825
Earns, per share on 15,
000,000 shs. cap. stk..
Nil
$2,324,852
1938—9 Mos.—1937
$3,298,790
$1,494,205
Nil
Nil
$0.10
Consolidated Balance Sheet
Sept. 30*38
Dec. 31'37
S
?
ssctS"***"
^Property lnves.27,277,794 28,453,449
Rights, franchises,
f &c
1
1
Mtg.& mlso.lnvest.
400,755
500,131
Inventories.8,643,933 12,987,288
Accts. & notes rec. 3,618,006
1,277,860
.
Del.
hiatal,
after
notes
......
Dec., 31'37
$
Mtecell. liabilities.
1,465,488
Miiscell.cur.res... 1,260,719
Pro v. for Fed. tax.
General reserve...
1,035,682
1,785,639
627,990
201,230
1,250,000
3,726,049
closed banks
862,554
Deferred charges..
316,465
...
606,904
506,904
934,954
999,926
3,967,490
Earnings per
a
$102,590
1938—3 Afos.-—1937
$2,512,221 b$2.498,752
4,893,436
4,892,333
share.,—$0,51
$0.51
Sept. 30—
1938—9 Mos.—1937_
$6,416,062 b$6,918,122
4,893,436
4,892,333
$1.31
$1.41
depreciation, amortization. Federal income taxes, &c. b Revised.
Sept. 30, 1938 was $8,566,244 equal to
share, comparing with revised net profit of $9,382,403, or $1.92 a
share for the 12 months ended Sept. 30.1937.—V. 147, p. 1203.
a
Par melee Transportation Co,
Period End, Sept. SO—
Net loss after int., depr.,
(& Subs.)—Earnings—*
1938—3 Afos.—1937
1938—9 Mos.—1937
nsrmal Fed. inc. taxes
& other charges..
Earnings per share on
721,905 shares of cap.
stock, no par
.....
—V. 147, p. 1203.
$54,183
$8,651
$148,827 prof$86,610
„
Nil
Pathe Film Corp.—To
Nil
t
Nil
"$0.l2
Liquidate—
A special meeting of the stockholders has been called for Dec. 12 instead
of Dec. 6 to vote on a plan of liquidation.
The principal asset of the com¬
pany consists of its 35% interest In the
the other 65% being held by the E. I.
du Pont Film Manufacturing Corp.,
du Pont de Nemours & Co. In the
this asset will be distributed to stockholders.
The company said its operating assets had not been important since its
film-producing studio and similar assets were sold to the Radio-KeithOrpheum Corp. in 1931.
The company announced that the Revenue Act of 1938 "presents an
unusual opportunity to avoid the capital gains tax if complete liquidation is
effected within the single month of Dec., 1938."
Compliance with this
law, according to the company, necessitates the favorable vote of 80% of
the outstanding stock.
Section 112 (b) (7) of the 1938 Act, the company
added, was Inserted primarily as an inducement to investors to hold their
stocks directly, rather than through unnecessary holding companies.
O. Henry Brlggs, President, said that before enactment of the RobinsonPatman Act, Pathe Film had a price perference from du Pont Film on its
purchases of motion-picture film fror its processing laboratory. Cessation
of this arrangement at that time, he said, "had a substantial adverse effect
upon the earnings and outlook of the laboratory."—Y. 147, p. 3023.
event of a favorable vote,
Patterson-Sargent Co.—Dividend Reduced—
Directors have declared a dividend of 12 H cents per share on the common
stock, pzyable Dec. 1 to holders of record Nov. 25.
Previously regular
quarterly dividends of 25 cents per share were distributed.
In addition,
an extra dividend of 50 cents was paid on Sept.
1, last.—V. 145, p. 3980.
Pearson Co., Inc.—Earnings—
506,904
9 Months Ended Sept. 30—
Total
.49,556,774 53,727,669
x After depreciation,
y Represented by 15,000,000 no-par shares, in¬
cluding 8,660 held in name of trustee for account of company.—V. 147»
p.1935.
-
Panama RR.—New
After
$1.75
373,617
49,656,774 53,727,669'
$895,296
5,315
......
Parke, Davis & Co, (& Subs,)—-Earnings—
Period End,
1.250,000
Surplus.......—.11,242,462 14,541,252
,
U. S, Gov. 8ecur.«
Cash
8,172,098
Cash in closed bks.
365,168
Total
$
stock...30,000,000 30,000,000
3,980,202
payable,Ac, 3,629^971
Capital
Accts.
$992,571
capital......-...—....-.......—..
Net profit——
Shares capital stock
Reserve for cash in
res
Mun.,8tate & Can.
bonds
Sept. 30*38
Liabilities—
y
49,825
$948,883
53,587
$889,981
Decrease in working
The directors have declared a dividend of 50 cents per share on the com¬
mon
with 75 cents
Period End. Sept. 30—
Net loss, after taxes, de¬
—............—.—...
239,779
$1,070,610
'
78,039
—V. 147, P. 1350.
$472,709
Note—No mention was made of any
—
-
Net working capital—
....—.—
Decrease in inventory.........—........—...
$472,709
$1,071,250
Net profit
—
Net profit for 12 months ended
$805,388
217,891
Other income........
..
...
a
18,475
101,762
97,219
...
Municipal bonds....—.......................
---—
,
—
—..
62,652
441/
$387,965
919,284
Profit
—
Comparative Statement of Net Working Capital
Dec. 31 , '37 Sept. SO. 'SS
——.
$96,076
$201,359
Notes & accounts receivable............—...—
84,849
36,793
U. S. Government bonds..............
403,656
414,656
Federal Land Bank bonds
246,250
246,250
Current Assets—
362,000
408,003
79,3261
45,000
Before depletion.
Cash...
$2,288,709
547,368
78,340
26,184
...
Current Liabilities
1935
$2,746,833
458,124
62,048
483,663
—
Profit.
Federal income tax...
x
Total
1936
$2,788,933
428,446
715,097
12,500
x$147,590profx$276,760
Earns, per sh. on2,093,540shs.cap, stk. ($1 par)..
Nil
$0.13
Corp. (& Subs.)—Earnings—*
9 Mos. End. Sept. 30—
1938
Gross inc. from all opers. $2,504,587
Oil and gas royalties....
370,000
279,646
20,346
(estimated)........—45,000
Net loss...*.
$788,383
-
......
$1,075,542
Estimated accrued Fed. and State income taxes—
Depreciation
Gross income...
1937'
$197,402
Total Income
Mine operations and
JJrS,
•
$1,042,527
33,015
Official—-
Appointment of W. R. Pfizer as third Vice-President of the Railroad was
announced on Nov. 15 by T. H, Rosebottom, Vice-President and General
Manager of the company, following a meeting of the board of directors.
Mr. Pfizer will, in addition to his new duties, continue as Secretary of this
company, which operates a steamship service between New York and
Cristobal and Port-au-Prince.
At the same meeting G. R. Selkirk, formerly auditor of the company,
was elected Treasurer to,fill the vacancy caused by the recent death or
V. M. Newton, who had served the company in this capacity for more than
-
Net loss after operating expenses and taxes, Ac...
Earnings per share
x
"
on common
stock—
1938
$55,008
Nil
1937
x$169,710
$0.39
Profit.—V„ 144, p. 785.
Penn
Valley Crude Oil Corp, (& Subs.)—Earnings—
Earnings for 3 Months Ended Sept. 30,1938
Net income after expenses, depreciation, Federal taxes, &c
—V. 147, P. 1500.
,
•
$5,472
Pennsylvania Central Airlines Corp.-—Earnings—
Period Ended Sept. 30—
3 Mos. 1938
Net income after taxes, depreciation
and other chargesi..
$27,229
—.....
1938—OAfos.—1937
loss$15,8761oss$10Z,443
—V. 147, p. 1204.
47 years.—V. 131, p. 2376.
Panhandle Eastern Pipe
Line Co.- -Common Dividend
Doubled—
Directors on Nov. 22 declared dividends totaling $1.50 per share on the
company's common stock, which, with the 75-cent dividend paid last July*
will bring total disbursements on the common to $2.25 for this
year.
In
addition to regular quarterly dividends of $1.50 per share on class A and
class B $6 preferred stocks, the directors also declared a participating
dividend of approximately $1.82 par share on the class A preferred.
The
participating dividend was declared in accordance with the provisions of
the class A issue which require that that issue, as a class, shall receive
25% and the common 75% of all additional dividends declared after the
common has received
payments of $1.50 pa* share in any one year,
to The common stock dividend and the participating dividend on the class A
preferred are payable Dec. 21 to holders of record Dec. 5. Regular dividends
on the class A and class B $6 preferred are payable Jan. 1 to holders of record
Dec. 16.
At the conclusion of the directors meeting J. D. Creveling, President,
announced that gross revenues of Panhandle Eastern Pipe Line Co. and its
subsidiaires for the 12 months ended Oct. 31,1938. had totaled $9,493,391.
This compares with revenues of
$9,590,263 for the preceding 12 months.
Gas sales of 39,711 000 M. c. f. for the 12 months ended Oct. 31,1938, com¬
pare with sales of 40,352.000 M.c.f. for the preceding 12 months.
At the request of the receivers for the Missouri-Kansas Pipe Line Co., the
board of Panhandle Eastern amended its resolution fixing the notice date
with respect to the exercise of Mo-Kan's warrant tor 80,000 shares of Pan-
Pennsylvania Industries, Inc.—To Get Pittsburgh Steel
Co. Stock for National Supply Stock
The company wid receive 22,226 4-10 shares of first series 5H% prior
preferred stock and 124,434 shares of common stock of the Pittsburgh Steel
Co. for the 120,000 shares of National Supply Co. common stock taken over
by the Pittsburgh Steel Co.
This is disclosed in the listing application to the New York Stock Ex¬
change. The committee on stock list has approved adding these shares
to the list on official notice of the consummation of National Supply stock
purchase. The committee also has approved the application to list 20.250
additional shares of Pittsburgh Steel Co. common on notice'of issuance
upon conversion of prior preferred into common.
In the listing application it 13 stated that in estimating the relative vaiues
of National Supply Co. common to be received and of Pittsburgh Steel Co.
common and preferred to be issued in exchange therefor, the Pittsburgh
Steel directors considered, among other things, market factors such as the
comparative market value and volume of sales of the securities over the
past year, their comparative value as collateral, and the estimated price
at which 120,000 shares of National Supply common could be acquired
in the open market.
In addition, the comparative earnings of the companies and the amounts
available for preferred and common stocks over a period of years, their
long term debts and net current, ratios, and the charges ahead of the com¬
mon stocks, such as sinking fund, interest, preferred dividend requirements
and the amount of accrued unpaid dividends on preferred stocks were conr
sidered.—V. 147, p. 277.
Volume
147
Financial
Chronicle
3319
Pennsylvania Salt Mfg. Co.—Earnings—
*
12 Mos. End.
Sept. 30
Net profit
1938
$936,055
1936
1935
$1,456,320
$1,022,618
1938
1937
$
Assets—
$
on
$6.42
$11.33
£££er deprec., depletion. Federal
p. 3167.
x
$6.82
$9.71
and State income taxes.—V.
147,
hand
1,211,165
898,872
1,555,516
2,178,281
23,524
Customers' accts.
& notes receiv.Misc. accts. rec'le.
.
and agents
Peoples Drug Stores, Inc. (& Subs.)—Earnings—
9[Mos. End. Sept. 30—
1938
1937
1936
1935
14,819
4,825,009
622,274
Inventories
Invest. & advances
$15,556,721 $16,286,237 $15,014,949 $13,799,503
209,803
223,118
206,162
197,738
Real est., mach.
& equipment— 7,017,174
y
Goodwill
Total income
$15,766,524 $16,509,355 $15,221,111 $13,997,241
Costs, exps., deprec., &c 15,289,657
15,740,049
14,310,151
13,363,856
Federal taxes.
83,124
120,393
140,246
90,565
Other deduc., less other
income
Cr32,620
CV33.311
Cr24,015
Cr2,790
reserve
$118,245 in 1937.
Net profit
Preferred dividends
Common dividends-
$426,363
$200,227
Surplus..
Shs. of
$682,224
45,361
306,842
$794,729
42,193
183,943
$330,021
$410,209
$545,610
94,110
77,865
306,655
(no par)
Earnings per share.
245,474
245,474
$1.57
„
share
a
on
$2.59
equal
aggregated $8,425,815 comparing with
Peoples Light Co. (Iowa)—Acquisition—
Davenport & Musca¬
tine Ry. (also a wholly-owned
subsidiary of United Light & Power Co.).
The Commission after examining the record makes the
following findings:
Peoples is an electric and gas utility company serving principally the
City of Davenport. Iowa.
It also sells a small amount of electric energy
at wholesale to adjoining
communities, and is incidentally engaged in the
steam heating business in Davenport.
Clinton is engaged in the conduct and operation of an electric interurban
transportation system between the cities of Clinton, Davenport and
Muscatine, Iowa, and the transmission and distribution of electric energy in
small communities and to rural consumers
along and adjacent to its
right of
territory adjacent to the City of Davenport.
Clinton also
sells a small amount of energy at wholesale.
There are numerous inter¬
connections between the electric utility properties of Clinton and Peoples.
Neither Peoples nor Clinton generates electric
energy.
Their require¬
ments are purchased
primarily from an affiliated company, the MolineRdck Island Manufacturing Co., which sells energy to both companies at
approximately the same rate.
Clinton also purchases a small amount of
energy from Peoples.
The utility assets to be acquired consist of all the
physical property
contained in the electric department of Clinton,
including transmission
lines used jointly for the transmission and distribution of electric
energy
and transportation services by the railway department of Clinton.
The railway company has petitioned the Iowa Commerce Commission
way and in rural
and the Interstate Commerce Commission" for permission to abandon the
lower portion of its lines between Davenport and Muscatine, Iowa.
Clinton
Is at present concluding negotiations to sell the major portion of its line
between Clinton and Davenport, Iowa, to the Chicago Rock Island &
Pacific Ry. and intends to seek permission to abandon the remainder.
Clinton, therefore, proposes complete cessation of business and disposition
by sale or abandonment of all of its properties.
The estimated purchase price of $346,700 as of July 31,1938, of the prop¬
erty to be acquired will be paid in cash.
Peoples will borrow the necessary
funds from United on open account, upon which it will
pay interest at the
rate of 6% per annum.
1938—Month—1937
1938—10 Mos.—1937
$2,663,193
$3,038,423 $20,386,496 $27,275,334
1,892,238
2,216,633
17,674,233
20.761,109
$770,954
159,934
$6,514,225
$652,757
64,872
68,011
$1,195,965
619,653
467,175
$5,098,510
437,586
514,764
$506,140
17,103
$519,874
17,920
$109,136
272,317
$4,146,160
313,744
$523,243
5,860
$537,794
4,521
$381,453
60,529
$4,459,904
57.725
7,028
270,007
60,525
2,735,403
60,363
2,713,006
$256,238 x$2,475,004
$1,628,810
53,742
51,139
-
_
Net ry. oper. income-
Other income
Total income..Miscell. income deduc'ns;
Rent for lease of roads
and
$2,712,262
1,516,298
5,812
273,019
_
$821,791
169,034
$611,021
Operating income
Equipment rents (net)
Joint facility rents (net)
equipment
on debt--
Interest
Net
income
$238,552
Inc. applied to sink, and
other reserve funds
Inc.
to
x
bal.
'
Cr20
1,150
3,326
$256,258 y$2,476,154
$1,625,484
transferablei
profit and loss
Loss,
1,415,714
'
315
y
$238,237
Deficit.—V. 147,
p.
z
124,193
Total
150,000
7,798,534
3,571,391
Earned surplus
Common stock—
3,272,180
4,797
16,254,178 16,503,511
for doubtful debts and discounts of $106,874 in 1938 and
y After reserve for depreciation of
$6,677,943 in 1938
a
In¬
1046. Previously, the following cash dividends were distributed: 40 cents on
May 28, last: 37 cents paid on Dec. 24,1937; 50 cents paid on Sept. 14, 1937;
1931.—V. 147.
p.
2253.
Philadelphia Rapid Transit
proved by P. U. Commission—
Co.—Amended Plan
Ap¬
Approval was given Nov. 21 by the Pennsylvania Public Utility Com¬
mission at Harribsurg for reorganization of the Philadelphia
Rapid Transit
Co.
The plan approved was known as the second revised plan which was
dated Dec. 1,1937, and amended June 1 and Nov. 15 last.
The plan, which was approved by the
Commission, was the result of a
conference between Commissioner D. M. Livingston, Charles E. Ebert,
Executive Vice-President, and Frederic L. Ballard, Counsel, for the P. R. T.
In making the announcement Commissioner
Livingston said: "The plan
provides for outstanding capital securities aggregating $85,000,000.
While
this plan does not meet the full desires of the Commission, it is felt that
through its adoption sufficient benefits will accue to the security holders
and patrons of the system to more than justify the concessions made
by the
Commission in order to achieve
a
solution.
"It is hoped that the underliers and Philadelphia Rapid Transit stock¬
holders will recognize the necessity for early consummation of the
plan and
that their approval will be forthcoming."
Amended Plan Gets Court
Acceptance—
Judge George A. Welsh in U. 8. District Court on Nov. 16 accepted
amendments filed by the company to its pending reorganization in 77-B
under which the company proposes a reduction in capital to $85,015,193
as
compared with $99,986,334 contained in the second revised plan of
reorganization
as
amended last June.
Under the latest amendment, the underliers will receive $31,973,597 in
a cut of about $8,000,000 as compared with the June plan.
In addition and to compensate for the reduction in bonds, the underliers
3-6% bonds,
offered
a grand total of 615,067 shares of $20 par preferred with a $1
This compares with 343,500 shares of preferred stock,
$30, with an annual dividend of $1.20 a share stipulated in the June
plan.
There is no change In the number of shares offered to P. R. T. pref. and
common stockholders under the current amendments as compared with the
June plan except that the par value of the preferred is reduced to $20 from
are
arjanal dividend.
par
S30 and the stated value or the common to $10 from $20 as stipulated in the
plan.
une
Frederic L. Ballard, Counsel for P. R. T. told the court that on the basis
of
a
normal
year's earnings of $5,500,000 net
before bond interest, the
actual return to the underliers would be unchanged as compared with thefr
returns
amounting to $2,954,470 under the June plan,
$2,920,613 under the November amended plan.
as
compared with
Judge Welsh in signing the order in which he accepted the amended plan,
'had been made along very
He directed the plan forthwith to be sent to his reorgani¬
who are:
A. M. Greenfield, John A. McCarthy and
Edward Hopkinson Jr.
"
practical lines."
zation
managers
P. R. T.
Net oper. revenue
Railway tax accruals
912,505
4,419
7,798,534
said that it seemed to him that the revision
Marquette Ry.—Earnings—
Operating revenues
Operating expenses
236,827
6,950,548
Res. for conting..
Min. int. in subs._
40 cents on May 29, 1937, and on Dec. 24, 1936; 25 cents
paid on Sept. 30.
and on May 20, 1936; 33 cents paid on Oct.
31, 1935; 50 cents paid on
April 30, 1934, and 25 cents per share distributed on Jan. 31 and June 1,
,
Pere
800,000
244,227
150,000
current
Res. for insurance-
a dividend of 41 cents per share on the common
payable Dec. 22, to holders of record Dec. 7.
A dividend of 25
cents, previously declared, will be paid on Jan. 16 to holders of record Jan. 3.
A special stock dividend was
paid on Sept. 26, last. For details see V. 147, p.
245,324
$1.84
245,324
$2.92
The company, a wholly-owned
subsidiary of United Light & Power Co.,
has been authorized by the Securities and
Exchange Commission to acquire
all of the electric plant and equipment of the Clinton
Period End. Oct. 31—
600,000
Notes payable, not
652,392
Directors have declared
Sept. 30, 1937, and earned surplus was $3,205,471 against
p.
88<717
249,757
stock,
$3,238,913.
on
17,679
59,744
82,581
230,171
Petroleum Corp. of America—To
Pay 41-Cent Dividend—
$208,089
comparing with $175,359 or 65 cents
a share in the
September quarter of 1937.
Current assets as of Sept. 30, 1938, including
$1,880,352 cash, amounted
to $5,107,105 and current liabilities were
$1,528,168.
This compares with
cash of $i,894,301, current assets of
$5,179,168 and current liabilities of
$1,613,826 on Sept. 30, 1937. Inventories amounted to $3,181,332 against
8,381,012
34,297
al22,694
pay.
Sundry accts.
$6,200,847 in 1937.
z Represented by 441,354 no
par shares,
cludes interest.—V. 147, p. 1350.
the common,
t2,954,627.—V. 147,
Total assets as of Sept.3024.1938,
30,
Accr. sals. & wages
Accrued taxes
2,400,000
35,447
243.411
For the three months ended
Sept. 30, 1938 net profit was $142,056
to 52 cents
and
stock outst.
com.
2,300,000
4,745,518
16,254,178 16,503,5111
After
1,407,510
77,280
Def, chgs. to oper.
x
$
1,115,865
914,109
_
Total
1937
$
Accounts payableNotes pay. to bks-
Fed'l Income tax..
16,831
Due from employ's
Net sales.
Other store income
1938
Liabilities—
Cash in banks and
($50 par)
*
Balance Sheet Sept. 30
1937
$1,700,084
Earned per sh. on 150,000 shs. capital stock
2699.
Underliers Move for Recapture—
The P. R. T. underliers took their first legal step looking toward recapture
of the transit system Nov. 18 In U. 8. District Court at Philadelphia.
In a petition signed by presidents of 15 underlier companies, headed by
Philadelphia Traction Co., the court was asked to fix a reasonable period for
accomplishing reorganization under Section 77-B and in the event of failure
effect reorganization within that period to dismiss the proceedings.—
V. 147, p. 3168.
to
Philadelphia & Reading Coal & Iron Co.—Debenture
Holders Protective Committee Reports—To Press for Reorg.—
The
committee
for
the
(Jacques Cohen, chairman)
20-year convertible 6% debentures due 1949
in a letter to the debenture holders dated
18 states;
"Since our letter dated March 2, 1938, the chairman, as one of the joint
Nov.
reorganization committee of four representing each committee of bond¬
holders, has been endeavoring in cooperation with the management to
effect internal reorganization or the company's affairs ao as (1) to enable
it to operate profitably and (2) so as to expedite the adoption of a plan of
reorganization.
"In connection with reorganization, this committee has prepared a plan
of
reorganization which calls for the authorization of approximately $20,-
WFt. Joseph Seifert has been elected chairman of the board.
The election
follows termination of a voting trust for the company's stock and the addi¬
tion of two new directors.
H. J. Brazelton, formerly Assistant Sec. and
000,000 of new first mortgage bonds, 375,000 shares of preferred stock of
the par value of $100 per share and 100,000 shares of common stock of
no par value.
"The plan calls for distribution to persent first mortgage 'bondholders of
60% in principal amount of their claims in new first mortgage bonds, 40%
in preferred stock and in satisfaction of their claims for accrued or unpaid
interest, common stock at the rate of one share for each $100 of interest
unpaid.
The plan further calls for debenture holders to receive 17% of
principal In new first mortgage bonds, 83 % in preferred stock and one share
of common stock for each $100 of interest unpaid.
"We propose to press for the immediate consideration of this plan of
Asst. Treas.,
reorganization.
Perron Gold
Mines, Ltd.—Extra & Initiql Dividend—
Directors have declared
tion to
an extra
.
an
dividend of
Initial dividend of four cents per share in addi¬
cent per share on the common stock, both
one
payable Dec. 21 to holders of record Dec. 1,—V. 140,
p.
3730.
Pettibone-Mulliken Corp.—New Chairman, &c,—
has been made Sec.-Treas.—V. 145, p. 951.
Pet Milk Co.
(& Subs.)-—Earnings—•
3 Mos. End. Sept. 30—
1938
Net sales
$7,474,464
6,745,997
174,673
1937
$9,425,812
8,589,186
174,308
Other income---—
$553,795
1,125
Interest (net)
Federal taxes
1936
1935
Depreciation
Operating profit
$8,556,171
7,770,552
201,246
$5,484,529
5,007,916
$662,318
2,448
$584,373
$300,449
$554,920
14,318
104,299
$664,766
16,887
135.754
$584,373
$300,449
6,833
673
xl63,889
35,091
44,815
"'618
""792
807
""456
$435,685
$511,333
$377,753
110,339
110~,338
110",339
$254,555
21,852
110.338
$325,346
Costs and expenses
$400,995
$267,414
$122,365
$0.98
$1.15
$0.85
$0.52
Loss
on capital assets
Minority interest
Net profit
Preferred
dividends
Common dividends
Earns, per sh. on 441,354
shs. com. stk. (no par)
x
Includes undistribted profits taxes.
176,164
.....
"Concerning the internal affairs of reorganization, plans have been
approved to reduce the tax obligation to $1,000,000 per annum, to liquidate
the collateral, unprofitable and unneeded businesses of the company, to
arrange for new working capital, to abandon unprofitable operations, in an
effort to put the affirs of the company on a profitable operating basis
beginning with 1939.
"There is, however, one matter concerning which we believe our deben¬
ture holders should be fully apprised.
Investigation has disclosed that the
company's losses have been due, at least in considerable part, to tbe fact
the company tax bill, running to several millions of dollars a year, has
largely been upon excess coal and barren lands aggregating approximately
123,000 acres.
A survey of these lands indicates that the company had
available coal in the ground to meet all its normal needs for upwards of
200 years.
Since the tax rate is approximately 3% a year, it became per¬
fectly obvious that if the company held lands containing coal which it did
not expect to use more than 50 years hence, it would be paying for the 50year period alone in excess of 1H times the estimated value of the reserve
coal.
This naturally led to the conclusion that the only intelligent thing
to do was to hold enough coal lands to supply the company's normal needs
for at least the next 50 years and dispose of the rest.
"It is necessary, under the Pennsylvania law, to part with title to lands
before Jan. 1, since the taxes become a lien according to the Pennsylvania
law, not only upon the company's lands but upon the all of company's
assets, on Jan. 1 of each year for the subsequent year's taxes.
Conse¬
quently, if tbe company wants to operate profitably in 1939, it must dispose
Financial
3320
of these
excess
the year 1938.
lands by the end of
Nov. 26,
Chronicle
Plymouth Oil Co. (& Subs.)—Earnings
The manner of disposi¬
have
lands, but
free of taxes and they cannot
1938—9 Mos.—1937
1938—3 Mos.—1937
tion has been fully discussed among the interested parties.
Interviews
been had with State departments In an attempt to sell them the
Net Income after deprec.,
they will not buy any lands unless they are
close the title until after the first of next year.
depletion, taxes, &c
Shares of capital stock
Period End. Sept. 30—
consluded that there was nothing to
the*Philadelphia & Reading Coal & Iron Co. from the-
"Under these circumstances, it was
doexcept to separate
title to these lands by
Earnings
—V.
putting them in other corporations and then, in order
Reading might not be charged with the taxes for 1939,
to dispose of the title to tne capital stock to whomsoever should buy it
for anything they would pay.
A motion to effect this result was made and
was returnable at the Courthouse in Philadelphia on Nov. 23.
"The excess lands are to be conveyed to these new corporations, subject
t® the lien of the first mortgage for whatever they may be worth.
When the
lands are sold at this sale, the interest of the debenture holders in them will
be wiped out.
There seems to be no way of avoiding this and as a practical
matter, the equity in these lands would seem to be of no value but to add
that Philadelphia &
to
the tax burden.
"It is now the intention
°?nd°dSlSioinfl'^!^,j
36,134,000
39,900,315
40,971,364
$107,857
165,514
$4,007,020 $1,924,399 prof$57,657
2,973,186
3,066,382
3,052,760
511,537.
1,293,642
882,453
$3,877,556
$7,491,743
Net loss
-V. 147, p.
x
787,542
dends
on
1938
$
315,652
2,154,391
Mlscell. assets
Sink, fund & other
Pioneer Gold Mines of British Columbia,
Ltd.—Earns.
1937
special deposits
93,000
$174,00.
$184,000
104,000
97,00°
taxes.—V. 147, p. 2402.
.
Pitney-Bowes Postage Meter Co. (& Subs.)—Earnings
1938
1937
$2,213,391
1,396,820
282,041
99,385
$2,091,749
1,327,969
224,799
100,644
$435,146
_
Development and research expense
Profit from operations
$438,336
24,541
Sept. 30—
1937
8
Common
$
stock. 15,357,712
95,703
Prepd.
.
Current
518,808
88,284
3,521,430
1,975,640
3,702,774
debt
Unamort.
exp.
assets..
1,974,734
a Represented by 236,819 no par shares*.
Earnings for nine months ended Sept. 30
Nov. 5, page 2874.
Public Investing
75,538,812 77,243,886
Total
75.538,812 77,243,886
Total
32,742
Profits from British affiliate and misc. income---.
appeared in the "Chronicle" of
Co.-'—To Pay 8-Cent Dividend—
Directors have declared a
dividend of 8 cents per share on the common
stock, payable Dec. 15 to holders
Dividend of 73^ cents
of 10 cents per share
of record Dec. 5.
paid on June 15, last, and a semi-annual dividend
paid on Dec. 27, 1937.—V. 147, p. 3168.
was
was
Public Service Co. of Colorado
(& Subs.)—Earnings—
Ended Sept. 30, 1938
Earnings for 12 Months
$17,279,249
Gross operating revenue
$471,078
$459,686
Provision for Federal, State and foreign taxes
undistributed profits tax)
».
88,500
69,6^1
$371,186
Earnings per share
$401,457
$0.45
-
Pittsburgh Coal Co. (& Subs.)—Earninqs—
Sept. 30—
1938—3 Mos.—1937
1938—12 Mos.—1937
Period End.
Sales, oper. & other inc— $8,050,580 $12,404,357
Costs, expenses, &c—i —
7,755,747
11,256,383
$35,110,718 $49,329,975
33,890,782 44,677,603
r_
Deplet., depr. & amortMinority interests
.Loss
$294,833
245,955
907,098
Crl3,146
$1,147,974
261,272
1,010,072
Cr 14,522
$1,219,936
1,002,774
3,473,632
Dr27,181
$845,074
Operating profit
Interest
$108,848
304,644
Net loss
$413,492
$4,652,372
1,060,750
4,065,699
Drl 1,349
$3,283,651
$3,2 3,651
x.Special charges
$845,074
Represents charge off of balance due
on
•
$485,426
304,644
$790,070
mortgage receivable for prop¬
erty sold, now considered unrecoverable.—V. 147, p. 1234.
Pittsburgh Screw & Bolt Corp.—Earnings—
Period End.
Sept. 30—
1938—3 Mos.—1937
& taxes
per
on
$3
,380pf$l,270,173
cap.
N"
-tfcaa:
*0'18
3 Months Ended Sept. 30—
Net loss after deprec., depletion, int. & taxes
per
share
—V. 147, p.
on common
stock
3,290,740
Public Service Co. of Indiana—Earnings—
1938—10 Mos.—1937
1938—12 Mos.—1937
Period End. Oct. 31—
$11,857,323 $11,983,346 $14,337,986 $14,561,258
8,457,971
8,760,441
10,059,295 10,640,008
$3,399,351
$3,222,905
$4,278,692
$3,921,250
Dr250,459
Drl65,787
Dr367,832
Dfl90,611
$3,148,893
Interest on funded debt.
2,091,195
Amort, of dt.disc.& exp.
200,863
$3,057,117
2,111,476
203,305
$3,910,860
Net oper. income
Other income
Gross income....
Miscell.
Net
122,312
.
N"
1938
$274,132
Nil
1937
pf$257,160
$0.21
$606,525
a
1938—3 Mos.—1937
Net loss.
$182,622
$50,938
a After taxes, depreciation, depletion, &c.
Sept. 30—
1 938—9 Mos.—1937
$426,211
$213,029
SEC Grants
and
Application for Striking Securities from
Registration—
Listing
granted the application of
the New York Stock Exchange to strike from listing and registration on
the Exchange the preferred stock (6% cumulative), $100 par, and common
stock, $1 par value effective at the close of the trading session on Dec. 2
—V. 147, p. 1351.
$787,221
adjustments recorded during the month of Dec. 1936, which were applicable
to a prior period, and the surplus at the beginning of the period has been
adjusted accordingly.
(2) The provision for Federal income and undistributed profits taxes Is
based upon deductions for additional depreciation and other charges which
are deductible for tax purposes, but which are not reflected in the above
statement of income.—V. 147, p. 2701.
Period End. Oct. 31-
Hampshire—Earnings—
1938—Month—1937
$484,066
$510,516
275,617
448,423
71,160
75,628
3,656
5,560
.
9,100
23,836
Net operating income. def$54,645
Non-oper; income (net)
961
$136,247
1938—12 Mos.—1937
$6,003,321
$5,991,068
2,881,631
3,113,428
842,581
896,371
34,775
52,790
271.631
253,013
.
.
$1,669,101
42,716
,$1,979,068
$1,711,817
$2,017,634
683,931
Crl7,528
111,079
665,008
9,752
$140,831
56,018
Cr 1,398
8,902
def$119,228
$77,309
$934,335
$1,231,078
52,176
624,036
616,850
4,584
_
def$53,684
58,361
Bond interest
Other interest (net)
Other deductions
Prov. for special reserve
Net income..
Cr2,569
.
Pref. div. requirements.
The Securities and Exchange Commission has
$999,929
Notes—(1) For comparative purposes the results of operation for the por¬
tion of the year 1936 included above have been adjusted to exclude certain
Gross income
Pittsburgh Terminal Coal Corp. (& Subs.)—Earnings
$3,730,639
2,512,364—2,535,255
241,433
244,129
157,134
164.034
135,811
$734,522
deductions
income..
—Y. 147, p. 3025.
Period End.
interest
replacements,
3168.
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes.
Federal (incl. inc.) taxes
Pittsburgh Steel Co. (& Subs.)—Earnings—
Earnings
for
Public Service Co. of New
$103,366prof$279,836
sh.
appropriation
193 j—9 Mos.—1937
Net loss after int., depr.
Earns,
after
income
Operating revenues
Oper. exps. & taxes
-r-V. 147, p. 2700.
x
Net
Federal income taxes, &c—
(excl.
pref.
Divi¬
2700.
17,331,840
64,030,499
Earned surplus
2,923,107
2,056,523
Long-term debt—51,274,600 51,863,714
25,000
4,885,299 Pays, to affil. cos.
Deferred liabs
131,961
144,019
1,583,547
1,527,283
307,277 Current liabs
65,388
86,337
2,159,316 Deferred credits__
Reserves
4,177,497
4,234,170
14,438
.
accts.
&
deferred charges
p.
1936
$160,000
Cost of sales, operating, selling & admin, expense.
Provision for depreciation.
$251,200
$247,542
1938 amounted to
31,
Liabilities—
a
develop't 2,071,967
future
investments carried at cost
9 Months Ended Sept. 30—
Oct.
1938
8
Utility plant
64,966,486
Non-utility prop. <fc
discount &
..
_
1937
Assets—
companies
Total assets as of Aug. 31, 1938, including $69,748 cash, amounted to
$6,714,123.
This compares with cash of $182,489 and total assets of
$9,397,880 on Aug. 31, 1937.
Capital surplus was $4,038,877 against,
$6,103,169 at end of prreceding year.—V. 146, p. 3676.
Before depreciation, depletion and
430,167
Balance Sheet
Portland General Electric Co.
expenditures for
x
unpaid to
cumulative.—Y. 147,
these stocks are
Receive, from affil.
Net income after expenses
Cr 127
$182,625
430,167
and
accumulated
cost or values estimated by the
1938
Cr635
$178,967
Cr46
deficit
Dividends
In computing the net asset value, market quotations as at Aug. 31,1938,
used in valuing securities held, having quoted markets.
In cases of
x
$719,008
487.250
49,260
Latest dividends, amounting to $1.25 a share on 7%
stock and $1.07 a share on 6% pref. stock, were paid on Oct. 1,1938.
were
_
$718,445
487,250
52,863
4,224
"
Balance,
preferred and $8.39 per share of common stock on Aug. 31. 1937.
of October—
$51,817
40,604
$1,974,467.
for the fiscal year ended Aug. 31, 1938 states that net asset
period, was $6,276,951 equal to $81.19 per share of
$3 convertible preferred stock outstanding.
After deducting liquidating
value of preferred stock ($50 per share) the net asset value of common stock,
was $2.89 a share.
As or Oct. 15, 1938, net assets had increased to approxi¬
mately $8.24 per share on common.
This compares with net assets of $10,862,996 equal to $140.52 per share
Month
$723,587
Dr4,579
period, whether paid or unpaid
The report
Gross income
Z>r3,363
income
$12,850
$6,989
Dividends applicable to preferred stocks for the
Net
value at close of the
I* The balance sheet as of Aug. 31, 1938, shows
of $6,140,829 had market value of $6,926,685.
$721,808
Dr425
$59,049
40,604
5,641
Gross income
on mortgage bonds.
Other int. and deduc'ns.
Corp.—Asset Value—
items having no quoted market, the lower of
board of directors, less reserves, was used.
$52,242
Dr90
Int.
x
of
$59,139
Int. chgd. to construe'n.
$6,284,423
In the
1938—12 Mos.—1937
$3,394,625
$3,375,189
2,397,817
2,380.768
275,000
270,834
1938—Month—1937
$284,833
$270,155
202,777
194,996
22,917
22,917
Net oper. revenues...
1500.
Phoenix Securities
depreciation,
Other income (net)
$5,882,197
Interest, &c
Other charges
After
Portland Gas & Coke Co.—Earnings-
$1,933,812
3,160,843
285,262
Co.—Earnings—
1938—9 Mos.—1937
1o88$30.063
172,884
$0.07
$0.25
Nil
$0.43
depletion, Federal income taxes, &c.
b On 169,742
1938—3 Mos.—1937
$12,053
$42,635
Period End'. Oct. 31—
Operating revenues
Oper. exps., incl. taxes__
Prop, retire, res. approp.
$2,240,748
306,936
Loss before charges
$2,113,970
1.050.000
$2.01
Company mined 141,949 tons in October against 141,509 tons
month before and 151,293 tons in October 1937.—V. 147, p. 2543.
39,642,684
$2,209,661
Net profit
a
1935
operations. $4,117,015
Other income
109,995
Loss from
$0.71
...
b Earnings per share
-V-.-$32,016,985 $37,690,654 $40,863,507 $37,401,936
income
p.
$0.67
$1,994,006
1,011,000
$1.97
$750,974
1,050,000
shares of capital stock, no par.
(& Subs.)
1936
1937
1938
147,
share
1936.
Period End. Sept. 30—
a
immediately to press for
and every effort will be made
Philadelphia & Reading Coal & Iron Corp.
12 Mos. End. Sept. 30—
Net sales and other oper.
per
$665,886
1,011,000
Pond Creek Pocahontas
of your committee
reorganization along the lines above suggested
towards this end".—V. 147, p. 2543.
1938
52,176
38,566
Cr9,595
111,343
19,800
Note—Figures for all periods include operations of the former whollyowned subsidiary, Manchester Street Ry., which was merged with this
company as at Dec. 31, 1937.—V. 147, p. 3168.
Public Service
Electric & Gas Co.—Seeks
Approval of.
Merger—
Pittston Co.—Order
Signed—
An order granting authority in respect
of obligations of the company and
containing three amendments proposed by Erie RR. trustees, has been
signed by Federal Judge Paul Jones in Federal District Court at Cleveland.
Amendments to reorganization plan were proposed by trustees after the
Reconstruction Finance Corporation had objected to the original plan, and
call for Pennsylvania Coal Co., Erie subsidiary, to resume possession of its
mining properties under lease to Pittston.—V. 147, p. 3168.
Company has filed three petitions with the Federal Power Commission
asking reinstatement of applications for approval of a merger into it of the
Newark Consolidated Gas Co., the Essex & Hudson Gas Co. and the Hudson
County Gas Co.
The applications were originally filed on Oct.. 26, 1937, and were heard
by an examiner, but the Commission consented to the withdrawal of the
applications to permit the applicant to examine and consider a system of
accounts for gas utilities adopted by the Board of Public Utility Commis¬
sioners of New
1
r
Plaza Operating Co.—Earnings—
1938—3 Mos.—1937
Period End. Sept. 30—
Net loss after charges &
582.
$234,692
$284,970
$280,561
Jersey.—V. 147, p. 2701.
.
(George) Putnam Fund of Boston—Asset Value—
Total assets
$223,419
taxes
—V. 147, p.
1938—9 Mos.—1937
$15.14
per
as
of Nov. 1,
share on Nov. 1,
—V. 147, p.
1938.
1938, were of $1,314,387.
Net asset value of
on Nov. 4, 1937.
1938, compared with $14.23
Volume
Financial
147
Pullman, Inc. (& Subs.)1938
5
Assets—
Cash
x
& U.
Govt.
S.
Accts.
secur_.
46.832,927
45,850,657
Accts. and notes
receivable
7,938,714
10,034,960
8,303.492
1,966.065
secur.
7,217,705
2,461,047
24,097,781
Other
reserves
Deferred
sec.
5,815,928
5,912,183
3,350,000
3,607,748
4,755,479
6,963,305
9,209,940
_>
credits
2,963,782
cost
3,937.282
3,901,711
man,
The
com pen.
Pullman
Surplus
acts
293.558
6,728
46,139,523
6,728
36.724,742
8 Months Ended Aug. 31—
Net Income after, operating expenses & taxes, &c-
Ritter
8,966,827
1,001,248
less deprec... 171.092,399
172,081,688
Mfg.
Inc.
Co.,
Subs.)—Corrected
(&
Total
275,807,509'
258,550,251
Total
258,550,251 275,807,509
Rochester Gas & Electric
United States Government securities and marketable securities carried
at cost which in the aggregate
1938—9 Mos.—1937
loss$52,024
$210,525
Nil
b$0.50
1938—3 Mos.—1937
$64,050
$20,773
c$0.26
Nil
a After
charges, depreciation and Federal income taxes, but before pro¬
vision for Federal surtax on undistributed profits,
b On 159,800 no par
common shares,
c On 150,200 no par common shares.—V. 147, p. 2546.
prop.,
Corp.—Earnings—
12 Months Ended Sept. 30—
Total operating revenue
is less than the market value.
Smaller Dividend—
Operating
Directors have declared
a dividend of 25 cents per share on the common
value, payable Dec. 15 to holders of record Nov. 28.
This
Sept. 15, June 15
no par
Dental
Sept. 30—
a Net
profit
Earnings per share
Govt,
5.627,607
396,586
stock,
1937
$26,233
1938
$55,009
—V. 146, p. 3966.
Period End.
...
x
$417,239
$147,744 $1,074,123
$561,585
Earnings—
securities)
Deferred charges
Equip. &
1938—6 Mos.—1937
1938—3 Mos.—1937
tion and^taxes.
193,885
Res. fund assets,
pens. & insur.
S.
Co.—Earnings—
Period End. June 30—
loss after deprecia¬
Republic Service Corp. (& Subs.)—Earnings—
191,009,450 191,009,450
Inc
Co. (a sub.)
$2,382,569
1,584,883
$1.26
Net
3,350,000
3,331,122
$506,275
1,584,894
$0.06
$912,401
1,584,883
$0.45
$413,123
1,584,894
$0.13
Shares of common stock-
Reo Motor Car
1938—6 Mos.—1937
1938—3 Mos.—1937
Earnings per share
—V. 147, p. 3169.
Cap. stock, Pull¬
various States
(U.
Remington Rand, Inc. (& Subs.)—Earnings—
Period End. Sept. 30—
Net profit after depr.,
Fed.
Res. pen. & ins.
Res. for conting.
Spec. deps. with
under
12,833,658
due, lncl.
yet
prov. for
Invent, at cost.. 12,161,621
Invest, in affil.
at
7,367,994
income tax
ment accounts
3321
int., Fed. taxes, &c—
and
pay.
payrolls
Equip, trust and
other def. pay¬
and other
$
Acer, taxes, not
u
x'Market.
1937
$
Liabilities—
Chronicle
30—
1938
1937
S
Consol. Bal. Sheet Sept.
compares with dividends of 37 M cents per share paid on
and March 15 last; a special dividend of $1.25 per share
paid on Dec. 21,
1937, and a regular quarterly dividend of 37cents paid on Nov. 15, 1937.
—V. 147, p. 3168.
1938
1937
$15,952,240 $15,359,915
6,963,251
6,115,733
1,199,775
1,229.196
1,146,665
1,086,187
317,000
348,400
2,326,383
2,094,778
expenses
Maintenance
Retirement expense
Federal income tax
x
Other taxes
_
$3,999,166
Operating income
.
Period End. Sept. 30—
sales (ex. of inter¬
1938—3 Mos.—1937
1938—9 Mos.—1937
$4,485,620
13,037
25,607
$4,012,203
1,478,406
$4,511,227
$2,533,797
1,393,226
$3,124,973
1,439,341
$1,140,571
$1,685,632
Other income
Quaker State Oil Refining Corp, (& Subs.)—Earnings
Gross income
-
Deductions from income
1,386,255
Net
$6,197,523
4,581,997
Profit
Other income
Total income
Expenses and
Depreciation
taxes
$1,250,509
31,410
$3,339,427
109,550
$4,545,212
$1,646,449
732,504
169,545
Cost of sales
$7,667,701 $19,207,927 $23,557,463
6,417,192
15,868,500
19,012.251
$1,615,526
30,923
saies)
company
$1,981,919
878,153
192,469
$3,448,977
2,350.809
505,279
$4,638,784
2,759,078
597,689
Prov. for Fed. and State
income taxes
Earns, per
—V.
147,
229,726
$572,283
$0.62
sh. on com.stk
2254.
178,985
$172,731
$0.18
$413,904
$0.45
$1,052,291
p.
No provisions required for surtax on
Rome Cable
Corp.—Earnings—
——
& Paper Co.—40-Cent Dividend—
St. Helen's Pulp
1937
$3,028,976
1936
1935
$2,866,102
$2,722,220
1,714,455
2,359
449,623
30—
1938
revenue
-$3,131,578
Operating, taxes & other
expenses
1,849,009
Exchange on bond int-Fixed charges
384,045
1,613,912
3,585
456.399
1,621,095
3,864
456.399
Amortiz. or bond prem.#
discount and expense.
a
dividend of 10 cents per share on the common
stock, par $10, payable Dec. 1 to holders of record Nov. 23. A dividend
of 20 cento was paid on Nov. 1, last; one of 40 cents was pa d on Dec. x,
Quebec Power Co*—Earnings—
9 Mos. End. Sept.
$106,729
$61,177
$32,806
$72,075
Directors have declared
Gross
1938—6 Mos.—1937
1938—3 Mos.—1937
Sept. 30—
Net profit after depreciation, Fed. taxes, &c—
—V. 147, p. 1352.
$1.13
undistributed profits.—V. 147,
1502.
Period End.
P.
.937; dividends of 20 cents were paid on Nov. 1, Sept. i, July 1 and on
April 1, 1937; a dividend of 50 cents was paid on Dec. 1, 1936. and previ¬
ously regular quarterly dividends of 20 cents per share were distributed.
—V. 147, p. 2702.
St. Lawrence Corp.
33,360
Ltd.—Accumulated Dividend—
a dividend of 50 cents par share on account of
cumulative class A preferred stock, par $50,
The directors have declared
accumulations
on
the
4%
Tov. 15, 1937,
gayable Dec. 15thisholders being the first dividend paid on this issue since
to latter of record Dec. 1. A dividend of $1 was paid on
Surplus before deprec.
and income tax
-
Balance
x
38,566
——
Preferred stock dividends
93,572
172,117
Net income
Net Income
$829,179
$898,523
-
$640,862
$792,206
April 15, 1931, when 25 cents per Share was
—V. 147, P. 2545.
Corp.—Dividend Raised—
dividend of 20 cents per share on the class A
and class B stocks both payable Dec. 27 to holders of record Dec. 16.
A
dividend of 15 cents was paid on Oct. 20, last dividends of 25 cents were paid
Directors have declared
a
■
<
New York Stock Exchange
The Committee on Stock List of the
Railroad Employees
distributed.—-V. 146, p. 3969.
Ry.—Delisting—
St. Louis Southwestern
will hold
hearings on Nov. 29, to consider the advisability of recommending that
applications be submitted to the Securities and Exchange Commission to
strike from listing and registration the common stock ($100 par) and the
5% non-cumulative preferred stock ($100 par).—V. 147, p. 2703.
these issues on July 20, last, and dividends of 15 cents were paid, on
April 20, last.—V. 147, p. 1787.
on
Savage Arms Corp. (& Subs.)—Earnings—
1938—3 Mos.—1937
1938—9 Mos.—1937
profit
Z
$109,746
$227,440
$32,561
$422,524
Period End. Sept. 30—
Railway
Express
Refunding Issue—
Agency,
$16,000,000
Inc.—Plans
x
Earns, per sh. on 167,715
shares common
x
Company has filed with the Interstate Commerce Commission an applica¬
tion for authority to issue $16,000,000 of serial notes, proceeds from the
sale of which would be used to redeem on March 1, 1939, a like amount of
would bear interest at rates consider¬
ably less than 5 %, and that considerable savings would result from the trans¬
The bonds are redeemable at par and accrued interest, plus a
certain premium which will amount to $420,000 for the $16,000,000 which
will be outstanding next March 1.
The bonds to be redeemed are the
balance of a $32,000,000 issue of March 1,1929, which mature in equal semi¬
annual instalments of $800,000 each.
The instalment due March 1, 1939,
will be paid in cash.
Pfr The company said agreements are being sought from the railroads, who
jointly control the agency, to take care of the principal and interest of the
new notes.
Information concerning the price at which the notes will be sold and
interest rates will be filed soon, the agency stated.
Also the agency will
information later concerning the terms and
1 f.?.'
Railway & Light Securities Co.—Asset Value—-
Reading Co.—Earnings—
1938—Month—1937
Ry. operating revenues. $4,722,715
Ry. oper. expenses
3,003,040
Net rev. from ry. oper.
Railway tax accruals—
$1,719,675
192,139
1938—10 Mos.—1937
$4,958,024 $39,602,062 $50,040,039
3,501,893 29,375,353
34,671,761
$1,456,131 $10,226,709 $15,368,278
254,833
2,508,708
3,852,717
$7,718,001 $11,515,561
67,706'
205,629
516,570
Ry. operating income- $1,527,536
Equipment rents (net)—
11,051
Joint facility rents (net).
19,267
$1,201,298
$1,557,854
$1,275,706
Net ry. oper. income—
—V.
147, p. 2701.
6,702
70,153
24,974
$7,993,783 $12,057,105
dividend
Reed Roller Bit
Profit after charges but
before Federal taxes._
—V. 147, p.
x
$534,528
$728,101
$1,738,708
$1,808,266
x
1938—3 Mos.—1937
1938—9 Mos.—1937
*
Shares com. stk. outstdg
Earned per share
—V. 147. p. 1645.
$104,612 loss$112,383
222,055
222,055
$0.36
Nil
$43,836
222.055
$71,811
222,055
Nil
A
$0.01
I
Resumed
This will be the first
1938—9 Mos.—1937
prof$36,542
$225,200
$90,852
depreciation, but before special charges
$41,073
After administration expenses,
'
and credits.
Schulte to Finance Reorganization—
protective committee for holders of 8%
cumulative preferred stock
which is in reorganization under
is Chairman, on Nov. 21 notified
stockholders regarding the plan of reorganization filed for the principal
corporation and its subsidiary cigar store operating companies, and the
plans of reorganization filed for Huyler's, which is the restaurant and. soda
fountain chain controlled by Schulte Retail Stores Corp., and Schulco
Co., Inc., a real estate holding company, which is a subsidiary of the corof the corporation, the cigar store chain
Section 77-B of which Samuel McRoberts
^°ScTOrding
to the committee's letter
the plan of reorganization is to
be
under certain terms and
and common stocks for
their claims, and holders of the present preferred and common stock of
8chulte Retail Stores Corp. are to receive new common stock of the re¬
financed by cash to be advanced by D. A. Schulte
conditions, creditors are to receive new preferred
organized company.
•
,
,
,
The committee continues to invite the support of holders of the preferred
that they send authorizations empowering the com¬
mittee to act for them to the Secretary, H. Blair Tyson, at 15 Church St.,
New York City.—V. 147, p. 2102.
„
stock and to request
Seagrave Corp.—Earnings—
1,157,108
668,255
635,728
$15,356 prof$92,639
6,869
11,039
$14,590
$20,988
$8,487prof$103,678
$5,515
$8,328
28,407
17,373
19,266
1,040,951
_
Charges & Fed'l taxes—
x Less Seagrave Fire En-
"
20,439
x
-M
„
9,075
12,660
4,300
gines, Ltd
Net loss.
_
1935
$614,740
1937
$1,249,747
and
Operating loss
•
1936
$653,665
1938
$1,025,595
administrative exps_-
Total loss-
Co. of Illinois—Earninqs—
Period End. Sept. 30—
$3*11
Subs.)—Earnings—
1938—Month—1937
Loss
Cost of sales, selling
1938—9 Mos.—1937
1,260,000
[Excluding Schulco Co., Inc.]
Other income.
Net profit after deprec.,
int. & Federal tax
'
1938—3 Mos.—1937
1788.
Reliance Mfg.
-
Co.—Earnings—
-
of 5 cents per share on the common
Schulte Retail Stores Corp. (&
Period End. Sept. 30—
Net sales--
Period End. Sept. 30—
$4,657,175
$1.01
of record Nov. 19.
paid in several years.—V. 147, p. 2102.
9 Mos. End. Sept. 30—
....
1,260,000
$0.79
Schipidt Brewing Co., Inc.—Dividends
The
value of securities on Oct. 31, 1938, was
$2,005,237
1,260,000
Directors have declared a dividend
D. A.
qual to $228.47 per $100 of collateral trust bonds, $243.13 per share of
preferred stock, and $18.54 per share of common stock.
On Sept. 30 last, asset value of common stock was $15.45 per share and
on Oct. 31, 1937, asset value was $15.80 per com. share.—V. 147, p. 2545.
$1,248,504
$0.44
stock, payable Nov. 30 to holders
conditions of the sale, and any
'
$790,992
1,260,000
Shs. com. stock outstdg.
Earnings per share
—V. 147, p. 1206.
the
file
underwriting agreements.
|» The premium of $420,000 to be paid upon redemption of the bonds, plus
certain expenses and the unamortized discount on the bonds, will amount to
a total of $620,355 expense, the commission was told.—V. 147, p. 2874.
Period End. Oct. 31—
1206.
after interest,
taxi?
_
The company reports net asset
$2.51
$0.19
$1.35
$0.65
Federal income taxes, &c.—V. 147, p.
Schenley Distillers Corp. (& Subs.)—Earnings—
Sept. 30—
1938—3 Mos.—1937
1938—9 Mos.—1937
Net profit
action.
-
After depreciation,
Period End.
the company's 5% serial gold boDds.
The company said that the new notes
i
Net
$27,188
1936.—V. 147. p. 1206.
$28,926 prof$75,271
Operations suspended' Feb. 28,
$27,594
Financial
3322
Inc.—Earnings—-
Seeman Brothers,
Earnings
#
1935
$109,300
$85,348
loss$l ,840
share
on
common stock.......
per
1936
1937
1938
Quar. Ended Sept. 30—
Net profit after charges
and Federal taxes..—
109,512
■
$1,
$0.79
Nil
$1.01
—V. 147, P. 1200.
Sharp & Dohme, Inc.—Earnings—
1938—3 Mos-—1937
Period End. Sept. 30—
Gross profit...........
1938—9 Mos.—1937
$1,412,031
Expenses.............
1,039,389
Operating profit..—.
Charges (net)--.-—-.
$372,642
37,611
$4,307,272
3,136,343
$715,393
104,598
112,512
10,824
$1,170,929
111,390
111,512
75,673
$487,459
$872,354
$0.35
$244,757
Depreciation-...——.
$3,807,867
3,092,474
$1,249,177
x
1,004,420
32,393
38,280
37,248
4,437
10,824
Fed. inc. taxes, &c
$170,679
$285,927
Nil
$0.11
provision for contingencies. -V. 147,
Net profit
——
Earn .per sh.on com.stkx
Includes
Nil
p.
1206.
of the year to reserve accounts, the following amounts: To reserves for
depreciation and obsolescence, $725,231; to reserves for colonos' advances
and accounts receivable, $14,714; to reserves for investments, $7,598; to
reserves for income and profits taxes, $261,107.
The sum of $10,311 was transferred from reserves for Colonos* advances
and accounts receivable to reserves for contingencies.
During August, 1938, pursuant to an agreement between the company
and the R. S. F. Corp. (recently organized in New Jersey) the company
transferred to said corporation its stock-holdings in subsidiary companies
operating in Santo Domingo, in exchange for all of the issued and out¬
standing capital stock (except directors' qualifying shares) of said corpo¬
ration.
The company's interest in and entire control of said aubsidiaries
maintained.
are
On Nov. 7, 1938, the Government of Puerto Rico filed in the Supreme
Court of Puerto Rico a proceeding in the nature of Quo Warranto against
the company, its
subsidiary the South Porto Rico Sugar Co. (of Puerto
Rico) and the partnership Russell A Co., Sucesores. seeking to avoid Russell
A Co.'s ownership and control of the lands owned and leased
by them, in¬
asmuch as the area thereof exceeds 500 acres.
Counsel advise that in their
opinion the company is not acting in contravention of the law and has
an adequate defense to said proceeding.
1938
1937
1936
1935
Sugar made (tons)
277,000
339.850
325.000
301,250
Total receipts-—^
$11,084,383 $14,011,616 $12,719,512 $11,058,019
Mfg., &c*. exps., taxes
interest, &C-............i
9,042,442
10,405,733
9,238,636
8,823,338
■
founded this company 50 yews ago, has resigned as
President and become Chairman of the Board, a newly created position.
He is succeeded as President by Herbert A. Northern, who has been a
director of the company for 10 years.—V, 146, p. 2059,
Adam Andrew, who
(Frank G.) Shattuck Co. (& Subs.)—Earnings-
Int.
1938—9 Mos.—1937
30— 1938—3 Mos.—1937
after
deprec.. Fed. taxes, Ac. loss$38,174
$48,139
Shs, of cap. stk. outst'g.
1,265,500
1,269.170
Earnings per share.....
Nil
$0,04
$2,041,941
138,511
$196,725
1,265,500
$0.15
$429,060
1,269,170
ties owned..
Profit
dividend payments.—V. 147,
p.
Interest
123,690
318.584
$3,808,919
$2,799,232
11,743
747,544
261,107
11,077
785,868
440,754
366,896
759.318
283,930
$1,235,172
400,000
1,118,601
$2,537,528
400,000
2,088,055
$2,635,180
400,000
2,2374202
$1,755,983
400,000
1,491,468
$283,429
3,746.836
gur$49,473
3,7314245
$2,022
3,683,267
$135,485
3,818,751
17,311
..
44,671
50,000
$3,582,621
exchange
125.435
$3,775,227
X119.213
1207.
75,115
$24255,567
Total income....
$3,842,699
$3,731,245
and
collection charges
Reserve for depreciation
1938—12 Mos.—1937
1938—Months 1937
$174,979
$171,801
$1,970,746
$1,829,140
67,275
£5,928
60,341
49,441
748,128
615,938
Preferred divs.
(8%j__.
691,186
ment accruals
...
1937.—
1938—3 Mos.—1937
1938—9 Mos.
.
After
x
$78,293
$59,704
$404,633
$0.24
depreciation,
$0.44
$0.01
$2.59
and
interest
normal
Federal
income
taxes,—«
V. 147, p. 584.
Publishing Corp.—Accum. Div.—
Directors have declared a dividend of $1.50 per share on account of ac¬
cumulations on the $3 convertible preferred stock, payable Dec. 15 to holders
of record Dec. 1.
A regular quarterly dividend of 75 cents per share was
paid on March 1,1938.—V. 146, p. 3679.
Siscoe Gold
Mines, Ltd.-—Earnings—
Earnings per share
Total surplus
Red. in val. of certain
land in Santo Domingo
1938
'
$797,622
4,640,063
$0.17
.......—
1936
$872,318
4,610,065
1937
$969,790
4,747.997
$0.20
..
Oosts and expenses............—.............
..
Profit from operations
——i......
1938
$2,700,308
2,646,021
$3,126,038
2,878,571
$54,287
36,599
$247,467
42,955
„
Depreciation, depletion and amortization......
Profit
Other income...............
..........
...
Net loss.................................
Preferred dividends
Deficit.
.
.
$218,056
47.778
30,272
$29,047 prf$140,006
...
19.534
..——...v.i—-....
69.048
.................
.
$204,512
13,544
$30,184
43,558
15,673
......
Federal and Canadian income taxes
Common dividends_
1937
$17,688
12,496
..........
Total income
Interest, &c
.........
-
$3,683,267
$3,746,837
745,734
$3,731,245
745,734
$£.86
$£.00
$3,683,267
745,734
$1.82
Adjustments of income and property taxes of prior years, Ac.
y In¬
cludes $30,889 for organization expenses charged to surplus. $13,746 for
oss resulting from retirements of plant and equipment and $188,000 amount
let aside
as a reserve
Solar Aircraft
1938
1937
$
^
1938
1937
$
?
Liabilities—
Real prop.
A pl't 14,710,264 15,075,694 Preferred stock... 5,000,000 5,000,000
Invest s (less res.). 1,524,512
1,570,441 y Common stock—19,906,783 19,906,783
Cash..
2,380,403
6,148,934 Earned surplus... 3,349,985 3,746,836
Marketable secure. 3,671.706
1,096,349 Accts. payable and
accrued items..
Sugar A molasses
305,202
280,039
x
on
hand..:..
910.356
714,570 Reserve for income
582,674
264.815
1,082,559
Acets .rec. (leas res.)
744,860
2,629,607
229,042
Ad vs. to planters.
Growing cane....
1,166,931
242,117
222,339
Mdse. for sale
Supplies A mat'ls.
livestock
278.963
452,090
84,311
taxes
74,000
Reserve for contin¬
gencies, Ac
182,243
304,935
311,340
Restricted sugar on
hand...
1,559,212
Deferred charges..
518,258
1,421,154
477,342
Other assets
Total....
■
48.920
53,950
28.925,240 29,460,349
Total..-——28,925.246 29,460.349
—
_
-
x After reserve for depreciation of $11,995,047 in 1938 and $11,468,937
In 1937.
y Represented by 745,734 shares (no par value).—V. 147, p. Io03.
Spicer Mfg. Corp. (& Subs.)—Earnings—
Co.—Earnings8 Weeks
*
$22,138
$6.16
24 Weeks
Period End. Sept. 30—
Net loss, after expense,
$43,727
$0.32
deprec. A Fed. inc. tax
Earns, per sh. on com.stk
30—
1938—3 Mos.—1937
$66,379
$788,854
1938—9 Mos.—1937
$374,351
$1,459,833
"
Years Ended—
.
See list given oh first page
Co.-—Registers with SEC—
of this department.
Southern Ry.—Seeks
$6,000,000—
cars.
—Second Week of Dot.
1938
_
Gross earnings fest.)—. $2,436,895
1937
Nil
Jan. 1 to Dot. 14—
1938
1937
$2,381,642 $102389,367 $116636,331
3170.
Aug. 27 '38 Aug. 28 '37 Aug. 29 '36 Aug. 31 *35
Gross profit.—.....
Southland Royalty Co.—20-Cent Dividend—
The directors have declared
a dividend of 20 cents per share on the com¬
stock, par $5, payable Dec. 15 to holders of record Nov. 30.
/his
compares with 10 cents paid on Sept. 15, June 15 and March 15, last;
20 cents paid on Dec. 15, 1937; 10 cents on Sept. 15, June 21 and on March
20,1937; 5 cents paid on Dec. 31,1936; 10 cents on Oct. 15, and on July 15,
.1936, and prior thereto regular quarterly dividends of 5 cents per share
were paid.
In addition, an extra dividend of 5 cents per share was paid on
Jan. 5, 1936, and on Jan. 10,1935.—V. 146, p. 1567.
mon
Sugar Co.—Annual Report—
Frank A. Dillingham, President, says in part:
The amount of sugar made during the crop of 1938 was 297,000 short
tons.
It is expected that the output in 1939 will be somewhat less than that
1938, due to the continuance of quota restrictions.
Included in the current year's production in Puerto Rico are 6,592 tons
of sugar made from canes purchased from planters
by order of the U. S.
Secretary of Agriculture as tbeir respective quotas for "carry-over In¬
ventory" fixed by the Federal Sugar Act of 1937; also, about 3 200 tons of
"excess" sugar made during the crop.
This sugar is inventoried at cost,
exclusive or depreciation and certain other charges which were absorbed
in determining the cost of the 1938 sugar sold and
shipped during the year.
y
hrder o* the hoard of directors, there were transferred from the profits
$25,819,670
22,133,454
$3,913,681
Selling A gen. expense..
2,953,461
Depreciation...;.,..—
516,723
$5,415,647
2,996.756
479,065
$4,761,589
2,642,683
421,216
$3,686,216
2,241,577
423.476
Profit from operations
Other income (net).....
$443,497
$1,939,826
193,300
50,801
$1,697,690
63,528
$1,021,163
380,406
Total income
Idle mill expenses......
$636,797
73.682
$1,990,627
102,819
$1,761,218
61,797
$1,401,569
81,136
40,246
......
Other
South Porto Rico
$2.75
Consolidated Income Account
Net sales, inel. gross inc.
of domestic subsid
x$40,583,131x$47,122,095x$37,228,372
Cost of sales
36,669,449
41,706,448
32,466.783
....
Company has asked the Interstate Commerce Commission for authority
to issue $6,000,,000*of equipment trust certificates to be sold to the Recon¬
struction Finance Corporation at par.
The proceeds would be used to buy
about 1,300 box cars, 1,000 gondola cars, 100 stock cars and 25 steel express
....
$0.70
Nil
9 Mos."~ 1937
$163.466 prf.$983,564
Spencer Kellogg &, Sons, Inc.—Earnings—
p. 1788.
Southern Mining & Power
19381
$ll,797prof$264,367
depreciation, $552,237; loss from operations, $162,977; other income,
$27,707; loss, $135,270; Idle plant expense, $14,196; Federal Income tax,
$14,000; net loss, $163,466.—V. 147, p. 1207;
After oper. exps., normal Federal income taxes, depreciation and other
charges, but before surtax.—V, 147,
1938—3 Mos.—1937
Detailed report of consolidated earnings for 9 months ended Sept. 30,
1938 are as follows:
Profit from operations, $876,077; expenses, $486,817;
Pulp Co. (& Subs.)-—Earnings—
Period End. Sepli
Net income
for revaluation of restricted sugars.
Consolidated Balance Sheet Sept. 30
------
•
17.620
...........
Period Ended Oct. 15,1938—
Net income after oper. exps*. and taxes, &c
Earns, per sh. on 138,243 shs. of common stocl
—V. 147, p. 2404.
of
•
49.818
Total profit and loss
surplus Sept. 30
$3,349,985
com. out. (no par).
745,734
Earnings per share.....
$1.12
—V. 147, p. 2547.
—V. 147, P.
•
y232,635
Shs.
4. s sets
3 Months Ended Sept. 30—
Sales..
"
«•
■
Miscell. deductions..
$0.19
(L. C.) Smith & Corona Typewriters, Inc.—Earnings—
x
«* m
46,045
Adjustment of deprec. of
cane fields, Ac
—V. 147, p. 1646.
Soundview
••
for
x
9 Months Ended Sept. 30—
Net profit after charges & inc. taxes..
Shares of capital stock ($1 par)
...
x
reserve
.....
Simmons-Boardman
"
for
1937
$51,802
stock..........
....
contingencies
Earns, per sh, on com¬
mon
Previous surplus
Transfer from res.
Tramsfer from
Signode Steel Strapping Co.—Earnings—
Period End. Sept. 30—
Net profit.....
—
Balance, deficit......
561,732
Note—Includes parent* company for period prior to July 31.
V. 147, p. 2704.
x
12,220
794,623
Co.—Earnings-
Gross income after retire¬
Net income.
48,327
...
of sugar A
prod, in prior
years (net).....
on sale
Res. for income taxes...
"
$2,234,681
197.640
molasses
$0.34
Extra Dividend—
Period End. Oct. 31—
Operating revenues—J.
$3,480,876
201,333
sale of securi¬
on
_
Directors have declared an extra dividend of 10 cents per share in addition
to the regular quarterly dividend of like amount on the common stock
both payable Dec, 22 to holders of record Dec. 2.
See V, 146, p. 1259 for.
Sierra Pacific Power
$3,515,883
133,909
3.020
investment, Ac..
on
Profit
^
detailed record of previous
Nov. 26. 1938
Consolidated Income Account for Years Ended Sept. 30
Shasta Water Co.—New President—
Period End. Sept.
Consol. net profit
Chronicle
deductions
Prov. for bad debts.....
Interest paid
.....
25.600
65",000
Federal taxes..........
118,179
y71,664
91,387
y342,511
279,576
167,792
Net profit
Previous surplus.......
$363,157
6,508,297
$1,428,910
7,083,135
$1,310,850
6.587,598
$1,112,395
6.503,151
Total surplus........ $6,871,454
763,739
2,478
$8,512,045
$7,898,448
800.000
15,313
$7 ,615.546
800,000
36,481
f
To" 115
Dividends
Prior period items
Amt. transf. to cap. stk.
Amt. transf. to res. to
redeem inventory
Adj. of res. for deprec.
applic. to prior years.
Prov. for contingencies.
—
.
1,053.629
Crl5,718
940,836
43,995
345,000
141.466
50,000
25,000
$6,587,598
500.000
500,000
$2.62
$2.22
x
Including steamship and elevator revenue of $1,336,706 In 1936,
$1,493,373 In 1937 and $1,513,088 in 1938.
y Includes $7,030 in 1938 and
$53,376 in 1937 for Surtax on undistributed profits.
Balance
Shs.cap.stk.out.(no par)
Earnings per share
$5,760,237
509,213
$0.71
$6,508,297
509,213
$2.81
$7,083,134
Volume
Financial
147
Consolidated Balance Sheet
Sunray Oil Corp.—Files Amendment—
Aug. 27 *38 Aug. 28 '37
Aug. 27 '38 Aug. 28 '37
Assets—
x
$
Plant and prop.
Other assets
9,119,272
Cash
.
Accts. receivable.
Deferred charges.
.
1,145,053
13,368,719
1,549,418
2,177,109
.
9,079,877
1.337,040
9,682,119
1,522,572
.
.
Inventories
3,571,159
295,674
290,940
.
.12,230,325 12,230,325
2,463,980
2,497,661
5,200,000
1,100.000
14,969
33,916
9,219
Acer. int. payable
72~ 108
342,511
Fed'l income tax.
203,629
Dlv. payable
152,764
1,750,000
1,950,000
Long-term note..
y
Capital stock.
Accounts
payable
.
Notes payable
Accrued taxes—
332,039
7
24,129,051 29,009,9001
After
x
286,970
5,760,237
Reserves
Earned surplus..
Total
$
$
IAabHUles—
$
6,508,297
24.129,051 29,009,900
Total
depreciation of $7,453,760 In 1938 and $6,960,305 in 1937.
Represented by 509,213 shares (no par).—Y. 147, p. 1207.
Springfield Street Ry.—Earnings—
Period End. Sept. 30—
Net loss
1938—9 Mos.—1937
$83,664
$14,707
1938—3 Mos.—1937
$51,685
$34,795
Revenue fare passengers
carried
4,163,801
4.668,313
14,407,674
15,998,586
-7.79
7.78
7.63
7.64
Average fare per passen¬
ger (cents)
—v. 147, p. 1207.
(A. E.) Staley Mfg. Co .—Dividend Increased—
Directors have declared
stock,
an
dividend of 30 cents per share on the common
a
payable Dec. 20 to holders of record Dec. 10.
The corporation has filed an amendment with the Securities and Ex¬
change Commission in connection with its proposed issue of $4,000,000 of
5% convertible sinking fund debenture shares* series A.
The issue is a
corporate contractual obligation of indebtedness without fixed maturity.
The amendment covers 1,506,250 shares of common stock ($1 par) of
which 1,000,000 shares are reserved for conversion of the debenture shares
and 506,250 shares are reserved for conversion of 5 H % preferred stock.
The debenture shares are convertible to and including Dec. 31, 1939, at
the rate of $4 per share of common; thereafter, to and including Dec. 31,
1940 at $5 per share of common; thereafter to and including Dec. 31,
1942 at $7 per share of common, and thereafter at $9 per share of common,
the debenture shares being valued at $25 per debenture (the principal
amount).
The preferred stock conversion rights have been changed so that the shares
are now convertible at the rate of $4 per share of common to and Including
Dec. 31, 1939; thereafter at $5 per share of common to and including Dec.
31, 1940: thereafter at $7 per share to and including Dec. 31, 1942, and
thereafter at thr $9 per share.
Offering will be made at $25 per unit. John J. Bergen & Co., Ltd., will be
Underwriter.—V. 147, p. 3171.
Sunset Ry.—Abandonment—
The Interstate Commerce Commission on Nov. 10 issued a certificate
permitting abandonment by the company of part of its line of railroad,
extending from mile post 10.078, at or near Taft, to the end of the line at
mile post 17.105, at or near Shale, approximately 7.027 miles, together with
all sidings, spur tracks, and appurtenances, all in Kern County, Calif.
—V. 125, p. 2669.
This compares with
Sunshine Mining
initial dividend of 20 cents paid on June 21 last.—V. 147, p. 2705.
Standard Cap & Seal Corp. (&
«...
.
-
.
—
Period End. Sept. 30—
Net income after deprec.,
Federal inc. taxes, &c.
Shares of common stock
Period End.
1938—9 Mos.—1937
$142,784
$177,466
$489,912
$561,940
214,676
$0.47
213,272
$0.63
214,676
$1.69
$1,274,929
$2,991,524
$4,073,112
$0.69
$0.85
$2.01
$2.73
Superior Water, Light & Power Co.—Earnings—
—V. 147, p. 1207.
Period End. Oct. 31—
Electric output of the public utility operating companies in the
Standard
Gas & Electric Co. system for the week ended Nov. 19, 1938, totaled
111,-
434,781 kwh., an increase of 1.3% compared with the corresponding week
last year.—V. 147.
p. 3171.
Standard Oil Co. of Kansas—To Pay
Operating revenues
Oper. exps., Incl. taxes—
Prop, retire, res. approp.
1938—12 Mos.—1937
1938—Month—1937
$90,108
$87,039
68,018
64,893
4,000
4,000
Net oper. revenues
$1,041,348
790,624
48,000
$202,724
$18,146
$18,090
$991,403
737,069
48,000
$206,334
325
377
$203,049
$206,711
Other income
$2 Dividend—
The directors have declared a dividend of $2 per share on the capital
stock, par $10, payable Dec. 8 to holders of record Dec. 2. A dividend of
$5 was paid on Dec. 20,1937, and one of $1 was paid on Dec. 26, 1936, this
1938—9 Mos.—1937
$1,033,433
Earns per. sh. on 1,488,821 shs. of cap. stock—V. 147, p. 1939.
213,272
$2.04
Standard Gas & Electric Co.—Weekly Output—
Co.—Earnings—
1938—3 Mos.—1937
Sept. 30—
Net profit after deprec.,
Fed'l income taxes, &c
Subs.)—Earnings—
1938—3 Mos.—1937
outstanding
Earnings per share
3323
Chronicle
Gross income
$18,146
$18,090
454
454
450
8,507
8,504
100.159
5,450
99,864
Cr25
$9,129
$9,188
applicable to preferred stock for the
Period, whether paid or unpaid
$97,440
$101,422
35,000
35,000
Balance
$62,440
$66,422
Interest
on
mtge. bonds-
Other interest
'
Int.chgd. to construction
•ftter being the first dividend distributed by the company since Oct. 31,
1934,
147,
when
p.
dividend
quarterly
a
of
1354.
50 cents
share
per
paid.—V.
was
.
Net income.Dividends
Standard Oil Co. of Kentucky—Extra Dividend—
Directors have declared
dividend of 25 cents per share in
addi¬
tion to a regular quarterly dividend of like amount on the common stock,
par $10, both payable Dec. 15 to holders of record Nov. 30.
An extra of
20 cents was paid on Dec. 15, 1937, extras of 15 cents were paid on Sept. 15
and June 15, 1937, and an extra dividend of 25 cents was paid on Dec. 15,
an extra
London &
Standard Oil Co. (N. J.)—Listing—
The New York Stock Exchange has authorized the listing of 393,372
additional shares of capital stock (par $25) on official notice or issuance, in
payment of a stock dividend making the total number applied for 26,618,139
shares.—V. 147, p. 3171.
Standard Products Co.,
3 Mos. End. Sept. 30—
Net inc. after all charges,
incl. prov for Federal
income tax
1937
1938
Securities, Ltd., an affiliate of the
Boston
type investment funds, whereby the former will
tribution throughout Great Britain of shares of
$65,272
x$118,925
,
$0.40
$0.22
cabled daily and the firm of Brown, Shipley & Co., Ltd., with
long-established Boston connections, will act as London transfer agent.
—V. 147, p. 2548.
Sweets Co. of America, Inc.—Earnings—
Sept. 30—
1938—3 Mos.—1937
1938—9 Mos.—1937
Net profit
$66,013
$68,481
$122,453
$130,255
x After expenses, depreciation,
&c., but before Federal income taxes.—
x
—V. 146, p.
1938—9 Mos—1937
1938—3 Mos.—1937
be
Period End.
Sterling Aluminum Products, Inc.—Earnings—
Period End. Sept. 30—
Net profit after derpec.,
those upon which shares are
will
Registers with SEC—
3972.
-
Fed. inc. taxes, & sur¬
tax
on
undistributed
(James) Talcott, Inc.—New Vice-President—
the board of directors Robert D. Johnston
Vice-President, in charge of Johnston Factors Division.
specializes in what is known to the trade as "dropshipment" factoring.
Recently James Talcott, Inc. acquired the entire
capital stock of Johnston Factors Corp., and is continuing its business as
Johnston Factors Division under the supervision of Mr. Johnston.—
V. 147, p. 2877.
At the monthly meeting of
profits
$132,020
$83,918
$48,437
246,500
shs. of capital stock-.
—V. 147, p. 2548.
$311,094
on
elected
was
a
Johnston Factors Corp.,
$0-19
$0.53
$0,34
Sterling Gold Mining Corp .—SEC
Reorganization Under Chandler Act—
$1.26
Becomes
Party
to
Tampa Electric Co.—Earnings—
See Transcontinental Petroleum Corp. below.
Period Ended Oct. 31—
Stewart-Warner Corp. (&
Sept. 30—
Subs.)—Earnings—
Operating revenues-----
1938—9 Mos.—1937
1938—3 Mos.—1937
$936,703
765,701
288,753
$453,209 x$2,543,686
Dr76,406
Dr98,979
x$624,165
81,540
$529,615 x$2,444,707
9,274
360,161
$145,579
-
x$634,799
Drl0,634
$139,581
5,998
_
$1,821,998
$117,751
Dr21,830
Expenses, &c
Depreciation
x$542.625
.$538,889 x$2,084,546
991,152
196,047
$2,746,098
2,472,343
726,964
$5,955,353
2,834.874
576,793
k
\
Operating loss
Other income
f
Loss
Federal income tax
Net loss....
x
Indicates profit.—V.
147,
Studebaker Corp.
p.
$
Cash
ou
hand and
deposit
on
7 ,213,079
drafts
standing
Sight
x
$
Acc'ts
&
9,197,405
808,618
1,834,831
307,950
7 ,179,403
240,883
341,823
8,647,162
Inventories
Oth. curr. assets-
268.247
purch.orred.
receivables,
res.
a
23,834
Dealers'
depe.
oonv.
.
less
199,738
for losses
194,562
Prop., plant and
-'
Balance---
Retirement accruals.
184,927
-
$1,942,918
430,000
$1,888,035
$1,512,918
•
8,748
$1,458,035
$1,504,170
70,000
1,338,887
$1,445,142
$116,485
Capital surplus.--10,829.180
16,693,667
720,737
surpius.def1,808,077
.
1,269,323
of 10 cents per share on the common
1 to holders of record Nov. 21.
A dividend of five
April 15 last, and one of 15 cents was paid on Dec. 28,
paid on
Texas Gulf Producing
Co.—Balance Sheet Sept. 30—
1938
Working funds
■
—
Other curr. assets.
a
Fixed assets
30,419,639 36,739,080
1938 and
$28,191 in 1937.
y After reserve for obsolescence and other reserves of
$485,936 in 1938 and $402,401 in 1937.
z After reserve for losses of $5,425
in 1938 and $12,651 in 1937.
a After reserve for loss on demolition, &c.,
of $2,130,980 in 1938 and $2,229,110 in 1937, and reserve for depreciation
of $2,714,724 in 1938 and $1,897,646 in 1937.
The earnings for the three and nine months ended Sept. 30 appeared
in the "Chronicle" of Nov. 12, V. 147, p. 3028.
production
Other assets
Total
$
Liabilities—
-
131,155
6,867
18,115
1,874
136,602
09,965
156,895
92,703
Long-term debt
Contingent Income
4,101
2,826
9,181,477
60,650
18,023
34,552
578
75,000
5,500
Accrued liabilitiesProv.
for
.
After
$
80,370
51,368
48,377
Federal
67,049
48,569
897,307
179,220
Res. for conting—
110,970
33,651
265,135
633,841
taxes
-
-
43,024
stock-
033,847
60,650
Div. credits outst.
1,468
1,474
33,013
Surp. arising from
appraisal
3,598,321
Earned surplus..- 4,958,380
3,859,949
9,489,909
191,029
b Common
4,557,317
153,997
' 9,778,035 10,355,450
Total
9,778,035 10,355,450
depreciation and depletion reserves of $3,642,315 in
$3,002,331 in 1937.
b Represented by 888,138 no par shares in
888,132 no par shares in 1937.
The earnings statement for 9 and 12 months ended Sept. 30
in the "Chronicle" of Nov. 12, V. 147, P. 3028.
a
1937
57,945
Accounts payable-
201,317
6,025
—
Accts. receivable-
Inventories
$
1938
1937
$
Organization expe.
After reserve for doubtful accounts and notes of $34,296 in
12,893
Co.—10-cent Dividend—
Terre Haute Malleable & Mfg.
Acer. int. recelv—
520,484
Total
430,000
Directors have declared a dividend
Deferred charges. 30,419,639 36,739,080
1,097
—1—-
Accts. recelv. from
x
35,833
$117,58k
stock, payable Dec.
Notes receivable—
rights..
Total
1
2706.'
Cash
0,762,745
2,196,416
Earned
Dr3,22S
$153,415
Preferred dividends declared
Assets—
548,226
Trade name, good¬
will and patent
$1,891,263
1,181
Common dividends declared
—V. 147, p.
367,968
2,209,792
$1)
$1,941,737
Dr364
$111,874
Interest
717,772
417,907
.
Accr'd int. paym't
def'd
by
prov.
Com. stk. (par
$153,779
58,405
6,490,646
equipment
13 629,147 15,176,449
Deferred charges..
840,774
1,178,600
$148,373
Dr95
$112,444
570
Gross income.-
6%
of indenture
1,797,502
248,016
557,347
1937.—V. 145, p. 3984.
1945
&
1,676,841
275,188
619.538
$148,277
35,833
Net oper. revenues—
Non-oper. Income (net)
on
sales contracts
$4,494,128
23,282
48,597
Taxes
cents was
used in oper
debs, due Jan. 1,
46
invs.
0,714,914
1,643,265
342.717
Res. for net loss on
10-year
*
of debs
Non-curr.
169,591
Other curr. liablls.
Dep. with trustees
or
3,866,101
1,487,513
-
1938—12 Mos.—1937
$4,513,304
$
leased prop, not
notes
rec'ble, trade
z
Acc'ts pay., tradeAccrued expenses.
1937
$
friabilities—
Res. for taxes
out¬
y
1938
.
Maintenance
Net income
1937
1938—Month—1937
$377,744
$364,322
152,086
134,081
24,472
57,395
Operation
1939.
(& Subs.)—Balance Sheet Sept. 30—
1938
Assets—
begin at once, on the same terms
available to the American public.
Prices
Marketing of the shares in England will
x$30,984
See list given on first page of this department.—V. 147, p. 2103.
Period End.
undertake the sole dis¬
Supervised Shares, Inc.
Distributors.
300,000
Gross profit from oper_
largest unit trust
organization in England which has distributed unit trust shares totaling
more
than $115,000,000, announces the signing of an agreement with
Massachusetts Distributors, Inc., largest American distributor of Boston-
as
Nil
$0.10
Before provision for surtax on undistributed profit
Earns, per sh.
Market
to
also provide for similar distribution in the
future of shares of other Boston-type funds sponsored by Massachusetts
1935
1936
shs. common stock—.
x
Group
Inc.—British
Shares,
It is understood that agreements
Inc.—Earnings—
loss$15,003
on
2877.
Supervised
American Investment Trusts—
1936.—V. 146, p. 1891.
Earns, per sh.
—V. 147, p.
1938 and
1938 and
appeared
Financial
3324
1938—Month—\937
1938—12 Afo*.—1937
Gross revenue
$1,483,826
$1,399,385 $16,490,668 $16,063,945
Oper. exps. & taxes....
'987,866
789,244
*9,656,056 *9,486,482
Prov. for depredation..
105,000
105,000
1,260,000
1,260,000
End. Oct. 31—
$390,960
231,713
on
233,670
$5,574,612
2,829,998
$5,317,463
2,781,905
$271,472
$2,744,613
$2,535,558
129,284
129,394
1,550,757
1,550,875
$29,964
Net income
Divs.
$505,142
$159,248
Gross income
Int. <& other fixed chgs_.
$142,077
$1,193,856
pref. stock
Balance
x
No provision was
$984,683
made In 1936 or 1937 for Federal surtax on undis¬
tributed profits as all taxable income was
distributed.—V. 147,
p.
1938—10 Mos.—1937
1938—Month—1937
$2,692,428 $21,755,051 $25,432,479
1,830.763
15,141,054
17,275,422
216,171
1,631,915
1,911,256
113,126
1,113,829
1,284,939
Cr5,369
53,263
35,981
Operating revenues..... $2,548,649
Operating expenses
1,590,002
Railway tax accruals...
278,702
Equip, rentals (net)
84,342
Jointfacil.rents (net)...
"
7,893
$587,710
$537,737
34,883
$3,814,990
364,898
$4,924,881
40,496
$628,206
10,241
340.088
$572,620
8,969
327,684
$4,179,888
102,161
3,295,343
$5,326,847
83,959
3,297,642
$277,877
income.
$235,967
$782,384
10% more than this year.
Total income
MisceU. deductions
Fixed charges
401,966
gain of 9.7% over August;
an increase of 6% over September.
The October
miles flown totaled 7,582,751 and was 2.5% above the
passenger miles flown in the same month in 1937.
Express pound miles for the September quarter totaled 160,381,043,
against 127,202,380 for the third quarter of 1937 and 141,007,574 for the
second quarter
of this year.
Mail pound miles totaled 664,304,362,
against 635,995,022 for the corresponding period of 1937 and 647,523,459
during the second quarter of this year.—V. 147, p. 2256.
and
showed
October
revenue
passenger
Angeles—Files
Los
Co.,
Building
Under Chandler Act—
F. H. Schutz, trustee, reports to holders of Transportation
(Los Angeles, Calif.) 6lA% first mortgage bonds dated Aug. 15,
follows:
Building
1923, as
'
To facilitate reorganization, the property securing the bond issue was
former owner of such property, to Trans¬
portation Building Co.
On Nov. 1, 1938, the latter filed its petition for
reorganization under Chapter X of the Federal Bankruptcy Act, such
chapter having taken the place of former Section 77-B of such Act.
This petition has been approved by the U. S. District Oourr, for the
Southern District of California, and the Court has appointed F. H. Schutz
trustee of the estate.
Accordingly, the trustee is in possession of the Trans¬
transferred by Assets Corp., the
$1,945,246
Other income
22,234,014 revenue passenger miles were flown,
There has been a steady increase in passenger
the report showed.
August
third quarter a year ago,
miles flown by T. W. A. during recent months,
increased 1% over July; September showed a
2877.
Ry.—Earnings—
Period End. Ort. 31—
Net ry. oper.
passenger miles during the third quarter gained 5.9% over the
second quarter of the year.
Figures for the second quarter were 18,879.270
and for the third quarter Just ended, 19,994,717.
In the corresponding
Transportation
Texas & Pacific
1928
revenue
/Tennessee] Electric|Power Co.—Earnings—
Period
Nov. 26,
Chronicle
it, subject to the orders
portation Building property and is now operating
of such Court.
Net income.
Twin State Gas & Electric
—V. 147, p. 2706.
Trust—Delisting—
Texas Power &
Amort,
of
975
5,123
$39,885
1,742
$516,366
37,688
$538,807
14,602
$21,987
11,161
7,621
$41,627
11,161
12,392
$554,054
133,936
92,591
3,044
109,021
1,124,961
deductions
8,234
33,037
$9,840
$294,490
$269,995
20,790
(net)
$553,409
133,936
111,080
38,398
$161
Gross income
Other
90,221
...
9,816
93,172
37
Other interest
reserve
$2,463,874
1,656,104
165,975
$21,950
Bond interest
1,458
146
Prop, retirement
appropriations
16,159
income
$1,104,498 $11,307,312 $10,934,567
501,213
5,713,861
5,479,872
limited-term
investments
$2,494,591
1,666,978
174,266
14,733
122,248
Non-oper. inc. (net)
Net oper.
1938—12 Mos.—-1937
1938—Month—1937
$1,050,164
527,169
151,272
6,640
1,123
7,250
$206,170
$219,670
175,463
Operating revenues—
Operating expenses
State & municipal taxes.
Soecial security taxes—
Fed. (incl. income) taxes
Light Co.—Earnings—
Period Ended Oct. 31—
Operating revenues
Oper. exps., incl. taxes..
1938—12 Mos.—1937
1938—Month—1937
Period End. Oct. 31—
Texas Pacific Land
Application is being made to the Securities and Exchange Commission to
strike from listing and registration on the New York Stock Exchange, the
certificates of proprietary interest ($100 par), because of the small amount
outstanding.—-V. 146, p. 3172.
Co.—Earnings-
20,790
249,475
249,475
840,291
Net
income-..
—
---
Pref. div. requirements.
$494,264
1,378
$4,467,032
5,689
$4,614,404
9,165
—V. 147, p. 2550.
$495,642
177,708
10,000
20,214
$4,472,721
2,132,500
120,000
189,362
$4,623,569
2,132,500
120,000
222,872
12 Months Ended Sept. 30—
Operating revenues
Operating expenses and taxes..-
Net income
$233,126
$287,720
Dividends applicable to preferred stocks for the
whether paid or unpaid.
$2,030,859
$2,148,197
865,050
865,050
$1,165,809
$1,283,147
Net oper. revenues...
$432,628
Other Income (net)
1,270
Gross income
Int.
on mtge.
Int.
on
bonds
debenture bonds
Other int. & deductions.
$433,898
177,708
10,000
13,064
_
Union Electric Co. of Missouri
Interes
on
.__^._$12,101,745 $13,726,799
Dr6,942
61,056
$12,094,803 $13,787,856
'
Co.—Earnings—
....
during construction charged
plant
Interest
and
Earnings for 12 Months Ended Sept. 30, 1938
Gross operating revenue.
Net income after provision for depreciation, interest,
Income taxes, &c
$10,207,139
Federal
x.
1,851,196
become
announced Nov.
announced
its
Transcontinental & Western
3 Months Ended Sept. 30—
Operating loss
Net loss
x
After depreciation
.
Air, Inc.—Earnings—
1938
$129,697
y210,988
and operating taxes,
1937
$107,380
z63,689
y
After incurring losses
on
other income of $81,291. including a loss from the sale of airport property
of $72,507.
x After a profit on other income of $43,690, including the sale
of
equipment.
„
Operating revenues decreased 5H% in the third quarter of 1938, which
ompares with a decrease of 10% In revenue passenger miles.
However,
as can
—
-
-
be determined the company and its subsidiaries had
Revenue Act of 1936.
"
Files Amendment—
;
amendment
with the Securities and Exchange
Commission stating that the offering price "on its 130,000 shares of $5 pre¬
ferred stock will be $106 a share.
Holders of the company's outstanding
Company
filed an
preferred will have prior opportunity to purchase the new $5 preferred.
The amendment also states that its parent, North American Co., has
of integration dated Nov. 1,
1938, embracing subsidiaries and companies in which large investments are
held by North American, North American Edison Co. and North American
Light & Power Co.—V. 147, p. 3028.
submitted to the commission a tentative plan
Union Pacific
RR.—Earnings
1938—Month-
Period End. Oct. 31—
Mail
1937
1938—10 Mos.—1937
$13,644,691 $13 ,964,220 $96,609,069$109,990,796
14,085,604
14,716,960
,488,165
1,326,379
Freight revenues
Passenger revenues
434,677
revenues
All other transp. revs—
197,358
387,244
Incidental
213,394
Express revenues.
revenues
427,551
181,099
424,098
224,738
3,920,996
1,708,543
3,467,870
1.737,547
3,993,677
1,779,986
3,770,373
2,184,443
$16,709,871$121,729,629$136,436,235
$1,280,810
14,448,121
16,097,144
2,722,222
21,372,527
26,127,886
380,309
3,477,645
3,837,456
366,777
5,226,999
41,211,391
45,620,245
4,887,290
Ry. oper. revenues—$16,203,743
Maint. of way & structs
2,007,493
Maint. of equipment—
2,476,474
-
Traffic expense
Transportation expenseMiscellaneous operations
General expense
Transportation for invest
Net
rev.
from ry. opers
Railway tax accruals—
Railway
oper.
income-
Equip, rents (net)
Joint
facility rents (net)
Net of items
-
—
309,753
422,769
Cr 194
314,088
486,159
2,907,028
4,266,714
Cr4,481
3,076,275
4,989,216
Crl56
$5,733,381
1,236,805
$6,299,284 $34,050,684 $36,688,169
987,517
12,428,522
11,811,995
$4,496,576
1,190,279
83,046
$5,311,767 $21,622,162 $24,876,174
1,319,921
7,059,153
6,923,735
23,682
548,285
449.313
$3,223,251
$3,968,164 $14,014,724 $17,503,126
1937, approximately $286,700 was credited to railway
each month from June to
September, 1937, inclusive), representing one-seventh of the amount
(approximately $1,801,000) charged to that account from March 1 to Dec. 31
1936, inclusive, that would have been payable under the Taxing Act
(companion to the Railroad Retirement Act of 1935) which was repealed
by the Carriers' Taxing Act of 1937, and one-seventh of the difference
(approximately $206,000) between the amount charged to railway tax
accruals from Jan. 1 to May 31, 1937, inclusive, under the repealed act,
based on a tax rate of 3 >6 %, and the amount accruing for that period under
the new act. based on a tax rate of 2%% •—V. 147, p. 2550.
Note—In October,
tax accruals
(same amount was credited dining
United Aircraft
to
Corp.—To Pay 75-cent Dividend-—Bonus
Employees—
of 75 cents per share on the
capital stock, par $5, payable Dec. 15 to holders of record Dec. 2.
This
compares with dividends of 50 cents per share paid on June 15, last, Dec. 15
and July 15,1937 and on Dec. 15, 1936, this last, being the initial dividend.
Donald L. Brown, President of the corporation, on Nov. 23, made the
following announcement to employees; "1 am pleased to announce that it
has been decided to pay on Dec. 15 to each employee who on Nov. 1 had
Directors
on
Nov. 22 declared a dividend
the sum of $5
less than five years.
for more than five
years but less than 10 years will receive $15 while those who had been em¬
ployed for more than 10 years wid receive $25.
These payments will be net
of all taxes which by the provision of the Federal Security Act the corpora¬
been
1936
prof.$177,516
prof. 132,058
-
liability with respect to the year 1937 for surtax on undistributed income
under the
a
participation in proceedings involving the Detroit Inter¬
national Bridge Co., now pending in the U.S. District Court for the Eastern
District of Michigan.
The four cases to which the present announcement relates involve the
reorganization of Transacontinental Petroleum Corp., of Dallas, Texas,
Camden Rail & Harbor Terminal Corp., of Camden, N. J., Sterling Gold
Mining Corp., of Houston, Texas, and Mt. Forest Fur Farms of America,
Inc., of Detroit, Mich., and may be summarized as follows*.
Upon the request of Federal Judge William H. Atwell, the Commission
on Nov. 7, 1938, filed a notice of its appearance in the proceedings for the
reorganization of the Transcontinental Petroleum Corp., pending in the
U. S. District Court for the Northern District of Texas.
Company, or¬
ganized in Delaware in 1936, as successor to the National Petroleum Corp..
is engaged in the leasing and development of oil, gas, and mineral properties.
The company has outstanding 625,000 shares of common stock ($1 par).
Liabilities, secured and unsecured, are stated to be in excess of $750,000.
The company has interests in producing wells and oil, gas, and mineral
leases in the States of Texas, Louisiana, and Oklahoma.
Involuntary
proceedings for reorganization under Section 77-B of the Bankruptcy Act
were approved on Nov.
18, 1937.
Upon the request of Federal Judge John Boyd Avis, the Commission on
Nov. 2, 1938, filed a notice of its appearance in the proceedings for the
reorganization of the Camden Rail & Harbor Terminal Corp., pending in
the U. S. District Court for the District of New Jersey.
Company was
incorporated in New Jersey in 1927 for the purpose of erecting and operating
a warehouse.
In 1928 approximately $1,650,000 of 6H % first mortgage
bonds and approximately $600,000 of 10-year sinking fund gold debentures
were sold to the public in order to raise funds for construction.
Interest
on the bonds has not been paid since 1933 and interest on the debentures
has been in default since 1930.
The company was placed in equity re¬
ceivership in 1932, and in July, 1937, a voluntary petition for reorganization
was filed under Section 77-B of the Bankruptcy Act.
Upon the approval of Federal Judge Thomas M. Kennerly of its motion
for leave to file a notice of its appearance, the Commission on Nov. 8,
193,8, filed such notice in the proceedings for the reorganization of the
Sterling Gold Mining Corp., pending in the U. S. District Court for the
Southern District of Texas.
The company was incorporated un Arizona
in 1933.
It has outstanding 916,385 shares ($1 par) stock, a large part
of which is publicly held.
Voluntary proceedings for reorganization under
Section 77-B of the Bankruptcy Act were instituted on Aug. 11, 1938.
Upon the request of Federal Judge Arthur F. Lederle, the Commission on
Sept. 28, 1938, filed a notice of its appearance in the proceedings for the
reorganization of the Mt. Forest Fur Farms of America, Inc., pending in the
U. S. District Court for the Eastern District of Michigan.
The company,
organized in Delaware in 1928 for the purpose of ranching various kinds of
fur-bearing animals, owns real property comprising 80 acres of land in
Michigan and 62,500 acres of marsh land in Louisiana.
One of the com¬
pany's principal assets is a claim asserted against valuable oil and mineral
rights on the Louisiana property, title to which rights is now in dispute.
Its outstanding capital stock consists of 53,626 shares of class A ($10 par)
preferred stock, 282,676 shares (no par) class B. stock, and 100,000 shares
(no par) class C stock.
Approximately $470,000 was realized from the
sale of stock to the public.
A receiver for the company was appointed in
connection with State Court proceedings in Michigan in 1931.
Reorganiza¬
tion proceedings under Section 77-B of the Bankruptcy Act were initiated
on Aug. 15, 1938.—V. 146, p. 2064.
x
Note—So far
no
15 that it
party to four additional reorganization proceedings under
Chapter X of the revised Bankruptcy Act,
The Commission previously
$7,933,307
3,320
Other deductions.
Petroleum
The Securities and Exchange Commission
has
$6,671,196
505,318
Minority interests
Net income
Corp.—SEC
Becomes
Party to Reorganization Proceedings Under Chandler Act—
074,342
895,993
3,470
29,061
to property
Preferred dividends of subsidiaries--—
—V. 147, p. 1647.
Transcontinental
4,550,403
279,077
170,886
36,205
Other interest charges.
4,462,675
484,390
27,488
095,790
funded debt
Amortization of bond discount and expense------
—V. 147, p. 2706.
Toledo Edison
(& Subs.)—Earnings—1938
1937
-$30,129,369 $31,838,888
18,027,624
18,112,088
Net operating revenues
Non-operating revenues
Gross income
Balance
<
on
the
payroll of the corporation for less than one year
employee for more than one year but
In addition, employees who had been on the payroll
and $10 to each
tion may be required to deduct therefrom.
"I take this opportunity of expressing our keen appreciation of the splendid
cooperation of the employees of all our divisions, which has made possible
our continued growth
and progress."
Volume
147
Financial
Chronicle
Mr. Brown said that well over 5,000
employees are on the payroll of the
corporation.
Of these more than 1,000 have been
employed for from 5 to 10
ytors and more than 400 have been employed for longer than 10 years.
3325
Utah Power & Light Co. (& Subs
.)—Earnings—
Period.
End.
Oct. 31—
The total payments to
employees will approximate $62,000.
This money
will be distributed
among the employees of the Pratt & Whitney Aircraft
Operating
.Division, Hamilton Standard Propellers Division, Ghance-Vought Aircarft
Division, United Airports Division, and the Export Division in Hartford,
and the Sikorsky Aircraft Division in
Bridgeport.—V. 147, p. 2877.
Property retire,
Consolidated Balance Sheet
June 30*38 Dec. 31 '37
Assets—
$
Cash
June 30*38 Dec. 31 '37
Liabilities—
$
Notes
&
3.254,190
Accounts payableAccrued taxes..
492,930
501,010
Acc'ts
with
224,141
47,132
36,755
16,712
368,409
Inv. & advs
3,610.288
6,809.588
5,784,200
a760,143
admin,
reorg.
1,350.582
assets-_.__.b3,780,584
5,966,152
Deferred charges..
and
expenses.
debt
Res. for conting..
600,000
Merchandise
336,414
200,716
surplus
...12,950,832
Total
advances
to
17,303,244
$558,600:
securities
agents,
Mos. *38'9 Mos. '38 9 Mos. '37,
$544,175
$1,561.545
$4,059,899
8,627 lossl03,796
418,886
3
profit
After depreciation, obsolescence, &c.—V. 147, p. 907.
United Electric Coal
Cos.-—Earnings—
3 Months Ended Get. 31—
Profit from operations before royalties,
1937
1938
depletion
and depreciation
$236,709
132,678
26,092
794
^
Other deductions—net
404
Federal income tax
10,714
,
Net income
Earnings per share on common
$52,658
$0.10
$60,713
$0.11
„
.
—V. 147, p. 2405.
Improvement Co.—Weekly Output—
Week Ended—
Nov. 19,'38 Nov. 12, '38
Electric output of system (kwh.)
—V. 147, p. 3173.
98,744,763
95,718,000
United Specialties Co.—Earnings—
Sept. 30—
9 Months Ended
1938
$793,445
645,114
Net sales
Cost of sales (exclusive of depreciation)
Gross profit before depreciation
Nov. 20,'37
91,574,540
1937
$1,602,990
1,140,477
$462,513
22,787
164,199
15,067
53,296
$148,331
Depreciation
31,654
166,071
24,472
Selling and administrative expenses
Other deductions (net)
tax
—:
$73,866 xprof$207,165
x This
figure includes the net income of subsidiary companies from
Jan. 1, 1937, to dates of acquisition of said companies by United Specialties
Co. amounting to $48,261.
Net loss
on
Notes
1937
$65,122
$65,098
94,208
148,332
Notes
deposit
&
.
Van
(at market)
190,314
1,955
Inventories
Other assets
and
ment
19,680
220,932
8,234
equip¬
827,083
11,208
(net)
Pat'ts (less amort.)
28,544
Deferred charges..
a
786,660
49,897
52,538
$86,835
143,000
com.
42,625
104,895
Earned surplus
,854,190
31,127
subs.'
Total
$1,218,435 $2,262,672
Reserve
15,801
40,121
40,759
13,568
70,000
32,780
70,000
for
15,000
1,085,440
1,118,400
75,000
75,000
391,135
380,074
201,700
poss¬
ible price adjust¬
819
P.
ments
Jr., trus¬
Preferred stock
Common stock
bankrup'y,
Van Camp Pro¬
ducts Co
17,541
17,541
136,405
(bankrupt) nethLand, bldgs.,ma¬
chinery & equip. 1,077,349
Estab. milk supply
system..
1,000
Capital surplus
Earned surplus...
15,000
1,090,833
207,782
Due fr. Van Camp
Products
Co.
Total
$2,391,831
After
a
136.405
1,000
$2,119,5711
Total
for doubtful accounts,
reserve
and
$15,324 in 1937.
and$ 569,777 in 1937.
b After
c After
--.$2,391,831 $2,119,571
discounts, &c., of $15,161 in 1938
for depreciation of $642,640 in 1938
reserve of $7,200 in 1938 and $9,000 in 1937.
The income account for the six months ended Sept. 30 was published in
V.
147.
p.
reserve
3030.
Corp.—Sells Stock Privately—.
Company has increased its outstanding capital stock in the*
hands of the public by 7,000 shares sold privately in reduction
of 170,000 in the amount of obligation under a promissory
note which was issued in connection with purchase and
development of properties in Texas.
This note, on which
$120,367fwas owed at D6c. 31, 1937, has now been reduced
to $24,343.
The sale of
company covering 5,000.shares
share.
John R. Moulton, President, states:
"The fourth well on company's Big
Wichita Riverbed lease in North
depth of 3,811 feet; initially flowed 150 barrels
through casing in 45 minutes and later flowed 285 barrels through 2 inch
tubing in three hours in the Texas Railroad Commission official test."
—V. 147, p. 2878.
Texas has been completed at
Virginia Public Service Co.—Dividend Deferred—
Regular quarterly dividends of $1.50 and $1.75 per share, respectively,
paid on Oct. 1, last.—V. 147, p. 3030
T •'
mkm^d
were
Walker & Co.—Accumulated Dividend-
~"The
This compares with 37fa
on Oct. 12 and Aug. 25 last
25 cents paid on July 5 and on
last, and with 50 cents paid on Feb. 17 last, Dec. 23, Sept. 30,
April 26 and Feb. 18, 1937; Nov. 30, Oct. 15, Aug. 31, July 1,
and Feb. 15, 1936, and Dec. 20, Nov. 15, Aug. 15, May 15 and
1935.- -V. 147. p. 1941.
stock t
Light & Traction Co.—Earnings—
1938—12 Mos.—1937
$101,068
$1,103,423
$1,162,621
-1937
89,885
100,500
1,097,215
1,080,759
$5,683
46.480
$568
$6,208
617,597
$81,862
545,754
$623,805
$627,616
622,300
9,257
52.057
r
bonds.
$52,163
51,629
Other.int. and deducs...
861
Gross income
$52,625
51,858
1,095
619,522
8,207
Balance, deficit
$327
$328
$3,924
$3,941
Note—No provision has been made in the above statement for unpaid
income demand note, payable if, as, and when earned,
amounting to $1,542,131 for the period from Jan. 1, 1934, to Dec. 31,
1937.—V. 147, p. 2708.
r"
interest on the 6%
Valspar Corp.—Preferred Dividend—
declared a dividend of $1 per share on account of accumula¬
the $4 conv. pref. stock, payable Nov. 30 to holders of record
25-^.An Initial dividend of $1 was paid on Aug. 1, last.—V. 147,
Directors have
on
2709.
proposal to merge this company
subsidiary, the Ward Baking Co., under
Nov. 18 approved the
The stockholders voted also that the
United States Rubber Co .—To Pay Preferred Dividend—
on Nov. 22 declared a dividend of $4 per share on the 8% non1st pref. stock, par $100, payable Dec. 23 to holders of record
Dec. 9.
This will be the first dividend paid on these shares since Feb. 15,
1928—V. 147, p. 1053.
P"*Net oper. revenues—
Rent fromJiease.of plant.
on
consolidated company issue 257,000
7% cumulative preferred of $100 par value, 83,000 shares of class A
and 500,000 shares of class B common of no par value.
Each of
the currently outstanding 256,000 shares of $100 par 7% cumulative pref.,
82,975 shares of no par class A common and 500,000 shares of no par class B
common of the corporation are to be exchanged share for share fo?, those Of
the respective classes of stock of the consolidated company.—V. 147, p. 3174
shares of
common,
Directors
in¬
Baking Corp.—Consolidation Voted—
Stockholders
(Hiram) Walker-Gobderham & Worts,
cumul.
$95,568
share on account
the $2.50 cumul. class A conv. stock, no par value,
paid
May 28
July 26,
1
April 25
Feb. 15,
Corp.—Listing—
1938—Month
on
with its wholly owned operating
the name of the latter.
given on first page of this department.—V. 144, p. 3859.
Operating revenue
Operating expenses,
cluding taxes
directors have declared a dividend of 50 cents per
of accumulations
payable Dec. 1 to holders of record Nov. 21.
Ward
Period End. Oct. 31—
these'7,000 shares increased the capital stock in the hands of
In addition, an option has been issued by
of its capital stock at a price of $10 per
the public to 203,860 shares.
Missouri—Registers with SEC—
granted the company to add 53,680 additionalishares of common
the list upon official notice of issuance.—V. 147, p. 435.
p.
taxes..
14,558 Reserve for conting
16,686
366
Frenzel
12,774
payable Oct. 1..
reserve,
J.
1937
$170,058
60,000
Dividends declared
banks.
from
$431,011
Prov. for Fed. tax,
and State Income
and
Depos. in closed
Due
1938
payable-
Notes payable
Accrued expenses.
10,453
insur.
fund
surplus
c
1,707
379,032
834,253
14,997
expenses.
Reciprocal
cents
20,336
United States Plywood
Nov.
rec.(net)
$246,906
220,316
stock
B'.
(par $1)
Capital surplus
The New York Curb Exchange has authorized the listing of 42.944 out¬
standing shares of $1.50 cumulative convertible preferred stock (par $20)
and 191,961 outstanding shares of common stocjf (par $1).
Authority was
tions
Accounts
Accounts receiv.
Prepaid
Liabilities—
1937
$66,262
224,961
2,010
(par
$1)
CI.
*—$1,218,435 $2,262,672
Interest on mtge.
1938
hand
Inventories
143,000
42,625
881,873
def71,499
stock
12,119
United Securities Co. of
Utah
$12,080
„
Camp Milk Co. —Balance Sheet Sept. 30—
Cow notes
-V. 147, p. 3173.
See list
1,704,761
198,011
Directors at their recent meeting decided to defer action on payment of a
dividend ordinarily due at this time on the 6% and 7% cumul. pref. stock.
$120,000
981,281
Goodwill
Total
1,704,761
j
Cash in banks and
1937
to
Accrued
Com.
Marketable secure.
Plants
payable
banks
Accounts payable.
accounts
receivable (net)
1938
Liabilities—
1938
"
hand and
on
$1,716,841
def$363,135
Assets—
Balance Sheet Sept. 30
•
Assets—
Cash
$1,341,626
Venezuelan-Mexican Oil
United Gas
Federal income
$131,618
1,728,250
300,000
accumulated and unpaid to Oct. 31, 1938, amoifnted to
Latest dividends, amounting to $1.16 2-3 a share on $7 pref.
stock and $1 a share on $6 pref.
stock, were paid on Oct. 1,1938.
Dividends
on these stocks are
cumulative.—V. 147, p. 3174.
$224,590
145,045
32,300
Royalties, depletion and depreciation
Interest
25,000
15,265
9.911
$6,961,107.
Corp.—Earnings—
Period Ended Sept. 30—Net sales
x
144,021
tee in
United Drill & Tool
Net
$3,943,102
142,021
25,000
15,415
$3,554,897
1,721,703
300,000
191,568
Balance....
553,857
deposited under lease agreements, &c., at cost, $27,479; other securities
ot or below cost, less reserve, $11,988;
mortgages receivable on real estate,
less reserve, $118,833; claims against closed banks, less reserve, $43,243.
b As follows:
Real estate owned in fee, $1,564,256, less reserve for
depreication on buildings, $33,567, total $1,530,689; furniture, fixtures and
equipment, $4,383,353, less reserve for depreciation, $2,870,353, total,
$1,513,000; improvements to leaseholds, less amortization, $696,928;
construction in progress, $39,967.—V. 147, p. 3173.
*
$315,904
617,597
aPPhc. to pref. stocks for the period,
\
,
570,992
553,857
17,303,2441
12,950,832
follows:
$344,663
$162,227
Net income..
on
As
$3,933,191
55
$3,546,453
8,444
Other int. and debs
4,774,275
570,992
Earned
a
$315 849
6,752,803
500,000
4,774,275
Initial surplus
Total
$4,478,945
545,754
whether paid or unpaid
Funded and mtge.
441,878
$4,164,050
652
Gross income
Interest on mtge. bonds.
Interest on deb. bonds._
83,057
Cum. $5 pref. stk.
Com. stk.(par 10c)
407,151
$367,906
52,057
$344,011
Operating income
(net)
Federal
Accr.
5,313,386
761,667
$390,492
46,481
Other income
85,409
liabils..
for
Agents* deps., &c.
fund trustee
1,037,500
171,664
accr.
income taxes
sinking
6,472,543
63,700
Net oper. revenues...
Rent for lease of plant..
180,941
103.994
$11,993,415
627,333
91,000
res.
436.201
5,232
Mdse. inventories.
Fixed
132,063
52,742
Prov.
consolidated
Cash
2,568,134
Oth.
from
rec.
whoi .-owned subi,
not
2,028,221
Accrued interest._
accounts
(net)
rec.
S
$
2,159,884
1938—12 Mos.—1937 1
$1,058,989 $11,674,093
533,166
appr
Stock
Exchange has listed 5,721,924 common shares (par
10 cents) of which 5,298,563 shares have been issued.
1938—Month—1937
$1,014,658
Oper^exps., ind. taxes..
United Cigar-Whelan Stores Corp.—Listing—
The Toronto
revenues
Ltd.—Report—
and Chairman, states:
Company has recently completed the extension of its interest in Great
Britain undertaken to provide an adequate source of supply for its esta¬
blished Scotch brands.
In September company's operating subsidiary In
Great Britain, Hiram Walker & Sons (Scotland) Ltd., placed In operation Its
new Scotch grain distillery at Dumbarton, near Glasgow.
This distillery
incorporates the most modern scientific features of our distillery at Peoria,
Illinois and is the largest distillery in Europe, having a capacity or 2,500,000
imperial proof gallons per year.
It is estimated that the cost of construc¬
tion of this distillery will aggregate £590,000.
During the year ended
Aug. 31, 1938 expenditures thereon amounted to £470,000.
The report for 1937 mentioned that negotiations had been completed for
the sale in London, Eng.
by Hiram Walker & Sons (Scotland) Ltd. of
£1,000,000 (authorized £2,000,000) 15-year 4H% debenture stock, guar¬
anteed unconditionally as to principal and interest by your company. This
sale was consummated in Nov., 1937 and in April ofthis year an additional
£500.000 of debentures were sold In London bringing the total or tnese
debentures outstanding to £1,500,000.
The total proceedsi amounted to
£1,447,000 and were used for the construction of the Dumbarton Distillery
and for the reduction of bank loans.
Following appropriate action by the directors goodwill, processes and
trademarks shown Aug. 31. 1937 at $9,491,526 was reduced to $1 by a
H. O. Hatch, President
ChThe directors^ave
unanimously approved retirement annuity and group
the employees of company and its subsidiaries._ The
life assurance plans for
elans which are to
on
be submitted to the
Dec. 9 will provide
shareholders at the annual meeting
employees and the company.
for contributions by both
Financial
3326
Consolidated Income Account
&
sold..
gen. expenses-
Deprecation...
Amortization of
----- - -
leasehold
-
------
17,436
Balance.-----------
$8,499,386
$8,425,165
$5,900,451
Incidental profits on
of raw
materials.
(net)
Profit
on
on
$8,842,328
$6,251,735
$4 ,109,361
216,026
225,722
disposal
capital assets
33,421
——
Total--------------
$8,822,505
loans. -
152,720
326.122
107,937
228,922
34,198
152,194
56,562
Interest on bank
Debenture interest
Amort, of
debt discount
and expense
Prem/on debs,
red--—Amt. required to reduce
115,548
22,067
1,723.656
b300,840
1,576",475
$6,284,968
15,140,340
$6,463,633
10.580,959
$4,796,120
8,244,483
$3,486,412
5,220,178
$21,425,309 $17,044,591 $13,040,603
-
of period-
Total
Settlement of claims.
1,000,000
72,354
_
Excess of life ins. prems
for
Dom. & Prov. taxes
------
goodwill, &c. to $1—
on pref. shares—-
9.491,525
460,818
460,818
shares-.-
2,896,016
1,443,433
on com.
------
131,575
207,436
374,810
346,668
$
$
Represented by 300,000 no par pref. shares and 600,000 shares of no
par common stock,
b After reserve for depreciation of $9,847,164 in 1938
and $10,428,154 in 1937.
c Represented by 20,800 shares at cost in 1938
and 18,000 shares at cost in 1937. d Represented by 7,700 shares at cost in
1938 and 5,600 shares at cost in 1937.
The income statement for the year ended Sept. 3 was published in V.
147.p. 3031.
a
Western
Assets—
2,135,154
5,293,511
Cash
Receivables
d Inventories
Accounts
28,364,767 25,322.058
Misc.
239,706
265,124
life ins. policies.
curity for debs.-
A
equipment
3,457,745
2,906,877
154,477
167,114
1
9,491,525
Res.
eShs.of H. W.-G.
&W„ Ltd. (cost)
and trade marks
operating revenues. $1,290,269
32,132
t Common stock.
Earned surplus
42,011
3,954,000
outstanding 200,000 shares of common stock to be
Warren Brothers
p.
1,014,311
9,216,360
$3,799,099
$8,344,730
610,657
5,347,252
5,519,273
$403,492 *$1,548,153
$2,825,457
3175.
t
$360,472
Corp.
Instrument
Electrical
(&
Subs.)-
Sept. 30—
[Including Domestic Subsidiary Company]
c
1937
1938
Liabilities—
1937
1038
b
Capital stock...12,500,000 $2,500,000
113,910
64,693
payable.
Accrued accounts.
61,628
67,238
Land, buildings,
mach., f ixt., Ac.$l,399,961 $1,391,287
Land and bldgs.
Accounts
not used in oper.
a
Div.
50,000
2
58,890
38,385
on
13,688
400,000
400,000
Res. for Fed. tax..
19,000
76,200
Res. for contlng.-
127,504
127,504
Earned surplus
911,865
896,894
Notes pay. to bank
Fed. lno. tax addit.
for prior years.
Notes, tr. accepts.
167,237
422,540
1,163,578
1,321,269
A accts. receiv..
Inventorles.
payable
class A stock
60,000
2
(rented)
Patents A goodwill
Cash
A munic.
securities
1,031,090
732,381
210,338
Deferred Income.
2,578
_
5,000
_
109,844
Inv. A accts. rec.,
W.E.I. Co., Ltd
Sundry dep. accts.
11,032
_
Total
12,690
55,465
rec., Invest., Ac.
Deferred charges.
61,608
$4,147,595
$4,140,006!
$4,147,595 $4,140,006
Total
$1,517,257 in 1938 and $1,455,727 in
1937.
b Represented by 27,376 no par shares of class A and 160,583 no
par shares of common stock,
c After reserve for depreciation and re¬
valuation of $41,569.
The income statement for the nine months ended Sept. 30 was published
a
exchanged for 2-5ths
After reserve for depreciation of
in V. 147, p. 3175.
(H. F.) Wilcox Oil & Gas Co.—Earnings1937
1936
$2,565,208
29.708
277,529
$2,506,553
50,311
111,022
$2,872,446
1,253,040
Cr86,194
823,969
130,745
$2,667,887
770,983
132,303
$670,692
$750,887
$669,307
89,272
150,240
36,061
6,455
9,630
16,196
4,320
102,676
35,802
4,287
10,683
6,729
1,460
$447,791
31,066
$589,250
26,602
$485,253
13,578
$478,857
244,418
$615,852
5,160
439.131
93.529
7,952
$498,831
374,262
32,932
5.103
$229,279
oil sales
Rents and royalties
Miscellaneous
$75,241
$86,533
41,446
!
22,508
$2,369,287
Total income
795,310
Purchase, freight and tax
Inventory
Operating expense
financial
result of the eight months' operations to
,
1938
$2,305,334
9 Months Ended Sept. 30—
Income—Crude oil, gas, gasoline and
'
but certain specific charges applicable
General administrative expense..
-
Net current assets incl. preliminary expense on con¬
;
Operating profit
Lease development costs.
Dry hole costs
Interest charges
Provision for bad debts
Discounts allowed
Provision for contingencies.
1.054,258
156,715
663,857
123,747
_
and whollyowned
510,006
$1,093,707
490,425
30,405
40,656
$1,030,696
Cash of parent company and wholly-owned subs
Cash in foreign countries subject to exchange re¬
strictions included in the above
Combined net current assets and preliminary ex¬
•
Sundry deductions
of partially-owned
979,541
758,567
130.706
262,993
1,603,220
________
1,638,265
Other income.
Combined secured funded debt of partially-owned
in the hands of the trustees
$1,014,149
County
Aug. 31, '38 Dec. 31, '37
and controlled subsidiaries,
$954,039
593,567
Assets—
8,576,950 15,140.340
to prior years aggregating $149,163 were Included in the losses.
The following comparative figures show certain changes in the
pense on contracts in process
and controlled subsidiaries
$7,139,503
1,205,227
9,216,360
.17,330,180 17,330,180
of the combined net losses of the
parent company, its wholly-owned subsidiaries and its proportionate share
of the net profits and losses of its controlled subsidiaries for the first eight
months of the current year.
After all charges, including depreciation of
$125,772 the parent company's share of similar combined charges of $73,138
on
partially-owned and controlled companies, provision for estimated
Federal, State and provincial income taxes of $24,609 but not including
interest of approximately $255,000 on the parent company's funded debt,
struction of parent company
subsidiaries
$2,657,225
1,141.874
Balance Sheet
Co.—Earnings—
position of the company as a
Aug. 31,1938:
$823,536
190,613
Weston
'The company has prepared a report
the net combined loss is $54,886.
There were no surplus adjustments
$764,403
189,636
Deficit.
x
Machine Corp.—To Recapitalize—
stock.—V. 147,
4,092,729
$7,368,223 $11,587,466
V. 147, p. 3175.
Corporation has under consideration a proposed plan of recapitalization
1938, the consummation of which will reduce the capital
from $5,750,000 to $2,380,000, which reduction will be effected by changing
the presently authorized and outstanding 100,000 shares of preference stock
(no par) into prior preference stock ($20 par) and the presently authorized
400,000 shares of common stock (no par) into 500,000 shares ($1 par) each
outstanding share of preference stock together with all accumulated and
unpaid dividends to be exchangeable for one share of prior preference stock
and three shares of new common stock and each of the presently issued and
new common
4,438.789
Net income
dated March 5,
share of
355,234
452,675
Gross income
deducting reserve for
White Sewing
272,209
493,734
Deduc'ns from gross inc.
58.441,606 62.924,679
Total
58,441,606 62,924.679
After
33,596
Operating income
Non-oper. income
depreciation of $7,640,761 In 1938 and
6,919,577 in 1937. b No par value shares, c After reserves, d Includes
1,745,238 United States taxes paid on goods in branch warehouses unsold
in 1938 and $1,312,179 in 1937.
« Held by trustee for United States
subsidiary under option at cost to employee, 4,303 shares in 1938 and 4,655
In 1937.
f Represented by 724,004 no par shares.—V. 147, p. 2709.
a
$1,309,807
tions
stock
(460,818 shs.).-
Goodwill, processes
177.869
477,207
1,116,313
for contlng..
b Preference
1,704.528
1.677,664
176,133
& cable
Uncoil, oper. revenues..
Taxes assignable to oper-
15-year 4% guar.
deben. stock
7,500,000
17,089,520 13,100,162
Invest's (at cost).
Total
138,485
..
'
1,967,935
10-yr. 414 % conv
debentures
$8,398,826 $68,052,189 $76,077,572
5,256,851
4,635,665
543,813
4,501,478
6,175,649
440,547
4,105,508
4,230,282
506,848
47,347,935
42,380,180
5,241.316
1.573,806
1,584,526
178,626
and
general
"Net telegraph
645,281
3,954,000
Deb. Int. accrued.
541,382
707,308
charges
Land, bldgs.. pl't
1938—9 Mos.—1937
1938—Month—1937
miscel 1. expenses..
pay.
accr*ls
Dividend payable.
Prepald A deferred
a
accts.
A sundry
974,000
other
All
1937
Telegraph Co., Inc.—Earnings—
Telegraph and cable op¬
$8,033,024
erating revenues
447,064
Repairs
685,764
Deprec. & amortiz
535,898
All other maintenance..
4,715,163
Conducting operations. 182,733
Relief depts. & pensions _
2,090,342
285.642
839.209
Res. for all taxes..
Cash sur. value ol
Cash on dep. as se¬
1938
1937
$315,621 $11,623,499 $15,675,583
3174
Western Union
$
1,323,171
2,187,566
Jan. 1 to Nov. 14
1938
payable—
Trade
Week End. Nov. 14
$268,662
(est.)—
5,973,730 11,046,712
Bank loans
5,140,490
6,015.385
Maryland Ry.—Earnings—
Gross earnings
1937
$
Liabilities—
44,461,196 42,038,260
Total
44,461,196 42,038.260
Period End. Sept. 30—
1938
761,900
548,014
400,289
31 (Inch Subs.)
1937
298,980
Mlscell. in vestm't.
$8,576,950 $15,140,340 $10,580,958 $8,244,484
724,004
724,004
660,000
660,000
Turnings per share.,$8.04,
$8.29
$6.56
$4.58
x The
balance of these profits, amounting to $410,000 in 1936 and
$103,927 in 1935, was added to reserve for contingencies,
y Asserted by
U. S. Treausry Department,
z Paid in prior years over cash surrender
value thereof as at Sept. 1, 1935.
a To market value at Aug. 31. 1937.
b Includes $120,899 incidental losses on sales of raw materials, $111,810
for exchange adjustments arising from conversion of net assets of Scottish
subsidiaries, $8,937 for losses (net) on disposal of capital assets and $59,194
for incorporation and preliminary expenses of a subsidiary company.
c
197,000
and
-
-
Prepd. exp. A def'd
charges
Cash surr. valeu of
Balance, surplus
1938
2,748
1.694,909
Fed.
State inc. tax
303,683 Purch. money note
389,501
42,500
42,500
payable
19,985,943 16,928,082
3,200,000, 3,200,000
d Inv. in pref. stk.
460,972
303,149 Paiddn surplus
6,237,465
5,678,510 Capital surplus.— 5,226,954
Cash
2,490,763
11,446,659
7,569,620
140,000 Earned surplus
U. S. Govt, bonds.
Shares common stock—
Consolidated Balance Sheet Aug.
1,769,126
Dep. in bk. in llq.
com. stock.
Inventories.
460,818
460,818
990,000
47,187
1,103,914
Res. for fire ins.,Ac
761,900
affiliated cos
Res. for
1,515,177
—V. 147. p.
Divs.
56,650
911,843
ginners,
—
1,288
Cr63,526
prior years
Amount required to red.
2,003,646
cCo.'s
$8,706,590
Mlscell. deductions
Divs.
79,570
327,353
127,318
964,958
Prov. for income taxes—
Net income
to
life insurance—
a256,604
investments
Bal. at begin,
Loans
Total
Miscel. deductions
z
Advs.
*63,637
153,393
1,500
3,844.283
Accts. A bills rec_-
$3,890,831
*76,624
264,160
10,500
74,802
238,848
70,092
------
254,536
68,583
170,130
544,707
3,351,027
(current)—
785,552
cos
1,957,330
accrued llabhs—
Acceptances pay-Due to allied and
in & advs. to
Ac
sales
Miscellaneous income—
Dividends received
.
y
61,489
equip..13,833,881 10,588,355
cfaln'y A
Inv.
$
$
Capital stock.—20,571,786 20,571,786
Accts.
payable &
a
bldgs., ma-
allied
81,643
premises
Sept. 3, '38 Aug.31,'37
Liabilities—
$
$
Assets—
b L'd,
1938
26,
Consol. Bal. Sheet-
Sept. 3, *38 Aug.31,'37
33.624.731
anA
7,208,579
567,839
40,242,056
7,913,918
591,065
45,940,917
8,907,809
678,187
48,033,743
9,937,357
730,927
-
Oil'& Snowdrift Co., Inc.-
1935
1936
1937
$67,201,413 $63,969,514 $54,729,133 $45,353,470
Net sales
Cost of goods
Selling
Wesson
for}YearslEnded Aug. 31 {Inch Subs.)
1938
Nov.
Chronicle
52,799
3,177
10,913
24,639
3,251
after deducting cash
-
Profit
exclusive
of
depletion,
de-
Fixed assets less depreciation of parent company
and its wholly-owned subsidiaries
Fixed assets less depreciation of
the
partially-
owned and controlled subsidiaries
1,210,694
1.192.741
Depletion and depreciation
Loss on cap. assets sold & abandonedAmortiz. of bond discount & expense.
and its
guaranteed obli¬
-
—
«»
Contingent liabilities of the parent company
wholly-owned
gations
subsidiaries
for
212,083
313,583
of the Argentine wholly-owned subsidiary has
eight months* period $196,910, the unpaid balance
Note—No provision made for
Federal surtax.—V. 147, p. 909.
The secured bank debt
been reduced during the
Aug. 31, 1938, being $173,335.
Routine collections by that company
on its municipal paper are now retiring the outstanding bank loan at the
rate of approximately $20,000 per month.
Contracts secured by the several operating companies during the first
at
eight months apiounted to $6,167,293 as compared with $7,928,224 for the
period of 1937.
With $2,416,703 of contracts carried over from the
previous year, this provided a total amount of available work aggregating
$8,583,996.
Of this volume, $6,434,749 had been completed by Aug. 31,
leaving $2,149,247 yet to complete.—V. 146, p. 3532.
same
Wisconsin Public Service
Corp.—Accumulated Dividend
The directors have declared a dividend of
$1.75 per share on the 7%
stock, $1.62M per share on the
cumul. pref. stock and
$1.50 per share on the 6% cumul. pref.. stock, ad of $100 par value, all
payable Dec. 20 to holders of record Nov. 30.
Similar payments were made
on Sept. 20, June 20 and March 21, last; on Dec. 20, Sept. 20, June 19 and
March 26, 1937, and on Dec. 21 and Sept. 21, 1937 ana dividends at onehalf of the regular rate were paid In each of the six preceding quarters prior
to which, regular quarterly dividends were disbursed.—V. 147, p. 2880.
cumul. pref.
Volume
147
Financial
Witherbee Sherman Corp.—Interest—
Company deposited
with
Guaranty Trust Co. of New York the funds
rate interest coupons maturing Nov. 1,
being in the following amounts: on bonds of $1,000
*15; on bonds of $500 denomination, $7.50; and on bonds
of $250 denomination,
$3.75.
No funds were
deposited, however, to meet the additional "if earned" incoupons also maturing on that date as the
company did not have
sufficient net earnings to provide for the
payment thereof.—V. 147, p. 1056.
Woods Brothers
*
Yale & Towne
Manufacturing Co.—15-Cent Dividend—
Directors have declared
stock, payable Jan. 3 to
dividend of like amount
dividend of 15 cents per share on the common
of record Dec. 9.
Regular quarterly
a
holders
was
paid on Oct. 21, last.—Y. 147, p. 2710.
Mississippi Valley RR.-
October—
1938
Gross from railway—$1,530,659
Earnings—
1935
$1,583,370
643,914
415,836
$1,665,694
609,476
360,613
$1,405,507
516,666
310,748
11,898,699
3,796,370
1,637.071
13.508,454
4,500,817
2,431,630
12,689,704
3,994,935
1,728,842
10.277,098
2,530,902
584,118
Net after rents
—V. 147, p. 2711.
York Rys.—Interest—•
The committee
on
Securities of the New York Curb Exchange has ruled
that the company unextended 1st mtges. and coll. trust 5% bonds, due
Dec. 1, 1937, be quoted ex-interest $25 per $1,000 bond on Dec. 1 that the
bonds shall continue to be dealt in flat and to be a
delivery against transac¬
made on and after Dec. 1, 1938, must be endorsed with
legends in¬
tions
dicating that six months* interest payable June 1, 1938, and six months*
interest payable Dec. 1, 1938, have been paid.—V. 147, p. 761.
Associated Gas & Electric Corp.—J. I. Mange
Criticizes
Investor Is Deprived of
Income of $35,573,479—Taxes In¬
Uneconomic Reduction in Rates-—Says
Due—Reports
20%—
Operating
crease
Uneconomic rate reductions are criticized in the 1937 annual report of
the coimoration, released for publication Oct. 28.
In the letter, signed by
J. I. Mange, President, it is pointed out that reductions which became ef¬
fective in 1937 represented a saving to customers of $2,953,000 a year, and
that this brought to $16,610,000
annually the reductions made by present
subsidiaries during the past ten years.
Mr. Mange adds:
"Many rate reductions ordered by regulatory authority in recent years
have produced an 'unfair' or uneconomic reduction in net income.
Un¬
economic reductions in rates are those which do not encourage sufficiently
greater use of the service to result shortly in increased net revenues, but
instead cut down net earnings to a point where investment in public utility
equities is no longer attractive to those who have capital to invest.
There
is considerable evidence that this point has now been, or is just about to be,
reached by the electric and gas industries.
"To an unfortunate extent, regulatory commissions have not applied
4
either economic
or legal principles In their recent orders for rate reductions,
they made careful studies of the long-term economic effect of the
by
the
involved and
vestor s
Gross at $128,000,000
The
report shows gross operating revenues of
$128,597,793 in 1937,
increase of $8,151,568 or 7% over 1936.
Operating expenses and main¬
tenance rose to
$66,282,572, an increase of $4,748,855, or about 8%.
an
Approximately $1,100,000 of the increased expense was accounted for
by
an employees' pension
plan adopted by most of
during 1937.
After deducting
operating expenses, taxes and provision for retirements,
there remained
operating income of $35,573,479, which was $568,030 or
1-5% below the corresponding figure for 1936.
The figures include for the full
two-year period the operations of all
subsidiaries owned at Dec. 31, 1937,
irrespective of dates acquired.
onXaxe8mi?tcr?as?d f° $15-675,513 for the year, a rise of $2,644,638 or about
2U%,
JL his is the largest percentage increase ever recorded over a
previous
year.
These taxes are equivalent to $42,946 a
day or to $765 for each
r^u
en£Ployee on the payroll.
Since 1928 annual taxes on present sub¬
sidiaries of the corporation have increased
$10,000,000 and total taxes for
the ten-year period have amounted to more than
$93,000,000.
accruals in connection with
the subsidiaries
,
Forty
instead, rate reductions have been the result of compromises
of offer and counter proposal, until a figure was arrived
a process
Friday Night, Nov. 25, 1938
Coffee—On the 19th inst. futures closed 3 to 4 points net
higher in the Santos contract, with sales totaling only 6 lotslot traded.
It
unchanged to 2 points
was
typically
reflected the dullness of actuals.
francs
lower,
and
Brazilian
a
Santos contract, with sales
tract closed 1
point
up to
totaling only 14 lots.
received
through
a
up,
Saturday market, and
quotations
were
totaling 98 lots.
unchanged.
The Rio
2 points lower, with
Street
con¬
transactions
a rumor
commission
from Havre
house
that
Brazil would discontinue its coffee destruction program,
coffee market today
dropped 9 to 13 points during the
ing session.
reported in
It
was
a
to
prepare a tentative plan of integration and simplification looking toward
compliance with Section 11 of the Public Utility Holding Company Act of
1935, for submission to said Commission.
The process of eliminating through merger, consolidation or
dissolution,
companies whose separate corporate existence has served its purpose was
continued during the year.
This simplification of the System's corporate
structure has taken place largely since
1922, during which period 351 cor¬
porations have been so eliminated, and substantial economies thus effected.
During the past year eight companies have been eliminated.
The most
important units were two New York State companies which were merged
into the New York State Electric & Gas
Corp., making the latter the largest
operating company in the System, with total gross revenues of about
$24,000,000 annually.
Integration Stressed
Relations with Government
"This Associated System, like all other utility organizations, has been
enduring and will continue to endure the burdensome effects of increasing
taxation and exacting regulatory requirements, but is hopeful that from now
on more moderate policies on the part of government will
prevail.
Our
security holders will be serving their own best interests the more they en¬
deavor, through all legitimate means, to promote the reconciliation of the
relations between public authorities and the public utilities.
"The nation has greater need than ever before for prosperous utilities,
able and ready to spend a billion dollars a year for new construction, thereby
stimulating industries which supply machinery, copper, iron and steel,
chemicals and other materials.
But investors will not put new money into
utility enterprises which, therefore, can make no real contribution to re¬
covery, so long as power remains a bitter political issue."—V. 147, p. 3160.
in the
the
morn¬
cable to the Exchange that
On the 22d inst. futures closed 5 to
Santos contract,
The Rio contract
9
lots.
which attracted
to
a
months and 1 to 2
ilar transactions have been effected in the past.
market,
as
a
result of the bearish reports from Brazil
in Brazil except
to
14,200,
week
were
The Havre
closed 3lA to 3 % francs lower.
were
for
an
advance of 200 reis in the spot 7s price
unchanged.
338,000
on
Prices
Clearances from
bags, of which 205,000
Brazil last
were
for the
points down
the Santos contract.
tracts.
and
European
selling
the operators, combined
today despite official
on
points off in the
new
the distant deliveries of
Sales in this contract totaled 183 con¬
The Rio contract closed 1 to 2 points
off, with sales
Trading in coffee futures was
totaling only 5 contracts.
again confined to the Santos contract, which opened 2 points
lower to 2
was
done,
points higher.
more
were
were
a
2 to
Friday will be first notice day.
2% francs lower.
200 reis lower this
Santos 4s
were
About 10,000 bags of December
than half in the form of switches into more
were
Sim¬
among
On the 23d inst. futures closed 3
positions.
The only interpretation of this transaction was
following
Havre closed 1^ to 2 francs higher.
continued.
distant
that it would increase Brazil's volume to that extent.
unchanged, with sales of
December
by Brazil that coffee destruction would not be dis¬
futures
Santos and
closed 2 lower to
weaken the coffee futures market
denial
7 points net lower
with transactions totaling 70 lots.
Liquidation of
Brazil had agreed to sell to Germany in compensating marks
coffee destruction
„
In mentioning the fact that it had registered under the Public
Utility
Holding Company Act, the report pointed out that the properties of the
corporation in New York, Pennsylvania and New Jersey, where 65% of its
customers are concentrated, represent a
closely-integrated and inter-con¬
nected group which would form a strong nucleus of properties even in the
event it becomes
necessary under the Act to dispose or some of the more
distant holdings.
In referring to the "punitive policies that have been directed
against the
utilities" by the Federal and State governments, the report added:
"It is hoped that a calmer public attitude is now developing which will
enable the utilities to expand their operations and render a greater
degree
of satisfactory service to the public.
200,000 bags of coffee to be shiped from Rio,
Victoria.
Simplification Plan
directors of Associated Gas & Electric Co., a committee has been
appointed
points net lower in the
As the result of
Wall
with only
Havre closed 2lA to 3%
On the 21st inst. futures closed 7 to 9
Taxes
that, in compliance with the letter dated Aug. 3, 1938,
Douglas, Chairman of the Securities and Exchange
Commission, and pursuant to certain resolutions adopted by the board of
areas.
The Rio contract closed
of
United States, 119,000 for Europe and 14,000 for all other
COMMERCIAL EPITOME
one
Kinds
The annual tax bill of the Associated Gas &
Electric Corp. is approxi¬
mately $2,207,000 more than the total revenue from all its 316,213 resi¬
dential, commercial and industrial gas customers.
It is equal to the rev¬
enue from 423,000
average residential electric customers.
In all, there are more than 40 different kinds of taxes
levied on companies
in the Associated System.
The report states
1936
609,858
382,290
Gross from railway-....
Net from railway
reached
sPch a process of rate-making often results In the acceptance
less income for the investor
legally, morally and economically entitled to—simply because
long-drawn-out procedure necessary to establish the in¬
rights may cost him more than he could gain by
winning his case."
py the utility of rate reductions which leave
he is
than
of the Hon. William O.
1 937
Net from railway
Net after rents
From Jan. 1—
rates,
community.
Less Income for Investor
To Submit
Yazoo &
have
evidence of its service to the
Corp.—Reorganization Confirmed—
adopting certain proposed amendments, which the court ruled were not
[Materially adverse to the interests of any creditor or stockholder.
'TJ?o„p'an Prides that the holders of the 6% collateral trust bonds due
in 1937
(including holders of certificates of deposit representing such bonds)
are entitled to receive the
following in exchange for each $1,000 bond:
$180 in cash, of which $120 is
required to be paid at the time the new
securities are exchanged.
Payment of the remaining $60 may be deferred
until Feb. 1, 1939 although it is believed at the
present time that the full
Payment will be made upon consummation of the
plan.
£*$1,000 in principal amount of new 3H% series A bonds due in 10 years.
The bonds will be dated and interest will
commence to accrue as of June 1,
1938, or such later date as may be determined by the court.
The bondholders' reorganization committee has been advised
by the
company that for the nine months ended Sept. 30, 1938 the consolidated
Profit and loss statement as prepared by the company shows a profit of
$47,569 after all charges except interest on bond and bank debt and before
Federal taxes, as compared, on a comparable basis, with a
profit of $55,347
earned in the same period of 1937.—V.
147, p. 2106.
new
which the utility affected could
accept as something less than a fatal
loss in
earnings, and which the commission could point to as substantial
coupons
On Nov. 5, the U, S. District
Court for the District of Nebraska, Lincoln
Division, confirmed the plan of reorganization, dated May 2, 1938, after
nor
3327
at
?^?esary1to meet the 3% fixed
L938, such
Chronicle
Havre
In Brazil, Rio No. 7s
morning, while both hard and soft
off 100 reis at the close yesterday.
generally unchanged
on
the offers.
Actuals
Despite reports of
scarcity of Colombians, 80,233 bags moved to ports last
week, while shipments totaled 106,441, of which
84,817
were
Today futures closed 7 points off to un¬
changed in the Santos contract, with sales totaling 163 con¬
tracts.
The Rio contract closed 3 points off, with sales of 19
for this country.
shipment, shipping instructions with order.
Trading in coffee futures was active at a lower
of prices owing to circulation of notices of delivery on
December contracts.
Nine Santos notices were issued and
forced December down 2 points to 6.39 after early sales at
6.45c.
Rios were 1 to 5 points lower on circulation of 10
notices.
The Havre market was 2lA to 3 francs lower.
Mild coffees were easier.
contracts.
for
range
Rio coffee prices
closed
December.———
as
...4.201 July
Santos coffee
prices closed
December................
March
—
as
3^-point higher. Transactions were extremely light, only
being transacted. After sales in the previous session
12,000 tons of raws in the London market at
5s.
equal to about 1.053^c. f. o. b. Cuba, asking prices
were lifted to 5s.
10Ad., equal to about 1.07c.
Futures
there were Ad. higher to A&. lower.
On the 23a. inst. futures closed 2 to 3 points net lower in
the domestic contract, with sales totaling 189 contracts.
The market was steady during the early part of the session,
but developed weakness towards the end of the session.
In
the early afternoon prices were unchanged to 1 point lower
on moderate volume.
In the raw market McCahan was
reported to have bought 15,000 bags of Cubas, now loading,
at 2.10c., equivalent to 3c. duty paid basis.
That was the
same
price as was paid late yesterday by National for
Puerto Ricos, early Dec. shipment.
National bought 5,500
tons of 1938 quota sugars and 2,000 of 1939 quota sugars.
Sucrest has reauced the price of refined to 4.30c. for prompt
business.
The world sugar contract closed A point lower,
with sales totaling 43 contracts.
London futures were un¬
changed to Ad. lower. Raws there were held at the equiva¬
lent of 1.07c. f. o. b. Cuba.
Today futures closed unchanged
to 1 point off in the domestic contract, with sales totaling
50 contracts.
The world sugar contract closed 1 point off,
with sales of only 4 contracts.
Trading in sugar was quiet.
Domestic contracts were about Unchanged, with May selling
at 2.10c. during the early afternoon.
The raw sugar market
was neglected, quotations ranging from 3.00 to 3.05c. asked.
In the world sugar market prices were easier as the market
followed London's lead and an easier sterling market. This
afternoon prices were lA to 1 point lower, with March at
1.08c.
London stood unchanged to %d. lower.
London
raws were %d. lower at the equivalent of 1.05c. a pound
9 lots
.—
of about
..........4.41
4.46
follows:
6.341 July.. ....... ..........
6.541 September.....—
6.70
6.75
.May.....-..--—.—.—..--6.65 j
Cocoa—On the 19th inst. futures closed 4 to 5 points net
3 points off.
lj^d. to 4££d.
the Terminal Cocoa Market, with 310 tons changing
The opening range was unchanged to
London moved down 3d. oh the outside and
lower
on
Transactions in the local market totaled 207 lots,
2,774 tons. The chief source of pressure continued to be
the selling back of contracts by December longs. Along with
this was further placing of hedges against newly bought
African cocoa. Local closing: Dec., 4.61; Jan., 4.67; March,
4.79; May, 4.89; July, 4.99; Sept., 5.10; Oct., 5.15. On the
21st inst. futures closed 11 to 9 points net lower. The market
hands.
or
continued to weaken under the double burden of December
liquidation and hedge sales of new crop cocoa in the later
deliveries.
Opening sales went at 3 to 5 point losses. Trading
of 857 lots or 11,484 tons
Outside prices lost 6d. to 7 lAd. in London,
and futures ran 6d. to 10Kd. lower on the Terminal Cocoa
Market, with 990 tons trading. Local closing: Dec., 4.50;
Jan., 4.57; March, 4.69; May, 4.80; July, 4.90; Sept., 5.01;
Oct., 5.06. On the 22d inst. futures closed 3 to 5 points net
higher. The opening range was unchanged to 2 points up.
Transactions totaled 847 lots or 11,350 tons. Outside prices
ranged 1 lAd. lower in London, while futures on the Terminal
Cocoa Market ranged 3d. firmer to unchanged, with 880
tons trading. Liquidation of the December delivery remained
volume remained heavy, a total
changing hands.
a
feature in the local market. Much of this
was
f.
accomplished
Warehouse, stocks decreased 2,000 bags.
They now total
913,575 bags, which compares with 1,169,454 bags a year
ago.
Local closing: Dec., 4.42; Jan., 4.52; March, 4.67;
May, 4.79; July, 4.89; Sept., 4.99.
1
point higher.
Transactions totaled 5,000 tons.
Over half the business was
in September at 1.13 3^c. London raws were held at 5s. 9 %d.,
higher.
o.
b. Cuba.
Futures closed Ad, to Id.
On the 22d inst. futures closed 1 point higher to 1
Eoint lower. The domesticmost of the session. The spot
sugar market continued steady,
ut
dull throughout
was
price of
and
to
declined to 3c. on a combination sale of quota
quota sugar and Sucrest reduced their quotation
o. b. refinery, for cane
granulated for prompt
raws
excess
4.30c. f.
follows:
M Lard—-On the 19th inst. futures closed 2 to 5 points net
The lard market displayed a barely steady undertone
throughout the short session today (Saturday). Scattered
selling for speculative account influenced by the lower action
of grains and hogs resulted in a slight setback.
Export
shipments of lard from the Port of New York totaled 276,880
pounds, destined for London. Liverpool lard prices were 3d.
to 6d. lower.
Receipts of hogs at the leading Western pack¬
ing centers were heavy and totaled 24,400 head against
25,100 head for the same day a year ago. The top price re¬
ported for hogs was $7.60, the latter price representing a
decline of 10c. from the previous day's high.
On the 21st
inst. futures closed 7 to 10 points net lower.
The opening
range was 2 to 7 points off, the market showing little or no
rallying power throughout the session." Trading, however,
was light and without special feature.
Over the past week¬
end export shipments of American lard were very light and
totaled only 2,800 pounds destined for Antwerp.
Liverpool
lard futures were unchanged to 3d. higher.
Hog marketings
at Chicago and other Western packing centers were heavy at
the start of the week.
Receipts for the Western run totaled
85,600 head, against 94,000 head for the same day a year
ago.
There was very little activity in the Chicago hog
market due to labor troubles in the yards i
Several big
packers bid on. good hogs at prices ranging from $7.40 to
$7.50, or about lQc. lower than Saturday's finals. On the
22d. inst. futures closed 2 to 7 points net lower. The opening
range was unchanged to 2 points higher.
Sales of American
lard to the United Kingdom late on Monday were reportedjn
be moderately heavy. Fairly heavy clearances of lard were
reported from the port of New York today.
Shipments
totaled 244,425 pounds destined for Liverpool, Southampton,
Cardiff, Bristol and Antwerp*. Liverpool lard futures ruled
easy, with prices 6d. to 9d. lower.
There was not much
activity in the Chicago hog market yesterday, due to the
continued labor troubles in the yards.
Prices on hogs at
Chicago were nominally quoted at $7.25 to $7.60.
The
latter top price is 10c. above Monday's high.
Hog market¬
ings at the principal western packing centers totaled 79,400
head against 81,700 head for the same day a year ago.
On the 24th inst. futures closed unchanged from the pre¬
vious day's finals.
There was very little activity in the lard
futures market prior to the holiday.
Outside markets were
also very quiet and reports of moderate export sales of
American lard to the United Kingdom late on Tuesday had
a steadying influence.
Futures opened 2 to 5 points lower,
then rallied up to around the previous closings on scattered
covering for trade account. Although there were no export
shipments of lard reported from the port, the foreign demand
continues moderately active at prevailing prices.
Liverpool
lard futures ruled dull and unchanged. The labor difficulties
were not settled in the Chicago stock yards on Wednesday,
and no actual sales of hogs were reported. However, at other
western packing centers prices on hogs average about 10c.
higher than Tuesday's finals.
Today futures^ closed un¬
changed to 3 points up. This market was relatively quiet
lower.
The circula¬
of the total traded were in March at 2.09c. and 2.10c.
Ex¬
cept that a slight additional quantity of Philippines for for¬
ward shipment appeared in the market for sale at 3c.
today,
the raw market was unchanged from the close last week.
The world sugar contract closed
unchanged to A
were as
May——r—.————.... ...2.10}
tion of those notices took out long lines and also caused
switching. Sales to early afternoon totaled over 800 lots.
Sugaf—On the 19th inst. futures closed unchanged to
point up, with sales totaling 146 lots.
Resumption of new
demand pand short covering which, developed on Friday
following release of the Government figures for October,
promoted further steadiness in domestic sugar futures in
today's (Saturday's) short session. Although the raw
market was quiet, the undertone was steadier in sympathy
with the futures market.
Asking prices on quota sugar were
held at 2.15c., c. & f., or 3.05c.
delivered; while excess
quotas were available at 3c.
The world sugar contract closed
unchanged to 1 point lower, with sales of only 17 lots.
London futures were unchanged to Id. lower, with raws there
held at the unchanged basis of 5s.
lOJ^d.
On the list inst.
futures closed unchanged to 1 point
higher. The market
for domestic sugar was steady
today, but business was ex¬
tremely quiet. In futures only 63 lots were traded, and in
the raw market no sales were
reported.
Trade and comrnision houses were on both sides of the
market, new buting and
covering being supplied by hedge selling.
Forty-seven lots
b. Cuba.
January...
—....2.06 (July—...2.12
March—.....................2.071 September.......
———.2.16
decline in cocoa futures to a new low for the movement.
December broke 8 points to 4.40c. 1 Thirty notices were
issued, this being first December notice day,,
o.
Prices
by means of switches to later deliveries. Hedge selling Was
lighter. Local closing: Dec., 4.53; Jan., 4.60; March, 4.73;
May, 4.84; July, 4.95; Sept., 5.05.
On the 23d inst. futures closed 6 to 3 points net lower.
Transactions totaled 887 contracts.
December liquidation,
switching and hedge selling served to depress cocoa futures
to new lows since June.
During early afternoon the market
was 5 to 8 points net lower, with December at.4.46c., off 8
points.
The volume of trading was heavy, reaching 600
lots to early afternoon.
Manufacturers were reported as
buyers, but their absorption was offset by hedge selling.
The Bahia Cocoa Institute reported an apparent decrease
of 15.6% in the Brazilian cocoa crop this season.
Local
closing: Dec., 4,48; Jan., 4.56; March, 4.70; May, 4.80;
July, 4.91; Sept,, 5.01; Oct., 5.06.
Today futures closed
6 to 1 point lower.
Transactions totaled 960 contracts.
Heavy liquidation of December contracts caused a further
equal to 1.06>2C. f.
In the market
National today bought 5,500 tons of Puerto Ricos
raws
and the market was otherwise unchanged from the previous
session.
The world sugar contract closed unchanged to
—.—....——4.361
May
1938
within the quota and 2,000 tons of excess quota, both loading
on either Dec. 2 or 4th.
Those were the only reported sales
follows:
4.30) September
March
lower.
Nov. 26,
Financial Chronicle
3328
"
Volume
Financial
147
There wasjnothing to
optimism over the strike situation in the Chicago
stock yards, and with this uncertainty now hampering
traders, a narrow quiet market in lard was not surprising.
with fluctuations extremely narrow.
encourage
DAILY CLOSING PRICES OF LARD FUTURES
IN CHICAGO
Thurs.
Fri.
HOL.
6.92
Sat.
Wed.
6.90
7.12
7.05
7.07
HOL.
7.05
7.77
1
May
Tyes.
6.92
7.70
7.65
7.65
HOL.
7.65
7.92
March
7.00
7.20
January
Mon.
7.10
December
7.85
7.82
7.82
HOL.
7.85
\ - Pork—(Export), mess, $26.3734 per barrel (per 200
pounds); family, (40-50 pieces to barrel), $20.25 per barrel.
Beef: (export), steady.
Family (export), $22 per barrel (200
pounds), nominal.
Cut Meats: Pickled Hams:| Picnic,
Loose, c.a.f.—4 to 6 lbs., 13c.; 6 to 8 lbs., 12 24c.; 8 to 10 lbs.,
1234c. Skinned, Loose, c.a.f.—14 to 16 lbs., 1834c.; 18 to
20 lbs., 1834c.
Bellies: Clear, f.o.b. New York—6 to 8 lbs.,
16c.; 8to 10 lbs., 1524c.; 10 to 12lbs., 1534c. Bellies: Clear,
Dry Spited, Boxed, N. Y.—16 to 18 lbs., 13%c.; 18 to 20 lbs.,
13^c.; 20 to 25 lbs., 1324c.; 25 to 30 lbs., 1324c. Butter:
Creamery, Firsts to Higher than Extra and Premium Marks
—2524c. to 2724c.
Cheese: State, Held '37, 1934 to 21c.
Eggs: Mixed Colors, Checks to Special Packs—2134 to
3334c.
Oils—Linseed
out
oil deliveries
in excellent volume
with
are
some
reported to be moving
crushers.
Linseed Oil
quoted 7.8 to 8.0c. per pound. Quotations:
China Wood: Nearby—14c. nominal bid, no offer.
Coco¬
nut:
Crude, Tanks, nearby—.0334c. bid; Pacific Coast—
.02Corn: Crude, West, tank, nearby—.0634*
Olive:
Denatured, Drums, carlots—85 to 90; Drums, spot, L. C. L.
—85 to 88.
Soy Bean: Crude, Tanks, West—.0534; B.C.L.
in tank
cars are
Edible:
N.Y.—6.8.
Coconut,
76
degrees—.0834.
Lard:
strained—834-i
Cod: Norwegian,
light filtered—no quotation. Turpentine: 28 to 30. Rosins:
Prime—9;
Ex.
3329
Chronicle
winter
600
tons
this
week.
Localfclosing: )Dec., 15.97; March,
15.90; May, 15.94; July, 15.95;iSept., 15.97.
V
*
Hides—On the 19th inst.
futqres closed 5 to 11 points net
higher on the old contract, while the new contract closed 17 to
20 points net higher.
Hide futures were irregular at the
start of today's session, with the old contract 2 to 3 points
below Friday's finals, while the new ranged from 2 points
advance to 6 points decline.
Trading was along conservative
lines, but at the final bell the market showed substantial
gains for the day.
The upward trend of the stock market
apparently had its influence on hide values, as there was little
change on the hide situation itself.
Transactions for the
short session totaled 920,000 pounds in the old contract while
business in the new contract totaled 3,280,000 pounds.
There was nothing new in the spot hide situation.
Local
closing: Old contract, Dec. 11.75; March 12.14, May 12.14,
June 12.35, Sept. 12.50.
New contract: Dec. 12.54, March
12.89, June 13.25, Sept. 13.55.
On the 21st inst. futures
closed 7 to 10 points net lower.
The market opened weak
and with the old contract from 8 to 10 points lower, and the
new contract from 14 to 20 points below
Saturday's final
quotations.
Prices fluctuated within a narrow range most of
the day.
Trading was fairly spirited. Sales in the old Con¬
tract totaled 1,400,000 pounds, while turnover in the new
contract totaled
9,400,000 pounds.
The domestic spot hide
marked change.
Light native
cows are reported nominal at 13c., with trade observers of
the opinion that 1224c. can be done.
Local closing: Old
contract, Dec. 11.65, March 11.97, June 12.28, Sept. 12.43.
New contract, Dec. 12.37, March 12.77, June 13.18, Sept/
13.48.
On the 22d inst. futures closed 28 to 36 points net
decline in the old contract, while the new contract closed 31
to 36 points net decline.
The opening range for both con¬
tracts was 12 to 28 points off compared with previous final
market failed to reveal any
Reports of business transacted in the Chicago
$5.45 to $8.15.
quotations.
including switches, 74 contracts.
Crude, S. E. 6%g. @614c.
Prices closed as follows:
spot market for light native hides at lower prices, were held
partly responsible for the increased selling pressure in hide
futures.
Late in the day it developed that 3,000 light native
cow hides had been sold in Chicago at 12c. a pound as against
Cottonseed Oil sales,
December
7.33
January
February
7.47
7.48
March..
7.65
April
7.49 May
n
June..
7.66 July
the
Rubber—On the 19th inst. futures closed 5 to 13 points
higher. This market reversed its downward trend today
(Saturday) for the first time since last week's quota meeting
of the International Rubber Regulation Committee and
closed the day with moderate gains both in futures and spot
rubber. The opening range in futures was 2 to 6 points up,
which held steady throughout the morning. Trading was not
particularly brisk, sales amounting to 700 tons, of which 80
tons were exchanged for actual rubber. The outside market
presented the customary quiet Saturday picture. Prices were
a shade firmer,
with standard sheets quoted at 16 l-16c.,
but activity was negligible.
Local closing: Nov., 15.98;
Dec., 16.05; Jan., 16.00; March, 16.04; May, 16.04; July,
16.06; Sept., 16.10. On the 21st inst. futures closed 34 to 35
points net lower. The bearish influences responsible for
today's declines were the easier cables and lower securities
market, which in turn induced trade and commission house
liquidation. Transactions totaled 4,160 tons, including 60
tons which were exchanged for actual rubber in the outside
market. Spot standard No. 1 ribbed smoked sheets declined
24c. to 15 11-16c. The buying on the floor came from trade
and factory sources. Stocks of crude rubber in England for
the week ended Nov. 19 showed a decrease of 1,452 tons from
the week previous. Activity in the outside market today was
virtually nil. Local closing: Nov., 15.64; Dec., 15.65; Jan.,
15.65; March, 15.65; May, 15.65; July, 15.65; Sept., 15.65;
Oct., 15.67. On the 22d inst. futures closed 31 to 36 points
net higher. The chief factor in the market's sharp rise today
was factory buying.
Volume on the exchange was slightly
less than the previous session, with only 3,910 tons sold, of
which 480 tons were exchanged for actual rubber.
Spot
net
standard No.
The
opening
1 ribbed smoked sheets
rose
5-16c.
to
16c.
in futures was 3 to 16 points lower on
easier cables and sterling. This was followed by factory and
trade buying which lifted the market considerably.
Local
closing: Nov., 16.00; Dec., 15.98; Jan., 15.97; March, 15.96;
May, 15.97; July, 15.96; Sept., 15.99.
On the 23d. inst. futures closed 5 to 12 points net lower.
Transactions totaled 365 contracts.
During the early trad¬
ing the market held firm, but during the latter part of the
session weakness developed and values showed fairly sub¬
stantial losses at the close.
In the early afternoon on a
turnover of 2,030 tons, prices were 1 point higher to 4 points
lower.
Of the turnover 390 tons represented exchanges for
physical rubber. The recent recovery represents reinstate¬
ment of soldout lines, covering of shorts and the lifting of
hedges against sales of physical rubber.
London closed
1-16 to 7-32d higher.
Singapore also was higher.
Local
closing:
Nov. 15.95; Dec., 15.90; Jan., 15.85; March,
15.90; May, 15.90; July, 15.90; Sept., 15.91. Today futures
closed 6 points up to unchanged, with sales totaling 289
contracts.
Buying by dealer interests was the feature of the
trading in rubber futures.
It offset belated liquidation of
December by discouraged holders.
The market recovered
in sympathy with an improved tone abroad, despite lower
sterling exchange.
December position rallied 10 points to
16 Cents even and March 12 points to 16.02 cents.
It^was
estimated that United Kingdom rubber stocks had decreased
range
previous day's asking price of 1224c. a pound.
Trading
around the local ring was quite spirited.
Transactions in
the old contract totaled 1,880,000 pounds, while trading in
the new contract totaled 9,160,000 pounds4
Certificated
stocks of hides in warehouses licensed by
the Exchange in¬
hides to a total of 848,357 hides.
Local
closing: Old contract: Dec. 11.37, March 11.67, June 11.92,
Sept. 12.07.
New contract;
Dec. 12.06, March 12.46,
June 12.82, Sept. 13.15.
On the 23d inst. futures closed 3 to 10 points up on the old
contract, with sales totaling 45 lots. The new contract closed
11 to 8 points net higher, with sales totaling 114 contracts.
After dipping to new lows for the movement and within a
few points of the lowest prices of the season—raw hide
futures showed improvement on better demand.
Some
creased by 8,836
members of the trade felt that the market had struck a real
In early afternoon December old stood at
6 points, while December new stood at 12.14, up
8 points.
Sales of old contract to that time amounted to
I,080,000 pounds, while sales of new totaled 2,600,000
resistance level.
11.43,
up
pounds, of which 160,000 pounds were exchanged for actual
hides.
Certificated stocks increased 5,212 hides to a total of
853,569 hides.
Local closing: Old Contract: Dec., 11.40;
March, J1.77. New Contract: Dec., 12.17; March, 12.55;
June, 12.90.
Today futures closed 4 points down to 1 point
up in the old contract.
The new contract closed 4 points off
to 1 point up, with sales totaling 188 contracts.
In the face
of heavy tenders of December contracts hide futures main¬
tained a steady undertone.
The market in early afternoon
stood 3 points lower to 5 points higher, with December old
at 11.39c. and December new at 12.18c.
Early liquidation
was readily absorbed.
Local closing: Old Contract; Dec.,
II.40; March, 11.75 June, 12.01.
New Contract: Dec.,
12.13; March, 12.55; June, 12.91; Sept., 13.21.
Ocean
Freights—The charter market ruled quiet during
the week, with relatively few items reported. Charters
included: Grain: St. Lawrence to Antwerp or Rotterdam,
most of
picked ports United Kingdom, spot, basis 2s. 9d. St. Law¬
to Antwerp or Rotterdam, picked ports United King¬
dom, end Nov.-early Dec., basis 2s. 9d., option Scandi¬
navia.
Time: Trip across, delivery north of Hattera6, midDec., $1.5234Three months, Far East, delivery and re¬
delivery prompt.
Round trip Canadian trade, early Dec.,
$1.40.
Sugar: Cuba to United Kingdom, end Nov.-early
Dec., 15s.
Charters: North Atlantic to River Plate, Dec.,
$1.20.
It was reported that tanker owners are now asking
higher rates from the Gulf to North of Hatteras for Dec.,
rence
due to the scarcity of tonnage.
that Nov. 11 and Election Day,
decrease in the tonnage of Pennsyl¬
vania anthracite produced during the week of Nov. 12. Total
output, estimated at 806,000 tons, dropped 64,000 tons in
comparison with the production of 870,000 tons (revised for
the week of Nov. 5).
On the basis of a five-day week, how¬
ever, (Armistice Day being counted as a full holiday), the
daily average output of 161,200 tons increased 11% over
the preceding week.
Production in the corresponding week
of 1937 amounted to 1,002,000 tons.
Output of beehive
coke for the week of Nov. 12 is estimated at 14,100, 6% less
Coal—It
is reported
Nov. 8, resulted in a
Financial
3330
than
Chronicle
Nov.
Metals—The report
Sat.
Receipts at—
of Cqpper, Tin, Lead, Zinc, Steel and
Pig Iron, usually appearing here, will be found in the articles
appearing at the end of the department, headed "Indications
of Business Activity," where they are covered more fully.
Wool—The
week.
As
wool situation shows very little change for
a matter of fact, the markets seem much
dealers and manufacturers alike give considera¬
tion to the provisions of the British Trade Treaty which,
while not affecting raw wools, had numerous changes in
manufactured goods which on the whole were not altogether
satisfactory according to mill opinion in some quarters.
Tariff revision has had no appreciable effect on wool except
possibly to make business slower. The world's wool markets
are about the same as they were before the treaty was signed.
"We are up against foreign importing parity and the course
of our domestic market will depend almost entirely from
here on, upon the trend of the foreign markets," says an
authority here. "Wool is comparatively cheap in Australia
and America is beginning to buy more freely.
We have one
quieter
as
distinct advantage at the present time.
Manufacturers have
shown samples of cloth made from 100% domestic wool and
they dislike to change their blends." Observers claim that
the foreign situation holds the key to domestic wool values
during the next few weeks.
This is recognized by the
Department of Agriculture, which noting in a recent release
that the spread between domestic and foreign prices at
present is not much less than the tariff, declares that unless
there is some rise in foreign prices, advances* in domestic
prices of wool in the coming year will be limited.
Silk—On the 21st inst. futures closed
4.767
269
Mobile
Pensacola, &c—
contract.
11 to 20 yen
lower. Grade D dropped 15 yen to 795 yen in
Spot sales amounted to 475 bales in both centers
while futures transactions totaled 4,875 bales. Local closing:
Old contract—Nov., 1.72; Dec., 1.70^; Jan., 1.70^; Feb.,
1.703^. No. 1 contract—March, 1.68; April, 1.68; May,
1.68; June, 1.68. No. 2 contract—March, 1.63; April, 1.64;
May, 1.63; June, 1.63. On the 22d inst. futures closed un¬
changed to 1 j^c. higher. Most of the strength was the result
of trade buying and covering in the November contracts.
The November position goes off the board at noon on
Friday.
Selling on the floor also came from trade sources. Sales today
totaled 300 bales, including 230 bales on the old contract,
both cities.
70 bales
on
the No. 1 contract and
Yokohama showed
none
on
No. 2 contract.
advance of 5 to 10 yen in the futures
months, while Kobe was 3 to 8 yen better. Grade D re¬
an
mained
unchanged at 795 yen at Yokohama, but moved up
yen at Kobe to 800 yen.
Spot sales on both markets
totaled 1,125 bales, while futures transactions totaled 4,075
bales. Local closing: Old
contract—Nov., 1.73; Dec., 1.71;
5
Jan., 1.71; Feb., 1.703^. No. 1 contract—March, 1.68M;
May, 1.683^; June, 1.683^- No. 2 contract^—March, 1.64K;
April, 1.643*2; May, 1.643^; June, 1.633^.
On the 23d. inst. futures closed
3*2 to lc. net higher.
totaled only 33 contracts in the old contract and 13
tracts in No. 1 contract.
,
entirely to the old
contract.
Sales
con¬
Trading was restricted almost
Trade buying was reported on
limited scale.
lc.
November old sold at 1.74, an advance of
The price of crack double extra silk in the New York
spot market
unchanged at $1.77 a pound. As there was
a
holiday in Japan, no trading was done in that market.
Local closing: Old Contract:
Nov., 1.733^; Dec., *1.71
Jan., 1.713^; Feb., 1.71 y. No. 1 Contract: June, 1.68HToday futures closed %c. down to 3^c. up on the old con¬
tract, with sales totaling 43 contracts.
The No. 1 Contract
closed y2 to lKc. net
lower, with sales totaling 12 contracts.
The No. 2 contract was 1
point off, with sales of 2 contracts.
Circulation of seventy-seven notices of
delivery on December
contracts caused renewed
liquidation of the December posi¬
tion in silk futures, but trade interests
absorbed the offerings,
thus holding declines in check.
In the uptown spot silk
market crack double extra silk declined
3^e. to $1.67^ a
pound.
Yokohama Bourse prices closed 5 to 8 yen
higher,
while Grade D outside was 5
yen higher at 800 yen a bale.
Yen exchange, on the other
hand, was 3i lower at 273£.
Local closing: Old Contract:
Dec., 1.71; Jan., 1.71 K; Feb.,
1.71.
No. 1 Contract:
March, 1.68; May, 1.68; June, 1.67.
No. 2 Contract: May, 1.64.
was
mmmm
mmmm
•.«.«.
—
mmmm
«•
—
—
m
m
14
—
*
147
31,882
30,093
2,255
20.713
9
849
325
325
37
379
190
__
«.
mmm
—
—
m
m
37
m
m
38
65
'
3
—
-
—
2
-
~
M»
—
m
185
165
165
mmmm
4
301
mmmm
45
457
—
86
61
150
47
70
54
241
13,732
19,529
19,971
10,620
Wilmington
Norfolk
Baltimore
497
Totals this week.
The following
4,614
497
19,677
88,143
table shows the week's total receipts, the
1938, and the stocks tonight, compared
total since Aug. 1,
with last year:
1938
1937
Stock
Receipts to
Since Aug
Week
Galveston
1, 1938
738,922
767,869
262,727
31,822
30,093
2,255
Houston
Corpus Christi
This
Beaumont
849
Pensacola. &c
325
37
Jacksonville
Savannah
379
—
190
Charleston
Lake Charles-
165
Wilmington
301
Norfolk
457
580
383,057
7,814
54,917 1,250,855
141,515
4,875
52,560
24
3,451
1,115
108,964
2,362
157,722
2,367
69,984
213
5,724
2,331
27.626
mmmm
8,927
8,576
New York
mmmmmrn
Boston
~
mmrnmmm
497
Baltimore
m
245
913,378
831,075
88,966
16,427
944,606
83,508
14,585
3,927
159,770
77.758
43,333
11,127
27,688
100
■
mm
mm
mm
mm
mm
mm
10,187
100
2,526
1,125
mm
mmmm
10,234
1937
1938
867,819
948,615
87,696
32,020
766,752
65.309
6,116
2,469
151,150
40,101
16,645
17,436
30,340
36,098 1,201,185
518,439
33,250
6,404
1,693
23,834
15,015
37,838
20,713
1. 1937
54,623 1,276,769
16,568
New Orleans
Mobile
Since Aug
Week
This
Nov. 25
3,296
975
88,143 2,449,666 160,560 4,697,412 3,036,219 3,220,519
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1938
54,623
36,908
54,917
4,875
1,115
80,478
62,225
60,698
4,508
379
"""195
"2",362
301
457
213
2,331
"3", 279
"3", 216
88,143
.
1937
31,882
Receipts at—
Galveston
Houston
160,560
30,093
20,713
OrleansMobile
New
849
Savnnah
1936
1935
1934
490
63,069
63,476
45,517
24,523
8,934
34,949
24,263
41,629
2.528
3,337
"3", 227
"5.761
"3",920
559
1,509
532
1,498
1,927
770
1,121
"4",257
■9", in
'"5",704
16,686
217,563
222,432
119,755
266,062
1933
96,248
81,604
51,131
9,646
1,506
5,881
1,674
Brunswick
Charleston
Wilmington-Norfolk
922
Newport News
All others
Total this wk_
SinceAug. 1
2,449,666 4,697,412 4,228,359 4,463,264 2,782,415 4.673,971
—
The exports
for the week ending this'evening reach a total
78,555 bales, of which 16,179 were to Great Britain,
9,644 to France, 3,325 to Germany, 8,575 to Italy, 21,534
to Japan, 861 to China, and 18,437 to other destinations.
In the corresponding week last year total exports were
121,676 bales.
For the season to date aggregate exports
have been 1,428,981 bales, against 2,351,764 bales in the
of
same
the previous
period of
season.
Below are the exports
for the week.
Week Ended
Ex-ported to—
Nov. 25, 1938
Great
Exports from—
Ger¬
Britain France
Italy
many
4,968
886
Houston
5,127
4,083
Corpus Christi-.
3,042
Galveston-
New Orleans
Lake
Charles
3,148
Japan
China
436
8,696
425
1,505
mmmm
mm^mm
mmm m
mmmmmrnrn
mmmmmm
mm
mm
....
mrnmm
mmmm
mm
Other
Total
7,601
5,829
•»'«•••
-
3,318
550
mm
30,162
20,117
3,042
5,546
550"
'
Mobile
1,542
■
mm
mm
mm
mm
mmmmmm
mmmm
mmmm
•»*.«...
200
724
11,845
215
X
1,800
mm mrn
mmmmmm.
mmmm
8,724
mmmm
4,924
18,437
78,555
450
mrnmmi
1,000
—
1.542
200
m.rnrnm
647
300
Total
mm m
mmmm
177
mmmmm
750
San Francisco
m
mm
1
mmmm
Angeles
mm
**
450
Charleston
Norfolk
m mm mm
mm
Ravannah
Los
7,575
2,228
mmmm
mmmm
2,609
177
16,179
9,644
3,325
8,575
21,534
861
Total 1937
26,171
30,575
2,012
5,066
3,469
31,879 121,676
Total 1936
13,082
11,105
22,504
15,636
5,903
44,578
2,954
14,911 108,169
From
Exported to-
Aug. 1,1938 to
Nov.
25,
1938
Exports from—
Galveston
Great
Ger¬
Britain
France
Japan
32,832
49,826
66,192
48,620
2,581
1,441
55,287
24,237
47,235
23,952
107,131
77,652
19,967
Corpus Christi
Brownsville
.
_
9,157
1,240
20,395
1,775
67,953
54,243
Houston
20,218
2,214
Beaumont
New
---
Orleans-
Lake Charles
-
Moblle
46,907
37,709
7,335
3,934
486
17,468
Jacksonville--
490
Pensacola, &c.
4,262
Savannah
5,254
Charleston
1,382
m
'
-
19,836
5,283
19,958
3,585
98
----
mm
604
mm
414
New York
288
66
3,007
-
866
866
45,579
192,159
8,034
mmmm
2,949
25,469
25,092
-
-
-
mmmm
mmmm
700
3,000
90
150
mmmm
mrnmrn
33
mmmm
29
990
2,166
500
151
155
719
1,524
2,478
387
2,114
104,113
25,498
29
mmmm
3,946
642
649
4,712
12,293
4,882
3,629
265
600
mmmm.
12,218
61
150
585
313
mmmm
mmm
18
56
Total
396,618
369,491
215,181
43,174
mmmm
100
468
85,485
71,511
46,557
6,326
883
'
Other
1,965
•
—
5,286
348
Francisco
mm
mm
Gulf port
Las Angeles..
many
200
Norfolk.
San
China
Italy
69,016
31,620
1,000
—
83,664
22,425
181
206,637|246,343
Total
The Movement of the
bales.
-
—
Philadelphia--
Friday Night, Nov. 25, 1938
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 88,143
bales, against 125,857 bales last week and 92,125 bales the
previous week, making the total receipts since Aug. 1, 1938,
2,449,666 bales, against 4,697,412 bales for the same period
of 1937, showing an increase since
Aug. 1, 1938, of 2,247,746
279
Total
6,466
11,879
2,519
9
Fri.
34—
4,000
■
—
115
2,095
15
7.467
mm
-»
Thurs.
3.320
2,577
m
Savannah
Charleston
Lake Charles
Boston
COTTON
Wed.
7,771
4,460
*.
Totals
Yokohama ruled 10 to 18 yen off, while Kobe was
Tues.
9,501
5,372
2,240
1,960
283
Corpus Christi—
New Orleans
^£c. to 2c. net lower.
Moving lower on easier cables and securities, raw silk futures
showed little rallying power from their downward tendency.
Commission house liquidation, trade short covering and
switching were the principal features on the floor today.
Transactions totaled 600 bales, including 370 bales on the
old contract, 230 bales on No. 1 contract and none on No. 2
Mem.
4,824
3,710
Galveston
Houston
Jacksonville
a
1938
production in the week of Nov. 5, and 66% less than
output in the corresponding: week of 1937.
the
26,
Total 1937—
Total 1936
—
232.703 129,092
332,538
8,543 273,125 1428,981
749,014412,627
443,866 377,556
442,968 208,677
327,046 108,286
98,994
21,309 418,1752351,764
10,947 276,990 2167,304
622,613
NOTE—Exports to Canada—It has never been our practice to Include In the
above table reports ot cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It is impossible to give
returns
districts
concerning the
on
same
from week to week, while reports from the customs
In view,
the Canadian border are always very slow In coming to hand.
Inquiries we are receiving regarding the matter, we will
say that for the month of September the exports to the Dominion the present season
have been 11,990 bales
In the corresponding month of the preceding season
however, of the
numerous
Volume
Financial
147
the exports were 10,169 bales.
were
27,721 bales exported
as
there
1937.
For the two months ended Sept. 30, 1938,
against 16,348 bales for the two months of
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
3331
Chronicle
to absorb moderate
hedge selling in distant positions.
De¬
liquidation increaseed in volume, and prices gradu¬
cember
ally
to
gave way
buy.
Some
despite the fact that trade houses continued
selling came from New Orleans and from
scattered
sources.
Open interest in December as of the
Tuesday was 206,500 bales, while certificated stocks
45,684 bales.
It was pointed out that open interest
close oh
On
Shipboard Not Cleared for—
were
Leaving
Nov. 25 at—
Ger¬
Other
Britain
many
Galveston
2,600
3.416
4,098
Foreign
wise
Orleans..
4,500
2,611
11,883
"480
Houston
New
France
Stock
Coast¬
Oreat
4,000
23,000
19,997
5,247
117
300
23
Total
3,000
49
2,861
37,100
26,373
24,112
Savannah
Charleston
Mobile
"944
"347
Norfolk
Other
ports
Total 1938
Total 1937
10,594
55,782
36,795
Total 1936
4,323 48,591
22,587 40,030
14.653 107,552
19,111
44,122
48,010
830,719
922,242
742,640
151,150
40,101
64,365
30.340
166,133
5,910 88.529 2,947,609
3.454 165,975 3,054,544
3,300 210,310 2,679.137
in last October two days before notice had been 230,600
bales, with certified stocks totaling 78,667 bales, but it was
the prevailing impression
in the trade
Wednesday that
on
December notices would be comparatively small.
The mar¬
ket for spot cotton was more or less deadlocked.
Holders in
the South were not offering freely, and were demanding
high
Mills
prices.
tivity
textiles
in
holding back
were
and
uncertainties
owing to the inac¬
probable
over
future
Average price of middling at the 10 desig¬
spot markets declined 5 points to 8.64c., compared
developments.
nated
with
8.66c. the closing price for the December
position in
the local market.
Speculation in cotton for future delivery was moderately
past week, with the price trend
active during the
generally
lower and fluctuations confined within a very narrow range,
Conditions
week.
generally were not noticeably changed for the
Reports from Washington and from the
indicate
centers
market and the
Government
concern
over
agricultural
the future of
the
disposition of the cumulating stocks in the
loan.
farm
concerns
growing
The
general uncertainty, especially
as
session
of
legislation
during
the
coming
Congress, is playing its part in the narrow restricted
state
of the cotton markets.
On
the
lower.
19th
The
inst.
market
prices closed unchanged to 4 points
was
dominated largely
by December
contract
liquidation in preparation for first notice day next
Friday.
Early in the session prices were firm, but increased
selling
developed
market reacted.
and the
The recent
the ten designated spot markets
in the South has attracted wide attention.
for December contracts have
position.
Wider premiums
A short time before the
positions showed advances of 1 to 5
points from the closing levels of the previous trading day.
today in
been switching their interest to
During today's session December liquidation
was also scattered liquidation in the other
current crop positions prompted by a feeling of uneasiness
over
underlying conditions and the future crop control.
October, however, was comparatively steady, with less
pressure to sell and renewed buying for Bombay account,
part of which was against sales of near months.
The Com¬
modity Credit Corp. reported that 271,770 bales of cotton
had been placed in the loan during the week ended Nov. 10,
bringing the total to 2,683,899 bales, with an aggregate
value of $124,029,437.02.
Average price of middling at the
10 designated spot markets was 8.62c.
On the 21st inst.
prices closed 6 to 9 points net higher. December liquidation
was again the feature of the trading, which was quite natural
in view of the fact that first notice day for December falls
on
Friday.
However, in spite of this selling the market
Advanced 6 to 9 points, due largely to short covering. There
was also some foreign and commission house buying of later
months.
The market opened steady and 1 point lower to 2
points higher and later developed a firmer tone, with closing
quotations at the best of the (lay. Leading spot houses were
good buyers of December and there was active exchanging
from near to distant positions.
Some selling in December
was for foreign account and foreign houses were transferring
long interest to more distant months.
Hedge selling was
only fair, and on the whole the buying was more aggressive
than the selling.
Open interest in December as of Saturday
night was 263,700 bales, while total certificated stocks at all
delivery points were 45,809 bales. Average price of middling
at the 10 designated spot markets was 8.68c.
On the 22d
inst. prices closed 4 points net higher to 1 point lower.
The
market was dominated largely by developments in the De¬
cember position, in the course of liquidation in advance of
notice day on Friday., Both December and January sold at
new high levels for the season on active trade covering, while
other months advanced in sympathy.
Towards the close
increased liquidation and hedging caused a partial reaction,
with prices ruling more or less irregular.
Liquidation was
active at times, but contracts were eagerly taken by trade
shorts, and buying was more aggressive than the selling.
Continued absence of pressure from the South—which was
attributed to the government loan, left the market without
heavy hedge selling and contracts at times became scarce.
Owing to the Thanksgiving Day holiday, tomorrow will offer
the last opportunity for evening-up contracts in December
before notice day Friday.
Open interest in December at
the close on Monday was 237,800 bales, while certificated
stocks were 45,809 bales.
Average price of middling at the
10 designated spot markets was 8.69c., up 1 point.
On the 23d inst. prices closed 5 to 7 points net lower.
The market opened steady at 1 point advance to 2 points
decline.
During the first part of the day it displayed con¬
siderable stability.
Trade shorts were buyers of December,
absorbing early liquidation, while exchanging operations
from December to later months furnished sufficient demand
later months.
increased and there
heavy volume of sales.
a
close of business active
Around
midday the market also was 1 to 5 points higher.
was firm on the opening in heavy trading, with
futures 4 to 9 points above Wednesday's last quotations.
The quantity of cotton tendered
on December contracts
was not as large as expected.
Heavy switching out of the
December delivery into May and July was a feature of the
early dealings.
Cooperative brokers were heavy sellers of
the October option, while a leading spot house was a good
buyer of the December position at 40 points over May and
60 points over July.
Prices eased 2 to 3 points after the
call on hedge selling and profit-taking, but the near months
The December contract was approxi¬
tightness continued.
mately 94 points above October.
A moderate amount of
hedge selling was in evidence during the morning.
The market
The official quotation
New York market each
for middling upland cotton in the
day for the past week has been:
Sat.
Mon.
8.97
Nov. 19 to Nov. 25—
Middling upland
9.08
Tuea.
Wed. Thur*.
9.11
9.06
Hoi.
Fri.
9.08
emphasized the firmness in that
Trade shorts have been the best buyers of De¬
cember, while longs have
points net lower.
slightly better tone developed in prices for cotton futures
narrowing of differences between the December price and
the average of spot cotton at
prices closed 2 points up to 3
Today
A
I
Premiums and Discounts for Grade and
Staple—The
grade and
table below gives the premiums and discounts for
staple in relation to the base grade, Middling
established
on contract on
Dec. 1, 1938.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over J^-inch cotton at the 10 markets on Nov. 23.
for deliveries
H
18-16
inch
1 in.
inch
H
Inch
dk
Longer
White—
15-16
1 in. <•
inch
Longer
.24 on
.08 on
Spotted—
Mid. Fair
.61
on
.79 on
.93
Good Mid
.08
St. Good Mid..
.55
on
.73 on
.87 on
St. Mid
.07 off
Good Mid
.49
on
.67 on
.81 on
Mid
.66 off
St. Mid
.33
on
.50 on
.65 on
Mid
Basis
.17 on
.31
St. Low Mid
.58 off
.43 off
.32 off
on
on
on
.36 on
.21 on
.38 off
.62 off
•St. Low Mid.. 1.40 off 1.33 off 1.27 off
♦Low Mid
2.15 off 2.10 olf 2.08 off
Tinged—
Low Mid...... 1.31 off 1.24 off 1.19 off
.49 off
Good Mid.....
•St. Good Ord. 2.03 off 1.98 off 1.95 off
2.62 off 2.56 off 2.48 off
•Good Ord.
.39 off
St. Mid
White—
Extra
.49
Mid
on
.67 on
.81 on
.33
Good Mid
8t
on
.50 on
.66 on
.17 on
.31 on
Even
Mid
.32 off
.43 off
.68 off
St. Low Mid...
1.31 off 1.24 olf 1.19 off
Low Mid
•St. Good Ord- 2.03 off 1.98 off 1.95 off
2.62 off 2.56 off 2.48 olf
•Good Ord
.29 off
.71 off
.52 off
.62 olf
1.46 off 1.40 off 1.35 off
♦St. Low Mid.. 2.12 off 2.10 oil 2.08 off
♦Low Mid
2.76 off 2.71 olf 2.71 off
•Mid
Yel. Stained—
Good M!(l
1.11 off 1.03 ofl
♦St. Mid
1.64 ofl 1.60 off 1.67 off
2.28 off 2.26 off 2.24 off
•Mid
Oray—
.95 off
.
.60 off
St. Mid
.47 off
.37 ofl
.81 off
Good Mid.....
.70 off
.60 off
1.36 off 1.29 off 1.25 off
♦Mid
•Not deliverable on future contract.
highest, lowest and closing prices
York^or the past week have been as follows:
Futures—The
New
Saturday
Monday
Tuesday
Nov. 19
Nov. 21
Nov. 22
Wednesday
Nov. 23
at
Thursday
Friday
Nov. 24
Nov. 25
Dec. (1938)
Range. r
8.59- 8.64
8.59- 8.68
8.68- 8.74
8,64- 8.72
8.68- 8.73
Closing
8.59
8.68
8,71- 8.72
8.66
8.68- 8.69
_
—
—
Jan. (1939)
Range
...
Closing.
8.48- 8.53
8.48- 8.57
8.53- 8.60
8.51- 8.56
8.52-8.56
8.49n
8.5 T
8.57
8.51
8.49n
•
—
—
—
Feb.—
Range.
.
8.45 n
8.53 n
8.54n
8.48n
Range..
8.42- 8.48
8.42- 8.50
8.50- 8.55
8.44- 8.52
8.44- 8.51
Closing.
8.42
8.50
8.51- 8.52
8.46
8.44- 8.45
Closing.
8.46n
Mar.—
—
—
—
April—
Range..
8.3Sn
8.40n
8.42n
8.36n
Range..
8.23- 8.28
8.24- 8.30
8.31- 8.35
8.24- 8.31
Closing.
8.23
8.29- 8.30
8.33
8.26
Closing
.
8.34«
HOLI¬
May—
-
—
—
DAY.
8.25- 8.33
8.25
June—
8.20- 8.20
Range..
8.13n
8.20n
8.22 n
8.15n
Range..
8.02- 8.08
8.04- 8.13
8.10- 8.15
8.04- 8.11
8.04- 8.14
Closing.
8.03
8.12- 8.13
8.11
8.05
8.04
8.01n
8.01n
7.95n
7.9371
7.8371
Closing
8.1477
July—
-
—
—
Aug.—
Range..
Closing.
7.94n
Sept.—
Range..
7.84n
7.91n
7.91n
7.85 n
Range.
7.75- 7.79
7.75- 7.81
7.80- 7.84
7.72- 7.80
7.72- 7.81
Closing
7.75
7.81
7.81
7.95
7.72
Closing
Oct.—
Nov.—
Range..
Clrwlne.
n
Nominal.
—
—
—
—
Financial
3332
Range for future prices at New York for week ending
trading began on each option:
Nov. 25, 1938, and since
Range Since Beginning of Option
Rangefcr Week
Option for—
Dec.
1938—
8.59 Nov. 19
8.73
Nov. 25
7.73
Jan.
1939—
8.48
Nov. 19
8.60
Nov. 22
7.74 May 31 1938
8.42
Nov. 19
8.55 Nov. 22
8.18 June
1939—
Feb.
Mar. 1939—
9.50 Feb.
3 1938
23 1938
9.51
May 31 1938
Chronicle
At
26,
1938
movement—that
detail below:
9.25 July
Movement to Nov. 25, 1938
8.37
Movement to Nov. 26, 1937
7 1938
8.23
Nov. 19
8.35 Nov. 22
7.81
May 31 1938
Aug. 23 1938
9.27 July
7 1938
June]]1939—
8.20
Nov. 21
8.20
Nov. 21
8.11
Oct.
4 1938
8.20 Nov. 21 1938
July 1939Aug. 1939..
8.02
Nov. 19
8.15 Nov. 22
7.82
Oct.
17 1938
8.12
Oct.
3 1938
7.82
Oct.
18 1938
8.07 Sept. 30 1938
7.56
Sept. 1939—
the
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
8.74 June 28 1938
7.77 May 31 1938
May 25 1938
Towns
Interior
the
23 1938
Feb.
8.34
1939—
Apr.
Nov.
Oct.
19 1938
8.01
9.05 July
3 1938
Stocks
Nov.
Week
25
Receipts
Week
Season
Receipts
Ship¬
Stocks
ments
Week
Nov.
Season
Week
26
22 1938
Oct.
Ship¬
ments
Towns
8.12
Ala., Birm'am
Eufaula
58,175
4.391
164
3.661
11,657
336
37,707
2,145
58,331
83
1,279
33,883
10,319
53,114
1939-
7.72
Nov. 23
7.84
Nov. 22
Volume of Sales for Future
Oct.
24 1938
Delivery—The Commodity
Exchange Administration of the United States Department
of
Agriculture makes public each day the volume of sales
for
44
837
74,973
1,042
99,223
709
40,821
648
250
42,676
1,775
86.021
1,325
66,191
767
66,241
3,082
119.880
2,093
173,694
4,093
113,536
3,205
587
37,268
782
54,308
37,234
1,155
108,289
30,587
68,047
4,124
delivery and
open
contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
which
we
have
compiled the following table.
The
—
Ark..Blytbev.
Forest
City
9.463
Helena
507
58 502
641
70,476
1,502
1,362
Hope
404
37,998
842
51,015
1,231
59,581
644
26.534
Jones boro—
332
18,442
380
37,439
977
27.771
1.466
27,559
1,976
94,854
1.732
148,427
4,420
116,130
3,184
99,205
25,991
Little
future
from
9,283
Montgom'y
Selma
Oct.
Rock
Newport
Pine
1,219
37,368
715
43,401
1,118
34,560
848
Bluff.
3,450
119,777
3.541
142,190
9,358
130,505
Walnut Rge
1,283
46,416
1,836
48,247
2,504
46,198
5,140
2,480
Ga., Albany—
280
11,531
344
19,721
199
15,521
178
Athens
are
given in bales of 500 lb.
gross
weight.
300
18,124
32,903
742
3,894
65,842
1,620
33,671
142,995
1,270
Atlanta
8.428
Augusta
figures
2,001
79,051
2.288
160,492
7,797
1,810
5,334
Contracts
Nov. 23
300
35,800
18,900
48,700
71,700
9,100
61,800
166,400
8,800
700
1,200
78.700
March
39,700
25,400
32,900
39,800
32.900
698,900
May
30,100
15,800
10,000
8,600
26,600
29,200
608.300
15,400
20,600
21,600
Holi¬
14,200
25,600
day
January (1939)
July
October.-
15,700
19,700
-
1,900
18,500
12,600
736,400
306,400
Inactive months—
800
June (1939)
100
3,200
September
300
6,100
200
34,600
1,200
1,000
35,150
583
24,184
920
39,602
477
35,814
725
35,889
'1,160
13.388
300
30,590
860
14,792
600
22,164
Macon
Rome
La., Shrevep't
2,000
83,852
2,000
98,462
3,059
2,534
105,567
4,199
6,886
129,204
162,344
2,334
9,353
Columbus—
1,214
24,944
622
1,272
32,943
649
Greenwood-
2,027
176,152
5,468
98,683
43,980
156.613
8,402
215,970
7,323
83,543
32,966
128,787
Jackson—
406
30,351
59
44,926
1 804
36,407
562
7,195
5
16,672
697
56,905
12,686
1,801
Natchez
241
442
25,977
854
27,359
2,139
36,171
2,096
182
44,363
738
57.517
2,269
53,713
2,500
8,997
21,809
35,288
4,604
57,872
4,614
61,214
4,999
2,601
101
4,175
2,467
5,142
2,304
503
1,588
47
2,513
79,400 142,000 179,400 163,600
149,800
2,598,400
Open
Nov. 16 Nov. 17 Nov. 18 NOV. 19 Nov. 21 Nov. 22
Contracts
—
-
Vicksburg—
Yazoo City.
Mo., 8t. Louis
N.C., Gr'boro
249
Oklahoma—
9,907
308,125
3,964
45,575
2.089
64,296 1173,912
3.50
20,517
55,718
S. C., Gr'ville
Tenn., Mem's
Texas, Abilene
Austin
11,228
Nov. 22
December
4,650
6,300
250
300
500
1,500
4.800
March
5,900
11,300
7,400
4,950
7,550
9,050
99,160
May.-
4,200
4,550
1,350
1,500
1,850
1,550
3,950
105,150
2,700
4,050
83,400
2,600
4,300
6,100
15,250
1,500
6,450
89,050
2,500
60
"lOO
r,400
3,150
20,750
40.700
38,250
438,500
4,500
200
January (1939)
3,300
July
—
2,800
5,800
2,600
3,750
51.300
11,850
100
December
March (1940)
14,702
601
13,027
481
1,345
38,425
814
Paris
1,166
60,631
810
Brenham
27,200
The Visible Supply of Cotton
cable and telegraph, is as follows.
afloat
figures
are
are
this week's returns, and
12,550
17,550
tonight,
as
made
Foreign stocks
up
as
by
well
consequently all foreign
brought down to Thursday evening.
the total show the complete figures for tonight
(Friday)
6.470
99
1,760
71
12.844
60
3,595
252
26,124
46
1,142
51,358
1,114
,
Marcos
TexarkanaWaco
a7,305
37,696
1,027
37,364
1,088,000
268,000
328,000
17,000
866,000
185,000
233,000
23,000
247.000
20,000
60,000
24,000
9,000
42,000
13,000
3,000
706,000
Total Great Britain
Stock at Bremen
Stock at Havre
1930
1937
740,000
126,000
*
Stock at Rotterdam
Stock at Barcelona-
499,000
442,000
59,000
812,000
173,000
22,000
7,000
5.000
501,000
148,000
87,000
12,000
36,000
72,000
9,000
2,000
474,000
366,000
-
Stock at Genoa
'Stock at Venice and Mestre
Stock at Trieste
•
Total Continental stocks
...
1935
727,000
85,000
Total European stocks
India cotton afloat for Europe
1,794,000 1,365,000 L286.000
867,000
59,000
29.000
89,000
68,000
American cotton afloat for Europe
254,000
567,000
328,000
555,000
Egypt, Brazil,&c.,afTt for Europe 159,000
147,000
199,000
175,000
Stock in Alexandria, Egypt
401,000
297.000
365,000
274,000
Stock in Bombay, India
616.000
549,000
580,000
394,000
Stock in U. S. ports.
...3,036,219 3,220,519 2,889,447 2.975.470
Stock in U. S. Interior towns
3,524,821 2,501,559 2,397,188 2,350,425
U. S. exports today
12,645
5,102
17,216
38,279
Total visible supply
—9,856,685 8.681,180 8,150,851 7,697,174
Of the above, totals of American and other descriptions are as follows:
American—
Liverpool stock
bales.
459,000
69,000
371,000
63,000
248,000
45,000
183,000
44.000
Bremen stock
183.000
149,000
118.000
93,000
Havre stock
Other Continental stock
American afloat for Europe
U. S. port stock
238.000
202,000
59,000
..........
U. S. interior stock
U. S. exports today
Total American.....^
203,000 '
69,000
75,000
25,000
75,000
254,000
567,000
328,000
555,000
3,036,219 3,220,519 2,889,447 2,975.470
.3,524.821 2.501,559 2,397,188 2,350,425
12,645
5,102
17,216
38,279
—7,846,685 7,138,180 6,270,851 6,383,174
1.500
82,097
518,000
42,000
85,000
90,000
40,000
59,000
Bremen stock..
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt. Brazil. &c., afloat
159,000
Stock in Alexandria, Egypt
Stock in Bombay, India...
401,000
616,000
Total East India, &c
Total American-
369,000
479,000
259.000
63,000
36,000
31,000
40,000
55,000
15,000
54,000
18,000
57,000
297.000
44,000
29 000
89,000
199,000
365,000
549,000
580,000
22,000
29,000
147,000
68,000
175,000
274,000
394,000
2,010,000 1,543,090 1.880,000 1,314,000
7,846.685 7,138.180 6,270,851 6,383,174
above
increased
totals
show
that
Continental imports for past week have been 116,000 bales.
The above figures for 1938 shows a decrease from last
week of 64,590 bales, a gain of 1,175,505 over 1937, an
increase of 1,705,834 bales
2,159,511 bales from 1935.
the
over
1936, and
an
increase of
a
a
a714
19,982
20,764
San Antonio.
interior
during the week 6,733 bales and
stocks
have
tonight 1,023,262 bales more than at the same period last
year.
The
receipts of all the towns have been 124,013 bales less than
the
New York
The
are
week last year.
same
Quotations for 32 Years
quotations
for middling upland at New York on
Nov. 25 for each of the past 32 years have been as
follows:
9.08c.
1930
-10.70c.
1922
1937
8.04c.
1929
12.25c.
1935
12.25c.
12.55c.
1928
1927
-17.55c.
-20.60c.
1921
1936
1933
10.10c.
1926
1925
1932
5.90c.
1924
1931
6.20c.
_19.90c.
1923
—
—
-12.90c.
-21.40c.
_24.25c.
,35.80c.
25.70c.
18.30c.
17.30c.
-39.45c.
29.75c.
1920
1919
1918
1917
30.30c.
20.95c.
11.85c.
1916
1915
Market and Sales
at
1914
7.75c.
1913 —13.40c.
1912
12.80c.
9.40c.
15.10c
14.60c*
1911
1910
1909
1908
9.45c*
1907
11.20c*
New York
The total sales of cotton on the
spot each
week at New York are indicated in the
For
the
day during the
following statement.
convenience
of
the
reader, we also add columns
which show at a glance how the market for
spot and futures
closed on same days.
Futures
Market
Closed
Spot Market
Closed
Saturday,—
Monday
Tuesday
Wednesday.
Thursday
Friday
Nominal
SALES
Spot
Barely steady—
Steady
Steady
Steady
Nominal
Nominal
Nominal
Contr'ct
i",66o
Nominal
>
;
Total
1,666
HOLI DAY.
__
Barely steady—
Total week.
Since Aug. 1
1.000
50",400
25,434
1,000
75,834
Overland Movement for the Week and Since
Aug. 1—
We give below a statement
showing the overland movement
for the week and since
Aug. 1, as made
up
from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1938-
Nov. 25—'
-1937Slnce
Since
Shipped—
Week
Via St. Louis
Via Mounds, &c
Rock Island
Via Louisville
4,614
6,425
Aug. 1
56.961
Week
Aug. 1
70,071
4,999
3,175
714
200
3,497
30,466
3,774
63,167
257,900
3,245
39,741
61,157
60,620
1,241
1,907
66,420
264,258
-45,089
452,587
51,535
455,603
497
282
10,525
245
3.670
233
-21,188
via
163,447
9.301
10,187
3.430
84,476
-
87
Via Virginia points
Via other routes, &c
Deduct Shipments—
-
Total visible supply..
9,856.685 8,681.180 8,150,851 7,697,174
Middling uplands, Liverpool
5.22d.
4.64d.
6.72d.
6.59d.
Middling uplands, New York
9.08c.
8.12c.
12.20c,
12.20c,
Egypt, good Sakel, Liverpool
9.85d.
9 24d.
11.70d.
10.49d.
Broach, fine, Liverpool
4.18d.
3-99d.
5.58d.
6.lid.
Peruvian Tanguis, g'd fair, L'pool
5.92d.
5.99d.
7.99d.
O.P.Oomra No. 1 staple, s'fine.Llv
4.15d.
4.14d.
5.62d.
25,943
1,118
1,500
East Indian, Brazil, cfec.—
Liverpool stock
Manchester stock
7,982
2,032
3,175
17,840
874
27,589
1934
1938
977,000
111,000
bales-
69,714
22
a84
Includes the combined totals of 15 towns in Oklahoma,
The
1938
Nov. 25—
Stock at Liverpool
Stock at Manchester
15,656
228,161
618,335
Total, 56 towns 124.343 3305.493 117.610 3524.821 248,356
3862,161 206,491 2501,559
we
only.
Manchester stock
_
To make
add the item of exports from the United States, for Friday
•
_
Robs town-
San
*
Total all futures
320,323 34,540 373,611 25,090
78.808
3,753
50,660
2,333
904,664 118,374 1195,442 106,095
14,194
2,412
40,118
1,271
200
4,826
200
15,940
4,106
20
75
12,943
45.093
1.664
75,283
1,471
47,407
1,551
82,893
844
542
334
296
Dallas
New Orleans
77.258
:
towns *.
15
Total all futures..—
as
31,757
130,273
139,116
Miss., Clarksd
December
October
84,294
37,460
19,147
85,772
121,555
15,400
Columbus-
Open
Nov. 18 Nov. 19 Nov. 21 Nov. 22 Nov. 23 Nov. 24
New York
38,658
Total to be deducted
Leaving total
net overland-*
175
-21,967
21,967
177,642
9,779
98,093
-23,122
23,122
274,945
41,756
357,510
*
Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 23,122 bales,
against 41,756 bales for
the week last
year, and that for the season to date the
aggregate net overland exhibits
of 83,565 bales.
a
decrease from
a
year ago
Volume
-1937-
-1938In Sight and
88,143
Net overland to Nov. 25
23,122
274,945
toNov.25-100,000
1,868,000
160.560
41,756
105,000
4,697,412
357,510
1,990,000
211,265
Southern consumption
4,592,611
1,571,898
307,316
41,865
7,044,922
1,680,004
Total marketed
Interior stocks in
of
Excess
6,733
excess
Southern
mill
2,449,666
Game into sight during
Total in sight Nov. 25
Movement into
Corporation announced that "Advices of
received by it through Nov. 17, showed
loans disbursed by the Corporation and lending agencies
of $124,029,437.02 on 2,683,899 bales of cotton.
The loans
average 8.88 cents per pound.
Figures showing the number of bales on which loans have
been made by States are given below:
349.181
6,467,093
North, spinn's' takings to Nov.
*
Decrease.
1934—Nov. 30
Bales
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Below
of the week:
Closing Quotations for Middling Cotton on—
Saturday Monday
Tuesday
8.54
8.62
New Orleans..
8.65
8.70
8.52
8.60
8.61
8.87
8.95
8.97
Norfolk
8.95
9.00
9.00
Montgomery,..
Augusta
Memphis
8.52
8.60
8.60
__
Friday
8.51
8.65
8.56
8.67
8.56
8.91
8.95
8.55
8.74
Mobile
Savannah
Wed'day Thursday
8.62
Galveston
8.55
9.10
9.11
9.06
8.50
8.50
8.60
8.62
Little Rock
8.30
8.40
8.40
8.56
8.35
Dallas...
8.25
8.33
8.34
Fort Worth
8.25
8.33
8.34
8.50
8.59
8.35
8.27
8.27
8.29
8.29
Contract Market—The closing
quotations
leading contracts in the New Orleans cotton market for
follows:
as
Monday
Nov. 19
Nov. 21
Thursday
Nov. 22
Friday
Nov. 24
Wednesday
Tuesday
Nov. 25
Nov. 23
Nov (1939)
December.
8.73
8.78
8.82
8.61
8.65
8.69
8.64
8.55
8.61
8.64
8.57
8.35
8.40
8.45
8.39
8.15
8.21
8.24
8.79- 8.80
8.79- 8.80
Jan. (1940)
8.17
February
March
8.605-8.61a
.
.
8.55
HOLI¬
April
.
May.
DAY.
8.36
June
July
8.15- 8.16
August
September
7.84
7 §2
October
7.86
—
7.91
7.92
November
7.89
—
7.95
7955-797a
7875- 790a
7.855-7.86a
—
—
——
Tone—
Quiet.
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
8 pot
Options
Crop of 1938 Prior to Nov. 14—
issued on Nov. 21, combined from the
individual returns of the ginners, shows 10,751,758 running
bales of cotton (counting round as half bales and excluding
linters) ginned from the crop of 1938 prior to Nov. 14, com¬
pared with 14,947,111 bales from the crop of 1937 and
10,767,140 bales from the crop of 1936.
Below is the report
Cotton Ginned from
The Census report
that
Nov.
through
12
according to preliminary figures, 26,086,228 cotton
spinning spindles were in place in the United States on
Oct. 31, 1938, of which 22,113,952 were operated at some
time during the month, compared with 22,188,618 for
September, 22,152,526 for August, 21,915,394 for July,
21,142,408 for June, 21,341,846 for May, 21,772,680 for
April, and 23,714,646 for October, 1937.
The aggregate
number of active spindle hours reported for the month was
7,118,439,713.
Formerly the weighted average hours of
operation for the day shift for all of the mills was used in
computing the monthly percentage of activity. The Act
approved June 25, 1938, regulating "wages and hours of
employment" provides for a maximum of 88 hours for a
two-shift week beginning with Oct. 24, 1938, and of 80
hours within two years thereafter.
Accordingly, after con¬
sultation with the cotton textlie associations, the methods
of calculating the monthly percentage of activity have been
changed to meet the new conditions.
Computed on the
basis of 80 hours per week, the cotton spindles in the United
States were operated during October,
1938, at 81.9%
capacity.
This percentage compares on the same basis
with 76.1 for September, 76.2 for August, 70.2 for July,
60.8 for June, 59.4 for May, 59.5 for April, and 77.7 for
October, 1937.
The average number of active spindle hours
spindle in place for the month was 273. The total
of cotton spinning spindles in place, the number
active, the number of active spindle hours, and the average
hours per spindle in place, by States, are shown in the
per
number
following statement:
Active
Spindle Hours
for October
Spinning Spindles
State
Average per
Active Dur¬
Oct. 31
ing October
Total
26,080,228
22,113,952
7.118.439,713
273
18,713,700
16,915,778
301
6,571,460
4.594,870
801,072
603,304
5,622,945,975
1,347.198,525
148,295,213
1,877,120
1,569,472
405,428
504,540,931
86,861,084
269
2,915,508
Massachusetts,.
3,649,680
2,357,502
1,021,588,279
190,404,751
671,321,866
59,152,610
315
Maine
3,245,658
704,468
COTTON GINNING
Number of Bales of Cotton Ginned from
the Growth of 1938 Prior to Nov. 14, 1938;
Comparative Statistics to the Corresponding Date in 1937 and 1936
United States
growing States
England States.
Cotton
Round
Running Bales {.Counting
as
Half Bales and
New
Excluding Linters)
Stale
1937
1938
All other States
1936
Alabama
1.026,274
114,881
1,478,282
1,092,574
127,530
103,369
1,258,644
224,314
1,429,598
1,148,817
394,913
Florida..
21,861
34,701
268,356
27,410
Georgia
Kentucky
817,8.50
1,360,939
11,230
981,732
10,748
Louisiana
649,765
976.051
730,427
1,637,877
2,111,684
307.700
243.781
Alabama
Arizona.
Arkansas
California
..
9,539
68.372
93,401
1,776,367
279,235
81,966
312,383
628.886
433,906
Oklahoma
511,490
594,269
South Carolina
601.925
877,151
432,254
2,747,428
436,718
4.119,487
254,624
640,968
376,282
2,530,478
Mississippi.....
.
Missouri
New Mexico
North Carolina
—
Tennessee—
TexAS
5,981
26,676
23,315
2,011
1,814
1,775
•10.751,758
•14,947.111
•10,767,140
Virginia-...,.
All other States....'
United States
Includes 157,865 bales of the crop
579,336
Connecticut
Georgia...
587,984
Mississippi
209,000
159,224
New Hampshire—.-.
562,838
305,982
include 142,510 round bales for 1938; 267,961
for 1937, and 225,575 for 1936.
Included in the above are 12,578 bales of
American-Egyptian for 1938; 6,801 for 1937, and 7,884 for 1936; also
3.142 bales Sea Island for 1938; 3,569 for 1937, and 848 for 1936.
The statistics for 1938 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Nov. 1 is 10.126,502
The statistics In this report
bales.
CONSUMPTION.
STOCKS,
IMPORTS.
UNITED
Cotton consumed during the month of October, 1938
amounted
542,778 bales.
Cotton on hand in consuming establishments on Oct.
to
22,113.952.
The total Imports for the month of October, 1938 were
10.933 bales and the exports of domestic cotton, excluding linters, were
464.590 bales.
«
was
WORLD
STATISTICS
estimated world's production of commercial cotton, exclusive o(
linters, grown in 1937, as compiled from various sources, was 35,591,000
bales, counting American in running bales and foreign in bales of 478
pounds lint, while the consumption of cotton (exclusive of linters in the
united States), for the year ended July 31, 1938 was 26.748,000 bales.
The total number ^of spinning cotton spindles, both active and idle, is
about 147,000.000.
"•"The
150
279
184
•
283
203
365,388
277,416
5,361,266
800,758
1,647,449,87,8
251,989,542
274
South Carolina
5,715,170
5,411,208
331
590,118
252,414
529,072
1,893,351,040
193,427,705
216.026
79.030,055
313
Virginia
628.272
607,440
185.341,650
295
Allother States
735,748
549,660
141,926,603
193
Tennessee
-
Texas
Returns
202
258
328
by Telegraph—Telegraphic advices to us
this
evening denote that except for a few widely scattered showers
the weather has been dry over the cotton belt. ! Temperatures
are
lower.
Rain
Days
Austin
50
80
18
49
30
56
0.04
78
74
38
26
58
70
70
74
74
78
76
32
51
22
46
32
22
26
48
30
53
0.02
68
20
44
70
66
24
47
22
44
80
34
31
24
28
dry
dry
dry
Rio
Paso
0.20
0.01
0.21
2
1
2
dry
Antonio
Oklahoma—Oklahoma City—
Arkansas—Fort Smith
...
1
Little Rock
Louisiana—New
Shreveport
2
1.24
2
3
0.74
0.70
1.00
Orleans
Vicksburg
Alabama—Mobile
Birmingham
dry
1
Mississippi—Meridian
—
-
Montgomery
Florida—Jacksonville
....
Pensacolar
Tampa
43
1
Christi
Miami
56
14
24
75
82
Dallas
San
36
76
1
Brownsville
El
-Thermometer
Mean
Low
0.02
Abilene
Del
High
72
0.33
dry
dry
dry
Amarillo—„
Corpus
Rainfall
Inches
2
Texas—Galveston
Port Arthur
31
was 1,057,245 bales, and in public storages and at compresses 15.312,719
bales.
The number of active consuming cotton spindles for the month
185
6,004,390
976,616
North Carolina
Houston
Palestine
AND EXPORTS-
STATES
205
Rhode Island...
New York
of 1937 ginned prior to Aug. 1, which was
the season of 1937-38. compared with 142,983 and 41,130
of 1937 and 1936.
Spindle in Place
114,382,438
71,671,203
counted in the supply for
bales of the crops
of
loans
In Place
REPORT ON
♦
18
Nov.
in full:
and
Pounds
that,
DAY.
8.50
Saturday
72,833,630
on
Activity in the Cotton Spinning Industry for October,
Bureau of the Census announced on Nov. 19
HOLI¬
8.50
8.55
week have been
$13,183,843
1938—The
9.02
the past
21
Nov. 12—The Commodity Credit Corpo¬
announced
8.90
8.95
Houston
New Orleans
Loaned
CCC
Wool Through
8.54
9.04
for
..798,178
Virginia
aggregating $13,183,843.42 had been made on 72,833,630
net grease pounds of wool, an average of 18.10 cents.
This
figure includes repayments of $1,606,954.27 covering 9,032,337 pounds of wool.
Week Ended
Nov. 25
34,833
192,116
64,863
Missouri
ration
....
Texas
....377,748
Mississippi
91,273
.
Tennessee..
210,406
Louisiana
5,465
South Carolina.—.
1,328
119,775
Georgia....
8,481,728
7.923,370
5.329.282
Oklahoma.
544,711
California
years:
\
16,818
.....
North Carolina
8,041
Arizona
Bales
New Mexico
218,323
Alabama..
552,737
State—
Bales
State—
Since Aug. 1—
1936
1935
1934
Bales
405,316
374,744
233,697
1935—Nov. 29
8,921,770
Loans"
Arkansas
sight in previous
Week—
1936—Nov. 27
....
44,657
483.520
25 37,774
Nov. 17 Aggregated
Credit
Cotton
196,844
302,584
217,998
week
CCC Through
2,683,899 Bales—On Nov. 18 the Com¬
on
modity
takings
consumption to Nov. 1
over
Loans of
$124,029,437
Aug. 1
Week
Aug. 1
Week
Cotton
Since
Since
Spinners'
Takings
Receipts at ports to Nov. 15
3333
Chronicle
Financial
147
-
1
2
2
1
2
1
2
1
2.10
0.80
1.20
1.72
72
80
74
50
53
52
57
52
52
51
28
59
51
54
80
32
58
28
71
54
86
36
61
79
80
0.06
0.02
80
86
84
0.64
0.02
36
22
59
Financial
3334
Rainfall
Days
High
Low
82
78
51
26
82
28
55
80
83
53
58
48
Atlanta
2
Augusta
4
Inches
0.16
0.86
0.22
Macon
1
3
1
0.06
0.24
0-66
72
26
33
24
1
2
1
0.22
0.82
0.06
78
78
80
28
28
^44
4
2
1-53
2.48
1.23
70
76
31
28
48
52
74
22
48
Carolina—Charleston-.
South
Carolina—Asheville
North
Charlotte
Raleigh
Wilmington
Tennessee—Memphis
Chattanooga
Nashville
—
2
-
Mean
66
r
Memphis
Nashville
Shreveport
Vicksburg
Since Aug. 1
To Liverpool
To Manchester, &c
Feet
This
Week
1
19",000
205,637
5,758
45,547
_
.
gauge.
1.8
11.4
gauge.
14.4
9.4
gauge.
gauge.
2.3
3.6
Total exports
4.7
10.2
3.2
26,000 295,679 23,000 361,457
1937
1938
8H Lbs. Shirt¬
Stocks at interior Towns
32s Cop
Receipts from Plantations
Cotton
ings, Common
Middt'g
Twist
1937
1938
1936
1937
43.000 335,694
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for cloth is improving.
We
give prices today below and leave those for previous weeks of
this and last year for comparison:
to Finest
Vpl'ds
d.
d.
End
1938
1
Aug.
Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ended Nov. 23 were
220,000 cantars and the foreign shipments 26,000 bales.
figures do not include overland receipts nor
consumption; they are simply a statement of the
Receipts at Ports
Week
Note—A cantar is 99 lbs.
The
Week
1
2.5
gauge.
Since
This
Since
Aug.
4,000 64,894
59,099
9~,666 62,081 10,000 65,490
13,000 231,455 27,000 195,331
9,97©
8,822
2,000
1,000
38,737
1,000
weekly movement from the plantations of that part of the
which winally reaches the market through the outports.
1938
1930
1937
8% Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middt'g
Twist
to Finest
Upl'ds
1930
d.
Aug.
s.
@10
9
d.
s.
d.
@
9
3
s.
d.
.s.
d.
d.
Aug.
78,102 221,670 141,305 1922,210
26.
806.049 1140,781
83.722 239,811 149,970
26-
9
4.74
11%@13% 10
1%@10
4%
5.63
5.56
ftpnf
ept
2.
1219.831 171,494 330,292 280,892
9.
1339,682 290,308 361,614 391,307
9-
1499,275 381.855 480,006 500,408
1077,862 428.052 606 163 492,874
1623-
1832.026 465'081 724.826 500 519
30-
836,739
144.055 300,222 201.842 1949,655
918,178
195.347 309,808 271,456 2044.016
16
227 732 347,270 340,815 2198.739 1059.914
23. 236.651 411,538] 314,287 2390,140 1245,539
30. 221.666 479.801 319.764 2633.565 1490,564
2-
Oct.
8H® 9%
8%@ 9%
9H
8%@ 9%
8%@ 9%
8%@
9
@
9
3
4.85
11*4 @13
10
1%@10
9
@
9
3
4.71
1114 @13
10
1%@10
4%
4%
9
@
9
3
4.81
11%@13
10
@
9
3
4.76
11 % @13
10
4%
3
5.33
9
1%@10
@10
9
@
9
3
4.80
11%@12%
9 10%@10
1%
4.89
@
5.00
5.46
5.08
Oct.
7. 183,369 441.721 330,033 2881,080 1715.693
1980,336 430,890 606,850 478,343
7-
14. 205,107 379,060 370.723 3110,218 1904,035 2098.733 434,239 596,889 489,120
14-
3275,615 2051,912 2179,603 306,043 471,190 483,163
28. 150,872 313,437 385,111 3387,084 2129,804 2266,371 203,541 391,329 471,919
21-
21. 300,646 323,319 378,083
28-
Nov.
9
0
4.75
9 10% @10
1%
4.82
9 10%@10
1%
4.89
11% @12%
9 10% @10
1%
4.83
9 10%@10
9 10%@10
1%
4.56
5.05
10% @12
10% @12%
1%
4.03
5.08
10% @12
9 10% @10
1%
4.55
5.22
10% @12
9 10% @10
1%
4.64
9
3
9
@
9
3
9
@
9
3
5.19
11%@12%
11)4 @12%
11%@12%
9
9%
9%
8%@ 9%
9
@
9
3
5.20
8%@
9%
9
@
9
3
5.09
9H
9%
9%
9
@
9
3
9
@
9
3
9
@
9
3
8%@
8%@
9H
8H®
»
5.24
9
@10
Nov.
256,332 263,182 259,641 3460,497 2226,923 2301,784 329,745 388,719 295,054
4..
10.
92,125 246,088 264,090 3510,308 2:187,570 2342,886 141.936 406,336 305,198
18. 125,867 195,034 251,440 3618,088 2459.694 2373,757 133,637 267,158 282,311
10-
8%@
18-
8%@
94,876 202,425 240,994
25-
8%@
4.
88,143 100,660 217,563 3524,821 2501,559 2397,188
25.
The above statement shows:
(1) That the total receipts
Shipping
from the
plantations since Aug. 1, 1938, are 4,130,358 bales;
6,386,733 bales and in 1936 were 5,431,473
bales.
(2) That, although the receipts at the outports the
past week were 88,143 bales, the actual movement from
plantations was 94,876
bales, stock at interior towns
having increased 6,733 bales during the week.
in
Since
Aug.
6.000
To Continent and India
crop
.
400,000
4,483,424
This
from the Plantations—The following table
indicates the actual movement each week from the planta¬
Southern
390,000
4,410,268
Week
Exports {bales)—
Receipts
tions.
220,000
3,138,683
This week
Nov. 26. 1937
Feet
Above zero of
..Above zero of
Above zero of
Above zero of
Above zero of
New Orleans
1936
Receipts (cantars)—
To America
Nov. 25. 1938
1937
Nov. 23
of the dates given:
m.
1938
Alexandria, Egypt,
has also been received by tele¬
graph, showing the heights of rivers at the points named at
a.
1938
52
The following statement
8
Nov. 26,
for the past week and for the corresponding week of the
previous two years:
53
53
62
5
Georgia—Savannah
,
Chronicle
Thermometer
Rain
1937
obtainable; also the takings
sight for the like period:
are
or
amounts gone out of
Cotton Takings,
Week and Season
Week
Visible supply Nov. 18
Visible supply Aug.
1
American in sight to Nov. 25-
Bombay receipts to Nov. 25-Other India ship'ts to Nov. 25
Alexandria receipts to Nov. 23
Other supply to Nov. 23*5—
217,998
26,000
9,000
44,000
—
"
10,000
10,228,273 15,628,834
Total supply
349,181
34,000
7,000
78,000
9,000
8,921,770
214,000
103,000
875,200
139.000
9,129,589 14,591,992
Deduct—
9,856,685
Visible supply Nov. 25
9,856,685
8,681,180
8,681.180
371,588
252,588
119,000
5,772,149
4,084,549
1,687,600
448,409
306,409
142,000
5.910,812
4,201,012
1,709,800
Total takings to Nov. 25-a-.
Of which American
-
Of which other
♦
Embraces receipts in Europe from Brazil, Smyrna, West Indies, Ac.
a This total embraces since Aug.
1 the total estimated consumption by
Southern mills, 1,868.000 bales in 1938 and 1,999,000 bales in 1937—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 3,904,149 bales in 1938 and 3,920,740 bales in 1937,
2,216,549 bales and 2,211,012 bales American,
of which
b Estimated.
India Cotton Movement from All Ports—The
receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 'as cabled,
for three years, have been as follows:
of Indian cotton at
1938
1937
/
1930
Nov. 24
Since
Receipts—
Since
Since
Week
Week
Aug. 1
26,000
Bombay
Auq. 1
351,00(
34,000
214,000
Great
Conti¬
Japan &
Britain
nent
China
For the Week
Week
47,000
Since Aug.
Aug. 1
283,000
1
Exports
Great
from—
Conti¬
Jap'ndk
nent
China
Britain
Total
Total
Bombay—
1^,1938
H 1937
1,000
3,000
14,000
55,000
1,000
3,000
1,000
5,000
5,000
61,000
124,000
420,000
190,000
1936
1,000
1,000
45,000
47,000
8,000
64,000
236,000
308,000
20,000
30,000
351,000
Other India
1937
Total
1936
54,000
7,000
29,000
74,000
7,000
15,000
71,000
106,000
5,000
...
116,000
170,000
103,000
177,000
all—
fc.1938
1937
4,000
6,000
9,000
1,000
8,000
1938
1930
.....
6,000
2,000
39,000
68,000
171,000
9,000
1,000
12,000
34,000
135,000
124,000
293,000
9,000
8,000
45,000
62,000
79,000
170,000
236,000
485,000
Alexandria
7,000
26,000
351,000
590,000
and Shipments—We now re¬
weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
Receipts
ceive
follows:
Copenhagen, Nov. 22, Tortugas, 590
To
To
To
To
To
.
•
To
To
To
To
4,339",022
7,858.941
6,467,093
351,000
170,000
626,800
155,000
are as
To
To
To
8,652,408
the
page,
To
To
To
9,921,275
previous
Bales
To
Season
Week
Season
a
Genoa, Nov. 19, Monrosa, 1,935; Nov.
Syros, 4,059
Leghorn, Nov. 19, Monrosa, 25Havana, Nov. 16, Margaret Lykes, 225
Dunkirk, Nov. 21, Michigan, 517
Buena Ventura, Nov. 16, Margaret Lykes, 110
Puerto Colombia, Nov. 16, Margaret Lykes, 243
Gdynia, Nov. 22, Tortugas, 2,252
Cartagena, Nov. 16, Margaret Lykes, 388
Sidney, Nov. 19, Vinnie, 200
Gothenburg, Nov. 22, Tortugas, 744
Japan, Nov. 19, Vinnie, 8,696
Melbourne, Nov.22, Erlanger, 325
China, Nov. 19, Vinnie, 436
Liverpool, Nov. 16, West Chatala, 3,032
Manchester, Nov. 16, West Chatala, 1,936
Trieste, Nov. 17, Alberta, 1,049
Venice, Nov. 17, Alberta, 507
Susac, Nov. 17, Alberta, 2,336
Ghent, Nov. 21, Michigan, 172
Antwerp, Nov. 21, Michigan, 16
To
1937
on
GALVESTON—To
To
1938
shown
from mail and telegraphic reports,
up
World's Supply
and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
News—As
exports of cotton from the United States the past week have
reached 78,555 bales.
The shipments in detail, as made
were
To
To
17,
-
-
.
—
590
To Havre, Nov. 21, Michigan, 369
HOUSTON—To Liverpool, Nov. 19, West Chatala, 3,271
To Manchester, Nov. 19, West Chatala, 1,856
To Ghent, Nov. 18, Effingham, 318; Michigan, 228
To
Antwerp, Nov. 18, Effingham, 25; Michigan, 84
To Copenhagen, Nov. 19, Tortugas, 704To Havre, Nov. 18, Effingham, 2,520; Michigan,
5,994
25
225
517
110
243
2,252
388
200
744
8,696
325
436
3,032
1,936
1,049
507
2,336
172
16
—
880
—
To Dunkirk, Nov. 18, Michigan, 683
To Rotterdam, Nov. 18, Effingham, 237
To Oslo, Nov. 19, Tortugas, 200
To Gdynia, Nov. 19, Tortugas, 1,878
To Gothenburg, Nov. 19, Tortugas, 1,029
To China, Nov. 19, Hopepeak, 1,505
—
To Manila, Nov. 19, Hopepeak, 722
To China, Nov. 19, Hopepeak, 425
To Bremen, Nov. 22, Hamelin, 2,564
To Hamburg, Nov. 22, Hamelin, 584
—
—
To Puerto Colombia, Nov. 15, Margaret Lykes, 287
To Buena Ventura, Nov. 15, Margaret Lykes, 105
369
3,271
1,856
546.
109
704
3,400
683
237
200
1,878
1,029
1,505
722
425
2,564
584
287
105
—
To
Cartagena, Nov. 22, Hamelin, 12
NEW ORLEANS—To Antwerp, Nov. 16, Volunteer, 200; Bloomersdijk, 50
To Ghent, Nov. 16, Volunteer, 841
—
To Havre, Nov. 16, Volunteer, 728
—
-To Dunkirk, Nov. 16, Volunteer, 1,500
*
To Rotterdam, Nov. 16, Volunteer, 200; Bloomersdijk, 350—
To Oslo, Nov. 21, Tatra, 327
-—
To Gdynia, Nov. 21, Tatra, 350
—
To Gothenburg, Nov. 21, Tatra, 300
To Valparaiso, Nov. 22, Contessa, 700
LAKE CHARLES—To Ghent, Nov. 24, Nashaba, 350
To Rotterdam, Nov. 24, Nashaba, 200
SAVANNAH—To Gdynia, Nov. 23, Uddeholm,200
CORPUS OHRISTI—To Liverpool, Nov. 22, West Chatala, 2,223
To Manchester, Nov. 22, West Chatala, 819
MOBILE—-To Liverpool, Nov. 13, Auditor, 510
To Manchester, Nov. 13, Auditor, 1,032
CHARLESTON—To Liverpool, Nov. 14, Sundance, 275—
To Manchester, Nov. 14, Sundance, 175—--NORFOLK—To Hamburg, Nov. 17, Waukegan, 127; Nov. 25,
Vincent, 50
SAN FRANCISCO—To Great Britain. ( ?), 300
To France, (?), 1,800
To Manila, (?), 15
To Japan, (?), 2,609
To India, (?), 200
LOS ANGELES—To Liverpool, Nov. 19, Drechtdijk, 750
To Antwerp, Nov. 21, Oregon, 200
To Havre, Nov. 21, Oregon, 299
—
To Dunkirk, Nov. 21, Oregon, 348
To Genoa, Nov. 19, Rial to, 1,000
—
——
To Japan. Nov. 19, Suba Mara, 779; Nov. 21. Asama Mara,
2,622; President Coolidge, 3,828; President Adams, 1,495—
To Bombay, Nov. 21, President Adams, 524
Total-.-
-
-—
—-—- - - -
12
250
841
728
1,500
550
327
350
300
700
350
200
200
2,223
819
510
1.032
275
175
_
177
300
1.800
1£
2,609
200
750
200
_
299
348
1,000
^
8,724
524
78,555
Volume
Financial
147
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Nov. 18
45,000
42,000
976,000 1,078,000
464,000
521,000
24,000
23,000
9,000
15,000
160,000
123,000
65,000
44,000
Nov. 4
Forwarded
Of which American
Total imports
Uf which American
i
...»
Amount afloat
Nov. 10
47,000
1,109.000
536,000
50,000
10,000
130,000
59,000
Total stocks
-
Of which American
Nov. 25
42.000
1,088,000
528,000
58,000
26,000
153,000
55,000
Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
diminished, indicating that holders were becoming more
confident despite predictions of liberal deliveries.
About
75,000 bushels of red wheat was said to have been taken by
export interests.
On the 23d inst. prices closed y±c. off to ^4 c. up.
The
marked
effect
values
Market,
Monday
Quiet.
Quiet.
Dull.
\
biggest
wheat
Futures
|
(
opened
Market,
3 to
1
P. M.
5.22d.
5.18d.
Steady:
pt.
4 pts. adv.
decline.
Prices of futures at Liverpool for
each day
are
given below;
Fri.
Thurs.
Wed.
Tues.
Moil.
Sat.
Nov. 19
Close Noon Close Noon Close Noon Close Noon Close Noon Close
4.80
4.84
4.86
1938-
4.78
1939—
4.79
4.80
4.81
4.86
4.85
4.87
4.81
4.82
4.83
4.88
4.87
4.88
4.87
4.79
4.81
5.80
4.85
4.84
4.85
4.84
4.77
4.78
4.78
4.82
4.81
4.81
4.81
4.63
4.64
4.62
4.66
4.66
4.65
4.64
4.85
4.87
March
May.-
,
July
October
--
-
M.
-
-
4.64
March
-----
4.67
-
-
-
4.68
4.65
4.67
—
4.64
4.6£
December
January 1940
»
«...
4.69
■
_
^
_
-
-
-
r-
4.66
•
*
-
-
4.67
-
-
-
in
crop
10
had
years
bearish
a
effect
on
the
Chicago Board during the early part
However, the strong action of the corn
on
session.
-
-
d.
-
given
4.86
fjom the Argentine.
Unseasonably cold tem¬
domestic crop areas Southwest were also
news
in
though
attention,
scattered
snowfalls
noted.
were
At first, however, the market here was dominated by esti¬
mates
Argentine
suggesting
production
India's
wheat
bushels larger than a five-year average.
reported
50,000,000
crops were
urgently needing rain, with much reduced
as
acre¬
probable.
age
Today prices closed % to lc. net lower.
Wheat values
declined, influenced by month-end liquidating sales.
A
steadying factor in the Chicago wheat market in the early
a
report by the Robinson Elevator Co. that Kan¬
outlook appears gloomy because of poor germina¬
tion and insufficient rooting, with the seeded area approxi¬
mately 1,000,000 acres below a five-year average.
Except
for December contracts, Liverpool wheat quotations today
sas
crop
4.86
-
.
..
-
•r
-
*
.
m
+
4.87
4.88
4.88
4.84
4.86
4.86
4.81
-
4.88
4.87
.
.
4.82
4.82
emphasis to word that Argentine new crop wheat was ob¬
4.66
4.68
4.68
tainable cheaper
4.67
4.68
4 69
4.71
-
-
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
New Contract
December
January
the
trading was
to
Nov. 25
Reports
bearish
Steady;
St'y: 2 pts. Q't but st'y Q't but st'y Q't but st'y
to
1 3 to 4 pts. 2 pts. del. 1 pt. adv. 1 to 3 pts.
advance.
advance.
to 2 pts adv to 1 pt.dec.
pt. decline.
Quiet;
(
4
1
losses.
Quiet.
St'y; unch. Q't but st'y St'y; unch.
to
1 pt.
1 to 2 pts.
to 1 pt.
2 to 3 pts. adv.
to
1 2 to 3 pts.
advance.
decline.
advance.
decline.
decline.
pt. decline
St'y;
earlier
Quiet.
i
5.21d.
5.14d.
6.08d.
5.08d.
Steady;
(
Market
t
wheat
values
peratures
Mid.Upl'ds
the corn market had its
trading, and caused wheat
their
of
most
recover
by
later
market and reports of export purchases of Canadian wheat
to the extent of 500,000 bushels more than countered the
(
Quiet.
to
the
Friday
(
1215
P. M.
in
wheat
Thursday
Wednesday
Tuesday
displayed
strength
on
from the Argentine that wheat crop prospects indicated the
of
Saturday
Spot
3335
Chronicle
sharply lower than due,
were
-»
--
4.70
«...
-
4.71
Liverpool
4.73
vanced.
,4.70
-
and this circumstance
than heretofore.
gave
On the other hand, the
market for Argentine corn showed prices ad¬
Open ihterest in wheat on Wednesday reached
115,548,000 bushels.
IN NEW YORK
Tues.
Wed. Thurs. Fri.
77%
77% HOL.
76%
DAILY CLOSING PRICES OP WHEAT
BREADSTUFFS
Sat.
No. 2 red
Friday Night, Nov. 25, 1938
Flour
sales
in
the
local
area
Only joblots are being worked.
continue
due chiefly
be
to the lack
a
low
ebb.
The upswing of sales, ex¬
pected to develop, has failed to materialize.
to
at
This is said
of conviction among buyers
bottom.
At any
rate, the inclination to wait out the market still prevails.
today's low
that
levels are the market
closed % to 1 He. net
The market absorbed enough
Wheat—On the 19th inst. prices
lower
on
the Chicago Board.
selling today to force prices down a full cent a
bushel, practically wiping out the week's laborious advance
and leaving quotations at a level only 2 to 3c. above 6-year
lows.
Although domestic export business to Europe re¬
mained quiet, it was reported about 750,000 bushels were
sold to Mexico,
Only a few loads of Canadian grains were
sold abroad. There were no signs of a revival of export trade
except through the possibility of increased subsidy, and
traders regarded indications that other nations will benefit
from removal of the British duty as leaving international
marketing conditions unchanged from those prevailing under
the old pact as far as competition is concerned.
December
contract liquidation played a part in depressing wheat values
on the
Chicago Board.
This selling caught the pit with
little buying support, but there was not sufficient liquidation
to cause a serious downturn.
On the 21st inst. prices closed
small lot
fsc.
The wheat market showed a further
bearish. End of
domestic visible
stocks, led to about a cent a bushel maximum downturn of
Chicago wheat prices today. Indications of big deliveries of
No. 2 yellow wheat on December contracts here acted as a
particular handicap.
It had been generally assumed that
this grade would be in demand by the United States govern¬
ment, but instead, 2,750,000 bushels are now seeking an
outlet from Chicago to make storage space for corn, the
carrying charges on which furnish more profit than wheat
to He. net lower.
downward trend, the news being generally
month selling, together with enlarged
does.
An increase of 719,000 bushels in the United States
supply total contrasted with 4,352,000 bushels
ago.
Excepting small quantities of wheat
from Canada Mid of United States wheat stored in Antwerp,
wheat visible
decrease
no
a
year
European purchases of North American grain were re¬
Downturns of Chicago wheat values were in the
ported.
face of relative
strength displayed by Liverpool quotations.
Reports of further frosts in Argentina and of excessive rains
received only scant attention.
On the 22d inst. prices closed
unchanged to 3^e. higher. Export buying of 750,000 bushels
of wheat from Canada, together with crop deterioration
raised Chicago wheat prices half
a
cent today.
Canadian purchases mainly consisted of
wheat now afloat, but prices were reported better than
average recently.
No sales of United States wheat or corn
overseas could be confirmed, although some corn demand
appeared evident.
Frosts in Southern Argentina and un¬
timely rains in northern Argentina pointed to poorer quality
of wheat than expected.
Fears were also voiced that the
United States winter crop Southwest would suffer from below
freezing temperatures and from dearth of moisture. Liver¬
pool quotations were higher than due, and shippers' offerings
abroad were reported less pressing than heretofore. Liquida¬
tion of Chicago December contracts appeared to have
advices from Argentina,
PRICES
CLOSING
DAILY
Mori.
78
-
OF
77%
WHEAT
Sat.
December
FUTURES
Mon.
63%
Tues.
62%
IN
Wed.
62%
CHICAGO
Thurs.
62%
March
Fri.
May
July
-
Season's
December
March...
High and
84%
73%
74%
69%
May
July
65%
65%
65%
65%
Season's
When Made
June 15, 1938 Decernoer
July 23, 1938 March
July 23, 1938 May..
Sept. 24, 1938 July
65%
65%
Low
65%
65%
and
61 %
62%
62%
62%
H
61%
O
-
63%
L
64%
65
.
Made
When
Sept,
Sept.
Sept.
Oct.
7.
8,
7,
5.
1938
1938
1938
1938
DAILY CLOSING PRICES OF BONDED WHEAT IN WINNIPEG
Sat. Mon.
Tues. Wed.
Thurs.
Fri.
December
59%
58%
May
July.
61%
62%
November
—
Corn—On the
58%
57%"
60%
61%
58%
58
59%
58%
H
O
61%
61%
61%
61%
L
59
58%
61
.
61%
19th inst. prices closed
He. to l^c. net
lower.
December liquidation also affected the corn market,
and there was a pickup in offerings from the country, with
bookings totaling 68,000 bushels.
No export business was
confirmed.
New corn arriving at Chicago is reported so
dry and of such good quality that cash grain handlers say it
is comparable with old corn in moisture content.
Many
dealers have discontinued distinguishing between new and
old grain in their sales sheets.
On the 21st inst. prices
closed 34c.. to lc. net lower.
There was further liquidation
in December, and with a lower wheat market and no export
business, corn yielded rather easily and closed at or about
the lows of the day.
On the 22d inst. prices closed un¬
changed to He. higher.'
The corn futures market was in¬
fluenced somewhat by the steadiness of wheat values.
Corn
receipts at Chicago today totaled only 126 cars, and there
was no increase of rural offerings.
Primary arrivals totaled
but 783,000 bushels against 1,278,000 bushels a year ago.
On the 23d inst. prices closed % to %c. net higher.
Corn
was decidedly the leader of the grains in the pre-holiday
markets, this grain showing gains at one time of lVsC. a
bushel, and holding the major portion of the gain to the
close.
Better shipping demand for corn as well as im¬
proved export inquiry furnished the chief stimulus.
In
addition, purchases of corn to arrive at Chicago failed to
achieve more than meager volume.
Jumps of corn values
came despite transient fractional downturns due to wheat
market weakness and to fairly heavy sales of corn because
of unwinding of a spread
the subsequent
between corn and lard.
Much of
buying of corn was attributed to lifting of
hedges against shipping sales and to anticipation of export
Arrivals of only 151 cars of corn in Chicago today
business.
were
looked
so
as confirming predictions that farmers
little of their holdings while prices remained
upon
would let go of
far under Government loan rates.
closed unchanged to %c. higher.
Houses
connections led a buying movement in the corn
market today, and prices climbed lc. a bushel, but failed
to hold well.
Arrivals of corn in Chicago continued scanty,
and corn belt weather conditions were deemed unfavorable.
Corn values on the Chicago Board rose about lc. at one
stage, reaching 52c. for May contracts.
Receipts of corn
totaled only 180 cars.
Shippers and commission houses
were
buyers.
Snow and colder weather prevalent over
much of the corn belt served as a market stimulus.
Open
interest in corn on Wednesday totaled 04,495,000 bushels.
Today
prices
with export
DAILY CLOSING PRICES
OF CORN IN NEW YORK
Sal.
No.2 yellow
-
60%
Mon.
60%
Tues.
60%
Wed.
61%
Thurs.
HOL.
Fri.
62%
Financial
3336
PRICES
CLOSING
DAILY
Sal.
and
63 %
66
March...
May
July
When
July
July
July
Sept.
High
60%
1
55%
H
O
50%
51%
50%
51%
50%
51%
Reason's
47 %
51%
52%
L
--
_
December
Thurs.
46 %
46 %
-
May
July
CHICAGO
IN
Wed.
Tues.
Man.
46%
December
March
FUTURES
CORN
OF
Made
I
13. 1938
28. 1938
23, 1938
24. 1938
December
March
47 %
60
51
46
Oct.
Oct.
Oct.
Oct.
May
July
18. 1938
15. 1938
18, 1983
18. 1938
Oats—On" the 19th inst. prices close dllnchanged.
Oats
steady, but the market was very quiet.
On the 21st
prices closed unchanged to He- off.
There was very
little to this market, trading being very quiet.
On the 22d
inst. prices closed Ytfs. decline to %c. advance.
Trading
was
light, with fluctuations irregular.
On the 23d inst. prices closed unchanged to %c. higher.
Trading was quiet, with the undertone reported steady.
Today prices closed unchanged to %c. up.
This market was
quiet and without feature.
The undertone was reported
Nov. 26,
the week ended
Saturday, Nov. 19, 1938, follow:
Flour
Wheat
Corn
Oats
bUs 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at-
176,000
176,000
23,000
Phlladelp 'la
29,000
3,000
3,000
97,000
52,000
New Orl'ns*
24,000
170,000
381,000
1,736.000
190,000
21,000
Galveston..
Montreal
75~666
..
Boston
Borel
FUTURES
OATS
Sal.
Wed.
Tues.
Mon.
CHICAGO
IN
Thurs.
25%
25%
25%
25%
H
26%
26%
26%
26%
26%
26%
O
L
26%
26%
Made
16,1938
6,1938
18.1938
Season's
December
When Made
I
Season's
July 13. 19381 December
July 23, 1938 May
Sept. 26. 1938[July
High and
28%
28
May
July
—
27%
CLOSING
DAILY
PRICES
OF* OATS
Sot.
December
23
23%
Sept.
24%
Oct._
IN
Wed.
Tues.
27%
27%
When
Aug.
and
FUTURES
Mon.
27%
28
May
Low
27%
27%
28
HOL.
Jan. 1 '38 12,910,000
heaviness of wheat influenced
easier rye market.
an
122,200,000
85,727,000
6,792,000
311,000
3,898,000
419,000
361,000
Jan. 1 '38 12,545,000
80,000,000
29,012,000
5,587,000
Week 1938-
on
The exports
ended
statement:
1
Wheat
Corn
Flour
Bushels
Bushels
Barrels
Exports from—
York...
11,000
206,000
New
37:660
Orleans
Sat.
December
41%
—
Season's
High and
56%'
53%
46%
May
July
When
July
July
Nov.
41%
44%
45%
41%
44%
45%
44
45
—
December
Bushels
409,000
37:666
10,000
75:600
118:660
172,000
276:666
469,000
413,000
"4:600
Halifax
I,38O:66O
Three Rivers
Total week 1938—
Same week
3,960,000
3,502,000
1937
"fLOOO
436:606
409,000
138,295
182,000
103,000
110,206
105,000
118,000 1,150,000
201,000
868,000
The destination of these exports for
July 1, 1938, is
the week and since
below:
as
Flour
Wheat
Corn
Exports for Week
Week
Since
Week
Since
Week
Since
Nov. 19
July 1
Nov. 19
July 1
1938
1938
July 1
1938
Nov. 19
1938
1938
1938
Barrek
Barrels
Bushels
Bushels
Bushels
Bushels
and Since
July 1 to—
United
Kingdom.
918,121
2,666,000
42,541,000
357,443
226,000
1,281,000
32,421,000
119,000 25,582,000
290,000 23,073,000
11,000
144,000
3,000
2,000
19,000
12,435
502,000
38,000
81,339
254:660
100,000
138,295
110,206
2,122,903
2,076,176
3,960,000
3,502,000
75.379,000
409,000 48.758,000
103,000
849,000
Brit. No. Am. Cols
4,000
Other countries-
OF RYE
1
May
July
Barley
Bushels
48,295
1,736,000
Sorel
25,500
FUTURES IN CHICAGO
Mon. Tues.
Wed. Thurs. Fri.
Rye
Bushels
=
121,000
Galveston
Montreal
West Indies
PRICES
Oats
"1:666
Bftltlmnrfi
69,815
14,045
12,500
CLOSING
shown in the annexed
are
'
Continent
DAILY
774,000
from the several seaboard ports for the week
Saturday, Nov. 19, 1938,
So. & Cent. Amer.
Today prices closed unchanged to %c.
nothing special in the news, and no
disposition on the part of traders to take either side of
the rye market in an aggressive way.
203,000
5,894,000 10,217,000
Receipts do not include grain passing through New Orleans for foreign ports
higher.
was
3,292,000 23,892,000
through bills of lading.
just drifted lower.
There
1,114,000
Slnce
How¬
there was no substantial selling or buying, and prices
134,000
Since
Albany
was
430", 000
9,000
225,000
New
regarded as holding up pretty well though
showing some losses.
The market for rye was quiet, however
On the 21st inst. prices closed He. decline to He. advance.
There was some further liquidation of thq December option,
though the pressure was not heavy and was offset somewhat
by the buying of the more distant deliveries.
On the 22d
inst. prices closed %e. off to He. up.
It was reported that
elevator interests bought December rye against sales of May.
The rye market contained little of interest today, the trading
being rather limited.
On the 23d inst. prices closed % to %c. net lower.
The
ever,
1,380"660
363,000
27%
In view of the substantial declines in wheat and corn, the rye
futures market
413~66O
4,318,000
Fri.
J28>^H0L.^8%
~Rye-^On the 19th inst. prices closed He. to J|c. net lower.
276:600
118,000
2,000
346,000
WINNIPEG
Thurs.
1,000
1,000
~4~66o
Total wk '38
25%
26%
26%
10,000
8,000
469^566
Halifax
Fri.
December
May
July.—
4,000
173"660
19,000
Three Riv's
*
OF
PRICES
CLOSING
Barley
8,000
19,000
York
held
steady, however.
Rye
bush 56 lbs bush 48 lbs
Baltimore.
New
inst.
DAILY
1938
Total receipts of flour and grain at the seaboard ports for
Fri.
.
52
When Made
and
43%
Low
Season's
Chronicle
Made
I
Season's
14. 19381 December
25. 19381May
15, 19381 July
Low
40%
44
45
H
O
L
When
Sept.
Sept.
Nov.
and
39%
41%
44%
40%
44%
45%
Made
7,1938
7,1938
7,1938
Total 1938
Total 1937
The
visible
at
granary
supply
of grain,
53,263,000
comprising
the
stocks
in
principal points of accumulation at lake and
seaboard ports
Saturday, Nov. 19,
were as
follows:
GRAIN STOCKS
DAILY CLOSING PRICES OF RYE
Sat.
December--
Mon.
39%
40%
May-
FUTURES IN WINNIPEG
Tues.
39%
40%
Wed.
39%
40%
40%
DAILY CLOSING PRICES OF BARLEY FUTURES
Sat.
December
Mon.
35%
-
May
36
Closing quotations
Tues.
35
35%
IN
Wed.
35%
36%
35%
36%
Fri.
Thurs.
HOL.
HOL.
38
40%
WINNIPEG
Fri.
Thurs.
HOL.
HOL.
35%
36%
—
-
GRAIN
76%
70%
Corn, New York—
No. 2 yellow all rail
62%
Oats, New York—
No. 2 white
±
Chicago
afloat....
Lakes
-
Minneapolis
Duluth
Buffalo
48.000
385,000
7,000
98,000
19,000
288,000
122:666
34:666
Detroit
638,000
afloat
Canal
1,000
1,000
'4:660
138,000
971,000
539,000
152,000
144,000
582,000
1,763,000
5,957,000
733,000
2,037,000
1,433,000
29,000
6,000
10,000
337,000
269,000
10,408,000 13,292,000
2,429,000
1,930,000
886,000
1,563,000
1,805"66O
12,048,000
4,233,000
17,396,000
757,000
140,000
9,004,000
3,499,000
120,000
—
Y.OOO
1,000
1,000
896,000
Peoria
52%
2,000
36,000
954,000
Indianapolis
.34-67
23,000
68,000
4,714,000
City
St. Louis
"
18",000
161,000
5,815,000
2,850,000
30,189,000
5,653,000
St. Joseph
59
of the last three years:
Barley
Bushels
"
24,000
4,997,000
7,342,000
2,394,000
Kansas City
Omaha
Milwaukee..
36
-
Rye, United States C. I. F.
Barley. New York40 lbs. feeding..
Chicago, cash.
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
2,000
4,007,000
2,512:666
129,000
85,000
15,000
129,000
358,000
171,000
15,000
69,000
3,526:666
1,087,000
293,000
146,000
426:606
11,000
3,680,000
2,031,000
5,842,000
6,129,000
5,000
1,004,000
202,000
22,000
Total Nov. 19, 1938—125,648,0b0 42,355,000 20,251,000
Total Nov. 12, 1938-124,929,000 38,560,000 20,910,000
Total Nov". 20, 1937-110,296,000 19,621,000 24,925,000
729,000
2,055,000
5,847,000
2,611,000
2,000
160,000
809,000
204,000
669,000
8,650,000 12,735,000
8,614,000 13,012,000
5,801,000 10,510,000
Note—Bonded grain not included above: Oats—On Lakes, 606,000 bushels; total,
606,000 bushels, against 189,000 bushels In 1937.
Barley—Albany, 20.000 bushels;
Duluth, 41,000; on Lakes, 629,000; total, 690,000 bushels, against 814,000 bushels
in 1937.
Flour
Wheat
Corn
Oats
bbls.196 lbs
Receipts at—
-
....
Galveston
On
•
-
New Orleans
On
Rye
Bushels
582,000
•
Philadelphia
Sioux
Oats
Bushels
931,000
785,000
New York
Baltimore
Hutchinson
Spring Pat. high protein.4.85@5.05 Rye flour patents
3.50@3.60
Spring patents
4.40@4.60 Seminola, bbl.. Nos. l-3--5.l5@5.25
Clears, first spring
4.00@4.25 Oats good2.35
Hard winter straights1.90
4.25@4.45 Cornflour
Hard winter patents
4.45@4.65 Barley goods—
Hard winter clears
Nom.
Coarse
32.5
Fancy pearl. (New) Nos.
1,2-0,3-0,2
4.50 @5.00
Corn
Bushels
2,000
Wichita
FLOUR
Wheat, New York—
No. 2red, c.i.f.,domestic
Manitoba No. l.f.o.b.N. Y-
Bushels
-
Fort Worth
follows:
were as
Wheat
United States—
Boston
bush 60 lbs
bush 56 lbs
bush 32 lbs
Rye
Barley
Wheat—New York, 835,000 bushels; New York afloat, 180,000;
Buffalo,
565,000; Buffalo afloat, 984,000; Erie, 2,178,000; on Lakes, 6,811,000; on Canal,
318,000; Albany, 988,000; total, 12,859,000 bushels, against 0,448,000 bushels in
1937.
Chicago
Minneapolis
...
214,000
Duluth
Milwaukee-
17,000
Toledo
224,000
821,000
1,874,000
60,000
92,000
13,000
139,000
29,000
2,943,000
928,000
256,000
173,000
253,000
526,000
bush 56 lbs bush 48 lbs
296.000
6,000
159,000
152,000
100,000
401,000
170,000
118,000
7,000
4,000
420,000
4,000
18,000
437,000
56,000
39,000
52,000
593,000
24,000
1,197,000
559,000
Omaha
178,000
493,000
61,000
254,000
165,000
42,000
18,000
12,000
146,000
~3"66O
1,138,000
1.041,000
153,000
6,092,000
8,750,000
6,911,000
8,514,000
12,964,000
5,723,000
1,059,000
2,245,000
1,429,000
Corn
Bushels
Oats
—
Indianapolis
St.
Louis..
Peoria
Kansas City
107,000
35,000
21,000
Joseph-
Wichita
Sioux
City.
Buffalo
Total wk '38
Same wk '37
394,000
354,000
Same wk '36
423,000
10,000
17,000
13,000
59*600
Total Nov. 19, 1938-164,025,000
Total Nov. 12, 1938-167,460,000
66,000
™
Total Nov. 20, 1937—
1937
1936
Bushels
171,000
1,000.000
789,000
5,869,000
893.000
8,356,000
1,853,000
-—6,419,000
Barley
Bushels
1,158,000
1,040,000
4,902,000
1,910,000
10,668,000
7,100.000
8,051,000
1,326,000 11,166,000
Summary—
American
125,048,000 42,355,000 20,251,000
8,356,000
8,650,000 12,735,000
Total Nov. 19, 1938-289,673,000 42,355,000 28,607,000
Total Nov. 12, 1938—292,389.000 38,560,000 29,329,000
Total Nov. 20, 1937—173,660,000 19,621,000 35,593,000
10,503,000 19.835,000
9,524,000 21,063,000
7,127,000 21,682,000
Canadian
1,000
5,000
55,000
335,000
397,000
718,000
164,025,000
1,853,000
7,100,000
9,000
03,000
1.373,000
3,055,000
1,719,000
The world's
shipment of wheat and
corn, as
furnished by
Broomhall to the New York Produce Exchange, for the week
Since Aug. 1
1938
63,370,000
Rye
.
Bushels
1,487,000
36,000
St.
192,000
Wheat
Bushels
Canadian—
Lake, bay, river & seab'd 24,724,000
Ft. William & Ft. Arthur 37,711,000
Other Can. & other elev.101,590,000
0,885,000 178,237,000 121,458,000
6,297,000 175,550,000 72,745,000
7,098,000 121,924,000 61,186,000
51,659,000 15,407,000 47,951,000
00,002,000 17.390,000 46,561,000
38,448,000' 8,182,000 50,010,000
ended Nov. 18, and since July 1, 1937,
ishown in the following:
and July 1, 1936,
are
Financial
147
Volume
3337
Chronicle
In the northwestern area,
July
Nov. 18.
July 1,
1,
Bushels
Bushels
Bushels
46,818,000
15,990,000
35,247,000
7.344,000
13,256,000
9,448,000
India
Texas—Houston:
45,113,000
20,166,000
660,000
141768,000 197,790,000
Total... 11,967,000 230,628,000 180,538,000 3,7394,000
Wheat Through Nov. 17 Aggregated
42,265,175 Bushels—Announcement was
made on Nov. 18 by the Commodity Credit Corporation
that "Advices of Wheat Loans" received by it through
Nov, 17, showed loans disbursed by the Corporation and
held by lending agencies on 42,265,175 bushels of wheat,
aggregating $25,117,454.75, averaging .5942 cents per
CCC Loans
on
on
remain in fields in west-central.
Progress ana condition of winter
wheat good in Panhandle, but ranged from poor to good in other areas,
depending on soil condition; much dry planted, but many farmers still
awaiting rain. Some oats also dry planted. Truck deteriorated, except on
coastal plain and in irrigated sections of Rio Grande Valley where condi¬
tion good.
Ranges dry, but cattle generally good.
General rains badlyneeded, except in Panhandle.
Arkansas—Little Rock:
Cotton picking favored, except 16-18th; pick¬
ing progressed satisfactorily; about in, except few fields in east lowlands.
Corn gathering favored most of week; most of crop gathered.
Favorable
for growth of wheat, oats, rye, pastures, turnips, and winter truck.
Con¬
siderable wheat and oats sown since rains of past two weeks.
bushel.
Figures showing the number
have been made by States are:
Arkansas
290,397
586,468
101,353
54,251
80,748
2,437,755
Idaho
Illinois........
Indiana
Iowa
Kansas.
Kentucky
346
Maryland..
Minnesota.
Missouri
Montana
Nebraska......
Weather
State—
Bushels
485 New Mexico
1,366,612
139,218 North Dakota
84,837
2,013,995 Ohio..
363,709
605,154 Oklahoma
Oregon.
104,333
44,096
160,927 South Dakota......1,127,360
2,841,721 Tennessee
58.820
179,626 Texas
Utah
411,290
47,315
6,763 Virginia
1,118.446 1,827,767 Washington
16,517
45,017 Wlscoasin
1,740,140 4,761,715 Wyoming
1,845,668 1,009,614
Michigan
From B
Form A
Bushels
Bushels
Bushels
Colorado
of bushels on which loans
Form, B
Form A
Slate—
Report for the
Bushels
2,755
4,216,534
959
3,116,519
4,397,975
923.857
116,129
1,382,680
310,988
17,320
-
78,868 1,881.620
2,341
5,943
!
110,030
228,194
Week? Ended] Nov. 22—The
__
inches or more.
M
of the week was mostly fair and pleasant until near its
an extensive and pronounced drop in temperature occurred in
the Northwest, attending a high-pressure area 'over that region.
By
close of the week this cold wave had brought sub-zero temperatures to the
northern Plains, with zero reported as far south as northern
At the Pas, Manitoba, Canada, a minimum of 26 degrees below zero was
one to two
The latter part
close when
the
Nebraska.
of the 22nd.
the lowest temperature reported at first-order
eight degrees below zero at Moor head, Minn., and
Devils Lake, N. Dak., on Nov. 22.
The line of freezing extended as far
south as western North Carolina, west-central Arkansas, and central Texas.
In the Great Plains States the minima ranged from eight degrees below zero
in northern North Dakota to 40 degrees above at San Antonio, Texas. In
In
United
the
THE DRY GOODS TRADE
New York,
States
end of the period under
of real winter weather,
had a stimulating effect on retail business.
While the de¬
mand centered on seasonal apparel items, initial purchases of
holiday gift merchandise, in response to early promotions,
also assumed growing importance.
Department store sales
for the week ending Nov. 12, the country over, according to
the report of the Federal Reserve Board, were only 1 % below.
the corresponding week of last year, ■ with a number of
Southern, Southwestern and Middle-Western districts show¬
ing the first substantial gains over 1937.
New York and
Brooklyn stores, during the week ending Nov. 12, showed a
decline in sales amounting to 4%, while in Newark establish¬
central Mississippi Valleys the minima were slightly
freezing.
The week, as a whole, was much warmer than normal in
of the Rocky Mountains, except the extreme north. In a
below
all sections east
limited area from
central North Dakota it was somewhat
generally ranged from about
four degrees to as many as nine degrees above normal. West of the Rockies,
the south Pacific area and upper Columbia Basin were relatively warm, but
the upper Lake region westward to
colder than normal; elsewhere temperatures
temperatures were somewhat subnormal. The
temperature trena this autumn has been decidedly to abnormal warmth.
Substantial to fairly heavy rains occurred over an extensive eastern area,
in fact, rather generally east of the Mississippi River. The extreme South¬
elsewhere the weekly mean
of Illinois had but little rainfall,
from about one inch to as
east, the Lake region, Wisconsin, and much
but elsewhere the weekly totals ranged mostly
three inches.
,
_
_
Except in the Southeast and in the extreme northern Great Plains,
area between the Mississippi River and Rocky Mountains had a dry week
with most stations reporting no measurable precipitation.
Moderate
snows occurred in the extreme northern Plains.
West of the Rockies there
was some local precipitation in the extreme North, but elsewhere the
was dry.
.
The outstanding feature of the week's weather was widespread sub¬
stantial rainfall in the eastern portion of the country which rather gen¬
erally relieved droughty conditions that had
The falls were
insufficient locally in the Southeast, especially in coast sections of Georgia,
northwestern Florida, and a few other localities, while more moisture is
needed in much of the Lower Peninsula of Michigan.
Otherwise, rains
many as
the
week
prevailed.
placed the soil in good condition rather generally east of the Missis¬
sippi River, being especially favorable from the Ohio Valley
where the outlook has substantially improved.
Between the Mississippi River and the Rocky .Mountains the general
situation has changed but little. In the immediate trans-Mississippi States
have
southward
the eastern Plains conditions continue mostly favorable, but
much too dry in the western Plains as far south as western
western Oklahoma. Also Texas, except the Panhandle,
New Mexico, and Arizona are in need of moisture.
Conditions in the northwestern area from Montana westward continue
satisfactory: also in the Great Basin of the West.
Late reports from the
California freeze of last week show severe damage in the San Joaquin
Valley where peas and grapes were destroyed and navel oranges
injured* damage was small in the southern portion of the
needed generally in California, especially in the south.
and much of
the soil remains
Kansas and extreme
severely
State. Rain is
Seasonal farm work made good progress during the week. Corn husking
and cribbing are well along.-with continued favorable advance reported.
In the Ohio Valley the amount of husking accomplished ranges from 75%
to practically completed.
Good progress was reported also in the upper
Mississippi Valley. In Iowa while many new cribs have been built, much
corn is piled on the ground or placed in temporary storage.
The picking of
cotton remnants also advanced favorably.
Harvest is about complete,
except very locally. In Texas only scraps remain in the fields.
Grains—Fall-seeded grains continue to make satisfactory ad¬
Atlantic area, while generous rains during the week
States improved the outlook there materially; seeding
has become more active in the Southeast and the soil is mostly favorable
for germination
In the Ohio Valley additional moisture was timely
and of great value, especially in facilitating a better root development
which has been subnormal because of the tendency to dryness.
The situ¬
Small
vance
expanded
perceptibly, reflecting the better flow of goods in retail chan¬
nels, and a last-hour effort of merchants to supplement their
stocks of holiday goods.
Wholesalers, on their part, placed
lew
orders, largely because of the impending inventory
period. Prices in general held steady, and reports of threat¬
ening delivery difficulties in a number of additional lines
were current.
Business in silk goods broadened moderately,
with attention centering in pure dye prints, prices of which
showed a firming trend.
Trading in rayon yarns gave indi¬
cations of an early pronounced improvement, the growing
demand for finer deniers again being the outstanding feature
of the market.
While spot sales predominated, a number of
users
displayed more willingness to anticipate future re¬
quirements.
Domestic
Goods—Trading in the gray cloths
inactive, -although prices held barely
Cotton
continued
markets
steady, partly as a result of rumors predicting new curtail¬
ment measures by a number of mills.
Retarding factors
were
the uneasiness shown by the security markets over
gradual reaction in the raw cotton
approach of the year-end in¬
period with its slackening effect on buying activities.
foreign developments, the
market, but most of all the
ventory
Little
expectation prevails that the present
withdrawal of
buying movement in the im¬
although it is admitted that a sudden sharp
increase in the movement of finished goods may result in an
active quest for goods on the part of converters.
Business
in fine goods remained spotty as mills continued unwilling
to concede the lower price demands.
Further activity pre¬
vailed in voiles, and some spot transactions in slub yarn
broadcloths were reported.
Closing prices in print cloths
were as follows: 39-inch 80's, 6% to 634c.; 39-inch 72-76's,
6 to 634c.; 39-inch 68-72's, 534 to 534c.; 3834-inch 64-60's,
4% to 434c.; 3834-inch 60-48's, 3Kc.J
users
will give way to a new
mediate future,
men's wear fabrics, although
active as heretofore, nevertheless made a fairly
good showing as many mills prepared to step up production
in view of the large backlog of unfilled orders now on the
books of producers.
While previous extensive purchases
were the main cause for the slight decrease in buying ac¬
tivities, an additional retarding factor was the conclusion
of the British-American trade agreement entailing improved
Woolen Goods—Trading in
not
quite
as
possibilities for the influx of foreign woolens. Meanwhile,
growing instances of delivery difficulties on wanted fabrics
were reported, with predictions of further price advances
circulating in the market.
Reports from retail clothing
centers gave a much better account as the advent of colder
weather impelled consumers to consummate deferred pur¬
chases of seasonal apparel.
Business in women's wear
goods improved perceptibly, with the better flow of goods
in distributive channels causing garment manufacturers to
add to their commitments."
in the middle
in the southeastern
ation is now
largely satisfactory
wheat belt.
,
for the season in the eastern
.
,
.
,
half of the
,
improvement is noted since recent rains, while
in southeastern Nebraska and the eastern half of Kansas wheat shows
progress except in north-central sectionsof the latter State. In the western
In
the dollar volume reached 8.3%.
Trading in the wholesale dry goods markets
stations for the week was
the Ohio and
Friday Night, Nov. 25, 1938.
Cooler temperatures, which at the
review were followed by the advent
ments the loss in
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence^of^the
weather for the week ended Nov. 22, foliows:|
About the first of the week there was a reaction to much warmer weather
in the southern and eastern States, with temperatures again rising above
normal.
Generally fair weather prevailed until the 16th when unsettled,
showery conditions set in over most States east of the Mississippi River.
On the 16-19th substantial to heavy rains occurred nearly everywhere from
the Ohio Valley southward and eastward,-many stations reporting from
reported on the morning
6 degrees above normal, but hard
light rains, widely scattered.
Cotton
Averaged about
freeze moving into State last day;
scraps
Other
$25,117,455
of
conditions in the different States:
9,744,000
1,848,000
817,000
51,262,000
2,791,000
1,835,000
68,505,000 149,069,000
2,251,000
70,537,000
being pushed.
Weather Bureau furnished the following resume
The
28,001,000
.
countries
has improved and seeding is
1937
24,388,000
713,000
Argentina.
Australia
1,
1938
555,000
Black Sea.
Since
July
1,
1938
414,000
69,000
6.355,000 102.145,000
2,496,000 48,248,000
No. Amer.
July
18,
Bushels
Bushels
Bushels
Nov.
1937
1938
1938
""
and
drier sections
Since
Week
Since
Since
Week
Exports
including Montana, Idaho, Washington,
Oregon, the outlook continues mostly satisfactory, although in the normally
of Washington there has not been sufficient moisture and
germination is poor; low temperatures are now prevailing there.
In the
central Gulf area rains of the week were decidedly helpful; germination
Corn
Wheat
Missouri considerable
the soil isvery dry, the root
of blowing out. In Oklahoma
improvement is noted, but the
north-central area. In Texas
but in other portions wheat
is spotted, ranging from good to poor, depending on soil-moisture con¬
ditions: many farmers are still awaiting rain for seeding.
halfof Kansas, except
system
the extreme south west,
undeveloped and there is much danger
seeding has made good progress and some
general condition remains poor, except in the
favorable reports continue from the Panhandle,
Goods—Trading in linens was held in sus¬
the trade attempted to evaluate the influence of the
terms of the new British-American agreement on the future
trend of business.
Additional scattered spot orders for
holiday items and for goods to be used in the cruise and winter
resort trade, came into the market.
Business in burlap
remained quiet, although a fairly active demand manifested
itself for spot goods and nearby deliveries.
Prices ruled
easier, reflecting in part the weakness of sterling.
Do¬
mestically lightweights were quoted at 3.70c., heavies at
1
Foreign Dry
pense as
4.9$c.
3338
Financial
Chronicle
Nov.
26,
1938
sions took the
limelight in November elections, provisions for
underprivileged, fixing welfare financing in
and integrating welfare administration
were
among other measures approved by voters of the various
States, the American Public Welfare Association reported.
housing
Specialists in
the
State constitutions
Illinois & Missouri Bonds
With North Dakota raising
old-age assistance from $30 to $40 a month,
the Association noted, four States now
provide a maximum of $35 to $45
monthly for their aged dependents.
Colorado retained the $45 pension in
the November vote,
keeping its place as the most liberal pension State.
Missouri reduced eligibility age from 70 to
65 to comply with an order of
the Federal Social
Security Act.
New York, California and
Stifel, Nicolaus & Conine.
Founded 1890
Michigan
105 W. Adams St.
DIRECT
CHICAGO
314 N.
WIRE
•
ST.
social welfare
Broadway
LOUIS
News Items
Municipal Defaults Since 1929 Surveyed—Last April
Municipal Securities Committee of the Investment
Bankers Association of America undertook to compile ma¬
terial respecting municipalities throughout the country with
a population of 5,000 and over which,
subsequent to 1929,
defaulted in debt service for a period of over 90 days or
underwent a forced refunding or otherwise effected readjust¬
the
of their bonded
ment
and levee
indebtedness.
entire welfare program as some
South
were
.
toward
the transfer of property assessment from local
to
governments, a special committee of the National
Association of Assessing Officers
State
fixed debt of the States and their subdivisions having a
recently recommended prin¬
ciples for dividing assessment functions between local and
be about $15,500,000,000 as of 1932.
State officials.
.
,
on
this
of
Amount of
Units
Situations settled with
cipal
or
Bonds Affected
416
no
A survey by the Association's Committee on
Assessment Organiaztion
and Personnel disclosed that four of the nine
State Legislatures which met
in regular session during 1938 conferred on
their State tax departments
responsibility for the assessment of property formerly held by local assessorsThe committee noted that the
tendency in recent years has been toward
placing assessment of securities, chain stores and motor vehicles in
State
departments.
A number of States
previously brought assessment of public
_
No.
$1,061,103,023
188
474,851,418
2
125
25,611,527
731
$1,624,314,632
reduction in either prin¬
interest
Situations settled involving a reduction of interest
only
-
utility property, mines aqd forests under State jurisdiction.
Emphasizing that "the division of assessment duties should be made
to assessors and
taxpayers," the committee suggested that 8tates
assess the
following six types of property:
1. All property usually
extending beyond a single local assessment dis¬
trict and more equitably assessed as a unit
than as isolated parts, such as
public utilities.
2. Property constantly on the
move, such as the rolling stock of trans¬
Situations in which the settlement involved reduc¬
tion of both
principal and interest
Situations still unsettled
Total
But
-
-
two
units, with
clear
62,748,664
principal amount of bonds actually affected of
approximately $25,600,000 (or about 1M%) were obliged to reduce both
principal and interest.
These two situations were in Florida; one, West
Palm Beach, with $16,786,000 of bonds outstanding as of Dec. 31,
1930,
reduced principal 25%; the other unit, Coral Gables, with $8,825,527 of
bonds outstanding as of Dec. 31, 1930, reduced principal 50%.
Holders
of these Coral Gables bonds were given, in addition to a $500 bond for each
$1,000 bond held, a tax participation certificate of approximately $700.
This represented the remaining $500 of principal, and certain accrued
interest on the old bonds.
Whether these tax participation certificates will
ever be met by the city is, of course, problematical.
They evidence, how¬
ever, the intention of the city to repay the bondholders in full if it is ever
able to do
a
so.
portation companies.
3. Properties inventoried by State or Federal
regulatory agencies, such
as banks and insurance
company ownings.
4.
in
as
or
mines and
State forest lands,
several
found in relatively
«
lower assessment rate.
State assessment of these last two
types of
York, N. Y.—Chamber of Commerce Warns City on
warning that financial disaster to the city will
result from a continuation of the policy of indefinitely
adding
new debt to the old funded
debt, is sounded in an interim
report made public by the Chamber of Commerce, of the
property is recommended,
firovided State facilities forassessor, the them are not
discovering committee
ocal
The local
assessors.
inferior to those of
recommended, should
assess property only if a substantial
proportion of the tax
proceeds go to governmental units within his jurisdiction.
be required to
Increase Reported in Cost
of Local Government—The Federal
Bureau noted a sharp rise in the costs of
Census
Nov. 21:
State
governments in
taxation, the report urges that
no capital expenditures which are not
self-supporting except those absolutely
necessary, be authorized and that projects already approved should be
canceled where possible, so that the city's credit
may be protected and
a free debt
margin be provided for emergencies. *•'
Mayor LaGuardia and Comptroller McGoldrick are commended in the
report for emphasizing the necessity of caution in the city
contracting
additional debt in the new capital budget for 1939 which is now
coming
up for final consideration.
The report will be presented to the chamber
membership at the December meeting.
all
secure a
New
on
numbers
local assessment districts, which
can be
appraised effectively only by highly-trained persons.
5. Highly standardized
properties like motor vehicles, value of which Is
little affected by location.
6. Types of property, such as
intangibles, which can be readily moved in
order to
Finances—A
Drawn by the chamber's committee
Properties such
small
*
State of New York
five-man unemployment compensation
Study Suggests Principles for Division of State and Local
Property A ssessments—Reporting1 an acceleration of the trend
population of 6,000 or more, excluding those of drainage, irrigation, and
levee districts, and also excluding special assessment debt, was estimated to
by the committee
a
by defeating a proposal for a one-man commissioner.
Arkansas passed a workmen's
compensation measure.
Georgia empow¬
ered counties to levy taxes for medical care
and hospitalization of the indi¬
gent sick.
but that received up to Oct. 24,
embracing 42 States, covers 731 units with a principal amount of bonds
actually affected of $1,624,314,632, according to the November issue of
"Investment Banking," publication of the Association.
An analysis of the information compiled
subject is given In the following table:
Dakota voters retained
commission
This information is not yet complete,
or
its "temporary"
1936, and empowered lawmakers to
paving the way to integrate the State's
30 States nave done the past two or three
years.
Michigan voters veered the other way, refusing to accept a
propo¬
sition to consolidate the ten State
agencies working on various aspects of
welfare.
excluded.
The funded
States voting on other
State relief administration, set
up in
deal with unemployment
relief, thus
Drainage, irrigation,
districts, also special assessment obligations,
were among
subjects.
The New York amendment put into the constitution
what had previously
been only statutory authorization of the
specific use of State funds for relief
purposes, including unemployment, sickness and old
age, education and
support of the physically handicapped, and care of
dependent children.
The amendment permits the Legislature to
enact health insurance laws.
New York also became the first State to write a
section on housing into
its constitution.
The amendment, effective Jan.
1, 1939, authorized the
contracting of State debt up to $300,000,000 for loans for low-rent
housing
and slum clearance, the
expansion of the debt limit of cities by
2%, ana
granting of subsidies to municipalities or public
housing authorities.
California voters approved a referred measure to
abolish
on
a
survey
made public
on
Nov. 21.
While financial statistics for all States have not
yet been compiled, the
Census Bureau analyzed a cross-section
of 15 8tates
which, officials said,
a\e a good indication of the
trend.
The analysis showed that in
1937, the cost of
ments was
41.4% greater than in 1932.
States increased
In
27.7%.
operating 15 State
govern¬
The aggregate net debt of these
» ■
1937
the total revenues of these States was
70.9% greater than in
1932.
This increase was due in
large measure to the receipt of grants-inaid from the Federal
Government and from the collection of
unemployment
compensation taxes.
Officials contended that if there had been no
Federal works relief
program,
expenditures would have been considerably
greater because of the larger
share of the relief burden the States
would have had to bear.
Increases in both spending and income were
reported by all States.
But
this was not true in so far as the
rise in the aggregate public debt was con¬
cerned.
Nine of the States reported
increases; five reported decreases and
one, Wisconsin, reported
virtually no change.
In 1937, the 15 States
reported expenditures for operations and mainte¬
nance, interest on the debt and capital
,
Moratorium Asked on New Building Projects—The
proposal
that New York City should at once make a
beginning toward
the institution of the moratorium on new
projects charged
against the borrowing power of the city, which Comptroller
McGoldrick has suggested should be instituted
by 1940, is
made
in
a
communication
which
Louis
K.
Comstock,
President of the Merchants' Association of New York, has
sent to
Mayor LaGuardia.
Declaring that it Is a dangerous situation for a city the size of New York
to operate on an unreserved debt
margin of less than $40,000,000, Mr.
Comstock urged the Mayor to adopt a proposal
recently made to the Board
of Estimate that steps be taken
immediately to increase the borrowing
reserve to
Tax
tics
on
with
$506,098,000
in
1932.
outlays totaled $714,568,000,
Their
income
in
1937
com¬
amounted
to
$820,827,000, in 1932, $480,295,000.
Receipts included $141,474,000 of grants-in-aid from the Federal
Govern¬
ment; $177,629,000 from gasoline
taxes; $58,571,000 from motor vehicle
taxes;
$62,123,000
from
unemployment
863,000 from general property tax levies.
reflect spending for debt retirement.
compensation taxes and $63.The expenditures figure did not
$80,000,000.
Exempt Holdings
as
of 1936 Announced—Statis¬
Bond Proposals and Negotiations
1936 incomes made
public by the Internal Revenue
Bureau on Nov. 18 reveal that
approximately 25% of the
wholly and partially tax exempt government securities out¬
standing were held by individuals in the $20,000 and under
annual income group.
In political parlance, this group constitutes the
articulate voters who
probably will navec considerable to say regarding proposals to eliminate
future issues of tax exempt securities
by local and national governments.
The bulk of these securities are held
by the group with incomes between
$15,000 and $20,000.
The figures show that total of tax
exempt securities held by individuals
reporting net incomes of $5,000 and over at the end of 1936 was $4,751,084,000. Of this total $1,116,300,000 was held by individuals with incomes
between $5,000 and $20,000.
The previously announced. figures show that
5,413,499 individuals
reported net incomes aggregating $19,240,109,644 for 1936.
This was an
increase of 18.3% in number of returns filed and
29% in total income as
compared with 1935.
The tax liability in 1936 increased 84.7% over 1935.
United States—Pension and
at
pared
General
Welfare Proposals Passed on
Election—Although liberalization of old age pen¬
I
ALABAMA
ANNISTON, Ala.—BOND SALE DETAILS—It Is stated by the
City
Clerk that the $94,000 school house and
school stadium bonds
purchased on
Nov. 10 by Milhous, Gaines &
Mayes of Atlanta, and Stubbs, Smith &
Lombardo of Birmingham, as 4^s, at a
price of 96.65, as noted here—
V. 147, p. 3190—are dated Nov.
1, 1938, and the $20,000 stadium bonds
are due $1,000 on Nov.
1 from 1941 to 1960 incl.,
giving a basis of about
5.07%.
„
COVINGTON
COUNTY
(P.
O.
Andalusia),
Ala.—WARRANTS
OFFERED TO PUBLIC—A $30,000 issue of
3H % semi-annual School Dis¬
trict No. 33 capital
outlay warrants is being offered by Roy
Gridley &
Co. of Birmingham for
general investment.
Dated Aug. 1, 1938.
Denom.
$1,000.
Due Aug. 1 as follows: $1,000 in 1941 to
I960, and $2,000 in 1961
to 1965.
Prin. and int. payable at the First National
Bank, Opp.
Legal¬
ity to be approved by Storey, Thorndike, Palmer &
Dodge of Boston.
These warrants are
legally issued by the Board of Education of the City of
Opp, which city, together with territory
adjacent thereto, comprises
School District No. 33 of
Covington County, and are payable from a con¬
tinuing prior lien on this district's three-mill ad valorem
was
voted
by the people of this district.
school tax, which
Volume
3339
Financial Chronicle
147
jointly to Boettcher & Co., Amos C. Sudler & Co., both of Denver,
Junction, paying a price of 98.29
$30,000 as 2J£s, maturing $6,000 from
Dec. 1, 1939 to 1943; the remaining $70,000 as 3s, maturing $7,000 from
Dec. 1. 1944 to 1953, incl.
The following comment on the sale was received from J. P. Soderstrum,
City Manager: "There seems to have been an issue raised regarding the
legality of the City of Grand Junction issuing water revenue bonds.
Myles
P. Tallmadge was handling the proceedings and furnishing the approving
opinion.
Two additional bids were received conditioned upon securing
additional legal opinion.
Inasmuch as the call for bids stated definitely
that all bids would be unconditional, the Council refused to accept the bids.
awarded
MONTGOMERY, Ala.—PURCHASER—It is now stated that the two
4H% semi-annual street improvement bonds, aggregating $200,000, sold on Sept. 27, as noted here—V. 147, p. 2273—were purchased at
par by the Nashville Securities Corp. of Nashville.
Due $20,000 from
March 1, 1939 to 1948, inclusive.
and the First National Bank of Grand
issues of
the bonds divided as follows:
on
TROY, Ala.—BOND SALE—The $126,000 issue of refunding improve¬
offered for sale on Nov. 21—V. 147, p. 319(1—was awarded at
ment bonds
Bir¬
public auction to Marx & Co. and Wat kins, Morrow & Co., both of
mingham. jointly, as 3^s, paying a premium of $2,125, equal to 101.686,
a basis of about 3.54%.
Dated Jan. 1, 1939.
Due from Jan. 1, 1940 to
1956, inclusive.
The second best bid was an offer of 101.67 on 3^s, submitted by King,
Mohr $ Co. of Montgomery.
CONNECTICUT
CONNECTICUT (State of)—BOND
SALE—The Issue of $25,000,000
Nov. 21—V. 147,p. 2566—Was awarded
of.the Bank of the Manhattan Co., Ladenburg, ThalJ. Devine & Co., Inc., all of New York, at a price of
100.0528 for a combination of $6,250,000 l&s, due $1,250,000 on Dec. 1
from 1939 to 1943 incl., and $18,750,000 l^s. maturing $1,250,000 on
Dec. 1 from 1944 to 1958 incl. Net interest cost to the State about 1.5116%,
funding and building bonds offered
to a group composed
mann & Co., and O.
ARKANSAS BONDS
& Town Issues
Markets in all State, County
OFFERED—Formal notice of public offering of the
BONDS PUBLICLY
appearing on page in, shows that the banking group, in distributing
obligations to investors, priced the 1939 to 1952 bonds to yield from
0.15% to 1.50%, according to rate and maturity: with the balance offered
at prices of 99 in the case of the 1953 and 1954 bonds, 98 for 1955 and
1956, and 97 for the 1957 and 1958 maturities.
Principal and interest
(J-D) payable at the State Treasurer's office in Hartford. Coupon bonds in
$1,060 denoms., registerabie as to principal and interest or as to principal
only. Legal investments for trust funds and savings banks in the States of
New York, Connecticut and Massachusetts.
issue,
the
COMPANY
SCHERCK, RICHTER
LANDRETH BUILDING,
ST. LOUIS, MO.
ARKANSAS
BENTON COUNTY (P. O.
UNSUCCESSFUL BIDS—The extremely
It is
Bentonville) Ark.—
reported that $46,750 3H% semi-ann. refunding
by W. J. Herring & Co. of Little Rock.
SALE AGREEMENT—It is reported
sell a total of $300,000 municipal
Walton, Sullivan & Co., T. J.
Raney & Sons, and W. R. Stephens, Inc., all of Little Rock, jointly. This
action was taken with the approval of the Public Works Administration.
Also included in the agreement is the purchase of an additional $50,000
of the series at a minimum of par plus accrued interest, and delivery is
asked by Feb. 15, 1939. The series totals $468,000.
Of the $300,000 issue, $150,000 is for delivery when approved by the
LITTLE
ROCK, Ark.—BOND
-
Council voted on Nov. 18 to
bonds to the Utrusco Corp.,
that the City
auditorium
15, 1939.
purchased $418,000 auditorium
PWA and $150,000 by Jan.
The PWA
bonds on Dec. 20,
specified
The "Wall 8treet
of—BRIDGE BOND
price of 100.0204 for the same combination of interest rates as
Other bids comprised a tender by the Bankers
a
named in the successful offer.
Co., First Boston Corp., Brown Harriman & Co., Inc., Lazard
Freres & Co., Smith, Barney & Co., and others, for the first $5,575,000
bonds as 2s and the other $19,425,000 as 1 >4s, at par, or a net cost of
Trust
1.5292%. J. P. Morgan & Co. of New York offered to pay 100.0034 for an
equal amount of 1%b and lHs, a cost basis of 1.565%. The final bid of
100.021 for $13,750,000 l%s and $11,250,000 1 ^s, a basis of about 1.5765%
was
accounted for by a syndicate including, among others, the Chase
National Bank, First National Bank of New York, Blyth & Co., Inc.,
Salomon Bros. & Hutzler and R. W. Pressprich & Co., all of New York.
1937.
CALIFORNIA
WCALIFORNIA, Stat©
high character of the offering
strongly emphasized in the keen competition for the loan among banking
syndicates.
This is vividly illustrated in the fact that as against the net
interest cost of 1.5116% at which the award was made, the next highest
tender figured a net cost to the State of 1.5159%.
The latter offer was submitted by a syndicate which included, among
others, the National City Bank, Halsey, Stuart & Co., Inc., both of New
York, Harris Trust & Savings Bank, Chicago, Bancamerica-Blair Corp. and
Stone & Webster and Blodget, Inc., both of New York.
Terms of the bid
was
bonds have been purchased
OFFERING EXPECTED—
following report under a
Journal" of Nov. 19 had the
Conn .—BOND
SALE—The $175,000 high school
147, p. 3191—were awarded to Day, Stoddard
Haven and Cooley & Co. of Hartford, jointly,
106.259, a basis of about 1.73%. Dated July 15, 1938, and due
July 15 from 1939 to 1963, incl.
Other bids;
RIDGEFIELD,
release caption:
California Toll Bridge Authority, operator of San
Bay Bridge, has scheduled a meeting in Sacramento on
final steps to be taken by Authority prior to public
San Francisco
bonds offered Nov. 22—V.
Francisco-Oakland
Nov. 29 to discuss
marketing of bridge
bonds by Reconstruction Finance Corporation.
Meeting is expected to
result in authorization to State Director of Public Works to sign temporary
bonds to be issued to purchasers prior to engraving of definitive certificates.
This indicates possibility of public offering of bridge bonds some time next
month.
RFC now holds $33,000,000 4% bonds due in graduated amounts from
Williams, Inc., of New
&
1
as
at
$7,000
on
Int. Rate
2%
Bidder—
& Co
Co
Foster & Co. and Wood, Struthers
Estabrook & Co. and Putnam &
Halsey, Stuart & Co., Inc., and the R.
Bancamerica-Blair Corp..
Shields & Co. and R. D. White & Co
2%
F. Griggs Co_
supply proceeds for pure
Authority decides to eliminate competition in that manner.
California Toll Bridge Authority will share equally with
RFC in any
price above 101 received in sale of bonds provided sale is made by middle
of December.
Authority therefore is anxious to complete details and send
representative to Washington to discuss public sale with Jesse Jones,
RFC Chairman.
Two bond dealer syndicates which had been interested in public offering
of the bonds were combined last spring into one group of 103 dealers.
Dillon,
Read & Co. headed one group and Brown Harriman & Co., Inc., the other.
How large a part of the $73,000,000 total issue would be taken by the
dealer group has not been announced, but it has been estimated to run to
around $30,000,000 to $35,000,000 in the original block.
Anticipation is
that part of the bonds to be taken by dealers would be serials and part
term
Nov. 22
to report.
Dated Nov. 26,
bidder.
DISTRICT, Del.—BOND OFFERING
of the Board of Education, will receive
2 for the purchase of $250<660 not to
exceed ZM% interest coupon school bonds of 1938.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1, 1963.
The bonds shall be redeemable, by
lot or otherwise, at the rate of $10,000 each year on Dec. 1 from 1939 to
1963 incl.
Bidder to name a single rate of interest, expressed in a multiple
of M of 1 %.
Principal and interest (J-D) payable at the Farmers Bank
of the State of Delaware, Dover.
The bonds will be full faith and credit
obligations of the district and exempt from State, county and municipal
taxes.
A certified check for 5% of the issue, payable to order of the abovementioned official, is required.
Approving opinion of George M. Fisher
of Dover will be furnished the successful bidder.
DOVER
SPECIAL SCHOOL
—Howard E. Lynch Jr., President
sealed bids until 2 p. m. on Dec.
the bid.
Calif.—BOND OFFERING CONTEMPLATED—It Is
reported that tenders will be received in the near future by the Department
of Water and Power, for the purchase of all or any part of $15,250,000
LOS
bonds.
Calif .—SCHOOL
District bonds
awarded
George R.
4s, paying
basis of about 3.84 %. Dated Dec. 1,1938. Due $3,000
ANGELES COUNTY
(P. O. Los Angeles),
SALE—The $60,000 issue of Clearwater School
offered for sale on Nov. 22—Y. 147, p. 3190—was
to
Miller & Co. of Pasadena and A. 8. Huyck & Co. of Chicago, as
a
price of 101.85, a
1944 to 1963
from Dec. 1,
BONDS*
Clyde C. Pierce Corporation
been
both of
Barnett National
San Francisco.
JACKSONVILLE
RIVERSIDE COUNTY (P. O. Riverside) Calif.—CORRECTION— It is
reported by the County Clerk that Otis & Co. of
was not
joint account with Stranahan, Harris & Co. of Toledo,
the
the $178,750 Coachella Valley Union High School District bonds, report
on which appeared in our issue of Nov. 19-rV. 147, p. 3190.
FRANCISCO (City and County) Calif.—BOND OFFERING—
that sealed bids will be received until Dec. 5, by David A.
Barry, Clerk of the Board of Supervisors, for the purchase of two issues of
bonds aggregating $3,199,000, divided as follows:
SAN
First National
Due as follows:
1948.
$216,000 In 1940 to 1947, and
BAY
BOND
of
$6,000 issue of Cuyama
Due $300 on
highest and best
by J. E. Lewis, County Clerk, for the purchase
a
School District bonds. Denom. $300.
Dated Oct. 3, 1938.
Oct. 3, 1940 to 1959 incl.
The bonds will be sold to the
bidder at not less than par and accrued interest. ....
COLORADO
with
Colo.—BOND SALE—The $100,000 issue
bonds offered for sale on
(P.
O.
TENDERS
series A,
Nov. 22,
DUVAL COUNTY (P. O.
Jacksonville), Fla .—BONDS DEFEATED—
by the Clerk of the Board of County
Commissioners that
election on Nov. 8—V. 147, p. 2119—the voters approved the issu¬
ance of the proposed $3,347,000 court house, highway and armory bonds,
the count being 6,372 to 452, but as the required majority of registered
voters did not turn out for the proposal the issue was defeated.
at the
_
(City
and County)
Colo.—BOND OFFERING AU¬
THORIZED—We are informed by our Denver correspondent that the City
Council, passed an ordinance on Nov. 21, by a vote of five to four, au¬
thorizing the issuance of $1,442,564 in special improvement bonds to pay the
city's share of the Platte River drive project, to be used in conjunction
a Public Works Administration grant.
He states that these bonds will be
offered for sale around Dec. 1 by Frank E. Wilson, Manager of Revenue.
Interest rate is to be specified by the bidder, not to exceed 5%. The bonds
will mature on or before 12 years after date of issuance.
GRAND JUNCTION,
T. S. Pierce, Resident Manager
JACKSONVILLE, Fla .—CERTIFICATE
OFFERING—Sealed bids will
until 10 a. m. on Dec. 5 by M. W. Bishop, Secretary of the City
Commission, for the purchase of an issue of $1,175,666 electric revenue cer¬
tificates.
Interest rate Is not to exceed 4%, payable J-D.
Dated Dec. 15,
1938.
Denom. $1,000.
Due Dec. 15 as follows: $100,000 in 1940 to 1950
and $75,000 in 1951.
Prin. and Int. payable at the City Treasurer's office
or at the Manufacturers Trust Co., the fiscal agency of the city in New
York, or at a local bank in Jacksonville.
No bid for less than par value of
the certificates will be considered.
The certificates are authorized by
Ordinance No. Y-115 of the City Council, passed on Oct. 25, approved by
be received
DENVER
water revenue
Bank Building
Panama City), Fla.—ACTION ON BOND
POSTPONED—It is stated by H. A. Pledger, Clerk of the Board
Commissioners, that action on the offerings of road and bridge,
B and D, refunding bonds, dated Aug. 1, 1932, scheduled for
as noted here, was deferred until a later date.
COUNTY
We are informed
COUNTY (P. O. Santa Barbara) Calif.—SCHOOL
OFFERING—Sealed bids will be received until 10 a. m. on Dec. 12,
SANTA BARBARA
FLORIDA
of County
follows: $140,000, 1940 to 1944, and
all incl.
-
-
FLORIDA
'
It is reported
1,256,000 hospital bonds. Due as
$139,000 in 1945 to 1948,
Bank Building
-
-
Branch Office: TAMPA
Cleveland
in
in
purchase of
now
$215,000,
BONDS
FLORIDA
incl.
MARIN COUNTY (P. O.
San Rafael) Calif .—SCHOOL
SOLD—It is reported that $70,000 Larkspur School District bonds have
purchased jointly by Lawson, Levy & Williams, and Kaiser & Co.,
$1,943,000 school bonds.
Bidder to name a single rate of
Principal and interest (J-D)
1%;
payable at the Farmers Bank of the State of Delaware, Dover.
The bonds
will be full faith and credit obligations of the district and exempt from
State, county and municipal taxes.
A certified check for 5% of the issue,
payable to the order of the above-mentioned official, is required. Approv¬
ing opinion of George M. Fisher of Dover will be furnished the successful
LOS ANGELES,
BOND
100.65
STATE CONSOLIDATED SCHOOL DIS¬
OFFERING—William R. Brown, President of
year on Dec. 1 from 1939 to 1963 incl.
interest, expressed in a multiple of H of
Alameda County,
until 8 p. m. on
the purchase of a
$52,000 issue of sewage disposal system bonds.
Interest rate is not to
exceed 5H%, payable J-D 15.
Dated as of Sept. 15, 1936. Due $2,000
from June 15, 1939 to 1964 incl.
A certified check for $1,500, payable to
electric revenue
101.68
Education, will receive sealed bids until 2 p. m. on Dec. 1 for
the purchase of $115,000 not to exceed 3K% int. coupon school bonds of
1938.
Dated Dec. 1,1938.
Denom. $1,000, $500 and $100.
Due Dec. 1.
1963.
The bonds shall be red., by lot or otherwise, at the rate of $4,600 each
DECOTO SANITARY DISTRICT (P. O. Decoto)
Calif.—BOND OFFERING—Sealed bids will be received
Nov. 28, by Charles Brown, District Secretary, for
the district, must accompany
100.15
2&%
the Board of
of—WARRANTS SOLD—An issue of $4,000,warrants was offered for sale on
R. H. Moulton & Co. of Los Angeles, at
2%, plus a premium of $10,551.16, according
1938.
Due on or about May 29, 1939.
100.199
DELAWARE
CAMDEN-WYOMING
revolving fund general
and was awarded to
100.288
2%
2%
TRICT NO. 1, Del.—BOND
bonds.
CALIFORNIA, State
566.46 registered
100.30
2%
and Equitable Securities Corp.
First National Bank of Boston
Harris Trust & Savings Bank and F. W. Horne & Co-
Union Securities Corp.
to
100.425
2%
2%
—
Co
R. L. Day &
2%
Rate Bid
101.649
100.437
of
Nov. 16—V. 147, p. 3046—was
the Mayor on
Oct. 29 and duly approved and
concurred in by the City Com¬
validated and confirmed by a decree of the
Duval County before the date of sale. The certificates
are payable solely from the revenues derived from the operation of the elec¬
tric plant to finance the cost of such construction.
The approving opinion
of Thomson, Wood & Hoffman of New York will be furnished.
Enclose
mission on
Oct. 31, and will be
Circuit Court of
3340
Financial
Chronicle
certified check for 2% of the par value of the
certificates bid for, payable
a
to the City Treasurer.
(This notice supplements the offering report given In the Nov. 12 issue—
V. 147, p. 3047.)
LAKELAND, Fla.—CERTIFICATE OFFERING—Sealed bids will be
received until 10 a. m. on Dec. 12 by J. L.
Davis, City Clerk, for the pur¬
chase of a $325,000 issue of coupon
light and water revenue certificates.
Interest rate is not to exceed 4%, payable M-N.
Dated Nov.
1,
PALATKA, Fla.—BOND OFFERING— Sealed
7:30
BICKNELL
1938.
on
in
Dated Dec. 1,1938.
Jan. 15 in 1945 and 1946.
Bidder to name
a
multiple of H of 1%.
Ross, McCord & Clifford of
bids will be received until
bidder-
p. m. on
OFFERING—W.
Cyrus
Denom. $500.
one rate
Due $3,000
of interest, expressed
Interest J-J 15.
Legal opinion of Matson,
Indianapolis will be furnished the successful
GREENFIELD TOWNSHIP (P. O.
Howe), Ind.—BOND OFFERING
—A. D. Mathews, Trustee, will receive sealed bids
until 10 a. m. on Dec. 8
for the purchase of $22,000
3% series A and B school bonds, consisting of:
$11,000 School Township bonds.
One bond for $500, others $437.50 each.
Due as follows: $437.50
July 1, 1940; $437.50 on Jan. 1 and July 1
from 1941 to 1951, incl.; $437.50 Jan. 1 and $500
July 1, 1952.
11,000 Civil Township bonds.
One bond for $500, others $437.50 each.
Due as follows: $437.50
July 1, 1940; $437.50 Jan. 1 and July 1
from 1941 to 1951, incl.; $437.50 Jan. 1 and
$500 July 1, 1952.
All of the bonds are dated Dec.
15, 1938.
Prin. and int. (J-J) payable
at the State Bank of
Lima, Howe.
A certified check for 3% of the bonds
bid for, payable to order of the
agreeing to
pay the expense
according to the City Clerk.
AUGUSTA, Ga .—BOND SALE—The $209,000 issue of 3 % coupon semiann. auditorium bonds offered for sale on Nov.
22—V. 147, p. 3047—was
awarded to a syndicate composed of Lehman Bros, of
New York, Norris &
(The township offered
The following bids were also received:
Names of
Other Bidders—
Price Bid
Johnson, Lane, Space & Co., Inc.; Trust Co. of
Georgia; Robin¬
son-Humphrey Co.; J. H. Itilsman & Co.; and Clement A.
Evans & Co
Lazard Freres & Co., and Milhous, Gaines &
Mayes, Inc
$225,030.30
224,115.00
217,652.60
Braun Bosworth & Co
COLUMBUS, Ga .—BOND SALE—The
various issues of
INDIANAPOLIS,
3% semi-ann.
,
JACKSON SCHOOL
High
Denom.
$1,000.
Due $2,000
on
Nov. 15
bonds.
Denom. $1,000.
Due $3,000 on
Nov. 15 from 1939 to 1968, inclusive.
90,000 Sewer bonds.
Denom. $1,000.
Due $3,000 on Nov. 15 from
1939 to 1968, inclusive.
25,000 Swimming Pool bonds.
Denom. $500.
Due $1,000 on Nov. 15
from 1939 to 1958, and $500 from
1959 to 1968, inclusive.
42,000 Hospital Improvement bonds.
Denom. $1,000.
Due
$2,000
Nov. 15 from 1939 to 1950, and
$1,000 from 1951 to 1968, incl.
All of said bonds are dated Nov.
15, 1938.
Other
bids
were
as
JAY COUNTY (P. O.
Portland), Ind.—BOND SALE— The issue of
$63,000 hospital bonds offered Nov. 21—V.
147, p. 3048—was awarded to
John Nuveen & Co. of
Chicago as l^s at 100.283, a basis of about
1.42%.
Dated Oct. 10,1938.
Due $1,500 July 1,1939 and Jan.
1,1940, and $6,000
semi-annually thereafter on the respective interest
payment dates until
Oct. 10, 1944, at which time the
last $6,000 will mature.
Second high bid
of 100.021 for 1 y%s was made
by the Merchants National Bank of Muncie.
on
follows:
Names of Other Bidders—
Lehman Brothers; Norris &
KOKOMO SCHOOL
CITY, Ind.—BOND SALE DETAILS— The
$185,000 school improvement bonds awarded
jointly to Bartlett, Knight &
Co. and Stern,
Wampler & Co., both of Chicago—V. 147, p. 3192—were
sold as 2Hb at par plus
$2,362.50, eaual to 101.27, a basis of about
2.40%.
Dated Sept. 1, 1938, and due
semi-annually from July 1, 1941 to Jan. 1,
1953,
Price Bid
Hirscbberg Co.; Brooke, Tindall &
Co., and Wyatt, Neall & Waggoner
$390,221.50
Halsey, Stuart & Co., and Equitable Securities Co
392,010.00
FLOYD
COUNTY
SCHOOL
DISTRICTS (P. O.
Rome), Ga.—
BONDS NOT SOLD—The two issues of
4% semi-annual bonds aggregating
$13,500, offered on Nov. 12—Y. 147, p. 3047—were not
sold, reports the
District Attorney.
The issues are divided as follows:
$6,500 Mobley Park School District bonds.
Due $325 from Dec. 20, 1939
incl.
Bidder—
1958 incl.
Dated Dec. 20, 1938.
Due $350 from Dec. 20,
Indianapolis Bond
Village Clerk that the $24,500 issue
bids
bonds offered
received.
on
NOT SOLD—We
of not to exceed
Nov. 21—V.
were
147,
informed by the
6% semi-ann. coupon,
3191—was not sold
p.
2H%
2)4%
& Share
Corp.
665.82
537.00
2H%
4,517.00
2H%
3%
3)4%
1,950.00
1,452.00
Corp. and City Securi¬
*
Central Securities
Corp
Wabash Valley Trust Co
389.00
MADISON COUNTY (P. O.
Anderson), Ind.—BOND OFFERING—
Reddington, County Auditor, will receive sealed bids until 10 a. m.
Dec. 9 for the purchase of
$64,000 not to exceed 4% interest
building
bonds.
Dated
Dec,. 1, 1938.
Denom. $1,000.
Due as follows: $4,000,
July 1, 1940; $4,000, Jan. 1 and
July*l, from 1941 to 1947, incl., and
$4,000, Jan. 1, 1948.
Bidder to name a single rate of
interest, expressed
in a multiple of
)4 of 1%.
Interest J-J.
A certified check for
3% of the
bonds bid for, payable to order of
the Board of County
Commissioners, is
required.
The bonds are unlimited tax
obligations and the approving legal
opinion of Matson, Ross, McCord &
Clifford of Indianapolis will be fur¬
nished the successful bidder.
John J.
on
UNSTER, Ind.—BOND OFFERING—Peter C.
Tanis, Town ClerkTreasurer, will receive sealed bids until 7:30
p. m. on Dec. 5 for the pur¬
chase of $7,000 not to
exceed 3M%
intreest fire
department equipment
Dated Sept. 1, 1938.
Denom. $1,000.
Due July 1 as follows:
$2,000 in 1939 and $1,000 from 1940 to
1944, incl.
Bidder to name a single
rate of interest,
expressed in a multiple of M of 1 %.
A certified check for
$100, payable to order of the
town, is required.
Legal opinion of Matson,
Ross,
bonds.
bidder
McCord & Clifford of
Indianapolis will be furnished the successful
SALE—The $13,500 sewage works bonds of¬
fered Nov. 18—V.
147, p. 3048—were awarded to the Ripley County Bank
Osgood.
Dated Nov. 15, 1938.
Due $500 on Jan. 1 and July 1 from
1941 to 1953 Incl. and
$500, Jan. 1,1954.
PERRY TOWNSHIP
.
SCHOOL
TOWNSHIP
(P.
O.
Evansville),
Ind.—BOND S/iLE—The issue of
$44,000 building bonds offered Nov. 16—
V. 147, p. 2894—was
awarded to the Franklin Bank & Trust
Co., Evans¬
ville, as 2^s, at par plus $200.92
premium,
about
CARLYLE, 111.—BOND SALE—An issue
of $69,000 5% water revenue
sold to the First National
Bank and the Farmers & Merchants
Bank, both of Carlyle, jointly, at
par?
Denom, $500.
Due Nov. 1 as
follows: $2,500, 1939 to
1941, incl.; $3,000, 1942 to 1946, Incl.; $3,500, 1947
to 1951, incl.; $4,000 from
1952 to 1957, incl., and $5,000 in 1958. »
was
HEBRON, 111.—BOND SALE—An issue
was
ties
Premium
$2,343.00
of
are
ILLINOIS
bonds
2)4 %
OSGOOD, Ind.—BOND
IDAHO
CHARLES, I daho—BONDS
Int. Rate
Indianapolis, and Fletcher Trust
Co
SAVANNAH. Ga.—BOND SALE—The two issues
of 2H% semi-ann.
bonds, aggregating $1,000,000, offered for sale on Nov. 19—V.
147, p. 3191
—were awarded to a
syndicate composed of the First Boston
Corp., the
Harris Trust & Saving? Bank of
Chicago, Brooke, Tindall & Co., and
Wayne, Martin & Co., both of Atlanta, at a price of
102.71, a basis of
about 2.31 %.
The issues are divided as follows:
$345,000 refunding bonds.
Dated Dec. 15,.. 1938.
Due $13,800 from
Dec. 15, 1943 to 1967.
655,000 debt funding bonds.
Dated Dec. 15, 1938.
Due $26,200 from
Dec. 15, 1943 to 1967.
BONDS
OFFERED
FOR
INVESTMENT—'The
successful
bidders
reoffered the above bonds for
public subscription at prices to yield from
1.25 to 2.35%, according to
maturity.
Proceeds or the sale of the issue will be used
by the city to refund maturing
bonds in the amount of
$345,000, and to fund bank loans, unpaid bills and
a deficiency in the
sinking fund in an aggregate amount of $655,000. The
bonds will be direct obligations of the
city, payable from unlimited ad
valorem taxes.
4
*
Harris Trust & Savings Bank
Union Trust Co.,
1939 to
PINEHURST SCHOOL DISTRICT
(P. O. Vienna), Ga .—BOND
SALE—The $20,000 issue of 5% semi-ann.
building bonds offered for sale
on Oct. 3—V.
147, p. 1664—was purchased by Johnson, Lane, Space & Co.
of Atlanta, according to the
Attorney for the District.
Due from Jan. 1,
1944 to 1960.
water system
Other bids:
C. F. Childs & Co. and
Braun, Bosworth & Co
John Nuveen & Co. and Brown
Harriman & Co.,
Inc
to 1958 Incl.
7,000 Johnson School District bonds.
TOWNSHIP (P?
FERING—James Lyons, Trustee, will receive sealed bids
until 2 p. m. on
Dec. 19 tor the
purchase of $6,l0O 4H% school bonds.
Dated Nov. 15,
1938.
One bond for $625, others
$500 each.
Due as follows: $500 from
1940 to 1950, incl., and $625 in 1951.
Prin. and int. (J-J) payable at the
Morocco State Bank, Morocco.
A certified check for
2J^% of the bid is
required.
Opinion of reputable bonding attorney will
accompany the
transcript.
from 1939 to 1954, and $1,000 from
1955 to 1968, inclusive.
Improvement
Ind.—PLANS
LARGE REFUNDING ISSUE—A
Clerk, states that the city has
refunding bonds in order to provide for the
redemption of a like amount of city hall bonds
maturing Jan. 1, 1939, for
the payment of which no provision has been
made in existing budgets and
levies.
The refunding issue will mature
serially in 10 years.
Net assessed
valuation of taxable city
property is $510,414,330 and the outstanding in¬
debtedness exclusive of the
proposed issue, amounts to
^in 000 58.
School Addition bonds.
Denom.
$1,000.
Due
$3,000 on Nov. 15 from 1939 to 1950, and
$2,000 from 1951 to
90,000 Street
*
notice signed by Daniel J. O'Neill
Jr., City
an issue of
$600,000
coupon or registered bonds aggregating $365,000 offered for
sale on Nov. 21
147, p. 3047—were awarded to a syndicate composed of the Trust
Co.
of Georgia, J. H. Hilsman &
Co., the Robinson-Humphrey Co., Clement
A. Evans & Co., all of Atlanta, Johnson,
Lane, Space & Co. of Savannah,
and Milhous, Gaines & Mayes of
Atlanta, at a price of 107.86, a basis of
2.28%.
The bonds are described as follows:
•1968, inclusive.
46,000 Public School bonds.
Township Advisory Board, is required.
$22,000 bonds on Oct. 8.)
total of
authorized
—v.
$72,000 Jordan
a
HOBART SCHOOL CITY, Ind.—BOND
OFFERING—Jacob J. Ittel,
Secretary of Board of Trustees, will receive sealed bids until 2p.m.
(Cen¬
tral Standard Time) on Dec. 6 for the
purchase of $20,500 not to exceed
4%
interest school bonds.
Dated Nov. 1, 1938.
Denom: $500.
Due as fol¬
lows: $1,000 July 1, 1943; $1,000 Jan. 1 and
July 1 from 1944 to 1952, incl.;
$1,000 Jan. 1 and $500 July 1, 1953.
Bidder to name a single rate of inter¬
est, expressed in a multiple of % of 1%.
A certified check for $500, pay¬
able to order of the school
city, is required.
The bonds are unlimited tax
obligations and the approving legal opinion of
Matson, Ross, McCord &
Clifford of Indianapolis will be furnished the
successful bidder.
Hershberg, Brooke, Tindall & Co., and Wyatt, Neall &
Waggoner, all of
Atlanta, paying a price of 107.87, a basis of about 2.39%. Dated Nov.
1,
1938. Due from 1939 to 1968 incl.
sewer
Ind.—BOND
a
of legal approval and printing of the bonds,
bonds
CITY,
refunding school bonds.
GEORGIA
no
SCHOOL
Warn
ASHBURN, Ga.—BOND SALE—The $18,000 Issue of water works
and sewerage system bonds offered for sale on Nov.
17—V. 147, p. 3191—
was awarded at a price of 101.66, the
purchaser
as
1938
pier, Secretary of Board of School Trustees, will receive sealed bids
until 2 p. m. on Dec. 9 for the purchase of $6,000 not to exceed
4M% interest
Dec. 13, by R, M. Ingram Jr., City Clerk, for the
purchase
$33,000 Issue of 4% semi-ann. water works revenue certificates.
Denom. $1,000.
Dated Oct, 1, 1938.
Due as follows:
$1,000, 1940 to
1947; $2,000, 1948 to 1955, and $3,000, 1956 to 1958. These certificates
are
said to have been validated by a court decree on Nov.
9, 1938.
A certified
check for $1,500 must
accompany the bid.
ST.
26,
by the City Securities Corp., Indianapolis.
Due serially in 20 years.
The certificates and interest thereon will be paid
solely from revenue of the municipal electric light and water
system, owned
and operated by the city.
The approving opinion of Caldwell & Raymond
of New York will be furnished to the purchaser.
of
Nov.
ANGOLA. Ind.—BOND SALE—The
$30,000 2M% city hall bonds of¬
fered Nov. 21—V. 147, p. 2893—were awarded to the
Central Securities
Corp., Fort Wayne, at 101.31, a basis of about 2.34%.
Dated Dec. 1,
Due $500, Jan. 1 and July 1 in 1940 and
1938.
1941, and $1,000, Jan. 1
and July 1 from 1942 to 1955 incl.
Second high bid of 101.13 was made
of $20,000 general
sold to John Nuveen & Co. of
Chicago.
obligation
HOMER, 111.—BOND SALE—The $8,000 waterworks bonds offered
Nov. 21—V. 147, p. 3191—were sold
to the
White-Phillips Corp. of Daven¬
port.
2.19%.
$1,600 July
Other bids:
Dated Nov. 1, 1938, and due
1, 1940; $1,600 Jan. 1 and July
■"
Bidder—
equal to 100.456, a basis of
as follows: $800 Jan. 1 and
1 from 1941 to 1953, incl.
*
Int. Rate
,
City Securities Corp
Fletcher Trust Co
Bryan, Slade & Co
2)4%
2)4%
2)4%
2)4%
Union Trust Co
Premium
-
$539
452
445
71
SOUTH
BEND SCHOOL CITY, Ind.—BOND
OFFERING—Ella L.
Morris, Secretary of Board of Trustees, will receive sealed bids
until 10 a. m.
Nov. 29 for the purchase of
$368,000 not to exceed 2)4% interest
impt.
Dated Nov. 30, 1938.
Due $46,000 on Nov. 30 from 1941 to
1948 incl.
Bidder to name a single rate of
interest, expressed in a multiple
of M of 1 %.
Principal and interest (M-N 30) payable at the First Bank
& Trust Co., South
Bend.
A transcript of proceedings
relating to the bond
Issue will be furnished on
application to those desiring to submit unconditional bids.
The school city will furnish the blank bonds
at its own expense.
on
bonds.
JACKSONVILLE, III.—BONDS DEFEATED—An
municipal building bonds
was
issue
of
rejected at the Nov. 15 election.
$218,000
PRINCETON, 111.—BOND OFFERING—A. C.
Anderson, City Clerk,
will receive sealed bids until 7:30
p. m. on Dec. 5, for the purchase of
$10,000
3% fire truck and equipment bonds, on Dem.
$1,000.
Due $2,000 on
Dec. 1 from 1939 to 1943, incl. Interest
J-D.
This issue was authorized at
the Nov. 8 general election.
INDIANA
7 ANDERSON SCHOOL CITY,
L.
Nov. 15, 1938.
Denom. $200.
i£S
—
_
Ind.—BOND
OFFERING—Frederick
Ray, Secretary of Board of School Trustees, will
receive sealed bids until
1:30 p. m. on Dec. 9 for the
purchase of $87,000 not to exceed
4% interest
school building bonds.
Dated
Dec. 1,
1938.
Denom.
$1,000.
Due
July 1 as follows: $9,000 from 1940 to 1948.
incl., and $6,000 in 1949.
Bidder to name a single rate of
interest, expressed In a multiple of H of
1%.
Interest J-J.
A certified check for
$2,000, payable to order of the
school city, is required.
The bonds are Unlimited tax
obligations and the
approving legal opinion of Matson, Ross, McCord &
Clifford of Indian¬
apolis will be furnished the successful bidder.
SOUTH WHITLEY, Ind.—BOND
SALE—The $1,000
4% fire truck
and equipment bonds offered
Nov. 15—V. 147, p. 2894—were awarded to
the Mayer State Bank of
South Whitley at par plus $10
premium.
Dated
SUMMITVILLE. Ind.—BOND OFFERING—F. P.
Irwin, Town ClerkTreasurer, will receive sealed bids until 2 p. m. on Dec. 8 for the
purchase of
$4,500 not to exceed 5% interest fire
department equipment bonds.
Dated
Sept. 15, 1938.
Denom. $500.
Due $500 on Jan. 1 from 1940 to 1948,
inclusive.
Bidder to name a single rate of
interest, expressed In a multiple
of M of
1%.
Interest J-J.
A certified check for $100,
payable to order of
the town, is
required.
Legaropinion of Matson, Ross, McCord & Clifford
of
Indianapolis will
be
furnished the successful bidder.
TIPTON COUNTY (P. O.
Tipton), Ind.—NOTE OFFERING—Sealed
bids/will be received by County Auditor Joe
Mattingly until 10 a. m. on
Volume
Financial
147
1939; $500, Jan. 1 and $1,000, July 1, 1940; $1,000, Jan. 1 and July 1 from
1941 to 1945 incl. and $500, Jan. 1, 1946. Bidder to name a single rate of
interest, expressed in a multiple of 34 of 1 % and payable J-J. The notes are
payable from unlimited taxes and will be approved as to legality by Matson,
Roes, McCord & Clifford of Indianapolis. A certified check for 3% is re¬
quired.
WASHINGTON
SCHOOL
TOWNSHIP,
SALS—The
Ind.—BOND
147, p. 2276—was awarded
234» to the First National Bank of LaPorte. Dated Nov. 1,1938 and due
follows: $1,000, July 1,1940; $1,000, Jan. 1 and July 1 from 1941 to 1943,
Issue of $7,000 school bonds offered Oct. 22—V.
as
as
incl.
w
WAYNE TOWNSHIP SCHOOL TOWNSHIP (P. O. Indianapolis),
Ind.—BOND SALE—The issue of $61,000 building bonds offered Nov. 18—
147, p. 2894—was awarded to the Union Trust Co. of Indianapolis as
2Mb, at par plus a premium of $252, equal to 100.41, a basis of about 2.18%.
Dated Nov. 18, 1938, and due as follows: $3,000, July 1, 1940; $3,000,
Jan. 1 and July 1 from 1941 to 1949, incl., and $4,000 Jan. 1,1950.
Other
V.
The approving opinion of Chapman & Cutler of Chicago, and Guy
City Attorney, will be furnished the purchaser.
by the voters on Aug. 31.
-i
FRANKLIN
Bidder—
Premium
Int. Rate
234 %
-
$184.50
81.76
234%
Raffensperger, Hughes & Co., Inc
75.50
Fletcher Trust Co
234 %
Indianapolis Bond & Share Corp
234 %
234 %
J
DISTRICTS
O.
(P.
Winnsboro),
now reported that the two issue of bonds ag¬
gregating $32,000, offered without success on Nov. 8, as noted here—V.
147, p. 3049—were sold privately on Nov. 15 to the Ernest M. Loeb Co.
of New Orleans.
The issues are as follows: $12,000 School District, Ward
No. 6, and $20,000 School Distirct, Ward No. 4 bonds.
Dated Dec. 1,
1938.
Due serially over a 20-year period.
LOUISIANA,
State
of—PORT
COMMISSION
BOND
CIRCULAR
AVAILABLE—Current information regarding Louisiana Port Commission
bonds and the issuing authority, the Board of Commissioners of the Port
of New Orleans, has been prepared and is being distributed in a circular
Listed in the circular are bonds available in the market,
statement of bonds issued, retired and outstanding, and a three-year
comparative statement of revenues and expenditures for the fiscal year
ended June 30.
Copies of this circular may be secured upon application to
the above named firm at 11 Wall Street, N. Y. City.
by Elder & Co.
a
MELVILLE. La.—BONDS NOT SOLD—It is stated by the Town Clerk
that the $25,000 issue of not to exceed 6% semi-annual public improvement
bonds offered on Nov. 22—V. 147, p. 3193—was not sold as no bids were
received.
Due from Dec. 1, 1940 to 1963, inclusive.
787.00
John Nuveen & Co
SCHOOL
PARISH
V. Rich.
These bonds were approved
La.—BONDS SOLD—It is
bids:
McNurlen & Huncilman
3341
Chronicle
Dec. 10 for the purchase of $12,500not to exceed 4% interest construction
notes.
Dated Dec. 1, 1938. Denom. $500. Due as follows: $500, July 1,
359.00"
-
MARYLAND
(P. O. Cumberland), Md.—BOND OFFERING
announces that the Board of County
bids until 11 a. m. on Dec. 6 for the
purchase of $600,000 not to exceed 5% interest coupon, registerable as to
principal, school bonds.
Dated Jan. 1, 1939.
Denom. $1,000.
Due
$15,000 on Jan. 1 from 1945 to 1984, incl.
Bidder to name a single rate of
interest, expressed in a multiple of 34 of 1%.
Principal and interest (J-J)
payable at the County Treasurer's office.
The bonds are authorized by
Chapter 419 of the Acts of the General Assembly of Maryland, Session of
1987, and are exempt from all taxation in Maryland.
A certified check
for 5% of the bonds bid for, payable to order of the County Treasurer, is
required.
Bidder to state the price offered per $100 of par.
*
ALLEGANY COUNTY
IOWA
ACKLEY, Iowa—BOND OFFERING—It is reported that bids
will be
received until 7:30 p. m. on Nov. 30 by Will J. Scourick, Town Clerk, for
the purchase of a $17,000 issue of Town Hall bonds.
Maturity and interest
rate
to be fixed at the time
are
of sale.
Iowa—BONDS SOLD—The $13,000 issue of town hall
sold as 234s. paying a price
basis of about 2.48%.
Dated Dec. 1,1938.
Duefrom Dec. 1,
BELLEVUE,
bonds offered
of 100.20, a
Nov. 18—Y. 147, p. 3192—was
on
1944 to 1958 inclusive.
FOREST CITY, Iowa—BOND SALE— The $9,966.02 issue of special
bonds offered for sale on Nov. 21—V. 147, p. 3192—was
assessment sewer
purchased by the Carleton D. Beh Co. of Des Moines, as 434s, according
to the City Clerk.
No other bid was received.
Dated July 7, 1938. Due
from May 1, 1939 to 1948 incl.
•
Iowa—BOND
GREENFIELD,
coupon
SALE—The
$16,000
issue of 334%
sale on Nov.
semi-annual electric light refunding bonds offered for
purchased by Jackley & Co. of Des Moines at
par.
Denom. $1,000.
Dated Dec. 1, 1938.
Due $2,000 from Dec* 1,
1939 to 1946, incl.
Interest payable J-D.
14—V. 147, p. 3048—was
HULL, Iowa—BOND SALE—It is stated
by the Town Clerk that the
$14,000 issue of water works improvement bonds offered for sale on Nov. 22
—Y. 147, p. 3048—was awarded to the White-Phillips Corp. of Davenport,
as 334s, paying a price of 100.071.
(P. O. Le Mars),
for sale
awarded to the Iowa-Des Moines Na¬
tional Bank & Trust Co. of Des Moines, according to the District Secretary.
Dated Nov. 1, 1938.
Due from May 1, 1944 to 1951, incl.
LE
MARS
Charles
Stewart, President,
Commissioners will receive sealed
—A.
"
BALTIMORE, Md.—BOND OFFERING—Sealed bids addressed to the
H. Beer,
of $4,025,000 coupon,
registerable as to principal only, emergency relief bonds.
Dated Dec. 1,
1938.
Denom. $1,000.
Due Dec. 1 as follows: $800,000 from 1941 to
1944, incl. and $825,000 in 1945.
Bidder to name a single rate of interest,
expressed in a multiple of H of 1 %.
Principal and interest (J-D) payable
at Baltimore.
A certified check for 2% of the issue, payable to order of
the Mayor and City Council, is required.
Bonds are authorized under
Chapter 5, Acts of Maryland General Assembly of 1936, special session.
Proceeds will be used to provide relief for city's unemployed and to reim¬
burse the treasury for similar outlay^made in 1936,1937 and 1938.
Bidder
must state the price per $100, plus accrued interest to date of settlement.
Bonds will be delivered on Dec. 9, 1938.
The bonds, it is said, are exempt
from the Federal income tax and from city and State taxation.
Commissioners of Finance will be received at the office of Eugene
City Register, until noon on Nov. 28 for the purchase
INDEPENDENT SCHOOL DISTRICT
Iowa—BOND SALE—The $50,000 issue of school bonds offered
MASSACHUSETTS
Nov. 18—V. 147, p. 3048—was
on
PAGE COUNTY (P. O. Clarinda), Iowa—MATURITY—It is stated
by the County Treasurer that the $49,000 anticipation certificates pur¬
by Shaw, McDermott & Sparks of Des Moines, as 2s, paying a price
of 100.275, as noted here recently—V. 147, p. 3048—are due on Dec. 31,
1940, giving a basis of about 1.86%.
chased
ROCKWELL
INDEPENDENT
(P.
SCHOOL DISTRICT
O.
Rock¬
well), Iowa—MATURITY—It is reported by the District Secretary that
the $11,000 budding bonds purchased by the First National Co. of Mason
City, as 334s, at a price of 100.13, as noted here—V. 147, p. 2894—are due
$1,000 on Nov. 1, 1940 to 1950, giving a basis of about 3.23%.
WEST DES MOINES INDEPENDENT
BOSTON, Mass.—BOND SALE—The $2,042,000 coupon bonds offered
Nov. 22—V. 147, p. 3193—were awarded to a syndicate composed of
Phelps, Fenn & Co., Inc.; Goldman, Sachs & Co.; Tucker, Anthony & Co.;
Graham, Parsons & Co., all of New York; Schellkopf, Hutton & Pomeroy,
Inc., Buffalo; Mackey, Dunn & Co., New York; Milwaukee Co. of Mil¬
waukee; Wheelock & Cummins of Des Moines and Martin & Chambers of
New York, which paid a price of par for interest rates of 234 % and 4%. or
a net interest cost to the city of about 2.5876%,
The bonds were sold on
the following
Iowa—BOND SALE—We are Informed by M. R. Scott,
that $59,000 coupon school bonds were awarded on
Nov. 7 to a group composed of the White-Phillips Corp., Vieth, Duncan &
Wood, both of Davenport, and Shaw, McDermott & Sparks of Des Moines,
as 234s, paying a premium of $901, equal to 101.527, a basis of about 2.35%.
Denom. $1,000.
Dated Nov. 1, 1938.
Due on Nov. 1 as follows: $4,000
In 1944, and $5,000, 1945 to 1955, incl.
Prin. and int. (M-N) payable at
the office of the District Treasurer.
(This sale notice corrects the report given in our issue of Nov. 12—V. 147,
p. 3048,)
The second highest bid was an offer of $900 premium on 2^s, submitted
by Paine, Webber & Co. of Chicago.
1944 to 1948, inclusive.
WILLIAMSBURG, Iowa—BOND SALES—The $10,250 issue of town
17—V. 147, p. 3192—was purchased by
Security Savings Bank of Williamsburg.
department equipment bonds offered on the same
& Savings Bank of Williamsburg.
The $1,200 issue of fire
date was sold to the Farmers Trust
KANSAS
SEWARP COUNTY (P. O. Liberal) Kan.—BOND OFFERING—We
are informed by Maud Turner, County Clerk, that sealed bids will be re¬
ceived until Nov. 30, for the purchase of a $4,000 issue of public works
relief bonds.
She reports that these bonds were offered for sale on Nov. 5,
but because of insufficient notice they were not sold.
KENTUCKY
Due $10,000» n
400,000 Huntington Ave. subway extension
bonds as 234s.
in
Due Dec. 1,
1983.
250,000 subway bonds, Acts of
234s.
Due Dec. 1, 1983.
1933,
Huntington Ave.
subway as
$2,042,000 bonds will be dated Dec. 1, 1938.
A syndicate headed by the Chase National Bank of New York was second
high bidder, with an offer of 100.039 for a combination of $1,392,000 234s
and $650,000 234s, a net interest cost of 2.69%.
Lehman Bros, of New
York and associates, third high, bid 100.729 for all of bonds as 234s, a
2.709% basis.
The Bankers Trust Co. of New York and others offered
100.149 for 234s, while Halsey, Stuart & Co., Inc. and associates bid 100.168
for $1,392,000 3s and $650,000 2 34s, a 2.792% cost oasis.
Final bid pf
100.159 for $1,392,000 234s and $650,000 3s, or a 2.835% basis, was received
from a group headed by the First Boston Corp.
BODDS PUBLICLY OFFERED—Phelps, Fenn & Co., Inc. of New York
and associates confined the immediate public reoffering to the $1,392,000
of 1939-1953 serial issues, which were priced to yield from 0.40% to 2.60%,
according to interest rate and maturity.
The bonds are stated to be legal
investments for savings banks and trust funds in the States of New York
The entire
and Massachusetts.
Mass.—BODD OFFERING—Andrew P. Carrod, City
sealed bids until noon on Nov. 29 for the purchase of
divided as follows:
$240,000 tuberculosis hospital bonds. Due $12,000 on Dec. 1 from 1939 to
CAMBRIDGE,
Treasurer, will receive
$440,000 coupon bonds,
1958 incl.
MAYSVILLE, Ky.—BOND SALE DETAILS—It is now reported that
the $13,600 incinerator bonds sold to the State Bank & Trust Co. of Maysville, as noted here recently—V. 147, p. 3049—were purchased as 4s at
par, and mature from 1939 to 1947.
Louisiana
234s.
17,000 jail improvement bonds as 4s. Due Dec. 1 as follows: $2,000
1939 and 1940, and $1,000 from 1941 to 1953, inclusive.
Secretary,
hall bonds offered for sale on Nov.
the
„
100,000 Huntington Ave. underpass bonds as
Dec. 1 from 1939 to 1948, inclusive.
SCHOOL DISTRICT (P. O.
Des Moines),
District
basis:
$1,275,000 municipal relief bonds, Act of 1938, as 4s.
Due Dec. 1 as
follows:
$128,000 from 1939 to 1943, incl. and $127,000 from
Municipal Bonds
Due $40,000 on Dec. 1 from 1939 to 1943 incl..
dated Dec. 1, 1938. Denom. $1,000. Rate of interest
in a nuitipie of 34 of 1%. Each loan may carry a different
rate, but bids must be for ail of the bonds offered.
Principal and interest
(J-D) payable at the First National Bank of Boston. The bonds are un¬
limited tax obligations and the approving legal opinion of Storey, Thorndike,
Palmer & Dodge of Boston will be furnished the successful bidder.
200,000 street bonds.
All of the bonds are
to
be expressed
FRAMINGHAM,
as
issue of $46,000
relief
Is, at a price of
1939 to
Bought and Sold
Mass.—BOND SALE—The
awarded to Smith, Barney & Co. of New York
100.448.
Dated Nov. 15, 1938, and due serially from
1943, incl.
Second high bid of 100.445 for Is was made by Esta-
bonds offered Nov. 21 was
brook
&
Co. of Boston.
HAMPDEN COUNTY (P. O. Springfield), Mass.—NOTE OFFERING
J. Murphy, County Treasurer, will receive sealed bids until noon
on Nov. 28 for the purchase at discount of $6,000 notes, dated Nov.
16,
1938 and payable Nov. 1, 1939 at the First National Bank of Boston or at
the Central Hanover Bank & Trust Co., New York.
Denom. $6,000.
Legal opinion of Ropes, Gray, Boyd en & Perkins of Boston to be
the successful bidder.
—-John
Whitney National Bank
of New Orleans
furnished
Boston was awarded on
PARISH SCHOOL DISTRICTS (P. O. Crowley) La.—
$160,000 issue of Crowley School District No. 2 bonds
21—V. 147. p. 2729—was awarded to White, Dunbar
& Co. of New Orleans, paying a price of 100.007, a basis of about 3.85%,
on the bonds divided as follows:
$96,000 maturing Dec. 1, $6,000 in 1940to 1943, $7,000 in 1944 to 1946, $8,000 in 1947 to 1949, and $9,000 in 1950
to 1952, as 4s, and $64,000 maturing Dec. 1, $10,000 in 1953 to 1955,
$11,000 in 1956 and 1957, and $12,000 in 1958, as 3?4s.
The $30,000 issue of Egan-Oil Field School District No. 3 bonds offered
at the same time was awarded to Charles F. Boagni, of Opelousas, as 434s,
paying a price of 100.046, a basis of about 4.245%. Due from Dec. 1, 1940
ACADIA
BOND SALES—The
offered for sale on Nov.
to
1958 incl.
BOGALUSA,
La.—BOND OFFERING—Sealed bids
will be received
the purchase of
Dec. 13, by K. I. Bean, City Clerk, for
of bonds aggregating $243,000, divided as follows:
until 2 p. m. on
two issues
$74 000 navigation bonds.
Mayor, is required
169 000 lake
A certified check for $500,
with this bid.
terminal and navigation bonds.
payable to the
A certified check for $1,000,
this bid.
payable to the Mayor, must accompany
Mass.—NOTE SALE—The Merchnats National Bank of
Nov. 21 an issue of $100,000 notes at 0.22% dis¬
Second high bidder was Frederick M. Swan &
of Boston, which named a rate of 0.23%.
IPSWICH,
LOUISIANA
count.
Co.
Due May 25, 1939.
LAWRENCE, Mass.—BOND SALE—Brown Harriman & Co., Inc. and
of New York, jointly, purchased an aggregate or
$247,000 coupon bonds as 234s, at 101.289, a basis of about 2.10%,
consisted of:
Lazard Freres & Co., both
Total
$49,000 water impt. bonds.
Due Dec. 1 as follows:
1947 inci. and $2,000 from 1948 to 1958 inci.
$3,000 from 1939 to
198,000 highway bridge bonds.
Due Dec. 1 as follows:
to 1956 incl. and $9,000 in 1957 and 1958.
$10,000 from 1939
Dec. 1. 1938. Denom. $1,000. Principal and interest
(J-D) paybale at the Second National National Bank of Boston or at the
City Treasurer's office, at holder's option.
Legality to be approved by
Ropes, Gray, Boyden & Perkins of Boston. Other bids:
Each issue is dated
Int. Rule
Bidder—
Halsey, Stuart & Co.. Inc
Kidder, Pea body & Co
Whiting, Weeks & Knowles
Bond, Judge & Co
and Smith, Barney & Co.
1
234%
2 34%
234%
234%
Rate Bid
|n}'«l
101.63
101.019
100.567
3342
Financial
Chronicle
BONDS PUBLICLY RE-OFFERED— In re-offering the bonds the suc¬
cessful bidders priced them to yield from 0-30% to 2.25%, according to
maturit
.
_
awarded
on
Nov. 23
Xs, at 100.084.
eu»
issue of
23,000 storm emergency relief bonds
Due Nov. 15,1939. Other bids:
an
Bidder—
Int. Rate
Lexington Trust Co
0.19%
0.25%
0.375%
0.50%
——
Estabrook & Co
Smith, Barney & Co
Frederick M. Swan & Co
issued.
Rate Bid
MIDLAND, Mich.—BOND OFFERING—Anna
Par
100.002
100.024
_
of
Principal and interest (M-N> payable at
Payment of bonds and interest will be made only
A certified check for 2% of the issue,
payable to order of the City Treasurer, is required. Bids shall be conditioned
upon the unqualified
opinion of Miller, Canfield, Paddock & Stone of
Detroit approving the legality of the bonds.
Cost of opinion and printing
of the bonds will be paid by the city.
(At the previous offering of these bonds on Nov. 15 bidder was asked to
name an interest rate of not more than 3 %.
The one bid received at that
time was rejected, John Nuveen & Co. of Chicago having made an offer of
93.24 for 3s.—V. 147, p. 3194 )
The bonds
$200,000
notes
offered Nov.
22 was awarded to the Merchants National Bank and First
National Bank of Boston, jointly, at 0.16% discount. Dated Nov. 22, 1938
and due July 20, 1939.
MALDEN, Mass.—BOND SALE—The $335,000
coupon
municipal relief
Nov.
to
1 as
a
ized at
an election on Sept. 29.
Dated Dept. 15, 1938.
Denom. $1,000.
Due Sept. 15, as follows: $2,000 from 1941 to 1950 incl. and $4,000 from
1951 to 1955 incl.
Rate or rates of interest to be expressed in multiples of
X of 1%.
Principal and interest (M-S 15) payable at the First National
Other bids:
Bidder—
Int. Hate
Abbe & Co
Tyler & Co..
Whiting, Weeks & Knowles and R. L. Day & Co..
Maiden Trust Co
Rate Bid
IX %
Halsey, Stuart & Co., Inc...
First Boston Corp. and Newton,
100.68
100.607
100.399
100.696
100.38
1 X %
1X%
2%
2%
BONDS PUBLICLY-OFFERED—Bankers re-offered the bonds to
from 0.25% to 1.70%, according to maturity.
to MIDDLESEX
COUNTY~(P.
Bank of Alger County, Munising.
Bonds will be callable on 30 days'
published notice in a publication circulated in the State of Michigan and
which carries as a part of its regular service notices of the sale of municipal
bonds.
A certified check for $1,000, payable to order of the City Treasurer,
is required.
The bonds are payable from unlimited ad valorem taxes and
printed bonds and legal opinion of Miller, Canfield, Paddock & Stone of
Detroit will be furnished the successful bidder.
y®
ORION TOWNSHIP SCHOOL DISTRICT NO. 12 (P. O. Route 4,
Pontiac). Mich.—TENDERS WANTED—Charles Muto, District Treas¬
will receive sealed tenders of refunding bonds and certificates of
indebtedness until 8 p. m. on Dec. 5.
Offerings must remain firm for five
O.
Cambridge), Mass.—NEW TREA¬
SURER—Charles P. Howard, former chairman of the State Commission on
Administration and Finance, has been named County Treasurer to succeed
the late Charles E.
of the sewage system.
receive sealed bids until 7.30 p. m. on Nov. 29 for the purchase of $40,000
not to exceed 4% interest coupon municipal dock bonds which were author¬
basis of about 1.46%.
Dated Nov. 1, 1938 ana due
follows: $34,000 from 1939 to 1943 incl. and $33,000 from 1944
1948 incl.
revenues
MUNISING, Mich.—BOND OFFERING—W. L. Dore. City Clerk, will
bonds offered Nov. 22—V. 147, p. 3193—were awarded to Brown Harri& Co., Inc. and F. S. Moseley & Co., both of New York, jointly, as
man
lXs, at 100.19,
Clerk,
City Treasurer's office.
payable from unlimited taxes and the approving legal opinion of Ropes,
Gray, Boyden & Perkins of Boston will be furnished tne successful bidder.
issue
City
Interest in multiples of X of 1%.
from
are
Mass.—NOTE SALE—The
Coons,
1938.
One bond for $300, others $1,000 each.
Due Nov. 1 as follows.
$4,000, 1943 to 1946. incl.; $5,000, 1947 to 1950. incl.: $6,000. 1951 to 1953.
incl.; $7,000, 19-54 to 1957, incl.; $8,000, 1958 and 1959: $9,000 in 1960 and
1961: $10,000 in 1962 and $9,300 in 1936. Bidder to name rate or rates of
100.10
Harris, Town Treasurer, will receive sealed bids until 6 p. in. on Nov. 29
fear the purchase of $50,000 coupon water main bonds. Dated Dec. 1,1938.
Denom. $1,000.
Due $5,000 on Dec. 1 from 1939 to 1948 incl.
Bidder
to name one rate of interest in a multiple of X of 1%.
Principal and
LEOMINSTER,
E.
will receive sealed bids until 5 p. m. on Nov. 29 for the purchase of $135,300
not to exceed 4% interest, coupon sewage revenue bonds.
Dated Nov. 1,
LINCOLN (P. O. South Lincoln), Mass.—BOND OFFERING—W. V.
interest (J-D) payable at the First National Bank of Boston.
1938
26,
KALAMAZOO, Mich.—NO BONDS TO BE ISSUED—Writing in con
nection with issue of $91,000 not to exceed 4% interest paving bonds
offered Nov. 14, award of which was postponed—V. 147, p. 3194, the City
Clerk reports that a more definite estimate of the city's committments on
Public Works Administration projects showed that the city will be able to
finance the paving project from its reserve funds and no bonds will be
LEXINGTON, Mass.—BOND SALE—Second National Bank of Boston
was
Nov.
urer,
Hatfield.
days.
NORFOLK COUNTY (P. O.
Dedham), Mass.—NOTE OFFERING—
Ralph D. Pettingell, County Treasurer, will receive bids until 11 a. m. on
Dec. 6, for the purchase of $40,000 coupon courthouse notes.
Dated Dec. 1,
1938.
Denom. $1,000.
Due $10,000 on Dec. 1 from 1939 to 1942, incl.
Bidder to name a single rate of interest, expressed in a
multiple of X of
1%.
Principal and interest (J-D) payable at the First National Bank of
Boston.
Legality to be approved by Ropes, Gray, Boyden & Perkins of
Boston, whose opinion will be furnished the successful bidder.
SAGINAW, Mich.—POWER BOND ISSUE NOT CONSIDERED AT
ELECTION—Shirley W. Corrigan, City Clerk, informs us that the question
of
issuing $3,358,850 revenue bonds to finance the city's share of a proposed
municipal light and power plant was not considered by the voters at the
general election.
It had been reported that the subject was to be
recent
?laced Works Administration for grant in connection with the proposition,
The Clerk adds that the city has applied to the
ublic on the ballot.
a
no
NORTH ADAMS, Mass.—NOTE OFFERING—Adrien Bonvouloir,
City
Treasurer, will receive bids until noon on Nov. 28, for the purchase of
$100,000 notes dated Nov. 29, 1938 and
payable Nov. 6, 1939. They will
be certified by the Merchants National Bank of Boston and
approved as to
iegadty by Storey, Thorndike, Palmer & Dodge of Boston.
Bidder to name
action
on
which has yet been taken.
purchase at dis¬
anticipation notes, dated Nov. 29, 1938 and
payable $150,000 Feb. 28, 1939, $100,000 April 24, 1939, $50,000 June29,
1939, and $200,000 Aug. 24, 1939, at the National Shawmut Bank of
WYANDOTTE SCHOOL DISTRICT, Mich.—BOND OFFERING—
Arthur E. Baisley, Secretary of the Board of Education, will receive sealed
bids until 8 p. m. on Nov. 29 for the purchase of $54,000 not to exceed 6%
interest general obligation coupon school bonds.
Dated Nov. 15, 1938.
Due March 15, 1939.
At purchaser's option, one bond for $54,000 or 54
bonds of $1,000 each will be issued.
Principal and interest (at maturity)
will be payable at the Wyandotte Savings Bank.
Bonds will be issued in
anticipation of 1938 building fund taxes which have been levied in the prin¬
cipal amount of $63,500 and which become a lien on Dec. 1, 1938.
A
certified check for $2,700, payable to order of the District Treasurer, is
required.
Bids to be conditioned upon approving legal opinion of Miller,
Canfield, Paddock & Stone of Detroit.
Cost of opinion to be paid for by
Boston.
the district; successful bidder to bear expense of printing the bonds.
of interest on a 360-day year interest-to-follow basis and no tenders
to discount the loan will be considered.
a rate
QUINCY, Mass.—NOTE OFFERING—Harold P. Newell, City Trea¬
surer, will receive bids until 11 a. m. on Nov. 29, for the
of $500,000 revenue
count
The
notes will be authenitcated as to genuineness and
validity
by the aforementioned bank, under advice of Storey, Thorndike, Palmer
& Dodge of Boston.
^
SALEM,
Mass.—BONDS
AUTHORIZED—The
State
Emergency
Finance Commission has authorized the city to issue $900,000 bonds to
provide its share of the $1,800,000 to be expended in the elimination of grade
crossings and the erection of a new railroad station to replace the present
100-year-old depot. Balance of the money will come in the form of a grant
from the Public
Works_Adininistration.
t
SUNDERLAND, Mass.—NOTE SALE—The Merchants National Bank
of Boston
purchased on Nov. 23 an issue of $15,000 tax anticipation notes
at
0.26% discount. Due Nov. 16,1939. Other bids: Second National Bank
of Boston, 0.287%; First National Bank & Trust
Co., Greenfield, 0.40%;
First Boston Corp., 0.494%.
MINNESOTA
BECKER
COUNTY
(P. O.
Detroit
Lakes)
Minn.— WARRANT
SALE—The $10,000 issue of 3X % ditch refunding warrants offered for sale
on Oct. 24—V. *47. p. 2570—was purchased jointly at par
by the Becker
County National Bank, and the Detroit State Bank, ooth of Detroit Lakes.
Due on Dec. 1, 1939. Interest payable
Denom. $500. Dated Oct. 24, 1938.
date of maturity.
on
1951.
to
TEMPLETON, Mass.—NOTE
Boston
was
awarded
an
SALE— The Second National Bank of
issue of $55,000 notes at,0.449% discount.
Due
$30,000 Nov. 10 and $25,000 Nov. 20, 1939.
-
ELBOW LAKE, Minn.—BONDS SOLD—It is reported that $8,000 3%
pumping and fire station bonds approved by the voters on
Nov. 8 have been purchased by the State of Minnesota.
Due from 1944
semi-annual
GOODHUE, Minn.—BONDS SOLD—It is reported that the following
bonds aggregating $36,000, have been purchased by the Wells-Dickey Co*
of Minneapolis, as 2X8, paying a price of 101.54: $32,000 sewer, and $4,000
water bonds.
to HAWLEY, Minn.—BONDS SOLD—It is stated by the Village Recorder
that $25,000 community building bonds approved by the voters on Nov. 8,
MICHIGAN
ADRIAN. Mich.—BOND SALE—'The $97,000 bonds offered Nov.
14—
V. 147, p. 2896—were awarded to Crouse & Co. of Detroit as
2Xs and 2Xb
at par, plus a premium of
$163.64, equal to 100.17.
Sale consisted of:
IBSTOOO Emma'L.
Bixby Hospital bonds"!"
Due Nov. 1 as follows*?"SldJOS",
1940 to 1951, incl.; $2,000 from 1952 to
1959, incl., and $3,000 from
I960 to 1968, inclusive.
42,000 civic auditorium bonds.
Due Nov. 1 as follows: $1,000 from 1939
to 1952, incl., and $2,000 from 1953 to
1966, incl.
Each issue is dated Nov. 1, 1938.
ALPENA, Mich.—BOND OFFERING—Herbert M. Howe, City Clerk,
will receive sealed bids until 1
p. m. on Nov. 29, for the purchase of $121,000
not to exceed
3% interest coupon hospital bonds.
Dated
Aug. 15, 1938.
1939 to 1948, incl.:
Denom. $1,000.
Due Aug. 15 as follows:
$5,000,
$8,000 in 1949 and $7,000 from 1950 to 1958, incl.
Rate of interest to be
expressed in a multiple of X of 1%.
Principal and Interest (F-A. 15) pay¬
able at City Treasurer's office.
The bonds are payable from unlimited ad
valorem taxes and bids shall bb conditioned
upon approving legal opinion
of Donald K. Gillard of Aplena.
Cost of opinion and printing of the bonds
to be borne by the
city.
A certified check for 2% of the bonds, payable to
order of the City Treasurer, is required.
FLUSHING, Mich.—BOND OFFERING—William E. Beebe, Village
Clerk, will receive sealed bids until 8 p. m. on Dec. 2, for the
purchase of
$23,000 not to exceed 4% interest coupon, registerable as to
principal only,
feneral obligation water bonds.
1
Dated Oct. 1, 1938. Denom. $500.
'^S0P0?Si.o,i1,^D0'»1940 ***1944- incl*i 52,000 in 1945 and
*4:,500 fr°m 1946 to 1948, incl.
Rate or rates of interest to be expressed in
multiples of X of 1%.
Principal and interest (A-O) payable at Village
Treasurers office.
A certified check for $500,
payable to order of the
Village Treasurer, is required.
The bonds are payable from unlimited ad
valorem
taxes
and successful
bidder
will be required to
pay the cost of
legal opinion approving the legality of the bonds and the
village will pay
the cost of printing the bonds.
HIGHLAND PARK SCHOOL DIST., Mich.—TENDERS
WANTED-
Mrs. Audrey M. Finley,
Secretary of Board of Education, announces that
she will receive sealed tenders of any bonds of the
Public Schools of Highland
Park until 7:30 p. m. on Dec. 13.
Tenders should give
complete details
of the offering and state price, plus accrued
interest to date of delivery
which the bonds will be sold to the
district; also dollar value and yield. A
sum of $80,000 is available for
purchase of offerings. Bonds pin-chased shall
be delivered to the District Treasurer at the
Manufacturers National Bank
of Detroit, within seven
days of date of mailing notice of acceptance of
tender.
HOLTON TOWNSHIP SCHOOL DISTRICT NO. 5
(P. O. Holton),
Mich.—BOND SALE—The issue of $10,000
building bonds offered Oct.
17
7*~V. 147,
p. 2426—was awarded to the Fremont State Bank of Fremont as
$50 premium, equal to 100.50, a basis of about
3.82%.
Dated Oct. 1, 1938, and due $2,000 on Oct. 1 from
1939 to 1943, incl.
4s at par plus
HUDSONVILLE, Mich.—BONDS NOT SOLD—The issue of $24,000 not
to exceed 4% interest water revenue bonds
offered Oct. 17—V
147
p
2426—was not sold.
Dated Sept. 1, 1938 and due
Sept. 1 as follows: $750*,
1941 to 1946, incl.; $1,000 from 1947 to
1955, incl. and $1,500 fro n 1956
to 1962, inclusive.
have been sold to the State.
•
LA CRESCENT. Minn.—BOND SALE— The $27,500 issue of water
on Oct.
14—V. 147, p. 2427—was purchased
by the State Bank of Houston, as 3s, paying a price of 101.80, a basis
of aDout 2.86%.
Dated Oct. 1, 1938.
Due from Oct. 1, 1941 to 1968;
callable on and after Oct. 1, 1943.
Works bonds offered for sale
MORGAN
Morgan),
INDEPENDENT
SCHOOL
DISTRICT
NO.
56
(P.
O.
Minn.—BOND
offered for sale
on
SALE—The $50,000 issue of building bonds
Nov. 21—V. 147, p. 3194—was awarded to a group com¬
posed of Piper, Jaffray & Hopwood, Thrall, West & Co., and the North¬
western National Bank & Trust Co., all of Minneapolis, as 2Xs, according
to the District Clerk.
Dated Dec. 1, 1938.
Due from Dec. 1, 1940 to
1958,, incl.
MOWER COUNTY INDEPENDENT SCHOOL DISTRICT NO. 27
(P. O. Austin), Minn.—BOND SALE—The $450,000 issue of high school
offered for sale on Nov. 22—V. 147, p. 3051—was awarded
jointly to the Harris Trust & Savings Bank of Chicago, Smith, Barney &
Co. of New York, and G. S. Ashmun & Co. of
Minneapolis, as 2Xs, paying
a premium of
$4,225. a equal to 100.94, a basis of about 2.16%.
Dated
Dec. 1, 1938.
Due from Dec. 1, 1941 to 1958, inclusive.
building bonds
ST. LOUIS COUNTY COMMON SCHOOL DISTRICT NO. 30 (P.O.
issue of school bonds of¬
on Nov. 18—V. 147, p. 2897—was awarded to Homer Collins
Duluth), Minn.—BOND SALE—The $17,600
fered for sale
& Co. of Duluth, as 3Xs,
paying a premium of $110, equal to 100.62, a
basis of about 3.43%.
Dated Jan. 3, 1939.
Due from 1940 to 1957 incl.
VIRGINIA, Minn.—BOND SALE—The $75,000 issue of WPA project
bonds offered for sale on Nov. 22—V. 147, p. 3195—was awarded to the
Northern National Bank of Duluth, and associates, as lXs, paying a price
of 100.167,
on
a
basis of about 1.69%.
Dated Nov. 1, 1938.
Due $15,000
Jan. 1 from 1940 to 1944 incl.
WATERTOWN SCHOOL DISTRICT
(P. O. Watertown), Minn.—
BONDS SOLD—It is reported that $15,000 school bonds approved by the
voters at an election held on Sept. 26, have been
purchased by the State
of Minnesota.
WORTHINGTON, Minn.—CERTIFICATE SALE—We are informed
by G. S. Thompson, City Clerk, that $60,000 street improvement certifi¬
cates of indebtedness were awarded on Nov. 4 to the First National Bank &
Trust Co. of Minneapolis, as 2s, paying a premium of $675,
equal to 101.125,
basis of about 1.83%.
Denom. $1,000.
Dated Dec. 1, 1938.
Due
$4,000 from Dec. 1, 1939 to 1953 incl.
Prin. and semi-annual int. payable
at the First National Bank & Trust Co.,
Minneapolis.
The City Clerk
a
states
that additional certificates of the total issue of $125,000 will be
offered for sale at a later date.
The second best bid received was an offer of $660 premium on
2s, sub¬
mitted by Mairs-Shaughnessy & Co. of St. Paul.
(This report supercedes the notice of sale given in our issue of Nov. 12—
V. 147, p. 3051.)
MISSISSIPPI
COLUMBUS, Miss.—PWA ANNOUNCES POWER LOAN
IPAL SYSTEM—The
by the above Federal
following
agency on
press
release (No. 3519),
Nov. 22:
FOR MUNIC¬
was made
public
Volume
Financial
147
Administrator Ickes announced today that money would be advanced to
Columbus, Miss., for the construction of its electric distribution system.
project on which the Administrator has applied the new
policy governing applications for competitive distribution systems to
receive funds to begin construction of a duplicating system.
On July 7, 1938, an allotment of $126,000 grant was made to the City of
Columbus on the condition that the city submit a fair and reasonable offer
to the Mississippi Power Co. for the facilities which it intended to duplicate.
The city offered the Power company $232,000 for its system serving 2,500
customers; this was refused by the Power company, which asked $536,366
for the properties.
The city and Power company then filed briefs with
Administrator Ickes, supplying information and data from which he might
determine what a fair and reasonable offer would be.
After considerable
This is the first
investigation, the Administrator reported to both parties that in his opinion
a fair offer for the purchase would amount to $269,000.
This figure was
accepted by the city and offered to the Power company; but Public Works
Administration has just been informed by the city that the Power company
refused to accept the figure.
PWA is now prepared to go ahead with the
financing of the competing project.
About 50 cities have received such allotments for competitive distribution
systems, but Columbus is the first to have completed the specified nego¬
tiations required by the Administrator. Two other cities which have received
PWA allotments, Vandalia, Missouri and Smithville, Texas, have reached
agreements regarding a fair price with the private utilities without having
to ask the Administrator for a determination. These cities intend to buy the
existing utilities in order that duplication of facilities may be avoided.
AND 3
FORREST COUNTY SUPERVISORS DISTRICTS NOS. 1
P. O. Hattiesburg), Miss.—BONDS SOLD—It is stated that
$67,500
S V£%
industrial bonds were purchased by a group composed of J.G.
ickman. Inc., of Vicksburg, White, Dunbar & Co. of New Orleans, and
the Citizens Bank of Hattiesburg.
HATTIESBURG,
received until 10
a.
OFFERING—Sealed
Miss.—BOND
m.
on
Dec. 1, by J. H. McCaa, City
bids will be
Clerk, for the
Surchase of a $75,000 issue of refunding bonds. in 1949, $3,000 in
1, as follows: $1,000 in 1943 to 1948. $2,000 Denom. $1,000.
an.
to
1958, and $4,000 in 1959 to
1965.
Bidders
are
Due
1950
requested to submit an
this issue in full on any interest
payment date after Jan. 1, 1945.
Prin. and int. payable at the Central
Hanover Bank & Trust Co., New York. Enclose a certified check for 5%.
alternate bid wherein the city may pay
HOLLAND ALE,
Miss.—BONDS SOLD—It is reported that $30,000
have been purchased by Walton
3 24% semi-ann. street improvement bonds
& Jones of Jackson.
Dated Oct. 1, 1938.
LAUREL, Miss.—BONDS AND NOTES SOLD—It is stated
by J. C.
Coats, City Clerk, that the following bonds and notes aggregating $324,000
were purchased on Nov. 22 by Leftwich & Ross of Memphis, and associates,
paying a premium of $2,400, equal to 100.74 (plus the cost of printing and
attorney's fees), divided as follows:
$55,000 school notes as 3%s.
77,000 refunding bonds as 4 34 s. Dated Jan. 1, 1939.
Due from Jan. 1,
1941
to
1960 incl.
192,000 refunding bonds as 434s.
Dated Jan. 1, 1939.
Maturities to be
fixed later.
NATCHEZ, Miss.—BOND SALE—The $55,000 issue of 3% semi-ann.
municipal auditorium bonds offered for sale on Nov. 22—V. 147, p. 3195—
was purchased at par by Scharff & Jones of New Orleans, and associates,
reports the City Clerk.
No other bid was received.
Dated Nov. 1, 1938.
Due from Nov. 1, 1946 to 1958.
TUPELO SCHOOL DISTRICT (P.
O. Tupelo), Miss.:—PRICE PAID
reported by the School Director that the $25,000 school bonds
purchased by the First National Bank of Memphis, as noted here—V. 147,
p. 3195—were sold as 334». paying a price of 100.60.
—It is
3343
Chronicle
now
NEW
HAMPSHIRE
MANCHESTER, N. H.—LOAN OFFERING—F. D. McLaughlin, City
Treasurer, will receive bids until 11 a. m. on Nov. 30, for the purchase at
discount of $500,000 notes, dated Nov. 30, 1938 and payable July 12, 1939
at the First National Bank of Boston or at the Central Hanover Bank &
They will be authenticated as to genuineness
validity by the Boston institution, under advice of Ropes, Gray,
Boyden & Perkins of Boston.
Trust Co., New York City.
and
NASHUA, N. H.—BOND SALE—The $150,000 2H% permanent public
improvement bonds offered Nov. 23—V. 147, p. 3195—were awarded to
Frederick M. Swan & Co. and Kennedy, Spence & Co., both of Boston,
jointly, at a price of 103.677.
Dated Nov. 15, 1938 and due serially from
1939 to 1958, incl.
Other bids;
Rate Bid \
Bidder—
FERGUSON
SEWER
DISTRICT
Hemphill, Noyes & Co
NEW
Fergu.on), Mo
Donovan, Secretary of the Board of
receive sealed bids until 7 p. m. on Nov. 28 for the
purchase of an issue of $125,000 sewer bonds.
Dated Dec. 1, 1938. De¬
nomination $1,000.
Due June 1 as follows: $5,000 in 1942 to 1945, $7,000
in 1946 to 1949, $8,000 in 1950 to 1953, and $9,000 in 1954 to 1958.
Bidder
to name rate of interest in a multiple of 34 of 1 %, and all of the bonds shall
bear interest at the same rate.
Prin. and int. payable at a place to be
designated by the bidder and approved by the Board of Trustees.
No bid
at less than par and accrued interest wih be considered.
The district was
organized as a body corporate and political subdivision of the State under
the provisions of an Act of the General Assembly of Missouri, approved on
Jan.'13, 1934, and by decree of the Circuit Court of St. Louis County.
The bonds were authorized at the election held on Sept. 26 by a vote of
637 to 151. ' The validity of the law under which the district was organized
was sustained by the State Supreme Court on Oct. 7, 1935.
The interest
and principal of these bonds are payable out of funds received from a
direct ad valorem tax which may be levied without limitation as to
rate or amount, upon all taxable property of the district, and taxes are
to be collected at the time and in the same manner as State and county
taxes.
The approving opinion of Charles & Trauernicht of St. Louis will
be furnished and the district will pay for the printing of the bonds and the
registration fee at the officd of the State Auditor.
Enclose a certified check
OFFERING—It is stated by William P.
payable to the district.
CITY, Mo.—BONDS SOLD—An issue of $1,200,000 water
Nov. 22 by a syndicate composed of
& Co., F. S. Moseley & Co., Eastman, Dillon
& Co., Kean, Taylor & Co., all of New York, the Prescott, Wright, Snider
Co., Stern Bros. & Co., both of Kansas City, and Wheelock <Sr Cummins of
Des Moines, paying par, a net interest cost of about 2.42%, on the bonds
divided as follows: $450,000 as 2Xa. maturing on Jan. 1: $30,000, 1940 to
1944, and $60,000, 1945 to 1949; $350,000 as 234®. maturing $70,000 from
Jan. 1, 1950 to 1954; the remaining $400,000 as 2Hb, due $80,000 from
Jan. 1, 1955 to 1959 incl. Denom. $1,000. Dated Jan. 1, 1939. Payable in
Kansas City or New York.
Legal approval by Charles & Trauernicht of
KANSAS
refunding bonds was purchased on
Lehman Bros., Phelps, Fenn
St. Louis.
-•
JERSEY
ALLENHURST, N. J .—BOND OFFERING—B.
Harrison Morris,
Borough Treasurer, will receive sealed bids until 3:30 p. m. on Nov. 29
for the purchase of $48,000 not to exceed 5% interest coupon or registered
jetty improvement bonds.
Dated Dec. 15, 1938. Denom. $1,000. Due
Dec. 15 as follows: $6,000 in 1939 and $3,000 from 1940 to 1953 inci. Prin.
and interest (J-D) payable at the Allenhurst National Bank & Trust Co.,
Allenhurst. Rate of interest to be expressed in a multiple of ^ of 1%.
A
certified check for 2% of the bonds bid for, payable to order of the Boroulgb
Treasurer, is required.
BERNARDS TOWNSHIP SCHOOL DISTRICT (P. O. Bernardsville), N. J.—BOND SALE—J. B. Hanauer & Co. of New York and Buckley
of Philadelphia, jointly, were successful bidders for the $110,000
coupon or registered school bonds offered Nov. 21—V. 147, p. 3052. Bankers
bid for $109,000 bonds, naming an Interest rate of 2 34 % ana price of 101.218,
a basis of about 2.37%.
Dated Dec. 1, 1938 and due Dec. 1 as follows:
$5,000 from 1939 to 1948 Incl.; $6,000 from 1949 to 1957 incl. and $5,000 in
1958. Bankers reoffered the bonds to yield from 0.60% to 2.50%, according
to maturity.
Second high bidder was the account of Minsch, Monell &
Co., Inc. and Dougherty, Corkran & Co. of Philadelphia, which bid a price
of 100.79 for $110,000 234s. H. L. Alien & Co. of New York offered to pay
100.39 for the same amount of bonds and at the same rate.
Bros,
MERCER COUNTY
(P. O.'Trenton), N. J .—TO
It is expected that the county will
or
PLAIN FIELD.
will receive
not
$365,000
N.
J.—BOND
sealed bids until 8
to exceed
OFFERING—Fred Toegel, City Clark,
Dec. 5 for the purchase of $641,000
p. m. on
6% interest coupon or
DENTON, Mont.—BOND SALE—The $22,000 issue of refunding bonds
21—V. 147, p. 2897—was purchased by the Farm ers
offered for sale on Nov.
plan in 15 years;
to the Town Clerk.
$1,000. Dated Jan. 1,
optional after five years.
J-J.
SHELBY, Mont.—BOND SALE—The $8,500 issue of coupon swimming
pool bonds offered for sale on Oct. 24—V. 147, p. 2571—was purchased by
the State Department of Lands and Investments, as 4s at par, according
to the City Treasurer.
This bid was accepted subject to approval of the
project by the Public Works Administration.
Dated Sept. 1, 1938. Due
on the amortization
plan, equal payments semi-annually, final maturity
on Sept. 1, 1943.
Interest payable M-S.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 24 (P. O
Mont.—BOND SALE POSTPONED—It is stated by B. F
District Clerk, that the sale of the $46,750 school bonds, which,
had been scheduled for Nov. 22, as noted here—V. 147, p. 3195—has been
postponed because an extension of time for the revision of plans and readvertising for bids on construction was required by the Public Works
Worden)
Gaither,
Administration.
$12,000
in 1959.
NEBRASKA
HASTINGS, Neb.—BONDS SOLD—It is
refunding bonds have been sold.
semi-arm.
Principal and
Denom. $1,000.
1938.
J-D) payable at the City Treasurer's office.
In making an offer,
required to consider the bonds as constituting a single issue of
$641,000. Bidder to name a single rate of interest, expressed in a multiple
of 34 or l-10th of 1%.
The price for which the bonds may be sold cannot
exceed $642,000.
A certified check for $12,820, payable to order of the
& Clay of New
city, is required.
Legal opinion of Reed, Hoyt, Washburn
York City will be furnished the successful bidder.
(Previous notice of the city's intention to
peared in Y. 147, p. 3196.)
make the above offering ap¬
ROSELLE, N. J .—BOND ISSUE APPROVED—In approving the
borough's proposal to issue $235,000 refunding bonds to provide for re¬
demption at maturity of an equal amount of assessment bonds due in 1939
and 1940, the State Funding Commission
requested that, as It may not
be possible to secure the outstanding bonds become actual maturity dates,
the borough filed with the commission a definite statement that it will hold
the proceeds of the refunding issue intact until such time as they may be
needed to take up the assessment obligations.
BRIGHT, N. J.—BONDS NOT
m SEA
offered
Nov.
on
SOLD—No bids were submitted
and jetty impt. bonds
*"'■
A w-. ^
i <
exceed 6% interest sewer
17—V. 147, p. 3052.
for the $188,500 not to
_
SUMMIT, N. J.—BOND ISSUE APPROVED—la approving a proposed
$250,000 funding bonds the State Funding Commission declared
that the proposal is intended to permit the city to accept a cash basis
without difficulty and appears to be reasonable.
Furthermore, it contin ed the city's tax collection is excellent and although it is one year behind
in the matter of tax sales the situation with respect to delinquent taxes and
issue of
,
tax title
liensJs good,
i-
_
_
__
VINELAND, N. J.—BOND SALE—Dougherty,
k '
A*
^
J
Corkran & Co. and O. O.
$100,000
Collings & Co.. both of Philadelphia, were successful bidders for the
coupon or, registered electric light plant bonds offered Nov. 22—-V.
p. 3052.
Bid was for $99,000 bonds as 234s, at a price of 101.195, a
147,
basis
Dated Dec. 1, 1938 and due Dec. 1 as follows: $6,000
1939 to 1943 incl.: $7,000 from 1944 to 1952 incl. and $6,000 in 1953.
Second high bid of 100.528 for $100,000 2)is was received from Charles
of about
2.09%.
Clark & Co. of New York.
YORK
FREE SCHOOL DISTRICT NO. 2 (P. O. BatavU)
N. Y.—BOND SALE—The issue of $25,000 coupon or registered school
bonds offered Nov. 21—V. 147, p. 3196—was awarded to Sherwood &
Reichard of New York as 1.80s, at par plus $57.50 premium, equal to
100.23, a basis of about 1.77%.
Dated Oct. 1, 1938 and due Oct. 1 as
follows: $3,000 from 1941 to 1945. incl. and $2,000 from 1946 to 1950, Incl.
Among other bids were:
BAT A VIA UNION
Int. Rate
Bidder—
Union Securities Corp
1-80%
George B. Gibbons & Co., Inc
Marine Trust Co. of Buffalo
Roosevelt & Weigoid, Inc
R. D. White & Co
Bancamerica-Blair Corp
Manufacturers & Traders Trust Co.
BankofLeRoy
Genesee Trust Co
1-80%
reposed that $75,000 234%
,,
Premium
$48.00
45.00
33-75
85.00
81.00
65.00
of Buffalo
44.78
------2.20%
50.00
2%
42.25
BRIDGEHAMPTON FIRE
DISTRICT (P. O. Bridgehampton),
Town
of Southampton, N. Y.—BOND SALE—An issue> of $9,500 fire
house bonds was sold on Nov. 14 to P. B. Roura & Co. of New York as
2.70s, at 100.31, a basis of about 2.69 %. Dated J an. 1,1939. One bond for
$500, others $1,000 each. Due Jan. 1 as follows: $500 in 1940 and $1,000
from 1941 to 1949 incl. Principal and interest (J-J) payable at the Bridge-
hampton National
1.80%
2%
2%
2%
2%
Bank.
OFFERING—Richard A. Mason, Village
for the purchase of
roistered sewer bonds of
follows: $4,000,
$4,000 from 1959 to
1968 Incl. Bidder to name a single rate of interest, expressed in a multiple
of X or l-10th of 1%.
Principal and interest (J-D) Payable at the State
Bank, Chatham, or at the Irving Trust Co., New York City.
The bonds
are unlimited tax obligations and the approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
bidder.
A certified check for $2,600, payable to order of the village, is
CHATHAM,
N. Y.—BOND
Clerk, will receive sealed bids until 1 p. m. on Dec. 5
$130,000 not to exceed 6% interest coupon or
1938. Dated Dec. 1, 1938. Denom. $1,W0. Due Dec. las
1939 to 1948 incl.; $5,000 from 1949 to 1958 incl. and
ALLEN, Neb.—BOND SALE DETAILS—It is now reported that the
$7,500 434% semi-ann. refunding bonds sold recently to the WachobBender Corp. of Omaha, as noted here—V. 147, p. 3195—are dated Oct. 1,
1938, and mature on Oct. 1 as follows: $500,1939 to 1945, and $1,000,1946
to 1949.
They were purchased at par.
IT
,
276,000 school bonds. Due Dec. 1 as follows: $11,000, 1939 to 1941 incl.;
$12,000, 1945 and 1946; $13,000, 1947 and 1948; $14,000, 1949 to
1951 incl.; $15.000,1952 to 1957 incl.; $16,000 in 1958 and
NEW
State Bank of Denton, the only bidder, according
The purchase price was par on 5% bonds. Denom.
Due on the amortization
follows:
$17,000,
$20,000
registered bonds, divided as
bonds.
Due Dec. 1 as foilows:
$16,000, 1939;
1940 to 1944 incl.; $18,000 from 1945 to 1952 incl. and
from 1953 to 1958 incl.
sewer
MONTANA
COUNTY SCHOOL DISTRICT NO. 2 (P. O. Big
Sandy) Mont.—BOND SALE—The $68,750 issue of school building and
equipment bonds offered for sale on Nov. 19—V. 147, p. 3051—was pur¬
chased by the State Land Commission, as 3348 at par.
Due in 15 years,
optional after five years, according to the Superintendent of Schodl.
1939.
ISSUE BONDS—
January, an
offer for sale sometime next
$292,000 hot to exceed 6% interest building bonds. They will prob¬
ably be dated Feb. 1, 1939 and will contain the legal approving opinion of
Hawkins, Delafield & Longfellow of New York City.
issue
.
CHOUTEAU
Interest payable
102.537
Boston
-.103.077
the bidder is
Trustees, that he will
for $2,000,
Lee
interest
O.
<P.
103.033
Higginson Corp
103.015
E. H. Rollins <fc Sons, Inc.
Bond, Judge & Co
-102.92
Bond & Goodwin and Perrin,
and Chace,
Whiteside &
Winsiow & West
-.102.82
Symonds
103.535
National
Bank of
Indian Head National Bank_103.125 I Second
All of the bonds are dated Dec. 1,
MISSOURI
Rate Bid
Bidder—
Nashua Trust Co
Ballou, Adams & Whittemorel03.647
Goldman, Sachs & Co
103.585
required.
/
3344
Financial
CHARLOTTE, GERRY, STOCKTON, ARKWRIGHT, POMFRET,
ELLERY, CHERRY CREEK, ELL1COTT AND ELLINGTON CEN¬
TRAL SCHOOL DISTRICT NO.
1
(P. O. Sinclalrvllle), N. Y.—
BOND SALE—The Issue of $240,000 coupon or registered school bonds of¬
fered Nov. 22—V. 147, p. 3196—was awarded Jointly to Kidder, Pea body
& Co. and Estabrook & Co., both of New York, as 2X», at 100.467, a
basis of about 2.21%.
Dated Dec. 1, 1938 and due Dec. 1 as follows:
$10,000 from 1941 to 1952 incl. and $15,000 from 1953 to 1960 incl.
The
purchasers reoffered the bonds to yield from 1% to 2.30%, according to
maturity.
Other bids:
Bidder—
Int. Rale
Rate Bid
Harris Trust & Savings Bank and Sherwood & Reichard 2X%
George B. Gibbons & Co., Inc., and Adams, McEntee
& Co
2X%
Union Securities Corp. and Bancamerica-Blair Corp
2.30%
Roosevelt & Weigold, Inc
2.30%
Manufacturers & Traders Trust Co. and Campbell,
Phelps & Co
2.30%
Marine Trust Co., Buffalo; R. D. White & Co.; E. H.
Rollins & Sons; A. O. Allyn & Co., and B. J. Van
Ingen & Co
2.40%
CORNWALL, N. Y.—BOND SALE—The issue of $86,000
100.35
Mount Vernon Trust Co
100.359
offered Nov.
23—V. 147, p. 3196—was awarded Jointly to Marine Trust
D. White & Co., N. Y. City, as 2.30s at par plus
premium of $234.78, equal to 100.273, a basis of about 2.27%.
Dated
Dec. 1, 1938, and due Dec. 1 as follows: $4,000 from 1939 to 1952, incl.,
and $5,000 from 1953 to 1958, incl.
Among other bids were the following:
Premium
Sherwood & Reicnard and Campbell, Phelps & Co.
2.40'
Halsey, Stuart & Co., Inc
George B. Gibbons & Co
2.40%
2.40%
129.00
Manufacturers & Traders Trust Co
2.40%
114.38
BONDS
from
a
RE-OFFERED—The
yield of 0.75 % to
a
successful
bidders
$378.40
168.56
re-offered
the
bonds
price of par.
EAST AURORA* N. Y.—BOND OFFERING—D. N.
Rumsey, Village
Clerk, will receive sealed bids until 3 p. m. on Dec. 12 for the purchase of
$66,749 coupon or registered bonds divided as follows:
$29,000 not to exceed 5% interest water bonds.
Denom. $1,000.
Due
$1,000 on Dec. 1, from 1939 to 1967, inclusive.
6,300 not to exceed 5% interest tax revenue bonds.
One bond for $800,
others $1,000 and $500.
Due Dec. 1 as follows: $1,500 from 1939
to 1941, incl., and $1,800 in 1942.
31,449 not to exceed 6% interest public improvement bonds.
One bond
for $449, others $1,000 each.
Due Dec. 1 as follows: $1,449 in
1039 and $2,000 from 1940 to 1954, inclusive.
All of the bonds will be dated Dec. 1, 1938.
of interest, expressed in a multiple of
X
or
Bidder to
single rate
Principal and
name a
1-1 Oth of 1 %.
interest
(J-D) payable at the Bank of East Aurora office of the Marine
Trust Co. of Buffalo, East Aurora, with New York
exchange.
A certified
check for $1,320, payable to order of the village, is
required.
The bonds
are unlimited tax obligations and the
approving opinion
Vandewater & Moore of N. Y. City will be
HeHLMIRA,
legal of Dillon,
furnished the
successful bidder.
N. Y.—CERTIFICATE OFFERING—The City Chamberlain
will receive bids until Nov. 29 for the purchase of
$120,000 home relief
certificates of indebtedness. Dated Dec. 1,1938. Due June 6,1939.
Payable
at the First National Bank & Trust
Co., Elmira. Legality to be approved by
Hawkins, Delafield & Longfellow of New York City.
Ml
WJOHNSTOWN. N. Y.—BOND OFFERING—Edward D^O'Neil/ City
Chamberlain, will receive sealed bids until 1:30 p. m. on Dec. 1 for the
Surchase offollows: not to exceed 6% interest
$81,000
ivided
as
coupon of registered bonds,
$56,000 street impt. bonds.
Due Dec. 1 as follows:
1942 incl. and $6,000 from 1943 to 1948 incl.
$5,000 from 1939 to
25,000 public works projects bonds. Due Dec. 1 as follows: $2,000 from
1939 to 1943 incl. and $3,000 from 1944 to 1948 incl.
All of the bonds will be dated Dec. 1,1938. Denom.
$1,000. Bidder to name
the interest rate in a multiple of X or l-10th of 1
%. Different rates may be
named on the respective issues, but all of the bonds of the issue must bear
the same coupon.
Principal and interest (J-D) payable at the Central
Hanover Bank & Trust Co., New York City.
The bonds are general obli¬
gations of the city, payable from unlimited ad valorem taxes. A certified
check for 2%, payable to order of the
City Chamberlain, is required. Legal
opinion of Caldwell & Raymond of New York City will be furnished the
successful bidder.
KENMORE, N. Y.—BOND SALE— The $117,000 bonds offered Nov. 21
—V. 147, p. 3052—were awarded
as
follows:
$87,000 registered funding bonds were purchased by the Manufacturers &
Traders Trust Co., Buffalo, as 2Hs, at 100.169, a basis of about
2.47%. Dated Nov. 1, 1938 and due July 1 as follows: $7,000,
1939 to 1941, incl.: $8,000, 1942 and 1943; $10,000 from 1944 to
1948, inclusive.
Callable on 30 days' written notice to address
of registered holder as furnished to the
Village Clerk.
The Union
Securities Corp., New York, second high bidder, offered
par and
$60.90 premium for 2.70s. E. H. Rollins & Sons, Inc., New York,
bid a premium of $174 for 3s.
30,000 coupon or registered street improvement bonds were sold to Ira
Haupt & Co. of New York, as 2.20s, at 100.14, a basis of about
2.17%. Dated Nov. 1, 1938 and due $3,000 on July 1 from 1939
to 1948, incl.
Bancamerica-Blair Corp., New York, next high
bidder, offered par plus $54 premium for 2.40s.
The Union
Securities Corp., New York named the same rate and $42
premium.
~
LACKAWXNNAT
N7"Y ^—BOND~OFFERING—Robert" E 7 Monaghan,
City Treasurer, will receive sealed bids until 2 p. m. on Nov. 29 for the
purchase of $194,701.49 not to exceed
5% interest coupon or registered
bonds, divided as follows:
$160,701.49 general refunding bonds.
One bond for $701.49; others,
$1,000 each.
Due Nov. 1 as follows: $14,701.49 m 1940;
$15,000, 1941; $17,000 1942 and $19,000 from 1943 to 1948,
inclusive.
34,000.00 incinerator bonds.
Denom. $1,000.
Due Nov. 1 as follows:
$2,000 from 1939 to 1949, incl., and $3,000 from 1950 to 1953,
inclusive.
All of the bonds will be dated Nov.
1,1938,
interest in a multiple of
.
"
Bidder to express the rate of
X or l-10th of 1%.
Bidders will be permitted to
name different rates on the
respective issues, but not more than one rate in
the case of each issue.
Prin. and int. (M-N) payable at the City Treas¬
urer's office.
The bonds are unlimited tax
obligations and the approving
legal opinion of Dillon, Vandewater & Moore of N, Y. City will be furnished
the successful bidder.
A certified check for $3,894,
payable to the order of
the city, is required.
LONG BEACH, N. Y.—RECENT REPORT ON
REFUNDING STATUS
-—Supplementing information on the subject previously given in these col¬
umns,
we
give below the text of
a
statement issued under date of Nov.
19
by the Manufacturers & Traders Trust Co. of Buffalo:
"We are acting as fiscal
agents in connection with the refunding of City of
Long Beach bonds maturing in the years 1938 to 1942, inclusive, and ag¬
gregating $1,427,250 bonds.
On Feb. 1, 1938, the
refunding plan was
put into effect, and since that date there have been refunded $1,128,550
of the $1,427,250 bonds affected
by the refunding plan.
Included in the
plan were general and water bonds and the amount of each for each of the
years is as follows:
£
Genera
,
,
j
„
bonds
1938
1939
1940
1941
1942
.--$168,675 $158,675 $181,175 $179,675 $178,675
34,875
41,175
52,675
31,300
29,675
113,675
106,675
106,675
106,675
116,675
Water bonds outstanding.
13,000
24,500
17,500
19,500
34,500
"Of the $34,875 bonds
maturing in the year 1938 and which are still out¬
standing, $25,000 of these do not mature until Dec. 1, 1938,
leaving but
$9,875 bonds actually in default.
Of the $13,000 water bonds maturing
in the year 1938 and still outstanding, all are in
default.
The total of
the bonds, therefore, in default total
$22,875 out of $282,850, which ma¬
tured in the year 1938."
General bonds
Water
outstanding
bonds
LAFAYETTE, FABIUS, TULLY AND ONONDAGA CENTRAL
DISTRICT NO. 7 (P. O. Tully, R. D. 1), N. Y.—BOND
OFFERING—Stanley Burt, District Clerk, will receive sealed bids at the
Grange Hall, Lafayette, until 2 p. m. on Nov. 30 for the purchase of $110,500
not to exceed
5% interest coupon or registered school bonds. Dated Nov. 1,
1938. One bond for $500, others $1,000 each. Due
May 1 as follows: $3,500,
1941; $4,000 from 1942 to 1967 incl. and $3,000 in 1968. Bidder to name a
SCHOOL
Int. Rate
—
100.40
water bonds
-
Bidder—
Manufacturers Trust Co., New York
First National Bank of Mount Vernon
100.219
26,
1938
MOUNT VERNON, N. Y.—NOTE SALE— The First National Bank of
Boston purchased on Nov. 23 an issue of $350,000 tax anticipation notes at
0.34% interest. The notes, issued against unpaid 1938 taxes, bear date of
Dec. 1, 1938 and mature Feb. 15, 1939. Other bids:
Bank of the Manhattan Co
Co. of Buffalo and R.
Int. Rate
Nov.
single rate of interest, expressed in a multiple of X or l-10tb of 1%. Prin
ana int.
(M-N) payable at the First National Bank of TulJy. The bonds are
unlimited tax obligations and the approving legal opinion of Reed, Hoyt,
Washburn & Clay of New York City will be furnished the successful bidder.
A certified check for $2,210, payable to order of Sara J. Millette, District
Treasurer, is required.
"m
100.407
100.333
a
Bidder—
Chronicle
0.50%
0.50%
0.75%
0.986%
Premium
$11.00
Par
3.00
Par
NAPLES, SOUTH BRISTOL, RICHMOND, CANADICE, PRATTSBURG, C6HOCTON, SPRING WATER, ITALY AND MIDDLESEX
CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Naples), N. Y.—BOND
OFFERING—Sealed bids addressed to Llewellyn Bassett, Clerk of the Board
of Education, will be received until 2 p. m. on Nov. 28 for the purchase of
$200,000 not to exceed 5% interest coupon or registered school bonds.
Dated Nov. 1, 1938.
Denom. $1,000.
Due Nov. 1 as follows: $6,000,
1941 to 1945, incl.; $7,000, 1946 to 1951, incl.; $8,000, from 1952 to 1958,
incl., and $9,000 from 1959 to 1966, incl.
Bidder to name a single rate of
interest, expressed in a multiple of X or l-10th of 1%.
Prin. and int.
(M-N) payable at the Hiram Maxfield State Bank of Naples, with New
York exchange, or at the Guaranty Trust
Co., New York, at holder's
option.
The bonds are unlimited tax obligations and the approving legal
opinion of Dillon, Vandewater & Moore of N. Y. City will be furnished the
successful bidder.
A certified check for $4,000, payable to order of Fred
Fox, District Treasurer, is required.
NASSAU COUNTY
(P.
O.
Mineola),
N. Y.—$2,000,000
DEBT RE¬
DUCTION—The county reduced its current debt by about $2,000,000 dur¬
ing 1938 and was able to meet operating requirements without recourse to
anticipation borrowing or making supplemental appropriations,
according to a summary of the 1939 budget prepared by J. Russell Sprague,
County Executive.
The new budget calls for total expenditures of $19,857,149, an increase of $1,107,249 over 1938.
Most of the increase is
revenue
attributed to uncertainties of relief demands next year and to requirements
on bonds for relief and other social welfare purposes.
for debt service
NEW YORK, N.
Y.—BOND OFFERING—Joseph D. McGoldrick,
City Comptroller, will receive sealed bids until noon on Nov. 29 for the
purchase of $40,000,000 not to exceed 4% interest bonds divided as follows
$8,750,000 serial bonds, including $4,200,000 for construction of schools and
$4,550,000 for various municipal purposes.
Due $250,000
annually on Dec. 1 from 1939 to 1973, inclusive.
9,600,000 serial bonds, including $6,000,000 for construction of schools
and $3,600,000 for various municipal purposes.
Due $320,000
annually on Dec. 1 from 1939 to 1968, inclusive.
3,000,000 serial bonds for various municipal purposes.
Due $200,000
annually on Dec. 1 from 1939 to 1953, inclusive.
3,650,000 serial bonds, including $1,400,000 for construction of schools
and $2,250,000 for various municipal purposes.
Due $365,000
on Dec. 1 from 1939 to 1948, incl.
2,000,000 assessment bonds, including $1,000,000 each for street and park
openings and street improvements.
Due Dec. 1, 1940.
2.500,000 assessment bonds, including $1,000,000 for street and park
openings and $1,500,000 for street Improvements.
Due Dec. 1,
1941.
3,500,000 assessment bonds, including $2,000,000 for street and park
openings and $1,000,000 for street impts.
Due Dec. 1,1942.
4,000,000 assessment bonds, including $3,000,000 for street and park
openings and $1,000,000 for street impts.
Due Dec. 1, 1943.
3,000,000 assessment bonds for street and park openings.
Due Dec.. 1,
1944.
The entire $40,000,000 bonds will be dated Dec. 1, 1938, and none will
be callable prior to maturity.
They will be issued in coupon form in denoms.
of $1,000, or in fully
registered form in denoms. of $1,000 or multiples
thereof.
Coupon bonds may be exchanged for registered bonds, but are
interchangeable.
Interest J-D.
The projected financing will not in¬
the city's debt within the constitutional 10% limitation.
Bids for
serial bonds will be accepted In series at one rate of interest for each series.
Bids on separate yearly maturities of serial bonds will not be accepted.
Bids for assessment bonds will be accepted on separate yearly maturities.
Bidders shall name the rate of interest in multiples of X of 1 %, not exceed¬
not
crease
ing 4%, which the bonds of each issue offered for sale are to bear.
Bids
stating a net yield but not stating a rate of interest will not be considered.
Bidders for the entire issue of $40,000,000, offering to purchase "all or
any
Eart" of such entire issue, may interest for thebid for "all orof serial which
none," bonds
id must state
single rate of also submit a $25,000,000
a
and
a single rate of interest for the
$15,000,000 of assessment bonds.
No bid for less than par value and accrued interest to Dec. 1, 1938,
will
be accepted.
Proposals must be accompanied by a certified check, pay¬
able to order of the City Comptroller, equal to
2% of the amount of bonds
bid for.
Upon payment of the purchase price, plus accrued interest, the
successful bidder will receive temporary bonds in bearer form, exchangeable
for definitive coupon bonds of like denominations when ready for delivery.
(Reference to previous public awards made by the city thus far in
made in V. 147, p.
3197.)
1938
was
NEW
YORK
(State
of)—CORRECTION—In
connection
with
the
report in V. 147, p. 3197, of the sale of $2,330,000 bonds to the Bankers
Trust Co. of New York and associates, the
price received for the block of
$150,000 23^s was erroneously reported ;at
108.31.59
"™*
102.505.1 Correct price was
ONEIDA, N. Y.—BOND OFFERING—onarles M. Kingsbury Jr., City
Clerk, will receive sealed bids until 4 p. m. on Dec. 8 for the purchase of
$53,000 not to exceed 5% interest coupon or registered refunding water
bonds.
Dated Nov. 15, 1938.
Denom. $1,000.
Due Nov. 15 as follows:
$1,000, 1939; $2,000, 1940; $3,000, 1941 to 1947 incl.; $9,000 in 1948 and
$10,000in 1949 and 1950. Bidder to name a single rate of interest, expressed
in a multiple of X or l-10th of 1%.
Principal and interest (M-N) payable
at the Irving Trust Co., New York
City.
A certified check for $1,060,
payable to order of the city, is required.
Legal opinion of Dillon, Vandewate *& Moore of New York City will be furnished the successful bidder*
_
ONONDAGA COUNTY (P. O. Syracuse), N.~Y.—CERTIFICATE
OFFERING—John F. Giminski, County Treasurer, will receive sealed bids
until 2 p. m. on Nov. 29, for the
purchase of $9O0,OOO not to exceed 6%
interest certificates of indebtedness, issued in
anticipation of collection of
taxes for fiscal year
starting Nov. 1, 1938.
The certificates will be dated
Dec. 1, 1938 and mature June 1, 1939.
Denoms. in multiples of $10,000 or
$25,000, to suit purchaser.
Payable as to principal and interest at the
First Trust & Deposit Co., Syracuse, or at
principal office of the Guaranty
Trust Co., New York, at holder's
Bidder to name a single rate of
option.
interest, expressed in a multiple of l-10th of 1 %.
A certified check for 1 %
of the issue bid for, payable to order of the
County Treasurer, is required.
Legal opinion of Hawkins, Delafield & Longfellow of New York City will be
furnished the successful bidder.
4
POUGHKEEPSIE, N. YI—BONDS DEFEATED—An Issue"Df $3137342
school construction
election.
bonds
was
defeated
by the voters at
the
Nov.
18
ROYALTON AND HARTLAND UNION FREE SCHOOL DISTRICT
NO. 1 (P. o.
Middleport), N. Y.—BOND OFFERING—Clyde Brown,
Clerk of the Board
on
of Education, will receive sealed bids until 1:30 p. m.
Nov. 28 for the purchase of $80,000 not to exceed 5% interest coupon or
Dated Dec. 1, 1938.
Denom. $1,000 and $500.
registered school bonds.
Due Dec. 1 as follows: $3,000, 1941 to 1946, incl.; $3,500, 1947 to 1952, incl.;
$4,000, 1943 to 1960, incl., and $4,500 in 1961 and 1962.
Bidder to name a
single rate of interest, expressed in a multiple of X or l-10th of 1%.
Prin.
and int. (J-D) payable at the Middleport branch of the Niagara County
National Bank & Trust Co., with New York exchange.
The bonds are
direct obligations of the district, payable from unlimited taxes.
A certified
check for $1,600, payable to order of Warren Snell, District Treasurer, is
required.
Legal opinion of Dillon, Vandewater & Moore of New York
City will be furnished the successful bidder.
SCARSDALE UNION FREE SCHOOL DISTRICT NO. 1 (P. O.
Scarsdale), N. Y.—BOND OFFERING—George A. Marsh, District Clerk,
will receive sealed bids until 10
a. m. on Nov. 30, for the purchase of $25,000
% interest coupon or registered school bonds. Dated Sept. 1,
Denom. $1,000.
Due Sept. 1 as follows:
$3,000 from 1940 to
not to exceed 6
1938.
Volume
single rate of interest,
Principal and interest
Trust Co., Scarsdale.
The bonds are unlimited tax obligations and the approving legal opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
A certified check for $500, payable to the order of the
1946, incl. and $4,000 in 1947.
Bidder to name a
expressed in a multiple of M or 1-10th of 1%.
CM-S) payable at the Scarsdale National Bank &
District Clerk, is
required.
$206,000 water and light bonds, divided: $50,000 maturing Nov. 1, $5,000
in 1940 to 1949, as 2Ms, and $156,000 maturing Nov. 1, $8,000
in 1950 and 1951, $10,000 in 1952 and 1953, and $12,000 in 1954
to 1963, as 3 Ms.
137,000 municipal improvement bonds, divided: $49,000 maturing Nov. 1,
$3,000 in 1940 to 1946. and $6,000 in 1947 to 1949, as 2Mb. and
$98,000 maturing $7,000 Nov. 1, 1950 to 1963, as 3Ms.
_
TONAWANDA, N. Y.—BOND SALE—The $300,000 coupon or regis¬
tered sewage and refuse disposal bonds offered Nov. 21—V. 147, p. 3197—
were awarded to an account composed of E. H. Rollins & Sons, Inc., A. G.
Allyn & Co., Inc., and B. J. Van Ingen & Co., Inc., all of New York, as
3Ms, at 100.838, a basis of about 3.18%.
Dated Jan. 1, 1939 and due
$10,000 on Jan. 1 from 1940 to 1969, incl.
Bankers re-offered the bonds to
yield from 1.25% to 3.20%, according to maturity.
Second high bid of
100.803 for 3Ms was received from the Bancamerica-Blair Corp., George
B. Gibbons & Co., Inc. and Bacon, Stevenson & Co., all of New Yorlc, In
Joint account.
R. D. White & Co. and Bond & Goodwin joined in making
an offer of 100.784 for 3 Ms.
Also bidding for the same rate, at 100.649,
as a group composed of the Manufacturers & Traders Trust Co., Sherwood
& Reichard and Campbell, Phelps & Co., all of New York.
UTICA, N. Y.—CERTIFICATE SALE—The $550,000 tax anticipation
certificates of indebtedness offered Nov . 23—V. 147, p. 3197—were awarded
to the Bank of the Manhattan Co. of New York at 0.25% interest, plus
$12 premium. Dated Nov. 25, 1938 and due Oct. 25, 1939. Other bids:
Par
National City Bank
Chase National Bank
0.25%
0.28%
$23.00
Halsey, Stuart & Co.„ Inc
0.28%
The bids are
Bidder—
29.00
10.00
0.29%
0.30%
(P. O. BaldwinsvilL), N. Y.—BOND OFFERING POSl exceed 6% interest coupon or registered home
relief bonds, originally scheduled to be sold on Nov. 22—V. 147, p. 3197—
are being re-offered for award at 2 p. m. on Dec. 6.
Sealed bids will be
received by John W. Brown, Town Supervisor.
The bonds will be dated
Dec. 1, 1938 and the maturity schedule revised to provide for redemption
of $2,000 bonds on April 1, 1939 and $3,000 annually thereafter to 1945
incl.
Legality to be approved by Dillon, Vandewater & Moore of New
VAN BUREN
PONED—The $20,000 not to
York City.
UNION FREE SCHOOL DISTRICT NO. 1 (P. O.
Y.—BOND OFFERING—George F. Jammer, Super¬
receive sealed bids until 2 p.m. on Nov. 30 for
the purchase of $146,000 not to exceed 5% interest coupon or registered
building bonds.
Dated Dec. 1, 1938.
Denom. $1,000. Due Dec. 1 as
follows:
$4,000, 1941 to 1949 incl.; $6,000 from 1950 to 1967 incl. and
$2,000 in 1968.
Principal and interest (J-D) payable in Wellsville.
A
certified check for 2% is required.
Legal opinion of Dillon, Vandewater &
Moore of New York City will be furnished the successful bidder.
WELLSVILLE
N.
intendent of Schools, will
Y.—BOND OFFERING— Sealed bids addressed to
Commissioner of Finance, will be received until 11 a. m.
of $196,000 not to exceed 5% interest coupon
or registered bonds, divided as follows:
$175,000 public impt. bonds. Due Nov. 1 as follows: $15,000 in 1940 and
$20,000 from 1941 to 1948 incl.
21,000 home relief bonds.
Due Nov. 1 as follows: $3,000 in 1939 and
$2,000 from 1940 to 1948 incl.
Each issue is dated Nov. 1,1938. Denom. $1,000. Bidder to name a single
rate of interest, expressed in a multiple of M or l-10th of 1%.
Principal
and interest (M-N) payable at the Citizens Bank, White Plains, with New
York exchange, or at the Central Hanover Bank & Trust Co., New York
City.
The bonds are unlimited tax obligations and the approving legal
WHITE PLAINS, N.
Gustav E. Olson,
on
Nov. 30 for the purchase
opinion of Dillon, Vandewater
city, is required.
& Moore of New York City will be furnished
$3,920, payable to order of the
A certified check for
the successful bidder.
,
&
Mayer, Chas.
A.
Middendorf & Co., First 170M 3M%
3%
Woody & Heimerdeinger Balance
$206,000.00
and Interstate Securities Corp
R. S. Dickson & Co., Weil, Roth
&
Wm. B. Greene Co.,
Balance
$137,109.*
$137,800
3M%
*
First 95M 3M
First 134M 3M%
3M
Balance
3M %
$206,000.00
Balance
Trust Co
Branch Banking &
$137,000.00
Purchaser.
LAURINBURG, N. C.—BOND OFFERING—Sealed bids will be received
by W. E. Easterling, Secretary of the Local Govern¬
his office in Raleigh, for the purchase of the following
issues of not to exceed 6% coupon semi-ann. bonds aggregating $92,500:
until 11 a. m. on Dec. 6,
ment Commission, at
1941 to
$40,000 water and light bonds. Due Dec. 1, as follows: $1,000 in
1945, $2,000 in 1946 to 1962 and $1,000 in 1963.
42,500 public improvement bonds. Due Dec. 1, as follows:
$2,000 in 1942 to 1951 and $3,000 in 1952 to 1958.
10,000 funding bonds.
Due Dec. 1, as follows: $1,000 in 1946 to
$3,000 in 1949, and 1950, and $1,000 in 1951.
$1,500 in 1941,
to the State
Treasurer.
,
LENOIR, N. C.—BOND SALE—The $150,000 issue of coupon
gistered sewage disposal plant bonds offered for sale on Nov.
Rate
Seasongood & Mayer, Chas. A. Hinsch &
Co., Middendorf & Co., Walter, Woody
& Heimerdinger, Wm. B. Greene Co.,
and Interstate Securities Corp
S.
R.
Dickson
Young &
Investment Co.
& Co., Vance,
Hardin, Inc., Southern
and Mairs,
Shaughnessy & Co_-_
*
$150,450.00
4M%
First
150,011.60
38M
Balance
3M%.
'
W./First 101M
(Balance
Wachovia Bank & Trust Co.(*), and Lewis/First
66M
& Hall, Inc
\ Balance
Kirchofer & Arnold, Inc., and Branch [First 115M
Banking & Trust Co
\ Balance
Corp.
Equitable Securities
Craigie & Co
and F.
\
3 %J
3
3°avo
4% \
4M % J
150.075.00
150.016.10
150.000.00
Purchaser,
stated by the
that a $25,000 issue of
offered for sale on Nov. 22 and
Administration. Dated Aug. 1,
TO PWA—It is
N. C.—BONDS SOLD
Secretary of the Local Government Commission
4% semi-ann. water and sewer bonds was
was purchased at par by the Public Works
1938. Due $1,000 from Aug. 1, 1940 to 1964 incl.
COMPANY
with the
issue
ROANOKE RAPIDS, N. C.—LIST OF BIDS—In connection
$130,000 coupon street improvement bonds noted in our
or
19—V. 147, p. 3198—we are furnished with the following
tabulation of the tenders submitted:
Price
A. T. T. Tel. Rich.Va. 83
sale of the
official
Nov.
CAROLINA
R. S. Dickson & Co.
Hardin
TENDERS
♦Scott, Horner &
ties Corp
bonds dated July 1, 1936, at 35.98.
1936,
*
34.53.
8,000 Beaverdam Water and Sewer District refunding
July 1. 1936, at 30.80.
1,000 Skyland Sanitary District refunding bonds dated
bonds dated
July 1, 1936,
at 29.50.
36,000 Swannanoa Water and Sewer
July 1. 1936, at 32.00.
9,000 Woodfin Sanitary Water and
dated July 1,1936, at 54.00.
GRANITE
FALLS, N. C.—BOND
District refunding bonds, dated
Sewer District refunding bonds
OFFERING—Sealed bids will be
29, by W. E. Easterling, Secretary of the
at his office in Raleigh, for the purchase
of a $10,000 issue of not to exceed 6% semi-annual coupon municipal
building bonds.
Denom. $500.
Dated Oct. 1, 1938. Due on April 1
as follows: $500,
1940 to 1949, and $1,000, 1950 to 1954, all incl.
The
bonds will be awarded to the bidder offering to purchase the bonds at the
lowest interest cost to the town, such cost to be determined by deducting
the total amount of the premium bid from the aggregate amount of interest
upon all of the bonds until their respective maturities.
No bid of less than
par and accrued interest will be entertained.
Principal and interest payable
in lawful money in New York City.
General obligations; unlimited tax.
Delivery at place of purchaser's choice.
The approving opinion of Storey,
Thorndike, Palmer & Dodge of Boston will be furnished.
Enclose a
certified check for $200, payable to the State Treasurer.
received until 11 a. m. on Nov.
Local Government Commission,
SALE—The coupon or registered bonds
offered for sale on Nov. 22—V. 147, p. 3053—were
composed of Shields & Co. of New York, E. Lowber
of Philadelphia, and Scott, Horner & Mason of Lynchburg,
GREENVILLE, N. C.—BOND
aggregating $343,000,
awarded to a group
Stokes & Co.
at a
price of 100.08, a
follows:
net interest cost
-
of about 3.19%, on the bonds as
-
[First $68,000
(Balance
3
M%
3M%,
a °a, ~/g.
bonds were
N.
130,079
130,083
Securi-[First $103,000 3M %
I Balance
' 3 M %.
awarded to Scott, Horner & Mason in ac¬
and Equitable
-
STATESVILLE,
$130,000
&[First $76,000
(Balance
-
cordance with the terms
dated
Taxing District refunding bonds
The $130,000
and Vance, Young
Mason—
F. W. Craigie & Co.
158,760 City of Asheville gen. ref. bonds, dated July 1,
at
420 City of Asheviile Water ref. bonds dated July 1, 1936, at 59.48.
35,000 Asheville Local Tax
School District refunding bonds
July 1, 1936, at 36.40.
3,000 Valley Springs Special School
dated July 1, 1936, at 50.00.
Ra te
Bidder—
RECEIVED—In connection with the call for tenders of bonds up to Nov.
16. noted here on Nov. 12—V. 147, p. 3053—it is stated by Curtis Bynum,
Secretary of the Sinking Fund Commission, that the following bonds were
155,000 Buncombe County refunding
Surchased by the sinking funds:
or re¬
22—V. 147,
of Win¬
3197—was awarded jointly to the Wachovia Bank & Trust Co.
ston-Salem, and Lewis & Hall of Greensboro, paying a price of 100.01, a
net interest cost of about 3.69%, on the bonds as follows: $66,000 maturing
Nov. 1, $3,000 in 1939 and 1940, $4,000 in 1941 and $7,000 in 1942 to 1949,
as 3Ms, and $84,000 maturing $7,000 Nov. 1, 1950 to 1961, as 3Ms.
The following is an official list of the bids received:
Price
p.
PIKESVILLE,
(P. O. Asheville), N. C.—BOND
1948,
(Average maturity of
(not less than par and
accrued interest) is required.
Bidders are requested to name the interest
rate or rates in multiples of M of 1 %; each bid may name one rate for part
of the bonds of any issue (having the earliest maturities) and another rate
for the balance, but no bid may name more than two rates for any issue, and
each bidder must specify in his bid the amount of the bonds of each rate.
The bonds will be awarded to the bidder offering to purchase the bonds
at the lowest interest cost to the town, such cost to be determined by
deducting the total amount of the premium bid from the aggregate amount
of interest upon all of the bonds until their respective maturities. Prin. and
int. payable in New York City.
General obligations; unlimited tax. The
bonds are registerable as to principal only.
Delivery on or about Dec. 21,
at place of purchaser's choice.
Bids must be on a form to be furnished by
the above Secretary.
The approving opinion of Masslich & Mitchell of
New York, will be furnished. Enclose a certified check for $1,850, payable
Dated Dec. 1, 1938.
Denom. $1,000, one for $500.
entire loan 13 1-3 years.) A separate bid for each issue
Richmond, Va.
BUNCOMBE COUNTY
2 *A
3:
First 39M
3
Walsh & Davis,
Kirchofer & Arnold, Inc., and
July 1, 1941 at 100 interest
NORTH
3M%
3M%
$137,000.00
Guaranty Bank & Trust Co., Fox, 3M% $206,635.05
RUTHERFORD COUNTY, N. C. 4y2s
Phone $-9137
Balance
Einhorn & Co., First Nat. Bank of
St. Paul and First of Mich. Corp..
0.75%
0.90%
1.14%
F. W. CRAIGIE &
First 39M
$206,164.80
& Co
3M%
3M%
$137,014.00
Inc.
Scott, Horner & Mason (*), Shields
& Co. and Edward Lowber Stokes Balance
$10,000
Due
Balance
Equitable Securities Corp., F. W.
Craigie & Co. and Lewis & Hall, 3M% $206,000.00
Int. Rale
0
Bank of Yonkers
Lehman Brothers (plus $10 premium)
First National Bank of Boston
National
First 53M
Irving Co., John Nuveen & Co., First 122M 3M%
3M %
Vance.
Young
&
Hardin
and Balance
$206,021.00
Southern Investment Co
Bidder-
Bidder—
$137,000
3M%
Hinsch & Co.,
YONKERS, N. Y.—NOTE SALE—An issue of $700,000 tax anticipation
notes of 1938 was awarded on Nov. 18 to H. L. Schwamm & Co. of New
York at 0.625% interest plus $1 premium.
Dated Nov. 22, 1938, and
due Feb. 21, 1939.
Legal opinion of Hawkins, Delafield & Longfellow of
New York City.
Other bids:
First
$137,000
Municipal Impt.
Walter,
and R. W. Press-
prich & Co., jointly
Blyth & Co., Inc..
officially reported as follows:
$206,000
Water <ft Light
Seasongood
17.00
Manufacturers & Traders Trust Co.
bidders re
yield from
above
the
1.60 to 3.25%,
Premium
Int. Rate
Bidder—
offered
FOR INVESTMENT—'The successful
bonds for public subscription at prices to
according to maturity.
OFFERED
BONDS
SHORTSVILLE, N. Y.—BONDS PUBLICLY OFFERED—^The Marine
Trust Co. of Buffalo is making public offering, at prices to yield from
2.40% to par, $62,000 2.90% sewer bonds, part of an original issue of
$88,000.
Dated Nov. 1, 1938 and due serially from 1949 to 1977 incl.
Wellsville),
3345
Financial Chronicle
147
of the bid submitted.
C.—BONDS SOLD—It is
voters on Sept. 18,
library bonds approved by the
Merchants & Farmers Bank of
Statesville.
reported that $11,000
have been sold to the
UNIVERSITY OF NORTH CAROLINA—BOND OFFERING— Sealed
received until noon on Nov. 29, by W. E. Easterling, Secretary
bids will be
Commission, at his office in Raleigh, for the
$386,000 issue of coupon building revenue bonds. Interest
exceed 4%, payable J-D.
Dated Dec. 1, 1938. Denom.
$1,000.
Due Dec. 1 as follows: $13,000 in 1940, $14,000 in 1941 and 1942;
$15,000 in 1943 and 1944; $16,000 in 1945; $17,000 in 1946 and 1947; $18,000 in 1948; $19,000 in 1949 and 1950, $20,000 in 1951; $21,000 in 1952 and
19.53; $22,000 in 1954; $23,000 in 1955; $24,000 in 1956; $25,000 in 1957;
$26,000 in 1958, and $27,000 in 1959.
Bidders are requested to name the
in! west rate or rates in multiples of M of 1%.
Each bid may name one
rate for part of the bonds (having the earliest maturities) and another rate
of the
Local Government
purchase of a
rate
is not to
each
but no bid may name more than two rates, and
specify in his bid the amount of bonds of each rate.
The
awarded to the bidder offering to purchase the bonds at the
lowest interest cost to the University, such cost to be determined by
ducting the total amount of the premium bid from the aggregate
of interest upon all of the bonds until their respective maturities.
No
of less than par and accrued interest will be entertained.
Principal and
Interest payable in lawful money at the State Treasurer s office or
Chemical Bank & Trust Co., New York.
The bonds are
as to principal.
The bonds and interest thereon are payable
exclusively from the revenues and receipts derived from the
the three dormitories, an apartment building, and addition to an
building on the campus of the University at Chapel Hill,
for the
oaiance,
bidder must
bonds will be
de¬
amount
bid
at the
registerable
solely and
operation of
existing
including the
necessary equipment and appurtenances thereto, to be constructed from
the proceeds of the bonds.
The bonds will be issued pursuant to Chapter
479 of the Public Laws of 1935, as amended.
The approving opinion of
Reed
Hoyt, Washburn & Clay of New York will be furnished.
Enclose
a
certified check for
$7,720, payable to the
State Treasurer.
**
3346
Financial
Chronicle
WILMINGTON,
N. C.—BOND SALE—The varloiu Issues of bonds
aggregating $242,000, offered for sale on Nov. 22—V. 147, p. 3054—were
awarded jointly to R. 8. Dickson & Co. of Charlotte, and the
Harris Trust
& Savings Bank of Chicago,
paying a price of 100.023, a net interest cost of
about 2.66% on the bonds divided as follows:
$30,000 sanitary sewer bonds as 2Mb.
Due $2,000 Oct. 1, 1940 to 1954.
14,000 water works extension bonds as 2^s.
Due $1,000 Oct. 1, 1940 to
LYONS
as
2Mb.
Due Oct. 1,
as
DISTRICT,
Ohio—-BOND SALE
1938
DETAILS—In
connection with the report in V. 147. p. 3055, of the sale of $35,000
3M%
we learn that the issue was taken by Siler, Carpenter &
Roose of Toledo at par.
Due Oct. 1 as follows:
building bonds,
$3,000 in 1941 and $4,000
from 1942 to 1949, Inclusive.
MAHONING COUNTY (P. O. Younestown), Ohio—BOND SALE—
The $194,520.85 bonds mentioned in V. 147, p. 3198, were sold to McDonald-Coolidge & Co. of Cleveland as 254s at 100.06, a basis of about 2.22%.
Dated Nov. 21,1938, and due Oct. 1 as follows: $26,520.85 in 1939 and
$84,-
1953.
116,000 street and sidewalk bonds
Nov. 26,
SCHOOL
follows: $4,000
In 1940 to 1946, $6,000 in 1947 to 1952, $8,000 in 1953 to
1956 and
$10,000 in 1957 and 1958.
000 in 1940 and 1941.
Legality approved by Squire, Sanders & Dempsey
of Cleveland.
82,000 public improvement bonds as 2Mb.
Due Oct. 1 as follows: $2,000
in 1940 to 1942, $4,000 in 1943 to 1946, and
$5,000 in 1947 to 1958.
Dated Oct. 1, 1938.
Denom. $1,000.
NEW BLOOMINGTON SCHOOL DISTRICT
(P. O. R. R. No. 2,
Agosta), Ohio—BOND ISSUE DETAILS—'The $23,000 3% school bonds
a price of 101, a basis of about
2.89%, as reported in V. 147, p. 3198,
were purchased by the State Teachers' Retirement
System,
Dated Oct, 1,
sold at
NORTH
DAKOTA
1938.
DICKINSON, N. Dak.—BOND SALE—'The $42,000
issue of coupon
14—V. 147, p. 3054—
water works revenue bonds offered for sale on Nov.
Interest J-D.
Denomination
$575.
POMEROY, Ohio—BOND SALE—The Farmers Bank & Savings Co.
of Pomeroy purchased an issue of $7,700 4%
refunding bonds. Dated
was purchased by the First National Bank of
Dickinson, as 6s at par,
according to the City Auditor.
Denom. $1,000.
Dated Nov. 15, 1938.
Due serially from
Oct. 1, 1938.
One bond for $700, others $1,000 each.
lows: $700 in 1944 and $1,000 from 1945 to 1951, incl.
^1940 to^50^^1|^^t^^dMi^nj^tCT^t|Payment date.
T"iCTITgEVILLE
^tiONI^OFFERING—We^ire
RURAL SCHOOL
Due Oct. 1 as fol¬
DISTRICT, Ohio—BOND SALE—
An
issue of $50,000
2%% coupon bldg. bonds was sold to Stranahan,
Harris & Co., Inc. of Toledo at a price of par. Denom. $1,000. Due semi¬
annually from April 1,1939 to Oct. 1, 1959. Interest A-O.
informed by D. D. Mars, City
Auditor, that
bids will be received until Dec. 12, for the
purchase of a $70,000 issue of
sewage disposal revenue bonds.
He goes on to report as follows:
The funds are to cover the city's share of a Public Works
Administration
"SHAWNEE
project for a new sewage disposal plant for the City of Dickinson.
The bonds are similar to the ones just sold for
improvements to the
waterworks system, and are issued in accordance with
Chapter 104 of the
North Dakota 1937 session laws.
$24,200 5%
System.
SCHOOL DISTRICT, Ohio—BONDS SOLD—An issue of
was sold to the State Teachers' Retirement
building bonds
SIDNEY, Ohio—BOND SALE—An issue of $60,500 municipal building
was sold to the State Teachers' Retirement
System as 3s.
Dated
1, 1938.
Denom. $1,700, $1,800 and $1,500.
Due $3,500 in 1940
and $3,000 from 1941 to 1959. Incl.
Interest A-O,
Prin. and int. payable
at City Treasurer's office.
bonds
GRENORA SPECIAL SCHOOL DISTRICT NO. 94
(P. O. Grenora),
N. Dak.—BOND OFFERING—Sealed bids will be received
until 10 a. m.
on Dec. 1 by W. A.
Musgjerd, District Clerk, for the purchase of a $10,000
issue of not to exceed 5% semi-annual school bonds.
Due $500 from 1940
to 1959, inclusive.
A certified check for 2% of the bid is
Oct.
STRUTHERS,
required.
OAKES
PARK DISTRICT
SOLD—The $10,000 issue of not
(P7o70ake.),
N.
TIPPECANOE CITY,
Ohio—BOND SALE—The $90,000 sanitary
system bonds offered Nov. 21—V. 147, p. 2899—were awarded to
Braun, Bosworth & Co. of Toledo as 3s at 100.78, a basis of about 2.92%
Dated Oct. 1, 1938, and due as follows: $1,500,
April 1 and Oct. 1, in 1940
and 1941, and $2,000 April 1 and Oct. 1 from 1942 to
1962. incl.
Second
high bid of 100.33 for 3s was made by the BancOhio SecuritiesDo., Colum¬
bus.
MM
Ohio—NOTE SALE—The
$1,050,000 public library bldg. bond anticipation notes offered Nov. 22—
V. 147, p. 3199—were sold to a syndicate composed of Mitchell, Derrick
& Co., McDonald-Coolidge &
Co., Otis & Co., Hawley, Huller & Co.,
First Cleveland
Corp., all of Cleveland, and Assel, Goetz & Moerlein, Inc.
of Cincinnati, as 3 Mb, at
par plus a premium of $19,600. Terms of the sale
provide for exchange of the notes by the bankers for an egual amount of
bonds, to bear interest also at 3 M %, and mature Dec. 1 as follows: $52,000
from 1943 to 1952 inci. and $53,000 from 1953 to 1962 Incl.
Other bids
MITCHELL, HERRICK & CO.
BUILDING, CLEVELAND
COLUMBUS
k
^TOLEDO CITY"~SCHOOL~DISTRICT,"
MUNICIPALS
CINCINNATI
SPRINGFIELD
at the sale
were:
Bidder—
ADAMS-NORTH
RICHLAND
TOWNSHIP
RURAL
SCHOOL
DISTRICT (P. O. Jewell), Ohio—BOND SALE—The issue
of $66,000
high school bonds offered Oct. 10—V. 147, p. 2281—was awarded
to
ASHTABULA
COUNTY
(P.
O.
1941; $13,000,
1942; and $14,000
in 1943 and 1944.
The bid of Brown, Harriman &
Co., Inc., par plus $30.12 for 1Mb, was
rejected, as it was conditional to the extent that the firm made
the offer
on the
understanding that they were bidding on an unlimited tax
issue,
which was incorrect.
Paine, Webber & Co. of Cleveland were the next
highest bidders among the large number of other contestants for
the issue,
offering a premium or $103.57 for lj^s.
CONGRESS RURAL SCHOOL DISTRICT NO.
Ohio—BOND SALE—An issue of $16,625 3%
tion bonds
was
1 (P. O. West Salem),
coupon school building addi¬
Retirement System at par plus
sold to the State Teachers'
Ohio—EXTRA
vVillaku, Uhio—iktrJu
„
«4MML
SALE—The $72,000 sewer and
disposal plant
2906—were awarded to the BancOhio
R. J. EDWARDS, Inc.
Municipal Bonds Since 1892
Oklahoma City, Oklahoma
h
RUI
AT&T Ok Oy 19
EAST CLEVELAND, Ohio—BOND
SALE—An issue of $88,000 park
bonds will be purchased with sinking and
treasury investment funds.
■WBMMMw——WW
^.i
^
Nfl
at 101.60, a basis of about 2.53%.
Dated Nov. 1, 1938 and due Oct. 15 as follows:
$5,000 from 1940 to 1951,
incl., and $4,000 from 1952 to 1954, incl.
Fox, Einhorn & Co., Inc., Cin¬
cinnati, second high bidder, offered to pay 100.66 for 2Mb.
LEVY DE¬
_
J|
bonds offered Nov. 21—V. 147,
p.
Securities Co., Columbus, as 2%s
voters refused to authorize an
additional two-mill levy for school
operating purposes, which would have
raised $500,000 annually for five
years.
Also rejected was an amendment
to the city charter which would
have provided a levy of 2.17 mills for
oper¬
ating funds, relief and Works Project Administration
projects.
The extra
school levy was turned down despite the
fact that lack of
operating funds
had necessitated the closing of schools.
_
17,800
16,400
314%
village,
^required.
$125 premium, equal to 100.75.
Dated Nov. 1, 1938.
Due Nov. 1 as
follows: $1,625 in 1940 and $1,000 from
1941 to 1955, incl.
Interest M-N.
DAYTON CITY SCHOOL
DISTRICT,
FEATED—At the recent general election the
$19,600
3M%
-
for
Jefferson), Ohio—BOND SALE—
1940; $12,000,
Premium
3M%
......
TROTWOOD, Ohio—BOND OFFERING—Sealed bids addressed to
Milford Denlinger, Village Clerk, will be received until 7
p. m. on Dec. 12
the purchase of $30,000 5% coupon
sanitary sewer system bonds.
Dated Nov. 1, 1938.
Denom. $1,500.
Due $1,500 on Nov. 1 from 1940
to 1959, incl.
Bidder may name a different rate of interest provided that
fractional rates are expressed in a multiple of M of
1%.
Interest M-N.
Proceedings authorizing the bond issue have been approved by Peck,
8haffer & Williams of Cincinnati, whose opinion will be furnished the suc¬
cessful bidder.
A certified check for $300, payable to order of the
the
The $75,500 poor relief bonds offered Nov.
2i—V. 147, p. 2899-—were
awarded to Stranahan, Harris & Co., Inb. of
Toledo, as 1Mb, at 100.185, a
basis of about 1.45%.
Dated Nov. 15, 1938 and due March 1 as follows:
$11,000, 1939: $11,500,
Int. Rate
Fox, Einhorn & Co., Inc., et al
Field, Richards & Shepard, Inc., et al
Braun, Bosworth & Co., et al
OHIO
State Teachers' Retirement
System as 3 Mb at 101.90.
bonds
sewer
IT
AKRON
refunding
SYLVANIA, Ohio—BOND SALE—The $16,000 water softening plant
bonds authorized at the Sept. 16—V. 147, p. 2575—were sold to Silerm
Carpenter & Roose of Toledo as 4s, at 100.312, a basis of about 3.96%.
Dated Oct. 1, 1938.
Denom. $1,000.
Due $1,000 on Oct. 1 from 1940 to
1955 incl. Principal and interest (A-O) payable at the Farmers & Merchants
Bank of Sylvania.
WEST
700 CUYAHOGA
$14,500
$2,000 from 1942 to 1947. incl., and $1,000 in 1948.
FARGO SCHOOL DISTRICT NO. 6 (P. O. West
Fargo),
N. Dak .—BOND OFFERING—It is stated
by W. N. Leonard, District
Clerk, that he will receive sealed bids until 2 p. m. on Dec. 2 for the
pur¬
chase of a $45,000 issue of
building bonds.
Denom. $1,000.
Due on
Nov. 1 as follows: $2,000, 1941 to 1949, and
$3,000 1950 to 1958.
These
bonds were approved by the voters at an election held
on Nov. 14.
A certi¬
fied check for 2% of the bid is required.
CANTON
SALE—The
1—V. 147, p. 2126—were awarded to the Provident Savings
Bank & Trust Co., Cincinnati, as 3Mb, at 100.17, a baste of about
3.72%.
Dated Sept. 1, 1938, and due Oct. 1 as follows: $500, 1940; $1,000,
1941;
to exceed 5% semi-annual
swimming pool
bonds offered on Nov. 17—V. 147, p. 2999—was not sold as no bids
were
received, according to 8. A. Reko, Clerk of the Park Board.
He says that
bids will be received from day to day until Dec. 8.
Dated Dec. 1, 1938.
Due from July 1, 1941 to 1958.
OHIO
Ohio—BOND
offered Oct.
Dak.—BONDS NOT
Long Distance 787
■
,
^
„
,
"W<
f* FLORENCE-EDON
RURAL SCHOOL
Ohio—BOND
SALE DETAILS—The $61,000 school bonds DISTRICT,
purchased by Ford E. Weber
& Go«
Toledo—Y. 147, p. 3054—are unlimited tax
ooligations bearing
254% interest and dated Oct. 1, 1938.
Denom. $1,000.
Due as follows:
$1,000 April 1 and Oct. 1, 1940; $1,000
April 1 and $2,000 Oct. 1, 1941
andU^; $1,000 April 1 and Oct. 1,1943;
1944 and
$1,000 April 1 and $2,000 6ct. 1,
1945; $1,000 April 1 and Oct. 1, 1946;
$1,000 April 1 and $2,000
and 1948; SI .000
April 1 and Oct. 1, 1949; $1,000 April and
A950 and 1951: *1.000 April 1 and Oct. 1, 1952; $1,000 April
0c^- 1 h* 1953 and 1954; $1,000 April 1 and Oct. 1, 1955
fl.OOO April 1 and $2,000 Oct. 1,1956 and 1957; $1,000 April 1 and Oct. 1.
1958; $1,000 April 1 and $2,000 Oct.
1, 1959 and 1960; $1,000 April 1 and
Oct. 1, 1961, and $1,000
April 1 and $2,000 Oct. 1. 1962!
Principal and
Interest A-O payable at office of
legal depositary of school district. Legality
approved by Squire, Sanders &
Dempsey of Cleveland.
The purchasers re-offered the bonds to
yield from 1 % to 2.70%. according
to maturity.
OKLAHOMA
ANADARKO,
Okla.—BONDS OFFERED—Bids were received until
Nov. 25 by Margaret C. Robertson, City
Clerk, for the pur¬
chase of a $60,500 issue of water works
system bonds.
Due as follows:
$9,000, 1939 to 1944, and $6,500 in 1945.
7:30 p.
m. on
PERRY, Okla.—BOND SALE—The $45,000 issue of electric extension
on Nov. 19—V. 147,
p. 3199—was purchased by the
bonds offered for sale
City Treasurer
as
inclusive.
2s, according to the City Clerk.
7 P.
will be received until
Nov. 28, by C. W. Jackson, District
Clerk, for the purchase of a
of building bonds.
Interest rate to be named by the bidder.
Due $1,000 from 1941 to 1955 incl. A
certified check for
m. on
$15,000 issue
2% of the bid is
required.
FREDERICKSTOWN SCHOOL
DISTRICT, Ohio—BOND OFFER¬
ING—F„ L. Barnes, District Clerk, will receive sealed
bids until
noon on
Dec. 10 for the purchase of
$77,000 not to exceed 3M% interest
building
bonds.
Dated Dec. 10, 1938.
Denom. $1,000.
Due as follows* $1 000
April 1 and $2,000, Oct. 1 from 1940 to 1942 incl.
and $2,000, April 1
and Oct. 1 from 1943 to 1959 incl.
Bidder may name a different rate
of
interest, provided that fractional rates are expressed in
a multiple of
14 of
1%.
Interest A-O.
A certified check for
$3,850, payable to order of the
Board of Education, is required.
District will pay for
printing of the bonds
and the purchaser will
pay for legal opinion if desired.
GRANDVIEW HEIGHTS (P. O.
Columbus), Ohio—BOND SALE—
The $8,500 grade-crossing elimination
bonds authorized at the Nov.
8 elec¬
tion have been sold to the State Teachers'
Retirement System as 3s
Dated
Jan. 1, 1939, and due on Jan. 1 from 1940 to
1949, inclusive.
GREEN
TOWNSHIP
RURAL SCHOOL DISTRICT
(P. O.
Smith-
ville), Ohio—BOND SALE DETAILS—The $75,000
254% school bonds
mentioned in V. 147,
p. 3054, were purchased by Ryan, Sutherland & Co.
of Toledo at a price or 101.169.
HURON COUNTY (P. O.
Norwalk), Ohio—BOND SALE DETAILS—
The $4,000 special asst. ditch bonds awarded
to Saunders, Stiver & Co. of
Cleveland—V7 147, p. 3198—were sold as 3Mb, at
100.343, a basis of about
3.38%.
Due from 1941 to 1947,
TULSA COUNTY SCHOOL DISTRICT NO. 33
(P. O. Tulsa, Route
9, Box 395J) Okla.—BOND OFFERING—Sealed bids
OREGON
COOS COUNTY SCHOOL DISTRICT
NO. 8 (P. O.
Coquille), Ore.
—BOND SALE—The $41,250 issue of school
bonds offered for sale on Nov.
15—V. 148, p. 2900—was awarded to the First
National Bank of Portland,
paying a premium of $24.06, equal to 100.06. a net interest
cost of about
2.79% on the bonds divided as follows: $15,500 as 2Mb,
maturing $5,000 on
Dec. 1. in 1943 and 1944, and
$5,500 in
maturing
on
in 1949.
Dec.
1945, the remaining $25,750 as 3s,
1, $6,000 in 1946, $6,500 in 1947 and 1948 and $6,750
CURRY COUNTY SCHOOL DISTRICT
NO. 3 (P. O. Langlois),
Ore.—BOND SALE DETAILS—It is stated
tby he District Clerk that the
$14,500 building bonds purchased by the State Bond
Commission, as noted
here recently—V.
147, p. 3055—Were sold at par for $7,000 as
2Mb and
$7,500 as 3s.
^
GOLD HILL, Ore.—BOND
$26,000, offered for sale
on
SALE—The two issues of bonds aggregating
Nov. 12—V. 147, p. 3055—were purchased
by
E. M. Adams & Co. of
Portland, as 3Mb, paying a price of
of about 3.88%. The issues are
divided as follows:
$17,000 sewer bonds. Due from Oct. 15, 1939 to
1953 incl.
9,000
water system
incl.
improvement bonds.
99.017,
a
basis
Due from Oct. 1, 1939 to
1953
Volume
Financial
147
(P. O. Parma,
MALHEUR COUNTY SCHOOL DISTRICT NO. 47
.
Idaho, R. F. D. No. 3), Ore.—BOND OFFERING—Sealed bids will be
received until 8:30 p. m. on Nov. 28 by Charles E. Witty, District Clerk,
for the purchase of a $2,500 issue of not to exceed 4% coupon semi-annual
school building bonds.
Dated Dec. 1, 1938.
Denom. $500.
Due $500
Dec. 1,1941 to 1495.
Prin. and int. payable in lawful money at the County
Treasurer's office, or at the fiscal agency of the State in New York.
Bids
must not be for less than par and accrued interest.
The bonds will be regis¬
trable as to principal only.
These bonds were authorized at an election
held on Sept. 27 and are issued pursuant to the constitution and laws of the
State.
3347
Chronicle
NORTHAMPTON TOWNSHIP SCHOOL DISTRICT (P. O. Newton.
R. D. 2), Pa.—BOND SALE—The issue of $16,500 2M% coupon
21—V. 147, p. 3200—was awarded to Burr & Co.,
school
bonds offered Nov.
1,
Inc., of Philadelphia at 100.379, a basis of about 2.45%.
Dated Dec.
1938, and due Dec. 1 as follows: $1,000 from 1939 to 1954, incl., and
in 1955.
The Southampton State Bank of Southampton and the Doyles¬
town Trust Co., Doylestown, joined in submitting the next highest bid,
$500
which
coupon
to the
>
(P. O. Dallas), Ore.—
BOND SALE—The $26,430 issue of school bonds offered for sale on Oct. 21
—V. 147, p. 2431—was purchased by Atkinson, Jones & Co. of Portland,
as 2Ms and 3s, according to report.
Dated Oct. 15, 1938.
Due from
POLK COUNTY SCHOOL DISTRICT NO. 2
price of par.
was a
OIL CITY SCHOOL
DISTRICT, Pa .—BOND
accelerate the payment of delin¬
total $1,249,000, the school board recently In¬
WAY—In an effort to
UNDER
quent taxes, now said to
designed to illustrate the service produced
augurated an educational program
by the tax dollar.
BOND CALL—John
$20,000 McKeesport, Pa.
JOHNSON & McLEAN
Incorporated
PENNSYLVANIA
A. T. T.
8333
Board of Directors
,
151 to
accrued
4% operating revenue bonds, series of 1934, numbers
called for payment on Jan. 15, 1939 at a price of 102 and
interest.
Due on Jan. 15 from 1940 to 1944 incl.
Payable at the
400,
are
County Trust Co., Reading, with
Telephone-Atlantic
Secretary of the
C. Rhoades,
states that
2i/2s, Sept. 1, 1945@1.75%
PITTSBURGH
DELINQUENT
SCHOOL DISTRICT, Pa.—TAX
READING CITY
DRIVE
OFFER
awarded
of about
2.24%.
Dated Jan. 1, 1939 and due Jan, 1 as follows: $5,000, 1941 to 1951 incl.; $6,000 from 1952 to 1956 incl. and $5,000 from 1957 to 1964
incl.
Second high bidder was Dougherty, Corkran & Co., Philadelphia
with a price of 102.14 for 2Xb.
October, 1939 to 1958.
WE OWN AND
SALE—The $125,000
school bldg. bonds offered Nov. 21—V. 147. p. 2736—were
of Pittsburgh as 2 Xs, at 100.11, a basis
Union Trust Co.
Berks
attached.
all subsequent coupons
SHAMOKIN, Pa .—BOND OFFERING—Sealed bids will be received
by the Borough Secretary until Dec. 13 for the purchase of $50,000 not to
exceed 4M% Interest public impt. bonds.
Denom. $1,000. They were
authorized at the Nov. 8 general election.
Teletype-PITB 289
SCHOOL DISTRICT (P. O.
OFFERING—W. K. Leatherman, Secretary
will receive sealed bids until 8 p. m. on
TOWNSHIP
MORELAND
UPPER
Willow Grove), Pa .—BOND
of the Board of School Directors,
3Mor
improvement bonds.
1939
J-D 15.
Both principal and interest will be payable without deduction for any tax or
taxes, except succession or inheritance taxes, now or hereafter levied or
assessed thereon under any present or future law of the Commonwealth of
Dec. 14 for the purchase of $75,000 2, 2M.2M,2M,3,3M,3M,
4% coupon, registerable as to principal only, school
Dated Dec. 15. 1938.
Denom. $1,000. Due $3,000 on Dec. 15 from
to 1963 incl.
Bidder to name a single rate of interest, payable
CITY OF PHILADELPHIA
BONDS
QUOTED
SOLD
BOUGHT
Pennsylvania.
A. T. & T.
District Treasurer, is
opinion of Townsend, Elliott & Munson
Teletype—Phla 22
Philadelphia
Walnut St.
1528
PENNSYLVANIA
DISTRICT (P. O. Library, R. D. 1),
Jr., District Secretary, will
on Dec. 5 for the purchase of $70,000
BETHEL TOWNSHIP SCHOOL
Pa.—BOND OFFERING—Harry S. Hartman
receive sealed bids
coupon
until 8 p.
m.
bonds, divided as follows:
$50,000 bldg. itnpt. bonds.
Due Dec. 1 as follows: $2,000, 1941 to 1948,
incl.; $3,000 from 1949 to 1952, incl., and $2,000 from 1953 to
1963, incl.
20,000 refunding bonds.
Due Dec. 1 as follows: $2,000 from 1941 to
1944, incl., and $3,000 from 1945 to 1948, incl.
All of the bonds are dated Dec. 1, 1938.
Denom. $500.
Bidder to name
a
single rate of interest,
expressed in a multiple of
X of 1%.
Sale of the
approval of proceedings by the Pennsylvania Depart¬
ment of Internal Affairs.
A certified check for $1,500, payable to order
of the District Treasurer, is required.
Successful bidder will be furnished
with the approving legal opinion of Burgwin, Scully & Churchill of Pitts¬
burgh and the district will furnish the bonds.
bonds is subject to
BRADFORD, Pa.—BOND OFFERING—M.
will receive sealed bids until 4 p. m. on
E. Cornelius, City Clerk,
Nov. 29 for the purchase of $77,000
and swimming pool bonds to bear
designated in the successful bid:
1M, IX, 2, 2X, 2M. 2X. 3, 3X. 3X, 3X or 4%.
Dated Nov. 15. 1938.
Denom. $1,000.
Due Nov. 15 as follows: $10,000 from 199 to 1945, incl.
and $7,000 in 1946.
Principal and interest (M-N 15) payable at the City
Treasurer's office.
Both principal and interest will be payable without
deduction for any tax or taxes, except succession or inheritance taxes, now
or hereafter levied or
assessed thereon under any present or future law
of the Commonwealth of Pennsylvania, all of which taxes will be paid by
the district.
A certified check for 2% of the bonds bid for, payable to
order of the City Treasurer, is required.
The bonds will be issued subject
to approving legal opinion of Townsend, Elliott & Munson of Philadelphia.
registerable as to principal, park
interest at one of the following rates, as
coupon,
Pa.—BOND OFFERING—Warren A. Sellers, Borough
bids until 8 p. m. on Dec. 13 for the purchase
2X, 2M, 2% or 3% coupon, registerable as to principal,
Dated Dec. 15, 1938. Denom. $1,000.
Due Dec. 15 as
follows: $10,000in 1943,1948 and 1953, and $15,000 in 1958,1963 and 1968.
Bidder to name a single rate of interest, payable J-D.
A certified check
for 2%, payable to order of the Borough Treasurer, is required.
Bonds
were authorized at the Nov. 8 election and will be issued subject to favorable
legal opinion of Townsend, Elliott & Munson of Philadelphia.
CAMP
All of such taxes the district assumes and agrees to pay.
of the bonds bid for, payable to order of the
required. Bonds are issued subject to the favorable
certified check for 2%
A
YARNALL & CO.
HILL,
Secretary, will receive sealed
WEST MEAD TOWNSHIP
COATESVILLE, Pa .—BOND SALE
hall bonds sold at par to the
mature June 1,
will be sold subject to
Pa.—BOND SALE DETAILS
$12,000 building bonds sold to the Doylestown
2736—bear 3% interest and brought a price of 101.
Trust Co.—V. 147,
OFFERING—Arthur
sealed bids at No. 205
5, for the purchase o{
$25,000 coupon school bonds. Dated Dec. 1, 1938. Denom. $1,000. Due
$5,000 on Dec. 1 in 1941, 1944, 1947, 1950 and 1953. Bidder to name a
single rate of interest in a multiple of X of 1 %. District will furnish and pay
for printing of the bonds.
Sale will be made subject to approval of pro¬
ceedings by the Pennsylvania Department of Internal Affairs.
A certified
check for $500, payable to order of John Lindsay, District Treasurer, ia
DISTRICT,
Pa .—BOND
Duff, President of the Board of Directors, will receive
Coulter Building, Greensburg, until 2 p. m. on Dec.
required.
GIRARD, Pa.—BOND OFFERING—G. H. Covey,
sealed bids until 8 p. m. on Dec. 12 for the
will receive
Borough Secretary,
purchase of $15,000
1M. IX, 2, 2X±2X, 2M. or 3% coupon, registerable as to principal, sewer
bondsof 1938. Dated Jan. 15,1939. Denom. $1,000. Due$5,000on Jan. 15
from 1946 to 1948 incl. Callable in whole or in part at par and accrued int.
on Jan. 1, 1944 or on any subsequent interest date. Bidder to name a single
rate of interest, payable J-J.
Bids are asked subject to approval of pro¬
ceedings by the Pennsylvania Department of Internal Affairs. A certified
check for $150, payable to order or the borough, is required.
McKEESPORT, Pa .—BOND OFFERING—William V. Campbell, City
Comptroller, will receive sealed bids until 2 p. m. on Dec. 5 for the purchase
of $700,000 not to exceed 3% interest public improvement bonds.
Dated
Dec. 15, 1938. Denom. $1,000. Due $35,000 on Dec. 15 from 1940 to 1959
incl.
Bidder to name a single rate of interest in a multiple of X of 1%,
payable J-D. Bonds will be sold subject to approval of proceedings by the
Pennsylvania Department of Internal Affairs.
A certified check for 1%
is required.
Legal opinion of Burgwin, Scully & Churchill of Pittsburgh
will be furnished the successful bidder.
MAHANOY
TOWNSHIP
SCHOOL DISTRICT
(P. O. Mahanoy
City). Pa .—BOND OFFER ING—Cornelius W. McElhenny, Secretary of
Board of School Directors, will receive sealed bids until 7 p. m. on Dec. 8
for the purchase of $60,000 not to exceed 4M % Interest coupon, registerable
to principal
Due $5,000 on
as
of interest,
only, school bonds. Dated Nov. 1, 1938. Denom. $1,000.
Nov. 1 from 1941 to 1952 incl. Bidder to name a single rate
payable M-N.
Bonds will be sold subject to approval of pro¬
ceedings by the Pennsylvania Department of Internal Affairs and the
approving legal opinion of Saul, Ewing, Remick & Saul of Pittsburgh will be
furnished the successful bidder. A certified check for 2%, payable to order <
of the District Treasurer, is required.
District
ISLAND
RHODE
$12,000 from 1939 to 1948 incl. and $13,000 from
Principal and interest (M-N) payable at First National
The bonds are unlimited tax obligations and will be
Due Nov. 1 as follows:
1949 to 1958 incl.
Bank of Boston.
approved as to legality by Storey,
WEST
WARWICK,
school bonds awarded to
at
100.419—V. 147, p.
1943, incl.; $4,000 from
Thorndike, Palmer & Dodge of Boston.
R. I.—BOND SALE DETAILS—The
Brown Harriman & Co., Inc., New York,
3056—mature Nov. 1 as follows: $1,000,
1944 to 1948, incl.,
$55,000
as 2/4s,
1939 to
1958.
and $3,000 from 1949 to
inclusive.
CAROLINA
SOUTH
SPARTANBURG, S. C.—BOND SALE—The $300,000 issue of coupon
water revenue bonds offered for sale on Nov. 22—V. 147, p. 2901—was
awarded to Dick &
and Frdst, Read
—a
to
Merle-Smith and Eldredge
& Co., both of New
& Co. of Charleston, jointly, as 3s,
2-94%.
Dated Nov. 1, 1938.
basis of about
1977.
'
CAROLINA—PWA LOAN
'
York,
paying a price of 101.017
Due from May 1, 1943
_
.
UNIVERSITY OF SOUTH
APPROVED—
recently
by 4%
First
loan of $165,000 for buildings was approved
by the Public Works Administration.
The loan will be secured
bonds, maturing from 1941 to 1968.
Prin. and int. payable at the
National Bank in Columbia.
■ ,
It is reported that a
.
DAKOTA
SOUTH
FREDERICK, S. Dak.—BOND OFFERING—It is reported that
bids will be received until 1 p. m. on Dec. 8, by Oscar Hukari, Town
for the purchase of an issue of $1,900 5%. semi-ann. coupon
bonds.
Dated May 1, 1938.
Due from May 1, 1949 to
sealed
Clerk,
auditorium
1956, inclusive.
DETAILS—1The $23,000 3% city
—The
SCHOOL
only and
Department of Internal
payable to order of the
certified
National Bank of Coatesville—V. 147, p. 3200
DOYLESTOWN SCHOOL DISTRICT,
EXPORT
approval of the Pennsylvania
check for $1,500,
Treasurer, is required.
A
Affairs.
TENNESSEE
1941.
DONORA, Pa .—BOND SALE DETAILS—The Issue of $20,000 2X%
bonds sold to Union National Bank of Donora at 100.025—V. 147, p. 1670—
are dated Oct. 1, 1938, in $1,000 denom. and mature Oct. 1, 1948.
Prin.
and int. (A-O) payable at the offices of the bank.
p.
their validity
O. R. D. No. 8
District
purchase
$500.
of $75,000 2,
sewer bonds.
,
of Philadelphia, as to
SCHOOL DISTRICT (P.
Meadville), Pa .—BOND OFFERING—Wilbur 8. Dennington,
Secretary, will receive sealed bids until 8 p. m. on Nov, 28 for the
of $46,000 coupon school bonds.
Dated Nov. 1, 1938. Denom.
Due Noy. 1 as follows: $3,000 from 1941 to 1950, incl., and $4,000 from
1951 to 1954, incl.
Bidder to name a single rate of interest, expressed in a
mmtiple of X of 1 %.
Bonds will be registerable as to principal
HARRIMAN, Tenn.—BOND
until 2 p. m. on
OFFERING— Sealed bids will be received
City Clerk, for the purchase of a
Dec. 5, by W. M. Giles,
bonds. Denom. $1,000.
$10,000 issue of 4%% coupon semi-ann. hospital
Due $1,000 Aug. 1, 1941 to 1950. The bonds are issued in pursuance
Public Works Act of the Tennessee Legislature of 1935 and
of the
their legality is
bid for less than par wul be com
Treasurer's office_
JACKSON, Tenn.—BOND OFFERING—It is stated by B. F. Graves?
City Recorder, that the city will offer for sale on Dec. 5, at 3 p.m., a $55,000
issue of 2 M % school bonds.
Due on Nov. 1 as follows: $1,000 in 1941 and
1942, and §53,000 in 1943; optional on any interest payment date.
NASHVILLE, Tenn.—PWA LOAN CANCELED—It is stated by S. J.
McKay, City Clerk, that the sale of the $1,592,000 school construction and
improvement bonds, described in detail in our issue of Nov.19—V. 147,
p. 3201—cancels the loan of like amount approved by the Public Works
duly certified by competent attorneys. No
sidered. Prin. and int. payable at the City
Administration last August.
(P. O. Kingston) Tenn.—BOND OFFERING—
received until 2 p. m. on Dec. 5, by Elmer L. Eblett,
ROANE COUNTY
Sealed bids will be
County Judge, for
hospital bonds.
$10,000 issue of 4M % semi-ann. coupon
Due $1,000 Aug. 1, 1939 to 1948. The
the purchase of a
Denom. $1,000.
Tennessee
issued in pursuance of the Public Works Act of the
Legislature of 1935, and their legality is duly certified by competent attor¬
neys. No bid for less than par will be considered. Prin. and int.
the Chemical Bank & Trust Co., New York.
—i
—
bonds are
payable at
TEXAS
of sewerage
3201—-was awarded
Corp., both of
Nashville, as 4s, paying a price of 101.029, a basis of about 3.91 %. Dated
Aug. 1, 1938. Due from Aug. 1, 1941 to 1963 incl.^^
ELECTRA, Texas—BOND TENDERS INVITED—It is stated by wTJjT.
Presson, City Secretary, that he will receive sailed offerings until Dec.12,
at 5 p.m., of refunding bonds, series of 1936, dated Dec. 1, 1936.
Subject
to reserving the right to reject any and all offerings the city will use $5,000
of surplus funds for the purpose of purchasing and canceling refunding bonds
at the lowest prices offered up to an amount sufficient to exhaust such
surplus.
Offerings should be made firm from 10_days from about date. ___4
CARTHAGE, Tenn.—BOND SALE—The $17 ,'000 issue
system bonds offered for sale on Nov. 22—V. 147, p.
jointly to Nunn, Shwab & Co., and the Nashville Securities
HILL COUNTY (P.
It is
O. Hillsboro)
reported by the County
Texas—BOND
Judge that the
bonds purchased by the Brown-Orummer Co.
to an election to be held on Nov. 29—-V.
1938, and mature on Dec. 1 as follows:
1946; $5,000,1947 to 1953, and $6,000,1954 to
at the office of the State Treasurer.
SALE~DETAIL&—
$90,000 road improvement
of Dallas, as 2X%, subject
147, p. 3057—areLasted Dec. 1,
$3,000,1940 tol942: $4,000,1943 to
1958. Prin. and tut. payable
„
3348
Financial
Chronicle
$85,000 issue of 2M% coupon or registered semi-ann. building bonds.
Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows:
$5,000
to 1948 and $7,000 in 1949 to 1953.
The bonds will be sold
par to the highest bidder.
Principal and interest payable at the
an
Dated
$28,000 water works bonds.
Denom. $500.
Due $500 in 1939 to 1950;
$1,000 in 1951 to 1962, $1,500 in 1963 to 1966, and $2,000 in 1967
in
1939
at
1968.
office of the District Treasurer.
25,000 street bonds.
Denom. $500. Due $500 in 1939 to 1943, $1,000 in
1944 to 1948, $1,500 in 1949 to 1953, and $2,000 in 1954 to 1958.
7,000 city hall bonds. Denom. $500.
Due $500 in 1945 to 1958.
5,000 water well bonds.
Denom. $250.
Due $250 in 1939 to 1958.
Dated Dec. 1, 1939.
Principal and interest payable at a place preferred
by purchaser. Bids will be received up to 7 p. m.
The district will furnish
of
the
all
proceedings covering said bond issue.
Attorney
General
of
the
State,
a
legal opinion
complete certified copy of
If the bidder desires the legal
and
opinion of other attorneys the bidder 6hall pay all of his own expenses in
that connection.
Security for these bonds wid be a direct obligation of the
entire District of the city, payable from ad valorem taxes without limit
against all taxable property therein.
ODESSA, Texas—BOND TENDERS INVITED—"We are informed that
City Council will receive until Dec. 27 tenders for five $1,000 refunding
bonds, series of 1936.
W EAST TROY SCHOOL DISTRICT NO. 4 (P. O. East
Troy) Wis.—
BOND SALE—The $45,000 issue of school building, series of 1938, A bonds
on Nov. 22—'-V. 147, p. 3058—was awarded to T. E. Joiner
& Co. of Chicago, as 2Ms, paying a price of 101.28, a basis of about
the
offered for sale
FORT WORTH INDEPENDENT SCHOOL DISTRICT (P. O. Fort
Worth) Texas—BONDS NOT SOLD—It is reported by E. P. Williams,
2.32%,
Dated Nov. 1,1938.
Business Manager, that the $1,053,000 refunding bonds offered on Nov. 22—
V. 147, p. 3057—were not sold as all bids were rejected.
The best bid is
said to have been an offer on 3 Ms and 3 Ms, submitted by the Mercantile-
Commerce Bank & Trust Co. of St. Louis.
26. 1938
DODGEVILLE SCHOOL DISTRICT NO. 1
(P. O. Dodgeville),
Wis.—BOND OFFERING—It is stated by W. H. Johns, District Clerk,
that he will receive sealed bids until noon on Dec. 6, for the purchase of
MINEOLA, Texa*—BOND OFFERING DETAILS—In connection with
the offering scheduled for Nov. 25 of the $65,000 improvement bonds,
on Nov. 19—V. 147, p. 3201—it is stated
by W. A. Williams,
City Secretary, that the bonds mature as follows:
noted here
and
Nov.
GLEN WOOD
semi-ann.
sewer
Due $3,000 from Nov. 1, 1939 to 1953 incl.
CITY, Wis.—BOND SALE—The $13,000 issue of 3%
bonds offered for sale on Nov. 21—V. 147, p. 3058—was
awarded to the Channer Securities Co. of Chicago, paying a price of
103.71,
basis of about 2.50%.
Dated Oct. 1, 1938.
Due $1,000 from April 1,
Due from Feb. 1, 1940 to 1964.
a
SMITHVILLE, Texa a—BOND SALE— The $230,000 issue of water and
revenue bonds offered for sale on Nov. 16—V. 147, p. 3201—was pur¬
chased jointly by the Brown-Crummer Co., and Mahan, Dittmar & Co.,
both of San Antonio, as 4s, paying a premium of $304.00, equal to 100.13,
a basis of about 3.98%.
Due from Nov. 1, 1940 to
Dated Nov. 1, 1938.
1941 to 1953 incl.
light
1958; callable
on
JACKSON, Wis.—BOND OFFERING—Sealed bids will be received
until 2 p. m. on Nov. 29, by F. H. Ackerman, Village Clerk, for the purchase
of a $14,50Q issue of 4% coupon semi-ann. sewer bonds.
Dated Nov.
1,
1938.
and after Nov. 1, 1948.
Denom. $500. Due Nov. 1, as follows: $1,000 in 1942, and $1,500 in
These bonds are a direct obligation upon ah of the taxable
1943 to 1951.
property of the village.
UTAH
will be furnished.
SALT LA KE CITY, Utah—BONDS SOLD—It, is stated by Ethel
Mac Donald, City Recorder, that an issue of $356,000 refunding bonds was
100.035,
a basis of about 2.495%.
Dated Dec. 1, 1938.
Due Dec. 1, as
$25,000 in 1945 to 1952 and $26,000 in 1953 to 1958.
The bonds
issued to redeem $206,000 water works, series I, $100,000 water works,
series J, and $50,000 sanitary sewer, series H, bonds, all falling due Feb. 1,
are
1940.
The proceeds of the sale of these bonds are to be deposited with the
city's fiscal agents, the National City Bank of New York, or in some other
bank agreed upon Under an escrow agreement satisfactory to the Board of
City Commissioners, the City Attorney and purchaser's attorney, there to
be held under a trust agreement to take up and pay for the
outstanding bonds
maturing Feb. 1, 1940, both principal and full interest to maturity.
The following bids were also submitted:
Co. and Wells-Dickey Co.,
accrued interest, plus $550.
SALE—'The
school improvement bonds offered for sale
on
$339,735
issue
Nov. 21—V.
of
OFFERED
the
147,
p.
maturities
are
for
priced
to
maturities at 99.
SCHOOL
DISTRICT NO. 43 (P. O. Port
SALE—The $38,000 issue of gymnasium and
addition bonds offered for sale on Nov. 10—V. 147,
p. 3057—was purchased
Townaend), Wash.—BOND
by the State of Washington
as 4s,
WEST
according to the County Treasurer.
VIRGINIA
CHARLESTON, W. Va.—NEW BOND ELECTION CALLED—In
connection with the report given in our issue of Nov.
19, that the Supreme
Court had invalidated the sale of $1,629,100 street and fire station
bonds—
V. 147, p. 3202—we take the following
report from the Charleston "Gazette"
of Nov. 17:
"Steadiness in the bond market yesterday allayed fears of
Mayor Dawson
and other city officials that the
floating or a new bond issue for three
,
projects would
city
mean a
probable increase in interest cost.
The State Su¬
of Kanawha
Boulevard, new fire stations and West Charleston streets resulted in a new
bond election being called for Dec. 16.
"Phelps, Fenn & Co. of N. Y. City, at an interest rate of 2.353%,
pur¬
chased the issue of $1,629,100 for the three
projects.
City Solicitor Philip
H. Hill said yesterday the city will be
required to refloat
preme
Court's invalidation of the bond
issue
for
extension
the issue, including
offering the bonds first to the State Sinking Fund.
"Bonds for the proposed Fayette-Lee Street
bridge and deep sewer
system for the downtown business section, sold also to the New York
firm,
however, are not affected by the Court's invalidation of the other issues,
Mr. Hill said."
R
.
WISCONSIN
COMBINED
LOCKS, Wia.—BOND OFFERING—Sealed
received until 7 p.
bids
will
be
Nov. 30, by L. Schuler, Village Clerk, for the
purchase of a $38,000 issue of not to exceed 4% semi-ann.
sanitary sewer,
B bonds.
Dated Dec. 1, 1938.
Denom'. $1,000.
Due
1940
to
1958.
m.
The
on
may
also receive oral bids.
The approving
All other legal opinions
DANE COUNTY (P. O.
Madison), Wis.—NOTE SALE— The $250,000
Issue of 1% corporate purpose notes offered
for sale at public auction on
Nov. 22—V. 147, p. 3202—was awarded to the
Marine National Exchange
Bank of Milwaukee, paying a
premium of $770.
Dated Nov. 16, 1938.
Due on June 15. 1939.
<?
•
Dated
JmUding bonds.
Oct.
1,
1938.
Due from June 1,
MERRILL, Wis.—BONDS SOLD—We are informed by Otto A. Jahnke,
City Clerk, that $80,000 school bonds were offered for sale on Nov. 23
were awarded to
Paine, Webber & Co. of Chicago, as 2 Ms, paying a
premium of $648.16, equal to 100.8102, a basis of about
2.36%.
Dated
and
Dec. 1, 1938.
Due from April 1, 1941 to 1948 incl.
The other bids were as follows:
.
Chicago
par
and
accrued interest
plus
and
the
Securities
Company,
Milwaukee—2%,
par
METROPOLITAN
SEWERAGE
DISTRICT
Rate
2M%
2M%
(P.
O.
Madison), Wia.—BOND OFFERING—It is stated by Frank C. Blied,
District Secretary, that he will sell at public auction on Nov. 30, at 2
p. m.,
a $200,000 issue of general
liability sewer bonds.
Interest rate is not to
exceed 2M%> payable J-D.
Dated Dec. 1, 1938.
Denom. $1,000.
Due
Dec. 1, as follows:
$1,000 In 1941, $2,000 in 1942, $4,000 in 1943, $6,000
in
1944, $8,000 in 1945, $11,000 in 1946, $14,000 in 1947, $17,000 in 1948,
$20,000 in 1949, $28,000 in 1950, $64,000 in 1951 and $25,000 in 1952.
The district reserves the right to reduce the amount of bonds to be offered
for sale to $150,000.
Bids will be received for the bonds at par and accured
interest, in which the interest may be fixed at rates ending in quarters or
tenths.
The district is organized under Chapter 66.20 of the Wisconsin
Statutes with the powers of a municipal corporation for the
purpose of
constructing and maintaining intercepting and other main sewers, and the
construction and operation of sewage disposal works, including the
power
issue bonds and to levy taxes for the payment thereof.
The district
has functioned and been in active operation since the first
meeting of the
Commissioners held on Feb. 17, 1930.
The bonds will be sold subject to
the approval of contracts for the construction of the work
to
by the Regional
Director of the Federal Emergency Administration of Public Works and
attorney's opinion on legality of bond issue.
The printed bonds will be
furnished free of cost, the district to
pay the cost of legal opinion and cost
of printing the bonds.
A certified check for $1,000, payable to the district,
to
Is
required.
MELROSE, Wis .—BONDS SOLD—We
are
informed by Charles Lutz,
Village Clerk, that a $10,000 issue of 4% coupon semi-annual sewage dis¬
posal plant bonds was sold on Nov. 3 to Harley, Haydon & Co. and Bell &
Farrell, both of Madison, jointly, at par.
RHINELANDER, Wis.—PRICE PAID—It is stated by the City Clerk
that the $52,000 coupon water revenue bonds
purchased on Nov. 14 by
Paine, Webber & Co. of Chicago, at a price of 100.77, as noted here—V. 147,
p. 3202—were sold as 3s, giving a basis of about 2.91%.
Due from May
1, 1940 to 1956.
SHOREWOOD HILLS AND MADISON, JOINT SCHOOL DIS¬
TRICT NO. 7 (P. O. Madison), Wis.—BOND SALE—The $60,000 issue
of coupon school building bonds offered for sale on Nov. 18—V.
147, p.
3058—was awarded to Paine, Webber & Co. of
Chicago, according to the
District Clerk.
Dated Nov. 1,1938.
Due from Nov. 1, 1940 to 1953, incl.
STURGEON BAY, Wis.
BONDS OFFERED TO PUBLIC—An $83,000
issue of 2 M % coupon semi-annual sewage
disposal and water extension
bonds is being offered by John Nuveen & Co. of
Chicago for general invest¬
ment.
Dated Nov. 1. 1938.
Denom. $1,000.
Due May 1 as follows:
$5,000 in 1939, $7,000 in 1940, $8,000 in 1941, $9,000 in 1942, $8,000 in
1943 and 1944, $9,000 in 1945, $8,000 in 1946, $11,000 in 1947 and
$10,000
in 1948.
Prin. and int. payable at the City Treasurer's office.
to be approved
Legality
by Chapman & Cutler of Chicago.
CANADA
BEAUPORT, Que.—BOND SALE—The
bonds offered Nov.
14—V.
Francais, Ltd. of Montreal
$170,000 4% improvement
147, p. 3058—were awarded to Credit Angloprice of 99.63. Due serially on Dec. 1 from
at a
1939 to 1963 inci,
GEORGETOWN,
Ont.—BOND
SALE—An
issue
of
$8,108
3M%
paving bonds
was sold to J. L. Graham & Co. of Toronto at a price of 101.60,
basis of about 2.94%.
Dated Dec. 1, 1938 and due serially on Dec. 1,
from 1939 to 1943, incl.
Second
high bid of 101.51
Due from June 1,
2.30%, according to maturity.
The Milwaukee Co., Milwaukee
Channers Securities Co.,
and
was
Robinson & Co.
Dated Oct. 1, 1938.
DE PERE SCHOOL DISTRICT NO. 1
(P. O. De Pere), Wis.—BOND
SALE—The $75,000 issue of 2M % semi-annual
construction bonds offered
for sale on Nov. 17—V. 147,
p. 3057—was awarded to Paine, Webber &
Co. of Milwaukee, according to the
City Clerk.
Dated Nov. 1, 1938.
Due on Nov. 1 from 1941 to 1958.
_Bidder
Milwaukee—1.70%
Par
a
1940
BONDS OFFERED FOR INVESTMENT—The
successful bidders reoffered the above bonds for public
subscription at prices to yield from 0.90%
to
Co.
•
DARLINGTON SCHOOL DISTRICT NO. 12
(P. O. Darlington),
Wis.—BOND SALE—The two issues of
2M% coupon semi-annual bonds,
aggregating $102,000, offered for sale on Nov. 17—V.
147, p. 3057—were
awarded jointly to John Nuveen & Co. of
Chicago and the White-Phillips
Corp. of Davenport, paying a premium of $4,500,
equal to 104.41, a basis
of about 2.18%.
The issues are divided as follows:
$17,000 refunding bonds.
Chicago—1M%
LITTLE CHUTE, Wis.—BOND SALE— The $45,000 issue of coupon
village hall bonds offered for sale on Nov. 15—V. 147, p. 3058—was awarded
2Ms, according to the Village
Clerk.
Dated Nov. 1, 1938.
Due $3,000 from May 1, 1943 to 1957, incl.
The Appleton State Bank of Appleton was the second best bidder.
$2,000 Dec. 1,
Village
opinion of the Attorney General will be furnished.
to be
Aoroishod at bidder's expense. Prin. and int. payable at the office of
the Village Clerk.
Enclose a certified check for 1% of the par value of the
bonds, payable to the Village Treasurer.
85,000 school
Trust
MADISON
coupon
special water revenue bonds offered for sale on Nov. 21—V'. 147, p. 3202—
was
purchased by E. M. Adams & Co. of Portland as 2s, paying a price of
100.56, a basis of about 1.91%.
Dated Dec. 1, 1938.
Due on Dec. 1 in
1939 to 1949, inclusive.
COUNTY
Co.,
to the Oshkosh National Bank of Oshkosh as
WASHINGTON
ELLENSBURG, Wash.—BOND SALE—The $110,000 issue of
JEFFERSON
&
plus $357.
Paine, Webber & Co., Chicago, John Nuveen & Co., Channer Securities
Co., White-Phillips Corp., Chicago—2%, par and accrued interest plus
$1,411.63.
FOR
INVESTMENT—'The successful bidders regeneral subscription as follows:
The 1941-1959
yield from .75% to 2.20%, while the 1960-62
priced at 100, the 1963-65 maturities at 99M and the 1966-68
above
are
certified check
Halsey, Stuart & Co., Chicago—1M %, par and accrued interest plus $800.
Harris Trust & Savings Bank, Chicago—1M %, par and accrued interest
awarded
BONDS
maturities
a
and accrued interest and $2,598.
jointly to the Mercantile-Commerce Bank & Trust Co.
as 2 Ms, paying a pre¬
2.19%. Dated Dec. 1,
Due from Dec. 1, 1941 to 1968.
offered
Harriman
Northern
of St. Louis, and the Milwaukee Co. of Milwaukee,
mium of $975.04, equal to 100.287, a basis of about
1938.
Enclose
$1,420.
VIRGINIA
2902—was
legal expenses.
The Milwaukee
Brown
coupon
own
(P. O. Jefferson), Wis— BOND SALE— The
$200,000 issue of highway improvement, series B bonds offered for sale on
Nov. 18—V. 147, p. 3202—was awarded to the Northwestern National
Bank & Trust Co. of Minneapolis, according to the County Clerk.
Dated
Nov. 1,1938.
Due $100,000 on May 1, 1945 and 1946.
He states that the
bonds were sold as lMs, at a price of 100.825, a basis of about
1.625%.
Brown Harriman & Co., Inc., bid 100.71 for the same coupons; the Mil¬
waukee Co. and Wells-Dickey Co. 100.275 for a rate of 1.70%, and
Halsey,
Stuart & Co., Inc., 100.40 for lMs-
Surchased recently by T. F. Boise &paying a premium of $125, equal to
Co., and Snow, Bergin & Co., both of
alt Lake City, jointly, as 2Ms,
Va.—BOND
of his
JEFFERSON COUNTY
follows:
CHARLOTTESVILLE,
The approving opinion of the Attorney-General
If the bidder desires the legal opinion of other
attorneys,
the bidder shall pay all
for $250.
Premium
410 00
88 50
PRINCE EDWARD ISLAND
of
made by N. J.
(Province of)—BOND SALE—An issue
$325,000 3% bonds was sold on Nov. 15 to R. A.
Daly & Co. of Toronto
of 98.07, a basis of about 3.19%.
Due in 12 years.
at a price
REDCLIFF, Alberta—REFUNDING PLAN SUBMITTED TO BOND
HOLDERS—A plan for refunding the combined town and school district
debenture debt outstanding in the principal amount of
$344,148 was re¬
cently submitted for consideration of bondholders by W. L. McKinnon
& Co. of Toronto.
Principal and interest arrears at the close of 1937 com¬
prised $78,617 on town debentures and $5,493 on the school debt,
according
to report.
The plan, regarded by the authors as a model for possible use in
other similar situations, is said to provide for the
following:
(1) Payment of principal of $344,148 without interest in full settlement
of claims. Payment would be spread over 1938 to
1975, inclusive.
(2) Cash payment of $33,644 on town and school bonds, representing
40% of the $84,110 of debenture arrears, to apply on principal account.
(3) Balance of principal. $310,504 would be paid off in 38 years, which
is the term of the present
debentures.. This would require an annual pay¬
ment of $8,171.
(4) Alberta savings certificates to the amount of $19,380 will be held by
the town
as a reserve
fund to rehabilitate public works.
@FedFRASER